7BM3BHIBWBOr%PVCMF'FSUJMJ[BUJPO
7BM3BHIBWBO
%PVCMF'FSUJMJ[BUJPO &NCSZPBOE&OEPTQFSN%FWFMPQNFOU JO'MPXFSJOH1MBOUT
8JUI*MMVTUSBUJPOT *ODMVEJOH$PMPS1MBUFT
1īĨğĞĬĬĨī%ī7Ěĥ3ĚĠġĚįĚħ %FQBSUNFOUPG1MBOU$FMMVMBS.PMFDVMBS#JPMPHZ ѮF0IJP4UBUF6OJWFSTJUZ 8FTUđϋ"WFOVF $PMVNCVT 0IJP 64" FNBJMSBHIBWBO!PTVFEV
-JCSBSZPG$POHSFTT$POUSPM/VNCFS
*4#/4QSJOHFS7FSMBH#FSMJO)FJEFMCFSH/FX:PSL *4#/4QSJOHFS7FSMBH#FSMJO)FJEFMCFSH/FX:PSL
ѮJTXPSLJTTVCKFDUUPDPQZSJHIU"MMSJHIUTBSFSFTFSWFE XIFUIFSUIFXIPMFPSQBSUPGUIF NBUFSJBMJTDPODFSOFE TQFDJêDBMMZUIFSJHIUTPGUSBOTMBUJPO SFQSJOUJOH SFVTFPGJMMVTUSB UJPOT SFDJUBUJPO CSPBEDBTUJOH SFQSPEVDUJPOPONJDSPêMNPSJOBOZPUIFSXBZ BOETUPS BHFJOEBUBCBOLT%VQMJDBUJPOPGUIJTQVCMJDBUJPOPSQBSUTUIFSFPGJTQFSNJUUFEPOMZVOEFS UIFQSPWJTJPOTPGUIF(FSNBO$PQZSJHIU-BXPG4FQUFNCFS JOJUTDVSSFOUWFSTJPO BOE QFSNJTTJPOT GPS VTF NVTU BMXBZT CF PCUBJOFE GSPN 4QSJOHFS7FSMBH 7JPMBUJPOT BSF MJBCMFGPSQSPTFDVUJPOVOEFSUIF(FSNBO$PQZSJHIU-BX 4QSJOHFS7FSMBHJTBQBSUPG4QSJOHFS4DJFODF #VTJOFTT.FEJB TQSJOHFSPOMJOFDPN ¥4QSJOHFS7FSMBH#FSMJO)FJEFMCFSH 1SJOUFEJO(FSNBOZ ѮFVTFPGHFOFSBMEFTDSJQUJWFOBNFT SFHJTUFSFEOBNFT USBEFNBSLT FUDJOUIJTQVCMJDB UJPOEPFTOPUJNQMZ FWFOJOUIFBCTFODFPGBTQFDJêDTUBUFNFOU UIBUTVDIOBNFTBSFFY FNQUGSPNUIFSFMFWBOUQSPUFDUJWFMBXTBOESFHVMBUJPOTBOEUIFSFGPSFGSFFGPSHFOFSBMVTF $PWFSEFTJHOEFTJHOQSPEVDUJPO )FJEFMCFSH (FSNBOZ 5ZQFTFUUJOHBOEQSPEVDUJPO-&5F9+FMPOFL 4DINJEU7ÕDLMFS(C3 -FJQ[JH (FSNBOZ :- m1SJOUFEPOBDJEGSFFQBQFS
'PS -BLTINJ3BHIBWBOBOE"OJUB3BHIBWBO
7**
"CPVUUIF"VUIPS
4JODF 7BM 3BHIBWBO IBT CFFO B 1SPGFTTPS BU ѮF 0IJP 4UBUF 6OJWFSTJUZ $PMVNCVT 0IJP 64"
XIFSFIFJTDVSSFOUMZBēMJBUFEXJUIUIF%FQBSUNFOUPG1MBOU$FMMVMBSBOE.PMFDVMBS#JPMPHZ"ѫFSPC UBJOJOHB1I%EFHSFFGSPN1SJODFUPO6OJWFSTJUZ %S3BHIBWBOIFMEQPTUEPDUPSBMQPTJUJPOTBU)BSWBSE 6OJWFSTJUZ 3PDLFGFMMFS6OJWFSTJUZ BOE%BSUNPVUI$PMMFHF BOEGBDVMUZBQQPJOUNFOUTBUUIF6OJWFSTJUZPG .BMBZB ,VBMB-VNQVSBOEUIF/BUJPOBM6OJWFSTJUZPG4JOHBQPSF)FIBTQVCMJTIFEFYUFOTJWFMZPOWBSJPVT BTQFDUTPGUIFEFWFMPQNFOUPGWBTDVMBSQMBOUT FTQFDJBMMZPO[ZHPUJDBOEBTFYVBMFNCSZPHFOFTJTJOëPXFS JOHQMBOUT
*9
1SFGBDF
%PVCMFGFSUJMJ[BUJPOJTIBJMFEBTBVOJRVFFWFOUJOUIFMJGFDZDMFPGëPXFSJOHQMBOUT%FêOFEBTUIFVOJPO PGPOFTQFSNXJUIUIFFHHPOUIFPOFIBOE BOEPGBTFDPOETQFSNXJUIUIFEJQMPJEGVTJPOOVDMFVTPOUIF PUIFS EPVCMFGFSUJMJ[BUJPOTFUTJONPUJPOUIFDIBJOPGFWFOUTUIBUSFTVMUJOUIFGPSNBUJPOPGUIFFNCSZP BOEFOEPTQFSN8IFSFBTSFDPHOJUJPOPGUIFJNQPSUBODFPGUIFTFUXPGVTJPOFQJTPEFTJOTFFEGPSNBUJPOJO ëPXFSJOHQMBOUTJTBTPMEBTUIFEJTDPWFSZPGEPVCMFGFSUJMJ[BUJPOJUTFMG UIFJSDFOUSBMSPMFJOUIFEFWFMPQNFOU PGUIFFNCSZPBOEFOEPTQFSNJOTFFETBOEHSBJOTPGDSPQQMBOUTVTFEXJEFMZJOIVNBOBOEBOJNBMOVUSJ UJPODBNFUPCFSFDPHOJ[FEPOMZJOMBUFSZFBST ѮFTUVEZPGUIFEFWFMPQNFOUPGUIFFNCSZPBOEFOEPTQFSNGSPNUIFJSTJOHMFDFMMFECFHJOOJOHTVOEFS UIF SVCSJD PG FNCSZPMPHZ IBT PDDVQJFE BO JNQPSUBOU QPTJUJPO JO UIF NVMUJGBDFUFE JOWFTUJHBUJPOT PO UIF SFQSPEVDUJWFCJPMPHZPGëPXFSJOHQMBOUTVOEFSUBLFOEVSJOHNPTUPGUIFQBTUDFOUVSZ*OSFDFOUZFBST EF TDSJQUJWFTUVEJFTPGFNCSZPBOEFOEPTQFSNEFWFMPQNFOUIBWFCFFOPWFSTIBEPXFECZUIFJODSFBTJOHVTFPG HFOFUJDBOENPMFDVMBSBQQSPBDIFTUPTUVEZëPXFSJOHQMBOUFNCSZPMPHZ MFECZUIFXPSLJOUIFNPEFMQMBOU "SBCJEPQTJTUIBMJBOB"MUIPVHITPNFPGUIFTFTUVEJFTIBWFCFFOSFWJFXFEQFSJPEJDBMMZJONVMUJBVUIPSFE WPMVNFT NZPCKFDUJWFJOXSJUJOHUIJTCPPLJTUPQSPWJEFBOPWFSWJFXPGQBTUBDDPNQMJTINFOUTJOUIFêFME BOEBTFOTFPGUIFPVUTUBOEJOHGVUVSFQSPCMFNTBTUIFZSFMBUFUPUIFQSPEVDUTPGEPVCMFGFSUJMJ[BUJPO"E NJUUFEMZ NPMFDVMBSBOEHFOFUJDTUVEJFTJODPOKVODUJPOXJUITDSFFOJOHPGNVUBOUT JTPMBUJPOPGHFOFT BOE JEFOUJêDBUJPOPGUIFJSQSPUFJOQSPEVDUT BSFFNQIBTJ[FEUPTPNFFYUFOUBUUIFFYQFOTFPGTUSVDUVSBMBOE EFWFMPQNFOUBMTUVEJFTѮFNBJOSFBTPOGPSUIJTJTUIBU*IBWFUSJFEUPXSJUFBCPPLPOJOWFTUJHBUJPOTUIBU SFëFDUBSFUIJOLJOHPGUIFXBZUIBUXFIBWFWJFXFEFNCSZPHFOFTJTBOEFOEPTQFSNEFWFMPQNFOUBTUIFFOE QSPEVDUPGBTFSJFTPGTUFSFPUZQJDBMEJWJTJPOT*ONZPQJOJPO UIFTFSFDFOUTUVEJFTXJUINPMFDVMBSPWFSUPOFT IBWFCSPVHIUVTDMPTFUPBOVOEFSTUBOEJOHPGUIFDSJUJDBMEFUBJMTUIBUDPOUSPMUIFUSBOTGPSNBUJPOPGUIFTF DFMMVMBSEPNBJOTPGUIFPWVMFJOUPNBUVSFUJTTVFTPGUIFTFFEPSHSBJO ѮF CPPL CFHJOT XJUI BO BDDPVOU PG UIF IJTUPSZ PG UIF EJTDPWFSZ PG EPVCMF GFSUJMJ[BUJPO XIJDI NVTU TVSFMZêOEBQMBDFJOBWPMVNFEFBMJOHXJUIUIBUUPQJDѮFEFUBJMTPGIPXCPEZQMBOTPGFVEJDPUBOENPOP DPUFNCSZPTBSFFTUBCMJTIFEPDDVQZUIFOFYUDIBQUFS XIJDITFUTUIFTUBHF JOUIFGPMMPXJOHUISFFDIBQUFST GPSBEJTDVTTJPOPGOPUBCMFBEWBODFTNBEFJOUIFJEFOUJêDBUJPOPGUIFHFOFUJDBOENPMFDVMBSGBDUPSTUIBU DPOUSPMUIFEFWFMPQNFOUPGUIFFNCSZP $IBQT BOETVTQFOTPS $IBQ EVSJOHQSPHSFTTJWFFNCSZP HFOFTJTѮFMBTUDIBQUFSUPEFBMXIPMMZXJUIFNCSZPT $IBQ EFTDSJCFTUIFJSHFOFSBMTUSBUFHJFTEVSJOH RVJFTDFODFPSEPSNBODZѮFNBJOCPEZPGUIFCPPLDPODMVEFTXJUIBDDPVOUTPGUIFEFWFMPQNFOUBM HF OFUJD BOENPMFDVMBSTUVEJFTPOUIFFOEPTQFSNDPWFSFEJO$IBQTBOE BOE JOUIFêOBMDIBQUFS EF TDSJQUJPOTPGBQPNJYJT TPNBUJDFNCSZPHFOFTJT BOEQPMMFOFNCSZPHFOFTJTJMMVTUSBUJOHFNCSZPHFOFTJTBOE QBSUJBMFOEPTQFSNEFWFMPQNFOUJOUIFBCTFODFPGEPVCMFGFSUJMJ[BUJPOѮFMFWFMPGFYQPTJUJPOPGUIFUPQJDT JOUIFEJĒFSFOUDIBQUFSTJTDPOTJEFSFETVJUBCMFGPSHSBEVBUFTUVEFOUTXIPXBOUHFUBDPIFSFOUWJFXPGUIF DVSSFOUQFSTQFDUJWFTPOFNCSZPHFOFTJTBOEFOEPTQFSNEFWFMPQNFOUJOëPXFSJOHQMBOUT BOEGPSSFTFBSDI FSTJOUIFêFMEXIPQMBOGSFTIBUUBDLTPOVOTPMWFEQSPCMFNTPOUIFUPQJDTDPWFSFE *ODPODMVTJPO *XPVMEMJLFUPUIBOLUIFNBOZQVCMJTIFSTBVUIPSTXIPHBWFNFQFSNJTTJPOUPVTFJM MVTUSBUJPOTGSPNQVCMJTIFEBSUJDMFTJONZCPPL#FTJEFTNZTFMG OPPOFDPOUSJCVUFENPSFUPUIFQSFQBSB UJPO PG UIF êOBM NBOVTDSJQU UIBO .S &EVBSEP "DPTUB 8FCNBTUFSPG NZ %FQBSUNFOU )F USBOTGPSNFE NZSPVHIQFODJMTLFUDIFTJOUPQSPGFTTJPOBMCMBDLBOEXIJUFESBXJOHTPSJOUPJNBHFTJOHPSHFPVTDPMPST BOEXBTBMTPSFTQPOTJCMFGPSUSBOTGFSSJOHBMMPGUIFJMMVTUSBUJPOTJOUPUIFJSFMFDUSPOJDWFSTJPOTTVJUBCMFGPS QSJOUJOH*UJTNZQMFBTVSFUPBDLOPXMFEHFNZJOEFCUFEOFTTUP&EVBSEPGPSUIJTIFMQ0OUIFQSPEVDJOH TJEFBU4QSJOHFS )FJEFMCFSH *BQQSFDJBUFUIFFEJUPSJBMBEWJDFBOETVHHFTUJPOTHJWFOGSPNUJNFUPUJNFCZ %S+VUUB-JOEFOCPSO EFTLFEJUPS BOEUIFQSPGFTTJPOBMFYQFSUJTF DSJUJDBMKVEHNFOUT BOEJOUFSFTUJOUIF
9
TVCKFDUNBUUFSPGUIFCPPLUIBU%S)FMFO3PUIOJF DPQZFEJUPS CSPVHIUUPUIFKPC-BTU CVUOPUMFBTU * UIBOLNZXJGF-BLTINJGPSIFSBQQSFDJBUJPOPGNZJOUFSFTUT XIJDIBMMPXFENFUPTQFOEMPOHIPVSTJONZ PēDFBOEMBCPSBUPSZXIFSF*GFMUDPNGPSUBCMFUPQVSTVFTDIPMBSMZBDUJWJUJFT.ZEBVHIUFS "OJUB XBTHFOFS PVTXJUIIFSTFOTFPGHPPEIVNPS PѫFOUSBOTNJUUFECZSFNPUFDPOUSPMGSPN-POEPO &OHMBOE EVSJOHUIF QSFQBSBUJPOPGUIJTCPPL $PMVNCVT 0IJP "VHVTU
73BHIBWBO
9*
$POUFOUT
"CCSFWJBUJPOT 9*** *MMVTUSBUJPO$SFEJUT 97**
%PVCMF'FSUJMJ[BUJPOo"%FmOJOH 'FBUVSFPG'MPXFSJOH1MBOUT
%JTDPWFSZPG%PVCMF'FSUJMJ[BUJPO 8IP%JTDPWFSFE%PVCMF'FSUJMJ[BUJPO 6OJWFSTBMJUZPG%PVCMF'FSUJMJ[BUJPO JO'MPXFSJOH1MBOUT 4FFE%FWFMPQNFOUXJUIPVU%PVCMF'FSUJMJ[BUJPO "$BTFGPS%PVCMF'FSUJMJ[BUJPO JO(ZNOPTQFSNT 4USVDUVSBMBOE$ZUPMPHJDBM1FSTQFDUJWFT PO%PVCMF'FSUJMJ[BUJPO $FMMVMBS/BUVSFPGUIF4QFSNBOE UIF.BMF(FSN6OJU 1PMMFO5VCF(VJEBODFBOE4QFSN &OUSZJOUP&NCSZP4BD /VDMFBS'VTJPOT *OWJUSP%PVCMF'FSUJMJ[BUJPO %PVCMF'FSUJMJ[BUJPOBOEUIF$PNJOH PG"HFPG1MBOU&NCSZPMPHZ ѮF$IBOHJOH4DFOF (FOFUJDBOE.PMFDVMBS4UVEJFTPG&NCSZP HFOFTJTBOE&OEPTQFSN%FWFMPQNFOU 1SPCMFNTBOE1SPTQFDUT $PODMVEJOH$PNNFOUT 3FGFSFODFT
1BUUFSO'PSNBUJPOJO&NCSZPTo *OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
*OJUJBUJPOBOE.BJOUFOBODF PG&NCSZP.FSJTUFNT 4IPPU"QJDBM.FSJTUFN 3PPU"QJDBM.FSJTUFN (FOFUJDBOE.PMFDVMBS$POUSPM PG&NCSZP1BUUFSO'PSNBUJPO "QJDPCBTBM1BUUFSOJOHPGUIF&NCSZP 3BEJBM1BUUFSOJOHPGUIF&NCSZP $PODMVEJOH$PNNFOUT 3FGFSFODFT
-JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM 4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
.PSQIPMPHJDBMBOE1IZTJPMPHJDBM $POTJEFSBUJPOT 4VCDFMMVMBS.PSQIPMPHZPGUIF4VTQFOTPS /VDMFBS$ZUPMPHZPGUIF4VTQFOTPS 'VODUJPOBM1IZTJPMPHZPGUIF4VTQFOTPS %FWFMPQNFOUBM1IZTJPMPHZBOE1SPHSBNNFE %FBUIPG4VTQFOTPS$FMMT (FOFUJD$POUSPMPG4VTQFOTPS'PSN $PODMVEJOH$PNNFOUT 3FGFSFODFT
(FOFUJDBOE.PMFDVMBS$POUSPM PG&NCSZPHFOFTJTo3PMFPG /PO[ZHPUJDBOE;ZHPUJD(FOFT "TZNNFUSZJO1BSFOUBM(FOPNF $POUSJCVUJPOT &WJEFODFGPS.BUFSOBMFĒFDU(FOFT 4JMFODJOHPG1BUFSOBM(FOFT (FOF"DUJWJUZEVSJOH1SPHSFTTJWF &NCSZPHFOFTJT (FOF&YQSFTTJPOEVSJOH&BSMZ&NCSZPHFOFTJT (FOF&YQSFTTJPOEVSJOH-BUF&NCSZPHFOFTJT BOE5SBOTJUJPOUP(FSNJOBUJPO &NCSZP(FOF&YQSFTTJPO1SPHSBN 4UVEJFECZ.VUBOU4DSFFOJOH &NCSZPMFUIBM.VUBOUTPG"SBCJEPQTJT ѮF8PSMEPG$ZUPLJOFTJT%FGFDUJWF.VUBOUT &NCSZPEFGFDUJWF.VUBOUTPG"SBCJEPQTJT &NCSZP%FGFDUJWF.VUBOUTPG.BJ[FBOE3JDF $PODMVEJOH$PNNFOUT 3FGFSFODFT
&TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo "3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
0SHBOJ[BUJPOPGUIF&HHBOE;ZHPUF 'SPNUIF;ZHPUFUPUIF&NCSZP ".PEFMPG&NCSZPHFOFTJTJO&VEJDPUT ".PEFMPG&NCSZPHFOFTJTJO.POPDPUT "SF&NCSZPOJD0SHBOTBOE5JTTVFT -JOFBHFSFTUSJDUFE$PNQBSUNFOUT "COPSNBM&NCSZP5ZQFT 1IZTJPMPHJDBM$POTJEFSBUJPOTPG&NCSZPHFOFTJT "3PMFGPS"VYJO1PMBS5SBOTQPSU JO&NCSZPHFOFTJT &NCSZP/VUSJUJPO &NCSZP$VMUVSF*OWFTUJHBUJPOT $PODMVEJOH$PNNFOUT 3FGFSFODFT
9**
.BUVSBUJPOBOE%PSNBODZo4VSWJWBM 4USBUFHJFTPGUIF&NCSZP
(FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF &OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
&NCSZP.BUVSBUJPO 4ZOUIFTJTPG.BUVSBUJPO1SPUFJOT *T&NCSZP.BUVSBUJPOJOUIF4FFE %FWFMPQNFOUBMMZ3FHVMBUFECZ"#" (FOFUJD3FHVMBUJPOPG&NCSZP .BUVSBUJPOCZ"#" &NCSZP%PSNBODZ $BSCPIZESBUFTJO%FTJDDBUJPO5PMFSBODF 1SPUFJOTJO%FTJDDBUJPO5PMFSBODF $PODMVEJOH$PNNFOUT 3FGFSFODFT
4QFDJêDBUJPOPG'PSNJOUIF &OEPTQFSNPG"SBCJEPQTJT &OEPTQFSN%FWFMPQNFOUXJUIPVU %PVCMF'FSUJMJ[BUJPO 1BSFOUBM(FOF%PTBHFJO&OEPTQFSN %FWFMPQNFOU (FOFUJDTBOE.PMFDVMBS#JPMPHZPG UIF$FSFBM&OEPTQFSN &NCSZPTVSSPVOEJOH3FHJPO BOE5SBOTGFS-BZFS "MFVSPOF$FMMTBOE4UBSDIZ&OEPTQFSN $PODMVEJOH$PNNFOUT 3FGFSFODFT
%FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF &OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
$FMMVMBS0SHBOJ[BUJPOPGUIF&OEPTQFSN ѮF0EZTTFZPG'SFF/VDMFJUP B$FMMVMBS5JTTVF %FWFMPQNFOUPGUIF&OEPTQFSN JO"SBCJEPQTJT #JPDIFNJDBM0SHBOJ[BUJPOPGUIF&OEPTQFSN %/""NQMJêDBUJPO "DDVNVMBUJPOPG4UPSBHF1SPEVDUT 1SPHSBNNFE$FMM%FBUIPGUIF&OEPTQFSN 3PMFPGUIF&OEPTQFSNJO&NCSZP/VUSJUJPO 4USVDUVSBM.PEJêDBUJPOTPGUIF&OEPTQFSN 1IZTJPMPHJDBM$POTJEFSBUJPOT (FOFUJD$POTJEFSBUJPOT $PODMVEJOH$PNNFOUT 3FGFSFODFT
/PO[ZHPUJD&NCSZP%FWFMPQNFOUo &NCSZPHFOFTJTXJUIPVU4FY
"QPNJYJT $BTF4UVEJFTPG%JQMPTQPSPVTBOE "QPTQPSPVT"QPNJDUT "EWFOUJWF&NCSZPHFOFTJT .PMFDVMBS(FOFUJDTPG"QPNJYJT 4PNBUJD&NCSZPHFOFTJT ")JTUPSZPGUIF3FDFOU1BTU 4PNBUJD&NCSZPHFOFTJTJO$BSSPU BOEPUIFS.PEFM4ZTUFNT &NCSZPOJD1SPUFJOTBOE3FHVMBUJPO PG(FOF&YQSFTTJPO 1PMMFO&NCSZPHFOFTJT 3FTQPOTJWF4UBHFPG1PMMFO%FWFMPQNFOU BOE1PMMFO&NCSZPHFOJD1PUFOUJBM $ZUPMPHZPG1PMMFO&NCSZPHFOFTJT .PMFDVMBS#JPMPHZPG1PMMFO&NCSZPHFOFTJT $PODMVEJOH$PNNFOUT 3FGFSFODFT
$PMPS1MBUFT *OEFY
9***
"CCSFWJBUJPOT
ӣĞħĞīĚĥӕěěīĞįĢĚĭĢĨħĬ "#" "1$ $B.7 D%/" % &.4 &3 (" ("#" ('1 (MZ34 (64 *"" *$- +*. .4 .:#
/"" /1" QDE S3/" 351$3 5%/" 5*#" 56/&-
BCTDJTJDBDJE BOBQIBTFQSPNPUJOHDPNQMFY DBVMJëPXFSNPTBJDWJSVT DPNQMFNFOUBSZ%/" EJDIMPSPQIFOPYZBDFUJDBDJE FUIZMNFUIBOFTVMGPOBUF FOEPQMBTNJDSFUJDVMVN HJCCFSFMMJDBDJE ʄBNJOPCVUZSJDBDJE HSFFOëVPSFTDFOUQSPUFJO HMZDZMU3/"TZOUIFUBTF ʃHMVDVSPOJEBTF JOEPMFBDFUJDBDJE JTPDJUSBUFMZBTF BNPOPDMPOBMBOUJCPEZ NBMBUFTZOUIBTF SFDPHOJUJPOTJUFJOUIFHFOPNF JEFOUJêFEXJUINZFMPCMBTUPTJTBT TPDJBUFEWJSVTFT OBQIUIBMFOFBDFUJDBDJE OBQIUIZMQIUIBMBNJDBDJE QSPHSBNNFEDFMMEFBUI SJCPTPNBM3/" SFWFSTFUSBOTDSJQUJPOQPMZNFSBTF DIBJOSFBDUJPO USBOTGFSSFE%/" USJJPEPCFO[PJDBDJE UFSNJOBMEFPYZSJCPOVDMFPUJEZM USBOTGFSBTFNFEJBUFEE651ëVP SFTDFJOOJDLFOEMBCFMJOH
ӭĢĬĭĨğĜ%/"ӚĥĨħĞĬ ӣĞħĞĬ ӮĮĭĚħĭĬ ĚħĝӹīĨĭĞĢħӹīĨĝĮĜĭĬ -JTUFECFMPXBSFUIFD%/"DMPOFT HFOFT NVUBOUT BOEQSPUFJOQSPEVDUTBOEUIFJSBCCSFWJBUJPOTJOUIF GPSNJOXIJDIUIFZBSFêSTUNFOUJPOFEJOUIFUFYU 8JUIBGFXFYDFQUJPOT BCCSFWJBUJPOTBOEOBNFTPG XJMEUZQF HFOFT BSF HJWFO IFSF BOE JO UIF UFYU JO JUBMJDJ[FE DBQJUBM MFUUFST NVUBOUT BSF JOEJDBUFE JO JUBMJDJ[FEMPXFSDBTFMFUUFST"CCSFWJBUJPOTPGQSPUFJO QSPEVDUTBSFHJWFOJODBQJUBMMFUUFST ""1 BCB "#$ "#* BCQ "D BEM "(- "(0 ")"1 "-%1 "-& BNM "/5 "1 "3' "3- "4 BTL "4,ʈ "4,ʇ "UDVM "U&N "UIC "U-51 "5.-
".*/0"$*%1&3.&"4& "#"EFê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
9*7
"UQ" "U1*/ "U314 "54 "U4&3, "U4 "9 BYS #& #"1 ##. CEM #&5- CHB CJP #*0 #01 #1 CU C;*1 $ DBC DBQ $#' $%$ $%, $&4& $)"1&3 0/*/ʂ $)* $)0 $-& DMW $/" DPY $1$ DQI DS $3$
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
DUT $6$ $6- $:$% $ZD;NF DZE DZU %D4&3, %%. EFL %&. EFT EFY EHS ENF %0. ETD E[S & & FEE &&% &&- &N &.# FNC FNM FNQ &/% &1 &3( &4$ &TS ' '#1 GFS '*& '*- '*4 êTU
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êD FNCSZPMFTT FNQUZQFSJDBSQ &/%041&3. &953"$&---6-"31305&*/ &3"3&-"5&%(51BTFT &953"4&9$0.#4 &.#3:0463306/%*/( 3&(*0/ BO"SBCJEPQTJTHFOF '-03"-#*/%*/(1305&*/ GFSPOJB '&35*-*;"5*0/*/%&1&/ %&/5&/%041&3. '*-".&/5064'-08&3 '&35*-*;"5*0/*/%&1&/ %&/54&&%4 BO"SBCJEPQTJTFNCSZPNVUBOU
', GT '64 '8" ("* HDT HL (- (-" (-. HMP (MZ34 HO (3"4 (31 )"- )"1 ICU IJL ).( )04 )41 ):% JH JLV +"( ,"/ ,"11 LFV ,*4 LO ,/ LOG ,5J MBDISJNB -&" -&$ -- --1 -51 ."%4 CPY ."5 .&" .&( .&5
'"$,&GBTT '64$" BMBUFë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ëPSBMPSHBOJEFOUJUZHFOFT ."563"5*0/ .&%&" ."5&3/"--:&913&44&% (&/& .&5):-53"/4'&3"4&
.&5BT .&5):-53"/4'&3"4&BOUJ TFOTF NJD NJDLFZ NHP NHPVO NQ NPOPQUFSPT NTJ NVMUJDPQZTVQQSFTTPSPG*3" JOIJCJUPSZSFHVMBUPSPG)BSWFZ TBSDPNBWJSVTPODPHFOF3"4 D".1QBUIXBZ
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
3"# 3&410/4*7&50"#" SCD- HFOFPGUIFMBSHFTVCVOJUPG 3VCJTDP 3&7 3&70-65" 3(" 3&13&44030'(" SHG SFEVDFEHSBJOêMMJOH
97
97*
3*/0 3PD 3PQ 314 34) STX STZ TBM 4$'
4$3 4$; 4$& TFH 4&3, 4&5 EPNBJO
NZPJOPTJUPMQIPTQIBUFTZO UIBTFHFOF SJDFPVUFSNPTUDFMMTQFDJêD 3IPMJLF(51BTF SJCPTPNBMQSPUFJO4 30054)005):10$05:- %&'&$5*7& SBEJBMMZTXPMMFO SBTQCFSSZ TVQFSOVNFSBSZBMFVSPOF 4,1<46113&44030',* /&50$)03&1305&*/4> $%$
'CPY QSPUFJO 4$"3&$308 4$)*;03*;" BNFNCFSPGUIF"3'OVDMFPUJEF FYDIBOHFGBDUPST TISVOLFOFOEPTQFSNDBVTFECZ UIFNBUFSOBMHFOPUZQF 40."5*$&.#3:0(&/&4*4 3&$&1503,*/"4&
QSPUFJOTFODPEFECZ46113&4 4*0/0'7"3*&("5*0/ &/)"/$&30';&45 BOE 53*5)03"9HFOFT TFY TISVOLFOFOEPTQFSNFYQSFTTJOH YFOJB TI TISVOLFO 4)"((: BHFOFUIBUFODPEFTBQSPUFJO LJOBTFJO%SPTPQIJMB 4)% 4)&1)&3% TIM TIPPUMFTT 4)3 4)0353005 TJO TIPSUJOUFHVNFOU TMQ TDIMFQQFSMFTT TNM TIPPUNFSJTUFNMFTT TNU TUFSPMNFUIZMUSBOTGFSBTF 4/"1 BWFTJDMFUSBēDLJOHHFOF 4/"3& TPMVCMF/FUIZMNBMFJNJEFTFOTJ UJWFGBDUPSBUUBDINFOUQSPUFJO SFDFQUPST 40- 46113&44030'--1 41¨5;-& BNBJ[FHFOFJOWPMWFEJOFOEP TQFSNDFMMVMBSJ[BUJPO 41- 41030$:5&-&44 TSO TJSÊOF 443 4."--46#6/*53*#0 40."-1305&*/4 TUN TIPPUNFSJTUFNMFTT
TV TVT 5$1
5'$ UPO 503 UQM UQT 55( 55/ UXO WDM 71 7Q3 WQ3 7QQ
8FF 8&3 80- 809 XVT XY 95$ :"# :&$ ;FBNB $ZD" # # ;-- ;N"& ;N&
;N)PY ;N.31 ;N0$- ;N131 ;N4&3, ;N8FF
TVHBSZ TVTQFOTPS 5FPTJOUFCSBODIFE $ZDMPJEFB BOE1$'HFOFTXIJDIFODPEF USBOTDSJQUJPOGBDUPST UVCVMJOGPMEJOHDPGBDUPS UPOOFBV 5"3(&50'3"1".:$*/ UPQMFTT USFIBMPTFQIPTQIBUFTZOUIBTF 53"/41"3&/55&45"(-" #3" 5*5"/ UXJO WBDVPMFMFTT 7*7*1"3064 XJMEUZQFWJWJQBSPVTHFOF NVUBOUBMMFMFPG7Q3 BHFOFUIBUFODPEFTBUZQFPG WBDVPMBS) USBOTMPDBUJOHJOPS HBOJDQZSPQIPTQIBUBTF BQSPUFJOLJOBTF 8&3&80-' 800%&/-&( 864$)&-SFMBUFEIPNFPCPY XVTDIFM XBYZ &953"$05:-&%0/ :"##: ZFBTUQSPUFJOPGVOLOPXOGVOD UJPO
HSPVQTPGUIF;FBNBZTNJUPUJD DZDMJOHFOF ;8*-;FBNBZT"/%30(&/*$&. #3:04 ;FBNBZTFNCSZPTBDCBTBM FOEPTQFSNUSBOTGFSMBZFSFNCSZP TVSSPVOEJOHSFHJPO ;FBNBZTIPNFPCPY ;FBNBZT.:#3&-"5&%130 5&*/ ;FBNBZT065&3$&---":&3 ;FBNBZT1-"45*%3*#0 40."-1305&*/- ;FBNBZT4&3, BNBJ[FIPNPMPHPG8FF
97**
*MMVTUSBUJPO$SFEJUT
*MMVTUSBUJPOTOPUDSFEJUFEIFSFJOIBWFCFFOQSFQBSFE 'JHɨɨBoD,VSPJXB) /JTIJNVSB: )JHBTIJZBNB 5 ,VSPJXB 5 1FMBSHPOJVN FNCSZPHFOFTJT CZUIFBVUIPS DZUPMPHJDBMJOWFTUJHBUJPOTPGPSHBOFMMFTJOFBSMZFN ӢĢĠĮīĞĬ CSZPHFOFTJTGSPNUIFFHHUPUIFUXPDFMMFEFNCSZP 4FYVBM 1MBOU 3FQSPEVDUJPO m ¥ 4QSJOHFS 'JHɧɨB C/BXBTDIJO4 3FTVMUBUFFJOFS3FWJ #FSMJO)FJEFMCFSH/FX:PSL TJPOEFS#FGSVDIUVOHTWPSHÅOHFCFJ-JMJVNNBSUBHPO 'JHɨɩBoG4IFSJEBO 8' $MBSL +, 'FSUJM VOE'SJUJMMBSJBUFOFMMB#VMMFUJOEFM"DBEÊNJF*NQÊ J[BUJPO BOE FNCSZPHFOZ JO NBJ[F *O 'SFFMJOH . SJBMF EFT 4DJFODFT EF 4U1ÊUFSTCPVSH 4FS m 8BMCPU7 FEJUPST ѮFNBJ[FIBOECPPL4QSJOHFS 7FSMBH /FX:PSL QQm¥4QSJOHFS #FSMJO)FJ 'JHɧɩBoD(VJHOBSE - 4VS MFT BOUIÊSP EFMCFSH/FX:PSL [PÐEFTFUMBEPVCMFDPQVMBUJPOTFYVFMMFDIF[MFTWÊ 'JHɨɪBoD:BLPWMFW .4 :PĒF .% 0O HÊUBVYBOHJPTQFSNFT$PNQUFT3FOEVTEFT4ÊBODFT TPNFQFDVMJBSGFBUVSFTJOUIFFNCSZPHFOZPG1BFP OJB-1IZUPNPSQIPMPHZm EFM"DBEÊNJFEFT4DJFODFTm 'JHɧɪ)JHBTIJZBNB5 ,VSPJXB) ,BXBOP4 ,V 'JHɩɧ4FOUPLV/ 4BUP: ,VSBUB/ *UP: ,JUBOP SPJXB 5 ,JOFUJDT PG EPVCMF GFSUJMJ[BUJPO JO ) .BUTVPLB. 3FHJPOBMFYQSFTTJPOPGUIF 5PSFOJBGPVSOJFSJCBTFEPOEJSFDUPCTFSWBUJPOTPGUIF SJDF ,/UZQF IPNFPCPY HFOF GBNJMZ EVSJOH FN OBLFEFNCSZPTBD1MBOUBm¥4QSJOHFS CSZP TIPPU BOE ëPXFS EFWFMPQNFOU 1MBOU $FMM m ¥ "NFSJDBO 4PDJFUZ PG 1MBOU #JPMP #FSMJO)FJEFMCFSH/FX:PSL 'JHɧɫBoG'SJFENBO 8& %PVCMF GFSUJMJ[B HJTUT UJPOJO&QIFESBUSJGVSDB BOPOëPXFSJOHTFFEQMBOU 'JHɩɨ.BZFS,'9 4DIPPG) )BFDLFS" -FOIBSE UIFSFMBUJPOTIJQCFUXFFOGFSUJMJ[BUJPOFWFOUTBOEUIF . +ÛSHFOT ( -BVY 5 3PMF PG 864$)&- JOSFHVMBUJOHTUFNDFMMGBUFJOUIF"SBCJEPQTJTTIPPU DFMMDZDMF1SPUPQMBTNBm 'JHɧɬB C)VBOH #2 3VTTFMM 4% 'FSUJM NFSJTUFN$FMMm¥ SFQSJOUFEXJUI J[BUJPO JO /JDPUJBOB UBCBDVN DZUPTLFMFUBM NPEJê QFSNJTTJPOGSPN&MTFWJFS DBUJPOT JO UIF FNCSZP TBD EVSJOH TZOFSHJE EFHFO 'JHɩɩBoE.PVTTJBO# 4DIPPG) )BFDLFS" +ÛS FSBUJPO 1MBOUB m ¥ 4QSJOHFS #FSMJO HFOT ( -BVY 5 3PMF PG UIF ;8*--& HFOF JO UIF SFHVMBUJPO PG DFOUSBM TIPPU NFSJTUFN DFMM )FJEFMCFSH/FX:PSL 'JHɧɭ$BSNJDIBFM+4 'SJFENBO8& %PV GBUF EVSJOH "SBCJEPQTJT FNCSZPHFOFTJT &.#0 + CMF GFSUJMJ[BUJPO JO (OFUVN HOFNPO UIF SFMBUJPO m ¥ SFQSJOUFE CZ QFSNJTTJPO TIJQCFUXFFOUIFDFMMDZDMFBOETFYVBMSFQSPEVDUJPO .BDNJMMBO1VCMJTIFST-UE 1MBOU$FMMm¥"NFSJDBO4PDJFUZPG1MBOU 'JHɩɪ4DIPPG ) -FOIBSE . )BFDLFS " .BZFS ,'9 +ÛSHFOT( -BVY5 ѮFTUFNDFMMQPQV #JPMPHJTUT 'JHɧɮBoV,SBO[& *OWJUSPGFSUJMJ[BUJPO*O MBUJPOPG"SBCJEPQTJTTIPPUNFSJTUFNTJTNBJOUBJOFE #IPKXBOJ 44 4PI 8: FEJUPST $VSSFOU USFOET JO CZ B SFHVMBUPSZ MPPQ CFUXFFO UIF $-"7"5" BOE UIFFNCSZPMPHZPGBOHJPTQFSNT,MVXFS"DBEFNJD 864$)&- HFOFT $FMM m ¥ SF 1VCMJTIFST %PSESFDIU QQm3FQSJOUFEXJUI QSJOUFEXJUIQFSNJTTJPOGSPN&MTFWJFS LJOE QFSNJTTJPO PG 4QSJOHFS 4DJFODF BOE #VTJOFTT 'JHɩɫBoG"TTBBE'' .BZFS6 8BOOFS( +ÛSHFOT ( ѮF,&6-&HFOFJTJOWPMWFEJODZUPLJOF .FEJB 'JHɨɧ8FCC.$ (VOOJOH#&4 ѮFNJDSP TJTJO"SBCJEPQTJT.PMFDVMBSBOE(FOFSBM(FOFUJDT UVCVMBSDZUPTLFMFUPOEVSJOHEFWFMPQNFOUPGUIF[Z m ¥ 4QSJOHFS #FSMJO )FJEFMCFSH /FX HPUF QSFNCSZPBOEGSFFOVDMFBSFOEPTQFSNJO"SB :PSL CJEPQTJTUIBMJBOB - )FZOI1MBOUBm¥ 'JHɪɧBoE4XBNZ #(- &NCSZPMPHJDBM TUVEJFTJOUIF0SDIJEBDFBF**&NCSZPHFOZ"NFSJ 4QSJOHFS #FSMJO)FJEFMCFSH/FX:PSL DBO.JEMBOE/BUVSBMJTUm
97***
'JHɪɧF.BIFTIXBSJ 1 4JOHI # &NCSZPM PHZ PG .BDSPTPMFO DPDIJODIJOFOTJT #PUBOJDBM (B [FUUFm 'JHɪɧG1SBLBTI 4 .PSQIPMPHJDBM BOE FN CSZPMPHJDBMTUVEJFTJOUIFGBNJMZ-PSBOUIBDFBFm7* 1FSBYJMMB UFUSBQFUBMB -JOO ' WBO 5JFHI 1IZUP NPSQIPMPHZm 'JHɪɧH4DIBĒOFS . ѮF FNCSZPMPHZ PG UIFTIFQIFSETQVSTF0IJP/BUVSBMJTUm 'JHɪɧI4JNPODJPMJ$ 6MUSBTUSVDUVSBMDIBS BDUFSJTUJDTPGi%JQMPUBYJTFSVDPJEFT - %$uTVTQFO TPS(JPSOBMF#PUBOJDP*UBMJBOPm 'JHɪɨBoG(VJHOBSE - 3FDIFSDIFT EFNCSZPHÊOJFWÊHÊUBMFDPNQBSÊFĐđ.ÊNPJSF-Ê HVNJOFVTFT"OOBMFTEFT4DJFODFT/BUVSFMMFT#PUB OJRVF4ÊSJF m 'JHɪɨH3BV." ѮFTVTQFOTPSIBVTUPSJB PGTPNFTQFDJFTPG$SPUBMBSJB-JOO"OOBMTPG#PU BOZm 'JHɪɨI/BHM 8 ¾CFS &OEPQPMZQMPJEJF 3FTUJUVUJPOTLFSOCJMEVOH VOE ,FSOTUSVLUVSFO JN 4VTQFOTPS WPO "OHJPTQFSNFO VOE FJOFS (ZN OPTQFSNF ¸TUFSSFJDIJTDIF #PUBOJTDIF ;FJUTDISJѫ m 'JHɪɨJ.FSDZ45 ,BLBS4/ 7BSHIFTF5. &NCSZPMPHZPG$JDFSBSJFUJOVNBOE$TPPOHBSJDVN #VMMFUJOPGUIF5PSSFZ#PUBOJDBM$MVCm 'JHɪɩB/BHM 8 ,ÛIOFS 4 &BSMZ FNCSZP HFOFTJT JO 5SPQBFPMVN NBKVT - EJWFSTJêDBUJPO PG QMBTUJET 1MBOUB m ¥ 4QSJOHFS #FSMJO )FJ EFMCFSH/FX:PSL 'JHɪɩC4VCSBNBOZBN , &NCSZPMPHZ PG 4FEVNUFSOBUVN.JDIY+PVSOBMPGUIF*OEJBO#P UBOJDBM4PDJFUZ .BIFTIXBSJ$PNNFNPSBUJPO7PM VNF "m 'JHɪɩD4XBNZ #(- 'FNBMF HBNFUPQIZUF BOE FNCSZPHFOZ JO $ZNCJEJVN CJDPMPS -JOEM 1SPDFFEJOHT PG UIF *OEJBO "DBEFNZ PG 4DJFODFT #m 'JHɪɪ4DIVM[ 1 +FOTFO 8" $BQTFMMB FN CSZPHFOFTJTUIFTVTQFOTPSBOEUIFCBTBMDFMM1SP UPQMBTNBm 'JHɪɫBoE:FVOH &$ $MVUUFS .& &NCSZ PHFOZ PG 1IBTFPMVT DPDDJOFVT HSPXUI BOE NJDSP BOBUPNZ1SPUPQMBTNBm 'JHɪɬ-JNBEF'BSJB" 1FSP3 "WBO[J4 %VSBOUF . 4UÇIMF6 %"NBUP' (SBOTUSÕN) 3FMB UJPO CFUXFFO SJCPTPNBM 3/" HFOFT BOE UIF %/" TBUFMMJUFTPG1IBTFPMVTDPDDJOFVT)FSFEJUBTm
'JHɪɭBoE(FSMBDI$SVTF % &NCSZP VOE &OEPTQFSNFOUXJDLMVOH OBDI FJOFS 3ÕOUHFO CFTUSBIMVOH EFS 'SVDIULOPUFO WPO "SBCJEPQTJT UIBMJBOB - )FZOI3BEJBUJPO#PUBOZm¥ SFQSJOUFEXJUIQFSNJTTJPOGSPN&MTFWJFS 'JHɪɮBoD4DIXBSU[ #8 :FVOH &$ .FJOLF %8 %JTSVQUJPOPGNPSQIPHFOFTJTBOEUSBOTGPS NBUJPO PG UIF TVTQFOTPS JO BCOPSNBM TVTQFOTPS NVUBOUT PG "SBCJEPQTJT %FWFMPQNFOU m ¥$PNQBOZPG#JPMPHJTUT 'JHɪɯB C4DIXBSU[ #8 :FVOH &$ .FJOLF %8 %JTSVQUJPOPGNPSQIPHFOFTJTBOEUSBOTGPS NBUJPOPGUIFTVTQFOTPSJOBCOPSNBMTVTQFOTPSNV UBOUT PG "SBCJEPQTJT %FWFMPQNFOU m ¥$PNQBOZPG#JPMPHJTUT 'JHɫɧ(PMECFSH 3# #BSLFS 4+ 1FSF[(SBV - 3FHVMBUJPOPGHFOFFYQSFTTJPOEVSJOHQMBOU FNCSZPHFOFTJT$FMMm¥ SFQSJOUFE XJUIQFSNJTTJPOGSPN&MTFWJFS 'JHɫɨ:PTIJEB,5 8BEB5 ,PZBNB) .J[PCV DIJ'VLVPLB3 /BJUP4 5FNQPSBMBOETQBUJBM QBUUFSOTPGBDDVNVMBUJPOPGUIFUSBOTDSJQUPGNZP JOPTJUPMQIPTQIBUFTZOUIBTFBOEQIZUJODPOUBJO JOHQBSUJDMFTEVSJOHTFFEEFWFMPQNFOUJOSJDF1MBOU 1IZTJPMPHZm¥"NFSJDBO4PDJFUZPG1MBOU #JPMPHJTUT 'JHɫɩ;IBOH +; 4BOUFT $. &OHFM .- (BTTFS $4 )BSBEB++ %/"TFRVFODFTUIBUBDUJWBUF JTPDJUSBUFMZBTFHFOFFYQSFTTJPOEVSJOHMBUFFNCSZP HFOFTJT BOE EVSJOH QPTUHFSNJOBUJWF HSPXUI 1MBOU 1IZTJPMPHZ m ¥ "NFSJDBO 4PDJFUZ PG 1MBOU#JPMPHJTUT 'JHɫɪ5[BGSJS * .D&MWFS +" -JV $ :BOH -+ 8V +2 .BSUJOF[" 1BUUPO%" .FJOLF%8 %J WFSTJUZPG5*5"/GVODUJPOTJO"SBCJEPQTJTTFFEEF WFMPQNFOU 1MBOU 1IZTJPMPHZ m ¥ "NFSJ DBO4PDJFUZPG1MBOU#JPMPHJTUT 'JHɫɫBoE.BZFS 6 )FS[PH 6 #FSHFS ' *O[Ê % +ÛSHFOT( .VUBUJPOTJOUIF1*-;HSPVQHFOFT EJTSVQUUIFNJDSPUVCVMFDZUPTLFMFUPOBOEVODPVQMF DFMM DZDMF QSPHSFTTJPO GSPN DFMM EJWJTJPO JO "SBCJ EPQTJT FNCSZP BOE FOEPTQFSN &VSPQFBO +PVSOBM PG$FMM#JPMPHZm¥ SFQSJOUFEXJUI QFSNJTTJPOGSPN&MTFWJFS 'JHɬɧ1BSDZ ' 7BMPO $ 3BZOBM . (BVCJFS$P NFMMB 1 %FMTFOZ . (JSBVEBU + 3FHVMBUJPO PG HFOF FYQSFTTJPO QSPHSBNT EVSJOH "SBCJEPQTJT TFFE EFWFMPQNFOU SPMFT PG UIF "#* MPDVT BOE PG FOEPHFOPVTBCTDJTJDBDJE1MBOU$FMMm¥ "NFSJDBO4PDJFUZPG1MBOU#JPMPHJTUT
'JHɬɨ$IPJOTLJ +4 +S 5SFMFBTF 3/ %PNBO %$ $POUSPM PG FO[ZNF BDUJWJUJFT JO DPUUPO DPU ZMFEPOT EVSJOH NBUVSBUJPO BOE HFSNJOBUJPO *** *OWJUSP FNCSZP EFWFMPQNFOU JO UIF QSFTFODF PG BCTDJTJDBDJE1MBOUBm¥4QSJOHFS #FSMJO )FJEFMCFSH/FX:PSL 'JHɬɩ4ÃODIF[.BSUÎOF[ % 1VJHEPNÍOFDI 1 1BHÍT . 3FHVMBUJPO PG HFOF FYQSFTTJPO JO EFWFMPQJOH ;FB NBZT FNCSZPT 1SPUFJO TZOUIFTJT EVSJOH FNCSZPHFOFTJT BOE FBSMZ HFSNJOBUJPO PG NBJ[F 1MBOU 1IZTJPMPHZ m ¥ "NFSJDBO 4PDJFUZPG1MBOU#JPMPHJTUT 'JHɬɪBoD3BHIBWBO 7 *OEVDUJPO PG WJ WJQBSZ JO "SBCJEPQTJT CZ TJMJRVF DVMUVSF JNQMJDB UJPOTGPSTFFEEPSNBODZBOEHFSNJOBUJPO"NFSJ DBO+PVSOBMPG#PUBOZm 'JHɬɫBoK#SFOBD 1 4NJUI .' 0CFOEPSG 3- 3BēOPTFBDDVNVMBUJPOJONBJ[FFNCSZPTJO UIFBCTFODFPGBGVMMZGVODUJPOBM7QHFOFQSPEVDU 1MBOUB m ¥ 4QSJOHFS #FSMJO )FJEFMCFSH /FX:PSL 'JHɬɬB C1BSDZ ' 7BMPO $ 3BZOBM . (BVCJFS $PNFMMB 1 %FMTFOZ . (JSBVEBU + 3FHVMB UJPOPGHFOFFYQSFTTJPOQSPHSBNTEVSJOH"SBCJEPQ TJTTFFEEFWFMPQNFOUSPMFTPGUIF"#*MPDVTBOEPG FOEPHFOPVTBCTDJTJDBDJE1MBOU$FMMm¥ "NFSJDBO4PDJFUZPG1MBOU#JPMPHJTUT 'JHɭɨBoE0MTFO 0" #SPXO 3$ -FNNPO #& 1BUUFSO BOE QSPDFTT PG XBMM GPSNBUJPO JO EFWFMPQJOH FOEPTQFSN #JPFTTBZT m 3F QSJOUFE XJUI QFSNJTTJPO PG 8JMFZ-JTT *OD B TVC TJEJBSZPG+PIO8JMFZ4POT *OD 'JHɭɩB C,PXMFT 37 1IJMMJQT 3- &OEP TQFSNEFWFMPQNFOUJONBJ[F*OUFSOBUJPOBM3FWJFX PG$ZUPMPHZm¥ SFQSJOUFEXJUIQFS NJTTJPOGSPN&MTFWJFS 'JHɭɪ:PVOH 5& (BMMJF %3 1SPHSBNNFE DFMM EFBUI EVSJOH FOEPTQFSN EFWFMPQNFOU 1MBOU .PMFDVMBS#JPMPHZm3FQSJOUFEXJUILJOE QFSNJTTJPOPG4QSJOHFS4DJFODFBOE#VTJOFTT.FEJB 'JHɭɫ%BWJT 38 4NJUI +% $PCC #( " MJHIU BOE FMFDUSPO NJDSPTDPQF JOWFTUJHBUJPO PG UIF USBOTGFS DFMM SFHJPO PG NBJ[F DBSZPQTFT $BOBEJBO +PVSOBMPG#PUBOZm 'JHɮɧBoF4SFOTFO .# .BZFS 6 -VLPXJU[ 8 3PCFSU ) $IBNCSJFS 1 +ÛSHFOT ( 4PNFSWJMMF $ -FQJOJFD - #FSHFS ' $FMMVMBSJTBUJPO JO UIF FOEPTQFSN PG "SBCJEPQTJT UIBMJBOB JT DPVQMFE UP NJUPTJTBOETIBSFTNVMUJQMFDPNQPOFOUTXJUIDZUP LJOFTJT %FWFMPQNFOU m ¥ $PNQBOZ PG#JPMPHJTUT
9*9
'JHɮɨB C#FDSBѫ 18 -J , %FZ / "TVODJPO $SBCC : ѮF NBJ[F EFL HFOF GVODUJPOT JO FNCSZPOJDQBUUFSOGPSNBUJPOBOEDFMMGBUFTQFDJêDB UJPO %FWFMPQNFOU m ¥ $PNQBOZ PG #JPMPHJTUT 'JHɯɧ4QJFMNBO. 7JOLFOPPH3 4DPUU3+ (FOFUJD NFDIBOJTNT PG BQPNJYJT 1IJMPTPQIJDBM 5SBOTBDUJPOTPGUIF3PZBM4PDJFUZ4FSJFT#m 'JHɯɨ,PMUVOPX". 4PMUZT, /JUP/ .D$MVSF4 "OUIFS PWVMF TFFE BOEOVDFMMBSFNCSZPEF WFMPQNFOUJO$JUSVTTJOFOTJTDW7BMFODJB$BOBEJBO +PVSOBMPG#PUBOZm 'JHɯɩBoM.D$BCF1' 7BMFOUJOF5" 'PSTCFSH-4 1FOOFMM3* 4PMVCMFTJHOBMTGSPNDFMMTJEFOUJ êFEBUUIFDFMMXBMMFTUBCMJTIBEFWFMPQNFOUBMQBUI XBZ JO DBSSPU 1MBOU $FMM m¥ "NFSJDBO 4PDJFUZPG1MBOU#JPMPHJTUT 'JHɯɪ3BHIBWBO 7 &NCSZPHFOFTJT JO BO HJPTQFSNT " EFWFMPQNFOUBM BOE FYQFSJNFOUBM TUVEZ$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL
ӹĥĚĭĞĬ 1MBUFɧ 'JHBoE8JMMJBNT+) 'SJFENBO8& *EFOUJêDBUJPOPGEJQMPJEFOEPTQFSNJOBOFBSMZBO HJPTQFSNMJOFBHF/BUVSFm¥ SF QSJOUFECZQFSNJTTJPO .BDNJMMBO1VCMJTIFST-UE 1MBUFɧ 'JHFoJ'V : :VBO . )VBOH #2 :BOH ): ;FF4: 0#SJFO51 $IBOHFTJOBDUJO PSHBOJ[BUJPOJOUIFMJWJOHFHHBQQBSBUVTPG5PSFOJB GPVSOJFSJ EVSJOH GFSUJMJ[BUJPO 4FYVBM 1MBOU 3FQSP EVDUJPO m ¥ 4QSJOHFS #FSMJO )FJEFMCFSH /FX:PSL 1MBUF ɧ 'JHKoM8FUFSJOHT , "QVZB /3 #J : 'JTDIFS3- )BSBEB++ (PMECFSH3# 3FHJPOBM MPDBMJ[BUJPOPGTVTQFOTPSN3/"TEVSJOHFBSMZFN CSZP EFWFMPQNFOU 1MBOU $FMM m ¥ "NFSJDBO4PDJFUZPG1MBOU#JPMPHJTUT 1MBUF ɫ 'JHBoJ4NJUI -( +BDLTPO % )BLF 4 &YQSFTTJPO PG LOPUUFE NBSLT TIPPU NFSJ TUFN GPSNBUJPO EVSJOH NBJ[F FNCSZPHFOFTJT %F WFMPQNFOUBM (FOFUJDT m 3FQSJOUFE XJUI QFSNJTTJPOPG8JMFZ-JTT *ODBTVCTJEJBSZPG+PIO 8JMFZ4POT *OD
99
1MBUF ɬ 'JHB CWBO EFO #FSH $ 8JMMFNTFO 7 )BHF8 8FJTCFFL1 4DIFSFT# $FMMGBUFJO UIF "SBCJEPQTJT SPPU NFSJTUFN EFUFSNJOFE CZ EJ SFDUJPOBM TJHOBMMJOH /BUVSF m ¥ SF QSJOUFECZQFSNJTTJPO .BDNJMMBO1VCMJTIFST-UE 1MBUFɬ 'JHDoF%PMBO- +BONBBU, 8JMMFNTFO7 -JOTUFBE1 1PFUIJH4 3PCFSUT, 4DIFSFT, $FMMVMBS PSHBOJTBUJPO PG UIF "SBCJEPQTJT UIBMJBOB SPPU%FWFMPQNFOUm¥$PNQBOZPG#JPMP HJTUT 1MBUF ɭ 'JHBoS8ZTPDLB%JMMFS +8 )FMBSJVUUB : 'VLBLJ) .BMBNZ+& #FOGFZ1/ .PMFDVMBS BOBMZTJTPG4$"3&$308GVODUJPOSFWFBMTBSBEJBM QBUUFSOJOHNFDIBOJTNDPNNPOUPSPPUBOETIPPU %FWFMPQNFOU m ¥ $PNQBOZ PG #JPMP HJTUT 1MBUFɮ 'JHBoD(SPTTOJLMBVT 6 4QJMMBOF $ 1BHF %3 ,ÕIMFS$ (FOPNJDJNQSJOUJOHBOETFFE EFWFMPQNFOUFOEPTQFSNGPSNBUJPOXJUIBOEXJUI PVUTFY$VSSFOU0QJOJPOJO1MBOU#JPMPHZm ¥ SFQSJOUFEXJUIQFSNJTTJPOGSPN&MTFWJFS 1MBUF ɮ 'JHEoH1FSSZ 4& /JDIPMT ,8 'FSOBO EF[%& ѮF."%4EPNBJOQSPUFJO"(- MPDBMJ[FTUPUIFOVDMFVTEVSJOHFBSMZTUBHFTPGTFFE EFWFMPQNFOU 1MBOU $FMM m ¥ "NFSJDBO 4PDJFUZPG1MBOU#JPMPHJTUT 1MBUFɯ 'JHB C-J; ѮPNBT5- 1&* BO FNCSZPTQFDJêD [JOD êOHFS QSPUFJO HFOF SFRVJSFE GPS IFBSUTUBHF FNCSZP GPSNBUJPO JO "SBCJEPQTJT 1MBOU$FMMm¥"NFSJDBO4PDJFUZPG1MBOU #JPMPHJTUT 1MBUFɯ 'JHDoK&MTUFS3 #PNNFSU1 4IFSJEBO8' 8FSS 8 "OBMZTJT PG GPVS FNCSZPTQFDJêD NVUBOUT JO ;FB NBZT SFWFBMT UIBU JODPNQMFUF SB EJBMPSHBOJ[BUJPOPGUIFQSPFNCSZPJOUFSGFSFTXJUI TVCTFRVFOUEFWFMPQNFOU%FWFMPQNFOU(FOFTBOE &WPMVUJPO m ¥ 4QSJOHFS #FSMJO )FJEFMCFSH/FX:PSL 1MBUF ɧɦ 'JHBoI/BNCBSB & ,FJUI , .D$PVSU 1 /BJUP 4 " SFHVMBUPSZ SPMF GPS UIF "#* HFOFJOUIFFTUBCMJTINFOUPGFNCSZPNBUVSBUJPOJO "SBCJEPQTJTUIBMJBOB%FWFMPQNFOUm¥ $PNQBOZPG#JPMPHJTUT 1MBUF ɧɧ 'JHB3B[ 7 #FSHFSWPFU +)8 ,PPSO OFFG . 4FRVFOUJBM TUFQT GPS EFWFMPQNFOUBM BSSFTU JO "SBCJEPQTJT UIBMJBOB TFFET %FWFMPQNFOU m¥$PNQBOZPG#JPMPHJTUT 1MBUFɧɧ 'JHCoE#SPXO 3$ -FNNPO #& 0MTFO 0" &OEPTQFSNEFWFMPQNFOUJOCBSMFZNJ DSPUVCVMFJOWPMWFNFOUJOUIFNPSQIPHFOFUJDQBUI XBZ1MBOU$FMMm¥"NFSJDBO4PDJFUZPG 1MBOU#JPMPHJTUT
1MBUF ɧɨ 'JHBoG-VP . #JMPEFBV 1 %FOOJT &4 1FBDPDL 8+ $IBVEIVSZ " &YQSFTTJPO BOE QBSFOUPGPSJHJOFĒFDUTGPS'*4 .&" BOE'*&JO UIF FOEPTQFSN BOE FNCSZP PG EFWFMPQJOH "SBCJ EPQTJTTFFET1SPDFFEJOHTPGUIF/BUJPOBM"DBEFNZ PG4DJFODFT 64"m¥ /BUJPOBM "DBEFNZPG4DJFODFT64" 1MBUF ɧɨ 'JHH I0IBE / .BSHPTTJBO - )TV : 8JMMJBNT $ 3FQFUUJ 1 'JTDIFS 3- " NVUB UJPO UIBU BMMPXT FOEPTQFSN EFWFMPQNFOU XJUIPVU GFSUJMJ[BUJPO1SPDFFEJOHTPGUIF/BUJPOBM"DBEFNZ PG 4DJFODFT 64" m ¥ /BUJPOBM "DBEFNZPG4DJFODFT64" 1MBUFɧɩ 'JHB C"EBNT4 7JOLFOPPH3 4QJFMNBO . %JDLJOTPO)( 4DPUU3+ 1BSFOUPGPSJHJO FĒFDUTPOTFFEEFWFMPQNFOUJO"SBCJEPQTJTUIBMJBOB SFRVJSF%/"NFUIZMBUJPO%FWFMPQNFOUm ¥$PNQBOZPG#JPMPHJTUT 1MBUF ɧɩ 'JHDoG0QTBIM'FSTUBE )( MF %FVOĒ & %VNBT$ 3PHPXTLZ1. ;N&TS BOPWFM FOEPTQFSNTQFDJêD HFOF FYQSFTTFE JO B SFTUSJDUFE SFHJPO BSPVOE UIF NBJ[F FNCSZP 1MBOU +PVSOBM m¥#MBDLXFMM1VCMJTIJOH$P 1MBUF ɧɪ 'JHB C0MTFO 0" -JOOFTUBE $ /JDI PMT 4& %FWFMPQNFOUBM CJPMPHZ PG UIF DFSFBM FOEPTQFSN 5SFOET JO 1MBOU 4DJFODF m ¥ SFQSJOUFEXJUIQFSNJTTJPOGSPN&MTFWJFS 1MBUFɧɪ 'JHDoF)VFSPT( 7BSPUUP4 4BMBNJOJ' ѮPNQTPO 3% .PMFDVMBS DIBSBDUFSJ[BUJPO PG#&5 BHFOFFYQSFTTFEJOUIFFOEPTQFSNUSBOT GFSDFMMTPGNBJ[F1MBOU$FMMm¥"NFSJDBO 4PDJFUZPG1MBOU#JPMPHJTUT 1MBUF ɧɪ 'JHGoI4IFO # -J $ .JO ; .FFMFZ 3# 5BSD[ZOTLJ .$ 0MTFO 0" TBM EFUFS NJOFTUIFOVNCFSPGBMFVSPOFDFMMMBZFSTJONBJ[F FOEPTQFSN BOE FODPEFT B DMBTT & WBDVPMBS TPSU JOH QSPUFJO 1SPDFFEJOHT PG UIF /BUJPOBM "DBEFNZ PG4DJFODFT 64"m¥ /BUJPOBM "DBEFNZPG4DJFODFT64" 1MBUFɧɬ 'JHBoH4DINJEU&%- (V[[P' 5PPOFO ."+ EF7SJFT4$ "MFVDJOFSJDISFQFBUDPO UBJOJOH SFDFQUPSMJLF LJOBTF NBSLT TPNBUJD QMBOU DFMMT DPNQFUFOU UP GPSN FNCSZPT %FWFMPQNFOU m¥$PNQBOZPG#JPMPHJTUT 1MBUFɧɬ 'JHIoL5PVSBFW" *MIBN" 7JDFOUF0 )FCFSMF#PST & 4USFTTJOEVDFE NJDSPTQPSF FNCSZPHFOFTJTJOUPCBDDPBOPQUJNJ[FETZTUFNGPS NPMFDVMBSTUVEJFT1MBOU$FMM3FQPSUTm¥ 4QSJOHFS #FSMJO)FJEFMCFSH/FX:PSL
$)"15&3
%PVCMF'FSUJMJ[BUJPOo "%FmOJOH'FBUVSF PG'MPXFSJOH1MBOUT ѮFFYQSFTTJPOGFSUJMJ[BUJPONBZCFVTFEJOBOBCTUSBDUPS BDPODSFUFTFOTF*OUIFBCTUSBDUJUEFOPUFTUIFQSPDFTTCZ XIJDIDIBSBDUFSTGSPNUXPJOEJWJEVBMTBSFUSBOTNJUUFEUP B TJOHMF PSHBOJTN JO UIF TVDDFFEJOH HFOFSBUJPO ѮJT QIF OPNFOPO JT BMNPTU VOJWFSTBM UISPVHIPVU UIF BOJNBM BOE WFHFUBCMFLJOHEPNT BOEJUTFĒFDUTIBWFCFFOPCTFSWFECZ NBOZ TVDDFTTJWF HFOFSBUJPOT PG CSFFEFST CPUI PG BOJNBMT BOEPGQMBOUT*OUIJTXBZBDPOTJEFSBCMFCPEZPGFWJEFODF IBTBDDVNVMBUFE BOEJUIBTCFFOGPVOEUIBUDFSUBJOMBXT BSFVOJWFSTBMMZUSVFPGPSHBOJTNTXIJDIUIVTTQSJOHGSPNB
EPVCMFTUPDL4VDIBOPSHBOJTNQBTTFTUISPVHIJUTDPNQMFUF MJGFIJTUPSZ XIJDINBZJODMVEFNPSFUIBOPOFDZDMFPGEF WFMPQNFOU*UFYIJCJUTBDPNCJOBUJPOPGDIBSBDUFSTESBXO GSPN CPUI QBSFOUT ѮF PĒTQSJOH PG UIF TBNF QBJS EJĒFS GSPNFBDIPUIFSTPNFSFTFNCMFPOFQBSFOU TPNFUIFPUIFS BOEUIPTFPGNJYFEBQQFBSBODFNBZMFBOUPFJUIFSTJEF#VU B CBMBODF JT NBJOUBJOFE JO FBDI HFOFSBUJPO CFUXFFO UIF UXPTUPDLT TPUIBUOFJUIFSQBSFOUIBTPOUIFXIPMFHSFBUFS XFJHIUUIBOUIFPUIFS &4BSHBOU
ѮJT CPPL JT BCPVU QPTUGFSUJMJ[BUJPO SFQSPEVDUJWF EFWFMPQNFOU JO UIF NPTU FWPMVUJPOBSJMZ TVDDFTTGVM BOEXPOEFSGVMMZEJWFSTFHSPVQPGQMBOUTPOUIFGBDF PG UIF FBSUI BOHJPTQFSNT PS ëPXFSJOH QMBOUT "O HJPTQFSNT BMPOHXJUIGPVSEJĒFSFOUHSPVQTPGMJWJOH SFQSFTFOUBUJWFT PG HZNOPTQFSNT OBNFMZ DZDBET (JOLHPBMFT XIJDIJODMVEFTUIFNPOPUZQJD(JOLHP CJMPCB
DPOJGFST BOE (OFUBMFT BSF BMTP LOPXO BT TFFE QMBOUT 4FFET PG BOHJPTQFSNT BSF FODMPTFE XJUIJOBGSVJUJOTUFBEPGCFJOHQSPEVDFEBTFYQPTFE VOJUTPOUIFTVSGBDFPGTQPSPQIZMMTPSTJNJMBSTUSVD UVSFTBTUIFZBSFJOHZNOPTQFSNT"MUIPVHITUVEZ PG UIF SFQSPEVDUJWF CJPMPHZ PG BOHJPTQFSNT IBT B MPOH IJTUPSZ TVTUBJOFE DFMMVMBS BOE NPMFDVMBS JO WFTUJHBUJPOTPGUIJTUPQJDDPOTUJUVUFBNPEFSOEFWFM PQNFOU 'FSUJMJ[BUJPO CFTJEFT JUT PCWJPVT SPMF JO HFOFUJD SFDPNCJOBUJPO FTTFOUJBMMZ EFOPUFT UIF GVTJPO PG UIF FHH BOE TQFSN UP GPSN B [ZHPUF BOE BT XJMM TPPOCFDPNFDMFBS UIFXPSEEPFTOPUDBQUVSFUIF GVMM TDPQF PG FWFOUT UIBU PDDVS JO ëPXFSJOH QMBOUT ѮF USBEJUJPOBM TFUUJOH GPS GFSUJMJ[BUJPO JO ëPXFS JOHQMBOUTJTUIFTBODUVNTBODUPSVNPGUIFGFNBMF HBNFUPQIZUF m NPSF QPQVMBSMZ LOPXO BT UIF FN CSZPTBDmXIJDIJUTFMGJTXSBQQFEJOTFWFSBMMBZFST PG DFMMT PG UIF OVDFMMVT BOE JOUFHVNFOUT DPOTUJUVU JOHUIFPWVMF"UZQJDBMFNCSZPTBDJOJUJBMMZIBTUXP HSPVQT PG GPVS IBQMPJE OVDMFJ FNCFEEFE XJUIJO JU POFBUUIFNJDSPQZMBSFOEBOEUIFPUIFSBUUIFPQ QPTJUF DIBMB[BMFOEѮFEFNBSDBUJPOPGHSPVQTPG
%JTDPWFSZPG%PVCMF'FSUJMJ[BUJPO 8IP%JTDPWFSFE%PVCMF'FSUJMJ[BUJPO 6OJWFSTBMJUZPG%PVCMF'FSUJMJ[BUJPO JO'MPXFSJOH1MBOUT 4FFE%FWFMPQNFOUXJUIPVU%PVCMF'FSUJMJ[BUJPO "$BTFGPS%PVCMF'FSUJMJ[BUJPO JO(ZNOPTQFSNT 4USVDUVSBMBOE$ZUPMPHJDBM1FSTQFDUJWFT PO%PVCMF'FSUJMJ[BUJPO $FMMVMBS/BUVSFPGUIF4QFSNBOE UIF.BMF(FSN6OJU 1PMMFO5VCF(VJEBODFBOE4QFSN &OUSZJOUP&NCSZP4BD /VDMFBS'VTJPOT *OWJUSP%PVCMF'FSUJMJ[BUJPO %PVCMF'FSUJMJ[BUJPOBOEUIF$PNJOH PG"HFPG1MBOU&NCSZPMPHZ ѮF$IBOHJOH4DFOF (FOFUJDBOE.PMFDVMBS4UVEJFTPG&NCSZP HFOFTJTBOE&OEPTQFSN%FWFMPQNFOU 1SPCMFNTBOE1SPTQFDUT $PODMVEJOH$PNNFOUT 3FGFSFODFT
Ϗ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
UISFFOVDMFJBUFBDIFOE FBDIOVDMFVTTVSSPVOEFE CZ JUT PXO DZUPQMBTNJD EPNBJO BT B EJTUJODU DPN QBSUNFOUBMJ[FE NFNCSBOFCPVOE DFMM JT UIF QSJ NBSZ EFUFSNJOBOU PG GPSN PG UIF NBUVSF FNCSZP TBD ѮF UISFF DFMMT BU UIF NJDSPQZMBS QPMF BSF PS HBOJ[FEBTUIFFHHBQQBSBUVT DPOTJTUJOHPGBMBSHF FHHDFMMëBOLFEPOFJUIFSTJEFCZBDFMMVMBSTZOFSHJE ѮFUISFFDFMMTBUUIFPQQPTJUFQPMFCFDPNFUIFBO UJQPEBMTѮFNBJOCPEZPGUIFFNCSZPTBDSFNBJO JOH BѫFS UIF FHH BQQBSBUVT BOE BOUJQPEBMT BSF DVU PĒJTUIFDFOUSBMDFMMDPOTJTUJOHPGUIFUXPPSQIBOFE OVDMFJGSPNFJUIFSQPMF XIJDINBZSFNBJOTFQBSBUF TJEFCZTJEF BT VOGVTFE IBQMPJE OVDMFJ PS GVTF UP GPSN B EJQMPJE QPMBS GVTJPO OVDMFVT ѮF NBUVSF FNCSZPTBDJTUIVTBTFWFODFMMFE FJHIUOVDMFBUFTV QFSDFMMJOXIJDIGFSUJMJ[BUJPOPDDVST 'JH ѮJT UZQF PG FNCSZP TBD EFWFMPQNFOU XIJDI JT QSFWB MFOUJOBCPVUPGBOHJPTQFSNT JTLOPXOBTUIF AOPSNBM UZQF BOE CFDBVTF JU XBT êSTU EFTDSJCFE JO 1PMZHPOVN EJWBSJDBUVN 1PMZHPOBDFBF
JU JT DPOWFOUJPOBMMZEFTJHOBUFEBTUIFA1PMZHPOVNUZQF .BIFTIXBSJ *O UIF DPOUFYU PG GFSUJMJ[BUJPO UIF UFSN GFNBMF HFSN VOJU IBT CFFO QSPQPTFE GPS UIFFHHBQQBSBUVTBOEUIFDFOUSBMDFMM %VNBTFUBM
CVUJUJTOPUXJEFMZVTFE
ѮF QSPDFTT PG GFSUJMJ[BUJPO JO ëPXFSJOH QMBOUT JO DMVEJOHUIFFODPVOUFSPGUIFNBMFBOEGFNBMFHBN FUFTBOEUIFBDUVBMGVTJPOPGHBNFUJDOVDMFJ QSFTFOUT BEFHSFFPGDPNQMFYJUZOPUGPVOEJOPUIFSHSPVQTPG QMBOUT 1PMMJOBUJPO SFTVMUJOH JO UIF USBOTGFS PG QPM MFOHSBJOTGSPNUIFBOUIFSUPUIFTUJHNBUJDTVSGBDF PGUIFBQQSPQSJBUFëPXFSUZQF JTUIFCFHJOOJOHPG B DBTDBEF PG FWFOUT UIBU EFMJWFST UIF NBMF HBNFUF UP UIF WJDJOJUZ PG UIF FHH 'PMMPXJOH HFSNJOBUJPO PGQPMMFOHSBJOTPOUIFTUJHNB UIFSFTVMUJOHQPMMFO UVCFTDBSSZJOHUIFUXPNBMFHBNFUFT QSPEVDFECZ B NJUPUJD EJWJTJPO PG UIF HFOFSBUJWF DFMM PG UIF QPM MFO HSBJO OBWJHBUF UISPVHI UIF DBSCPIZESBUFSJDI NBUSJY PG UIF TUJHNB TUZMF BOE UIF PWVMBS UJTTVFT BOESFBDIUIFWJDJOJUZPGUIFFNCSZPTBD'VTJPOPG UIFNBMFBOEGFNBMFHBNFUFTUBLFTQMBDFXIFOUIF QPMMFOUVCFFOUFSTUIFFNCSZPTBDBOESFMFBTFTUIF TQFSN )JUIFSUP QBSUJBMMZ PS UPUBMMZ VODIBSBDUFS J[FEFYUSBDFMMVMBSNBUSJYDPNQPOFOUTPGUIFTUJHNB BOETUZMFTQSJOHJOUPBDUJPOUPTVTUBJOQPMMFOUVCF HSPXUI BOE UIF FWFSQSFTFOU TJHOBMJOH NPMFDVMFT HFOFSBUFE CZ UIF EJQMPJE DFMMT PG UIF PWVMF PS UIF IBQMPJE DFMMT PG UIF FNCSZP TBD GPS QPMMFO UVCF BU USBDUJPODPOUSJCVUFUPTVDDFTTGVMGFSUJMJ[BUJPO +PIO TPO BOE 1SFVTT 'PMMPXJOH GFSUJMJ[BUJPO UIF PWVMFEFWFMPQTJOUPUIFTFFEFODMPTFEJOUIFPWBSZ XIJDICFDPNFTUIFGSVJU"MUIPVHIUIFTFGBDUTmUIF CBSFCPOFTPGUIFSFQSPEVDUJWFCJPMPHZPGëPXFSJOH QMBOUTmIBWFMPOHCFFOLOPXO QFSTQFDUJWFTPOUIF NPMFDVMBSHFOFUJDTPGUIFJOEJWJEVBMQIBTFTJOWPMWFE IBWF DPNF GSPN SFDFOU DFMM CJPMPHJDBM TUVEJFT BOE BOBMZTFTPGGFNBMFHBNFUPQIZUJDNVUBOUTPG "SBCJ EPQTJT UIBMJBOB #SBTTJDBDFBF IFSFBѫFS SFGFSSFE UP CZHFOVTOBNFPOMZ ѮFQVSQPTFPGUIJTDIBQUFSJT UPQSFTFOUBOPWFSWJFXPGUIFQFSJQIFSBMBOEDFOUSBM FWFOUTPGGFSUJMJ[BUJPOJOëPXFSJOHQMBOUTXJUIBGP DVTPOCPUIPMEBOEOFXMJUFSBUVSF
%JTDPWFSZPG%PVCMF'FSUJMJ[BUJPO
6OBNCJHVPVTQSPPGPGUIFBDUVBMGVTJPOPGUIFNBMF BOE GFNBMF HBNFUFT FNCPEJFE JO GFSUJMJ[BUJPO JO ëPXFSJOH QMBOUT DBO CF USBDFE UP B NPOPHSBQIJD QVCMJDBUJPO PG 4USBTCVSHFS ѮJT XPSL XBT EFWPUFE NPTUMZ UP UIF OVDMFBS DZUPMPHZ PG QPMMFO HSBJOT BOE QPMMFO UVCFT PG QMBOUT CFMPOHJOH UP B 'JHɧɧ%JBHSBNPGBA1PMZHPOVNUZQFPGFNCSZPTBDTIPX XJEFSBOHFPGGBNJMJFT BOEUPUIFGBUFPGNBMFHBN JOHUIFEJTQPTJUJPOPGDFMMT FUFT EFMJWFSFE CZ QPMMFO UVCFT JO UIF FNCSZP TBDT
ɧɧ %JTDPWFSZPG%PVCMF'FSUJMJ[BUJPO
ϐ
'JHɧɨB C%JTDPWFSZPGEPVCMFGFSUJMJ[BUJPOB$PWFSQBHFPGUIFKPVSOBMJOXIJDI/BXBTDIJOTEJTDPWFSZPGEPVCMFGFSUJMJ [BUJPOXBTêSTUQVCMJTIFEC'JSTUQBHFPGUIFBSUJDMFEFTDSJCJOHEPVCMFGFSUJMJ[BUJPO
PG (MPYJOJB IZCSJEB (FTOFSJBDFBF
)JNBOUPHMPT TVN IJSDJOVN 0SDIJT MBUJGPMJB 0SDIJEBDFBF
BOE .POPUSPQB IZQPQJUZT 1ZSPMBDFBF ѮF NPTU DPN QMFUF JMMVTUSBUFE EFUBJMT XFSF QSPWJEFE PO . IZ QPQJUZT JOXIJDIJUXBTTIPXOUIBUPOFPGUIFUXP NBMF HBNFUFT DPOWFZFE CZ UIF QPMMFO UVCF GVTFE XJUIUIFOVDMFVTPGUIFFHH"UUIBUUJNFUIFNBMF HBNFUFTXFSFLOPXOBTHFOFSBUJWFOVDMFJBOEJUXBT VODFSUBJOXIFUIFSUIFTFHBNFUFTXFSFUSVFDFMMTPS OBLFEOVDMFJ)PXFWFS UIFPCTFSWBUJPOUIBUBNBMF HBNFUFGVTFEXJUIUIFFHHJOUIFBDUPGGFSUJMJ[BUJPO XBTDPOUSBSZUPBQSFWJPVTQV[[MJOHêOEJOHUIBUUIJT FWFOUXBTPSDIFTUSBUFECZUIFEJĒVTJPOPGUIFDZUP QMBTNJD DPOUFOUT PG UIF QPMMFO UVCF TFF .BIFTI XBSJ "MUIPVHI4USBTCVSHFSTXPSLJEFOUJêFE
UIFFNCSZPBTUIFSFTVMUJOHQSPEVDUPGGFSUJMJ[BUJPO VOEFSTUBOEJOHPGUIFGBUFPGUIFTFDPOENBMFHBN FUF EJTDIBSHFE CZ UIF QPMMFO UVCF BOE UIF TPVSDF PG PSJHJO PG UIF FOEPTQFSN BMCVNFO
SFNBJOFE NBKPSIVSEMFTJOHBJOJOHBDPNQMFUFJOTJHIUJOUPUIF EZOBNJDTPGGFSUJMJ[BUJPOJOBOHJPTQFSNT 8IP%JTDPWFSFE%PVCMF'FSUJMJ[BUJPO ѮF CSFBLUISPVHI JO UIF EJTDPWFSZ PG EPVCMF GFS UJMJ[BUJPO PDDVSSFE XIFO 4 /BXBTDIJO JO 3VTTJB TIPXFEUIBU JOPWVMFTPG-JMJVNNBSUBHPOBOE'SJU JMMBSJB UFOFMMB -JMJBDFBF
CPUI NBMF HBNFUFT GSPN UIFQPMMFOUVCFQFOFUSBUFEUIFFNCSZPTBDXIFSFBT
ϑ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
'JHɧɩBoD%PVCMF GFSUJMJ[BUJPO JO -JMJVN NBSUBHPO B .B UVSF FNCSZP TBD TIPXJOH UIF FHH BQQBSBUVT DPOTJTUJOH PG UIFFHHBOETZOFSHJET BOUJQPEBMT VQQFSQPMBSOVDMFVT BOE MPXFS QPMBS OVDMFVT C .BUVSF FNCSZP TBD BѫFS EJTDIBSHF PG NBMF HBNFUFT GSPN UIF QPMMFO UVCF ѮF OVDMFVT PG POF TQFSNIBTFOUFSFEUIFFHHBOEUIBUPGUIFTFDPOETQFSNJT JODPOUBDUXJUIUIFVQQFSQPMBSOVDMFVTѮFOVDMFVTPGPOF PGUIFTZOFSHJETJTEJTJOUFHSBUJOHD6OJPOPGPOFTQFSNXJUI UIFFHHOVDMFVTBOEPGUIFTFDPOETQFSNXJUIUIFUXPQP MBSOVDMFJBO"OUJQPEBMT FFHHDFMM MQMPXFSQPMBSOVDMFVT QU QPMMFO UVCF T TQFSN UIBU GVTFT XJUI UIF FHH T TQFSN UIBUGVTFTXJUIUIFQPMBSOVDMFVT TZTZOFSHJE VQVQQFSQPMBS OVDMFVT 3FQSJOUFEGSPN(VJHOBSEB
POFPGUIFNGVTFEXJUIUIFOVDMFVTPGUIFFHHDFMM UIFPUIFSGVTFEXJUIUIFQPMBSGVTJPOOVDMFVT BUUIBU UJNFLOPXOBTUIFEFêOJUJWFOVDMFVT ëPBUJOHJOUIF DFOUSBM DFMM JOJUJBUJOH B TFDPOE GFSUJMJ[BUJPO FWFOU /BXBTDIJO ѮF SFTVMUT PG UIJT XPSL XFSFQSFTFOUFEPSBMMZPO"VHVTUUPUIFCP UBOJDBMTFDUJPOPGUIFi/BUVSGPSTDIFSWFSTBNNMVOHu IFMEJO,JFX 3VTTJB m"VHVTU BOEQVC MJTIFEBTBOBCTUSBDUJOUIFGPMMPXJOHZFBS /BXBT DIJO UIF GVMM QBQFS BQQFBSFE B GFX NPOUIT BѫFSUIFNFFUJOH /BXBTDIJO ѮVT SFWFSFOU DSFEJU JT EVF UP /BXBTDIJO GPS UIJT MFHFOEBSZ EJT DPWFSZPGUIFUXPGVTJPOFWFOUTEVSJOHGFSUJMJ[BUJPO JOëPXFSJOHQMBOUT 'JHB C ѮFQIFOPNFOPO PCTFSWFE CZ /BXBTDIJO XBT BMTP JOEFQFOEFOUMZ DPOêSNFE JO - NBSUBHPO BOE -JMJVN QZSFOBJDVN CZ - (VJHOBSE B C JO 'SBODF ѮF BD DPVOU PG UIJT JOWFTUJHBUJPO XBT DPNNVOJDBUFE UP UIF "DBEFNZ PG 4DJFODFT JO 1BSJT PO "QSJM BOE XBT QVCMJTIFE TPPO BѫFSXBSET JO JUT 3FQPSU
i$PNQUFT3FOEVTu (VJHOBSEB &YBDUMZUIF TBNFQBQFS XJUIBGPPUOPUFESFGFSFODFUPUIFFBSMJFS QBQFSXJUIWPMVNFOVNCFSBOEBNJEEMFQBHFOVN CFS XBT BMTP QVCMJTIFE JO BOPUIFS KPVSOBM JO UIF TBNF ZFBS (VJHOBSE C ѮF XPSL EFTDSJCFE JOUIFTFUXPQBQFST XIJDIJODMVEFEBSFGFSFODFUP /BXBTDIJOT BCTUSBDU XBT BDDPNQBOJFE CZ B TFSJFT PG JMMVTUSBUJPOT JO UIF GPSN PG MJOF ESBXJOHT TIPXJOH UIF UXP GVTJPO FWFOUT 'JHBmD (VJH OBSET EFTDSJQUJPO BOE êHVSFT QPSUSBZFE B QSFDJTF UXPTUFQ TFRVFODF PG FWFOUT JOWPMWJOH UIF GVTJPO PGUIFTFDPOETQFSNXJUIUIFVQQFSQPMBSOVDMFVT GPMMPXFECZJOUFHSBUJPOPGUIJTGVTJPOQSPEVDUJOUP UIFMPXFSQPMBSOVDMFVT8JUIJOBGFXNPOUITPGUIF QVCMJDBUJPOPG(VJHOBSETQBQFST GVMMDPOêSNBUJPO PG UIF TUBSUMJOH EJTDPWFSZ PG GVTJPO PG UIF TFDPOE TQFSN XJUI UIF QPMBS GVTJPO OVDMFVT DBNF GSPN B SFFYBNJOBUJPO PG QSFWJPVTMZ QSFQBSFE TMJEFT PG GFS UJMJ[FEPWVMFTPG-NBSUBHPOCZ&4BSHBOUJO&OH MBOE 4BSHBOU ѮFDPJODJEFOUDIPJDFPGPWVMFT PGTQFDJFTPG-JMJVNBOE'SJUJMMBSJBCZJOWFTUJHBUPST XPSLJOHJOUISFF&VSPQFBODPVOUSJFTBTUIFDMBTTJD FYQFSJNFOUBMTZTUFNJOUIFTFQJPOFFSJOHTUVEJFTJT OPUTVSQSJTJOHCFDBVTFPGUIFSFMBUJWFMZMBSHFTJ[FPG UIFFNCSZPTBDBOEJUTFRVBMMZDPOTQJDVPVTOVDMFJ BT TFFO JO NJDSPTDPQJD QSFQBSBUJPOT PG PWVMFT PG UIFTFUXPHFOFSB*OEFFE CFDBVTFPGUIJTBOEPUIFS BEWBOUBHFT TMJEFTEFNPOTUSBUJOHFNCSZPTBDEFWFM PQNFOUJOWBSJPVTTQFDJFTPG-JMJVNBOE'SJUJMMBSJB IBWFCFFOQPQVMBSJOUIFUFBDIJOHPGHFOFSBMQMBOU CJPMPHZ TQFDJFT PG UIFTF HFOFSB IBWF BMTP CFFO GB WPSFE TZTUFNT PG TVCTFRVFOU JOWFTUJHBUPST CFDBVTF FNCSZP TBD EFWFMPQNFOU JO UIFN BQQFBSFE UP CF BTJNQMJêFEWFSTJPOPGBDPNQMFYTFSJFTPGOVDMFBS GVTJPOTBOEEJWJTJPOTUIBUEJEOPUIBWFQBSBMMFMTJO PUIFS QMBOUT TUVEJFE .BIFTIXBSJ 5P EFTJH OBUFUIFUXPGFSUJMJ[BUJPOFWFOUTUIBUPDDVSBUUIFJO DFQUJPOPGUIFTQPSPQIZUJDQIBTFJOëPXFSJOHQMBOUT (VJHOBSE B C
JOBTFFNJOHMZWJTJPOBSZ BDU VTFEUIFUFSNAEPVCMFDPQVMBUJPOJOUIFUJUMFPG UIFêSTUUXPQBQFSTBOEAEPVCMFGÊDPOEBUJPOJOMBUFS QVCMJDBUJPOT4USBTCVSHFS SFGFSSFEUPUIFUXP GFSUJMJ[BUJPOFWFOUTBTAEPQQFMUFO#FGSVDIUVOHJOUIF UJUMFPGBQBQFS BOEOFBSMZUIFTBNFUFSN
BQQFBSFEJOUIFUFYUPGUXPQBQFSTCZ /BXBTDIJO B C ѮF UFSN AEPVCMF GFS UJMJ[BUJPOOPXJOVOJWFSTBMVTFXBTêSTUFNQMPZFE JOUIFUJUMFPGBQBQFSCZѮPNBT BOEJOUIF
UFYUPGBQBQFSCZ4BSHBOU 1VUUJOHUPSFTUUIF QSFWBMFOUBTTVNQUJPOUIBUUIFFOEPTQFSNXBTHFO FSBUFECZGVTJPOPGUIFUXPQPMBSOVDMFJ UIFBCPWF NFOUJPOFE JOWFTUJHBUPST BMTP DPODMVEFE DPSSFDUMZ UIBU UIF QSPEVDU PG GVTJPO PG UIF TFDPOE TQFSN XJUIUIFQPMBSGVTJPOOVDMFVTHJWFTSJTFUPUIFFOEP TQFSN UZQJDBMMZ DPOTUJUVUFE PG DFMMT XJUI DISPNP TPNFTPGCJQBSFOUBMPSJHJOGSPNUIFDPBMFTDFODFPG UISFF OVDMFJ ѮF EJTDPWFSZ PG EPVCMF GFSUJMJ[BUJPO JOUIFMJMJBDFPVTTQFDJFT BOEUIFDPOêSNBUJPOPGJUT PDDVSSFODF JO NBOZ PUIFS BOHJPTQFSNT JODMVEJOH CPUI NPOPDPUZMFEPOT NPOPDPUT BOE EJDPUZMF EPOT FVEJDPUT
XJUIJOBQFSJPEPGKVTUPWFSBZFBSm GPSFYBNQMF BEEJUJPOBMTQFDJFTXJUIJOUIF-JMJBDFBF TVDI BT 'SJUJMMBSJB NFMFBHSJT 4DJMMB CJGPMJB -JMJVN DBOEJEVN 5VMJQB DFMTJBOB 5VMJQB HFTOFSJBOB BOE 5VMJQB TZMWFTUSJT (VJHOBSE D B C
/BSDJTTVT QPFUJDVT PG UIF "NBSZMMJEBDFBF (VJH OBSEB
BOE)JNBOUPHMPTTVNIJSDJOVN 0SDIJT MBUJGPMJB 0SDIJT NBDVMBUB BOE 0SDIJT NBTDVMB PG UIF0SDIJEBDFBF 4USBTCVSHFS BMMNPOPDPUT
&SJHFSPO QIJMBEFMQIJDVT &SJHFSPO TUSJHPTB (VJ[PUJB PMFJëPSB )FMJBOUIVT BOOVVT TVOëPXFS
)FMJPQTJT QBUVMB 3VECFDLJB HSBOEJëPSB 3VECFDLJB MBDJOJBUB 3VECFDLJBTQFDJPTB 4JMQIJVNJOUFHSJGPMJVN 4JMQIJVN MBDJOJBUVN 4JMQIJVN UFSFCJOUIJOBDFVN BOE 4QJMBO UIFT PMFSBDFB PG UIF "TUFSBDFBF (VJHOBSE B -BOE/BXBTDIJOB C
)JCJTDVTUSJP OVNPGUIF.BMWBDFBF (VJHOBSEB
"OFNPOF OFNPSPTB $BMUIB QBMVTUSJT $MFNBUJT WJUJDFMMB %FM QIJOJVN FMBUVN )FMMFCPSVT GPFUJEVT /JHFMMB TBUJWB BOE 3BOVODVMVT ëBNNVMB PG UIF 3BOVODVMBDFBF (VJHOBSEB/BXBTDIJOB CѮPNBT
3FTFEB MVUFB PG UIF 3FTFEBDFBF (VJHOBSE B
+VHMBOTTQPGUIF+VHMBOEBDFBF /BXBTDIJO B C
BOE.POPUSPQBIZQPQJUZTPGUIF1Z SPMBDFBF 4USBTCVSHFS BMM FVEJDPUT m NBZ CFTBJEUPIBWFVTIFSFEJOUXFOUJFUIDFOUVSZQMBOU FNCSZPMPHZ QBWJOHUIFXBZGPSXIBUXJMMTVSFMZHP EPXO BT UIF HPMEFO BHF JO UIF TUVEZ PG SFQSPEVD UJWFCJPMPHZPGëPXFSJOHQMBOUT"QQSPQSJBUFMZ UIF DFOUFOOJBMPGUIJTEJTDPWFSZIBTCFFONBSLFECZUIF QVCMJDBUJPOPGTFWFSBMSFWJFXTPOUIJTUPQJD +FOTFO &SEFMTLÃBOE%VCPWÃ'BVSF,PVM 'SJFENBO C 3BHIBWBO C #FTJEFT QBZJOH USJCVUF UP /BXBTDIJO BOE (VJHOBSE UIFTF BSUJDMFT TIPX IPX UIFJS EJTDPWFSZ IBT ESJWFO UIF êFMEPGQMBOUFNCSZPMPHZGPSNPSFUIBOBDFOUVSZ JODMVEJOHNPTUDVSSFOUSFTFBSDIJOUIJTêFME
ɧɧ %JTDPWFSZPG%PVCMF'FSUJMJ[BUJPO
ϒ
6OJWFSTBMJUZPG%PVCMF'FSUJMJ[BUJPO JO'MPXFSJOH1MBOUT ѮFNPNFOUVNDSFBUFEJOUIFXBOJOHZFBSTPGUIF OJOFUFFOUIDFOUVSZUPFTUBCMJTIEPVCMFGFSUJMJ[BUJPO BTBVCJRVJUPVTGFBUVSFJOUIFSFQSPEVDUJWFCJPMPHZ PGëPXFSJOHQMBOUTXBTGPMMPXFECZBTVTUBJOFEFG GPSU JO UIF êSTU ZFBST PG UIF UXFOUJFUI DFOUVSZ MFBEJOH UP UIF EJTDPWFSZ PG UIJT QIFOPNFOPO JO BEEJUJPOBM NFNCFST PG UIF 3BOVODVMBDFBF (VJH OBSE D
-JMJBDFBF *LFEB
+VHMBOEBDFBF ,BSTUFO
BOE 1ZSPMBDFBF 4IJCBUB
BT XFMM BT JO QMBOUT CFMPOHJOH UP 1PBDFBF (VJHOBSE B
/BKBEBDFBF (VJHOBSE C
4PMBOB DFBF (FOUJBOBDFBF (VJHOBSE E
"TDMFQJB EBDFBF 'SZF
#SBTTJDBDFBF (VJHOBSE
BOE $FSBUPQIZMMBDFBF 4USBTCVSHFS (VÊSJO
JO B NPOPHSBQI EFWPUFE FOUJSFMZ UP UIF UPQJD PG GFSUJMJ[BUJPO JO TFFECFBSJOH QMBOUT BOE $PVMUFS BOE $IBNCFSMBJO JO UIFJS DMBTTJD CPPL PO UIF .PSQIPMPHZ PG "OHJPTQFSNT SFGFS UP GBNJMJFTPGBOHJPTQFSNT FODPNQBTTJOHBCPVU HFOFSBBOEPWFSTQFDJFTEFêOJUFMZLOPXOUPIBWF BTFDPOEGFSUJMJ[BUJPOFWFOUUIFTFUXPQVCMJDBUJPOT TVSWFZFEUIFMJUFSBUVSFVQUPUIFFOEPG'SPN UIBUUJNFPOXBSET BMPOHXJUIUIFQSFTFODFPGBSF EVDFEGFNBMFHBNFUPQIZUFBOEFNCSZPOPVSJTIJOH FOEPTQFSN UIF PDDVSSFODF PG EPVCMF GFSUJMJ[BUJPO XBT BDDFQUFE BT B HFOFSBM GFBUVSF PG UIF SFQSPEVD UJWFCJPMPHZPGBOHJPTQFSNT*OEFFE VOEFSUIJTBT TVNQUJPO UIFSFXFSFPOMZPDDBTJPOBMSFGFSFODFTUP EPVCMF GFSUJMJ[BUJPO JO UIF OVNFSPVT QVCMJDBUJPOT EBUJOHGSPNUIFFBSMZTUPUIFQSFTFOUEFBMJOH XJUI UIF WBSJBCJMJUZ BOE EJWFSTJUZ PG SFQSPEVDUJWF QSPDFTTFTJOëPXFSJOHQMBOUTXJUITQFDJBMSFGFSFODF UP UIFJS FNCSZPHFOFTJT BOE FOEPTQFSN EFWFMPQ NFOU +PIBOTFO .BIFTIXBSJ %BWJT +PISJ FU BM )PXFWFS UIJT QFSJPE XBT OPUBCMFGPSQSPWJEJOHUIFêSTUHMJNQTFTPGFMFDUSPO NJDSPTDPQJDEFUBJMTPGEPVCMFGFSUJMJ[BUJPOJOTFWFSBM QMBOUT JODMVEJOHDPUUPO (PTTZQJVNIJSTVUVN.BM WBDFBF+FOTFOBOE'JTIFS
NBJ[F ;FBNBZT 1PBDFBF%JCPMMWBO-BNNFSFO
CBSMFZ )PSEFVNWVMHBSF1PBDFBF$BTTBOE+FOTFO .PHFOTFO
-JOVN DBUIBSUJDVN -JOB DFBFE"MBTDJP%FTDIBNQT
TQJOBDI 4QJOBDJB PMFSBDFB$IFOPQPEJBDFBF8JMNT
1MVNCBHP [FZMBOJDB 1MVNCBHJOBDFBF 3VTTFMM
ϓ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
'JHɧɪ"EJBHSBNNBUJDSFQSFTFOUBUJPOPGUIFUJNFDPVSTFPGEPVCMFGFSUJMJ[BUJPOJO5PSFOJBGPVSOJFSJѮFUJNFJTJOEJDBUFE JOIPVSTBѫFSQPMMJOBUJPO IBQ 1BSUPGUIFDBSQFMJTTIPXOPOUIFSJHIUBOEUIFFNCSZPTBDPGUIFBQJDBMPWVMFJTPOUIFMFѫ $$$FOUSBMDFMM %4:EFHFOFSBUJOHTZOFSHJE &$FHHDFMM &$/FHHDFMMOVDMFVT '"êMJGPSNBQQBSBUVT 15QPMMFOUVCF 4$ TQFSNDFMMT 4/TFDPOEQPMBSOVDMFVT 7/WFHFUBUJWFDFMMOVDMFVT 3FQSJOUFEGSPN)JHBTIJZBNBFUBM
XIFBU 5SJUJDVNBFTUJWVN1PBDFBF:PVBOE+FOTFO (BPFUBM
5SJUJDBMF 1PBDFBF)BVTFBOE 4DISÕEFS
1PQVMVT EFMUPJEFT 4BMJDBDFBF 3VT TFMM FU BM
BOE UPCBDDP /JDPUJBOB UBCBDVN 4PMBOBDFBF:VFUBM "MNPTU BMM PCTFSWBUJPOT PO EPVCMF GFSUJMJ[B UJPO XFSF NBEF VTJOH êYFE BOEPS êYFE BOE TFD UJPOFE NBUFSJBMT 0WFS UIF ZFBST DPNQMFNFOUBSZ QPXFSGVM JOTJHIUT JOUP JTPMBUFE BTQFDUT PG EPVCMF GFSUJMJ[BUJPO XFSF QSPWJEFE CZ PCTFSWBUJPOT PG MJW JOH NBUFSJBM PG .POPUSPQB IZQPQJUZT 4USBTCVSHFS
.POPUSPQBVOJëPSB 4IJCBUB
$BMBOUIF WFJUDIJJ $ZQSJQFEJVN JOTJHOF %FOESPCJVN OPCJMF 0SDIJEBDFBF 1PEEVCOBZB"SOPMEJ
+BTJPOF NPOUBOB $BNQBOVMBDFBF
(BMBOUIVTOJWBMJT "N BSZMMJEBDFBF&SEFMTLÃ
5PSFOJBGPVSOJFSJ
4DSPQIVMBSJBDFBF )JHBTIJZBNB FU BM
BOE "SBCJEPQTJT 'BVSF FU BM *U JT CFMJFWFE UIBU JO.IZQPQJUZTUIFNBMFHBNFUFTêOEUIFJSXBZUP UIF FHH BOE UIF QPMBS GVTJPO OVDMFVT CZ QBTTJWFMZ OBWJHBUJOH CFUXFFO UIF DZUPQMBTNJD TUSBOET UIBU DSJTTDSPTTUIFFNCSZPTBD 4USBTCVSHFS $JO FNBUPHSBQIJDPCTFSWBUJPOTPGPWVMFTPG+NPOUBOB BOE ( OJWBMJT QPJTFE GPS EPVCMF GFSUJMJ[BUJPO IBWF QSPWJEFE EBUB PO UIF UJNJOH PG NPWFNFOUT PG UIF UXP TQFSN JO UIF DFOUSBM DFMM BOE PO TPNF IJUI FSUP VOSFDPSEFE DIBOHFT JO TJ[F BOE TIBQF PG UIF FNCSZPTBDFMFNFOUT &SEFMTLÃ #FDBVTFUIF OBLFEFNCSZPTBDQSPUSVEFTGSPNUIFNJDSPQZMFPG UIFPWVMF 5GPVSOJFSJIBTQSPWFEBOFTQFDJBMMZVTF GVMTZTUFNGPSMJWFNPOJUPSJOHPGUIFGVTJPOFWFOUT PGGFSUJMJ[BUJPOVOIJOEFSFECZUIFQSFTFODFPGPWV
ɧɨ 4FFE%FWFMPQNFOUXJUIPVU%PVCMF'FSUJMJ[BUJPO
MBSUJTTVFT 'JH )FSFUIFQPMBSGVTJPOOVDMFVT FOHBHFTJOUXPUBSHFUFENPWFNFOUTJOUIFFNCSZP TBD'JSTUJTJUTTMPXNJHSBUJPOGSPNBSFHJPOPGUIF FNCSZPTBDUPPOFTJEFPGUIFFHHBQQBSBUVTUPBXBJU UIFBSSJWBMPGUIFQPMMFOUVCFXJUIJUTDBSHPPGNBMF HBNFUFT 4FDPOE BѫFS GFSUJMJ[BUJPO UIJT OVDMFVT JT QSPQFMMFEGSPNUIFWJDJOJUZPGUIFFHHBQQBSBUVTUP BOPUIFS TQFDJêD TJUF JO UIF FNCSZP TBD )JHBTIJ ZBNB FU BM ѮFTF OVDMFBS NPWFNFOUT IBWF SBJTFE XJEFS RVFTUJPOT BCPVU UIF JOWPMWFNFOU PG TQFDJêDTJHOBMJOHNPMFDVMFTEVSJOHEPVCMFGFSUJMJ[B UJPO CVUUIFJSJEFOUJUZSFNBJOTPCTDVSF6TJOHQPM MFOHSBJOTGSPNBUSBOTHFOJDMJOFPG"SBCJEPQTJTFY QSFTTJOHUIFHSFFOëVPSFTDFOUQSPUFJO ('1 GVTFE XJUI B QPMMFOTQFDJêD QSPNPUFS JO UIF WFHFUBUJWF DFMM 'BVSF FU BM IBWF EFUFSNJOFE UIF QSF DJTFUJNFDPVSTFPGUIFGFSUJMJ[BUJPOQSPDFTTFT.PTU JNQPSUBOUMZ UIJTXPSLIBTPQFOFEVQUIFQPUFOUJBM VTF PG ('1 UBHHFE UP BT ZFU VOJEFOUJêFE TQFSN DFMMBOEFNCSZPTBDTQFDJêDQSPNPUFST UPGPMMPX MBCFMFEHBNFUFTEVSJOHEPVCMFGFSUJMJ[BUJPOJOWJWP XJUIPVUJOWBTJWFNBOJQVMBUJPOT
4FFE%FWFMPQNFOU XJUIPVU%PVCMF'FSUJMJ[BUJPO
0OFGBNJMZPGëPXFSJOHQMBOUTXIPTFNFNCFSTEP OPU JOEVMHF JO EPVCMF GFSUJMJ[BUJPO JT UIF 1PEPTUF NBDFBF ,BQJM
CFHJOOJOH XJUI SFMBUJWFMZ FBSMZ TUVEJFT SFWJFXFE TPNF PG UIF QSPCMFNT JO UIFFNCSZPMPHZPGNFNCFSTPGUIF1PEPTUFNBDFBF JODMVEJOH UIF DPOUSBEJDUPSZ SFQPSUT PO UIF PDDVS SFODF PG EPVCMF GFSUJMJ[BUJPO JO NFNCFST PG UIJT GBNJMZ$PNQBSFEXJUINPTUPUIFSëPXFSJOHQMBOUT NFNCFSTPGUIJTGBNJMZIBWFBUIBMMPJEQMBOUCPEZ UIBUSFTFNCMFTBOBMHB MJDIFO PSBMJWFSXPSUѮJT BMPOHXJUITFWFSBMPUIFSGFBUVSFTJOUIFJSWFHFUBUJWF BOESFQSPEVDUJWFMJGF NBLFTUIF1PEPTUFNBDFBFBO FYUSBPSEJOBSZ GBNJMZ PG ëPXFSJOH QMBOUT .PIBO 3BN BOE 4FIHBM ѮF êOBM DPOêHVSBUJPO PG UIF NBUVSF FNCSZP TBD JO 1PEPTUFNBDFBF TUVEJFE GSPN UJNF UP UJNF JOJUJBMMZ JOëVFODFE UIF SFBTPOT GPSBUUSJCVUJOHUIFBCTFODFPGEPVCMFGFSUJMJ[BUJPOUP UIJT GBNJMZ 5ZQJDBMMZ UIF PSHBOJ[FE FNCSZP TBD JT GPVSDFMMFE DPOTJTUJOHPGBMBSHFFHHDFMMBOEPOFPS UXPTNBMMTZOFSHJETDPOTUJUVUJOHUIFFHHBQQBSBUVT BOEBDFOUSBMDFMMIBSCPSJOHBQPMBSOVDMFVTPSPOF PSUXPBOUJQPEBMT*OTPNFTQFDJFTXJUIUXPTZOFS HJETJOUIFFHHBQQBSBUVT UIFOVDMFVTPGUIFDFOUSBM
ϔ
DFMMIBTCFFOTIPXOUPEFHFOFSBUFFJUIFSCFGPSFUIF QPMMFOUVCFFOUFSTUIFFNCSZPTBDPSCFGPSFGFSUJMJ[B UJPO PSUPTVSWJWFBTBOBOUJQPEBM #BUUBHMJB /BHFOESBOFUBM JOPUIFSTJOXIJDIUIF FHHJTëBOLFECZPOMZPOFTZOFSHJE UIFSFNBJOJOH UXPOVDMFJBSFEFTJHOBUFEBTBOUJQPEBMT .VLLBEB "SFLBM BOE /BHFOESBO ѮF JN QMJDBUJPOJTUIBUUIFBCTFODFPGBUSVFQPMBSOVDMFVT JO UIF FNCSZP TBD QSFDMVEFT GVTJPO PG UIF TFDPOE NBMF HBNFUF JOJUJBUJOH BOPUIFS GFSUJMJ[BUJPO FWFOU BOE GPSNBUJPO PG UIF FOEPTQFSN 6OEFSTUBOEJOH UIF SFBTPOT GPS UIF BCTFODF PG EPVCMF GFSUJMJ[BUJPO JO UIJT GBNJMZ JT B SFBM DIBMMFOHF CFDBVTF NFDIBOJ DBMGBDUPSTTVDIBTGBJMVSFPGUIFQPMMFOUVCFUPEJT DIBSHFUIFTFDPOETQFSNBSFQSPCBCMZBMTPJOWPMWFE $IPQSB BOE .VLLBEB .VLLBEB "T EPVCMF GFSUJMJ[BUJPO JT B DPNQMFY QSPDFTT SFRVJS JOH DPPSEJOBUFE BDUJPO PG UIF DPNQPOFOU DFMMT PG UIF GFNBMF HBNFUPQIZUF JO DPODFSU XJUI UIF NBMF HBNFUFT JU JT EJēDVMU UP SFDPODJMF TPNF PG UIFTF PCTFSWBUJPOTXJUIXIBUNBZCFBDUVBMMZIBQQFOJOH BOEIFODFNPSFTUVEJFTBSFSFRVJSFEUPVOEFSTUBOE UIF CBTJT GPS UIF BCTFODF PG EPVCMF GFSUJMJ[BUJPO JO UIF1PEPTUFNBDFBFBHSFBUEFBMXJMMCFSFWFBMFECZ TUVEZJOHUIFXJEFTUQPTTJCMFTFMFDUJPOPGTQFDJFT $PODMVTJWFFWJEFODFPGEPVCMFGFSUJMJ[BUJPOJTBMTP MBDLJOHJONPTUPGUIFQSJNJUJWFBOHJPTQFSNTTPGBS JOWFTUJHBUFE*OTQJUFPGNVDISFTFBSDI WJFXTPOUIF PSJHJOBOEFBSMZFWPMVUJPOPGBOHJPTQFSNTIBWFSF NBJOFEDPOUSPWFSTJBM BOEJUIBTOPUCFFOQPTTJCMF UP JEFOUJGZ UIF FBSMJFTU BOHJPTQFSNT GSPN DMBTTJê DBUJPOT CBTFE PO NPSQIPMPHJDBM BOE QIZTJPMPHJDBM DSJUFSJB BOE MJNJUFE NPMFDVMBS TZTUFNBUJD TUVEJFT 0WFS B QFSJPE PG UJNF UIFTF TUVEJFT EFTJHOBUFE HSPVQTTVDIBT.BHOPMJBMFT $FSBUPQIZMMBDFBF BOE $IMPSBOUIBDFBFBTDBOEJEBUFTGPSUIFFBSMJFTUBOHJP TQFSNT)PXFWFS BTFSJFTPGSFDFOUBOEDPODVSSFOU JOWFTUJHBUJPOTPOBOHJPTQFSNSFMBUJPOTIJQTJOGFSSFE GSPNQIZMPHFOFUJDBOBMZTFTPG%/"TFRVFODFTUIBU DPNCJOFE NJUPDIPOESJBM DIMPSPQMBTU SJCPTPNBM BOE QIZUPDISPNF HFOFT IBWF TIPXO QFSTVBTJWFMZ UIBU UIF NPOPUZQJD HFOVT "NCPSFMMB USJDIPQPEB "NCPSFMMBDFBF
/ZNQIBFBMFT /ZNQIBFBDFBF BOE$BCPNCBDFBF
BOEUIF*MMJDJBMFT5SJNFOJBDFBF "VTUSPCBJMFZBDFBFDPNQMFY UPHFUIFSLOPXOBTUIF i"/*5"uHSBEF BSFCBTBMUPUIFDPNNPOBODFTUPSPG NPOPDPUT BOE FVEJDPUT .BUIFXT BOE %POPHIVF 4PMUJTFUBM2JVFUBM1BSLJOTPOFU BMѮF"OHJPTQFSN1IZMPHFOZ(SPVQ ѮJT DPODMVTJPO XBT TPPO SFJOGPSDFE CZ NPMFDVMBS
ϕ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
DPNQBSJTPOT PG BEEJUJPOBM DIMPSPQMBTU HFOFT (SB IBNBOE0MNTUFBE ѮFDVSSFOUDPOUFOEFST GPS UIF FBSMJFTU BOHJPTQFSN MJOFBHFT BSF /ZNQIB FBMFT BOE "VTUSPCBJMFZBMFT *MMJDJBDFBF 4DIJTBO ESBDFBF 5SJNFOJBDFBF BOE "VTUSPCBJMFZBDFBF 'SJFENBOFUBM )PXFWFS PVSLOPXMFEHFPG GFSUJMJ[BUJPO QSPDFTTFT IBT OPU LFQU QBDF XJUI UIF SFDPHOJUJPO PG UIFTF OFX CSBODIFT PG BOHJPTQFSN FWPMVUJPO BOEJUIBTOPUCFFOEFêOJUFMZFTUBCMJTIFE UIBU B SFQSFTFOUBUJWF TFMFDUJPO PG UIF FBSMJFTU MJO FBHFT PG ëPXFSJOH QMBOUT JEFOUJêFE CZ NPMFDVMBS QIZMPHFOFUJD BOBMZTFT EJTQMBZT EPVCMF GFSUJMJ[BUJPO ѮF MJNJUFE DPOUSJCVUJPOT UP UIF SFQSPEVDUJWF CJPM PHZ PG CBTBM BOHJPTQFSNT DVSSFOUMZ BWBJMBCMF QFS UBJO NPTUMZ UP EFTDSJQUJWF BDDPVOUT PG UIFJS ëPSBM NPSQIPMPHZ BOE DPNQBSBUJWF FNCSZPMPHZ 'SJFE NBOB'SJFENBOBOE'MPZE ѮFDMPTFTU UIBUQVCMJTIFETUVEJFTJOUIFDPNQBSBUJWFFNCSZPM PHZ PG TPNF CBTBM BOHJPTQFSN MJOFBHFT TVDI BT *M MJDJVN BOJTBUVN *MMJDJBDFBF )BZBTIJ
#SBTF OJB TDISFCFSFJ $BCPNCBDFBF ,IBOOB
BOE &VSZBMF GFSPY BOE /ZNQIBFB TUFMMBUB /ZNQIBFB DFBF,IBOOB IBWFDPNFJTUPBTTVNF UIFFYJTUFODFPGEPVCMFGFSUJMJ[BUJPOBOEUIFGPSNB UJPOPGBOFOEPTQFSN CVUXJUIPVUQIPUPHSBQIJDPS PUIFS DPOWJODJOH EPDVNFOUBUJPO "O FYDFQUJPO JT QSPWJEFECZTUVEJFTTIPXJOHUIBUUIFFNCSZPTBDPG /VQIBS QPMZTFQBMVN /ZNQIBFBDFBF JT UZQJDBMMZ GPVSDFMMFE NBEFVQPGBOFHHDFMMëBOLFECZUXP TZOFSHJET BOE B VOJOVDMFBUF DFOUSBM DFMM 8JMMJBNT BOE'SJFENBO'SJFENBOBOE8JMMJBNT #FTJEFTQSPWJEJOHTUSJLJOHëVPSFTDFOUNJDSPHSBQIT PGUIFGVTJPOPGUIFTQFSNOVDMFVTXJUIUIFIBQMPJE DFOUSBM DFMM OVDMFVT UIF BVUIPST PG UIFTF SFQPSUT IBWFTIPXOCZ%/"RVBOUJUBUJPOUIBUUIFCJQBSFO UBMFOEPTQFSNHFOFSBUFECZUIFTFDPOEGVTJPOFWFOU JT EJQMPJE TFF 1MBUF 'JHBmE 5XP BEEJUJPOBM TUVEJFTIBWFGPMMPXFEUIFEFWFMPQNFOUPGUIFFOEP TQFSNGSPNJUTTJOHMFDFMMFEPSJHJOJO"USJDIPQPEB BOE*MMJDJVNëPSJEBOVN CVUUIFQMPJEZMFWFMPGUIF UJTTVF IBT OPU CFFO EFUFSNJOFE 'MPZE BOE 'SJFE NBO "OJOWFTUJHBUJPOPGGFNBMFHBNF UPHFOFTJTJO,BETVSBKBQPOJDB 4DIJTBOESBDFBF IBT SFWFBMFE UIF EFWFMPQNFOU PG B GPVSDFMMFE FNCSZP TBD XJUI B IBQMPJE DFOUSBM DFMM OVDMFVT XJUI UIF DMFBSJNQMJDBUJPOPGUIFPSJHJOPGBEJQMPJEQSJNBSZ FOEPTQFSN OVDMFVT GPMMPXJOH EPVCMF GFSUJMJ[BUJPO 'SJFENBOFUBM *UXJMMPCWJPVTMZCFPGHSFBU JOUFSFTU UP FTUBCMJTI VOBNCJHVPVTMZ CZ SFêOFE NJ DSPTDPQJDNFUIPETUIFFYJTUFODFPGEPVCMFGFSUJMJ[B
UJPOJOPUIFSCBTBMBOHJPTQFSNT BOEUPBTDFSUBJOUIF QMPJEZMFWFMPGUIFSFTVMUJOHFOEPTQFSNUPFWBMVBUF UIFFWPMVUJPOBSZTJHOJêDBODFPGUIJTQSPDFTTBOEUIF PSJHJOPGUIFFNCSZPOPVSJTIJOHUJTTVFJOë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
'&35*-*;"5*0/ */%&1&/%&/5 &/%041&3. '*& BMMFMJD UP '*4 0IBEFUBM -VPFUBM
BOE .&%&" .&" BMMFMJDUP'*4 ' 0IBEFUBM (SPTTOJLMBVTFUBM,JZPTVFFUBM -VPFUBM IBWFCFFOTIPXOUPJOJUJBUF B TVCTUBOUJBM QSPHSBN PG TFFE EFWFMPQNFOU SFTVMU JOHJOUIFHFOFSBUJPOPGBGSFFOVDMFBSPSBDFMMVMBS FOEPTQFSN TFFE DPBU GPSNBUJPO BOE FWFO QBSUJBM FNCSZPHFOFTJTJOUIFBCTFODFPGGFSUJMJ[BUJPOBTJO UIF DBTF PG TPNF BQPNJDUT #FDBVTF FNCSZP BOE FOEPTQFSN EFWFMPQNFOU JO UIF XJMEUZQF QMBOUT UZQJDBMMZ GPMMPXT EPVCMF GFSUJMJ[BUJPO UIFTF HFOFT IBWFCFFOKVTUJêBCMZBTTJHOFEBSPMFBTTVQQSFTTPST PGBVUPOPNPVTEJWJTJPOTJOUIFQSFGFSUJMJ[BUJPOFHH OVDMFVT BOE QPMBS GVTJPO OVDMFVT "T EFTDSJCFE JO $IBQTBOE JOBEEJUJPOUPUIFJSBCJMJUZUPJOJUJBUF QBSUJBMFNCSZPBOEFOEPTQFSNEFWFMPQNFOUBMQSP HSBNT JO UIF BCTFODF PG GFSUJMJ[BUJPO êT êF BOE NFBNVUBOUT SFGFSSFEUPBTêTDMBTTNVUBOUT(SPTT
ɧɩ "$BTFGPS%PVCMF'FSUJMJ[BUJPOJO(ZNOPTQFSNT
ϖ
OJLMBVTFUBM
BOEBGFXPUIFSTJEFOUJêFEMBUFS WBHJOBUJPOPGUIFGFNBMFOVDMFJ 'JHBmG "TJO EJTQMBZ B NBUFSOBMFĒFDU TFFE BCPSUJPO QIFOPUZQF &QIFESB SFQPSUTPGQSFWJPVTJOWFTUJHBUJPOTPGGFSUJM J[BUJPOJOEJĒFSFOUTQFDJFTPG(OFUVN BOPUIFSHOF EVFUPHFOPNJDJNQSJOUJOH UBMFBOHFOVT IBWFBMTPCFFODPOUSBEJDUPSZ CVUUIF XPSLPG$BSNJDIBFMBOE'SJFENBO JOEJDBUFT UIFPDDVSSFODFPGBSVEJNFOUBSZQSPDFTTPGEPVCMF "$BTFGPS%PVCMF'FSUJMJ[BUJPO GFSUJMJ[BUJPOJO(OFUVNHOFNPO6OMJLFJO&QIFESB JO(ZNOPTQFSNT BOEPUIFSHZNOPTQFSNT BOBSDIFHPOJVNIPVTJOH *UJTXFMMLOPXOUIBUJOëPXFSJOHQMBOUTUIFUSBOT UIFFHHJTMBDLJOHJO(HOFNPOSBUIFS BUUIFUJNF GPSNBUJPOPGUIFPWVMFJOUPBTFFEFODMPTJOHBEJQ PGGFSUJMJ[BUJPO UIFGFNBMFHBNFUPQIZUFBQQFBSTBTB MPJE FNCSZP BOE VTVBMMZ B USJQMPJE FOEPTQFSN JT MBSHFWBDVPMBUFDFMMXJUIBUIJOQBSJFUBMBOEBEFOTF CBTFE PO UIF UXP GFSUJMJ[BUJPO FWFOUT EFTDSJCFE DIBMB[BM CBOE PG DZUPQMBTN JO XIJDI BSF FNCFE BCPWF "MUIPVHI HZNOPTQFSNT TIBSF XJUI BOHJP EFEOVNFSPVTGSFFOVDMFJ5XPGVTJPOFWFOUTPDDVS TQFSNTUIFTFFEIBCJU CZUIFFOEPGUIFMBTUDFOUVSZ POMZ TQPSBEJD SFQPSUT PG UIF PDDVSSFODF PG EPVCMF GFSUJMJ[BUJPOJOHZNOPTQFSNTIBETVSGBDFE&YQMJDJU FWJEFODF GPS B LJOE PG EPVCMF GFSUJMJ[BUJPO JO UIF HZNOPTQFSNGBNJMZ(OFUBMFTXBTêSTUQSPWJEFEJO &QIFESB OFWBEFOTJT 'SJFENBO B C BOE &QIFESB USJGVSDB 'SJFENBO -JLF NPTU HZN OPTQFSNT JO & USJGVSDB UIF FHH JT IPVTFE XJUIJO UIFBSDIFHPOJVN XIJDIJOJUJBMMZDPOTJTUTPGBMBSHF DFOUSBMDFMMBOEBNBOZDFMMFEOFDLѮFEJWJTJPOPG UIF OVDMFVT PG UIF DFOUSBM DFMM JOUP BO FHH OVDMFVT BOE B WFOUSBM DBOBM OVDMFVT TFUT UIF TUBHF GPS GFS UJMJ[BUJPO -BOE'SJFENBO *ODPOUSBTU UP UIF TUSBZ PCTFSWBUJPOT PG QSFWJPVT JOWFTUJHBUPST CBTFEPOBMJNJUFEOVNCFSPGTFDUJPOTPGBOPWVMF PS PG B GFX PWVMFT PG EJĒFSFOU TQFDJFT PG &QIFESB 'SJFENBO B C IBTEFTDSJCFEJOFY RVJTJUF EFUBJM TVQQMFNFOUFE XJUI FMFHBOU MJHIU NJ DSPQIPUPHSBQIT BOE ëVPSFTDFOU NJDSPHSBQIT UIF PEZTTFZPGUIFUXPTQFSNOVDMFJFOUFSJOHUIFDFOUSBM 'JHɧɫBoG'FSUJMJ[BUJPOJO&QIFESBUSJGVSDBB4FDUJPOTIPX DFMMGSPNUIFQPMMFOUVCFBOEUIFJSFODPVOUFSXJUI JOHUIFNJDSPQZMBSFOEPGUIFFHHDFMMDPOUBJOJOHUIFWFOUSBM DBOBM OVDMFVT BOE FHH OVDMFVT QSJPS UP UIF FOUSZ PG TQFSN UIF FHH DFMM OVDMFVT BOE UIF WFOUSBM DBOBM OVDMFVT OVDMFJ JOUP UIF FHH DFMM " DZUPQMBTNJDBMMZ EFOTF [POF JT JO & OFWBEFOTJT BOE & USJGVSDB ѮFTF PCTFSWB QSPNJOFOUBSPVOEUIFFHHOVDMFVTC'MVPSFTDFODFWJFXPG UJPOT FNCSBDJOHTFSJBMTFDUJPOTPGBMBSHFOVNCFSPG UIFêSTUGFSUJMJ[BUJPOFWFOUJOXIJDIBTQFSNOVDMFVTIBTFT PWVMFTPGEJĒFSFOUBHFT IBWFQSPWJEFEJOEVCJUBCMF UBCMJTIFEDPOUBDUXJUIUIFFHHOVDMFVTBOEUIFUXPFOKPJOFE OVDMFJ IBWF NJHSBUFE JO UIF DIBMB[BM EJSFDUJPO D 4FDUJPO QSPPGPGUIFPDDVSSFODFPGUXPGFSUJMJ[BUJPOFWFOUT TIPXJOHDPOUBDUPGUIFTQFSNOVDMFVTXJUIUIFFHHOVDMFVT PO B SFHVMBS CBTJT EVSJOH TFYVBM SFQSPEVDUJPO PG E'MVPSFTDFODFWJFXPGUIFFHHDFMMXJUIPOFTQFSNOVDMFVT &QIFESB *O CSJFG BѫFS UIF UXP TQFSN OVDMFJ HFO JODPOUBDUXJUIUIFFHHOVDMFVTѮFTFDPOETQFSNOVDMFVT IBT OPU NBEF DPOUBDU XJUI UIF WFOUSBM DBOBM OVDMFVT OPU FSBUFEXJUIJOBTJOHMFQPMMFOUVCFNJHSBUFJOUPUIF TFFOJOUIFTFDUJPO F'MVPSFTDFODFWJFXPGUIFFBSMZTUBHF DFOUSBMDFMM POFTQFSNOVDMFVTDBOCFTFFOUPNPWF PGCPUIGFSUJMJ[BUJPOFWFOUTJOXIJDIUIFêSTUTQFSNOVDMFVT JOBCBTBMDIBMB[BMEJSFDUJPOBOEGVTFXJUIUIFFHH BOEUIFFHHOVDMFVT BOEUIFTFDPOETQFSNOVDMFVTBOEUIF OVDMFVTUPJOJUJBUFUIFêSTUGFSUJMJ[BUJPOFWFOU$PO WFOUSBMDBOBMOVDMFVTIBWFNBEFDPOUBDUG"TFDUJPOTIPX JOHBOFBSMZTUBHFPGUIFTFDPOEGFSUJMJ[BUJPOFWFOU$%;$Z UFNQPSBOFPVTMZ UIFWFOUSBMDBOBMOVDMFVTNJHSBUFT UPQMBTNJDBMMZEFOTF[POF &FHHOVDMFVT &$FHHDFMM +KBDLFU UPBEFFQFSMPDBUJPOXJUIJOUIFDFOUSBMDFMM XIFSF DFMMT 4TQFSNOVDMFVTDPOUBDUJOHUIFFHHOVDMFVT 4TQFSN JUGVTFTXJUIUIFTFDPOETQFSNOVDMFVT*OJUJBMDPO OVDMFVT DPOUBDUJOH UIF WFOUSBM DBOBM OVDMFVT 7$ WFOUSBM DBOBMOVDMFVT#BSTB D GʍNC E FʍN 3FQSJOUFE UBDU PG UIF TQFSN OVDMFJ XJUI UIF FHH OVDMFVT BOE GSPN'SJFENBO
UIFWFOUSBMDBOBMOVDMFVTFOUBJMTBDIBSBDUFSJTUJDJO
ώύ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
XIFOFBDIPGUIFUXPTQFSNOVDMFJEJTDIBSHFEGSPN BQPMMFOUVCFGVTFTXJUIBTFQBSBUF VOEJĒFSFOUJBUFE GFNBMFOVDMFVTXJUIJOUIFNVMUJOVDMFBUFGFNBMFHB NFUPQIZUFѮVT BѫFSNPSFUIBOBDFOUVSZPGHPJOH UIFJSTFQBSBUFXBZT BOHJPTQFSNTBOEHZNOPTQFSNT BQQFBSUPIBWFDPNFUPHFUIFSJOUIFJSGFSUJMJ[BUJPO FQJTPEFT 'SPNBEFWFMPQNFOUBMQFSTQFDUJWF JUJTOPUTVS QSJTJOHUIBU BNPOHHZNOPTQFSNT UIFPDDVSSFODF PGUXPGFSUJMJ[BUJPOFWFOUTCJMMFEBTEPVCMFGFSUJMJ[B UJPO XBT êSTU EFTDSJCFE JO (OFUBMFT (FOFSB XJUI NFNCFSTIJQJOUIJTGBNJMZ XIJDIJODMVEF&QIFESB (OFUVN BOE 8FMXJUTDIJB DPMMFDUJWFMZ BOE TFQB SBUFMZ QPTTFTT TFWFSBM BOHJPTQFSN GFBUVSFT TVDI BT UIF QSFTFODF PG WFTTFM FMFNFOUT JO UIF YZMFN UIF TJNJMBSJUZ PG UIFJS TUSPCJMJ UP TPNF BOHJPTQFSN JO ëPSFTDFODFT SFUJDVMBUFMFBGWFOBUJPOJO(OFUVN BOE UIFMBDLPGBSDIFHPOJBJO(OFUVNBOE8FMXJUTDIJB ѮJT IBT MFE UP UIF WJFX UIBU EPVCMF GFSUJMJ[BUJPO IJUIFSUP DPOTJEFSFE BT B EFêOJOH GFBUVSF PG ëPX FSJOHQMBOUT JTFWPMVUJPOBSJMZIPNPMPHPVTJOCPUI BOHJPTQFSNT BOE HZNOPTQFSNT BOE NBZ BDUVBMMZ IBWF FWPMWFE BMPOH QBSBMMFM MJOFT GSPN B DPNNPO BODFTUPS PG UIFTF QIZMB PG TFFE QMBOUT 'SJFENBO BOE$BSNJDIBFM'SJFENBO "DDFQUBODF PG UIJT IZQPUIFTJT XPVME MFBE UP UIF BTTVNQUJPO UIBUEFWFMPQNFOUPGUIFFOEPTQFSNGPSUIFOVSUVSF PG UIF OBTDFOU FNCSZP UISPVHI BO JOUFSNFEJBUF TUBHFJTBTJHOJêDBOUDPNQPOFOUJOUIFFWPMVUJPOPG BOHJPTQFSN SFQSPEVDUJWF UJTTVFT 'SJFENBO B C C ѮFGBDUUIBUUIFTFDPOE GFSUJMJ[BUJPO FWFOU JO & USJGVSDB QSPEVDFT B [ZHPUF UIBU ZJFMET BEEJUJPOBM FNCSZPT IBT CFFO JOWPLFE JOTVQQPSUPGUIFWJFXUIBUUIFUSBOTJUJPOBMTUBHFJO UIFFWPMVUJPOPGUIFFOEPTQFSNNJHIUCFBOFYUSB FNCSZP NPEJêFE UP GVODUJPO BT UIF FOEPTQFSN UP FOIBODF UIF êUOFTT PG UIF TJTUFS FNCSZP 'SJFE NBO "OPUIFSGBDUPSUPCFSFDLPOFEXJUIJO EJTDVTTJPOTPOFOEPTQFSNPSJHJOJTUIFFOEPTQFSN CJQPMBSJUZ PCTFSWFE JO TFWFSBM BOHJPTQFSNT SFTVMU JOH JO EJTUJODU NJDSPQZMBS BOE DIBMB[BM EPNBJOT QBUUFSOFE BѫFS UIF BOUFSJPQPTUFSJPS BYJT PG EFWFM PQJOH BOHJPTQFSN FNCSZPT 'MPZE BOE 'SJFENBO 3FHBSEJOH FWPMVUJPOBSZ DPOTJEFSBUJPOT PO UIFPSJHJOPGUIFFNCSZPOPVSJTIJOHUJTTVFJOTFFE QMBOUT UIF GPSNBUJPO PG B EJQMPJE FOEPTQFSN GPM MPXJOHEPVCMFGFSUJMJ[BUJPOJOUIFCBTBMBOHJPTQFSN /VQIBS QPMZTFQBMVN BMMVEFE UP FBSMJFS 8JMMJBNT BOE'SJFENBO'SJFENBOBOE8JMMJBNT NJHIUBTTJHOBTUSBUFHJDSPMFBTBIPNPMPHVFPGUIF
EJQMPJEFOEPTQFSNUPUIFEJQMPJEFNCSZPHFOFSBUFE CZ UIF TFDPOE GFSUJMJ[BUJPO FWFOU JO UIF HOFUBMFBO HFOFSBѮJTFWPMVUJPOBSZTDFOBSJPIBTCFFODBSSJFE BTUFQGVSUIFSCZUIFBTTFSUJPOUIBU TJODFJUJTUIVT B IPNPMPHVF PG UIF FNCSZP UIF FOEPTQFSN EPFT OPUEFTFSWFUPCFEFTJHOBUFEBTBUJTTVF 'SJFENBO 7JFXTPGUIFFWPMVUJPOPGEPVCMFGFSUJMJ[BUJPO BOE FOEPTQFSN JO ëPXFSJOH QMBOUT IBWF CFFO BH HSFTTJWFMZ QSPNPUFE JO TFWFSBM SFWJFXT 'SJFENBO B 'SJFENBOBOE$BSNJDIBFM UIFTF BSUJDMFT QSPWJEF QSPWPDBUJWF SFBEJOH PO UIF TVCKFDU /FWFSUIFMFTT UIF IZQPUIFTJT PG FWPMVUJPOBSZ IPNPMPHZ PG EPVCMF GFSUJMJ[BUJPO JO HZNOPTQFSNT BOE BOHJPTQFSNT IBT OPU HPOF VODIBMMFOHFE BOE SFNBJOT DPOUSPWFSTJBM " CBTJD QSFNJTF PG UIJT WJFX TVQQPSUFE CZ DMBEJTUJD BOBMZTFT %PZMF BOE %POPHIVF BOE QIZMPHFOFUJD FWBMVBUJPO PG NPMFDVMBSEBUB )BNCZBOE;JNNFS
JTUIBU (OFUBMFT BSF UIF DMPTFTU FYUBOU SFMBUJWFT PG BOHJP TQFSNT DPOTFRVFOUMZ B DPNQBSJTPO PG QPUFOUJBM IPNPMPHJFT JO UIF SFQSPEVDUJWF GFBUVSFT PG UIFTF UXP HSPVQT PG QMBOUT SFNBJOT LFZ UP UIF IZQPUI FTJTPGUIFFWPMVUJPOPGEPVCMFGFSUJMJ[BUJPOGSPNB DPNNPO BODFTUPS PG (OFUBMFT BOE BOHJPTQFSNT )PXFWFS FWJEFODFDPOUSBSZUPUIFIZQPUIFTJTUIBU (OFUBMFT BSF TJTUFS UP BOHJPTQFSNT IBT DPNF GSPN NPMFDVMBS QIZMPHFOFUJD BOBMZTFT 1IZMPHFOFUJD SF DPOTUSVDUJPOT UP DMBSJGZ UIF SFMBUJPOTIJQ CFUXFFO DPOJGFST (OFUBMFT BOEBOHJPTQFSNTVTJOHEJĒFSFOU HFOFTPGUIFXFMMLOPXO."%4CPYHFOFTVCGBNJ MJFT UIBU DPOUSPM ëPSBM PSHBO JEFOUJUZ BT NPMFDVMBS NBSLFSTIBWFQSPWJEFETUSPOHFWJEFODFGPSBDMPTFS BēOJUZPG(OFUBMFTUPDPOJGFSTUIBOUPBOHJPTQFSNT 8JOUFSFUBM 'SPNBOBOBMZTJTPGNPMFDVMBS EBUB TFUT PG TFRVFODFT PG NJUPDIPOESJBM TNBMM TVC VOJU SJCPTPNBM 3/" S3/" BOE UIPTF PG OVDMFBS TNBMM TVCVOJU S3/" HFOFT BOE UIF DIMPSPQMBTU SCD- MBSHF TVCVOJU PG 3VCJTDP HFOF PG FYUBOU -Z DPQIZUFT GFSOT (ZNOPTQFSNTJODMVEJOH(OFUBMFT BOEBOHJPTQFSNT $IBXFUBM IBWFDMBJNFE UIBUSBUIFSUIBOTJTUFSUPBOHJPTQFSNT (OFUBMFTBSF BNPOPQIZMFUJDHSPVQXJUIDMPTFBēOJUZUPDPOJGFST #PXFFUBM BMTPêOEDPOTJEFSBCMFTVQQPSUGPS HOFUBMFTDPOJGFS HSPVQJOH XJUI UIF NJUPDIPOESJBM HFOFTDZUPDISPNFDTVCVOJU DPY BOEBUQ" BUQ "51BTF*
BTXFMMBTXJUIUIFDIMPSPQMBTUSCD-BOE OVDMFBS 4 S%/" HFOFT BMPOF BOE XJUI UIF UXP NJUPDIPOESJBM HFOFT "T UIF SFMBUJPOTIJQ BNPOH NBKPS TFFE QMBOU MJOFBHFT DPOUJOVFT UP CF EFCBUFE
ɧɪ 4USVDUVSBMBOE$ZUPMPHJDBM1FSTQFDUJWFTPO%PVCMF'FSUJMJ[BUJPO
JUBQQFBSTVOMJLFMZUIBUUIFMBTUXPSEIBTCFFOXSJU UFOPOUIFQIZMPHFOFUJDQPTJUJPOPG(OFUBMFTBNPOH TFFE QMBOUT .BHBMMÓO BOE 4BOEFSTPO ѮF SFTVMUT PG UIF TUVEJFT SFWJFXFE BCPWF JNQMZ UIBU UIF QPTTJCMF FWPMVUJPOBSZ SFMBUJPOTIJQ PG EPVCMF GFSUJMJ[BUJPOPCTFSWFECFUXFFO(OFUBMFTBOEBOHJP TQFSNTBMTPSFNBJOTVOSFTPMWFEBOEUIBU CBTFEPO DVSSFOUMZBWBJMBCMFEBUB EPVCMFGFSUJMJ[BUJPOFWFOUT NJHIU IBWF PSJHJOBUFE JO UIF UXP HSPVQT PG TFFE QMBOUTJOEFQFOEFOUMZSBUIFSUIBOFWPMWJOHPODFJO B DPNNPO BODFTUPS " DMPTF BOBMPHZ CFUXFFO UIF UXPGFSUJMJ[BUJPOFWFOUTJO&USJGVSDB &OFWBEFOTJT BOE ( HOFNPO XJUI EPVCMF GFSUJMJ[BUJPO JO BOHJP TQFSNT JT BMTP UFOVPVT GPS PUIFS SFBTPOT 6OMJLF JO BOHJPTQFSNT XIFSF UIF TFDPOE GVTJPO QSPEVDU HFOFSBUFTUIFOVUSJUJWFUJTTVFPGUIFFOEPTQFSN UIF DPSSFTQPOEJOHGVTJPOOVDMFVTJO&USJGVSDBJOJUJBMMZ QSPEVDFTB[ZHPUFUIBUTVCTFRVFOUMZFNCBSLTPOB EFWFMPQNFOUBMQSPHSBNSFTVMUJOHJONVMUJQMFDFMMV MBSQSPFNCSZPT WFSZNVDIMJLFUIF[ZHPUFGSPNUIF êSTUGVTJPOQSPEVDU 'SJFENBOB UIFGBUFPGUIF TFDPOEGVTJPOOVDMFVTJO&OFWBEFOTJTIBTOPUCFFO FTUBCMJTIFEXJUIDFSUBJOUZ 'SJFENBOB C #PUI GFSUJMJ[BUJPO QSPEVDUT JO ( HOFNPO BMTP QSP EVDF[ZHPUFTUIBUFWPMWFJOUPJEFOUJDBMQSPFNCSZPT $BSNJDIBFM BOE 'SJFENBO .PSFPWFS UIF EJQMPJE HFOFUJD DPOTUJUVUJPO PG UIF TFDPOE GVTJPO QSPEVDU JO UIF HZNOPTQFSN HFOFSB JT JEFOUJDBM UP UIBU PG UIF OPSNBM [ZHPUF JO DPOUSBTU UP UIF USJQ MPJEFOEPTQFSN XIJDIHSPXTDPIBCJUBUJPOBMMZXJUI BEJQMPJEFNCSZPJOBOHJPTQFSNT(JWFOUIFTUSPOH UFOEFODZGPSUIFTFDPOEGVTJPOQSPEVDUJO&QIFESB BOE(OFUVNUPHJWFSJTFUPNVMUJQMFFNCSZPT UIJT BVUIPS GFFMT UIBU UIF QIFOPNFOPO PG EPVCMF GFSUJM J[BUJPOPCTFSWFEJOUIFTFUXPHFOFSBDBOQSPCBCMZ CF DPOTJEFSFE BT BOPUIFS SPVUF UP QPMZFNCSZPOZ GPS XIJDI HZNOPTQFSNT BT B QIZMVN BSF OPUPSJ PVT -JLF UIF TVQFSOVNFSBSZ FNCSZPT QSPEVDFE JOQPMZFNCSZPOJDHZNOPTQFSNT EFSJWBUJWFTPGUIF TFDPOE GFSUJMJ[BUJPO FWFOU JO & USJGVSDB 'SJFENBO C
BOEQPTTJCMZJO(HOFNPO $BSNJDIBFMBOE 'SJFENBO
BMTPUFOEUPBCPSUBUFBSMZTUBHFTPG EFWFMPQNFOU/JLMBT IBTBSHVFEUIBUEPVCMF GFSUJMJ[BUJPOEFTDSJCFEJOUIFHZNOPTQFSNHFOFSBJT VOUFOBCMF CZ XBZ PG B TUSJDU EFêOJUJPO PG UIF DPO DFQUCFDBVTFUIFUFSNXBTDPJOFEUPEFTJHOBUFUIF JOUFSBDUJPOPGUXPTQFSNDFMMTXJUIUIFFHHDFMMBOE UIFDFOUSBMDFMM SFTQFDUJWFMZ HJWJOHSJTFUPBEJQMPJE FNCSZP BOE B USJQMPJE FOEPTQFSN *O UIF MJHIU PG UIF NPMFDVMBS QIZMPHFOFUJD TUVEJFT BTTJHOJOH DP
ώώ
OJGFST B TJTUFS TUBUVT UP (OFUBMFT GSFTI BQQSPBDIFT BSF DMFBSMZ OFDFTTBSZ UP VOEFSTUBOE UIF FWPMVUJPO PG EPVCMF GFSUJMJ[BUJPO JO TFFECFBSJOH QMBOUT ѮF JNQMJDBUJPOT PG UIF OFX TFFE QMBOU QIZMPHFOJFT JO HFOFSBM BOEUIPTFPGUIFOFXBOHJPTQFSNQIZMPHF OJFTJOQBSUJDVMBS POUIFFWPMVUJPOBSZIJTUPSZPGUIF FNCSZP BOE FOEPTQFSN SFTVMUJOH GSPN EPVCMF GFS UJMJ[BUJPOIBWFCFFOJOTJHIUGVMMZBOBMZ[FECZ'SJFE NBOBOE'MPZE
4USVDUVSBMBOE$ZUPMPHJDBM1FSTQFDUJWFT PO%PVCMF'FSUJMJ[BUJPO
ѮF ZFBST GPMMPXJOH UIF EJTDPWFSZ PG EPVCMF GFSUJM J[BUJPOJOBOHJPTQFSNTIBWFTFFOOPUPOMZBTUFBEZ JODSFBTF JO UIF OVNCFS PG TQFDJFT TIPXJOH UIJT QIFOPNFOPO CVU BMTP BUUFNQUT UP MJOL JU UP PUIFS BTQFDUT PG TFYVBM SFQSPEVDUJPO JO ëPXFSJOH QMBOUT BOE FTUBCMJTI NPEFM TZTUFNT UP TUVEZ UIF DFMM CJPM PHZBOEOVDMFBSDZUPMPHZPGUIFGVTJPOFWFOUTѮF JEFOUJêDBUJPO PG EJTDSFUF QIBTFT JO UIF EPVCMF GFS UJMJ[BUJPOFQJTPEF TVDIBTUIFBSSJWBMPGUIFQPMMFO UVCF JO UIF FNCSZP TBD SFMFBTF PG TQFSN JOUP UIF FNCSZP TBD NJHSBUJPO PS BMJHONFOU PG UIF TQFSN OVDMFJ XJUI UIF GFNBMF OVDMFJ BOE OVDMFBS GVTJPO BT QSPQPTFE CZ 3VTTFMM
IBT QSPWFE UP CF WBMVBCMF JO UIJT DPOUFYU 6ODPWFSJOH UIF EFUBJMT PG OVDMFBSGVTJPOTUIBUPDDVSJOUIFTISPVEFEFOWJSPO NFOUPGUIFFNCSZPTBDUPIFSBMEEPVCMFGFSUJMJ[BUJPO IBTMPOHEBVOUFEQMBOUFNCSZPMPHJTUT CVUTPNFJO SPBETIBWFCFFONBEFUPXBSEUIJTHPBM3FWJFXTCZ 'BVSF
'BVSF BOE %VNBT
BOE -PSE BOE3VTTFMM IBWFBEESFTTFEUIFNBJOJTTVFT JOWPMWFE JO UIF DFMM CJPMPHZ PG EPVCMF GFSUJMJ[BUJPO XIFSFBT 3VTTFMM IBT SFWJFXFE NPTU PG UIF DSJUJDBMVMUSBTUSVDUVSBMBTQFDUTPGUIFQSPDFTT $FMMVMBS/BUVSFPGUIF4QFSN BOEUIF.BMF(FSN6OJU &MFDUSPONJDSPTDPQZIBTMJѫFEUIFWFJMPGTFDSFDZUIBU IBTPCTDVSFEUIFTUSVDUVSBMEFUBJMTPGUIFTQFSNPG ëPXFSJOHQMBOUT BOEJUTOBUVSFBTBUSVFDFMMJTOPX IBSEMZDPOUFTUBCMF"JEFECZBQSFDJTFLOPXMFEHFPG UIFMPDBUJPOPGNBMFHBNFUFTCPSOGSPNUIFEJWJTJPO PG UIF HFOFSBUJWF DFMM JO QPMMFO UVCFT PG HFSNJOBU JOH CJOVDMFBUF QPMMFO HSBJOT PG DPUUPO +FOTFO BOE 'JTIFS C QSPWJEFEUIFêSTUEFêOJUJWFFWJEFODF
ώϏ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
GPSUIFDFMMVMBSOBUVSFPGUIFTQFSNCZFYBNJOBUJPO PGQPMMFOUVCFTHSPXJOHUISPVHIUIFTUZMFѮFTVS QSJTJOHêOEJOHXBTUIBU FWFOUIPVHIUIFTQFSNIBT BMMUIFUSBQQJOHTPGBUSVFDFMM JUJTBSFMBUJWFMZTJN QMFBOEVOTQFDJBMJ[FEDFMMTVSSPVOEFECZBEJTUJODU QMBTNBNFNCSBOFWFSZNVDIMJLFBQSPUPQMBTU EF TJHOFETPMFMZUPDBSSZUIFHFOFUJDJOGPSNBUJPODPO UBJOFEJOJUTQSPNJOFOUOVDMFVT$POTFRVFOUMZ UIF DZUPQMBTN PG UIF TQFSN JT SFEVDFE UP B UIJO MBZFS TQBSTFMZ QPQVMBUFE CZ EJDUZPTPNFT FOEPQMBTNJD SFUJDVMVN &3
QPMZTPNFT WFTJDMFT BOE PSHBO FMMFTUPPVOTQFDJBMJ[FEUPCFVOBNCJHVPVTMZJEFOUJ êFEJOUIFFMFDUSPONJDSPTDPQFBTFJUIFSQMBTUJETPS NJUPDIPOESJB ѮF TUSVDUVSFGVODUJPO SFMBUJPOTIJQ PG DPUUPO TQFSN GPSNFE JO UIF QPMMFO UVCF JT BMTP EJTQMBZFE CZ TQFSN DFMMT QSFTFOU JO VOHFSNJOBUFE QPMMFOHSBJOTPGQMBOUTJOXIJDIUIFHFOFSBUJWFDFMM EJWJEFTCFGPSFQPMMFOHFSNJOBUJPOBOEQPMMFOUVCF HSPXUI USJDFMMVMBSQPMMFO #FTJEFTUIFDZUPQMBTNJD PSHBOFMMFTDMFBSMZJEFOUJêFEJODPUUPOTQFSN TQFSN DFMMTGPSNFEJOUIFUSJOVDMFBUFQPMMFOHSBJOTPGTVHBS CFFU #FUB WVMHBSJT $IFOPQPEJBDFBF BOE CBSMFZ IBWFXFMMEFêOFENJUPDIPOESJBBOENJDSPUVCVMFT UIFQSFTFODFPGNJDSPUVCVMFTTVHHFTUTBSPMFGPSDZ UPTLFMFUBMFMFNFOUTJOTQFSNNPUJMJUZPSDIBOHFTJO TQFSN TIBQF )PFGFSU $BTT 8JUI NJ OPSWBSJBUJPOTJOEFUBJM FMFDUSPONJDSPTDPQJDTUVE JFTPGTQFSNDFMMTPGCJDFMMVMBSBOEUSJDFMMVMBSQPMMFO HSBJOTPGNBOZPUIFSBOHJPTQFSNTIBWFFTTFOUJBMMZ DPOêSNFEUIFJSVOEJTUJOHVJTIFEDZUPQMBTNJDTUSVD UVSF "MUIPVHI JNNVOPëVPSFTDFODF TUVEJFT IBWF FYUFOEFEUIFFWJEFODFGPSUIFQSFTFODFPGNJDSPUV CVMFTJOTQFSNDFMMT XIFUIFSNJDSPêMBNFOUTGPSN QBSUPGUIFTQFSNDZUPTLFMFUPOIBTOPUCFFODMFBSMZ FTUBCMJTIFE TFF 3BHIBWBO 4PVUIXPSUI BOE 3VTTFMM GPS SFWJFXT ѮF TJNQMF PSHBOJ[B UJPOPGUIFTQFSNBOEUIFMBDLPGBOZEJĒFSFODFTJO TUSVDUVSFCFUXFFOUIFUXPTQFSNDBSSJFECZUIFQPM MFOHSBJOPSQPMMFOUVCFNBLFUIFNVOJRVFMZUSVF QSPUPQMBTUT ZFUBMTPNBLFJUEJēDVMUUPVOEFSTUBOE UIFNVMUJQMFGBDFUTPGEPVCMFGFSUJMJ[BUJPOGSPNUIF BOHMFPGTQFSNTUSVDUVSFBMPOF "MJNJUBUJPOUPUIFTVDDFTTGVMFYQMPJUBUJPOPGBO HJPTQFSNTQFSNDFMMDZUPMPHZJOMBUFSJOWFTUJHBUJPOT PG DZUPQMBTNJD JOIFSJUBODF HBNFUJD USBOTNJTTJPO BOEJOWJUSPGFSUJMJ[BUJPO IBTCFFOUIFMBDLPGJOGPS NBUJPOPOUIFDPOGPSNBUJPOBMSFMBUJPOTIJQCFUXFFO TQFSNBOEPUIFSPSHBOFMMFTPGUIFQPMMFOHSBJOBOE QPMMFO UVCF &MFDUSPO NJDSPTDPQJD FYBNJOBUJPO PG
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ѮF UISFF CPEJFTUSBWFMBTBQBDLBHFJOUIFQPMMFOUVCF CVUUIF DPOOFDUJPOJTMPTUGPMMPXJOHEJTDIBSHFPGUIFQPMMFO UVCFDPOUFOUT8PSLPOQPMMFOHSBJOTPG1[FZMBOJDB BMTP QSPWJEFE UIF CBTJT GPS UIF QSPGPVOE DPODMV TJPO UIBU UIF UXP TQFSN DFMMT CPSO PVU PG EJWJTJPO PG B HFOFSBUJWF DFMM SBUIFS UIBO CFJOH JTPNPSQIJD BSF EJĒFSFOU JO FYUFSOBM NPSQIPMPHZ JO TJ[F BOE JOPSHBOFMMFDPOUFOUѮFJNQPSUBOUPCTFSWBUJPOJT UIBU UIF TQFSN XJUI UIF DZUPQMBTNJD FYUFOTJPO CZ XIJDIJUXSBQTBSPVOEUIFWFHFUBUJWFDFMMOVDMFVTJT UIFMBSHFSPGUIFUXP JTSJDIJONJUPDIPOESJB BOE JNQPWFSJTIFE PG QMBTUJET *O DPOUSBTU UIF TNBMM TQFSNUIBUJTGSFFPGDPOUBDUXJUIUIFWFHFUBUJWFDFMM OVDMFVT JT QPPS JO NJUPDIPOESJB BOE SJDI JO QMBT UJET"TTIPXOCZ4JOHIFUBM
JOBEEJUJPOUP EJĒFSFODFTJOUIFPSHBOFMMFDPNQMFNFOU EJNPSQIJD TQFSNDFMMTPG1[FZMBOJDBBMTPEJTQMBZTNBMMEJĒFS FODFTJOUIFTJUVFYQSFTTJPOPGQPMZVCJRVJUJOHFOFT *UUIVTBQQFBSTUIBUUIFGVOEBNFOUBMQSPCMFNPGUIF JEFOUJUZPGUIFTQFSNUIBUGVTFTXJUIUIFFHHBOEPG UIBUXIJDIGVTFTXJUIUIFQPMBSGVTJPOOVDMFVTIBT CFFO GSBNFE XJUI PCTFSWBUJPOT UIBU XPVME BMMPX TQFSNDFMMTUPSFTQPOEXJUIQSFFTUBCMJTIFETQFDJêD JUZJOUIFEPVCMFGFSUJMJ[BUJPOFWFOU'PMMPXJOHUIFTF TUVEJFT UIFGPDVTIBTNPWFEUPUIFVTFPGDPNQVUFS BJEFE UISFF EJNFOTJPOBM SFDPOTUSVDUJPOT PG TFSJBM VMUSBUIJO TFDUJPOT PG TQFSNWFHFUBUJWF DFMM OVDMFVT BTTPDJBUJPOT JO QPMMFO HSBJOT BOE QPMMFO UVCFT PG BEEJUJPOBM QMBOUT UP TIPX UIBU UIF TJ[F EJĒFSFODFT CFUXFFOTQFSNDFMMTBOEUIFQSFTFODFXJUIJOUIFN PG TJHOJêDBOUMZ EJĒFSFOU OVNCFST PG IFSJUBCMF PS HBOFMMFT JT OPU VOJRVF UP 1 [FZMBOJDB ,OPY BOE 4JOHI.PHFOTFO 6OFRVBMEJTUSJCVUJPO PG %/"DPOUBJOJOH PSHBOFMMFT JO UIF UXP TQFSN DFMMT GPSNFE GSPN B HFOFSBUJWF DFMM JO &SZUISJOB
ɧɪ 4USVDUVSBMBOE$ZUPMPHJDBM1FSTQFDUJWFTPO%PVCMF'FSUJMJ[BUJPO
DSJTUBHBMMJ 'BCBDFBF BMTPTVQQPSUTUIFDPODFQUPG TQFSNEJNPSQIJTN 4BJUPFUBM %JNPSQIJTN JOTJ[FPSPSHBOFMMFDPOUFOUJTOPUBHFOFSBMGFBUVSF PG QPQVMBUJPOT PG TQFSN DFMMT JTPMBUFE GSPN NBJ[F QPMMFO BMUIPVHI TJ[F EJNPSQIJTN CFUXFFO UXP TQFSNDFMMTPGBQPMMFOHSBJOFYJTUTJOBHFOFUJDMJOF XJUITVQFSOVNFSBSZ#DISPNPTPNFT 8BHOFSFUBM 'BVSFFUBM 'PMMPXJOH UIF EJTDPWFSZ PG TQFSN EJNPSQIJTN UIF êFME XBT SBQJEMZ JOVOEBUFE XJUI RVFTUJPOT BCPVUUIFJEFOUJUZPGUIFTQFSNUIBUGVTFTXJUIUIF FHH BOE PG UIBU XIJDI GVTFT XJUI UIF QPMBS GVTJPO OVDMFVT $PVOUT PG QMBTUJET PG QBUFSOBM PSJHJO JO FMFDUSPONJDSPTDPQJDQSPêMFTPGGFSUJMJ[FEFHHDFMMT PG1[FZMBOJDBIBWFCSPVHIUBOFXUXJTUUPUIFTUVEZ CZ TIPXJOH UIBU GVTJPO PG UIF TNBMM QMBTUJESJDI TQFSN XJUI UIF FHH JT BT GSFRVFOU BT GVTJPO PG UIF MBSHF NJUPDIPOESJPOSJDI TQFSN XJUI UIF QPMBS GVTJPO OVDMFVT 3VTTFMM ѮJT TVHHFTUT UIF PDDVSSFODF PG B QVUBUJWF SFDPHOJUJPO FWFOU BU UIF HBNFUJD MFWFM QFSIBQT NFEJBUFE CZ EJĒFSFOU DFMM TVSGBDFNPMFDVMFTPOTQFSNDFMMTUIBUSFDPHOJ[FUIF FHHBOEUIFQPMBSGVTJPOOVDMFVT SFTQFDUJWFMZѮF XPSL PG 9V FU BM IBT MFE UP UIF JEFOUJêDB UJPOPGBHFOFGPVOEUPCFFYQSFTTFEFYDMVTJWFMZJO UIF HFOFSBUJWF DFMM BOE TQFSN DFMMT PG -JMJVN MPOHJ ëPSVN QPMMFO *NNVOPMPDBMJ[BUJPO PG UIF QSPUFJO QSPEVDU PG UIJT HFOF PO UIF TQFSN DFMMT IBT QSP WJEFEUIFJNQFUVTGPSGVSUIFSJOWFTUJHBUJPOTJOUPUIF SPMF PG UIJT QSPUFJO JO TQFSNFHH DFMM SFDPHOJUJPO EVSJOH GFSUJMJ[BUJPO -FDUJO B HMZDPQSPUFJO XIPTF SFDFQUPSTJUFTIBWFCFFOMPDBMJ[FEPOUIFTVSGBDFTPG FHHBOETQFSNDFMMTPGDFSUBJOQMBOUT JTBOPUIFSQP UFOUJBM DBOEJEBUF NPMFDVMF UIBU NJHIU CF JOWPMWFE JO HBNFUF JOUFSBDUJPO BOE GVTJPO 4VO FU BM 'BOHFUBM 4FRVFODFTGSPNBDPNQMFNFOUBSZ %/" D%/" MJCSBSZmNBEFGSPNJTPMBUFETQFSN DFMMT PG NBJ[F m QSFEJDUFE UP FODPEF QMBTNB NFN CSBOFMPDBMJ[FEQSPUFJOTNJHIUBMTPCFJNQPSUBOUJO PVS RVFTU UP VOEFSTUBOE UIF NPMFDVMBS CJPMPHZ PG FHHUBSHFUJOHEFUFSNJOBOUTPOUIFTQFSN &OHFMFU BM ѮF ëPXFSJOH QMBOU FHH TVSGBDF JT QSPC BCMZTQFDJBMJ[FEJONBOZPUIFSXBZT JODMVEJOHUIF QSFTFODF PG DSZQUJD SFDPHOJUJPO NPMFDVMFT BOE BE BQUBUJPOTUPQSFWFOUQPMZTQFSNZ CVUUIFTFTQFDJBM J[BUJPOTIBWFOPUZFUCFFOFMVDJEBUFE #FDBVTF 1 [FZMBOJDB MBDLT TZOFSHJET JO UIF FN CSZPTBD UIFPDDVSSFODFPGQSFGFSFOUJBMEPVCMFGFS UJMJ[BUJPONFEJBUFECZTQFSNDFMMTEFTDSJCFEJOUIJT
ώϐ
TQFDJFT IBT OPU CFFO BDDFQUFE BT B TFDVSF HFOFSBM J[BUJPOBQQMJDBCMFUPPUIFSëPXFSJOHQMBOUTJOXIJDI TQFSN DFMMT TFFNJOHMZ MBDL WJTJCMF NBSLFST 6TJOH JTPMBUFE HBNFUFT GSPN HFOFUJD MJOFT PG NBJ[F XJUI BOEXJUIPVUTVQFSOVNFSBSZ#DISPNPTPNFTJOBO JOWJUSPGFSUJMJ[BUJPOTZTUFN TFF4FDU
'BVSFFU BM IBWFTIPXOUIBU JSSFTQFDUJWFPGXIFUIFS TQFSNDFMMTBSFEJNPSQIJDPSOPU CPUITQFSNJOB QPMMFOHSBJOQPTTFTTUIFJOIFSFOUBCJMJUZUPGVTFXJUI BO FHH DFMM ѮJT êOEJOH OPU POMZ DIBMMFOHFT UIF OPUJPOPGQSFGFSFOUJBMEPVCMFGFSUJMJ[BUJPOJOBOHJP TQFSNT CVUBMTPMFBWFTMJUUMFDPNQFMMJOHFWJEFODFUP FYQMBJOUIFCBTJTGPSUIFQSFGFSFOUJBM#DISPNPTPNF USBOTNJTTJPO UP UIF FNCSZP SBUIFS UIBO UP UIF FO EPTQFSNPѫFOPCTFSWFEJONBJ[FMJOFTUIBUIBSCPS TVQFSOVNFSBSZDISPNPTPNFT ѮF EJTDPWFSZ PG TQFSN DFMMTWFHFUBUJWF DFMM OV DMFVTQBDLBHJOHSFTVMUFEJOUIFJOUSPEVDUJPOPGUIF DPODFQUPGNBMFHFSNVOJUUPEFTJHOBUFUIJTUSJQBS UJUFTUSVDUVSFMJOLJOHUIFUXPDFMMTDPOUBJOJOHDZUP QMBTNJD BOE OVDMFBS %/" PG NBMF IFSFEJUZ QSJPS UP GFSUJMJ[BUJPO ѮF FNQIBTJT QMBDFE PO UIF NBMF HFSNVOJUIBTMFEUPUIFWJFXUIBUTQFSNDFMMTBOE UIFOVDMFVTPGUIFWFHFUBUJWFDFMMGVODUJPOBTBTJOHMF USBOTNJUUJOH VOJU GPS SFDPHOJUJPO BOE GVTJPO XJUI UIF GFNBMF UBSHFU DFMMT EVSJOH EPVCMF GFSUJMJ[BUJPO %VNBT FU BM ѮF XJEFTQSFBE PDDVSSFODF PGNBMFHFSNVOJUBTTPDJBUJPOTBNPOHTQFDJFTUIBU IBWFCFFOFYBNJOFEJOEFUBJMBUUFTUTUPJUTSPMFBTB GVODUJPOBMVOJUGPSNBMFSFQSPEVDUJPOJOëPXFSJOH QMBOUT ,OPYBOE4JOHI3VTTFMM 1PMMFO5VCF(VJEBODFBOE4QFSN&OUSZ JOUP&NCSZP4BD " DPNCJOBUJPO PG HFOFUJD CJPDIFNJDBM BOE DFMM CJPMPHJDBM TUVEJFT IBT QSPWJEFE NVDI JOGPSNBUJPO BCPVU UIF NVMUJQMF DVFT UIBU HVJEF UIF VOJEJSFD UJPOBMHSPXUIPGUIFQPMMFOUVCFUISPVHIUIFTUJHNB BOETUZMFUPUIFPWBSZ PWVMF BOE JOBêOBMQVTI UP UIF WJDJOJUZ PG UIF FNCSZP TBD UISPVHI UIF NJDSP QZMF"TBOJOJUJBMTUFQ QSPUFJOTPGUIFFYUSBDFMMVMBS NBUSJYPGUIFQPMMFOHSBJOJOUFSBDUXJUIBQQSPQSJBUF TQFDJêDJUJFT XJUI SFDFQUJWF QSPUFJOT PG UIF TUJHNB UP DBVTF IZESBUJPO PG QPMMFO HSBJOT BOE UIFJS TVC TFRVFOUHFSNJOBUJPO .BZêFMEFUBM -JQJET IBWFCFFOJEFOUJêFEBTNFNCFSTPGBNVMUJDPNQP OFOUDPNQMFYPGUIFTUJHNBFYVEBUFDPOTJEFSFEFT
ώϑ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
TFOUJBMGPSQPMMFOUVCFTUPQFOFUSBUFUIFTUJHNBGPM MPXJOHTVDDFTTGVMQPMMFOHFSNJOBUJPO 8PMUFST"SUT FU BM ѮF MPOH EJTUBODFT UIBU QPMMFO UVCFT USBWFM UISPVHI UIF TUZMF CFGPSF SFBDIJOH UIF PWBSZ IBWF JNQMJDBUFE B HVJEBODF TZTUFN UIBU JOWPMWFT NVMUJQMFQSPNQUTBDUJOHJOPWFSMBQQJOHTQBUJBMBOE UFNQPSBMGSBNFT BOEJODMVEFTDIFNJDBMBUUSBDUBOUT BOESFQFMMFOUTBOEQIZTJDBMHVJEBODF CVUJUIBTSF NBJOFEBDIBMMFOHFUPEFTJHOTUVEJFTUIBUBMMPXJEFO UJêDBUJPOPGUIFQVUBUJWFNPMFDVMFTPSGPSDFT -VTI +JBOH FU BM IBWF TIPXO UIBU UIF QFD UJONFUIZMFTUFSBTFFODPEFECZBO"SBCJEPQTJTHFOF IBTBOJNQPSUBOUCFBSJOHPOUIFHSPXUIPGQPMMFO UVCFT UISPVHI UIF USBOTNJUUJOH UJTTVF PG UIF TUZMF BTBNVUBUJPOJOUIJTHFOFDBVTFTBMPTTPGFO[ZNF BDUJWJUZBOESFUBSEBUJPOPGQPMMFOUVCFHSPXUI0OF BSFBUIBUJTQPPSMZVOEFSTUPPEJTUIFJEFOUJUZPGUIF TJHOBMT UIBU HVJEF UIF QPMMFO UVCF GSPN UIF USBOT NJUUJOH USBDL PG UIF TUZMF UP UIF PWBSZ BOE UIFODF UP UIF NJDSPQZMF PG UIF PWVMF UP EFMJWFS TQFSN GPS TVDDFTTGVMEPVCMFGFSUJMJ[BUJPO CVUQSPNJTJOHDMVFT BSFQSPWJEFECZUIFFNFSHFODFPGUIFGPVSDBSCPO BNJOP BDJE ʄBNJOPCVUZSJD BDJE ("#"
B OFV SPUSBOTNJUUFSJOBOJNBMT BOEOJUSPVTPYJEF BOPUIFS TJHOBMNPMFDVMFJOBOJNBMTZTUFNT BTDBOEJEBUFTJO UIJTOBWJHBUJPOTZTUFN 1BMBOJWFMVFUBM1SBEP FUBM 6QPOHBJOJOHFOUSZJOUPUIFPWVMF UIF TZOFSHJE CFDPNFT UIF DFMMVMBS DVF UIBU HVJEFT UIF EJSFDUJPOBM HSPXUI PG UIF QPMMFO UVCF JOUP UIF FN CSZPTBD4UVEJFTPGUIFNBOOFSJOXIJDITZOFSHJET PG DPUUPO SFTQPOE UP QPMMJOBUJPO IBWF SFWFBMFE B IJHIMZ TQFDJêD DIBOHF JO VOQPMMJOBUFE ëPXFST CPUITZOFSHJETSFNBJOVODIBOHFEVOUJMUIFëPXFS BCTDJTFT XIFSFBT JG UIF ëPXFS JT QPMMJOBUFE POF PGUIFTZOFSHJETCFHJOTUPEFHFOFSBUFXJUIJOBGFX IPVST PG QPMMJOBUJPO *U JT OPU LOPXO IPX POF PG UIF TZOFSHJET PG BO JEFOUJDBM QBJS PQUT GPS TVJDJEF CVU UIF HSPXJOH QPMMFO UVCF JOUSVEFT JOUP UIF EF HFOFSBUJOHTZOFSHJEUISPVHIUIFêMJGPSNBQQBSBUVT BTJGPODVF UFSNJOBUFTJUTHSPXUIVQPOFOUSZJOUP UIJTTZOFSHJE BOEEJTDIBSHFTUIFCBHHBHFPGTQFSN BOETPNFDZUPQMBTNJOUPUIFTZOFSHJE +FOTFOBOE 'JTIFSB "EFêOJUJWFSPMFGPSUIFTZOFSHJEJO OVDMFBSGVTJPOTBTTPDJBUFEXJUIEPVCMFGFSUJMJ[BUJPO XBT FTUBCMJTIFE XJUI UIF EJTDPWFSZ UIBU CFTJEFT DPUUPO JOPUIFSQMBOUTTVDIBTNBJ[F %JCPMM
&QJEFOESVN TDVUFMMB 0SDIJEBDFBF $PDVDDJ BOE +FOTFO
-JOVN VTJUBUJTTJNVN 7B[BSU
TQJOBDI 8JMNT
2VFSDVTHBNCFMJJ 'BHBDFBF .PHFOTFO
XIFBU :PVBOE+FOTFO
TVO
ëPXFS :BOFUBM
UVSOJQ #SBTTJDBDBNQFTUSJT #SBTTJDBDFBF 4VNOFS
UPCBDDP )VBOH FU BM C
"SBCJEPQTJT $ISJTUFOTFOFUBM'BVSF FUBM
BOE1IBJVTUBOLFSWJMMJBF 0SDIJEBDFBF :FFUBM
UIFEFHFOFSBUJOHTZOFSHJECFDPNFT QSFEJTQPTFEUPGBDJMJUBUFFOUSZPGBQPMMFOUVCFJOUP UIFFNCSZPTBD7BSJBUJPOTPGUIJTTDFOBSJP TVDIBT EFHFOFSBUJPO PG CPUI TZOFSHJET BT B SFTVMU PG QPMMJ OBUJPO PS CFGPSF UIF FOUSZ PG UIF QPMMFO UVCF JOUP UIFFNCSZPTBD WBO8FOUBOE$SFTUJ3VTTFMM FU BM
PS EFHFOFSBUJPO PG POMZ POF TZOFSHJE BѫFSQPMMFOUVCFFOUSZ 4DIVM[BOE+FOTFOWBO 8FOU
IBWF BMTP CFFO PDDBTJPOBMMZ PCTFSWFE -BTFSBCMBUJPOPGDFMMTPGUIFFNCSZPTBDPG5PSFOJB GPVSOJFSJIBTJEFOUJêFEUIFTZOFSHJETBTBUUSBDUBOUT PG QPMMFO UVCFT )JHBTIJZBNB FU BM *NQMZ JOH B SPMF GPS B DPNCJOBUJPO PG TJHOBMT FNBOBUJOH GSPN UIF PWVMF BOE UIF FNCSZP TBD JODMVEJOH UIF TZOFSHJETJOQPMMFOUVCFHVJEBODF JUIBTCFFOEFN POTUSBUFE UIBU GBJMVSF UP BUUSBDU QPMMFO UVCFT JT B XBZPGMJGFGPSPWVMFTPGTFWFSBMGFNBMFHBNFUPQIZUF NVUBOUTPG"SBCJEPQTJTIBSCPSJOHEFGFDUJWFFNCSZP TBDT )ÛMTLBNQFUBM3BZFUBM4IJNJ[V BOE0LBEB )PXFWFS TPNFSFQPSUTIBWFDBTU EPVCUT PO UIF SPMF PG TZOFSHJET JO QPMMFO UVCF BU USBDUJPOEVSJOHEPVCMFGFSUJMJ[BUJPO*O1[FZMBOJDB XIJDI MBDLT TZOFSHJET UIF DPOUFOUT PG UIF QPMMFO UVCFBSFEJTDIBSHFECFUXFFOUIFFHHBOEUIFDFOUSBM DFMMOFBSUIFDIBMB[BMFOEPGUIFFNCSZPTBD 3VTTFMM "TTIPXOJOPUIFSTUVEJFT PWVMFTPGDFSUBJO "SBCJEPQTJT NVUBOUT UIBU GBJM UP VOEFSHP TZOFSHJE EFHFOFSBUJPO OPOFUIFMFTT BUUSBDU QPMMFO UVCFT JO UIF OPSNBM XBZ XJUIPVU GFSUJMJ[JOH UIF SFDFQUJWF FHHDFMMT %SFXTBOE:BEFHBSJ$ISJTUFOTFOFU BM)VDLFUBM3PUNBOFUBM *O NVUBOUTEFTJHOBUFEBTGFSPOJB GFS BOETJSÍOF TSO
XJMEUZQFQPMMFOUVCFTUIBUHSPXJOCJ[BSSFXBZTJO UIF NVUBOU FNCSZP TBD BSF OPOFUIFMFTT QSFWFOUFE GSPN EJTDIBSHJOH UIFJS DBSHP JNQMZJOH B QPTTJCMF HFOFUJD SFHVMBUJPO PG UIJT DSVDJBM TUFQ JO EPVCMF GFSUJMJ[BUJPO )VDLFUBM3PUNBOFUBM "OBMZTJTPGUIFTFNVUBOUTIBTUIVTJEFOUJêFEBOFX TJHOBMJOHQSPDFTTSFRVJSFEGPSQPMMFOUVCFSFDFQUJPO CZUIFGFNBMFHBNFUPQIZUF CVUOPUGPSQPMMFOUVCF HVJEBODFUPUIFWJDJOJUZPGUIFMBUUFS "TTVNJOHUIBUBIFBMUIZPSBEFBETZOFSHJEQSP WJEFT B TJHOBM GPS QPMMFO UVCF QFOFUSBUJPO JOUP UIF FNCSZPTBDGPMMPXFECZBSSFTUPGHSPXUIPGUIFQPM MFOUVCFBOEEJTDIBSHFPGJUTDPOUFOUT UIFRVFTUJPO BSJTFTXIBUJTUIFOBUVSFPGUIJTTJHOBM 4VHHFTUJWF
ɧɪ 4USVDUVSBMBOE$ZUPMPHJDBM1FSTQFDUJWFTPO%PVCMF'FSUJMJ[BUJPO
PGBLFZSPMFGPS$Bí BTBQVUBUJWFDIFNPUSPQJDBU USBDUBOUPGUIFQPMMFOUVCFJTUIFêOEJOHUIBUIJHI DPODFOUSBUJPOTPGUIJTJPOJOUIFTZOFSHJEPGXIFBU QFBSM NJMMFU 1FOOJTFUVN HMBVDVN 1PBDFBF
BOE UPCBDDP NBZ QSFDFEF PS GPMMPX JUT EFHFOFSBUJPO $IBVCBM BOE 3FHFS )VBOH BOE 3VT TFMM "DBTFIBTCFFONBEFUIBU JO5GPVSOJFSJ UIF TZOFSHJET FNJU B EJĒVTJCMF TJHOBM UIBU JT TQF DJFTTQFDJêDBOEBDUTPWFSBTIPSUSBOHF JODPOUSBTU UP$Bí XIJDIGVODUJPOTBTBHFOFSBMBUUSBDUBOUPG QPMMFO UVCFT PWFS MPOH EJTUBODFT JEFOUJêDBUJPO PG UIF DIFNJDBM OBUVSF PG UIJT NPMFDVMF SFRVJSFT GVS UIFSXPSL )JHBTIJZBNBFUBM "DMPTFSBOHF HVJEBODFDVFUIBUBUUSBDUTQPMMFOUVCFTPGNBJ[FUP UIFGFNBMFHBNFUPQIZUFIBTCFFOOFXMZJEFOUJêFE BTBTNBMMQSPUFJOXJUIBQSFEJDUFEUSBOTNFNCSBOF EPNBJO QSPEVDFEFYDMVTJWFMZCZUIFFHHBQQBSBUVT .ÃSUPOFUBM "TPVSVOEFSTUBOEJOHPGQPM MFOUVCFHVJEBODFJOUPUIFFNCSZPTBDCFDPNFTTP QIJTUJDBUFE JUIBTCFDPNFDMFBSUIBUFWFOTFFNJOHMZ TJNQMFDFMMVMBSBUUSBDUJPOTBSFJOUSJDBUFMZDPOUSPMMFE
'JHɧɬB C*NNVOPëVPSFDFOU MPDBMJ[BUJPO PG BDUJO JO UIF FNCSZPTBDPG/JDPUJBOBUBCBDVNB"DUJOBHHSFHBUFTGPSN JOHADPSPOBT BSSPXIFBET BUUIFDIBMB[BMFOEPGUIFEFHFO FSBUJOH TZOFSHJE BOE JO UIF JOUFSGBDF CFUXFFO UIF FHH BOE UIFDFOUSBMDFMM"QVODUVBUFUZQFPGBDUJOMBCFMJOH BSSPX JTTFFOJOUIFUFSNJOBMSFHJPOPGUIFQPMMFOUVCFCѮFTBNF JNBHFJOBEJĒFSFOUGPDBMQMBOFTIPXJOHUIFDPSPOBTBUUIF DIBMB[BM FOE PG UIF EFHFOFSBUJOH TZOFSHJE BOE JO UIF JOUFS GBDF CFUXFFO UIF FHH BOE UIF DFOUSBM DFMM $$ $FOUSBM DFMM %4ZEFHFOFSBUJOHTZOFSHJE &FHHDFMM 15QPMMFOUVCF#BST ʍN 3FQSJOUFEGSPN)VBOHBOE3VTTFMM
ώϒ
/VDMFBS'VTJPOT #FDBVTF PG UIFJS MBDL PG JOEFQFOEFOU NPUJMJUZ UIF KPVSOFZ PG TQFSN EFQPTJUFE JO UIF EFHFOFSBUJOH TZOFSHJEUPBMJHOXJUIUIFFHHBOEUIFQPMBSGVTJPO OVDMFVTJTDPOTJEFSFEBOBSEVPVTPOF BOETPNFBU UFOUJPOIBTCFFOQBJEUPUIFNFDIBOJTNCZXIJDIJU JTBDDPNQMJTIFE*UJTXFMMFTUBCMJTIFEUIBUPOMZUIF TQFSNOVDMFJGVTFXJUIUIFJSGFNBMFUBSHFUDFMMTUIF SFTU PG UIF QPMMFO UVCF EJTDIBSHF BOE TQFSN DZUP QMBTNSFNBJOUSBQQFEJOUIFNJMJFVPGUIFTZOFSHJE "T TIPXO JO 'JH B C
UXP BHHSFHBUFT PG BDUJO êMBNFOUT EFTJHOBUFE BT ADPSPOBT UIBU QSFTVNBCMZ HVJEF UIF QBUIXBZ PG UIF NBMF HBNFUFT JO UIF JOJ UJBMTUFQUIBUCSJOHTUPHFUIFSUIFDPNQBUJCMFOVDMFJ IBWFCFFOJEFOUJêFEXJUIJOUIFOPSNBMMZPSHBOJ[FE FNCSZPTBDPGUPCBDDP0OFPGUIFBDUJOBHHSFHBUFT GPSNT BU UIF DIBMB[BM FOE PG UIF EFHFOFSBUJOH TZO FSHJE FYUFOEJOH GSPN JUT NJEEMF MBUFSBM SFHJPO UP UIF SFHJPO PG UIF FHH ѮF TFDPOE CBOE PDDVST JO UIF JOUFSGBDF CFUXFFO UIF FHH BOE UIF DFOUSBM DFMM BOEFYUFOETGSPNUIFTJEFPGUIFFHHUPUIFSFHJPO PG UIF QPMBS OVDMFJ )VBOH BOE 3VTTFMM "T JO UPCBDDP BDUJO DPSPOBT IBWF CFFO JEFOUJêFE JO UIFFNCSZPTBDTPGNBJ[F 5GPVSOJFSJ )VBOHBOE 4IFSJEBO )VBOH FU BM
BOE 1IBJVT UBOLFSWJMMJBF :F FU BM
DIBSUJOH UIF GVUVSF QBUIXBZ PG UIF NBMF HBNFUFT EVSJOH GFSUJMJ[BUJPO "WJFXPOUIFPSJHJOPGBDUJODPSPOBTIBTCFFOEF SJWFEGSPNTUVEJFTUIBUIBWFUBLFOBEWBOUBHFPGUIF SFMBUJWFFBTFPGNJDSPJOKFDUJPOPGTQFDJêDEZFTUIBU MBCFMUIFBDUJODZUPTLFMFUFUPOEVSJOHGFSUJMJ[BUJPOJO MJWJOHFNCSZPTBDTPG5GPVSOJFSJ 'VFUBM " TUSJLJOH DIBOHF JT GPVOE JO UIF FHH DFMM XIFSF BS SBZT PG BDUJO êMBNFOUT QSFTFOU CFGPSF QPMMJOBUJPO CFDPNF GSBHNFOUFE JOUP OVNFSPVT QBUDIFT BѫFS QPMMJOBUJPOѮJTBDUJO BMPOHXJUIUIFBDUJOQSFTFOU JOUIFEFHFOFSBUJOHTZOFSHJEBOEJOUIFJOUFSDFMMVMBS TQBDFTCFUXFFOUIFFHHBOETZOFSHJET JTQSFTVNFE UP DPOUSJCVUF UP UIF GPSNBUJPO PG UIF UXP DPSPOBT BQQFBSJOHEVSJOHGFSUJMJ[BUJPO CVUXIJDIEJTBQQFBS BѫFS GFSUJMJ[BUJPO TFF 1MBUF 'JHFmJ ѮFTF DPO GPSNBUJPOBM DIBOHFT JO BDUJO êMBNFOUT JO UIF FHH BQQBSBUVT CFGPSF BOE BѫFS QPMMJOBUJPO BOE PG UIF DPSPOBT CFGPSF BOE BѫFS GFSUJMJ[BUJPO JO BEEJUJPO UP CFJOH JOUFSFTUJOH JO UIFJS PXO SJHIU IBWF TVH HFTUFEBSPMFGPSBDUJOJOUIFSFDFQUJPOPGUIFQPMMFO UVCF BOE JO UIF EPVCMF GFSUJMJ[BUJPO QSPDFTT )PX FWFS BDUJO DPOTUJUJUVFT POMZ POF PG UIF UXP QSJODJ
ώϓ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
QBMQSPUFJOTPGBQPTTJCMFBDUPNZPTJOCBTFETQFSN USBOTQPSUJOUIFBCTFODFPGBDMFBSEFNPOTUSBUJPO PG UIF QSFTFODF PG NZPTJO PO UIF TVSGBDF PG GFSUJM J[BUJPOQSPOFTQFSNDFMMT BEJĒFSFOUUZQFPGSFHVMB UPSZNBDIJOFSZJOWPMWJOHUIFBDUJODPSPOBTIBVMJOH TQFSN UP UIFJS EFTUJOBUJPO DBOOPU CF SVMFE PVU " EFOTF BDUJO MBCFMJOH BU UIF CPVOEBSZ CFUXFFO UIF FHHBOEUIFDFOUSBMDFMMDPOTUJUVUJOHBTJOHMFDPSPOB JT BMTP QBSU PG UIF DZUPTLFMFUBM PSHBOJ[BUJPO PG UIF FNCSZPTBDPG1[FZMBOJDBUIFPCTFSWBUJPOUIBUJTP MBUFETQFSNDFMMTPG1[FZMBOJDBDBOFĒ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êSTU IBTCFFOEFTDSJCFE JOWBSJPVTQMBOUT $PVMUFSBOE$IBNCFSMBJO ѮFêOFTUSVDUVSFPGLBSZPHBNZXBTê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ѮFDFOUSBMQIFOPN FOPOPGEPVCMFGFSUJMJ[BUJPOJTLBSZPHBNZ FOUBJMJOH UIFDPNQMFUFJOUFHSBUJPOPGUIFNBMFDISPNBUJOJOUP UIFFHHOVDMFVT3FHBSEMFTTPGXIFUIFSHBNFUJD%/" TZOUIFTJT PDDVST CFGPSF PS BѫFS LBSZPHBNZ TZO DISPOZJOUIFQIBTFTPGUIFDFMMDZDMFJOFBDIHBNFUF
IBTCFFOQSPQPTFEBTCFJOHFTTFOUJBMGPSTVDDFTTGVM GFSUJMJ[BUJPOBOEJOJUJBUJPOPGNJUPUJDEJWJTJPOTJOUIF [ZHPUF4PNFFBSMZTUVEJFTCZ(FSBTTJNPWB/BWBTI JOB QPJOUFEUPUIFJNQPSUBODFPGUIFDZDMJOH TUBUFPGUIFNBMFBOEGFNBMFOVDMFJBTBGBDUPSDPO USJCVUJOH UP UIF WBSJBUJPOT PCTFSWFE JO LBSZPHBNZ ѮJTJOWFTUJHBUPSJEFOUJêFEUXPUZQFTPGLBSZPHBNZ UIF QSFNJUPUJD UZQF JO XIJDI UIF TQFSN OVDMFVT GVTFTJNNFEJBUFMZXJUIUIFFHHOVDMFVT BѫFSXIJDI UIF[ZHPUFOVDMFVTQBTTFTUISPVHIUIFDFMMDZDMFUP DPNQMFUFUIFêSTU[ZHPUJDEJWJTJPOBOEQPTUNJUPUJD JOXIJDIUIFHBNFUJDOVDMFJFOUFSUIFNJUPUJDQIBTF JOEFQFOEFOUMZEVSJOHUIFQFSJPEPGDPVSUTIJQ BOE GVTF UPHFUIFS EVSJOH NJUPTJT "MUIPVHI POMZ B GFX TVCTFRVFOU TUVEJFT PO UIF SFMBUJPOTIJQ CFUXFFO DFMM DZDMF HBNFUF EJĒFSFOUJBUJPO BOE GFSUJMJ[BUJPO IBWFDPOUSJCVUFEUPUIJTHFOFSBMJ[BUJPO JUTJNQMJDB UJPOTBSFQSPGPVOECFDBVTFPGUIFEJWFSTFQBUUFSOT PGHBNFUPHFOFTJTPCTFSWFEJOTFFEQMBOUT#BTFEPO RVBOUJUBUJWF EFUFSNJOBUJPO PG UIF %/" DPOUFOU PG OVDMFJPGQBSUJDJQBUJOHDFMMTBOEPGUIFGVTJPOQSPE VDU UIF XPSLT PG TFWFSBM JOWFTUJHBUPST IBWF TVQ QPSUFE UISFF NFDIBOJTNT GPS LBSZPHBNZ JO TFFE QMBOUT FBDIPGXIJDIJTGPSNBMMZMJOLFEUPBQSFDJTF TUBHFPGUIFDFMMDZDMFJOFBDIHBNFUFOVDMFVTBTQSP QPTFECZ$BSNJDIBFMBOE'SJFENBO "OPC WJPVT BOEQSPCBCMZUIFNPTUDPNNPO NFDIBOJTN mLOPXOBT(ōLBSZPHBNZmJTPOFJOXIJDIUIFHB NFUJDOVDMFJGVTFJNNFEJBUFMZVQPODPOUBDUBOEUIF [ZHPUF OVDMFVT TVCTFRVFOUMZ QBTTFT UISPVHI UIF 4 (Ŏ BOE.QIBTFTPGUIFDFMMDZDMFUPQSJNFUIFêSTU EJWJTJPOѮFBTTVNQUJPOIFSFJTUIBUUIFNBMFBOE GFNBMFHBNFUFTSFNBJOJO(ōBOEDPOUBJOB$ $ %/"RVBOUJUZQFSIBQMPJEHFOPNF BNPVOUPG%/" BUUIFUJNFPGLBSZPHBNZ"TTIPXOJONBJ[FBOE CBSMFZ OVDMFBSGVTJPOSFTVMUTJOUIFGPSNBUJPOPGB [ZHPUFXJUIB$BNPVOUPG%/" BOEUIF[ZHPUF QBTTFTUISPVHI4QIBTFQSJPSUPUIFêSTUNJUPUJDEJ WJTJPO .PHFOTFOBOE)PMN.PHFOTFOFUBM *OQMBOUTEJTQMBZJOH4QIBTFLBSZPHBNZ NBMF BOE GFNBMF HBNFUFT UIBU JOJUJBUF LBSZPHBNZ BMTP CFHJO XJUI $ %/" )PXFWFS UIF HBNFUJD OVDMFJ NBJOUBJODPVSUTIJQGPSBMPOHQFSJPEPGUJNFXIJMF UIFZ QBTT UISPVHI 4 QIBTF TZODISPOPVTMZ XJUIJO UIF FHH DZUPQMBTN QSJPS UP DPNQMFUJPO PG OVDMFBS GVTJPO HJWJOHSJTFUPB$[ZHPUF1IPUPNFUSJDEBUB POUIF%/"DPOUFOUPGHBNFUJDOVDMFJJOUIFQPMMFO HSBJO QPMMFOUVCF BOEJOUIFQSPDFTTPGGFSUJMJ[BUJPO BOE PG UIF [ZHPUF IBWF DPOêSNFE UIF FYJTUFODF PG
4 QIBTF LBSZPHBNZ JO &QIFESB USJGVSDB 'SJFENBO *OUIFUIJSENFDIBOJTN LOPXOBT(ŎLBSZ PHBNZ UIF HBNFUJD OVDMFJ FWFO CFGPSF UIFZ FOUFS JOUPDPVSUTIJQ DPNQMFUFUIF4QIBTFPGUIFDFMMDZDMF JOEFQFOEFOUMZ EPVCMJOHUIFJS%/" BOEUIFOGVTF XJUI FBDI PUIFS UP GPSN B [ZHPUF #FDBVTF %/" SFQMJDBUJPOJTDPNQMFUFEJOUIFNBMFBOEGFNBMFHB NFUJD OVDMFJ CFGPSF GVTJPO UIF [ZHPUF GPSNFE XJMM IBWFB$BNPVOUPG%/"#BTFEPORVBOUJUBUJPO PGDFMMDZDMFBDUJWJUZBTTPDJBUFEXJUITQFSNEFWFMPQ NFOU JUIBTCFFOJOGFSSFEUIBU"SBCJEPQTJTEJTQMBZT (ŎLBSZPHBNZ XIFSFBTUIFPDDVSSFODFPG(ŎLBSZ PHBNZ JO (OFUVN HOFNPO JT TVQQPSUFE CZ RVBOUJ UBUJPO PG %/" DPOUFOUT PG CPUI HBNFUJD OVDMFJ BT UIFZQBTTUISPVHITFYVBMNBUVSBUJPOBOEGPSNUIF [ZHPUF $BSNJDIBFMBOE'SJFENBO'SJFENBO ѮFêSTUFYBNQMFPGCJDFMMVMBSQPMMFOHSBJOT QSPEVDFE CZ B ëPXFSJOH QMBOU TIPXJOH (Ŏ GVTJPO JT JO UPCBDDP 5JBO FU BM ѮF SFMBUJPOTIJQ CFUXFFO UIF DFMM DZDMF PG HBNFUFT BOE LBSZPHBNZ EVSJOH GFSUJMJ[BUJPO JO TFFE QMBOUT JT JMMVTUSBUFE JO 'JH0OFSFBTPOGPSUIFJOUFOTFSFDFOUJOUFSFTU JOUIFDFMMDZDMFBDUJWJUZPGHBNFUFTPGTFFEQMBOUTJT UP QSPWJEF CBTFMJOF EBUB PO UIF UJNJOH PG [ZHPUJD %/" TZOUIFTJT GPS HFOFUJD USBOTGPSNBUJPO FYQFSJ NFOUTJOWPMWJOHTUBCMFJOUFHSBUJPOPGOPWFMHFOFTBU UIFUJNFPGGFSUJMJ[BUJPO
'JHɧɭ3FMBUJPOTIJQCFUXFFOUIFDFMMDZDMFBOEHBNFUFLBSZ PHBNZJOTFFEQMBOUT8IJUFDJSDMFT/VDMFJJO(ōQIBTFPGUIF DFMMDZDMF IBUDIFEDJSDMFTOVDMFJJO4QIBTFPGUIFDFMMDZDMF CMBDLDJSDMFTOVDMFJJO(ŎQIBTFPGUIFDFMMDZDMF 3FQSJOUFE GSPN$BSNJDIBFMBOE'SJFENBO
ɧɫ *OWJUSP%PVCMF'FSUJMJ[BUJPO
ώϔ
*OWJUSP%PVCMF'FSUJMJ[BUJPO
*O PSEFS UP TUVEZ UIF NPMFDVMBS JOUFSBDUJPOT BOE PUIFSêOFSBTQFDUTPGHBNFUFGVTJPOEVSJOHEPVCMF GFSUJMJ[BUJPO JO ëPXFSJOH QMBOUT JO WJUSP GFSUJMJ[B UJPO XJUI JTPMBUFE TJOHMF HBNFUFT VOEFS EFêOFE DPOEJUJPOTSJHIUMZEFTFSWFTUPCFFYQMPSFE"NBKPS JNQFEJNFOU JO EFWFMPQJOH BO JO WJUSP GFSUJMJ[BUJPO TZTUFNBTBQSPEVDUJWFFODPVOUFSPGBNBMFBOEBGF NBMFHBNFUFmDPNQBSBCMFUPUIBUSPVUJOFMZVTFEJO NPTUBOJNBMTBOEJOTPNFCSPXOBMHBFmIBTCFFO UIF DPOêOFNFOU PG UIF TQFSN XJUIJO UIF QPMMFO HSBJO PSJOUIFQPMMFOUVCF BOEPGUIFFHHXJUIJO UIFFNCSZPTBD"TUFQUPXBSEDPOUSPMMFEGVTJPOPG UIF FHH BOE TQFSN XBT BDIJFWFE CZ DVMUVSJOH VO QPMMJOBUFESFDFQUJWFPWVMFTPGQPQQZ 1BQBWFSTPN OJGFSVN 1BQBWFSBDFBF JO B OVUSJFOU NFEJVN BOE EVTUJOHUIFNXJUIWJBCMFQPMMFOHSBJOT1PMMFOHFS NJOBUJPO QPMMFOUVCFFOUSZJOUPPWVMFT BOEEPVCMF GFSUJMJ[BUJPOQSPDFFEFEOPSNBMMZ BTBUUFTUFECZUIF USBOTGPSNBUJPO PG DVMUVSFE PWVMFT JOUP TFFET FO DMPTJOHFNCSZPBOEFOEPTQFSN ,BOUBFUBM 4VCTFRVFOUMZ UIJTUFDIOJRVF EVCCFEAUFTUUVCFGFS UJMJ[BUJPO XBTSFêOFEUPPCUBJOTFFETGSPNBWBSJFUZ PGëPXFSJOHQMBOUT PѫFOPOMZSFNPUFMZSFMBUFE CZ PWFSDPNJOH JOUFSTQFDJêD BOE JOUFSHFOFSJD CBSSJFST BOETFMGJODPNQBUJCJMJUZ ;FOLUFMFS 'PMMPXJOH PO UIF IFFMT PG QSPUPQMBTU JTPMBUJPO BOETPNBUJDIZCSJEJ[BUJPOJOUIFTBOET TUVEJFTXFSFJOJUJBUFEUPJTPMBUFTQFSNBOEFNCSZP TBDT GSPN NPEFM FVEJDPU BOE NPOPDPU QMBOUT " DPNNPO NFUIPE FNQMPZFE GPS TQFSN JTPMBUJPO GSPNNBUVSFUSJDFMMVMBSQPMMFOHSBJOTPSUVCFTPGCJ DFMMVMBSQPMMFOHSBJOTJTUPCVSTUUIFNJOBOPTNPUJ DVNBOEUPTFQBSBUFTQFSNGSPNDPOUBNJOBOUTCZ EFOTJUZHSBEJFOUDFOUSJGVHBUJPO 4PVUIXPSUI #FHJOOJOH XJUI UIF JTPMBUJPO PG FNCSZP TBDT GSPN DIFNJDBMMZêYFEPWVMFTCZDPNCJOJOHNJDSPEJTTFD UJPO XJUI USFBUNFOU XJUI QFDUJOPMZUJD BOE DFMMVMP MZUJDFO[ZNFT UIFUFDIOJRVFXBTGVSUIFSSFêOFEUP JTPMBUFMJWJOH GVODUJPOBMFNCSZPTBDTBOEDPOTUJUV FOU DFMMT PG UIF FNCSZP TBD TVDI BT UIF FHH TZOFS HJET BOEDFOUSBMDFMM $BTTBOE-BVSJF )PX FWFS GFXEFWFMPQNFOUTJOUIFTDSFBUFENPSF PGBTUJSBNPOHQMBOUFNCSZPMPHJTUTUIBOUIFFYUSBD UJPOPGWJBCMFFHHBOETQFSNGSPNPWVMFTBOEQPMMFO HSBJOT SFTQFDUJWFMZ PG NBJ[F BOE UIFJS VTF JO EF WFMPQJOHBTVDDFTTGVMJOWJUSPGFSUJMJ[BUJPOQSPUPDPM
ώϕ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
SFWJFXTCZ,SBO[BOE,VNMFIO BOE,SBO[ EFTDSJCF UIF EFWFMPQNFOU PG UIF êFME ѮF JOJUJBMTUSBUFHZVTFEJOUIJTXPSLJTUPTFMFDUTQFSN DFMMTJOEJWJEVBMMZGSPNPTNPUJDBMMZTIPDLFEQPMMFO HSBJOT BOE FHH DFMMT NJDSPEJTTFDUFE GSPN FNCSZP TBDT GSFFE PG NBUFSOBM UJTTVFT CZ FO[ZNBUJD USFBU NFOU 'VTJPO JT BDDPNQMJTIFE XJUI UIF USBOTGFS PG FHHTQFSNQBJSTUPBNJDSPESPQPG.NBOOJUPM BOE TVCKFDUJOH UIFN UP CVSTUT PG FMFDUSJDBM QVMTFT ѮF GVTJPO QSPEVDUT XIFO OVSUVSFE JO B NJDSP DVMUVSFTVSSPVOEFECZBTVTQFOTJPOPGGFFEFSDFMMT PG NBJ[F FNCSZP PSJHJO BT B OVSTF UJTTVF JOJUJBMMZ GPSNBNVMUJDFMMVMBSNBTTѮJTJTMBUFSGPMMPXFECZ UIFGPSNBUJPOPGCJQPMBSFNCSZPTTIPXJOHPCWJPVT TJNJMBSJUJFT UP TUBHFT JO UIF JO WJWP FNCSZPHFOJD EFWFMPQNFOU PG UIF [ZHPUF DVMNJOBUJOH JO UIF SF HFOFSBUJPOPGBGFSUJMFQMBOUGSPNUIFGVTJPOQSPEVDU ,SBO[FUBM,SBO[BOE-ÕS[ &ĒPSUTUP BDIJFWFGVTJPOPGJTPMBUFEHBNFUFTXJUIPVUFMFDUSJD DVSSFOUXFSFSFXBSEFEXIFOJTPMBUFEFHHBOETQFSN DFMMT PG NBJ[F BSF SFBSFE JO B NFEJVN DPOUBJOJOH B IJHI DPODFOUSBUJPO PG $B$MŎ BU Q) PS JO POF DPOUBJOJOHNBOOJUPMBOE$B$MŎ0OBHFOFSBMMFWFM PTNPMBMJUZPGUIFEJĒFSFOUNFEJBIBTCFFOKVEHFEUP QMBZBOJNQPSUBOUSPMFJOUIFTVDDFTTPGFHHTQFSN GVTJPOTNFEJBUFECZFMFDUSJDBMQVMTFTBOECZ$B$MŎ 'BVSFFUBM,SBO[BOE-ÕS[ 5SBOTNJT TJPOFMFDUSPONJDSPTDPQJDTUVEZPGUIFFMFDUSPGVTJPO QSPEVDUT GSPN JTPMBUFE NBMF BOE GFNBMF HBNFUFT PG NBJ[F TIPXFE UIBU GVTJPO PG HBNFUJD OVDMFJ PD DVSTCFGPSF[ZHPUJDNJUPTJT BTJTUIFDBTFVOEFSJO WJWPDPOEJUJPOTPGUIFQSFNJUPUJDUZQFPGLBSZPHBNZ 'BVSF FU BM " MBUFS JOWFTUJHBUJPO EFNPO TUSBUFEFHHTQFSNGVTJPOJOWJUSPJOXIFBUMFBEJOHUP UIFGPSNBUJPOPGNJDSPDBMMVTFT ,PWÃ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ѫFEGVTJPO OVDMFVT QSJNBSZFOEPTQFSNOVDMFVT JOUPBUZQJDBM
'JHɧɮBoV" DPNQPTJUF QJDUVSF TIPXJOH UIF TFRVFOUJBM TUFQT JO JO WJUSP EPVCMF GFSUJMJ[BUJPO JO NBJ[F B C *TPMBUFE FHH BQQBSBUVT FHH BOE UXP TZOFSHJET BOE DFOUSBM DFMM D 1PMMFO HSBJOT BѫFS CVSTUJOH PG UIF FNFSHJOH QPMMFO UVCF UJQSFMFBTFETUBSDIHSBJOTBSFWJTJCMFE5XPJTPMBUFETQFSN DFMMT CFGPSF TVDUJPO JOUP UIF NJDSPDBQJMMBSZ F "MJHONFOU PGBTQFSNDFMMBOEBOFHHDFMMG'FSUJMJ[FEFHHDFMMTUBJOFE XJUIǿEJBNJEJOPQIFOZMJOEPMF %"1* TIPXJOHTUSPOH ëVPSFTDFODF PG UIF TQFSN OVDMFVT JOTJEF H 'MVPSFTDFODF PG UIF TQFSN OVDMFVT JOTJEF UIF JTPMBUFE FHH OVDMFVT BѫFS %"1*TUBJOJOH EFNPOTUSBUJOH LBSZPHBNZ I 'JSTU EJWJTJPO PGUIF[ZHPUFJ.VMUJDFMMVMBSFNCSZP XJUITNBMMDFMMTBUPOF QPMF BOEMBSHF NPSFWBDVPMBUFEDFMMTBUUIFPQQPTJUFQPMF K 5SBOTJUJPOQIBTF FNCSZP XJUI NFSJTUFNBUJD QBSU BOE TVTQFOTPS XFFLTBѫFSGFSUJMJ[BUJPOL$BMMVTPGXIJUFBOE HSFFOUJTTVFT EBZTBѫFSGFSUJMJ[BUJPO TIPXJOHFNFSHFODF PGBDPMFPQUJMFGSPNUIFXIJUFUJTTVFM1MBOUMFU EBZTBѫFS GFSUJMJ[BUJPON"OPUIFSQMBOUMFU EBZTBѫFSGFSUJMJ[BUJPO O 3FHFOFSBUFE GFSUJMF IZCSJE QMBOU EBZT BѫFS GFSUJMJ[B UJPOP"MJHONFOUPGBTQFSNDFMMBOEDFOUSBMDFMMQ%"1* TUBJOFE GFSUJMJ[FE DFOUSBM DFMM TIPXJOH TUSPOH ëVPSFTDFODF PG UIF TQFSN OVDMFVT JOTJEF UIF DFOUSBM DFMM R ,BSZPHBNZ EFNPOTUSBUFE CZ UIF TUSPOH ëVPSFTDFODF PG TQFSN OVDMFVT JOTJEFUIFJTPMBUFEQSJNBSZFOEPTQFSNOVDMFVTBѫFS%"1* TUBJOJOH S 1PMBSJ[FE QSJNBSZ FOEPTQFSN DFMM BU UIF TZO DZUJVN TUBHF TIPXJOH GPVS OVDMFJ BѫFS EBZ JO DVMUVSF T&OEPTQFSN EBZTBѫFSDVMUVSFU&OEPTQFSN EBZTBѫFS DVMUVSF V &OEPTQFSN TIPXO JO S BѫFS EBZT JO DVMUVSF $$$FOUSBMDFMM &FHHDFMM 4TQFSN 4/TQFSNOVDMFVT 3F QSJOUFEGSPN,SBO[
ɧɬ %PVCMF'FSUJMJ[BUJPOBOEUIF$PNJOHPG"HFPG1MBOU&NCSZPMPHZ
FOEPTQFSNUJTTVF JUXBTEFNPOTUSBUFEGPSUIFêSTU UJNFUIBU BUMFBTUJONBJ[F EPVCMFGFSUJMJ[BUJPODBO CFBDDPNQMJTIFEJOWJUSP)FSFBMTP UIFPTNPMBMJUZ PG UIF EJĒFSFOU NFEJB VTFE XBT GPVOE UP QMBZ BO JNQPSUBOUSPMFJOQBSUJDVMBS BTIJѫGSPNIJHIFSUP MPXFS PTNPMBMJUZ CFUXFFO UIF JTPMBUJPO PG UIF DFO USBM DFMM GVTJPO BOE DVMUVSF PG UIF GVTJPO QSPEVDU XBT GPVOE UP CF BEWBOUBHFPVT ,SBO[ FU BM ѮFTFRVFOUJBMTUFQTJOJOWJUSPEPVCMFGFSUJMJ[BUJPO JO NBJ[F BSF JMMVTUSBUFE JO 'JH Bm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ѮFTFJODMVEFUIFCFHJOOJOHPGDFMM XBMM TZOUIFTJT BT FBSMZ BT T BѫFS GVTJPO ,SBO[ FUBM
BUSJHHSJOHPG$Bí JOëVYGPSTQFSNJO DPSQPSBUJPO GPMMPXFE CZ BO FMFWBUJPO PG DZUPTPMJD $Bí UPMBVODIFHHBDUJWBUJPO %JHPOOFUFUBM "OUPJOF FU BM
DIBOHFT JO NFNCSBOF CPVOE $Bí BOE DBMNPEVMJO MFWFMT 5JSMBQVS FU BM
FYQSFTTJPOBM BCVOEBODF PG HFOFT PG DBMSFUJD VMVO B $Bí CJOEJOH QSPUFJO BOE PG TFWFSBM OPWFM SJCPTPNBMQSPUFJOTBUBCPVUI %SFTTFMIBVTFUBM C
EPXOSFHVMBUJPO PG USBOTDSJQUT PG B HFOFFODPEJOHBUSBOTMBUJPOJOJUJBUJPOGBDUPS %SFT TFMIBVTFUBMB
[ZHPUJDSFHVMBUJPOPGDFMMDZDMF HFOFT 4BVUFS FU BM
TXJUDIJOH PĒ PG FYQSFT TJPO PG HFOFT FODPEJOH EFGFOTJOSFMBUFE QSPUFJOT BѫFSGFSUJMJ[BUJPO $PSEUTFUBM
BOEDIBOHFT JONJDSPUVCVMFPSHBOJ[BUJPO )PTIJOPFUBM 1FSIBQTUIFNPTUTJHOJêDBOUêOEJOHJTUIFCVSTUPG GSFF $Bí EVSJOH FHHTQFSN GVTJPO BT UIJT IBT MFE UPGVSUIFSBOBMZTJTPGUIFSPMFPG$Bí JOUIFQSPDFTT CZUIFEFNPOTUSBUJPOUIBUBSUJêDJBMFMFWBUJPOPGDZ UPTPMJD $Bí JOEVDFE CZ $Bí JPOPQIPSFT NJNJDT TPNF TJHOT PG FHH BDUJWBUJPO PCTFSWFE EVSJOH JO WJUSP GFSUJMJ[BUJPO JO NBJ[F TVDI BT FTUBCMJTINFOU PGBDFMMVMPTJDDFMMXBMM"OUPJOFFUBM )PX
ώϖ
FWFS GVSUIFSEBUBBSFSFRVJSFEUPSFWFBMXIFUIFSUIF TQFDVMBUJWFTDFOBSJPUIBU$Bí FMFWBUJPOQMBZTBSPMF JOFHHBDUJWBUJPOEVSJOHJOWJUSPGFSUJMJ[BUJPOCFBST BOZSFMBUJPOUPUIFBDUVBMTJUVBUJPOJOWJWP &YQSFTTJPOTUVEJFTPGTUBCMFJOUFHSBUFTBTXFMMBT NJDSPJOKFDUFEGPSFJHOHFOFTJOFHHDFMMTBOE[ZHPUFT BSFCFJOHVOEFSUBLFOJOTFWFSBMMBCPSBUPSJFTVTJOH JOWJUSPGFSUJMJ[BUJPOBOEDVMUVSFTZTUFNTDPNCJOFE XJUI USBOTHFOF UFDIOPMPHZ UP EFDJQIFS UIF NPMFD VMBS CJPMPHZ PG EPVCMF GFSUJMJ[BUJPO BOE FBSMZ FN CSZPHFOFTJTBOEFOEPTQFSNGPSNBUJPOJOëPXFSJOH QMBOUT 4DIPMUFOBOE,SBO[
%PVCMF'FSUJMJ[BUJPOBOEUIF$PNJOH PG"HFPG1MBOU&NCSZPMPHZ
ѮFGPSUVJUPVTEJTDPWFSZPGEPVCMFGFSUJMJ[BUJPOMFEUP BSFOBJTTBODFPGJOUFSFTUJOBOHJPTQFSNSFQSPEVDUJWF CJPMPHZ BOE HFOFSBUFE B ëPX PG OFX JOGPSNBUJPO POUIFEFWFMPQNFOUPGUIFNBMFBOEGFNBMFHBNFUP QIZUFT FNCSZP BOEFOEPTQFSNJOBMBSHFOVNCFS PGTQFDJFTѮJTJOGPSNBUJPOTFSWFEUPDPOOFDUUIF EPUTJOUIFMJGFDZDMFPGëPXFSJOHQMBOUTJOUPBTUVO OJOHMZTJNQMFNPEFMPGBOBMUFSOBUJPOPGHFOFSBUJPOT CFUXFFO B HBNFUPQIZUJD QIBTF BOE B TQPSPQIZUJD QIBTFѮFSFTVMUJOHQJDUVSFTUSFOHUIFOFEUIFJEFB UIBUFNCSZPMPHJDBMQSPDFTTFTMJFBUUIFJOUFSGBDFPG EFWFMPQNFOUBMQBUIXBZTUIBUJOJUJBUFQIBTFDIBOHFT JOUIFMJGFDZDMFPGQMBOUT*ODMVEFEVOEFSUIFSVCSJD PGFNCSZPMPHZJOUIFBOHJPTQFSNMJGFDZDMFBSFUIF FOTFNCMFPGDIBOHFTJOWPMWFEJOTQPSPHFOFTJTBOE HBNFUPHFOFTJTJOUIFBOUIFSBOEPWVMF GFSUJMJ[BUJPO BOEUIFEFWFMPQNFOUPGUIFFNCSZPBOEFOEPTQFSN *O UIFTF JOWFTUJHBUJPOT UIF CPVOEBSZ CFUXFFO FN CSZPMPHZ DPODFSOFE XJUI UIF EFWFMPQNFOUBM QSP DFTTFT JO SFQSPEVDUJWF CJPMPHZ CFZPOE UIF TUSJDUMZ FNCSZPHFOJD QIBTF BOE FNCSZPHFOFTJT EFBMJOH XJUIUIFEFWFMPQNFOUPGUIFFNCSZPGSPNJUTTJOHMF DFMMFECFHJOOJOH XBTMFѫTPNFXIBUWBHVFBOECPUI UFSNTXFSFFWFOVTFETZOPOZNPVTMZ*ODPOUSBTUUP FNCSZPMPHZ FNCSZPHFOFTJT JO UIF TFOTF VTFE JO UIJT CPPL JT DPODFSOFE XJUI UIF XIPMF DPOTUFMMB UJPOPGFWFOUTGPMMPXJOHEPVCMFGFSUJMJ[BUJPOBOEJT SFHBSEFEBTUIFDPOUJOVVNPGQSPDFTTFTJOWPMWFEJO UIFPSJHJO HSPXUI BOEPSEFSMZEFWFMPQNFOUPGUIF [ZHPUF JOUP B GVMMZ ëFEHFE FNCSZP BOE PG UIF QSJ NBSZFOEPTQFSNOVDMFVTJOUPUIFOVUSJFOUSJDIUJT TVFPGUIFFOEPTQFSN .BIFTIXBSJ8BSEMBX 0UIFSUFSNTTVDIBTHFOFSBMFNCSZPMPHZBOE
Ϗύ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
TQFDJBM BOE DPNQBSBUJWF FNCSZPMPHZ SFDPHOJ[JOH CSPBE EJWJTJPOT XJUIJO BOHJPTQFSN FNCSZPMPHZ
FNCSZPHFOZ EFBMJOH XJUI UIF EZOBNJD BTQFDUT PG FNCSZP EFWFMPQNFOU VOEFS HFOFSBM FNCSZPMPHZ
BOE FNCSZPHFOFTJT FNCSZPUFDUPOJDT FNCSZPHFO FSHZ BOEFNCSZPOPNZ DPODFSOFEXJUIJOEJWJEVBM QIBTFT PG FNCSZPHFOZ XFSF JOUSPEVDFE CZ +PIBO TFO
CVU OPOF PG UIFN FYDFQU FNCSZPHFO FTJTUPEFTDSJCFUIFPSJHJOBOEEFWFMPQNFOUPGUIF FNCSZP IBT DBVHIU PO XJUI QMBOU CJPMPHJTUT /P EPVCU JGSFBMCPVOEBSJFTEPOPUFYJTU UIFOBSJHPS PVTQSBDUJDFPGEFêOJOHBSUJêDJBMCPVOEBSJFTNBZCF NJTMFBEJOH %VSJOHNPTUPGUIFQBTUDFOUVSZ FNCSZPHFOFTJT IBT QSPWFE UP CF QJWPUBM JO UIF BOBMZTJT PG BOJNBM BOEQMBOUEFWFMPQNFOU*UOFFETMJUUMFFNQIBTJTUP DPODMVEF UIBU JO BMM FVLBSZPUFT FNCSZPHFOFTJT JT BQIFOPNFOPOPGHSFBUDPOTFRVFODFBTJUMFBETJO NPTUDBTFTUPUIFGPSNBUJPOPGBGVODUJPOBMBEVMUPS HBOJTN FOEPXFE XJUI GVMM NVMUJDFMMVMBSJUZ TFYVBM JUZ BOETUSVDUVSF4JODFBOJNBMTBOEQMBOUT EFTQJUF UIFJS PVUXBSE EJĒFSFODFT TIBSF NBOZ DPNNPO QSJODJQMFTJOPOUPHFOZ FNCSZPTPGSFQSFTFOUBUJWFT PGCPUILJOHEPNTIBWFCFFOTUVEJFEUPBEESFTTCB TJDEFWFMPQNFOUBMQSPCMFNTTVDIBTUIFJOEVDUJPO PG QPMBSJUZ QBUUFSOJOH PG UJTTVFT BOE PSHBOT HFOF GVODUJPO BOEQPTJUJPOBMTJHOBMTJODFMMTQFDJêDBUJPO 4UVEZPGBOJNBMFNCSZPHFOFTJTDSFQUGPSXBSEBUBO VOFWFOQBDFUPDPNFPGBHFJOUIFTDPOUFNQP SBOFPVTXJUIUIFVOEFSTUBOEJOHPGUIFSPMFPGHFOFT JOEFWFMPQNFOU CSFBLJOHPGUIFHFOFUJDDPEF BOE BEWBODFT JO UIF UFDIOJRVFT PG NPMFDVMBS CJPMPHZ BOEHFOFUJDFOHJOFFSJOH XIFSFBTBѫFSBQFSJPEPG OFHMFDUBOETUBHOBUJPO UIFDPNJOHPGBHFPGQMBOU FNCSZPHFOFTJT IBT CFFO SFDFOU BOE IBT CFFO BD DPNQMJTIFEBUBOBMNPTUGSJHIUFOJOHTQFFE 3BHIB WBO 5IF$IBOHJOH4DFOF *OUIFQBTU NVDIPGPVSCBTJDLOPXMFEHFPGFNCSZP BOEFOEPTQFSNEFWFMPQNFOUJOëPXFSJOHQMBOUTIBT DPNFGSPNNPSQIPMPHJDBM IJTUPMPHJDBM DZUPMPHJDBM BOECJPDIFNJDBMJOWFTUJHBUJPOTPGTFWFSBMTQFDJFTBU POFUJNFPSPUIFSPWFSBMPOHQFSJPE)PXFWFS BGFX NPEFMTZTUFNTIBWFHFOFSBUFENPTUPGPVSDVSSFOU LOPXMFEHF BCPVU UIF HFOFUJD BOE NPMFDVMBS CJPM PHZPGFNCSZPHFOFTJTBOEFOEPTQFSNEFWFMPQNFOU 8IFO EFTDSJQUJWF BDDPVOUT PG FNCSZP EFWFMPQ
NFOUJOBOHJPTQFSNTCFHBOUPBQQFBSJOUIFT BGBJSMZDMFBSQJDUVSFPGUIFTUSVDUVSBMPSHBOJ[BUJPO PG UIF NBMF BOE GFNBMF HBNFUPQIZUFT XBT BMSFBEZ BWBJMBCMFѮFDIPJDFPG4IFQIFSETQVSTF $BQTFMMB CVSTBQBTUPSJT#SBTTJDBDFBF GPSBOJNQPSUBOUQBSU PGUIFêSTUEFTDSJQUJWFBDDPVOUPGFNCSZPEFWFMPQ NFOUJOBOHJPTQFSNTDBNFBTBHSBUJGZJOHTVSQSJTF UPMBUFSXPSLFSTJOUIFêFME CFDBVTFUIJTQMBOUIBT SFDFJWFE XJEF BDDFQUBODF BT B QBSBEJHN TQFDJFT UP GPMMPX DMFBWBHF QBUUFSOT PG FBSMZTUBHF FNCSZPT BOE USBDF UIF BODFTUSZ PG DFMMT JO B UZQJDBM FVEJDPU FNCSZP )BOTUFJO 'PS OFBSMZ ZFBST GPM MPXJOH UIF XPSL PO $ CVSTBQBTUPSJT UIF êFME PG EFTDSJQUJWFFNCSZPMPHZ JOWPMWJOHOPUPOMZUIFTFH NFOUBUJPO QBUUFSOT PG FNCSZPT CVU BMTP FWFOUT PG NJDSP BOE NFHBTQPSPHFOFTJT BOE HBNFUPHFOFTJT BOEFOEPTQFSNEFWFMPQNFOUJOQMBOUTCFMPOHJOHUP XJEFMZTDBUUFSFEGBNJMJFT FNFSHFEBTBQSFFNJOFOU êFMEPGTUVEZѮFTFJOWFTUJHBUJPOTQSPWJEFEBNQMF FWJEFODFPGUIFEJWFSTJUZJOUIFQBUUFSOPGDFMMEJWJ TJPOTEVSJOHUIFEFWFMPQNFOUBOEPSHBOJ[BUJPOPG FNCSZPTPGFVEJDPUTBOENPOPDPUTUPTVHHFTUUIBU DFMM MJOFBHFT EVSJOH FNCSZP EFWFMPQNFOU BSF QSP HSBNNFECZBCMVFQSJOUDIBSBDUFSJTUJDPGFBDITQF DJFTѮFZBMTPMFEUPBOBQQSFDJBUJPOPGUIFSPMFPG UIFTVTQFOTPSBOEJUTCJ[BSSFIBVTUPSJBMPVUHSPXUIT JO BODIPSJOH UIF FNCSZP BOE QPTJUJPOJOH JU JO SF MBUJPO UP UIF FOEPTQFSN BOE TFFE UJTTVFT BOE PG BQPNJYJT JO TIPSUDJSDVJUJOH UIF TFYVBM QBUIXBZ PG SFQSPEVDUJPO JO UIF GPSNBUJPO PG WJBCMF TFFET .BIFTIXBSJ 8BSEMBX &NCSZPMPHJ DBMEBUBXFSFVTFEJOMBUFSJOWFTUJHBUJPOTUPJEFOUJGZ GPSSFBMJHONFOUEPVCUGVMHFOFSBBOETQFDJFTEFMJN JUFETPMFMZPOUIFCBTJTPGWFHFUBUJWFDIBSBDUFSTBOE ëPSBM NPSQIPMPHZ #Z QSPWJEJOH B OFX MFWFM PG JO GPSNBUJPO UIFTFJOWFTUJHBUJPOTPQFOFEVQUIFêFME PG DPNQBSBUJWF FNCSZPMPHZ GPS TPMWJOH EJTQVUFE UBYPOPNJD BTTJHONFOUT PG ëPXFSJOH QMBOUT )FSS )PXFWFS HJWFOUIBUOFBSMZ TQFDJFTPG ëPXFSJOHQMBOUTIBWFCFFODBUBMPHFEBOEJEFOUJêFE FNCSZPBOEFOEPTQFSNEFWFMPQNFOUIBTCFFOBE FRVBUFMZEFTDSJCFEJOPOMZBGSBDUJPOPGUIJTOVNCFS +PISJFUBM #FHJOOJOH JO UIF T BEWBODFT NBEF JO UIF êFMETPGQMBOUQIZTJPMPHZ CJPDIFNJTUSZ BOEHFOFU JDT BOESFêOFNFOUTJOUIFDVMUVSFPGQMBOUPSHBOT UJTTVFT DFMMT BOE QSPUPQMBTUT VOEFS BTFQUJD DPOEJ UJPOT MFEUPBTXJOHPGUIFTQPUMJHIUJOSFTFBSDIJO QMBOU FNCSZPMPHZ GSPN EFTDSJQUJWF BOE DPNQBSB UJWFPOUPFYQFSJNFOUBM"GPDVTBSFBPGSFTFBSDIJO
ɧɬ %PVCMF'FSUJMJ[BUJPOBOEUIF$PNJOHPG"HFPG1MBOU&NCSZPMPHZ
FYQFSJNFOUBMFNCSZPMPHZXBTUJTTVFDVMUVSFJOWPMW JOHUIFJTPMBUJPOBOEDVMUVSFPGFNCSZPTPGEJĒFSFOU BHFT JO EFêOFE NFEJB êSTU JOUSPEVDFE CZ )BOOJH ѮFTFTUVEJFTQSPWJEFE JOUIFJSCBTJDUFOFUT BO JOWBMVBCMF HVJEF UP UIF UZQF PG OVUSJFOUT OFDFT TBSZUPHSPXFNCSZPTPGEJĒFSFOUBHFTPVUTJEFUIF FOWJSPONFOU PG UIF PWVMF FBSMZTUBHF FNCSZPT CPNCBSEFEBTUIFZBSFJOUIFOBUVSBMIBCJUBUPGUIF FNCSZPTBDXJUIOVUSJFOUTVCTUBODFTQSFTFOUJOUIF FOEPTQFSN SFRVJSFDPNQMFYFYPHFOPVTMZTVQQMJFE NFUBCPMJUFTUPNBYJNJ[FUIFJSDIBODFTGPSTVSWJWBM BOEHSPXUI XIFSFBTMBUFTUBHFFNCSZPT FTQFDJBMMZ TFFEFNCSZPTDBOCFOVSUVSFEUPUIFTUBHFPGTFFE MJOHQMBOUTJOSFMBUJWFMZTJNQMFNFEJBDPOTJTUJOHPG NJOFSBM TBMUT BOE B DBSCPO FOFSHZ TPVSDF TVDI BT TVDSPTF ѮJT DPOêSNFE XIBU XBT TVTQFDUFE GSPN PUIFS TUVEJFT JF UIBU FBSMZTUBHF FNCSZPT BSF IFUFSPUSPQIJD BOE EFQFOE PO UIF OVUSJFOU NBUFSJ BMT QSFTFOU JO UIF FOEPTQFSN XIFSFBT MBUFTUBHF FNCSZPTBSFBVUPUSPQIJDBOEBSFBCMFUPTZOUIFTJ[F UIFBSSBZPGNFUBCPMJUFTOFDFTTBSZGPSUIFJSHSPXUI 3BHIBWBOB 5P DBSSZ GPSXBSE UIF DPODFQU PG FYQFSJNFOUBM FNCSZPMPHZ UJTTVFDVMUVSFBQQSPBDIFTIBWFTIPXO UIBUTJOHMFTPNBUJDDFMMTBOEQPMMFOHSBJOTPGNBOZ BOHJPTQFSNT BOEBGFXHZNOPTQFSNT DBOHJWFSJTF UPGFSUJMFQMBOUT TJNVMBUJOHTUBHFTTUSPOHMZSFNJOJT DFOUPGOPSNBMFNCSZPHFOFTJTCZQSPDFTTFTLOPXO BT TPNBUJD FNCSZPHFOFTJT BOE QPMMFO FNCSZPHFO FTJT SFTQFDUJWFMZ TFF ѮPSQF BOE 4UBTPMMB 5PVSBFW FU BM GPS SFWJFXT ѮJT IJHIMJHIUT UIFJOUFSFTUJOHGBDUUIBU XIFSFBTUIF[ZHPUFQBTTFT UISPVHIDZDMFTPGHSPXUIBOEEJWJTJPOUPEJĒFSFOUJ BUFJOUPBOFNCSZP TPNBUJDDFMMTBOEQPMMFOHSBJOT GPMMPX EFEJĒFSFOUJBUJWF QBUIXBZT UP GPSN FNCSZP MJLF TUSVDUVSFT ѮF BEWBOUBHFT JOIFSFOU JO UIF DMPOBMNVMUJQMJDBUJPOPGQMBOUTCZTPNBUJDFNCSZP HFOFTJTBOEJOUIFQSPEVDUJPOPGJTPHFOJDIBQMPJET CZ BOUIFS BOE QPMMFO DVMUVSF UFDIOJRVFT BSF FOPS NPVTBOEBSFCFJOHFYQMPJUFEJOIPSUJDVMUVSBMBOE CSFFEJOHQSBDUJDFT (FOFUJDBOE.PMFDVMBS4UVEJFTPG&NCSZP HFOFTJTBOE&OEPTQFSN%FWFMPQNFOU "MUIPVHI SPCVTU FNCSZPMPHJDBM JOWFTUJHBUJPOT PG WFSZ NBOZ BEEJUJPOBM TQFDJFT PG ëPXFSJOH QMBOUT XJMM CF OFDFTTBSZ UP FOMBSHF UIF EBUBCBTF PG XJME UZQFSFMBUJWFTPGDVMUJWBUFEDSPQQMBOUT UIFOFFEGPS
Ϗώ
UIJT XPSL XBT PWFSTIBEPXFE CZ EFWFMPQNFOUT JO NPMFDVMBS CJPMPHZ BOE HFOFUJDT UP TUVEZ ëPXFSJOH QMBOU FNCSZPMPHZ ѮJT IFSBMEFE UIF OFYU GSPOUJFS UIF êFME PG NPMFDVMBS FNCSZPMPHZ .BKPS JOTJHIUT JOUPUIFHFOFUJDBOENPMFDVMBSTZTUFNTUIBUVOEFS MJFUIFQSPHSFTTJWFEFWFMPQNFOUPGUIFFNCSZPBOE FOEPTQFSNPGBOHJPTQFSNTIBWFCFDPNFQPTTJCMFCZ ESBXJOHMBSHFMZPOUIFFYQFSJNFOUBMBEWBOUBHFTPG "SBCJEPQTJT XIJDIIBTOPXFOUFSFEUIFQBOUIFPOPG QMBOUNPEFMTZTUFNT*OEFFE JUJTXJUIJOUIJTTNBMM QMBOU PѫFO DBMMFE XBMM DSFTT PS NPVTFFBS DSFTT UIBUPVSVOEFSTUBOEJOHPGOPUPOMZUIFHFOFUJDBOE NPMFDVMBSDPOUSPMPGFNCSZPHFOFTJT CVUBMTPPGUIF XIPMF TQFDUSVN PG EFWFMPQNFOUBM FQJTPEFT JO UIF MJGF PG B ëPXFSJOH QMBOU JT NPTU BEWBODFE "SBCJ EPQTJTIBTOFBSMZFWFSZDIBSBDUFSJTUJDUIBUPOFDPVME XJTI GPS JO B NPEFM TZTUFN JO QBSUJDVMBS B TIPSU MJGFDZDMFPGmXFFLT DPVQMFEXJUIUIFNBKPSNP MFDVMBSBEWBOUBHFTPGBTNBMMHFOPNFXJUIBIBQMPJE %/" PG LC QBJST JO KVTU êWF DISPNPTPNFT BOEBMPXSFQFUJUJWF%/"DPOUFOUѮFSJDIHFOFUJD QPUFOUJBMPGUIFQMBOUIBTCFFOGVSUIFSFOIBODFECZ UIFDPNQMFUFTFRVFODJOHPGJUTFOUJSFHFOPNF ѮF "SBCJEPQTJT(FOPNF*OJUJBUJWF *O BO BTTBVMU PO B HFOF PG BO PSHBOJTN UIF XFBQPO PG DIPJDF JT JOëJDUJPO PG NVUBUJPOT ѮF HFOFUJDBOENPMFDVMBSBOBMZTJTPGFNCSZPEFWFMPQ NFOUJO"SBCJEPQTJTIBTCFFOBJEFEJOMBSHFQBSUCZ UIF TZTUFNBUJD JTPMBUJPO BOE BOBMZTJT PG NVUBUJPOT UIBUBĒFDUJOBOJOGPSNBUJWFXBZWJSUVBMMZFWFSZBT QFDUPGFNCSZPEFWFMPQNFOUGSPNUIFNPSQIPMPHZ PGUIFNBUVSFFNCSZPEPXOUPUIFFBSMZTUBHFFN CSZPHFOFSBUFECZUIFêSTUGFXSPVOETPGEJWJTJPOPG UIF[ZHPUF.PTUHFOFUJDTDSFFOTIBWFCFFOQIFOP UZQFESJWFOPODFUIFNVUBOUHFOFIBTCFFODMPOFE UIFSFBMXPSLCFHJOTJOBUUFNQUTUPMJOLHFOFBDUJPO JO UIF [ZHPUF BOE JUT JNNFEJBUF EJWJTJPO QSPEVDUT UPQSPHSFTTJWFFNCSZPHFOFTJT EJTTFDUDPNQMFYQIF OPNFOB BOEJMMVNJOBUFOFXJTTVFT'SPNUIFTFBOE PUIFSTUVEJFT XIJDIIBWFUISVTU"SBCJEPQTJTUPUIF GPSFGSPOU BT B IBQQZ IVOUJOH HSPVOE GPS FNCSZP EFWFMPQNFOUBMNVUBOUT FWJEFODFIBTFNFSHFEUIBU QBUUFSO GPSNBUJPO NPSQIPHFOFTJT BOE DZUPEJĒFS FOUJBUJPOPGUIFFNCSZPBSFSFHVMBUFEJOEFQFOEFOUMZ CZ EJĒFSFOU TFUT PG HFOFT .FJOLF 1SPHSFTT IBT BMTP CFFO NBEF JO JTPMBUJOH FNCSZPEFGFDUJWF NVUBOUT GSPN NBJ[F $MBSL BOE 4IFSJEBO
SJDF 0SZ[B TBUJWB1PBDFBF )POH FU BM
BOE QFB 1JTVNTBUJWVN'BCBDFBF-JVFUBM CVJMU PO UIF SJDI HFOFUJD MFHBDZ PG UIFTF QMBOUT 4UVEJFT
ϏϏ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
PG "SBCJEPQTJT NVUBOUT TDSFFOFE GPS FOEPTQFSN EFWFMPQNFOU JO VOGFSUJMJ[FE PWVMFT IBWF SFWFBMFE UIBUHFOFTJTPGUIFFOEPTQFSNCZUIFEJWJTJPOPGUIF QSJNBSZFOEPTQFSNOVDMFVTJTSFHVMBUFECZBTFUPG HFOFTXIPTFQSPUFJOQSPEVDUTBDUBTHFOFTJMFODFST BOEIBWFMFEUPSFOFXFEJOUFSFTUJOUIFDPODFQUPG HFOPNJD JNQSJOUJOH (SPTTOJLMBVT FU BM 4 SFOTFOFUBM 1SPCMFNTBOE1SPTQFDUT 3FTFBSDIPOUPQJDTJOUIFFNCSZPMPHZPGëPXFSJOH QMBOUT FTQFDJBMMZ FNCSZPHFOFTJT BOE FOEPTQFSN EFWFMPQNFOU TFFNTUPIBWFBUUBJOFEBTVēDJFOUEF HSFF PG TPQIJTUJDBUJPO UP UBLF JUT QMBDF BNPOH UIF NPTUFYDJUJOHBOEBDUJWFBSFBTPGTUVEZJOQMBOUEF WFMPQNFOU XFMMBIFBEPGPUIFSBSFBTPGQMBOUSFQSP EVDUJWF CJPMPHZ BOE PO B MFWFM OFBSMZ DPNQBSBCMF UP BOJNBM FNCSZPHFOFTJT ѮF NPNFOUVN PG DVS SFOU SFTFBSDI FĒPSUT VTJOH UIF XIPMF NPEFSO CBH PG USJDLT PG HFOFUJDT BOE CJPUFDIOPMPHZ IBT MFE UP UIFDSFBUJPOPGSJDFHFOFUJDBMMZFOHJOFFSFEUPNBLF ʃDBSPUFOFJOJUTFOEPTQFSNDFMMTѮJTSJDF EVCCFE AHPMEFO SJDF CFDBVTF PG JUT QBMF ZFMMPX DPMPS XIFO QPMJTIFEBTDPNQBSFEUPQFBSMZXIJUFPSEJOBSZSJDF BOE JUT HSFBU IVNBOJUBSJBO JOUFOU UP JNQSPWF UIF MJWFTPGNJMMJPOTXIPEFQFOEVQPOSJDFBTBTUBQMF EJFU IBT FWFO DBVHIU UIF BUUFOUJPO PG UIF QPQVMBS QSFTT /BTI 6OGPSUVOBUFMZ UJOLFSJOH XJUI HFOFTPGFNCSZPTPGëPXFSJOHQMBOUTIBTQSPEVDFE TPNF EBSL DMPVET PO UIF IPSJ[PO XJUI QSPGPVOE TPDJBM FUIJDBM QIJMPTPQIJDBM BOE FDPOPNJD JNQMJ DBUJPOTѮJTJTUIFEFWFMPQNFOUPGUIFAUFSNJOBUPS UFDIOPMPHZ UIBU EPFT OPU BMMPX FNCSZPT UP HSPX JOUP TFFEMJOHT XIFO TFFET BSF TPXO GPS B DSPQ JO UIFOFYUHFOFSBUJPOmBOBHFPMEQSBDUJDFPGGBSNFST XIPTBWFUIFJSCFTUTFFETGSPNPOFZFBSTIBSWFTUGPS QMBOUJOHJOBTVCTFRVFOUHSPXJOHTFBTPOѮFUFDI OPMPHJDBMGFBUEVCCFEATVJDJEFTFFETIBTBMTPOPUFT DBQFENFEJBTDSVUJOZ ,MVHFS *UJTTPNFUIJOH PGBOJSPOZUIBUBêFMEPGSFTFBSDIUIBUQSPNJTFTTP NVDI IPQF GPS FDPOPNJD CSFBLUISPVHIT BMTP QPS UFOET EJTBTUFS GPS GBSNFST BOE FWFO UISFBUFOT UP SVJOUIFFDPOPNZPGTPNFDPVOUSJFT *OBEEJUJPOUPQFSJPEJDSFWJFXT TZNQPTJVNWPM VNFT BOENVMUJBVUIPSFEQVCMJDBUJPOTmUPPNBOZ UP MJTU IFSF m UIBU SFDPSE UIF QSPHSFTT PG SFTFBSDI PO TFMFDUFE UPQJDT JO UIF SFQSPEVDUJWF CJPMPHZ PG
ëPXFSJOH QMBOUT DPWFSJOH UIF QFSJPE GSPN BCPVU UP UIF QSFTFOU CPPLT IBWF CFFO XSJUUFO UP DISPOJDMF BOE TZOUIFTJ[F JO EFUBJM UIF BDDPNQMJTI NFOUTJOEFTDSJQUJWFBOEDPNQBSBUJWF $PVMUFSBOE $IBNCFSMBJO 4DIOBSG +PIBOTFO .BIFTIXBSJ%BWJT+PISJFUBM-FS TUFO
FYQFSJNFOUBM 8BSEMBX3BHIBWBO
BOENPMFDVMBS 3BHIBWBO BTQFDUT PGFNCSZPHFOFTJTBOEFOEPTQFSNEFWFMPQNFOU"M UIPVHI UIFSF JT UIVT OP EFBSUI PG MJUFSBUVSF JO UIF êFME UIJTCPPLJTJOUFOEFEUPQSFTFOUBOJOUFHSBUFE QJDUVSFPGëPXFSJOHQMBOUFNCSZPHFOFTJTBOEFOEP TQFSN EFWFMPQNFOU XJUI FNQIBTJT PO UPQJDT UIBU IBWF CFDPNF UIF DFOUSBM GPDVT GPS SFTFBSDI JO SF DFOUZFBSTѮFDIBQUFSTUIBUGPMMPXDBOUIFSFGPSFCF DPOTJEFSFEBTTUBUFPGUIFBSUBDDPVOUTPGQVCMJTIFE SFTFBSDIUPQSPCFUIFEFWFMPQNFOUBMCJPMPHZPGUIF FNCSZPBOEFOEPTQFSN"ENJUUFEMZ NVDIPGUIJT XPSLJTCBTFEPONPEFMTZTUFNTTVDIBT"SBCJEPQ TJTBOENBJ[F ZFUSFTFBSDIPONPEFMTZTUFNTNJHIU QSPWJEFCPUIBOFYDJUJOHBOEBGSVJUGVMCBDLHSPVOE UPUIPTFXIPXBOUUPLFFQBCSFBTUPGEFWFMPQNFOUT UIBU XJMM SPMM GPSXBSE JO UIF OFYU GFX ZFBST JO UIF QMBOU TDJFODF TDFOF SFMBUJOH UP UIF UIFNFT DPOTJE FSFEJOUIJTCPPL*UJTMJLFMZUIBUNBOZHFOFUJDBOE NPMFDVMBS DPOUSPM TZTUFNT BDUJWF JO QPTUGFSUJMJ[B UJPO FWFOUT JO ëPXFSJOH QMBOUT XJMM IBWF QBSBMMFMT JOBOJNBMFNCSZPHFOFTJTBNBKPSUISVTUPGGVUVSF TUVEJFTJOUIJTDPOUFYUMJFTJOEFUFSNJOJOHUIFFYUFOU PG QBSUJDJQBUJPO JO BOHJPTQFSN SFQSPEVDUJWF CJPM PHZ PG HFOFT BOE HFOF QSPEVDUT JNQMJDBUFE JO UIF FNCSZPHFOFTJTPGBOJNBMT
$PODMVEJOH$PNNFOUT
*OTJHIU JOUP UIF FTTFOUJBM SPMF PG B TFDPOE GFSUJMJ[B UJPOFWFOUJOUIFGPSNBUJPOPGFOEPTQFSNJOBOHJP TQFSN TFFET DBNF BCPVU BT B SFTVMU PG UIF EJTDPW FSZ PG EPVCMF GFSUJMJ[BUJPO ѮF BHFPME JOUFSFTU JO JNQSPWJOH DSPQ FēDJFODZ êSTU XJUI IZCSJEJ[BUJPO UFDIOJRVFT BOE JO MBUFS ZFBST XJUI UJTTVF DVMUVSF CBTFE BOE CJPUFDIOPMPHJDBM BQQSPBDIFT NBZ CF USBDFE UP UIF EJTDPWFSZ PG EPVCMF GFSUJMJ[BUJPO BOE PVS BCJMJUZ UP JOUFSWFOF JO UIF OPSNBM TFYVBM SF QSPEVDUJWF QSPDFTTFT PG QMBOUT &MVEJDBUJPO PG UIF DFMM CJPMPHZ PG EPVCMF GFSUJMJ[BUJPO IBT CFFO GBDJMJ UBUFECZJOWFTUJHBUJPOTVOEFSUBLFOEVSJOHUIFQBTU ZFBST NPTU JNQPSUBOUMZ PO UIF êOF TUSVDUVSBM
EFUBJMTPGEPVCMFGFSUJMJ[BUJPOBOEUIFSPMFPGTZOFS HJETJOUIFQSPDFTT BTXFMMBTPOUIFEFWFMPQNFOUPG UFDIOJRVFTUPJTPMBUFFHHBOETQFSNDFMMTBOEUIFJS VTF JO JO WJUSP GFSUJMJ[BUJPO "ѫFS B MPOH QFSJPE PG OFHMFDU PO UIF FWPMVUJPOBSZ GSPOU UIF EJTDPWFSZ PG UXP SVEJNFOUBSZ GFSUJMJ[BUJPO FWFOUT JO DFSUBJO HOFUBMFBO HFOFSB BOE UIF JEFOUJêDBUJPO CBTFE PO NPMFDVMBS EBUB PG OFX QIZMPHFOFUJD SFMBUJPOTIJQT PGFYUBOUTFFEQMBOUTBSFCFHJOOJOHUPSFTIBQFPVS UIJOLJOHBCPVUUIFPSJHJOPGEPVCMFGFSUJMJ[BUJPOBOE UIFFWPMVUJPOBSZFRVJWBMFODFPGUIFUXPGFSUJMJ[BUJPO QSPDFTTFTѮFTFJOWFTUJHBUJPOTIBWFHFOFSBUFEOFX JOUFSFTUJONBOZGVOEBNFOUBMRVFTUJPOTBCPVUEPV CMFGFSUJMJ[BUJPO JODMVEJOHUIFFWPMVUJPOBSZIJTUPSZ PGUIFFOEPTQFSNBTBOFNCSZPOPVSJTIJOHUJTTVF UIFOBUVSFPGUIFTJHOBMTBDUJWBUFEBUEJĒFSFOUUJNFT EVSJOH UIF PEZTTFZ PG UIF QPMMFO UVCF UIF NFDIB OJTUJD BTQFDUT PG UIF NPWFNFOU PG TQFSN DFMMT UP UIFJSGFNBMFUBSHFUDFMMT BOEUIFNPMFDVMBSCBTJTPG HFOFFYQSFTTJPOJOUIFQSPEVDUTPGEPVCMFGFSUJMJ[B UJPO ѮVT EPVCMF GFSUJMJ[BUJPO IBT OPU POMZ UBLFO EFFQSPPUTJOUIFSFQSPEVDUJWFCJPMPHZPGëPXFSJOH QMBOUT CVUIBTBMTPCSBODIFEPVUJONBOZVOBOUJDJ QBUFEEJSFDUJPOT "DLOPXMFEHFNFOU1BSUTPGUIJTDIBQUFSBSFGSPNUIF 5BOTMFZSFWJFXCZUIFBVUIPSFOUJUMFEi4PNFSFëFD UJPOTPOEPVCMFGFSUJMJ[BUJPO GSPNJUTEJTDPWFSZUP UIF QSFTFOUu /FX 1IZUPMPHJTU m 3FQSPEVDFE XJUI QFSNJTTJPO PG UIF /FX 1IZUPMP HJTU5SVTU ¥
ӻ ĞğĞīĞħĜĞĬ "OUPJOF "' 'BVSF +& $PSEFJSP 4 %VNBT $ 3PVHJFS . 'FJKÓ +" " DBMDJVN JOëVY JT USJHHFSFE BOE QSPQ BHBUFT JO UIF [ZHPUF BT B XBWFGSPOU EVSJOH JO WJUSP GFS UJMJ[BUJPO PG ëPXFSJOH QMBOUT 1SPD /BUM "DBE 4DJ 64" m "OUPJOF"' 'BVSF+& %VNBT$ 'FJKÓ+" %JĒFSFO UJBM DPOUSJCVUJPO PG DZUPQMBTNJD $í BOE $Bí JOëVY UP HBNFUFGVTJPOBOEFHHBDUJWBUJPOJONBJ[F/BU$FMM#JPM m "SFLBM(% /BHFOESBO$3 &NCSZPTBDPG)ZESPCSZ PQTJTTFTTJMJT 1PEPTUFNBDFBF mPSJHJO PSHBOJ[BUJPOBOE TJHOJêDBODF#PU/PUm #BUUBHMJB& ѮFFNCSZPTBDPG1PEPTUFNBDBFmBOJO UFSQSFUBUJPO$BSZPMPHJBm #PXF -. $PBU ( EF1BNQIJMJT $8 1IZMPHFOZ PG TFFE QMBOUT CBTFE PO BMM UISFF HFOPNJD DPNQBSUNFOUT FYUBOU HZNOPTQFSNT BSF NPOPQIZMFUJD BOE (OFUBMFT DMPTFTU SFMBUJWFT BSF DPOJGFST 1SPD /BUM "DBE 4DJ 64" m
3FGFSFODFT
Ϗϐ
$BSNJDIBFM+4 'SJFENBO8& %PVCMFGFSUJMJ[BUJPOJO (OFUVNHOFNPOUIFSFMBUJPOTIJQCFUXFFOUIFDFMMDZDMF BOETFYVBMSFQSPEVDUJPO1MBOU$FMMm $BSNJDIBFM+4 'SJFENBO8& %PVCMFGFSUJMJ[BUJPOJO (OFUVN HOFNPO (OFUBDFBF JUT CFBSJOH PO UIF FWPMV UJPOPGTFYVBMSFQSPEVDUJPOXJUIJOUIF(OFUBMFTBOEUIF "OUIPQIZUFDMBEF"N+#PUm $BTT %% "O VMUSBTUSVDUVSBM BOE /PNBSTLJJOUFSGFS FODFTUVEZPGUIFTQFSNTPGCBSMFZ$BO+#PUm $BTT%% +FOTFO8" 'FSUJMJ[BUJPOJOCBSMFZ"N+#PU m $BTT %% -BVSJF +% &NCSZP TBD *TPMBUJPO BOE NB OJQVMBUJPO *O #IPKXBOJ 44 4PI 8: FET $VSSFOU USFOET JO UIF FNCSZPMPHZ PG BOHJPTQFSNT ,MVXFS %PS ESFDIU QQm $IBVCBM3 3FHFS#+ 3FMBUJWFMZIJHIDBMDJVNJTMPDBM J[FEJOTZOFSHJEDFMMTPGXIFBUPWBSJFT4FY1MBOU3FQSPE m $IBVCBM 3 3FHFS #+ $BMDJVN JO UIF TZOFSHJE DFMMT BOE PUIFS SFHJPOT PG QFBSM NJMMFU PWBSJFT 4FY 1MBOU 3F QSPEm $IBVEIVSZ". .JOH- .JMMFS$ $SBJH4 %FOOJT&4 1FB DPDL8+ 'FSUJMJ[BUJPOJOEFQFOEFOUTFFEEFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB 1SPD /BUM "DBE 4DJ 64" m $IBX4. 1BSLJOTPO$- $IFOH: 7JODFOU5. 1BMNFS+% 4FFEQMBOUQIZMPHFOZJOGFSSFEGSPNBMMUISFFQMBOU HFOPNFT NPOPQIZMZ PG FYUBOU HZNOPTQFSNT BOE PSJ HJOPG(OFUBMFTGSPN$POJGFST1SPD/BUM"DBE4DJ64" m $IPQSB3/ .VLLBEB"+ (BNFUPHFOFTJTBOEQTFVEP FNCSZP TBD JO *OEPUSJTUJDIB SBNPTJTTJNB 8JHIU WBO 3PZFO1IZUPNPSQIPMPHZm $ISJTUFOTFO $" ,JOH &+ +PSEBO +3 %SFXT (/ .FHBHBNFUPHFOFTJTJO"SBCJEPQTJTXJMEUZQFBOEUIF(G NVUBOU4FY1MBOU3FQSPEm $ISJTUFOTFO$" (PSTJDI48 #SPXO3) +POFT-( #SPXO + 4IBX+. %SFXT(/ .JUPDIPOESJBM('"JTSF RVJSFEGPSTZOFSHJEDFMMEFBUIJO"SBCJEPQTJT1MBOU$FMM m $MBSL +, 4IFSJEBO 8' *TPMBUJPO BOE DIBSBDUFSJ[B UJPOPGFNCSZPTQFDJêDNVUBUJPOTPGNBJ[F1MBOU$FMM m $PDVDDJ" +FOTFO8" 0SDIJEFNCSZPMPHZNFHBHB NFUPQIZUFPG&QJEFOESVNTDVUFMMBGPMMPXJOHGFSUJMJ[BUJPO "N+#PUm $PSEUT4 #BOUJO+ 8JUUJDI1& ,SBO[& -ÕS[) %SFTTFMIBVT 5 ;N&4 HFOFT FODPEF QFQUJEFT XJUI TUSVDUVSBM IPNPMPHZUPEFGFOTJOTBOEBSFTQFDJêDBMMZFYQSFTTFEJO UIFGFNBMFHBNFUPQIZUFPGNBJ[F1MBOU+m $PVMUFS +. $IBNCFSMBJO $+ .PSQIPMPHZ PG BOHJP TQFSNT .PSQIPMPHZPGTQFSNBUPQIZUFT1BSU** "QQMF UPO /FX:PSL E"MBTDJP%FTDIBNQT3 &UVEFVMUSBTUSVDUVSBMFEFMB EPVCMF GÊDPOEBUJPO DIF[ MF -JOVN DBUIBSUJDVN - $ 3 "DBE4DJ1BSJT%m %BWJT(- 4ZTUFNBUJDFNCSZPMPHZPGUIFBOHJPTQFSNT 8JMFZ /FX:PSL %JCPMM"( 'JOFTUSVDUVSBMEFWFMPQNFOUPGUIFNFHB HBNFUPQIZUF PG ;FB NBZT GPMMPXJOH GFSUJMJ[BUJPO "N + #PUm
Ϗϑ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
%JHPOOFU$ "MEPO% -FEVD/ %VNBT$ 3PVHJFS. 'JSTUFWJEFODFPGBDBMDJVNUSBOTJFOUJOëPXFSJOHQMBOUT BUGFSUJMJ[BUJPO%FWFMPQNFOUm %PZMF +" %POPHIVF .+ 4FFE QMBOU QIZMPHFOZ BOE UIFPSJHJOPGBOHJPTQFSNTBOFYQFSJNFOUBMDMBEJTUJDBQ QSPBDI#PU3FWm %SFTTFMIBVT 5 )BHFM $ -ÕS[ ) ,SBO[ & *TPMBUJPO PGBGVMMMFOHUID%/"FODPEJOHDBMSFUJDVMJOGSPNB1$3 MJCSBSZPGJOWJUSP[ZHPUFTPGNBJ[F1MBOU.PM#JPMm %SFTTFMIBVT5 $PSEUT4 -ÕS[) B "USBOTDSJQUFODPE JOHUSBOTMBUJPOJOJUJBUJPOGBDUPSF*'"JTTUPSFEJOVOGFS UJMJ[FEFHHDFMMTPGNBJ[F1MBOU.PM#JPMm %SFTTFMIBVT5 $PSEUT4 )FVFS4 4BVUFS. -ÕS[) ,SBO[ & C /PWFMSJCPTPNBMHFOFTGSPNNBJ[FBSFEJĒFS FOUJBMMZFYQSFTTFEJOUIF[ZHPUJDBOETPNBUJDDFMMDZDMFT .PM(FO(FOFUm %SFXT(/ :BEFHBSJ3 %FWFMPQNFOUBOEGVODUJPOPG UIF BOHJPTQFSN GFNBMF HBNFUPQIZUF "OOV 3FW (FOFU m %VNBT $ ,OPY 3# .D$PODIJF $" 3VTTFMM 4% &NFSHJOHQIZTJPMPHJDBMDPODFQUTJOGFSUJMJ[BUJPO8IBUT /FX1MBOU1IZTJPMm &OHFM .- $IBCPVE " %VNBT $ .D$PSNJDL 4 4QFSNDFMMTPG;FBNBZTIBWFBDPNQMFYDPNQMFNFOUPG N3/"T1MBOU+m &SEFMTLÃ 0 $POUSJCVUJPO UP UIF TUVEZ PG GFSUJMJ[B UJPOJOUIFMJWJOHFNCSZPTBD*O-JOTLFOT)' FE 'FS UJMJ[BUJPO JO IJHIFS QMBOUT /PSUI)PMMBOE "NTUFSEBN QQm &SEFMTLÃ0 .JDSPDJOFNBUPHSBQIJDBMJOWFTUJHBUJPOPG UIF GFNBMF HBNFUPQIZUF GFSUJMJ[BUJPO BOE FBSMZ FNCSZP BOE FOEPTQFSN EFWFMPQNFOU *O &SEFMTLÃ 0 FE 'FS UJMJ[BUJPO BOE FNCSZPHFOFTJT JO PWVMBUFE QMBOUT 7&%" #SBUJTMBWB QQm &SEFMTLÃ 0 %VCPWÃ + %PVCMF GFSUJMJTBUJPO PG BOHJP TQFSNT m UIF PSJHJO BOE UIF TJHOJêDBODF PG ëPXFSJOH QMBOUT EPVCMF GFSUJMJTBUJPO #JPMPHJB m 'BOH ,' 4VO .9 ,SBO[ & ;IPV $ *O WJUSP BOE JO TJUV MPDBMJ[BUJPO PG DPODBOBWBMJO " BOE XIFBU HFSN BHHMVUJOJOCJOEJOHTJUFTPOUIFTVSGBDFPGGFNBMFDFMMTJO 5PSFOJBGPVSOJFSJ-*TS+1MBOU4DJm 'BVSF +& %PVCMF GFSUJMJ[BUJPO JO ëPXFSJOH QMBOUT EJTDPWFSZ TUVEZNFUIPETBOENFDIBOJTNT$3"DBE4DJ 1BSJT4DJEFMBWJFm 'BVSF+& %VNBT$ 'FSUJMJ[BUJPOJOëPXFSJOHQMBOUT /FXBQQSPBDIFTGPSBOPMETUPSZ1MBOU1IZTJPMm 'BVSF+& .PHFOTFO)- %VNBT$ -ÕS[) ,SBO[& ,BSZPHBNZ BѫFS FMFDUSPGVTJPO PG TJOHMF FHH BOE TQFSN DFMM QSPUPQMBTUT GSPN NBJ[F DZUPMPHJDBM FWJEFODF BOE UJNFDPVSTF1MBOU$FMMm 'BVSF +& %JHPOOFU $ %VNBT $ "O JO WJUSP TZT UFN GPS BEIFTJPO BOE GVTJPO PG NBJ[F HBNFUFT 4DJFODF m 'BVSF+& 3PUNBO/ 'PSUVOF1 %VNBT$ 'FSUJMJ[B UJPO JO "SBCJEPQTJT UIBMJBOB XJME UZQF EFWFMPQNFOUBM TUBHFTBOEUJNFDPVSTF1MBOU+m 'BVSF +& 3VTDIF .- ѮPNBT " ,FJN 1 %VNBT $ .P HFOTFO )- 3PVHJFS . $IBCPVE " %PVCMF GFS UJMJ[BUJPO JO NBJ[F UIF UXP NBMF HBNFUFT GSPN B QPM MFO HSBJO IBWF UIF BCJMJUZ UP GVTF XJUI FHH DFMMT 1MBOU + m
'MPZE4, 'SJFENBO8& &WPMVUJPOPGFOEPTQFSNEF WFMPQNFOUBMQBUUFSOTBNPOHCBTBMëPXFSJOHQMBOUT*OU+ 1MBOU4DJ4m4 'MPZE4, 'SJFENBO8& %FWFMPQNFOUBMFWPMVUJPOPG FOEPTQFSN JO CBTBM BOHJPTQFSNT FWJEFODF GSPN "NCP SFMMB "NCPSFMMBDFBF
/VQIBS /ZNQIBFBDFBF
BOE *M MJDJVN *MMJDJBDFBF 1MBOU4ZTU&WPMm 'SJFENBO 8& B %PVCMF GFSUJMJ[BUJPO JO &QIFESB B OPOëPXFSJOHTFFEQMBOUJUTCFBSJOHPOUIFPSJHJOPGBO HJPTQFSNT4DJFODFm 'SJFENBO 8& C 4FYVBM SFQSPEVDUJPO JO &QIFESB OF WBEFOTJT &QIFESBDFBF GVSUIFSFWJEFODFPGEPVCMFGFSUJM J[BUJPOJOBOPOëPXFSJOHTFFEQMBOU"N+#PUm 'SJFENBO 8& %PVCMF GFSUJMJ[BUJPO JO &QIFESB USJ GVSDB B OPOëPXFSJOH TFFE QMBOU UIF SFMBUJPOTIJQ CF UXFFOGFSUJMJ[BUJPOFWFOUTBOEUIFDFMMDZDMF1SPUPQMBTNB m 'SJFENBO8& B %PVCMFGFSUJMJ[BUJPOJOOPOëPXFSJOH TFFE QMBOUT BOE JUT SFMFWBODF UP UIF PSJHJO PG ëPXFSJOH QMBOUT*OU3FW$ZUPMm 'SJFENBO8& C &WJEFODFPGBQSFBOHJPTQFSNPSJHJO PGFOEPTQFSNJNQMJDBUJPOTGPSUIFFWPMVUJPOPGëPXFSJOH QMBOUT4DJFODFm 'SJFENBO8& ѮFFWPMVUJPOPGFNCSZPHFOZJOTFFE QMBOUTBOEUIFEFWFMPQNFOUBMPSJHJOBOEFBSMZIJTUPSZPG UIFFOEPTQFSN"N+#PUm 'SJFENBO8& 0SHBOJTNBMEVQMJDBUJPO JODMVTJWFêU OFTTUIFPSZ BOEBMUSVJTNVOEFSTUBOEJOHUIFFWPMVUJPOPG FOEPTQFSNBOEUIFBOHJPTQFSNSFQSPEVDUJWFTZOESPNF 1SPD/BUM"DBE4DJ64"m 'SJFENBO 8& ѮF FWPMVUJPO PG EPVCMF GFSUJMJ[BUJPO BOE FOEPTQFSN BO iIJTUPSJDBMu QFSTQFDUJWF 4FY 1MBOU 3FQSPEm 'SJFENBO8& &YQSFTTJPOPGUIFDFMMDZDMFJOTQFSN PG "SBCJEPQTJT JNQMJDBUJPOT GPS VOEFSTUBOEJOH QBUUFSOT PGHBNFUPHFOFTJTBOEGFSUJMJ[BUJPOJOQMBOUTBOEPUIFSFV LBSZPUFT%FWFMPQNFOUm 'SJFENBO 8& B $PNQBSBUJWF FNCSZPMPHZ PG CBTBM BOHJPTQFSNT$VSS0QJO1MBOU#JPMm 'SJFENBO8& C %FWFMPQNFOUBMBOEFWPMVUJPOBSZIZ QPUIFTFTGPSUIFPSJHJOPGEPVCMFGFSUJMJ[BUJPOBOEFOEP TQFSN$3"DBE4DJ1BSJT4DJEFMBWJFm 'SJFENBO 8& $BSNJDIBFM +4 %PVCMF GFSUJMJ[BUJPO JO (OFUBMFT JNQMJDBUJPOT GPS VOEFSTUBOEJOH SFQSPEVD UJWFEJWFSTJêDBUJPOBNPOHTFFEQMBOUT*OU+1MBOU4DJ 4m4 'SJFENBO 8& 'MPZE 4, ѮF PSJHJO PG ëPXFSJOH QMBOUTBOEUIFJSSFQSPEVDUJWFCJPMPHZmBUBMFPGUXPQIZ MPHFOJFT&WPMVUJPOm 'SJFENBO8& 8JMMJBNT+) .PEVMBSJUZPGUIFBOHJP TQFSNGFNBMFHBNFUPQIZUFBOEJUTCFBSJOHPOUIFFBSMZ FWPMVUJPO PG FOEPTQFSN JO ëPXFSJOH QMBOUT &WPMVUJPO m 'SJFENBO 8& (BMMVQ 8/ 8JMMJBNT +) 'FNBMF HBNFUPQIZUF EFWFMPQNFOU JO ,BETVSB JNQMJDBUJPOT GPS 4DIJTBOESBDFBF "VTUSPCBJMFZBMFT BOEUIFFBSMZFWPMVUJPO PGëPXFSJOHQMBOUT*OU+1MBOU4DJ4m4 'SZF5$ "NPSQIPMPHJDBMTUVEZPGDFSUBJO"TDMFQJB EBDFBF#PU(B[m 'V: :VBO. )VBOH#2 :BOH): ;FF4: 0#SJFO51 $IBOHFTJOBDUJOPSHBOJ[BUJPOJOUIFMJWJOHFHHBQ QBSBUVTPG5PSFOJBGPVSOJFSJEVSJOHGFSUJMJ[BUJPO4FY1MBOU 3FQSPEm
(BP9 'SBODJT% 0SNSPE+$ #FOOFUU.% "OFMFD USPONJDSPTDPQJDTUVEZPGEPVCMFGFSUJMJ[BUJPOJOBMMPIFYB QMPJEXIFBU5SJUJDVNBFTUJWVN-"OO#PUm (FSBTTJNPWB/BWBTIJOB ) " DPOUSJCVUJPO UP UIF DZUPMPHZ PG GFSUJMJ[BUJPO JO ëPXFSJOH QMBOUT /VDMFVT m (SBIBN48 0MNTUFBE3( 6UJMJUZPGDIMPSPQMBTU HFOFT GPS JOGFSSJOH UIF QIZMPHFOZ PG UIF CBTBM BOHJP TQFSNT"N+#PUm (SPTTOJLMBVT 6 7JFMMF$BM[BEB +1 )PFQQOFS ." (B HMJBOP8# .BUFSOBMDPOUSPMPGFNCSZPHFOFTJTCZ .&%&" BQPMZDPNCHSPVQHFOFJO"SBCJEPQTJT4DJFODF m (SPTTOJLMBVT 6 4QJMMBOF $ 1BHF %3 ,ÕIMFS $ (F OPNJD JNQSJOUJOH BOE TFFE EFWFMPQNFOU FOEPTQFSN GPSNBUJPO XJUI BOE XJUIPVU TFY $VSS 0QJO 1MBOU #JPM m (VÊSJO1 -FTDPOOBJTTBODFTBDUVFMMFTTVSMBGÊDPOEB UJPODIF[MFTQIBOÊSPHBNFT+PBOJO 1BSJT (VJHOBSE- B 4VSMFTBOUIÊSP[PÐEFTFUMBEPVCMFDPQV MBUJPOTFYVFMMFDIF[MFTWÊHÊUBVYBOHJPTQFSNFT$3"DBE 4DJ1BSJTm (VJHOBSE- C 4VSMFTBOUIÊSP[PÐEFTFUMBEPVCMFDPQV MBUJPOTFYVFMMFDIF[MFTWÊHÊUBVYBOHJPTQFSNFT3FW(ÊO #PUm (VJHOBSE- D -FTEÊDPVWFSUFTSÊDFOUFTTVSMBGÊDPOEB UJPODIF[MFTWÊHÊUBVYBOHJPTQFSNFT*O$JORVBOUFOBJSF EF MB 4PDJÊUÊ EF #JPMPHJF WPM +VCJMBJSF .BTTPO 1BSJT QQm (VJHOBSE - B /PVWFMMFT SFDIFSDIFT TVS MB EPVCMF GÊ DPOEBUJPODIF[MFTWÊHÊUBVYBOHJPTQFSNFT$3"DBE4DJ 1BSJTm (VJHOBSE - C -BQQBSFJM TFYVFM FU MB EPVCMF GÊDPOEB UJPOEBOTMFTUVMJQFT"OO4DJ/BU#PU4FS m (VJHOBSE - B -B EPVCMF GÊDPOEBUJPO EBOT MF NBÐT + #PUm (VJHOBSE - C -B EPVCMF GÊDPOEBUJPO EBOT MF /BJBT NBKPS+#PUm (VJHOBSE- D -BEPVCMFGÊDPOEBUJPODIF[MFT3FOPO DVMBDÊFT+#PUm (VJHOBSE- E 4VSMBEPVCMFGÊDPOEBUJPODIF[MFT4P MBOÊFT FU MFT (FOUJBOÊFT $ 3 "DBE 4DJ 1BSJT m (VJHOBSE - -B EPVCMF GÊDPOEBUJPO DIF[ MFT $SV DJGÍSFT+#PUm )BNCZ3, ;JNNFS&" 3JCPTPNBM3/"BTBQIZMP HFOFUJDUPPMJOQMBOUTZTUFNBUJDT*O4PMUJT14 4PMUJT%& %PZMF++ FET .PMFDVMBSTZTUFNBUJDTPGQMBOUT$IBQNBO BOE)BMM /FX:PSL QQm )BOOJH& ;VS1IZTJPMPHJFQëBO[MJDIFS&NCSZPOFO* 6FCFSEJF$VMUVSWPO$SVDJGFSFO&NCSZPOFOBVTTFSIBMC EFT&NCSZPTBDLT#PU;FJUm )BOTUFJO + %JF &OUXJDLMVOH EFT ,FJNFT EFS .POP LPUZMFO VOE %JLPUZMFO #PUBOJTDIF "CIBOEMVOHFO BVT EFN(FCJFUEFS.PSQIPMPHJFVOE1IZTJPMPHJF *.BSDVT #POO )BVTF( 4DISÕEFS.# 3FQSPEVDUJPOJO5SJUJDBMF ,BSZPHBNZ1SPUPQMBTNBm )BZBTIJ : ѮF FNCSZPMPHZ PG UIF GBNJMZ .BHOPMJB DFBFTFOTMBU*.FHBTQPSPHFOFTJT GFNBMFHBNFUPQIZUF BOEFNCSZPHFOZJO*MMJDJVNBOJTBUVN-4DJ3FQ5ÔIPLV 6OJW4FS*7m )FSS+.+S &NCSZPMPHZBOEUBYPOPNZ*O+PISJ#. FE &NCSZPMPHZ PG BOHJPTQFSNT 4QSJOHFS #FSMJO )FJ EFMCFSH/FX:PSL QQm
3FGFSFODFT
Ϗϒ
)JHBTIJZBNB 5 ,VSPJXB ) ,BXBOP 4 ,VSPJXB 5 ,JOFUJDTPGEPVCMFGFSUJMJ[BUJPOJO5PSFOJBGPVSOJFSJCBTFE POEJSFDUPCTFSWBUJPOTPGUIFOBLFEFNCSZPTBD1MBOUB m )JHBTIJZBNB5 :BCF4 4BTBLJ/ /JTIJNVSB: .JZBHJTIJNB 4 ,VSPJXB) ,VSPJXB5 1PMMFOUVCFBUUSBDUJPOCZ UIFTZOFSHJEDFMM4DJFODFm )JHBTIJZBNB5 ,VSPJXB) ,VSPJXB5 1PMMFOUVCF HVJEBODF CFBDPOT GSPN UIF GFNBMF HBNFUPQIZUF $VSS 0QJO1MBOU#JPMm )PFGFSU -- 'JOF TUSVDUVSF PG TQFSN DFMMT JO QPMMFO HSBJOTPG#FUB1SPUPQMBTNBm )POH4, "PLJ5 ,JUBOP) 4BUPI) /BHBUP: 1IF OPUZQJDEJWFSTJUZPGSJDFFNCSZPNVUBOUT%FW(FOFU m )PTIJOP : 4DIPMUFO 4 WPO 8JFHFO 1 -ÕS[ ) ,SBO[ & 'FSUJMJ[BUJPOJOEVDFE DIBOHFT JO UIF NJDSPUVCV MBSBSDIJUFDUVSFPGUIFNBJ[FFHHDFMMBOE[ZHPUFmBOJN NVOPDZUPDIFNJDBMBQQSPBDIBEBQUFEUPTJOHMFDFMMT4FY 1MBOU3FQSPEm )VBOH#2 3VTTFMM4% 4ZOFSHJEEFHFOFSBUJPOJO/J DPUJBOB B RVBOUJUBUJWF ëVPSPDISPNBUJD BOE DIMPSPUFUSB DZDMJOFTUVEZ4FY1MBOU3FQSPEm )VBOH #2 3VTTFMM 4% 'FSUJMJ[BUJPO JO /JDPUJBOB UBCBDVN DZUPTLFMFUBM NPEJêDBUJPOT JO UIF FNCSZP TBD EVSJOHTZOFSHJEEFHFOFSBUJPO1MBOUBm )VBOH #2 4IFSJEBO8' "DUJODPSPOBTJOOPSNBM BOE JOEFUFSNJOBUF HBNFUPQIZUF FNCSZP TBDT PG NBJ[F 4FY1MBOU3FQSPEm )VBOH #2 1JFSTPO &4 3VTTFMM 4% 5JF[[J " $SFTUJ . B $ZUPTLFMFUBMPSHBOJTBUJPOBOENPEJêDBUJPOEVS JOHQPMMFOUVCFBSSJWBM HBNFUFEFMJWFSZBOEGFSUJMJTBUJPO JO1MVNCBHP[FZMBOJDB;ZHPUFm )VBOH#2 4USPVU(8 3VTTFMM4% C 'FSUJMJ[BUJPOJO /JDPUJBOB UBCBDVN VMUSBTUSVDUVSBM PSHBOJ[BUJPO PG QSP QBOFKFUGSP[FOFNCSZPTBDTJOWJWP1MBOUBm )VBOH #2 'V : ;FF 4: )FQMFS 1, ѮSFFEJNFO TJPOBM PSHBOJ[BUJPO BOE EZOBNJD DIBOHFT PG UIF BDUJO DZUPTLFMFUPO JO FNCSZP TBDT PG ;FB NBZT BOE 5PSFOJB GPVSOJFSJ1SPUPQMBTNBm )VDL/ .PPSF+. 'FEFSFS. (SPTTOJLMBVT6 ѮF "SBCJEPQTJT NVUBOU GFSPOJB EJTSVQUT UIF GFNBMF HBNFUP QIZUJD DPOUSPM PG QPMMFO UVCF SFDFQUJPO %FWFMPQNFOU m )ÛMTLBNQ. 4DIOFJU[, 1SVJUU3& (FOFUJDFWJEFODF GPSBMPOHSBOHFBDUJWJUZUIBUEJSFDUTQPMMFOUVCFHVJEBODF JO"SBCJEPQTJT1MBOU$FMMm *LFEB5 4UVEJFTJOUIFQIZTJPMPHJDBMGVODUJPOTPGBO UJQPEBMTBOEUIFQIFOPNFOBPGGFSUJMJ[BUJPOJO-JMJBDFBF* 5SJDZSUJTIJSUB#VMM$PMM"HSJD5ǢLZǢ*NQ6OJWm +FOTFO8" 0CTFSWBUJPOTPOUIFGVTJPOPGOVDMFJJO QMBOUT+$FMM#JPMm +FOTFO8" %PVCMFGFSUJMJ[BUJPOBQFSTPOBMWJFX4FY 1MBOU3FQSPEm +FOTFO8" 'JTIFS%# $PUUPOFNCSZPHFOFTJTEPVCMF GFSUJMJ[BUJPO1IZUPNPSQIPMPHZm +FOTFO 8" 'JTIFS %# B $PUUPO FNCSZPHFOFTJT UIF FOUSBODFBOEEJTDIBSHFPGUIFQPMMFOUVCFJOUIFFNCSZP TBD1MBOUBm +FOTFO 8" 'JTIFS %# C $PUUPO FNCSZPHFOFTJT UIF TQFSN1SPUPQMBTNBm +JBOH - :BOH 4- 9JF -' 1VBI $4 ;IBOH 92 :BOH 8 $ 4VOEBSFTBO 7 :F % 7"/(6"3% FODPEFT B QFDUJONFUIZMFTUFSBTFUIBUFOIBODFTQPMMFOUVCFHSPXUI JOUIF"SBCJEPQTJTTUZMFBOEUSBOTNJUUJOHUSBDU1MBOU$FMM m
Ϗϓ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
+PIBOTFO%" 1MBOUFNCSZPMPHZ&NCSZPMPHZPGUIF TQFSNBUPQIZUB$ISPOJDB#PUBOJDB 8BMUIBN +PIOTPO ." 1SFVTT % 1MPUUJOH B DPVSTF NVMUJQMF TJHOBMTHVJEFQPMMFOUVCFTUPUIFJSUBSHFUT%FW$FMMm +PISJ#. "NCFHBPLBS,# 4SJWBTUBWB14 $PNQBSB UJWF FNCSZPMPHZ PG BOHJPTQFSNT WPM BOE 4QSJOHFS #FSMJO)FJEFMCFSH/FX:PSL ,BOUB, 3BOHB4XBNZ/4 .BIFTIXBSJ1 5FTUUVCF GFSUJMJ[BUJPOJOBëPXFSJOHQMBOU/BUVSFm ,BQJM3/ 1PEPTUFNBDFBF#VMM*OEJBO/BUM4DJ"DBE m ,BSTUFO ( 6FCFS EJF &OUXJDLFMVOH EFS XFJCMJDIFO #MÛUIFOCFJFJOJHFO+VHMBOEBDFFO'MPSBm ,IBOOB 1 .PSQIPMPHJDBM BOE FNCSZPMPHJDBM TUVE JFTJO/ZNQIBFBDFBF*&VSZBMFGFSPY4BMJTC1SPD*OEJBO "DBE4DJ#m ,IBOOB1 .PSQIPMPHJDBMBOEFNCSZPMPHJDBMTUVEJFT JO /ZNQIBFBDFBF ** #SBTFOJB TDISFCFSFJ (NFM BOE /F MVNCPOVDJGFSB(BFSUO"VTU+#PUm ,IBOOB1 .PSQIPMPHJDBMBOEFNCSZPMPHJDBMTUVEJFT JO/ZNQIBFBDFBF***7JDUPSJBDSV[JBOB%0SC BOE/ZN QIBFBTUFMMBUB8JMME#PU.BH5PLZPm ,JZPTVF 5 0IBE / :BEFHBSJ 3 )BOOPO . %JOOFOZ + 8FMMT% ,BU[" .BSHPTTJBO- )BSBEB++ (PMECFSH3# 'JTDIFS 3- $POUSPM PG GFSUJMJ[BUJPOJOEFQFOEFOU FOEPTQFSNEFWFMPQNFOUCZUIF.&%&"QPMZDPNCHFOF JO"SBCJEPQTJT1SPD/BUM"DBE4DJ64"m ,MVHFS+ ѮFTVJDJEFTFFET5JNF m ,OPY3# 4JOHI.# /FXQFSTQFDUJWFTJOQPMMFOCJPM PHZBOEGFSUJMJ[BUJPO"OO#PU<4VQQM>m ,PMUVOPX". 7JWJBO4NJUI" 5VDLFS.3 1BFDI/ ѮF DFOUSBM SPMF PG UIF PWVMF JO BQPNJYJT BOE QBSUIFOP DBSQZ *O 0/FJMM 4% 3PCFSUT +" FET 1MBOU SFQSPEVD UJPO "OOVBM 1MBOU 3FWJFXT WPM 4IFēFME "DBEFNJD 1SFTT 4IFēFME QQm ,PVM", %PVCMFGFSUJMJ[BUJPODIBOHJOHGSPOUJFST*O 3BOHBTXBNZ/4 FE 1IZUPNPSQIPMPHZ(PMEFO+VCJMFF JTTVF 5SFOET JO QMBOU TDJFODFT *OUFSOBUJPOBM 4PDJ FUZPG1MBOU.PSQIPMPHJTUT %FMIJ QQm ,PWÃDT . #BSOBCÃT # ,SBO[ & &MFDUSPGVTFE JTP MBUFEXIFBU 5SJUJDVNBFTUJWVN- HBNFUFTEFWFMPQJOUP NVMUJDFMMVMBSTUSVDUVSFT1MBOU$FMM3FQm ,SBO[ & *O WJUSP GFSUJMJ[BUJPO *O #IPKXBOJ 44 4PI 8: FET $VSSFOU USFOET JO UIF FNCSZPMPHZ PG BOHJP TQFSNT,MVXFS %PSESFDIU QQm ,SBO[ & ,VNMFIO + "OHJPTQFSN GFSUJMJTBUJPO FN CSZP BOE FOEPTQFSN EFWFMPQNFOU JO WJUSP 1MBOU 4DJ m ,SBO[ & -ÕS[ ) *O WJUSP GFSUJMJ[BUJPO XJUI JTPMBUFE TJOHMFHBNFUFTSFTVMUTJO[ZHPUJDFNCSZPHFOFTJTBOEGFS UJMFNBJ[FQMBOUT1MBOU$FMMm ,SBO[ & -ÕS[ ) *O WJUSP GFSUJMJTBUJPO PG NBJ[F CZ TJOHMFFHHBOETQFSNDFMMQSPUPQMBTUGVTJPONFEJBUFECZ IJHIDBMDJVNBOEIJHIQ);ZHPUFm ,SBO[& #BVUPS+ -ÕS[) *OWJUSPGFSUJMJ[BUJPOPGTJO HMF JTPMBUFEHBNFUFTPGNBJ[FNFEJBUFECZFMFDUSPGVTJPO 4FY1MBOU3FQSPEm ,SBO[ & WPO 8JFHFO 1 -ÕS[ ) &BSMZ DZUPMPHJDBM FWFOUT BѫFS JOEVDUJPO PG DFMM EJWJTJPO JO FHH DFMMT BOE [ZHPUFEFWFMPQNFOUGPMMPXJOHJOWJUSPGFSUJMJ[BUJPOXJUI BOHJPTQFSNHBNFUFT1MBOU+m ,SBO[ & WPO 8JFHFO 1 2VBEFS ) -ÕS[ ) &OEP TQFSNEFWFMPQNFOUBѫFSGVTJPOPGJTPMBUFE TJOHMFNBJ[F TQFSNBOEDFOUSBMDFMMTJOWJUSP1MBOU$FMMm
-BOE 8+( %PVCMF GFSUJMJ[BUJPO JO $PNQPTJUBF #PU (B[m -BOE 8+( 4QFSNBUPHFOFTJT BOE PPHFOFTJT JO &QIF ESBUSJGVSDB#PU(B[m -FSTUFO /3 'MPXFSJOH QMBOU FNCSZPMPHZ #MBDLXFMM "NFT *" -JV$. +PIOTPO4 )FEMFZ$- 8BOH5- ѮFHFO FSBUJPOPGBMFHVNFFNCSZPNPSQIPMPHJDBMBOEDFMMVMBS EFGFDUT JO QFB NVUBOUT *O 8BOH 5- $VNJOH " FET &NCSZPHFOFTJTѮFHFOFSBUJPOPGBQMBOU#JPT 0YGPSE QQm -PSE &. 3VTTFMM 4% ѮF NFDIBOJTNT PG QPMMJOB UJPOBOEGFSUJMJ[BUJPOJOQMBOUT"OOV3FW$FMM%FW#JPM m -VP . #JMPEFBV 1 ,PMUVOPX " %FOOJT &4 1FBDPDL 8+ $IBVEIVSZ ". (FOFT DPOUSPMMJOH GFSUJMJ[BUJPO JOEFQFOEFOU TFFE EFWFMPQNFOU JO "SBCJEPQTJT UIBMJBOB 1SPD/BUM"DBE4DJ64"m -VTI 8. 8IJUIFS DIFNPUSPQJTN BOE QPMMFO UVCF HVJEBODF 5SFOET1MBOU4DJm .BHBMMÓO4 4BOEFSTPO.+ 3FMBUJPOTIJQTBNPOHTFFE QMBOUT JOGFSSFE GSPN IJHIMZ DPOTFSWFE HFOFT TPSUJOH DPOëJDUJOHQIZMPHFOFUJDTJHOBMTBNPOHBODJFOUMJOFBHFT "N+#PUm .BIFTIXBSJ1 "OJOUSPEVDUJPOUPUIFFNCSZPMPHZPG BOHJPTQFSNT.D(SBX)JMM /FX:PSL .ÃSUPO .- $PSEUT 4 #SPBEIWFTU + %SFTTFMIBVT 5 .JDSPQZMBS QPMMFO UVCF HVJEBODF CZ FHH BQQBSBUVT PG NBJ[F4DJFODFm .BUIFXT 4 %POPHIVF .+ ѮF SPPU PG BOHJPTQFSN QIZMPHFOZ JOGFSSFE GSPN EVQMJDBUF QIZUPDISPNF HFOFT 4DJFODFm .BZêFME+" 'JFCJH" +PIOTUPOF4& 1SFVTT% (FOF GBNJMJFT GSPN UIF "SBCJEPQTJT UIBMJBOB QPMMFO DPBU QSP UFPNF4DJFODFm .FJOLF%8 4FFEEFWFMPQNFOUJO"SBCJEPQTJTUIBMJ BOB*O.FZFSPXJU[&. 4PNFSWJMMF$3 FET "SBCJEPQ TJT $PME 4QSJOH )BSCPS -BCPSBUPSZ 1SFTT $PME 4QSJOH )BSCPS /FX:PSL QQm .PHFOTFO)- 'JOFTUSVDUVSFBOEDPNQPTJUJPOPGUIF FHH BQQBSBUVT CFGPSF BOE BѫFS GFSUJMJ[BUJPO JO 2VFSDVT HBNCFMJJUIFGVODUJPOBMPWVMF"N+#PUm .PHFOTFO)- %PVCMFGFSUJMJ[BUJPOJOCBSMFZBOEUIF DZUPMPHJDBM FYQMBOBUJPO GPS IBQMPJE FNCSZP GPSNBUJPO FNCSZPMFTTDBSZPQTFT BOEPWVMFBCPSUJPO$BSMTCFSH3FT $PNNVOm .PHFOTFO)- &YDMVTJPOPGNBMFNJUPDIPOESJBBOE QMBTUJETEVSJOHTZOHBNZJOCBSMFZBTBCBTJTGPSNBUFSOBM JOIFSJUBODF1SPD/BUM"DBE4DJ64"m .PHFOTFO)- ѮFNBMFHFSNVOJUDPODFQU DPNQP TJUJPO BOETJHOJêDBODF*OU3FW$ZUPMm .PHFOTFO)- )PMN1# %ZOBNJDTPGOVDMFBS%/" RVBOUJUJFT EVSJOH [ZHPUF EFWFMPQNFOU JO CBSMFZ 1MBOU $FMMm .PHFOTFO )- -FEVD / .BUUIZT3PDIPO & %VNBT $ /VDMFBS %/" BNPVOUT JO UIF FHH BOE [ZHPUF PG NBJ[F ;FBNBZT- 1MBOUBm .PIBO 3BN ): 4FIHBM " #JPMPHZ PG *OEJBO 1PE PTUFNBDFBF *O 3BOHBTXBNZ /4 FE 1IZUPNPSQIPM PHZ(PMEFO+VCJMFFJTTVF5SFOETJOQMBOUTDJFODFT *OUFSOBUJPOBM 4PDJFUZ PG 1MBOU .PSQIPMPHJTUT %FMIJ QQm
.VLLBEB"+ 4PNFPCTFSWBUJPOTPOUIFFNCSZPMPHZ PG%JDSBFBTUZMPTB8JHIU*O1MBOUFNCSZPMPHZmBTZN QPTJVN$PVODJMPG4DJFOUJêD*OEVTUSJBM3FTFBSDI /FX %FMIJ QQm .VLLBEB"+ "OBEEJUJPOUPUIFCJTQPSJDFNCSZPTBDT mUIF%JDSBFBUZQF/FX1IZUPMm .VLLBEB "+ 4PNF BTQFDUT PG UIF NPSQIPMPHZ FN CSZPMPHZBOECJPMPHZPG5FSOJPMB[FZMBOJDB (BSEOFS 5V MBTOF/FX1IZUPMm /BHFOESBO $3 4VCSBNBOZBN , "SFLBM (% %F WFMPQNFOU PG UIF GFNBMF HBNFUPQIZUF JO )ZESPCSZVN HSJēUIJJ 1PEPTUFNBDFBF "OO#PUm /BHFOESBO$3 "OBOE77 "SFLBM(% ѮFFNCSZP TBD PG 1PEPTUFNVN TVCVMBUVT 1PEPTUFNBDFBF m B SFJO WFTUJHBUJPO1MBOU4ZTU&WPMm /BTI+. (SBJOTPGIPQF5JNF m /BXBTDIJO 4 3FTVMUBUF FJOFS 3FWJTJPO EFS #FGSVDI UVOHTWPSHÅOHFCFJ-JMJVNNBSUBHPOVOE'SJUJMMBSJBUFOFMMB #VMM"DBE*NQ4DJ4U1ÊUFSTCPVSH4FS m /BXBTDIJO 4 /FVFO #FPCBDIUVOHFO ÛCFS #FGSVDI UVOHCFJ'SJUJMMBSJBUFOFMMBVOE-JMJVNNBSUBHPO#PU$FO USBMCM /BXBTDIJO 4 B 6FCFS EJF #FGSVDIUVOHTWPSHÅOHF CFJ FJOJHFO%JDPUZMFEPOFFO#FS%UTDI#PU(FTm /BXBTDIJO 4 C 0O GFSUJMJ[BUJPO JO $PNQPTJUBF BOE 0SDIJEBDFBF #VMM "DBE *NQ 4DJ 4U 1ÊUFSTCPVSH 4FS m /JLMBT,+ ѮFFWPMVUJPOBSZCJPMPHZPGQMBOUT6OJWFS TJUZPG$IJDBHP1SFTT $IJDBHP *- 0IBE/ .BSHPTTJBO- )TV: 8JMMJBNT$ 3FQFUUJ1 'JTDIFS 3- " NVUBUJPO UIBU BMMPXT FOEPTQFSN EFWFMPQ NFOU XJUIPVU GFSUJMJ[BUJPO 1SPD /BUM "DBE 4DJ 64" m 0IBE/ :BEFHBSJ3 .BSHPTTJBO- )BOOPO. .JDIBFMJ% )BSBEB++ (PMECFSH3# 'JTDIFS3- .VUBUJPOTJO '*& B 8% QPMZDPNC HSPVQ HFOF BMMPX FOEPTQFSN EF WFMPQNFOUXJUIPVUGFSUJMJ[BUJPO1MBOU$FMMm 1BMBOJWFMV 3 #SBTT - &EMVOE "' 1SFVTT % 1PMMFO UVCFHSPXUIBOEHVJEBODFJTSFHVMBUFECZ101 BO"SB CJEPQTJTHFOFUIBUDPOUSPMT("#"MFWFMT$FMMm 1BSLJOTPO$- "EBNT,- 1BMNFS+% .VMUJHFOFBOBM ZTFT JEFOUJGZ UIF UISFF FBSMJFTU MJOFBHFT PG FYUBOU ëPXFS JOHQMBOUT$VSS#JPMm 1PEEVCOBZB"SOPMEJ 7" 4UVEJFT PG GFSUJMJ[BUJPO JO UIFMJWJOHNBUFSJBMPGTPNFBOHJPTQFSNT1IZUPNPSQIPM PHZm 1SBEP". 1PSUFSêFME%. 'FJKÓ+" /JUSPVTPYJEFJT JOWPMWFEJOHSPXUISFHVMBUJPOBOESFPSJFOUBUJPOPGQPM MFOUVCFT%FWFMPQNFOUm 2JV :- -FF + #FSOBTDPOJ2VBESPOJ ' 4PMUJT %& 4PMUJT 14 ;BOJT. ;JNNFS&" $IFO; 4BWPMBJOFO7 $IBTF .8 ѮF FBSMJFTU BOHJPTQFSNT FWJEFODF GSPN NJUPDIPOESJBM QMBTUJE BOE OVDMFBS HFOPNFT /BUVSF m 3BHIBWBO7 &YQFSJNFOUBMFNCSZPHFOFTJTJOWBTDVMBS QMBOUT"DBEFNJD1SFTT -POEPO 3BHIBWBO 7 &NCSZPHFOFTJT JO BOHJPTQFSNT " EF WFMPQNFOUBMBOEFYQFSJNFOUBMTUVEZ$BNCSJEHF6OJWFS TJUZ1SFTT /FX:PSL 3BHIBWBO 7 .PMFDVMBS FNCSZPMPHZ PG ëPXFSJOH QMBOUT$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL 3BHIBWBO7 &NCSZPHFOFTJTBUUIFDSPTTSPBETmTPNF QFSTQFDUJWFTPOPWFSBDFOUVSZPGQMBOUFNCSZPSFTFBSDI "DUB#JPM$SBDPW4FS#PUm
3FGFSFODFT
Ϗϔ
3BHIBWBO7 ѮFDPNJOHPGBHFPGQMBOUFNCSZPMPHZ $VSS4DJm 3BHIBWBO7 B 0OFIVOESFEZFBSTPG[ZHPUJDFNCSZP DVMUVSF JOWFTUJHBUJPOT *O 7JUSP $FMM %FW #JPM m 1MBOU m 3BHIBWBO 7 C 4PNF SFëFDUJPOT PO EPVCMF GFSUJM J[BUJPO GSPN JUT EJTDPWFSZ UP UIF QSFTFOU /FX 1IZUPM m 3BNBDIBOESBO$ 3BHIBWBO7 "QPNJYJTJOEJTUBOU IZCSJEJ[BUJPO*O,BMMPP( $IPXEIVSZ+# FET %JTUBOU IZCSJEJ[BUJPOJODSPQQMBOUT4QSJOHFS #FSMJO)FJEFMCFSH /FX:PSL QQm 3BZ4 1BSL44 3BZ" 1PMMFOUVCFHVJEBODFCZUIF GFNBMFHBNFUPQIZUF%FWFMPQNFOUm 3PUNBO/ 3P[JFS' #PBWJEB - %VNBT$ #FSHFS' 'BVSF +& 'FNBMF DPOUSPM PG NBMF HBNFUF EFMJWFSZ EVS JOHGFSUJMJ[BUJPOJO"SBCJEPQTJTUIBMJBOB$VSS#JPMm 3VTTFMM4% 'FSUJMJ[BUJPOJO1MVNCBHP[FZMBOJDBFOUSZ BOEEJTDIBSHFPGUIFQPMMFOUVCFJOUIFFNCSZPTBD$BO +#PUm 3VTTFMM 4% 'FSUJMJ[BUJPO JO 1MVNCBHP [FZMBOJDB HB NFUJD GVTJPO BOE UIF GBUF PG UIF NBMF DZUPQMBTN "N + #PUm 3VTTFMM4% 6MUSBTUSVDUVSFPGUIFTQFSNPG1MVNCBHP [FZMBOJDB ** 2VBOUJUBUJWF DZUPMPHZ BOE UISFFEJNFO TJPOBMPSHBOJ[BUJPO1MBOUBm 3VTTFMM4% 1SFGFSFOUJBMGFSUJMJ[BUJPOJO1MVNCBHPVM USBTUSVDUVSBMFWJEFODFGPSHBNFUFMFWFMSFDPHOJUJPOJOBO BOHJPTQFSN1SPD/BUM"DBE4DJ64"m 3VTTFMM 4% %PVCMF GFSUJMJ[BUJPO *OU 3FW $ZUPM m 3VTTFMM4% .BMFHFSNVOJU*O#BUZHJOB5# FE &N CSZPMPHZPGëPXFSJOHQMBOUT5FSNJOPMPHZBOEDPODFQUT WPM 4FFE 8PSME 'BNJMZ 4U 1FUFSTCVSH QQm 3VTTFMM4% $BTT%% 6MUSBTUSVDUVSFPGUIFTQFSNTPG 1MVNCBHP[FZMBOJDB$ZUPMPHZBOEBTTPDJBUJPOXJUIUIF WFHFUBUJWFOVDMFVT1SPUPQMBTNBm 3VTTFMM4% 3PVHJFS. %VNBT$ 0SHBOJ[BUJPOPGUIF FBSMZQPTUGFSUJMJ[BUJPONFHBHBNFUPQIZUFPG1PQVMVTEFM UPJEFT6MUSBTUSVDUVSFBOEJNQMJDBUJPOTGPSNBMFDZUPQMBT NJDUSBOTNJTTJPO1SPUPQMBTNBm 4BJUP $ /BHBUB / 4BLBJ " .PSJ , ,VSPJXB ) ,VSPJXB 5 6OFRVBM EJTUSJCVUJPO PG %/"DPOUBJOJOH PS HBOFMMFTJOHFOFSBUJWFBOETQFSNDFMMTPG&SZUISJOBDSJTUB HBMMJ 'BCBDFBF 4FY1MBOU3FQSPEm 4BSHBOU& 0OUIFQSFTFODFPGUXPWFSNJGPSNOVDMFJ JOUIFGFSUJMJTFEFNCSZPTBDPG-JMJVNNBSUBHPO1SPD3 4PD-POEPOm 4BSHBOU& 3FDFOUXPSLPOUIFSFTVMUTPGGFSUJMJ[BUJPO JOBOHJPTQFSNT"OO#PUm 4BVUFS. WPO8JFHFO1 -ÕS[) ,SBO[& $FMMDZDMF SFHVMBUPSZHFOFTGSPNNBJ[FBSFEJĒFSFOUJBMMZDPOUSPMMFE EVSJOHGFSUJMJ[BUJPOBOEêSTUFNCSZPOJDDFMMEJWJTJPO4FY 1MBOU3FQSPEm 4DIOBSG , &NCSZPMPHJF EFS "OHJPTQFSNFO )BOECVDI EFS 1ëBO[FOBOBUPNJF ** "CUFJMVOH 5FJM "SDIFHPOJBUFO#E9#PSOUSBFHFSWFSMBH #FSMJO 4DIPMUFO4 ,SBO[& *OWJUSPGFSUJMJ[BUJPOBOEFYQSFT TJPOPGUSBOTHFOFTJOHBNFUFTBOE[ZHPUFT4FY1MBOU3F QSPEm 4DIVM[ 3 +FOTFO 8" $BQTFMMB FNCSZPHFOFTJT UIF TZOFSHJETCFGPSFBOEBѫFSGFSUJMJ[BUJPO"N+#PUm
Ϗϕ
$IBQUFSώ %PVCMF'FSUJMJ[BUJPOo"%FmOJOH'FBUVSFPG'MPXFSJOH1MBOUT
4IJCBUB , %JF %PQQFMCFGSVDIUVOH CFJ .POPUSPQB VOJëPSB-'MPSBm 4IJNJ[V,, 0LBEB, "UUSBDUJWFBOESFQVMTJWFJOUFS BDUJPOT CFUXFFO GFNBMF BOE NBMF HBNFUPQIZUFT JO "SB CJEPQTJT QPMMFO UVCF HVJEBODF %FWFMPQNFOU m 4JOHI.# 9V) #IBMMB1- ;IBOH; 4XPCPEB* 3VTTFMM4% %FWFMPQNFOUBMFYQSFTTJPOPGQPMZVCJRVJUJOHFOFT BOE EJTUSJCVUJPO PG VCJRVJOBUFE QSPUFJOT JO HFOFSBUJWF BOETQFSNDFMMT4FY1MBOU3FQSPEm 4PMUJT14 4PMUJT%& $IBTF.8 "OHJPTQFSNQIZMPH FOZJOGFSSFEGSPNNVMUJQMFHFOFTBTBUPPMGPSDPNQBSB UJWFCJPMPHZ/BUVSFm 4SFOTFO .# $IBVEIVSZ ". 3PCFSU ) #BODIBSFM & #FSHFS ' 1PMZDPNC HSPVQ HFOFT DPOUSPM QBUUFSO GPSNBUJPOJOQMBOUTFFE$VSS#JPMm 4PVUIXPSUI % 4QFSN BOE HFOFSBUJWF DFMM *TPMBUJPO BOE NBOJQVMBUJPO *O #IPKXBOJ 44 4PI 8: FET $VS SFOU USFOET JO UIF FNCSZPMPHZ PG BOHJPTQFSNT ,MVXFS %PSESFDIU QQm 4PVUIXPSUI % 3VTTFMM 4% .BMF HBNFUPHFOFTJT %F WFMPQNFOUBOETUSVDUVSFPGTQFSN*O#IPKXBOJ44 4PI 8: FET $VSSFOU USFOET JO UIF FNCSZPMPHZ PG BOHJP TQFSNT,MVXFS %PSESFDIU QQm 4USBTCVSHFS & /FVF 6OUFSTVDIVOHFO ÛCFS EFO #F GSVDIUVOHTWPSHBOHCFJEFO1IBOFSPHBNFOBMT(SVOEMBHF GÛSFJOFѮFPSJFEFS;FVHVOH'JTDIFSWFSMBH +FOB 4USBTCVSHFS & &JOJHF #FNFSLVOHFO [VS 'SBHF OBDI EFSiEPQQFMUFO#FGSVDIUVOHuCFJEFO"OHJPTQFSNFO#PU ;FJUm 4USBTCVSHFS& &JO#FJUSBH[VS,FOOUOJTTWPO$FSBUP QIZMMVN TVCNFSTVN VOE QIZMPHFOFUJTDIF &SÕSUFSVOHFO +BISC8JTT#PUm 4VNOFS .+ &NCSZPMPHZ PG #SBTTJDB DBNQFTUSJT UIF FOUSBODFBOEEJTDIBSHFPGUIFQPMMFOUVCFJOUIFTZOFSHJE BOEUIFGPSNBUJPOPGUIF[ZHPUF$BO+#PUm 4VO .9 .PTDBUFMMJ " :BOH ): $SFTUJ . *O WJ USPEPVCMFGFSUJMJ[BUJPOJO/JDPUJBOBUBCBDVN - GVTJPO CFIBWJPSBOEHBNFUFJOUFSBDUJPOCZWJEFPFOIBODFENJ DSPTDPQZ4FY1MBOU3FQSPEm 4VO.9 ,SBO[& .PTDBUFMMJ" :BOH): -ÕS[) $SFTUJ . "SFMJBCMFQSPUPDPMGPSEJSFDUEFUFDUJPOPGMFDUJO CJOEJOHTJUFTPOUIFQMBTNBNFNCSBOFPGBTJOHMFMJWJOH TQFSNDFMMJONBJ[F4FY1MBOU3FQSPEm ѮF"OHJPTQFSN1IZMPHFOZ(SPVQ "OVQEBUFPGUIF BOHJPTQFSNQIZMPHFOZHSPVQDMBTTJêDBUJPOGPSUIFPSEFST BOEGBNJMJFTPGëPXFSJOHQMBOUT"1(**#PU+-JOO4PD m ѮF "SBCJEPQTJT (FOPNF *OJUJBUJWF "OBMZTJT PG UIF HFOPNF TFRVFODF PG UIF ëPXFSJOH QMBOU "SBCJEPQTJT UIBMJBOB/BUVSFm ѮPNBT &/ %PVCMF GFSUJMJ[BUJPO JO B EJDPUZMFEPO m$BMUIBQBMVTUSJT"OO#PUm ѮPSQF 5" 4UBTPMMB $ 4PNBUJD FNCSZPHFOFTJT *O #IPKXBOJ44 4PI8: FET $VSSFOUUSFOETJOUIFFNCSZ PMPHZPGBOHJPTQFSNT,MVXFS %PSESFDIU QQm 5JBO)2 3VTTFMM4% .JDSPNBOJQVMBUJPOPGNBMFBOE GFNBMFHBNFUFTPG/JDPUJBOBUBCBDVN**1SFMJNJOBSZBU UFNQUTGPSJOWJUSPGFSUJMJ[BUJPOBOEFHHDFMMDVMUVSF1MBOU $FMM3FQm
5JBO )2 :VBO 5 3VTTFMM 4% 3FMBUJPOTIJQ CFUXFFO EPVCMFGFSUJMJ[BUJPOBOEUIFDFMMDZDMFJONBMFBOEGFNBMF HBNFUFTPGUPCBDDP4FY1MBOU3FQSPEm 5JSMBQVS6, ,SBO[& $SFTUJ. $IBSBDUFSJTBUJPOPG JTPMBUFEFHHDFMMT JOWJUSPGVTJPOQSPEVDUTBOE[ZHPUFTPG ;FB NBZT - VTJOH UIF UFDIOJRVF PG JNBHF BOBMZTJT BOE DPOGPDBMMBTFSTDBOOJOHNJDSPTDPQZ;ZHPUFm 5PVSBFW " 1GPTTFS . )FCFSMF#PST & ѮF NJDSP TQPSF B IBQMPJE NVMUJQVSQPTF DFMM "EW #PU 3FT m WBO-BNNFSFO"". "DPNQBSBUJWFVMUSBTUSVDUVSBM TUVEZ PG UIF NFHBHBNFUPQIZUFT JO UXP TUSBJOT PG ;FB NBZT - CFGPSF BOE BѫFS GFSUJMJ[BUJPO "HSJD 6OJW 8B HFOJOHFO1BQFSTm WBO8FOU+- ѮFVMUSBTUSVDUVSFPGUIFGFSUJMJ[FEFN CSZPTBDPG1FUVOJB"DUB#PU/FFSMm WBO 8FOU + $SFTUJ . 1SFGFSUJMJ[BUJPO EFHFOFSBUJPO PGCPUITZOFSHJETJO#SBTTJDBDBNQFTUSJTPWVMFT4FY1MBOU 3FQSPEm 7B[BSU+ 0SHBOJTBUJPOFUVMUSBTUSVDUVSFEVTBDFNCSZ POOBJSFEVMJO -JOVNVTJUBUJTTJNVN- 3FW$ZUPM#JPM 7ÊHm 8BHOFS75 %VNBT$ .PHFOTFO)- .PSQIPNFUSJD BOBMZTJT PG JTPMBUFE ;FB NBZT TQFSN + $FMM 4DJ m 8BSEMBX $8 &NCSZPHFOFTJT JO QMBOUT .FUIVFO -POEPO 8JMMJBNT +) 'SJFENBO 8& *EFOUJêDBUJPO PG EJQ MPJEFOEPTQFSNJOBOFBSMZBOHJPTQFSNMJOFBHF/BUVSF m 8JMNT)+ 1PMMFOUVCFQFOFUSBUJPOBOEGFSUJMJ[BUJPOJO TQJOBDI"DUB#PU/FFSMm 8JOUFS,6 #FDLFS" .ÛOTUFS5 ,JN+5 4BFEMFS) ѮFJT TFO( ."%4CPYHFOFTSFWFBMUIBUHOFUPQIZUFT BSF NPSF DMPTFMZ SFMBUFE UP DPOJGFST UIBO UP ëPXFSJOH QMBOUT1SPD/BUM"DBE4DJ64"m 8PMUFST"SUT . -VTI 8. .BSJBOJ $ -JQJET BSF SFRVJSFE GPS EJSFDUJPOBM QPMMFOUVCF HSPXUI /BUVSF m 9V) 4XPCPEB* #IBMMB1- 4JOHI.# .BMFHBNFUJD DFMMTQFDJêD HFOF FYQSFTTJPO JO ëPXFSJOH QMBOUT 1SPD /BUM"DBE4DJ64"m :BO ) :BOH ): +FOTFO 8" 6MUSBTUSVDUVSF PG UIF EFWFMPQJOHFNCSZPTBDPGTVOëPXFS )FMJBOUIVTBOOVVT CFGPSFBOEBѫFSGFSUJMJ[BUJPO$BO+#PUm :F9- :FVOH&$ ;FF4: 4QFSNNPWFNFOUEVSJOH EPVCMFGFSUJMJ[BUJPOPGBëPXFSJOHQMBOU 1IBJVTUBOLFSWJM MJBF1MBOUBm :PV3 +FOTFO8" 6MUSBTUSVDUVSBMPCTFSWBUJPOTPGUIF NBUVSFNFHBHBNFUPQIZUFBOEUIFGFSUJMJ[BUJPOJOXIFBU 5SJUJDVNBFTUJWVN $BO+#PUm :V)4 )VBOH#2 3VTTFMM4% 5SBOTNJTTJPOPGNBMF DZUPQMBTNEVSJOHGFSUJMJ[BUJPOJO/JDPUJBOBUBCBDVN4FY 1MBOU3FQSPEm ;FOLUFMFS. *OWJUSPGFSUJMJ[BUJPOBOEXJEFIZCSJEJ[B UJPOJOIJHIFSQMBOUT$SJU3FW1MBOU4DJm ;IBOH; 3VTTFMM4% 4QFSNDFMMTVSGBDFDIBSBDUFSJT UJDTPG1MVNCBHP[FZMBOJDB-JOSFMBUJPOUPUSBOTQPSUJO UIFFNCSZPTBD1MBOUBm
$)"15&3
&TUBCMJTINFOUPGUIF&NCSZP #PEZ1MBOo"3FBTTFTTNFOU PG$FMM-JOFBHFBOE$FMM'BUF *UJTIBSEMZOFDFTTBSZUPTUBUFUIBUFNCSZPOJDDFMMTBSJTFCZ TJNQMF TVDDFTTJWF CJQBSUJUJPOJOHT PG UIF [ZHPUF BOE JUT EF SJWBUJWF DFMMT ѮFJS UIFPSFUJDBM QSPDFTT PG HFOFSBUJPO NBZ CF TJNQMZ EFTDSJCFE JO IPNFMZ MBOHVBHF TJODF UIFSF BSF OP QSFDJTF TDJFOUJêD UFSNT UIBU DBO CF FNQMPZFE UIF êSTU UXPDFMMTBSFTJTUFSTBOE BUUIFTBNFUJNF EBVHIUFSTPGUIF [ZHPUF*OUIFTFDPOEDFMMHFOFSBUJPOUIFDFMMTOVNCFSGPVS
UXPPGXIJDIBSFTJTUFSTBOEêSTUDPVTJOTPGUIFPUIFSUXP BMMBSFHSBOEEBVHIUFSTPGUIF[ZHPUF"UUIFUIJSEDFMMHFO FSBUJPO UIFSF BSF FJHIU DFMMT BMM PG XIJDI BSF HSFBUHSBOE EBVHIUFSTPGUIF[ZHPUFUIFZGPSNUXPHSPVQTPGêSTUDPVT JOTPODFSFNPWFEBOE JOFBDIPGUIFTFHSPVQT UXPTJTUFST BTJOUIFQSFDFEJOHDFMMHFOFSBUJPO BSFêSTUDPVTJOTPGUXP PUIFSTJTUFST %"+PIBOTFO
"T EJTDVTTFE JO UIF QSFWJPVT DIBQUFS PVS QSFTFOU VOEFSTUBOEJOHPGUIFDPNQMFYQSPDFTTFTJOWPMWFEJO UIF GPSNBUJPO PG FNCSZPT JO ëPXFSJOH QMBOUT VOJ êFTUIFêSTUEFTDSJQUJPOPGFNCSZPEFWFMPQNFOUJO DFSUBJOFVEJDPUTBOENPOPDPUTCZ)BOTUFJOJO XJUIEJTDPWFSJFTPGTZOHBNZCZ4USBTCVSHFSJO BOE PG EPVCMF GFSUJMJ[BUJPO CZ /BXBTDIJO JO &BSMZ TUVEJFT XFSF DIJFëZ DPODFSOFE XJUI VOEFS TUBOEJOHUIFTFRVFODFBOEQMBOFTPGEJWJTJPOTPGUIF [ZHPUF BOE JUT DFMMVMBS EFTDFOEBOUT BOE UIF CBTJD TUSVDUVSBMDPOêHVSBUJPOPGUIFQSJNBSZUJTTVFTBOE PSHBOTPGEFWFMPQJOHFNCSZPT XJUIJOUFSFTUHSBEV BMMZ TIJѫJOH UP VMUSBTUSVDUVSBM BOE QIZTJPMPHJDBM JOWFTUJHBUJPOTPGFNCSZPHFOFTJT*ODPOUSBTUUPBOJ NBMT XIJDI DPNQMFUF UIFJS NPSQIPHFOFUJD FWFOUT JODMVEJOH UIF GPSNBUJPO PG NPTU BEVMU PSHBOT EVS JOHFNCSZPHFOFTJT UIFFNCSZPHFOJDQIBTFPGëPX FSJOHQMBOUTMBZTPVUUIFQSJNBSZCPEZQMBO MFBWJOH NBKPS POUPHFOFUJD FWFOUT UP PDDVS QPTUFNCSZP HFOJDBMMZCZUIFBDUJWJUZPGUIFTIPPUBOESPPUBQJDBM NFSJTUFNTIFODF ëPXFSJOHQMBOUTBSFTBJEUPCFJO BTUBUFPGDPOUJOVJOHFNCSZPHFOFTJT ѮJTDIBQUFSQSPWJEFTPWFSWJFXTPGUIFFTUBCMJTI NFOUPGUIFTUSVDUVSBMBOEGVODUJPOBMCPEZQMBOPG FNCSZPT PG SFQSFTFOUBUJWF FVEJDPU BOE NPOPDPU TQFDJFT GPMMPXFECZBDPOTJEFSBUJPOPGUIFOVUSJUJPO PG EFWFMPQJOH FNCSZPT ѮF SFQSFTFOUBUJWFT IBWF CFFO DIPTFO BT NPEFMT UP JMMVTUSBUF JO BO VODPN QMJDBUFEXBZUIFTVDDFTTJWFEJWJTJPOTPGUIF[ZHPUF
0SHBOJ[BUJPOPGUIF&HHBOE;ZHPUF 'SPNUIF;ZHPUFUPUIF&NCSZP ".PEFMPG&NCSZPHFOFTJTJO&VEJDPUT ".PEFMPG&NCSZPHFOFTJTJO.POPDPUT "SF&NCSZPOJD0SHBOTBOE5JTTVFT -JOFBHFSFTUSJDUFE$PNQBSUNFOUT "COPSNBM&NCSZP5ZQFT 1IZTJPMPHJDBM$POTJEFSBUJPOTPG&NCSZPHFOFTJT "3PMFGPS"VYJO1PMBS5SBOTQPSU JO&NCSZPHFOFTJT &NCSZP/VUSJUJPO &NCSZP$VMUVSF*OWFTUJHBUJPOT $PODMVEJOH$PNNFOUT 3FGFSFODFT
ϐύ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
UP GPSN UIF FNCSZP BOE JO SFDPHOJUJPO PG UIFJS SFMBUJWFMZXJEFTQSFBEVTFJOFYQFSJNFOUBMJOWFTUJHB UJPOT ѮF HFOFUJD BOE NPMFDVMBS CBTJT GPS DFMMVMBS QBUUFSOGPSNBUJPOJOFBSMZTUBHFFNCSZPTJTUIFTVC KFDUPGUIFOFYUDIBQUFS5XPSFWJFXTHFSNBOFUPUIF UPQJDTEJTDVTTFEJOUIJTDIBQUFSBSFCZ:BEFHBSJBOE (PMECFSH BOE1FSF[(SBV
0SHBOJ[BUJPOPGUIF&HHBOE;ZHPUF
'FSUJMJ[BUJPO JT UIF USJHHFS UIBU USBOTGPSNT UIF FHH JOUPB[ZHPUF XIJDITVCTFRVFOUMZDMFBWFTJOUPDFMMT UIBUCFDPNFQBSUPGUIFFNCSZPBOEVMUJNBUFMZDPO USJCVUFUPUIFCPEZQMBOPGUIFNBUVSFQMBOU"ѫFS ZFBSTPGGPDVTPOUIFPSDIFTUSBUFEEJWJTJPOQBUUFSOT PGUIF[ZHPUF PUIFSBTQFDUTPGUIJTDFMM TVDIBTQP MBSJUZBOEPSHBOFMMFEJTQPTJUJPO IBWFCFHVOUPVO SBWFMUIFJSTFDSFUT8IFSFBTUIF[ZHPUFQPTTFTTFTBMM UIF TUSVDUVSBM BOE GVODUJPOBM RVBMJUJFT PG B UZQJDBM QMBOUDFMM JUJTBMTPIJHIMZEJĒFSFOUJBUFEBTBTUPSF IPVTFPGEFWFMPQNFOUBMJOGPSNBUJPOJOBOUJDJQBUJPO PG B DPNQMFY EJWJTJPO QSPHSBN " DPNQBSJTPO PG UIF VMUSBTUSVDUVSBM QSPêMF PG UIF [ZHPUF XJUI UIBU PGUIFFHHJOEJDBUFTUIBUGFSUJMJ[BUJPOSFTVMUTJODPO TJEFSBCMF NFUBCPMJD UVSNPJM "MUIPVHI FHH DFMMT PG ëPXFSJOHQMBOUTIBWFBTJNJMBSPWFSBMMPSHBOJ[BUJPO DIBSBDUFSJ[FECZJOIFSFOUQPMBSJUZEVFUPBUBQFSFE CBTBM NJDSPQZMBS FOE BUUBDIFE UP UIF FNCSZP TBD XBMM BOE B CSPBE VOBUUBDIFE UFSNJOBM DIBMB[BM FOE QPMBSJ[BUJPO PG UIF DZUPQMBTN SFTVMUJOH JO VM USBTUSVDUVSBMEJĒFSFODFTCFUXFFOUIFUFSNJOBMBOE CBTBMQBSUTPGUIFFHHJTBIBMMNBSLPGNBOZQMBOUT 'PS FYBNQMF TVQFSJNQPTFE VQPO UIF QSFEFUFS NJOFEQPMBSJUZPGFHHDFMMTPGDPUUPO +FOTFO
$BQTFMMB CVSTBQBTUPSJT 4DIVM[ BOE +FOTFO
UVSOJQ 4VNOFSBOEWBO$BFTFFMF
BOE "SBCJEPQTJT .BOTêFMEFUBM JTBMBSHFWBDVPMF UPXBSE UIF NJDSPQZMBS FOE XJUI UIF DZUPQMBTNJD PSHBOFMMFT JODMVEJOH UIF OVDMFVT EJTQMBDFE UPXBSE UIF DIBMB[BM FOE ѮF UPUBM BNPVOU PG DZUPQMBTN QSFTFOUJOUIFFHHDFMMTPGUIFTFQMBOUTJTTQBSTFBOE JT TQSFBE JO B UIJO TUSJQ TVSSPVOEJOH UIF WBDVPMF FYDFQU OFBS UIF OVDMFVT 1MBTUJET NJUPDIPOESJB BOEEJDUZPTPNFTBSFSBOEPNMZBOEQBSTJNPOJPVTMZ EJTUSJCVUFE JO UIF FHH DZUPQMBTN PG DPUUPO UVSOJQ BOE$CVSTBQBTUPSJT"MUIPVHIUIFFHHDZUPQMBTN PGUVSOJQBOE"SBCJEPQTJTIBTBMTPBMPXDIMPSPQMBTU DPVOU B MBSHF OVNCFS PG VOEJĒFSFOUJBUFE TUBSDI
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êOFEUPUIFNJDSPQZMBSFOE"DMPTFTUSVDUVSBM SFMBUJPOTIJQPGUIFFHHUPJUTNBUVSBUJPOTUBHFJTVO EFSMJOFE CZ UIF PCTFSWBUJPO UIBU XIFSFBT UIF JN NBUVSFFHHJTTNBMMBOEOPOWBDVPMBUF UIFNBUVSF FHHJTMBSHFXJUIBQSPQPSUJPOBUFMZDPOTQJDVPVTBQJ DBMWBDVPMF WBO-BNNFSFO.ÓMFUBM 'SPN UIF GVODUJPOBM QPJOU PG WJFX UIF VMUSBTUSVD UVSBM TJNQMJDJUZ PG UIF NBUVSF FHH DFMMT PG UIF TQF DJFTDPOTJEFSFEIFSF JOQBSUJDVMBSUIFDPNQBSBUJWF QPWFSUZPGUIFJSDZUPQMBTN UFOETUPTVHHFTUUIBUUIF BOHJPTQFSN FHH JT BO JOBDUJWF DFMM XIPTF NFUBCP MJTNJTBUBMPXFCC4JODFTZOFSHJETBSFJOUJNBUFMZ BMJHOFEXJUIUIFFHHJOUIFFHHBQQBSBUVT NFUBCPMJD RVJFTDFODFPGUIFFHHJTPѫFODPNQFOTBUFECZUIF QSFTFODF PG NFUBCPMJDBMMZ BDUJWF TZOFSHJET +FOTFO "EJĒFSFOUTJUVBUJPOJTPCTFSWFEJOUIFFHHPG 1MVNCBHP[FZMBOJDB XIPTFFNCSZPTBDMBDLTTZOFS HJET ѮF NBKPS VMUSBTUSVDUVSBM GFBUVSFT PG UIF FHH DFMMBSFUIFFMBCPSBUJPOPGXBMMJOHSPXUITBUUIFNJ DSPQZMBSFOEDPSSFTQPOEJOHUPUIFêMJGPSNBQQBSB UVTOPSNBMMZGPVOEJOTZOFSHJET BOEUIFQSFTFODFPG BNFUBCPMJDBMMZBDUJWFDZUPQMBTNXJUIBMBSHFOVN CFS PG SFMBUJWFMZ XFMMEFWFMPQFE NJUPDIPOESJB BOE EJDUZPTPNFTBTXFMMBT&3TUVEEFEXJUIQPMZTPNFT $BTTBOE,BSBT )FSF UIFFHHOPUPOMZQMBZT JUT HFOFUJDBMMZ PSEBJOFE SPMF BT UIF GFNBMF HBNFUF CVUQSPCBCMZBMTPQFSGPSNTTZOFSHJEGVODUJPOT ѮF DIBMB[BM FOE PG FHH DFMMT PG NBOZ BOHJP TQFSNT FYBNJOFE JO UIF FMFDUSPO NJDSPTDPQF IBT CFFOGPVOEUPCFBUUFOVBUFEmBGFBUVSFBDIJFWFEJO MBSHFNFBTVSFCZBEFDSFBTJOHBNPVOUPGPSHBOJ[FE
DFMMXBMMNBUFSJBM*ONPTUDBTFT UIJTJTNBOJGFTUCZ UIFQSFTFODFPGXBMMNBUFSJBMBSPVOEUIFNJDSPQZMBS IBMG PG UIF DFMM UIF DIBMB[BM IBMG CFJOH DPWFSFE CZ KVTUUIFQMBTNBNFNCSBOF PSCZUIFEFQPTJUJPOPG QBUDIFTPGXBMMNBUFSJBMEPUJOHUIFDIBMB[BMQBSUPG UIF FHH PS CZ UIF XBMM EJTBQQFBSJOH GSPN UIF DIB MB[BM QBSU PG UIF FHH XJUI NBUVSJUZ +FOTFO 'PMTPN BOE 1FUFSTPO :BO FU BM 1PTTJ CMZ UIF OBLFE PS QBSUJBMMZ OBLFE DIBMB[BM QBSU PG UIF FHH GBDJMJUBUFT FOUSZ PG UIF TQFSN GPS GFSUJMJ[B UJPO BOE BCTPSQUJPO PG OVUSJFOUT GSPN UIF DFOUSBM DFMM8IFUIFSTJHOBMTGSPNUIFTUJHNB TUZMF PSUIF DFOUSBM DFMM BU UIF UJNF PG QPMMJOBUJPO BSF JOWPMWFE JOUIFEJĒFSFOUJBMBDDVNVMBUJPOPGXBMMNBUFSJBMPO UIFFHHTVSGBDFJTOPULOPXO "TXJMMCFDPNFDMFBSMBUFS UIFEFWFMPQNFOUBMQBU UFSOPGUIFFNCSZPJTEFUFSNJOFECZUIFTUSVDUVSBM BOENPMFDVMBSQPMBSDVFTFNCFEEFEJOUIFVOGFSUJM J[FE FHH $POTFRVFOUMZ UIF NFDIBOJTN UIBU FTUBC MJTIFTFHHQPMBSJUZCZNBUFSOBMJOGPSNBUJPODBOCF FYQFDUFEUPFYFSDJTFBOPWFSSJEJOHFĒFDUPOGVUVSF EFWFMPQNFOU BMUIPVHIUIFNFDIBOJTNJUTFMGSBJTFT RVFTUJPOTUIBUIBWFOPBOTXFST'PSPWFSZFBST FHHT BOE [ZHPUFT PG CSPXO BMHBF CFMPOHJOH UP UIF GBNJMZ 'VDBMFT FTQFDJBMMZ TQFDJFT PG 'VDVT BOE JUT DMPTFSFMBUJWF4JMWFUJB SFOBNFEGSPN1FMWFUJB
IBWF CFFOVTFEJOJOWFTUJHBUJPOTPOQPMBSJUZ BOEUIFSFM FWBODF PG UIFTF TUVEJFT UP GPSNBUJPO PG UIF BQJDP CBTBMBYJTJOFNCSZPTPGëPXFSJOHQMBOUTIBTCFFO FNQIBTJ[FE 2VBUSBOPBOE4IBX ѮFVOGFS UJMJ[FEFHHDFMMPGGVDPJEBMHBFJTBQPMBS CVUQPMBSJUZ JTFTUBCMJTIFETPPOBѫFSGFSUJMJ[BUJPOCZBUXPTUBHF QSPDFTT OBNFMZ UIF JOJUJBM GPSNBUJPO PG B SFWFST JCMFBYJTBOEJUTMBUFSêYBUJPOѮFêSTUWJTJCMFTJHO PGQPMBSJUZêYBUJPOJTUIFBQQFBSBODF OFBSUIFTQPU PGTQFSNFOUSZPOUIFFHH PGBQFBSTIBQFEQSPUV CFSBODFUIBUHSPXTJOUPBSIJ[PJE/FYU UIF[ZHPUF JTDMFBWFEJOBQMBOFBUSJHIUBOHMFTUPUIFFNFSHJOH SIJ[PJE DVUUJOHPĒBTNBMMSIJ[PJEDFMMBOEBMBSHF UIBMMVT DFMM )PXFWFS B OVNCFS PG FYUFSOBM DVFT TVDIBTBQQMJDBUJPOPGVOJMBUFSBMMJHIU UFNQFSBUVSF PTNPUJDBOEJPOJDHSBEJFOUT BOEUIFBVYJO JOEPMF BDFUJDBDJE *""
BNPOHPUIFST PWFSSJEFêYBUJPOPG UIFHSPXUIBYJTCZTQFSNFOUSZѮFNPTUDPNNPOMZ VTFEFYUFSOBMGBDUPSJOFYQFSJNFOUBMJOWFTUJHBUJPOT JTVOJMBUFSBMJMMVNJOBUJPO XIJDIDBVTFTFNFSHFODF PGUIFSIJ[PJEGSPNUIFTIBEFETJEFPGUIF[ZHPUFBT UIFêSTUNPSQIPMPHJDBMFYQSFTTJPOPGQPMBSJUZ'JYB UJPOPGQPMBSJUZPDDVSTXIFOUIFMBCJMFBYJTGPSNFE
ɨɧ 0SHBOJ[BUJPOPGUIF&HHBOE;ZHPUF
ϐώ
DBOOPMPOHFSCFSFPSJFOUFECZUIFEJSFDUJPOPGUIF FYUFSOBMTUJNVMVT +BĒF,SPQG 0OFPG UIFFBSMJFTUSFDSVJUT XIJDITUJMMSFNBJOTBTBWJBCMF DBOEJEBUF UPBOFYQBOEJOHHSPVQPGEJWFSTFGBDUPST UIBUMFBEUPGPSNBUJPOPGUIFQPMBSBYJTJOGVDPJE[Z HPUFTJTBMPDBMJ[FE$Bí JOëVYBUUIFTJUFPGUIFGVUVSF SIJ[PJEUIJTIBTMFEUPUIFTVHHFTUJPOUIBUBOFTTFO UJBMMJOLJOUIFQPMBSJ[BUJPOQSPDFTTNBZCFBDFMMVMBS DPNQPOFOU UIBU CJOET TUSPOHMZ UP $Bí 3PCJOTPO BOE +BĒF /VDDJUFMMJ ѮF SPMF PG $Bí BT POF PG UIF FBSMJFTU EFUFDUBCMF QPMBS QIFOPNFOB IBTCFFOSFJOGPSDFECZUIFPCTFSWBUJPOUIBU JO'V DVT [ZHPUFT ëVPSFTDFOUMZ MBCFMFE EJIZESPQZSJEJOF XIJDIQSPCBCMZMBCFMTDBMDJVNDIBOOFMT CJOETUPB TQFDJêDQMBTNBNFNCSBOFMPDBMJ[FESFDFQUPSJOUIF SFHJPOPGIJHI$Bí DPODFOUSBUJPOUIBUQSFEJDUTUIF TJUF PG SIJ[PJE HSPXUI 4IBX BOE 2VBUSBOP "DUJOEFQPMZNFSJ[JOHBHFOUTTVDIBTDZUPDIBMBTJOT #PS%BOEMBUSVODVMJO UIFBDUJOTUBCJMJ[JOHBHFOU KBTQMBLJOPMJEF BOE UIF ëVPSFTDFOU QSPCF SIPEB NJOFQIBMMPJEJOIBWFCFFOVTFEUPTIPXUIBUBDUJO OFUXPSLT QMBZ B QJWPUBM SPMF BT BO FBSMZ NBSLFS PG [ZHPUFQPMBSJUZBUUIFQSFTVNQUJWFSIJ[PJEQPMF*O HFOFSBM JUXBTGPVOEUIBUEJTSVQUJPOPGUIFBDUJODZ UPTLFMFUPOJOIJCJUTTVCTFRVFOUQPMBSHSPXUIPGUIF SIJ[PJEBOEUIBU JODPOUSBTUUPUIFVOJGPSNEJTUSJCV UJPOPGBDUJOJOUIFFBSMZTUBHFPGEFWFMPQNFOUPGUIF [ZHPUF GPSNBUJPOêYBUJPOPGUIFQPMBSBYJTJTBTTP DJBUFEXJUIBSFEJTUSJCVUJPOUPUIFSIJ[PJETJUFPGEZ OBNJDBDUJOHFOFSBUFECZEFQPMZNFSJ[BUJPOXJUIJO FYJTUJOHBSSBZTBOECZQPMZNFSJ[BUJPOPGOFXBSSBZT ,SPQGFUBM"MFTTBBOE,SPQG)BCMFFU BM $IBOHFTJOBDUJOPSHBOJ[BUJPOSFTVMUJOHJO UIFGPSNBUJPOPGBOABDUJOQBUDIBSFGPMMPXFECZUIF QPMBSJ[FEWFTJDMFTFDSFUJPOBUUIJTTJUFOFDFTTBSZGPS BYJTTUBCJMJ[BUJPO )BCMFBOE,SPQG #FDBVTF WFTJDMF TFDSFUJPO JT $Bí EFQFOEFOU JU JT UFNQUJOH UP DPODMVEF UIBU BDUJO êMBNFOUT SFDSVJU $Bí DIBO OFMQSPUFJOTUPBJEJOWFTJDMFTFDSFUJPOBUUIFSIJ[PJE QPMF ,SPQGFUBM *OBOBUUFNQUUPEFDJQIFS UIFUSBOTEVDUJPOPGFOWJSPONFOUBMHSBEJFOUTJOUIF JOJUJBUJPOPGQPMBSJUZJO'VDVT[ZHPUFT $PSFMMPVFUBM IBWF JNQMJDBUFE QIPTQIPSZMBUJPO DBTDBEFT JOWPMWJOH UZSPTJOF QIPTQIPSZMBUJPO JO QPMBS BYJT GPSNBUJPOJOUIF[ZHPUFBOEJOTUBCMFBDUJOMPDBMJ[B UJPOBUUIFSIJ[PJETJUF"TFSJFTPGFYQFSJNFOUTVTJOH BVYJOFĔVYJOIJCJUPSTTVDIBTOBQIUIZMQIUIBMBNJD BDJE /1" IBWFJOEJDBUFEJOUFSBDUJPOTCFUXFFOBD UJO BOE BVYJO USBOTQPSU JO UIF EFWFMPQNFOU PG QP
ϐϏ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
'JHɨɧ%JBHSBNTTIPXJOHDIBOHFTJOUIFEJTUSJCVUJPOPGNJDSPUVCVMFTEVSJOHEFWFMPQNFOUBOEEJWJTJPOPGUIF[ZHPUFPG "SBCJEPQTJTѮFGPSNBUJPOPGUIFQSFQSPQIBTFCBOEJTTIPXOJOѮFGSFRVFODZPGFBDITUBHFBTBQFSDFOUBHFPG[ZHPUFT FYBNJOFEJTJOEJDBUFE 3FQSJOUFEGSPN8FCCBOE(VOOJOH
MBSJUZJO'VDVT[ZHPUFT 4VOFUBM
CVUTPSUJOH PVUUIFJOUFSBDUJPOTJOWPMWFEJTOPUMJLFMZUPCFTP TJNQMF"MUIPVHIDPNNPOUISFBETDPOOFDUUIFQBU UFSO PG FBSMZ EJWJTJPO PG BMHBM BOE BOHJPTQFSN [Z HPUFT QPMBSJUZSFNBJOTBOJOUSJHVJOHQSPCMFN BOE BVOJGZJOHUIFNFBCPVUUIFNFDIBOJTNDPOUSPMMJOH UIF JOJUJBUJPO BOE TUBCJMJ[BUJPO PG UIF QPMBS BYJT JO VOGFSUJMJ[FEFHHTJTZFUUPFNFSHF ѮF JOJUJBM SFTQPOTFT PG UIF BOHJPTQFSN FHH UP GFSUJMJ[BUJPOEPOPUGPMMPXXFMMPSEFSFEQBUUFSOTCVU JO WBSJPVT TQFDJFT JOWFTUJHBUFE JOWPMWF DIBOHFT JO TJ[F MBZJOH EPXO PG XBMM NBUFSJBM BU UIF DIBMB[BM FOE BOE PWFSIBVMJOH PG UIF DZUPQMBTNJD DPOUFOUT $PUUPOQSPWJEFTBHPPENPEFM TIPXJOHUIBUCFGPSF UIF [ZHPUF OVDMFVT EJWJEFT UIFSF JT B ESBNBUJD EF DSFBTFJODFMMTJ[FUPOFBSMZPOFIBMGPGUIFWPMVNF PGUIFFHHѮJTJTBDDPNQBOJFECZBEFDSFBTFJOTJ[F PG UIF WBDVPMF TPPO BѫFS GFSUJMJ[BUJPO QSFTVNBCMZ EVF UP UIF MPTT PG XBUFS JOUP UIF DFOUSBM DFMM DPO UJOVJOH FWFO BѫFS UIF DFMM TJ[F DFBTFT UP EFDSFBTF +FOTFO ;ZHPUFTISJOLBHFIBTBMTPCFFO PCTFSWFE JO )JCJTDVT DPTUBUVT ) DPTUBUVTBDVMFB UVT ) DPTUBUVTGVSDFMMBUVT "TIMFZ
UPCBDDP .PHFOTFOBOE4VUIBS
BOEUVSOJQ 4VNOFS *O DPOUSBTU XJUIJO B GFX IPVST PG GFSUJMJ[B UJPO UIF FHH DFMM PG "SBCJEPQTJT FYFDVUFT B OFBSMZ UISFFGPMEFMPOHBUJPOBMPOHUIFBQJDPCBTBMBYJTѮF QSJNFNPWFSPGUIJTFWFOUJTBMTPUIFWBDVPMF XIPTF SFPSHBOJ[BUJPOJOWPMWFTSFQMBDFNFOUPGUIFMBSHFNJ DSPQZMBSWBDVPMFPGUIFFHHCZOVNFSPVTTNBMMWBD VPMFT XIJDIêOBMMZDPBMFTDFUPBMBSHFWBDVPMFêMM JOHNPTUPGUIFWPMVNFPGUIF[ZHPUF .BOTêFMEBOE #SJBSUZ +ÛSHFOT BOE .BZFS "T TIPXO EJBHSBNNBUJDBMMZ JO 'JH [ZHPUF FMPOHBUJPO JO "SBCJEPQTJTDPJODJEFTXJUIBHSBEVBMDIBOHFJOUIF DPOêHVSBUJPO PG UIF BSSBZ PG NJDSPUVCVMFT GSPN B
QFSQFOEJDVMBS UP B USBOTWFSTF DPSUJDBM BMJHONFOU QSFEPNJOBOUMZJOBTVCBQJDBMCBOE 8FCCBOE(VO OJOH ѮJTJNQMJFTUIBUDPSUJDBMNJDSPUVCVMFT QSPWJEF UIF GPSDF GPS FMPOHBUJPO PG UIF [ZHPUF BOE UIBU UIJT BDUJWJUZ JT MBSHFMZ SFTUSJDUFE UP UIF BQJDBM SFHJPO PG UIF DFMM $IBOHFT JO NJDSPUVCVMF PSHBOJ [BUJPOSFTVMUJOHJOUIFSFQMBDFNFOUPGTQBSTFMZTDBU UFSFEDPSUJDBMNJDSPUVCVMFTJOUIFFHHDZUPQMBTNCZ EFOTFTUSBOETSBEJBUJOHGSPNUIFOVDMFVTBMTPPDDVS EVSJOH JO WJUSP GFSUJMJ[BUJPO PG JTPMBUFE FHH DFMMT PG NBJ[F )PTIJOPFUBM *OTPNFQMBOUTJUIBT CFFO TIPXO UIBU MBZJOH EPXO PG XBMM NBUFSJBMT BU UIFDIBMB[BMFOEPGUIFFHHBTBOFBSMZQPTUGFSUJMJ[B UJPO FWFOU JOWPMWFT JODSFBTFE BDUJWJUZ PG UIF DPSUJ DBM NJDSPUVCVMFT BT XFMM BT PG EJDUZPTPNF WFTJDMFT JO UIF DZUPQMBTN JOUFSFTUJOH RVFTUJPOT SFHBSEJOH UIF SFHVMBUPSZ NFDIBOJTNT BOE CJPMPHJDBM SPMFT PG UIF OFXMZ GPSNFE XBMM BSF SBJTFE CZ UIJT PCTFSWB UJPO +FOTFO4DIVM[BOE+FOTFO:BOFU BM4VNOFS *O5PSFOJBGPVSOJFSJ UIFSF JT FWJEFODF GPS B DIBOHF JO UIF TZNQMBTUJD USBēD PG TPMVUFT CFUXFFO UIF FHH BOE UIF DFOUSBM DFMM BT B DPOTFRVFODF PG GFSUJMJ[BUJPO .JDSPJOKFDUJPO PG XBUFSTPMVCMFNPMFDVMBSUSBDFSTJOUPUIFFNCSZPTBD TIPXFEUIBU JODPOUSBTUUPUIFVOIJOEFSFEQBTTBHF PG USBDFST JO UIF mL%B SBOHF GSPN UIF DFOUSBM DFMM UP UIF FHH CFGPSF GFSUJMJ[BUJPO UIFSF JT B DPN QMFUF DFTTBUJPO PG NPWFNFOU PG TPMVUFT PG BMM TJ[FT JOUPUIF[ZHPUF )BOFUBM *UJTQPTTJCMF CVU BTZFUVOQSPWFO UIBUJOUIFNJDSPDPTNPGUIFFN CSZPTBD JTPMBUJPOPGUIF[ZHPUFCZBDFMMXBMM BOE TZNQMBTUJD QSFWFOUJPO PG DFMMUPDFMM DPNNVOJDB UJPO QSPNPUFT TVCTFRVFOU EJWJTJPO VOIJOEFSFE CZ UIFJOëVFODFPGBQSJNBSZFOEPTQFSNOVDMFVTPGB EJĒFSFOUHFOPUZQF 0UIFS GFSUJMJ[BUJPOSFMBUFE FWFOUT DPOUSJCVUF UP
ɨɧ 0SHBOJ[BUJPOPGUIF&HHBOE;ZHPUF
ϐϐ
'JHɨɨBoD'MVPSFTDFOUNJDSPHSBQITPGTFDUJPOTPGUIFFHHBOE[ZHPUFPG1FMBSHPOJVN[POBMFTIPXJOHNJUPDIPOESJBMQSP êMFB&HHDFMMXJUIDFOUSBMMZQMBDFEOVDMFVTBOEDPODFOUSJD IBMGDPODFOUSJD BOESJOHTIBQFENJUPDIPOESJBBOEQMBTUJET C;ZHPUF IBѫFSQPMMJOBUJPO
JOXIJDINJUPDIPOESJBBQQFBSBTDSVTIFE*OTFUTIPXTGVTJPOPGUIFFHHBOETQFSNOVDMFJ D;ZHPUF IBѫFSQPMMJOBUJPO BUUIFCFHJOOJOHPGUIFêSTUEJWJTJPO XJUINJUPDIPOESJBBQQFBSJOHBTêOFSPETPSTNBMM SJOHT&&HHDFMM .NJUPDIPOESJB /OVDMFVT /POVDMFPMVT 1QMBTUJE ;Z[ZHPUF#BSTʍN CBSJOCBQQMJFTBMTPUPD 3F QSJOUFEGSPN,VSPJXBFUBM
BDDFOUVBUJPOPGUIFJOIFSFOUQPMBSJUZPGUIFFHHBOE UPBOJODSFBTFJOUIFNFUBCPMJDTUBUFPGUIF[ZHPUF *NQMJDBUFE JO UIF GVSUIFS EFWFMPQNFOU PG QPMBSJUZ GPMMPXJOHGFSUJMJ[BUJPOPGUIFFHHJODPUUPOBSF&3 SJ CPTPNFT QMBTUJET BOENJUPDIPOESJB XIJDIHBUIFS BSPVOEUIFOVDMFVTBUUIFDIBMB[BMFOE"DPOTJTUFOU GFBUVSF PG UIJT DIBOHF JT UIBU UIF PSHBOFMMFT DPN QMFUFUIFJSNJHSBUJPOGSPNUIFQFSJQIFSZPGUIFDFMM UPUIFJSOFXQPTJUJPOTXJUIJOIBѫFSGFSUJMJ[BUJPO +FOTFO "DPNQMFUFSFWFSTBMPGUIFPSHBOFMMF USBēD VOEFSQJOOJOH [ZHPUF FTUBCMJTINFOU PDDVST JO1BQBWFSOVEJDBVMFBOE;FBNBZT SFTVMUJOHJOUIF NJHSBUJPOPGUIFOVDMFVTBOEDZUPQMBTNJDDPOUFOUT GSPNUIFJSQSFGFSUJMJ[BUJPONJDSPQZMBSMPDBUJPOTUP UIF DIBMB[BM QPMF 0MTPO BOE $BTT WBO -BN NFSFO ѮF BHHSFHBUJPO PG SJCPTPNFT JOUP QPMZTPNFT HFOFSBUJPO PG OFX SJCPTPNF QPQVMB UJPOT JODSFBTF JO UIF OVNCFS PG MJQJE CPEJFT NJ UPDIPOESJB BOE EJDUZPTPNFT DIBOHF JO &3 GSPN SPVHI UP TNPPUI PS UVCVMBS UZQF BOE JODSFBTF JO 3/" BOE QSPUFJO DPOUFOUT PCTFSWFE JO [ZHPUFT PG WBSJPVTQMBOUTBSFDPOTJTUFOUXJUIUIFTDFOBSJPBTTP DJBUFEXJUIJODSFBTFENFUBCPMJDBDUJWJUZPGUIJTDFMM +FOTFO4DIVM[BOE+FOTFO$PDVDDJBOE +FOTFO.PHFOTFO.BOTêFMEBOE#SJBSUZ 4VNOFS 1FMBSHPOJVN [POBMF (FSBOJBDFBF JT B SFMBUJWF OFXDPNFS UP UIF SBOLT PG QMBOUT GBWPSFE GPS VM
USBTUSVDUVSBM JOWFTUJHBUJPOT PG UIF FHHUP[ZHPUF USBOTGPSNBUJPO'PMMPXJOHGFSUJMJ[BUJPO DIBOHFTBSF DPOêOFENBJOMZUPUIFNJUPDIPOESJB XIJDIBQQFBS JO TFDUJPOT PG UIF FHH DFMM BT TUBDLT PG DVQTIBQFE SJOHT DPOTJTUJOH PG TFWFSBM DPODFOUSJD PS IBMGDPO DFOUSJD DJSDMFT *U IBT CFFO FTUJNBUFE UIBU mI FMBQTFCFUXFFOQPMMJOBUJPOBOEHBNFUJDGVTJPO BOE UIBUUIF[ZHPUFEPFTOPUEJWJEFVOUJMmIBѫFS QPMMJOBUJPO"TTIPXOJO'JH BmD
CZIUIF SJOHTIBQFENJUPDIPOESJBPGUIFFHHTFQBSBUFJOUP TJOHMFDVQTBOEBQQFBSDSVTIFEUPGPSNPWBMPSSPE TIBQFETUSVDUVSFTѮFJSSPETIBQFEDPOêHVSBUJPO JTGVSUIFSBDDFOUVBUFECZIBѫFSQPMMJOBUJPOBOE CFGPSFEJWJTJPOPGUIF[ZHPUFѮFTFDIBOHFTJONJ UPDIPOESJBM NPSQIPMPHZ BTTPDJBUFE XJUI GFSUJMJ[B UJPOBSFBMTPBDDPNQBOJFECZBTVCTUBOUJBMEFDSFBTF JOUIFBNPVOUPGNJUPDIPOESJBM%/"JOUIF[ZHPUF ,VSPJXBFUBM ѮFSF JT OPX DPNQFMMJOH FWJEFODF UP TIPX UIBU GFSUJMJ[BUJPO BDUJWBUFT B DBTDBEF PG DIBOHFT JO UIF FHH'PSNBUJPOPGBIJHIMZQPMBSJ[FE[ZHPUFOPUPOMZ FOTVSFT UIF êEFMJUZ PG TVCTFRVFOU EJWJTJPOT JO UIF FNCSZPHFOJD QBUIXBZ CVU BMTP BMMPXT GPS UIF GPS NBUJPOPGQIFOPUZQJDBMMZBOEGVODUJPOBMMZEJĒFSFOU DFMMT%FTQJUFUIFMJNJUFEBDDFTTJCJMJUZPGUIFBOHJP TQFSN FHH UP FYQFSJNFOUBM NBOJQVMBUJPO TPSUJOH PVUUIFEFWFMPQNFOUBMJOUFSBDUJPOTUIBUPQFSBUFBG UFSGFSUJMJ[BUJPOJTPGJNQPSUBODFJOEFDJQIFSJOHUIF
ϐϑ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
HFOFUJDBOENPMFDVMBSTXJUDIFTUIBUBSFUVSOFEPO DIBOHFE MJUUMF TJODF JU XBT JOUSPEVDFE NPSF UIBO ZFBSTBHP +PIBOTFO.BIFTIXBSJ *O PSPĒUPBVHVSUIFDIBOHFTEFTDSJCFE UIJT DMBTTJêDBUJPO FNCSZP EFWFMPQNFOU UZQFT BSF TFQBSBUFEJOUPUXPNBKPSHSPVQTJOPOFHSPVQ UIF êSTU EJWJTJPO PG UIF UFSNJOBM DFMM PG UIF UXPDFMMFE 'SPNUIF;ZHPUFUPUIF&NCSZP FNCSZP JT MPOHJUVEJOBM JO UIF TFDPOE HSPVQ UIF 8JUIJOUIF[ZHPUFMJFTUIFQPUFOUJBMUPGPSNBOFO EJWJTJPOJTUSBOTWFSTF"TNBMMOVNCFSPGQMBOUTJO UJSF QMBOU B GFBU UIBU JT BDDPNQMJTIFE CZ FYUFOTJWF XIJDIUIFêSTUEJWJTJPOPGUIF[ZHPUFJUTFMGJTPCMJRVF DIBOHFTJOGPSNJOEFêOFEBOEESBNBUJDXBZT BOE PS WFSUJDBM IBWF CFFO MVNQFE JOUP B UIJSE HSPVQ CZUIFQSPHSFTTJWFDIBOHFPGBOVOEJĒFSFOUJBUFEDFMM 8JUIJO UIF êSTU UXP HSPVQT EJĒFSFOU FNCSZP TFH UP B NBTT PG EJĒFSFOUJBUFE DFMMT $PNNPO DFMMVMBS NFOUBUJPO UZQFT BSF SFDPHOJ[FE BOE JEFOUJêFE UP BDUJWJUJFT JOWPMWFE JO UIF USBOTGPSNBUJPO PG UIF [Z DVTUPNJ[F UIF EJWJTJPO TFRVFODF GPS TQFDJêD GBNJ HPUFJOUPUIFFNCSZPBSFEJWJTJPO FYQBOTJPO NBUV MJFT BOEBSFEFTJHOBUFECZUIFOBNFPGUIFGBNJMZ SBUJPO BOEEJĒFSFOUJBUJPOUIFTFBSFUFSNJOBUFECZ JO XIJDI NBOZ FYBNQMFT PG UIF UZQF BSF GPVOE PS UIFGPSNBUJPOPGNFSJTUFNTBOEFNCSZPOJDPSHBOT JOXIJDIUIFUZQFXBTêSTUEFTDSJCFEѮFTFJODMVEF *OBWFSZZPVOHFNCSZP BMMDFMMTEJWJEFGBJUIGVMMZUP UIF$SVDJGFS PS0OBHSBE BOE"TUFSBEUZQFTJOUIF QSPEVDF B OFX HFOFSBUJPO PG EBVHIUFS DFMMT )PX êSTUHSPVQ $IFOPQPEJBE 4PMBOBE BOE$BSZPQIZM FWFS EVSJOH QSPHSFTTJWF FNCSZPHFOFTJT DFMM EJWJ MBEUZQFTJOUIFTFDPOEHSPVQ BOE1JQFSBEUZQFJO TJPOT BSF SFTUSJDUFE UP DFSUBJO QBSUT PG UIF FNCSZP UIFUIJSEHSPVQ)PXFWFS TPNFGBNJMJFTTIPXHSFBU QSFEJDUBCMFCZUIFJSQPTJUJPOJOUIFDFMMMJOFBHF UP EJWFSTJUZ JO UIFJS FNCSZP EFWFMPQNFOU BOE NPSF QSPEVDF TQFDJBMJ[FE DFMMT UJTTVFT BOE PSHBOT 6O UIBO POF UZQF PG EFWFMPQNFOU SFQSFTFOUFE CZ POF GPSUVOBUFMZ JO UIF TUJMMVOGPMEJOH NPMFDVMBS CJPM PSUXPHFOFSBJOFBDIDBTFJTOPUVODPNNPOXJUIJO PHZ PG FNCSZPHFOFTJT OPU NVDI JT LOPXO BCPVU BOZPOFGBNJMZ"DBTFJOQPJOUJT'BCBDFBF JOXIJDI UIFNFDIBOJTNTUIBUSFTUSJDUGVODUJPOBMBDUJWJUJFTPG BT NBOZ BT GPVS "TUFSBE $BSZPQIZMMBE $SVDJGFS BOE 4PMBOBE PG UIF TJY QPTTJCMF UZQFT BOE NBOZ DFMMTJOUIFEFWFMPQJOHFNCSZP ѮF[ZHPUJDHFOPNFCFDPNFTGVMMZBDUJWBUFE QP WBSJBUJPOTPGUIFCBTJDUZQFTPGFNCSZPEFWFMPQNFOU UFOUJBUJOH UIF [ZHPUF UP EJWJEF XJUIJO B GFX IPVST BSFLOPXOUPFYJTUJOUIFTVCGBNJMZ1BQJMJPOPJEFBF PG GFSUJMJ[BUJPO CVU EJWJTJPO EPFT OPU PDDVS VOUJM BMPOF 1SBLBTI ѮFGPMMPXJOHBDDPVOUPGUIF BѫFS UIF FOEPTQFSN OVDMFVT IBT HFOFSBUFE B TZO NBKPSUZQFTPGFNCSZPEFWFMPQNFOUIBTCFFOTVN DZUJVNPGGSFFOVDMFJ .BIFTIXBSJ ѮFêSTU NBSJ[FE GSPN B SFWJFX CZ /BUFTI BOE 3BV
EJWJTJPO PG UIF [ZHPUF JT BMNPTU JOWBSJBCMZ BTZN UP XIJDI SFGFSFODF JT NBEF GPS BEEJUJPOBM EFUBJMT NFUSJDBOEUSBOTWFSTFUPJUTMPOHBYJT DVUUJOHPĒB &NCSZPHFOFTJTJOSFQSFTFOUBUJWFQMBOUTPGFBDIUZQF MBSHF WBDVPMBUF CBTBM DFMM UPXBSE UIF NJDSPQZMBS JT EFTDSJCFE JO CPPLT CZ .BIFTIXBSJ BOE FOEBOEBTNBMM EFOTFMZDZUPQMBTNJD UFSNJOBMDFMM +PISJFUBM "MUIPVHIUIFFNCSZPJTBMNPTUXIPMMZHFOFSBUFE UPXBSEUIFDIBMB[BMFOEѮ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ëFDUFE JO UIF DPOUSJCVUJPO PG UIF CBTBM DFMM UP GPSNBUJPO PG UIF BGPSFNFOUJPOFE QPMBSJUZ PG UIF [ZHPUF ѮF QMBOF NBUVSF FNCSZP JO UIFTF UXP TQFDJFT EPFT OPU BQ PGUIFTVCTFRVFOUEJWJTJPOPGUIFUFSNJOBMDFMMBOE QFBSUPCFJOTJHOJêDBOU8IFSFBTFNCSZPEFWFMPQ UIF FYUFOU PG DPOUSJCVUJPO PG UIF CBTBM DFMM UP UIF NFOU JO TFWFSBM HFOFSB PG 0OBHSBDFBF BOE #SBTTJ GPSNBUJPO PG UIF FNCSZP QSPQFS IBWF CFFO MJOLFE DBDFBFEJTQMBZTUIFIBMMNBSLTPGUIF$SVDJGFSUZQF UPHFUIFS UP QSPWJEF UIF GSBNFXPSL GPS B XJEFMZ UIF SBOLT PG UIJT UZQF IBWF BMTP CFFO TXPMMFO CZ VTFEDMBTTJêDBUJPOPGFNCSZPEFWFMPQNFOUUZQFTJO BEEJUJPOT PG JTPMBUFE HFOFSB GSPN TVDI XJEFMZ EJT ëPXFSJOHQMBOUTUIFCBTJTPGUIJTDMBTTJêDBUJPOIBT QBSUBUF GBNJMJFT BT #JHOPOJBDFBF 'BCBDFBF -BNJB
DFBF -ZUISBDFBF 3BOVODVMBDFBF 3VUBDFBF BOE 4DSPQIVMBSJBDFBF BNPOH FVEJDPUT BOE +VODBDFBF BOE -JMJBDFBF BNPOH NPOPDPUT ѮF EFêOJOH GFB UVSFPGUIF"TUFSBEUZQFJTUIBUEFSJWBUJWFTPGCPUI UFSNJOBMBOECBTBMDFMMTCMFOEJOEJTUJOHVJTIBCMZUP BEPQUBOFNCSZPOJDGBUFBOEGPSNUIFNBUVSFFN CSZP *OEFFE UIFSF JT B OJDF EJWJTJPO PG MBCPS CF UXFFOUIFUFSNJOBMBOECBTBMDFMMTJOGPSNBUJPOPG UIFFNCSZP UIFGPSNFSHJWJOHSJTFUPUIFDPUZMFEPOT BOE TUFN UJQ BOE UIF MBUUFS UP UIF IZQPDPUZM SPPU DPSUFY BOE SPPU DBQ "MUIPVHI UIF CBTBM DFMM UIVT NBLFTBTVCTUBOUJBMDPOUSJCVUJPOUPUIFDSBѫJOHPG UIF FNCSZP OPU BMM EFTDFOEBOUT PG UIJT DFMM BSF JO DPSQPSBUFE JOUP UIF êOBM QSPEVDU B TNBMM OVNCFS PG DFMMT BTTVNF UIF DIBSBDUFSJTUJDT PG B TVTQFOTPS ѮFGBNJMZ"TUFSBDFBFDMBJNTNBOZHFOFSBEJTQMBZ JOHUIF"TUFSBEUZQFPGFNCSZPEFWFMPQNFOUWBSJB UJPOTPGUIF"TUFSBEUZQFBSFBMTPSFQSFTFOUFEJOB GFXHFOFSBPG(FSBOJBDFBF -BNJBDFBF 0YBMJEBDFBF 1PMZHPOBDFBF 3PTBDFBF 6SUJDBDFBF FVEJDPUT
-JMJ BDFF BOE1PBDFBF NPOPDPUT ѮF $IFOPQPEJBE 4PMBOBE BOE $BSZPQIZMMBE UZQFT PG FNCSZP EFWFMPQNFOU JODMVEFE JO UIF TFD POEHSPVQIBWFJOGVTFEUIFêFMEPGEFTDSJQUJWFFN CSZPHFOFTJT XJUI OFX RVFTUJPOT BCPVU UIF QSFDJTF DPOUSJCVUJPOPGEFTDFOEBOUTPGUIFCBTBMDFMMUPUIF GBCSJDBUJPOPGUIFNBUVSFFNCSZPѮFEJTUJOHVJTI JOHGFBUVSFPGUIFTFUISFFUZQFTPGFNCSZPEFWFMPQ NFOUJTUIFUSBOTWFSTFEJWJTJPOPGUIFUFSNJOBMDFMM IPXFWFS JOUIF$IFOPQPEJBEBOE4PMBOBEUZQFT JU JTOPUVOVTVBMGPSUIFCBTBMDFMMBMTPUPEJWJEFUSBOT WFSTFMZBOE UPHFUIFSXJUIUIFUFSNJOBMDFMM GPSNB MJOFBSTUSBOEPGGPVSDFMMT4JODFNPTUPGUIFIZQP DPUZM SPPUDBQ BOESPPUDPSUFYPGUIFNBUVSF$IF OPQPEJBEFNCSZPJTHFOFSBUFECZUIFEJWJTJPOPGUIF CBTBMDFMM UIJTUZQFPGFNCSZPEFWFMPQNFOUTIBSFT TJHOJê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
ɨɨ 'SPNUIF;ZHPUFUPUIF&NCSZP
ϐϒ
JUJTBMTPEFSJWFEGSPNUIFUFSNJOBMDFMM4ZTUFNBUJD FYBNJOBUJPOIBTSFTVMUFEJOUIFJEFOUJêDBUJPOPGUIF CBTJD$BSZPQIZMMBEUZQFJO$BSZPQIZMMBDFBFBOEJUT WBSJBUJPOT JO NFNCFST PG FVEJDPU GBNJMJFT TVDI BT $SBTTVMBDFBF %SPTFSBDFBF 'BCBDFBF 'VNBSJBDFBF )BMPSBHBDFBF 1PSUVMBDFBF BOE 1ZSPMBDFBF BOE NPOPDPU GBNJMJFT TVDI BT "MJTNBUBDFBF "SBDFBF 1PUBNPHFUPOBDFBF BOE ;BOOJDIFMMJBDFBF 'JOBMMZ DMFBSFWJEFODFGPSUIFJOJUJBMEJWJTJPOPGUIF[ZHPUF JO BO PCMJRVF PS WFSUJDBM QMBOF SFQPSUFE NPTUMZ JO B GFX FVEJDPU GBNJMJFT TVDI BT #BMBOPQIPSBDFBF %JQTBDBDFBF -PSBOUIBDFBF 1JQFSBDFBF BOE 4BOUB MBDFBF DPOTUJUVUJOHUIF1JQFSBEUZQF XBTTMPXUPCF SFDPHOJ[FE CVU UIJT EJWJTJPO QBUIXBZ PG FNCSZP HFOFTJT JT TVēDJFOUMZ EJĒFSFOU GSPN UIF PUIFS UXP HSPVQTUPCFQMBDFEJOBUIJSEHSPVQ ".PEFMPG&NCSZPHFOFTJTJO&VEJDPUT ѮF BCPWF DMBTTJêDBUJPO FODPNQBTTFT FNCSZPT PG CPUIFVEJDPUTBOENPOPDPUTBOE JOEFFE JUJTHFO FSBMMZ BDDFQUFE UIBU QMBOUT JODMVEFE JO UIF UXP EJ WJTJPOTPGëPXFSJOHQMBOUTJOJUJBMMZFYIJCJUBMBSHFMZ JEFOUJDBM BOE PSEFSMZ TFSJFT PG FNCSZPHFOJD EJWJ TJPOT 0VS VOEFSTUBOEJOH PG UIF DIBMMFOHJOH QSPC MFNPGIPXUIFGFSUJMJ[FEFHHHJWFTSJTFUPBEJWFSTF BSSBZPGPSHBOTBOEUJTTVFTDPOTUJUVUJOHUIFFNCSZP JT CBTFE PO DBSFGVM EPDVNFOUBUJPO PG EJWJTJPO TF RVFODFTPGUIF[ZHPUFJOBCSPBETQFDUSVNPGCPUI FVEJDPUT BOE NPOPDPUT "MUIPVHI $BQTFMMB CVSTB QBTUPSJT IBT TFSWFE GPS NBOZ ZFBST BT B UFYUCPPL FYBNQMF PG FNCSZPHFOFTJT JO FVEJDPUT SFDFOU FMV DJEBUJPOPGUIFQSFDJTFFNCSZPEJWJTJPOQBUUFSOTJO UIF SFMBUFE "SBCJEPQTJT IBE DPOTJEFSBCMF TZNCPMJD TJHOJêDBODF JO PQFOJOH VQ QPXFSGVM HFOFUJD BOE NPMFDVMBS BQQSPBDIFT UP UIF TUVEZ PG FNCSZPHFO FTJT"TBOJOUSPEVDUJPOUPFNCSZPHFOFTJTJOBSFQ SFTFOUBUJWF FVEJDPU JU JT UIFSFGPSF BQQSPQSJBUF UP EFTDSJCFUIFDFMMVMBSEFUBJMTEVSJOHQSPHSFTTJWFEJWJ TJPOT PG UIF [ZHPUF PG "SBCJEPQTJT UIFSF BSF DPN NPO UISFBET DPOOFDUJOH FNCSZPHFOJD EJWJTJPO TF RVFODFTJO$CVSTBQBTUPSJTBOE"SBCJEPQTJT XIJDI BSF OPEPVCU BOUJDJQBUFEEVFUPUIFJSNFNCFSTIJQ JOUIFTBNFGBNJMZ*MMVTUSBUFEBDDPVOUTPGFNCSZP EFWFMPQNFOUJO"SBCJEPQTJTBUUIFMJHIUNJDSPTDPQJD BOE FMFDUSPO NJDSPTDPQJD MFWFMT BSF HJWFO CZ +ÛS HFOT BOE .BZFS BOE .BOTêFME BOE #SJBSUZ
SFTQFDUJWFMZ
ϐϓ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
ѮF êSTU EJWJTJPO PG UIF "SBCJEPQTJT [ZHPUF JT VO FRVBMBOEHJWFTSJTFUPBTNBMMUFSNJOBMDFMMBOEB MBSHF CBTBM DFMM DPOTUJUVUJOH B UXPDFMMFE FNCSZP ѮJTEJWJTJPOJTNBSLFECZUIFDPODFOUSBUJPOPGNJ DSPUVCVMFTJOBEJTDSFUFCBOEHJSEMJOHUIFOVDMFVTBT BQSFQSPQIBTFCBOEUIFBQQSFBSBODFPGUIFQSFQSP QIBTFCBOEPGNJDSPUVCVMFTNBSLJOHUIFGVUVSFDFMM QMBUFCJTFDUJOHUIF[ZHPUFJTTVSQSJTJOHTJODFBTJNJ MBSBMJHONFOUPGUIFTFDZUPTLFMFUBMFMFNFOUTJTTVQ QSFTTFEEVSJOHEJWJTJPOTCFUXFFONFHBTQPSPHFOFTJT BOE GFSUJMJ[BUJPO TFF 'JH 8FCC BOE (VOOJOH *UXBTNFOUJPOFEFBSMJFSUIBUHSPXUIPGUIF [ZHPUFJTBTTPDJBUFEXJUIBTQFDJêDBSSBOHFNFOUPG NJDSPUVCVMFT.VUBOUTPG"SBCJEPQTJTEFTJHOBUFEBT UPOOFBV UPOBOEUPO
XIJDIBSFVOBCMFUPGPSN UIF JOUFSQIBTF BOE QSFQSPQIBTF CBOE PG NJDSPUV CVMFTJOEJWJEJOHFNCSZPDFMMTQSFEJDUBCMZQSPWPLF JSSFHVMBS DFMM FYQBOTJPO BOE JOBCJMJUZ UP BMJHO UIF EJWJTJPOQMBOFTJODFMMT ZFUUIFSFHFOFSBUFEQIFOP UZQFTSFBEKVTUUIFJSTVCTFRVFOUEFWFMPQNFOUUPQSP EVDFUJTTVFTBOEPSHBOTJOUIFDPSSFDUTQBUJBMQPTJ UJPOTѮJTPCTFSWBUJPOJTPGQBSUJDVMBSTJHOJêDBODF CZMJOLJOHUIFNVUBOUQIFOPUZQFUPBCOPSNBMJUJFT JOUIFDZUPTLFMFUPO JUOFHBUFTUIFOPUJPOUIBUHFOFT BĒFDUJOH QPMBSJ[FE DFMM FYQBOTJPO BOE EJWJTJPO QMBOF BMJHONFOU BSF OFDFTTBSZ GPS TQBUJBM QPTJUJPO JOH PG UJTTVFT BOE PSHBOT EVSJOH FNCSZPHFOFTJT 5SBBTFUBM *OEFFE UIJTNFTTBHFXPVMEOPU IBWF CFFO EJTDFSOJCMF PS FWFO JNBHJOBCMF XJUIPVU UIFFYQFSJNFOUBMBOBMZTJTPGNVUBOUT " NBKPS EFWFMPQNFOUBM EFDJTJPO BQQFBST UP CF NBEF EVSJOH UIF êSTU EJWJTJPO PG UIF [ZHPUF BT EFTDFOEBOUT PG UIF UFSNJOBM DFMM CFDPNF UIF PS HBOPHFOFUJD QBSU PG UIF FNCSZP FNCSZP QSPQFS
XIFSFBT DFMMT EFSJWFE GSPN UIF CBTBM DFMM GPSN UIF TVTQFOTPS 7BSJPVT VMUSBTUSVDUVSBM BOE IJTUPDIFNJ DBMDIBOHFTIBWFTFSWFEBTNBSLFSTGPSUIFEJĒFSJOH GVODUJPOBMQPUFOUJBMTPGUIFUFSNJOBMBOECBTBMDFMMT 'PS FYBNQMF UIF UFSNJOBM DFMM PG UIF UXPDFMMFE FNCSZP PG DPUUPO BDRVJSFT B EFOTF PSHBOFMMFFO SJDIFEDZUPQMBTNXJUIBIJHIDPODFOUSBUJPOPG3/" XIFSFBT UIF PSHBOFMMF QSPêMF BOE NBDSPNPMFDVMF DPODFOUSBUJPO SFNBJOT VOBĒFDUFE JO UIF CBTBM DFMM +FOTFO 5PVOEFSTDPSFUIFEJĒFSFODFJODFMM GBUFT BU UIF NPMFDVMBS MFWFM USBOTDSJQUT PG UIF "SB CJEPQTJTUIBMJBOB.&3*45&.--":&3 "5.- HFOF FODPEJOH B IPNFPEPNBJO BSF GPVOE UP BD DVNVMBUFJOUIFUFSNJOBM CVUOPUJOUIFCBTBMDFMM CPSO PVU PG UIF EJWJTJPO PG UIF "SBCJEPQTJT [ZHPUF
-JVFUBM )BFDLFSFUBM IBWFJEFOUJ êFEBOPWFMGBNJMZPGHFOFTOBNFE809 GPS864 $)&-SFMBUFEIPNFPCPY BTQPUFOUJBMSFHVMBUPSTPG UIFBQJDPCBTBMCPEZBYJTPGUIFFNCSZPPG"SBCJEPQ TJTCFHJOOJOHXJUIUIFVOGFSUJMJ[FEFHH5SBOTDSJQUT PGUIF809BOE809HFOFTBSFDPFYQSFTTFEJO UIFFHHBOE[ZHPUF CVUGPMMPXJOHUIFêSTUEJWJTJPO PGUIF[ZHPUFUIFZTFHSFHBUFUPUIFBQJDBMBOECBTBM DFMMT SFTQFDUJWFMZ"HFOFSBMUIFNFUIBUIBTFNFSHFE GSPNUIJTXPSLJTUIBUSFEJTUSJCVUJPOPGUSBOTDSJQUT FTUBCMJTIFTUIFJEFOUJUJFTPGUIFUXPDFMMTBTUIFêSTU TUFQJOUIFJOJUJBUJPOPGUIFBQJDPCBTBMCPEZBYJT VT JOH EFWFMPQNFOUBM BOE DFMM HSPXUI TUSBUFHJFT $Z UPMPHJDBMMZ UIFEJWFSHFODFJOGBUFPGUIFTFUXPDFMMT JT IJHIMJHIUFE CZ UIF PDDVSSFODF PG MPOHJUVEJOBM EJWJTJPOT JO UIF UFSNJOBM DFMM EVSJOH UIF êSTU UXP SPVOET BOETFWFSBMUSBOTWFSTFEJWJTJPOTJOUIFCBTBM DFMM"OPUIFSWBSJBCMFUIBUDPOUSJCVUFTUPUIFEJWFS HFODFJODFMMGBUFJTUIFVOMJNJUFEEJWJTJPOQPUFOUJBM PGUIFUFSNJOBMDFMMDPNQBSFEUPUIFMJNJUFEOVNCFS PG DFMMT HFOFSBUFE JO UIF CBTBM DFMM .VDI SFTFBSDI XJMM CF SFRVJSFE UP EFDJQIFS UIF NFDIBOJTN UIBU EFUFSNJOFT UIF DFMM GBUF PG UIF UXPDFMMFE FNCSZP BMUIPVHIJUNJHIUJOWPMWFUIFQPMBSJ[BUJPOPGUIF[Z HPUFBMMVEFEUPFBSMJFS ѮFTVCTFRVFOUEJWJTJPOTPGUIFCBTBMDFMMUPGPSN UIFTVTQFOTPSBOEPGUIFUFSNJOBMDFMMUPGPSNUIF FNCSZPQSPQFSBSFOPXGBJSMZXFMMVOEFSTUPPEѮF CBTBM DFMM EJWJEFT êSTU BOE JU EPFT TP PODF PS PD DBTJPOBMMZ UXJDF USBOTWFSTFMZ ѮF DFMM DMPTFTU UP UIF UFSNJOBM DFMM EFTJHOBUFE BT UIF TVTQFOTPS DFMM VOEFSHPFT BEEJUJPOBM USBOTWFSTF EJWJTJPOT UP GPSN BêMBNFOUPGTFWFOUPOJOFDFMMTDPOOFDUFEUPPOF BOPUIFSCZFOEXBMMQMBTNPEFTNBUBѮFTFDFMMTBSF UFSNJOBUFEBUUIFNJDSPQZMBSFOEPGUIFFNCSZPTBD CZ UIF FOMBSHFE CBTBM DFMM ѮF FOUJSF êMBNFOUPVT TUSVDUVSF JODMVEJOH UIF CBTBM DFMM JT LOPXO BT UIF TVTQFOTPS"SPMFJOUIFTQFDJêDBUJPOPGTVTQFOTPS DFMMTIBTCFFOBTTJHOFEGPSUIF"SBCJEPQTJTIPNPMPH PG B QSPUFJO LJOBTF HFOF SFMBUFE UP 4)"((: UIBU FODPEFTBTFSJOFUISFPOJOFQSPUFJOLJOBTFJOWPMWFE JOUIFSFHVMBUJPOPGDFMMGBUFBOEPSQBUUFSOGPSNB UJPO JO %SPTPQIJMB 5SBOTDSJQUT PG UIJT HFOF EFTJH OBUFE BT "SBCJEPQTJT TIBHHZSFMBUFE QSPUFJO LJOBTF FUIB "4,ʈ BSFGPVOEFYDMVTJWFMZJOUIFTVTQFOTPS FYDMVEJOHUIFIZQPQIZTJT EFSJWFEGSPNUIFCBTBM DFMM PG UIF UXPDFMMFE FNCSZP BOE OPU JO UIF EF SJWBUJWFTPGUIFUFSNJOBMDFMM %PSOFMBTFUBM 8FUFSJOHTFUBM IBWFJEFOUJêFEUXPN3/"T
UIBU BDDVNVMBUF QSFGFSFOUJBMMZ XJUIJO UIF TVTQFO TPS PG GPVSDFMMFE BOE PMEFS FNCSZPT PG 1IBTFPMVT DPDDJOFVT 'BCBDFBF CVUOPUJOUIFDFMMTPGUIFFN CSZPQSPQFS TFF1MBUF 'JHKmM "SFQPSUFSHFOF DPVQMFE UP UIF QSPNPUFS PG B 1 DPDDJOFVT HFOF JO USPEVDFE JOUP UPCBDDP QMBOUT JT BMTP GPVOE UP CF USBOTDSJCFE FYDMVTJWFMZ JO UIF CBTBM SFHJPO BOE JO UIFTVTQFOTPSDFMMTPGQSFHMPCVMBSFNCSZPTPGUSBOT HFOJDQMBOUTѮVT N3/"TXIPTFHFOFTPSQSPUFJO QSPEVDUTBSFBTZFUVODIBSBDUFSJ[FEBSFVOWFJMFEBT WFSTBUJMF NBSLFST PG FNCSZPHFOFTJT CZ TQFDJGZJOH UIFCBTBMDFMMTBUUIFNPMFDVMBSMFWFMTPPOBѫFSUIF êSTU[ZHPUJDEJWJTJPO"TXJMMCFEFTDSJCFEJOBMBUFS DIBQUFS UIFCBTBMDFMMBOEPUIFSDFMMTPGUIFTVTQFO TPSEJTQMBZTQFDJêDVMUSBTUSVDUVSBMGFBUVSFTUPGBDJMJ UBUF BCTPSQUJPO BOE USBOTQPSU PG TPMVUFT GSPN UIF TVSSPVOEJOHFOEPTQFSN *O"SBCJEPQTJT UIFUFSNJOBMDFMMEJWJEFTMPOHJUV EJOBMMZXIFOUIF[ZHPUFIBTQSPEVDFEUISFFUPGPVS DFMMT"OBEEJUJPOBMMPOHJUVEJOBMEJWJTJPOJOFBDIPG UIFUXPEBVHIUFSDFMMTPGUIFUFSNJOBMDFMM RVBESBOU TUBHF GPMMPXFE CZ B USBOTWFSTF EJWJTJPO QSPEVDFT BOPDUBOUTUBHFFNCSZP DPNQSJTJOHBOVQQFSBOE MPXFS UJFS PG GPVS DFMMT FBDI "U UIJT TUBHF UIF TVT QFOTPSDFMMNJHIUIBWFTJSFEGPVSPSêWFDFMMT .BO TêFME BOE #SJBSUZ +ÛSHFOT BOE .BZFS )JTUPMPHJDBM UFDIOJRVFT DPNCJOFE XJUI DMPOBM BOBMZTJTIBWFTIPXOUIBUUIFGBUFPGUIFEJĒFSFOUDFMM HSPVQTJTBMSFBEZêYFEJOUIFPDUBOUTUBHFFNCSZP XJUI UIF DBWFBU UIBU EFSJWBUJWFT PG NPSF UIBO POF HSPVQNBZCFJOUFHSBUFEJOUPTQFDJêDPSHBOTPGUIF NBUVSFFNCSZP TFF1MBUF 'JHM ѮVT UIFVQQFS UJFSPGDFMMTJTEFTUJOFEUPGPSNFYDMVTJWFMZUIFTIPPU BQFY BOE NPTU PG UIF DPUZMFEPOT UIF MPXFS UJFS JO BEEJUJPO UP QSPWJEJOH EFSJWBUJWFT UP QBSU PG UIF DPUZMFEPOT HFOFSBUFT UIF IZQPDPUZM SBEJDMF BOE NPTU PG UIF SPPU NFSJTUFN UIF DFOUSBM QBSU PG UIF SPPUDBQLOPXOBTUIFDPMVNFMMBBOEUIFSFNBJOEFS PGUIFSPPUBQJDBMNFSJTUFNJODMVEJOHUIFRVJFTDFOU DFOUFSBSFEFSJWFEGSPNUIFIZQPQIZTJT %PMBOFUBM 4DIFSFTFUBM ѮFBQJDPCBTBMQBUUFSOPG UIFGVUVSFQMBOU CVJMUVQCZUIFSFJUFSBUJWFBDUJPOPG UIFNFSJTUFNTPSTUFNDFMMTZTUFNTJOUIFTIPPUBOE SPPU BQJDFT JT UIVT FTUBCMJTIFE JO UIF PDUBOUTUBHF FNCSZP"TJOHMFSPVOEPGUBOHFOUJBMEJWJTJPOTTFQ BSBUJOH FJHIU QFSJQIFSBM DFMMT GSPN B DPSF PG FJHIU JOOFS DFMMT IFSBMET UIF OFYU QIBTF PG EFWFMPQNFOU PG UIF FNCSZP *O UIF DFMMFE FNCSZP UIF FJHIU FYUFSOBMDFMMTGPSNUIFQSPUPEFSNPSUIFQSFDVSTPS
ɨɨ 'SPNUIF;ZHPUFUPUIF&NCSZP
ϐϔ
DFMMT PG UIF FQJEFSNJT BOE UIF FJHIU JOUFSOBM DFMMT PSHBOJ[FE JOUP BO VQQFS BOE B MPXFS UJFS PG GPVS DFMMT FBDI EJĒFSFOUJBUF JOUP UIF QSPDBNCJVN BOE HSPVOE NFSJTUFN QSFDVSTPST PG UIF WBTDVMBS BOE HSPVOEUJTTVFTPGUIFDPSUFY SFTQFDUJWFMZ ѮFUBO HFOUJBMEJWJTJPOTJOJUJBUFUIFGPSNBUJPOPGUIFSBEJBM QBUUFSOFMFNFOUTNBEFVQPGDPODFOUSJDUJTTVFMBZ FSTêSTUTFFOJOUIFCBTBMQBSUPGUIFFNCSZP*GUIFTF EJWJTJPOTBSFEJTSVQUFECZNVUBUJPOT BTJOUIF êTU NVUBOUPG"SBCJEPQTJT UIFFNCSZPTGPSNFEMBDLB IJTUPMPHJDBMMZEJTUJODUQSPUPEFSNBOEQSPDBNCJVN %VOOFUBM ѮFGVODUJPOPGUIFQSPUPEFSN PO UIF FNCSZP JT FOIBODFE CZ UIF GPSNBUJPO PG B XBYZMBZFSPGDVUJDMF5BOBLBFUBM IBWFJEFO UJêFE BO "SBCJEPQTJT HFOF "#/03."- -&"' 4)"1& "-& FODPEJOH B TVCUJMJTJOMJLF TFSJOF QSPUFBTF JOWPMWFE JO DVUJDMF EJĒFSFOUJBUJPO BOE IBWFTIPXOUIBUPOMZBSVEJNFOUBSZDVUJDMFDPWFST UIF QSPUPEFSN PG FNCSZPT PG BMF NVUBOUT %JĒFS FOUJBUJPO PG UIF JOOFS DFMMT PG UIF FNCSZP JT DIBS BDUFSJ[FECZFMPOHBUJPOBOEBTVCTFRVFOUBOUJDMJOBM EJWJTJPO *O BOPUIFS NVUBOU EFTJHOBUFE BT BVYJO CJOEJOHQSPUFJO BCQ
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ѮF "SBCJEPQTJT HFOF 10-"3*4 1-4 IBT CFFO GPVOE UP CF B TQF DJêDNBSLFSGPSUIFSPPUUJQPGXJMEUZQFFNCSZPT BOEGPSFNCSZPTPGTPNFNVUBOUTUIBUGBJMUPSFHFO FSBUFBOPSNBMSPPUNFSJTUFN(FOFFYQSFTTJPOJO UIF NVUBOUT BQQFBST UP CF JOëVFODFE CZ UIF CJP DIFNJDBMEJĒFSFOUJBUJPOPGDFMMTBTSPPUNFSJTUFNJO B QPTJUJPOEFQFOEFOU NBOOFS 5PQQJOH BOE -JOE TFZ "QJDPCBTBMBOESBEJBMQBUUFSOGPSNBUJPO JO"SBCJEPQTJTFNCSZPTJTSFëFDUFEJOUIFFYQSFTTJPO PGUSBOTDSJQUTPGUIF"UIBMJBOB-*1*%53"/4'&3
ϐϕ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
1305&*/ "U-51 HFOF FODPEJOHBMJQJEUSBOT GFS QSPUFJO BOE PG UIF "5.- HFOF ѮBU QBUUFSO GPSNBUJPO JT NFEJBUFE JO QBSU CZ UIF QPTJUJPOTQF DJêDFYQSFTTJPOPGUIF"U-51HFOFJTJOGFSSFEGSPN JUT JOJUJBM FYQSFTTJPO JO UIF QSPUPEFSN PG HMPCVMBS BOEPMEFSFNCSZPTBOEMBUFSFYQSFTTJPOJOUIFDPUZ MFEPOT BOE VQQFS FOE PG UIF IZQPDPUZM 7SPFNFO FUBM "MUIPVHI"5.-N3/"JTFYQSFTTFE VOJGPSNMZJOBMMDFMMTPGUIFHMPCVMBSFNCSZP TQFDJ êDJUZ PG UIF HFOF BT B NBSLFS GPS SBEJBM QBUUFSO GPSNJOH FMFNFOUT JT WJWJEMZ TFFO GSPN UIF EJTBQ QFBSBODFPGUSBOTDSJQUTGSPNUIFJOOFSDFMMTPGUIF DFMMFEFNCSZPBOEUIFSFTUSJDUJPOPGUSBOTDSJQUT UPUIFQSPUPEFSNDFMMTBOEUPUIFFQJEFSNBMDFMMTPG MBUFSTUBHF FNCSZPT -V FU BM 4FTTJPOT FU BM 1SPCBCMZ EJĒFSFOU DPNCJOBUJPOT PG NBSLFS HFOFTNFEJBUFJOUIFSFHJPOBOEDFMMMBZFSTQFDJêD JOUFSQSFUBUJPOPGTPNFCBTJDQPTJUJPOBMJOGPSNBUJPO EVSJOHFNCSZPHFOFTJT *OUIFDFMMFETUBHFPGUIF"SBCJEPQTJTFNCSZP UIF IZQPQIZTJT JT GPSNFE CZ B USBOTWFSTF EJWJTJPO PGUIFVQQFSNPTUTVTQFOTPSDFMM"UUIFTBNFUJNF BOPUIFSSPVOEPGEJWJTJPOTJOUIFEFSJWBUJWFTPGUIF UFSNJOBMDFMMPGUIFUXPDFMMFEFNCSZPQSPEVDFTB HMPCVMBS FNCSZP DPOTJTUJOH PG BO FQJEFSNJT BOE B DFOUSBM DPSF FBDI PG DFMMT ѮF êSTU EJWJTJPO PG UIF IZQPQIZTJT ZJFMET B TNBMM MFOTTIBQFE VQQFS DFMMUIBUBCVUTUIFMPXFSFOEPGUIFHMPCVMBSFNCSZP BOE B MBSHF MPXFS DFMM UIBU DPOUBDUT MBUFSBMMZ XJUI UIF FNCSZP FQJEFSNJT BOE BU JUT CBTBM FOE XJUI UIF VQQFSNPTU TVTQFOTPS DFMM TFF 1MBUF 'JHB ѮFTVTQFOTPSIBTOPXBUUBJOFEJUTHFOFUJDBMMZQFS NJTTJCMF OVNCFS PG DFMMT BOE BQQBSFOUMZ IBWJOH GVMêMMFE UIFJS GVODUJPO UIF DFMMT HSBEVBMMZ CFHJO UPMPTFDPOOFDUJPOXJUIPOFBOPUIFSBOEGSPNUIF FNCSZPBOEEJTJOUFHSBUFѮFHMPCVMBSTUBHFPGUIF FNCSZP JT DPNQMFUFE CZ BQQSPYJNBUFMZ UISFF BEEJ UJPOBMSPVOETPGEJWJTJPOT NPTUMZPGUIFJOOFSDPSF PGDFMMT .BOTêFMEBOE#SJBSUZ ѮFFOEPGUIF HMPCVMBSTUBHFBMTPTJHOJêFTBDIBOHFGSPNSBEJBMUP CJMBUFSBM TZNNFUSZ PG UIF FNCSZP XIJDI JOJUJBMMZ ëBUUFOT BOE BUUBJOT B USBOTJFOU USJBOHVMBS PS FBSMZ IFBSUTIBQFE TUBHF &NFSHJOH GSPN UIF USJBOHVMBS TUBHF UIF FNCSZP FYQBOET MBUFSBMMZ CZ DFMM EJWJ TJPOTUPGPSFDBTUUIFJNNJOFOUGPSNBUJPOPGBQBJS PG DPUZMFEPOT BOE BTTVNFT UIF IFBSUTIBQFE TUBHF BU UIF TBNF UJNF BT UIF UXP IZQPQIZTFBM DFMMT EJ WJEFUXJDFWFSUJDBMMZUPGPSNUXPMBZFSTPGGPVSDFMMT FBDIѮFHFOFSJDUFSNAQSPFNCSZPJTVTFEUPSFGFS UPUIFBCPWFTUBHFTPGFNCSZPEFWFMPQNFOU XIJDI
QSFDFEF JOJUJBUJPO PG DPUZMFEPOT 'VSUIFS HSPXUI PG DPUZMFEPOT BOE FMPOHBUJPO PG UIF FNCSZP BYJT XIJDIPDDVSEVSJOHUIFIFBSUTIBQFETUBHF BSFBD DPNQBOJFE CZ UIF BQQFBSBODF PG NFSJTUFNT GSPN XIJDI UIF GVUVSF TFFEMJOH PSHBOT BSF EFSJWFE 'PS FYBNQMF UIFTIPPUBQJDBMNFSJTUFNJTPSHBOJ[FEJO UIFEFQSFTTJPOCFUXFFODPUZMFEPOTBOEBQQFBSTBT BNPVOEPGSBQJEMZEJWJEJOHDFMMT"UUIFPQQPTJUF FOEPGUIFFNCSZP DFMMTPGUIFMPXFSIZQPQIZTFBM MBZFS EJWJEF IPSJ[POUBMMZ UP QSPEVDF GPVS TVQFSJN QPTFEMBZFSTPGGPVSDFMMTFBDI#ZGVSUIFSEJWJTJPOT UIFTF DFMMT CFDPNF UIF SPPU DBQ DPMVNFMMB DFMMT PG UIF MBUFSBM SPPU DBQ BOE SPPU FQJEFSNJT HFOFSBUFE CZ BDDPNQBOZJOH QFSJDMJOBM EJWJTJPOT PG DFMMT BEKB DFOUUPUIFIZQPQIZTFBMDFMMTDPOUSJCVUFBEEJUJPOBM EFSJWBUJWFTUPUIFHFOFSBUJPOPGUIFSPPUBQFYGSPN UIFMPXFSUJFSPGDFMMTPGUIFPDUBOUFNCSZPBOEIZ QPQIZTJT TFF1MBUF 'JHB ѮFGPSNBUJPOPGUIF SPPUBQFYJTDPNQMFUFVQPOJODPSQPSBUJPOJOUPUIF SPPUBQJDBMNFSJTUFNPGUIFGPVSVQQFSIZQPQIZTFBM MBZFS PG DFMMT BT UIF RVJFTDFOU DFOUFS +ÛSHFOT BOE .BZFS 1MBTNPEFTNBUBBSFSBNQBOUJOUIFHMPCVMBSFN CSZP PG "SBCJEPQTJT TVHHFTUJOH UIBU UIF FOUJSF FN CSZP NJHIU SFQSFTFOU B TJOHMF TZNQMBTUJD EPNBJO .BOTêFME BOE #SJBSUZ ѮJT XBT DPOêSNFE CZ VTJOH B ëVPSFTDFOU USBDFS MPBEJOH NFUIPE UIBU TIPXFE UIBU UIF UPSQFEPTIBQFE FNCSZP SFQSF TFOUFEBDSJUJDBMUSBOTJUJPOQPJOUBUXIJDIFNCSZPT DFBTFE UP USBēD MBSHF USBDFST UIBU IBE USBWFMFE GSFFMZ UISPVHI DFMMT PG FBSMJFS TUBHF FNCSZPT ,JN FUBM 6TFPGBVUPëVPSFTDFOUNBSLFSTPGUXP EJĒFSFOU TJ[FT L%B BOE L%B UP NPOJUPS JO UFSDFMMVMBS USBēDLJOH UISPVHI QMBTNPEFTNBUB PG FNCSZPTPGEJĒFSFOUEFWFMPQNFOUBMTUBHFTIBTOPX DPOêSNFEUIBUUIFSFJTJOEFFEBEJĒFSFODFJOQMBT NPEFTNBUBM GVODUJPO CFUXFFO DFMMT PG FNCSZPT PG FBSMZBOEMBUFTUBHFTPGEFWFMPQNFOU8IFSFBTQSP UFJOTPGCPUITJ[FTNPWFGSFFMZUISPVHIPVUUIFFBSMZ IFBSUTIBQFEFNCSZPTZNQMBTU BTUIFFNCSZPNB UVSFT JOUP UIF UPSQFEPTIBQFE TUBHF OPU POMZ EPFT UIFQFSNFBCJMJUZPGUIFL%BNBSLFSEFDSFBTF UIF NPWFNFOUPGUIFNBSLFSJTBMTPSFTUSJDUFEUPUIFSF HJPOBSPVOEUIFTIPPUBQJDBMNFSJTUFN ,JNFUBM "MUIPVHI ëVPSFTDFOU USBDFS NFUIPEPMPHZ IBTOPUCFFOBSPVOEGPSBMPOHUJNFJOQMBOUFNCSZ PMPHZ JUT VTF UP TIPX UIBU QMBTNPEFTNBUBM PQFO JOHTJOZPVOHFSFNCSZPTBSFNPSFEJMBUFEBOENPSF EZOBNJDUIBOUIPTFPGPMEFSFNCSZPTJMMVTUSBUFTUIF QPXFSPGUIJTUFDIOJRVF
6TJOHBëVPSFTDFOUSFQPSUFSHFOFDPOTUSVDUUPNPO JUPSUIFEZOBNJDTPGBVYJOEJTUSJCVUJPOJOJOEJWJEVBM DFMMT 'SJNMFUBM IBWFQSPWJEFEBDPODFQUVBM GSBNFXPSL GPS DFMMUPDFMM BVYJO USBOTQPSU UP BD DPVOUGPSUIFEFWFMPQNFOUPGUIFSPPUBQJDBMNFSJ TUFN BOE BQJDPCBTBM QBUUFSOJOH JO UIF "SBCJEPQTJT FNCSZP CFHJOOJOHXJUIUIFTJOHMFDFMMFE[ZHPUF*O UIJT NPEFM NVDI PS BMM PG UIF [ZHPUF JT BDUJWBUFE TPUIBUBVYJOBDDVNVMBUFTJOUIFTNBMMUFSNJOBMDFMM CPSOPVUPGUIFBTZNNFUSJDEJWJTJPOPGUIF[ZHPUF TQFDJGZJOH UIF BQJDBM QPMF ѮFSF JT BO JODSFBTF JO TJHOBM JOUFOTJUZ JO UIF EFWFMPQJOH FNCSZP QSPQFS VQ UP UIF HMPCVMBS TUBHF DPNQBSFE UP UIF WJSUVBM BCTFODF PG TJHOBM JO UIF TVTQFOTPS ѮF BVYJO HSB EJFOU JT IPXFWFS SFWFSTFE JO UIF HMPCVMBS FNCSZP BT BVYJO CFHJOT UP BDDVNVMBUF JO UIF VQQFSNPTU TVTQFOTPSDFMMT TQFDJGZJOHUIFCBTBMQPMFPGUIFFN CSZP "U MBUFS TUBHFT PG FNCSZPHFOFTJT BEEJUJPOBM BVYJO TJHOBMT BQQFBS BU UIF UJQT PG DPUZMFEPOT &WJ EFODFTVHHFTUTUIBUUIFQSPEVDUTPGBUMFBTUGPVS1*/ '03.&% 1*/ HFOFT NPTUJNQPSUBOUMZ1*/BOE 1*/ GVODUJPO BT SFHVMBUPST PG BVYJO FĔVY $PS SFMBUJPO PG EFGFDUT JO BQJDPCBTBM QBUUFSOJOH XJUI TQBUJBMQBUUFSOTPGBVYJOEJTUSJCVUJPOBOEEFGFDUTJO FNCSZPTPGQJONVUBOUTBOEXJUITVCDFMMVMBSMPDBM J[BUJPOPG1*/QSPUFJOTJOEFWFMPQJOHXJMEUZQFFN CSZPT IBT QSPWJEFE UIF TUSPOHFTU FWJEFODF JO TVQ QPSUPGUIFQSPQPTFENPEFM8IBUEFUFSNJOFTUIF BQJDBMCBTBMTIJѫJOUIFMPDBMJ[BUJPOPG1*/QSPUFJO UPEJSFDUUIFBVYJOëPXJOUIFGFXDFMMFEFNCSZPT JT BO JNQPSUBOU RVFTUJPO 0OF WJFX IBT BTTJHOFE UIJTGVODUJPOUPUIFQSPUFJOLJOBTFFODPEFECZUIF 1*/0*% 1*% HFOFUIJTJEFBJTTVQQPSUFECZUIF PCTFSWBUJPOUIBUPWFSFYQSFTTJPOPGUIF1*%HFOFJO FBSMZTUBHFFNCSZPTUBSHFUTUIF1*/QSPUFJOBQJDBMMZ XIFSFBT B MPX MFWFM PG UIF HFOF SFUBSHFUT 1*/ QSP UFJOCBTBMMZ 'SJNMFUBM ѮF IFBSUTIBQFE TUBHF PG UIF "SBCJEPQTJT FN CSZPJTGPMMPXFECZUIFUPSQFEPTIBQFETUBHF XIFO GVSUIFS FMPOHBUJPO PG DPUZMFEPOT BOE IZQPDPUZM BT XFMM BT FYUFOTJPO PG WBTDVMBS UJTTVFT DBSWFE PVU GSPN UIF JOOFS DPSF PG DFMMT PDDVS "MUIPVHI UIF FNCSZP DPOUJOVFT UP JODSFBTF JO TJ[F BOE FYIJCJU GVSUIFS DIBOHFT JO TIBQF BOE PSHBOJ[BUJPOBM DPN QMFYJUZ BT JU HPFT UISPVHI UIF CFOUDPUZMFEPO BOE NBUVSFTUBHFT UIFCBTJDCPEZQMBOPGBTIPPUSPPU BYJT CFDPNFT VONJTUBLBCMZ DMFBS JO UIF UPSQFEP TIBQFEFNCSZPѮFTUSJLJOHNPSQIPMPHJDBMGFBUVSF PGUIFCFOUDPUZMFEPOTUBHFFNCSZPJTUIFDVSWBUVSF PGDPUZMFEPOTUPXBSEUIFIZQPDPUZMBUUIFNBUVSF
ɨɨ 'SPNUIF;ZHPUFUPUIF&NCSZP
ϐϖ
TUBHF CFDBVTFPGTQBDFSFTUSJDUJPOTXJUIJOUIFPWVMF UJQTPGDPUZMFEPOTDPNFUPMJFPQQPTJUFUIFSPPUQPMF *UIBTCFFOFTUJNBUFEUIBUBNBUVSFFNCSZPPG"SB CJEPQTJT IBT m DFMMT BOE VOEFS GBWPS BCMFHSPXUIDPOEJUJPOT JUUBLFTBCPVUEBZTGSPN UIFUJNFPGGFSUJMJ[BUJPOUPUIFNBUVSFFNCSZPTUBHF ѮFNBJOUJTTVFTGPSNFEJOUIFFNCSZPBSFUIFQSP UPEFSN DPSUFY FOEPEFSNJT JOOFSNPTUMBZFSPGUIF SPPUDPSUFY
QFSJDZDMF UIFPVUFSNPTUMBZFSPGDFMMT PGUIFWBTDVMBSDZMJOEFSPGUIFSPPU
BOEYZMFNBOE QIMPFN EJĒFSFOUJBUFEGSPNUIFQSPDBNCJVN.BO TêFME BOE #SJBSUZ +ÛSHFOT BOE .BZFS ѮF TUBHFT JO FNCSZPHFOFTJT EFTDSJCFE BCPWF BSF FBTJMZTFFOJOTFDUJPOTPG"SBCJEPQTJTPWVMFTPGEJG GFSFOUBHFTTPNFPGUIFTFBSFJMMVTUSBUFEJO1MBUF 'JHBmIBOE1MBUF 'JHJmL 5SBEJUJPOBMMZ UIFDPUZMFEPOTBSFDPOTJEFSFEUPCF UIFêSTUGPSNBUJWFPSHBOTPGUIFFNCSZPQSPEVDFE CZ UIF TIPPU BQJDBM NFSJTUFN HJWJOH UIFN UIF TUB UVT PG EFSJWBUJWFT PG UIF MBUUFS ѮF OFX FSB PG HF OFUJDBOENPMFDVMBSTUVEJFTPG"SBCJEPQTJTFNCSZPT IBT TVHHFTUFE UIBU FTUBCMJTINFOU PG UIF TIPPU BQJ DBM NFSJTUFN GPMMPXT UIF PVUHSPXUI PG DPUZMFEPOT -POH BOE #BSUPO .BZFS BOE +ÛSHFOT "OBMZTJTPGUIFGBUFNBQPGUIFFNCSZPOJDTIPPUBQJ DBMSFHJPOIBTBMTPMFEUPUIFWJFXUIBUTQFDJêDBUJPO PGDPUZMFEPOTJTBOFDFTTBSZHSPVOETUBUFGPSUIFGPS NBUJPOPGUIFTIPPUBQJDBMNFSJTUFN 8PPESJDLFU BM ѮFEFWFMPQNFOUPGDPUZMFEPOTPOUIFJO DJQJFOUFNCSZPSFWPMWFTBSPVOEUIFRVFTUJPOPGIPX DFSUBJO DFMMT JO B IPNPHFOFPVT QPQVMBUJPO BSF QP TJUJPOFE UP SFTQPOE UP TQFDJêD TJHOBMT BOE EJĒFS FOUJBUFѮFQBUUFSOTPGFYQSFTTJPOPGUSBOTDSJQUTPG "4:..&53*$ -&"7&4 "4 BOE "*/5&(6 .&/5" "/5 HFOFTJOUIFUXPëBOLJOHSFHJPOT PGUIFHMPCVMBSFNCSZPSFQSFTFOUJOHUIFTJUFTPGGV UVSF DPUZMFEPOT BOE MBUFS JO UIF DPUZMFEPOT PG UPS QFEPTIBQFEFNCSZPPG"SBCJEPQTJTBSFDPOTJTUFOU XJUIUIFJSIBWJOHBHFOFSBMSPMFBTFBSMZNBSLFSTPG DPUZMFEPOJOJUJBUJPO &MMJPUUFUBM#ZSOFFUBM "OPUIFSHFOFUIBUIBTCFFOBTTJHOFEBOJN QPSUBOUSPMFJODPUZMFEPOJEFOUJUZJOUIFFNCSZPJT -&"':$05:-&%0/ -&$ "MUIPVHIUSJDIPNFT DPOTUJUVUFBMFBGUSBJUJO"SBCJEPQTJT .FJOLF TIPXFE UIBU DPUZMFEPOT PG UIF MFD NVUBOU IBWF USJDIPNFT PO UIFJS BEBYJBM TVSGBDF BOE BO JOUFS OBM BOBUPNZ JOUFSNFEJBUF CFUXFFO UIBU PG B DPUZ MFEPOBOEBMFBGѮFJNQMJDBUJPOPGUIJTêOEJOHJT UIBUUIF-&$HFOFJTSFRVJSFEGPSDPUZMFEPOJEFO UJUZBTUIFBCTFODFPGUIFHFOFQSPEVDUDBVTFTDPUZ
ϑύ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
MFEPOTUPSFWFSUQBSUJBMMZUPMFBGMJLFPSHBOT"TVD DFTTGVMHFOFUJDBQQSPBDIIBTTIPXOUIBU JODPOUSBTU UPUIFNPEFSBUFEJTSVQUJPOPGDPUZMFEPOTZNNFUSZ JOë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ѮF BQJDPCBTBM BOE SB EJBMQBUUFSOTPGUIFFNCSZPBSFFTUBCMJTIFEEVSJOH UIFêSTUQIBTFBTXJMMCFEFTDSJCFEJOUIFOFYUDIBQ UFS TFOTJUJWFHFOFUJDTDSFFOTIBWFCFHVOUPVOSBWFM UIF NPMFDVMBS DPNQPOFOUT PG UIF QBUUFSOGPSN JOH TZTUFN "MUIPVHI UIF NPSQIPHFOFUJD DPOUSPM NFDIBOJTNT BDUJWF EVSJOH FNCSZPHFOFTJT SFNBJO MBSHFMZ VOFYQMPSFE UFOUBUJWF CFHJOOJOHT NBEF UP DIBSBDUFSJ[FTIBQFNVUBOUTPG"SBCJEPQTJTFNCSZPT BOE TFFEMJOHT IBWF JNQMJDBUJPOT GPS UIF GVUVSF HF OFUJDEJTTFDUJPOPGFNCSZPNPSQIPHFOFTJTѮFêSTU TIBQFNVUBOUT EFêOFECZUIFJSBCOPSNBMFNCSZPT BOETFFEMJOHT BSFGBTT GT
LOPQG LOG
NJDLFZ NJD
BOE SBEJBMMZ TXPMMFO STX "COPSNBMJUJFT TVDI BTSPVOEBOEJSSFHVMBSMZTQBDFEDFMMTJOGT EFOTFMZ TUBDLFEFQJEFSNBMDFMMTPGUIFIZQPDPUZMJOLOG BOE CMPBUFE FQJEFSNBM DFMMT PG UIF IZQPDPUZM JO NJD BOE STX NVUBOUT BMTP BCPVOE .BZFS FU BM (JMMNPSFUBM .VUBUJPOTJOUIF'4 ):%3" ):%
BOE 1"45*$$*/0 1"4 HFOFT OPU POMZ DBVTF BCOPSNBMJUJFT JO FNCSZP PS TFFEMJOH NPS QIPMPHZ CVUBMTPJOëJDUMFTJPOTJOUIFJSBQJDPCBTBM PS SBEJBM QBUUFSOT 5PSSFT3VJ[ BOE +ÛSHFOT 5PQQJOHFUBM'BVSFFUBM ѮFNVUBOU QIFOPUZQFTTVHHFTUUIBUUIFDPSSFDUTIBQFPGUIFFN CSZPEFQFOETVQPOUIFGSFRVFODZBOEQMBOFPGEJWJ TJPOPGDFMMTFYFDVUFEEVSJOHUIFêSTUQIBTFPGEFWFM PQNFOU*OBOPUIFSBQQSPBDIUPIJHIMJHIUUIFMJOL CFUXFFO DFMM EJWJTJPO BOE FNCSZP TIBQF UIF GSF
RVFODZPGDFMMEJWJTJPOTEVSJOHFNCSZPHFOFTJTXBT GPVOEUPCFSFEVDFEJO"SBCJEPQTJTUSBOTGPSNFECZ UIFJOUSPEVDUJPOPGBEPNJOBOUOFHBUJWFNVUBOUPG BDFMMEJWJTJPODZDMJO $%$ HFOF&NCSZPTPGUIFTF USBOTHFOJD MJOFT EJTQMBZFE B SBOHF PG EJTUPSUJPOT JOUIFJSBQJDPCBTBMQBUUFSOBOE VQPOHFSNJOBUJPO QSPEVDFETFFEMJOHTXJUIQIZMMPUBDUJDBMMZNJTQMBDFE EJTUPSUFE MFBWFT )FNFSMZ FU BM ѮF NFDI BOJTNT UIBU VOEFSMJF UIF BTZNNFUSJD BMMPDBUJPO PG DFMM GBUF EVSJOH UIF êSTU [ZHPUJD EJWJTJPOT BSF BMTP CFJOHBEESFTTFECZBOBMZTJTPG"SBCJEPQTJTFNCSZP EFGFDUJWF NVUBOUT EJTSVQUFE JO DFMM DZDMF DPOUSPM EFTDSJCFEJO$IBQ"TEFTDSJCFEJO$IBQ NV UBOUBOBMZTJTIBTQSPWJEFEOFXJOTJHIUTJOUPUIFFN CSZPHFOJD QPUFOUJBM PG UIF TVTQFOTPS DFMMT BOE UIF QPTTJCMFJOUFSBDUJPOTUIBUPDDVSCFUXFFODFMMTPGUIF FNCSZPBOETVTQFOTPS
ӕ ĜĜĮĦĮĥĚĭĢĨħĨğӽĭĨīĚĠĞӻĞĬĞīįĞĬ "OBUPNJDBMBOEVMUSBTUSVDUVSBMJOWFTUJHBUJPOTIBWF HFOFSBUFEBDPNQMFYQJDUVSFPGDFMMVMBSDIBOHFTBT TPDJBUFEXJUIUIFQFSJPEPGDFMMFMPOHBUJPOSFTVMUJOH JOUIFBDDVNVMBUJPOPGTUPSBHFSFTFSWFTJOFNCSZPT PGFVEJDPUT%VSJOHUIJTQFSJPE DFMMTPGUIFDPUZMF EPOTBOEFNCSZPBYJTUZQJDBMMZJOUFSQSFUUIFJSCJP DIFNJDBM FOWJSPONFOU CZ DIBOHJOH DPVSTF GSPN B QSPHSBNPGTZOUIFTJTPGIPVTFLFFQJOHQSPUFJOTUP POF DPODFSOFE XJUI UIF TZOUIFTJT PG TUPSBHF QSP UFJOT TUBSDI BOEMJQJETѮFNPTUCPVOUJGVMTUPSBHF SFTFSWFT UIBU BDDVNVMBUF JO FNCSZPT BSF QSPUFJOT ѮFVTFPGDPUZMFEPOTPGFNCSZPTPGBHSPOPNJDBMMZ JNQPSUBOUDSPQTTVDIBTQFBT QFBOVUT CFBOT BOE MFOUJMT BNPOH PUIFST GPS IVNBO BOE BOJNBM GFFE IBTCFFOPOFPGUIFNBJOESJWJOHGPSDFTCFIJOEUIF DPOWFSHFODFPGQMBOUBOBUPNJTUT CJPDIFNJTUT BOE NPMFDVMBS CJPMPHJTUT UP QSPCF UIF TUSVDUVSBM CJP DIFNJDBM BOENPMFDVMBSBTQFDUTPGTUPSBHFSFTFSWF TZOUIFTJTBOEBDDVNVMBUJPOJOFNCSZPTPGFVEJDPUT "T XJMM CF EFTDSJCFE JO B MBUFS DIBQUFS B TJNJMBS QBSBMMFMFĒPSUIBTHPOFJOUPUIFTUVEZPGTUPSBHFSF TFSWFTPGUIFFOEPTQFSNPGDFSFBMHSBJOT *OUIFDPUZMFEPOTPG"SBCJEPQTJTFNCSZPT NBOZ TUFQTJOUIFEFQPTJUJPOPGTUPSBHFSFTFSWFTUBLFQMBDF EVSJOH B SFMBUJWFMZ TIPSU QFSJPE PG I CFHJOOJOH BCPVU EBZT BѫFS ëPXFSJOH JO QBSBMMFM XJUI DFMM FMPOHBUJPO .BOTêFME BOE #SJBSUZ %VSJOH UIJTQFSJPE UIFDIMPSPQMBTUTBQQFBSTXPMMFOEVFUP
ɨɨ 'SPNUIF;ZHPUFUPUIF&NCSZP
ϑώ
'JHɨɩBoG%JBHSBNTPGFBSMZFNCSZPHFOFTJTJONBJ[FB'BDFWJFXPGQSPFNCSZPC'BDFWJFXPGUSBOTJUJPOTUBHFFNCSZP D'BDFWJFXPGDPMFPQUJMBSTUBHFFNCSZPE4DIFNBUJDTFDUJPOPGDPMFPQUJMBSTUBHFFNCSZPF'BDFWJFXPGFNCSZPXJUIêSTU MFBGQSJNPSEJVNCFHJOOJOHUPHSPXVQXBSEGSPNUIFMPXFSTJEFPGUIFTIPPUBQJDBMNFSJTUFNG4DIFNBUJDTFDUJPOPGUIFUZQF PGFNCSZPJOF-BSHFBSSPXTJOEJDBUFUSBOTJUJPOGSPNPOFTUBHFUPUIFOFYU#BSNN 3FQSJOUFEXJUINPEJêDBUJPOTGSPN 4IFSJEBOBOE$MBSL
UIFQSFTFODFPGTUBSDICPEJFTUIBUMJUFSBMMZQVTIUIF UIZMBLPJET UP UIF QFSJQIFSZ *OJUJBMMZ TUPSBHF QSP UFJOTBDDVNVMBUFJOUIFWBDVPMFTBTTNBMMDMVNQTPG IPNPHFOFPVT EFOTFMZ TUBJOJOH NBUFSJBM BUUBDIFE UPUIFUPOPQMBTUBOE FWFOUVBMMZ UIFXIPMFWBDVPMF JTêMMFEXJUIQSPUFJOT+VEHJOHGSPNUIFBCVOEBODF PG&3BOEEJDUZPTPNFTEVSJOHUIFQFSJPEPGTUPSBHF QSPUFJOBDDVNVMBUJPO UIFTFPSHBOFMMFTBQQFBSUPCF JOWPMWFE JO QSPUFJO TZOUIFTJT BOE USBOTQPSU UP UIF WBDVPMFT4UPSBHFMJQJEJTEFQPTJUFEJOJUJBMMZJOTNBMM TQIFSJDBM CPEJFT QBSUJBMMZ TVSSPVOEFE CZ DJTUFSOB PGSPVHI&3DMPTFUPUIFDFMMXBMMCVUMBUFSBQQFBST EJTQFSTFEUISPVHIPVUUIFDZUPQMBTNѮFRVFTUJPO PGXIFUIFS&3JTSFTQPOTJCMFGPSMJQJETZOUIFTJTSF NBJOT VOTPMWFE *U JT SFNBSLBCMF CVU QFSIBQT OPU FOUJSFMZ TVSQSJTJOH UIBU EFUBJMT PG UIF JOWPMWFNFOU PG WBSJPVT DZUPQMBTNJD PSHBOFMMFT JO UIF TZOUIFTJT BOE BDDVNVMBUJPO PG TUPSBHF SFTFSWFT JO "SBCJEPQ TJT FNCSZPT BSF OP EJĒFSFOU GSPN UIPTF EFTDSJCFE JOFNCSZPTPGPUIFSQMBOUT TFF3BHIBWBO GPS SFWJFX ѮFNBKPSHSPVQTPGFNCSZPTUPSBHFQSPUFJOTBSF UIFHMPCVMJOT TPMVCMFJOTBMUTPMVUJPOT BOEBMCVNJOT NPTUMZ TPMVCMF JO XBUFS ѮF UXP DPNQPOFOUT PG HMPCVMJOT XIJDIEJĒFSJONPMFDVMBSNBTTBOETFEJ NFOUBUJPODPFēDJFOUTBSFUIF4BOE4QSPUFJOT "MCVNJOT HFOFSBMMZ NJHSBUF XJUI B 4 TFEJNFOUB UJPODPFēDJFOU'PVSHFOFTFODPEJOH4HMPCVMJOT BOEêWFHFOFTFODPEJOH4BMCVNJOTBSFQSFTFOUJO UIF FNCSZPT PG "SBCJEPQTJT 1BOH FU BM WBO
EFS,MFJFUBM 8PSLPOTUPSBHFQSPUFJOTZO UIFTJTBOEBDDVNVMBUJPOJOFNCSZPTPGTFWFSBMMFHV NJOPVTQMBOUTIBTCFFOTUSPOHMZDPNQMFNFOUFECZ TUVEJFTTIPXJOHUIBUUIFQFSJPEPGFNCSZPHSPXUI CZDFMMFYQBOTJPOXIFOTUPSBHFSFTFSWFTBDDVNVMBUF DPJODJEFTXJUIDPOUJOVFE%/"TZOUIFTJTJOUIFDFMMT PG DPUZMFEPOT CZ FOEPSFEVQMJDBUJPO m B QSPDFTT JO XIJDIOVDMFJHPUISPVHITFWFSBMTVDDFTTJWFSPVOET PG %/" TZOUIFTJT VOBDDPNQBOJFE CZ NJUPTJT TFF $IBQ *UIBTOPU IPXFWFS CFFOFTUBCMJTIFEUIBU TUPSBHFQSPUFJOHFOFTBSFTFMFDUJWFMZBNQMJêFEJOUIF DFMMT PG DPUZMFEPOT BOE UIVT NVDI XPSL SFNBJOT UPCFEPOFUPEFUFSNJOFUIFNFDIBOJTNCZXIJDI TUPSBHFSFTFSWFTBDDVNVMBUFEVSJOHFNCSZPHFOFTJT TFF3BHIBWBO GPSSFWJFX ".PEFMPG&NCSZPHFOFTJTJO.POPDPUT #FDBVTF PG UIF QSFTFODF PG B TJOHMF DPUZMFEPO FN CSZPTPGNPOPDPUTQSFTFOUBQJDUVSFTUSJLJOHMZEJG GFSFOU GSPN UIBU PG FVEJDPUT ѮFSF JT OPX HFOFSBM BHSFFNFOU UIBU EFWFMPQNFOU PG UIF FNCSZP VQ UP UIFPDUBOUTUBHFJTBMNPTUJEFOUJDBMJONPOPDPUTBOE FVEJDPUT BOEUIBUJOUIFGPSNFSCPUIUIFTIPPUBQFY BOEDPUZMFEPOTIBSFBDPNNPOPSJHJOJOUIFUFSNJ OBMDFMMPGBUISFFDFMMFEQSPFNCSZP TFF3BHIBWBO BOE 4IBSNB GPS SFWJFX )PXFWFS JO UIFJS POUPHFOZ BOE NBUVSF TUSVDUVSF FNCSZPT PG UIF MBSHF NPOPDPU GBNJMZ PG HSBTTFT 1PBDFBF EP OPU
ϑϏ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
IBWFNVDIJODPNNPOXJUIPUIFSNPOPDPUTѮJT JT FYFNQMJêFE CZ BO BDDPVOU PG FNCSZPHFOFTJT JO ;FBNBZT 'JHBmG "TJO"SBCJEPQTJT BOBTZN NFUSJD EJWJTJPO QSPEVDJOH B TNBMM UFSNJOBM DFMM BOEBMBSHFCBTBMDFMMJTUIFIBMMNBSLPGUIF[ZHPUF JO ; NBZT CVU TVCTFRVFOU EJWJTJPOT BSF WBSJBCMF 0OF PS UXP MPOHJUVEJOBM EJWJTJPOT JO UIF UFSNJOBM DFMM BSF GPMMPXFE CZ GVSUIFS JSSFHVMBS EJWJTJPOT JO UIFEBVHIUFSDFMMTBTXFMMBTJOUIFCBTBMDFMMUPQSP EVDFBDMVCTIBQFEFNCSZPTVTQFOTPSDPNQMFYJO BCPVUEBZTBѫ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ĒFSFOU DMBTT PG USBOTDSJQUJPO GBDUPST ,MJOHF BOE 8FSS %JĒFSFOUJBUJPO PG UIF QSPUPEFSN BT B EJTUJODUMBZFSPGIPNPHFOFPVTDFMMT GPMMPXFECZUIF GPSNBUJPO PG OFX DFMMT JO UIF FNCSZP QSPQFS BOE FMPOHBUJPOPGUIFTVTQFOTPS NPWFTUIFFNCSZPJOUP UIF USBOTJUJPO TUBHF (JWFO UIF FYQSFTTJPO PG USBO TDSJQUTPGUIF;N0$-HFOFJOUIFQSPUPEFSNMBZFS UISPVHIPVU NBJ[F FNCSZPHFOFTJT UIJT HFOF IBT CFFO JEFOUJêFE XJUI B DPNNJUNFOU GPS FQJEFSNJT TQFDJêDBUJPO4JODFUIFHFOFJTBMTPFYQSFTTFEJOUIF FNFSHJOHTIPPUBOESPPUBQJDBMNFSJTUFNT JUNJHIU BEEJUJPOBMMZ CF DPOTJEFSFE UP GVODUJPO JO BQJDP CBTBMQBUUFSOGPSNBUJPOJOUIFFNCSZP *OHSBNFUBM 1SPUPEFSNTQFDJêD FYQSFTTJPO PG ;N0$- BOE;N0$-JTJOJUJBMMZDPOêOFEUPUIFUPQPGUIF HMPCVMBS NBTT PG DFMMT PG UIF FNCSZP QSPQFS TIJѫ JOHTVCTFRVFOUMZUPJUTBEBYJBMBOEBCBYJBMSFHJPOT SFTQFDUJWFMZ CVUHMPCBMBMUFSBUJPOTJOUIFFYQSFTTJPO PGUIFTFUXPHFOFTIBWFOPUCFFOPCTFSWFEEVSJOH MBUFS TUBHFT PG FNCSZPHFOFTJT *OHSBN FU BM *OEFWFMPQJOHFNCSZPTPGSJDF USBOTDSJQUTPGBHFOF DBMMFE3PD GPSSJDFPVUFSNPTUDFMMTQFDJêD BSFFY
QSFTTFEJOUIFPVUFSNPTUDFMMTTIPSUMZBѫFSGFSUJMJ[B UJPO NVDIFBSMJFSUIBOEJĒFSFOUJBUJPOPGUIFQSPUP EFSN TVHHFTUJOHUIBUFYQSFTTJPOPGUIFHFOFNBZCF EFQFOEFOUPOQPTJUJPOBMJOGPSNBUJPOPGDFMMTPGUIF FNCSZP *UPFUBM "CPVU EBZT BѫFS QPMMJOBUJPO UIF NBJ[F FN CSZPBTTVNFTBCJMBUFSBMTZNNFUSZBTJUVOEFSHPFT NPSQIPHFOFTJT CZ UIF JOJUJBM SBNJêDBUJPO PG UIF UXP FNCSZPOJD TUSVDUVSFT UIF TDVUFMMVN BOE FN CSZP BYJT 8IFSFBT UIF BYJBMMZ BOE MBUFSBMMZ HSPX JOH TDVUFMMVN DPOTJEFSFE CZ TPNF NPSQIPMPHJTUT BT FRVJWBMFOU UP UIF TJOHMF DPUZMFEPO DPOUSJCVUFT UP UIF CVML PG UIF CJMBUFSBMMZ TZNNFUSJDBM FNCSZP JOJUJBUJPOPGUXPHSPVQTPGDFMMTXJUIJOUIFFNCSZP BYJTGPSFTIBEPXTUIFGVUVSFTIPPUBOESPPUBQJDFT" TNBMMFMFWBUJPOPOUIFBOUFSJPSGBDFPGUIFFNCSZP BYJT EFNBSDBUFT UIF TIPPU BQFY XIFSFBT UIF SPPU BQFYBSJTFTFOEPHFOPVTMZBTBEBSLTUBJOJOHSFHJPO ѮFêSTUTJHOPGUIFDPMFPQUJMF UIFTIFBUIJOHTUSVD UVSFBSPVOEUIFTIPPUBQJDBMNFSJTUFNBOEUIFFN CSZPOJDMFBWFT JTUIFGPSNBUJPOPGBCVMHJOHSJOHPG DFMMT DPMFPQUJMBSSJOH POUIFGBDFPGUIFTDVUFMMVN FODJSDMJOHUIFTIPPUBQFY DPMFPQUJMBSTUBHF ѮJTJT GPMMPXFECZUIFBQQFBSBODFPGUIFêSTUMFBGQSJNPS EJVN PO UIF TVSGBDF PG UIF TIPPU BQJDBM NFSJTUFN $POTJEFSBCMF FYQBOTJPO BOE HSPXUI PG FNCSZPOJD PSHBOTPDDVSTEVSJOHUIJTQFSJPEBOEFYUFOETJOUP UIFNBUVSBUJPOQFSJPE*UJTEVSJOHUIJTMBUUFSQFSJPE UIBU UIF SPPU BQFY CFDPNFT FOTIFBUIFE CZ UIF DP MFPSIJ[BUIBUPSJHJOBUFTEVSJOHUIFUSBOTJUJPOTUBHF CZEJWJTJPOPGDFMMTJOUIFMPXFSQBSUPGUIFFNCSZP BYJTѮFêOBMNPSQIPHFOFUJDFWFOUCFGPSFFNCSZP NBUVSBUJPO JT UIF GPSNBUJPO PG UIF NFTPDPUZM MZ JOHCFUXFFOOPEFTPGUIFDPMFPQUJMFBOETDVUFMMVN BT BO JOUFSOPEF ѮF NBUVSF FNCSZP JT GPSNFE JO BCPVUEBZTBѫFSQPMMJOBUJPOBOESFBDIFTBMFOHUI PG mNN CZ UIJT UJNF JU XPVME BMTP IBWF HFO FSBUFEêWFPSTJYMFBGQSJNPSEJB TFF1MBUF 'JHC ѮFMFBGQSJNPSEJBBSFUIVTDPOTJEFSFEBTQSPEVDUT PG FNCSZPHFOJD FWFOUT SBUIFS UIBO PG QPTUHFSNJ OBUJPOEFWFMPQNFOUBTJOFVEJDPUT 3BOEPMQI 4IFSJEBO BOE $MBSL ,MJOHF BOE 8FSS $MBSL&MTUFSFUBM $POTJTUFOUXJUIUIF GBDUUIBUUIFTDVUFMMVNBOEDPMFPQUJMFEPOPUGPSN QBSUTPGUIFBEVMUNBJ[FQMBOU %/"GSBHNFOUBUJPO DIBSBDUFSJTUJDPGQSPHSBNNFEDFMMEFBUI QDE
IBT CFFO EFUFDUFE CZ UFSNJOBM EFPYZSJCPOVDMFPUJEZM USBOTGFSBTF 5E5 NFEJBUFEE615ëVPSFTDFJOOJDL FOEMBCFMJOH 56/&- BOE CZ HFOPNJD %/" MBE EFSJOHJOUIFDFMMTPGUIFTFPSHBOTBTUIFZBSFTQFDJ
êFE EVSJOH FNCSZPHFOFTJT (JVMJBOJ FU BM "MPOHXJUIUIFQSFTFODFPGUIFTDVUFMMVN DPMFPQUJMF DPMFPSIJ[B NFTPDPUZM BOE FQJCMBTU B ëBQ PO POF TJEFPGUIFDPMFPSIJ[B BCTFOUJONBJ[FFNCSZP CVU QSFTFOUJOFNCSZPTPGNBOZPUIFSNFNCFSTPGUIF 1PBDFBF
UIFHSBTTFNCSZPSFQSFTFOUTPOFPGUIPTF SBSF FYBNQMFT JO XIJDI OP DPVOUFSQBSUT UP UIFTF PSHBOTBSFGPVOEJOFNCSZPTPGPUIFSBOHJPTQFSNT )PXFWFS UIFTFPSHBOTIBWFGVODUJPOBMTJNJMBSJUJFT XJUI PSHBOT EFTDSJCFE JO UIF EJĒFSFOU HFOFSB BOE TQFDJFT PG TPNF FVEJDPUT TVHHFTUJOH UIBU NFDIB OJTNTSFHVMBUJOHUIFJSEFWFMPQNFOUIBWFCFFOFWP MVUJPOBSJMZDPOTFSWFE "DBTFIBTCFFONBEFUPEPBXBZXJUIUIFTUBHFT PG FNCSZPHFOFTJT JO BOHJPTQFSNT MJLFOFE UP UIF TUBHFT JO BOJNBM FNCSZPHFOFTJT BOE UP BEPQU B NPEFMCBTFEPOJOJUJBMIJTUPHFOFUJDQSPDFTTFT TVDI BTUIFGPSNBUJPOPGUIFQSPUPEFSNBOEDPSUJDBMBOE WBTDVMBSQSFDVSTPSDFMMT BOEPOGVOEBNFOUBMEFWFM PQNFOUBMQSPDFTTFT TVDIBTUIFPSJHJOPGUIFTIPPU BOE SPPU BQJDBM NFSJTUFNT BOE UJTTVF EJĒFSFOUJB UJPO SBUIFSUIBOTIBQFDIBOHFT ,BQMBOBOE$PPLF
CVU UIF JEFB IBT OPU GVMêMMFE FBSMZ FYQFDUB UJPOTPGBDDFQUBCJMJUZBOEIBTOPUDBVHIUPO "SF&NCSZPOJD0SHBOTBOE5JTTVFT -JOFBHFSFTUSJDUFE$PNQBSUNFOUT ѮFGPSNBUJPOPGUIFFNCSZPSFRVJSFTUIBUEFTDFO EBOUT PG FBDI DFMM HFOFSBUFE EVSJOH FBSMZ TUBHFT PG TFHNFOUBUJPO PG UIF [ZHPUF êOE UIFJS BQQSPQSJBUF QBUIXBZBNPOHPUIFSDFMMTTFBSDIJOHGPSUIFJSPXO EFTUJOBUJPOT ѮF EFWFMPQNFOUBM QBUUFSOT PG FN CSZPT PG NPTU FVEJDPUT BOE TPNF NPOPDPUT TFFN UP JOWPMWF BO PSEFSMZ TFSJFT PG USBOTWFSTF BOE MPO HJUVEJOBMEJWJTJPOTUPNBLFJUQPTTJCMFUPBTTJHOCZ IJTUPMPHJDBMPCTFSWBUJPOTUIFBODFTUSZPGBUJTTVFPS PSHBOPGUIFNBUVSFFNCSZPUPBQBSUJDVMBSDFMM PS HSPVQ PG DFMMT PG UIF FBSMZ EJWJTJPO QIBTF FNCSZP *OEFFE UIFJOWBSJBODFPGDFMMMJOFBHFNJHIUJOEJDBUF UIBUUIFSFJTBMJOLCFUXFFOUIFQBUUFSOPGDFMMEJWJ TJPOT UISPVHIPVU FNCSZPHFOFTJT BOE UIF VMUJNBUF GBUF PG FBDI DFMM ѮJT WJFX PG DFMM MJOFBHF SFMBUJPO TIJQJOGFSSFEGSPNUIFTUFSFPUZQFETFHNFOUBUJPOPG UIF[ZHPUFGPSNFEUIFCBTJTPGUIFDMBTTJêDBUJPOPG FNCSZPEFWFMPQNFOUBMUZQFTDPOTJEFSFEFBSMJFSBOE FWFOMFEUPUIFGPSNVMBUJPOPGMBXTPGFNCSZPHFOF TJTUPEFêOFFBDIHFOVTPSTQFDJFTCBTFEPOUIFGVO EBNFOUBM PSHBOJ[BUJPO PG JUT FNCSZP $SÊUÊ
ɨɨ 'SPNUIF;ZHPUFUPUIF&NCSZP
ϑϐ
ѮFXJTEPNPGBQQMZJOHTVDIMBXTUPFNCSBDFFN CSZPEFWFMPQNFOUJOUIFXJEFMZEJTQBSBUFEJWJTJPO PGëPXFSJOHQMBOUTCFDBNFRVFTUJPOBCMF SFMFHBUJOH UIF MBXT PG FNCSZPHFOFTJT UP OP NPSF UIBO B IJT UPSJDBMGPPUOPUF "TBOBEKVODUUPDPOWFOUJPOBMIJTUPMPHJDBMTUVEJFT DMPOBMBOBMZTJTIBTCFFOVTFEUPDPOTUSVDUGBUFNBQT PG FNCSZPT PG "SBCJEPQTJT BOE NBJ[F ѮFTF TUVE JFT JOXIJDIUIFEJTUSJCVUJPOPGHFOFUJDBMMZNBSLFE DFMMTPGFBSMZEJWJTJPOQIBTFFNCSZPTJTGPMMPXFEJO TFFEMJOHTPSBEVMUQMBOUT IBWFSFWFBMFEUIBUUIFBD RVJTJUJPOPGDFMMGBUFJTMFTTMJOFBHFEFQFOEFOUUIBO XPVMECFQSFEJDUFECZIJTUPMPHJDBMBOBMZTJT*OUIF TUSBUFHZVTFEGPS"SBCJEPQTJT FYDJTJPOPGUIFNBJ[F USBOTQPTBCMF FMFNFOU "DUJWBUPS "D GSPN B USBOT HFOJDNBSLFSNBEFXJUIBSFQPSUFSHFOFDPOTUSVDU MJOLFE UISPVHI UIFUSBOTQPTPOJTVTFEUPNBSLDFMMDMPOFT"TUIF SFQPSUFSHFOFJTFYQSFTTFEJOTFDUPSTPGUIFTFFEMJOH DPOTUJUVUFE PG DFMM QSPHFOJFT JO XIJDI "D FYDJTJPO PDDVST TFDUPSTNBSLJOHHFOFFYQSFTTJPODBOCFEF UFDUFEIJTUPDIFNJDBMMZCZBDIBSBDUFSJTUJDCMVFTUBJO ѮJT NFUIPE IBT CFBVUJGVMMZ DPOêSNFE UIF QSFEJD UJPOT PG DFMM MJOFBHF TUVEJFT UIBU UIF IZQPDPUZM BO JOUFSNFEJBUF[POFOFBSUIFVQQFSCPVOEBSZPGUIF SPPU UIFSBEJDMF BOEUIFSPPUBQJDBMNFSJTUFNIBWF UIFJSPSJHJOJODFMMTQSPEVDFECZUIFCBTBMUXPDFMM MBZFSTEFSJWFEGSPNUIFMPXFSUJFSPGDFMMTPGUIFPD UBOU FOCSZP ѮJT JT OPU UIF FOUJSF TUPSZ IPXFWFS TUSPOHFWJEFODFUIBUUIFSFBSFOPSFTUSJDUFEMJOFBHFT UIBU SFTVMU JO UIF QSPHSFTTJWF BMMPDBUJPO PG DFMMT UP TQFDJGZUIFSPPUBOEIZQPDPUZMIBTDPNFGSPNUIF PCTFSWBUJPO UIBU UIF TFDUPS CPVOEBSJFT TQBOOJOH UIFTF BEKBDFOU PSHBOT PG UIF TFFEMJOH JOUSVEF JOUP FBDIPUIFS UIVTWJPMBUJOHUIFDMPOBMCPVOEBSJFTTFU VQJOUIFFNCSZP 4DIFSFTFUBM *OBOPUIFS JOWFTUJHBUJPO B GBUFNBQQJOH PG HFOFUJD DIJNFSBT JOEVDFE EVSJOH UIF êSTU EJWJTJPO PG UIF UFSNJOBM DFMMPGUIFUXPDFMMFEFNCSZPPG"SBCJEPQTJTTIPXFE UIBUUIFSFBSFOPMJOFBHFSFTUSJDUJPOTPOUIFEBVHI UFS DFMMT PG UIJT EJWJTJPO JO UIF GPSNBUJPO PG TFFE MJOHPSHBOT 4BVMTCFSSZFUBM "OBMZTJTPGUIF TIBQF NVUBOU GT IBT BMTP SBJTFE EPVCUT BCPVU UIF OPUJPOPGMJOFBHFSFTUSJDUFEDFMMDPNQBSUNFOUTEVS JOHFNCSZPHFOFTJT&NCSZPTPGUIJTNVUBOU XIPTF DFMMTBSFEJTPSHBOJ[FEBOEJSSFHVMBSMZFOMBSHFEXJUI NJTBMJHOFEEJWJTJPOQMBOFTCFHJOOJOHXJUIUIFêSTU [ZHPUJDEJWJTJPO QSPEVDFNJTTIBQFOTFFEMJOHTUIBU OPOFUIFMFTTIBWFSPPU TUFN BOEMFBWFTJOUIFJSDPS
ϑϑ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
SFDUQMBDFT 5PSSFT3VJ[BOE+ÛSHFOT ѮJTJT DPOTJTUFOUXJUIUIFUIFTJTUIBUTFFEMJOHNPSQIPHFO FTJTJTOPUDPVQMFEUPUIFQSPEVDUJPOPGMJOFBHFEF SJWFEDFMMT &YQFSJNFOUT JO XIJDI UIF GBUF PG DFMMT PG FBSMZ TUBHF NBJ[F FNCSZPT XBT GPMMPXFE BѫFS 9JSSBEJB UJPOPGEFWFMPQJOHFBSTIFUFSP[ZHPVTGPSDFMMNBSLFS NVUBUJPOT UIBU BĒFDU QJHNFOUBUJPO PG NBUVSF FN CSZPTBOETFFEMJOHTBMTPQSPWJEFHPPEFWJEFODFUP JOEJDBUFUIBUUIFDFMMMJOFBHFPGUIFFNCSZPJTWBSJ BCMF BOE TPNFXIBU JOEFUFSNJOBUF 6TJOH B NBJ[F TUPDL UIBU QSPEVDFT TFDUPST JO CPUI UIF TDVUFMMVN BOETFFEMJOH JUXBTGPVOEUIBUNBSLJOHDFMMTBѫFS UIFêSTUMPOHJUVEJOBMEJWJTJPOPGUIFUFSNJOBMDFMMPG UIF UXPDFMMFE FNCSZP CZ JSSBEJBUJPO ZJFMET B GFX LFSOFMTJOXIJDIUIFTFDUPSTPDDVQZNPSFUIBOIBMG PGUIFTDVUFMMVNPWFSMBQQJOHXJUIUIFFNCSZPBYJT BOE PUIFST JO XIJDI UIF TFDUPST PDDVQZ MFTT UIBO IBMG PG UIF TDVUFMMVN 0CWJPVTMZ UIJT XPVME OPU IBWF CFFO UIF DBTF JG UIF EFWFMPQNFOUBM QPUFOUJBM XJUIJO B MJOFBHF JT SFTUSJDUFE CFGPSF UIF êSTU MPOHJ UVEJOBMEJWJTJPOPGUIFUFSNJOBMDFMMJUBMTPBQQFBST VOMJLFMZ GSPN UIFTF SFTVMUT UIBU EFSJWBUJWFT PG UIJT EJWJTJPODPOUSJCVUFFRVBMMZUPUIFHSPXUIPGUIFFN CSZP 1PFUIJHFUBM 8IJMFUIFTFTUVEJFTIBWF VOEPVCUFEMZSBJTFERVFTUJPOTBCPVUUIFJNQPSUBODF PG MJOFBHF SFMBUJPOTIJQT JO TQFDJGZJOH FNCSZPOJD
PSHBOT UIFZEPOPUTIPXXIFUIFSBOZGBSSFBDIJOH QPTJUJPOBM JOGPSNBUJPO JT OFDFTTBSZ GPS UIF BMMPDB UJPOPGQSPTQFDUJWFDFMMGBUFTGPSPSHBOGPSNBUJPO "COPSNBM&NCSZP5ZQFT *UJTDMFBSCZOPXUIBUNBUVSFFNCSZPTPGCPUIFV EJDPUT BOE NPOPDPUT BUUBJO B CBTJD PSHBOJ[BUJPO DPOTJTUJOHPGBCJQPMBSBYJTUFSNJOBUFEBUFBDIQPMF CZBOBQJDBMNFSJTUFN XJUIPOFPSUXPDPUZMFEPOT BUUBDIFE BU B OPEF CFMPX UIF TIPPU BQJDBM NFSJ TUFN UIF QPJOU PG BUUBDINFOU PG UIF DPUZMFEPO T TFQBSBUFTUIFFNCSZPOJDBYJTJOUPBMPXFSIZQPDPUZM SPPUSFHJPOBOEBOVQQFSFQJDPUZMQMVNVMFSFHJPO )PXFWFS JO QMBOUT CFMPOHJOH UP BCPVU FVEJDPU GBNJMJFT BOE NPOPDPU GBNJMJFT FNCSZPHFOFTJT EPFTOPUQSPDFFEUPDPNQMFUJPOJOTFFET XIJDIUIVT IBSCPSVOEFSEFWFMPQFEPSSFEVDFEFNCSZPTBUUIF UJNFPGTIFEEJOH#BMBOPQIPSBDFBF 3BOVODVMBDFBF 4DSPQIVMBSJBDFBF 0SPCBODIBDFBF BOE 1ZSPMBDFBF BNPOH FVEJDPUT BOE &SJPDBVMBDFBF 0SDIJEBDFBF #VSNBOOJBDFBF BOE 1BOEBOBDFBF BNPOH NPOP DPUT BSFOPUFXPSUIZJOUIJTSFTQFDU /BUFTIBOE3BV $MBTTJD FYBNQMFT PG TFFET XJUI SFEVDFE FN CSZPTBSF.POPUSPQBVOJëPSB JOXIJDIUIFFNCSZP FNCFEEFE JO UIF FOEPTQFSN DPOTJTUT PG OP NPSF
'JHɨɪBoD&NCSZPHFOFTJTJO1BFPOJBB'SFFOVDMFBSQSPFNCSZPJO1BFPOJBXJUUNBOOJBOBC0SHBOJ[BUJPOPGNVMUJDFMMVMBS QSPFNCSZPJO1BFPOJBBOPNBMBD.VMUJDFMMVMBSQSPFNCSZPPG1BOPNBMBTIPXJOHFNCSZPQSJNPSEJB BSSPXT 3FQSJOUFE GSPN:BLPWMFWBOE:PĒF
ɨɩ 1IZTJPMPHJDBM$POTJEFSBUJPOTPG&NCSZPHFOFTJT
UIBOUXPDFMMTTFQBSBUFECZBUSBOTWFSTFXBMM 0MTPO
BOE #VSNBOOJB QVTJMMB #VSNBOOJBDFBF JO XIJDIBGPVSDFMMFEFNCSZP TVSSPVOEFECZBSPCVTU FOEPTQFSN JT UIF OPSN "SFLBM BOE 3BNBTXBNZ 4FFETPGWBSJPVTPSDIJETBOEPGSPPUQBSBTJUFT TVDI BT 0SPCBODIF BFHZQUJBDB BOE $JTUBODIF UVCV MPTB CPUI 0SPCBODIBDFBF IBSCPS HMPCVMBS FN CSZPTMBDLJOHEJĒFSFOUJBUFEPSHBOT%FTQJUFUIFMBDL PG NPSQIPMPHJDBM EJĒFSFOUJBUJPO B EJTUJODUJPO JT QPTTJCMFCFUXFFOUIFDIBMB[BMBOENJDSPQZMBSFOET PGUIFFNCSZPPGUIFPSDIJE4QBUIPHMPUUJTQMJDBUB BT UIF GPSNFS JT PDDVQJFE CZ DFMMT TMJHIUMZ TNBMMFS JO TJ[F UIBO UIPTF BU UIF NJDSPQZMBS FOE 3BHIBWBO BOE(PI 4JNJMBSMZ JOCPUI0BFHZQUJBDBBOE $ UVCVMPTB DFMMT BU POF FOE PG UIF FNCSZP JEFOUJ êFE BT UIF SBEJDVMBS QPMF BSF TNBMM XIJMF UIPTF BU UIFPQQPTJUFQMVNVMBSQPMFBSFMBSHFBOEWBDVPMBUFE 3BOHBTXBNZ .BUVSF TFFET PG PUIFS SPPU QBSBTJUFT TVDI BT "MFDUSB WPHFMJJ BOE 4USJHB HFTOFSJ PJEFT CPUI4DSPQIVMBSJBDFBF DPOUBJOIFBSUTIBQFE FNCSZPT XJUI UXP SVEJNFOUBSZ DPUZMFEPOT BOE B SBEJDVMBSQPMF 0LPOLXPBOE3BHIBWBO 0O UIFPUIFSIBOE SFEVDFEFNCSZPTFODMPTFEJOTFFET PG&SJPDBVMPOSPCVTUPCSPXOJBOVNBOE&YFSBOUIF NVN &SJPDBVMBDFBF TIPX TPNF EJĒFSFOUJBM DFMM EJWJTJPO BDUJWJUZ SFTVMUJOH JO B SFMBUJWFMZ RVJFTDFOU SFHJPO SFQSFTFOUJOH UIF TJUF PG FQJDPUZM EJĒFSFOUJB UJPO BOE BO BDUJWFMZ EJWJEJOH TFDUPS GPS DPUZMFEPO JOJUJBUJPO 3BNBTXBNZ FU BM 3BNBTXBNZ BOE "SFLBM ѮFTF FYBNQMFT SFWFBM UIF PD DVSSFODF PG EFWFMPQNFOUBM CMPDLT BU QSPHSBNNFE TUBHFTPGFNCSZPHFOFTJT CVUUIFDBVTBMGBDUPSTUIBU MFBE UP BSSFTU PG FNCSZP EFWFMPQNFOU SFRVJSF GVS UIFSTUVEZ &NCSZPHFOFTJT JO 1BFPOJB 1BFPOJBDFBF TFFNT UPCFESBNBUJDBMMZEJĒFSFOUGSPNUIBUPGUIFFVEJDPU BOENPOPDPUNPEFMT BMUIPVHIJUIBTBGVOEBNFO UBMTJNJMBSJUZUPUIFQSPDFTTJO(ZNOPTQFSNTѮF QBUUFSOPGFNCSZPHFOFTJTJOUIJTHFOVTXBTêSTUSF WFBMFECZ:BLPWMFWBOE:PĒF JO1BOPNBMB 1NPVUBO BOE1XJUUNBOOJBOBѮFVOJRVFOFTTPG FNCSZPHFOFTJTJOUIFTQFDJFTJOWFTUJHBUFEJTUIBUUIF QSPFNCSZPJTGPSDFEUPTQFOEQBSUPGJUTFYJTUFODF BTBDPFOPDZUFEVFUPGBJMVSFPGXBMMGPSNBUJPOGPM MPXJOHUIFêSTUGFXSPVOETPGEJWJTJPOPGUIF[ZHPUF ѮF GSFF OVDMFJ MBUFS NJHSBUF UP UIF QFSJQIFSZ PG UIFDPFOPDZUFXIFSFXBMMGPSNBUJPOUBLFTQMBDFUP GPSNBNVMUJDFMMVMBSQSPFNCSZP4PPOBѫFS TFWFSBM HSPVQTPGNBSHJOBMDFMMTCFHJOUPFNFSHFBTFNCSZP
ϑϒ
QSJNPSEJB CVUPOMZPOFPVUMJWFTUIFPUIFSTBOEEJG GFSFOUJBUFTJOUPBFVEJDPUUZQFFNCSZP 'JHBmD "MUIPVHIBMBUFSXPSLDMBJNFEUIBUUIFêSTUEJWJTJPO PGUIF[ZHPUFSFTVMUTJOXBMMGPSNBUJPOBOEUIBUUIF DPFOPDZUF JT BDUVBMMZ B HSFBUMZ IZQFSUSPQIJFE TVT QFOTPS .VSHBJ
TVCTFRVFOU JOWFTUJHBUJPOT PGBEEJUJPOBMTQFDJFT $BWFFUBM.BUUIJFTTFO .PTDPW $BSOJFM .V BOE 8BOH IBWFNBEFNPTUFNCSZPMPHJTUTGFFMDPNGPSU BCMF XJUI UIF VOJRVF UIFNFT JO UIF FBSMZ EJWJTJPO QBUUFSOTPGFNCSZPTPG1BFPOJB"GSFFOVDMFBSTUBHF DVMNJOBUJOHJOQPMZFNCSZPOZJTUZQJDBMPGFNCSZP HFOFTJTJOHZNOPTQFSNTBOEUIVTJUSFNBJOTBGPS NBM QPTTJCJMJUZ UIBU UIF PDDVSSFODF PG DPFOPDZUF BOE JODJQJFOU QPMZFNCSZPOZ JO 1BFPOJB SFQSFTFOU JOH UIF BOHJPTQFSN FRVJWBMFOUT PG HZNOPTQFSN USBJUTNJHIUJOEJDBUFQBSBMMFMFWPMVUJPO
1IZTJPMPHJDBM$POTJEFSBUJPOT PG&NCSZPHFOFTJT
&NCSZPHFOFTJT JO ëPXFSJOH QMBOUT EPFT OPU UBLF QMBDFJOBTUSVDUVSBMWBDVVN BMUIPVHITVDIBOJN QSFTTJPOJTDPOWFZFECZQIPUPHSBQITBOEEJBHSBNT UIBUGPDVTPOUIFFNCSZPBMPOFUPUIFUPUBMPCMJUFSB UJPOPGUIFNJMJFVTVSSPVOEJOHJU"TBSFTVMU UIFFG GFDUTPGUIFDIFNJDBMDPOTUJUVFOUTPGUIFFOEPTQFSN BOEPGUIFOVUSJFOUTVCTUBODFTTVQQMJFECZUIFTQP SPQIZUJDQBSUTPGUIFQMBOUJOOPVSJTIJOHUIFHSPX JOHFNCSZPIBWFOPUCFFOGVMMZBQQSFDJBUFE.PSF PWFS NFSFMZ EJTDVTTJOH UIF OVUSJUJPOBM BTQFDUT PG UIFFOEPTQFSNBOEPGTVCTUBODFTPSJHJOBUJOHJOUIF NPUIFSQMBOUCFDPNFTBSBUIFSVOSFBMJTUJDFYFSDJTF JG UIF CJPMPHJDBM TJHOJêDBODF PG UIF IPSNPOBM BOE TJHOBMJOHNPMFDVMFTGSPNUIFTFTPVSDFTJOUIFNPS QIPHFOFTJTPGUIFFNCSZPJTOPUDPOTJEFSFE%FTQJUF UIF GBDU UIBU UIF BSDIFUZQBM QMBOU IPSNPOF BVYJO JT LOPXO UP NFEJBUF B XJEF BSSBZ PG QMBOU HSPXUI FĒFDUT POMZ SFDFOUMZ IBWF UIF FĒFDUT PG BVYJO HSB EJFOUT BOE BVYJO USBOTQPSU CFFO JNQMJDBUFE JO UIF FTUBCMJTINFOUPGQPMBSJUZBOEQBUUFSOJOHBMPOHUIF BQJDPCBTBM BYJT PG FNCSZPT UP QSPWJEF B TQSJOH CPBSE GPS GVSUIFS FYQMPSBUJPO 0O UIF PUIFS IBOE BMUIPVHI UIFSF BSF TUJMM NBOZ NZTUFSJFT DPODFSO JOHFNCSZPOVUSJUJPO TUSVDUVSBMTUVEJFTBOEJOWFT UJHBUJPOT CBTFE PO UIF DVMUVSF PG FYDJTFE FNCSZPT IBWFCFFOSFBTPOBCMZTVDDFTTGVMJOJEFOUJGZJOHUIF TPVSDFT BOE OBUVSF PG OVUSJFOUT OFDFTTBSZ GPS DPO
ϑϓ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
UJOVFEHSPXUIBOEEJĒFSFOUJBUJPOPGFNCSZPTѮF GPMMPXJOH BDDPVOU JT UIVT MJNJUFE UP UIFTF BTQFDUT PG UIF DFMM QIZTJPMPHZ BOE OVUSJUJPO PG EFWFMPQJOH FNCSZPT "3PMFGPS"VYJO1PMBS5SBOTQPSU JO&NCSZPHFOFTJT 4FWFSBM JOEJSFDU MJOFT PG FWJEFODF IBWF JNQMJDBUFE BVYJO BDUJPO JO WBSJPVT TUBHFT PG FNCSZP EFWFMPQ NFOU'SZBOE8BOHFSNBOO TVHHFTUFEUIBU UIFNPSQIPMPHJDBMQPMBSJUZPGUIFFNCSZPNJHIUCF EFUFSNJOFE CZ JOJUJBUJPO PG QPMBSJ[FE BVYJO USBOT QPSUJOUIFBQPMBSHMPCVMBSFNCSZP*OBOJNQPSUBOU FYUFOTJPOPGUIJTWJFX BTFSJFTPGTUVEJFTVTJOHUJT TVFDVMUVSFBQQSPBDIFTBTTJHOFEBVYJOBNBKPSSPMF JOQSPWJEJOHQPTJUJPOBMDVFTXJUIJOUIFBQJDBMEPNF PG FBSMZTUBHF FNCSZPT GPS UIF EJĒFSFOUJBUJPO PG DFSUBJO PSHBOT 'PS FYBNQMF CBTJQFUBM QPMBS BVYJO USBOTQPSU NJHIU CF JOWPMWFE JO EJSFDUJOH MPDBMJ[FE DFMMEJWJTJPOTJOUIFHMPCVMBSFNCSZPQSFQBSBUPSZUP UIFPVUHSPXUIPGDPUZMFEPOTѮFCBTJTGPSUIJTTVH HFTUJPOJTUIFPCTFSWBUJPOUIBUUSFBUNFOUPGDVMUVSFE HMPCVMBS FNCSZPT PG #SBTTJDB KVODFB XJUI BVYJO USBOTQPSUJOIJCJUPSTTVDIBTQDIMPSPQIFOPYZJTPCV UZSJDBDJE USBOTDJOOBNJDBDJE IZESPYZëVPSFOF DBSCPYZMJD BDJE /1" BOE USJJPEPCFO[PJD BDJE 5*#" MFBETUPUIFGPSNBUJPOPGWBSZJOHQSP QPSUJPOTPGBCFSSBOUNPSQIPMPHJFT JODMVEJOHBSJOH MJLFTUSVDUVSFBSPVOEUIFJODJQJFOUTIPPUBQFY BLJO UP GVTFE DPUZMFEPOT JOTUFBE PG UIF UXP TFQBSBUF DPUZMFEPOT UIBU FTUBCMJTI CJMBUFSBM TZNNFUSZ "T TVNJOHUIBUBVYJOJTTZOUIFTJ[FEJOUIFBQJDBMDFMMT PG UIF HMPCVMBS FNCSZP GBJMVSF PG BVYJO USBOTQPSU UPUIFUXPTJEFTPGUIFFNCSZPUPGPSNDPUZMFEPOT DPVME JO QSJODJQMF MFBE UP BVYJO EJĒVTJPO JOUP B SJOH PG DFMMT CFMPX UIF BQFY BOE JOEVDF UIFJS EJWJ TJPO JOUP UIF DPUZMFEPOBSZ UJTTVF 4JODF UIF FĒFDU JT TQFDJêD UP UIF HMPCVMBS FNCSZP JU BQQFBST UIBU BVYJOTJHOBMJOHJTBOJOUFHSBMQBSUPGUIFNFDIBOJTN UIBUEJSFDUTMPDBMJ[FEDFMMEJWJTJPOTJOUIFFNCSZPUP GPSNDPUZMFEPOT -JVFUBMC)BEêFUBM 8PSL XJUI FNCSZPT PG EJĒFSFOU BHFT PG # KVODFB IBT BMTP TIPXO UIBU NBJOUFOBODF PG UIF DPSSFDU BVYJO HSBEJFOU JO UIF HSPXJOH FNCSZP JT FTTFOUJBM GPS OPSNBM NPSQIPHFOFTJT BT PWFSXIFMNJOH UIF HSBEJFOUCZFYPHFOPVTBVYJOBQQMJDBUJPOMFBETUPB CSPBESBOHFPGEFWFMPQNFOUBMBCFSSBUJPOT )BEêFU BM 6TJOHBQSPNJTJOHQSFQBSBUJWFNJDSPUFDI
OJRVF 3JCOJDLZ FU BM IBWF EFNPOTUSBUFE UIBUUIFHMPCVMBSUPIFBSUTIBQFEUSBOTJUJPOPGDBS SPU %BVDVTDBSPUB6NCFMMJGFSBF FNCSZPTJTBTTP DJBUFEXJUIBOJNQSFTTJWFBVYJOTVSHF *OUFSFTUJOHMZ B TNBMM QFSDFOUBHF PG FNCSZPT PG UIF "SBCJEPQTJT NVUBOU QJO XIJDI IBT B EFGFDU JO QPMBS BVYJO USBOTQPSU 0LBEB FU BM SF TFNCMFT FNCSZPT PG # KVODFB USFBUFE XJUI BVYJO USBOTQPSU JOIJCJUPST JOIJCJUPSUSFBUFE FNCSZPT BMTP NJNJD JO WBSZJOH EFHSFFT QIFOPUZQFT PG FN CSZPTPGPUIFS"SBCJEPQTJTNVUBOUTTVDIBTCPEFOMPT CEM
HOPN HO
BOENPOPQUFSPT NQ
TVHHFTUJOH B MJOL CFUXFFO UIF GVODUJPO PG UIF NVUBUFE HFOFT BOE BVYJO USBOTQPSU BOE QFSDFQUJPO 4UFJONBOO FU BM +ÛSHFOT ѮFTF êOEJOHT XFSF BT TUSJLJOHBTUIFZXFSFVOFYQFDUFE.PMFDVMBSBOBMZ TJT IBT TIPXO UIBU #%- BOE .1 FODPEF BVYJOSF TQPOTF QSPUFJOT XJUI PQQPTJUF FĒFDUT XIFSFBT UIF QSPUFJOQSPEVDUPGUIF(/HFOFIBTCFFOJNQMJDBUFE JOWFTJDMFUSBēDLJOHSFRVJSFEGPSSFDZDMJOHPGBVYJO USBOTQPSU DPNQPOFOUT )BSEULF BOE #FSMFUI )BNBOOFUBM(FMEOFSFUBM "OPUIFS "SBCJEPQTJT NVUBOU XJUI B NPEFTU EFGFDU JO QPMBS BVYJOUSBOTQPSUJOUIFTUFNBOEJOëPSFTDFODFBYJT BOE JO DPUZMFEPO JOJUJBUJPO JO UIF FNCSZP JT QJE ѮF1*%HFOFIBTCFFODMPOFEBOEGPVOEUPFODPEF BTFSJOFUISFPOJOFQSPUFJOLJOBTFѮFUJNJOHPGSB EJBM UP CJMBUFSBM USBOTJUJPO PG UIF FNCSZP JT GPVOE UP DPSSFMBUF XFMM XJUI UIF FYQSFTTJPO PG UIJT HFOF JO UIF ë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êFTUIFTIJѫGSPN SBEJBMUPCJMBUFSBMTZNNFUSZJOHSBNJOFBOFNCSZPT *OFYQFSJNFOUTXJUIDVMUVSFEXIFBUFNCSZPT JUXBT GPVOE UIBU ëPPEJOH UIF NFEJVN XJUI FYPHFOPVT BVYJOT MJLF % BOE USJDIMPSPQIFOPYZBDF UJD BDJE QFSQFUVBUFT SBEJBM HSPXUI XJUIPVU UIF BU UBJONFOUPGCJMBUFSBMTZNNFUSZ"VYJOTFFNTUPCF SFRVJSFEGPSUIFFTUBCMJTINFOUPGBOPSNBMFNCSZ POJDTZNNFUSZBUUIFHMPCVMBSBOEFBSMZUSBOTJUJPO
ɨɩ 1IZTJPMPHJDBM$POTJEFSBUJPOTPG&NCSZPHFOFTJT
TUBHFT BTCPUITUBHFTBSFBĒFDUFECZNBOJQVMBUJPO PGBVYJOMFWFMT"MUIPVHI5*#"BMUFSTUIFQPTJUJPOPG UIFTIPPUBQJDBMNFSJTUFNJOSFMBUJPOUPUIFTDVUFM MVNJODVMUVSFEFNCSZPTXJUIPVUCBTJDBMMZBĒFDUJOH UIFJS USBOTJUJPO GSPN SBEJBM UP CJMBUFSBM TZNNFUSZ PUIFSBVYJOUSBOTQPSUJOIJCJUPST TVDIBT/1"BOE RVFSDJUJO JOEVDFQSPGPVOENPSQIPHFOFUJDDIBOHFT SFTVMUJOHJOUIFEJĒFSFOUJBUJPOPGNVMUJQMFTIPPUBOE SPPU NFSJTUFNT DPMFPQUJMFT BOE TDVUFMMB 'JTDIFS BOE /FVIBVT 'JTDIFS FU BM ѮFTF SF TVMUTTVQQPSUUIFOPUJPOUIBUEJĒFSFOUJBUJPOPGUIF TDVUFMMVNBOEFNCSZPBYJTPOHSBNJOFBOFNCSZPT JTEFUFSNJOFECZQPMBSBVYJOUSBOTQPSU8IFOUIF EJTUSJCVUJPO PG UIF QIPUPBēOJUZ BHFOU MBCFMFE B[J EPJOEPMFBDFUJD BDJE <î)> /ŏ*"" XBT GPMMPXFE UPEFEVDFUIFBVYJOUSBOTQPSUQBUIXBZJOFNCSZPT PGXIFBU BTIJѫ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ѮFSF JT DPOTJEFSBCMF JOEJSFDU FWJEFODF UP TVQ QPSUUIFWJFXUIBUDPOUJOVFEHSPXUIPGUIF[ZHPUF UISPVHI QSPHSFTTJWF FNCSZPHFOFTJT EFQFOET VQPO BO VOJOUFSSVQUFE TVQQMZ PG OVUSJFOUT GSPN UIF NJ MJFVPGUIFFNCSZPTBD UIFFOEPTQFSN DFMMTPGUIF PWVMFTVSSPVOEJOHUIFFNCSZPTBD BOEGSPNQBSUT PGUIFNPUIFSQMBOU"MUIPVHIBNBTTPGGSFFOVDMFJ PSDFMMTQSPEVDFECZEJWJTJPOPGUIFQSJNBSZFOEP TQFSNOVDMFVTBSFVTVBMMZJOQMBDFJOUIFDFOUSBMDFMM PGUIFFNCSZPTBDCFGPSFUIF[ZHPUFCFHJOTUPEJWJEF JOUIFFNCSZPHFOJDQBUIXBZ UIFSFJTTDBOUFWJEFODF UPTVQQPSUUIFEFQFOEFODZPGUIF[ZHPUFPOUIFJOJ UJBMQSPEVDUTPGEJWJTJPOPGUIFFOEPTQFSNOVDMFVT BT B OVUSJFOU TPVSDF 3BUIFS TUSVDUVSBM NPEJêDB UJPOTTVDIBTIBVTUPSJBMPVUHSPXUITPGUIFFNCSZP TBD BOE QMBTNPEFTNBUB BT XFMM BT UIF MFHFOEBSZ
ϑϔ
USBOTGFSDFMMUZQFXBMMQSPKFDUJPOTJOUIFDFOUSBMDFMM EFTDSJCFE JO TFWFSBM QMBOUT TFFN UP JNQMJDBUF UIF GFNBMF HBNFUPQIZUF JO UIF MBSHFTDBMF BCTPSQUJPO PGOVUSJFOUTGSPNOFJHICPSJOHDFMMT*UJTMJLFMZUIBU UIFTFNPEJêDBUJPOTPGUIFGFNBMFHBNFUPQIZUFBSF DBSSJFE GPSXBSE VODIBOHFE BѫFS GFSUJMJ[BUJPO BOE UIBUUIFZIBWFTPNFQSJNBSZDPOTFRVFODFTGPSOV USJUJPO PG UIF [ZHPUF 8BMM QSPKFDUJPOT QSFTVNBCMZ JOWPMWFE JO UIF OVUSJUJPO PG UIF [ZHPUF IBWF CFFO TIPXO UP PSJHJOBUF GSPN UIF JOOFS XBMM PG UIF FN CSZPTBDBUUIFNJDSPQZMBSFOEDMPTFUPUIF[ZHPUFJO DPUUPO 4DIVM[BOE+FOTFO
TPZCFBO 5JMUPOFU BM $IBNCFSMJO FU BM
BOE "SBCJEPQTJT .BOTêFME BOE #SJBSUZ $POTJTUFOU XJUI UIF SPMFPGXBMMJOHSPXUITJOUIFBCTPSQUJPOPGOVUSJFOUT BVUPSBEJPHSBQIZ PG UIF GBUF PG ìņ$MBCFMFE QIPUP TZOUIBUFTJOUIFPWVMFPGTPZCFBOIBTTIPXOUIBU BU UIF[ZHPUFTUBHF UIFMBCFMJTDPODFOUSBUFEBUUIFXBMM QSPKFDUJPOTPGUIFFNCSZPTBDBOEJOUIFIZQPTUBTFm BHSPVQPGOVDFMMBSDFMMTBUUIFDIBMB[BMFOEPGUIF FNCSZPTBDѮFTFPCTFSWBUJPOTIBWFMFEUPUIFTVH HFTUJPOUIBUUIF[ZHPUFPCUBJOTJUTOVUSJFOUTUISPVHI UXPNBKPSUSBOTQPSUQBUIXBZT POFGSPNUIFPVUFS JOUFHVNFOUUPUIFCBTFPGUIF[ZHPUFBOEUIFDFOUSBM DFMM BOEUIFPUIFSUISPVHIUIFIZQPTUBTFUPUIFDFO USBMDFMM $IBNCFSMJOFUBM ѮFTVTQFOTPSIBTêHVSFEJOBOVNCFSPGJOWFT UJHBUJPOT SFMBUFE UP UIF USBOTGFS PG OVUSJFOUT GSPN UIFFOEPTQFSNUPUIFFNCSZP.PTUPGUIFTFTUVE JFTIBWFGPDVTFEPOUIFQMBTNBNFNCSBOFMJOFEJO WBHJOBUJPOT GSPN UIF PVUFS XBMM PG TVTQFOTPS DFMMT UIBUQSPKFDUJOUPUIFFOEPTQFSNPSGSPNUIFJOOFS XBMMT PG TVTQFOTPS DFMMT 4DIVM[ BOE +FOTFO :FVOHBOE$MVUUFS)VFUBM 4VDI VMUSBTUSVDUVSBM NPEJêDBUJPOT PG UIF TVTQFOTPS DFMM XBMMT BLJO UP USBOTGFS DFMMT IBWF CFFO DPOKVSFE VQUPTVQQPSUUIFSPMFPGUIFTVTQFOTPSJOOVUSJFOU FYDIBOHF CFUXFFO UIF FOEPTQFSN BOE UIF HSPX JOH FNCSZP ѮBU UIF TVTQFOTPS BDUT BT B DPOEVJU GPSNFUBCPMJUFTUPUIFEFWFMPQJOHFNCSZPIBTBMTP CFDPNF FWJEFOU GSPN TUVEJFT TIPXJOH UIBU UIF BE NJOJTUSBUJPOPGSBEJPBDUJWFMZMBCFMFETVDSPTFPSQV USFTDJOF BQPMZBNJOF UPQPETPSJTPMBUFEFNCSZPT PG 1IBTFPMVT DPDDJOFVT BOE 1 WVMHBSJT MFBET UP UIF VQUBLF USBOTMPDBUJPO BOE BDDVNVMBUJPO PG NVDI PG UIF SBEJPBDUJWJUZ JO UIF TVTQFOTPS :FVOH /BHM "EEJUJPOBMFWJEFODFJOTVQQPSUPGBSPMF GPS UIF FOEPTQFSN JO UIF OVUSJUJPO PG FNCSZPT JT EFTDSJCFEJO$IBQ .PSQIPMPHJDBM BOE BOBUPNJDBM TUVEJFT PG EFWFM
ϑϕ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
PQJOHFNCSZPTPGDFSUBJOQMBOUTIBWFQSPWJEFEFWJ EFODFGPSUIFQPTTJCMFVUJMJ[BUJPOPGNBUFSJBMTGSPN DFMMTPGUIFPWVMFTVSSPVOEJOHUIFFNCSZPTBD'PS FYBNQMF EFWFMPQNFOUPGFMBCPSBUFIBVTUPSJBMTUSVD UVSFT GSPN UIF TVTQFOTPS XIJDI DPNF JO DPOUBDU XJUIDFMMTPGUIFJOUFHVNFOU OVDFMMVT BOEQMBDFOUB JTDPNNPOJOQMBOUTCFMPOHJOHUP3VCJBDFBF 'BCB DFBF 0SDIJEBDFBF BOE5SBQBDFBF XIPTFTFFETBMTP MBDL B XFMMEFWFMPQFE FOEPTQFSN TFF 3BHIBWBO GPSSFWJFX *UJTEJēDVMUUPêOETUSVDUVSBMFWJ EFODF GPS UIF TVQQMZ PG OVUSJFOUT GSPN UIF WFHFUB UJWF QBSUT PG UIF QMBOU UP UIF HSPXJOH FNCSZP BM UIPVHIJUJTLOPXOUIBUTFFETUIBUBDDVNVMBUFMBSHF RVBOUJUJFTPGTUPSBHFSFTFSWFTJOUIFFNCSZPPSFO EPTQFSNBDUBTQPXFSGVMTJOLTGPSNFUBCPMJUFTGSPN PUIFS QBSUT PG UIF QMBOU *U JT DPNNPOMZ PCTFSWFE UIBUJOEFWFMPQJOHTFFETPGQFBBOEPUIFSMFHVNFT NPTU PG UIF FOEPTQFSN JT DPOTVNFE CZ UIF UJNF TUPSBHF QSPUFJO TZOUIFTJT JT JOJUJBUFE JO UIF DPUZMF EPOT)PXFWFS TUPSBHFQSPUFJOTZOUIFTJTDPJODJEFT XJUI B NBSLFE JODSFBTF JO UIF BNPVOU PG WBTDVMBS UJTTVFTJOUIFPWVMFBOEGVOJDVMVT BOEJOUIFOVN CFSPGQIMPFNUSBOTGFSDFMMTJOUIFMBUUFS BMUIPVHI JUJTVODFSUBJOXIFUIFSOVUSJFOUTUSBOTQPSUFEGSPN UIFWFHFUBUJWFQBSUTPGUIFQMBOUUISPVHIUIFWBTDV MBSUJTTVFTDPOUSJCVUFUPUIFOVUSJUJPOPGUIFFNCSZP PS BSF DPOWFSUFE JOUP TUPSBHF QSPEVDUT )BSEIBN "O JOWFTUJHBUJPO UIBU USBDFE UIF GBUF PG MB CFMFE QIPUPTZOUIBUFT JO EFWFMPQJOH TPZCFBO TFFET IBT TVHHFTUFE UIBU NBUFSJBMT USBOTQPSUFE UISPVHI UIF WBTDVMBS TZTUFN JOUP UIF NJDSPQZMBS DIBMB[BM BOE MBUFSBM QPMFT PG UIF FNCSZP TBD BSF VTFE GPS UIF OVSUVSF PG HMPCVMBS UP IFBSUTIBQFEFNCSZPT $IBNCFSMJOFUBM *OTVNNBSZ JUJTDMFBSUIBUEFWFMPQJOHFNCSZPT FNQMPZTUSBUFHJFTJOWPMWJOHXIPMFQMBOUQIZTJPMPHZ BT XFMM BT TUSVDUVSBM BOE VMUSBTUSVDUVSBM NPEJêDB UJPOT GPSUIFJSOVSUVSF"ENJUUFEMZ NVDIXPSLSF NBJOT UP CF EPOF UP EFNPOTUSBUF JO B TUSBJHIUGPS XBSEXBZUIFTQFDJêDOVUSJFOUTVUJMJ[FECZFNCSZPT PGEJĒFSFOUBHFT &NCSZP$VMUVSF*OWFTUJHBUJPOT *OBUUFNQUTUPHBJOTPNFJOTJHIUJOUPUIFOBUVSFPG UIFOVUSJFOUSFRVJSFNFOUTGPSDPOUJOVFEHSPXUIPG FNCSZPT DPOTJEFSBCMF BUUFOUJPO IBT CFFO GPDVTFE POUIFBSUJêDJBMDVMUVSFPGFNCSZPTPVUTJEFUIFFO
WJSPONFOU PG UIF PWVMF VOEFS BTFQUJD DPOEJUJPOT JO NFEJB PG LOPXO DIFNJDBM DPNQPTJUJPO " HFO FSBMJ[BUJPO UIBU IBT FNFSHFE GSPN FNCSZP DVMUVSF TUVEJFT JT UIBU NFEJVN SFRVJSFNFOUT PG DVMUVSFE FNCSZPTBSFEFQFOEFOUVQPOUIFJSBHFBUFYDJTJPO B SVMFPGUIVNC CFJOH UIBU XIFSFBT NBUVSF TFFE FNCSZPTSFRVJSFBSFMBUJWFMZTJNQMFNFEJVN JNNB UVSFFNCSZPTBOEQSPFNCSZPTSFRVJSFJODSFBTJOHMZ DPNQMFYNFEJB
ӽ ĞĞĝӠĦěīIJĨӚĮĥĭĮīĞ *OHFOFSBM DVMUVSFETFFEFNCSZPTHSPXJOUPQMBOU MFUTXIFOTVQQMJFEXJUIBMJNJUFEEJFUDPOTJTUJOHPG JOPSHBOJDTBMUT BOEBDBSCPOFOFSHZTPVSDFTVDIBT TVDSPTF ѮF MBSHF TJ[F PG UIF FNCSZP FODMPTFE JO UIFTFFETPGNBOZQMBOUT BOEUIFFBTFXJUIXIJDI UIFZ DBO CF JTPMBUFE GSPN TFFET IBWF GPTUFSFE B HSFBUUSBEJUJPOJOQMBOUQIZTJPMPHZPGVTJOHJTPMBUFE TFFEFNCSZPTJONFUBCPMJDBOEQIZTJPMPHJDBMTUVE JFT FTQFDJBMMZUIPTFSFMBUJOHUPDBSCPIZESBUFBOEOJ USPHFOOVUSJUJPOBOEUIFFĒ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ēDJFOUTPVSDFPGOJ USPHFO GPS UIF HSPXUI PG FNCSZPT PG B OVNCFS PG QMBOUT 3JKWFO 1BSJTFUBM.BUTVC BSB,PTUFUBM NVUVBMBOUBHPOJTN BOETZOFSHJTNFYJTUCFUXFFOEJĒFSFOUBNJOPBDJET JOUIFHSPXUIPGFNCSZPT BTêSTUSFQPSUFECZ4BOE FSTBOE#VSLIPMEFS
XIPGPVOEUIBUBNJY UVSFPGBNJOPBDJETJOUIFQSPQPSUJPOJOXIJDI UIFZ PDDVS JO DBTFJO IZESPMZ[BUF JT BT FĒFDUJWF BT UIFMBUUFSJOQSPNPUJOHUIFHSPXUIPGQSFBOEFBSMZ IFBSUTIBQFEFNCSZPTPG%BUVSBTUSBNPOJVNBOE% JOOPYJB 4PMBOBDFBF ѮF SFBMJUZ PG BO JOUFSBDUJPO CFUXFFOBNJOPBDJETCFDBNFFWJEFOUXIFOJUXBT GPVOEUIBUGBWPSBCMFFĒFDUTPGUIFDPNQMFUFNJYUVSF
ɨɩ 1IZTJPMPHJDBM$POTJEFSBUJPOTPG&NCSZPHFOFTJT
DPOUBJOJOH CPUI CFOFêDJBM BOE JOIJCJUPSZ BNJOP BDJETPOUIFHSPXUIPG%TUSBNPOJVNFNCSZPTBSF OPUSFQSPEVDFECZUIFCFOFêDJBMDPNQPVOETBMPOF *OBOPUIFSBWFOVFGPMMPXFEJOUIFTFJOWFTUJHBUJPOT OFHBUJWFJOUFSBDUJPOTCFUXFFOJOEJWJEVBMBNJOPBD JETBOEUIFJSBMMFWJBUJPOCZPUIFSBNJOPBDJETJOUIF TBNFCJPTZOUIFUJDQBUIXBZTIBWFCFFOOPUFEJOUIF HSPXUI PG DVMUVSFE FNCSZPT PG PBU "WFOB TBUJWB 1PBDFBF)BSSJT
CBSMFZ .JëJO
XIFBU #SJHIUFUBM
BOENBJ[F (SFFOBOE%POPWBO
GPS QPTTJCMF TFMFDUJPO PG GFFECBDL TFOTJUJWF NVUBOUT ѮF FĒFDUT PG UIF UISFF NBKPS HSPVQT PG QMBOU IPSNPOFT OBNFMZ BVYJOT HJCCFSFMMJOT BOE DZUP LJOJOT PO UIF HSPXUI PG TFFE FNCSZPT IBWF CFFO FYUFOTJWFMZTUVEJFEBOEJUDBOCFTUBUFEBTBTFDVSF HFOFSBMJ[BUJPOUIBUUIFQSJODJQBMPSHBOTPGDVMUVSFE FNCSZPTSFTQPOEUPBVYJOT HJCCFSFMMJOT BOEDZUP LJOJOTJOBXBZRVJUFTJNJMBSUPUIFDPSSFTQPOEJOH PSHBOTPGTFFEMJOHT TFF3BHIBWBO3BHIBWBO BOE4SJWBTUBWB GPSSFWJFXT 'PSFYBNQMF DVM UVSF PG NBUVSF FNCSZPT PG $BQTFMMB CVSTBQBTUPSJT JO B SBOHF PG DPODFOUSBUJPOT PG *"" MFBET UP QSP NPUJPO PG HSPXUI PG UIF SBEJDMF BU MPX DPODFOUSB UJPOT JOIJCJUJPO PG HSPXUI PG UIF SPPU IZQPDPUZM BOE TIPPU BU JOUFSNFEJBUF DPODFOUSBUJPOT BOE JO EVDUJPOPGDBMMVTHSPXUIBUIJHIDPODFOUSBUJPOT" SBOHFPGDPODFOUSBUJPOTPGHJCCFSFMMJDBDJE (" JT GPVOE UP QSPNPUF IZQPDPUZM BOE SPPU FMPOHBUJPO XIFSFBTLJOFUJO BDZUPLJOJO HFOFSBMMZTVQQSFTTFT SPPU HSPXUI CVU QSPNPUFT MFBG FYQBOTJPO BOE DBM MVTHSPXUI 3BHIBWBOBOE5PSSFZ "SPMFGPS UIF FOEPTQFSN JO TVQQMZJOH IPSNPOBM TVCTUBODFT GPSFNCSZPHSPXUIJTJNQMJFEJOTUVEJFTPG/ZNBO FUBM XIPGPVOEUIBUTFFEFNCSZPTPG $PMPDBTJBFTDVMFOUB "SBDFBF EFWFMPQJOUPQMBOUMFUT XIFODVMUVSFEJOUIFQSFTFODFPGUIFFOEPTQFSNJO DMVEJOHBOJOUBDUBMFVSPOFMBZFS BOEUIBU/""BOE EJNFUIZMBNJOPQVSJOF B DZUPLJOJO DBO TVCTUJ UVUFGPSUIFFOEPTQFSNFĒFDU
Ӛ ĮĥĭĮīĞĨğөĦĦĚĭĮīĞӠĦěīIJĨĬ ĚħĝӹīĞĜĨĜĢĨĮĬӣĞīĦĢħĚĭĢĨħ *ODPOUSBTUUPDVMUVSFENBUVSFFNCSZPT XIJDIEF WFMPQ JOUP OPSNBM TFFEMJOHT DVMUVSFE JNNBUVSF FNCSZPTTLJQUIFMBUFSTUBHFTPGFNCSZPHFOFTJTBOE FWPMWF JOUP XFBL TFFEMJOHT UP BDLOPXMFEHF UIF
ϑϖ
TJNJMBSJUZPGUIFQSPDFTTJOTPNFSFTQFDUTUPOPSNBM HFSNJOBUJPO UIF QSPDFTT JT LOPXO BT QSFDPDJPVT HFSNJOBUJPO &NCSZP DVMUVSF JOWFTUJHBUJPOT IBWF TIPXOUIBUJUJTQPTTJCMFUPDPOUSPMQSFDPDJPVTHFS NJOBUJPOCZNBOJQVMBUJPOPGUIFNFEJVNDPNQPTJ UJPOCZQSPWJTJPOPGIJHIPTNPUJDQSFTTVSF ;JFCVS FU BM
PS CZ BEEJUJPO PG BCTDJTJD BDJE "#" /PSTUPH
BOECZDIBOHFTJOUIFFOWJSPONFO UBMDPOEJUJPOTPGDVMUVSFTVDIBTQSPWJTJPOGPSIJHI MJHIUJOUFOTJUJFT NPEFSBUFMZIJHIUFNQFSBUVSFT BOE SFEVDFEPYZHFOUFOTJPO /PSTUPHBOE,MFJO ѮFFĒFDUPG"#"JODVSUBJMJOHQSFDPDJPVTHFSNJOB UJPOPGFNCSZPTIBTCFFODPOêSNFEJONBOZQMBOUT SBJTJOHUIFQPTTJCJMJUZUIBUUIJTIPSNPOFJTBOBUVSBM GBDUPSUIBUTVQQSFTTFTQSFDPDJPVTHFSNJOBUJPOEVS JOHFNCSZPHFOFTJTJOQMBOUB4PNFCJPDIFNJDBMBT QFDUT PG QSFDPDJPVT HFSNJOBUJPO JO UIF DPOUFYU PG HFSNJOBUJPOBOEFNCSZPEPSNBODZBSFDPOTJEFSFE JO$IBQTBOE SFTQFDUJWFMZ
ӹ īĨĞĦěīIJĨӚĮĥĭĮīĞ /VUSJUJPOBM SFRVJSFNFOUT GPS HSPXUI JO DVMUVSF PG QSPFNCSZPT BSF NPSF FYBDUJOH UIBO UIPTF GPVOE OFDFTTBSZGPSHSPXUIPGNBUVSFBOEJNNBUVSFFN CSZPT8JUIEJĒFSFOUTQFDJFT TVDDFTTGVMDVMUVSFPG QSPFNCSZPT IBT CFFO QPTTJCMF CZ UIF VTF PG OVUSJ FOUTPGFOEPTQFSNJDPSJHJO CZNPEJêDBUJPOTPGUIF QIZTJDBM DPOEJUJPOT PG DVMUVSF CZ BQQMJDBUJPO PG IPSNPOBM BOE PSHBOJD BEEJUJWFT BOE CZ NBOJQV MBUJPOT PG UIF TVTQFOTPS *O B GFX NPEFM TZTUFNT [ZHPUFT FODMPTFE JO DVMUVSFE PWVMFT DSFBUFE CZ JO WJUSPGFSUJMJ[BUJPOPGJTPMBUFEHBNFUFT JTPMBUFEBѫFS GFSUJMJ[BUJPOJOQMBOUB BOEFODMPTFEJOUIFFNCSZP TBD BѫFS GFSUJMJ[BUJPO IBWF BMTP CFFO DVMUVSFE BOE SFBSFEJOUPQMBOUT ѮF VTF PG OVUSJUJPOBMMZ SJDI TVCTUBODFT PG FO EPTQFSNJD PSJHJO TVDI BT UIF MJRVJE FOEPTQFSN PG DPDPOVU $PDPT OVDJGFSB "SFDBDFBF LOPXO BT DPDPOVU NJML PS DPDPOVU XBUFS GPS UIF DVMUVSF PG QSPFNCSZPTJTUSBDFEUPUIFXPSLPGWBO0WFSCFFL FUBM *UXBTGPVOEUIBU BMUIPVHIJUXBTQPT TJCMF UP HSPX UP QMBOUMFU TUBHF IFBSUTIBQFE BOE UPSQFEPTIBQFEFNCSZPTPG%BUVSBTUSBNPOJVNJO BOJOPSHBOJDOVUSJFOUNFEJVNFOSJDIFEXJUIBNJY UVSF PG WJUBNJOT BOE BTTPSUFE PSHBOJD TVCTUBODFT TNBMMFSFNCSZPTGBJMFEUPHSPXJOUIJTNFEJVNPS HSFXGFFCMZCFGPSFDBMMVTJOHѮFDMVFUPUIFSFDSV
ϒύ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
EFTDFODFPGHSPXUIJOUIFDVMUVSFEQSPFNCSZPTMBZ JOUIFTVQQMFNFOUBUJPOPGUIFNFEJVNXJUIOPOBV UPDMBWFEDPDPOVUXBUFS*OBMBUFSXPSL BIPSNPOBM GBDUPS EFTJHOBUFE BT AFNCSZP GBDUPS XIJDI QSP NPUFEHSPXUIPGFNCSZPTBUWFSZMPXEJMVUJPO XBT JTPMBUFE GSPN DPDPOVU XBUFS WBO 0WFSCFFL FU BM ѮFTFTUVEJFTTQBXOFETFWFSBMTVDDFTTGVMBU UFNQUTUPDVMUVSFQSPFNCSZPTPGPUIFSQMBOUTCZUIF VTFPGFYUSBDUTPGFOEPTQFSNJDPSOPOFOEPTQFSNJD PSJHJO CVUOPOFPGUIFTFFYUSBDUTIBWFDPNFDMPTF UPDPDPOVUXBUFSJOUFSNTPGUIFJSFēDBDZPSXJEFS VTFJOQMBOUUJTTVFDVMUVSF4VQQPSUGPSUIFWJFXUIBU HSPXUI QSPNPUJPO PG DVMUVSFE QSPFNCSZPT CZ FO EPTQFSNFYUSBDUTJTNFEJBUFECZTQFDJêDDIFNJDBM DPNQPOFOUT DBNF GSPN UIF TVDDFTTGVM BUUFNQU UP TVCTUJUVUF GPS UIF SFRVJSFNFOU GPS DPDPOVU XBUFS JOUIFHSPXUIQSPNPUJPOPGVOEJĒFSFOUJBUFECBSMFZ FNCSZPTCZBQIPTQIBUFFOSJDIFENJOFSBMTBMUNF EJVNGPSUJêFECZTFWFSBMBNJOPBDJETXJUIBMBOJOF BOEHMVUBNJOFBTNBKPSOJUSPHFOTPVSDFT /PSTUPH BOE4NJUI 6OEFSNPTUHSPXJOHDPOEJUJPOT UIFBNPSQIPVT MJRVJE FOEPTQFSN JO XIJDI QSPFNCSZPT BSF DPO TUBOUMZ CBUIFE IBT B MPX OFHBUJWF PTNPUJD QP UFOUJBMUIBUTVCTUBOUJBMMZEFDSFBTFT CFDPNFTNPSF OFHBUJWF BTUIFFNCSZPNBUVSFT 3ZD[LPXTLJ 4NJUI:FVOHBOE#SPXO ѮJTPCTFSWB UJPOTVHHFTUTUIBUUIFPTNPUJDQSFTTVSFPGUIFMJRVJE FOEPTQFSNNJHIUQMBZBSPMFJOQSPNPUJOHHSPXUI PG QSPFNCSZPT JO WJWP BOE CZ FYUSBQPMBUJPO BMTP JOWJUSP*OMJOFXJUIUIJTWJFX JUXBTGPVOEUIBUUIF SFRVJSFNFOU GPS DPDPOVU XBUFS GPS UIF TVDDFTTGVM HSPXUIPGQSPFNCSZPTPG%TUSBNPOJVNDPVMECF NFUCZTVQQMFNFOUJOHBNJOFSBMTBMUNFEJVNXJUI m TVDSPTF PS XJUI TVDSPTF QMVT FOPVHI NBOOJUPM UP CF JTPUPOJD XJUI m TVDSPTF 3J FUTFNB FU BM *ODSFBTJOH UIF PTNPUJD DPO DFOUSBUJPO PG UIF DVMUVSF NFEJVN CZ UIF BEEJUJPO PG IJHI DPODFOUSBUJPOT PG TVDSPTF PS NBOOJUPM MFE UP UIF TVDDFTTGVM DVMUVSF PG QSPFNCSZPT PG PUIFS QMBOUTTVDIBT$BQTFMMBCVSTBQBTUPSJT 3JKWFO
% UBUVMB .BUTVCBSB
-JOVN VTJUBUJTTJNVN 1SFǬPWÃ
BOE5SJUJDVNBFTUJWVN 'JTDIFSBOE /FVIBVT *UJTOPUDMFBSIPXBIJHIPTNPMBM JUZPGUIFNFEJVNQSPNPUFTHSPXUIPGQSPFNCSZPT BMUIPVHIJUTFĒFDUJWFOFTTNJHIUTVQQPSUBQPTTJCMF NFDIBOJTN UIBU DPOUSPMT UIF USBēD PG NFUBCPMJUFT BOE JOPSHBOJD JPOT JOUP FNCSZP DFMMT TUBSWFE PG UIFTFDPNQPOFOUT
5XP UFDIOJDBM NPEJêDBUJPOT PG UIF DVMUVSF TZTUFN IBWF FMJNJOBUFE UIF OFFE UP HSBEVBMMZ SFEVDF UIF PTNPMBMJUZ PG UIF NFEJVN EVSJOH HSPXUI PG FN CSZPT XJUIPVU UIFJS TFRVFOUJBM USBOTGFS GSPN POF NFEJVNUPBOPUIFS'PSUIFDVMUVSFPGFNCSZPTPG $CVSTBQBTUPSJTBTTNBMMBTʍNJOMFOHUI UIJTJT BDIJFWFECZVTJOHUXPNFEJBPGEJĒFSFOUPTNPMBMJ UJFTTPMJEJêFEJOKVYUBQPTJUJPOJOB1FUSJEJTI%VS JOHJOJUJBMHSPXUIPGUIFFNCSZPT UIFIJHIPTNPMBM JUZPGUIFNFEJVNJTHSBEVBMMZSFEVDFECZEJĒVTJPO PGXBUFSGSPNUIFNFEJVNPGMPXPTNPMBMJUZ .PO OJFS $POUJOVFE HSPXUI BOE EJĒFSFOUJBUJPO PGUPDFMMFEQSPFNCSZPTPG#SBTTJDBKVODFBJT PCUBJOFEJOBDVMUVSFTZTUFNDPNQPTFEPGUXPBHBS MBZFST XJUIUIFUPQMBZFSIBWJOHBIJHIFSPTNPMBMJUZ UIBO UIF CPUUPN MBZFS &NCSZPT BSF FNCFEEFE JO UIFUPQMBZFS UIFPTNPMBMJUZPGXIJDIEFDSFBTFTEVS JOHDVMUVSF -JVFUBMB ѮF QSPNPUJPO PG HSPXUI PG QSPFNCSZPT CZ IPSNPOBMBEEJUJWFTUPUIFNFEJVNJTJMMVTUSBUFEJO TUVEJFTPOUIFDVMUVSFPGQSPHSFTTJWFMZTNBMMFSFN CSZPT PG $ CVSTBQBTUPSJT "MUIPVHI IFBSUTIBQFE BOE PMEFS FNCSZPT IBWF CFFO SPVUJOFMZ DVMUVSFE JO BO JOPSHBOJD MJRVJE NFEJVN PG IJHI PTNPMBMJUZ TFDVSFE CZ UIF BEEJUJPO PG m TVDSPTF 3J KWFO
MBUFSXPSLPQFOFEVQUIFGFBTJCJMJUZPG HSPXJOH IFBSUTIBQFE FNCSZPT JO BO BHBSTPMJEJ êFE NJOFSBM TBMU NFEJVN TVQQMFNFOUFE XJUI TVDSPTF(SPXUIPGTUJMMTNBMMFSFNCSZPT EPXOUP BCPVU ʍN MPOH XBT TFDVSFE CZ GPSUJGZJOH UIJT NFEJVN XJUI B CBMBODFE NJYUVSF PG *"" LJOFUJO BOE BEFOJOF TVMGBUF 3BHIBWBO BOE 5PSSFZ " SFRVJSFNFOU GPS LJOFUJO JO JOEVDJOH HSPXUI PG QSPFNCSZPTPG-VTJUBUJTTJNVN 1SFǬPWÃ
BOE GPS [FBUJO B DZUPLJOJO PS CFO[ZMBNJOPQVSJOF GPS QSPFNCSZPTPGNBJ[F .BUUIZT3PDIPOFUBM
IBTBMTPCFFOSFQPSUFE "SPMFGPSUIFTVTQFOTPSJOFNCSZPOVUSJUJPOJN QMJFE GSPN NPSQIPMPHJDBM BOE DZUPMPHJDBM TUVEJFT IBT CFFO TUSFOHUIFOFE CZ JOWFTUJHBUJPOT JO XIJDI UIFHSPXUIPGUIFFNCSZPTFWFSFEPGJUTDPOOFDUJPO XJUI UIF TVTQFOTPS XBT GPMMPXFE ѮJT BQQSPBDI IBT CFFO VTFE UP TIPX UIBU DPOUJOVFE HSPXUI PG FNCSZPTPG&SVDBTBUJWB #SBTTJDBDFBF$PSTJ BOE 1IBTFPMVT DPDDJOFVT :FVOH BOE 4VTTFY JT NPSF FOIBODFE JO UIF QSFTFODF PG BO BUUBDIFE TVTQFOTPS UIBO JO JUT BCTFODF *OEFFE HSPXUI PG QSPFNCSZPT PG 1 DPDDJOFVT JT QSPNPUFE FWFO CZ UIFQSFTFODFPGBEFUBDIFETVTQFOTPSLFQUJODMPTF
QSPYJNJUZJOUIFNFEJVN :FVOHBOE4VTTFY 0UIFS FYQFSJNFOUT PO 1 DPDDJOFVT EFTDSJCFE JO $IBQ JOWPMWJOHTVQQMFNFOUBUJPOPGUIFNFEJVN XJUI HSPXUI IPSNPOFT BOE EFUFSNJOBUJPO PG UIF HSPXUIIPSNPOFMFWFMTJOUIFFNCSZPBOETVTQFO TPSDFMMTBUTQFDJêDTUBHFTPGEFWFMPQNFOUIBWFQSP WJEFEJOEJSFDUFWJEFODFUPTIPXUIBUUIFQSFTVNFE TVTQFOTPSGVODUJPOJTEVFUPUIFQSPEVDUJPOPGHJC CFSFMMJOTBOEDZUPLJOJOTѮFSFTVMUTBMTPVOEFSTDPSF UIFSPMFPGIPSNPOBMHSBEJFOUTGSPNUIFTVTQFOTPS JOQSPNPUJOHQSPFNCSZPHSPXUI 8JUI NBOZ QMBOUT JTPMBUJOH QSPFNCSZPT GSPN UIF PWVMF SFNBJOT B TUVNCMJOH CMPDL JO UIFJS TVD DFTTGVM DVMUVSF 4PNF JOTJHIUT JOUP UIF HSPXUI SFRVJSFNFOUTPGQSPFNCSZPTBOEFWFOPG[ZHPUFTPG DFSUBJOQMBOUTUIBUIBWFIJUIFSUPEFêFEBUUFNQUTBU FYDJTJPOBOEDVMUVSFIBWFCFFOPCUBJOFECZBOBMUFS OBUJWF NFUIPE PG PWVMF DVMUVSF "MUIPVHI HSPXUI JODVMUVSFPGJTPMBUFEPWVMFTPG1BQBWFSTPNOJGFSVN DPOUBJOJOHUIF[ZHPUFPSUIFUXPDFMMFEQSPFNCSZP JO B NJOFSBM TBMU NFEJVN DPOUBJOJOH TVDSPTF XBT TQPSBEJD HSPXUI PG UIF OBTDFOU TQPSPQIZUF FOTVFEXIFOUIFNFEJVNXBTTVQQMFNFOUFEXJUI DBTFJO IZESPMZ[BUF ZFBTU FYUSBDU PS LJOFUJO .B IFTIXBSJ .BIFTIXBSJ BOE -BM 'PM MPXJOH UIJT FBSMZ TVDDFTT HSPXUI PG UIF FODMPTFE [ZHPUF PS QSPFNCSZP JOUP B GVMMUFSN FNCSZP IBT CFFO JOEVDFE JO DVMUVSFE PWVMFT PG ;FQIZSBOUIFT -JMJBDFBF,BQPPS
DPUUPO 4UFXBSUBOE)TV
$ CVSTBQBTUPSJT -BHSJĒPM BOE .POOJFS
CBSMFZ 5ÕQGFS BOE 4UFJOCJTT )PMN FU BM
XIFBU ;FOLUFMFSBOE/JU[TDIF$P NFBVFUBM BOE"SBCJEPQTJT 4BVFSBOE'SJNM 0WVMFT PG DPUUPO FODMPTJOH UIF [ZHPUF XFSF TVDDFTTGVMMZ DVMUVSFE UP UIF NBUVSF FNCSZP TUBHF CZTVQQMFNFOUJOHBNJOFSBMTBMUNFEJVNXJUIMPX DPODFOUSBUJPOT PG *"" LJOFUJO (" BOE N. /)Ő 8IFSFBTUIFBEEJUJPOPGIPSNPOFTFOBCMFE PWVMFTUPBUUBJOUIFJSOPSNBMTJ[F /)Ő QSPNPUFE HSPXUIBOEEJĒFSFOUJBUJPOPGUIF[ZHPUFJOUIFFN CSZPHFOJDQBUIXBZ 4UFXBSUBOE)TV 4VDDFTTGVM BUUFNQUT UP JOEVDF HSPXUI PG UIF [ZHPUF PG NBJ[F JO WJUSP CFHBO XJUI PWBSZ DVMUVSF 4DIFM BOE ,JFѫ
GPMMPXFE CZ DVMUVSF PG UIF [ZHPUFDPOUBJOJOH FNCSZP TBD TVSSPVOEFE CZ UIF OVDFMMVTXJUIPSXJUIPVUBCMPDLPGUIFFOEPTQFSN WBO-BNNFSFO$BNQFOPUFUBM-FEVD FUBM *OJUJBMDVMUVSFPGFNCSZPTBDTFODMPTJOH UIF[ZHPUFXJUITVCTFRVFOUUSBOTGFSPGFNCSZPTUP
ɨɪ $PODMVEJOH$PNNFOUT
ϒώ
BNFEJVNPGEJĒFSFOUDPNQPTJUJPOQSPWFETVJUBCMF GPSSFHFOFSBUJOHNBJ[FQMBOUTCZJOWJUSPEJWJTJPOPG UIF[ZHPUF .ÓMFUBM 6TJOHFO[ZNFEJ HFTUJPOBOENJDSPEJTTFDUJPO [ZHPUFTJTPMBUFEGSPN FNCSZP TBDT PG NBJ[F IBWF CFFO JOEVDFE UP GPSN GFSUJMF QMBOUT TJNVMBUJOH UZQJDBM TUBHFT PG JO WJWP FNCSZPHFOFTJT "O VOFYQFDUFE êOEJOH XBT UIBU B OVSTFUJTTVFPGFNCSZPHFOJDQPMMFOHSBJOTPGCBSMFZ XBT OFDFTTBSZ GPS JOEVDUJPO PG DPOUJOVFE HSPXUI BOE EJWJTJPO PG FYQMBOUFE NBJ[F [ZHPUFT -FEVD FU BM ѮF TBNF OVSTF UJTTVF DVMUVSF TZTUFN XBT VTFE UP JOEVDF HSPXUI PG [ZHPUFT FYUSVEFE GSPNFNCSZPTBDTPGCBSMFZ )PMNFUBM BOE XIFBU ,VNMFIO FU BM "T OPUFE JO $IBQ HSPXUIPGNBJ[FFHHTGFSUJMJ[FEJOWJUSPXBTQPTTJCMF JOUIFQSFTFODFPGBOVSTFUJTTVFTZTUFNPSJHJOBUJOH GSPNNBJ[FFNCSZPѮVT JOTQJUFPGUIFUFDIOJDBM TVDDFTT BDIJFWFE JO JTPMBUJOH UIF [ZHPUF GSPN UIF FNCSZP TBD GPSNVMBUJPO PG B EFêOFE NFEJVN GPS JUT TVDDFTTGVM HSPXUI JOUP BO FNCSZP JT ZFU UP CF QFSGFDUFE *EFOUJêDBUJPO PG UIF OVUSJUJPOBM SFRVJSF NFOUTGPSTVDDFTTGVMDVMUVSFPGFNCSZPTPGEJĒFSFOU TUBHFT CFHJOOJOH XJUI UIF [ZHPUF XJMM QFSNJU DPO DMVTJPOT UP CF ESBXO BCPVU UIF CJPTZOUIFUJD QBUI XBZTBDUJWBUFEEVSJOHQSPHSFTTJWFFNCSZPHFOFTJTJO ëPXFSJOHQMBOUT
$PODMVEJOH$PNNFOUT
-POH UIF TUFBEZ GBSF PG QMBOU FNCSZPMPHJTUT BOBUPNJDBM DIBSBDUFSJ[BUJPO PG QSPHSFTTJWF EFWFM PQNFOU PG UIF FNCSZP GSPN UIF [ZHPUF MBJE UIF GPVOEBUJPO GPS PVS VOEFSTUBOEJOH PG IPX NBUVSF FNCSZPT PG ëPXFSJOH QMBOUT BSF QVU UPHFUIFS CZ B TVDDFTTJPO PG DFMM EJWJTJPOT BOE GPSNBUJPO PG PSHB OJ[FEEPNBJOTPSPSHBOT'PDVTFEJOWFTUJHBUJPOTPO TQFDJFTUIBUBSFBNFOBCMFUPHFOFUJDBOENPMFDVMBS BOBMZTJTBSFOPXCFHJOOJOHUPQSPWJEFJOTJHIUTJOUP UIFIFBSUPGUIFHFOFUJDBOENPMFDVMBSNFDIBOJTNT PG QPMBSJUZ PG UIF [ZHPUF BOE JUT êSTU EJWJTJPO UIBU NPEVMBUFUIFFTUBCMJTINFOUPGUIFêOBMCPEZQMBO PGUIFFNCSZPѮFJOUFSWFOJOHZFBSTIBWFBMTPTFFO HSFBUQSPHSFTTJOVOEFSTUBOEJOHUIFTUSVDUVSBMBOE QIZTJPMPHJDBM CBTJT GPS UIF DPOUJOVFE HSPXUI BOE EFWFMPQNFOUPGUIFFNCSZP8IJMFNVDIOFFETUP CFEPOFUPVOSBWFMUIFDPNQMFYJUJFTBTTPDJBUFEXJUI PSHBOJ[BUJPO PG UIF FNCSZP CPEZ QMBO IPX DFMM JEFOUJUJFTBSFHFOFSBUFEJOFBSMZTUBHFFNCSZPT BOE
ϒϏ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
IPX DFMM GBUF CFDPNFT êYFE JO MBUFTUBHF FNCSZPT $SÊUÊ 1 &NCSZP *O .BIFTIXBSJ 1 FE 3FDFOU BE WBODFTJOUIFFNCSZPMPHZPGBOHJPTQFSNT*OUFSOBUJPOBM BSF QSPCBCMZ UIF NPTU DIBMMFOHJOH RVFTUJPOT 4PDJFUZPG1MBOU.PSQIPMPHJTUT %FMIJ *OEJB QQm SFNBJOJOH %PMBO - +BONBBU , 8JMMFNTFO 7 -JOTUFBE 1 1PFUIJH 4
ӻ ĞğĞīĞħĜĞĬ "MFTTB- ,SPQG%- '"DUJONBSLTUIFSIJ[PJEQPMFJO MJWJOH1FMWFUJBDPNQSFTTB[ZHPUFT%FWFMPQNFOUm "SFLBM(% 3BNBTXBNZ4/ &NCSZPMPHZPG#VSNBO OJBQVTJMMB 8BMMFY.JFST 5)8BOEJUTUBYPOPNJDTUB UVT#FJUS#JPM1ëBO[m "TIMFZ5 ;ZHPUFTISJOLBHFBOETVCTFRVFOUEFWFMPQ NFOUJOTPNF)JCJTDVTIZCSJET1MBOUBm #SJHIU48+ 8PPE&" .JëJO#+ ѮFFĒFDUPGBTQBS UBUFEFSJWFEBNJOPBDJET MZTJOF UISFPOJOF NFUIJPOJOF PO UIF HSPXUI PG FYDJEFE FNCSZPT PG XIFBU BOE CBSMFZ 1MBOUBm #ZSOF .& #BSMFZ 3 $VSUJT . "SSPZP +. %VOIBN . )VETPO " .BSUJFOTTFO 3" "TZNNFUSJD MFBWFT NFEJBUFTMFBGQBUUFSOJOHBOETUFNDFMMGVODUJPOJO"SBCJ EPQTJT/BUVSFm $BNQFOPU ., ;IBOH ( $VUMFS "+ $BTT %% ;FB NBZTFNCSZPTBDTJODVMUVSF*1MBOUSFHFOFSBUJPOGSPN EBZBѫFSQPMMJOBUJPOFNCSZPT"N+#PUm $BSOJFM , ¾CFS EJF &NCSZPCJMEVOH JO EFS (BUUVOH 1BFPOJB0FTUFSS#PU;m $BTT % ,BSBT * 6MUSBTUSVDUVSBM PSHBOJ[BUJPO PG UIF FHHPG1MVNCBHP[FZMBOJDB1SPUPQMBTNBm $BWF .4 "SOPUU )+ $PPL 4" &NCSZPHFOZ JO UIF $BMJGPSOJBQFPOJFTXJUISFGFSFODFUPUIFJSUBYPOPNJDQP TJUJPO"N+#PUm $IBNCFSMJO." )PSOFS)5 1BMNFS3( /VUSJUJPO PGUIFPWVMF FNCSZPTBD BOEZPVOHFNCSZPJOTPZCFBO BO BOBUPNJDBM BOE BVUPSBEJPHSBQIJD TUVEZ $BO + #PU m $IFO +( 6MMBI ) :PVOH +$ 4VTTNBO .3 +POFT ". "#1 JT SFRVJSFE GPS PSHBOJ[FE DFMM FMPOHBUJPO BOE EJWJTJPO JO "SBCJEPQTJT FNCSZPHFOFTJT (FOFT %FW m $ISJTUFOTFO4, %BHFOBJT/ $IPSZ+ 8FJHFM% 3FH VMBUJPOPGBVYJOSFTQPOTFCZUIFQSPUFJOLJOBTF1*/0*% $FMMm $MBSL +, .BJ[F FNCSZPHFOFTJT NVUBOUT *O 8BOH 5- $VNJOH" FET &NCSZPHFOFTJTѮFHFOFSBUJPOPGB QMBOU#JPT 0YGPSE QQm $PDVDDJ" +FOTFO8" 0SDIJEFNCSZPMPHZNFHBHB NFUPQIZUFPG&QJEFOESVNTDVUFMMBGPMMPXJOHGFSUJMJ[BUJPO "N+#PUm $PNFBV" /BEFBV1 1MPVSEF" 4JNBSE3 .BÌT0 ,FMMZ 4 )BSQFS- -FUUSF+ -BOESZ# 4U1JFSSF$" .F EJBGPSUIFJOPWVMPDVMUVSFPGQSPFNCSZPTPGXIFBUBOE XIFBUEFSJWFEJOUFSTQFDJêDIZCSJETPSIBQMPJET1MBOU4DJ m $PSFMMPV ' 1PUJO 1 #SPXOMFTT $ ,MPBSFH # #PVHFU ': *OIJCJUJPOPGUIFFTUBCMJTINFOUPG[ZHPUJDQPMBSJUZ CZ QSPUFJO UZSPTJOF LJOBTF JOIJCJUPST MFBET UP BO BMUFSB UJPOPGFNCSZPQBUUFSOJO'VDVT%FW#JPMm $PSTJ ( ѮF TVTQFOTPS PG&SVDB TBUJWB .JMMFS $SV DJGFSBF EVSJOHFNCSZPHFOFTJTJOWJUSP(#PU*UBMm
3PCFSUT, 4DIFSFT# $FMMVMBSPSHBOJTBUJPOPGUIF "SBCJEPQTJTUIBMJBOBSPPU%FWFMPQNFOUm %PSOFMBT .$ 8JUUJDI 1 WPO 3FDLMJOHIBVTFO * WBO -BN NFSFO" ,SFJT. $IBSBDUFSJ[BUJPOPGUISFFOPWFM NFNCFSTPGUIF"SBCJEPQTJT4)"((:SFMBUFEQSPUFJOLJ OBTF "4, NVMUJHFOFGBNJMZ1MBOU.PM#JPMm %VOO4. %SFXT(/ 'JTDIFS3- )BSBEB++ (PMECFSH3# ,PMUVOPX ". êTU BO "SBCJEPQTJT NVUBOU XJUI BMUFSFEDFMMEJWJTJPOQMBOFTBOESBEJBMQBUUFSOEJTSVQUJPO EVSJOHFNCSZPHFOFTJT4FY1MBOU3FQSPEm &MMJPUU3$ #FU[OFS"4 )VUUOFS& 0BLFT.1 5VDLFS82+ (FSFOUFT % 1FSF[ 1 4NZUI %3 "*/5&(6 .&/5" BO "1&5"-"MJLF HFOF PG "SBCJEPQTJT XJUI QMFJPUSPQJDSPMFTJOPWVMFEFWFMPQNFOUBOEëPSBMPSHBO HSPXUI1MBOU$FMMm &MTUFS 3 #PNNFSU 1 4IFSJEBO 8' 8FSS 8 "OBMZ TJTPGGPVSFNCSZPTQFDJêDNVUBOUTJO;FBNBZTSFWFBMT UIBUJODPNQMFUFSBEJBMPSHBOJ[BUJPOPGUIFQSPFNCSZPJO UFSGFSFT XJUI TVCTFRVFOU EFWFMPQNFOU %FW (FOFT &WPM m 'BVSF +% 7JUUPSJPTP 1 4BOUPOJ 7 'SBJTJFS 7 1SJOTFO & #BSMJFS* WBO0ODLFMFO) $BCPDIF. #FMMJOJ$ ѮF 1"45*$$*/0 HFOFT PG "SBCJEPQTJT UIBMJBOB BSF JO WPMWFEJOUIFDPOUSPMPGDFMMEJWJTJPOBOEEJĒFSFOUJBUJPO %FWFMPQNFOUm 'JTDIFS$ /FVIBVT( *OWJUSPEFWFMPQNFOUPGHMPCV MBS[ZHPUJDXIFBUFNCSZPT1MBOU$FMM3FQm 'JTDIFS$ /FVIBVT( *OëVFODFPGBVYJOPOUIFFT UBCMJTINFOU PG CJMBUFSBM TZNNFUSZ JO NPOPDPUT 1MBOU + m 'JTDIFS $ 4QFUI 7 'MFJH&CFSFO[ 4 /FVIBVT ( *O EVDUJPO PG [ZHPUJD QPMZFNCSZPT JO XIFBU JOëVFODF PG BVYJOQPMBSUSBOTQPSU1MBOU$FMMm 'JTDIFS*HMFTJBT $ 4VOECFSH # /FVIBVT ( +POFT ". "VYJO EJTUSJCVUJPO BOE USBOTQPSU EVSJOH FNCSZ POJDQBUUFSOGPSNBUJPOJOXIFBU1MBOU+m 'JTIFS 3) #BSUPO ., $PIFO +% $PPLF 5+ )PS NPOBM TUVEJFT PG GBTT BO "SBCJEPQTJT NVUBOU UIBU JT BM UFSFEJOPSHBOFMPOHBUJPO1MBOU1IZTJPMm 'PMTPN .8 1FUFSTPO $. 6MUSBTUSVDUVSBM BTQFDUT PG UIF NBUVSF FNCSZP TBD PG TPZCFBO (MZDJOF NBY - .FSS#PU(B[m 'SJNM+ 7JFUFO" 4BVFS. 8FJKFST% 4DIXBS[) )BNBOO 5 0ĒSJOHB3 +ÛSHFOT( &ĔVYEFQFOEFOUBVYJO HSBEJFOUT FTUBCMJTI UIF BQJDBMCBTBM BYJT PG "SBCJEPQTJT /BUVSFm 'SJNM+ :BOH9 .JDIOJFXJD[. 8FJKFST% 2VJOU" 5JFU[ 0 #FOKBNJOT3 0VXFSLFSL1#' -KVOH, 4BOECFSH( )PPZLBBT 1++ 1BMNF , 0ĒSJOHB 3 " 1*/0*% EFQFOEFOU CJOBSZ TXJUDI JO BQJDBMCBTBM 1*/ QPMBS UBS HFUJOHEJSFDUTBVYJOFĔVY4DJFODFm 'SZ 4$ 8BOHFSNBOO & 1PMBS USBOTQPSU PG BVYJO UISPVHIFNCSZPT/FX1IZUPMm 'VSVUBOJ. 7FSOPVY5 5SBBT+ ,BUP5 5BTBLB. "JEB. 1*/'03.&%BOE1*/0*%SFHVMBUFCPVOEBSZ GPSNBUJPO BOE DPUZMFEPO EFWFMPQNFOU JO "SBCJEPQTJT FNCSZPHFOFTJT%FWFMPQNFOUm
(FMEOFS / "OEFST / 8PMUFST ) ,FJDIFS + ,PSOCFSHFS 8 .VMMFS1 %FMCBSSF" 6FEB5 /BLBOP" +ÛSHFOT( ѮF "SBCJEPQTJT (/0. "3'(&' NFEJBUFT FO EPTPNBM SFDZDMJOH BVYJO USBOTQPSU BOE BVYJOEFQFO EFOUQMBOUHSPXUI$FMMm (JMMNPS$4 1PJOEFYUFS1 -PSJFBV+ 1BMDJD.. 4PNFSWJMMF $ ʂ(MVDPTJEBTF JT SFRVJSFE GPS DFMMVMPTF CJP TZOUIFTJTBOENPSQIPHFOFTJTJO"SBCJEPQTJT+$FMM#JPM m (JVMJBOJ$ $POTPOOJ( (BWB[[J( $PMPNCP. %PMêOJ4 1SPHSBNNFEDFMMEFBUIEVSJOHFNCSZPHFOFTJTJO NBJ[F"OO#PUm (SFFO$& %POPWBO$. &ĒFDUPGBTQBSUBUFEFSJWFE BNJOP BDJET BOE BNJOPFUIZMDZTUFJOF PO HSPXUI PG FY DJTFENBUVSFFNCSZPTPGNBJ[F$SPQ4DJm )BCMF8& ,SPQG%- 3PMFTPGTFDSFUJPOBOEUIFDZ UPTLFMFUPOJODFMMBEIFTJPOBOEQPMBSJUZFTUBCMJTINFOUJO 1FMWFUJBDPNQSFTTB[ZHPUFT%FW#JPMm )BCMF 8& .JMMFS /3 ,SPQG %- 1PMBSJUZ FTUBCMJTI NFOU SFRVJSFT EZOBNJD BDUJO JO GVDPJE [ZHPUFT 1SPUP QMBTNBm )BEê, 4QFUI7 /FVIBVT( "VYJOJOEVDFEEFWFM PQNFOUBMQBUUFSOTJO#SBTTJDBKVODFBFNCSZPT%FWFMPQ NFOUm )BFDLFS" (SP)BSEU3 (FJHFT# 4BSLBS" #SFVOJOHFS ) )FSNBOO. -BVY5 &YQSFTTJPOEZOBNJDTPG 809HFOFTNBSLDFMMGBUFEFDJTJPOTEVSJOHFBSMZFNCSZ POJD QBUUFSOJOH JO "SBCJEPQTJT UIBMJBOB %FWFMPQNFOU m )BNBOO5 #FOLPWB& #ÅVSMF* ,JFOU[. +ÛSHFOT( ѮF "SBCJEPQTJT #0%&/-04 HFOF FODPEFT BO BVYJO SFTQPOTF QSPUFJO JOIJCJUJOH .0/015&304NFEJBUFE FNCSZPQBUUFSOJOH(FOFT%FWm )BO :; )VBOH #2 ;FF 4: :VBO . 4ZNQMBTUJD DPNNVOJDBUJPOCFUXFFOUIFDFOUSBMDFMMBOEUIFFHHBQ QBSBUVTDFMMTJOUIFFNCSZPTBDPG5PSFOJBGPVSOJFSJ-JOE CFGPSFBOEEVSJOHGFSUJMJ[BUJPO1MBOUBm )BOTUFJO + %JF &OUXJDLMVOH EFT ,FJNFT EFS .POP LPUZMFO VOE %JLPUZMFO #PUBOJTDIF "CIBOEMVOHFO BVT EFN(FCJFUEFS.PSQIPMPHJFVOE1IZTJPMPHJF *.BSDVT #POO )BSEIBN "3 4USVDUVSBM BTQFDUT PG UIF QBUIXBZT PG OVUSJFOUëPXUPUIFEFWFMPQJOHFNCSZPBOEDPUZMFEPOT PG1JTVNTBUJWVN-"VTU+#PUm )BSEULF $4 #FSMFUI 5 ѮF "SBCJEPQTJT HFOF .0 /015&304 FODPEFT B USBOTDSJQUJPO GBDUPS NFEJBU JOH FNCSZP BYJT GPSNBUJPO BOE WBTDVMBS EFWFMPQNFOU &.#0+m )BSSJT(1 "NJOPBDJETBTTPVSDFTPGOJUSPHFOGPSUIF HSPXUIPGJTPMBUFEPBUFNCSZPT/FX1IZUPMm )FNFSMZ"4 'FSSFJSB1$( WBO.POUBHV. &OHMFS( *O[Ê % $FMMEJWJTJPOFWFOUTBSFFTTFOUJBMGPSFNCSZPQBU UFSOJOH BOE NPSQIPHFOFTJT TUVEJFT PO EPNJOBOUOFHB UJWFDEDB"UNVUBOUTPG"SBCJEPQTJT1MBOU+m )PMN1# ,OVETFO4 .PVSJU[FO1 /FHSJ% 0MTFO'- 3PVÊ $ 3FHFOFSBUJPO PG GFSUJMF CBSMFZ QMBOUT GSPN NF DIBOJDBMMZJTPMBUFEQSPUPQMBTUTPGUIFGFSUJMJ[FEFHH1MBOU $FMMm )PMN1# ,OVETFO4 .PVSJU[FO1 /FHSJ% 0MTFO'- 3PVÊ $ 3FHFOFSBUJPOPGUIFCBSMFZ[ZHPUFJOPWVMFDVM UVSF4FY1MBOU3FQSPEm
3FGFSFODFT
ϒϐ
)PTIJOP : 4DIPMUFO 4 WPO 8JFHFO 1 -ÕS[ ) ,SBO[ & 'FSUJMJ[BUJPOJOEVDFE DIBOHFT JO UIF NJDSPUVCV MBSBSDIJUFDUVSFPGUIFNBJ[FFHHDFMMBOE[ZHPUFmBOJN NVOPDZUPDIFNJDBMBQQSPBDIBEBQUFEUPTJOHMFDFMMT4FY 1MBOU3FQSPEm )V4 ;IV$ ;FF4: 5SBOTGFSDFMMTJOTVTQFOTPSBOE FOEPTQFSN EVSJOH FBSMZ FNCSZPHFOZ PG 7JHOB TJOFOTJT "DUB#PU4JOm *OHSBN ($ .BHOBSE +- 7FSHOF 1 %VNBT $ 3PHPXTLZ 1. ;N0$- BO)%(-GBNJMZIPNFPCPYHFOF JTFYQSFTTFEJOUIFPVUFSDFMMMBZFSUISPVHIPVUNBJ[FEF WFMPQNFOU1MBOU.PM#JPMm *OHSBN ($ #PJTOBSE-PSJH $ %VNBT $ 3PHPXTLZ 1. &YQSFTTJPOQBUUFSOTPGHFOFTFODPEJOH)%;JQ*7 IPNFPEPNBJOQSPUFJOTEFêOFTQFDJêDEPNBJOTJONBJ[F FNCSZPTBOENFSJTUFNT1MBOU+m *UP . 4FOUPLV / /JTIJNVSB " )POH 4, 4BUP : .BU TVPLB . 1PTJUJPO EFQFOEFOU FYQSFTTJPO PG (- UZQF IPNFPCPY HFOF 3PD TJHOJêDBODF GPS QSPUPEFSN EJĒFSFOUJBUJPOBOESBEJBMQBUUFSOGPSNBUJPOJOFBSMZSJDF FNCSZPHFOFTJT1MBOU+m +BĒF -' -PDBMJ[BUJPO JO UIF EFWFMPQJOH 'VDVT FHH BOEUIFHFOFSBMSPMFPGMPDBMJ[JOHDVSSFOUT"EW.PSQIPH m +FOTFO 8" $FMM EFWFMPQNFOU EVSJOH QMBOU FNCSZP HFOFTJT *O .FSJTUFNT BOE EJĒFSFOUJBUJPO #SPPLIBWFO 4ZNQ#JPMm +FOTFO 8" ѮF VMUSBTUSVDUVSF BOE DPNQPTJUJPO PG UIFFHHBOEDFOUSBMDFMMPGDPUUPO"N+#PUm +FOTFO8" $PUUPOFNCSZPHFOFTJTUIF[ZHPUF1MBOUB m +PIBOTFO%" 1MBOUFNCSZPMPHZ&NCSZPHFOZPGUIF TQFSNBUPQIZUB$ISPOJDB#PUBOJDB 8BMUIBN ." +PISJ#. "NCFHBPLBS,# 4SJWBTUBWB14 $PNQBSB UJWF FNCSZPMPHZ PG BOHJPTQFSNT WPM BOE 4QSJOHFS #FSMJO)FJEFMCFSH/FX:PSL +ÛSHFOT ( "QJDBMCBTBM QBUUFSO GPSNBUJPO JO "SBCJ EPQTJTFNCSZPHFOFTJT&.#0+m +ÛSHFOT( .BZFS6 "SBCJEPQTJT*O#BSE+ FE &N CSZPT$PMPSBUMBTPGEFWFMPQNFOU8PMGF -POEPO QQm ,BQMBO%3 $PPLF5+ 'VOEBNFOUBMDPODFQUTJOUIF FNCSZPHFOFTJT PG EJDPUZMFEPOT B NPSQIPMPHJDBM JOUFS QSFUBUJPOPGFNCSZPNVUBOUT1MBOU$FMMm ,BQPPS . *OëVFODF PG HSPXUI TVCTUBODFT PO UIF PWVMFTPG;FQIZSBOUIFT1IZUPNPSQIPMPHZm ,JN* )FNQFM'% 4IB, 1ëVHFS+ ;BNCSZTLJ1$ *EFOUJêDBUJPO PG B EFWFMPQNFOUBM USBOTJUJPO JO QMBTNP EFTNBUBMGVODUJPOEVSJOHFNCSZPHFOFTJTJO"SBCJEPQTJT UIBMJBOB%FWFMPQNFOUm ,JN * $IP & $SBXGPSE , )FNQFM '% ;BNCSZTLJ 1$ $FMMUPDFMM NPWFNFOU PG ('1 EVSJOH FNCSZP HFOFTJT BOE FBSMZ TFFEMJOH EFWFMPQNFOU JO "SBCJEPQTJT 1SPD/BUM"DBE4DJ64"m ,MJOHF# 8FSS8 5SBOTDSJQUJPOPGUIF;FBNBZTIP NFPCPY ;N)PY HFOFTJTBDUJWBUFEFBSMZJOFNCSZPHFO FTJTBOESFTUSJDUFEUPNFSJTUFNTPGUIFNBJ[FQMBOU%FW (FOFUm ,PTU# 1PUSZLVT* /FVIBVT( 3FHFOFSBUJPOPGGFSUJMF QMBOUTGSPNFYDJTFEJNNBUVSF[ZHPUJDFNCSZPTPG"SBCJ EPQTJTUIBMJBOB1MBOU$FMM3FQm ,SPQG %- &TUBCMJTINFOU BOE FYQSFTTJPO PG DFMMVMBS QPMBSJUZJOGVDPJE[ZHPUFT.JDSPCJPM3FWm
ϒϑ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
,SPQG%- #FSHF4, 2VBUSBOP34 "DUJOMPDBMJ[BUJPO EVSJOH'VDVTFNCSZPHFOFTJT1MBOU$FMMm ,SPQG %- #JTHSPWF 43 )BCMF 8& &TUBCMJTIJOH B HSPXUIBYJTJOGVDPJEBMHBF5SFOET1MBOU4DJm ,VNMFIO + -ÕS[ ) ,SBO[ & %JĒFSFOUJBUJPO PG JTP MBUFE XIFBU [ZHPUFT JOUP FNCSZPT BOE OPSNBM QMBOUT 1MBOUBm ,VSPJXB) /JTIJNVSB: )JHBTIJZBNB5 ,VSPJXB5 1FMBSHPOJVN FNCSZPHFOFTJT DZUPMPHJDBM JOWFTUJHBUJPOT PGPSHBOFMMFTJOFBSMZFNCSZPHFOFTJTGSPNUIFFHHUPUIF UXPDFMMFEFNCSZP4FY1MBOU3FQSPEm -BHSJĒPM + .POOJFS . &ĒFDUT PG FOEPTQFSN BOE QMBDFOUBPOEFWFMPQNFOUPG$BQTFMMBFNCSZPTJOPWVMFT DVMUJWBUFEJOWJUSP+1MBOU1IZTJPMm -FEVD/ .BUUIZT3PDIPO& %VNBT$ %FMFUFSJPVT FĒFDU PG NJOJNBM FO[ZNBUJD USFBUNFOUT PO UIF EFWFMPQ NFOUPGJTPMBUFENBJ[FFNCSZPTBDTJODVMUVSF4FY1MBOU 3FQSPEm -FEVD / .BUUIZT3PDIPO & 3PVHJFS . .PHFOTFO - )PMN 1 .BHOBSE +- %VNBT $ *TPMBUFE NBJ[F [ZHPUFT NJNJD JO WJWP FNCSZPOJD EFWFMPQNFOU BOE FY QSFTT NJDSPJOKFDUFE HFOFT XIFO DVMUVSFE JO WJUSP %FW #JPMm -JV $ 9V ; $IVB /) B 1SPFNCSZP DVMUVSF JO WJ USPEFWFMPQNFOUPGFBSMZHMPCVMBSTUBHF[ZHPUJDFNCSZPT GSPN#SBTTJDBKVODFB1MBOU+m -JV $ 9V ; $IVB /) C "VYJO QPMBS USBOTQPSU JT FTTFOUJBMGPSUIFFTUBCMJTINFOUPGCJMBUFSBMTZNNFUSZEVS JOHFBSMZQMBOUFNCSZPHFOFTJT1MBOU$FMMm -POH+" #BSUPO., ѮFEFWFMPQNFOUPGBQJDBMFN CSZPOJD QBUUFSO JO "SBCJEPQTJT %FWFMPQNFOU m -V1 1PSBU3 /BEFBV+" 0/FJMM4% *EFOUJêDBUJPO PGBNFSJTUFN-MBZFSTQFDJêDHFOFJO"SBCJEPQTJTUIBU JT FYQSFTTFE EVSJOH FNCSZPOJD QBUUFSO GPSNBUJPO BOE EFêOFTBOFXDMBTTPGIPNFPCPYHFOFT1MBOU$FMMm .BIFTIXBSJ / *O WJUSP DVMUVSF PG FYDJTFE PWVMFT PG 1BQBWFSTPNOJGFSVN4DJFODF .BIFTIXBSJ / -BM . *O WJUSP DVMUVSF PG FYDJTFE PWVMFT PG 1BQBWFS TPNOJGFSVN - 1IZUPNPSQIPMPHZ m .BIFTIXBSJ1 "OJOUSPEVDUJPOUPUIFFNCSZPMPHZPG BOHJPTQFSNT.D(SBX)JMM /FX:PSL .BOTêFME 4( #SJBSUZ -( &BSMZ FNCSZPHFOFTJT JO "SBCJEPQTJT UIBMJBOB ** ѮF EFWFMPQJOH FNCSZP $BO + #PUm .BOTêFME 4( #SJBSUZ -( $PUZMFEPO DFMM EFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB EVSJOH SFTFSWF EFQPTJUJPO $BO+#PUm .BOTêFME 4( #SJBSUZ -( &SOJ 4 &BSMZ FNCSZPHFO FTJT JO "SBCJEPQTJT UIBMJBOB * ѮF NBUVSF FNCSZP TBD $BO+#PUm .BUTVCBSB 4 &ĒFDU PG OJUSPHFO DPNQPVOET PO UIF HSPXUI PG JTPMBUFE ZPVOH FNCSZPT PG %BUVSB #PU .BH 5PLZPm .BUUIJFTTFOª "DPOUSJCVUJPOUPUIFFNCSZPHFOZPG 1BFPOJB"DUB)PSUJD#FSHm .BUUIZT3PDIPO & 1JPMB ' MF %FVOĒ & .ÓM 3 %VNBT $ *OWJUSPEFWFMPQNFOUPGNBJ[FJNNBUVSFFNCSZPT BUPPMGPSFNCSZPHFOFTJTBOBMZTJT+&YQ#PUm
.BZFS 6 +ÛSHFOT ( 1BUUFSO GPSNBUJPO JO QMBOU FN CSZPHFOFTJTBSFBTTFTTNFOU4FNJO$FMM%FW#JPMm .BZFS6 5PSSFT3VJ[3" #FSMFUI5& .JTÊSB4 +ÛSHFOT( .VUBUJPOTBĒFDUJOHCPEZPSHBOJ[BUJPOJOUIF"SB CJEPQTJTFNCSZP/BUVSFm .FJOLF%8 "IPNFPUJDNVUBOUPG"SBCJEPQTJTUIBMJ BOBXJUIMFBGZDPUZMFEPOT4DJFODFm .JëJO#+ ѮFJOIJCJUPSZFĒFDUTPGWBSJPVTBNJOPBD JETPOUIFHSPXUIPGCBSMFZTFFEMJOHT+&YQ#PUm .PHFOTFO)- 'JOFTUSVDUVSFBOEDPNQPTJUJPOPGUIF FHH BQQBSBUVT CFGPSF BOE BѫFS GFSUJMJ[BUJPO JO 2VFSDVT HBNCFMJJUIFGVODUJPOBMPWVMF"N+#PUm .PHFOTFO)- 4VUIBS), 6MUSBTUSVDUVSFPGUIFFHH BQQBSBUVTPG/JDPUJBOBUBCBDVN 4PMBOBDFBF CFGPSFBOE BѫFSGFSUJMJ[BUJPO#PU(B[m .ÓM3 .BUUIZT3PDIPO& %VNBT$ *OWJUSPDVMUVSF PGGFSUJMJ[FEFNCSZPTBDTPGNBJ[F[ZHPUFTBOEUXPDFMMFE QSPFNCSZPTDBOEFWFMPQJOUPQMBOUT1MBOUBm .ÓM3 .BUUIZT3PDIPO& %VNBT$ &NCSZPHFOFTJT BOE QMBOU SFHFOFSBUJPO GSPN NBJ[F [ZHPUFT CZ JO WJUSP DVMUVSFPGGFSUJMJ[FEFNCSZPTBDT1MBOU$FMM3FQm .ÓM3 *E[JLPXTLB, %VNBT$ .BUUIZT3PDIPO& -BUF TUFQT PG FHH DFMM EJĒFSFOUJBUJPO BSF BDDFMFSBUFE CZ QPMMJOBUJPOJO;FBNBZT-1MBOUBm .POOJFS. $VMUVSFJOWJUSPEFMFNCSZPOJNNBUVSF EF $BQTFMMB CVSTBQBTUPSJT .PFODI 3FW $ZUPM #JPM 7ÊH m .PTDPW *7 0O UIF EFWFMPQNFOU PG UIF FNCSZP JO TFWFSBMTQFDJFTPG1BFPOJB#PU;IVm .V9 8BOH' ѮFFBSMZEFWFMPQNFOUPGFNCSZPBOE FOEPTQFSNPG1BFPOJBMBDUJëPSB"DUB#PU4JOm .VSHBJ1 ѮFEFWFMPQNFOUPGUIFFNCSZPJO1BFPOJB m"SFJOWFTUJHBUJPO1IZUPNPSQIPMPHZm /BHM 8 5SBOTMPDBUJPO PG QVUSFTDJOF JO UIF PWVMF TVTQFOTPS BOE FNCSZP PG 1IBTFPMVT DPDDJOFVT + 1MBOU 1IZTJPMm /BUFTI 4 3BP ." ѮF FNCSZP *O +PISJ #. FE &NCSZPMPHZPGBOHJPTQFSNT4QSJOHFS #FSMJO)FJEFMCFSH /FX:PSL QQm /BXBTDIJO 4 3FTVMUBUF FJOFS 3FWJTJPO EFS #FGSVDI UVOHTWPSHÅOHFCFJ-JMJVNNBSUBHPOVOE'SJUJMMBSJBUFOFMMB #VMM"DBE*NQ4DJ4U1ÊUFSTCPVSH4FS m /PSTUPH , 'BDUPST SFMBUJOH UP QSFDPDJPVT HFSNJOB UJPO JO DVMUVSFE CBSMFZ FNCSZPT 1IZUPNPSQIPMPHZ m /PSTUPH, ,MFJO3. %FWFMPQNFOUPGDVMUVSFECBS MFZ FNCSZPT ** 1SFDPDJPVT HFSNJOBUJPO BOE EPSNBODZ $BO+#PUm /PSTUPH, 4NJUI+& $VMUVSFPGTNBMMCBSMFZFNCSZPT POEFêOFENFEJB4DJFODFm /VDDJUFMMJ3 0ÕQMBTNJDTFHSFHBUJPOBOETFDSFUJPOJO UIF 1FMWFUJB FHH JT BDDPNQBOJFE CZ B NFNCSBOFHFOFS BUFEFMFDUSJDBMDVSSFOU%FW#JPMm /ZNBO-1 8FCC&- (V; "SEJUUJ+ 4USVDUVSFBOEJO WJUSPHSPXUIPG[ZHPUJDFNCSZPTPGUBSP $PMPDBTJBFTDV MFOUBWBSBOUJRVPSVN "OO#PUm /ZNBO -1 8FCC &- (V ; "SEJUUJ + &ĒFDUT PG HSPXUI SFHVMBUPST BOE HMVUBNJOF PO JO WJUSP EFWFMPQ NFOUPG[ZHPUJDFNCSZPTPGUBSP $PMPDBTJBFTDVMFOUBWBS BOUJRVPSVN "OO#PUm
0LBEB , 6FEB + ,PNBLJ ., #FMM $+ 4IJNVSB : 3FRVJSFNFOUPGUIFBVYJOQPMBSUSBOTQPSUTZTUFNJOFBSMZ TUBHFT PG "SBCJEPQTJT ëPSBM CVE GPSNBUJPO 1MBOU $FMM m 0LPOLXP 4/$ 3BHIBWBO 7 4UVEJFT PO UIF HFSNJ OBUJPOPGTFFETPGUIFSPPUQBSBTJUFT "MFDUSBWPHFMJJBOE 4USJHBHFTOFSJPJEFT*"OBUPNJDBMDIBOHFTJOUIFFNCSZPT "N+#PUm 0MTPO"3 4FFENPSQIPMPHZPG.POPUSPQBVOJëPSB- &SJDBDFBF "N+#PUm 0MTPO "3 $BTT %% $IBOHFT JO NFHBHBNFUPQIZUF TUSVDUVSF JO 1BQBWFS OVEJDBVMF - 1BQBWFSBDFBF GPM MPXJOHJOWJUSPQMBDFOUBMQPMMJOBUJPO"N+#PUm 1BOH11 1SVJUU3& .FZFSPXJU[&. .PMFDVMBSDMPO JOH HFOPNJD PSHBOJ[BUJPO FYQSFTTJPO BOE FWPMVUJPO PG 4 TFFE TUPSBHF QSPUFJO HFOFT PG "SBCJEPQTJT UIBMJBOB 1MBOU.PM#JPMm 1BSJT% 3JFUTFNB+ 4BUJOB4 #MBLFTMFF"' &ĒFDUPG BNJOP BDJET FTQFDJBMMZ BTQBSUJD BOE HMVUBNJD BDJE BOE UIFJS BNJEFT PO UIF HSPXUI PG %BUVSB TUSBNPOJVN FN CSZPTJOWJUSP1SPD/BUM"DBE4DJ64"m 1FSF[(SBV - 1MBOU FNCSZPHFOFTJT m UIF DFMMVMBS EFTJHOPGBQMBOU*O0/FJMM4% 3PCFSUT+" FET 1MBOU SFQSPEVDUJPO "OOVBM1MBOU3FWJFXTWPM4IFēFME"DB EFNJD1SFTT 4IFēFME QQm 1FSF[(SBV - (PMECFSH 3# 4PZCFBO TFFE QSPUFJO HFOFTBSFSFHVMBUFETQBUJBMMZEVSJOHFNCSZPHFOFTJT1MBOU $FMMm 1PFUIJH 34 $PF &) +S +PISJ .. $FMM MJOFBHF QBU UFSOTJONBJ[FFNCSZPHFOFTJTBDMPOBMBOBMZTJT%FW#JPM m 1SBLBTI / &NCSZPMPHZ PG UIF -FHVNJOPTBF *O 4UJSUPO$) FE "EWBODFTJOMFHVNFTZTUFNBUJDT QBSU 3PZBM#PUBOJD(BSEFOT ,FX QQm 1SFǬPWÃ" ѮFJOëVFODFPGUIFPTNPUJDQPUFOUJBMPG UIF DVMUJWBUJPO NFEJVN PO UIF EFWFMPQNFOU PG FYDJTFE ëBYFNCSZPT#JPM1MBOUm 1SFǬPWÃ " (SPXUI PG [ZHPUJD ëBY FNCSZPT JO WJUSP BOEJOëVFODFPGLJOFUJO1MBOU$FMM3FQm 2VBUSBOP34 4IBX4- 3PMFPGUIFDFMMXBMMJOUIFEF UFSNJOBUJPOPGDFMMQPMBSJUZBOEUIFQMBOFPGDFMMEJWJTJPO JO'VDVTFNCSZPT5SFOET1MBOU4DJm 3BHIBWBO7 &YQFSJNFOUBMFNCSZPHFOFTJTJOWBTDVMBS QMBOUT"DBEFNJD1SFTT -POEPO 3BHIBWBO 7 &NCSZP DVMUVSF *OU 3FW $ZUPM 4VQQM #m 3BHIBWBO 7 .PMFDVMBS FNCSZPMPHZ PG ëPXFSJOH QMBOUT$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL 3BHIBWBO7 (PI$+ %/"TZOUIFTJTBOEN3/"BD DVNVMBUJPOEVSJOHHFSNJOBUJPOPGFNCSZPTPGUIFPSDIJE 4QBUIPHMPUUJTQMJDBUB1SPUPQMBTNBm 3BHIBWBO 7 4IBSNB ,, ;ZHPUJD FNCSZPHFOFTJT JO HZNOPTQFSNT BOE BOHJPTQFSNT *O ѮPSQF 5" FE *O WJUSPFNCSZPHFOFTJTJOQMBOUT,MVXFS %PSESFDIU QQm 3BHIBWBO7 4SJWBTUBWB14 &NCSZPDVMUVSF*O+PISJ #. FE &YQFSJNFOUBM FNCSZPMPHZ PG WBTDVMBS QMBOUT 4QSJOHFS)FJEFMCFSH/FX:PSL #FSMJO QQm 3BHIBWBO7 5PSSFZ+( (SPXUIBOENPSQIPHFOFTJT PGHMPCVMBSBOEPMEFSFNCSZPTPG$BQTFMMBJODVMUVSF"N +#PUm
3FGFSFODFT
ϒϒ
3BHIBWBO7 5PSSFZ+( &ĒFDUTPGDFSUBJOHSPXUITVC TUBODFTPOUIFHSPXUIBOENPSQIPHFOFTJTPGJNNBUVSF FNCSZPTPG$BQTFMMBJODVMUVSF1MBOU1IZTJPMm 3BNBTXBNZ4/ "SFLBM(% &NCSZPMPHZPG&SJPDBV MPOYFSBOUIFNVN.BSU &SJPDBVMBDFBF "DUB#PU/FFSM m 3BNBTXBNZ4/ 4XBNZ#(- (PWJOEBQQB%" 'SPN [ZHPUF UP TFFEMJOH JO &SJPDBVMPO SPCVTUPCSPXOJBOVN 3VIM &SJPDBVMBDFBF #FJUS#JPM1ëBO[m 3BOEPMQI -' %FWFMPQNFOUBM NPSQIPMPHZ PG UIF DBSZPQTJTJONBJ[F+"HSJD3FTm 3BOHBTXBNZ/4 .PSQIPHFOFTJTPGTFFEHFSNJOBUJPO JOBOHJPTQFSNT1IZUPNPSQIPMPHZm 3JCOJDLZ%. $PIFO+% )V84 $PPLF5+ "OBVYJO TVSHFGPMMPXJOHGFSUJMJ[BUJPOJODBSSPUTBNFDIBOJTNGPS SFHVMBUJOHQMBOUUPUJQPUFODZ1MBOUBm 3JFUTFNB + 4BUJOB 4 #MBLFTMFF "' ѮF FĒFDU PG TV DSPTF PO UIF HSPXUI PG %BUVSB TUSBNPOJVN FNCSZPT JO WJUSP"N+#PUm 3JKWFO ")($ *O WJUSP TUVEJFT PO UIF FNCSZPT PG $BQTFMMBCVSTBQBTUPSJT"DUB#PU/FFSMm 3JKWFO")($ (MVUBNJOFBOEBTQBSBHJOFTBTOJUSPHFO TPVSDFTGPSUIFHSPXUIPGQMBOUFNCSZPTJOWJUSPBDPN QBSBUJWFTUVEZPGTQFDJFT"VTU+#JPM4DJm 3PCJOTPO,3 +BĒF-' 1PMBSJ[JOH'VDPJEFHHTESJWFB DBMDJVNDVSSFOUUISPVHIUIFNTFMWFT4DJFODFm 3ZD[LPXTLJ. $IBOHFTPGUIFPTNPUJDWBMVFEVSJOH UIFEFWFMPQNFOUPGUIFPWVMF1MBOUBm 4BOEFST.& #VSLIPMEFS 13 *OëVFODFPGBNJOP BD JET PO HSPXUI PG %BUVSB FNCSZPT JO DVMUVSF 1SPD /BUM "DBE4DJ64"m 4BVFS. 'SJNM+ *OWJUSPDVMUVSFPG"SBCJEPQTJTFN CSZPTXJUIJOUIFJSPWVMFT1MBOU+m 4BVMTCFSSZ" .BSUJO13 0#SJFO5 4JFCVSUI-& 1JDLFUU'# ѮFJOEVDFETFDUPS"SBCJEPQTJTBQJDBMFNCSZPOJD GBUFNBQ%FWFMPQNFOUm 4DIFM +)/ ,JFѫ ) "O VMUSBTUSVDUVSBM TUVEZ PG FN CSZPBOEFOEPTQFSNEFWFMPQNFOUEVSJOHJOWJUSPDVMUVSF PGNBJ[FPWBSJFT ;FBNBZT $BO+#PUm 4DIFSFT# 8PMLFOGFMU) 8JMMFNTFO7 5FSMPVX. -BXTPO & %FBO$ 8FJTCFFL1 &NCSZPOJDPSJHJOPGUIF "SBCJEPQTJT QSJNBSZ SPPU BOE SPPU NFSJTUFNT %FWFMPQ NFOUm 4DIVM[ 1 +FOTFO 8" $BQTFMMB FNCSZPHFOFTJT UIF TVTQFOTPSBOEUIFCBTBMDFMM1SPUPQMBTNBm 4DIVM[1 +FOTFO8" $BQTFMMBFNCSZPHFOFTJTUIFEF WFMPQNFOU PG UIF GSFF OVDMFBS FOEPTQFSN 1SPUPQMBTNB m 4DIVM[1 +FOTFO8" $PUUPOFNCSZPHFOFTJTUIFFBSMZ EFWFMPQNFOU PG UIF GSFF OVDMFBS FOEPTQFSN "N + #PU m 4DIVM[ 3 +FOTFO 8" $BQTFMMB FNCSZPHFOFTJT UIF FHH [ZHPUF BOEZPVOHFNCSZP"N+#PUm 4FTTJPOT" 8FJHFM% :BOPGTLZ.' ѮF"SBCJEPQTJT UIBMJBOB .&3*45&. -":&3 QSPNPUFS TQFDJêFT FQJ EFSNBM FYQSFTTJPO JO NFSJTUFNT BOE ZPVOH QSJNPSEJB 1MBOU+m 4IBX 4- 2VBUSBOP 34 1PMBS MPDBMJ[BUJPO PG B EJIZ ESPQZSJEJOF SFDFQUPS PO MJWJOH'VDVT [ZHPUFT + $FMM 4DJ m 4IFSJEBO8' $MBSL+, 'FSUJMJ[BUJPOBOEFNCSZPHFOZ JONBJ[F*O'SFFMJOH. 8BMCPU7 FET ѮFNBJ[FIBOE CPPL4QSJOHFS /FX:PSL#FSMJO)FJEFMCFSH QQm
ϒϓ
$IBQUFSϏ &TUBCMJTINFOUPGUIF&NCSZP#PEZ1MBOo"3FBTTFTTNFOUPG$FMM-JOFBHFBOE$FMM'BUF
4NJUI+( &NCSZPEFWFMPQNFOUJO1IBTFPMVTWVMHBSJT **"OBMZTJTPGTFMFDUFEJOPSHBOJDJPOT BNNPOJB PSHBOJD BDJET BNJOPBDJET BOETVHBSTJOUIFFOEPTQFSNMJRVJE 1MBOU1IZTJPMm 4UFJONBOO5 (FMEOFS/ (SFCF. .BOHPME4 +BDLTPO$- 1BSJT4 (ÅMXFJMFS- 1BMNF, +ÛSHFOT( $PPSEJ OBUFE QPMBS MPDBMJ[BUJPO PG BVYJO FĔVY DBSSJFS 1*/ CZ (/0."3'(&'4DJFODFm 4UFXBSU +. )TV $- *OPWVMP FNCSZP DVMUVSF BOE TFFEMJOHEFWFMPQNFOUPGDPUUPO (PTTZQJVNIJSTVUVN- 1MBOUBm 4USBTCVSHFS & /FVF 6OUFSTVDIVOHFO ÛCFS EFO #F GSVDIUVOHTWPSHBOHCFJEFO1IBOFSPHBNFOBMT(SVOEMBHF GÛSFJOFѮFPSJFEFS;FVHVOH'JTDIFSWFSMBH +FOB 4VNOFS .+ &NCSZPMPHZ PG #SBTTJDB DBNQFTUSJT UIF FOUSBODFBOEEJTDIBSHFPGUIFQPMMFOUVCFJOUIFTZOFSHJE BOEUIFGPSNBUJPOPGUIF[ZHPUF$BO+#PUm 4VNOFS .+ WBO $BFTFFMF - ѮF VMUSBTUSVDUVSF BOE DZUPDIFNJTUSZPGUIFFHHBQQBSBUVTPG#SBTTJDBDBNQFTUSJT $BO+#PUm 4VO ) #BTV 4 #SBEZ 43 -VDJBOP 3- .VEBZ (, *OUFSBDUJPOT CFUXFFO BVYJO USBOTQPSU BOE UIF BDUJO DZ UPTLFMFUPO JO EFWFMPQNFOUBM QPMBSJUZ PG 'VDVT EJTUJDIVT FNCSZPT JO SFTQPOTF UP MJHIU BOE HSBWJUZ 1MBOU 1IZTJPM m 5BOBLB ) 0OPVDIJ ) ,POEP . )BSB/JTIJNVSB * /JTIJNVSB . .BDIJEB $ .BDIJEB : " TVCUJMJ TJOMJLFTFSJOFQSPUFBTFJTSFRVJSFEGPSFQJEFSNBMTVSGBDF GPSNBUJPO JO "SBCJEPQTJT FNCSZPT BOE KVWFOJMF QMBOUT %FWFMPQNFOUm 5JMUPO 73 8JMDPY -8 1BMNFS 3( 1PTUGFSUJMJ[BUJPO XBOEMBCSJOUIFGPSNBUJPOBOEGVODUJPOJOUIFDFOUSBMDFMM PG TPZCFBO (MZDJOF NBY - .FSS -FHVNJOPTBF #PU (B[m 5ÕQGFS3 4UFJOCJTT)) 1MBOUSFHFOFSBUJPOGSPNDVM UVSFEGFSUJMJ[FECBSMFZPWVMFT1MBOU4DJm 5PQQJOH + -JOETFZ , 1SPNPUFS USBQ NBSLFST EJĒFS FOUJBUFTUSVDUVSBMBOEQPTJUJPOBMDPNQPOFOUTPGQPMBSEF WFMPQNFOUJO"SBCEJPQTJT1MBOU$FMMm 5PQQJOH +' .BZ 7+ .VTLFUU 13 -JOETFZ , .VUB UJPOT JO UIF ):%3" HFOF PG "SBCJEPQTJT QFSUVSC DFMM TIBQFBOETJSVQUFNCSZPOJDBOETFFEMJOHNPSQIPHFOFTJT %FWFMPQNFOUm 5PSSFT3VJ[ 3" +ÛSHFOT ( .VUBUJPOT JO UIF '"44 HFOFVODPVQMFQBUUFSOGPSNBUJPOBOENPSQIPHFOFTJTJO "SBCJEPQTJTEFWFMPQNFOU%FWFMPQNFOUm 5SBBT + #FMMJOJ $ /BDSZ 1 ,SPOFOCFSHFS + #PVDIF[ % $BCPDIF . /PSNBM EJĒFSFOUJBUJPO QBUUFSOT JO QMBOUT MBDLJOH NJDSPUVCVMBS QSFQSPQIBTF CBOET /BUVSF m WBOEFS,MFJ) WBO%BNNF+ $BTUFFMT1 ,SFCCFST& "êѫI4BMCVNJOJTPGPSNJTQSFTFOUJO"SBCJEPQTJTUIBMJ BOB1MBOU1IZTJPMm WBO-BNNFSFO"". "DPNQBSBUJWFVMUSBTUSVDUVSBM TUVEZ PG UIF NFHBHBNFUPQIZUFT JO UXP TUSBJOT PG ;FB NBZT - CFGPSF BOE BѫFS GFSUJMJ[BUJPO "HSJD 6OJW 8B HFOJOHFO1BQFST m
WBO-BNNFSFO"". 0CTFSWBUJPOTPOUIFTUSVDUVSBM EFWFMPQNFOUPGJNNBUVSFNBJ[FFNCSZPT ;FBNBZT- EVSJOHJOWJUSPDVMUVSFJOUIFQSFTFODFPSBCTFODFPG %"DUB#PU/FFSMm WBO0WFSCFFL+ $POLMJO.& #MBLFTMFF"' $VMUJWB UJPOJOWJUSPPGTNBMM%BUVSBFNCSZPT"N+#PUm WBO 0WFSCFFL + 4JV 3 )BBHFO4NJU "+ 'BDUPST BG GFDUJOHUIFHSPXUIPG%BUVSBFNCSZPTJOWJUSP"N+#PU m 7SPFNFO$8 -BOHFWFME4 .BZFS6 3JQQFS( +ÛSHFOT( WBO ,BNNFO " EF 7SJFT 4$ 1BUUFSO GPSNBUJPO JOUIF"SBCJEPQTJTFNCSZPSFWFBMFECZQPTJUJPOTQFDJêD MJQJE USBOTGFS QSPUFJO HFOF FYQSFTTJPO 1MBOU $FMM m 8FCC .$ (VOOJOH #&4 ѮF NJDSPUVCVMBS DZUP TLFMFUPO EVSJOH EFWFMPQNFOU PG UIF [ZHPUF QSPFNCSZP BOEGSFFOVDMFBSFOEPTQFSNJO"SBCJEPQTJTUIBMJBOB - )FZOI1MBOUBm 8FUFSJOHT, "QVZB/3 #J: 'JTDIFS3- )BSBEB++ (PME CFSH 3# 3FHJPOBM MPDBMJ[BUJPO PG TVTQFOTPS N3/"T EVSJOH FBSMZ FNCSZP EFWFMPQNFOU 1MBOU $FMM m 8PPESJDL 3 .BSUJO 13 #JSNBO * 1JDLFUU '# ѮF "SBCJEPQTJT FNCSZPOJD TIPPU GBUF NBQ %FWFMPQNFOU m :BEFHBSJ3 (PMECFSH3# &NCSZPHFOFTJTJOEJDPUZMF EPOPVTQMBOUT*O-BSLJOT#" 7BTJM*, FET $FMMVMBSBOE NPMFDVMBS CJPMPHZ PG QMBOU TFFE EFWFMPQNFOU ,MVXFS %PSESFDIU QQm :BLPWMFW .4 :PĒF .% 0O TPNF QFDVMJBS GFBUVSFT JOUIFFNCSZPHFOZPG1BFPOJB-1IZUPNPSQIPMPHZm :BO ) :BOH ): +FOTFO 8" 6MUSBTUSVDUVSF PG UIF EFWFMPQJOHFNCSZPTBDPGTVOëPXFS )FMJBOUIVTBOOVVT CFGPSFBOEBѫFSGFSUJMJ[BUJPO$BO+#PUm :FVOH&$ &NCSZPHFOZPG1IBTFPMVTUIFSPMFPGUIF TVTQFOTPS;1ëBO[FOQIZTJPMm :FVOH &$ #SPXO %$8 ѮF PTNPUJD FOWJSPONFOU PGEFWFMPQJOHFNCSZPTPG1IBTFPMVTWVMHBSJT;1ëBO[FO QIZTJPMm :FVOH&$ $MVUUFS.& &NCSZPHFOZPG1IBTFPMVTDPD DJOFVTUIFVMUSBTUSVDUVSFBOEEFWFMPQNFOUPGUIFTVTQFO TPS$BO+#PUm :FVOH &$ 4VTTFY *. &NCSZPHFOZ PG 1IBTFPMVT DPDDJOFVT UIF TVTQFOTPS BOE UIF HSPXUI PG UIF FNCSZP QSPQFSJOWJUSP;1ëBO[FOQIZTJPMm ;FOLUFMFS. /JU[TDIF8 *OWJUSPDVMUVSFPGPWVMFTPG 5SJUJDVNBFTUJWVNBUFBSMZTUBHFTPGFNCSZPHFOFTJT1MBOU $FMM3FQm ;JFCVS/, #SJOL3" (SBG-) 4UBINBOO." ѮF FĒFDUPGDBTFJOIZESPMZTBUFPOUIFHSPXUIJOWJUSPPGJN NBUVSF)PSEFVNFNCSZPT"N+#PUm
$)"15&3
1BUUFSO'PSNBUJPO JO&NCSZPTo*OUFSQSFUBUJPO PG1PTJUJPOBM*OGPSNBUJPO Ѯ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
*OJUJBUJPOBOE.BJOUFOBODF PG&NCSZP.FSJTUFNT 4IPPU"QJDBM.FSJTUFN 3PPU"QJDBM.FSJTUFN (FOFUJDBOE.PMFDVMBS$POUSPM PG&NCSZP1BUUFSO'PSNBUJPO "QJDPCBTBM1BUUFSOJOHPGUIF&NCSZP 3BEJBM1BUUFSOJOHPGUIF&NCSZP $PODMVEJOH$PNNFOUT 3FGFSFODFT
JFETZTUFNTTIPXUIBUUIFNPSQIPHFOFTJTPGTQFDJêDTUSVD UVSFT UIBU BSF DPNQPTFE PG WBSJPVT TVCTUSVDUVSFT CFHJOT XJUIUIFSFHJPOBMFYQSFTTJPOPGTFUTPGUSBOTDSJQUJPOGBDUPST TVDIUIBUFBDISFHJPOEFêOFTUIFDFMMTUIBUXJMMQSPEVDFB XPSLJOHQBSUPGUIFTUSVDUVSF USBOTJFOUPSVMUJNBUF ѮVT UIFTPMFGVODUJPOPGUIJTJOJUJBMQSPDFTTBQQFBSTUPCFUPJO TUBMMEJĒFSFOUSFHVMBUPSZTUBUFTJOUIFUFSSJUPSJFTGSPNXIJDI UIFEJĒFSFOUQBSUTXJMMEFWFMPQ
&)%BWJETPO
$POTJEFSBCMF VODFSUBJOUZ QSFWBJMT BNPOHTU EFWFM PQNFOUBM CJPMPHJTUT JO EFêOJOH BU TPNF TPQIJTUJ DBUFEMFWFMUIFDPODFQUPGQBUUFSOGPSNBUJPOmUIF QSPDFTTFTCZXIJDIUIFEFWFMPQJOHFNCSZPTQFDJêFT UIFTQBUJBMBOEUFNQPSBMQSPHSBNPGDFMMVMBSBDUJWJ UJFT NPSQIPHFOFUJD EPNBJOT UIBU HFOFSBUF XFMM PSEFSFEFNCSZPOJDTUSVDUVSFT CVUFYDMVEJOHEJĒFS FOUJBUJPOQSPDFTTFTJOWPMWFEJOUIFTUSVDUVSBMHFOF FYQSFTTJPO EFUFSNJOJOH UIF êOBM QSPEVDU PG FBDI NPSQIPHFOFUJD EPNBJO %FTQJUF UIF GBDU UIBU BOJ NBMDFMMTVOEFSHPDPOTJEFSBCMFSFBSSBOHFNFOUBOE NJHSBUJPO TDVMQUVSJOHPGUIFTIBQFPGUIFBOJNBMT BEVMU CPEZ BMPOH UIF BYJT PG TZNNFUSZ BOE FTUBC MJTINFOU PG UIF PSHBO SVEJNFOUT BOE UIFJS EJĒFS FOUJBUJPO JOUP GVODUJPOBM PSHBOT BSF BDDPNQMJTIFE EVSJOHFNCSZPHFOFTJT#ZDPOUSBTU JONPTUëPXFS JOH QMBOUT UIF SVEJNFOUT PG UIF CPEZ QMBO PG UIF NBUVSF QMBOU BSF DBSWFE PVU EVSJOH FBSMZ FNCSZP HFOFTJTCZUXPEJTUJODUBOEMBSHFMZJOEFQFOEFOUQSP DFTTFTmPOFEFêOJOHUIFBQJDPCBTBMQBUUFSOBOEUIF PUIFSUIFSBEJBMQBUUFSOmBOEBSFFMBCPSBUFEEVSJOH MBUF FNCSZPHFOFTJT "T QPJOUFE PVU JO $IBQ JO "SBCJEPQTJT UIF êSTU JOEJDBUJPO PG BQJDPCBTBM QBU UFSO TVSGBDFT JO UIF PDUBOUTUBHF FNCSZP XIPTF VQQFS UJFS PG DFMMT JT EFTUJOFE UP GPSN FYDMVTJWFMZ UIFTIPPUBQFYBOENPTUPGUIFDPUZMFEPOT1BSUPG UIFDPUZMFEPOTUSVDUVSF UIFIZQPDPUZM UIFSBEJDMF BOENPTUPGUIFSPPUNFSJTUFNBSFEFSJWFEGSPNUIF MPXFS UJFS PG DFMMT XIFSFBT UIF IZQPQIZTJT DPOUSJC
ϒϕ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
VUFTUPUIFDFOUSBMQPSUJPOPGUIFSPPUDBQBOEUIF SFNBJOEFSPGUIFSPPUBQJDBMNFSJTUFNDPNQSJTJOH UIFRVJFTDFOUDFOUFSѮFOFYUSPVOEPGEJWJTJPOTPG UIF PDUBOUTUBHF FNCSZP XIJDI JT UBOHFOUJBM TFUT PĒJUTSBEJBMQBUUFSONBEFVQPGDPODFOUSJDMBZFSTPG UIFFQJEFSNJT HSPVOEUJTTVFT BOEWBTDVMBSUJTTVFT ѮFNBJOPSHBOTZTUFNTPGUIFBEVMUëPXFSJOHQMBOU BSF IPXFWFS JOJUJBUFE BU UIF TFFEMJOH TUBHF GSPN UXP HSPVQT PG JOJUJBM DFMMT m UIF TIPPU BQJDBM NFSJ TUFNBOEUIFSPPUBQJDBMNFSJTUFNmTVQFSJNQPTFE VQPO PQQPTJUF FOET PG UIF CJQPMBS FNCSZP ѮVT VOMJLFJOBOJNBMT UIFBEVMUQMBOUJTWBTUMZEJĒFSFOU GSPNUIFNBUVSFFNCSZPGSPNXIJDIJUJTEFSJWFE TJODF UIF TIPPU BOE SPPU BQJDBM NFSJTUFNT BTTVNF QSJNBSZ SPMFT JO PSHBOJ[JOH UIF CBTJD CPEZ QMBO PGUIFQMBOUUISPVHIPVUJUTMJGFCFHJOOJOHXJUIUIF TFFEMJOHTUBHF DPODFQUTCFBSJOHPOQBUUFSOGPSNB UJPOJOBOJNBMFNCSZPTEPOPUOFDFTTBSJMZBQQMZUP UIFQBUUFSOJOHPGQMBOUFNCSZPT (FOFUJD BOE NPMFDVMBS BQQSPBDIFT IBWF CFFO FNQMPZFE JO SFDFOU ZFBST UP JOWFTUJHBUF UIF NFDI BOJTNT UIBU JOJUJBUF EFWFMPQNFOU PG UIF TIPPU BOE SPPUBQJDBMNFSJTUFNTBOEFTUBCMJTINFOUPGUIFBQJ DPCBTBM BOE SBEJBM QBUUFSOJOH JO FNCSZPT PG ëPX FSJOH QMBOUT ѮFTF TUVEJFT IBWF TIPXO UIBU UIF HFOPNFPG"SBCJEPQTJTIBSCPSTBOBNB[JOHMZMBSHF BOE EJWFSTF TFU PG HFOFT XIPTF NVUBUJPO DBO MFBE UP IBWPD JO UIF QBUUFSOJOH PG FNCSZPT BOE JO UIF PSHBOJ[BUJPO PG UIF NFSJTUFNT 6OEFSTDPSJOH UIF TJHOJêDBODFPGTQFDJêDDFMMEJWJTJPOQBUUFSOTJOUIF DSBѫJOH PG BO FNCSZP NPTU TVDI NVUBUJPOT IBWF CFFO USBDFE CBDL UP EFGFDUT JO UIF FBSMZ TUBHFT PG FNCSZPHFOJD EJWJTJPOT " OFX FSB PG NVMUJGBDFUFE BOBMZTFTFYUFOEJOHUPUIFDMPOJOHPGUIFHFOFT BOBM ZTJT PG UIFJS FYQSFTTJPO QBUUFSOT BOE DIBSBDUFSJ[B UJPOPGUIFJSQSPUFJOQSPEVDUTJTCFHJOOJOHUPVTIFS JO OFX JOTJHIUT JOUP UIF NFDIBOJTNT UIBU DPOUSPM DFMM JEFOUJUJFT EVSJOH FNCSZP QBUUFSOJOH QSPDFTTFT ѮJT DIBQUFS TVNNBSJ[FT UIF DPOUSJCVUJPO PG JO GPSNBUJPO EFSJWFE GSPN NVUBOU BOBMZTJT BOE HFOF DMPOJOH UP PVS VOEFSTUBOEJOH PG UIF PSHBOJ[BUJPO TQFDJêDBUJPO PG DFMM GBUF BOE QBUUFSO GPSNBUJPO JO ëPXFSJOHQMBOUFNCSZPTBOEUIFJSNFSJTUFNT1BSUT PGUIJTTUPSZBSFDPWFSFEJOSFWJFXTCZ BNPOHPUI FST -BVYBOE+ÛSHFOT
4DIFSFTBOE)FJETUSB
3BHIBWBO B
+ÛSHFOT
#FSMFUI BOE $IBUêFME
$BTTPO BOE -JOETFZ
-BVY FU BM
BOE 8JMMFNTFO BOE 4DIFSFT
BOE JO CPPLT CZ 3BHIBWBO C BOE)PXFMM
*OJUJBUJPOBOE.BJOUFOBODF PG&NCSZP.FSJTUFNT
*O BOBMZUJDBM TUVEJFT PG QMBOU FNCSZPHFOFTJT TQF DJBMBUUFOUJPOJTHJWFOUPUIFTIPPUBOESPPUBQJDBM NFSJTUFNT GPS UXP SFBTPOT 'JSTU UIFTF NFSJTUFNT XIJDIBSFHSPVQTPGVOEJĒFSFOUJBUFEDFMMTDPOê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êSTU WJTJCMF MBUFS JO UIF UPSQFEPTIBQFE FN CSZP)PXFWFS JUJTDMPTFUPUIFNBUVSFTUBHFPGUIF FNCSZPUIBUUIFTIPPUBQJDBMNFSJTUFNBQQFBSTBTB EJTUJODUIJTUPMPHJDBMFOUJUZPSHBOJ[FEJOUPUIFPVUFS UVOJDBBOEUIFJOOFSDPSQVTMBZFSTPGDFMMT #BSUPO BOE1PFUIJH *OWFTUJHBUJPOTPGFYQFSJNFOUBMMZ JOEVDFEQFSJDMJOBMDIJNFSBTJO%BUVSBTQIBWFMFE UP UIF JEFOUJêDBUJPO CBTFE PO EJĒFSFODFT JO DISP NPTPNFOVNCFS OVDMFBSTJ[F BOEDFMMTJ[F PGTFQB SBUFMJOFBHFTPGDFMMTCPUIJOUIFTIPPUBQJDBMNFSJ TUFNBOEJUTEFSJWBUJWFTJOUIFQSJNBSZQMBOUCPEZ BOEIBWFTIPXOUIBUDFMMTPGUIFNFSJTUFNUIBUHJWF SJTFUPUIFUVOJDBBOEDPSQVTBSFBSSBOHFEJOUISFF DMPOBMMZEJTDSFUFMBZFSTѮFUVOJDBJTEFSJWFEGSPN UIF UXP PVUFS MBZFST - BOE -
XIJDI VOEFSHP
ɩɧ *OJUJBUJPOBOE.BJOUFOBODFPG&NCSZP.FSJTUFNT
QSFEPNJOBOUMZ BOUJDMJOBM EJWJTJPOT XIFSFBT DFMMT PG UIF JOOFS - MBZFS DPOTUJUVUJOH B HSPVQ PG DFMMT SBUIFS UIBO B TJOHMF DFMM MBZFS EJTQMBZ NPTUMZ QFSJ DMJOBMEJWJTJPOTUPQSPEVDFUIFNBKPSQPSUJPOPGUIF JOUFSOBMUJTTVFT 4BUJOBFUBM %VSJOHQPTUFN CSZPOJD EFWFMPQNFOU UIF TIPPU BQJDBM NFSJTUFN CFHJOTUPEJWJEFBOEDVUPĒMFBGQSJNPSEJBCZFWPL JOHSFHVMBUPSZDPNQPOFOUTUIBUDPPSEJOBUFUIFSBUF PG DFMM EJWJTJPO BOE GSFRVFODZ PG PSHBO JOJUJBUJPO 5P BDDPVOU GPS JUT EVBM GVODUJPOT PG TFMGQFSQFUVB UJPOBOEUIFBCJMJUZUPGPSNMBUFSBMBQQFOEBHFT UIF TIPPU BQJDBM NFSJTUFN IBT BMTP CFFO EFTDSJQUJWFMZ DPNQBSUNFOUBMJ[FEJOUPBDMVTUFSPGJOEFUFSNJOBUF DFMMTQPTJUJPOFEBUJUTTVNNJULOPXOBTUIFDFOUSBM [POF QSPWJEJOH B SFTFSWPJS PG TFMGSFOFXJOH DFMMT BLJO UP TUFN DFMMT BOE B TVSSPVOEJOH ëBOLJOH SF HJPOmUIFQFSJQIFSBM[POFmJOWPMWFEJOUIFHFOFSB UJPO PG MBUFSBM PSHBOT ѮFTF [POFT XIJDI JODMVEF DFMMTGSPNBMMUISFFMBZFST EJĒFSJOUIFJSDFMMEJWJTJPO SBUFT XJUIEJWJTJPOTCFJOHNPSFGSFRVFOUJOUIFQF SJQIFSBM [POF UIBO JO UIF DFOUSBM [POF " DPMVNO PG MBSHF WBDVPMBUF DFMMT SFGFSSFE UP BT UIF SJC [POF IBTBMTPCFFOJEFOUJêFEJOUIFEFFQFSMBZFSTPGUIF NFSJTUFN CFOFBUI UIF DFOUSBM [POF 4UFFWFT BOE 4VTTFY-ZOEPO "MUIPVHIUIFVMUJNBUF OVNCFSPGJOJUJBMDFMMTUIBUGVODUJPOBTTUFNDFMMTJO UIF TIPPU BQJDBM NFSJTUFN IBT OPU CFFO QSFDJTFMZ EFêOFE DMPOBMBOBMZTJTPGDFSUBJOBOHJPTQFSNTBOE HZNOPTQFSNT IBT EFMJOFBUFE POF UP UISFF DFMMT BT JOJUJBMDFMMTJOFBDIPGUIFUISFFPVUFSMBZFSTJOUIF DFOUSBM[POFPGUIFNFSJTUFN 4UFXBSUBOE%FSNFO 4JODFDFMMTPGUIFTIPPUBOESPPUBQJDBMNFSJTUFNT BSF JOUFSDPOOFDUFE CZ QMBTNPEFTNBUB JU IBT MPOH CFFOBTTVNFEUIBUDPPSEJOBUJPOPGNPSQIPHFOFUJD FWFOUT XJUIJO UIF NFSJTUFNT BT XFMM BT NFSJTUFN NBJOUFOBODF SFRVJSFT TPNF LJOE PG JOUFSDFMMVMBS TJHOBMJOH5XPJOEFQFOEFOUJOWFTUJHBUJPOTUSBDLJOH UIF NPWFNFOU PG NFNCSBOFJNQFSNFBCMF ëVPSFT DFOUUSBDFSEZFTJOUIFTIPPUBQJDBMNFSJTUFNPGEJG GFSFOUQMBOUTIBWFEFNPOTUSBUFEUIBU[POFTBOEMBZ FSTPGUIFNFSJTUFNGPSNTFQBSBUFTZNQMBTUJDêFMET *O POF TUVEZ 3JOOF BOE WBO EFS 4DIPPU GPVOEUIBUBUSBDFSNJDSPJOKFDUFEJOUPUIFPVUFSMBZ FST PG UIF TIPPU BQJDBM NFSJTUFN PG CJSDI #FUVMB QVCFTDFOT#FUVMBDFBF TFFEMJOHTJTMPDBMJ[FEJOUIF UVOJDBCVUOPUJOUIFDFOUSBM[POF UIVTEFNPOTUSBU JOH B QPUFOUJBM SFTUSJDUJPO PG TZNQMBTUJD EJĒVTJPO PGTJHOBMJOHNPMFDVMFTCFUXFFOUIFDFOUSBMBOEQF SJQIFSBMêFMET4VHHFTUJWFPGBMUFSBUJPOTJOTZNQMBT
ϒϖ
UJDTJHOBMJOHQBUIXBZTJOUIFTIPPUBQJDBMNFSJTUFN EVSJOHTFFEMJOHEFWFMPQNFOU FYQPTVSFPGTFFEMJOHT UP EPSNBODZJOEVDJOH TIPSU EBZT XBT GPVOE UP MFBE UP B CSFBLEPXO PG UIFTF êFMET JOUP TZNQMBTUJ DBMMZJTPMBUFEDFMMTJODBQBCMFPGBOZGVSUIFSEZFUSBG êDLJOH &YDMVTJPO PG USBDFS VQUBLF CZ UIF DFOUSBM DFMMTPGUIFDPSQVTXBTPCTFSWFEJOUIFTIPPUBQJDBM NFSJTUFNPG"SBCJEPQTJTMPBEFEXJUIBEZFWJBDVU MFBWFT (JTFMFUBM *UJTFBTZUPJNBHJOFIPX FYDIBOHFPGTJHOBMTXJUIJOBOECFUXFFOTZNQMBTUJD êFMETDPVMEJOëVFODFNPSQIPHFOFUJDFWFOUTJOUIF NFSJTUFN UIFSFCZ DPOGFSSJOH VOJRVF QBUUFSOT PG HFOFFYQSFTTJPOJOUIFTFêFMET ѮF TQFDJêDBUJPO BOE NBJOUFOBODF PG UIF TIPPU BQJDBMNFSJTUFNJOUIFFNCSZPBOEJOUIFTFFEMJOH QMBOUIBTCFFOTIPXOUPJOWPMWFNFNCFSTPGBGBTDJ OBUJOHGBNJMZPGHFOFT UIFIPNFPCPYHFOFTѮFTF HFOFT XIJDI HBJOFE QSPNJOFODF BT EFUFSNJOBOUT PG TFHNFOUBM BOE DFMMVMBS JEFOUJUZ BOE SFHJPOBMJ[B UJPO JO BOJNBM FNCSZPT FODPEF BO FWPMVUJPOBSJMZ DPOTFSWFE BNJOP BDJE %/"CJOEJOH TFRVFODF LOPXO BT IPNFPEPNBJO ѮF CBTJD NPMFDVMBS TUSVDUVSFPGIPNFPEPNBJOJTBTUSJOHPGUISFFʂIF MJDFTUPGPSNBAIFMJYUVSOIFMJYNPUJG#ZBOBMPHZ XJUI UIFJS %/"CJOEJOH SPMF JO BOJNBM FNCSZP HFOFTJT IPNFPEPNBJOT XIJDI IBWF UVSOFE VQ BT QSPEVDUTPGTFWFSBMQMBOUHFOFT BQQBSFOUMZGVODUJPO BTUSBOTDSJQUJPOGBDUPSTDPOUSPMMJOHDFSUBJOGBDFUTPG UIFFNCSZPOJDBOEQPTUFNCSZPOJDEFWFMPQNFOUPG QMBOUTѮFêSTUQMBOUIPNFPCPYHFOF ,/055&% ,/
UPCFêTIFEPVUBOEDMPOFEXBTGSPNNBJ[F EPNJOBOU NVUBUJPOT JO UIJT HFOF DBVTF BOBSDIJD HSPXUIPGUIFMFBG SFTVMUJOHJOUIFGPSNBUJPOPGJS SFHVMBSQBUDIFTPGUJTTVFLOPXOBTLOPUTѮF,/ HFOFXBTBMTPUIFêSTUHFOFUPCFDMFBSMZMJOLFEBTB NPMFDVMBSNBSLFSUPUIFQSFQBUUFSOJOHJOGPSNBUJPO JOUIFTIPPUBQJDBMNFSJTUFNEFMJNJUFEEVSJOHFN CSZPHFOFTJT5SBOTDSJQUTPGUIF,/HFOFBTXFMMBT JUTQSPUFJOQSPEVDUBSFJOJUJBMMZEFUFDUFEJOBIBOE GVMPGQSFDVSTPSDFMMTJOUIFCJMBUFSBMMZTZNNFUSJDBM NBJ[F FNCSZP XIFSF UIF TIPPU BQJDBM NFSJTUFN JT PSEBJOFE UP BQQFBS TFF 1MBUF 'JHBmJ ѮF DPO UJOVFEFYQSFTTJPOPG,/JOUIFTIPPUBQJDBMNFSJ TUFN GPSNFE GSPN UIFTF DFMMT EVSJOH QSPHSFTTJWF FNCSZPHFOFTJT BOE EVSJOH QPTUFNCSZPOJD EFWFM PQNFOUPGNBJ[FIBTTVQQPSUFEBSPMFGPSUIJTHFOF JO NBJOUFOBODF PG UIF NFSJTUFN JO BO VOEJĒFSFO UJBUFETUBUF +BDLTPOFUBM4NJUIFUBM ѮF FTUBCMJTINFOU PG UIF TIPPU BQJDBM NFSJTUFN JO SJDFFNCSZPJTBMTPGPSFTIBEPXFECZUIFBQQFBSBODF
ϓύ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
'JHɩɧ%JBHSBNNBUJDSFQSFTFOUBUJPOPGFYQSFTTJPOQBUUFSOT PGSJDF04)HFOFT TIBEFECMBDL EVSJOHFNCSZPHFOFTJTJO SJDFD$PMFPQUJMF FFQJCMBTU MQêSTUMFBGQSJNPSEJVN SSBEJ DMF TTIPPUBQJDBMNFSJTUFN TDTDVUFMMVN 3FQSJOUFEGSPN 4FOUPLVFUBM
PGUSBOTDSJQUTPG,/UZQFIPNFPCPYHFOFTDMPOFE GSPN FNCSZPT BOE TIPPU BQJDFT PG SJDF %FUBJMFE TUVEJFTIBWFZJFMEFEBQJDUVSFPGEJĒFSFOUTFUTPGIP NFPCPYHFOFTDPOUSPMMJOHUIFTQFDJêDBUJPOBOEEF WFMPQNFOUPGUIFFNCSZPOJDTIPPUBQJDBMNFSJTUFN JOSJDF 4BUPFUBM *UPFUBM1PTUNB )BBSTNBFUBM4FOUPLVFUBM "TTIPXO JO 'JH GSPN B CBUUFSZ PG TJY SJDF IPNFPCPY HFOFTXIPTFFYQSFTTJPOJOEFWFMPQJOHFNCSZPTXBT NPOJUPSFE CZ JO TJUV IZCSJEJ[BUJPO HFOFT 03:;" 4"5*7" )0.&0#09 <04) BMTP EFTJHOBUFE BT0SZ[BTBUJWB,/055&%MJLF 0T,O > 04) 04) 04) BOE04)BSFDPOTJEFSFEUPQSP NPUF NFSJTUFN EFWFMPQNFOU XIFSFBT UIF 04) HFOFQSPWJEFTCBTJDQPTJUJPOBMDVFTUPHFOFSBUFBOE BMMPDBUF QSPTQFDUJWF DFMM GBUFT ѮJT DPODMVTJPO JT CBTFEPOUIFPCTFSWBUJPOUIBUBMUIPVHIUIF04) HFOF JT VOJGPSNMZ FYQSFTTFE JO UIF FBSMZ HMPCVMBS FNCSZP JUTFYQSFTTJPOJTTVQQSFTTFEJOUIFSFHJPOPG UIFEFWFMPQJOHTIPPUBQJDBMNFSJTUFNCFHJOOJOHJO UIFMBUFHMPCVMBSFNCSZPJODPOUSBTU FYQSFTTJPOPG UIFPUIFSHFOFTJTDPOêOFEUPUIFBSFBPGUIFEFWFM PQJOH TIPPU BQJDBM NFSJTUFN QSFDFEJOH JUT EFMJNJ UBUJPO 4FOUPLVFUBM 5XPPUIFS0T,OHFOF GBNJMZNFNCFST OBNFMZ 0T,O BMMFMJDUP04) BOE0T,O BMMFMJDUP04) BOEOPWFMHFOFTFO DPEJOHB,/MJLFIPNFPEPNBJOCFMPOHJOHUPUIF )04 GBNJMZ GPS )0.&0#09 (&/& 0' 0SZ[B TBUJWB BSFBMTPFYQSFTTFEBUUIFTJUFPGUIFTIPPUBQJ DBM NFSJTUFN TVHHFTUJOH UIFJS JOWPMWFNFOU JO UIF QPTJUJPOJOHPGUIFNFSJTUFN 1PTUNB)BBSTNBFUBM *UPFUBM
'JHɩɨ%ZOBNJDTPG864HFOFFYQSFTTJPOQBUUFSOEVSJOH FBSMZFNCSZPHFOFTJTJO"SBCJEPQTJT-Fѫ%JBHSBNNBUJDSFQ SFTFOUBUJPOT PG FYQSFTTJPO PG HFOF USBOTDSJQUT TIBEFE CF HJOOJOHJOUIFGPVSTVCFQJEFSNBMDFMMTJOUIFBQJDBMSFHJPOPG UIFDFMMFEFNCSZP"MUIPVHIUIFTFDFMMTEJWJEFMPOHJUVEJ OBMMZ POMZUIFDFOUSBMEBVHIUFSDFMMTDPOUJOVF864HFOFFY QSFTTJPOBTUIFFNCSZPQSPHSFTTFTJOUPUIFUPSQFEPTIBQFE TUBHF 3JHIU %JBHSBNT PG EJWJTJPOT PG DFMMT UIBU MFBE UP UIF GPSNBUJPOPGOFXDFMMTFYQSFTTJOHUIF864HFOFJOUIFTIPPU BQJDBMNFSJTUFNJOUIFUPSQFEPTIBQFEFNCSZP"TTIPXOJO UIFUPQEJBHSBN UXPNFDIBOJTNTUPFYQMBJOIPXUIFDFO USBMEBVHIUFSDFMMTTVTUBJO864HFOFFYQSFTTJPOIBWFCFFO QSPQPTFEѮFNJEEMFEJBHSBNTIPXTUIBU864FYQSFTTJOH DFMMTFWFOUVBMMZEJWJEFIPSJ[POUBMMZ EBTIFEMJOFT TFUUJOHVQ UIF-BOE-DFMMMBZFST 3FQSJOUFEGSPN.BZFSFUBM
1SFWJPVT TUVEJFT UIBU FMVDJEBUFE UIF TUSVDUVSBM BT QFDUT PG UIF TIPPU BQJDBM NFSJTUFN JO ëPXFSJOH QMBOUT IBWF OPX CFFO DPVQMFE XJUI HFOFUJD BOE NPMFDVMBSBOBMZTFTUPTLFUDIJUTQSPHSFTTJPOGSPNB TVCTFUPGVOEJTUJOHVJTIFEDFMMTJOUIFHMPCVMBSFN CSZPUISPVHIBDPOUJOVVNPGEFWFMPQNFOUBMTUBUFT BOEUPJEFOUJGZUIFTJHOBMJOHQBUIXBZTUIBUDPPSEJ OBUF UIF NFSJTUFN CFIBWJPS OFDFTTBSZ UP QSPWJEF B CBMBODF CFUXFFO TUFN DFMM NBJOUFOBODF BOE JOJ UJBUJPOPGPSHBOEJĒFSFOUJBUJPO.VDIPGUIJTXPSL IBTCFFOEPOFJO"SBCJEPQTJT JOXIJDINPSFUIBO B EP[FO NVUBUJPOT UIBU BĒFDU UIF PSHBOJ[BUJPO PG UIFFNCSZPOJDTIPPUBQJDBMNFSJTUFNJOTVCUMFXBZT
ɩɧ *OJUJBUJPOBOE.BJOUFOBODFPG&NCSZP.FSJTUFNT
IBWF CFFO JEFOUJêFE +ÛSHFOT 4IBSNB BOE 'MFUDIFS$BSMFTBOE'MFUDIFS#ÅVSMFBOE -BVY #BTFEPOBOBMZTJTPGFYQSFTTJPOPGXJME UZQF HFOFT BT NPMFDVMBS NBSLFST UIF QSFWBJMJOH WJFXJTUIBUBTUFQXJTFBQQFBSBODFPGDIBSBDUFSJTUJD USBOTDSJQUJPOBMEPNBJOTCFHJOOJOHBUBOFBSMZTUBHF PGFNCSZPHFOFTJTDPMMFDUJWFMZEFêOFTJOJUJBUJPO BOE TVCTFRVFOU NBJOUFOBODF PG UIF TIPPU BQJDBM NFSJ TUFN.VUBOUTEFTJHOBUFEBTXVTDIFM XVT
TUN BOE DMBWBUB DMW BMPOHXJUIBGFXPUIFSTIBWFTFSWFEBT VTFGVM QBSBEJHNT UP JMMVTUSBUF UIF DSJUJDBM OFFE GPS TQFDJêDHFOFTJOEFUFSNJOJOHTIPPUBQJDBMNFSJTUFN DFMMGBUFBOEJUTNBJOUFOBODFJOUIFEFWFMPQJOHFN CSZPBOETFFEMJOHQMBOU.VUBUJPOJOUIF864HFOF JODPSSFDUMZ TQFDJêFT UIF FNCSZPOJD TIPPU BQJDBM NFSJTUFN XIJDIDPOTFRVFOUMZEJTQMBZTEFGFDUJWFPS HBOJ[BUJPOBOEBUUBJOT BUCFTU BëBUDPOUPVSJOCPUI UIF NBUVSF FNCSZP BOE UIF TFFEMJOH ѮF QIFOP UZQJDFĒFDUTPGUIFNVUBUJPOBSFNPTUESBNBUJDBMMZ TFFOJOUIFTFFEMJOH JOXIJDIEFGFDUJWFNFSJTUFNT BSF JOJUJBUFE SFQFBUFEMZ POMZ UP UFSNJOBUF JO BCFS SBOUëBUTUSVDUVSFTѮF864HFOFJTBMTPQSPCBCMZ UIFPOMZNPMFDVMBSNBSLFSUIBUJEFOUJêFTUIFTIPPU BQJDBMNFSJTUFNBUUIFFBSMJFTUSFDPHOJ[BCMFTUBHFPG FNCSZPHFOFTJTBTTFFOJO'JH USBOTDSJQUTPGUIF HFOFBSFêSTUEFUFDUFEJOUIFGPVSJOOFSDFMMTPGUIF BQJDBM SFHJPO PG UIF DFMMFE XJMEUZQF "SBCJEPQ TJTFNCSZPMPOHCFGPSFUIFTIPPUBQJDBMNFSJTUFNJT IJTUPMPHJDBMMZ JODBSOBUFE ѮFTF USBOTDSJQUT HSBEV BMMZCFDPNFMJNJUFEUPBHSPVQPGDFMMTJOUIFMPXFS QBSUPGUIFDFOUSBM[POFBOEBCPWFUIFSJC[POFѮJT QBUUFSO PG 864 HFOF FYQSFTTJPO JT NBJOUBJOFE FT TFOUJBMMZVODIBOHFEEVSJOHNPTUPGFNCSZPHFOFTJT BOE JT FWFO DPOUJOVFE EVSJOH WFHFUBUJWF EFWFMPQ NFOU#BTFEPOUIFQBUUFSOPGUSBOTDSJQUFYQSFTTJPO OBSSPXFE EPXO UP B TNBMM HSPVQ PG DFMMT VOEFS OFBUIUIFUXPPSUISFFPVUFSNPTUMBZFSTPGDFMMTJO UIF DFOUSBM [POF PG XJMEUZQF FNCSZPOJD BOE QPTU FNCSZPOJD TIPPU BQJDBM NFSJTUFNT JU IBT CFFO IZ QPUIFTJ[FEUIBUTUFNDFMMJEFOUJUZJOUIFNFSJTUFNJT TQFDJêFECZUIF864HFOFJOUIFVOEFSMZJOHHSPVQ PG DFMMT DPOTJEFSFE BT UIF TUFN DFMM PSHBOJ[FS
XIJDIJOUVSOMFUUIFPVUFSMBZFSTPGDFMMTLOPXUIBU UIFZBSFUPCFDPNFQMVSJQPUFOUTUFNDFMMT .BZFSFU BM ѮFSFNBSLBCMFPCTFSWBUJPOPG(BMMPJTFU BM TIPXJOHUIBUFDUPQJDFYQSFTTJPOPG864 HFOF JO UIF SPPU NFSJTUFN PG "SBCJEPQTJT QSPNQUT UIFOFJHICPSJOHDFMMTUPQBSUJDJQBUFJOUIFNBLJOHPG BTIPPUUFTUJêFTUPUIFGVODUJPOPGUIJTHFOFJOFTUBC MJTIJOHTUFNDFMMTBTXFMMBTJOTQFDJGZJOHUIFJSTIPPU
ϓώ
'JHɩɩBoE4FDUJPOT PG TIPPU BQJDFT PG NBUVSF FNCSZPT BOE TFFEMJOHT PG XJMEUZQF BOE [MM NVUBOUT PG "SBCJEPQTJT B C 4IPPU BQJDBM NFSJTUFNT BSSPXT PG XJMEUZQF FNCSZP BOE TFFEMJOH SFTQFDUJWFMZ TIPXJOH TNBMM EFOTFMZ TUBJOFE DFMMT D E 4IPPU BQJDBM NFSJTUFNT BSSPXT PG [MM NVUBOU FNCSZP BOE TFFEMJOH SFTQFDUJWFMZ TIPXJOH MBSHF MJHIUMZ TUBJOFEDFMMTD$PUZMFEPO MMFBGQSJNPSEJVN QFNFSHJOHMFBG QSJNPSEJVN WWBTDVMBSUJTTVF#BSTʍN 3FQSJOUFEGSPN .PVTTJBOFUBM
JEFOUJUZѮFQSFEJDUFEQSPUFJOQSPEVDUPGUIF864 HFOFTIPXTIPNPMPHZUPIPNFPEPNBJOTFRVFODFT DPOTJTUFOU XJUI JUT QPTUVMBUFE SPMF BT B USBOTDSJQ UJPOGBDUPSJOSFDPHOJ[JOHTQFDJêD%/"GSBHNFOUT CVUIPXUIJTJTUSBOTMBUFEJOUPTJHOBMUSBOTEVDUJPO JTQBSUPGUIFMBSHFSQSPCMFNPGVOEFSTUBOEJOHUIF NPEFPGGVODUJPOJOHPGIPNFPEPNBJOTJOHFOFSBM -BVYFUBM.BZFSFUBM .VUBUJPOTJO45.BOEUIFSFMBUFE;8*--<;-- BMTP SFQSFTFOUFE CZ UIF 1*/)&"% 1/) BMMFMF> HFOFTBSFTZTUFNBUJDBMMZDPSSFMBUFEXJUIBEJTSVQUFE TIPPU BQJDBM NFSJTUFN JO PUIFSXJTF NPSQIPMPHJ DBMMZOPSNBMFNCSZPTBOETFFEMJOHTTFWFSFBMMFMFT PG UIF TUN NVUBOU DBVTF BCTFODF PG UIF TIPPU BQJ DBMNFSJTUFNJOUIFFNCSZPFWFOUIPVHIPUIFSPS HBOT TVDI BT DPUZMFEPOT IZQPDPUZM BOE SPPU BSF GPSNFE"OFYUSFNFEFGFDUPCTFSWFEJO[MMNVUBOU FNCSZPT BOE TFFEMJOHT JT B ëBU BQFY DPNQPTFE PG DFMMT UIBU MBDL GFBUVSFT PG B NFSJTUFN BMUIPVHI [MM NVUBOUQIFOPUZQFTFYIJCJUWBSJBCJMJUZSBOHJOHGSPN UIFQSFTFODFPGBOFOMBSHFETIPPUBQJDBMNFSJTUFN UPJUTDPNQMFUFBCTFODF 'JHBmE "TJOJUJBUJPO PG UIF NFSJTUFN JT CMPDLFE DMPTF UP UIF UPSQFEP TIBQFETUBHFPGNVUBOUFNCSZPT OPMFBWFTEFWFMPQ BUUIFKVODUJPOCFUXFFODPUZMFEPOTJOUIFTFFEMJOH QIFOPUZQFT PG TUN BOE [MM NVUBOUT #BSUPO BOE 1PFUIJH &OESJ[[J FU BM .PVTTJBO FU BM -ZOO FU BM ѮF BNJOP BDJE TFRVFODF PGUIF45.HFOFTIPXTBSFNBSLBCMFEFHSFFPGIP
ϓϏ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
NPMPHZ UP UIF IPNFPEPNBJO PG UIF ,/ HFOF PG NBJ[F JNQMZJOHJUTSPMFBTBUSBOTDSJQUJPOBMSFHVMB UPSJOTIPPUBQJDBMNFSJTUFNEFWFMPQNFOU&YQSFT TJPO PG UIF 45. HFOF êSTU CFDPNFT FWJEFOU JO B GFX DFMMT TMJHIUMZ EJTQMBDFE GSPN UIF DFOUFS PG UIF HMPCVMBS FNCSZP MBUFS TQSFBEJOH UP CPUI TJEFT PG UIFFNCSZPGSPNUIFIFBSUTIBQFETUBHFPOXBSET FYQSFTTJPOJTEFUFDUFEJOUIFTIPPUBQJDBMNFSJTUFN BTBDPOUJOVPVTCBOECFUXFFODPUZMFEPOT -POHFU BM-POHBOE#BSUPO )PXFWFS CFZPOE DPOêSNJOHUIBUUIF45.HFOFJTSFRVJSFEGPSTIPPU BQJDBM NFSJTUFN GPSNBUJPO EVSJOH FNCSZPHFOFTJT BOEGPSUIFDPOUJOVFEGVODUJPOJOHPGUIFNFSJTUFN EVSJOH UIF WFHFUBUJWF HSPXUI PG UIF QMBOU UIF FY QSFTTJPO QBUUFSO PG HFOF USBOTDSJQUT JO XJMEUZQF FNCSZPT IBT OPU QSPWJEFE B DMFBS QJDUVSF PG UIF GVODUJPOPGUIJTHFOF0OFWJFXJTUIBUUIFHFOFJT SFRVJSFE JO UIF DFOUSBM SFHJPO PG UIF NFSJTUFN UP JOIJCJUEJĒFSFOUJBUJPOPGTUFNDFMMT XIFSFBTJOUIF QFSJQIFSBMSFHJPOJUGVODUJPOTUPQSFWFOUPSHBOPVU HSPXUI -POHBOE#BSUPO ѮFVMUJNBUFGBUF PGUIFDFOUSBMBOEQFSJQIFSBMEPNBJOTPGUIFTIPPU BQJDBM NFSJTUFN UIF GPSNFS DPOTUJUVUJOH UIF TUFN DFMMTBOEUIFMBUUFSTFSWJOHBTUIFQSFTVNQUJWFTJUFT PGDPUZMFEPOTBOEMFBGQSJNPSEJB JTBMTPSFëFDUFEJO UIF TQBUJPUFNQPSBM QBUUFSOT PG FYQSFTTJPO PG USBO TDSJQUTPGPUIFSNPMFDVMBSNBSLFSTJOUIFTFSFHJPOT PGUIFTIPPUBQJDBMNFSJTUFNPGEFWFMPQJOHFNCSZPT " QBSUJDVMBSMZ JOUFSFTUJOH FYBNQMF JT QSPWJEFE CZ UIF"4HFOF XIJDIFODPEFTB.:#EPNBJOUSBO TDSJQUJPOGBDUPS .:#JTBSFDPHOJUJPOTJUFJOUIFHF OPNF JEFOUJêFE XJUI NZFMPCMBTUPTJTBTTPDJBUFE WJ SVTFT "TNFOUJPOFEJO$IBQ USBOTDSJQUTPGUIF "4 HFOF BSF FYQSFTTFE JO UIF QFSJQIFSBM EPNBJOT PGEFWFMPQJOHFNCSZPTDPSSFTQPOEJOHUPUIFDPUZMF EPOTѮBUUIJTHFOFIBTBOPUIFSQJWPUBMGVODUJPOJO TIPPUBQJDBMNFSJTUFNPSHBOJ[BUJPOCFDBNFFWJEFOU JO TUNBT EPVCMF NVUBOUT JO XIJDI UIF NFSJTUFN BQQFBSTOPSNBMXJUIPVUTVĒFSJOHUIFEFGFDUTPGUIF TUNNVUBOU(JWFOUIBUUIFUZQJDBMQIFOPUZQFPGUIF TUNNVUBOUJTTVQQSFTTFECZUIFMPTTPGBDUJWJUZPG UIF"4HFOF POFNPEFMUIBUIBTCFFOQSPQPTFEJT UIBU UIF 45. HFOF NBJOUBJOT UIF VOEJĒFSFOUJBUFE TUBUFPGDFMMTJOUIFDFOUSBMSFHJPOPGUIFTIPPUBQJ DBMNFSJTUFNCZOFHBUJWFMZSFHVMBUJOHUIF"4HFOF #ZSOF FU BM #Z QSFWFOUJOH UIF EJĒFSFOUJB UJPO PG DFMMT PG UIF DFOUSBM SFHJPO PG UIF TIPPU BQJ DBMNFSJTUFNBTTUFNDFMMT UIF;--HFOFBQQFBSTUP QMBZBSPMFTJNJMBSUPUIBUPGUIF45.HFOF#FDBVTF
UIF;--HFOFFODPEFTBSFMBUJWFMZOPWFMQSPUFJOXJUI VOEFêOFEGVODUJPOT JUJTOPUGBSGFUDIFEUPBTTVNF UIBUUIJTQSPUFJONBZTFSWFBTBEFUFSNJOBOUPGUIF TUFNDFMMGBUFPGUIFTIPPUBQJDBMNFSJTUFNCZTJHOBM JOH QPTJUJPOBM JOGPSNBUJPO PS JO UIF USBOTMBUJPOBM SFHVMBUJPO PG B TQFDJêD N3/" TVCTFU SFRVJSFE GPS UIF EFWFMPQNFOU PG UIF NFSJTUFN .PVTTJBO FU BM -ZOOFUBM "HFOFUJDBOBMZTJTPG[MMXVT BOE[MMDMWEPVCMFNVUBOUTIBTMFEUPUIFTVHHFTUJPO UIBUTUBCJMJUZPGUIFTIPPUBQJDBMNFSJTUFNJO"SBCJ EPQTJTJTESJWFOCZ;--HFOFBDUJWJUZ XIJDIFOTVSFT UIFBWBJMBCJMJUZPGUIFSFRVJSFEDSJUJDBMDFMMOVNCFS .PVTTJBOFUBM 4JODF HSPTT EFGFDUT JO UIF PSHBOJ[BUJPO PG UIF TIPPUBQJDBMNFSJTUFNPGUIFTUNNVUBOUBSFNPSF PS MFTT TJNJMBS UP UIPTF EJTQMBZFE CZ UIF XVT NV UBOU TPNFBUUFOUJPOIBTCFFOQBJEUPEFUFSNJOJOH IPX45.BOE864HFOFGVODUJPOTBSFJOUFHSBUFE JO UIF GPSNBUJPO PG UIF NFSJTUFN " WBSJFUZ PG FY QFSJNFOUTIBWFTVHHFTUFEUIBUUIF864BOE45. HFOFT QMBZ JOEFQFOEFOU BOE DPNQMFNFOUBSZ SPMFT JOWPMWJOHTUFNDFMMTQFDJêDBUJPOCZUIFGPSNFSBOE TVQQSFTTJPO PG EJĒFSFOUJBUJPO PG TUFN DFMMT JO UIF FNCSZPBQFYCZUIFMBUUFS (BMMPJTFUBM-FO IBSEFUBM ѮF $614)"1&% $05:-&%0/ HFOFT $6$m$6$ IBWFBMTPGBDJMJUBUFEêOFUVOJOHPG PVSVOEFSTUBOEJOHPGTIPPUBQJDBMNFSJTUFNJOJUJB UJPOJO"SBCJEPQTJTFNCSZPT"MUIPVHIUIFFĒFDUPG NVUBUJPOBMJOBDUJWBUJPOPG$6$BOE$6$HFOFT TJOHMZJTWFSZXFBL EPVCMFNVUBUJPOTOPUPOMZJN QBJS EFWFMPQNFOU PG UIF FNCSZPOJD TIPPU BQJDBM NFSJTUFN CVU BMTP DBVTF EFGFDUT JO UIF TFQBSBUJPO PGDPUZMFEPOTJOFNCSZPTBOEPGTFQBMTBOETUBNFOT JO ëPXFST "JEB FU BM 7SPFNFO FU BM *OBEESFTTJOHUIFRVFTUJPOPGIPX$6$HFOFTDPO USPMTIPPUBQJDBMNFSJTUFNGPSNBUJPOBOEDPUZMFEPO TFQBSBUJPO BDPNQBSJTPOPGUIFFYQSFTTJPOQBUUFSOT PG $6$m$6$ BOE 45. HFOF USBOTDSJQUT JO UIF XJMEUZQF"SBCJEPQTJTFNCSZPTIBTQSPWFEJOGPSNB UJWF4VHHFTUJWFPGBSPMFGPS$6$BOE$6$JOUIF JOJUJBUJPO PG UIF FNCSZPOJD TIPPU BQJDBM NFSJTUFN USBOTDSJQUTPGUIFTFHFOFTBSFEFUFDUFEFBSMJFSUIBO UIPTFPG$6$BOE45.HFOFTJOBGFXDFMMTPGUIF HMPCVMBSFNCSZPQSFEJDUFEUPGPSNUIFTIPPUBQJDBM NFSJTUFN )PXFWFS UIFSF JT BO PWFSMBQ PG FYQSFT TJPO PG UIF GPVS HFOFT JO UIF FBSMZ TUBHFT PG FN CSZPHFOFTJTBTFYQSFTTJPOPG$6$BOE45.HFOFT GPMMPXT DMPTFMZ PO UIF IFFMT PG UIBU PG $6$ BOE
ɩɧ *OJUJBUJPOBOE.BJOUFOBODFPG&NCSZP.FSJTUFNT
$6$JOUIFTBNFEPNBJOPGUIFHMPCVMBSFNCSZP -BUFS JO UIF CFOUDPUZMFEPO TUBHF FNCSZP DPJODJ EFOUXJUIUIFCVMHJOHPGUIFEFWFMPQJOHTIPPUBQJDBM NFSJTUFN $6$HFOFUSBOTDSJQUTCZQBTTUIFDFOUFS PGUIFNFSJTUFNBOEBQQFBSJOBSFHJPOTVSSPVOEJOH JUѮJTJTDPOTJTUFOUXJUIUIFBTTVNFESPMFPGUIFTF HFOFTJODPUZMFEPOTFQBSBUJPOCZSFQSFTTJOHCVMHJOH JO UIF CPVOEBSZ CFUXFFO UIF DPUZMFEPOT CVU DPO USBTUTXJUIUIFFYQSFTTJPOPGUIF45.HFOF XIJDI CFDPNFT SFTUSJDUFE UP UIF TJUF PG UIF QSFTVNQUJWF TIPPUBQJDBMNFSJTUFN*OEJDBUJWFPGBSFRVJSFNFOU GPS$6$HFOFTJOUIFTFQBSBUJPOPGUIFTIPPUBQJDBM NFSJTUFNBOEDPUZMFEPOT $6$USBOTDSJQUTBSFBMTP FYQSFTTFE JO UIF CPVOEBSZ CFUXFFO UIFTF QBSUT PG UIF EFWFMPQJOH FNCSZP #BTFE PO UIF PCTFSWBUJPO UIBU UIF 45. HFOF JT OPU FYQSFTTFE JO DVDDVD EPVCMFNVUBOUT JUJTCFMJFWFEUIBU$6$HFOFTQSPC BCMZQSPNPUFUSBOTDSJQUJPOPGUIF45.HFOFJOUIF FNCSZPOJD TIPPU BQJDBM NFSJTUFN PG "SBCJEPQTJT "JEB FU BM 5BLBEB FU BM 7SPFNFO FU BM ѮSPVHI UIFJS DPOUSPM PG BVYJO EJTUSJCV UJPO UXPPUIFSHFOFT .1BOE1*/ IBWFBMTPCFFO JNQMJDBUFEJOUIFSFHVMBUJPOPGFYQSFTTJPOPG$6$ HFOFT JO QBUUFSOJOH PG UIF TIPPU BQJDBM NFSJTUFN BOEDPUZMFEPOTFQBSBUJPOJOUIF"SBCJEPQTJTFNCSZP "JEBFUBM *OUIFDVSSFOUQJDUVSF UIFNBJO QMBZFSTJOUIFNPMFDVMBSPSHBOJ[BUJPOPGUIFTIPPU BQJDBM NFSJTUFN JO "SBCJEPQTJT BSF UIF 864 HFOF XIPTFFYQSFTTJPONBSLTNFSJTUFNJOJUJBUJPOJOUIF HMPCVMBSFNCSZP GPMMPXFECZUIF$6$HFOFT BOE êOBMMZ UIF45.HFOF XIPTFFYQSFTTJPOJTBDUJWBUFE CZUIF$6$HFOF 4IBSNBBOE'MFUDIFS "T BMMVEFE UP FBSMJFS DFOUSBM UP UIF GVODUJPOJOH PG UIF TIPPU BQJDBM NFSJTUFN DMPTF UP JNNPSUBMJUZ JTUIFNBJOUFOBODFPGBSFTFSWPJSPGTUFNDFMMTUIBU BSFBWBJMBCMFGPSPOHPJOHPSHBOPHFOFTJTUISPVHIPVU UIFMJGFPGUIFQMBOU"MUIPVHIUIJTJTBQSPCMFNUP CF SFDLPOFE XJUI EVSJOH UIF QPTUFNCSZPOJD EF WFMPQNFOUPGUIFQMBOU UIFTUBHFJTTFUEVSJOHFBSMZ FNCSZPHFOFTJTCZUIFBDUJWBUJPOPGBNFSJTUFNTJH OBMUSBOTEVDUJPOQBUIXBZѮF$-7GBNJMZPGHFOFT SFQSFTFOUFE CZ $-7 $-7 BOE $-7 IBT CFFO BTTJHOFEUIFQSJNBSZSPMFPGQSPNPUJOHTUFNDFMMT UPNBLFUIFUSBOTJUJPOJOUPUIFEJĒFSFOUJBUFETUBUF TPUIBUUIFZCFDPNFSFDSVJUFEJOUPQPUFOUJBMMFBGPS ëPXFSQSJNPSEJBBUUIFQFSJQIFSZPGUIFNFSJTUFN UIJTWJFXJTTVQQPSUFECZUIFPCTFSWBUJPOUIBUNV UBUJPOT JO UIF $-7 MPDJ SFTVMU OPU POMZ JO EFMBZFE PSHBO JOJUJBUJPO BU UIF TIPPU BQJDBM NFSJTUFN CVU
ϓϐ
BMTP JO B EJTQSPQPSUJPOBUF JODSFBTF JO TJ[F PG UIF NFSJTUFNEVFUPUIFBDDVNVMBUJPOPGTVSQMVTTUFN DFMMT'PSFYBNQMF UIFTIPPUBQJDBMNFSJTUFNPGDMW NVUBOUFNCSZPTJTWJTJCMZMBSHFSUIBOXJMEUZQFFN CSZPTEVFUPUIFBDDVNVMBUJPOPGFYDFTTTUFNDFMMT BOE JOQMBOUTQPJTFEUPëPXFS UIFNFSJTUFNBUUBJOT BO JODSFBTF JO WPMVNF PG BMNPTU GPME $MBSL FUBM ,BZFTBOE$MBSL *ODSFBTFT JOTJ[FPGUIFFNCSZPOJDBOEQPTUFNCSZPOJDTIPPU BQJDBM NFSJTUFNT PG NHPVO NHP BOE NHP NV UBOUT BSF PG TNBMMFS NBHOJUVEF UIBO UIPTF PG DMW NVUBOUT -BVGTFUBM "MUIPVHIUIFSFBSFOP BCOPSNBMJUJFTJOUIFEFWFMPQNFOUPGUIFTIPPUBQJ DBMNFSJTUFNJOUIFQPMUFSHFJTU QPM NVUBOU EPVCMF NVUBOU BOBMZTFT IBWF SFWFBMFE UIBU UIF QPM NVUB UJPOTVQQSFTTFTUIFQIFOPUZQFTPGBMMDMWNVUBOUBM MFMFT BOE FOIBODFT UIF FĒFDU PG UIF XVT NVUBUJPO PONFSJTUFNEFWFMPQNFOUUIF10-HFOFQSPCBCMZ QSPNPUFT UIF VOEJĒFSFOUJBUFE TUBUF PG DFMMT JO UIF DFOUFS PG UIF NFSJTUFN :V FU BM ѮF 10- HFOF FODPEFT B QSPUFJO QIPTQIBUBTF $ 11$ XJUIBOVDMFBSMPDBMJ[BUJPONPUJG#FDBVTFUIFHFOF JT FYQSFTTFE OPU POMZ JO UIF TIPPU BOE ëPSBM NFSJ TUFNTPG"SBCJEPQTJT CVUBMTPJONBOZPUIFSUJTTVFT PGUIFQMBOU JUJTKVTUJêBCMZDPOTJEFSFEBTBDPNNPO SFHVMBUPS PG NVMUJQMF TJHOBMJOH QBUIXBZT :V FU BM %FTQJUF UIF GBDU UIBU NVUBUJPOT JO &953" $05:-&%0/ 95$ BOE 95$ HFOFT QFSUVSC UIFHMPCVMBSUPIFBSUTIBQFEUSBOTJUJPOPGFNCSZPT UIFTIPPUBQJDBMNFSJTUFNCFDPNFTWJTJCMZMBSHFJO NBUVSF NVUBOU FNCSZPT TVHHFTUJOH UIBU EFWFMPQ NFOU PG UIF FNCSZP QSPQFS BOE UIBU PG UIF TIPPU BQJDBMNFSJTUFNBSFJOEFQFOEFOUMZSFHVMBUFE $PO XBZBOE1PFUIJH (FOFUJDBOENPMFDVMBSTUVEJFTPGJOUFSBDUJPOTCF UXFFOUIF$-7 45. BOE864HFOFTIBWFQSPWJEFE OFXJOGPSNBUJPOBCPVUUIFSFHVMBUPSZQBUIXBZTUIBU PWFSTFF UIF JOUFHSJUZ PG UIF TIPPU BQJDBM NFSJTUFN BOEDPPSEJOBUFUIFSBUFTPGDFMMEJWJTJPOJOUIFTUFN DFMMQPQVMBUJPO BOEUIFUJNJOHPGPSHBOGPSNBUJPO JOUIFNFSJTUFN"OJNQPSUBOUDPNQPOFOUPGUIJT QBUIXBZ XIJDIQSPWJEFTUIFBMMJNQPSUBOUCBMBODF CFUXFFOQSPMJGFSBUJPOPGTUFNDFMMTBOEUIFJSEJĒFS FOUJBUJPOBUUIFTIPPUBQJDBMNFSJTUFN JTDPOUSPMMFE CZUIF$-7HFOFT XIJDISFTUSJDUUIFTUFNDFMMQPQV MBUJPOBOEBSFJOUVSOTVCKFDUUPOFHBUJWFSFHVMBUJPO CZ UIF TUFN DFMMQSPNPUJOH QBUIXBZ )PX UIJT JT BDDPNQMJTIFESFNBJOTBNZTUFSZCVUTPNFQPJOUFST IBWFCFFOHBJOFEBTBSFTVMUPGDMPOJOHPGUIFUISFF
ϓϑ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
$-7 HFOFT BOBMZ[JOH UIFJS FYQSFTTJPO QBUUFSOT JEFOUJGZJOH UIFJS QSPUFJO QSPEVDUT BOE WBSJPVT PUIFSUSBOTHFOJDBOECJPDIFNJDBMBQQSPBDIFTѮF $-7HFOFFODPEFTBQVUBUJWFSFDFQUPSMJLFLJOBTF XIJDINJHIUQSPWJEFDSJUJDBMFYUSBDFMMVMBSTJHOBMJOH DVFTUISPVHIBDUJWBUJPOCZBQFQUJEFMJHBOE*OEFFE UIFEFEVDFEBNJOPBDJETFRVFODFPGUIF$-7HFOF BTBMPXNPMFDVMBSNBTTTFDSFUFEQSPUFJO BOEUIF FYQSFTTJPOPGUSBOTDSJQUTPG$-7BOE$-7HFOFT ê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
BOEGPS$-7BOE$-7QSPUFJOT JO UIF BTTFNCMZ PG BO BDUJWF $-7 QSPUFJO TJHOBM JOH DPNQMFY CZ JOUFSBDUJPO XJUI B LJOBTFBTTPDJ BUFE QSPUFJO QIPTQIBUBTF ,"11 BOE B 3IPMJLF (51BTF 3PQ QSPUFJO 5SPUPDIBVEFUBM ѮF JOUFSBDUJPOPGB$-7GVTJPOQSPUFJOXJUI,"11JO WJUSPBOEJOWJWP BOEBOBMZTJTPGUSBOTHFOJDQMBOUT FYQSFTTJOHUIF,"11HFOF IBWFJOEJDBUFEUIBUUIF MBUUFS NBZ GVODUJPO BT B OFHBUJWF SFHVMBUPS PG UIF $-7 TJHOBM USBOTEVDUJPO QBUIXBZ JO UIF EFWFMPQ NFOUPGUIFTIPPUBQJDBMNFSJTUFN 8JMMJBNTFUBM 4UPOFFUBM 0WFSFYQSFTTJPOPGUIF$-7 HFOFJOUSBOTHFOJD"SBCJEPQTJTIBTNBEFJUQPTTJCMF UPBTTJHOBEFêOJUJWFSPMFGPSUIJTHFOFJOOFHBUJWFMZ SFHVMBUJOHUIFTUFNDFMMQSPNPUJOHQBUIXBZ BOEJO TJHOBMJOH UISPVHI B $-7$-7 SFDFQUPS LJOBTF DPNQMFY5SBOTHFOFTPWFSFYQSFTTJOHUIF$-7HFOF BSFVOBCMFUPHFOFSBUFBDPOUJOVPVTTVQQMZPGTUFN DFMMTJOUIFTIPPUBQJDBMNFSJTUFN BTTFFOCZUIFJS JOBCJMJUZUPQSPEVDFMBUFSBMPSHBOTSFHVMBSMZEVSJOH UIFWFHFUBUJWFBOESFQSPEVDUJWFQIBTFTJOUIFMJGFPG UIFQMBOU*UXBTBMTPGPVOEUIBUPWFSFYQSFTTJPOPG UIF$-7HFOFJOBDMWPSDMWNVUBOUCBDLHSPVOE MFBETUPUIFBQQFBSBODFPGBUZQJDBMDMWNVUBOUQIF OPUZQFѮJTDPVMEPDDVSPOMZJGBGVODUJPOBM$-7
$-7 HFOF DPNQMFY JT SFRVJSFE GPS $-7 HFOF BD UJPO #SBOEUFUBM 0GQBSUJDVMBSJOUFSFTUJTUIFNFDIBOJTNCZXIJDI 45. BOE 864 HFOFT BDU BOUBHPOJTUJDBMMZ UP $-7 HFOFT ZFUUIFJSDPNCJOFEFĒFDUTZJFMEBGVODUJPOBM NFSJTUFN 8IFSFBT UIF 45. HFOF QSPNPUFT UIF FTUBCMJTINFOU BOE NBJOUFOBODF PG UIF TIPPU BQJ DBM NFSJTUFN BOE $-7 BOE $-7 MPDJ SFQSFTT NFSJTUFNQSPMJGFSBUJPO GPSNBUJPOPGUIFFNCSZPOJD TIPPUBQJDBMNFSJTUFNJTOPUSFTUPSFEJOEPVCMFNV UBOUT DBSSZJOH B XFBL TUN BMMFMF BOE B DMW PS DMW BMMFMF ѮJT TIPXT 45. HFOF BDUJWJUZ JT SFRVJSFE GPS NFSJTUFN QSPMJGFSBUJPO XIFO $-7 HFOFT BSF LOPDLFEPVU BOEUIBUTVQQSFTTJPOPGNFSJTUFNEF WFMPQNFOUJOUIFTUNNVUBOUEFQFOETPO$-7HFOF BDUJWJUZѮ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ѮJTWJFXJTBMTPTVQQPSUFECZUIF FDUPQJD 864 HFOF USBOTDSJQU FYQSFTTJPO PCTFSWFE JOBOFOMBSHFEEPNBJOPGDMWNVUBOUFNCSZPTBOE CZ UIF BCTFODF PG 864 HFOF USBOTDSJQUT JO UIF BS SFTUFE TIPPU BQJDBM NFSJTUFN PG USBOTHFOJD QMBOUT PWFSFYQSFTTJOHUIF$-7HFOF #SBOEUFUBM 4DIPPG FU BM ѮVT B TVēDJFOUMZ EJWFSTF BS SBZPGJOUFSBDUJPOTCFUXFFOBTFUPGUISFFNBKPSHFOF QSPEVDUTJOWPMWFEJOUIFNBJOUFOBODFPGUIFTIPPU BQJDBMNFSJTUFNJO"SBCJEPQTJTTFFNTUPFYJTUѮF GVODUJPOBM BOBMZTJT PG BOPUIFS HFOF 4)&1)&3% 4)%
TIPXTUIBUJUTQSPUFJOQSPEVDUNJHIUJOUFS BDU XJUI UIF $-7 DPNQMFY QFSIBQT CZ BDUJWBUJOH UIF$-7$-7SFDFQUPSBOEPS$-7MJHBOEѮF CBTJTGPSUIJTWJFXJTUIFPCTFSWBUJPOUIBUBMUIPVHI UIF TIE NVUBUJPO JOëJDUT UIF TBNF EFGFDUT JO UIF TIPPU BQJDBM NFSJTUFN PG "SBCJEPQTJT BT XFBL BOE JOUFSNFEJBUFDMWBMMFMFT XVTDMWBOEXVTTIEEPVCMF NVUBOUTIBWFQIFOPUZQFTJEFOUJDBMUPUIPTFPGXVT TJOHMFNVUBOUT#FDBVTFUIF4)%HFOFFODPEFTBO PSUIPMPHPGUIFNBNNBMJBO(31DIBQFSPOFQSP UFJO UIFMBUUFSJTCFMJFWFEUPJOUFSGFSFJOUIFQSPQFS DPOGPSNBUJPO PG UIF $-7 QSPUFJO *TIJHVSP FU BM
ɩɧ *OJUJBUJPOBOE.BJOUFOBODFPG&NCSZP.FSJTUFNT
'JHɩɪ"NPEFMJMMVTUSBUJOHUIFJOUFSBDUJPOCFUXFFO$-7 BOE864HFOFTUPNBJOUBJOTIPPUNFSJTUFNJEFOUJUZJOUIF "SBCJEPQTJT FNCSZP "O PSHBOJ[JOH DFOUFS SFRVJSJOH 864 HFOFBDUJWJUZTQFDJêFTTUFNDFMMJEFOUJUZCZTJHOBMJOH TNBMM BSSPX ѮF TUFN DFMMT SFTUSJDU UIF SBOHF PG 864 HFOF FY QSFTTJPO CZ $-7 TJHOBMJOH $FMMT UIBU IBWF QBTTFE UIF CPVOEBSZ EFêOFE CZ $-7 GVODUJPO CFDPNF UIF GPVOEFS DFMMTGPSMFBWFTXIJDIEJĒFSFOUJBUFBUUIFëBOLTPGUIFTIPPU BQJDBMNFSJTUFN$;$FOUSBM[POF 1;QFSJQIFSBM[POF 3; SJC[POF 3FQSJOUFEGSPN4DIPPGFUBM
4JODF 864 HFOF FYQSFTTJPO BQQFBST OFDFTTBSZ GPS UIF FOMBSHFE QIFOPUZQF PG UIF TIPPU BQJDBM NFSJ TUFN JO DMW NVUBOUT B NPEFM IBT CFFO QSPQPTFE JODPSQPSBUJOH BO JOUFSBDUJPO PG $-7 BOE 864 HFOFT UP LFFQ UIF NFSJTUFN JO B EZOBNJD FRVJMJC SJVN CFUXFFO B SJTJOH TUFN DFMM QPQVMBUJPO BU JUT TVNNJUBOEBQPQVMBUJPOPGDFMMTEJTQMBDFEUPXBSE JUT QFSJQIFSZ BT PSHBO QSJNPSEJB 'JH ѮF DPSFPGUIJTQSPQPTBMJTUIBU864HFOFFYQSFTTJPO DPOGFSTTUFNDFMMJEFOUJUZJOUIFTIPPUBQJDBMNFSJ TUFN XIJDI JO UVSO QSPNPUFT $-7 HFOF FYQSFT TJPO ѮF TFDSFUFE QSPUFJO QSPEVDU PG UIF $-7 HFOF TVCTFRVFOUMZ JOUFSBDUT XJUI UIF $-7$-7 SFDFQUPSDPNQMFYUPDPNQMFUFUIFTJHOBMJOHDBTDBEF *OSFBMJUZ XIFO$-7BDUJWBUFTUIFTJHOBMUSBOTEVD UJPO QBUIXBZ UIJT TDFOBSJP QSFEJDUT B DPSSFTQPOE JOH EPXOSFHVMBUJPO PG 864 HFOF FYQSFTTJPO UP NBJOUBJO B HSPVQ PG QFSNBOFOU TUFN DFMMT JO UIF NFSJTUFNUISPVHIPVUQMBOUMJGFѮJTNPEFMIBTUIF IBMMNBSLT PG B SFHVMBUPSZ GFFECBDL MPPQ CFUXFFO UIFTUFNDFMMTBOEUIFTUFNDFMMPSHBOJ[JOHDFOUFSJO UIFTIPPUBQJDBMNFSJTUFNNFEJBUFECZUIFBDUJWJUJFT PGUXPTFUTPGHFOFT 4DIPPGFUBM8BJUFTBOE 4JNPO 6TJOHDPNQMFNFOUBSZTUSBUFHJFT -FO IBSEBOE-BVY IBWFQSPWJEFEBEEJUJPOBMNP MFDVMBSJOTJHIUTCZTIPXJOHUIBU$-7QSPUFJOGVOD UJPOTBTBNPCJMFJOUFSDFMMVMBSTJHOBMCZSFQSFTTJOH 864 HFOF USBOTDSJQUJPO JO UIF TUFN DFMMT BOE CZ
ϓϒ
TQSFBEJOHMBUFSBMMZJOBDPOUSPMMFEGBTIJPOCZCJOE JOHUP$-7QSPUFJO(JWFOUIBUUIFBWBJMBCJMJUZPG UIF$-7HFOFJTDSJUJDBMGPSSFHVMBUJPOPGUIF864 HFOFUPDPOUSPMUIFTJ[FPGUIFTUFNDFMMQPQVMBUJPO JOUIFTIPPUBQJDBMNFSJTUFN BSPMFGPSTPNFPUIFS HFOFUPSFHVMBUF$-7FYQSFTTJPOCFDPNFTPCWJPVT "TTIPXOCZUIFXPSLPG#SBOEUFUBM
VOFY QFDUFEMZ UIJTHFOFUVSOTPVUUPCFOPOFPUIFSUIBO 45.3FTVMUTPGBOJOWFTUJHBUJPOPOUIFSPMFPGUIF OFXMZJEFOUJêFE$030/" $/" HFOFJOTUFNDFMM TQFDJêDBUJPOJOUIFTIPPUBQJDBMNFSJTUFNPG"SBCJ EPQTJTTFFEMJOHTBSFJODPOëJDUXJUIUIFBCPWFNPEFM CBTFEFTTFOUBJMMZPO864HFOFFYQSFTTJPOJOUIFDMW NVUBOUCBDLHSPVOE (SFFOFUBM *OUIFJSGBJMVSFUPQSPEVDFUIFTIPPUBQJDBMNFSJ TUFN UIFOPBQJDBMNFSJTUFN OBN NVUBOUFNCSZPT BOETFFEMJOHTPG1FUVOJB 4PVFSFUBM BOEUIF TIPPUMFTT TIM NVUBOU FNCSZPT PG SJDF 4BUPI FU BM SFTFNCMF UIFJS DPVOUFSQBSUT JO "SBCJEPQTJT #BTFE PO BOBUPNJDBM PCTFSWBUJPOT PG EFWFMPQJOH FNCSZPT BOE JO TJUV IZCSJEJ[BUJPO BOBMZTJT XJUI HFOF USBOTDSJQUT UIF /". HFOF JT DPOTJEFSFE UP CFBTTPDJBUFEXJUIEFUFSNJOBUJPOPGUIFQPTJUJPOPG UIFTIPPUBQJDBMNFSJTUFNBOEMFBGQSJNPSEJBѮF QSPUFJO FODPEFE CZ UIF /". HFOF XIJDI IBT B IJHIMZDPOTFSWFE/UFSNJOBMEPNBJO CFMPOHTUPB GBNJMZ UIBU JODMVEFT TFWFSBM PUIFS "SBCJEPQTJT QSP UFJOT JODMVEJOH UIF QSPUFJOT FODPEFE CZ UIF $6$ HFOFT XIJDI BSF OPX DPOTJEFSFE BT USBOTDSJQUJPO GBDUPST 4PVFS FU BM "JEB FU BM 5BPLB FUBM 0GUIFGPVS4)- 4)-m4)- HFOFT TUVEJFEJOEFUBJMFEBTJOEJTQFOTBCMFGPSJOJUJBUJPOPG UIFTIPPUBQJDBMNFSJTUFNJOFNCSZPTPGSJDF 4)- BOE4)-BQQFBSVOVTVBMBTUIFZBSFSFRVJSFEGPS CPUI JOJUJBUJPO BOE NBJOUFOBODF PG UIF NFSJTUFN 4BUPIFUBM ѮFFWJEFODFUIBUTVQQPSUTUIJT OPUJPOJTUIFPCTFSWBUJPOUIBUJOXFBLBMMFMFTPGTIM BOETIMNVUBOUT UIFTIPPUBQJDBMNFSJTUFNJTHSBE VBMMZDPOTVNFECZMFBGQSJNPSEJBBUUIFTBNFUJNF BT UIF JOEFUFSNJOBUF DFMMT PG UIF NFSJTUFN UIBU FY QSFTT04)HFOFUSBOTDSJQUTBSFSFEVDFEJOOVNCFS &NCSZPT PG B TIPPUNFSJTUFNMFTT TNM QIFOPUZQF EFTDSJCFE JO NBJ[F EJTQMBZ B EJTSVQUFE TIPPU BQJ DBMNFSJTUFNDPVQMFEXJUIUIFGBJMVSFPGTDVUFMMVN FMPOHBUJPO BOE DPMFPQUJMF EJĒFSFOUJBUJPO (FOFUJD BOBMZTJT IBT BUUSJCVUFE UIF GBJMVSF PG UIF TIPPU BQJ DBMNFSJTUFNUPUIFTZOFSHJTUJDJOUFSBDUJPOPGNVUB UJPOT BU UIF TNM BOE BO VOMJOLFE EJTUPSUFE HSPXUI EHS MPDJ 1JMVFUBM *OTVNNBSZ BMUIPVHIJUJTBQQBSFOUUIBUPOMZB
ϓϓ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
GFX HFOFT JOWPMWFE JO UIF TQFDJêDBUJPO BOE GVOD UJPOJOH PG UIF TIPPU BQJDBM NFSJTUFN IBWF CFFO JEFOUJêFE FWFOJOJUTVOêOJTIFETUBUF UIFBWBJMBCMF JOGPSNBUJPOIBTQSPWJEFEUBOUBMJ[JOHHMJNQTFTJOUP UIFNFDIBOJTNUIBULFFQTUIFNFSJTUFNJOBGVOD UJPOBMNPEFEVSJOHUIFMJGFPGUIFQMBOU 3PPU"QJDBM.FSJTUFN 6OMJLF UIF TIPPU BQJDBM NFSJTUFN UIF SPPU BQJDBM NFSJTUFNJTCJQPMBSJOOBUVSF DVUUJOHPĒDFMMTCPUI EJTUBMMZBOEQSPYJNBMMZѮFEJTUBMEFSJWBUJWFTGPSN UIF SPPU DBQ XIFSFBT UIF QSPYJNBM EFSJWBUJWFT EJG GFSFOUJBUF JOUP UIF NBUVSF UJTTVFT PG UIF SPPU 'VS UIFSNPSF UIF QSFTFODF PG B HSPVQ PG DFMMT JO UIF SPPU BQJDBM NFSJTUFN LOPXO BT UIF RVJFTDFOU DFO UFS XIJDI EJWJEF SBUIFS JOGSFRVFOUMZ PS OPU BU BMM QSFTFOUTUIJTNFSJTUFNXJUIBOVOVTVBMDZUPMPHJDBM GFBUVSFѮFSPPUBQJDBMNFSJTUFNIBTBEJTUJODUBE WBOUBHFPWFSUIFTIPPUBQJDBMNFSJTUFNGPSDFMMMJO FBHF TUVEJFT CFDBVTF UIF DPOUJOVPVT NPOPUPOPVT êMFTPGDFMMTGPSNFEDBOCFUSBDFEUPSFQFBUFEUSBOT WFSTF EJWJTJPOT PG MBZFST PG NFSJTUFNBUJD DFMMT %F TQJUFUIFJSEJĒFSFODFT POFSFDVSSFOUUIFNFJTUIBU UIF TIPPU BOE SPPU BQJDBM NFSJTUFNT PG ëPXFSJOH QMBOUT NBJOUBJO UIF TBNF CBTJD TUSVDUVSBM JOOPWB UJPOPGMBZFSFEDFMMTSFTQPOTJCMFGPSUIFFMBCPSBUJPO PGUIFBCPWFHSPVOEBOEVOEFSHSPVOEBSDIJUFDUVSF PG UIF QMBOU SFTQFDUJWFMZ "OBMZTJT PG USBOTHFOJD UPNBUP -ZDPQFSTJDPO FTDVMFOUVN 4PMBOBDFBF DBS SZJOHNBJ[FUSBOTQPTBCMFFMFNFOUTIBTJEFOUJêFEB TJOHMF HFOF %&'&$5*7& &.#3:0 "/% .&3* 45&.4 %&. UIBUGVODUJPOTJOUIFNBJOUFOBODF PGCPUITIPPUBOESPPUBQJDBMNFSJTUFNT$POTJTUFOU XJUIUIFQVSQPSUFESPMFPGUIJTHFOF FNCSZPTBOE TFFEMJOHT PG EFN NVUBOUT BSF GPVOE UP MBDL PSHB OJ[FETIPPUBQJDBMBOESPPUBQJDBMNFSJTUFNT%&. HFOFFODPEFTBOPWFML%BQSPUFJOXIFUIFSUIJT QSPUFJOJTBOFTTFOUJBMMJOLUPFOTVSFUIBUTPNFCB TJDBTQFDUPGSFHVMBUJPOPGUIFTIPPUBOESPPUBQJDBM NFSJTUFNT GPMMPXT UIF TBNF TJHOBMJOH QBUIXBZ SF NBJOTVODMFBS ,FEEJFFUBM ѮF FNCSZPOJD SPPU BQJDBM NFSJTUFN PG "SBCJ EPQTJT JT DPNQPTFE PG GPVS TFUT PG JOJUJBMT PS TUFN DFMMT TFF1MBUF 'JHBmF 0GUIFTF BEJTUBMQMBUFPG JOJUJBMDFMMT DPMVNFMMBJOJUJBMT BOEBCMPDLPG DFOUSBMDFMMTUIBUDPNQSJTFUIFRVJFTDFOUDFOUFSIBWF UIFJSPSJHJOJOUIFIZQPQIZTJT XIFSFBTDFMMTEFSJWFE
GSPNUIFFNCSZPQSPQFSGPSNUIFDPSFJOJUJBMTPGUIF SFNBJOJOHSPPUUJTTVFTTVDIBTUIFFQJEFSNJT DPSUFY FOEPEFSNJT QFSJDZDMF WBTDVMBSUJTTVFT BOEMBUFSBM SPPUDBQѮFDPMVNFMMBJOJUJBMTBSFDPOTUJUVUFEPGB QFSJQIFSBMSJOHPGFJHIUDFMMTTVSSPVOEJOHBOJOOFS DPSFPGGPVSDFMMTBOEQFSJDMJOBMEJWJTJPOTPGUIFDPMV NFMMBJOJUJBMTHJWFSJTFUPUIFDPMVNFMMBPSDFMMTPGUIF DFOUSBMSFHJPOPGUIFSPPUDBQѮFMBUFSBMSPPUDBQ DFMMTUIBUFOWFMPQUIFDPMVNFMMBBOEUIFSPPUFQJEFS NBMDFMMTBSFEFSJWFECZQFSJDMJOBMEJWJTJPOTPGBSJOH PGBCPVUJOJUJBMDFMMT FQJEFSNBMMBUFSBMSPPUDBQ JOJUJBMT UIBUTVSSPVOEUIFQFSJQIFSBMDPMVNFMMBJOJ UJBMTѮFDPSUJDBMFOEPEFSNBMDFMMTDBOCFUSBDFEUP BSJOHPGFJHIUJOJUJBMT DPSUFYFOEPEFSNBMJOJUJBMT FODJSDMJOH UIF DFOUSBM DFMMT UIBU VOEFSHP QFSJDMJOBM EJWJTJPOTUPHFOFSBUFUIFFOEPEFSNJTPOUIFJOTJEF BOE UIF DPSUFY PO UIF PVUTJEF 'JOBMMZ UIF DFMMT PG UIFWBTDVMBSDZMJOEFSBOEUIFQFSJDZDMFBSFEFSJWFE GSPNBQSPYJNBMQMBUFPGJOJUJBMT QFSJDZDMFWBTDVMBS JOJUJBMT MPDBUFEBCPWFUIFDFOUSBMDFMMT %PMBOFUBM $MPOBM BOBMZTJT PG UIF "SBCJEPQTJT TFFEMJOH SPPU IBTQSPWJEFETUSPOHIJOUTUIBUEFSJWBUJWFTGSPNUIF DFOUSBMDFMMTHJWFSJTFUPUIFQFSJDZDMF DPMVNFMMBBOE UIFWBTDVMBSDZMJOEFSJOUIJTTFOTF UIFDFOUSBMDFMMT DBOCFDPOTJEFSFEUPBDUBTTUFNDFMMTPSBTBTUFN DFMM SFTFSWPJS BOBMPHPVT UP UIF DFOUSBM [POF PG UIF TIPPUBQJDBMNFSJTUFN*OBEJĒFSFOUTFOTF UIJTPC TFSWBUJPOFNQIBTJ[FTUIFJNQPSUBODFPGQPTJUJPOBM JOGPSNBUJPOJOUIFEFUFSNJOBUJPOPGDFMMGBUFJOUIF SPPU BQJDBM NFSJTUFN ,JEOFS FU BM *O TVQ QPSUPGUIFSPMFPGUIFRVJFTDFOUDFOUFSBTTUFNDFMMT JU IBT CFFO TIPXO UIBU B 864UZQF HFOF JTPMBUFE GSPNSJDFJTTQFDJêDBMMZFYQSFTTFEJOBGFXDFMMTMP DBUFEJOUIFCBTBMSFHJPOPGUIFEFWFMPQJOHFNCSZP PGSJDFQSJPSUPUIFEJĒFSFOUJBUJPOPGUIFSBEJDMF BOE UIBUUIFMPDBMJ[FEFYQSFTTJPOJTDPOUJOVFEJOUPUIF RVJFTDFOU DFOUFS EVSJOH HSPXUI PG UIF SBEJDMF ,B NJZBFUBMB "MUIPVHIUIFQIFOPNFOPOPGNJUPUJDRVJFTDFODF JOBHSPVQPGDFMMTJOUIFSPPUBQJDBMNFSJTUFNIBT TUJNVMBUFEHSFBUJOUFSFTU OPJOTJHIUTIBWFCFFOHFO FSBUFEJOUPUIFNFDIBOJTNCZXIJDIDFMMTBSFGPSDFE UP MBQTF JOUP RVJFTDFODF ѮF NPEFM PG PSJHJO PG UIFRVJFTDFOUDFOUFSGSPNUIFIZQPQIZTJTIBTCFFO TVQQPSUFECZJOTJUVIZCSJEJ[BUJPOFYQFSJNFOUTVT JOH î)QPMZVSJEZMJD BDJE <î)QPMZ 6 > BT B QSPCF UP NPOJUPS UIF EFWFMPQNFOU PG UIF RVJFTDFOU DFO UFS EVSJOH FNCSZPHFOFTJT JO $BQTFMMB CVSTBQBTUP
ɩɧ *OJUJBUJPOBOE.BJOUFOBODFPG&NCSZP.FSJTUFNT
SJT*OFBSMZTUBHFFNCSZPT BVUPSBEJPHSBQIJDTJMWFS HSBJOT BSF MPDBMJ[FE JO BMM DFMMT PG UIF QSFTVNQUJWF SPPUBQFYFYDFQUJOUIFIZQPQIZTJT"TUIFJOOFSDFMM GPSNFECZUIFUSBOTWFSTFEJWJTJPOPGUIFIZQPQIZTJT DVUTPĒDFMMTQSPYJNBMMZ UIFTFDFMMTSFNBJODIBSBD UFSJTUJDBMMZVOMBCFMFEJODPOUSBTUUPUIFMBCFMFEDFMMT PG UIF SFTU PG UIF FNCSZP "T XPVME CF FYQFDUFE PG UIF RVJFTDFOU DFOUFS UIF TBNF HSPVQ PG DFMMT PG UIF TFFEMJOH SPPU PG $ CVSTBQBTUPSJT UIBU GBJM UP CJOEî)QPMZ 6 EPOPUJODPSQPSBUFî)UIZNJEJOF 3BHIBWBO ѮFPSJHJOPGUIFFNCSZPOJDSPPU GSPN UXP DMPOBM HSPVQT PG DFMMT EFSJWFE GSPN UIF TNBMMUFSNJOBMDFMM XIJDIHJWFTSJTFUPUIFFNCSZP QSPQFS BOEUIFMBSHFCBTBMDFMM GSPNXIJDIUIFIZ QPQIZTJTJTGPSNFE PGUIF[ZHPUFBDDPSETXJUIUIF WJFX UIBU DFSUBJO QPPSMZ VOEFSTUPPE DFMMDFMM JOUFS BDUJPOTDPPSEJOBUFUIJTQSPDFTTѮJTWJFXIBTCFFO IJHIMJHIUFECZNPOJUPSJOHUIFDIBOHFTJODFMMGBUF FWPLFE CZ JOUFSGFSFODF XJUI TJHOBM USBOTEVDUJPO GSPN TQFDJêD DFMMT PG UIF SPPU NFSJTUFN PG "SBCJ EPQTJTTFFEMJOHT"UZQJDBMFYBNQMFPGUIJTBQQSPBDI JOWPMWFT MBTFS BCMBUJPO PG B TJOHMF DFMM PG UIF GPVS DFMMFERVJFTDFOUDFOUFS IFODFGPSDJOHBEFDJTJPOCZ UIF DPMVNFMMB JOJUJBM BEKBDFOU UP UIF EFTUSPZFE DFMM UPFJUIFSEJWJEFBOEQSPEVDFBOPUIFSDFMMPGJUTPXO LJOE PS EJĒFSFOUJBUF JOUP B NBUVSF DPMVNFMMB DFMM ѮFDPMVNFMMBJOJUJBMDIPPTFTUIFMBUUFSPQUJPOBOE EJĒFSFOUJBUFT JOUP B NBUVSF DPMVNFMMB DFMM CZ UIF BDDVNVMBUJPO PG TUBSDI -BTFS EBNBHF UP B DFMM PG UIF RVJFTDFOU DFOUFS BMTP BMUFST UIF GBUF PG UIF DPS UJDBMFOEPEFSNBM JOJUJBM JO DPOUBDU XJUI UIF EBN BHFEDFMM QSPNPUJOHJUTEJĒFSFOUJBUJPOJOUPDPSUJDBM BOEFOEPEFSNBMDFMMTCZBOBTZNNFUSJDQFSJDMJOBM EJWJTJPO JOTUFBE PG UIF VTVBM BOUJDMJOBM EJWJTJPO UP QSPEVDFBOPUIFSDPSUJDBMFOEPEFSNBMJOJUJBMDFMM*O DPOUSBTU UIF JOJUJBMT JO DPOUBDU XJUI UIF TVSWJWJOH DFMMTPGUIFRVJFTDFOUDFOUFSVOEFSHPUIFJSOPSNBM EJWJTJPOT ѮFTF PCTFSWBUJPOT PO UIF SPMF PG DFMMV MBSJOUFSBDUJPOTJOUIFGPSNBUJPOPGUIFSPPUBQJDBM NFSJTUFNQSPWJEFJOEJSFDUFWJEFODFJOEJDBUJOHUIBU UIFEFWFMPQNFOUBMGBUFPGDFMMTPGUIFNFSJTUFN JO DMVEJOH UIF TUFN DFMM QSPQFSUJFT PG JOJUJBMT JT JOUJ NBUFMZ EFUFSNJOFE CZ DPOUBDUEFQFOEFOU TJHOBMT GSPN DFMMT PG UIF RVJFTDFOU DFOUFS WBO EFO #FSH FU BM *U XBT BMTP GPVOE UIBU MBTFS LJMMJOH PG UIFDPNQMFUFRVJFTDFOUDFOUFSQSPNQUTDFMMTPGUIF QSPYJNBMWBTDVMBSUJTTVFUPPDDVQZUIFQPTJUJPOPG UIFEFBEDFMMT BOEJUIBTCFFODMBJNFEUIBU JOUIFJS OFX QPTJUJPO UIF WBTDVMBS UJTTVF DFMMT DBO SFGPSN
ϓϔ
UIFDFMMTPGUIFRVJFTDFOUDFOUFS WBOEFO#FSHFUBM "OPUIFSFYQFSJNFOUSFWFBMFEUIBUBCMBUJPOPG UIFDPSUFYFOEPEFSNBMJOJUJBMTSFTVMUTJOBSFTQPOTF JOUIFBEKBDFOUQFSJDZDMFDFMMT XIJDIBUUFNQUUPSF TUPSF UIF JOJUJBM QBUUFSO UIF BWBJMBCMF TQBDF PG UIF BCMBUFE DFMMT JT PDDVQJFE CZ QFSJDZDMF DFMMT XIJDI EJWJEF BOE HFOFSBUF B êMF PG DPSUJDBM DFMMT BOE FO EPEFSNJT JO BDDPSEBODF XJUI UIFJS OFX QPTJUJPOT 4JNJMBSMZ UIFOFJHICPSJOHDPSUJDBMDFMMTJOWBEFUIF TQBDFQSFWJPVTMZPDDVQJFECZUIFBCMBUFEFQJEFSNBM MBUFSBMSPPUDBQJOJUJBMTBOEGVODUJPOBTQSPHFOJUPST PGUIFFQJEFSNJTBOESPPUDBQDFMMTѮVT QFSJDZDMF BOEDPSUJDBMDFMMTBSFOPUQSFEFUFSNJOFEUPCFDPNF UIF QFSJDZDMF PS UIF DPSUFY ѮF JNQPSUBODF PG B TJHOBMJOHDBTDBEFCZXIJDIDFMMTJOUFSQSFUUIFJSQP TJUJPOBM JOGPSNBUJPO UP EJĒFSFOUJBUF JOUP BQQSPQSJ BUFDFMMUZQFTJOUIFSPPUBQJDBMNFSJTUFNJTFWJEFOU GSPNUIFTFSFTVMUT BTTXJUDIFTJODFMMTQFDJêDBUJPO PDDVS JO TQJUF PG UIF MBSHFMZ JOWBSJBOU DFMM MJOFBHFT PGUIFNFSJTUFN WBOEFO#FSHFUBM ѮFSPPU BQJDBM NFSJTUFN PG "SBCJEPQTJT QSFTFOUT JUTFMG BT UIFWFSZFQJUPNFPGBHSPVQPGDFMMTPGXIJDITPNF EJĒFSFOUJBUF BDDPSEJOH UP UIFJS QPTJUJPO SFMBUJWF UP PUIFSDFMMT XIJDIBSFUIFNTFMWFTEJĒFSFOUJBUJOHJO EJĒFSFOUXBZT ѮFTVNPGUIFBCPWFJOWFTUJHBUJPOTJOEJDBUFTUIBU TUFN DFMMT BDUVBMMZ TVSSPVOE UIF RVJFTDFOU DFOUFS BOE JOUIJTTFOTF CZNBJOUBJOJOHUIFTUFNDFMMGBUF JOUIFTVSSPVOEJOHDFMMT UIFRVJFTDFOUDFOUFSDBO BT TVHHFTUFECZ,JEOFSFUBM
CFBQQSPQSJBUFMZ DPOTJEFSFEBTUIFSPPUBQJDBMNFSJTUFNFRVJWBMFOUPG UIFTUFNDFMMPSHBOJ[FSJEFOUJêFEJOUIFTIPPUBQJDBM NFSJTUFN 0OF DPSPMMBSZ PG UIJT PTUFOTJCMF TJNJMBS JUZJONFSJTUFNNBJOUFOBODFJOUIFTIPPUBOESPPU JT UIF OFFE UP FYQMPSF UIF SFHVMBUPSZ QBUIXBZT PG UIFTUFNDFMMQPQVMBUJPOJOUIFSPPUBQJDBMNFSJTUFN BOE OBSSPX EPXO UIF DBOEJEBUF SFDFQUPS QSPUFJOT JOCPUINFSJTUFNT8JUIUIJTJONJOE $BTBNJUKBOB .BSUJOF[FUBM IBWFTIPXOUIBUPWFSFYQSFT TJPOPGB$-7MJLFHFOF $-& JO"SBCJEPQTJTSPPUT SFTUSJDUTUIFTJ[FPGUIFSPPUBQJDBMNFSJTUFN SFTVMU JOH JO MPTT PG NFSJTUFNBUJD DFMMT 4JODF UIJT PDDVST XJUIPVU JOUFSGFSJOH XJUI UIF RVJFTDFOU DFOUFS BOE TUFN DFMM NBJOUFOBODF JU BQQFBST UIBU JO DPOUSBTU UP UIF $-7 QBUIXBZ JO UIF TIPPU BQJDBM NFSJTUFN UIF $-& QSPUFJO NJHIU UBSHFU EJĒFSFOUJBUJOH DFMMT SBUIFSUIBOUIFRVJFTDFOUDFOUFS*OFYUFOEJOHUIJT XPSL JUXBTGPVOEUIBUUIBUUXPOPWFMHFOFT 461 13&4403 0' --1 -*("/% -*,& 1305&*/
ϓϕ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
40- BOE 40- DPNQMFUFMZ TVQQSFTT UIF NFSJ TUFNEFGFDUJOëJDUFECZUIF$-&QIFOPUZQFѮJT GBTDJOBUJOHUXJTUUPUIFTUPSZJTOPUBCMFCFDBVTFUIF 40- HFOF FODPEFT B QVUBUJWF ;Oí DBSCPYZQFQUJ EBTFUIBUJTFYQSFTTFEJOCPUITIPPUTBOESPPUTBOE JTUIVTBQPUFOUJBMDPNQPOFOUPGUIF$-7TJHOBMJOH QBUIXBZ"MUIPVHIJUBQQFBSTUIBU BUUIFWFSZMFBTU B$-7MJLFQBUIXBZJTSFRVJSFEGPSNFSJTUFNNBJO UFOBODFJOUIFSPPU UIFSFJTBMPOHXBZBIFBECFGPSF UIFDPNQMFYJUJFTPGUIJTQBUIXBZBSFGVMMZSFWFBMFE )JTUPDIFNJDBM MPDBMJ[BUJPO PG GSFF BVYJO JO JO EJWJEVBMDFMMTPGUIFSPPUBQJDBMNFSJTUFNPG"SBCJ EPQTJTTFFEMJOHTCZNFBOTPGBSFQPSUFSHFOFVOEFS UIF DPOUSPM PG BO BVYJOSFTQPOTJWF SFHVMBUPSZ TF RVFODF IBT SFWFBMFE UIBU BѫFS BCMBUJPO PG UIF RVJ FTDFOU DFOUFS BO BVYJO QFBL JT FTUBCMJTIFE JO UIF WBTDVMBSUJTTVFDFMMTUIBUCFDPNFSFTQFDJêFEBTUIF RVJFTDFOU DFOUFS 'SPN UIJT XPSL XIJDI TVHHFTUT UIBUDFMMVMBSPSHBOJ[BUJPOPGUIFSPPUJTNPEVMBUFE CZ MPDBMJ[FE BVYJO DPODFOUSBUJPOT JU TFFNT MJLFMZ UIBUBVYJOJTPOFNFNCFSPGBDIBJOPGNPMFDVMFT UIBU DPOWFZT BOE SFHJTUFST QPTJUJPOBM JOGPSNBUJPO BĒFDUJOH UIF PSHBOJ[BUJPO PG UIF RVJFTDFOU DFO UFS 4BCBUJOJ FU BM "DDPSEJOH UP 'SJNM FU BM
UIF"UIBMJBOB1*/ "U1*/ HFOF XIJDI FODPEFTBNFNCFSPGUIFQVUBUJWFBVYJOFĔVYDBS SJFST JTBOJNQPSUBOUNFEJBUPSPGQBUUFSOJOHPGUIF FNCSZPOJDSPPUѮFCBTJTGPSUIJTDPODMVTJPOJTUIF êOEJOH UIBU BO BQJDBM TIJѫ JO UIF BVYJO SFTQPOTF NBYJNVN WJTVBMJ[FE CZ B SFQPSUFS HFOF DPOTUSVDU JOFBSMZTUBHF"UQJONVUBOUFNCSZPTJTDPSSFMBUFE XJUIQSFNBUVSFBOEBCOPSNBMDFMMEJWJTJPOTJOUIF IZQPQIZTJT RVJFTDFOUDFOUFS BOEDPMVNFMMBQSFDVS TPST$PNQBSFEUPFYQSFTTJPOPGBRVJFTDFOUDFOUFS NBSLFSDPOêOFEUPKVTUGPVSDFMMTPGUIFXJMEUZQF FNCSZP UIFNVUBOUFNCSZPFYQSFTTFTUIJTNBSLFS JOBNVDICSPBEFSEPNBJOJOUIFSPPUBQFYѮFTF SFTVMUTGBWPSBOJNQPSUBOUSPMFGPSUIF"U1*/QSP UFJOJODIBOOFMJOHBVYJOUISPVHIUIFSPPUNFSJTUFN XIJDI FWJEFOUMZ MFBET UP DPSSFDU QBUUFSOJOH BU UIF SPPU BQFY 5XP OFX BEEJUJPOT UP UIF MJTU PG HFOFT UIBU NFEJBUF JO UIF TQFDJêDBUJPO PG UIF RVJFTDFOU DFOUFSJOUIF"SBCJEPQTJTFNCSZPOJDSPPUNFSJTUFN BSFUIFUSBOTDSJQUJPOGBDUPSFODPEJOH1-&5)03" 1-5 BOE1-5ѮFTFHFOFTBSFBMTPUSBOTDSJCFE JOSFTQPOTFUPBVYJOBDDVNVMBUJPOJOUIFEJTUBMQBSU PG UIF SPPU NFSJTUFN BOE JOEVDF WBSZJOH EFHSFFT PGGPSNBUJPOPGSPPUUJTTVFTJOEFWFMPQJOHFNCSZPT JODMVEJOHSPPUQSJNPSEJBDPNQMFUFXJUIBRVJFDFOU
DFOUFS "JEBFUBM "DDPSEJOHUPUIFNPTUSF DFOU WJFX 1-5 HFOF FYQSFTTJPO JT OPU TUSBJHIUGPS XBSE m OBUVSF IBT DPNF VQ XJUI JUT PXO TPMVUJPO UPLFFQUIJTHFOFJODIFDLѮJTJTBDDPNQMJTIFECZ SFTUSJDUJOHUIFBDUJPOPGUIF1-5HFOFCZBOFUXPSL PGêWF1*/HFOFT 1*/m1*/BOE1*/ UPEFêOF UIF TUFN DFMM SFHJPO PG UIF SPPU BQFY ѮF JOUFSBD UJPOJTDPNQMFUFEXIFOUIFBVYJOëVYOFDFTTBSZGPS UIFQBUUFSOJOHPGUIFSPPUBQFYPDDVSTCZUIFBDUJPO PG 1-5 HFOFT DPOUSPMMJOH 1*/ HFOF USBOTDSJQUJPO #MJMPVFUBM &BSMJFS TUVEJFT PG "SBCJEPQTJT NVUBOUT IBE SF WFBMFE UIBU EFUFSNJOBUJPO PG DFMM GBUF JO UIF SPPU BQJDBM NFSJTUFN JT VOEFS UIF DPOUSPM PG BEEJUJPOBM HFOFT UIBU BSF BDUJWBUFE EVSJOH FBSMZ TUBHFT PG FN CSZPHFOFTJT ѮF IPCCJU ICU NVUBOU XBT JTPMBUFE CZ WJSUVF PG JUT GBJMVSF UP GPSN B GVODUJPOBM SPPU NFSJTUFN JO QBSUJDVMBS B SFDPHOJ[BCMF RVJFTDFOU DFOUFSBOEBDPMVNFMMBJOUIFSPPUDBQ CPUIEFSJWFE GSPNUIFIZQPQIZTJT BOEMBUFSBMSPPUDBQDFMMTѮF êSTUEFWJBUJPOGSPNUIFXJMEUZQFFNCSZPPCTFSWFE JO UIF NVUBOU JT UIF PDDVSSFODF PG B WFSUJDBM EJWJ TJPO JO UIF IZQPQIZTJT BU UIF GPVS PS FJHIUDFMMFE TUBHFPGUIFFNCSZPJOTUFBEPGBUSBOTWFSTFEJWJTJPO ѮJT EFGFDU XIJDI QFSTJTUT UISPVHIPVU FNCSZP HFOFTJTBTFWJEFODFPGGVSUIFSBUZQJDBMEJWJTJPOTJO UIFIZQPQIZTJT TVHHFTUTUIBUEJĒFSFOUJBUJPOPGUIF RVJFTDFOUDFOUFSBOEDPMVNFMMBSFRVJSFT)#5HFOF BDUJWJUZ 8JMMFNTFO FU BM )PXFWFS JEFO UJêDBUJPO PG UIF QSPUFJO QSPEVDU PG UIF )#5 HFOF XIJDI FODPEFT B TVCVOJU PG UIF BOBQIBTFQSPNPU JOHDPNQMFY "1$ JOWPMWFEJOSFHVMBUJOHDFMMDZDMF QSPHSFTTJPO QSPWJEFTOPDMVFTUPJUTTQFDJêDSPMFJO QBUUFSOJOHPGUIFSPPUBQJDBMNFSJTUFN #MJMPVFUBM *O UIF CEM NVUBOU XIJDI BMTP GBJMT UP GPSN UIFQSJNBSZSPPUNFSJTUFN FNCSZPTEFWJBUFGSPN OPSNBMEFWFMPQNFOUBTFBSMZBTUIFUXPDFMMFETUBHF JO XIJDI UIF UFSNJOBM EBVHIUFS DFMM VOEFSHPFT B IPSJ[POUBMJOTUFBEPGBWFSUJDBMEJWJTJPOѮJTJTBMTP BDDPNQBOJFECZGBJMVSFPGUIFQPUFOUJBMIZQPQIZTJT UP GPSN UIF RVJFTDFOU DFOUFS BOE DPMVNFMMB 5SBO TDSJQUT PG UIF #%- HFOF XIJDI FODPEFT BO BVYJO SFTQPOTF QSPUFJO BSF FYQSFTTFE JO UIF DFMMT PG UIF FNCSZPQSPQFSCVUOPUJOUIFIZQPQIZTJT )BNBOO FUBM 0WFSBMM UIFSFTVMUTGSPNMBTFSTVSHFSZ NVUBOU BOBMZTJT BOE JO TJUV MPDBMJ[BUJPO TUVEJFT IBWFQSPWJEFEBGSVJUGVMGSBNFXPSLJOWPMWJOHTJHOBM USBOTEVDUJPO GPS FTUBCMJTIJOH UIF SPPU BQJDBM NFSJ TUFNEVSJOHUIFFBSMZTUBHFTPGFNCSZPHFOFTJTѮF
ɩɨ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZP1BUUFSO'PSNBUJPO
NPEFM JT CBTFE PO JOJUJBM TJHOBMJOH GSPN UIF QSPH FOZ PG UIF BQJDBM EBVHIUFS DFMM PG UIF [ZHPUF UP êY UIF GBUF PG UIF VQQFSNPTU DFMM PG UIF TVTQFOTPS BT UIF IZQPQIZTJT BOE B MBUFS TJHOBM GSPN UIF RVJFT DFOU DFOUFS UP UIF BEKBDFOU DFMMT EFSJWFE GSPN UIF BQJDBMEBVHIUFSDFMMPGUIF[ZHPUFUPNBJOUBJOUIFJS GBUFBTVOEJĒFSFOUJBUFESPPUNFSJTUFNJOJUJBMTѮF JEFOUJêDBUJPOPGUIF#%-HFOFQSPEVDUBTBOBVYJO SFTQPOTFGBDUPSXBTBOFYDJUJOHTUFQJOEJDBUJOHUIBU UIFTJHOBMSFMBZFEGSPNUIFBQJDBMDFMMPGUIF[ZHPUF NJHIUCFBVYJO )BNBOOFUBM *GDFMMT PGUIFEFWFMPQJOHFNCSZPDBOEFUFDUEJĒFSFODFTJO UIFJSOFJHICPST BOESFTQPOEUPUIFTFEJĒFSFODFT JU JTOPUGBSGFUDIFEUPTVQQPTFUIBUTVDIBNFDIBOJTN DPVMECFVTFEUPHFOFSBUFUIFJOUSJDBUFDFMMVMBSQBU UFSOJOUIFIJHIMZEZOBNJDNFSJTUFNPGUIFFNCSZ POJDSPPU
(FOFUJDBOE.PMFDVMBS$POUSPM PG&NCSZP1BUUFSO'PSNBUJPO
*ODPODFSUXJUIDFMMMJOFBHFTUVEJFT JEFOUJêDBUJPOPG HFOFT m BOE UIFJS QSPUFJO QSPEVDUT m UIBU BSF BDUJ WBUFE EVSJOH QBUUFSO GPSNBUJPO JO EFWFMPQJOH FN CSZPTJTBOJNQPSUBOUTUFQJOBOBMZ[JOHUIFNFDIB OJTN VOEFSMZJOH UIF BMMPDBUJPO PG DFMM GBUF BMPOH QBUUFSOGPSNJOH QBUIXBZT ѮF XPSL PG .BZFS FU BM HFOFSBUFE UIF êSTU OFX XBWF PG JOUFSFTU JOUIFHFOFUJDDPOUSPMPGBQJDPCBTBMBOESBEJBMQBU UFSOJOH FMFNFOUT JO FNCSZPT PG ëPXFSJOH QMBOUT MFBEJOH UP QIFOPUZQFCBTFE HFOF EJTDPWFSZ ѮF JOWFTUJHBUJPOJOWPMWFETDSFFOJOH[ZHPUJDNVUBUJPOT PG "SBCJEPQTJT UIBU EFMFUF TQFDJêD DFMM MJOFBHFT JO UIF FNCSZPT BOE DBVTF DIBPT JO UIF GPSNBUJPO PG JEFOUJêBCMFFNCSZPOJDSFHJPOTJOUIFTFFEMJOHTѮF CBTJD TUSBUFHZ CFIJOE UIJT BQQSPBDI JT UIF BTTVNQ UJPOUIBUNVUBUJPOTJOQBUUFSOGPSNJOHHFOFTBMMPX FNCSZPHFOFTJTUPQSPDFFEUPDPNQMFUJPO CVUJOëJDU EJBHOPTUJD EFGFDUT JO UIF CPEZ PSHBOJ[BUJPO PG UIF TFFEMJOHT UIF PSJHJO PG UIF EFGFDU DPVME UIFO CF USBDFECBDLUPEFWJBUJPOTJOUIFEJWJTJPOQBUUFSOTPG UIF XJMEUZQF FNCSZP ѮF JOGPSNBUJPO HFOFSBUFE CZUIJTXPSLBOETFWFSBMPUIFSTUVEJFTUIBUGPMMPXFE JO TVCTFRVFOU ZFBST JT UIBU PCWJPVT EJĒFSFODFT JO UIF BQJDPCBTBM BOE SBEJBM QBUUFSOT JO UIF FNCSZP BYJTPGNVUBOUTBSFSFëFDUFEJOMFTJPOTJOUIFEJĒFS FOUDMBTTFTPGHFOFTUIBUHFOFSBUFUIFTFQBUUFSOTXJUI FYRVJTJUFQSFDJTJPOBOEêEFMJUZѮFTFJOWFTUJHBUJPOT
ϓϖ
BMTP SFWFBMFE BO BEWBOUBHFPVT OPUF UIBU HFOFT JO WPMWFEJOQBUUFSOGPSNBUJPOJOQMBOUFNCSZPTNBZ OVNCFSPOMZBGFXSBUIFSUIBOIVOESFET "QJDPCBTBM1BUUFSOJOHPGUIF&NCSZP ѮF BQJDPCBTBM BYJT PG B TFFEMJOH QMBOU JT EJWJEFE JOUPGPVSNBKPSDPNQPOFOUQBSUTUIFTIPPU DPUZMF EPOT IZQPDPUZM BOESPPU8JUIBMJUUMFPWFSMBQ GPVS NVUBOUDMBTTFTUIBUHJWFQIFOPUZQFTXJUIEFGFDUTJO UIF BQJDBM TIPPU BQJDBM NFSJTUFN BOE DPUZMFEPOT
DFOUSBM IZQPDPUZM
CBTBM IZQPDPUZMBOESPPU
BOE UFSNJOBM TIPPU BOE SPPU BQJDBM NFSJTUFNT QBSUT EFêOF HFOFT UIBU DPOUSPM UIF BQJDPCBTBM PSHBOJ[B UJPOPGUIFFNCSZP&WJEFODFUIBUUIFTIPPUBQJDBM NFSJTUFNBOEDPUZMFEPOTBSFTQFDJêFENPTUMZ JGOPU FYDMVTJWFMZ CZ B TJOHMF HFOF IBT DPNF GSPN BOBMZ TJTPGHVSLF HL NVUBOUT$PUZMFEPOTBSFMBDLJOHJO QIFOPUZQFT PG BMM HL BMMFMFT CVU UIF NPTU TUSJLJOH QIFOPUZQFJTTFFOJOBGFXTUSPOHBMMFMFTJOXIJDI UIF FOUJSF TIPPU BQFY DPUZMFEPOT BOE QBSU PG UIF IZQPDPUZM BSF PCMJUFSBUFE 0OUPHFOFUJD TUVEJFT TIPXFE UIBU HL QIFOPUZQFT SFTVMU GSPN UIF GBJMVSF PGUIFPSHBOJ[FEDFMMEJWJTJPOTJOUIFHMPCVMBSIFBSU TIBQFEFNCSZPUIBUJOJUJBUFDPUZMFEPOT SBUIFSUIBO GSPNUIFEFBUIPGDFMMTBMSFBEZGPSNFE 5PSSFT3VJ[ FUBM *EFOUJêDBUJPOPGUIF(,HFOFQSPEVDU BT BDFUZM$P" DBSCPYZMBTF XIJDI DBUBMZ[FT NBMP OZM$P"TZOUIFTJT IBTMFEUPUIFWJFXUIBUNFUBCP MJUFTSFMBUFEUPNBMPOZM$P"BSFQSPCBCMZSFRVJSFE UPTQFDJGZUIFBQJDBMQBSUPGUIFFNCSZP #BVEFUBM ,BKJXBSBFUBM "WBSJFUZPGQIFOPUZQFT BĒFDUJOHUIFTIPPUIBWFCFFOEFTDSJCFEJOTFFEMJOHT DBSSZJOH UIF UFNQFSBUVSFTFOTJUJWF UPQMFTT UQM NVUBUJPO QFSIBQT UIF NPTU TUSJLJOH QIFOPUZQF JT TFFOBUBIJHIUFNQFSBUVSF XIFSFUIFFNCSZPGPSNT BOBQJDBMSPPUJOQMBDFPGUIFTIPPUBQJDBMNFSJTUFN BOE DPUZMFPEPOT "T B EFêOJUJWF JOEJDBUJPO PG UIF USBOTGPSNBUJPOPGUIFTIPPUJOUPBSPPUQSJNPSEJVN UIF NVUBUJPOBM DIBOHF JT BTTPDJBUFE XJUI DPODPNJ UBOU FYQSFTTJPO PG SPPU NBSLFS HFOFT JO UIF BQJDBM QPMFPGUIFFNCSZP -POHFUBM *OQBTNVUBOUT UIFIZQPDPUZUMSFNBJOTTIPSUBOE UIJDL UIVT QSFWFOUJOH DVSWBUVSF PG UIF FNCSZP JO UIFTFFE.VUBOUFNCSZPTBSFBMTPDIBSBDUFSJ[FECZ EFGFDUT JO DPUZMFEPO JOJUJBUJPO 'BVSF FU BM 4JNJMBSUPUIF(,HFOF B1"4HFOFIBTCFFOTIPXO UP FODPEF BO BDFUZM$P" DBSCPYZMBTF #BVE FU BM
ϔύ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
" HFOF XJUI UIF TQBUJBMMZ SFTUSJDUFE UBTL PG IZQPDPUZM TQFDJêDBUJPO JT '"$,&- ',
BT NV UBUJPOTJOUIJTHFOFHJWFSJTFUPTFFEMJOHTJOXIJDI UIFDPUZMFEPOTBSFEJSFDUMZBUUBDIFEUPBTIPSUSPPU 4FFEMJOHQIFOPUZQFTPGTPNFѪNVUBOUTUIBUEFMFUF UIFDFOUSBMQPSUJPOPGUIFBYJTIBSCPSPUIFSEFGFDUT TVDIBTUIFGPSNBUJPOPGBCOPSNBMDPUZMFEPOTBOE UIFQSFTFODFPGNPSFUIBOUXPDPUZMFEPOTѮFNV UBOU QIFOPUZQF IBT CFFO USBDFE UP DZUPLJOFUJD EF GFDUTTVDIBTFOMBSHFEDFMMT SBOEPNPSJFOUBUJPOPG DFMMEJWJTJPOT BOEJODPNQMFUFDFMMXBMMTCFHJOOJOH XJUI HMPCVMBS TUBHF FNCSZPT SFTVMUJOH JO EJTPS HBOJ[FE NJTTIBQFO FNCSZPT 4DISJDL FU BM 4JNVMUBOFPVT JOWFTUJHBUJPOT VOEFSUBLFO JO UXP EJĒFSFOUMBCPSBUPSJFTIBWFTIPXOUIBUѪJTBTUFSPM CJPTZOUIFUJDNVUBOU BOEUIBUUIF',HFOFFODPEFT B QSPUFJO CFMPOHJOH UP UIF TUFSPM SFEVDUBTF GBNJMZ #JPDIFNJDBMBOBMZTJTTIPXJOHUIBUUIFѪNVUBUJPO DBVTFTBMFTJPOJOUIFQBUIXBZPG$TUFSPMSFEVD UBTFTZOUIFTJTIBTHJWFOTPNFJOTJHIUJOUPIPXUIF CJPDIFNJDBM EFGFDU JT USBOTMBUFE JOUP QIFOPUZQJD BCOPSNBMJUJFT 4DISJDLFUBM+BOHFUBM 0UIFSѪMJLFQIFOPUZQFTEJTQMBZJOHTIPSUIZQPDPUZM BOE SPPU BOE NBMGPSNFE DPUZMFEPOT JO UIF TFFE MJOHT BCOPSNBM FNCSZP EFWFMPQNFOU BOE EFGFDUT JOUIFTUFSPMCJPTZOUIFUJDQBUIXBZBSFTUFSPMNFUIZM USBOTGFSBTF TNU %JFOFS FU BM
DFQIBMPQPE DQI4DISJDLFUBM
IZE BOEIZE 5PQQJOH FU BM 4DISJDL FU BM 4PVUFS FU BM ѮFSFTVMUTPGUIFTFTUVEJFTBSFDPNQBUJCMFXJUIUIF OPUJPO UIBU B OPWFM TUFSPM TJHOBMJOH QBUIXBZ JT JO WPMWFE JO UIF DFMMDFMM DPNNVOJDBUJPO OFDFTTBSZ GPS PSHBOJ[FE DFMM HSPXUI EVSJOH BQJDPCBTBM QBU UFSO GPSNBUJPO JO UIF FNCSZP 4DISJDL FU BM +BOHFUBM "TJOUFHSBMNFNCSBOFDPN QPOFOUT BOEBTCJPTZOUIFUJDQSFDVSTPSTPGWBSJPVT TUFSPJE IPSNPOFT TUFSPM NPMFDVMFT BSF LOPXO UP QMBZBSPMFJOBOJNBMFNCSZPHFOFTJT CVUBSFTPNF XIBUOFXUPUIFêFMEPGQMBOUFNCSZPEFWFMPQNFOU XIBUFWFSUIFJSGVODUJPONJHIUCF .VUBOUT XJUI JNQBJSFE DBQBDJUZ JO UIF QSPEVD UJPO PG CPUI IZQPDPUZM BOE SPPU BSF NQ CEM BOE BVYJOSFTJTUBOU BYS ѮF GPSNFS UXP NVUBOUT XFSFJTPMBUFECBTFEPOUIFJSTFWFSFMZEJTUPSUFETFFE MJOH QIFOPUZQFT XIJDI FOE CBTBMMZ JO B DPOJDBM TUSVDUVSF XIFSFBT UIF BYS NVUBOU BQQFBSFE BT B IFUFSP[ZHPUFCBTFEPOJUTSFTJTUBODFUP % #FS MFUIBOE+ÛSHFOT)BNBOOFUBM)PCCJF FU BM 'FBUVSFT UIBU DIBSBDUFSJTUJDBMMZ EJTUJO
HVJTINVUBOUFNCSZPTGSPNUIFXJMEUZQFBSFDPO êOFEUPBOBSSPXEFWFMPQNFOUBMXJOEPXCFUXFFO UIF PDUBOU PS FWFO UIF UXPDFMMFE TUBHF BOE UIF IFBSUTIBQFE TUBHF "MUIPVHI UIF PDUBOU TUBHF PG UIFNQNVUBOUFNCSZPDPOTJTUTPGGPVSUJFSTPGDFMMT DPNQBSFEUPUXPJOUIFXJMEUZQF UIFEFTDFOEBOUT PGUIFMPXFSUJFS T GBJMUPVOEFSHPUIFTUFSFPUZQFE EJWJTJPO QBUUFSO BOE PSJFOUFE FYQBOTJPO UIBU QSP EVDFUIFFMPOHBUFDFMMêMFTDIBSBDUFSJTUJDPGUIFXJME UZQFFNCSZPBTJUQIBTFTPVUJOUPUIFIFBSUTIBQFE TUBHF "EEJUJPOBMMZ VOMJLF UIF IZQPQIZTJT PG UIF XJMEUZQFFNCSZP UIFIZQPQIZTJTJOUIFNQNVUBOU GPSNT B DFOUSBM DPMVNO PG DFMMT CZ USBOTWFSTF EJWJ TJPOT$POTJTUFOUXJUIUIFGBJMVSFPGUIFMPXFSUJFS T PG DFMMT PG UIF IFBSUTIBQFE FNCSZP UP QSPEVDF FMPOHBUFêMFTPGDFMMT UIFWBTDVMBSTZTUFNPGUIFNV UBOUTFFEMJOHJTJNQBJSFE QSPCBCMZEVFUPJOIJCJUJPO PGQPMBSBVYJOUSBOTQPSU #FSMFUIBOE+ÛSHFOT ѮFFYJTUFODFPGDFMMVMBSJOUFSBDUJPOTGPSEJĒFSFOUJB UJPOFWJEFOUJOUIJTMBTUPCTFSWBUJPOJNQMJFTUIFQSP WJTJPOGPSTJHOBMJOHNFDIBOJTNTѮJTWJFXIBTMFE UPUIFBTTJHONFOUPGNVMUJQMFSPMFTGPSUIF.1HFOF BTBTJHOBMUSBOTEVDFSGPSFTUBCMJTIJOHBOBYJT BYJ BMJ[BUJPO JOUIFFNCSZP EFWFMPQNFOUPGUIFWBTDV MBSTZTUFN BOEQPMBSBVYJOUSBOTQPSU 1S[FNFDLFU BM 8JUITPNFXIBUTJNJMBSBCFSSBOUEJWJTJPO QBUUFSOT FNCSZPTPGCEMBOEBYSNVUBOUTBMTPGBJM UPGPSNUIFBQJDBMBOECBTBMDFMMêMFTUIBUHJWFSJTFUP UIFIZQPDPUZMBOESPPU BMUIPVHIJOCPUINVUBOUT UIFêSTUEFGFDUJWFEJWJTJPOPDDVSTBTFBSMZBTUIFUXP DFMMFEFNCSZPTUBHF )BNBOOFUBM)PCCJFFU BM "TEFTDSJCFEJO$IBQ VOFYQFDUFETVQ QPSUGPSBSPMFGPSBVYJOUSBOTQPSUJOFNCSZPQBUUFSO GPSNBUJPO IBT DPNF GSPN QIBSNBDPMPHJDBM FYQFSJ NFOUTVTJOHBVYJOTBOEBVYJOUSBOTQPSUJOIJCJUPST PO DVMUVSFE FNCSZPT PG #SBTTJDB KVODFB -JV FU BM )BEêFUBM ѮF.1HFOFIBTCFFODMPOFEBOEUIFQSFEJDUFE QSPUFJO QSPEVDU JT TJNJMBS UP "69*/ 3&410/4& '"$503 B USBOTDSJQUJPOBM SFHVMBUPS UIBU CJOET BVYJOSFTQPOTJWFQSPNPUFSFMFNFOUTBOEJTUIPVHIU UP NFEJBUF SFTQPOTFT UP BVYJO ѮF EFWFMPQNFO UBM QSPêMF PG .1 HFOF BDUJWJUZ SFWFBMFE CZ JO TJUV IZCSJEJ[BUJPOTIPXTUIBUFYQSFTTJPOPGUIJTHFOFJT WFSZEZOBNJD XJUIUSBOTDSJQUTJOJUJBMMZFYQSFTTFEJO CSPBE SFHJPOT PG UIF FNCSZP MBUFS CFDPNJOH DPO êOFE UP UIF WBTDVMBS UJTTVFT JO IBSNPOZ XJUI UIF FYJTUFODF PG QPTTJCMF HFOFUJD JOUFSBDUJPOT PS NP MFDVMBSTJHOBMJOHCFUXFFOUIFBQJDBMBOECBTBMQBSUT
ɩɨ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZP1BUUFSO'PSNBUJPO
PGUIFFNCSZPBYJTJOUIFFTUBCMJTINFOUPGDPOUJOV PVT êMFT PG WBTDVMBS UJTTVFT )BSEULF BOE #FSMFUI ѮF .1 HFOF DPVME UIVT IBSCPS B DPOTJEFS BCMF BNPVOU PG JOGPSNBUJPO PO UIF DPPSEJOBUJPO PG WBTDVMBS BOE FNCSZP CPEZQBUUFSO GPSNBUJPO CVU GVSUIFS XPSL XJMM CF SFRVJSFE UP TVQQPSU UIJT JNQPSUBOU OPUJPO "T NFOUJPOFE BCPWF UIF QSP UFJOQSPEVDUPGUIF#%-HFOFJTBOBVYJOSFTQPOTF QSPUFJO)FMMNBOOFUBM IBWFTIPXOUIBUUIF "93HFOFFODPEFTUIF4$'
'CPYQSPUFJO>TVCVOJUPG$6--*/ $6- QSPUFJO4JODFBOJNQPSUBOUFĒFDUPGBVYJO JTUPQSPNPUFEFHSBEBUJPOPGUIFTIPSUMJWFEBVYJO SFTQPOTFQSPUFJOTCZUIFBDUJPOPGVCJRVJUJOQSPUFJO MJHBTF 4$' UIF SFTVMUT JNQMZ UIBU UIF FNCSZPOJD BYSQIFOPUZQFJTEVFUPBEFGFDUJO4$'GVODUJPO ѮFDPOWFSHFODFPGUIFXPSLPOUIFDMPOJOHPG.1 #%- )#5 BOE"93HFOFTIBTUIVTCSPVHIUBVYJO JOUPUIFGPMEPGNPMFDVMBSFNCSZPHFOFTJTBTBNBKPS GBDUPSJOUIFEFUFSNJOBUJPOPGUIFCBTBMQPMFPGUIF FNCSZPBOEJOUIFNBJOUFOBODFPGDFMMVMBSPSHBOJ [BUJPOJOUIFFNCSZPOJDSPPU ѮF HFOF XJUI UIF NVUBOU QIFOPUZQF NPTU FBT JMZ JOUFSQSFUBCMF BT DBVTJOH EFGFDUT JO CPUI BQJDBM QBSUT PG UIF "SBCJEPQTJT TFFEMJOH JT (/ BMTP SFQ SFTFOUFE CZ UIF &.#3:0%&'&$5*7& &.# MPDVT8JUIGBJMVSFPGGPSNBUJPOPGCPUITIPPUBOE SPPUBQJDBMNFSJTUFNT NVUBOUHOTFFEMJOHTBQQFBS NPTUMZ DPOFTIBQFE XJUI SFEVDFE SPPU BOE DPUZ MFEPOT PS JO TUSPOH BMMFMFT BT BO VOEJĒFSFOUJBUFE NBTTPGUJTTVFXJUIOPBQQBSFOUBQJDPCBTBMBYJT"U UIF QIZTJPMPHJDBM MFWFM EFWFMPQNFOUBM BCOPSNBMJ UJFTIBWFCFFOBUUSJCVUFEUPEFGFDUJWFFTUBCMJTINFOU PG QPMBSJUZ UP EJSFDU BVYJO ëPX JO DFMMT BMPOH UIF BQJDPCBTBMBYJTPGUIFFNCSZP$ZUPMPHJDBMMZ EFGFDUT JOUIFNVUBOUMJOFTIBWFCFFOQSFDJTFMZUSBDFEUPUIF [ZHPUF XIPTFêSTUEJWJTJPOJTEFëFDUFEUPQSPEVDF UXPOFBSMZFRVBMDFMMT SBUIFSUIBOUXPBTZNNFUSJDBM DFMMTѮFWFSZêSTUEJWJTJPOPGUIFBQJDBMDFMMCPSOPG QBSUJUJPOJOHPGUIF[ZHPUFPDDVSTJOWBSJPVTQMBOFT TFUUJOH UIF TUBHF GPS TVCTFRVFOU GPSNBUJPO PG UIF EFGFDUJWFFNCSZPCZSBOEPNEJWJTJPOTPGEBVHIUFS DFMMT GPSNFE XJUIPVU BOZ DPOUSJCVUJPO GSPN UIF CBTBMDFMMJODMVEJOHUIFIZQPQIZTJTѮFTFPCTFSWB UJPOTTVQQPSUUIFWJFXUIBUUIFDFMMVMBSUBSHFUTPGUIF (/HFOFBSFUIFBTZNNFUSJDEJWJTJPOPGUIF[ZHPUF BOEUIFQSFDJTFQBUUFSOPGEJWJTJPOTPGUIFIZQPQIZ TJTUPGPSNQBSUPGUIFSPPUNFSJTUFN4JODFNQHO
ϔώ
EPVCMF NVUBOUT IBWF B HO QIFOPUZQF BOE UIVT EP OPU TIPX UIF IZQPDPUZM EFMFUJPO DIBSBDUFSJTUJD PG UIF NQ NVUBOU .1 HFOF GVODUJPO BQQFBST EFQFO EFOUVQPOQSJPS(/HFOFBDUJPO .BZFSFUBM 4UFJONBOOFUBM ѮF(/QSPUFJOTIPXTQBS UJBMTFRVFODFIPNPMPHZUPZFBTUQSPUFJOT:&$ PG VOLOPXOGVODUJPO BOE4&$ UIBUGBDJMJUBUFTJOUSBDFMMVMBSUSBOT QPSUNFEJBUFECZ(PMHJCPEJFT 4IFWFMMFUBM #VTDIFUBM 0GQBSUJDVMBSJOUFSFTUXJMMCFUIF QIZTJPMPHJDBMBOENPMFDVMBSNFDIBOJTNTCZXIJDI UIF (/ HFOF QSPEVDU GVODUJPOT EVSJOH FBSMZ FN CSZPHFOFTJT"MJLFMZTDFOBSJPJOWPMWFTTUSFBNMJOJOH PG QPMBS BVYJO USBOTQPSU JO UIF FNCSZP CZ SFHV MBUJOH UIF EJDUZPTPNF WFTJDMF USBēDLJOH SFRVJSFE GPS MPDBMJ[JOH BVYJO FĔVY DBSSJFST BMPOH UIF SPVUF 4UFJONBOO FU BM 4VHHFTUJWF PG B EJNFSJ[B UJPOSFBDUJPOJOWPMWFEJOUIF(/QSPUFJOGVODUJPO JOWFTJDVMBSUSBēDLJOH BEJSFDUJOUFSBDUJPOCFUXFFO JEFOUJDBM EPNBJOT XJUIJO UIF 4&$ TVCVOJU PG UIF (/QSPUFJOIBTBMTPCFFOEFNPOTUSBUFE (SFCFFU BM ѮFTFPCTFSWBUJPOTIBWFCFFOJOUFHSBUFE JOUPBDPNNPONPEFMPGBDUJPOPGUIF(/HFOFJO PUIFSBTQFDUTPGUIFNVUBOUQIFOPUZQFTVDIBTEJT PSHBOJ[BUJPOPGUIFWBTDVMBSUJTTVFTBOEUIFEFGFDUT JOBVYJOJOEVDFEMBUFSBMSPPUGPSNBUJPOTFFOEVSJOH QPTUFNCSZPOJDEFWFMPQNFOUPG"SBCJEPQTJT (FME OFSFUBM "OPUIFSNPEFMTVHHFTUJOHUIBUUIF FNCNVUBUJPONJHIUDBVTFEFGFDUTJODFMMXBMMBS DIJUFDUVSFJTJOEJDBUJWFPGBCSPBEFSGVODUJPOGPSUIF (/QSPUFJO 4IFWFMMFUBM *O TVNNBSZ JU BQQFBST UIBU JO UIF QBSUJUJPOJOH PGUIFFNCSZPBYJT UIFQBUUFSOJOHHFOFTNJHIUBDU JOFJUIFSBIJFSBSDIJDBMPSBDPNCJOBUPSJBMGBTIJPO *O UIF IJFSBSDIJDBM TDFOBSJP (, ', BOE .1 BSF DPOTJEFSFEUPSFQSFTFOUBDBTDBEFPGHFOFTUIBUBSF EFQMPZFE UP TQFDJGZ UIF BQJDBM DFOUSBM BOE CBTBM QBSUT PG UIF FNCSZP SFTQFDUJWFMZ #FGPSF UIF IJFS BSDIJDBMUJFSJTBDUJWBUFE JUJTBTTVNFEUIBUUIFBQJ DPCBTBMQPMBSJUZPGUIF[ZHPUFJTJOJUJBUFECZUIFBD UJPO PG UIF (/ HFOF ѮF QBJST PG DPNQMFNFOUBSZ HFOFTUIBUNJHIUBDDPVOUGPSUIFTFTBNFSFHJPOTPG UIFFNCSZPBSF(,BOE(/GPSUIFBQJDBM ',BOE .1 GPS UIF DFOUSBM BOE (/ BOE .1 GPS UIF CBTBM SFHJPOT .BZFSFUBM "MUIPVHIUIFIJFSBSDIJ DBMQBUUFSOTFFNTUPIBWFHBJOFEUIFVQQFSHSPVOE CBTFEPOUIFSFTVMUTPGHONQEPVCMFNVUBOUT UIF DPNCJOBUPSJBMQBUUFSODBOOPUCFSVMFEPVU#FDBVTF
ϔϏ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
UIFIVNCMFBVYJONPMFDVMFIBTCFFOJNQMJDBUFEJO B XJEF SBOHF PG EFWFMPQNFOUBM FĒFDUT JO QMBOUT JU JTOPUTVSQSJTJOHUIBUUIFFYQFSJNFOUTEFTDSJCFEJO UIJT DIBQUFS IBWF FMFWBUFE BVYJO UP UIF TUBUVT PG B NPEFM NPMFDVMF SFRVJSFE GPS UIF NBJOUFOBODF PG DFMMVMBSPSHBOJ[BUJPOJOUIFFNCSZPOJDSPPU "QJDPCBTBM FNCSZP QBUUFSO NVUBOUT XJUI BCOPS NBMJUJFT JO SPPU BOE DPUZMFEPO EFWFMPQNFOU JO DMVEJOH UIF GPSNBUJPO PG B TJOHMF DPUZMFEPO IBWF BMTP CFFO JTPMBUFE GSPN QFB +PIOTPO FU BM -JVFUBM 0OFTVDINVUBOU EFTJHOBUFE BTDZUPLJOFTJTEFGFDUJWF DZE
IBTBOVOFWFOTVSGBDF XJUI SFEVDFE DPUZMFEPOT "O JOUSJHVJOH GFBUVSF PG UIFDFMMTPGNVUBOUDPUZMFEPOTJTUIFGBJMVSFPGDZUP LJOFTJT EVSJOH EJWJTJPO SFTVMUJOH JO NVMUJOVDMFBUF DFMMT $POTJTUFOU XJUI UIJT PCTFSWBUJPO UIF DZUPLJ OFUJDEFGFDUJTUSBDFEUPUIFBCTFODF PSPOMZQBSUJBM GPSNBUJPO PG DFMM QMBUF HFOFSBUJOH DFMM XBMM TUVCT +PIOTPO FU BM -JV FU BM 0VS DVSSFOU VOEFSTUBOEJOHPGUIFSPMFPGUIF $:%HFOFJOFN CSZPQBUUFSOGPSNBUJPOJTUIBUJUJTQSPCBCMZJOEJSFDU CZFYUFOEJOHUIFDFMMQMBUF 3BEJBM1BUUFSOJOHPGUIF&NCSZP "ѫFS UIF BQJDPCBTBM BYJT PG UIF FNCSZP JT FTUBC MJTIFE UIFTIPPUBOESPPUBQJDBMNFSJTUFNTEFMJNJU UIF UISFF TFUT PG QSJNBSZ NFSJTUFNT PG UIF QSPUP EFSN HSPVOE NFSJTUFN BOE QSPDBNCJVN XIJDI TVCTFRVFOUMZ EJĒFSFOUJBUF JOUP UIF NBJO UJTTVFT PG UIF FNCSZP BYJT UP QSPWJEF UIF TUFSFPUZQJDBM SBEJBMQBUUFSOPGUIFFNCSZP(FOFUJDTDSFFOTIBWF SFWFBMFE UIBU NVUBUJPOT JO "SBCJEPQTJT TQFDJêDBMMZ DBVTF EFGFDUT JO UJTTVF EJĒFSFOUJBUJPO PS EFMFUJPOT PG TQFDJêD DFMM MBZFST JO UIF FNCSZPOJD PSHBOT BOBMZTJTPGUIFTFNVUBOUTIBTQSPWJEFEHFOFUJDBOE NPMFDVMBS JOTJHIUT JOUP UIF QSPDFTTFT UIBU EFUFS NJOF UIF SBEJBM QBUUFSOJOH PG UIF UJTTVFT EVSJOH FNCSZPHFOFTJT 5XP PG UIF NPTU JOGPSNBUJWF BOE UIPSPVHIMZ JOWFTUJHBUFE NVUBOUT PG UIF HSPVQ JO XIJDI JNQFSGFDUJPOT JO DFMM EJĒFSFOUJBUJPO DBO CF USBDFE UP FBSMZTUBHF FNCSZPT BSF LOPMMF LO BOE LFVMF LFV ѮFTFWFSJUZPGNVUBUJPOTWBSJFTJOUIF TFFEMJOHQIFOPUZQFT XIJDIBQQFBSNPTUMZBTSPVOE PS UVCFSTIBQFE TUSVDUVSFT XJUI B SPVHI FQJEFS NJTBOEMBDLJOHGVODUJPOBMNFSJTUFNTJOLOBMMFMFT BOEBTFMPOHBUFBYJTUPQQFECZSFEVDFEDPUZMFEPOT JO LFV BMMFMFT &NCSZPHFOFTJT JO UIF LO NVUBOU JT
SFMBUJWFMZOPSNBMVQUPUIFHMPCVMBSTUBHFXIFOUIF EJWJTJPO EFMJNJUJOH UIF QSPUPEFSN MBZFS BOE UIF DFOUSBM DPSF PG DFMMT HPFT BXSZ BOE DPOTFRVFOUMZ FNCSZPTMBDLBXFMMEFêOFEFQJEFSNBMMBZFS*OUFS FTUJOHMZ UIFTFFEMJOHQIFOPUZQFPGUIFLFVNVUBOU VTFT B EJĒFSFOU TUSBUFHZ UP SFHVMBUF UIF SBEJBM QBU UFSO )FSF UIF QSPUPEFSN MBZFS JT EFUFDUBCMF JO TPNFFNCSZPT XIFSFBTJOPUIFSTJUNBZCFBCTFOU PS JODPNQMFUFMZ GPSNFE BOE XIFO QSFTFOU UIF DFMMTPGUIFQSPUPEFSNBSFBCOPSNBMMZTXPMMFOBOE JSSFHVMBSMZBSSBOHFEBSPVOEBOPSNBMDPNQMFNFOU PGJOOFSDFMMTѮFDFMMVMBSFĒFDUTPGCPUINVUBUJPOT BSF QFSIBQT NPTU WJWJEMZ JMMVTUSBUFE JO UIF PDUBOU TUBHF BOE IFBSUTIBQFE FNCSZPT EVSJOH EJWJTJPOT UIBU BSF HFOFSBMMZ BOBSDIJD SFTVMUJOH JO UIF GPS NBUJPOPGMBSHFNVMUJOVDMFBUFDFMMTXJUIHBQQFEPS JODPNQMFUF DSPTTXBMMT 'JHBmG ѮFTF EFGFDUT JO UIF FYFDVUJPO PG DZUPLJOFTJT NBZ CF DPOTUSVFE UP JOëVFODF DFMM EJĒFSFOUJBUJPO BOE FNCSZP TIBQF .BZFSFUBM"TTBBEFUBM-VLPXJU[FUBM 4SFOTFOFUBM ѮVT QBUUFSOEFGFDUTJO UIFTFNVUBOUTDBOCFBUUSJCVUFEJOEJSFDUMZUPEFGFDUT JO DZUPLJOFTJT CFDBVTF WFTJDMFT USBOTQPSUFE UP UIF FRVBUPSPGUIFEJWJEJOHDFMMEPOPUGVTFUPGPSNUIF DFMM QMBUF 4FWFSBM PUIFS "SBCJEPQTJT NVUBOUT UP CF EFTDSJCFE MBUFS JO $IBQ BMPOH XJUI LO BOE LFV XIJDIEJTQMBZEFGFDUTJOUIFPSJFOUBUJPOPGUIFQMBOF PGEJWJTJPOBOEJOUIFFYFDVUJPOPGDZUPLJOFTJT BSF EFTJHOBUFE BT DZUPLJOFTJTEFGFDUJWF NVUBOUT 4JODF NPTU DZUPLJOFTJTEFGFDUJWF NVUBOUT BSF TFFEMJOH MFUIBM BOE EP OPU DBVTF BOZ EFSBOHFNFOU PG UIF SBEJBM QBUUFSO PG FNCSZPT UIFZ BSF OPU DPOTJE FSFEGVSUIFSIFSF TFF/BDSZFUBM4ÕMMOFSFU BM 4VHHFTUJWFPGBQPTTJCMFMJOLCFUXFFOUIF NPMFDVMBSGVODUJPOTPGUIF,/HFOFBOEDZUPLJOFUJD EFGFDUTEVSJOHFNCSZPHFOFTJTSFTVMUJOHJOUIFBDDV NVMBUJPO PG VOGVTFE WFTJDMFT BU UIF TJUF PG UIF DFMM QMBUF UIF QSFEJDUFE QSPUFJO QSPEVDU PG UIJT HFOF JT GPVOE UP IBWF TJNJMBSJUZ UP TZOUBYJOT NFNCFST PG B QSPUFJO GBNJMZ LOPXO BT 4/"3& GPS TPMVCMF /FUIZMNBMFJNJEFTFOTJUJWF GBDUPS BUUBDINFOU QSPUFJO SFDFQUPST ѮF 4/"3& DPNQMFYFT IBWF CFFOBTTJHOFEJNQPSUBOUSPMFTJONFNCSBOFGVTJPO FWFOUTBOEJOEJWFSTFWFTJDMFUSBēDLJOHQBUIXBZTJO FVLBSZPUJDDFMMT BMUIPVHIUIFFYUFOUUPXIJDIUIFZ DPOUSJCVUFUPUIFTQFDJêDJUZPGUIFTFQSPDFTTFTJTOPU GVMMZEFUFSNJOFE*NNVOPëVPSFTDFODFMPDBMJ[BUJPO PG UIF ,/ QSPUFJO JO EJWJEJOH DFMMT PG FNCSZPT PG "SBCJEPQTJTIBTJNQMJFEQBSUJDJQBUJPOPGUIJTQSPUFJO
ɩɨ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZP1BUUFSO'PSNBUJPO
JOWFTJDMFGVTJPOQSFQBSBUPSZUPDFMMQMBUFGPSNBUJPO EVSJOHDZUPLJOFTJT SBUIFSUIBOJOWFTJDMFUSBOTQPSU -VLPXJU[FUBM-BVCFSFUBM ѮFUJNJOH PG,/QSPUFJOBDDVNVMBUJPODPOêOFETQFDJêDBMMZUP UIF.QIBTFPGUIFDFMMDZDMFIBTCFFOKVEHFEDSJUJ DBM GPS NFNCSBOF GVTJPO BOE DFMM QMBUF GPSNBUJPO JO USBOTHFOJD "SBCJEPQTJT MJOFT PWFSFYQSFTTJOH UIF ,/HFOFVOEFSDPOUSPMPGUIF$B.74QSPNPUFS UIFQSPUFJOJTMPDBMJ[FEBUUIFQMBTNBNFNCSBOFJO OPOEJWJEJOH DFMMT JO DPOUSBTU UP JUT BDDVNVMBUJPO JOUIFOBTDFOUDFMMQMBUFPGEJWJEJOHDFMMT 7ÕMLFSFU BM "MUIPVHI UIF ,/TZOUBYJO TQFDJêDJUZ PG DZUPLJOFTJTJO"SBCJEPQTJTFNCSZPTIBTCFFOFTUBC MJTIFECZTIPXJOHUIBUNPTU,/SFMBUFETZOUBYJOT EPOPUSFTDVFUIFLONVUBOUJOBUSBOTHFOJDTFUUJOH IPXJUJTUIBUPOMZUIF,/QSPUFJOGBDJMJUBUFTWFTJDMF GVTJPO BU UIF TJUF PG UIF GVUVSF DFMM QMBUF JT VODMFBS .ÛMMFSFUBM
'JHɩɫBoG$ZUPLJOFUJD EFGFDUT JO FNCSZPT PG UIF LFV NV UBOUPG"SBCJEPQTJTBmD8JMEUZQFFNCSZPTB4JYUFFODFMMFE FNCSZPDPOTJTUJOHPGFJHIUFQJEFSNBMQSFDVSTPSDFMMTBOEBO JOOFSDPSFPGFJHIUDFMMT"TUFSJTL6QQFSNPTUTVTQFOTPSDFMM C5SJBOHVMBSTUBHFFNCSZP"TUFSJTLT5XPIZQPQIZTFBMDFMMT D)FBSUTIBQFEFNCSZPEmG.VUBOUFNCSZPTDPSSFTQPOEJOH UPXJMEUZQFFNCSZPTE/PUFUIFNVMUJOVDMFBUFDFMMT BSSPX IFBET BOE BO JODPNQMFUF DSPTTXBMM BSSPX JO UIF NVUBOU FNCSZP DPSSFTQPOEJOH UP UIF DFMMFE XJMEUZQF FNCSZP F.VUBOUFNCSZPDPSSFTQPOEJOHUPUIFXJMEUZQFUSJBOHVMBS TUBHFFNCSZPѮFFQJEFSNJTJTJOUFSSVQUFECZBMBSHFNVM UJOVDMFBUF DFMM BSSPXIFBE /PUF UIF JODPNQMFUF DSPTTXBMM BSSPX JOUIFVQQFSNPTUTVTQFOTPSDFMMT BTUFSJTL G.VUBOU FNCSZP DPSSFTQPOEJOH UP UIF IFBSUTIBQFE XJMEUZQF FN CSZPѮFFOUJSFFQJEFSNJTDPOTJTUTPGMBSHFDFMMT$$PUZMF EPO /OVDMFJ 1FQJEFSNBMQSFDVSTPSDFMMT 7WBTDVMBSUJTTVF #BSJODʍN BQQMJFTBMTPUPC F G BBOEEBSFBUUIFTBNF NBHOJêDBUJPO 3FQSJOUFEGSPN"TTBBEFUBM
ϔϐ
ѮFEFNPOTUSBUJPOUIBULOLFVEPVCMFNVUBOUTFY IJCJU B NVDI NPSF QSPGPVOE EFGFDU JO DZUPLJOFTJT JO UIF FNCSZPT SFTVMUJOH JO UIFJS EFBUI BT NVMUJ OVDMFBUFTJOHMFDFMMT UIBOFJUIFSTJOHMFNVUBOUIBT TUSFOHUIFOFEUIFWJFXUIBUUIFUXPHFOFTGVODUJPO JOEFQFOEFOUMZPGFBDIPUIFS4JODFUIFEPVCMFNV UBOUTBSFEJĒFSFOUGSPNLOOVMMNVUBOUT UIFSFTVMUT NJHIUSFëFDUBHFOFUJDJOUFSBDUJPOJOWJWPCFUXFFO ,/BOE,&6HFOFTJONFNCSBOFUSBēDLJOHUPUIF DFMMQMBUF 8BJ[FOFHHFSFUBM .PMFDVMBSFWJ EFODFJOTVQQPSUPGUIJTDPODMVTJPODPNFTGSPNUIF JEFOUJêDBUJPO PG UIF ,&6 HFOF QSPEVDU BT B NFN CFSPGUIF4FDGBNJMZ BOEUIFEFNPOTUSBUJPOUIBU ,&6QSPUFJOCJOETUP,/QSPUFJOJOJOWJUSPCJOE JOHBTTBZT "TTBBEFUBM *OBGVSUIFSBUUFNQU UP JEFOUJGZ PUIFS QSPUFJOT JOWPMWFE JO WFTJDMF GV TJPOBUUIFTJUFPGUIFDFMMQMBUFJODPPQFSBUJPOXJUI ,/ BOE ,&6 QSPUFJOT B CJPDIFNJDBM BOE SFWFSTF HFOFUJD BQQSPBDI IBT JNQMJDBUFE B WFTJDMF USBēDL JOH HFOF BO "SBCJEPQTJT IPNPMPH PG UIF 4/"1 UZQF 4/"3& DBMMFE 4/"1 JOUFSBDUJOH XJUI UIF ,/TZOUBYJOBOE,&64FDIPNPMPHVFEVSJOHDFMM QMBUFGPSNBUJPOJO"SBCJEPQTJTFNCSZPT )FFTFFUBM ѮF QSJNBSZ NFSJTUFNT QSPEVDFE QSPEVDFE CZ UIFSPPUBQJDBMNFSJTUFNPGUIF"SBCJEPQTJTFNCSZP EJĒFSFOUJBUF JOUP DPODFOUSJDBMMZ BSSBOHFE TJOHMF MBZFST PG DFMMT PG UIF FQJEFSNJT DPSUFY FOEPEFS NJT BOE QFSJDZDMF BOE B DFOUSBM NBTT PG DFMMT PG UIFWBTDVMBSDZMJOEFSDPOTUJUVUJOHUIFSBEJBMQBUUFSO PGUIFSBEJDMF 4DIFSFTFUBM &QJEFSNBMDFMMT JO UIF QPTUFNCSZPOJD SPPU PG "SBCJEPQTJT EJĒFS FOUJBUFFJUIFSBTIBJSPSOPOIBJSDFMMTJOBEJTUJODU QPTJUJPOEFQFOEFOU QBUUFSO $IBSBDUFSJ[BUJPO PG NVUBOUTXJUIEFGFDUTJOUIFTQFDJêDBUJPOPGFQJEFS NBMDFMMUZQFTJOTFFEMJOHSPPUTIBTJEFOUJêFEHFOFT TVDIBT53"/41"3&/55&45"(-"#3" 55( (BMXBZFUBM
(-"#3" (-.BTVDDJFUBM
BOE 8&3&80-' 8&3 -FF BOE 4DIJFGFM CFJO BT QPTJUJWF SFHVMBUPST PG OPOIBJS DFMMT BOE$"13*$& $1$ BTBQPTJUJWFSFHVMBUPSPGIBJS DFMMT 8BEBFUBM 0UIFSTUVEJFTOPXJOEJDBUF UIBUUIFSPPUIBJSQBUUFSOJOHNFDIBOJTNJTJOJUJBUFE JOEFWFMPQJOHFNCSZPTBTFBSMZBTUIFIFBSUTIBQFE TUBHFBOEJTTVCTFRVFOUMZSFêOFECZHFOFUJDJOUFSBD UJPOT EVSJOH FNCSZPHFOFTJT BOE QPTUFNCSZPHFO FTJT #FSHFSFUBM-JOBOE4DIJFGFMCFJO $PTUBBOE%PMBO (FOFT TVDI BT 4)035 3005 4)3
4$"3&
ϔϑ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
$308 4$3
1*/0$$)*0 1*$
'4 (0--6. (-.
4$)*;03*;" 4$;
BOE800%&/-&( 80-
XIJDI BSF VODPWFSFE CZ UIFJS SPPU QIFOP UZQF BSFUIFNPTUDSVDJBMUPUIFGBTIJPOJOHPGUIF SBEJBM QBUUFSO PG FNCSZPT PG "SBCJEPQTJT BT NVUB UJPOTJOUIFTFHFOFTSFTVMUJOUIFSFQMBDFNFOUPGDFS UBJO DFMM MBZFST CZ PUIFST JO UIF TFFEMJOH SPPU BOE IZQPDPUZM #FOGFZ FU BM 4DIFSFT FU BM .ZMPOB FU BM ѮF DMPTFMZ JOWFTUJHBUFE TIS NVUBOU BTUIFOBNFJNQMJFT IBTBTIPSUFSSPPUUIBO UIFXJMEUZQFTFFEMJOHEVFUPSFUBSEBUJPOPGHSPXUI ѮF EFWFMPQNFOUBM QSPCMFN BSJTFT EVSJOH GPSNB UJPOPGUIFFOEPEFSNJT XIJDIJTGPVOEXBOUJOHJO UIFNVUBOUSPPUBTJOEJDBUFECZUIFBCTFODFPGDFMMT EFDPSBUFE XJUI UIF $BTQBSJBO TUSJQ m B NBSLFS PG FOEPEFSNJTѮFOPUJPOUIBUUIF4)3HFOFQMBZTB SPMFJOCPUIDFMMEJWJTJPOBOEFOEPEFSNJTTQFDJêDB UJPOêUTJOXJUIUIJTPCTFSWBUJPOѮFEFGFDUJOSPPU BOBUPNZIBTCFFOUSBDFEUPBGBJMVSFPGUIFGPSNB UJWF EJWJTJPO JO UIF DPSUJDBMFOEPEFSNBM JOJUJBMT PG UIFUPSQFEPTIBQFEFNCSZPUIBUHFOFSBUFTUIFDPS UFYBOEFOEPEFSNBMDFMMMJOFBHFTJOTUFBE BTJOHMF MBZFSXJUIDPSUJDBMDFMMBUUSJCVUFTSFTVMUT-JLFUIFTIS NVUBOU TDSBOEQJDNVUBOUTIBWFPOMZBTJOHMFMBZFS PGDFMMTCFUXFFOUIFFQJEFSNJTBOEQFSJDZDMFEVFUP JOUFSGFSFODFXJUIUIFQFSJDMJOBMEJWJTJPOPGUIFDPS UJDBMFOEPEFSNBMJOJUJBMT CVUDFMMTPGUIFTVSWJWJOH MBZFSJOUIFNVUBOUSPPUTIBWFNJYFETUSVDUVSBMBOE NPMFDVMBSJEFOUJUJFTPGCPUIFOEPEFSNJTBOEDPSUFY ѮFTDSBOEQJDNVUBUJPOTUIVTTIPXUIBUUIFJEFO UJUZ PG UIF DPSUFY BOE FOEPEFSNBM DFMM JT TQFDJêFE JOEFQFOEFOUMZPGUIFEJWJTJPOPGUIFDPSUJDBMFOEP EFSNBMJOJUJBMDFMMT BOEUIBUUIFNVUBUFEHFOFTIBWF BSPMFJOSFHVMBUJOHUIJTEJWJTJPOCVUOPUJOUIFEJG GFSFOUJBUJPOPGUIFUJTTVFMBZFST #FOGFZFUBM 4DIFSFTFUBM ѮFDPSFPG 4)3BOE4$3HFOFTJTBTNBMMGBN JMZ PG QVUBUJWF USBOTDSJQUJPO GBDUPST UIBU UIFZ FO DPEF ѮF QSPEVDUT PG UIFTF UXP HFOFT BT XFMM BT UIPTFPGUIF(*##&3&--*/*/4&/4*5*7& ("* BOE3&13&44030'(" 3(" HFOFTJOWPMWFEJO UIF HJCCFSFMMJO TJHOBM USBOTEVDUJPO QBUIXBZ TIPX IJHI TUSVDUVSBM BOE TFRVFODF TJNJMBSJUZ BOE IBWF CFFO EFTJHOBUFE CZ UIF BDSPOZN (3"4 1ZTI FU BM *OEJDBUJWF PG UIF SPMF PG UIF (3"4 QSP UFJO BT B LFZ SFHVMBUPS PG UIF BTZNNFUSJD EJWJTJPO PGUIFDPSUFYFOEPEFSNBMJOJUJBMT USBOTDSJQUTPGUIF 4$3HFOFBSFEFUFDUFEEVSJOH"SBCJEPQTJTFNCSZP EFWFMPQNFOU JO UIF JOJUJBM DFMMT CFGPSF UIFJS BTZN
NFUSJD EJWJTJPO BOE JO UIF FOEPEFSNBM DFMMT CPSO PGUIJTEJWJTJPO*OBEFWFMPQNFOUBMTFRVFODFCFHJO OJOH XJUI UIF êSTU FWJEFODF GPS 4$3 JOWPMWFNFOU JOSBEJBMQBUUFSOJOHTFFOJOUIFHSPVOEUJTTVFBOE IZQPQIZTJTPGUIFHMPCVMBSFNCSZP HFOFFYQSFTTJPO TIJѫT UP UIF QSFDVSTPS PG UIF DFOUSBM DFMMT GPSNFE CZ UIF EJWJTJPO PG UIF IZQPQIZTJT BOE BQQFBST JO UIFQSFTVNQUJWFJOJUJBMTPGUIFDPSUFYBOEFOEPEFS NJTJOUIFIZQPDPUZMSFHJPOPGUIFUPSQFEPTIBQFE FNCSZPCFGPSFTFUUMJOHêOBMMZJOUIFFOEPEFSNJTPG UIFNBUVSFTUBHFFNCSZP TFF1MBUF 'JHBmS "T FWJEFOUGSPNUIFTFêHVSFT UIFQBUUFSOPGFYQSFTTJPO PG ('1 ESJWFO CZ UIF 4$3 HFOF QSPNPUFS JO FN CSZPTPGUSBOTHFOJD"SBCJEPQTJTQMBOUTJTWFSZTJNJ MBS UP UIBU PG 4$3 USBOTDSJQUT .PSFPWFS CPUI UIF SPPUBOEIZQPDPUZMSFHJPOTPGEFWFMPQJOHFNCSZPT EJTQMBZ JEFOUJDBM QBUUFSOT PG 4$3 HFOF FYQSFTTJPO TVQQPSUJOH UIF WJFX UIBU B DPNNPO NFDIBOJTN NJHIU CF JOWPMWFE JO UIF SBEJBM QBUUFSOJOH PG UIF DPSUJDBMFOEPEFSNBM MBZFST JO UIFTF FNCSZPOJD PS HBOT %J -BVSFO[JP FU BM 8ZTPDLB%JMMFS FU BM &WJEFODFUIBUUIF4$3QSPUFJOJTSFRVJSFE GPSTQFDJê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ѮF BCJMJUZPGUIF4)3QSPUFJOUPEJĒVTFGSPNUIFDFMMT PGUIFWBTDVMBSUJTTVFUPUIFFOEPEFSNJT BTTIPXO CZ/BLBKJNBFUBM DPVMEBMTPCFDJUFEBTFWJ EFODFJOTVQQPSUPGUIFOPODFMMBVUPOPNPVTNBO OFSPG4)3HFOFBDUJPO"DDPSEJOHUPUIFTFBVUIPST 4)3 QSPUFJO FYQSFTTFE JO UIF WBTDVMBS DZMJOEFS PG UIFSPPUNPWFTJOUPUIFOFJHICPSJOHDFMMTUPJOEVDF FYQSFTTJPOPGUIF4$3HFOFUIFMBUUFS JOUVSOTQFDJ êFTUIFFOEPEFSNJT
ѮFGTNVUBOUXBTJOJUJBMMZJEFOUJêFEBTBTIBQF NVUBOU $IBQ "MUIPVHI GT NVUBOU SPPUT IBWF BEEJUJPOBMMBZFSTPGDFMMTJOUIFDPSUFY UIFCMPBUFE DPSUFYEPFTOPUDPNFBUUIFFYQFOTFPGBOPUIFSSB EJBMQBUUFSOMBZFSJOUIFSPPU%FWFMPQNFOUBMBOBMZ TJTIBTSFWFBMFEUIBUUIFGSFRVFODZBOEPSJFOUBUJPOPG DFMMEJWJTJPOTJOUIFEFWFMPQJOHFNCSZPBSFBĒFDUFE XJUIPVU JOUFSGFSJOH XJUI UIF DPODFOUSJD BSSBOHF NFOUPGUIFSFTQFDUJWFUJTTVFMBZFSTJOUIFSPPUѮJT CFHTUIFRVFTUJPOXIFUIFSBSFHVMBSJUZPGDFMMEJWJ TJPOJTDSVDJBMJOFNCSZPOJDQBUUFSOEFUFSNJOBUJPO 5PSSFT3VJ[BOE+ÛSHFOT "OJODSFBTFEOVN CFSPGQFSJDMJOBMEJWJTJPOTJOUIFDFMMTPGUIFHSPVOE UJTTVFJOJUJBUFEEVSJOHFNCSZPHFOFTJTMJLFXJTFDPO USJCVUFTUPUIFEFGFDUJWFSBEJBMQBUUFSOJOHJOSPPUTPG TD[NVUBOUT4VHHFTUJWFPGBSPMFGPSPUIFSHFOFTJO UIFEFWFMPQNFOUPGUIFHSPVOEUJTTVF SPPUTPGTD[ TISBOETD[TDSEPVCMFNVUBOUTBSFGPVOEUPEFWFMPQ POMZBTJOHMFMBZFSPGDFMMTPGUIFHSPVOEUJTTVF .Z MPOBFUBM ѮFPSHBOJ[BUJPOPGWBTDVMBSCVO EMFTJTBOBQQFBMJOHUBSHFUGPSUIFBDUJPOPGUIF(-. BOE80-HFOFT BOEBOBUPNJDBMTUVEJFTPGUIFNV UBOUSPPUTTVQQPSUUIJTOPUJPOѮFWBTDVMBSUJTTVFT BOEQFSJDZDMFDBOOPUFBTJMZCFJEFOUJêFEJOUIFDFO UFSPGUIFNVUBOUHMNSPPU XIFSFBTUIFXPMNVUBOU SPPUDPOUBJOTGFXFSDFMMT FTQFDJBMMZPGUIFQIMPFN JO UIF WBTDVMBS TZTUFN %PVCMF NVUBOUT JODPSQP SBUJOHUIFTISBOEXPMNVUBOUUSBJUTTIPXBEEJUJWF QIFOPUZQFT JOEJDBUJOH UIBU XJUI TPNF GVODUJPOBM PWFSMBQ UXPJOEFQFOEFOUNFDIBOJTNTQSPEVDFEF GFDUTJOUIFFOEPEFSNJTBOEWBTDVMBSUJTTVFTPGUIF SPPU 4DIFSFTFUBM ѮFQSFEJDUFE80-HFOF QSPEVDU CFMPOHT UP B TNBMM QSPUFJO GBNJMZ QPTTFTT JOHUIFIBMMNBSLTPGBUXPDPNQPOFOUTJHOBMUSBOT EVDFS &YQSFTTJPO PG 80- HFOF USBOTDSJQUT JO UIF QSFDVSTPST PG UIF WBTDVMBS UJTTVF CFHJOOJOH JO UIF HMPCVMBS FNCSZP JOEJDBUFT UIBU UIJT HFOF QSPCBCMZ GVODUJPOT BT B SFDFQUPS NPMFDVMF JO UIF DPOUSPM PG UIFBTZNNFUSJDDFMMEJWJTJPOPGUIFWBTDVMBSJOJUJBMT .ÅIÕOFOFUBM ѮF SBEJBM QBUUFSO HFOFT TP GBS JEFOUJêFE QMBZ B SPMFJOUIFEFWFMPQNFOUPGGFBUVSFTUIBUEJTUJOHVJTI FBDI DPODFOUSJD MBZFS PG UIF FNCSZP ѮFTF HFOFT QSPCBCMZSFNBJOBDUJWFUISPVHIPVUUIFMBUFSMJGFPG UIF QMBOU TFSWJOH BT B SFGFSFODF TZTUFN UP QSPQB HBUF UIF QPTJUJPOBM JOGPSNBUJPO FMBCPSBUFE EVSJOH FBSMZFNCSZPHFOFTJT#PUIUIFBQJDPCBTBMBOESBEJBM QBUUFSONVUBOUTEFTDSJCFEBCPWFBSFQIFOPUZQFTPG EJTSVQUFE [ZHPUJD HFOFT m UIPTF BDUJWBUFE BѫFS GFS
ɩɩ $PODMVEJOH$PNNFOUT
ϔϒ
UJMJ[BUJPO%FTQJUFUIFGBDUUIBUJODSFBTJOHFWJEFODF TVHHFTUT B DSJUJDBM SPMF GPS NBUFSOBM FĒFDU HFOFT mHFOFTBDUJWBUFEJOUIFFHHDZUPQMBTNSBUIFSUIBOJO UIF[ZHPUFmJOBOJNBMFNCSZPHFOFTJT WFSZGFXNB UFSOBMHFOFTBĒFDUJOHQMBOUEFWFMPQNFOUBSFLOPXO ѮFJEFOUJUZPGBNBUFSOBMHFOFDPOUSPMMJOHUIFBQJ DPCBTBM QBUUFSO PG UIF FNCSZP IBT FNFSHFE GSPN HFOFUJDBOBMZTJTPGFNCSZPEFWFMPQNFOUJOUIFTIPSU JOUFHVNFOU TJO NVUBOU PG "SBCJEPQTJT 8IFSFBT FNCSZPT PG IPNP[ZHPVT NVUBOU QMBOUT EFWFMPQFE XJUIJO UIF FNCSZP TBD PG B IFUFSP[ZHPVT NVUBOU NBUFSOBM TQPSPQIZUF BSF OPSNBM JO FWFSZ SFTQFDU EFGFDUT DPOêOFE NBJOMZ UP UIF DPUZMFEPOT BSF GSF RVFOUMZPCTFSWFEJOFNCSZPTPGNVUBOUTEFWFMPQFE XJUIJOBIPNP[ZHPVTNVUBOUNBUFSOBMTQPSPQIZUF 3BZ FU BM ѮJT JNQMJFT UIBU UIF 4*/ HFOF QSPEVDU NJHIU JOëVFODF QBUUFSO GPSNBUJPO PG UIF EFWFMPQJOHFNCSZPCZUIFQSPEVDUJPOPGBTJHOBMJOH GBDUPSGSPNUIFUJTTVFTPGUIFPWVMF"OPUIFSQBUUFSO GPSNJOHHFOF (/ EJTDVTTFEBCPWF BMTPBQQFBSTUP CF BĒFDUFE CZ USBOTDSJQUJPO GSPN B NBUFSOBMMZ JO IFSJUFEBMMFMF 7JFMMF$BM[BEBFUBM
$PODMVEJOH$PNNFOUT
.PTUPGUIFXPSLSFWJFXFEJOUIJTDIBQUFSDBOCFBU USJCVUFEUPUIFJODSFBTJOHQBDFJOUIFTUVEZPGQMBOU FNCSZP EFWFMPQNFOU VTJOH HFOFUJD BOE NPMFDV MBS UFDIOJRVFT CVU XPVME OPU IBWF CFFO QPTTJCMF XJUIPVU UIF BWBJMBCJMJUZ PG HPPE SPCVTU JOGPSNB UJPOPOUIFPOUPHFOZPGFNCSZPTJONPEFMFVEJDPUT BOENPOPDPUT BOEPOUIFSPMFPGQMBOUIPSNPOFT JO QMBOU HSPXUI BOE EFWFMPQNFOU 8IJMF TFFEMJOH QBUUFSO NVUBOUT PG "SBCJEPQTJT TP GBS JTPMBUFE BOE DIBSBDUFSJ[FE IBWF QSPWJEFE B GSVJUGVM GSBNFXPSL XJUIJO XIJDI UP MJOL HFOFT BOE QBUUFSOGPSNJOH FWFOUT EVSJOH FNCSZPHFOFTJT JU XJMM CF JNQPSUBOU UPJOUFHSBUFHFOFUJDEBUBXJUITFMFDUJWFNBSLFSHFOF FYQSFTTJPOQSPêMFTJOTQFDJêDDFMMTUPHBJOBEFFQFS VOEFSTUBOEJOH PG UIF CBTJT GPS UIF NPSQIPHFOFUJD PSHBOJ[BUJPO PG UIF FNCSZP BMPOH UIF BQJDPCBTBM BOE SBEJBM BYFT "O BEEJUJPOBM DIBMMFOHF JT UP EF UFSNJOFIPXUIFJOJUJBMDFMMTQFDJêDBUJPOFWFOUTJO UIF EFWFMPQJOH FNCSZP BSF MJOLFE UP QPTJUJPOEF QFOEFOU JOGPSNBUJPO NFEJBUFE UISPVHI DFMMVMBS JOUFSBDUJPOT UP HFOFSBUF UIF CPEZ PSHBOJ[BUJPO PG UIF FNCSZP %FTQJUF UIF GBDU UIBU "SBCJEPQTJT IBT TFSWFEBTBOFYDFMMFOUNPEFMUPTIPXIPXHFOFBD
ϔϓ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
UJPOJTJOWPMWFEJOFTUBCMJTIJOHFNCSZPOJDQBUUFSOT JUTFFNTMJLFMZUIBUFNCSZPTPGPUIFSBOHJPTQFSNT XJMMIBWFTPNFTFDSFUTPGUIFJSPXO"MUIPVHINV UBUJPOBM TUVEJFT JO SJDF BSF CFHJOOJOH UP BDRVJSF B SJDIUSBEJUJPOJOQSPWJEJOHTQFDJBMJOTJHIUTJOUPUIF HFOFUJDDPOUSPMPGFNCSZPHFOFTJTJOBNPOPDPU UIF EJēDVMUZPGJTPMBUJOHQBUUFSONVUBOUTXJUIPVUJOUFS GFSFODFCZFNCSZPMFUIBMJUZIBTMFEUPUIFDIBSBDUFS J[BUJPOPGPOMZBTJOHMFSBEJBMQBUUFSONVUBOUGSPN BOBSTFOBMPGNPSFUIBONVUBOUTJEFOUJêFEJO UIJTTZTUFN ,BNJZBFUBMC ѮVT TUVEJFTPO PUIFS BOHJPTQFSNT IBSCPSJOH WJSUVFT PG UIF UZQF BCVOEBOUMZEJTQMBZFECZ"SBCJEPQTJTBSFOFDFTTBSZ UPJMMVNJOBUFUIFGVOEBNFOUBMHFOFUJDBOENPMFDV MBS CJPMPHZ PG FNCSZP CPEZ QBUUFSO GPSNBUJPO m B UPQJD UIBU BT FNQIBTJ[FE BU UIF CFHJOOJOH PG UIJT DIBQUFS JT PG QBSBNPVOU JNQPSUBODF UP QMBOU BOE BOJNBMCJPMPHJTUT
#FOGFZ1/ -JOTUFBE1+ 3PCFSUT, 4DIJFGFMCFJO+8 )BVTFS .5 "FTDICBDIFS3" 3PPUEFWFMPQNFOUJO"SB CJEPQTJT GPVS NVUBOUT XJUI ESBNBUJDBMMZ BMUFSFE SPPU NPSQIPHFOFTJT%FWFMPQNFOUm #FSHFS' )BTFMPĒ+ 4DIJFGFMCFJO+ %PMBO- 1PTJUJPOBM JOGPSNBUJPOJOSPPUFQJEFSNJTJTEFêOFEEVSJOHFNCSZP HFOFTJTBOEBDUTJOEPNBJOTXJUITUSJDUCPVOEBSJFT$VSS #JPMm #FSMFUI5 $IBUêFME4 &NCSZPHFOFTJTQBUUFSOGPSNB UJPO GSPN B TJOHMF DFMM *O 4PNFSWJMMF $3 .FZFSPXJU[ &. FET ѮF "SBCJEPQTJT CPPL "NFSJDBO 4PDJFUZ PG 1MBOU #JPMPHJTUT 3PDLWJMMF .% EPJUBC IUUQXXXBTQCPSHQVCMJDBUJPOTBSBCJEPQTJT #FSMFUI5 +ÛSHFOT( ѮFSPMFPGUIFNPOPQUFSPTHFOF JO PSHBOJTJOH UIF CBTBM CPEZ SFHJPO PG UIF "SBCJEPQTJT FNCSZP%FWFMPQNFOUm #MJMPV * 'SVHJFS ' 'PMNFS 4 4FSSBMCP 0 8JMMFNTFO 7 8PMLFOGFMU ) &MPZ /# 'FSSFJSB 1$( 8FJTCFFL 1 4DIFSFT# ѮF"SBCJEPQTJT)0##*5HFOFFODPEFT B$%$IPNPMPHUIBUMJOLTUIFQMBOUDFMMDZDMFUPQSP HSFTTJPOPGDFMMEJĒFSFOUJBUJPO(FOFT%FWm #MJMPV* 9V+ 8JMEXBUFS. 8JMMFNTFO7 1BQPOPW* 'SJNM+ )FMETUSB3 "JEB. 1BMNF, 4DIFSFT# ѮF1*/ BVYJOFĔVYGBDJMJUBUPSOFUXPSLDPOUSPMTHSPXUIBOEQBU UFSOJOHJO"SBCJEPQTJTSPPUT/BUVSFm #SBOEU 6 'MFUDIFS +$ )PCF . .FZFSPXJU[ &. 4JNPO ӻ ĞğĞīĞħĜĞĬ 3 %FQFOEFODF PG TUFN DFMM GBUF JO "SBCJEPQTJT PO B GFFECBDL MPPQ SFHVMBUFE CZ $-7 BDUJWJUZ 4DJFODF "JEB . *TIJEB 5 'VLBLJ ) 'VKJTBXB ) 5BTBLB . m (FOFT JOWPMWFE JO PSHBO TFQBSBUJPO JO "SBCJEPQTJT BO #SBOEU6 (SÛOFXBME. )PCF. 4JNPO3 3FHVMB BOBMZTJT PG UIF DVQTIBQFE DPUZMFEPO NVUBOU 1MBOU $FMM UJPOPG$-7FYQSFTTJPOCZUXPIPNFPCPYHFOFTJO"SB m CJEPQTJT1MBOU1IZTJPMm "JEB . *TIJEB 5 5BTBLB . 4IPPU BQJDBM NFSJTUFN #VTDI. .BZFS6 +ÛSHFOT( .PMFDVMBSBOBMZTJTPG BOE DPUZMFEPO GPSNBUJPO EVSJOH "SBCJEPQTJT FNCSZP UIF "SBCJEPQTJT QBUUFSO GPSNBUJPO HFOF (/0. HFOF HFOFTJT JOUFSBDUJPO BNPOH UIF $614)"1&% $05: TUSVDUVSF BOE JOUSBHFOJD DPNQMFNFOUBUJPO .PM (FO -&%0/BOE4)005.&3*45&.-&44HFOFT%FWFMPQ (FOFUm NFOUm #ZSOF .& #BSMFZ 3 $VSUJT . "SSPZP +. %VOIBN . "JEB. 7FSOPVY5 'VSVUBOJ. 5SBBT+ 5BTBLB. )VETPO " .FSUJFOTTFO 3" "TZNNFUSJD MFBWFT 3PMFTPG1*/'03.&%BOE.0/015&304JOQBUUFSO NFEJBUFTMFBGQBUUFSOJOHBOETUFNDFMMGVODUJPOJO"SBCJ GPSNBUJPOPGUIFBQJDBMSFHJPOPGUIF"SBCJEPQTJTFNCSZP EPQTJT/BUVSFm %FWFMPQNFOUm $BSMFT$$ 'MFUDIFS+$ 4IPPUBQJDBMNFSJTUFNNBJO "JEB. #FJT% )FJETUSB3 8JMMFNTFO7 #MJMPV* (BMJOIB UFOBODFUIFBSUPGBEZOBNJDCBMBODF5SFOET1MBOU4DJ $ /VTTBVNF- /PI:4 "NBTJOP3 4DIFSFT# m ѮF1-&5)03"HFOFTNFEJBUFQBUUFSOJOHPGUIF"SBCJ $BTBNJUKBOB.BSUJOF[& )PѧVJT)' 9V+ -JV$. )FJET EPQTJTSPPUTUFNDFMMOJDIF$FMMm USB3 4DIFSFT# 3PPUTQFDJêD$-&PWFSFYQSFT "TTBBE '' .BZFS 6 8BOOFS ( +ÛSHFOT ( ѮF TJPO BOE UIF TPM TVQQSFTTPST JNQMJDBUF B $-7MJLF ,&6-& HFOF JT JOWPMWFE JO DZUPLJOFTJT JO "SBCJEPQTJT QBUIXBZ JO UIF DPOUSPM PG "SBCJEPQTJT SPPU NFSJTUFN .PM(FO(FOFUm NBJOUFOBODF$VSS#JPMm "TTBBE '' )VFU : .BZFS 6 +ÛSHFOT ( ѮF DZUPLJ $BTTPO 4" -JOETFZ , (FOFT BOE TJHOBMJOH JO SPPU OFTJTHFOF,&6-&FODPEFTB4FDQSPUFJOUIBUCJOETUIF EFWFMPQNFOU/FX1IZUPMm TZOUBYJO,/0--&+$FMM#JPMm $MBSL4& 3VOOJOH.1 .FZFSPXUJ[&. $-"7"5" #BSUPO., 1PFUIJH34 'PSNBUJPOPGUIFTIPPUBQJ BSFHVMBUPSPGNFSJTUFNBOEëPXFSEFWFMPQNFOUJO"SB DBM NFSJTUFN JO "SBCJEPQTJT UIBMJBOB BO BOBMZTJT PG EF CJEPQTJT%FWFMPQNFOUm WFMPQNFOUJOUIFXJMEUZQFBOEJOUIFTIPPUNFSJTUFNMFTT $MBSL4& 3VOOJOH.1 .FZFSPXJU[&. $-"7"5" NVUBOU%FWFMPQNFOUm JT B TQFDJêD SFHVMBUPS PG TIPPU BOE ëPSBM NFSJTUFN EF #BVE 4 #FMMFD : .JRVFM . #FMMJOJ $ $BCPDIF . -FQJO WFMPQNFOU BĒFDUJOH UIF TBNF QSPDFTTFT BT $-"7"5" JFD- 'BVSF+% 3PDIBU$ HVSLFBOEQBTUJDDJOP %FWFMPQNFOUm NVUBOUTBĒFDUFEJOFNCSZPEFWFMPQNFOUBSFJNQBJSFEJO $MBSL4& +BDPCTFO4& -FWJO+; .FZFSPXJU[&. ѮF BDFUZM$P"DBSCPYZMBTF&.#03FQm $-"7"5"BOE4)005.&3*45&.-&44MPDJDPNQFUJ #ÅVSMF* -BVY5 "QJDBMNFSJTUFNTUIFQMBOUTGPVO UJWFMZSFHVMBUFNFSJTUFNBDUJWJUZJO"SBCJEPQTJT%FWFMPQ UBJOPGZPVUI#JPFTTBZTm NFOUm
$MBSL 4& 8JMMJBNT 38 .FZFSPXJU[ &. ѮF $-" 7"5"HFOFFODPEFTBQVUBUJWFSFDFQUPSLJOBTFUIBUDPO USPMTTIPPUBOEëPSBMNFSJTUFNTJ[FJO"SBCJEPQTJT$FMM m $POXBZ -+ 1PFUIJH 34 .VUBUJPOT PG "SBCJEPQTJT UIBMJBOBUIBUUSBOTGPSNMFBWFTJOUPDPUZMFEPOT1SPD/BUM "DBE4DJ64"m $PTUB4 %PMBO- &QJEFSNBMQBUUFSOJOHHFOFTBSFBD UJWFEVSJOHFNCSZPHFOFTJTJO"SBCJEPQTJT%FWFMPQNFOU m %BWJETPO &) .PMFDVMBS CJPMPHZ PG FNCSZPOJD EF WFMPQNFOUIPXGBSIBWFXFDPNFJOUIFMBTUUFOZFBST #JPFTTBZTm %JFOFS"$ -J) ;IPV8 8IPSJTLFZ8+ /FT8% 'JOL(3 45&30- .&5):- 53"/4'&3"4& DPOUSPMT UIFMFWFMPGDIPMFTUFSPMJOQMBOUT1MBOU$FMMm %J-BVSFO[JP- 8ZTPDLB%JMMFS+ .BMBNZ+& 1ZTI- )FMBS JVUUB: 'SFTIPVS( )BIO.( 'FMENBOO," #FOGFZ1/ ѮF4$"3&$308HFOFSFHVMBUFTBOBTZNNFUSJD DFMMEJWJTJPOUIBUJTFTTFOUJBMGPSHFOFSBUJOHUIFSBEJBMPS HBOJ[BUJPOPGUIF"SBCJEPQTJTSPPU$FMMm %PMBO - +BONBBU , 8JMMFNTFO 7 -JOTUFBE 1 1PFUIJH 4 3PCFSUT, 4DIFSFT# $FMMVMBSPSHBOJTBUJPOPGUIF "SBCJEPQTJTUIBMJBOBSPPU%FWFMPQNFOUm %PMBO- %VDLFUU$. (SJFSTPO$ -JOTUFBE1 4DIOFJEFS, -BXTPO& %FBO$ 1PFUIJH4 3PCFSUT, $MPOBM SFMBUJPOTIJQTBOEDFMMQBUUFSOJOHJOUIFSPPUFQJEFSNJTPG "SBCJEPQTJT%FWFMPQNFOUm &OESJ[[J, .PVTTJBO# )BFDLFS" -FWJO+; -BVY5 ѮF4)005.&3*45&.-&44HFOFJTSFRVJSFEGPSNBJO UFOBODFPGVOEJĒFSFOUJBUFEDFMMTJO"SBCJEPQTJTTIPPUBOE ëPSBM NFSJTUFNT BOE BDUT BU B EJĒFSFOU SFHVMBUPSZ MFWFM UIBOUIFNFSJTUFNHFOFT864$)&-BOE;8*--&1MBOU +m 'BVSF +% 7JUUPSJPTP 1 4BOUPOJ 7 'SBJTJFS 7 1SJOTFO & #BSMJFS* WBO0ODLFMFO) $BCPDIF. #FMMJOJ$ ѮF 1"45*$$*/0 HFOFT PG "SBCJEPQTJT UIBMJBOB BSF JO WPMWFEJOUIFDPOUSPMPGDFMMEJWJTJPOBOEEJĒFSFOUJBUJPO %FWFMPQNFOUm 'MFUDIFS +$ #SBOE 6 3VOOJOH .1 4JNPO 3 .FZFSPXJU[ &. 4JHOBMJOHPGDFMMGBUFEFDJTJPOTCZ$-"7"5" JO"SBCJEPQTJTTIPPUNFSJTUFNT4DJFODFm 'SJNM+ #FOLPWB& #MJMPV* 8JTOJFXTLB+ )BNBOO5 -KVOH , 8PPEZ4 4BOECFSH( 4DIFSFT# +ÛSHFOT( 1BMNF, "U1*/NFEJBUFTTJOLESJWFOBVYJOHSBEJFOUTBOE SPPUQBUUFSOJOHJO"SBCJEPQTJT$FMMm (BMMPJT +- 8PPEXBSE $ 3FEEZ (7 4BCMPXTLJ 3 $PNCJOFE 4)005 .&3*45&.-&44 BOE 864$)&- USJHHFS FDUPQJD PSHBOPHFOFTJT JO "SBCJEPQTJT %FWFMPQ NFOUm (BMMPJT+- /PSB'3 .J[VLBNJ: 4BCMPXTLJ3 864 $)&-JOEVDFTTIPPUTUFNDFMMBDUJWJUZBOEEFWFMPQNFOUBM QMBTUJDJUZJOUIFSPPUNFSJTUFN(FOFT%FWm (BMXBZ .& .BTVDDJ +% -MPZE ". 8BMCPU 7 %BWJT 38 4DIJFGFMCFJO +8 ѮF 55( HFOF JT SFRVJSFE UP TQFDJGZFQJEFSNBMDFMMGBUFBOEDFMMQBUUFSOJOHJOUIF"SB CJEPQTJTSPPU%FW#JPMm (FMEOFS / 3JDIUFS 4 7JFUFO " .BSRVBSEU 4 5PSSFT3VJ[ 3" .BZFS6 +ÛSHFOT( 1BSUJBMMPTTPGGVODUJPO BMMFMFTSFWFBMBSPMFGPS(/0.JOBVYJOUSBOTQPSUSFMBUFE QPTUFNCSZPOJD EFWFMPQNFOU PG "SBCJEPQTJT %FWFMPQ NFOUm
3FGFSFODFT
ϔϔ
(JTFM" #BSFMMB4 )FNQFM'% ;BNCSZTLJ1$ 5FN QPSBMBOETQBUJBMSFHVMBUJPOPGTZNQMBTUJDUSBēDLJOHEVS JOHEFWFMPQNFOUJO"SBCJEPQTJTUIBMJBOBBQJDFT%FWFMPQ NFOUm (SFCF. (BEFB+ 4UFJONBOO5 ,JFOU[. 3BIGFME+6 4BM DIFSU, ,POD[, +ÛSHFOT( "DPOTFSWFEEPNBJO PGUIF"SBCJEPQTJT(/0.QSPUFJONFEJBUFTTVCVOJUOUFS BDUJPOBOEDZDMPQIJMJOCJOEJOH1MBOU$FMMm (SFFO ," 1SJHHT .+ ,BU[NBO 3# $MBSL 4& $0 30/" BNFNCFSPGUIFDMBTT***IPNFPEPNBJOMFVDJOF [JQQFS HFOF GBNJMZ JO "SBCJEPQTJT SFHVMBUFT TUFN DFMM TQFDJêDBUJPOBOEPSHBOPHFOFTJT1MBOU$FMMm )BEê, 4QFUI7 /FVIBVT( "VYJOJOEVDFEEFWFM PQNFOUBM QBUUFSOT JO #SBTTJDB KVODFB FNCSZPT %FWFMPQ NFOUm )BNBOO5 .BZFS6 +ÛSHFOT( ѮFBVYJOJOTFOTJUJWF CPEFOMPT NVUBUJPO BĒFDUT QSJNBSZ SPPU GPSNBUJPO BOE BQJDBMCBTBMQBUUFSOJOHJOUIF"SBCJEPQTJTFNCSZP%FWFM PQNFOUm )BNBOO5 #FOLPWB& #ÅVSMF* ,JFOU[. +ÛSHFOT( ѮF "SBCJEPQTJT #0%&/-04 HFOF FODPEFT BO BVYJO SFTQPOTF QSPUFJO JOIJCJUJOH .0/015&304NFEJBUFE FNCSZPQBUUFSOJOH(FOFT%FWm )BSEULF $4 #FSMFUI 5 ѮF "SBCJEPQTJT HFOF .0 /015&304 FODPEFT B USBOTDSJQUJPO GBDUPS NFEJBU JOH FNCSZP BYJT GPSNBUJPO BOE WBTDVMBS EFWFMPQNFOU &.#0+m )FFTF . (BOTFM 9 4UJDIFS - 8JDL 1 (SFCF . (SBOJFS ' +ÛSHFOT ( 'VODUJPOBM DIBSBDUFSJ[BUJPO PG UIF ,/0--&JOUFSBDUJOHU4/"3&"U4/"1BOEJUTSPMFJO QMBOUDZUPLJOFTJT+$FMM#JPMm )FMBSJVUUB: 'VLBLJ) 8ZTPDLB%JMMFS+ /BLBKJNB, +VOH + 4FOB ( )BVTFS .5 #FOGFZ 1/ ѮF 4)035 3005HFOFDPOUSPMTSBEJBMQBUUFSOJOHPGUIF"SBCJEPQTJT SPPUUISPVHISBEJBMTJHOBMJOH$FMMm )FMMNBOO ) )PCCJF - $IBQNBO " %IBSNBTJSJ 4 %IBS NBTJSJ / EFM 1P[P $ 3FJOIBSEU % &TUFMMF . "SBCJEPQTJT "93 FODPEFT $6- JNQMJDBUJOH 4$' & MJHBTFT JO BVYJO SFHVMBUJPO PG FNCSZPHFOFTJT &.#0 + m )PCCJF - .D(PWFSO . )VSXJU[ -3 1JFSSP " -JV /: #BOEZPQBEIZBZ" &TUFMMF. ѮFBYSNVUBOUTPG "SBCJEPQTJT UIBMJBOB EFêOF B HFOF JOWPMWFE JO BVYJO SF TQPOTFBOEFBSMZEFWFMPQNFOU%FWFMPQNFOUm )PXFMM4) .PMFDVMBSHFOFUJDTPGQMBOUEFWFMPQNFOU $BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL *TIJHVSP4 8BUBOBCF: *UP/ /POBLB) 5BLFEB/ 4BLBJ 5 ,BOBZB) 0LBEB, 4)&1)&3%JTUIF"SBCJ EPQTJT(31SFTQPOTJCMFGPSUIFGPSNBUJPOPGGVODUJPOBM $-"7"5"QSPUFJOT&.#0+m *UP : &JHVDIJ . ,VSBUB / &YQSFTTJPO PG OPWFM IP NFPCPY HFOFT JO FBSMZ FNCSZPHFOFTJT JO SJDF #JPDIJN #JPQIZT"DUBm +BDLTPO% 7FJU# )BLF4 &YQSFTTJPOPGNBJ[F,/05 5&%SFMBUFEIPNFPCPYHFOFTJOUIFTIPPUBQJDBMNFSJ TUFNQSFEJDUTQBUUFSOTPGNPSQIPHFOFTJTJOUIFWFHFUBUJWF TIPPU%FWFMPQNFOUm +BOH +$ 'VKJPLB 4 5BTBLB . 4FUP ) 5BLBUTVUP 4 *TIJJ " "JEB . :PTIJEB 4 4IFFO + " DSJUJDBM SPMF PG TUFSPMTJOFNCSZPOJDQBUUFSOJOHBOENFSJTUFNQSPHSBN NJOHSFWFBMFECZUIFGBDLFMNVUBOUTPG"SBCJEPQTJTUIBMJ BOB(FOFT%FWm
ϔϕ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
+FPOH 4 5SPUPDIBVE "& $MBSL 4& ѮF "SBCJEPQTJT $-"7"5" HFOF FODPEFT B SFDFQUPSMJLF QSPUFJO SF RVJSFE GPS UIF TUBCJMJUZ PG UIF $-"7"5" SFDFQUPSMJLF LJOBTF1MBOU$FMMm +PIOTPO4 -JV$. )FEMFZ$- 8BOH5- "OBOBMZ TJTPGTFFEEFWFMPQNFOUJO1JTVNTBUJWVN97***ѮFJTP BUJPOPGNVUBOUTEFGFDUJWFJOFNCSZPEFWFMPQNFOU+&YQ #PUm +ÛSHFOT ( "QJDBMCBTBM QBUUFSO GPSNBUJPO JO "SBCJ EPQTJTFNCSZPHFOFTJT&.#0+m ,BKJXBSB 5 'VSVUBOJ . )JCBSB , 5BTBLB . ѮF (63,&HFOFFODPEJOHBOBDFUZM$P"DBSCPYZMBTFJTSF RVJSFEGPSQBSUJUJPOJOHUIFFNCSZPBQFYJOUPUISFFTVCSF HJPOTJO"SBCJEPQTJT1MBOU$FMM1IZTJPMm ,BNJZB / /BHBTBLJ ) .PSJLBNJ " 4BUP : .BUTVPLB . B *TPMBUJPO BOE DIBSBDUFSJ[BUJPO PG B SJDF 864 $)&-UZQFIPNFPCPYHFOFUIBUJTTQFDJêDBMMZFYQSFTTFE JOUIFDFOUSBMDFMMTPGBRVJFTDFOUDFOUFSJOUIFSPPUBQJDBM NFSJTUFN1MBOU+m ,BNJZB / /JTIJNVSB " 4FOUPLV / 5BLBCF & /BHBUP : ,JUBOP) .BUTVPLB. C 3JDFHMPCVMBSFNCSZP HMF NVUBOUJTEFGFDUJWFJOSBEJBMQBUUFSOGPSNBUJPOEVS JOHFNCSZPHFOFTJT1MBOU$FMM1IZTJPMm ,BZFT+. $MBSL4& $-"7"5" BSFHVMBUPSPGNFSJ TUFN BOE PSHBO EFWFMPQNFOU JO "SBCJEPQTJT %FWFMPQ NFOUm ,FEEJF+4 $BSSPMM#+ ѮPNBT$. 3FZFT.&$ ,MJNZVL7 )PMUBO ) (SVJTTFN 8 +POFT +%( 5SBOTQPTPO UBHHJOHPGUIFEFGFDUJWFFNCSZPBOENFSJTUFNTHFOFPGUP NBUP1MBOU$FMMm ,JEOFS$ 4VOEBSFTBO7 3PCFSUT, %PMBO- $MPOBM BOBMZTJT PG UIF "SBCJEPQTJT SPPU DPOêSNT UIBU QPTJUJPO OPUMJOFBHF EFUFSNJOFTDFMMGBUF1MBOUBm -BVCFS.) 8BJ[FOFHHFS* 4UFJONBOO5 4DIXBS[) .BZFS 6 )XBOH* -VLPXJU[8 +ÛSHFOT( ѮF"SBCJEPQ TJT,/0--&QSPUFJOJTBDZUPLJOFTJTTQFDJêDTZOUBYJO+ $FMM#JPMm -BVGT1 %PDLY+ ,SPOFOCFSHFS+ 5SBBT+ .(06/ BOE.(06/UXPHFOFTSFRVJSFEGPSQSJNPSEJVNJOJ UJBUJPOBUUIFTIPPUBQJDBMBOEëPSBMNFSJTUFNTJO"SBCJ EPQTJTUIBMJBOB%FWFMPQNFOUm -BVY5 +ÛSHFOT( &NCSZPHFOFTJTBOFXTUBSUJOMJGF 1MBOU$FMMm -BVY 5 .BZFS ,'9 #FSHFS + +ÛSHFOT ( ѮF 864 $)&-HFOFJTSFRVJSFEGPSTIPPUBOEëPSBMNFSJTUFNJO UFHSJUZJO"SBCJEPQTJT%FWFMPQNFOUm -BVY 5 8ÛSTDIVN 5 #SFVOJOHFS ) (FOFUJD SFHV MBUJPO PG FNCSZPOJD QBUUFSO GPSNBUJPO 1MBOU $FMM 4m4 -FF .. 4DIJFGFMCFJO +8 8&3&80-' B .:#SF MBUFEQSPUFJOJO"SBCJEPQTJT JTBQPTJUJPOEFQFOEFOUSFH VMBUPSPGFQJEFSNBMDFMMQBUUFSOJOH$FMMm -FOIBSE . -BVY 5 4UFN DFMM IPNFPTUBTJT JO UIF "SBCJEPQTJT TIPPU NFSJTUFN JT SFHVMBUFE CZ JOUFSDFMMVMBS NPWFNFOUPG$-"7"5"BOEJUTTFRVFTUSBUJPOCZ$-" 7"5"%FWFMPQNFOUm -FOIBSE. +ÛSHFOT( -BVY5 ѮF864$)&-BOE 4)005.&3*45&.-&44 HFOFT GVMêM DPNQMFNFOUBSZ SPMFTJO"SBCJEPQTJTTIPPUNFSJTUFNSFHVMBUJPO%FWFMPQ NFOUm -JO: 4DIJFGFMCFJO+8 &NCSZPOJDDPOUSPMPGFQJEFS NBM DFMM QBUUFSOJOH JO UIF SPPU BOE IZQPDPUZM PG "SBCJ EPQTJT%FWFMPQNFOUm
-JV$ 9V;) $IVB/) "VYJOQPMBSUSBOTQPSUJT FTTFOUJBMGPSUIFFTUBCMJTINFOUPGCJMBUFSBMTZNNFUSZEVS JOHFBSMZQMBOUFNCSZPHFOFTJT1MBOU$FMMm -JV$. +PIOTPO4 8BOH5- $ZE BNVUBOUPGQFB UIBU BMUFST FNCSZP NPSQIPMPHZ JT EFGFDUJWF JO DZUPLJOF TJT%FW(FOFUm -JV$. +PIOTPO4 EJ(SFHPSJP4 8BOH5- TJOHMF DPUZMFEPO TJD NVUBOUT PG QFB BOE UIFJS TJHOJêDBODF JO VOEFSTUBOEJOH QMBOU FNCSZP EFWFMPQNFOU %FW (FOFU m -POH+" #BSUPO., ѮFEFWFMPQNFOUPGBQJDBMFN CSZPOJD QBUUFSO JO "SBCJEPQTJT %FWFMPQNFOU m -POH+" .PBO&* .FEGPSE+* #BSUPO., "NFN CFS PG UIF ,/055&% DMBTT PG IPNFPEPNBJO QSPUFJOT FODPEFECZUIF45.HFOFPG"SBCJEPQTJT/BUVSFm -POH+" 8PPEZ4 1PFUIJH4 .FZFSPXJU[&. #BSUPO., 5SBOTGPSNBUJPOPGTIPPUTJOUPSPPUTJO"SBCJEPQ TJTFNCSZPTNVUBOUBUUIF501-&44MPDVT%FWFMPQNFOU m -VLPXJU[ 8 .BZFS 6 +ÛSHFOT ( $ZUPLJOFTJT JO UIF "SBCJEPQTJT FNCSZP JOWPMWFT UIF TZOUBYJOSFMBUFE ,/0--&HFOFQSPEVDU$FMMm -ZOEPO3' ѮFTIPPUBQJDBMNFSJTUFN*UTHSPXUIBOE EFWFMPQNFOU$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL -ZOO, 'FSOBOEF[" "JEB. 4FECSPPL+ 5BTBLB. .BT TPO1 #BSUPO., ѮF1*/)&"%;8*--&HFOF BDUTQMFJPUSPQJDBMMZJO"SBCJEPQTJTEFWFMPQNFOUBOEIBT PWFSMBQQJOH GVODUJPOT XJUI UIF "3(0/"65& HFOF %FWFMPQNFOUm .ÅIÕOFO"1 #POLF. ,BVQQJOFO- 3JJLPOFO. #FOGFZ 1/ )FMBSJVUUB: "OPWFMUXPDPNQPOFOUIZCSJE NPMFDVMFSFHVMBUFTWBTDVMBSNPSQIPHFOFTJTPGUIF"SBCJ EPQTJTSPPU(FOFT%FWm .BTVDDJ+% 3FSJF8( 'PSFNBO%3 ;IBOH. (BMXBZ.& .BSLT.% 4DIJFGFMCFJO+8 ѮFIPNFPCPYHFOF (-"#3" JT SFRVJSFE GPS QPTJUJPOEFQFOEFOU DFMM EJG GFSFOUJBUJPOJOUIFSPPUFQJEFSNJTPG"SBCJEPQTJTUIBMJBOB %FWFMPQNFOUm .BZFS ,'9 4DIPPG ) )BFDLFS " -FOIBSE . +ÛSHFOT ( -BVY5 3PMFPG864$)&-JOSFHVMBUJOHTUFNDFMM GBUFJOUIF"SBCJEPQTJTTIPPUNFSJTUFN$FMMm .BZFS 6 5PSSFT 3VJ[ 3 #FSMFUI 5 .JTÊSB 4 +ÛSHFOT ( .VUBUJPOTBĒFDUJOHCPEZPSHBOJ[BUJPOJOUIF"SB CJEPQTJTFNCSZP/BUVSFm .BZFS6 #ÛUUOFS( +ÛSHFOT( "QJDBMCBTBMQBUUFSO GPSNBUJPOJOUIF"SBCJEPQTJTFNCSZPTUVEJFTPOUIFSPMF PGUIFHOPNHFOF%FWFMPQNFOUm .PVTTJBO# 4DIPPG) )BFDLFS" +ÛSHFOT( -BVY5 3PMF PG UIF ;8*--& HFOF JO UIF SFHVMBUJPO PG DFOUSBM TIPPUNFSJTUFNDFMMGBUFEVSJOH"SBCJEPQTJTFNCSZPHFO FTJT&.#0+m .PVTTJBO # )BFDLFS " -BVY 5 ;8*--& CVĒFST NFSJTUFN TUBCJMJUZ JO "SBCJEPQTJT UIBMJBOB %FW (FOFT &WPMm .ÛMMFS* 8BHOFS8 7ÕMLFS" 4DIFMMNBOO4 /BDSZ1 ,ÛU UOFS ' 4DIXBS[4PNNFS 4 .BZFS 6 +ÛSHFOT ( 4ZOUBYJO TQFDJêDJUZ PG DZUPLJOFTJT JO "SBCJEPQTJT /BU $FMM#JPMm .ZMPOB 1 -JOTUFBE 1 .BSUJFOTTFO 3 %PMBO - 4$)*;03*;"DPOUSPMTBOBTZNNFUSJDDFMMEJWJTJPOBOE SFTUSJDUT FQJEFSNBM JEFOUJUZ JO UIF "SBCJEPQTJT SPPU %F WFMPQNFOUm
/BDSZ 1 .BZFS 6 +ÛSHFOT ( (FOFUJD EJTTFDUJPO PG DZUPLJOFTJT1MBOU.PM#JPMm /BLBKJNB, 4FOB( /BXZ5 #FOGFZ1/ *OUFSDFMMV MBSNPWFNFOUPGUIFQVUBUJWFUSBOTDSJQUJPOGBDUPS4)3JO SPPUQBUUFSOJOH/BUVSFm 1JMV3 $POTPOOJ( #VTUJ& .BD$BCF"1 (JVMJOJ" %PMêOJ 4 (BWB[[J( .VUBUJPOTJOUXPJOEFQFOEFOUHFOFT MFBEUPTVQQSFTTJPOPGUIFTIPPUBQJDBMNFSJTUFNJONBJ[F 1MBOU1IZTJPMm 1PTUNB)BBSTNB "% 7FSXPFSU **(4 4USPOL 01 ,PTUFS + -BNFST (&. )PHF +)$ .FJKFS ") $IBSBDUFS J[BUJPO PG UIF ,/09 DMBTT IPNFPCPY HFOFT 0TLO BOE 0TLOJEFOUJêFEJOBDPMMFDUJPOPGD%/"MJCSBSJFTDPWFS JOHUIFFBSMZTUBHFTPGSJDFFNCSZPHFOFTJT1MBOU.PM#JPM m 1PTUNB)BBSTNB "% 3VFC 4 4DBSQFMMB & EFO #FTUFO 8 )PHF )$ .FJKFS ") %FWFMPQNFOUBM SFHVMBUJPO BOEEPXOTUSFBNFĒFDUTPGUIFLOPYDMBTTIPNFPCPYHFOFT 0TLOBOE0TLOGSPNSJDF1MBOU.PM#JPMm 1S[FNFDL(,) .BUUTTPO+ )BSEULF$4 4VOH;3 #FSMFUI 5 4UVEJFTPOUIFSPMFPGUIF"SBCJEPQTJTHFOF.0 /015&304JOWBTDVMBSEFWFMPQNFOUBOEQMBOUDFMMBYJ BMJ[BUJPO1MBOUBm 1ZTI-% 8ZTPDLB%JMMFS+8 $BNJMMFSJ$ #PVDIF[% #FO GFZ1/ ѮF(3"4HFOFGBNJMZJO"SBCJEPQTJTTF RVFODFDIBSBDUFSJ[BUJPOBOECBTJDFYQSFTTJPOBOBMZTJTPG 4$"3&$308-*,&HFOFT1MBOU+m 3BHIBWBO 7 0SJHJO PG UIF RVJFTDFOU DFOUFS JO UIF SPPUPG$BQTFMMBCVSTBQBTUPSJT - .FEJL1MBOUBm 3BHIBWBO 7 .PMFDVMBS FNCSZPMPHZ PG ëPXFSJOH QMBOUT$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL 3BHIBWBO 7 B 1BUUFSO GPSNBUJPO JO BOHJPTQFSN FN CSZPT#PUBOJDBm 3BHIBWBO 7 C %FWFMPQNFOUBM CJPMPHZ PG ëPXFSJOH QMBOUT4QSJOHFS /FX:PSL#FSMJO)FJEFMCFSH 3BZ4 (PMEFO5 3BZ" .BUFSOBMFĒFDUTPGUIFTIPSU JOUFHVNFOU NVUBUJPO PO FNCSZP EFWFMPQNFOU JO "SBCJ EPQTJT%FW#JPMm 3JOOF1-) WBOEFS4DIPPU$ 4ZNQMBTUJDêFMETJOUIF UVOJDBPGUIFTIPPUBQJDBMNFSJTUFNDPPSEJOBUFNPSQIP HFOFUJDFWFOUT%FWFMPQNFOUm 3PKP & 4IBSNB 7, ,PWBMFWB 7 3BJLIFM /7 'MFUDIFS +$ $-7JTMPDBMJ[FEUPUIFFYUSBDFMMVMBSTQBDF XIFSF JUBDUJWBUFTUIF"SBCJEPQTJT$-"7"5"TUFNDFMMTJHOBMJOH QBUIXBZ1MBOU$FMMm 4BCBUJOJ 4 )FJETUSB 3 8JMEXBUFS . 4DIFSFT # 4$"3&$308 JT JOWPMWFE JO QPTJUJPOJOH UIF TUFN DFMM OJDIF JO UIF "SBCJEPQTJT SPPU NFSJTUFN (FOFT %FW m 4BCBUJOJ 4 #FJT % 8PMLFOGFMU ) .VSGFUU + (VJMGPZMF 5 .BMBNZ + #FOGFZ 1 -FZTFS 0 #FDIUPME / 8FJTCFFL 1 4DIFSFT# "OBVYJOEFQFOEFOUEJTUBMPSHBOJ[FSPG QBUUFSOBOEQPMBSJUZJOUIF"SBCJEPQTJTSPPU$FMMm 4BUJOB4 #MBLFTMFF"' "WFSZ"( %FNPOTUSBUJPOPG UISFFHFSNMBZFSTJOUIFTIPPUBQFYPG%BUVSBCZNFBOTPG QPMZQMPJEZJOQFSJDMJOBMDIJNFSBT"N+#PUm 4BUP: )POH4, 5BHJSJ" ,JUBOP) :BNBNPUP/ /BHBUP : .BUTVPLB. "SJDFIPNFPCPYHFOF 04) JT FYQSFTTFECFGPSFPSHBOEJĒFSFOUJBUJPOJOBTQFDJêDSFHJPO EVSJOH FBSMZ FNCSZPHFOFTJT 1SPD /BUM "DBE 4DJ 64" m
3FGFSFODFT
ϔϖ
4BUP: 4FOUPLV/ /BHBUP: .BUTVPLB. *TPMBUJPO BOE DIBSBDUFSJ[BUJPO PG B SJDF IPNFPCPY HFOF 04) 1MBOU.PM#JPMm 4BUPI/ )POH4, /JTIJNVSB" .BUTVPLB. ,JUBOP) /BHBUP : *OJUJBUJPO PG TIPPU BQJDBM NFSJTUFN JO SJDFDIBSBDUFSJ[BUJPOPGGPVS4)005-&44HFOFT%FWFM PQNFOUm 4BUPI/ *UPI+* /BHBUP: ѮF4)005-&44BOE 4)005-&44 HFOFT BSF JOWPMWFE JO CPUI JOJUJBUJPO BOE NBJOUFOBODF PG UIF TIPPU BQJDBM NFSJTUFN UISPVHI SFHVMBUJOH UIF OVNCFS PG JOEFUFSNJOBUF DFMMT (FOFUJDT m 4DIFSFT# )FJETUSB3 %JHHJOHPVUSPPUTQBUUFSOGPS NBUJPO DFMMEJWJTJPO BOENPSQIPHFOFTJTJOQMBOUT$VSS 5PQ%FW#JPMm 4DIFSFT # %J -BVSFO[JP - 8JMMFNTFO 7 )BVTFS .5 +BO NBBU, 8FJTCFFL1 #FOGFZ1/ .VUBUJPOTBĒFDU JOHUIFSBEJBMPSHBOJTBUJPOPGUIF"SBCJEPQTJTSPPUEJTQMBZ TQFDJêDEFGFDUTUISPVHIPVUUIFFNCSZPOJDBYJT%FWFMPQ NFOUm 4DIPPG ) -FOIBSE . )BFDLFS " .BZFS ,'9 +ÛSHFOT ( -BVY 5 ѮF TUFN DFMM QPQVMBUJPO PG "SBCJEPQ TJT TIPPU NFSJTUFNT JT NBJOUBJOFE CZ B SFHVMBUPSZ MPPQ CFUXFFO UIF $-"7"5" BOE 864$)&- HFOFT $FMM m 4DISJDL, .BZFS6 )PSSJDIT" ,VIOU$ #FMMJOJ$ %BOHM + 4DINJEU+ +ÛSHFOT( '"$,&-JTBTUFSPM$ SFEVDUBTFSFRVJSFEGPSPSHBOJ[FEDFMMEJWJTJPOBOEFYQBO TJPOJO"SBCJEPQTJTFNCSZPHFOFTJT(FOFT%FWm 4DISJDL, .BZFS6 .BSUJO( #FMMJOJ$ ,VIOU$ 4DINJEU+ +ÛSHFOT ( *OUFSBDUJPOT CFUXFFO TUFSPM CJPTZOUIF TJTHFOFTJOFNCSZPOJDEFWFMPQNFOUPG"SBCJEPQTJT1MBOU +m 4FOUPLV/ 4BUP: ,VSBUB/ *UP: ,JUBOP) .BUTVPLB. 3FHJPOBMFYQSFTTJPOPGUIFSJDF,/UZQFIPNFP CPYHFOFGBNJMZEVSJOHFNCSZP TIPPU BOEëPXFSEFWFM PQNFOU1MBOU$FMMm 4IBSNB 7, 'MFUDIFS +$ .BJOUFOBODF PG TIPPU BOE ëPSBMNFSJTUFNDFMMQSPMJGFSBUJPOBOEGBUF1MBOU1IZTJPM m 4IFWFMM %& -FV 8. (JMMNPS $4 9JB ( 'FMENBOO ," $IVB/) &.#JTFTTFOUJBMGPSOPSNBMDFMMEJ WJTJPO DFMM FYQBOTJPO BOE DFMM BEIFTJPO JO "SBCJEPQTJT BOE FODPEFT B QSPUFJO UIBU IBT TJNJMBSJUZ UP 4FD $FMM m 4IFWFMM%& ,VOLFM5 $IVB/) $FMMXBMMBMUFSBUJPOT JO UIF "SBCJEPQTJT &.# NVUBOU 1MBOU $FMM m 4NJUI-( +BDLTPO% )BLF4 &YQSFTTJPOPGLOPUUFE NBSLTTIPPUNFSJTUFNGPSNBUJPOEVSJOHNBJ[FFNCSZP HFOFTJT%FW(FOFUm 4ÕMMOFS3 (MÅTTFS( 8BOOFS( 4PNFSWJMMF$3 +ÛSHFOT "T TBBE '' $ZUPLJOFTJTEFGFDUJWF NVUBOUT PG "SBCJ EPQTJT1MBOU1IZTJPMm 4SFOTFO.# .BZFS6 -VLPXJU[8 3PCFSU) $IBNCSJFS 1 +ÛSHFOT( 4PNFSWJMMF$ -FQJOJFD- #FSHFS' $FMMVMBSJTBUJPOJOUIFFOEPTQFSNPG"SBCJEPQTJTUIBMJBOB JT DPVQMFE UP NJUPTJT BOE TIBSFT NVMUJQMF DPNQPOFOUT XJUIDZUPLJOFTJT%FWFMPQNFOUm 4PVFS& WBO)PVXFMJOHFO" ,MPPT% .PM+ ,PFT3 ѮFOPBQJDBMNFSJTUFNHFOFPG1FUVOJBJTSFRVJSFEGPSQBU UFSOGPSNBUJPOJOFNCSZPTBOEëPXFSTBOEJTFYQSFTTFE BUNFSJTUFNBOEQSJNPSEJBCPVOEBSJFT$FMMm
ϕύ
$IBQUFSϐ 1BUUFSO'PSNBUJPOJO&NCSZPTo*OUFSQSFUBUJPOPG1PTJUJPOBM*OGPSNBUJPO
4PVUFS. 5PQQJOH+ 1VMMFO. 'SJNM+ 1BMNF, )BDLFUU3 (SJFSTPO % -JOETFZ , IZESB NVUBOUT PG "SBCJ EPQTJTBSFEFGFDUJWFJOTUFSPMQSPêMFTBOEBVYJOBOEFUIZM FOFTJHOBMJOH1MBOU$FMMm 4UFFWFT5" 4VTTFY*. 1BUUFSOTJOQMBOUEFWFMPQNFOU OEFEO$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL 4UFJONBOO5 (FMEOFS/ (SFCF. .BOHPME4 +BDLTPO$- 1BSJT4 (ÅMXFJMFS- 1BMNF, +ÛSHFOT( $PPSEJ OBUFE QPMBS MPDBMJ[BUJPO PG BVYJO FĔVY DBSSJFS 1*/ CZ (/0."3'(&'4DJFODFm 4UFXBSU 3/ %FSNFO ) %FUFSNJOBUJPO PG OVNCFS BOENJUPUJDBDUJWJUZPGTIPPUBQJDBMJOJUJBMDFMMTCZBOBMZTJT PGNFSJDMJOBMDIJNFSBT"N+#PUm 4UPOF+. 5SPUPDIBVE"& 8BMLFS+$ $MBSL4& $PO USPM PG NFSJTUFN EFWFMPQNFOU CZ $-"7"5" SFDFQUPS LJOBTF BOE LJOBTFBTTPDJBUFE QSPUFJO QIPTQIBUBTF JOUFS BDUJPOT1MBOU1IZTJPMm 5BLBEB 4 )JCBSB , *TIJEB 5 5BTBLB . ѮF $61 4)"1&% $05:-&%0/ HFOF PG "SBCJEPQTJT SFHV MBUFT TIPPU BQJDBM NFSJTUFN GPSNBUJPO %FWFMPQNFOU m 5BPLB, :BOBHJNPUP: %BJNPO: )JCBSB, "JEB. 5B TBLB . ѮF /"$ EPNBJO NFEJBUFT GVODUJPOBM TQFDJêDJUZ PG $614)"1&% $05:-&%0/ QSPUFJOT 1MBOU+m 5PQQJOH +' .BZ 7+ .VTLFUU 13 -JOETFZ , .VUB UJPOT JO UIF ):%3" HFOF PG "SBCJEPQTJT QFSUVSC DFMM TIBQF BOE EJTSVQU FNCSZPOJD BOE TFFEMJOH NPSQIPHFO FTJT%FWFMPQNFOUm 5PSSFT3VJ[ 3" +ÛSHFOT ( .VUBUJPOT JO UIF '"44 HFOFVODPVQMFQBUUFSOGPSNBUJPOBOENPSQIPHFOFTJTJO "SBCJEPQTJTEFWFMPQNFOU%FWFMPQNFOUm 5PSSFT3VJ[ 3" -PIOFS " +ÛSHFOT ( ѮF (63,& HFOFJTSFRVJSFEGPSOPSNBMPSHBOJ[BUJPOPGUIFBQJDBMSF HJPOJOUIF"SBCJEPQTJTFNCSZP1MBOU+m 5SPUPDIBVE"& )BP5 8V( :BOH; $MBSL4& ѮF $-"7"5"SFDFQUPSMJLFLJOBTFSFRVJSFT$-"7"5"GPS JUTBTTFNCMZJOUPBTJHOBMJOHDPNQMFYUIBUJODMVEFT,"11 BOEB3IPSFMBUFEQSPUFJO1MBOU$FMMm WBOEFO#FSH$ 8JMMFNTFO7 )BHF8 8FJTCFFL1 4DIFSFT # $FMMGBUFJOUIF"SBCJEPQTJTSPPUNFSJTUFNEFUFS NJOFECZEJSFDUJPOBMTJHOBMMJOH/BUVSFm WBO EFO #FSH $ 8JMMFNTFO 7 )FOESJLT ( 8FJTCFFL 1 4DIFSFT # 4IPSUSBOHF DPOUSPM PG DFMM EJĒFSFO UJBUJPOJOUIF"SBCJEPQTJTSPPUNFSJTUFN/BUVSFm
7JFMMF$BM[BEB+1 #BTLBS3 (SPTTOJLMBVT6 %FMBZFE BDUJWBUJPO PG UIF QBUFSOBM HFOPNF EVSJOH TFFE EFWFMPQ NFOU/BUVSFm 7ÕMLFS" 4UJFSIPG:% +ÛSHFOT( $FMMDZDMFJOEFQFO EFOU FYQSFTTJPO PG UIF "SBCJEPQTJT DZUPLJOFTJTTQFDJêD TZOUBYJO,/0--&SFTVMUTJONJTUBSHFUJOHUPUIFQMBTNB NFNCSBOFBOEJTOPUTVēDJFOUGPSDZUPLJOFTJT+$FMM#JPM m 7SPFNFO$8 .PSEIPSTU"1 "MCSFDIU$ ,XBBJUBBM."$+ EF7SJFT4$ ѮF$614)"1&%$05:-&%0/ HFOF JT SFRVJSFE GPS CPVOEBSZ BOE TIPPU NFSJTUFN GPS NBUJPOJO"SBCJEPQTJT1MBOU$FMMm 8BEB5 5BDIJCBOB5 4IJNVSB: 0LBEB, &QJEFSNBM DFMMEJĒFSFOUJBUJPOJO"SBCJEPQTJTEFUFSNJOFECZB.ZC IPNPMPH $1$4DJFODFm 8BJUFT3 4JNPO3 4JHOBMJOHDFMMGBUFJOQMBOUNFSJ TUFNTUISFFDMVCTPOPOFUPVTMF$FMMm 8BJ[FOFHHFS* -VLPXJU[8 "TTBBE' 4DIXBS[) +ÛSHFOT( .BZFS6 ѮF"SBCJEPQTJT,/0--&BOE,&6-& HFOFTJOUFSBDUUPQSPNPUFWFTJDMFGVTJPOEVSJOHDZUPLJOF TJT$VSS#JPMm 8JMMFNTFO 7 4DIFSFT # .FDIBOJTNT PG QBUUFSO GPS NBUJPOJOQMBOUFNCSZPHFOFTJT"OOV3FW(FOFUm 8JMMFNTFO7 8PMLFOGFMU) EF7SJF[F( 8FJTCFFL1 4DIFSFT # ѮF)0##*5HFOFJTSFRVJSFEGPSGPSNBUJPOPG UIF SPPU NFSJTUFN JO UIF "SBCJEPQTJT FNCSZP %FWFMPQ NFOUm 8JMMJBNT 38 8JMTPO +. .FZFSPXJU[ &. " QPT TJCMF SPMF GPS LJOBTFBTTPDJBUFE QSPUFJO QIPTQIBUBTF JO UIF"SBCJEPQTJT$-"7"5"TJHOBMJOHQBUIXBZ1SPD/BUM "DBE4DJ64"m 8ZTPDLB%JMMFS +8 )FMBSJVUUB : 'VLBLJ ) .BMBNZ +& #FOGFZ 1/ .PMFDVMBS BOBMZTJT PG 4$"3&$308 GVODUJPOSFWFBMTBSBEJBMQBUUFSOJOHNFDIBOJTNDPNNPO UPSPPUBOETIPPU%FWFMPQNFOUm :V -1 4JNPO &+ 5SPUPDIBVE "& $MBSL 4& 10- 5&3(&*45 GVODUJPOT UP SFHVMBUF NFSJTUFN EFWFMPQ NFOU EPXOTUSFBN PG UIF $-"7"5" MPDJ %FWFMPQNFOU m :V-1 .JMMFS", $MBSL4& 10-5&3(&*45FODPEFT BQSPUFJOQIPTQIBUBTF$UIBUSFHVMBUFT$-"7"5"QBUI XBZTDPOUSPMMJOHTUFNJEFOUJUZBU"SBCJEPQTJTTIPPUBOE ëPXFSNFSJTUFNT$VSS#JPMm
$)"15&3
-JGFBOE5JNFTPGUIF4VTQFOTPSo $FMM4JHOBMJOHCFUXFFO UIF&NCSZPBOE4VTQFOTPS 8IFO UIF DPNQBSBUJWF NPSQIPMPHJTU BTTFSUT UIBU UIF TVT QFOTPS JT B QSJNJUJWF PSHBO GPVOE JO UIF FNCSZPHFOZ PG TPNFNPEFSOTVSWJWPSTPGBODJFOUTUPDLT IFIBTQSPCBCMZ TFJ[FEVQPOBUSVUI FWFOUIPVHIIFDBOOPUBDDPVOUGPSUIF NFDIBOJTNJOWPMWFEJUJTBQBSUJDVMBSGFBUVSFPGUIFIFSFEJ UBSZDPOTUJUVUJPOXIJDIIBQQFOTUPCFDPNFNBOJGFTUJOUIF FNCSZPHFOZ*OUIPTFHFOFSBBOEGBNJMJFTJOXIJDIBTVT
QFOTPSJTLOPXO JUPDDVSTXJUIBIJHIEFHSFFPGSFHVMBSJUZ *OUIFDPOUFNQPSBSZWJFX UIFTVTQFOTPSDPVMECFSFHBSEFE BTBHFOFEFUFSNJOFEPSHBOJOUIFJODFQUJPOPGXIJDI QFS IBQT POMZBGFXHFOFTBSFJOWPMWFEBOEUIFHFOJDBDUJPO MFBEJOH UP JUT GPSNBUJPO XPVME CF TFFO JO UIF EJĒFSFOUJBM QSPUPQMBTNJD DIBOHFT XIJDI UBLF QMBDF JO UIF FMPOHBUJOH [ZHPUF $88BSEMBX
*OUIFOVNFSPVTBDDPVOUTPGFNCSZPMPHZPGëPXFS JOH QMBOUT UIF TVTQFOTPS JT DPOTJEFSFE BT B QSPE VDUPGUIFêSTUEJWJTJPOPGUIF[ZHPUF4JODFUIFTVT QFOTPSBQQFBSTBTBOBUUBDINFOUUPUIFFNCSZPJO TPNF QUFSJEPQIZUFT UIF QSFTFODF PG TVTQFOTPS JT WJFXFE BT B QSJNJUJWF GFBUVSF SFUBJOFE PO UIF BO HJPTQFSN FNCSZP 8BSEMBX 8JUI B GFX FY DFQUJPOT JO NPTU BOHJPTQFSNT TPPO BѫFS UIF TVT QFOTPSJTGVMMZGPSNFEJUTDFMMTCFHJOUPEFHFOFSBUF XJUIPVU DPOUSJCVUJOH EFSJWBUJWFT UP UIF GPSNBUJPO PG UIF FNCSZP IPXFWFS EFTQJUF JUT TIPSU MJGFTQBO UIF TVTQFOTPS IBT SFDFJWFE NPSF UIBO JUT TIBSF PG BUUFOUJPO JO UIF FNCSZPMPHZ MJUFSBUVSF &BSMZ JO WFTUJHBUJPOT PG UIF TVTQFOTPS XFSF GPDVTFE PO JUT PSJHJO BOE NPSQIPMPHZ JO SFMBUJPO UP UIF FNCSZP QSPQFSEFWFMPQJOHXJUIJOUIFPWVMF*OEFFE UPUIF QMBOUFNCSZPMPHJTU POFPGUIFFOEVSJOHJNBHFTPG UIFTVTQFOTPSJTUIFTUSVDUVSFêSTUEFTDSJCFEJOUIF TJO$BQTFMMBCVSTBQBTUPSJTBTBTUSJOHPGDFMMT BUUBDIFE UP UIF PSHBOPHFOFUJD QBSU PG UIF FNCSZP )BOTUFJO #BTFEPOFBSMZNPSQIPMPHJDBMJO WFTUJHBUJPOTPGTVTQFOTPST BOEUIFCJ[BSSFGPSNTPG UIFJSIBVTUPSJBPCTFSWFEJONBOZQMBOUT JUIBTCFFO BDDFQUFE BT DPNNPO XJTEPN UIBU UIF NBJO GVOD UJPOPGUIFTVTQFOTPSJTUPBODIPSUIFFNCSZPBOE QPTJUJPO JU JO SFMBUJPO UP UIF OVUSJUJPOBMMZ SJDI FO EPTQFSN BOE PWVMBS UJTTVFT -BUFS DZUPMPHJDBM BOE QIZTJPMPHJDBMJOWFTUJHBUJPOTIBWFGPSHFEUIFHFOFSBM JNQSFTTJPOPWFSUIFZFBSTUIBUTVTQFOTPSDFMMTQMBZ BEJSFDUSPMFJOUIFOVUSJUJPOPGUIFFNCSZP QFSIBQT CZBCTPSCJOHBOEUSBOTNJUUJOHGPPENBUFSJBMTGSPN UIFTVSSPVOEJOHUJTTVFTUPUIFFNCSZPBOECZGVOD
.PSQIPMPHJDBMBOE1IZTJPMPHJDBM $POTJEFSBUJPOT 4VCDFMMVMBS.PSQIPMPHZPGUIF4VTQFOTPS /VDMFBS$ZUPMPHZPGUIF4VTQFOTPS 'VODUJPOBM1IZTJPMPHZPGUIF4VTQFOTPS %FWFMPQNFOUBM1IZTJPMPHZBOE1SPHSBNNFE %FBUIPG4VTQFOTPS$FMMT (FOFUJD$POUSPMPG4VTQFOTPS'PSN $PODMVEJOH$PNNFOUT 3FGFSFODFT
ϕϏ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
UJPOJOH BT B UFNQPSBSZ TUPSBHF TUBUJPO GPS SFTFSWF QSPEVDUTѮJTBOEPUIFSGFBUVSFT TVDIBTUIFTIPSU MJGFTQBOPGUIFTVTQFOTPS JUTFNCSZPOJDPSJHJO BOE UIFIJHIEFHSFFPGFOEPSFEVQMJDBUJPOBOEQPMZUFOZ JO JUT DFMMT IBWF QSPNQUFE B DPNQBSJTPO CFUXFFO UIF TVTQFOTPS BOE UIF USPQIPCMBTU BO FDUPEFSN MBZFS UIBU GVODUJPOT JO UIF OVUSJUJPO BOE JNQMBOUB UJPOPGBOJNBMFNCSZPT /BHM *OSFDFOUZFBST HFOFUJDTUVEJFTIBWFQSPWJEFEJOTJHIUTJOUPUIFGVO EBNFOUBM DFMM TJHOBMJOH NFDIBOJTNT CFUXFFO UIF TVTQFOTPSBOEFNCSZPJOWPMWFEJONBJOUBJOJOHTVT QFOTPSDFMMJEFOUJUZ"TBDPOTFRVFODFPGUIJTNVMUJ GBDFUFEBQQSPBDI JUIBTCFFOFTUBCMJTIFEUIBUSBUIFS UIBO GVODUJPOJOH NFDIBOJTUJDBMMZ JO QIZTJDBM TVQ QPSU UIFTVTQFOTPSIBTFWPMWFEJOUPBSFNBSLBCMF TUSVDUVSFUIBUJOUFSBDUTXJUIUIFFNCSZPJOBDPN QMFYXBZBOEXIPTFBDUJWJUJFTBSFFOUXJOFEXJUIUIF HSPXUIPGUIFFNCSZP*UJTUIFSFGPSFOPXPOEFSUIBU UIF TVTQFOTPS IBT QFSTJTUFE JO ëPXFSJOH QMBOUT BT BOBMNPTUVCJRVJUPVTBUUBDINFOUUPUIFFNCSZP ѮJTDIBQUFSGPDVTFTPOUIFNPSQIPMPHJDBM QIZT JPMPHJDBM BOE DZUPMPHJDBM GFBUVSFT PG TVTQFOTPST PG SFQSFTFOUBUJWFBOHJPTQFSNTBOEUIFHFOFUJDDPOUSPM PGTVTQFOTPSGPSNJO"SBCJEPQTJTmUIFNPEFMQMBOU JOXIJDIUIFFTUBCMJTINFOUPGTVTQFOTPSDFMMJEFOUJUZ JTVOEFSTUPPEJONPTUEFUBJMѮFQSJODJQBMêOEJOHT DPWFSJOH UIFTF UPQJDT BSF SFWJFXFE CZ :FVOH BOE .FJOLF
4DIXBSU[ FU BM
BOE 3BHIB WBO
.PSQIPMPHJDBMBOE1IZTJPMPHJDBM $POTJEFSBUJPOT
"T FYUFOTJWF PCTFSWBUJPOT PO WBSJPVT QMBOUT IBWF OPX TIPXO UIF TVTQFOTPS BUUBJOT SFNBSLBCMZ EJ WFSTF NPSQIPMPHJDBM GPSNT SBOHJOH GSPN WFTJDVMBS TJOHMFDFMMFE UP FMBCPSBUF NVMUJDFMMVMBS TUSVDUVSFT ѮFTF WBSJBUJPOT NBZ CF DPOêOFE UP HFOFSB BOE TQFDJFTPGEJĒFSFOUGBNJMJFT BOENFNCFSTPGFWFO TJOHMFGBNJMJFTNBZTIPXBGBJSBNPVOUPGEJWFSTJUZ JOTVTQFOTPSNPSQIPMPHZ)PXUSVFUIJTSFBMMZJTXF TIBMM DPOTJEFS CFMPX XJUI TFMFDUFE FYBNQMFT GSPN GPVSGBNJMJFT "T TIPXO JO 'JH BmE
DFSUBJO HFOFSB PG UIF 0SDIJEBDFBF TVDI BT #VMCPQIZMMVN $BMBOUIF $PFMPHZOF %FOESPCJVN 1FSJTUFSJB 1IBJVT BOE 4QBUIPHMPUUJT BSF OPUFE GPS UIFJS TJOHMFDFMMFE TVT QFOTPS XIJDICFDPNFTFMPOHBUF WFTJDVMBS PSUVCV MBSBOEQFSTJTUTFWFOBѫFSHFSNJOBUJPOPGUIFTFFE
4XBNZ 1PEEVCOBZB"SOPMEJ :F FU BM "MUIPVHIFOMBSHFNFOUPGUIFTVTQFOTPSDFMM DBO CF BDDPVOUFE GPS CZ JUT WBDVPMBUJPO BT TIPXO JO1IBJVTUBOLFSWJMMJBF UIJTJTBMTPBDDPNQBOJFECZ TUSJLJOH DIBOHFT JO UIF DPOêHVSBUJPO PG UIF DZUP TLFMFUBMFMFNFOUTBDUJOêMBNFOUTBOENJDSPUVCVMFT 8IFOUIFOFXMZDVUPĒTVTQFOTPSDFMMFMPOHBUFTJOUP UIFFOEPTQFSNDBWJUZ NJDSPUVCVMFTGPSNBDPSUJDBM BSSBZBUJUTDIBMB[BMFOE XIFSFBTBDUJOêMBNFOUTBT TVNFBDFOUSBMMPDBUJPOXJUITPNFDPODFOUSBUJPOBU UIF NJDSPQZMBS FOE PG UIF DFMM "U UIF UJNF PG FO MBSHFNFOUPGUIFTVTQFOTPSDFMMEVFUPWBDVPMBUJPO BDUJOêMBNFOUTBQQFBSJOUIFDPSUJDBMSFHJPOXIJMF NJDSPUVCVMFT GPSN B QFSJOVDMFBS BSSBZ XJUI FYUFO TJPOTUPXBSETCPUIQPMFTPGUIFDFMM'VSUIFSFMPOHB UJPOPGUIFTVTQFOTPSUISPVHIUIFNJDSPQZMFMFBET UP UIF SFBQQFBSBODF PG DPSUJDBM NJDSPUVCVMFT XJUI PVUBOZDIBOHFJOUIFMPDBUJPOPGBDUJOêMBNFOUT :F FUBM 6OVTVBMMZ MPOH BU UJNFT DPJMFE PS UXJTUFE VOJ TFSJBUF PS CJTFSJBUF TVTQFOTPST BSF DPNNPO JO TPNF NFNCFST PG UIF -PSBOUIBDFBF *O .BDSPTP MFODPDIJODIJOFOTJT UIFTVTQFOTPSSFNBJOTCJTFSJBUF UISPVHIPVU BMUIPVHIJUCFDPNFTNVMUJTFSJBUFDMPTF UPJUTBUUBDINFOUUPUIFFNCSZP 'JHF *O 1FS BYJMMB UFUSBQFUBMB UIF TVTQFOTPS CFDPNFT NVMUJTF SJBUF BOE ëFTIZ 'JHG ѮF MFOHUI BUUBJOFE CZ UIF TVTQFOTPS JO UIF -PSBOUIBDFBF JT OPU TVSQSJT JOH TJODF JO EJĒFSFOU NFNCFST PG UIF GBNJMZ UIF UJQ PG UIF FNCSZP TBD IBSCPSJOH UIF FHH BQQBSB UVT FYUFOET UP WBSZJOH IFJHIUT JOUP UIF TUZMF FWFO SFBDIJOHUIFTUJHNBGPMMPXJOHGFSUJMJ[BUJPO UIFFN CSZPJTUISVTUJOUPUIFWJDJOJUZPGUIFFOEPTQFSNCZ UIF MPOH TVTQFOTPS .BIFTIXBSJ BOE 4JOHI 1SBLBTI " NPSQIPMPHJDBMMZ TJNQMF êMBNFOUPVT NVMUJ DFMMVMBSTVTQFOTPSJTUIFUZQFEFTDSJCFEJO$BQTFMMB CVSTBQBTUPSJT "SBCJEPQTJT BOE %JQMPUBYJT FSVDPJ EFTmBMMNFNCFSTPGUIF#SBTTJDBDFBF 'JHH I *OUIFPDUBOUTUBHFFNCSZPPG$CVSTBQBTUPSJT UIF TVTQFOTPS IBT B TJOHMF êMF PG TJY DFMMT XIJDI JO DSFBTFTUPBCPVUUFODFMMTJOUIFHMPCVMBSTUBHFFN CSZP*UJTUFSNJOBUFECZBMBSHFCBTBMDFMMBUUIFNJ DSPQZMBSFOEBOEJTDPOOFDUFEUPUIFFNCSZPQSPQFS UISPVHIUIFIZQPQIZTJTBUUIFDIBMB[BMFOE 4DIVM[ BOE+FOTFO &YDMVEJOHUIFCBTBMDFMMBOEUIF IZQPQIZTJT TVTQFOTPST PG "SBCJEPQTJT .BOTêFME BOE#SJBSUZ+ÛSHFOTBOE.BZFS BOE% FSVDPJEFT 4JNPODJPMJ IBWFUISFFUPFJHIUBOE TJYUPFJHIUDFMMT SFTQFDUJWFMZ
ɪɧ .PSQIPMPHJDBMBOE1IZTJPMPHJDBM$POTJEFSBUJPOT
ϕϐ
'JHɪɧBoI7BSJBUJPOT JO TVTQFOTPS NPSQIPMPHZ JO SFQSFTFOUBUJWFT PG EJĒFSFOU GBNJMJFT Bm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ĒOFS I'JMBNFOUPVTTVTQFOTPSBUUBDIFEUPUIFHMPCVMBSFNCSZPPG%JQMPUBYJTFSVDPJ EFT #SBTTJDBDFBF .PEJêFEGSPN4JNPODJPMJ D $PMMFODIZNB DU DPMMFODIZNBUPVT UVCF E EFHFOFSBUFE PWBSZ DFMMT FODMPTFEJOUIFDPMMFODIZNB EPEFHFOFSBUFEPWBSJBOUJTTVF FFNCSZP FOFOEPTQFSN GGSVJUXBMM NEFHFOFSBUFEDFMMTPGUIF NBNFMPO BTUSVDUVSFXIJDIBSJTFTGSPNUIFCBTFPGUIFPWBSZBOEUFSNJOBUFTBUUIFQPJOUPGPSJHJOPGUIFTUZMF
QFQSPFN CSZP TTVTQFOTPS#BSTBmD FʍN CBSJOBBQQMJFTBMTPUPE GʍNHʍNIʍN
ϕϑ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
'JHɪɨBoJ7BSBUJPOTJOTVTQFOTPSNPSQIPMPHZJOUIF'BCBDFBFB4VTQFOTPSMFTTFNCSZPPG"DBDJBSFUJOPEFTC&OMBSHFE GPVSDFMMFETVTQFOTPSPG-BUIZSVTBOHVTUJGPMJBD)JHIMZJOëBUFETVTQFOTPSDFMMTPG0OPOJTGSVUJDPTBE4VTQFOTPSPG$ZUJTVTMB CVSOVNDPOTJTUJOHPGBMBSHFOVNCFSPGJOëBUFEDFMMTF4VTQFOTPSPG-VQJOVTQJMPTVT DPNQPTFEPGTIPSU CSPBEDFMMTG-POH NVMUJTFSJBUFTVTQFOTPSPG1IBTFPMVTNVMUJëPSVT 3FQSJOUFEGSPN(VJHOBSE H4VTQFOTPSPG$SPUBMBSJBWFSSVDPTBXJUI CVMHJOHFQJEFSNBMDFMMT 3FQSJOUFEGSPN3BV I4VTQFOTPSPG4PQIPSBëBWFTDFOTXJUICBTBMJOëBUFEDFMMT 3FQSJOUFE GSPN/BHM J#JTFSJBUFêMBNFOUPVTTVTQFOTPSPG$JDFSTPPOHBSJDVN 3FQSJOUFEGSPN.FSDZFUBM F&NCSZP FO FOEPTQFSN FQCVMHJOHFQJEFSNBMDFMM JJJOOFSJOUFHVNFOU TTVTQFOTPS#BSTB D GʍNC E F H JʍN IʍN
ɪɧ .PSQIPMPHJDBMBOE1IZTJPMPHJDBM$POTJEFSBUJPOT
6ORVFTUJPOBCMZ UIFGBNJMZJOXIJDITVTQFOTPSTIBWF BUUBJOFEUIFJSNPTUWBSJFEBOEDPNQMFYNPSQIPMPH JDBMGPSNTJTUIF'BCBDFBF MFHVNFT *OSFDPHOJUJPO PGUIFTFWBSJBUJPOT TPNFBUUFOUJPOIBTCFFOQBJEUP TFQBSBUF TVTQFOTPST PG UIF HFOFSB BTTJHOFE UP UIJT GBNJMZJOUPDPOWFOJFOUHSPVQTBOEUPJEFOUJGZUSFOET JOTVTQFOTPSFWPMVUJPO -FSTUFO .FNCFSTPG UXP TVCGBNJMJFT .JNPTPJEFBF BOE $BFTBMQJOJPJ EFBF MBDLBTVTQFOTPSBMUPHFUIFS 'JHB
BOEB GFX HFOFSB IBWF POMZ B SVEJNFOUBSZ POF "NPOH TVTQFOTPSEJWFSTJUZEFTDSJCFEJOUIFUIJSETVCGBNJMZ 'BCPJEFBF NBZ CF NFOUJPOFE UIF GPVSDFMMFE TVT QFOTPS XIJDIFOMBSHFTUPBHSFBUMFOHUIBOEWPMVNF JO-BUIZSVTBOHVTUJGPMJBUIFVOJTFSJBUF êMBNFOUPVT TVTQFOTPSDPNQPTFEPGPOFUPFJHIUIJHIMZJOëBUFE DFMMT JO 0OPOJT GSVUJDPTB UIF TVTQFOTPS DPNQPTFE BMNPTU FOUJSFMZ PG B MBSHF OVNCFS PG JOëBUFE DFMMT JO $ZUJTVT MBCVSOVN UIF MPOH CJTFSJBUF TVTQFOTPS DPNQPTFE PG TIPSU CSPBE DFMMT JO -VQJOVT QJMPTVT UIFMPOH NBTTJWF NVMUJTFSJBUFTVTQFOTPSJO1IBTFP MVT NVMUJëPSVT 'JHCmG (VJHOBSE UIF MBSHFTVTQFOTPSXJUICVMHJOHFQJEFSNBMDFMMTJO$SP UBMBSJBWFSSVDPTB 'JHH3BV UIFNVMUJDFM MVMBSTVTQFOTPSXJUIJOëBUFEDFMMTUPXBSEUIFCBTF JO 4PQIPSB ëBWFTDFOT 'JHI /BHM BOE UIF MPOH TMFOEFS CJTFSJBUF êMBNFOUPVT TVTQFOTPS JO $JDFS TPPOHBSJDVN 'JHJ .FSDZ FU BM 1IBTFPMVTJTBSFNBSLBCMFHFOVTUIBUTIPXTBSBOHF PG TVTQFOTPS NPSQIPMPHZ FNCSBDJOH TQFDJFT TVDI BT 1 UFOVJëPSVT XIJDI MBDLT B TVTQFOTPS BOE 1 DPDDJOFVT 1 NVMUJë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ѮFTVTQFOTPSPG5SPQBFPMVNNBKVT 5SPQBF PMBDFBF EFTFSWFT NFOUJPO GPS JUT HSPXUI EXBSGT
ϕϒ
UIBUPGUIFFNCSZPBOEJUTNBTTJWFIBVTUPSJBJOWBEF WJSUVBMMZBMMQBSUTPGUIFTFFE 'JHB 0OFFOEPG UIFTVTQFOTPSJTBUUBDIFEUPUIFFNCSZPCZBSPTFUUF PGFMPOHBUFDFMMT BOEBUUIFPUIFSFOEUIFSFJTBDFM MVMBS NBTT GSPN XIJDI UXP NVMUJDFMMVMBS CSBODIFT BSJTF ѮF JOJUJBM EFTUJOBUJPO PG POF CSBODI JT UIF JOUFHVNFOUOFBSUIFNJDSPQZMBSFOEBOE GSPNJUT WBOUBHFQPJOU UIJTCSBODIHSPXTBSPVOEUIFPWVMF JOUIFDFMMTPGUIFDBSQFMUPGPSNBDIBMB[BMPSDBSQFM IBVTUPSJVNѮFPUIFSCSBODIUSBWFSTFTUISPVHIUIF JOUFHVNFOUBOEGVOJDVMVTJOUPUIFWBTDVMBSCVOEMF PGUIFQMBDFOUBBTUIFQMBDFOUBMIBVTUPSJVN 8BMLFS /BHM C *O 4FEVN UFSOBUVN $SBTTVMB DFBF
UIF TVTQFOTPS JT B UISFFDFMMFE TUSVDUVSF PG XIJDIUXPDFMMTBSFEFSJWFEGSPNUIFUFSNJOBMDFMM PGUIFêSTUEJWJTJPOPGUIF[ZHPUFBOEUIFUIJSEDFMMJT UIFCBTBMDFMMGPSNFEGSPNUIJTEJWJTJPO 'JHC "QBSUJDVMBSMZJOUSJHVJOHCFIBWJPSPGUIFCBTBMDFMM JTUIBUJUCFDPNFTMBSHFBOEWFTJDVMBSBOE FTDBQJOH UISPVHIUIFNJDSPQZMF JUHSPXTBTBUVCVMBSTUSVD UVSFCFUXFFOUIFOVDFMMVTBOEUIFJOOFSJOUFHVNFOU ѮBUJTOPUUIFFOEPGUIFKPVSOFZPGUIFUVCF BTJUê OBMMZFOETVQBTBOFUXPSLPGJOUSBDFMMVMBSêMBNFOUT JO UIF SBQIF PG UIF TFFE 4VCSBNBOZBN *O DPOUSBTU UP UIF TQFDUBDVMBS HSPXUI PG TVTQFOTPS IBVTUPSJB JO UIF BCPWF UXP FYBNQMFT JO DFSUBJO HFOFSBPG0SDIJEBDFBFTVDIBT$ZNCJEJVNBOE(F PEPSVN UIF UVCVMBS IBVTUPSJB UIBU BSJTF GSPN UIF TVTQFOTPSDFMMTEJTQMBZBNVDITIPSUFSEJTUBODFPG BDUJWJUZ 'JHD 4XBNZ:FVOHFUBM *O $ TJOFOTF DIBOHFT JO NJDSPUVCVMF PSJFOUBUJPO GSPN B MPOHJUVEJOBM DPOêHVSBUJPO QBSBMMFM UP UIF MPOHBYJTUPBUSBOTWFSTFBMJHONFOUBDDPNQBOZUIF FMPOHBUJPOPGTVTQFOTPSDFMMT )VBOHFUBM 4VCDFMMVMBS.PSQIPMPHZPGUIF4VTQFOTPS "U êSTU HMBODF UIF DPODMVTJPO GSPN UIF BCPWF PC TFSWBUJPOT UIBU DPNQMFY IBVTUPSJBM TUSVDUVSFT BSF JOWPMWFEJOOVUSJFOUUSBOTGFSBQQFBSTUPCFKVTUJêFE $POTJEFSJOHUIBUPOMZBTNBMMQBSUPGUIFQVCMJTIFE XPSL PO TVTQFOTPS NPSQIPMPHZ IBT CFFO DPOTJE FSFEIFSF OPXIFSFOFBSBTNVDIBUUFOUJPOIBTCFFO EFWPUFE UP UIF TVCNJDSPTDPQJD DZUPMPHZ NPSQIPM PHZPGUIFDFMMTPGUIFTVTQFOTPSѮJTJOGPSNBUJPO JT JNQPSUBOU UP PVS VOEFSTUBOEJOH PG UIF SPMF PG UIFTVTQFOTPSBOEPGJUTIBVTUPSJBMQSPDFTTFTJOUIF EZOBNJDTPGOVUSJFOUUSBOTGFS"MUIPVHIUIJTHPBMJT GBSGSPNCFJOHBDIJFWFE TPNFBTQFDUTPGUIFVMUSB
ϕϓ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
'JHɪɩBoD)BVTUPSJBMHSPXUIPGTVTQFOTPSTB4FNJEJBHSBNNBUJDSFQSFTFOUBUJPOPGUIFFNCSZPTVTQFOTPSDPNQMFYPG5SP QBFPMVNNBKVT 3FQSJOUFEGSPN/BHMBOE,ÛIOFS C4FDUJPOPGUIFPWVMFPG4FEVNUFSOBUVNTIPXJOHUIFHSPXUIPG UIFTVTQFOTPSIBVTUPSJVNBTBUVCVMBSTUSVDUVSFGSPNUIFCBTBMDFMMBOEJUTSBNJêDBUJPOTJOUPQBSUTPGUIFPWVMF 3FQSJOUFE GSPN4VCSBNBOZBN D&NCSZPTVTQFOTPSDPNQMFYPG$ZNCJEJVNCJDPMPS TIPXJOHUIFUVCFMJLFTVTQFOTPSIBVTUPSJB 3FQSJOUFE GSPN 4XBNZ DC #BTBM DFMM F FNCSZP G GVOJDVVT GWT GVOJDVMBS WBTDVMBS TUSBOE IQ UVCVMBS IBVTUPSJVN JJJOOFSJOUFHVNFOU OFOVDFMMBSFQJEFSNJT PJPVUFSJOUFHVNFOU SSBQIF#BSTBNNC DʍN
TUSVDUVSF PG TVTQFOTPS DFMMT QPJOUJOH UP UIFJS QPT TJCMF GVODUJPOBM BUUSJCVUFT IBWF CFDPNF DMFBS BOE UIFTFBSFDPOTJEFSFECFMPX Ѯ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ѮF CBTBM DFMM BU UIF NJDSPQZMBS FOE PG UIF TVTQFOTPS IBT B IVHF WBDV PMF TVSSPVOEFE CZ B UIJO MBZFS PG DZUPQMBTN ѮF DIBMB[BMFOEXBMMPGUIFCBTBMDFMM BTXFMMBTUIFFOE XBMMTPGPUIFSDFMMTPGUIFTVTQFOTPS IBWFOVNFSPVT
QMBTNPEFTNBUB UIBU NBJOUBJO TZNQMBTUJD DPOOFD UJPOCFUXFFOUIFFNCSZP TVTQFOTPS BOEUIFCBTBM DFMM CVU UIFSF BSF OP QMBTNPEFTNBUB JO UIF XBMMT TFQBSBUJOHUIFTVTQFOTPSBOEUIFCBTBMDFMMGSPNUIF DFOUSBMDFMM"OFTQFDJBMMZGBTDJOBUJOHGFBUVSFPGUIF TVTQFOTPSDFMMTBOEUIFCBTBMDFMMJTUIFQSFTFODFPG êOHFSMJLFQSPKFDUJPOTFYUSVEJOHGSPNUIFDFMMXBMMT 'JH ѮFTFBSJTFGSPNUIFPVUFSMBUFSBMXBMMTPG DFSUBJOTVTQFOTPSDFMMTPGUIFHMPCVMBSFNCSZPBOE QFBLJOOVNCFSBOEDPNQMFYJUZBUUIFIFBSUTIBQFE TUBHFPGUIFFNCSZP"TGPSUIFJSNPSFJOUJNBUFEF UBJMT UIFQSPKFDUJPOTIBWFBEFOTFDFOUSBMDPSFBOE BQFSJQIFSBMFMFDUSPOUSBOTMVDFOUNBUSJY WFSZNVDI MJLF UIF êMJGPSN BQQBSBUVT PG UIF TZOFSHJET ѮFTF QSPKFDUJPOT XIJDIBCVUUIFFOEPTQFSN BSFMJOFECZ BQMBTNBNFNCSBOFDPOUJOVPVTXJUIUIF&3PGUIF FOEPTQFSNBOEBSFDMPTFMZBTTPDJBUFEXJUIOVNFS PVTBOEWBSJFEPSHBOFMMFT FTQFDJBMMZNJUPDIPOESJB BOE EJDUZPTPNFT "O FMBCPSBUF OFUXPSL PG JOWBHJ OBUJPOT GBDJOH UIF DZUPQMBTN EFDPSBUFT UIF JOOFS XBMMPGUIFNJDSPQZMBSBOEMBUFSBMQBSUTPGUIFCBTBM
ɪɧ .PSQIPMPHJDBMBOE1IZTJPMPHJDBM$POTJEFSBUJPOT
ϕϔ
'JHɪɪ"O FMFDUSPO NJDSPHSBQI TIPXJOH QBSUT PG DFMMT PG UIF TVTQFOTPS FOEPTQFSN BOE JOUFHVNFOU PG $BQTFMMB CVSTBQBTUPSJTBUUIFIFBSUTIBQFEFNCSZPTUBHF/VNFSPVT QMBTNPEFTNBUB BSF TFFO PO UIF FOE XBMM PG UIF TVTQFOTPS DFMM8BMMQSPKFDUJPOTBCVUUJOHJOUPUIFFOEPTQFSNBSFTFFO PVUTJEFUIFMBUFSBMXBMMTPGUIFTVTQFOTPSѮFDZUPQMBTNPG UIF TVTQFOTPS DFMM IBT CFHVO UP EFHFOFSBUF BOE DPOUBJOT NBOZ MBSHF NFNCSBOPVT TUSVDUVSFT FODJSDMJOH WFTJDMFT BOE PSHBOFMMFT %JDUZPTPNFT NJUPDIPOESJB QMBTUJET TQIFSP TPNFT BOENVMUJWFTJDVMBSCPEJFT CMBDLBSSPX CPUUPNMFѫ BSFQSFTFOUJOUIFDZUPQMBTNPGUIFTVTQFOTPSDFMM%%JDUZP TPNF &/FOEPTQFSN */JOUFHVNFOU .NJUPDIPOESJPO 1 QMBTUJE 4TQIFSPTPNF 46TVTQFOTPS 81XBMMQSPKFDUJPOT #BSʍN 3FQSJOUFEGSPN4DIVM[BOE+FOTFO
'JHɪɫBoE%FWFMPQNFOU PG UIF FNCSZP BOE TVTQFOTPS JO 1IBTFPMVTDPDDJOFVTB&BSMZTUBHFQSPFNCSZPTIPXJOHWFSZ MJUUMFTUSVDUVSBMEJĒFSFOUJBUJPOCFUXFFOUIFFNCSZPBOETVT QFOTPSC-BUFTUBHFQSPFNCSZPTIPXJOHXBMMJOHSPXUITJO UIFTVTQFOTPS BSSPXT ѮFCBTBMSFHJPOPGUIFTVTQFOTPSJT QSFTTFEBHBJOTUUIFOVDFMMBSDBQD&BSMZHMPCVMBSTUBHFFN CSZPXJUITVTQFOTPSѮFTVTQFOTPSJTJOBOBEWBODFETUBHF PG EFWFMPQNFOU BOE IBT JOHSPXUIT BSSPXT BMPOH UIF XBMM BEKBDFOUUPUIFJOUFHVNFOUBSZUBQFUVNBOEUIFDFMMVMBSFO EPTQFSNE&BSMZIFBSUTIBQFEFNCSZPXJUITVTQFOTPSѮF TVTQFOTPS IBT XFMMEFWFMPQFE XBMM JOHSPXUIT BOE UIFSF JT BCBTBMUFSNJOBMHSBEBUJPOJOOVDMFBSTJ[FJOUIFTVTQFOTPS DFMMT XJUIUIFMBSHFTUJOUIFCBTBMDFMMT##BTBMSFHJPOPGUIF TVTQFOTPS $&DFMMVMBSFOEPTQFSN &1FNCSZPQSPQFS *5JO UFHVNFOUBSZUBQFUVN -&MJRVJEFOEPTQFSN /OFDLPGUIF TVTQFOTPS /$ OVDFMMBS DBQ /V OVDMFVT 4 TVTQFOTPS #BST BʍN CʍN DʍN EʍN 3FQSJOUFEGSPN:FVOH BOE$MVUUFS
DFMM UIFTF XBMM MBCZSJOUIT BSF MJOFE CZ UIF QMBTNB NFNCSBOFPGUIFCBTBMDFMM*OGBDU UIFCFHJOOJOHT PGGPSNBUJPOPGJOWBHJOBUJPOTGSPNUIFXBMMPGUIF CBTBMDFMMDBODPOWJODJOHMZCFUSBDFEUPUIFXBMMBU UIF NJDSPQZMBS FOE PG UIF [ZHPUF 6MUSBTUSVDUVSBM JOWFTUJHBUJPOPGUIF"SBCJEPQTJTTVTQFOTPSJTMJNJUFE UPUIFCBTBMDFMMTPPOBѫFSJUTJODBSOBUJPOGSPNUIF [ZHPUF BOEUIFSFTVMUTBSFTJNJMBSUPUIPTFEFTDSJCFE JO$CVSTBQBTUPSJT BUMFBTUJOTPGBSBTUIFEFWFMPQ NFOU PG XBMM DPOWPMVUJPOT BOE UIF BTTPDJBUJPO PG NJUPDIPOESJB BOE EJDUZPTPNFT XJUI UIF XBMM QSP DFTTFTBSFDPODFSOFE .BOTêFMEBOE#SJBSUZ 'SPNPUIFSJOWFTUJHBUJPOTPOUIFTVCDFMMVMBSNPS QIPMPHZPGTVTQFOTPSDFMMTQVCMJTIFEJOUIFXBLFPG UIFXPSLPO$CVSTBQBTUPSJT UXPBEEJUJPOBMTUVE
JFTGPDVTFEPOUIFXBMMJOWBHJOBUJPOTBOEUIFJSBTTP DJBUFEPSHBOFMMFTBSFHFSNBOFIFSF"OJOWFTUJHBUJPO PO1IBTFPMVTDPDDJOFVTSFGFSTUPUIFJOUFSFTUJOHGBDU UIBUUIFSFJTMJUUMFEJĒFSFODFCFUXFFODFMMTPGUIFFN CSZP QSPQFS BOE PG UIF TVTQFOTPS JO UIFJS HFOFSBM DZUPMPHJDBM GFBUVSFT QSJPS UP UIF HMPCVMBS FNCSZP TUBHF'SPNUIJTTUBHFPOXBSET UIFEFWFMPQNFOUPG QMBTNBNFNCSBOFMJOFE XBMM JOWBHJOBUJPOT GSPN UIFTVTQFOTPSDFMMTJOBQPMBSJ[FEGBTIJPOQSPDFFE JOHGSPNUIFCBTBMDFMMTUPDFMMTDMPTFUPUIFFNCSZP QSPQFS JT B IBMMNBSL PG TVTQFOTPS VMUSBTUSVDUVSF 'JHBmE ѮF XBMM QSPKFDUJPOT êSTU BQQFBS JO UIF NPSF CBTBM TVTQFOTPS DFMMT PG UIF HMPCVMBS FN CSZP BOE UIFZ BUUBJO UIFJS NBYJNVN DPODFOUSB UJPO JO UIF IFBSUTIBQFE FNCSZP #FHJOOJOH XJUI
ϕϕ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
UIF PVUFS XBMMT PG TVTQFOTPS DFMMT BEKBDFOU UP UIF JOUFHVNFOUBSZ UBQFUVN UIF QSPKFDUJPOT BSF TVCTF RVFOUMZBMTPGPSNFEJOUIFJOOFSXBMMTPGTVTQFOTPS DFMMT XJUIBTIBSQCBTBMTJEFSFTUSJDUJPO.JUPDIPO ESJB QMBTUJET EJDUZPTPNFT QPMZTPNFT BOETNPPUI &3 HSFBUMZ JODSFBTF JO BCVOEBODF JO DFMMT TPPO BG UFS UIF XBMM JOWBHJOBUJPOT BQQFBS CVU JO UIF IFBSU TIBQFEFNCSZP UIFSFJTBEFDSFBTFJOUIFJSOVNCFS BOEBDIBOHFJOUIFDPOêHVSBUJPOPGUIF&3ѮFTF DIBOHFT TVHHFTU UIBU UIF GVODUJPOBM MJGF PG UIF TVT QFOTPSJTDPOêOFEUPBOBSSPXXJOEPXCFUXFFOUIF HMPCVMBSBOEIFBSUTIBQFEFNCSZPT BMUIPVHINPTU PGUIFTVTQFOTPSDFMMTQFSTJTUUISPVHINBUVSBUJPOPG UIFFNCSZP :FVOHBOE$MVUUFS %FTQJUFUIFGBDUUIBUFNCSZPEFWFMPQNFOUJO4UFM MBSJBNFEJB $BSZPQIZMMBDFBF JTPGUIF$BSZPQIZM MBEUZQFJOXIJDITVTQFOTPSGVODUJPOJTBUUSJCVUFE UPEFSJWBUJWFTPGUIFUFSNJOBMDFMMPGUIFUXPDFMMFE QSPFNCSZP JU JT UIF VOEJWJEFE CBTBM DFMM PG UIF QSPFNCSZPUIBUEJTQMBZTGFBUVSFTJODPNNPOXJUI TVTQFOTPS DFMMT PG $ CVSTBQBTUPSJT BOE 1 DPDDJO FVTѮFGBDUUIBUUIFCBTBMDFMMJTTFWFSBMUJNFTMBSHFS UIBO UIF UXPDFMMFE FNCSZP JT PG PVUTUBOEJOH TJH OJêDBODF'JSTU JUNFBOTUIBUUIJTDFMMGVODUJPOTJO BNFDIBOJTUJDXBZJOQVTIJOHUIFFNCSZPEFFQJOUP UIF DFOUSBM DFMM BT JU FYQBOET BOE FYUFOET CFZPOE UIF NJDSPQZMF JOUP UIF OVDFMMVT 4FDPOE UIF QSFT FODF PG MBSHF IJHIMZ EJĒFSFOUJBUFE QMBTUJET NJDSP CPEJFT BOEXBMMQSPKFDUJPOTBUUIFNJDSPQZMBSFOE PGUIFDFMM BOEDPODFOUSBUJPOPGNJUPDIPOESJBOFBS UIF XBMM QSPKFDUJPOT DPOTUJUVUF DMFBS FWJEFODF UIBU UIF CBTBM DFMM IBT B QIZTJPMPHJDBM SPMF BLJO UP TVT QFOTPSDFMMT*OUIFUPSQFEPTIBQFEFNCSZP BTVT QFOTPSDPNQPTFEPGêWFUPOJOFMJOFBSMZBSSBOHFE DFMMT QSPEVDFE CZ EJWJTJPO PG UIF UFSNJOBM DFMM PG UIFUXPDFMMFEQSPFNCSZPJTQSFTFOUUIFTFDFMMTBSF FOEPXFE XJUI VOJRVF UZQFT PG QMBTUJET NJDSPCPE JFT BOEFYUFOTJWFQSPêMFTPGEJMBUFE&3 XIJDITFU UIFNBQBSUGSPNUIFDFMMTPGUIFFNCSZP /FXDPNC BOE 'PXLF ѮF BSSBZ BOE DPODFOUSBUJPO PG PSHBOFMMFTQSFTFOUJOUIFCBTBMDFMMBOEUIFTVTQFO TPSDFMMT DPNQBSFEUPUIPTFQSFTFOUJOUIFFNCSZP DFMMT TVHHFTUTUIBUUIFTVTQFOTPSNBJOUBJOTBUZQF PGNFUBCPMJTNEJĒFSFOUGSPNUIBUPGUIFFNCSZP 5XP DPNNPO TVCDFMMVMBS GFBUVSFT QSFTFOU JO UIFTVTQFOTPSDFMMTPGTPNFQMBOUTUIBUNJHIUMFBE UPGVOEBNFOUBMJOTJHIUTJOUPUIFJSGVODUJPOBSFUIF QSFTFODFPGTQFDJBMJ[FEQMBTUJETBOEUIFBCTFODFPG EFQPTJUTPGDVUJDVMBSNBUFSJBMPOUIFDFMMXBMMT'JSTU EFTDSJCFE JO UIF TVTQFOTPS DFMMT PG 1JTVN TBUJWVN
UIFQMBTUJETDPOUBJOTQIFSJDBMCPEJFTPGJOUFSUXJOFE QSPUFJOBDFPVT UVCVMFT UIBU BSF OPU DPOWFSUFE JOUP HSBOB ѮF TQFDJBMJ[FE QMBTUJET XIJDI BSF BCTFOU GSPNDFMMTPGUIFFNCSZP DPOTUJUVUFUIFNPTUBCVO EBOUPSHBOFMMFTPGTVTQFOTPSDFMMTѮFJEFBUIBUUIFTF PSHBOFMMFTNBZTFSWFBTTJUFTGPSUIFBDDVNVMBUJPO PG TQFDJêD QSPUFJOT UIBU BSF TVCTFRVFOUMZ VTFE GPS UIFHSPXUIPGUIFFNCSZPJTDFSUBJOMZBQQFBMJOH CVU JTJOOFFEPGFYQFSJNFOUBMFWJEFODF .BSJOPT 1MBTUJET EFTDSJCFE JO TVTQFOTPS DFMMT PG 1IBTFPMVT WVMHBSJT 4DIOFQGBOE/BHM
*QPNPFBQVSQVSFB $POWPMWVMBDFBF1PO[JBOE1J[[PMPOHP
4UFM MBSJBNFEJB /FXDPNCBOE'PXLF
5SPQBFP MVN NBKVT /BHM BOE ,ÛIOFS
1 DPDDJOFPVT :FVOH BOE $MVUUFS
.FEJDBHP TBUJWB 'BCB DFBF BOE . TDVUFMMBUB 4BOHEVFO FU BM
BM UIPVHIEJĒFSJOHJOEFUBJMT BSFTPNFXIBUBOBMPHPVT UP UIPTF GPVOE JO 1 TBUJWVN "NPOH UIF DIBOHFT GPVOEJOUIFQMBTUJETPGTVTQFOTPSDFMMTPG7JDJBGBCB 'BCBDFBF JT UIFJS USBOTGPSNBUJPO JOUP DISPNP QMBTUTDPOUBJOJOHDSZTUBMTPGDBSPUFOPJET 8SFEMFFU BM "TFTUBCMJTIFECZëVPSFTDFOUNJDSPTDPQZ UIFBCTFODFPGDVUJDVMBSTVCTUBODFTPOUIFXBMMTPG TVTQFOTPSDFMMTPGDFSUBJOQMBOUTDPOUSBTUTXJUIUIFJS QSFTFODFPOXBMMTPGUIFQSPUPEFSNDFMMTPGUIFFN CSZP BOEJTCFMJFWFEUPGBDJMJUBUFOVUSJFOUVQUBLFCZ UIFTVTQFOTPS 3PELJFXJD[FUBM-BDLJFBOE :FVOH:FVOHFUBM /VDMFBS$ZUPMPHZPGUIF4VTQFOTPS /FBSMZBMMVMUSBTUSVDUVSBMTUVEJFTIBWFEFTDSJCFEUIF OVDMFVT PG TVTQFOTPS DFMMT BT BO VOEJTUJOHVJTIFE PSHBOFMMF TDBSDFMZ EJĒFSFOU JO TUSVDUVSF GSPN UIF OVDMFVT PG PUIFS QMBOU DFMMT ѮF SFMBUJWFMZ TJNQMF TUSVDUVSF PG UIF OVDMFVT IPXFWFS CFMJFT B TVSGFJU PG DZUPMPHJDBM DIBOHFT UP XIJDI UIJT PSHBOFMMF JT EFEJDBUFE EVSJOH UIF MJNJUFE MJGF TQBO PG UIF TVT QFOTPSDFMMT.VDIPGUIJTXPSLIBTCFFOSFWJFXFE CZ%"NBUP BOE3BHIBWBO BOEPOMZB GFXDMBTTJDBMJOWFTUJHBUJPOTBSFDPOTJEFSFEIFSF *UXBTNFOUJPOFEFBSMJFSUIBUFNCSZPTVTQFOTPST PG NFNCFST PG UIF 'BCBDFBF BUUBJO DPNQMFY NPS QIPMPHJDBMGPSNTѮFWBSJBUJPOTJOTVTQFOTPSNPS QIPMPHZ UIBU PDDVS JO NFNCFST PG UIJT GBNJMZ BSF NBUDIFEUPTPNFFYUFOUCZUIFBCFSSBOUOVDMFBSCF IBWJPSPGTVTQFOTPSDFMMT"SFMBUJWFMZTJNQMFOVDMFBS QIFOPNFOPO XBT VODPWFSFE CZ MJHIU NJDSPTDPQJD PCTFSWBUJPOT JO 1JTVN TBUJWVN XIJDI QSPEVDFT
ɪɧ .PSQIPMPHJDBMBOE1IZTJPMPHJDBM$POTJEFSBUJPOT
KVTUUXPMPOHTVTQFOTPSDFMMT"MUIPVHIOVDMFBSEJ WJTJPOTQSPDFFEOPSNBMMZJOUIFOFXMZDVUPĒDFMMT DZUPLJOFTJTJTBCSVQUMZBOEQFSNBOFOUMZIBMUFEѮF SFTVMUJTUIBUCZUIFUJNFUIFTVTQFOTPSDFMMTBUUBJO UIFJSNBYJNVNMFOHUI UIFOVDMFVTEJWJEFTSFQFBU FEMZ UP QSPEVDF UXP DFMMVMBS TBDT PG GSFF OVDMFJ FBDI%JTJOUFHSBUJPOPGUIFOVDMFJQSFDFEFTUIFFWFO UVBMDPMMBQTFPGUIFTVTQFOTPSJOUIFNBUVSFFNCSZP $PPQFS "QQFBSBODFPGJSSFHVMBSOVNCFSTPG GSFF OVDMFJ PG EJĒFSFOU TJ[FT JO UIF UXP BQJDBM BOE UIFUXPCBTBMDFMMTPGUIFTVTQFOTPSJOTFWFSBMTQF DJFT PG -BUIZSVT IBT FOHFOEFSFE UIF OPUJPO UIBU CFTJEFTEJĒFSFODFTJOUIFOVNCFSPGNJUPUJDDZDMFT PDDVSSFODF PG SFTUJUVUJPO OVDMFJ BMTP BDDPVOUT GPS OVDMFBSBCOPSNBMJUJFT /BHM "O VOFYQFDUFE êOEJOH UIBU FNFSHFE GSPN DZUP MPHJDBMJOWFTUJHBUJPOTPGUIFTVTQFOTPSPG1IBTFPMVT DPDDJOFVT JT UIBU BѫFS B NVMUJDFMMVMBS TVTQFOTPS JT GPSNFE UIF OVDMFJ HP UISPVHI SFQFBUFE %/" TZO UIFTJT CZ FOEPSFEVQMJDBUJPO MFBEJOH UP UIF GPSNB UJPO PG HJBOU DISPNPTPNFT XJUIJO B EJTQSPQPS UJPOBUFMZ MBSHF OVDMFVT ѮFTF DISPNPTPNFT BMTP CFDPNFQPMZUFOJDEVFUPUIFQSFTFODFPGUIFNBOZ QBSBMMFMêCSJMTUIBUSFTVMUGSPNSFQFBUFESFQMJDBUJPO PGDISPNBUJETUIBUBSFIVEEMFEUPHFUIFSJOUIFDISP NPTPNFXJUIPVUTFQBSBUJOH /BHM -JLF QPMZUFOF DISPNPTPNFT JO UIF TBMJWBSZ HMBOET PG DFSUBJOJOTFDUT UIPTFPGTVTQFOTPSDFMMTPG1DPDDJO FVTBOE1WVMHBSJTBMTPEJTQMBZ BMCFJUJOBNVDIMFTT TUSJLJOHXBZUIBOJOJOTFDUT QVĒTBOEMPPQTUIBUBSF TJNQMZDISPNPTPNBMCBOETJOXIJDIDISPNBUJOIBT VOEFSHPOF MPDBM EFDPOEFOTBUJPO BOE IFODF SFQSF TFOUTJUFTPG%/"TZOUIFTJTBOEUSBOTDSJQUJPO /BHM "WBO[JFUBM #BTFEPONFBTVSF NFOUTPGOVDMFBSWPMVNF UIFNBYJNVNEFHSFFPG FOEPSFEVQMJDBUJPOJOTVTQFOTPSDFMMTPG1DPDDJOFVT JOUFSNTPG%/"DPOUFOUQFSOVDMFVT XBTFTUJNBUFE UPCF $ CVUMBUFSXPSLVTJOHRVBOUJUBUJWF'FVM HFONJDSPTQFDUSPQIPUPNFUSZTIPXFEUIBUJUDPVME CF BT IJHI BT $ ѮF HFPNFUSJD JODSFBTF JO UIF %/" DPOUFOU XJUI QSPHSFTTJWF FNCSZPHFOFTJT TIPXT UIBU BO BDDVSBUF NFDIBOJTN UP FOTVSF UIF SFQMJDBUJPOPGBMM%/"JOUIFOVDMFVTBUFBDISPVOE JT PQFSBUJOH JO UIF DFMMT *O JOEJWJEVBM TVTQFOTPST POFDBOSFDPHOJ[FBQSPHSFTTJWFJODSFBTFJOUIFMFWFM PGFOEPSFEVQMJDBUJPOCFHJOOJOHXJUIMPXEFHSFFJO DFMMT CFUXFFO UIF KVODUJPO PG UIF FNCSZP BOE TVT QFOTPS NFEJVNEFHSFFJODFMMTJOUIFOFDLSFHJPO PG UIF TVTQFOTPS BOE B WFSZ IJHI EFHSFF PG FOEP SFEVQMJDBUJPOJOUIFMBSHFDFMMTPGUIFCBTBMQBSUPG
ϕϖ
UIF TVTQFOTPS /BHM #SBEZ ѮF MFWFM PG FOEPSFEVQMJDBUJPO JT BMTP SFëFDUFE JO UIF NPS QIPMPHJDBMBQQFBSBODFPGOVDMFJXIFSFBTOVDMFJPG DFMMTXJUIBMPXEFHSFFPGFOEPSFEVQMJDBUJPOBQQFBS OPSNBM UIPTF PG DFMMT TIPXJOH B WFSZ IJHI EFHSFF PGFOEPSFEVQMJDBUJPOIBWFBCOPSNBMDISPNPTPNFT DPOEFOTFEJOUPBMBSHFNBTTPGDISPNBUJO $PNQBSBUJWF TUVEJFT IBWF EJTDMPTFE UIF VOTVT QFDUFEGBDUUIBUUIFEFHSFFPGFOEPSFEVQMJDBUJPOBOE QPMZUFOZJOTVTQFOTPSDFMMTWBSJFTXJEFMZJOEJĒFSFOU TQFDJFTPG1IBTFPMVT SBOHJOHGSPN$JO1MVOB UVTBOE1UVCFSPTVT $JO1BDVUJGPMJVT $ JO1IZTUFSJOVTBOE1NVMUJë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
5VOJDBDFBF <5VOJDB TBYJGSBHB $ /BHM > (FSBOJBDFBF <(FSBOJVN QIBFVN $ /BHM > 5SBQBDFBF <5SBQB OBUBOT $ /BHM > BOE 5SPQBF PMBDFBF <5SPQBFPMVN NBKVT $ /BHM B > BNPOHPUIFST ѮF GVODUJPO PG UIF QPMZUFOF DISPNPTPNFT PG TVTQFOTPS DFMMT JT OPU ZFU FOUJSFMZ DMFBS BMUIPVHI TPNFNPMFDVMBSDZUPMPHJDBMTUVEJFTIBWFJNQMJDBUFE BSPMFJOHFOFBNQMJêDBUJPO*OUIJTDPOUFYU UIFFY USVTJPOPGNJDSPOVDMFPMJGSPNUIFOVDMFPMVTBTXFMM BT GSPN UIF DPOEFOTFE IFUFSPDISPNBUJD BOE UIF MPPTF FVDISPNBUJD SFHJPOT BOE MPPQT PG UIF QPMZ UFOFDISPNPTPNFTPGTVTQFOTPSDFMMTPG1DPDDJOFVT BOE1WVMHBSJTEFTFSWFTUPCFNFOUJPOFEѮFTFNJ DSPOVDMFPMJ QSFTVNBCMZ DPOUBJO 3/" BOE QSPUFJO FOTIFBUIFE CZ DISPNBUJO BOE UIFJS êOBM EFTUJOB UJPO IBT CFFO USBDFE UP UIF DZUPQMBTN JOUP XIJDI UIFZ BSF MJCFSBUFE CZ EJTJOUFHSBUJPO PG UIF OVDMFBS NFNCSBOF "WBO[J FU BM /BHM B *OTJUVIZCSJEJ[BUJPOPGî)S3/"XJUI%/"PGUIF
ϖύ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
QPMZUFOF DISPNPTPNFT PG 1 DPDDJOFVT IBT TIPXO UIBUUIFNJDSPOVDMFPMJDPOUBJOS%/" FODPEJOHUIF 4BOE4S3/" "WBO[JFUBM ѮJTJTDPO TJEFSFE BT DZUPMPHJDBM FWJEFODF GPS UIF BNQMJêDB UJPOPGSJCPTPNBMDJTUSPOTEVSJOHQPMZUFOJ[BUJPOPG DISPNPTPNFT BMUIPVHIUIFQPTTJCMFBNQMJêDBUJPO PGOPOSJCPTPNBM3/"JTOPUJOEVCJUBCMZFMJNJOBUFE CZUIJTPCTFSWBUJPOѮFPDDVSSFODFPGTFMFDUJWFBN QMJêDBUJPO PG %/" JO QPMZUFOF DISPNPTPNFT IBT CFFO EFEVDFE GSPN UIF CBOEJOH QBUUFSOT PG %/" JTPMBUFEGSPNSPPUT TIPPUT BOETVTQFOTPSDFMMTPG1 DPDDJOFVTUIBUBQQFBSGPMMPXJOHBOBMZUJDBMVMUSBDFO USJGVHBUJPO8IFSFBT%/"GSPNBMMUISFFUJTTVFTBQ QFBSTBTCBOETXJUICVPZBOUEFOTJUJFTPGHNM BOEHNM %/"GSPNUIFTVTQFOTPSDPOUBJOT BTBUFMMJUFCBOEBUHNMUIBUJTOPUEFUFDUFEJO UIF PUIFS UXP UJTTVFT 'JH ѮF BQQFBSBODF PG UIFTBUFMMJUF%/"JTCFMJFWFEUPCFJOLFFQJOHXJUI BTFMFDUJWFBNQMJêDBUJPOPGHFOFTPUIFSUIBOS3/" UIBU PDDVST JO UIF TVTQFOTPS DFMMT -JNBEF'BSJB FU BM "MUIPVHI IJHI USBOTDSJQUJPOBM BDUJW JUZUIVTBQQFBSTUPCFBIBMMNBSLPGTVTQFOTPSDFMMT UIFOBUVSFPGUIFHFOFQSPEVDUTQSPEVDFE BOEUIFJS DPOUSJCVUJPO UP UIF GVODUJPO PG UIF TVTQFOTPS EVS JOHJUTTIPSUMJGFTQBO SFRVJSFGVSUIFSTUVEZ
'JHɪɬ#BOEJOH PG %/" JTPMBUFE GSPN SPPUT TIPPUT BOE TVTQFOTPST PG 1IBTFPMVT DPDDJOFVT " TBUFMMJUF %/" XJUI B CVPZBOU EFOTJUZ PG HNM JT QSFTFOU JO UIF TVTQFOTPST CVUOPUJOSPPUTPSTIPPUT 3FQSJOUFEGSPN-JNBEF'BSJB FUBM
'VODUJPOBM1IZTJPMPHZPGUIF4VTQFOTPS 'SPN UIF QFSTQFDUJWF PG UIF QPTTJCMF QIZTJPMPHJDBM GVODUJPO PG UIF TVTQFOTPS QFSIBQT UIF NPTU TBMJFOUGFBUVSFPGJUTTVCDFMMVMBSNPSQIPMPHZJTUIF QSFTFODFPGXBMMJOWBHJOBUJPOTѮFXBMMJOHSPXUIT BTTJHOUIFTVTQFOTPSDFMMTUIFUBTLPGUIFMFHFOEBSZ USBOTGFS DFMMT CFMJFWFE UP GBDJMJUBUF UIF USBOTQPSU PG TPMVUFTJOUPBOEPVUPGDFMMTѮFGBDUUIBUUIFXBMM QSPKFDUJPOTBSFMJOFEXJUIUIFQMBTNBNFNCSBOFJT PGTJHOJêDBODFJOJODSFBTJOHUIFTVSGBDFBSFBPGUIF DFMM GPS BCTPSQUJPO XIFSFBT UIF QSPYJNJUZ UP UIF XBMM QSPKFDUJPOT PG OVNFSPVT PSHBOFMMFT NJHIU CF DPOKVSFEVQUPTVQQPSUBDUJWFUSBOTQPSUPGOVUSJFOUT BDSPTT UIF QMBTNB NFNCSBOF ѮF QMBTNPEFTNBUB DPOOFDUJOHUIFTVTQFOTPSDFMMTUPPOFBOPUIFSBOE UP UIF FNCSZP NBZ TFSWF UP NBJOUBJO BO PQFO DIBOOFM PG DPNNVOJDBUJPO GPS UIF ëPX PG TPMVUFT CFUXFFO UIF TVTQFOTPS BOE UIF FNCSZP 4P UIF WJFX UIBU IBT DBQUVSFE UIF JNBHJOBUJPO PG QMBOU FNCSZPMPHJTUT SFHBSEJOH UIF SPMF PG TVTQFOTPS JT UIBUJUJTBEZOBNJDBTTFNCMBHFPGDFMMTUIBUBCTPSC NFUBCPMJUFT GSPN UIF FOEPTQFSN PS GSPN UIF TVSSPVOEJOH EJQMPJE DFMMT PG UIF PWVMF EFMJWFSJOH UIFNUPUIFHSPXJOHFNCSZP*OSFëFDUJOHVQPOUIF GBDU UIBU UIF TVTQFOTPS JT B TIPSUMJWFE PSHBO UIF QSFDJTF TUBHF BU XIJDI UIF FNCSZP EFQFOET VQPO UIF TVTQFOTPS GPS OVUSJUJPO JT B DSVDJBM FMFNFOU JOBOZBOBMZTJTPGJUTGVODUJPO*OUIJTDPOUFYU UIF OBUVSFBOEJNQPSUBODFPGUIFNFUBCPMJUFTSFMFBTFE CZ EFHFOFSBUJOH TVTQFOTPS DFMMT GPS OVSUVSF PG UIF FNCSZPBMTPDBOOPUCFJHOPSFEBOESFRVJSFTTUVEZ "MUIPVHIUIFTVCDFMMVMBSNPSQIPMPHZPGTVTQFOTPS IBVTUPSJB IBT OPU CFFO JOWFTUJHBUFE UIFSF JT MJUUMF SFBTPOBCMF EPVCU UIBU UIF IBVTUPSJB JOUFSBDU XJUI DFMMTPGUIFPWVMF KVTUBTUIFTVTQFOTPSDFMMTEPXJUI DFMMTPGUIFFOEPTQFSN $MFBSMZ FWJEFODF GPS UIF QPUFOUJBM GVODUJPO PG UIFTVTQFOTPSJTNPTUMZEFTDSJQUJWFBOEDPNFTGSPN TUBUJD FMFDUSPO NJDSPHSBQIT IPXFWFS JU JT SFBTTVS JOH UIBU MJNJUFE QIZTJPMPHJDBM JOWFTUJHBUJPOT IBWF TVQQPSUFE UIF SPMF QSFEJDUFE CZ EFTDSJQUJWF BD DPVOUT ѮF JNQPSUBODF PG UIF TVTQFOTPS NBZ CF FBTJMZ EFNPOTUSBUFE JO FYQFSJNFOUT JOWPMWJOH UIF DVMUVSF PG JTPMBUFE FNCSZPT XJUI BOE XJUIPVU BO BUUBDIFE TVTQFOTPS 4VDDFTTGVM DVMUVSF PG HMPCVMBS FNCSZPTPG&SVDBTBUJWBXJUIPSXJUIPVUUIFTVTQFO TPSJTEJēDVMUCVUFBSMZIFBSUTIBQFEFNCSZPTHSPX
ɪɧ .PSQIPMPHJDBMBOE1IZTJPMPHJDBM$POTJEFSBUJPOT
BOEDPNQMFUFUIFFNCSZPHFOJDQSPHSBNJODVMUVSF FWFOJOUIFBCTFODFPGUIFTVTQFOTPS BMUIPVHIUIF QSFTFODFPGUIFBUUBDIFETVTQFOTPSBQQSFDJBCMZJN QSPWFT HSPXUI PG UIF MBUUFS UZQF PG FNCSZPT *OUFS FTUJOHMZ HSPXUIJODVMUVSFPGTMJHIUMZPMEFSFNCSZPT JT OPU QSPNPUFE CZ UIF QSFTFODF PG UIF TVTQFOTPS $PSTJ &NCSZPT PG 1IBTFPMVT XIJDI IBWF B GBJSMZSPCVTUTVTQFOTPS IBWFPĒFSFEQSPNJTJOHNB UFSJBMGPSUFTUJOHUIFSPMFPGUIFTVTQFOTPSJOFNCSZP HSPXUI BOE OVUSJUJPO BOE UIF GBDU UIBU UIFTF FN CSZPTDBOCFNBOJQVMBUFEJODVMUVSFIBTFOIBODFE UIFJSVTFGVMOFTT"TJO&TBUJWB UIFSFRVJSFNFOUGPS BO BUUBDIFE TVTQFOTPS JT TUBHFTQFDJêD GPS HSPXUI JODVMUVSFPGFNCSZPTPG1DPDDJOFVTBOEJTBDVUFMZ GFMU GPS IFBSUTIBQFE FNCSZPT CVU OPU GPS DPUZMF EPOTUBHFFNCSZPTFWFOBEFUBDIFETVTQFOTPSLFQU JODPOUBDUXJUIBDVMUVSFEIFBSUTIBQFEFNCSZPJT TVēDJFOUUPQPUFOUJBUFSFTQFDUBCMFFNCSZPHSPXUI :FVOHBOE4VTTFY *OEJDBUJWFPGBGVODUJPOBM SFMBUJPOTIJQ UIF HSPXUIQSPNPUJOH FĒFDU PG UIF TVTQFOTPSPOIFBSUTIBQFEFNCSZPTJTGPVOEUPDP JODJEF QSFDJTFMZ XJUI UIF BUUBJONFOU PG NBYJNVN TUSVDUVSBMTQFDJBMJ[BUJPOCZTVTQFOTPSDFMMT*NQSFT TJWFTVQQPSUGPSUIFSPMFPGUIFTVTQFOTPSJOOVUSJFOU USBOTQPSUIBTDPNFGSPNTUVEJFTPOUIFVQUBLFBOE JODPSQPSBUJPO PG SBEJPBDUJWFMZ MBCFMFE NFUBCPMJUFT TVDIBTTVDSPTFBOEQVUSFTDJOF BQPMZBNJOF JOUP FNCSZPTPG1DPDDJOFVTBOE1WVMHBSJT8IFOìņ$ TVDSPTF JT BENJOJTUFSFE UISPVHI QPET PWVMFT PS JTPMBUFEFNCSZPTPG1WVMHBSJT NVDIPGUIFSBEJP BDUJWJUZJTGPVOEUPBDDVNVMBUFJOUIFTVTQFOTPSPS JOUIFTVTQFOTPSQPMFPGMBUFIFBSUTIBQFEFNCSZPT "TJNJMBSQBUUFSOPGVQUBLFJTPCTFSWFEXIFOUIFMB CFMJTJOUSPEVDFEJOUPUIFFOEPTQFSNDBWJUZPGTFFET PG CPUI TQFDJFT *U XBT BMTP GPVOE UIBU BENJOJTUSB UJPO PG ìņ$TVDSPTF DMPTF UP UIF FNCSZP UISPVHI UIFFOEPTQFSNBUUIFDIBMB[BMFOEPGUIFPWVMFPG1 WVMHBSJTSFTVMUTJOBIJHIFSVQUBLFPGUIFMBCFMJOUIF TVTQFOTPSUIBOJOUIFFNCSZPѮJTXPVMEOPUIBQ QFOJGNFUBCPMJUFTPGUIFFOEPTQFSNXFSFBCTPSCFE EJSFDUMZCZUIFHSPXJOHFNCSZP"SFMBUFEPCTFSWB UJPOUIBUUIFVQUBLFPGìņ$TVDSPTFCZUIFTVTQFOTPS JT TFOTJUJWF UP EJOJUSPQIFOPM JT DPOTJTUFOU XJUI UIF WJFX UIBU UIF QSPDFTT JT FOFSHZEFQFOEFOU :FVOH "VUPSBEJPHSBQIZ PG JODPSQPSBUJPO PG î) BOE ìņ$QVUSFTDJOF BENJOJTUFSFE UISPVHI UIF QPE PSEJSFDUMZUPPWVMFTPG1DPDDJOFVTIBTBMTPTIPXO UIBUUIFMBCFMJTUSBOTQPSUFEUPUIFHSPXJOHFNCSZP UISPVHIUIFTVTQFOTPS /BHM
ϖώ
"OPUIFS QPTTJCMF GBDUPS JOWPMWFE JO QSPNPUJPO PG FNCSZPHSPXUICZUIFTVTQFOTPSJTUIFBSSBZPGJUT FOEPHFOPVT OVUSJFOUT FTQFDJBMMZ IPSNPOFT UIBU NJHIUCFUSBOTNJUUFEUPUIFHSPXJOHFNCSZP"OBM ZTJT PG IPSNPOF DPOUFOU CZ CJPBTTBZT QBJE PĒ JOJ UJBMMZ XJUI UIF JEFOUJêDBUJPO PG HJCCFSFMMJOT PS (" "MQJ FU BM
DZUPLJOJOT -PSFO[J FU BM
BOE"#" 1FSBUBFUBM JOUIFTVTQFOTPSPG1 DPDDJOFVT GPMMPXFECZUIFJEFOUJêDBUJPOPG*""BOE PS("JOUIFTVTQFOTPSTPG5SPQBFPMVNNBKVTBOE $ZUJTVT MBCVSOVN 1S[ZCZMMPL BOE /BHM 1JD DJBSFMMJFUBM ѮFCFTUDIBSBDUFSJ[FEIPSNPOF PGUIFTVTQFOTPSJT("*OMBUFSJOWFTUJHBUJPOT DPN CJOFE VTF PG HBT DISPNBUPHSBQIZ BOE NBTT TQFD USPNFUSZ MFE UP UIF EFNPOTUSBUJPO PG B EJWFSTJUZ PG HJCCFSFMMJOT TVDI BT ("ō ("Ő ("ő ("Œ ("Ŕ BOE("ŐŐJOUIFTVTQFOTPSPG1DPDDJOFVT "MQJFUBM 1JDDJBSFMMJBOE"MQJ1JBHHFTJFUBM
("ŒŏJOUIFTVTQFOTPSPG5 NBKVT 1JDDJBSFMMJBOE "MQJ
BOE ("ō BOE BO VOLOPXO (" JO UIF TVTQFOTPS PG $ MBCVSOVN 1JDDJBSFMMJ FU BM *O1DPDDJOFVT UIF("DPOUFOUPGUIFTVTQFOTPSJT OFBSMZUJNFTIJHIFSUIBOUIBUPGUIFIFBSUTIBQFE FNCSZP XIFSFBTBUUIFDPUZMFEPOBSZTUBHFUIFSFJT BESBNBUJDEFDSFBTFJOUIFIPSNPOFDPOUFOUPGUIF TVTQFOTPSBOEBTJHOJêDBOUJODSFBTFJOUIFPSHBOP HFOFUJDQBSUPGUIFFNCSZPѮJTJTDPOTJEFSFEUPBD DPSEXJUIUIFWJFXUIBU("JTUSBOTQPSUFEGSPNUIF TVTQFOTPSUPUIFFNCSZP "MQJFUBM ѮFBCJM JUZ PG UIF TVTQFOTPS UP TZOUIFTJ[F (" BU UIF TUBHF XIFOJUJTQSFTVNFEUPCFFTTFOUJBMGPSUIFHSPXUIPG UIFFNCSZPJTBDSVDJBMQJFDFPGFWJEFODFUPTVQQPSU UIF WJFX UIBU UIF TVTQFOTPS TVQQMJFT UIF IPSNPOF UPUIFFNCSZPѮBUUIFTVTQFOTPSGVODUJPOTBTUIF TJUFPG("TZOUIFTJTXBTTIPXOCZUIFEFNPOTUSB UJPOUIBUDFMMGSFFFYUSBDUTGSPNTVTQFOTPSTDBOCF QSJNFE UP TZOUIFTJ[F (" CJPTZOUIFUJD JOUFSNFEJ BUFTTVDIBTLBVSFOFBOEFOUʂIZESPYZLBVSFOPJD BDJE BOE êOBMMZ (" GSPN BQQSPQSJBUF FYPHFOPVT QSFDVSTPST $FDDBSFMMJFUBM B C $VMUVSF PG JTPMBUFE FNCSZPT PG 1 DPDDJOFVT IBT QSPWJEFE TPNF DMVFT BT UP UIF SFMBUJPOTIJQ PG (" BOE DZUPLJOJOT UP TVTQFOTPS GVODUJPO &YUJSQB UJPOPGUIFTVTQFOTPSSFEVDFTUIFTVSWJWBMPGIFBSU TIBQFEFNCSZPTJOBNJOFSBMTBMUNFEJVNIPXFWFS DPOTJTUFOUXJUIUIFIJHI("DPOUFOUPGUIFTVTQFO TPSEFTDSJCFEJOUIFQSFWJPVTQBSBHSBQI BEEJUJPOPG MPXDPODFOUSBUJPOTPG("UPUIFNFEJVNDBOTVC TUJUVUF GPS UIF TVTQFOTPS BOE SFTDVF UIF FNCSZPT
ϖϏ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
*ODPOUSBTU UIFTBNFMFWFMTPG("BSFJOIJCJUPSZUP UIFHSPXUIBOETVSWJWBMPGTVTQFOTPSEFQSJWFEQPTU DPUZMFEPOBSZTUBHFFNCSZPTBTDPNQBSFEUPJOUBDU FNCSZPTPGUIFTBNFBHFHSPXOJOBIPSNPOFGSFF NFEJVNѮJTPCTFSWBUJPOJTJOIBSNPOZXJUIUIF HJCCFSFMMJOBVUPOPNZBUUBJOFECZQPTUDPUZMFEPOBSZ TUBHFFNCSZPT $JPOJOJFUBM *UJTLOPXOUIBU QPMBS DZUPLJOJOT PG MPX CJPMPHJDBM BDUJWJUZ TVDI BT [FBUJOHMVDPTJEFBOE[FBUJOSJCPTJEFQSFEPNJOBUFJO UIFIFBSUTIBQFEFNCSZPTPG1DPDDJOFVT XIFSFBT DPUZMFEPOBSZTUBHFFNCSZPTDPOUBJONPTUMZUIFBD UJWFDZUPLJOJOT [FBUJOBOEJTPQFOUFOZMBEFOJOF"T B NBOJGFTUBUJPO PG UIF DIBOHJOH DZUPLJOJO SFRVJSF NFOUTPGFNCSZPTPGEJĒFSFOUBHFT HSPXUIPGFBSMZ TUBHFFNCSZPTJTGBWPSFECZIJHIDPODFOUSBUJPOTPG [FBUJOBOEMPXDPODFOUSBUJPOTPG[FBUJOSJCPTJEFJO UIFNFEJVN XIFSFBTMBUFTUBHFFNCSZPTBSFNPTUMZ JOTFOTJUJWF UP UIF BEEJUJPO PG BOZ DZUPLJOJO UP UIF NFEJVN -PSFO[JFUBM#FOOJDJBOE$JPOJOJ ѮF BCPWF PCTFSWBUJPOT SBJTF UIF RVFTUJPO PG IPX IPSNPOFT PG TVTQFOTPS PSJHJO QSPNPUF UIF HSPXUI PG UIF BUUBDIFE FNCSZP 1SFMJNJOBSZ EBUB TIPXUIBU("BDUTCPUIBUUIFUSBOTDSJQUJPOBMBOE USBOTMBUJPOBM MFWFMT JO TVTQFOTPS DFMMT 6TJOH DZUP MPHJDBM UFDIOJRVFT (" IBT CFFO TIPXO UP JOEVDF UIF GPSNBUJPO PG NJDSPOVDMFPMJ BOE DISPNPTPNBM QVĒT JO UIF TVTQFOTPS OVDMFJ BOE UP QSPNPUF UIF JODPSQPSBUJPO PG î)VSJEJOF JOUP 3/" PG UIF TVT QFOTPS DFMMT PG 1 DPDDJOFVT BOE 1 WVMHBSJT /BHM C'PSJOPFUBM 5SBOTMBUJPOBMBDUJWJUZIBT CFFOJOWPLFEBTBOFYQMBOBUJPOGPSUIFTUJNVMBUPSZ SPMFPGUIFTVTQFOTPSJOFNCSZPHSPXUI BTXFMMBT GPSUIFFĒFDUPG("JOJOEVDJOHHSPXUIJODVMUVSFPG TVTQFOTPSMFTTFNCSZPTPG1WVMHBSJTѮJTJTCBTFE POPCTFSWBUJPOTTVDIBTBEFDSFBTFJOQSPUFJODPO UFOUPGFNCSZPTDVMUVSFEXJUIPVUUIFTVTQFOTPSPS DVMUVSFEXJUIUIFTVTQFOTPSCVUOPUJOPSHBOJDDPO OFDUJPO EFDSFBTFE BNJOP BDJE JODPSQPSBUJPO JOUP FNCSZPTDVMUVSFEVOEFSUIFTBNFDPOEJUJPOT BOE UIFBCJMJUZPGFYPHFOPVT("UPSFTUPSFUIFQSPUFJO DPOUFOU BOE QSPUFJO TZOUIFTJ[JOH BDUJWJUZ PG DVM UVSFE TVTQFOTPSMFTT FNCSZPT #SBEZ BOE 8BMUIBMM 8BMUIBMMBOE#SBEZ /PXUIBUXFIBWF CFHVOUPVOEFSTUBOEUIFTQSFBEJOHJOëVFODFPG(" PO TVTQFOTPS DFMMT BU UIF NPMFDVMBS BOE CJPDIFNJ DBMMFWFM BNPSFUBSHFUFEBQQSPBDIUPEFDJQIFSUIF GVODUJPOPGUIJTBOEPUIFSIPSNPOFTJOUIFTVTQFO TPSTIPVMESFDFJWFBUUFOUJPO
%FWFMPQNFOUBM1IZTJPMPHZBOE1SPHSBNNFE %FBUIPG4VTQFOTPS$FMMT "TQBSUPGJUTEFWFMPQNFOUBMQSPHSBN UIFTVTQFOTPS TZOUIFTJ[FTBIPTUPGFO[ZNFTBOENBDSPNPMFDVMFT UIBU LFFQ UIF DFMMT JO QSJNF NFUBCPMJD DPOEJUJPO EVSJOHUIFFBSMZQBSUPGUIFJSMJGF-BUFS BTUIFTVT QFOTPSHPFTJOUPEFDMJOF TZOUIFTJTPGBOPUIFSTFUPG FO[ZNFT BDDPNQBOJFE CZ B TFSJFT PG EJTUJODU TVC DFMMVMBSDIBOHFT DPMMFDUJWFMZMFBETUPUIFEJTJOUFHSB UJPO BOE EFBUI PG UIF DFMMT ѮFTF BDUJWJUJFT PG UIF TVTQFOTPSQSFTFOUJOTJHIUTBTXFMMBTFOJHNBTBCPVU JUTGVODUJPO $ZUPDIFNJDBM EFUFDUJPO PG FO[ZNFT FTQFDJBMMZ UIPTF PG PYJEBUJWF NFUBCPMJTN IBT SFWFBMFE UIBU TVTQFOTPSDFMMTPGHMPCVMBSUPUPSQFEPTIBQFEFN CSZPT PG #SBTTJDB DBNQFTUSJT BSF NFUBCPMJDBMMZ BD UJWF XJUIQFBLFO[ZNFUJUFSTDPSSFTQPOEJOHUPUIF UFSNJOBUJPOPGHSPXUIPGUIFTVTQFOTPS .BMJLFUBM B C 4JNJMBSMZ JO 5SPQBFPMVN NBKVT FO [ZNFBDUJWJUZJOUIFQFOUPTFQIPTQIBUFQBUIXBZJT GPVOE UP CF IJHIFS JO UIF TVTQFOTPS BOE JUT IBVT UPSJB UIBO JO UIF BUUBDIFE FNCSZPT BU HMPCVMBS UP FBSMZ DPUZMFEPOBSZTUBHFT #IBMMB FU BM #Z FYUSBQPMBUJPOPGUIFSFTVMUT UIFTVTQFOTPSDPVMECF FOWJTBHFEUPVTFUIFTFFO[ZNFTJOBWBSJFUZPGXBZT UPGBDJMJUBUFUIFTFDSFUJPOPGOVUSJFOUTBTXFMMBTUIF VQUBLF BOE USBOTQPSU PG NFUBCPMJUFT GSPN UIF FO EPTQFSNUPUIFHSPXJOHFNCSZP*OGVSUIFSQVSTVJU PG UIF EFWFMPQNFOUBM QIZTJPMPHZ PG UIF TVTQFOTPS JOWFTUJHBUJPOT PO UIF DPNQBSBUJWF USBOTDSJQUJPOBM BOE USBOTMBUJPOBM BDUJWJUJFT PG UIF TVTQFOTPS BOE FNCSZP PG 1 DPDDJOFVT IBWF TIPXO UIBU BU NPTU TUBHFT PG FNCSZP EFWFMPQNFOU BOBMZ[FE UIF TVT QFOTPS DFMMT DPOUBJO NPSF 3/" BOE QSPUFJOT GBS JOFYDFTTPGUIFJSPXOOFFET BOETZOUIFTJ[FUIFN NPSF FēDJFOUMZ UIBO EP DFMMT PG FNCSZPT PG DPN QBSBCMFBHF 8BMCPUFUBM4VTTFYFUBM #BTFEPODBMDVMBUJPOTNBEFPOUIFSBUFPG3/"TZO UIFTJT QFS VOJU PG EJQMPJE HFOF DPQZ JU TFFNT UIBU UIFSF JT B HFOF EPTBHF FĒFDU PO USBOTDSJQUJPO BOE UIBUQPMZUFOZQSPCBCMZBDDPVOUTGPSUIFTZOUIFTJTPG MBSHF RVBOUJUJFT PG 3/" CZ TVTQFOTPS DFMMT PG FN CSZPT BU DFSUBJO EFWFMPQNFOUBM TUBHFT $MVUUFS FU BM "T EFTDSJCFE JO $IBQ JOEJDBUJWF PG B HFOFFYQSFTTJPOQSPHSBNEJĒFSFOUGSPNUIBUPGUIF FNCSZP N3/"T UIBU BDDVNVMBUF QSFGFSFOUJBMMZ JO UIFTVTQFOTPSPG"SBCJEPQTJT %PSOFMBTFUBM
ɪɧ .PSQIPMPHJDBMBOE1IZTJPMPHJDBM$POTJEFSBUJPOT
NBJ[F *OHSBNFUBM
BOE1DPDDJOFVT 8FUFS JOHTFUBM
IBWFCFFOJEFOUJêFE 4FOTJUJWF JNNVOPIJTUPMPHJDBM UFDIOJRVFT IBWF CFFOFNQMPZFEUPMPDBMJ[FUIFTUPSBHFQSPUFJOTQIB TFPMJO JODFMMTPGUIFGVMMZEFWFMPQFETVTQFOTPSPG 1 DPDDJOFVT /BHM FU BM
BOE 4 WJDJMJO BOE 4MFHVNJOJODFMMTPGUIFEFWFMPQJOHTVTQFOTPSPG 7JDJBGBCB 1BOJU[FUBM BOEUPCBDDP 1BOJU[ FUBM "DDPSEJOHUP1BOJU[FUBM
TFFE TUPSBHFQSPUFJOHFOFTDPEJOHGPSWJDJMJOBOEMFHVNJO FYIJCJU B CJQIBTJD FYQSFTTJPO QBUUFSO JO TVTQFOTPS DFMMTPG7GBCB BTUIFTFJNNVOPMPHJDBMMZEFUFDUBCMF HMPCVMJOT BQQFBS USBOTJFOUMZ JO TVTQFOTPS DFMMT PG UIFHMPCVMBSFNCSZP BOEUIFOEJTBQQFBSDPJODJEFOU XJUI UIF TZOUIFTJT PG TUPSBHF QSPUFJOT JO UIF FOEP TQFSN"MFHVNJOHFOFPG7GBCBUSBOTGFSSFEJOUP UPCBDDPJTBMTPFYQSFTTFEBCVOEBOUMZJODFMMTPGUIF GVMMZGPSNFETVTQFOTPSPGUSBOTHFOJDFNCSZPT 1B OJU[FUBM ѮFIJHIQSPUFJODPOUFOUPGTVTQFO TPSDFMMTIBTSBJTFEUIFRVFTUJPOBTUPXIFUIFSUIFZ TFSWFBUSBOTJFOUTUPSBHFGVODUJPOGPSSFTFSWFQSPE VDUTѮFBQQFBSBODFBOEEJTBQQFBSBODFPGTUPSBHF QSPUFJOT BU QSFDJTFMZ EFêOFE TUBHFT JO UIF EFWFMPQ NFOUPGUIFTVTQFOTPSHJWFTUIFNBGVODUJPOBMTJH OJê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ѮFCBTBMDFMMIBT B TMJHIUMZ MPOHFS MJGF TQBO UIBO UIF TVTQFOTPS DFMMT BMUIPVHI JU UPP TVDDVNCT UP EFHFOFSBUJWF TJHOBMT 4DIVM[ BOE +FOTFO *O 1 DPDDJOFVT 1 WVM HBSJT BOE 5SPQBFPMVN NBKVT BVUPMZUJD QSPDFTTFT CFHJOJOUIFCBTBMTVTQFOTPSDFMMTѮFTFRVFTUSBUJPO
ϖϐ
PGQPSUJPOTPGUIFDZUPQMBTNXJUIJOTXPMMFOQMBTUJET CZJOWBHJOBUJPOPGUIFJSEPVCMFNFNCSBOFBOEGPS NBUJPOPGNVMUJWFTJDVMBSCPEJFTCPVOEFECZUIF&3 BSFDPOTJEFSFEBTFBSMZIBMMNBSLTPGTVTQFOTPSEZT GVODUJPOJO1DPDDJOFVTBOE1WVMHBSJT*OUIFMBUUFS TQFDJFT MFVDPQMBTUT BMTP VOEFSHP WBSJPVT DIBOHFT UPGPSNNVMUJWFTJDVMBSCPEJFT%VSJOHUIFUFSNJOBM QIBTFPGTVTQFOTPSBVUPMZTJTJO1DPDDJOFVT SVQUVSF PGUIFEPVCMFNFNCSBOFPGUIFNPEJêFEQMBTUJETJT GPMMPXFECZSFMFBTFPGUIFEJTJOUFHSBUJOHDZUPQMBTN BTBVUPQIBHJDWBDVPMFTBOETFQBSBUJPOPGQPMZUFOF DISPNPTPNFTJOUPJOEJWJEVBMVOJUT.PSFPWFS UIF MZTJTPGTVTQFOTPSDFMMTJOBQPMBSGBTIJPOCFHJOOJOH XJUIUIFMBSHFDFMMTBUUIFNJDSPQZMBSFOEJTCFMJFWFE UPFOTVSFUIBUNBUFSJBMTPGUIFMZTFEDFMMTBSFVUJMJ[FE CZUIFHSPXJOHFNCSZP /BHMD (ÅSUOFS BOE/BHM *O5NBKVT TXFMMJOHPGNJUPDIPO ESJB BOE UIFJS USBOTGPSNBUJPO JOUP BVUPQIBHJD WBD VPMFT DPOEFOTBUJPO PG UIF DZUPQMBTN BOE SFMFBTF PG PSHBOFMMFT JOUP UIF WBDVPMF BSF WJFXFE BT FBSMZ NBSLFST PG TVTQFOTPS DFMM MZTJT XIJDI UFSNJOBUFT XJUI UIF SVQUVSF PG UIF UPOPQMBTU EJTPSHBOJ[BUJPO PGUIFQSPUPQMBTU BOEQZDOPTJTPGUIFOVDMFVT (ÅSU OFS BOE /BHM &WJEFODF UIBU IZESPMBTFT DBO QMBZ B DBVTBUJWF SPMF JO UIF EJTJOUFHSBUJPO PG TVT QFOTPSDFMMTIBTDPNFGSPNUIFMPDBMJ[BUJPOPGBDJE QIPTQIBUBTFBDUJWJUZJOUIFEFHFOFSBUJOHTVTQFOTPS DFMMTPG1WVMHBSJTѮFIJHIFO[ZNFDPOUFOUPGUIF NPEJêFEQMBTUJETQSPWJEFTPOFFYQMBOBUJPOGPSUIF WVMOFSBCJMJUZ PG TVTQFOTPS DFMMT UP TJHOBMT GPS TFMG EFTUSVDUJPO (ÅSUOFSBOE/BHM #FTJEFTBDJE QIPTQIBUBTF PUIFS IZESPMBTFT TVDI BT BDFUZMFTUFS BTF BOE BMLBMJOF QIPTQIBUBTF BSF BMTP JOWPMWFE JO UIF BVUPMZTJT PG UIF TVTQFOTPS BOE JUT IBVTUPSJB JO 5 NBKVT ѮF IJHI FO[ZNF BDUJWJUJFT PCTFSWFE JO UIF TVTQFOTPST PG IFBSUTIBQFE BOE DPUZMFEPOBSZ TUBHFTPGFNCSZPTDPJODJEFXJUIBSBQJEEFDMJOFJO UIFJS QSPUFJO DPOUFOUT JNQMZJOH B SPMF GPS IZESP MBTFTSBUIFSUIBOQSPUFBTFTJOUIFCSFBLEPXOPGQSP UFJOT 4JOHIFUBM " XFMMFTUBCMJTIFE UIFNF JO EFWFMPQNFOUBM CJPM PHZJTUIBUDFMMEFBUIJTBSFHVMBSBDDPNQBOJNFOUPG PSEFSFEHSPXUIPGNVMUJDFMMVMBSPSHBOJTNT NPTUPG XIJDI IBWF BMTP QFSGFDUFE HFOFUJD NFDIBOJTNT UP SFNPWFVOXBOUFEDFMMTCZQDEѮFUFSNBQPQUPTJT JTPѫFOFRVBUFEXJUIQDE BMUIPVHI TUSJDUMZTQFBL JOH JUSFGFSTUPUIFTUFSFPUZQJDBMNPSQIPMPHJDBMBOE CJPDIFNJDBMDIBOHFTEJTQMBZFECZDFMMTJOXIJDIBO JOUSBDFMMVMBSEFBUIQSPHSBNJTBDUJWBUFE"QPQUPTJT
ϖϑ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
JOBOJNBMDFMMT XIFSFJUIBTCFFOTUVEJFEJOUFOTFMZ JODPSQPSBUFTBTFSJFTPGEJTUJODUTVCDFMMVMBSDIBOHFT TVDI BT CMFCCJOH PG UIF DFMM NFNCSBOFT DFMM GSBH NFOUBUJPO DISPNPTPNFDPOEFOTBUJPO BOEPSEFSMZ JOUFSOVDMFPTPNBM DMFBWBHF PG %/" ѮF POMZ TVT QFOTPSTZTUFNTPGBSJOWFTUJHBUFEUIBUIBTMJWFEVQ UP FYQFDUBUJPOT BT B VTFGVM NPEFM GPS FMVDJEBUJOH UIF VMUSBTUSVDUVSBM BOE QIZTJPMPHJDBM QBUIXBZT PG QDE JODMVEJOHUIFEFNPOTUSBUJPOPGGSBHNFOUBUJPO PGOVDMFBS%/"CZëVPSFTDFOUFOEMBCFMJOHPGUIF IZEPYZM UFSNJOJ CZ 56/&- BTTBZ EVSJOH EFBUI PGTVTQFOTPSDFMMT JT7JDJBGBCB 8SFEMFFUBM )PXFWFS DSJUJDBMEBUBJOEJDBUJOHJOUFSOVDMFPTPNBM GSBHNFOUBUJPO CZ UIF iMBEEFSJOHu PG FMFDUSPQIP SFTFETVTQFOTPS%/"DPNCJOFEXJUI56/&-BTTBZ GPSBEFêOJUJWFDBUFHPSJ[BUJPOPGTVTQFOTPSEFNJTF BTBQPQUPTJTBSFMBDLJOH*OEFFE BTXJMMCFTFFOJO UIF GPMMPXJOH TFDUJPO QIZTJPMPHJDBM BOE HFOFUJD TUVEJFT JO DFSUBJO QMBOUT IBWF VOFBSUIFE B IJEEFO EFWFMPQNFOUBMQPUFOUJBMPGUIFTVTQFOTPSMFBEJOHUP B OFX SPVOE PG DFMM EJWJTJPOT BOE NPSQIPHFOFTJT SFQMBDJOHUIFQSPHSBNNFEEFBUIPGDFMMT
(FOFUJD$POUSPMPG4VTQFOTPS'PSN
4VTQFOTPST BSF BMXBZT GPVOE BUUBDIFE UP FNCSZPT BOEUIJTUJHIUSFMBUJPOTIJQXJUIUIFFNCSZPEFêOFT B TVTQFOTPS 8IFSFBT TVTQFOTPSMFTT FNCSZPT EF SJWFE GSPN CPUI EBVHIUFS DFMMT PG UXPDFMMFE QSP FNCSZPTBSFUIFOPSNJOBGFXQMBOUT BTVTQFOTPS BMPOF XIFUIFSHFOFSBUFEGSPNUIFCBTBMPSUFSNJOBM DFMMPGUIFQSPFNCSZP IBTOPUCFFOEFTDSJCFEBTB GVODUJPOBMVOJUJOBOHJPTQFSNFNCSZPHFOFTJT0OF LFZQPJOUIJHIMJHIUFECZUIJTPCTFSWBUJPOJTUIBUUIF TVTQFOTPSJTOPUBOJTPMBUFEFOUJUZCVUPXFTJUTFY JTUFODF UP UIF FNCSZP XIJDI BQQBSFOUMZ FYFSDJTFT SFHVMBUPSZDPOUSPMPWFSUIFêOBMGPSNPGUIFTVTQFO TPS ѮJT QSPWPDBUJWF MJOL CFUXFFO TVTQFOTPS BOE FNCSZPIBTCFFOBNQMJêFECZHFOFUJDBOENPMFDV MBSJOWFTUJHBUJPOT XIJDIIBWFBMTPZJFMEFEJOTJHIUT JOUP UIF OBUVSF PG UIF EFWFMPQNFOUBM JOUFSBDUJPOT CFUXFFOUIFTVTQFOTPSBOEUIFFNCSZP *O XIBU BQQFBST UP SFQSFTFOU BO JNQPSUBOU BE WBODF JO PVS VOEFSTUBOEJOH PG UIF DPOUSPM PG TVT QFOTPS GBUF EBNBHF UP QSPFNCSZPT DBVTFE CZ DISPOJDJSSBEJBUJPOPGëPXFST DBSQFMT PSPWVMFTPG /JDPUJBOBSVTUJDB %FWSFVYBOE4DBSBTDJB.VHOP[[B
$BQTFMMBCVSTBQBTUPSJT %FWSFVY
BOE
"SBCJEPQTJT (FSMBDI$SVTF"LIVOEPWBFUBM CZ 9 PS ʄSBZT XBT GPVOE UP QPUFOUJBUF UIF GPSNBUJPO PG BEEJUJPOBM DFMMT JO UIF TVTQFOTPS "T TFFOJO'JH BmE
JODPOUSBTUUPUIFVOJTFSJBUF êMFPGBCPVUTJYDFMMTJOUIFTVTQFOTPSPG"SBCJEPQ TJT MPOHBOEUIJDLTVTQFOTPSTBSFGPSNFECZGVSUIFS USBOTWFSTFBOEMPOHJUVEJOBMEJWJTJPOTPGUIFPSJHJOBM QBDLFUPGDFMMTXIFODBSQFMTXFSF9JSSBEJBUFEBOE TVCTFRVFOUMZ QPMMJOBUFE CZ OPOJSSBEJBUFE QPMMFO HSBJOT (FSMBDI$SVTF )PCCJF FU BM IBWFEFTDSJCFEBWBSJFUZPGBCOPSNBMJUJFTJOUIFTVT QFOTPSPGUIFBVYJOJOTFOTJUJWF"SBCJEPQTJTNVUBOU BYS "MUIPVHI UIF NVUBUJPO DBVTFT MFTJPOT JO UIF PSJFOUBUJPOBOEUJNJOHPGDFMMEJWJTJPOTJOCPUIUIF FNCSZPBOETVTQFOTPS UIFMBUUFSCFDPNFTFTQFDJBMMZ WVMOFSBCMF BT JU MBDLT B IZQPQIZTJT BOE CFDPNFT UXPPSNPSFDFMMTXJEFBMPOHNPTUPGJUTMFOHUI"C FSSBOU EJWJTJPOT JO UIF IZQPQIZTJT DPNCJOFE XJUI UIFGPSNBUJPOPGBMPOHTVTQFOTPSBSFUIFIBMMNBSLT PGBOFNCSZPMFUIBMNVUBUJPODBVTFECZUIFMPTTPG GVODUJPOPGBOBVYJOCJOEJOHQSPUFJOJO"SBCJEPQTJT $IFOFUBM ѮFTFPCTFSWBUJPOTTVHHFTUUIBU BVYJO FJUIFSEJSFDUMZPSJOEJSFDUMZUISPVHIBSFDFQ UPSNFEJBUJOHBVYJOBDUJPO IBTBSFHVMBUPSZSPMFJO EFUFSNJOJOH TVTQFOTPS JEFOUJUZ "CFSSBOU DFMM EJWJ TJPOTTFFOPOBNPEFTUTDBMFJOUIFTVTQFOTPSDFMMT PG UIF "SBCJEPQTJT NVUBOU WBDVPMFMFTT WDM
SF NBSLBCMFGPSUIFMBDLPGWBDVPMFTJOTVTQFOTPSDFMMT IBWFCFFOBUUSJCVUFEUPBEFSBOHFNFOUJOUIFëPX PG OVUSJFOUT SFTVMUJOH GSPN UIF GBJMVSF PG WBDVPMF CJPHFOFTJT 3PKPFUBM &YQFSJNFOUT VTJOH TFFET PG &SBOUIJT IJFNBMJT 3BOVODVMBDFBF
XIJDIDPOUBJOBOVOEJĒFSFOUJBUFE FNCSZP BOE B GVMMZ EJĒFSFOUJBUFE TVTQFOTPS IBWF SFWFBMFEUIFNPSQIPHFOFUJDQPUFOUJBMPGUIFMBUUFSUP EJĒFSFOUJBUFJOUPBTFDPOEBSZFNCSZPѮJTPDDVST XIFO DFMMT PG UIF SVEJNFOUBSZ FNCSZP BSF LJMMFE CZ USFBUNFOU PG TFFET XJUI BDJEJD CVĒFS TPMVUJPOT BU Q) )BDDJVT ѮF DPODMVTJPO GSPN UIJT FYQFSJNFOU JT UIBU XIFO UIF FNCSZP JT JO BO BDUJWFNPEFPGHSPXUI TVTQFOTPSHSPXUISFNBJOT SFQSFTTFE SFNPWBM PG UIF TPVSDF PG JOIJCJUJPO VOMFBTIFT UP WBSZJOH EFHSFFT UIF NPSQIPHFOFUJD QPUFOUJBM PG UIF TVTQFOTPS ѮJT JT BO JOUSJHVJOH DPSSFMBUJPO UIBU IBT BMTP CFFO TVQQPSUFE CZ UIF JEFOUJêDBUJPO PG TFWFSBM FNCSZPMFUIBM NVUBOUT PG "SBCJEPQTJT UIBU QSPEVDF BCPSUFE TFFET XJUI BCOPSNBM TVTQFOTPST *O DPMMFDUJPOT PG NVUBOUT PCUBJOFE CZ NVUBHFOFTJT PG "SBCJEPQTJT TFFET CZ
ɪɨ (FOFUJD$POUSPMPG4VTQFOTPS'PSN
ϖϒ
'JHɪɭBoE&ĒFDUPG9JSSBEJBUJPOPGDBSQFMTPG"SBCJEPQTJT GPMMPXFECZQPMMJOBUJPOXJUIOPOJSSBEJBUFEQPMMFOHSBJOT PO HSPXUIPGUIFFNCSZPBOEBUUBDIFETVTQFOTPSB(MPCVMBSFNCSZPTVTQFOTPSDPNQMFYPGVOJSSBEJBUFEDPOUSPMC%FHFOFSBU JOHHMPCVMBSFNCSZPXJUIBNBTTJWFMPOHTVTQFOTPSGSPNBOJSSBEJBUFEDBSQFM LSBE
EBZTBѫFSQPMMJOBUJPOD(MPCVMBS FNCSZPTIPXJOHFBSMZTJHOTPGEFHFOFSBUJPO XJUIBTVTQFOTPSTIPXJOHEJWJTJPOPGDFMMTBUUIFNJDSPQZMBSFOE GSPNBOJS SBEJBUFEDBSQFM LSBE
EBZTBѫFSQPMMJOBUJPOE&BSMZHMPCVMBSTUBHFFNCSZPXJUIBMPOHTVTQFOTPSGSPNBOJSSBEJBUFE DBSQFM LSBE
EBZTBѫFSQPMMJOBUJPO#BSʍN 3FQSJOUFEGSPN(FSMBDI$SVTF
FUIZMNFUIBOF TVMGPOBUF &.4 BOE CZ USBOTGFSSFE %/" 5%/" JOTFSUJPOGPMMPXJOHUSBOTGPSNBUJPO XJUI "HSPCBDUFSJVN UVNFGBDJFOT BSSFTU PG FNCSZP HSPXUI BDDPNQBOJFE CZ BCOPSNBM HSPXUI PG UIF TVTQFOTPS TFFNT UP CF UIF JOWBSJBOU TDFOBSJP JO BCPSUFE TFFET 'SPN UIF HFOFUJDJTUT BOHMF UIJT NFBOTUIBUBNJTTJOHHFOFQSPEVDUJTSFRVJSFEGPS UIF EFWFMPQNFOU PG UIF FNCSZP CVU MBDL PG UIJT QSPUFJO EPFT OPU BQQBSFOUMZ JNQBJS UIF HSPXUI
BOEGVSUIFSEJĒFSFOUJBUJPOPGUIFTVTQFOTPS*OPOF DMBTTPG&.4HFOFSBUFENVUBOUTBOBMZ[FEJOEFUBJM FNCSZP HSPXUI JT BSSFTUFE BSPVOE UIF HMPCVMBS TUBHF BMUIPVHI UIF BUUBDIFE TVTQFOTPS DPOUJOVFT UP QSPMJGFSBUF UP GPSN B NVMUJUJFSFE TUSVDUVSF XJUI BT NBOZ BT DFMMT (SPXUI PG UIF TVTQFOTPS JT IPXFWFS UFSNJOBUFE CFGPSF UIF TFFE CFDPNFT êMMFE BOE TJHOT PG EFHFOFSBUJPO TVCTFRVFOUMZ CFHJO UP BQQFBS JO UIF TVTQFOTPS DFMMT .BSTEFO
ϖϓ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
'JHɪɮBoD8JMEUZQF FN CSZP BOE FNCSZPT PG TVT NVUBOUT PG "SBCJEPQTJT B 8JMEUZQF FNCSZP BU UIF DPUZMFEPOTUBHF C &NCSZP PGUIFTVTNVUBOUD&N CSZP PG UIF TVT NVUBOU .VUBOUFNCSZPTDPSSFTQPOE UPUIFDPUZMFEPOTUBHFPGUIF XJMEUZQF FNCSZP "SSPXT .BTTJWF QBSU PG UIF TVTQFO TPS #BST ʍN 3FQSJOUFE GSPN4DIXBSU[FUBM
BOE .FJOLF .VMUJUJFSFE TVTQFOTPST BSF SFQPSUFE JO FNCSZPT PG UIF MFD NVUBOU -PUBO FU BM
PG USBOTHFOJD QMBOUT JO XIJDI UIF FYQSFTTJPO PG UIF -- GPS -&$-*,& HFOF JT TVQQSFTTFE CZ 3/" JOUFSGFSFODF ,XPOH FU BM
BOEPGBOFNCSZPMFUIBMNVUBOUEFTJHOBUFE BTFNCSZPEFGFDUJWFEFWFMPQNFOU FEE JEFOUJêFE CZ USBOTQPTPO NVUBHFOFTJT 6XFS FU BM .VUBOUTTVDIBTTVTQFOTPS TVT BOESBTQCFSSZ STZ
PCUBJOFECZDIFNJDBMNVUBHFOFTJTPSCZTDSFFOJOH 5%/" NVUBHFOJ[FE MJOFT BMTP FYIJCJU MFTJPOT JO UIF HMPCVMBS TUBHF FNCSZP BDDPNQBOJFE CZ UIF GPSNBUJPO PG NBTTJWF NVMUJTFSJBUF TVTQFOTPS *OUSJHVJOHMZ DFMMT PG UIF BCOPSNBM TVTQFOTPS BDRVJSFFNCSZPMJLFDIBSBDUFSJTUJDTTVDIBTTUPSBHF QSPEVDUT JO TVT NVUBOUT BOE USBOTDSJQUT PG UIF "SBCJEPQTJT4TUPSBHFQSPUFJOHFOFJOSTZBOESTZ NVUBOUTѮFIPNPMPHZPGUIFTVTQFOTPSPGSTZBOE STZNVUBOUTUPUIFFNCSZPIBTCFFOTUSFOHUIFOFE CZ UIF FYQSFTTJPO PG UIF QSPUPEFSNTQFDJêD HFOF "U-51 JO UIF TVTQFOTPS DFMMT JO B QBUUFSO TJNJMBS UPUIBUJOUIFFNCSZPѮFTVTQFOTPSQSPMJGFSBUJPO PCTFSWFEJOUIFTVTNVUBOU TIPXOJO'JH BmD
JTTJNJMBSUPUIBUTFFOJOUIFSTZNVUBOUT :FVOHBOE .FJOLF 4DIXBSU[ FU BM :BEFHBSJ FU BM "QVZBFUBM #BTFEPOUIFMPDBMJ[BUJPOPG UIF34:HFOFQSPEVDUJOUIFDIMPSPQMBTUT BOEUIF EFGFDUJWFEFWFMPQNFOUPGDIMPSPQMBTUTJOUIFNVUBOU JU IBT CFFO QSFEJDUFE UIBU UIF NVUBUJPO EJTSVQUT B QBUIXBZGPSUIFQSPEVDUJPOPGTJHOBMJOHNPMFDVMFT JOUIFDIMPSPQMBTUTGPSFNCSZPEFWFMPQNFOU "QVZB FU BM " DFOUSBM QSPCMFN JO BOBMZ[JOH UIF TVTQFOTPSFNCSZP SFMBUJPOTIJQ JO UIFTF NVUBOUT JTXIFUIFSUIFBOBSDIJDHSPXUIPGUIFTVTQFOTPSJT EVFUPEJTSVQUJPOJOUIFHSPXUIPGUIFFNCSZPѮJT BQQFBST UP CF UIF DBTF BT NPSQIPHFOFUJD EFGFDUT
JO UIF FNCSZPT PG TVT NVUBOUT BQQFBS UP QSFDFEF WJTJCMF DIBOHFT JO UIF TVTQFOTPS 4DIXBSU[ FU BM " QBSUJBM EFWFMPQNFOUBM QSPHSBN PG UIF FNCSZP FYQSFTTFE JO UIF NPEJêFE TVTQFOTPS DFMMT PGTVTBOESTZNVUBOUTJTGVMMZSFBMJ[FEJOUXJO UXO NVUBOUT JO XIJDI UIF TVTQFOTPS SFHFOFSBUFT BO BEEJUJPOBMPOFPSUXPFNCSZPTJOUIFPWVMF*OUIF UXO NVUBOU TVTQFOTPS USBOTGPSNBUJPO PDDVST JO UIFQSFTFODFPGBOBDUJWFMZHSPXJOHFNCSZP XIFSFBT JO UIF UXO NVUBOU FNCSZP HSPXUI JT BSSFTUFE GPMMPXJOHEJWJTJPOPGUIF[ZHPUFPSPGUIFUXPDFMMFE FNCSZP "MUIPVHI UIF FBSMZ EJWJTJPO TFRVFODFT PG UIFTVTQFOTPSDFMMJOUIFFNCSZPHFOJDQBUIXBZXFSF OPUGPMMPXFE UIFêOBMQSPEVDUBQQFBSTUPCFTJNJMBS UPUIFFNCSZPGPSNFECZUIFEJWJTJPOPGUIF[ZHPUF 7FSOPO BOE .FJOLF ;IBOH BOE 4PNFSWJMMF 7FSOPOFUBM 5XPNPEFMTCBTFEPOB HFOFSBM UIFNF VOJUJOH TVT BOE UXO NVUBOUT XJUI BMUFSFE TVTQFOTPS NPSQIPMPHZ IBWF BU UIFJS DPSF UIFJEFBUIBUCPUIBDUJWBUJPOPGBTVTQFOTPSTQFDJêD QSPHSBNBOESFQSFTTJPOPGBOFNCSZPHFOJDQSPHSBN BSF JOWPMWFE JO TQFDJGZJOH UIF TVTQFOTPS BOE UIBU QSPEVDUT PG TQFDJêD HFOFT TVDI BT 464 BOE 58/ JOJUJBUF TJHOBMJOH QBUIXBZT SFRVJSFE GPS OPSNBM FNCSZP EFWFMPQNFOU BOE TVTQFOTPS JEFOUJUZ 'JHB C ѮF QSJNBSZ EJĒFSFODF CFUXFFO UIF NPEFMTJTXIFUIFSBCOPSNBMJUZJOUIFTVTQFOTPSJT EVFUPEFGFDUTJOTJHOBMQSPEVDUJPOJOUIFFNCSZP PSJOTJHOBMQFSDFQUJPOCZUIFTVTQFOTPS"DDPSEJOH UPPOFNPEFM DPNNVOJDBUJPOCFUXFFOUIFFNCSZP BOE TVTQFOTPS EPFT OPU EJSFDUMZ JOWPMWF464 HFOF QSPEVDUT XIJDI BSF OFDFTTBSZ GPS FNCSZP HSPXUI CVU B TJHOBM QSPEVDFE JO UIF FNCSZP NBJOUBJOT TVTQFOTPSDFMMJEFOUJUZѮFTFDPOENPEFMFOWJTBHFT B EJSFDU SPMF GPS UIF 464 HFOF JO UIF QSPEVDUJPO PG TJHOBMT GPS EJSFDUJOH FNCSZP EFWFMPQNFOU BOE
TVTQFOTPS NPSQIPMPHZ 4DIXBSU[ FU BM " OFXJEFBBTUPIPXTJHOBMTHFOFSBUFEJOUIFQPUFOUJBM FNCSZPHFOJD DFMMT BSF SFDFJWFE BOE JOUFSQSFUFE CZ TVTQFOTPS DFMMT IBT DPNF GSPN UIF BOBMZTJT PG FNCSZPHFOFTJTJOBUXONVUBOUJTPMBUFECZ5%/" JOTFSUJPO BU UIF VOUSBOTMBUFE SFHJPO PG B WBMZM U3/"TZOUIFUBTFHFOF8IFODPOGSPOUFEXJUIUIF NVUBUJPOJOEVDFEGBJMVSFPGEJWJTJPOTJOUIFBQJDBM DFMM PG UIF UXPDFMMFE FNCSZP TVTQFOTPS DFMMT BSF RVJDL UP QSPMJGFSBUF UP GPSN TFDPOEBSZ FNCSZPT ѮF JOGFSFODF JT UIBU B EFêDJFODZ JO BO FTTFOUJBM WBMZMU3/" EVF UP UIF NVUBUJPO QSFWFOUT UIF TZOUIFTJTPGBEFRVBUFBNPVOUTPGBTJHOBMJOHGBDUPS JOUIFBQJDBMDFMMTUIBUTVQQSFTTFTUIFQSPMJGFSBUJPO QPUFOUJBM PG UIF CBTBM TVTQFOTPS DFMMT ;IBOH BOE 4PNFSWJMMF *U BQQFBST UIBU UIF JTPMBUJPO PG NVUBOUTXJUIEFGFDUTJOTVTQFOTPSGVODUJPOJTPOMZB CFHJOOJOHUPXBSEBDPNQMFUFVOEFSTUBOEJOHPGUIF EZOBNJDTPGUIFTVTQFOTPSFNCSZPSFMBUJPOTIJQJO "SBCJEPQTJTBOEPUIFSQMBOUT
ɪɩ $PODMVEJOH$PNNFOUT
ϖϔ
$PODMVEJOH$PNNFOUT
"MUIPVHIUIFPSHBOPHFOFUJDQBSUPGUIFFNCSZPBOE UIF TVTQFOTPS IBWF UIFJS PSJHJO JO UIF QSPEVDUT PG UIF êSTU EJWJTJPO PG UIF [ZHPUF UIF EJĒFSFODFT JO UIFJS GVODUJPO BSF BT TUSJLJOH BT UIF EJĒFSFODFT JO UIFJSêOBMGPSN0VSDVSSFOUVOEFSTUBOEJOHPGUIF GVODUJPO PG UIF TVTQFOTPS PXFT NVDI UP JUT BTTP DJBUJPOXJUIUIFHSPXJOHFNCSZP&BSMZJOEFWFMPQ NFOU FNCSZPT PG ëPXFSJOH QMBOUT BSF GBDFE XJUI UIFQSPCMFNPGUIFJSOVUSJUJPO BQSPCMFNUIBUIBT QV[[MFEJOWFTUJHBUPSTGPSOFBSMZBDFOUVSZ'PSQBSU PGUIJTUJNF UIFEFCBUFDFOUFSFEPOUIFSPMFPGUIF TVTQFOTPS JO DIBOOFMJOH OVUSJFOUT GSPN UIF FOEP TQFSN BOE PWVMBS UJTTVFT UP UIF HSPXJOH FNCSZP 4FWFSBM VMUSBTUSVDUVSBM TUVEJFT PG TVTQFOTPST IBWF TQVSSFE FĒPSUT UP JOUFSQSFU UIF SPMF PG NFNCSBOF MJOFEJOWBHJOBUJPOTPOUIFJSXBMMTJOUIFVQUBLFPG OVUSJFOUT GSPN UIF TVSSPVOEJOH NJMJFV BOE UIFJS USBOTGFS UP UIF FNCSZP " CSFBLUISPVHI JO VOEFS TUBOEJOHPGUIFTJHOBMJOHCFUXFFOUIFTVTQFOTPSBOE UIFFNCSZPDBNFXJUIUIFEJTDPWFSZUIBUXIFOUIF HSPXUIPGUIFFNCSZPJTTUZNJFECZBNVUBUJPO UIF TVTQFOTPS CFHJOT UP EJWJEF BOE FWFO CFDPNFT FN CSZPMJLFJOTUSVDUVSFѮFOBUVSFPGUIFTJHOBMTQSP EVDFE JO UIF FNCSZP UIBU NBJOUBJO TVTQFOTPS DFMM JEFOUJUZNBZQSPWFUPCFUIFNPTUJOUSJHVJOHQBSUPG UIJTVOGPMEJOHMJOLBOEUIFOFYUGFXZFBSTXJMMQSPC BCMZXJUOFTTBWJHPSPVTQVSTVJUPGUIJTQSPCMFN
ӻ ĞğĞīĞħĜĞĬ
'JHɪɯB C.PEFMTPG464HFOFBDUJPOJOFNCSZPHFOFTJTPG "SBCJEPQTJTB*OUIFNPEFMJOEJDBUJOHBSFRVJSFNFOUGPS464 HFOFT JO XJMEUZQF FNCSZPT B TJHOBM EPUT JT QSPEVDFE JO UIF FNCSZP BOE USBOTQPSUFE UP UIF TVTQFOTPS SFTVMUJOH JO NBJOUFOBODFPGTVTQFOTPSDFMMJEFOUJUZBOEJOIJCJUJPOPGJUT GVSUIFS HSPXUI HSFZ CBS %JTSVQUJPO PG FNCSZP NPSQIP HFOFTJT JO UIF TVT NVUBOU SFTVMUT JO GBJMVSF PG TJHOBM USBOT EVDUJPOUPUIFTVTQFOTPS MFBEJOHUPBEEJUJPOBMDFMMEJWJTJPOT JOUIFTVTQFOTPS*OUIFUXONVUBOU UIFTJHOBMJTFJUIFSOPU QSPEVDFEPSOPUSFDFJWFECZUIFTVTQFOTPSC*OUIFNPEFM JOEJDBUJOH B SFRVJSFNFOU GPS 464 HFOFT GPS TJHOBM QSPEVD UJPO UIFTJHOBMJTSFRVJSFEGPSFBSMZFNCSZPHFOFTJT BSSPXT BOEMBUFSUPNBJOUBJOTVTQFOTPSDFMMJEFOUJUZ HSFZCBS "C TFODFPGTJHOBMJOUIFTVTNVUBOUMFBETUPEJTSVQUJPOPGFN CSZPNPSQIPHFOFTJTBOEJOJUJBUJPOPGBEEJUJPOBMEJWJTJPOTJO UIFTVTQFOTPSѮFUXONVUBUJPOJTCFMJFWFEUPEJTSVQUTJHOBM USBOTEVDUJPO JO UIF TVTQFOTPS CVU OPU JO UIF FNCSZP 3F QSJOUFEGSPN4DIXBSU[FUBM
"LIVOEPWB (( (SJOJLI -* 4IFWDIFOLP 77 ѮF FNCSZPHFOFTJT JO "SBCJEPQTJT UIBMJBOB GPMMPXJOH UIF ʄ JSSBEJBUJPO PG UIF QMBOUT JO UIF HFOFSBUJWF QIBTF 0OUP HFOF[m "MQJ" 5PHOPOJ' %"NBUP' (SPXUISFHVMBUPSMFWFMT JO FNCSZP BOE TVTQFOTPS PG 1IBTFPMVT DPDDJOFVT BU UXP TUBHFTPGEFWFMPQNFOU1MBOUBm "MQJ" -PSFO[J3 $JPOJOJ1( #FOOJDJ" %"NBUP' *EFOUJêDBUJPOPGHJCCFSFMMJO"ōJOUIFFNCSZPTVTQFOTPS PG1IBTFPMVTDPDDJOFVT1MBOUBm "QVZB/3 :BEFHBSJ3 'JTDIFS3- )BSBEB+) (PMECFSH3# 3"41#&33: HFOF FODPEFT B OPWFM QSPUFJO JN QPSUBOUGPSFNCSZPEFWFMPQNFOU1MBOU1IZTJPMm "WBO[J4 $JPOJOJ1( %"NBUP' $ZUPDIFNJDBMBOE BVUPSBEJPHSBQIJDBOBMZTFTPOUIFFNCSZPTVTQFOTPSDFMMT PG1IBTFPMVTDPDDJOFVT$BSZPMPHJBm
ϖϕ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
"WBO[J 4 %VSBOUF . $JPOJOJ 1( %"NBUP ' $Z UPMPHJDBM MPDBMJ[BUJPO PG SJCPTPNBM DJTUSPOT JO QPMZUFOF DISPNPTPNFT PG 1IBTFPMVT DPDDJOFVT $ISPNPTPNB m #FOOJDJ" $JPOJOJ1( $ZUPLJOJOTBOEJOWJUSPEFWFM PQNFOU PG 1IBTFPMVT DPDDJOFVT FNCSZPT 1MBOUB m #IBMMB1- 4JOHI.# .BMJL$1 $IBSBDUFSJ[BUJPOPG QFOUPTFQIPTQIBUFQBUIXBZJOFNCSZPTVTQFOTPSPG5SP QBFPMVNNBKVT#JPDIFN1IZTJPM1ëBO[m #PIEBOPXJD[+ ,BSZPMPHJDBMBOBUPNZPGUIFTVTQFO TPSJO"MJTNB-*"MJTNBQMBOUBHPBRVBUJDB-"DUB#JPM $SBDPW4FS#PUm #SBEZ5 'FVMHFODZUPQIPUPNFUSJDEFUFSNJOBUJPOPG UIF %/" DPOUFOU PG UIF FNCSZP QSPQFS BOE TVTQFOTPS DFMMTPG1IBTFPMVTDPDDJOFVT$FMM%JĒFSm #SBEZ5 8BMUIBMM&% ѮFFĒFDUPGUIFTVTQFOTPSBOE HJCCFSFMMJD BDJE PO 1IBTFPMVT WVMHBSF FNCSZP QSPUFJO DPOUFOU%FW#JPMm $FDDBSFMMJ/ -PSFO[J3 "MQJ" ,BVSFOFBOELBVSF OPMCJPTZOUIFTJTJODFMMGSFFTZTUFNPG1IBTFPMVTDPDDJOFVT TVTQFOTPS1IZUPDIFNJTUSZm $FDDBSFMMJ / -PSFO[J 3 "MQJ " B (JCCFSFMMJO CJP TZOUIFTJT JO 1IBTFPMVT DPDDJOFVT TVTQFOTPS ; 1ëBO[FO QIZTJPMm $FDDBSFMMJ / -PSFO[J 3 "MQJ " C ,BVSFOF NFUBCP MJTN JO DFMMGSFF FYUSBDUT PG 1IBTFPMVT DPDDJOFVT TVTQFO TPST1MBOU4DJ-FUUm $IFO +( 6MMBI ) :PVOH +$ 4VTTNBO .3 +POFT ". "#1 JT SFRVJSFE GPS PSHBOJ[FE DFMM FMPOHBUJPO BOE EJWJTJPO JO "SBCJEPQTJT FNCSZPHFOFTJT (FOFT %FW m $JPOJOJ1( #FOOJDJ" "MQJ" %"NBUP' 4VTQFOTPS HJCCFSFMMJOBOEJOWJUSPEFWFMPQNFOUPG1IBTFPMVTDPDDJO FVTFNCSZPT1MBOUBm $MVUUFS .& #SBEZ 5 8BMCPU 7 4VTTFY * .BDSPNP MFDVMBSTZOUIFTJTEVSJOHQMBOUFNCSZPHFOZ$FMMVMBSSBUFT PG 3/" TZOUIFTJT JO EJQMPJE BOE QPMZUFOF DFMMT JO CFBO FNCSZPT+$FMM#JPMm $PPQFS%$ &NCSZPMPHZPG1JTVNTBUJWVN#PU(B[ m $PSTJ ( ѮF TVTQFOTPS PG&SVDB TBUJWB .JMMFS $SV DJGFSBF EVSJOHFNCSZPHFOFTJTJOWJUSP(#PU*UBMm $PSTJ( 3FO[POJ($ 7JFHJ- "%/"DZUPQIPUPNFU SJDJOWFTUJHBUJPOPOUIFTVTQFOTPSPG&SVDBTBUJWB.JMMFS $BSZPMPHJBm %"NBUP' 3PMFPGQPMZQMPJEZJOSFQSPEVDUJWFPSHBOT BOE UJTTVFT *O +PISJ #. FE &NCSZPMPHZ PG BOHJP TQFSNT 4QSJOHFS #FSMJO )FJEFMCFSH /FX :PSL QQm %FWSFVY. &ĒFUTEFMJSSBEJBUJPOHBNNBDISPOJRVF TVS MFNCSZPHFOÍTF EF $BQTFMMB CVSTBQBTUPSJT .PFODI *O -&OFSHJB /VDMFBSF JO "HSJDPMUVSB 7* $POHS /VDM 3PNB $PNJUBUP /B[JPOBMF &OFSHJB /VDMFBSF 3PNF QQm %FWSFVY. 4DBSBTDJB.VHOP[[B(5 "DUJPOEFTSBZ POTHBNNBTVSMFTQSFNJFSTTUBEFTEFEFWFMPQQFNFOUEF MFNCSZPOEF/JDPUJBOBSVTUJDB-$BSZPMPHJBm %PSOFMBT .$ 8JUUJDI 1 WPO 3FDLMJOHIBVTFO * WBO -BN NFSFO" ,SFJT. $IBSBDUFSJ[BUJPOPGUISFFOPWFM NFNCFSTPGUIF"SBCJEPQTJT4)"((:SFMBUFEQSPUFJOLJ OBTF "4, NVMUJHFOFGBNJMZ1MBOU.PM#JPMm
'PSJOP -.$ 5BHMJBTBDDIJ ". $BWBMMJOJ " $JPOJOJ ( (JSBMEJ & $JPOJOJ 1( 3/" TZOUIFTJT JO UIF FN CSZP TVTQFOTPS PG 1IBTFPMVT DPDDJOFVT BU UXP TUBHFT PG FNCSZPHFOFTJT BOEUIFFĒFDUPGTVQQMJFEHJCCFSFMMJDBDJE 1SPUPQMBTNBm (ÅSUOFS 1+ /BHM 8 "DJE QIPTQIBUBTF BDUJWJUZ JO QMBTUJET QMBTUPMZTPNFT PGTFOFTDJOHFNCSZPTVTQFOTPS DFMMT1MBOUBm (FSMBDI$SVTF% &NCSZPVOE&OEPTQFSNFOUXJDL MVOH OBDI FJOFS 3ÕOUHFOCFTUSBIMVOH EFS 'SVDIULOPUFO WPO "SBCJEPQTJT UIBMJBOB - )FZOI 3BEJBUJPO #PU m (VJHOBSE- 3FDIFSDIFTEFNCSZPHÊOJFWÊHÊUBMFDPN QBSÊFTU.ÊNPJSF-ÊHVNJOFVTFT"OO4DJ/BU#PU4FS m )BDDJVT# 3FTUJUVUJPOJOBDJEJUZEBNBHFEQMBOUFN CSZPT m SFHFOFSBUJPO PS SFHVMBUJPO 1IZUPNPSQIPMPHZ m )BOTUFJO + %JF &OUXJDLMVOH EFT ,FJNFT EFS .POP LPUZMFO VOE %JLPUZMFO #PUBOJTDIF "CIBOEMVOHFO BVT EFN(FCJFUEFS.PSQIPMPHJFVOE1IZTJPMPHJF *.BSDVT #POO )BTJUTDILB+FOTDILF ( #FNFSLFOTXFSUF ,FSOTUSVL UVSFOJN&OEPTQFSNVOEJN4VTQFOTPS[XFJFS)FMPCJBF ¸TUFSS#PU;m )PCCJF - .D(PWFSO . )VSXJU[ -3 1JFSSP " -JV /: #BOEZPQBEIZBZ" &TUFMMF. ѮFBYSNVUBOUTPG "SBCJEPQTJT UIBMJBOB EFêOF B HFOF JOWPMWFE JO BVYJO SF TQPOTFBOEFBSMZEFWFMPQNFOU%FWFMPQNFOUm )VBOH#2 :F9- :FVOH&$ ;FF4: &NCSZPMPHZ PG $ZNCJEJVN TJOFOTF UIF NJDSPUVCVMF PSHBOJ[BUJPO PG FBSMZFNCSZPT"OO#PUm *OHSBN ($ #PJTOBSE-PSJH $ %VNBT $ 3PHPXTLZ 1. &YQSFTTJPOQBUUFSOTPGHFOFTFODPEJOH)%;JQ*7 IPNFPEPNBJOQSPUFJOTEFêOFTQFDJêDEPNBJOTJONBJ[F FNCSZPTBOENFSJTUFNT1MBOU+m +ÛSHFOT( .BZFS6 "SBCJEPQTJT*O#BSE+ FE &N CSZPT$PMPSBUMBTPGEFWFMPQNFOU8PMGF -POEPO QQm ,XPOH 38 #VJ "2 -FF ) ,XPOH -8 'JTDIFS 3- (PME CFSH3# )BSBEB++ -&"':$05:-&%0/-*,& EFêOFTBDMBTTPGSFHVMBUPSTFTTFOUJBMGPSFNCSZPEFWFMPQ NFOU1MBOU$FMMm -BDLJF4 :FVOH&$ ;ZHPUJDFNCSZPEFWFMPQNFOUJO %BVDVTDBSPUB$BO+#PUm -FSTUFO /3 4VTQFOTPST JO -FHVNJOPTBF #PU 3FW m -JNBEF'BSJB " 1FSP 3 "WBO[J 4 %VSBOUF . 4UÇIMF 6 %"NBUP' (SBOTUSÕN) 3FMBUJPOCFUXFFOSJCP TPNBM 3/" HFOFT BOE UIF %/" TBUFMMJUFT PG 1IBTFPMVT DPDDJOFVT)FSFEJUBTm -PSFO[J3 #FOOJDJ" $JPOJOJ1( "MQJ" %"NBUP' &NCSZPTVTQFOTPSSFMBUJPOTJO1IBTFPMVTDPDDJOFVTDZUP LJOJOTEVSJOHTFFEEFWFMPQNFOU1MBOUBm -PUBO 5 0IUP . :FF ,. 8FTU ."- -P 3 ,XPOH 38 :BNBHJTIJ , 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ "SBCJEPQTJT -&"': $05:-&%0/ JT TVēDJFOU UP JOEVDF FNCSZP EFWFMPQNFOU JO WFHFUBUJWF DFMMT $FMM m .BIFTIXBSJ 1 4JOHI # &NCSZPMPHZ PG .BDSPTPMFO DPDIJODIJOFOTJT#PU(B[m
.BMJL$1 4JOHI. ѮBQBS/ B 1IZTJPMPHZPGTFYVBM SFQSPEVDUJPO *7 )JTUPDIFNJDBM DIBSBDUFSJTUJDT PG TVT QFOTPSPG#SBTTJDBDBNQFTUSJT1IZUPNPSQIPMPHZm .BMJL$1 7FSNBOJ4 #IBUJB%4 C 1IZTJPMPHZPGTFY VBM SFQSPEVDUJPO *** )JTUPDIFNJDBM DIBSBDUFSJTUJDT PG TVTQFOTPSEVSJOHFNCSZPEFWFMPQNFOUJO#SBTTJDBDBNQ FTUSJT-JOO7BS 4BSTPO"DUB)JTUPDIFNm .BOTêFME 4( #SJBSUZ -( &BSMZ FNCSZPHFOFTJT JO "SBCJEPQTJTUIBMJBOB**ѮFEFWFMPQJOHFNCSZPT$BO+ #PUm .BSJOPT /( &NCSZPHFOFTJT PG UIF QFB 1JTVN TBUJ WVN **"OVOVTVBMUZQFPGQMBTUJEJOUIFTVTQFOTPSDFMMT 1SPUPQMBTNBm .BSTEFO.1' .FJOLF%8 "COPSNBMEFWFMPQNFOU PG UIF TVTQFOTPS JO BO FNCSZPMFUIBM NVUBOU PG "SBCJ EPQTJTUIBMJBOB"N+#PUm .FSDZ 45 ,BLBS 4/ 7BSHIFTF 5. &NCSZPMPHZ PG $JDFS BSJFUJOVN BOE $ TPPOHBSJDVN #VMM 5PSSFZ #PU $MVCm /BHM 8 ¾CFS &OEPQPMZQMPJEJF 3FTUJUVUJPOTLFSOCJM EVOHVOE,FSOTUSVLUVSFOJN4VTQFOTPSWPO"OHJPTQFS NFO VOE FJOFS (ZNOPTQFSNF ¸TUFSS #PU ; m /BHM 8 %JF 3JFTFODISPNPTPNFO WPO 1IBTFPMVT DPDDJOFVT - #BVFJHFOUÛNMJDILFJUFO 4USVLUVSNPEJêLB UJPOFO [VTÅU[MJDIF/VLMFPMFOVOE7FSHMFJDINJUEFONJ UPUJTDIFO$ISPNPTPNFO¸TUFSS#PU;m /BHM8 1VēOHPGQPMZUFOFDISPNPTPNFTJOBQMBOU 1IBTFPMVTWVMHBSJT /BUVSXJTTFOTDIBѫm /BHM 8 B 5FNQFSBUVSFEFQFOEFOU GVODUJPOBM TUSVD UVSFT JO UIF QPMZUFOF DISPNPTPNFT PG 1IBTFPMVT XJUI TQFDJBM SFGFSFODF UP UIF OVDMFPMVT PSHBOJ[FST + $FMM 4DJ m /BHM8 C %JĒFSFOUJFMMF3/44ZOUIFTFBOQëBO[MJDIFO 3JFTFODISPNPTPNFO#FS%UTDI#PU(FTm /BHM8 0SJHJOBOEGBUFPGUIFNJDSPOVDMFPMJJOUIFHJ BOUDFMMTPGUIF1IBTFPMVTTVTQFOTPS/VDMFVTm /BHM 8 ѮF 1IBTFPMVT TVTQFOTPS BOE JUT QPMZUFOF DISPNPTPNFT;1ëBO[FOQIZTJPMm /BHM8 B &BSMZFNCSZPHFOFTJTJO5SPQBFPMVNNBKVT - &WPMVUJPO PG %/" DPOUFOU BOE QPMZUFOZ JO UIF TVT QFOTPS1MBOU4DJ-FUUm /BHM 8 C &BSMZ FNCSZPHFOFTJT JO 5SPQBFPMVN NB KVT-VMUSBTUSVDUVSFPGUIFFNCSZPTVTQFOTPS#JPDIFN 1IZTJPM1ëBO[m /BHM8 D 6MUSBTUSVDUVSBMBOEEFWFMPQNFOUBMBTQFDUT PG BVUPMZTJT JO FNCSZPTVTQFOTPST #FS %UTDI #PU (FT m /BHM 8 i1MBTUPMZTPNFTu m QMBTUJET JOWPMWFE JO UIF BVUPMZTJTPGUIFFNCSZPTVTQFOTPSJO1IBTFPMVT;1ëBO [FOQIZTJPMm /BHM8 5SBOTMPDBUJPOPGQVUSFTDJOFJOUIFPWVMF TVT QFOTPSBOEFNCSZPPG1IBTFPMVTDPDDJOFVT+1MBOU1IZTJPM m /BHM8 ,ÛIOFS4 &BSMZFNCSZPHFOFTJTJO5SPQBFPMVN NBKVT-EJWFSTJêDBUJPOPGQMBTUJET1MBOUBm /BHM8 4FFMJHFS5 )BSUNBOO" *NNVOPIJTUPDIFN JDBM MPDBMJ[BUJPO PG UIF TUPSBHF QSPUFJO QIBTFPMJO JO UIF FNCSZPTVTQFOTPS PG 1IBTFPMVT DPDDJOFVT &VS + #BTJD "QQM)JTUPDIFNm /FXDPNC8 'PXLF-$ 4UFMMBSJBNFEJBFNCSZPHFO FTJTUIFEFWFMPQNFOUBOEVMUSBTUSVDUVSFPGUIFTVTQFOTPS $BO+#PUm
3FGFSFODFT
ϖϖ
1BOJU[ 3 #PSJTKVL - .BOUFVĒFM 3 8PCVT 6 5SBO TJFOU FYQSFTTJPO PG TUPSBHFQSPUFJO HFOFT EVSJOH FBSMZ FNCSZPHFOFTJT PG 7JDJB GBCB TZOUIFTJT BOE NFUBCPMJ[B UJPOPGWJDJMJOBOEMFHVNJOJOUIFFNCSZP TVTQFOTPSBOE FOEPTQFSN1MBOUBm 1BOJU[ 3 .BOUFVĒFM 3 #ÅVNMFJO ) 8PCVT 6 #J QIBTJD FYQSFTTJPO PG B 7JDJB GBCB MFHVNJO # HFOF JO EFWFMPQJOH TFFET PG USBOTHFOJD UPCBDDP + 1MBOU 1IZTJPM m 1BOJU[ 3 .BOUFVĒFM 3 8PCVT 6 5PCBDDP FNCSZP HFOFTJT TUPSBHFQSPUFJOBDDVNVMBUJOH DFMMT PG FNCSZP TVTQFOTPS BOEFOEPTQFSNBSFBCMFUPVOEFSHPDZUPLJOF TJT1SPUPQMBTNBm 1FSBUB 1 1JDDJBSFMMJ 1 "MQJ " 1BUUFSO PG WBSJBUJPOT JOBCTDJTJDBDJEDPOUFOUJOTVTQFOTPST FNCSZPT BOEJO UFHVNFOUTPGEFWFMPQJOH1IBTFPMVTDPDDJOFVTTFFET1MBOU 1IZTJPMm 1JBHHFTJ " 1JDDJBSFMMJ 1 -PSFO[J 3 "MQJ " (JCCFS FMMJOTJOFNCSZPTVTQFOTPSPG1IBTFPMVTDPDDJOFVTTFFET BUUIFIFBSUTUBHFPGFNCSZPEFWFMPQNFOU1MBOU1IZTJPM m 1JDDJBSFMMJ 1 "MQJ " (JCCFSFMMJOT JO TVTQFOTPST PG 1IBTFPMVTDPDDJOFVT-TFFET1MBOU1IZTJPMm 1JDDJBSFMMJ 1 "MQJ " &NCSZPTVTQFOTPS PG 5SPQBFP MVNNBKVTJEFOUJêDBUJPOPGHJCCFSFMMJO"Œŏ1IZUPDIFN JTUSZm 1JDDJBSFMMJ1 "MQJ" 1JTUFMMJ- 4DBMFU. (JCCFSFMMJO MJLF BDUJWJUZ JO TVTQFOTPST PG 5SPQBFPMVN NBKVT - BOE $ZUJTVTMBCVSOVN-1MBOUBm 1JDDJBSFMMJ 1 1JBHHFTJ " "MQJ " (JCCFSFMMJOT JO TVT QFOTPS FNCSZP BOE FOEPTQFSN PG EFWFMPQJOH TFFET PG $ZUJTVTMBCVSOVN1IZUPDIFNJTUSZm 1PEEVCOBZB"SOPMEJ 7" $PNQBSBUJWF FNCSZPMPHZ PGUIF0SDIJEBDFBF1IZUPNPSQIPMPHZm 1PO[J 3 1J[[PMPOHP 1 6MUSBTUSVDUVSF PG QMBTUJET JO UIF TVQFOTPS DFMMT PG *QPNPFB QVSQVSFB 3PUI + 4VCNJ DSPTD$ZUPMm 1SBLBTI 4 .PSQIPMPHJDBM BOE FNCSZPMPHJDBM TUVE JFT JO UIF GBNJMZ -PSBOUIBDFBF7* 1FSBYJMMB UFUSBQFUBMB -JOO' WBO5JFHI1IZUPNPSQIPMPHZm 1S[ZCZMMPL 5 /BHM 8 "VYJO DPODFOUSBUJPO JO UIF FNCSZP BOE TVTQFOTPST PG 5SPQBFPMVN NBKVT BT EFUFS NJOFE CZ NBTT GSBHNFOUBUJPO TJOHMF JPO EFUFDUJPO ; 1ëBO[FOQIZTJPMm 3BHIBWBO 7 &NCSZPHFOFTJT JO BOHJPTQFSNT " EF WFMPQNFOUBMBOEFYQFSJNFOUBMTUVEZ$BNCSJEHF6OJWFS TJUZ1SFTT /FX:PSL 3BHIBWBO 7 -JGF BOE UJNFT PG UIF TVTQFOTPS PG BO HJPTQFSN FNCSZPT *O 3BOHBTXBNZ /4 FE 1IZUP NPSQIPMPHZ(PMEFO+VCJMFFJTTVF5SFOETJOQMBOU TDJFODFT *OUFSOBUJPOBM 4PDJFUZ PG 1MBOU .PSQIPMPHJTUT %FMIJ QQm 3BV." ѮFTVTQFOTPSIBVTUPSJBPGTPNFTQFDJFTPG $SPUBMBSJB-JOO"OO#PUm 3PELJFXJD[ # 'ZL # 4[D[VLB & $IMPSPQIZMM BOE DVUJO JO FBSMZ FNCSZPHFOFTJT JO $BQTFMMB "SBCJEPQTJT BOE4UFMMBSJBJOWFTUJHBUFECZëVPSFTDFOUNJDSPTDPQZ4FY 1MBOU3FQSPEm 3PKP& (JMMNPS$4 ,PWBMFWB7 4PNFSWJMMF$3 3BJLIFM/7 7"$60-&-&44JTBOFTTFOUJBMHFOFSFRVJSFEGPS WBDVPMF GPSNBUJPO BOE NPSQIPHFOFTJT JO "SBCJEPQTJT %FW$FMMm
ώύύ
$IBQUFSϑ -JGFBOE5JNFTPGUIF4VTQFOTPSo$FMM4JHOBMJOHCFUXFFOUIF&NCSZPBOE4VTQFOTPS
4BOHEVFO / ,SFJUOFS (- 4PSFOTFO &- -JHIU BOE FMFDUSPO NJDSPTDPQZ PG FNCSZP EFWFMPQNFOU JO QFSFO OJBMBOEBOOVBM.FEJDBHPTQFDJFT$BO+#PUm 4DIBĒOFS. ѮFFNCSZPMPHZPGUIFTIFQIFSETQVSTF 0IJP/BUm 4DIOFQG& /BHM8 ¾CFSFJOJHF4USVLUVSCFTPOEFSIF JUFO EFS 4VTQFOTPS[FMMFO WPO 1IBTFPMVT WVMHBSJT 1SPUP QMBTNBm 4DIVM[ 1 +FOTFO 8" $BQTFMMB FNCSZPHFOFTJT UIF TVTQFOTPSBOEUIFCBTBMDFMM1SPUPQMBTNBm 4DIVM[ 3 +FOTFO 8" $BQTFMMB FNCSZPHFOFTJT UIF FHH [ZHPUF BOEZPVOHFNCSZP"N+#PUm 4DIXBSU[#8 :FVOH&$ .FJOLF%8 %JTSVQUJPOPG NPSQIPHFOFTJT BOE USBOTGPSNBUJPO PG UIF TVTQFOTPS JO BCOPSNBM TVTQFOTPS NVUBOUT PG "SBCJEPQTJT %FWFMPQ NFOUm 4DIXBSU[ #8 7FSOPO %. .FJOLF %8 %FWFMPQ NFOU PG UIF TVTQFOTPS EJĒFSFOUJBUJPO DPNNVOJDBUJPO BOEQSPHSBNNFEDFMMEFBUIEVSJOHQMBOUFNCSZPHFOFTJT *O -BSLJOT #" 7BTJM *, FET $FMMVMBS BOE NPMFDVMBS CJPMPHZ PG QMBOU TFFE EFWFMPQNFOU ,MVXFS %PSESFDIU QQm 4JNPODJPMJ$ 6MUSBTUSVDUVSBMDIBSBDUFSJTUJDTPGi%JQ MPUBYJTFSVDPJEFT - %$uTVTQFOTPS(#PU*UBMm 4JOHI.# #IBMMB1- .BMJL$1 "DUJWJUZPGTPNFIZ ESPMZUJDFO[ZNFTJOBVUPMZTJTPGUIFFNCSZPTVTQFOTPSJO 5SPQBFPMVNNBKVT-"OO#PUm 4VCSBNBOZBN , &NCSZPMPHZ PG 4FEVN UFSOB UVN .JDIY + *OEJBO #PU 4PD .BIFTIXBSJ DPNN WPM "m 4VTTFY* $MVUUFS. 8BMCPU7 #SBEZ5 #JPTZOUIFUJD BDUJWJUZPGUIFTVTQFOTPSPG1IBTFPMVTDPDDJOFVT$BSZPMP HJB<4VQQM>m 4XBNZ #(- 'FNBMF HBNFUPQIZUF BOE FNCSZPH FOZ JO $ZNCJEJVN CJDPMPS -JOEM 1SPD *OEJBO "DBE 4DJ #m 4XBNZ #(- &NCSZPMPHJDBM TUVEJFT JO UIF 0SDIJEB DFBF**&NCSZPHFOZ"N.JEM/BUm 6XFS6 8JMMNJU[FS- "MUNBOO5 *OBDUJWBUJPOPGB HMZDZMU3/" TZOUIFUBTF MFBET UP BO BSSFTU JO QMBOU FN CSZPEFWFMPQNFOU1MBOU$FMMm 7FSOPO%. .FJOLF%8 &NCSZPHFOJDUSBOTGPSNB UJPOPGUIFTVTQFOTPSJOUXJO BQPMZFNCSZPOJDNVUBOUPG "SBCJEPQTJT%FW#JPMm 7FSOPO%. )BOOPO.+ -F. 'PSTUIPFGFM/3 "O FYQBOEFESPMFGPSUIF58/HFOFJOFNCSZPHFOFTJTEF GFDUT JO DPUZMFEPO QBUUFSO BOE NPSQIPMPHZ JO UIF UXO NVUBOU PG "SBCJEPQTJT #SBTTJDBDFBF "N + #PU m
8BMCPU 7 #SBEZ 5 $MVUUFS . 4VTTFY * .BDSPNP MFDVMBSTZOUIFTJTEVSJOHQMBOUFNCSZPHFOZSBUFTPG3/" TZOUIFTJTJO1IBTFPMVTDPDDJOFVTFNCSZPTBOETVTQFOTPST %FW#JPMm 8BMLFS 3* .FHBTQPSPHFOFTJT BOE FNCSZP EFWFM PQNFOU JO 5SPQBFPMVN NBKVT - #VMM 5PSSFZ #PU $MVC m 8BMUIBMM&% #SBEZ5 ѮFFĒFDUPGUIFTVTQFOTPSBOE HJCCFSFMMJD BDJE PO 1IBTFPMVT WVMHBSJT FNCSZP QSPUFJO TZOUIFTJT$FMM%JĒFSm 8BSEMBX $8 &NCSZPHFOFTJT JO QMBOUT .FUIVFO -POEPO 8FUFSJOHT, "QVZB/3 #J: 'JTDIFS3- )BSBEB++ (PME CFSH 3# 3FHJPOBM MPDBMJ[BUJPO PG TVTQFOTPS N3/"T EVSJOH FBSMZ FNCSZP EFWFMPQNFOU 1MBOU $FMM m 8SFEMF 6 8BMMFT # )BLNBO * $ISPNPQMBTUT BSF GPSNFE JO 7JDJB GBCB TVTQFOTPS DFMMT *OU + 1MBOU 4DJ m 8SFEMF6 8BMMFT# )BLNBO* %/"GSBHNFOUBUJPO BOEOVDMFBSEFHSBEBUJPOEVSJOHQSPHSBNNFEDFMMEFBUI JOUIFTVTQFOTPSBOEFOEPTQFSNPG7JDJBGBCB*OU+1MBOU 4DJm :BEFHBSJ3 EF1BJWB(3 -BVY5 ,PMUVOPX". "QVZB/ ;JNNFSNBO +- 'JTDIFS 3- )BSBEB ++ (PMECFSH 3# $FMM EJĒFSFOUJBUJPO BOE NPSQIPHFOFTJT BSF VO DPVQMFE JO "SBCJEPQTJT SBTQCFSSZ FNCSZPT 1MBOU $FMM m :F 9- ;FF 4: :FVOH &$ 4VTQFOTPS EFWFMPQNFOU JO UIF OVO PSDIJE 1IBJVT UBOLFSWJMMJBF *OU + 1MBOU 4DJ m :FVOH &$ &NCSZPHFOZ PG 1IBTFPMVT DPDDJOFVT UIF SPMFPGUIFTVTQFOTPS;1ëBO[FOQIZTJPMm :FVOH&$ $MVUUFS.& &NCSZPHFOZPG1IBTFPMVTDPD DJOFVT HSPXUI BOE NJDSPBOBUPNZ 1SPUPQMBTNB m :FVOH&$ $MVUUFS.& &NCSZPHFOZPG1IBTFPMVTDPD DJOFVTUIFVMUSBTUSVDUVSFBOEEFWFMPQNFOUPGUIFTVTQFO TPS$BO+#PUm :FVOH &$ .FJOLF %8 &NCSZPHFOFTJT JO BOHJP TQFSNTEFWFMPQNFOUPGUIFTVTQFOTPS1MBOU$FMMm :FVOH &$ 4VTTFY *. &NCSZPHFOZ PG 1IBTFPMVT DPDDJOFVT UIF TVTQFOTPS BOE UIF HSPXUI PG UIF FNCSZP QSPQFSJOWJUSP;1ëBO[FOQIZTJPMm :FVOH&$ ;FF4: :F9- &NCSZPMPHZPG$ZNCJEJVN TJOFOTFFNCSZPEFWFMPQNFOU"OO#PUm ;IBOH +; 4PNFSWJMMF $3 4VTQFOTPSEFSJWFE QPMZ FNCSZPOZ DBVTFE CZ BMUFSFE FYQSFTTJPO PG WBMZMU3/" TZOUIFUBTFJOUIFUXONVUBOUPG"SBCJEPQTJT1SPD/BUM "DBE4DJ64"m
$)"15&3
(FOFUJDBOE.PMFDVMBS$POUSPMPG &NCSZPHFOFTJTo3PMFPG /PO[ZHPUJDBOE;ZHPUJD(FOFT ѮFHSFBUFTUEJēDVMUZJOUIFTUVEZPGHFOJDBDUJPOTJODPO USPMMJOHEFWFMPQNFOUJTNFUXJUIXIFOXFUSZUPWJTVBMJ[F IPXUIFZBSFJOUFSMPDLFEJOPSEFSUPQSPEVDFUIFJSFĒFDUT MPDBMMZ UIBUJT JOUIFUISFFEJNFOTJPOTPGTQBDFBOEJOUIF GPVSUI EJNFOTJPO PG UJNF BU B HJWFO NPNFOU 5P VOEFS TUBOE OPSNBM EFWFMPQNFOU JO UFSNT PG HFOJD BDUJPO XF NVTUJOUFHSBUFBMMUIFJOEJWJEVBMTPVSDFTPGJOGPSNBUJPOPO UIF BDUJPO PG NVUBOU MPDJ BOE JOGFS UIF BDUJPO PG UIF OPS NBM HFOJD NBUFSJBM *O EPJOH TP JU TIPVME OPU NBLF BOZ
EJĒFSFODF XIBU WJFXT XF IPME PO UIF OBUVSF PG UIF HFOJD NBUFSJBMmUIFDMBTTJDHFOFDPODFQUPSUIFNPEFSOQBUUFSO JEFB*OBOZDBTFUIFJOGPSNBUJPOXFIBWFJTEFSJWFEBMNPTU FYDMVTJWFMZ GSPN UIF SFTVMUT PG JOUFSGFSFODF PG NVUBOU MPDJ XJUIUIFOPSNBMDPVSTFPGEFWFMPQNFOU BOEUIFBOBMZTJT PGUIFGBDUPSTPGEFWFMPQNFOUCZFYQFSJNFOUBMFNCSZPMPHZ ѮFSFGPSF XIBUFWFS UIF DPOTUJUVUJPO PG UIF OPSNBM HFOJD NBUFSJBM JUNVTUBDUJOUIFXBZSFWFBMFECZNVUBOUJOUFS GFSFODFXJUIJUTBDUJPO 3#(PMETDINJEU
*ODPOUFNQMBUJOHIPXBOBOHJPTQFSNFNCSZPXJUI JUT XFMMEFêOFE TIPPU BOE SPPU BQJDBM NFSJTUFNT IBTFWPMWFEGSPNBTJOHMFDFMMFE[ZHPUF JUJTIBSEUP BWPJEQPTUVMBUJOHBSPMFGPSHFOFBDUJPOBUTVDDFTTJWF TUBHFTPGFNCSZPHFOFTJTѮFHFOFTBDUJWBUFEDPNF FJUIFSGSPNQBSUTPGUIFQBSFOUBMHFOPNFTPSUIF[Z HPUJDHFOPNFPSGSPNCPUI*OEFFE JUIBTMPOHCFFO DMFBS UIBU HFOFUJD GBDUPST BSF JOUSJOTJDBMMZ SFTQPOTJ CMFGPSFTUBCMJTIJOHUIFQPMBSJUZBOECPEZQMBOPGUIF FBSMZFNCSZP BOEBSFJOWPMWFEJOQSPHSBNNJOHUIF NPSQIPHFOFUJDBOEUJTTVFEJĒFSFOUJBUJPOQSPDFTTFT HFOFSBM IPVTFLFFQJOH DIPSFT BOE TFFE QSPUFJO BDDVNVMBUJPO BU BQQSPQSJBUF FNCSZPHFOJD TUBHFT .PSF SFDFOUMZ HFOF BDUJPO IBT CFFO JNQMJDBUFE JO UIF MBQTF JOUP EPSNBODZ PG FNCSZPT EVSJOH UIFJS êOBMTUBHFPGEFWFMPQNFOU"OBMZTFTPGFNCSZPPO UPHFOZJOJOUFSTQFDJêDBOEJOUFSHFOFSJDDSPTTFTBOE JOTQPOUBOFPVTMZPDDVSSJOHNVUBOUTHFOFSBUFEUIF êSTUMJOFPGFWJEFODFTIPXJOHUIBUHFOFTBSFJOGBDU QSPWJEJOH DSJUJDBM DVFT EVSJOH FNCSZPHFOFTJT BOE BGFXJOWFTUJHBUJPOTBMPOHUIFTFMJOFTIBWFCFDPNF DMBTTJDT JO UIF QMBOU FNCSZPMPHZ MJUFSBUVSF *U XBT TIPXO JO $IBQ UIBU UIF VTF PG NPEFSO UPPMT PG HFOFUJDTBOENPMFDVMBSCJPMPHZIBTMFEUPUIFJEFO UJêDBUJPO PG HFOFT SFHVMBUJOH UIF EFWFMPQNFOU PG UIFTIPPUBOESPPUBQJDBMNFSJTUFNT BOEUIPTFJO WPMWFEJOFTUBCMJTINFOUPGUIFBQJDPCBTBMBOESBEJBM QBUUFSOJOHFMFNFOUTJOFNCSZPTѮFNBKPSJOTJHIUT JOUP SFHVMBUPSZ QSPHSBNT DSJUJDBM GPS DPOUJOVFE
"TZNNFUSZJO1BSFOUBM(FOPNF $POUSJCVUJPOT &WJEFODFGPS.BUFSOBMFĒFDU(FOFT 4JMFODJOHPG1BUFSOBM(FOFT (FOF"DUJWJUZEVSJOH1SPHSFTTJWF &NCSZPHFOFTJT (FOF&YQSFTTJPOEVSJOH&BSMZ&NCSZPHFOFTJT (FOF&YQSFTTJPOEVSJOH-BUF&NCSZPHFOFTJT BOE5SBOTJUJPOUP(FSNJOBUJPO &NCSZP(FOF&YQSFTTJPO1SPHSBN 4UVEJFECZ.VUBOU4DSFFOJOH &NCSZPMFUIBM.VUBOUTPG"SBCJEPQTJT ѮF8PSMEPG$ZUPLJOFTJT%FGFDUJWF.VUBOUT &NCSZPEFGFDUJWF.VUBOUTPG"SBCJEPQTJT &NCSZP%FGFDUJWF.VUBOUTPG.BJ[FBOE3JDF $PODMVEJOH$PNNFOUT 3FGFSFODFT
ώύϏ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
HSPXUIBOENPSQIPHFOFTJTPGUIFFNCSZPGSPNJUT TJOHMFDFMMFECFHJOOJOHBSFDPOTJEFSFEJOUIJTDIBQ UFS "DDPVOUT JMMVNJOBUJOH UIF SPMF PG HFOFUJD BOE NPMFDVMBSNFDIBOJTNTJOWPMWFEJOUIFNBUVSBUJPO PGFNCSZPTBOEJOUIFJOEVDUJPOPGEPSNBODZXJMM CFQSFTFOUFEJOUIFOFYUDIBQUFS ѮJTDIBQUFSCFHJOTXJUIUIFDVSSFOUVOEFSTUBOE JOH PG UIF SPMF PG OPO[ZHPUJD QBSFOUBM HFOFT EVS JOHFBSMZFNCSZPHFOFTJT BUPQJDUIBUIBTSFNBJOFE MBUFOUGPSBMPOHUJNF CVUIBTTVEEFOMZCFFOSFBXP LFO BOE JT ZJFMEJOH JOTJHIUGVM JOWFTUJHBUJPOT CZ HF OFUJDJTUTBOENPMFDVMBSCJPMPHJTUT "TZNNFUSZJO1BSFOUBM(FOPNF $POUSJCVUJPOT "O FTUBCMJTIFE DPODFQU JO BOJNBM FNCSZPMPHZ JT UIBUUIFVOGFSUJMJ[FEFHHDZUPQMBTNJTCMFTTFEXJUI UFNQMBUFT PG TUPSFE N3/"T UP DPEF GPS UIF êSTU QSPUFJOTOFDFTTBSZUPHVJEFUIFJOJUJBMEFWFMPQNFOU PG UIF FNCSZP "ѫFS GFSUJMJ[BUJPO UIF JOëVFODF PG UIF[ZHPUJDHFOPNFPWFSGVSUIFSEFWFMPQNFOUHFO FSBMMZCFHJOTXJUIUIFCMBTUVMBTUBHFPGUIFFNCSZP *OJUJBM TVQQPSU GPS UIF QSFTFODF PG TUPSFE N3/"T JO BOJNBM FHHT DBNF GSPN JOWFTUJHBUJPOT TIPXJOH OFBSMZOPSNBMEFWFMPQNFOUJOQBSUIFOPHFOFUJDBMMZ BDUJWBUFE FOVDMFBUFE FHHT PG TFB VSDIJOT BOE QBS UJBM EFWFMPQNFOU PG GFSUJMJ[FE FHHT PG JOTFDUT TFB VSDIJOT BOEBNQIJCJBOTUSFBUFEXJUIJOIJCJUPSTPG N3/"TZOUIFTJTTVDIBTBDUJOPNZDJO%BOEʂBN BOJUJO 'PMMPXJOH DPOêSNBUJPO PG UIF QSFTFODF PG TUPSFEUFNQMBUFTCZJOWJUSPUSBOTMBUJPOPGN3/"T FYUSBDUFE GSPN VOGFSUJMJ[FE FHHT PG NPEFM PSHBO JTNT GVSUIFSCJPDIFNJDBMBOENPMFDVMBSTUVEJFTPG UIFTFTZTUFNTIBWFQSPWJEFEBEFUBJMFEDISPOPMPHZ PGUIFDIBOHFTJONFTTFOHFSBCVOEBODFJOUIFFHH [ZHPUF BOE FBSMZ TUBHF FNCSZPT EJTBQQFBSBODF PG TUPSFEUFNQMBUFT BOEBTTVNQUJPOPGUSBOTDSJQUJPOBM DPOUSPM CZ UIF FNCSZP HFOPNF ѮF EFDJTJWF FY QFSJNFOUTJOUIJTDPOUFYUBSFSFWJFXFECZ%BWJETPO "TFNCSZPHFOFTJTJOëPXFSJOHQMBOUTPDDVST XJUIJO UIF QSJWJMFHFE DPOêOFT PG UIF FNCSZP TBD XIJDIJUTFMGJTFNCFEEFEJOUIFTQPSPQIZUJDUJTTVFT PGUIFPWVMF UIFJOBDDFTTJCJMJUZPGFHHDFMMT [ZHPUFT BOE FBSMZTUBHF FNCSZPT IBT IJOEFSFE CJPDIFNJ DBMBOENPMFDVMBSJOWFTUJHBUJPOTJOTFBSDIPGTUPSFE N3/"TBOEUIFJSEJTQPTJUJPOEVSJOHEFWFMPQNFOU )PXFWFS UIFSF JT DPOTJEFSBCMF JOEJSFDU FWJEFODF
CPUI JO GBWPS PG BOE BHBJOTU UIF JOWPMWFNFOU PG UIF NBUFSOBM HFOPNF JO BOHJPTQFSN FNCSZPHFO FTJT $MBJNT GPS BO JOEFQFOEFOU SPMF GPS NBUFSOBM USBOTDSJQUTJOEJSFDUJOHFBSMZFNCSZPEFWFMPQNFOU JO UIF BCTFODF PG GFSUJMJ[BUJPO JODMVEF UIF TUJNV MBUJPO PG EJWJTJPO PG UIF FHH DFMM CZ B QPMMFO UVCF GSPNXIJDITQFSNIBWFCFFOJOBDUJWBUFECZQIZTJ DBM BOE DIFNJDBM BHFOUT -BDBEFOB
BOE UIF QVSQPSUFE PSJHJO QSFTVNBCMZ PG IBQMPJE FNCSZPT GSPN FHH DFMMT PG DVMUVSFE VOQPMMJOBUFE PWVMFT PS PWBSJFT :BOHBOE;IPV *OBCSPBETFOTF B SPMFGPSNBUFSOBMQSPHSBNNJOHPGFNCSZPEFWFMPQ NFOUJOEFQFOEFOUPGGFSUJMJ[BUJPODBOCFJOWPLFEUP FYQMBJOEJQMPTQPSPVTBOEBQPTQPSPVTUZQFTPGBQP NJYJTmXIFSFBOFNCSZPBSJTFTQBSUIFOPHFOJDBMMZ GSPNBOVOSFEVDFEFHHDFMMPSGSPNBTPNBUJDDFMM PGUIFPWVMFmXJUIUIFDBWFBUUIBUBQPNJDUTNJHIU CFDPOTJEFSFEBTTQFDJBMDBTFTXIFSFUIFTFYVBMQSP DFTTFTIBWFCFFODIBOHFEPWFSFWPMVUJPOBSZUJNFUP UIFBQPNJDUJDUZQF 3BNBDIBOESBOBOE3BHIBWBO ,PMUVOPX ,PMUVOPX BOE (SPTTOJLMBVT " TVCTUBOUJBM DPOUSJCVUJPO PG UIF NBUFSOBM HFOPNFJOQSPNPUJOHFNCSZPHFOFTJTBOEQMBOUGPS NBUJPOJTTFFOJOJOUFSTQFDJêDIZCSJETPG)PSEFVN WVMHBSF ¤ )PSEFVN CVMCPTVN ѮF BQQFBSBODF PG ) WVMHBSFMJLF IBQMPJE QSPHFOZ JO UIF DSPTT DPV QMFEXJUIDZUPMPHJDBMBOBMZTJTPGFNCSZPT MFEUPUIF DPODMVTJPOUIBU GPMMPXJOHGFSUJMJ[BUJPO UIFDISPNP TPNFTPG)CVMCPTVNBSFMPTU MFBWJOHUIF[ZHPUFBU UIFNFSDZPGUIFNBUFSOBMHFOPNFUPDPNQMFUFJUT EFWFMPQNFOU ,BTIBBOE,BP (SJNBOFMMJFU BM IBWFTIPXOCZNJDSPBSSBZBOBMZTFTUIBU UIF FBSMZ EJWJTJPOT PG UIF [ZHPUF JO TFYVBM NBJ[F QMBOUT BOE JO BQPNJDUJD IZCSJET CFUXFFO NBJ[F BOEJUTXJMESFMBUJWF5SJQTBDVN PDDVSCFGPSFUIFPO TFUPGDIBOHFTJOUIFUSBOTDSJQUQPQVMBUJPOQSFTFOU JOUIFVOGFSUJMJ[FEPWVMFTѮFTFêOEJOHTIBWFCPM TUFSFEUIFWJFXUIBUUIFVOGFSUJMJ[FEBOHJPTQFSNFHH DFMMIBTUIFQPUFOUJBMUPJOJUJBUFUIFEFWFMPQNFOUBM QSPHSBNPGUIFFNCSZPVTJOHNBUFSOBMUSBOTDSJQUT 0OUIFPUIFSIBOE UIFDPOWFSHFODFPGEJTDPWFSJFT PGUIFQSPEVDUJPOPGFNCSZPMJLFTUSVDUVSFTJOUIF BCTFODF PG UIF NBUFSOBM FOWJSPONFOU OBNFMZ TP NBUJD FNCSZPHFOFTJT FNCSZPHFOJD QBUIXBZ GPM MPXFECZTPNBUJDDFMMTJOUJTTVFDVMUVSF BOEQPMMFO FNCSZPHFOFTJT UIFUSBOTGPSNBUJPOPGQPMMFOHSBJOT PG DVMUVSFE BOUIFST JOUP FNCSZPMJLF TUSVDUVSFT
UPQJDTCPUIDPWFSFEJO$IBQ IBTMFEUPUIFBTTFS UJPOUIBUUIFNBUFSOBMHFOPNFNJHIUOPUCFTUSJDUMZ
ɫɧ "TZNNFUSZJO1BSFOUBM(FOPNF$POUSJCVUJPOT
OFDFTTBSZ GPS FBSMZ EJWJTJPOT JO UIF FNCSZPHFOJD QBUIXBZ 3VTTJOPWBBOEEF7SJFT ѮBUCPUI QBSFOUBM BMMFMFT PG B MBSHF OVNCFS PG HFOFT TUSFXO UISPVHIPVU UIF FNCSZP HFOPNF DPOUSPM FNCSZP EFWFMPQNFOUJT IPXFWFS TVHHFTUFECZUIFJTPMBUJPO PGNBOZSFDFTTJWFFNCSZPEFGFDUJWFBOEFNCSZPMF UIBM NVUBUJPOT GSPN "SBCJEPQTJT BOE NBJ[F UP CF EFTDSJCFEMBUFSJOUIJTDIBQUFS &WJEFODFGPS.BUFSOBMFõFDU(FOFT "OBQQSFDJBUJPOPGUIFDMBTTJDBMWJFXUIBUGPSNBUJPO PG WJBCMF TFFET JO ëPXFSJOH QMBOUT EFQFOET VQPO UIF DPPSEJOBUFE EFWFMPQNFOU PG UIF FNCSZP BOE FOEPTQFSNXJUIJOUIFIBQMPJEGFNBMFHBNFUPQIZUF BOE PG UIF EJQMPJE TQPSPQIZUJD PWVMBS UJTTVFT TVS SPVOEJOHUIFGFNBMFHBNFUPQIZUF IBTDPOTJEFSBCMZ TUSFOHUIFOFE UIF FWJEFODF GPS NBUFSOBM QSPHSBN NJOHPGFNCSZPHFOFTJTJOBOHJPTQFSNTCZTPDBMMFE iNBUFSOBMFĒFDUuHFOFT CVUOPUXJUIPVUBGFXUXJTUT (BSDJBFUBM(SJNBOFMMJFUBM ѮFJN QPSUBODF PG DFMMVMBS JOUFSBDUJPOT CFUXFFO UIF FN CSZP FOEPTQFSN BOE UIF NBUFSOBM HBNFUPQIZUF BOE TQPSPQIZUF IBT MFE UP UIF JOUFSQSFUBUJPO UIBU TFFEEFWFMPQNFOUFOUBJMTQPTTJCMFOPO[ZHPUJDJOëV FODFTJOUIFGPSNPGHFOFBDUJPOGSPNTQPSPQIZUJD BOEHBNFUPQIZUJDQBSUTPGUIFPWVMFBOEGSPNUIF FOEPTQFSNѮJTNFBOTUIBUBOZNVUBUJPOTJOTFFE EFWFMPQNFOU BĒFDUJOH UIF TJHOBUVSF PG NBUFSOBM HFOFTDBOCFDBVTFECZFJUIFSHBNFUPQIZUJDPSTQP SPQIZUJDHFOFTPGNBUFSOBMPSJHJOѮFJOWPMWFNFOU PGBNBUFSOBMHFOFDPOUSPMMJOHFNCSZPEFWFMPQNFOU êSTUFNFSHFEGSPNUIFHFOFUJDBOBMZTJTPGFNCSZP HFOFTJTJOUIFSFDFTTJWFTJONVUBOUPG"SBCJEPQTJT ѮF NVUBOU PWVMFT XIJDI BMTP IBWF BCOPSNBM JO UFHVNFOUT GBJM UP GPSN B OPSNBM FNCSZP TBD EVF UP BCFSSBOU NFHBTQPSPDZUF NFJPTJT BOE BSF UIVT GFNBMFTUFSJMFT 3PCJOTPO#FFSTFUBM4DIBVFS FU BM $PNCJOJOH TQFFE BOE SFMJBCJMJUZ B TF SJFTPGDSPTTFTCFUXFFOëPXFSTFJUIFSIPNP[ZHPVT PSIFUFSP[ZHPVTGPSUIFXJMEUZQF4*/BMMFMFBTUIF GFNBMF QBSFOU 4*/ BOE FJUIFS XJMEUZQF PSTJONVUBOUQMBOUTBTQPMMFOEPOPSTTIPXFEUIBU FNCSZPTPGIPNP[ZHPVTNVUBOUTBSFOPSNBMJOFW FSZ SFTQFDU XIFO UIFZ EFWFMPQ XJUIJO UIF FNCSZP TBDPGBIFUFSP[ZHPVTNVUBOUNBUFSOBMTQPSPQIZUF IPXFWFS XIFOUIFNBUFSOBMTQPSPQIZUFJTBIPNP [ZHPVTNVUBOU TJOTJO
EFGFDUTDPOêOFENBJOMZ
ώύϐ
UPUIFDPUZMFEPOTBSFPCTFSWFEJOUIFTVSWJWJOHFN CSZPT'SPNUIFTFSFTVMUTJUIBTCFFOSFBTPOFEUIBU UIF TJO NVUBUJPO EJTQMBZJOH B NBUFSOBM FĒFDU PO FNCSZPHFOFTJT JT TQPSPQIZUJD JO OBUVSF BOE UIBU UIF 4*/ HFOF QSPEVDU NJHIU JOëVFODF FNCSZP EFWFMPQNFOUCZUIFQSPEVDUJPOPGBTJHOBMJOHNPM FDVMF GSPN UJTTVFT PG UIF PWVMF MJOJOH UIF FNCSZP TBD 3BZFUBM "OPUIFSTUVEZIBTTIPXOUIBU UIF EPXOSFHVMBUFE FYQSFTTJPO PG UXP ."%4CPY HFOFT '-03"- #*/%*/( 1305&*/ '#1 BOE'#1 JOUSBOTHFOJD1FUVOJBIZCSJEBMFBETUP UIFQSPEVDUJPOPGTISVOLFOPWVMFTXJUIQBSUJBMMZPS UPUBMMZEJTJOUFHSBUFEFOEPTQFSNBOETMPXHSPXJOH PDDBTJPOBMMZ BSSFTUFE FNCSZPT )FSF BMTP HFOFUJD BOBMZTJT IBT FTUBCMJTIFE UIBU UIF TISVOLFO PWVMF QIFOPUZQFJTBNBUFSOBMTQPSPQIZUJDFĒFDUUIBUJO EJSFDUMZDBVTFTBNBKPSMFTJPOJOFOEPTQFSNEFWFM PQNFOU $PMPNCPFUBM *O$IBQ SFGFSFODFXBTNBEFUPUIFJTPMBUJPOPG êTDMBTTNVUBOUTPG"SBCJEPQTJTXJUIGFSUJMJ[BUJPOEF GFDUT"DDPSEJOHUP(SPTTOJLMBVTFUBM
POFPG UIFXJMEUZQFHFOFTPGUIJTDMBTT .&" JTFYQSFTTFE JO UIF GFNBMF HBNFUPQIZUF PG "SBCJEPQTJT CFGPSF GFSUJMJ[BUJPO BOEJTSFRVJSFEGPSOPSNBMQPTUGFSUJM J[BUJPOEFWFMPQNFOUPGUIFFNCSZPBOEFOEPTQFSN (FOFUJDBOBMZTJTPGUIFFĒFDUPGUIFNVUBOUHFOFPO TFFEGPSNBUJPOIBTHJWFOUBOUBMJ[JOHHMJNQTFTPGJUT BDUJWJUZUIFDPOTUFMMBUJPOPGEFWFMPQNFOUBMEFGFDUT PCTFSWFE TVDIBTEFMBZFENPSQIPHFOFTJT FYDFTTJWF DFMM QSPMJGFSBUJPO JO UIF FNCSZP BOE SFEVDFE GSFF OVDMFBS EJWJTJPOT JO UIF FOEPTQFSN DBVTFE CZ UIF NVUBUJPO IBTCFFOBUUSJCVUFEUPEJTSVQUJPOPGHFOF BDUJPOUSBOTNJUUFEUISPVHIUIFGFNBMFHBNFUPQIZUF ѮFCBTJTGPSUIJTDPODMVTJPOJTUIFPCTFSWBUJPOCZB USBEJUJPOBMHFOFUJDBQQSPBDIUIBUXIFOUIFNVUBOU IFUFSP[ZHPUF NFB JT TFMGGFSUJMJ[FE OFBSMZ PGUIFTFFETIPVTFEFGFDUJWFFNCSZPT4JODFIBMGPG UIFIBQMPJEGFNBMFHBNFUFTHFOFSBUFEJOUIFDSPTT DBSSZ UIF NVUBOU BMMFMF NBUFSOBM HBNFUPQIZUJD DPOUSPMPGFNCSZPHFOFTJTJTBQQBSFOUIFSF/PSNBM TFFE TFU PDDVST XIFO XJMEUZQF GFNBMFT BSF QPMMJ OBUFE XJUI NFB QPMMFO CVU OFBSMZ PG TFFET EFSJWFE GSPN NVUBOU FHHT JO UIF SFDJQSPDBM DSPTT DPMMBQTF MBUF JO POUPHFOZ CZ TVĒFSJOH TJHOJêDBOU FNCSZPBOEFOEPTQFSNEFWFMPQNFOUBMEFGFDUT TFF 1MBUF 'JHBmD "TUIFPWFSTJ[FEFNCSZPTEFSJWFE GSPN NVUBOU FHHT TVDDVNC JSSFTQFDUJWF PG UIF OB UVSFBOEEPTBHFPGUIFQBUFSOBMDPOUSJCVUJPO DPN QMFUJPO PG FNCSZPHFOFTJT BOE GPSNBUJPO PG WJBCMF
ώύϑ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
TFFETBQQFBSUPEFQFOEVQPOUIFQSFTFODFPGBXJME UZQF .&" BMMFMF JO UIF GFNBMF HBNFUPQIZUF m TQF DJêDBMMZ UP SFEVDF DFMM QSPMJGFSBUJPO JO UIF FNCSZP BOEUPQSPNPUFUIFTBNFJOUIFFOEPTQFSN"QPT TJCMFFOEPTQFSNFĒFDUJODBVTJOHFNCSZPMFUIBMJUZ JOUIFNFBNVUBOUXBTFMJNJOBUFECZTIPXJOHUIBU UXPQBUFSOBMDPQJFTPGUIF.&"HFOFJOUIFFOEP TQFSN HFOFSBUFE CZ DSPTTJOH NFB GFNBMFT XJUI QPMMFO GSPN B UFUSBQMPJE MJOF DPVME OPU PWFSDPNF UIFBCPSUJPOSBUFJOTFFET#ZHFOFUJDBOBMZTJT PGUIFJOIFSJUBODFQBUUFSOPGUXPNVUBOUNFBBMMFMFT ,JZPTVFFUBM IBWFJOEFQFOEFOUMZDPOêSNFE BSFRVJSFNFOUGPSPOMZUIFNBUFSOBM HBNFUPQIZUF TQFDJêDXJMEUZQF.&"BMMFMF BOEUIFEJTQFOTBCJM JUZPGUIFQBUFSOBMBMMFMFGPSOPSNBMFNCSZPBOEFO EPTQFSNEFWFMPQNFOUJO"SBCJEPQTJT-JLFUIFNFB NVUBOU QIFOPUZQFT PG êF BOE êT NVUBOUT DBVTF QBSUJBMFOEPTQFSNEFWFMPQNFOUBOEJOëJDUFNCSZP MFUIBMJUZPOMZXIFOUIFNVUBOUBMMFMFTBSFJOIFSJUFE GSPN UIF GFNBMF QBSFOU BOE UIVT SFTFNCMF NBUFS OBMFĒFDUEFGFDUT*OBEEJUJPOUPUIFTFFEBCPSUJPO QIFOPUZQF UIF UISFF NVUBOUT EJTQMBZ BU B MPX GSF RVFODZQSFDPDJPVTFOEPTQFSNQSPMJGFSBUJPOCFGPSF GFSUJMJ[BUJPO 0IBE FU BM $IBVEIVSZ FU BM ,JZPTVF FU BM ѮF FYQSFTTJPO PG USBO TDSJQUTPG.&"BOE'*&HFOFTJOUIFDFOUSBMDFMMPG UIFVOGFSUJMJ[FEFNCSZPTBDBOETVCTFRVFOUMZJOUIF EFWFMPQJOHFNCSZPBOEFOEPTQFSNJTBMTPDPNQBU JCMF XJUI UIFJS GVODUJPO JO SFQSFTTJOH QSPMJGFSBUJPO PGUIFQPMBSGVTJPOOVDMFVTBOEDPOUSPMMJOHFNCSZP BOEFOEPTQFSNEFWFMPQNFOU 7JFMMB$BM[BEBFUBM 4QJMMBOF FU BM 0UIFS MBUFS DIBSBDUFS J[FENVUBOUTUIBUEJTQMBZBHBNFUPQIZUJDNBUFSOBM FĒFDU PO FNCSZP BOE FOEPTQFSN EFWFMPQNFOU JO "SBCJEPQTJT BSF EFNFUFS ENF $IPJ FU BM
NTJ ,ÕIMFSFUBMB
NTJ BOE CPSHJB CHB (VJUUPOFUBM *UIBTBMTPCFFO TIPXOUIBU JOBEEJUJPOUPUIFNBUFSOBMTQPSPQIZUJD FĒFDUEFTDSJCFEFBSMJFS UIFQBUUFSOPGJOIFSJUBODFPG QPTU[ZHPUJDFYQSFTTJPOPGUIF4*/HFOFJO"SBCJ EPQTJT JT TVHHFTUJWF PG B NBUFSOBM HBNFUPQIZUJD FG GFDU (PMEFOFUBM ѮFQSPEVDUPGUIF.&"HFOFJTBNFNCFSPGB TVCHSPVQPGUIFQPMZDPNCHSPVQPGQSPUFJOTPG%SP TPQIJMB NFMBOPHBTUFS UIF IBMMNBSL PG QSPUFJOT PG UIJTTVCHSPVQJTBBNJOPBDJENPUJGLOPXOBT UIF 4&5 EPNBJO m B GBNJMZ PG SFHVMBUPSZ QSPUFJOT
FODPEFECZHFOFTTVDIBT46113&44030'7"3 *&("5*0/ &/)"/$&3 0' ;&45& BOE 53* 5)03"91PMZDPNCQSPUFJOTBSFBTUSVDUVSBMMZEJT QBSBUFTFUPGQSPUFJOTUIBUIBWFUIFJOUSJHVJOHBCJMJUZ UPGVODUJPOBTHFOFTJMFODFSTCZDPOUSPMMJOHUIFOPS NBMPOFXBZUSBēDPGUSBOTDSJQUJPOGBDUPSTUP%/" ѮF QSPUFJO QSPEVDUT PG UIF .&" '*& BOE '*4 HFOFTIBWFDMPTFBēOJUJFT UIVTSFJOGPSDJOHUIFWJFX UIBUUIFZBSFQBSUPGBDPNQMFYUIBUEFUFSNJOFTUIF FYQSFTTJPOPGSFHVMBUPSZHFOFTEVSJOHTFFEEFWFMPQ NFOUѮF'*&HFOFQSPEVDUTIBSFTTUSPOHTJNJMBSJ UJFTXJUIBTFDPOETVCHSPVQPGQPMZDPNCQSPUFJOT XIPTF EFêOJOH DIBSBDUFSJTUJD JT UIF QSFTFODF PG B 8%EPNBJO m B UP BNJOP BDJE SFQFBU VOJU UIBU VTVBMMZ FOET XJUI B USZQUPQIBOBTQBSUJD BDJE QBJS1SPUFJOTJOUIJTTVCHSPVQBSFFODPEFECZ%SP TPQIJMB&953"4&9$0.#4 &4$ BOENPVTFBOE IVNBO &.#3:0/*$ &$50%&3. %&7&-01 .&/5 &&% HFOFT 0IBE FU BM ѮF QPMZ DPNCQSPUFJOXJUIUIF4&5EPNBJOIBTSFTVSGBDFE JO'*4 DPOTJEFSFEBTBMMFMJDUP.&"
' B'*& MJLFHFOF
BOE&.# BQSFWJPVTMZSFQPSUFEHFOF UIBU DBVTFT EFGFDUT JO FNCSZP EFWFMPQNFOU SFBT TJHOFEBTBO.&"HFOFBMMFMF $BTUMFFUBM,J ZPTVFFUBM-VPFUBM ѮFPOMZIPMEPVU GSPNUIFQPMZDPNCOFUTFFNTUPCFUIF'*4HFOF XIPTFQSPUFJOJTQSFEJDUFEUPDPOUBJOB[JODêOHFS NPUJG BOE UISFF OVDMFBS MPDBMJ[BUJPO TJHOBMT TVH HFTUJOH UIBU JU JT MJOLFE UP UIF USBOTDSJQUJPOBM NB DIJOFSZ -VPFUBM *OHFOFSBMUFSNT UIFQPMZDPNCQSPUFJOTNBZCF UIPVHIU UP SFHVMBUF CZ IJUIFSUP VOLOPXO NFDIB OJTNT UBSHFUHFOFTJOWPMWFEJODFMMQSPMJGFSBUJPOJO UIFFNCSZPBOEFOEPTQFSNPGEFWFMPQJOHTFFETPG "SBCJEPQTJT,ÕIMFSFUBM C IBWFBTTJHOFEUIF ."%4CPYHFOF1)&3&4 1)& UIFLFZSPMFPG BEPXOTUSFBNUBSHFUGPSUSBOTDSJQUJPOBMSFQSFTTJPO CZ '*4DMBTT QSPUFJO QSPEVDUT CBTFE PO UIF USBO TJFOUFYQSFTTJPOPG1)&HFOFJOTFFETPGXJMEUZQF QMBOUT DPOUBJOJOH QSFHMPCVMBS TUBHF FNCSZPT BOE UIFDPOTJEFSBCMZIJHIMFWFMPG1)&FYQSFTTJPOJO UIF TFFET PG êTDMBTT NVUBOUT 8JUI GPDVT PO UIF NFB NVUBOU UIJT XPSL BMTP TIPXFE UIBU IJHI MFW FMT PG FYQSFTTJPO PG UIF 1)& HFOF JO UIF NVUBOU JTDBVTBMMZMJOLFEXJUITFFEBCPSUJPO BOEUIBUJUJT QPTTJCMF UP SFTDVF UIF TFFE BCPSUJPO QIFOPUZQF JO UIFNVUBOUCZSFEVDJOHUIF1)&FYQSFTTJPOMFWFM ѮFTFSFTVMUTêUXFMMXJUIUIFQSPQPTFESPMFPGQPMZ DPNC QSPUFJOT JO "SBCJEPQTJT FNCSZPHFOFTJT "O
ɫɧ "TZNNFUSZJO1BSFOUBM(FOPNF$POUSJCVUJPOT
PUIFSJOWFTUJHBUJPOIBTTIPXOUIBUUIF1)&HFOF EJTQMBZTBQSFGFSFOUJBMQBUFSOBMFYQSFTTJPO XJUIUIF NBUFSOBMBMMFMFSFNBJOJOHSFQSFTTFECZUIFFĒFDUPG UIF.&"HFOF ,ÕIMFSFUBM 4JMFODJOHPG1BUFSOBM(FOFT *O UIF XPSL PO UIF NFB NVUBOU EFTDSJCFE FBSMJFS JOTJUVIZCSJEJ[BUJPOTIPXFEUIFQSFTFODFPG.&" N3/"JOUIFTZOFSHJET FHH BOEDFOUSBMDFMMCFGPSF GFSUJMJ[BUJPO JOEJDBUJWFPGNBUFSOBMUSBOTDSJQUJPOPG UIF.&"HFOFJOUIFGFNBMFHBNFUPQIZUFPG"SBCJ EPQTJTѮFSFXBTBQFSTJTUFOUQSFTFODFPGUSBOTDSJQUT JOUIFDFMMTPGUIFFNCSZPBOEFOEPTQFSNBѫFSGFS UJMJ[BUJPO QSPCBCMZEVFUP[ZHPUJDUSBOTDSJQUJPO"O JNQSPWFE JO TJUV IZCSJEJ[BUJPO QSPDFEVSF UIBU BM MPXFERVBOUJUBUJPOBOEEFUFDUJPOPGOVDMFBSEPUTBT TPDJBUFEXJUIOBTDFOUHFOFUSBOTDSJQUTBMTPSFWFBMFE UIBU OVDMFBS EPUT QSFTFOU JO UIF USJQMPJE QSJNBSZ FOEPTQFSNOVDMFVTBSFPGUIFNBUFSOBMMZJOIFSJUFE .&"BMMFMF BOEOPUPGUIFQBUFSOBMBMMFMFѮJTSBJTFT UIF RVFTUJPO BT UP XIFO UIF QBUFSOBM HFOPNF CF DPNFTBDUJWFEVSJOHUIFQPTUGFSUJMJ[BUJPOJOUFSMVEF ѮBU QBUFSOBMMZ JOIFSJUFE .&" BMMFMFT BSF TJMFODFE EVSJOHEFWFMPQNFOUPGUIFFNCSZPBOEFOEPTQFSN XBTTIPXOCZFYBNJOJOH.&"HFOFFYQSFTTJPOCZ SFWFSTFUSBOTDSJQUJPO QPMZNFSBTF DIBJO SFBDUJPO 351$3 BOBMZTJTPG3/"QSFQBSFEGSPNFNCSZP CFBSJOHTJMJRVFTPGSFDJQSPDBMDSPTTFTCFUXFFOXJME UZQFBOEBNFBNVUBOUBMMFMF 7JFMMF$BM[BEBFUBM 0OFRVFTUJPOSBJTFECZUIFEJĒFSFOUJBMGVOD UJPOJOHPGUIFNBUFSOBMBOEQBUFSOBMHFOFTJTIPX UIFEFWFMPQNFOUPGUIFFOEPTQFSNBOEFNCSZPDBO QSPDFFE CZ JOIFSJUBODF PG B XJMEUZQF BMMFMF GSPN UIFGFNBMF CVUOPUGSPNUIFNBMFHBNFUPQIZUF"E EJUJPOBMFYQFSJNFOUTIBWFQSPWJEFEDMFBSFWJEFODF UP TIPX UIBU UIF FYQSFTTJPO PG QBUFSOBM BMMFMFT JT GSFRVFOUMZEFMBZFEEVSJOHFNCSZPHFOFTJTBOETFFE EFWFMPQNFOU BOE UIBU UIF TJMFODJOH PDDVST BU UIF USBOTDSJQUJPOBM MFWFM CZ HFOPNJD JNQSJOUJOH ѮJT QSPDFTT XIJDIJTBMNPTUVOJWFSTBMMZSFMFWBOUJOBOJ NBMTZTUFNT CVUNVDIMFTTTPJOQMBOUT SFQSFTFOUT BTJUVBUJPOXIFSFUIFUXPQBSFOUBMBMMFMFTPGBHFOF NBZTIPXEJĒFSFOUJBMBDUJWJUZEVSJOHEFWFMPQNFOU PG UIF [ZHPUF MFBEJOH JO FYUSFNF DBTFT UP TPNF HFOFT CFJOH FYQSFTTFE QSFEPNJOBOUMZ GSPN POF PG UIFQBSFOUBMDISPNPTPNFTPOMZUIFHFOPNFPGUIF PUIFSQBSFOUJTLFQUUSBOTDSJQUJPOBMMZJOFSUCZUIFTJ
ώύϒ
MFODJOH NFDIBOJTN XIJDI QSFTVNBCMZ CMPDLT UIF OPSNBMëPXPGUSBOTDSJQUJPOGBDUPSTѮJTSFTVMUTJO HFOFTCFJOHFYQSFTTFEPSTJMFODFEBDDPSEJOHUPUIFJS QBSFOUBM PSJHJO (SPTTOJLMBVT FU BM 0CWJ PVTMZ HFOPNJDJNQSJOUJOHDPOUSBWFOFTUIFFYQFDUB UJPOPGFRVBMQBSUJDJQBUJPOPGUIFHFOPNFJOIFSJUFE GSPN CPUI QBSFOUT JO EFWFMPQNFOU BOE JO UIF BC TFODFPGQBUFSOBMMZJOIFSJUFEBMMFMFT FBSMZEJWJTJPOT PG UIF [ZHPUF BSF QSFTVNFE UP CF QSPHSBNNFE CZ UIFJS NBUFSOBM DPQJFT NBUFSOBM JNQSJOUJOH 0OF DSJUJDBM QJFDF PG FWJEFODF GPS HFOPNJD JNQSJOUJOH IBT DPNF GSPN UIF BOBMZTJT PG QBSFOUBM DISPNP TPNFTQFDJêD FYQSFTTJPO PG B DMVTUFS PG HFOFT EVSJOH FNCSZPHFOFTJT BOE TFFE EFWFMPQNFOU JO SFDJQSPDBM DSPTTFT CFUXFFO XJMEUZQF BOE USBOT QPTBOUTPG"SBCJEPQTJTUIBUIBSCPSBSFQPSUFSHFOF DPOTUSVDUUPNPOJUPSHFOFFYQSFTTJPO*UXBTGPVOE UIBU GPMMPXJOH JOJUJBM USBOTDSJQUJPOBM JOBDUJWJUZ QB UFSOBMDPQJFTPGUIFHFOFTCFDPNFBDUJWFPOMZBѫFS TFFE EFWFMPQNFOU IBT QSPHSFTTFE GPS NPSF UIBO PS EBZT BѫFS GFSUJMJ[BUJPO XIFO UIF FNCSZP IBT QSPEVDFE m DFMMT .BLJOH B DBTF GPS B HMPCBM QBUFSOBMHFOFTJMFODJOHEVSJOHFNCSZPHFOFTJT UIF QSPUFJO QSPEVDUT PG TPNF PG UIF HFOFT TIPXJOH EFMBZFE QBUFSOBM FYQSFTTJPO IBWF CFFO BTTPDJBUFE XJUIJNQPSUBOUDFMMVMBSGVODUJPOTTVDIBTDFMMDZDMF SFHVMBUJPO USBOTDSJQUJPO BOE UIF BTTFNCMZ PG QSP UFJOTFDPOEBSZTUSVDUVSFѮFTFPCTFSWBUJPOTNBLF BDPNQFMMJOHDBTFUIBUUIFNPMFDVMBSFĒFDUPOUIF FNCSZPPGJOIFSJUJOHNBUFSOBMBMMFMFTPG.&"BOE PUIFSHFOFTJTUIFTJMFODJOHPGQBUFSOBMMZJOIFSJUFE BMMFMFTCZHFOPNJDJNQSJOUJOH 7JFMMF$BM[BEBFUBM "OPUIFS TUVEZ TIPXFE UIBU JO UIF QSPHFOZ PG DSPTTFT CFUXFFO UXP "SBCJEPQTJT FDPUZQFT POMZ UIF NBUFSOBM .&" BMMFMF JT EFUFDUFE JO UIF FOEP TQFSNPGTFFETIBSCPSJOHUPSQFEPTIBQFEBOEPMEFS FNCSZPT CVUCPUIQBSFOUBMBMMFMFTBSFFYQSFTTFEJO FNCSZPT PG TJNJMBS BHF ѮF JNQMJDBUJPO PG UIFTF SFTVMUT JT UIBU JO TFFE EFWFMPQNFOU HFOPNJD JN QSJOUJOHEJSFDUMZBĒFDUTUIFFOEPTQFSN CVUOPUUIF FNCSZP XIPTFBCPSUJPOJOUIFNFBNVUBOUJTQSPC BCMZFOHJOFFSFECZTPNFEFGFDUJWFFOEPTQFSNGVOD UJPO ,JOPTIJUBFUBM 6TJOHBSFQPSUFSHFOF DPOTUSVDU UP NPOJUPS HFOF FYQSFTTJPO JO BEEJUJPO UP.&" '*4BOE'*& '*4 HFOFTIBWFBMTPCFFO TIPXO UP CF JNQSJOUFE JO UIF FNCSZP BOE FOEP TQFSNOVSUVSFEJOUIFTBNFFNCSZPTBD -VPFUBM 4JODF %/" NFUIZMBUJPO JT LOPXO UP QMBZ B LFZSPMFJOHFOFTJMFODJOH FYQFSJNFOUTEFNPOTUSBU
ώύϓ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
JOH FNCSZP SFTDVF JO NFB NVUBOUT CZ B SFDFTTJWF NVUBUJPOJOUIF%&$3&"4&*/%/".&5):-" 5*0/ %%. HFOF m XIJDI BĒFDUT DISPNBUJO DPOGPSNBUJPOBOESFEVDFTNFUIZMBUJPOMFWFMTJOUIF HFOPNFmBSFPGJOUFSFTUѮFDSVDJBMPCTFSWBUJPOJT UIBU XIFO NFB.&" IFUFSP[ZHPVT QMBOUT BSF QPM MJOBUFE XJUI IPNP[ZHPVT EENEEN QPMMFO UIF TVQQSFTTJPO PG NFB TFFE BCPSUJPO CZ EEN NVUB UJPOBMMPXTNBOZFNCSZPTUPDPNQMFUFNPSQIPHFO FTJT BOEFWFOTVSQBTTHSPXUIPGXJMEUZQFFNCSZPT 7JFMMF$BM[BEBFUBM:BEFHBSJFUBM *UJT OPULOPXOXIFUIFSBDUJWBUJOHTJMFODFEHFOFTCZUIF EENNVUBUJPODBOPWFSDPNFEFGFDUJWFFOEPTQFSN EFWFMPQNFOUJOêTNVUBOUTBTEFTDSJCFEJO$IBQ PUIFSDSPTTFTMFBEJOHUPNFUIZMBUJPODIBOHFTIBWF CFFO FĒFDUJWF JO SFTUPSJOH OPSNBM FOEPTQFSN HSPXUI JO TPNF êT NVUBOUT 5SBOTDSJQUJPOBM EFMBZ PG QBUFSOBM BMMFMFT PG FNCSZPFOEPTQFSNFY QSFTTFE HFOFT EVSJOH HSBJO EFWFMPQNFOU JO NBJ[F IBTSFDFOUMZCFFOSFQPSUFE (SJNBOFMMJFUBM %FTQJUF FWJEFODF GSPN UIF TUVEJFT DJUFE BCPWF UIF QSFDJTF NFDIBOJTN CZ XIJDI BO JNQSJOU JT DPOGFSSFE PO UIF NBUFSOBM HFOFT UP UIF FYDMVTJPO PG QBUFSOBM BMMFMFT SFNBJOT FMVTJWF .PSFPWFS UIF FYJTUFODF PG B EJĒFSFOUJBM HFOPNFXJEF QBSFOUBM FĒFDUPOFBSMZEFWFMPQNFOUPGUIFFNCSZPBOEFO EPTQFSN BT B HMPCBM PS BT BO BMMPSOPOF QIFOPN FOPO IBT CFFO RVFTUJPOFE BOE FWJEFODF IBT CFFO QSFTFOUFEGPSBOFBSMZ CVUMPXQBUFSOBMFĒFDUJOFN CSZPTPG"SBCJEPQTJT #BSPVYFUBM7JFMMF$BM [BEBFUBM8FJKFSTFUBMB BOEJONBJ[F [ZHPUFTPCUBJOFECZJOWJUSPGFSUJMJ[BUJPO 4DIPMUFO FUBM ѮF130-*'&3" 13- HFOFPG"SBCJ EPQTJT FODPEFT B QSPUFJO UIBU SFHVMBUFT %/" SFQMJ DBUJPOJOEJWJEJOHDFMMT BOEPOUIFCBTJTPGHFOFUJD FWJEFODF BQQFBST UP CF QSFGFSFOUJBMMZ USBOTDSJCFE GSPN UIF NBUFSOBMMZ DPOUSJCVUFE HFOPNF FYQSFT TJPO PG UIF HFOF GSPN CPUI QBUFSOBMMZ BOE NBUFS OBMMZTVQQMJFEBMMFMFTJOUIFEFWFMPQJOHFNCSZPBOE FOEPTQFSN EFNPOTUSBUFE CZ JO TJUV IZCSJEJ[BUJPO VTJOH B SFQPSUFS HFOF IBT OFWFSUIFMFTT SVMFE PVU JNQSJOUJOHPGUIJTHFOF 4QSJOHFSFUBM ѮF DBQVMFU DBQBOEDBQ NVUBOUTPG"SBCJEPQTJTIBWF CFFO GPVOE UP CF GFNBMF HBNFUPQIZUJD EJTQMBZJOH NBUFSOBM FĒFDUT PO FNCSZP BOE FOEPTQFSN EFWFM PQNFOU6OBNCJHVPVTFWJEFODFJT IPXFWFS GPVOE XBOUJOH UP TVQQPSU JNQSJOUJOH PG UIF $"1 HFOFT SBUIFS TFWFSBM HFOFUJD BOE NPMFDVMBS DSJUFSJB IBWF MFEUPUIFTVHHFTUJPOUIBUUIFTFHFOFTSFQSFTFOUUSVF
GFNBMFHBNFUPQIZUFHFOFTSFRVJSFEUPJOJUJBUFEJWJ TJPOTJOUIFQSPEVDUTPGEPVCMFGFSUJMJ[BUJPO (SJOJ FUBM *OTVNNBSZ FWJEFODFJTQJMJOHVQUPTIPXUIBU GBS GSPNCFJOHVOEFSUIFDPOUSPMPGCPUIQBUFSOBMBOE NBUFSOBM HFOPNFT UIF MBUUFS FYFSDJTFT BO PWFSSJE JOH DPOUSPM PWFS UIF êSTU GFX SPVOET PG EJWJTJPOT PG UIF [ZHPUF BOE UIF FOEPTQFSN OVDMFVT EVSJOH TFFEGPSNBUJPO 3FZFTBOE(SPTTOJLMBVT *O NPTU DBTFT UIF BCTFODF PG QSFGFSUJMJ[BUJPO FYQSFT TJPOPGNBUFSOBMBMMFMFTIBTOPUCFFOEFNPOTUSBUFE DPOWJODJOHMZ FOPVHI UP DPODMVEF XIFUIFS HFOF BDUJWJUZ PCTFSWFE JO UIF [ZHPUF PS JO UIF QSJNBSZ FOEPTQFSNOVDMFVTJTDBVTFECZOFXMZUSBOTDSJCFE NBUFSOBM N3/"T PS CZ USBOTDSJQUT QSFTFOU JO UIF DFMMT PG UIF QSFGFSUJMJ[BUJPO FNCSZP TBD 6OEPVCU FEMZ VOEFSTUBOEJOHUIFSPMFPGNBUFSOBMUSBOTDSJQUT JO JOJUJBUJOH EFWFMPQNFOU JO ëPXFSJOH QMBOUT IBT CFDPNF NPSF DPNQMFY UIBO JO BOJNBM TZTUFNT JO QBSU CFDBVTF PG UIF PDDVSSFODF PG EPVCMF GFSUJMJ[B UJPO BOE UIF HFOFUJDBMMZ JOUSBDUBCMF OBUVSF PG UIF QMBOUMJGFDZDMF BMUFSOBUJOHCFUXFFOEPNJOBOUTQP SPQIZUJDBOESFMBUJWFMZJODPOTQJDVPVTHBNFUPQIZUJD HFOFSBUJPOT
(FOF"DUJWJUZEVSJOH1SPHSFTTJWF &NCSZPHFOFTJT
ѮF NPMFDVMBS NFDIBOJTNT JOWPMWFE JO UIF SFHVMB UJPO PG HFOF FYQSFTTJPO EVSJOH USBOTGPSNBUJPO PG UIFGFSUJMJ[FEFHHJOUPUIFFNCSZPJOBQSFDJTFUFN QPSBM GSBNFXPSL IBWF MPOH CFFO B NBKPS GPDVT PG JOUFSFTU PG FYQFSJNFOUBM QMBOU FNCSZPMPHJTUT #Z FNQMPZJOH NPMFDVMBS BOE HFOFUJD BQQSPBDIFT UP CFBS PO UIJT QSPCMFN POMZ MBUFMZ IBT TJHOJêDBOU QSPHSFTTCFFONBEFUPXBSEJEFOUJGZJOHUIFHFOFUJD IJFSBSDIJFT DSJUJDBMMZ JOWPMWFE JO FNCSZP EFWFMPQ NFOU JO ëPXFSJOH QMBOUT *OWFTUJHBUJPOT CZ (PME CFSH FU BM B C BOE (BMBV BOE %VSF
DPNQBSJOH UIF N3/" DPNQMFYJUZ PG FN CSZPTPGTPZCFBOBOEDPUUPO SFTQFDUJWFMZ CZ%/" 3/" IZCSJEJ[BUJPOT XJUI EJĒFSFOU FNCSZP 3/" QPQVMBUJPOT IBWF CFFO QBSUJDVMBSMZ JOëVFOUJBM JO QSPWJEJOH B RVBOUJUBUJWF BOHMF UP FNCSZP HFOF FY QSFTTJPO QSPHSBNT #PUI QMBOUT BMTP QSPWJEF JEFBM NPEFM TZTUFNT UP NPOJUPS DIBOHFT JO UIF QPQVMB UJPO PG N3/"T EVSJOH DPNQBSBCMF QFSJPET DIBS BDUFSJ[JOH NBKPS NPSQIPMPHJDBM BOE QIZTJPMPHJDBM
ɫɨ (FOF"DUJWJUZEVSJOH1SPHSFTTJWF&NCSZPHFOFTJT
MBOENBSLTPGFNCSZPHFOFTJT"HFOFSBMUIFNFUIBU FNFSHFE GSPN UIPTF TUVEJFT XBT UIBU BT JO WFH FUBUJWF QMBOU PSHBOT BCPVU m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ëBWPSJTUIFQSFTFODF PGBTNBMMOVNCFSPGFNCSZPTQFDJêDN3/"TUIBU CFDPNF QSFWBMFOU BU EJĒFSFOU TUBHFT PG FNCSZP HFOFTJT ѮF DIBOHFT JO UIFTF BOE PUIFS BCVOEBOU N3/"TFUTEVSJOHFNCSZPHFOFTJTBOEHFSNJOBUJPO PG DPUUPO FNCSZPT BSF TIPXO JO 'JH TVQFSJN QPTFEPOUIJTEJBHSBNBSFUIFBCVOEBODZDIBOHFT JO TUPSBHF QSPUFJO NFTTBHFT JO TPZCFBO FNCSZPT HSPVQ GSPNUPQ .PEVMBUJPOTJOUIFBCVOEBODF PGN3/"TPGDPUUPOFNCSZPTXFSFGPMMPXFEJOUXP EJNFOTJPOBM HFMT CZ JEFOUJGZJOH TUBJOBCMF FYUBOU QSPUFJOTXIPTFN3/"TBSFOPMPOHFSQSFTFOU BOE SBEJPBDUJWFMZ MBCFMJOH PG JO WJWP TZOUIFTJ[FE QSP UFJOTBOEUIFJSDPSSFTQPOEJOHN3/"TBTEFUFDUFE CZJOWJUSPQSPUFJOTZOUIFTJTѮFQSFTFODFPGBQSP UFJOJOUIFJOWJWPTZOUIFTJTDBUBMPHEPFTOPUQSPWF POJUTPXOUIBUUIFQSPUFJOFNBOBUFTGSPNBCVOEBOU N3/"TѮFBEEJUJPOBMMJOLJOHPGJUTQSFTFODFUPUIF JOWJUSPTZOUIFTJTDBUBMPHIBTCFFOVTFEBTFWJEFODF UPDPOêSNUIJTBTTVNQUJPO0GUIFDPUUPOFNCSZP N3/"TUIVTJEFOUJêFE UIPTFPGHSPVQ FODPEJOH BDUJO UVCVMJO BOEDBMNPEVMJO IBWFTUSPOHTVSWJWBM JOTUJODUT BTUIFZQFSTJTUUISPVHIPVUFNCSZPHFOFTJT BOEHFSNJOBUJPO#FDBVTFXIBUJTSFRVJSFEGPSFBSMZ FNCSZPHFOFTJTJTMJLFMZUPCFEJĒFSFOUGSPNXIBUJT SFRVJSFEGPSMBUFFNCSZPHFOFTJT OPGVODUJPOTIBWF CFFOBTTJHOFEGPSQSPUFJOTEFSJWFEGSPNN3/"TPG HSPVQT BOE*ODPOUSBTU UIFGVODUJPOPGUSBO
ώύϔ
TDSJQUTFODPEJOHTUPSBHFQSPUFJOT USZQTJOJOIJCJUPST BOE MFDUJO BCVOEBOUMZ GPVOE JO TPZCFBO FNCSZPT JT êOFUVOFE UP CF PQUJNBM EVSJOH FNCSZP NBUV SBUJPOXIFOGPPESFTFSWFTBDDVNVMBUF0OFPGUIF NPTUSFNBSLBCMFN3/"TJTJODMVEFEJOUIFTVCTFU UIBUFODPEFTUIF-"5&&.#3:0(&/&4*4"#6/ %"/5 -&" QSPUFJOT HSPVQ
GPVOEJOHSFBUFS BCVOEBODF JO NBUVSF FNCSZPT UIBO JO ZPVOH PS HFSNJOBUFE FNCSZPT 4JODF UIF GVODUJPOT PG -&" QSPUFJOT BSF EJTDVTTFE JO B MBUFS DIBQUFS TVēDF JU IFSFUPTUBUFUIBUUIFTFQSPUFJOT êSTUDIBSBDUFSJ[FE JODPUUPOFNCSZPT IBWFBMTPCFFOJEFOUJêFEJOFN CSZPTPGPUIFSQMBOUTJOSPMFTEFTJHOFEUPPWFSDPNF EFTJDDBUJPOSFMBUFETUSFTT %VSFFUBM(BMBVFU BM(PMECFSHFUBM
'JHɫɧ3FHVMBUJPOPGQSFWBMFOUN3/"TFRVFODFTFUTEVSJOH FNCSZPHFOJDBOEQPTUFNCSZPHFOJDEFWFMPQNFOUJODPUUPO BOETPZCFBOѮFUIJDLOFTTPGFBDICBSSFQSFTFOUTUIFQSFWB MFODFPGFBDIN3/"TFU5BQFSJOHPGFBDICBSTIPXTQFSJPET PGBDDVNVMBUJPOPSEFDBZPGUIFN3/"TFU 3FQSJOUFEGSPN (PMECFSHFUBM
&BSMZ FĒPSUT BU VOEFSTUBOEJOH UIF SPMF PG HFOFT EVSJOH FNCSZPHFOFTJT GPDVTFE PO UIF TQBUJBM BOE UFNQPSBM QBUUFSOT PG BDDVNVMBUJPO PG EJTUJODU TFUT PGN3/"TBOEQSPUFJOTJOEFWFMPQJOHFNCSZPTPG WBSJPVT QMBOUT JO UIF IPQF UIBU TVDI JOGPSNBUJPO XJMM ZJFME JNQPSUBOU DMVFT BCPVU UIF GVODUJPO PG UIFTF NBDSPNPMFDVMFT JO FNCSZP NPSQIPHFOFTJT 4JODF UIF FYQSFTTJPO QBUUFSOT PG NBSLFS N3/"T EVSJOH FNCSZPHFOFTJT SFQSFTFOU UIF DPNCJOBUJPO
ώύϕ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
PGBGFXUFNQPSBMDPNQPOFOUT UIFNPEVMBSJUZPC TFSWFE NBZ CF DPOTJEFSFE UP SFëFDU UIF FYJTUFODF PG TFRVFOUJBM HFOF FYQSFTTJPO QSPHSBNT FBDI BDUJ WBUFECZBEJTUJODUSFHVMBUPSZGBDUPS*OMBUUFSZFBST BëVSSZPGBDUJWJUZVTJOHDMPOFEHFOFTIBTTUSFOHUI FOFE UIJT HFOFSBMJ[BUJPO BT NPSF BOE NPSF HFOFT FODPEJOHIPVTFLFFQJOHQSPUFJOTBOEUSBOTDSJQUJPO GBDUPST JOWPMWFE JO FNCSZP EFWFMPQNFOU BOE FN CSZPFYQSFTTFE HFOFT FODPEJOH QSPUFJOT JOWPMWFE JONBJOUBJOJOHUIFHFOFSBMBSDIJUFDUVSFPGUIFBEVMU QMBOU IBWFDPNFUPMJHIUѮFTFJOWFTUJHBUJPOTIBWF CFFOTVNNBSJ[FEJOBOFBSMJFSQVCMJDBUJPO 3BHIB WBO " GFX PG UIF HFOFT JODMVEFE JO UIFTF HSPVQTUIBUIBWFMBUFSCFFODIBSBDUFSJ[FEGVODUJPO BMMZ PS BU UIF FYQSFTTJPO MFWFM JO "SBCJEPQTJT BSF UIF ,"/"%* ,"/
1)"#6-04" 1)#
3&7 0-65" 3&7
5$1 GPS5FPTJOUFCSBODIFE $Z DMPJEFB BOE 1$'
BOE "3(0/"65& "(0 HFOFT JNQMJDBUFE JO UIF QFSDFQUJPO PG SBEJBM BOE BEBYJBMBCBYJBM QPTJUJPOBM JOGPSNBUJPO JO UIF MFBG QSJNPSEJVN FYQSFTTFE JO NPTU TUBHFT PG EFWFMPQ JOH FNCSZPT ,FSTUFUUFS FU BM .D$POOFMM FU BM &NFSZ FU BM 1BMBUOJL FU BM ,JEOFS BOE .BSUJFOTTFO "SBCJEPQTJT UIBMJ BOB)0.&0#09 "UIC
BIPNFPCPYHFOFFY QSFTTFEBTBOFBSMZNBSLFSPGWBTDVMBSUJTTVFTJOUIF UPSQFEPTIBQFE FNCSZP #BJNB FU BM #3& 7*1&%*$&--64 #1
XIJDI DPOUSPMT TUFN BOE MFBG BSDIJUFDUVSF BOE JT UVSOFE PO JOJUJBMMZ JO UIF QSFTVNQUJWFIZQPDPUZMUJTTVFPGMBUFHMPCVMBSTUBHF FNCSZPBOEQFSTJTUTJOUIFIZQPDPUZMPGMBUFSTUBHF FNCSZPT %PVHMBTFUBM UIF."%4CPYHFOF "(".064-JLF "(- FYQSFTTFEJOHMPCVMBS UP UPSQFEPTIBQFE FNCSZPT #VSHFĒ FU BM 1-4 NPEVMBUJOH SPPU HSPXUI FYQSFTTFE JO IFBSU TIBQFE BOE PMEFS FNCSZPT $BTTPO FU BM +"((&% +"(
OFDFTTBSZGPSQSPQFSMBUFSBMPSHBO TIBQF FYQSFTTFE JO DFMMT PG UIF DPUZMFEPO QSJNPS EJBPGUSBOTJUJPOTIBQFEBOEPMEFSFNCSZPT 0IOP FU BM BOE #-"%&0/1&5*0-& #01
XIJDI SFHVMBUFT UIF QSPYJNBMEJTUBM EJĒFSFOUJBUJPO PGUIFMFBGQSJNPSEJVN BOEJTFYQSFTTFEBUUIFCBTF PG EFWFMPQJOH DPUZMFEPOT DMPTF UP UIF TIPPU BQJDBM NFSJTUFN PG UPSQFEPTIBQFE BOE PMEFS FNCSZPT )B FU BM *OUFSFTUJOHMZ UIF GVODUJPO PG UIF 5$1 BOE "(0 HFOFT UIBU DPOUSPM PSHBO QPMBSJUZ CFHJOOJOHJOUIFEFWFMPQJOHFNCSZPTJTCFMJFWFEUP CF SFHVMBUFE CZ OFXMZ EJTDPWFSFE TNBMM 3/" NPM FDVMFTLOPXOBTNJDSP3/"T 1BMBUOJLFUBM ,JEOFSBOE.BSUJFOTTFO
(FOF&YQSFTTJPOEVSJOH&BSMZ&NCSZPHFOFTJT ѮF NPMFDVMBS NFDIBOJTNT UIBU SFHVMBUF QBUUFSO TQFDJêDEJĒFSFOUJBUJPOEVSJOHFNCSZPHFOFTJTXFSF SFWJFXFEJO$IBQIFSF XFDPOTJEFSTUVEJFTUIBU IBWF TIBQFE PVS WJFXT PO HFOF FYQSFTTJPO EVSJOH SFHJPOTQFDJêD EJĒFSFOUJBUJPO PG FNCSZPT BOE PO UIF HFOF QSPEVDUT FTTFOUJBM GPS UIJT QSPDFTT ѮJT NJHIU BQQFBS UP CF B GPSNJEBCMF VOEFSUBLJOH BT IJHI EFOTJUZ êMUFS BSSBZ IZCSJEJ[BUJPOT IBWF SF WFBMFE UIF FYJTUFODF PG OFBSMZ USBOTDSJQUJPO GBDUPSHFOFTBMPOFDPOUSPMMJOH"SBCJEPQTJTFNCSZP HFOFTJT EF'PMUFSFUBM BOEBTNBMMFSOVNCFS PGEJWFSTFDBOEJEBUFHFOFTDPOUSPMMJOHSJDFFNCSZP HFOFTJT -BO FU BM *O UIF QBTU HFOF FYQSFT TJPOTUVEJFTJOUIFFHHDFMMBOEUIFOBTDFOU[ZHPUF IBWFCFFOIBNQFSFECZUIFEJēDVMUZPGFYUSBDUJOH UIFTFDFMMTGSPNUIFFNCSZPTBDѮFEFWFMPQNFOU PG UFDIOJRVFT UP JTPMBUF HBNFUFT QSJODJQBMMZ GSPN NBJ[FBOEGVTFUIFNJOWJUSPUPGPSNWJBCMF[ZHPUFT SFQSFTFOUTBNBKPSBEWBODFJOUIFTUVEZPGHFOFFY QSFTTJPOQSPHSBNTEVSJOHUIFUSBOTGPSNBUJPOPGFHH JOUP[ZHPUF6TJOHUIJTTZTUFN 4BVUFSFUBM GPMMPXFEUIFFYQSFTTJPOPG" ;FBNB$ZD"
# ;FBNB$ZD#
BOE# ;FBNB$ZD# HSPVQT PG NJUPUJD $:$-*/ $:$ HFOFT JO JTPMBUFE VO GFSUJMJ[FEFHHDFMMTBOEJOJOWJUSPGFSUJMJ[FEFHHTPG NBJ[F UIJT XPSL TIPXFE UIBU PG UIF UISFF DZDMJOT POMZUIF"$:$HFOFJTFYQSFTTFEJOUIFFHHDFMM "ѫFSBUSBOTJFOUEFDSFBTFJNNFEJBUFMZBѫFSGFSUJMJ[B UJPO "$:$HFOFUSBOTDSJQUTSFBQQFBSMBUFSJOUIF [ZHPUFQSFQBSBUPSZUPJUTêSTUEJWJTJPO5SBOTDSJQUT PG UIF # HFOF BDDVNVMBUF TVCTFRVFOU UP UIPTF PG UIF " HFOF EVSJOH [ZHPUF EFWFMPQNFOU XIFSFBT FYQSFTTJPO PG USBOTDSJQUT PG UIF # HFOF JT IJHIMZ SFTUSJDUFEUPUISFFTIPSUJOUFSWBMTCFGPSFUIFêSTU[Z HPUJDEJWJTJPO*UJTMJLFMZUIBUUIFQSFTFODFPG$:$ HFOFTJOUIFFHHBѫFSGFSUJMJ[BUJPOSFëFDUTUIFSPMFPG [ZHPUJD N3/"T SBUIFS UIBO NBUFSOBMMZ m EFSJWFE NFTTBHFT JOESJWJOHUIFEJWJTJPOTPGUIF[ZHPUFBOE FBSMZFNCSZP6TFPGBO351$3NFUIPEUPHFOFS BUFBD%/"MJCSBSZGSPNMJNJUFEBNPVOUTPGNBUF SJBMIBTJOUSPEVDFEBIPQFGVMOPUFJOUPUIFBSEVPVT UBTLPGJTPMBUJOHBOEJEFOUJGZJOHUIFHFOFTJOWPMWFE JOFWFOUTJNNFEJBUFMZCFGPSFBOEBѫFSGFSUJMJ[BUJPO JOBOHJPTQFSNT"MUIPVHIBD%/"MJCSBSZPGNBJ[F FHH DFMMT XBT DPOTUSVDUFE VTJOH UIJT NFUIPE FY QSFTTJPOBOBMZTJTPGUIFJTPMBUFEDMPOFTJOUIF[ZHPUF BOE FBSMZ FNCSZPT PG NBJ[F VOFBSUIFE OP JNQPS
ɫɨ (FOF"DUJWJUZEVSJOH1SPHSFTTJWF&NCSZPHFOFTJT
UBOUSFHVMBUPSZHFOFTDPOUSPMMJOH[ZHPUFHSPXUIBOE EJWJTJPO %SFTTFMIBVTFUBM3JDIFSUFUBM $PSEUTFUBM )PXFWFS UIJTBQQSPBDIIBTMFE UPUIFJTPMBUJPOPGUXPOFX."%4CPYHFOFTUIBU BSF FYQSFTTFE JO UIF FHH DFMM BT XFMM BT JO [ZHPUFT GPSNFEOPSNBMMZJOUIFFNCSZPTBDBOEBѫFSJOWJUSP GFSUJMJ[BUJPO )FVFS FU BM "T JT XFMMLOPXO ."%4CPY HFOFT QMBZ DSJUJDBM SPMFT JO ëPSBM NFSJ TUFNTQFDJêDBUJPOBOEëPSBMPSHBOJEFOUJUZ BOEFO DPEFQSPUFJOTUIBUGVODUJPOBTUSBOTDSJQUJPOGBDUPST 'SPN B D%/" MJCSBSZ DPOTUSVDUFE VTJOH JO WJUSP GFSUJMJ[FE[ZHPUFTPGNBJ[F %SFTTFMIBVTFUBM JTPMBUFEBGVMMMFOHUIDMPOFPGDBMSFUJDVMJO BNBKPS $Bí TUPSBHFQSPUFJOPGUIF&3"SPMFGPSDBMSFUJDV MJO JO UIF TZOUIFTJT PG OFX DFMM XBMM NBUFSJBMT BOE QSPUFJOT GPS UIF JNQFOEJOH EJWJTJPO PG UIF [ZHPUF JTTVQQPSUFECZUIFPCTFSWBUJPOUIBUUSBOTDSJQUTPG UIJTHFOFBSFNPSFTUSPOHMZFYQSFTTFEJOUIF[ZHPUF UIBOJOUIFFHHDFMM&YQSFTTJPOTUVEJFTPGSJCPTPNBM HFOFTPCUBJOFECZTDSFFOJOHD%/"MJCSBSJFTNBEF GSPN FHH DFMMT BOE GSPN JO WJUSP GFSUJMJ[FE [ZHPUFT IBWFBMTPCFFOJOGPSNBUJWFJOTIPXJOHUIBUEJĒFSFOU NPEFTPGSFHVMBUJPOPGUIFTFHFOFTPQFSBUFEVSJOH [ZHPUJD BOE TPNBUJD DFMM DZDMFT PG NBJ[F %SFTTFM IBVTFUBM $POTUSVDUJPOPGDFMMUZQFTQFDJêD D%/"MJCSBSJFTVTJOHJTPMBUFEFHHDFMMTBOEEFêOFE TUBHFTPG[ZHPUFTBOEQSPFNCSZPTIBTSFDFOUMZCFFO FYUFOEFE UP XIFBU UP JEFOUJGZ TFWFSBM GFSUJMJ[BUJPO JOEVDFEUSBOTDSJQUT 4QSVODLFUBM "OFX."%4CPYHFOFGSPNSBQFTFFE #SBTTJDB OBQVT
EFTJHOBUFE "(- IBT FOUFSFE UIF TUBHF UP BEWBODF UIF BOBMZTJT PG HFOF BDUJPO EVSJOH FN CSZPHFOFTJT ѮF TVHHFTUJPO UIBU UIF "(- HFOF JT DFOUSBMMZ JNQPSUBOU JO FNCSZP TQFDJêDBUJPO IBT CFFODPOTPMJEBUFECZUIFêOEJOHUIBUUSBOTDSJQUTPG UIF HFOF BDDVNVMBUF JO B IJHIMZ QSFGFSFOUJBM NBO OFS JO BMM FNCSZPHFOJD UJTTVFT PG "SBCJEPQTJT # OBQVT BOE NBJ[F CFHJOOJOH BT FBSMZ BT UIF HMPC VMBS TUBHF " DPNQMFNFOUBSZ JOTJHIU QSPWJEFE CZ "(-TQFDJêD BOUJCPEJFT BOE JNNVOPIJTUPDIFN JTUSZTIPXJOHMPDBMJ[BUJPOPGUIF"(-QSPUFJOJO UIF OVDMFJ PG FNCSZPT IBT BMTP CFFO JOTUSVNFOUBM JOTVQQPSUJOHJUTSPMFBTBUSBOTDSJQUJPOGBDUPSѮJT BQQSPBDI IBT GVSUIFS SFWFBMFE UIF QSFTFODF PG SFM BUJWFMZ IJHI MFWFMT PG "(- QSPUFJO JO UIF OVDMFJ PGDFMMTPGEFWFMPQJOHFNCSZPTCFHJOOJOHXJUIUIF HMPCVMBS UISPVHI UIF UPSQFEPTIBQFE TUBHFT TFF 1MBUF 'JHEmH " DPSSFMBUJPO XBT BMTP PCTFSWFE CFUXFFO UIF BDDVNVMBUJPO PG "(- QSPUFJO BOE EFWFMPQNFOUPGDFMMTJOUPBTFYVBMFNCSZPTCZBQP
ώύϖ
NJYJT TPNBUJDFNCSZPHFOFTJT BOEQPMMFOFNCSZP HFOFTJTJOEJWFSTFQMBOUTѮFUBSHFUUIBUSFTQPOETUP SFHVMBUJPOCZ"(-QSPUFJOBQQFBSTUPCFBHFOF SFHVMBUJOH (" NFUBCPMJTN JO UIF FNCSZP #BTFE POUIFTFSFTVMUT UIF"(-QSPUFJOJTBQQFBMJOHMZ QPSUSBZFE UP QBSUJDJQBUF JO UIF SFHVMBUJPO PG UIF QSPHSBN GSPN QSFDVSTPS DFMMT BDUJWF EVSJOH FBSMZ FNCSZPEFWFMPQNFOUBMTUBHFTѮFPCTFSWFEFYQSFT TJPOPGHFOFUSBOTDSJQUTBOEPSUIFHFOFQSPEVDUJO BMM DFMMT PG EFWFMPQJOH FNCSZPT IPXFWFS XFJHIT BHBJOTU "(- HFOF GVODUJPO JO UIF TQFDJêDBUJPO PGQBSUJDVMBSFNCSZPUJTTVFTPSPSHBOT )FDLFUBM 3PVOTMFZFUBM1FSSZFUBM 8BOHFUBM -PTTPGUIF"(-QSPUFJOGSPN FNCSZPTPG"SBCJEPQTJTIPNP[ZHPVTGPSUIFMFD NVUBUJPO UIBU USBOTGPSNT DPUZMFEPOT JOUP MFBWFT IBTDBTUOFXMJHIUPOUIFSPMFPGUIFQSPUFJOJOUIF NBJOUFOBODF PG UIF DPUZMFEPO QBUIXBZ JO EFWFMPQ JOH FNCSZPT ѮF EFDMJOF JO "(- QSPUFJO MFWFMT QSFDFEFT UIF êSTU EFUFDUJPO PG NVUBUJPOBM EFGFDUT SFTVMUJOHJOUIFJOBDUJWBUJPOPGTFWFSBMFNCSZPTQF DJêDQSPHSBNTJOUIFIFBSUTIBQFEUPSQFEPTIBQFE USBOTJUJPOTUBHFFNCSZPT .FJOLFFUBM1FSSZ FU BM ѮVT XF IBWF MJUUMF JEFB PG UIF FYBDU GVODUJPO PG UIF "(- HFOF JO FNCSZPHFOFTJT PS IPXEFGFDUTJOJUTGVODUJPOBĒFDUUIFQSPDFTT " HFOF UIBU QMBZT B LFZ SPMF BT B NPMFDVMBS NBSLFSGPSUIFHMPCVMBSUPIFBSUTIBQFEUSBOTJUJPO PG EFWFMPQJOH FNCSZPT PG"SBCJEPQTJT JT 1&* "O JOUSJHVJOH PCTFSWBUJPO JT UIBU UIF HFOF FODPEFT B $ZTŏ)JT [JOD êOHFS EPNBJODPOUBJOJOH QSPUFJO HFOFSBMMZBTTPDJBUFEXJUIDFSUBJOBOJNBMBOEGVOHBM USBOTDSJQUJPOGBDUPSTѮJTEJTDPWFSZ BMPOHXJUIUIF êOEJOH UIBU USBOTDSJQUT PG UIF HFOF BSF FYQSFTTFE UISPVHIPVUFNCSZPHFOFTJT XJUINBYJNVNFYQSFT TJPO GSPN IFBSUTIBQFE UISPVHI DPUZMFEPO TUBHFT IBTQSPWFEUPCFBOJNQPSUBOUSFRVJTJUFGPSBTTJHO JOH 1&* UIF TUBUVT PG BO FNCSZPTQFDJêD HFOF " TUSJOHFOUDIBSBDUFSJ[BUJPOPGBDMPOFEHFOFSFRVJSFT UIF VTF PG BOUJTFOTF PS DPTVQQSFTTJPO QFSUVSC JOH UIF FYQSFTTJPO PG B HFOF TJUVBUFE JO POF QMBDF JO UIF HFOPNF CZ JOBDUJWBUJPO PG BOPUIFS DPQZ PG UIF TBNF HFOF TJUVBUFE FMTFXIFSF TUSBUFHJFT UP BG GFDUJUTGVODUJPOJOEFWFMPQJOHFNCSZPT*OLFFQJOH XJUIUIJT USBOTHFOJDQMBOUTFYQSFTTJOHBOBOUJTFOTF DPOTUSVDUPGUIF1&*HFOFXFSFGPVOEUPQSPEVDF PWVMFTJOXIJDIFNCSZPEFWFMPQNFOUXBTTUZNJFE BU UIF IFBSUTIBQFE TUBHF XJUI UIF DBWFBU UIBU UIF FĒFDUT PG UIF BOUJTFOTF HFOF XFSF DPNQMFY SBUIFS UIBO TVCUMF TFF 1MBUF 'JHB C 'SPN B EFUBJMFE
ώώύ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
BOBMZTJTPGBCOPSNBMFNCSZPQIFOPUZQFT UIFGVOD UJPOPGUIFHFOFIBTCFFODPVDIFEJOUFSNTPGUIF USBOTDSJQUJPOGBDUPSBDUJOHJOUIFBQJDBMEPNBJOPG UIF FNCSZP MFBEJOH UP UIF GBJMVSF PG DPUZMFEPO EF WFMPQNFOU XIJMF SPPU HSPXUI JT VOIJOEFSFE -J BOEѮPNBT 4PNF PUIFS SFDSVJUT UP UIF FYQBOEJOH TVJUF PG HFOFT JNQMJDBUFE JO FNCSZP EFWFMPQNFOU JO "SB CJEPQTJT JEFOUJêFE CZ UIFJS FYQSFTTJPO QBUUFSOT JODMVEF B OFX %UZQF PG DZDMJO $:
%$ :"##: :"#
"4,E[FUB "4,ʇ
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êDBUJPOPGBCBYJBMDFMMGBUF JOMBUFSBMPSHBOTJOUIFNBUVSFQMBOUTVDIBTMFBWFT ëPSBMNFSJTUFNT BOEëPSBMPSHBOT*ODMVEFEJOUIJT HFOF GBNJMZ BSF '*-".&/5064 '-08&3 '*-
:"# BOE:"# XIJDIDBSSZFODPEFEXJUIJOUIFJS TUSVDUVSFUIFSFDJQFGPSUSBOTDSJQUJPOGBDUPST5SBO TDSJQUTPGCPUI'*-BOE:"#BOE UPBMFTTFSFYUFOU UIPTFPG:"#TIPXTJNJMBSQBUUFSOTPGFYQSFTTJPO UBSHFUFETPMFMZUPUIFBCBYJBMEPNBJOPGUIFDPUZMF EPOTPGFNCSZPTBUBMMEFWFMPQNFOUBMTUBHFTFYDFQU UIFNBUVSFTUBHF BOEDBOCFDPOTJEFSFEUPTQFDJGZ BCBYJBMDFMMGBUF 4JFHGSJFEFUBM ѮFBDUJPOPG UIFTFHFOFTJOTQFDJGZJOHUIFBCBYJBMGBUFPGMBUFSBM QMBOUPSHBOTJTDPNQMFNFOUFECZPUIFSHFOFTTVDI BT,"/ 3&7 BOE1)# XIJDIBSFBMTPFYQSFTTFE JO EFWFMPQJOH FNCSZPT ,FSTUFUUFS FU BM .D $POOFMMFUBM&NFSZFUBM ѮFQSPUFJO LJOBTFFODPEJOH "4,ʇ HFOF JT FYQSFTTFE JO UIF XIPMF FNCSZP UISPVHIPVU JUT EFWFMPQNFOU BOE DPOUSBTUT XJUI UIF TVTQFOTPSSFTUSJDUFE FYQSFTTJPO $IBQ PGUIFSFMBUFE"4,ʈHFOF %PSOFMBTFUBM ѮSFF4.5HFOFT 4.5 4.5 BOE4.5 JTPMBUFE GSPN "SBCJEPQTJT IBWF CFFO TIPXO UP FO DPEF BO 4BEFOPTZMNFUIJPOJOFEFQFOEFOU $
TUFSPMNFUIZMUSBOTGFSBTFUIBUDBUBMZ[FTUSBOTNFUIZM BUJPO%JTUJODUQBUUFSOTPGFYQSFTTJPOPGUSBOTDSJQUT PG UIFTF HFOFT BSF TFFO JO EFWFMPQJOH "SBCJEPQTJT FNCSZPTTUSPOH4.5FYQSFTTJPOJTDPOêOFEUPUIF SFHJPO CFMPX UIF FNCSZPOJD DPUZMFEPOT 4.5 JT FYQSFTTFEUISPVHIPVUUIFEFWFMPQJOHFNCSZP BOE 4.5JTFYDMVEFEGSPNUIFDFOUSBMWBTDVMBSUJTTVFT CVU JT FYQSFTTFE TUSPOHMZ JO UIF BQJDBM QBSU PG UIF DPUZMFEPOT JOUIFIZQPDPUZM BOESPPUQSJNPSEJVN -PTTPG4.5HFOFGVODUJPOCZBNVUBUJPOQFSUVSCT FNCSZPHFOFTJTTJHOJêDBOUMZ MFBEJOHUPUIFQSPEVD UJPO PG B GPSNMFTT NBTT PG DFMMT *U JT CFMJFWFE UIBU 4.5QSPUFJOTBDUEVSJOHFNCSZPHFOFTJTBTQSFDVS TPST GPS NFNCSBOF MJQJE DPNQPOFOUT BOE TUFSPJE IPSNPOFT %JFOFSFUBM " OPWFM SPMF BUUSJCVUFE UP UIF "SBCJEPQTJT ëPSBM PSHBO JEFOUJUZ HFOF "1&5"-" "1 JT JO DPO USPMMJOH TFFE TJ[F BOE XFJHIU CZ BDUJOH UISPVHI UIF NBUFSOBM TQPSPQIZUF *U IBT CFFO TIPXO UIBU BMPTTPGGVODUJPONVUBUJPOJOUIJTHFOFDBVTFTBO JODSFBTFJOTFFEXFJHIU JOQBSUUISPVHIJUTFĒFDUT PO UIF FOEPTQFSN BOE PO FNCSZP DFMM OVNCFS TJ[F BOE TUPSBHF QSPUFJO BDDVNVMBUJPO +PGVLV FU BM0IUPFUBM "UUIFQIZTJPMPHJDBMMFWFM UIFBQNVUBUJPOBQQBSFOUMZDBVTFTDIBOHFTJOUIF SBUJP PG IFYPTF UP TVDSPTF SFTVMUJOH JO IJHI IFY PTFTVDSPTF SBUJPT EVSJOH TFFE EFWFMPQNFOU ѮF DIBOHFJOTVHBSNFUBCPMJTNNJHIUJOUVSOQSPWPLF JODSFBTFEDFMMEJWJTJPOBDUJWJUZJOUIFFNCSZP 0IUP FUBM $POTJEFSBUJPOPGUIFVOJRVFNPSQIPMPHZPGUIF HSBTT FNCSZP IBT QSPWJEFE B DPOUFYU JO XIJDI UP VOEFSTUBOE UIF SPMF PG TQFDJêD HFOFT BOE UIFJS FO DPEFE QSPUFJOT JO UIF GPSNBUJPO PG FNCSZPOJD PS HBOT"QBSBEJHNMJOLJOHHFOFFYQSFTTJPOXJUIPS HBO GPSNBUJPO EVSJOH FNCSZPHFOFTJT JO NFNCFST PG UIF 1PBDFBF DPNFT GSPN TUVEJFT PO NBJ[F SJDF BOE XIFBU *U XBT NFOUJPOFE JO $IBQ UIBU IP NFPCPYHFOFTTVDIBT,/BOEUIFSFMBUFE04) 0TLO
XIJDI DPOUBJO UIF TJHOBUVSF NPUJG FODPE JOH USBOTDSJQUJPOBM SFHVMBUPST BSF JOWPMWFE JO UIF NBJOUFOBODF PG TIPPU BQJDBM NFSJTUFN JEFOUJUZ JO EFWFMPQJOH FNCSZPT PG NBJ[F BOE SJDF SFTQFD UJWFMZ (FOFT TVDI BT ;N)PY JTPMBUFE GSPN NBJ[F FNCSZPTBSFBEEJUJPOBMNFNCFSTPGUIFIPNFPCPY GBNJMZ UIBU QSPCBCMZ DPOUSPM EFWFMPQNFOUBM EFDJ TJPOT BĒFDUJOH PSHBO BOE DFMM GBUF JO UIF FNCSZP 5SBOTDSJQUTPGUIFTFHFOFTCFHJOUPBQQFBSBTFBSMZ BTUIFQSPFNCSZPTUBHFJONBJ[F BOEQFSTJTUJOEJG
ɫɨ (FOF"DUJWJUZEVSJOH1SPHSFTTJWF&NCSZPHFOFTJT
ώώώ
'JHɫɨ *OTJUVMPDBMJ[BUJPOPGUSBO TDSJQUTPGUIF3*/0HFOF JOEFWFMPQJOHSJDFFNCSZPT EBZTBѫFSBOUIFTJT %"" B
%"" C
%"" D BOE%"" E DQ$PMFPQ UJMF SSBEJDMF TBTIPPUBQJDBM NFSJTUFN TUTDVUFMMVN W QSPDBNCJVN#BSTʍN 3FQSJOUFEGSPN:PTIJEBFU BM
GFSFOUJBUJOHPSHBOTTVDIBTUIFTIPPUBOESPPUBQJ DBMNFSJTUFNTBOEMFBGQSJNPSEJB BOENFSJTUFNBUJD UJTTVFT TVDI BT UIF QSPDBNCJBM TUSBOET BOE QSPUP EFSN CVUBSFBCTFOUJOUIFTDVUFMMVNBOEDPMFPQUJMF ,MJOHFBOE8FSS #BTFEPOUIFDMPOJOHBOE TFRVFODJOH PG DBMNPEVMJO D%/"T GSPN USBOTJUJPO TUBHF NBJ[F FNCSZPT QSPHSFTTJWF FNCSZPHFOFTJT JT UIPVHIU UP SFëFDU IJHI DBMNPEVMJO N3/" MFW FMTJOUIFFBSMZTUBHFTBOEBEFDSFBTFVQPOFNCSZP NBUVSBUJPO #SFUPOFUBM ѮFPNOJQSFTFODF PGDBMNPEVMJOJO$Bí TJHOBMJOHQSPDFTTFTTVHHFTUT UIBU $Bí NFEJBUFE TJHOBMJOH JT QBSU PG UIF SFHV MBUPSZ EFDJTJPONBLJOH QSPDFTT EVSJOH FNCSZP HFOFTJT ѮF FYQSFTTJPO QBUUFSO PG USBOTDSJQUT PG UIF0TLOHFOFBUUIFCPVOEBSJFTPGUIFFNFSHJOH FQJCMBTUBOEBSPVOEUIFSPPUBQFYJOSJDFFNCSZPT IBT TVHHFTUFE BO BEEJUJPOBM SPMF GPS UIJT HFOF JO JNQMFNFOUJOH QPTJUJPOBM JOGPSNBUJPO GPS UIF EF WFMPQNFOUPGUIFTFPSHBOT*OUFSFTUJOHMZ UIFHFOFT 0TLOBOE0TLOIBWFTFFNJOHMZJOTJHOJêDBOUSPMFT JOTQFDJGZJOHUIFFNCSZPOJDTIPPUBQJDBMNFSJTUFN $IBQ *OJUJBM DMVFT UP UIFJS JOWPMWFNFOU JO UIF HFOFTJT PG PUIFS FNCSZPOJD PSHBOT IBWF CFFO QSP WJEFE CZ UIF FYQSFTTJPO PG USBOTDSJQUT PG 0TLO JO UIFFQJCMBTUBOETDVUFMMVNBOEPG0TLOBUUIFCBTF PGUIFDPMFPQUJMF 1PTUNB)BBSTNBFUBM ѮF GBDU UIBU FYQSFTTJPO EPNBJOT BSF FTUBCMJTIFE CF GPSF PWFSU NPSQIPMPHJDBM EJĒFSFOUJBUJPO TVHHFTUT UIBU UIFTF HFOFT NJHIU CF SFTQPOTJCMF GPS TQFDJGZ JOHUIFJEFOUJUZPGPSHBOT"OPUIFSFBSMZNPMFDVMBS NBSLFSPGUIFTDVUFMMVNJOSJDFFNCSZPJTUIFNZP JOPTJUPMQIPTQIBUFTZOUIBTFHFOF 3*/0 XIPTF USBOTDSJQUT BDDVNVMBUF JO UIF DFMMT PG UIF HMPCVMBS FNCSZPEFTUJOFEUPCFDPNFUIFTDVUFMMVN 'JH "DDVNVMBUJPOPGHFOFUSBOTDSJQUTDPSSFTQPOETXJUI UIF BQQFBSBODF PG QIZUJODPOUBJOJOH QBSUJDMFT PS HMPCPJETJOUIFTDVUFMMVN TVHHFTUJOHUIBUNZPJOP TJUPMQIPTQIBUFTZOUIBTF DBUBMZ[JOHGPSNBUJPOPG
UIFêSTUJOUFSNFEJBUFJOJOPTJUPMNFUBCPMJTN JTUIF QSJODJQBMBSCJUFSPGUIFQIZUJOCJPTZOUIFTJTQBUIXBZ JOUIFFNCSZP :PTIJEBFUBM *NNVOPMPDBMJ[BUJPO PG XIFBU FNCSZP MFDUJO LOPXO BT XIFBU HFSN BHHMVUJOJO BT B NPMFDVMBS NBSLFSIBTZJFMEFEUXPJNQPSUBOUJOTJHIUTJOUPUIF SPMF PG UIJT QSPUFJO JO UIF SFHVMBUJPO PG PSHBO EJG GFSFOUJBUJPO JO UIF XIFBU FNCSZP 8IFBU HFSN BH HMVUJOJOEPFTOPUBDDVNVMBUFVOJGPSNMZUISPVHIPVU UIFEFWFMPQJOHFNCSZP CVUJTEFUFDUFEêSTUJOUIF SBEJDMFBOEDPMFPSIJ[BBOETVCTFRVFOUMZJOUIFFQJ CMBTUBOEDPMFPQUJMFEVSJOHUIFQFSJPEPGSBQJEFN CSZP HSPXUI *OUFSFTUJOHMZ UIFSF JT BMTP B DFMMTQF DJêDQBUUFSOPGFYQSFTTJPOPGXIFBUHFSNBHHMVUJOJO DPOêOFEUPPOFPSUXPMBZFSTPGFQJEFSNBMDFMMTPG UIF SPPU NFSJTUFN SPPU DBQ BOE DPMFPSIJ[B UIF PVUFSNPTUMBZFSPGDFMMTPGUIFDPMFPQUJMF BOEWJSUV BMMZ BMM DFMMT PG UIF FQJCMBTU 0UIFS FWJEFODF QPJOU JOHUPBSPMFGPSUIJTMFDUJOJODFMMEJĒFSFOUJBUJPOJO DMVEFTMPDBMJ[BUJPOPGUSBOTDSJQUTPGBDMPOFEMFDUJO HFOFJOEJĒFSFOUJBUJOHFNCSZPOJDPSHBOT)PXFWFS HJWFOUIFGBDUUIBUUIFNBKPSTJUFTPGQFSTJTUFOUBDDV NVMBUJPOPGUSBOTDSJQUTBSFUIFFQJEFSNBMMBZFSTPG UIFSBEJDMFBOEDPMFPSIJ[B JUJTQPTTJCMFUIBUXIFBU HFSNBHHMVUJOJOEFUFDUFEJOUIFDPMFPQUJMFBOEFQJ CMBTU JT B QSPEVDU PG BOPUIFS MFDUJO HFOF 3BJLIFM BOE2VBUSBOP3BJLIFMFUBM ѮFDPN CJOFESFTVMUTPGUIFTUVEJFTSFWJFXFEBCPWFTVHHFTU UIBUTQFDJêDBUJPOPGPSHBOTPGUIFHSBTTFNCSZPJT MJLFMZUPCFDPNQMFYBOEUPJOWPMWFSFEVOEBOUBOE PSQBSBMMFMQBUIXBZT
Ց īĚěĢĝĨĩĬĢĬӠĦěīIJĨĠĞħĞĬĢĬ ĚĜĜĨīĝĢħĠĭĨթ՜ՖӣĞħĞĬ "TFUPGHFOFTUIBUJODMVEFT-&$ -&$ '64$" '64
BOE-- DPMMFDUJWFMZLOPXOBT-&$HFOFT
ώώϏ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
BQQFBS UP CF DSJUJDBM SFHVMBUPST PG FNCSZPHFOFTJT BOEEPSNBODZJO"SBCJEPQTJT0OUIFCBTJTPGNVUB UJPOBMFĒFDUT UIF-&$HFOFXBTêSTUEFTDSJCFEGPS JUTSPMFJOUIFTQFDJêDBUJPOPGDPUZMFEPOJEFOUJUZBOE JO UIF DPNQMFUJPO PG FNCSZP NBUVSBUJPO .FJOLF 4VCTFRVFOUJTPMBUJPOPGMFD GVT BOEMMNV UBOUT GPMMPXFE CZ UIF DMPOJOH PG UIF -&$ -&$ BOE--HFOFTIBTQSPWJEFEBDDFTTUPUIFQPXFSGVM NPMFDVMBS UPPMT PG FDUPQJD FYQSFTTJPO UP JOGFS UIBU UIFTFHFOFTNJHIUCFJOWPMWFEJOFNCSZPHFOFTJTCZ SFHVMBUJOHUIFUSBOTDSJQUJPOPGPUIFSHFOFT .FJOLF FU BM -PUBO FU BM 4UPOF FU BM ,XPOH FU BM ѮF QSPUFJO QSPEVDUT PG-&$ BOE--BSFSFMBUFEUPUIFIFNFBDUJWBUFEQSPUFJO )"1 TVCVOJUPGUIF$$""5CPYCJOEJOHUSBO TDSJQUJPOGBDUPS $#'
BOEIBWFBTUIFJSTJHOBUVSF GFBUVSFBIJHIMZDPOTFSWFEDFOUSBM#EPNBJOPGUIF )"1TVCVOJU -PUBOFUBM,XPOHFUBM ѮF-&$BOE'64HFOFTCPUIFODPEF#EPNBJO USBOTDSJQUJPOGBDUPSTGVODUJPOBMJOTFFENBUVSBUJPO -VFSFOFUBM4UPOFFUBM "DMPTFFY BNJOBUJPOPGUIF#EPNBJOPG-&$HFOFTIBTTFSWFE UP SFêOF JUT GVODUJPO JO FNCSZPHFOFTJT *U BQQFBST UIBU"SBCJEPQTJT)"1SFHVMBUPST ")"1 CFMPOH UP UXP DMBTTFT m UIF -&$ BOE -- TVCVOJUT DPO TUJUVUJOHUIF-&$UZQFTVCVOJUBOEUIFSFNBJOJOH TVCVOJUTNBLJOHVQUIFOPO-&$UZQFmBOEUIBU HFOFTFODPEJOHUIF-&$UZQFQSPUFJOTBSFDSJUJDBM JOFNCSZPHFOFTJT ,XPOHFUBM #BTFEPOUIF BCJMJUZPGEJĒFSFOUDPNCJOBUJPOTPG-&$UZQFBOE OPO-&$UZQF )"1 EPNBJOT UP PWFSDPNF UIF FĒFDUT PG UIFMFD NVUBUJPO -FF FU BM IBWF JEFOUJêFE B TJOHMF BNJOP BDJE "TQ TQFDJêD UP UIF-&$#EPNBJOUIBUJTSFRVJSFEUPDPOGFSQBS UJBM-&$HFOFBDUJWJUZ ѮF NPTU EFUBJMFE JOGPSNBUJPO PO UIF SPMF PG -&$ HFOFT JO FNCSZP EFWFMPQNFOU JO "SBCJEPQTJT IBTDPNFGSPNUIFTUVEZPGUIFMFDNVUBOU XIJDI DBVTFTEFGFDUTJOUXPTFFNJOHMZVOSFMBUFEQSPDFTTFT PGFNCSZPHFOFTJTѮFEJTUJOHVJTIJOHGFBUVSFPGUIJT NVUBOUJTUIFSFWFSTJPOPGDPUZMFEPOTUPBMFBGMJLF TUBUFCZUIFEFWFMPQNFOUPGUSJDIPNFTBOETUPNBUB PO UIFJS BEBYJBM TJEF ѮF NVUBOU TFFET BMTP GBJM UP EJTQMBZ GFBUVSFT PG FNCSZP NBUVSBUJPO TVDI BT BDRVJTJUJPOPGEFTJDDBUJPOUPMFSBODF MPTTPGDIMPSP QIZMM BDDVNVMBUJPO PG TUPSBHF QSPUFJOT BOE FOUSZ JOUP EPSNBODZ .FJOLF ѮF XJEFS SPMF PG -&$HFOFTJOFNCSZPHFOFTJT FTQFDJBMMZJOJOEVDJOH FNCSZPHFOJDDPNQFUFODF DBNFUPCFSFBMJ[FECZJO TJUVIZCSJEJ[BUJPOTUVEJFTTIPXJOHUIBUUSBOTDSJQUT
PG -&$ '64 BOE -- HFOFT BSF FYQSFTTFE JO CPUIUIFFNCSZPQSPQFSBOEUIFTVTQFOTPSPGFBSMZ TUBHF FNCSZPT XJUI B QSFGFSFOUJBM MPDBMJ[BUJPO JO UIFQSPUPEFSNPGUIFIFBSUTIBQFEFNCSZP -PUBO FUBM,XPOHFUBM5TVDIJZBFUBM &DUPQJDFYQSFTTJPOPG-&$BOE-&$HFOFTJO"SB CJEPQTJTMFBETUPUIFQSPEVDUJPOPGNPSQIPMPHJDBMMZ BCOPSNBMQMBOUTXJUIFNCSZPMJLFTUSVDUVSFTPSTP NBUJD FNCSZPT PO UIFN -PUBO FU BM 4UPOF FU BM 0UIFS NVUBUJPOBM EFGFDUT JNQJOHF PO UIF BDDVNVMBUJPO PG TUPSBHF SFTFSWFT TVDI BT SF EVDFE BDDVNVMBUJPO PG MJQJE BOE QSPUFJO SFTFSWFT BOEFOIBODFEBDDVNVMBUJPOPGTUBSDI BTXFMMBTUIF FYQSFTTJPOBMBDUJWJUZPGHFOFTFODPEJOHUIFTFGVOD UJPOT ,FJUIFUBM.FJOLFFUBM
BOEVO EFSFYQSFTTJPOPGHFOFTFODPEJOH4BOE4TUPS BHFQSPUFJOTBOEPMFPTJOT QSPUFJOTBTTPDJBUFEXJUI PJMCPEZ NFNCSBOF #ÅVNMFJO FU BM ,JSJL FU BM 1BSDZ FU BM BOE -&" QSPUFJOT 7JDJFOUFUBM JOFNCSZPTPGMFDBOEGVTNV UBOUT"OFXGVODUJPOBUUSJCVUFEUPUIF'64HFOF JT UP OFHBUJWFMZ SFHVMBUF UIF 55( HFOF SFRVJSFE GPSUSJDIPNFBCVOEBODFPOMFBWFT
XJUIUIFSFTVMU UIBU JOUSPEVDUJPO PG UIF MPTTPGGVODUJPO UUH NV UBUJPOJOUPBGVTNVUBOUQBSUJBMMZSFTDVFTUIFGVT QIFOPUZQJDUSBJUPGFDUPQJDUSJDIPNFQSPEVDUJPOPO DPUZMFEPOT 5TVDIJZBFUBM ѮF SPMF PG -&$ HFOFT JO UIF SFHVMBUJPO PG EPS NBODZPG"SBCJEPQTJTTFFETJTEFTDSJCFEJO$IBQ "UIFNFUIBUIBTFNFSHFEGSPNBDVNVMBUJWFBOBMZ TJT PG UIFTF JOWFTUJHBUJPOT JT UIBU JOEJWJEVBMMZ BOE DPMMFDUJWFMZ UIFBDUJPOPG-&$HFOFTIBTHSFBUDPO TFRVFODFT GPS PSEFSMZ EFWFMPQNFOU PG UIF FNCSZP ѮF QSPUFJO QSPEVDUT PG UIFTF HFOFT QSPCBCMZ BDU BT DFOUSBM SFHVMBUPST PG BMNPTU UIF FOUJSF SBOHF PG FNCSZPHFOJD QSPDFTTFT CFHJOOJOH XJUI UIF TJOHMF DFMMFE [ZHPUF QBVTJOH XJUI UIF EPSNBOU FNCSZP BOEFYUFOEJOHJOUPTPNBUJDDFMMTUPUSJHHFSBMBUFOU FNCSZPHFOJDQSPHSBN/PPUIFSHFOFTDPOTJEFSFE UIVT GBS DPNF BOZXIFSF DMPTF UP -&$ HFOFT JO UFSNTPGUIFNVMUJGBDFUFESPMFTUIFZQMBZJOFNCSZP HFOFTJT (FOF&YQSFTTJPOEVSJOH-BUF&NCSZPHFOFTJT BOE5SBOTJUJPOUP(FSNJOBUJPO "MUIPVHIFNCSZPHFOFTJTBOETFFEHFSNJOBUJPOBSF USBEJUJPOBMMZ DPOTJEFSFE TFQBSBUFMZ VOSBWFMJOH UIF SFHVMBUPSZDJSDVJUTUIBUPQFSBUFEVSJOHHFSNJOBUJPO
ɫɨ (FOF"DUJWJUZEVSJOH1SPHSFTTJWF&NCSZPHFOFTJT
IBTJOFYQMJDBCMZQSPWJEFEJNQPSUBOUMJOLTUPHFOFT FYQSFTTFE EVSJOH MBUF FNCSZPHFOFTJT 1BSUJDVMBSMZ JOUFSFTUJOH BSF TUVEJFT PO UIF NPMFDVMBS NFDIB OJTNT UIBU SFHVMBUF UIF TZOUIFTJT PG UIF HMZPYZMBUF DZDMF FO[ZNFT JTPDJUSBUF MZBTF *$- BOE NBMBUF TZOUIBTF .4
EVSJOHUSBOTJUJPOGSPNMBUFFNCSZP HFOFTJTUPHFSNJOBUJPOJO#SBTTJDBOBQVTѮ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ĒFDUUIFJS N3/"MFWFMT $PNBJFUBM 5SBOTMBUJPOBMPS QPTUUSBOTMBUJPOBMQSPDFTTFTBSFBMTPCFMJFWFEUPCF DSJUJDBMMZJOWPMWFEJONBJOUBJOJOHTUFBEZTUBUFMFWFMT PG*$-BOE.4JOFNCSZPT BTUIFSFMBUJWFBDDVNV MBUJPOPGFO[ZNFTBOEDIBOHFTJOUIFJSBDUJWJUJFTEP OPU DPSSFTQPOE UP UIF N3/" MFWFMT &UUJOHFS BOE )BSBEB
'JHɫɩ" TVNNBSZ EJBHSBN TIPXJOH UIF FĒFDUJWFOFTT PG %/" TFRVFODFT JO UIF { ëBOLJOH SFHJPO PG UIF JTPDJUSBUF MZBTF *$- HFOFPG#SBTTJDBOBQVT IPSJ[POUBMMJOF JOSFHV MBUJOHUIFFYQSFTTJPOPGBSFQPSUFSHFOFJOFNCSZPT TFFET BOETFFEMJOHTPGUSBOTHFOJD"SBCJEPQTJT1MVTTJHOTJOEJDBUF UIFSFMBUJWFJOëVFODFPGUIFGSBHNFOUTPOQSPNPUFSBDUJWJUZ 3FQSJOUFEGSPN;IBOHFUBM
ѮF QFSWBTJWFOFTT PG HFSNJOBUJPOSFMBUFE HFOFT JO FNCSZPT IBT SBJTFE UIF RVFTUJPO PG XIFUIFS UIF NPEVMBUJPOT JO UIF MFWFMT PG *$- BOE .4 BOE UIFJS USBOTDSJQUT UIBU PDDVS EVSJOH FNCSZPHFOFTJT BOE HFSNJOBUJPO BSF TUSJOHFOUMZ SFHVMBUFE TPMFMZ CZ DIBOHFT JO USBOTDSJQUJPO BOE USBOTMBUJPO SBUFT 8IBUDBVTFTUIFSFQSFTTJPOPGHFOFTFODPEJOHUIFTF FO[ZNFTJOMBUFTUBHFFNCSZPTBOEUIFJSBDUJWBUJPO EVSJOHHFSNJOBUJPO "MUIPVHIUIFSFBSFTFWFSBM*$- BOE.4HFOFTJOUIF#OBQVTHFOPNF BUMFBTUPOF HFOFPGFBDIFO[ZNFJTBDUJWFJOCPUIFNCSZPTBOE
ώώϐ
TFFEMJOHTѮFOPUJPOUIBUUIF.4HFOFJTSFHVMBUFE EJĒFSFOUMZ JO FNCSZPT BOE TFFEMJOHT DPNFT GSPN UIFPCTFSWBUJPOUIBUUSBOTDSJQUTPGUIFHFOFQSFTFOU JOUIFQSPDBNCJVNPGNBUVSFFNCSZPTBSFMPTUBTJU EJĒFSFOUJBUFTJOUPWBTDVMBSUJTTVFTJOTFFEMJOHT $P NBJFUBM;IBOHFUBM &WJEFODFTIPX JOHBTJNJMBSEJĒFSFOUJBMSFHVMBUJPOPGUIF*$-HFOF JO FNCSZPT BOE TFFEMJOHT IBT FNFSHFE UISPVHI JEFOUJêDBUJPOPGTFHNFOUTPGUIF{ëBOLJOHSFHJPOT PG UIF HFOF UIBU BDUJWBUF UIF QSPNPUFS JO SFQPSUFS HFOFDPOTUSVDUTJOUSBOTJFOUBTTBZTJO#OBQVTBOE JOUSBOTHFOJD"SBCJEPQTJT"TVNNBSZPGUIFBOBMZ TFT JO USBOTHFOJD "SBCJEPQTJT JT HJWFO JO 'JH 8IFSFBT JOHMPCBMUFSNT UIFSFTVMUTTIPXUIBUUIF TBNF %/" TFRVFODFT CFUXFFO QPTJUJPOT m BOEm BSFJOWPMWFEJOSFHVMBUJOHUIF*$-HFOF JO CPUI FNCSZPT BOE TFFEMJOHT EJTDSFUF EPNBJOT UIBUBSFIJHIMZFYQSFTTFEJOFNCSZPT CFUXFFOQP TJUJPOTmBOEm CVUBĒFDUQSPNPUFSBDUJWJUZ BUBMPXMFWFMJOTFFEMJOHTBSFBMTPQSFTFOU ;IBOHFU BM ѮVT BHFOFSBMQSPQFOTJUZUPDPPSEJOBUF BDUJWJUJFTPGUIF*$-HFOFBUUXPEJĒFSFOUQIBTFTJO UIFTQPSPQIZUJDMJGFPGUIFQMBOUmFNCSZPBOETFFE MJOH m BQQFBST UP CF BDIJFWFE CZ EJĒFSFOU VOJEFO UJêFE QIZTJPMPHJDBM TJHOBMT XJUI UIFJS PXO EJTUJODU DJTBDUJOHFMFNFOUT "9 JT BOPUIFS HFOF FYQSFTTFE EJTDPOUJOV PVTMZJOFNCSZPTBOETFFEMJOHTPG#OBQVT CVUUIF NFDIBOJTNPGJUTBDUJPOIBTCFFODPVDIFEJOUFSNT PGBDPNNPOSFHVMBUPSZTJHOBMGVODUJPOJOHJOCPUI TUBHFT PG UIF TQPSPQIZUF *U UVSOT PVU UIBU XIFO B DIJNFSJD HFOF DPOTJTUJOH PG UIF { BOE { VOUSBOT MBUFE BOE ëBOLJOH SFHJPOT PG "9 GVTFE UP B SF QPSUFSHFOFJTFYQSFTTFEJOUSBOTHFOJD#OBQVT %/" TFRVFODFT MPDBUFE { PG UIF QSPUFJO DPEJOH SFHJPO BSFGPVOESFTQPOTJCMFGPSHFOFBDUJWBUJPOJOUIFSPPU DPSUFYPGCPUIUIFFNCSZPBOETFFEMJOH$POTFSWB UJPOPGTFRVFODFTXJUITJNJMBSGVODUJPOTBUEJĒFSFOU TUBHFT PG UIF TQPSPQIZUJD MJGF DZDMF JT UBLFO BT FWJ EFODFUPJOEJDBUFUIBUJEFOUJDBMNFDIBOJTNTVOEFS MJFUIFFYQSFTTJPOPGUIJTHFOFEVSJOHFNCSZPHFOF TJTBOEHFSNJOBUJPO %JFUSJDIFUBM ѮFNBOZ BTZFUVOJEFOUJêFEHFOFTUIBUBSFFYQSFTTFEEVSJOH FNCSZPHFOFTJT BOE USBOTJUJPO UP HFSNJOBUJPO BOE UIFJSJNQBDUPOUIFTQPSPQIZUFNBLFJUMJLFMZUIBU BDUJWBUJPOBOETQBUJBMDPOUSPMPGUIFTFHFOFTNJHIU FNQMPZ NFDIBOJTNT TJNJMBS UP UIPTF TFFO XJUI HFOFTFODPEJOH*$-BOE.4PSXJUI"9 *U XBT TUBUFE JO $IBQ UIBU XIFO JNNBUVSF FNCSZPT BSF DVMUVSFE UIFZ TLJQ UIF MBUUFS QBSU PG
ώώϑ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
FNCSZPHFOFTJT BOE HFSNJOBUF JOUP SVEJNFOUBSZ XFBLTFFEMJOHTCZQSFDPDJPVTHFSNJOBUJPOѮJTBC OPSNBM EFWFMPQNFOU QSPWJEFT JNNBUVSF FNCSZPT XJUIDIBMMFOHFTUIBUBSFPѫFONFUCZTQFDJêDNFUB CPMJD DIBOHFT *O TFWFSBM QMBOUT UIF JEFOUJêDBUJPO PG B OBSSPX XJOEPX TQBOOJOH UIF QFSJPE CFGPSF UIFFNCSZPIBTQMBZFEPVUJUTNBUVSBUJPOQSPHSBN BOEXIFOJUCFDPNFTDPNQFUFOUUPSFTQPOEUPHFS NJOBUJPODVFT IBTNBEFJUQPTTJCMFUPBEESFTTUIF RVFTUJPOPGIPXBDPNNPOTFUPGHFOFTDPOUSPMUIF DIPJDF CFUXFFO DPOUJOVFE FNCSZP EFWFMPQNFOU BOEHFSNJOBUJPO)JHIMZJOGPSNBUJWFJTUIFNPEFM PG UFNQPSBMMZ TFQBSBUFE USBOTDSJQUJPO BOE USBOTMB UJPO QBUUFSOT PG UXP FO[ZNFT JOWPMWFE JO UIF EFH SBEBUJPO PG TUPSFE QSPUFJOT BOE MJQJET JO OPSNBM BOE QSFDPDJPVTMZ HFSNJOBUFE FNCSZPT PG DPUUPO 3FNBSLBCMZ UIF QSPUFPMZUJD FO[ZNF DBSCPYZQFQ UJEBTF JT OPU QSFTFOU JO EFWFMPQJOH FNCSZPT IPX FWFS BQQFBSJOHBѫFSIPGOPSNBMHFSNJOBUJPO JU DPOUJOVFTUPJODSFBTFGPSBOPUIFSI BѫFSXIJDI UIFSF JT B EFDSFBTF ѮF TVHHFTUJPO UIBU UIJT FO [ZNFJTTZOUIFTJ[FEPOUFNQMBUFTPGN3/"TTUPSFE JO UIF DPUZMFEPOT EVSJOH FNCSZPHFOFTJT IBT CFFO WBMJEBUFECZUIFJOTFOTJUJWJUZPGFO[ZNFTZOUIFTJTUP BDUJOPNZDJO% BT XFMM BT CFJOH TVQQPSUFE CZ UIF QBUUFSO PG FO[ZNF TZOUIFTJT JO QSFDPDJPVTMZ HFS NJOBUJOH QSPHSFTTJWFMZZPVOHFS FNCSZPTJOBNF EJVNDPOUBJOJOHBDUJOPNZDJO%*UXBTGPVOEUIBU FO[ZNF BQQFBSBODF BOE QSFDPDJPVT HFSNJOBUJPO BSFJOIJCJUFECZUIFESVHPOMZBUBQPJOUCFGPSFUIF FNCSZPBUUBJOTBCPVUUXPUIJSETPGJUTêOBMTJ[FBG UFSUIJTEFWFMPQNFOUBMTUBHFJTSFBDIFE DFMMTPGUIF FNCSZPCFHJOUPTZOUIFTJ[FN3/"TGPSUIFFO[ZNF ѮJTMFEUPUIFWJFXUIBU BMUIPVHIN3/"TGPSDBS CPYZQFQUJEBTFBSFUSBOTDSJCFEEVSJOHNBUVSBUJPOPG UIF FNCSZP UIF QFSJPE CFZPOE UXPUIJSET PG UIF êOBMTJ[F
JOTPNFNBOOFSUIFZNBJOUBJOBOJOBD UJWF USBOTMBUJPOBM TUBUVT EVSJOH UIJT QFSJPE *U XBT BMTP QPTTJCMF UP JNQMJDBUF "#" JO UIF TZOUIFTJT PG UIJTFO[ZNFCZTIPXJOHUIBUUSBOTMBUJPOPGN3/"T FODPEJOH DBSCPYZQFQUJEBTF JO QSFDPDJPVTMZ HFSNJ OBUJOH FNCSZPT JT JOIJCJUFE CZ UIJT IPSNPOF %JG GVTJPO PG "#" JOUP UIF FNCSZP GSPN UIF PWVMBS UJTTVFTUIVTQSFDMVEJOHUSBOTMBUJPOPGN3/"T BOE QSFDPDJPVTHFSNJOBUJPOPGUIFFNCSZPJOPWVMPJO UIFGSVJUNJHIUFYQMBJOUIFTFSFTVMUTJOUIFOBUVSBM TFUUJOHPGUIFQMBOUѮFSFHVMBUJPOPG*$-IBTIJHI MJHIUFEJUTTJNJMBSJUZUPUIBUPGDBSCPYZQFQUJEBTFJO OPSNBMBOEQSFDPDJPVTMZHFSNJOBUFEFNCSZPT *IMF BOE%VSF
.POJUPSJOHUIFGBUFPGTUPSBHFQSPUFJOTIBTQSPWFE UPCFBTJHOJêDBOUJNQSPWFNFOUPWFSFO[ZNFNBSL FSTBTBNFBOTUPFTUBCMJTIJOHUIFFOEPGUIFFNCSZP TQFDJêDQSPHSBNBOEUIFCFHJOOJOHPGBHFSNJOBUJPO FQJTPEF"MUIPVHIFNCSZPHFOFTJTJO#OBQVTJTEF WFMPQNFOUBMMZ TFQBSBUFE GSPN QSFDPDJPVT HFSNJOB UJPO UIFNPSQIPMPHJDBMDIBOHFTBOEUIFSFHVMBUJPO PG TZOUIFTJT PG UIF 4 TUPSBHF QSPUFJO DSVDJGFSJO BOE4OBQJOIBWFQSPWJEFEFWJEFODFPGBOPWFSMBQ CFUXFFO FNCSZPHFOFTJTSFMBUFE BOE HFSNJOBUJPO QSPHSBNT %VSJOH FNCSZPHFOFTJT UIF BDDVNVMB UJPOPGDSVDJGFSJODPOUJOVFTVOUJMFNCSZPNBUVSJUZ XIFSFBT UIBU PG OBQJO TUPQT CFGPSF NBUVSJUZ &N CSZPTPGNBUVSFTFFETHFSNJOBUFUPQSPEVDFUIFêSTU QBJS PG MFBWFT BU UIF TBNF UJNF BT UIFZ DPNQMFUFMZ EFHSBEFUIFTUPSFEDSVDJGFSJO.JEDPUZMFEPOTUBHF FNCSZPTHFSNJOBUJOHQSFDPDJPVTMZCZSBEJDMFFYUFO TJPOBOEDPUZMFEPOFYQBOTJPO IPXFWFS SFNBJOSFT PMVUFMZFNCSZPHFOJDCZUIFGPSNBUJPOPGTFDPOEBSZ DPUZMFEPOTJOTUFBEPGMFBWFT BOECZUIFDBQBDJUZUP TZOUIFTJ[FBOEBDDVNVMBUFDSVDJGFSJO $SPVDIBOE 4VTTFY 'JOLFMTUFJO BOE $SPVDI ѮFSF JTBMTPBTUSPOHDPSSFMBUJPOCFUXFFOUIFQSPEVDUJPO PG FYUSB DPUZMFEPOT JO DVMUVSFE FNCSZPT BOE UIF FYQSFTTJPO PG USBOTDSJQUT PG DSVDJGFSJO BOE OBQJO JO UIF DFMMT PG QSJNPSEJBM TUSVDUVSFT UIBU BTTVNF FNCSZPHFOJD JEFOUJUZ 'FSOBOEF[ ѮFTF êOEJOHT BSF DPOTJTUFOU XJUI UIF PQFSBUJPO PG NP MFDVMBSTXJUDIFTBUUIFDFMMVMBSMFWFMUPSFHVMBUFUIF FNCSZPHFOJDBOEHFSNJOBUJPONPEFTPGHSPXUIJO JNNBUVSFFNCSZPT0UIFSTUVEJFTIBWFJNQMJDBUFE "#" JO NBJOUBJOJOH FNCSZPHFOJD EFWFMPQNFOU BOE JO TUJNVMBUJOH UIF BDDVNVMBUJPO PG DSVDJGFSJO BOEOBQJOJODVMUVSFEFNCSZPTQSPOFUPHFSNJOBUF QSFDPDJPVTMZ)PXFWFS "#"IBTBHSFBUFSFĒFDUPO UIFBDDVNVMBUJPOPGTUPSBHFQSPUFJOTUIBOPOUIFJS SFTQFDUJWFUSBOTDSJQUTJODVMUVSFEFNCSZPTUIFSFB TPOTGPSUIJTFĒFDUBOEJUTNPMFDVMBSSFMFWBODFBSF OPUDMFBS"MUIPVHIUIFSFBSFVOQSFEJDUBCMFTXJOHT JO UIF "#" DPOUFOU PG EFWFMPQJOH FNCSZPT BT JO DPUUPO FOEPHFOPVT"#"TFFNTUPTVQQSFTTUIFHFS NJOBUJPOJOTUJODUTPG#OBQVTFNCSZPTEVSJOHUIFJS OPSNBM EFWFMPQNFOU DPJODJEFOU XJUI TUPSBHF QSP UFJOBDDVNVMBUJPO 'JOLFMTUFJOFUBM *U NVTU CF SFNFNCFSFE UIBU EJĒFSFOU NPSQIP MPHJDBM BOE QIZTJPMPHJDBM DIBOHFT PDDVS EVSJOH FNCSZPHFOFTJTBOETFFEHFSNJOBUJPO BOEUIBUUIF JOWPMWFNFOUPGEJĒFSFOUTFUTPGHFOFTBOEQSPUFJOT CFDPNFT OFDFTTBSZ /PUXJUITUBOEJOH UIJT SFTFSWB UJPO UIFBCPWFBDDPVOUTIPXTUIBUUIFSFBSFDFSUBJO
ɫɩ &NCSZP(FOF&YQSFTTJPO1SPHSBN4UVEJFECZ.VUBOU4DSFFOJOH
ώώϒ
CJPDIFNJDBMQBUIXBZTUIBU JOUIFJSCBTJDUFOFUT BSF EFTJHOBUFE BT FNC BOE UIF DVSSFOU WJFX UFOET UP DPNNPO UP FNCSZPHFOFTJT BOE HFSNJOBUJPO ZFU DMBTTJGZUIFNBTFJUIFSFNCSZPMFUIBMT FNCSZPEF GFDUJWF PS QJHNFOU NVUBOUT ѮF FNCSZPMFUIBMT BSFSFHVMBUFEEJĒ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ëPXFSJOH QMBOUT BMUIPVHI VOXJUUJOHMZ UIFZ IBE XJUIPVUEJĒFSFOUJBUJOHOPSNBMPSHBOTBOEUJTTVFTPG BMTPUIFFĒFDUPGGPDVTJOHPOUIFEFQUITPGPVSJHOP UIFXJMEUZQFFNCSZP IBWFTVSWJWBMJOTUJODUT BOE SBODFJOUIJTBSFB#FHJOOJOHXJUIUIFTJNQMFQSJO BSF BNFOBCMF UP DVMUVSF PS USBOTQMBOUBUJPO JO UIF DJQMF UIBU QFSUVSCJOH FNCSZPHFOFTJT CZ NVUBUJPOT TPJM UP HJWF SJTF UP BCOPSNBM TFFEMJOHT #PUI FN NBLFTJUQPTTJCMFUPJEFOUJGZTFUTPGHFOFTSFRVJSFE CSZPMFUIBMBOEFNCSZPEFGFDUJWFNVUBOUTNBZBMTP GPSTQFDJêDFNCSZPEFWFMPQNFOUBMFQJTPEFT NVUB FYIJCJUBMUFSFEQJHNFOUBUJPO SFTVMUJOHJOFNCSZPT UJPOT IBWF CFFO VTFE GPS UIF HFOFUJD EJTTFDUJPO PG MBDLJOHDIMPSPQIZMMPSBDDVNVMBUJOHBOUIPDZBOJOT UIFNPSQIPMPHJDBMQSPDFTTFTPGFNCSZPHFOFTJT BOE UIFTFBSFJODMVEFEJOUIFDMBTTPGQJHNFOUNVUBOUT êOBMMZUPDPNQSFIFOEUIFEFWFMPQNFOUBMQSPHSBN &SSBNQBMMJ FU BM .FJOLF B 0G PGQSPHSFTTJWFFNCSZPHFOFTJT)PXEFWFMPQNFOUBM UIFUISFFNVUBOUDMBTTFT CZGBSUIFMBSHFTUOVNCFS QBUUFSO JT JOJUJBUFE BOE NBJOUBJOFE JO "SBCJEPQTJT BOENPTUJOUFSFTUJOHQIFOPUZQFTIBWFCFFOJEFOUJ FNCSZPT CZ QBUUFSOGPSNJOH HFOFT VODPWFSFE CZ êFE BNPOH FNCZSPMFUIBMT BOE FNCSZPEFGFDUJWFT TDSFFOJOHPGTFFEMJOHNVUBOUTGPMMPXJOHTBUVSBUJPO BOE JODMVEF TFFET DPOUBJOJOH HSFFO CMJNQT UXJO NVUBHFOFTJT XBTEFTDSJCFEJO$IBQ#FGPSFQBU BOECMPBUFEFNCSZPT FNCSZPTXJUIGVTFEPSTJOHMF UFSOGPSNJOH HFOFT DBNF UP UIF GPSF UIJT NPEFM DPUZMFEPOT FOMBSHFETIPPUBQJDFT TQMJUIZQPDPUZMT QMBOUIBETFSWFEBTUIFNBJOXPSLIPSTFGPSDIBSBD SFEVDFE IZQPDPUZMT BMUFSFE QBUUFSOT BCOPSNBMMZ UFSJ[JOHHFOFTUIBUSFHVMBUFNPSQIPHFOFUJDDIBOHFT MBSHF TVTQFOTPST EJTUPSUFE FQJEFSNBM MBZFST BOE BOE IPVTFLFFQJOH GVODUJPOT JO UIF FNCSZP BOBMZ FNCSZPTUIBUQSFNBUVSFMZHFSNJOBUFCFDBVTFPGUIF TFT PG NBJ[F BOE SJDF NVUBOUT IBWF BMTP JEFOUJêFE MJNJUFEEFHSFFPGWBSJBCJMJUZEJTQMBZFECZTPNFNV OVNFSPVTHFOFUJDMPDJUIBU XIFONVUBUFE ZJFMEEF UBOUUZQFT UIFZBSFIBSEUPUFMMBQBSU .FJOLFC WFMPQNFOUBMMZBCOPSNBMFNCSZPTJOTUBHFTSBOHJOH #BTFEPOUIFMJOLBHFCFUXFFOUIFNVUBUJPO GSPN QSPFNCSZPT UP NBUVSF FNCSZPT &WFO B DVS BOEUIFQIFOPUZQF TPNFFTUJNBUFTTVHHFTUUIBU JO TPSZ DPOTJEFSBUJPO PG UIF HFOFT JNQMJDBUFE JO FN "SBCJEPQTJT m HFOFT NBZ CF FTTFOUJBM GPS CSZPHFOFTJTCZNVUBOUTDSFFOJOHNBLFTPOFSFBMJ[F UIFDPNQMFUJPOPGFNCSZPHFOFTJTBOETFFEEFWFMPQ UIBUUIFNPMFDVMBSBOEHFOFUJDCBTJTGPSUIFNBJOUF NFOU .D&MWFSFUBM ѮFNBJOQSPCMFNJOBOBMZ[JOHMFUIBMNVUBUJPOT OBODFPGUIFNBUVSFQMBOUCPEZJTMBJEEPXOEVSJOH JOFNCSZPTJTUIBUUIFJSFĒFDUTBSFDPNQMFYBOEUIFZ FNCSZPHFOFTJT JNQJOHF PO PUIFS BTQFDUT PG QMBOU HSPXUI 0OF PG UIF êSTU DMPTFMZ JOWFTUJHBUFE FNCSZPMFUIBM QIFOP UZQFTJO"SBCJEPQTJTUVSOFEPVUUPCFBCJPUJOBVYP &NCSZPMFUIBM.VUBOUTPG"SBCJEPQTJT USPQI JNQMZJOHUIBUFNCSZPMFUIBMJUZJTEVFUPBEJT &NCSZPOJD NVUBOUT JTPMBUFE GSPN "SBCJEPQTJT GPM SVQUJPOJOUIFCJPTZOUIFUJDQBUIXBZPGUIJTFTTFOUJBM MPXJOH 9JSSBEJBUJPO DIFNJDBM TFFE NVUBHFOFTJT WJUBNJOѮJTTFFNFEUPCFUSVF BMUIPVHIUXPCJP USBOTQPTPOUBHHJOH FOIBODFSUSBQQJOH BOE5%/" CJPBOECJP NVUBOUTBOBMZ[FETIPXFETFFNJOHMZ USBOTGFS CZ "HSPCBDUFSJVNNFEJBUFE TFFE USBOTGPS TIBSQMFTJPOTJOEJĒFSFOUTUFQTJOUIFCJPUJOQBUIXBZ NBUJPO BSF HMPCBMMZ EFGFDUJWF JO TFFE NBUVSBUJPO &NCSZPTPGUIFCJPNVUBOUBQQFBSFEQBMFUISPVHI BOE TQFDJêDBMMZ FYIJCJU B XJEF SBOHF PG EFWFMPQ PVU EFWFMPQNFOU XJUI B MFUIBM QIBTF CFUXFFO UIF NFOUBM BOE NFUBCPMJD EFGFDUT EVSJOH FNCSZPHFO HMPCVMBSBOEDPUZMFEPOBSZTUBHFTPGFNCSZPHFOFTJT FTJT .D&MWFS FU BM ѮFTF NVUBOUT BSF OPX BMUIPVHIFNCSZPTDPOUBJOFESFEVDFEMFWFMTPGCJP
ώώϓ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
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ѮJT XBT BQUMZ BUUSJCVUFE UP UIF JOBCJMJUZ PG UIF NVUBOU FNCSZPTUPDPOWFSUEFUIJPUJOUPCJPUJO BTUFQDBUB MZ[FECZUIFFO[ZNFCJPUJOTZOUIBTFѮFNPMFDVMBS DIBSBDUFSJ[BUJPOPGUIFCJPUJOTZOUIBTF #*0 HFOF JO XJMEUZQF BOE NVUBOU QMBOUT IBT SFTVMUFE JO B LFZ êOEJOH UIBU UIF NVUBUJPO JT EVF UP B EFMFUJPO PGUIFFOUJSFHFOPNJDDPEJOHSFHJPOGPSUIJTDSJUJDBM FO[ZNF 1BUUPOFUBM "OBMZTJTPGBEEJUJPOBM FNCSZPMFUIBM CJPUJO BVYPUSPQIT XIFO DPNCJOFE XJUIBEFUBJMFELOPXMFEHFPGUIFWFHFUBUJWFBOESF QSPEVDUJWF EFWFMPQNFOU PG "SBCJEPQTJT PĒFST USF NFOEPVTQPUFOUJBMUPDPNQMFUFBHFOFUJDEJTTFDUJPO PGUIFFOUJSFCJPUJOCJPTZOUIFUJDQBUIXBZJOQMBOUT "QBSBEJHNMJOLJOHBOFO[ZNFJOUSFIBMPTFNF UBCPMJTN JO FNCSZPHFOFTJT DPNFT GSPN UIF XPSL POUIFFNCSZPMFUIBMUSFIBMPTFQIPTQIBUFTZOUIBTF UQT NVUBOUEJTSVQUFEJOBHFOFFODPEJOHUSFIBMPTF QIPTQIBUFTZOUIBTFѮFQIFOPUZQJDDPOTFRVFODF PGUIJTNVUBUJPOJTUIFQSFTFODFPGXSJOLMFETFFET DPOUBJOJOHFNCSZPTBSSFTUFEBUUIFUPSQFEPTIBQFE TUBHF POUIFWFSHFPGTUPSBHFQSPUFJOBDDVNVMBUJPO 5BLJOHBUSBEJUJPOBMEFWFMPQNFOUBMBQQSPBDI JUXBT QPTTJCMFUPSFTDVFUIFNVUBOUFNCSZPTCZHSPXJOH UIFNJOBNFEJVNDPOUBJOJOHTVDSPTFBUBTVCPQUJ NBMMFWFMOPSNBMMZSFRVJSFEGPSUIFHSPXUIPGXJME UZQFFNCSZPTѮFQBSBMMFMCFUXFFOSFTDVJOHZFBTU UQTNVUBOUTBOEUIF"SBCJEPQTJTFNCSZPNVUBOUCZ SFTUSJDUJOHUIFJOëVYPGTVDSPTFBSHVFTUIBUTVTUBJO JOHBTVHBSCBMBODFVOEFSMJFTUIFBDUJPOPGUIF514 HFOFQSPEVDU &BTUNPOEFUBM
.VUBUJPO JO UIF (-0#6-"3 "33&45 (-" HFOF IBT CFFO TIPXO UP DBVTF FNCSZP MFUIBMJUZ CFHJOOJOH BU UIF HMPCVMBS TUBHF EVF UP B EFGFDU JO GPMBUF CJPTZOUIFTJT ѮF EFGFDU JT IPXFWFS PWFS DPNF JO NVUBOU FNCSZPT PG USBOTHFOJD MJOFT UIBU PWFSQSPEVDF(-"USBOTDSJQUT TVHHFTUJOHUIBUUIF (-"QSPUFJOJTSPVUFEUPUIFFNCSZPGSPNUIFNB UFSOBM UJTTVFT *TIJLBXB FU BM "DDPSEJOH UP $PMMJOHFFUBM
BOFNCSZPMFUIBMNVUBUJPOJO UIF 03*(*/ 3&$0(/*5*0/ $0.1-&9 03$ HFOFDPOOFDUFEXJUI%/"SFQMJDBUJPOBOENBJOUF OBODFPGDISPNPTPNFTUSVDUVSFEVSJOHDFMMEJWJTJPO DBVTFTFBSMZTFFEBCPSUJPOѮFBCPSUFETFFETIBSCPS FNCSZPTDPOTJTUJOH BUCFTU PGFJHIUDFMMTCPSOPVU PGJSSFHVMBSDFMMEJWJTJPOTPGUIF[ZHPUF"TUVEZPG BOPUIFSFNCSZPMFUIBMNVUBOUIBTIJHIMJHIUFEUIF JNQPSUBODFPGVCJRVJUJONFUBCPMJTNJOFNCSZPHFO FTJT BTGVODUJPOBMEJTSVQUJPOPGBHFOFUIBUSFDZDMFT NVMUJQMF VCJRVJUJO DIBJOT CBDL UP VCJRVJUJO NPOP NFST EPFT OPU BMMPX FNCSZP EFWFMPQNFOU UP QSP DFFECFZPOEUIFHMPCVMBSTUBHF#FDBVTFPGJUTXJEF TQFDUSVNPGUBMFOUT VCJRVJUJOJTJOWPMWFEJOBOVN CFSPGDFMMVMBSQSPDFTTFTSBOHJOHGSPNDFMMEJWJTJPO UPDFMMEFBUI"MUIPVHIUIFTVCTUSBUFGPSHFOFBDUJPO XBT OPU JEFOUJêFE JO UIF NVUBOU FNCSZP UIBU UIF HFOFJTFTTFOUJBMGPSFNCSZPHFOFTJTXBTDPOêSNFE CZUIFSFTDVFPGUIFNVUBOUQIFOPUZQFCZDPNQMF NFOUBUJPOXJUIUIFXJMEUZQFHFOFJOBUSBOTHFOJD TFUUJOH %PFMMJOHFUBM " GFX PUIFS FNCSZPMFUIBM NVUBOUT PG "SBCJ EPQTJT DIBSBDUFSJ[FE BU UIF NPMFDVMBS MFWFM IBWF MFTJPOT JO DFMMVMBS BDUJWJUJFT TVDI BT SJCPTPNF BOE DIMPSPQMBTUGVODUJPOTBOEQFSPYJTPNFCJPHFOFTJT" HFOF DBVTJOH EJTSVQUJPO JO SJCPTPNF GVODUJPOT JO UIFFNCSZPJEFOUJêFECZJOTFSUJPOPGBUSBOTQPTPO JT EFTJHOBUFE BT 4."-- 46#6/*5 3*#040."- 1305&*/ 4 443 .VUBOU FNCSZPT BQQFBS UPBCPSUBUUIFHMPCVMBSUPIFBSUTIBQFEUSBOTJUJPO TUBHF ѮF 443 HFOF FODPEFT B SJCPTPNBM QSP UFJO XJUI IPNPMPHZ UP UIF SJCPTPNBM QSPUFJO 4 314 PG DFSUBJO CBDUFSJB NJUPDIPOESJB PG UIF GVOHVT /FVSPTQPSB DSBTTB BOE QMBTUJET PG IJHIFS QMBOUT BOE JT LOPXO UP CF B LFZ QMBZFS JO UIF BT TFNCMZBOETUBCJMJUZPGSJCPTPNFTJOCBDUFSJB 5TVH FLJ FU BM *U JT OPU EFUFSNJOFE XIFUIFS FN CSZPMFUIBMJUZJTEVFUPSFEVDFEUSBOTDSJQUJPOPGUIF 443 HFOF 8FJKFST FU BM C IBWF EFTDSJCFE B TFNJEPNJOBOU NVUBUJPO OBNFE "SBCJEPQTJT .JOVUFMJLF BNM JO BOPUIFS SJCPTPNBM QSPUFJO
ɫɩ &NCSZP(FOF&YQSFTTJPO1SPHSBN4UVEJFECZ.VUBOU4DSFFOJOH
HFOFPG"SBCJEPQTJTUIFNVUBUFEHFOFJTEFTJHOBUFE "U314ѮFPCTFSWBUJPOUIBUFNCSZPEFWFMPQNFOU TIPXT B TFNJEPNJOBOU BSSFTU BU BO FBSMZ TUBHF JO UIFIPNP[ZHPVTNVUBOUJTSFNBSLBCMF CVUOPUTVS QSJTJOH HJWFOUIFOFFEGPSFēDJFOUQSPUFJOUSBOTMB UJPOGPSQSPHSFTTJWFFNCSZPHFOFTJT"NVUBUJPOJO UIF%0.*/0 %0. HFOFTMPXTEPXOFNCSZP HSPXUI BOEUIFHMPCVMBSFNCSZPTUIBUBSFGPSNFE DPNF XJUI VOVTVBMMZ MBSHF OVDMFPMJ ѮF OVDMFPMBS EFGFDU JT TFFO BT FBSMZ BT UIF [ZHPUF TUBHF BOE IBT CFFOBUUSJCVUFEUPBEFGFDUJOSJCPTPNFCJPHFOFTJT -BINZFUBM *OEJDBUJWFPGUIFJNQPSUBODFPG UIFGVODUJPOBMJOUFHSJUZPGDIMPSPQMBTUTGPSFNCSZP EFWFMPQNFOU BSSFTUPGFNCSZPHSPXUICFUXFFOUIF HMPCVMBS BOE IFBSUTIBQFE TUBHFT BDDPNQBOJFE CZ UIF GBJMVSF UP BDDVNVMBUF DIMPSPQIZMM JO UIF QMBT UJETJTGSFRVFOUJOUIFUSBOTQPTPOJOEVDFENVUBOU FEE "MUIPVHI UIF DVMUVSF PG NVUBOU FNCSZPT QSPEVDFT TNBMM OPOHSFFO QMBOUMFUT MFUIBMJUZ PG UIF NVUBUJPO CFDPNFT PCWJPVT XIFO UIF SFHFOFS BUFE QMBOUMFUT GBJM UP CFDPNF GFSUJMF BOE UVSO JOUP DBMMVTFTѮF&%%HFOFFODPEFTBOPWFMQMBTUJEJD GPSNPGHMZDZMU3/"TZOUIFUBTF (MZ34 UIBUTIPXT TJHOJêDBOUIPNPMPHZUPBTUSVDUVSBMMZEJWFSTFDMBTT PGFO[ZNFTUIBUDBUBMZ[FUIFMJHBUJPOPGBNJOPBDJET UP TQFDJêD N3/" NPMFDVMFT EVSJOH QSPUFJO TZO UIFTJT 4JODF UIF &%% QSPUFJO JT BCMF UP EJSFDU B NBSLFSQSPUFJOJOUPJTPMBUFEQFBDIMPSPQMBTUT JUIBT CFFOQSPQPTFEUIBUUIFFEENVUBUJPONJHIUIBWF EFUSJNFOUBM FĒFDUT PO DIMPSPQMBTU CJPHFOFTJT BOE NFUBCPMJTN EVSJOH FNCSZPHFOFTJT CZ JOUFSGFSJOH XJUIUIFUSBOTMBUJPOBMNBDIJOFSZPGUIFDIMPSPQMBTU PSXJUIUIFFYDIBOHFPGTJHOBMTCFUXFFOUIFQMBTUJE BOEUIFOVDMFVT 6XFSFUBM -JLFFEE UIF TDIMFQQFSMFTT TMQ NVUBUJPOHFOFSBUFECZ5%/"JO TFSUJPO JOëJDUT EFGFDUT JO FNCSZPHFOFTJT BDDPNQB OJFECZBMFTJPOJODIMPSPQMBTUEFWFMPQNFOUJODFMMT 1FSIBQTUIFNPTUEFWBTUBUJOHGFBUVSFTPGUIFNVUBOU QIFOPUZQFBSFSFUBSEBUJPOPGFNCSZPEFWFMPQNFOU CFGPSF UIF IFBSUTIBQFE TUBHF GPSNBUJPO PG TIPSU DPUZMFEPOT BQQFBSBODFPGXIJUF TUVOUFETFFEMJOHT JODVMUVSFBOEGBJMVSFUPGPSNNBUVSFQMBOUT#ZVT JOHHFOFUJDBOEQIZTJDBMNBQQJOH UIFNVUBUFEHFOF IBTCFFOUSBDLFEEPXOUP$)"1&30/*/ʂ FO DPEJOH UIF QMBTUJE DIBQFSPOJO TVCVOJU QSPUFJO 4JODF DIBQFSPOJO JT QSFTVNBCMZ JOWPMWFE JO UIF GPMEJOHBOEBTTFNCMZPGQSPUFJOTJOBNBOOFSêOFMZ UVOFE UP BUUBJO UIFJS QSPQFS DPOGPSNBUJPOT JU IBT CFFOQPTUVMBUFEUIBUFNCSZPMFUIBMJUZSFTVMUTGSPN
ώώϔ
UIF EJTSVQUJPO PG DIMPSPQMBTU EFWFMPQNFOU EVF UP UIFMBDLPGBGVODUJPOBMMZBQQSPQSJBUFQSPUFJOTVDI BT DIBQFSPOJOʂ "QVZB FU BM 'BJMVSF UP QSPEVDFOPSNBMDIMPSPQMBTUTJTUIFDBVTFPGFNCSZP MFTJPOJOUIFSTZNVUBOU34:QSPUFJOJTCFMJFWFE UP CF B OPWFM QSPUFJO MPDBMJ[FE XJUIJO UIF DIMPSP QMBTU BOE OFDFTTBSZ GPS JUT EJĒFSFOUJBUJPO "QVZB FUBM "QBUIXBZNFEJBUFECZUIF 5"3(&5 0' 3"1".:$*/ 503 HFOF JT LOPXO UP CF JOWPMWFE JO UIF HFOFSBUJPO PG GPSN JO BOJNBM FN CSZPTCZSFMBZJOHUIFQFSDFQUJPOPGOVUSJFOUTUPUIF HSPXJOHUJTTVFT*OMJOFXJUIUIJT QSFNBUVSFBSSFTU PG FNCSZP EFWFMPQNFOU JT GSFRVFOU JO"SBCJEPQTJT NVUBOUT XJUI B EJTSVQUFE 503 HFOF .FOBOE FU BM 3FëFDUJOH PO UIF TJHOJêDBODF PG UIF EJ WFSTF SFQFSUPJSF PG QFSPYJTPNFT JO QMBOU DFMMT NV UBUJPOBM JOUFSGFSFODF PG QFSPYJTPNF CJPHFOFTJT IBT CFFO SFQPSUFE UP FWPLF ESBNBUJD DIBOHFT TVDI BT BCOPSNBMJUJFT JO UIF &3 MJQJE CPEJFT BOE QSPUFJO CPEJFT JO UIF TVCDFMMVMBS DZUPMPHZ PG NVUBOU FN CSZPTѮFTFFĒFDUTDBOCFFRVBMMZXFMMJOUFSQSFUFE JO UFSNT PG TFDPOEBSZ SFTQPOTFT PG QSPDFTTFT EJT SVQUFE CZ UIF NVUBUJPO SBUIFS UIBO BT UIF EJSFDU SFTVMUPGQFSPYJTPNFEZTGVODUJPO 4DIVNBOOFUBM 4QBSLFTFUBM "SFRVJSFNFOUGPSTNBMM (51BTFTGPSNBJOUBJOJOHFNCSZPWJBCJMJUZIBTCFFO VOFYQFDUFEMZ EFNPOTUSBUFE JO "OUJSSIJOVN NB KVT 4DSPQIVMBSJBDFBF
BNPEFMQMBOUVTFEGPSUIF JTPMBUJPO PG ëPSBM PSHBO JEFOUJUZ HFOFT *OHSBN FU BM TIPXFE UIBU NVUBUJPO JO UIF &3"3& -"5&% (51BTFT &3( HFOF PG " NBKVT DBVTFT FNCSZP MFUIBMJUZ TPPO BѫFS GFSUJMJ[BUJPO TJODF UIF &3( QSPUFJO DPOUBJOT NJUPDIPOESJBM MPDBMJ[BUJPO TJHOBMT FNCSZP MFUIBMJUZ JT UIPVHIU UP CF DBVTFE CZGBJMVSFPGNJUPDIPOESJBMEJWJTJPOT"MUIPVHIJO WFTUJHBUJPOTPOUIFNVUBOUTEFTDSJCFEJOUIJTQBSB HSBQIIBWFQSPWJEFEJOTJHIUTJOUPFNCSZPMFUIBMJUZ UIFTFWFSJUZPGUIFTFNVUBUJPOTNBLFTJUMJLFMZUIBU NVUBOUTIBWFVOEFSMZJOHEFGFDUTJOPUIFS BTZFUVO JEFOUJêFE DFMMVMBSGVODUJPOT 5IF8PSMEPG$ZUPLJOFTJT%FGFDUJWF.VUBOUT " HSPVQ PG FNCSZPMFUIBM NVUBOUT PG "SBCJEPQTJT EFTJHOBUFE BT DZUPLJOFTJTEFGFDUJWF IBT CFFO VTFE UPBEESFTTBDMFBSTFUPGDFMMCJPMPHJDBMQSPCMFNTJO WPMWJOHSFHVMBUJPOPGDFMMDZDMFQSPHSFTTJPOEVSJOH FNCSZPHFOFTJTѮFNVUBOUTJODMVEFEJOUIJTHSPVQ
ώώϕ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
IBWFDFMMXBMMTUVCTBOEHBQQFEDFMMXBMMTBTBSFTVMU PGJODPNQMFUFDZUPLJOFTJTEVSJOHFNCSZPHFOJDEJWJ TJPOT BOENVMUJQMFOVDMFJJOEJWJEJOHDFMMT /BDSZFU BM4ÕMMOFSFUBM *OWFTUJHBUJPOTJOUPDZ UPLJOFTJTEFGFDUJWFNVUBOUTXFSFJOëVFODFEJOQBSU CZ UIF XFMMFTUBCMJTIFE QBSBEJHNT BTTPDJBUFE XJUI QBSUJUJPOJOH PG UIF DZUPQMBTN DZUPLJOFTJT SFTVMU JOHJOUIFGPSNBUJPOPGBDFMMQMBUFEVSJOHDFMMEJWJ TJPOJOIJHIFSQMBOUT"UMBUFBOBQIBTFPSFBSMZUFMP QIBTFPGNJUPTJT BEZOBNJDBSSBZPGNJDSPUVCVMFT DBMMFEUIFQISBHNPQMBTUJTGPSNFECFUXFFOUIFUXP EBVHIUFS OVDMFJ $PODPNJUBOUMZ TFDSFUPSZ WFTJDMFT EFSJWFEGSPNUIF(PMHJDPNQMFYDBSSZJOHDFMMXBMM NBUFSJBMTBSFSFDSVJUFECZUIFQISBHNPQMBTUUPUIF FRVBUPSPGUIFEJWJEJOHDFMMXIFSFUIFJSGVTJPOHJWFT SJTFUPUIFJODJQJFOUDFMMQMBUFѮFDFMMQMBUFHSPXT MBUFSBMMZCZDPOUJOVPVTWFTJDMFGVTJPOUPJUTNBSHJOT VOUJMJUKPJOTXJUIUIFXBMMTPGUIFNPUIFSDFMMѮF FYQBOEJOHDFMMQMBUFBMTPVOEFSHPFTBDPNQMFYQSP DFTT PG NBUVSBUJPO JOWPMWJOH UIF GPSNBUJPO PG UIF NJEEMF MBNFMMB ëBOLJOH QMBTNB NFNCSBOFT BOE QSJNBSZXBMMTѮJTTDFOBSJPJNQMJFTUIBUEJWJTJPOPG QMBOUDFMMTSFRVJSFTBDBESFPGHFOFTUPFODPEFQSP UFJOT JNQMJDBUFE JO DZUPTLFMFUBM EZOBNJDT WFTJDMF EFMJWFSZ UIFJSEPDLJOHBOEGVTJPO BOENFNCSBOF BOEDFMMXBMMCJPHFOFTJT *NQPSUBOUJOTJHIUTJOUPUIFHFOFTJOWPMWFEJODZ UPLJOFTJTEVSJOHFNCSZPHFOJDEJWJTJPOTIBWFDPNF GSPNBOBMZTJTPGUIFUJUBOBOEQJM[HSPVQTPG"SBCJ EPQTJTNVUBOUT"UMFBTUOJOFHFOFUJDMPDJIBWFCFFO JEFOUJêFE JO UIF 5*5"/ 55/ HFOF UIBU XIFO NVUBUFE DBVTFT ESBNBUJD FOMBSHFNFOU BOE QPMZ QMPJEZ PG UIF FOEPTQFSN OVDMFJ BOE WBSZJOH EF HSFFTPGFNCSZPMFUIBMJUZ 5[BGSJSFUBM 1IF OPUZQJD DIBSBDUFSJ[BUJPO PG UUO BOE UUO TIPXFE UIBU UIF NVUBUJPOT MFBE UP UIF FBSMZ EFNJTF PG UIF FNCSZP XIJDI QSPEVDFT BU NPTU GPVS HSPTTMZ FO MBSHFE TPNFUJNFT NVMUJOVDMFBUF DFMMT XJUI HJBOU OVDMFJ"MUIPVHIUUO UUO UUO BOEUUOFNCSZPT BSF BMTP BSSFTUFE JO FBSMZ EFWFMPQNFOU MFUIBMJUZ JT OPUBDDPNQBOJFECZDFMMFOMBSHFNFOU XIFSFBTUIF UUO FNCSZP JT SFMBUJWFMZ OPSNBM XJUI WJBCMF DFMMT UIBU TVSWJWF TFFE EFTJDDBUJPO &NCSZP MFUIBMJUZ JT UIF OPSN JO UUO BOE UUO NVUBOUT JO UIF GPSNFS UIFFNCSZPHFOFSBUFTBGFXBEEJUJPOBMDFMMTMBUFJO EFWFMPQNFOU CFGPSF JU TVDDVNCT XIFSFBT JO UIF MBUUFS UIF FNCSZP BUUBJOT B HMPCVMBS TUBHF DPOTUJ UVUFEPGBCOPSNBMDFMMTCFGPSFMFUIBMJUZTFUTJO -JV BOE .FJOLF .D&MWFS FU BM 5[BGSJS FU BM ѮFTF QIFOPUZQJD DMBTTFT PG UUO NVUBOUT
BSF TIPXO EJBHSBNNBUJDBMMZ JO 'JH $MPOJOH BOE DIBSBDUFSJ[BUJPO PG QSPUFJO QSPEVDUT PG B IPTU PG 55/ HFOFT IJHIMJHIUT UIFJS JNQPSUBODF JO GVO EBNFOUBMBTQFDUTPGNJDSPUVCVMFBTTFNCMZ BOEIBT NBEFJUQPTTJCMFUPUISFBEUPHFUIFSBOFYQMBOBUJPO GPSUIFNVUBOUQIFOPUZQFTѮFQSPUFJOQSPEVDUPG UIF55/HFOFIBTCFFOJEFOUJêFEBTBSFMBUJWFPG UIF"3'GBNJMZPG(51CJOEJOHQSPUFJOTLOPXOBT "3- UIBU QSPCBCMZ SFHVMBUFT B QBUIXBZ JO NFN CSBOFUSBOTQPSUGPSNJDSPUVCVMFBTTFNCMZ .D&MWFS FU BM ѮF 55/ HFOF FODPEFT B SFHVMBUPSZ QSPUFJO SFMBUFE UP UIF UVCVMJOGPMEJOH DPGBDUPS % JOWPMWFE JO UVCVMJO EZOBNJDT 5[BGSJS FU BM
XIFSFBTUIF55/ 55/ BOE55/HFOFTFODPEF UIFQSPUFJOTmDPOEFOTJOTBOEDPIFOTJOTmSFRVJSFE GPSDISPNPTPNFGVODUJPOTTVDIBTUIFJSTUSVDUVSBM NBJOUFOBODF DPOEFOTBUJPO DISPNBUJE TFQBSBUJPO BOEEPTBHFDPNQFOTBUJPOEVSJOHNJUPTJT -JVFUBM ѮVT JUTFFNTMJLFMZUIBUUUOQIFOPUZQFTSF TVMUGSPNUIFEJTSVQUJPOPGTPNFBTQFDUTPGOPSNBM DISPNPTPNF GVODUJPO EVSJOH NJUPTJT PS NJDSPUV CVMFPSHBOJ[BUJPOEVSJOHDZUPLJOFTJTJOEFWFMPQJOH FNCSZPT .VUBUJPOT JO GPVS HFOFT OBNFMZ $)".1* (/0/ $)0
)"--*."4$) )"-
1'*''&3 -*/( 1'*
BOE 103$*/0 103
DPMMFDUJWFMZ EVCCFEUIF1*-;HSPVQ JOEVDFQIFOPUZQJDDIBOHFT SFTVMUJOH JO NVTISPPNTIBQFE FNCSZPT DPOTUJ UVUFEPGBGFXFOMBSHFEDFMMTDPOUBJOJOHPOFUPTFW FSBM OVDMFJ TVSSPVOEFE CZ OPODFMMVMBS FOEPTQFSN XJUI HSPTTMZ FOMBSHFE OVDMFJ WFSZ NVDI MJLF UUO NVUBOUT 'JHBmE 1IFOPUZQJDJEFOUJUZBOENBQ MPDBUJPOTIBWFIJOUFEUIBUDIPDPSSFTQPOETUPUUO BOEIBMJTBMMFMJDUPUUO .BZFSFUBM.D&MWFS FU BM "MUIPVHI BO PWFSBMM TMPXEPXO PG UIF DFMM DZDMF JT JNQMJFE JO UIF BQQFBSBODF PG NVUBOU FNCSZPT OPSNBM XJMEUZQFFYQSFTTJPOPGTVCVOJUT PGDFMMDZDMFHFOFTTVDIBT$:$-*/%&1&/%&/5 ,*/"4& $%, BOE$:$TIPXFEUIBUQSPHSFTTJPO PGUIFDFMMDZDMFJTOPUBSSFTUFEJONVUBOUFNCSZPT XIPTF DFMMT UIVT BQQBSFOUMZ SFNBJO EJWJTJPODPN QFUFOU#BTFEPOUIFFYQSFTTJPOPG,/N3/"BOE JUTFODPEFEQSPUFJO TZOUBYJO JOUIFDFMMTPGNVUBOU FNCSZPTJOBQBUUFSOTJNJMBSUPUIBUJOXJMEUZQFFN CSZPT JUXBTDPODMVEFEUIBUNVUBOUDFMMTSFTQPOEUP UIF TJHOBM GPS DFMM EJWJTJPO CVU GBJM UP PSHBOJ[F DFMM QMBUFT*OUIJTWFJO BHFOFSBMEFGFDUJONJDSPUVCVMF BTTFNCMZ TVDI BT BCTFODF PG UIF UZQJDBM NJDSPUV CVMF BSSBZT JO JOUFSQIBTF BOE NJUPUJD TUBHFT BOE UIF QSFTFODF PG TUVCT PG NJDSPUVCVMFT JO UIF MBUUFS
ɫɩ &NCSZP(FOF&YQSFTTJPO1SPHSBN4UVEJFECZ.VUBOU4DSFFOJOH
ώώϖ
XBT PCTFSWFE JO UIF DFMMT PG NVUBOU FNCSZPT TVH HFTUJOHUIBUQSPUFJOTEJTSVQUFECZNVUBUJPOJOUIF 1*-;HSPVQPGHFOFTBSFEFQMPZFEGPSNJDSPUVCVMF PSHBOJ[BUJPOEVSJOHNJUPTJTBOEGPSDZUPLJOFTJT CVU OPU GPS QSPHSFTTJPO PG UIF DFMM DZDMF .BZFS FU BM ѮFGPVS1*-;HSPVQHFOFTFODPEFPSUIPMPHT PG NBNNBMJBO UVCVMJOGPMEJOH DPGBDUPST 5'$ $ % BOE& BOEBO"3- XIJDIDPMMFDUJWFMZNFEJBUF UIFTZOUIFTJTPGBEJNFSPGʂBOEʃUVCVMJOTVCVOJUT DPOTUJUVUJOH UIF CBTJD NJDSPUVCVMF CVJMEJOH CMPDL "OPUIFS HFOF XJUI B SFMBUFE FNCSZPMFUIBM QIFOP UZQF ,*&4&- ,*4 IBT CFFO GPVOE UP FODPEF B 5'$ PSUIPMPH " ѮFTF êOEJOHT IBWF DPOUSJCVUFE BEEJUJPOBM FWJEFODF GPS B SPMF GPS NJDSPUVCVMFT JO DFMMEJWJTJPOBOEWFTJDMFUSBēDLJOHEVSJOHDZUPLJOF TJTJOUIFEFWFMPQJOHFNCSZP 4UFJOCPSOFUBM
)PXFWFS JUJTEJēDVMUUPEFUFSNJOFXIFUIFSUIFBG GFDUFEHFOFTIBWFBOZPWFSMBQQJOHGVODUJPOTEVSJOH DFMMEJWJTJPOJOXJMEUZQFFNCSZPTѮFDZUPLJOFTJT EFGFDUJWFQIFOPUZQFTPG55/BOE1*-;HSPVQNV UBOUTBSFBMTPTIBSFECZUIFIJOLFM IJL BOE"SBCJ EPQTJT%ZOBNJOMJLF1SPUFJOT BEM NVUBOUTѮF )*, HFOF FODPEFT B QMBOUTQFDJêD LJOFTJOSFMBUFE QSPUFJO UIBU JT CFMJFWFE UP GVODUJPO JO UIF SFPSHB OJ[BUJPO PG UIF QISBHNPQMBTU NJDSPUVCVMFT EVSJOH DFMMQMBUFGPSNBUJPO 4USPNQFOFUBM &NCSZP MFUIBM EFGFDUT JO IPNP[ZHPVT BEM"BEM& EPVCMF NVUBOUTBSFNBOJGFTUJOUIFQSFTFODFPGNVMUJOVDMF BUFDFMMTXJUIJODPNQMFUFDFMMXBMMT4JODFEZOBNJO BOEEZOBNJOSFMBUFEQSPUFJOTBSFCFMJFWFEUPQMBZB DFOUSBMSPMFJOUIFTFDSFUPSZQBUIXBZ QBSUJDVMBSMZJO UIF SFMFBTF PG WFTJDMFT GSPN UIF QMBTNB NFNCSBOF
'JHɫɪ1IFOUPUZQJDDMBTTFTPGUUONVUBOUTPG"SBCJEPQTJTBT TFFOJOEJBHSBNTPGPWVMFT-BSHFCMBDLEPUT&OMBSHFEOVDMF PMJ TNBMMEPUT UUOFOEPTQFSN DPOEFOTFENJUPUJDDISPNP TPNFT BSSPXDPOUJOVFEFNCSZPEFWFMPQNFOUJOUUOTFFET "OJOUFSNFEJBUFFNCSZPQIFOPUZQFJTPCTFSWFEJOUUTFFE MBUFJOEFWFMPQNFOU 3FQSJOUFEGSPN5[BGSJSFUBM
'JHɫɫBoE/PNBSTLJPQUJDTPGXIPMFNPVOUTPGXJMEUZQF BOE QJM[ NVUBOU FNCSZPT BOE FOEPTQFSN PG "SBCJEPQTJT B Qê NVUBOU FNCSZP & CPUUPN BOE XJMEUZQF UPSQFEP TIBQFEFNCSZP & UPQ GSPNUIFTBNFTJMJRVF&4MBSHFFO EPTQFSN OVDMFJ C IBM NVUBOU FNCSZP UPQ BOE XJMEUZQF IFBSUTIBQFEFNCSZP CPUUPN GSPNUIFTBNFTJMJRVFDDIP NVUBOU FNCSZP DPOTJTUJOH PG GPVS UP TJY MBSHF DFMMT E QPS NVUBOUFNCSZPDPOTJTUJOHPGPOFMBSHFDFMM 3FQSJOUFEGSPN .BZFSFUBM
ώϏύ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
BOEUIFJSTPSUJOHUPWBSJPVTTVCDFMMVMBSEFTUJOBUJPOT UIF EFGFDUT JO UIF NVUBOU FNCSZPT NJHIU EFNPO TUSBUF B SFRVJSFNFOU GPS UIFTF QSPUFJOT JO WFTJDMF GPSNBUJPO BOE GVTJPO NFNCSBOF EZOBNJDT BOE UIFJOUSJDBUFSFHVMBUJPOPGUIFTFQSPDFTTFTOFDFTTBSZ GPSDFMMQMBUFBTTFNCMZ ,BOHFUBM $FMM EJWJTJPO BCOPSNBMJUJFT EVSJOH FNCSZPHFO FTJTIBWFBMTPCFFOEFTDSJCFEJONVUBUJPOTJO50/ '4 $IBQ
(/ ,/ ,&6 $IBQ
BOETFWFSBM PUIFSQSFWJPVTMZVODIBSBDUFSJ[FEHFOFTPG"SBCJEPQ TJT XJUIUIFEJĒFSFODFUIBUUIFTFNVUBUJPOTEPOPU SFTVMU JO FNCSZP MFUIBMJUZ /BDSZ FU BM 4ÕMM OFSFUBM *OUIFDZUPLJOFTJTEFGFDUJWFNVUBOU QSM UIF[ZHPUFUPFNCSZPUSBOTJUJPOJTPDDBTJPOBMMZ NBSLFECZSFQFBUFEGBJMVSFPGDZUPLJOFTJT MFBEJOHUP UIFGPSNBUJPOPGBMBSHFNVMUJOVDMFBUF[ZHPUF )PME JOHBOE4QSJOHFS
XIFSFBTJOUIF"SBCJEPQTJT UIBMJBOB DVMMJO "UDVM NVUBOU HFOFSBUFE CZ 5 %/"JOTFSUJPOTJOUIF"U$6-HFOF FWFOUIFêSTU EJWJTJPOPGUIF[ZHPUFJTCMPDLFE 4IFOFUBM "OBMZTJTPGFNCSZPHFOFTJTJOUIF"SBCJEPQTJTUIBMJ BOB 4LQMJLF BTL BOE BTL EPVCMF NVUBOU BMTP QPJOUTUPUIFJOWPMWFNFOUPGEFGFDUJWFDFMMEJWJTJPOT EVSJOHUIFHMPCVMBSUPIFBSUTIBQFEUSBOTJUJPOTUBHF -JV FU BM ѮF GBDU UIBU NVUBUJPOT JO HFOFT UIBUEJTSVQUNJUPTJTBOEDZUPLJOFTJTIBWFDPOTQJDV PVT QIFOPUZQJD FĒFDUT PO FNCSZPT SBOHJOH GSPN BCOPSNBMJUJFT JO UIF [ZHPUF FNCSZP BOE TFFEMJOH TIBQF UP FNCSZP MFUIBMJUZ JNQMJFT UIBU UIFTF DFMMV MBS QSPDFTTFT IBWF BO PWFSSJEJOH FĒFDU JO WJSUVBMMZ BMMQIBTFTPGFNCSZPHFOFTJT CVUUIFNFDIBOJTNCZ XIJDIEFGFDUTJOUIFTBNFDFMMVMBSQSPDFTTFTDBVTFB SBOHFPGBCOPSNBMTZOESPNFTSFNBJOTQV[[MJOH %JTSVQUJPOPGDZUPLJOFTJTBDDPNQBOJFECZQBUDIZ DFMM XBMM GPSNBUJPO EVSJOH FNCSZPHFOFTJT BSF UIF EFêOJOH GFBUVSFT PG B 5%/"HFOFSBUFE NVUBUJPO EFTJHOBUFEBTDZUPLJOFTJTEFGFDUJWF DZU ѮFNV UBOU FNCSZP CFDPNFT B EJTPSHBOJ[FE NBTT PG FO MBSHFE DFMMT SFTVMUJOH GSPN JODPNQMFUF DZUPLJOFTJT BOEGBJMVSFUPTZOUIFTJ[FBOPSNBMDFMMXBMM /JDLMF BOE .FJOLF ѮF $:5 HFOF FODPEFT NBO OPTFQIPTQIBUF HVBOZMZMUSBOTGFSBTF BO FO[ZNF DBUBMZ[JOH UIF TZOUIFTJT PG (%1NBOOPTF JU JT CF MJFWFEUIBUBEFDSFBTFJO(%1NBOOPTFMFBETUPTFD POEBSZEFGFDUTTVDIBTDIBOHFTJODFMMXBMMDPNQP TJUJPOBOEEFêDJFODZJO/HMZDPTZMBUJPO*ODPODFSU XJUIUIJTGBDU NVUBOUFNCSZPTBSFGPVOEEFêDJFOU JO/HMZDPTZMBUJPOBOEIBWFBOBMUFSFEDPNQPTJUJPO PGDFMMXBMMQPMZTBDDIBSJEFT SFTVMUJOHJOBDPOTJEFS BCMFEFDSFBTFJOUIFMFWFMPGDFMMVMPTF -VLPXJU[FU
BM &NCSZPEFWFMPQNFOUBMBSSFTUBOEEFGFDUT JO DZUPLJOFTJT IBWF BMTP CFFO SFQPSUFE JO BOPUIFS "SBCJEPQTJT NVUBOU HMVDPTJEBTF HDT JO XIJDI /HMZDPTZMBUJPO JT BĒFDUFE TPNFXIBU JOEJSFDUMZ #PJTTPOFUBM ѮFGPSNBUJPOPGBCOPSNBMMZ UIJDL DFMM XBMMT BMPOH XJUI UIF BDDVNVMBUJPO PG BNPSQIPVTBHHSFHBUFTBOEêCSJMMBSNBUFSJBMJOUIF XBMMTPGUIF"SBCJEPQTJTFNCSZPMFUIBMNVUBOUWDM JT BU êSTU TJHIU EJēDVMU UP SFDPODJMF XJUI UIF GBDU UIBUUIFQSJNBSZMFTJPOJOUIFNVUBOUFNCSZPDFMMT JTUIFBCTFODFPGOPSNBMWBDVPMFTѮFNVUBUJPOBM MFTJPOTBSFTFFOJOBDMFBSFSMJHIUXIFOJUJTSFBMJ[FE UIBU UIF BCFSSBOU DFMM XBMM NJHIU CF EVF UP NJTTF DSFUJPO PG OPSNBMMZ WBDVPMFMPDBMJ[FE QSPUFJOT UP UIFFYUSBDFMMVMBSNBUSJY 3PKPFUBM )BMMBOE $BOOPO IBWFTIPXOUIBUBNVUBUJPOJOUIF HFOF30054)005):10$05:-%&'&$5*7& 34) DBOQSPWPLFSBOEPNPSJFOUBUJPOTPGQMBOFT PGEJWJTJPOTPGFNCSZPTCFHJOOJOHXJUIUIF[ZHPUF TUBHFѮFSFTVMUJTUIFGPSNBUJPOPGNPSQIPMPHJDBMMZ EFGFDUJWF FNCSZPT DPOTUJUVUFE PG DFMMT PG JSSFHVMBS TJ[FTBOETIBQFTѮF34)HFOFFODPEFTBIZESPYZ QSPMJOFSJDIHMZDPQSPUFJOUZQFDFMMXBMMQSPUFJOUIBU TUSFOHUIFOT UIF DFMM XBMM ѮF JODSFBTJOH MJTU PG DZ UPLJOFTJTEFGFDUJWF FNCSZP NVUBOUT XJMM DPOUJOVF UP ESJWF JOUFOTF JOUFSFTU JO GVSUIFS DIBSBDUFSJ[JOH OPWFMHFOFTJNQMJDBUFEJODFMMQMBUFGPSNBUJPOBOE DFMMXBMMCJPTZOUIFTJTJOQMBOUT &NCSZPEFGFDUJWF.VUBOUTPG"SBCJEPQTJT *U JT FTUJNBUFE UIBU NPSF UIBO "SBCJEPQTJT NVUBOUT XJUI B XJEF SBOHF PG EFGFDUT JO FNCSZP EFWFMPQNFOU FNCSZPEFGFDUJWFT BOE QJHNFOU BD DVNVMBUJPOIBWFCFFOJTPMBUFECZEJĒFSFOUHSPVQT PG JOWFTUJHBUPST .D&MWFS FU BM *O BUUFNQUT UPNBQUIFTF&.#HFOFTSFMBUJWFUPWJTJCMFBOENP MFDVMBSNBSLFST BCPVUNVUBOUHFOFTIBWFCFFO BTTJHOFE QMBDFT PO UIF HFOFUJD NBQ PG " UIBMJBOB 1BUUPOFUBM'SBO[NBOOFUBM 0GUIF EJĒFSFOU FNCSZPEFGFDUJWF NVUBOUT BMSFBEZ EF TDSJCFE BSF UIPTF XJUI BMUFSFE TVTQFOTPS NPSQIPM PHZ $IBQ BOE BCOPSNBMJUJFT JO UIF TIPPU BOE SPPU BQJDBM NFSJTUFNT BOE JO UIF BQJDPCBTBM BOE SBEJBMQBUUFSOJOHPGFNCSZPT $IBQ "TXJMMCF TFFO JO UIF OFYU DIBQUFS TFWFSBM FNC NVUBOUT BSF EJTSVQUFE JO UIF NBUVSBUJPO PG FNCSZPT BOE UIF BTTPDJBUFE BDDVNVMBUJPO PG BOUIPDZBOJOT &BSMZ XPSLPOFNCNVUBOUTGVFMFETQFDVMBUJPOUIBUHFOFT
ɫɩ &NCSZP(FOF&YQSFTTJPO1SPHSBN4UVEJFECZ.VUBOU4DSFFOJOH
UIBU GVODUJPO DSJUJDBMMZ EVSJOH FNCSZPHFOFTJT BSF [ZHPUJDBMMZ USBOTDSJCFE #BTFE PO UIF OPOSBOEPN EJTUSJCVUJPO PG TFFET IBSCPSJOH NVUBOU FNCSZPT BMPOH UIF MFOHUI PG IFUFSP[ZHPVT TJMJRVFT JU XBT TVCTFRVFOUMZDPODMVEFEUIBUNBOZHFOFTUIBUDPO USPM FBSMZ TUBHFT PG FNCSZPHFOFTJT BSF FYQSFTTFE QSJPSUPGFSUJMJ[BUJPOBOEBSFPGHBNFUPQIZUJDPSJHJO .FJOLF *U XBT NFOUJPOFE JO $IBQ UIBU FTUBCMJTINFOU PG UIF BQJDPCBTBM BYJT JT EFGFD UJWFJOFNCSZPTPGUIFHOFNCNVUBOU4JODFBO FYBNJOBUJPOPGUIFBMMFMFTQFDJê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ѮFNBKPSJUZPGFNCNVUBOUTIBWFCFFOSFTDVFECZ DVMUVSFPGTFFET PWVMFT PSJTPMBUFEFNCSZPTJOBOV USJFOU NFEJVN XIFSF UIFZ TIPX B WBSJFUZ PG NPS QIPHFOFUJD DIBOHFT TVDI BT DBMMVT HSPXUI TIPPU BOE SPPU GPSNBUJPO GSPN DBMMVT BOE ëPXFSJOH PG SFHFOFSBUFE QMBOUT "MUIPVHI FNCSZPT BSSFTUFE BU UIF HMPCVMBS TUBHF EP OPU SFTVNF HSPXUI XIFO TFFET BSF DVMUVSFE TFFET FODMPTJOH FNCSZPT EFGFD UJWFQSJPSUPUIFIFBSUTIBQFETUBHFQSPEVDFTPNF DBMMVTGSPNFNCSZPT0UIFSFNCSZPTBSSFTUFEBUUIF HMPCVMBSUPIFBSUTIBQFETUBHFTQSPEVDFBCOPSNBM TIPPUT PS DBMMVT XJUI CSBODIFE USJDIPNFT 'PSNB UJPOPGFYUFOTJWFDBMMVT GPMMPXFEJOTPNFDBTFTCZ UIF SFHFOFSBUJPO PG SPPUT BOE TIPPUT JT GSFRVFOUMZ PCTFSWFEVQPODVMUVSFPGTFFETIBSCPSJOHFNCSZPT EFGFDUJWF GSPN UIF UPSQFEPTIBQFE UP NBUVSF DPU ZMFEPO TUBHFT 7BSJPVT DMBTTFT PG SFTDVFE NVUBOU QMBOUTBMTPQSPEVDFOPSNBMPSBCOPSNBMëPXFSTJO DVMUVSF " HFOFSBM DPODMVTJPO EFSJWFE GSPN UIFTF PCTFSWBUJPOT JT UIBU NBOZ FNC NVUBOUT IBWF JO DVSSFE MFTJPOT JO HFOFT SFRVJSFE GPS CPUI FNCSZP HFOFTJT BOE WFHFUBUJWF HSPXUI #BVT FU BM 'SBO[NBOO FU BM 1SPUFJO CPEJFT BSF VTFGVM EFWFMPQNFOUBMNBSLFSTBTUIFZBQQFBSPOMZUPXBSE UIF êOBM TUBHFT PG FNCSZPHFOFTJT 6MUSBTUSVDUVSBM TUVEJFT IBWF SFWFBMFE UIF JNQBDU PG NVUBUJPOT PO UIF DFMMVMBS NBDIJOFSZ PG FNCSZPT TPNF NVUBOU
ώϏώ
FNCSZPTDPOUBJOOPSNBMQSPUFJOCPEJFTTJNJMBSUP UIPTFPGUIFXJMEUZQF XIFSFBTPUIFSTMBDLNBUVSF QSPUFJOCPEJFTѮJTQJDUVSFPGQSPUFJOCPEZEJNPS QIJTNJTBMTPDPSSFMBUFEXJUIUIFGBJMVSFPGNVUBOU FNCSZPTUPBDDVNVMBUFUIF4BOE4TUPSBHFQSP UFJOT GPVOE JO XJMEUZQF FNCSZPT &WJEFOUMZ UIF NVUBUJPOTOPUPOMZEJTSVQUNPSQIPHFOFTJT CVUBMTP DPNQSPNJTF DFMMVMBS EJĒFSFOUJBUJPO JO FNCSZPT )FBUI FU BM 1BUUPO BOE .FJOLF $VM UVSFPGTFFEMJOHTPGTPNFLFVMJLFDZUPLJOFTJTEFGFD UJWFNVUBOUTQSPEVDFEBCOPSNBMQMBOUT JOEJDBUJOH UIBU,&6MJLFMPDJBSFSFRVJSFEOPUPOMZGPSDZUPLJ OFTJTEVSJOHFNCSZPHFOJDEJWJTJPOT CVUBMTPEVSJOH WFHFUBUJWFEFWFMPQNFOU 4ÕMMOFSFUBM 8IJMF UIF MBSHF OVNCFS PG FNC NVUBOUT JTPMBUFE PĒFST B SFMJBCMF BQQSPBDI UP JEFOUJGZ HFOFT UIBU QMBZ BO FT TFOUJBMSPMFJOFNCSZPHFOFTJT BQBSUGSPNUIFDIBS BDUFSJ[BUJPO PG TFWFSBM DZUPLJOFTJTEFGFDUJWF BOE QBUUFSOGPSNJOH HFOFT BOE UIFJS QSPUFJO QSPEVDUT $IBQ
WFSZMJUUMFJTLOPXOBCPVUPUIFSHFOFTPS UIFJSFODPEFEQSPUFJOTUIBUDBVTFEFGFDUTJOFNCSZP EFWFMPQNFOU"MCFSUFUBM IBWFEFTDSJCFEBO FNCSZPEFGFDUJWF NVUBUJPO FNC UIBU BQQFBST UPBĒFDUUIFQPTUHMPCVMBSEFWFMPQNFOUPGFNCSZPT CVU TUJMM BMMPXT DFMM EJWJTJPOT UIBU SFTVMU JO HJBOU HMPCVMBSFNCSZPTJOUIFNBUVSFTFFEѮFHFOFIBT CFFO DMPOFE BOE TIPXO UP FODPEF BO BOLZSJOSF QFBUDPOUBJOJOHQSPUFJO"OLZSJOSFQFBUTSFQSFTFOU DPOTFSWFE EPNBJOT PG BNJOP BDJET UIPVHIU UP NFEJBUF QSPUFJOQSPUFJO JOUFSBDUJPOT ѮF SPMF PG UIJTQSPUFJOIBTCFFOTUVEJFECZVTJOHUIFQSPNPUFS PG UIF "#"*/4&/4*5*7& "#* HFOF UP EJSFDU FYQSFTTJPOPGUIF&.#HFOFEVSJOHFNCSZPHFO FTJT CVUOPUEVSJOHWFHFUBUJWFHSPXUI PGUSBOTHFOJD "SBCJEPQTJT#ZQSPWJEJOHUIFXJMEUZQFQSPUFJOPOMZ EVSJOH FNCSZPHFOFTJT JU XBT QPTTJCMF UP TIPX JO UIJTXPSLUIBUBMUIPVHIUIFQBSUJBMMZDPNQMFNFOUFE QMBOUTBSFGFSUJMF UIFZEJTQMBZMBDLPGQJHNFOUBUJPO JOMFBWFTBOEJOëPSFTDFODFTEVFUPEFGFDUJWFDIMPSP QMBTUCJPHFOFTJT %FTQSFTFUBM ѮJTPCTFSWB UJPOIBTQSPGPVOEJNQMJDBUJPOTGPSGVUVSFTUVEJFTPO UIFGVODUJPOPG&.#HFOFT CFDBVTFBQSPUFJOUIBU JTFTTFOUJBMGPSFNCSZPHFOFTJTBMTPBQQFBSTUPCFSF RVJSFEGPSBOPUIFSWJUBMGVODUJPOJOUIFQMBOU &NCSZP%FGFDUJWF.VUBOUTPG.BJ[FBOE3JDF ѮFHFOFUJDUSBDUBCJMJUZPGNBJ[F DPNCJOFEXJUIUIF QSFTFODF PG TFWFSBM USBOTQPTBCMF FMFNFOU TZTUFNT
ώϏϏ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
IBT NBEF UIJT QMBOU BO BUUSBDUJWF NPEFM GPS NVUB UJPOBM BOBMZTJT PG FNCSZPHFOFTJT )PXFWFS VOMJLF "SBCJEPQTJT XIFSF NPMFDVMBS DMPOJOH PG HFOFT IBT CFFO B TFRVFM UP NVUBOU JTPMBUJPO TUVEZ PG NBJ[F FNCSZPNVUBOUTIBTOPUQSPHSFTTFEBQQSFDJBCMZCF ZPOE EFTDSJQUJWF BDDPVOUT .PTU FNCSZPEFGFDUJWF NBJ[FNVUBOUTBOBMZ[FEIBWFCFFOJTPMBUFECZQPM MJOBUJOH FBST XJUI DIFNJDBMMZ NVUBHFOJ[FE QPMMFO HSBJOT PS CZ TDSFFOJOH TUPDLT UIBU FYIJCJU .VUBUPS .V USBOTQPTPOBDUJWJUZBTBSFTVMUPGHFOFEJTSVQ UJPO CZ EJSFDU JOTFSUJPOBM NVUBHFOFTJT ѮF MBUUFS BQQSPBDI XIJDI IBT B MPOH BOE TVDDFTTGVM USBEJ UJPOJONBJ[FHFOFUJDT IBTZJFMEFEBTFUPGNVUBOUT GPSVTFJONPMFDVMBSDMPOJOHPGHFOFT"OBCVOEBOU DMBTTPGNVUBOUTLOPXOBTEFGFDUJWFLFSOFM EFL JTP MBUFECZUIFTFNFUIPETTIPXTMFTJPOTJOCPUIFOEP TQFSNBOEFNCSZPEFWFMPQNFOU5ZQJDBMMZ FNCSZP HSPXUIJOEFLNVUBOUTJTBSSFTUFEPWFSBXJEFSBOHF PGTUBHFT CFGPSF EVSJOH BOEBѫFSUIFFTUBCMJTINFOU PGUIFFNCSZPBYJT&NCSZPTPGUIFNBKPSJUZPGNV UBOUT BSF PG UIF OVUSJUJPOBM UZQF BT UIFZ HSPX JO DVMUVSF BMUIPVHIUIFSFBSFEJĒFSFODFTJOUIFDBQBD JUZPGEFGFDUJWFFNCSZPTUPSFTVNFOPSNBMHSPXUI JOBNJOFSBMTBMUNFEJVNXJUIPSXJUIPVUPSHBOJD BEEJUJWFT 0UIFS EFL NVUBOUT BSF QFSNBOFOUMZ CMPDLFEBUTPNFTUBHFPGFNCSZPEFWFMPQNFOUBOE BSF IFODF EFWFMPQNFOUBM NVUBOUT 4IFSJEBO BOE /FVĒFS 4DBOMPOFUBM#FDSBѫ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
USBOTNFNCSBOFQSPUFJOUIBUTIBSFTIJHIIPNPMPHZ XJUIDBMQBJOT BGBNJMZPGBOJNBMDZUPTPMJDFO[ZNFT JOWPMWFEJOTJHOBMUSBOTEVDUJPO -JEFUBM "M UIPVHIDIBSBDUFSJ[BUJPOPGUIF%&,HFOFQSPEVDU BTBTJHOBMJOHNPMFDVMFBUUIJTMFWFMIBSEMZBEESFTTFT JUTNFDIBOJTNPGBDUJPO UIFCSPBEFSCJPMPHJDBMTJH OJêDBODFPGUIFHFOFJTDMFBSMZJOGPDVT " TFDPOE DMBTT PG NVUBOUT JODMVEFT FYDMVTJWFMZ .VJOEVDFE NVUBUJPOT EFTJHOBUFE BT FNCSZPTQF DJêD FNC
XIPTFNPSQIPHFOFUJDFĒFDUTBSFTQFDJêD UPUIFFNCSZPXIJMFUIFFOEPTQFSNJTOPSNBMJOJUT EFWFMPQNFOU " EFUBJMFE QIFOPUZQJD DIBSBDUFSJ[B UJPO PG FNC NVUBOUT TIPXFE UIBU UIF NBKPSJUZ BSF CMPDLFE EVSJOH EJĒFSFOUJBUJPO PG UIF FNCSZP BYJT BOE TDVUFMMVN BOE JOJUJBUJPO PG UIF êSTU MFBG QSJNPSEJVN XIJMFPUIFSTBSFCMPDLFEFJUIFSEVSJOH GPSNBUJPOPGUIFPSHBOPHFOFUJDQBSUPGUIFFNCSZP BOETVTQFOTPSPSEVSJOHFMBCPSBUJPOPGFNCSZPOJD TUSVDUVSFT QSFQBSBUPSZ UP EPSNBODZ $MBSL BOE 4IFSJEBO 4IFSJEBO BOE $MBSL 4PNF FNC NVUBOUT IBWF CFFO GVSUIFS DIBSBDUFSJ[FE UP SFWFBMOPWFMHFOFUJDBOEQIFOPUZQJDEJĒFSFODFTCF UXFFONVUBOUT XIJDINBZQSPWFVTFGVMGPSUIFJTP MBUJPOBOENPMFDVMBSBOBMZTJTPGUIFHFOFTBĒFDUFE $POGPDBM MBTFS TDBOOJOH NJDSPTDPQJD JNBHFT PG QSPQJEJVNJPEJEFTUBJOFE FNCSZPT PG UXP MPTTPG GVODUJPOFNCNVUBOUTBSFTIPXOJO1MBUF 'JHDmK ѮFDVSSFOUWJFXJTUIBUEJĒFSFOUHFOFTBSFQSPCBCMZ BĒFDUFEJOFBDIPGUIFFNCNVUBUJPOT BOEUIBUFBSMZ TUBHFTPGNBJ[FFNCSZPHFOFTJT MJLFUIPTFPG"SBCJ EPQTJT BSFDPOUSPMMFECZBCBUUFSZPGHFOFT )FDLFM FUBM&MTUFSFUBM$POTPOOJFUBM .BHOBSEFUBM "OBMZTJTPGBHSPVQPGNBJ[F NVUBOUT TIPXJOH BCOPSNBM TFFEMJOH NPSQIPMPHZ EFTJHOBUFEBTEFGFDUJWFTFFEMJOH EFT
JTPMBUFEGSPN BDUJWF.VTUPDLT IBTTVHHFTUFEUIFQPTTJCJMJUZUIBU EJTSVQUJPOPGTFFEMJOHNPSQIPMPHZNJHIUCFBDPO TFRVFODFPGNVUBUJPOBMEFGFDUTEVSJOHFNCSZPHFO FTJT BOEUIBUUIFTFNVUBOUTNJHIUTFSWFBTBTQSJOH CPBSE GPS GVSUIFS TUVEJFT UP JEFOUJGZ HFOFT BDUJWF EVSJOHFNCSZPHFOFTJT (BWB[[JFUBM%PMêOJ FUBM-BOEPOJFUBM *OUIFPOMZTVDDFTT GVMDMPOJOHPGBHFOFXIPTFGVODUJPOJTEJTSVQUFECZ BOFNCNVUBUJPO .BHOBSEFUBM IBWFTIPXO UIBU UIF QSPUFJO QSPEVDU PG UIF BĒFDUFE HFOF ;FB NBZT1-"45*%3*#040."-1305&*/-;N 131- IBTTJNJMBSJUZUPQSPUFJO-PGUIFMBSHF TVCVOJU PG QMBTUJE SJCPTPNFT $PODFQUVBMMZ UIJT JOGPSNBUJPO TVHHFTUT UIBU UIF ;N131- HFOF
QSPEVDU NJHIU GVODUJPO BT B TUSVDUVSBM QSPUFJO GPS UIF QMBTUJE USBOTMBUJPOBM NBDIJOFSZ PG UIF FNCSZP BOEUIBUUIFQSFTFODFPGGVODUJPOBMQMBTUJETJTNPSF JNQPSUBOU JO FNCSZPHFOFTJT UIBO JO FOEPTQFSN EFWFMPQNFOUJONBJ[F&NFSHJOHGSPNBQSPUSBDUFE QIBTF PG JTPMBUJOH BOE DBUBMPHJOH FNCSZPMFUIBM NVUBOUT UIF HFOFUJDT PG NBJ[F FNCSZPHFOFTJT BQ QFBSTOPXUPCFFOUFSJOHBNBUVSFQIBTFPGJODSFBT JOHMZBDUJWFJOWFTUJHBUJPOT "CSPBETQFDUSVNPGNVUBOUTXJUIMFTJPOTBUEJG GFSFOUTUBHFTPGFNCSZPHFOFTJTSBOHJOHGSPNUIFBC TFODF PG FNCSZPOJD PSHBOT UP BCOPSNBM PS BCOPS NBMMZQMBDFEPSHBOT UPFNCSZPTMBDLJOHFJUIFSTIPPU PSSPPU IBTCFFOPCUBJOFECZDIFNJDBMNVUBHFOFTJT PGSJDFHSBJOT.VUBOUFNCSZPTSBSFMZEJĒFSFOUJBUFE BOPSNBMTIPPUXJUIPVUBSPPU JOEJDBUJOHUIBUUIF TBNF HFOFUJD MPDJ QSPCBCMZ DPOUSPM TIPPU BOE SPPU EJĒFSFOUJBUJPOFQJTPEFT /BHBUPFUBM,JUBOP FUBM)POHFUBMC 4DBSQFMMBFUBM "HFOFGPSTIPPUEFWFMPQNFOUIBTBMTPCFFO JEFOUJêFE BTBNVUBUJPOJOUIJTHFOFQSPEVDFTFN CSZPTMBDLJOHBDPMFPQUJMF CVUXJUIBOVOEFSEFWFM PQFEFQJCMBTU BëBUTIPPUBQFY BOEBCOPSNBMêSTU UISFF MFBWFT UIF NVUBUJPO BMTP BĒFDUT QMBTUPDISPO QIZMMPUBYJT BOEMFBGTUSVDUVSF"TUIFBCOPSNBMJUJFT HSBEVBMMZEJTBQQFBS MFBEJOHUPUIFFTUBCMJTINFOUPG BOPSNBMTIPPU UIFNVUBUFEHFOFJTUIPVHIUUPGVOD UJPOBUBOFBSMZTUBHFPGTIPPUEFWFMPQNFOU 5BNVSB FUBM "QBSUJDVMBSMZJOUFSFTUJOHDBTFPGJOUFS BDUJPOCFUXFFOUIFFNCSZPBOEUIFFOEPTQFSNVO DPWFSFEJOUIFEFWFMPQJOHSJDFHSBJOJOWPMWFTBUFN QFSBUVSFTFOTJUJWFNVUBOU FNCSZPMFTT FNM ѮF NPTUDIBSBDUFSJTUJDGFBUVSFPGUFNQFSBUVSFTFOTJUJW JUZJTUIBUSFBSJOHQMBOUTBUBEBZOJHIUUFNQFSBUVSF PG$GPMMPXJOHQPMMJOBUJPODBVTFTUIFGPSNB UJPO PG HSBJOT XJUI OP FNCSZPT PS PG HSBJOT XJUI NBMGPSNFEFNCSZPTCVUXJUIBMBSHFRVBOUJUZPGFO EPTQFSN(SBJOTXJUIMBSHFFNCSZPTBOEQPPSMZEF WFMPQFEFOEPTQFSNSFTVMUXIFOQMBOUTBSFSFBSFEBU BDPOTUBOUUFNQFSBUVSFPG$PS$ )POHFUBM B ѮFTVCUMFFĒFDUTPGUIFNVUBOUHFOFPOUIF FNCSZP BOE FOEPTQFSN SFHVMBUFE CZ UFNQFSBUVSF DIBOHFTTVHHFTUBSPMFGPSUIF&.-HFOFQSPEVDU JOUIFDPOUJOVFEEFWFMPQNFOUPGUIFTFQBSUTPGUIF HSBJO4JODFUFNQFSBUVSFIBTOPTFMFDUJWFSPMFJOUIF EFWFMPQNFOUPGUIFFNCSZPPSFOEPTQFSN JEFOUJê DBUJPOPGUIFHFOFQSPEVDUBOEUIFUFNQFSBUVSFJO EVDFE DIBOHFT JO UIF DPOGPSNBUJPO PG UIF QSPUFJO TIPVMEIFMQJEFOUJGZUIFQPUFOUJBMNFDIBOJTNPGUIF
ɫɪ $PODMVEJOH$PNNFOUT
ώϏϐ
UFNQFSBUVSFFĒFDUJOUIFNVUBOU"DIBMMFOHFGBDJOH SFTFBSDIFST XJUI NBJ[F BOE SJDF FNCSZPEFGFDUJWF NVUBOUT JT UP UBDLMF CZ DPNQBSBUJWF HFOF FYQSFT TJPOTUVEJFT UIFNPSQIPMPHZPGDFSUBJOFNCSZPOJD PSHBOTPGNFNCFSTPGUIF1PBDFBFUIBUEPOPUIBWF BOZDPVOUFSQBSUTJOPUIFSëPXFSJOHQMBOUT
$PODMVEJOH$PNNFOUT
"TUIFTVSWFZJOUIJTDIBQUFSTIPXT UIFSFBSFQMFOUZ PG JOUFSFTUJOH HFOFT UIBU QMBZ B SPMF JO UIF GBCSJDB UJPOPGUIFëPXFSJOHQMBOUFNCSZPGSPNJUTTJOHMF DFMMFEPSJHJO BOEXIJDIPSDIFTUSBUFFNCSZPHSPXUI *EFOUJêDBUJPOPGUIFTFHFOFTCZEJSFDUJTPMBUJPOIBT CFFO MFTT GSVJUGVM UIBO UIFJS JEFOUJêDBUJPO CZ NV UBOU TDSFFOJOH ZFU TJHOJêDBOU BEWBODFT IBWF CFFO NBEFJOPVSVOEFSTUBOEJOHPGUIFDFOUSBMQMBZFSTJO UIFDPOUSPMPGUIFHFOFUJDQSPHSBNTPGFNCSZPHFO FTJT .VDI DVSSFOU UIJOLJOH CBTFE PO NVUBUJPOBM BOBMZTJTPGFNCSZPHFOFTJTJO"SBCJEPQTJT JOEJDBUFT UIBU FBSMZ EJWJTJPOT PG UIF [ZHPUF BSF VOEFS NBUFS OBM DPOUSPM CZ HFOPNJD JNQSJOUJOH *O UIF DPOUJO VFEHSPXUIPGFNCSZPT BOJNQPSUBOUSPMFIBTCFFO BTDSJCFEUPHFOFTUIBUFODPEFUSBOTDSJQUJPOGBDUPST BOE QSPUFJOT JOWPMWFE JO DFMMVMBS TJHOBMJOH 4JODF NVUBUJPOBM BQQSPBDIFT IBWF BMTP ESBXO PVS BU UFOUJPO UP UIF SPMF PG B OVNCFS PG FTTFOUJBM HFOFT JO FNCSZPHFOFTJT MBDLJOH BOZ BTTJHOFE GVODUJPO JEFOUJGZJOH UIFJS QSFDJTF SPMF JT DFOUSBM UP B GVMMFS VOEFSTUBOEJOH PG UIF HFOFUJD BOE NPMFDVMBS DPO USPMPGFNCSZPHFOFTJTѮFFBTFPGNBOJQVMBUJPOPG "SBCJEPQTJTGPSUIJTUZQFPGSFTFBSDI OPXDPNCJOFE XJUIUIFDPNQMFUFTFRVFODJOHPGJUTFOUJSFHFOPNF FOTVSFTUIBUUIJTQMBOUXJMMSFNBJOBUUIFGPSFGSPOU PG EFDJQIFSJOH QSPHSFTTJWF FNCSZPHFOFTJT JO ëPX FSJOH QMBOUT JO UFSNT PG DPIFSFOU HFOF FYQSFTTJPO QSPHSBNT
ӻ ĞğĞīĞħĜĞĬ "MCFSU4 %FTQSÊT# (VJMMFNJOPU+ #FDIUPME/ 1FMMFUJFS( %FMTFOZ. %FWJD. ѮF&.#HFOFFODPEFT B OPWFM BOLZSJO SFQFBU DPOUBJOJOH QSPUFJO UIBU JT FTTFO UJBMGPSUIFOPSNBMEFWFMPQNFOUPG"SBCJEPQTJTFNCSZPT 1MBOU+m "QVZB/3 :BEFHBSJ3 'JTDIFS3- )BSBEB++ ;JNNFSNBO +- (PMECFSH3# ѮF"SBCJEPQTJTFNCSZPNVUBOU TDIMFQQFSMFTT IBT B EFGFDU JO UIF $IBQFSPOJOʂ HFOF 1MBOU1IZTJPMm
ώϏϑ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
"QVZB/3 :BEFHBSJ3 'JTDIFS3- )BSBEB+) (PMECFSH3# 3"41#&33: HFOF FODPEFT B OPWFM QSPUFJO JN QPSUBOUGPSFNCSZPEFWFMPQNFOU1MBOU1IZTJPMm #BJNB 4 /PCJMJ ' 4FTTB ( -VDDIFUUJ 4 3VCFSUJ * .PSFMMJ ( ѮF FYQSFTTJPO PG UIF"UCI IPNFPCPY HFOF JTSFTUSJDUFEUPQSPWBTDVMBSDFMMTJO"SBCJEPQTJTUIBMJBOB %FWFMPQNFOUm #BSPVY $ #MBOWJMMBJO 3 (BMMPJT 1 1BUFSOBMMZ JOIFS JUFEUSBOTHFOFTBSFEPXOSFHVMBUFECVUSFUBJOMPXBDUJW JUZEVSJOHFBSMZFNCSZPHFOFTJTJO"SBCJEPQTJT'-FUU m #ÅVNMFJO) .JTÊSB4 -VFSFO) ,ÕMMF, )PSTUNBOO$ 8PCVT6 .ÛMMFS" ѮF'64HFOFPG"SBCJEPQTJT UIBMJBOBJTBSFHVMBUPSPGHFOFFYQSFTTJPOEVSJOHMBUFFN CSZPHFOFTJT1MBOU+m #BVT"% 'SBO[NBOO- .FJOLF%8 (SPXUIJOWJUSP PG BSSFTUFE FNCSZPT GSPN MFUIBM NVUBOUT PG "SBCJEPQTJT UIBMJBOBѮFPS"QQM(FOFUm #FDSBѫ 18 -J , %FZ / "TVODJPO$SBCC : ѮF NBJ[F EFLHFOF GVODUJPOT JO FNCSZPOJD QBUUFSO GPSNB UJPO BOE DFMM GBUF TQFDJêDBUJPO %FWFMPQNFOU m #PJTTPO . (PNPSE 7 "VESBO $ #FSHFS / %VCSFVDR # (SBOJFS' -FSPVHF1 'BZF- $BCPDIF. -FQJOJFD- "SBCJEPQTJTHMVDPTJEBTFNVUBOUTSFWFBMBDSJUJDBM SPMFPG/HMZDBOUSJNNJOHJOTFFEEFWFMPQNFOU&.#0 +m #SFUPO$ $IBCPVE" .BUUIZT3PDIPO& #BUFT&&. $PDL +. 'SPNN ) %VNBT $ 1$3HFOFSBUFE D%/" MJCSBSZ PG USBOTJUJPOTUBHF NBJ[F FNCSZPT DMPOJOH BOE FYQSFTTJPOPGDBMNPEVMJOHFOFTEVSJOHFBSMZFNCSZPHFO FTJT1MBOU.PM#JPMm #VSHFĒ $ -JMKFHSFO 4+ 5BQJB-ÓQF[ 3 :BOPGTLZ .' "MWB SF[#VZMMB&3 ."%4CPYHFOFFYQSFTTJPOJOMBU FSBM QSJNPSEJBM NFSJTUFNT BOE EJĒFSFOUJBUFE UJTTVFT PG "SBCJEPQTJTUIBMJBOBSPPUT1MBOUBm $BTTPO4" $IJMMFZ1. 5PQQJOH+' &WBOT*. 4PVUFS." -JOETFZ, ѮF10-"3*4HFOFPG"SBCJEPQTJTFO DPEFTBQSFEJDUFEQFQUJEFSFRVJSFEGPSDPSSFDUSPPUHSPXUI BOEMFBGWBTDVMBSQBUUFSOJOH1MBOU$FMMm $BTUMF -" &SSBNQBMMJ % "UIFSUPO 5- 'SBO[NBOO -) :PPO &4 .FJOLF %8 (FOFUJD BOE NPMFDVMBS DIBSBDUFSJ[BUJPOPGFNCSZPOJDNVUBOUTJEFOUJêFEGPMMPX JOHTFFEUSBOTGPSNBUJPOJO"SBCJEPQTJT.PM(FO(FOFU m $IBVEIVSZ". .JOH- .JMMFS$ $SBJH4 %FOOJT&4 1FB DPDL8+ 'FSUJMJ[BUJPOJOEFQFOEFOUTFFEEFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB 1SPD /BUM "DBE 4DJ 64" m $IPJ: (FISJOH. +PIOTPO- )BOOPO. )BSBEB++ (PME CFSH3# +BDPCTFO4& 'JTDIFS3- %&.&5&3 B %/" HMZDPTZMBTF EPNBJO QSPUFJO JT SFRVJSFE GPS FOEP TQFSNHFOFJNQSJOUJOHBOETFFEWJBCJMJUZJO"SBCJEPQTJT $FMMm $MBSL +, 4IFSJEBO 8' *TPMBUJPO BOE DIBSBDUFSJ[B UJPOPGFNCSZPTQFDJêDNVUBUJPOTPGNBJ[F1MBOU$FMM m $PMMJOHF ." 4QJMMBOF $ ,ÕIMFS $ (IFZTFMJODL + (SPTT OJLMBVT6 (FOFUJDJOUFSBDUJPOPGBOPSJHJOSFDPH OJUJPO DPNQMFY TVCVOJU BOE UIF QPMZDPNC HSPVQ HFOF .&%&" EVSJOH TFFE EFWFMPQNFOU 1MBOU $FMM m
$PMPNCP- 'SBOLFO+ WBOEFS,SPM"3 8JUUJDI1& %POT )+. "OHFOFOU ($ %PXOSFHVMBUJPO PG PWVMF TQFDJêD."%4CPYHFOFTGSPN1FUVOJBSFTVMUTJONBUFS OBMMZDPOUSPMMFEEFGFDUTJOTFFEEFWFMPQNFOU1MBOU$FMM m $PNBJ - %JFUSJDI 3" .BTMZBS %+ #BEFO $4 )BSBEB ++ $PPSEJOBUFEFYQSFTTJPOPGUSBOTDSJQUJPOBMMZSFHV MBUFEJTPDJUSBUFMZBTFBOENBMBUFTZOUIBTFHFOFTJO #SBT TJDBOBQVT-1MBOU$FMMm $PNBJ- .BUTVEBJSB,- )FVQFM3$ %JFUSJDI3" )BSBEB ++ &YQSFTTJPOPGB#SBTTJDBOBQVTNBMBUFTZOUIBTF HFOF JO USBOTHFOJD UPNBUP QMBOUT EVSJOH UIF USBOTJUJPO GSPN MBUF FNCSZPHFOZ UP HFSNJOBUJPO 1MBOU 1IZTJPM m $POTPOOJ ( "TQFTJ $ #BSCBOUF " %PMêOJ 4 (JVMJBOJ $ (JVMJBOJ" )BOTFO4 #SFUUTDIOFJEFS3 1JMV3 (BWB[[J ( "OBMZTJTPGGPVSNBJ[FNVUBOUTBSSFTUFEJOFBSMZ FNCSZPHFOFTJT SFWFBMT BO JSSFHVMBS QBUUFSO PG DFMM EJWJ TJPO4FY1MBOU3FQSPEm $PSEUT4 #BOUJO+ 8JUUJDI1& ,SBO[& -ÕS[) %SFTTFMIBVT 5 ;N&4 HFOFT FODPEF QFQUJEFT XJUI TUSVDUVSBM IPNPMPHZUPEFGFOTJOTBOEBSFTQFDJêDBMMZFYQSFTTFEJO UIFGFNBMFHBNFUPQIZUFPGNBJ[F1MBOU+m $SPVDI .- 4VTTFY *. %FWFMPQNFOU BOE TUPSBHF QSPUFJO TZOUIFTJT JO #SBTTJDB OBQVT - FNCSZPT JO WJWP BOEJOWJUSP1MBOUBm %BWJETPO&) (FOFBDUJWJUZJOFBSMZEFWFMPQNFOU SE FEO"DBEFNJD1SFTT 0SMBOEP 'EF'PMUFS4 #VTTDIFS+ $PMPNCP- -PTB" "OHFOFOU($ 5SBOTDSJQUQSPêMJOHPGUSBOTDSJQUJPOGBDUPSHFOFT EVSJOH TJMJRVF EFWFMPQNFOU JO "SBCJEPQTJT 1MBOU .PM #JPMm %FTQSFT# %FMTFOZ. %FWJD. 1BSUJBMDPNQMFNFO UBUJPOPGFNCSZPEFGFDUJWFNVUBUJPOTBHFOFSBMTUSBUFHZUP FMVDJEBUFHFOFGVODUJPOT1MBOU+m EF 7FZMEFS - EF "MNFJEB &OHMFS + #VSTTFOT 4 .BOFWTLJ " -FTDVSF# WBO.POUBHV. &OHMFS( *O[Ê% " OFX %UZQF DZDMJO PG "SBCJEPQTJT UIBMJBOB FYQSFTTFE EVSJOHMBUFSBMSPPUQSJNPSEJBGPSNBUJPO1MBOUBm %JFOFS"$ -J) ;IPV89 8IPSJTLFZ8+ /FT8% 'JOL (3 45&30- .&5):-53"/4'&3"4& DPO USPMTUIFMFWFMPGDIPMFTUFSPMJOQMBOUT1MBOU$FMMm %JFUSJDI3" 3BELF4& )BSBEB++ %PXOTUSFBN%/" TFRVFODFTBSFSFRVJSFEUPBDUJWBUFBHFOFFYQSFTTFEJOUIF SPPUDPSUFYPGFNCSZPTBOETFFEMJOHT1MBOU$FMMm %PFMMJOH+) :BO/ ,VSFQB+ 8BMLFS+ 7JFSTUSB3% ѮF VCJRVJUJO TQFDJêD QSPUFBTF 6#1 JT FTTFOUJBM GPS FBSMZFNCSZPEFWFMPQNFOUJO"SBCJEPQTJTUIBMJBOB1MBOU +m %PMêOJ 4 -BOEPOJ . $POTPOOJ ( 3BTDJP / %BMMB 7FD DIJB' (BWB[[J( ѮFNBJ[FMJMMJQVUJBONVUBUJPO JT SFTQPOTJCMF GPS EJTSVQUFE NPSQIPHFOFTJT BOE NJOVUF TUBUVSF1MBOU+m %PSOFMBT .$ 8JUUJDI 1 WPO 3FDLMJOHIBVTFO * WBO -BN NFSFO" ,SFJT. $IBSBDUFSJ[BUJPOPGUISFFOPWFM NFNCFSTPGUIF"SBCJEPQTJT4)"((:SFMBUFEQSPUFJOLJ OBTF "4, NVMUJHFOFGBNJMZ1MBOU.PM#JPMm %PVHMBT 4+ $IVDL ( %FOHMFS 3& 1FMFDBOEB - 3JHHT $% ,/"5 BOE &3&$5" SFHVMBUF JOëPSFTDFODF BS DIJUFDUVSFJO"SBCJEPQTJT1MBOU$FMMm
%SFTTFMIBVT5 -ÕS[) ,SBO[& 3FQSFTFOUBUJWFD%/" MJCSBSJFTGSPNGFXQMBOUDFMMT1MBOU+m %SFTTFMIBVT 5 )BHFM $ -ÕS[ ) ,SBO[ & *TPMBUJPO PGBGVMMMFOHUID%/"FODPEJOHDBMSFUJDVMJOGSPNB1$3 MJCSBSZPGJOWJUSP[ZHPUFTPGNBJ[F1MBOU.PM#JPMm %SFTTFMIBVT5 $PSEUT4 )FVFS4 4BVUFS. -ÕS[) ,SBO[ & /PWFM SJCPTPNBM HFOFT GSPN NBJ[F BSF EJĒFS FOUJBMMZFYQSFTTFEJOUIF[ZHPUJDBOETPNBUJDDFMMDZDMFT .PM(FO(FOFUm %VSF-*** (SFFOXBZ4$ (BMBV(" %FWFMPQNFOUBM CJPDIFNJTUSZPGDPUUPOTFFEFNCSZPHFOFTJTBOEHFSNJOB UJPO DIBOHJOH NFTTFOHFS SJCPOVDMFJD BDJE QPQVMBUJPOT BT TIPXO CZ JO WJUSP BOE JO WJWP QSPUFJO TZOUIFTJT #JP DIFNJTUSZm &BTUNPOE1+ WBO%JKLFO"+) 4QJFMNBO. ,FSS" 5JTTJFS "' %JDLJOTPO )( +POFT +%( 4NFFLFOT 4$ (SBIBN *" 5SFIBMPTFQIPTQIBUF TZOUIBTF XIJDI DB UBMZTFTUIFêSTUTUFQJOUSFIBMPTFTZOUIFTJT JTFTTFOUJBMGPS "SBCJEPQTJTFNCSZPNBUVSBUJPO1MBOU+m &MTUFS 3 #PNNFSU 1 4IFSJEBO 8' 8FSS 8 "OBMZ TJT PG GPVS FNCSZPTQFDJêD NVUBOUT JO ;FB NBZT SFWFBMT UIBUJODPNQMFUFSBEJBMPSHBOJ[BUJPOPGUIFQSPFNCSZPJO UFSGFSFT XJUI TVCTFRVFOU EFWFMPQNFOU %FW (FOFT &WPM m &NFSZ+' 'MPZE4, "MWBSF[+ &TIFE: )BXLFS/1 *[IBLJ " #BVN4' #PXNBO+- 3BEJBMQBUUFSOJOHPG"SB CJEPQTJTTIPPUTCZDMBTT***)%;*1BOE,"/"%*HFOFT $VSS#JPMm &SSBNQBMMJ % 1BUUPO % $BTUMF - .JDLFMTPO - )BOTFO , 4DIOBMM+ 'FMENBOO, .FJOLF% &NCSZPOJDMF UIBMTBOE5%/"JOTFSUJPOBMNVUBHFOFTJTJO"SBCJEPQTJT 1MBOU$FMMm &UUJOHFS8' )BSBEB++ 5SBOTMBUJPOBMPSQPTUUSBOTMB UJPOBMQSPDFTTFTBĒFDUEJĒFSFOUJBMMZUIFBDDVNVMBUJPOPG JTPDJUSBUFMZBTFBOENBMBUFTZOUIBTFQSPUFJOTBOEFO[ZNF BDUJWJUJFT JO FNCSZPT BOE TFFEMJOHT PG #SBTTJDB OBQVT "SDI#JPDIFN#JPQIZTm 'FSOBOEF[ %' %FWFMPQNFOUBM CBTJT PG IPNFPTJT JO QSFDPDJPVTMZHFSNJOBUJOH#SBTTJDBOBQVTFNCSZPTQIBTF DIBOHFBUUIFTIPPUBQFY%FWFMPQNFOUm 'JOLFMTUFJO 33 $SPVDI .- 1SFDPDJPVTMZ HFSNJOBU JOHSBQFTFFEFNCSZPTSFUBJODIBSBDUFSJTUJDTPGFNCSZPH FOZ1MBOUBm 'JOLFMTUFJO 33 5FOCBSHF ,. 4IVNXBZ +& $SPVDI .- 3PMFPG"#"JONBUVSBUJPOPGSBQFTFFEFNCSZPT 1MBOU1IZTJPMm 'SBO[NBOO- 1BUUPO%" .FJOLF%8 *OWJUSPNPS QIPHFOFTJT PG BSSFTUFE FNCSZPT GSPN MFUIBM NVUBOUT PG "SBCJEPQTJTUIBMJBOBѮFPS"QQM(FOFUm 'SBO[NBOO-) :PPO&4 .FJOLF%8 4BUVSBUJOHUIF HFOFUJDNBQPG"SBCJEPQTJTUIBMJBOBXJUIFNCSZPOJDNV UBUJPOT1MBOU+m 'V4 .FFMFZ3 4DBOMPO.+ FNQUZQFSJDBSQFODPEFT B OFHBUJWF SFHVMBUPS PG UIF IFBU TIPDL QSPUFJO SFTQPOTF BOE JT SFRVJSFE GPS NBJ[F FNCSZPHFOFTJT 1MBOU $FMM m (BMBV (" %VSF - *** %FWFMPQNFOUBM CJPDIFNJTUSZ PGDPUUPOTFFEFNCSZPHFOFTJTBOEHFSNJOBUJPODIBOHJOH NFTTFOHFSSJCPOVDMFJDBDJEQPQVMBUJPOTBTTIPXOCZSF DJQSPDBM IFUFSPMPHPVT DPNQMFNFOUBSZ EFPYZSJCPOVDMFJD BDJENFTTFOHFSSJCPOVDMFJDBDJEIZCSJEJ[BUJPO#JPDIFN JTUSZm
3FGFSFODFT
ώϏϒ
(BMBV(" )VHIFT%8 %VSF-*** "CTDJTJDBDJEJO EVDUJPO PG DMPOFE DPUUPO MBUF FNCSZPHFOFTJTBCVOEBOU -FB N3/"T1MBOU.PM#JPMm (BSDJB% 'JU[(FSBME+/ #FSHFS' .BUFSOBMDPOUSPM PGJOUFHVNFOUDFMMFMPOHBUJPOBOE[ZHPUJDDPOUSPMPGFO EPTQFSNHSPXUIBSFDPPSEJOBUFEUPEFUFSNJOFTFFETJ[F JO"SBCJEPQTJT1MBOU$FMMm (BWB[[J( %PMêOJ4 (BMCJBUJ. )FMFOUKBSJT5 -BOEPOJ. 1FMVDDIJ / 5PEFTDP ( .VUBOUT BĒFDUJOH HFSNJ OBUJPOBOEFBSMZTFFEMJOHEFWFMPQNFOUJONBJ[F.BZEJDB m (PMECFSH 3# )PTDIFL ( %JUUB (4 #SFJEFOCBDI 38 B %FWFMPQNFOUBM SFHVMBUJPO PG DMPOFE TVQFSBCVO EBOUFNCSZPN3/"TJOTPZCFBO%FW#JPMm (PMECFSH3# )PTDIFL( 5BN4) %JUUB(4 #SFJEFOCBDI 38 C "CVOEBODF EJWFSTJUZ BOE SFHVMBUJPO PG N3/" TFRVFODF TFUT JO TPZCFBO FNCSZPHFOFTJT %FW #JPMm (PMECFSH 3# #BSLFS 4+ 1FSF[(SBV - 3FHVMBUJPO PG HFOF FYQSFTTJPO EVSJOH QMBOU FNCSZPHFOFTJT $FMM m (PMEFO 5" 4DIBVFS 4& -BOH +% 1JFO 4 .VTIFHJBO "3 (SPTTOJLMBVT6 .FJOLF%8 3BZ" 4)035 */ 5&(6.&/544641&/403$"31&- '"$503: B EJDFSIPNPMPH JTBNBUFSOBMFĒFDUHFOFSFRVJSFEGPSFN CSZPEFWFMPQNFOUJO"SBCJEPQTJT1MBOU1IZTJPMm (PMETDINJEU 3# ѮFPSFUJDBM HFOFUJDT 6OJWFSTJUZ PG $BMJGPSOJB1SFTT #FSLFMFZ $" (SJNBOFMMJ% 1FSPUUJ& 3BNJSF[+ -FCMBOD0 5JNJOH PG UIF NBUFSOBMUP[ZHPUJD USBOTJUJPO EVSJOH FBSMZ TFFE EFWFMPQNFOUJONBJ[F1MBOU$FMMm (SJOJ 1& +ÛSHFOT ( )ÛMTLBNQ . &NCSZP BOE FO EPTQFSNEFWFMPQNFOUJTEJTSVQUFEJOUIFGFNBMFHBNFUP QIZUJDDBQVMFUNVUBOUTPG"SBCJEPQTJT(FOFUJDTm (SPTTOJLMBVT 6 7JFMMF$BM[BEB +1 )PFQQOFS ." (B HMJBOP8# .BUFSOBMDPOUSPMPGFNCSZPHFOFTJTCZ .&%&" BQPMZDPNCHSPVQHFOFJO"SBCJEPQTJT4DJFODF m (SPTTOJLMBVT 6 4QJMMBOF $ 1BHF %3 ,ÕIMFS $ (F OPNJD JNQSJOUJOH BOE TFFE EFWFMPQNFOU FOEPTQFSN GPSNBUJPO XJUI BOE XJUIPVU TFY $VSS 0QJO 1MBOU #JPM m (VJUUPO"& 1BHF%3 $IBNCSJFS1 -JPOOFU$ 'BVSF+& (SPTTOJLMBVT 6 #FSHFS ' *EFOUJêDBUJPO PG OFX NFNCFST PG GFSUJMJTBUJPO JOEFQFOEFOU TFFE QPMZDPNC HSPVQ QBUIXBZ JOWPMWFE JO UIF DPOUSPM PG TFFE EFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB %FWFMPQNFOU m )B$. +VO+) /BN)( 'MFUDIFS+$ #-"%&0/ 1&5*0-&FODPEFTB#5#10;EPNBJOQSPUFJOSFRVJSFE GPSMFBGNPSQIPHFOFTJTJO"SBCJEPQTJTUIBMJBOB1MBOU$FMM 1IZTJPMm )BMM 2 $BOOPO .$ ѮF DFMM XBMM IZESPYZQSPMJOF SJDIHMZDPQSPUFJO34)JTFTTFOUJBMGPSOPSNBMFNCSZPEF WFMPQNFOUJO"SBCJEPQTJT1MBOU$FMMm )FBUI+% 8FMEPO3 .POOPU$ .FJOLF%8 "OBMZ TJTPGTUPSBHFQSPUFJOTJOOPSNBMBOEBCPSUFETFFETGSPN FNCSZPMFUIBM NVUBOUT PG "SBCJEPQTJT UIBMJBOB 1MBOUB m )FDL (3 1FSSZ 4& /JDIPMT ,8 'FSOBOEF[ %& "(- B ."%4 EPNBJO QSPUFJO FYQSFTTFE JO EFWFMPQ JOHFNCSZPT1MBOU$FMMm
ώϏϓ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
)FDLFM5 8FSOFS, 4IFSJEBO8' %VNBT$ 3PHPXTLZ1. /PWFM QIFOPUZQFT BOE EFWFMPQNFOUBM BSSFTU JO FBSMZFNCSZPTQFDJêDNVUBOUTPGNBJ[F1MBOUBm )FVFS4 )BOTFO4 #BOUJO+ #SFUUTDIOFJEFS3 ,SBO[& -ÕS[ ) %SFTTFMIBVT 5 ѮF NBJ[F ."%4 CPY HFOFT ;N."%4 BĒFDUT OPEF OVNCFS BOE TQJLFMFU EFWFMPQ NFOUBOEJTDPFYQSFTTFEXJUI;N."%4EVSJOHëPXFS EFWFMPQNFOU JOFHHDFMMT BOEFBSMZFNCSZPHFOFTJT1MBOU 1IZTJPMm )PMEJOH%3 4QSJOHFS14 ѮF"SBCJEPQTJTHFOF130 -*'&3" JT SFRVJSFE GPS QSPQFS DZUPLJOFTJT EVSJOH TFFE EFWFMPQNFOU1MBOUBm )POH 4, "PLJ 5 ,JUBOP ) 4BUPI ) /BHBUP : B 5FNQFSBUVSFTFOTJUJWF NVUBUJPO FNCSZPMFTT BĒFDUT CPUIFNCSZPBOEFOEPTQFSNEFWFMPQNFOUJOSJDF1MBOU 4DJm )POH4, "PLJ5 ,JUBOP) 4BUPI) /BHBUP: C 1IF OPUZQJDEJWFSTJUZPGSJDFFNCSZPNVUBOUT%FW(FOFU m )POH4, ,JUBOP) 4BUPI) /BHBUP: )PXJTFN CSZP TJ[F HFOFUJDBMMZ SFHVMBUFE JO SJDF %FWFMPQNFOU m *IMF+/ %VSF-*** 4ZOUIFTJTPGBQSPUFBTFJOHFSNJ OBUJOHDPUUPODPUZMFEPOTDBUBMZ[FECZN3/"TZOUIFTJ[FE EVSJOH FNCSZPHFOFTJT #JPDIFN #JPQIZT 3FT $PNNVO m *IMF+/ %VSF-4*** ѮFEFWFMPQNFOUBMCJPDIFNJTUSZ PGDPUUPOTFFEFNCSZPHFOFTJTBOEHFSNJOBUJPO***3FHV MBUJPOPGUIFCJPTZOUIFTJTPGFO[ZNFTVUJMJ[FEJOHFSNJOB UJPO+#JPM$IFNm *OHSBN($ 4JNPO3 $BSQFOUFS3 $PFO&4 ѮF"O UJSSIJOVN&3(HFOFFODPEFTBQSPUFJOSFMBUFEUPCBDUF SJBMTNBMM(51BTFTBOEJTSFRVJSFEGPSFNCSZPOJDWJBCJM JUZ$VSS#JPMm *TIJLBXB 5 .BDIJEB $ :PTIJPLB : ,JUBOP ) .BDIJEB : ѮF (-0#6-"3 "33&45 HFOF XIJDI JT JO WPMWFE JO UIF CJPTZOUIFTJT PG GPMBUFT JT FTTFOUJBM GPS FN CSZPHFOFTJTJO"SBCJEPQTJTUIBMJBOB1MBOU+m +PGVLV,% 0NJEZBS1, (FF; 0LBNVSP+, $POUSPM PGTFFENBTTBOETFFEZJFMECZUIFëPSBMIPNFPUJDHFOF "1&5"-"1SPD/BUM"DBE4DJ64"m ,BOH #) #VTTF +4 #FEOBSFL 4: .FNCFST PG UIF "SBCJEPQTJT EZOBNJOMJLF HFOF GBNJMZ "%- BSF FTTFO UJBMGPSQMBOUDZUPLJOFTJTBOEQPMBSJ[FEDFMMHSPXUI1MBOU $FMMm ,BTIB ,+ ,BP ,/ )JHI GSFRVFODZ IBQMPJE QSPEVD UJPOJOCBSMFZ )PSEFVNWVMHBSF- /BUVSFm ,FJUI, ,SBNM. %FOHMFS/( .D$PVSU1 GVTDB BIFUFSPDISPOJDNVUBUJPOBĒFDUJOHMBUFFNCSZPEFWFMPQ NFOUJO"SBCJEPQTJT1MBOU$FMMm ,FSTUFUUFS3" #PMMNBO, 5BZMPS3" #PNCMJFT, 1PFUIJH 34 ,"/"%* SFHVMBUFT PSHBO QPMBSJUZ JO "SBCJ EPQTJT/BUVSFm ,JEOFS$" .BSUJFOTTFO3" 4QBUJBMMZSFTUSJDUFENJ DSP3/" EJSFDUT MFBG QPMBSJUZ UISPVHI "3(0/"65& /BUVSFm ,JOPTIJUB5 :BEFHBSJ3 )BSBEB++ (PMECFSH3+ 'JTDIFS3- *NQSJOUJOHPGUIF.&%&"QPMZDPNCHFOFJOUIF "SBCJEPQTJTFOEPTQFSN1MBOU$FMMm ,JSJL7 ,ÕMMF, #BM[FS)+ #ÅVNMFJO) 5XPOFX PMFPTJO JTPGPSNT XJUI BMUFSFE FYQSFTTJPO QBUUFSOT JO TFFET PG UIF "SBCJEPQTJT NVUBOU GVT 1MBOU .PM #JPM m
,JUBOP) 5BNVSB: 4BUPI ) /BHBUP: )JFSBSDIJDBM SFHVMBUJPOPGPSHBOEJĒFSFOUJBUJPOEVSJOHFNCSZPHFOFTJT JOSJDF1MBOU+m ,JZPTVF 5 0IBE / :BEFHBSJ 3 )BOOPO . %JOOFOZ + 8FMMT% ,BU[" .BSHPTTJBO- )BSBEB++ (PMECFSH3# 'JTDIFS 3- $POUSPM PG GFSUJMJ[BUJPOJOEFQFOEFOU FOEPTQFSNEFWFMPQNFOUCZUIF.&%&"QPMZDPNCHFOF JO"SBCJEPQTJT1SPD/BUM"DBE4DJ64"m ,MJOHF# 8FSS8 5SBOTDSJQUJPOPGUIF;FBNBZTIP NFPCPY ;N)PY HFOFTJTBDUJWBUFEFBSMZJOFNCSZPHFO FTJTBOESFTUSJDUFEUPNFSJTUFNTPGUIFNBJ[FQMBOU%FW (FOFUm ,ÕIMFS$ )FOOJH- #PVWFSFU3 (IFZTFMJODL+ (SPTTOJLMBVT 6 (SVJTTFN8 B "SBCJEPQTJT.4*JTBDPNQPOFOU PGUIF.&"'*&QPMZDPNCHSPVQDPNQMFYBOESFRVJSFE GPSTFFEEFWFMPQNFOU&.#0+m ,ÕIMFS$ )FOOJH- 4QJMMBOF$ 1JFO4 (SVJTTFN8 (SPTT OJLMBVT6 C ѮFQPMZDPNCHSPVQQSPUFJO.&%&" SFHVMBUFT TFFE EFWFMPQNFOU CZ DPOUSPMMJOH FYQSFTTJPO PGUIF."%4CPYHFOF1)&3&4(FOFT%FWm ,ÕIMFS $ 1BHF %3 (BHMJBSEJOJ 7 (SPTTOJLMBVT 6 ѮF "SBCJEPQTJT UIBMJBOB .&%&" QPMZDPNC HSPVQ QSP UFJO DPOUSPMT FYQSFTTJPO PG 1)&3&4 CZ QBSFOUBM JN QSJOUJOH/BU(FOFUm ,PMUVOPX". "QPNJYJTFNCSZPTBDTBOEFNCSZPT GPSNFE XJUIPVU NFJPTJT PS GFSUJMJ[BUJPO JO PWVMFT 1MBOU $FMMm ,PMUVOPX". (SPTTOJLMBVT6 "QPNJYJTBEFWFMPQ NFOUBMQFSTQFDUJWF"OOV3FW1MBOU#JPMm ,XPOH 38 #VJ "2 -FF ) ,XPOH -8 'JTDIFS 3- (PME CFSH3# )BSBEB++ -&"':$05:-&%0/-*,& EFêOFTBDMBTTPGSFHVMBUPSTFTTFOUJBMGPSFNCSZPEFWFMPQ NFOU1MBOU$FMMm -BDBEFOB +3 4QPOUBOFPVT BOE JOEVDFE QBSUIFOP HFOFTJT BOE BOESPHFOFTJT *O ,BTIB ,+ FE )BQMPJET JO IJHIFS QMBOUT "EWBODFT BOE QPUFOUJBM 6OJWFSTJUZ PG (VFMQI 0OUBSJP QQm -BINZ4 (VJMMFNJOPU+ $IFOH$. #FDIUPME/ "MCFSU4 1FMMFUJFS ( %FMTFOZ . %FWJD . %0.*/0 B NFNCFS PG B TNBMM QMBOUTQFDJêD HFOF GBNJMZ FODPEFT B QSPUFJO FTTFOUJBM GPS OVDMFBS BOE OVDMFPMBS GVODUJPOT 1MBOU+m -BO- $IFO8 -BJ: 4VP+ ,POH; -J$ -V: ;IBOH: ;IBP9 ;IBOH9 ;IBOH: )BO# $IFOH+ ;VF: .POJUPSJOH PG HFOF FYQSFTTJPO QSPêMFT BOE JTPMBUJPO PG DBOEJEBUFHFOFTJOWPMWFEJOQPMMJOBUJPOBOEGFSUJMJ[BUJPO JO SJDF 0SZ[B TBUJWB - XJUI B , D%/" NJDSPBSSBZ 1MBOU.PM#JPMm -BOEPOJ. (BWB[[J( 3BTDJP/ %BMMB7FDDIJB' $POTPOOJ ( %PMêOJ4 "NBJ[FNVUBOUXJUIBOBMUFSFEWBT DVMBSQBUUFSO"OO#PUm -FF ) 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ "SBCJ EPQTJT-&"':$05:-&%0/SFQSFTFOUTBGVODUJPOBMMZ TQFDJBMJ[FETVCVOJUPGUIF$$""5CJOEJOHUSBOTDSJQUJPO GBDUPS1SPD/BUM"DBE4DJ64"m -J; ѮPNBT5- 1&* BOFNCSZPTQFDJêD[JODêO HFSQSPUFJOHFOFSFRVJSFEGPSIFBSUTUBHFFNCSZPGPSNB UJPOJO"SBCJEPQTJT1MBOU$FMMm
-JE4& (SVJT% +VOH3 -PSFOU[FO+" "OBOJFW& $IBNCFS MJO. /JV9 .FFMFZ3 /JDIPMT4 0MTFO0" ѮF EFGFDUJWFLFSOFM EFL HFOF SFRVJSFE GPS BMFVSPOF DFMM EFWFMPQNFOUJOUIFFOEPTQFSNPGNBJ[FHSBJOTFODPEFTB NFNCSBOFQSPUFJOPGUIFDBMQBJOHFOFTVQFSGBNJMZ1SPD /BUM"DBE4DJ64"m -JV $ .FJOLF %8 ѮF UJUBO NVUBOUT PG "SBCJEPQ TJTBSFEJTSVQUFEJONJUPTJTBOEDFMMDZDMFDPOUSPMEVSJOH TFFEEFWFMPQNFOU1MBOU+m -JV $ .D&MWFS + 5[BGSJS * +PPTFO 3 8JUUJDI 1 1BUUPO % WBO-BNNFSFO"". .FJOLF% $POEFOTJOBOE DPIFTJO LOPDLPVUT JO "SBCJEPQTJT FYIJCJU B UJUBO QIFOP UZQF1MBOU+m -JV' /J8 (SJēUI.& )VBOH; $IBOH$ 1FOH8 .B) 9JF% ѮF"4,BOE"4,HFOFTBSFFTTFOUJBMGPS "SBCJEPQTJTFBSMZEFWFMPQNFOU1MBOU$FMMm -PUBO 5 0IUP . :FF ,. 8FTU ."- -P 3 ,XPOH 38 :BNBHJTIJ , 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ "SBCJEPQTJT -&"': $05:-&%0/ JT TVēDJFOU UP JOEVDF FNCSZP EFWFMPQNFOU JO WFHFUBUJWF DFMMT $FMM m -VFSFO) ,JSJL7 )FSSNBOO1 .JTÊSB4 '64$" FODPEFT B QSPUFJO XJUI B DPOTFSWFE 71"#*MJLF # EPNBJOXIJDIJTPGGVODUJPOBMJNQPSUBODFGPSUIFSFHVMB UJPO PG TFFE NBUVSBUJPO JO "SBCJEPQTJT UIBMJBOB 1MBOU + m -VLPXJU[8 /JDLMF5$ .FJOLF%8 -BTU3- $POLMJO1- 4PNFSWJMMF $3 "SBCJEPQTJT DZU NVUBOUT BSF EF êDJFOU JO B NBOOPTFQIPTQIBUF HVBOZMZMUSBOTGFSBTF BOEQPJOUUPBSFRVJSFNFOUPG/MJOLFEHMZDPTZMBUJPOGPS DFMMVMPTFCJPTZOUIFTJT1SPD/BUM"DBE4DJ64"m -VP . #JMPEFBV 1 ,PMUVOPX " %FOOJT &4 1FBDPDL 8+ $IBVEIVSZ ". (FOFT DPOUSPMMJOH GFSUJMJ[BUJPO JOEFQFOEFOU TFFE EFWFMPQNFOU JO "SBCJEPQTJT UIBMJBOB 1SPD/BUM"DBE4DJ64"m -VP. #JMPEFBV1 %FOOJT&4 1FBDPDL8+ $IBVEIVSZ" &YQSFTTJPO PG QBSFOUPGPSJHJO FĒFDUT GPS '*4 .&" BOE'*&JOUIFFOEPTQFSNBOEFNCSZPPGEFWFMPQ JOH"SBCJEPQTJTTFFET1SPD/BUM"DBE4DJ64"m .BHOBSE +- )FDLFM 5 .BTTPOOFBV " 8JTOJFXTLJ +1 $PSEFMJFS 4 -BTTBHOF ) 1FSF[ 1 %VNBT $ 3PHPXTLZ 1. .PSQIPHFOFTJT PG NBJ[F FNCSZPT SFRVJSFT ;N131- FODPEJOH B QMBTUJE SJCPTPNBM QSPUFJO 1MBOU1IZTJPMm .BZFS6 )FS[PH6 #FSHFS' *O[Ê% +ÛSHFOT( .V UBUJPOTJOUIF1*-;HSPVQHFOFTEJTSVQUUIFNJDSPUVCVMF DZUPTLFMFUPO BOE VODPVQMF DFMM DZDMF QSPHSFTTJPO GSPN DFMMEJWJTJPOJO"SBCJEPQTJTFNCSZPBOEFOEPTQFSN&VS +$FMM#JPMm .D$POOFMM+3 &NFSZ+ &TIFE: #BP/ #PXNBO+ #BSUPO ., 3PMFPG1)"#6-04"BOE1)"70-65"JO EFUFSNJOJOHSBEJBMQBUUFSOJOHJOTIPPUT/BUVSFm .D&MWFS+ 1BUUPO% 3VNCBVHI. -JV$ .FJOLF% ѮF 5*5"/ HFOF PG "SBCJEPQTJT FODPEFT B QSPUFJO SF MBUFEUPUIF"%1SJCPTZMBUJPOGBDUPSGBNJMZPG(51CJOE JOHQSPUFJOT1MBOU$FMMm
3FGFSFODFT
ώϏϔ
.D&MWFS + 5[BGSJS * "VY ( 3PHFST 3 "TICZ $ 4NJUI , ѮPNBT$ 4DIFUUFS" ;IPV2 $VTINBO." 5PTTCFSH + /JDLMF 5 -FWJO +; .FJOLF % 1BUUPO % *OTFS UJPOBM NVUBHFOFTJT PG HFOFT SFRVJSFE GPS TFFE EFWFMPQ NFOUJO"SBCJEPQTJTUIBMJBOB(FOFUJDTm .FJOLF %8 &NCSZPMFUIBM NVUBOUT PG "SBCJEPQTJT UIBMJBOB FWJEFODF GPS HBNFUPQIZUJD FYQSFTTJPO PG UIF NVUBOUHFOFTѮFPS"QQM(FOFUm .FJOLF %8 &NCSZPMFUIBM NVUBOUT PG "SBCJEPQTJT UIBMJBOBBOBMZTJTPGNVUBOUTXJUIBXJEFSBOHFPGMFUIBM QIBTFTѮFPS"QQM(FOFUm .FJOLF %8 B &NCSZPOJD NVUBOUT PG "SBCJEPQTJT UIBMJBOB%FW(FOFUm .FJOLF %8 C 1FSTQFDUJWFT PO HFOFUJD BOBMZTJT PG QMBOUFNCSZPHFOFTJT1MBOU$FMMm .FJOLF%8 "IPNFPUJDNVUBOUPG"SBCJEPQTJTUIBMJ BOBXJUIMFBGZDPUZMFEPOT4DJFODFm .FJOLF%8 4FFEEFWFMPQNFOUJO"SBCJEPQTJTUIBMJ BOB*O.FZFSPXJU[&. 4PNFSWJMMF$3 FET "SBCJEPQ TJT $PME 4QSJOH )BSCPS -BCPSBUPSZ 1SFTT $PME 4QSJOH )BSCPS /FX:PSL QQm .FJOLF%8 'SBO[NBOO-) /JDLMF5$ :FVOH&$ -FBGZDPUZMFEPONVUBOUTPG"SBCJEPQTJT1MBOU$FMMm .FOBOE # %FTOPT 5 /VTTBVNF - #FSHFS ' #PVDIF[ % .FZFS $ 3PCBHMJB $ &YQSFTTJPO BOE EJTSVQUJPO PGUIF"SBCJEPQTJT503 UBSHFUPGSBQBNZDJO HFOF1SPD /BUM"DBE4DJ64"m /BDSZ 1 .BZFS 6 +ÛSHFOT ( (FOFUJD EJTTFDUJPO PG DZUPLJOFTJT1MBOU.PM#JPMm /BHBUP: ,JUBOP) ,BNJKJNB0 ,JLVDIJ4 4BUPI) %FWFMPQNFOUBMNVUBOUTTIPXJOHBCOPSNBMPSHBOEJĒFS FOUJBUJPOJOSJDFFNCSZPTѮFPS"QQM(FOFUm /JDLMF5$ .FJOLF%8 "DZUPLJOFTJTEFGFDUJWFNV UBOU PG "SBCJEPQTJT DZU DIBSBDUFSJ[FE CZ FNCSZPOJD MFUIBMJUZ JODPNQMFUF DFMM XBMMT BOE FYDFTTJWF DBMMPTF BD DVNVMBUJPO1MBOU+m 0IBE/ .BSHPTTJBO- )TV: 8JMMJBNT$ 3FQFUUJ1 'JTDIFS 3- " NVUBUJPO UIBU BMMPXT FOEPTQFSN EFWFMPQ NFOU XJUIPVU GFSUJMJ[BUJPO 1SPD /BUM "DBE 4DJ 64" m 0IBE/ :BEFHBSJ3 .BSHPTTJBO- )BOOPO. .JDIBFMJ% )BSBEB++ (PMECFSH3# 'JTDIFS3- .VUBUJPOTJO '*& B 8% QPMZDPNC HSPVQ HFOF BMMPX FOEPTQFSN EF WFMPQNFOUXJUIPVUGFSUJMJ[BUJPO1MBOU$FMMm 0IOP$, 3FEEZ(7 )FJTMFS.(# .FZFSPXJU[&. ѮF"SBCJEPQTJT+"((&%HFOFFODPEFTB[JODêOHFSQSP UFJOUIBUQSPNPUFTMFBGUJTTVFEFWFMPQNFOU%FWFMPQNFOU m 0IUP. 'JTDIFS3- (PMECFSH3# /BLBNVSB, )BSBEB++ $POUSPM PG TFFE NBTT CZ "1&5"-" 1SPD /BUM "DBE4DJ64"m 1BMBUOJL +' "MMFO & 8V 9 4DIPNNFS $ 4DIXBC 3 $BS SJOHUPO+$ 8FJHFM% $POUSPMPGMFBGNPSQIPHFO FTJTCZNJDSP3/"T/BUVSFm 1BSDZ ' 7BMPO $ ,PIBSB " .JTÊSB 4 (JSBVEBU + ѮF "#4$*4*$ "$*%*/4&/4*5*7& '64$" BOE -&"': $05:-&%0/ MPDJ BDU JO DPODFSU UP DPOUSPM NVMUJQMFBTQFDUTPG"SBCJEPQTJTTFFEEFWFMPQNFOU1MBOU $FMMm 1BUUPO %" .FJOLF %8 6MUSBTUSVDUVSF PG BSSFTUFE FNCSZPT GSPN MFUIBM NVUBOUT PG "SBCJEPQTJT UIBMJBOB "N+#PUm
ώϏϕ
$IBQUFSϒ (FOFUJDBOE.PMFDVMBS$POUSPMPG&NCSZPHFOFTJTo3PMFPG/PO[ZHPUJDBOE;ZHPUJD(FOFT
1BUUPO %" 'SBO[NBOO -) .FJOLF %8 .BQQJOH HFOFT FTTFOUJBM GPS FNCSZP EFWFMPQNFOU JO "SBCJEPQTJT UIBMJBOB.PM(FO(FOFUm 1BUUPO%" 7PMSBUI4 8BSE&3 $PNQMFNFOUBUJPOPG BO "SBCJEPQTJT UIBMJBOB CJPUJO BVYPUSPQI XJUI BO &TDI FSJDIJB DPMJ CJPUJO CJPTZOUIFUJD HFOF .PM (FO (FOFU m 1BUUPO %" 4DIFUUFS "- 'SBO[NBOO -) /FMTPO , 8BSE &3 .FJOLF%8 "OFNCSZPEFGFDUJWFNVUBOUPG "SBCJEPQTJTEJTSVQUFEJOUIFêOBMTUFQPGCJPUJOTZOUIFTJT 1MBOU1IZTJPMm 1FSSZ4& /JDIPMT,8 'FSOBOEF[%& ѮF."%4EP NBJOQSPUFJO"(-MPDBMJ[FTUPUIFOVDMFVTEVSJOHFBSMZ TUBHFTPGTFFEEFWFMPQNFOU1MBOU$FMMm 1FSSZ 4& -FIUJ .% 'FSOBOEF[ %& ѮF ."%4EP NBJOQSPUFJO"(".064MJLFBDDVNVMBUFTJOFNCSZ POJDUJTTVFTXJUIEJWFSTFPSJHJOT1MBOU1IZTJPMm 1PTUNB)BBSTNB "% 7FSXPFSU **(4 4USPOL 01 ,PTUFS + -BNFST (&. )PHF +)$ .FJKFS ") $IBSBDUFS J[BUJPO PG UIF ,/09 DMBTT IPNFPCPY HFOFT 0TLO BOE 0TLOJEFOUJêFEJOBDPMMFDUJPOPGD%/"MJCSBSJFTDPWFS JOHUIFFBSMZTUBHFTPGSJDFFNCSZPHFOFTJT1MBOU.PM#JPM m 3BHIBWBO 7 .PMFDVMBS FNCSZPMPHZ PG ëPXFSJOH QMBOUT$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL 3BJLIFM /7 2VBUSBOP 34 -PDBMJ[BUJPO PG XIFBU HFSNBHHMVUJOJOJOEFWFMPQJOHXIFBUFNCSZPTBOEUIPTF DVMUVSFEJOBCTDJTJDBDJE1MBOUBm 3BJLIFM/7 #FEOBSFL4: 8JMLJOT5" $FMMUZQFTQF DJêDFYQSFTTJPOPGBXIFBUHFSNBHHMVUJOJOHFOFJOFN CSZPTBOEZPVOHTFFEMJOHTPG5SJUJDVNBFTUJWVN1MBOUB m 3BNBDIBOESBO$ 3BHIBWBO7 "QPNJYJTJOEJTUBOU IZCSJEJ[BUJPO*O,BMMPP( $IPXEIVSZ+# FET %JTUBOU IZCSJEJ[BUJPOJODSPQQMBOUT4QSJOHFS #FSMJO)FJEFMCFSH /FX:PSL QQm 3BZ4 (PMEFO5 3BZ" .BUFSOBMFĒFDUTPGUIFTIPSU JOUFHVNFOU NVUBUJPO PO FNCSZP EFWFMPQNFOU JO "SBCJ EPQTJT%FW#JPMm 3FZFT+$ (SPTTOJLMBVT6 %JWFSTFGVODUJPOTPGQPMZ DPNCHSPVQQSPUFJOTEVSJOHQMBOUEFWFMPQNFOU4FN$FMM %FW#JPMm 3JDIFSU+ ,SBO[& -ÕS[) %SFTTFMIBVT5 "SFWFSTF USBOTDSJQUBTFQPMZNFSBTF DIBJO SFBDUJPO BTTBZ GPS HFOF FYQSFTTJPOTUVEJFTBUUIFTJOHMFDFMMMFWFM1MBOU4DJm 3PCJOTPO#FFST , 1SVJUU 3& (BTTFS $4 0WVMF EF WFMPQNFOUJOXJMEUZQF"SBCJEPQTJTBOEUXPGFNBMFTUFS JMFNVUBOUT1MBOU$FMMm 3PKP& (JMMNPS$4 ,PWBMFWB7 4PNFSWJMMF$3 3BJLIFM/7 7"$60-&-&44 JT BO FTTFOUJBM HFOF SFRVJSFE GPSWBDVPMFGPSNBUJPOBOENPSQIPHFOFTJTJO"SBCJEPQTJT %FW$FMMm 3PVOTMFZ 4% %JUUB (4 :BOPGTLZ .' %JWFSTF SPMFT GPS."%4CPYHFOFTJO"SBCJEPQTJTEFWFMPQNFOU1MBOU $FMMm 3VTTJOPWB & EF 7SJFT 4$ 1BSFOUBM DPOUSJCVUJPO UP QMBOUFNCSZPT1MBOU$FMMm 4BVUFS. WPO8JFHFO1 -ÕS[) ,SBO[& $FMMDZDMF SFHVMBUPSZHFOFTGSPNNBJ[FBSFEJĒFSFOUJBMMZDPOUSPMMFE EVSJOHGFSUJMJ[BUJPOBOEêSTUFNCSZPOJDDFMMEJWJTJPO4FY 1MBOU3FQSPEm
4DBOMPO.+ 4UJOBSE14 +BNFT.( .ZFST". 3PCFSUTPO %4 (FOFUJD BOBMZTJT PG NVUBUJPOT BĒFDUJOH NBJ[FLFSOFMEFWFMPQNFOUJTPMBUFEGSPNNVUBUPSTUPDLT (FOFUJDTm 4DBSQFMMB& 3VFC4 .FJKFS") ѮF3"%*$-&-&44 HFOF JT SFRVJSFE GPS WBTDVMBS QBUUFSO GPSNBUJPO JO SJDF %FWFMPQNFOUm 4DIBVFS4& +BDPCTFO4& .FJOLF%8 3BZ" %*$&3 -*,&CMJOENFOBOEFMFQIBOUTJO"SBCJEPQTJTEFWFMPQ NFOU5SFOET1MBOU4DJm 4DIOFJEFS5 %JOLJOT3 3PCJOTPO, 4IFMMIBNNFS+ .FJOLF %8 "O FNCSZPMFUIBM NVUBOU PG "SBCJEPQTJT UIBMJBOBJTBCJPUJOBVUPUSPQI%FW#JPMm 4DIPMUFO4 -ÕS[) ,SBO[& 1BUFSOBMN3/"BOEQSP UFJOTZOUIFTJTDPJODJEFTXJUINBMFDISPNBUJOEFDPOEFO TBUJPOJONBJ[F[ZHPUFT1MBOU+m 4DIVNBOO6 8BOOFS( 7FFOIVJT. 4DINJE. (JFUM$ "UI1&9 B OVDMFBS HFOF FTTFOUJBM GPS QFSPYJ TPNFBOETUPSBHFPSHBOFMMFGPSNBUJPOEVSJOH"SBCJEPQTJT FNCSZPHFOFTJT1SPD/BUM"DBE4DJ64"m 4IFMMIBNNFS + .FJOLF % "SSFTUFE FNCSZPT GSPN UIF CJP BVYPUSPQI PG "SBCJEPQTJT UIBMJBOB DPOUBJO SF EVDFEMFWFMTPGCJPUJO1MBOU1IZTJPMm 4IFO8) 1BSNFOUJFS: )FMMNBOO) -FDIOFS& %POH" .BTTPO + (SBOJFS ' -FQJOJFD - &TUFMMF . (FOTDIJL 1 /VMM NVUBUJPO PG "U$6- DBVTFT BSSFTU JO FBSMZ FNCSZPHFOFTJT JO "SBCJEPQTJT .PM #JPM $FMM m 4IFSJEBO 8' $MBSL +, .VUBUJPOBM BOBMZTJT PG NPS QIPHFOFTJTPGUIFNBJ[FFNCSZP1MBOU+m 4IFSJEBO8' /FVĒFS.( %FGFDUJWFLFSOFMNVUBOUT PGNBJ[F**.PSQIPMPHJDBMBOEFNCSZPDVMUVSFTUVEJFT (FOFUJDTm 4IFSJEBO8' /FVĒFS.( .BJ[FEFWFMPQNFOUBMNV UBOUT &NCSZPT VOBCMF UP GPSN MFBG QSJNPSEJB + )FSFE m 4JFHGSJFE ,3 &TIFE : #BVN 4' 0UTVHB % %SFXT (/ #PXNBO +- .FNCFST PG UIF :"##: HFOF GBN JMZTQFDJGZBCBYJBMDFMMGBUFJO"SBCJEPQTJT%FWFMPQNFOU m 4ÕMMOFS3 (MÅTTFS( 8BOOFS( 4PNFSWJMMF$3 +ÛSHFOT( "TTBBE '' $ZUPLJOFTJTEFGFDUJWF NVUBOUT PG "SB CJEPQTJT1MBOU1IZTJPMm 4QBSLFT*" #SBOEJ[[J' 4MPDPNCF41 &M4IBNJ. )BXFT $ #BLFS" "O"SBCJEPQTJTQFYOVMMNVUBOUJT FNCSZP MFUIBM JNQMJDBUJOH QFSPYTPNFT JO BO FTTFOUJBM SPMFEVSJOHQMBOUFNCSZPHFOFTJT1MBOU1IZTJPMm 4QJMMBOF $ .BD%PVHBMM $ 4UPDL $ ,ÕIMFS $ 7JFMMF$BM [BEB +1 /VOFT 4 (SPTTOJLMBVT 6 (PPESJDI + *OUFSBDUJPOPGUIF"SBCJEPQTJTQPMZDPNCHSPVQQSPUFJOT '*&BOE.&"NFEJBUFTUIFJSDPNNPOQIFOPUZQFT$VSS #JPMm 4QSJOHFS14 )PMEJOH%3 (SPPWFS" :PSEBO$ .BSUJFOT TFO3" ѮFFTTFOUJBM.DNQSPUFJO130-*'&3" JTMPDBMJ[FEUPUIFOVDMFVTPGEJWJEJOHDFMMTUISPVHIUIF (ōQIBTFBOEJTSFRVJSFENBUFSOBMMZGPSFBSMZ"SBCJEPQTJT EFWFMPQNFOU%FWFMPQNFOUm 4QSVODL 4 #BVNBOO 6 &EXBSET , -BOHSJEHF 1 %SFTTFM IBVT 5 ѮF USBOTDSJQU DPNQPTJUJPO PG FHH DFMMT DIBOHFT TJHOJêDBOUMZ GPMMPXJOH GFSUJMJ[BUJPO JO XIFBU 5SJUJDVNBFTUJWVN- 1MBOU+m
4UFJOCPSO, .BVMCFUTDI$ 1SJFTUFS# 5SBVUNBOO4 1BDIFS 5 (FJHFT# ,ÛUUOFS' -FQJOJFD- 4UJFSIPG:% 4DIXBS[ ) +ÛSHFOT ( .BZFS 6 ѮF "SBCJEPQTJT 1*-; HSPVQ HFOFT FODPEF UVCVMJOGPMEJOH DPGBDUPS PSUIPMPHT SFRVJSFEGPSDFMMEJWJTJPOCVUOPUDFMMHSPXUI(FOFT%FW m 4UJFGFM 7 -ÓQF[ #FDFSSB & 3PDB 3 #BTUJEBT . +IBSNBOO 5 (SB[JBOP & 1VJHEPNÍOFDI 1 5. B HFOF DPEJOH GPS B OFX DMBTT PG USBOTNFNCSBOF QSPUFJOT FY QSFTTFEJOUIFNFSJTUFNBUJDUJTTVFTPGNBJ[F+#JPM$IFN m 4UPOF4- ,XPOH-8 :FF,. 1FMMFUJFS+ -FQJOJFD- 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ -&"': $05:-& %0/ FODPEFT B # EPNBJO USBOTDSJQUJPO GBDUPS UIBU JOEVDFT FNCSZP EFWFMPQNFOU 1SPD /BUM "DBE 4DJ 64" m 4USPNQFO( &M,BTNJ' 3JDIUFS4 -VLPXJU[8 "TTBBE'' +ÛSHFOT ( .BZFS 6 ѮF "SBCJEPQTJT )*/,&- HFOFFODPEFTBLJOFTJOSFMBUFEQSPUFJOJOWPMWFEJODZUP LJOFTJTBOEJTFYQSFTTFEJOBDFMMDZDMFEFQFOEFOUNBOOFS $VSS#JPMm 5BNVSB: ,JUBOP) 4BUPI) /BHBUP: "HFOFQSP GPVOEMZBĒFDUJOHTIPPUPSHBOJ[BUJPOJOUIFFBSMZQIBTFPG SJDFEFWFMPQNFOU1MBOU4DJm 5TVDIJZB : /BNCBSB & /BJUP 4 .D$PVSU 1 ѮF '64USBOTDSJQUJPOGBDUPSGVODUJPOTUISPVHIUIFFQJEFS NBMSFHVMBUPS55(EVSJOHFNCSZPHFOFTJTJO"SBCJEPQ TJT1MBOU+m 5TVHFLJ3 ,PDIJFWB&; 'FEPSPĒ/7 "USBOTQPTPO JOTFSUJPO JO UIF "SBCJEPQTJT 443 HFOF DBVTFT BO FN CSZPEFGFDUJWFMFUIBMNVUBUJPO1MBOU+m 5[BGSJS * .D&MWFS +" -JV $ :BOH -+ 8V +2 .BSUJOF[ " 1BUUPO%" .FJOLF%8 %JWFSTJUZPG5*5"/GVOD UJPOT JO "SBCJEPQTJT TFFE EFWFMPQNFOU 1MBOU 1IZTJPM m 6XFS6 8JMMNJU[FS- "MUNBOO5 *OBDUJWBUJPOPGB HMZDZMU3/" TZOUIFUBTF MFBET UP BO BSSFTU JO QMBOU FN CSZPEFWFMPQNFOU1MBOU$FMMm 7JDJFOU $. #JFT&UIFWF / %FMTFOZ . $IBOHFT JO HFOFFYQSFTTJPOJOUIFMFBGZDPUZMFEPO MFD BOEGVTDB GVT NVUBOUT PG "SBCJEPQTJT UIBMJBOB - + &YQ #PU m 7JFMMF$BM[BEB +1 ѮPNBT + 4QJMMBOF $ $PMVDDJP " )P FQQOFS ." (SPTTOJLMBVT 6 .BJOUFOBODF PG HF OPNJDJNQSJOUJOHBUUIF"SBCJEPQTJTNFEFBMPDVTSFRVJSFT [ZHPUJD%.BDUJWJUZ(FOFT%FWm
3FGFSFODFT
ώϏϖ
7JFMMF$BM[BEB+1 #BTLBS3 (SPTTOJLMBVT6 %FMBZFE BDUJWBUJPO PG UIF QBUFSOBM HFOPNF EVSJOH TFFE EFWFMPQ NFOU/BUVSFm 7JFMMF$BM[BEB +1 #BTLBS 3 (SPTTOJLMBVT 6 &BSMZ QBUFSOBM HFOF BDUJWJUZ JO "SBCJEPQTJT m SFQMZ /BUVSF 8BOH) $BSVTP-7 %PXOJF"# 1FSSZ4& ѮFFN CSZP ."%4 EPNBJO QSPUFJO "(".064-JLF EJ SFDUMZSFHVMBUFTFYQSFTTJPOPGBHFOFFODPEJOHBOFO[ZNF JOWPMWFE JO HJCCFSFMMJO NFUBCPMJTN 1MBOU $FMM m 8FJKFST% (FMEOFS/ 0ĒSJOHB3 +ÛSHFOT( B &BSMZ QBUFSOBM HFOF BDUJWJUZ JO "SBCJEPQTJT /BUVSF m 8FJKFST % 'SBOLFWBO %JKL . 7FODLFO 3+ 2VJOU " )PPZLBBT 1 0ĒSJOHB 3 C "O "SBCJEPQTJT NJO VUFMJLFQIFOPUZQFDBVTFECZBTFNJEPNJOBOUNVUBUJPO JO B 3*#040."- 1305&*/ 4 HFOF %FWFMPQNFOU m :BEFHBSJ3 ,JOPTIJUB5 -PUBO0 $PIFO( ,BU[" $IPJ: ,BU[" /BLBTIJNB, )BSBEB++ (PMECFSH3# 'JTDIFS 3- 0IBE/ .VUBUJPOTJOUIF'*&BOE.&"HFOFT UIBUFODPEFJOUFSBDUJOHQPMZDPNCQSPUFJOTDBVTFQBSFOU PGPSJHJOFĒFDUTPOTFFEEFWFMPQNFOUCZEJTUJODUNFDIB OJTNT1MBOU$FMMm :BOH): ;IPV$ *OWJUSPJOEVDUJPOPGIBQMPJEQMBOUT GSPNVOQPMMJOBUFEPWBSJFTBOEPWVMFTѮFPS"QQM(FOFU m :PTIJEB ,5 8BEB 5 ,PZBNB ) .J[PCVDIJ'VLVPLB 3 4BJUP4 5FNQPSBMBOETQBUJBMQBUUFSOTPGBDDVNV MBUJPOPGUIFUSBOTDSJQUPGNZPJOPTJUPMQIPTQIBUFTZO UIBTFBOEQIZUJODPOUBJOJOHQBSUJDMFTEVSJOHTFFEEFWFM PQNFOUJOSJDF1MBOU1IZTJPMm ;IBOH+; (PNF[1FESP[P. #BEFO$4 )BSBEB++ 5XPDMBTTFTPGJTPDJUSBUFMZBTFHFOFTBSFFYQSFTTFEEVSJOH MBUFFNCSZPHFOZBOEQPTUHFSNJOBUJPOJO#SBTTJDBOBQVT -.PM(FO(FOFUm ;IBOH +; 4BOUFT $. &OHFM .- (BTTFS $4 )BSBEB ++ %/"TFRVFODFTUIBUBDUJWBUFJTPDJUSBUFMZBTFHFOF FYQSFTTJPO EVSJOH MBUF FNCSZPHFOFTJT BOE EVSJOH QPTU HFSNJOBUJWFHSPXUI1MBOU1IZTJPMm
$)"15&3
.BUVSBUJPOBOE%PSNBODZo 4VSWJWBM4USBUFHJFT PGUIF&NCSZP ѮFQMBOUFNCSZPJTDBQBCMFPGHFSNJOBUJPOEVSJOHJUTMBUF EFWFMPQNFOU CVU JT DPOTUSBJOFE GSPN EPJOH TP XIJMF BU UBDIFEUPUIFNPUIFSQMBOU"MUIPVHIBWBSJFUZPGFWJEFODF TVHHFTUTUIBUTPNFUIJOHBDUJWFMZNBJOUBJOTFNCSZPHFOFTJT VOUJM B UFSNJOBUJPO TXJUDI JT UISPXO UIBU QFSNJUT TVCTF RVFOUHFSNJOBUJPO UIFSFJTMJUUMFBHSFFNFOUBCPVUUIFJEFO UJUZPGUIFTFQVUBUJWFNBJOUFOBODFGBDUPSTBOETXJUDIFTPS XIFOUIFZBDU1BSUPGUIFEJTBHSFFNFOUSFëFDUTBQQBSFOU TQFDJFTTQFDJêDBOEEFWFMPQNFOUBMTUBHFTQFDJêDEJĒFSFODFT
JOFNCSZPDPNQFUFODFBTXFMMBTEJĒFSFOUFNQIBTJTQMBDFE POUIFSFTVMUTPGUIFEFTDSJQUJWF FYQFSJNFOUBMBOEHFOFUJD BQQSPBDIFTUPUIFQSPCMFN4PNFPGUIJTEFCBUFBSJTFTGSPN UIFJODPNQMFUFEFTDSJQUJPOPGFNCSZPEFWFMPQNFOUBOEUIF MBDL PG TUBOEBSE DSJUFSJB BOE OPNFODMBUVSF /POFUIFMFTT SFDFOUSFTVMUTTVHHFTUUIBUXFTIPVMEUFOUBUJWFMZSFKFDUTFW FSBMJEFBTBCPVUUIFSFHVMBUJPOPGMBUFFNCSZPEFWFMPQNFOU BOE DPOTJEFS BMUFSOBUJWF JOUFSQSFUBUJPOT PG UIF XFMMFTUBC MJTIFEPCTFSWBUJPOTUIBUIBWFEPNJOBUFEDVSSFOUUIPVHIU
&NCSZP.BUVSBUJPO 4ZOUIFTJTPG.BUVSBUJPO1SPUFJOT *T&NCSZP.BUVSBUJPOJOUIF4FFE %FWFMPQNFOUBMMZ3FHVMBUFECZ"#" (FOFUJD3FHVMBUJPOPG&NCSZP .BUVSBUJPOCZ"#" &NCSZP%PSNBODZ $BSCPIZESBUFTJO%FTJDDBUJPO5PMFSBODF 1SPUFJOTJO%FTJDDBUJPO5PMFSBODF $PODMVEJOH$PNNFOUT 3FGFSFODFT
("(BMBVFUBM
ѮFUFSNJOBUJPOPGDFMMEJWJTJPOTJOUIFEFWFMPQJOH FNCSZPTJHOJêFTDPNQMFUJPOPGNPSQIPHFOFTJTBOE FTUBCMJTINFOUPGUIFFNCSZPCPEZQMBOѮJTTFUTUIF TUBHFGPSUIFFNCSZPUPFOUFSUIFNBUVSBUJPOQIBTF BOE FWFOUVBMMZ MBQTF JOUP RVJFTDFODF PS EPSNBODZ "MUIPVHINBUVSBUJPO RVJFTDFODF BOEEPSNBODZPG FNCSZPTJOTVMBUFEXJUIJOUIFQSPUFDUJWFMBZFSTPGUIF TFFEDPBUTBSFFOEVSJOHUIFNFTJOQMBOUQIZTJPMPHZ UIF DBVTFT BOE DPOTFRVFODFT PG UIFTF QIFOPNFOB PѫFOWFYQMBOUCJPMPHJTUT*OHFOFSBMUFSNT FNCSZP NBUVSBUJPO BMUFSOBUJWFMZ DBMMFE NJEFNCSZPHFO FTJT QIBTF JT FRVBUFE XJUI TFFE NBUVSBUJPO BOE JODMVEFTTVDIUFMMUBMFTJHOTBTUIFBSSFTUPGGVSUIFS FNCSZP NPSQIPHFOFTJT BOE UIF BDDVNVMBUJPO PG BOBDFSWBUFDPNQMFYPGTUPSBHFSFTFSWFT JODMVEJOH QSPUFJOT DBSCPIZESBUFT BOEMJQJETѮJTJTGPMMPXFE CZ UIF MBUFFNCSZPHFOFTJT QIBTF DIBSBDUFSJ[FE CZ DFTTBUJPO PG NFUBCPMJD BDUJWJUZ JO UIF FNCSZP TVQ QSFTTJPOPGQSFNBUVSFHFSNJOBUJPO BOEBDRVJTJUJPO PGEFTJDDBUJPOUPMFSBODF UIFBCJMJUZUPHFSNJOBUFBG UFSESZJOH
FOBCMJOHUIFFNCSZPBOETFFEUPSFTJTU BEWFSTF FOWJSPONFOUBM DPOEJUJPOT BOE ZFU SFNBJO WJBCMFѮFMBUFFNCSZPHFOFTJTQIBTF XIJDIHFOFS BMMZ GPMMPXT PWVMF BCTDJTTJPO JT DPOTJEFSFE BT UIF RVJFTDFOUPSEPSNBOUTUBHFPGUIFFNCSZP BMUIPVHI RVJFTDFODFBOEEPSNBODZBSFUSBEJUJPOBMMZVTFEUP EFTDSJCFUIFTUBUFPGUIFXIPMFTFFESBUIFSUIBOUIBU PGUIFFNCSZPFODMPTFEXJUIJOѮVT RVJFTDFODFJT DPOTJEFSFEBTBTUBUFPGBSSFTUFEEFWFMPQNFOUPGUIF FNCSZP JO B OPOEPSNBOU TFFE UIBU JT FBTJMZ PWFS
ώϐϏ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
DPNF CZ QSPWJEJOH TVJUBCMF FOWJSPONFOUBM QSFSFR VJTJUFTGPSJOJUJBUJOHHFSNJOBUJPOHSPXUIBOEEFWFM PQNFOU TVDIBTXBUFS BGBWPSBCMFUFNQFSBUVSF BOE UIFOPSNBMDPNQPTJUJPOPGUIFBUNPTQIFSFJODPO USBTU EPSNBODZ JT B UFNQPSBSZ GBJMVSF PG UIF FN CSZPPGBWJBCMFTFFEUPHFSNJOBUFVOEFSDPOEJUJPOT UIBU GBWPS HFSNJOBUJPO PG FNCSZPT PG RVJFTDFOU TFFET#PUIRVJFTDFODFBOEEPSNBODZPGTFFETIBWF TVSWJWBMWBMVFTGPSUIFQMBOUCFDBVTFUIFZGPSDFUIF FNCSZP UP XBJU QBTTJWFMZ GPS JNQSPWFE DPOEJUJPOT GPS HFSNJOBUJPO UP NBYJNJ[F DIBODFT PG TFFEMJOH TVSWJWBM 'PS UIJT SFBTPO NVDI PG UIF QIZTJPMPHJ DBM HFOFUJD BOE NPMFDVMBS SFTFBSDI PO UIF FOUSZ JOUP BOE SFMFBTF GSPN RVJFTDFODF BOE EPSNBODZ PGFNCSZPTIBTCFFOVOEFSUBLFOXJUIXIPMFTFFET SBUIFSUIBOXJUIJTPMBUFEFNCSZPT BOEBEJTDVTTJPO CBTFE PO TVDI TUVEJFT PO TFFET EPFT OPU OFDFTTBS JMZ FYDMVEF UIF FĒFDUT PG UIF NBUFSOBMMZEFSJWFE TFFEDPBUTBOEUIFJOUFSQMBZPGHFOPNFEPTBHFTPG UIF EJQMPJE FNCSZP BOE UIF USJQMPJE FOEPTQFSN POUIFEFWFMPQNFOUBMTUBUFPGUIFFNCSZPGBWPSJOH HFSNJOBUJPO#FDBVTFPGUIFFMFNFOUPGVODFSUBJOUZ BSJTJOH GSPN UIF VTF PG TFFET JO SFBDIJOH DPODMV TJPOTPOUIFTUBUFPGUIFFODMPTFEFNCSZP UIFUFSN EPSNBODZ JT VTFE JO UIJT DIBQUFS UP EFOPUF UIF BS SFTUFEEFWFMPQNFOUBMTUBUFPGUIFFNCSZPGPMMPXJOH BQFSJPEPGNBUVSBUJPO JSSFTQFDUJWFPGXIFUIFSUIF TFFETBSFRVJFTDFOUPSEPSNBOU ѮFTF JOUSPEVDUPSZ DPNNFOUT BSF BENJUUFEMZ TJNQMJêFE BOEBSFJOUFOEFEUPDBQUVSFUIFFTTFODF PG DMBTTJDBM WJFXT PO NBUVSBUJPO RVJFTDFODF EPS NBODZ BOETVSWJWBMTUSBUFHZPGFNCSZPT"MUIPVHI UIFSFJTBOFOEMFTTEJWFSTJUZPGTFFET JOWFTUJHBUJPOT JOWPMWJOH B IFBMUIZ EPTF PG NPMFDVMBS CJPMPHZ PO TFMFDUFE NPEFM TZTUFNT IBWF OPX FTUBCMJTIFE UIBU BTFUPGDPNNPOHFOFQSPEVDUTBSFSFTQPOTJCMFGPS UIF QIZTJPMPHJDBM QSPDFTTFT UIBU DIBSBDUFSJ[F FN CSZPNBUVSBUJPO BOEUIBUDPNQMFYHFOFFYQSFTTJPO QSPHSBNT DPOUSPM CPUI NBUVSBUJPO BOE QSFQBSB UJPO GPS EPSNBODZ PG UIF FNCSZP FODMPTFE JO UIF TFFEѮJTDIBQUFSXJMMGPDVTQSJNBSJMZPOUIFSPMF PG HSPXUI IPSNPOFT QSPUFJOT BOE DBSCPIZESBUFT JO UIF SFHVMBUJPO PG NBUVSBUJPO PG FNCSZPT BOE JOUIFQSPDFTTFTUIBUUFNQFSFNCSZPTUPXJUITUBOE EFTJDDBUJPOBOEMBQTFJOUPEPSNBODZ'PSQSBDUJDBM QVSQPTFT UIFSF JT OP TIBSQ MJOF TFQBSBUJOH NBUV SBUJPO BOE EPSNBODZ PG FNCSZPT BT UIFTF QIBTFT QSPDFFEJOBQBSUJBMMZPWFSMBQQJOHGBTIJPOGPMMPXJOH DPNQMFUJPO PG FNCSZP NPSQIPHFOFTJT *OEFFE BO JOUFSFTUJOHJNQMJDBUJPOPGUIFSFMBUJPOTIJQCFUXFFO
UIF UXP QIBTFT JT UIBU UIF TBNF IPSNPOFT HFOFT BOENFDIBOJTNTTFFNUPDPOUSPMUIFNJOBUFNQP SBMXBZ " MBSHF CPEZ PG SFTFBSDI XJUI NPMFDVMBS PWFS UPOFTDPOEVDUFEPOTFFENBUVSBUJPOBOEEPSNBODZ JTSFWJFXFECZ)BSBEB QFSTQFDUJWFTPOUIF HFOFUJDQSPHSBNTBOEDPOUSPMTJHOBMTPGTFFENBUV SBUJPOBSFIJHIMJHIUFECZ8PCVTBOE8FCFS TUVEJFT PO UIF HFOFUJDT PG TFFE EPSNBODZ BOE HFS NJOBUJPO JO "SBCJEPQTJT BSF TVNNBSJ[FE CZ #FO UTJOLBOE,PPSOOFFG
&NCSZP.BUVSBUJPO
ѮFUSBOTJUJPOPGFNCSZPGSPNUIFNPSQIPHFOFUJD UPUIFNBUVSBUJPOQIBTFJTDIBSBDUFSJ[FEBOERVBO UJêFE CZ BO JODSFBTF JO ESZ XFJHIU EVF UP UIF BD DVNVMBUJPO PG TUPSBHF SFTFSWFT /PU FBTJMZ RVBOUJ êFE CVU OPOFUIFMFTT JNQPSUBOU BSF UIF FYFDVUJPO PG B MBSHF OVNCFS PG QIZTJPMPHJDBM BOE NPMFDVMBS DIBOHFT UIBU JOJUJBUF BOE NBJOUBJO UIF SFHVMBUPSZ QSPHSBNT PG UIF NBUVSBUJPO QIBTF &YQFSJNFOUBM BOBMZTJT IBT GPDVTFE PO UIF QMBOU IPSNPOF "#" JO QBSUJDVMBS DIBOHFT JO JUT DPODFOUSBUJPO BOE PO UIF QSPUFJO QSPEVDUT PG B GFX VOJRVF "SBCJEPQTJT HFOFT JOWPMWFE JO "#" QFSDFQUJPO BT DPOUSPMMJOH GBDUPSTJOFNCSZPNBUVSBUJPO"TEFTDSJCFEMBUFSJO UIJT TFDUJPO TUVEJFT PG NVUBOU QIFOPUZQFT PG "SB CJEPQTJT BSF CFHJOOJOH UP SFTIBQF PVS UIJOLJOH BT UPIPXBDMVTUFSPGHFOFTJNQBDUPOUIFOFUXPSLPG QSPDFTTFTJOWPMWFEJOFNCSZPNBUVSBUJPOBOETFFE EPSNBODZ 4ZOUIFTJTPG.BUVSBUJPO1SPUFJOT ѮF NBUVSBUJPO QIBTF PG UIF FNCSZP XIJDI GPM MPXTUIFQSPMJGFSBUJPOQIBTF JOWPMWFTBMPOHQFSJPE PG HSPXUI CZ DFMM FYQBOTJPO EVSJOH XIJDI SBQJE TZOUIFTJTBOEBDDVNVMBUJPOPGTUPSBHFQSPUFJOTBOE PUIFSSFTFSWFTPDDVST"TNFOUJPOFEJO$IBQ UIF NBKPSFNCSZPTUPSBHFQSPUFJOTJODMVEFUIF4BOE 4HMPCVMJOTBOEUIF4BMCVNJOHSPVQTѮFSFBSF B OVNCFS PG HMPCVMJOT OBNFE BѫFS UIF QMBOUT PS GBNJMJFTJOXIJDIUIFZXFSFêSTUEFTDSJCFE TVDIBT WJDJMJO DPOWJDJMJO BOEMFHVNJOGSPN7JDJBGBCBBOE 1IBTFPMVT WVMHBSJT DPOHMZDJOJO BOE HMZDJOJO GSPN (MZDJOF NBY QIBTFPMJO GSPN 1 WVMHBSJT BOE DSV DJGFSJO 4 GSPN #SBTTJDB OBQVT *ODMVEFE JO UIF
BMCVNJOTJTOBQJO 4 GSPN#OBQVT"WBSJFUZPG QSFWBMFOUQSPUFJOTTVDIBTMFDUJOTBOEUSZQTJOJOIJC JUPST XIPTF GVODUJPOT BSF OPU DMFBSMZ VOEFSTUPPE BMTPBDDVNVMBUFEVSJOHUIFNBUVSBUJPOQIBTFѮF TUPSFESFTFSWFTBSFIZESPMZ[FEEVSJOHHFSNJOBUJPO PGUIFTFFEUPTFSWFBTBTPVSDFPGOJUSPHFOGPSUIF EFWFMPQJOHTFFEMJOH (PMECFSHFUBM *O MFHVNFT BOE PUIFS QMBOUT TUPSBHF QSPUFJOT BDDVNVMBUF NPTUMZ JO UIF QBSFODIZNBUPVT DFMMT PG UIFDPUZMFEPOTBOEFNCSZPBYJTJOUIFGPSNPGMBSHF QSPUFJOCPEJFTDPOTJTUJOHPGBOBNPSQIPVTQSPUFJO NBUSJY CPVOEFE CZ UXP FMFDUSPOEFOTF QIPTQIP MJQJEMBZFSTPGBVOJUNFNCSBOFѮFTFQSPUFJOTBSF FODPEFECZTFWFSBMNVMUJHFOFGBNJMJFT BOEFYQSFT TJPO PG UIFTF HFOFT JT SFHVMBUFE UFNQPSBMMZ EVSJOH FNCSZPHFOFTJT (PMECFSHFUBM 0OFJOUSJHV JOH BTQFDU PG UIF UFNQPSBM SFHVMBUJPO PG TUPSBHF QSPUFJOHFOFTJTUIBUUIFJSUSBOTDSJQUTBDDVNVMBUFUP IJHIMFWFMTPOMZEVSJOHQBSUJDVMBSTUBHFTPGFNCSZP HFOFTJT BOE BSF HFOFSBMMZ BCTFOU BU PUIFS TUBHFT ѮFZBSFBMTPEJĒFSFOUJBMMZFYQSFTTFEXJUIJOTQFDJêD FNCSZPDFMMTBOEUJTTVFT JSSFTQFDUJWFPGUIFNFDIB OJTNT UIBU FTUBCMJTI TFFE QSPUFJO N3/" BDDVNV MBUJPO QBUUFSOT 'PS FYBNQMF JO NBUVSF FNCSZPT PG"SBCJEPQTJT USBOTDSJQUTPGB4TUPSBHFQSPUFJO HFOFBSFQSFTFOUNPTUMZJOUIFQBSFODIZNBDFMMTPG DPUZMFEPOTBOEIZQPDPUZM BOENVDIMFTTTPJOUIF QSPDBNCJBMDFMMTPGUIFTFPSHBOT 1BOHFUBM *O TPZCFBO USBOTDSJQUT PG UIF ,5J HFOF BSF MP DBMJ[FEQSJNBSJMZJOUIFQFSJQIFSZPGDPUZMFEPOTPG NJENBUVSBUJPO TUBHF FNCSZPT BOE BSF OPU EFUFDU BCMF JO UIF DFMMT PG UIF FNCSZP BYJT UIJT DPOUSBTUT XJUIUIFIJHIBCVOEBODFPGUSBOTDSJQUTPGUIF,5J HFOF JO UIF FNCSZP BYJT BT XFMM BT JO DPUZMFEPOT .PSFPWFS UIFPOTFUPGBDDVNVMBUJPOPGUSBOTDSJQUT PGUIF,5JBOEʃ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ĒFSFOU SFHJPOT PG UIF FN CSZP TVDI BT BDDVNVMBUJPO CFHJOOJOH JO UIF DPS UJDBM DFMMT PG UIF FNCSZP BYJT PG MBUF IFBSUTIBQFE
ɬɧ &NCSZP.BUVSBUJPO
ώϐϐ
FNCSZPT JO UIF BCBYJBM GBDF PG DPUZMFEPOT JO UIF UPSQFEPTIBQFEFNCSZPT BOEJOUIFBEBYJBMGBDFPG DPUZMFEPOT BU MBUFS TUBHFT PG EFWFMPQNFOU 'FSOBO EF[ FU BM ѮFTF DFMM DPNNJUNFOU QBUUFSOT GPSUIFBDDVNVMBUJPOPGTUPSBHFQSPUFJOUSBOTDSJQUT NJHIUXFMMCFSFHVMBUFECZQSFDJTFMZUJNFEFNCSZP TQFDJêD TJHOBMJOH FWFOUT $PSSFMBUJWF BOBMZTFT PO UIF SPMF PG NFUBCPMJUFT TVDI BT TVHBST BOE BNJOP BDJETUSBOTQPSUFEGSPNUIFNPUIFSQMBOUJOUPEFWFM PQJOHTFFET BOEPGDFMMVMBSDBMDJVNBTBTJHOBMJOH NPMFDVMF EVSJOH FNCSZPHFOFTJT BSF CFHJOOJOH UP BEESFTTUIJTJTTVF 8PCVTBOE8FCFS " TUVEZ JO DPUUPO PG UIF BDDVNVMBUJPO LJOFU JDT PG êWF DMPOFE TUPSBHF QSPUFJO HFOF USBOTDSJQUT BOE DIBOHFT JO UIFJS DPODFOUSBUJPOT EVSJOH FN CSZPHFOFTJT BOE HFSNJOBUJPO TIPXFE UIBU UIFZ BSF FYQSFTTFE JO VOJRVF CVU PWFSMBQQJOH QBUUFSOT JOWPMWJOH B QFSJPE PG JODSFBTF JO BCVOEBODF EVS JOHNBUVSBUJPO GPMMPXFECZBQSFDJQJUPVTEFDSFBTF CFGPSF UIF EFTJDDBUJPO QIBTF XJUI GVSUIFS EFDMJOF PDDVSSJOH EVSJOH FBSMZ HFSNJOBUJPO " TFDPOE TFU PGGPVSUSBOTDSJQUTJTBMTPIJHIJOBCVOEBODFEVSJOH FNCSZPNBUVSBUJPOGPMMPXFECZBSBQJEEFDMJOF CVU TIPXJOH B SFDPWFSZ JO BCVOEBODF EVSJOH UIF EFT JDDBUJPOQIBTF4VDIUSBOTDSJQUTFODPEJOHQSPUFJOT FYQSFTTFE JO IJHI BCVOEBODF JOWBSJBCMZ NBSL UIF NBUVSBUJPO QIBTF PG FNCSZPHFOFTJT BOE BSF EFTJH OBUFEBT."563"5*0/ ."5 N3/"T (BMBVFU BM)VHIFTBOE(BMBV "HMPCBMWJFXPG UIF ."5 DMBTT PG HFOFT JT UIBU UIFZ SFQSFTFOU UIF NPTU BCVOEBOUMZ USBOTDSJCFE HFOFT XIPTF BCVO EBODFJTSFTUSJDUFEUPBOBSSPXXJOEPXCFUXFFOUIF NPSQIPHFOFTJT BOE EFTJDDBUJPO QIBTFT PG UIF FN CSZP #BTFE PO UIF BOBMZTJT PG EFWFMPQJOH TJMJRVFT PG "SBCJEPQTJT USBOTDSJQUT PG "SBCJEPQTJT UIBMJBOB 4 "-#6.*/ "U4
$36$*'&3*/ $ $3$
1"1 BOE0-&04*/ 0-&0 HFOFTFODPEJOH BOBQJOMJLFQSPUFJO BDSVDJGFSJO BWJDJMJOMJLFQSP UFJO BOEBIPNPMPHPG#OBQVTPMFPTJO SFTQFDUJWFMZ BSFBTTVNFEUPCFUIFUZQJDBMN3/"NBSLFSTPGUIF ."5 DMBTT JO UIF FODMPTFE FNCSZPT "T TIPXO JO 'JH USBOTDSJQUT PG UIFTF HFOFT BSF FYQSFTTFE BMNPTU TJNVMUBOFPVTMZ JO EFWFMPQJOH TJMJRVFT BOE CFDPNF UIF NPTU BCVOEBOU N3/"T EVSJOH MBUFS TUBHFTPGTJMJRVFEFWFMPQNFOUJOUFSFTUJOHMZ 1"1 USBOTDSJQUT DPOUJOVF UP BDDVNVMBUF CFZPOE UIF NBUVSBUJPO QIBTF 1BSDZ FU BM 5SBOTDSJQUT PG UXP BEEJUJPOBM HFOFT EFTJHOBUFE "3"#*%01 4*4 5)"-*"/" 4&&% "54 BOE "54 BSF OPU FYQSFTTFE JO FNCSZPT BU UIF TBNF IJHI MFWFM BT
ώϐϑ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
TUPSBHFQSPUFJOHFOFUSBOTDSJQUTѮFEJĒFSFODFCF UXFFO UIF UXP "54 HFOFT JT IPXFWFS SFëFDUFE JO UIFJSEJTUJODUJWFFYQSFTTJPOQBUUFSOTXIFSFBT"54 USBOTDSJQUT BDDVNVMBUF JO UIF NBUVSF FNCSZP QBS UJDVMBSMZJOUIFQSPUPEFSNBOEWBTDVMBSUJTTVFTBOE JOUIFTIPPUBOESPPUBQJDBMNFSJTUFNT "54USBO TDSJQUT BSF FYDMVEFE GSPN UIF WBTDVMBS UJTTVFT BOE NFSJTUFNT "MUIPVHI QSPUFJO QSPEVDUT PG UIF UXP HFOFT BDDVNVMBUF JO FNCSZPT JO B TQBUJBM QBUUFSO DPSSFTQPOEJOH UP UIFJS SFTQFDUJWF USBOTDSJQUT UIF JEFOUJUZPGUIFQSPEVDUTSFNBJOTVOLOPXO-JLFUIF TUPSBHF QSPUFJO HFOFT UIF PWFSBMM GVODUJPO PG UIF "54HFOFTDPVMECFUPDPOGFSBNBUVSBUJPOSFMBUFE GVODUJPOPOUIFFNCSZP /VDDJPBOEѮPNBT ѮF HFOPNF PSHBOJ[BUJPO PG TUPSBHF QSPUFJO HFOFT BOE SFHVMBUJPO PG UIFJS FYQSFTTJPO JO "SBCJEPQTJT IBWFCFFOSFWJFXFECZ'VKJXBSBFUBM ѮF QBTU UXP EFDBEFT IBWF VODPWFSFE NVDI JO GPSNBUJPOBCPVUTUPSBHFQSPUFJOTJOFNCSZPTPGWBS JPVT FDPOPNJDBMMZ JNQPSUBOU FVEJDPUT CZ DMPOJOH BOETFRVFODJOHUIFHFOFTBOEDIBSBDUFSJ[JOHUIFJS HFOFUJD PSHBOJ[BUJPO ѮF TQBUJBM BOE UFNQPSBM FY QSFTTJPOPGHFOFTJOUSBOTHFOJDQMBOUTIBTCFFOPOF PGUIFNPTUJOUFMMFDUVBMMZSFXBSEJOHBOEBWJEMZQVS TVFEBSFBTJOUIFNPMFDVMBSCJPMPHZPGTUPSBHFQSP UFJOTѮJTXPSLJTGVFMFECZUIFHSPXJOHBQQSFDJB UJPOPGUIFQPUFOUJBMQSBDUJDBMCFOFêUTUPCFEFSJWFE GSPNSFTIVĔJOHHFOFTJOOPWFMDPNCJOBUJPOTUPFO DPEFVTFGVMQSPUFJOTJOTFFETPGQMBOUTPGPUIFSXJTF MJNJUFEFDPOPNJDVTF 3BHIBWBO
'JHɬɧ(FMCMPUBOBMZTJTPGUIFFYQSFTTJPOQBUUFSOPG."5 63"5*0/ ."5 N3/"T EVSJOH TJMJRVF EFWFMPQNFOU JO XJMEUZQF BOE BCJ NVUBOU "SBCJEPQTJT 4JMJRVF EFWFMPQ NFOUMBTUFEEBZTGSPNBOUIFTJT %"1 UPESZTFFETUBHF %"1 &BDIQSPCFXBTIZCSJEJ[FEUPʍHUPUBM3/" 3FQSJOUFEGSPN1BSDZFUBM
*T&NCSZP.BUVSBUJPOJOUIF4FFE %FWFMPQNFOUBMMZ3FHVMBUFECZ"#" 6OUJMSFDFOUMZ UIFQSFEPNJOBOUWJFXXBTUIBU"#" JT BO JNQPSUBOU GBDUPS JO UIF DPOUSPM PG FNCSZP NBUVSBUJPO JO UIF TFFE JNQMZJOH UIBU UIF NBUVSB UJPOQFSJPEJOFNCSZPHFOFTJTJTNBSLFECZDIBOHFT JOUIFFOEPHFOPVTMFWFMTPGUIJTIPSNPOF0OFTFU PG FYQFSJNFOUT TVQQPSUJOH UIJT WJFX TIPXFE UIBU JO FNCSZPT PG 1IBTFPMVT WVMHBSJT 1SFWPTU BOE -F 1BHF%FHJWSZ
NBJ[F /FJMM FU BM
CBS MFZ 3PCFSUTPO FU BM
BOE TPZCFBO $IBOH BOE8BMMJOH
"#"MFWFMTBSFIJHIBUUIFUJNF PGNBYJNVNGSFTIPSESZXFJHIUBDDVNVMBUJPO BOE UIBU B EFDSFBTF JO IPSNPOF DPODFOUSBUJPO PDDVST DPJODJEFOU XJUI UIF êOBM TUBHFT PG NBUVSBUJPO *O FNCSZPT PG SBQFTFFE 'JOLFMTUFJO FU BM
DPU UPO (BMBVFUBM
BOEQFB 8BOHFUBM
UXPQFBLTPG"#"NBYJNBBSFTFFO POFPGXIJDI BQQFBSTUPCFDPSSFMBUFEXJUIUIFIJHIXBUFSQPUFO UJBMPGTFFETPSUIFUJNFBUXIJDIUIFJSXBUFSQPUFO UJBMJTPOUIFEFDMJOF"EJĒFSFOUQBUUFSOPGDIBOHFT JOUIFDPODFOUSBUJPOPGUIFIPSNPOF XIJDIBUUBJOT B NBYJNVN NJEXBZ UISPVHI TFFE EFWFMPQNFOU IBT CFFO EPDVNFOUFE JO TJMJRVFT PG "SBCJEPQTJT ѮFOFFEUPUSBDFUIFPSJHJOPG"#"JOTFFETMFEUP SFDJQSPDBM DSPTTFT CFUXFFO "#"EFêDJFOU NVUBOUT BOEXJMEUZQF"SBCJEPQTJTGPMMPXFECZHFSNJOBUJPO UFTUTPOTFFETѮFSFTVMUTTVQQPSUFEBEVBMPSJHJOPG "#"JOEFWFMPQJOHTJMJRVFT POFGSBDUJPO NBUFSOBM JO PSJHJO SFHVMBUFE CZ UIF HFOPNF PG UIF NPUIFS QMBOU BDDPVOUJOHGPSUIFQFBLJO"#"DPOUFOUIBMG XBZUISPVHITFFEEFWFMPQNFOU BOEBTFDPOEGSBD UJPO SFHVMBUFE CZ UIF FNCSZPOJD HFOPNF XIJDI DPOUSPMTFNCSZPNBUVSBUJPOBOEJOEVDUJPOPGTFFE EPSNBODZ ,BSTTFOFUBM )PXFWFS JUIBTOPU CFFO FTUBCMJTIFE XIFUIFS UIF IPSNPOF JT TZOUIF TJ[FECZUIFFNCSZPJUTFMGPSJTJNQPSUFEGSPNUIF NBUFSOBMUJTTVFTPGUIFPWVMF PSXIFUIFSIPSNPOF BDDVNVMBUJPOJTBDPOTFRVFODFPSBDBVTFPGNBUV SBUJPOSFMBUFEFWFOUT "T NFOUJPOFE JO $IBQT BOE QSFDPDJPVT HFSNJOBUJPO JT B GVOEBNFOUBM QSPDFTT EJTQMBZFE CZ JNNBUVSF FNCSZPT PG NBOZ QMBOUT XIJDI TLJQ UIF NBUVSBUJPO BOE EPSNBODZ QSPHSBNT PG FNCSZPHFOFTJT VQPO DVMUVSF BOE JOTUFBE MFBQ BIFBEJOUPHFSNJOBUJPONPEF8IFSFBTUIFGPDVT PGFBSMZJOWFTUJHBUJPOTJOUPQSFDPDJPVTHFSNJOBUJPO
XBTPOUIFSFJOTUBUFNFOUPGUIFNBUVSBUJPOQIBTFJO DVMUVSFEFNCSZPTCZNBOJQVMBUJPOPGUIFNFEJVN DPNQPTJUJPO JNQFUVT GPS MBUFS JOWFTUJHBUJPOT BSPTF GSPN B EFTJSF UP EFDJQIFS UIF QIZTJPMPHJDBM BOE NPMFDVMBS CBTJT PG UIJT QIFOPNFOPO " TBUJTGZJOHPVUDPNFPGUIFTFMBUUFSTUVEJFTIBTCFFO UIF EJTDPWFSZ UIBU JNNBUVSF FNCSZPT PG DPUUPO *IMFBOE%VSF$IPJOTLJFUBM
NBJ[F 3PCJDIBVE FU BM
SBQFTFFE $SPVDI BOE 4VTTFY
XIFBU 5SJQMFUUBOE2VBUSBOP
BOE TPZCFBO &JTFOCFSH BOE .BTDBSFOIBT
BNPOH PUIFST DVMUVSFE JO NFEJVN DPOUBJOJOH "#" OPU POMZ GBJM UP HFSNJOBUF QSFDPDJPVTMZ CVU BMTP VOEFSHP DFSUBJO BTQFDUT PG UIF QIZTJPMPHJDBM BOENPMFDVMBSEJĒFSFOUJBUJPODIBSBDUFSJTUJDPGUIF NBUVSBUJPOQSPHSBN 'JH "OFOUJDJOHNPEFM CBTFE PO UIFTF SFTVMUT JT UIBU "#" JT B OBUVSBM GBDUPS UIBU TVQQSFTTFT QSFDPDJPVT HFSNJOBUJPO EVSJOH UIF OPSNBM DPVSTF PG FNCSZPHFOFTJT JO QMBOUB *O TVQQPSU PG UIJT NPEFM JU XBT TIPXO UIBU QSFDPDJPVT HFSNJOBUJPO BOE UIF TZOUIFTJT PG B HFSNJOBUJPOTQFDJêD QSPUFPMZUJD FO[ZNF DBSCPYZQFQUJEBTF JOWPMWFE JO UIF NPCJMJ[BUJPO PG TUPSFE GPPE SFTFSWFT PG DPUZMFEPOT USJHHFSFE CZ UIF DVMUVSF PG JNNBUVSF FNCSZPT PG DPUUPO BSF SFWFSTFE CZ UIF BEEJUJPO PG FJUIFS BO BRVFPVT FYUSBDUPGUIFPWVMFPS"#"UPUIFDVMUVSFNFEJVN *IMF BOE %VSF "MTP DSVDJBM UP UIF BDUJPO PG "#" JO NBJOUBJOJOH UIF NBUVSBUJPO QSPHSBN JO DVMUVSFE DPUUPO FNCSZPT JT UIF JOIJCJUJPO PG TZOUIFTJTPGUIFHMZPYZMBUFDZDMFFO[ZNF*$- BOE UIFQSPNPUJPOPGTZOUIFTJTPGBTVCTFUPGQSPUFJOT JODMVEJOH B CBUUFSZ PG FO[ZNFT BQQFBSJOH MBUF JO FNCSZPHFOFTJT *IMFBOE%VSF$IPJOTLJFUBM "T SFGFSSFE UP JO $IBQ UIF EZOBNJDT PG BDDVNVMBUJPOPGUIFTUPSBHFQSPUFJOTDSVDJGFSJOBOE OBQJO BOE UIF JODSFBTFE USBOTDSJQUJPOBM BDUJWJUJFT PGUIFHFOFTFODPEJOHUIFNJOJNNBUVSFFNCSZPT PGSBQFTFFEDVMUVSFEJOUIFQSFTFODFPG"#"JOUIF NFEJVN FNQIBTJ[F UIF SPMF PG UIJT IPSNPOF JO SFJOTUBUJOH FNCSZP NBUVSBUJPO QSPDFTTFT 4UPSBHF QSPUFJOTBOEPSUIFJSUSBOTDSJQUTIBWFBMTPêHVSFE BT CJPDIFNJDBM NBSLFST UP SFJOGPSDF UIF SPMF PG "#" JO NBJOUBJOJOH UIF NBUVSBUJPO QSPHSBN JO DVMUVSFE JNNBUVSF FNCSZPT PG XIFBU 5SJQMFUU BOE 2VBUSBOP BOE TPZCFBO &JTFOCFSH BOE .BTDBSFOIBT 4UVEJFT PO UIF SFHVMBUJPO PG HFOF FYQSFTTJPO JO EFWFMPQJOH NBJ[F FNCSZPT IBWF TIPXO UIBU B GFX QPMZQFQUJEFT JO UIF m
ɬɧ &NCSZP.BUVSBUJPO
ώϐϒ
'JHɬɨ1IPUPHSBQITPGDPUUPOFNCSZPTDVMUVSFEGPSEBZT JONFEJBDPOUBJOJOHWBSJPVTDPODFOUSBUJPOTPGBCTDJTJDBDJE "#" #BS MFѫ DN 3FQSJOUFEGSPN$IPJOTLJFUBM
'JHɬɩ5XPEJNFOTJPOBMFMFDUSPQIPSFUJDTFQBSBUJPOPGQSP UFJOT TZOUIFTJ[FE CZ JNNBUVSF NBJ[F FNCSZPT JO NFEJVN DPOUBJOJOH"#"&NCSZPTXFSFFYDJTFEGSPNHSBJOTEBZT BѫFSQPMMJOBUJPO JODVCBUFEGPSIJONFEJVNDPOUBJOJOH ʍ. "#" BOE TVCTFRVFOUMZ MBCFMFE XJUI îŇ4NFUIJPOJOF GPS I /VNCFSFE CMBDL BSSPXT 1PMZQFQUJEFT UIBU BSF OPU TZOUIFTJ[FEBUUIJTTUBHFCVUBSFJOEVDFECZ"#"USFBUNFOU VOOVNCFSFE CMBDL BSSPXIFBET QPMZQFQUJEFT QSFTFOU JO JN NBUVSF FNCSZPT BѫFS JOEVDUJPO XJUI "#" BOE OPU JEFOUJ êFE JO FNCSZPT EVSJOH NBUVSBUJPO 3FQSJOUFE GSPN 4ÃO DIF[.BSUÎOF[FUBM
ώϐϓ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
L%B SBOHF UIBU BQQFBS JO NBUVSF FNCSZPT BOE EJTBQQFBSEVSJOHHFSNJOBUJPO BSFSBQJEMZJOEVDFE JOJNNBUVSFFNCSZPTCZ"#"USFBUNFOU 'JH 5SBOTDSJQUTPGBO"#"JOEVDJCMFHFOFJTPMBUFEGSPN JNNBUVSF NBJ[F FNCSZPT BSF GPVOE UP JODSFBTF QSPHSFTTJWFMZ EVSJOH FNCSZPHFOFTJT SFBDIJOH B QFBL BU UIF POTFU PG EFTJDDBUJPO BOE BSF BMTP JOEVDFEQSFDPDJPVTMZJOJNNBUVSFFNCSZPTUSFBUFE XJUIUIFIPSNPOF"HMZDJOFSJDIQSPUFJOFODPEFE CZ UIJT HFOF JT DPOTJEFSFE UP CF BO 3/"CJOEJOH QSPUFJO XJUI QVUBUJWF TUSVDUVSBM BOE QSPUFDUJWF GVODUJPOT 4ÃODIF[.BSUÎOF[FUBM(ÓNF[FU BM-VEFWJEFUBM ѮF BCPWF SFTVMUT IBWF MFѫ TPNF VODFSUBJOUJFT MFBEJOH UP UIF JOUFSQSFUBUJPO UIBU "#" EPFT OPU QMBZ B NBKPS SPMF JO JOJUJBUJOH PS NBJOUBJOJOH UIF FNCSZP NBUVSBUJPO QSPHSBN )BSBEB IBT DPMMBUFE FWJEFODF JOEJDBUJOH UIBU EFTQJUF UIF FOIBODFE FYQSFTTJPO PG TFWFSBM TUPSBHF QSPUFJO HFOFT JO JNNBUVSF FNCSZPT PG B WBSJFUZ PG QMBOUT DVMUVSFEJOUIFQSFTFODFPGFYPHFOPVT"#" NBOZ PG UIF HFOF QSPEVDUT BSF EFUFDUFE BU MPX MFWFMT JO FNCSZPTOVSUVSFEJOIPSNPOFGSFFCBTBMNFEJVN ѮJTTVHHFTUTUIBU"#"DBOOPUCFTPMFMZSFTQPOTJCMF GPS UIF BDUJWBUJPO PG TUPSBHF QSPUFJO HFOFT UIBU BDDPNQBOJFT FNCSZP NBUVSBUJPO 4FFE QSPUFJO HFOF FYQSFTTJPO QSPêMFT JO DVMUVSFE FNCSZPT PG DPUUPO IBWF SBJTFE BO BEEJUJPOBM RVFTUJPO ѮF BDDVNVMBUJPO LJOFUJDT PG DMPOFE N3/"T TIPXFE UIBUDVMUVSFEJNNBUVSFFNCSZPTEPOPUJOJUJBUFUIF NBUVSBUJPO QSPHSBN CVU TJNVMUBOFPVTMZ USBWFSTF UIFQPTUBCTDJTTJPOBOEHFSNJOBUJPOQSPHSBNTѮJT PDDVSTJOUIFBCTFODFPG"#"JOUIFNFEJVN CVU UIFQPTUBCTDJTTJPOBOEHFSNJOBUJPOQSPHSBNTBSF FOIBODFECZFYPHFOPVT"#""QPTTJCMFTDFOBSJP TVHHFTUFEGPSTVTUBJOJOHUIFNBUVSBUJPOQSPHSBNPG UIFFNCSZPJOQMBOUBJTUIFQSPWJTJPOPGBNBUFSOBM NBUVSBUJPOGBDUPSPUIFSUIBO"#"UIBUJTMPTUVQPO DVMUVSF*OUIFDPOUFYUPGUIJTNPEFM FOEPHFOPVT "#"IBTCFFOSFMFHBUFEUPGVODUJPOJOUIFMPXFSJOH PG UIF XBUFS QPUFOUJBM PG UIF FNCSZP UP JOIJCJU HFSNJOBUJPO (BMBVFUBM)VHIFTBOE(BMBV *U TFFNT MJLFMZ UIBU UIFSF BSF NBOZ SPMFT GPS "#" EVSJOH FNCSZPHFOFTJT BOE QFSIBQT UIJT EJWFSTJUZEFêFTUIFGPSNVMBUJPOPGBTJOHMFVOJGZJOH IZQPUIFTJT *O UIF MPOH SVO UIFTF FYQFSJNFOUT NJHIUDIBMMFOHFOPUTPNVDIUIFDVSSFOUIZQPUIFTJT PO UIF SPMF PG "#" JO FNCSZP NBUVSBUJPO BT UIF MPHJDPGBMUFSOBUJWFJOUFSQSFUBUJPOT
(FOFUJD3FHVMBUJPO PG&NCSZP.BUVSBUJPOCZ"#" ѮFHFOFUJDDPOUSPMPGFNCSZPNBUVSBUJPOIBTCFFO FYBNJOFE UISPVHI UIF JTPMBUJPO BOE DIBSBDUFSJ[B UJPO PG NVUBOUT PG "SBCJEPQTJT XJUI B SFEVDFE DB QBDJUZGPS"#"TZOUIFTJT PSXIJDIEJTQMBZJOTFOTJ UJWJUZUPUIFIPSNPOFEVSJOHHFSNJOBUJPO4FFETPG UIF NVUBOU MJOF EFTJHOBUFE BT "#"EFêDJFOU BCB HFSNJOBUFQSFDPDJPVTMZUPUIFGVMMFYUFOUVOEFSTVQ QPSUJWFDPOEJUJPOTJOXIJDIXJMEUZQFTFFETEPOPU HFSNJOBUFJOBQQSFDJBCMFOVNCFST"HPPEDPSSFMB UJPO JT BMTP PCTFSWFE CFUXFFO UIF BCTFODF PG "#" JO NVUBOU TFFET EVSJOH BMM TUBHFT PG UIFJS EFWFMPQ NFOU BOE UIFJS QSPDMJWJUZ GPS QSFNBUVSF HFSNJOB UJPO ,BSTTFOFUBM )PXFWFS UIFJNQBDUPG UIFTVHHFTUJPOGSPNUIFTFSFTVMUT JF UIBU"#"SF MBUFEQSPDFTTFTNBZCFJOWPMWFEJOUIFUSBOTJUJPOPG UIF FNCSZP GSPN UIF NPSQIPHFOFUJD UP UIF NBUV SBUJPOTUBHF XBTEXBSGFECZUIFMBUFSJTPMBUJPOBOE DIBSBDUFSJ[BUJPO PG HFOFT GSPN UXP EJWFSTF HFOF GBNJMJFTm"#*BOE-&$mBOEUIFJEFOUJêDBUJPOPG UIFJSFODPEFEQSPUFJOTBTUSBOTDSJQUJPOBMSFHVMBUPST XJUIBMJOLUP"#"TJHOBMJOH"OBMZTJTPGUIFNVUBOU QIFOPUZQFT IBT TIPXO UIBU UIFZ BSF SFNBSLBCMF OPUPOMZCFDBVTFPGUIFQMFJPUSPQJDFĒFDUTPOTFFE EFWFMPQNFOU CVUBMTPCFDBVTFPGUIFJSSPMFBTJOGPS NBUJWFHFOFUJDNPEFMTGPSUIFTUVEZPGHFOFBDUJPO EVSJOHFNCSZPNBUVSBUJPO 'JWF DMBTTFT PG BCJ NVUBOUT BCJmBCJ PG "SB CJEPQTJTXFSFTFMFDUFEPOUIFCBTJTPGUIFBCJMJUZPG TFFETUPHFSNJOBUFJOUIFQSFTFODFPGNPEFSBUFUP IJHI DPODFOUSBUJPOT PG "#" UIBU BSF JOIJCJUPSZ UP TFFET PG UIF XJMEUZQF *O BEEJUJPO TFFET PG BCJ BCJ BOE BCJ NVUBOUT IBWF OPSNBM PS JODSFBTFE MFWFMT PG FOEPHFOPVT "#" BOE BMM NVUBOU TFFET FYDFQU BCJ BOE BCJ FYIJCJU SFEVDFE EPSNBODZ ,PPSOOFFG FU BM 'JOLFMTUFJO #FTJEFT EJTQMBZJOHTFFETQFDJêDEFWFMPQNFOUBMEJTSVQUJPOT UIF QIFOPUZQFT PG UIFTF NVUBOUT TIPX EFGFDUT JO POF PS NPSF BTQFDUT PG WFHFUBUJWF BOE SFQSPEVD UJWFHSPXUI JODMVEJOHSFTQPOTFUPXBUFSTUSFTT SPPU CSBODIJOH QMBTUJE EJĒFSFOUJBUJPO NFSJTUFN RVJFT DFODF BOE ëPSBM JOJUJBUJPO ,PPSOOFFG FU BM #SPDBSEFUBM 4FWFSBMBMMFMFTPGUIFBCJNV UBOU UIBU BĒFDU UP WBSZJOH EFHSFFT FNCSZP NBUV SBUJPO BOE UIF BDRVJTJUJPO PG EPSNBODZ BOE EFT JDDBUJPO UPMFSBODF CZ TFFET IBWF CFFO EFTDSJCFE
3FQSFTFOUBUJWFTFFETBOEEJTTFDUFEFNCSZPTPGUIF XJMEUZQFBOEBNVUBOUBMMFMFBSFTIPXOJO1MBUF 'JHBmI "ѫFS TFFNJOHMZ OPSNBM EFWFMPQNFOU VQ UP BCPVU EBZT BѫFS ëPXFSJOH NVUBOU TFFET BOE UIFJSFODMPTFEFNCSZPTEJWFSHFGSPNUIFXJMEUZQF JOUIFJSJOBCJMJUZUPEFHSFFOBOEEFIZESBUF*OEJDB UJWFPGBEFGFDUJOUIFJSSFTQPOTFUP"#" TFFETPG BCJ NVUBOU BMMFMFT SFBEJMZ HFSNJOBUF JO UIF QSFT FODF PG B DPODFOUSBUJPO PG FYPHFOPVT "#" UIBU JT JOIJCJUPSZ UP HFSNJOBUJPO PG UIFJS XJMEUZQF DPVO UFSQBSUTTFFETPGTPNFNVUBOUBMMFMFTBSFTFWFSBMPS EFSTPGNBHOJUVEFMFTTTFOTJUJWFUP"#"UIBOUIPTF PGUIFXJMEUZQF /BNCBSBFUBM0PNTFUBM /BNCBSBFUBM *OB TFWFSFNVUBOUBMMFMF CFTJEFTUIFVTVBMTZNQUPNTBT TPDJBUFE XJUI EFTJDDBUJPO JOUPMFSBODF PG TFFET FN CSZPTEJTQMBZQSFDPDJPVTBDUJWBUJPOPGUIFTIPPUBQJ DBMNFSJTUFN BOEQSFNBUVSFEJĒFSFOUJBUJPOPGUIF WBTDVMBS UJTTVFT UZQJDBM PG TFFEMJOHT 4FFET PG UIJT NVUBOUBMMFMFBMTPTIPXBIJHIMFWFMPGFYQSFTTJPOPG UIFDBCHFOFFODPEJOHDIMPSPQIZMMBCCJOEJOHQSP UFJOUIJTHFOFJTOPSNBMMZFYQSFTTFEBUBMPXMFWFM JOTFFETBOEBUBIJHIMFWFMJOTFFEMJOHTPGXJMEUZQF "SBCJEPQTJT " QBSUJDVMBSMZ JNQPSUBOU PCTFSWBUJPO JTUIBUUIFFYQSFTTJPOBMBCVOEBODFPGHFOFTGPSUIF 4 BOE 4 TUPSBHF QSPUFJOT GPVOE EVSJOH FNCSZP NBUVSBUJPO JO XJMEUZQF QMBOUT JT TFWFSFMZ EPXO SFHVMBUFEJOUIJTNVUBOUBMMFMF /BNCBSBFUBM 1BSDZFUBM GPVOEUIBUNVUBUJPOJOB TUSPOH"#*BMMFMFJOIJCJUTUIFFYQSFTTJPOPGNBUV SBUJPOTQFDJêD"U4BOE$3$N3/"TJOTJMJRVFT XJUIBMFTTQSPOPVODFEFĒFDUPOUIFFYQSFTTJPOPG 0-&0 BOE 1"1 HFOF USBOTDSJQUT TFF 'JH 0UIFSTUVEJFTIBWFTIPXOUIBUEPVCMFNVUBOUTHFO FSBUFE CZ DSPTTJOH UIF QBSFOUBM BCJ BOE BCB NV UBOUTQSPEVDFVOEFSEFWFMPQFE HSFFO OPOEPSNBOU EFTJDDBUJPOJOUPMFSBOUTFFET ESBNBUJDBMMZBMUFSFEJO UIFJSNBUVSBUJPOQSPQFSUJFT%FTQJUFUIFBCTFODFPG BOZEFUFDUBCMFTJHOTPGHFSNJOBUJPO EPVCMFNVUBOU TFFET BMTP TZOUIFTJ[F HFSNJOBUJPOSFMBUFE QSPUFJOT TIPXJOHBUSFOEUPJOJUJBUFBQSFNBUVSFHFSNJOBUJPO QSPHSBN ,PPSOOFFGFUBM.FVSTFUBM " QSFEJDUJPO SFTVMUJOH GSPN UIFTF TFWFSBM MJOFT PG JOWFTUJHBUJPOJTUIBUUIFBCJNVUBUJPONJHIUDBVTF BEFGFDUJOFNCSZPNBUVSBUJPOBUUIFTBNFUJNFBT QSFNBUVSF HFSNJOBUJPO JT JOEVDFE /BNCBSB FU BM *O UIJT TFOTF UIF"#* MPDVT NJHIU CF DPO TJEFSFE UP SFQSFTT HFSNJOBUJPO DIBSBDUFSJTUJDT EVS JOHFNCSZPEPSNBODZ
ɬɧ &NCSZP.BUVSBUJPO
ώϐϔ
$MPOJOHPG"#*HFOFTBOECJPDIFNJDBMDIBSBDUFSJ[B UJPOPGUIFJSQSPUFJOQSPEVDUTIJHIMJHIUBSFDVSSFOU UIFNFJOIPSNPOFSFDPHOJUJPOJOQMBOUTJOWPMWJOH B DPNQMFY SFHVMBUPSZ OFUXPSL UIBU DPPSEJOBUFT QFSDFQUJPO PG UIF TJHOBM UP DFMMVMBS SFTQPOTFT *O UIJTSFTQFDU IPSNPOFTTVDIBT"#"NJHIUFMJDJUB DBTDBEF PG FWFOUT CZ JOUFSBDUJOH XJUI B TQFDJêD SF DFQUPSTJUF T JOUIFQMBOU"QBSUGSPNJUTFĒFDUPO TFFENBUVSBUJPO EPSNBODZ BOEHFSNJOBUJPO "#" QMBZTBNBKPSSPMFJOWBSJPVTPUIFSBTQFDUTPGQMBOU HSPXUI BOE EFWFMPQNFOU SBOHJOH GSPN BMUFSBUJPO PG JPO ëVYFT JO TUPNBUB UP UPMFSBODF UP TBMU DPME BOEESPVHIUTUSFTTFT$POTFRVFOUMZ BOBMZTJTPGUIJT FYQBOEFEQBOFMPG"#*HFOFTNJHIUIFMQUPGVSUIFS FMVDJEBUFUIFEJĒFSFOUMBZFSTPGSFHVMBUPSZJOGPSNB UJPODPOUSPMMJOH"#"BDUJPOJOBXJEFSBOHFPGQMBOU HSPXUI QSPDFTTFT ѮF "#* HFOF XBT JTPMBUFE CZ NBQCBTFEQPTJUJPOBMXBMLJOH BOEDMVFTUPUIFNP MFDVMBSCBTJTPG"#*GVODUJPOIBWFDPNFGSPNUIF BOBMZTJT PG JUT QSFEJDUFE QSPUFJO TFRVFODF XIJDI TIPXT GFBUVSFT PG B QVUBUJWF USBOTDSJQUJPOBM BDUJWB UPS#BTFEPOTIBSFESFHJPOTPGTFRVFODFTJNJMBSJUZ CFUXFFO"#*QSPUFJOBOEUIFQSPUFJOFODPEFECZ UIFNBJ[F7*7*1"3064 71 HFOF "#"BDUJPOT EVSJOHBTVCTFUPGUIFTFFEEFWFMPQNFOUBMQSPHSBN JNQJOHJOH PO UIF FNCSZP BSF UIPVHIU UP CF HPW FSOFECZBNPEVMBUJOHSPMFPG"#*QSPUFJOJOUIF TJHOBMJOHQBUIXBZ (JSBVEBUFUBM ѮFDMPO JOHBOEDIBSBDUFSJ[BUJPOPGUIF"#*HFOFSFWFBMFE UIBUJUFODPEFTDPNQPOFOUTPGBQSPUFJODPNQPTFE PG B OPWFM /UFSNJOBM TFHNFOU BOE B $UFSNJOBM EPNBJOXJUINFNCFSTIJQJOUIF$DMBTTPGQSPUFJO TFSJOFUISFPOJOFQIPTQIBUBTFT 11$T
TVHHFTUJOH UIBU JU JT B $Bí NPEVMBUFE QIPTQIBUBTF JOWPMWFE JO "#" TJHOBM USBOTEVDUJPO -FVOH FU BM .FZFS FU BM 4JODF BCJ BOE BCJ NVUBOUT TIBSFTFWFSBMDPNNPOQIFOPUZQFT JUJTOPUTVSQSJT JOH UP êOE UIBU UIF TUSVDUVSF PG UIF "#* HFOF JT DMPTFMZSFMBUFEUPUIBUPGUIF"#*HFOF XJUIUIFJS QSPUFJO QSPEVDUT CFMPOHJOH UP EJTUJODU CSBODIFT PG UIF "#"TJHOBMJOH OFUXPSL -FVOH FU BM ѮBUUIF"#*HFOFJTBOFXFMFNFOUPGUIFTJHOBM USBOTEVDUJPOQBUIXBZPGUIF"#*DMBTTPGHFOFTXBT FWJEFOUGSPNUIFIPNPMPHZPGJUTQSPUFJOQSPEVDUUP UIFGBNJMZPGUSBOTDSJQUJPOSFHVMBUPSTDIBSBDUFSJ[FE CZBDPOTFSWFE%/"CJOEJOHEPNBJOLOPXOBTUIF "1EPNBJO 'JOLFMTUFJOFUBM ѮFQSFEJDUFE HFOF QSPEVDU PG UIF "#* HFOF TIPXT TUSVDUVSBM TJNJMBSJUJFTUPUIFCBTJDMFVDJOF[JQQFS C;*1 DMBTT
ώϐϕ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
PGUSBOTDSJQUJPOBMSFHVMBUPST 'JOLFMTUFJOBOE-ZODI -PQF[.PMJOBBOE$IVB 0WFSBMM UIFTF SFTVMUT IJHIMJHIU UIF NVMUJQMJDJUZ PG TJHOBMJOH QSP DFTTFT UIBU JNQJOHF PO TFFE NBUVSBUJPO NFEJBUFE CZ "#" BDUJPO 4FWFSBM HFOFUJD BOE NPMFDVMBS FY QFSJNFOUTPO"SBCJEPQTJTJOWPMWJOH"#*HFOFTIBWF QSPWJEFE GVSUIFS JOTJHIUT JOUP UIF DPNQMFYJUJFT PG QBUIXBZ JOUFSBDUJPOT EVSJOH TFFE NBUVSBUJPO BM UIPVHIUIFRVFTUJPOPGIPXDSPTTUBMLCFUXFFOUIF EJĒFSFOUTJHOBMJOHDJSDVJUTUBLFTQMBDFSFNBJOTUPCF FMVDJEBUFE*OEFFE UIFSFBSFBMTPTPNFPCTFSWBUJPOT UIBUBSHVFBHBJOTUBOFYDMVTJWFSPMFGPS"#"NFEJ BUFECZ"#"BOE"#*HFOFTJOFNCSZPNBUVSBUJPO ,PPSOOFFGBOE,BSTTFO "TNFOUJPOFEJO$IBQ NVUBUJPOTJOUIF-&$ HFOFT DBVTF TFFEMJOH EFWFMPQNFOU UP CF BEWBODFE CZQBTTJOHFNCSZPNBUVSBUJPOBOETFFEEPSNBODZ "MUIPVHI NPTU GVT NVUBOUT BSF EFGFDUJWF JO MJHIU SFTQPOTFQBUIXBZT TFFETPGUXPGVTBMMFMFT BMPOH XJUIUIPTFPGUIFMFDNVUBOU GBJMUPFYIJCJUTFWFSBM GFBUVSFT PG NBUVSBUJPO TVDI BT EFTJDDBUJPO UPMFS BODF MBQTFJOUPEPSNBODZ MPTTPGDIMPSPQIZMM BOE BDDVNVMBUJPO PG TUPSBHF QSPEVDUT JO UIF FNCSZP .FJOLF #ÅVNMFJO FU BM ,FJUI FU BM 6OMJLFTFFETPGMFDBOEGVTNVUBOUT TFFET PG UIF MFD NVUBOU TVSWJWF EFTJDDBUJPO BMUIPVHI UIFZMPTFWJBCJMJUZXJUITUPSBHF .FJOLFFUBM &NCSZPT PG UIF UISFF NVUBOUT FYQSFTT QPTUHFSNJ OBUJPODIBSBDUFSJTUJDTTVDIBTQSFNBUVSFBDUJWBUJPO PG UIF TIPPU BQJDBM NFSJTUFN BOE UIF QSFTFODF PG EJĒFSFOUJBUFEWBTDVMBSUJTTVFTJOUIFDPUZMFEPOT*O DPOUSBTUUPXJMEUZQFTFFEMJOHT JOXIJDIMFBWFTBSF QSPHSBNNFE UP QSPEVDF USJDIPNFT B TVSQSJTJOH TJEFMJOFUPUIFNBUVSBUJPOEFGFDUTJOUIFMFDNVUBOUT JT UIF QSPEVDUJPO PG USJDIPNFT CZ TFFEMJOH DPUZMF EPOT DPUZMFEPOT PG NVUBOU FNCSZPT BMTP BDDVNV MBUF BOUIPDZBOJOT DBVTJOH TFFET UP BQQFBS IJHIMZ QJHNFOUFE .FJOLF FU BM #ÅVNMFJO FU BM ,FJUIFUBM 1IFOPUZQJDPCTFSWBUJPOTPG TFFETPGEPVCMFBOEQBSFOUBMTJOHMFMFDBOEBCJNV UBOUTDPNCJOFEXJUIFYQSFTTJPOTUVEJFTJOFNCSZPT PGHFOFTDIBSBDUFSJTUJDPGCPUIFNCSZPOJDBOEQPTU FNCSZPOJD EFWFMPQNFOU JOEJDBUF UIBU "#* BOE -&$ HFOFT QMBZ B GVOEBNFOUBM SPMF JO SFHVMBUJOH UIF NBUVSBUJPO PG "SBCJEPQTJT TFFET CZ B DPNQMFY DIPSFPHSBQIZ JOWPMWJOH EJTUJODU BOE CSPBEMZ PWFS MBQQJOHQBUIXBZTBDUJWBUFEJOUIFFNCSZP .FJOLF FUBM8FTUFUBM ѮFQSPUFJOQSPEVDUT PG-&$HFOFTBSFMPHJDBMDBOEJEBUFTUPPWFSTFFUIF
SFHVMBUPSZ NFDIBOJTNT UIBU DPPSEJOBUF UIF EFWFM PQNFOUBMFWFOUTEVSJOHFNCSZPNBUVSBUJPOBTUIFZ BMMFODPEFUSBOTDSJQUJPOGBDUPST $IBQ ѮFQSFT FODF PG B DPOTFSWFE # EPNBJO USBOTDSJQUJPO GBD UPSJO'64BOE-&$QSPUFJOTSFJOGPSDFTUIFGVOD UJPOBMTJNJMBSJUZPGUIF-&$HFOFTUPUIF71BOE "#*FODPEFEUSBOTDSJQUJPOGBDUPST -VFSFOFUBM 4UPOFFUBM 4PNFBEEJUJPOBMPCTFSWBUJPOTIBWFBEEFEXFJHIU UP UIF FYJTUFODF PG MJOLT CFUXFFO "#* BOE -&$ HFOFTJOUIFDPOUSPMPGFNCSZPNBUVSBUJPOJO"SB CJEPQTJT #BTFE PO RVBOUJUBUJWF BOBMZTFT PG UIF EF WFMPQNFOUBMSFTQPOTFTPGBCJ MFD BOEGVTTJOHMF NVUBOUT BOE EPVCMF NVUBOUT DPNCJOJOH XFBL PS TFWFSFBCJNVUBUJPOXJUIFJUIFSMFDPSGVTNVUB UJPOT JUBQQFBSTUIBUUIFFĒFDUTPGUIF"#*HFOFPO UIFBDDVNVMBUJPOPGDIMPSPQIZMMBOEBOUIPDZBOJOT FYQSFTTJPO PG NFNCFST PG UIF DSVDJGFSJO TUPSBHF QSPUFJOHFOFGBNJMZJOFNCSZPT BOEPOUIFHFSNJ OBUJPOTFOTJUJWJUZPGTFFETUP"#" BSFDPOUSPMMFECZ CPUIUIF-&$BOE'64MPDJѮFTFêOEJOHTIBWF SBJTFEUIFQPTTJCJMJUZUIBU SBUIFSUIBOBDUJOHJOJO EFQFOEFOUSFHVMBUPSZQBUIXBZT UIFTFHFOFTIBWFB CSPBE CJPMPHJDBM SFTQPOTJCJMJUZ JO DPOUSPMMJOH TFFE NBUVSBUJPO QSPDFTTFT JO "SBCJEPQTJT CZ GVODUJPO JOH TZOFSHJTUJDBMMZ UISPVHI DSPTTDPOOFDUFE TJHOBM USBOTEVDUJPOOFUXPSLT 1BSDZFUBM
&NCSZP%PSNBODZ
(FOFTUIBUSFHVMBUFFNCSZPNBUVSBUJPOJO"SBCJEPQ TJTBSFTJNVMUBOFPVTMZJOWPMWFEJOUXPPUIFSEJTUJODU CVU SFMBUFE GVODUJPOT OBNFMZ BDUJWBUJOH FNCSZP EPSNBODZ BOE SFQSFTTJOH QSFNBUVSF HFSNJOBUJPO ѮFPWFSMBQQJOHFĒFDUTPGUIFTFHFOFTPOQSFBOE QPTUHFSNJOBUJPO FNCSZPT NBLF JU B DIBMMFOHJOH UBTLUPJEFOUJGZSFHVMBUPSTPGFNCSZPEPSNBODZBOE DPOTFRVFOUMZ SFQSPEVDJCMF BTTPDJBUJPOT PG TQFDJêD HFOFT XJUI EPSNBODZ JOEVDUJPO BOE NBJOUFOBODF JONBUVSFFNCSZPTIBWFQSPWFEFMVTJWF"TIBTCF DPNFFWJEFOUGSPNUIFQSFWJPVTTFDUJPO UIF"#* -&$ -&$ BOE'64HFOFTIBWFSFDFJWFENVDI BUUFOUJPO EVF UP UIFJS QSPNJOFOU JOWPMWFNFOU JO NVMUJQMFQSPDFTTFTPGMBUFFNCSZPHFOFTJTJODMVEJOH BDDVNVMBUJPOPGTUPSBHFQSPUFJOTBTXFMMBTBDRVJTJ UJPO PG EPSNBODZ BOE EFTJDDBUJPO UPMFSBODF %PS NBODZ JT PWFSDPNF BOE UIF FNCSZP JOJUJBUFT UIF HFSNJOBUJPO QSPHSBN XIFO UIF QPTJUJWF BDUJPO PG
ɬɨ &NCSZP%PSNBODZ
ώϐϖ
'JHɬɪBoD7JWJQBSZJODVMUVSFETJMJRVFTPG"SBCJEPQTJTB5JNFDPVSTFPGWJWJQBSZJOEBSLDVMUVSFETJMJRVFTFODMPTJOHFN CSZPTPGWBSJPVTEFWFMPQNFOUBMTUBHFT.BUVSFFNCSZPTBSFHSFFOBOEBSFFODMPTFEJOHSFFOPWVMFT%BUBQPJOUTJOEJDBUF UIFOVNCFSPGTJMJRVFT FYQSFTTFEBTBEEJUJWFQFSDFOUBHFTPGUIFOVNCFSPGTVDDFTTGVMDVMUVSFT TIPXJOHUIFêSTUTJHOTPG WJWJQBSZPOUIFEBZTJOEJDBUFE'JHVSFTJOQBSFOUIFTJTBUFBDIFNCSZPEFWFMPQNFOUBMTUBHFJOEJDBUFUIFUPUBMOVNCFSPGDVM UVSFTDPVOUFEC"TJMJRVFDPOUBJOJOHUPSQFEPTIBQFEFNCSZPTDVMUVSFEGPSEBZTJOUIFEBSLTIPXJOHUIFPVUHSPXUIPG UIFQMVNVMF BSSPX BTUIFêSTUTJHOPGWJWJQBSZD"TJMJRVFDPOUBJOJOHUPSQFEPTIBQFEFNCSZPTDVMUVSFEGPSEBZTJOUIF EBSLBOEJOMJHIUGPSEBZ TIPXJOHUIFFNFSHFODFPGOVNFSPVTTFFEMJOHT"SSPXIFBETQPJOUUPUIFUXPTFQBSBUFIBMWFTPGUIF TJMJRVF#BSTNN 3FQSJOUFEGSPN3BHIBWBO
ώϑύ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
UIFTFHFOFTJTSFWFSTFEVOEFSOBUVSBMDPOEJUJPOTPS CZ NVUBUJPOT 4FFET PG TPNF "SBCJEPQTJT NVUBOUT EFTJHOBUFESFEVDFEEPSNBODZ BSFDIBSBDUFSJ[FECZ BSFEVDFEEPSNBODZUSBJUSFëFDUFEJOUIFIJHIHFS NJOBUJPOQFSDFOUBHFTTPPOBѫFSIBSWFTU CVUEJTQMBZ PUIFSXJTFXJMEUZQFCFIBWJPS -ÊPO,MPPTUFS[JFMFU BM 1FFUFST FU BM "U UIF PQQPTJUF FOE PGUIFEFWFMPQNFOUBMTQFDUSVNBSFTFFETPGUIFDP NBUPTF DUT NVUBOU XIJDI EP OPU HFSNJOBUF BOE FYIJCJUBMNPTUQFSNBOFOUEPSNBODZ4JODFNVUBOU FNCSZPTEPOPUTIPXBOZEJTSVQUJPOPGDFMMPSUJT TVF PSHBOJ[BUJPO JU IBT CFFO TVHHFTUFE UIBU UIF NVUBUJPOSFEVDFTUIFDBQBDJUZPGTFFETUPSFTQPOE UP UIF EPSNBODZCSFBLJOH TUJNVMVT 3VTTFMM FU BM ѮJTWJFXIBTHBJOFEêSNTVQQPSUGSPNUIF EFNPOTUSBUJPOUIBUUIF$54HFOFFODPEFTBIPNP MPH PG UIF IVNBO 9MJOLFE BESFOPMFVLPEZTUSPQIZ QSPUFJO "-%1
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ĒFDUJOHUIFNBJOUFOBODFPG BOEFYJUGSPN EPSNBODZPGFNCSZPT0OFTUSJLJOH êOEJOH JT UIBU UPSQFEPTIBQFE BOE PMEFS FNCSZPT PGDFSUBJOBMMFMFTPGMFD MFD BOEGVTNVUBOUTHSPX JOUPGVMMëFEHFETFFEMJOHTJOBDVMUVSFNFEJVNUIBU EPFT OPU TVQQPSU HSPXUI PG XJMEUZQF FNCSZPT PG UIFTBNFBHFIFODF UIFTFNVUBOUTBSFBMTPDIBSBD UFSJ[FEBTFNCSZPHSPXUIBSSFTUNVUBOUT.PSFPWFS SFQMJDBUJWF%/"TZOUIFTJTDPOUJOVFTJOUIFNVUBOU FNCSZPT BѫFS JU JT UVSOFE PĒ JO UIFJS XJMEUZQF DPVOUFSQBSUT "T NVUBUJPOT JO -&$ -&$ BOE '64HFOFTSFTVMUJOSFEVDFEFNCSZPHSPXUIBSSFTU UIFSFTVMUTQPJOUUPBHFOFUJDDPOUSPMPGDFMMEJWJTJPO GSFRVFODZ MFBEJOH UP JOIJCJUJPO PG FNCSZP HSPXUI JOXJMEUZQFQMBOUT*ODPOUSBTU UIFCFIBWJPSJODVM UVSFPGFNCSZPTPGBCBBOEBCJNVUBOUT BTXFMMBT UIFJS%/"TZOUIFTJTQSPêMF BSFTJNJMBSUPXJMEUZQF FNCSZPT JOEJDBUJOHUIBUUIFTFNVUBOUTBSFOPUEF GFDUJWFJOFNCSZPHSPXUIBSSFTU)PXFWFS UIFBSSFTU
PG DFMM EJWJTJPO JO BCB BOE BCJ NVUBOU FNCSZPT JTGPVOEUPDPJODJEFXJUIUIFJSBCJMJUZUPHFSNJOBUF QSFNBUVSFMZ JO TJMJRVFT DVU PQFO BOE QMBDFE PO B XBUFSBHBS NFEJVN UIJT TJHOJêFT UIF BCTFODF PG EPSNBODZ ѮFTF SFTVMUT IBWF MFE UP B NPEFM TFF 1MBUF 'JHB GPSUIFDPOUSPMPGTFFENBUVSBUJPO EPSNBODZ BOE HFSNJOBUJPO PG "SBCJEPQTJT TFFET JO XIJDI -&$ -&$ BOE '64 HFOF QSPEVDUT JNQPTF BSSFTU PG FNCSZP HSPXUI BOE "#" BOE "#* HFOF QSPEVDUT TJHOBM UIF POTFU PG EPSNBODZ 3B[ FU BM ѮF JOWPMWFNFOU PG -&$ BOE '64HFOFTJOUIFDPOUSPMPG("CJPTZOUIFTJTEVS JOHFNCSZPHFOFTJTJOEJDBUFEJOUIFNPEFMIBTCFFO TVCTUBOUJBUFE CZ UIF XPSL PG $VSBCB FU BM
XIJDITIPXTUIBU SFMBUJWFUPXJMEUZQFMFWFMT UIFSF JT BO JODSFBTF JO UIF MFWFM PG BDUJWF HJCCFSFMMJOT JO EFWFMPQJOHTFFETPGMFDBOEGVTNVUBOUT ѮFQIFOPNFOBPGEPSNBODZBOEHFSNJOBUJPOPG TFFETIBWFBDMPTFBēOJUZJOUIBUUIFZCPUIDPODFSO UIFGBUFPGUIFFODMPTFEFNCSZP'SPNUIJTQPJOUPG WJFX DVMUVSFPGJTPMBUFETJMJRVFTIBTQSPWJEFEBQIZT JPMPHJDBM QFSTQFDUJWF PG IPX UIF FNCSZP SFTQPOET UP UIF EPSNBODZFOGPSDFE HSPXUI BSSFTU BOE SF TVNQUJPOPGHSPXUIDBVTFECZWJWJQBSZ QSFNBUVSF FNCSZPHFSNJOBUJPO $VMUVSFPGFYDJTFETJMJRVFTPG EJĒFSFOU BHFT IBT TIPXO UIBU XIFSFBT FBSMZ TUBHF BOE JNNBUVSF FNCSZPT FODMPTFE JO PWVMFT DPN QMFUF UIFJS GVMM EFWFMPQNFOU BOE HFSNJOBUF WJWJQB SPVTMZ WJWJQBSZJTOPUPCTFSWFEJODVMUVSFETJMJRVFT FODMPTJOH CSPXO PWVMFT XJUI EPSNBOU NBUVSF ZFM MPXJTI FNCSZPT 'JHBmD 5P UIF FYUFOU UIBU DVMUVSFPGUIFTJMJRVFNBLFTUIFEFWFMPQJOHFNCSZP OPOEPSNBOU TJMJRVFDVMUVSFTFFNTUPIBWFUIFTBNF FĒFDU BT NVUBUJPO JO HFOFT UIBU JOEVDF EPSNBODZ 3BHIBWBO 4JODF%/"SFQMJDBUJPOJTBSSFTUFE JO FNCSZPT EFWFMPQJOH JO DVMUVSFE TJMJRVFT BU UIF TBNFUJNFBTJOOPSNBMMZEFWFMPQJOHFNCSZPT UIF DVMUVSFFOWJSPONFOUNBZCFTBJEUPFMJNJOBUFBSF RVJSFNFOUGPSEPSNBODZGPMMPXJOHFNCSZPHSPXUI BSSFTU .VUBUJPOT UIBU JOUFSGFSF XJUI EPSNBODZ PG FN CSZPTPGNBJ[FJOEVDFWJWJQBSZ UZQJDBMMZPCTFSWFE XIFOUIFFNCSZPCFHJOTUPHFSNJOBUFBOEGPSNB TFFEMJOH FWFOUIPVHIUIFHSBJOJTTUJMMBUUBDIFEUP UIFFBSPOUIFNPUIFSQMBOU.VUBUJPOTJOUIF71 MPDVTJOëJDUQMFJPUSPQJDFĒFDUTPOHSBJONBUVSBUJPO JODMVEJOHBSFEVDFETFOTJUJWJUZPGFNCSZPTUPFYPHF OPVT"#" JOEJDBUJOHUIBU BMPOHXJUI"#" UIF71 QSPUFJO JT SFRVJSFE GPS NBJ[F FNCSZP NBUVSBUJPO $POTFRVFOUMZ NVUBOUFNCSZPTBSFFBTJMZDPBYFEUP
HSPXJODVMUVSFJOUIFQSFTFODFPG"#"DPODFOUSB UJPOTJOIJCJUPSZUPFNCSZPTPGUIFXJMEUZQFHSBJO 3PCJDIBVEBOE4VTTFY.D$BSUZBOE$BSTPO %FUBJMT PG UIF NPMFDVMBS NFDIBOJTN VOEFS MZJOHWJWJQBSZJONBJ[FIBWFDPNFGSPNDMPOJOHPG UIF71HFOFBOEGVODUJPOBMBOBMZTJTPGJUTQSPUFJO QSPEVDU XIJDI IBT CFFO JEFOUJêFE BT B USBOTDSJQ UJPOBM BDUJWBUPS 5SBOTJFOU BTTBZT VTJOH QSPUPQMBTUT EFSJWFEGSPNTVTQFOTJPODVMUVSFENBJ[FDFMMTIBWF TIPXOUIBUUIF71QSPUFJOJTSFRVJSFEGPSUIF"#" JOEVDFEBDUJWBUJPOPGFYQSFTTJPOPGUIF&"3-:.& 5)*0/*/&-"#&-&% &N HFOFPGXIFBU B-&" HFOF BOE$HFOFPGUIFNBJ[FBOUIPDZBOJOQBUI XBZ .D$BSUZFUBM)BUUPSJFUBM "EEJ UJPOBMMZ 71QSPUFJOIBTCFFOTIPXOUPIBWFBTQF DJêDSPMFJOJOIJCJUJOHUIFQSFDPDJPVTJOEVDUJPOPG HFOFTGPSʂ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ѮFTUSPOHGVODUJPOBMDPOTFSWBUJPO CFUXFFOUIF71HFOFPGNBJ[FBOEUIF"#*HFOF PG "SBCJEPQTJT TVHHFTUFE CZ UIFTF SFTVMUT IBT CFFO TUSFOHUIFOFECZBNJDSPBSSBZBOBMZTJTPG71SFHV MBUFEHFOFFYQSFTTJPOJOUSBOTHFOJD"SBCJEPQTJTDBS SZJOH471JOBOBCJOVMMNVUBOUCBDLHSPVOE UIJTTUVEZIBTTIPXOUIBUUIF71HFOFJTTVēDJFOU UPDPOGFS"#"JOEVDUJPOPGBCSPBESBOHFPGTFFE QSPUFJO HFOFT 4V[VLJ FU BM 3FJOGPSDFE CZ UIFBEEJUJPOBMJOGPSNBUJPOUIBUUIFUSBOTDSJQUJPOBMMZ BDUJWFBNJOPBDJESFTJEVFSFHJPOPGUIF71*QSPUFJO TIBSFTTFRVFODFJEFOUJUZXJUIUIF#EPNBJOPGUIF -&$QSPUFJOT -PUBOFUBM-VFSFOFUBM 4UPOF FU BM
UIFTF EBUB BSF HFOFSBMMZ DPOTJT UFOUXJUIUIFFYJTUFODFPGNPMFDVMBSMJOLTCFUXFFO 71 "#* BOE-&$HFOFTJOUIFDPOUSPMPGFNCSZP NBUVSJUZ EPSNBODZ BOEHFSNJOBUJPOJO "SBCJEPQ TJTBOENBJ[F
ɬɨ &NCSZP%PSNBODZ
ώϑώ
$BSCPIZESBUFTJO%FTJDDBUJPO5PMFSBODF "TBQSFMVEFUPRVJFTDFODFPSEPSNBODZ TFFEEFTJD DBUJPOPDDVSTEVSJOHUIFMBUFFNCSZPHFOFTJTQIBTF BOE JOFYUSFNFDBTFT UIFNPJTUVSFDPOUFOUPGUIF TFFEEFDSFBTFTESBNBUJDBMMZUPMFTTUIBO%FTJD DBUJPOPGUIFFNCSZPJTUIVTBOPSNBMQSPHSBNNFE FWFOU JO UIF êOBM QIBTF PG TFFE EFWFMPQNFOU CVU JOPUIFSQIBTFTPGUIFQMBOUMJGFDZDMF EFTJDDBUJPOJT BLJOUPUIFQSPWFSCJBMiLJTTPGEFBUIu"GVMMZEFTJD DBUFETFFEJOWPLFTUIFOPUJPOTPGTQBDF UJNF BOE HFOFBDUJWJUZBTJUQPTJUJPOTUIFFNCSZPUPHFSNJOBUF VQPOSFIZESBUJPO&WFOBDVSTPSZDPOTJEFSBUJPOPG EFTJDDBUJPO PG UIF TFFE XIJDI BMMPXT UIF FNCSZP UP TVSWJWF BO FYUSFNFMZ MPX DFMMVMBS XBUFS DPO UFOU GPSDFTUIFSFBMJ[BUJPOUIBUNVMUJQMFQSPUFDUJWF QIZTJPMPHJDBMQSPDFTTFTNVTUCFJOPQFSBUJPOJOEF WFMPQJOH EFTJDDBUJPO UPMFSBODF *O QBSUJDVMBS XPSL VOEFSUBLFO EVSJOH UIF QBTU UXP EFDBEFT IBT TFFO UIFDIBSBDUFSJ[BUJPOPGHSPVQTPGDBSCPIZESBUFTBOE QSPUFJOTUIBUGVODUJPOUPGPSFTUBMMTPNFPGUIFEBN BHFJODVSSFECZEFTJDDBUJPO ѮF NPTU VOFYQFDUFE NPMFDVMFT JNQMJDBUFE JO EFTJDDBUJPOUPMFSBODFPGTFFETBSFWBSJPVTDBSCPIZ ESBUFT FTQFDJBMMZ TPMVCMF TVHBST " CSFBLEPXO PG TUBSDI PSJUTUSBOTJFOUBDDVNVMBUJPOGPMMPXFECZJUT EFQMFUJPO JODFMMTPGFNCSZPTIBTCFFOJEFOUJêFEBT BSFHVMBSGFBUVSFBTTPDJBUFEXJUIUIFBDRVJTJUJPOPG EFTJDDBUJPO UPMFSBODF JO TFFET PG TPZCFBO 3PTFO CFSH BOE 3JOOF
4JOBQJT BMCB #SBTTJDBDFBF 'JTDIFS FU BM
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ēOPTFBDDVNVMBUJPOJOUPUIFFRVB UJPOGPSBDRVJTJUJPOPGEFTJDDBUJPOUPMFSBODF%FWFM PQJOH NBJ[F FNCSZPT BDDVNVMBUF NPTUMZ TVDSPTF BOESBēOPTFBTUIFJSTPMVCMFOPOSFEVDJOHTVHBST *O B êFMEHSPXO IZCSJE NBJ[F EFTJDDBUJPO UPMFS
ώϑϏ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
BODFJTHSBEVBMMZBDRVJSFEPOMZBѫFSUIFTVDSPTFUP SBēOPTF NBTT SBUJP JO XIPMF HSBJOT BT XFMM BT JO JTPMBUFEFNCSZPT ESPQTUPMFTTUIBO XIFSFBT B TVDSPTF UP SBēOPTF SBUJP PG JT GBWPSFE GPS DPNQMFUFEFTJDDBUJPOUPMFSBODFѮJTSFMBUJPOTIJQJT NBJOUBJOFE FWFO JO XIPMF HSBJOT BOE JTPMBUFE FN CSZPT JOEVDFE UP BDRVJSF EFTJDDBUJPO UPMFSBODF CZ TMPXPSGBTUESZJOH #SFOBDFUBMB /POEPSNBOU EFTJDDBUJPOJOUPMFSBOU FNCSZPT PGNBJ[FWQNVUBOUTEPOPUFYQSFTTUIF71HFOF $PNQBSBUJWF TUVEJFT PO UIF BDRVJTJUJPO PG EFTJD DBUJPOUPMFSBODFJOSFMBUJPOUPUIFBDDVNVMBUJPOPG TVDSPTF BOE SBēOPTF JO UIF XJMEUZQF 7Q3 BOE JUT NVUBOU BMMFMF WQ3 TIPXFE UIBU XIFSFBT FN CSZPTPGUIFGPSNFSCFDPNFUPMFSBOUUPQSFDPDJPVT ESZJOHJOBTTPDJBUJPOXJUIBTVDSPTFSBēOPTFNBTT SBUJPPGPSMPXFS UIFTVDSPTFSBēOPTFNBTTSB UJPJOFNCSZPTPGUIFNVUBOU XIJDIEPOPUBDRVJSF EFTJDDBUJPO UPMFSBODF UP ESZJOH JT OPXIFSF OFBS BQQSPBDIJOHPSFWFO/PUTVSQSJTJOHMZ JO DPOUSBTU UP XJMEUZQF FNCSZPT NVUBOU FNCSZPT BDDVNVMBUFPOMZUSBDFBNPVOUTPGSBēOPTF%JĒFS FODFTBSFBMTPTFFOCFUXFFOXJMEUZQFBOENVUBOU FNCSZPT JO UIFJS QBUUFSOT PG BDDVNVMBUJPO PG TV DSPTF BOE UPUBM TPMVCMF DBSCPIZESBUFT 'JHBmK ѮF GBWPSFE JOUFSQSFUBUJPO PG UIFTF SFTVMUT JT UIBU UIFXJMEUZQFHFOFSFHVMBUFTSBēOPTFCJPTZOUIFTJT JOUIFFNCSZPQSFQBSBUPSZUPEFTJDDBUJPO)PXFWFS TUVEJFT PO HFSNJOBUJPO PG HSBJOT PG DFSUBJO OPOWJ WJQBSPVTNVUBOUBMMFMFTPGUIF71HFOFJOSFMBUJPO UPSBēOPTFBDDVNVMBUJPOIBTHFOFSBUFEDPOUSBEJD UPSZSFTVMUTJOEJDBUJOHUIBU EFTQJUFUIFBTTPDJBUJPO PG EFTJDDBUJPO UPMFSBODF XJUI SBēOPTF BDDVNVMB UJPO SBēOPTFCJPTZOUIFTJTNJHIUPDDVSFWFOJOUIF BCTFODFPGBGVMMZGVODUJPOBM71QSPUFJO #SFOBDFU BMC ѮF BWBJMBCJMJUZ PG EFTJDDBUJPOTFOTJUJWF HFOP UZQFTPG"SBCJEPQTJTIBTBMMPXFEGVODUJPOBMQSFEJD UJPOT UP CF NBEF SFHBSEJOH BDDVNVMBUJPO PG DBS CPIZESBUFT JO SFMBUJPO UP EFTJDDBUJPO UPMFSBODF PG TFFET"DDPSEJOHUP0PNTFUBM
EPSNBODZ PG TFFET PG UIF EFTJDDBUJPOUPMFSBOU XJMEUZQF BOE B XFBL BMMFMF PG UIF BCJ NVUBOU BCJ PG "SBCJ EPQTJTJTGPSFTIBEPXFECZUIFBDDVNVMBUJPOPGSBē OPTFBOETUBDIZPTF0OUIFPUIFSIBOE TFFETPGUIF EFTJDDBUJPOTFOTJUJWF BCBBCJ EPVCMF NVUBOU BOE B TUSPOH BMMFMF PG UIF BCJ NPOPHFOJD NVUBOU BCJ DPOUBJO BCVOEBOU TVDSPTF JOTUFBE PG SBē OPTFBOETUBDIZPTF XIJDIBSFQSFTFOUJONJOJNBM
BNPVOUT*UJTIPXFWFSRVFTUJPOBCMFXIFUIFSBIJHI TPMVCMFDBSCPIZESBUFDPOUFOUJODFMMTDPOUSJCVUFTUP EFTJDDBUJPO UPMFSBODF TJODF TFFET PG NVUBOUT UIBU BSF EFTJDDBUJPOTFOTJUJWF BDDVNVMBUF UISFF UP êWF UJNFTNPSFTPMVCMFTVHBSTUIBOTFFETPGUIFIJHIMZ EFTJDDBUJPOUPMFSBOU XJMEUZQF *U XBT BMTP GPVOE UIBUXIFOEFTJDDBUJPOUPMFSBODFJTJOEVDFEJOTFFET PG UIF BCBBCJ EPVCMF NVUBOU CZ JODVCBUJOH UIFNJOBNFEJVNDPOUBJOJOH"#"BOETVDSPTFPS USFIBMPTF TFFET UIBU SFDPWFS EFTJDDBUJPO UPMFSBODF DPOUBJO IJHI DPODFOUSBUJPOT PG SBēOPTF XJUIPVU BOZDIBOHFJOUIFJSNPOPTBDDIBSJEFDPOUFOUѮFTF SFTVMUT IBWF MFE UP UIF TVHHFTUJPO UIBU B MPX SBUJP PGNPOPUPPMJHPTBDDIBSJEFT SBUIFSUIBOUIFUPUBM DBSCPIZESBUFDPOUFOU NJHIUDPOUSPMBDRVJTJUJPOPG EFTJDDBUJPOUPMFSBODFJO"SBCJEPQTJTTFFET .FVSTFU BM0PNTFUBM
'JHɬɫBoK$IBOHFTEVSJOHHFSNJOBUJPOPGXJMEUZQF 7Q 3 BOE NVUBOU WQ3 HSBJOT PG NBJ[F (FSNJOBUJPO QFS DFOUBHFT B C
NBTTSBUJPPGTVDSPTFUPSBēOPTF D E
BOE TVDSPTF F G
SBēOPTF H I
BOEUPUBMTPMVCMFDBSCPIZESBUF J K DPOUFOUTPGFNCSZPTCFGPSFESZJOH GSFTI ż
BѫFSGBTU ESZJOH '% Ɣ
BOE BѫFS TMPX ESZJOH 4% Ƒ BSF TIPXO /POF PG UIF HSBJOT TVCKFDUFE UP GBTU BOE TMPX ESZJOH XFSF EFTJDDBUJPOUPMFSBOU7BMVFTBSFNFBOTUBOEBSEFSSPS 3F QSJOUFEGSPN#SFOBDFUBM
&YQMBJOJOHIPXTPMVCMFTVHBSTNBZIFMQUPFOTVSF TVSWJWBM PG DFMMT PG UIF FNCSZP EVSJOH EFTJDDBUJPO SFQSFTFOUT B HSFBU DIBMMFOHF UP QMBOU QIZTJPMPHJTUT 0OF WJFX UIBU IBT HBJOFE TPNF HSPVOE JT UIBU TV DSPTFBOESBēOPTFGVODUJPOBTOBUVSBMDPNQPOFOUT UP QSPNPUF B WJUSJêFE PS HMBTTZ TUBUF UIBU MJNJUT TPMVUFDSZTUBMMJ[BUJPOJOUIFDZUPQMBTNBOEJUTUPUBM EFIZESBUJPO 8JMMJBNT BOE -FPQPME *O TVQ QPSU PG UIJT WJFX DPNQBSJTPO PG UIF DZUPQMBTNJD WJTDPTJUJFT PG DFMMT PG EFTJDDBUJPOUPMFSBOU BOE EFT JDDBUJPOJOUPMFSBOUFNCSZPBYFTPGTPZCFBOIBTJO EFFETIPXOHMBTTUSBOTJUJPOTJODFMMTPGUIFEFTJDDB UJPOUPMFSBOUFNCSZP CVUOPUJOTVTDFQUJCMFDFMMTPG UIFEFTJDDBUJPOJOUPMFSBOUFNCSZP #SVOJBOE-FP QPME ѮFTUBCMFHMBTTGPSNBUJPOUIBUPDDVST BUSPPNUFNQFSBUVSFJOUIFQSFTFODFPGSBēOPTFJO BTVDSPTFNJMJFVVOEFSJOWJUSPDPOEJUJPOT TJNJMBS UP UIBU GPVOE JO EFTJDDBUJPOUPMFSBOU FNCSZP BYFT JO WJWP JT BMTP DPOTJEFSFE BT TVQQPSUJOH FWJEFODF ,PTUFS " HSFBU EFBM NPSF SFNBJOT UP CF MFBSOFEBCPVUUIFSPMFPGTPMVCMFTVHBSTBTBEBQUJWF BHFOUT JO DPOGFSSJOH EFTJDDBUJPO UPMFSBODF JO FN CSZPT BOEJUBQQFBSTUIBUTVDSPTFBOESBēOPTFXJMM DPOUJOVFUPMFBEUIFXBZJOGVUVSFJOWFTUJHBUJPOT 1SPUFJOTJO%FTJDDBUJPO5PMFSBODF )JTUPSJDBMMZ QSPUFJOT IBWF QMBZFE B MFBEJOH SPMF BT DBOEJEBUF NPMFDVMFT GPS DPOGFSSJOH EFTJDDBUJPO UPMFSBODF JO TFFET BT TZOUIFTJT PG OFX QSPUFJOT JT QFSWBTJWFJOFNCSZPTPGNBUVSJOHTFFETѮFJOJUJBM DMVFTMJOLJOHUIFBDRVJTJUJPOPGEFTJDDBUJPOUPMFSBODF UPTQFDJêDHFOFQSPEVDUTDBNFGSPNBTUVEZPGUIF QBUUFSOTPGJOWJWPBOEJOWJUSPQSPUFJOTTZOUIFTJ[FE CZ EFTJDDBUJPOJOUPMFSBOU BOE EFTJDDBUJPOUPMFSBOU FNCSZPTPGCBSMFZѮFSFTVMUJEFOUJêFEBTFUPGm QSPUFJOTBOEN3/"TUIBUBSFOFXMZTZOUIFTJ[FE PS XIPTF TZOUIFTJT JT FOIBODFE EVSJOH UIF TUBHF PG FNCSZPHFOFTJT MFBEJOH UP EFTJDDBUJPO UPMFSBODF #BSUFMTFUBM &NCSZPTFYDJTFEGSPNNBUVSF TPZCFBO TFFET BQQSPYJNBUFMZ EBZT BѫFS ëPXFS JOH TZOUIFTJ[F B QMFUIPSB PG OPOTUPSBHF QSPUFJOT EFTJHOBUFE BT iNBUVSBUJPO QPMZQFQUJEFTu BOE UIFJS DPSSFTQPOEJOH N3/"T UXP PG UIFTF QPMZQFQUJEFT L%BBOEL%BJONBTT BSFBMTPGPVOEUPBD DVNVMBUFJOFNCSZPTXJUITFFENBUVSJUZѮFTBNF QSPUFJO BOE N3/" QSPêMFT BSF TFFO JO FNCSZPT XIFOTFFETBSFQSFDPDJPVTMZNBUVSFEUISPVHIDPO
ɬɨ &NCSZP%PSNBODZ
ώϑϐ
USPMMFE EFIZESBUJPO )PXFWFS OFJUIFS UIF NBUVSB UJPOQPMZQFQUJEFTOPSUIFJSUSBOTDSJQUTBDDVNVMBUF JO FNCSZPT PG JNNBUVSF TFFET IBSWFTUFE JO NJE TUBHFEFWFMPQNFOU EBZTBѫFSëPXFSJOH 4P POF XBZ UP UIJOL BCPVU TFFE NBUVSBUJPO JT UP JNBHJOF UIBUJUSFQSFTFOUTBNFUBCPMJDBMMZBDUJWFQIBTFPGUIF OPOHSPXJOHFNCSZP 3PTFOCFSHBOE3JOOF (JWFO UIF FYUFOU PG QSPUFJO BDDVNVMBUJPO JO FNCSZPT PG NBUVSF TFFET POF NJHIU TVTQFDU UIBU UIFTF QSPUFJOT BSF DBVTBMMZ SFMBUFE UP EFTJDDBUJPO UPMFSBODFPGTFFET4VHHFTUJWFPGBSPMFGPSTUBCJMJ[B UJPOPGQSPUFJOTUSVDUVSFJOEFTJDDBUJPOUPMFSBODFPG TFFET 8PMLFSTFUBM C IBWFTIPXOUIBUTMPX ESZJOHPGJNNBUVSFNBJ[FFNCSZPT XIJDIDPOGFST EFTJDDBUJPOUPMFSBODF DBVTFT DIBOHFT JO UIF DZUP QMBTNJD QSPêMF PG QSPUFJOT TVDI BT UIF GPSNBUJPO PGTFDPOEBSZTUSVDUVSFT WFSZTJNJMBSUPUIPTFGPVOE JO FNCSZPT PG EFTJDDBUJPOUPMFSBOU NBUVSF HSBJOT *O BOPUIFS TUVEZ CZ UIFTF BVUIPST 8PMLFST FU BM B
B IJHI QSPUFJO TUBCJMJUZ JO XJMEUZQF TFFET PG"SBCJEPQTJTBOEBEFDSFBTJOHMZMPXFSTUBCJMJUZJO QSPHSFTTJWFMZ NBUVSBUJPOEFGFDUJWF NVUBOU TFFET XBT BMTP EFNPOTUSBUFE "T NFOUJPOFE FBSMJFS UIF DFMMVMBSDZUPQMBTNPGFNCSZPTPGEFTJDDBUJPOQSPOF TFFETGPSNTBHMBTTZNBUSJYIZESPHFOCPOEJOHJO WPMWJOHTVHBSTBOEQSPUFJOTIBTBNBKPSJNQBDUPO HMBTTGPSNBUJPO"SJTJOHPVUPGUIFTFDPOTJEFSBUJPOT JUBQQFBSTUIBUUIFQSPUFDUJPOQSPWJEFEUPDZUPQMBT NJD QSPUFJOT BOE DFMM NFNCSBOFT JT DFOUSBM UP UIF EFTJDDBUJPO UPMFSBODF PG FNCSZPT XIJDI QSFTVN BCMZEFQFOETUPBMBSHFFYUFOUPOUIFJSSBēOPTF TV DSPTF BOEQPTTJCMZ-&"QSPUFJODPOUFOUT 8BMUFST FUBM8PMLFSTFUBM ѮF CFHJOOJOHT PG UIF DPODFQU PG -&" QSPUFJOT XIJDIIBWFCFDPNFUIFHMBNPVSQSPUFJOTPGFNCSZP EFTJDDBUJPOJOëPXFSJOHQMBOUT DBOCFEBUFESBUIFS QSFDJTFMZ " UXPEJNFOTJPOBM HFM FMFDUSPQIPSFUJD BOBMZTJTPGUIFDIBOHJOHN3/"QPQVMBUJPOTEVSJOH FNCSZPHFOFTJTJODPUUPO CBTFEPODPNQBSJTPOTPG UIFFYUBOU JOWJWPBOEJOWJUSPTZOUIFTJ[FEQSPUFJOT PG UIF DPUZMFEPOT QSPWJEFE UIF êSTU JOEJDBUJPO PG UIFQSFTFODFPGBTFUPGQPMZQFQUJEFTBTTPDJBUFE XJUIUIFPOTFUPGFNCSZPNBUVSBUJPOBOEEPSNBODZ %VSF FU BM "OPUIFS GVOEBNFOUBM PCTFSWB UJPO NBEF JO UIJT XPSL XBT UIBU UIFTF QSPUFJO TF RVFODFT EJTBQQFBS EVSJOH HFSNJOBUJPO PG NBUVSF FNCSZPT BOE QSFDPDJPVTMZ BDDVNVMBUF JO ZPVOH FNCSZPT DVMUVSFE JO B NFEJVN DPOUBJOJOH "#" ѮF EZOBNJD DPNQMFY PG N3/"T BOE UIFJS DPSSF
ώϑϑ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
TQPOEJOHQSPUFJOTFRVFODFT XIJDIBSFTJHOJêDBOUMZ NPSF BCVOEBOU JO NBUVSF FNCSZPT UIBO JO ZPVOH FNCSZPT XBT OBNFE -&" NOFNPOJD GPS iMBUF FNCSZPHFOFTJT BCVOEBOUu CZ (BMBV FU BM ѮFBDDVNVMBUJPOLJOFUJDTPGDMPOFEDPUUPO-&" N3/"TTIPXFEUIBUUIFJSDPODFOUSBUJPOTJODSFBTFBU MFBTU UP GPME EVSJOH FNCSZPHFOFTJT DPJO DJEFOUXJUIUIFUJNFPGPWVMFBCTDJTTJPO BOEEFDMJOF UPGPMEEVSJOHUIFêSTUEBZPGHFSNJOBUJPO 6TJOHBDPNQMFNFOUBSZBQQSPBDI USBOTDSJQUBCVO EBODFPGUIFDPUUPO-&"HFOFTJTGPVOEUPCFIJHI FTUEVSJOHBOEBZJOUFSWBMCFUXFFOFNCSZPNBUV SBUJPO BOE EFTJDDBUJPO (BMBV FU BM )VHIFT BOE (BMBV *O BOPUIFS TUVEZ VTJOH TFWFSBM IFUFSPMPHPVT DPUUPO D%/" QSPCFT -&" N3/"T XFSFEFUFDUFEJOEFTJDDBUJPOQSPOFFNCSZPTBOEPS TFFETPGSBQFTFFE TPZCFBO BOEUPCBDDP BOEUIFJS FYQSFTTJPO TIPXO UP CF FOIBODFE CZ "#" JO DVM UVSFEJNNBUVSFFNCSZPT UPQSPWJEFBIJHIMZJOëV FOUJBM NPEFM PG SFHVMBUJPO PG -&" N3/" FYQSFT TJPOJOEJDPUT +BLPCTFOFUBM #BTFEPOUIFJS FYQSFTTJPO QBUUFSOT -&" N3/"T PG "SBCJEPQTJT BSFTVCEJWJEFEJOUPUXPDMBTTFT 'JHB C UIPTF CFMPOHJOHUPUIF-&"DMBTT XIJDICFHJOUPBDDVNV MBUFBCPVUEBZTBѫFSQPMMJOBUJPOBOEEFDMJOFDPO DPNJUBOUMZ XJUI ."5 HFOF N3/"T TFF 'JH
BOE UIPTF CFMPOHJOH UP UIF -&"" DMBTT XIJDI CFHJO UP BDDVNVMBUF BCPVU EBZT FBSMJFS UIBO UIF -&"DMBTT 1BSDZFUBM ѮFPCTFSWBUJPOUIBU -&"USBOTDSJQUTBOEUIFJSQPMZQFQUJEFQSPEVDUTBSF NPTU BCVOEBOU JO FNCSZPT KVTU QSJPS UP EFTJDDB UJPOQSPNQUFEUIFQSPQIFUJDTUBUFNFOUCZ(BMBVFU BM UIBUiTPNFPGUIF-&"QPMZQFQUJEFTNBZ GVODUJPO BT EFTJDDBUJPO QSPUFDUBOUT CJOEJOH PS SF QMBDJOHXBUFSEVSJOHUIFESZJOHQSPDFTTJOBGBTIJPO XIJDI BMMPXT SBQJE SFDPWFSZ EVSJOH HFSNJOBUJPOu ѮJTQSFEJDUJPOXBTBNQMZKVTUJêFECZUIFQIZTJDBM DIBSBDUFSJTUJDT PG -&" QSPUFJOT TVDI BT UIFJS FY USFNFIZESPQIJMJDJUZBOESFTJTUBODFUPEFOBUVSBUJPO BOECZUIFMBUFSEJTDPWFSZUIBUWBSJPVT-&"QSPUFJOT BDDVNVMBUFJOPUIFSQMBOUPSHBOTVOEFSDPOEJUJPOT PG XBUFS EFêDJU DPME TBMU BOE PTNPUJD TUSFTT BOE FYQPTVSF UP "#" 4LSJWFS BOE .VOEZ ѮF QIZTJDBMBOETUSVDUVSBMQSPQFSUJFTPGBQVSJêFETPZ CFBO -&" QSPUFJO IBWF BUUFTUFE UP UIFJS QPUFOUJBM SPMFJOQSFWFOUJOHGSFF[JOH EFTJDDBUJPO PSPTNPUJD TUSFTTEBNBHF 4PVMBHFTFUBM " DMBTTJêDBUJPO PG -&" QSPUFJOT CBTFE PO UIFJS DPNNPOMZ TIBSFE BNJOP BDJE TFRVFODF EPNBJOT BOE FYQSFTTJPO QBUUFSOT PG UIF SFMFWBOU HFOFT IBT
SFDPHOJ[FE UISFF HSPVQT %VSF FU BM %VSF ѮF êSTU BOE CFTU DIBSBDUFSJ[FE -&" HFOF GSPNNPOPDPUTJTUIF&NHFOFGSPNXIFBUFNCSZPT BTTJHOFE UP HSPVQ &YQSFTTJPO PG USBOTDSJQUT PG UIJTHFOFBUMPXMFWFMTEVSJOHFBSMZFNCSZPHFOFTJT BOEBUIJHIMFWFMTJOMBUFTUBHFFNCSZPTXBTUIFLFZ GFBUVSFUIBUMFEUPJUTJEFOUJêDBUJPOBTB -&"HFOF 8JMMJBNTPOFUBM "SJDFFNCSZP-&"HFOF EFTJHOBUFEBT3&410/4*7& 50 "#" 3"# JODMVEFE JO HSPVQ XIJDI QSPHSFTTJWFMZ BDDVNV MBUFT JO EFWFMPQJOH FNCSZPT JT BMTP FYQSFTTFE JO SPPUT MFBWFT BOE TVTQFOTJPODVMUVSFE DFMMT VOEFS TUSFTT .VOEZ BOE $IVB "MUIPVHI HSPVQ PSJHJOBMMZJODMVEFEBQSPUFJOFBDIGSPNDPUUPO CBS MFZ BOESBQF BOEUXPGSPNDBSSPU %VSFFUBM 'SBO[ FU BM
UIF HSPVQ IBT CFFO TUSFOHUI FOFECZMBUFSBEEJUJPOTPGUXPQSPUFJOTGSPNXIFBU $VSSZ FU BM $VSSZ BOE 8BMLFS4JNNPOT BOEêWFGSPNTPZCFBO )TJOHFUBM "T EJTDVTTFEFMTFXIFSF 3BHIBWBO
BOVNCFSPG TFRVFODFTUIBUêUUIFCJMMGPS-&"HFOFUSBOTDSJQUT BOEQSPUFJOTIBWFCFFOEFTDSJCFEGSPNPUIFSQMBOUT CVUBSFOPUJODMVEFEJOUIFMJTUBMBUFSBEEJUJPOUP UIF MJTU JT FOEPTQFSN PG DBTUPS CFBO 3JDJOVT DPN NVOJT&VQIPSCJBDFBF mBTFFEUJTTVFUIBUDPOUBJOT TUBCMF-&"HFOFUSBOTDSJQUT )BOFUBM 5XP -&" HFOFT EFTJHOBUFE BT "U&N BOE "U&N GPS "SBCJEPQTJT UIBMJBOB &N
FODPEJOH UXP EJĒFSFOU QSPUFJOT IPNPMPHPVT UP UIF &. QSPUFJO PG XIFBU XFSF êSTU JTPMBUFE BOE DIBSBDUFSJ[FE GSPN "SBCJ EPQTJT 'JOLFMTUFJO(BVCJFSFUBM MBUFS JOWFTUJHBUJPOT VTJOH B D%/" QSPCF GSPN SBEJTI 3BQIBOVTTBUJWVT#SBTTJDBDFBF MFEUPUIFJTPMBUJPO PG UXP BEEJUJPOBM -&" HFOFT 3BZOBM FU BM "MUPHFUIFS UIFOVNCFSPG-&"HFOFTJTPMBUFEUIVT GBSGSPN"SBCJEPQTJTJTPCWJPVTMZMPX BTBD%/"MJ CSBSZQSFQBSFEGSPNNBUVSFTFFETIBTQSPWJEFEFWJ EFODFGPSUIFQSFTFODFPGNBOZ-&"HFOFT %FMTFOZ FUBM ѮFQFSWBTJWFOFTTPG-&"QSPUFJOTJOFNCSZPTPG NBOZQMBOUT BOEUIFJSBDDVNVMBUJPOJOPUIFSQMBOU PSHBOTFYQPTFEUPWBSJPVTLJOETPGTUSFTTFT TVHHFTU UIBU UIFTF QSPUFJOT EFWFMPQFE EVSJOH BOHJPTQFSN FWPMVUJPOUPSFHVMBUFEFTJDDBUJPOUPMFSBODF%FTQJUF UIFGBDUUIBUTFWFSBMTUVEJFTIBWFTIPXOUIBUBQQMJ DBUJPOPG"#"DBOJOEVDFTZOUIFTJTPG-&"QSPUFJOT JOUIFBCTFODFPGFOWJSPONFOUBMTUSFTT DPODMVTJPOT SFHBSEJOHUIFSPMFPG"#"JOUIFNPEVMBUJPOPG-&" QSPUFJO TZOUIFTJT SFNBJO DPOUSBEJDUPSZ 5XP SF WJFXT IBWF DSJUJDBMMZ FWBMVBUFE TPNF PG UIF SFTVMUT
BSHVJOHGPSBOEBHBJOTUBSPMFGPS"#"BTBOFOEPH FOPVTSFHVMBUPSPG-&"QSPUFJOTZOUIFTJTCBTFEPO FNCSZP DVMUVSF JOWFTUJHBUJPOT BOE FYQSFTTJPO QBU UFSOTPGNBSLFSN3/"T (BMBVFUBM)VHIFT BOE (BMBV UIFTF BSUJDMFT NBLF JU DMFBS UIBU JU OP MPOHFS NBLFT BOZ TFOTF UP DPOTJEFS "#" BT B TPMF EFWFMPQNFOUBM SFHVMBUPS PG UIF TZOUIFTJT PG EFTJDDBUJPOSFMBUFEQSPUFJOTJOFNCSZPT"EJĒFSFOU QFSTQFDUJWFPOUIFSPMFPG"#"JO-&"QSPUFJOTZO UIFTJTJTQSPWJEFECZBOBMZTJTPG"U&NHFOFFYQSFT TJPOJO"#"EFêDJFOUBOE"#"JOTFOTJUJWFNVUBOUT PG "SBCJEPQTJT $PNQBSFE UP BCB BCJ BOE BCJ NVUBOUT FYQSFTTJPOPGUIF"U&NHFOFJTDPOTJEFS BCMZSFEVDFEJOTFFETPGBXFBLBMMFMFPGUIFBCJNV UBOU 'JOLFMTUFJO JOBTUSPOHBMMFMF FYQSFTTJPO PG CPUI "U&N BOE "U&N JT ESBTUJDBMMZ JNQBJSFE 1BSDZFUBM *OBOJOUFSNFEJBUFBMMFMF FYQSFT TJPOPGUIF"U&NHFOFJTGPVOEUPCFNPSFTFWFSFMZ BĒFDUFEUIBOUIBUPGUIF"U&NHFOF #JFT&UIFWF FUBM &YQSFTTJPOPGUIF"U&NHFOFJTBMTPBM NPTUDPNQMFUFMZEJTSVQUFEJOUIFBCJNVUBOU 'JO LFMTUFJO$BSMFTFUBM $PMMFDUJWFMZ UIFTF SFTVMUTJOEJDBUFBEFQFOEFODFPGUIFBDDVNVMBUJPO PG "U&N HFOF USBOTDSJQUT PO UIF USBOTDSJQUJPO GBD UPSFODPEFECZ"#*HFOFTMFBEJOHUP"#"TZOUIFTJT FWFOUIPVHIJOTPNFDBTFTUIFFYUFOUPGSFEVDUJPO PG"U&NHFOFFYQSFTTJPOJTOPUDPSSFMBUFEXJUIUIF SFEVDUJPOJO"#"DPOUFOU%JTSVQUJPOPGCPUI."5 BOE-&"HFOFTJOBCJNVUBOUBMMFMFTNBLFTUIFSPMF PGUIF"#*USBOTDSJQUJPOGBDUPSVOJRVFBTBHMPCBM SFHVMBUPS PG TFFE NBUVSBUJPO JO "SBCJEPQTJT #FOT NJIFOFUBM 5PVOEFSTUBOEIPXUIF"#*USBOTDSJQUJPOGBDUPST SFHVMBUF-&"HFOFT TFWFSBMIPNPMPHTPGUIF"#* HFOF UIBU FODPEF C;*1 QSPUFJOT XFSF JEFOUJêFE "OBMZTJT PG NVUBUJPO JO POF PG UIFTF HFOFT OBNFE &/)"/$&%&N-&7&- &&- TIPXFEUIBU DPN QBSFEUPXJMEUZQFTFFET FYQSFTTJPOPG"U&NBOE "U&NHFOFUSBOTDSJQUTJTFOIBODFEJONVUBOUTFFET *OBEFUBJMFETUVEZPGUIFFYQSFTTJPOPG"U&N3/" VOEFS WBSJPVT FYQFSJNFOUBM DPOEJUJPOT JU XBT FT UBCMJTIFE UIBU CPUI "#* BOE &&- QSPUFJOT DPN QFUF GPS UIF TBNF CJOEJOH TJUFT XJUIJO UIF "U&N QSPNPUFS ѮJT PCTFSWBUJPO TVHHFTUT UIBU IPNPMP HPVTUSBOTDSJQUJPOGBDUPSTDBOCFFOWJTBHFEUPQMBZ BOUBHPOJTUJD SPMFT UP UJHIUMZ DPOUSPM FYQSFTTJPO PG -&" HFOFT EVSJOH FNCSZPHFOFTJT #FOTNJIFO FU BM 4VDIêOFUVOJOHVTJOHUXPUSBOTDSJQUJPO GBDUPSTUBSHFUFEBUUIFTBNF%/"CJOEJOHNPEVMF NJHIUCFOFDFTTBSZUPFOTVSFUIBUUIF"U&N3/"
ɬɩ $PODMVEJOH$PNNFOUT
ώϑϒ
'JHɬɬB C(FM CMPU BOBMZTJT PG UIF FYQSFTTJPO QBUUFSO PG UIF UXP DMBTTFT PG -&" HFOF USBOTDSJQUT EVSJOH TJMJRVF EF WFMPQNFOU JO XJMEUZQF BOE BCJ NVUBOU "SBCJEPQTJT4J MJRVFEFWFMPQNFOUMBTUFEEBZTGSPNBOUIFTJT %"1 UP ESZTFFETUBHF %"1 B-&"N3/"TC-&""N3/"T &BDI QSPCF XBT IZCSJEJ[FE XJUI ʍH UPUBM 3/" 3F QSJOUFEGSPN1BSDZFUBM
MFWFMSFBDIFTJUTQFBLBUUIFPOTFUPGFNCSZPEFTJD DBUJPO
$PODMVEJOH$PNNFOUT
&BSMZ FWJEFODF GPS UIF NBJOUFOBODF PG SFHVMBUPSZ DJSDVJUT EVSJOH FNCSZPHFOFTJT MFBEJOH UP FNCSZP NBUVSBUJPO BOE JO UIF MBQTF PG TFFET JOUP B RVJFT DFOU PS EPSNBOU TUBUF DBNF GSPN QIZTJPMPHJDBM JOWFTUJHBUJPOT "O JNQPSUBOU QSJODJQMF FNFSHJOH GSPN UIF BOBMZTJT PG FNCSZP NBUVSBUJPO BOE EPS NBODZEVSJOHUIFMBUUFSIBMGPGUIFQBTUDFOUVSZJT UIBUUIFQMBOUIPSNPOF"#"JTJOWPMWFEJOSFHVMBU JOHCPUIUIFPOTFUBOEUIFNBJOUFOBODFPGUIFEPS NBOUTUBUF"QSPNJTJOHGSVJUGVMBQQSPBDIUPDMPTF UIFHBQCFUXFFOQIZTJPMPHJDBMPCTFSWBUJPOTBOEUIF
ώϑϓ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
NPMFDVMBSCBTJTPGNBUVSBUJPOBOEEPSNBODZPGUIF FNCSZP IBT CFFO UIF JTPMBUJPO PG "SBCJEPQTJT NV UBOUTJNQBJSFEJOUIFJSEPSNBODZBOETFOTJUJWJUZUP "#" XIJDI IBT GBDJMJUBUFE JEFOUJêDBUJPO PG HFOFT JOWPMWFE JO NFUBCPMJD BOE SFHVMBUPSZ QBUIXBZT PG FNCSZPNBUVSBUJPOBOEEPSNBODZ*UJTEJēDVMUUP EJTDVTTFNCSZPEPSNBODZXJUIPVUFWPLJOHUIFOFYU QIBTF JO UIF MJGF PG UIF FNCSZP OBNFMZ HFSNJOB UJPO ѮF FDPMPHJDBM JNQPSUBODF PG HFSNJOBUJPO PG TFFETIJHIMJHIUTUIFQPUFOUJBMJNQBDUUIBUBEFFQFS HFOFUJD BOE NPMFDVMBS VOEFSTUBOEJOH PG UIF QIF OPNFOPOPGFNCSZPEPSNBODZXJMMIBWFPOTQFDJFT TVSWJWBM8IFSFUIFPOHPJOHSFTFBSDIPOUIFTFUPQ JDTJTIFBEFEOFYUJTGBSGSPNDMFBS CVUUIFTUSBUFHZ JTMJLFMZUPMFBEUPJEFOUJêDBUJPOPGQVUBUJWFGBDUPST UIBU NBJOUBJO TFFET PG BHSPOPNJDBMMZ JNQPSUBOU QMBOUTJOUIFEPSNBOUTUBUFBOEUSJHHFSUIFJSHFSNJ OBUJPOVOEFSQSPQJUJPVTDPOEJUJPOT
ӻ ĞğĞīĞħĜĞĬ #BSUFMT % 4JOHI . 4BMBNJOJ ' 0OTFU PG EFTJDDB UJPOUPMFSBODFEVSJOHEFWFMPQNFOUPGUIFCBSMFZFNCSZP 1MBOUBm #ÅVNMFJO) .JTÊSB4 -VFSFO) ,ÕMMF, )PSTUNBOO$ 8PCVT6 .ÛMMFS"+ ѮF'64HFOFPG"SBCJEPQ TJTUIBMJBOBJTBSFHVMBUPSPGHFOFFYQSFTTJPOEVSJOHMBUF FNCSZPHFOFTJT1MBOU+m #FOTNJIFO4 3JQQB4 -BNCFSU( +VCMPU% 1BVUPU7 (SB OJFS' (JSBVEBU+ 1BSDZ' ѮFIPNPMPHPVT"#* BOE &&- USBOTDSJQUJPO GBDUPST GVODUJPO BOUBHPOJTUJDBMMZ UPêOFUVOFHFOFFYQSFTTJPOEVSJOHMBUFFNCSZPHFOFTJT 1MBOU$FMMm #FOUTJOL - ,PPSOOFFG . 4FFE EPSNBODZ BOE HFS NJOBUJPO*O4PNFSWJMMF$3 .FZFSPXJU[&. FET ѮF "SBCJEPQTJT #PPL "NFSJDBO 4PDJFUZ PG 1MBOU #JPMPHJTUT 3PDLWJMMF .% EPJUBC IUUQXXXBTQC PSHQVCMJDBUJPOTBSBCJEPQTJT #JFT&UIFWF/ EB4JMWB$PODFJDBP" (JSBVEBU+ ,PPSOOFFG . -ÊPO,MPPTUFS[JFM, 7BMPO$ %FMTFOZ. *N QPSUBODFPGUIF#EPNBJOPGUIF"SBCJEPQTJT"#*QSP UFJOGPS&NBOE4BMCVNJOHFOFSFHVMBUJPO1MBOU.PM #JPMm #MBDLNBO4" 0CFOEPSG3- -FPQPME"$ .BUVSBUJPO QSPUFJOT BOE TVHBST JO EFTJDDBUJPO UPMFSBODF PG EFWFMPQ JOHTPZCFBOTFFET1MBOU1IZTJPMm #PSJTKVL - 8FCFS ) 1BOJU[ 3 .BOUFVĒFM 3 8PCVT 6 &NCSZPHFOFTJT PG 7JDJB GBCB - )JTUPEJĒFSFOUJB UJPOJOSFMBUJPOUPTUBSDIBOETUPSBHFQSPUFJOTZOUIFTJT+ 1MBOU1IZTJPMm #SFOBD 1 )PSCPXJD[ . %PXOFS 4. %PDLFSNBO ". 4NJUI.& 0CFOEPSG3- B 3BēOPTFBDDVNVMBUJPO SFMBUFEUPEFTJDDBUJPOUPMFSBODFEVSJOHNBJ[F ;FBNBZT - TFFE EFWFMPQNFOU BOE NBUVSBUJPO + 1MBOU 1IZTJPM m #SFOBD1 4NJUI.& 0CFOEPSG3- C 3BēOPTFBDDV NVMBUJPOJONBJ[FFNCSZPTJOUIFBCTFODFPGBGVMMZGVOD UJPOBM7QHFOFQSPEVDU1MBOUBm
#SPDBSE *. -ZODI 5+ 'JOLFMTUFJO 33 3FHVMBUJPO BOESPMFPGUIF"SBCJEPQTJTBCTDJTJDBDJEJOTFOTJUJWFHFOF JOBCTDJTJDBDJE TVHBS BOETUSFTTSFTQPOTF1MBOU1IZTJPM m #SVOJ ' -FPQPME "$ (MBTT USBOTJUJPOT JO TPZCFBO TFFE 3FMFWBODF UP BOIZESPVT CJPMPHZ 1MBOU 1IZTJPM m $BSMFT $ #JFT&UIFWF / "TQBSU - -ÊPO,MPPTUFS[JFM ,. ,PPSOOFFG. &DIFWFSSJB. %FMTFOZ. 3FHVMB UJPOPG"SBCJEPQTJTUIBMJBOB&NHFOFTSPMFPG"#*1MBOU +m $IBOH:$ 8BMMJOH-- "CTDJTJDBDJEOFHBUJWFMZSFHV MBUFTFYQSFTTJPOPGDIMPSPQIZMMBCCJOEJOHQSPUFJOHFOFT EVSJOH TPZCFBO FNCSZPHFOZ 1MBOU 1IZTJPM m $IPJOTLJ+4+S 5SFMFBTF3/ %PNBO%$ $POUSPMPG FO[ZNF BDUJWJUJFT JO DPUUPO DPUZMFEPOT EVSJOH NBUVSB UJPOBOEHFSNJOBUJPO****OWJUSPFNCSZPEFWFMPQNFOU JOUIFQSFTFODFPGBCTDJTJDBDJE1MBOUBm $SPVDI .- 4VTTFY *. %FWFMPQNFOU BOE TUPSBHF QSPUFJO TZOUIFTJT JO #SBTTJDB OBQVT - FNCSZPT JO WJWP BOEJOWJUSP1MBOUBm $VSBCB+ .PSJU[5 #MFSWBRVF3 1BSDZ' 3B[7 )FS[PH. 7BDIPO( "U("PY BLFZHFOFSFTQPOTJCMFGPS CJPBDUJWF HJCCFSFMMJO CJPTZOUIFTJT JT SFHVMBUFE EVSJOH FNCSZPHFOFTJTCZ-&"':$05:-&%0/BOE'64$" JO"SBCJEPQTJT1MBOU1IZTJPMm $VSSZ+ 8BMLFS4JNNPOT., 6OVTVBMTFRVFODFPG HSPVQ-&" ** N3/"JOEVDJCMFCZEFIZESBUJPOTUSFTT JOXIFBU1MBOU.PM#JPMm $VSSZ+ .PSSJT$' 8BMLFS4JNNPOT., 4FRVFODF BOBMZTJTPGBD%/"FODPEJOHBHSPVQ-&"N3/"JO EVDJCMFCZ"#"PSEFIZESBUJPOTUSFTTJOXIFBU1MBOU.PM #JPMm %FMTFOZ . #JFT&UIFWF / $BSMFT $ )VMM ( 7JDJFOU $ 3BZOBM. (SFMMFU' "TQBSU- -BUFFNCSZPHFOFTJT BCVOEBOU -&" QSPUFJO HFOF SFHVMBUJPO EVSJOH "SBCJ EPQTJTTFFENBUVSBUJPO+1MBOU1IZTJPMm %VSF-*** 4USVDUVSBMNPUJGTJO-FBQSPUFJOT*O$MPTF 5+ #SBZ&" FET 1MBOUSFTQPOTFTUPDFMMVMBSEFIZESBUJPO EVSJOHFOWJSPONFOUBMTUSFTT"NFSJDBO4PDJFUZPG1MBOU 1IZTJPMPHJTUT 3PDLWJMMF .% QQm %VSF-*** (SFFOXBZ4$ (BMBV(" %FWFMPQNFOUBM CJPDIFNJTUSZPGDPUUPOTFFEFNCSZPHFOFTJTBOEHFSNJOB UJPO DIBOHJOH NFTTFOHFS SJCPOVDMFJD BDJE QPQVMBUJPOT BT TIPXO CZ JO WJUSP BOE JO WJWP QSPUFJO TZOUIFTJT #JP DIFNJTUSZm %VSF-*** $SPVDI. )BSBEB+ )P5)% .VOEZ+ 2VB USBOP3 ѮPNBT5 4VOH;3 $PNNPOBNJOPBDJE TFRVFODF EPNBJOT BNPOH UIF -&" QSPUFJOT PG IJHIFS QMBOUT1MBOU.PM#JPMm &JTFOCFSH"+ .BTDBSFOIBT+1 "CTDJTJDBDJEBOEUIF SFHVMBUJPOPGTZOUIFTJTPGTQFDJêDTFFEQSPUFJOTBOEUIFJS NFTTFOHFS 3/"T EVSJOH DVMUVSF PG TPZCFBO FNCSZPT 1MBOUBm 'FSOBOEF[%& 5VSOFS'3 $SPVDI.- *OTJUVMPDBM J[BUJPO PG TUPSBHF QSPUFJO N3/"T JO EFWFMPQJOH NFSJ TUFNTPG#SBTTJDBOBQVTFNCSZPT%FWFMPQNFOUm 'JOLFMTUFJO 33 "CTDJTJD BDJEJOTFOTJUJWF NVUBUJPOT QSPWJEFFWJEFODFGPSTUBHFTQFDJêDTJHOBMQBUIXBZTSFHV MBUJOH FYQSFTTJPO PG BO "SBCJEPQTJT MBUF FNCSZPHFOFTJT BCVOEBOU MFB HFOF.PM(FO(FOFUm
'JOLFMTUFJO 33 .VUBUJPOT BU UXP OFX "SBCJEPQ TJT"#"SFTQPOTFMPDJBSFTJNJMBSUPUIFBCJNVUBUJPOT 1MBOU+m 'JOLFMTUFJO 33 -ZODI 5+ ѮF "SBCJEPQTJT BCTDJTJD BDJESFTQPOTFHFOF"#*FODPEFTBCBTJDMFVDJOF[JQQFS USBOTDSJQUJPOGBDUPS1MBOU$FMMm 'JOLFMTUFJO 33 5FOCBSHF ,. 4IVNXBZ +& $SPVDI .- 3PMFPG"#"JONBUVSBUJPOPGSBQFTFFEFNCSZPT 1MBOU1IZTJPMm 'JOLFMTUFJO 33 8BOH .- -ZODI 5+ 3BP 4 (PPENBO ). ѮF"SBCJEPQTJTBCTDJTJDBDJESFTQPOTFMPDVT "#*FODPEFTBO"1&5"-"EPNBJOQSPUFJO1MBOU$FMM m 'JTDIFS 8 #FSHGFME 3 1MBDIZ $ 4DIÅGFS 3 4DIPQGFS 1 "DDVNVMBUJPO PG TUPSBHF NBUFSJBMT QSFDPDJPVT HFSNJOBUJPO BOE EFWFMPQNFOU PG EFTJDDBUJPO UPMFSBODF EVSJOHTFFENBUVSBUJPOJONVTUBSE 4JOBQJTBMCB- #PU "DUBm 'PPUJUU 4 4MPDPNCF 41 -BSOFS 7 ,VSVQ 4 8V : -BSTPO 5 (SBIBN * #BLFS " )PMETXPSUI . $POUSPM PG HFSNJOBUJPO BOE MJQJE NPCJMJ[BUJPO CZ $0."504& UIF "SBCJEPQTJT IPNPMPHVF PG IVNBO "-%1 &.#0 + m 'SBO[( )BU[PQPVMPT1 +POFT5+ ,SBVTT. 4VOH;3 .PMFDVMBS BOE HFOFUJD BOBMZTJT PG BO FNCSZPOJD HFOF %$ GSPN %BVDVT DBSPUB - .PM (FO (FOFU m 'VKJXBSB 5 /BNCBSB & :BNBHJTIJ , (PUP %# /BJUP 4 4UPSBHFQSPUFJOT*O4PNFSWJMMF$3 .FZFSPXJU[ &. FET ѮF "SBCJEPQTJT #PPL "NFSJDBO 4PDJFUZ PG 1MBOU #JPMPHJTUT 3PDLWJMMF .% EPJUBC IUUQXXXBTQCPSHQVCMJDBUJPOTBSBCJEPQTJT (BMBV(" )VHIFT%8 %VSF-*** "CTDJTJDBDJEJO EVDUJPO PG DMPOFE DPUUPO MBUF FNCSZPHFOFTJTBCVOEBOU -FB N3/"T1MBOU.PM#JPMm (BMBV (" #JKBJTPSBEBU / )VHIFT %8 "DDVNVMB UJPO LJOFUJDT PG DPUUPO MBUF FNCSZPHFOFTJTBCVOEBOU N3/"TBOETUPSBHFQSPUFJON3/"TDPPSEJOBUFSFHVMB UJPOEVSJOHFNCSZPHFOFTJTBOEUIFSPMFPGBCTDJTJDBDJE %FW#JPMm (BMBV(" +BLPCTFO,4 )VHIFT%8 ѮFDPOUSPMPG MBUFEJDPUFNCSZPHFOFTJTBOEFBSMZHFSNJOBUJPO1IZTJPM 1MBOUm (BVCJFS 1 3BZOBM . )VMM ( )VFTUJT (. (SFMMFU ' "SF OBT$ 1BHÍT. %FMTFOZ. 5XPEJĒFSFOU&NMJLF HFOFTBSFFYQSFTTFEJO"SBCJEPQTJTUIBMJBOBTFFETEVSJOH NBUVSBUJPO.PM(FO(FOFUm (JSBVEBU+ )BVHF#. 7BMPO$ 4NBMMF+ 1BSDZ' (PPENBO ). *TPMBUJPOPGUIF"SBCJEPQTJT"#*HFOFCZQP TJUJPOBMDMPOJOH1MBOU$FMMm (PMECFSH3# )PTDIFL( %JUUB(4 #SFJEFOCBDI38 %FWFMPQNFOUBM SFHVMBUJPO PG DMPOFE TVQFSBCVOEBOU FN CSZPN3/"TJOTPZCFBO%FW#JPMm (PMECFSH 3# #BSLFS 4+ 1FSF[(SBV - 3FHVMBUJPO PG HFOF FYQSFTTJPO EVSJOH QMBOU FNCSZPHFOFTJT $FMM m (ÓNF[ + 4ÃODIF[.BSUÎOF[ % 4UJFGFM 7 3JHBV + 1VJH EPNÍOFDI1 1BHÍT. "HFOFJOEVDFECZUIFQMBOU IPSNPOFBCTDJTJDBDJEJOSFTQPOTFUPXBUFSTUSFTTFODPEFT BHMZDJOFSJDIQSPUFJO/BUVSFm )BO # )VHIFT %8 (BMBV (" #FXMFZ +% ,FSNPEF "3 $IBOHFT JO MBUFFNCSZPHFOFTJTBCVOEBOU -&" NFTTFOHFS3/"TBOEEFIZESJOTEVSJOHNBUVSBUJPOBOE QSFNBUVSF ESZJOH PG 3JDJOVT DPNNVOJT - TFFET 1MBOUB m
3FGFSFODFT
ώϑϔ
)BSBEB ++ 4FFE NBUVSBUJPO BOE DPOUSPM PG HFSNJOB UJPO*O-BSLJOT#" 7BTJM*, FET $FMMVMBSBOENPMFDV MBS CJPMPHZ PG QMBOU TFFE EFWFMPQNFOU ,MVXFS %PSESF DIU QQm )BUUPSJ5 7BTJM7 3PTFOLSBOT- )BOOBI-$ .D$BSUZ%3 7BTJM*, ѮF7JWJQBSPVTHFOFBOEBCTDJTJDBDJE BDUJWBUF UIF $ SFHVMBUPSZ HFOF GPS BOUIPDZBOJO CJP TZOUIFTJT EVSJOH TFFE NBUVSBUJPO JO NBJ[F (FOFT %FW m )BUUPSJ5 5FSBEB5 )BNBTVOB4 3FHVMBUJPOPGUIF 0TFN HFOF CZ BCTDJTJD BDJE BOE UIF USBOTDSJQUJPOBM BDUJ WBUPS 71 BOBMZTJT PG DJTBDUJOH QSPNPUFS FMFNFOUT SF RVJSFE CZ SFHVMBUJPO CZ BCTDJTJD BDJE BOE 71 1MBOU + m )PFDLFS6 7BTJM*, .D$BSUZ%3 *OUFHSBUFEDPOUSPM PG TFFE NBUVSBUJPO BOE HFSNJOBUJPO QSPHSBNT CZ BDUJ WBUPS BOE SFQSFTTPS GVODUJPOT PG 7JWJQBSPVT PG NBJ[F (FOFT%FWm )TJOH:* $IFO;: 4IJI.% )TJFI+4 $IPX5: 6OVTVBMTFRVFODFTPGHSPVQ-&"N3/"JOEVDJCMFCZ NBUVSBUJPO PS ESZJOH JO TPZCFBO TFFET 1MBOU .PM #JPM m )VHIFT %8 (BMBV (" 5FNQPSBMMZ NPEVMBS HFOF FYQSFTTJPO EVSJOH DPUZMFEPO EFWFMPQNFOU (FOFT %FW m )VHIFT %8 (BMBV (" %FWFMPQNFOUBM BOE FOWJ SPONFOUBM JOEVDUJPO PG -FB BOE -FB" N3/"T BOE UIF QPTUBCTDJTTJPO QSPHSBN EVSJOH FNCSZP DVMUVSF 1MBOU $FMMm *IMF+/ %VSF-*** )PSNPOBMSFHVMBUJPOPGUSBOTMB UJPO JOIJCJUJPO SFRVJSJOH 3/" TZOUIFTJT #JPDIFN #JP QIZT3FT$PNNVOm *IMF+/ %VSF-4*** ѮFEFWFMPQNFOUBMCJPDIFNJTUSZ PGDPUUPOTFFEFNCSZPHFOFTJTBOEHFSNJOBUJPO***3FHV MBUJPOPGUIFCJPTZOUIFTJTPGFO[ZNFTVUJMJ[FEJOHFSNJOB UJPO+#JPM$IFNm +BLPCTFO,4 )VHIFT%8 (BMBV(" 4JNVMUBOFPVT JOEVDUJPOPGQPTUBCTDJTTJPOBOEHFSNJOBUJPON3/"TJO DVMUVSFEEJDPUZMFEPOPVTFNCSZPT1MBOUBm ,BSTTFO$. #SJOLIPSTUWBOEFS4XBO%-$ #SFFLMBOE"& ,PPSOOFFG. *OEVDUJPOPGEPSNBODZEVSJOHTFFE EFWFMPQNFOUCZFOEPHFOPVTBCTDJTJDBDJETUVEJFTPOBC TDJTJDBDJEEFêDJFOUHFOPUZQFTPG"SBCJEPQTJTUIBMJBOB M )FZOI1MBOUBm ,FJUI, ,SBNM. %FOHMFS/( .D$PVSU1 GVTDB BIFUFSPDISPOJDNVUBUJPOBĒFDUJOHMBUFFNCSZPEFWFMPQ NFOUJO"SBCJEPQTJT1MBOU$FMMm ,PPSOOFFG . ,BSTTFO $. 4FFE EPSNBODZ BOE HFSNJOBUJPO *O .FZFSPXJU[ &. 4PNFSWJMMF $3 FET "SBCJEPQTJT$PME4QSJOH)BSCPS-BCPSBUPSZ1SFTT $PME 4QSJOH)BSCPS /FX:PSL QQm ,PPSOOFFG. 3FVMJOH( ,BSTTFO$. ѮFJTPMBUJPO BOEDIBSBDUFSJ[BUJPOPGBCTDJTJDBDJEJOTFOTJUJWFNVUBOUT PG"SBCJEPQTJTUIBMJBOB1IZTJPM1MBOUm ,PPSOOFFG . )BOIBSU $+ )JMIPSTU )8. ,BSTTFO $. *O WJWP JOIJCJUJPO PG TFFE EFWFMPQNFOU BOE SF TFSWF QSPUFJO BDDVNVMBUJPO JO SFDPNCJOBOUT PG BCTDJTJD BDJE CJPTZOUIFTJT BOE SFTQPOTJWFOFTT NVUBOUT JO "SBCJ EPQTJTUIBMJBOB1MBOU1IZTJPMm ,PTUFS,- (MBTTGPSNBUJPOBOEEFTJDDBUJPOUPMFSBODF JOTFFET1MBOU1IZTJPMm -ÊPO,MPPTUFS[JFM ,. WBO EF #VOU (" ;FFWBBSU +"% ,PPSOOFFG. "SBCJEPQTJTNVUBOUTXJUIBSFEVDFE TFFEEPSNBODZ1MBOU1IZTJPMm
ώϑϕ
$IBQUFSϓ .BUVSBUJPOBOE%PSNBODZo4VSWJWBM4USBUFHJFTPGUIF&NCSZP
-FQSJODF0 #SPODIBSU3 %FMUPVS3 $IBOHFTJOTUBSDI BOETPMVCMFTVHBSTJOSFMBUJPOUPUIFBDRVJTJUJPOPGEFTJD DBUJPOUPMFSBODFEVSJOHNBUVSBUJPOPG#SBTTJDBDBNQFTUSJT TFFE1MBOU$FMM&OWJSPOm -FVOH+ #PVWJFS%VSBOE. .PSSJT1$ (VFSSJFS% $IFG EPS' (JSBVEBU+ "SBCJEPQTJT"#"SFTQPOTFHFOF "#*GFBUVSFTPGBDBMDJVNNPEVMBUFEQSPUFJOQIPTQIB UBTF4DJFODFm -FVOH + .FSMPU 4 (JSBVEBU + ѮF "SBCJEPQTJT "# 4$*4*$ "$*%*/4&/4*5*7& "#* BOE"#*HFOFT FODPEFIPNPMPHPVTQSPUFJOQIPTQIBUBTFT$JOWPMWFEJO BCTDJTJDBDJETJHOBMUSBOTEVDUJPO1MBOU$FMMm -PQF[.PMJOB - $IVB /) " OVMM NVUBUJPO JO B C;*1 GBDUPS DPOGFST "#"JOTFOTJUJWJUZ JO "SBCJEPQTJT UIBMJBOB1MBOU$FMM1IZTJPMm -PUBO 5 0IUP . :FF ,. 8FTU ."- -P 3 ,XPOH 38 :BNBHJTIJ , 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ "SBCJEPQTJT -&"': $05:-&%0/ JT TVēDJFOU UP JOEVDF FNCSZP EFWFMPQNFOU JO WFHFUBUJWF DFMMT $FMM m -VEFWJE .% 'SFJSF ." (ÓNF[ + #VSE $( "MCFSJDJP ' (JSBMU& %SFZGVTT( 1BHÍT. 3/"CJOEJOHDIBS BDUFSJTUJDT PG B L%B HMZDJOFSJDI QSPUFJO GSPN NBJ[F 1MBOU+m -VFSFO) ,JSJL7 )FSSNBOO1 .JTÊSB4 '64$" FODPEFT B QSPUFJO XJUI B DPOTFSWFE 71"#*MJLF # EPNBJOXIJDIJTPGGVODUJPOBMJNQPSUBODFGPSUIFSFHVMB UJPO PG TFFE NBUVSBUJPO JO "SBCJEPQTJT UIBMJBOB 1MBOU + m .D$BSUZ%3 $BSTPO$# ѮFNPMFDVMBSHFOFUJDTPG TFFENBUVSBUJPOJONBJ[F1IZTJPM1MBOUm .D$BSUZ%3 )BUUPSJ5 $BSTPO $# 7BTJM7 -B[BS. 7BTJM *, ѮF7JWJQBSPVTEFWFMPQNFOUBMHFOFPGNBJ[F FODPEFT B OPWFM USBOTDSJQUJPOBM BDUJWBUPS $FMM m .FJOLF%8 "IPNFPUJDNVUBOUPG"SBCJEPQTJTUIBMJ BOBXJUIMFBGZDPUZMFEPOT4DJFODFm .FJOLF%8 'SBO[NBOO-) /JDLMF5$ :FVOH&$ -FBGZ $PUZMFEPO NVUBOUT PG "SBCJEPQTJT 1MBOU $FMM m .FVST$ #BTSB"4 ,BSTTFO$. WBO-PPO-$ 3PMF PGBCTDJTJDBDJEJOUIFJOEVDUJPOPGEFTJDDBUJPOUPMFSBODF JOEFWFMPQJOHTFFETPG"SBCJEPQTJTUIBMJBOB1MBOU1IZTJPM m .FZFS, -FVCF.1 (SJMM& "QSPUFJOQIPTQIBUBTF $ JOWPMWFE JO "#" TJHOBM USBOTEVDUJPO JO "SBCJEPQTJT UIBMJBOB4DJFODFm .VOEZ + $IVB /) "CTDJTJD BDJE BOE XBUFSTUSFTT JOEVDF UIF FYQSFTTJPO PG B OPWFM SJDF HFOF &.#0 + m /BNCBSB & /BJUP 4 .D$PVSU 1 " NVUBOU PG "SB CJEPQTJT XIJDI JT EFGFDUJWF JO TFFE EFWFMPQNFOU BOE TUPSBHF QSPUFJO BDDVNVMBUJPO JT B OFXBCJ BMMFMF 1MBOU +m /BNCBSB& ,FJUI, .D$PVSU1 /BJUP4 *TPMBUJPOPG BO JOUFSOBM EFMFUJPO NVUBOU PG UIF "SBCJEPQTJT UIBMJBOB "#*HFOF1MBOU$FMM1IZTJPMm /BNCBSB & ,FJUI , .D$PVSU 1 /BJUP 4 " SFHVMB UPSZSPMFGPSUIF"#* HFOFJOUIFFTUBCMJTINFOUPGFN CSZP NBUVSBUJPO JO "SBCJEPQTJT UIBMJBOB %FWFMPQNFOU m
/BNCBSB& )BZBNB3 5TVDIJZB: /JTIJNVSB. ,BXBJEF ) ,BNJZB: /BJUP4 ѮFSPMFPG"#*BOE'64 MPDJJO"SBCJEPQTJTUIBMJBOBPOQIBTFUSBOTJUJPOGSPNMBUF FNCSZPEFWFMPQNFOUUPHFSNJOBUJPO%FW#JPMm /BNCBSB& 4V[VLJ. "CSBNT4 .D$BSUZ%3 ,BNJZB: .D$PVSU 1 " TDSFFO GPS HFOFT UIBU GVODUJPO JO BCTDJTJDBDJETJHOBMJOHJO"SBCJEPQTJTUIBMJBOB(FOFUJDT m /FJMM4+ )PSHBO3 3FFT"' 4FFEEFWFMPQNFOUBOE WJWJQBSZJO;FBNBZT-1MBOUBm /VDDJP.- ѮPNBT5- "54BOE"54UXPOPWFM FNCSZPTQFDJêDHFOFTJO"SBCJEPQTJTUIBMJBOB1MBOU.PM #JPMm 0PNT +++ -ÊPO,MPPTUFS[JFM ,. #BSUFMT % ,PPSOOFFG . ,BSTTFO$. "DRVJTJUJPOPGEFTJDDBUJPOUPMFSBODF BOE MPOHFWJUZ JO TFFET PG "SBCJEPQTJT UIBMJBOB 1MBOU 1IZTJPMm 0PNT+++ 8JMNFS+" ,BSTTFO$. $BSCPIZESBUFTBSF OPUUIFTPMFGBDUPSEFUFSNJOJOHEFTJDDBUJPOUPMFSBODFJO TFFETPG"SBCJEPQTJTUIBMJBOB1IZTJPM1MBOUm 1BOH11 1SVJUU3& .FZFSPXJU[&. .PMFDVMBSDMPO JOH HFOPNJD PSHBOJ[BUJPO FYQSFTTJPO BOE FWPMVUJPO PG 4 TFFE TUPSBHF QSPUFJO HFOFT PG "SBCJEPQTJT UIBMJBOB 1MBOU.PM#JPMm 1BSDZ ' 7BMPO $ 3BZOBM . (BVCMFS$PNFMMB 1 %FMTFOZ . (JSBVEBU+ 3FHVMBUJPOPGHFOFFYQSFTTJPOQSP HSBNTEVSJOH"SBCJEPQTJTTFFEEFWFMPQNFOUSPMFTPGUIF "#* MPDVT BOE PG FOEPHFOPVT BCTDJTJD BDJE 1MBOU $FMM m 1BSDZ ' 7BMPO $ ,PIBSB " .JTÊSB 4 (JSBVEBU + ѮF "#4$*4*$ "$*%*/4&/4*5*7& '64$" BOE -&"': $05:-&%0/ MPDJ JO DPODFSU UP DPOUSPM NVM UJQMFBTQFDUTPG"SBCJEPQTJTTFFEEFWFMPQNFOU1MBOU$FMM m 1FFUFST "+. #MBOLFTUJKOEF 7SJFT ) )BOIBSU $+ -ÊPO ,MPPTUFS[JFM ,. ;FFWBBSU +"% ,PPSOOFFG . $IBSBDUFSJ[BUJPOPGNVUBOUTXJUISFEVDFETFFEEPSNBODZ BU UXP OPWFM SEP MPDJ BOE B GVSUIFS DIBSBDUFSJ[BUJPO PG SEPBOESEPJO"SBCJEPQTJT1IZTJPM1MBOUm 1FSF[(SBV - (PMECFSH 3# 4PZCFBO TFFE QSPUFJO HFOFTBSFSFHVMBUFETQBUJBMMZEVSJOHFNCSZPHFOFTJT1MBOU $FMMm 1SFWPTU - -F 1BHF%FHJWSZ .5 $IBOHFT JO BC TDJTJDBDJEDPOUFOUJOBYJTBOEDPUZMFEPOTPGEFWFMPQJOH 1IBTFPMVT WVMHBSJT FNCSZPT BOE UIFJS QIZTJPMPHJDBM DPO TFRVFODFT+&YQ#PUm 3BHIBWBO 7 .PMFDVMBS FNCSZPMPHZ PG ëPXFSJOH QMBOUT$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL 3BHIBWBO7 *OEVDUJPOPGWJWJQBSZJO"SBCJEPQTJTCZ TJMJRVFDVMUVSFJNQMJDBUJPOTGPSTFFEEPSNBODZBOEHFS NJOBUJPO"N+#PUm 3BZOBM. (VJMMFNJOPU+ (VFHVFO$ $PPLF3 %FMTFOZ. (SVCFS7 4USVDUVSF PSHBOJ[BUJPOBOEFYQSFTTJPO PG UXP DMPTFMZ SFMBUFE OPWFM -FB MBUFFNCSZPHFOFTJT BCVOEBOU HFOFTJO"SBCJEPQTJTUIBMJBOB1MBOU.PM#JPM m 3B[ 7 #FSHFSWPFU +)8 ,PPSOOFFG . 4FRVFOUJBM TUFQT GPS EFWFMPQNFOUBM BSSFTU JO "SBCJEPQTJT TFFET %F WFMPQNFOUm 3PCFSUTPO . 8BMLFS4JNNPOT . .VOSP % )JMM 3% *OEVDUJPOPGʂBNZMBTFJOIJCJUPSTZOUIFTJTJOCBS MFZFNCSZPTBOEZPVOHTFFEMJOHTCZBCTDJTJDBDJEBOEEF IZESBUJPOTUSFTT1MBOU1IZTJPMm
3PCJDIBVE$ 4VTTFY*. ѮFSFTQPOTFPGWJWJQBSPVT BOE XJME UZQF FNCSZPT PG ;FB NBZT UP DVMUVSF JO UIF QSFTFODFPGBCTDJTJDBDJE+1MBOU1IZTJPMm 3PCJDIBVE$4 8POH+ 4VTTFY*. $POUSPMPGJOWJUSP HSPXUI PG WJWJQBSPVT FNCSZP NVUBOUT PG NBJ[F CZ BC TDJTJDBDJE%FW(FOFUm 3PTFOCFSH-" 3JOOF38 $IBOHFTJOTFFEDPOTUJUV FOUT EVSJOH HFSNJOBUJPO BOE TFFEMJOH HSPXUI PG QSFDP DJPVTMZNBUVSFETPZCFBOTFFET (MZDJOF NBY "OO #PU m 3PTFOCFSH -" 3JOOF 38 1SPUFJO TZOUIFTJT EVSJOH OBUVSBM BOE QSFDPDJPVT TPZCFBO TFFE (MZDJOF NBY <-> .FSS NBUVSBUJPO1MBOU1IZTJPMm 3VTTFMM - -BSOFS 7 ,VSVQ 4 #PVHPVSE 4 )PMETXPSUI . ѮF"SBCJEPQTJT$0."504&MPDVTSFHVMBUFTHFS NJOBUJPOQPUFOUJBM%FWFMPQNFOUm 4ÃODIF[.BSUÎOF[% 1VJHEPNÍOFDI1 1BHÍT. 3FH VMBUJPO PG HFOF FYQSFTTJPO JO EFWFMPQJOH ;FB NBZT FN CSZPT1SPUFJOTZOUIFTJTEVSJOHFNCSZPHFOFTJTBOEFBSMZ HFSNJOBUJPOPGNBJ[F1MBOU1IZTJPMm 4LSJWFS, .VOEZ+ (FOFFYQSFTTJPOJOSFTQPOTFUP BCTDJTJDBDJEBOEPTNPUJDTUSFTT1MBOU$FMMm 4PVMBHFT +- ,JN , 8BMUFST $ $VTINBO +$ 5FN QFSBUVSFJOEVDFEFYUFOEFEIFMJYSBOEPNDPJMUSBOTJUJPOT JOBHSPVQMBUFFNCSZPHFOFTJTBCVOEBOUQSPUFJOGSPN TPZCFBO1MBOU1IZTJPMm 4UPOF4- ,XPOH-8 :FF,. 1FMMFUJFS+ -FQJOJFD- 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ -&"': $05:-& %0/ FODPEFT B # EPNBJO USBOTDSJQUJPO GBDUPS UIBU JOEVDFT FNCSZP EFWFMPQNFOU 1SPD /BUM "DBE 4DJ 64" m 4V[VLJ. ,BP$: $PDDJPMPOF4 .D$BSUZ%3 .BJ[F 71 DPNQMFNFOUT "SBCJEPQTJT BCJ BOE DPOGFST OPWFM "#"BVYJOJOUFSBDUJPOJOSPPUT1MBOU+m 4V[VLJ . ,FUUFSMJOH .( -J 2# .D$BSUZ %3 7J WJQBSPVTBMUFSTHMPCBMHFOFFYQSFTTJPOQBUUFSOTUISPVHI SFHVMBUJPO PG BCTDJTJD BDJE TJHOBMJOH 1MBOU 1IZTJPM m
3FGFSFODFT
ώϑϖ
5SJQMFUU #" 2VBUSBOP 34 5JNJOH MPDBMJ[BUJPO BOE DPOUSPMPGXIFBUHFSNBHHMVUJOJOTZOUIFTJTJOEFWFMPQJOH XIFBUFNCSZPT%FW#JPMm 8BMUFST $ 3FJE +- 8BMLFS4JNNPOT ., )FBUTPM VCMFQSPUFJOTFYUSBDUFEGSPNXIFBUFNCSZPTIBWFUJHIUMZ CPVOETVHBSTBOEVOVTVBMIZESBUJPOQSPQFSUJFT4FFE4DJ 3FTm 8BOH 5- $PPL 4, 'SBODJT 3+ "NCSPTF .+ )FEMFZ $- "OBOBMZTJTPGTFFEEFWFMPQNFOUJO1JTVNTBUJWVN 7*"CTDJTJDBDJEBDDVNVMBUJPO+&YQ#PUm 8FTU ."- :FF ,. %BOBP + ;JNNFSNBO +- 'JTDIFS 3- (PMECFSH3# )BSBEB++ -&"':$05:-&%0/ JTBOFTTFOUJBMSFHVMBUPSPGMBUFFNCSZPHFOFTJTBOEDPUZMF EPOJEFOUJUZJO"SBCJEPQTJT1MBOU$FMMm 8JMMJBNT3+ -FPQPME"$ ѮFHMBTTZTUBUFJODPSOFN CSZPT1MBOU1IZTJPMm 8JMMJBNTPO +% 2VBUSBOP 34 $VNJOH "$ &N QPMZ QFQUJEFBOEJUTNFTTFOHFS3/"MFWFMTBSFNPEVMBUFECZ BCTDJTJDBDJEEVSJOHFNCSZPHFOFTJTJOXIFBU&VS+#JP DIFNm 8PCVT 6 8FCFS ) 4FFE NBUVSBUJPO HFOFUJD QSP HSBNNFTBOEDPOUSPMTJHOBMT$VSS0QJO1MBOU#JPMm 8PMLFST 8' "MCFSEB . ,PPSOOFFG . -ÊPO,MPPTUFS[JFM ,. )PFLTUSB'" B 1SPQFSUJFTPGQSPUFJOTBOEUIF HMBTTZ NBUSJY JO NBUVSBUJPOEFGFDUJWF NVUBOU TFFET PG "SBCJEPQTJTUIBMJBOB1MBOU+m 8PMLFST8' #PDIJDDIJP" 4FMWBHHJ( )PFLTUSB'" C 'PVSJFS USBOTGPSN JOGSBSFE NJDSPTQFDUSPTDPQZ EFUFDUT DIBOHFT JO QSPUFJO TFDPOEBSZ TUSVDUVSF BTTPDJBUFE XJUI EFTJDDBUJPOUPMFSBODFJOEFWFMPQJOHNBJ[FFNCSZPT1MBOU 1IZTJPMm 8PMLFST8' 5FUUFSPP'"" "MCFSEB. )PFLTUSB'" $IBOHFE QSPQFSUJFT PG UIF DZUPQMBTNJD NBUSJY BTTPDJ BUFE XJUI EFTJDDBUJPO UPMFSBODF PG ESJFE DBSSPU TPNBUJD FNCSZPT"OJOTJUV'PVSJFSUSBOTGPSNJOGSBSFETQFDUSP TDPQJDTUVEZ1MBOU1IZTJPMm
$)"15&3
%FWFMPQNFOUBMBOE'VODUJPOBM #JPMPHZPGUIF&OEPTQFSNo ".FEMFZPG$FMMVMBS*OUFSBDUJPOT ѮFFOEPTQFSNXBTFBSMZJOUFSQSFUFEBTBTFDPOE CVUBCPS UJWF FNCSZPmBUêSTU CFDBVTFUIFVOJPOPGUIFQPMBSOVDMFJ XBTDPOTJEFSFEGFSUJMJ[BUJPOBOE MBUFS XIFOVOJPOPGUIF TFDPOENBMFOVDMFVTXJUIUIFQPMBSOVDMFJXBTEJTDPWFSFE 4UJMM MBUFS UIF FOEPTQFSN XBT DPOTJEFSFE B EFMBZFE DPN QMFYUZQFPGOVUSJUJWFHBNFUPQIZUJDUJTTVF OPUBOBCPSUJWF TUSVDUVSFSFTVMUJOHGSPNBGFSUJMJ[BUJPOѮFEJTDPWFSZUIBU
UIFFOEPTQFSN JOFBSMZTUBHFT FYJTUTBTNBSLFEMZEJĒFSFOU UZQFT DFMMVMBSPSOVDMFBS BOEWBSJFTJOOBUVSFBOEOVNCFS PG DPOTUJUVFOU DFMMT IBT HSFBUMZ DPNQMJDBUFE JOUFSQSFUBUJPO PGJUTOBUVSF*UDBOQSPCBCMZCFTUCFUFSNFEmBTJUIBTCFFO TFWFSBMUJNFTmBiOFXTUSVDUVSFu POFPGDPNQMFYNPSQIP MPHJDBMOBUVSF DIBSBDUFSJTUJDPGUIFBOHJPTQFSNTPOMZ
$FMMVMBS0SHBOJ[BUJPOPGUIF&OEPTQFSN ѮF0EZTTFZPG'SFF/VDMFJUP B$FMMVMBS5JTTVF %FWFMPQNFOUPGUIF&OEPTQFSN JO"SBCJEPQTJT #JPDIFNJDBM0SHBOJ[BUJPOPGUIF&OEPTQFSN %/""NQMJêDBUJPO "DDVNVMBUJPOPG4UPSBHF1SPEVDUT 1SPHSBNNFE$FMM%FBUIPGUIF&OEPTQFSN 3PMFPGUIF&OEPTQFSNJO&NCSZP/VUSJUJPO 4USVDUVSBM.PEJêDBUJPOTPGUIF&OEPTQFSN 1IZTJPMPHJDBM$POTJEFSBUJPOT (FOFUJD$POTJEFSBUJPOT $PODMVEJOH$PNNFOUT 3FGFSFODFT
"+&BNFT
'PMMPXJOH EPVCMF GFSUJMJ[BUJPO UIF FOEPTQFSN EF WFMPQTGSPNUIFQSPEVDUPGGVTJPOPGUIFUXPQPMBS OVDMFJ XJUI POF NBMF HBNFUF ѮF GVTJPO QSPEVDU UFSNFE UIF QSJNBSZ FOEPTQFSN OVDMFVT CFDPNFT DPNNJUUFEUPBQSPHSBNPGEJĒFSFOUJBUJPOUPGPSN BO BNPSQIPVT OVUSJFOUSJDI UJTTVF PG UIF FOEP TQFSNXJUIJUTPXOUSJQMPJEHFOFUJDNBLFVQ TFQB SBUF GSPN UIF EJQMPJE FNCSZP PS UIF TVSSPVOEJOH UJTTVFT/VNFSPVTTUVEJFTPOFOEPTQFSNPOUPHFOZ IBWF TIPXO UIBU EFTQJUF UIF BMNPTU TJNVMUBOFPVT OBUVSF PG UIF UXP GVTJPO FWFOUT EVSJOH EPVCMF GFS UJMJ[BUJPO UIF UJNJOH PG UIF JOJUJBM EJWJTJPOT PG UIF GVTJPOQSPEVDUTJTWBSJBCMF XJUIUIFQSJNBSZFOEP TQFSNOVDMFVTDPNNPOMZCFHJOOJOHUPEJWJEFêSTU *UJTGSFRVFOUMZPCTFSWFEUIBUTFFETPGTPNFQMBOUT TVDIBTCFBOTBOEQFBT UIBUIBWFBOFOEPTQFSNBU FBSMZTUBHFTPGEFWFMPQNFOU EPOPUQPTTFTTUIFUJT TVFBUNBUVSJUZ XIFSFBTHSBJOTPGXIFBU DPSO BOE PUIFS DFSFBMT BOE DBTUPS CFBO TFFET IBWF DPQJPVT BNPVOUT PG FOEPTQFSN XIJDI TFSWFT GPS UIF OVS UVSF PG UIF FNCSZP BOE TFFEMJOH EVSJOH HFSNJOB UJPOѮJTEJMFNNBIBTUSBEJUJPOBMMZCFFOSFTPMWFE CZ UIF FYQMBOBUJPO UIBU JO UIF GPSNFS TFFE UZQFT UIF FOEPTQFSN JT EFQMFUFE BOE VTFE VQ GPS OPVS JTINFOUPGUIFFNCSZPBOEUIBUSFTFSWFTVCTUBODFT GPSOVUSJUJPOPGUIFTFFEMJOHBSFTUPSFEJOUIFDPUZ MFEPOT "T B SFQPTJUPSZ PG SFTFSWF GPPE NBUFSJBMT VTFEJOIVNBOBOEBOJNBMOVUSJUJPO FOEPTQFSNT PGDFSFBMHSBJOTDPOUJOVFUPQSPWJEFNVDIPGUIFJO TQJSBUJPO GPS DVSSFOU SFTFBSDI BJNFE BU JNQSPWJOH UIF RVBMJUZ BOE RVBOUJUZ PG UIJT UJTTVF JO FDPOPNJ
ώϒϏ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
DBMMZJNQPSUBOUQMBOUT'PSPCWJPVTSFBTPOT UIJTJT BQSPKFDUUIBUXJMMOFWFSSFBMMZCFêOJTIFE CVUJUJTB HPBMUIBUJTHSBEVBMMZBQQSPBDIJOH "ѫFS NPSF UIBO ZFBST PG MBUFODZ UIF GVOEB NFOUBM RVFTUJPO BTTPDJBUFE XJUI UIF FWPMVUJPOBSZ PSJHJOPGUIFFOEPTQFSNIBTCFFOSFWJUBMJ[FEѮF UXP FBSMZ EFCBUFE IZQPUIFTFT POF QSPQPTJOH UIBU UIF FOEPTQFSN JT B NPEJêFE TFDPOE FNCSZP BOE UIFPUIFSDPOTJEFSJOHUIFFOEPTQFSNBTCFJOHFWP MVUJPOBSJMZIPNPMPHPVTUPUIFGFNBMFHBNFUPQIZUF XFSF FOUXJOFE XJUI UIF TIJѫJOH WJFXT PO BOHJP TQFSNQIZMPHFOZBOE DPOTFRVFOUMZ UIFSFXBTMJUUMF XBZ UP EJTUJOHVJTI FNQJSJDBMMZ CFUXFFO UIFTF UXP IZQPUIFTFT 'SJFENBO /FX EBUB EFTDSJCFE JO$IBQBOESFWJFXFECZ'SJFENBOBOE8JMMJBNT IBWFTIPXOUIBU JODPOUSBTUUPUIFUSJQMPJE FOEPTQFSNGPVOEJOUIFPWFSXIFMNJOHNBKPSJUZPG ëPXFSJOHQMBOUT BEJQMPJEFOEPTQFSN PSJHJOBUJOH GSPN B GPVSDFMMFE GPVSOVDMFBUF GFNBMF HBNFUP QIZUF XJUI B IBQMPJE DFOUSBM DFMM QSFEPNJOBUFT JO UIFMJNJUFEOVNCFSPGUIFJSBODJFOUMJOFBHFTTPGBS JOWFTUJHBUFE#BTFEPOUIJTPCTFSWBUJPO JUIBTCFFO JOGFSSFE UIBU PWFS FWPMVUJPOBSZ UJNF BEEJUJPO PG BNBMFOVDMFVTCZBTFDPOEGFSUJMJ[BUJPOFWFOUJOB TFWFODFMMFE FJHIUOVDMFBUF GFNBMF HBNFUPQIZUF XJUIBEJQMPJEDFOUSBMDFMMXPVMEIBWFQSPWJEFEUIF TQFDJêD HFOFUJD BOE EFWFMPQNFOUBM FWFOU SFRVJSFE UP USBOTGPSN B EJQMPJE CJQBSFOUBM FOEPTQFSN JOUP BUSJQMPJEPOFѮJTJTBTFEVDUJWFMZTJNQMFJEFBCVU DPOTJEFSJOHUIFQBTUWJDJTTJUVEFTPGUIFDVSSFOUIZ QPUIFTFT UIFSF BSF MJLFMZ UP CF TVSQSJTFT BIFBE JO UIJTêFMECFGPSFBDPODMVTJPOJTSFBDIFE 4FWFSBM GFBUVSFT PG UIF FOEPTQFSN NBLF JU B VTFGVM NPEFM GPS DFMM CJPMPHJDBM HFOFUJD BOE NP MFDVMBS TUVEJFT BT B TOBQTIPU PG FWFOUT JO B TJOHMF UJTTVF'JSTU VOMJLFUIFFNCSZP UIFFOEPTQFSNJO NPTUFVEJDPUTDPOTJTUTPGPOMZPOFPSUXPVOJGPSN DFMM UZQFT UIBU BSF QSPHSBNNFE NBJOMZ GPS UIF BD DVNVMBUJPO PG TUBSDI BOE QSPUFJO TUPSBHF SFTFSWFT *O NBOZ TQFDJFT TUVEJFE DZUPLJOFTJT JT VODPVQMFE GSPN UIF OVDMFBS EJWJTJPO DZDMF BT UIF FOEPTQFSN HPFTUISPVHIBTUBHFPGBNVMUJOVDMFBUFNBTTPGQSP UPQMBTN PSTZODZUJVN"MUIPVHIFWFOUVBMXBMMGPS NBUJPO UBLFT QMBDF UP HFOFSBUF B DFMMVMBS UJTTVF JO TFWFSBMSFTQFDUT UIFNFDIBOJTNPGQMBDFNFOUBOE HSPXUIPGXBMMTJOUIFTZODZUJVNIBTUVSOFEPVUUP CFVOVTVBM*TPMBUJPOPGHFOFTJOWPMWFEJOUIFEFWFM PQNFOUPGUIFFOEPTQFSNJTCFHJOOJOHUPQSPWJEF JOTJHIUTJOUPUIFNPMFDVMBSNFDIBOJTNTPGDFMMGBUF TQFDJêDBUJPO BOE DFMM EJĒFSFOUJBUJPO JO UIJT UJTTVF
4JODFUIFGBUFPGDFMMTJOUIFEFWFMPQJOHFOEPTQFSN JT OPU MJOFBHFEFQFOEFOU BMM TPSUT PG NVUBOU BOE XJME UZQF DFMMT DBO CF BOBMZ[FE JO UIF DMPOFT HFO FSBUFE JO BQQSPQSJBUF FYQFSJNFOUBM TZTUFNT .BOZ SFDFOUMZDIBSBDUFSJ[FEFOEPTQFSNNVUBOUTPĒFSJO UFSFTUJOHFYQFSJNFOUBMTZTUFNTXJUIXIJDIUPTUVEZ UIF NFDIBOJTNT JOWPMWFE JO HFOPNJD JNQSJOUJOH -BTU CVU OPU MFBTU JOTJHIU JOUP UIF NFDIBOJTN CZ XIJDI HFOFT GPS UIF TZOUIFTJT PG TUPSBHF QSPUFJOT BSFSFHVMBUFEJOUIFEFWFMPQJOHFOEPTQFSNBĒPSET HSFBUQPUFOUJBMUPUIFHFOFUJDFOHJOFFSJOHPGDFSFBM HSBJOTXJUIJNQSPWFEOVUSJUJPOBMRVBMJUJFT "MM PG UIF BCPWFOPUFE TUVEJFT BSF CFHJOOJOH UP CMPTTPNUISPVHIBDPNCJOBUJPOPGDIPJDFPGFYQFSJ NFOUBMTZTUFNTBOEDSFBUJWJUZJOUIFVTFPGIJHISFT PMVUJPOTUSVDUVSBMBOENPMFDVMBSUFDIOJRVFTBTXFMM BTDMBTTJDBMHFOFUJDTDSFFOT(JWFOUIFFYQFDUFETVSHF PGGVSUIFSSFTFBSDIJOUIFDPNJOHZFBST UIFHPBMPG UIJTBOEUIFOFYUDIBQUFSJTUPQSPWJEFBGSBNFXPSL EFTDSJCJOH SFDFOU BDIJFWFNFOUT JO UIFTF BSFBT PG FOEPTQFSN EFWFMPQNFOU BHBJOTU B CBDLHSPVOE PG FBSMJFS TUVEJFT ѮF DSJUJDBM FWFOUT UIBU DPOTUJUVUF TUFQXJTFQSPDFTTFTJOUIFEJĒFSFOUBTQFDUTPGFOEP TQFSNPOUPHFOZ BOEUIFSPMFPGUIFFOEPTQFSNJO FNCSZPOVUSJUJPOXJMMCFUIFGPDVTPGUIJTDIBQUFS $IBQ XJMM EFBM QSJODJQBMMZ XJUI UIF HFOFUJDT BOE NPMFDVMBSCJPMPHZPGUIFFOEPTQFSNJONPEFMTZT UFNTTVDIBT"SBCJEPQTJTBOEDFSFBMHSBJOT&BSMJFS TUVEJFTPOUIFDPNQBSBUJWFNPSQIPMPHZBOEDZUPM PHZ BOEEFWFMPQNFOUBMCJPMPHZPGUIFFOEPTQFSN IBWF CFFO BENJSBCMZ IBOEMFE JO SFWJFXT CZ #SJOL BOE$PPQFS
#IBUOBHBSBOE4BXIOFZ
7JKBZBSBHIBWBO BOE 1SBCIBLBS
-PQFT BOE -BSLJOT
BOE%F.BTPO
XIFSFBTUIF SFWJFXT CZ #SPXO FU BM BOE 0MTFO QSPWJEF FYDFMMFOU TZOUIFTFT PG NPSF SFDFOU TUVEJFT
$FMMVMBS0SHBOJ[BUJPOPGUIF&OEPTQFSN
ѮF VTF PG DPOWFOUJPOBM IJTUPMPHJDBM NFUIPET UP NPOJUPSUIFGBUFPGUIFQSJNBSZFOEPTQFSNOVDMFVT JO GFSUJMJ[FE PWVMFT PG EJWFSTF TQFDJFT GBDJMJUBUFE JEFOUJêDBUJPO PG UIF QBUIXBZT JOWPMWFE JO UIF ê OBM DPOêHVSBUJPO PG UIF FOEPTQFSN JO TFFET BOE MFE UP UIF SFDPHOJUJPO PG OVDMFBS DFMMVMBS BOE IF MPCJBM UZQFT PG FOEPTQFSN EFWFMPQNFOU JO ëPXFS JOHQMBOUT .BIFTIXBSJ *OUIFOVDMFBSNPEF UIFQSJNBSZFOEPTQFSNOVDMFVTVOEFSHPFTTFWFSBM
DZDMFT PG EJWJTJPOT XJUIPVU DZUPLJOFTJT ѮF OFXMZ GPSNFE EBVHIUFS OVDMFJ SFNBJO FNCFEEFE JO UIF QFSJQIFSBM DZUPQMBTN TVSSPVOEJOH UIF WBDVPMF PG UIF MBSHF DFOUSBM DFMM GPS B WBSJBCMF QFSJPE PG UJNF CFGPSFXBMMGPSNBUJPOPDDVSTUPHJWFSJTFUPBDFMMVMBS UJTTVFѮFOVDMFBSUZQFQBUIXBZJTCZGBSUIFNPTU DPNNPO JO FOEPTQFSN EFWFMPQNFOU BOE PDDVST JO NPEFM FVEJDPUT TVDI BT "SBCJEPQTJT 4DIOFJU[ FUBM)FSS#SPXOFUBM
$BQTFMMB CVSTBQBTUPSJT 4DIVM[ BOE +FOTFO
BOE DPU UPO 4DIVM[ BOE +FOTFO
DFSFBMT TVDI BT CBS MFZ #PTOFT FU BM
SJDF #SPXO FU BM C
XIFBU .BSFTFUBM'JOFSBOFUBM
BOE NBJ[F 3BOEPMQI 0MTFO
BOE MFHVNFT TVDIBT1IBTFPMVTWVMHBSJT :FVOHBOE$BWFZ BOETPZCFBO %VUFBOE1FUFSTPO %VSJOHGSFF OVDMFBS EJWJTJPOT UIF NJHSBUJPO PG OVDMFJ XJUIJO UIF DFOUSBM DFMM JT OPU SBOEPN CVU PDDVST JO SFMB UJWFMZQSFEJDUBCMFEJSFDUJPOT#ZEJSFDUPCTFSWBUJPOT PG UIF EJWJTJPO QMBOFT PG UIF QSJNBSZ FOEPTQFSN OVDMFVT BOECZDMPOBMBOBMZTJT .D$MJOUPDL GPSSFWJFX TIPXFEUIBUJUJTQPTTJCMFUPDSFBUFBGBUF NBQGPSUIFFOEPTQFSN FOBCMJOHPOFUPUSBDFFWFO BTMJUUMFBTBPOFFJHIUITFDUPSPGUIFNBUVSFUJTTVF UP B MJOFBHF PG UIF QSJNBSZ FOEPTQFSN OVDMFVT " DSVDJBM QBSBNFUFS JO UIF FOEPTQFSN TUSVDUVSF PG DFSFBM HSBJOT JT UIF QSFDJTF QBUUFSO PG DFMMVMBSJ[B UJPO UIBU MFBET UP UIF EJĒFSFOUJBUJPO PG UXP MBZFST PGFOEPTQFSNJOJUJBMT*OUIJTTDFOBSJP DFMMTPGUIF PVUFSNPTU MBZFS PG UIF FOEPTQFSN HJWF SJTF UP UIF QSPUFJOSJDI BMFVSPOF BOE UIF JOOFS DFMMT BѫFS SF QFBUFEEJWJTJPOT CFDPNFê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ѮF
ɭɧ $FMMVMBS0SHBOJ[BUJPOPGUIF&OEPTQFSN
ώϒϐ
IFMPCJBM UZQF PG FOEPTQFSN XBT TMPX UP CF SFDPH OJ[FE BT B EJTUJODU UZQF BOE JT HFOFSBMMZ BDDPSEFE BO JOUFSNFEJBUF QPTJUJPO CFUXFFO UIF OVDMFBS BOE DFMMVMBS UZQFT )PXFWFS B QIZMPHFOFUJD BOBMZTJT PG WBSJBUJPOTJOFOEPTQFSNEFWFMPQNFOUEFTDSJCFEJO ëPXFSJOH QMBOUT IBT EJTQVUFE UIF JEFB UIBU UIF IF MPCJBM FOEPTQFSN JT BO FWPMVUJPOBSZ JOUFSNFEJBUF CFUXFFO UIF PUIFS UXP POUPHFOFUJD UZQFT #IBSB UIBO *O UIF DVSSFOU VOEFSTUBOEJOH PG IFMP CJBM FOEPTQFSN POUPHFOZ UIF EJWJTJPO PG UIF QSJ NBSZFOEPTQFSNOVDMFVTTFQBSBUFTUIFDFOUSBMDFMM JOUPBMBSHFNJDSPQZMBSDFMMBOEBTNBMMDIBMB[BMDFMM 'SFFOVDMFBSEJWJTJPOTPDDVSJOUIFNJDSPQZMBSDFMM CFGPSF DFMMVMBSJ[BUJPO TFUT JO XIFSFBT UIF OVDMFVT PGUIFDIBMB[BMDFMMFJUIFSSFNBJOTVOEJWJEFEPSEJ WJEFT POMZ PDDBTJPOBMMZ ѮF IFMPCJBM UZQF PG FOEP TQFSNJTGPVOEPOMZJONPOPDPUZMFEPOTBOE BTUIF OBNF JNQMJFT JT QSFWBMFOU JO UIF PSEFS )FMPCJBF FOEPTQFSN PG )BFNBOUIVT LBUIFSJOBF "NBSZM MJEBDFBF
GSPN XIJDI UIF êSTU DPNQMFUF NPUJPO QJDUVSFT PG NJUPTJT BOE DZUPLJOFTJT JO MJWJOH DFMMT XFSF QSPEVDFE CPBTUT PG IBWJOH UIF IFMPCJBM UZQF 4XBNZBOE1BSBNFTXBSBO#BKFS/FX DPNC
'JHɭɧ%JBHSBNNBUJD SFQSFTFOUBUJPOT PG UIF OVDMFBS DFM MVMBS BOEIFMPCJBMUZQFTPGFOEPTQFSNEFWFMPQNFOU&OEP TQFSN EFWFMPQNFOU JT JOJUJBUFE CZ UIF EJWJTJPO PG UIF QSJ NBSZFOEPTQFSNOVDMFVTTIPXOJOUIFêSTUEJBHSBNPOUIF MFѫGPSFBDIUZQFѮFEJBHSBNTPOUIFGBSSJHIUJOEJDBUFUIBU XBMMGPSNBUJPOPDDVSTBSPVOEUIFGSFFOVDMFJJOCPUIOVDMFBS BOEIFMPCJBMUZQFT XIJDIFWFOUVBMMZCFDPNFDFMMVMBS
*U BQQFBST GSPN UIF BCPWF UIBU OP DMFBS MJOF FYJTUT CFUXFFO UIF UISFF UZQFT PG FOEPTQFSN EFWFMPQ NFOUBOE SFHBSEMFTTPGUIFJSPOUPHFOFUJDNPEF BMM UZQFT VMUJNBUFMZ CFDPNF GPS UIF NPTU QBSU DFMMV
ώϒϑ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
MBS 'JH /PTFSJPVTBUUFNQUIBTCFFONBEFUP FYQMBJO UIF FWPMVUJPOBSZ SBUJPOBMF CFIJOE UIF PSJ HJO PG UIF UISFF NPEFT PG FOEPTQFSN POUPHFOZ B OPUJPO CBTFEPOFOEPTQFSNEFWFMPQNFOUJOCBTBM BOHJPTQFSNT BOE BOBMZTJT PG FOEPTQFSN EFWFMPQ NFOUBMQBUUFSOTBDSPTTëPXFSJOHQMBOUTJOBQIZMP HFOFUJDDPOUFYU JTUIBUUIFDFMMVMBSFOEPTQFSNJTUIF BODFTUSBMUZQFGSPNXIJDIUIFOVDMFBSUZQFFWPMWFE QSPCBCMZ CZ UIF EJTSVQUJPO PG TPNF BTQFDUT PG UIF OPSNBMDZUPLJOFUJDQSPDFTT 'MPZEFUBM'MPZE BOE 'SJFENBO #IBSBUIBO (FFUB "MUIPVHI UIJT WJFX PO UIF FWPMVUJPO PG FO EPTQFSNPOUPHFOZEPFTOPUêUDPNGPSUBCMZJOUPUIF QSFTFOUEBZ GSBNFXPSL PG NPMFDVMBS EFWFMPQNFOU PGUIFUJTTVF JUBUUFTUTUPUIFHFOFSBMJUZPGBQIFOPN FOPOCBTFEPOUISFFWBSJBCMFTUBUFTPGBTJOHMFDIBS BDUFS "T EFTDSJCFE JO $IBQ BVUPOPNPVT EFWFMPQ NFOUPGUIFFOEPTQFSNGSFRVFOUMZPDDVSTJODFSUBJO BQPNJDUT BMUIPVHI UIF HFOFUJD DPOTUJUVUJPO PG UIF UJTTVF QSPEVDFE EJĒFST GSPN UIBU PG TFYVBM QMBOUT ,PMUVOPX,PMUVOPXBOE(SPTTOJLMBVT #Z NFDIBOJTNT UIBU BSF QPPSMZ VOEFSTUPPE FOEP TQFSNEFWFMPQNFOUXJUIPVUGFSUJMJ[BUJPOPDDVSTJO DFSUBJO QMBOUT GPMMPXJOH QPMMJOBUJPO CZ JSSBEJBUFE QPMMFO .VTJBMBOE1S[ZXBSB
BOEXIFOVO GFSUJMJ[FE PWVMFT BOE PWBSJFT BSF DVMUVSFE JO WJUSP .ÓM FU BM 8JKPXTLB FU BM 0G DPVSTF UIFEJTDPWFSZPGFOEPTQFSNEFWFMPQNFOUJOEFQFO EFOU PG GFSUJMJ[BUJPO JO UIF êTDMBTT PG NVUBOUT PG "SBCJEPQTJT $IBQ
BOEFTUBCMJTINFOUPGUIFSPMF PGHFOPNJDJNQSJOUJOHJOFOEPTQFSNEFWFMPQNFOU JOUIFTFNVUBOUT IBWFCFDPNFDMBTTJDTJOUIFSFDFOU QMBOUEFWFMPQNFOUBMCJPMPHZMJUFSBUVSF 5P BJE SFTFBSDI PO UIF VOEFSMZJOH HFOFUJD BOE NPMFDVMBS QSPHSBN GPS DFMM GBUF TQFDJêDBUJPO JO BEEJUJPO UP UIF BMFVSPOF DFMMT BOE TUBSDIZ DFMMT BM MVEFEUPFBSMJFS UXPPUIFSNBKPSDFMMUZQFT OBNFMZ FNCSZPTVSSPVOEJOHSFHJPOBOEUSBOTGFSMBZFSDFMMT IBWFCFFOJEFOUJêFEJOUIFFOEPTQFSNѮFFNCSZP TVSSPVOEJOH SFHJPO DPOTJTUT PG DFMMT DPOêOFE UP B SFTUSJDUFEBSFBXJUIJOUIFTUBSDIZFOEPTQFSNJOUIF JNNFEJBUF WJDJOJUZ PG UIF FNCSZP "MUIPVHI B DFM MVMBSPSOPODFMMVMBSFNCSZPTVSSPVOEJOHSFHJPODBO QSPCBCMZCFJEFOUJêFEJOFOEPTQFSNTPGNPTUëPX FSJOH QMBOUT POMZ MBUFMZ IBT BUUFOUJPO CFFO ESBXO UPJUTPDDVSSFODFBTBEJTUJODUDFMMVMBSSFHJPO4DIFM FU BM GPVOE UIBU B GFX DFMMT JOUFSDPOOFDUFE CZQMBTNPEFTNBUBTVSSPVOEJOHBTNBMMQBSUPGUIF HMPCVMBSFNCSZPPGNBJ[FIBWFBEFOTFDZUPQMBTN
FOSJDIFEXJUISPVHI&3CVU BTUIFFNCSZPHSPXT PVU PG UIJT TUBHF UIFTF DFMMT KVTU XSBQ BSPVOE UIF TVTQFOTPS XIJMF UIF SFHJPO TVSSPVOEJOH UIF FN CSZP QSPQFS SFNBJOT GSFF PG UIFN " EJTUJODUJWF HFOFFYQSFTTJPOQBUUFSOIBTBMTPCFFOGPVOEUPCF DIBSBDUFSJTUJD PG UIFTF DFMMT 0QTBIM'FSTUBE FU BM " XFMMEFêOFE HSPVQ PG DFMMT USBOTGFS DFMM MBZFS DIBSBDUFSJ[FECZIFBWZXBMMJOHSPXUITUZQJDBM PG USBOTGFS DFMMT IBT CFFO EFTDSJCFE VOEFS WBSJPVT OBNFTJOUIFFOEPTQFSNTPGNBOZQMBOUT FTQFDJBMMZ UIPTF PG DFSFBM HSBJOT ѮPNQTPO FU BM UIF GBWPSFE OBNF GPS UIFTF DFMMT JT CBTBM FOEPTQFSN USBOTGFS MBZFS ѮF MPDBUJPO PG UIFTF DFMMT HFOFSBMMZ DMPTF UP UIF WBTDVMBS CVOEMF PG UIF NBUFSOBM UJT TVFTJTDPOTJTUFOUXJUIUIFWJFXUIBUUIFZBJEJOUIF VQUBLF PG OVUSJFOUT "CFSSBOU FOEPTQFSN EFWFMPQ NFOU JODMVEJOH GBJMVSF PG GPSNBUJPO PG UIF CBTBM FOEPTQFSN USBOTGFS MBZFS BTTPDJBUFE XJUI FNCSZP BCPSUJPO BOE SFEVDFE HSBJO êMMJOH PCTFSWFE JO JO UFSQMPJEZDSPTTFTJONBJ[FBUUFTUTUPUIFJNQPSUBODF PGUIFTFDFMMMBZFSTGPSOVUSJFOUUSBOTGFSUPUIFFOEP TQFSN $IBSMUPOFUBM 5IF0EZTTFZPG'SFF/VDMFJUPB$FMMVMBS5JTTVF ѮF GSFFOVDMFBS TUBHF JO UIF OVDMFBS BOE IFMPCJBM UZQFTPGFOEPTQFSNEFTDSJCFEBCPWFTIPVMESFëFDU FYQSFTTJPOPGBSFNBSLBCMZFēDJFOUHFOFUJDTZTUFN CFDBVTF PODF UIF QSJNBSZ FOEPTQFSN OVDMFVT JO UIF OVDMFBS UZQF PS UIF OVDMFVT PG UIF NJDSPQZMBS DIBNCFSJOUIFIFMPCJBMUZQF JTUSJHHFSFEUPEJWJEF EJWJTJPOTDPOUJOVFVOUJMBNBTTPGGSFFOVDMFJJTQSP EVDFE Ѯ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ĒFSFOUJBMTDSFFOJOH XBTGPVOEUPFODPEFBOVOLOPXOQSPUFJO %PBOFU BM ѮF DZUPMPHJDBM CBTJT GPS UIF EFMBZFE GPSNBUJPO PG XBMMT CFUXFFO JTPMBUFE OVDMFJ EJTQFSTFE JO BO BNPSQIPVTDZUPQMBTNBTTFFOJOUIFOVDMFBSNPEF
PGFOEPTQFSNEFWFMPQNFOUJTBMTPBOJNQPSUBOUZFU QPPSMZ VOEFSTUPPE QSPCMFN "MUIPVHI NPTU EF TDSJQUJPOTPGXBMMQMBDFNFOUBOEEFQPTJUJPOEVSJOH DFMMVMBSJ[BUJPOPGUIFOVDMFBSFOEPTQFSNCBTFEPO MJHIUBOEFMFDUSPONJDSPTDPQJDPCTFSWBUJPOTIBWFJO TPNFXBZJNQMJDBUFEQISBHNPQMBTUTBOEDFMMQMBUFT JOUIFQSPDFTT UIFXPSLPG#SPXOFUBM PO CBSMFZ FOEPTQFSN VTJOH JNNVOPMPDBMJ[BUJPO UFDI OJRVFT DPNCJOFE XJUI UISFFEJNFOTJPOBM JNBHJOH QSPWJEFEUIFêSTUDMFBSBDDPVOUPGUIFJOWPMWFNFOU PG NJDSPUVCVMF BSSBZT JO QSFQBSJOH UIF DZUPQMBTN GPSDFMMVMBSJ[BUJPO'JHVSF BmE QSFTFOUTBTVN NBSZEJBHSBNPGXBMMQBUUFSOJOHBOEJUTSFMBUJPOTIJQ UP NJDSPUVCVMBS DZUPTLFMFUPO EVSJOH FOEPTQFSN EFWFMPQNFOU CFHJOOJOH XJUI UIF XBMMMFTT TZODZ UJVNBOEFOEJOHXJUIUIFGPSNBUJPOPGUIFBMFVSPOF MBZFS 0MTFOFUBM "OJNQPSUBOUPCTFSWBUJPO JTUIBU JOQSFQBSBUJPOGPSDFMMVMBSJ[BUJPOEVSJOHUIF MBUFTZODZUJVNTUBHF SBEJBMBSSBZTPGNJDSPUVCVMFT UIBU QSPMJGFSBUF GSPN UIF OVDMFBS TVSGBDF PSHBOJ[F UIF TZODZUJVN JOUP VOJUT EFêOFE BT OVDMFBSDZUP QMBTNJDEPNBJOT4IPSUMZUIFSFBѫFS XBMMNBUFSJBMT JOUIFGPSNPGQISBHNPQMBTUDPOêHVSBUJPOTBSFEF QPTJUFEBUUIFJOUFSTUJDFTPGUIFOVDMFBSDZUPQMBTNJD FODMBWFT XIJDI UIVT TFSWF UP FTUBCMJTI UIF JOJUJBM QBUUFSOPGDFMMVMBSJ[BUJPOJOUIFGPSNPGAGSFFHSPX JOHBOUJDMJOBMXBMMT TFF1MBUF 'JHCmE &WFOUV BMMZ UIFOFXMZDSBѫFEXBMMTHSPXJOUPUIFWBDVPMF PGUIFDFOUSBMDFMMGSPNUIFQFSJQIFSBMTZODZUJVNUP TVCEJWJEFUIFDZUPQMBTNJOUPPQFOFOEFEDPNQBSU NFOUTPSBMWFPMJ%VSJOHUIFEFQPTJUJPOPGDFMMXBMMT UIFOVDMFBSDZUPQMBTNJDEPNBJOTCFDPNFQPMBSJ[FE BMPOH UIF QMBOF QFSQFOEJDVMBS UP UIF FNCSZP TBD XBMMѮJTJTBDDPNQBOJFECZBESBNBUJDSFBSSBOHF NFOU PG UIF OVDMFBSCBTFE SBEJBM NJDSPUVCVMFT XIJDI OPX BQQFBS UP BSJTF GSPN CPUI FOET PG UIF OVDMFJ "MNPTU TJNVMUBOFPVTMZ BEWFOUJPVT QISBH NPQMBTUTBSFGPSNFEBUUIFJOUFSGBDFTPGUIFTFPQQPT JOHNJDSPUVCVMFTZTUFNT #SPXOFUBMB0MTFO ѮJT TUBHF JT GPMMPXFE CZ DPOUJOVFE DFOUSJQ FUBMHSPXUIPGXBMMT BOETFBMJOHPGUIFPQFOFOET PGBMWFPMJNFEJBUFECZBEWFOUJUJPVTQISBHNPQMBTUT /FYU UIFBMWFPMJBSFQBSUJUJPOFEJOUPUXPMBZFSTPG DFMMTCZBSPVOEPGEJWJTJPOTXJUITQJOEMFTPSJFOUFE BU SJHIU BOHMFT UP UIF FNCSZP TBD XBMM $FMM QMBUFT EJSFDUFECZQISBHNPQMBTUTPGUIFUZQFUIBUBSJTFCF UXFFO EBVHIUFS OVDMFJ JOUFS[POBM QISBHNPQMBTUT QSPEVDFQFSJDMJOBMXBMMT QBSBMMFMXJUIUIFFNCSZP TBDXBMM UIBUKPJOXJUIUIFBOUJDMJOBMXBMMTUPGPSN UIFêSTUDPNQMFUFMBZFSPGDFMMTDVUPĒBUUIFQFSJQI
ɭɧ $FMMVMBS0SHBOJ[BUJPOPGUIF&OEPTQFSN
ώϒϒ
FSZPGUIFFNCSZPTBDѮJTMBZFSPGDFMMTEFWFMPQT JOUPJOJUJBMTPGUIFBMFVSPOFMBZFSBOEUIFJOOFSDFMMT GPSNUIFTUBSDIZFOEPTQFSNѮFBMFVSPOFJOJUJBMT EJWJEFBOUJDMJOBMMZXJUIUIFBJEPGBGVMMQBOPQMZPG UIF UZQJDBM DZUPLJOFUJD BQQBSBUVT OBNFMZ IPPQ MJLF XFMMPSEFSFE DPSUJDBM BSSBZT PG NJDSPUVCVMFT EVSJOH JOUFSQIBTF B QSFQSPQIBTF CBOE PG NJDSP UVCVMFT BOE JOUFS[POBM QISBHNPQMBTUT *O SJDF BO VOFYQFDUFE EJĒFSFODF CFUXFFO XBMM QSPQFSUJFT PG UIF FOEPTQFSN DFMMT BOE DFMMT PG UIF TVSSPVOEJOH NBUFSOBMUJTTVFTIBTCFFOSFWFBMFECZUIFPCTFSWB UJPOUIBUUIFGPSNFSIBWFBVOJGPSNEJTUSJCVUJPOPG DBMMPTF BQPMZNFSPG՚ʃHMVDBOT JODPOUSBTUUP UIFQSFQPOEFSBODFPG ՚ ՚ ʃHMVDBOTJOUIF DFMMTPGUIFMBUUFS #SPXOFUBM
'JHɭɨBoE%JBHSBNT TIPXJOH DFMMVMBSJ[BUJPO PG OVDMFBS UZQF FOEPTQFSN B 4ZODZUJBM TUBHF XIFO NJUPTJT PDDVST XJUIPVUBDDPNQBOZJOHDZUPLJOFTJTѮFGSFFOVDMFJPSHBOJ[F JOUPOVDMFBSDZUPQMBTNJDEPNBJOTC3FBSSBOHFNFOUPGNJ DSPUVCVMFTBOEFMPOHBUJPOPGBOUJDMJOBMXBMMTD$POUJOVJOH BOUJDMJOBM XBMM HSPXUI BTTPDJBUFE XJUI BEWFOUJUJPVT QISBH NPQMBTUTGPSNFEBUJOUFSGBDFTPGPQQPTJOHNJDSPUVCVMFTZT UFNTE.JUPTJTGPMMPXFECZUZQJDBMDZUPLJOFTJT MFѫUPSJHIU
HJWJOH SJTF UP UIF QFSJQIFSBM BMFVSPOF MBZFS PG DFMMT TPMJE OVDMFJ BOE JOOFS TUBSDIZ DFMMT TUJQQMFE OVDMFJ 3FQSJOUFE GSPN0MTFOFUBM
ώϒϓ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
*OWFTUJHBUJPOT VTJOH ëVPSFTDFODF JNNVOPIJTUP DIFNJTUSZ PG FOEPTQFSN EFWFMPQNFOU JO SJDF BOE XIFBU #SPXOFUBMB C 5JBOFUBM BNPOH DFSFBMT BOE JO #SBTTJDB OBQVT WBO -BNNFSFO FU BM
"SBCJEPQTJT #SPXO FU BM
BOE $PSPOPQVT EJEZNVT #SBTTJDBDFBF /HVZFO FU BM BNPOH FVEJDPUT IBWF DPOêSNFEUIBU XJUINJOPSWBSJBUJPOTJOEFUBJM UIF PWFSBMMQBUUFSOPGFOEPTQFSNEFWFMPQNFOU JODMVE JOHUIFBCTFODFPGOPSNBMJOUFS[POBMQISBHNPQMBTUT EVSJOHJODFQUJPOPGUIFBOUJDMJOBMXBMMT JTTJNJMBSUP UIBUEFTDSJCFEJOCBSMFZ*O$EJEZNVT CPUINJDSP UVCVMFTBOE'BDUJOBSFDPBMJHOFEJOQSFQBSBUJPOGPS DFMMVMBSJ[BUJPO CVU UIF QSFDJTF SPMF PG BDUJO JO UIF QSPDFTTJTVODMFBS /HVZFOFUBM "TQBSUPGUIFTFFE UIFNBUVSFFOEPTQFSNNBZ WBSZ JO BQQFBSBODF GSPN B GPSNMFTT NBTT PG WBDV PMBUF DFMMT UP B DPNQBDU UJTTVF êMMFE XJUI EJWFSTF TUPSBHF NBUFSJBMT *O "SBCJEPQTJT BOE TPNF PUIFS NFNCFST PG UIF #SBTTJDBFBF TQFDJBMJ[BUJPO PG UIF NBUVSF FOEPTQFSN SFTVMUT JO UIF GPSNBUJPO PG B DZTU JO UIF DIBMB[BM SFHJPO "MUIPVHI UIF DZTU JT JOJUJBUFEFBSMZJOEFWFMPQNFOUPGUIFFOEPTQFSN JU SFNBJOTFTTFOUJBMMZEJTUJODUGSPNUIFDFMMTPGUIFFO EPTQFSNUIBUCFHJOUPBDDVNVMBUFTUPSBHFQSPEVDUT " DPNQBSBUJWF TUVEZ PG DZTUT JO EFWFMPQJOH TFFET PG NFNCFST PG UIF #SBTTJDBDFBF IBT SFWFBMFE UIBU DZTUT QFSGPSN UIF SFNBSLBCMF GFBU PG DPNQSFTTJOH UIF OVDMFBSDZUPQMBTNJD EPNBJOT PG TFWFSBM DIBMB [BMFOEPTQFSNDFMMTJOUPBTUSBUJêFENBTTDPNQSJT JOHBOBQJDBM[POFXJUIBDPODFOUSBUJPOPGQMBTUJET OVDMFJ BOENJUPDIPOESJB BNJEEMF[POFFOSJDIFE JOFOEPNFNCSBOFT BOEBCBTBM[POFDPOTUJUVUFEPG MBCZSJOUIJOFXBMMQSPKFDUJPOTXJUIBTTPDJBUFENJUP DIPOESJB #SPXOFUBM ѮFSF BSF OVNFSPVT SFQPSUT PG UIF QSPHSFTTJPO PGDFMMVMBSDIBOHFTEVSJOHFOEPTQFSNEFWFMPQNFOU JONBJ[F ,PXMFTBOE1IJMMJQT 'PMMPXJOHUIF TVDDFTTPCUBJOFEJOGVTJOHJTPMBUFEFHHTBOETQFSN PGNBJ[FJOWJUSP ,SBO[FUBM IBWFNPOJUPSFE UIFEFWFMPQNFOUPGUIFFOEPTQFSNQSPEVDFEJOWJ USPCZGVTJOHBTQFSNOVDMFVTXJUIUIFQPMBSGVTJPO OVDMFVTPGUIFDFOUSBMDFMMPGNBJ[FѮFTVSQSJTJOH êOEJOHGSPNUIJTTUVEZXBTUIBUUIFJOWJUSPDSBѫFE QSJNBSZ FOEPTQFSN OVDMFVT IBE OP TVSQSJTFT PG JUT PXO BT JU EFWFMPQFE JO B QSFEJDUBCMF XBZ QBTT JOHGSPNBDPFOPDZUJDUPBDFMMVMBSFOEPTQFSNJOB NBOOFSWFSZTJNJMBSUPUIBUPGUIFJOWJWPGPSNFE UJTTVF /POFUIFMFTT VTF PG UIJT TZTUFN JO GVUVSF
TUVEJFT XJMM QSPWJEF JNQPSUBOU JOTJHIUT JOUP UIF FBSMZDFMMVMBSBOENPMFDVMBSFWFOUTPGTQFSNQPMBS GVTJPOOVDMFVTJOUFSBDUJPO %FWFMPQNFOUPGUIF&OEPTQFSNJO "SBCJEPQTJT ѮF FOEPTQFSN PG "SBCJEPQTJT IBT CFFO BU UIF GPSFGSPOU PG OFX PCTFSWBUJPOT QSPWJEJOH CBTJD JO GPSNBUJPO PO UIF DZUPTLFMFUBM EZOBNJDT BSPVOE GSFF OVDMFJ JO QSFQBSBUJPO GPS DFMMVMBSJ[BUJPO ѮF FBSMZ QSPDFTT PG DFMMVMBSJ[BUJPO IBT CFFO SFTPMWFE JO HSFBU EFUBJM VTJOH IJHIQSFTTVSF GSFF[JOH êYB UJPO BOE FMFDUSPO NJDSPTDPQZ UP TIPX UIBU BѫFS UIF OVDMFBSDZUPQMBTNJD EPNBJOT BSF FTUBCMJTIFE TNBMM HSPVQT PG PWFSMBQQJOH NJDSPUVCVMFT UIBU SB EJBUF GSPN OFJHICPSJOH OVDMFJ JOJUJBMMZ BTTFNCMF JOUPNJOJQISBHNPQMBTUTѮFNJOJQISBHNPQMBTUT BSF QVU UPHFUIFS JO B QBUDIXPSL XBZ UP HFOFSBUF B OPWFM LJOE PG DFMM QMBUF m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êOFECZUIFUPUBMOVNCFSPGOVDMFJQSPEVDFE"D DPSEJOHUP#SPXOFUBM
BUIFNFVOEFSMZJOH UIFEJWJTJPOPGFOEPTQFSNOVDMFJJO"SBCJEPQTJTJT UIBU UIF QSFDJTF QBUUFSOT PG DZUPTLFMFUBM CFIBWJPS EFêOFUIFFBSMZEFWFMPQNFOUPGUIFTZODZUJBMFOEP TQFSN8IFSFBTGPSUIFêSTUUXPEJWJTJPOTPGUIFQSJ NBSZ FOEPTQFSN OVDMFVT UIF NJUPUJD TQJOEMFT BSF PSJFOUFEQBSBMMFMUPUIFMPOHBYJTPGUIFDFOUSBMDFMM UIFSFJTBDIBOHFJOUIFPSJFOUBUJPOPGTQJOEMFTUPCF JOHNPTUMZPCMJRVFBUUIFGPVSOVDMFBUFTUBHF"UUIF GPVSUIEJWJTJPO BOPUIFSDIBOHFJOUIFQBUUFSOPGEJ WJTJPOGSPNTZODISPOPVTUPTVDDFTTJWFPDDVST XJUI UIF NJUPUJD XBWF QSPHSFTTJOH GSPN UIF NJDSPQZMBS
UP UIF DIBMB[BM SFHJPO *U JT BMTP OPX FTUBCMJTIFE UIBU JO"SBCJEPQTJT GBSGSPNCFJOHBIPNPHFOFPVT NBTTPGGSFFOVDMFJ EJĒFSFODFTJOUIFGSFRVFODZPG EJWJTJPOT OVDMFBS TIBQF DZUPTLFMFUBM BSSBZT BOE DZUPQMBTNJD GFBUVSFT NBSL UIF TFQBSBUJPO PG UIF TZODZUJVNJOUPNJDSPQZMBS DFOUSBMQFSJQIFSBM BOE DIBMB[BMEFWFMPQNFOUBMEPNBJOT #SPXOFUBM #PJTBSE-PSJH FU BM 0G GVOEBNFOUBM JNQPSUBODFUPUIFEJĒFSFOUJBUJPOPGUIFTFEPNBJOT PGUIFFOEPTQFSNJTUIFQSFTFODFPGBTZTUFNPGQBS BMMFMNJDSPUVCVMFTBSPVOEOVDMFJJOUIFNJDSPQZMBS DIBNCFS SBEJBMNJDSPUVCVMFTBSPVOEOVDMFJJOUIF DFOUSBM DIBNCFS BOE B SFUJDVMVN PG NJDSPUVCVMFT BOE BDUJO ê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êOBMMZ UIF EJĒFSFOUJBUJPO PG UIF DZTU JOUP B EPNFTIBQFE BQJ DBM SFHJPO BOE B CBTBM IBVTUPSJVN UIF CSBODIFT PG XIJDI QFOFUSBUF JOUP UIF DIBMB[BM SFHJPO PG UIF PWVMF /HVZFOFUBM4SFOTFOFUBM(VJ UUPOFUBM "MUIPVHINPTUPGUIFFOEPTQFSN JT VTFE VQ CZ UIF HSPXJOH FNCSZP UIF TJOHMF QF SJQIFSBM MBZFS UIBU QFSTJTUT JO UIF NBUVSF TFFE IBT CFFO DPOTJEFSFE FRVJWBMFOU JO MPDBUJPO BOE POUPH FOZUPUIFBMFVSPOFMBZFSPGDFSFBMHSBJOT #SPXOFU BM "TXJMMCFEJTDVTTFEMBUFSJOUIJTDIBQUFS UIFTUSVDUVSBMWFSTBUJMJUZPGUIFDIBMB[BMFOEPTQFSN DIBNCFS USBOTMBUFT JOUP B QPUFOUJBM GPS GVODUJPOBM WFSTBUJMJUZGPSFNCSZPOVUSJUJPO BDUJOHBTBDPOEVJU GPSDIBOOFMJOHNBUFSOBMOVUSJFOUTJOUPUIFEFWFMPQ JOHTFFEѮJTBDDPVOUPGFOEPTQFSNEFWFMPQNFOU JO"SBCJEPQTJTJTQSPCBCMZBOPWFSTJNQMJêDBUJPOPG XIBUNVTUCFBDPNQMFYOFUXPSLPGEFWFMPQNFOUBM DPOUSPMTBDUJOHPOUIFQSPEVDUTPGUIFêSTUEJWJTJPO PGUIFQSJNBSZFOEPTQFSNOVDMFVT BOEXIJDIDPO UJOVFCFZPOEJOUPUIFDFMMVMBSJ[BUJPOTUBHF 5XPBQQSPBDIFTJOWPMWJOHNPMFDVMBSNBSLFSTGPS
ɭɧ $FMMVMBS0SHBOJ[BUJPOPGUIF&OEPTQFSN
ώϒϔ
DFMM UZQFT IBWF CFFO VTFE UP JEFOUJGZ TUBHFT PG FO EPTQFSN EFWFMPQNFOU BT XFMM BT FOEPTQFSN DPN QBSUNFOUTJOEFWFMPQJOHPWVMFTPG"SBCJEPQTJT0OF JT JO TJUV IZCSJEJ[BUJPO XIJDI IBT TIPXO UIBU PG UIFTFWFSBM."%4CPY"(-HFOFTUFTUFE POMZUIF "(- HFOF JT TQFDJêDBMMZ FYQSFTTFE JO UIF FOEP TQFSN $PSSFMBUJOH XJUI UIF TUSVDUVSBM EJĒFSFODFT CFUXFFO UIF NJDSPQZMBS BOE DIBMB[BM DIBNCFST PG UIF FOEPTQFSN HFOF USBOTDSJQUT BSF GPVOE BTTPDJ BUFE XJUI UIF OPEVMFT PG UIF DIBMB[BM FOEPTQFSN "MWBSF[#VZMMBFUBM *OBTFDPOEBQQSPBDI ʃHMVDVSPOJEBTF (64 NBSLFS BOE ('1NBSLFS MJOFT IBWF CFFO HFOFSBUFE CZ BSUJêDJBMMZ UFUIFSJOH UIF SFQPSUFS HFOF UP EJĒFSFOU HFOF QSPNPUFST PS CZTDSFFOJOHQSPNPUFSUSBQMJOFTEJTQMBZJOH(64PS ('1FYQSFTTJPO(FOFTTVDIBT.&" '*4
'*4 BOE'*& '*4
XIJDISFQSFTTFOEPTQFSNEFWFMPQ NFOU JO UIF BCTFODF PG QPMMJOBUJPO XFSF UIF êSTU XIPTF QSPNPUFST XFSF DPVQMFE UP UIF (64 HFOF UP GPMMPX HFOF BDUJWJUZ QBUUFSOT JO UIF EFWFMPQJOH FOEPTQFSN TFF 1MBUF 'JHBmG #Z UIFJS BTTP DJBUJPOXJUIUIFQPMBSOVDMFJCFGPSFGFSUMJ[BUJPO BOE XJUIUIFQSJNBSZFOEPTQFSNOVDMFVTBOEGSFFFOEP TQFSNOVDMFJBѫFSGFSUJMJ[BUJPO UIFTFHFOFTBSFDPO TJEFSFEUPSFQSFTFOUTQFDJêDNBSLFSTPGFBSMZOVDMFBS FOEPTQFSNEFWFMPQNFOUJO"SBCJEPQTJT'PMMPXJOH DFMMVMBSJ[BUJPO HFOFBDUJWJUZJTSFTUSJDUFEUPUIFDIB MB[BMDIBNCFS -VPFUBM 'MVDUVBUJPOTJO('1 FYQSFTTJPO JO UIF FOEPTQFSN PG B USBOTHFOJD MJOF DSFBUFE CZ SBOEPN JOTFSUJPO PG B 5%/"N('1 DPOTUSVDU IBT SFWFBMFE UIBU BѫFS VOJGPSN ëVPSFT DFODFJOBMMQBSUTPGUIFFOEPTQFSNFBSMZJOEFWFM PQNFOU ëVPSFTDFODF HSBEVBMMZ EJNJOJTIFE JO UIF NJDSPQZMBSBOEDFOUSBMEPNBJOT QFSTJTUJOHTUSPOHMZ POMZJOUIFDZTUPGUIFDIBMB[BMEPNBJO 4SFOTFOFU BM *ODMVEFEJOBOFXTFUPG(64FYQSFTT JOH QSPNPUFS USBQ MJOFT BSF NBSLFST GPS UIF DIBMB [BM BOE NJDSPQZMBS FOEPTQFSN DPNQBSUNFOUT BM UIPVHIHFOFFYQSFTTJPOVTJOHUIFTFNBSLFSTJTBMTP EFUFDUFE JO UIF EJQMPJE UJTTVFT PG UIF JOUFHVNFOUT BOEFNCSZP 4UBOHFMBOEFUBM "MUPHFUIFS UIFTF êOEJOHT QSPWJEF DPNQFMMJOH FWJEFODFUPTIPXUIBUNVDISFNBJOTUPCFEPOFUP PCUBJOBDPNQMFUFDZUPMPHJDBMQJDUVSFPGFOEPTQFSN EFWFMPQNFOU 8JUI UIF UFDIOJRVFT DVSSFOUMZ BWBJM BCMF UIF QSPHOPTJT MPPLT HPPE GPS MBZJOH B TPVOE GPVOEBUJPO UP TUVEZ UIF NFDIBOJTNT UIBU DPOUSPM UIF FTUBCMJTINFOU BOE NBJOUFOBODF PG QPMBSJUZ JO UIFDFOUSBMDFMMGPSUIFQSPHSBNNFENJHSBUJPOPGUIF
ώϒϕ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
FOEPTQFSNOVDMFJ UIFQSFWFOUJPOPGQISBHNPQMBTU GPSNBUJPO UIBU VOMFBTIFT GSFF OVDMFBS EJWJTJPOT PG UIFQSJNBSZFOEPTQFSNOVDMFVT BOEUIFJOJUJBUJPO PGQFSJDMJOBMNJUPUJDEJWJTJPOTJOUIFBMWFPMJ
#JPDIFNJDBM0SHBOJ[BUJPOPGUIF &OEPTQFSN
5XP JOUSJHVJOH BTQFDUT PG UIF CJPDIFNJDBM PSHB OJ[BUJPO PG UIF FOEPTQFSN BT B EJTUJODU UJTTVF BSF UIF BCJMJUZ PG UIF DFMM OVDMFJ UP VOEFSHP %/" BN QMJêDBUJPO BOEUIFQSPQFOTJUZPGUIFDZUPQMBTNUP BDDVNVMBUF BO BDFSWBUF DPNQMFY PG TUPSBHF QSPE VDUT"NQMJê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ʂBNZMBTFJOIJCJUPST MFDUJOT UIJPOJOT SJCPTPNFJOBDUJWBUJOH QSPUFJOT BOE DFS UBJOFO[ZNFT BMTPQJMFVQJOUIFFOEPTQFSNDFMMTPG EJWFSTFQMBOUT -PQFTBOE-BSLJOT
BDBQBDJUZUPJODSFBTFJOTJ[FEVFUPFOEPSFEVQMJDB UJPO PS QPMZUFOZ 'JHB C ѮF DPOUFNQPSBSZ WJFXUFOETUPCFUIBUFOEPSFEVQMJDBUJPOBMMPXTGPS BNQMJêDBUJPOPGOVDMFBS%/"BOEPDDVSTUISPVHI FOEPOVDMFBS DISPNPTPNF EVQMJDBUJPO XJUIPVU BD DPNQBOZJOH NJUPTJT "MUIPVHI UIJT QSPDFTT JO XIJDISFQFBUFESPVOETPG%/"TZOUIFTJTPDDVSSJOH JOBOJOUBDUOVDMFVT MFBETUPUIFQSPEVDUJPOPGDISP NBUJET UIFDISPNPTPNFOVNCFSJUTFMGSFNBJOTVO DIBOHFE 1PMZUFOF DISPNPTPNFT QSFTVNBCMZ BSJTF CZFOEPSFEVQMJDBUJPO XIJDISFTVMUTJOUIFQSFTFODF PGNBOZQBSBMMFMêCSJMTJOUIFDISPNBUJET %"NBUP #SBDIFU
%/""NQMJmDBUJPO ѮFPCWJPVTDPOOFDUJPOCFUXFFOQMPJEZMFWFMPGUIF QSJNBSZFOEPTQFSNOVDMFVT SBOHJOHGSPNEJQMPJE JO UIF 0FOPUIFSB UZQF PG FNCSZP TBD USJQMPJE JO UIF 1PMZHPOVN "MMJVN %SVTB BOE "EPYB UZQFT QFOUBQMPJEJOUIF'SJUJMMBSJB 1FOBFB 1MVNCBHP BOE 1MVNCBHFMMB UZQFT BOE O UP O JO UIF 1FQFSP NJBUZQF IBTFOHFOEFSFEUIFOPUJPOUIBU XJUIUIF FYDFQUJPO PG UIF TNBMM OVNCFS PG QMBOUT XJUI UIF 0FOPUIFSB UZQF PG FNCSZP TBD JO UIF NBKPSJUZ PG ëPXFSJOHQMBOUT UIFQSFTFODFPGOVDMFJXJUINPSF UIBOUIFEJQMPJEOVNCFSPGDISPNPTPNFTJTBXBZ PGMJGFGPSUIFFOEPTQFSNHFOFSBUFEGPMMPXJOHEPV CMFGFSUJMJ[BUJPO .BIFTIXBSJ%"NBUP *UJTOPXLOPXOUIBU CFTJEFTUIJTOBUVSBMEJWFSTJUZ JODISPNPTPNFOVNCFS FOEPTQFSNOVDMFJFYIJCJU
'JHɭɩB C*ODSFBTF JO TJ[F PG UIF FOEPTQFSN OVDMFVT PG NBJ[FEVFUPFOEPSFEVQMJDBUJPO"NBJ[FSPPUUJQDFMMJOBJT DPNQBSFE XJUI BO FOEPTQFSN OVDMFVT JO C EBZT BѫFS QPMMJOBUJPO
BHBJOTU B CBDLHSPVOE PG DIJDLFO FSZUISPDZUF OVDMFJ BSSPXT 3FQSJOUFEGSPN,PXMFTBOE1IJMMJQT
(JWFO UIF QSPMPOHFE DFMMVMBS QIBTF PG DFSFBM FOEP TQFSNTXIFOQSPHSFTTJWFDIBOHFTJO%/"DPOUFOU PDDVS JUJTQFSIBQTOPUTVSQSJTJOHUIBUFOEPSFEVQMJ DBUJPOIBTCFFORVBOUJêFECZNPOJUPSJOHDIBOHFT
JO %/" MFWFMT PG DFSFBM FOEPTQFSN OVDMFJ EVSJOH EFWFMPQNFOU"MUIPVHIUIFTFTUVEJFTTIPXBUZQJDBM QBUUFSOPGBESBNBUJDTVSHFJOOVDMFBS%/"DPOUFOU GPMMPXJOHDFTTBUJPOPGNJUPUJDBDUJWJUZ UIFSFJTBMTP DPOTJEFSBCMF IFUFSPHFOFJUZ JO UIF NBYJNVN %/" DPOUFOUBUUBJOFE SBOHJOHGSPN$JOCBSMFZ (JFTF
$ JO NBJ[F ,PXMFT FU BM
$ JO 5SJUJDBMF SZF 4FDBMF DFSFBMF 1PBDFBF
BOE XIFBU 5SJUJDVNBFTUJWVNBOE5EVSVN)FS[BOE#SVOPSJ $IPKFDLJFUBM#SVOPSJFUBM
BOE $ JO SJDF 3BNBDIBOESBO BOE 3BHIBWBO 3FTFBSDI PO UIF NFDIBOJTN PG FOEPSFEVQMJDBUJPO PGUIFFOEPTQFSNHFOPNFIBTCFFOEPNJOBUFECZ UIF XPSL EPOF PO NBJ[F JO XIJDI %/" DPOUFOUT PG DFMMT PG TPNF HFOPUZQFT SFBDI NBYJNVN MFWFMT PG $ BOE $ ,PXMFT BOE 1IJMMJQT $B WBMMJOJFUBM-BSLJOTFUBM 0OFPGUIF LFZRVFTUJPOTDPODFSOJOHFOEPSFEVQMJDBUJPOJTIPX FWFOUT MFBEJOH UP UIF JOEVDUJPO PG %/" TZOUIFTJT BSF DPPSEJOBUFE XJUI UIPTF SFTVMUJOH JO UIF BSSFTU PGNJUPTJT6OEPVCUFEMZ BOBOTXFSUPUIJTRVFTUJPO XJMM CF WFSZ NVDI MJOLFE UP SFHVMBUJPO PG UIF DFMM DZDMF OVEHJOH UIF EJWJEJOH DFMMT GSPN POF QIBTF UP BOPUIFS CZ UIF BDUJWJUZ PG VCJRVJUPVT QSPUFJO LJOBTFT "T FMVDJEBUFE JO %SPTPQIJMB BOE JO TJOHMF DFMMFEFVLBSZPUFTTVDIBTZFBTU BDBUBMZUJDTVCVOJU DBMMFE $%, BOE B SFHVMBUPSZ TVCVOJU DZDMJO BSF DPNQPOFOUTPGQSPUFJOLJOBTFT"OBEEJUJPOBMMFWFM PGDPNQMFYJUZJOUIFGVODUJPOJOHPG$%,TJTBUUSJC VUFEUPUIFQSFTFODFPGBOFUXPSLPGTFWFSBMEJTUJODU DZDMJOT FBDICJOEJOHXJUIB$%,UPGPSNBOBDUJWF QSPUFJOLJOBTFѮFUFNQPSBMBDUJWJUZPG$%,TIBT SFDFJWFENVDIBUUFOUJPOBTJUJTESJWFOCZUIFUZQF PGBTTPDJBUFEDZDMJO BTXFMMBTCZNVMUJQMFSFBDUJPOT UIBU BĒFDU $%, QIPTQIPSZMBUJPO BOE UIFJS BTTP DJBUJPO XJUI JOIJCJUPST .PSHBO (SBê ѮFEJSFDUJOWPMWFNFOUPGB$%,JOUIFSFHVMBUJPO PG FOEPSFEVQMJDBUJPO XBT EFNPOTUSBUFE CZ UIF SF EVDUJPO PG FOEPSFEVQMJDBUJPO JO FOEPTQFSN DFMMT PGUSBOTHFOJDNBJ[FGPMMPXJOHFDPUQJDFYQSFTTJPOPG B HFOF FODPEJOH B EPNJOBOU OFHBUJWF GPSN PG UIF $%,ѮJTMBUUFSXPSLTIPXFEUIBU XIFSFBTPWFSFY QSFTTJPOPGUIFXJMEUZQF$%,EJEOPUBĒFDUFOEP SFEVQMJDBUJPO UIFEFGFDUJWFFO[ZNFMPXFSFELJOBTF BDUJWJUZBOETJHOJêDBOUMZSFEVDFEUIF%/"DPOUFOU PGFOEPTQFSNOVDMFJ -FJWB/FUPFUBM *OBOFBSMJFSTUVEZ (SBêBOE-BSLJOT EFN POTUSBUFE UIBU UXP DMPTFMZ SFMBUFE QSPUFJO LJOBTFT TJNJMBS JO GVODUJPO UP QSPUFJO LJOBTFT DPOUSPMMJOH
ɭɨ #JPDIFNJDBM0SHBOJ[BUJPOPGUIF&OEPTQFSN
ώϒϖ
NBNNBMJBO DFMM DZDMF SFHVMBUJPO BSF JOWPMWFE JO UIF PSEFSMZ QSPHSFTTJPO PG NBJ[F FOEPTQFSN DFMMT UISPVHI SFQFBUFE DZDMFT PG %/" TZOUIFTJT XJUI PVUBDDPNQBOZJOHNJUPTJTѮJTXPSLTIPXFEUIBU %/" TZOUIFTJT EVSJOH FBSMZ TUBHFT PG FOEPTQFSN EFWFMPQNFOU JT NBJOUBJOFE CZ BO JODSFBTF JO UIF BNPVOU BOE BDUJWJUZ PG 4QIBTFSFMBUFE QSPUFJO LJOBTFT BOE UIBU UIF FOEPSFEVQMJDBUFE DFMMT DPO UBJO B GBDUPS UIBU TVQQSFTTFT UIF BDUJWJUZ PG UIF . QIBTFQSPNPUJOHGBDUPS&OEPSFEVQMJDBUJPOJTUIVT UIPVHIUUPQSPDFFEWJBJOEVDUJPOPG4QIBTFSFMBUFE QSPUFJO LJOBTFT BOE DPODPNJUBOU JOIJCJUJPO PG UIF .QIBTF QSPNPUJOH GBDUPS ѮF GBDU UIBU UIF MFWFM BOE QIPTQIPSZMBUJPO TUBUF PG B SFUJOPCMBTUPNBSF MBUFE QSPUFJO OBNFE QPDLFU QSPUFJO JTPMBUFE GSPN NBJ[FFOEPTQFSNDFMMTDIBOHFTJOBTTPDJBUJPOXJUI UIFPOTFUPGFOEPSFEVQMJDBUJPOIBTQSPWJEFETUSPOH FWJEFODFGPSBSPMFGPSUIFQPDLFUGBNJMZPGQSPUFJOT JOUIJTQSPDFTT (SBêFUBM "OFXNJUPUJDDZ DMJOCFMPOHJOHUPUIFTVCHSPVQ;FBNB $ZD# EFT JHOBUFE BT $ZD;NF IBT CFFO JEFOUJêFE JO NBJ[F FOEPTQFSN DFMMT B EPXOSFHVMBUJPO PG UIJT DZDMJO BDDPNQBOZJOH UIF POTFU PG FOEPSFEVQMJDBUJPO IBT TVHHFTUFE JUT MBDL PG JOWPMWFNFOU PS POMZ QFSJQI FSBMJOWPMWFNFOU QFSIBQTJOBTTPDJBUJPOXJUIBOJO IJCJUPSPG$%,BDUJWJUZ JOFOEPSFEVQMJDBUJPO 4VO FUBMC "QSPUFJOLJOBTFUIBUIBTFNFSHFEBTB DPOUSPMMJOHGBDUPSJOUIFFOEPSFEVQMJDBUJPOPGNBJ[F FOEPTQFSNDFMMTJT8FFѮJTLJOBTFXBTPSJHJOBMMZ JEFOUJêFE JO 4DIJ[PTBDDIBSPNZDFT QPNCF CZ WJSUVF PG JUT FĒFDUT JO EFMBZJOH NJUPTJT CZ QIPTQIPSZMBU JOHUIF.QIBTFQSPNPUJOHGBDUPS*OLFFQJOHXJUI JUTGVODUJPOJOPUIFSTZTUFNT BNBJ[F8FFIPNP MPH ;N8FF
XIJDI BDDVNVMBUFT EVSJOH FOEP SFEVQMJDBUJPO IBTCFFOJOWPLFEUPJOIJCJU$%,CZ QIPTQIPSZMBUJPO 4VOFUBMB ѮVT UIFSFBSF MJLFMZUPCFNVMUJQMFSFHVMBUPSZQBUIXBZTJOWPMWJOH EJĒFSFOUQSPUFJOLJOBTFTBOEDZDMJOTUIBUFOBCMFFO EPTQFSN DFMMT UP CZQBTT NJUPTJT BOE DPOUJOVF VO BCBUFE%/"TZOUIFTJT 4FWFSBM BEEJUJPOBM PCTFSWBUJPOT IBWF QSPWJEFE TPNF SFNBSLBCMF JOTJHIUT JOUP UIF GVODUJPOBM BOE CJPMPHJDBMTJHOJêDBODFPG%/"BNQMJêDBUJPOJOUIF FOEPTQFSN%JĒFSFOUBQQSPBDIFTVTFEUPFTUJNBUF UIFMFWFMTPGFOEPSFEVQMJDBUJPOJOFOEPTQFSNOVDMFJ PGJOCSFEMJOFTPGNBJ[FBOEUIFJSSFDJQSPDBMDSPTTFT IBWF QSPWFE FĒFDUJWF JO ESBXJOH BUUFOUJPO UP UIF FYJTUFODF PG NBUFSOBM HFOFUJD DPOUSPM PG FOEPSFEV QMJDBUJPO $BWBMMJOJFUBM,PXMFTFUBM
ώϓύ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
%JMLFTFUBM *OBOPUIFSBQQSPBDI -FCMBODFU BM IBWFTIPXOUIBUJOJOUFSQMPJEZDSPTTFTJO NBJ[F UJQQJOHUIFQBSFOUBMHFOPNFSBUJPJOUIFFO EPTQFSNUPXBSENBUFSOBMFYDFTTTUJNVMBUFTNJUPUJD BSSFTUBOEFOEPSFEVQMJDBUJPO XIFSFBTQBUFSOBMFY DFTTEFMBZTUIF%/"BNQMJêDBUJPOQSPDFTTѮFMP DBMIPSNPOBMFOWJSPONFOUJOUIFFOEPTQFSNTFFNT UPJNQBDUFOEPSFEVQMJDBUJPO BTUIFJODSFBTFJOOV DMFBS%/"DPOUFOUDPJODJEFTXJUIUIF*""DPOUFOU PGUIFFOEPTQFSNFYPHFOPVTBQQMJDBUJPOPG % BMTPJODSFBTFTUIF%/"DPOUFOUPGUIFFOEPTQFSN -VSBOE4FUUFS ;IBPBOE(SBê IBWF TIPXOUIBUUIFTIJѫPGNBJ[FFOEPTQFSNDFMMTGSPN NJUPUJDNPEFUPFOEPSFEVQMJDBUJPONPEFJTBTTPDJ BUFE XJUI B SFEVDUJPO JO UIF DPODFOUSBUJPO PG UIF DPOTVNNBUF USBOTDSJQUJPOSFQSFTTJOH IJTUPOF ) QSPUFJO BOE B DPODPNJUBOU JODSFBTF JO UIF USBO TDSJQUJPOBDUJWBUJOH IJHI NPCJMJUZ HSPVQ ).( QSPUFJOѮJTPCTFSWBUJPOQSFTVNFTUIBUCZJODSFBT JOH UIF OVNCFS PG %/" UFNQMBUFT FOEPSFEVQMJDB UJPO JODSFBTFT UIF USBOTDSJQUJPOBM BDUJWJUZ PG DFMMT ѮJTXBTUFTUFECZEFUFSNJOJOHUIFFēDJFODZPGUIF QVSJêFENBJ[FFOEPTQFSN).(QSPUFJOUPCJOEUP UIFQSPNPUFSTFRVFODFPGBHFOFFODPEJOHUIFNBJ[F TUPSBHFQSPUFJO[FJO BOE BTQSFEJDUFE UIFCJOEJOH BDUJWJUZCFDBNFIJHIBUTUBHFTDPSSFTQPOEJOHUPJO UFOTF FOEPSFEVQMJDBUJPO *U JT XFMMLOPXO UIBU UIF JODSFBTFJOLFSOFMWPMVNFBOENBTTUIBUPDDVSTJO DFSFBMHSBJOTEVFUPUIFTZOUIFTJTBOEBDDVNVMBUJPO PGTUBSDIBOETUPSBHFQSPUFJOTJOUIFFOEPTQFSNJT UFNQPSBMMZ DPSSFMBUFE XJUI FOEPSFEVQMJDBUJPO JN QMZJOH UIBU FOEPSFEVQMJDBUJPO NJHIU BTTJTU JO UIF SBQJE TZOUIFTJT PG UIFTF TUPSBHF QSPEVDUT EVSJOH HSBJOEFWFMPQNFOU "DDVNVMBUJPOPG4UPSBHF1SPEVDUT ѮFFDPOPNJDJNQPSUBODFPGUIFFOEPTQFSN FTQF DJBMMZ UIBU PG DFSFBM HSBJOT XIJDI QSPWJEF B NBKPS TPVSDFPGTUBSDIBOEQSPUFJOTGPSUIFIVNBOQPQV MBUJPOBOEGPSEPNFTUJDBUFEBOJNBMT JTQBSBNPVOU "TSFMJBCMFUSBOTGPSNBUJPOTZTUFNTBSFOPXBWBJMBCMF GPSUIFACJHUISFFDFSFBMT OBNFMZXIFBU 7BTJMBOE 7BTJM
SJDF %BUUB
BOE DPSO (PSEPO ,BNNFUBM
BOVOEFSTUBOEJOHPGUIFOBUVSF PGUIFTUPSBHFQSPEVDUTJOUIFFOEPTQFSNPGUIFTF HSBJOT BOE UIF DZUPMPHJDBM NFDIBOJTN CZ XIJDI UIFJSTZOUIFTJTBOEBDDVNVMBUJPOBSFSFHVMBUFE XJMM CFPGHSFBUWBMVFJOUIFHFOFUJDFOHJOFFSJOHPGDSPQT
XJUIJNQSPWFEOVUSJUJPOBMRVBMJUJFT*ODPOTJEFSJOH HFOFBDUJPOJOUIFTZOUIFTJTPGTUBSDI NPTUBOBMZTFT IBWFCFFOQFSGPSNFEXJUITQPOUBOFPVTMZPDDVSSJOH NVUBOUT TVDI BT TISVOLFO TI
XBYZ XY
CSJUUMF CU
BOE TVHBSZ TV
UIBU BĒFDU UIF RVBMJUZ BOE RVBOUJUZPGUIJTDBSCPIZESBUFJONBJ[FFOEPTQFSN ѮFMFHJUJNBDZPGUIFOBNFTHJWFOUPUIFTFDPNNPO NVUBOUTJTVOEFSTDPSFECZUIFQIFOPUZQJDPSDIFNJ DBMOBUVSFPGUIFFOEPTQFSN XIJDIJTTISVOLFOBOE PQBRVFEVFUPBIJHITVHBSBOESFEVDFETUBSDIDPO UFOUJOTI JTPQBRVFJOXYBOEDPOTJTUTFYDMVTJWFMZ PGBNZMPQFDUJOJOTUFBEPGBNJYUVSFPGBNZMPTFBOE BNZMPQFDUJO BT JO UIF XJMEUZQF FOEPTQFSN DPO UBJOTFYUSFNFMZSFEVDFEBNPVOUTPGTUBSDIBOEIJHI TVHBSJOCU BOEJTXSJOLMFEBOEHMBTTZXJUIBIJHI TVHBSDPOUFOUJOTV $SFFDI "TJONBJ[F XY FOEPTQFSN PG SJDF MBDLT BNZMPTF BOE DPOUBJOT QSJ NBSJMZ BNZMPQFDUJO 4BOP ѮF CJPDIFNJDBM MFTJPOT DBVTFE CZ UIFTF NVUBUJPOT IBWF CFFO DPO TJEFSFEFMTFXIFSF 3BHIBWBO *O BEEJUJPO UP BMCVNJOT BOE HMPCVMJOT XIJDI BMTP DPOTUJUVUF UIF TUPSBHF QSPUFJOT PG UIF FNCSZP UIF NBJO TUPSBHF QSPUFJOT PG UIF FOEPTQFSN BSF QSPMBNJOT TPMVCMF JO BMDPIPM BOE HMVUFMJOT TPMV CMFJOEJMVUFBDJEPSBMLBMJ ѮFUISFFNBKPSDFSFBMT BSFJEFOUJêFECZUIFUZQFPGTUPSBHFQSPUFJOTUIBUBD DVNVMBUF JO UIFJS FOEPTQFSN QSPMBNJOT JO NBJ[F QSPMBNJOT BOE HMVUFMJOT JO XIFBU BOE HMVUFMJOT QSPMBNJOT BOEHMPCVMJOTJOSJDF*ONPTUëPXFSJOH QMBOUT TZOUIFTJTPGTUPSBHFQSPUFJOTBOEUIFJSBDDV NVMBUJPOJOQSPUFJOCPEJFTBSFUIFNPTUDSVDJBMTUFQT BTTPDJBUFEXJUIUIFDFMMVMBSQIBTFPGFOEPTQFSNEF WFMPQNFOU &MFDUSPO NJDSPTDPQZ IBT SFWFBMFE UIBU TUPSBHF QSPUFJOT PG DFSFBM HSBJOT BSF EFQPTJUFE JO EJĒFSFOUDFMMVMBSDPNQBSUNFOUTѮFQSPMBNJOUZQF PGNBJ[FFOEPTQFSNTUPSBHFQSPUFJOTLOPXOBT[F JOTBSFDVSSFOUMZDMBTTJêFEJOUPGPVSTUSVDUVSBMMZEJT UJODUUZQFT OBNFMZ ʂ[FJO BOEL%B
ʃ[FJO L%B
ʄ[FJO L%B
BOE ʅ[FJO L%B .PCJMJ[BUJPOPG[FJOTJOUIFFOEPTQFSNDPNNFODFT XIFODFMMTBSFJOUIFEJWJTJPONPEFBOEDPOUJOVFT VOUJMHSBJONBUVSJUZѮFQSPUFJOCPEJFT XIJDIDPO UBJO BHHSFHBUFT PG [FJO CFDPNF FWJEFOU BT NFN CSBOFFODMPTFETQIFSJDBMEFQPTJUT BOEBDDVNVMBUF JOTNBMMWFTJDMFTQSPEVDFECZMPDBMJ[FEEJMBUJPOTPG UIF &3 ,IPP BOE 8PMG *O TVQQPSU PG UIF SPMFPG&3JO[FJOTZOUIFTJT JUIBTCFFOGPVOEUIBU UIF SPVHI &3 EJSFDUT UIF JO WJUSP TZOUIFTJT PG QSP UFJOT DPSSFTQPOEJOH JO NPMFDVMBS NBTT UP JO WJWP TZOUIFTJ[FE [FJOT -BSLJOT BOE )VSLNBO
2VFTUJPOTIBWFCFFOSBJTFEBTUPXIFUIFSUIFTQBUJBM PSHBOJ[BUJPOPG[FJOTXJUIJOUIFQSPUFJOCPEZJTEVF UPTQFDJêDJOUFSBDUJPOTCFUXFFOJOEJWJEVBM[FJOT PS UP QSFGFSFOUJBM UBSHFUJOH PG N3/"T PG TPNF [FJOT UPTQFDJêDSFHJPOTPGUIFSPVHI&3'SPNBOBOBMZ TJT PG UIF EJTUSJCVUJPO PG N3/"T FODPEJOH UIF L%Bʂ[FJOBOEUIFL%Bʄ[FJOPODJTUFSOBMBOE SPVHI&3NFNCSBOFT ,JNFUBM IBWFDPO DMVEFEUIBUUSBOTDSJQUTPGCPUI[FJOTBSFEJTUSJCVUFE NPSF PS MFTT SBOEPNMZ PO CPUI SFHJPOT PG UIF &3 ѮJT êOEJOH JNQMJFT UIBU JOUFSBDUJPOT CFUXFFO EJG GFSFOU[FJOT SBUIFSUIBOTPSUJOHPGUIFJSSFTQFDUJWF N3/"T NJHIUBDDPVOUGPSQSPUFJOCPEZBTTFNCMZ JOUIFNBJ[FFOEPTQFSN3JDFFOEPTQFSNDPOUBJOT UXPUZQFTPGTUPSBHFQSPUFJOT QSPMBNJOTLOPXOBT PSZ[JOT BOE HMPCVMJOMJLF HMVUFMJOT FBDI PG XIJDI JT TZOUIFTJ[FE PO B EJĒFSFOU DPOêHVSBUJPO PG UIF SPVHI &3 0SZ[JOT BSF TZOUIFTJ[FE BOE SFUBJOFE JO UIF MVNFO PG UIF &3 XIFSF UIFZ GPSN QSPUFJO CPEJFT XIFSFBTHMVUFMJOT TZOUIFTJ[FEJOUIFDJTUFS OBM&3 BSFUSBOTQPSUFEUPUIFWBDVPMFTUISPVHIUIF (PMHJ DPNQMFY UP GPSN QSPUFJO CPEJFT ѮF UBSHFU JOHPGUIFTFQSPUFJOTJOUPEJTUJODUQSPUFJOCPEJFTJT BMTPBTTPDJBUFEXJUIBOBTZNNFUSJDEJTUSJCVUJPOPG UIFJSSFTQFDUJWFN3/"TJOTQFDJêD&3NFNCSBOFT -J FU BM ѮF DVSSFOU WJFX PG UIF OBUVSF PG UIFTJHOBMSFTQPOTJCMFGPSTPSUJOHPGUIFPSZ[JOUSBO TDSJQUTUPBTQFDJê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êUXJUIUIFDPODFQUPGUSBēDLJOHPGQSFDVSTPSTPG UIFTFQSPUFJOTUISPVHIUIF(PMHJBQQBSBUVTUPSFBDI UIFJSTJUFPGTUPSBHF +PMMJĒFFUBM ѮF TUSVDUVSF PG UIF FOEPTQFSN TUPSBHF QSPUFJO HFOFT PG TFWFSBM DFSFBMT JT QSPHSFTTJWFMZ CFJOH VO
ɭɨ #JPDIFNJDBM0SHBOJ[BUJPOPGUIF&OEPTQFSN
ώϓώ
SBWFMFE BOE TPNF IBWF OPX CFFO TVDDFTTGVMMZ FY QSFTTFEJOUSBOTHFOJDTZTUFNT 3BHIBWBO 1SPHSBNNFE$FMM%FBUIPGUIF&OEPTQFSN
'JHɭɪ1SPHSFTTJPOPGQSPHSBNNFEDFMMEFBUI QDE JOUIF FOEPTQFSNPGNBJ[FBTJOEJDBUFECZ&WBOTCMVFTUBJOFYDMV TJPO%BSLTUBJOJOHBSFBTJOEJDBUFEFBEDFMMT%"1%BZTBѫFS QPMMJOBUJPO 3FQSJOUFEGSPN:PVOHBOE(BMMJF
ѮF TUBSDIZ FOEPTQFSN PG DFSFBM HSBJOT IBT B MJN JUFE MJGFTQBO BT JU JT GBUFE UP EJF QSJPS UP NBUVSB UJPOPGUIFHSBJO*ODPOUSBTU JONBUVSFHSBJOTUIF BMFVSPOFMBZFSJTDPOTJEFSFEUPDPOTUJUVUFUIFMJWJOH DFMMT PG UIF FOEPTQFSN SFNBJOJOH BMJWF UISPVHI HSBJO NBUVSJUZ &TBV %VSJOH UIFJS POUPH FOZ DFMMT PG B QMBOU UJTTVF VOEFSHP FJUIFS QDE JO WPMWJOH NPMFDVMBS DPNQPOFOUT PG BO BDUJWF HFOF EFQFOEFOU QSPDFTT DIBSBDUFSJ[FE CZ DIBOHFT JO OVDMFBS NPSQIPMPHZ JOUFSOVDMFPTPNBM DMFBWBHF PG OVDMFBS%/" BOEBDUJWBUJPOPGOVDMFBTFTBOEQSP UFBTFT PS MPDBMJ[FE DFMM EFBUI OFDSPTJT
HFOFSBMMZ SFTVMUJOH GSPN JOKVSZ BOE DIBSBDUFSJ[FE CZ JSSFHV MBSDMVNQJOHPGDISPNBUJO SBOEPNEFDBZPG%/" NJUPDIPOESJBM TXFMMJOH EJTTPMVUJPO PG SJCPTPNFT BOE NFNCSBOF SVQUVSF ,FSS FU BM 4UBSDIZ FOEPTQFSNDFMMTPGDFSFBMHSBJOTHFOFSBMMZVOEFSHP QDE7JBCJMJUZTUBJOJOHPGEFWFMPQJOHNBJ[FLFSOFMT CZBEZFFYDMVTJPONFUIPETIPXFEUIBUQDEJTJOJ UJBUFE CZ DFMMT XJUIJO UIF DFOUSBM FOEPTQFSN FBSMZ EVSJOH HSBJO EFWFMPQNFOU GPMMPXFE TPPO BѫFS CZ BCBTJQFUBMXBWFCFHJOOJOHBUUIFUPQPGUIFLFSOFM
ώϓϏ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
UIBUFOHVMGTUIFFOUJSFTUBSDIZFOEPTQFSNDFMMTMBUF JO EFWFMPQNFOU 'JH )PXFWFS JOJUJBUJPO PG QDE JO XIFBU FOEPTQFSN JT OPU BTTPDJBUFE XJUI B TQFDJêD MPDVT CVU JT B SBOEPN QSPDFTT UIBU HSBEV BMMZ DPOTVNFT BMM UIF TUBSDIDPOUBJOJOH DFMMT ѮF TVJDJEBMUFOEFODJFTPGUIFFOEPTQFSNDFMMTPGNBJ[F BOEXIFBUIBWFLFZTJNJMBSJUJFT TVDIBTUIFPSEFSMZ JOUFSOVDMFPTPNBM EFHSBEBUJPO PG UIF HFOPNF UIF QSFTFODFPGIJHIMFWFMTPGOVDMFBTFBDUJWJUJFT BOEJO EVDUJPOCZFUIZMFOF :PVOHFUBM:PVOHBOE (BMMJF *OUFSFTUJOHMZ FWFO BѫFS QDE JT JOJUJBUFE FOEPTQFSN DFMMT DPOUJOVF UP BDDVNVMBUF TUPSBHF QSPEVDUT XIJDI BSF IZESPMZ[FE EVSJOH HFSNJOBUJPO*OFVEJDPUTTVDIBT7JDJBGBCB QDEJT JOJUJBUFE JO UIF FOEPTQFSN DFMMT BMNPTU TJNVMUBOF PVTMZXJUIUIFTBNFQSPDFTTJOUIFTVTQFOTPSDFMMT 8SFEMFFUBM ѮFEFHSBEBUJPOPGFOEPTQFSNEVSJOHUIFHFSNJ OBUJPO PG TFFET BOE HSBJOT BMTP FYIJCJUT IBMMNBSLT PGQDE%BUBXJUIBIJHIEFHSFFPGSFTPMVUJPOIBWF CFFO PCUBJOFE TIPXJOH UIBU HFSNJOBUJPO PG CBS MFZ HSBJOT JT BDDPNQBOJFE CZ %/" GSBHNFOUBUJPO BOEPUIFSDFMMVMBSDIBOHFTJOUIFBMFVSPOFDFMMTUIBU NJNJDBQPQUPUJDDFMMEFBUIJOBOJNBMT 8BOHFUBM #FUILF FU BM %/" GSBHNFOUBUJPO PG DFMMT PG DBTUPS CFBO FOEPTQFSN JT DPJODJEFOU XJUI UIF EFWFMPQNFOU PG TNBMM PSHBOFMMFT LOPXO BT SJ DJOPTPNFT #Z JUT BDDVNVMBUJPO PG DZTUFJOF FOEP QSPUFBTF UIFSJDJOPTPNFIBTCFFOSFDPHOJ[FEBTB LFZQMBZFSJOQDEPGUIFFOEPTQFSN BTUIFNBUVSF DZTUFJOF FOEPQFQUJEBTF OFDFTTBSZ GPS UIF EFHSBEB UJPO PG DZUPQMBTNJD DPNQPOFOUT JT SFMFBTFE GSPN UIJT PSHBOFMMF EVSJOH DFMMVMBS EJTJOUFHSBUJPO PG UIF FOEPTQFSN 4DINJE FU BM ѮBO FU BM 5PBMMPXGPSUIFQPTTJCJMJUZUIBUQDEJOFOEPTQFSN DFMMT NJHIU CF FYQMBJOFE JO UFSNT PG B HFOFSFHV MBUFEQSPDFTT JEFOUJêDBUJPOPGHFOFTQSPNPUJOHUIJT QSPDFTTJTOFDFTTBSZ
3PMFPGUIF&OEPTQFSNJO&NCSZP /VUSJUJPO
)JTUPSJDBMMZ UIFFOEPTQFSNIBTCFFOBTTJHOFEUIF UXJOGVODUJPOTPGOVSUVSJOHUIFFNCSZPEVSJOHJUT IFUFSPUSPQIJD QIBTF PG HSPXUI BOE BDDVNVMBUJOH DPNCVTUJCMF TPVSDFT PG FOFSHZ GPS TVTUBJOJOH FN CSZPUPTFFEMJOH HSPXUI EVSJOH TFFE HFSNJOBUJPO .VDIPGUIFDVSSFOUSVEJNFOUBSZVOEFSTUBOEJOHPG
UIFSPMFPGUIFFOEPTQFSNBTBOVSTFUJTTVFGPSUIF HSPXJOHFNCSZPJTCBTFEPOBWBSJFUZPGTUSVDUVSBM QIZTJPMPHJDBM BOE HFOFUJD PCTFSWBUJPOT XIJDI BSF DPOTJEFSFECFMPXVOEFSUISFFSVCSJDT 4USVDUVSBM.PEJmDBUJPOTPGUIF&OEPTQFSN "TNFOUJPOFEFBSMJFS GPMMPXJOHEPVCMFGFSUJMJ[BUJPO UIF QSJNBSZ FOEPTQFSN OVDMFVT HFUT B IFBETUBSU PWFSUIF[ZHPUFJOJOJUJBUJOHNJUPUJDEJWJTJPOT-BCZ SJOUIJOF XBMM QSPKFDUJPOT UIBU BSJTF GSPN UIF JOOFS XBMM PG UIF FNCSZP TBD BOE HSPX JOUP UIF FOEP TQFSN BTEFTDSJCFEJOQFB .BSJOPT
)FMJBO UIVTBOOVVT /FXDPNCBOE4UFFWFT
4UFMMBSJB NFEJB /FXDPNCBOE'PXLF
DPUUPO 4DIVM[ BOE +FOTFO
)BFNBOUIVT LBUIFSJOBF /FX DPNC
.FEJDBHPTBUJWB 4BOHEVFOFUBM
7JHOBTJOFOTJT 'BCBDFBF)VFUBM
BOE7JDJB GBCB +PIBOTTPOBOE8BMMFT
QSPCBCMZTVHHFTU BO JOEJSFDU SPMF GPS UIF FOEPTQFSN JO GBDJMJUBUJOH DFMMUPDFMM USBOTGFS PG NFUBCPMJUFT GSPN UIF PWVMBS UJTTVFTGPSFNCSZPOVUSJUJPO4USVDUVSBMMZ UIFXBMM QSPKFDUJPOT GSPN FNCSZP TBDT PG EJĒFSFOU TQFDJFT MPPL NVDI BMJLF CZ FMFDUSPO NJDSPTDPQZ UIF BN QMJêFE QMBTNB NFNCSBOF MJOJOH UIFN SBJTFT UIF QSPêMFPGXBMMQSPKFDUJPOTBTJUDPOGFSTUSBOTGFSDFMM GVODUJPOTPOUIFNJOWPMWJOHBDUJWFUSBOTQPSU*OUIF TBNFWFJO UIFQSFTFODFPGXBMMJOHSPXUITJONBJ[F FOEPTQFSN TQFDJêDBMMZ DMPTF UP UIF CBTBM DFMMT PG FBSMZTUBHFFNCSZPT JOUIFQMBDFOUPDIBMB[BMSFHJPO PGMBUFTUBHFFNCSZPT 4DIFMFUBM%BWJTFUBM $IBSMUPOFUBM
BOEJOUIFPVUFSQFSJDMJ OBMXBMMTPGDBTUPSCFBOFOEPTQFSNJOUSVEJOHJOUP UIFDSVTIFEOVDFMMBSDFMMT (SFFOXPPEFUBM
NJHIUCFDPNQBUJCMFXJUIBSPMFGPSUIFFOEPTQFSN JOUIFBCTPSQUJPOBOEUSBOTQPSUPGOVUSJFOUTUPUIF HSPXJOHFNCSZP"TTIPXOJO'JH USBOTGFSDFMMT JO UIF QMBDFOUPDIBMB[BM SFHJPO PG UIF NBJ[F FOEP TQFSN BSF DPNQPTFE PG FYUFOTJWFMZ BOBTUPNPTJOH XBMMQSPMJGFSBUJPOTNBEFVQPGBOFOPSNPVTRVBO UJUZ PG DFMM XBMM NBUFSJBMT BOE BTTPDJBUFE QMBTNB NFNCSBOF 4JNJMBS BOBUPNJDBM NPEJêDBUJPOT PG DFMM XBMMT DPODFSOFE XJUI NPWJOH OVUSJFOUT UP UIF FOEPTQFSN BSF GPVOE JO UIF DFMMT PG UIF BMFVSPOF MBZFSBEKBDFOUUPUIFQMBDFOUBMCVOEMFJO4FUBSJBMV UFTDFOT 1PBDFBF3PTUBOE-FSTUFO
BMFVSPOF DFMMT GBDJOH UIF QMBDFOUBM TBQ JO 4PSHIVN CJDPMPS 1PBDFBF .BOFTT BOE .D#FF
DSFBTF BMFV
ɭɩ 3PMFPGUIF&OEPTQFSNJO&NCSZP/VUSJUJPO
ώϓϐ
SPOFDFMMTBOEUIFCPSEFSJOHOVDFMMVTJOCBSMFZ $P DISBOF BOE %VĒVT
BOE BMFVSPOF DFMMT TBOE XJDIFE CFUXFFO UIF CBTBM TUBSDIZ FOEPTQFSN BOE UIFOVDFMMVTJO&DIJOPDIMPBVUJMJT 1PBDFBF;FFBOE 0#SJFO "OJNQPSUBOUDBWFBUJTUIBU XIJMFJU JT SFBTPOBCMF UP DPODMVEF UIBU OVUSJFOUT UIBU BDDV NVMBUFJODFSFBMFOEPTQFSNTBSFVTFEJOUIFTZOUIF TJTPGTUPSBHFQSPEVDUT JUIBTOPUCFFOEFUFSNJOFE XIFUIFSUIFZBSFBMTPVTFEGPSFNCSZPOVUSJUJPO ѮF QPTTJCMF GVODUJPO PG UIF FOEPTQFSN BT B
DPOEVJU GPS NFUBCPMJUFT GSPN PWVMBS UJTTVFT JT TVQ QPSUFE CZ OVNFSPVT SFQPSUT PG IJHIMZ TQFDJBMJ[FE NPEJêDBUJPOT PG UIF FOEPTQFSN JOUP PVUHSPXUIT LOPXOBTIBVTUPSJB XIJDIQFOFUSBUFUIFUJTTVFTPG UIFPWVMF8IPMFNPVOUQSFQBSBUJPOTPGUIFFOUJSF FOEPTQFSN IBWF TIPXO UIBU IBVTUPSJB BSF OPUPSJ PVTGPSUIFJSTUSVDUVSBMDPNQMFYJUZѮFZBSJTFBUFJ UIFSUIFNJDSPQZMBSPSUIFDIBMB[BMFOE PSBUCPUI FOET PG UIF EFWFMPQJOH FOEPTQFSN BOE BQQFBS BT VOCSBODIFE PS CSBODIFE UVCVMBS QSPDFTTFT UIBU
'JHɭɫ&MFDUSPONJDSPHSBQIPGUSBOTGFSDFMMTPGUIFQMBDFOUPDIBMB[BMSFHJPOPGUIFNBJ[FFOEPTQFSN TIPXJOHBDDVNVMB UJPOPGDFMMXBMMNBUFSJBM.5$SVTIFENBUFSOBMDFMMT /JSSFHVMBSMZTIBQFEOVDMFVT 3SJCCPOPGXBMMNBUFSJBM 5$USBOTGFS DFMM#BSʍN 3FQSJOUFEGSPN%BWJTFUBM
ώϓϑ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
NFBOEFSUISPVHIBEKBDFOUQBSUTPGUIFPWVMF TVDI BTJOUFHVNFOUT OVDFMMVT BOEDIBMB[BMUJTTVFTѮF NPSQIPMPHJDBMOBUVSFPGFOEPTQFSNIBVTUPSJBIBT CFFOQFSJPEJDBMMZVQEBUFEXJUIEFTDSJQUJWFBDDPVOUT PGBEEJUJPOTUPUIFMJTU .BIFTIXBSJ3BHIBWBO 7JKBZBSBHIBWBO BOE 1SBCIBLBS
BOE UIFTFSFGFSFODFTTIPVMECFDPOTVMUFEUPHBJOBTFOTF PGUIFDPNQMFYJUZPGUIFTFTUSVDUVSFTBUUIFMJHIUNJ DSPTDPQJDMFWFM4UVEZPGUIFIBVTUPSJBBUUIFFMFDUSPO NJDSPTDPQJDMFWFMJTJOJUTJOGBODZBOEJTSFTUSJDUFE UP PCTFSWBUJPOT NBEF PO (MZDJOF NBY %VUF BOE 1FUFSTPO BOE 3IJOBOUIVT NJOPS 4DSPQIVMB SJBDFBF /BHM ѮF VMUSBTUSVDUVSBM DIBSBDUFS JTUJD DPNNPO UP DIBMB[BM FOEPTQFSN IBVTUPSJB JO CPUITQFDJFTJTUIFQSFTFODFPGQSPOPVODFEXBMMJO HSPXUITJOUPUIFDZUPQMBTN UIFTJHOBUVSFGFBUVSFPG DFMMTUIBUQMBZBSPMFJOUSBOTGFSSJOHNFUBCPMJUFTѮF DPODFOUSBUJPOPGBMBSHFOVNCFSPGNJUPDIPOESJBJO UIFWJDJOJUZPGUIFXBMMQSPKFDUJPOTJO3NJOPSDPO KVSFTVQUIFTVHHFTUJPOPGBDUJWFUSBOTQPSUUISPVHI UIFQMBTNBNFNCSBOF /BHM ѮFDIBMB[BMFO EPTQFSNDIBNCFSJOUIF#SBTTJDBDFBFJTNPEJêFEBU MFBTUJOUXPEJĒFSFOUXBZTUPGVODUJPOBTBOJODJQJ FOUIBVTUPSJVN"TNFOUJPOFEFBSMJFS JO"SBCJEPQ TJT UIF HMPCVMBS DZTU BU UIF DIBMB[BM DIBNCFS IBT CSBODIJOH SPPUMJLF CBTBM QSPDFTTFT -FQJEJVN WJS HJOJDVN BOPUIFS NFNCFS PG UIF #SBTTJDBDFBF IBT BOFMPOHBUFTUBMLMJLFCBTBMQBSU /HVZFOFUBM #SPXOFUBM "OJNQPSUBOUNPUJWBUJPOGPSEF DJQIFSJOH UIF GVODUJPO PG UIF DIBMB[BM FOEPTQFSN QSPKFDUJPOTBOEUIFDIBMB[BMFOEPTQFSNDZTUTPGUIF #SBTTJDBDFBF JT UIFJS TJNJMBSJUZ UP UIF FOEPTQFSN IBVTUPSJBJO(NBYBOE3NJOPS"TJOUIFDIBMB[BM IBVTUPSJVNPG3NJOPS UIFXBMMJOHSPXUITGPVOE JO UIF DIBMB[BM FOEPTQFSN QSPDFTTFT JO "SBCJEPQ TJTBSFDMPTFMZBTTPDJBUFEXJUIOVNFSPVTNJUPDIPO ESJB ѮF GVODUJPOJOH PG UIF DIBMB[BM FOEPTQFSN DIBNCFSJONFNCFSTPGUIF#SBTTJDBDFBFQSPCBCMZ JOWPMWFTBOJOUFSBDUJPOXJUIUIFNFUBCPMJUFTPGUIF DFMMTPGUIFOVDFMMVT GVSUIFSJOHUIFOPUJPOUIBUUIF XBMMJOWBHJOBUJPOTDBOCFTUCFWJFXFEBTTQFDJBMJ[FE BEBQUBUJPOTGPSUIFVQUBLFBOEQSPDFTTJOHPGUIFTF NFUBCPMJUFT BOE UIFJS SFMFBTF JOUP UIF DFOUSBM DFMM 1BSUJDVMBSMZJOGPSNBUJWFJOUIJTDPOUFYUJTBOBOBMZ TJTPGUIFPOFXBZUSBēDLJOHPGTPMVCMFQIZUJOTBMUT CFUXFFO UIF EFWFMPQJOH FOEPTQFSN BOE FNCSZP PG "SBCJEPQTJT VTJOH IJHIQSFTTVSF GSFF[F TVCTUJ UVUJPO UFDIOJRVFT XIJDI QSFTFSWF XBUFSTPMVCMF TBMUT BOE CJPDIFNJDBM NFUIPET ѮJT XPSL JEFOUJ
êFE UIF &3 BOE WBDVPMBS TVCDPNQBSUNFOUT PG UIF DIBMB[BMFOEPTQFSNBTTJUFTGPSUSBOTJFOUTUPSBHFPG .OFOSJDIFEBOE;OFOSJDIFEQIZUJDBDJETBMUT SF TQFDUJWFMZ CFGPSFUIFJSNPCJMJ[BUJPOUPUIFHSPXJOH FNCSZP 4USVDUVSBM BOE CJPDIFNJDBM PCTFSWBUJPOT TVQQPSU UIF WJFX UIBU UIF .OTBMU JT USBOTGFSSFE GSPN UIF FOEPTQFSN UP CFOUDPUZMFEPO TUBHF FN CSZPT BOEUIBUUIF;OTBMUJTUSBOTGFSSFEUPHMPCVMBS TUBHFFNCSZPT 0UFHVJFUBM 8IJMFJUQPTTJCMF UIBUFNCSZPTNJHIUVTF.OTBMUTGPSUIFTZOUIFTJT PG NFUBMMPQSPUFJOT IPX ;OTBMUT BSF VTFE JO FN CSZP NFUBCPMJTN JT OPU DMFBS "MUIPVHI UIJT XPSL QSPWJEFTBEFUBJMFEPVUMJOFPGIPXIFBWZNFUBMTBMUT NJHIUCFUBSHFUFEUPUIFFNCSZP JUBQQFBSTUIBUBE EJUJPOBMVOLOPXOQSPDFTTFTBSFBUXPSLJOGBDJMJUBU JOHUIJTPOFXBZUSBēDJOQMBOUB #BTFEPOUIFQSFNJTFUIBUUIFFOEPTQFSNSFQSF TFOUT B USBOTJFOU TJOL GPS DPNQPVOET USBOTQPSUFE GSPNPUIFSQBSUTPGUIFQMBOUGPSFNCSZPOVUSJUJPO )JSOFS FU BM IBWF TIPXO UIBU JO PWVMFT PG "SBCJEPQTJT UIFBNJOPBDJEUSBOTQPSUFSHFOF""1 ".*/0 "$*% 1&3.&"4& JTêSTUMPDBMJ[FEJO UIFFOEPTQFSNBOEMBUFSJOUIFFNCSZP"MUIPVHI UIFBNJOPBDJETUSBOTQPSUFENBZCFVTFEMBUFSGPS UIFTZOUIFTJTPGTUPSBHFQSPUFJOTCZUIFFNCSZP UIF FOEPTQFSNFYQSFTTJPOPGUIF""1HFOF GPMMPXFE CZJUTFNCSZPFYQSFTTJPOEVSJOHFBSMZTUBHFTPGFN CSZPHFOFTJTJTDPOTJEFSFEBTUIFêSTUNPMFDVMBSFWJ EFODFPGOVUSJUJPOBMJOUFSBDUJPOCFUXFFOUIFFOEP TQFSNBOEFNCSZP 1IZTJPMPHJDBM$POTJEFSBUJPOT "OZ BQQSPBDI UP BO VOEFSTUBOEJOH PG UIF SPMF PG UIFFOEPTQFSNJOFNCSZPOVUSJUJPOSFRVJSFTTPNF LOPXMFEHF PG UIF DIFNJDBM DPNQPTJUJPO PG UIF UJT TVF ѮF RVBOUJUZ PG FOEPTQFSN FTQFDJBMMZ UIF OVDMFBSFOEPTQFSN UIBUXPVMECFBWBJMBCMFGPSBOZ NFBOJOHGVM CJPDIFNJDBM BOBMZTJT JT FYUSFNFMZ MJN JUFE JO PWVMFT PG NPTU QMBOUT "O FYDFQUJPO JT UIF MJRVJEFOEPTQFSNPGDPDPOVU XIJDIIBTBMPOHBOE TVDDFTTGVM USBEJUJPO PG VTF BT BO BEKVWBOU JO QMBOU UJTTVFDVMUVSFNFEJB JOUIFGPSNPGDPDPOVUNJMLPS DPDPOVUXBUFS*UXBTOPUFEJO$IBQUIBUUIFêSTU TVDDFTTGVMDVMUVSFPGQSPFNCSZPTXBTBDDPNQMJTIFE CZTVQQMFNFOUJOHUIFNJOFSBMTBMUTVDSPTFNFEJVN XJUI DPDPOVU XBUFS BOE UIBU UIJT FYQFSJNFOU IBT TFSWFE BT B QBSBEJHN GPS TVCTFRVFOU FNCSZP DVM
ɭɩ 3PMFPGUIF&OEPTQFSNJO&NCSZP/VUSJUJPO
ώϓϒ
UVSF JOWFTUJHBUJPOT $IFNJDBM BOBMZTJT PG DPDPOVU XBUFS IBT MFE UP BO VOEFSTUBOEJOH PG TPNF PG UIF DSJUJDBM TVCTUBODFT JOWPMWFE JO TUJNVMBUJOH HSPXUI PGDVMUVSFEFNCSZPTBOEQMBOUPSHBOT BTXFMMBTUJT TVFTJOHFOFSBM"TUBCVMBUFEFMTFXIFSF 3BHIBWBO
BWBSJFUZPGJOPSHBOJDJPOT $M $V 'F , /B .H 1 BOE4
BNJOPBDJETBOESFMBUFEDPNQPVOET BMBOJOF ʄBNJOPCVUZSJDBDJE BSHJOJOF BTQBSBHJOF HMVUBNJOF BTQBSUJDBDJE DZTUJOF HMVUBNJDBDJE HMZ DJOF IJTUJEJOF IPNPTFSJOF IZESPYZQSPMJOF JTPMFV DJOF MFVDJOF MZTJOF NFUIJPOJOF PSOJUIJOF QIFOZM BMBOJOF QJQFDPMJD BDJE QSPMJOF TFSJOF UISFPOJOF USZQUPQIBO UZSPTJOF BOE WBMJOF
PSHBOJD BDJET DJUSJDBDJE NBMJDBDJE QZSSPMJEJOFDBSCPYZMJDBDJE RVJOJD BDJE BOE TIJLJNJD BDJE
WJUBNJOT CJPUJO GPMJD BDJE OJDPUJOJD BDJE QBOUPUIFOJD BDJE QZSJ EPYJOF SJCPëBWJO BOEUIJBNJOF
QMBOUIPSNPOFT BVYJOT HJCCFSFMMJOT BOE DZUPLJOJOT
TVHBST TV DSPTF HMVDPTF GSVDUPTF BOE NBOOJUPM
BOE TVHBS BMDPIPMT NZPJOPTJUPM TDZMMPJOPTJUPM BOE TPSCJ UPM GPSN QBSU PG UIF FTTFOUJBM JOHSFEJFOUT PG DPDP OVUXBUFS"MUIPVHIOPTJOHMFDPNQPVOEPSHSPVQ PG DPNQPVOET IBWF CFFO TIPXO UP EVQMJDBUF UIF HSPXUIQSPNPUJOH BDUJWJUZ PG DPDPOVU XBUFS JO UJT TVFDVMUVSFNFEJB JUJTUIFHFOFSBMCFMJFGUIBUQMBOU IPSNPOFT FJUIFSBMPOFPSJODPNCJOBUJPOXJUITVH BST BDDPVOUGPSUIFHSPXUIQSPNPUJOHFĒ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
GSPN XIJDI DIMPSPHFOJD BDJE NZPJOPTJUPM BOE BVYJO IBWF CFFO JEFOUJêFE " GSVJUGVM JOUFSBDUJPO PGDIFNJDBMBOBMZTFTPGUIFFOEPTQFSNBOEFNCSZP DVMUVSFIBTMFEUPUIFOPUJPOUIBUUIFJOWJWPGVOD UJPO PG UIF FOEPTQFSNT PG %BUVSB TUSBNPOJVN % UBUVMB +VHMBOT SFHJB "MMBOCMBDLJB QBSWJëPSB <(VU UJGFSBF $MVTJBDFBF > BOE $VDVNJT TBUJWVT $VDVS
CJUBDFBF JTDPODFSOFEXJUIUIFTVQQMZPGOVUSJFOUT UPUIFHSPXJOHFNCSZP$POTJTUFOUXJUIUIJTJEFB JU JTDPODFJWBCMFUIBUEFUFDUJPOPGTVCTUBODFTXJUIHJC CFSFMMJOMJLFQSPQFSUJFTCZCJPBTTBZTJOFOEPTQFSNT PGTFWFSBMQMBOUTNJHIUSFë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iXJEF DSPTTFTu PG QMBOUTDBOMFBEUPGBJMVSFPGTFFETFUѮFQSFWBJMJOH WJFXJTUIBU JOBUUFNQUTUPJOUSPEVDFCFOFêDJBMGPS FJHOHFOFTBDSPTTJOUFSTQFDJêDBOEJOUFSHFOFSJDCBS SJFST TPNFEFMFUFSJPVTHFOFTUIBUJOUFSGFSFXJUIUIF HSPXUIPGUIFFNCSZPBOEFOEPTQFSNJOUIFPWVMF BSF BMTP JOUSPEVDFE "MUIPVHI EPVCMF GFSUJMJ[BUJPO PDDVST OPSNBMMZ JO XJEF DSPTTFT FNCSZP MFUIBMJUZ BOEFOEPTQFSNGBJMVSFTPPOGPMMPX MFBEJOHUPUIF DPMMBQTF PG TFFET *O EFWFMPQNFOUBM UFSNT 3FOOFS êSTU TIPXFE UIBU JO SFDJQSPDBM DSPTTFT CF UXFFO0FOPUIFSBCJFOOJTBOE0NVSJDBUB 0OBHSB DFBF
BOECFUXFFO0CJFOOJTBOE0MBNBSDLJBOB UIF FNCSZP EJE OPU QSPDFFE CFZPOE B GFXDFMMFE TUBHF'BJMVSFPGFNCSZPHSPXUIJTQSFDFEFECZUIF EJTJOUFHSBUJPO PG UIF FOEPTQFSN CFHJOOJOH TPPO BѫFSGFSUJMJ[BUJPO UIVTEFQSJWJOHUIFFNCSZPPGBD DFTT UP OVUSJFOUT &NCSZP BOE FOEPTQFSN EFWFM
ώϓϓ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
PQNFOU QSPHSFTTFE GVSUIFS JO TPNF IZCSJE PWVMFT CVUTVSWJWBMXBTHFOFSBMMZFSSBUJD XJUINPTUPWVMFT FODMPTJOHVOEFSEFWFMPQFEFNCSZPBOEFOEPTQFSN NBUVSJOHJOUPTISVOLFOBCPSUFETFFET"TSFWJFXFE QSFWJPVTMZ 3BHIBWBO
UIFTF CBTJD EFUBJMT PG FNCSZP BOE FOEPTQFSN EFWFMPQNFOU IBWF CFFO DPOêSNFE JO B OVNCFS PG OPOWJBCMF DSPTTFT ѮF BQQBSFOU TJNQMJDJUZ PG UIFTF PCTFSWBUJPOT BOE UIF PSEFSJOXIJDIUIFZPDDVS JF FOEPTQFSNEJTJOUF HSBUJPOJNNFEJBUFMZQSFDFEFTFNCSZPMFUIBMJUZ TVH HFTUUIBUIZCSJEFNCSZPTNBZTUBSWFUIFNTFMWFTUP EFBUIEVFUPUIFJOBCJMJUZPGUIFQIZTJPMPHJDBMMZEJT UVSCFEFOEPTQFSNUPTVQQMZUIFFYBDUJOHOVUSJFOUT GPSFNCSZPHSPXUIPSUPBCTPSCUIFNGSPNUIFTVS SPVOEJOHNBUFSOBMUJTTVFTBOEUSBOTNJUUIFNUPUIF FNCSZP %FTQJUF UIF FYRVJTJUF EFUBJMT HJWFO PG UIF BOBUPNJDBMDIBOHFTBDDPNQBOZJOHFOEPTQFSNGBJM VSFJOXJEFDSPTTFT JUJTJNQPTTJCMFUPJEFOUJGZUIF TQFDJêDOVUSJFOUGBDUPSTVOBWBJMBCMFGSPNUIFFOEP TQFSNUIBUDBVTFUIFGBJMVSFPGFNCSZPHSPXUI*O POFQSPEVDUJWFBQQSPBDI UIFJEFBUIBUSFEVDFEDZ UPLJOJOCJPTZOUIFTJTJOUIFFOEPTQFSNJTSFTQPOTJCMF GPSBCPSUJPOPGUIFFNCSZPXBTCPSOFPVUCZBDPN QBSBUJWFTUVEZPGUIFMFWFMTPGDPNQPVOETXJUIDZUP LJOJOBDUJWJUZJOPWVMFTPGTFMGFE1IBTFPMVTWVMHBSJT BOEB1WVMHBSJT¤1BDVUJGPMJVTIZCSJE8IFSFBTUIF DPODFOUSBUJPO PG DZUPLJOJOMJLF DPNQPVOET JO UIF FOEPTQFSN PG TFMGFE PWVMFT JT IJHI BOE JT DMPTFMZ DPSSFMBUFE XJUI QFSJPET PG DFMM EJWJTJPO BDUJWJUZ JO UIFFNCSZP UIFMFWFMPGUIFIPSNPOFJOUIFIZCSJE PWVMFJTHSFBUMZSFEVDFE /FTMJOHBOE.PSSJT ѮJT JOUVSO NJHIUTVHHFTUBMJOLCFUXFFOFNCSZP BCPSUJPOBOEUIFGBJMVSFPGUIFFOEPTQFSNUPTVQQMZ DZUPLJOJOTUPUIFFNCSZP *O TPNF OPOWJBCMF IZCSJET FOEPTQFSN GBJMVSF NJHIU UBLF QMBDF JO EJTDSFUF XBZT UIBU SFRVJSF UIF QBSUJDJQBUJPOPGPWVMBSUJTTVFTTVDIBTUIFOVDFMMVT "OBUPNJDBM EJTTFDUJPO PG PWVMFT GSPN DSPTTFT CF UXFFO/JDPUJBOBSVTUJDB¤/UBCBDVNIBTQSPWJEFE BNFDIBOJTUJDNPEFMPGIPXSFUBSEFEHSPXUIPGUIF FOEPTQFSNDBVTFTFNCSZPBCPSUJPO)FSF FNCSZP GBJMVSFJTBTTPDJBUFEXJUIBGBJMVSFPGEJĒFSFOUJBUJPO PG WBTDVMBS UJTTVFT UIBU TVQQMZ OVUSJFOUT UP UIF FO EPTQFSN#FDBVTFPGUIJT DPNQFUJUJPOCFUXFFOUIF FOEPTQFSN BOE UIF OVDFMMVT UP BDDVNVMBUF OVUSJ FOUTJTUJQQFEJOGBWPSPGUIFMBUUFS'PSUIJTNPEFMUP CF TFOTJCMF UIF DPOTFRVFOU BCOPSNBM EJTUSJCVUJPO PG OVUSJFOUT JO UIF PWVMF FTQFDJBMMZ UIF BDDVNVMB UJPOPGOVUSJFOUTJOUIFOVDFMMVT JTCFMJFWFEUPDBVTF
JUTQSPMJGFSBUJWFHSPXUIBOEFNCSZPBCPSUJPO #SJOL BOE$PPQFS .POJUPSJOHUIFQSPHSFTTPGUIF QSJNBSZ FOEPTQFSN OVDMFVT JO SFDJQSPDBM DSPTTFT JOWPMWJOH EJQMPJE BOE UFUSBQMPJE SBDFT PG -ZDPQFSTJ DPO QJNQJOFMMJGPMJVN BOE JO DSPTTFT PG UIFTF SBDFT XJUI-QFSVWJBOVN IBTDPNQMFNFOUFEFYQFSJNFO UBMBOBMZTJTPGUIFFWFOUVBMGBUFPGUIFFNCSZPBOE FOEPTQFSNJOIZCSJEPWVMFT"DPNNPOUIFNFUIBU IBTFNFSHFEJTUIBU BѫFSBOJOJUJBMQFSJPEPGBMNPTU JEFOUJDBM JODSFBTFT JO FOEPTQFSN DFMM OVNCFS JO CPUI TVDDFTTGVM BOE BCPSUJWF DSPTTFT FOEPTQFSN HSPXUIJOUIFVOTVDDFTTGVMDSPTTFTJTSFUBSEFEѮF XFBL HSPXUI PG UIF FOEPTQFSN JO OPOWJBCMF IZ CSJETJTBMTPBDDPNQBOJFECZBCOPSNBMDZUPMPHJDBM DIBOHFT MFBEJOH UP DFMMVMBS EJTJOUFHSBUJPO *O UIF BCPSUJWF PWVMFT HFOFSBUFE JO POF DSPTT BT FBSMZ BT I BѫFS QPMMJOBUJPO DFMMT PG UIF FOEPTQFSN BU UIF DIBMB[BM FOE CFDPNF WBDVPMBUF BOE MFTT EFOTF UIBO UIPTF BU UIF NJDSPQZMBS FOE "MUIPVHI UIF FOEPTQFSN TVSWJWFT GPS TPNF UJNF JU VOEFSHPFT OP GVSUIFS EJWJTJPOT *OTUFBE BT B SFTVMU PG DFMM XBMMEJTTPMVUJPOBOEGVTJPOPGUIFQSPUPQMBTNBOE PG OVDMFJ XJUI UIPTF PG DPOUJHVPVT DFMMT UIF FOEP TQFSN JT SFEVDFE UP B GFX HJBOU DFMMT TVSSPVOEJOH UIFFNCSZP*OTPNFBCPSUJWFPWVMFT UIFJOOFSNPTU MBZFSPGUIFJOUFHVNFOU LOPXOBTUIFFOEPUIFMJVN TVSSPVOEJOHUIFFOEPTQFSNUIJDLFOTBOECFDPNFT IZQFSUSPQIJFE $PPQFS BOE #SJOL %FGFDUT VOEFSQJOOJOH FOEPTQFSN BCOPSNBMJUJFT SFMBUFE UP OVUSJFOUUSBOTQPSUJOBCPSUJWFDSPTTFTJONBJ[FIBWF CFFOUSBDFEUPUIFDIBSBDUFSJTUJDXBMMJOHSPXUITPG UIFUSBOTGFSDFMMMBZFS XIJDIBSFBMNPTUDPNQMFUFMZ TVQQSFTTFEJOUIFFOEPTQFSNPGHSBJOTHFOFSBUFEJO B DSPTT CFUXFFO OPSNBM EJQMPJE BOE BVPUFUSBQMPJE NBJ[F $IBSMUPOFUBM "TJOJOUFSTQFDJêDBOE JOUFSHFOFSJD DSPTTFT TFFE GBJMVSF SFTVMUJOH GSPN NBUJOHT CFUXFFO SBDFT EJĒFSJOH JO DISPNPTPNF OVNCFS PSXIJDIDSFBUFVOCBMBODFEHFOPNJDSBUJP JOUIFFOEPTQFSN BMTPBQQFBSTUPCFEVFUPEJTUVS CBODFT JO UIF OVUSJUJWF NJMJFV PG UIF PWVMF XIJDI QSFTFOUTJUTFMGBTBIPTUJMFFOWJSPONFOUGPSFNCSZP HSPXUI"MUIPVHITFWFSBMIZQPUIFTFTIBWFTVSGBDFE PWFSUIFZFBSTUPFYQMBJOFOEPTQFSNGBJMVSFJOUIFTF DSPTTFT JUOPXBQQFBSTUIBUQBSFOUBMJNQSJOUJOHPG HFOFT JOWPMWFE JO FOEPTQFSN EFWFMPQNFOU IBT B NBKPSDPOUSJCVUPSZSPMFJOUIJTNJTGPSUVOF (VUJFS SF[.BSDPTFUBM ѮF GBJMVSF PG FOEPTQFSN EFWFMPQNFOU BOE JUT TFDPOEBSZFĒFDUTPOUIFNBUFSOBMUJTTVFTPGPWVMFT
JOVOTVDDFTTGVMDSPTTFTBSFPCWJPVTMZJOBDDPSEXJUI UIFWJFXUIBUHFOFBDUJPOEFQSJWFTIZCSJEFNCSZPT PGBDPOUJOVJOHTVQQMZPGOVUSJFOUTUPDPNQMFUFEF WFMPQNFOUѮFQPTUVMBUFEOVUSJUJPOBMEFQFOEFODF PG UIF FNCSZP PO UIF FOEPTQFSN JOWJUFT B TJNQMF FYQFSJNFOUBM UFTU DBO UIF DSZQUJD QPUFOUJBMJUZ PG UIF IZCSJE FNCSZP UP DPNQMFUF EFWFMPQNFOU CF SFBMJ[FEJGJUJTBMMPXFEUPHSPXJOBOBSUJêDJBMNF EJVN TVQQMJFE XJUI OVUSJFOU TVCTUBODFT UIBU BSF OPSNBMMZJEFOUJêFEXJUIUIFFOEPTQFSN "QPTJUJWF BOTXFSUPUIJTRVFTUJPODBNFêSTUGSPNUIFFYQFSJ NFOUT PG -BJCBDI
XIP EFNPOTUSBUFE UIBU QSPHFOZ DBO CF PCUBJOFE GSPN OPOWJBCMF TFFET PG -JOVNQFSFOOF¤-BVTUSJBDVNIZCSJECZFYDJTJPO BOEDVMUVSFPGFNCSZPTCFGPSFUIFZCFHJOUPEJTJO UFHSBUF 'SPN UIJT JU BQQFBST VOMJLFMZ UIBU UIFSF JT BOJOIFSFOUEJTQBSJUZJOUIFHFOFUJDDPOTUJUVUJPOPG UIF IZCSJE FNCSZP UIBU TUZNJFT JUT HSPXUI XJUIJO UIFPWVMF4JODFUIJTQJPOFFSJOHXPSL FNCSZPDVM UVSFNFUIPETIBWFCFFOVTFEUPPCUBJOUSBOTQMBOU BCMF TFFEMJOHT GSPN BCPSUFE TFFET PG JOUFSTQFDJêD BOE JOUFSHFOFSJD DSPTTFT XIJDI BSF USBEJUJPOBMMZ DPOEFNOFE BT CFJOH JODBQBCMF PG GVSUIFS HSPXUI ѮFUBCVMBUJPOPG$PMMJOTBOE(SBTTFS TIPXT UIBU IZCSJE FNCSZP SFTDVF PQFSBUJPOT IBWF CFFO TVDDFTTGVMMZNPVOUFEJOOFBSMZXJEFDSPTTFTJO WPMWJOH BQQSPYJNBUFMZ HFOFSB BOE TQFDJFT BOE VOEPVCUFEMZ TFWFSBMOFXDBTFTEFTFSWFUPCF BEEFE UP UIJT MJTU UP NBLF JU DVSSFOU 0UIFS EFWFM PQNFOUT JO UIJT BSFB PG SFTFBSDI IBWF TIPXO UIBU JO DFSUBJO DBTFT DPOUJOVFE HSPXUI PG UIF IZCSJE FNCSZP JT TFDVSFE CZ JNQMBOUJOH JU PO B OPSNBM FOEPTQFSN XIJDI JT UIFO DVMUVSFE PO B TZOUIFUJD NFEJVN UIFSFCZJOJUJBUJOHBOVSTFDVMUVSF*ODPO USBTU UP FNCSZP DVMUVSF UIF JNQMBOUBUJPO NFUIPE PWFSDPNFT UIF MJNJUBUJPOT PG BO BSUJêDJBM NFEJVN JOQSPNPUJOHUIFHSPXUIPGBCPSUJWFFNCSZPTBOE TIPXT JO B EJSFDU XBZ UIF SPMF PG UIF FOEPTQFSN BT B OVUSJFOU 3BHIBWBO "O JNQPSUBOU GBD UPSUPCFSFDLPOFEXJUIJOUIFTVDDFTTGVMDVMUVSFPG IZCSJEFNCSZPTJTUIFJSBHFBUFYDJTJPO BTFNCSZPT UIBU BCPSU BU WFSZ FBSMZ TUBHFT PG EFWFMPQNFOU BSF EJēDVMUUPJTPMBUFBOEQPTFHSFBUFSSJTLTPGNVUJMB UJPOBOEEBNBHFUIBOFNCSZPTBUMBUFSTUBHFTPGEF WFMPQNFOU ѮF OVUSJFOU SFRVJSFNFOUT PG ZPVOHFS FNCSZPTBSFBMTPNPSFFYBDUJOHUIBOUIPTFPGPMEFS FNCSZPT ѮF QSPCMFNT BTTPDJBUFE XJUI TVDDFTTGVM DVMUVSF PG TNBMM IZCSJE FNCSZPT DBO CF PWFSDPNF CZDVMUVSJOHPWVMFTBOEPWBSJFT&YBNQMFTPGPWVMF
ɭɪ $PODMVEJOH$PNNFOUT
ώϓϔ
BOE PWBSZ DVMUVSFT GPS UIF TVDDFTTGVM SFDPWFSZ PG IZCSJETGSPNXJEFDSPTTFTBSFEFTDSJCFECZ3BHIB WBO 'SPNUIFTFNVMUJGBDFUFEBQQSPBDIFT JU BQQFBSTJODSFBTJOHMZDMFBSUIBUBCPSUFEFNCSZPTJO XJEFIZCSJETBSFCFTUUIPVHIUPGBTNFSFMZUIPTFGPS XIJDIBOVUSJUJPOBMTVQQMZGPSHSPXUIIBTCFFOEJT DPOUJOVFE ѮF BQQFBSBODF PG IBVTUPSJBM TUSVDUVSFT PO UIF FOEPTQFSN UIFQSFTFODFPGHSPXUIQSPNPUJOHTVC TUBODFTJOUIJTUJTTVF BOESFTDVFPGIZCSJEFNCSZPT GSPN PWVMFT MBDLJOH B GVODUJPOBM FOEPTQFSN CZ UJTTVF DVMUVSF BQQSPBDIFT QSFTFOU FWJEFODF PG UIF QPUFOUJBMSPMFPGUIFFOEPTQFSNJOUIFOVUSJUJPOPG UIFFNCSZPѮFTFPCTFSWBUJPOT DPOTJEFSFEJODPO KVODUJPO XJUI UIF WBSJPVT VMUSBTUSVDUVSBM NPEJêDB UJPOT PG UIF FNCSZP BOE TVTQFOTPS DFMMT $IBQ GPSUIFBCTPSQUJPOBOEUSBOTMPDBUJPOPGNFUBCPMJUFT GSPNUIFTVSSPVOEJOHFOEPTQFSN NBLFBDPNQFM MJOHDBTFGPSUIFOVUSJUJPOPGUIFFNCSZPCZUIFFO EPTQFSN"QBSUGSPNOVSUVSJOHUIFEFWFMPQJOHFN CSZP BOPUIFS QSJNBSZ GVODUJPO PG UIF FOEPTQFSN JTUPQSPWJEFOVUSJUJPOGPSUIFTFFEMJOHEVSJOHTFFE HFSNJOBUJPOѮJTJNQPSUBOUSPMFPGUIFFOEPTQFSN JTPVUTJEFUIFTDPQFPGUIJTCPPLBOEIBTOPUCFFO DPWFSFEJOUIJTDIBQUFS"GFXBEEJUJPOBMGVODUJPOT PG UIF FOEPTQFSN BENJUUFEMZ TQFDVMBUJWF IBWF CFFOMJTUFECZ-FSUTFO
$PODMVEJOH$PNNFOUT
.BKPSBEWBODFTIBWFPDDVSSFEPWFSUIFQBTUZFBST DPODFSOJOH PVS VOEFSTUBOEJOH PG UIF TUSVDUVSBM FWFOUT BTTPDJBUFE XJUI UIF USBOTJUJPO PG UIF FOEP TQFSNGSPNBGSFFOVDMFBSUPBDFMMVMBSUJTTVFѮF DFMMVMBSJ[BUJPO QSPDFTT FTUBCMJTIFE CZ DMBTTJDBM IJT UPMPHJDBMPCTFSWBUJPOTIBTGPTUFSFEBTFSJFTPGJOOP WBUJWF TUVEJFT UP SFWFBM UIF SPMF PG DZUPTLFMFUBM FMF NFOUTJOUIFSFPSHBOJ[BUJPOBOEQPMBSJ[BUJPOPGUIF DZUPQMBTNBSPVOEUIFGSFFOVDMFJUPGPSNJOJUJBMMZB IPNPHFOFPVTNBTTPGDFMMT BOEMBUFSUIFTFQBSBUJPO PGUIFBMFVSPOFMBZFSBOETUBSDIZDFMMT1SPHSFTTJO VOEFSTUBOEJOH UIF CBTJT GPS %/" BNQMJêDBUJPO JO FOEPTQFSNOVDMFJIBTCFFOTMPXUPCFHJOXJUI CVU UIFOPUJPOUIBU BUUIFNPMFDVMBSMFWFM FOEPSFEVQMJ DBUJPOJTEVFUPBOJODSFBTFJOUIFBDUJWJUZPG4QIBTF DZDMJOEFQFOEFOU LJOBTF JO UBOEFN XJUI B MPTT PG .QIBTF DZDMJOEFQFOEFOU LJOBTF TFFNT UP IBWF UBLFO IPME &OEPSFEVQMJDBUJPO PG UIF FOEPTQFSN
ώϓϕ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
OVDMFJJTUIPVHIUUPJODSFBTFUIFNFUBCPMJDBDUJWJUZ PGDFMMTGPSUIFSBQJETZOUIFTJTBOEBDDVNVMBUJPOPG TUPSBHFQSPEVDUT CVUIBSEFWJEFODFGPSUIJTWJFXJT ZFU UP CF PCUBJOFE ѮF FOEPTQFSN IBT MPOH CFFO B WVMOFSBCMF UBSHFU GPS JOWFTUJHBUJPOT JOUP JUT SPMF JO QSPWJEJOH OVUSJFOUT GPS UIF EFWFMPQJOH FNCSZP CVU OPU NVDI FWJEFODF CBTFE PO NPEFSO TUVEJFT IBTCFDPNFBWBJMBCMFUPTVQQPSUUIFQSFWBJMJOHHFO FSBMJ[BUJPOT "T XJMM CF EFTDSJCFE JO UIF GPMMPXJOH DIBQUFS NPMFDVMBSBOTXFSTUPRVFTUJPOTBCPVUUIF HFOFUJD JOUFSBDUJPOT CFUXFFO FOEPTQFSN FNCSZP BOENBUFSOBMUJTTVFTPGUIFPWVMFBSFCFHJOOJOHUP FNFSHF NBLJOH UIJT BO FYDJUJOH UJNF GPS SFTFBSDI POUIFFOEPTQFSN
ӻ ĞğĞīĞħĜĞĬ "MWBSF[#VZMMB&3 -JMKFHSFO4+ 1FMB[4 (PME4& #VSHFĒ$ %JUUB (4 7FSHBSB4JMWB ' :BOPGTLZ .' ."%4 CPY HFOF FWPMVUJPO CFZPOE ëPXFST FYQSFTTJPO JO QPM MFO FOEPTQFSN HVBSEDFMMT SPPUTBOEUSJDIPNFT1MBOU +m #BKFS" $JOFNJDSPHSBQIJDBOBMZTJTPGDFMMQMBUFGPS NBUJPOJOFOEPTQFSN&YQ$FMM3FTm #BSPVY$ 'SBOT[1 (SPTTOJLMBVT6 /VDMFBSGVTJPOT DPOUSJCVUF UP QPMZQMPJEJ[BUJPO PG UIF HJHBOUJD OVDMFJ JO UIFDIBMB[BMFOEPTQFSNPG"SBCJEPQTJT1MBOUBm #FUILF1$ -POTEBMF+& 'BUI" +POFT3- )PSNPO BMMZSFHVMBUFEQSPHSBNNFEDFMMEFBUIJOCBSMFZBMFVSPOF DFMMT1MBOU$FMMm #IBSBUIBO ( &OEPTQFSN EFWFMPQNFOU JO BOHJP TQFSNT *O 5BOEPO 3, 1SJUIJQBMTJOHI FET #JPEJWFS TJUZ UBYPOPNZ BOEFDPMPHZ4DJFOUJêD1VCMJTIFST *OEJB
/FX%FMIJ QQm #IBUOBHBS41 4BXIOFZ7 &OEPTQFSNmJUTNPSQIPM PHZ VMUSBTUSVDUVSF BOE IJTUPDIFNJTUSZ *OU 3FW $ZUPM m #PJTOBSE-PSJH $ $PMPO$BSNPOB " #BVDI . )PEHF 4 %PFSOFS 1 #BODIBSFM & %VNBT $ )BTFMPĒ + #FSHFS ' %ZOBNJD BOBMZTFT PG UIF FYQSFTTJPO PG UIF )*4 50/&:'1GVTJPOQSPUFJOJO"SBCJEPQTJTTIPXUIBUTZO DZUJBMFOEPTQFSNJTEJWJEFEJOUPNJUPUJDEPNBJOT1MBOU $FMMm #PTOFT. 0MTFO0" ѮFSBUFPGOVDMFBSHFOFUSBO TDSJQUJPOJOCBSMFZFOEPTQFSNTZODZUJBJODSFBTFTTJYGPME CFGPSFDFMMXBMMGPSNBUJPO1MBOUBm #PTOFT. 8FJEFNBO' 0MTFO0" &OEPTQFSNEJG GFSFOUJBUJPOJOCBSMFZXJMEUZQFBOETFYNVUBOUT1MBOU+ m #SBDIFU+ .PMFDVMBSDZUPMPHZ WPM"DBEFNJD1SFTT 0SMBOEP '#SJOL3" $PPQFS%$ *ODPNQMFUFTFFEGBJMVSFBTB SFTVMUPGTPNBUPQMBTUJDTUFSJMJUZ(FOFUJDTm #SJOL3" $PPQFS%$ ѮFFOEPTQFSNJOTFFEEFWFM PQNFOU#PU3FWm #SPXO 3$ -FNNPO #& 0MTFO 0" &OEPTQFSN EFWFMPQNFOUJOCBSMFZNJDSPUVCVMFJOWPMWFNFOUJOUIF NPSQIPHFOFUJDQBUIXBZ1MBOU$FMMm
#SPXO 3$ -FNNPO #& 0MTFO 0" B 1PMBSJ[BUJPO QSFEJDUT UIF QBUUFSO PG DFMMVMBSJ[BUJPO JO DFSFBM FOEP TQFSN1SPUPQMBTNBm #SPXO3$ -FNNPO#& 0MTFO0" C %FWFMPQNFOU PGUIFFOEPTQFSNJOSJDF 0SZ[BTBUJWB- DFMMVMBSJ[BUJPO +1MBOU3FTm #SPXO3$ -FNNPO#& 4UPOF#" 0MTFO0" $FMM XBMM ՚ BOE ՚ ՚ ʃHMVDBOTEVSJOHFBSMZHSBJO EFWFMPQNFOU JO SJDF 0SZ[B TBUJWB - 1MBOUB m #SPXO3$ -FNNPO#& /HVZFO) 0MTFO0" %F WFMPQNFOU PG FOEPTQFSN JO "SBCJEPQTJT UIBMJBOB 4FY 1MBOU3FQSPEm #SPXO3$ -FNNPO#& /HVZFO) &OEPTQFSNEF WFMPQNFOU*O0/FJMM4% 3PCFSUT+" FET 1MBOUSFQSP EVDUJPO"OOVBMQMBOUSFWJFXT WPM4IFēFME"DBEFNJD 1SFTT 4IFēFME QQm #SPXO 3$ -FNNPO #& /HVZFO ) &WFOUT EVSJOH UIF êSTU GPVS SPVOET PG NJUPTJT FTUBCMJTI UISFF EFWFMPQ NFOUBMEPNBJOTJOUIFTZODZUJBMFOEPTQFSNPG"SBCJEPQ TJTUIBMJBOB1SPUPQMBTNBm #SPXO 3$ -FNNPO #& /HVZFO ) $PNQBSBUJWF BOBUPNZPGUIFDIBMB[BMFOEPTQFSNDZTUJOTFFETPGUIF #SBTTJDBDFBF#PU+-JOO4PDm #SVOPSJ" 'PSJOP-.$ 'SFEJBOJ. 1PMZQMPJE%/" DPOUFOUTJOUIFTUBSDIZFOEPTQFSNOVDMFJBOETFFEXFJHIU JO5SJUJDVNBFTUJWVN+(FOFU#SFFE3PNFm $BWBMMJOJ" /BUBMJ- #BMDPOJ$ 3J[[J& .PUUP. $JPOJOJ ( %"NBUP' $ISPNPTPNFFOEPSFEVQMJDBUJPOJO FOEPTQFSNDFMMTPGUXPNBJ[FHFOPUZQFTBOEUIFJSQSPH FOJFT1SPUPQMBTNBm $IBSMUPO 8- ,FFO $- .FSSJNBO $ -ZODI 1 (SFFOMBOE "+ %JDLJOTPO )( &OEPTQFSN EFWFMPQNFOU JO ;FB NBZT JNQMJDBUJPOT PG HBNFUJD JNQSJOUJOH BOE QB UFSOBMFYDFTTJOSFHVMBUJPOPGUSBOTGFSMBZFSEFWFMPQNFOU %FWFMPQNFOUm $IPJ4# 8BOH$ .VFODI%( 0[BXB, 'SBODFTDIJ73 8V: 0LJUB58 .FTTFOHFS3/"UBSHFUJOHPGSJDF TFFETUPSBHFQSPUFJOTUPTQFDJêD&3TVCEPNBJOT/BUVSF m $IPKFDLJ"+4 #BZMJTT.8 (BMF.% $FMMQSPEVDUJPO BOE %/" BDDVNVMBUJPO JO UIF XIFBU FOEPTQFSN BOE UIFJSBTTPDJBUJPOXJUIHSBJOXFJHIU"OO#PUm $PDISBOF .1 %VĒVT $. ѮF OVDFMMBS QSPKFDUJPO BOENPEJêFEBMFVSPOFJOUIFDSFBTFSFHJPOPGEFWFMPQJOH DBSZPQTFTPGCBSMFZ )PSEFVNWVMHBSF-WBSEJTUJDIVN 1SPUPQMBTNBm $PMMJOT(# (SPTTFS+8 $VMUVSFPGFNCSZPT*O7BTJM *, FE $FMM DVMUVSF BOE TPNBUJD DFMM HFOFUJDT PG QMBOUT "DBEFNJD1SFTT 0SMBOEP '-QQm $PPQFS%$ #SJOL3" 4FFEDPMMBQTFGPMMPXJOHNBU JOHTCFUXFFOEJQMPJEBOEUFUSBQMPJESBDFTPG-ZDPQFSTJDPO QJNQJOFMMJGPMJVN(FOFUJDTm $SFFDI3( (FOFUJDDPOUSPMPGDBSCPIZESBUFTZOUIFTJT JONBJ[FFOEPTQFSN(FOFUJDTm %"NBUP' 3PMFPGQPMZQMPJEZJOSFQSPEVDUJWFPSHBOT BOE UJTTVFT *O +PISJ #. FE &NCSZPMPHZ PG BOHJP TQFSNT 4QSJOHFS #FSMJO )FJEFMCFSH /FX :PSL QQm %BUUB4, 5SBOTHFOJDDFSFBMT0SZ[BTBUJWB SJDF *O 7BTJM *, FE .PMFDVMBS JNQSPWFNFOU PG DFSFBM DSPQT ,MVXFS %PSESFDIU QQm
%BWJT38 4NJUI+% $PCC#( "MJHIUBOEFMFDUSPO NJDSPTDPQF JOWFTUJHBUJPO PG UIF USBOTGFS DFMM SFHJPO PG NBJ[FDBSZPQTFT$BO+#PUm %F.BTPO %" &OEPTQFSN TUSVDUVSF BOE EFWFMPQ NFOU*O-BSLJOT#" 7BTJM*, FET $FMMVMBSBOENPMFDV MBS CJPMPHZ PG QMBOU TFFE EFWFMPQNFOU ,MVXFS %PSESF DIU QQm %JMLFT#1 %BOUF3" $PFMIP$ -BSLJOT#" (FOFUJD BOBMZTFT PG FOEPSFEVQMJDBUJPO JO ;FB NBZT FOEPTQFSN FWJEFODF PG TQPSPQIZUJD BOE [ZHPUJD NBUFSOBM DPOUSPM (FOFUJDTm %PBO%/1 -JOOFTUBE$ 0MTFO0" *TPMBUJPOPGNP MFDVMBS NBSLFST GSPN UIF CBSMFZ FOEPTQFSN DPFOPDZUF BOEUIFTVSSPVOEJOHOVDFMMVTDFMMMBZFST1MBOU.PM#JPM m %VUF 33 1FUFSTPO $. &BSMZ FOEPTQFSN EFWFMPQ NFOUJOPWVMFTPGTPZCFBO (MZDJOFNBY - .FSS 'BCB DFBF "OO#PUm &BNFT"+ .PSQIPMPHZPGUIFBOHJPTQFSNT.D(SBX )JMM /FX:PSL &TBV, 1MBOUBOBUPNZ OEFEO8JMFZ /FX:PSL 'JOFSBO #" 8JME %+$ *OHFSGFME . *OJUJBM XBMM GPS NBUJPOJOUIFFOEPTQFSNPGXIFBU 5SJUJDVNBFTUJWVNB SFFWBMVBUJPO$BO+#PUm 'MPZE4, 'SJFENBO8& &WPMVUJPOPGFOEPTQFSNEF WFMPQNFOUBMQBUUFSOTBNPOHCBTBMëPXFSJOHQMBOUT*OU+ 1MBOU4DJ4m4 'MPZE4, 'SJFENBO8& %FWFMPQNFOUBMFWPMVUJPOPG FOEPTQFSN JO CBTBM BOHJPTQFSNT FWJEFODF GSPN "NCP SFMMB "NCPSFMMBDFBF
/VQIBS /ZNQIBFBDFBF
BOE *M MJDJVN *MMJDJBDFBF 1MBOU4ZTU&WPMm 'MPZE4, -FSOFS75 'SJFENBO8& "EFWFMPQNFO UBMBOEFWPMVUJPOBSZBOBMZTJTPGFNCSZPMPHZJO1MBUBOVT 1MBUBOBDFBF
BCBTBMFVEJDPU"N+#PUm 'SJFENBO 8& ѮF FWPMVUJPO PG EPVCMF GFSUJMJ[BUJPO BOE FOEPTQFSN BO iIJTUPSJDBMu QFSTQFDUJWF 4FY 1MBOU 3FQSPEm 'SJFENBO 8& 8JMMJBNT +) %FWFMPQNFOUBM FWPMV UJPO PG UIF TFYVBM QSPDFTTFT JO BODJFOU ëPXFSJOH QMBOU MJOFBHFT1MBOU$FMM4m4 (FFUB 3 ѮF PSJHJO BOE NBJOUFOBODF PG OVDMFBS FO EPTQFSNT WJFXJOH EFWFMPQJOH UISPVHI B QIZMPHFOFUJD MFOT1SPD34PD#m (JFTF ) 3FQMJDBUJPO PG %/" EVSJOH CBSFMZ FOEP TQFSNEFWFMPQNFOU$BO+#PUm (PSEPO,BNN8+ #BT[D[ZOTLJ$- #SVDF8# 5PNFT%5 5SBOTHFOJD DFSFBMT m ;FB NBZT NBJ[F *O 7BTJM *, FE .PMFDVMBSJNQSPWFNFOUPGDFSFBMDSPQT,MVXFS %PSESFDIU QQm (SBê( $FMMDZDMFSFHVMBUJPOPG%/"SFQMJDBUJPOUIF FOEPSFEVQMJDBUJPO QFSTQFDUJWF &YQ $FMM 3FT m (SBê ( -BSLJOT #" &OEPSFEVQMJDBUJPO JO NBJ[F FOEPTQFSN JOWPMWFNFOU PG . QIBTFQSPNPUJOH GBDUPS JOIJCJUJPOBOEJOEVDUJPOPG4QIBTFSFMBUFELJOBTFT4DJ FODFm (SBê( #VSOFUU3+ )FMFOUKBSJT5 -BSLJOT#" %F$BQSJP+" 4FMMFST83 ,BFMJO8(+S "NBJ[FD%/"FODPE JOH B NFNCFS PG UIF SFUJOPCMBTUPNB QSPUFJO GBNJMZ JO WPMWFNFOUJOFOEPSFEVQMJDBUJPO1SPD/BUM"DBE4DJ64" m
3FGFSFODFT
ώϓϖ
(SFFOXPPE +4 )FMN . (JFUM $ 3JDJOPTPNFT BOE FOEPTQFSN USBOTGFS DFMM TUSVDUVSF JO QSPHSBNNFE DFMM EFBUI PG UIF OVDFMMVT EVSJOH 3JDJOVT TFFE EFWFMPQNFOU 1SPD/BUM"DBE4DJ64"m (VJUUPO"& 1BHF%3 $IBNCSJFS1 -JPOOFU$ 'BVSF+& (SPTTOJLMBVT 6 #FSHFS ' *EFOUJêDBUJPO PG OFX NFNCFST PG GFSUJMJTBUJPO JOEFQFOEFOU TFFE QPMZDPNC HSPVQ QBUIXBZ JOWPMWFE JO UIF DPOUSPM PG TFFE EFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB %FWFMPQNFOU m (VUJFSSF[.BSDPT+' 1FOOJOHUPO1% $PTUB-. %JDLJOTPO )( *NQSJOUJOHJOUIFFOEPTQFSNBQPTTJCMFSPMF JOQSFWFOUJOHXJEFIZCSJEJ[BUJPO1IJMPT5SBOT34PD4FS #m )FSS+.+S &OEPTQFSNEFWFMPQNFOUJO"SBCJEPQTJT UIBMJBOB - )FZOI "DUB #JPM $SBDPW 4FS #PU m )FS[. #SVOPSJ" /VDMFBS%/"DPOUFOUTJOUIFFO EPTQFSNPGEFWFMPQJOHHSBJOPGIFYBQMPJE5SJUJDBMFTBOE QBSFOUBMTQFDJFT;1ëBO[FOQIZTJPMm )JSOFS# 'JTDIFS8/ 3FOUTDI% ,XBSU. 'SPNNFS8# %FWFMPQNFOUBMDPOUSPMPG) BNJOPBDJEQFSNF BTF HFOF FYQSFTTJPO EVSJOH TFFE EFWFMPQNFOU PG "SBCJ EPQTJT1MBOU+m )V4 ;IV$ ;FF4: 5SBOTGFSDFMMTJOTVTQFOTPSBOE FOEPTQFSN EVSJOH FBSMZ FNCSZPHFOZ PG 7JHOB TJOFOTJT "DUB#PU4JOm +PIBOTTPO . 8BMMFT # 'VODUJPOBM BOBUPNZ PG UIF PWVMFJOCSPBECFBO 7JDJBGBCB- VMUSBTUSVDUVSBMTFFE EFWFMPQNFOU BOE OVUSJFOU QBUIXBZT "OO #PU m +PMMJĒF/" #SPXO+$ /FVNBOO6 7JDSÊ. #BDIJ" )BXFT $ $FSJPUUJ" 3PCFSUT-. 'SJHFSJP- 5SBOTQPSUPG SJDJOBOE4BMCVNJOQSFDVSTPSTUPUIFTUPSBHFWBDVPMFT PG3JDJOVTDPNNVOJTFOEPTQFSNJOWPMWFTUIF(PMHJBOE 743MJLFSFDFQUPST1MBOU+m ,FSS +'3 (PCÊ ($ 8JOUFSGPSE $. )BSNPO #7 "OBUPNJDBM NFUIPET JO DFMM EFBUI .FUIPET $FMM #JPM m ,IPP6 8PMG.+ 0SJHJOBOEEFWFMPQNFOUPGQSPUFJO HSBOVMFTJONBJ[FFOEPTQFSN"N+#PUm ,JN $4 8PP : $MPSF ". #VSOFUU 3+ $BSOFJSP /1 -BS LJOT#" ;FJOQSPUFJOJOUFSBDUJPOT SBUIFSUIBOUIF BTZNNFUSJDEJTUSJCVUJPOPG[FJON3/"TPOFOEPQMBTNJD SFUJDVMVNNFNCSBOFT JOëVFODFQSPUFJOCPEZGPSNBUJPO JONBJ[FFOEPTQFSN1MBOU$FMMm ,PMUVOPX". "QPNJYJTFNCSZPTBDTBOEFNCSZPT GPSNFE XJUIPVU NFJPTJT PS GFSUJMJ[BUJPO JO PWVMFT 1MBOU $FMMm ,PMUVOPX". (SPTTOJLMBVT6 "QPNJYJTBEFWFMPQ NFOUBMQFSTQFDUJWF"OOV3FW1MBOU#JPMm ,PXMFT37 1IJMMJQT3- &OEPTQFSNEFWFMPQNFOUJO NBJ[F*OU3FW$ZUPMm ,PXMFT37 4SJFOD' 1IJMMJQT3- &OEPSFEVQMJDBUJPO PGOVDMFBS%/"JOUIFEFWFMPQJOHNBJ[FFOEPTQFSN%FW (FOFUm ,PXMFT37 :FSL(- )BBT,. 1IJMMJQT3- .BUFSOBM FĒFDUT JOëVFODJOH %/" FOEPSFEVQMJDBUJPO JO EFWFMPQ JOHFOEPTQFSNPG;FBNBZT(FOPNFm ,SBO[ & WPO 8JFHFO 1 2VBEFS ) -ÕS[ ) &OEP TQFSNEFWFMPQNFOUBѫFSGVTJPOPGJTPMBUFE TJOHMFNBJ[F TQFSNBOEDFOUSBMDFMMTJOWJUSP1MBOU$FMMm
ώϔύ
$IBQUFSϔ %FWFMPQNFOUBMBOE'VODUJPOBM#JPMPHZPGUIF&OEPTQFSNo".FEMFZPG$FMMVMBS*OUFSBDUJPOT
-BJCBDI ' %BT 5BVCXFSEFO WPO #BTUBSETBNFO VOE EJF LÛOTUMJDIF "VG[VDIU GSÛI BCTUFSCFOEFS #BTUBSEFN CSZPOFO;#PUm -BSLJOT#" %JMLFT#1 %BOUF3" $PFMIP$. 8PP: -JV : *OWFTUJHBUJOHUIFIPXTBOEXIZTPG%/"FOEP SFEVQMJDBUJPO+&YQ#PUm -BSLJOT #" )VSLNBO 8+ 4ZOUIFTJT BOE EFQPTJ UJPOPG[FJOJOQSPUFJOCPEJFTPGNBJ[FFOEPTQFSN1MBOU 1IZTJPMm -FCMBOD 0 1PJOUF $ )FSOBOEF[ . $FMM DZDMF QSP HSFTTJPOEVSJOHFOEPTQFSNEFWFMPQNFOUJO;FBNBZTEF QFOETPOQBSFOUBMEPTBHFFĒFDUT1MBOU+m -FJWB/FUP +5 (SBê ( 4BCFMMJ 1" %BOUF 3" 8PP : .BEEPDL 4 (PSEPO,BNN 8( -BSLJOT #" " EPNJOBOUOFHBUJWFNVUBOUPGDZDMJOEFQFOEFOULJOBTF" SFEVDFT FOEPSFEVQMJDBUJPO CVU OPU DFMM TJ[F PS HFOF FY QSFTTJPOJONBJ[FFOEPTQFSN1MBOU$FMMm -FSTUFO /3 'MPXFSJOH QMBOU FNCSZPMPHZ #MBDLXFMM "NFT *" -FWBOPOZ) 3VCJO3 "MUTDIVMFS: (BMJMJ( &WJEFODF GPSBOFXSPVUFPGXIFBUTUPSBHFQSPUFJOTUPWBDVPMFT+ $FMM#JPMm -J9 'SBODFTDIJ73 0LJUB58 4FHSFHBUJPOPGTUPS BHFQSPUFJON3/"TPOUIFSPVHIFOEPQMBTNJDSFUJDVMVN NFNCSBOFTPGSJDFFOEPTQFSNDFMMT$FMMm -PQFT." -BSLJOT#" &OEPTQFSNPSJHJO EFWFMPQ NFOU BOEGVODUJPO1MBOU$FMMm -VP. #JMPEFBV1 %FOOJT&4 1FBDPDL8+ $IBVEIVSZ" &YQSFTTJPO BOE QBSFOUPGPSJHJO FĒFDUT GPS '*4 .&" BOE'*&JOUIFFOEPTQFSNBOEFNCSZPPGEFWFMPQ JOH"SBCJEPQTJTTFFET1SPD/BUM"DBE4DJ64"m -VS)4 4FUUFS5- 3PMFPGBVYJOJONBJ[FFOEPTQFSN EFWFMPQNFOU1MBOU1IZTJPMm .BIFTIXBSJ1 "OJOUSPEVDUJPOUPUIFFNCSZPMPHZPG BOHJPTQFSNT.D(SBX)JMM /FX:PSL .BOFTT/0 .D#FF($ 3PMFPGQMBDFOUBMTBQJOFO EPTQFSN DBSCPIZESBUF JNQPSU JO 4PSHIVN DBSZPQTFT $SPQ4DJm .BSFT%+ /PSTUPH, 4UPOF#" &BSMZTUBHFTJOUIFEF WFMPQNFOUPGXIFBUFOEPTQFSN*ѮFDIBOHFGSPNGSFF OVDMFBSUPDFMMVMBSFOEPTQFSN"VTU+#PUm .BSJOPT /( &NCSZPHFOFTJT PG UIF QFB 1JTVN TBUJ WVN * ѮF DZUPMPHJDBM FOWJSPONFOU PG UIF EFWFMPQJOH FNCSZP1SPUPQMBTNBm .D$MJOUPDL# %FWFMPQNFOUPGUIFNBJ[FFOEPTQFSN BTSFWFBMFECZDMPOFT*O4VCUFMOZ4 4VTTFY*. FET ѮF DMPOBMCBTJTPGEFWFMPQNFOU"DBEFNJD1SFTT /FX:PSL QQm .ÓM3 #FULB" 8PKDJFDIPXJD[. *OEVDUJPOPGBV UPOPNPVTFOEPTQFSNJO-VQJOVTMVUFVT )FMMFCPSVTOJHFS BOE .FMBOESJVN BMCVN CZ JO WJUSP DVMUVSF PG VOQPMMJ OBUFEPWBSJFT4FY1MBOU3FQSPEm .PSHBO %0 $ZDMJOEFQFOEFOU LJOBTFT FOHJOFT DMPDLT BOE NJDSPQSPDFTTPST "OOV 3FW $FMM %FW #JPM m .VTJBM, 1S[ZXBSB- *OëVFODFPGJSSBEJBUFEQPMMFO PO FNCSZP BOE FOEPTQFSN EFWFMPQNFOU JO LJXJGSVJU "OO#PUm /BHM8 ѮFQPMZUFOJDFOEPTQFSNIBVTUPSJVNPG3IJ OBOUIVTNJOPS 4DSPQIVMBSJBDFBF GVODUJPOBMVMUSBTUSVD UVSF$BO+#PUm
/FTMJOH '"7 .PSSJT %" $ZUPLJOJO MFWFMT BOE FN CSZPBCPSUJPOJOJOUFSTQFDJêD1IBTFPMVTDSPTTFT;1ëBO [FOQIZTJPMm /FXDPNC8 ѮFEFWFMPQNFOUPGDFMMTJOUIFDPFOP DZUJD FOEPTQFSN PG UIF "GSJDBO CMPPE MJMZ )BFNBOUIVT LBUIFSJOBF$BO+#PUm /FXDPNC 8 'PXLF -$ ѮF êOF TUSVDUVSF PG UIF DIBOHF GSPN UIF GSFFOVDMFBS UP DFMMVMBS DPOEJUJPO JO UIF FOEPTQFSN PG DIJDLXFFE 4UFMMBSJB NFEJB #PU (B[ m /FXDPNC8 4UFFWFT5" )FMJBOUIVTBOOVVTFNCSZP HFOFTJTFNCSZPTBDXBMMQSPKFDUJPOTCFGPSFBOEBѫFSGFS UJMJ[BUJPO#PU(B[m /HVZFO) #SPXO3$ -FNNPO#& ѮFTQFDJBMJ[FE DIBMB[BM FOEPTQFSN JO "SBCJEPQTJT UIBMJBOB BOE -FQJE JVNWJSHJOJDVN #SBTTJDBDFBF 1SPUPQMBTNBm /HVZFO ) #SPXO 3$ -FNNPO #& 1BUUFSOT PG DZ UPTLFMFUBM PSHBOJ[BUJPO SFëFDU EJTUJODU EFWFMPQNFOUBM EPNBJOTJOFOEPTQFSNPG$PSPOPQVTEJEZNVT #SBTTJDB DFBF *OU+1MBOU4DJm /HVZFO) #SPXO3$ -FNNPO#& $ZUPTLFMFUBMPS HBOJ[BUJPO PG UIF NJDSPQZMBS FOEPTQFSN JO $PSPOPQVT EJEZNVT- #SBTTJDBDFBF 1SPUPQMBTNBm 0MTFO0" &OEPTQFSNEFWFMPQNFOUDFMMVMBSJ[BUJPO BOEDFMMGBUFTQFDJêDBUJPO"OOV3FW1MBOU1IZTJPM1MBOU .PM#JPMm 0MTFO0" /VDMFBSFOEPTQFSNEFWFMPQNFOUJODFSF BMTBOE"SBCJEPQTJTUIBMJBOB1MBOU$FMM4m4 0MTFO0" #SPXO3$ -FNNPO#& 1BUUFSOBOEQSP DFTT PG XBMM GPSNBUJPO JO EFWFMPQJOH FOEPTQFSN #JPFT TBZTm 0QTBIM'FSTUBE )( MF %FVOĒ & %VNBT $ 3PHPXTLZ 1. ;N&TS B OPWFM FOEPTQFSNTQFDJêD HFOF FY QSFTTFEJOBSFTUSJDUFESFHJPOBSPVOEUIFNBJ[FFNCSZP 1MBOU+m 0UFHVJ . 4UBFIFMJO -" B $ZUPLJOFTJT JO ëPXFSJOH QMBOUT NPSF UIBO POF XBZ UP EJWJEF B DFMM $VSS 0QJO 1MBOU#JPMm 0UFHVJ. 4UBFIFMJO-" C 4ZODZUJBMUZQFDFMMQMBUFTB OPWFM LJOE PG DFMM QMBUF JOWPMWFE JO FOEPTQFSN DFMMVMBS J[BUJPOPG"SBCJEPQTJT1MBOU$FMMm 0UFHVJ.4 .BTUSPOBSEF%/ ,BOH#) #FEOBSFL4: 4UBF IFMJO-" ѮSFFEJNFOTJPOBMBOBMZTJTPGTZODZUJBM UZQFDFMMQMBUFTEVSJOHFOEPTQFSNDFMMVMBSJ[BUJPOWJTVBM J[FECZIJHISFTPMVUJPOFMFDUSPOUPNPHSBQIZ1MBOU$FMM m 0UFHVJ.4 $BQQ3 4UBFIFMJO-" %FWFMPQJOHTFFET PG "SBCJEPQTJT TUPSF EJĒFSFOU NJOFSBMT JO UXP UZQFT PG WBDVPMFT BOE JO UIF FOEPTQFSN SFUJDVMVN 1MBOU $FMM m 3BHIBWBO7 &YQFSJNFOUBMFNCSZPHFOFTJTJOWBTDVMBS QMBOUT"DBEFNJD1SFTT -POEPO 3BHIBWBO7 "QQMJFEBTQFDUTPGFNCSZPDVMUVSF*O 3FJOFSU + #BKBK :14 FET "QQMJFE BOE GVOEBNFOUBM BT QFDUT PG QMBOU DFMM UJTTVF BOE PSHBO DVMUVSF 4QSJOHFS #FSMJO)FJEFMCFSH/FX:PSL QQm 3BHIBWBO 7 7BSJBCJMJUZ UISPVHI XJEF DSPTTFT BOE FNCSZP SFTDVF *O 7BTJM *, FE $FMM DVMUVSF BOE TP NBUJD DFMM HFOFUJDT PG QMBOUT "DBEFNJD 1SFTT 0SMBOEP '-QQm 3BHIBWBO 7 .PMFDVMBS FNCSZPMPHZ PG ëPXFSJOH QMBOUT$BNCSJEHF6OJWFSTJUZ1SFTT /FX:PSL
3BNBDIBOESBO $ 3BHIBWBO 7 $IBOHFT JO OVDMFBS %/" DPOUFOU PG FOEPTQFSN DFMMT EVSJOH HSBJO EFWFMPQ NFOUJOSJDF 0SZ[BTBUJWB "OO#PUm 3BOEPMQI -' %FWFMPQNFOUBM NPSQIPMPHZ PG UIF DBSZPQTJTJONBJ[F+"HSJD3FTm 3FOOFS 0 #FGSVDIUVOH VOE &NCSZPCJMEVOH CFJ 0FOPUIFSB MBNBSDLJBOB VOE FJOJHFO WFSXBOEUFO "SUFO 'MPSBm 3PTU 5- -FSTUFO /3 5SBOTGFS BMFVSPOF DFMMT JO 4F UBSJBMVUFTDFOT (SBNJOFBF 1SPUPQMBTNBm 3ZD[LPXTLJ. $IBOHFTJOUIFDPODFOUSBUJPOPGTVH BSTJOEFWFMPQJOHPWVMFT"DUB4PD#PU1PMm 4BOHEVFO / ,SFJUOFS (- 4PSFOTFO &- -JHIU BOE FMFDUSPO NJDSPTDPQZ PG FNCSZP EFWFMPQNFOU JO QFSFO OJBMBOEBOOVBM.FEJDBHPTQFDJFT$BO+#PUm 4BOP : %JĒFSFOUJBM SFHVMBUJPO PG XBYZ HFOF FYQSFT TJPOJOSJDFFOEPTQFSNѮFPS"QQM(FOFUm 4DIFM +)/ ,JFѫ ) WBO -BNNFSFO "". *OUFSBD UJPOT CFUXFFO FNCSZP BOE FOEPTQFSN EVSJOH FBSMZ EF WFMPQNFOUBMTUBHFTPGNBJ[FDBSZQTFT ;FBNBZT $BO+ #PUm 4DINJE . 4JNQTPO % (JFUM $ 1SPHSBNNFE DFMM EFBUIJODBTUPSCFBOFOEPTQFSNJTBTTPDJBUFEXJUIUIFBD DVNVMBUJPOBOESFMFBTFPGBDZTUFJOFFOEPQFQUJEBTFGSPN SJDJOPTPNFT1SPD/BUM"DBE4DJ64"m 4DIOFJU[, )ÛMTLBNQ. 1SVJUU3& 8JMEUZQFPWVMF EFWFMPQNFOUJO"SBCJEPQTJTUIBMJBOBBMJHIUNJDSPTDPQF TUVEZPGDMFBSFEXIPMFNPVOUUJTTVF1MBOU+m 4DIVM[1 +FOTFO8" $BQTFMMBFNCSZPHFOFTJTUIFEF WFMPQNFOU PG UIF GSFF OVDMFBS FOEPTQFSN 1SPUPQMBTNB m 4DIVM[1 +FOTFO8" $PUUPOFNCSZPHFOFTJTUIFFBSMZ EFWFMPQNFOU PG UIF GSFF OVDMFBS FOEPTQFSN "N + #PU m 4SFOTFO .# $IBVEIVSZ ". 3PCFSU ) #BODIBSFM & #FSHFS ' 1PMZDPNC HSPVQ HFOFT DPOUSPM QBUUFSO GPSNBUJPOJOQMBOUTFFE$VSS#JPMm 4UBOHFMBOE # 4BMFIJBO ; "BMFO 3 .BOEBM " 0MTFO 0" *TPMBUJPOPG(64NBSLFSMJOFTGPSHFOFTFYQSFTTFE JO"SBCJEPQTJTFOEPTQFSN FNCSZPBOENBUFSOBMUJTTVFT +&YQ#PUm 4VO: %JMLFT#1 ;IBOH$ %BOUF3" $BSOFJSP/1 -PXF ,4 +VOH 3 (PSEPO,BNN 8+ -BSLJOT #" B $IBSBDUFSJ[BUJPOPGNBJ[F ;FBNBZT- 8FFBOEJUTBD UJWJUZJOEFWFMPQJOHFOEPTQFSN1SPD/BUM"DBE4DJ64" m 4VO: 'MBOOJHBO#" 4FUUFS5- C 3FHVMBUJPOPGFOEP SFEVQMJDBUJPO JO NBJ[F ;FB NBZT - FOEPTQFSN *TPMB UJPOPGBOPWFM#UZQFDZDMJOBOEJUTRVBOUJUBUJWFBOBMZ TJT1MBOU.PM#JPMm 4XBNZ #(- 1BSBNFTXBSBO / ѮF IFMPCJBM FOEP TQFSN#JPM3FWm
3FGFSFODFT
ώϔώ
ѮBO.& )FMN. 4JNQTPO%+ -PUUTQFJDI' )VCFS3 (J FUM $ ѮF ª DSZTUBM TUSVDUVSF BOE TVCTUSBUF TQFDJêDJUZ PG UIF ,%&-UBJMFE DZTUFJOF FOEPQFQUJEBTF GVODUJPOJOHJOQSPHSBNNFEDFMMEFBUIPG3JDJOVTDPNNV OJTFOEPTQFSN+.PM#JPMm ѮPNQTPO3% )VFSPT( #FDLFS)" .BJU[. %F WFMPQNFOUBOEGVODUJPOPGTFFEUSBOTGFSDFMMT1MBOU4DJ m 5JBO(8 :PV3- (VP'- 8BOH9$ .JDSPUVCV MBSDZUPTLFMFUPOPGGSFFFOEPTQFSNOVDMFJEVSJOHEJWJTJPO JOXIFBU$ZUPMPHJBm WBO-BNNFSFO"". ,JFѫ) .B' WBO7FFOFOEBBM8-) -JHIU NJDSPTDPQJDBM TUVEZ PG FOEPTQFSN GPSNB UJPOJO#SBTTJDBOBQVT-"DUB4PD#PU1PMm 7BTJM *, 7BTJM 7 5SBOTHFOJD DFSFBMT 5SJUJUDVN BFTUJ WVN XIFBU *O7BTJM*, FE .PMFDVMBSJNQSPWFNFOUPG DFSFBMDSPQT,MVXFS %PSESFDIU QQm 7JKBZBSBHIBWBO .3 1SBCIBLBS , ѮF FOEPTQFSN *O+PISJ#. FE &NCSZPMPHZPGBOHJPTQFSNT4QSJOHFS #FSMJO)FJEFMCFSH/FX:PSL QQm 8BOH. 0QQFEJKL#+ -V9 WBO%VJKO# 4DIJMQFSPPSU3" "QPQUPTJT JO CBSMFZ BMFVSPOF EVSJOH HFSNJOB UJPO BOE JUT JOIJCJUJPO CZ BCTDJTJD BDJE 1MBOU .PM #JPM m 8JKPXTLB. ,VUB& 1S[ZXBSB- "VUPOPNPVTFOEP TQFSNJOEVDUJPOCZJOWJUSPDVMUVSFPGVOGFSUJMJ[FEPWVMFT PG7JPMBPEPSBUB-4FY1MBOU3FQSPEm 8SFEMF6 8BMMFT# )BLNBO* %/"GSBHNFOUBUJPO BOEOVDMFBSEFHSBEBUJPOEVSJOHQSPHSBNNFEDFMMEFBUI JOUIFTVTQFOTPSBOEFOEPTQFSNPG7JDJBGBCB*OU+1MBOU 4DJm :FVOH&$ $BWFZ.+ $FMMVMBSFOEPTQFSNGPSNBUJPO JO1IBTFPMVTWVMHBSJT*-JHIUBOETDBOOJOHFMFDUSPONJ DSPTDPQZ$BO+#PUm :PVOH 5& (BMMJF %3 "OBMZTJT PG QSPHSBNNFE DFMM EFBUI JO XIFBU FOEPTQFSN SFWFBMT EJĒFSFODFT JO FOEP TQFSN EFWFMPQNFOU CFUXFFO DFSFBMT 1MBOU .PM #JPM m :PVOH5& (BMMJF%3 1SPHSBNNFEDFMMEFBUIEVSJOH FOEPTQFSNEFWFMPQNFOU1MBOU.PM#JPMm :PVOH5& (BMMJF%3 %F.BTPO%" &UIZMFOFNFEJ BUFE QSPHSBNNFE DFMM EFBUI EVSJOH NBJ[F FOEPTQFSN EFWFMPQNFOU PG XJMEUZQF BOE TISVOLFO HFOPUZQFT 1MBOU1IZTJPMm ;FF4: 0#SJFO51 "MFVSPOFMBZFSUSBOTGFSDFMMTBOE PUIFSTUSVDUVSBMGFBUVSFTPGUIFTQJLFMFUPGNJMMFU"VTU+ #JPM4DJm ;IBP + (SBê ( ѮF IJHI NPCJMJUZ HSPVQ *: QSP UFJO JT IZQPQIPTQIPSZMBUFE JO FOEPSFEVQMJDBUJOH NBJ[F FOEPTQFSN DFMMT BOE JT JOWPMWFE JO BMMFWJBUJOH IJTUPOF )NFEJBUFE USBOTDSJQUJPOBM SFQSFTTJPO + #JPM $IFN m
$)"15&3
(FOFUJDTBOE.PMFDVMBS #JPMPHZPGUIF&OEPTQFSNo "5BMFPG5XP.PEFM4ZTUFNT ѮVTOPUPOMZBSFCPUIFOEPTQFSNBOEFNCSZPPGCJQBSFO UBMPSJHJOJODSPTTQPMMJOBUFETQFDJFTCVUUIFUXPTUSVDUVSFT EJĒFS JO IFSFEJUBSZ PSHBOJ[BUJPO ѮF FOEPTQFSN JT Y IBWJOHSFDFJWFEBEPVCMFDPNQMFNFOUPGJOIFSJUBODFGSPN UIF QJTUJMMBUF QBSFOU ѮF FNCSZP JT Y (FOFUJD EJWFSTJUZ XJUIJOUIFTFFEJTGVSUIFSJODSFBTFECZUIFGBDUUIBU TJODF
UIF NBUFSOBM UJTTVFT BOE UIF FNCSZP CFMPOH UP EJĒFSFOU TQPSPQIZUJDHFOFSBUJPOT UIFZNBZCFVOMJLFJOHFOPUZQFw ѮFQSPCMFNTXIJDIUIFFOEPTQFSNQSFTFOUTTUFNGSPNUIF QFDVMJBSJUJFT PG JUT PSJHJO BOE HFOFUJD FOEPXNFOU BOE JUT JOUFSDBMBSZ QPTJUJPO CFUXFFO UIF PME BOE UIF OFX TQPSP QIZUFT 3"#SJOL %$$PPQFS
&OEPTQFSN JT OPU QSPEVDFE JOTUBOUMZ BT B SFBEZ NBEF UJTTVF GPMMPXJOH EPVCMF GFSUJMJ[BUJPO SBUIFS JUT EFWFMPQNFOU JT B QSPHSFTTJWF QSPDFTT UIBU DPN QSJTFT WBSJPVT TUFQT FBDI EFQFOEJOH VQPO B GFX HFOFT5PQMBDFUIFTFTUFQTJOUIFJSQSPQFSQFSTQFD UJWF UIF JOUSPEVDUJPO UP UIJT DIBQUFS CFHJOT XJUI CSJFG DPNNFOUT PO UIF DZUPMPHJDBM HFOFUJD BOE NPMFDVMBS DIBOHFT UIBU PDDVS JO UIF FOEPTQFSN UP NBLF JU B NBUVSF UJTTVF 'JSTU BSF UIF SFQFBUFE SPVOET PG NJUPTJT GPMMPXFE CZ UIF DFMMVMBSJ[BUJPO BOE IJTUPEJĒFSFOUJBUJPO UIBU DBSWF PVU UIF QSJODJ QBMSFHJPOTPGUIFFOEPTQFSN%VSJOHUIFMBUUFSQF SJPE PG IJTUPEJĒFSFOUJBUJPO UIFSF JT B TVSHF JO UIF OVDMFBS%/"DPOUFOUPGUIFDFMMTUIBUSFTVMUTJOIJHI %/"WBMVFTEVFUPFOEPSFEVQMJDBUJPO5FNQPSBMMZ DPSSFMBUFEXJUIFOEPSFEVQMJDBUJPO TUBSDIBOETUPS BHFQSPUFJOTBSFSBQJEMZTZOUIFTJ[FEBOEBDDVNVMBUF JOUIFFOEPTQFSN*EFOUJêDBUJPOPGUIFHFOFT BOE UIFJSQSPUFJOQSPEVDUT JOWPMWFEJOFOEPTQFSNIJT UPEJĒFSFOUJBUJPO CFHJOOJOHXJUIUIFTZODZUJBMTUBHF IBT CFFO NBEF QPTTJCMF CZ BOBMZTJT PG NVUBOUT BG GFDUFE JO FOEPTQFSN EFWFMPQNFOU *O UIF GPSNB UJPOPGUIFTUBSDIZDFMMT BMFVSPOFDFMMT USBOTGFSDFMMT BOEDFMMTPGUIFFNCSZPTVSSPVOEJOHSFHJPO XIJDI DPOTUJUVUFUIFGPVSNBKPSGVODUJPOBMSFHJPOTPGUIF DFSFBMFOEPTQFSN EFQPTJUJPOBOEJOUFSQSFUBUJPOPG QPTJUJPOBMJOGPSNBUJPOQMBZJNQPSUBOUSPMFT/FWFS UIFMFTT UIFMJOLCFUXFFOUIFFTUBCMJTINFOUPGUIFTF DFMMUZQFTJOUIFFOEPTQFSNBOEUIFJSHFOFUJDTQFDJ êDBUJPOJTOPUGVMMZVOEFSTUPPEѮFQVSQPTFPGUIJT
4QFDJêDBUJPOPG'PSNJOUIF &OEPTQFSNPG"SBCJEPQTJT &OEPTQFSN%FWFMPQNFOUXJUIPVU %PVCMF'FSUJMJ[BUJPO 1BSFOUBM(FOF%PTBHFJO&OEPTQFSN %FWFMPQNFOU (FOFUJDTBOE.PMFDVMBS#JPMPHZPG UIF$FSFBM&OEPTQFSN &NCSZPTVSSPVOEJOH3FHJPO BOE5SBOTGFS-BZFS "MFVSPOF$FMMTBOE4UBSDIZ&OEPTQFSN $PODMVEJOH$PNNFOUT 3FGFSFODFT
ώϔϑ
$IBQUFSϕ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF&OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
DIBQUFS JT UP QSFTFOU BO PWFSWJFX PG DVSSFOU JOGPS NBUJPOSFMBUJOHUPUIPTFFQJTPEFTJOFOEPTQFSNEF WFMPQNFOU OPU DPOTJEFSFE JO UIF QSFWJPVT DIBQUFS ESBXJOH QSJODJQBMMZ PO XPSL EPOF PO "SBCJEPQTJT XJUI JUT USBOTJFOU NJOJNBM FOEPTQFSN BOE DFSFBM HSBJOT XJUI UIFJS QFSTJTUFOU TJHOJêDBOU RVBOUJ UJFTPGFOEPTQFSN*OWFTUJHBUJPOTVOEFSUBLFOXJUI UIFTFTZTUFNTIBWFNFUXJUIOPUBCMFTVDDFTTBTUIFZ QSPWJEFJOTUSVDUJWFDPNQBSJTPOTUIBUJMMVNJOBUFUIF IJUIFSUP VOSFDPHOJ[FE SPMF PG QBSFOUBM HFOPNFT BOE XJMM OP EPVCU DPOUJOVF UP QSPWJEF JOTJHIUGVM JOGPSNBUJPO PO UIF VOEFSMZJOH NFDIBOJTNT PG FO EPTQFSNEFWFMPQNFOUJOëPXFSJOHQMBOUT 3FWJFXT UIBU IJHIMJHIU UIF HFOFUJD BOE NPMFDV MBS CJPMPHZ PG FOEPTQFSN EFWFMPQNFOU IBWF CFFO QVCMJTIFECZ$IBVEIVSZFUBM
#FDSBѫFUBM
#FSHFS
0MTFO C
BOE$PTUBFU BM 4QFDJmDBUJPOPG'PSN JOUIF&OEPTQFSNPG"SBCJEPQTJT #BTFEPOBOBMZTJTPGNVUBUJPOTUIBUEJTSVQUOPSNBM TFFEEFWFMPQNFOU DPOTJEFSBCMFQSPHSFTTIBTCFFO NBEFJOUIFMBTUGFXZFBSTUPXBSEBOVOEFSTUBOEJOH PGUIFSPMFPGHFOFBDUJPOJOUIFHFOFSBUJPOPGGPSN JO UIF FOEPTQFSN PG "SBCJEPQTJT BOE JO UIF JOUFS BDUJPO PG UIF FOEPTQFSN XJUI UIF FNCSZP BOE NBUFSOBMUJTTVFTPGUIFPWVMF3FGFSFODFXBTNBEF JO$IBQTBOEUPNVUBUJPOTUIBUEJTSVQUFNCSZP HFOFTJTJO"SBCJEPQTJTTPNFPGUIFTBNFNVUBUJPOT BMTP TIPX SFNBSLBCMF QBSBMMFMT JO JNQBJSJOH EFWFM PQNFOU PG UIF FOEPTQFSN B UJTTVF CFBSJOH MJUUMF SFTFNCMBODFUPUIFFNCSZPFJUIFSJOJUTNPSQIPMPHZ PS DISPNPTPNF OVNCFS 0OF TVDI NVUBUJPO JT UPS XIJDI DBVTFT QSFNBUVSF BSSFTU PG GSFF OVDMFBS EJWJTJPOTJOUIFFOEPTQFSNPOMZBCPVUPGUIF OVNCFS PG GSFF OVDMFJ QSPEVDFE JO UIF XJMEUZQF FOEPTQFSNJTHFOFSBUFEJOUIFNVUBOUFOEPTQFSN .FOBOEFUBM )PXFWFS JUBQQFBSTVOMJLFMZ UIBUUIF503HFOFJTBLFZSFHVMBUPSPGUIFDFMMDZDMF EVSJOH UIF TZODZUJBM QIBTF PG UIF FOEPTQFSN ѮF ,/HFOFBOEHFOFTJODMVEFEJOUIF55/BOE1*-; HSPVQT XIJDIIBWFCFFOJEFOUJêFEUISPVHIBOBMZTJT PG NVUBUJPOT BĒFDUJOH DZUPLJOFTJT JO UIF FNCSZP BMTP JNQBJS FOEPTQFSN DFMMVMBSJ[BUJPO JNQMZJOH UIBU UIFTF FWFOUT JO UIF UXP QSPEVDUT PG EPVCMF GFSUJMJ[BUJPOTIBSFDPNQPOFOUTPGUIFTBNFHFOFUJD
NBDIJOFSZ $ZUPLJOFUJD EFGFDUT JO FNCSZP DFMMT PG LFV BOE LO NVUBOUT XFSF EFTDSJCFE JO $IBQ $PNQBSBUJWF TUVEJFT IBWF TIPXO UIBU XIFSFBT FOEPTQFSNDFMMVMBSJ[BUJPOJTOPUBĒFDUFEJOTFFETPG UIFLFVNVUBOU NPTUTFFETPGLONPOPHFOJD BTXFMM BT PG LOLFV EPVCMF NVUBOUT QSPEVDF OPODFMMV MBSJ[FE FOEPTQFSN UIBU TVSWJWFT BT B TZODZUJVN %VSJOH FOEPTQFSN DFMMVMBSJ[BUJPO UIF TZOUBYJO GBNJMZ PG QSPUFJOT FODPEFE CZ UIF ,/ HFOF BSF UIPVHIUUPQMBZBWJUBMSPMFJODZUPLJOFTJT TFSWJOHBT LFZNPMFDVMFTJOUIFEPDLJOHBOEGVTJPOPGWFTJDMFT BU NFNCSBOFT -BVCFS FU BM 4SFOTFO FU BM "O VOEFSTUBOEJOH PG UIF JOWPMWFNFOU PG UIFQSPUFJOQSPEVDUTPGUIF55/ -JVBOE.FJOLF 4QSJOHFS FU BM 5[BGSJS FU BM BOE 1*-; .BZFS FU BM HSPVQT PG HFOFT JO BO FTTFOUJBM SPMF JO FOEPTQFSN EFWFMPQNFOU TUFNT GSPNUIFPCTFSWBUJPOUIBUFNCSZPMFUIBMNVUBOUTPG UIFTFHFOFTIBWFFOEPTQFSNTXJUIHJBOUOVDMFJ"O FOEPTQFSN QIFOPUZQF XJUI ESBNBUJDBMMZ FOMBSHFE OVDMFJ TJNJMBS UP UIF 55/ BOE 1*-; HSPVQT PG NVUBOUT JT BMTP EJTQMBZFE CZ UIF PSD FNCSZP MFUIBM NVUBOU $PMMJOHF FU BM "T EFTDSJCFE JO$IBQ UIFWBSJFEQSPUFJOQSPEVDUTPGUIF55/ BOE1*-;HSPVQTPGHFOFTQMBZQJWPUBMSPMFTJODFMM EJWJTJPO .D&MWFSFUBM-JVFUBM5[BGSJS FUBM4UFJOCPSOFUBM $IBSBDUFSJTUJDPG SFHVMBUPSZNPMFDVMFT JOEJWJEVBMQSPUFJOTQSPCBCMZ QBSUJDJQBUF JO TQFDJêD TUFQT UISFBEJOH UIF DBTDBEF PGNJUPTJTBOEDSBѫJOHPGUIFDZUPLJOFUJDBQQBSBUVT BTTPDJBUFEXJUIFOEPTQFSNEFWFMPQNFOU8IFSFBT WJSUVBMMZ BMM PG UIF NVUBOUT SFGFSSFE UP BCPWF XJUI EFGFDUJWF FOEPTQFSN BSF BMTP FNCSZPEFGFDUJWF BO FYDMVTJWF SPMF JO FOEPTQFSN DFMMVMBSJ[BUJPO IBT CFFOBUUSJCVUFEUPUIF41¨5;-&HFOF"TTIPXOJO 'JH BmF
BCOPSNBMJUJFT JO FOEPTQFSN EFWFM PQNFOU PCTFSWFE JO PWVMFT PG UIF TQÅU[MF NVUBOU JODMVEFGBJMVSFPGUIFOVDMFBSDZUPQMBTNJDEPNBJOT BSPVOE OVDMFJ UP TFQBSBUF BUUBDINFOU PG OVDMFJ UP JODPNQMFUFMZ TFQBSBUFE OVDMFBS FOWFMPQFT OVDMFBS GVTJPO BOE GPSNBUJPO PG NVMUJOVDMFBUF OVDMFBS DZUPQMBTNJD EPNBJOT TVSSPVOEJOH OPSNBMMZ EFWFMPQJOH IFBSUTIBQFE BOE UPSQFEPTIBQFE FNCSZPT 4SFOTFOFUBM "DPNNFOUBSZCZ %JDLJOTPO VOEFSTDPSFT UIF OFFE UP êMM JO UIF HBQT PG VODFSUBJOUZ SFHBSEJOH UIF SPMF PG UIF 41¨5;-& HFOF JO UIF GPSNBUJPO PG UIF OVDMFBS DZUPQMBTNJD EPNBJOT BOE QISHBNPQMBTUT EVSJOH DFMMVMBSJ[BUJPOPGUIFFOEPTQFSN8IFOUIJTHFOFJT
ɮɧ 4QFDJmDBUJPOPG'PSNJOUIF&OEPTQFSNPG"SBCJEPQTJT
ώϔϒ
'JHɮɧBoF3PMFPGUIF41¨5;-&HFOFJOUIFDFMMVMBSJ[BUJPOPGFOEPTQFSNPG"SBCJEPQTJTB1FSJQIFSBMFOEPTQFSNOVDMFJ BUUIFIFBSUTIBQFETUBHFPGUIFFNCSZPTIPXJOHMBDLPGDFMMVMBSJ[BUJPOC'BJMVSFPGUIFOVDMFBSDZUPQMBTNJDEPNBJOTUP TFQBSBUFGPMMPXJOHOVDMFBSEJWJTJPOTD'BJMVSFPGOVDMFPDZUPQMBTNJDEPNBJOTUPTFQBSBUFGPMMPXFECZBUUBDINFOUPGOVDMFJ CZ JODPNQMFUFMZ TFQBSBUFE OVDMFBS FOWFMPQFT BSSPXIFBE E 'PSNBUJPO PG NVMUJOVDMFBUF OVDMFBSDZUPQMBTNJD EPNBJOT F 'VTJPOPGOVDMFJMFBEJOHUPUIFGPSNBUJPOPGMBSHFOVDMFJXJUINVMUJQMFOVDMFPMJ BSSPXIFBE #BSʍN 3FQSJOUFEGSPN 4SFOTFOFUBM
DMPOFEBOEJUTQSPUFJOQSPEVDUJEFOUJêFE BOBOTXFS FU BM
NTJ BOE CHB (VJUUPO FU BM DBO BMTP CF TPVHIU UP UIF RVFTUJPO BT UP XIZ UIF #BTFEPOUIFPCTFSWBUJPOUIBU JOUIFNTJNVUBOU UIFQPMBSGVTJPOOVDMFVTTUBSUTUPEJWJEFXJUIPVUGV FNCSZPJTOPUBĒFDUFEJOUIFTQÅU[MFNVUBOU TJPO XJUI UIF TQFSN OVDMFVT FWFO BѫFS TVDDFTTGVM QPMMJOBUJPO BDBTFDBOCFNBEFUIBUEJĒFSFOUBMMFMFT PGUIFêTNVUBOUTUIBUDPNQSPNJTFPSFOIBODFUIF &OEPTQFSN%FWFMPQNFOU NVUBUJPOBMFĒFDUTBSFMJLFMZUPFNFSHFJOUIFGVUVSF XJUIPVU%PVCMF'FSUJMJ[BUJPO ,ÕIMFSFUBM "VUPOPNPVTFOEPTQFSNEFWFM ѮF HFOFUJD CBTJT PG FOEPTQFSN EFWFMPQNFOU JO PQNFOUJTOPU IPXFWFS EJTQMBZFECZDBQNVUBOUT "SBCJEPQTJT IBT CFFO JMMVNJOBUFE HSFBUMZ CZ UIF XIPTFOPSNBMMPPLJOHFNCSZPTBDTBSFEFWPJEPGB JTPMBUJPOPGGFNBMFHBNFUPQIZUFNVUBOUTJOXIJDI IPNPHFOPVTQPQVMBUJPOPGFOEPTQFSNOVDMFJBOEB VOGFSUJMJ[FEPWVMFTEJTQMBZDFSUBJOBTQFDUTPGSFQSP DIBMB[BMFOEPTQFSNDZTU (SJOJFUBM "T EFTDSJCFE JO $IBQ BMM PG UIF PSJHJOBM '*4 EVDUJWF QSPDFTTFT GPVOE POMZ JO GFSUJMJ[FE PWVMFT 'PSNBUJPO PG BO JODPNQMFUF FOEPTQFSN XJUIPVU HFOFTFYDFQU'*4FODPEFQSPUFJOTUIBUBSFIPNPMP GFSUJMJ[BUJPO JT UIF TJHOBUVSF GFBUVSF PG êF UIF êSTU HPVTUPUIFQPMZDPNCHSPVQQSPUFJOT (SPTTOJLMBVT TVDINVUBOUJTPMBUFEѮFFĒFDUPGUIFNVUBUJPOJT FUBM-VPFUBM0IBEFUBM .PSF ESBNBUJDBMMZ SFWFBMFE CZ DPNQBSJOH UIF GSFRVFODZ PWFS UIF '*4 HFOFT BSF JNQSJOUFE TVDI UIBU POMZ PGNVMUJOVDMFBUFDFOUSBMDFMMTJOVOQPMMJOBUFEIFUFSP UIF NBUFSOBM DPQZ PG UIF HFOF JT FYQSFTTFE JO UIF [ZHPVT'*&êFNVUBOUPWVMFTXJUIUIBUJOUIFDPSSF FOEPTQFSN XIFSFBT UIF QBUFSOBM DPQZ JT OPU JO TQPOEJOHXJMEUZQFPWVMFT TFF1MBUF 'JHH I *O PUIFS XPSET QBSFOUBM'*4 HFOFT BSF JOIFSJUFE JO B DPOUSBTUUPUIFmPGXJMEUZQFDFOUSBMDFMMTXJUI TJMFODFE TUBUF PO UIF QBUFSOBMMZ JOIFSJUFE DISPNP NPSFUIBOPOFOVDMFVTEVSJOHBEBZJOUFSWBMBѫ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ĒFDUPGUIF TIPXO CZ -VP FU BM
JO DPOUSBTU UP UIF FO NVUBUJPO BOE JOWJUFT UIF QPTTJCMF JOWPMWFNFOU PG EPTQFSNTQFDJêDBDUJWJUZPGUIFNBUFSOBMMZEFSJWFE PUIFSHFOFTJOFOEPTQFSNEFWFMPQNFOU-BUFSBEEJ '*4(64 .&"(64 BOE '*&(64 DPOTUSVDUT UJPOTUPUIFMJTULOPXOBTUIFêTDMBTTPGNVUBOUT JO OP (64 FYQSFTTJPO JT TFFO XIFO UIFTF DPOTUSVDUT XIJDIFOEPTQFSNEFWFMPQNFOUJTVODPVQMFEGSPN BSFJOUSPEVDFEUISPVHIQPMMFOHSBJOTѮFTFSFTVMUT EPVCMFGFSUJMJ[BUJPO BSFêT êT êT $IBVEIVSZFU BMTP JOEJSFDUMZ JOEJDBUF UIBU FOEPTQFSN EFWFMPQ BM
NFB (SPTTOJLMBVTFUBM
G ,JZP NFOUCFGPSFGFSUJMJ[BUJPOJTTVQQSFTTFECZNBUFSOBM TVFFUBM
ENF $IPJFUBM
NTJ ,ÕIMFS FYQSFTTJPOPGUIFXJMEUZQFGVODUJPOPG'*4HFOFT
ώϔϓ
$IBQUFSϕ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF&OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
1BSFOUBM(FOF%PTBHF JO&OEPTQFSN%FWFMPQNFOU #FDBVTF "SBCJEPQTJT MJLF NPTU PUIFS TFYVBMMZ SF QSPEVDJOHëPXFSJOHQMBOUT SFRVJSFTCPUIQBUFSOBM BOENBUFSOBMHFOFTGPSUIFEFWFMPQNFOUPGUIFFO EPTQFSN JNQSJOUJOHJTCFTUVOEFSTUPPEJODSPTTFT CFUXFFOQMBOUTPGEJĒFSFOUQMPJEJFTPSCFMPOHJOHUP EJĒFSFOUTQFDJFTѮJTSFTUTPOUIFBTTVNQUJPOUIBUB SBUJPPGUXPNBUFSOBMHFOPNFT N UPPOFQBUFSOBM HFOPNF Q
CPUI FOEPTQFSNTQFDJêD JT DSVDJBM GPSFOEPTQFSNEFWFMPQNFOU BOEUIBUFOEPTQFSNJO TFFETGSPNJOUSBQMPJEZ JOUFSQMPJEZ BOEJOUFSTQFDJêD DSPTTFTXPVMEEFWFMPQBCOPSNBMMZJGUIFSFJTBOZEF WJBUJPOGSPNUIJTSBUJP 7JOLFOPPHBOE4DPUU 4DPUUFUBM GPVOEUIBU JO"SBCEJPQTJT XIFSF JNQSJOUJOH DBO CF NBOJQVMBUFE Y ¤ Y DSPTTFT EJQMPJE NPUIFS BOE UFUSBQMPJE GBUIFS NQ JO ëJDUJOH B QBUFSOBM HFOPNJD FYDFTT SFTVMU JO B NBT TJWFMZPWFSHSPXOFOEPTQFSNBOEBDPSSFTQPOEJOHMZ MBSHF TFFE XIFSFBT Y ¤ Y DSPTTFT NQ FOEP TQFSN JOëJDUJOH B NBUFSOBM HFOPNJD FYDFTT QSP EVDFBQSFDPDJPVTMZDFMMVMBSJ[JOHFOEPTQFSNXJUIJO B TNBMM TFFE 7JBCMF TFFET DPOUBJOJOH USJQMPJE FN CSZPTBSFQSPEVDFEGSPNDSPTTFTJOFJUIFSEJSFDUJPO $SPTTFTCFUXFFOBEJQMPJEBOEBIFYBQMPJENBJOUBJO UIJTUSFOEXJUITJNJMBSCVUFYUSFNFSFDJQSPDBMQIF OPUZQFTBOEBCPSUFETFFET*OBMMDBTFT HFOFEPTBHF JNCBMBODF BĒFDUT QSJNBSJMZ UIF UJNJOH PG DFMMVMBS J[BUJPO PG UIF FOEPTQFSN BOE JUT QSPMJGFSBUJWF QP UFOUJBM8IFOUIFFNCSZPBOEFOEPTQFSNQMPJEZJT JODSFBTFE XJUIPVU EJTSVQUJOH UIF NQ SBUJP TVDI BTJOY¤Y Y¤Y PSY¤YDSPTTFT OPSNBM EFWFMPQNFOUPGUIFFNCSZPBOEFOEPTQFSNFOTVFT *O B TFSJFT PG JOUFSTQFDJêD DSPTTFT CFUXFFO EJQMPJE BOEUFUSBQMPJE"UIBMJBOBBOEY"BSFOPTB JUXBT GPVOEUIBUUIFFOEPTQFSNGSPNY"UIBMJBOB¤Y "BSFOPTBDSPTTFTJTQIFOPUZQJDBMMZDIBSBDUFSJTUJDPG BQBUFSOBMFYDFTTDSPTT XJUIGFBUVSFTTVDIBTMBDLPG DFMMVMBSJ[BUJPOBOEQSPMPOHFEQSPMJGFSBUJPO XIFSFBT JODSFBTJOH UIF NBUFSOBM HFOPNF BT JO Y " UIBMJ BOB ¤ Y " BSFOPTB DSPTTFT SFEVDFT FOEPTQFSN QSPMJGFSBUJPO UP UIF OPSNBM MFWFM #VTIFMM FU BM ѮFTFSFTVMUTSFJOGPSDFUIFJNQPSUBODFPGUIF NQSBUJPGPSUIFEFWFMPQNFOUPGUIFFOEPTQFSN JO"SBCJEPQTJT BOEJNQMZUIBUFOEPTQFSNEFWFMPQ NFOUSFRVJSFTUIFBDUJWJUZPGJNQSJOUFEHFOFTPSQBS FOUPGPSJHJODISPNPTPNFEPTBHF
"O JOëVFOUJBM UIFPSZ UIBU IBT CFFO JOWPLFE UP FYQMBJOHFOPNJDJNQSJOUJOHJOUIFEFWFMPQNFOUPG UIFFOEPTQFSNJTUIFQBSFOUBMDPOëJDUUIFPSZ )BJH BOE8FTUPCZ ѮJTUIFPSZBTTVNFTUIBU JOJOUSBQMPJEZ JOUFSQMPJEZ BOEJOUFSTQFDJêDDSPTTFT XIFSFNBUFSOBMPSJHJOHFOFTTVQQSFTTBOEQBUFSOBM PSJHJO HFOFT QSPNPUF FOEPTQFSN EFWFMPQNFOU UIFSFJTBOJOIFSFOUDPOëJDUCFUXFFOUIFNBUFSOBM BOE QBUFSOBM JOUFSFTUT JO SFTPVSDF BMMPDBUJPO GSPN UIF QMBOU UP UIF TFFE ѮJT NFBOT UIBU B MBSHF FOEPTQFSNXJUINBOZOVUSJFOUSJDIDFMMTSFTVMUJOH GSPNBQBUFSOBMHFOPNFFYDFTTDSPTTJTEVFUPUIF BMMPDBUJPOPGNPSFSFTPVSDFTGSPNUIFQMBOUUPUIF TFFE UIBO UIF TNBMM FOEPTQFSN SFTVMUJOH GSPN NBUFSOBM FYDFTT DSPTT UIVT NBLJOH TFOTF PG XIZ HFOFTUIBUQSPNPUFVOSFTUSJDUFENBUFSOBMSFTPVSDF BMMPDBUJPO TIPVME CF FYQSFTTFE QBUFSOBMMZ 0O UIF PUIFS IBOE HFOFT UIBU QSPNPUF B SFTUSJDUFE EJTUSJCVUJPO PG SFTPVSDFT GSPN UIF NPUIFS QMBOU UP UIF TFFE XJMM CF FYQSFTTFE NBUFSOBMMZ CVU OPU QBUFSOBMMZ4JODFUIFFOEPTQFSNSFHVMBUFTNBUFSOBM OVUSJFOU ëVYFT UP UIF FNCSZP JU BMTP CFDPNFT UIF TJUF PG JNQSJOUJOH PS QBSFOUPGPSJHJO HFOF FYQSFTTJPO (FISJOH FU BM *U IBT IPXFWFS CFFOBSHVFEUIBUQBSFOUBMJNQSJOUJOHBMPOFDBOOPU FYQMBJO UIF GBUF PG UIF FOEPTQFSN JO TPNF PG UIF NVUBOUT EJTDVTTFE BCPWF WPO 8BOHFOIFJN BOE 1FUFSTPO 5PJEFOUJGZHFOFTXIPTFFYQSFTTJPOJTEJTUVSCFEJO UIFNBUFSOBMFYDFTTFĒFDUQIFOPUZQFT (BSDJBFUBM IBWFJTPMBUFEUXPNVUBOUT IBJLV JLV BOE JLVUIBUQSPEVDFTNBMMTFFETEJTQMBZJOHQSFDPDJPVT DFMMVMBSJ[BUJPOPGUIFFOEPTQFSNѮ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ĒFDUT JO UIF EFWFMPQNFOU PG "SBCJEPQTJTFOEPTQFSN"EBNTFUBM TUVEJFE UIFFĒFDUTPGIZQPNFUIZMBUJPOJODSPTTFTJOWPMWJOH QMBOUT JO XIJDI %/" NFUIZMBUJPO JT TVCTUBOUJBMMZ SFEVDFE CZ JOUSPEVDJOH B NBJOUFOBODF %/"
ɮɧ 4QFDJmDBUJPOPG'PSNJOUIF&OEPTQFSNPG"SBCJEPQTJT
.&5):-53"/4'&3"4& BOUJTFOTF .&5 B T DPOTUSVDU ѮJT XPSL TIPXFE UIBU UIF FĒFDUT PG JOUFSQMPJEZDSPTTFTSFTVMUJOHJOJODSFBTFENBUFSOBM PS QBUFSOBM HFOF EPTBHF BSF QIFOPDPQJFE CZ QPMMJOBUJOH XJMEUZQF PWVMFT XJUI QPMMFO DBSSZJOH B EFNFUIZMBUFE HFOPNF PS CZ QPMMJOBUJPO PG B IZQPNFUIZMBUFE QMBOU XJUI XJMEUZQF QPMMFO SFTQFDUJWFMZ *G NFUIZMBUJPO JT JOWPMWFE JO HFOF TJMFODJOH UIFQSFEJDUJPOGSPNUIFTFDSPTTFTJTUIBU JO B XJMEUZQF ¤ .&5 BT DSPTT UIF OPSNBMMZ NBUFSOBMTQFDJêD BMMFMFT XPVME CF EFSFQSFTTFE PO UIF QBUFSOBM DISPNPTPNFT UIVT QIFOPDPQZJOH UIFDSPTTUIBUQSPWJEFTBOPWFSEPTFPGUIFNBUFSOBM HFOPNF XIFSFBT IZQPNFUIZMBUJPO PG UIF PWVMF QBSFOU BTJOUIF.&5BT¤XJMEUZQFDSPTT XPVME EFSFQSFTTUIFQBUFSOBMMZFYQSFTTFEHFOFTJNQSJOUFE POUIFNBUFSOBMDISPNPTPNFTBOEQIFOPDPQZUIF QBUFSOBM FYDFTT DSPTT ѮFTF QSFEJDUJPOT BSF CPSOF PVU JO FYQFSJNFOUBM SFTVMUT UIVT TVHHFTUJOH B SPMF GPS%/"NFUIZMBUJPOJOQBSFOUPGPSJHJOFĒFDUT JO UIF TFOTF UIBU UIF JOBDUJWF BMMFMF JT UIF NFUIZMBUFE POF"NPEFMPGUIFSFTVMUTGSPNJOUFSQMPJEZDSPTTFT BOE PG UIF FĒFDU PG HMPCBM %/" IZQPNFUIZMBUJPO PO QBSFOUBM JNQSJOUJOH JO "SBCJEPQTJT JT TIPXO JO 1MBUF 'JHB C *O TJNJMBS FYQFSJNFOUT XJUI êT NVUBOUT XIJDI FYIJCJU FOEPTQFSN QIFOPUZQFT EJBHOPTUJDPGQBUFSOBMFYDFTTDSPTTFT JUXBTGPVOE UIBUQPMMJOBUJPOPGNVUBOUPWVMFTXJUIQPMMFOGSPN MPXNFUIZMBUJPOQMBOUTSFTUPSFTUIFOPSNBMQBUUFSOPG FOEPTQFSNEFWFMPQNFOUBOESFTDVFTTFFEWJBCJMJUZ *O UIF DBTF PG NFB BOE êT NVUBOUT UIF SFTDVF PDDVSTFWFOJOUIFBCTFODFPGGVODUJPOBMQBUFSOBMMZ EFSJWFE.&"BOE'*4BMMFMFT SFTQFDUJWFMZ -VPFU BM7JOLFOPPHFUBM ѮVT NFUIZMBUJPO PG%/"BTBOFTTFOUJBMDPNQPOFOUPGUIFJNQSJOUJOH NFDIBOJTNQSPWJEFTBTJNQMFDPODFQUVBMGSBNFXPSL UPFYQMBJOFOEPTQFSNEFWFMPQNFOUJO"SBCJEPQTJT "DPNQMFUFVOEFSTUBOEJOHPGUIFNFDIBOJTNCZ XIJDI UIF %/" NFUIZMBUJPO NBDIJOFSZ SFHVMBUFT JNQSJOUJOHJO"SBCJEPQTJTFOEPTQFSNDPOUJOVFTUP SFNBJO FMVTJWF BT JOUFSBDUJPOT PG JNQSJOUFE HFOFT XJUI UIPTF UIBU NBJOUBJO DZUPTJOF NFUIZMBUJPO FYQBOE UIF DPNQMFYJUZ PG UIF QSPDFTT "MPOH XJUI .&" B MBUFëPXFSJOH HFOF '8" XIJDI FODPEFT B IPNFPEPNBJO USBOTDSJQUJPO GBDUPS IBT CFDPNF UIF GPDVT PG NVDI JOUFSFTU CFDBVTF JU EJTQMBZT JNQSJOUFEFYQSFTTJPOJOUIFFOEPTQFSN.PMFDVMBS EBUB IBWF FTUBCMJTIFE UIBU '8" HFOF FYQSFTTJPO JT DPOêOFE UP UIF EFWFMPQJOH FOEPTQFSN BOE JT
ώϔϔ
DPJODJEFOU XJUI B MPTT PG %/" NFUIZMBUJPO PG UIF EJSFDU SFQFBU TFRVFODFT PG UIF SFHJPO PG UIF HFOF JO DPOUSBTU UIF QSPNPUFS SFQFBUT SFNBJO NFUIZMBUFEJOUIFFNCSZPBOETFFEDPBU JOXIJDI '8"HFOFJTOPUFYQSFTTFE ,JOPTIJUBFUBM "GVODUJPOBM%/"HMZDPTZMBTFFODPEFECZUIF%.& HFOFTFFNTUPQMBZBLFZSPMFJOBDUJWBUJOHNBUFSOBM FYQSFTTJPO PG JNQSJOUFE .&" BOE '8" HFOFT JO UIF FOEPTQFSN CZ SFEVDJOH NFUIZMBUFE DZUPTJOF SFTJEVFT JO UIF QSPNPUFS )PX UIJT NJHIU IBQQFO JTIJOUFEBUCZPCTFSWBUJPOTTVDIBTJOIFSJUBODFPG MFTJPOTJOFNCSZPBOEFOEPTQFSNEFWFMPQNFOUJO UIF ENF NVUBOU BMMFMF CZ UIF GFNBMF HBNFUPQIZUF JOJUJBMFYQSFTTJPOPGUIF%.&HFOFJOUIFVOGVTFE QPMBS OVDMFJ JO UIF DFOUSBM DFMM BOE UIF BCTFODF PG FYQSFTTJPOJOUIFQSJNBSZFOEPTQFSNOVDMFVTBOE UIF EFWFMPQJOH FOEPTQFSN MBDL PG FYQSFTTJPO PG .&" BOE '8" USBOTHFOFT JO UIF DFOUSBM DFMM BOE JOUIFFOEPTQFSNJOIFSJUJOHUIFENFNVUBOUBMMFMF BDUJWBUJPO PG UIF OPSNBMMZ TJMFODFE QBUFSOBM .&" BMMFMFCZFDUPQJD%.&FYQSFTTJPOJOUIFFOEPTQFSN BOE UIF TQFDVMBUJPO UIBU %.& QSPUFJO NJHIU NPEJGZUIFHFOJDDISPNBUJOTUSVDUVSFCZFYDJTJOH NFUIZMDZUPTJOFSFTJEVFT $IPJFUBM,JOTPIJUB FU BM ѮF .&5 HFOF XIJDI NBJOUBJOT DZUPTJOF NFUIZMBUJPO IBT BMTP CFFO JNQMJDBUFE JO JNQSJOUJOHPGUIF.&"HFOFGSPNUIFPCTFSWBUJPO UIBU NVUBUJPOT UIBU TVQQSFTT ENFNFEJBUFE TFFE BCPSUJPO QIFOPUZQFT BSF EVF UP MFTJPOT JO UIF .&5HFOF4JODFUIF%.&HFOFBDUJWBUFTBOEUIF .&5 HFOF TVQQSFTTFT .&" HFOF FYQSFTTJPO UIF EBUB IBWF CFFO DPOTUSVFE UP GBWPS UIF IZQPUIFTJT UIBU JNQSJOUJOH PG UIF .&" HFOF JT DPOUSPMMFE JO UIF GFNBMF HBNFUPQIZUF CZ BO BOUBHPOJTN CFUXFFOUIFUXP%/"NPEJGZJOHFO[ZNFT .&5 NFUIZMUSBOTGFSBTFBOE%/"HMZDPTZMBTF 9JBPFUBM (FOFUJDT BOE NPMFDVMBS CJPMPHZ IBWF QSPWJEFE B HPPE TFOTF PG UIF DFMMVMBS QSPDFTTFT UIBU DPOUSPM FOEPTQFSN EFWFMPQNFOU JO"SBCJEPQTJT "MUIPVHI BMM UIF QJUGBMMT BTTPDJBUFE XJUI UIF MJGF PG HFOFSBM DPODMVTJPOTCBTFEPOJOWFTUJHBUJPOTPOBUSBEJUJPOBM NPEFM TZTUFN XFMMLOPXO GPS JUT HFOFUJD BOEPS FYQFSJNFOUBMUSBDUBCJMJUZBQQMZUPUIFJOWFTUJHBUJPOT SFWJFXFE BCPWF GVUVSF XPSL JT QPJTFE UP BEESFTT UIFNBOZNZTUFSJFTTVSSPVOEJOHUIFNFDIBOJTNPG HFOPNJDJNQSJOUJOHJOUIJTVOVTVBMUSJQMPJEUJTTVFJO "SBCJEPQTJT BOE CZ FYUSBQPMBUJPO JO FDPOPNJDBMMZ JNQPSUBOUDFSFBMHSBJOT
ώϔϕ
$IBQUFSϕ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF&OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
(FOFUJDTBOE.PMFDVMBS#JPMPHZ PGUIF$FSFBM&OEPTQFSN "NPOHDFSFBMHSBJOT QPXFSGVMHFOFUJDBQQSPBDIFT XFSFVTFEUPFMVDJEBUFUIFEZOBNJDTPGFOEPTQFSN EFWFMPQNFOU JO NBJ[F MPOH CFGPSF DPNQBSBCMF UFDIOJRVFTDBNFUPCFVTFEJOPUIFSDFSFBMTBOEJO "SBCJEPQTJT*OBTFSJFTPGDSPTTFT ,FSNJDMF TIPXFE UIBU XIFO UIF BMMFMF 3 SFE GPS QJHNFOUB UJPOPGUIFBMFVSPOFDFMMTJTJOIFSJUFEGSPNUIFNBMF QBSFOU JSSFTQFDUJWFPGUIFEPTFUSBOTNJUUFE UIFBM FVSPOF QIFOPUZQF JT QBUDIZ NPUUMFE
JO DPOUSBTU UPUIFTPMJEMZSFEDPMPSFEBMFVSPOFXIFO3JTUSBOT NJUUFEUISPVHIUIFGFNBMFHBNFUPQIZUFѮJTNPEF PG JOIFSJUBODF PG BMFVSPOF QJHNFOUBUJPO JOJUJBMMZ DPOTJEFSFEBTBNBUFSOBMFĒFDU XBTMBUFSFTUBCMJTIFE BTBDBTFPGJNQSJOUJOH ,FSNJDMF 'PMMPXJOH UIJTXPSL UIFMPOHBSNPGDISPNPTPNFPGNBJ[F -JO
BOE HFOFT FODPEJOH [FJOT -VOE FU BM B
ʂUVCVMJO -VOE FU BM C
B QPTUUSBO TDSJQUJPOBMSFHVMBUPSPG[FJOT E[S$IBVEIVSJBOE .FTTJOH
NBJ[FIPNPMPHTPG'*&HFOFT %BOJ MFWTLBZB FU BM (SJNBOFMMJ FU BM
BOE UXPOPWFMHFOFTOBNFE/0"1*$"-.&3*45&. /". 3&-"5&%1305&*/ /31 (VPFUBM BOE ."5&3/"--: &913&44&% (&/& .&( (VUJÊSSF[.BSDPT FU BM IBWF CFFO TIPXOUPCFJNQSJOUFEJOUIFNBJ[FFOEPTQFSNB QPTTJCMF SPMF GPS NFUIZMBUJPO JO SFHVMBUJOH UIF FY QSFTTJPO PG UIF [FJO ʂ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êOJUJWFMZ TIPXFEUIBUNBUFSOBMMZBOEQBUFSOBMMZJOIFSJUFEBM MFMFTGVODUJPOEJĒFSFOUMZ TVHHFTUJOHUIBUQBSFOUBMMZ JNQSJOUFEHFOFTBSFJOWPMWFEJOEFWFMPQNFOUPGUIF FOEPTQFSN4PNFPUIFSBTQFDUTPGHFOFEPTBHFJO
UIFEFWFMPQNFOUPGNBJ[FFOEPTQFSNIBWFCFFOSF WJFXFECZ#JSDIMFS ѮFFOEPTQFSNPGDFSFBMHSBJOTTFSWFTXFMMBTB NPEFMTZTUFNPGBUJTTVFDPOTUJUVUFEPGGPVSEJTUJODU DFMMUZQFT OBNFMZ UIFFNCSZPTVSSPVOEJOHSFHJPO CBTBMFOEPTQFSNUSBOTGFSMBZFS BMFVSPOFDFMMT BOE TUBSDIZDFMMT0VUTUBOEJOHGFBUVSFTPGUIFDFSFBMFO EPTQFSNBSFUIBUFBDIEJĒFSFOUJBUFEDFMMUZQFGBMMT JOUP B DMFBSMZ SFDPHOJ[BCMF EJTDSFUF DBUFHPSZ BOE UIBU UIFJS GBUF JT TQFDJêFE BMNPTU TJNVMUBOFPVTMZ EVSJOHUIFXBOJOHQFSJPEPGUIFGSFFOVDMFBSQIBTF PS TPPO BѫFS DFMMVMBSJ[BUJPO JT JOJUJBUFE #FDSBѫ 0MTFOC "MUIPVHIUIFHFOFUJDQSPHSBNT UIBUVOEFSMJFTQFDJêDBUJPOPGUIFTFDFMMUZQFTBSFEJG GFSFOU UBLFOBTBXIPMF JUJTFWJEFOUUIBUBWBSJFUZPG JOUFSSFMBUFEBDUJWJUJFTBSFJOWPMWFEJOJOUFHSBUJOHUIF JOGPSNBUJPOBOETIBQJOHUIFNBUVSFFOEPTQFSN &NCSZPTVSSPVOEJOH3FHJPO BOE5SBOTGFS-BZFS ѮF FNCSZPTVSSPVOEJOH SFHJPO IBT CFFO QBSUJDV MBSMZ XFMMTUVEJFE JO NBJ[F BOE JT SFHVMBUFE CZ B DIBSBDUFSJTUJD TFU PG HFOFT ѮF êSTU JOEJDBUJPOT PG UIJTXFSFPCUBJOFECZ0QTBIM'FSTUBEFUBM XIPTIPXFEUIBUUSBOTDSJQUTPGUIFHFOF&.#3:0 463306/%*/(3&(*0/ &TS
JTPMBUFECZEJĒFS FOUJBM EJTQMBZ CFUXFFO FBSMZ EFWFMPQNFOUBM TUBHFT PG UIF FOEPTQFSN BOE FNCSZP BSF FYQSFTTFE JO B SFTUSJDUFESFHJPOPGUIFFOEPTQFSNDMPTFUPUIFTVT QFOTPS MBUFSTQSFBEJOHUPUIFFOEPTQFSNDFMMTTVS SPVOEJOHUIFFOUJSFFNCSZPBOEFWFOUVBMMZTFUUMJOH JOUIFDFMMTDMPTFUPUIFMPXFSQBSUPGUIFTVTQFOTPS TFF1MBUF 'JHDmG 4VCTFRVFOUXPSLFTUBCMJTIFE UIBU &TS JODMVEFT UISFF IJHIMZ IPNPMPHPVT HFOFT &TS &TS BOE&TS XIJDITIPXTJNJMBSFYQSFTTJPO QBUUFSOT Ѯ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
ɮɨ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF$FSFBM&OEPTQFSN
SFHJPO PG UIF FOEPTQFSN BOE GPSNBUJPO PG QPMMFO FNCSZPTOFFEUPCFVOEFSTUPPENPSFDPNQMFUFMZUP FYQMBJO UIFTF êOEJOHT ѮFSF JT OP DPVOUFSQBSU UP UIFFNCSZPTVSSPVOEJOHSFHJPOBTBEFêOFEUJTTVF JOPUIFSQBSUTPGUIFQMBOUJOXIJDIUPTFFLJOTUSVD UJWFDPNQBSJTPOTBCPVUJUTPSJHJO EFWFMPQNFOU BOE GVODUJPO 1SPHSFTTJOPVSVOEFSTUBOEJOHPGUIFSFHVMBUJPO PG EFWFMPQNFOU PG DFMMT PG UIF CBTBM FOEPTQFSN USBOTGFS MBZFS DBO CF BUUSJCVUFE UP UIF SFBMJ[BUJPO UIBUUIFTFDFMMTBSFUIFTPVSDFBOEBNQMJêFSTPGTJH OBMT GPS TPMVUF USBOTGFS GSPN UIF NPUIFS QMBOU UP UIFFOEPTQFSNPGDFSFBMHSBJOTѮFNBKPSTPMVUFT USBOTGFSSFEBSFBNJOPBDJET TVDSPTF BOENPOPTBD DIBSJEFT BOE UIFJS VQUBLF CZ UIF HSPXJOH FOEP TQFSNJTBDSJUJDBMGBDUPSJOHSBJOêMMJOH ѮPNQTPO FUBM ѮFCBTBMFOEPTQFSNUSBOTGFSMBZFS PS JUTFRVJWBMFOU JTVMUSBTUSVDUVSBMMZXFMMDIBSBDUFSJ[FE JONBJ[F XIFBU BOECBSMFZѮFVOJRVFQBSUPGUIF NBJ[FFOEPTQFSNXIFSFUSBOTGFSMBZFSTBSFGPVOEJT UIFQMBDFOUPDIBMB[BMSFHJPOUIFUXPUPUISFFMBZFST PGDFMMTPGUIFFOEPTQFSNDMPTFUPUIFDIBMB[BIBWF FYUFOTJWF XBMM JOHSPXUIT JO B EFDSFBTJOH HSBEJFOU UPXBSEUIFJOOFSDFMMT 4DIFMFUBM(BPFUBM %VSJOH XIFBU HSBJO EFWFMPQNFOU UIF OV DFMMBSQSPKFDUJPODFMMTUIBUTFSWFBTUIFNBJOSPVUF GPS TPMVUFT USBOTQPSUFE UISPVHI UIF WBTDVMBS UJT TVFT JOUP UIF FOEPTQFSN DBWJUZ CFDPNF EFDPSBUFE XJUI XBMM JOHSPXUIT BOE GVODUJPO BT USBOTGFS DFMMT 8BOH FU BM
XIFSFBT JO CBSMFZ UIF USBOTGFS MBZFSGPSNTPWFSUIFOVDFMMBSQSPKFDUJPODFMMT 0MTFO FUBM *OCBSMFZFOEPTQFSN USBOTDSJQUTPGUIF &/%041&3. &/% HFOFCFHJOUPBDDVNVMBUF JO UIF GSFF OVDMFJ DPOêOFE UP UIF BSFB BCPWF UIF OVDFMMBS QSPKFDUJPO DFMMT BOE USBOTDSJQU BDDVNVMB UJPODPOUJOVFTJOUPUIFGVMMZDFMMVMBSJ[FEFOEPTQFSN TFF1MBUF 'JHB C #FDBVTFUIFFOEPTQFSNDFMMT BCPWF UIF OVDFMMBS QSPKFDUJPO DFMMT BSF EFTUJOFE UP GPSN UIF USBOTGFS MBZFS UIF BDDVNVMBUJPO PG UIF &/%HFOFUSBOTDSJQUTJOUIFGSFFOVDMFJTIPVMECF DSJUJDBM JO JOEJDBUJOH UIF FYJTUFODF PG B QPTJUJPOBM TJHOBM GPS USBOTGFS DFMM EJĒFSFOUJBUJPO BU BO FBSMZ TUBHF %PBO FU BM 0MTFO FU BM #FDSBѫ *O NBJ[F UIFSF BSF TFWFSBM FYBNQMFT PG HFOFT UIBU BSF IJHIMZ FYQSFTTFE JO UIF CBTBM FOEPTQFSN USBOTGFSMBZFS1SPCBCMZUIFNPTUXFMMDIBSBDUFSJ[FE NBJ[F HFOF CFMPOHT UP UIF #"4"- &/%041&3. 53"/4'&3 -":&3 #&5- GBNJMZ SFQSFTFOUFE CZ #&5- UP #&5- *O TJUV IZCSJEJ[BUJPO VTJOH
ώϔϖ
#&5- HFOF QSPCFT TFF 1MBUF 'JHDmF TIPXFE UIBU UIFTF HFOF USBOTDSJQUT BSF FYQSFTTFE TQFDJê DBMMZJOUIFUSBOTGFSDFMMTEVSJOHFBSMZUPNJETUBHF FOEPTQFSN EFWFMPQNFOU XJUI TJHOBM TUSFOHUI EF DSFBTJOH XJUI HSBJO NBUVSJUZ )VFSPT FU BM C "UUFTUJOHUPUIFGVODUJPOBMQPUFOUJBMPGUIF #&5-HFOF BQSPNPUFSTFHNFOUPGUIFHFOFGVTFE UP B SFQPSUFS HFOF JT GPVOE UP CF FYQSFTTFE JO UIF USBOTGFSMBZFSDFMMTPGUSBOTHFOJDNBJ[FQMBOUT )VF SPTFUBMB ѮFHFOFUJDDIBSBDUFSJ[BUJPOPGB EFGFDUJWFNBJ[FLFSOFMNVUBOUUFSNFESFEVDFEHSBJO êMMJOH SHG
XIJDIXBTJEFOUJêFEJOBTDSFFOGPS NVUBUJPOTUIBUSFEVDFETUBSDIBOEGSFTIXFJHIUBD DVNVMBUJPOJOUIFHSBJO TVHHFTUFEUIBUBTFDPOEBSZ FĒFDUPGUIFNVUBUJPONJHIUCFUPJNQBJSUIFGVOD UJPOPGUSBOTGFSDFMMTѮJTXBTGPVOEUPCFUIFDBTF BT FYQSFTTJPO PG CPUI #&5- BOE #&5- HFOFT BSFTJHOJêDBOUMZSFEVDFEJOUIFUSBOTGFSDFMMTPGUIF NVUBOUHSBJO .BJU[FUBM "MUIPVHIUIFGPVS #&5-HFOFTFODPEFTNBMMQPMZQFQFUJEFT UIFZQSPC BCMZ NFEJBUF EJWFSTF CJPMPHJDBM QSPDFTTFT TVDI BT #&5- JO UIF TUSVDUVSBM TQFDJBMJ[BUJPO PG UIF DFMM XBMM #&5- BOE #&5- JO QMBOU EFGFOTFSFMBUFE BOUJNJDSPCJBM GVODUJPOT BOE #&5- BT B USZQTJO JOIJCJUPS'PMMPXJOHUIFJEFOUJêDBUJPOPGBEEJUJPOBM D%/"TSFMBUFEUPUIF#&5-HFOF UIJTHFOFGBNJMZ JT OPX LOPXO BT #"4"- -":&3 "/5*'6/("- 1305&*/4 #"1 EBUBHBSOFSFEGSPNJOWJUSPBO UJGVOHBMBDUJWJUZBTTBZTIBWFJOEJDBUFEUIBU#"1QSP UFJOTQPTTFTTGVOHJDJEBMBDUJWJUZ )VFSPTFUBM C4FSOBFUBM $POTJTUFOUXJUIUIFGVODUJPOPGUIFUSBOTGFSDFMMT JO UIF IZESPMZTJT BOE SFTZOUIFTJT PG TVDSPTF FOUFS JOHUIFFOEPTQFSN USBOTDSJQUTPGBDFMMXBMMJOWFS UBTFHFOFJTPMBUFEGSPNNBJ[FLFSOFMTBSFFYQSFTTFE TQFDJêDBMMZ JO UIF CBTBM FOEPTQFSN USBOTGFS DFMMT 5BMJFSDJPFUBM "HFOFUIBUCFHJOTUPCFUSBO TDSJCFE JO UIF DIBMB[BM QPMF PG UIF FNCSZP TBD PG NBJ[FTPPOBѫFSGFSUJMJ[BUJPO BTXFMMBTJOUIFGSFF OVDMFJEFTUJOFEUPGPSNUIFFOEPTQFSNUSBOTGFSDFMMT IBTCFFOJEFOUJêFEBT;N.31 GPS;FBNBZT.:# 3&-"5&%1305&*/ *UFODPEFTBQSPUFJOXIPTF SFHVMBUPSZ GVODUJPO MJFT JO UIF QSFTFODF PG OVDMFBS MPDBMJ[BUJPOTJHOBMTBOEB.:#SFMBUFE%/"CJOE JOHEPNBJO5PHFUIFS UIFTFêOEJOHTTVHHFTUUIBUUIF QSPUFJOIBTUIFIBMMNBSLTPGBUSBOTDSJQUJPOGBDUPS UIBUNJHIUQMBZBSPMFJOUSBOTGFSDFMMEJĒFSFOUJBUJPO QSPCBCMZCZUSJHHFSJOHUIFEJĒVTJPOPGBTJHOBMGSPN UIFNBUFSOBMDFMMT (ÓNF[FUBM ѮFHSPVQPG HFOFTLOPXOBT;N& GPS;FBNBZTFNCSZPTBD
ώϕύ
$IBQUFSϕ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF&OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
CBTBMFOEPTQFSNUSBOTGFSMBZFSFNCSZPTVSSPVOEJOH SFHJPO
JTPMBUFE CZ .BHOBSE FU BM
BQQFBS UPGVMêMMUIFFYQFDUBUJPOPGBMMQVSQPTFHFOFTTJODF UIFZBSFFYQSFTTFEJOCPUIUIFUSBOTGFSDFMMTBOEFN CSZPTVSSPVOEJOHSFHJPOPGUIFFOEPTQFSNBTXFMM BT JO UIF DFOUSBM DFMM CFGPSF GFSUJMJ[BUJPO ѮFTF PC TFSWBUJPOT IBWF SBJTFE UIF QPTTJCJMJUZ UIBU EFWFMPQ NFOUPGTQFDJBMJ[FEFOEPTQFSNEPNBJOTJTJOJUJBUFE BMSFBEZJOUIFDFOUSBMDFMMFWFOCFGPSFGFSUJMJ[BUJPO ѮFOFXMZDIBSBDUFSJ[FENBJ[F.&(HFOFFODPEFT B TNBMM HMZDPTZMBUFE DZTUFJOFSJDI QPMZQFQUJEF MP DBMJ[FE FYDMVTJWFMZ XJUIJO UIF XBMM QSPKFDUJPOT PG USBOTGFSDFMMT BOEEJTQMBZJOHPUIFSGFBUVSFTUZQJDBM PG B USBOTGFSDFMM TQFDJêD HFOF TVDI BT QSFEPNJ OBOUFYQSFTTJPOJOUSBOTGFSDFMMTEVSJOHNJETUBHFPG FOEPTQFSN EFWFMPQNFOU EJTBQQFBSBODF GSPN UIF NBUVSFFOEPTQFSN BOEFYQSFTTJPOJOUSBOTGFSDFMMT PGFOEPTQFSNPGNBJ[FQMBOUTUSBOTGPSNFEXJUIUIF QSPNPUFSSFHJPOPGUIFHFOFGVTFEXJUIBSFQPSUFS HFOF ѮF NPTU JNQPSUBOU EJĒFSFODF CFUXFFO UIF .&(HFOFBOEPUIFSQSFWJPVTMZEFTDSJCFEUSBOTGFS DFMMTQFDJêDHFOFTXBTVOSBWFMFECZHFOFUJDDIBSBD UFSJ[BUJPO XIJDI TIPXFE UIBU UIF GPSNFS EJTQMBZT NBUFSOBMQBSFOUPGPSJHJOFYQSFTTJPOBUFBSMZTUBHFT PGFOEPTQFSNEFWFMPQNFOU CVUSFWFSUTUPCJQBSFO UBM FYQSFTTJPO BU MBUFS TUBHFT (VUJÊSSF[.BSDPT FU BM "O JNQPSUBOU QSFSFRVJTJUF GPS BO VOEFS TUBOEJOHPGUIFNFDIBOJTNSFHVMBUJOHUIFGPSNBUJPO PGUIFCBTBMFOEPTQFSNUSBOTGFSMBZFSEPNBJOJTUIF JEFOUJêDBUJPOPGNVUBOUTXJUIEFGFDUTJOUIFEFWFM PQNFOUPGUIJTUJTTVF"MPOHXJUIEFGFDUTJOQBUUFSO GPSNBUJPO JO UIF FNCSZP BOE JO UIF GSFFOVDMFBS BOEDFMMVMBSTUBHFTPGFOEPTQFSNEFWFMPQNFOU UIF HMPCCZ HMP NVUBUJPO JO NBJ[F DBVTFT MPDBM J[FEEJTSVQUJPOTJOUIFPSHBOJ[BUJPOPGUIFUSBOTGFS DFMMMBZFST $PTUBFUBM 4UVEZPGUIJTNVUBUJPO XIJMFOPUPĒFSJOHBEFêOJUJWFJOUFSQSFUBUJPOPGUIF NFDIBOJTNSFHVMBUJOHUIFGPSNBUJPOPGUSBOTGFSDFMM MBZFST JTBVTFGVMHVJEFGPSGVUVSFEJTTFDUJPOPGUIF EFWFMPQNFOUBMTJHOBMTUIBUPQFSBUFEVSJOHUIFFBSMZ TUBHFTPGFOEPTQFSNEFWFMPQNFOUJONBJ[F5BLFO BTBXIPMF TUVEJFTPOUSBOTGFSDFMMTIBWFQSPWJEFE UIF CFTU FWJEFODF GPS UIF FYJTUFODF PG MPDBMJ[FE HF OFUJDGBDUPSTGPSUIFJSEJĒFSFOUJBUJPO "MFVSPOF$FMMTBOE4UBSDIZ&OEPTQFSN
JOUIFTZOUIFTJTPGʂBNZMBTFJOWPMWFEJOUIFEJHFT UJPOPGTUBSDIJOUIFFOEPTQFSNEVSJOHHFSNJOBUJPO PGCBSMFZHSBJOTCFHBOUPCFVOSBWFMFE JUXBTCJMMFE BTBSFNBSLBCMFTDJFOUJêDMBOENBSLCZCFJOHUIFêSTU EPDVNFOUFEDBTFPGBIPSNPOFJOEVDFEDIBOHFJO HFOF FYQSFTTJPO JO B QMBOU ѮF XPSL BMTP GPDVTFE SFOFXFEBUUFOUJPOPOUIFGBDUUIBU DPNQBSFEUPUIF DFMMTPGUIFTUBSDIZFOEPTQFSN UIFBMFVSPOFMBZFSJT DPOTUJUVUFEPGMJWJOHDFMMT"TEFTDSJCFEJO$IBQ UIFSPMFPGNJDSPUVCVMFTJODFMMVMBSJ[BUJPOPGUIFFO EPTQFSNXBTFTUBCMJTIFEêSTUJOCBSMFZCZUIFQSF DJTF BDDPVOU PG GPSNBUJPO PG OVDMFBSDZUPQMBTNJD EPNBJOT MFBEJOH UP UIF QFSJDMJOBM EJWJTJPO PG UIF BMWFPMBSOVDMFJJOUPBOPVUFSMBZFSPGBMFVSPOFMBZFS JOJUJBMT BOE BO JOOFS MBZFS PG TUBSDIZ DFMMT #BTFE POUIFPCTFSWBUJPOUIBUUIFQSFTFODFPGDPSUJDBMBS SBZTBOEQSFQSPQIBTFCBOEPGNJDSPUVCVMFTNBLFT TVCTFRVFOU EJWJTJPO PG UIF BMFVSPOF JOJUJBMT EJĒFS FOUGSPNUIFEJWJTJPOTPGUIFTUBSDIZDFMMJOJUJBMT JU IBTCFFOTVHHFTUFEUIBUBMFVSPOFDFMMTQFDJêDBUJPO PDDVSTBѫFSUIFêSTUQFSJDMJOBMEJWJTJPOPGUIFBMWFP MBSOVDMFJ 0MTFOC "UUIFNPMFDVMBSMFWFM PG UIFHFOFTLOPXOUPNBSLBMFVSPOFDFMMEJĒFSFOUJB UJPOJOCBSMFZ USBOTDSJQUTPGUIF-*1*%53"/4'&3 1305&*/ -51 HFOFBSFEFUFDUFEFYDMVTJWFMZJO BMFVSPOFDFMMTTIPSUMZBѫFSUIFZBSFEFMJNJUFEJOUIF FOEPTQFSNUIFQSPNPUFSSFHJPOPGUIJTHFOFESJWFT FYQSFTTJPO PG B SFQPSUFS HFOF FYDMVTJWFMZ JO UIF BM FVSPOF MBZFST PG UIF EFWFMPQJOH CBSMFZ FOEPTQFSN JOUSBOTJFOUBTTBZT BOEPGUIFFOEPTQFSNPGUSBOT HFOJD SJDF ,BMMB FU BM " TUFBEJMZ HSPXJOH BOE DMFBSMZ OPU ZFU EFêOJUJWF MJTU PG NBSLFS HFOFT GPS BMFVSPOF DFMM EJĒFSFOUJBUJPO JO CBSMFZ FOEP TQFSNJODMVEFT#& ,MFNTEBMFUBM
Q;& 4NJUIFUBM
$)*5*/"4& $)* -FBI FU BM
0-& 0-& "BMFO
BOE 1&3 09:3&%09*/ 1&3 4UBDZFUBM
'JHɮɨB C"MFVSPOF MBZFS EFWFMPQNFOU DFMM JO XJME UZQF BOENVUBOUNBJ[FB4FDUJPOPGUIFXJMEUZQFHSBJOTIPXJOH BTJOHMFMBZFSPGBFVSPOFDFMMT BSSPX C4FDUJPOPGUIFHSBJO PGUIFJOUFSNFEJBUFEFLNVUBOUJOXIJDIUIFBMFVSPOF 8IFO JOUIFT UIFSPMFPGBMFVSPOFDFMMTJOSF MBZFS JO UIF FOEPTQFSN JT SFQMBDFE CZ TUBSDIZ DFMMT #BST TQPOTFUPB("TJHOBMFNBOBUJOHGSPNUIFFNCSZP ʍN 3FQSJOUFEGSPN#FDSBѫFUBM
ɮɨ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF$FSFBM&OEPTQFSN
"OJNQPSUBOUêOEJOHUIBUIBTFNFSHFEGSPNHFOFUJD BOBMZTJTPGNBJ[FFOEPTQFSNDFMMMJOFBHFJTUIBUBM FVSPOF BOE TUBSDIZ FOEPTQFSN DFMMT TIBSF B DPN NPO MJOFBHF UISPVHIPVU EFWFMPQNFOU ѮJT WJFX XIJDIIBTBCFBSJOHPOUIFTQFDJêDBUJPOPGBMFVSPOF DFMMGBUF JTDPOUSBSZUPUIFQSFWJPVTMZBDDFQUFEQPTJ UJPOUIBUBMFVSPOFBOETUBSDIZFOEPTQFSNDFMMTBSF EFSJWFE GSPN TFQBSBUF MJOFBHFT #FDSBѫ BOE "TVO DJPO$SBCC .BUVSF BMFVSPOF DFMMT PG NBJ[F DPOUBJOBOUIPDZBOJOT XIJDIBDDPVOUGPSUIFXJEF WBSJFUZPGHSBJODPMPST*OTJHIUTJOUPUIFNPMFDVMBS CBTJT PG BMFVSPOF DFMM TQFDJêDBUJPO JO NBJ[F FOEP TQFSN IBWF CFFO QSPWJEFE CZ BOBMZTFT PG B TNBMM OVNCFS PG NVUBOUT JNQBJSFE JO BMFVSPOF DFMM EF WFMPQNFOU BOE CZ DIBSBDUFSJ[BUJPO PG UIF QSPUFJO QSPEVDUTPGUIFNVUBUFEHFOFT0OFPGUIFêSTUNV UBOUTJTPMBUFEJTDSJOLMZ DS
XIJDIEJTQMBZTBMFV SPOFNPTBJDJTNMFBEJOHUPUIFGPSNBUJPOPGQBUDIFT PGQJHNFOUFEBOEOPOQJHNFOUFESFHJPOTJOUIFBM FVSPOFMBZFS$IBSBDUFSJTUJDBMMZ UIFQFSJQIFSBMDFMMT JOUIFOPOQJHNFOUFESFHJPOTPGUIFNVUBOUBTTVNF UIFJEFOUJUZPGTUBSDIZFOEPTQFSN BOEOPUPGBMFV SPOFDFMMT TVHHFTUJOHUIBUUIF$3HFOFJTOFDFTTBSZ GPS UIF BDRVJTJUJPO PG BMFVSPOF DFMM GBUF #FDSBѫ FU BM " TFDPOE NBJ[F HFOF SFRVJSFE GPS BMFV SPOF DFMM TQFDJêDBUJPO JT %&, B MPTT PG GVODUJPO JOUIJTHFOFCMPDLTUIFGPSNBUJPOPGBMFVSPOFDFMMT BOE DBVTFT B TXJUDI JO UIF GBUF PG QFSJQIFSBM DFMMT JOUP TUBSDIZ DFMMT GSPN UIF UJNF BMFVSPOF DFMMT BSF TQFDJêFE JO UIF XJMEUZQF FOEPTQFSN 'JHB C $POWFSTFMZ BMFVSPOF DFMM JEFOUJUZ JT SFTUPSFE JO DFMMTBMSFBEZEJĒFSFOUJBUFEBTTUBSDIZFOEPTQFSNJO HSBJOTJOXIJDIUIF%&,GVODUJPOJTBMTPSFTUPSFE CZVTJOHB.VJOEVDFEBMMFMF #FDSBѫBOE"TVODJPO $SBCC#FDSBѫFUBM ѮFTFSFTVMUTTIPX UIBU JONBJ[FFOEPTQFSN BMFVSPOFDFMMGBUFJTOPU êYFEVOUJMMBUFJOEFWFMPQNFOUBOEUIBUQPTJUJPOBM DVFTTQFDJGZBOENBJOUBJOBMFVSPOFDFMMGBUF$MPO JOHPGUIF$3BOE%&,HFOFTBOEJEFOUJêDBUJPO PG UIFJS QSPUFJO QSPEVDUT IBWF NBEF JU QPTTJCMF UP QJFDFUPHFUIFSBTQFDVMBUJWFNPMFDVMBSNFDIBOJTN VOEFSMZJOHBMFVSPOFDFMMTQFDJêDBUJPOJONBJ[FѮF $3 HFOF FODPEFT B SFDFQUPS QSPUFJO LJOBTF TJNJ MBS UP B NBNNBMJBO UVNPS OFDSPTJT GBDUPS SFDFQ UPS NBLJOH JU B MJLFMZ DBOEJEBUF GPS UIF SFDFQUJPO PGTJHOBMTGPSBMFVSPOFDFMMTQFDJêDBUJPO #FDSBѫFU BM0MTFOFUBM "TOPUFEJO$IBQ UIF %&,HFOFFODPEFTBNFNCSBOFQSPUFJOTJNJMBSUP BOJNBMDBMQBJOTѮFFWJEFODFJTOPUZFUBMMJO CVUJT DPOTJTUFOUXJUIBQPTTJCMFSPMFGPS%&,QSPUFJOJO
ώϕώ
NBJOUBJOJOHUIFBMFVSPOFDFMMGBUFTQFDJêFECZUIF $3SFDFQUPSLJOBTFJOBTJHOBMUSBOTEVDUJPOQBUI XBZ -JEFUBM ѮFJTPMBUJPOPGBOPUIFSNBJ[F NVUBOU OBNFE TVQFSOVNFSBSZ BMFVSPOF TBM
XIJDIDBSSJFTVQUPTFWFOMBZFSTPGBMFVSPOFDFMMTJO UIFFOEPTQFSNPGEFGFDUJWFLFSOFMTDPNQBSFEXJUI UIFTJOHMFMBZFSJOXJMEUZQFHSBJOT TIPXTUIBUUIF 4"- HFOF JT JOWPMWFE JO TQFDJGZJOH UIF BMFVSPOF DFMMMBZFSTJOUIFFOEPTQFSN TFF1MBUF 'JHGmI ѮFJEFOUJêDBUJPOPGUIFHFOFQSPEVDUBTBQSPUFJO QFSJQIFSBMMZ JNQMJDBUFE JO NFNCSBOF WFTJDMF USBG êDLJOH IBT SBJTFE BEEJUJPOBM JOUFSFTUJOH RVFTUJPOT BCPVUUIFFYBDUSPMFTPGUIFQSPUFJOTFODPEFECZUIF $3 %&, BOE 4"- HFOFT JO BMFVSPOF MBZFS TJH OBMJOH 4IFOFUBM "TJNJMBSRVFTUJPOBCPVU BO BMFVSPOFTQFDJêD HFOF 7QQM JTPMBUFE GSPN NBJ[FLFSOFMTJTHFSNBOFѮJTHFOFFODPEFTBUZQF PG WBDVPMBS ) USBOTMPDBUJOH JOPSHBOJD QZSPQIPT QIBUBTF BUZQJDBMIPVTFLFFQJOHQSPUFJOMPDBUFEJO UIF WBDVPMBS NFNCSBOF BOE QSPCBCMZ JOWPMWFE JO NBJOUBJOJOHDFMMUVSHPS 8JTOJFXTLJBOE3PHPXTLZ ѮFQIFOPUZQJDDPOTFRVFODFTPGPUIFSNVUB UJPOTJOUIFBMFVSPOFMBZFSPGNBJ[F TVDIBTEFGFDUT JOQJHNFOUBUJPO (BWB[[JFUBM
EFGFDUTJODFMM EJWJTJPOQBUUFSO ,FTTMFSFUBM
DFMMVMBSEJTPS HBOJ[BUJPO -JEFUBM
BOEQFOFUSBUJPOJOUPUIF TUBSDIZMBZFS 0MTFOB
BSFWBSJFECVUTUSJLJOH "TOPUFEFBSMJFS BESBNBUJDDIBOHFJOUIFGBUFPG UIFJOOFSMBZFSPGDFMMTPGUIFFOEPTQFSNFWPLFECZ BQFSJDMJOBMEJWJTJPOPGUIFBMWFPMBSOVDMFJSFTVMUTJO UIFGPSNBUJPOPGUIFTUBSDIZFOEPTQFSN"TUIFJO OFSMBZFSPGDFMMTEJWJEFJOWBSJPVTQMBOFT UIFZCF HJO UP BDDVNVMBUF TUPSBHF QSPUFJOT UP CFDPNF UIF EPNJOBOU QBSU PG UIF DFSFBM FOEPTQFSN ѮF EFL NVUBOUTPGNBJ[FXFSFJEFOUJêFEPOUIFCBTJTPGB TFWFSFSFEVDUJPOPGTUBSDIZFOEPTQFSNJOUIFHSBJO BMPOH XJUI QSPGPVOE EFGFDUT JO FNCSZP EFWFMPQ NFOUѮFêSTUHSPVQPGEFLNVUBOUTXFSFJOEVDFE CZDIFNJDBMUSFBUNFOUBOEJODMVEFENPTUMZLFSOFM NVUBOUTXJUIWBSZJOHEFHSFFTBOEUZQFTPGMFTJPOT JO UIF FOEPTQFSN /FVĒFS BOE 4IFSJEBO -BUFS 4DBOMPOFUBM JTPMBUFECZUSBOTQPTPO JOTFSUJPO BEEJUJPOBM EFL NVUBOUT UIBU JODMVEFE B XJEF SBOHF PG QIFOPUZQFT NPTU DPNNPOMZ UIPTF XJUI SFEVDFE FOEPTQFSN TJ[F BOE FNQUZ QFSJDBSQ PSQBQFSZLFSOFM1IFOPUZQJDBOBMZTJTPGPOFPGUIF NVUBOUT JO UIF MBUUFS HSPVQ EFTJHOBUFE BT EJTDPM PSFE ETD IBTTIPXOUIBUUIFFOEPTQFSNGBJMTUP EFWFMPQ DPNQMFUFMZ BOE MBUFS VOEFSHPFT EFHSBEB UJPOBOEOFDSPTJT5SBOTDSJQUTPGUIFDMPOFEHFOFBSF
ώϕϏ
$IBQUFSϕ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF&OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
EFUFDUFETQFDJêDBMMZJOUIFLFSOFMTDPJODJEFOUXJUI UIF êSTU BQQFBSBODF PG FOEPTQFSN EFGFDUT UIJT JO EJDBUFT B SFRVJSFNFOU GPS %4$ HFOF GVODUJPO GPS DPOUJOVFE FOEPTQFSN EFWFMPQNFOU 4DBOMPO BOE .ZFST *OUIFFNQNVUBOUPGUIJTHSPVQ UIF FOEPTQFSNUJTTVFUIBUTVSWJWFTJOUIFHSBJOJTGPVOE UP CF SFBCTPSCFE PS IBT CFDPNF OFDSPUJD CFGPSF HSBJONBUVSJUZ 'VFUBM *O CBSMFZ EFGFDUT JO UIF TUBSDIZ FOEPTQFSN SF TVMUJOH JO TISVOLFO LFSOFMT BSF DBVTFE CZ TFH GPS TISVOLFO FOEPTQFSN DBVTFE CZ UIF NBUFSOBM HFOP UZQF
EFY GPSEFGFDUJWFFOEPTQFSNFYQSFTTJOHYFOJB
BOETFY GPSTISVOLFOFOEPTQFSNFYQSFTTJOHYFOJB NVUBUJPOT #PTOFTFUBM "OBOBUPNJDBMTVS WFZPGFJHIUTFHNVUBOUTSFWFBMFEUIBUTPNFPGUIF NVUBOUT FYIJCJUFE QSFNBUVSF UFSNJOBUJPO PG HSBJO êMMJOH EVF UP UIF OFDSPTJT BOE EFHSBEBUJPO PG NB UFSOBM UJTTVFT TVDI BT UIF DIBMB[B BOE UIF OVDFMMBS QSPKFDUJPOT PG UIF QFSJDBSQ BOE GBJMVSF PG BOUJQP EBM EFHFOFSBUJPO JO UIF FNCSZP TBD XIFSFBT PUI FST FYIJCJUFE BCOPSNBMJUJFT JO FOEPTQFSN HSPXUI QBUUFSO TVDI BT MBDL PG DFOUSBM FOEPTQFSN DFMMT BOE EJTUPSUFE EJTPSHBOJ[FE PS VOFWFO HSPXUI PG UIF FOEPTQFSN 'FMLFS FU BM " TJNJ MBSTVSWFZPGDPMMFDUJPOTPGTFYBOEEFYNVUBOUTIBT TIPXOWBSZJOHEFHSFFTPGEFGFDUTJOUIFGPSNBUJPO PG TUBSDIZ FOEPTQFSN SBOHJOH GSPN NJOPS EFWJB UJPOTGSPNUIFXJMEUZQFUPDPNQMFUFMPTTPGTUBSDIZ FOEPTQFSNUSBJUTCFHJOOJOHXJUIUIFBSSFTUPGGSFF OVDMFBSEJWJTJPOT #PTOFTFUBM $PODMVEJOH$PNNFOUT $VSSFOU SFTFBSDI PO UIF HFOFUJDT BOE NPMFDVMBS CJPMPHZ PG UIF FOEPTQFSN NBJOMZ JO "SBCJEPQTJT BOE UP B MFTTFS FYUFOU JO DFSFBM HSBJOT IBT HFOFS BUFE JNQPSUBOU JOGPSNBUJPO PO HFOFT UIBU QSFWFOU BVUPOPNPVT FOEPTQFSN EFWFMPQNFOU JO VOGFSUJM J[FEPWVMFTBOEPOUIFDPOUSPMDIFDLQPJOUTMFBEJOH UPOPOFRVJWBMFODFJOUIFGVODUJPOPGUIFNBUFSOBM BOE QBUFSOBM DPOUSJCVUJPOT UP UIF EFWFMPQNFOU PG UIFFOEPTQFSN'SPNUIJTBOBMZTJT UIFFOEPTQFSN IBT UVSOFE PVU UP CF BO JNQPSUBOU TJUF PG JNQSJOU JOH GPMMPXJOH EPVCMF GFSUJMJ[BUJPO "MUIPVHI NBOZ RVFTUJPOTSFNBJODPODFSOJOHUIFHFOFUJDTBOENP MFDVMBS CJPMPHZ PG FOEPTQFSN EFWFMPQNFOU JO UIF NPEFM TZTUFNT DPOTJEFSFE JO UIJT DIBQUFS POF JT FTQFDJBMMZ DPNQFMMJOH 5P VOEFSTUBOE DMFBSMZ UIF
QPTJUJPOBM DVFT BOE TJHOBM USBOTEVDUJPO QBUIXBZT JOUIFTQFDJêDBUJPOPGDFMMGBUFJOUIFFOEPTQFSN JU XJMMCFOFDFTTBSZUPêMMJONJTTJOHMJOLTTVDIBTUIF EJTUSJCVUJPOPGJNQPSUBOUDFMMGBUFEFUFSNJOBOUTGPS TQFDJGZJOH BMFVSPOF BOE TUBSDIZ DFMMT 0O UIF BQ QMJFE TJEF GVSUIFS BOBMZTJT PG UIF SPMF PG QBSFOUBM JNQSJOUJOHNJHIUQSPWJEFVOSJWBMMFEPQQPSUVOJUJFT UPPWFSDPNFUIFFĒFDUPGUIFFOEPTQFSNBDUJOHBTB CBSSJFSEVSJOHXJEFIZCSJEJ[BUJPOPGQMBOUT
ӻ ĞğĞīĞħĜĞĬ "BMFO 3# ѮF USBOTDSJQUT FODPEJOH UXP PMFPTJO JTP GPSNT BSF CPUI QSFTFOU JO UIF BMFVSPOF BOE JO UIF FN CSZPPGCBSMFZ )PSEFVNWVMHBSF- TFFET1MBOU.PM#JPM m "EBNT4 7JOLFOPPH3 4QJFMNBO. %JDLJOTPO)( 4DPUU 3+ 1BSFOUPGPSJHJO FĒFDUT PO TFFE EFWFMPQNFOU JO"SBCJEPQTJTUIBMJBOBSFRVJSF%/"NFUIZMBUJPO%FWFM PQNFOUm #FDSBѫ18 $FMMGBUFTQFDJêDBUJPOJOUIFDFSFBMFOEP TQFSN4FNJO$FMM%FW#JPMm #FDSBѫ18 "TVODJPO$SBCC: 1PTJUJPOBMDVFTTQFD JGZBOENBJOUBJOBMFVSPOFDFMMGBUFJONBJ[FFOEPTQFSN EFWFMPQNFOU%FWFMPQNFOUm #FDSBѫ18 4UJOBSE14 .D$BSUZ%3 $3*/,-:B 5/'3MJLFSFDFQUPSLJOBTFJOWPMWFEJONBJ[FFOEPTQFSN EJĒFSFOUJBUJPO4DJFODFm #FDSBѫ 18 #SPXO 3$ -FNNPO #& 0MTFO 0" 0QTBIM 'FSTUBE )( &OEPTQFSN EFWFMPQNFOU *O #IP KXBOJ44 4PI8: FET $VSSFOUUSFOETJOUIFFNCSZPM PHZPGBOHJPTQFSNT,MVXFS %PSESFDIU QQm #FDSBѫ 18 -J , %FZ / "TVODJPO$SBCC : ѮF NBJ[FEFLHFOFGVODUJPOTJOFNCSZPOJDQBUUFSOGPSNB UJPO BOE DFMM GBUF TQFDJêDBUJPO %FWFMPQNFOU m #FSHFS' &OEPTQFSNUIFDSPTTSPBEPGTFFEEFWFMPQ NFOU$VSS0QJO1MBOU#JPMm #JSDIMFS+" %PTBHFBOBMZTJTPGNBJ[FFOEPTQFSNEF WFMPQNFOU"OOV3FW(FOFUm #POFMMP +' 0QTBIM'FSTUBE )( 1FSF[ 1 %VNBT $ 3PHPXTLZ1. &TSHFOFTTIPXEJĒFSFOUMFWFMTPG FYQSFTTJPO JO UIF TBNF SFHJPO PG UIF NBJ[F FOEPTQFSN (FOFm #POFMMP +' 4FWJMMB-FDPR 4 #FSOF " 3JTVFÒP .$ %V NBT $ 3PHPXTLZ 1. &TS QSPUFJOT BSF TFDSFUFE CZUIFDFMMTPGUIFFNCSZPTVSSPVOEJOHSFHJPO+&YQ#PU m #PTOFT. )BSSJT& "JHFMUJOHFS- 0MTFO0" .PS QIPMPHZBOEVMUSBTUSVDUVSFPGCBSMFZTISVOLFOFOEP TQFSNNVUBOUTѮFPS"QQM(FOFUm #PTOFT. 8FJEFNBO' 0MTFO0" &OEPTQFSNEJG GFSFOUJBUJPOJOCBSMFZXJMEUZQFBOETFYNVUBOUT1MBOU+ m #SJOL3" $PPQFS%$ ѮFFOEPTQFSNJOTFFEEFWFM PQNFOU#PU3FWm #VTIFMM$ 4QJFMNBO. 4DPUU3+ ѮFCBTJTGPSOBUVSBM BOEBSUJêDJBMQPTU[ZHPUJDIZCSJEJ[BUJPOCBSSJFSTJO"SBCJ EPQTJTTQFDJFT1MBOU$FMMm
$IBVEIVSJ 4 .FTTJOH + "MMFMFTQFDJêD QBSFOUBM JN QSJOUJOH PG E[S B QPTUUSBOTDSJQUJPOBM SFHVMBUPS PG [FJO BDDVNVMBUJPO1SPD/BUM"DBE4DJ64"m $IBVEIVSZ". .JOH- .JMMFS$ $SBJH4 %FOOJT&4 1FB DPDL8+ 'FSUJMJ[BUJPOJOEFQFOEFOUTFFEEFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB 1SPD /BUM "DBE 4DJ 64" m $IBVEIVSZ". ,PMUVOPX" 1BZOF5 -VP. 5VDLFS.3 %FOOJT&3 1FBDPDL8+ $POUSPMPGFBSMZTFFEEF WFMPQNFOU"OOV3FW$FMM%FW#JPMm $IPJ: (FISJOH. +PIOTPO- )BOOPO. )BSBEB++ (PME CFSH 3# +BDPCTFO 4& 'JTDIFS 3- %&.&5&3 B %/" HMZDPTZMBTF EPNBJO QSPUFJO JT SFRVJSFE GPS FOEP TQFSNHFOFJNQSJOUJOHBOETFFEWJBCJMJUZJO"SBCJEPQTJT $FMMm $PMMJOHF ." 4QJMMBOF $ ,ÕIMFS $ (IFZTFMJODL + (SPTT OJLMBVT 6 (FOFUJD JOUFSBDUJPO PG BO PSJHJO SFD PHOJUJPO DPNQMFY TVCVOJU PG UIF QPMZDPNC HSPVQ HFOF .&%&" EVSJOH TFFE EFWFMPQNFOU 1MBOU $FMM m $PTUB -. (VUJFSSF[.BSDPT +' #SVUOFMM 51 (SFFOMBOE "+ %JDLJOTPO )( ѮF HMPCCZ HMP NVUB UJPOEJTSVQUTOVDMFBSBOEDFMMEJWJTJPOJOUIFEFWFMPQJOH NBJ[FTFFEDBVTJOHBMUFSBUJPOTJOFOEPTQFSNDFMMGBUFBOE UJTTVFEJĒFSFOUJBUJPO%FWFMPQNFOUm $PTUB-. (VUJÍSSF[.BSDPT+' %JDLJOTPO)( .PSF UIBOBZPMLUIFTIPSUMJGFBOEDPNQMFYUJNFTPGUIFQMBOU FOEPTQFSN5SFOET1MBOU4DJm %BOJMFWTLBZB 0/ )FSNPO 1 )BOULF 4 .VT[ZOTLJ .( ,PMMJQBSB, "OBOJFW&7 %VQMJDBUFEêFHFOFTJO NBJ[FFYQSFTTJPOQBUUFSOBOEJNQSJOUJOHTVHHFTUEJTUJODU GVODUJPOT1MBOU$FMMm %JDLJOTPO ) 1MBOU DFMM DZDMF DFMMVMBSJ[BUJPO PG UIF FOEPTQFSNOFFETTQÅU[MF$VSS#JPM3m3 %PBO%/1 -JOOFTUBE$ 0MTFO0" *TPMBUJPOPGNP MFDVMBS NBSLFST GSPN UIF CBSMFZ FOEPTQFSN DPFOPDZUF BOEUIFTVSSPVOEJOHOVDFMMVTDFMMMBZFST1MBOU.PM#JPM m 'FMLFS'$ 1FUFSTPO%. /FMTPO0& "OBUPNZPGJN NBUVSF HSBJOT PG FJHIU NBUFSOBM FĒFDU TISVOLFO FOEP TQFSNCBSMFZNVUBOUT"N+#PUm 'FMLFS'$ 1FUFSTPO%. /FMTPO0& &BSMZHSBJOEF WFMPQNFOU PG UIF TFH NBUFSOBMFĒFDU TISVOLFOFOEP TQFSNNVUBOUPGCBSMFZ$BO+#PUm 'V4 .FFMFZ3 4DBOMPO.+ FNQUZQFSJDBSQFODPEFT B OFHBUJWF SFHVMBUPS PG UIF IFBU TIPDL SFTQPOTF BOE JT SFRVJSFE GPS NBJ[F FNCSZPHFOFTJT 1MBOU $FMM m (BP 3 %POH 4 'BO + )V $ 3FMBUJPOTIJQ CFUXFFO EFWFMPQNFOUPGFOEPTQFSNUSBOTGFSDFMMTBOEHSBJONBTT JONBJ[F#JPM1MBOUm (BSDJB % 4BJOHFSZ 7 $IBNCSJFS 1 .BZFS 6 +ÛSHFOT ( #FSHFS ' "SBCJEPQTJT IBJLV NVUBOUT SFWFBM OFX DPOUSPMT PG TFFE TJ[F CZ FOEPTQFSN 1MBOU 1IZTJPM m (BWB[[J ( %PMêOJ 4 "MMFHSB % $BTUJHMJPOJ 1 5PEFTDP ( )PYIB. %BQ %FGFDUJWFBMFVSPOFQJHNFOUBUJPO NVUBUJPOTBĒFDUNBJ[FBMFVSPOFEFWFMPQNFOU.PM(FO (FOFUm (FISJOH. $IPJ: 'JTDIFS3- *NQSJOUJOHBOETFFE EFWFMPQNFOU1MBOU$FMM4m4
3FGFSFODFT
ώϕϐ
(ÓNF[& 3PZP+ (VP: ѮPNQTPO3 )VFSPT( &T UBCMJTINFOU PG DFOUSBM FOEPTQFSN FYQSFTTJPO EPNBJOT JEFOUJêDBUJPOBOEQSPQFSUJFTPGBNBJ[FUSBOTGFSDFMMTQF DJêD USBOTDSJQUJPO GBDUPS ;N.31 1MBOU $FMM m (SJNBOFMMJ% 1FSPUUJ& 3BNJSF[+ -FCMBOD0 5JNJOH PG UIF NBUFSOBMUP[ZHPUJD USBOTJUJPO EVSJOH FBSMZ TFFE EFWFMPQNFOUJONBJ[F1MBOU$FMMm (SJOJ 1& +ÛSHFOT ( )ÛMTLBNQ . &NCSZP BOE FO EPTQFSNEFWFMPQNFOUJTEJTSVQUFEJOUIFGFNBMFHBNFUP QIZUJDDBQVMFUNVUBOUTPG"SBCJEPQTJT(FOFUJDTm (SPTTOJLMBVT 6 7JFMMF$BM[BEB +1 )PFQQOFS ." (B HMJBOP8# .BUFSOBMDPOUSPMPGFNCSZPHFOFTJTCZ .&%&" BQPMZDPNCHSPVQHFOFJO"SBCJEPQTJT4DJFODF m (VJUUPO"& 1BHF%3 $IBNCSJFS1 -JPOOFU$ 'BVSF+& (SPTTOJLMBVT 6 #FSHFS ' *EFOUJêDBUJPO PG OFX NFNCFST PG GFSUJMJ[BUJPO JOEFQFOEFOU TFFE QPMZDPNC HSPVQ QBUIXBZ JOWPMWFE JO UIF DPOUSPM PG TFFE EFWFMPQ NFOU JO "SBCJEPQTJT UIBMJBOB %FWFMPQNFOU m (VP. 3VQF." %BOJMFWTLBZB0/ :BOH9 )V; (FOPNFXJEFN3/"QSPêMJOHSFWFBMTIFUFSPDISPOJDBM MFMJDWBSJBUJPOBOEBOFXJNQSJOUFEHFOFJOIZCSJENBJ[F FOEPTQFSN1MBOU+m (VUJÊSSF[.BSDPT +' $PTUB -. #JEFSSF1FUJU $ ,ICBZB # 04VMMJWBO%. 8PSNBME. 1FSF[1 %JDLJOTPO)( NBUFSOBMMZFYQSFTTFEHFOFJTBOPWFMNBJ[FFOEP TQFSNUSBOTGFSDFMMTQFDJêDHFOFXJUIBNBUFSOBMQBSFOU PGPSJHJOQBUUFSOPGFYQSFTTJPO1MBOU$FMMm )BJH% 8FTUPCZ. 1BSFOUTQFDJêDHFOFFYQSFTTJPO BOEUIFUSJQMPJEFOEPTQFSN"N/BUm )BJH % 8FTUPCZ . (FOPNJD JNQSJOUJOH JO FOEP TQFSNJUTFĒFDUPOTFFEEFWFMPQNFOUJODSPTTFTCFUXFFO TQFDJFT BOE CFUXFFO EJĒFSFOU QMPJEJFT PG UIF TBNF TQF DJFT BOE JUT JNQMJDBUJPOT GPS UIF FWPMVUJPO PG BQPNJYJT 1IJMPT5SBOT34PD-POEPO4FS#m )VFSPT( 7BSPUUP4 4BMBNJOJ' ѮPNQTPO3% .P MFDVMBSDIBSBDUFSJ[BUJPOPG#&5 BHFOFFYQSFTTFEJOUIF FOEPTQFSNUSBOTGFSDFMMTPGNBJ[F1MBOU$FMMm )VFSPT( (PNF[& $IFJLI/ &EXBSET+ 8FMEPO. 4B MBNJOJ' ѮPNQTPO3% B *EFOUJêDBUJPOPGBQSP NPUFSTFRVFODFGSPNUIF#&5-HFOFDMVTUFSBCMFUPDPO GFS USBOTGFSDFMMTQFDJêD FYQSFTTJPO JO USBOTHFOJD NBJ[F 1MBOU1IZTJPMm )VFSPT ( 3PZP + .BJU[ . 4BMBNJOJ ' ѮPNQTPO 3% C &WJEFODF GPS GBDUPST SFHVMBUJOH USBOTGFS DFMM TQFDJêDFYQSFTTJPOJONBJ[FFOEPTQFSN1MBOU.PM#JPM m ,BMMB 3 4IJNBNPUP , 1PUUFS 3 /JFMTFO 14 -JOOFTUBE $ 0MTFO0" ѮFQSPNPUFSPGUIFCBSMFZBMFVSPOF TQFDJêD HFOF FODPEJOH B QVUBUJWF L%B MJQJE USBOTGFS QSPUFJODPOGFSTBMFVSPOFDFMMTQFDJêDFYQSFTTJPOJOUSBOT HFOJDSJDF1MBOU+m ,FSNJDMF+- %FQFOEFODFPGUIF3NPUUMFEBMFVSPOF QIFOPUZQFJONBJ[FPONPEFPGTFYVBMUSBOTNJTTJPO(F OFUJDTm ,FSNJDMF +- *NQSJOUJOH PG HFOF BDUJPO JO NBJ[F FO EPTQFSN *O 8BMEFO FE .BJ[F CSFFEJOH BOE HFOFUJDT 8JMFZ /FX:PSL QQm ,FTTMFS4 4FJLJ4 4JOIB/ 9DMDBVTFTEFMBZFEPCMJRVF QFSJDMJOBMDFMMEJWJTJPOTJOEFWFMPQJOHNBJ[FMFBWFT MFBE JOH UP DFMMVMBS EJĒFSFOUJBUJPO CZ MJOFBHF JOTUFBE PG QPTJ UJPO%FWFMPQNFOUm
ώϕϑ
$IBQUFSϕ (FOFUJDTBOE.PMFDVMBS#JPMPHZPGUIF&OEPTQFSNo"5BMFPG5XP.PEFM4ZTUFNT
,JOPTIJUB5 :BEFHBSJ3 )BSBEB++ (PMECFSH3# 'JTDIFS3- *NQSJOUJOHPGUIF.&%&"QPMZDPNCHFOFJOUIF "SBCJEPQTJTFOEPTQFSN1MBOU$FMMm ,JOPTIJUB 5 .JVSB " $IPJ : ,JOPTIJUB : $BP 9 +BDPC TFO4& 'JTDIFS3- ,BLVUBOJ5 0OFXBZDPOUSPM PG '8" JNQSJOUJOH JO "SBCJEPQTJT FOEPTQFSN CZ %/" NFUIZMBUJPO4DJFODFm ,JZPTVF 5 0IBE / :BEFHBSJ 3 )BOOPO . %JOOFOZ + 8FMMT% ,BU[" .BSHPTTJBO- )BSBEB++ (PMECFSH3# 'JTDIFS 3- $PUOUSPM PG GFSUJMJ[BUJPOJOEFQFOEFOU FOEPTQFSNEFWFMPQNFOUCZUIF.&%&"QPMZDPNCHFOF JO"SBCJEPQTJT1SPD/BUM"DBE4DJ64"m ,MFNTEBM44 )VHIFT8 -ÕOOFCPSH" "BMFO3# 0MTFO0 " 1SJNBSZTUSVDUVSFPGBOPWFMCBSMFZHFOFEJĒFS FOUJBMMZFYQSFTTFEJOJNNBUVSFBMFVSPOFMBZFST.PM(FO (FOFUm ,ÕIMFS$ )FOOJH- #PVWFSFU3 (IFZTFMJODL+ (SPTTOJLMBVT 6 (SVJTTFN8 "SBCJEPQTJT.4*JTBDPNQPOFOU PGUIF.&"'*&QPMZDPNCHSPVQDPNQMFYBOESFRVJSFE GPSTFFEEFWFMPQNFOU&.#0+m -BVCFS.) 8BJ[FOFHHFS* 4UFJONBOO 5 4DIXBS[) .BZFS 6 )XBOH* -VLPXJU[8 +ÛSHFOT( ѮF"SBCJEPQ TJT,/0--&QSPUFJOJTBDZUPLJOFTJTTQFDJêDTZOUBYJO+ $FMM#JPMm -FBI3 4LSJWFS, ,OVETFO4 3VVE)BOTFO+ 3BJLIFM/7 .VOEZ + *EFOUJêDBUJPO PG BO FOIBODFSTJMFODFS TFRVFODF EJSFDUJOH UIF BMFVSPOFTQFDJêD FYQSFTTJPO PG CBSMFZDIJUJOBTFHFOF1MBOU+m -JE4& (SVJT% +VOH3 -PSFOU[FO+" "OBOJFW& $IBNCFS MJO. /JV9 .FFMFZ3 /JDIPMT4 0MTFO0" ѮF EFGFDUJWF LFSOFM EFL HFOF SFRVJSFE GPS BMFVSPOF DFMM EFWFMPQNFOUJOUIFFOEPTQFSNPGNBJ[FHSBJOTFODPEFTB NFNCSBOFQSPUFJOPGUIFDBMQBJOHFOFTVQFSGBNJMZ1SPD /BUM"DBE4DJ64"m -JE4& "M3) ,SFLMJOH5 .FFMFZ3# 3BODI+ 0QTBIM'FS TUBE)( 0MTFO0" ѮFNBJ[FEJTPSHBOJ[FEBM FVSPOFMBZFSBOE EJM EJM NVUBOUTMBDLDPOUSPMPG UIFNJUPUJDEJWJTJPOQMBOFJOUIFBMFVSPOFMBZFSPGEFWFM PQJOHFOEPTQFSN1MBOUBm -JO #: "TTPDJBUJPO PG FOEPTQFSN SFEVDUJPO XJUI QBSFOUBMJNQSJOUJOHJONBJ[F(FOFUJDTm -JO#: 1MPJEZCBSSJFSUPFOEPTQFSNEFWFMPQNFOUJO NBJ[F(FOFUJDTm -JV$ .D&MWFS+" 5[BGSJS* +PPTFO3 8JUUJDI1 1BUUPO% WBO-BNNFSFO"". .FJOLF% $POEFOTJOBOE DPIFTJO LOPDLPVUT JO "SBCJEPQTJT FYIJCJU B UJUBO TFFE QIFOPUZQF1MBOU+m -JV$ .FJOLF%8 ѮFUJUBONVUBOUTPG"SBCJEPQTJT BSFEJTSVQUFEJONJUPTJTBOEDFMMDZDMFDPOUSPMEVSJOHEF WFMPQNFOU1MBOU+m -VOE( $JDFSJ1 7JPUUJ" B .BUFSOBMTQFDJêDEFNFUI ZMBUJPOBOEFYQSFTTJPOPGTQFDJêDBMMFMFTPG[FJOHFOFTJO UIFFOEPTQFSNPG;FBNBZT-1MBOU+m -VOE( .FTTJOH+ 7JPUUJ" C &OEPTQFSNTQFDJêDEF NFUIZMBUJPOBOEBDUJWBUJPOPGTQFDJêDBMMFMFTPGʂUVCVMJO HFOFTPG;FBNBZT-.PM(FO(FOFUm -VP . #JMPEFBV 1 ,PMUVOPX " %FOOJT &4 1FBDPDL 8+ $IBVEIVSZ ". (FOFT DPOUSPMMJOH GFSUJMJ[BUJPO JOEFQFOEFOU TFFE EFWFMPQNFOU JO "SBCJEPQTJT UIBMJBOB 1SPD/BUM"DBE4DJ64"m
-VP. #JMPEFBV1 %FOOJT&4 1FBDPDL8+ $IBVEIVSZ" &YQSFTTJPO BOE QBSFOUPGPSJHJO FĒFDUT GPS '*4 .&" BOE'*&JOUIFFOEPTQFSNBOEFNCSZPPGEFWFMPQ JOH"SBCJEPQTJTTFFET1SPD/BUM"DBE4DJ64"m .BHOBSE+- MF%FVOĒ& %PNFOFDI+ 3PHPXTLZ1. 5FT UJMMBOP14 3PVHJFS. 3JTVFÒP.$ 7FSHOF1 %VNBT$ (FOFTOPSNBMMZFYQSFTTFEJOUIFFOEPTQFSNBSF FYQSFTTFEBUFBSMZTUBHFTPGNJDSPTQPSFFNCSZPHFOFTJTJO NBJ[F1MBOU.PM#JPMm .BHOBSE +- -FIPVRVF ( .BTTPOOFBV " 'SBOHOF / )FDLFM 5 (VUJFSSF[.BSDPT +' 1FSF[ 1 %VNBT $ 3PHPXTLZ 1. ;N& HFOFT TIPX B OPWFM DPO UJOVPVTFYQSFTTJPOQBUUFSOJOUIFDFOUSBMDFMMCFGPSFGFS UJMJ[BUJPO BOE JO TQFDJêD EPNBJOT PG UIF SFTVMUJOH FOEP TQFSNBѫFSGFSUJMJ[BUJPO1MBOU.PM#JPMm .BJU[ . 4BOUBOESFB ( ;IBOH ; -BM 4 )BOOBI -$ 4BMB NJOJ' ѮPNQTPO3% SHG BNVUBUJPOSFEVDJOH HSBJOêMMJOHJONBJ[FUISPVHIFĒFDUTPOCBTBMFOEPTQFSN BOEQFEJDFMEFWFMPQNFOU1MBOU+m .BZFS6 )FS[PH6 #FSHFS' *O[Ê% +ÛSHFOT( .V UBUJPOTJOUIF1*-;HSPVQHFOFTEJTSVQUUIFNJDSPUVCVMF DZUPTLFMFUPOBOEVODPVQMFQSPHSFTTJPOGSPNDFMMEJWJTJPO JO "SBCJEPQTJT FNCSZP BOE FOEPTQFSN &VS + $FMM #JPM m .D&MWFS+ 1BUUPO% 3VNCBVHI. -JV$ :BOH-+ .FJOLF % ѮF 5*5"/ HFOF PG "SBCJEPQTJT FODPEFT B QSPUFJOSFMBUFEUP"%1SJCPTZMBUJPOGBDUPSGBNJMZPG(51 CJOEJOHQSPUFJOT1MBOU$FMMm .FOBOE # %FTOPT 5 /VTTBVNF - #FSHFS ' #PVDIF[ % .FZFS $ 3PCBHMJB $ &YQSFTTJPO BOE EJTSVQUJPO PGUIF"SBCJEPQTJT503 UBSHFUPGSBQBNZDJO HFOF1SPD /BUM"DBE4DJ64"m /FVĒFS.( 4IFSJEBO8' %FGFDUJWFLFSOFMNVUBOUT PGNBJ[F(FOFUJDBOEMFUIBMJUZTUVEJFT(FOFUJDTm 0IBE/ .BSHPTTJBO- )TV: 8JMMJBNT$ 3FQFUUJ1 'JTDIFS 3- " NVUBUJPO UIBU BMMPXT FOEPTQFSN EFWFMPQ NFOU XJUIPVU GFSUJMJ[BUJPO 1SPD /BUM "DBE 4DJ 64" m 0IBE/ :BEFHBSJ3 .BSHPTTJBO- )BOOPO. .JDIBFMJ% )BSBEB++ (PMECFSH3# 'JTDIFS3- .VUBUJPOTJO '*& B 8% QPMZDPNC HSPVQ HFOF BMMPX FOEPTQFSN EF WFMPQNFOUXJUIPVUGFSUJMJ[BUJPO1MBOU$FMMm 0MTFO0" B %ZOBNJDTPGNBJ[FBMFVSPOFDFMMGPSNB UJPOUIFiTVSGBDFuSVMF.BZEJDBm 0MTFO0" C /VDMFBSFOEPTQFSNEFWFMPQNFOUJODF SFBMTBOE"SBCJEPQTJTUIBMJBOB1MBOU$FMM4m4 0MTFO0" -FNNPO# #SPXO3 "NPEFMGPSBMFV SPOFEFWFMPQNFOU5SFOET1MBOU4DJm 0MTFO0" -JOOFTUBE$ /JDIPMT4& %FWFMPQNFOUBM CJPMPHZPGUIFDFSFBMFOEPTQFSN5SFOET1MBOU4DJm 0QTBIM'FSTUBE )( MF %FVOĒ & %VNBT $ 3PHPXTLZ 1. ;N&TS B OPWFM FOEPTQFSNTQFDJêD HFOF FY QSFTTFEJOBSFTUSJDUFESFHJPOBSPVOEUIFNBJ[FFNCSZP 1MBOU+m 4DBOMPO .+ .ZFST ". 1IFOPUZQJD BOBMZTJT BOE NPMFDVMBS DMPOJOH PG EJTDPMPSFE ETD
B NBJ[F HFOF SFRVJSFE GPS FBSMZ LFSOFM EFWFMPQNFOU 1MBOU .PM #JPM m
4DBOMPO.+ 4UJOBSE14 +BNFT.( .ZFST". 3PCFSUTPO %4 (FOFUJD BOBMZTJT PG NVUBUJPOT BĒFDUJOH NBJ[FLFSOFMEFWFMPQNFOUJTPMBUFEGSPN.VUBUPSTUPDLT (FOFUJDTm 4DIFM+)/ ,JFѫ) WBO-BNNFSFO"". *OUFSBDUJPO CFUXFFO FNCSZP BOE FOEPTQFSN EVSJOH FBSMZ EFWFMPQ NFOUBM TUBHFT PG NBJ[F DBSZQTFT ;FB NBZT $BO + #PU m 4DPUU 3+ 4QJFMNBO . #BJMFZ + %JDLJOTPO )( 1BS FOUPGPSJHJOFĒFDUTPOTFFEEFWFMPQNFOUJO"SBCJEPQTJT UIBMJBOB%FWFMPQNFOUm 4FSOB " .BJU[ . 0$POOFMM 5 4BOUBOESFB ( ѮFWJTTFO , 5JFOFOT , )VFSPT ( 'BMFSJ $ $BJ ( -PUUTQFJDI ' ѮPNQTPO3% .BJ[FFOEPTQFSNTFDSFUFTBOPWFM BOUJGVOHBMQSPUFJOJOUPBEKBDFOUNBUFSOBMUJTTVF1MBOU+ m 4IFO# -J$ .JO; .FFMFZ3# 5BSD[ZOTLJ.$ 0MTFO0" TBMEFUFSNJOFTUIFOVNCFSPGBMFVSPOFDFMMMBZ FSTJONBJ[FFOEPTQFSNBOEFODPEFTBDMBTT&WBDVPMBS TPSUJOHQSPUFJO1SPD/BUM"DBE4DJ64"m 4NJUI-. )BOEMFZ+ -J: .BSUJO) %POPWBO- #PXMFT%+ 5FNQPSBMBOETQBUJBMSFHVMBUJPOPGBOPWFMHFOFJO CBSMFZFNCSZPT1MBOU.PM#JPMm 4SFOTFO.# .BZFS6 -VLPXJU[8 3PCFSU) $IBNCSJFS 1 +ÛSHFOT( 4PNFSWJMMF$ -FQJOJFD- #FSHFS' $FMMVMBSJTBUJPOJOUIFFOEPTQFSNPG"SBCJEPQTJTUIBMJBOB JT DPVQMFE UP NJUPTJT BOE TIBSFT NVMUJQMF DPNQPOFOUT XJUIDZUPLJOFTJT%FWFMPQNFOUm 4QSJOHFS14 )PMEJOH%3 (SPPWFS" :PSEBO$ .BSUJFOT TFO3" ѮFFTTFOUJBM.DNQSPUFJO130-*'&3" JTMPDBMJ[FEUPUIFOVDMFVTPGEJWJEJOHDFMMTEVSJOHUIF(ō QIBTF BOE JT SFRVJSFE NBUFSOBMMZ GPS FBSMZ "SBCJEPQTJT EFWFMPQNFOU%FWFMPQNFOUm 4UBDZ 3"1 /PSEFOH 58 $VMJÃÒF[.BDJÆ '" "BMFO 3# ѮF EPSNBODZSFMBUFE QFSPYJSFEPYJO BOUJPYJ EBOU 1&3 JTMPDBMJ[FEUPUIFOVDMFVTPGCBSMFZFNCSZP BOEBMFVSPOFDFMMT1MBOU+m 4UFJOCPSO, .BVMCFUTDI$ 1SJFTUFS# 5SBVUNBOO4 1BDIFS 5 (FJHFT# ,ÛUUOFS' -FQJOJFD- 4UJFSIPG:% 4DIXBS[ ) +ÛSHFOT ( .BZFS 6 ѮF "SBCJEPQTJT 1*-; HSPVQ HFOFT FODPEF UVCVMJOGPMEJOH DPGBDUPS PSUIPMPHT SFRVJSFEGPSDFMMEJWJTJPOCVUOPUDFMMHSPXUI(FOFT%FW m
3FGFSFODFT
ώϕϒ
5BMJFSDJP &8 ,JN +: .BIF " 4IBOLFS 4 $IPJ + $IFOH 8) 1SJPVM+- $IPVSFZ14 *TPMBUJPO DIBSBDUFS J[BUJPOBOEFYQSFTTJPOBOBMZTFTPGUXPDFMMXBMMJOWFSUBTF HFOFTJONBJ[F+1MBOU1IZTJPMm ѮPNQTPO3% )VFSPT( #FDLFS)" .BJU[. %F WFMPQNFOUBOEGVODUJPOPGTFFEUSBOTGFSDFMMT1MBOU4DJ m 5[BGSJS * .D&MWFS +" -JV $ :BOH -+ 8V +2 .BSUJOF[ " 1BUUPO %" .FJOLF %8 %JWFSTJUZ PG 5*5"/ GVODUJPOTJO"SBCJEQTJTTFFEEFWFMPQNFOU1MBOU1IZTJPM m 7JFMMF$BM[BEB +1 ѮPNBT + 4QJMMBOF $ $PMVDDJP " )P FQQOFS ." (SPTTOJLMBVT 6 .BJOUFOBODF PG HF OPNJDJNQSJOUJOHBUUIF"SBCJEPQTJTNFEFBMPDVTSFRVJSFT [ZHPUJD%%.BDUJWJUZ(FOFT%FWm 7JOLFOPPH 3 4DPUU 3+ "VUPOPNPVT FOEPTQFSN EF WFMPQNFOUJOëPXFSJOHQMBOUTIPXUPPWFSDPNFUIFJN QSJOUJOHQSPCMFN 4FY1MBOU3FQSPEm 7JOLFOPPH3 4QJFMNBO. "EBNT4 'JTDIFS3- %JDLJOTPO )( 4DPUU3+ )ZQPNFUIZMBUJPOQSPNPUFTBVUPOP NPVTFOEPTQFSNEFWFMPQNFOUBOESFTUPSFTQPTUGFSUJMJ[B UJPOMFUIBMJUZJOêFNVUBOUT1MBOU$FMMm WPO 8BOHFOIFJN ,) 1FUFSTPO )1 "CFSSBOU FO EPTQFSN EFWFMPQNFOU JO JOUFSQMPJEZ DSPTTFT SFWFBMT B UJNFSPGEJĒFSFOUJBUJPO%FW#JPMm 8BOH)- 0ĔFS$& 1BUSJDL+8 /VDFMMBSQSPKFDUJPO USBOTGFSDFMMTJOUIFEFWFMPQJOHXIFBUHSBJO1SPUPQMBTNB m 8JTOJFXTLJ +1 3PHPXTLZ 1. 7BDVPMBS ) USBOT MPDBUJOH JOPSHBOJD QZSPQIPTQIBUBTF 7QQ NBSLT QBS UJBMBMFVSPOFDFMMGBUFJODFSFBMFOEPTQFSNEFWFMPQNFOU 1MBOU.PM#JPMm 9JBP8 (FISJOH. $IPJ: .BSHPTTJBO- 1V) )BSBEB++ (PMECFSH3# 1FOOFMM3* 'JTDIFS3- *NQSJOUJOH PGUIF.&"QPMZDPNCHFOFJTDPOUSPMMFECZBOUBHPOJTN CFUXFFO.&5NFUIZMUSBOTGFSBTFBOE%.&HMZDPTZMBTF %FW$FMMm :BEFHBSJ3 ,JOPTIJUB5 -PUBO0 $PIFO( ,BU[" $IPJ: ,BU[" /BLBTIJNB, )BSBEB++ (PMECFSH3# 'JTDIFS 3- 0IBE/ .VUBUJPOTJOUIF'*&BOE.&"HFOFT UIBUFODPEFJOUFSBDUJOHQPMZDPNCQSPUFJOTDBVTFQBSFOU PGPSJHJOFĒFDUTPOTFFEEFWFMPQNFOUCZEJTUJODUNFDIB OJTNT1MBOU$FMMm
$)"15&3
/PO[ZHPUJD&NCSZP%FWFMPQNFOUo &NCSZPHFOFTJTXJUIPVU4FY
ѮVT UIF UPUJQPUFODZ PG DBSSPU DFMMT JT OPX FTUBCMJTIFE CF ZPOE RVFTUJPO BOE JU JT BMTP WFSZ DMFBS UIBU UIF FOWJSPO NFOUPGUIFPWVMFBOEUIFFNCSZPTBDJTEJTQFOTBCMFJGUIF QSPQFS OVUSJUJPO BOE FYUFSOBM DPOEJUJPOT BSF GVSOJTIFE *OTUFBE PG UIF [ZHPUF CFJOH EFWFMPQNFOUBMMZ TQFBLJOH B VOJRVFDFMMJUJTSFBMMZUPCFSFHBSEFEBTBWFSZHFOFSBMPOF UIF[ZHPUFPGBOBOHJPTQFSNOPXTFFNTUPCFBEFRVBUFMZ EFTDSJCFEBTBiEJQMPJEDFMMXIJDIDBOHSPX JOBNFEJVN
XIJDI XJMM NBLF JU HSPX BOE JO B TQBDF XIJDI XJMM QSP UFDUJUBOEBMMPXJUUPHSPXu'SPNUIJTQPJOUPGWJFX UIF FBSMZTFRVFODFPGDFMMQBUUFSOTJOFNCSZPTTFFNTOPUUPCF TPQFDVMJBSUPFNCSZPHFOZBTNJHIUPUIFSXJTFCFTVQQPTFE 8IFOUIFTUBHFTJOHSPXUIPGDBSSPUFNCSZPJETGSPNGSFF DFMMT BSF FYBNJOFE UIFZ BSF GPVOE UP SFDBQJUVMBUF OPSNBM FNCSZPHFOZJOBTVSQSJTJOHMZGBJUIGVMNBOOFS
"QPNJYJT $BTF4UVEJFTPG%JQMPTQPSPVTBOE "QPTQPSPVT"QPNJDUT "EWFOUJWF&NCSZPHFOFTJT .PMFDVMBS(FOFUJDTPG"QPNJYJT 4PNBUJD&NCSZPHFOFTJT ")JTUPSZPGUIF3FDFOU1BTU 4PNBUJD&NCSZPHFOFTJTJO$BSSPU BOEPUIFS.PEFM4ZTUFNT &NCSZPOJD1SPUFJOTBOE3FHVMBUJPO PG(FOF&YQSFTTJPO 1PMMFO&NCSZPHFOFTJT 3FTQPOTJWF4UBHFPG1PMMFO%FWFMPQNFOU BOE1PMMFO&NCSZPHFOJD1PUFOUJBM $ZUPMPHZPG1PMMFO&NCSZPHFOFTJT .PMFDVMBS#JPMPHZPG1PMMFO&NCSZPHFOFTJT $PODMVEJOH$PNNFOUT 3FGFSFODFT
'$4UFXBSE
'MPXFSJOHQMBOUTEJTQMBZNBOZBOEWBSJFEGPSNTPG WFHFUBUJWFSFQSPEVDUJPO TVDIBTCZSPPUTBOEMFBWFT BOE CZ BFSJBM TUFNT LOPXO BT SVOOFST PS TUPMPOT BOEVOEFSHSPVOETUFNTLOPXOBTSIJ[PNFT DPSNT CVMCT BOEUVCFST5XPGFBUVSFTEFêOFQSPHFOZUIBU BSF QSPEVDFE WFHFUBUJWFMZ UIFZ BSF JEFOUJDBM UP UIF TJOHMF QBSFOU GSPN XIJDI UIFZ BSJTF BOE UIFZ EPOPUHPUISPVHIBOFNCSZPHFOJDQIBTFPOUIFJS XBZUPCFDPNJOHBOFXQMBOU*OEFFE UIFTFNFUI PETGPSNUIFCBTJTPGDMPOBMQSPQBHBUJPO XIJDIJT XJEFMZ FNQMPZFE JO BHSJDVMUVSBM BOE IPSUJDVMUVSBM QSBDUJDFT "TFYVBM OPO[ZHPUJD EFWFMPQNFOU PG FNCSZPT FODMPTFE XJUIJO TFFET BT B XBZ PG QSPQB HBUJPO PG QSPHFOZ BOE JOEVDUJPO PG FNCSZPT CZ DVMUVSF PG QMBOU PSHBOT GPS DMPOBM NVMUJQMJDBUJPO BSF BMTP OPX DPOTJEFSFE UP CF SFMBUJWFMZ QSFWBMFOU JO ëPXFSJOH QMBOUT ѮF UFSN BQPNJYJT XIJDI BQ QFBSTUPIBWFBOPMEQFEJHSFF IBTMPOHCFFOVTFEUP EFTDSJCFBMMGPSNTPGBTFYVBMSFQSPEVDUJPOJOQMBOUT JODMVEJOH NVMUJQMJDBUJPO CZ WFHFUBUJWF QSPQBHVMFT )PXFWFS UIJTCSPBEEFêOJUJPOPGBQPNJYJTJTSBSFMZ VTFEOPXBEBZTBOEUIFDVSSFOUVTBHFPGBQPNJYJT FNQMPZFEJOUIJTCPPLSFTUSJDUTJUUPUIFGPSNBUJPO PGBTFFEFODMPTJOHBOFNCSZPQSPEVDFEGSPNUIF NBUFSOBM HBNFUPQIZUJD PS TQPSPQIZUJD DFMMT PG UIF PWVMF DJSDVNWFOUJOHUIFQSPDFTTFTPGNFJPTJTBOE EPVCMFGFSUJMJ[BUJPO /PHMFS#JDLOFMMBOE,PM UVOPX 5XPMBUFSFQJTPEFTJOUIFOPO[ZHPUJD FNCSZP EFWFMPQNFOU TBHB JO ëPXFSJOH QMBOUT PD DVSSFEXJUIUIFEJTDPWFSJFTPGTPNBUJDFNCSZPHFO
ώϕϕ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
FTJTBOEQPMMFO PSNJDSPTQPSF FNCSZPHFOFTJTѮF DPODFQU PG TPNBUJD FNCSZPHFOFTJT XBT MBVODIFE XJUIUIFEFNPOTUSBUJPOCZUJTTVFDVMUVSFUFDIOJRVFT UIBU TJOHMF TPNBUJD DFMMT OVSUVSFE JO B TVTQFOTJPO DVMUVSF DBO HJWF SJTF UP GFSUJMF QMBOUT TJNVMBUJOH TUBHFTTUBSLMZSFNJOJTDFOUPG[ZHPUJDFNCSZPHFOFTJT "MUIPVHIQPMMFOHSBJOTPGëPXFSJOHQMBOUTBSFQSP HSBNNFE GPS UFSNJOBM EJĒFSFOUJBUJPO UP QSPEVDF QPMMFO UVCFT BOE NBMF HBNFUFT DVMUVSF PG BOUIFST PS JTPMBUFE QPMMFO HSBJOT BU BO BQQSPQSJBUF TUBHF PG EFWFMPQNFOU JO B NJOFSBM TBMU NFEJVN XJUI PS XJUIPVU IPSNPOBM TVQQMFNFOUT XBT TIPXO UP JO EVDF SFQFBUFE EJWJTJPOT JO UIF QPMMFO HSBJOT ѮF NVMUJDFMMVMBSQPMMFOHSBJOTUIVTGPSNFEHPUISPVHI BOFNCSZPHFOJDQIBTFPGEFWFMPQNFOUUPGPSNIBQ MPJEQMBOUTUIJTDPOTUJUVUFTUIFQIFOPNFOPOPGQPM MFOFNCSZPHFOFTJT *OUIFDPOUFYUPGEPVCMFGFSUJMJ[BUJPO DPNCJOFE XJUI UIF BCJMJUZ UP GPSN FNCSZPT XJUIPVU GFSUJMJ[B UJPO UIFHSBEVBMMZJODSFBTJOHLOPXMFEHFBCPVUUIF EFWFMPQNFOUBM BOE NPMFDVMBS BTQFDUT PG BQPNJYJT TPNBUJDFNCSZPHFOFTJT BOEQPMMFOFNCSZPHFOFTJT NBLFT UIFTF UPQJDT TVJUBCMF GPS DPOTJEFSBUJPO JO
UIJTêOBMDIBQUFSPGUIFCPPL0WFSUIFZFBST FBDI PG UIFTF UPQJDT IBT BNBTTFE JUT PXO WBTU MJUFSBUVSF BOETPTPNFTVCKFDUJWFKVEHNFOUIBTHPOFJOUPUIF TFMFDUJPO PG NPEFM TZTUFNT BOE JTTVFT DPOTJEFSFE IFSF
"QPNJYJT
#FDBVTFTPNFGVOEBNFOUBMDZUPMPHJDBMGFBUVSFTBSF TIBSFEXJUITFYVBMSFQSPEVDUJPO BCSJFGCBDLHSPVOE PGUIFBQPNJDUJDQBUIXBZJTOFDFTTBSZUPBTTFTTUIF QSFDJTFDZUPMPHJDBMDIBOHFTUIBUJOJUJBUFFNCSZPEF WFMPQNFOUXJUIPVUNFJPTJTBOEGFSUJMJ[BUJPO BOEUP QVU JO QSPQFS QFSTQFDUJWF SFDFOU EFWFMPQNFOUT JO UIFêFME3FQPSUFEDBTFTPGBQPNJYJT DPOTFSWBUJWFMZ FTUJNBUFE BU m TQFDJFT PG ëPXFSJOH QMBOUT EJTUSJCVUFE XJUIJO m GBNJMJFT IBWF CFHVO UP GVMêMMUIFQSPNJTFUIBUUIJTJTBOBUVSBMQSPDFTTGPS TFFE QSPEVDUJPO XJUIPVU GFSUJMJ[BUJPO BNPOH FV EJDPUT BQPNJYJT JT XFMM SFQSFTFOUFE JO UIF "TUFSB DFBFBOE3PTBDFBF BOEBNPOHNPOPDPUT 1PBDFBF IBTUIFMBSHFTUOVNCFSPGSFQPSUFEDBTFT $BSNBO
'JHɯɧ %JBHSBNTTIPXJOHOPSNBM TFYVBMBOENBKPSBQPNJDUJD QBUIXBZT*OUIFTFYVBM QBUIXBZ EPVCMFGFSUJMJ[B UJPOSFTVMUTJOUIFGPSNBUJPO PGBEJQMPJEFNCSZPBOE USJQMPJEFOEPTQFSN*OUIF EJQMPTQPSPVTBOEBQPTQP SPVTUZQFTPGBQPNJYJT UIF FNCSZPEFWFMPQTCZQBS UIFOPHFOFTJTPGUIFEJQMPJE FHHDFMM*ONPTUBQPNJDUT EFWFMPQNFOUPGUIFFOEP TQFSNGPMMPXTQPMMJOBUJPO BOEPSGFSUJMJ[BUJPO CVUJO TPNFUIFFOEPTQFSNEFWFM PQTBVUPOPNPVTMZXJUIPVU GFSUJMJ[BUJPO*OBEWFOUJWF FNCSZPHFOFTJT BOBTFYVBM FNCSZPJTQSPEVDFEGSPNB TQPSPQIZUJDDFMMPVUTJEFUIF OPSNBMTFYVBMFNCSZPTBD .PEJêFEGSPN4QJFMNBOFU BM
3JDIBSET "DDFQUBODFPGUIFWJFXUIBU JO BQPNJDUJD SFQSPEVDUJPO UIF FNCSZP IBT JUT PSJ HJO EJSFDUMZ JO BO VOSFEVDFE DFMM MJOFBHF MFBET UP UIF DPOTJEFSBUJPO PG UISFF NBJO QBUIXBZT PG BQP NJYJT OBNFMZEJQMPTQPSZ BQPTQPSZ BOEBEWFOUJWF FNCSZPHFOFTJT*OUIFêSTUUXPQBUIXBZT XIJDIBSF EFTJHOBUFE BT HBNFUPQIZUJD BQPNJYJT XFMMEFWFM PQFEFNCSZPTBDTBSFGPSNFEGSPNUIFVOSFEVDFE NFHBTQPSF NPUIFS DFMM EJQMPTQPSZ
PS GSPN B TP NBUJD DFMM PG UIF PWVMF TVDI BT UIF OVDFMMVT BQPT QPSZ *OCPUIEJQMPTQPSZBOEBQPTQPSZ NFJPTJTJT DJSDVNWFOUFE CZ B QSPDFTT LOPXO BT BQPNFJPTJT SFTVMUJOH JO UIF GPSNBUJPO PG VOSFEVDFE FNCSZP TBDT"MUIPVHINBOZWBSJBUJPOTJOUIFEFWFMPQNFOU PGFNCSZPTBDTBSJTJOHGSPNBQPNFJPTJTIBWFCFFO EFTDSJCFE BGVSUIFSEJWJTJPOPGEJQMPTQPSZJOUPUIF NFJPUJDUZQF XIFSFUIFNFHBTQPSFNPUIFSDFMMGBJMT UP DPNQMFUF NFJPTJT BOE UIF NJUPUJD UZQF XIFSF UIJT DFMM DPNQMFUFMZ CZQBTTFT NFJPTJT JT XJEFMZ SFDPHOJ[FE *O CPUI EJQMPTQPSPVT BOE BQPTQPSPVT UZQFTPGBQPNJDUT GFSUJMJ[BUJPOPGUIFFHHJTBWPJEFE CZ QBSUIFOPHFOJD JOJUJBUJPO PG FNCSZPHFOFTJT UIF FNCSZP NJHIU BMTP BSJTF BVUPOPNPVTMZ GSPN POF PGUIFPUIFSDFMMTPGUIFFNCSZPTBD%VSJOHBEWFO UJWF FNCSZPHFOFTJT B TPNBUJD DFMM PG UIF PWVMF EJ SFDUMZHJWFTSJTFUPBOFNCSZPѮFUISFFQBUIXBZT PGBQPNJYJTEFTDSJCFEIFSF BMPOHXJUIUIFQBUIXBZ PGTFYVBMGFNBMFHBNFUPHFOFTJT BSFTVNNBSJ[FEJO 'JH $ZUPMPHJDBM BCFSSBUJPOT JO NFHBTQPSPHFO FTJTBOENFHBHBNFUPHFOFTJTJOUIFTFBOEPUIFSEJG GFSFOU GPSNT PG BQPNJYJT BSF EFTDSJCFE JO SFWJFXT CZ /PHMFS
,PMUVOPX
BOE 4BWJEBO $BTF4UVEJFTPG%JQMPTQPSPVT BOE"QPTQPSPVT"QPNJDUT 1BTUSFTFBSDIPOUIFEJQMPTQPSJDBOEBQPTQPSJDUZQFT PG BQPNJYJT IBT USBEJUJPOBMMZ NBJOUBJOFE B TUSPOH GPDVTPOFNCSZPTBDEFWFMPQNFOU/BNFEBѫFSUIF HFOFSBJOXIJDIBQPNJDUJDHBNFUPHFOFTJTXBTêSTU EFTDSJCFE UIFSFBSFBOVNCFSPGXFMMEPDVNFOUFE DPNQBSJTPOT PG NFHBHBNFUPHFOFTJT JO TFYVBM BOE BQPNJDUJDQMBOUTPGUIFTBNFTQFDJFTѮFCBTJDGFB UVSFPGUIF5BSBYBDVNUZQF EFTDSJCFEJO5BSBYBDVN NFHBMPSSIJ[PO"TUFSBDFBF JMMVTUSBUJOHNFJPUJDEJQ MPTQPSZJT BTFYQFDUFE UIFDPOTJTUFOUEFSBOHFNFOU PGNFJPTJTJOUIFNFHBTQPSFNPUIFSDFMM"MUIPVHI
ɯɧ "QPNJYJT
ώϕϖ
UIJTDFMMJOJUJBMMZFOUFSTUIFNFJPUJDQSPQIBTF OPSNBM QBJSJOHPGIPNPMPHPVTDISPNPTPNFTEPFTOPUUBLF QMBDFEVFUPBTZOBQTJT$POTFRVFOUMZ UIFPSQIBOFE VOJWBMFOUTBSFTDBUUFSFEPWFSUIFNJUPUJDTQJOEMFBU UIFNFUBQIBTFTUBHFPGNFJPTJT*ѮFSFTVMUJTUIBU EVSJOHNFJPTJT* BSFTUJUVUJPOOVDMFVTJTGPSNFEBOE UIJTOVDMFVTEJWJEFTNJUPUJDBMMZUPGPSNBEZBEXJUI TPNBUJDDISPNPTPNFOVNCFST0OFPGUIFDFMMTPG UIF EZBE HFOFSBMMZ UIF POF BU UIF NJDSPQZMBS FOE EFHFOFSBUFT BOE UIF DIBMB[BM DFMM GVODUJPOT BT UIF FNCSZP TBD NPUIFS DFMM ѮJT DFMM VOEFSHPFT UISFF NPSF NJUPUJD EJWJTJPOT UP GPSN BO FJHIUOVDMFBUF FNCSZP TBD PG UIF 1PMZHPOVN UZQF TFF $IBQ
XIJDIJTBMTPGPVOEJOUIFTFYVBMSFMBUJWF #BUUBHMJB /PHMFS 3FDFOUBEEJUJPOTUPUIF5BSBYB DVN UZQF PG EJQMPTQPSPVT BQPNJDU BSF "SBCJT IPM CPFMMJJBOE"HVOOJTPOJBOB XIJDI BTNFNCFSTPG UIF#SBTTJDBDFBF MJLF"SBCJEPQTJT BSFDPOTJEFSFEUP IBWFUIFQPUFOUJBMUPEFWFMPQJOUPNPEFMQMBOUTGPS NPMFDVMBSTUVEJFTPGBQPNJYJT /BVNPWBFUBM 5BǨLJOFUBM *OUIF"OUFOOBSJBUZQF JMMVTUSBU JOHNJUPUJDEJQMPTQPSZ UIFNFHBTQPSFNPUIFSDFMM EPFTOPUHPJOUPNFJPTJTCVU BѫFSBMPOHJOUFSQIBTF JU EJWJEFT NJUPUJDBMMZ BOE CFDPNFT BO VOSFEVDFE CJOVDMFBUF GVODUJPOBM NFHBTQPSF 5XP GVSUIFS NJ UPUJD EJWJTJPOT MFBE UP UIF GPSNBUJPO PG B UZQJDBM 1PMZHPOVNUZQF PG FNCSZP TBD 4UFCCJOT /PHMFS $POUSBSZ UP UIF DPOEJUJPO PCTFSWFE JOTFYVBMQMBOUT JONPTUBQPTQPSJDBQPNJDUT BTZO DISPOPVTEFWFMPQNFOUPGTFWFSBMFNCSZPTBDT FBDI IBWJOH JUT PSJHJO JO BO BQPTQPSVT JOJUJBM DFMM PG BO PWVMF JT GSFRVFOU ѮF CFTUTUVEJFE FYBNQMF PG BO BQPTQPSPVT BQPNJDU JT )JFSBDJVN "TUFSBDFBF *O BQPNJDUJDBDDFTTJPOTPG)BVSBOUJBDVNBOE)QJ MPTFMMPJEFT DFMMTUIBUHJWFSJTFUPVOSFEVDFEFNCSZP TBDTBSFTFFODMPTFUPUIFGVODUJPOBMNFHBTQPSFPG UIFNFJPUJDUFUSBE XIPTFEJTJOUFHSBUJPOJTJOJUJBUFE CZ UIF BQQFBSBODF PG BQPNJDUJD JOJUJBMT 'PMMPXJOH EJSFDUJPOBMHSPXUIPGUIFBQPTQPSPVTJOJUJBMUPXBSE UIF NJDSPQZMBS FOE PG UIF PWVMF BOE JUT EJĒFSFO UJBUJPO JOUP B NFHBTQPSF NPUIFS DFMM B TJOHMF FN CSZP TBD JT GPSNFE JO UIF TBNF QPTJUJPO PDDVQJFE CZUIFEFWFMPQJOHTFYVBMFNCSZPTBD*UJTCFMJFWFE UIBU UIF NFHBTQPSF NPUIFS DFMM EPFT OPU VOEFSHP NFJPTJT PSEPFTTPJOGSFRVFOUMZ*O)BVSBOUJBDVN FNCSZP TBDT DPOUBJOJOH B GFX OVDMFJ TPNFUJNFT GVTF UPHFUIFS BOE GPSN B EJTPSHBOJ[FE GVODUJPOBM FNCSZPTBDXJUIBIJHIMZWBSJBCMFOVDMFBSDPNQMF NFOUEJTUJODUGSPNUIF1PMZHPOVNUZQFFNCSZPTBD
ώϖύ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
PCTFSWFEJOUIFTFYVBMQMBOU ,PMUVOPXFUBM "MUIPVHINVDIPGUIFNZTUFSZTVSSPVOEJOHBQP NJYJTIBTCFFOEJTQFMMFECZQSFDJTFDZUPMPHJDBMTUVE JFT JUJTTUJMMVODMFBSXIFUIFSUIFSFBSFBOZSFMJBCMF DMVFTUPFTUBCMJTIBQPNJDUJDDFMMUZQFJEFOUJUZJOBO PWVMF ѮF DIBSBDUFSJ[BUJPO PG UFNQPSBSZ EFQPTJUT PG DBMMPTF PO UIF XBMMT PG NFHBTQPSF NPUIFS DFMMT PG UIF NPOPTQPSJD BOE CJTQPSJD UZQFT PG FNCSZP TBDT BOE JUT BCTFODF JO UIF DPSSFTQPOEJOH DFMMT PG TFWFSBM EJQMPTQPSPVT BQPNJDUT FYIJCJUJOH NFJPUJD EJQMPTQPSZ $BSNBO FU BM 1FFM FU BM BOENJUPUJDEJQMPTQPSZ -FCMBODFUBM
IBWF SFWFBMFE B GFBUVSF PG BQPNJYJT EJĒ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Ē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ëPX DZUPNFUSJD BOBMZ TJTPGTFFETPG"SBCJTIPMCPFMMJJBOE"HVOOJTPOJBOB IBWFCFFOJOUFSQSFUFEBTJOEJDBUJOHUIFPDDVSSFODF
PG QTFVEPHBNPVT FOEPTQFSN EFWFMPQNFOU GPMMPX JOH GVTJPO PG UIF VOSFEVDFE QPMBS OVDMFJ XJUI BO VOSFEVDFE PS SFEVDFE TQFSN .BU[L FU BM /BVNPWBFUBM5BǨLJOFUBM "T EFTDSJCFE JO $IBQ JOEFQUI TUVEJFT PG êT DMBTTNVUBOUTPG"SBCJEPQTJTIBWFHFOFSBUFEBDPO TJEFSBCMFCPEZPGEBUBPOUIFEJĒFSFOUJBMFĒFDUTPG HFOFTEFSJWFEGSPNQBUFSOBMBOENBUFSOBMHFOPNFT POFOEPTQFSNEFWFMPQNFOUѮFSFMFWBODFPGUIFTF NVUBOUTUPFOEPTQFSNEFWFMPQNFOUJOBQPNJDUTJT UIBU NVUBUJPOT JO UIF UISFF '*4DMBTT HFOFT .&" '*4 BOE'*& DBVTFTPNFFOEPTQFSNQSPMJGFSBUJPO JOUIFPWVMF FWFOJOUIFBCTFODFPGGFSUJMJ[BUJPO JO BXBZSFNJOJTDFOUPGBQPNJYJT)PXFWFS VOMJLFJO BQPNJYJT JOêTNVUBOUT UIFFNCSZPTBDJTGPSNFE CZ NFJPUJD EJWJTJPO BOE TJODF B GVMMUFSN GFSUJMJ[B UJPOJOEFQFOEFOUFNCSZPJTOPUGPSNFE TFFEBCPS UJPOJTUIFJOWBSJBCMFêOBMPVUDPNFJOUIFTFNVUBOUT ѮF PCTFSWBUJPO UIBU FWFOUT BTTPDJBUFE XJUI FOEP TQFSNGPSNBUJPOBSFTVēDJFOUUPUSJHHFSGSVJUEFWFM PQNFOU JO êT NVUBOUT UPHFUIFS XJUI FWJEFODF GPS HFOPNJDJNQSJOUJOHJOFOEPTQFSNGPSNBUJPOJOUIF NVUBOUT IBWFQSPWPLFESFOFXFEJOUFSFTUJOTJHOBM BDUJWBUJPOBUGFSUJMJ[BUJPO DPOUSPMPGFNCSZPHSPXUI BOEFOEPTQFSNGPSNBUJPO UIFSPMFPGUIFNBUFSOBM UJTTVFTPGUIFPWVMF BOEJOHFOPNJDJNQSJOUJOHJO TFFE EFWFMPQNFOU JO BQPNJDUT (SPTTOJLMBVT FU BM "EWFOUJWF&NCSZPHFOFTJT *O BEWFOUJWF FNCSZPHFOFTJT XIJDI JT USFBUFE EJG GFSFOUMZ GSPN EJQMPTQPSZ BOE BQPTQPSZ EVF UP UIF BCTFODF PG FNCSZP TBD GPSNBUJPO UIF FNCSZP EF WFMPQTGSPNBTPNBUJDDFMMPGUIFPWVMFTVDIBTUIF JOUFHVNFOUT PS OVDFMMVT BOE JT JOJUJBUFE BT B CVE MJLFPVUHSPXUICZNJUPUJDEJWJTJPOTPGUIFQSPHFOJ UPSDFMM*OUIFJSFBSMZTUBHFTPGEFWFMPQNFOU UIFTF PVUHSPXUITSFTFNCMFBEWFOUJUJPVTCVETPSHMPCVMBS FNCSZPT -BUFS UIFZ EJĒFSFOUJBUF BOE EJTQMBZ GBD TJNJMFTPGTVCTFRVFOUTUBHFTPG[ZHPUJDFNCSZPHFOF TJT ,PMUVOPX ѮFOVDFMMBSUZQFPGBEWFOUJWF FNCSZPHFOFTJT JT NPSF DPNNPO UIBO UIF JOUFHV NFOUBSZ UZQF BOE $JUSVT 3VUBDFBF IBT FNFSHFE BT BO FYDFMMFOU TZTUFN UP TUVEZ NPSQIPHFOFTJT PG OVDFMMBS FNCSZPHFOFTJT 0OF GFBUVSF UIBU NBLFT $JUSVTJEFBMGPSUIJTUZQFPGTUVEZJTUIBUTFYVBMBOE BQPNJDUJD QSPDFTTFT DPFYJTU JO UIF TBNF PWVMF BM
MPXJOH POUIFTQPU DPNQBSJTPOT CFUXFFO UIF UXP "MUIPVHI TFWFSBM BOBUPNJDBM JOWFTUJHBUJPOT IBWF QSPWJEFE JOTJHIUT JOUP UIF EFWFMPQNFOU PG BTFYVBM FNCSZPT FTQFDJBMMZJO$JUSVTDVMUJWBST UIFPCTFSWB UJPOTNBEFCZ8JMNTFUBM
8BLBOBBOE6F NPUP
/BVNPWB
BOE,PMUVOPX FU BM XJMM CF IJHIMJHIUFE IFSF UP QSPWJEF B HFOFSBMBDDPVOUPGUIJTQIFOPNFOPO%FTQJUFTPNF QSFWJPVTVODFSUBJOUJFT JUOPXBQQFBSTUIBUUIFTUJN VMVTPGQPMMJOBUJPOPSGFSUJMJ[BUJPOJTOPUOFDFTTBSZ GPS OVDFMMBS FNCSZPHFOFTJT BOE UIBU OVDFMMBS FN CSZPT BSF JOJUJBUFE BVUPOPNPVTMZ JO VOQPMMJOBUFE BOEVOGFSUJMJ[FEPWVMFT 8BLBOBBOE6FNPUP ,PMUVOPX FU BM 4IBSNB BOE ѮPSQF ѮFQPUFOUJBMFNCSZPJOJUJBMTBSFEJTUJOHVJTIFEGSPN UIFTVSSPVOEJOHOVDFMMBSDFMMTCZUIFJSMBSHFOVDMFJ BOE EFOTF DZUPQMBTN CVU UIF NPMFDVMBS QBUIXBZT UIBUMJOLDFMMEFUFSNJOBUJPOXJUIFNCSZPGPSNBUJPO JOUIFBCTFODFPGGFSUJMJ[BUJPOIBWFOPUCFFOJEFOUJ êFE 8JMNTFUBM/BVNPWB,PMUVOPX FUBM #BTFEPOUIFGPSNBUJPOPGOVDFMMBSFN CSZPTJODVMUVSFEPWVMFTBUEJĒFSFOUTUBHFTPGEFWFM PQNFOUPGUIF$JUSVTDVMUJWBSA7BMFODJB JUIBTCFFO DPODMVEFE UIBU FNCSZP JOJUJBMT BSF TQFDJêFE FWFO CFGPSFUIFZBSFJEFOUJêFEIJTUPMPHJDBMMZJOPWVMFT*O VOGFSUJMJ[FEPWVMFTPGUIJTDVMUJWBS OVDFMMBSFNCSZP JOJUJBMT BSF GPVOE FJUIFS JO UIF QPTJUJPO OPSNBMMZ PDDVQJFE CZ UIF FNCSZP TBD PS TVSSPVOEJOH UIF DSVTIFE SFNOBOUT PG UIF FNCSZP TBD 'JHB C *O CPUI GFSUJMJ[FE BOE VOGFSUJMJ[FE PWVMFT FNCSZP HFOJDEJWJTJPOPGUIFOVDFMMBSDFMMTJTDPJODJEFOUXJUI EFHFOFSBUJPO PG UIF OVDFMMVT JO UIF WJDJOJUZ PG UIF QPUFOUJBM FNCSZPHFOJD OVDFMMBS DFMMT *O BEEJUJPO OVDFMMBS FNCSZPHFOJD DFMMT JO CPUI GFSUJMJ[FE BOE VOGFSUJMJ[FE PWVMFT TIBSF JOJUJBM JTPMBUJPO GSPN NB UFSOBMUJTTVFTCZBUIJDLXBMM BOESFFTUBCMJTINFOUPG DPOUBDUXJUINBUFSOBMOVDFMMBSDFMMTѮFTFPCTFSWB UJPOTTVHHFTUBSPMFGPSUIFIFBMUIZPSEFHFOFSBUFE OVDFMMBSDFMMTBTBTPVSDFPGOVUSJFOUTGPSUIFOBTDFOU FNCSZPHFOJDOVDFMMBSDFMMT*OEJDBUJWFPGBOFFEGPS B TVēDJFOU BNPVOU PG OVUSJFOUT PG UIF UZQF QSP WJEFECZUIFFOEPTQFSN JUXBTOPUFEUIBU VOMJLF JO GFSUJMJ[FE PWVMFT XIFSF OVDFMMBS FNCSZPT DPN QMFUFUIFJSEFWFMPQNFOU OVDFMMBSFNCSZPHFOFTJTJT BSSFTUFEBUUIFHMPCVMBSTUBHFJOVOGFSUJMJ[FEPWVMFT *ODPOUSBTUUPOPOWJBCMFTFFET XIJDIFODMPTFBUSP QIJFE HMPCVMBS FNCSZPT HFOFSBUFE CZ OVDFMMBS FN CSZPOZJOVOGFSUJMJ[FEPWVMFT UIFSFTVMUPGOVDFMMBS FNCSZPOZ JO GFSUJMJ[FE PWVMFT JT UIF QSPEVDUJPO PG
ɯɧ "QPNJYJT
ώϖώ
QPMZFNCSZPOJDTFFETDPOUBJOJOHFNCSZPTBUEJĒFS FOUTUBHFTPGEFWFMPQNFOUQPUFOUJBUFEUPHFSNJOBUF BOEGPSNTFFEMJOHT ,PMUVOPXFUBM %FTQJUF UIFXFBMUIPGBOBUPNJDBMJOGPSNBUJPO UIFFYUSJOTJD BOEJOUSJOTJDGBDUPSTUIBUEJSFDUDFSUBJODFMMTPGUIF OVDFMMVTUPBOFNCSZPGBUF BTXFMMBTUIFNPMFDVMBS SFMBUJPOTIJQ CFUXFFO OVDFMMBS BOE TFYVBM FNCSZP EFWFMPQFNFOU SFNBJOUPCFEFêOFE
'JHɯɨB C"EWFOUJWFFNCSZPHFOFTJTJO$JUSVTB4FDUJPOPG QBSUPGUIFOVDFMMVTTIPXJOHFNCSZPJOJUJBMT BSSPXT XJUI UIJDLXBMMTC4FDUJPOPGBOPWVMFTIPXJOHBOFNCSZPHFOJD NBTTJOUIFDIBMB[BMQBSUPGUIFPWVMFDPOOFDUFECZBWBTDV MBSOFUXPSL$$IBMB[BMFOE &FNCSZP **JOOFSJOUFHVNFOU /OVDFMMVT 0*PVUFSJOUFHVNFOU 7WBTDVMBSOFUXPSL#BSTB ʍN CʍN 3FQSJOUFEGSPN,PMUVOPXFUBM
ώϖϏ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
.PMFDVMBS(FOFUJDTPG"QPNJYJT
4PNBUJD&NCSZPHFOFTJT
"OVNCFSPGHFOFUJDDSPTTFTGPMMPXFECZBOBMZTJTPG IZCSJE QSPHFOZ BNPOH BQPTQPSPVT BQPNJDUT IBWF JOEJDBUFE UIBU BQPTQPSZ JT QSPCBCMZ DPOUSPMMFE CZ BU MFBTU B GFX BOE QPTTJCMZ NBOZ HFOFT 4JNJMBSMZ BOBMZTJT PG IZCSJE QSPHFOZ GSPN DSPTTFT CFUXFFO TFYVBM BOE BQPNJDUJD TQFDJFT PG $JUSVT IBT FTUBC MJTIFE UIBU B TJOHMF EPNJOBOU HFOF DPOUSPMT UIF FYQSFTTJPOPGUIFOVDFMMBSFNCSZPQIFOPUZQFѮF BWBJMBCMF EBUB EP OPU IPXFWFS BMMPX êSN DPODMV TJPOTUPCFESBXOBCPVUUIFJOIFSJUBODFPGEJQMPTQPSZ ,PMUVOPX(SJNBOFMMJFUBM "MUIPVHI HFOFT USJHHFSJOH BQPNJYJT IBWF OPU CFFO JTPMBUFE EJĒFSFOUJBMBOETVCUSBDUJWFIZCSJEJ[BUJPOUFDIOJRVFT IBWF CFFO TVDDFTTGVMMZ BQQMJFE UP JEFOUJGZ D%/" DMPOFT PS HFOF USBOTDSJQUT JOWPMWFE JO BQPNJDUJD BOE TFYVBM QBUIXBZT JO 1FOOJTFUVN DJMJBSF 7JFMMF $BM[BEBFUBM
#SBDIJBSJBCSJ[BOUIB 1PBDFBF -FCMBODFUBM
)JFSBDJVNQJMPTFMMPJEFT (VFSJO FU BM
BOE 1BTQBMVN OPUBUVN 1PBDFBF 1FTTJOPFUBM #BTFEPOBOFYBNJOBUJPOPGUIF FYQSFTTJPOQBUUFSOTPGDFSUBJOSFQSPEVDUJWFNBSLFS HFOFTGSPN"SBCJEPQTJT TVDIBT41030$:5&-&44 41-
40."5*$&.#3:0(&/&4*43&$&1503 ,*/"4& 4&3,
BOE WBSJPVT '*4 HFOFT JO USBOTHFOJDTFYVBMBOEBQPNJDUJDMJOFTPG)JFSBDJVN 5VDLFS FU BM IBWF TIPXO UIBU JOJUJBUJPO PG BQPTQPSZBOEBVUPOPNPVTFNCSZPBOEFOEPTQFSN EFWFMPQNFOUTIBSFHFOFFYQSFTTJPOBOESFHVMBUPSZ QBUIXBZT XJUI UIF DPSSFTQPOEJOH TUBHFT PG TFYVBM SFQSPEVDUJPOѮFXPSLPG(SJNBOFMMJFUBM SFGFSSFEUPJO$IBQ VTJOHNJDSPBSSBZUFDIOPMPHZ UP DPNQBSF NPSF UIBO VOJRVF TFRVFODFT SFWFBMFE OP TJHOJêDBOU NPEJêDBUJPOT JO USBOTDSJQU QSPêMFT EVSJOH QSPFNCSZP EFWFMPQNFOU JO TFYVBM BOE BQPNJDUJD MJOFT PG NBJ[F ѮFTF DPMMFDUJWF SFTVMUTBSFJOTUSVDUJWFJOFNQIBTJ[JOHUIBUBQPNJYJT BOE TFYVBM SFQSPEVDUJPO BSF DPNQBSBCMF CVU GPS UIF FMJNJOBUJPO PG NFJPTJT BOE GFSUJMJ[BUJPO JO UIF GPSNFS "T NPSF BOE NPSF SFTFBSDI JT DPOEVDUFE BJNFE BU EJTTFDUJOH UIF HFOFUJD BOE NPMFDVMBS CBTJTPGBQPNJYJT UIFIPQFJTUIBUSFTFBSDIFSTXJMM FWFOUVBMMZ CF BCMF UP GFSSFU PVU UIF HFOFT DPOUSPM MJOHBQPNJYJTBOE CZJOUSPEVDJOHUIFTFHFOFTJOUP TFYVBM DSPQT DIBOHF UIF MBUUFS JOUP DPNNFSDJBMMZ WJBCMF BQPNJDUT GPS UIF QSPQBHBUJPO PG EFTJSBCMF HFOPUZQFT
ѮFEJTDPWFSZPGTPNBUJDFNCSZPHFOFTJTJTVTVBMMZ USBDFE UP UIF JOWFTUJHBUJPOT PG 4UFXBSE BOE 8FUIFSFMM BOE )BMQFSJO XIP SFQPSUFE UIBU VOEFS DFSUBJO FYQFSJNFOUBM DPOEJUJPOT DVMUVSFE DFMMT BOE DFMM DMVTUFST PG DBSSPU BSF SFTUSVDUVSFE JO BOFNCSZPHFOJDQBUIXBZ BOESFHFOFSBUFGBDTJNJMFT PG[ZHPUJDFNCSZPT4UFXBSE TFFBMTP4UFXBSE FUBM TIPXFEUIBUXIFOGSFFDFMMTTMPVHIFEPĒ GSPNJNNBUVSFFNCSZPTPGDBSSPUHSPXOJOBNJO FSBMTBMUNFEJVNTVQQMFNFOUFEXJUIDPDPOVUXBUFS BSF QMBUFE PO B TPMJEJêFE OVUSJFOU NFEJVN PG UIF TBNF DPNQPTJUJPO WJSUVBMMZ FWFSZ DFMM PG UIF TVT QFOTJPO ZJFMET BO FNCSZPMJLF TUSVDUVSF GBJUIGVMMZ SFDBQJUVMBUJOH UIF HMPCVMBS IFBSUTIBQFE UPSQFEP TIBQFE BOEDPUZMFEPOBSZTUBHFTPG[ZHPUJDFNCSZP HFOFTJT'PMMPXJOHBOJOJUJBMEFNPOTUSBUJPOUIBUDFMMT PSJHJOBUJOHGSPNBDBMMVTPCUBJOFEGSPNUIFSPPUUJT TVFPGXJMEDBSSPUOVSUVSFEJOBNFEJVNDPOUBJOJOH DPDPOVU XBUFS GPSN TPNBUJD FNCSZPT 8FUIFSFMM BOE)BMQFSJO
MBUFSTUVEJFTTIPXFEUIBUJUXBT QPTTJCMF UP USJHHFS TPNBUJD FNCSZPHFOFTJT JO DFMMT PSJHJOBUJOH GSPN WBSJPVT PSHBOT PG XJME DBSSPU JO DMVEJOHUIFSPPU QFEVODMF BOEQFUJPMFCZJOEVDJOH DBMMVTHSPXUIPOFYQMBOUTJOBNFEJVNDPOUBJOJOH B NPEFSBUFMZ IJHI MFWFM PG % BOE USBOTGFSSJOH UIFDBMMVTUPBNFEJVNDPOUBJOJOHBSFEVDFEMFWFMPG UIFBVYJO )BMQFSJOBOE8FUIFSFMM)BMQFSJO ѮFTFPCTFSWBUJPOTQSPWJEFEUIFGSBNFXPSL GPSBXJEFMZVTFEQSPUPDPMGPSJOEVDJOHTPNBUJDFN CSZPHFOFTJTJONBOZQMBOUTCZUIFTJNQMFFYQFEJFOU PGJOEVDJOHDBMMVTHSPXUIJOFYQMBOUTDVMUVSFEJOB NFEJVNDPOUBJOJOHBIJHIDPODFOUSBUJPOPGBVYJO BOEUSBOTGFSSJOHUIFDBMMVTUPBNFEJVNDPOUBJOJOH BSFEVDFEBNPVOUPGUIFIPSNPOFPSOPOFBUBMM ")JTUPSZPGUIF3FDFOU1BTU ѮFEJTDPWFSZPGTPNBUJDFNCSZPHFOFTJTIBTTFSWFE QMBOUCJPMPHJTUTFYUSFNFMZXFMM BTUIFTZODISPOPVT FNCSZPHFOJD DFMM TZTUFNT EFWFMPQFE JO DBSSPU BOE PUIFSQMBOUTBSFJODSFBTJOHMZCFJOHVUJMJ[FEBTNPE FMTPG[ZHPUJDFNCSZPHFOFTJTJOBUUFNQUTUPDIBSBD UFSJ[FUIFNPMFDVMBSDIBOHFTJOWPMWFEJOUIFUSBOT GPSNBUJPOPGBTJOHMFDFMMJOUPBOFNCSZP4UBSUJOH XJUIUIFêSTUBDDPVOUTPGTPNBUJDFNCSZPHFOFTJTJO
DBSSPU TVCTFRVFOU SFQPSUT PG TPNBUJD FNCSZPHFO FTJTXFSFJOJUJBMMZDPOêOFEUPNFNCFSTPGUIFDBSSPU GBNJMZ 6NCFMMJGFSBF BOEMBUFSTQSFBEUPNFNCFST PGBOVNCFSPGBOHJPTQFSNBOEHZNOPTQFSNGBNJ MJFT /P DPOTPMJEBUFE MJTUJOH PG UIFTF QMBOUT JT DVS SFOUMZBWBJMBCMF CVUTFQBSBUFMJTUJOHTPGIFSCBDFPVT FVEJDPUT #SPXOFUBM
IFSCBDFPVTNPOPDPUT ,SJTIOBSBK BOE 7BTJM
XPPEZ BOHJPTQFSNT BOE HZNOPTQFSNT %VOTUBO FU BM
BOE BO HJPTQFSNT JO HFOFSBM ѮPSQF BOE 4UBTPMMB
IBWF CFFO QVCMJTIFE "NPOH FVEJDPUT 'BCBDFBF TUBOET PVU XJUI UIF MBSHFTU OVNCFS PG SFQPSUT PG TPNBUJD FNCSZPHFOFTJT JO BCPVU TQFDJFT BOE IZCSJET GPMMPXFE CZ 3VUBDFBF XJUI BCPVU MJTU JOHTBOE6NCFMMJGFSBFXJUITQFDJFT8JUIBCPVU MJTUJOHT 1PBDFBF IBT CZ GBS UIF MBSHFTU OVNCFS PG TQFDJFT IZCSJET BOE USBOTHFOJD QMBOUT TIPXJOH TPNBUJDFNCSZPHFOFTJTBNPOHNPOPDPUT GPMMPXFE EJTUBOUMZCZ"SFDBDFBFXJUIMJTUJOHT ѮPSQFBOE 4UBTPMMB 'PMMPXJOH UIF TVDDFTT BDIJFWFE CZ 7BTJMBOE7BTJM JOJOEVDJOHTPNBUJDFNCSZP HFOFTJTJOTVTQFOTJPODVMUVSFTPG1FOOJTFUVNBNFSJ DBOVN CZ UIF KVEJDJBM DIPJDF PG FYQMBOUT QBSUJDV MBSMZXJUISFHBSEUPUIFJSQIZTJPMPHJDBMBHFBUDVMUVSF VTFPGTFMFDUFEIPSNPOBMBEEJUJWFTBOEVOPSUIPEPY NBOJQVMBUJPOT PG UIF NFEJVN BU DSJUJDBM TUBHFT PG DVMUVSF UIFTBNFPSNPEJêFEQSPUPDPMTIBWFCFFO VTFEUPPCUBJOQSPMJêDFNCSZPHFOJDDFMMTVTQFOTJPO DVMUVSFTPGNBOZDFSFBMT&NCSZPHFOJDDFMMDVMUVSFT PG WBSJPVT DFSFBMT IBWF TFSWFE BT UIF TPVSDF PG UP UJQPUFOU QSPUPQMBTUT GPS UIF HFOFSBUJPO PG TPNBUJD IZCSJETBOEUSBOTHFOJDQMBOUTCZFNCSZPHFOJDFQJ TPEFTUSBOTHFOJDDFSFBMTIBWFBMTPCFFOSFDPWFSFE CZ TPNBUJD FNCSZPHFOFTJT GSPN DFMM TVTQFOTJPO DBMMVT PS TDVUFMMBS UJTTVF PG JNNBUVSF FNCSZPT GPM MPXJOH NJDSPQSPKFDUJMFNFEJBUFE EFMJWFSZ PG %/" ,SJTIOBSBK BOE 7BTJM *EFOUJDBM FYQSFTTJPO QBUUFSOTPGUSBOTDSJQUTPGDSJUJDBMHFOFTTVDIBT&9 53"$&--6-"3 1305&*/ &1
-&$ BOE ,/EVSJOH[ZHPUJDBOETPNBUJDFNCSZPHFOFTJTJO SFQSFTFOUBUJWFT PG FVEJDPUT BOE NPOPDPUT TVQQPSU UIF WJFX UIBU UIFTF FNCSZPHFOJD FWFOUT QSPDFFE UISPVHI TJNJMBS EFWFMPQNFOUBM QBUIXBZT 4UFSL FU BM;IBOHFUBM:B[BXBFUBM 4PNBUJD FNCSZPHFOFTJT JT SPVUJOFMZ JOEVDFE JO "SBCJEPQTJT CZ DVMUVSJOH [ZHPUJD FNCSZPT JO B NF EJVN DPOUBJOJOH % " QSPUPDPM GPS MBSHFTDBMF QSPEVDUJPOPGTPNBUJDFNCSZPTJOWPMWFTUIFDVMUVSF PG[ZHPUJDFNCSZPTBUUIFCFOUDPUZMFEPOTUBHFJOB
ɯɨ 4PNBUJD&NCSZPHFOFTJT
ώϖϐ
NFEJVNDPOUBJOJOH %UPJOEVDFUIFGPSNBUJPO PG FNCSZPHFOJD DBMMVT PO DPUZMFEPOT BOE USBOTGFS PG EBZPME DVMUVSFT UP BO BVYJOGSFF NFEJVN UPQSPNPUFUIFGPSNBUJPOPGTPNBUJDFNCSZPT TFF 1MBUF 'JHBm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êDBUJPOPGHFOFTUIBUQMBZBSPMFJOUIF USBOTJUJPOPGWFHFUBUJWFDFMMTUPFNCSZPHFOJDDFMMTJO UIFBCTFODFPG %'PSFYBNQMF USBOTHFOJDQMBOUT FOHJOFFSFECZFDUPQJDFYQSFTTJPOPGUIF-&$BOE -&$ HFOFT BQQFBS BCOPSNBM XJUI XJEF QIFOP UZQJDWBSJBUJPOT EJTQMBZJOHFNCSZPHFOJDQSPHSBNT CZ SFHFOFSBUJOH FNCSZPMJLF TUSVDUVSFT PS TPNBUJD FNCSZPT4PNBUJDFNCSZPTJOEVDFEFDUPQJDBMMZBMTP FYQSFTT FNCSZPTQFDJêD HFOFT TVDI BT UIPTF FO DPEJOHUIF4TUPSBHFQSPUFJOBOEPMFPTJO -PUBOFU BM 4UPOF FU BM 6TJOH BO FēDJFOU BOE QPXFSGVMNFUIPEPMPHZJOWPMWJOHPWFSFYQSFTTJPOPG B864UZQFHFOFEFTJHOBUFEBT1-"/5(3085) "$5*7"503 1("
;VPFUBM PCUBJOFE IJHIGSFRVFODZ TPNBUJD FNCSZPHFOFTJT GSPN WFH FUBUJWF UJTTVFT BOE [ZHPUJD FNCSZPT PG "SBCJEPQTJT
ώϖϑ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
FWFOXIFODVMUVSFEUIFBCTFODFPG %"QQMZJOH BTJNJMBSNFUIPEPMPHZ FYQSFTTJPOPGUIFGVMMMFOHUI ."%4CPYHFOF"(-IBTCFFOTIPXOUPFOIBODF QSPEVDUJPOPGTPNBUJDFNCSZPTPO[ZHPUJDFNCSZPT PG USBOTHFOJD "SBCJEPQTJT DVMUVSFE JO B IPSNPOF GSFF NFEJVN MFBEJOH UP MPOHUFSN NBJOUFOBODF PG UIF TZTUFN JO FNCSZPHFOJD NPEF )BSEJOH FU BM 0UIFSHFOFT TVDIBT"SBCJEPQTJTUIBMJBOB 4&3, "U4&3, )FDIU FU BM BOE #"#: #00. ##. GSPN#SBTTJDBOBQVT #PVUJMJFSFUBM
XIPTFFDUPQJDFYQSFTTJPODPOGFSTFOIBODFE FNCSZPHFOJDDPNQFUFODFPOXJMEUZQF"SBCJEPQTJT TFFEMJOHT IBWF BMTP CFFO JEFOUJêFE ѮF FYQSFT TJPO PG UIF "U4&3, HFOF JO HFSNMJOF DFMMT BOE FBSMZTUBHF [ZHPUJD FNCSZPT PG "SBCJEPQTJT NJHIU JOEJDBUFUIBUUIFTBNFTJHOBMUSBOTEVDUJPOQBUIXBZ PQFSBUFT EVSJOH FNCSZPHFOFTJT GSPN TPNBUJD DFMMT BOE HFSN DFMMT )FDIU FU BM ѮF JEFOUJêDB UJPOPGUIFQSPUFJOQSPEVDUPGUIJTHFOFBTBSFDFQ UPSMJLFQSPUFJOLJOBTFDPOTJTUJOHPGBMFVDJOF[JQQFS NPUJG MFVDJOFSJDISFQFBUT BQSPMJOFSJDISFHJPO B USBOTNFNCSBOFSFHJPO BOEBOJOUSBDFMMVMBSLJOBTF EPNBJO IBTPQFOFEVQOFXQPTTJCJMJUJFTGPSJUTCJP DIFNJDBMBOENPMFDVMBSDIBSBDUFSJ[BUJPOJOUIFTJH OBMJOHDBTDBEF 4IBIFUBMB C *O BOPUIFS XPSL UIF QSJNBSZ SPPU PG BO "SBCJEPQTJT NVUBOU EFTJHOBUFE BT QJDLMF QLM IBT CFFO TIPXO UP QPTTFTT FNCSZPHFOJD UJTTVFT BOE UP QSPEVDF FNCSZPMJLFTUSVDUVSFT 0HBTFUBM #BTFEPO UIF JEFOUJUZ PG UIF QSPUFJO QSPEVDUT PG HFOFT TVDI BT -&$ UIBU BT USBOTDSJQUJPO GBDUPST CFTUPX FN CSZPHFOJDDPNQFUFODFPOXJMEUZQF"SBCJEPQTJT JU JTSFBTPOBCMFUPDPODMVEFUIBUUIFTFHFOFTNPEVMBUF TPNBUJDFNCSZPHFOFTJTCZQSPNPUJOHFNCSZPHFOJD USBOTJUJPO PG TPNBUJD DFMMT PS CZ NBJOUBJOJOH UIFJS FNCSZPHFOJD JEFOUJUZ ѮFTF PCTFSWBUJPOT DPOêSN UIF DSVDJBM SPMF UIBU GVSUIFS JOWFTUJHBUJPOT PO "SB CJEPQTJTXJMMQMBZJOSFWFBMJOHUIFNPMFDVMBSCBTJTPG TPNBUJDFNCSZPHFOFTJT 4PNBUJD&NCSZPHFOFTJTJO$BSSPU BOEPUIFS.PEFM4ZTUFNT 'PMMPXJOHUIFEJTDPWFSZPGTPNBUJDFNCSZPHFOFTJT DBSSPUIBTQSPWJEFEBWFSZVTFGVMNPEFMTZTUFNGPS UIFBOBMZTJTPGUIFSPMFPGBVYJOJONBJOUBJOJOHFN CSZPHFOJDDPNQFUFODFJODFMMT BOEIBTCFFOJOTUSV NFOUBMJOUIFJEFOUJêDBUJPOPGFNCSZPOJDQSPUFJOT
BOETFDSFUFENPMFDVMFTUIBUBĒFDUDFMMGBUF*OJUJBMBU UFNQUTXFSFEJSFDUFEBUEFWFMPQJOHQSPUPDPMTGPSPC UBJOJOHTPNBUJDFNCSZPTSFQSPEVDJCMZBOEJOMBSHF OVNCFSTGSPNDBSSPU"XJEFMZVTFENFUIPECFHJOT XJUIUIFDVMUVSFPGSPPUPSIZQPDPUZMTFHNFOUTFY DJTFE GSPN BTFQUJDBMMZ HFSNJOBUFE TFFEMJOHT PG DBS SPU PO UIF TVSGBDF PG TPMJEJêFE IJHIOJUSPHFODPO UBJOJOH .VSBTIJHF4LPPH NFEJVN TVQQMFNFOUFE XJUI TVDSPTF NZPJOPTJUPM B DZUPLJOJO BOE % "QJFDFPGUIFDBMMVTSFHFOFSBUFEPOUIFFYQMBOUJT USBOTGFSSFE UP BO BHJUBUFE MJRVJE NFEJVN PG UIF TBNFDPNQPTJUJPO CVUXJUIBSFEVDFEMFWFMPG % UPQSPEVDFBTVTQFOTJPODVMUVSFDPOTJTUJOHPGTJOHMF DFMMTBOEQSPMJGFSBUJOHDFMMDMVTUFSTLOPXOBTQSPFN CSZPHFOJDNBTTFTѮFDFMMQPQVMBUJPODBOCFTUBCMZ NBJOUBJOFE JO UIJT NFEJVN GPS TFWFSBM NPOUIT CZ SFQFBUFE TVCDVMUVSF &NCSZPHFOFTJT JT JOEVDFE CZ USBOTGFSSJOH BO BMJRVPU PG UIF TVTQFOTJPO UP B NF EJVNUPUBMMZEFQSJWFEPG % JOEVDUJPONFEJVN "ѫFSHSPXUIJOUIFJOEVDUJPONFEJVNGPSmEBZT UIF QSPFNCSZPHFOJD NBTTFT BSF USBOTGPSNFE JOUP HMPCVMBS FNCSZPT GPMMPXFE JO SBQJE TVDDFTTJPO CZ UIF JOJUJBUJPO PG DPUZMFEPOT BOE FTUBCMJTINFOU PG CJQPMBSJUZ GPSNBUJPOPGTIPPUBOESPPUBQJDFT BOE FNCSZPNBUVSBUJPO#ZBQQSPQSJBUFDVMUVSFNBOJQ VMBUJPO DPOEJUJPOTGPSPCUBJOJOHIJHIZJFMETPGTZO DISPOPVTMZ EFWFMPQJOH TPNBUJD FNCSZPT TUBSUJOH XJUI B TVTQFOTJPO PG DFMM DMVTUFST PS B QPQVMBUJPO PG QPUFOUJBMMZ FNCSZPHFOJD TJOHMF DFMMT IBWF CFFO FTUBCMJTIFE 'VKJNVSB BOE ,PNBNJOF (JV MJBOPFUBM/PNVSBBOE,PNBNJOF " TPNBUJD FNCSZPHFOFTJT TZTUFN EFWFMPQFE GSPN TF MFDUFEHFOPUZQFTPG.FEJDBHPTBUJWBIBTCFFOGPVOE UPCFQBSUJDVMBSMZVTFGVMJOTUVEZJOHUIFNPMFDVMBS CJPMPHZPGSFBDUJWBUJPOPGDFMMEJWJTJPOBOEDFMMDZDMF SFHVMBUJPO EVSJOH FNCSZPHFOJD USBOTGPSNBUJPO PG TPNBUJDDFMMTѮFQSPUPDPMJOWPMWFTEFWFMPQNFOUPG BDBMMVTPOUIFFYQMBOUOVSUVSFEJOBNFEJVNDPO UBJOJOHBXFBLBVYJOTVDIBT/""BOEUIFDZUPLJ OJOLJOFUJO NBJOUFOBODFPGUIFUJTTVFBTBTVTQFO TJPOPGNJDSPDBMMJJOUIFTBNFNFEJVN JOJUJBUJPOPG FNCSZPHFOFTJTCZBTIPSUQVMTFUSFBUNFOUXJUI % BOETVCTFRVFOUHSPXUIPGTPNBUJDFNCSZPTJOB IPSNPOFGSFFNFEJVN %VEJUTFUBM "OJO OPWBUJWFTPNBUJDFNCSZPHFOFTJTTZTUFNEFWFMPQFE GPS B IZCSJE DMPOF PG $JDIPSJVN "TUFSBDFBF IBT UBLFOBEWBOUBHFPGUIFJODMVTJPOPGHMZDFSPMJOUIF JOEVDUJPONFEJVNUPEFMBZFNCSZPHFOJDEJWJTJPOT JODFMMTPGMFBGFYQMBOUTGPMMPXFECZUIFJSUSBOTGFSUP
BNFEJVNXJUIPVUHMZDFSPMUPUSJHHFSTZODISPOJ[FE FNCSZPHFOJD EJWJTJPOT PG JOEVDFE DFMMT 3PCBUDIF $MBJWF FU BM "MUIPVHI TPNBUJD FNCSZPHFO FTJTIBTCFFOJOEVDFEPODBMMVTFTEFSJWFEGSPNBWB SJFUZPGFYQMBOUTPGTFWFSBMNFNCFSTPGUIF1PBDFBF ,SJTIOBSBKBOE7BTJM
UIFTMPXHSPXUIPGUIF DBMMVTBOEUIFSBQJEMPTTPGJUTFNCSZPHFOJDQPUFODZ IBWFMJNJUFEUIFVTFPGUIJTTZTUFNJOCJPDIFNJDBM BOE NPMFDVMBS JOWFTUJHBUJPOT )PXFWFS PSDIBSE HSBTT %BDUZMJTHMPNFSBUB 1PBDFBF
JOXIJDIIJHIMZ FNCSZPHFOJD HFOPUZQFT IBWF CFFO EFWFMPQFE IBT B IJHI DBQBDJUZ GPS TPNBUJD FNCSZPHFOFTJT XIJDI PDDVST EJSFDUMZ GSPN UIF NFTPQIZMM DFMMT PG MFBWFT :PVOH MFBWFT PG % HMPNFSBUB BMTP EJTQMBZ B HSBEJ FOU PG FNCSZPHFOJD SFTQPOTF XJUI UIF NPTU CBTBM QPSUJPOHJWJOHSJTFUPCPUIFNCSZPHFOJDDBMMVTBOE TPNBUJDFNCSZPT XIJMFUIFNPSFEJTUBMTFHNFOUTPG UIFMFBGGPSNFYDMVTJWFMZTPNBUJDFNCSZPT $POHFS FUBM$POHFSBOE)BOOJOH *EFOUJêDBUJPO BOE DIBSBDUFSJ[BUJPO PG FNCSZP HFOJDBMMZ DPNQFUFOU DFMMT PG DBSSPU JO B TVTQFO TJPO DVMUVSF DPOTJTUJOH PG B IFUFSPHFOPVT NJYUVSF PGTFWFSBMEJĒFSFOUDFMMUZQFTBOEDFMMDMVTUFSTXJUI JMMEFêOFENPSQIPMPHZJTBWFYJOHQSPCMFN"HFOF m%BVDVTDBSPUB4&3, %D4&3, mJTPMBUFEGSPN BQPQVMBUJPOPGFNCSZPHFOJDBMMZDPNQFUFOUTJOHMF DFMMTPGDBSSPUIBTTFSWFEBTBNPMFDVMBSNBSLFSUP TJHOJGZUIFBDRVJTJUJPOPGFNCSZPHFOJDDPNQFUFODF CZDFMMTѮFQSPUFJOQSPEVDUPGUIJTHFOF MJLFUIBU PGUIF"U4&3,HFOF JTBMFVDJOFSJDISFQFBUUSBOT NFNCSBOF SFDFQUPSMJLF LJOBTF ѮF FYQSFTTJPO PG 4&3, BTEFUFSNJOFECZJOTJUVIZCSJEJ[BUJPO XBT GPVOE UP DPSSFMBUF RVBMJUBUJWFMZ BOE RVBOUJUBUJWFMZ XJUI UIF QSFTFODF PG FNCSZPHFOJDBMMZ DPNQFUFOU TJOHMF DFMMT JO UIF TVTQFOTJPO TFF 1MBUF 'JHBm H #Z USBDLJOH TJOHMF DPNQFUFOU DFMMT JO B DVMUVSF USBOTGPSNFE XJUI B 4&3, QSPNPUFSMVDJGFSBTF HFOF DPOTUSVDU JU XBT DPOêSNFE UIBU UIF USBOT HFOFFYQSFTTJOH DFMMT JOEFFE EFWFMPQ JOUP TPNBUJD FNCSZPT 4DINJEUFUBM ѮF%D4&3,HFOF XBT BMTP GPVOE UP CF B HPPE NPMFDVMBS NBSLFS PG DFMMT DPNQFUFOU UP GPSN TPNBUJD FNCSZPT EJSFDUMZ PO DVMUVSFE MFBG FYQMBOUT PG % HMPNFSBUB 4PNM FWBFUBM "4&3,HFOFJTPMBUFEGSPNJOJUJBM FNCSZPHFOJD DFMMT QSPEVDFE PO DVMUVSFE TUBNJ OPEFT PG DBDBP ѮFPCSPNB DBDBP 4UFSDVMJBDFBF XBT OPU POMZ EFUFDUFE JO UIFTF DFMMT CVU XBT BMTP FYQSFTTFE JO TFDPOEBSZ TPNBUJD FNCSZPT SFHFOFS BUFEGSPNUIFN 4BOUPTFUBM "IJHIMFWFMPG
ɯɨ 4PNBUJD&NCSZPHFOFTJT
ώϖϒ
FYQSFTTJPOPGUIF.FEJDBHPUSVODBUVMB4&3, .U 4&3, HFOF JT BTTPDJBUFE XJUI TPNBUJD FNCSZP HFOFTJTJO.USVODBUVMB CVUJTOPUTQFDJêDGPSUIF QSPDFTT /PMBO FU BM *O DPOUSBTU ;FB NBZT 4&3, HFOFT ;N4&3, BOE ;N4&3, JTPMBUFE GSPN NBJ[F BSF FYQSFTTFE OPOTQFDJêDBMMZ JO CPUI FNCSZPHFOJD BOE OPOFNCSZPHFOJD DBMMVT DVMUVSFT #BVEJOPFUBM
XIFSFBTUIFFYQSFTTJPOMFWFMT PGBDPSSFTQPOEJOHHFOFJTPMBUFEGSPNDVMUVSFETVO ëPXFS FNCSZPT EP OPU DPSSFMBUF XJUI TPNBUJD FN CSZPHFOFTJTJOTVOëPXFS ѮPNBTFUBM 4P JU JTQSFNBUVSFUPBOPJOUUIF4&3,HFOFBTBSFMJBCMF NPMFDVMBSNBSLFSPGTPNBUJDFNCSZPHFOFTJT
ӻ ĨĥĞĨğӕĮıĢħ "T QPJOUFE PVU FBSMJFS B TFRVFODF PG USBOTGFS PG DFMMTGSPNBNFEJVNDPOUBJOJOH %UPBNFEJVN MBDLJOH UIF BVYJO FTTFOUJBMMZ EFêOFT UIF QSPUPDPM GPS JOEVDJOH TPNBUJD FNCSZPHFOFTJT JO DBSSPU " LFZRVFTUJPOSFMBUJOHUPUIFSPMFPGBVYJOJOTPNBUJD FNCSZPHFOFUJDQSPDFTTFTJODBSSPUJTXIFUIFSDFMMT BSFQSPHSBNNFEGPSFNCSZPHFOFTJTCFGPSFUIFZFO DPVOUFSBVYJOJOUIFNFEJVN"MUIPVHIJUIBTCFFO EJēDVMU UP EJTTPDJBUF UIF SPMF PG BVYJO JO QSPNPU JOH DBMMVT HSPXUI GSPN JUT SPMF JO DPOGFSSJOH FN CSZPHFOJDDPNQFUFODFPODFMMT UIFEFNPOTUSBUJPO UIBUFQJEFSNBMDFMMTPGDBSSPUIZQPDPUZMBDRVJSFUIF DBQBDJUZ UP GPSN FNCSZPT POMZ BѫFS FYQPTVSF UP BVYJOGPSBUMFBTUmI FOHFOEFSTUIFOPUJPOUIBU BVYJO USFBUNFOU JT OFDFTTBSZ UP CFTUPX FNCSZP HFOJDDPNQFUFODFPODFMMT .BTVEBFUBM ѮF NBJOGPDVTPGNBOZQIZTJPMPHJDBMJOWFTUJHBUJPOTPO UIFGVODUJPOPGBVYJOJOTPNBUJDFNCSZPHFOFTJTJO DBSSPU IBT CFFO PO UIF EJMFNNB QPTFE CZ UIF SF RVJSFNFOUGPSBVYJOUPNBLFDFMMTFNCSZPHFOJDBMMZ DPNQFUFOU BOE ZFU UIF TVCTFRVFOU JOIJCJUJPO PG FNCSZPHFOFTJTCZBVYJOѮJTQBSBEPYIBTCFFOFY BDFSCBUFECZSFQPSUTPGFNCSZPHFOJDEFWFMPQNFOU PG DBSSPU DFMMT CZ DVMUVSF PG NFSJDBSQ POFTJEFE IBMG PG UIF PWBSZ BOE NFDIBOJDBMMZ XPVOEFE [Z HPUJDFNCSZPTJOBUPUBMMZBVYJOGSFFNFEJVNVOEFS DPOEJUJPOTPGMPXQ)BOEXJUIBMPXDPODFOUSBUJPO PG/)Ő BTUIFTPMFTPVSDFPGOJUSPHFO 4NJUIBOE ,SJLPSJBO
BOE PG TFFEMJOHT JO NFEJB DPOUBJOJOH IFBWZ NFUBM JPOT ,JZPTVF FU BM
BOECZTVCKFDUJOHXIPMFTFFEMJOHTPSQBSUTPGTFFE MJOHT UP TBMU TUSFTT ,JZPTVF FU BM
PTNPUJD
ώϖϓ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
TUSFTT ,BNBEBFUBM
PSIFBUTUSFTT ,BNBEB FU BM ѮFTF SFTVMUT IBWF MFE UP UIF TVHHFT UJPO UIBU DFMMT FYQSFTT UIFJS JOOBUF FNCSZPHFOJD QPUFOUJBM XIFO UIFZ FODPVOUFS QIZTJDBM PS DIFNJ DBM TUSFTT ѮJT WJFX JT BMTP TVQQPSUFE CZ B SFQPSU UIBUDBSSPUTFFEMJOHTDVMUVSFEJOBNFEJVNDPOUBJO JOH "#" BT UIF TPMF HSPXUI IPSNPOF SFHFOFSBUF TPNBUJDFNCSZPTEJSFDUMZGSPNUIFFQJEFSNBMDFMMT PGUIFIZQPDPUZM /JTIJXBLJFUBM )FSF "#" XFMMLOPXOGPSJUTSPMFJOTUSFTTTJHOBMUSBOTEVDUJPO NJHIUCFDPOTJEFSFEBTBTJHOBMUSBOTEVDFSJOTUSFTT JOEVDFE TPNBUJD FNCSZPHFOFTJT ѮFTF TVDDFTTGVM BUUFNQUTUPEFWFMPQDBSSPUTPNBUJDFNCSZPHFOFTJT TZTUFNT JO BVYJOGSFF NFEJB PĒFS OFX PQQPSUVOJ UJFTGPSBOBMZ[JOHUIFJOEVDUJPOPGTPNBUJDFNCSZPT GSPNBOFXQFSTQFDUJWF
Ӛ Ěí ĦĞĝĢĚĭĞĝӽĢĠħĚĥĢħĠĝĮīĢħĠӽĨ ĦĚĭĢĜӠĦěīIJĨĠĞħĞĬĢĬ ѮFêOEJOHUIBUUIFFNCSZPHFOJDQPUFOUJBMPGDBSSPU DFMMTJODSFBTFTTVCTUBOUJBMMZJOUIFQSFTFODFPGNPE FSBUFMZ IJHI $Bí DPODFOUSBUJPOT JO UIF NFEJVN BOEUIBUBSJTFJOFYUSBDFMMVMBS$Bí DPVOUFSBDUTUIF JOIJCJUPSZ FĒFDU PG % PO TPNBUJD FNCSZPHFO FTJT QSPWJEFE TVHHFTUJWF FWJEFODF GPS JUT QPTTJCMF SPMF BT B TFDPOE NFTTFOHFS JO UIF IPSNPOFSFHV MBUFETXJUDIPGTPNBUJDDFMMTJOUPFNCSZPT +BOTFO FU BM 5XP TVCTFRVFOU JOEFQFOEFOU JOWFTUJ HBUJPOTVTJOHëVPSFTDFOUEZFTSFWFBMFEDIBOHFTJO UIF EJTUSJCVUJPO PG GSFF DZUPTPMJD DBMDJVN EVSJOH FNCSZPHFOFTJT XJUIPVU BMUFSBUJPOT JO NFNCSBOF BTTPDJBUFE DBMDJVN DPODFOUSBUJPO ѮFTF PCTFSWB UJPOT TVQQPSUFE CZ UIF JOIJCJUPSZ FĒFDUT JOëJDUFE CZUIF$Bí DIBOOFMCMPDLFSWFSBQBNJMPSUIF$Bí JPOPQIPSF"POUIFFNCSZPHFOJDQPUFOUJBMPG DFMM TVTQFOTJPOT IBWF IJHIMJHIUFE UIF JNQPSUBODF GPSFNCSZPHFOJDEFWFMPQNFOUPGGSFFDFMMTBOEDFMM DMVTUFSTPGNBJOUBJOJOHBHSBEJFOUPGFYPHFOPVTDBM DJVN 0WFSWPPSEF BOE (SJNFT 5JNNFST FU BM 8IFUIFSUIFVCJRVJUPVTDBMDJVNCJOEJOH QSPUFJODBMNPEVMJOIBTBGVODUJPOBMSPMFJOTPNBUJD FNCSZPHFOFTJTJODBSSPUJTOPUZFULOPXO"êSTUJO EJDBUJPODPVMECFEFSJWFEGSPNSFQPSUTPGUIFNPEV MBUJPOPGDBMNPEVMJOMFWFMTEVSJOHDBSSPUDFMMHSPXUI BOETPNBUJDFNCSZPHFOFTJT 0IFUBM MPDBM J[BUJPO PG $Bí DBMNPEVMJO DPNQMFYFT JO NFSJTUF NBUJDSFHJPOTPGEFWFMPQJOHDBSSPUTPNBUJDFNCSZPT
0WFSWPPSEFBOE(SJNFT BOEUIFJTPMBUJPOPG DBSSPUTPNBUJDFNCSZPD%/"DMPOFTFODPEJOHQSP UFJO LJOBTFT QPTTFTTJOH TJNJMBS PS EJWFSHFOU GPSNT PG DBMNPEVMJOMJLF SFHVMBUPSZ EPNBJOT 4VFO BOE $IPJ-JOE[FOBOE$IPJ ѮFTFBSDIGPSUIFJOWPMWFNFOUPG$Bí SFHVMBUFE QSPUFJO LJOBTFT JO TPNBUJD FNCSZPHFOFTJT IBT SF TVMUFEJOUIFJTPMBUJPOPGBD%/"DMPOFFODPEJOHB DBMNPEVMJOMJLFQSPUFJOLJOBTFGSPNDVMUVSFE.FEJ DBHPTBUJWBDFMMTJOEJDBUJWFPGJUTSPMFJOTPNBUJDFN CSZPHOFTJT JUXBTSFMBUJWFMZFBTZUPTIPXBOJODSFBTF JOUSBOTDSJQUMFWFMTEVSJOHFNCSZPHFOJDUSBOTGPSNB UJPOPGDFMMTHSPXOJOBIPSNPOFGSFFNFEJVNGPM MPXJOHBIQVMTFPG % %BWMFUPWBFUBM 1IBSNBDPMPHJDBM FYQFSJNFOUT IBWF QSPWJEFE FWJ EFODFGPSBSPMFGPS$Bí BTBTFDPOENFTTFOHFSEVS JOHTPNBUJDFNCSZPHFOFTJTJODFMMDMVTUFSTPSJHJOBU JOHGSPNUIFFOEPTQFSNPGTBOEBMXPPE 4BOUBMVN BMCVN 4BOUBMBDFBF JEFOUJêDBUJPO JO UIF TPMVCMF QSPUFJO FYUSBDUT PG FNCSZPHFOJD DVMUVSFT PG UXP NFNCFST PG B OPWFM GBNJMZ PG DBMDJVNEFQFOEFOU QSPUFJOLJOBTFTUIBUBSFJOEFQFOEFOUPGDBMNPEVMJO BTJOUFSNFEJBUFTJOUIJTTJHOBMJOHQSPDFTTJTMJLFMZUP SFWFBM JNQPSUBOU JOTJHIUT JOUP CPUI UIF PQFSBUJPO BOEFWPMVUJPOPGUIF$Bí NFEJBUFETJHOBMJOHQBUI XBZEVSJOHTPNBUJDFNCSZPHFOFTJTJOTBOEBMXPPE "OJMBOE3BP"OJMFUBM
ӻ ĨĥĞĨğӠıĭīĚĜĞĥĥĮĥĚīӹīĨĭĞĢħĬ 1FSIBQT POF PG UIF NPTU JOUSJHVJOH PCTFSWBUJPOT NBEF JO DBSSPU BOE B GFX PUIFS FNCSZPHFOJD DFMM TVTQFOTJPO TZTUFNT JT UIBU BT DFMMT NFUBCPMJ[F OV USJFOU TVCTUBODFT PG UIF NFEJVN UP GPSN TPNBUJD FNCSZPT UIFZSFMFBTFBEJWFSTFBSSBZPGNPMFDVMFT JODMVEJOHQPMZTBDDIBSJEFT QSPUFPHMZDBOT BOEQPMZ QFQUJEFT UIBUDPOEJUJPOUIFNFEJVNBOEGBWPSDFMM QSPMJGFSBUJPO BOE TPNBUJD FNCSZPHFOFTJT *O UIF MJHIUPGUIJTPCTFSWBUJPO CJPDIFNJDBMBOBMZTJTPGUIF FYDSFUFENPMFDVMFT DPNCJOFEXJUITJNQMFDVMUVSF UFDIOJRVFT CFDBNF B QPXFSGVM XBZ PG JOWFTUJHBU JOHTPNBUJDFNCSZPHFOFTJTJOBGSFTIDPOUFYUXJUI OFX QMBZFST *NQMJDBUJOH UIF FYUSBDFMMVMBS QSPUFJOT JEFOUJêFE BT HMZDPQSPUFJOT JO TPNBUJD FNCSZPHF OFUJDQSPDFTTJODBSSPUXBTUIFEFNPOTUSBUJPOUIBU DFMMMJOFTJNQBJSFEJOTPNBUJDFNCSZPHFOFTJTGBJMUP FYDSFUFPOFPSNPSFPGUIFTFQSPUFJOTBOEUIBUUIFJS FNCSZPHFOJDQPUFODZJTQBSUJBMMZSFTUPSFECZUIFBE
EJUJPO PG B QSPUFJO QSFQBSBUJPO GSPN FNCSZPHFOJD DFMMMJOFT EF7SJFTFUBM ѮFSPMFPGFYDSFUFE QSPUFJOT JO QSPNPUJOH TPNBUJD FNCSZPHFOFTJT JO DBSSPUJTTVQQPSUFECZUIFêOEJOHUIBUBNVUBUJPOBM JOIJCJUJPOPGQSPUFJOTZOUIFTJTBOETPNBUJDFNCSZP HFOFTJTJOBUFNQFSBUVSFTFOTJUJWFFNCSZPHFOJDDFMM MJOFJTBMMFWJBUFECZUIFBEEJUJPOPGUIFQSPUFJONJY UVSF UP UIF NFEJVN -P 4DIJBWP FU BM UIJT UIFNFIBTCFFOTUSFOHUIFOFECZUIFVTFPGBL%B
ɯɨ 4PNBUJD&NCSZPHFOFTJT
ώϖϔ
HMZDPQSPUFJOQVSJêFEGSPNUIFDPOEJUJPOFENFEJVN UPSFWFSTFUIFJOIJCJUJPOPGTPNBUJDFNCSZPHFOFTJT DBVTFE CZ UIF HMZDPTZMBUJPO JOIJCJUPS UVOJDBNZDJO $PSEFXFOFS FU BM 0G UIF PUIFS FYUSBDFMMV MBS QSPUFJOT DIBSBDUFSJ[FE GSPN DBSSPU DFMM TVTQFO TJPOT QSPUFJOTEFTJHOBUFEBT&1BOE&1BSFOPU SFMFBTFE CZ FNCSZPHFOJD DFMMT CVU BSF TFDSFUFE CZ OPOFNCSZPHFOJD DFMMT &1 QSPUFJO JT MPDBMJ[FE JO UIF QFDUJD NBUFSJBM PG UIF DFMM XBMM PG OPOFNCSZP
'JHɯɩBoM&NCSZPHFOJD EFWFMPQNFOU PG +*. BOE +*. DFMMT PG DBSSPU BmE $VMUVSF PG +*. JO IPSNPOFGSFF NFEJVNGPS BOEEBZT SFTQFDUJWFMZFmI$VMUVSFPG+*. DFMMTJOIPSNPOFGSFFNFEJVNGPS BOE EBZT SFTQFDUJWFMZJmMDVMUVSFPG+*. DFMMTJOIPSNPOFGSFFNFEJVNDPOEJUJPOFECZDVMUVSFTPGVOTPSUFEDFMMTDPOUBJO JOH+*. DFMMTGPSEBZTHSPXUIQFSJPETBSFJ K L BOEMEBZTHF(MPCVMBSTUBHFTPNBUJDFNCSZP IFIFBSU TIBQFETPNBUJDFNCSZP UFUPSQFEPTIBQFETPNBUJDFNCSZP#BSTBʍN GPSBmD FmH BOEJmL
EʍN GPSE I BOEM 3FQSJOUFEGSPN.D$BCFFUBM
ώϖϕ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
HFOJD TJOHMF DFMMT /POFNCSZPHFOJD DFMMT DPOUBJO JOH UIF &1 QSPUFJO BSF NPTUMZ DMVTUFSFE SBUIFS UIBOTJOHMFDFMMT XJUIUIFXBMMTTFQBSBUJOHBEKBDFOU DFMMT TIPXJOH IJHI MFWFMT PG &1 MPDBMJ[BUJPO WBO &OHFMFOFUBM "DDPSEJOHUP4UFSLFUBM
&1 JT B QSPUFJO TFDSFUFE CZ FNCSZPHFOJD DFMMT BOE TPNBUJD FNCSZPT UIBU TIPXT IPNPMPHZ UP B MJQJE USBOTGFS QSPUFJO Ѯ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êDBUJPOPGUIF TFDSFUFEQSPUFJO &1 SFTQPOTJCMFGPSSFWFSTJOHUIF JOIJCJUJPOPGTPNBUJDFNCSZPHFOFTJTJOUIFUFNQFS BUVSFTFOTJUJWFDBSSPUDFMMMJOFSFGFSSFEUPFBSMJFSIBT CFFOJEFOUJêFEBTBHMZDPTZMBUFEBDJEJDFOEPDIJUJO BTF$MBTT*7 XIJDIJTBQQBSFOUMZTFDSFUFECZNVUBOU DFMMTBUBSFEVDFEMFWFMEVSJOHBUSBOTJFOUQFSJPEPG HSPXUIBUUIFOPOQFSNJTTJWFUFNQFSBUVSF EF+POH FUBM,SBHIFUBM 4JODFDBSSPU&1JT FYQSFTTFE JO UIF OPOFNCSZPHFOJD DFMMT PG UIF TVT QFOTJPODVMUVSF BOEJOUIFJOUFHVNFOUBOETFMFDUFE DFMMTPGUIFFOEPTQFSNPGDBSSPUTFFET JUIBTCFFO TVSNJTFE UIBU &1 FOEPDIJUJOBTF QFSGPSNT B OVST JOHSPMFEVSJOHTPNBUJDFNCSZPHFOFTJT WBO)FOHFM FUBM "SBCJOPHBMBDUBO QSPUFJOT JEFOUJêFE BT TFDSFUFE NPMFDVMFT JO DBSSPU DFMM TVTQFOTJPO DVMUVSFT IBWF CFFOTIPXOUPDPOGFSFNCSZPHFOJDQPUFOUJBMPOFT UBCMJTIFE OPOFNCSZPHFOJD DFMM MJOFT ,SFVHFS BOE WBO )PMTU WBO )FOHFM FU BM )PXFWFS GBJMVSF UP TUBOEBSEJ[F UIF DFMMUZQF DPNQPTJUJPO PG TVTQFOTJPO DVMUVSFT IBT MFE UP DPOëJDUJOH SFQPSUT POUIFFĒFDUJWFOFTTPGUIFBEEJUJPOPGNPOPDMPOBM BOUJCPEZ GSBDUJPOBUFE BSBCJOPHBMBDUBO QSPUFJOT JO
TPNBUJDFNCSZPHFOFTJTJODBSSPU ,SFVHFSBOEWBO )PMTU5PPOFOFUBMB "SBCJOPHBMBDUBO QSPUFJOTDBOBMTPDPOGFSFNCSZPHFOJDQPUFOUJBMPO QSPUPQMBTUT PG DBSSPU XJUI SFEVDFE DBQBDJUZ GPS TP NBUJD FNCSZPHFOFTJT WBO )FOHFM FU BM #Z HSPVQJOHEJTDSFUFQPQVMBUJPOTPGTJOHMFDFMMTEJĒFS JOHJONPSQIPMPHZBOEFNCSZPHFOJDDPNQFUFODFJO BDBSSPUDFMMTVTQFOTJPOCZUIFJSBCJMJUZUPSFDPHOJ[F UIFNPOPDMPOBMBOUJCPEZ+*. XIJDISFBDUTXJUI BDBSCPIZESBUFFQJUPQFPGBSBCJOPHBMBDUBOQSPUFJO JOUIFJSDFMMXBMMBOE JODPOKVODUJPOXJUIUIFVTFPG TFDPOEBSZBOUJCPEJFTUPMBCFMBOETPSUPVUQVSFQPQ VMBUJPOTPG+*. BOE+*. DFMMT JUXBTTIPXO UIBU +*. DFMMT XIJDI EP OPU EFWFMPQ JOUP TP NBUJDFNCSZPTJOBOZNFEJVN EPTPXIFOUIFZBSF DVMUVSFEJOBNFEJVNDPOEJUJPOFECZUIFDVMUVSFPG +*. DFMMTPSBDFMMNJYUVSFDPOUBJOJOH+*. DFMMT 'JHBmM ѮJTPCTFSWBUJPOIBTTVHHFTUFEB SPMFGPSDFMMJOUFSBDUJPOJOWPMWJOHSFMFBTFPGTPMVCMF TJHOBMT PG UIF BSBCJOPHBMBDUBO UZQF CZ DFMMT JO UIF +*. QPQVMBUJPOJODPOUSPMPGBUSBOTJFOUTUBHF JOUIFFBSMZEFWFMPQNFOUBMQBUIXBZPGTPNBUJDFN CSZPHFOFTJTJODBSSPU .D$BCFFUBM *UBQQFBSTGSPNUIFTFJOWFTUJHBUJPOTUIBUUIFUZQF PGQSPUFJOTTFDSFUFEQMBZTBSPMFJOEFUFSNJOJOHUIF EFWFMPQNFOUBMTUBUFPGDFMMTPGUIFDBSSPUDFMMTVTQFO TJPODVMUVSF TQFDJêDBMMZ XIFUIFSUIFZBSFEJWFSUFE JOUIFFNCSZPHFOJDQBUIXBZPSCJEFUIFJSUJNFCZ SFQFBUFE EJWJTJPOT 0UIFS TPNBUJD FNCSZPHFOFTJT TZTUFNT JO XIJDI FYUSBDFMMVMBS QSPUFJOT IBWF CFFO JEFOUJêFEBSFUIPTFPGCBSMFZ /JFMTFOBOE)BOTFO
HSBQFWJOF 7JUJT IZCSJE $PVUPTѮFWFOPU FU BM
$JUSVT BVSBOUJVN (BWJTI FU BM
$IJDPSJVN )FMMFCPJEFUBM
BOE"TQBS BHVT PēDJOBMJT -JMJBDFBF 5BLFEB FU BM ѮF HSBQFWJOFDFMMTVTQFOTJPONBZCFEFTDSJCFEBTUIBU CFBSJOHDMPTFTUSFTFNCMBODFUPUIFDBSSPUTZTUFNBT JOUIFMBUUFS UXPFYUSBDFMMVMBSQSPUFJOTTFDSFUFECZ FNCSZPHFOJDHSBQFWJOFDFMMTOVSUVSFEJOBOBVYJO GSFFNFEJVNBSFBL%BDBUJPOJDQFSPYJEBTFBOE B L%B MJQJE USBOTGFS QSPUFJO $PVUPTѮFWFOPU FUBM #ZTFDSFUJOHFOEPDIJUJOBTFTJOUP UIFNFEJVN FNCSZPHFOJDDFMMTPGCBSMFZBMTPCFBS TPNFTJNJMBSJUJFTUPDBSSPUDFMMT ,SBHIFUBM &NCSZPHFOJDDPNQFUFODFJODVMUVSFEMFBGTFHNFOUT PG$IJDPSJVNJTDIBSBDUFSJ[FECZUIFBQQFBSBODFPGʃ HMVDBOTFTJOUIFNFEJVN&YQSFTTJPOPGBDMPOFE HMVDBOTFHFOF QSPCBCMZGVODUJPOJOHJOEFHSBEBUJPO PG DBMMPTF MPDBMJ[FE BSPVOE FNCSZPHFOJD DFMMT BT
FBSMZBTEBZBѫFSUSBOTGFSPGJOEVDFEMFBGFYQMBOUT UPBHMZDFSPMGSFFNFEJVNJTDPSSFMBUFEXJUITPNBUJD FNCSZPHFOFTJT )FMMFCPJE FU BM ѮF JOIJCJ UJPOPGTPNBUJDFNCSZPHFOFTJTJO$JDIPSJVNCZʃE HMVDPTZM :BSJW SFBHFOU XIJDI CJOET TQFDJêDBMMZ UP BSBCJOPHBMBDUBOT IBT BMTP JNQMJDBUFE UIF MBUUFS JO TPNBUJDFNCSZPHFOFTJTJOUIJTTZTUFN $IBQNBOFU BM ѮFOPSNBMQSPHSFTTPGTPNBUJDFNCSZP HFOFTJTJO$BVSBOUJVNEPFTOPU IPXFWFS EFQFOE POTFDSFUFEQSPUFJOT XIJDIBQQFBSUPCFJOIJCJUPSZ GPSUIFQSPDFTT (BWJTIFUBM &NCSZPOJD1SPUFJOT BOE3FHVMBUJPOPG(FOF&YQSFTTJPO ѮFDBSSPUTZTUFNIBTCFFOXJEFMZVTFEBTBNPEFM UPTUVEZUIFCJPDIFNJDBMBOENPMFDVMBSDIBOHFTBT TPDJBUFE XJUI TPNBUJD FNCZPHFOFTJT .VDI PG UIF FWJEFODFGBWPSTUIFWJFXUIBUUSBOTGFSPGDFMMTGSPNB NFEJVNDPOUBJOJOH %UPBOBVYJOGSFFNFEJVN NPEVMBUFT FNCSZPHFOFTJT CZ UIF TZOUIFTJT PG OFX N3/" BOE QSPUFJOT :FU JU IBT OPU BQQFBSFE VO FRVJWPDBMMZDMFBSUIBUHFOFBDUJWJUZGPSFNCSZPHFOJD JOEVDUJPOJTJOJUJBUFEJODFMMTVQPOUIFJSUSBOTGFSUP BNFEJVNMBDLJOHBVYJOѮFJTTVFJTXIFUIFSQSP UFJOT TZOUIFTJ[FE JO DFMMT HSPXO JO UIF BVYJOGSFF NFEJVN BSF FODPEFE PO OFXMZ GPSNFE N3/" PS PON3/"USBOTDSJCFEXIFODFMMTBSFCBUIFEJOUIF BVYJODPOUBJOJOHNFEJVN8JMEFFUBM GPVOE TUSJLJOHTJNJMBSJUJFTCFUXFFOUIFJOWJUSPUSBOTMBUJPO QSPEVDUTPGN3/"QPQVMBUJPOTPGQSPFNCSZPHFOJD NBTTFT BOE UPSQFEPTIBQFE TPNBUJD FNCSZPT PG DBSSPU MFBEJOHUPUIFTVHHFTUJPOUIBUBHFOFFYQSFT TJPO QSPHSBN GPS TPNBUJD FNCSZPHFOFTJT JT JOJUJ BUFEXIFODFMMTHSPXJOBVYJODPOUBJOJOHNFEJVN #BTFEPOBDPNQBSJTPOPGUIFTQFDUSVNPGQSPUFJOT TZOUIFTJ[FE CZ DBSSPU DFMMT HSPXJOH GPS EBZT JO UIFQSFTFODFPSBCTFODFPG %JOUIFNFEJVN JO BOFBSMJFSXPSL4VOHBOE0LJNPUP GPVOEOP QSPOPVODFEEJĒFSFODFTJOUIFOFBSMZPSTPQPMZ QFQUJEFTTQPUUFEPOHFMT FYDFQUGPSUXPBEEJUJPOBM QSPUFJOT &BOE& EFTJHOBUFEBTFNCSZPOJDQSP UFJOT JO FNCSZPHFOJD DFMMT HSPXO JO UIF BCTFODF PG BVYJO ѮF TVSQSJTJOH êOEJOH JT UIBU SFHBSEMFTT PGUIFQSFTFODFPSBCTFODFPG %JOUIFNFEJVN UIFTFUXPQSPUFJOTBSFTZOUIFTJ[FECZDFMMTBTFBSMZ BT I PG HSPXUI JO UIF GSFTI NFEJVN CVU JO UIF QSFTFODF PG BVYJO UIFZ HSBEVBMMZ EJNJOJTI BOE ê
ɯɨ 4PNBUJD&NCSZPHFOFTJT
ώϖϖ
OBMMZEJTBQQFBS4ZOUIFTJTPGFNCSZPOJDQSPUFJOTBQ QFBSTUPCFBOFBSMZFWFOUPGFNCSZPHFOJDJOEVDUJPO USJHHFSFE CZ % BMUIPVHI CZ JUT WFSZ QSFTFODF JO UIF NFEJVN BVYJO BMTP JOIJCJUT UIF DPOUJOVFE TZOUIFTJTPGUIFTFQSPUFJOTBOEUIFFYFDVUJPOPGUIF FNCSZPHFOJDQSPHSBNCZDFMMT*O$JDIPSJVNMFBWFT JO XIJDI TPNBUJD FNCSZPT BSF GPSNFE EJSFDUMZ CZ UIFUSBOTGPSNBUJPOPGNFTPQIZMMDFMMT TZOUIFTJTPG UIF êSTU FNCSZPOJD QSPUFJOT JOEJDBUJWF PG DFMM SF QSPHSBNNJOH PDDVST XJUIJO EBZT PG DVMUVSF PG UIF FYQMBOU CFGPSF BOZ PWFSU NPSQIPMPHJDBM PS DZ UPMPHJDBM TJHOT PG DIBOHF BSF EFUFDUFE %VSJOH B EBZJOEVDUJPOQFSJPE EVSJOHXIJDIUIFNFTPQIZMM DFMMT BDRVJSF FNCSZPHFOJD DPNQFUFODF BU MFBTU OFXQSPUFJOTUIBUBQQFBSUSBOTJFOUMZPSBDDVNVMBUF TUFBEJMZ IBWF CFFO JEFOUJêFE #PZFS FU BM "MUIPVHIBSPMFGPSFNCSZPOJDQSPUFJOTJOTPNBUJD FNCSZPHFOFTJT JO $JDIPSJVN JT NPSF FYQMJDJU UIBO JODBSSPU JUEPFTOPUQSPWJEFBQFSTQFDUJWFPOIPX TZOUIFTJT PG UIFTF QSPUFJOT QSPWPLFT B QSPHSBN PG FNCSZPHFOJDEJĒFSFOUJBUJPOPGNFTPQIZMMDFMMTѮJT JTTVF BMTP SFNBJOT VODMFBS JO PUIFS TPNBUJD FN CSZPHFOFTJTTZTUFNTTVDIBTSJDF %BDUZMJTHMPNFSBUB 5SJGPMJVN SVCFOT 5 QSBUFOTF 'BCBDFBF
TPZCFBO /JDPUJBOBQMVNCBHJOJGPMJB %JHJUBMJTMBOBUB 4DSPQI VMBSJBDFBF BOE $PĒFB BSBCJDB 3VCJBDFBF
JO XIJDIFNCSZPOJDQSPUFJOTIBWFCFFODIBSBDUFSJ[FE 3FDFOUMZ *NJO FU BM FNQMPZFE IJHISFTPMV UJPO QSPUFPNJD BOBMZTJT UP DPNQBSF UIF DIBOHJOH QSPUFJO QSPêMFT EVSJOH TPNBUJD FNCSZPHFOFTJT JO MFBGFYQMBOUTPGXJMEUZQFBOEBIJHIMZFNCSZPHFOJD NVUBOUMJOFPG.FEJDBHPUSVODBUVMB0GUIFQSP UFJOTEJĒFSFOUJBMMZFYQSFTTFEEVSJOHBOXFFLDVM UVSFQFSJPE UXPQSPUFJOTmUIJPSFEPYJO) QSFTFOU JOIJHIDPODFOUSBUJPOTEVSJOHUIFJOEVDUJPOQIBTF PGTPNBUJDFNCSZPT BOEDZTUFJOFQFSPYJSFEPYJO QFBLJOH EVSJOH MBUF FNCSZPHFOFTJT m BQQFBS UP IBWFBNPEFTUSPMFJOTPNFBTQFDUTPGFNCSZPHFOJD USBOTGPSNBUJPO *EFOUJêDBUJPO PG OFX QSPUFJOT CZ UIFVTFPGQSPUFPNJDTUFDIOPMPHZXJMMMJLFMZSFOEFS UIF NPMFDVMBS DJSDVJUSZ PG TPNBUJD FNCSZPHFOFTJT JOUIJTBOEPUIFSTZTUFNTNPSFDPNQMFYUIBOQSFWJ PVTMZBTTVNFE ѮFDBSSPUTZTUFNIBTCFFOVTFECZBOVNCFSPG JOWFTUJHBUPST UP JEFOUJGZ HFOFT BTTPDJBUFE XJUI UIF DPNNJUNFOUPGTPNBUJDDFMMTUPBOFNCSZPHFOJDGBUF BOEXJUIQSPHSFTTJWFEJĒFSFOUJBUJPOPGUIFDPNNJU UFEDFMMTJOUPTPNBUJDFNCSZPT ;JNNFSNBO 3BP $IVHIBOE,IVSBOB GPSSFWJFXT
Ϗύύ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
(JWFOUIFPWFSMBQCFUXFFOUIFJOWJWPTZOUIFTJ[FE QSPUFJOTPGOPOFNCSZPHFOJDBOEFNCSZPHFOJDBMMZm JOEVDFEDFMMT JUJTMJLFMZUIBUPOMZNJOPSDIBOHFTJO HFOFFYQSFTTJPOQSPHSBNTBDDPNQBOZFNCSZPHFOJD JOEVDUJPO BOE UIBU VOEFSTUBOEJOH UIF NPMFDVMBS SFHVMBUJPOPGTPNBUJDFNCSZPHFOFTJTJODBSSPUNBZ IJOHFPOTPNFSBSFDMBTTPGHFOFT*OBOBUUFNQUUP JEFOUJGZ HFOFT UIBU IBWF B SPMF JO UIF JOJUJBUJPO PG FNCSZPHFOJD EFWFMPQNFOU JO TPNBUJD DFMMT "MFJUI BOE3JDIUFS
VTJOHUIFUSBEJUJPOBMBQQSPBDI PG EJĒFSFOUJBM TDSFFOJOH GPVOE UIBU USBOTDSJQUT PG TFWFSBM DMPOFT JTPMBUFE GSPN DBSSPU DFMMT DVMUVSFE JOBOBVYJOGSFFNFEJVNBDDVNVMBUFUSBOTJFOUMZJO DFMMTGSPNEBZTVQUPEBZTBѫFSUSBOTGFS DPJO DJEJOH XJUI UIF EFWFMPQNFOU PG HMPCVMBS PS IFBSU TIBQFE TPNBUJD FNCSZPT *OWPMWFNFOU PG POF PG UIF JTPMBUFE DMPOFT JO TPNBUJD FNCSZPHFOFTJT XBT DPOêSNFECZUIFBDUJWJUZFYQSFTTFECZJUTQSPNPUFS TFRVFODFT JO TPNBUJD FNCSZPT QSPEVDFE JO USBOT HFOJDDBSSPU )PMLFUBM "HFOFJTPMBUFECZ 4BUPFUBM CZTVCUSBDUJWFEJĒFSFOUJBMTDSFFO JOHXBTFYQSFTTFEBTFBSMZBTEBZBѫ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ʂ ,BXBIBSBFUBM
IPNFPCPY HFOFT ,BXBIBSBFUBM)JXBUBTIJBOE'VLVEB
BOEUIFDBSSPUIPNPMPHVFPGUIF"SBCJEPQTJT -&$HFOF :B[BXBFUBM $PNQBSBUJWFTUVE JFTPGHFOFFYQSFTTJPOQBUUFSOTJOOPOFNCSZPHFOJD BOEFNCSZPHFOJDDFMMTPGPUIFSTZTUFNTIBWFMFEUP UIFEFNPOTUSBUJPOPGVQSFHVMBUJPOPGHFOFTBTTPDJ BUFEXJUIDFMMDZDMFBDUJWJUZJO.FEJDBHPTBUJWB )JSU FU BM
."%4CPY HFOFT JO $VDVNJT TBUJWVT 'JMJQFDLJFUBM BOENBJ[F )FVFSFUBM
HFOFT JOWPMWFE JO OVDMFBS SFHVMBUPSZ GVODUJPOT JO
%BDUZMJTHMPNFSBUB "MFYBOESPWBBOE$POHFS
BOEHFOFTFODPEJOHAHFSNJOMJLFPYBMBUFPYJEBTFJO XIFBU $BMJTLBO FU BM "MUIPVHI UIFTF TUVE JFTQSPWJEFJNQPSUBOUWBMJEBUJPOPGUIFPDDVSSFODF PGBTVCTUBOUJBMSFQSPHSBNNJOHPGUIFHFOFFYQSFT TJPOQBUUFSOEVSJOHUIFEFWFMPQNFOUBMTXJUDIGSPN TPNBUJD DFMMT UP FNCSZPT JEFOUJêDBUJPO PG UIPTF DSJUJDBMSBSFHFOFTXIPTFVQSFHVMBUJPODBOCFDPO TJEFSFEUPCFDBVTBMGPSFNCSZPHFOFTJTDPOUJOVFTUP FMVEFVT *UIBTCFFOQSPQPTFEUIBUUIFUSBOTJUJPOPGTPNBUJD DFMMT UP QSPFNCSZPHFOJD NBTTFT PS TPNBUJD FN CSZPTNJHIUOPUJOWPMWFDIBOHFTJOUIFNPTUBCVO EBOUQSPUFJOTPSN3/"T CVUJTSBUIFSQSPHSBNNFE CZUIFEPXOSFHVMBUJPOPGTPNFHFOFTFYQSFTTFEJO TPNBUJDDFMMT*OTVQQPSUPGUIJTWJFX DIBSBDUFSJ[B UJPOPGUIFFYQSFTTJPOBOESFHVMBUJPOPGBDPMMFDUJPO PGHFOFTJTPMBUFECZBTVCUSBDUJPOQSPCFTUSBUFHZ VTJOH N3/" GSPN DBSSPU TFFEMJOHT UP TDSFFO FN CSZPFOIBODFE HFOFT GSPN TPNBUJD FNCSZPT IBT TIPXOUIBUNPTUPGUIFHFOFTBSFOPUPOMZFYQSFTTFE JOUIFDBMMVT CVUTPNFBSFFWFOFYQSFTTFEBUIJHIFS MFWFMTJOUIFDBMMVTUIBOJOTPNBUJDFNCSZPT -JOFU BM )PXFWFS UIJTXPSLIBTOPUêTIFEPVUBOZ SBSF HFOFT XIPTF EPXOSFHVMBUJPO NPEVMBUFT UIF USBOTJUJPOPGTPNBUJDDFMMTUPFNCSZPT4QFDVMBUJPO PO UIF NPMFDVMBS NFDIBOJTN PG TPNBUJD FNCSZP HFOFTJTEPFTOPUFOEIFSF BTUIFSPMFPGPUIFSUSBD UBCMFDIBOHFTTVDIBT%/"NFUIZMBUJPO JNQPSUBOU JO UIF SFHVMBUJPO PG HFOF FYQSFTTJPO JO FVLBSZPUJD TZTUFNT JTOPXCFJOHJOWFTUJHBUFE $IBLSBCBSUZFU BM
1PMMFO&NCSZPHFOFTJT
ѮFQPMMFOHSBJO PSNJDSPTQPSF JOëPXFSJOHQMBOUT JTUIFQSPEVDUPGBSFEVDUJPOEJWJTJPOPGUIFQPMMFO NPUIFSDFMMJOUIFBOUIFS BOEJTUIFêSTUDFMMPGUIF NBMFHBNFUPQIZUFѮFFTTFOUJBMGFBUVSFTPGNBMFHB NFUPHFOFTJTJOëPXFSJOHQMBOUTBSFBOBTZNNFUSJD EJWJTJPO PG UIF QPMMFO HSBJO JOUP B MBSHF WFHFUBUJWF DFMMBOEBTNBMMHFOFSBUJWFDFMM UFSNFEêSTUQPMMFO NJUPTJT
HFSNJOBUJPO PG UIF QPMMFO HSBJO UP QSP EVDFBQPMMFOUVCF HSPXUIPGUIFQPMMFOUVCF BOE EJWJTJPO PG UIF HFOFSBUJWF DFMM JOUP UIF UXP TQFSN DFMMTJOWPMWFEJOEPVCMFGFSUJMJ[BUJPO"ѫFSUIFQPM MFO HSBJO IBT GVMêMMFE JUT GVODUJPO JO GFSUJMJ[BUJPO SFMBUFE FWFOUT UIJT XPVME BQQFBS UP CF UIF FOE PG
UIFTUPSZ CVUOPUTP(VIBBOE.BIFTIXBSJ TIPXFEUIBU XIFOBOUIFSTPG%BUVSBJOOPYJBBUUIF QPMMFO HSBJO TUBHF XFSF DVMUVSFE JO B NJOFSBM TBMU NFEJVN TVQQMFNFOUFE XJUI DBTFJO IZESPMZ[BUF *""BOELJOFUJO PSXJUIDPDPOVUXBUFS HSBQFKVJDF PS QMVN KVJDF FNCSZPMJLF TUSVDUVSFT BQQFBSFE GSPN UIF TJEFT PG UIF BOUIFS JO mXFFLT " TVC TFRVFOU POUPHFOFUJD TUVEZ FTUBCMJTIFE UIBU JO DVM UVSFEBOUIFST BWBSJBCMFCVUTVCTUBOUJBMOVNCFSPG QPMMFO HSBJOT FOMBSHF BOE EJWJEF SFQFBUFEMZ GPSN JOH NVMUJDFMMVMBS VOJUT XJUIJO UIF FYJOF -BUFS UIF FYJOF HJWFT XBZ GSFFJOH UIF DPOUFOUT XIJDI PSHB OJ[FJOUPUZQJDBMCJQPMBSFNCSZPTXJUIUIFIBQMPJE PS HBNFUJD OVNCFS PG DISPNPTPNFT (VIB BOE .BIFTIXBSJ ѮJT QSPDFTT XIJDI CZQBTTFT TFYVBM SFQSPEVDUJPO UP QSPEVDF IBQMPJE FNCSZPT XBTEFTDSJCFEJOTVCTFRVFOUJOWFTUJHBUJPOTPOPUIFS QMBOUT BT QPMMFO FNCSZPHFOFTJT BOESPHFOFTJT PS IBQMPJEFNCSZPHFOFTJT ѮF TVDDFTTGVM JOEVDUJPO PG QPMMFO FNCSZPHFO FTJT JO DVMUVSFE BOUIFST UFOEFE UP PWFSMPPL UIF JO ëVFODFPGUIFBOUIFSXBMMBOEUBQFUVNJOUSJHHFSJOH FNCSZPHFOJDEJWJTJPOPGQPMMFOHSBJOTEVSJOHBDSJUJ DBMQFSJPEBѫFSDVMUVSF4UVEZPGQPMMFOFNCSZPHFO FTJTVOIJOEFSFECZUIFQSFTFODFPGTPNBUJDUJTTVFT PGUIFBOUIFSXBTêSTUBDIJFWFECZDVMUVSJOHQPMMFO HSBJOTJTPMBUFEGSPNDPMETUSFTTFEBOUIFSTPG%JO OPYJBJOBMJRVJENFEJVNDPOEJUJPOFECZBOFYUSBDU PGDVMUVSFEBOUIFSTPGUIFTBNFTQFDJFT /JUTDIBOE /PSSFFM *OMBUFSZFBST QSPDFEVSFTIBWFCFFO TUSFBNMJOFE UP JOEVDF IJHIGSFRVFODZ FNCSZPHFO FTJTJOJTPMBUFEQPMMFOHSBJOTPG/JDPUJBOBUBCBDVN #OBQVT BOE5SJUJDVNBFTUJWVNDVMUVSFEJONFEJB PG LOPXO DIFNJDBM DPNQPTJUJPO UP SFQMBDF UIF BO UIFSFYUSBDUѮFNFUIPEEFWFMPQFEGPS/UBCBDVN CFHJOT XJUI EFOTJUZ HSBEJFOU DFOUSJGVHBUJPO UP PC UBJO B IPNPHFOFPVT QPQVMBUJPO PG FNCSZPHFOJD QPMMFO HSBJOT *G UIFTF QPMMFO HSBJOT BSF êSTU TVC KFDUFEUPBTUBSWBUJPOEJFUCZDVMUVSFJOBNFEJVN MBDLJOH TVDSPTF BOE HMVUBNJOF BOE UIFO USBOT GFSSFE UP BO FOSJDIFE NFEJVN UIFZ EJWJEF JO UIF FNCSZPHFOJD QBUIXBZ JO IJHI OVNCFST ,ZP BOE )BSBEB 5PVSBFWFUBM B TVCTFRVFOUMZ TIPXFEUIBUDPNCJOJOHHSPXUIJOBTUBSWBUJPONF EJVNXJUIIFBUTUSFTTBU$XBTTVQFSJPSUPTUBS WBUJPOBMPOFJOPCUBJOJOHIJHIZJFMEPGFNCSZPHFOJD QPMMFO HSBJOT BOE QPMMFO FNCSZPT GSPN DVMUVSFE UPCBDDP QPMMFO TFF 1MBUF 'JHImL 4UJMM MBUFS TUBSWBUJPO DPOEJUJPOT GPS FNCSZPHFOJD EJWJTJPOT
ɯɩ 1PMMFO&NCSZPHFOFTJT
Ϗύώ
IBWF CFFO TJNVMBUFE CZ DVMUVSJOH UPCBDDP QPMMFO JOBTVDSPTFDPOUBJOJOHNFEJVNBUBQ)PGm #BSJOPWBFUBM ѮFDSJUJDBMTUFQJOJOEVDJOH FNCSZPHFOJD EJWJTJPOT JO B IPNPHFOFPVT TVTQFO TJPOPGQPMMFOHSBJOTPG#OBQVTJTBIJHIUFNQFSB UVSFTIPDLCZDVMUVSFJOUIFEBSLBU$GPSEBZT GPMMPXFEFJUIFSCZBNPSFDPNGPSUBCMFUFNQFSBUVSF PG$PSCZJODVCBUJPOJODPMDIJDJOFGPSI BOE TVCTFRVFOU DVMUVSF JO UIF SFHVMBS NFEJVN CPUI BU $ )VBOH ;IBP FU BM 'PS FēDJFOUQSPEVDUJPOPGFNCSZPTGSPNXIFBUQPMMFO BDPNCJOBUJPOPGUSFBUNFOUTJOWPMWJOHTUBSWBUJPOPG DVMUVSFEBOUIFSTJOBNJOJNBMNFEJVNBU$BOE TFQBSBUJPO PG FOMBSHFE FNCSZPHFOJD NJDSPTQPSFT CZ EFOTJUZ HSBEJFOU DFOUSJGVHBUJPO GPMMPXFE CZ UIFJS DVMUVSF JO BO FOSJDIFE NFEJVN DPOEJUJPOFE CZ JNNBUVSF XIFBU PWBSJFT XBT GPVOE NPTU TVJU BCMF 5PVSBFWFUBMC ѮFSFBMJ[BUJPOUIBUUIF GBUF PG UFSNJOBMMZ EJĒFSFOUJBUFE QPMMFO HSBJO DBO CFEJWFSUFEUPPOFPGJNNPSUBMJUZCZJNQPTJUJPOPG TUBSWBUJPO BOE UFNQFSBUVSF TUSFTT BT EFTDSJCFE JO #OBQVT UPCBDDP BOEXIFBU PSCZTUSFTTFMJDJUJOH TUJNVMJTVDIBTNBOOJUPM DBMDJVN BOE"#"BTEF TDSJCFEJOCBSMFZ )PFLTUSBFUBM
QSPWJEFTB OFXQFSTQFDUJWFPOQPMMFOFNCSZPHFOFTJT NBLJOH USBEJUJPOBMDPODFQUTPGIPSNPOFBDUJPOJOFNCSZP HFOJD USBOTGPSNBUJPO PG QPMMFO HSBJOT MFTT TBUJTGBD UPSZBTBOFYQMBOBUJPO Ѯ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
ϏύϏ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
CFS PG GBNJMJFT JODMVEJOH NBKPS DSPQ QMBOUT +BJO FU BM #BTFE PO UIFTF TUVEJFT B XJEF SBOHFPGFYUSBDFMMVMBSBOEJOUSBDFMMVMBSGBDUPST TVDI BTQIZTJPMPHJDBMTUBHFBOEDPOEJUJPOTPGHSPXUIPG EPOPS QMBOUT QMBOU BHF HFOPUZQF PG EPOPS QMBOUT TUBHFPGQPMMFOEFWFMPQNFOU QSFUSFBUNFOUPGëPXFS CVET JNQPTJUJPO PG TUSFTT UFNQFSBUVSF BOE QIP UPQFSJPEJD SFHJNFT PG DVMUVSF DPNQPTJUJPO PG UIF OVUSJFOU NFEJVN BOE DPNQPTJUJPO PG UIF DVMUVSF WFTTFMBUNPTQIFSF BQQFBSUPBĒFDUUIFJOEVDUJPOPG FNCSZPHFOJD EFWFMPQNFOU BOE ZJFME PG QPMMFO FN CSZPT0GUIFTF CZGBSUIFNPTUJNQPSUBOUJTUIFEJT DSFUFEFWFMPQNFOUBMXJOEPXBUXIJDIQPMMFOHSBJOT CFDPNF FNCSZPHFOJD BOE UIF JODSFBTJOH OVNCFS PG SFQPSUT JO XIJDI QPMMFO FNCSZPHFOFTJT JT JO EVDFECZBOUIFSBOEQPMMFODVMUVSFNFUIPETNBLF JUOFDFTTBSZUPDPOTJEFSUIFJNQPSUBODFPGUIJTGBD UPSJOUIFJOEVDUJPOQSPDFTT'PSNPTUTQFDJFT UIF TUBHFPGQPMMFOEFWFMPQNFOUBUXIJDIFNCSZPHFOJD JOEVDUJPODBOPDDVSBQQFBSTUPMJFCFUXFFOUIFFBSMZ VOJDFMMVMBS BOE UIF CJDFMMVMBS TUBHF PG UIF QPMMFO HSBJO *O UIF XJEFMZ JOWFTUJHBUFE UPCBDDP BOUIFST BSFHFOFSBMMZSFTQPOTJWFXIFOUIFZBSFDVMUVSFEBU TUBHFTCFHJOOJOHXJUIUIFMJCFSBUJPOPGNJDSPTQPSFT GSPN UIF UFUSBE BOE FOEJOH XJUI CJDFMMVMBS QPMMFO HSBJOT CVU FNCSZPT BSF SFBEJMZ GPSNFE JO MBSHF OVNCFST GSPN BOUIFST DVMUVSFE BU UIF VOJDFMMVMBS QPMMFO HSBJO TUBHF PS BT QPMMFO HSBJOT CFHJO UP EJ WJEF 4VOEFSMBOEBOE8JDLT *TPMBUFEQPMMFO HSBJOT PG UPCBDDP DVMUVSFE BU TUBHFT SBOHJOH GSPN UIFNJEVOJDFMMVMBSUPUIFCJDFMMVMBS )FCFSMF#PST BOE 3FJOFSU ,ZP BOE )BSBEB 5PVSBFW FU BM B
PG XIFBU DVMUVSFE BU UIF VOJOVDMFBUF UPQSFNJUPUJDTUBHFT 5PVSBFWFUBMC
BOEPG # OBQVT DVMUVSFE BU UIF VOJDFMMVMBS TUBHF DMPTF UP UIFêSTUQPMMFONJUPTJTTUBHFT )VBOH;IBPFU BM
ZJFMEFNCSZPTXJUIIJHIGSFRVFODZ.VDI PGUIFRVBOUJUBUJWFEBUBPOFNCSZPGPSNBUJPOBTB GVODUJPOPGQPMMFOEFWFMPQNFOUBMTUBHFBSFOPUBCMF GPSUIFBUUFOUJPOUIFZGPDVTPOUIFVOJDFMMVMBSTUBHF PSBTUBHFPOUIFWFSHFPGUIFêSTUQPMMFONJUPTJT BT NPTUSFTQPOTJWFUPDVMUVSF 'PSPQUJNJ[BUJPOPGDVMUVSFDPOEJUJPOTPGJTPMBUFE BOUIFSTPSPGQPMMFOHSBJOTUPPCUBJOQPMMFOFNCSZPT SFQSPEVDJCMZBOEJOMBSHFOVNCFST JEFOUJêDBUJPOPG FNCSZPHFOJD QPMMFO HSBJOT JO B QPQVMBUJPO JT JN QPSUBOU8FBSFGBSGSPNVOEFSTUBOEJOHUIFSFBTPOT XIZPOMZDFSUBJOQPMMFOHSBJOTJODVMUVSFEBOUIFST PSJOJTPMBUFEQPMMFODVMUVSFTCFDPNFFNCSZPHFOJD
BOEQSPEVDFFNCSZPT XIJMFPUIFSTDPNQMFUFNBMF HBNFUPHFOFTJTPSEJTJOUFHSBUFJODVMUVSF0OFWJFX JTUIBUQPMMFOHSBJOTCFDPNFDPNQFUFOUUPGPSNFN CSZPT CZ DIBOHFT JO UIFJS TJ[F BOE CZ DPWFSU DZUP QMBTNJDDIBOHFTUIBUPDDVSOBUVSBMMZEVSJOHBOUIFS EFWFMPQNFOU BOE UIBU UIFJS TVCTFRVFOU DVMUVSF QSPWJEFT BO BQQSPQSJBUF FOWJSPONFOU GPS FYQSFT TJPO PG UIJT QSFEFUFSNJOFE QPUFOUJBM ѮF QSPEVD UJPO PG UXP UZQFT PG QPMMFO HSBJOT JO UIF BOUIFS LOPXOBTEJNPSQIJTN JTBXBZPGMJGFGPSUIFQPMMFO QPQVMBUJPOQSPEVDFECZNBOZQMBOUT1PMMFOHSBJOT UIBUEJĒFSGSPNUIFNBJOQPQVMBUJPOXJUISFTQFDUUP UIFJSTNBMMTJ[FBOESFEVDFEBēOJUZGPSDZUPQMBTNJD TUBJOT BSF CFMJFWFE UP CF UIPTF XJUI FNCSZPHFOJD QPUFOUJBM ѮF DZUPMPHJDBM DIBOHFT UIBU PDDVS JO B TNBMM QPQVMBUJPO PG QPMMFO HSBJOT XIJDI TVQQSFTT UIFJSHBNFUPQIZUJDQSPHSBNBOEHPWFSOTVCTFRVFOU EJWJTJPOTJOUIFFNCSZPHFOJDQBUIXBZ IBWFOPUZFU CFFOJEFOUJêFE"TUSJOHFOUMJOFPGFWJEFODFJOTVQ QPSU PG UIF PSJHJO PG FNCSZPT GSPN WBSJBOU QPMMFO HSBJOTJOCBSMFZBOEUPCBDDPBOUIFSTJTUIFPCTFSWFE DPSSFMBUJPO CFUXFFO UIF OVNCFS PG TVDI QPMMFO HSBJOTJOUIFBOUIFSBOEUIFOVNCFSPGFNCSZPTPS NVMUJDFMMVMBSQPMMFOHSBJOTGPSNFEJOSFQSFTFOUBUJWF TBNQMFTPGDVMUVSFEBOUIFST %BMF)PSOFSBOE 4USFFU)PSOFSBOE.PUU *OJTPMBUFEQPM MFODVMUVSFTPGUPCBDDP FNCSZPHFOJDEJWJTJPOTXFSF DPOêOFEUPUIFWBSJBOUQPMMFOHSBJOTDPMMFDUFEGSPN EPOPSQMBOUTHSPXOJOTIPSUEBZTVOEFSBMPXUFN QFSBUVSF SFHJNF BOE QVSJêFE CZ EFOTJUZ HSBEJFOU DFOUSJGVHBUJPO )FCFSMF#PSTBOE3FJOFSU ѮF QIZTJPMPHJDBM BOE CJPDIFNJDBM DIBOHFT UIBU PDDVS JO JTPMBUFE QPMMFO HSBJOT EVSJOH TUSFTT USFBU NFOUQSFQBSBUPSZUPUSBOTGFSUPBGBWPSBCMFDVMUVSF NFEJVN IBWF MJOLFE FNCSZPHFOJD DPNQFUFODF PG QPMMFOHSBJOTUPDIBOHFTJOUIFJSDZUPQMBTNJDPSHB OJ[BUJPO4USVDUVSBMSFPSHBOJ[BUJPOPGUIFDZUPQMBTN JO TUBSWFE BOE UFNQFSBUVSFTUSFTTFE QPMMFO HSBJOT PG UPCBDDP JOWPMWFE WBDVPMBUJPO BOE GPSNBUJPO PG DSJTTDSPTTJOH DZUPQMBTNJD TUSBOET 5PVSBFW FU BM B ѮFBWBJMBCMFEBUBTVHHFTUUIBUIFBUTUSFTTFE QPMMFOHSBJOTPG#OBQVTCFDPNFFNCSZPHFOJDBMMZ EFUFSNJOFECZBWBSJFUZPGDFMMVMBSDVFT TVDIBTUIF TZOUIFTJTPGBUIJDLêCSJMMBSXBMMBEKBDFOUUPUIFJO UJOF NPWFNFOUPGUIFOVDMFVTUPBDFOUSBMQPTJUJPO BQQFBSBODFPGMBSHFHMPCVMFTJOUIFDZUPQMBTN ;BLJ BOE%JDLJOTPO
GPSNBUJPOPGBQMBOBSSBUIFS UIBOBMFOTTIBQFEDSPTTXBMMEVSJOHUIFêSTUQPMMFO NJUPTJT 5FMNFSFUBM
UIFQSFTFODFPGBQFSJ
OVDMFBSBSSBZPGNJDSPêMBNFOUTBOEBQSFQSPQIBTF CBOE PG NJDSPUVCVMFT QSFQBSBUPSZ UP UIF êSTU QPM MFONJUPTJT (FSWBJTFUBM
DIBOHFTJOOVDMFBS QPSFDPNQMFYEFOTJUZ 4USBBUNBOFUBM
BOE BEFDSFBTFJOUIFOVNCFSBOETJ[FPGDPJMFECPEJFT DPOUBJOJOH TNBMM OVDMFBS SJCPOVDMFPQSPUFJO QBSUJ DMFTJOWPMWFEJOUSBOTDSJQUJPOBOEUIFJSBQQFBSBODF JO UIF OVDMFPQMBTN 4USBBUNBO BOE 4DIFM #FHJOOJOHXJUIUIFDVMUVSFPGJTPMBUFEXIFBUQPMMFO HSBJOT JNNFEJBUFMZ CFGPSF UIF êSTU QPMMFO NJUPTJT FNCSZPHFOJDQPMMFOHSBJOTCFDPNFFOMBSHFEBOEJO UFSOBMMZTUBSMJLF EVFUPUIFQSFTFODFPGBDFOUSBMMZ MPDBUFEOVDMFVTTVTQFOEFECZDZUPQMBTNJDUISFBET 5PVSBFWFUBMC 5SBDLJOHUIFTFQPMMFOHSBJOT JOEJWJEVBMMZIBTVOBNCJHVPVTMZEFNPOTUSBUFEUIFJS EJWJTJPOJOUIFFNCSZPHFOJDQBUIXBZ *OESJBOUPFU BM
ɯɩ 1PMMFO&NCSZPHFOFTJT
Ϗύϐ
WJTJPOTXJUIPVUDPOUSJCVUJOHUPUIFGPSNBUJPOPGUIF FNCSZP 4VOEFSMBOEBOE8JDLT ѮFEJWJTJPO PG UIF WFHFUBUJWF DFMM JO UIF FNCSZPHFOJD QBUIXBZ JO DVMUVSFE QPMMFO HSBJOT PG UPCBDDP IBT CFFO TVQ QPSUFECZNJDSPTQFDUSPQIPUPNFUSJDBOEBVUPSBEJP HSBQIJDTUVEJFTTIPXJOHSFOFXFE%/"SFQMJDBUJPO JOUIFWFHFUBUJWFDFMMGPMMPXJOHTUBSWBUJPOUSFBUNFOU ÂÃSTLÝFUBM
$ZUPMPHZPG1PMMFO&NCSZPHFOFTJT *OUIFDPOUFYUPGQPMMFOFNCSZPHFOFTJT UIFVOJDFM MVMBSQPMMFOHSBJO PODFDPOTJEFSFEBTUIFêSTUDFMM PG UIF HBNFUPQIZUJD QIBTF JT OPX SFDPHOJ[FE BT QMBZJOHUIFSPMFPGUIFQSPHFOJUPSDFMMPGUIFQPMMFO FNCSZP*ONPTUDBTFT UIFêSTUEJWJTJPOPGUIJTDFMM JO UIF FNCSZPHFOJD QBUIXBZ JT JEFOUJDBM UP UIF EJ WJTJPOUIBUPDDVSTEVSJOHNBMFHBNFUPHFOFTJTBOE SFTVMUTJOUIFGPSNBUJPOPGUIFMBSHFWFHFUBUJWFDFMM BOETNBMMHFOFSBUJWFDFMM.VDIPGPVSLOPXMFEHF PG UIF QBUIXBZT CZ XIJDI FNCSZPT BSF GPSNFE CZ UIFEJWJTJPOPGPOFPSCPUIUIFTFDFMMTDPNFTGSPN DZUPMPHJDBMBOBMZTFTPGNPEFMQMBOUT 'JH 0OF PG UIF NPTU DPNNPO QBUIXBZT BOE POF UIBU IBT CFFO XFMMJOWFTUJHBUFE JT UIF SFQFBUFE EJWJTJPO PG UIF WFHFUBUJWF DFMM UP GPSN UIF FNCSZP "T êSTU EFNPOTUSBUFEJOUPCBDDP CZUIFUIEBZPGBOUIFS DVMUVSF UIFTXJUDIJOUIFEFWFMPQNFOUBMQSPHSBNPG UIFWFHFUBUJWFDFMMCFDPNFTFWJEFOUXIFOJUMPTFTJUT NPSQIPHFOFUJD JOEJWJEVBMJUZ BOE JT QBSUJUJPOFE CZ B TFSJFT PG JOUFSOBM XBMMT VOUJM B NBTT PG DFMMT UZQJ DBMPGTPNBUJDDFMMTJ[FJTQSPEVDFE6QPOJUTSFMFBTF GSPN UIF FYJOF UIF NVMUJDFMMVMBS NBTT CFDPNFT IJHIMZ EZOBNJD BT JU GBJUIGVMMZ SFDBQJUVMBUFT TUBHFT PG[ZHPUJDFNCSZPTCFGPSFBQQFBSJOHPVUTJEFUIFBO UIFS XBMM BT B QMBOUMFU " SFTUSJDUJWF GFBUVSF PG UIJT FNCSZPHFOJD EJWJTJPO TFRVFODF PG UIF WFHFUBUJWF DFMM LOPXOBTUIF"QBUIXBZ JTUIBUUIFHFOFSBUJWF DFMMFJUIFSEJTJOUFHSBUFTPSVOEFSHPFTPOMZBGFXEJ
'JHɯɪ%JBHSBNNBUJDSFQSFTFOUBUJPOPGUIFEJĒFSFOUQBUI XBZT PG QPMMFO FNCSZPHFOFTJT *O " $ BOE & TPMJE DJSDMF SFQSFTFOUTOVDMFVTPGUIFHFOFSBUJWFDFMMPSJUTEJWJTJPOQSPE VDUTPQFODJSDMFSFQSFTFOUTOVDMFVTPGUIFWFHFUBUJWFDFMMPS JUTEJWJTJPOQSPEVDUT*O$ TPMJEDJSDMFFODMPTFEJOPQFODJSDMF JOEJDBUFTGVTJPOTCFUXFFOUIFUXPOVDMFJ*O#BOE% TPMJE PSPQFODJSDMFSFQSFTFOUTTZNNFUSJDBMOVDMFJCPSOPVUPGUIF êSTUQPMMFNNJUPTJTBOEUIFJSEJWJTJPOQSPEVDUT 3FQSJOUFE GSPN3BHIBWBO
1FSJPEJD DZUPMPHJDBM FYBNJOBUJPO PG DVMUVSFE BO UIFST BOE BOUIFS TFHNFOUT PG )ZPTDZBNVT OJHFS 4PMBOBDFBF MFEUPJUTFNFSHFODFBTBNPEFMQMBOU JO XIJDI FNCSZPT BSF GPSNFE CZ SFQFBUFE EJWJ TJPOT PG UIF HFOFSBUJWF DFMM ѮJT BQQFBSFE UP CF B TVSQSJTJOH SBSJUZ CFDBVTF PG UIF VOEJTQVUFE GPSNB UJPO PG FNCSZPT WJB EJWJTJPO PG UIF WFHFUBUJWF DFMM JO PUIFS QMBOUT JOWFTUJHBUFE *O) OJHFS GPMMPXJOH GPSNBUJPOPGUIFWFHFUBUJWFBOEHFOFSBUJWFDFMMTCZ BO BTZNNFUSJD EJWJTJPO PG UIF QPMMFO HSBJO GVS
Ϗύϑ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
UIFS EJWJTJPOT BSF DPOê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ѮFSPVUFUP FNCSZP GPSNBUJPO JOWPMWJOH UIF HFOFSBUJWF DFMM PS CPUIHFOFSBUJWFBOEWFHFUBUJWFDFMMTJTLOPXOBTUIF &QBUIXBZ .VDI PG UIF GPVOEBUJPO XPSL EFMJNJUJOH UIF $ QBUIXBZ PG QPMMFO FNCSZPHFOFTJT XBT DBSSJFE PVU JO DVMUVSFE BOUIFST PG %BUVSB JOOPYJB )FSF UIF WFHFUBUJWF BOE HFOFSBUJWF DFMMT SBUIFS UIBO EJWJE JOHJOEFQFOEFOUMZ GVTFXJUIPOFBOPUIFS BOECPUI OVDMFJEJWJEFTJNVMUBOFPVTMZPOBDPNNPOTQJOEMF ѮF GVTJPO NJHIU PDDVS CFUXFFO POF PS UXP IBQ MPJE WFHFUBUJWF DFMM OVDMFJ BOE B IBQMPJE PS FOEP SFEVQMJDBUFEHFOFSBUJWFDFMMOVDMFVT TPUIBUOVDMFJ XJUIOPOIBQMPJENPEBMDISPNPTPNFOVNCFSTBSF QSPEVDFE ѮF GSFRVFOU PDDVSSFODF PG FNCSZPT XJUIEJĒFSFOUQMPJEZMFWFMTGSPNUIFTBNFDVMUVSFE BOUIFSIBTCFFOUSBDFEUPUIFSFQFBUFEEJWJTJPOTPG UIFTFGVTJPOQSPEVDUT 4VOEFSMBOEFUBM *O TPNF BOUIFS DVMUVSF TZTUFNT B TZNNFUSJDBM EJWJTJPOPGUIFQPMMFOHSBJOUPQSPEVDFUXPJEFOUJDBM DFMMTPSOVDMFJBѫFSUIFêSTUQPMMFONJUPTJTTFUTUIF TUBHFGPSUIFQSPEVDUJPOPGFNCSZPT"TEFTDSJCFE JO "USPQB CFMMBEPOOB 4PMBOBDFBF
EJWJTJPO QSPE VDUTPGCPUIDFMMTPSOVDMFJDPOUSJCVUFUPUIFGPSNB UJPO PG UIF FNCSZP 3BTIJE BOE 4USFFU UIJT QBUIXBZ JT LOPXO BT UIF # QBUIXBZ "OPUIFS TDF OBSJPUIBUBQQFBSTUPCFBWBSJBUJPOPGUIF#QBUIXBZ IBT CFFO EFTDSJCFE JO DVMUVSFE BOUIFST PG XIFBU BOEJTEFTJHOBUFEUIF%QBUIXBZѮJTQBUIXBZJO WPMWFTSFQFBUFEEJWJTJPOTPGUIFUXPJEFOUJDBMOVDMFJ GPSNFEGSPNUIFêSTUQPMMFONJUPTJTUPGPSNBDMVT UFS PG GSFF OVDMFJ ѮF GBUF PG UIFTF OVDMFJ IBT OPU CFFO GPMMPXFE GVSUIFS UP EFUFSNJOF XIFUIFS UIFZ GPSNDFMMTBOEXIFUIFSUIFDFMMVMBSNBTTGPSNTBO FNCSZP ;IVFUBM
1PMMFOFNCSZPTGPSNFEJODVMUVSFEBOUIFSTBOE JO JTPMBUFE QPMMFO DVMUVSFT PSJHJOBUF CZ NVMUJQMF EJWJTJPO QBUIXBZT BMUIPVHI XIBU QSPNQUT QPMMFO HSBJOT UP DIPPTF B QBSUJDVMBS EJWJTJPO TFRVFODF JT OPUDMFBS0OFWJFXJTUIBUUIFQIBTFPGUIFDFMMDZDMF PGUIFêSTUNJUPTJTJOXIJDIQPMMFOHSBJOTBSFIFMEBU UIFUJNFPGDVMUVSFJTJNQPSUBOUJOEFUFSNJOJOHUIF TQFDJê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ëFDUTFMJNJOBUJPOPGUIF FYJTUJOH HBNFUPQIZUJD QSPHSBN PS JT MJOLFE UP UIF JOJUJBUJPOPGBOPWFMFNCSZPHFOJDQSPHSBN$BQJUBM J[JOHPOUIFTUBJOBCMF3/"DPOUFOUPGQPMMFOHSBJOT PGDVMUVSFEUPCBDDPBOUIFSTBTBNBSLFSGPSEJTUJO HVJTIJOHCFUXFFOQPUFOUJBMMZFNCSZPHFOJDBOEOPS NBMHBNFUPQIZUJDQPMMFOHSBJOT JUXBTGPVOEUIBU DPNQBSFEUPUIFMPXMFWFMPG3/"JOUIFGPSNFS UIF HBNFUPQIZUJD QPMMFO HSBJOT EJTQMBZ B GPVS UP TJY GPME JODSFBTF JO 3/" DPOUFOU ѮFTF PCTFSWBUJPOT IBWF CFFO JOUFSQSFUFE BT JOEJDBUJOH UIBU TVQQSFT TJPOPGUIFHBNFUPQIZUJDQSPHSBNJOFNCSZPHFOJD QPMMFO HSBJOT JT OFDFTTBSZ UP FOTVSF UIBU HFOFT GPS FNCSZPHFOFTJT BSF GVMMZ FYQSFTTFE XJUIPVU CFJOH NBTLFECZUIFTJNVMUBOFPVTFYQSFTTJPOPGHFOFTGPS QPMMFONBUVSBUJPOBOEHFSNJOBUJPO #IPKXBOJFUBM *O DPOUSBTU DPNQBSFE UP OPOFNCSZPHFOJD QPMMFO HSBJOT FNCSZPHFOJD QPMMFO HSBJOT JEFOUJ êFEJODVMUVSFEBOUIFSTPG%BUVSBJOOPYJBTIPXBO JODSFBTFE TUBJOBCJMJUZ GPS DZUPQMBTNJD 3/" QSJPS UPUIFêSTUQPMMFONJUPTJT 4BOHXBO/PSSFFM ѮFTF DPOUSBEJDUJPOT DBOOPU FBTJMZ CF SFTPMWFE CF DBVTFPGUIFEJWFSTFQBUIXBZTPGQPMMFOFNCSZPHFO FTJTPCTFSWFEJODVMUVSFEBOUIFST
"VUPSBEJPHSBQIJD JOWFTUJHBUJPOT PG 3/" TZO UIFTJTEVSJOHHBNFUPQIZUJDEFWFMPQNFOUPGQPMMFO HSBJOT PG ) OJHFS BOE UIFJS FNCSZPHFOJD USBOTGPS NBUJPO JO DVMUVSFE BOUIFST IBWF GPVOE B HFOFSBM DPSSFMBUJPO CFUXFFO USBOTDSJQUJPOBM BDUJWJUZ PG UIF OVDMFVT PG UIF HFOFSBUJWF DFMM BOE JUT EJWJTJPO JO UIF FNCSZPHFOJD QBUIXBZ 3BHIBWBO 3FZO PMET BOE 3BHIBWBO ѮBU USBOTDSJQUJPOBM SFHVMBUJPO DPOUSPMT FNCSZPHFOJD EJWJTJPOT PG UIF HFOFSBUJWF DFMM JT BMTP SFëFDUFE JO UIF DPOUJOVFE BDDVNVMBUJPO PG N3/" JO UIJT DFMM BOE JUT EFSJWB UJWFT 3BHIBWBO $FMMGSFFTZTUFNTIBWFCFFO EFWFMPQFEJOPUIFSJOWFTUJHBUJPOTUPJEFOUJGZ GSPN JOWJUSPUSBOTMBUJPOQSPê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ѮVT QPM MFOFNCSZPHFOJDJOEVDUJPODPVMECFFOWJTJPOFEBT JOWPMWJOH B TJHOJêDBOU DIBOHF JO UIF HFOF FYQSFT TJPOQSPHSBNPGUIFJNNBUVSFQPMMFOHSBJOT "MUIPVHI DIBOHFT JO QSPUFJO TZOUIFUJD BDUJWJUZ BDDPNQBOZJOH FNCSZPHFOJD JOEVDUJPO IBWF CFFO EFTDSJCFE JO ) OJHFS 3BHIBWBO
UPCBDDP ,ZPBOE)BSBEB,ZPBOE0ILBXB
BOE # OBQVT $PSEFXFOFS FU BM
JU IBT OPU CFFO QPTTJCMF UP JEFOUJGZ TQFDJêD QSPUFJOT BTTPDJBUFEXJUIBGVODUJPOBMSPMFJOQPMMFOFNCSZP HFOFTJT0CTFSWBUJPOTTVDIBTUIFIJHIQIPTQIPSZ MBUJPO TUBUF PG B IFBUTIPDL QSPUFJO )41 JO FNCSZPHFOJD QPMMFO HSBJOT BOE UIF BQQFBSBODF PG TFDSFUFEQSPUFJOTJOUIFFNCSZPHFOJDNFEJVN IBWF QPUFOUJBM JNQMJDBUJPOT JO FMVDJEBUJOH UIF TJHOBMJOH QBUIXBZT EVSJOH UIF UFNQFSBUVSFTUSFTT UIBU USJH HFSTQPMMFOFNCSZPHFOFTJTJO#OBQVT $PEFXFOFS FUBM $IBSBDUFSJ[BUJPO PG HFOFT FYQSFTTFE TQFDJêDBMMZ EVSJOHFBSMZTUBHFTPGQPMMFOFNCSZPHFOFTJTQSPN
ɯɪ $PODMVEJOH$PNNFOUT
Ϗύϒ
JTFT UP QSPWJEF JOTJHIUT JOUP UIF NPMFDVMBS NFDIB OJTNTVOEFSMZJOHUIFEFWFMPQNFOUBMTXJUDIPGQPM MFOHSBJOTGSPNHBNFUPQIZUJDUPFNCSZPHFOJDUZQF EFWFMPQNFOU"HFOFUIBUJTBDUJWBUFEEVSJOHFBSMZ FNCSZPHFOJD EFWFMPQNFOU PG QPMMFO HSBJOT JO DVM UVSFE BOUIFST PG XIFBU IBT CFFO TIPXO UP FODPEF B DZTUFJOFSJDI NFUBMMPUIJPOFJOMJLF QSPUFJO UIBU GVODUJPOTJOQMBOUDFMMNFUBCPMJTNCZCJOEJOHUPYJD BOEOPOUPYJDNFUBMJPOT 3FZOPMETBOE,JUUP 4VHHFTUJWFPGJUTSPMFBTBOFBSMZNPMFDVMBSNBSLFS PGQPMMFOFNCSZPHFOFTJT USBOTDSJQUTPGUIFHFOFBSF EFUFDUFEJOFNCSZPHFOJDQPMMFOHSBJOTXJUIJOIPVST BѫFS DVMUVSF PG BOUIFST 3FZOPMET BOE $SBXGPSE ѮFTZTUFNBUJDUFTUJOHPGDBOEJEBUFHFOFTCZ N3/"EJĒFSFOUJBMEJTQMBZIBTSFTVMUFEJOUIFJTPMB UJPOPGUXPHFOFT ;N"&BOE;N"& GSPNEBZ PMEFNCSZPHFOJDNBJ[FQPMMFODVMUVSFT'VODUJPOBM BOBMZTJT PG UIF ;N"& HFOF TIPXFE UIBU GVTJPO PG JUT QPUFOUJBM QSPNPUFS GSBHNFOU XJUI B(64 SF QPSUFS HFOF SFTVMUT JO USBOTJFOU QSPNPUFS BDUJWJUZ JO FBSMZTUBHF QPMMFO FNCSZPT #FTJEFT UIFJS QPM MFOFNCSZPTQFDJêDFYQSFTTJPO CPUIHFOFTTIPXFE FOEPTQFSNTQFDJêDFYQSFTTJPOѮJTIBTMFEUPUIF WJFXUIBUQPMMFOFNCSZPHFOFTJTJONBJ[FNJHIUJO WPMWFOPUPOMZUIFEFWFMPQNFOUPGUIFFNCSZPCVU BMTP UIF FTUBCMJTINFOU PG BO FOEPTQFSNMJLF UJT TVF .BHOBSEFUBM4FWJMMB-FDPRFUBM 'SPNUIJTSFWJFXPGQPMMFOFNCSZPHFOFTJT JUTFFNT XF IBWF OPX DPNF GVMM DJSDMF CFHJOOJOH XJUI UIF FNCSZPHFOJD EJWJTJPO PG UIF QPMMFO HSBJO BOE FOE JOHXJUIUIFQSPWJTJPOGPSBUJTTVFGPSOVSUVSFPGUIF FNCSZP
$PODMVEJOH$PNNFOUT
ѮF BTQFDUT PG BQPNJYJT TPNBUJD FNCSZPHFOFTJT BOE QPMMFO FNCSZPHFOFTJT DPOTJEFSFE JO UIJT ê OBMDIBQUFSQSPWJEFBOPWFSWJFXPGUIFUISFFNBJO QBUIXBZT CZ XIJDI UIF FNCSZP BOE JOGSFRVFOUMZ UIF FOEPTQFSN BSF QSPEVDFE JO ëPXFSJOH QMBOUT CZQBTTJOH NFJPTJT BOE EPVCMF GFSUJMJ[BUJPO ѮF QFSWBTJWFOFTT PG UIFTF TQPOUBOFPVTMZ PDDVSSJOH PS JOEVDFEBMUFSOBUJWFNFUIPETPGFNCSZPHFOFTJTJOB XJEFTFMFDUJPOPGQMBOUTCFMPOHJOHUPCPUIFVEJDPUT BOE NPOPDPUT JMMVTUSBUFT UIBU UIFTF TUSBUFHJFT BSF UZQJDBM SBUIFS UIBO FYDFQUJPOBM JO UIF MJGF PG ëPX FSJOHQMBOUTѮFOVNFSPVTTUVEJFTBMMVEJOHUPUIF FDPOPNJD JNQPSUBODF PG BQPNJYJT JO NPEJGZJOH TFFEQSPEVDUJPOJODSPQQMBOUTCZJOUSPEVDJOHBQP
Ϗύϓ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
NJDUJD USBJUT PG TPNBUJD FNCSZPHFOFTJT JO DMPOBM QSPQBHBUJPOBOEQSPEVDUJPOPGTZOUIFUJDTFFET BOE PGQPMMFOFNCSZPHFOFTJTJOUIFQSPEVDUJPOPGEPV CMF IBQMPJET BOE JO HFOF USBOTGFS UISPVHI IBQMPJE QMBOUT QSFEJDUUIBUGVUVSFFYQFSJNFOUBMBHFOEBXJMM JODMVEFNBLJOHIFBEXBZUPXBSETJOUSPEVDJOHUIFTF NFUIPETJOUPQSBDUJDBMBHSJDVMUVSBMQSBDUJDFT)PX FWFS UIF HFOFUJD CBTJT PG BQPNJYJT JO FTUBCMJTIFE OBUVSBMBQPNJDUTSFNBJOTMBSHFMZVOLOPXOBOEPOMZ JOJUJBMJOTJHIUTJOUPUIFOBUVSFPGUIFHFOFTSFMFWBOU UP BQPNJDUJD SFQSPEVDUJPO IBWF FNFSHFE ѮF LFZ NPSQIPMPHJDBMBOEQIZTJPMPHJDBMFWFOUTPGTPNBUJD FNCSZPHFOFTJT JO TFWFSBM XJEFMZ JOWFTUJHBUFE TZT UFNTBSFOPXXFMMLOPXO CVUXFIBWFCBSFMZCFHVO UP VOEFSTUBOE UIF DPOOFDUJPOT CFUXFFO TPNBUJD FNCSZPHFOFTJT BOE HFOFT JTPMBUFE GSPN FNCSZP HFOJD DFMMT "MUIPVHI HFOFUJD MPDJ UIBU EFUFSNJOF UIFFNCSZPHFOJDQPUFOUJBMPGQPMMFOHSBJOTPGTPNF JNQPSUBOUDSPQQMBOUTIBWFCFFONBQQFE OPHFOFT UIBUQMBZBDFOUSBMSPMFJOUIFFNCSZPHFOJDUSBOTGPS NBUJPOPGQPMMFOHSBJOTIBWFCFFOJTPMBUFEѮFGBDU UIBUXFOPXIBWFBOBQQSFDJBUJPOPGUIFDPNQMFYJUZ PGUIFUISFFSPVUFTPGOPO[ZHPUJDFNCSZPHFOFTJTJO QMBOUTJTBUFTUJNPOZUPUIFBEWBODFTBMSFBEZNBEF CVUNBOZRVFTUJPOTUIBUBSFFRVBMMZJNQPSUBOUGPS PVS HFOFUJD BOE NPMFDVMBS VOEFSTUBOEJOH PG BQP NJYJT TPNBUJD FNCSPHFOFTJT BOE QPMMFO FNCSZP HFOFTJT SFNBJOVOBOTXFSFE
#BUUBHMJB & 3JDFSDIF TVMMB QBSBNFJPTJ SFTUJUV[JPOBMF OFMHFOFSF5BSBYBDVN$BSZPMPHJBm #BVEJOP 4 )BOTFO 4 #SFUUTDIOFJEFS 3 )FDIU 7'( %SFT TFMIBVT5 -ÕS[) %VNBT$ 3PHPXTLZ1. .P MFDVMBSDIBSBDUFSJ[BUJPOPGUXPNBJ[F-33SFDFQUPSMJLF LJOBTFT XIJDICFMPOHUPUIF4&3,GBNJMZ1MBOUBm #IPKXBOJ 44 %VOXFMM +. 4VOEFSMBOE / /VDMFJD BDJEBOEQSPUFJODPOUFOUTPGFNCSZPHFOJDUPCBDDPQPMMFO +&YQ#PUm #JDLOFMM3" ,PMUVOPX". 6OEFSTUBOEJOHBQPNJYJT SFDFOUBEWBODFTBOESFNBJOJOHDPOVOESVNT1MBOU$FMM 4m4 #PSLJSE$ $IPJ+) +JO;) 'SBO[( )BU[PQPVMPT1 $IPS OFBV3 #POBT6 1FMFHSJ' 4VOH;3 %FWFMPQNFO UBM SFHVMBUJPO PG FNCSZPOJD HFOFT JO QMBOUT 1SPD /BUM "DBE4DJ64"m #PVUJMJFS , 0ĒSJOHB 3 4IBSNB 7, ,JFѫ ) 0VFMMFU 5 ;IBOH- )BUUPSJ+ -JV$. WBO-BNNFSFO"". .JLJ #-" $VTUFST+#. WBO-PPLFSFO$BNQBHOF.. &DUPQJD FYQSFTTJPO PG #"#: #00. USJHHFST B DPOWFS TJPO GSPN WFHFUBUJWF UP FNCSZPOJD HSPXUI 1MBOU $FMM m #PZFS $ )JMCFSU +- 7BTTFVS + &NCSZPHFOFTJTSF MBUFE QSPUFJO TZOUIFTJT BOE BDDVNVMBUJPO EVSJOH FBSMZ BDRVJTJUJPO PG TPNBUJD FNCSZPHFOFTJT DPNQFUFODF JO $JDIPSJVN1MBOU4DJm #SPXO %$8 'JOTUBE ,* 8BUTPO &. 4PNBUJD FN CSZPHFOFTJT JO IFSCBDFPVT EJDPUT *O ѮPSQF 5" FE *O WJUSP FNCSZPHFOFTJT JO QMBOUT ,MVXFS %PSESFDIU QQm $BMJTLBO . 5VSFU . $VNJOH "$ 'PSNBUJPO PG XIFBU 5SJUJDVN BFTUJWVN - FNCSZPHFOJD DBMMVT JO WPMWFT QFSPYJEFHFOFSBUJOH HFSNJOMJLF PYBMBUF PYJEBTF 1MBOUBm $BSNBO +( "TZODISPOPVT FYQSFTTJPO PG EVQMJDBUF HFOFTJOBOHJPTQFSNTNBZDBVTFBQPNJYJT CJTQPSZ UFUSB TQPSZ BOEQPMZFNCSZPOZ#JPM+-JOO4PDm $BSNBO +( $SBOF $' 3JFSB-J[BSB[V 0 $PNQBSB ӻ ĞğĞīĞħĜĞĬ UJWFIJTUPMPHZPGDFMMXBMMTEVSJOHNFJPUJDBOEBQPNFJPUJD NFHBTQPSPHFOFTJTJOUXPIFYBQMPJE"VTUSBMBTJBO&MZNVT "MFJUI ' 3JDIUFS ( (FOF FYQSFTTJPO EVSJOH JOEVD TQFDJFT$SPQ4DJm UJPOPGTPNBUJDFNCSZPHFOFTJTJODBSSPUDFMMTVTQFOTJPOT $IBLSBCBSUZ% :V,8 1BFL,: %FUFDUJPOPG%/" 1MBOUBm NFUIZMBUJPO DIBOHFT EVSJOH TPNBUJD FNCSZPHFOFTJT PG "MFYBOESPWB,4 $POHFS#7 *TPMBUJPOPGUXPTPNBUJD 4JCFSJBO HJOTFOH &MFVUFSPDPDDVT TFOUJDPTVT 1MBOU 4DJ FNCSZPHFOFTJTSFMBUFE HFOFT GSPN PSDIBSEHSBTT %BDUZ m MJTHMPNFSBUB 1MBOU4DJm $IBQNBO" #MFSWBDR"4 7BTTFVS+ )JMCFSU+- "SB "OJM74 3BP,4 $BMDJVNNFEJBUFETJHOBMJOHEVSJOH CJOPHBMBDUBOQSPUFJOTJO$JDIPSJVNTPNBUJDFNCSZPHFO TBOEBMXPPE TPNBUJD FNCSZPHFOFTJT 3PMF PG FYPHFOPVT FTJTFĒFDUPGʃHMVDPTZM:BSJWSFBHFOUBOEFQJUPQFMPDBM DBMDJVN BT TFDPOE NFTTFOHFS 1MBOU 1IZTJPM m J[BUJPOEVSJOHFNCSZPEFWFMPQNFOU1MBOUBm $IVHI" ,IVSBOB1 (FOFFYQSFTTJPOEVSJOHTPNBUJD "OJM 74 )BSNPO "$ 3BP ,4 4QBUJPUFNQPSBM BD FNCSZPHFOFTJTmSFDFOUBEWBODFT$VSS4DJm DVNVMBUJPO BOE BDUJWJUZ PG DBMDJVNEFQFOEFOU QSPUFJO $POHFS #7 )BOOJOH (& 3FHJTUSBUJPO PG FNCSZP LJOBTFT EVSJOH TPNBUJD FNCSZPHFOFTJT TFFE EFWFMPQ HFO1PSDIBSEHSBTTHFSNQMBTNXJUIBIJHIDBQBDJUZGPS NFOU BOE HFSNJOBUJPO JO TBOEBMXPPE 1MBOU 1IZTJPM TPNBUJDFNCSZPHFOFTJTGSPNJOWJUSPDVMUVSFT$SPQ4DJ m "SBVKP"$( .VLIBNCFU[IBOPW4 1P[[PCPO.5 4BOUBOB $POHFS#7 )BOOJOH(& (SBZ%+ .D%BOJFM+, %J &' $BSOFJSP 75$ 'FNBMF HBNFUPQIZUF EFWFMPQ SFDUFNCSZPHFOFTJTGSPNNFTPQIZMMDFMMTPGPSDIBSEHSBTT NFOUJOBQPNJDUJDBOETFYVBM#SBDIJBSJBCSJ[BOUIB 1PB 4DJFODFm DFBF 3FW$ZUPM#JPM7ÊHm $PSEFXFOFS+ #PPJK) WBOEFS;BOEU) WBO&OHFMFO' WBO #BSJOPWB* $MÊNFOU$ .BSUJOZ- #BJMMJFVM' 4PVLVQPWB) ,BNNFO " EF 7SJFT 4$ 5VOJDBNZDJOJOIJCJUFE )FCFSMF#PST & 5PVSBFW " 3FHVMBUJPO PG EFWFM DBSSPUTPNBUJDFNCSZPHFOFTJTDBOCFSFTUPSFECZTFDSFUFE PQNFOUBM QBUIXBZT JO DVMUVSFE NJDSPTQPSFT PG UPCBDDP DBUJPOJDQFSPYJEBTFJTPFO[ZNFT1MBOUBm BOETOBQESBHPOCZNFEJVNQ)1MBOUBm
$PSEFXFOFS +)( #VTJOL 3 5SBBT +" $VTUFST +#. %POT )+. WBO-PPLFSFO$BNQBHOF.. *OEVDUJPOPG NJDSPTQPSFFNCSZPHFOFTJTJO#SBTTJDBOBQVT-JTBDDPN QBOJFE CZ TQFDJêD DIBOHFT JO QSPUFJO TZOUIFTJT 1MBOUB m $PSEFXFOFS+)( )BVTF( (ÕSHFO& #VTJOL3 )BVTF# %POT )+. WBO -BNNFSFO "". WBO -PPLFSFO $BN QBHOF.. 1FDIBO1 $IBOHFTJOTZOUIFTJTBOEMP DBMJ[BUJPOPGNFNCFSTPGUIFL%BDMBTTPGIFBUTIPDL QSPUFJOT BDDPNQBOZ UIF JOEVDUJPO PG FNCSZPHFOFTJT JO #SBTTJDBOBQVT-NJDSPTQPSFT1MBOUBm $PSEFXFOFS + #FSHFSWPFU + -JV $. $IBOHFT JO QSPUFJO TZOUIFTJT BOE QIPTQIPSZMBUJPO EVSJOH NJDSP TQPSF FNCSZPHFOFTJT JO #SBTTJDB OBQVT + 1MBOU 1IZTJPM m $PVUPTѮFWFOPU1 .BFT0 +PVFOOF5 .BVSP.$ #PVMBZ . %FMPJSF " (VFSO + &YUSBDFMMVMBS QSPUFJO QBU UFSOTPGHSBQFWJOFDFMMTVTQFOTJPOTJOFNCSZPHFOJDBOE OPOFNCSZPHFOJDTJUVBUJPOT1MBOU4DJm $PVUPTѮFWFOPU1 +PVFOOF5 .BFT0 (VFSCFUUF' (SPT CPJT. MF$BFS+1 #PVMBZ. %FMPJSF" ,BEFS+$ (VFSO + 'PVS L%B QSPUFJOT FYDSFUFE CZ TPNBUJD FN CSZPTPGHSBQFWJOFBSFJTPGPSNTPGMJQJEUSBOTGFSQSPUFJOT &VS+#JPDIFNm %BMF 1+ 1PMMFO EJNPSQIJTN BOE BOUIFS DVMUVSF JO CBSMFZ1MBOUBm %BWMFUPWB4 .ÊT[ÃSPT5 .JTLPMD[J1 0CFSTDIBMM" 5ÕSÕL , .BHZBS; %VEJUT% %FÃL. "VYJOBOEIFBU TIPDL BDUJWBUJPO PG B OPWFM NFNCFS PG UIF DBMNPEVMJO MJLFEPNBJOQSPUFJOLJOBTFHFOFGBNJMZJODVMUVSFEBMGBMGB DFMMT+&YQ#PUm EF +POH "+ $PSEFXFOFS + -P 4DIJBWP ' 5FS[J . 7BOEF LFSDLIPWF+ WBO,BNNFO" EF7SJFT4$ "DBS SPUTPNBUJDFNCSZPNVUBOUJTSFTDVFECZDIJUJOBTF1MBOU $FMMm EF7SJFT4$ #PPJK) +BOTTFOT3 7PHFMT3 4BSJT- -P4DIJ BWP ' 5FS[J . WBO ,BNNFO " $BSSPU TPNBUJD FNCSZPHFOFTJT EFQFOET PO UIF QIZUPIPSNPOFDPO USPMMFE QSFTFODF PG DPSSFDUMZ HMZDPTZMBUFE FYUSBDFMMVMBS QSPUFJOT(FOFT%FWm %VEJUT% #ÕHSF- (ZÕSHZFZ+ .PMFDVMBSBOEDFMMVMBS BQQSPBDIFTUPUIFBOBMZTJTPGQMBOUFNCSZPEFWFMPQNFOU GSPNTPNBUJDDFMMTJOWJUSP+$FMM4DJm %VOTUBO %* 5BVUPSVT 5& ѮPSQF 5" 4PNBUJD FN CSZPHFOFTJTJOXPPEZQMBOUT*OѮPSQF5" FE *OWJUSP FNCSZPHFOFTJTJOQMBOUT,MVXFS %PSESFDIU QQm 'JMJQFDLJ ., 4PNNFS ) .BMFQT[Z 4 ѮF ."%4 CPY HFOF $64* JT FYQSFTTFE EVSJOH DVDVNCFS TPNBUJD FNCSZPHFOFTJT1MBOU4DJm 'VKJNVSB 5 ,PNBNJOF " 4ZODISPOJ[BUJPO PG TP NBUJDFNCSZPHFOFTJTJOBDBSSPUDFMMTVTQFOTJPODVMUVSF 1MBOU1IZTJPMm (BSSJEP % &MMFS / )FCFSMF#PST & 7JDFOUF 0 %F OPWPUSBOTDSJQUJPOPGTQFDJêDN3/"TEVSJOHUIFJOEVD UJPOPGUPCBDDPQPMMFOFNCSZPHFOFTJT4FY1MBOU3FQSPE m (BWJTI ) 7BSEJ " 'MVIS 3 &YUSBDFMMVMBS QSPUFJOT BOEFBSMZFNCSZPEFWFMPQNFOUJO$JUSVTOVDFMMBSDFMMDVM UVSFT1IZTJPM1MBOUm (BWJTI) 7BSEJ" 'MVIS3 4VQQSFTTJPOPGTPNBUJD FNCSZPHFOFTJT JO $JUSVT DFMM DVMUVSFT CZ FYUSBDFMMVMBS QSPUFJOT1MBOUBm
3FGFSFODFT
Ϗύϔ
(FSWBJT$ /FXDPNC8 4JNNPOET%) 3FBSSBOHF NFOUPGUIFBDUJOêMBNFOUBOENJDSPUVCVMFDZUPTLFMFUPO EVSJOH JOEVDUJPO PG NJDSPTQPSF FNCSZPHFOFTJT JO #SBT TJDBOBQVT-DW5PQBT1SPUPQMBTNBm (JVMJBOP( 3PTFMMJOJ% 5FS[J. "OFXNFUIPEGPS UIF QVSJêDBUJPO PG UIF EJĒFSFOU TUBHFT PG DBSSPU FNCSZ PJET1MBOU$FMM3FQm (SJNBOFMMJ% -FCMBOD0 1FSPUUJ& (SPTTOJLMBVT6 %FWFMPQNFOUBM HFOFUJDT PG HBNFUPQIZUJD BQPNJYJT 5SFOET(FOFUm (SJNBOFMMJ% 1FSPUUJ& 3BNJSF[+ -FCMBOD0 5JNJOH PG UIF NBUFSOBMUP[ZHPUJD USBOTJUJPO EVSJOH FBSMZ TFFE EFWFMPQNFOUJONBJ[F1MBOU$FMMm (SPTTOJLMBVT 6 4QJMMBOF $ 1BHF %3 ,ÕIMFS $ (F OPNJD JNQSJOUJOH BOE TFFE EFWFMPQNFOU FOEPTQFSN GPSNBUJPO XJUI BOE XJUIPVU TFY $VSS 0QJO 1MBOU #JPM m (VFSJO+ 3PTTFM+# 3PCFSU4 5TVDIJZB5 ,PMUVOPX" " %&'*$*&/4 IPNPMPHVF JT EPXOSFHVMBUFE EVS JOH BQPNJDUJD JOJUJBUJPO JO PWVMFT PG )JFSBDJVN 1MBOUB m (VIB4 .BIFTIXBSJ4$ *OWJUSPQSPEVDUJPOPGFN CSZPTGSPNBOUIFSTPG%BUVSB/BUVSF (VIB4 .BIFTIXBSJ4$ $FMMEJWJTJPOBOEEJĒFSFOUJB UJPO PG FNCSZPT JO UIF QPMMFO HSBJOT PG %BUVSB JO WJUSP /BUVSFm )BMQFSJO8 "MUFSOBUJWFNPSQIPHFOFUJDFWFOUTJODFMM TVTQFOTJPOT"N+#PUm )BMQFSJO 8 8FUIFSFMM %' "EWFOUJWF FNCSZPOZ JO UJTTVF DVMUVSFT PG UIF XJME DBSSPU %BVDVT DBSPUB "N + #PUm )BSEJOH &8 5BOH 8 /JDIPMT ,8 'FSOBOEF[ %& 1FSSZ 4& &YQSFTTJPOBOENBJOUFOBODFPGFNCSZPHFOJD QPUFOUJBMJTFOIBODFEUISPVHIDPOTUJUVUJWFFYQSFTTJPOPG "(".064-JLF1MBOU1IZTJPMm )FCFSMF#PST & 3FJOFSU + "OESPHFOFTJT JO JTPMBUFE QPMMFODVMUVSFTPG/JDPUJBOBUBCBDVNEFQFOEFODFVQPO QPMMFOEFWFMPQNFOU1SPUPQMBTNBm )FCFSMF#PST & 3FJOFSU + *TPMBUFE QPMMFO DVMUVSFT BOEQPMMFOEJNPSQIJTN/BUVSXJTTFOTDIBѫ )FDIU 7 7JFMMF$BM[BEB +1 )BSUPH .7 4DINJEU &%- #PVUJMJFS, (SPTTOJLMBVT6 EF7SJFT4$ ѮF"SB CJEPQTJT40."5*$&.#3:0(&/&4*43&$&1503,* /"4& HFOF JT FYQSFTTFE JO EFWFMPQJOH PWVMFT BOE FN CSZPTBOEFOIBODFTFNCSZPHFOJDDPNQFUFODFJODVMUVSF 1MBOU1IZTJPMm )FMMFCPJE 4 #BVX ( #FMJOHIFSJ - 7BTTFVS + )JMCFSU +- &YUSBDFMMVMBS ʃ HMVDBOBTFT BSF JOEVDFE EVS JOH FBSMZ TPNBUJD FNCSZPHFOFTJT JO $JDIPSJVN 1MBOUB m )FMMFCPJE4 $IBQNBO" )FOESJLT5 *O[Ê% 7BTTFVS+ )JM CFSU +- $MPOJOH PG ʃ HMVDBOBTFT FYQSFTTFE EVSJOH$JDIPSJVNTPNBUJDFNCSZPHFOFTJT1MBOU.PM#JPM m )FVFS4 )BOTFO4 #BOUJO+ #SFUUTDIOFJEFS3 ,SBO[& -ÕS[ ) %SFTTFMIBVT5 ѮFNBJ[F."%4CPYHFOF;N ."%4BĒFDUTOPEFOVNCFSBOETQJLFMFUEFWFMPQNFOU BOE JT DPFYQSFTTFE XJUI ;N."%4 EVSJOH ëPXFS EF WFMPQNFOU JO FHH DFMMT BOE FBSMZ FNCSZPHFOFTJT 1MBOU 1IZTJPMm )JSU ) 1ÃZ " (ZÕSHZFZ + #BLÓ - /ÊNFUI , #ÕHSF - 4DIXFZFO 3 )FCFSMF#PST & %VEJUT % $PNQMF NFOUBUJPOPGBZFBTUDFMMDZDMFNVUBOUCZBOBMGBMGBD%/" FODPEJOH B QSPUFJO LJOBTF IPNPMPHPVT UP QDED 1SPD /BUM"DBE4DJ64"m
Ϗύϕ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
)JXBUBTIJ: 'VLVEB) 5JTTVFTQFDJêDMPDBMJ[BUJPOPG N3/" GPS DBSSPU IPNFPCPY HFOFT $)#T JO DBSSPU TP NBUJDFNCSZPT1MBOU$FMM1IZTJPMm )PFLTUSB4 WBO#FSHFO4 WBO#SPVXFSTIBWFO*3 4DIJMQFSP PSU 3" 8BOH . "OESPHFOFTJT JO )PSEFVN WVM HBSF-FĒFDUTPGNBOOJUPM DBMDJVNBOEBCTDJTJDBDJEPO BOUIFSQSFUSFBUNFOU1MBOU4DJm )PML " ,BMEFOIPĒ 3 3JDIUFS ( 3FHVMBUJPO PG BO FNCSZPHFOJDDBSSPUHFOF %$ BOEJEFOUJêDBUJPOPG JUTBDUJWFQSPNPUFSTJUFT1MBOU.PM#JPMm )PSOFS. .PUU3- ѮFGSFRVFODZPGFNCSZPHFOJD QPMMFOHSBJOTJTOPUJODSFBTFECZJOWJUSPBOUIFSDVMUVSFJO /JDPUJBOBUBCBDVN-1MBOUBm )PSOFS . 4USFFU )& 1PMMFO EJNPSQIJTN m PSJHJO BOETJHOJêDBODFJOQPMMFOQMBOUGPSNBUJPOCZBOUIFSDVM UVSF"OO#PUm )VBOH# (FOFUJDNBOJQVMBUJPOPGNJDSPTQPSFTBOE NJDSPTQPSFEFSJWFE FNCSZPT *O 7JUSP $FMM %FW #JPM 1m *LFEB*XBJ. 4BUPI4 ,BNBEB) &TUBCMJTINFOUPG BSFQSPEVDJCMFUJTTVFDVMUVSFTZTUFNGPSUIFJOEVDUJPOPG "SBCJEPQTJTTPNBUJDFNCSZPT+&YQ#PUm *LFEB*XBJ. 6NFIBSB. 4BUPI4 ,BNBEB) 4USFTT JOEVDFE TPNBUJD FNCSZPHFOFTJT JO WFHFUBUJWF UJTTVFT PG "SBCJEPQTJTUIBMJBOB1MBOU+m *NJO/ /J[BNJEJO. %BOJIFS% /PMBO,& 3PTF3+ 3PMGF #( 1SPUFPNJDBOBMZTJTPGTPNBUJDFNCSZPHFOFTJT JO.FEJDBHPUSVODBUVMB&YQMBOUDVMUVSFTHSPXOVOEFS CFO[ZMBNJOPQVSJOF BOE OBQIUIBMFOFBDFUJD BDJE USFBU NFOUT1MBOU1IZTJPMm *OESJBOUP" #BSJOPWB* 5PVSBFW" )FCFSMF#PST& 5SBDLJOHJOEJWJEVBMXIFBUNJDSPTQPSFTJOWJUSPJEFOUJê DBUJPOPGFNCSZPHFOJDNJDSPTQPSFTBOECPEZBYJTGPSNB UJPOJOUIFFNCSZP1MBOUBm +BJO4. 4PQPSZ4, 7FJMMFVY3& *OWJUSPIBQMPJEQSP EVDUJPOJOIJHIFSQMBOUT WPMm,MVXFS %PSESFDIU +BJO4. 4PQPSZ4, 7FJMMFVY3& *OWJUSPIBQMPJEQSP EVDUJPOJOIJHIFSQMBOUT WPM ,MVXFS %PSESFDIU +BOTFO .", #PPJK ) 4DIFM +)/ EF 7SJFT 4$ $BM DJVNJODSFBTFTUIFZJFMEPGTPNBUJDFNCSZPTJODBSSPUFN CSZPHFOJDTVTQFOTJPODVMUVSFT1MBOU$FMM3FQm ,BNBEB ) *TIJLBXB , 4BHB ) )BSBEB ) *OEVD UJPOPGTPNBUJDFNCSZPHFOFTJTJODBSSPUCZPTNPUJDTUSFTT 1MBOU5JTTVF$VMU-FUUm ,BNBEB ) 5BDIJLBXB : 4BJUPV 5 )BSBEB ) )FBU TUSFTT JOEVDUJPO PG DBSSPU TPNBUJD FNCSZPHFOFTJT 1MBOU 5JTTVF$VMU-FUUm ,BXBIBSB 3 4VOBCPSJ 4 'VLVEB ) ,PNBNJOF " " HFOF FYQSFTTFE QSFGFSFOUJBMMZ JO UIF HMPCVMBS TUBHF PG TPNBUJDFNCSZPHFOFTJTFODPEFTFMPOHBUJPOGBDUPSʂJO DBSSPU&VS+#JPDIFNm ,BXBIBSB3 ,PNBNJOF" 'VLVEB) *TPMBUJPOBOE DIBSBDUFSJ[BUJPOPGIPNFPCPYDPOUBJOJOHHFOFTPGDBSSPU 1MBOU.PM#JPMm ,JZPTVF 5 ,BNBEB ) )BSBEB ) *OEVDUJPO PG TP NBUJDFNCSZPHFOFTJTCZTBMUTUSFTTJODBSSPU1MBOU5JTTVF $VMU-FUUm ,JZPTVF 5 5BLBOP , ,BNBEB ) )BSBEB ) *OEVD UJPOPGTPNBUJDFNCSZPHFOFTJTJODBSSPUCZIFBWZNFUBM JPOT$BO+#PUm ,PMUVOPX". "QPNJYJTFNCSZPTBDTBOEFNCSZPT GPSNFE XJUIPVU NFJPTJT PS GFSUJMJ[BUJPO JO PWVMFT 1MBOU $FMMm
,PMUVOPX". "QPNJYJTmPUIFSQBUIXBZTGPSSFQSP EVDUJWF EFWFMPQNFOU JO BOHJPTQFSNT *O 8JMMJBNT &( FU BM FET (FOFUJD DPOUSPM PG TFMGJODPNQBUJCJMJUZ BOE SFQSPEVDUJWF EFWFMPQNFOU JO ëPXFSJOH QMBOUT ,MVXFS %PSESFDIU QQm ,PMUVOPX". 4PMUZT, /JUP/ .D$MVSF4 "OUIFS PWVMF TFFE BOEOVDFMMBSFNCSZPEFWFMPQNFOUJO$JUSVT TJOFOTJTDW7BMFODJB$BO+#PUm ,PMUVOPX". +PIOTPO4% #JDLOFMM3" 4FYVBMBOE BQPNJDUJDEFWFMPQNFOUJO)JFSBDJVN4FY1MBOU3FQSPE m ,PMUVOPX ". +PIOTPO 4% #JDLOFMM 3" "QPNJYJT JTOPUEFWFMPQNFOUBMMZDPOTFSWFEJOSFMBUFE HFOFUJDBMMZ DIBSBDUFSJ[FE )JFSBDJVN QMBOUT PG WBSZJOH QMPJEZ 4FY 1MBOU3FQSPEm ,SBHI ,. +BDPCTFO 4 .JLLFMTFO +% /JFMTFO ," 1VSJêDBUJPOBOEDIBSBDUFSJ[BUJPOPGUISFFDIJUJOBTFTBOE POFʃ HMVDBOBTFBDDVNVMBUJOHJOUIFNFEJVNPGDFMM TVTQFOTJPODVMUVSFTPGCBSMFZ )PSEFVNWVMHBSF- 1MBOU 4DJm ,SBHI,. )FOESJLT5 EF+POH", -P4DIJBWP' #VDIFSOB / )KSVQ1 .JLLFMTFO+% EF7SJFT4$ $IBSBD UFSJ[BUJPOPGDIJUJOBTFTBCMFUPSFTDVFTPNBUJDFNCSZPTPG UIFUFNQFSBUVSFTFOTJUJWFDBSSPUWBSJBOUUT1MBOU.PM #JPMm ,SFVHFS. WBO)PMTU(+ "SBCJOPHBMBDUBOQSPUFJOT BSFFTTFOUJBMJOTPNBUJDFNCSZPHFOFTJTPG%BVDVTDBSPUB -1MBOUBm ,SFVHFS . WBO )PMTU (+ "SBCJOPHBMBDUBOQSPUFJO FQJUPQFT JO TPNBUJD FNCSZPHFOFTJT PG %BVDVT DBSPUB - 1MBOUBm ,SJTIOBSBK4 7BTJM*, 4PNBUJDFNCSZPHFOFTJTJOIFS CBDFPVTNPOPDPUT*OѮPSQF5" FE *OWJUSPFNCSZP HFOFTJTJOQMBOUT,MVXFS %PSESFDIU QQm ,ZP. )BSBEB) $POUSPMPGUIFEFWFMPQNFOUBMQBUI XBZPGUPCBDDPQPMMFOJOWJUSP1MBOUBm ,ZP . )BSBEB ) 4QFDJêD QIPTQIPQSPUFJOT JO UIF JOJUJBM QFSJPE PG UPCBDDP QPMMFO FNCSZPHFOFTJT 1MBOUB m ,ZP. 0ILBXB5 *OWFTUJHBUJPOPGTVCDFMMVMBSMPDBM J[BUJPO PG TFWFSBM QIPTQIPQSPUFJOT JO FNCSZPHFOJD QPM MFOHSBJOTPGUPCBDDP+1MBOU1IZTJPMm -FCMBOD 0 1FFM .% $BSNBO +( 4BWJEBO : .FHB TQPSPHFOFTJT BOE NFHBHBNFUPHFOFTJT JO TFWFSBM 5SJQTB DVNTQFJFT 1PBDFBF "N+#PUm -FCMBOD 0 "SNTUFBE * 1FTTJOP 4 0SUJ[ +1" &WBOT $ EP 7BMMF $ )BZXBSE .% /POSBEJPBDUJWF N3/" êOHFSQSJOUJOHUPWJTVBMJTFHFOFFYQSFTTJPOJONBUVSFPWB SJFTPG#SBDIJBSJBIZCSJETEFSJWFEGSPN#CSJ[BOUIB BO BQPNJDUJDUSPQJDBMGPSBHF1MBOU4DJm -JO 9 )XBOH (+) ;JNNFSNBO +- *TPMBUJPO BOE DIBSBDUFSJ[BUJPOPGBEJWFSTFTFUPGHFOFTGSPNDBSSPUTP NBUJDFNCSZPT1MBOU1IZTJPMm -JOE[FO & $IPJ +) " DBSSPU D%/" FODPEJOH BO BUZQJDBMQSPUFJOLJOBTFIPNPMPHPVTUPQMBOUDBMDJVNEF QFOEFOUQSPUFJOLJOBTFT1MBOU.PM#JPMm -P4DIJBWP' (JVMJBOP( EF7SJFT4$ (FOHB" #PMMJOJ3 1JUUP- $P[[BOJ' /VUJ3PODIJ7 5FS[J. "DBS SPUDFMMWBSJBOUUFNQFSBUVSFTFOTJUJWFGPSTPNBUJDFNCSZP HFOFTJT SFWFBMT B EFGFDU JO UIF HMZDPTZMBUJPO PG FYUSBDFM MVMBSQSPUFJOT.PM(FO(FOFUm
-PUBO 5 0IUP . :FF ,. 8FTU ."- -P 3 ,XPOH 38 :BNBHJTIJ , 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ "SBCJEPQTJT -&"': $05:-&%0/ JT TVēDJFOU UP JOEVDF FNCSZP EFWFMPQNFOU JO WFHFUBUJWF DFMMT $FMM m .BHOBSE+- MF%FVOĒ& %PNFOFDI+ 3PHPXTLZ1. 5FT UJMMBOP14 3PVHJFS. 3JTVFÒP.$ 7FSHOF1 %VNBT$ (FOFTOPSNBMMZFYQSFTTFEJOUIFFOEPTQFSNBSF FYQSFTTFE BU FBSMZ TUBHFT PG NJDSPTQPSF FNCSZPHFOFTJT 1MBOU.PM#JPMm .BTVEB ) 0PIBTIJ 4* 5PLVKJ : .J[VF : %JSFDU FNCSZP GPSNBUJPO GSPN FQJEFSNBM DFMMT PG DBSSPU IZQP DPUZMT+1MBOU1IZTJPMm .BU[L' .FJTUFS" 4DIVCFSU* "OFēDJFOUTDSFFOGPS SFQSPEVDUJWFQBUIXBZTVTJOHNBUVSFTFFETPGNPOPDPUT BOEEJDPUT1MBOU+m .D$BCF 1' 7BMFOUJOF 5" 'PSTCFSH -4 1FOOFMM 3* 4PMVCMF TJHOBMT GSPN DFMMT JEFOUJêFE BU UIF DFMM XBMM FT UBCMJTI B EFWFMPQNFOUBM QBUIXBZ JO DBSSPU 1MBOU $FMM m .PSEIPSTU "1 7PFSNBO ,+ )BSUPH .7 .FJKFS &" WBO 8FOU + ,PPSOOFFG . EF 7SJFT 4$ 4PNBUJD FN CSZPHFOFTJTJO"SBCJEPQTJTUIBMJBOBJTGBDJMJUBUFECZNV UBUJPOT JO HFOFT SFQSFTTJOH NFSJTUFNBUJD DFMM EJWJTJPOT (FOFUJDTm .PSEIPSTU "1 )BSUPH .7 &M 5BNFS ., -BVY 5 EF 7S JFT 4$ 4PNBUJD FNCSZPHFOFTJT GSPN "SBCJEPQTJT TIPPUBQJDBMNFSJTUFNNVUBOUT1MBOUBm /BVNPWB 5/ "QPNJYJT JO BOHJPTQFSNT /VDFMMBS BOE JOUFHVNFOUBSZ FNCSZPOZ $3$ 1SFTT #PDB 3BUPO '/BVNPWB5/ 8JMMFNTF.5. 6MUSBTUSVDUVSBMDIBS BDUFSJ[BUJPOPGBQPTQPSZJO1BOJDVNNBYJNVN4FY1MBOU 3FQSPEm /BVNPWB 5 EFO /JKT "1. 8JMMFNTF .5. 2VBO UJUBUJWF BOBMZTJT PG BQPTQPSPVT QBSUIFOPHFOFTJT JO 1PB QSBUFOTJTHFOPUZQFT"DUB#PU/FFSMm /BVNPWB 5/ WBO EFS -BBL + 0TBEUDIJZ + .BU[L ' ,SBWUFDIFOLP " #FSHFSWPFU + 3BNVMV ,4 #PVUJMJFS , 3FQSPEVDUJWF EFWFMPQNFOU JO BQPNJDUJD QPQVMB UJPOTPG"SBCJTIPMCPFMMJJ #SBTTJDBDFBF 4FY1MBOU3FQSPE m /JFMTFO," )BOTFO*# "QQFBSBODFPGFYUSBDFMMVMBS QSPUFJOT BTTPDJBUFE XJUI TPNBUJD FNCSZPHFOFTJT JO TVT QFOTJPODVMUVSFTPGCBSMFZ )PSEFVNWVMHBSF- +1MBOU 1IZTJPMm /JTIJXBLJ. 'VKJOP, ,PEB: .BTVEB, ,JLVUB: 4PNBUJD FNCSZPHFOFTJT JOEVDFE CZ UIF TJNQMF BQQMJDB UJPOPGBCTDJTJDBDJEUPDBSSPU %BVDVTDBSPUB- TFFEMJOHT JODVMUVSF1MBOUBm /JUTDI$ /PSSFFM# &ĒFUEVODIPDUIFSNJRVFTVSMF QPVWPJSFNCSZPHÍOFEVQPMMFOEF%BUVSBJOOPYJBDVMUJWÊ EBOT MBOUIÍSF PV JTPMÊ EF MBOUIÍSF $ 3 "DBE 4DJ 1BSJT m /PHMFS (" (BNFUPQIZUJD BQPNJYJT *O +PISJ #. FE &NCSZPMPHZ PG BOHJPTQFSNT 4QSJOHFS #FSMJO )FJ EFMCFSH/FX:PSL QQm /PMBO ,& *SXBOUP 33 3PTF 3+ "VYJO VQSFHV MBUFT.U4&3,FYQSFTTJPOJOCPUI.FEJDBHPUSVODBUVMB SPPUGPSNJOH BOE FNCSZPHFOJD DVMUVSFT 1MBOU 1IZTJPM m
3FGFSFODFT
Ϗύϖ
/PNVSB, ,PNBNJOF" *EFOUJêDBUJPOBOEJTPMBUJPO PG TJOHMF DFMMT UIBU QSPEVDF TPNBUJD FNCSZPT BU B IJHI GSFRVFODZ JO B DBSSPU TVTQFOTJPO DVMUVSF 1MBOU 1IZTJPM m 0HBT+ $IFOH+$ 4VOH;3 4PNFSWJMMF$ $FMMVMBS EJĒFSFOUJBUJPOSFHVMBUFECZHJCCFSFMMJOJOUIF"SBCJEPQTJT UIBMJBOBQJDLMFNVUBOUT4DJFODFm 0I 4, 4UFJOFS ): %PVHBMM %, 3PCFSUT %. .PEVMBUJPO PG DBMNPEVMJO MFWFMT DBMNPEVMJO NFUI ZMBUJPO BOE DBMNPEVMJO CJOEJOH QSPUFJOT EVSJOH DBSSPU DFMMHSPXUIBOEFNCSZPHFOFTJT"SDI#JPDIFN#JPQIZT m 0WFSWPPSEF1+ (SJNFT)% ѮFSPMFPGDBMDJVNBOE DBMNPEVMJOJODBSSPUTPNBUJDFNCSZPHFOFTJT1MBOU$FMM 1IZTJPMm 1FDIBO 1. 4NZLBM 1 "OESPHFOFTJT BĒFDUJOH UIF GBUFPGUIFNBMFHBNFUPQIZUF1IZTJPM1MBOUm 1FDIBO 1. #BSUFMT % #SPXO %$8 4DIFMM + .FT TFOHFS3/" BOE QSPUFJO DIBOHFT BTTPDJBUFE XJUI JO EVDUJPO PG #SBTTJDB NJDSPTQPSF FNCSZPHFOFTJT 1MBOUB m 1FFM.% $BSNBO+( -FCMBOD0 .FHBTQPSPDZUFDBM MPTFJOBQPNJDUJDCVĒFMHSBTT ,FOUVDLZCMVFHSBTT 1FOOJ TFUVN TRVBNVMBUVN 'SFTFO 5SJQTBDVN - BOE XFFQJOH MPWFHSBTT$SPQ4DJm 1FTTJOP 4$ &TQJOP[B ' .BSUÎOF[ &+ 0SUJ[ +1" 7BMMF &. 2VBSÎO$" *TPMBUJPOPGD%/"DMPOFTEJĒFSFOUJBMMZ FYQSFTTFE JO ëPXFST PG BQPNJDUJD BOE TFYVBM 1BTQBMVN OPUBUVN)FSFEJUBTm 1JMMPO& 5FS[J. #BMEBO# .BSJBOJ1 -P4DIJBWP' " QSPUPDPM GPS PCUBJOJOH FNCSZPHFOJD DFMM MJOFT GSPN "SBCJEPQTJT1MBOU+m 3BHIBWBO7 3PMFPGUIFHFOFSBUJWFDFMMJOBOESPHFO FTJTJOIFOCBOF4DJFODFm 3BHIBWBO7 1BUUFSOPG%/"TZOUIFTJTEVSJOHQPMMFO FNCSZPHFOFTJTJOIFOCBOF+$FMM#JPMm 3BHIBWBO 7 0SJHJO BOE EFWFMPQNFOU PG QPMMFO FN CSZPJETBOEQPMMFODBMMVTFTJODVMUVSFEBOUIFSTFHNFOUT PG)ZPTDZBNVTOJHFS IFOCBOF "N+#PUm 3BHIBWBO7 "OBVUPSBEJPHSBQIJDTUVEZPG3/"TZO UIFTJTEVSJOHQPMMFOFNCSZPHFOFTJTJO)ZPTDZBNVTOJHFS IFOCBOF "N+#PUm 3BHIBWBO7 %JTUSJCVUJPOPGQPMZ " DPOUBJOJOH3/" EVSJOHOPSNBMQPMMFOEFWFMPQNFOUBOEEVSJOHJOEVDFE QPMMFO FNCSZPHFOFTJT JO )ZPTDZBNVT OJHFS + $FMM #JPM m 3BHIBWBO7 1SPUFJOTZOUIFUJDBDUJWJUZEVSJOHOPSNBM QPMMFOEFWFMPQNFOUBOEEVSJOHJOEVDFEQPMMFOFNCSZP HFOFTJTJO)ZPTDZBNVTOJHFS$BO+#PUm 3BHIBWBO 7 &NCSZPHFOFTJT JO BOHJPTQFSNT " EF WFMPQNFOUBMBOEFYQFSJNFOUBMTUVEZ$BNCSJEHF6OJWFS TJUZ1SFTT /FX:PSL 3BHIBWBO7 3PMFPG EJDIMPSPQIFOPYZBDFUJDBDJE % JO TPNBUJD FNCSZPHFOFTJT JO DVMUVSFE [ZHPUJD FNCSZPT PG "SBCJEPQTJT DFMM FYQBOTJPO DFMM DZMJOH BOE NPSQIPHFOFTJTEVSJOHDPOUJOVPVTFYQPTVSFPGFNCSZPT UP %"N+#PUm 3BP ,4 &NCSZPHFOFTJT JO ëPXFSJOH QMBOUT SFDFOU BQQSPBDIFTBOEQSPTQFDUT+#JPTDJm 3BTIJE " 4USFFU )& ѮF EFWFMPQNFOU PG IBQMPJE FNCSZPJETGSPNBOUIFSDVMUVSFTPG"USPQBCFMMBEPOOB- 1MBOUBm 3FZOPMET 5- 1PMMFO FNCSZPHFOFTJT 1MBOU .PM #JPM m
Ϗώύ
$IBQUFSϖ /PO[ZHPUJD&NCSZP%FWFMPQNFOUo&NCSZPHFOFTJTXJUIPVU4FY
3FZOPMET 5- $SBXGPSE 3- $IBOHFT JO BCVOEBODF PG BO BCTDJTJD BDJESFTQPOTJWF FBSMZ DZTUFJOFMBCFMFE NFUBMMPUIJPOFJO USBOTDSJQU EVSJOH QPMMFO FNCSZPHFO FTJTJOCSFBEXIFBU 5SJUJDVNBFTUJWVN 1MBOU.PM#JPM m 3FZOPMET 5- ,JUUP 4- *EFOUJêDBUJPO PG FNCSZPJE BCVOEBOU HFOFT UIBU BSF UFNQPSBMMZ FYQSFTTFE EVSJOH QPMMFO FNCSZPHFOFTJT JO XIFBU BOUIFS DVMUVSFT 1MBOU 1IZTJPMm 3FZOPMET 5- 3BHIBWBO 7 "O BVUPSBEJPHSBQIJD TUVEZPG3/"TZOUIFTJTEVSJOHNBUVSBUJPOBOEHFSNJOB UJPOPGQPMMFOHSBJOTPG )ZPTDZBNVTOJHFS1SPUPQMBTNB m 3JDIBSET"+ 1MBOUCSFFEJOHTZTUFNT OEFEO$IBQ NBOBOE)BMM -POEPO 3PCBUDIF$MBJWF "4 $PVJMMFSPU +1 %VCPJT + %VCPJT 5 7BTTFVS + &NCSZPHFOÍTF TPNBUJRVF EJSFDUF EBOT MFTGFVJMMFTEV$JDIPSJVNIZCSJEFiuTZODISPOJ[BUJPO EFMJOEVDUJPO$3"DBE4DJ1BSJTm 4BOHXBO/PSSFFM #4 $ZUPDIFNJDBM BOE VMUSBTUSVD UVSBM QFDVMJBSJUJFT PG FNCSZPHFOJD QPMMFO HSBJOT BOE PG ZPVOHBOESPHFOJDFNCSZPTJO%BUVSBJOOPYJB$BO+#PU m 4BOUPT.0 3PNBOP& :PUPLP,4$ 5JOPDP.-1 %JBT##" "SBHÈP'+- $IBSBDUFSJTBUJPOPGUIFDBDBPTPNBUJD FNCSZPHFOFTJTSFDFQUPSMJLFLJOBTF 4&3, FYQSFTTFEEVS JOHTPNBUJDFNCSZPHFOFTJT1MBOU4DJm 4BUP4 5PZB5 ,BXBIBSB3 8IJUUJFS3' 'VLVEB) ,PN BNJOF" *TPMBUJPOPGBDBSSPUHFOFFYQSFTTFETQF DJêDBMMZEVSJOHFBSMZTUBHFTPNBUJDFNCSZPHFOFTJT1MBOU .PM#JPMm 4BWJEBO: "QPNJYJTHFOFUJDTBOECSFFEJOH)PSUJD 3FWm 4DINJEU&%- (V[[P' 5PPOFO."+ EF7SJFT4$ " MFVDJOFSJDISFQFBUDPOUBJOJOHSFDFQUPSMJLFLJOBTFNBSLT TPNBUJDQMBOUDFMMTDPNQFUFOUUPGPSNFNCSZPT%FWFMPQ NFOUm 4FWJMMB-FDPR 4 %FHVFSSZ ' .BUUIZT3PDIPO & 1FSF[ 1 %VNBT$ 3PHPXTLZ1. "OBMZTJTPG;N"&VQ TUSFBN TFRVFODFT JO NBJ[F FOEPTQFSN BOE BOESPHFOJD FNCSZPT4FY1MBOU3FQSPEm 4IBI, (BEFMMB58++S WBO&SQ) )FDIU7 EF7SJFT4$ B 4VCDFMMVMBS MPDBMJ[BUJPO BOE PMJHPNFSJ[BUJPO PG UIF"SBCJEPQTJTUIBMJBOBTPNBUJDFNCSZPHFOFTJTSFDFQUPS LJOBTFQSPUFJO+.PM#JPMm 4IBI, 7FSWPPSU+ EF7SJFT4$ C 3PMFPGUISFPOJOFT JO UIF "SBCJEPQTJT UIBMJBOB TPNBUJD FNCSZPHFOFTJT SF DFQUPSLJOBTF*BDUJWBUJPOMPPQJOQIPTQIPSZMBUJPO+#JPM $IFNm 4IBI , 3VTTJOPWB & (BEFMMB 58+ +S 8JMMFNTF + EF 7S JFT4$ ѮF"SBCJEPQTJTLJOBTFBTTPDJBUFEQSPUFJO QIPTQIBUBTFTDPOUSPMTJOUFSOBMJ[BUJPOPGUIFTPNBUJDFN CSZPHFOFTJTSFDFQUPSLJOBTF(FOFT%FWm 4IBSNB ,, ѮPSQF 5" "TFYVBM FNCSZPHFOFTJT JO WBTDVMBSQMBOUTJOOBUVSF*OѮPSQF5" FE *OWJUSPFN CSZPHFOFTJTJOQMBOUT,MVXFS %PSESFDIU QQm 4NJUI%- ,SJLPSJBO"% 3FMFBTFPGTPNBUJDFNCSZP HFOJD QPUFOUJBM GSPN FYDJTFE [ZHPUJD FNCSZPT PG DBSSPU BOENBJOUFOBODFPGQSPFNCSZPOJDDVMUVSFTJOIPSNPOF GSFFNFEJVN"N+#PUm 4NJUI %- ,SJLPSJBO "% 4PNBUJD FNCSZPHFOFTJT PGDBSSPUJOIPSNPOFGSFFNFEJVNFYUFSOBMQ)DPOUSPM PWFSNPSQIPHFOFTJT"N+#PUm
4PNMFWB ./ 4DINJEU &%- EF 7SJFT 4$ &NCSZP HFOJD DFMMT JO %BDUZMJT HMPNFSBUB - 1PBDFBF FYQMBOUT JEFOUJêFE CZ DFMM USBDLJOH BOE 4&3, FYQSFTTJPO 1MBOU $FMM3FQm 4QJFMNBO. 7JOLFOPPH3 4DPUU3+ (FOFUJDNFDIB OJTNT PG BQPNJYJT 1IJMPT 5SBOT 3 4PD 4FS # m 4UFCCJOT(-+S $ZUPMPHZPG"OUFOOBSJB**1BSUIFOP HFOFUJDTQFDJFT#PU(B[m 4UFCCJOT(-+S +FOLJOT+" "QPTQPSJDEFWFMPQNFOUJO UIF OPSUI "NFSJDBO TQFDJFT PG $SFQJT (FOFUJDB m 4UFSL1 #PPJK) 4DIFMMFLFOT(" WBO,BNNFO" EF7SJFT 4$ $FMMTQFDJêDFYQSFTTJPOPGUIFDBSSPU&1MJQJE USBOTGFSQSPUFJOHFOF1MBOU$FMMm 4UFXBSE'$ ѮFDPOUSPMPGHSPXUIJOQMBOUDFMMT4DJ "N m 4UFXBSE'$ (SPXUIBOEPSHBOJ[BUJPOJOQMBOUT"E EJTPO8FTMFZ 3FBEJOH ." 4UFXBSE '$ .BQFT .0 ,FOU "& )PMTUFO 3% (SPXUIBOEEFWFMPQNFOUPGDVMUVSFEQMBOUDFMMT4DJFODF m 4UPOF4- ,XPOH-8 :FF,. 1FMMFUJFS+ -FQJOJFD- 'JTDIFS 3- (PMECFSH 3# )BSBEB ++ -&"': $05:-& %0/ FODPEFT B # EPNBJO USBOTDSJQUJPO GBDUPS UIBU JOEVDFT FNCSZP EFWFMPQNFOU 1SPD /BUM "DBE 4DJ 64" m 4USBBUNBO ,3 4DIFM +)/ %JTUSJCVUJPO PG TQMJDJOH QSPUFJOT BOE QVUBUJWF DPJMFE CPEJFT EVSJOH QPMMFO EF WFMPQNFOUBOEBOESPHFOFTJTJO#SBTTJDBOBQVT-1SPUP QMBTNBm 4USBBUNBO ,3 /JKTTF + ,JFѫ ) WBO "FMTU "$ 4DIFM +)/ /VDMFBS QPSF EZOBNJDT EVSJOH QPMMFO EFWFMPQ NFOU BOE BOESPHFOFTJT JO#SBTTJDB OBQVT 4FY 1MBOU 3F QSPEm 4VFO ,- $IPJ +) *TPMBUJPO BOE TFRVFODF BOBMZTJT PG B D%/" DMPOF GPS B DBSSPU DBMDJVNEFQFOEFOU QSP UFJO LJOBTF IPNPMPHZ UP DBMDJVNDBMNPEVMJOEFQFO EFOUQSPUFJOLJOBTFTBOEUPDBMNPEVMJO1MBOU.PM#JPM m 4VOEFSMBOE/ 8JDLT'. &NCSZPJEGPSNBUJPOJOQPM MFOHSBJOTPG/JDPUJBOBUBCBDVN+&YQ#PUm 4VOEFSMBOE/ $PMMJOT(# %VOXFMM+. ѮFSPMFPG OVDMFBS GVTJPO JO QPMMFO FNCSZPHFOFTJT PG %BUVSB JO OPYJB.JMM1MBOUBm 4VOEFSMBOE / 3PCFSUT . &WBOT -+ 8JMEPO %$ .VMUJDFMMVMBSQPMMFOGPSNBUJPOJODVMUVSFECBSMFZBOUIFST +&YQ#PUm 4VOH;3 0LJNPUP3 &NCSZPOJDQSPUFJOTJOTPNBUJD FNCSZPT PG DBSSPU 1SPD /BUM "DBE 4DJ 64" m 5BLBIBUB , 5BLFVDIJ . 'VKJUB . "[VNB + ,BNBEB ) 4BUP ' *TPMBUJPO PG QVUBUJWF HMZDPQSPUFJO HFOF GSPN FBSMZ TPNBUJD FNCSZPT PG DBSSPU BOE JUT QPTTJCMF JOWPMWFNFOUJOTPNBUJDFNCSZPEFWFMPQNFOU1MBOU$FMM 1IZTJPMm 5BLFEB ) ,PUBLF 5 /BLBHBXB / 4BLVSBJ / /FWJOT %+ &YQSFTTJPO BOE GVODUJPO PG DFMM XBMMCPVOE DBU JPOJD QFSPYJEBTF JO "TQBSBHVT TPNBUJD FNCSZPHFOFTJT 1MBOU1IZTJPMm 5BǨLJO ,. 5VSHVU , 4DPUU 3+ "QPNJDUJD EFWFMPQ NFOU JO "SBCJT HVOOJTPOJBOB *TSBFM + 1MBOU 4DJ m
5FMNFS$" /FXDPNC8 4JNNPOET%) .JDSPTQPSF EFWFMPQNFOUJO#SBTTJDBOBQVTBOEUIFFĒFDUPGIJHIUFN QFSBUVSF PO EJWJTJPO JO WJUWP BOE JO WJUSP 1SPUPQMBTNB m ѮPNBT$ .FZFS% )JNCFS$ 4UFJONFU[" 4QBUJBM FYQSFTTJPOPGBTVOëPXFS4&3,HFOFEVSJOHJOEVDUJPOPG TPNBUJD FNCSZPHFOFTJT BOE TIPPU PSHBOPHFOFTJT 1MBOU 1IZTJPM#JPDIFNm ѮPSQF 5" 4UBTPMMB $ 4PNBUJD FNCSZPHFOFTJT *O #IPKXBOJ44 4PI8: FET $VSSFOUUSFOETJOUIFFNCSZ PMPHZPGBOHJPTQFSNT,MVXFS %PSESFDIU QQm 5JNNFST "$+ 3FJTT )% #PITVOH + 5SBYFM , 4DIFM +)/ -PDBMJ[BUJPO PG DBMDJVN EVSJOH TPNBUJD FN CSZPHFOFTJT PG DBSSPU %BVDVT DBSPUB - 1SPUPQMBTNB m 5PPOFO ."+ 4DINJEU &%- WBO ,BNNFO " EF 7SJFT 4$ B 1SPNPUJWF BOE JOIJCJUPSZ FĒFDUT PG EJWFSTF BSB CJOPHBMBDUBO QSPUFJOT PO %BVDVT DBSPUB - TPNBUJD FN CSZPHFOFTJT1MBOUBm 5PPOFO."+ 7FSIFFT+" 4DINJEU&%- WBO,BNNFO" EF 7SJFT 4$ C "U-51 MVDJGFSBTF FYQSFTTJPO EVSJOH DBSSPUTPNBUJDFNCSZPHFOFTJT1MBOU+m 5PVSBFW " *MIBN " 7JDFOUF 0 )FCFSMF#PST & B 4USFTTJOEVDFENJDSPTQPSFFNCSZPHFOFTJTJOUPCBDDPBO PQUJNJ[FE TZTUFN GPS NPMFDVMBS TUVEJFT 1MBOU $FMM 3FQ m 5PVSBFW " *OESJBOUP " 8SBUTDILP * 7JDFOUF 0 )FCFSMF #PST & C &ēDJFOU NJDSPTQPSF FNCSZPHFOFTJT JO XIFBU 5SJUJDVN BFTUJWVN - JOEVDFE CZ TUBSWBUJPO BU IJHIUFNQFSBUVSF4FY1MBOU3FQSPEm 5PVSBFW " 1GPTTFS . )FCFSMF#PST & ѮF NJDSP TQPSF B IBQMPJE NVMUJQVSQPTF DFMM "EW #PU 3FT m 5VDLFS .3 1BFDI /" 8JMMFNTF .5. ,PMUVOPX ".( %ZOBNJDT PG DBMMPTF EFQPTJUJPO BOE ʃ HMVDB OBTFFYQSFTTJPOEVSJOHSFQSPEVDUJWFFWFOUTJOTFYVBMBOE BQPNJDUJD)JFSBDJVN1MBOUBm 5VDLFS.3 "SBVKP"$( 1BFDI/" )FDIU7 4DINJEU&%- 3PTTFMM +# EF 7SJFT 4$ ,PMUVOPX ".( 4FYVBM BOE BQPNJDUJD SFQSPEVDUJPO JO )JFSBDJVN TVCHFOVT 1J MPTFMMB BSF DMPTFMZ JOUFSSFMBUFE EFWFMPQNFOUBM QBUIXBZT 1MBOU$FMMm WBO&OHFMFO'" 4UFSL1 #PPJK) $PSEFXFOFS+)( 3PPL8 WBO ,BNNFO " EF 7SJFT 4$ )FUFSPHFOFJUZ BOE DFMM UZQFTQFDJêD MPDBMJ[BUJPO PG B DFMM XBMM HMZDPQSPUFJO GSPNDBSSPUTVTQFOTJPODFMMT1MBOU1IZTJPMm WBO&OHFMFO'" EF+POH"+ .FJKFS&" ,VJM$8 .FZCPPN +, %JSLTF8( #PPJK) )BSUPH.7 7BOEFLFSDLIPWF+ EF7SJFT4$ WBO,BNNFO" 1VSJêDBUJPO JNNV OPMPHJDBMDIBSBDUFSJ[BUJPOBOED%/"DMPOJOHPGBL%B HMZDPQSPUFJO TFDSFUFE CZ DBSSPU TVTQFOTJPO DFMMT 1MBOU .PM#JPMm WBO)FOHFM"+ 5BEFTTF; *NNFS[FFM1 4DIPMT) WBO,BN NFO" EF7SJFT4$ /BDFUZMHMVDPTBNJOFBOEHMV DPTBNJOFDPOUBJOJOH BSBCJOPHBMBDUBO QSPUFJOT DPOUSPM TPNBUJDFNCSZPHFOFTJT1MBOU1IZTJPMm
3FGFSFODFT
Ϗώώ
WBO)FOHFM"+ (V[[P' WBO,BNNFO" EF7SJFT4$ &YQSFTTJPOQBUUFSOPGUIFDBSSPU&1FOEPDIJUJOBTFHFOFT JO TVTQFOTJPO DVMUVSFT BOE JO EFWFMPQJOH TFFET 1MBOU 1IZTJPMm 7BTJM7 7BTJM*, 4PNBUJDFNCSZPHFOFTJTBOEQMBOUSF HFOFSBUJPOGSPNTVTQFOTJPODVMUVSFTPGQFBSMNJMMFU 1FO OJTFUVNBNFSJDBOVN "OO#PUm 7JFMMF$BM[BEB +1 /VDDJP .- #VEJNBO .- ѮPNBT 5- #VSTPO #- )VTTFZ ." 8JOH 3" $PNQBSJTPO HFOFFYQSFTTJPOJOTFYVBMBOEBQPNJDUJDPWBSJFTPG 1FO OJTFUVNDJMJBSF - -JOL1MBOU.PM#JPMm 8BLBOB " 6FNPUP 4 "EWFOUJWF FNCSZPHFOFTJT JO $JUSVT * ѮF PDDVSSFODF PG BEWFOUJWF FNCSZPT XJUIPVU QPMMJOBUJPOPSGFSUJMJ[BUJPO"N+#PUm 8BLBOB " 6FNPUP 4 "EWFOUJWF FNCSZPHFOFTJT JO $JUSVT 3VUBDFBF ** 1PTUGFSUJMJ[BUJPO EFWFMPQNFOU "N +#PUm 8FUIFSFMM %' )BMQFSJO 8 &NCSZPT EFSJWFE GSPN DBMMVTUJTTVFDVMUVSFTPGUIFXJMEDBSSPU/BUVSFm 8JMEF )% /FMTPO 84 #PPJK ) EF 7SJFT 4$ ѮPNBT 5- (FOFFYQSFTTJPO QSPHSBNT JO FNCSZPHFOJD BOE OPOFNCSZPHFOJDDBSSPUDVMUVSFT1MBOUBm 8JMNT)+ WBO8FOU+- $SFTUJ. $JBNQPMJOJ' "E WFOUJWFFNCSZPHFOFTJTJO$JUSVT$BSZPMPHJBm 8VSUFMF &4 8BOH ) %VSHFSJBO 4 /JLPMBV #+ 6MSJDI 5) $IBSBDUFSJ[BUJPOPGBHFOFUIBUJTFYQSFTTFEFBSMZ JOTPNBUJDFNCSZPHFOFTJTPG%BVDVTDBSPUB1MBOU1IZTJPM m :B[BXB , 5BLBIBUB , ,BNBEB ) *TPMBUJPO PG UIF HFOF FODPEJOH DBSSPU MFBGZ DPUZMFEPO BOE FYQSFTTJPO BOBMZTJTEVSJOHTPNBUJDBOE[ZHPUJDFNCSZPHFOFTJT1MBOU 1IZTJPM#JPDIFNm ;BLJ .". %JDLJOTPO )( 4USVDUVSBM DIBOHFT EVS JOH UIF êSTU EJWJTJPOT PG FNCSZPT SFTVMUJOH GSPN BOUIFS BOE GSFF NJDSPTQPSF DVMUVSF JO #SBTTJDB OBQVT 1SPUP QMBTNBm ÂÃSTLÝ7 (BSSJEP% ƤÎIPWÃ- 5VQÝ+ 7JDFOUF0 )FCFSMF #PST& %FSFQSFTTJPOPGUIFDFMMDZDMFCZTUBSWBUJPO JT JOWPMWFE JO UIF JOEVDUJPO PG UPCBDDP QPMMFO FNCSZP HFOFTJT4FY1MBOU3FQSPEm ;IBOH4 8POH- .FOH- -FNBVY1( 4JNJMBSJUZPG FYQSFTTJPOQBUUFSOTPGLOPUUFEBOE;N-&$EVSJOHTP NBUJDBOE[ZHPUJDFNCSZPHFOFTJTJONBJ[F ;FBNBZT- 1MBOUBm ;IBP +1 4JNNPOET %) /FXDPNC 8 *OEVDUJPO PG FNCSZPHFOFTJT XJUI DPMDIJDJOF JOTUFBE PG IFBU JO NJ DSPTQPSFTPG#SBTTJDBOBQVT-DW5PQBT1MBOUBm ;IV; 4VO+ 8BOH+ $ZUPMPHJDBMJOWFTUJHBUJPOPOBO ESPHFOFTJTPG5SJUJDVNBFTUJWVN"DUB#PU4JOm ;JNNFSNBO+- 4PNBUJDFNCSZPHFOFTJTBNPEFMGPS FBSMZ EFWFMPQNFOU JO IJHIFS QMBOUT 1MBOU $FMM m ;VP + /JV 28 'SVHJT ( $IVB /) ѮF 864 $)&-HFOFQSPNPUFTWFHFUBUJWFUPFNCSZPOJDUSBOTJUJPO JO"SBCJEPQTJT1MBOU+m
$0-031-"5&4
1MBUFώ
Ϗώϐ
1MBUFɧ 'JHBoEѮF TFDPOE GFSUJMJ[BUJPO FWFOU JO /VQIBS QPMZTFQBMVNBTTFFOJOëVPSFTDFOUNJDSPHSBQITPGTFDUJPOT PG GPVS PWVMFT BU BOE I BѫFS QPMMJOBUJPO B 4QFSN OVDMFVTBQQSPBDIJOHUIFIBQMPJEOVDMFVTPGUIFDFOUSBMDFMM C #FHJOOJOH PG OVDMFBS GVTJPO D 4QFSN OVDMFVT CFJOH FO
HVMGFE CZ UIF OVDMFVT PG UIF DFOUSBM DFMM E 1SJNBSZ FOEP TQFSNOVDMFVT IBѫFSQPMMJOBUJPO JOFBSMZQSPQIBTFDD $FOUSBMDFMM QFOQSJNBSZFOEPTQFSNOVDMFVT TQTQFSNOV DMFVT#BSTʍN 3FQSJOUFEGSPN8JMMJBNTBOE'SJFENBO /BUVSFm
1MBUFɧ 'JHFoJ%JBHSBNT TIPXJOH DIBOHFT JO UIF PSHB OJ[BUJPO PG BDUJO êMBNFOUT JO UIF FHH BQQBSBUVT PG 5PSFOJB GPVSOJFSJ CFGPSF BOE BѫFS GFSUJMJ[BUJPO F "DUJO êMBNFOUT BSFMPOHJUVEJOBMMZBMJHOFEJOUIFNJDSPQZMBSDZUPQMBTNBOE TPNFPSHBOJ[FJOUPBOFUXPSLJOUIFDIBMB[BMDPSUFYPGUIF TZOFSHJE"SSPX%FOTFBDUJOQBUDIGPVOEOFBSUIFêMJGPSN BQQBSBUVT PG UIF TZOFSHJE 4IPSU BDUJO êMBNFOUT BSF SBO EPNMZ EJTUSJCVUFE UISPVHIPVU UIF FHH DZUPQMBTN G "ѫFS BOUIFTJT TZOFSHJEEFHFOFSBUJPOJTBDDPNQBOJFECZEFHSBEB UJPOPGBDUJOêMBNFOUT4PNFBDUJOêMBNFOUTBQQFBSJOUIF JOUFSDFMMVMBSHBQCFUXFFOUIFFHHBOEDFOUSBMDFMM GPSNJOH BOBDUJOCBOE"SSPX"DUJOêMBNFOUTQSFTFOUBTBDBQJOUIF êMJGPSN BQQBSBUVT "DUJO êMBNFOUT CFDPNF FMPOHBUF BOE BSFPSHBOJ[FEJOUPBEJTUJODUOFUXPSLJOUIFFHHDZUPQMBTN H"ѫFSQPMMJOBUJPO BDUJOêMBNFOUTEFHSBEFJOUPQBUDIFTJO
UIFQFSJQIFSBMDZUPQMBTNPGUIFFHHDFMMBUUIFTBNFUJNFBT UIFBDUJODPSPOBJOUIFJOUFSGBDFCFUXFFOUIFFHHBOEDFOUSBM DFMM CFDPNFT EJTUJODU "SSPX 1SPNJOFOU BDUJO DBQ JO UIF ê MJGPSNBQQBSBUVTI"DPOTQJDVPVTBDUJODPSPOBGPSNTBѫFS UIFQPMMFOUVCFEJTDIBSHFTJUTDPOUFOUTJOUPBEFHFOFSBUJOH TZOFSHJE"SSPXIFBET.BMFHBNFUFTBCPVUUPGVTFXJUIUIF UBSHFUGFNBMFDFMMT BSSPXUIFêMJGPSNBQQBSBUVTGSPNXIJDI UIFBDUJODBQIBTEJTBQQFBSFEJ%JTJOUFHSBUJPOPGUIFBDUJO DPSPOBBѫFSGFSUJMJ[BUJPOOPBDUJOJTEFUFDUFEJOUIFêMJGPSN BQQBSBUVT BSSPX $$ $FOUSBM DFMM %4Z EFHFOFSBUJOH TZO FSHJE & FHH DFMM &/ QSJNBSZ FOEPTQFSN OVDMFVT 15 QPM MFOUVCF 4/TFDPOEBSZ QPMBSGVTJPO OVDMFVT 4ZTZOFSHJE ;[ZHPUF 3FQSJOUFEGSPN'VFUBM 4FY1MBOU3FQSPE m
1MBUFɧ 'JHKoM-PDBMJ[BUJPOPGUXPN3/"TJOUIFFNCSZPT PG1IBTFPMVTDPDDJOFVTJNBHFTBSFMJHIUNJDSPHSBQITUBLFO BѫFS JO TJUV IZCSJEJ[BUJPO K 0WVMF EBZT BѫFS QPMMJOBUJPO TIPXJOH UIF FNCSZPTVTQFOTPS DPNQMFY L 0WVMF PG UIF TBNF BHF IZCSJEJ[FE XJUI îí1MBCFMFE ( N3/" QSPCF M 0WVMF PG UIF TBNF BHF IZCSJEJ[FE XJUI îí1MBCFMFE ( N3/"QSPCFFO&OEPUIFMJVN FQFNCSZPQSPQFS FTFOEP TQFSN TTVTQFOTPS TCCBTBMSFHJPOPGUIFTVTQFOTPS TOOFDL PGUIFTVTQFOTPS#BSTʍN 3FQSJOUFEGSPN8FUFSJOHTFU BM 1MBOU$FMMm
Ϗώϑ
1MBUFϏ
1MBUFɨ 'JHBoI4FDUJPOT PG "SBCJEPQTJT PWVMF TIPXJOH TUBHFTJOUIFEFWFMPQNFOUPGUIFFNCSZPB;ZHPUF BSSPX QSJNFE UP EJWJEF BTZNNFUSJDBMMZ C ѮF êSTU BTZNNFUSJD EJWJTJPOPGUIF[ZHPUFGPSNJOHBTNBMMUFSNJOBMDFMM BSSPX BOE B MBSHF CBTBM DFMM BSSPXIFBE D ѮF êSTU MPOHJUVEJOBM EJWJTJPO PG UIF UFSNJOBM DFMM BSSPX ѮF CBTBM DFMM IBT GPSNFE B TVTQFOTPS TRVBSF CSBDLFU PG TJY DFMMT E 0DUBOU TUBHF FNCSZP BSSPX DPOTJTUJOH PG UXP UJFST PG GPVS DFMMT FBDIF4JYUFFODFMMFEFNCSZPXJUIFJHIUFYUFSOBMDFMMTPGUIF QSPUPEFSN BSSPX BOEFJHIUJOOFSDFMMTPGUIFQSPDBNCJVN BOE HSPVOE NFSJTUFN BSSPXIFBE G (MPCVMBS FNCSZP H 5SJBOHVMBS PS FBSMZ IFBSUTIBQFE TUBHF FNCSZP I .JE IFBSUTIBQFE FNCSZP TIPXJOH UIF FNFSHJOH DPUZMFEPOT BSSPXIFBET
1MBUFɩ 'JHJoL DPOUJOVFT1MBUFɨ 'JHBoI J&BSMZ UPS QFEPTIBQFEFNCSZPBSSPXJODJQJFOUTIPPUBQJDBMNFSJTUFN K #FOUDPUZMFEPO TUBHF FNCSZP BSSPX SPPU QPMF L .BUVSF FNCSZP D $PUZMFEPOT I IZQPDPUZM IQ EFSJWBUJWFT PG UIF IZQPQIZTJT SSPPUBQJDBMNFSJTUFN TTIPPUBQJDBMNFSJTUFN #BST BmE ʍN F L ʍN CBS JO F BQQMJFT BMTP UP GmJ KʍN 1MBUFɩ 'JHM%JBHSBNT TIPXJOH DFMM GBUF EFUFSNJOBUJPO JO UIF PDUBOUTUBHF FNCSZP PG "SBCJEPQTJT MFBEJOH UP UIF GPSNBUJPOPGUJTTVFTBOEPSHBOTJOUIFUPSQFEPTIBQFEFN CSZP-Fѫ%FMJNJUBUJPOPGUIFVQQFS HSFFO BOEMPXFS SFE UJFSTPGDFMMTJOUIFPDUBOUTUBHFFNCSZPѮFIZQPQIZTJTJT DPMPSFECMVF3JHIU"UPSQFEPTIBQFEFNCSZPTIPXJOHUIF GPSNBUJPO PG UIF TIPPU BQJDBM NFSJTUFN MJHIU HSFFO BOE QBSU PG UIF DPUZMFEPOT HSFFO GSPN UIF VQQFS UJFS PG DFMMT BOEUIFSFTUPGUIFDPUZMFEPOT SFE
IZQPDPUZM BOESBEJDMF JODMVEJOH NPTU PG UIF SPPU BQJDBM NFSJTUFN BOE NFSJTUFN JOJUJBMT GSPN UIF MPXFS UJFS ѮF IZQPQIZTJT DPOUSJCVUFT UP UIFGPSNBUJPOPGUIFRVJFTDFOUDFOUFS ZFMMPX BOESPPUDBQ DPMVNFMMB CMVF $MPOBMCPVOEBSJFTPGUJTTVFTBOEPSHBOTPG UIF UPSQFEPTIBQFE FNCSZP EFSJWFE GSPN UIF PDUBOUTUBHF FNCSZPBSFJOEJDBUFECZMJOFT
1MBUFϐ
Ϗώϒ
Ϗώϓ
1MBUFϑ
1MBUFɪ 'JHB%JBHSBNT TIPXJOH UIF EJWJTJPO PG UIF IZ QPQIZTJTJO"SBCJEPQTJT'SPNMFѫUPSJHIU&NCSZPXJUIUIF TVTQFOTPS UIF IZQPQIZTJT JT DPMPSFE CMVF
EJWJTJPO PG UIF IZQPQIZTJT UP GPSN B MFOTTIBQFE VQQFS DFMM CMVF BOE B MPXFS DFMM ZFMMPX
WFSUJDBM EJWJTJPOT PG CPUI DFMMT UP GPSN UXPMBZFSTPGGPVSDFMMTFBDI UIFVQQFSGPVSDFMMTGPSNUIF RVJFTDFOUDFOUFS)PSJ[POUBMEJWJTJPOTPGMPXFSDFMMTUPGPSN GPVS TVQFSJNQPTFE MBZFST PG GPVS DFMMT FBDI UIF SPPU DBQ DPMVNFMMBJTHFOFSBUFECZUIFTFDFMMT 1MBUFɪ 'JHC4FDUJPO PG B NBUVSF NBJ[F FNCSZP #BS ʍN 1MBUFɫ 'JHBoJ-PDBMJ[BUJPOPG,/055&% ,/ N3/" BmF BOE QSPUFJOT GmJ EVSJOH FNCSZPHFOFTJT JO NBJ[F &NCSZPT BSF PSJFOUFE XJUI UIF BOUFSJPS GBDF UP UIF SJHIU N3/" XBT MPDBMJ[FE CZ JO TJUV IZCSJEJ[BUJPO BOE JT JOEJ DBUFECZCMVFTUBJOJOHJOUIFTFDUJPOTB&NCSZPEBZTBѫFS QPMMJOBUJPO C &NCSZP EBZT BѫFS QPMMJOBUJPO D &NCSZP EBZTBѫFSQPMMJOBUJPOE F&NCSZPTEBZTBѫFSQPMMJOB UJPO TIPXJOH DMPTFVQT PG UIF TIPPU BOE SPPU BQJDBM NFSJ TUFNT SFTQFDUJWFMZ1SPUFJOXBTMPDBMJ[FEXJUIBQPMZDMPOBM BOUJCPEZBOEJTWJTVBMJ[FEBTCMBDLTUBJOJOHPWFSOVDMFJ4FD UJPOTXFSFDPVOUFSTUBJOFEXJUICBTJDGVDITJOUPTIPXVOMB CFMFEOVDMFJBOEPUIFSDFMMVMBSTUSVDUVSFTJOQJOLG&NCSZP EBZTBѫFSQPMMJOBUJPOH&NCSZPEBZTBѫFSQPMMJOBUJPO I&NCSZPEBZTBѫFSQPMMJOBUJPOJ&NCSZPEBZTBѫFS QPMMJOBUJPOD$PMFPQUJMF MMFBGQSJNPSEJVN SNSPPUBQJDBM NFSJTUFN TN TIPPU BQJDBM NFSJTUFN #BST ʍN CBST JO BmEBQQMZUPGmJ SFTQFDUJWFMZ 3FQSJOUFEGSPN4NJUIFUBM %FW(FOFUm
1MBUFϒ
Ϗώϔ
Ϗώϕ
1MBUFϓ
1MBUFɬ 'JHBoF'BUFNBQPGUIFFNCSZPOJDSPPUPG"SBCJ EPQTJTB(MPCVMBSFNCSZPC)FBSUTIBQFEFNCSZPJOXIJDI BMM DFMMT PG UIF JODJQJFOU SPPU NFSJTUFN BSF QSFTFOU 3F QSJOUFE GSPN WBO EFO #FSH FU BM /BUVSF m D$FOUSBMSFHJPOPGUIFSPPUNFSJTUFNPGBNBUVSFFNCSZP TIPXJOHUIFQPTJUJPOPGJOJUJBMTGPSBMMUJTTVFMBZFSTTVSSPVOE JOHUIFDFOUSBMDFMMTE.BHOJêFEWJFXPGUIFDPSFNFSJTUFN TIPXOJOD'JYFEOVNCFSTPGEJĒFSFOUJOJUJBMTGPVOEJOUIF NBUVSFFNCSZPBSFJOEJDBUFEF%JWJTJPOTPGUIFJOJUJBMTUPSF FTUBCMJTIJEFOUJDBMMZHSPVQFEJOJUJBMTBOEEFSJWBUJWFT%BTIFE MJOFêSTUEJWJTJPO EPUTTFDPOEEJWJTJPO TUSJQFEUIJSE SBEJBM EJWJTJPO 3FQSJOUFEGSPN%PMBOFUBM %FWFMPQNFOU m
1MBUFɭ 'JHBoS&YQSFTTJPO PG UIF 4$"3&$308 4$3 HFOF EVSJOH FNCSZPHFOFTJT JO "SBCJEPQTJT BmD &BSMZ HMPCVMBSTUBHF FNCSZPT EmG -BUF HMPCVMBSTUBHF FNCSZPT HmJ 5SJBOHVMBSTUBHF FNCSZPT KmM .JEIFBSU TIBQFETUBHFFNCSZPTNmP5PSQFEPTIBQFETUBHFFNCSZPT QmS )ZQPDPUZM BOE SPPU SFHJPO PG OFBSMZ NBUVSF FNCSZPT B E H K N Q-POHJUVEJOBMTFDUJPOTPGXJMEUZQFFNCSZPT C F I L O R4FDUJPOTPGFNCSZPTGPMMPXJOHJOTJUVIZCSJEJ[B UJPOXJUIBO4$3BOUJTFOTFHFOFQSPCFD G J M P S$POGPDBM JNBHFTPGHSFFOëVPSFTDFOUQSPUFJO ('1 FYQSFTTJPOESJWFO CZUIF4$3QSPNPUFS4DIFNBUJDESBXJOHTPOUIFSJHIUTIPX USBDJOHTNBEFGSPNUIFMFѫNPTUQBOFMTPGUIFQSPHFOJUPSTPG UIFHSPVOEUJTTVF UIFJSEFSJWBUJWFTBOEIZQPQIZTJTDFOUSBM DFMMT4$3HFOFFYQSFTTJPOJTJOEJDBUFECZCMVFTIBEJOHѮF TIJѫPG4$3HFOFFYQSFTTJPOUPUIFJOOFSNPTUDFMMMBZFSBѫFS QFSJDMJOBMEJWJTJPOTJTJOEJDBUFECZBSSPXTѮFCPVOEBSZPG UIF VQQFS BOE MPXFS UJFST PG DFMMT EFMJOFBUFE JO UIF HMPCV MBSTUBHFFNCSZPJTJOEJDBUFECZEBSLMJOFT#BSTEmMʍN NmS ʍN 3FQSJOUFE GSPN 8ZTPDLB%JMMFS FU BM %FWFMPQNFOUm
1MBUFϔ
Ϗώϖ
ϏϏύ
1MBUFϕ
1MBUFɮ 'JHBoD1IFOPUZQFT PG UIF NFEFB NFB NVUBOU B 4JMJRVF PG B TFMGFE IFUFSP[ZHPVT NFB.&" QMBOU TIPX JOHBCPSUFETFFETEFSJWFEGSPNGFNBMFHBNFUPQIZUFTDBSSZ JOHUIFNFBBMMFMFC-BUFIFBSUTIBQFEXJMEUZQFFNCSZP D-BUFIFBSUTIBQFEFNCSZPUIBUJOIFSJUFEBNBUFSOBMNFB BMMFMF.PSQIPHFOFTJTJTEFMBZFEBOESFTVMUTJOBMBSHFSUIBO OPSNBM IFBSUTIBQFE FNCSZP UIBU FWFOUVBMMZ BCPSUT #BST B ʍN C D ʍN 3FQSJOUFE GSPN (SPTTOJLMBVT FU BM $VSS0QJO1MBOU#JPMm
1MBUFɮ 'JHEoH4FDUJPOT PG "SBCJEPQTJT PWVMFT USFBUFE XJUIBOUJTFSVNBHBJOTU"(".064MJLF "(-
TIPXJOH UIF MPDBMJ[BUJPO PG "(- QSPUFJO E F 8JMEUZQF QSPFN CSZPBOEHMPCVMBSFNCSZP SFTQFDUJWFMZG8JMEUZQFFNCSZP BUUIFUSBOTJUJPOTUBHFBSSPXIFBETMBCFMFEFOEPTQFSNOVDMFJ H 8JMEUZQF UPSQFEPTIBQFE FNCSZP & &NCSZP &U FOEP UIFMJVN 4TVTQFOTPS#BSTE G HʍNFʍN 3FQSJOUFE GSPN1FSSZFUBM 1MBOU$FMMm
1MBUFϖ
ϏϏώ
1MBUFɯ 'JHB C1IPUPHSBQIT PG BCOPSNBM FNCSZP QIFOP PWVMFT CPUUPN UXP SPXT B :PVOH BOUJTFOTF PWVMFT BOE UZQFTJOB1&*BOUJTFOTFMJOFPG"SBCJEPQTJT-Fѫ1BSUPGUIF FNCSZPT C -BUFTUBHF BOUJTFOTF PWVMFT BOE FNCSZPT GSPN PQFOFE TJMJRVFT XJUI HSFFO PWVMFT IBSCPSJOH OPSNBM FN UIFTBNFQMBOUBTJOB#BSTʍN 3FQSJOUFEGSPN-JBOE CSZPTBOEXIJUFPWVMFTFODMPTJOHBCOPSNBMFNCSZPT SJHIU ѮPNBT 1MBOU$FMMm FNCSZPT FYDJTFE GSPN HSFFO PWVMFT UPQ SPX BOE XIJUF
1MBUFɯ 'JHDoK$POGPDBM MBTFS TDBOOJOH NJDSPTDPQJD JN BHFTPGQSPQJEJVNJPEJEFTUBJOFEFNCSZPTPGNBJ[FNVUBOUT FNC DmF BOEFNC GmK D&NCSZPEBZTBG UFSQPMMJOBUJPOE&NCSZPEBZTBѫFSQPMMJOBUJPOF&NCSZP EBZTBѫFSQPMMJOBUJPONVUBOUFNCSZPTBSFBSSFTUFEBUBO FBSMZ USBOTJUJPO TUBHF EBZT BѫFS QPMMJOBUJPO G &NCSZP EBZTBѫFSQPMMJOBUJPOH&NCSZPEBZTBѫFSQPMMJOBUJPO I&NCSZPEBZTBѫFSQPMMJOBUJPO4DVUFMMVNCFHJOTUPGPSN
BUEBZTBOEJTXFMMEFWFMPQFEBUEBZTJ K&NCSZPTBU EBZT BѫFS QPMMJOBUJPO ѮF DPMFPQUJMF JT NJTTJOH J BOE MFBWFTGBJMUPDPWFSUIFNFSJTUFN K BFQ"CFSSBOUFNCSZP QSPQFS FQFNCSZPQSPQFS QWQSPWBTDVMBSUJTTVF TBNTIPPU BQJDBM NFSJTUFN TD TDVUFMMVN TV TVTQFOTPS - BOE -** MFBWFT#BSTDmIʍNJʍNKʍN 3FQSJOUFEGSPN &MTUFSFUBM %FW(FOFT&WPMm
ϏϏϏ
1MBUFώύ
1MBUFɧɦ 'JHBoI4FFEEFWFMPQNFOUJOUIFXJMEUZQF B D F H BOE BCBJOTFOTJUJWF BCJ NVUBOU C E G I PG "SB CJEPQTJT &NCSZPT EJTTFDUFE GSPN TFFET PG XJMEUZQF BOE NVUBOUIBSWFTUFEBU B C
D E
F G
BOE H I EBZTBѫFSëPXFSJOHBSFTIPXO&NCSZPTXFSFEJTTFDUFEBѫFS JNCJCJOH TFFET PO BHBS QMBUFT BOE QIPUPHSBQIFE JNNFEJ BUFMZ #BS ʍN 3FQSJOUFE GSPN /BNCBSB FU BM %FWFMPQNFOUm
1MBUFɧɧ 'JHB" NPEFM GPS EFWFMPQNFOUBM BSSFTU BOE QSF NBUVSFHFSNJOBUJPOPG"SBCJEPQTJTTFFET%VSJOHUIFHSPXUI QIBTF FYQSFTTJPO PG '64$" '64
-&"': $05:-& %0/ -&$
BOE -&$ HFOFT JO UIF FNCSZP SFTVMUT JO HSPXUIBSSFTU.VUBUJPOTJOUIFTFHFOFTMFBEUPSFEVDFEFN CSZP HSPXUI BSSFTU BOE QSFNBUVSF HFSNJOBUJPO &BSMZ EVS JOHUIFTFFENBUVSBUJPOQIBTF UIFBDUJWJUZPGUIF"#*BOE "#"%&'*$*&/5 "#" HFOFTDBVTFTFNCSZPEPSNBODZ
1MBUFɧɧ 'JHCoE3PMF PG NJDSPUVCVMFT JO UIF DFMMVMBSJ[B UJPOPGGSFFOVDMFJPGCBSFMFZFOEPTQFSN.JDSPUVCVMFTBSF TUBJOFE CZ JNNVOPëVPSFTDFODF DISPNPTPNFT BOEPS OVDMFJBSFVOTUBJOFEBOEBQQFBSCMBDLC'PSNBUJPOPGUIF SBEJBM TZTUFN PG NJDSPUVCVMFT UIBU PSHBOJ[F UIF DZUPQMBTN BOENBJOUBJOUIFOVDMFJJOBOFWFOMZTQBDFEQBUUFSOD*OUFS BDUJPOPGUIFNJDSPUVCVMFTPGUXPBEKBDFOUOVDMFJE-PDBUJPO PGXBMMTJOEJDBUFECZUIFVOTUBJOFE[POFTBUUIFQFSJNFUFST PGUIFSBEJBMNJDSPUVCVMFTPSJHJOBUJOHGSPNUIFOVDMFJ#BST CʍND EʍN 3FQSJOUFEGSPN#SPXOFUBM 1MBOU $FMMm
1MBUFώώ
ϏϏϐ
BOENVUBUJPOTJOUIFTFHFOFTMFBEUPQSFNBUVSFHFSNJOBUJPO 1SFNBUVSFHFSNJOBUJPOJTSFHVMBUFECZHJCCFSFMMJDBDJE (" EFQFOEFOU BOE ("JOEFQFOEFOU QBUIXBZT 7JWJQBSZ BOE QSFNBUVSF HFSNJOBUJPO JOTJEF UIF TJMJRVF PDDVS JO FNCSZP HSPXUI BSSFTU BOE FNCSZP EPSNBODZ EPVCMF NVUBOUT 3FE BOEHSFFOCPYFTJOEJDBUFHFOFFYQSFTTJPOBOEGVODUJPO 3F QSJOUFEGSPN3B[FUBM %FWFMPQNFOUm
ϏϏϑ
1MBUFώϏ 1MBUFɧɨ 'JHBoGʃ(MVD VSPOJEBTF (64 FYQSFTTJPO JO UIF FOEPTQFSN OVDMFJ PG USBOTHFOJD PWVMFT PG "SB CJEPQTJT IBSCPSJOH '&3 5*-*; "5*0/*/%&1&/ %&/5 4&&%4 '*4 (64 DPOTUSVDUT B C 6O QPMMJOBUFE PWVMFT TIPXJOH (64 BDUJWJUZ JO UIF DFOUSBM DFMM OVDMFVT DmG (64 BD UJWJUZ JO FOEPTQFSN OVDMFJ GPSNFE JO PWVMFT GPMMPXJOH EPVCMF GFSUJMJ[BUJPO D OV DMFJ E OVDMFJ F OVDMFJ G OVDMFJ #BST NN 3FQSJOUFE GSPN -VP FU BM 1SPD /BUM "DBE 4DJ 64"m
1MBUFɧɨ 'JHH I&NCSZP FOEPTQFSN BOE TFFE DPBU EFWFMPQNFOU JO XJMEUZQF BOE NVUBOU "SBCJEPQTJT QMBOUT H 8IPMF NPVOU PG BO PWVMF PG B ëPXFS GSPN B XJMEUZQF QMBOU EBZT BѫFS TFMGQPMMJOBUJPO TIPX JOH B HMPCVMBS FNCSZP TVS SPVOEFE CZ OVDMFBS FOEP TQFSN I 8IPMF NPVOU PG BO PWVMF PG BO FNBTDVMBUFE ëPXFS GSPN B IFUFSP[ZHPVT '*&êF QMBOU EBZT BѫFS FNBTDVMBUJPO *OTFU &OEP TQFSN OVDMFJ BSSPXT $1 $IBMB[BM QPMF &. FNCSZP .1 NJDSPQZMBS QPMF / FO EPTQFSN 4$TFFEDPBU#BST ʍN 3FQSJOUFE GSPN 0IBEFUBM 1SPD/BUM "DBE4DJ64"m
1MBUFώϐ
ϏϏϒ
1MBUFɧɩ 'JHB C%JBHSBNT TIPXJOH UIF FĒFDU PGHMPCBM%/"IZQPNFUIZMBUJPOPOQBSFOUBMJN QSJOUJOHJO"SBCJEPQTJTB'PSNBUJPOPGFHHBOE TQFSNѮFFOEPTQFSNGPSNFEJOUIFXJMEUZQF BѫFSEPVCMFGFSUJMJ[BUJPODPOUBJOTBSBUJPPGUXP NBUFSOBMHFOPNFTUPPOFQBUFSOBMHFOPNF*OUIF NBUFSOBM HFOPNF NBUFSOBMTQFDJêD JNQSJOUFE HFOFTBSFBDUJWF XIFSFBTQBUFSOBMTQFDJêDHFOFT BSF SFQSFTTFE *NQSJOUFE HFOFT DPOUSJCVUFE CZ UIF QBUFSOBM HFOPNF IBWF B DPNQMFNFOUBSZ FY QSFTTJPO QBUUFSO 8IFO NBUFSOBM HFOPNFT BSF DPOUSJCVUFE CZ B .&5):- 53"/4'&3"4& .&5 BT QBSFOU UIF QBUFSOBMTQFDJêD HFOFT BSFMBSHFMZEFSFQSFTTFE QSPEVDJOHBQBUFSOBMJ[FE HFOPNF 4JNJMBSMZ B .&5 BT QPMMFO QBSFOU JT FYQFDUFE UP DPOUSJCVUF B NBUFSOBMJ[FE HFOPNF C *OUFSQMPJEZ DSPTTFT SFTVMU JO TFFET XJUI FYUSB NBUFSOBM PS QBUFSOBM HFOPNFT BOE UIFSFGPSF FYUSBEPTFTPGBDUJWFNBUFSOBMPSQBUFSOBMBMMFMFT PG JNQSJOUFE MPDJ .BUFSOBM PS QBUFSOBM FYDFTT SFTVMUT JO TNBMM TFFET XJUI TNBMM FOEPTQFSNT PS MBSHF TFFET XJUI PWFSHSPXO FOEPTQFSNT SF TQFDUJWFMZ " EJQMPJE .&5 BT QBSFOU EPFT OPU DPOUSJCVUFFYUSBHFOPNFTCVUBQQFBSTUPDPOUSJC VUF FYUSB EPTFT PG BDUJWF NBUFSOBM PS QBUFSOBM TQFDJêD HFOFT SFTVMUJOH JO QIFOPUZQFT TJNJMBS UP UIPTF QSPEVDFE CZ QBSFOUBM JNCBMBODF 3F QSJOUFE GSPN "EBNT FU BM %FWFMPQNFOU m
1MBUFɧɩ 'JHDoG*O TJUV IZCSJEJ[BUJPO FYQSFTTJPO PG &. #3:0 463306/%*/( 3&(*0/ &43 USBOTDSJQUT JO NBJ[F FOEPTQFSN D -POHJUVEJOBM TFDUJPO PG UIF FNCSZP FOEPTQFSN SFHJPO PG UIF HSBJO EBZT BѫFS QPMMJOBUJPO IZ CSJEJ[FEXJUIUIF3/"QSPCFE4FDUJPOPGUIFHSBJOEBZT BѫFSQPMMJOBUJPOF4FDUJPOPGUIFHSBJOEBZTBѫFSQPMMJOB UJPO G 4FDUJPO PG UIF HSBJO EBZT BѫFS QPMMJOBUJPO )FSF UIFTJHOBMJTDPOêOFEUPUIFSFHJPOBSPVOEUIFMPXFSQBSUPG UIFTVTQFOTPSF&BSMZTUBHFFNCSZPFOFOEPTQFSNFQFN CSZPQSPQFS XJUIUIFTVTQFOTPS T TFQBSBUFQQFSJDBSQ#BS ʍN 3FQSJOUFEGSPN0QTBIM'FSTUBEFUBM 1MBOU+ m
ϏϏϓ
1MBUFώϑ
1MBUFɧɪ 'JHB C*O TJUV IZCSJEJ[BUJPO FYQSFTTJPO PG USBO TDSJQUT PG UIF &/%041&3. &/% HFOF PWFS UIF OV DFMMBS QSPKFDUJPO DFMMT PG CBSMFZ FOEPTQFSN B 5SBOTDSJQU FYQSFTTJPOJTJOJUJBUFEJOUIFGSFFOVDMFJBCPWFUIFOVDFMMBS
QSPKFDUJPODFMMTC-BUFS FYQSFTTJPOTQSFBETUPUIFDFMMTPGUIF CBTBMUSBOTGFSDFMMMBZFSTPGUIFFOEPTQFSNMPDBUFEBCPWFUIF OVDFMMBSQSPKFDUJPODFMMT 3FQSJOUFEGSPN0MTFOFUBM 5SFOET1MBOU4DJm
1MBUFɧɪ 'JHDoF*O TJUV IZCSJEJ[BUJPO TFDUJPOT PG NBJ[F LFSOFMXJUIBQSPCFTQFDJêDGPSUIF#"4"- &/%041&3. 53"/4'&3 -":&3 #&5- HFOF D 4FDUJPO PG B LFSOFM BU EBZT BѫFS QPMMJOBUJPO ѮF TJHOBM FYUFOET PWFS BU MFBTU UISFFDFMMMBZFSTJOUIFCBTBMFOEPTQFSNE4FDUJPOPGBLFSOFM
BUEBZTBѫFSQPMMJOBUJPOF4FDUJPOPGBLFSOFMBUEBZT BѫFS QPMMJOBUJPO TIPXJOH B EFDSFBTF JO TJHOBM JOUFOTJUZ BS SPXT IZCSJEJ[BUJPO TJHOBMT JO UIF FOEPTQFSN USBOTGFS DFMMT FN &NCSZP FO FOEPTQFSN#BSTʍN 3FQSJOUFEGSPN )VFSPTFUBM 1MBOU$FMMm
1MBUFɧɪ 'JHGoI1IFOPUZQF PG TVQFSOVNFSBSZ BMFVSPOF SFE XIFSFBTUIFTUBSDIZFOEPTQFSN TF JTTUBJOFEEBSLCMVF TBM NVUBOU FOEPTQFSN PG NBJ[F G )PNP[ZHPVT TBM I 1BSU PG UIF NVMUJMBZFSFE BMVFSPOF PG UIF NVUBOU LFSOFM EFGFDUJWF LFSOFMT 5XP XJMEUZQF HSBJOT BSF TIPXO PO UIF 3FQSJOUFEGSPN4IFOFUBM 1SPD/BUM"DBE4DJ64" SJHIUH4FDUJPOPGUIFFOEPTQFSNPGBEFGFDUJWFLFSOFMѮF m DFMMT PG UIF TVQFSOVNFSBSZ BMFVSPOF MBZFST BM BSF TUBJOFE
1MBUFɧɫ 'JHBoE4PNBUJD FNCSZPHFOFTJT JO DVMUVSFE [ZHPUJD FNCSZPT PG "SBCJEPQTJT B #FOU DPUZMFEPOTUBHF FNCSZPTBUUIFUJNFPGDVMUVSFJOBNFEJVNDPOUBJOJOH EJDIMPSPQIFOPYZBDFUJD BDJE % C #FHJOOJOH PG DBMMVT HSPXUIPODPUZMFEPOTEBZTBѫFSDVMUVSFD"EWBODFEDBMMVT HSPXUIPODPUZMFEPOTEBZTBѫFSDVMUVSFE.BTTJWFDBMMVT
1MBUFώϒ
ϏϏϔ
HSPXUIXJUIFBSMZTUBHFTPNBUJDFNCSZPT TFFOJOTFDUJPOT PODPUZMFEPOTEBZTBѫFSDVMUVSF*OTFU4PNBUJDFNCSZPT BSJTJOH GSPN UIF DBMMVT USBOTGFSSFE BU EBZT BѫFS DVMUVSF JOBOBVYJODPOUBJOJOHNFEJVNUPBNFEJVNMBDLJOHBVYJO GPSEBZT#BSTBʍN CʍN DNN ENN JOTFUNN
ϏϏϕ
1MBUFώϓ
1MBUFɧɬ 'JHBoH&YQSFTTJPO PG UIF %BVDVT DBSPUB 40."5*$ &.#3:0(&/&4*4 3& $&1503 ,*/"4& %D4&3, HFOF JO FN CSZPHFOJDBMMZ DPNQFUFOU DBSSPU DFMMT BOE FBSMZTUBHF FNCSZPT GPSNFE GSPN TVDI DFMMT BmF(FOFFYQSFTTJPOWJTJCMFBTBQVSQMFQSFDJQJ UBUFJOJOEJWJEVBMDFMMT BTUFSJTLT PCUBJOFECZ NFDIBOJDBM GSBHNFOUBUJPO PG IZQPDPUZM TFH NFOUT USFBUFE XJUI % G (FOF FYQSFTTJPO JOBTNBMMDMVTUFSPGFNCSZPHFOJDDFMMTH(FOF FYQSFTTJPO JO B TNBMM HMPCVMBS FNCSZP #BST ʍN 3FQSJOUFEGSPN4DINJEUFUBM %FWFMPQNFOUm
1MBUFɧɬ 'JHIoL&NCSZPHFOFTJT JO JTP MBUFE QPMMFO DVMUVSFT PG UPCBDDP I 'SFTIMZ JTPMBUFE BDFUPDBSNJOFTUBJOFE QPMMFO HSBJOT J &NCSZPHFOJD QPMMFO HSBJOT GPSNFE BѫFS DVMUVSF GPS EBZT BU $ JO TUBSWBUJPO NF EJVN K (MPCVMBS FNCSZPT GPSNFE GSPN FN CSZPHFOJDQPMMFOHSBJOTXFFLTBѫFSUSBOTGFS UPBOJOEVDUJPONFEJVN L5PSQFEPTIBQFE FNCSZPT GPSNFE GSPN FNCSZPHFOJD QPMMFO HSBJOTXFFLTBѫFSUSBOTGFSUPBOJOEVDUJPO NFEJVN#BSTI JʍNKʍN LNN 3FQSJOUFE GSPN 5PVSBFW FU BM 1MBOU $FMM3FQm
ϏϏϖ
*OEFY
*UBMJDQBHFOVNCFSTJOEJDBUFêHVSFT
" "#"EFêDJFOU BCB NVUBOUTHFOFT m "#"*/4&/4*5*7& "#* HFOFTNV UBOUT m m "#/03."--&"'4)"1& "-& HFOF "CTDJTJDBDJE "#" SPMFJOFNCSZPEPSNBODZ m SPMFJOFNCSZPNBUVSBUJPO m S PMFJOQSFDPDJPVTHFSNJOBUJPO m SPMFJOTPNBUJDFNCSZPHFOFTJT "DBDJBSFUJOPEFT "DUJO SPMFJOEPVCMFGFSUJMJ[BUJPO m SPMFJOFHHQPMBSJUZ "DUJWBUPS "D "FTDVMVTXPFSMJU[FOTJT "(".064-JLF "(-
."%4CPY HFOFT m "HSPCBDUFSJVN "HSPCBDUFSJVNUVNFGBDJFOT "*/5&(6.&/5" "/5 HFOF "MFDUSBWPHFMJJ "MJTNBMBODFPMBUVN "MJTNBQMBOUBHPBRVBUJDB "MMBOCMBDLJBQBSWJëPSB "NCPSFMMBUSJDIPQPEB m ".*/0"$*%1&3.&"4& ""1 HFOF "OESPHFOFTJT "OFNPOFOFNPSPTB "OUIFSDVMUVSF m "OUJQPEBMT m "OUJSSIJOVNNBKVT "1&5"-" "1 HFOF "QJDPCBTBMQBUUFSO m m "QPNJYJT m m B EWFOUJWFFNCSZPHFOFTJT m BQPTQPSZ m EJQMPTQPSZ m NPMFDVMBSHFOFUJDTPG "QPQUPTJT
"SBCJEPQTJT m m m m m m m m m m m m m m FNCSZPHFOFTJTJO m m FOEPTQFSNEFWFMPQNFOUJO m m &"':$05:-&%0/ -&$ HFOFTPG m TPNBUJDFNCSZPHFOFTJTJO TUPSBHFSFTFSWFTJOFNCSZPTPG m "SBCJEPQTJTBSFOPTB "SBCJEPQTJT%ZOBNJOMJLF1SPUFJOT BEM NVUBOU "SBCJEPQTJT.JOVUFMJLF BNM"5314 HFOF m "SBCJEPQTJTTIBHHZSFMBUFEQSPUFJOLJ OBTFFUIB "4,ʈ HFOF "SBCJEPQTJTUIBMJBOB "SBCJEPQTJTUIBMJBOBDVMMJO "UDVM NVUBOUHFOF "SBCJEPQTJTUIBMJBOF&N "U&N "U&N HFOFT m "SBCJEPQTJTUIBMJBOB)0.&0#09 "UIC HFOF "SBCJEPQTJTUIBMJBOB-*1*%53"/4'&3130 5&*/ "U-51 HFOF m "SBCJEPQTJTUIBMJBOB.&3*45&.- -":&3 "5.- HFOF "SBCJEPQTJTUIBMJBOB1*/ "U1*/ HFOF "SBCJEPQTJTUIBMJBOB4"-#6.*/ "U4 HFOF m "3"#*%014*45)"-*"/"4&&% "54 "54 HFOFT m "SBCJEPQTJTUIBMJBOB4&3, "U4&3, HFOF m "SBCJEPQTJTUIBMJBOB4LQMJLF BTL BTL NVUBOUT "SBCJTHVOOJTPOJBOB m "SBCJTIPMCPFMMJJ m "3(0/"65& "(0 HFOF "4,E[FUB "4,ʇ HFOF "TQBSBHVTPēDJOBMJT "4:..&53*$-&"7&4 "4 HFOF "USPQBCFMMBEPOOB "VYJO TFFBMTP EJDIMPSPQIFOPYZBDFUJDBDJE JO EPMFBDFUJDBDJE OBQIUIBMFOFBDFUJDBDJE SPMFJOTPNBUJDFNCSZPHFOFTJT m S PMFJO[ZHPUJDFNCSZPHFOFTJT m m BVYJOCJOEJOHQSPUFJO BCQ NVUBOU BVYJOSFTJTUBOU BYS NVUBOUHFOF m "VYJOUSBOTQPSUJOIJCJUPST m "WFOBTBUJWB "9HFOF
Ϗϐύ
# #&HFOF #"#:#00. ##. HFOF #BSMFZ m m m m #"4"-&/%041&3.53"/4'&3-":&3 #&5- HFOFT #"4"--":&3"/5*'6/("-130 5&*/4 #"1 HFOF #FUBWVMHBSJT #FUVMBQVCFTDFOT #JPUJONVUBOUT CJP CJP m #JSDI #-"%&0/1&5*0-& #01 HFOF CPEFOMPT CEM NVUBOUHFOF m CPSHJB CHB NVUBOU #SBDIJBSJBCSJ[BOUIB #SBTFOJBTDISFCFSFJ #SBTTJDBDBNQFTUSJT #SBTTJDBKVODFB #SBTTJDBOBQVT m m m #3&7*1&%*$&--64 #1 HFOF CSJUUMF CU NVUBOU #VMCPQIZMMVN #VMCPQIZMMVNNZTPSFOTF #VSNBOOJBQVTJMMB
$ $HFOFPGBOUIPDZBOJOQBUIXBZ $Bí B TDIFNPUSPQJDBUUSBDUBOU D IBOHFTEVSJOHGFSUJMJ[BUJPO J ODBMSFUJDVMJO JOFHHQPMBSJUZ TJHOBMJOH DBC DIMPSPQIZMMBCCJOEJOHQSPUFJO HFOF $BDBP $BMBOUIF $BMBOUIFWFJUDIJJ $BMNPEVMJO $BMUIBQBMVTUSJT $"13*$& $1$ HFOF $BQTFMMBCVSTBQBTUPSJT m m m m m DBQVMFU DBQ DBQ NVUBOUT $BSCPYZQFQUJEBTF $BSSPU
TPNBUJDFNCSZPHFOFTJTJO m $"3305&"3-:40."5*$&.#3:0 (&/&4*4 $&4& HFOF $BTUPSCFBO $BVMJëPXFSNPTBJDWJSVT $B.7 4 QSPNPUFS $FOUSBMDFMM m m m DFQIBMPQPE DQI NVUBOU $)".1*(/0/ $)0 HFOFNVUBOU m $)"1&30/*/ʂHFOF $)*5*/"4& $)* HFOF $JDFSTPPOHBSJDVN m $JDIPSJVN $JTUBODIFUVCVMPTB $JUSVT m $JUSVTBVSBOUJVN m DMBWBUB DMW NVUBOUTHFOFT m $MFNBUJTWJUJDFMMB $-7MJLF $-& HFOF m $PDPOVU F OEPTQFSNPG DPDPOVUNJML DPDPOVU XBUFS m m $PDPTOVDJGFSB $PFMPHZOF $PMPDBTJBFTDVMFOUB $PMVNFMMB m m DPNBUPTF DUT NVUBOUHFOF $PNQBSBUJWFFNCSZPMPHZ $030/" $/" HFOF $PSPOPQVTEJEZNVT $PSUFY PSJHJOPG m $PUUPO m m m m m DSJOLMZ DS NVUBOUHFOF $SPUBMBSJBWFSSVDPTB $36$*'&3*/$ $3$ HFOF m $VDVNJTTBUJWVT $614)"1&%$05:-&%0/ $6$ HFOFT m $:$-*/ $:$ HFOFT $:$-*/%&1&/%&/5,*/"4& $%, HFOF $ZD;NF NJUPUJDDZDMJOPGNBJ[F $ZNCJEJVN $ZNCJEJVNTJOFOTF $ZNCJEJVNCJDPMPS $ZQSJQFEJVNJOTJHOF $ZUJTVTMBCVSOVN m DZUPDISPNFDTVCVOJU DPY HFOF DZUPLJOFTJTEFGFDUJWF DZE NVUBOU
$ZUPLJOFTJTEFGFDUJWFNVUBOUTPG"SBCJEPQTJT m $ZUPLJOFTJTEFGFDUTEVSJOHFNCSZPHFOFTJT m m $ZUPLJOJO m
% %UZQFPGDZDMJO $:$% HFOF %BDUZMJTHMPNFSBUB %BUVSB %BUVSBJOOPYJB %BUVSBTUSBNPOJVN m %BUVSBUBUVMB %BVDVTDBSPUB %BVDVTDBSPUB4&3, %D4&3, HFOF %&$3&"4&*/%/".&5)-" 5*0/ %%. HFOF %&'&$5*7&&.#3:0 "/%.&3*45&.4 %&. HFOF EFGFDUJWFFOEPTQFSNFYQSFTTJOHYFOJB EFY NVUBOU EFGFDUJWFLFSOFM EFL NVUBOUT m EFGFDUJWFTFFEMJOH EFT NVUBOUT %FMQIJOJVNFMBUVN EFNFUFS ENF NVUBOUHFOF %FOESPCJVN %FOESPCJVNCBSCBUVMVN %FOESPCJVNOPCJMF %FTJDDBUJPOUPMFSBODFPGFNCSZPT m SPMFPGDBSCPIZESBUFTJO m SPMFPGQSPUFJOTJO m %JDIMPSPQIFOPYZBDFUJDBDJE % m %JHJUBMJTMBOBUB %JNPSQIJDTQFSN m %JQMPUBYJTFSVDPJEFT m EJTDPMPSFE ETD NVUBOUHFOF m EJTUPSUFEHSPXUI EHS NVUBOU %/"NFUIZMBUJPO m m %0.*/0 %0. HFOF %PVCMFGFSUJMJ[BUJPO m m m %SPTPQIJMB & 953"4&9$0.#4 &4$ HFOFPG 4 )"((:HFOFPG %SPTPQIJMBNFMBOPHBTUFS
& &"3-:.&5)*0/*/&-"#&-&% &N HFOF &DIJOPDIMPBVUJMJT
Ϗϐώ
&HH m m m m m m m Q PMBSJUZPG m V MUSBTUSVDUVSFPG m &.#HFOF &NCSZP m m m m m m m m m m m m m DVMUVSFPG m m m EFGFDUJWFNVUBOUTPG"SBCJEPQTJT m EFGFDUJWFNVUBOUTPGNBJ[F m EFGFDUJWFNVUBOUTPGSJDF MFUIBMNVUBOUTPG"SBCJEPQTJT m E FWFMPQNFOUJOFVEJDPUT m E FWFMPQNFOUJONPOPDPUT m EJWJTJPOQBUUFSOTPG m E PSNBODZPG m N BUVSBUJPOPG m O VUSJUJPOPG m T UPSBHFQSPUFJOTPG m m &.#3:0%&'&$5*7& &.# HFOF m FNCSZPEFGFDUJWFEFWFMPQNFOU FEE NVUBOUHFOF &NCSZPTBD m m m m m m m 1PMZHPOVNUZQF FNCSZPTQFDJêD FNC NVUBOUT FNCSZPMFTT FNM NVUBOU &NCSZPHFOFTJT m m m m m m m D FMMMJOFBHFEVSJOH m H FOFFYQSFTTJPOEVSJOH m JOQPMMFOHSBJOT m J OTPNBUJDDFMMT m JOXJMEDSPTTFT m QBSUIFOPHFOJDJOJUJBUJPOPG m &.#3:0463306/%*/(3&(*0/ &TS HFOF &.#3:0/*$&$50%&3. %&7&-01.&/5 &&% HFOF &NCSZPOJDQSPUFJOT FNQUZQFSJDBSQ FNQ NVUBOUHFOF &OEPSFEVQMJDBUJPO m JOTVTQFOTPSDFMMT m &OEPEFSNJT PSJHJOPG m &OEPTQFSN m m m m m m m BMFVSPOFDFMMT MBZFST PG m m C BTBMFOEPTQFSNUSBOTGFSMBZFS m DIFNJDBMDPNQPTJUJPOPG m D ZTUGPSNBUJPOJO m DZUPLJOFUJDEFGFDUTJONVUBOUT E FWFMPQNFOUJO"SBCJEPQTJT m m E FWFMPQNFOUJOXJEFDSPTTFT m
ϏϐϏ EFWFMPQNFOUXJUIPVUEPVCMFGFSUJMJ[BUJPO m E FWFMPQNFOUBMUZQFT %/"BNQMJêDBUJPOJO m F NCSZPTVSSPVOEJOHSFHJPOPG F WPMVUJPOPG GSFFOVDMFBSUPDFMMVMBSUSBOTGPSNBUJPOPG m H FOPNJDJNQSJOUJOHEVSJOHEFWFMPQNFOUPG m IBVTUPSJBPG m PGDFSFBMHSBJOT m QSPHSBNNFEDFMMEFBUIPG m SPMFJOFNCSZPOVUSJUJPO m T UBSDIZDFMMTPG m m TUPSBHFQSPEVDUTPG m USBOTGFSDFMMT DFMMMBZFST PG &/%041&3. &/% HFOF &/)"/$&30';&45&HFOF &QIFESB m &QIFESBOFWBEFOTJT &QIFESBUSJGVSDB m &QJEFOESVNTDVUFMMB &3"3&-"5&%(51BTFT &3( HFOF &SBOUIJTIJFNBMJT &SJHFSPOTUSJHPTB &SJPDBVMPOSPCVTUPCSPXOJBOVN &SJPDBVMPOYFSBOUIFNVN &SVDBTBUJWB m &SZUISJOBDSJTUBHBMMJ &SJHFSPOQIJMBEFMQIJDVT &VSZBMFGFSPY &YQFSJNFOUBMFNCSZPMPHZ &953"$&--6-"31305&*/ &1 HFOF &YUSBDFMMVMBSQSPUFJOTPGFNCSZPHFOFTJT m &953"$05:-&%0/ 95$ 95$ HFOFT &953"4&9$0.#4 &4$ HFOF
' ' HFOFNVUBOU '"$,&- ', HFOFNVUBOU m GBTT GT NVUBOUHFOF m 'FNBMFHFSNVOJU GFSPOJB GFS NVUBOU '&35*-*;"5*0/*/%&1&/%&/5&/%041&3. '*& HFOFTNVUBOUT m m '&35*-*;"5*0/*/%&1&/%&/54&&%4 '*4 HFOFTNVUBOUT m m '*-".&/5064'-08&3 '*- HFOF êTDMBTTNVUBOUT êTUNVUBOU '-03"-#*/%*/(1305&*/ '#1 '#1 HFOFT
'SJUJMMBSJB 'SJUJMMBSJBNFMFBHSJT 'SJUJMMBSJBUFOFMMB 'VDVT m Q PMBSJUZJOFHHTPG m '64$" '64 HFOFNVUBOU m '8"HFOF
( (BMBOUIVTOJWBMJT (FOPNJDJNQSJOUJOH m SPMFPG%/"NFUIZMBUJPOJO m (FPEPSVN (FSBOJVNQIBFVN (FSNJOBUJPO m m m (JCCFSFMMJO HJCCFSFMMJDBDJE (" FĒFDUPOFNCSZPHSPXUI m J OTVTQFOTPST (*##&3&--*/*/4&/4*5*7& ("* HFOF (JOLHPCJMPCB (-"#3" (- HFOF HMPCCZ HMP NVUBUJPO (-0#6-"3"33&45 (-" HFOF (MPYJOJBIZCSJEB HMVDPTJEBTF HDT NVUBOU ʃ(-6$630/*%"4& (64 HFOF (MZDJOFNBY (OFUVNm (OFUVNHOFNPO HOPN HO NVUBOUHFOF (PMEFOSJDF (0--6. (-. HFOFNVUBOU (PTTZQJVNIJSTVUVN (SBQFWJOF (SFFOëVPSFTDFOUQSPUFJO ('1 (VJ[PUJBPMFJëPSB HVSLF HL NVUBOUHFOF
) )BFNBOUIVTLBUIFSJOBF IBJLV JLV JLV NVUBOUT )"--*."4$) )"- HFOFNVUBOU )FMJBOUIVTBOOVVT )FMJPQTJTQBUVMB )FMMFCPSVTGPFUJEVT )JCJTDVTDPTUBUVT
)JCJTDVTDPTUBUVTBDVMFBUVT )JCJTDVTDPTUBUVTGVSDFMMBUVT )JCJTDVTUSJPOVN )JFSBDJVN m )JFSBDJVNBVSBOUJBDVN )JFSBDJVNQJMPTFMMPJEFT )JNBOUPHMPTTVNIJSDJOVN IJOLFM IJL NVUBOU IPCCJU ICU NVUBOUHFOF )PNFPCPYHFOFT m )0.&0#09(&/&0'0SZ[BTBUJWB )04 )PSEFVNCVMCPTVN )PSEFVNWVMHBSF )PSTFDIFTUOVU ):%3" ):% HFOFNVUBOU )ZPTDZBNVTOJHFS m )ZQPQIZTJT m m
* *MMJDJVNBOJTBUVN *MMJDJVNëPSJEBOVN *OWJUSPGFSUJMJ[BUJPO m m JOEFUFSNJOBUFHBNFUPQIZUF JH NVUBOU *OEPMFBDFUJDBDJE *"" F ĒFDUPOFNCSZPHSPXUI m *OWFSUBTFHFOF *QPNPFBQVSQVSFB *TPDJUSBUFMZBTF *$- m
Ϗϐϐ
,/055&% ,/ HFOF m ,VOJU[USZQTJOJOIJCJUPS ,5J HFOFQSPUFJO
MBDISJNBNVUBOU -"5&&.#3:0(&/&4*4"#6/%"/5 -&" QSPUFJOTHFOFT m -BUIZSVT -BUIZSVTBOHVTUJGPMJB m -&"':$05:-&%0/ -&$ HFOFTNVUBOUT m m m -&$-*,& -- HFOFNVUBOU m -FQJEJVNWJSHJOJDVN -JMJVN -JMJVNDBOEJEVN -JMJVNMPOHJëPSVN -JMJVNNBSUBHPO m -JMJVNQZSFOBJDVN -JOVNBVTUSJBDVN -JOVNDBUIBSUJDVN -JOVNQFSFOOF -JOVNVTJUBUJTTJNVN -*1*%53"/4'&31305&*/ -51 HFOF -VQJOVTQJMPTVT m -ZDPQFSTJDPOFTDVMFOUVN -ZDPQFSTJDPOQFSVWJBOVN -ZDPQFSTJDPOQJNQJOFMMJGPMJN
.
+ +"((&% +"( HFOF +BTJPOFNPOUBOB +VHMBOT +VHMBOTSFHJB
, ,BETVSBKBQPOJDB ,"/"%* ,"/ HFOF ,BSZPHBNZ m LFVMF LFV NVUBOUHFOF m m ,*&4&- ,*4 HFOF ,JOBTFBTTPDJBUFEQSPUFJOQIPTQIBUBTF ,"11 HFOF ,JOFUJO FĒFDUPOFNCSZPHSPXUI m LOPMMF LO NVUBOUHFOF m LOPQG LOG NVUBOU
.BDSPTPMFODPDIJOTJOFOTJT m ."%4CPYHFOFT m m .BJ[F m m m m m m m m m m FNCSZPHFOFTJTJO m .BMBUFTZOUIBTF .4 .BMFHFSNVOJU .BUFSOBMFĒFDUHFOFT m ."5&3/"--:&913&44&%(&/& .&( ."563"5*0/ ."5 HFOFT .&%&" .&" HFOFNVUBOU m .FEJDBHPTBUJWB .FEJDBPTDVUFMMBUB .FEJDBHPUSVODBUVMB .FEJDBHPUSVODBUVMB4&3, .U4&3, HFOF
Ϗϐϑ .FMBOESJVNBMCVN .FMBOESJVNSVCSVN .&5):-53"/4'&3"4&BOUJTFOTF .&5BT DPOTUSVDU NHPVO NHP NHP NVUBOUT NJDLFZ NJD NVUBOU .JDSPBSSBZBOBMZTJT .JDSPUVCVMFT SPMFJODFMMEJWJTJPOJODZUPLJOFTJTEFGFDUJWF NVUBOUT m SPMFJOFOEPTQFSNDFMMVMBSJ[BUJPO m SPMFJOTVTQFOTPSDFMMFMPOHBUJPO S PMFJO[ZHPUFFMPOHBUJPO .JUPDIPOESJBMHFOFT .PMFDVMBSFNCSZPMPHZ NPOPQUFSPT NQ NVUBOUHFOF m .POPUSPQBIZQPQJUZT m .POPUSPQBVOJëPSB NVMUJDPQZTVQQSFTTPSPG*3" NTJ NVUBOU .VUBUPS .V NZPJOPTJUPMQIPTQIBUFTZOUIBTFHFOF 3*/0
/ /".3&-"5&%1305&*/ /31 HFOF /BQIUIBMFOFBDFUJDBDJE /"" /BSDJTTVTQPFUJDVT /FVSPTQPSBDSBTTB /JDPUJBOBQMVNCBHJOJGPMJB /JDPUJBOBSVTUJDB /JDPUJBOBUBCBDVN /JHFMMBTBUJWB /JUFMMB OPBQJDBMNFSJTUFN OBN NVUBOU /VQIBSQPMZTFQBMVN /ZNQIBFBTUFMMBUB
0 0BU 0FOPUIFSBCJFOOJT 0FOPUIFSBMBNBSDLJBOB 0FOPUIFSBNVSJDBUB 0-&04*/ 0-&0 0-&0 HFOFT m 0OPOJTGSVUJDPTB m 0SDIJTMBUJGPMJB 0SDIJTNBDVMBUB 0SDIJTNBTDVMB
03*(*/3&$0(/*5*0/$0.1-&9 03$ HFOF 0SPCBODIFBFHZQUJBDB 0SZ[BTBUJWB 03:;"4"5*7")0.&0#09 04) HFOFT 0SZ[BTBUJWB,/055&%MJLF 0T,O HFOFT 0WBSZDVMUVSF 0WVMFDVMUVSF
1 1BFPOJB m 1BFPOJBBOPNBMB m 1BFPOJBNPVUBO 1BFPOJBXJUUNBOOJBOB m 1"1HFOF m 1BQBWFSOVEJDBVMF 1BQBWFSTPNOJGFSVN 1BTQBMVNOPUBUVN 1"45*$$*/0 1"4 HFOF 1FB 1FBSMNJMMFU 1&*HFOF 1FMBSHPOJVN[POBMF 1FMWFUJB 1FOOJTFUVNBNFSJDBOVN 1FOOJTFUVNDJMJBSF 1FOOJTFUVNHMBVDVN 1FSBYJMMBUFUSBQFUBMB m 1FSJDZDMF PSJHJOPG m m 1FSJTUFSJB 1FSJTUFSJBFMBUB 1&309:3&%09*/ 1&3 HFOF 1FUVOJB 1FUVOJBIZCSJEB 1'*''&3-*/( 1'* HFOFNVUBOU m 1)"#6-04" 1)# HFOF 1IBJVTUBOLFSWJMMJBF m 1IBTFPMVT 1IBTFPMVTBDVUJGPMJVT 1IBTFPMVTDPDDJOFVT m m m F OEPSFEVQMJDBUJPOPGTVTQFOTPSOVDMFJ m Q PMZUFOZJOTVTQFOTPSOVDMFJ 1IBTFPMVTIZTUFSJOVT 1IBTFPMVTMVOBUVT 1IBTFPMVTNVMUJëPSVT m 1IBTFPMVTNVOHP 1IBTFPMVTUVCFSPTVT
1IBTFPMVTWVMHBSJT m m 1)&3&4 1)& HFOF QJDLMF QLM NVUBOU QJM[HSPVQPGNVUBOUTHFOFT m 1*/'03.&% 1*/ HFOFNVUBOUT 1*/)&"% 1/) BMMFMFNVUBOU 1*/0$$)*0 1*$ HFOFNVUBOU 1*/0*% 1*% HFOF 1JTVNTBUJWVN 1-"/5(3085)"$5*7"503 1(" HFOF 1-&5)03" 1-5 1-5 HFOFT 1MVNCBHP[FZMBOJDB m 1PMBSGVTJPOOVDMFVT m m 10-"3*4 1-4 HFOF 1PMMFOFNCSZPHFOFTJT m CZQPMMFODVMUVSF m m D ZUPMPHZPG m N PMFDVMBSCJPMPHZPG m S FTQPOTJWFTUBHFPGQPMMFOEFWFMPQNFOUGPS m QPMUFSHFJTU QPM NVUBOUHFOF 1PMZDPNCQSPUFJOT 1PMZHPOVNEJWBSJDBUVN 1PMZUFOZ m 1PQVMVTEFMUPJEFT 103$*/0 103 HFOFNVUBOU m 1SFDPDJPVTHFSNJOBUJPO m 1SJNBSZFOEPTQFSNOVDMFVT m m QSJNPSEJBMUJNJOH QU NVUBOU 1SPFNCSZP m DVMUVSFPG m QSPHSBNNFEDFMMEFBUI J OFOEPTQFSN m JOTDVUFMMVNBOEDPMFPQUJMF J OTVTQFOTPS m 130-*'&3" 13- HFOF 1SPUPEFSNTQFDJêDHFOFT JO"SBCJEPQTJT m JOSJDF 1TFVEPHBNZ Q;&HFOF
2 2VFSDVTHBNCFMJJ 2VJFTDFODFPGFNCSZPT m 2VJFTDFOUDFOUFS m m
3 3 SFE QJHNFOUBUJPOHFOF SBEJBMMZTXPMMFO STX NVUBOU 3BEJTI 3BOVODVMVTëBNNVMB 3BQFTFFE m 3BQIBOVTTBUJWVT SBTQCFSSZ STZ STZ STZ NVUBOUT SCD-HFOF S%/"HFOF SFEVDFEEPSNBODZNVUBOUT SFEVDFEHSBJOêMMJOH SHG NVUBOU 3&13&44030'(" 3(" HFOF 3FTFEBMVUFB 3&410/4*7&50"#" 3"# HFOF 3&70-65" 3&7 HFOF 3IJOBOUIVTNJOPS 3JDF m m m m m 3JDJOVTDPNNVOJT 3PD SJDFPVUFSNPTUDFMMTQFDJêD HFOF 3PPUBQJDBMNFSJTUFN SPPUBQFY m m m P SHBOJ[BUJPOPG m SBEJBMQBUUFSOPG m m m 30054)005):10$05:-%&'&$5*7& 34) HFOF S3/"HFOF 3VECFDLJBHSBOEJëPSB 3VECFDLJBMBDJOJBUB 3VECFDLJBTQFDJPTB 3ZF
4 4BOUBMVNBMCVN 4$"3&$308 4$3 HFOFNVUBOU m 4$)*;03*;" 4$; HFOFNVUBOU m 4DIJ[PTBDDIBSPNZDFTQPNCF TDIMFQQFSMFTT TMQ NVUBOU 4DJMMBCJGPMJB 4FDBMFDFSFBMF 4FEVNUFSOBUVN m 4FFEFNCSZPDVMUVSF m 4FUBSJBMVUFTDFOT 4)"((:HFOF 4)&1)&3% 4)% HFOF
Ϗϐϒ
Ϗϐϓ 4IPPUBQFY TIPPUBQJDBMNFSJTUFNPGUIFFNCSZP m m m m m NBJOUFOBODFPG m SFMBUJPOTIJQUPDPUZMFEPOT m m TQFDJêDBUJPOPG m 4)005-&44 4)- HFOFT 4)005.&3*45&.-&44 45. HFOFNVUBOU m TIPPUNFSJTUFNMFTT TNM NVUBOU TIPSUJOUFHVNFOU TJO NVUBOUHFOF m 4)0353005 4)3 HFOFNVUBOU m TISVOLFO TI NVUBOU TISVOLFOFOEPTQFSNDBVTFECZUIF NBUFSOBMHFOPUZQF TFH NVUBOU TISVOLFOFOEPTQFSNFYQSFTTJOHYFOJB TFY NVUBOU 4JMJRVFDVMUVSF m 4JMQIJVNJOUFHSJGPMJVN 4JMQIJVNMBDJOJBUVN 4JMQIJVNUFSFCJOUIJOBDFVN 4JMWFUJB 4JOBQJTBMCB TJSÍOF TSO NVUBOU 4."--46#6/*53*#040."- 1305&*/4 443 HFOF 4/"1HFOF 4/"3&HFOF 4PNBUJDFNCSZPHFOFTJT m HFOFUJDSFHVMBUJPOPG m IJTUPSZPG m JO"SBCJEPQTJT m JODBSSPU m m S PMFPGBSBCJOPHBMBDUBOQSPUFJOTJO m S PMFPGFNCSZPOJDQSPUFJOTJO m SPMFPGTFDSFUFEQSPUFJOTJO m 40."5*$&.#3:0(&/&4*43&$&1503 ,*/"4& 4&3, HFOF 4PQIPSBëBWFTDFOT m 4PSHIVNCJDPMPS 4PZCFBO m m m m 4QBUIPHMPUUJT 4QBUIPHMPUUJTQMJDBUB 41¨5;-&HFOFNVUBOU m 4QFSN m FYQSFTTJPOPGQPMZVCJRVJUJOHFOFTJO 4QJMBOUIFTPMFSBDFB 4QJOBDI 4QJOBDJBPMFSBDFB 41030$:5&-&44 41- HFOF 4UFMMBSJBNFEJB 4UFNDFMMT m
TUFSPMNFUIZMUSBOTGFSBTF TNU TNU NVUBOUTHFOFT 4USJHBHFTOFSJPJEFT 4VHBSCFFU TVHBSZ TV NVUBOU TVJDJEFTFFET 4VOëPXFS TVQFSOVNFSBSZBMFVSPOF TBM NVUBOU 46113&44030'--1 40- 40- HFOFT m 46113&44030'7"3*&("5*0/HFOF 4VTQFOTPS m F OEPHFOPVTHSPXUIIPSNPOFTPG m H FOFUJDDPOUSPMPG m N PSQIPMPHZPG m O VDMFBSDZUPMPHZPG m Q IZTJPMPHZPG m T UPSBHFQSPUFJOTPG TVTQFOTPS TVT NVUBOUHFOF m 4VTQFOTPSNVUBOUT m 4ZNQMBTUJDUSBēD C FUXFFOFHHBOEDFOUSBMDFMM J OUIFFNCSZP JOUIFTIPPUBQJDBMNFSJTUFN 4ZOFSHJE m m
5 5BSBYBDVNNFHBMPSSIJ[PO 5"3(&50'3"1".:$*/ 503 HFOFNVUBOU 5$1HFOF 5FTUUVCFGFSUJMJ[BUJPO ѮFPCSPNBDBDBP UJUBO UUO HSPVQPGNVUBOTHFOFT m 5PCBDDP m m 5PNBUP UPOOFBV UPO UPO NVUBOUTHFOFT UPQMFTTM UQM NVUBOU 5PSFOJBGPVSOJFSJ m 5SBQBOBUBOT 5SBOTGFSSFE%/" 5%/" 53"/41"3&/55&45"(-"#3" 55( HFOFNVUBOU USFIBMPTFQIPTQIBUFTZOUIBTF UQT HFOF 5SJGPMJVNQSBUFOTF 5SJGPMJVNSVCFOT 5SJQTBDVN 53*5)03"9HFOF 5SJUJDBMF 5SJUJDVNBFTUJWVN
5SJUJDVNEVSVN 5SPQBFPMVNNBKVT m TVTQFOTPSTUSVDUVSFPG m 5SPQIPCMBTU 5VMJQBDFMTJBOB 5VMJQBHFTOFSJBOB 5VMJQBTZMWFTUSJT 5VOJDBTBYJGSBHB 5VSOJQ UXJO UXO NVUBOUTHFOFT m
6 6CJRVJUJO
7 WBDVPMFMFTT WDM NVUBOU 7FOUSBMDBOBMOVDMFVT 7JDJBGBCB m m 7JHOBTJOFOTJT 7JUJTWJOJGFSB 7JWJQBSZ m 7*7*1"3064 71 HFOFQSPUFJO m 7QQHFOF
8 XBYZ XY NVUBOU 8FMXJUTDIJB 8&3&80-' 8&3 HFOF 8IFBU m m m m m XIFBUHFSNBHHMVUJOJO
Ϗϐϔ
8JEFDSPTTFT m 800%&/-&( 80- HFOF 864$)&- 864 HFOFNVUBOU m 864$)&-SFMBUFEIPNFPCPY 809 HFOFT
: :"##: :"# HFOF
; ;FBNB" # #HFOFT ;FBNBZT ;&".":4"/%30(&/*$&.#3:04 ;N"& ;N"& HFOFT ;FBNBZTFNCSZPTBDCBTBMFOEPTQFSNUSBOTGFSMBZFSFN CSZPTVSSPVOEJOHSFHJPO ;N& HFOF m ;FBNBZT.:#3&-"5&% 1305&*/ ;N.31 HFOF ;FBNBZT1-"45*%3*#040."- 1305&*/- ;N131- HFOF ;FBNBZT4&3, ;N4&3, ;N4&3, HFOFT ;NBZT)PNFPCPY ;N)PY ;N)PY HFOFT ;NBZT065&3$&---":&3 ;N0$- ;N0$- ;N0$- HFOFT ;FJO m ;FQIZSBOUIFT ;8*--& ;-- HFOFNVUBOU m ;ZHPUF m m m m m m DVMUVSFPG QPMBSJUZPG m UFSNJOBMBOECBTBMDFMMTPG VMUSBTUSVDUVSFPG m