2017 JNJ Proxy - jnj.brightspotcdn.com

/PUJDF PG "OOVBM .FFUJOH BOE 1SPYZ 4UBUFNFOU .BSDI   :PV BSF JOWJUFE UP BUUFOE UIF "OOVBM .FFUJOH PG 4IBSFIPMEFST PG +PIOTPO  +PIOTPO UP CF IFME BU UIF 4UBUF 5IFBUSF  -JWJOHTUPO "WFOVF /FX #SVOTXJDL /FX +FSTFZ PO 5IVSTEBZ "QSJM   BU  BN &BTUFSO 5JNF %PPST XJMM PQFO BU  BN 8F XJMM CSPBEDBTU UIF NFFUJOH BT B MJWF XFCDBTU BU XXXJOWFTUPS X SKOKDPN VOEFS a8FCDBTUT  1SFTFOUBUJPOTb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

&OTVSF UIBU ZPVS TIBSFT BSF SFQSFTFOUFE BU UIF NFFUJOH CZ WPUJOH JO POF PG TFWFSBM XBZT (P UP UIF XFCTJUF MJTUFE PO ZPVS QSPYZ DBSE PS /PUJDF UP WPUF 7*" 5)& */5&3/&5 $BMM UIF UFMFQIPOF OVNCFS TQFDJGJFE PO ZPVS QSPYZ DBSE PS PO UIF XFCTJUF MJTUFE PO ZPVS /PUJDF UP WPUF #: 5&-&1)0/& *G ZPV SFDFJWFE QBQFS DPQJFT PG ZPVS QSPYZ NBUFSJBMT NBSL TJHO EBUF BOE SFUVSO ZPVS QSPYZ DBSE JO UIF QPTUBHFQBJE FOWFMPQF QSPWJEFE UP WPUF #: ."*"UUFOE UIF NFFUJOH UP WPUF */ 1&340/ TFF a"OOVBM .FFUJOH "UUFOEBODFb BOE a"ENJTTJPO 5JDLFU 1SPDFEVSFTb PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU

#Z PSEFS PG UIF #PBSE PG %JSFDUPST

5)0."4 + 41&--."/ *** "TTJTUBOU (FOFSBM $PVOTFM BOE $PSQPSBUF 4FDSFUBSZ

*NQPSUBOU /PUJDF 3FHBSEJOH UIF "WBJMBCJMJUZ PG 1SPYZ .BUFSJBMT GPS UIF 4IBSFIPMEFS .FFUJOH UP CF IFME PO "QSJM   5IF 1SPYZ 4UBUFNFOU BOE "OOVBM 3FQPSU UP 4IBSFIPMEFST BSF BWBJMBCMF BU XXXJOWFTUPS X SKOKDPNHPWBOOVBMNFFUJOHNBUFSJBMTDGN

" .FTTBHF GSPN 0VS -FBE %JSFDUPS %FBS 4IBSFIPMEFS 0VS #PBSE DPOUJOVFT UP GVMGJMM JUT DSJUJDBM NJTTJPO PG QSPWJEJOH BDUJWF FOHBHFNFOU BOE PWFSTJHIU PG UIF DPNQBOZcT TUSBUFHZ DBQBCJMJUJFT MFBEFSTIJQ BOE SJTL NBOBHFNFOU UP FOTVSF UIF DPNQBOZ JT XFMMQPTJUJPOFE UP DPOUJOVF DSFBUJOH WBMVF GPS TIBSFIPMEFST JO B NBOOFS UIBU JT DPOTJTUFOU XJUI PVS $SFEP "OE BT ZPVS SFQSFTFOUBUJWFT NZ GFMMPX JOEFQFOEFOU EJSFDUPST BOE * BSF DPNNJUUFE UP BOE WBMVF IFBSJOH GSPN PVS TIBSFIPMEFST *U JT PVS QMFBTVSF UP CF QBSU PG UIJT SFNBSLBCMF DPNQBOZ UIBU QMBZT B WJUBM SPMF JO UIF IFBMUI BOE XFMMCFJOH PG B CJMMJPO QFPQMF UISPVHIPVU UIF XPSME FWFSZ EBZ 5IJT QBTU ZFBS * IBE UIF PQQPSUVOJUZ UP NFFU XJUI B OVNCFS PG PVS TIBSFIPMEFST BOTXFS RVFTUJPOT BCPVU UIF #PBSEc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d 0VS #PBSE JT DPNNJUUFE UP TFFLJOH OFX #PBSE NFNCFST XIP FOIBODF PVS DPMMFDUJWF TLJMM TFU BOE EJWFSTJUZ 'SPN  XF CSPVHIU PO B OFX JOEFQFOEFOU EJSFDUPS FBDI ZFBS XJUI WBSZJOH BOE EFFQ TLJMM TFUT BT XF SFQMBDFE PVS SFUJSJOH EJSFDUPST 8F DPOUJOVF UP TFFL PUIFS RVBMJGJFE EJSFDUPST 8F XFSF EFFQMZ TBEEFOFE BU UIF QBTTJOH PG %S 4VTBO -JOERVJTU JO 0DUPCFS  POF PG PVS MPOHFTUTFSWJOH EJSFDUPST d 5IJT ZFBS XF BMUFSFE UIF DPNQPTJUJPO PG PVS GJWF LFZ DPNNJUUFFT XJUI FBDI DPNNJUUFF IBWJOH BU MFBTU POF OFX NFNCFS BOE UISFF DPNNJUUFFT $PNQFOTBUJPO  #FOFGJUT 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G BOE 4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ FBDI CFJOH MFE CZ B OFX EJSFDUPS &BDI DPNNJUUFF DPOUJOVFT UP CF DPNQSJTFE TPMFMZ PG JOEFQFOEFOU EJSFDUPST :PV DBO TFF NPSF EFUBJMT PO PVS DPNNJUUFF DPNQPTJUJPO BOE DIBOHFT PO QBHFT  BOE  PG UIJT 1SPYZ 4UBUFNFOU d *O EJSFDU SFTQPOTF UP XIBU XF IFBSE EVSJOH UIF DPVSTF PG UIJT ZFBScT TIBSFIPMEFS FOHBHFNFOU NFFUJOHT UIJT ZFBS XF BSF JODMVEJOH B DIBSU TFUUJOH PVU UIF LFZ TLJMMT PG PVS #PBSE 8F BSF IPQFGVM UIBU UIJT DIBSU XJMM QSPWJEF TIBSFIPMEFST XJUI BO FBTJFS GPSNBU UP WJFX UIF DPMMFDUJWF TLJMMT BOE FYQFSJFODF UIBU FOBCMF PVS #PBSE UP QSPWJEF TUSPOH HPWFSOBODF BOE PWFSTJHIU UP TFSWF PVS TIBSFIPMEFST d 4PNF JOWFTUPST TVHHFTUFE JO PVS EJBMPHVFT UIBU BT B NBUUFS PG QSJODJQMF UIF SPMFT PG $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G TIPVME CF TFQBSBUF BU BMM QVCMJD DPNQBOJFT 'PS UIF SFBTPOT TFU PVU JO PVS SFTQPOTF UP UIF TIBSFIPMEFS QSPQPTBM PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU UIF #PBSE DPOUJOVFT UP IBWF TUSPOH DPOWJDUJPO UIBU UIF DVSSFOU TUSVDUVSF PG DPNCJOFE $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G

BMPOH XJUI UIF FTUBCMJTINFOU PG B SPCVTU -FBE *OEFQFOEFOU %JSFDUPS XPSLT CFTU GPS +PIOTPO  +PIOTPO BOE JUT TIBSFIPMEFST BU UIJT UJNF * CFMJFWF * XBT BCMF UP QSPWJEF UIF JOWFTUPST XJUI XIPN * NFU B CFUUFS VOEFSTUBOEJOH PG NZ SPMF BT -FBE %JSFDUPS IPX * JOUFSBDU XJUI UIF $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G BOE PUIFS EJSFDUPST BOE NZ POHPJOH QSBDUJDF PG BDUJWF FOHBHFNFOU XJUI TIBSFIPMEFST 5IF #PBSE DPOUJOVFT UP NPOJUPS EFWFMPQNFOUT CVU CFMJFWFT JU JT DSJUJDBMMZ JNQPSUBOU GSPN B HPWFSOBODF QFSTQFDUJWF UIBU JU SFUBJO BQQSPQSJBUF GMFYJCJMJUZ BOE TPMF BVUIPSJUZ UP EFUFSNJOF XIP TFSWFT BT $IBJSNBO PG PVS DPNQBOZ BU BOZ HJWFO QPJOU JO UJNF * FODPVSBHF ZPV UP SFBE NPSF BCPVU PVS #PBSE SPCVTU HPWFSOBODF TUSVDUVSFT BOE QSBDUJDFT BOE DPNQFOTBUJPO QSPHSBNT JO UIJT 1SPYZ 4UBUFNFOU 1MFBTF BMTP DPOTJEFS PVS SFDPNNFOEBUJPOT UP UIF QSPQPTBMT JO UIJT 1SPYZ 4UBUFNFOU 8F FODPVSBHF ZPV UP WPUF ZPVS TIBSFT JO MJOF XJUI UIF #PBSEcT SFDPNNFOEBUJPOT 8F WBMVF ZPVS FOHBHFNFOU BOE UIBOL ZPV GPS ZPVS DPOUJOVFE TVQQPSU BOE JOWFTUNFOU JO +PIOTPO  +PIOTPO 4JODFSFMZ

"OOF . .VMDBIZ -FBE %JSFDUPS

 1SPYZ 4UBUFNFOU  

5BCMF PG $POUFOUT " .&44"(& '30. 063 -&"% %*3&$503  1309: 45"5 5 &.&/5 e 46.."3: 3 7PUJOH 0WFSWJFX *UFN  &MFDUJPO PG %JSFDUPST /PNJOFFT #PBSE $PNQPTJUJPO BOE %JSFDUPS /PNJOBUJPO 1SPDFTT #PBSE -FBEFSTIJQ 4USVDUVSF %JSFDUPS *OEFQFOEFODF 4IBSFIPMEFS 0VUSFBDI 3JTL 0WFSTJHIU "EEJUJPOBM (PWFSOBODF 'FBUVSFT #PBSE $PNNJUUFFT #PBSE .FFUJOHT BOE 1SPDFTTFT 3FMBUFE 1BSUZ 5SBOTBDUJPOT 4UPDL 0XOFSTIJQ BOE 4FDUJPO  $PNQMJBODF %JSFDUPS $PNQFOTBUJPO

               

$0.1&/4"5*0/ " 0' &9&$65*7&4 *UFN  "EWJTPSZ 7PUF PO 'SFRVFODZ PG 7PUJOH UP "QQSPWF /BNFE &YFDVUJWF 0GGJDFS $PNQFOTBUJPO



*UFN  "EWJTPSZ 7PUF UP "QQSPWF /BNFE &YFDVUJWF 0GGJDFS $PNQFOTBUJPO



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

      

*UFN  3FBQQSPWBM PG UIF .BUFSJBM 5FSNT PG 1FSGPSNBODF (PBMT 6OEFS UIF  -POH5FSN 5 *ODFOUJWF 1MBO

 1SPYZ 4UBUFNFOU  

          

"6%*5 ."55&34 " "VEJU $PNNJUUFF 3FQPSU *UFN  3BUJGJDBUJPO PG "QQPJOUNFOU PG *OEFQFOEFOU 3FHJTUFSFE 1VCMJD "DDPVOUJOH 'JSN

 

4)"3&)0-%&3 130104"-  05)&3 ."55&34 " *UFN  4IBSFIPMEFS 1SPQPTBM  *OEFQFOEFOU #PBSE $IBJSNBO 0UIFS .BUUFST

 

(&/&3"- */'03."5*0/ "



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

                

 1SPYZ 4UBUFNFOU  

 1SPYZ 4UBUFNFOU e 4VNNBSZ 5IJT TVNNBSZ IJHIMJHIUT JOGPSNBUJPO DPOUBJOFE FMTFXIFSF JO UIJT 1SPYZ 4UBUFNFOU 5IJT TVNNBSZ EPFT OPU DPOUBJO BMM PG UIF JOGPSNBUJPO ZPV TIPVME DPOTJEFS : :PV TIPVME SFBE UIF FOUJSF 1SPYZ 4UBUFNFOU DBSFGVMMZ CFGPSF WPUJOH

705*/( 07&37*&8 3 *UFNT PG #VTJOFTT

#PBSE 7PUF 3FDPNNFOEBUJPO

1BHF 



&MFDUJPO PG  %JSFDUPS OPNJOFFT

'03 FBDI OPNJOFF





"EWJTPSZ 7PUF PO 'SFRVFODZ PG 7PUJOH UP "QQSPWF /BNFE &YFDVUJWF 0GGJDFS G $PNQFOTBUJPO

&7&3: 3  :&"3





"EWJTPSZ 7PUF UP "QQSPWF /BNFE &YFDVUJWF 0GGJDFS G $PNQFOTBUJPO a4BZ PO 1BZb

'03





3FBQQSPWBM PG UIF .BUFSJBM 5FSNT PG 1FSGPSNBODF (PBMT 6OEFS UIF  -POH5FSN 5 *ODFOUJWF 1MBO

'03





3BUJGJDBUJPO PG "QQPJOUNFOU PG *OEFQFOEFOU 3FHJTUFSFE 1VCMJD "DDPVOUJOH 'JSN 1SJDFXBUFSIPVTF$PPQFST --1

'03



"("*/45



.BOBHFNFOU 1SPQPTBMT

4IBSFIPMEFS 1SPQPTBM 

*OEFQFOEFOU #PBSE $IBJSNBO

$03 3103"5& " & (07&3 3/"/$& )*()-*() )54 'PSS NPSF JOGPSN NBUJPO TFF 1BHF T  

FDUPSST b "OOVBM &MFDUJPO PGG %JSF PBSE 3FGSSFTINFOUU b $PNNJUNFOU UP #P



FDUPSS XJUI SPCVTU EVUJFT b *OEFQFOEFOU -FBE %JSF



FODF F b %JSFDUPS *OEFQFOEF



FS 0V VUSFBDI b "DUJWF 4IBSFIPMEF



b 1SPYZ "DDFTT



POUFTTUFE %JSFDUPS &MFDUJPOT b .BKPSJUZ 7PUJOH *O 6ODP



EJOH 1PMJDZ b %JSFDUPS 0WFSCPBSE



E BOE $P PNNJUUFF &WBMVBUJPOTT b $POTUSVDUJWF #PBSE



OH 3FRVJSFNF FOUT b /P 4VQFSNBKPSJUZ 7PUJO BO b /P 4IBSFIPMEFS 3JHIUTT 1MB b 4IBSFIPMEFS 3JHIUU UP $BMM 4QFDJBM .FFUJOHT

%*3&$503 /0.*/&&4 TFF QBHFT   

"HF

/BNF

%JSFDUPS 4JODF

1SJNBSZ 0DDVQBUJPO

.BSZ $ #FDLFSMF

*





$IJFG &YFDVUJWF 0GGJDFS G BOE %JSFDUPS )VOUTNBO $BODFS *OTUJUVUF %JTUJOHVJTIFE 1SPGFTTPS PG #JPMPHZ $PMMFHF PG 4DJFODF 6OJWFSTJUZ PG 6UBI

% 4DPUU %BWJT

*





'PSNFS $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G

6OJUFE 1BSDFM 4FSWJDF *OD

*BO & - %BWJT

*





$IBJSNBO 3PMMT3PZDF )PMEJOHT QMD 'PSNFS $IBJSNBO BOE 8PSMEXJEF .BOBHJOH %JSFDUPS .D,JOTFZ  $PNQBOZ





$IBJSNBO #PBSE PG %JSFDUPST $IJFG &YFDVUJWF 0GGJDFS G

+PIOTPO  +PIOTPO





%JSFDUPS %VLF3PCFSU + .BSHPMJT .% $FOUFS GPS )FBMUI 1PMJDZ





'PSNFS $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G

9FSPY $PSQPSBUJPO





3FUJSFE 1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS G

8N 8SJHMFZ +S $PNQBOZ

$IBSMFT 1SJODF

* * * *





3FUJSFE $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G

$JUJHSPVQ *OD

" &VHFOF 8BTIJOHUPO

*





%VLF 6OJWFSTJUZcT $IBODFMMPS GPS )FBMUI "GGBJST G 1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS G

%VLF 6OJWFSTJUZ )FBMUI 4ZTUFN

3POBME " 8JMMJBNT

*





'PSNFS $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G

"FUOB *OD

`

"MFY (PSTLZ .BSL # .D$MFMMBO "OOF . .VMDBIZ

-%

8JMMJBN % 1FSF[

$IBJSNBO PG UIF #PBSE

`

1SPYZ 4UBUFNFOU  

-FBE %JSFDUPS

-%

*OEFQFOEFOU %JSFDUPS

*

#0"3% $0.104*5*0/ "/% 3&'3&4).&/5 TFF QBHF  

  #0"3% % $0..*55&& 305"5 5 *0/ / TFF QBHFF 

%JSFDUPST

"VEJU 

* * * *

.BSZ $ #FDLFSMF .BSZ 4VF $PMFNBO



% 4DPUU %BWJT *BO & - %BWJT

4VTBO - -JOERVJTU



.BSL # .D$MFMMBO "OOF . .VMDBIZ 8JMMJBN % 1FSF[ $IBSMFT 0 1SJODF " &VHFOF 8BTIJOHUPO 3POBME " 8JMMJBNT







N $

$

N

N







3FHVMBUPSZ Z $PNQMJBODF  (PWFSONF FOU "GGBJST



N



4DJFODF 5F FDIOPMPHZ  4VTUBJOBCJMJUZ







N

N N

$

N

N

N

`

"MFY (PSTLZ

$IBJSNBO PG UIF #PBSE

/PNJOB BUJOH  $PSQP PSBUF (PWFSO OBODF

$PNQFOTBUJPO  #FOF FGJUT

`

* * * * * * *

N N N

-%

-FBE %JSFDUPS

N N

N $ N N

-%

*OEFQFOEFOU %JSFDUPS

*

$IBJS

N $ $

.FNCFS

N $

N $

N

N N

N

$ N

N

N

N

N

$ $ .BSLT NFNCFS QPTJUJPO DIBOHF

%JE OPU TUBOE GPS SFFMFDUJPO JO  1BTTFE BXBZ JO 0DUPCFS 

 1SPYZ 4UBUFNFOU  

&9&$65*7& $0.1&/4"5*0/ "  $0.1"/: 1 1&3'03."/$&

TFF QBHFT  UP 

0VS TUSPOH SFTVMUT JO  XFSF ESJWFO CZ PVS BQQSPBDI UP NBOBHJOH GPS UIF MPOH UFSN

8F FYFDVUFE BHBJOTU PVS OFBSUFSN QSJPSJUJFT JO  BEWBODFE PVS MPOHUFSN TUSBUFHJD HSPXUI ESJWFST BOE ESPWF PVS TUSPOH SFTVMUT XJUI DPOUSJCVUJPOT GSPN BMM UISFF CVTJOFTTFT Operational Sales Growth 2.5%

3.5%

Total Shareholder Return

Result: 3.9% Goal: 2.5%-3.5 3.5% % 15.3%

15.3%

Adjusted Operational EPS Growth 5.3%

13.0%

7.7%

11.0%

Result: 9.4% 6.3%

Goal: 5.3% 5 3%-7.7 7 7% -0.2%

Free Cash Flow ($ Billions) $15.0

$16.7

$15.7

1-Year

3-Year

Competitor Composite

Result: $15.5

5-Year

J&J

Goal: $15.7 $15 7-$ $16.7 16 7

/PUF /PO(""1 NFBTVSFT TFF QBHF  GPS EFUBJMT PO OPO(""1 QFSGPSNBODF NFBTVSFT

  $&0 $0 0.1&/4" "5*0/ %&$ $*4*0/4 '03  1&3'03."/$& TFF QBHF 

5IF #PBSE CBTTFE JUT BTTFTTTNFOU PG .SS (PSTLZ QSJNBSJMZ VQPO JUT FWBMVBUJP PO PG UIF F DPNQBOZcTT QFSGPSNBODDF 5IF #PB BSE CFMJFWFT UIF DP PNQBOZ EFMJJWFSFE FYDFMMMFOU GJOB BODJBM SFTVMUUT BOE TUSPOH H TUSBUFHJD QFSGPSNBODF S JO O  VOEF FS .S (PSTLLZcT MFB BEFSTIJQ

8)&/ $"45*/( :063  4": " 0/ 1": 1 705& 8& &/$063"(& :06 50 $0/4*%&3 QBHF 

d 5IF BMJHONFOU PG UIF  DPNQFOTBUJPO PG PVS $IBJSNBO$&0 BOE PVS PUIFS OBNFE FYFDVUJWF PGGJDFST G XJUI PVS DPNQBOZcT  QFSGPSNBODF d 5IF QBZGPSQFSGPSNBODF BMJHONFOU CVJMU JOUP UIF EFTJHO PG PVS JODFOUJWF QSPHSBNT d 0VS DPOUJOVFE FWBMVBUJPO PG PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN d 0VS DPOUJOVFE EJSFDU FOHBHFNFOU XJUI PVS TIBSFIPMEFST SFTVMUJOH UIJT ZFBS JO JODSFBTFE XFJHIUJOH PG QFSGPSNBODF TIBSF VOJUT JO PVS  MPOH UFSN JODFOUJWF NJY UP JODSFBTF UIF GPDVT PO MPOHUFSN QFSGPSNBODF

 $&0 0 1BZ %FDJTJPOT d d d

"OOVB BM #POVT   PG UBSHF FU -5* - "X XBSE  PG UBSHFU /P *ODDSFBTF JO 4B BMBSZ

$&0 5PUB BM %JSFDU $P PNQFOTBUJP PO d d

        

Change Incentive Mix for Executive Officers ChangetoinLong-Term Long-Term Incentive Mix for Executives Change

20% RSUs

10% RSUs

-10% points

30% Options

No change

60% PSUs

+10% points

30% Options

50% PSUs

2016 Performance Year (Grant Feb. 2017)

2017 Performance Year (Grant Feb. 2018)

,&: '&"563&4 " 0' 063 &9&$65*7& $0.1&/4"5*0/ " 130(3". TFF QBHF 

8IBU 8F %P 8IBU 8F %POU %P c "MJHO $&0 QBZ XJUI DPNQBOZ QFSGPSNBODF c c 6TF MPOHUFSN JODFOUJWFT UP MJOL UIF NBKPSJUZ PG OBNFE FYFDVUJWF PGGJDFS G QBZ UP DPNQBOZ QFSGPSNBODF c #BMBODF TIPSUUFSN BOE MPOHUFSN JODFOUJWFT c $BQ JODFOUJWF BXBSET G UP PXO TJHOJGJDBOU c 3FRVJSF OBNFE FYFDVUJWF PGGJDFST BNPVOUT PG DPNQBOZ TUPDL c )BWF B DPNQFOTBUJPO SFDPVQNFOU QPMJDZ BQQMJDBCMF UP PVS OBNFE FYFDVUJWF PGGJDFST G c "DUJWFMZ FOHBHF XJUI PVS TIBSFIPMEFST c 6TF BO JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU SFQPSUJOH EJSFDUMZ UP UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF

 1SPYZ 4UBUFNFOU  

d /P BVUPNBUJD PS HVBSBOUFFE BOOVBM TBMBSZ JODSFBTFT d /P HVBSBOUFFE CPOVTFT PS MPOHUFSN JODFOUJWF BXBSET d /P BCPWFNFEJBO UBSHFUJOH PG FYFDVUJWF DPNQFOTBUJPO d /P DIBOHFJODPOUSPM CFOFGJUT d /P UBY HSPTT VQT VOMFTT UIFZ BSF QSPWJEFE QVSTVBOU UP PVS TUBOEBSE SFMPDBUJPO QSBDUJDFT

d /P PQUJPO SFQSJDJOH XJUIPVU TIBSFIPMEFS BQQSPWBM d /P IFEHJOH PG DPNQBOZ TUPDL d /P MPOHUFSN JODFOUJWF CBDLEBUJOH d /P EJWJEFOE FRVJWBMFOUT PO VOWFTUFE MPOHUFSN JODFOUJWFT

*UFN  &MFDUJPO PG %JSFDUPST /0.*/&&4 0 4 5IFSF BSF  EJSFDUPS OPNJOFFT GPS FMFDUJPO BU PVS  "OOVBM .FFUJOH UP IPME PGGJDF G VOUJM UIF OFYU "OOVBM .FFUJOH BOE VOUJM UIFJS TVDDFTTPST IBWF CFFO EVMZ FMFDUFE BOE RVBMJGJFE "MM PG UIF OPNJOFFT XFSF FMFDUFE UP UIF #PBSE BU UIF MBTU "OOVBM .FFUJOH BOE BSF DVSSFOUMZ TFSWJOH BT EJSFDUPST %S 4VTBO 4 -JOERVJTU XBT BMTP FMFDUFE UP UIF #PBSE BU UIF MBTU "OOVBM .FFUJOH CVU QBTTFE BXBZ PO 0DUPCFS   #FMPX BSF TVNNBSJFT PG UIF CBDLHSPVOE CVTJOFTT FYQFSJFODF BOE EFTDSJQUJPO PG UIF QSJODJQBM PDDVQBUJPO PG FBDI PG UIF OPNJOFFT ."3: 3 $ #&$,&3-& 1I% $IJFG &YFDVUJWF 0GGJDFS BOE %JSFDUPS S )VOUTNBO $BODFS *OTUJUVUF BU UIF 6OJWFSTJUZ PG 6UBI %JTUJOHVJTIFE 1SPGFTTPS PG #JPMPHZ Z $PMMFHF PG 4DJFODF 6OJWFSTJUZ PG 6UBI 8JUI IFS FYQFSUJTF JO TDJFOUJGJD SFTFBSDI BOE PSHBOJ[BUJPOBM NBOBHFNFOU JO UIF IFBMUI DBSF BSFOB BOE IFS BDUJWF QBSUJDJQBUJPO JO OBUJPOBM BOE JOUFSOBUJPOBM TDJFOUJGJD BGGBJST %S S #FDLFSMF QSPWJEFT B QFSTQFDUJWF S DSVDJBM UP B HMPCBM IFBMUI DBSF DPNQBOZ %JSFDUPS TJODF  *OEFQFOEFOU $IBJSNBO 4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ $PNNJUUFF .FNCFS S 3FHVMBUPSZ Z $PNQMJBODF  (PWFSONFOU "GGBJST $PNNJUUFF

%S #FDLFSMF  IBT TFSWFE BT $&0 BOE %JSFDUPS PG )VOUTNBO $BODFS *OTUJUVUF TJODF  BOE TIF XBT BQQPJOUFE JO  UP BO BEEJUJPOBM LFZ IFBMUI TDJFODFT MFBEFSTIJQ SPMF BT "TTPDJBUF 7JDF 1SFTJEFOU GPS $BODFS "GGBJST BU UIF 6OJWFSTJUZ PG G 6UBI %S #FDLFSMF KPJOFE UIF GBDVMUZ PG UIF 6OJWFSTJUZ PG 6UBI JO  BOE JT B EJTUJOHVJTIFE QSPGFTTPS PG CJPMPHZ BOE PODPMPHJDBM TDJFODFT IPMEJOH UIF 3BMQI & BOE 8JMMJB 5 .BJO 1SFTJEFOUJBM 1SPGFTTPSTIJQ %S #FDLFSMF IBT TFSWFE PO UIF /*) "EWJTPSZ $PNNJUUFF UP UIF %JSFDUPS PO UIF #PBSE PG %JSFDUPST PG UIF "NFSJDBO "TTPDJBUJPO GPS $BODFS 3FTFBSDI BT QSFTJEFOU PG UIF "NFSJDBO 4PDJFUZ GPS $FMM #JPMPHZ BOE BT UIF $IBJS PG UIF "NFSJDBO $BODFS 4PDJFUZ $PVODJM GPS &YUSBNVSBM (SBOUT 4IF DVSSFOUMZ TFSWFT PO B OVNCFS PG TDJFOUJGJD BEWJTPSZ CPBSET JODMVEJOH UIF .FEJDBM "EWJTPSZ #PBSE PG UIF )PXBSE )VHIFT .FEJDBM *OTUJUVUF BOE UIF 4DJFOUJGJD "EWJTPSZ #PBSET PG UIF /BUJPOBM $FOUFS GPS #JPMPHJDBM 4DJFODFT BU UIF 5BUB *OTUJUVUF PG 'VOEBNFOUBM 3FTFBSDI JO *OEJB UIF .FDIBOPCJPMPHZ *OTUJUVUF JO 4JOHBQPSF BOE UIF %BOB 'BSCFS)BSWBSE $BODFS $FOUFS %S #FDLFSMF IFME B (VHHFOIFJN 'FMMPXTIJQ BU UIF $VSJF *OTUJUVUF JO 1BSJT SFDFJWFE UIF 6UBI (PWFSOPScT .FEBM GPS 4DJFODF BOE 5FDIOPMPHZ JO  UIF 4XPSE PG )PQF "XBSE GSPN UIF "NFSJDBO $BODFS 4PDJFUZ JO  BOE JT BO FMFDUFE 'FMMPX PG UIF "NFSJDBO "DBEFNZ PG "SUT BOE 4DJFODFT %S #FDLFSMF XBT BMTP OBNFE B /BUJPOBM "TTPDJBUJPO PG $PSQPSBUF %JSFDUPST /"$% (PWFSOBODF 'FMMPX JO  0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF )VOUTNBO $PSQPSBUJPO  UP QSFTFOU

 1SPYZ 4UBUFNFOU  

% 4$055 %"7*4 " 'PSNFS $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS S 6OJUFE 1BSDFM 4FSWJDF *OD )BWJOH TFSWFE BT $IBJSNBO BOE $&0 PG UIF XPSME`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

3FDFOU 1BTU 1VCMJD $PNQBOZ #PBSE 4FSWJDF 6OJUFE 1BSDFM 4FSWJDF *OD  UP   &OEP$IPJDF *OD  UP 

*"/ & - %"7*4 " $IBJSNBO 3PMMT3PZDF )PMEJOHT QMD 'PSNFS $IBJSNBO BOE 8PSMEXJEF .BOBHJOH %JSFDUPS S .D,JOTFZ  $PNQBOZ )BWJOH TFSWFE BT $IBJSNBO BOE 8PSMEXJEF .BOBHJOH %JSFDUPS PG POF PG UIF XPSME`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cT QSBDUJDF JO UIF 6OJUFE ,JOHEPN BOE *SFMBOE )JT FYQFSJFODF JODMVEFE PWFSTJHIU GPS .D,JOTFZ DMJFOUT BOE TFSWJDFT JO "TJB &VSPQF UIF .JEEMF &BTU BOE "GSJDB BT XFMM BT FYQFSUJTF JO UIF DPOTVNFS QSPEVDUT BOE SFUBJM JOEVTUSJFT .S %BWJT JT B %JSFDUPS PG 5FBDI GPS G "MM *OD B HMPCBM OFUXPSL PG JOEFQFOEFOU TPDJBM FOUFSQSJTFT XPSLJOH UP FYQBOE FEVDBUJPOBM PQQPSUVOJUJFT JO UIFJS OBUJPOT HMPCBM FOFSHZ HSPVQ #1 QMD BOE .BKJE "M 'VUUBJN )PMEJOH --$ BOE B 4FOJPS "EWJTPS BU "QBY 1BSUOFST B QSJWBUF FRVJUZ GJSN 0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF #1 QMD  UP QSFTFOU  3PMMT3PZDF )PMEJOHT QMD  UP QSFTFOU

 1SPYZ 4UBUFNFOU  

"-&9 (034,: : $IBJSNBO #PBSE PG %JSFDUPST $IJFG &YFDVUJWF 0GGJDFS $IBJSNBO &YFDVUJWF $PNNJUUFF +PIOTPO  +PIOTPO )BWJOH TUBSUFE IJT DBSFFS BU +PIOTPO  +PIOTPO JO  BOE IBWJOH CFFO QSPNPUFE UP QPTJUJPOT PG JODSFBTJOH SFTQPOTJCJMJUZ BDSPTT CVTJOFTT TFHNFOUT DVMNJOBUJOH JO IJT BQQPJOUNFOU UP $&0 BOE FMFDUJPO UP PVS #PBSE PG %JSFDUPST JO  .S S (PSTLZ CSJOHT B GVMM SBOHF PG TUSBUFHJD NBOBHFNFOU FYQFSUJTF B CSPBE VOEFSTUBOEJOH PG UIF JTTVFT GBDJOH B NVMUJOBUJPOBM CVTJOFTT JO UIF IFBMUI DBSF JOEVTUSZ BOE BO JOEFQUI LOPXMFEHF PG UIF DPNQBOZ`T CVTJOFTT IJTUPSZ BOE DVMUVSF UP PVS #PBSE S BOE UIF U $IBJSNBO QPTJUJPO %JSFDUPS TJODF  .BOBHFNFOU $IBJSNBO 'JOBODF $PNNJUUFF .S (PSTLZ  XBT BQQPJOUFE BT $IBJSNBO #PBSE PG %JSFDUPST JO %FDFNCFS  )F XBT OBNFE $IJFG &YFDVUJWF 0GGJDFS G

$IBJSNBO PG UIF &YFDVUJWF $PNNJUUFF BOE KPJOFE UIF #PBSE PG %JSFDUPST JO "QSJM  .S (PSTLZ CFHBO IJT +PIOTPO  +PIOTPO DBSFFS XJUI +BOTTFO 1IBSNBDFVUJDB *OD JO  0WFS UIF OFYU  ZFBST IF BEWBODFE UISPVHI QPTJUJPOT PG JODSFBTJOH SFTQPOTJCJMJUZ JO TBMFT NBSLFUJOH BOE NBOBHFNFOU *O  .S (PSTLZ XBT BQQPJOUFE 1SFTJEFOU PG +BOTTFO 1IBSNBDFVUJDBM *OD BOE JO  IF XBT OBNFE $PNQBOZ (SPVQ $IBJSNBO PG UIF +PIOTPO  +PIOTPO QIBSNBDFVUJDBM CVTJOFTT JO &VSPQF UIF .JEEMF &BTU BOE "GSJDB .S (PSTLZ MFGU +PIOTPO  +PIOTPO JO  UP KPJO /PWBSUJT 1IBSNBDFVUJDBMT $PSQPSBUJPO XIFSF IF TFSWFE BT IFBE PG UIF DPNQBOZcT QIBSNBDFVUJDBM CVTJOFTT JO /PSUI "NFSJDB .S (PSTLZ SFUVSOFE UP +PIOTPO  +PIOTPO JO  BT $PNQBOZ (SPVQ $IBJSNBO GPS &UIJDPO *O FBSMZ  IF XBT BQQPJOUFE 8PSMEXJEF $IBJSNBO PG UIF 4VSHJDBM $BSF (SPVQ BOE NFNCFS PG UIF &YFDVUJWF $PNNJUUFF *O 4FQUFNCFS  IF XBT BQQPJOUFE 8PSMEXJEF $IBJSNBO PG UIF .FEJDBM %FWJDFT BOE %JBHOPTUJDT (SPVQ .S (PSTLZ CFDBNF 7JDF $IBJSNBO PG UIF &YFDVUJWF $PNNJUUFF JO +BOVBSZ  .S (PSTLZ BMTP TFSWFT PO UIF CPBSET PG UIF 5SBWJT .BOJPO 'PVOEBUJPO UIF $POHSFTTJPOBM .FEBM PG )POPS 'PVOEBUJPO BOE UIF /BUJPOBM "DBEFNZ 'PVOEBUJPO 0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF *OUFSOBUJPOBM #VTJOFTT .BDIJOFT $PSQPSBUJPO *#.  UP QSFTFOU

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cT $PVODJM PG &DPOPNJD "EWJTFST BOE TFOJPS EJSFDUPS GPS IFBMUI DBSF QPMJDZ BU UIF 8IJUF )PVTF GSPN  UP  BOE EVSJOH 1SFTJEFOU #JMM $MJOUPOcT BENJOJTUSBUJPO IFME UIF QPTJUJPO PG %FQVUZ "TTJTUBOU 4FDSFUBSZ GPS &DPOPNJD 1PMJDZ GPS UIF %FQBSUNFOU PG UIF 5SFBTVSZ %S .D$MFMMBO QSFWJPVTMZ TFSWFE BT BO BTTPDJBUF QSPGFTTPS PG FDPOPNJDT BOE NFEJDJOF XJUI UFOVSF BU 4UBOGPSE 6OJWFSTJUZ XIFSF IF BMTP EJSFDUFE UIF 1SPHSBN PO )FBMUI 0VUDPNFT 3FTFBSDI %S .D$MFMMBO JT UIF GPVOEJOH DIBJS BOE B DVSSFOU CPBSE NFNCFS PG UIF 3FBHBO6EBMM 'PVOEBUJPO GPS UIF 'PPE BOE %SVH "ENJOJTUSBUJPO JT B NFNCFS PG UIF /BUJPOBM "DBEFNZ PG .FEJDJOF BOE DIBJST UIF "DBEFNZcT -FBEFSTIJQ $POTPSUJVN GPS 7BMVF BOE 4DJFODF%SJWFO )FBMUI $BSF BOE DPDIBJST UIF HVJEJOH DPNNJUUFF PG UIF )FBMUI $BSF 1BZNFOU -FBSOJOH BOE "DUJPO /FUXPSL 0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF /POF 3FDFOU 1BTU 1VCMJD $PNQBOZ #PBSE 4FSWJDF "WJW 3&*5 5 *OD  UP 

 1SPYZ 4UBUFNFOU  

"//& . .6-$"): : 'PSNFS $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS S 9FSPY $PSQPSBUJPO )BWJOH TFSWFE BT $IBJSNBO BOE $&0 PG B MBSHF HMPCBM NBOVGBDUVSJOH BOE TFSWJDFT DPNQBOZ XJUI POF PG UIF XPSME`T NPTU SFDPHOJ[FE CSBOET BOE USBDL SFDPSE GPS JOOPWBUJPO .T .VMDBIZ QSPWJEFT UP PVS #PBSE WBMVBCMF JOTJHIU JOUP PSHBOJ[BUJPOBM BOE PQFSBUJPOBM NBOBHFNFOU JTTVFT DSVDJBM UP B MBSHF QVCMJD DPNQBOZ Z BT X XFMMM BT B TUSPOH SFQVUBUJPO GPS MFBEFSTIJQ JO CVTJOFTT JOOPWBUJPO BOE UBMFOU EFWFMPQNFOU -FBE %JSFDUPS TJODF  %JSFDUPS TJODF  *OEFQFOEFOU .FNCFS S "VEJU $PNNJUUFF .FNCFS S /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF .FNCFS S 'JOBODF $PNNJUUFF .T .VMDBIZ  XBT $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G PG 9FSPY $PSQPSBUJPO CVTJOFTT FRVJQNFOU BOE TFSWJDFT VOUJM +VMZ  XIFO TIF SFUJSFE BT $&0 BGUFS FJHIU ZFBST JO UIF QPTJUJPO 1SJPS UP TFSWJOH BT $&0 .T .VMDBIZ XBT 1SFTJEFOU BOE $IJFG 0QFSBUJOH 0GGJDFS G PG 9FSPY 4IF BMTP TFSWFE BT 1SFTJEFOU PG 9FSPYcT (FOFSBM .BSLFUT 0QFSBUJPOT XIJDI DSFBUFE BOE TPME QSPEVDUT GPS SFTFMMFS EFBMFS BOE SFUBJM DIBOOFMT %VSJOH IFS DBSFFS BU 9FSPY UIBU CFHBO JO  .T .VMDBIZ BMTP TFSWFE BT 7JDF 1SFTJEFOU GPS )VNBO 3FTPVSDFT XJUI SFTQPOTJCJMJUZ GPS DPNQFOTBUJPO CFOFGJUT IVNBO SFTPVSDF TUSBUFHZ MBCPS SFMBUJPOT NBOBHFNFOU EFWFMPQNFOU BOE FNQMPZFF USBJOJOH BOE 7JDF 1SFTJEFOU BOE 4UBGG G 0GGJDFS GPS $VTUPNFS 0QFSBUJPOT DPWFSJOH 4PVUI "NFSJDB BOE $FOUSBM "NFSJDB &VSPQF "TJB BOE "GSJDB .T .VMDBIZ IBT CFFO B 64 #PBSE $IBJS PG 4BWF UIF $IJMESFO TJODF .BSDI  0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF 5BSHFU $PSQPSBUJPO  UP QSFTFOU  (SBIBN )PMEJOHT $PNQBOZ  UP QSFTFOU  -1- 'JOBODJBM )PMEJOHT *OD  UP QSFTFOU

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

3FDFOU 1BTU 1VCMJD $PNQBOZ #PBSE 4FSWJDF $BNQCFMM 4PVQ $PNQBOZ  UP 

 1SPYZ 4UBUFNFOU  

$)"3-&4 13*/$& 3FUJSFE $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS S $JUJHSPVQ *OD )BWJOH TFSWFE BT $IBJSNBO BOE $&0 PG UIF OBUJPO`T MBSHFTU BOE NPTU EJWFSTJGJFE GJOBODJBM JOTUJUVUJPO .S S 1SJODF CSJOHT UP PVS #PBSE B TUSPOH NJY PG PSHBOJ[BUJPOBM BOE PQFSBUJPOBM NBOBHFNFOU TLJMMT DPNCJOFE XJUI XFMMEFWFMPQFE MFHBM HMPCBM CVTJOFTT BOE GJOBODJBM BDVNFO DSJUJDBM UP B MBSHF QVCMJD DPNQBOZ Z %JSFDUPS TJODF  *OEFQFOEFOU $IBJSNBO 3FHVMBUPSZ Z $PNQMJBODF  (PWFSONFOU "GGBJST $PNNJUUFF .FNCFS S /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF

.S 1SJODF  TFSWFE BT $IJFG &YFDVUJWF 0GGJDFS G PG $JUJHSPVQ *OD GJOBODJBM TFSWJDFT GSPN  UP  BOE BT $IBJSNBO GSPN  UP  1SFWJPVTMZ IF TFSWFE BT $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G PG $JUJHSPVQcT (MPCBM $PSQPSBUF BOE *OWFTUNFOU #BOL GSPN  UP  BOE $IJFG 0QFSBUJOH 0GGJDFS G GSPN  UP  .S 1SJODF CFHBO IJT DBSFFS BT BO BUUPSOFZ BU 64 4UFFM $PSQPSBUJPO JO  .S 1SJODF JT B NFNCFS PG UIF $PVODJM PO 'PSFJHO 3FMBUJPOT BOE 5IF $PVODJM PG $IJFG &YFDVUJWFT 0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF 9FSPY $PSQPSBUJPO  UP QSFTFOU

" &6(&/& 8"4)*/(50/ .% .4D %VLF 6OJWFSTJUZ`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c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cT .FEJDBM &GGFDUJWFOFTT G 3FTFBSDI $FOUFS GPS %JWFSTF 1PQVMBUJPOT JO  BOE TFSWFE BT %JSFDUPS VOUJM  )F XBT $IBJS PG UIF %FQBSUNFOU PG 0CTUFUSJDT (ZOFDPMPHZ BOE 3FQSPEVDUJWF 4DJFODFT BU 6$4' GSPN  UP  %S 8BTIJOHUPO BMTP DP GPVOEFE UIF 6$4'4UBOGPSE &WJEFODFCBTFE 1SBDUJDF $FOUFS BOE TFSWFE BT JUT GJSTU %JSFDUPS GSPN  UP  1SJPS UP 6$4' %S 8BTIJOHUPO XPSLFE BU UIF $FOUFST GPS %JTFBTF $POUSPM BOE 1SFWFOUJPO %S 8BTIJOHUPO XBT FMFDUFE UP UIF /BUJPOBM "DBEFNZ PG 4DJFODFTc *OTUJUVUF PG .FEJDJOF JO  XIFSF IF TFSWFE PO JUT HPWFSOJOH $PVODJM )F XBT GPVOEJOH $IBJS PG UIF #PBSE PG (PWFSOPST PG UIF 1BUJFOU$FOUFSFE 0VUDPNFT 3FTFBSDI *OTUJUVUF TFSWFE BT B NFNCFS PG UIF 4DJFOUJGJD .BOBHFNFOU 3FWJFX #PBSE GPS UIF /BUJPOBM *OTUJUVUFT PG )FBMUI BOE BMTP TFSWFE BT $IBJS PG UIF #PBSE PG %JSFDUPST PG CPUI UIF $BMJGPSOJB )FBMUI$BSF 'PVOEBUJPO BOE 5IF $BMJGPSOJB 8FMMOFTT 'PVOEBUJPO %S 8BTIJOHUPO DVSSFOUMZ TFSWFT PO UIF #PBSET PG %JSFDUPST PG UIF ,BJTFS 'PVOEBUJPO )PTQJUBMT BOE ,BJTFS 'PVOEBUJPO )FBMUI 1MBO *OD 0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF /POF

 1SPYZ 4UBUFNFOU  

30/"-% " 8*--*".4 'PSNFS $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS S "FUOB *OD 8JUI IJT MPOH BOE EJTUJOHVJTIFE DBSFFS JO UIF IFBMUI DBSF JOEVTUSZ Z GSPN IJT FYQFSJFODF MFBEJOH POF PG 'PSUVOF`T .PTU "ENJSFE IFBMUI DBSF DPNQBOJFT UP IJT DBSFFSMPOH S SPMF BT BO BEWPDBUF GPS NFBOJOHGVM IFBMUI DBSF SFGPSN .S S 8JMMJBNT QSPWJEFT PVS #PBSE XJUI BO FYDFQUJPOBM DPNCJOBUJPO PG PQFSBUJPOBM NBOBHFNFOU FYQFSUJTF BOE JOTJHIU JOUP CPUI QVCMJD IFBMUI DBSF QPMJDZ BOE UIF IFBMUI DBSF JOEVTUSZ DSJUJDBM UP B MBSHF QVCMJD DPNQBOZ JO UIF IFBMUI DBSF JOEVTUSZ Z %JSFDUPS TJODF  *OEFQFOEFOU $IBJSNBO $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF .FNCFS S /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF .S 8JMMJBNT  TFSWFE BT $IBJSNBO BOE $IJFG &YFDVUJWF 0GGJDFS G PG "FUOB *OD NBOBHFE DBSF BOE IFBMUI JOTVSBODF GSPN  UP  BOE BT $IBJSNBO GSPN  VOUJM IJT SFUJSFNFOU JO "QSJM  )F JT BMTP BO BEWJTPS UP UIF QSJWBUF FRVJUZ GJSN $MBZUPO %VCJMJFS  3JDF --$ *O BEEJUJPO .S 8JMMJBNT BMTP TFSWFT PO UIF CPBSET PG .*5 $PSQPSBUJPO 1FUFSTPO *OTUJUVUF GPS *OUFSOBUJPOBM &DPOPNJDT UIF "EWJTPSZ #PBSE PG 1FUFSTPO $FOUFS PO )FBMUIDBSF BOE JT 7JDF $IBJSNBO PG UIF #PBSE PG 5SVTUFFT PG 5IF $POGFSFODF #PBSE 1SFWJPVTMZ .S 8JMMJBNT TFSWFE PO 1SFTJEFOU 0CBNBT .BOBHFNFOU "EWJTPSZ #PBSE GSPN  UP +BOVBSZ  BT $IBJSNBO PG UIF $PVODJM GPS "GGPSEBCMF G 2VBMJUZ )FBMUIDBSF GSPN  UP  BOE 7JDF $IBJSNBO PG 5IF #VTJOFTT $PVODJM GSPN  UP  0UIFS 1VCMJD $PNQBOZ #PBSE 4FSWJDF 5IF #PFJOH $PNQBOZ  UP QSFTFOU

"NFSJDBO &YQSFTT $PNQBOZ  UP QSFTFOU

&OWJTJPO )FBMUIDBSF )PMEJOHT *OD  UP QSFTFOU

5IF #PBSE PG %JSFDUPST SFDPNNFOET B WPUF '03 FMFDUJPO PG FBDI PG UIF BCPWFOBNFE OPNJOFFT

 1SPYZ 4UBUFNFOU  

#0"3% 0 $0 $0.104*5*0/ 04 0 "/% %*3&$50 $ 03 /0.*/" 0 "5*0/ 0 130$&44 0$ 44 5IF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF PG UIF #PBSE PG %JSFDUPST BOOVBMMZ DPOTJEFST UIF TJ[F DPNQPTJUJPO BOE OFFET PG UIF #PBSE SFWJFXT QPTTJCMF DBOEJEBUFT GPS UIF #PBSE BOE SFDPNNFOET UIF OPNJOFFT GPS EJSFDUPST UP UIF #PBSE GPS BQQSPWBM 5IF $PNNJUUFF DPOTJEFST BOE FWBMVBUFT TVHHFTUJPOT GSPN NBOZ TPVSDFT JODMVEJOH TIBSFIPMEFST SFHBSEJOH QPTTJCMF DBOEJEBUFT GPS EJSFDUPST 4VDI TVHHFTUJPOT UPHFUIFS XJUI BQQSPQSJBUF CJPHSBQIJDBM JOGPSNBUJPO TIPVME CF TVCNJUUFE UP UIF 0GGJDF G PG UIF $PSQPSBUF 4FDSFUBSZ BU PVS QSJODJQBM PGGJDF G BEESFTT #FMPX BSF UIF (FOFSBM $SJUFSJB GPS /PNJOBUJPO UP UIF #PBSE PG %JSFDUPST XIJDI BT QBSU PG UIF 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF BSF QPTUFE BU XXXJOWFTUPS X SKOKDPNHPW WDGN

b 5IF IJHIFTU FUIJDBM DIBSBDUFS BOE TIBSFE WBMVFT XJUI 0VS $SFEP b 3FQVUBUJPO CPUI QFSTPOBM BOE QSPGFTTJPOBM DPOTJTUFOU XJUI PVS JNBHF BOE SFQVUBUJPO b "DDPNQMJTINFOU XJUIJO DBOEJEBUFcT GJFME XJUI TVQFSJPS DSFEFOUJBMT BOE SFDPHOJUJPO G PG QVCMJD DPNQBOJFT BOE MFBEFST PG NBKPS DPNQMFY PSHBOJ[BUJPOT JODMVEJOH b "DUJWF BOE GPSNFS DIJFG FYFDVUJWF PGGJDFST TDJFOUJGJD HPWFSONFOU FEVDBUJPOBM BOE PUIFS OPOQSPGJU JOTUJUVUJPOT

b 8JEFMZ SFDPHOJ[FE MFBEFST JO UIF GJFMET PG NFEJDJOF PS CJPMPHJDBM TDJFODFT JODMVEJOH UIPTF XIP IBWF SFDFJWFE UIF NPTU QSFTUJHJPVT BXBSET BOE IPOPST JO UIFJS GJFMET

G BEWJDF BOE HVJEBODF UP UIF $&0 CBTFE PO UIBU FYQFSUJTF b 3FMFWBOU FYQFSUJTF BOE FYQFSJFODF BOE UIF BCJMJUZ UP PGGFS BOE FYQFSJFODF

b *OEFQFOEFODF XJUIPVU UIF BQQFBSBODF PG BOZ DPOGMJDU JO TFSWJOH BT B %JSFDUPS BOE JOEFQFOEFODF PG BOZ QBSUJDVMBS DPOTUJUVFODZ XJUI UIF BCJMJUZ UP SFQSFTFOU BMM TIBSFIPMEFST b "CJMJUZ UP FYFSDJTF TPVOE CVTJOFTT KVEHNFOU

G JO TLJMMT SFHJPOBM BOE JOEVTUSZ FYQFSJFODF CBDLHSPVOE SBDF FUIOJDJUZ HFOEFS BOE b %JWFSTJUZ SFGMFDUJOH EJGGFSFODFT PUIFS VOJRVF DIBSBDUFSJTUJDT

6OEFSTUBOEJOH UIF JNQPSUBODF PG #PBSE DPNQPTJUJPO BOE SFGSFTINFOU GPS FGGFDUJWF G PWFSTJHIU UIF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF TUSJWFT UP NBJOUBJO B EJWFSTF #PBSE PG %JSFDUPST XJUI EJWFSTJUZ SFGMFDUJOH EJGGFSFODFT G JO TLJMMT SFHJPOBM BOE JOEVTUSZ FYQFSJFODF CBDLHSPVOE SBDF FUIOJDJUZ HFOEFS BOE PUIFS VOJRVF DIBSBDUFSJTUJDT "DDPSEJOHMZ UIF #PBSE JT DPNNJUUFE UP TFFLJOH PVU IJHIMZ RVBMJGJFE XPNFO BOE NJOPSJUZ DBOEJEBUFT BT XFMM BT DBOEJEBUFT XJUI EJWFSTF CBDLHSPVOET TLJMMT BOE FYQFSJFODFT #FMPX BSF IJHIMJHIUT PG UIF DPNQPTJUJPO PG PVS %JSFDUPS OPNJOFFT

 1SPYZ 4UBUFNFOU  

#0"3% 0 -&"%&34)*1 4 4 4536$563& $ a $IBJSNBO PG UIF #PBSE BOE $&0 "MFY (PSTLZ a *OEFQFOEFOU -FBE %JSFDUPS "OOF . .VMDBIZ a #PUI QPTJUJPOT EFTJHOBUFE BOOVBMMZ CZ UIF JOEFQFOEFOU EJSFDUPST a "MM  NBJO #PBSE $PNNJUUFFT DPNQPTFE PG JOEFQFOEFOU EJSFDUPST a *OEFQFOEFOU EJSFDUPST NFU JO FYFDVUJWF TFTTJPO BU FBDI PG UIF  SFHVMBS  #PBSE NFFUJOHT 0VS %JSFDUPST CFMJFWF UIBU UIFSF BSF QPTJUJWFT BOE OFHBUJWFT SFMBUFE UP BMM QPTTJCMF CPBSE MFBEFSTIJQ TUSVDUVSFT XIJDI NVTU CF DPOTJEFSFE JO UIF DPOUFYU PG UIF TQFDJGJD DJSDVNTUBODFT DVMUVSF BOE DIBMMFOHFT GBDJOH B DPNQBOZ BOE UIBU TVDI DPOTJEFSBUJPO GBMMT TRVBSFMZ PO UIF TIPVMEFST PG B DPNQBOZcT CPBSE IPMEJOH B EJWFSTJUZ PG WJFXT BOE FYQFSJFODFT "T EJTDVTTFE JO a*UFN  &MFDUJPO PG %JSFDUPSTb PO QBHFT
 UP  PG UIJT 1SPYZ 4UBUFNFOU PVS %JSFDUPST DPNF GSPN B WBSJFUZ PG PSHBOJ[BUJPOBM CBDLHSPVOET XJUI EJSFDU FYQFSJFODF JO B XJEF SBOHF PG MFBEFSTIJQ BOE NBOBHFNFOU TUSVDUVSFT .PSFPWFS PVS JOEFQFOEFOU %JSFDUPST BQQSPQSJBUFMZ DIBMMFOHF NBOBHFNFOU BOE EFNPOTUSBUF UIF GSFFUIJOLJOH FYQFDUFE PG UPEBZcT EJSFDUPST (JWFO UIJT PVS #PBSE JT JO B WFSZ TUSPOH QPTJUJPO UP FWBMVBUF UIF WBSJPVT UZQFT PG CPBSE MFBEFSTIJQ TUSVDUVSFT BOE UP VMUJNBUFMZ EFDJEF XIJDI POF XJMM XPSL JO UIF CFTU JOUFSFTUT PG PVS TUBLFIPMEFST BT UIFZ BSF EFGJOFE JO 0VS $SFEP PO UIF CBDL DPWFS PG UIJT 1SPYZ 4UBUFNFOU  0VS #PBSE CFMJFWFT UIBU JU SFNBJOT JO PVS DPNQBOZcT CFTU JOUFSFTUT GPS .S (PSTLZ UP TFSWF BT $IBJSNBO PG PVS #PBSE )BWJOH .S (PSTLZ PVS DPNQBOZT $&0 TFSWF BT $IBJSNBO DSFBUFT DMFBS BOE VOBNCJHVPVT BVUIPSJUZ XIJDI JT FTTFOUJBM UP FGGFDUJWF G NBOBHFNFOU 'VSUIFS HJWFO UIBU IF JT DMPTFS UP PVS DPNQBOZcT CVTJOFTTFT UIBO BOZ PUIFS #PBSE NFNCFS BOE IBT UIF CFOFGJU PG PWFS  ZFBST PG PQFSBUJPOBM BOE MFBEFSTIJQ FYQFSJFODF XJUIJO UIF +PIOTPO  +PIOTPO 'BNJMZ PG $PNQBOJFT .S (PSTLZ JT CFTU QPTJUJPOFE UP QSPWJEF FGGFDUJWF G MFBEFSTIJQ .S (PSTLZcT DBSFFS FYQFSJFODF HJWFT IJN VOTVSQBTTFE JOEVTUSZ LOPXMFEHF XIJDI UIF #PBSE CFMJFWFT JT DSJUJDBM GPS UIF DIBJSNBO PG UIF CPBSE PG B DPNQBOZ UIBU PQFSBUFT JO B IJHIMZ SFHVMBUFE JOEVTUSZ TVDI BT IFBMUI DBSF 0VS #PBSE UISPVHI JUT /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF XJMM DPOUJOVF UP QFSJPEJDBMMZ SFWJFX JUT MFBEFSTIJQ TUSVDUVSF JO B TFSJPVT BOE PQFONJOEFE GBTIJPO UP FOTVSF JU SFNBJOT BQQSPQSJBUF GPS PVS DPNQBOZ 8IJMF PVS #PBSE CFMJFWFT UIBU JU DPOUJOVFT UP CF JO UIF DPNQBOZcT CFTU JOUFSFTUT GPS .S (PSTLZ UP TFSWF BT $IBJSNBO PG PVS #PBSE UIF #PBSE JT DPNNJUUFE UP SFHVMBSMZ DPOTJEFSJOH BMM CPBSE MFBEFSTIJQ TUSVDUVSFT BOE BTTFTTJOH UIF SPMF UIBU JOEFQFOEFOU EJSFDUPST QMBZ JO UIF MFBEFSTIJQ PG UIF CPBSE JODMVEJOH BU UIF UJNF PG UIF OFYU MFBEFSTIJQ TVDDFTTJPO 0VS #PBSE XJMM DPOUJOVF UP NPOJUPS UIJT UPQJD JO MJHIU PG XIBU JU PCTFSWFT JO UIF NBSLFUQMBDF UIF FWPMVUJPO PG WJFXQPJOUT JO UIF DPSQPSBUF HPWFSOBODF DPNNVOJUZ BOE NPTU JNQPSUBOUMZ XIBU UIF #PBSE CFMJFWFT JT JO UIF CFTU JOUFSFTUT PG +PIOTPO  +PIOTPO BOE JUT TUBLFIPMEFST

*OEFQFOEFOU -FBE %JSFDUPS 0VS #PBSE SFDPHOJ[FT UIF JNQPSUBODF PG IBWJOH JO QMBDF BOE CVJMEJOH VQPO B TUSPOH TUSVDUVSF UP FOTVSF UIBU UIF #PBSE GVODUJPOT JO BO BQQSPQSJBUFMZ JOEFQFOEFOU NBOOFS "U UIF TBNF UJNF UIBU PVS #PBSE EFDJEFE UP EFTJHOBUF .S (PSTLZ BT $IBJSNBO JO  PVS JOEFQFOEFOU %JSFDUPST UPPL TUFQT UP FOIBODF PVS HPWFSOBODF TUSVDUVSF CZ DPOWFSUJOH UIF 1SFTJEJOH %JSFDUPS SPMF UP UIBU PG BO JOEFQFOEFOU -FBE %JSFDUPS BOE FYQBOEJOH UIF EVUJFT PG UIF JOEFQFOEFOU -FBE %JSFDUPS UP JODMVEF BMM PG UIF EVUJFT BOE SFTQPOTJCJMJUJFT PG UIF DPNQBOZcT GPSNFS 1SFTJEJOH %JSFDUPS QPTJUJPO BT XFMM BT TFWFSBM BEEJUJPOBM EVUJFT BOE SFTQPOTJCJMJUJFT

 1SPYZ 4UBUFNFOU  

5IF GPMMPXJOH UBCMF EFTDSJCFT UIF EVUJFT BOE SFTQPOTJCJMJUJFT PG PVS JOEFQFOEFOU -FBE %JSFDUPS XIJDI BSF BMTP JODPSQPSBUFE JOUP PVS 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF GPVOE BU XXXJOWFTUPS X SKOKDPNHPWWDGN

%VUJFT BOE 3FTQPOTJCJMJUJFT PG UIF *OEFQFOEFOU -FBE %JSFDUPS c "QQSPWFT JOGPSNBUJPO TFOU UP UIF #PBSE BOE EFUFSNJOFT UJNFMJOFTT PG JOGPSNBUJPO GMPX GSPN NBOBHFNFOU

c 1FSJPEJDBMMZ QSPWJEFT GFFECBDL PO RVBMJUZ BOE RVBOUJUZ PG JOGPSNBUJPO GMPX GSPN NBOBHFNFOU

"HFOEBT BOE 4DIFEVMFT

c 1BSUJDJQBUFT JO TFUUJOH BOE VMUJNBUFMZ BQQSPWFT UIF BHFOEB GPS FBDI #PBSE NFFUJOH UJNF GPS EJTDVTTJPO PG BMM G c "QQSPWFT NFFUJOH TDIFEVMFT UP BTTVSF UIBU UIFSF JT TVGGJDJFOU BHFOEB JUFNT

c 8JUI UIF $IBJS$&0 EFUFSNJOFT XIP BUUFOET #PBSE NFFUJOHT JODMVEJOH NBOBHFNFOU BOE PVUTJEF BEWJTPST

$PNNJUUFF "HFOEBT BOE 4DIFEVMFT

#PBSE &YFDVUJWF 4FTTJPOT

c 3FWJFXT JO BEWBODF UIF TDIFEVMF PG DPNNJUUFF NFFUJOHT c .POJUPST GMPX PG JOGPSNBUJPO GSPN $PNNJUUFF $IBJST UP UIF GVMM #PBSE c )BT UIF BVUIPSJUZ UP DBMM NFFUJOHT BOE &YFDVUJWF 4FTTJPOT PG UIF *OEFQFOEFOU %JSFDUPST

c 1SFTJEFT BU BMM NFFUJOHT PG UIF #PBSE BU XIJDI UIF $IBJS$&0 JT OPU QSFTFOU JODMVEJOH &YFDVUJWF 4FTTJPO PG UIF *OEFQFOEFOU %JSFDUPST

c "GUFS FBDI &YFDVUJWF 4FTTJPO PG UIF *OEFQFOEFOU %JSFDUPST DPNNVOJDBUFT XJUI UIF $PNNVOJDBUJOH XJUI .BOBHFNFOU

$IBJS$&0 UP QSPWJEF GFFECBDL BOE BMTP UP FGGFDUVBUF G UIF EFDJTJPOT BOE SFDPNNFOEBUJPOT PG UIF *OEFQFOEFOU %JSFDUPST

c "DUT BT MJBJTPO CFUXFFO UIF *OEFQFOEFOU %JSFDUPST BOE UIF $IBJS$&0 BOE NBOBHFNFOU PO B SFHVMBS CBTJT BOE XIFO TQFDJBM DJSDVNTUBODFT FYJTU PS DPNNVOJDBUJPO PVU PG UIF PSEJOBSZ DPVSTF JT OFDFTTBSZ

c "T OFDFTTBSZ NFFUT XJUI NBKPS TIBSFIPMEFST PS PUIFS FYUFSOBM QBSUJFT BGUFS EJTDVTTJPOT XJUI UIF $IBJS$&0

$PNNVOJDBUJOH XJUI 4UBLFIPMEFST

c *T SFHVMBSMZ BQQSJTFE PG JORVJSJFT GSPN TIBSFIPMEFST BOE JOWPMWFE JO DPSSFTQPOEFODF SFTQPOEJOH UP UIFTF JORVJSJFT

c 6OEFS UIF #PBSEcT HVJEFMJOFT GPS IBOEMJOH TIBSFIPMEFS BOE FNQMPZFF DPNNVOJDBUJPOT UP UIF #PBSE JT BEWJTFE QSPNQUMZ PG BOZ DPNNVOJDBUJPOT EJSFDUFE UP UIF #PBSE PS BOZ NFNCFS PG UIF #PBSE UIBU BMMFHF NJTDPOEVDU PO UIF QBSU PG DPNQBOZ NBOBHFNFOU PS SBJTF MFHBM FUIJDBM PS DPNQMJBODF DPODFSOT BCPVU DPNQBOZ QPMJDJFT PS QSBDUJDFT

$IBJS BOE $&0 1FSGPSNBODF &WBMVBUJPOT

c -FBET UIF BOOVBM QFSGPSNBODF FWBMVBUJPO PG UIF $IBJS$&0 EJTUJOHVJTIJOH BT

#PBSE 1FSGPSNBODF &WBMVBUJPO

c -FBET UIF BOOVBM QFSGPSNBODF FWBMVBUJPO PG UIF #PBSE

/FX #PBSE .FNCFS 3FDSVJUJOH

c *OUFSWJFXT #PBSE DBOEJEBUFT BT BQQSPQSJBUF

$&0 4VDDFTTJPO

c -FBET UIF $&0 TVDDFTTJPO QSPDFTT

$SJTJT .BOBHFNFOU

c 1MBZT BO JODSFBTFE SPMF JO DSJTJT NBOBHFNFOU PWFSTJHIU BT BQQSPQSJBUF

-JNJUT PO -FBEFSTIJQ 1PTJUJPOT PG 0UIFS #PBSET

OFDFTTBSZ CFUXFFO QFSGPSNBODF BT $IBJS BOE QFSGPSNBODF BT $&0

c .BZ POMZ TFSWF BT DIBJS MFBE PS QSFTJEJOH EJSFDUPS PS TJNJMBS SPMF PS BT $&0 PS TJNJMBS SPMF BU BOPUIFS QVCMJD DPNQBOZ JG BQQSPWFE CZ UIF GVMM #PBSE VQPO SFDPNNFOEBUJPO GSPN UIF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF

 1SPYZ 4UBUFNFOU  

%*3&$50 $ 03 */%&1&/%&/$& $ "MM %JSFDUPST BSF JOEFQF FOEFOU FYDF FQU GPS PVSS $&0 *U JT PVS HPBM UIBU BU MFBTU UXPUIJSET PG PVS %JSFDUPST TIPVME CF aJOEFQFOEFOU b OPU POMZ BT UIBU UFSN NBZ CF EFGJOFE MFHBMMZ PS NBOEBUFE CZ UIF /FX :PSL 4UPDL &YDIBOHF /:4&

CVU BMTP XJUIPVU UIF BQQFBSBODF PG BOZ DPOGMJDU JO TFSWJOH BT B EJSFDUPS 5IF #PBSE PG %JSFDUPST IBT EFUFSNJOFE UIBU BMM OPOFNQMPZFF EJSFDUPST XIP TFSWFE EVSJOH GJTDBM  BSF aJOEFQFOEFOUb VOEFS UIF MJTUJOH TUBOEBSET PG UIF /:4& BOE PVS 4UBOEBSET PG *OEFQFOEFODF JODMVEJOH %S #FDLFSMF .S * & - %BWJT .S % 4 %BWJT %S .D$MFMMBO .T .VMDBIZ .S 1FSF[ .S 1SJODF %S 8BTIJOHUPO BOE .S 8JMMJBNT %S $PMFNBO SFUJSFE JO  BOE %S -JOERVJTU QBTTFE BXBZ JO  *O PSEFS UP BTTJTU UIF #PBSE JO NBLJOH UIJT EFUFSNJOBUJPO UIF #PBSE BEPQUFE 4UBOEBSET PG *OEFQFOEFODF BT QBSU PG PVS 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF XIJDI DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNHPWWDGN 5IFTF 4UBOEBSET DPOGPSN UP PS BSF NPSF FYBDUJOH UIBO UIF /:4& JOEFQFOEFODF TUBOEBSET BOE JEFOUJGZ BNPOH PUIFS UIJOHT NBUFSJBM CVTJOFTT DIBSJUBCMF BOE PUIFS SFMBUJPOTIJQT UIBU DPVME JOUFSGFSF XJUI B EJSFDUPScT BCJMJUZ UP FYFSDJTF JOEFQFOEFOU KVEHNFOU "T IJHIMZ BDDPNQMJTIFE JOEJWJEVBMT JO UIFJS SFTQFDUJWF JOEVTUSJFT GJFMET BOE DPNNVOJUJFT UIF OPOFNQMPZFF EJSFDUPST BSF BGGJMJBUFE G XJUI OVNFSPVT DPSQPSBUJPOT FEVDBUJPOBM JOTUJUVUJPOT IPTQJUBMT BOE DIBSJUJFT BT XFMM BT DJWJD PSHBOJ[BUJPOT BOE QSPGFTTJPOBM BTTPDJBUJPOT NBOZ PG XIJDI IBWF CVTJOFTT DIBSJUBCMF PS PUIFS SFMBUJPOTIJQT XJUI UIF DPNQBOZ 5IF #PBSE DPOTJEFSFE FBDI PG UIFTF SFMBUJPOTIJQT JO MJHIU PG UIF /:4& JOEFQFOEFODF TUBOEBSET BOE PVS 4UBOEBSET PG *OEFQFOEFODF BOE EFUFSNJOFE UIBU OPOF PG UIFTF SFMBUJPOTIJQT DPOGMJDU XJUI UIF JOUFSFTUT PG UIF DPNQBOZ PS XPVME JNQBJS UIF SFMFWBOU OPO FNQMPZFF EJSFDUPScT JOEFQFOEFODF PS KVEHNFOU 5IF GPMMPXJOH UBCMF EFTDSJCFT UIF SFMBUJPOTIJQT UIBU XFSF DPOTJEFSFE JO NBLJOH UIJT EFUFSNJOBUJPO 5IF OBUVSF PG UIF USBOTBDUJPOT BOE SFMBUJPOTIJQT TVNNBSJ[FE JO UIF UBCMF CFMPX BOE UIF SPMF PG FBDI PG UIF EJSFDUPST BU UIFJS SFTQFDUJWF PSHBOJ[BUJPOT XFSF TVDI UIBU OPOF PG UIF OPOFNQMPZFF EJSFDUPST IBE BOZ EJSFDU CVTJOFTT SFMBUJPOTIJQT XJUI UIF DPNQBOZ JO  PS SFDFJWFE BOZ EJSFDU QFSTPOBM CFOFGJU GSPN BOZ PG UIFTF USBOTBDUJPOT PS SFMBUJPOTIJQT "MM PG UIF USBOTBDUJPOT BOE SFMBUJPOTIJQT PG UIF UZQF MJTUFE CFMPX XFSF FOUFSFE JOUP BOE QBZNFOUT XFSF NBEF PS SFDFJWFE CZ UIF DPNQBOZ PS POF PG JUT TVCTJEJBSJFT JO UIF PSEJOBSZ DPVSTF PG CVTJOFTT BOE PO DPNQFUJUJWF UFSNT *O   BOE  UIF DPNQBOZcT USBOTBDUJPOT XJUI PS EJTDSFUJPOBSZ DIBSJUBCMF DPOUSJCVUJPOT UP FBDI PG UIF SFMFWBOU PSHBOJ[BUJPOT OPU JODMVEJOH HJGUT NBEF VOEFS PVS NBUDIJOH HJGUT QSPHSBN EJE OPU FYDFFE UIF HSFBUFS PG  NJMMJPO PS  PG UIBU PSHBOJ[BUJPOcT DPOTPMJEBUFE HSPTT SFWFOVFT BOE UIFSFGPSF EJE OPU FYDFFE UIF UISFTIPMET JO PVS 4UBOEBSET PG *OEFQFOEFODF

 1SPYZ 4UBUFNFOU  

%JSFDUPS *OE EFQFOEFODF  5SBO OTBDUJPOT BOE 3FMMBUJPOTIJQT %JSFDUPS

0SHBOJ[BUJPO

5ZQF PG 0SHBOJ[BUJPO

3FMBUJPOTIJQ UP 0SHBOJ[BUJPO

5ZQF PG 5SBOTBDUJPO PS 3FMBUJPOTIJQ

 "HHSFHBUF .BHOJUVEF

. $ #FDLFSMF

"NFSJDBO "TTPDJBUJPO GPS $BODFS 3FTFBSDI

/POQSPGJU 0SHBOJ[BUJPO

%JSFDUPS

(SBOUT BOE NFNCFSTIJQ EVFT

  NJMMJPO

. $ #FDLFSMF

)VOUTNBO $BODFS *OTUJUVUF

)FBUI $BSF *OTUJUVUJPO

&YFDVUJWF 0GGJDFS G

*OWFTUJHBUPS QBZNFOUT BOE TBMFT PG IFBMUI DBSF QSPEVDUT

  NJMMJPO

.$ #FDLFSMF

6OJWFSTJUZ PG 6UBI

&EVDBUJPOBM *OTUJUVUJPO

&NQMPZFF

*OWFTUJHBUPS QBZNFOUT TBMFT PG IFBMUI DBSF QSPEVDUT BOE HSBOUT



. # .D$MFMMBO

%VLF 6OJWFSTJUZ

&EVDBUJPOBM *OTUJUVUJPO

&NQMPZFF

1BZNFOUT SFMBUFE UP SFTFBSDI TBMFT PG IFBMUI DBSF QSPEVDUT BOE TFSWJDFT BOE HSBOUT



. # .D$MFMMBO

/BUJPOBM "MMJBODF GPS )JTQBOJD )FBMUI

/POQSPGJU 0SHBOJ[BUJPO

%JSFDUPS

$POUSJCVUJPOT

 NJMMJPO

. # .D$MFMMBO

3FBHBO6EBMM 'PVOEBUJPO

/POQSPGJU 'PVOEBUJPO GPS UIF '%"

%JSFDUPS

%POBUJPO  SFTFBSDI TQPOTPSTIJQ

 NJMMJPO

. # .D$MFMMBO

3FTFBSDI "NFSJDB

1VCMJD &EVDBUJPO BOE "EWPDBDZ 0SHBOJ[BUJPO

%JSFDUPS

"OOVBM EVFT DPOUSJCVUJPOT

 NJMMJPO

" . .VMDBIZ

4BWF UIF $IJMESFO

$IBSJUBCMF 0SHBOJ[BUJPO

5SVTUFF

$POUSJCVUJPOT



8 % 1FSF[

$PSOFMM 6OJWFSTJUZ

&EVDBUJPOBM *OTUJUVUJPO

5SVTUFF

(SBOUT BOE GFMMPXTIJQT

  NJMMJPO

" & 8BTIJOHUPO

%VLF 6OJWFSTJUZ

&EVDBUJPOBM *OTUJUVUJPO

&NQMPZFF

1BZNFOUT SFMBUFE UP SFTFBSDI TBMFT PG IFBMUI DBSF QSPEVDUT BOE TFSWJDFT BOE HSBOUT



" & 8BTIJOHUPO

%VLF 6OJWFSTJUZ )FBMUI 4ZTUFN

)FBMUI $BSF *OTUJUVUJPO

&YFDVUJWF 0GGJDFS G

4BMFT PG IFBMUI DBSF QSPEVDUT BOE TFSWJDFT SFCBUFT



3 " 8JMMJBNT

5IF .*5 $PSQPSBUJPO .BTTBDIVTFUUT *OTUJUVUF PG 5FDIOPMPHZ

&EVDBUJPOBM *OTUJUVUJPO

5SVTUFF

&WFOU TQPOTPSTIJQT

  NJMMJPO

3 " 8JMMJBNT

/BUJPOBM "DBEFNZ 'PVOEBUJPO

/POQSPGJU 0SHBOJ[BUJPO

5SVTUFF

$POUSJCVUJPO BOE TQPOTPSTIJQ

 NJMMJPO

/PUF "OZ USBOTBDUJPO PS SFMBUJPOTIJQ VOEFS   JT OPU MJTUFE BCPWF

*O UIF FWFOU PG #PBSEMFWFM EJTDVTTJPOT QFSUBJOJOH UP B QPUFOUJBM USBOTBDUJPO PS SFMBUJPOTIJQ JOWPMWJOH BO PSHBOJ[BUJPO XJUI XIJDI B EJSFDUPS JT BGGJMJBUFE G UIBU EJSFDUPS XPVME CF FYQFDUFE UP SFDVTF IJN PS IFSTFMG GSPN UIF EFMJCFSBUJPO BOE EFDJTJPO NBLJOH QSPDFTT *O BEEJUJPO OPOF PG UIF OPOFNQMPZFF EJSFDUPST IBT UIF BVUIPSJUZ UP SFWJFX BQQSPWF PS EFOZ BOZ HSBOU UP PS SFTFBSDI DPOUSBDU XJUI BO PSHBOJ[BUJPO

 1SPYZ 4UBUFNFOU  

4 4)"3&)0-%&3 0 0 0653&"$) $ 8F FOHBHF XJUI PVS TIBSFIPMEFST UISPVHIPVU UIF ZFBS UP TFFL JOQVU PO FNFSHJOH HPWFSOBODF JTTVFT BOE UP BEESFTT UIFJS RVFTUJPOT BOE DPODFSOT SFHBSEJOH PVS DVSSFOU HPWFSOBODF QPMJDJFT BOE QSBDUJDFT %VSJOH  PVS -FBE %JSFDUPS PVS $IBJSNBO BOE $&0 BOE UIF NFNCFST PG TFOJPS NBOBHFNFOU IBE EJTDVTTJPOT XJUI B EJWFSTF NJY PG PVS TIBSFIPMEFST PO B WBSJFUZ PG DPSQPSBUF HPWFSOBODF JTTVFT JODMVEJOH PO PVS CPBSE DPNQPTJUJPO BOE TLJMMT PVS #PBSE MFBEFSTIJQ TUSVDUVSF PVS QPMJUJDBM BDUJWJUJFT BOE FYQFOEJUVSFT BOE PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN "T B SFTVMU PG UIPTF DPOTUSVDUJWF DPOWFSTBUJPOT XF UPPL UIF GPMMPXJOH BDUJPOT d &YQBOEFE PVS 1SPYZ 4UBUFNFOU EJTDMPTVSFT PO CPBSE DPNQPTJUJPO BOE TLJMMT UP JODMVEF B DIBSU TFUUJOH PVU UIF RVBMJUJFT BUUSJCVUFT TLJMMT BOE FYQFSJFODFT PG PVS #PBSE TFF QBHF   d 5IF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF DBSFGVMMZ DPOTJEFSFE UIF GFFECBDL GSPN DFSUBJO TIBSFIPMEFST PO DPNCJOJOH UIF $IBJSNBO BOE $&0 SPMFT CVU DPODMVEFE UIBU JU DPOUJOVFT UP CF JO UIF DPNQBOZcT CFTU JOUFSFTUT GPS .S (PSTLZ UP TFSWF BT $IBJSNBO PG UIF #PBSE 5IF #PBSE JT DPNNJUUFE UP SFHVMBSMZ DPOTJEFSJOH BMM CPBSE MFBEFSTIJQ TUSVDUVSFT BOE BTTFTTJOH UIF SPMF UIBU JOEFQFOEFOU EJSFDUPST QMBZ JO UIF MFBEFSTIJQ PG UIF CPBSE JODMVEJOH BU UIF UJNF PG UIF OFYU MFBEFSTIJQ TVDDFTTJPO TFF QBHF   d &YQBOEFE PVS XFCTJUF EJTDMPTVSF PO QPMJUJDBM BDUJWJUJFT BOE FYQFOEJUVSFT JODMVEJOH XJUI SFTQFDU UP PVS NFNCFSTIJQ JO 64 USBEF BTTPDJBUJPOT TFF QBHF   d 5IF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF SFWJFXFE UIF GFFECBDL SFDFJWFE PO PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBNT BOE JODSFBTFE UIF XFJHIUJOH PG QFSGPSNBODF TIBSF VOJUT JO PVS  MPOHUFSN JODFOUJWF NJY UP JODSFBTF UIF GPDVT PO MPOHUFSN QFSGPSNBODF TFF QBHF  

3*4, 4 07&34*()5 0 4( #PBSE 0WFSTJHIU PG 3JTL .BOBHFNFOU 5IF #PBSE CFMJFWFT UIBU PWFSTFFJOH NBOBHFNFOUcT QSPDFTTFT GPS BTTFTTJOH BOE NBOBHJOH UIF WBSJPVT SJTLT XF GBDF JT POF PG JUT NPTU JNQPSUBOU SFTQPOTJCJMJUJFT UP PVS TUBLFIPMEFST 0VS FOUFSQSJTF SJTL NBOBHFNFOU GSBNFXPSL SFGMFDUT B DPMMBCPSBUJWF QSPDFTT XIFSFCZ PVS #PBSE PG %JSFDUPST NBOBHFNFOU BOE PUIFS QFSTPOOFM BQQMZ B DPNNPO SJTL NBOBHFNFOU BQQSPBDI UP TUSBUFHZ TFUUJOH BOE PUIFS EFDJTJPOT BDSPTT UIF FOUFSQSJTF UIBU JT EFTJHOFE UP JEFOUJGZ QPUFOUJBM FWFOUT UIBU NBZ BGGFDU G UIF FOUJUZ BOE NBOBHF UIF BTTPDJBUFE SJTLT BOE PQQPSUVOJUJFT *O MJHIU PG UIF JOUFSSFMBUFE OBUVSF PG UIF SJTLT XF GBDF UIF #PBSE CFMJFWFT UIBU PWFSTJHIU PG SJTL NBOBHFNFOU JT VMUJNBUFMZ UIF SFTQPOTJCJMJUZ PG UIF GVMM #PBSE *O DBSSZJOH PVU UIJT DSJUJDBM SFTQPOTJCJMJUZ UIF #PBSE NFFUT BU SFHVMBS JOUFSWBMT XJUI LFZ NFNCFST PG NBOBHFNFOU XJUI QSJNBSZ SFTQPOTJCJMJUZ GPS SJTL NBOBHFNFOU JO UIFJS SFTQFDUJWF BSFBT PG SFTQPOTJCJMJUZ 5IF TVCKFDU NBUUFS PG UIFTF NFFUJOHT DBO HFOFSBMMZ CF HSPVQFE JOUP UIF GPMMPXJOH DBUFHPSJFT BOE SJTL BSFBT

4USBUFHZ

3FQPSUJOH

$PNQMJBODF

#VTJOFTT 7JUBMJUZ

'JOBODJBM 3FTVMUT

-BX-FHBM 1SPDFFEJOHT

4USBUFHJD 1MBOOJOH

'JOBODF"DDPVOUJOH

5BMFOU .BOBHFNFOU

*OUFSOBM "VEJU

-FHJTMBUJWF3FHVMBUPSZ &OWJSPONFOU

3FQVUBUJPO

*OEFQFOEFOU "VEJU

4VTUBJOBCJMJUZ

5BY

%JWFSTJUZ

5SFBTVSZ

4VQQMZ $IBJO JODMVEJOH .BOVGBDUVSJOH#VTJOFTT $POUJOVJUZ 1MBOOJOH

'PSFJHO $PSSVQU 1SBDUJDFT "DU

4FDVSJUZ JODMVEJOH TFDVSJUZ PG QSPEVDUT TJUFT QFSTPOOFM BOE JOGPSNBUJPO

&OWJSPONFOU )FBMUI  4BGFUZ

$ZCFSTFDVSJUZ

1SJWBDZ

3FTFBSDI  %FWFMPQNFOU

)FBMUI $BSF $PNQMJBODF

2VBMJUZ 1SPEVDU 4BGFUZ4DJFOUJGJD *TTVFT

 1SPYZ 4UBUFNFOU  

0QFSBUJPOT

5IF #PBSE BMTP SFDFJWFT SFHVMBS SFQPSUT PO DFSUBJO FMFNFOUT PG PVS SJTL NBOBHFNFOU GSPN TFOJPS SFQSFTFOUBUJWFT PG PVS JOEFQFOEFOU BVEJUPS *O BEEJUJPO UIF "VEJU $PNNJUUFF NFFUT JO QSJWBUF TFTTJPOT XJUI UIF $IJFG 'JOBODJBM 0GGJDFS G (FOFSBM $PVOTFM 7JDF 1SFTJEFOU PG *OUFSOBM "VEJU BOE SFQSFTFOUBUJWFT PG PVS JOEFQFOEFOU BVEJUPS BU UIF DPODMVTJPO PG FWFSZ SFHVMBSMZTDIFEVMFE NFFUJOH XIFSF SJTL NBOBHFNFOU JT EJTDVTTFE 5IF 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G $PNNJUUFF NFFUT JO QSJWBUF TFTTJPOT XJUI UIF (FOFSBM $PVOTFM $IJFG $PNQMJBODF 0GGJDFS G $IJFG 2VBMJUZ 0GGJDFS G BOE 7JDF 1SFTJEFOU PG *OUFSOBM "VEJU XIFSF SJTL NBOBHFNFOU JT EJTDVTTFE " DPQZ PG UIF +PIOTPO  +PIOTPO 'SBNFXPSL GPS &OUFSQSJTF 3JTL .BOBHFNFOU DBO CF GPVOE BU XXXKOKDPNBCPVUKOK X NBOBHFNFOUBQQSPBDI

3JTL 3FMBUFE UP &YFDVUJWF $PNQFOTBUJPO 5IF GPMMPXJOH DIBSBDUFSJTUJDT PG PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN XPSL UP SFEVDF UIF QPTTJCJMJUZ UIBU PVS FYFDVUJWF PGGJDFST G FJUIFS JOEJWJEVBMMZ PS BT B HSPVQ NBLF FYDFTTJWFMZ SJTLZ CVTJOFTT EFDJTJPOT UIBU DPVME NBYJNJ[F TIPSUUFSN SFTVMUT BU UIF FYQFOTF PG MPOHUFSN WBMVF a #BMBODFE .JY PG 1BZ $PNQPOFOUT 5IF UBSHFU DPNQFOTBUJPO NJY JT OPU PWFSMZ XFJHIUFE UPXBSE BOOVBM JODFOUJWF BXBSET BOE SFQSFTFOUT B CBMBODF PG DBTI BOE MPOHUFSN FRVJUZCBTFE DPNQFOTBUJPO WFTUJOH PWFS UISFF ZFBST 4FF a 1BZ .JY BU 5BSHFUb PO QBHF  a #BMBODFE "QQSPBDI UP 1FSGPSNBODF#BTFE "XBSET f 1FSGP S SNBODF UBSHFUT BSF UJFE UP NVMUJQMF GJOBODJBM NFUSJDT JODMVEJOH PQFSBUJPOBM TBMFT HSPXUI GSFF DBTI GMPX BEKVTUFE FBSOJOHT QFS TIBSF HSPXUI BOE MPOHUFSN UPUBM TIBSFIPMEFS SFUVSO f 1FSGP S SNBODFCBTFE BXBSET BSF CBTFE PO UIF BDIJFWFNFOU PG TUSBUFHJD BOE MFBEFSTIJQ PCKFDUJWFT JO BEEJUJPO UP GJOBODJBM NFUSJDT f 4FF a#BTF 4BMBSZ "OOVBM 1FSGPSNBODF #POVT BOE -POH5FSN 5 *ODFOUJWFTb PO QBHF  ` 1FSGP S SNBODF 1FSJPE BOE 7FTUJOH 4DIFEVMFT 5IF QFSGPSNBODF QFSJPE BOE WFTUJOH TDIFEVMFT GPS MPOHUFSN JODFOUJWFT PWFSMBQ BOE UIFSFGPSF SFEVDF UIF NPUJWBUJPO UP NBYJNJ[F QFSGPSNBODF JO BOZ POF QFSJPE 1FSGPSNBODF 4IBSF 6OJUT 3FTUSJDUFE 4IBSF 6OJUT BOE 4UPDL 0QUJPOT WFTU UISFF ZFBST GSPN UIF HSBOU EBUF a $BQQFE *ODFOUJWF "XBSET "OOVBM QFSGPSNBODF CPOVTFT BOE MPOHUFSN JODFOUJWF BXBSET BSF DBQQFE BU  PG UBSHFU 4FF a"MJHOJOH $PNQFOTBUJPO UP 5IF 8IBU  5IF )PX PO QBHF  a 4UPDL 0XOFSTIJQ (VJEFMJOFT 5IFTF HVJEFMJOFT SFRVJSF PVS $&0 UP EJSFDUMZ PS JOEJSFDUMZ PXO FRVJUZ JO PVS DPNQBOZ PG TJY UJNFT TBMBSZ BOE UIF PUIFS NFNCFST PG PVS &YFDVUJWF $PNNJUUFF UIF QSJODJQBM NBOBHFNFOU HSPVQ UP PXO FRVJUZ PG UISFF UJNFT TBMBSZ BOE UP SFUBJO UIJT MFWFM PG FRVJUZ BU BMM UJNFT XIJMF TFSWJOH BT BO &YFDVUJWF $PNNJUUFF NFNCFS 4FF a4UPDL 0XOFSTIJQ (VJEFMJOFT GPS /BNFE &YFDVUJWF 0GGJDFSTb G PO QBHF  a &YFDVUJWF $PNQFOTBUJPO 3FDPVQNFOU 1PMJDZ 5IJT 1PMJDZ HJWFT PVS #PBSE BVUIPSJUZ UP SFDPVQ FYFDVUJWF PGGJDFSTc G QBTU DPNQFOTBUJPO JO UIF FWFOU PG B NBUFSJBM SFTUBUFNFOU PG PVS GJOBODJBM SFTVMUT BOE GPS FWFOUT JOWPMWJOH NBUFSJBM WJPMBUJPOT PG DPNQBOZ QPMJDZ SFMBUJOH UP UIF NBOVGBDUVSJOH TBMFT PS NBSLFUJOH PG PVS QSPEVDUT 4FF a&YFDVUJWF $PNQFOTBUJPO 3FDPVQNFOU 1PMJDZb PO QBHF  a /P $IBOHFJO$POUSPM "SSBOHFNFOUT /POF PG PVS FYFDVUJWF PGGJDFST G IBWF JO QMBDF BOZ DIBOHFJODPOUSPM BSSBOHFNFOUT UIBU XPVME SFTVMU JO HVBSBOUFFE QBZPVUT

 1SPYZ 4UBUFNFOU  

"%%*5*0/"0 (0 (07&3/"/$& $ '&" "563&4 4 1SPYZ "DDFTT *O  BT QBSU PG PVS MPOHTUBOEJOH TIBSFIPMEFS PVUSFBDI QSPHSBN XF FOHBHFE XJUI B OVNCFS PG PVS TIBSFIPMEFST SFHBSEJOH QSPYZ BDDFTT BOE UIF QPUFOUJBM UFSNT PG QSPYZ BDDFTT QSPWJTJPOT UIBU PVS TIBSFIPMEFST XPVME WJFX BT BQQSPQSJBUF GPS +PIOTPO  +PIOTPO "GUFS UBLJOH JOUP BDDPVOU UIF GFFECBDL QSPWJEFE BT QBSU PG UIFTF EJTDVTTJPOT BOE DPOTJEFSJOH EFWFMPQNFOUT JO NBSLFU QSBDUJDF JO +BOVBSZ  XF BNFOEFE PVS #Z-BXT UP JNQMFNFOU QSPYZ BDDFTT XJUI UIF GPMMPXJOH LFZ QBSBNFUFST 0XOFSTIJQ UISFTIPME E

 PG PVUTUBOEJOH TIBSFT PG PVS DPNNPO TUPDL

)PMEJOH QFSJPE E

$POUJOVPVTMZ GPS  ZFBST

/VNCFS PG OPNJOFFT

6Q UP  PG PVS #PBSE XJUI B NJOJNVN PG VQ UP UXP #PBSE TFBUT JG #PBSE TJ[F JT MFTT UIBO 

/PNJOBUJOH HSPVQ TJ[F 6Q UP  TIBSFIPMEFST NBZ HSPVQ UPHFUIFS UP SFBDI UIF  PXOFSTIJQ UISFTIPME 8F DPOUJOVF UP CFMJFWF UIJT QSPYZ BDDFTT GSBNFXPSL SFGMFDUT B UIPVHIUGVMMZ EFTJHOFE BOE CBMBODFE BQQSPBDI UP QSPYZ BDDFTT UIBU NJUJHBUFT UIF SJTL PG BCVTF BOE QSPUFDUT UIF JOUFSFTUT PG BMM PG PVS TIBSFIPMEFST XIJMF BGGPSEJOH G B NFBOJOHGVM QSPYZ BDDFTT SJHIU JO MJHIU PG PVS TJ[F BOE TIBSFIPMEFS CBTF 4IBSFIPMEFST XIP XJTI UP OPNJOBUF EJSFDUPST GPS JODMVTJPO JO PVS 1SPYZ 4UBUFNFOU JO BDDPSEBODF XJUI UIF QSPYZ BDDFTT QSPDFEVSFT JO PVS #Z-BXT TIPVME GPMMPX UIF JOTUSVDUJPOT VOEFS a(FOFSBM *OGPSNBUJPOb PO QBHF 

.BKPSJUZ 7PUJOH *O 6ODPOUFTUFE %JSFDUPS &MFDUJPOT 0VS #Z-BXT SFRVJSF UIBU JO VODPOUFTUFE FMFDUJPOT UIPTF XIFSF UIF OVNCFS PG OPNJOFFT EPFT OPU FYDFFE UIF OVNCFS PG EJSFDUPST UP CF FMFDUFE

EJSFDUPS OPNJOFFT SFDFJWF UIF BGGJSNBUJWF G WPUF PG B NBKPSJUZ PG UIF WPUFT DBTU JO PSEFS UP CF FMFDUFE UP PVS #PBSE PG %JSFDUPST $POUFTUFE EJSFDUPS FMFDUJPOT UIPTF XIFSF UIF OVNCFS PG EJSFDUPS OPNJOFFT FYDFFET UIF OVNCFS PG EJSFDUPST UP CF FMFDUFE XPVME CF HPWFSOFE CZ UIF QMVSBMJUZ TUBOEBSE VOEFS /FX +FSTFZ MBX 5IF #PBSE IBT BEPQUFE B %JSFDUPS 3FTJHOBUJPO 1PMJDZ GPS *ODVNCFOU %JSFDUPST JO 6ODPOUFTUFE &MFDUJPOT 4QFDJGJDBMMZ JG BO JODVNCFOU EJSFDUPS SFDFJWFT NPSF WPUFT a"HBJOTUb IJT PS IFS FMFDUJPO UIBO WPUFT a'PSb IJT PS IFS FMFDUJPO JO BO VODPOUFTUFE FMFDUJPO UIFO TVDI EJSFDUPS NVTU QSPNQUMZ UFOEFS BO PGGFS G PG IJT PS IFS SFTJHOBUJPO GPMMPXJOH DFSUJGJDBUJPO PG UIF TIBSFIPMEFS WPUF 5IF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF BOE UIF #PBSE XPVME UIFO DPOTJEFS BOE UBLF BQQSPQSJBUF BDUJPO PO TVDI PGGFS G PG SFTJHOBUJPO JO BDDPSEBODF XJUI UIF 1PMJDZ 0VS #Z-BXT BOE 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF JODMVEJOH UIF %JSFDUPS 3FTJHOBUJPO 1PMJDZ GPS *ODVNCFOU %JSFDUPST JO 6ODPOUFTUFE &MFDUJPOT DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNHPWWDGN

%JSFDUPS 0WFSCPBSEJOH 1PMJDZ 0VS 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF TUBUF UIBU B EJSFDUPS XIP TFSWFT BT B $&0 PS TJNJMBS QPTJUJPO BU PVS PS BOZ PUIFS DPNQBOZ TIPVME OPU TFSWF PO NPSF UIBO UXP QVCMJD DPNQBOZ CPBSET JODMVEJOH UIF +PIOTPO  +PIOTPO CPBSE BOE IJT PS IFS PXO CPBSE BOE UIBU PUIFS EJSFDUPST TIPVME OPU TFSWF PO NPSF UIBO GJWF QVCMJD DPNQBOZ CPBSET JODMVEJOH UIF +PIOTPO  +PIOTPO CPBSE  $VSSFOUMZ BMM PG PVS %JSFDUPST BSF JO DPNQMJBODF XJUI UIJT QPMJDZ

 1SPYZ 4UBUFNFOU  

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cT QPMJUJDBM BDUJWJUJFT BOE FYQFOEJUVSFT JODMVEJOH UIF QPMJDJFT BOE QSPDFEVSFT UIBU HPWFSO UIBU BDUJWJUZ BOE TQFOEJOH BT XFMM BT UIF #PBSEcT PWFSTJHIU SPMF BSF VQEBUFE TFNJBOOVBMMZ BOE DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNHPWDPOUSJCVUJPOTDGN 5IJT ZFBS JO SFTQPOTF UP TIBSFIPMEFS FOHBHFNFOU PO UIJT UPQJD XF IBWF FOIBODFE PVS XFCTJUF EJTDMPTVSF CZ JODMVEJOH UIF GPMMPXJOH d 5SBEF BTTPDJBUJPO EVFT CZ EPMMBS SBOHF JODMVEJOH UIF QFSDFOUBHF PG EVFT UIBU JT VUJMJ[FE GPS GFEFSBM MPCCZJOH GPS 64 USBEF BTTPDJBUJPOT UP XIJDI XF QBJE BOOVBM EVFT PG   PS NPSF d %JTDMPTVSF SFHBSEJOH PVS BQQSPBDI BOE QSPDFTTFT UP JNQBDU USBEF BTTPDJBUJPOT PG XIJDI XF BSF NFNCFST XIFO XF EP OPU BMJHO PO BO JTTVF d 5IF BOOVBM UPUBM PG GFEFSBM MPCCZJOH FYQFOEJUVSFT GPS UIF MBTU GJTDBM ZFBS d 5IF BHHSFHBUF BOOVBM UPUBM PG TUBUF MPCCZJOH FYQFOEJUVSFT GPS UIF MBTU GJTDBM ZFBS CBTFE PO BNPVOUT EJTDMPTFE QVSTVBOU UP MPCCZJOH SFHVMBUJPOT PG UIF WBSJPVT TUBUF FUIJDT PWFSTJHIU BHFODJFT d " EJSFDU MJOL UP UIF NPTU DVSSFOU GJMJOH PG UIF +PIOTPO  +PIOTPO 1PMJUJDBM "DUJPO $PNNJUUFF GFEFSBM DBNQBJHO GJOBODF SFQPSU d " EJSFDU MJOL UP UIF NPTU DVSSFOU RVBSUFSMZ GJMJOH PG +PIOTPO  +PIOTPOcT GFEFSBM MPCCZJOH EJTDMPTVSF SFQPSU *O BEEJUJPO UP USBOTQBSFODZ PVS #PBSE CFMJFWFT PWFSTJHIU PG QPMJUJDBM BDUJWJUJFT BOE FYQFOEJUVSFT JT JNQPSUBOU 0VS 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G $PNNJUUFF SFDFJWFT BO BOOVBM SFQPSU PG UIF DPNQBOZcT QPMJUJDBM DPOUSJCVUJPO BOE MPCCZJOH QPMJDJFT QSBDUJDFT BOE BDUJWJUJFT *O BEEJUJPO UIF DPNQBOZcT 1PMJUJDBM "DUJPO $PNNJUUFF BOE 64 DPSQPSBUF QPMJUJDBM TQFOEJOH JT BVEJUFE CJFOOJBMMZ CZ PVS JOUFSOBM BVEJUPST

#0"3% 0 $0 $0..*55&&4 4 5IF #PBSE PG %JSFDUPST IBT B TUBOEJOH "VEJU $PNNJUUFF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G $PNNJUUFF BOE 4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ $PNNJUUFF FBDI DPNQPTFE FOUJSFMZ PG OPOFNQMPZFF EJSFDUPST EFUFSNJOFE UP CF aJOEFQFOEFOUb VOEFS UIF MJTUJOH TUBOEBSET PG UIF /:4& BOE PVS 4UBOEBSET PG *OEFQFOEFODF 6OEFS UIFJS XSJUUFO DIBSUFST BEPQUFE CZ UIF #PBSE FBDI PG UIFTF DPNNJUUFFT JT BVUIPSJ[FE BOE BTTVSFE PG BQQSPQSJBUF GVOEJOH UP SFUBJO BOE DPOTVMU XJUI FYUFSOBM BEWJTPST DPOTVMUBOUT BOE DPVOTFM *O BEEJUJPO UIF #PBSE IBT B TUBOEJOH 'JOBODF $PNNJUUFF DPNQPTFE PG UIF $IBJSNBO PG UIF #PBSE BOE UIF -FBE %JSFDUPS XIJDI FYFSDJTFT UIF BVUIPSJUZ PG UIF #PBSE EVSJOH JOUFSWBMT CFUXFFO #PBSE NFFUJOHT

#PBSE $PNNJUUFF 3PUBUJPO *O  UIF #PBSE EFUFSNJOFE UP SPUBUF NFNCFSTIJQ PO FBDI PGG JUT DPNNJUUFFT JODMVEJOH UIF $IBJS PGG UISFF DPNNJUUFFT "T TFU PVU JO UIF DIBSU CFMPX UIF #PBSE BMUFSFE UIF DPNQPTJUJPO PGG PVS GJWF LFZ DPNNJUUFFT XJUI FBDI DPNNJUUFF IBWJOH BU MFBTU POF OFX NFNCFS BOE UISFF DPNNJUUFFT $PNQFOTBUJPO  #FOFGJUT G 3FHVMBUPSZ $ $PNQMJBODF  (PWFSONFOU ( "GG GGBJST BOE 4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ 4 CFJOH MFE CZ B OFX EJSFDUPS &BDI DPNNJUUFF DPOUJOVFT UP CF DPNQSJTFE TPMFMZ PG JOEFQFOEFOU EJSFDUPST

 1SPYZ 4UBUFNFOU  

 #0"3% $0..*55&& 305" 5"5*0/

%JSFDUPST



.BSZ $ #FDLFSMF .BSZ 4VF $PMFNBO



% 4DPUU %BWJT *BO & - %BWJT



N $

$

N

N









3FHVMBUPSZ Z $PNQMJBODF  (PWFSONFOU "GGB BJST 

N

4DJFODF 5FDIOP PMPHZ  4VTUBJO OBCJMJUZ







N

N N

$

N

N

N

`

"MFY (PSTLZ

* * * * *

4VTBO - -JOERVJTU 

.BSL # .D$MFMMBO "OOF . .VMDBIZ 8JMMJBN % 1FSF[ $IBSMFT 0 1SJODF " &VHFOF 8BTIJOHUPO 3POBME " 8JMMJBNT $IBJSNBO PG UIF #PBSE

$PNQFOTBUJPO  #FOF FGJUT

"VEJU

* * * *

/PNJOB BUJOH  $PSQP PSBUF (PWFSOBODF

`

N N N

-%

N N

N $ N N

* *

-FBE %JSFDUPS

-%

*OEFQFOEFOU %JSFDUPS



%JE OPU TUBOE GPS SFFMFDUJPO JO 



1BTTFE BXBZ JO 0DUPCFS 

*

$IBJS

N $

N $

N

N

N $ $

.FNCFS

N

N

N

N

N

$ $

N N

$

.BSLT NFNCFS QPTJUJPO DIBOHF

#PBSE $PNNJUUFF .FNCFSTIJQ 5IF GPMMPXJOH UBCMF TIPXT UIF DVSSFOU NFNCFST BOE DIBJSNFO PG FBDI PG UIF TUBOEJOH #PBSE DPNNJUUFFT BOE UIF OVNCFS PG NFFUJOHT FBDI DPNNJUUFF IFME JO  $633&/5 #0 0"3% $0..*5 55&& .&.#&3 34)*1

%JSFDUPST

"VEJU

% 4DPUU %BWJT 

* *

*BO & - %BWJT

*

.BSZ $ #FDLFSMF

$

3FHVMBUPSZ Z $PNQMJBODF  (PWFSONFOU "GGBJST

4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ

D

$

.BSL # .D$MFMMBO "OOF . .VMDBIZ 8JMMJBN % 1FSF[ $IBSMFT 0 1SJODF " &VHFOF 8BTIJOHUPO 3POBME " 8JMMJBNT

* * * * * *

D

D

`

-FBE %JSFDUPS

$ D

-%

D D



-%

 

*OEFQFOEFOU %JSFDUPS

*

$IBJS

D $

D





$

D $ D

.FNCFS

 

D



%FTJHOBUFE BT BO aBVEJU DPNNJUUFF GJOBODJBM FYQFSUb GPS QVSQPTFT PG 4FDUJPO  PG UIF 4BSCBOFT0YMFZ "DU



%PFT OPU JODMVEF UFMFDPOGFSFODFT IFME QSJPS UP FBDI SFMFBTF PG RVBSUFSMZ FBSOJOHT  JO UPUBM



*ODMVEFT BO BOOVBM KPJOU NFFUJOH PG UIF "VEJU BOE 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G $PNNJUUFFT

 1SPYZ 4UBUFNFOU  

D

D $ D

/VNCFS PG .FFUJOHT JO 

'JOBODF

D

`

"MFY (PSTLZ

$IBJSNBO PG UIF #PBSE

$PNQFOTBUJPO  #FOFGJUT

/PNJOBUJOH  $PSQPSBUF (PWFSOBODF



g

#PBSE $PNNJUUFF 3FTQPOTJCJMJUJFT "VEJU $PNNJUUFF b 0WFSTFFT UIF DPNQBOZcT GJOBODJBM NBOBHFNFOU BOE BDDPVOUJOH BOE GJOBODJBM SFQPSUJOH QSPDFTTFT BOE QSBDUJDFT b "QQPJOUT SFUBJOT DPNQFOTBUFT BOE FWBMVBUFT JOEFQFOEFOU BVEJUPS b 0WFSTFFT UIF DPNQBOZcT JOUFSOBM BVEJU PSHBOJ[BUJPO SFWJFXT JUT BOOVBM QMBO BOE SFWJFXT SFTVMUT PG JUT BVEJUT b 0WFSTFFT UIF RVBMJUZ BOE BEFRVBDZ PG UIF DPNQBOZcT JOUFSOBM BDDPVOUJOH DPOUSPMT BOE QSPDFEVSFT b 3FWJFXT BOE NPOJUPST UIF DPNQBOZcT GJOBODJBM SFQPSUJOH DPNQMJBODF BOE QSBDUJDFT BOE JUT EJTDMPTVSF DPOUSPMT BOE QSPDFEVSFT b %JTDVTTFT XJUI NBOBHFNFOU UIF QSPDFTTFT VTFE UP BTTFTT BOE NBOBHF UIF DPNQBOZcT FYQPTVSF UP SJTL BOE NPOJUPST SJTLT SFMBUFE UP UBY USFBTVSZ *5 BOE DZCFSTFDVSJUZ *O QFSGPSNJOH UIFTF GVODUJPOT UIF "VEJU $PNNJUUFF NFFUT QFSJPEJDBMMZ XJUI UIF JOEFQFOEFOU BVEJUPS NBOBHFNFOU BOE JOUFSOBM BVEJUPST JODMVEJOH JO QSJWBUF TFTTJPOT UP SFWJFX UIFJS XPSL BOE DPOGJSN UIBU UIFZ BSF QSPQFSMZ EJTDIBSHJOH UIFJS SFTQFDUJWF SFTQPOTJCJMJUJFT 'PS NPSF JOGPSNBUJPO PO "VEJU $PNNJUUFF BDUJWJUJFT JO  TFF UIF "VEJU $PNNJUUFF 3FQPSU PO QBHF  " DPQZ PG UIF DIBSUFS PG UIF "VEJU $PNNJUUFF JT BWBJMBCMF BU XXXJOWFTUPS X SKOKDPNHPWDPNNJUUFFDGN 5IF #PBSE IBT EFTJHOBUFE .S % 4 %BWJT UIF $IBJSNBO PG UIF "VEJU $PNNJUUFF BOE BO JOEFQFOEFOU %JSFDUPS BT BO aBVEJU DPNNJUUFF GJOBODJBM FYQFSUb VOEFS UIF SVMFT BOE SFHVMBUJPOT PG UIF 64 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPO 4&$

BGUFS EFUFSNJOJOH UIBU IF NFFUT UIF SFRVJSFNFOUT GPS TVDI EFTJHOBUJPO 5IF EFUFSNJOBUJPO XBT CBTFE PO IJT CFJOH B $FSUJGJFE 1VCMJD "DDPVOUBOU BOE IJT FYQFSJFODF BT $IJFG 'JOBODJBM 0GGJDFS G BU 6OJUFE 1BSDFM 4FSWJDF *OD "OZ FNQMPZFF PS PUIFS QFSTPO XIP XJTIFT UP DPOUBDU UIF "VEJU $PNNJUUFF UP SFQPSU GJTDBM JNQSPQSJFUJFT PS DPNQMBJOUT BCPVU JOUFSOBM BDDPVOUJOH DPOUSPM PS PUIFS BDDPVOUJOH PS BVEJUJOH NBUUFST DBO EP TP CZ XSJUJOH UP UIF "VEJU $PNNJUUFF BU UIF BEESFTT PG PVS QSJODJQBM PGGJDF G 0OF +PIOTPO  +PIOTPO 1MB[B /FX #SVOTXJDL /+  PS CZ VTJOH UIF POMJOF TVCNJTTJPO GPSN BU XXXJOWFTUPS X SKOKDPNDPNNVOJDBUJPODGN 4VDI SFQPSUT NBZ CF NBEF BOPOZNPVTMZ

$PNQFOTBUJPO  #FOFGJUT $PNNJUUFF b &TUBCMJTIFT UIF DPNQBOZcT FYFDVUJWF DPNQFOTBUJPO QIJMPTPQIZ BOE QSJODJQMFT b 3FWJFXT BOE SFDPNNFOET GPS BQQSPWBM CZ UIF JOEFQFOEFOU %JSFDUPST PG UIF #PBSE UIF DPNQFOTBUJPO GPS PVS $IJFG &YFDVUJWF 0GGJDFS G BOE BQQSPWFT UIF DPNQFOTBUJPO GPS UIF DPNQBOZcT PUIFS FYFDVUJWF PGGJDFST G b 4FUT UIF DPNQPTJUJPO PG UIF HSPVQ PG QFFS DPNQBOJFT VTFE GPS DPNQBSJTPO PG FYFDVUJWF DPNQFOTBUJPO b 0WFSTFFT UIF EFTJHO BOE NBOBHFNFOU PG UIF WBSJPVT QFOTJPO MPOHUFSN JODFOUJWF TBWJOHT IFBMUI BOE XFMGBSF QMBOT UIBU DPWFS PVS FNQMPZFFT b 3FWJFXT BOE SFDPNNFOET GPS BQQSPWBM CZ UIF GVMM #PBSE UIF DPNQFOTBUJPO GPS PVS OPOFNQMPZFF %JSFDUPST b 1SPWJEFT PWFSTJHIU PG UIF DPNQFOTBUJPO QIJMPTPQIZ BOE QPMJDJFT PG UIF .BOBHFNFOU $PNQFOTBUJPO $PNNJUUFF B OPO#PBSE DPNNJUUFF DPNQPTFE PG .S (PSTLZ $IBJSNBO$&0

.S %PNJOJD + $BSVTP &YFDVUJWF 7JDF 1SFTJEFOU $IJFG 'JOBODJBM 0GGJDFS

G BOE %S 1FUFS . 'BTPMP &YFDVUJWF 7JDF 1SFTJEFOU $IJFG )VNBO 3FTPVSDFT 0GGJDFS

G XIJDI VOEFS EFMFHBUJPO GSPN UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF EFUFSNJOFT NBOBHFNFOU DPNQFOTBUJPO BOE FTUBCMJTIFT QFSRVJTJUFT BOE PUIFS DPNQFOTBUJPO QPMJDJFT GPS FNQMPZFFT PUIFS UIBO PVS FYFDVUJWF PGGJDFST G " DPQZ PG UIF DIBSUFS PG UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF JT BWBJMBCMF BU XXXJOWFTUPS X SKOKDPNHPWDPNNJUUFFDGN 5IF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF IBT SFUBJOFE 'SFEFSJD 8 $PPL  $P *OD BT JUT JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU GPS NBUUFST SFMBUFE UP FYFDVUJWF PGGJDFS G BOE OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO 'PS GVSUIFS EJTDVTTJPO PG UIF SPMF PG UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF JO UIF FYFDVUJWF DPNQFOTBUJPO EFDJTJPONBLJOH QSPDFTT BOE GPS B EFTDSJQUJPO PG UIF OBUVSF BOE TDPQF PG UIF DPOTVMUBOUcT BTTJHONFOU TFF a(PWFSOBODF PG &YFDVUJWF $PNQFOTBUJPOb PO QBHF 

 1SPYZ 4UBUFNFOU  

/PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF b 0WFSTFFT NBUUFST PG DPSQPSBUF HPWFSOBODF JODMVEJOH UIF FWBMVBUJPO PG UIF QPMJDJFT BOE QSBDUJDFT PG UIF #PBSE b 0WFSTFFT UIF QSPDFTT GPS QFSGPSNBODF FWBMVBUJPOT PG UIF #PBSE BOE JUT DPNNJUUFFT b 3FWJFXT PVS FYFDVUJWF TVDDFTTJPO QMBOT b $POTJEFST BOZ RVFTUJPOT PG QPTTJCMF DPOGMJDUT PG JOUFSFTU b 3FWJFXT QPUFOUJBM DBOEJEBUFT GPS UIF #PBSE BT EJTDVTTFE PO QBHF  BOE SFDPNNFOET UIF OPNJOFFT GPS %JSFDUPST UP UIF #PBSE GPS BQQSPWBM b 3FWJFXT BOE SFDPNNFOET EJSFDUPS PSJFOUBUJPO BOE DPOUJOVJOH PSJFOUBUJPO QSPHSBNT GPS #PBSE NFNCFST " DPQZ PG UIF DIBSUFS PG UIF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNHPW DPNNJUUFFDGN

3FHVMBUPSZ Z $PNQMJBODF  (PWFSONFOU "GGBJST $PNNJUUFF b 0WFSTFFT UIF DPNQBOZcT NBKPS DPNQMJBODF QSPHSBNT BOE TZTUFNT XJUI SFTQFDU UP MFHBM BOE SFHVMBUPSZ SFRVJSFNFOUT b 0WFSTFFT DPNQMJBODF XJUI BOZ POHPJOH DPSQPSBUF JOUFHSJUZ BHSFFNFOUT PS BOZ TJNJMBS TJHOJGJDBOU VOEFSUBLJOHT CZ UIF DPNQBOZ XJUI B HPWFSONFOU BHFODZ G PG UIF DPNQBOZcT DPNQMJBODF BOE RVBMJUZ QSPHSBNT b 3FWJFXT UIF PSHBOJ[BUJPO JNQMFNFOUBUJPO BOE FGGFDUJWFOFTT b 0WFSTFFT UIF DPNQBOZcT $PEF PG #VTJOFTT $POEVDU BOE $PEF PG #VTJOFTT $POEVDU  &UIJDT GPS .FNCFST PG UIF #PBSE PG %JSFDUPST BOE &YFDVUJWF 0GGJDFST G G QPMJDJFT BOE QSJPSJUJFT b 3FWJFXT UIF DPNQBOZcT HPWFSONFOUBM BGGBJST b 3FWJFXT UIF QPMJDJFT QSBDUJDFT BOE QSJPSJUJFT GPS UIF DPNQBOZcT QPMJUJDBM FYQFOEJUVSF BOE MPCCZJOH BDUJWJUJFT " DPQZ PG UIF DIBSUFS PG UIF 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G $PNNJUUFF DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPN HPWDPNNJUUFFDGN "MTP TFF B DPQZ PG UIF 3FQPSU PO 3FHVMBUPSZ $PNQMJBODF  (PWFSONFOU "GGBJST G $PNNJUUFF GPS $BMFOEBS :FBS  BU XXXJOWFTUPS X SKOKDPNHPWWDGN

4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ $PNNJUUFF b .POJUPST BOE SFWJFXT UIF PWFSBMM TUSBUFHZ EJSFDUJPO BOE FGGFDUJWFOFTT PG UIF DPNQBOZcT SFTFBSDI BOE EFWFMPQNFOU PSHBOJ[BUJPO b 4FSWFT BT B SFTPVSDF BOE QSPWJEFT JOQVU BT OFFEFE SFHBSEJOH UIF TDJFOUJGJD BOE UFDIOPMPHJDBM BTQFDUT PG QSPEVDU TBGFUZ NBUUFST b 3FWJFXT UIF DPNQBOZcT QPMJDJFT QSPHSBNT BOE QSBDUJDFT PO FOWJSPONFOU IFBMUI TBGFUZ BOE TVTUBJOBCJMJUZ b "TTJTUT UIF #PBSE JO JEFOUJGZJOH BOE DPNQSFIFOEJOH TJHOJGJDBOU FNFSHJOH TDJFODF BOE UFDIOPMPHZ QPMJDZ BOE QVCMJD IFBMUI JTTVFT BOE USFOET UIBU NBZ JNQBDU UIF DPNQBOZcT PWFSBMM CVTJOFTT TUSBUFHZ b "TTJTUT UIF #PBSE JO JUT PWFSTJHIU PG UIF DPNQBOZcT NBKPS BDRVJTJUJPOT BOE CVTJOFTT EFWFMPQNFOU BDUJWJUJFT BT UIFZ SFMBUF UP UIF BDRVJTJUJPO PS EFWFMPQNFOU PG OFX TDJFODF PS UFDIOPMPHZ " DPQZ PG UIF DIBSUFS PG UIF 4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ $PNNJUUFF DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNHPW DPNNJUUFFDGN

'JOBODF $PNNJUUFF b $PNQPTFE PG UIF $IBJSNBO BOE -FBE %JSFDUPS PG UIF #PBSE b &YFSDJTFT UIF BVUIPSJUZ PG UIF #PBSE EVSJOH UIF JOUFSWBMT CFUXFFO #PBSE NFFUJOHT BT QFSNJUUFE CZ MBX b "DUT GSPN UJNFUPUJNF CFUXFFO #PBSE NFFUJOHT BT OFFEFE HFOFSBMMZ CZ VOBOJNPVT XSJUUFO DPOTFOU JO MJFV PG B NFFUJOH b "OZ BDUJPO JT UBLFO QVSTVBOU UP TQFDJGJD BEWBODF EFMFHBUJPO CZ UIF #PBSE PS JT MBUFS SBUJGJFE CZ UIF #PBSE

 1SPYZ 4UBUFNFOU  

#0"3% 0 .&&5*/(4 (4 "/% 130$&44&4 0$ 44 4 %JSFDUPS .FFUJOHT BOE "UUFOEBODF %VSJOH  UIF #PBSE PG %JSFDUPST IFME  SFHVMBS NFFUJOHT BOE  TQFDJBM NFFUJOH &BDI %JSFDUPS BUUFOEFE BU MFBTU  PG UIF UPUBM PG SFHVMBSMZTDIFEVMFE BOE TQFDJBM NFFUJOHT PG UIF #PBSE PG %JSFDUPST BOE UIF DPNNJUUFFT PO XIJDI IF PS TIF TFSWFE EVSJOH UIF QFSJPE UIBU IF PS TIF TFSWFE 

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

#PBSE BOE $PNNJUUFF &WBMVBUJPOT 0VS 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF SFRVJSF UIBU UIF #PBSE BOE FBDI DPNNJUUFF DPOEVDU BO BOOVBM TFMGFWBMVBUJPO 5IFTF TFMGFWBMVBUJPOT BSF JOUFOEFE UP GBDJMJUBUF B DBOEJE BTTFTTNFOU BOE EJTDVTTJPO CZ UIF #PBSE BOE FBDI DPNNJUUFF PG JUT FGGFDUJWFOFTT G BT B HSPVQ JO GVMGJMMJOH JUT SFTQPOTJCJMJUJFT JUT QFSGPSNBODF BT NFBTVSFE BHBJOTU UIF 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF BOE BSFBT GPS JNQSPWFNFOU a #PBSE &WBMVBUJPOT &BDI ZFBS UIF -FBE %JSFDUPS $IBJSNBO BOE $PSQPSBUF 4FDSFUBSZ NFFU XJUI FBDI EJSFDUPS JOEJWJEVBMMZ UP DPMMFDU GFFECBDL PO UIF #PBSEcT SFTQPOTJCJMJUJFT TUSVDUVSF QSPDFEVSFT BUNPTQIFSF BOE FOHBHFNFOU 5IF JOQVU JT UIFO TZOUIFTJ[FE BOE EJTDVTTFE XJUI UIF GVMM #PBSE a $PNNJUUFF &WBMVBUJPOT $PNNJUUFF NFNCFST BSF QSPWJEFE XJUI B RVFTUJPOOBJSF UP GBDJMJUBUF EJTDVTTJPO EVSJOH BO FYFDVUJWF TFTTJPO PG UIF DPNNJUUFF BOE VQPO DPNQMFUJPO PG UIF TFMGFWBMVBUJPO UIF DIBJS PG UIF DPNNJUUFF SFQPSUT UP UIF GVMM #PBSE PO UIF EJTDVTTJPO BOE BOZ OFDFTTBSZ GPMMPXVQ BDUJPOT

"OOVBM .FFUJOH "UUFOEBODF *U IBT CFFO PVS MPOHTUBOEJOH QSBDUJDF GPS BMM EJSFDUPST UP BUUFOE UIF "OOVBM .FFUJOH PG 4IBSFIPMEFST 0G PVS  %JSFDUPST XIP XFSF FMFDUFE UP UIF #PBSE BU UIF  "OOVBM .FFUJOH BMM BUUFOEFE UIF NFFUJOH XJUI UIF FYDFQUJPO PG %S -JOERVJTU XIP XBT OPU BCMF UP BUUFOE GPS IFBMUI SFBTPOT

 1SPYZ 4UBUFNFOU  

3&-"5&% " 1"35: 53"/4"$5*0/4 4 $ 0 4 1PMJDJFT BOE 1SPDFEVSFT 0VS XSJUUFO 1PMJDZ PO 5SBOTBDUJPOT XJUI 3FMBUFE 1FSTPOT SFRVJSFT UIF BQQSPWBM PS SBUJGJDBUJPO CZ UIF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF GPS BOZ USBOTBDUJPO PS TFSJFT PG USBOTBDUJPOT FYDFFEJOH   JO XIJDI UIF DPNQBOZ JT B QBSUJDJQBOU BOE BOZ SFMBUFE QFSTPO IBT B EJSFDU PS JOEJSFDU NBUFSJBM JOUFSFTU PUIFS UIBO TPMFMZ BT B SFTVMU PG CFJOH B EJSFDUPS PS USVTUFF PS MFTT UIBO  PXOFS PG BOPUIFS FOUJUZ  3FMBUFE QFSTPOT JODMVEF PVS %JSFDUPST BOE FYFDVUJWF PGGJDFST G BOE UIFJS JNNFEJBUF GBNJMZ NFNCFST BOE QFSTPOT TIBSJOH UIFJS IPVTFIPMET *U BMTP JODMVEFT QFSTPOT DPOUSPMMJOH NPSF UIBO  PG PVS PVUTUBOEJOH DPNNPO TUPDL 6OEFS PVS 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF BOE $PEF PG #VTJOFTT $POEVDU  &UIJDT GPS .FNCFST PG UIF #PBSE PG %JSFDUPST BOE &YFDVUJWF 0GGJDFST G BMM PG PVS %JSFDUPST BOE FYFDVUJWF PGGJDFST G IBWF B EVUZ UP SFQPSU UP UIF $IBJSNBO PS UIF -FBE %JSFDUPS QPUFOUJBM DPOGMJDUT PG JOUFSFTU JODMVEJOH USBOTBDUJPOT XJUI SFMBUFE QFSTPOT .BOBHFNFOU BMTP IBT FTUBCMJTIFE QSPDFEVSFT GPS NPOJUPSJOH USBOTBDUJPOT UIBU DPVME CF TVCKFDU UP BQQSPWBM PS SBUJGJDBUJPO VOEFS UIF 1PMJDZ PO 5SBOTBDUJPOT XJUI 3FMBUFE 1FSTPOT 0ODF B SFMBUFE QFSTPO USBOTBDUJPO IBT CFFO JEFOUJGJFE UIF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF $PNNJUUFF XJMM SFWJFX BMM PG UIF SFMFWBOU GBDUT BOE DJSDVNTUBODFT BOE BQQSPWF PS EJTBQQSPWF PG UIF FOUSZ JOUP UIF USBOTBDUJPO 5IF $PNNJUUFF XJMM UBLF JOUP BDDPVOU BNPOH PUIFS GBDUPST XIFUIFS UIF USBOTBDUJPO JT PO UFSNT OP NPSF GBWPSBCMF UIBO UFSNT HFOFSBMMZ BWBJMBCMF UP BO VOBGGJMJBUFE G UIJSE QBSUZ VOEFS UIF TBNF PS TJNJMBS DJSDVNTUBODFT BOE UIF FYUFOU PG UIF SFMBUFE QFSTPOcT JOUFSFTU JO UIF USBOTBDUJPO *G BEWBODF $PNNJUUFF BQQSPWBM PG B USBOTBDUJPO JT OPU GFBTJCMF UIF USBOTBDUJPO XJMM CF DPOTJEFSFE GPS SBUJGJDBUJPO BU UIF $PNNJUUFFcT OFYU SFHVMBSMZ TDIFEVMFE NFFUJOH *G B USBOTBDUJPO SFMBUFT UP B NFNCFS PG UIF $PNNJUUFF UIBU NFNCFS XJMM OPU QBSUJDJQBUF JO UIF $PNNJUUFFcT EFMJCFSBUJPOT *O BEEJUJPO UIF $PNNJUUFF $IBJSNBO PS JG UIF USBOTBDUJPO SFMBUFT UP UIF $PNNJUUFF $IBJSNBO UIF -FBE %JSFDUPS NBZ QSFBQQSPWF PS SBUJGZ BOZ SFMBUFE QFSTPO USBOTBDUJPOT JOWPMWJOH VQ UP  NJMMJPO 5IF GPMMPXJOH UZQFT PG USBOTBDUJPOT IBWF CFFO EFFNFE CZ UIF $PNNJUUFF UP CF QSFBQQSPWFE PS SBUJGJFE FWFO JG UIF BHHSFHBUF BNPVOU JOWPMWFE XJMM FYDFFE   d $PNQFOTBUJPO QBJE CZ UIF DPNQBOZ GPS TFSWJDF BT B %JSFDUPS PS FYFDVUJWF PGGJDFS G PG UIF DPNQBOZ d 5SBOTBDUJPOT XJUI PUIFS DPNQBOJFT XIFSF UIF SFMBUFE QFSTPOcT POMZ SFMBUJPOTIJQ JT BT B OPOFYFDVUJWF FNQMPZFF MFTT UIBO  FRVJUZ PXOFS PS MJNJUFE QBSUOFS BOE UIF USBOTBDUJPO EPFT OPU FYDFFE UIF HSFBUFS PG  NJMMJPO PS  PG UIBU DPNQBOZcT BOOVBM SFWFOVFT d $POUSJCVUJPOT CZ UIF DPNQBOZ UP DIBSJUBCMF PSHBOJ[BUJPOT XIFSF UIF SFMBUFE QFSTPO JT BO FNQMPZFF BOE UIF USBOTBDUJPO EPFT OPU FYDFFE UIF MFTTFS PG   PS  PG UIF DIBSJUBCMF PSHBOJ[BUJPOcT BOOVBM SFDFJQUT d 5SBOTBDUJPOT XIFSF UIF SFMBUFE QFSTPOcT POMZ JOUFSFTU JT BT B IPMEFS PG DPNQBOZ TUPDL BOE BMM IPMEFST SFDFJWF QSPQPSUJPOBM CFOFGJUT TVDI BT UIF QBZNFOU PG SFHVMBS RVBSUFSMZ EJWJEFOET d 5SBOTBDUJPOT JOWPMWJOH DPNQFUJUJWF CJET d 5SBOTBDUJPOT XIFSF UIF SBUFT PS DIBSHFT BSF SFHVMBUFE CZ MBX PS HPWFSONFOU BVUIPSJUZ d 5SBOTBDUJPOT JOWPMWJOH CBOL EFQPTJUBSZ USBOTGFS BHFOU SFHJTUSBS USVTUFF VOEFS B USVTU JOEFOUVSF PS QBSUZ QFSGPSNJOH TJNJMBS CBOLJOH TFSWJDFT 0VS 1PMJDZ PO 5SBOTBDUJPOT XJUI 3FMBUFE 1FSTPOT DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNHPWWDGN

 1SPYZ 4UBUFNFOU  

5SBOTBDUJPOT XJUI 3FMBUFE 1FSTPOT GPS  " TJTUFSJOMBX PG %S 1BVMVT 4UPGGFMT G &YFDVUJWF 7JDF 1SFTJEFOU $IJFG 4DJFOUJGJD 0GGJDFS G

JT B 4FOJPS .BOBHFS BU +BOTTFO 1IBSNBDFVUJDB /7 7 B XIPMMZPXOFE TVCTJEJBSZ PG UIF DPNQBOZ BOE FBSOFE   JO UPUBM DPNQFOTBUJPO JO  VTJOH BO FYDIBOHF SBUF PG  64% &63

JODMVEJOH CBTF TBMBSZ BOZ BOOVBM JODFOUJWF CPOVT UIF WBMVF PG BOZ MPOHUFSN JODFOUJWF BXBSE HSBOUFE JO  BOE BOZ PUIFS DPNQFOTBUJPO 4IF BMTP QBSUJDJQBUFT JO UIF HFOFSBM XFMGBSF BOE CFOFGJU QMBOT PG +BOTTFO 1IBSNBDFVUJDB /7 )FS DPNQFOTBUJPO XBT FTUBCMJTIFE JO BDDPSEBODF XJUI +BOTTFO 1IBSNBDFVUJDB /7cT FNQMPZNFOU BOE DPNQFOTBUJPO QSBDUJDFT BQQMJDBCMF UP FNQMPZFFT XJUI FRVJWBMFOU RVBMJGJDBUJPOT BOE SFTQPOTJCJMJUJFT BOE IPMEJOH TJNJMBS QPTJUJPOT %S 4UPGGFMT G EPFT OPU IBWF B NBUFSJBM JOUFSFTU JO IJT TJTUFSJOMBXcT FNQMPZNFOU OPS EPFT IF TIBSF B IPVTFIPME XJUI IFS 5IF EBVHIUFS PG %S " &VHFOF 8BTIJOHUPO POF PG PVS %JSFDUPST JT B 4FOJPS "OBMZTU BU +PIOTPO  +PIOTPO *OOPWBUJPO --$ B XIPMMZPXOFE TVCTJEJBSZ PG UIF DPNQBOZ BOE FBSOFE   JO UPUBM DPNQFOTBUJPO JO  JODMVEJOH CBTF TBMBSZ BOZ BOOVBM JODFOUJWF CPOVT UIF WBMVF PG BOZ MPOHUFSN JODFOUJWF BXBSE HSBOUFE JO  BOE BOZ PUIFS DPNQFOTBUJPO 4IF BMTP QBSUJDJQBUFT JO UIF HFOFSBM XFMGBSF BOE CFOFGJU QMBOT PG +PIOTPO  +PIOTPO *OOPWBUJPO --$ )FS DPNQFOTBUJPO XBT FTUBCMJTIFE JO BDDPSEBODF XJUI +PIOTPO  +PIOTPO *OOPWBUJPO --$cT FNQMPZNFOU BOE DPNQFOTBUJPO QSBDUJDFT BQQMJDBCMF UP FNQMPZFFT XJUI FRVJWBMFOU RVBMJGJDBUJPOT BOE SFTQPOTJCJMJUJFT BOE IPMEJOH TJNJMBS QPTJUJPOT %S 8BTIJOHUPO EPFT OPU IBWF B NBUFSJBM JOUFSFTU JO IJT EBVHIUFScT FNQMPZNFOU OPS EPFT IF TIBSF B IPVTFIPME XJUI IFS 5IFTF USBOTBDUJPOT XFSF BQQSPWFE CZ UIF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF JO DPNQMJBODF XJUI PVS 1PMJDZ PO 5SBOTBDUJPOT XJUI 3FMBUFE 1FSTPOT EFTDSJCFE BCPWF

 1SPYZ 4UBUFNFOU  

450$ 0$, 08/&34)*1 0 4 "/% 4&$5*0/ 4 $ 0  $0.1-*"/$& $0 $ 5IF GPMMPXJOH UBCMF TFUT GPSUI JOGPSNBUJPO SFHBSEJOH CFOFGJDJBM PXOFSTIJQ PG PVS DPNNPO TUPDL CZ FBDI EJSFDUPS PVS $IJFG &YFDVUJWF 0GGJDFS G

$IJFG 'JOBODJBM 0GGJDFS G BOE UIF UISFF PUIFS NPTU IJHIMZ DPNQFOTBUFE FYFDVUJWF PGGJDFST G OBNFE JO UIF UBCMFT JO UIF TFDUJPO a&YFDVUJWF $PNQFOTBUJPO 5BCMFTb PO QBHFT  UISPVHI  FBDI B aOBNFE FYFDVUJWF PGGJDFSb  G BOE CZ BMM EJSFDUPST BOE FYFDVUJWF PGGJDFST G BT B HSPVQ &BDI PG UIF JOEJWJEVBMTHSPVQ MJTUFE CFMPX JT UIF PXOFS PG MFTT UIBO  PG PVS PVUTUBOEJOH TIBSFT #FDBVTF UIFZ TFSWF BT DPUSVTUFFT PG UXP USVTUT XIJDI IPME TUPDL GPS UIF CFOFGJU PG PUIFST .S (PSTLZ BOE .S .JDIBFM 6MMNBOO BO FYFDVUJWF PGGJDFS G

BSF EFFNFE UP aDPOUSPMb BO BEEJUJPOBM    TIBSFT PG PVS TUPDL JO XIJDI UIFZ IBWF OP FDPOPNJD JOUFSFTU *O BEEJUJPO UP TVDI TIBSFT UIF EJSFDUPST BOE FYFDVUJWF PGGJDFST G BT B HSPVQ PXODPOUSPM B UPUBM PG   TIBSFT *O UIF BHHSFHBUF UIFTF    TIBSFT SFQSFTFOU MFTT UIBO  PG UIF TIBSFT PVUTUBOEJOH "MM TUPDL PXOFSTIJQ JT BT PG 'FCSVBSZ  

NF

/VNCFS PG $PNNPO 4IBSFT 



%FGFSSFE 4IBSF 6OJUT 



$PNNPO 4IBSF FT 6OEFSMZJOH 0QUJPOT PS 4UPDL 6OJUT 



    

5PUBM /VNCFS PG 4IBSFT #FOFGJDJBMMZ 0XOFE 

.BSZ $ #FDLFSMF %PN NJOJD + $BSVTP % 4DPUU %BWJT

   

     

      

*BO & - %BWJT +PBRVJO %VBUP "MF FY (PSTLZ .BSL # .D$MFMMBO "OO OF . .VMDBIZ 8JMMJBN % 1FSF[ 4BO OESB & 1FUFSTPO $IBSMFT 1SJODF 1BV VMVT 4UPGGFMT G " &VHFOF 8BTIJOHUPO 3PO OBME " 8JMMJBNT "MM %JSFDUPST BOE FYFDVUJWF PGGJDFST G BT B HSPVQ 

                   

                 

               

                      

 

 

  

  



5IF TIBSFT EFTDSJCFE BT PXOFE BSF TIBSFT PG PVS DPNNPO TUPDL EJSFDUMZ PS JOEJSFDUMZ PXOFE CZ FBDI MJTUFE QFSTPO JODMVEJOH TIBSFT IFME JO  L BOE &NQMPZFF 4UPDL 0XOFSTIJQ 1MBOT BOE CZ NFNCFST PG IJT PS IFS IPVTFIPME BOE BSF IFME JOEJWJEVBMMZ KPJOUMZ PS QVSTVBOU UP B USVTU BSSBOHFNFOU .S 1SJODF EJTDMBJNT CFOFGJDJBM PXOFSTIJQ PG  TIBSFT MJTUFE BT PXOFE CZ IJN



*ODMVEFT %FGFSSFE 4IBSF 6OJUT DSFEJUFE UP OPOFNQMPZFF EJSFDUPST VOEFS PVS "NFOEFE BOE 3FTUBUFE %FGFSSFE 'FF 1MBO GPS %JSFDUPST BOE %FGFSSFE 4IBSF 6OJUT DSFEJUFE UP UIF FYFDVUJWF PGGJDFST G VOEFS PVS &YFDVUJWF *ODPNF %FGFSSBM 1MBO "NFOEFE BOE 3FTUBUFE 



*ODMVEFT TIBSFT VOEFSMZJOH PQUJPOT FYFSDJTBCMF PO 'FCSVBSZ   PQUJPOT UIBU CFDPNF FYFSDJTBCMF XJUIJO  EBZT UIFSFBGUFS BOE 3FTUSJDUFE 4IBSF 6OJUT UIBU WFTU XJUIJO  EBZT UIFSFBGUFS

 1SPYZ 4UBUFNFOU  

5IF GPMMPXJOH BSF UIF POMZ QFSTPOT LOPXO UP VT UP CF UIF CFOFGJDJBM PXOFST PG NPSF UIBO GJWF QFSDFOU PG BOZ DMBTT PG PVS WPUJOH TFDVSJUJFT

/BNF BOE "EESFTT PG #FOFGJDJBM 0XOFS

5JUMF PG $MBTT

"NPVOU BOE /BUVSF PG #FOFGJDJBM 0XOFSTIJQ

1FSDFOU PG $MBTT

(SPVQ 5IF 7BOHVBSE 7 #PVMFWBSE  7BOHVBSE 7 .BMWFSO 1" 1 

$PNNPO 4UPDL

   TIBSFT 

 

#MBDL3PDL *OD  &BTU OE 4USFFU /FX :PSL /: 

$PNNPO 4UPDL

   TIBSFT 

 

4UBUF 4USFFU $PSQPSBUJPO 4UBUF 4USFFU 'JOBODJBM $FOUFS 0OF -JODPMO 4USFFU #PTUPO ." 

$PNNPO 4UPDL

   TIBSFT 

 



#BTFE TPMFMZ PO BO "NFOENFOU UP 4DIFEVMF ( GJMFE XJUI UIF 4&$ PO 'FCSVBSZ   5IF 7BOHVBSE (SPVQ SFQPSUFE BHHSFHBUF CFOFGJDJBM PXOFSTIJQ PG BQQSPYJNBUFMZ  PS    TIBSFT PG PVS DPNNPO TUPDL BT PG %FDFNCFS   7BOHVBSE SFQPSUFE UIBU JU QPTTFTTFE TPMF EJTQPTJUJWF QPXFS PG    TIBSFT TPMF WPUJOH QPXFS PG    TIBSFT TIBSFE EJTQPTJUJWF QPXFS PG    TIBSFT BOE TIBSFE WPUJOH QPXFS PG   TIBSFT



#BTFE TPMFMZ PO BO "NFOENFOU UP 4DIFEVMF ( GJMFE XJUI UIF 4&$ PO +BOVBSZ   #MBDL3PDL *OD SFQPSUFE BHHSFHBUF CFOFGJDJBM PXOFSTIJQ PG BQQSPYJNBUFMZ  PS    TIBSFT PG PVS DPNNPO TUPDL BT PG %FDFNCFS   #MBDL3PDL SFQPSUFE UIBU JU QPTTFTTFE TPMF WPUJOH QPXFS PG    TIBSFT BOE TPMF EJTQPTJUJWF QPXFS PG    TIBSFT #MBDL3PDL BMTP SFQPSUFE UIBU JU EJE OPU QPTTFTT TIBSFE WPUJOH PS EJTQPTJUJWF QPXFS PWFS BOZ TIBSFT CFOFGJDJBMMZ PXOFE



#BTFE TPMFMZ PO B 4DIFEVMF ( GJMFE XJUI UIF 4&$ PO 'FCSVBSZ   4UBUF 4USFFU $PSQPSBUJPO SFQPSUFE BHHSFHBUF CFOFGJDJBM PXOFSTIJQ PG BQQSPYJNBUFMZ  PS    TIBSFT PG PVS DPNNPO TUPDL BT PG %FDFNCFS   4UBUF 4USFFU SFQPSUFE UIBU JU QPTTFTTFE TIBSFE WPUJOH QPXFS BOE TIBSFE EJTQPTJUJWF QPXFS PG    TIBSFT BOE UIBU JU EJE OPU QPTTFTT TPMF WPUJOH QPXFS PS TPMF EJTQPTJUJWF QPXFS PWFS BOZ TIBSFT CFOFGJDJBMMZ PXOFE

"T B SFTVMU PG CFJOH CFOFGJDJBM PXOFST PG NPSF UIBO  PG PVS TUPDL 5IF 7BOHVBSE (SPVQ 7BOHVBSE

7 #MBDL3PDL *OD #MBDL3PDL

BOE 4UBUF 4USFFU $PSQPSBUJPO 4UBUF 4USFFU BSF DVSSFOUMZ DPOTJEFSFE aSFMBUFE QFSTPOTb VOEFS PVS 1PMJDZ PO 5SBOTBDUJPOT XJUI 3FMBUFE 1FSTPOT EFTDSJCFE PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU d $FSUBJO PG PVS 64 BOE JOUFSOBUJPOBM FNQMPZFF TBWJOHT BOE SFUJSFNFOU QMBOT IBWF SFUBJOFE #MBDL3PDL BOE JUT BGGJMJBUFT G UP QSPWJEF JOWFTUNFOU NBOBHFNFOU TFSWJDFT *O DPOOFDUJPO XJUI UIFTF TFSWJDFT XF QBJE #MBDL3PDL BQQSPYJNBUFMZ  NJMMJPO JO GFFT EVSJOH GJTDBM ZFBS  d $FSUBJO PG PVS 64 BOE JOUFSOBUJPOBM FNQMPZFF TBWJOHT BOE SFUJSFNFOU QMBOT BOE PUIFS BGGJMJBUFT G IBWF SFUBJOFE 4UBUF 4USFFU BOE JUT BGGJMJBUFT G UP QSPWJEF JOWFTUNFOU NBOBHFNFOU USVTUFF DVTUPEJBM BENJOJTUSBUJWF BOE BODJMMBSZ JOWFTUNFOU TFSWJDFT *O DPOOFDUJPO XJUI UIFTF TFSWJDFT XF QBJE 4UBUF 4USFFU BQQSPYJNBUFMZ  NJMMJPO JO GFFT EVSJOH GJTDBM ZFBS 

4FDUJPO  B #FOFGJDJBM 0XOFSTIJQ 3FQPSUJOH $PNQMJBODF #BTFE PO PVS SFWJFX PG 'PSNT   BOE  BOE BNFOENFOUT UIFSFUP JO PVS QPTTFTTJPO BOE XSJUUFO SFQSFTFOUBUJPOT GVSOJTIFE UP VT XF CFMJFWF UIBU EVSJOH  BMM SFQPSUT GPS PVS FYFDVUJWF PGGJDFST G BOE EJSFDUPST UIBU XFSF SFRVJSFE UP CF GJMFE VOEFS 4FDUJPO  PG UIF 4FDVSJUJFT &YDIBOHF "DU PG  XFSF GJMFE PO B UJNFMZ CBTJT FYDFQU GPS POF SFQPSU GPS POF USBOTBDUJPO GPS FBDI PG UIF GPMMPXJOH EJSFDUPST %S -JOERVJTU .S 1FSF[ %S 8BTIJOHUPO BOE .S 8JMMJBNT 5IF SFQPSUT XFSF TVCTFRVFOUMZ GJMFE

 1SPYZ 4UBUFNFOU  

%*3&$50 $ 03 $0 $0.1&/4" 4"5*0/ 0 0VS $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF JT SFRVJSFE CZ JUT DIBSUFS UP SFWJFX OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO BOOVBMMZ 5IF $PNNJUUFF SFWJFXT UPUBM DPNQFOTBUJPO PG PVS OPOFNQMPZFFT EJSFDUPST BT XFMM BT FBDI FMFNFOU PG PVS OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO QSPHSBN %VSJOH JUT BOOVBM SFWJFX UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF BOBMZ[FT UIF DPNQFUJUJWF QPTJUJPO PG PVS OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO QSPHSBN BOE FBDI FMFNFOU PG UIBU QSPHSBN BHBJOTU UIF QSPHSBNT PG UIF QFFS HSPVQ VTFE GPS FYFDVUJWF DPNQFOTBUJPO QVSQPTFT TFF QBHF  GPS JOGPSNBUJPO BCPVU UIF &YFDVUJWF 1FFS (SPVQ  'SFEFSJD 8 $PPL  $P *OD UIF $PNNJUUFFcT JOEFQFOEFOU DPOTVMUBOU QSPWJEFT BO JOEFQFOEFOU BTTFTTNFOU PG UIF DPNQFUJUJWF EBUB QSPWJEFE UP UIF $PNNJUUFF BOE BEWJTFT UIF $PNNJUUFF PO EFDJTJPOT SFHBSEJOH OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO %FDJTJPOT SFHBSEJOH PVS OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO QSPHSBN BSF BQQSPWFE CZ PVS GVMM #PBSE PG %JSFDUPST CBTFE PO SFDPNNFOEBUJPOT CZ PVS $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO DPODFSOJOH UIF DPNQFOTBUJPO PG PVS OPOFNQMPZFF EJSFDUPST GPS GJTDBM  .S (PSTLZ XBT BO FNQMPZFF PG UIF DPNQBOZ BOE UIFSFGPSF SFDFJWFE OP BEEJUJPOBM DPNQFOTBUJPO GPS IJT TFSWJDF BT B EJSFDUPS 'PS B DPNQMFUF VOEFSTUBOEJOH PG UIF UBCMF QMFBTF SFBE UIF GPPUOPUFT BOE UIF OBSSBUJWF EJTDMPTVSFT UIBU GPMMPX UIF UBCMF "

#

$

%

&

'

'FFT &BSOFE PS 1BJE JO $BTI 

4UPDL "XBSE ET 

"MM 0UIFS $PNQFOTBUJP PO 

5PUBM 

 

 

 

 

 

 

 

 

 

 



 

 

 



 



 

 

 

 

. # .D$MFMMBO

 

 



 

/BNF



. $ #FDLFSMF 

$

. 4 $PMFNBO 

% 4 %BWJT

"$

* & - %BWJT 4 - -JOERVJTU " . .VMDBIZ

-%

 

 

 

 

8 % 1FSF[

$

 

 

 

 

$ 1SJODF

$

 

 

 

 

 

 

 

 

 

 

 

 

" & 8BTIJOHUPO 3 " 8JMMJBNT

$



-FBE %JSFDUPS$PNNJUUFF $IBJS



"QQPJOUFE $IBJS PG 4DJFODF 5FDIOPMPHZ  4VTUBJOBCJMJUZ $PNNJUUFF JO %FDFNCFS  $IBJSNBO SFUBJOFS QBZNFOU XBT QSPSBUFE



3FUJSFE GSPN UIF #PBSE JO "QSJM  $BTI GFFT BSF QSPSBUFE GPS QBSUJBM ZFBS PG TFSWJDF



1BTTFE BXBZ JO 0DUPCFS 

-FBE %JSFDUPS PS $PNNJUUFF $IBJS $PMVNO #

-%  -FBE %JSFDUPS

"$  "VEJU $PNNJUUFF $IBJS

$  $PNNJUUFF $IBJS

'FFT &BSOFE PS 1BJE JO $BTI $PMVNO $

 /PO&NQMPZFF %JSFDUPS $BTI $PNQFOTBUJPO /POFNQMPZFF %JSFDUPS $BTI 3FUBJOFS

"OOVBM $BTI 3FUBJOFS 

 

"EEJUJPOBM 3FUBJOFS GPS -FBE %JSFDUPS BOE $PNNJUUFF $IBJST -FBE %JSFDUPS

1SPYZ 4UBUFNFOU  

 

"VEJU $PNNJUUFF $IBJS

 

$PNNJUUFF $IBJS PUIFS UIBO "VEJU

 

4UPDL "XBSET $PMVNO %

%FGFSSFE 4IBSF 6OJUT  .BOEBUPSZ %FGFSSBM "MM GJHVSFT JO DPMVNO % SFQSFTFOU UIF HSBOU EBUF GBJS WBMVF PG %FGFSSFE 4IBSF 6OJUT %46T HSBOUFE UP FBDI OPOFNQMPZFF EJSFDUPS PO 'FCSVBSZ   5IF #PBSE BQQSPWFE B  %46 BXBSE WBMVFE BU   UIFSFGPSF QVSTVBOU UP UIF UFSNT PG UIF %FGFSSFE 'FF 1MBO GPS %JSFDUPST FBDI OPOFNQMPZFF EJSFDUPS XBT HSBOUFE   %46T SPVOEFE EPXO UP UIF OFBSFTU XIPMF TIBSF  %46T BSF JNNFEJBUFMZ WFTUFE CVU NVTU CF EFGFSSFE VOUJM UIF EJSFDUPS DPNQMFUFT TFSWJDF BT B #PBSE NFNCFS %46T FBSO BEEJUJPOBM BNPVOUT CBTFE PO B IZQPUIFUJDBM JOWFTUNFOU JO PVS DPNNPO TUPDL JODMVEJOH BDDSVJOH EJWJEFOE FRVJWBMFOUT JO UIF TBNF BNPVOU BOE BU UIF TBNF UJNF BT EJWJEFOET QBJE PO PVS DPNNPO TUPDL %46T BSF TFUUMFE JO DBTI VQPO UFSNJOBUJPO PG #PBSE NFNCFSTIJQ "MM 0UIFS $PNQFOTBUJPO $PMVNO &

$IBSJUBCMF .BUDIJOH $POUSJCVUJPOT 5IF BNPVOUT SFQPSUFE JO DPMVNO & SFQSFTFOU UIF BHHSFHBUF EPMMBS BNPVOU GPS FBDI OPO FNQMPZFF EJSFDUPS GPS DIBSJUBCMF NBUDIJOH DPOUSJCVUJPOT /POFNQMPZFF EJSFDUPST BSF FMJHJCMF UP QBSUJDJQBUF JO PVS DIBSJUBCMF NBUDIJOH HJGU QSPHSBN PO UIF TBNF CBTJT BT FNQMPZFFT QVSTVBOU UP XIJDI XF DPOUSJCVUF PO B UXPUPPOF CBTJT GPS FWFSZ EPMMBS EPOBUFE VQ UP   QFS ZFBS QFS QFSTPO UP DFSUBJO DIBSJUBCMF JOTUJUVUJPOT %FGFSSFE 'FF 1MBO GPS %JSFDUPST &MFDUJWF 'FF %FGFSSBMT 6OEFS UIF %FGFSSFE 'FF 1MBO GPS %JSFDUPST OPOFNQMPZFF EJSFDUPST NBZ FMFDU UP EFGFS QBZNFOU PG BMM PS B QPSUJPO PG UIFJS DBTI SFUBJOFST VOUJM UFSNJOBUJPO PG #PBSE NFNCFSTIJQ %FGFSSFE GFFT BSF DPOWFSUFE JOUP %46T BOE FBSO BEEJUJPOBM BNPVOUT CBTFE PO B IZQPUIFUJDBM JOWFTUNFOU JO PVS DPNNPO TUPDL JODMVEJOH BDDSVJOH EJWJEFOE FRVJWBMFOUT JO UIF TBNF BNPVOU BOE BU UIF TBNF UJNF BT EJWJEFOET QBJE PO PVS DPNNPO TUPDL %46T BSF TFUUMFE JO DBTI VQPO UFSNJOBUJPO PG #PBSE NFNCFSTIJQ *O  %ST -JOERVJTU BOE 8BTIJOHUPO BOE .FTTST 1FSF[ BOE 8JMMJBNT FMFDUFE UP EFGFS BMM PG UIFJS  DBTI SFUBJOFST %S -JOERVJTU QBTTFE BXBZ JO 0DUPCFS  %FGFSSFE $PNQFOTBUJPO #BMBODFT "U %FDFNCFS   UIF BHHSFHBUF OVNCFS PG %46T IFME JO FBDI OPOFNQMPZFF EJSFDUPScT %FGFSSFE 'FF "DDPVOU JODMVEJOH CPUI NBOEBUPSZ EFGFSSBMT BOE BOZ FMFDUJWF GFF EFGFSSBMT BT XFMM BT EJWJEFOE FRVJWBMFOU BDDSVBMT XBT BT GPMMPXT

/BNF . $ #FDLFSMF

%FGFSSFE 4IBSF 6OJUT T 

 

% 4 %BWJT

 

* & - %BWJT

 

. # .D$MFMMBO

 

" . .VMDBIZ

 

8 % 1FSF[

 

$ 1SJODF

 

" & 8BTIJOHUPO

 

3 " 8JMMJBNT

 

"EEJUJPOBM "SSBOHFNFOUT 8F QBZ GPS PS QSPWJEF PS SFJNCVSTF EJSFDUPST GPS PVUPGQPDLFU DPTUT JODVSSFE GPS USBOTQPSUBUJPO IPUFM GPPE BOE PUIFS JODJEFOUBM FYQFOTFT SFMBUFE UP BUUFOEJOH #PBSE BOE DPNNJUUFF NFFUJOHT BOE EJSFDUPS PSJFOUBUJPO PS PUIFS SFMFWBOU FEVDBUJPOBM QSPHSBNT PS DPNQBOZ NFFUJOHT

 1SPYZ 4UBUFNFOU  

4UPDL 0XOFSTIJQ (VJEFMJOFT GPS /PO&NQMPZFF %JSFDUPST 5IF DPNQBOZcT TUPDL PXOFSTIJQ HVJEFMJOFT GPS OPOFNQMPZFF EJSFDUPST BSF JOUFOEFE UP GVSUIFS BMJHO UIF EJSFDUPST JOUFSFTUT XJUI UIF JOUFSFTUT PG PVS TIBSFIPMEFST 4UPDL PXOFSTIJQ GPS UIF QVSQPTF PG UIFTF HVJEFMJOFT JODMVEFT TIBSFT EJSFDUMZ PXOFE CZ UIF EJSFDUPS TIBSFT IFME JOEJSFDUMZ UIBU BSF CFOFGJDJBMMZ PXOFE CZ UIF EJSFDUPS BOE %46T /POFNQMPZFF EJSFDUPST BSF QSPIJCJUFE GSPN USBOTBDUJOH JO EFSJWBUJWF JOTUSVNFOUT MJOLFE UP UIF QFSGPSNBODF PG PVS TFDVSJUJFT 4UPDL 0XOFSTIJQ (VJEFMJOF BT B .VMUJQMF PG #BTF 4BMBSZ Y

 $PNQMJBODF XJUI 4UPDL 0XOFSTIJQ (VJEFMJOFT

% 4 %BWJT

Y

:FT

: :FT

* & - %BWJT

Y

:FT

:FT :

. # .D$MFMMBO

Y

:FT

: :FT

" . .VMDBIZ

Y

:FT

:FT :

8 % 1FSF[

Y

:FT

: :FT

$ 1SJODF

Y

:FT

:FT :

" & 8BTIJOHUPO

Y

:FT

: :FT

3 " 8JMMJBNT

Y

:FT

:FT :

/BNF 

. $ #FDLFSMF

0XOFSTIJQ 5ISFTIPME .FU

:FT



/P



/POFNQMPZFF EJSFDUPST IBWF GJWF ZFBST BGUFS GJSTU CFDPNJOH TVCKFDU UP UIF HVJEFMJOFT UP BDIJFWF UIF SFRVJSFE PXOFSTIJQ UISFTIPME



+PJOFE CPBSE XJUIJO QBTU GJWF ZFBST

'JTDBM  /PO&NQMPZFF %JSFDUPS $PNQFOTBUJPO 5IF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFFcT BOBMZTJT JO  PG UIF DPNQFUJUJWF QPTJUJPO PG PVS OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO QSPHSBN TIPXFE UIBU PWFSBMM DPNQFOTBUJPO GPS OPOFNQMPZFF EJSFDUPST BOE UIF SFUBJOFS GPS UIF -FBE %JSFDUPS XFSF CFMPX UIF QFFS HSPVQ NFEJBO "T B SFTVMU PVS $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF SFDPNNFOEFE BOE PVS #PBSE PG %JSFDUPST BQQSPWFE PO 4FQUFNCFS   UIF GPMMPXJOH OPOFNQMPZFF EJSFDUPS DPNQFOTBUJPO QSPHSBN GPS  UP BDIJFWF BO PWFSBMM DPNQFOTBUJPO TUSVDUVSF JO MJOF XJUI UIF QFFS HSPVQ NFEJBO  /PO&NQMPZFF %JSFDUPS $PNQFOTBUJPO $BTI $PNQFOTBUJPO -FBE %JSFDUPS $BTI 3FUBJOFS 

 

"VEJU $PNNJUUFF $IBJS $BTI 3FUBJOFS

 

$PNNJUUFF $IBJS PUIFS UIBO "VEJU $BTI 3FUBJOFS 7BMVF PG %FGFSSFE 4IBSF 6OJUT 

 1SPYZ 4UBUFNFOU  



 



*ODSFBTF PG  



*ODSFBTF PG  

   

*UFN  "EWJTPSZ 7PUF PO 'SFRVFODZ PG 7PUJOH UP "QQSPWF /BNFE &YFDVUJWF 0GGJDFS G $PNQFOTBUJPO 5IF #PBSE CFMJFWFT UIBU IBWJOH BO BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS DPNQFOTBUJPO &7&3: 3 0/&  :&"3 JT B NFBOJOHGVM BOE FGGFDUJWF XBZ UP VTF UIJT NFUIPE PG HBUIFSJOH GFFECBDL PO UIF $PNQBOZ`T FYFDVUJWF DPNQFOTBUJPO QIJMPTPQIZ Z QPMJDJFT BOE QSPDFEVSFT 5IFSFGPSF UIF #PBSE PG %JSFDUPST SFDPNNFOET UIBU TIBSFIPMEFST WPUF JO BO BEWJTPSZ NBOOFS S UP IPME BO BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS DPNQFOTBUJPO &7&3: 3 0/&  :&"3 8F BSF BTLJOH TIBSFIPMEFST UP WPUF JO BO BEWJTPSZ NBOOFS PO XIFUIFS UIF BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO TIPVME PDDVS FWFSZ POF UXP PS UISFF ZFBST 0VS QSJPS TBZPOGSFRVFODZ WPUF PDDVSSFE JO  "U UIBU ZFBScT BOOVBM NFFUJOH TIBSFIPMEFST BHSFFE XJUI UIF #PBSEcT SFDPNNFOEBUJPO UIBU BEWJTPSZ WPUFT UP BQQSPWF FYFDVUJWF DPNQFOTBUJPO TIPVME PDDVS FWFSZ ZFBS "GUFS DBSFGVM DPOTJEFSBUJPO UIF #PBSE BHBJO CFMJFWFT UIBU TVCNJUUJOH UIF BEWJTPSZ WPUF UP BQQSPWF PVS OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO QSPHSBN &7&3: 3 0/&  :&"3 JT BQQSPQSJBUF GPS PVS DPNQBOZ BOE PVS TIBSFIPMEFST BU UIJT UJNF "O BOOVBM BEWJTPSZ WPUF JT DPOTJTUFOU XJUI PVS PCKFDUJWF PG FOHBHJOH JO SFHVMBS EJBMPHVF XJUI PVS TIBSFIPMEFST PO DPSQPSBUF HPWFSOBODF BOE FYFDVUJWF DPNQFOTBUJPO NBUUFST 5IF #PBSE CFMJFWFT UIBU IPMEJOH UIF BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO BOOVBMMZ BMMPXT GPS GSFRVFOU BOE UJNFMZ GFFECBDL GSPN TIBSFIPMEFST 3FDFJWJOH GFFECBDL GSPN TIBSFIPMEFST PO FYFDVUJWF DPNQFOTBUJPO QIJMPTPQIZ QPMJDJFT BOE QSPDFEVSFT JT JNQPSUBOU UP VT BOE XF SFHVMBSMZ FOHBHF XJUI TIBSFIPMEFST UP IFBS BOE VOEFSTUBOE UIFJS TQFDJGJD DPODFSOT 8F XJMM DPOUJOVF UP EP TP BT XF DPOUJOVF UP CFMJFWF UIBU EJSFDU FOHBHFNFOU JT UIF NPTU NFBOJOHGVM XBZ UP DPOEVDU EJBMPHVF XJUI PVS JOWFTUPST 5IJT BEWJTPSZ WPUF PO GSFRVFODZ JT SFRVJSFE QVSTVBOU UP 4FDUJPO " PG UIF 4FDVSJUJFT &YDIBOHF "DU BT BNFOEFE "T BO BEWJTPSZ WPUF UIF SFTVMUT PG UIJT WPUF XJMM OPU CF CJOEJOH PO UIF #PBSE PS UIF DPNQBOZ "MUIPVHI UIF WPUF JT BEWJTPSZ BOE OPOCJOEJOH UIF #PBSE WBMVFT UIF PQJOJPOT PG PVS TIBSFIPMEFST BOE XJMM DPOTJEFS UIF PVUDPNF PG UIJT BEWJTPSZ WPUF XIFO EFUFSNJOJOH UIF GSFRVFODZ PG UIF BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO 5IF QSPYZ DBSE HJWFT ZPV GPVS DIPJDFT GPS WPUJOH PO UIJT JUFN :PV DBO DIPPTF XIFUIFS UIF TBZPOQBZ WPUF TIPVME CF DPOEVDUFE &7&3: 3 0/& 

:&"3 &7&3: 3 580  :&"34 PS &7&3: 3 5)3&&  :&"34 :PV NBZ BMTP BCTUBJO GSPN WPUJOH PO UIJT JUFN :PV BSF OPU WPUJOH UP BQQSPWF PS EJTBQQSPWF UIF #PBSEcT SFDPNNFOEBUJPO PO UIJT JUFN

 1SPYZ 4UBUFNFOU  

*UFN  "EWJTPSZ 7PUF UP "QQSPWF /BNFE &YFDVUJWF 0GGJDFS G $PNQFOTBUJPO 5IF #PBSE PG %JSFDUPST SFDPNNFOET UIBU TIBSFIPMEFST WPUF JO BO BEWJTPSZ NBOOFS S '03 BQQSPWBM PG UIF DPNQFOTBUJPO PG PVS OBNFE FYFDVUJWF PGGJDFST BOE UIF FYFDVUJWF DPNQFOTBUJPO QIJMPTPQIZ Z QPMJDJFT BOE QSPDFEVSFT EFTDSJCFE JO UIF $PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJT $%" TFDUJPO PG UIF  1SPYZ 4UBUFNFOU #FGPSF ZPV WPUF XF VSHF ZPV UP SFBE UIF $PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJT TFDUJPO GPVOE PO QBHFT  UP  BOE UIF UBCMFT JO UIF &YFDVUJWF $PNQFOTBUJPO 5BCMFT TFDUJPO GPVOE PO QBHFT  UP  GPS BEEJUJPOBM EFUBJMT PO PVS FYFDVUJWF DPNQFOTBUJPO

5IF #PBSE SFDPHOJ[FT UIBU FYFDVUJWF DPNQFOTBUJPO JT BO JNQPSUBOU NBUUFS GPS PVS TIBSFIPMEFST 5IF HVJEJOH QSJODJQMFT PG PVS FYFDVUJWF DPNQFOTBUJPO QIJMPTPQIZ BOE QSBDUJDF DPOUJOVF UP CF $PNQFUJUJWFOFTT 1BZ GPS 1FSGPSNBODF "DDPVOUBCJMJUZ GPS 4IPSU BOE -POH5FSN 5 1FSGPSNBODF BOE "MJHONFOU UP 4IBSFIPMEFSTc *OUFSFTUT 0WFSBSDIJOH UIFTF QSJODJQMFT JT BEIFSFODF UP 0VS $SFEP WBMVFT XIJDI FNQIBTJ[F UIF NBOOFS JO XIJDI PVS GJOBODJBM BOE TUSBUFHJD PCKFDUJWFT BSF BDIJFWFE 8F CFMJFWF PVS DPNQFOTBUJPO QSPHSBNT BSF TUSPOHMZ BMJHOFE XJUI UIF MPOHUFSN JOUFSFTUT PG PVS TIBSFIPMEFST

8IFO DBTUJOH ZPVS  b4BZ PO 1BZc WPUF XF FODPVSBHF ZPV UP DPOTJEFS d

5IF BMJHONFOU PG UIF  DPNQFOTBUJPO PG PVS $IBJSNBO$&0 BOE PVS PUIFS OBNFE FYFDVUJWF PGGJDFST XJUI PVS DPNQBOZ`T  QFSGPSNBODF

d

5IF QBZGPSQFSGPSNBODF BMJHONFOU CVJMU JOUP UIF EFTJHO PG PVS JODFOUJWF QSPHSBNT

d

0VS DPOUJOVFE FWBMVBUJPO PG PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN

d

0VS DPOUJOVFE EJSFDU FOHBHFNFOU XJUI PVS TIBSFIPMEFST SFTVMUJOH UIJT ZFBS JO JODSFBTFE XFJHIUJOH PG QFSGPSNBODF TIBSF VOJUT JO PVS  MPOHUFSN JODFOUJWF NJY UP JODSFBTF UIF GPDVT PO MPOHUFSN QFSGPSNBODF

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

 1SPYZ 4UBUFNFOU  

$PNQFOTBUJPO $PNNJUUFF 3FQPSU 5IF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF PG UIF #PBSE PG %JSFDUPST UIF $PNNJUUFF IBT SFWJFXFE BOE EJTDVTTFE UIF TFDUJPO PG UIJT 1SPYZ 4UBUFNFOU FOUJUMFE a$PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJTb XJUI NBOBHFNFOU #BTFE PO UIJT SFWJFX BOE EJTDVTTJPO UIF $PNNJUUFF IBT SFDPNNFOEFE UP UIF #PBSE UIBU UIF TFDUJPO FOUJUMFE a$PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJT b BT JU BQQFBST PO QBHFT  UISPVHI  CF JODMVEFE JO UIJT 1SPYZ 4UBUFNFOU BOE JODPSQPSBUFE CZ SFGFSFODF JOUP UIF DPNQBOZcT "OOVBM 3FQPSU PO 'PSN , GPS UIF GJTDBM ZFBS FOEFE +BOVBSZ   3POBME " 8JMMJBNT $IBJSNBO % 4DPUU %BWJT " &VHFOF 8BTIJOHUPO

 1SPYZ 4UBUFNFOU  

$PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJT  1&3'03."/$& "/% $0.1&/4"5*0/ " ,FZ 1FSGPSNBODF BOE $PNQFOTBUJPO )JHIMJHIUT  $PNQBOZ 1FSGPSNBODF $&0 1FSGPSNBODF BOE $PNQFOTBUJPO %FDJTJPOT 0UIFS /BNFE &YFDVUJWF 0GGJDFS G 1FSGPSNBODF  $PNQFOTBUJPO %FDJTJPOT GPS  1FSGPSNBODF  6QEBUF PO 1FSGPSNBODF PG 1FSGPSNBODF 4IBSF 6OJU "XBSET WFSTVT (PBMT 4IBSFIPMEFS 0VUSFBDI BOE 0VS $PNQFOTBUJPO 1SPHSBN

       

&9&$65*7& $0.1&/4"5*0/ " 1)*-0401): ,FZ 'FBUVSFT PG 0VS &YFDVUJWF $PNQFOTBUJPO 1SPHSBN *NQPSUBODF PG $SFEP 7BMVFT JO "TTFTTJOH 1FSGPSNBODF (VJEJOH 1SJODJQMFT

   

$0.10/&/54 0' &9&$65*7& $0.1&/4"5*0/ " #BTF 4BMBSZ "OOVBM 1FSGPSNBODF #POVT BOE -POH5FSN 5 *ODFOUJWFT &YFDVUJWF 1FSRVJTJUFT  0UIFS #FOFGJUT $PNQFOTBUJPO 5BSHFU 4FUUJOH 1SPDFTT BOE 1BZ 1PTJUJPO  1BZ .JY BU 5BSHFU

    

1&&3 (30614 '03 1": "/% 1&3'03."/$& &YFDVUJWF 1FFS (SPVQ $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ

  

$0.1&/4"5*0/ " %&$*4*0/ 130$&44 "TTFTTJOH 5IF 8IBU  5IF )PX "MJHOJOH $PNQFOTBUJPO UP 5IF 8IBU  5IF )PX

  

(07&3/"/$& 0' &9&$65*7& $0.1&/4"5*0/ " $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF *OEFQFOEFOU .FNCFST PG UIF #PBSE PG %JSFDUPST $IBJSNBO$&0 *OEFQFOEFOU $PNQFOTBUJPO $POTVMUBOU

    

"%%*5*0/"- */'03."5*0/ " $0/$&3/*/( &9&$65*7& $0.1&/4"5*0/ " 6TF PG 5BMMZ 4IFFUT -JNJUFE &NQMPZNFOU "SSBOHFNFOUT BOE "HSFFNFOUT 4UPDL 0XOFSTIJQ (VJEFMJOFT GPS /BNFE &YFDVUJWF 0GGJDFST G &YFDVUJWF $PNQFOTBUJPO 3FDPVQNFOU 1PMJDZ 5BY *NQBDU PO $PNQFOTBUJPO  $PNQFOTBUJPO %FDJTJPOT GPS  1FSGPSNBODF

      

 1SPYZ 4UBUFNFOU  

 1FSGPSNBODF BOE $PNQFOTBUJPO 0VS TUSPOH SFTVMUT JO  XFSF ESJWFO CZ PVS BQQSPBDI UP NBOBHJOH GPS UIF MPOH UFSN SFMFOUMFTT ESJWF GPS JOOPWBUJPO EJTDJQMJOFE QPSUGPMJP NBOBHFNFOU BOE DBQJUBM BMMPDBUJPO TUSBUFHZ  '*/"/$*"- 3&46-54 - 

,&: 1&3'03."/$& "/% $0.1&/4"5*0/ " )*()-*()54

01&3"5*0/"" 4"-&4 (3085)

a 6QIFME 0VS $SFEP WBMVFT CZ GPDVTJOH PO UIF OFFET BOE XFMMCFJOH PG PVS TUBLFIPMEFST



d 1BUJFOUT DPOTVNFST BOE IFBMUI DBSF QSPGFTTJPOBMT

"%+645&% 01&3"5*0/"" &14 (3085)

d &NQMPZFFT d $PNNVOJUJFT JO XIJDI XF MJWF BOE XPSL



d 4IBSFIPMEFST

'3&& $"4) '-08

a &YFDVUFE BHBJOTU PVS OFBSUFSN QSJPSJUJFT JO  DPOTJTUFOU XJUI PVS MPOHUFSN TUSBUFHJD QMBO  

#

d &YDFFEFE PVS PQFSBUJPOBM TBMFT HSPXUI HPBM

Total Shareholder Return

d &YDFFEFE PVS BEKVTUFE PQFSBUJPOBM &14 HSPXUI HPBM 15.3%

d %JE OPU NFFU PVS GSFF DBTI GMPX HPBM EVF UP VOBOUJDJQBUFE MJUJHBUJPO TFUUMFNFOUT

15.3% 13.0% 11.0%

a "EWBODFE PVS MPOHUFSN TUSBUFHJD HSPXUI ESJWFST d &YDFFEFE PVS $SFBUJOH 7BMVF UISPVHI *OOPWBUJPO PCKFDUJWFT UIBU NFBTVSF UIF IFBMUI PG PVS QSJPSJUZ CVTJOFTT QMBUGPSNT BDSPTT BMM  TFDUPST d 1BSUJBMMZ NFU PVS (MPCBM 3FBDI XJUI -PDBM 'PDVT PCKFDUJWFT UIBU NFBTVSF UIF IFBMUI PG PVS CVTJOFTT JO SFHJPOT PGGFSJOH G TJHOJGJDBOU HSPXUI PQQPSUVOJUJFT d &YDFFEFE PVS &YDFMMFODF JO &YFDVUJPO PCKFDUJWFT UIBU USBDL FMFNFOUT XF OFFE UP FYFDVUF UP VOMFBTI BEEJUJPOBM HSPXUI PQQPSUVOJUJFT d &YDFFEFE PVS -FBEJOH XJUI 1VSQPTF PCKFDUJWFT UIBU NFBTVSF PVS PSHBOJ[BUJPOBM IFBMUI EJWFSTJUZ BOE SFQVUBUJPO a %SPWF PVS TUSPOH SFTVMUT XJUI DPOUSJCVUJPOT GSPN BMM UISFF CVTJOFTTFT d 0VS 1IBSNBDFVUJDBM CVTJOFTT DPOUJOVFE UP EFMJWFS TUSPOH HSPXUI XIJMF BMTP JODSFBTJOH JOWFTUNFOU UP GVSUIFS EFWFMPQ PVS TUSPOH QJQFMJOF PG JOOPWBUJWF OFX NFEJDJOFT d 0VS $POTVNFS CVTJOFTT DPOUJOVFE HBJOJOH TIBSF BDSPTT NPTU NBKPS DBUFHPSJFT BOE TJHOJGJDBOUMZ JNQSPWFE NBSHJOT XJUI UIF HPBM PG SFUVSOJOH UP CFODINBSL QSPGJUBCJMJUZ d 0VS .FEJDBM %FWJDFT CVTJOFTT DPOUJOVFE UP HBJO TIBSF JO LFZ QMBUGPSNT XIJMF SFGPDVTJOH BOE BDDFMFSBUJOH PVS QBDF PG JOOPWBUJPO BOE EFWFMPQFE OPWFM DPNNFSDJBM NPEFMT UP NFFU UIF FWPMWJOH OFFET PG UPEBZT IFBMUIDBSF TZTUFNT a 3FDFJWFE DPOUJOVFE TUSPOH TVQQPSU GPS PVS OBNFE FYFDVUJWF PGGJDFS DPNQFOTBUJPO JO PVS  b4BZ PO 1BZc WPUF   PS NPSF JO GBWPS TJODF  a $POUJOVFE PVS TIBSFIPMEFS PVUSFBDI BOE JODSFBTFE UIF XFJHIUJOH PG QFSGPSNBODF TIBSF VOJUT JO PVS  MPOHUFSN JODFOUJWF NJY UP JODSFBTF UIF GPDVT PO MPOHUFSN QFSGPSNBODF 

6.3% -0.2% 1-Year

3-Year

5-Year

Competitor Composite

J&J

d  PG  TBMFT GSPN QSPEVDUT MBVODIFE JO UIF QBTU  ZFBST d *OWFTUFE  CJMMJPO JO 3% d  "DRVJTJUJPOT  -JDFOTFT

$&0 1BZ %FDJTJPOT ` "OOVBM #POVT  PG UBSHFU ` -5* " "XBSE  PG UBSHFU ` 4BMBSZ /P JODSFBTF 5PUBM %JSFDU $PNQFOTBUJPO Q `     `     4FF QBHF  GPS EFUBJMT



$POTFDVUJWF ZFBST PG BEKVTUFE PQFSBUJPOBM FBSOJOHT JODSFBTFT 



$POTFDVUJWF ZFBST PG EJWJEFOE JODSFBTFT

/PO(""1 NFBTVSFT TFF QBHF  GPS EFUBJMT PO OPO(""1 NFBTVSFT

 1SPYZ 4UBUFNFOU  

 $0 $0.1"/: 1 1&3'03."/$& 0 $ #FMPX JT B TVNNBSZ PG UIF DPNQBOZT QFSGPSNBODF BHBJOTU FOUFSQSJTF GJOBODJBM BOE TUSBUFHJD HPBMT BT XFMM BT QFSGPSNBODF CZ CVTJOFTT TFHNFOU 0VS HPBMT BSF TFU CBTFE PO PVS MPOHUFSN TUSBUFHJD PCKFDUJWFT PVS QSPEVDU QPSUGPMJP BOE QJQFMJOF BOE DPNQFUJUJWF CFODINBSLJOH

1FSGPSNBODF "HBJOTU 0VS  'JOBODJBM (PBMT   d &YDFFEFE PVS PQFSBUJPOBM TBMFT HSPXUI HPBM d &YDFFEFE PVS BEKVTUFE PQFSBUJPOBM &BSOJOHT 1FS 4IBSF &14 HSPXUI HPBM d %JE OPU NFFU PVS GSFF DBTI GMPX HPBM EVF UP VOBOUJDJQBUFE MJUJHBUJPO TFUUMFNFOUT

Operational Sales Growth 2.5%

3.5% Result: 3.9% Goal: 2.5%-3.5 3.5% % Adjusted Operational EPS Growth

5.3%

7.7% Result: 9.4% Goal: 5.3% 5 3%-7.7 7 7% Free Cash Flow ($ Billions)

$15.0

$16.7

$15.7 Result: $15.5 Goal: $15.7 $15 7-$ $16.7 16 7



/PO(""1 NFBTVSFT TFF QBHF  GPS EFUBJMT PO OPO(""1 QFSGPSNBODF NFBTVSFT

1FSGPSNBODF "HBJOTU PVS -POH5FSN 5 4USBUFHJD (SPXUI %SJWFST a &YDFFEFE PVS $SFBUJOH 7BMVF UISPVHI *OOPWBUJPO PCKFDUJWFT UIBU NFBTVSF UIF IFBMUI PG PVS QSJPSJUZ CVTJOFTT QMBUGPSNT BDSPTT BMM  TFDUPST d (BJOFE PS IFME TIBSF JO  PG  LFZ QSPEVDU QMBUGPSNT BOE FYDFFEFE TBMFT HSPXUI UBSHFUT JO  PG  PG UIFN d "EWBODFE PVS SPCVTU QJQFMJOF CZ MBVODIJOH LFZ OFX QSPEVDUT BOE MJOF FYUFOTJPOT BDSPTT PVS UISFF TFDUPST d "DIJFWFE PWFS  PG PVS QSJPSJUZ JOOPWBUJPO NJMFTUPOFT d *OWFTUFE NPSF UIBO  CJMMJPO JO SFTFBSDI  EFWFMPQNFOU JO  8F CFMJFWF UIBU TVTUBJOJOH JOWFTUNFOUT JO JOOPWBUJPO JT UIF NPTU JNQPSUBOU BTQFDU PG PVS TUSBUFHZ a 1BSUJBMMZ NFU PVS (MPCBM 3FBDI XJUI -PDBM 'PDVT PCKFDUJWFT UIBU NFBTVSF UIF IFBMUI PG PVS CVTJOFTT JO SFHJPOT PGGFSJOH TJHOJGJDBOU HSPXUI PQQPSUVOJUJFT d &YDFFEFE PVS HSPXUI UBSHFU BT B XIPMF MFE CZ EFWFMPQFE NBSLFUT d 6OEFSQFSGPSNFE JO FNFSHJOH NBSLFUT BOE #3*$ #SB[JM 3VTTJB *OEJB BOE $IJOB 

 1SPYZ 4UBUFNFOU  

a &YDFFEFE PVS &YDFMMFODF JO &YFDVUJPO PCKFDUJWFT UIBU USBDL FMFNFOUT XF OFFE UP FYFDVUF UP VOMFBTI BEEJUJPOBM HSPXUI PQQPSUVOJUJFT d .BEF TUSBUFHJD BDRVJTJUJPOT UP FOIBODF PVS GVUVSF HSPXUI JODMVEJOH 7PHVF *OUFSOBUJPOBM --$ /FP4USBUB $PNQBOZ *OD #JP.FEJDBM &OUFSQSJTFT *OD BOE /FV8BWF .FEJDBM *OD BOE FOUFSFE JOUP BO BHSFFNFOU UP QVSDIBTF "CCPUU .FEJDBM 0QUJDT *OD d .BEF TJHOJGJDBOU QSPHSFTT PO PVS &OUFSQSJTF 4UBOEBSET BOE 1SPEVDUJWJUZ JOJUJBUJWF FYDFFEJOH PVS BOOVBM TBWJOHT HPBM d %FMJWFSFE TUSPOH QFSGPSNBODF PO BMM RVBMJUZ NFUSJDT DPNQMJBODF XBT JO UIF UPQ RVBSUJMF GPS UIF JOEVTUSZ XJUI OP TJHOJGJDBOU JOTQFDUJPOT UIJT ZFBS d %FMJWFSFE PO SFTUSVDUVSJOH JOJUJBUJWF NJMFTUPOFT XJUIJO PVS .FEJDBM %FWJDFT TFHNFOU XPSLJOH UPXBSE BDIJFWJOH TBWJOHT PG  NJMMJPO UP  CJMMJPO UIF NBKPSJUZ PG XIJDI JT FYQFDUFE UP CF SFBMJ[FE CZ UIF FOE PG  a &YDFFEFE PVS -FBEJOH XJUI 1VSQPTF PCKFDUJWFT UIBU NFBTVSF PVS PSHBOJ[BUJPOBM IFBMUI EJWFSTJUZ Z BOE SFQVUBUJPO d 4USFOHUIFOFE PVS MFBEFSTIJQ UBMFOU QJQFMJOF BEWBODFE EJWFSTJUZ BOE FYDFFEFE PVS FNQMPZFF FOHBHFNFOU CFODINBSLT d *ODSFBTFE PVS SFQVUBUJPOBM TUBOEJOHT SBOLJOH  JO #BSSPOT MJTU PG .PTU 3FTQFDUFE $PNQBOJFT

1FSGPSNBODF CZ #VTJOFTT a 0VS 1IBSNBDFVUJDBM CVTJOFTT DPOUJOVFE UP EFMJWFS TUSPOH HSPXUI XIJMF BMTP JODSFBTJOH JOWFTUNFOU UP GVSUIFS EFWFMPQ PVS TUSPOH QJQFMJOF PG JOOPWBUJWF OFX NFEJDJOFT d &YDFFEFE JUT PQFSBUJPOBM TBMFT PQFSBUJPOBM JODPNF BOE DBTI GMPX HPBMT d %FMJWFSFE TUSPOH HSPXUI PG PVS LFZ MBVODI BOE HSPXUI QSPEVDUT JODMVEJOH *.#367*$"h %"3;"-&9h */70,"/"h 45&-"3"h BOE 9"3&-50 - h BT XFMM BT JNQPSUBOU MJOF FYUFOTJPOT a 0VS $POTVNFS CVTJOFTT DPOUJOVFE HBJOJOH TIBSF BDSPTT NPTU NBKPS DBUFHPSJFT BOE TJHOJGJDBOUMZ JNQSPWFE NBSHJOT XJUI UIF HPBM PG SFUVSOJOH UP CFODINBSL QSPGJUBCJMJUZ d &YDFFEFE JUT JODPNF HPBM NFU JUT DBTI GMPX HPBM CVU EJE OPU NFFU JUT TBMFT HSPXUI HPBM d (SPXUI XBT JO MJOF XJUI PVS DPNQFUJUPS DPNQPTJUF BOE HBJOFE NBSLFU TIBSF EFTQJUF B NBSLFU TMPXEPXO d *EFOUJGJFE OFX PQQPSUVOJUJFT GPS MPOHUFSN HSPXUI CZ JOWFTUJOH  CJMMJPO BDSPTT  BDRVJTJUJPOT JODMVEJOH 7PHVF *OUFSOBUJPOBM /FP4USBUB BOE -B -VNJFSF -JHIU .BTL UP TUSFOHUIFO PVS QPTJUJPO JO #FBVUZ a 0VS .FEJDBM %FWJDFT CVTJOFTT DPOUJOVFE UP HBJO TIBSF JO LFZ QMBUGPSNT XIJMF SFGPDVTJOH BOE BDDFMFSBUJOH PVS QBDF PG JOOPWBUJPO BOE EFWFMPQFE OPWFM DPNNFSDJBM NPEFMT UP NFFU UIF FWPMWJOH OFFET PG UPEBZT IFBMUIDBSF TZTUFNT d .FU JUT DBTI GMPX BOE JODPNF HPBMT CVU EJE OPU NFFU JUT PQFSBUJPOBM TBMFT HPBM d "DIJFWFE TUSPOH PQFSBUJPOBM TBMFT HSPXUI JO 7JTJPO $BSF &OEPDVUUFST &MFDUSPQIZTJPMPHZ BOE ,OFFT CVU VOEFSBDIJFWFE JO %JBCFUFT d *EFOUJGJFE OFX PQQPSUVOJUJFT GPS MPOHUFSN HSPXUI CZ JOWFTUJOH  CJMMJPO UISPVHI MJDFOTJOH BOE BDRVJTJUJPOT JODMVEJOH /FV8BWF BOE #JP.FEJDBM &OUFSQSJTFT

BOE FOUFSJOH JOUP BO BHSFFNFOU UP QVSDIBTF "CCPUU .FEJDBM 0QUJDT d "DIJFWFE TUSPOH HSPXUI JO PVS QSJPSJUZ QMBUGPSNT BMUIPVHI PWFSBMM HSPXUI XBT CFMPX PVS DPNQFUJUPS DPNQPTJUF

 1SPYZ 4UBUFNFOU  

%FUBJMT PO /PO(""1 1FSGPSNBODF .FBTVSFT b 0QFSBUJPOBM 4BMFT (SPXUI 0QFSBUJPOBM 4BMFT (SPXUI JT UIF TBMFT JODSFBTF EVF UP WPMVNF BOE QSJDF FYDMVEJOH UIF FGGFDU G PG DVSSFODZ USBOTMBUJPO "T TFU GPSUI PO QBHF  PG *UFN  .BOBHFNFOUcT %JTDVTTJPO BOE "OBMZTJT PG 3FTVMUT PG 0QFSBUJPOT BOE 'JOBODJBM $POEJUJPOTb PG PVS "OOVBM 3FQPSU PO 'PSN , GPS UIF GJTDBM ZFBS FOEFE +BOVBSZ    'PSN ,

PVS  0QFSBUJPOBM 4BMFT (SPXUI XBT  FYDMVEJOH DVSSFODZ USBOTMBUJPO PG  

b 'SFF $BTI 'MPX 'SFF DBTI GMPX JT UIF OFU DBTI GSPN PQFSBUJOH BDUJWJUJFT MFTT BEEJUJPOT UP QSPQFSUZ QMBOU BOE FRVJQNFOU "T TFU GPSUI JO UIF $POTPMJEBUFE 4UBUFNFOUT PG $BTI 'MPXT PO QBHF  PG PVS  'PSN , DBTI GMPXT GSPN PQFSBUJOH BDUJWJUJFT XBT  CJMMJPO BOE BEEJUJPOT UP QSPQFSUZ QMBOU BOE FRVJQNFOU XFSF  CJMMJPO  CJMMJPO e  CJMMJPO   CJMMJPO 

b "EKVTUFE 0QFSBUJPOBM &14 (SPXUI "EKVTUFE &14 BOE "EKVTUFE 0QFSBUJPOBM &14 BSF OPO(""1 GJOBODJBM NFBTVSFT "EKVTUFE &14 FYDMVEFT TQFDJBM JUFNT BOE JOUBOHJCMF BNPSUJ[BUJPO FYQFOTF BT TFU GPSUI JO &YIJCJU 0 UP UIF DPNQBOZcT $VSSFOU 3FQPSU PO 'PSN , EBUFE +BOVBSZ   BOE JO a3FDPODJMJBUJPO PG /PO(""1 'JOBODJBM .FBTVSFTb PG PVS  "OOVBM 3FQPSU JODMVEFE JO PVS QSPYZ NBUFSJBMT "EKVTUFE 0QFSBUJPOBM &14 (SPXUI BMTP FYDMVEFT UIF FGGFDU G PG DVSSFODZ USBOTMBUJPO 5IF GPMMPXJOH JT B SFDPODJMJBUJPO PG %JMVUFE &14 UIF NPTU EJSFDUMZ DPNQBSBCMF 64 (""1 NFBTVSF UP "EKVTUFE &14 BOE "EKVTUFE 0QFSBUJPOBM &14

 "DUVBM  QFS TIBSF %JMVUFE &14 4QFDJBM *UFNT BOE *OUBOHJCMF "NPSUJ[BUJPO &YQFOTF

 



"EKVTUFE 0QFSBUJPOBM &14





5IF GJHVSFT BCPWF BSF SPVOEFE GPS EJTQMBZ QVSQPTFT

1SPYZ 4UBUFNFOU  

 

"EKVTUFE &14 $VSSFODZ 5SBOTMBUJPO  1SJPS ZFBS "EKVTUFE &14   

 $IBOHF WT 1SJPS :FBS

$&0 1&3'03."/$& "/% $0.1&/4"5*0/ " %&$*4*0/4 $IBJSNBO #PBSE PG %JSFDUPST BOE $IJFG &YFDVUJWF 0GGJDFS 1FSGPSNBODF 5IF #PBSE CBTFE JUT BTTFTTNFOU PG .S (PSTLZ QSJNBSJMZ VQPO JUT FWBMVBUJPO PG UIF DPNQBOZcT QFSGPSNBODF 5IF #PBSE CFMJFWFT UIF DPNQBOZ EFMJWFSFE FYDFMMFOU GJOBODJBM SFTVMUT BOE TUSPOH TUSBUFHJD QFSGPSNBODF S JO  VOEFS .S (PSTLZcT MFBEFSTIJQ BT TVNNBSJ[FE VOEFS a $PNQBOZ 1FSGPSNBODFb S PO QBHFT  UISPVHI  BOE UIF #PBSE BQQSPWFE DPNQFOTBUJPO GPS  SFGMFDUJOH UIJT QFSGPSNBODF S

 $&0 $PNQFOTBUJPO %FDJTJPOT GPS  1FSGPSNBODF "MFY (PSTLZ

5IF #PBSEcT DPNQFOTBUJPO EFDJTJPOT GPS .S (PSTLZ SFGMFDU UIF #PBSEcT BTTFTTNFOU PG IJT  QFSGPSNBODF 5IF #PBSE SFDPHOJ[FE .S (PSTLZcT  QFSGPSNBODF S CZ BXBSEJOH IJN BO BOOVBM QFSGPSNBODF S CPOVT BU  PG UBSHFU BOE MPOHUFSN JODFOUJWFT BU  PG UBSHFU "GUFS SFWJFXJOH NBSLFU EBUB BOE PUIFS GBDUPST UIF #PBSE LFQU .S (PSTLZT TBMBSZ SBUF VODIBOHFE BU    QFS ZFBS .S (PSTLZcT UPUBM EJSFDU DPNQFOTBUJPO GPS  BOE GPS DPNQBSJTPO QVSQPTFT IJT UPUBM EJSFDU DPNQFOTBUJPO GPS  BSF EJTQMBZFE JO UIF UBCMF CFMPX  "NPVOU 

4BMBSZ &BSOFE 

 1FSDFOU PG 5BSHFU 

  

"OOVBM 1FSGPSNBODF #POVT

1FSDFOU PG 5BSHFU 

  

  



-POH5FSN 5 *ODFOUJWF "XBSET

  



5PUBM %JSFDU $PNQFOTBUJPO

  



"NPVOU 

  



  



  

4BMBSJFT FBSOFE JO GJTDBM ZFBS  XFSF IJHIFS UIBO FBDI FYFDVUJWFcT BOOVBMJ[FE CBTF TBMBSZ EVF UP BO BEEJUJPOBM FBSOJOHT QFSJPE UIBU PDDVSSFE JO GJTDBM ZFBS  64 TBMBSJFE FNQMPZFFT BSF QBJE PO B CJXFFLMZ TDIFEVMF 5IFSF XFSF  QBZ QFSJPET JO GJTDBM ZFBS  SBUIFS UIBO UIF VTVBM  QBZ QFSJPET

ACTUAL 2016 CEO PAY MIX Base Salary 7% 17%

Long-Term Incentives

Annual Performance Bonus

76%

1MFBTF TFF a $PNQFOTBUJPO %FDJTJPOT GPS  1FSGPSNBODFb PO QBHFT  UP  GPS EFUBJMT PO UIF BXBSET BOE UPUBM EJSFDU DPNQFOTBUJPO

 1SPYZ 4UBUFNFOU  

05)&3 /".&% &9&$65*7& $ 0 $ 0''*$&3 1&3'03."/$& 0 $ 5IF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF CBTFE JUT BTTFTTNFOU PG FBDI PG UIF PUIFS OBNFE FYFDVUJWF PGGJDFST G VQPO JUT FWBMVBUJPO PG UIF DPNQBOZcT QFSGPSNBODF BT XFMM BT UIF JOEJWJEVBM QFSGPSNBODF PG FBDI OBNFE FYFDVUJWF PGGJDFS G  &BDI PG UIF OBNFE FYFDVUJWF PGGJDFST G DPOUSJCVUFE UP UIF DPNQBOZcT QFSGPSNBODF BT B NFNCFS PG UIF &YFDVUJWF $PNNJUUFF BOE BT B MFBEFS PG B CVTJOFTT TFHNFOU PS B GVODUJPO 4FF a $PNQBOZ 1FSGPSNBODFb PO QBHFT  UISPVHI  GPS UIF $PNNJUUFFcT FWBMVBUJPO PG UIF DPNQBOZcT QFSGPSNBODF GPS 

&YFDVUJWF 7JDF 1SFTJEFOU $IJFG 'JOBODJBM 0GGJDFS *O BEEJUJPO UP IJT DPOUSJCVUJPO UP PVS DPNQBOZcT PWFSBMM QFSGPSNBODF .S $BSVTP ` %SPWF TUSPOH GJOBODJBM NBOBHFNFOU UISPVHIPVU UIF ZFBS ` 1MBZFE B TJHOJGJDBOU SPMF JO UIF BDRVJTJUJPO PG 7PHVF *OUFSOBUJPOBM "CCPUU .FEJDBM 0QUJDT BOE UIF QFOEJOH BDRVJTJUJPO PG "DUFMJPO -UE ` $POUJOVFE UP IBWF BO FYDFMMFOU SBQQPSU XJUI UIF *OWFTUNFOU $PNNVOJUZ SFDPHOJ[FE BT UIF 5PQ 5 $'0 JO .FEJDBM %FWJDFT ` &OIBODFE UIF DPNQBOZT GJOBODJBM TUSBUFHZ XJUI UIF PQUJNBM VTF PG OPO64 DBTI BOE FYFDVUFE UXP EFCU PGGFSJOHT G BOE B TIBSF SFQVSDIBTF QMBO %PNJOJD + $BSVTP

&YFDVUJWF 7JDF 1SFTJEFOU $IJFG 4DJFOUJGJD 0GGJDFS

1BVMVT 4UPGGFMT .%

*O BEEJUJPO UP IJT DPOUSJCVUJPO UP PVS DPNQBOZcT PWFSBMM QFSGPSNBODF %S 4UPGGFMT G ` %FMJWFSFE TJHOJGJDBOU DPOUJOVFE QIBSNBDFVUJDBM QJQFMJOF HSPXUI ` "EWBODFE UIF JNQBDU PG PVS DSPTT TFDUPS 3% QSPEVDU QPSUGPMJP BOE BDDFMFSBUFE UIF TPVSDJOH PG FYUFSOBM JOOPWBUJPO JO PVS UISFF CVTJOFTT TFDUPST ` *NQMFNFOUFE ++ (MPCBM 1VCMJD )FBMUI (1) g BO JNQPSUBOU OFX HSPVQ UP BEESFTT UIF XPSMET HSFBUFTU VONFU QVCMJD IFBMUI OFFET ` 4JHOJGJDBOUMZ FOIBODFE SFDPHOJUJPO PG UIF DPNQBOZ BT POF PG UIF XPSMEcT MFBEJOH NFEJDBM BOE TDJFOUJGJD JOOPWBUPST DPNNJUUFE UP FOTVSJOH QBUJFOU TBGFUZ TFUUJOH UIF TUBOEBSE GPS USBOTQBSFODZ BEWBODJOH BDDFTT UP NFEJDJOFT BOE EFMJWFSJOH NPSF ZFBST PG MJGF BOE RVBMJUZ PG MJGF GPS QFPQMF BSPVOE UIF XPSME

&YFDVUJWF 7JDF 1SFTJEFOU (SPVQ 8PSMEXJEF $IBJSNBO *O BEEJUJPO UP IFS DPOUSJCVUJPO UP PVS DPNQBOZcT PWFSBMM QFSGPSNBODF .T 1FUFSTPO d 1SPWJEFE TUSPOH MFBEFSTIJQ UP $POTVNFS  $POTVNFS .FEJDBM %FWJDFT PVS PQFSBUJOH JOGSBTUSVDUVSF  *OGP G SNBUJPO 5FDIOPMPHZ 4VQQMZ $IBJO 2VBMJUZ BOE (MPCBM 4FSWJDFT )FBMUI  8FMMOFTT (MPCBM %FTJHO BOE )FBMUI 5FDIOPMPHZ

4BOESB & 1FUFSTPO

 1SPYZ 4UBUFNFOU  

d -FE UIF $POTVNFS BOE 7JTJPO $BSF CVTJOFTTFT UP B QPTJUJWF USFOE JO HSPXUI BOE HMPCBM NBSLFU TIBSF BOE NFU PS FYDFFEFE JODPNF BOE DBTI GMPX HPBMT d -FE PVS 4VQQMZ $IBJO BOE 2VBMJUZ HSPVQT UP EFMJWFS B TUSPOH ZFBS JO XIJDI BMM RVBMJUZ BOE QSPEVDUJWJUZ NFUSJDT XFSF FYDFFEFE d .FU PS FYDFFEFE BMM PG PVS NBKPS *OGPSNBUJPO 5FDIOPMPHZ PCKFDUJWFT BOE DPNQMFUFE B OVNCFS PG TUSBUFHJD QBSUOFSTIJQT XJUI UFDIOPMPHZ DPNQBOJFT

&YFDVUJWF 7JDF 1SFTJEFOU 8PSMEXJEF $IBJSNBO 1IBSNBDFVUJDBMT *O BEEJUJPO UP IJT DPOUSJCVUJPO UP PVS DPNQBOZcT PWFSBMM QFSGPSNBODF .S %VBUP d &YDFFEFE BMM PG PVS GJOBODJBM HPBMT TBMFT JODPNF BOE DBTI GMPX GPS 1IBSNBDFVUJDBMT d %FMJWFSFE UIF UI DPOTFDVUJWF ZFBS PG HSPXUI BWFSBHJOH NPSF UIBO EPVCMF UIF CSBOEFE NBSLFU HSPXUI SBUF BOE GJSNMZ FTUBCMJTIJOH +BOTTFO BT B UPQ GJWF HMPCBM 1IBSNBDFVUJDBM DPNQBOZ

+PBRVJO %VBUP

d 8BT BQQPJOUFE $IBJSFMFDU PG UIF 1IBSNBDFVUJDBM 3FTFBSDI BOE .BOVGBDUVSFST PG "NFSJDB BTTVNJOH UIF $IBJSNBO SPMF JO  d &YQBOEFE BOE DPNNFSDJBMJ[FE UIF QSPEVDU QJQFMJOF JODSFBTJOH JUT WBMVF  ZFBST JO B SPX

 $0.1&/4" $0 4"5*0/ 0 %&$*4*0/4 $ 4 0 4 '03 0  1&3'03."/$& 0 $ )PX $PNQFOTBUJPO %FDJTJPOT BSF 3FQPSUFE *O +BOVBSZ BOE 'FCSVBSZ PG FBDI ZFBS CBTFE PO UIF QFSGPSNBODF BTTFTTNFOUT PG UIF OBNFE FYFDVUJWF PGGJDFST G UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF EFUFSNJOFT GPS FBDI OBNFE FYFDVUJWF PGGJDFS G d 5IF BOOVBM QFSGPSNBODF CPOVT FBSOFE GPS UIF QSJPS ZFBScT QFSGPSNBODF d 5IF MPOHUFSN JODFOUJWF BXBSE HSBOUFE JO UIF GJSTU RVBSUFS PG UIF ZFBS CBTFE PO UIF QSJPS ZFBST QFSGPSNBODF BOE d 5IF TBMBSZ SBUF GPS UIF VQDPNJOH ZFBS %FDJTJPOT SFHBSEJOH UIFTF FMFNFOUT BOE UIF  UPUBM EJSFDU DPNQFOTBUJPO BSF TVNNBSJ[FE JO UIF UBCMFT CFMPX 5IF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF CFMJFWFT UIBU UIFTF UBCMFT CFTU TVNNBSJ[F UIF BDUJPOT UBLFO PO UIF OBNFE FYFDVUJWF PGGJDFSTc G DPNQFOTBUJPO GPS UIF QFSGPSNBODF ZFBS #Z DPOUSBTU NPTU PG UIF BNPVOUT SFRVJSFE CZ UIF 64 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPOcT 4&$ SVMFT UP CF SFQPSUFE JO UIF a4VNNBSZ $PNQFOTBUJPO 5BCMFb PO QBHF  BSF UIF SFTVMU PG DPNQFOTBUJPO EFDJTJPOT GSPN QSJPS ZFBST FBSOJOHT GSPN QSJPS MPOHUFSN JODFOUJWF BXBSET PS QBSUJDJQBUJPO JO MPOHTUBOEJOH QFOTJPO QSPHSBNT

 5PUBM %JSFDU $PNQFOTBUJPO 5IF GPMMPXJOH UBCMF TIPXT UIF TBMBSZ QBJE EVSJOH  BOE UIF BOOVBM QFSGPSNBODF CPOVT BOE MPOHUFSN JODFOUJWF HSBOUT BQQSPWFE PO 'FCSVBSZ   GPS QFSGPSNBODF JO  GPS FBDI OBNFE FYFDVUJWF PGGJDFS G  "

#

$

% &RVJUZ

$B BTI

/BNF " (PSTLZ % $BSVTP 1 4UPGGFMT G 4 1FUFSTPO + %VBUP

4BMBSZ 

           

"OOVBM 1FSGPSNBODF #POVT 

              

-POH5FSN 5 *ODFOUJWF 

              

&

5PUBM %JSFDU $PNQFOTBUJPO 

              

4BMBSZ $PMVNO #

5IF BNPVOUT SFQPSUFE JO DPMVNO # SFQSFTFOU CBTF TBMBSJFT QBJE UP FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G GPS UIF  GJTDBM ZFBS "OOVBM 1FSGPSNBODF #POVT $PMVNO $

#BTFE PO  DPNQBOZ QFSGPSNBODF BOE JOEJWJEVBM QFSGPSNBODF BT EJTDVTTFE PO QBHFT  UP  UIF #PBSE BOE UIF $PNNJUUFF BXBSEFE BOOVBM QFSGPSNBODF CPOVTFT PO 'FCSVBSZ   SBOHJOH GSPN  UP  PG UBSHFU GPS UIF OBNFE FYFDVUJWF PGGJDFST G 4FF UIF a(SBOUT PG 1MBO#BTFE "XBSETb UBCMF PO QBHF  GPS UIF UBSHFU CPOVT BNPVOUT

 1SPYZ 4UBUFNFOU  

-POH5FSN 5 *ODFOUJWF "XBSET GPS  QFSGPSNBODF $PMVNO %

5IF #PBSE BOE $PNNJUUFF HSBOUFE UIF GPMMPXJOH MPOHUFSN FRVJUZ JODFOUJWF BXBSET PO 'FCSVBSZ   SBOHJOH GSPN  UP  PG UBSHFU UP UIF OBNFE FYFDVUJWF PGGJDFST G CBTFE PO IJT PS IFS  QFSGPSNBODF JNQBDU PO UIF DPNQBOZcT MPOHUFSN SFTVMUT DPNQFUJUJWF NBSLFU EBUB BOE UIF JOEJWJEVBMcT MPOHUFSN QPUFOUJBM XJUIJO UIF PSHBOJ[BUJPO 5IFTF BXBSET JODMVEFE 1FSGPSNBODF 4IBSF 6OJUT 146T

4UPDL 0QUJPOT BOE 3FTUSJDUFE 4IBSF 6OJUT 346T  146T (SSBOUFE  



 

 



0QUJPOT (SBOUFE  

346T (SSBOUFE

 

 

 

5PUB BM



 

" (PSTLZ

 

  

 

  

 

  

  

% $BSVTP

 

   

 

   

 

   

   

1 4UPGGFMT G

 

  

 

  

 

  

  

4 1FUFSTPO 

 

   

 

   

 

   

   

+ %VBUP 

 

  

 

  

 

  

  



5IF FTUJNBUFE HSBOU EBUF GBJS WBMVF VTFE UP EFUFSNJOF UIF OVNCFS PG 146T HSBOUFE XBT  5IF FTUJNBUFE HSBOU EBUF GBJS WBMVF QFS 146 XBT BTTVNFE UP CF FRVBM UP UIF FTUJNBUFE HSBOU EBUF GBJS WBMVF QFS 346 GPS UIF QVSQPTF PG EFUFSNJOJOH UIF OVNCFS PG 146T



5IF HSBOU EBUF GBJS WBMVF VTFE UP EFUFSNJOF UIF OVNCFS PG PQUJPOT HSBOUFE XBT  5IF PQUJPO FYFSDJTF QSJDF XBT  CBTFE PO UIF BWFSBHF PG UIF IJHI BOE MPX QSJDFT PG PVS DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF 5IF #MBDL4DIPMFT PQUJPO WBMVBUJPO NPEFM XBT VTFE UP DBMDVMBUF UIF HSBOU EBUF GBJS WBMVF XJUI UIF GPMMPXJOH BTTVNQUJPOT WPMBUJMJUZ PG  CBTFE PO B CMFOEFE SBUF PG IJTUPSJDBM BWFSBHF WPMBUJMJUZ BOE JNQMJFE WPMBUJMJUZ CBTFE PO BUUIFNPOFZ USBEFE +PIOTPO  +PIOTPO TUPDL PQUJPOT XJUI B MJGF PG UXP ZFBST EJWJEFOE ZJFME PG  SJTLGSFF JOUFSFTU SBUF PG  CBTFE PO B 64 5SFBTVSZ SBUF PG TFWFO ZFBST BOE B TFWFOZFBS PQUJPO MJGF



5IF HSBOU EBUF GBJS WBMVF VTFE UP EFUFSNJOF UIF OVNCFS PG 346T HSBOUFE XBT  5IF HSBOU EBUF GBJS WBMVF GPS UIF 346 BXBSET BT DBMDVMBUFE VOEFS 64 (""1 XBT CBTFE PO UIF BWFSBHF PG UIF IJHI BOE MPX QSJDFT PG PVS DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF  BOE EJTDPVOUFE CZ BO FYQFDUFE EJWJEFOE ZJFME PG  BT EJWJEFOET BSF OPU QBJE PO UIF 346T QSJPS UP WFTUJOH



"XBSE WBMVFT BSF SPVOEFE UP UIF OFBSFTU XIPMF TIBSF



*O BEEJUJPO UP UIF MPOHUFSN JODFOUJWF BXBSET JODMVEFE JO UIF BCPWF UBCMF PO 'FCSVBSZ   UIF $PNNJUUFF HSBOUFE TQFDJBM BXBSET UP .T 1FUFSTPO BOE .S %VBUP PG   346T FBDI XJUI B GBJS WBMVF PO UIF HSBOU EBUF PG  NJMMJPO .T 1FUFSTPOcT BXBSE SFDPHOJ[FT IFS FYQBOEFE SFTQPOTJCJMJUJFT UIBU XJMM JODMVEF UIF )PTQJUBM .FEJDBM %FWJDFT CVTJOFTT BOE FOIBODFT IFS GVUVSF SFUFOUJPO .S %VBUPcT BXBSE SFDPHOJ[FT IJT POHPJOH PVUTUBOEJOH QFSGPSNBODF BOE FOIBODFT IJT GVUVSF SFUFOUJPO

5PUBM %JSFDU $PNQFOTBUJPO $PMVNO &

5IF BNPVOUT SFQPSUFE JO DPMVNO & BSF UIF TVN PG DPMVNOT # UISPVHI % GPS G FBDI PG UIF OBNFE FYFDVUJWF PGGJD G FST 5IF $PNNJUUFF CFMJFWFT UIBU UPUBMT JO DPMVNO & CFTU TVNNBSJ[F UIF UPUBM EJSFDU DPNQFOTBUJPO QBJE UP FBDI OBNFE FYFDVUJWF PGGJDFS G GPS UIF  GJTDBM ZFBS

 4BMBSZ *ODSFBTFT "OOVBM TBMBSZ JODSFBTFT BSF OFJUIFS BVUPNBUJD OPS HVBSBOUFFE *O EFUFSNJOJOH UIF CBTF TBMBSZ SBUFT GPS PVS OBNFE FYFDVUJWF PGGJDFST G UIF $PNNJUUFF SFWJFXFE FBDI JOEJWJEVBMcT QFSGPSNBODF DPNQFOTBUJPO BMJHONFOU XJUI PVS $SFEP WBMVFT DPNQMFYJUZ BOE TDPQF PG SFTQPOTJCJMJUJFT BOE FYQFSJFODF JO SPMF BT XFMM BT NBSLFU EBUB 5IF #PBSE BOE $PNNJUUFF DBO FMFDU UP MFBWF B CBTF TBMBSZ SBUF VODIBOHFE BT JU EJE GPS .FTTST (PSTLZ BOE $BSVTP BOE %S 4UPGGFMT G JO  BOE .S (PSTLZ JO  5IF GPMMPXJOH UBCMF TIPXT UIF BOOVBM CBTF TBMBSZ SBUF BQQSPWFE GPS FBDI OBNFE FYFDVUJWF PGGJDFS G  5IF BOOVBM CBTF TBMBSZ SBUFT BSF BMM FGGFDUJWF G BT PG 'FCSVBSZ   .T 1FUFSTPOcT  TBMBSZ SBUF SFGMFDUT IFS FYQBOEFE SFTQPOTJCJMJUJFT UIBU XJMM JODMVEF UIF )PTQJUBM .FEJDBM %FWJDFT CVTJOFTT  #BTF 4BMBSZ 3BUF 

 #BTF 4BMBSZ 3BUF 

" (PSTLZ

  

  

% $BSVTP

 

 

1 4UPGGFMT G

  

  

4 1FUFSTPO

 

  

+ %VBUP

 

 

/BNF

 1SPYZ 4UBUFNFOU  

 61%"5& " 0/ 1&3'03."/$& 0 $ 0' 1&3'03."/$& 0 $ 4)"3& 6/*5 "8"3%4 4 7&3464 4 4 (0"-4 (0 4 *O  XF DPNQMFUFE UIF GJSTU ZFBS PG UIF 146 QFSGPSNBODF QFSJPE GPS PVS  BXBSET UIF TFDPOE ZFBS PG UIF 146 QFSGPSNBODF QFSJPE GPS PVS  BXBSET BOE UIF UIJSE ZFBS PG UIF 146 QFSGPSNBODF QFSJPE GPS PVS  BXBSET

1FSGPSNBODF 4IBSF 6OJUT &BSOFE UP %BUF 5IF GPMMPXJOH UBCMF TIPXT UIF 146T FBSOFE UP EBUF IJHIMJHIUJOH UIF DPOUSJCVUJPO PG UIF QFSGPSNBODF QFSJPET DPNQMFUFE JO  5IF OVNCFS PG 146T FBSOFE CBTFE PO PVS BEKVTUFE PQFSBUJPOBM &14 BOE SFMBUJWF 5PUBM 4IBSFIPMEFS 3FUVSO 543

QFSGPSNBODF BSF EFUFSNJOFE BGUFS UIF DPNQMFUJPO PG UIF ZFBS QFSGPSNBODF QFSJPET 5IF FOUJSF 146 BXBSET BSF TVCKFDU UP ZFBS WFTUJOH QFSJPET TP FBSOFE VOJUT XJMM POMZ WFTU BGUFS UIF DPNQMFUJPO PG UIF ZFBS DZDMF 146T T &BSOFE #BTFE E PO 1FSGPSNBOD DF UP %BUF 1FSGPSNBODF 1FSJPE BOE 1FSGPSNBODF .FBTVSFT

8FJHIU







0QFSBUJPOBM 4BMFT

SE







$VNVMBUJWF "EKVTUFE 0QFSBUJPOBM &14

SE



3FMBUJWF 543

SE







5PUBM

   1FSGPSNBODF 4IBSF 6OJUT   

5PUBM



   1FSGPSNBODF 4IBSF 6OJUT 0QFSBUJPOBM 4BMFT

SE

$VNVMBUJWF "EKVTUFE 0QFSBUJPOBM &14

SE

5#% 

3FMBUJWF 543

SE

5#% 





5#% 

  

5PUBM



   1FSGPSNBODF 4IBSF 6OJUT 0QFSBUJPOBM 4BMFT

SE

$VNVMBUJWF "EKVTUFE 0QFSBUJPOBM &14

SE

5#% 

3FMBUJWF 543

SE

5#% 



5#% 

5#% 

  

5PUBM



/PUF 5IF QFSDFOUBHFT BCPWF BSF SPVOEFE UP POF EFDJNBM GPS EJTQMBZ QVSQPTFT

146 1FSGPSNBODF WFSTVT (PBMT GPS 1FSGPSNBODF 1FSJPET $PNQMFUFE JO 

'JTDBM :FBS  0QFSSBUJPOBM 4BMFT (PBMT -FWFM 

.BYJNVN

0QFSBUJPOBM 4BMFT  .JMMJPOT

 

146T &BSOFE  PG UBSHFU

'JTDBM :FBS    $VNVMBUJWF "EKVTUFE 0QFSBUUJPOBM &14 (PBM $VN "EK 0Q 146 &14 (PBM



'JTDBM :FBS    3FMBUJWF 543 (P PBM

146T 7FTUJOH  PG UBSHFU



146T 7FTUJOH  PG UBSHFU

3FMBUJWF 543 (PBM



  QPJOUT



5BSHFU

 







  QPJOUT



5ISFTIPME

 







  QPJOUT



  



 



   QPJOUT

5ISFTIPME 3FTVMU 

 







  QPJOUT

 

/PO(""1 NFBTVSFT TFF QBHF  GPS EFUBJMT PO OPO(""1 146 QFSGPSNBODF NFBTVSFT

/PUF *G QFSGPSNBODF GBMMT CFUXFFO UISFTIPME BOE UBSHFU PS CFUXFFO UBSHFU BOE NBYJNVN UIF WFTUJOH QFSDFOUBHF JT EFUFSNJOFE CZ UIF $PNNJUUFF VTJOH JOUFSQPMBUJPO QSPWJEFE IPXFWFS UIBU OP QBZPVU XJMM CF NBEF XJUI SFTQFDU UP B QFSGPSNBODF PCKFDUJWF JG UIF UISFTIPME MFWFM PG QFSGPSNBODF JT OPU BUUBJOFE GPS UIF PCKFDUJWF

0VS 146 (PBM 4FUUJOH 1SPDFTT 0VS 146 HPBMT TVQQPSU PVS MPOHUFSN PCKFDUJWFT UP HSPX TBMFT GBTUFS UIBO PVS DPNQFUJUPST BOE HSPX FBSOJOHT GBTUFS UIBO TBMFT 4BMFT HSPXUI ESJWFT RVBMJUZ &14 HSPXUI BOE RVBMJUZ &14 HSPXUI ESJWFT 543 HSPXUI BMM PG XIJDI ESJWF TIBSFIPMEFS WBMVF DSFBUJPO %VSJOH UIF GJSTU RVBSUFS PG UIF ZFBS UIF $PNNJUUFF FTUBCMJTIFT UIF HPBMT GPS UIF OFYU 146 BXBSE ZFBS DZDMF BOE UIF $PNNJUUFF SFWJFXT UIF DPNQBOZcT QFSGPSNBODF BHBJOTU UIF 146 HPBMT PO B RVBSUFSMZ CBTJT 'PMMPXJOH ZFBSFOE UIF $PNNJUUFF DFSUJGJFT UIF SFTVMU GPS UIF ZFBScT PQFSBUJPOBM TBMFT QFSGPSNBODF BOE DFSUJGJFT UIF &14 BOE 543 SFTVMUT GPS UIF DPNQMFUFE ZFBS BXBSE DZDMF

 1SPYZ 4UBUFNFOU  

0VS 146 HPBMT BSF CBTFE PO PVS MPOHUFSN TUSBUFHJD QMBO BOE UBLF JOUP BDDPVOU PVS QSPEVDU QPSUGPMJP BOE QJQFMJOF BOUJDJQBUFE IFBMUIDBSF NBSLFU HSPXUI BOE PUIFS FYUFSOBM GBDUPST JODMVEJOH UIF DPNQFUJUJWF MBOETDBQF 5IF TBMFT HPBMT BOE GJSTUZFBS &14 HPBM BSF BMTP TFU UP BMJHO XJUI HVJEBODF 5IF ZFBS 543 HPBM JT TFU BU NFFUJOH UIF QFSGPSNBODF PG PVS $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ 4FF QBHF  GPS NPSF JOGPSNBUJPO PO PVS $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ 0VS BOOVBM PQFSBUJPOBM TBMFT HPBMT BSF CBTFE PO BDUVBM TBMFT GSPN UIF QSJPS ZFBS BOE UIFO BMJHOFE UP UIF DPNQBOZcT BOOVBM PQFSBUJPOBM TBMFT HSPXUI HVJEBODF $VSSFODZ IBE B OFHBUJWF JNQBDU PG BQQSPYJNBUFMZ  CJMMJPO PO UIF  TBMFT CBTF VTFE UP TFU UIF  PQFSBUJPOBM TBMFT HSPXUI HPBM 5IF GPMMPXJOH UBCMF TIPXT UIF  PQFSBUJPOBM BOE SFQPSUFE TBMFT UIF  JNQBDU PG DVSSFODZ BOE UIF  PQFSBUJPOBM TBMFT HPBM  .JMMJPOT

#BTF :FBS 4BMFT  0QFSBUJPOBM 4BMFT

 

$VSSFODZ 5SBOTMBUJPO

 

 3FQPSUFE 4BMFT

 

 0QFSBUJPOBM 4BMFT (PBM  0QFSBUJPOBM 4BMFT (SPXUI (PBM  0QFSBUJPOBM 4BMFT (PBM

 1SPYZ 4UBUFNFOU  

  

%FUBJMT PO /PO(""1 146 1FSGPSNBODF .FBTVSFT b  0QFSBUJPOBM 4BMFT 1FSGPSNBODF 0QFSBUJPOBM TBMFT HSPXUI JT UIF TBMFT JODSFBTF EVF UP WPMVNF BOE QSJDF

FYDMVEJOH UIF FGGFDU G PG DVSSFODZ USBOTMBUJPO 5IF GPMMPXJOH JT B SFDPODJMJBUJPO PG PQFSBUJPOBM TBMFT UP SFQPSUFE TBMFT UIF NPTU EJSFDUMZ DPNQBSBCMF (""1 NFBTVSF   NJMMJPOT

 3FQPSUFE 4BMFT

 

$VSSFODZ 5SBOTMBUJPO  0QFSBUJPOBM 4BMFT

  

b  $VNVMBUJWF "EKVTUFE 0QFSBUJPOBM 146 &14 1FSGPSNBODF  $VNVMBUJWF "EKVTUFE 0QFSBUJPOBM 146 &14 JT UPUBM &14 GPS UIF QFSJPE BEKVTUFE UP FYDMVEF

b 4QFDJBM JUFNT BT EJTDMPTFE JO SFDPODJMJBUJPO UBCMFT GPS GJTDBM ZFBST   BOE  BT TIPXO JO UIF GPMMPXJOH UBCMF *OUBOHJCMF BNPSUJ[BUJPO FYQFOTF JT OPU FYDMVEFE GPS UIF  146T  





 4QFDJBM JUFNT BOE JOUBOHJCMF BNPSUJ[BUJPO FYQFOTF *OUBOHJCMF BNPSUJ[BUJPO FYQFOTF 4QFDJBM JUFNT JODMVEFE JO JOUBOHJCMF BNPSUJ[BUJPO FYQFOTF

 



 4QFDJBM JUFNT BOE JOUBOHJCMF BNPSUJ[BUJPO FYQFOTF *OUBOHJCMF BNPSUJ[BUJPO FYQFOTF  e  5PUBM

 



b 5IF FGGFDU G PG DIBOHFT JO DVSSFODZ FYDIBOHF SBUFT b 146 1MBO BEKVTUNFOUT  4JHOJGJDBOU BDRVJTJUJPOT EJWFTUJUVSFT TIBSF SFQVSDIBTFT BOE DIBOHFT JO BDDPVOUJOH SVMFT PS UBY MBXT UIBU JNQBDU BEKVTUFE PQFSBUJPOBM &14 SFTVMUT CZ NPSF UIBO  BOE  FBSOJOHT GSPN QSPEVDUT UIBU XFSF OPU BQQSPWFE XIFO UIF UBSHFUT XFSF TFU 5IF GPMMPXJOH JT B SFDPODJMJBUJPO PG  DVNVMBUJWF SFQPSUFE &14 UP DVNVMBUJWF BEKVTUFE PQFSBUJPOBM &14 

3FQPSUFE &14



4QFDJBM *UFNT /PO(""1 &14

 

$VSSFODZ 5SBOTMBUJPO 146 1MBO "EKVTUNFOUT $VNVMBUJWF "EKVTUFE 0QFSBUJPOBM 146 &14

 



b  3FMBUJWF 543 1FSGPSNBODF 543 GSPN +BOVBSZ   UP %FDFNCFS   +PIOTPO  +PIOTPO $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ 3FMBUJWF 543 1FSGPSNBODF ++ NJOVT $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ



   QPJOUT

543 QFSGPSNBODF JT DBMDVMBUFE VTJOH USBJMJOH EBZ BWFSBHF DMPTJOH TUPDL QSJDFT

 1SPYZ 4UBUFNFOU  

4 4)"3&)0-%&3 0 0 0653&"$) $ "/% 063 $0.1&/4" $0 4"5*0/ 0 130(3". 0( *O  XF IFME BO BOOVBM BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO DPNNPOMZ LOPXO BT a4BZ PO 1BZb 4JODF   PS NPSF PG UIF WPUFT DBTU WPUFE JO GBWPS PG PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN BT EJTDMPTFE JO PVS 1SPYZ 4UBUFNFOUT 8F CFMJFWF UIBU UIJT DPOUJOVFE TUSPOH TVQQPSU GPS UIF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO SFTVMUFE GSPN PVS EJSFDU FOHBHFNFOU XJUI PVS TIBSFIPMEFST BOE UIF DIBOHFT XF NBEF UP PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN PWFS UIF QBTU TFWFSBM ZFBST 8F SFHVMBSMZ DPOTJEFS UIF GFFECBDL GSPN PVS TIBSFIPMEFST BOE XF DPOUJOVF UP FWBMVBUF PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN %VSJOH  XF DPOUJOVFE PVS TIBSFIPMEFS PVUSFBDI PO PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN 0VS -FBE %JSFDUPS BOE NFNCFST PG TFOJPS NBOBHFNFOU IBE EJTDVTTJPOT XJUI B EJWFSTF NJY PG 64 BOE JOUFSOBUJPOBM JOTUJUVUJPOBM TIBSFIPMEFST PO PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBN

Shareholder votes cast in favor of our "Say on Pay" proposal 96% 95% 94% 93%

2013

2014

2015

2016

$IBOHF GPS  #BTFE PO PVS TIBSFIPMEFST GFFECBDL PVS DPNQFUJUJWF CFODINBSLJOH BOE UP JODSFBTF UIF GPDVT PO PVS MPOHUFSN QFSGPSNBODF XF IBWF JODSFBTFE UIF XFJHIUJOH PG QFSGPSNBODF TIBSF VOJUT JO PVS  MPOHUFSN JODFOUJWF NJY GPS PVS FYFDVUJWF PGGJDFST G BT GPMMPXT

Change Incentive Mix for Executive Officers ChangetoinLong-Term Long-Term Incentive Mix for Executives Change

20% RSUs

10% RSUs

-10% points

30% Options

No change

60% PSUs

+10% points

30% Options

50% PSUs

2016 Performance Year (Grant Feb. 2017)

 1SPYZ 4UBUFNFOU  

2017 Performance Year (Grant Feb. 2018)

&YFDVUJWF $PNQFOTBUJPO 1IJMPTPQIZ ,&: '&" "563&4 4 0' 063 &9&$65*7& $ $0 $0.1&/4" 4"5*0/ 0 130(3". 0( 5IF $PNNJUUFF CFMJFWFT UIBU UIF FYFDVUJWF DPNQFOTBUJPO QSPHSBN JODMVEFT LFZ GFBUVSFT UIBU BMJHO UIF JOUFSFTUT PG UIF OBNFE FYFDVUJWF PGGJDFST BOE +PIOTPO  +PIOTPO`T MPOHUFSN TUSBUFHJD EJSFDUJPO XJUI TIBSFIPMEFST BOE EPFT OPU JODMVEF GFBUVSFT UIBU DPVME NJTBMJHO UIFJS JOUFSFTUT

8IBU 8F %P c "MJHO $&0 QBZ XJUI DPNQBOZ QFSGPSNBODF

8IBU 8F %POU %P d

/P BVUPNBUJD PS HVBSBOUFFE BOOVBM TBMBSZ JODSFBTFT

OBNFE FYFDVUJWF PGGJDFS QBZ UP DPNQBOZ QFSGPSNBODF

d

/P HVBSBOUFFE CPOVTFT PS MPOH UFSN JODFOUJWF BXBSET

c #BMBODF TIPSUUFSN BOE MPOHUFSN JODFOUJWFT

d

/P BCPWFNFEJBO UBSHFUJOH PG FYFDVUJWF DPNQFOTBUJPO

d

/P DIBOHFJODPOUSPM CFOFGJUT

c 3FRVJSF OBNFE FYFDVUJWF PGGJDFST UP PXO

d

/P UBY HSPTTVQT VOMFTT UIFZ BSF QSPWJEFE QVSTVBOU UP PVS TUBOEBSE SFMPDBUJPO QSBDUJDFT

c )BWF B DPNQFOTBUJPO SFDPVQNFOU QPMJDZ

d

/P PQUJPO SFQSJDJOH XJUIPVU TIBSFIPMEFS BQQSPWBM

c "DUJWFMZ FOHBHF XJUI PVS TIBSFIPMEFST

d

/P IFEHJOH PG DPNQBOZ TUPDL

c 6TF BO JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU

d

/P MPOHUFSN JODFOUJWF CBDLEBUJOH

d

/P EJWJEFOE FRVJWBMFOUT PO VOWFTUFE MPOHUFSN JODFOUJWFT

c 6TF MPOHUFSN JODFOUJWFT UP MJOL UIF NBKPSJUZ PG

c $BQ JODFOUJWF BXBSET TJHOJGJDBOU BNPVOUT PG DPNQBOZ TUPDL

BQQMJDBCMF UP PVS OBNFE FYFDVUJWF PGGJDFST

SFQPSUJOH EJSFDUMZ UP UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF

*.1035 0 5"/$& $ 0' $3&%0 $ 0 7"-6&4 4 */ "44&44*/( 44 44 ( 1&3'03."/$& 0 $ 'PS PWFS  ZFBST UIF +PIOTPO  +PIOTPO $SFEP IBT HVJEFE VT JO GVMGJMMJOH PVS SFTQPOTJCJMJUJFT UP PVS DVTUPNFST FNQMPZFFT DPNNVOJUJFT BOE TIBSFIPMEFST *O BTTFTTJOH PVS OBNFE FYFDVUJWF PGGJDFSTc G DPOUSJCVUJPOT UP +PIOTPO  +PIOTPOcT QFSGPSNBODF UIF $PNNJUUFF OPU POMZ MPPLT UP SFTVMUTPSJFOUFE NFBTVSFT PG QFSGPSNBODF CVU BMTP DPOTJEFST IPX UIPTF SFTVMUT XFSF BDIJFWFE e XIFUIFS UIF EFDJTJPOT BOE BDUJPOT MFBEJOH UP UIF SFTVMUT XFSF DPOTJTUFOU XJUI UIF WBMVFT FNCPEJFE JO 0VS $SFEP e BOE UIF MPOHUFSN JNQBDU PG B OBNFE FYFDVUJWF PGGJDFScT G EFDJTJPOT $SFEPCBTFE CFIBWJPS JT OPU TPNFUIJOH UIBU DBO CF QSFDJTFMZ NFBTVSFE UIVT UIFSF JT OP GPSNVMB GPS IPX $SFEPCBTFE CFIBWJPS DBO PS XJMM JNQBDU BO FYFDVUJWFcT DPNQFOTBUJPO 5IF $PNNJUUFF BOE UIF $IBJSNBO$&0 VTF UIFJS KVEHNFOU BOE FYQFSJFODF UP FWBMVBUF XIFUIFS BO FYFDVUJWFcT BDUJPOT XFSF BMJHOFE XJUI PVS $SFEP WBMVFT

( (6*%*/( ( 13*/$*1-&4 $ 4 8F EFTJHO PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBNT UP BDIJFWF PVS HPBMT PG BUUSBDUJOH EFWFMPQJOH BOE SFUBJOJOH HMPCBM CVTJOFTT MFBEFST XIP DBO ESJWF GJOBODJBM BOE TUSBUFHJD HSPXUI PCKFDUJWFT BOE CVJME MPOHUFSN TIBSFIPMEFS WBMVF 8F VTF UIF GPMMPXJOH HVJEJOH QSJODJQMFT UP EFTJHO PVS DPNQFOTBUJPO QSPHSBNT a $PNQFUJUJWFOFTT 8F DPNQBSF PVS QSBDUJDFT BHBJOTU BQQSPQSJBUF QFFS DPNQBOJFT UIBU BSF PG TJNJMBS TJ[F BOE DPNQMFYJUZ TP XF DBO DPOUJOVF UP BUUSBDU SFUBJO BOE NPUJWBUF IJHIQFSGPSNJOH FYFDVUJWFT a 1BZ GPS 1FSGPSNBODF "OOVBM CPOVTFT BOE HSBOUT PG MPOHUFSN JODFOUJWFT BSF UJFE UP QFSGPSNBODF JODMVEJOH UIF QFSGPSNBODF PG UIF JOEJWJEVBM OBNFE FYFDVUJWF PGGJDFS G BOE IJT PS IFS TQFDJGJD CVTJOFTT VOJU PS GVODUJPO BT XFMM BT UIF PWFSBMM QFSGPSNBODF PG PVS DPNQBOZ a "DDPVOUBCJMJUZ GPS 4IPSU BOE -POH5FSN 5 1FSGPSNBODF 8F TUSVDUVSF QFSGPSNBODFCBTFE DPNQFOTBUJPO UP SFXBSE BO BQQSPQSJBUF CBMBODF PG TIPSU BOE MPOHUFSN GJOBODJBM BOE TUSBUFHJD CVTJOFTT SFTVMUT XJUI BO FNQIBTJT PO NBOBHJOH UIF CVTJOFTT GPS MPOHUFSN SFTVMUT "T EFTDSJCFE VOEFS a3JTL 0WFSTJHIUb PO QBHFT  BOE  UIF GVMM #PBSE JT SFTQPOTJCMF GPS PWFSTJHIU PG SJTL NBOBHFNFOU JODMVEJOH QSPEVDU EFWFMPQNFOU TVQQMZ DIBJO BOE RVBMJUZ SJTLT BOE UIF FYFDVUJWF DPNQFOTBUJPO QSPHSBNcT FNQIBTJT PO MPOHUFSN WBMVF IFMQT UP SFEVDF UIF QPTTJCJMJUZ UIBU PVS FYFDVUJWF PGGJDFST G NBLF FYDFTTJWFMZ SJTLZ CVTJOFTT EFDJTJPOT UIBU DPVME NBYJNJ[F TIPSUUFSN SFTVMUT BU UIF FYQFOTF PG MPOHUFSN WBMVF a "MJHONFOU UP 4IBSFIPMEFST` *OUFSFTUT 8F TUSVDUVSF QFSGPSNBODFCBTFE DPNQFOTBUJPO UP BMJHO UIF JOUFSFTUT PG PVS OBNFE FYFDVUJWF PGGJDFST G XJUI UIF MPOHUFSN JOUFSFTUT PG PVS TIBSFIPMEFST

 1SPYZ 4UBUFNFOU  

$PNQPOFOUT PG &YFDVUJWF $PNQFOTBUJPO #"4& 4 4"-"3: 3 "//6"- 1&3'03."/$& 0 $ #0/64 0 4 "/% -0/(5&3. 0 ( */$&/5*7&4 $ 4 $PNQFOTBUJPO $PNQPOFOU 'PSN #BTF 4BMBSZ $BTI

7FTUJOH  1FSGPSNBODF 1FSJPE 0OHPJOH

"OOVBM 1FSGPSNBODF #POVT

$BTI

 ZFBS

-POH5FSN 5 *ODFOUJWFT

&RVJUZ

 ZFBST PQUJPOT ZFBS UFSN

)PX 4J[F JT %FUFSNJOFE ` 4BMBSZ SBUFT CBTFE PO ` $PNQFUJUJWF EBUB ` 4DPQF PG SFTQPOTJCJMJUJFT ` 8PSL FYQFSJFODF ` 5JNF JO QPTJUJPO ` *OUFSOBM FRVJUZ ` *OEJWJEVBM QFSGPSNBODF

8IZ 8F 1BZ &BDI $PNQPOFOU ` 3FDPHOJ[F KPC SFTQPOTJCJMJUJFT

` "XBSE PQQPSUVOJUJFT BT B QFSDFOU ` .PUJWBUF BUUBJONFOU PG PVS OFBS PG TBMBSZ TFU CBTFE PO UFSN QSJPSJUJFT DPOTJTUFOU XJUI PVS DPNQFUJUJWF EBUB MPOHUFSN TUSBUFHJD QMBO ` "XBSE QBZPVUT CBTFE PO CVTJOFTT BOE JOEJWJEVBM QFSGPSNBODF ` "XBSE PQQPSUVOJUJFT BT B QFSDFOU ` .PUJWBUF BUUBJONFOU PG MPOHUFSN PG TBMBSZ TFU CBTFE PO HPBMT 543 BOE TIBSF QSJDF DPNQFUJUJWF EBUB HSPXUI ` (SBOUT CBTFE PO CVTJOFTT BOE ` )FMQ SFUBJO FYFDVUJWFT JOEJWJEVBM QFSGPSNBODF DPOUSJCVUJPO BOE MPOHUFSN QPUFOUJBM ` 1BZPVUT CBTFE PO BDIJFWFNFOU PG MPOHUFSN PQFSBUJPOBM HPBMT 543 BOE TIBSF QSJDF BQQSFDJBUJPO

-POH5FSN 5 *ODFOUJWFT -POH5FSN 5 *ODFOUJWF 'PSN 1FSGPSNBODF 4IBSF 6OJUT

 .JY 

7FTUJOH  1FSGPSNBODF 1FSJPE )PX 1BZPVUT BSF %FUFSNJOFE d  UP  d .FBTVSFT BOE 8FJHIU WFTUFE  ZFBST d  4BMFT ZFBS 0QFSBUJPOBM BGUFS HSBOU 4BMFT GPS FBDI ZFBS PG UIF ZFBS QFSGPSNBODF QFSJPE d  &BSOJOHT QFS 4IBSF ZFBS $VNVMBUJWF "EKVTUFE 0QFSBUJPOBM &14 d  3FMBUJWF 5PUBM 4IBSFIPMEFS 3FUVSO ZFBS $PNQPVOE "OOVBM (SPXUI 3BUF WFSTVT UIF $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ d 4IBSF 1SJDF d /P EJWJEFOE FRVJWBMFOUT QBJE

8IZ 8F 6TF 5IFN d "MJHOT XJUI PVS MPOHUFSN PCKFDUJWFT PG HSPXJOH TBMFT GBTUFS UIBO PVS DPNQFUJUPST BOE FBSOJOHT GBTUFS UIBO TBMFT d .FBTVSJOH UPQ MJOF BOE CPUUPN MJOF HSPXUI FOTVSFT RVBMJUZ FBSOJOHT HSPXUI d 543 SFMBUJWF UP PVS DPNQFUJUPST JT B HPPE PWFSBMM PVUDPNF NFBTVSF d 146 VOJU WBMVF JT EJSFDUMZ UJFE UP UIF TIBSF QSJDF

4UPDL 0QUJPOT



d  WFTUFE  d 4IBSF QSJDF BQQSFDJBUJPO ZFBST BGUFS d /P EJWJEFOE FRVJWBMFOUT QBJE HSBOU d ZFBS UFSN

d .PUJWBUFT TIBSF QSJDF BQQSFDJBUJPO PWFS UIF MPOHUFSN d 3FJOGPSDFT FNQIBTJT PO MPOHUFSN HSPXUI BMJHOFE XJUI PVS PCKFDUJWFT

3FTUSJDUFE 4IBSF 6OJUT



d  WFTUFE  d 4IBSF QSJDF ZFBST BGUFS d /P EJWJEFOE FRVJWBMFOUT QBJE HSBOU

d 7BM 7 VF UJFE EJSFDUMZ UP UIF TIBSF QSJDF

 1SPYZ 4UBUFNFOU  

&9&$65*7& $ 1&326*4*5&4 2 4 4  05)&3 0 #&/&'*54 4 0VS OBNFE FYFDVUJWF PGGJDFST G SFDFJWFE UIF TBNF FNQMPZFF CFOFGJUT QSPWJEFE UP BMM PUIFS OPOVOJPO 64 FNQMPZFFT XJUI UIF FYDFQUJPO PG UIF &YFDVUJWF -JGF *OTVSBODF 1SPHSBN XIJDI JT QSPWJEFE UP BQQSPYJNBUFMZ  FYFDVUJWFT &GGFDUJWF G +BOVBSZ  UIF FYFDVUJWF MJGF JOTVSBODF QSPHSBN XBT DMPTFE UP OFX QBSUJDJQBOUT *O BEEJUJPO UP UIF CFOFGJUT PGGFSFE G UP BMM FNQMPZFFT PVS OBNFE FYFDVUJWF PGGJDFST G XFSF QSPWJEFE CFOFGJUT JOUFOEFE GPS CVTJOFTT QVSQPTFT *O TPNF DBTFT UIFTF CFOFGJUT NBZ CF VTFE GPS QFSTPOBM VTF XIJDI XPVME UIFO CF DPOTJEFSFE QBSU PG UIF OBNFE FYFDVUJWF PGGJDFScT G UPUBM DPNQFOTBUJPO BOE XPVME CF USFBUFE BT UBYBCMF JODPNF VOEFS UIF BQQMJDBCMF UBY MBXT *O  UIJT JODMVEFE MJNJUFE BDDFTT UP UIF DPNQBOZ BJSDSBGU GPS QFSTPOBM USBWFM BDDFTT UP DPNQBOZ DBST BOE ESJWFST GPS DPNNVUBUJPO BOE PUIFS QFSTPOBM USBOTQPSUBUJPO BOE SFJNCVSTFNFOU PG IPNF TFDVSJUZ TZTUFN SFMBUFE GFFT 5IF FYFDVUJWF MJGF JOTVSBODF QSFNJVNT QBJE WBMVFT PG QFSTPOBM VTF PG DPNQBOZ BJSDSBGU BOE DBST BOE IPNF TFDVSJUZ SFMBUFE DPTUT BSF EJTDMPTFE JO UIF 4VNNBSZ $PNQFOTBUJPO 5BCMF VOEFS a"MM 0UIFS $PNQFOTBUJPO $PMVNO ) b PO QBHF 

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cT QFSGPSNBODF BOE BMJHONFOU XJUI PVS $SFEP WBMVFT PVS JOUFSOBM CPOVT BOE MPOHUFSN JODFOUJWF PQQPSUVOJUJFT BT B QFSDFOU PG TBMBSZ UIF JOEJWJEVBMcT SPMFT BOE SFTQPOTJCJMJUJFT BOE IJT PS IFS FYQFSJFODF JO SPMF

 1": " .*9 "5 5"3(&5 ( 5IF QBZ NJY BU UBSHFU GPS PVS OBNFE FYFDVUJWF PGGJDFST G JT B SFTVMU PG UIF DPNQFOTBUJPO UBSHFUT UIBU FNQIBTJ[F MPOHUFSN DPNQFOTBUJPO WFSTVT TIPSUUFSN DPNQFOTBUJPO

2016 CEO PAY A MIX AT TARGET

2016 OTHER NAMED EXECUTIVE OFFICER PAY A MIX A AT TARGET Base Salary

Base Salary 9% 17%

Long-Term Incentives 74%

Annual Performance Bonus

15% Long-Term Incentives

17%

Annual Performance Bonus

68%

 1SPYZ 4UBUFNFOU  

1FFS (SPVQT GPS 1BZ BOE 1FSGPSNBODF 5IF $PNNJUUFF VTFT UXP QFFS HSPVQT GPS FYFDVUJWF DPNQFOTBUJPO 5IF &YFDVUJWF 1FFS (SPVQ JT VTFE UP BTTFTT UIF DPNQFUJUJWFOFTT PG UIF DPNQFOTBUJPO PG PVS OBNFE FYFDVUJWF PGGJDFST G BOE UIF $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ JT VTFE UP FWBMVBUF UIF SFMBUJWF QFSGPSNBODF PG PVS DPNQBOZ "T EFTDSJCFE CFMPX UIF UXP QFFS HSPVQT WBSZ CFDBVTF FYFDVUJWF DPNQFOTBUJPO MFWFMT BOE QSBDUJDFT BSF JOGMVFODFE CZ CVTJOFTT DPNQMFYJUZ BOE DPNQBOZ TJ[F BOE NPTU PG PVS CVTJOFTT DPNQFUJUPST BSF NVDI TNBMMFS UIBO +PIOTPO  +PIOTPO BT B XIPMF PS FWFO BT DPNQBSFE UP FBDI PG PVS UISFF JOEJWJEVBM CVTJOFTT TFHNFOUT

&9&$65*7& $ 1&&3 (3061 ( 0 5IF DPNQPTJUJPO PG UIF &YFDVUJWF 1FFS (SPVQ JT SFWJFXFE CZ UIF $PNNJUUFF PO BO BOOVBM CBTJT BOE DPOTJTUT PG DPNQBOJFT UIBU HFOFSBMMZ BSF TJNJMBS UP +PIOTPO  +PIOTPOT TJ[F BOE TDPQF IBWF FYFDVUJWF QPTJUJPOT TJNJMBS UP PVST BOE DPNQFUF XJUI VT GPS FYFDVUJWF UBMFOU *O  UIF $PNNJUUFF EFUFSNJOFE UP BEE .FEUSPOJD QMD UP BOE SFNPWF )FXMFUU 1BDLBSE &OUFSQSJTF $P GSPN UIF &YFDVUJWF 1FFS (SPVQ GPS  5IF &YFDVUJWF 1FFS (SPVQ EPFT OPU JODMVEF DPNQBOJFT IFBERVBSUFSFE PVUTJEF UIF 64 CFDBVTF DPNQBSBCMF DPNQFOTBUJPO EBUB GPS UIF OBNFE FYFDVUJWF PGGJDFST G JT OPU BWBJMBCMF PS DPNQBOJFT JO JOEVTUSJFT XIPTF DPNQFOTBUJPO QSPHSBNT BSF OPU DPNQBSBCMF UP PVS QSPHSBNT TVDI BT UIF GJOBODJBM TFSWJDFT PS PJM BOE HBT JOEVTUSJFT 5IF GPMMPXJOH UBCMF MJTUT UIF DPNQBOJFT JO UIF  &YFDVUJWF 1FFS (SPVQ BOE UIFJS CVTJOFTT DIBSBDUFSJTUJDT BMPOH XJUI +PIOTPO  +PIOTPOcT SBOLJOHT BNPOH UIFTF DPNQBOJFT CBTFE PO GJOBODJBM EBUB SFQPSUFE CZ FBDI DPNQBOZ GPS UIF NPTU SFDFOU GPVS GJTDBM RVBSUFST .BSLFU DBQJUBMJ[BUJPO JT DBMDVMBUFE BT PG %FDFNCFS   +PIOTPO  +PIOTPO SBOLT JO UIF UPQ IBMG PG UIF QFFST GPS SFWFOVF BOE JO UIF UPQ RVBSUJMF GPS OFU JODPNF BOE NBSLFU DBQJUBMJ[BUJPO

$PNQBOZ 5JDLFS 4ZNCPM

. $PNQBOZ ...

3FWFOVF  .JMMJPOT

/FU *ODPNF  .JMMJPOT

$PNNPO .BSLFU $BQ *OEVTUSZ  #JMMJPOT

:/ 

(SPTT .BSHJO 

(MPCBM 1SFTFODF *OUFS OBUJPOBM   PG 4BMFT

#VTJOFTT $PNQMFYJUZ 

*OOPWBUJPO &NQIBTJT 3% PS   PG 4BMFT

 

 



c

c

c

c

c

"CCPUU -BCPSBUPSJFT "#5

 

 



c

c

c

c

c

5IF #PFJOH $PNQBOZ #"

 

 



c

c

#SJTUPM.ZFST 4RVJCC $PNQBOZ #.:

 

 



$JTDP 4ZTUFNT *OD $4$0 

 

 



5IF $PDB$PMB $PNQBOZ ,0

 

 



 

 

 

 

c

&MJ -JMMZ BOE $PNQBOZ --:

(FOFSBM &MFDUSJD $PNQBOZ (&

c

c

c

c

c

c

c

c

c

c

c

c



c

c

c

c

c



c

c

c

)FXMFUU 1BDLBSE &OUFSQSJTF $P )1& 

 

 



c

c

*OUFM $PSQPSBUJPO */5$

 

 



c

c

c

*OUFSOBUJPOBM #VTJOFTT .BDIJOFT $PSQPSBUJPO *#.

 

 



c

c

c

c

.FSDL  $P *OD .3,

 

 



c

c

c

c

c

.JDSPTPGU $PSQPSBUJPO .4'5 

 

 



c

c

c

c

c

1FQTJ$P *OD 1&1

 

 



c

c

c

1GJ[FS *OD 1'&

 

 



c

c

c

c

c

5IF 1SPDUFS  (BNCMF $PNQBOZ 1( 

 

 



c

c

c

c

c

c

c

c

c

c

6OJUFE 5FDIOPMPHJFT $PSQPSBUJPO 659

 

 



+PIOTPO  +PIOTPO +/+

 

 



+PIOTPO  +PIOTPOcT 3BOLJOH

UI

OE

OE

+PIOTPO  +PIOTPOcT 1FSDFOUJMF 3BOL









$PNNPO *OEVTUSZ NFBOT UIBU UIF DPNQBOZ JT JO BO JOEVTUSZ TJNJMBS UP POF PG UIF DPNQBOZcT CVTJOFTT TFHNFOUT QIBSNBDFVUJDBM NFEJDBM EFWJDFT BOE DPOTVNFS QBDLBHFE HPPET



#VTJOFTT $PNQMFYJUZ NFBOT UIF DPNQBOZ JT B DPNQMFY PSHBOJ[BUJPO XJUI NVMUJQMF QSPEVDU MJOFT



6TFE MBTU GPVS DBMFOEBS RVBSUFST FOEJOH %FDFNCFS   GPS $JTDP 4ZTUFNT *OD 5IF 1SPDUFS  (BNCMF $PNQBOZ BOE .JDSPTPGU $PSQPSBUJPO



)FXMFUU1BDLBSE &OUFSQSJTF $P UPPL UIF QMBDF PG )1 1 *OD BGUFS JUT %FDFNCFS   TQJOPGG G

 1SPYZ 4UBUFNFOU  

c

c

$0.1&5*50 $0 03 $0.104*5& $0 04 1&&3 (3061 ( 0 5IF $PNNJUUFF DPNQBSFT PWFSBMM DPNQBOZ QFSGPSNBODF UP UIF XFJHIUFE QFSGPSNBODF PG JUT $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ DPNQBOJFT 5IF $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ JT B QPSUGPMJP PG DPNQBOJFT UIBU DPNQFUF XJUI POF PS NPSF PG PVS UISFF CVTJOFTT TFHNFOUT 5IF QPSUGPMJP PG DPNQBOJFT JT FWBMVBUFE PO BO POHPJOH CBTJT BOE JT VQEBUFE BT OFDFTTBSZ 5IFTF DPNQBOJFT BSF TFMFDUFE CBTFE PO UIF GPMMPXJOH DSJUFSJB BOE GJOBODJBM NFUSJDT d 1SPEVDU 3FMFWBODF d 'JOBODJBM $PNQBSJTPO 4BMFT HSPXUI OFU JODPNF HSPXUI BOE NBSHJO &14 HSPXUI BOE 543 d (MPCBM 1SFTFODF 5IF GPMMPXJOH UBCMF MJTUT PVS  $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ DPNQBOJFT CSPLFO EPXO CZ CVTJOFTT TFHNFOU

$0.1&5*503 $0.104*5& 1&&3 (3061 1IBSNBDFVUJDBMT "CC7JF *OD "NHFO *OD "TUSB;FOFDB QMD #SJTUPM.ZFST 4RVJCC $PNQBOZ &MJ -JMMZ BOE $PNQBOZ (MBYP4NJUI,MJOF QMD .FSDL  $P *OD /PWBSUJT "( 1GJ[FS *OD 3PDIF )PMEJOH "( 1IBSN 3Y 0OMZ

4BOPGJ 4"

.FEJDBM %FWJDFT "CCPUU -BCPSBUPSJFT 7BTDVMBS 7  %JBCFUFT

"MMFSHBO *OD #SFBTU "FTUIFUJDT

#PTUPO 4DJFOUJGJD $PSQPSBUJPO $ 3 #BSE *OD &EXBSET -JGFTDJFODFT $PSQPSBUJPO .FEUSPOJD QMD 5IF $PPQFS $PNQBOJFT *OD $PPQFS7JTJPO

3PDIF )PMEJOH "( %JBCFUFT

4NJUI  /FQIFX QMD 4U +VEF .FEJDBM *OD 4USZLFS $PSQPSBUJPO ;JNNFS #JPNFU )PMEJOHT *OD

$POTVNFS #FJFSTEPSG "( #BZFS "( $POTVNFS )FBMUIDBSF

$PMHBUF1BMNPMJWF $PNQBOZ (MBYP4NJUI,MJOF QMD $POTVNFS )FBMUIDBSF

5IF -c0SiBM (SPVQ 1GJ[FS *OD $POTVNFS )FBMUIDBSF

5IF 1SPDUFS  (BNCMF $PNQBOZ 3FDLJUU #FODLJTFS (SPVQ QMD 4BOPGJ 4" $POTVNFS )FBMUIDBSF

6OJMFWFS QMD

&GGFDUJWF G JO  "MMFSHBO *OD #SFBTU "FTUIFUJDT BOE 4U +VEF .FEJDBM *OD IBWF CFFO SFNPWFE GSPN UIF $PNQFUJUPS $PNQPTJUF 1FFS (SPVQ

 1SPYZ 4UBUFNFOU  

$PNQFOTBUJPO %FDJTJPO 1SPDFTT "44&44*/( 44 44 ( 5)& 8)"5 "  5)& )08 0 8F FWBMVBUF UIF QFSGPSNBODF PG PVS OBNFE FYFDVUJWF PGGJDFST G CBTFE PO XIBU PCKFDUJWFT UIFZ IBWF BDDPNQMJTIFE BOE IPX UIFZ IBWF BDDPNQMJTIFE UIFN 8F FWBMVBUF FBDI PG UIFN BHBJOTU B TFU PG GJOBODJBM BOE TUSBUFHJD HPBMT GPS UIF PWFSBMM DPNQBOZ BT XFMM BT GGPS UIF CVTJOFTT TFHNFOU PS GVODUJPO UIBU UIFZ MFBE  aUIF XIBUb *O BEEJUJPO XF DPOTJEFS IPX UIFZ BDDPNQMJTIFE UIFJS HPBMT JODMVEJOH XIFUIFS UIF FYFDVUJWF BDIJFWFT CVTJOFTT SFTVMUT JO B NBOOFS UIBU JT DPOTJTUFOU XJUI UIF WBMVFT FNCPEJFE JO 0VS $SFEP  aUIF IPXb %VSJOH UIF GJSTU RVBSUFS PG UIF ZFBS UIF $PNNJUUFF SFWJFXT UIF DPNQBOZcT BOOVBM GJOBODJBM BOE TUSBUFHJD HPBMT GPS UIF PWFSBMM FOUFSQSJTF BOE UIF CVTJOFTT TFHNFOUT "U UIF FOE PG UIF QFSGPSNBODF QFSJPE UIF $IBJSNBO$&0 QSPWJEFT IJT BTTFTTNFOU UP UIF $PNNJUUFF PG aUIF XIBUb BOE aUIF IPXb GPS FBDI PG UIF PUIFS OBNFE FYFDVUJWF PGGJDFST G BOE UIF JOEFQFOEFOU NFNCFST PG UIF #PBSE PG %JSFDUPST FWBMVBUF aUIF XIBUb BOE aUIF IPXb GPS UIF $IBJSNBO$&0

"-*(/*/( ( ( $0.1&/4" $0 4"5*0/ 0 50 0 5)& 8)"5 "  5)& )08 0 "O JOEJWJEVBM FNQMPZFF IBT UIF PQQPSUVOJUZ UP FBSO GSPN  UP  PG UIF BQQMJDBCMF UBSHFU GPS BOOVBM QFSGPSNBODF CPOVTFT BOE MPOHUFSN JODFOUJWFT CBTFE PO UIF FWBMVBUJPO PG IJT PS IFS JOEJWJEVBM QFSGPSNBODF PO CPUI aUIF XIBUb BOE aUIF IPXb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cT QSFWJPVT MPOHUFSN JODFOUJWF BXBSET BOE UPUBM FRVJUZ PXOFSTIJQ BSF OPU DPOTJEFSFE XIFO NBLJOH BOOVBM MPOHUFSN JODFOUJWF BXBSET

 1SPYZ 4UBUFNFOU  

(PWFSOBODF PG &YFDVUJWF $PNQFOTBUJPO 5IF $PNNJUUFF JT SFTQPOTJCMF GPS UIF FYFDVUJWF DPNQFOTBUJPO QSPHSBN EFTJHO BOE EFDJTJPONBLJOH QSPDFTT 5IF $PNNJUUFF TPMJDJUT JOQVU GSPN UIF JOEFQFOEFOU NFNCFST PG UIF #PBSE PG %JSFDUPST UIF $IBJSNBO$&0 BOE PUIFS NFNCFST PG NBOBHFNFOU BOE JUT JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU UP BTTJTU JU XJUI JUT SFTQPOTJCJMJUJFT 5IF GPMMPXJOH TVNNBSJ[FT UIF SPMFT PG FBDI PG UIF LFZ QBSUJDJQBOUT JO UIF FYFDVUJWF DPNQFOTBUJPO EFDJTJPONBLJOH QSPDFTT

$0 $0.1&/4" 4"5*0/ 0  #&/&'*54 4 $0 $0..*55&& d "DUT PO CFIBMG PG UIF #PBSE CZ TFUUJOH UIF QSJODJQMFT UIBU HVJEF UIF EFTJHO PG PVS DPNQFOTBUJPO BOE CFOFGJUT QSPHSBNT d 4FUT UIF FYFDVUJWF DPNQFOTBUJPO QIJMPTPQIZ BOE DPNQPTJUJPO PG UIF &YFDVUJWF 1FFS (SPVQ d "QQSPWFT UIF DPNQFOTBUJPO UBSHFU MFWFMT d 4FUT DPNQFOTBUJPO QSPHSBNT BOE QSJODJQMFT UIBU BSF EFTJHOFE UP MJOL FYFDVUJWF QBZ XJUI DPNQBOZ BOE JOEJWJEVBM QFSGPSNBODF d 3FDPNNFOET UP UIF #PBSE UIF $IBJSNBO$&0cT DPNQFOTBUJPO d 3FWJFXT BOE BQQSPWFT DPNQFOTBUJPO EFDJTJPOT SFDPNNFOEFE CZ UIF $IBJSNBO$&0 GPS FBDI PG UIF PUIFS OBNFE FYFDVUJWF PGGJDFST G d 3FWJFXT UIF FMJHJCJMJUZ DSJUFSJB BOE BXBSE HVJEFMJOFT GPS UIF DPSQPSBUFXJEF DPNQFOTBUJPO BOE CFOFGJUT QSPHSBNT JO XIJDI UIF OBNFE FYFDVUJWF PGGJDFST G QBSUJDJQBUF

*/%&1&/%&/5 .&.#&34 4 0' 5)& #0"3% 0 0' %*3&$50 $ 034 4 d 1BSUJDJQBUF JO UIF QFSGPSNBODF BTTFTTNFOU QSPDFTT GPS UIF $IBJSNBO$&0 d "QQSPWF UIF $IBJSNBO$&0cT DPNQFOTBUJPO

$ $)"*3."/$&0 $ 0 d 3FWJFXT BOE QSFTFOUT UP UIF $PNNJUUFF UIF QFSGPSNBODF BTTFTTNFOUT BOE DPNQFOTBUJPO SFDPNNFOEBUJPOT GPS FBDI PG UIF PUIFS OBNFE FYFDVUJWF PGGJDFST G

*/%&1&/%&/5 $0.1&/4" $0 4"5*0/ 0 $0/46-5" $0 4 - /5 5IF $PNNJUUFF IBT SFUBJOFE BO JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU GSPN 'SFEFSJD 8 $PPL  $P *OD '8$ UP BEWJTF JU PO FYFDVUJWF DPNQFOTBUJPO NBUUFST 5IF $PNNJUUFF IBT TPMF BVUIPSJUZ UP OFHPUJBUF UIF UFSNT PG TFSWJDF JODMVEJOH BMM GFFT QBJE UP '8$ 5IF JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU d "UUFOET BMM $PNNJUUFF NFFUJOHT BU UIF SFRVFTU PG UIF $PNNJUUFF d "EWJTFT UIF $PNNJUUFF PO NBSLFU USFOET SFHVMBUPSZ JTTVFT BOE EFWFMPQNFOUT BOE IPX UIFZ NBZ JNQBDU PVS FYFDVUJWF DPNQFOTBUJPO QSPHSBNT d 3FWJFXT UIF DPNQFOTBUJPO TUSBUFHZ BOE FYFDVUJWF DPNQFOTBUJPO QSPHSBNT GPS BMJHONFOU XJUI PVS TUSBUFHJD CVTJOFTT PCKFDUJWFT d "EWJTFT PO UIF EFTJHO PG FYFDVUJWF DPNQFOTBUJPO QSPHSBNT UP FOTVSF UIF MJOLBHF CFUXFFO QBZ BOE QFSGPSNBODF d 1SPWJEFT NBSLFU EBUB BOBMZTFT UP UIF $PNNJUUFF d "EWJTFT UIF $PNNJUUFF PO TFUUJOH UIF $IBJSNBO$&0cT QBZ d 3FWJFXT UIF BOOVBM DPNQFOTBUJPO PG UIF PUIFS OBNFE FYFDVUJWF PGGJDFST G BT SFDPNNFOEFE CZ UIF $IBJSNBO$&0

*OEFQFOEFODF PG $PNQFOTBUJPO $POTVMUBOU 5IF $PNNJUUFF DPOTJEFSFE UIF GPMMPXJOH GBDUPST BNPOH PUIFST XIFO BTTFTTJOH UIF JOEFQFOEFODF PG JUT DPNQFOTBUJPO DPOTVMUBOU d '8$ EPFT OPU QSPWJEF BOZ PUIFS TFSWJDFT UP UIF DPNQBOZ BOE SFQPSUT EJSFDUMZ UP UIF $PNNJUUFF d '8$ IBT JO QMBDF QPMJDJFT BOE QSPDFEVSFT UP QSFWFOU DPOGMJDUT PG JOUFSFTU d /P NFNCFS PG UIF '8$ DPOTVMUJOH UFBN TFSWJOH UIF $PNNJUUFF IBT B CVTJOFTT PS QFSTPOBM SFMBUJPOTIJQ XJUI BOZ NFNCFS PG UIF $PNNJUUFF PS BOZ FYFDVUJWF PGGJDFS G PG UIF DPNQBOZ d /FJUIFS '8$ OPS BOZ QSJODJQBM PG '8$ PXOT BOZ TIBSFT PG PVS DPNNPO TUPDL d 5IF BNPVOU PG GFFT QBJE UP '8$ JT MFTT UIBO  PG '8$T UPUBM DPOTVMUJOH JODPNF #BTFE PO UIJT BTTFTTNFOU UIF $PNNJUUFF EFUFSNJOFE '8$cT TFSWJDF BT JUT JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU EJE OPU SBJTF BOZ DPOGMJDU PG JOUFSFTU DPODFSOT *O PSEFS UP BTTVSF DPOUJOVJOH JOEFQFOEFODF UIF $PNNJUUFF QFSJPEJDBMMZ DPOTJEFST XIFUIFS UIFSF TIPVME CF SPUBUJPO PG JUT JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUJOH GJSN PS UIF MFBE DPOTVMUBOU PO UIF FOHBHFNFOU

 1SPYZ 4UBUFNFOU  

"EEJUJPOBM *OGPSNBUJPO $PODFSOJOH &YFDVUJWF $PNQFOTBUJPO 64& 4 0' 5"--: 4)&&54 4 5IF $PNNJUUFF SFWJFXT DPNQFOTBUJPO UBMMZ TIFFUT QSFQBSFE CZ NBOBHFNFOU BOE SFWJFXFE CZ UIF $PNNJUUFFcT JOEFQFOEFOU DPNQFOTBUJPO DPOTVMUBOU XIJDI QSFTFOU DPNQSFIFOTJWF EBUB PO UIF UPUBM DPNQFOTBUJPO BOE CFOFGJUT QBDLBHF GPS FBDI PG PVS OBNFE FYFDVUJWF PGGJDFST G 5IFTF UBMMZ TIFFUT JODMVEF BMM PCMJHBUJPOT GPS DPNQFOTBUJPO BT XFMM BT BOBMZTFT GPS IZQPUIFUJDBM UFSNJOBUJPOT BOE SFUJSFNFOUT UP DPOTJEFS UIF DPNQBOZcT PCMJHBUJPOT VOEFS TVDI DJSDVNTUBODFT 5IF $PNNJUUFF EPFT OPU VTF UIF UBMMZ TIFFUT UP EFUFSNJOF UIF WBSJPVT FMFNFOUT PG DPNQFOTBUJPO PS UIF BDUVBM BNPVOUT PG DPNQFOTBUJPO UP CF BQQSPWFE CVU JOTUFBE VTFT UIF UBMMZ TIFFUT UP FWBMVBUF UIF DPNQBOZcT PCMJHBUJPOT VOEFS UIF QMBOT

-*.*5&% &.1-0:.&/5 0 "33"/(&.&/54 ( 4 "/% "(3&&.&/54 ( 4 0VS OBNFE FYFDVUJWF PGGJDFST G BSF DPWFSFE CZ PVS 4FWFSBODF 1BZ 1MBO UIBU QSPWJEFT TFQBSBUJPO CFOFGJUT UP DFSUBJO GVMMUJNF 64 FNQMPZFFT XIP BSF JOWPMVOUBSJMZ UFSNJOBUFE 5IJT DPWFSBHF QSPWJEFT GPS UXP XFFLT CBTF TBMBSZ GPS FBDI ZFBS PG TFSWJDF XJUI DFSUBJO HVBSBOUFFE NJOJNVNT CBTFE PO MFWFM 5IF NJOJNVN OVNCFS PG XFFLT PG CBTF TBMBSZ DPOUJOVBODF GPS PVS OBNFE FYFDVUJWF PGGJDFST G JT  XFFLT 5IF TFWFSBODF JT QBJE BDDPSEJOH UP PVS OPSNBM QBZSPMM DZDMF BOE JT OPU BWBJMBCMF BT B MVNQ TVN QBZNFOU 1VSTVBOU UP IJT PGGFS G MFUUFS %S 4UPGGFMT G SFDFJWFT BO BOOVBM TUJQFOE PG   UP BTTJTU IJN JO UIF QBZNFOU PG GPSFJHO UBYFT 8IJMF TFSWJOH BT B NFNCFS PG UIF &YFDVUJWF $PNNJUUFF %S 4UPGGFMT G JT DPOTJEFSFE B 64 FNQMPZFF FWFO UIPVHI IF JT B OPOSFTJEFOU PG UIF 6OJUFE 4UBUFT "T B SFTVMU %S 4UPGGFMT G JT TVCKFDU UP CPUI 64 UBYBUJPO BOE GPSFJHO UBYBUJPO %S 4UPGGFMT G XJMM OPU SFDFJWF BOZ PUIFS UBY FRVBMJ[BUJPO BTTJTUBODF 5IF TUJQFOE JT SFWJFXFE BOOVBMMZ CZ UIF $PNNJUUFF BOE DBO CF UFSNJOBUFE BU BOZ UJNF 8F EP OPU IBWF FNQMPZNFOU BSSBOHFNFOUT PS BHSFFNFOUT XJUI BOZ PG PVS OBNFE FYFDVUJWF PGGJDFST G FYDFQU GPS %S 4UPGGFMT G BT EFTDSJCFE BCPWF

450$ 0$, 08/&34)*1 0 4 ( (6*%&-*/&4 4 '03 0 /".&% &9&$65*7& $ 0 $ 4 0''*$&34 5IF DPNQBOZcT TUPDL PXOFSTIJQ HVJEFMJOFT GPS OBNFE FYFDVUJWF PGGJDFST G BSF JOUFOEFE UP GVSUIFS BMJHO UIFJS JOUFSFTUT XJUI UIF JOUFSFTUT PG PVS TIBSFIPMEFST 6OEFS UIFTF HVJEFMJOFT PVS OBNFE FYFDVUJWF PGGJDFST G NVTU DPNQMZ XJUI UIF GPMMPXJOH SFRVJSFNFOUT /BNF

4UPDL 0XOFSTIJQ (VJEFMJOF BT B .VMUJQMF PG #BTF 4BMBSZ

 $PNQMJBODF XJUI 4UPDL 0XOFSTIJQ (VJEFMJOFT

0XOFSTIJQ 5ISFTIPME .FU

" (PSTLZ

Y

:FT

: :FT

% $BSVTP

Y

:FT

: :FT

1 4UPGGFMT G

Y

:FT

: :FT

4 1FUFSTPO

Y

:FT

: :FT

+ %VBUP

Y

:FT

: :FT





&YFDVUJWF 0GGJDFST G IBWF GJWF ZFBST BGUFS GJSTU CFDPNJOH TVCKFDU UP UIF HVJEFMJOFT UP BDIJFWF UIF SFRVJSFE PXOFSTIJQ UISFTIPMET

4UPDL PXOFSTIJQ GPS UIF QVSQPTF PG UIFTF HVJEFMJOFT EPFT OPU JODMVEF TIBSFT VOEFSMZJOH WFTUFE PS VOWFTUFE TUPDL PQUJPOT PS VOWFTUFE 146T 0VS QPMJDZ TUBUFT UIBU BOZ OBNFE FYFDVUJWF XIP IBT OPU ZFU NFU IJT PS IFS SFTQFDUJWF PXOFSTIJQ UISFTIPMET DBOOPU TFMM OFU TIBSFT PO UIF PQFO NBSLFU VOUJM TVDI PXOFSTIJQ MFWFM IBT CFFO NFU 5IF /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF PG UIF #PBSE NPOJUPST DPNQMJBODF XJUI UIFTF HVJEFMJOFT PO BO BOOVBM CBTJT $PNQBOZ QPMJDZ QSPIJCJUT OBNFE FYFDVUJWF PGGJDFST G GSPN USBOTBDUJOH JO EFSJWBUJWF JOTUSVNFOUT MJOLFE UP UIF QFSGPSNBODF PG UIF DPNQBOZcT TFDVSJUJFT

 1SPYZ 4UBUFNFOU  

&9&$65*7& $ $0 $0.1&/4" 4"5*0/ 0 3&$061.&/5 $0 10-*$: *O UIF FWFOU PG B NBUFSJBM SFTUBUFNFOU PG UIF DPNQBOZcT GJOBODJBM SFTVMUT UIF #PBSE JT BVUIPSJ[FE UP UBLF TVDI BDUJPOT BT JU EFFNT OFDFTTBSZ BOE BQQSPQSJBUF JODMVEJOH UIF SFDPVQNFOU PG BMM PS QBSU PG BOZ CPOVT PS PUIFS DPNQFOTBUJPO QBJE UP BO FYFDVUJWF PGGJDFS G  5IF #PBSE XJMM DPOTJEFS XIFUIFS BOZ FYFDVUJWF PGGJDFS G SFDFJWFE DPNQFOTBUJPO CBTFE PO UIF PSJHJOBM GJOBODJBM TUBUFNFOUT CFDBVTF JU BQQFBSFE IF PS TIF BDIJFWFE GJOBODJBM QFSGPSNBODF UBSHFUT UIBU JO GBDU XFSF OPU BDIJFWFE CBTFE PO UIF SFTUBUFNFOU 5IF #PBSE XJMM BMTP DPOTJEFS UIF BDDPVOUBCJMJUZ PG BOZ FYFDVUJWF PGGJDFS G XIPTF BDUT PS PNJTTJPOT XFSF SFTQPOTJCMF JO XIPMF PS JO QBSU GPS UIF FWFOUT UIBU MFE UP UIF SFTUBUFNFOU BOE XIFUIFS TVDI BDUJPOT PS PNJTTJPOT DPOTUJUVUFE NJTDPOEVDU *O UIF FWFOU PG TJHOJGJDBOU NJTDPOEVDU SFTVMUJOH JO B WJPMBUJPO PG B TJHOJGJDBOU DPNQBOZ QPMJDZ MBX PS SFHVMBUJPO SFMBUJOH UP NBOVGBDUVSJOH TBMFT PS NBSLFUJOH PG QSPEVDUT UIBU DBVTFT NBUFSJBM IBSN UP +PIOTPO  +PIOTPO UIF #PBSE JT BVUIPSJ[FE UP SFDPVQ DPNQFOTBUJPO GSPN TFOJPS FYFDVUJWFT 5IF DPNQFOTBUJPO SFDPVQNFOU QPMJDJFT DBO CF GPVOE PO PVS XFCTJUF BU XXXJOWFTUPS X SKOKDPNHPWDPNQFOTBUJPOSFDPVQNFOUQPMJDZZDGN

5"9 *.1 1"$5 $ 0/ $0.1&/4" $0 4"5*0/ 0 5IF $PNNJUUFF CFMJFWFT UIBU QSFTFSWJOH UBY EFEVDUJCJMJUZ JT BO JNQPSUBOU CVU OPU UIF TPMF PCKFDUJWF XIFO EFTJHOJOH FYFDVUJWF DPNQFOTBUJPO QSPHSBNT *O DFSUBJO DJSDVNTUBODFT UIF DPNQBOZ NBZ BVUIPSJ[F DPNQFOTBUJPO BSSBOHFNFOUT UIBU BSF OPU GVMMZ UBY EFEVDUJCMF CVU XIJDI QSPNPUF PUIFS JNQPSUBOU PCKFDUJWFT TVDI BT BUUSBDUJOH BOE SFUBJOJOH HMPCBM CVTJOFTT MFBEFST XIP DBO ESJWF GJOBODJBM BOE TUSBUFHJD HSPXUI PCKFDUJWFT UIBU NBYJNJ[F MPOHUFSN TIBSFIPMEFS WBMVF 5IF  UISFTIPME UBSHFU BOE NBYJNVN BOOVBM QFSGPSNBODF CPOVT BNPVOUT GPS PVS OBNFE FYFDVUJWF PGGJDFST G BSF SFQPSUFE JO UIF (SBOUT PG 1MBO#BTFE "XBSET UBCMF PO QBHF  *O BEEJUJPO JO PSEFS UP QSFTFSWF UIF UBY EFEVDUJCJMJUZ PG UIF BOOVBM QFSGPSNBODF CPOVTFT VOEFS TFDUJPO  N PG UIF *OUFSOBM 3FWFOVF $PEF BT BNFOEFE UIF CPOVTFT GPS PVS OBNFE FYFDVUJWF PGGJDFST G BSF TVCKFDU UP UIF MJNJUT PG PVS &YFDVUJWF *ODFOUJWF 1MBO &*1  6OEFS UIF &*1 1 JOEJWJEVBM CPOVTFT DBOOPU FYDFFE  PG $POTPMJEBUFE /FU &BSOJOHT GPS UIF $IBJSNBO$&0 BOE BOZ 7JDF $IBJSNBO BOE  PG $POTPMJEBUFE /FU &BSOJOHT GPS BOZ PUIFS OBNFE FYFDVUJWF PGGJDFST G 5IF $PNNJUUFF IBT SFWJFXFE PVS DPNQFOTBUJPO QMBOT XJUI SFHBSE UP UIF EFEVDUJPO MJNJUBUJPO VOEFS UIF 0NOJCVT #VEHFU 3FDPODJMJBUJPO "DU PG  UIF "DU BOE UIF GJOBM SFHVMBUJPOT JOUFSQSFUJOH UIF "DU UIBU IBWF CFFO BEPQUFE CZ UIF 64 *OUFSOBM 3FWFOVF 4FSWJDF BOE UIF 64 %FQBSUNFOU PG UIF 5SFBTVSZ #BTFE PO UIJT SFWJFX UIF $PNNJUUFF CFMJFWFT UIBU B TJHOJGJDBOU QPSUJPO PG UIF DPNQFOTBUJPO QBJE UP PVS OBNFE FYFDVUJWF PGGJDFST G RVBMJGJFT BT aQFSGPSNBODFCBTFE DPNQFOTBUJPOb GPS QVSQPTFT PG 4FDUJPO  N PG UIF *OUFSOBM 3FWFOVF $PEF PG  BT BNFOEFE BOE JT UIFSFGPSF GVMMZ EFEVDUJCMF GPS GFEFSBM JODPNF UBY QVSQPTFT 5IF QPSUJPOT PG DPNQFOTBUJPO QBJE JO  UIBU BSF OPU UBY EFEVDUJCMF JODMVEF  WFTUJOH PG SFTUSJDUFE TIBSF VOJUT BT UIFZ BSF OPU EFFNFE UP CF QFSGPSNBODFCBTFE BXBSET  TBMBSZ BNPVOUT JO FYDFTT PG  NJMMJPO QBJE UP .S (PSTLZ BOE %S 4UPGGFMT G  EJWJEFOE FRVJWBMFOUT QBJE PO QSFWJPVTMZ BXBSEFE $-$T BOE $-1T UIBU XFSF HSBOUFE BGUFS  BOE  DFSUBJO QFSRVJTJUFT BOE PUIFS CFOFGJUT QBJE UP DFSUBJO OBNFE FYFDVUJWF PGGJDFST G 4FF UIF a4VNNBSZ $PNQFOTBUJPO 5BCMFb PO QBHF 

 $0.1&/4" $0 4"5*0/ 0 %&$*4*0/4 $ 4 0 4 '03 0  1&3'03."/$& 0 $ 4PNF PG UIF DPNQFOTBUJPO GJHVSFT JODMVEFE JO UIF UBCMFT JO UIF a&YFDVUJWF $PNQFOTBUJPO 5BCMFTb TFDUJPO PG UIJT 1SPYZ 4UBUFNFOU XFSF QBJE PS HSBOUFE UP UIF OBNFE FYFDVUJWF PGGJDFST G JO  GPS QFSGPSNBODF JO  5IF EFDJTJPOT SFHBSEJOH UIFTF BXBSET BOE QBZNFOUT XFSF EJTDVTTFE JO EFUBJM JO PVS  1SPYZ 4UBUFNFOU EBUFE .BSDI   'PS B GVMM VOEFSTUBOEJOH PG UIFTF EFDJTJPOT QMFBTF SFGFS UP UIF TFDUJPOT PG PVS  1SPYZ 4UBUFNFOU FOUJUMFE a$PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJT e $&0 1FSGPSNBODF BOE $PNQFOTBUJPO %FDJTJPOTb BOE a$PNQFOTBUJPO %JTDVTTJPO BOE "OBMZTJT e  $PNQFOTBUJPO %FDJTJPOT GPS  1FSGPSNBODFb

 1SPYZ 4UBUFNFOU  

&YFDVUJWF $PNQFOTBUJPO 5BCMFT 4VNNBSZ $PNQFOTBUJPO 5BCMF 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO DPODFSOJOH UIF DPNQFOTBUJPO PG PVS $IJFG &YFDVUJWF 0GGJDFS G

$IJFG 'JOBODJBM 0GGJDFS G BOE UIF UISFF PUIFS NPTU IJHIMZ DPNQFOTBUFE FYFDVUJWF PGGJDFST G GPS GJTDBM  BOE GPS UIPTF FYFDVUJWF PGGJDFST G XIP XFSF OBNFE JO UIF  BOE  1SPYZ 4UBUFNFOUT GPS GJTDBM  BOE  'PS B DPNQMFUF VOEFSTUBOEJOH PG UIF UBCMF QMFBTF SFBE UIF OBSSBUJWF EJTDMPTVSFT UIBU GPMMPX UIF UBCMF *U JT JNQPSUBOU UP OPUF UIF TJHOJGJDBOU JNQBDU PG ZFBSPOZFBS EJGGFSFODFT G JO UIF DIBOHF JO QFOTJPO WBMVF JODMVEFE JO DPMVNO ( BOE EFUBJMFE PO QBHF  PO UIF UPUBM DPNQFOTBUJPO BNPVOUT 'PS PVS $IJFG &YFDVUJWF 0GGJDFS G

UIF  ZFBSPOZFBS EJGGFSFODF G JO UIF DIBOHF JO QFOTJPO WBMVF BNPVOUT UP  PG UIF JODSFBTF JO IJT UPUBM DPNQFOTBUJPO "

#

$

%

4UPDL "XBSET 

&

0QUJPO "XBSET 

'

(

)

*

$IBOHF JO 1FOTJPO 7BMVF BOE /PO 2VBMJGJFE /PO&RVJUZ %FGFSSFE *ODFOUJWF 1MBO $PNQFOTBUJPO "MM 0UIFS $PNQFOTBUJPO &BSOJOHT $PNQFOTBUJPO 





/BNF BOE 1SJODJQBM 1PTJUJPO

:FBS

4BMBSZ 

5PUBM 

"MFY (PSTLZ



  

  

  

  

  

 

  

$IBJSNBO $&0



  

  

  

  

  

 

  



  

  

  

  

  

 

  

%PNJOJD $BSVTP



 

  

  

  

  

 

  

&71 1 $'0



 

  

  

  

 

 

  



 

  

  

  

  

 

  

1BVMVT 4UPGGFMT



  

  

  

  

  

 

  

&71 1 $40



  

  

  

  

  

 

  



  

  

  

  

  

 

  

4BOESB 1FUFSTPO



 

  

  

  

 

 

  

&71 1 (SPVQ 8PSMEXJEF



 

  

  

  

 

 

  

$IBJSNBO



 

  

  

  

 

 

  

+PBRVJO %VBUP



 

  

  

  

  

 

  

&71 1 8PSMEXJEF $IBJSNBO 1IBSNBDFVUJDBMT

4BMBSZ $PMVNO $

5IF BNPVOUT SFQPSUFE JO DPMVNO $ SFQSFTFOU CBTF TBMBSJFT QBJE UP FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G GPS UIF MJTUFE GJTDBM ZFBS 4BMBSJFT FBSOFE JO GJTDBM ZFBS  XFSF IJHIFS UIBO FBDI FYFDVUJWFcT BOOVBMJ[FE CBTF TBMBSZ EVF UP BO BEEJUJPOBM FBSOJOHT QFSJPE UIBU PDDVSSFE JO GJTDBM ZFBS  64 TBMBSJFE FNQMPZFFT BSF QBJE PO B CJXFFLMZ TDIFEVMF 5IFSF XFSF  QBZ QFSJPET JO GJTDBM ZFBS  SBUIFS UIBO UIF VTVBM  QBZ QFSJPET 4UPDL "XBSET $PMVNO %

5IF BNPVOUT SFQPSUFE JO DPMVNO % SFQSFTFOU UIF BHHSFHBUF HSBOU EBUF GBJS WBMVF PG 1FSGPSNBODF 4IBSF 6OJU 146 BOE 3FTUSJDUFE 4IBSF 6OJU 346 BXBSET *O BDDPSEBODF XJUI 64 (""1 1 146 TIBSFT BSF DPOTJEFSFE HSBOUFE XIFO UIF QFSGPSNBODF HPBMT BSF BQQSPWFE 4JODF XF VTF  ZFBS TBMFT HPBMT UIT PG UIF  BXBSE BOE UI PG UIF QSJPS UXP ZFBST BXBSET BSF DPOTJEFSFE HSBOUFE JO  BT TIPXO JO UIF GPMMPXJOH UBCMF

 1SPYZ 4UBUFNFOU  

'SBDUJPO PG "XBSE $POT TJEFSFE (SBOUFE JO  

146 "XBSE

 0QFSBUJPOBM 4BMFT

 $VNVMBUJWF "EKVTUFE 0QFSBUJPOBM &14



UI

UI

UI

UI



UI

/"

/"

UI



UI

/"

/"

UI



 3FMBUJWF 543

5PUBM

5IF OVNCFS BOE WBMVF PG UIF 146T BTTVNJOH BDIJFWFNFOU BU J UISFTIPME QFSGPSNBODF JJ UBSHFU QFSGPSNBODF BOE JJJ NBYJNVN QFSGPSNBODF BU  JT TFU GPSUI CFMPX 1FSGPSNBO ODF 4IBSF 6OJUT T

"XBSE " (PSTLZ

% $BSVTP

1 4UPGGFMT G

4 1FUFSTPO

+ %VBUP

'SBDUJPO PG "XBSE "X BSE $POTJEFSFE (SBOUFE

6OJUT 5ISFTIPME 

5BSHFU 

(SBOU %BUF 'BJS 7B BMVF .BYJNVN 

5ISFTIPME 

5BSHFU 

.BYJNVN 

 146

UI



 

 



  

  

 146

UI





 

 



 

  

 146

UI



 

 



 

  

 146

UI



 

 



  

  

 146

UI



 

 



 

 

 146

UI





 

 



 

 

 146

UI



 

 



  

  

 146

UI



 

 



 

 

 146

UI



 

 



 

 

 146



UI



 

 



  

  

 146

UI



 

 



 

 

 146

UI



 

 



 

 

 146

UI



 

 



  

  

 146

UI



 

 



 

 

 146

UI



 

 



 

 

0QUJPO "XBSET $PMVNO &

5IF BNPVOUT SFQPSUFE JO DPMVNO & SFQSFTFOU UIF BHHSFHBUF HSBOU EBUF GBJS WBMVF PG TUPDL PQUJPO BXBSET 5IF HSBOU EBUF GBJS WBMVFT IBWF CFFO EFUFSNJOFE CBTFE PO UIF BTTVNQUJPOT EFUBJMFE PO QBHFT  UP  VOEFS UIF a(SBOUT PG 1MBO#BTFE "XBSETb UBCMF JO BDDPSEBODF XJUI 64 (""1 JO UIF MJTUFE GJTDBM ZFBS /PO&RVJUZ *ODFOUJWF 1MBO $PNQFOTBUJPO $PMVNO '

5IF BNPVOUT SFQPSUFE JO DPMVNO ' SFQSFTFOU UIF BHHSFHBUF EPMMBS WBMVF GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G PG UIF BOOVBM QFSGPSNBODF CPOVT GPS UIF MJTUFE GJTDBM ZFBS $FSUJGJDBUFT PG -POH5FSN 5 $PNQFOTBUJPO $-$T BOE $FSUJGJDBUFT PG -POH5FSN 5 1FSGPSNBODF $-1T UIBU WFTUFE JO UIF MJTUFE GJTDBM ZFBS BOE EJWJEFOE FRVJWBMFOUT SFDFJWFE EVSJOH UIF GJTDBM ZFBS PO WFTUFE $-$T BOE $-1T 5IF TQFDJGJD BNPVOUT JODMVEFE JO DPMVNO ' BSF TIPXO JO UIF GPMMPXJOH UBCMF

 1SPYZ 4UBUFNFOU  

/BNF

:FBS

" (PSTLZ

            

% $BSVTP

1 4UPGGFMT G

4 1FUFSTPO

+ %VBUP

"OOVBM 1FSGPSNBODF #POVT 

                                      

/PO&RVJUZ *ODF FOUJWF 1MBO $PNQF FOTBUJPO 7BMVF PG $-$ 7BMVF PG $-$ 7BMVF PG $-1 %JWJEFOE 6OJUT UIBU 6OJUT UIBU &RVJWBMFOUT 7FTUFE JO 'JTDBM 7FTUFE JO 'JTDBM &BSOFE %VSJOH :FBS :FBS UIF 'JTDBM :FBS 





                                                             

7BMVF PG $-1 %JWJEFOE &RVJWBMFOUT &BSOFE %VSJOH UIF 'JTDBM :FBS 

                      

5PUBM 

                                      

"OOVBM QFSGPSNBODF CPOVTFT GPS UIF MJTUFE GJTDBM ZFBS XFSF BQQSPWFE CZ UIF $PNNJUUFF BOE QBJE UP UIF OBNFE FYFDVUJWF PGGJDFST G JO UIF GJSTU GJTDBM RVBSUFS PG UIF GPMMPXJOH ZFBS 8F OP MPOHFS HSBOU $-$T BOE $-1T UP PVS OBNFE FYFDVUJWF PGGJDFST G *O QSJPS ZFBST $-$T BOE $-1T XFSF BXBSEFE VOEFS DBTICBTFE MPOHUFSN JODFOUJWF QMBOT 1SFWJPVTMZ HSBOUFE $-$T BOE $-1T IBWF WFTUFE BOE XJMM CF QBJE PVU JO BDDPSEBODF XJUI UIFJS PSJHJOBM UFSNT 5IF  EPMMBS WBMVF PG UIF WFTUFE $-$T BOE $-1T SFQPSUFE JO UIJT UBCMF XFSF EFUFSNJOFE VTJOH UIF CFHJOOJOH PG ZFBS $-$ BOE $-1 VOJU WBMVFT 4FF EFUBJMT PO $-$ BOE $-1 VOJU WBMVFT PO QBHF  5IF EPMMBS WBMVFT GPS GJTDBM ZFBST  BOE  GPS UIF OBNFE FYFDVUJWF PGGJDFST G XFSF SFQPSUFE JO PVS  BOE  1SPYZ 4UBUFNFOUT $IBOHF JO 1FOTJPO 7BMVF BOE /PO2VBMJGJFE %FGFSSFE $PNQFOTBUJPO &BSOJOHT $PMVNO (

$IBOHF JO 1FOTJPO 7BMVF 5IF DIBOHFT JO QFOTJPO WBMVF JODMVEFE JO UIF GJHVSFT SFQPSUFE JO DPMVNO ( SFQSFTFOU UIF JODSFBTF JO UIF QSFTFOU WBMVF PG UIF BDDSVFE QFOTJPO CFOFGJU GPS FBDI OBNFE FYFDVUJWF PGGJDFS G  5IJT JODSFBTF JO QSFTFOU WBMVF JT OPU B DVSSFOU DBTI QBZNFOU *U SFQSFTFOUT UIF JODSFBTF JO UIF WBMVF PG UIF OBNFE FYFDVUJWF PGGJDFSTc G QFOTJPOT XIJDI BSF POMZ QBJE BGUFS SFUJSFNFOU 5IF BDDSVFE QFOTJPO CFOFGJUT GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G XFSF DBMDVMBUFE CBTFE PO UIF GJOBM BWFSBHF QBZ BOE UIF ZFBST PG TFSWJDF BT PG UIF MJTUFE GJTDBM ZFBSFOE 5IF QSFTFOU WBMVF PG UIF BDDSVFE QFOTJPO CFOFGJUT GPS FBDI OBNFE FYFDVUJWF PGGJDFS G JODSFBTFE PWFS UIF QSFWJPVT ZFBSFOE CFDBVTF d "O BEEJUJPOBM ZFBS PG DPNQMFUFE TFSWJDF XBT JODMVEFE JO UIF DBMDVMBUJPO PG CFOFGJUT d 5IF BWFSBHF PG UIF NPTU SFDFOU GJWF ZFBST PG QBZ JODSFBTFE PWFS UIF GJWFZFBS BWFSBHF QBZ BT PG UIF QSFWJPVT GJTDBM ZFBSFOE BOE d &BDI FYFDVUJWF JT POF ZFBS DMPTFS UP UIF OPSNBM SFUJSFNFOU BHF UIF BTTVNFE DPNNFODFNFOU PG CFOFGJUT 5IF QSFTFOU WBMVF DBO BMTP JODSFBTF PS EFDSFBTF JO WBMVF EVF UP DIBOHFT JO BDUVBSJBM BTTVNQUJPOT BT TIPXO JO UIF UBCMF CFMPX "T EJTDMPTFE JO /PUF  UP UIF $POTPMJEBUFE 'JOBODJBM 4UBUFNFOUT PG UIF  'PSN , UIF QSFTFOU WBMVFT BSF DBMDVMBUFE VTJOH B TFQBSBUF EVSBUJPOBQQSPQSJBUF EJTDPVOU SBUF GPS FBDI GVUVSF ZFBScT QSPKFDUFE QFOTJPO QBZNFOU 5IF EJTDMPTFE SBUF  JT UIF TJOHMF SBUF UIBU XPVME QSPEVDF UIF TBNF UPUBM QSFTFOU WBMVF GPS UIF OBNFE FYFDVUJWF PGGJDFST G BT UIF TFQBSBUF SBUFT GPS FBDI GVUVSF ZFBS

 1SPYZ 4UBUFNFOU  

PG $IBOHF JO "DUVBSJBM "TTVNQUJPOT PO O 1FOTJPO 1SFTFOUU 7BMVF

:FBS

.PSUBMJUZ 5BCMF

/FU &GGFDU PG $IBOHFT PO 1FOTJPO 1SFTFOU 7BMVF

%JTDPVOU 3BUF



31 5BCMF (FOFSBUJPOBM .PSUBMJUZ 1SPKFDUJPO



*ODSFBTF



31 5BCMF (FOFSBUJPOBM .PSUBMJUZ 1SPKFDUJPO



%FDSFBTF



31 5BCMF (FOFSBUJPOBM .PSUBMJUZ 1SPKFDUJPO



*ODSFBTF



31 5BCMF QSPKFDUFE UP 



/"

/P PUIFS BDUVBSJBM BTTVNQUJPOT DIBOHFE CFUXFFO GJTDBM ZFBSFOE  BOE GJTDBM ZFBSFOE  $IBOHF *O /PO2VBMJGJFE %FGFSSFE $PNQFOTBUJPO &BSOJOHT 8F OP MPOHFS HSBOU $-$T BOE $-1T UP PVS OBNFE FYFDVUJWF PGGJDFST G 1SFWJPVTMZ HSBOUFE $-$T BOE $-1T IBWF WFTUFE BOE XJMM CF QBJE PVU JO BDDPSEBODF XJUI UIFJS PSJHJOBM UFSNT 5IF $-$ BOE $-1 1MBOT BSF DBTICBTFE MPOHUFSN JODFOUJWF QMBOT 5IF WBMVFT PG VOJU BXBSET VOEFS CPUI PG UIFTF QMBOT BSF EJTDMPTFE JO TFWFSBM UBCMFT JO UIJT 1SPYZ 4UBUFNFOU d 8IFO VOJUT WFTU UIFJS WBMVF JT JODMVEFE JO UIF 4VNNBSZ $PNQFOTBUJPO 5BCMF JO UIF a/PO&RVJUZ *ODFOUJWF 1MBO $PNQFOTBUJPOb DPMVNO d 5IF BOOVBM DIBOHF JO WBMVF PG WFTUFE VOJUT CFUXFFO UIF UJNF UIF VOJUT WFTU BOE BSF QBJE PVU JT JODMVEFE JO UIF 4VNNBSZ $PNQFOTBUJPO 5BCMF JO UIF a$IBOHF JO 1FOTJPO 7BMVF BOE /PO2VBMJGJFE %FGFSSFE $PNQFOTBUJPO &BSOJOHTb DPMVNO CVU POMZ UP FYUFOU UIBU UIF VOJU WBMVFT HSPX BU B SBUF UIBU FYDFFET B SFGFSFODF SBUF PG SFUVSO d 5IF UPUBM WBMVF PG WFTUFE VOJUT UIBU IBWF OPU CFFO QBJE PVU BT PG UIF GJTDBM ZFBSFOE JT JODMVEFE JO UIF a/PO2VBMJGJFE %FGFSSFE $PNQFOTBUJPOb UBCMF PO QBHF  5IF DIBOHF JO UIF WBMVFT PG UIF $-$T BOE $-1T EFQFOE PO PVS MPOHUFSN PQFSBUJPOBM QFSGPSNBODF 5IF BNPVOUT SFQSFTFOUJOH UIF BCPWFSFGFSFODFSBUF SFUVSOT PO BMM $-$T BOE $-1T WFTUFE BT PG UIF MJTUFE GJTDBM ZFBSFOE BSF JODMVEFE JO DPMVNO ( d 5IF BCPWF SFGFSFODFSBUF DBMDVMBUJPOT GPS WFTUFE $-$T BOE $-1T BSF VOSFBMJ[FE BNPVOUT BOE OPU BDUVBM DPNQFOTBUJPO SFDFJWFE CZ UIF FYFDVUJWF GPS UIF ZFBS d 8F VTF  PG UIF %FDFNCFS BQQMJDBCMF GFEFSBM MPOHUFSN JOUFSFTU SBUF "'3 BT UIF SFGFSFODF SBUF UP DPNQBSF QPUFOUJBM SFUVSOT PG $-$T BOE $-1T d /FHBUJWF GJHVSFT BSF OPU JODMVEFE JO UIF 4VNNBSZ $PNQFOTBUJPO 5BCMF BDDPSEJOH UP UIF 4&$cT SVMFT 5IF GPMMPXJOH UBCMF TIPXT UIF DBMDVMBUJPO PG UIF BCPWFSFGFSFODFSBUF SFUVSOT PO $-$T BOE $-1T "CPWF3FGFSFODF3BUF 3FUVSO

$-$

$-1

#FHJOOJOH PG :FBS 6OJU 7BMVF





&OE PG :FBS 6OJU 7BMVF





$IBOHF JO 6OJU 7BMVF 





$IBOHF JO 6OJU 7BMVF 





3FGFSFODF3BUF





"CPWF3FGFSFODF3BUF 3FUVSO





"CPWF SFGFSFODFSBUF SFUVSO JODMVEFE JO UIF 4VNNBSZ $PNQFOTBUJPO 5BCMF





1SPYZ 4UBUFNFOU  

5IF UBCMF CFMPX TIPXT UIF TQFDJGJD BNPVOUT PG DIBOHF JO QFOTJPO WBMVF BOE BCPWFSFGFSFODFSBUF DBMDVMBUJPO GPS WFTUFE $-$T BOE $-1T GPS   BOE  JODMVEFE JO DPMVNO (

/BNF

$IBOHF JO 1FOTJPO 7BMVF 

'JTDBM :FBS

" (PSTLZ

            

% $BSVTP

1 4UPGGFMT G

4 1FUFSTPO

+ %VBUP

                                 

"CPWF 3FGFSFODF 3BUF $BMDVMBUJPO GPS 7FTUFE $-$T 

                      

"CPWF 3FGFSFODF 3BUF $BMDVMBUJPO GPS 7FTUFE $-1T 

                   

5PUBM 

                                  

"MM 0UIFS $PNQFOTBUJPO $PMVNO )

5IF BNPVOUT SFQPSUFE JO DPMVNO ) SFQSFTFOU UIF BHHSFHBUF EPMMBS BNPVOU GPS FBDI OBNFE FYFDVUJWF PGGJDFS G GPS QFSRVJTJUFT BOE PUIFS QFSTPOBM CFOFGJUT UBY SFJNCVSTFNFOUT DPNQBOZ DPOUSJCVUJPOT UP PVS  L 4BWJOHT 1MBO JOTVSBODF QSFNJVNT TUJQFOET BOE SFMPDBUJPO 5IF GPMMPXJOH UBCMF TIPXT UIF TQFDJGJD BNPVOUT JODMVEFE JO DPMVNO )

/BNF " (PSTLZ

% $BSVTP

1 4UPGGFMT G

4 1FUFSTPO

+ %VBUP

'JTDBM :FBS 

1FSRVJTJUF BOE 0UIFS 1FSTPOBM #FOFGJUT 



5BY 3FJNCVSTFNFOUT 



3FHJTUSBOU $POUSJCVUJPOT UP %FGJOFE $POUSJCVUJPO 1MBOT 

*OTVSBODF 1SFNJVNT 

4UJQFOE 



5PUBM 



 



 

 



 



 



 

 



 



 



 

 



 



 



 

 



 



 



 

 



 



 



 

 



 







 

 

 

 



 



 

 

 

 



 



 

 

 

 



 



 





 



 



 





 



 

 

 





 



 



 





 



"NPVOUT GPS GJTDBM ZFBST  BOE  GPS UIF OBNFE FYFDVUJWF PGGJDFST G XFSF SFQPSUFE JO PVS  BOE  1SPYZ 4UBUFNFOUT



5IF QFSRVJTJUFT BOE PUIFS QFSTPOBM CFOFGJUT GPS  BSF TFU GPSUI JO UIF GPMMPXJOH UBCMF

 1SPYZ 4UBUFNFOU  

/BNF

1FSTPOBM 6TF PG $PSQPSBUF "JSDSBGU 

7BMVF PG $BS BOE %SJWFS GPS 1FSTPOBM 5SBOTQPSUBUJPO 

)PNF 4FDVSJUZ 3FMBUFE $PTUT 

" (PSTLZ

 

 

% $BSVTP

 

1 4UPGGFMT G



4 1FUFSTPO + %VBUP

5PUBM 

 

 

 



 







 

 



 

 





 

1FSRVJTJUFT BOE PUIFS QFSTPOBM CFOFGJUT BSF WBMVFE PO UIF CBTJT PG UIF BHHSFHBUF JODSFNFOUBM DPTU UP UIF DPNQBOZ 8F DBMDVMBUF UIF BHHSFHBUF JODSFNFOUBM DPTU UP UIF DPNQBOZ GPS QFSTPOBM VTF PG DPNQBOZ BJSDSBGU BT UIF TVN PG UIF DPTU PG USJQSFMBUFE DSFX IPUFMT BOE NFBMT JOGMJHIU GPPE BOE CFWFSBHFT MBOEJOH BOE HSPVOE IBOEMJOH GFFT IBOHBS PS BJSDSBGU QBSLJOH DPTUT GVFM DPTUT CBTFE PO UIF BWFSBHF BOOVBM DPTU PG GVFM QFS NJMF GMPXO BOE PUIFS TNBMMFS WBSJBCMF DPTUT 'JYFE DPTUT UIBU XPVME CF JODVSSFE JO BOZ FWFOU UP PQFSBUF DPNQBOZ BJSDSBGU FH BJSDSBGU QVSDIBTF DPTUT NBJOUFOBODF OPU SFMBUFE UP QFSTPOBM USJQT BOE GMJHIU DSFX TBMBSJFT BSF OPU JODMVEFE 8F DBMDVMBUF UIF BHHSFHBUF JODSFNFOUBM DPTU UP UIF DPNQBOZ GPS DPNQBOZ DBST BOE ESJWFST GPS DPNNVUBUJPO BOE PUIFS QFSTPOBM USBOTQPSUBUJPO BT UIF TVN PG UIF DPTU PG GVFM ESJWFS PWFSUJNF GFFT BOE PUIFS TNBMMFS WBSJBCMF DPTUT 'JYFE DPTUT UIBU XPVME CF JODVSSFE JO BOZ FWFOU UP PQFSBUF DPNQBOZ DBST FH DBS QVSDIBTF DPTUT NBJOUFOBODF OPU SFMBUFE UP QFSTPOBM USJQT BOE ESJWFS TBMBSJFT BSF OPU JODMVEFE /BNFE FYFDVUJWF PGGJDFST G BSF UBYFE PO UIF JNQVUFE JODPNF BUUSJCVUBCMF UP UIFJS QFSTPOBM VTF PG DPNQBOZ BJSDSBGU BOE DBST BOE EP OPU SFDFJWF UBY BTTJTUBODF GSPN VT XJUI SFTQFDU UP UIFTF BNPVOUT 

*O  UIF $PNNJUUFF EJTDPOUJOVFE BMM OPOSFMPDBUJPO SFMBUFE UBY SFJNCVSTFNFOU GPS FYFDVUJWF PGGJDFST G



5IF  BNPVOU SFQSFTFOUT B TUJQFOE PG   %S 4UPGGFMT G JT QSPWJEFE XJUI BO BOOVBM DBTI TUJQFOE UP BTTJTU IJN JO UIF QBZNFOU PG GPSFJHO UBYFT 8IJMF TFSWJOH BT B NFNCFS PG UIF &YFDVUJWF $PNNJUUFF %S 4UPGGFMT G JT DPOTJEFSFE B 64 FNQMPZFF FWFO UIPVHI IF JT B OPO SFTJEFOU PG UIF 6OJUFE 4UBUFT "T B SFTVMU %S 4UPGGFMT G JT TVCKFDU UP CPUI 64 UBYBUJPO BOE GPSFJHO UBYBUJPO %S 4UPGGFMT G XJMM OPU SFDFJWF BOZ PUIFS UBY FRVBMJ[BUJPO BTTJTUBODF

5PUBM $PNQFOTBUJPO $PMVNO *

5IF BNPVOUT SFQPSUFE JO DPMVNO * BSF UIF TVN PG DPMVNOT $ UISPVHI * GGPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G "MM DPNQFOTBUJPO BNPVOUT SFQPSUFE JO DPMVNO * JODMVEF BNPVOUT QBJE BOE BNPVOUT EFGFSSFE

 1SPYZ 4UBUFNFOU  

(SBOUT PG 1MBO#BTFE "XBSET 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO DPODFSOJOH UIF BOOVBM QFSGPSNBODF CPOVT BOE MPOHUFSN JODFOUJWF BXBSET NBEF UP FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G JO GJTDBM  'PS B DPNQMFUF VOEFSTUBOEJOH PG UIF UBCMF QMFBTF SFBE UIF OBSSBUJWF EJTDMPTVSFT UIBU GPMMPX UIF UBCMF "

#

$

%

&

'

&T TUJNBUFE 'VUV VSF 1BZPVUT 6O OEFS /PO&RV VJUZ *ODFOUJWF 1MBO O "XBSET "OOVBM 1FSGPSNBODF F #POVT

/BNF " (PSTLZ

"XBSE

(SBOU %BUF

#POVT

5ISFTIPME 



5BSHFU 

.BYJNVN 

  

  

(

)

*

&TUJN NBUFE 'VUUVSF 1BZPVUT 6O OEFS &RVJUUZ *ODFOUJWF 1MB BO "XBSET 1FSGPSNB BODF 4IBSF 6OJUT

5ISFTIPME 

5BSHFU 

.BYJNVN 

+

,

-

.

/

"MM PUIFS 4UPDL "XBSET /VNCFS PG 4IBSFT PG 4UPDL PS 6OJUT 

"MM 0UIFS 0QUJPO "XBSET /VNCFS PG 4FDVSJUJFT 6OEFSMZJOH 0QUJPOT 

&YFSDJTF PS #BTF 1SJDF PG 0QUJPO "XBSET TI

$MPTJOH .BSLFU 1SJDF PO UIF (SBOU %BUF 

(SBOU %BUF 'BJS 7BMVF PG 4UPDL BOE 0QUJPO "XBSET 

 146





 

 

 146





 

 

    

 146





 

 

 

346



 

  

4UPDL "XBSET 5PUBM 0QUJPO "XBSE % $BSVTP

   

#POVT

  

  





 146





 

 

  

 146





 

 

 

 146





 

 

346



   

 

4UPDL "XBSET 5PUBM 0QUJPO "XBSE 1 4UPGGFMT G

   

#POVT

  

  





 146





 

 

  

 146





 

 

 

 146





 

 

346



0QUJPO "XBSE

   

     



#POVT

  

  





  

  

 146





 

 

  

 146





 

 

 

 146





 

 

346



   

  

4UPDL "XBSET 5PUBM 0QUJPO "XBSE + %VBUP

  

  

4UPDL "XBSET 5PUBM 4 1FUFSTPO

  

  

   

#POVT

  

 





  

  

 146





 

 

  

 146





 

 

 

 146





 

 

346



   

 

4UPDL "XBSET 5PUBM 0QUJPO "XBSE

   

 





  

&TUJNBUFE 'VUVSF 1BZPVUT 6OEFS /PO&RVJUZ *ODFOUJWF 1MBO "XBSET $PMVNOT % UISPVHI '

5IF BNPVOUT SFQPSUFE JO DPMVNOT % UISPVHI ' SFGMFDU UISFTIPME UBSHFU BOE NBYJNVN BOOVBM QFSGPSNBODF CPOVT BXBSE BNPVOUT GPS UIF  QFSGPSNBODF ZFBS "DUVBM BOOVBM QFSGPSNBODF CPOVT QBZNFOUT BT SFGMFDUFE JO DPMVNO ' PG UIF a4VNNBSZ $PNQFOTBUJPO 5BCMFb PO QBHF  XFSF NBEF JO SFDPHOJUJPO PG  QFSGPSNBODF VTJOH UIF SBOHF SFQSFTFOUFE JO DPMVNOT % UISPVHI ' BT HVJEBODF

 1SPYZ 4UBUFNFOU  

&TUJNBUFE 'VUVSF 1BZPVUT 6OEFS &RVJUZ *ODFOUJWF 1MBO "XBSET $PMVNOT ( UISPVHI *

5IF BNPVOUT SFQPSUFE JO DPMVNOT ( UISPVHI * SFGMFDU UISFTIPME UBSHFU BOE NBYJNVN QFSGPSNBODF TIBSF VOJU BNPVOUT UIBU XFSF DPOTJEFSFE HSBOUFE GPS BDDPVOUJOH QVSQPTFT JO  4FF QBHF  GPS UIF GSBDUJPO PG UIF BXBSET UIBU XFSF DPOTJEFSFE HSBOUFE VOEFS 64 (""1 JO  'PS BDUVBM QFSGPSNBODF SFTVMUT UP EBUF QMFBTF SFGFS UP UIF TFDUJPO UJUMFE a 6QEBUF PO 1FSGPSNBODF PG 1FSGPSNBODF 4IBSF 6OJU "XBSET WFSTVT (PBMTb PO QBHFT  BOE  PG UIJT 1SPYZ 4UBUFNFOU "MM 0UIFS 4UPDL "XBSET $PMVNO +

5IF BNPVOUT SFQPSUFE JO DPMVNO + SFMBUF UP UIF 346 HSBOUT BXBSEFE UP UIF OBNFE FYFDVUJWF PGGJDFST G JO 'FCSVBSZ  GPS UIF  QFSGPSNBODF ZFBS BT EFTDSJCFE PO QBHF  "MM 0UIFS 0QUJPO "XBSET $PMVNOT , UISPVHI .

6OEFS UIF UFSNT PG UIF  -POH5FSN 5 *ODFOUJWF 1MBO UIF TUPDL PQUJPOT XFSF HSBOUFE BU BO FYFSDJTF QSJDF FRVBM UP UIF GBJS NBSLFU WBMVF DBMDVMBUFE BT UIF BWFSBHF PG UIF IJHI BOE MPX TUPDL QSJDFT PO UIF /:4& PG PVS DPNNPO TUPDL PO UIF HSBOU EBUF 'PS UIF HSBOUT NBEF JO 'FCSVBSZ  UIF GBJS NBSLFU WBMVF XBT  MPXFS UIBO UIF DMPTJOH QSJDF PO UIF HSBOU EBUF (SBOU %BUF 'BJS 7BMVF PG 4UPDL BOE 0QUJPO "XBSET $PMVNO /

5IF BNPVOUT SFQPSUFE JO DPMVNO / SFQSFTFOU UIF HSBOU EBUF GBJS WBMVF PG 146T 346T BOE TUPDL PQUJPO BXBSET DBMDVMBUFE JO BDDPSEBODF XJUI 64 (""1 GPS UIF MJTUFE GJTDBM ZFBS 5IF 4UPDL "XBSET UPUBMT BSF SFQPSUFE JO DPMVNO % PG UIF a4VNNBSZ $PNQFOTBUJPO 5BCMFb PO QBHF  5IF TUPDL PQUJPO HSBOU EBUF GBJS WBMVFT BSF SFQPSUFE JO DPMVNO & PG UIF 4VNNBSZ $PNQFOTBUJPO 5BCMF  d  146T 5IF HSBOU EBUF GBJS WBMVF PG FBDI 146 JT DBMDVMBUFE BT B XFJHIUFE BWFSBHF PG UIF GBJS WBMVFT PG FBDI DPNQPOFOU PG UIF BXBSE UIBU XBT DPOTJEFSFE HSBOUFE GPS BDDPVOUJOH QVSQPTFT JO  4FF QBHF  GPS UIF GSBDUJPO PG UIF BXBSET UIBU XFSF DPOTJEFSFE HSBOUFE VOEFS 64 (""1 JO  5IF XFJHIUFE GBJS WBMVF PG UIF 146T PO UIF EBUF PG HSBOU JT BT GPMMPXT  d  146 'BJS 7BMVF 8FJHIU UI UIT UIT

1FSGPSNBODF .FBTVSFT 4BMFT &14 543 8FJHIUFE "WFSBHF

'BJS 7BMVF    

5IF HSBOU EBUF GBJS WBMVFT GPS FBDI QFSGPSNBODF NFBTVSF BSF DBMDVMBUFE BT GPMMPXT 4BMFT  &14   BOE  146T  5IF HSBOU EBUF GBJS WBMVF GPS UIF 146T NFBTVSFE BHBJOTU UIF ZFBS PQFSBUJPOBM TBMFT HPBM UJFE UP UIF  GJTDBM ZFBS BOE &14 BSF DBMDVMBUFE PO UIF HSBOU EBUF BOE EJTDPVOUFE GPS EJWJEFOET CFDBVTF EJWJEFOET BSF OPU QBJE PO 146T EVSJOH UIF WFTUJOH QFSJPE 5IF HSBOU EBUF GBJS WBMVF QFS 146 XBT CBTFE PO UIF BWFSBHF PG UIF IJHI BOE MPX QSJDFT PG PVS DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF EJTDPVOUFE CZ UIF FYQFDUFE EJWJEFOE ZJFME BT TIPXO JO UIF UBCMF CFMPX 146 'BJS 7BMVFT 6OJUT 5JFE 5P 0QFSBUJPOB BM 4BMFT BOE &14 (PBMT 1FSGPSNBODF .FBTVSF 146 "XBSE

%JWJEFOE :JFME 'BJS 7BMVF 

 &14

 146  146  146  146

(SBOU %BUF $PNNPO 4UPDL 'BJS .BSLFU 7BMVF

  0QFSBUJPOBM 4B BMFT



















 

 

 

 

"WFSBHF PG UIF IJHI BOE MPX QSJDFT PG UIF DPNQBOZcT DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF

3FMBUJWF 543  d  146T  5IF HSBOU EBUF GBJS WBMVF GPS UIF 146T NFBTVSFE BHBJOTU SFMBUJWF 543 BSF DBMDVMBUFE PO UIF HSBOU EBUF VTJOH B .POUF $BSMP WBMVBUJPO CZ BO JOEFQFOEFOU UIJSE QBSUZ 5IF HSBOU EBUF GBJS WBMVF XBT  QFS 146

 1SPYZ 4UBUFNFOU  

346T 5IF HSBOU EBUF GBJS WBMVF PG UIF 346 BXBSET JT DBMDVMBUFE PO UIF HSBOU EBUF BOE EJTDPVOUFE GPS EJWJEFOET CFDBVTF EJWJEFOET BSF OPU QBJE PO 346T EVSJOH UIF WFTUJOH QFSJPE 5IF HSBOU EBUF GBJS WBMVF QFS 346 XBT CBTFE PO UIF BWFSBHF PG UIF IJHI BOE MPX QSJDFT PG PVS DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF EJTDPVOUFE CZ UIF FYQFDUFE EJWJEFOE ZJFME BT TIPXO JO UIF UBCMF CFMPX  346 'BJS 7BMVF (SBOU %BUF $PNNPO 4UPDL 'BJS .BSLFU 7BMVF

 



%JWJEFOE ZJFME



'BJS 7BMVF 



"WFSBHF PG UIF IJHI BOE MPX QSJDFT PG UIF DPNQBOZcT DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF

0QUJPOT 5IF GBJS WBMVF PG FBDI TUPDL PQUJPO BXBSE JT DBMDVMBUFE PO UIF HSBOU EBUF VTJOH UIF #MBDL4DIPMFT PQUJPO WBMVBUJPO NPEFM CBTFE PO UIF BTTVNQUJPOT JO UIF UBCMF CFMPX 5IF DBMDVMBUFE FYQFDUFE MJGF PG BO PQUJPO JT EFUFSNJOFE VTJOH IJTUPSJDBM EBUB 7PMBUJMJUZ SFQSFTFOUT B CMFOEFE SBUF PG IJTUPSJDBM BWFSBHF WPMBUJMJUZ BOE JNQMJFE WPMBUJMJUZ CBTFE PO BUUIFNPOFZ USBEFE +PIOTPO  +PIOTPO TUPDL PQUJPOT XJUI B MJGF PG UXP ZFBST 5IF SJTLGSFF SBUF JT CBTFE PO B 64 5SFBTVSZ SBUF PG TFWFO ZFBST JO FGGFDU G BU UIF UJNF PG HSBOU  4UPDL 0QUJPO 'BJS 7BMVF (SBOU %BUF $PNNPO 4UPDL 'BJS .BSLFU 7BMVF

 

3JTL 'SFF 3BUF &YQFDUFE 7PMBUJMJUZ &YQFDUFE -JGF %JWJEFOE :JFME 'BJS 7BMVF 

"WFSBHF PG UIF IJHI BOE MPX QSJDFT PG UIF DPNQBOZcT DPNNPO TUPDL PO UIF /:4& PO UIF HSBOU EBUF

 1SPYZ 4UBUFNFOU  

    ZST  

0VUTUBOEJOH &RVJUZ "XBSET BU 'JTDBM :FBS&OE 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO DPODFSOJOH UIF VOFYFSDJTFE TUPDL PQUJPOT PVUTUBOEJOH BOE VOWFTUFE 346T BOE 146T GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G BT PG GJTDBM ZFBSFOE  "

#

$

%

&

'

(

)

0QUJPOT T

/VNCFS PGG 4FDVSJUJFT 6OEFSMZJOH 6OFYFSDJTFE 0QUUJPOT 

/BNF

(SBOU %BUF

7FTUJOH %BUF

" (PSTLZ

4UPDL 0QUJPOT BOE 346T

&YFSDJTBCMF

6OFYFSDJTBCMF

*

+

,

4UPDL L "XBSET

0QUJPO &YFSDJTF 1SJDF 

0QUJPO &YQJSBUJPO %BUF

/VNCFS PG 4IBSFT PS 6OJUT PG 4UPDL UIBU )BWF /PU 7FTUFE 7F TUFE 

.BSLFU 7BMVF PG 4IBSFT PS 6OJUT PG 4UPDL UIBU )BWF /PU 7FTUFE 7F TUFE 





 









 









 









 









 





 

  





 





 

  





 





 

  

&RVJUZ &RVJUZ *ODFOUJWF *ODFOUJWF 1MBOT 1MBO .BSLFU PS "XBSET 1BZPVU /VNCFS PG 7BMVF PG 6OFBSOFE 6OFBSOFE 4IBSFT 4IBSFT 6OJUT PS 6OJUT PS 0UIFS 3JHIUT 0UIFS 3JHIUT 5IBU )BWF 5IBU )BWF /PU 7F 7FTU TUFE FE /PU 7F 7FTUFE TUFE 



146T

% $BSVTP

 



 

  

 



 

  

 



 

  

 



 

  

 



 

  

 



 

  

 

  

 

  

 

  

 

  

 

  

 

  

4UPDL 0QUJPOTT BOE 346T 



 









 









 









 









 









 









 





 

  





 





 

  





 





 

  

146T

1 4UPGGFMT G

 



 

  

 



 

 

 



 

 

 



 

 

 



 

 

 



 

 

 

  

4UPDL 0QUJPOT BOE 346T 







 









 







 



 









 

  



 

  



 

  

146T  



 

  

 



 

 

 



 

 

 



 

 

 



 

 

 



 

 

 1SPYZ 4UBUFNFOU  

"

#

$

%

&

'

(

)

*

0QUJPO OT

/VNCFS PG 4FDVSJUJFT 6OEFSMZJOH 6OFYFSDJTFE 0QUUJPOT 

/BNF

(SBOU %BUF

4 1FUFSTPO

4UPDL 0QUJPOT BOE 346T

7FTUJOH %BUF

&YFSDJTBCMF

6OFYFSDJTBCMF

 

+

,

4UPDL L "XBSET

0QUJPO &YFSDJTF 1SJDF 

0QUJPO &YQJSBUJPO %BUF

/VNCFS PG 4IBSFT PS 6OJUT PG 4UPDL UIBU )BWF /PU 7FTUFE 7F TUFE 

.BSLFU 7BMVF PG 4IBSFT PS 6OJUT PG 4UPDL UIBU )BWF /PU 7FTUFE 7F TUFE 













 





 

  





 





 

  





 





 

  

&RVJUZ &RVJUZ *ODFOUJWF *ODFOUJWF 1MBOT 1MBO .BSLFU PS "XBSET 1BZPVU /VNCFS PG 7BMVF PG 6OFBSOFE 6OFBSOFE 4IBSFT 4IBSFT 6OJUT PS 6OJUT PS 0UIFS 3JHIUT 0UIFS 3JHIUT 5IBU )BWF 5IBU )BWF /PU 7F 7FTU TUFE FE /PU 7F 7FTUFE TUFE 



146T

+ %VBUP

 



 

  

 



 

 

 



 

 

 



 

 

 



 

 

 



 

 

 

  

 

  

 

  

 

  

4UPDL 0QUJPOTT BOE 346T 



 









 









 









 









 









 





 

  





 





 

  





 





 

  

146T  



 

  

 



 

 

 



 

 

 



 

 

 



 

 

 



 

 



5IF 146T CBTFE PO UIF BDIJFWFNFOU PG  SFMBUJWF 543 BOE &14 BDIJFWFE  BOE  PG UBSHFU BT EJTDVTTFE PO QBHF  5IF 146T CBTFE PO UIF BDIJFWFNFOU PG  PQFSBUJPOBM TBMFT QFSGPSNBODF BDIJFWFE  PG UBSHFU BT SFQPSUFE JO PVS  1SPYZ 4UBUFNFOU 5IF VOJUT UJFE UP FBDI PG UIF QFSGPSNBODF NFBTVSFT IBWF CFFO BEKVTUFE UP SFGMFDU BDUVBM QFSGPSNBODF BOE BSF MJTUFE JO DPMVNOT ) BOE *



5IF 146T CBTFE PO UIF BDIJFWFNFOU PG  PQFSBUJPOBM TBMFT QFSGPSNBODF BDIJFWFE  PG UBSHFU BT SFQPSUFE JO PVS  1SPYZ 4UBUFNFOU 5IF QPSUJPO PG UIF BXBSE UIBU JT CBTFE PO UIF BDIJFWFNFOU PG  PQFSBUJPOBM TBMFT QFSGPSNBODF IBT CFFO BEKVTUFE UP SFGMFDU BDUVBM QFSGPSNBODF BOE JT MJTUFE JO DPMVNOT ) BOE *



5IF 146T CBTFE PO UIF BDIJFWFNFOU PG  PQFSBUJPOBM TBMFT QFSGPSNBODF BDIJFWFE  PG UBSHFU BT EJTDVTTFE PO QBHF  5IF QPSUJPO PG UIF BXBSE UIBU JT CBTFE PO UIF BDIJFWFNFOU PG  PQFSBUJPOBM TBMFT QFSGPSNBODF IBT CFFO BEKVTUFE UP SFGMFDU BDUVBM QFSGPSNBODF BOE JT MJTUFE JO DPMVNOT ) BOE *

.BSLFU 7BMVF PG 4IBSFT PS 6OJUT PG 4UPDL 5IBU )BWF /PU 7FTUFE $PMVNOT * BOE ,

5IF NBSLFU WBMVFT PG VOWFTUFE 146T BOE 346T JODMVEFE JO DPMVNOT * BOE , XFSF DBMDVMBUFE VTJOH UIF DMPTJOH QSJDF PG PVS DPNNPO TUPDL PO UIF /:4& PO %FDFNCFS   XIJDI XBT UIF MBTU CVTJOFTT EBZ PG GJTDBM  PG 

 1SPYZ 4UBUFNFOU  

0QUJPO &YFSDJTFT BOE 4UPDL 7FTUFE 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO DPODFSOJOH UIF FYFSDJTFT PG TUPDL PQUJPOT BOE UIF WFTUJOH PG 346T BOE 146T EVSJOH GJTDBM  PO BO BHHSFHBUFE CBTJT GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G 0QUJPO "XBSET

/BNF

/VNCFS PG 4IBSFT "DRVJSFE PO &YFSDJTF 

4UPDL L "XBSET

7BMVF 3FBMJ[FE 6QPO &YFSDJTF 

/VNCFS PG 4IBSFT "DRVJSFE PO 7FTUJOH 

7BMVF 3FBMJ[FE 6QPO 7FTUJOH 

" (PSTLZ





 

  

% $BSVTP

 

  

 

  

1 4UPGGFMT G

 

  

 

  





 

  

 

  

 

  

4 1FUFSTPO + %VBUP

0' 5)*4 1"(& */5&/5*0/"--: - -&'5 #-"/,>

 1SPYZ 4UBUFNFOU  

1FOTJPO #FOFGJUT 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO BT PG GJTDBM ZFBSFOE  XJUI SFTQFDU UP PVS QFOTJPO QMBOT GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G 'PS B DPNQMFUF VOEFSTUBOEJOH PG UIF UBCMF QMFBTF SFBE UIF OBSSBUJWF EJTDMPTVSFT UIBU GPMMPX UIF UBCMF 1SFTFOU 7BMVF PG "DDVNVMBUFE #FOFGJU /VNCFS PG :FBST $SFEJUFE 4FSWJDF 

/BNF

/PSNBM 3FUJSFNFOU "HF

4BMBSJFE 1FOTJPO 1MBO 

&YDFTT 1FOTJPO 1MBO 

5PUBM 

" (PSTLZ





  

  

  

% $BSVTP





 

  

  

1 4UPGGFMT G





 

  

  





 

  

  





  

  

  

4 1FUFSTPO + %VBUP

&BDI PG UIF OBNFE FYFDVUJWF PGGJDFST G QBSUJDJQBUFT JO UIF TBNF EFGJOFE CFOFGJU QFOTJPO QMBOT PGGFSFE G UP PUIFS 64 OPOVOJPO FNQMPZFFT IJSFE CFGPSF +BOVBSZ   "OOVJUZ CFOFGJUT QBZBCMF VOEFS UIF 64 QMBOT BSF DBMDVMBUFE BT  'JOBM BWFSBHF FBSOJOHT NVMUJQMJFE CZ  NVMUJQMJFE CZ ZFBST PG TFSWJDF QSJPS UP  QMVT  'JOBM BWFSBHF FBSOJOHT NVMUJQMJFE CZ  NVMUJQMJFE CZ ZFBST PG TFSWJDF BGUFS  NJOVT  "HF  4PDJBM 4FDVSJUZ CFOFGJUT NVMUJQMJFE CZ  NVMUJQMJFE CZ UPUBM ZFBST PG TFSWJDF 'PS UIJT GPSNVMB aGJOBM BWFSBHF FBSOJOHTb JT EFGJOFE BT UIF BWFSBHF PG UIF IJHIFTU DPOTFDVUJWF  NPOUIT PVU PG UIF MBTU  NPOUIT PG QBZ JODMVEJOH CBTF TBMBSZ BOE CPOVT BOE EJWJEFOE FRVJWBMFOUT QBJE PS EFGFSSFE PO OPOWFTUFE $-$T GPS ZFBST QSJPS UP  5IF GPSNVMB BCPWF QSPEVDFT UIF BNPVOU QBZBCMF BT B NPOUIMZ BOOVJUZ GPS UIF MJGF PG UIF OBNFE FYFDVUJWF PGGJDFS G CFHJOOJOH BT FBSMZ BT BHF  #FOFGJUT DBO CFHJO BT FBSMZ BT BHF  CVU BSF TVCKFDU UP B  QFS ZFBS SFEVDUJPO GPS UIF OVNCFS PG ZFBST CFGPSF BHF  UIBU CFOFGJUT CFHJO 5IF 4BMBSJFE 1FOTJPO 1MBO BQQMJFT UIJT GPSNVMB UP QBZ VQ UP UIF *34cT DPWFSFE DPNQFOTBUJPO MJNJU   JO   5IF &YDFTT 1FOTJPO 1MBO JT B SFTUPSBUJWF TVQQMFNFOUBM SFUJSFNFOU QMBO UIBU VTFT UIF TBNF GPSNVMB JODMVEJOH UIF EFGJOJUJPO PG GJOBM BWFSBHF FBSOJOHT BT UIF 4BMBSJFE 1FOTJPO 1MBO XJUIPVU BQQMZJOH UIF *34 QBZ MJNJUT BOE JT PGGTFU G CZ BNPVOUT QBJE GSPN UIF 4BMBSJFE 1FOTJPO 1MBO "OZ 64 OPOVOJPO FNQMPZFF QBSUJDJQBUFT JO UIF &YDFTT 1FOTJPO 1MBO JG IJT PS IFS DPWFSFE DPNQFOTBUJPO FYDFFET UIF *34 MJNJU #FDBVTF %S 4UPGGFMT G IBT QSPWJEFE QFSJPET PG TFSWJDF JO CPUI #FMHJVN BOE UIF 64 IJT UPUBM 4BMBSJFE 1MBO BNPVOU JODMVEFT CFOFGJUT GSPN CPUI UIF 64 BOE #FMHJBO 1MBOT 5IF 64 QPSUJPO JT DBMDVMBUFE VTJOH UIF 64 GPSNVMB BCPWF GPS BMM TFSWJDF BOE TVCUSBDUJOH UIF BNPVOU FBSOFE JO UIF #FMHJBO 1MBO 5IJT USFBUNFOU PG TFSWJDF SFOEFSFE PVUTJEF UIF 64 BQQMJFT UP BMM QBSUJDJQBOUT JO UIF 4BMBSJFE 1MBO XIP XFSF IJSFE CFGPSF +BOVBSZ   BOE XIP FBSOFE DPNQBOZ TFSWJDF PVUTJEF UIF 64 CFGPSF KPJOJOH UIF 64 QFOTJPO QMBO PO PS CFGPSF +VMZ   8IJMF B QSFTFOU WBMVF JT TIPXO JO UIF UBCMF CFOFGJUT BSF OPU BWBJMBCMF BT B MVNQ TVN BOE NVTU CF UBLFO JO UIF GPSN PG BO BOOVJUZ FYDFQU UIF #FMHJBO QPSUJPO PG %S 4UPGGFMTc G CFOFGJU XIJDI JT QBZBCMF BT B MVNQ TVN BU SFUJSFNFOU 1SFTFOU WBMVFT XFSF DBMDVMBUFE VTJOH UIF TBNF BDUVBSJBM BTTVNQUJPOT BQQMJFE JO UIF DBMDVMBUJPO PG QFOTJPO MJBCJMJUJFT SFQPSUFE JO PVS  "OOVBM 3FQPSU EJTDPVOU SBUF PG  BOE NPSUBMJUZ BDDPSEJOH UP UIF 31 UBCMF XJUI HFOFSBUJPOBM JNQSPWFNFOUT QSPKFDUFE BDDPSEJOH UP TDBMF ""  /P QBZNFOUT XFSF NBEF JO  VOEFS PVS QFOTJPO QMBOT UP BOZ PG UIF OBNFE FYFDVUJWF PGGJDFST G

 1SPYZ 4UBUFNFOU  

/PO2VBMJGJFE %FGFSSFE $PNQFOTBUJPO 5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO XJUI SFTQFDU UP PVS EFGJOFE DPOUSJCVUJPO BOE OPOUBYRVBMJGJFE DPNQFOTBUJPO EFGFSSBM QMBOT GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G GPS  'PS B DPNQMFUF VOEFSTUBOEJOH PG UIF UBCMF QMFBTF SFBE UIF OBSSBUJWF EJTDMPTVSFT UIBU GPMMPX UIF UBCMF #

$

%

&

&YFDVUJWF $POUSJCVUJPOT JO -BTU ': 

3FHJTUSBOU $POUSJCVUJPOT JO -BTU ': 

"HHSFHBUF &BSOJOHT JO -BTU ': 

"HHSFHBUF #BMBODF BU -BTU ':& 

" (PSTLZ



 

 

  

% $BSVTP



 

  

  

G 1 4UPGGFMT



 

 

  

4 1FUFSTPO



 

 

 

+ %VBUP



 

 

  

"

/BNF

&YFDVUJWF $POUSJCVUJPOT JO -BTU 'JTDBM :FBS $PMVNO #

5IF BNPVOUT SFQPSUFE JO DPMVNO # JODMVEF BNPVOUT EFGFSSFE JO UIF MBTU GJTDBM ZFBS VOEFS UIF &YFDVUJWF *ODPNF %FGFSSBM 1MBO XIJDI BMMPXT FMJHJCMF FNQMPZFFT UP EFGFS VQ UP  PG CBTF TBMBSZ BOE  PG BOOVBM QFSGPSNBODF CPOVT

3FHJTUSBOU $POUSJCVUJPOT JO -BTU 'JTDBM :FBS $PMVNO $

5IF BNPVOUT SFQPSUFE JO DPMVNO $ JODMVEF DPNQBOZ DPOUSJCVUJPOT UP FBDI PG UIF OBNFE FYFDVUJWF PGGJDFScT G &YDFTT 4BWJOHT 1MBO BDDPVOUT 5IFTF BNPVOUT BMTP JODMVEF UIF WBMVF PG $-$T BOE $-1T UIBU WFTUFE EVSJOH UIF GJTDBM ZFBS DBMDVMBUFE VTJOH UIF CFHJOOJOH PG ZFBS $-$ BOE $-1 VOJU WBMVFT 4FF EFUBJMT PO $-$ BOE $-1 VOJU WBMVFT PO QBHF  5IF WBMVF PG $-$T BOE $-1T UIBU WFTUFE EVSJOH UIF GJTDBM ZFBS JT BMTP JODMVEFE JO DPMVNO ' PG UIF a4VNNBSZ $PNQFOTBUJPO 5BCMFb PO QBHF  5IF TQFDJGJD BNPVOUT JODMVEFE JO DPMVNO $ BSF TIPXO CFMPX

/BNF

3FHJTUSBOU $POUSJCVUJPO 7BMVF PG $-$T 7FTUFE JO 7 UP &YDFTT 4BWJOHT 1MBO -BTU ': 



7BMVF PG $-1T 7FTUFE 7 JO -BTU ': 

5PUBM 

" (PSTLZ

 



 

 

% $BSVTP

 



 

 

1 4UPGGFMT G

 



 

 

4 1FUFSTPO

 





 

+ %VBUP

 



 

 

"HHSFHBUF &BSOJOHT JO -BTU 'JTDBM :FBS $PMVNO %

5IF BNPVOUT SFQPSUFE JO DPMVNO % JODMVEF FBSOJOHT PO UIF &YFDVUJWF *ODPNF %FGFSSBM 1MBO BOE &YDFTT 4BWJOHT 1MBO JO BEEJUJPO UP UIF DIBOHF JO WBMVF PO BMM WFTUFE $-$T BOE $-1T BT PG UIF GJTDBM ZFBSFOE 4FF EFUBJMT PO $-$ BOE $-1 VOJU WBMVFT PO QBHF  5IF TQFDJGJD BNPVOUT JODMVEFE JO DPMVNO % BSF TIPXO CFMPX &BSOJOHT  -PTTFT

PO *ODPNF %FGFSSBM 1SPHSBN BOE &YDFTT 4BWJOHT 1MBO 

$IBOHF JO 7BMVF PO "MM 7FTUFE $-$T BU -BTU ':& 

$IBOHF JO 7BMVF PO "MM 7FTUFE $-1T BU -BTU ':& 

" (PSTLZ

 

 

 

 

% $BSVTP

 

 

 

  

1 4UPGGFMT G

 

 

 

 

 





 

 

 

 

 

/BNF

4 1FUFSTPO + %VBUP

5PUBM 

 1SPYZ 4UBUFNFOU  

"HHSFHBUF #BMBODF BU -BTU 'JTDBM :FBS&OE $PMVNO &

5IF BNPVOUT SFQPSUFE JO DPMVNO & JODMVEF UIF GVMM CBMBODF PG UIF &YFDVUJWF *ODPNF %FGFSSBM 1MBO BOE &YDFTT 4BWJOHT 1MBO GPS FBDI PG UIF OBNFE FYFDVUJWF PGGJDFST G 5IFTF BNPVOUT BMTP JODMVEF UIF GVMM WBMVF PG BMM WFTUFE $-$T BOE $-1T IFME CZ FBDI OBNFE FYFDVUJWF PGGJDFS G BT PG GJTDBM ZFBSFOE DBMDVMBUFE VTJOH UIF FOE PG ZFBS VOJU WBMVFT  4FF EFUBJMT PO $-$ BOE $-1 VOJU WBMVFT CFMPX 5IF TQFDJGJD BNPVOUT JODMVEFE JO DPMVNO & BSF TIPXO CFMPX 'VMM #BMBODF PG *ODPNF %FGFSSBM 1MBO BOE &YDFTT 4BWJOHT 1MBO 

'VMM 7BMVF PG "MM 7FTUFE $-$T BU -BTU ':& 

'VMM 7BMVF PG "MM 7FTUFE $-1T BU -BTU ':& 

" (PSTLZ

 

  

  

  

% $BSVTP

  

  

  

  

1 4UPGGFMT G

 

  

  

  

4 1FUFSTPO

 





 

+ %VBUP

 

  

  

  

/BNF

5PUBM 

&BDI PG UIF OBNFE FYFDVUJWF PGGJDFST G QBSUJDJQBUFT JO POF PS NPSF PG UIF GPMMPXJOH OPOUBY RVBMJGJFE EFGFSSFE DPNQFOTBUJPO QSPHSBNT &YDFTT 4BWJOHT 1MBO BMM OBNFE FYFDVUJWF PGGJDFST

G &YFDVUJWF *ODPNF %FGFSSBM 1MBO .S $BSVTP POMZ

BOE $-$ BOE $-1 1MBOT BMM OBNFE FYFDVUJWF PGGJDFST G FYDFQU .T 1FUFSTPO  +PIOTPO  +PIOTPOcT  L 4BWJOHT 1MBO QSPWJEFT B NBUDIJOH DPOUSJCVUJPO PG  PG CBTF TBMBSZ GPS FNQMPZFFT DPOUSJCVUJOH BU MFBTU  PG CBTF TBMBSZ #BTF TBMBSZ DPWFSFE VOEFS UIJT QMBO JT MJNJUFE CZ UIF *34 UP   JO   5IF &YDFTT 4BWJOHT 1MBO DSFEJUT BO VOGVOEFE BDDPVOU GPS FBDI JOEJWJEVBM XJUI  PG UIF BNPVOU PG UIF CBTF TBMBSZ JO FYDFTT PG UIF *34 MJNJU 5IF SBUF PG FBSOJOHT DSFEJUFE UP UIFTF &YDFTT 4BWJOHT 1MBO BDDPVOUT JT FRVBM UP BDUVBM FBSOJOHT JO UIF #BMBODFE 'VOE JOWFTUNFOU PQUJPO XJUIJO PVS  L 4BWJOHT 1MBO  JO   %JTUSJCVUJPO PG &YDFTT 4BWJOHT 1MBO BDDPVOU CBMBODFT XJMM CF NBEF BT B TJOHMF MVNQ TVN TJY NPOUIT BGUFS SFUJSFNFOU PS TFQBSBUJPO VOMFTT UIF QBSUJDJQBOU NBEF BO JSSFWPDBCMF EFGFSSBM PS JOTUBMMNFOU FMFDUJPO CFGPSF %FDFNCFS   6OEFS UIF &YFDVUJWF *ODPNF %FGFSSBM 1MBO UIF OBNFE FYFDVUJWF PGGJDFST G BSF FMJHJCMF UP EFGFS VQ UP  PG CBTF TBMBSZ BOE  PG QFSGPSNBODF CPOVT VOUJM UIFZ SFUJSF GSPN UIF DPNQBOZ %JTUSJCVUJPO PG BNPVOUT EFGFSSFE CFGPSF  DBO CFHJO VQ UP  ZFBST BGUFS TFQBSBUJPO PS SFUJSFNFOU BOE CF QBJE BT B MVNQ TVN PS JO VQ UP  BOOVBM JOTUBMMNFOUT 1BZNFOU PG BNPVOUT EFGFSSFE BGUFS  CFHJOT PO UIF MBUFS PG J TJY NPOUIT BGUFS SFUJSFNFOU PS JJ +BOVBSZ PG UIF ZFBS GPMMPXJOH SFUJSFNFOU %FGFSSFE BNPVOUT BSF DSFEJUFE XJUI FBSOJOHT FRVBM UP UIF BDUVBM SFUVSO PO UIF GPMMPXJOH JOWFTUNFOU PQUJPOT +PIOTPO  +PIOTPO $PNNPO 4UPDL 0OF:FBS : 5SFBTVSZ #JMMT PS UIF JOWFTUNFOU PQUJPOT XJUIJO PVS  L 4BWJOHT 1MBO 5IF BMMPDBUJPO BNPOH UIFTF PQUJPOT JT FMFDUFE CZ UIF FYFDVUJWF PGGJDFS G  'PS  UIF BHHSFHBUF SFUVSO PO PVS DPNNPO TUPDL GPS UIFTF QBSUJDJQBOUT XBT  /POF PG UIF OBNFE FYFDVUJWF PGGJDFST G IBE BNPVOUT BMMPDBUFE UP UIF 0OF :FBS 5SFBTVSZ #JMM PQUJPO JO  /P XJUIESBXBMT PS EJTUSJCVUJPOT XFSF NBEF UP BOZ PG UIF OBNFE FYFDVUJWF PGGJDFST G VOEFS BOZ PG PVS EFGJOFE DPOUSJCVUJPO PS OPOUBYRVBMJGJFE DPNQFOTBUJPO EFGFSSBM QMBOT JO 

%FUBJMT PO $-$ BOE $-1 6OJU 7BMVFT 6OJU 7BMVFT BOE $IBOHF JO 7BMVFT #FHJOOJOH PG :FBS 6OJU 7BMVF &OE PG :FBS 6OJU 7BMVF $IBOHF JO 6OJU 7BMVF

 1SPYZ 4UBUFNFOU  

$-$ 

$-1 













1PUFOUJBM 1BZNFOUT 6QPO 5FSNJOBUJPO &NQMPZFFT JODMVEJOH UIF OBNFE FYFDVUJWF PGGJDFST G BSF FOUJUMFE UP SFDFJWF FBSOFE BOE VOQBJE DPNQFOTBUJPO VQPO UFSNJOBUJPO PG FNQMPZNFOU "DDPSEJOHMZ VQPO BOZ UFSNJOBUJPO PG FNQMPZNFOU BT PG GJTDBM ZFBSFOE  UIF OBNFE FYFDVUJWF PGGJDFST G XPVME IBWF SFDFJWFE UIF GPMMPXJOH FYDFQU BT OPUFE  d &BSOFE CVU VOQBJE BOOVBM QFSGPSNBODF CPOVTFT GPS  BT TIPXO JO UIF a/PO&RVJUZ *ODFOUJWF 1MBO $PNQFOTBUJPOb UBCMF PO QBHFT  BOE  )PXFWFS JO DBTF PG JOWPMVOUBSZ UFSNJOBUJPO GPS DBVTF UIFTF BNPVOUT XPVME CF GPSGFJUFE d 7FT 7 UFE OPORVBMJGJFE EFGFSSFE DPNQFOTBUJPO CBMBODFT BT TIPXO JO UIF a/PO2VBMJGJFE %FGFSSFE $PNQFOTBUJPOb UBCMF PO QBHF  5IJT JODMVEFT UIF BDDPVOU CBMBODFT VOEFS UIF &YFDVUJWF *ODPNF %FGFSSBM 1MBO BOE &YDFTT 4BWJOHT 1MBO BOE UIF WBMVF PG WFTUFE $-$T BOE $-1T BT TIPXO JO UIF UBCMF PO QBHF  d 1FOTJPO CFOFGJUT BT EFTDSJCFE JO UIF a1FOTJPO #FOFGJUTb UBCMF BOE OPUFT PO QBHF  8F EP OPU IBWF BOZ DIBOHFJODPOUSPM BHSFFNFOUT PS BSSBOHFNFOUT JO QMBDF GPS BOZ PG PVS OBNFE FYFDVUJWF PGGJDFST G *O BEEJUJPO UIFSF BSF OP DIBOHFJODPOUSPM QSPWJTJPOT JO BOZ PG PVS DPNQFOTBUJPO QMBOT PS JOTUSVNFOUT *O BEEJUJPO UP UIF DPNQFOTBUJPO BOE CFOFGJUT EJTDVTTFE BCPWF UIF GPMMPXJOH UBCMF TIPXT UIF DPNQFOTBUJPO BOE CFOFGJUT UIBU XPVME IBWF CFFO EVF UP UIF OBNFE FYFDVUJWF PGGJDFST G IBE UIFJS FNQMPZNFOU UFSNJOBUFE BT PG GJTDBM ZFBSFOE  VOEFS UIF DJSDVNTUBODFT TIPXO CFMPX

/BNF " (PSTLZ

5ZQF PG 1BZNFOU

4 1FUFSTPO

+ %VBUP

%FBUI 

%JTBCJMJUZ 



  







 

 

 

 

&RVJUZ R Z *ODFOUJWFT

  

  



  

  

5PUBM

  

  

 

  

  



  







 

 

 

 

 

&RVJUZ R Z *ODFOUJWFT

  

  



  

  

5PUBM

  

$BTI 4FWFSBODF #FOFGJUT

G 1 4UPGGFMT

7PMVOUBSZ 5FSNJOBUJPO 

*OWPMVOUBSZ 5FSNJOBUJPO XJUI $BVTF 

 

$BTI 4FWFSBODF #FOFGJUT

% $BSVTP

*OWPMVOUBSZ 5FSNJOBUJPO 8JUIPVU $BVTF 

  

  

 

  

$BTI 4FWFSBODF



  







#FOFGJUT



 



 

 

&RVJUZ R Z *ODFOUJWFT







  

  

5PUBM



  



  

  

$BTI 4FWFSBODF



 







#FOFGJUT



 



 

 

&RVJUZ R Z *ODFOUJWFT







  

  

5PUBM



 



  

  

$BTI 4FWFSBODF



 







#FOFGJUT



 



 

 

&RVJUZ R Z *ODFOUJWFT







  

  

5PUBM



  



  

  

 1SPYZ 4UBUFNFOU  

$BTI 4FWFSBODF 0VS OBNFE FYFDVUJWF PGGJDFST G BSF DPWFSFE CZ PVS 4FWFSBODF 1BZ 1MBO UIBU QSPWJEFT TFQBSBUJPO CFOFGJUT UP DFSUBJO GVMMUJNF 64 FNQMPZFFT XIP BSF JOWPMVOUBSJMZ UFSNJOBUFE 5IJT DPWFSBHF QSPWJEFT GPS UXP XFFLT CBTF TBMBSZ GPS FBDI ZFBS PG TFSWJDF XJUI DFSUBJO HVBSBOUFFE NJOJNVNT CBTFE PO MFWFM 5IF TFWFSBODF JT QBJE BDDPSEJOH UP PVS OPSNBM QBZSPMM DZDMF BOE JT OPU BWBJMBCMF BT B MVNQ TVN QBZNFOU 5IF GPMMPXJOH UBCMF QSPWJEFT EFUBJM XJUI UIF SFTQFDU UP UIF a$BTI 4FWFSBODFb BNPVOUT JO UIF QSFDFEJOH UBCMF

" (PSTLZ

4BMBSZ 3BUF BT PG 'JTDBM :FBS &OE 

  







5PUBM "NPVOU PG $BTI 4FWFSBODF 

   

% $BSVTP

 









  

1 4UPGGFMT G

  









  

/BNF

:FBST PG &MJHJCMF :FBST 4FSWJDF 

8FFLT PGG #BTF 4BMBSZ $POUUJOVBUJPO "DDSVFE 

.JOJNVN 

'JOBM 

4 1FUFSTPO

 









 

+ %VBUP

 









 

#FOFGJUT 5IF CFOFGJUT BNPVOUT SFQSFTFOU UIF QSFTFOU WBMVF PG DPOUJOVFE IFBMUIDBSF DPWFSBHF QPTU UFSNJOBUJPO 6QPO UFSNJOBUJPO PG FNQMPZNFOU UIF OBNFE FYFDVUJWF PGGJDFST G XPVME SFDFJWF UIF TBNF DPOUJOVFE IFBMUIDBSF DPWFSBHF QPTU UFSNJOBUJPO QSPWJEFE UP BMM PUIFS OPOVOJPO 64 FNQMPZFFT 5IF WBMVFT JO UIF UBCMF WBSZ CBTFE VQPO UIF UFSNJOBUJPO DJSDVNTUBODFT BT GPMMPXT d 7PM 7 VOUBSZ 5FSNJOBUJPO BOE *OWPMVOUBSZ 5FSNJOBUJPO 8JUI $BVTF d /PU B 3FUJSFNFOU &NQMPZFFT UIBU UFSNJOBUF WPMVOUBSJMZ PS BSF UFSNJOBUFE GPS DBVTF BSF OPU FMJHJCMF UP SFDFJWF IFBMUIDBSF DPWFSBHF QPTU UFSNJOBUJPO d 3FUJSFNFOU &NQMPZFFT BSF FMJHJCMF UP SFDFJWF SFUJSFF IFBMUIDBSF DPWFSBHF QPTU UFSNJOBUJPO *O PSEFS UP CF DPOTJEFSFE SFUJSFNFOUFMJHJCMF BT JU QFSUBJOT UP SFUJSFF IFBMUIDBSF DPWFSBHF BO FNQMPZFF NVTU IBWF BUUBJOFE BHF  BOE IBWF BU MFBTU UFO ZFBST PG TFSWJDF .FTTST (PSTLZ BOE $BSVTP BSF DPOTJEFSFE SFUJSFNFOUFMJHJCMF BT JU QFSUBJOT UP SFUJSFF IFBMUIDBSF DPWFSBHF d *OWPMVOUBSZ 5FSNJOBUJPO 8JUIPVU $BVTF d &NQMPZFFT BSF FMJHJCMF UP SFDFJWF BDUJWFFNQMPZFF IFBMUIDBSF DPWFSBHF EVSJOH UIFJS DBTI TFWFSBODF QFSJPE VQ UP B NBYJNVN PG  XFFLT d &NQMPZFFT UIBU BSF CFUXFFO UIF BHF  BOE  XJUI BU MFBTU UFO ZFBST PG TFSWJDF BU UIF UJNF PG UFSNJOBUJPO BSF FMJHJCMF UP SFDFJWF TFQBSBUJPO IFBMUIDBSF DPWFSBHF CFHJOOJOH PO UIF FBSMJFS PG UIF FYQJSBUJPO PG UIFJS DBTI TFWFSBODF QFSJPE PS  XFFLT BGUFS UFSNJOBUJPO BOE DPOUJOVJOH VOUJM UIFZ IBWF BUUBJOFE BHF  %S 4UPGGFMT G BOE .S %VBUP BSF DPOTJEFSFE FMJHJCMF GPS TFQBSBUJPO IFBMUIDBSF DPWFSBHF d &NQMPZFFT UIBU BSF DPOTJEFSFE SFUJSFNFOUFMJHJCMF BSF BCMF UP SFDFJWF SFUJSFF IFBMUIDBSF DPWFSBHF BGUFS UIFJS DBTI TFWFSBODF QFSJPE FYQJSFT .FTTST (PSTLZ BOE $BSVTP BSF DPOTJEFSFE SFUJSFNFOUFMJHJCMF BT JU QFSUBJOT UP SFUJSFF IFBMUIDBSF DPWFSBHF d %FBUI &NQMPZFFTc EFQFOEFOUT BSF FMJHJCMF UP SFDFJWF BDUJWFFNQMPZFF IFBMUIDBSF DPWFSBHF GPS TJY NPOUIT BGUFS UFSNJOBUJPO d %JTBCJMJUZ &NQMPZFFT BSF FMJHJCMF UP SFDFJWF BDUJWFFNQMPZFF IFBMUIDBSF DPWFSBHF XIJMF PO MPOHUFSN EJTBCJMJUZ

 1SPYZ 4UBUFNFOU  

5IF GPMMPXJOH UBCMF QSPWJEFT EFUBJM XJUI UIF SFTQFDU UP UIF a#FOFGJUTb QSPWJEFE JO UIF QSFDFEJOH UBCMF

#FOFGJUT

&MJHJCJMJUZ

3FUJSFF )FBMUIDBSF $PWFSBHF

&NQMPZFFT BHF  XJUI UFO ZFBST PG TFSWJDF

4FQBSBUJPO )FBMUIDBSF $PWFSBHF

&NQMPZFFT CFUXFFO BHFT  BOE  XJUI UFO ZFBST PG TFSWJDF

"DUJWFFNQMPZFF )FBMUIDBSF $PWFSBHF

"MM &NQMPZFFT

7PMVOUBSZ 5FSNJOBUJPO c

*OWPMVOUBSZ 5FSNJOBUJPO 8JUIPVU $BVTF c

*OWPMVOUBSZ 5FSNJOBUJPO XJUI $BVTF c

%FBUI

%JTBCJMJUZ

c $PWFSBHF GPS %FQFOEFOUT

c

c $PWFSBHF GPS %FQFOEFOUT GPS  NPOUIT

c 8IJMF PO -5%

c

c 8IJMF PO TFWFSBODF  VQ UP  XFFLT

&RVJUZ *ODFOUJWFT 5IF BNPVOU JO UIF UBCMF SFGMFDUT UIF WBMVF PG VOWFTUFE FRVJUZ JODFOUJWFT BT PG GJTDBM ZFBSFOE  BT TIPXO JO UIF a0VUTUBOEJOH &RVJUZ "XBSET BU 'JTDBM :FBS&OEb UBCMF PO QBHFT  BOE  5IF WBMVFT JO UIF UBCMF WBSZ CBTFE VQPO UIF UFSNJOBUJPO DJSDVNTUBODFT BT GPMMPXT d 7PMVOUBSZ 7 5FSNJOBUJPO BOE *OWPMVOUBSZ 5FSNJOBUJPO 8JUIPVU $BVTF d /PU B 3FUJSFNFOU "MM VOWFTUFE FRVJUZ JODFOUJWFT XPVME CF GPSGFJUFE 7FTUFE PQUJPOT XPVME SFNBJO FYFSDJTBCMF GPS UISFF NPOUIT d 3FUJSFNFOU "MM FRVJUZ JODFOUJWFT XPVME SFNBJO JO FGGFDU G BOE CFDPNF WFTUFE PO UIFJS OPSNBM WFTUJOH EBUFT 0QUJPOT XPVME SFNBJO FYFSDJTBCMF GPS UIFJS SFNBJOJOH UFSNT *O PSEFS UP CF DPOTJEFSFE SFUJSFNFOUFMJHJCMF BT JU QFSUBJOT UP FRVJUZ JODFOUJWFT BO FNQMPZFF NVTU IBWF BUUBJOFE BHF  BOE IBWF BU MFBTU UFO ZFBST PG TFSWJDF XJUI BU MFBTU GJWF DPOTFDVUJWF ZFBST PG TFSWJDF JNNFEJBUFMZ CFGPSF UIF EBUF PG UFSNJOBUJPO PS IBWF BUUBJOFE BHF  .FTTST (PSTLZ BOE $BSVTP BSF DPOTJEFSFE SFUJSFNFOUFMJHJCMF BT JU QFSUBJOT UP FRVJUZ JODFOUJWFT d *OWPMVOUBSZ 5FSNJOBUJPO 8JUI $BVTF "MM WFTUFE BOE VOWFTUFE FRVJUZ BXBSET XPVME CF GPSGFJUFE d %FBUI BOE %JTBCJMJUZ "MM FRVJUZ JODFOUJWFT XPVME CFDPNF WFTUFE VQPO UFSNJOBUJPO EVF UP EFBUI PS EJTBCJMJUZ 0QUJPOT XPVME SFNBJO FYFSDJTBCMF GPS UIFJS SFNBJOJOH UFSNT

 1SPYZ 4UBUFNFOU  

*UFN  3FBQQSPWBM PG UIF .BUFSJBM 5FSNT PG 1FSGPSNBODF (PBMT 6OEFS UIF  -POH 5FSN *ODFOUJWF 1MBO 3&$0..&/%"5*0/ "  07&37*&8 3 5IF #PBSE PG %JSFDUPST SFDPNNFOET B WPUF '03 SFBQQSPWBM PG UIF NBUFSJBM UFSNT PG UIF QFSGPSNBODF HPBMT VOEFS PVS  -POH5FSN 5 *ODFOUJWF 1MBO UIF b1MBOc JO PSEFS UP BMMPX GPS DFSUBJO BXBSET VOEFS UIF 1MBO UP RVBMJGZ BT UBYEFEVDUJCMF bQFSGPSNBODFCBTFE DPNQFOTBUJPOc BT EFTDSJCFE JO UIJT *UFN  5IF #PBSE CFMJFWFT PVS BCJMJUZ UP HSBOU FRVJUZCBTFE BXBSET UIBU RVBMJGZ BT bQFSGPSNBODFCBTFEc VOEFS 4FDUJPO  N PG UIF *OUFSOBM 3FWFOVF $PEF UIF b$PEFc JT JNQPSUBOU UP FOIBODJOH TIBSFIPMEFS WBMVF d 5IF 1MBO BQQSPWFE CZ TIBSFIPMEFST JO  QSPWJEFT GPS UIF HSBOU PG JODFOUJWF TUPDL PQUJPOT OPORVBMJGJFE TUPDL PQUJPOT TUPDL BQQSFDJBUJPO SJHIUT SFTUSJDUFE TIBSFT SFTUSJDUFE TIBSF VOJUT QFSGPSNBODF TIBSFT BOE QFSGPSNBODF TIBSF VOJUT UP PVS FNQMPZFFT BOE OPOFNQMPZFF EJSFDUPST d *O PSEFS UP BMMPX GPS BXBSET VOEFS UIF 1MBO UP RVBMJGZ BT UBYEFEVDUJCMF aQFSGPSNBODFCBTFE DPNQFOTBUJPOb VOEFS 4FDUJPO  N PG UIF $PEF XF BSF BTLJOH TIBSFIPMEFST UP SFBQQSPWF UIF NBUFSJBM UFSNT PG UIF QFSGPSNBODF HPBMT VOEFS UIF 1MBO 5IFSF DBO CF OP HVBSBOUFF IPXFWFS UIBU BNPVOUT QBZBCMF VOEFS UIF 1MBO XJMM CF USFBUFE BT RVBMJGJFE aQFSGPSNBODFCBTFE DPNQFOTBUJPOb VOEFS 4FDUJPO  N  d :PV : BSF OPU CFJOH BTLFE UP BQQSPWF BOZ BNFOENFOU UP UIF 1MBO PS UP BQQSPWF UIF 1MBO JUTFMG 5IFTF UFSNT BSF UIF TBNF BT UIPTF UIBU UIF TIBSFIPMEFST QSFWJPVTMZ BQQSPWFE JO  d "QQSPWBM PG UIJT *UFN  XJMM OPU JODSFBTF UIF OVNCFS PG TIBSFT BWBJMBCMF GPS JTTVBODF VOEFS UIF 1MBO PS PUIFSXJTF JODSFBTF UIF QPUFOUJBM EJMVUJPO UP TIBSFIPMEFST BT B SFTVMU PG UIF 1MBO

4FDUJPO  N PG UIF $PEF 5IF #PBSE CFMJFWFT UIBU JU JT JO UIF CFTU JOUFSFTUT PG UIF DPNQBOZ BOE JUT TIBSFIPMEFST UP DPOUJOVF UP QSPWJEF GPS BO FRVJUZ JODFOUJWF QMBO VOEFS XIJDI DPNQFOTBUJPO BXBSET DBO CF NBEF UP PVS FYFDVUJWF PGGJDFST G UIBU BSF JOUFOEFE UP RVBMJGZ GPS EFEVDUJCJMJUZ CZ UIF DPNQBOZ GPS GFEFSBM JODPNF UBY QVSQPTFT *O HFOFSBM VOEFS 4FDUJPO  N

JO PSEFS GPS UIF DPNQBOZ UP CF BCMF UP EFEVDU DPNQFOTBUJPO JO FYDFTT PG    QBJE JO BOZ POF ZFBS UP PVS DIJFG FYFDVUJWF PGGJDFS G PS BOZ PG PVS UISFF PUIFS NPTU IJHIMZ DPNQFOTBUFE FYFDVUJWF PGGJDFST G PUIFS UIBO PVS DIJFG GJOBODJBM PGGJDFS

G TVDI DPNQFOTBUJPO NVTU RVBMJGZ BT aQFSGPSNBODFCBTFEb 0OF PG UIF SFRVJSFNFOUT PG aQFSGPSNBODFCBTFE DPNQFOTBUJPOb GPS QVSQPTFT PG 4FDUJPO  N JT UIBU UIF NBUFSJBM UFSNT PG UIF QFSGPSNBODF HPBMT VOEFS XIJDI DPNQFOTBUJPO NBZ CF QBJE CF EJTDMPTFE UP BOE BQQSPWFE CZ UIF DPNQBOZcT TIBSFIPMEFST BU MFBTU PODF FWFSZ GJWF ZFBST 'PS QVSQPTFT PG 4FDUJPO  N

UIF NBUFSJBM UFSNT JODMVEF J UIF FNQMPZFFT FMJHJCMF UP SFDFJWF DPNQFOTBUJPO JJ B EFTDSJQUJPO PG UIF CVTJOFTT DSJUFSJB PO XIJDI UIF QFSGPSNBODF HPBM JT CBTFE BOE JJJ UIF NBYJNVN BNPVOU PG DPNQFOTBUJPO UIBU DBO CF QBJE UP BO FNQMPZFF VOEFS UIF QFSGPSNBODF HPBM 8JUI SFTQFDU UP UIF WBSJPVT UZQFT PG BXBSET VOEFS UIF 1MBO FBDI PG UIFTF BTQFDUT JT EJTDVTTFE CFMPX BOE BT OPUFE BCPWF TIBSFIPMEFST BSF CFJOH BTLFE VOEFS UIJT QSPQPTBM UP BQQSPWF FBDI PG UIFTF BTQFDUT PG UIF 1MBO GPS QVSQPTFT PG UIF BQQSPWBM SFRVJSFNFOUT PG 4FDUJPO  N  *G PVS TIBSFIPMEFST EP OPU BQQSPWF UIF NBUFSJBM UFSNT PG UIF QFSGPSNBODF HPBMT VOEFS UIF 1MBO UIFSF XJMM CF OP JNQBDU PO UIF UFSNT PG UIF 1MBO 5IF 1MBO XJMM DPOUJOVF UP SFNBJO JO FYJTUFODF BOE BXBSET NBZ DPOUJOVF UP CF NBEF JO BDDPSEBODF XJUI UIF UFSNT PG UIF 1MBO

'PS B TVNNBSZ PG UIF NBUFSJBM UFSNT PG UIF 1MBO TFF UIF 1MBO 4VNNBSZ CFMPX

 1SPYZ 4UBUFNFOU  

1-"/ 46.."3: 3 5IF GPMMPXJOH TVNNBSZ PG UIF NBUFSJBM UFSNT PG UIF 1MBO BSF RVBMJGJFE JO UIFJS FOUJSFUZ CZ SFGFSFODF UP UIF GVMM UFYU PG UIF 1MBO XIJDI JT BUUBDIFE BT "QQFOEJY QQ " UP UIJT 1SPYZ 4UBUFNFOU

"ENJOJTUSBUJPO 5IF 1MBO JT BENJOJTUFSFE CZ UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF PG UIF #PBSE UIF a$PNNJUUFFb

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

1BSUJDJQBOUT %JSFDUPST UIBU BSF BMTP PVS FNQMPZFFT PS FNQMPZFFT PG PVS EPNFTUJD TVCTJEJBSJFT PVS OPOFNQMPZFF EJSFDUPST BOE UIPTF PG BOZ PG PVS TVCTJEJBSJFT PS BGGJMJBUFT G a/PO&NQMPZFF %JSFDUPSTb

PVS FNQMPZFFT BOE UIPTF PG PVS EPNFTUJD TVCTJEJBSJFT JODMVEJOH PVS FYFDVUJWF PGGJDFST

G FNQMPZFFT PG JOUFSOBUJPOBM TVCTJEJBSJFT BOE KPJOU WFOUVSF PQFSBUJPOT PG +PIOTPO  +PIOTPO BOE JUT TVCTJEJBSJFT BOE FNQMPZFFT PG KPJOU WFOUVSF QBSUOFST XIP BSF BTTJHOFE UP BOZ TVDI KPJOU WFOUVSFT BSF FMJHJCMF GPS TFMFDUJPO CZ UIF BENJOJTUSBUPS GPS UIF HSBOU PG BXBSET VOEFS UIF 1MBO 0QUJPOT JOUFOEJOH UP RVBMJGZ BT aJODFOUJWF TUPDL PQUJPOTb a*40Tb XJUIJO UIF NFBOJOH PG 4FDUJPO  PG UIF $PEF NBZ POMZ CF HSBOUFE UP PVS FNQMPZFFT BOE UIPTF PG PVS TVCTJEJBSJFT "T PG +BOVBSZ   BQQSPYJNBUFMZ   FNQMPZFFT BOE  /PO&NQMPZFF %JSFDUPST RVBMJGJFE GPS QBSUJDJQBUJPO JO UIF 1MBO

4IBSFT 4VCKFDU UP UIF 1MBO BOE UP "XBSET 5IF UPUBM OVNCFS PG TIBSFT PG PVS DPNNPO TUPDL UIBU NBZ CF EFMJWFSFE QVSTVBOU UP BXBSET VOEFS UIF 1MBO JT    QMVT BOZ TIBSFT PG DPNNPO TUPDL UIBU XFSF TVCKFDU UP PVUTUBOEJOH BXBSET VOEFS UIF +PIOTPO  +PIOTPO  -POH5FSN 5 *ODFOUJWF 1MBO UIF a1SJPS 1MBOb BT PG "QSJM   UIBU BSF TVCTFRVFOUMZ DBODFMFE FYQJSFE GPSGFJUFE PS PUIFSXJTF OPU JTTVFE VOEFS B 1SJPS 1MBO BXBSE PS TFUUMFE JO DBTI "OZ TIBSFT JTTVFE VOEFS PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT XJMM CF DPVOUFE BHBJOTU UIF OVNCFS PG TIBSFT JTTVBCMF VOEFS UIF 1MBO PO B POFGPSPOF CBTJT BOE BOZ TIBSFT JTTVFE QVSTVBOU UP BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT XJMM CF DPVOUFE BHBJOTU UIJT MJNJU BT  TIBSFT PG DPNNPO TUPDL GPS FWFSZ POF  TIBSF PG DPNNPO TUPDL TVCKFDU UP TVDI BXBSE 4IBSFT PG DPNNPO TUPDL TVCKFDU UP 1SJPS 1MBO BXBSET UIBU BGUFS "QSJM   BSF DBODFMFE FYQJSFE GPSGFJUFE PS PUIFSXJTF OPU JTTVFE VOEFS UIF 1SJPS 1MBO BXBSE PS TFUUMFE JO DBTI XJMM CF BEEFE UP UIF OVNCFS PG TIBSFT PG DPNNPO TUPDL JTTVBCMF VOEFS UIF 1MBO BT POF  TIBSF PG DPNNPO TUPDL JG TVDI TIBSFT XFSF TVCKFDU UP PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1SJPS 1MBO BOE BT  TIBSFT PG DPNNPO TUPDL JG TVDI TIBSFT XFSF TVCKFDU UP BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1SJPS 1MBO 4VDI TIBSFT NBZ CF FJUIFS BVUIPSJ[FE CVU VOJTTVFE TIBSFT USFBTVSZ TIBSFT PS TIBSFT BDRVJSFE PO UIF PQFO NBSLFU 5IF BHHSFHBUF OVNCFS PG TIBSFT JTTVFE VOEFS UIF 1MBO BU BOZ UJNF NBZ POMZ FRVBM UIF OVNCFS PG TIBSFT BDUVBMMZ JTTVFE VQPO FYFSDJTF PS TFUUMFNFOU PG BO BXBSE BOE TIBSFT TVCKFDU UP BXBSET UIBU IBWF CFFO DBODFMFE FYQJSFE GPSGFJUFE PS PUIFSXJTF OPU JTTVFE VOEFS BO BXBSE BOE TIBSFT TVCKFDU UP BXBSET TFUUMFE JO DBTI XJMM CF BWBJMBCMF GPS EFMJWFSZ JO DPOOFDUJPO XJUI GVUVSF BXBSET VOEFS UIF 1MBO QSPWJEFE IPXFWFS UIBU J TIBSFT TVCKFDU UP B TUPDLTFUUMFE TUPDL BQQSFDJBUJPO SJHIU UIBU XFSF OPU JTTVFE VQPO UIF OFU TFUUMFNFOU PS OFU FYFSDJTF PG TVDI TUPDL BQQSFDJBUJPO SJHIU JJ TIBSFT EFMJWFSFE UP PS XJUIIFME CZ PVS DPNQBOZ UP QBZ UIF FYFSDJTF QSJDF PG BO PQUJPO JJJ TIBSFT EFMJWFSFE UP PS XJUIIFME CZ PVS DPNQBOZ UP QBZ UIF XJUIIPMEJOH UBYFT SFMBUFE UP BO PQUJPO PS TUPDL BQQSFDJBUJPO SJHIU PS JW TIBSFT SFQVSDIBTFE PO UIF PQFO NBSLFU XJUI DBTI QSPDFFET GSPN UIF FYFSDJTF PG BO PQUJPO XJMM SFEVDF UIF UPUBM OVNCFS PG TIBSFT BWBJMBCMF GPS EFMJWFSZ VOEFS UIF 1MBO "OZ TIBSFT UIBU BHBJO CFDPNF BWBJMBCMF GPS HSBOU XJMM CF BEEFE CBDL BT POF  TIBSF PG DPNNPO TUPDL JG TVDI TIBSFT XFSF TVCKFDU UP PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT BOE  TIBSFT PG DPNNPO TUPDL JG TVDI TIBSFT XFSF TVCKFDU UP BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1MBO PS UIF 1SJPS 1MBO "OZ TIBSFT EFMJWFSFE VOEFS UIF 1MBO VQPO FYFSDJTF PS TBUJTGBDUJPO PG B TVCTUJUVUF BXBSE JO DPOOFDUJPO XJUI BOZ BDRVJTJUJPO NFSHFS DPOTPMJEBUJPO PS PUIFSXJTF XJMM OPU SFEVDF UIF TIBSFT BWBJMBCMF GPS EFMJWFSZ VOEFS UIF 1MBO 5IF BHHSFHBUF OVNCFS PG TIBSFT BWBJMBCMF GPS HSBOU VOEFS UIF 1MBO BOE UIF OVNCFS PG TIBSFT TVCKFDU UP PVUTUBOEJOH BXBSET JT TVCKFDU UP BEKVTUNFOU VQPO B DIBOHF JO PVS DBQJUBMJ[BUJPO 5IF NBYJNVN BHHSFHBUF OVNCFS PG TIBSFT TVCKFDU UIBU NBZ CF HSBOUFE QVSTVBOU UP PQUJPOT BOE TUPDL BQQSFDJBUJPO SJHIUT EVSJOH BOZ DBMFOEBS ZFBS UP BOZ POF QBSUJDJQBOU JT      TIBSFT JO UIF DBTF PG B /PO&NQMPZFF %JSFDUPS  5IF NBYJNVN BHHSFHBUF OVNCFS PG TIBSFT UIBU NBZ CF HSBOUFE TVCKFDU UP BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT EVSJOH BOZ DBMFOEBS ZFBS UP BOZ POF QBSUJDJQBOU JT     TIBSFT JO UIF DBTF PG B /PO&NQMPZFF %JSFDUPS  5IF NBYJNVN OVNCFS PG TIBSFT VOEFS BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT UIBU NBZ CF HSBOUFE UP BOZ POF QBSUJDJQBOU GPS B QFSGPSNBODF QFSJPE MBTUJOH MPOHFS UIBO POF DBMFOEBS ZFBS NBZ OPU FYDFFE UIF GPSFHPJOH BOOVBM NBYJNVN NVMUJQMJFE CZ UIF OVNCFS PG GVMM GJTDBM ZFBST JO UIF QFSGPSNBODF QFSJPE 5IF NBYJNVN BHHSFHBUF OVNCFS PG TIBSFT UIBU NBZ CF JTTVFE QVSTVBOU UP UIF FYFSDJTF PG JODFOUJWF TUPDL PQUJPOT JT   

 1SPYZ 4UBUFNFOU  

0QUJPO "XBSET 5IF BENJOJTUSBUPS FTUBCMJTIFT UIF FYFSDJTF QSJDF QFS TIBSF VOEFS FBDI PQUJPO XIJDI PUIFS UIBO JO UIF FWFOU PG PQUJPOT HSBOUFE JO DPOOFDUJPO XJUI B NFSHFS PS PUIFS BDRVJTJUJPO NBZ OPU CF MFTT UIBO UIF GBJS NBSLFU WBMVF PG B TIBSF PO UIF EBUF UIF PQUJPO JT HSBOUFE 5IF BENJOJTUSBUPS FTUBCMJTIFT UIF UFSN PG FBDI PQUJPO XIJDI JO OP DBTF NBZ FYDFFE B QFSJPE PG UFO  ZFBST GSPN UIF EBUF PG HSBOU 0QUJPOT HSBOUFE VOEFS UIF 1MBO NBZ FJUIFS CF *ODFOUJWF 4UPDL 0QUJPOT a*40Tb PS PQUJPOT XIJDI BSF OPU JOUFOEFE UP RVBMJGZ BT *40T PS OPORVBMJGJFE TUPDL PQUJPOT a/240Tb  0UIFS UIBO JO DPOOFDUJPO XJUI B DIBOHF JO PVS DBQJUBMJ[BUJPO BU BOZ UJNF XIFO UIF FYFSDJTF QSJDF PG BO PQUJPO JT BCPWF UIF GBJS NBSLFU WBMVF PG B TIBSF XF XJMM OPU XJUIPVU TIBSFIPMEFS BQQSPWBM SFEVDF UIF FYFSDJTF QSJDF PG TVDI PQUJPO BOE NBZ OPU FYDIBOHF TVDI PQUJPO GPS DBTI PS B OFX BXBSE XJUI B MPXFS PS OP FYFSDJTF QSJDF

4UPDL "QQSFDJBUJPO 3JHIUT " TUPDL BQQSFDJBUJPO SJHIU QSPWJEFT UIF SJHIU UP UIF NPOFUBSZ FRVJWBMFOU PG UIF JODSFBTF JO WBMVF PG B TQFDJGJFE OVNCFS PG UIF TIBSFT PWFS B TQFDJGJFE QFSJPE PG UJNF BGUFS UIF SJHIU JT HSBOUFE 4UPDL BQQSFDJBUJPO SJHIUT NBZ CF HSBOUFE UP QBSUJDJQBOUT FJUIFS JO UBOEFN XJUI PS BT B DPNQPOFOU PG PUIFS BXBSET HSBOUFE VOEFS UIF 1MBO aUBOEFN 4"3Tb PS OPU JO DPOKVODUJPO XJUI PUIFS BXBSET aGSFFTUBOEJOH 4"3Tb  "MM GSFFTUBOEJOH 4"3T XJMM CF HSBOUFE TVCKFDU UP UIF TBNF UFSNT BOE DPOEJUJPOT BQQMJDBCMF UP PQUJPOT BT TFU GPSUI BCPWF BOE JO UIF 1MBO BOE BMM UBOEFN 4"3T XJMM IBWF UIF TBNF FYFSDJTF QSJDF WFTUJOH FYFSDJTBCJMJUZ GGPSGFJUVSF BOE UFSNJOBUJPO QSPWJTJPOT BT UIF BXBSE UP XIJDI UIFZ SFMBUF 0UIFS UIBO JO DPOOFDUJPO XJUI B DIBOHF JO PVS DBQJUBMJ[BUJPO BU BOZ UJNF XIFO UIF FYFSDJTF QSJDF PG B TUPDL BQQSFDJBUJPO SJHIU JT BCPWF UIF GBJS NBSLFU WBMVF PG B TIBSF XF XJMM OPU XJUIPVU TIBSFIPMEFS BQQSPWBM SFEVDF UIF FYFSDJTF QSJDF PG TVDI TUPDL BQQSFDJBUJPO SJHIU BOE NBZ OPU FYDIBOHF TVDI TUPDL BQQSFDJBUJPO SJHIU GPS DBTI PS B OFX BXBSE XJUI B MPXFS PS OP FYFSDJTF QSJDF

3FTUSJDUFE 4IBSFT BOE 3FTUSJDUFE 4IBSF 6OJUT "O BXBSE PG SFTUSJDUFE TIBSFT JT BO BXBSE PS JTTVBODF PG TIBSFT UIF HSBOU JTTVBODF SFUFOUJPO WFTUJOH BOEPS USBOTGFSBCJMJUZ PG XIJDI JT TVCKFDU EVSJOH TQFDJGJFE QFSJPET PG UJNF UP DPOEJUJPOT JODMVEJOH DPOUJOVFE FNQMPZNFOU PS QFSGPSNBODF DPOEJUJPOT BOE UFSNT BT UIF BENJOJTUSBUPS EFFNT BQQSPQSJBUF 3FTUSJDUFE TIBSF VOJUT BSF BXBSET EFOPNJOBUFE JO VOJUT PG TIBSFT VOEFS XIJDI UIF JTTVBODF PG TIBSFT JT TVCKFDU UP DPOEJUJPOT JODMVEJOH DPOUJOVFE FNQMPZNFOU PS QFSGPSNBODF DPOEJUJPOT BOE UFSNT BT UIF BENJOJTUSBUPS EFFNT BQQSPQSJBUF 1BSUJDJQBOUT IPMEJOH SFTUSJDUFE TIBSFT HSBOUFE VOEFS UIF 1MBO NBZ FYFSDJTF GVMM WPUJOH SJHIUT XJUI SFTQFDU UP UIPTF TIBSFT EVSJOH UIF QFSJPE PG SFTUSJDUJPO 1BSUJDJQBOUT XJMM IBWF OP WPUJOH SJHIUT XJUI SFTQFDU UP TIBSFT VOEFSMZJOH SFTUSJDUFE TIBSF VOJUT VOMFTT BOE VOUJM TVDI TIBSFT BSF SFGMFDUFE BT JTTVFE BOE PVUTUBOEJOH TIBSFT PO PVS TUPDL MFEHFS 1BSUJDJQBOUT JO XIPTF OBNF SFTUSJDUFE TIBSFT BSF HSBOUFE XJMM CF FOUJUMFE UP SFDFJWF BMM EJWJEFOET BOE PUIFS EJTUSJCVUJPOT QBJE XJUI SFTQFDU UP UIPTF TIBSFT VOMFTT EFUFSNJOFE PUIFSXJTF CZ UIF BENJOJTUSBUPS

1FSGPSNBODF 4IBSFT BOE 1FSGPSNBODF 4IBSF 6OJUT 1FSGPSNBODF TIBSFT BOE QFSGPSNBODF TIBSF VOJUT QSPWJEF UIF PQQPSUVOJUZ UP SFDFJWF TIBSFT VQPO UIF BUUBJONFOU PG QFSGPSNBODF BOEPS TBUJTGBDUJPO PG PUIFS UFSNT BOE DPOEJUJPOT EFUFSNJOFE CZ UIF BENJOJTUSBUPS 1FSGPSNBODF TIBSFT BOEPS QFSGPSNBODF TIBSF VOJUT XJMM CF FBSOFE CBTFE PO UIF BDIJFWFNFOU PS TBUJTGBDUJPO PG UIF DPSSFTQPOEJOH QFSGPSNBODF HPBMT BOEPS PUIFS UFSNT BOE DPOEJUJPOT 1BSUJDJQBOUT SFDFJWJOH QFSGPSNBODF TIBSFT PS QFSGPSNBODF TIBSF VOJUT XJMM POMZ IBWF UIF SJHIUT PG B TIBSFIPMEFS JODMVEJOH UIF SJHIU UP EJWJEFOET QBJE JO SFTQFDU PG TIBSFT TVCKFDU UP TVDI BXBSET XJUI SFTQFDU UP TIBSFT PG DPNNPO TUPDL JG BOZ BDUVBMMZ SFDFJWFE CZ UIF QBSUJDJQBOU VQPO TBUJTGBDUJPO PS BDIJFWFNFOU PG UIF UFSNT BOE DPOEJUJPOT PG TVDI BXBSE BOE OPU XJUI SFTQFDU UP TIBSFT TVCKFDU UP UIF BXBSE CVU OPU BDUVBMMZ JTTVFE UP UIF QBSUJDJQBOU 1BSUJDJQBOUT IPMEJOH QFSGPSNBODF TIBSFT HSBOUFE VOEFS UIF 1MBO NBZ FYFSDJTF GVMM WPUJOH SJHIUT XJUI SFTQFDU UP UIPTF TIBSFT EVSJOH UIF QFSJPE PG SFTUSJDUJPO 1BSUJDJQBOUT XJMM IBWF OP WPUJOH SJHIUT XJUI SFTQFDU UP TIBSFT VOEFSMZJOH QFSGPSNBODF TIBSF VOJUT VOMFTT BOE VOUJM TVDI TIBSFT BSF SFGMFDUFE BT JTTVFE BOE PVUTUBOEJOH TIBSFT PO PVS TUPDL MFEHFS

%FGFSSBM PG (BJOT 4VCKFDU UP UIF UFSNT PG UIF 1MBO UIF BENJOJTUSBUPS NBZ QSPWJEF GPS UIF EFGFSSFE EFMJWFSZ PG TIBSFT PS QBZNFOU PG DBTI BT BQQMJDBCMF VQPO TFUUMFNFOU WFTUJOH PS PUIFS FWFOUT XJUI SFTQFDU UP SFTUSJDUFE TIBSF PS SFTUSJDUFE TIBSF VOJUT PS QFSGPSNBODF TIBSFT PS QFSGPSNBODF TIBSF VOJUT

2VBMJGZJOH 1FSGPSNBODF $SJUFSJB 5IF BENJOJTUSBUPS NBZ FTUBCMJTI QFSGPSNBODF DSJUFSJB BOE MFWFM PG BDIJFWFNFOU WFSTVT TVDI DSJUFSJB UIBU XJMM EFUFSNJOF UIF OVNCFS PG TIBSFT PS VOJUT UP CF HSBOUFE SFUBJOFE WFTUFE JTTVFE PS JTTVBCMF VOEFS PS JO TFUUMFNFOU PG PS UIF BNPVOU QBZBCMF QVSTVBOU UP BO BXBSE XIJDI DSJUFSJB NBZ CF CBTFE PO aRVBMJGZJOH QFSGPSNBODF DSJUFSJBb BT EFTDSJCFE CFMPX PS PUIFS TUBOEBSET PG GJOBODJBM QFSGPSNBODF BOEPS QFSTPOBM QFSGPSNBODF FWBMVBUJPOT *O BEEJUJPO UIF BENJOJTUSBUPS NBZ TQFDJGZ UIBU BO BXBSE PS B QPSUJPO PG BO BXBSE JT JOUFOEFE UP TBUJTGZ UIF SFRVJSFNFOUT GPS aQFSGPSNBODFCBTFE DPNQFOTBUJPOb VOEFS 4FDUJPO  N PG UIF $PEF QSPWJEFE UIBU UIF QFSGPSNBODF DSJUFSJB GPS TVDI BXBSE PS QPSUJPO PG BO BXBSE UIBU JT JOUFOEFE CZ UIF BENJOJTUSBUPS UP TBUJTGZ UIF SFRVJSFNFOUT GPS aQFSGPSNBODFCBTFE DPNQFOTBUJPOb VOEFS 4FDUJPO  N PG UIF $PEF XJMM CF B NFBTVSF CBTFE PO POF PS NPSF RVBMJGZJOH QFSGPSNBODF DSJUFSJB TFMFDUFE CZ UIF BENJOJTUSBUPS BOE TQFDJGJFE BU UIF UJNF UIF BXBSE JT HSBOUFE 5IF BENJOJTUSBUPS XJMM DFSUJGZ UIF FYUFOU UP XIJDI BOZ RVBMJGZJOH QFSGPSNBODF

 1SPYZ 4UBUFNFOU  

DSJUFSJB IBT CFFO TBUJTGJFE BOE UIF BNPVOU QBZBCMF BT B SFTVMU UIFSFPG QSJPS UP QBZNFOU TFUUMFNFOU PS WFTUJOH PG BOZ BXBSE UIBU JT JOUFOEFE UP TBUJTGZ UIF SFRVJSFNFOUT GPS aQFSGPSNBODFCBTFE DPNQFOTBUJPOb VOEFS 4FDUJPO  N PG UIF $PEF /PUXJUITUBOEJOH TBUJTGBDUJPO PG BOZ QFSGPSNBODF HPBMT UIF OVNCFS PG TIBSFT JTTVFE VOEFS PS UIF BNPVOU QBJE VOEFS BO BXBSE NBZ CF SFEVDFE CVU OPU JODSFBTFE CZ UIF BENJOJTUSBUPS PO UIF CBTJT PG TVDI GVSUIFS DPOTJEFSBUJPOT BT UIF BENJOJTUSBUPS JO JUT TPMF EJTDSFUJPO NBZ EFUFSNJOF 'PS QVSQPTFT PG UIF 1MBO UIF UFSN aRVBMJGZJOH QFSGPSNBODF DSJUFSJBb NFBOT BOZ POF PS NPSF PG UIF GPMMPXJOH QFSGPSNBODF DSJUFSJB PS EFSJWBUJPOT PG TVDI QFSGPSNBODF DSJUFSJB FJUIFS JOEJWJEVBMMZ BMUFSOBUJWFMZ PS JO BOZ DPNCJOBUJPO EFTDSJCFE JO UFSNT PG PCKFDUJWFT UIBU BSF SFMBUFE UP UIF JOEJWJEVBM QBSUJDJQBOU PS PCKFDUJWFT UIBU BSF DPNQBOZXJEF PS SFMBUFE UP B TVCTJEJBSZ EJWJTJPO EFQBSUNFOU SFHJPO GVODUJPO PS CVTJOFTT VOJU PG +PIOTPO  +PIOTPO BOE NFBTVSFE FJUIFS BOOVBMMZ PS DVNVMBUJWFMZ PWFS B QFSJPE PG ZFBST PO BO BCTPMVUF CBTJT PS SFMBUJWF UP B QSFFTUBCMJTIFE UBSHFU UP QSFWJPVT ZFBSTc SFTVMUT PS UP B EFTJHOBUFE DPNQBSJTPO HSPVQ JO FBDI DBTF BT TQFDJGJFE CZ UIF BENJOJTUSBUPS J DBTI GMPX CFGPSF PS BGUFS EJWJEFOET

JJ

FBSOJOHT CFGPSF PS BGUFS UBYFT BOE JODMVEJOH FBSOJOHT CFGPSF JOUFSFTU UBYFT EFQSFDJBUJPO BOE BNPSUJ[BUJPO

JJJ FBSOJOHT QFS TIBSF JW CPPL WBMVF QFS TIBSF W TUPDL QSJDF WJ SFUVSO PO FRVJUZ WJJ UPUBM TIBSFIPMEFS SFUVSO WJJJ QSPEVDU RVBMJUZ NFBTVSFT JY JNQSPWFNFOUT PO DBQJUBM TUSVDUVSF Y XPSLJOH DBQJUBM YJ SFUVSO PO DBQJUBM JODMVEJOH SFUVSO PO UPUBM DBQJUBM PS SFUVSO PO JOWFTUFE DBQJUBM

YJJ SFUVSO PO BTTFUT PS OFU BTTFUT YJJJ SFUVSO PO JOWFTUNFOU YJW SFUVSO PO TBMFT YW NBSLFU DBQJUBMJ[BUJPO YWJ FDPOPNJD WBMVF BEEFE YWJJ TBMFT HSPXUI YWJJJ QSPEVDUJWJUZ JNQSPWFNFOU YJY EFCU MFWFSBHF EFCU UP DBQJUBM

YY SFWFOVF YYJ JODPNF PS OFU JODPNF YYJJ PQFSBUJOH JODPNF YYJJJ HSPTT QSPGJU PQFSBUJOH QSPGJU PS OFU PQFSBUJOH QSPGJU YYJW NBJOUFOBODF PS JNQSPWFNFOU PG PQFSBUJOH NBSHJO PS QSPGJU NBSHJO YYW SFUVSO PO PQFSBUJOH SFWFOVF YYWJ DBTI GSPN PQFSBUJPOT YYWJJ PQFSBUJOH SBUJP YYWJJJ PQFSBUJOH SFWFOVF YYJY NBSLFU TIBSF YYY QSPEVDU EFWFMPQNFOU PS SFMFBTF TDIFEVMFT YYYJ OFX QSPEVDU JOOPWBUJPO YYYJJ FDPOPNJD QSPGJU YYYJJJ QSPGJUBCJMJUZ PG BO JEFOUJGJBCMF CVTJOFTT VOJU PS QSPEVDU YYYJW QSPEVDU DPTU SFEVDUJPO UISPVHI BEWBODFE UFDIOPMPHZ YYYW CSBOE SFDPHOJUJPOBDDFQUBODF YYYWJ QSPEVDU TIJQ UBSHFUT YYYWJJ DPTU SFEVDUJPOT JODMVEJOH FYQFOTF NBOBHFNFOU

YYYWJJJ DVTUPNFS TFSWJDF YYYJY DVTUPNFS TBUJTGBDUJPO PS YM UIF TBMFT PG BTTFUT PS TVCTJEJBSJFT 5P UIF FYUFOU DPOTJTUFOU XJUI 4FDUJPO  N PG UIF $PEF UIF BENJOJTUSBUPS NBZ " BQQSPQSJBUFMZ BEKVTU BOZ FWBMVBUJPO PG QFSGPSNBODF UP FMJNJOBUF UIF FGGFDUT G PG DIBSHFT GPS SFTUSVDUVSJOHT EJTDPOUJOVFE PQFSBUJPOT FYUSBPSEJOBSZ JUFNT BOE BMM JUFNT PG HBJO MPTT PS FYQFOTF EFUFSNJOFE UP CF FYUSBPSEJOBSZ PS VOVTVBM JO OBUVSF PS SFMBUFE UP UIF EJTQPTBM PG B TFHNFOU PG B CVTJOFTT PS SFMBUFE UP B DIBOHF JO BDDPVOUJOH QSJODJQMF BMM BT EFUFSNJOFE JO BDDPSEBODF XJUI TUBOEBSET VOEFS BQQMJDBCMF BDDPVOUJOH QSPWJTJPOT BT XFMM BT UIF DVNVMBUJWF FGGFDU G PG BDDPVOUJOH DIBOHFT JO FBDI DBTF BT EFUFSNJOFE JO BDDPSEBODF XJUI HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT PS JEFOUJGJFE JO UIF DPNQBOZcT GJOBODJBM TUBUFNFOUT PS OPUFT UIFSFUP BOE #

QSPWJEF JO BO BXBSE JOUFOEFE UP RVBMJGZ BT QFSGPSNBODFCBTFE DPNQFOTBUJPO UIBU BOZ FWBMVBUJPO PG QFSGPSNBODF NBZ FYDMVEF BOZ PG UIF GPMMPXJOH FWFOUT UIBU PDDVST EVSJOH B QFSGPS S NBODF QFSJPE B BTTFU XSJUFEPXOT C MJUJHBUJPO DMBJNT KVEHNFOUT PS TFUUMFNFOUT D UIF FGGFDU G PG DIBOHFT JO UBY MBXT PS PUIFS MBXT PS QSPWJTJPOT BGGFDUJOH G SFQPSUFE SFTVMUT E BOZ SFPSHBOJ[BUJPO BOE SFTUSVDUVSJOH QSPHSBNT BOE F BDDSVBMT PG BOZ BNPVOUT GPS QBZNFOU VOEFS UIF 1MBO PS BOZ PG PVS PUIFS DPNQFOTBUJPO BSSBOHFNFOUT

"NFOENFOU BOE 5FSNJOBUJPO 5IF BENJOJTUSBUPS NBZ BU BOZ UJNF UFSNJOBUF PS GSPN UJNF UP UJNF BNFOE UIF 1MBO PS BMUFS BOZ BXBSE BHSFFNFOU PS PUIFS EPDVNFOU FWJEFODJOH BO BXBSE QSPWJEFE IPXFWFS UIBU OP TVDI BNFOENFOU BMUFSBUJPO PS UFSNJOBUJPO PG UIF 1MBO NBZ CF NBEF XIJDI XJUIPVU GJSTU PCUBJOJOH TIBSFIPMEFS BQQSPWBM XPVME J JODSFBTF UIF NBYJNVN OVNCFS PG TIBSFT UIBU NBZ CF JTTVFE VOEFS UIF 1MBO PS UP BOZ POF JOEJWJEVBM FYDFQU UP UIF FYUFOU TVDI BNFOENFOU JT NBEF QVSTVBOU UP B DIBOHF JO PVS DBQJUBMJ[BUJPO

JJ FYUFOE UIF NBYJNVN QFSJPE EVSJOH XIJDI BXBSET NBZ CF HSBOUFE VOEFS UIF 1MBO JJJ DIBOHF UIF DMBTT PG QBSUJDJQBOUT FMJHJCMF UP SFDFJWF BXBSET VOEFS UIF 1MBO JW SFEVDF UIF QSJDF BU XIJDI PQUJPOT BOE TUPDL BQQSFDJBUJPO SJHIUT NBZ CF HSBOUFE W SFEVDF UIF FYFSDJTF QSJDF PG PVUTUBOEJOH PQUJPOT BOE TUPDL BQQSFDJBUJPO SJHIUT PS WJ PUIFSXJTF SFRVJSF TIBSFIPMEFS BQQSPWBM QVSTVBOU UP UIF 1MBO BQQMJDBCMF MBX PS UIF SVMFT PG UIF QSJODJQBM TFDVSJUJFT FYDIBOHF PO XIJDI TIBSFT PG DPNNPO TUPDL BSF USBEFE JO PSEFS UP CF FGGFDUJWF G /P UFSNJOBUJPO PG UIF 1MBO PS BNFOENFOU UP UIF 1MBO PS BO BXBSE NBZ CF NBEF XIJDI XPVME BEWFSTFMZ BGGFDU G BOZ SJHIUT PS PCMJHBUJPOT XJUI SFTQFDU UP BOZ BXBSET HSBOUFE QSJPS UP UIF EBUF PG TVDI UFSNJOBUJPO PS BNFOENFOU FYDFQU UP UIF FYUFOU UIBU UIF BENJOJTUSBUPS SFBTPOBCMZ EFUFSNJOFT UIBU TVDI UFSNJOBUJPO PS BNFOENFOU JT OFDFTTBSZ PS BQQSPQSJBUF UP DPNQMZ XJUI BQQMJDBCMF MBX SVMFT BOE SFHVMBUJPOT PS UP NFFU UIF SFRVJSFNFOUT PG PS BWPJE BEWFSTF GJOBODJBM BDDPVOUJOH DPOTFRVFODFT VOEFS BOZ BDDPVOUJOH TUBOEBSE

"EKVTUNFOUT 5IF OVNCFS BOE LJOE PG TIBSFT BWBJMBCMF GPS JTTVBODF VOEFS UIF 1MBO JODMVEJOH VOEFS BOZ BXBSET UIFO PVUTUBOEJOH

UIF OVNCFS BOE LJOE PG TIBSFT TVCKFDU UP UIF JOEJWJEVBM MJNJUT TFU GPSUI JO UIF 1MBO BOE BCPWF BOE UIF UFSNT PG BOZ PVUTUBOEJOH BXBSE XJMM CF FRVJUBCMZ BEKVTUFE CZ UIF BENJOJTUSBUPS BT JU EFUFSNJOFT BQQSPQSJBUF UP SFGMFDU BOZ NFSHFS SFPSHBOJ[BUJPO DPOTPMJEBUJPO SFDBQJUBMJ[BUJPO SFDMBTTJGJDBUJPO TUPDL TQMJU SFWFSTF TUPDL TQMJU TQJOPGG G DPNCJOBUJPO PS FYDIBOHF PG TIBSFT EJWJEFOE PS EJTUSJCVUJPO PG TFDVSJUJFT QSPQFSUZ PS DBTI PUIFS UIBO SFHVMBS RVBSUFSMZ DBTI EJWJEFOET

PS BOZ PUIFS FWFOU PS USBOTBDUJPO UIBU BGGFDUT G UIF OVNCFS PS LJOE PG PVUTUBOEJOH TIBSFT PG +PIOTPO  +PIOTPO

 1SPYZ 4UBUFNFOU  

5SBOTGFSBCJMJUZ "XBSET HFOFSBMMZ NBZ OPU CF TPME USBOTGFSSFE QMFEHFE BTTJHOFE PS PUIFSXJTF BMJFOBUFE PS IZQPUIFDBUFE CZ B QBSUJDJQBOU PUIFS UIBO CZ XJMM PS UIF MBXT PG EFTDFOU BOE EJTUSJCVUJPO BOE FBDI PQUJPO PS TUPDL BQQSFDJBUJPO SJHIU NBZ CF FYFSDJTBCMF POMZ CZ UIF QBSUJDJQBOU EVSJOH IJT PS IFS MJGFUJNF

&GGFDUJWF %BUF BOE 5FSNJOBUJPO PG UIF 1MBO 5IF 1MBO CFDBNF FGGFDUJWF G BT PG "QSJM   /P BXBSET XJMM CF NBEF VOEFS UIF 1MBO BGUFS "QSJM   PS TVDI FBSMJFS EBUF BT UIF #PBSE NBZ EFUFSNJOF

'FEFSBM *ODPNF 5BY 5SFBUNFOU 5IF GPMMPXJOH EJTDVTTJPO PG UIF GFEFSBM JODPNF UBY DPOTFRVFODFT PG UIF 1MBO JT JOUFOEFE UP CF B TVNNBSZ PG BQQMJDBCMF GFEFSBM MBX BT DVSSFOUMZ JO FGGFDU G *U TIPVME OPU CF UBLFO BT UBY BEWJDF CZ 1MBO QBSUJDJQBOUT XIP BSF VSHFE UP DPOTVMU UIFJS JOEJWJEVBM UBY BEWJTPST

4UPDL 0QUJPOT *40T BOE /240T BSF USFBUFE EJGGFSFOUMZ G GPS GFEFSBM JODPNF UBY QVSQPTFT *40T BSF JOUFOEFE UP DPNQMZ XJUI UIF SFRVJSFNFOUT PG 4FDUJPO  PG UIF $PEF /240T EP OPU DPNQMZ XJUI TVDI SFRVJSFNFOUT "O PQUJPOFF JT OPU UBYFE PO UIF HSBOU PS FYFSDJTF PG BO *40 5IF EJGGFSFODF G CFUXFFO UIF FYFSDJTF QSJDF BOE UIF GBJS NBSLFU WBMVF PG UIF TIBSFT PO UIF FYFSDJTF EBUF XJMM IPXFWFS CF B QSFGFSFODF JUFN GPS QVSQPTFT PG UIF BMUFSOBUJWF NJOJNVN UBY *G BO PQUJPOFF IPMET UIF TIBSFT BDRVJSFE VQPO FYFSDJTF PG BO *40 GPS BU MFBTU UXP ZFBST GPMMPXJOH UIF PQUJPO HSBOU EBUF BOE BU MFBTU POF ZFBS GPMMPXJOH FYFSDJTF UIF PQUJPOFFcT HBJO JG BOZ VQPO B TVCTFRVFOU EJTQPTJUJPO PG TVDI TIBSFT JT MPOHUFSN DBQJUBM HBJO 5IF NFBTVSF PG UIF HBJO JT UIF EJGGFSFODF G CFUXFFO UIF QSPDFFET SFDFJWFE PO EJTQPTJUJPO BOE UIF PQUJPOFFcT CBTJT JO UIF TIBSFT XIJDI HFOFSBMMZ FRVBMT UIF FYFSDJTF QSJDF  *G BO PQUJPOFF EJTQPTFT PG TIBSFT BDRVJSFE QVSTVBOU UP FYFSDJTF PG BO *40 CFGPSF TBUJTGZJOH UIFTF IPMEJOH QFSJPET UIF PQUJPOFF XJMM SFDPHOJ[F CPUI PSEJOBSZ JODPNF BOE DBQJUBM HBJO JO UIF ZFBS PG EJTQPTJUJPO 8F BSF OPU FOUJUMFE UP BO JODPNF UBY EFEVDUJPO PO UIF HSBOU PS FYFSDJTF PG BO *40 PS PO UIF PQUJPOFFcT EJTQPTJUJPO PG UIF TIBSFT BGUFS TBUJTGZJOH UIF IPMEJOH QFSJPE SFRVJSFNFOU EFTDSJCFE BCPWF *G UIF IPMEJOH QFSJPET BSF OPU TBUJTGJFE XF XJMM CF FOUJUMFE UP B EFEVDUJPO JO UIF ZFBS UIF PQUJPOFF EJTQPTFT PG UIF TIBSFT JO BO BNPVOU FRVBM UP UIF PSEJOBSZ JODPNF SFDPHOJ[FE CZ UIF PQUJPOFF *O PSEFS GPS BO PQUJPO UP RVBMJGZ GPS *40 UBY USFBUNFOU UIF HSBOU PG UIF PQUJPO NVTU TBUJTGZ WBSJPVT PUIFS DPOEJUJPOT NPSF GVMMZ EFTDSJCFE JO UIF $PEF 8F DBOOPU HVBSBOUFF UIBU BOZ PQUJPO XJMM RVBMJGZ GPS *40 UBY USFBUNFOU FWFO JG UIF PQUJPO JT JOUFOEFE UP RVBMJGZ GPS TVDI USFBUNFOU *O UIF FWFOU BO PQUJPO JOUFOEFE UP CF BO *40 GBJMT UP TP RVBMJGZ JU XJMM CF UBYFE BT BO /240 BT EFTDSJCFE CFMPX "O PQUJPOFF JT OPU UBYFE PO UIF HSBOU PG BO /240 0O FYFSDJTF UIF PQUJPOFF SFDPHOJ[FT PSEJOBSZ JODPNF FRVBM UP UIF EJGGFSFODF G CFUXFFO UIF FYFSDJTF QSJDF BOE UIF GBJS NBSLFU WBMVF PG UIF TIBSFT BDRVJSFE PO UIF EBUF PG FYFSDJTF 8F BSF FOUJUMFE UP BO JODPNF UBY EFEVDUJPO JO UIF ZFBS PG FYFSDJTF JO UIF BNPVOU SFDPHOJ[FE CZ UIF PQUJPOFF BT PSEJOBSZ JODPNF 5IF PQUJPOFFcT HBJO PS MPTT PO TVCTFRVFOU EJTQPTJUJPO PG UIF TIBSFT JT MPOHUFSN DBQJUBM HBJO PS MPTT JG UIF TIBSFT BSF IFME GPS BU MFBTU POF ZFBS GPMMPXJOH FYFSDJTF 8F EP OPU SFDFJWF B EFEVDUJPO GPS UIJT HBJO

4UPDL "QQSFDJBUJPO 3JHIUT " HSBOUFF JT OPU UBYFE PO UIF HSBOU PG B TUPDL BQQSFDJBUJPO SJHIU 0O FYFSDJTF UIF JOEJWJEVBM SFDPHOJ[FT PSEJOBSZ JODPNF FRVBM UP UIF DBTI PS UIF GBJS NBSLFU WBMVF PG BOZ TIBSFT SFDFJWFE 8F BSF FOUJUMFE UP BO JODPNF UBY EFEVDUJPO JO UIF ZFBS PG FYFSDJTF JO UIF BNPVOU SFDPHOJ[FE CZ UIF JOEJWJEVBM BT PSEJOBSZ JODPNF

3FTUSJDUFE 4IBSFT BOE 3FTUSJDUFE 4IBSF 6OJUT (SBOUFFT PG SFTUSJDUFE TIBSFT PS SFTUSJDUFE TIBSF VOJUT EP OPU SFDPHOJ[F JODPNF BU UIF UJNF PG UIF HSBOU 8IFO UIF BXBSE WFTUT PS JT QBJE HSBOUFFT HFOFSBMMZ SFDPHOJ[F PSEJOBSZ JODPNF JO BO BNPVOU FRVBM UP UIF GBJS NBSLFU WBMVF PG UIF TIBSFT PS VOJUT BU TVDI UJNF BOE XF XJMM SFDFJWF B DPSSFTQPOEJOH EFEVDUJPO )PXFWFS OP MBUFS UIBO  EBZT BGUFS B QBSUJDJQBOU SFDFJWFT BO BXBSE PG SFTUSJDUFE TIBSFT UIF QBSUJDJQBOU NBZ FMFDU UP SFDPHOJ[F UBYBCMF PSEJOBSZ JODPNF JO BO BNPVOU FRVBM UP UIF GBJS NBSLFU WBMVF PG UIF TIBSFT BU UIF UJNF PG SFDFJQU 1SPWJEFE UIBU UIF FMFDUJPO JT NBEF JO B UJNFMZ NBOOFS UIF QBSUJDJQBOU XJMM OPU SFDPHOJ[F BOZ BEEJUJPOBM JODPNF XIFO UIF SFTUSJDUJPOT PO UIF TIBSFT MBQTF *G UIF QBSUJDJQBOU GPSGFJUT UIF TIBSFT BOZ FH VQPO UIF QBSUJDJQBOUcT UFSNJOBUJPO QSJPS UP WFTUJOH

UIF QBSUJDJQBOU NBZ OPU DMBJN B EFEVDUJPO XJUI SFTQFDU UP UIF JODPNF SFDPHOJ[FE BT B SFTVMU PG UIF FMFDUJPO %JWJEFOET QBJE XJUI SFTQFDU UP VOWFTUFE SFTUSJDUFE TIBSFT HFOFSBMMZ XJMM CF UBYBCMF BT PSEJOBSZ JODPNF UP UIF QBSUJDJQBOU BU UIF UJNF UIF EJWJEFOET BSF SFDFJWFE

 1SPYZ 4UBUFNFOU  

$PNQBOZ %FEVDUJPO BOE 4FDUJPO  N

4FDUJPO  N HFOFSBMMZ BMMPXT UIF DPNQBOZ UP PCUBJO UBY EFEVDUJPOT XJUIPVU MJNJU GPS QFSGPSNBODFCBTFE DPNQFOTBUJPO 5IF 1MBO JT EFTJHOFE UP QFSNJU UIF HSBOU PG PQUJPOT BOE TUPDL BQQSFDJBUJPO SJHIUT BOE DFSUBJO BXBSET PG SFTUSJDUFE TIBSFT SFTUSJDUFE TIBSF VOJUT QFSGPSNBODF TIBSFT BOE QFSGPSNBODF TIBSF VOJUT UIBU BSF JOUFOEFE UP RVBMJGZ BT aQFSGPSNBODFCBTFE DPNQFOTBUJPOb OPU TVCKFDU UP 4FDUJPO  N cT    EFEVDUJCJMJUZ DBQ )PXFWFS UIF SVMFT BOE SFHVMBUJPOT QSPNVMHBUFE VOEFS 4FDUJPO  N BSF DPNQMJDBUFE BOE TVCKFDU UP DIBOHF GSPN UJNF UP UJNF TPNFUJNFT XJUI SFUSPBDUJWF FGGFDU G *O BEEJUJPO B OVNCFS PG SFRVJSFNFOUT NVTU CF NFU JO PSEFS GPS QBSUJDVMBS DPNQFOTBUJPO UP TP RVBMJGZ "T TVDI UIFSF DBO CF OP BTTVSBODF UIBU BOZ DPNQFOTBUJPO BXBSEFE PS QBJE VOEFS UIF 1MBO XJMM CF EFEVDUJCMF VOEFS BMM DJSDVNTUBODFT

/FX 1MBO #FOFGJUT 5IF CFOFGJUT UIBU XJMM CF BXBSEFE PS QBJE JO UIF GVUVSF VOEFS UIF 1MBO BSF OPU DVSSFOUMZ EFUFSNJOBCMF 4VDI BXBSET BSF XJUIJO UIF EJTDSFUJPO PG UIF $PNNJUUFF BOE UIF $PNNJUUFF IBT OPU EFUFSNJOFE GVUVSF BXBSET PS XIP NJHIU SFDFJWF UIFN "T PG %FDFNCFS   UIF MBTU USBEJOH EBZ PG GJTDBM ZFBS FOE  UIF DMPTJOH QSJDF PG B TIBSF PG PVS DPNNPO TUPDL XBT 

&26*5: $0.1&/4"5*0/ " 1-"/ */'03."5*0/ " 5IF GPMMPXJOH UBCMF QSPWJEFT DFSUBJO JOGPSNBUJPO BT PG +BOVBSZ   DPODFSOJOH UIF TIBSFT PG PVS $PNNPO 4UPDL UIBU NBZ CF JTTVFE VOEFS FYJTUJOH FRVJUZ DPNQFOTBUJPO QMBOT

1MBO $BUFHPSZ &RVJUZ DPNQFOTBUJPO QMBOT BQQSPWFE CZ TFDVSJUZ IPMEFST

B

/VNCFS PG TFDVSJUJFT UP CF JTTVFE VQPO FYFSDJTF PG PVUTUBOEJOH PQUJPOT BOE SJHIUT

C

8FJHIUFEBWFSBHF FYFSDJTF QSJDF PG PVUTUBOEJOH PQUJPOT BOE SJHIUT

D

/VNCFS PG TFDVSJUJFT SFNBJOJOH BWBJMBCMF GPS GVUVSF JTTVBODF VOEFS FRVJUZ DPNQFOTBUJPO QMBOT FYDMVEJOH TFDVSJUJFT SFGMFDUFE JO DPMVNO B

  



  

 1SPYZ 4UBUFNFOU  

"VEJU $PNNJUUFF 3FQPSU 5IF "VEJU $PNNJUUFF SFQPSUT UP BOE BDUT PO CFIBMG PG UIF #PBSE PG %JSFDUPST PG UIF DPNQBOZ CZ QSPWJEJOH PWFSTJHIU PG UIF GJOBODJBM NBOBHFNFOU JOUFSOBM BVEJUPST JOEFQFOEFOU BVEJUPS BOE GJOBODJBM SFQPSUJOH DPOUSPMT BOE BDDPVOUJOH QPMJDJFT BOE QSPDFEVSFT PG UIF DPNQBOZ 5IF DPNQBOZcT NBOBHFNFOU JT SFTQPOTJCMF GPS QSFQBSJOH UIF DPNQBOZcT GJOBODJBM TUBUFNFOUT BOE TZTUFNT PG JOUFSOBM DPOUSPM BOE UIF JOEFQFOEFOU BVEJUPS JT SFTQPOTJCMF GPS BVEJUJOH UIPTF GJOBODJBM TUBUFNFOUT BOE FYQSFTTJOH JUT PQJOJPO BT UP XIFUIFS UIF GJOBODJBM TUBUFNFOUT QSFTFOU GBJSMZ JO BMM NBUFSJBM SFTQFDUT UIF GJOBODJBM QPTJUJPO SFTVMUT PG PQFSBUJPOT BOE DBTI GMPXT PG UIF DPNQBOZ JO DPOGPSNJUZ XJUI HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT 5IF "VEJU $PNNJUUFF JT SFTQPOTJCMF GPS PWFSTFFJOH UIF DPOEVDU PG UIFTF BDUJWJUJFT CZ UIF DPNQBOZcT NBOBHFNFOU BOE UIF JOEFQFOEFOU BVEJUPS *O UIJT DPOUFYU UIF "VEJU $PNNJUUFF IBT NFU BOE IFME EJTDVTTJPOT XJUI NBOBHFNFOU BOE UIF JOUFSOBM BOE JOEFQFOEFOU BVEJUPST JODMVEJOH QSJWBUF TFTTJPOT XJUI UIF 7JDF 1SFTJEFOU *OUFSOBM "VEJU UIF JOEFQFOEFOU BVEJUPS UIF $IJFG 'JOBODJBM 0GGJDFS G

BOE UIF (FOFSBM $PVOTFM BU FBDI "VEJU $PNNJUUFF NFFUJOH  .BOBHFNFOU SFQSFTFOUFE UP UIF "VEJU $PNNJUUFF UIBU UIF DPNQBOZcT DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT BT PG BOE GPS UIF GJTDBM ZFBS FOEFE +BOVBSZ   XFSF QSFQBSFE JO BDDPSEBODF XJUI HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT BOE UIF "VEJU $PNNJUUFF IBT SFWJFXFE BOE EJTDVTTFE UIF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT XJUI NBOBHFNFOU BOE UIF JOEFQFOEFOU BVEJUPS 5IF "VEJU $PNNJUUFF IBT EJTDVTTFE XJUI UIF JOEFQFOEFOU BVEJUPS NBUUFST SFRVJSFE UP CF EJTDVTTFE CZ UIF BQQMJDBCMF "VEJUJOH 4UBOEBSET BT QFSJPEJDBMMZ BNFOEFE JODMVEJOH TJHOJGJDBOU BDDPVOUJOH QPMJDJFT BMUFSOBUJWF BDDPVOUJOH USFBUNFOUT BOE FTUJNBUFT KVEHNFOUT BOE VODFSUBJOUJFT  *O BEEJUJPO UIF "VEJU $PNNJUUFF IBT SFDFJWFE UIF XSJUUFO EJTDMPTVSFT BOE UIF MFUUFS GSPN UIF JOEFQFOEFOU BVEJUPS SFRVJSFE CZ UIF BQQMJDBCMF SFRVJSFNFOUT PG UIF 1VCMJD $PNQBOZ "DDPVOUJOH 0WFSTJHIU #PBSE SFHBSEJOH UIF JOEFQFOEFOU BVEJUPScT DPNNVOJDBUJPOT XJUI UIF "VEJU $PNNJUUFF DPODFSOJOH JOEFQFOEFODF BOE UIF "VEJU $PNNJUUFF BOE UIF JOEFQFOEFOU BVEJUPS IBWF EJTDVTTFE UIF BVEJUPScT JOEFQFOEFODF GSPN UIF DPNQBOZ BOE JUT NBOBHFNFOU JODMVEJOH UIF NBUUFST JO UIPTF XSJUUFO EJTDMPTVSFT "EEJUJPOBMMZ UIF "VEJU $PNNJUUFF DPOTJEFSFE UIF OPOBVEJU TFSWJDFT QSPWJEFE CZ UIF JOEFQFOEFOU BVEJUPS BOE UIF GFFT BOE DPTUT CJMMFE BOE FYQFDUFE UP CF CJMMFE CZ UIF JOEFQFOEFOU BVEJUPS GPS UIPTF TFSWJDFT BT TIPXO PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU  "MM PG UIF OPOBVEJU TFSWJDFT QSPWJEFE CZ UIF JOEFQFOEFOU BVEJUPS TJODF 'FCSVBSZ   BOE UIF GFFT BOE DPTUT JODVSSFE JO DPOOFDUJPO XJUI UIPTF TFSWJDFT IBWF CFFO QSFBQQSPWFE CZ UIF "VEJU $PNNJUUFF JO BDDPSEBODF XJUI UIF "VEJU BOE /PO"VEJU 4FSWJDFT 1SF"QQSPWBM 1PMJDZ BT BEPQUFE CZ UIF "VEJU $PNNJUUFF 5IJT QPMJDZ JT EJTDVTTFE JO GVSUIFS EFUBJM PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU 8IFO BQQSPWJOH UIF SFUFOUJPO PG UIF JOEFQFOEFOU BVEJUPS GPS UIFTF OPOBVEJU TFSWJDFT UIF "VEJU $PNNJUUFF IBT DPOTJEFSFE XIFUIFS UIF SFUFOUJPO PG UIF JOEFQFOEFOU BVEJUPS UP QSPWJEF UIPTF TFSWJDFT JT DPNQBUJCMF XJUI NBJOUBJOJOH
BVEJUPS JOEFQFOEFODF *O SFMJBODF PO UIF SFWJFXT BOE EJTDVTTJPOT XJUI NBOBHFNFOU BOE UIF JOEFQFOEFOU BVEJUPS SFGFSSFE UP BCPWF UIF "VEJU $PNNJUUFF CFMJFWFT UIBU UIF OPOBVEJU TFSWJDFT QSPWJEFE CZ UIF JOEFQFOEFOU BVEJUPS BSF DPNQBUJCMF XJUI BOE EJE OPU JNQBJS BVEJUPS JOEFQFOEFODF 5IF "VEJU $PNNJUUFF BMTP IBT EJTDVTTFE XJUI UIF DPNQBOZcT JOUFSOBM BOE JOEFQFOEFOU BVEJUPST XJUI BOE XJUIPVU NBOBHFNFOU QSFTFOU UIFJS FWBMVBUJPOT PG UIF DPNQBOZcT JOUFSOBM BDDPVOUJOH DPOUSPMT BOE UIF PWFSBMM RVBMJUZ PG UIF DPNQBOZcT GJOBODJBM SFQPSUJOH *O GVSUIFS SFMJBODF PO UIF SFWJFXT BOE EJTDVTTJPOT XJUI NBOBHFNFOU BOE UIF JOEFQFOEFOU BVEJUPS SFGFSSFE UP BCPWF UIF "VEJU $PNNJUUFF SFDPNNFOEFE UP UIF #PBSE PG %JSFDUPST PO 'FCSVBSZ   BOE UIF #PBSE IBT BQQSPWFE UIF JODMVTJPO PG UIF BVEJUFE GJOBODJBM TUBUFNFOUT JO UIF DPNQBOZcT "OOVBM 3FQPSU PO 'PSN , GPS UIF GJTDBM ZFBS FOEFE +BOVBSZ   GPS GJMJOH XJUI UIF 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPO % 4DPUU %BWJT $IBJSNBO *BO & - %BWJT "OOF . .VMDBIZ 8JMMJBN % 1FSF[

 1SPYZ 4UBUFNFOU  

*UFN  3BUJGJDBUJPO PG "QQPJOUNFOU PG *OEFQFOEFOU 3FHJTUFSFE 1VCMJD "DDPVOUJOH 'JSN

5IF "VEJU $PNNJUUFF PWFSTFFT UIF RVBMJGJDBUJPOT JOEFQFOEFODF BOE QFSGPSNBODF PG UIF JOEFQFOEFOU BVEJUPS S BOE IBT UIF VMUJNBUF SFTQPOTJCJMJUZ UP BQQPJOU SFUBJO DPNQFOTBUF FWBMVBUF BOE XIFO BQQSPQSJBUF UFSNJOBUF UIF JOEFQFOEFOU BVEJUPS S

5IF "VEJU $PNNJUUFF PG UIF #PBSE PG %JSFDUPST JT EJSFDUMZ SFTQPOTJCMF GPS UIF BQQPJOUNFOU DPNQFOTBUJPO SFUFOUJPO BOE PWFSTJHIU PG UIF JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN SFUBJOFE UP BVEJU UIF DPNQBOZcT GJOBODJBM TUBUFNFOUT 5IF "VEJU $PNNJUUFF IBT BQQPJOUFE 1SJDFXBUFSIPVTF$PPQFST --1 BT UIF JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN GPS UIF DPNQBOZ BOE JUT TVCTJEJBSJFT GPS UIF GJTDBM ZFBS  4IBSFIPMEFS SBUJGJDBUJPO PG UIF BQQPJOUNFOU JT OPU SFRVJSFE VOEFS UIF MBXT PG UIF 4UBUF PG /FX +FSTFZ CVU BT B NBUUFS PG HPPE DPSQPSBUF HPWFSOBODF UIF #PBSE IBT EFDJEFE UP BTDFSUBJO UIF QPTJUJPO PG UIF TIBSFIPMEFST PO UIF BQQPJOUNFOU BU UIF "OOVBM .FFUJOH 5IF BGGJSNBUJWF G WPUF PG B NBKPSJUZ PG UIF WPUFT DBTU BU UIF NFFUJOH JT SFRVJSFE GPS SBUJGJDBUJPO 5IF "VEJU $PNNJUUFF XJMM SFDPOTJEFS UIF BQQPJOUNFOU JG JU JT OPU SBUJGJFE %VSJOH GJTDBM ZFBST  BOE  1SJDFXBUFSIPVTF$PPQFST --1 OPU POMZ BDUFE BT UIF JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN GPS UIF DPNQBOZ BOE JUT TVCTJEJBSJFT XPSL SFMBUFE UP UIF JOUFHSBUFE BVEJU PG PVS DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT BOE JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH

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cT JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN *O BEEJUJPO JO DPOKVODUJPO XJUI UIF NBOEBUFE SPUBUJPO PG UIF BVEJU GJSNcT MFBE FOHBHFNFOU QBSUOFS FWFSZ GJWF ZFBST UIF "VEJU $PNNJUUFF BOE JUT DIBJSQFSTPO BSF EJSFDUMZ JOWPMWFE JO UIF TFMFDUJPO PG 1SJDFXBUFSIPVTF$PPQFST --1cT OFX MFBE FOHBHFNFOU QBSUOFS 5IF NFNCFST PG UIF "VEJU $PNNJUUFF BOE UIF #PBSE CFMJFWF UIBU UIF DPOUJOVFE SFUFOUJPO PG 1SJDFXBUFSIPVTF$PPQFST --1 UP TFSWF BT UIF DPNQBOZcT JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN JT JO UIF CFTU JOUFSFTUT PG UIF DPNQBOZ BOE JUT TIBSFIPMEFST 5IF "VEJU $PNNJUUFF JT SFTQPOTJCMF GPS UIF BVEJU GFF OFHPUJBUJPOT BTTPDJBUFE XJUI UIF SFUFOUJPO PG 1SJDFXBUFSIPVTF$PPQFST --1 5IF UBCMF CFMPX TFUT GPSUI UIF BHHSFHBUF GFFT CJMMFE PS FYQFDUFE UP CF CJMMFE CZ 1SJDFXBUFSIPVTF$PPQFST --1 GPS  BOE  GPS BVEJU BOE OPOBVEJU TFSWJDFT BT XFMM BT BMM aPVUPGQPDLFUb DPTUT JODVSSFE JO DPOOFDUJPO XJUI UIFTF TFSWJDFT BOE BSF DBUFHPSJ[FE BT "VEJU 'FFT "VEJU3FMBUFE 'FFT 5BY 'FFT BOE "MM 0UIFS 'FFT 5IF OBUVSF PG UIF TFSWJDFT QSPWJEFE JO FBDI TVDI DBUFHPSZ JT EFTDSJCFE GPMMPXJOH UIF UBCMF

"DUUVBM 'FFT  JO UIPVTBOET

 "VEJU 'FFT "VEJU3FMBUFE 'FFT 5PUBM "VEJU BOE "VEJU3FMBUFE 'FFT 5BY 'FFT "MM 0UIFS 'FFT 5PUBM 'FFT



 

 

 

 

 

 

 

 



 

 

 

1SPYZ 4UBUFNFOU  

"VEJU 'FFT e $POTJTUT PG QSPGFTTJPOBM TFSWJDFT SFOEFSFE GPS UIF BVEJU PG PVS DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT RVBSUFSMZ SFWJFXT TUBUVUPSZ BVEJUT JTTVBODF PG DPNGPSU MFUUFST BOE DPOTFOUT BOE BTTJTUBODF XJUI BOE SFWJFX PG EPDVNFOUT GJMFE XJUI UIF 4&$ "VEJU3FMBUFE 'FFT e $POTJTUT PG BTTVSBODF BOE SFMBUFE TFSWJDFT SFMBUFE UP FNQMPZFF CFOFGJU QMBO BVEJUT EVF EJMJHFODF SFMBUFE UP NFSHFST BOE BDRVJTJUJPOT BDDPVOUJOH DPOTVMUBUJPO BOE BVEJUT JO DPOOFDUJPO XJUI BDRVJTJUJPOT BOE EJTQPTJUJPOT TZTUFN QSFJNQMFNFOUBUJPO SFWJFXT JOUFSOBM DPOUSPM SFWJFXT BUUFTU TFSWJDFT UIBU BSF OPU SFRVJSFE CZ TUBUVUF PS SFHVMBUJPO BEWJDF BT UP UIF QSFQBSBUJPO PG TUBUVUPSZ GJOBODJBM TUBUFNFOUT BOE DPOTVMUBUJPOT DPODFSOJOH GJOBODJBM BDDPVOUJOH BOE SFQPSUJOH TUBOEBSET 5BY 'FFT e $POTJTUT PG UBY DPNQMJBODF SFWJFX BOE QSFQBSBUJPO PG DPSQPSBUF BOE FYQBUSJBUF UBY SFUVSOT BTTJTUBODF XJUI UBY BVEJUT SFWJFX PG UIF UBY USFBUNFOUT GPS DFSUBJO FYQFOTFT BOE USBOTGFS QSJDJOH EPDVNFOUBUJPO GPS DPNQMJBODF QVSQPTFT SFMBUJOH UP BDRVJTJUJPOT

TUBUF BOE MPDBM UBY QMBOOJOH BOE DPOTVMUBUJPOT XJUI SFTQFDU UP WBSJPVT EPNFTUJD BOE JOUFSOBUJPOBM UBY NBUUFST "MM 0UIFS 'FFT e $POTJTUT PG GFFT OPU JODMVEFE JO UIF "VEJU "VEJU3FMBUFE PS 5BY DBUFHPSJFT BOE JODMVEFT SFWJFXT GPS DPNQMJBODF XJUI WBSJPVT HPWFSONFOU SFHVMBUJPOT SFMBUJOH UP UIF IFBMUI DBSF JOEVTUSZ BOE QSJWBDZ TUBOEBSET TVQQMZ DIBJO PQFSBUJPOBM SFWJFXT BOE SJTL NBOBHFNFOU SFWJFXT BOE BTTFTTNFOUT

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cT SFWJFX PG UIF GJOBODJBM TUBUFNFOUT PS UIBU BSF USBEJUJPOBMMZ QFSGPSNFE CZ UIF JOEFQFOEFOU BVEJUPS BOE UBY TFSWJDFT TVDI BT UBY DPNQMJBODF UBY QMBOOJOH BOE UBY BEWJDF GPS UIF DVSSFOU ZFBS *O BEEJUJPO UIF GPMMPXJOH TQFDJGJD SPVUJOF BOE SFDVSSJOH PUIFS TFSWJDFT NBZ BMTP CF QSFBQQSPWFE HFOFSBMMZ GPS UIF DVSSFOU ZFBS BVEJUT PS SFWJFXT PG UIJSE QBSUJFT UP BTTFTT DPNQMJBODF XJUI DPOUSBDUT SJTL NBOBHFNFOU SFWJFXT BOE BTTFTTNFOUT EJTQVUF BOBMZTJT IFBMUI DBSF DPNQMJBODF SFWJFXT BOE PUIFS SFHVMBUPSZ NBUUFST BOE DFSUBJO QSPKFDUT UP FWBMVBUF TZTUFNT TFDVSJUZ 5IF GFF BNPVOUT BQQSPWFE BU TVDI GJSTU RVBSUFS NFFUJOH BSF VQEBUFE UP UIF FYUFOU OFDFTTBSZ BU UIF SFHVMBSMZ TDIFEVMFE NFFUJOHT PG UIF "VEJU $PNNJUUFF EVSJOH UIF ZFBS "EEJUJPOBM QSFBQQSPWBM JT SFRVJSFE JG BDUVBM GFFT GPS BOZ TFSWJDF FYDFFE UIF PSJHJOBMMZ QSFBQQSPWFE BNPVOU CZ  FYDMVEJOH UIF JNQBDU PG DVSSFODZ *G XF XBOU UP FOHBHF UIF JOEFQFOEFOU BVEJUPS GPS PUIFS TFSWJDFT UIBU BSF OPU DPOTJEFSFE TVCKFDU UP HFOFSBM QSFBQQSPWBM BT EFTDSJCFE BCPWF UIFO UIF "VEJU $PNNJUUFF NVTU BQQSPWF TVDI TQFDJGJD FOHBHFNFOU BT XFMM BT UIF QSPKFDUFE GFFT "EEJUJPOBM QSFBQQSPWBM JT SFRVJSFE CFGPSF BOZ GFFT DBO FYDFFE UIPTF GFFT BQQSPWFE GPS BOZ TVDI TQFDJGJDBMMZBQQSPWFE TFSWJDFT *G XF XJTI UP FOHBHF UIF JOEFQFOEFOU BVEJUPS GPS BEEJUJPOBM TFSWJDFT UIBU IBWF OPU CFFO HFOFSBMMZ QSFBQQSPWFE BT EFTDSJCFE BCPWF UIFO TVDI FOHBHFNFOU XJMM CF QSFTFOUFE UP UIF "VEJU $PNNJUUFF GPS QSFBQQSPWBM BU JUT OFYU SFHVMBSMZ TDIFEVMFE NFFUJOH *G UIF UJNJOH PG UIF QSPKFDU SFRVJSFT BO FYQFEJUFE EFDJTJPO UIFO XF NBZ BTL UIF $IBJSNBO PG UIF "VEJU $PNNJUUFF UP QSFBQQSPWF TVDI FOHBHFNFOU "OZ TVDI QSFBQQSPWBM CZ UIF $IBJSNBO JT UIFO SFQPSUFE UP UIF PUIFS $PNNJUUFF NFNCFST BU UIF OFYU $PNNJUUFF NFFUJOH *O BOZ FWFOU QSFBQQSPWBM PG BOZ FOHBHFNFOU CZ UIF "VEJU $PNNJUUFF PS UIF $IBJSNBO PG UIF "VEJU $PNNJUUFF JT SFRVJSFE CFGPSF UIF JOEFQFOEFOU BVEJUPS NBZ DPNNFODF BOZ FOHBHFNFOU *O  UIFSF XFSF OP GFFT QBJE UP 1SJDFXBUFSIPVTF$PPQFST VOEFS B EF NJOJNJT FYDFQUJPO UP UIF SVMFT UIBU XBJWFT QSF BQQSPWBM GPS DFSUBJO OPOBVEJU TFSWJDFT 3FQSFTFOUBUJWFT PG 1SJDFXBUFSIPVTF$PPQFST BSF FYQFDUFE UP CF QSFTFOU BU UIF "OOVBM .FFUJOH PG 4IBSFIPMEFST BOE XJMM CF BMMPXFE UP NBLF B TUBUFNFOU JG UIFZ XJTI "EEJUJPOBMMZ UIFZ XJMM CF BWBJMBCMF UP SFTQPOE UP BQQSPQSJBUF RVFTUJPOT GSPN TIBSFIPMEFST EVSJOH UIF NFFUJOH

5IF #PBSE PG %JSFDUPST SFDPNNFOET UIBU TIBSFIPMEFST WPUF '03 SBUJGJDBUJPO PG UIF BQQPJOUNFOU PG 1SJDFXBUFSIPVTF$PPQFST --1 BT PVS JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN GPS GJTDBM 

 1SPYZ 4UBUFNFOU  

*UFN  4IBSFIPMEFS 1SPQPTBM e *OEFQFOEFOU #PBSE $IBJSNBO 5IF GPMMPXJOH TIBSFIPMEFS QSPQPTBM IBT CFFO TVCNJUUFE UP UIF DPNQBOZ GPS BDUJPO BU UIF NFFUJOH CZ 5IF 4JTUFST PG 4U 'SBODJT PG 1IJMBEFMQIJB DP 0GGJDF G PG $PSQPSBUF 4PDJBM 3FTQPOTJCJMJUZ  4PVUI $POWFOU 3PBE "TUPO 1"  B CFOFGJDJBM PXOFS PG  TIBSFT PG UIF DPNQBOZcT DPNNPO TUPDL 5IF BGGJSNBUJWF G WPUF PG B NBKPSJUZ PG UIF TIBSFT WPUFE BU UIF NFFUJOH JT SFRVJSFE GPS BQQSPWBM PG UIF TIBSFIPMEFS QSPQPTBM 5IF UFYU PG UIF QSPQPTBM GPMMPXT +PIOTPO  +PIOTPO  4FQBSBUF $IBJS  $&0 3&40-7&% 5IF TIBSFIPMEFST SFRVFTU UIF #PBSE PG %JSFDUPST UP BEPQU BT QPMJDZ BOE BNFOE UIF CZMBXT BT OFDFTTBSZ UP SFRVJSF UIF $IBJS PG UIF #PBSE PG %JSFDUPST XIFOFWFS QPTTJCMF UP CF BO JOEFQFOEFOU NFNCFS PG UIF #PBSE 5IJT QPMJDZ XPVME CF QIBTFE JO GPS UIF OFYU $&0 USBOTJUJPO *G UIF #PBSE EFUFSNJOFT UIBU B $IBJS XIP XBT JOEFQFOEFOU XIFO TFMFDUFE JT OP MPOHFS JOEFQFOEFOU UIF #PBSE TIBMM TFMFDU B OFX $IBJS XIP TBUJTGJFT UIF SFRVJSFNFOUT PG UIF QPMJDZ XJUIJO B SFBTPOBCMF BNPVOU PG UJNF $PNQMJBODF XJUI UIJT QPMJDZ JT XBJWFE JG OP JOEFQFOEFOU EJSFDUPS JT BWBJMBCMF BOE XJMMJOH UP TFSWF BT $IBJS 4VQQPSUJOH 4UBUFNFOU 8F CFMJFWF d 5IF SPMF PG UIF $&0 BOE NBOBHFNFOU JT UP SVO UIF DPNQBOZ d 5IF SPMF PG UIF #PBSE PG %JSFDUPST JT UP QSPWJEF JOEFQFOEFOU PWFSTJHIU PG NBOBHFNFOU BOE UIF $&0 d 5IFSF JT B QPUFOUJBM DPOGMJDU PG JOUFSFTU GPS B $&0 UP CF IFSIJT PXO PWFSTFFS BT $IBJS XIJMF NBOBHJOH UIF CVTJOFTT +PIOTPO  +PIOTPOT $&0 "MFY (PSTLZ TFSWFT CPUI BT $&0 BOE $IBJS PG UIF $PNQBOZT #PBSE PG %JSFDUPST 8F CFMJFWF UIF DPNCJOBUJPO PG UIFTF UXP SPMFT JO B TJOHMF QFSTPO XFBLFOT B DPSQPSBUJPOT HPWFSOBODF TUSVDUVSF XIJDI DBO IBSN TIBSFIPMEFS WBMVF "T "OESFX (SPWF *OUFMT GPSNFS DIBJS TUBUFE 5IF TFQBSBUJPO PG UIF UXP KPCT HPFT UP UIF IFBSU PG UIF DPODFQUJPO PG B DPSQPSBUJPO *T B DPNQBOZ B TBOECPY GPS UIF $&0 PS JT UIF $&0 BO FNQMPZFF *G IFT BO FNQMPZFF IF OFFET B CPTT BOE UIBU CPTT JT UIF #PBSE 5IF $IBJSNBO SVOT UIF #PBSE )PX DBO UIF $&0 CF IJT PXO CPTT  *O PVS WJFX TIBSFIPMEFST BSF CFTU TFSWFE CZ BO JOEFQFOEFOU #PBSE $IBJS XIP DBO QSPWJEF B CBMBODF PG QPXFS CFUXFFO UIF $&0 BOE UIF #PBSE FNQPXFSJOH TUSPOH #PBSE MFBEFSTIJQ 5IF QSJNBSZ EVUZ PG B #PBSE PG %JSFDUPST JT UP PWFSTFF UIF NBOBHFNFOU PG B DPNQBOZ PO CFIBMG PG TIBSFIPMEFST 8F CFMJFWF B DPNCJOFE $&0 * $IBJS DSFBUFT B QPUFOUJBM DPOGMJDU PG JOUFSFTU SFTVMUJOH JO FYDFTTJWF NBOBHFNFOU JOGMVFODF PO UIF #PBSE BOE XFBLFS PWFSTJHIU PG NBOBHFNFOU /VNFSPVT JOTUJUVUJPOBM JOWFTUPST SFDPNNFOE TFQBSBUJPO PG UIFTF UXP SPMFT 'PS FYBNQMF $BMJGPSOJBT 3FUJSFNFOU 4ZTUFN $BM1&34 1SJODJQMFT  (VJEFMJOFT FODPVSBHF TFQBSBUJPO FWFO XJUI B MFBE EJSFDUPS JO QMBDF "DDPSEJOH UP *44  #PBSE 1SBDUJDFT "QSJM 

 PG 41   GJSNT TFQBSBUF UIFTF UXP QPTJUJPOT BOE UIF OVNCFS PG DPNQBOJFT TFQBSBUJOH UIFTF SPMFT JT HSPXJOH $IBJSJOH BOE PWFSTFFJOH UIF #PBSE JT B UJNF JOUFOTJWF SFTQPOTJCJMJUZ " TFQBSBUF $IBJS BMTP GSFFT UIF $&0 UP NBOBHF UIF DPNQBOZ BOE CVJME FGGFDUJWF G CVTJOFTT TUSBUFHJFT .BOZ DPNQBOJFT IBWF TFQBSBUF BOEPS JOEFQFOEFOU $IBJST "O JOEFQFOEFOU $IBJS JT UIF QSFWBJMJOH QSBDUJDF JO UIF 6OJUFE ,JOHEPN BOE JT BO JODSFBTJOH USFOE JO UIF 64 4IBSFIPMEFS SFTPMVUJPOT VSHJOH TFQBSBUJPO PG $&0 BOE $IBJS SFDFJWFE BQQSPYJNBUFMZ  JO  BOE  JO  BO JOEJDBUJPO PG TUSPOH JOWFTUPS TVQQPSU 5P TJNQMJGZ UIF USBOTJUJPO UIJT QPMJDZ XPVME CF QIBTFE JO BOE JNQMFNFOUFE XIFO UIF OFYU $&0 JT DIPTFO

 1SPYZ 4UBUFNFOU  

#PBSE`T 4UBUFNFOU JO 0QQPTJUJPO UP 4IBSFIPMEFS 1SPQPTBM 5IF #PBSE PG %JSFDUPST SFDPNNFOET B WPUF "("*/45 UIF BEPQUJPO PG UIJT QSPQPTBM GPS UIF GPMMPXJOH SFBTPOT a 5IF BEPQUJPO PG B QPMJDZ SFRVJSJOH UIBU UIF $IBJSNBO PG UIF #PBSE CF BO JOEFQFOEFOU EJSFDUPS DPVME MJNJU UIF #PBSE`T BCJMJUZ UP DIPPTF UIF QFSTPO CFTU TVJUFE GPS UIF SPMF BU B QBSUJDVMBS UJNF "T EJTDVTTFE JO a*UFN  &MFDUJPO PG %JSFDUPSTb PO QBHFT  UP  PG UIJT 1SPYZ 4UBUFNFOU PVS #PBSE JT DPNQPTFE PG EJSFDUPST XJUI EJWFSTF CBDLHSPVOET FYQFSJFODF BOE QFSTQFDUJWFT .PSFPWFS PVS JOEFQFOEFOU EJSFDUPST BQQSPQSJBUFMZ DIBMMFOHF NBOBHFNFOU BOE EFNPOTUSBUF UIF GSFFUIJOLJOH FYQFDUFE PG UPEBZc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cT TQFDJGJD DJSDVNTUBODFT DVMUVSF BOE TIPSU BOE MPOHUFSN DIBMMFOHFT BT UIFZ FWPMWF PWFS UJNF a 0VS #PBSE CFMJFWFT UIBU PVS DVSSFOU HPWFSOBODF TUSVDUVSF BMSFBEZ QSPWJEFT UIF JOEFQFOEFOU MFBEFSTIJQ BOE PWFSTJHIU TPVHIU CZ UIF QSPQPTBM 0VS #PBSE SFDPHOJ[FT UIF JNQPSUBODF PG IBWJOH JO QMBDF BOE CVJMEJOH VQPO B TUSPOH TUSVDUVSF UP FOTVSF UIBU UIF #PBSE GVODUJPOT JO BO BQQSPQSJBUFMZ JOEFQFOEFOU NBOOFS "U UIF TBNF UJNF UIBU PVS #PBSE EFDJEFE UP EFTJHOBUF .S (PSTLZ BT $IBJSNBO JO  PVS JOEFQFOEFOU %JSFDUPST UPPL TUFQT UP FOIBODF PVS HPWFSOBODF TUSVDUVSF CZ DPOWFSUJOH UIF 1SFTJEJOH %JSFDUPS SPMF UP UIBU PG BO JOEFQFOEFOU -FBE %JSFDUPS BOE FYQBOEJOH UIF EVUJFT PG UIF JOEFQFOEFOU -FBE %JSFDUPS UP JODMVEF BMM PG UIF SFTQPOTJCJMJUJFT BOE BVUIPSJUJFT PG UIF DPNQBOZcT GPSNFS 1SFTJEJOH %JSFDUPS QPTJUJPO BT XFMM BT TFWFSBM BEEJUJPOBM SFTQPOTJCJMJUJFT BOE BVUIPSJUJFT "T QSFTFOUMZ TUSVDUVSFE UIF JOEFQFOEFOU -FBE %JSFDUPScT EVUJFT JODMVEF UIF GPMMPXJOH BNPOH PUIFS UIJOHT d "QQSPWJOH JOGPSNBUJPO TFOU UP UIF #PBSE BOE EFUFSNJOJOH UJNFMJOFTT PG JOGPSNBUJPO GMPX GSPN NBOBHFNFOU d "QQSPWJOH NFFUJOH TDIFEVMFT UP BTTVSF UIBU UIFSF JT TVGGJDJFOU G UJNF GPS EJTDVTTJPO PG BMM BHFOEB JUFNT d 3FWJFXJOH JO BEWBODF UIF TDIFEVMF PG DPNNJUUFF NFFUJOHT d 1BSUJDJQBUJOH JO TFUUJOH BOE VMUJNBUFMZ BQQSPWJOH UIF BHFOEB GPS FBDI #PBSE NFFUJOH d )BWJOH UIF BVUIPSJUZ UP DBMM NFFUJOHT BOE &YFDVUJWF 4FTTJPOT PG UIF JOEFQFOEFOU %JSFDUPST d 1SFTJEJOH BU BMM NFFUJOHT PG UIF #PBSE BU XIJDI UIF $IBJS$&0 JT OPU QSFTFOU JODMVEJOH &YFDVUJWF 4FTTJPOT PG UIF JOEFQFOEFOU %JSFDUPST d "T OFDFTTBSZ NFFUJOH XJUI NBKPS TIBSFIPMEFST PS PUIFS FYUFSOBM QBSUJFT BGUFS EJTDVTTJPOT XJUI UIF $IBJS$&0 d .POJUPSJOH UIF GMPX PG JOGPSNBUJPO GSPN $PNNJUUFF $IBJST UP UIF GVMM #PBSE d -FBEJOH UIF BOOVBM QFSGPSNBODF FWBMVBUJPO PG UIF $IBJS$&0 EJTUJOHVJTIJOH BT OFDFTTBSZ CFUXFFO QFSGPSNBODF BT $IBJS BOE QFSGPSNBODF BT $&0 d -FBEJOH UIF BOOVBM QFSGPSNBODF FWBMVBUJPO PG UIF #PBSE BOE d -FBEJOH UIF $&0 TVDDFTTJPO QSPDFTT 5IF UBCMF PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU EFTDSJCFT UIF EVUJFT BOE SFTQPOTJCJMJUJFT PG PVS JOEFQFOEFOU -FBE %JSFDUPS JO HSFBUFS EFUBJM *O BEEJUJPO FBDI PG UIF #PBSEcT GJWF NBJO DPNNJUUFFT JT DPNQPTFE FOUJSFMZ PG JOEFQFOEFOU %JSFDUPST XJUI BO JOEFQFOEFOU %JSFDUPS DIBJSJOH FBDI TVDI DPNNJUUFF .S (PSTLZ JT DVSSFOUMZ UIF POMZ OPOJOEFQFOEFOU NFNCFS PG PVS #PBSE BOE IF JT OPU B NFNCFS PG BOZ PG PVS #PBSEcT GJWF NBJO DPNNJUUFFT a 0VS #PBSE CFMJFWFT UIBU PVS FYJTUJOH MFBEFSTIJQ TUSVDUVSF JT NPTU FGGFDUJWF GPS UIF DPNQBOZ VOEFS DVSSFOU DJSDVNTUBODFT 0VS #PBSE CFMJFWFT UIBU JU SFNBJOT JO PVS DPNQBOZcT CFTU JOUFSFTUT GPS .S (PSTLZ UP TFSWF BT $IBJSNBO PG PVS #PBSE )BWJOH .S (PSTLZ PVS DPNQBOZT $&0 TFSWF BT $IBJSNBO DSFBUFT DMFBS BOE VOBNCJHVPVT BVUIPSJUZ XIJDI JT FTTFOUJBM UP FGGFDUJWF G NBOBHFNFOU 'VSUIFS HJWFO UIBU IF JT DMPTFS UP PVS DPNQBOZcT CVTJOFTTFT UIBO BOZ PUIFS #PBSE NFNCFS BOE IBT UIF CFOFGJU PG PWFS  ZFBST PG PQFSBUJPOBM BOE MFBEFSTIJQ FYQFSJFODF XJUIJO UIF +PIOTPO  +PIOTPO 'BNJMZ PG $PNQBOJFT .S (PSTLZ JT CFTU QPTJUJPOFE UP QSPWJEF FGGFDUJWF G MFBEFSTIJQ .S (PSTLZcT DBSFFS FYQFSJFODF HJWFT IJN VOTVSQBTTFE JOEVTUSZ LOPXMFEHF XIJDI UIF #PBSE CFMJFWFT JT DSJUJDBM GPS UIF DIBJSNBO PG UIF CPBSE PG B DPNQBOZ UIBU PQFSBUFT JO B IJHIMZSFHVMBUFE JOEVTUSZ TVDI BT IFBMUI DBSF 0VS #PBSE UISPVHI JUT /PNJOBUJOH  $PSQPSBUF (PWFSOBODF $PNNJUUFF XJMM DPOUJOVF UP QFSJPEJDBMMZ SFWJFX JUT MFBEFSTIJQ TUSVDUVSF JO B TFSJPVT BOE PQFONJOEFE GBTIJPO UP FOTVSF JU SFNBJOT BQQSPQSJBUF GPS PVS DPNQBOZ 8IJMF PVS #PBSE CFMJFWFT UIBU JU DPOUJOVFT UP CF JO UIF DPNQBOZcT CFTU JOUFSFTUT GPS .S (PSTLZ UP TFSWF BT $IBJSNBO PG PVS #PBSE UIF #PBSE JT DPNNJUUFE UP SFHVMBSMZ DPOTJEFSJOH BMM CPBSE MFBEFSTIJQ TUSVDUVSFT BOE BTTFTTJOH UIF SPMF UIBU JOEFQFOEFOU EJSFDUPST QMBZ JO UIF MFBEFSTIJQ PG UIF CPBSE JODMVEJOH BU UIF UJNF PG UIF OFYU MFBEFSTIJQ TVDDFTTJPO 0VS #PBSE XJMM DPOUJOVF UP NPOJUPS UIJT UPQJD JO MJHIU PG XIBU JU PCTFSWFT JO UIF NBSLFUQMBDF UIF FWPMVUJPO PG WJFXQPJOUT JO UIF DPSQPSBUF HPWFSOBODF DPNNVOJUZ BOE NPTU JNQPSUBOUMZ XIBU UIF #PBSE CFMJFWFT JT JO UIF CFTU JOUFSFTUT PG +PIOTPO  +PIOTPO BOE JUT TUBLFIPMEFST

*U JT UIFSFGPSF SFDPNNFOEFE UIBU TIBSFIPMEFST WPUF "("*/45 UIJT QSPQPTBM

 1SPYZ 4UBUFNFOU  

0UIFS .BUUFST 5IF #PBSE PG %JSFDUPST EPFT OPU JOUFOE UP CSJOH PUIFS NBUUFST CFGPSF UIF NFFUJOH FYDFQU JUFNT JODJEFOU UP UIF DPOEVDU PG UIF NFFUJOH BOE XF IBWF OPU SFDFJWFE UJNFMZ OPUJDF GSPN BOZ TIBSFIPMEFS PG BO JOUFOU UP QSFTFOU BOZ PUIFS QSPQPTBM BU UIF NFFUJOH 0O BOZ NBUUFS QSPQFSMZ CSPVHIU CFGPSF UIF NFFUJOH CZ UIF #PBSE PS CZ PUIFST UIF QFSTPOT OBNFE BT QSPYJFT JO UIF BDDPNQBOZJOH QSPYZ PS UIFJS TVCTUJUVUFT XJMM WPUF JO BDDPSEBODF XJUI UIFJS CFTU KVEHNFOU

 1SPYZ 4UBUFNFOU  

(FOFSBM *OGPSNBUJPO 5IJT 1SPYZ 4UBUFNFOU JT GVSOJTIFE JO DPOOFDUJPO XJUI UIF TPMJDJUBUJPO PG QSPYJFT CZ PVS #PBSE PG %JSFDUPST GPS UIF "OOVBM .FFUJOH PG 4IBSFIPMEFST 5IJT 1SPYZ 4UBUFNFOU BDDPNQBOZJOH QSPYZ GPSN BOE PVS  "OOVBM 3FQPSU UP 4IBSFIPMEFST BSF CFJOH EJTUSJCVUFE UP PVS TIBSFIPMEFST PO PS BCPVU .BSDI   4IBSFIPMEFST &OUJUMFE UP 7PUF 7 BOE 7PUJOH 7 4UBOEBSE

4IBSFIPME EFST PG SFDPSE PG PVS DPNNPO TUPDL BU UIF DMPTF PG CVTJOFTT PO 'FCSVBSZ   BSF FOUJUMFE UP OPUJDF PG BOE UP WPUF BU PVS "OOVBM .FFUJOH BOE BU BOZ BEKPVSONFOUT PS QPTUQP POFNFOUT PG UIF NFFUJOH &BDI TIBSF PG DPNNPO TUPDL FOUJUMFT JUT PXOFS UP POF WPUF 0O 'FCSVBSZ   UIFSF XFSF     TIBSFT PVUTUBOEJOH 5P DPOTUJUUVUF B RVPSVN B NBKPSJUZ PG UIF TIBSFT FOUJUMFE UP WPUF NVTU CF SFQSFTFOUFE JO QFSTPO PSS CZ QSPYZ BU UIF "OOVBM .FFUJOH "QQSPWBM PG FBDI NBUUFS TVCNJUUFE UP UIF TIBSFIPME EFST JODMVEJOH UIF FMFDUJPO PG %JSFDUPST SFRVJSFT UIF BGGJSNBUJWF G WPUF PG B NBKPSJUZ PG UIF WPUFT DBTU BU UIF NFFUJOH 'PS QVSQPTFT PG EFUFSNJOJOH UIF OVNCFS PG WPUFT DBTU XJUI SFTQF FDU UP B QBSUJDVMBS NBUUFS POMZ UIPTF DBTU a'PSb PS a"HBJOTUb BSF JODMVEFE BCTUFOUJPOT BOE CSPLFS OPOWPUFT BSF DPVOUFE POMZ GPS QVSQPTFT PG EFUFSNJOJOH XIFUIFS B RVPSVN JTT QSFTFOU BU UIF NFFUJOH

)PX UP 7PUF 7

:PV BSF FODPVSBHFE UP WPUF JO BEWBODF PG UIF NFFUJOH VTJOH POF PG UIF GPMMPXJOH WPUJOH NFUIPET FWFO JG ZPV BSF QMBOOJOH UP BUUFOE UIF  "OOVBM .FFUJOH PG 4IBSFIPMEFST .BLF TVSF ZPV IBWF ZPVS /PUJDF QSPYZ DBSE PS WPUF JOTUSVDUJPO GPSN JO IBOE BOE GPMMPX UIF JOTUSVDUJPOT 3FHJTUFSFE 4IBSFIPMEFST 4IBSFIPMEFST XIP IPME UIFJS TIBSFT EJSFDUMZ XJUI PVS TUPDL SFHJTUSBS $PNQVUFSTIBSF DBO WPUF BOZ POF PG GPVS XBZT 7JB J UIF *OUFSOFU (P UP XXXQSPYZWPUFDPN X BOE GPMMPX UIF JOTUSVDUJPOT PO UIF XFCTJUF

#Z 5FMFQIPOF 5 $BMM   BOE GPMMPX UIF JOTUSVDUJPOT HJWFO CZ UIF WPJDF QSPNQUT *G ZPV WPUF WJB UIF *OUFSOFU PS CZ UFMFQIPOF ZPVS WPUJOH JOTUSVDUJPOT NBZ CF 5 USBOTNJUUFE VQ VOUJM  QN &BTUFSO 5JNF PO "QSJM   FYDFQU XJUI SFTQFDU UP TIBSFT IFME JO B +PIOTPO  +PIOTPO FNQMPZFF TBWJOHT QMBO XIJDI NVTU CF TVCNJUUFE CZ  QN PO "QSJM   4FF a+PIOTPO  +PIOTPO &NQMPZFF 4BWJOHT 1MBOTb CFMPX GPS WPUJOH JOTUSVDUJPOT SFHBSEJOH TIBSFT IFME VOEFS PVS TBWJOHT QMBOT #Z .BJM *G ZPV SFDFJWFE QBQFS DPQJFT PG UIF 1SPYZ 4UBUFNFOU "OOVBM 3FQPSU BOE QSPYZ DBSE NBSL TJHO EBUF BOE SFUVSO UIF QSPYZ DBSE JO UIF QPTUBHFQBJE FOWFMPQF QSPWJEFE *O 1FSTPO "UUFOE UIF "OOVBM .FFUJOH PS TFOE B QFSTPOBM SFQSFTFOUBUJWF XJUI BO BQQSPQSJBUF QSPYZ UP WPUF CZ CBMMPU BU UIF NFFUJOH 4FF a"OOVBM .FFUJOH *OGPSNBUJPOb BOE a"ENJTTJPO 5JDLFU 1SPDFEVSFTb

#FOFGJDJBM 4IBSFIPMEFST 4IBSFIPMEFST XIP IPME UIFJS TIBSFT CFOFGJDJBMMZ UISPVHI BO JOTUJUVUJPOBM IPMEFS PG SFDPSE TVDI BT B CBOL PS CSPLFS TPNFUJNFT SFGFSSFE UP BT IPMEJOH TIBSFT aJO TUSFFU OBNFb

XJMM SFDFJWF WPUJOH JOTUSVDUJPOT GSPN UIBU IPMEFS PG SFDPSE *G ZPV XJTI UP WPUF JO QFSTPO BU UIF NFFUJOH ZPV NVTU PCUBJO B MFHBM QSPYZ GSPN UIF IPMEFS PG SFDPSE PG ZPVS TIBSFT BOE QSFTFOU JU BU UIF NFFUJOH

 1SPYZ 4UBUFNFOU  

/PUJDF BOE "DDFTT

8F EJTUSJCVUF QSPYZ NBUFSJBMT UP NBOZ TIBSFIPMEFST WJB UIF *OUFSOFU VOEFS UIF 4&$cT a/PUJDF BOE "DDFTTb SVMFT UP TBWF DPTUT BOE QBQFS 6TJOH UIJT NFUIPE PG EJTUSJCVUJPO PO PS BCPVU .BSDI   XF NBJMFE B /PUJDF 3FHBSEJOH UIF "WBJMBCJMJUZ PG 1SPYZ .BUFSJBMT a/PUJDFb UIBU DPOUBJOT CBTJD JOGPSNBUJPO BCPVU PVS  "OOVBM .FFUJOH BOE JOTUSVDUJPOT PO IPX UP WJFX BMM QSPYZ NBUFSJBMT BOE WPUF FMFDUSPOJDBMMZ PO UIF *OUFSOFU *G ZPV SFDFJWF UIF /PUJDF BOE QSFGFS UP SFDFJWF UIF QSPYZ NBUFSJBMT CZ SFHVMBS NBJM PS EFMJWFSFE UP ZPVS F NBJM BEESFTT GPMMPX UIF JOTUSVDUJPOT JO UIF /PUJDF GPS NBLJOH UIJT SFRVFTU BOE UIF NBUFSJBMT XJMM CF TFOU QSPNQUMZ UP ZPV WJB UIF QSFGFSSFE NFUIPE *G ZPV QSFGFS UP WPUF CZ QIPOF SBUIFS UIBO *OUFSOFU UIF XFCTJUF MJTUFE PO UIF /PUJDF XXXQSPYZWPUFDPN IBT JOTUSVDUJPOT GPS WPUJOH CZ QIPOF

&GGFDU PG :PVS 1SPYZ

:PVS QSPYZ BVUIPSJ[FT BOPUIFS QFSTPO UP WPUF ZPVS TIBSFT PO ZPVS CFIBMG BU UIF "OOVBM .FFUJOH *G ZPVS WBMJE QSPYZ JT UJNFMZ SFDFJWFE CZ JOUFSOFU UFMFQIPOF PS NBJM UIF QFSTPOT EFTJHOBUFE BT QSPYJFT XJMM WPUF ZPVS TIBSFT QFS ZPVS EJSFDUJPOT 8F IBWF EFTJHOBUFE UXP PG PVS PGGJDFST G BT QSPYJFT GPS UIF  "OOVBM .FFUJOH PG 4IBSFIPMEFST e %+ $BSVTP BOE .) 6MMNBOO 4IPVME BOZ PUIFS NBUUFS OPU SFGFSSFE UP JO UIJT 1SPYZ 4UBUFNFOU QSPQFSMZ DPNF CFGPSF UIF NFFUJOH UIF EFTJHOBUFE QSPYJFT XJMM WPUF JO UIFJS EJTDSFUJPO *G BOZ %JSFDUPS OPNJOFF TIPVME SFGVTF PS CF VOBCMF UP TFSWF BO FWFOU UIBU JT OPU BOUJDJQBUFE ZPVS TIBSFT XJMM CF WPUFE GPS UIF QFSTPO EFTJHOBUFE CZ UIF #PBSE PG %JSFDUPST UP SFQMBDF TVDI OPNJOFF PS BMUFSOBUJWFMZ UIF #PBSE PG %JSFDUPST NBZ SFEVDF UIF OVNCFS PG %JSFDUPST PO UIF #PBSE

&GGFDU PG /PU $BTUJOH :PVS 7PUF

3FHJTUFSFE 4IBSFIPMEFST 8IFO B WBMJE QSPYZ JT SFDFJWFE CVU TQFDJGJD DIPJDFT BSF OPU JOEJDBUFE UIF EFTJHOBUFE QSPYJFT XJMM WPUF BT SFDPNNFOEFE CZ UIF #PBSE PG %JSFDUPST #FOFGJDJBM 4IBSFIPMEFST *U JT DSJUJDBM UIBU ZPV DBTU ZPVS WPUF JG ZPV XBOU JU UP DPVOU JO UIF FMFDUJPO PG %JSFDUPST BOE NPTU PUIFS JUFNT PO UIF BHFOEB 6OEFS BQQMJDBCMF SFHVMBUJPOT JG ZPV IPME ZPVS TIBSFT CFOFGJDJBMMZ BOE EP OPU JOTUSVDU ZPVS CBOL CSPLFS PS PUIFS IPMEFS PG SFDPSE PO IPX UP WPUF ZPVS TIBSFT UIF IPMEFS PG SFDPSE XJMM POMZ IBWF EJTDSFUJPO UP WPUF ZPVS VOJOTUSVDUFE TIBSFT PO UIF SBUJGJDBUJPO PG UIF BQQPJOUNFOU PG PVS JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN *UFN   5IF IPMEFS PG SFDPSE XJMM OPU IBWF EJTDSFUJPO UP WPUF ZPVS VOJOTUSVDUFE TIBSFT PO UIF FMFDUJPO PG EJSFDUPST *UFN 

UIF BEWJTPSZ WPUF PO GSFRVFODZ PG WPUJOH UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO *UFN 

UIF BEWJTPSZ WPUF UP BQQSPWF OBNFE FYFDVUJWF PGGJDFS G DPNQFOTBUJPO *UFN 

UIF SFBQQSPWBM PG UIF NBUFSJBM UFSNT PG QFSGPSNBODF HPBMT VOEFS UIF  -POH5FSN 5 *ODFOUJWF 1MBO *UFN 

PS UIF TIBSFIPMEFS QSPQPTBM *UFN 

SFTVMUJOH JO aCSPLFS OPOWPUFTb PO UIPTF JUFNT

3FWPLJOH :PVS 1SPYZ PS $IBOHJOH :PVS 7PUF

:PV NBZ DIBOHF ZPVS WPUF BU BOZ UJNF CFGPSF UIF QSPYZ JT FYFSDJTFE 3FHJTUFSFE 4IBSFIPMEFST d *G ZPV WPUFE CZ NBJM ZPV NBZ SFWPLF ZPVS QSPYZ BU BOZ UJNF CFGPSF JU JT FYFSDJTFE CZ FYFDVUJOH BOE EFMJWFSJOH B UJNFMZ BOE WBMJE MBUFSEBUFE QSPYZ CZ WPUJOH CZ CBMMPU BU UIF NFFUJOH PS CZ HJWJOH XSJUUFO OPUJDF UP UIF $PSQPSBUF 4FDSFUBSZ d *G ZPV WPUFE WJB UIF *OUFSOFU PS CZ UFMFQIPOF ZPV NBZ DIBOHF ZPVS WPUF XJUI B UJNFMZ BOE WBMJE MBUFS *OUFSOFU PS UFMFQIPOF WPUF PS CZ WPUJOH CZ CBMMPU BU UIF NFFUJOH d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

 1SPYZ 4UBUFNFOU  

+PIOTPO  +PIOTPO *G ZPV IPME TIBSFT JO B +PIOTPO  +PIOTPO DPNQBOZ FNQMPZFF TBWJOHT QMBO ZPV XJMM SFDFJWF POF &NQMPZFF 4BWJOHT 1MBOT QSPYZ DBSE PS /PUJDF UIBU DPWFST UIF TIBSFT IFME GPS ZPV JO ZPVS TBWJOHT QMBO BT XFMM BT BOZ PUIFS TIBSFT SFHJTUFSFE EJSFDUMZ JO ZPVS OBNF CVU OPU TIBSFT IFME CFOFGJDJBMMZ UISPVHI B CBOL CSPLFS PS PUIFS IPMEFS PG SFDPSE  *G ZPV WPUF UIF QMBO TIBSFT WJB UIF *OUFSOFU CZ UFMFQIPOF PS CZ NBJM BT EFTDSJCFE BCPWF CZ  QN &BTUFSO PO "QSJM   UIF 5SVTUFF PG ZPVS TBWJOHT QMBO XJMM WPUF ZPVS TIBSFT BT ZPV IBWF EJSFDUFE ZPVS WPUJOH JOTUSVDUJPOT XJMM CF LFQU DPOGJEFOUJBM  *U JT JNQPSUBOU UIBU ZPV EJSFDU UIF 5SVTUFF IPX UP WPUF ZPVS TIBSFT *O BDDPSEBODF XJUI UIF UFSNT PG UIF +PIOTPO  +PIOTPO 4BWJOHT 1MBO UIF +PIOTPO  +PIOTPO 4BWJOHT 1MBO GPS 6OJPO 3FQSFTFOUFE &NQMPZFFT BOE UIF +PIOTPO  +PIOTPO 1VFSUP 3JDP 3FUJSFNFOU 4BWJOHT 1MBO ZPV BSF UIF OBNFE GJEVDJBSZ GPS TIBSFT IFME JO ZPVS TBWJOHT QMBO BOE IBWF UIF SJHIU UP EJSFDU UIF 5SVTUFF XJUI SFTQFDU UP UIPTF TIBSFT *G ZPV EP OPU EJSFDU UIF QMBO 5SVTUFF IPX UP WPUF ZPVS TIBSFT UIF 5SVTUFF XJMM WPUF ZPVS TIBSFT JO EJSFDU QSPQPSUJPO UP UIF WPUFT DBTU GPS BMM TIBSFT IFME JO UIBU QMBO GPS XIJDI WPUJOH JOTUSVDUJPOT XFSF QSPWJEFE CZ PUIFS QMBO IPMEFST 1BSUJDJQBOUT JO UIF +PIOTPO  +PIOTPO FNQMPZFF TBWJOHT QMBOT NBZ BUUFOE UIF "OOVBM .FFUJOH )PXFWFS TIBSFT IFME JO UIPTF QMBOT DBO POMZ CF WPUFE BT EFTDSJCFE JO UIJT QBSBHSBQI BOE DBOOPU CF WPUFE BU UIF NFFUJOH "OOVBM .FFUJOH "UUFOEBODF

*G ZPV XFSF B TIBSFIPMEFS BT PG UIF SFDPSE EBUF 'FCSVBSZ   BOE QMBO UP BUUFOE PVS "OOVBM .FFUJOH JO QFSTPO QMFBTF OPUF ` 7FOVF 4UBUF 5IFBUSF  -JWJOHTUPO "WFOVF /FX #SVOTXJDL /FX +FSTFZ ` 5JNF J  5IF EPPST UP UIF 4UBUF 5IFBUSF XJMM PQFO BU  BN BOE UIF NFFUJOH XJMM CFHJO BU  BN 5IF BOUJDJQBUFE SVOOJOH UJNF PG UIF NFFUJOH XJMM CF BQQSPYJNBUFMZ POF IPVS ` 1BSLJOH "MUIPVHI /05 SFTFSWFE UIF .PSSJT 4USFFU 1BSLJOH %FDL  /FX 4USFFU /FX #SVOTXJDL BOE UIF /FX 4USFFU 1BSLJOH %FDL  /FX 4USFFU /FX #SVOTXJDL XJMM CF PQFO UP TFMGQBSLFST BU OPSNBM IPVSMZ BOE EBJMZ SBUFT 'PS JOGPSNBUJPO PO MPDBM QBSLJOH HP UP XXXOKOCQBPSH X ` %FWJDFT $BNFSBT JODMVEJOH DFMM QIPOFT XJUI QIPUPHSBQIJD DBQBCJMJUJFT

SFDPSEJOH EFWJDFT BOE PUIFS FMFDUSPOJD EFWJDFT XJMM OPU CF QFSNJUUFE BU UIF NFFUJOH ` 5JDLFUT U  4FF a"ENJTTJPO 5JDLFU 1SPDFEVSFTb CFMPX /PUF $POTJTUFOU XJUI PVS QSBDUJDF UIF MBTU DPVQMF PG ZFBST XF EP OPU QSPWJEF QSPEVDU CBHT PS GPPE BU UIF NFFUJOH

"ENJTTJPO 5JDLFU 1SPDFEVSFT

5JDLFUT UP UIF NFFUJOH XJMM CF BWBJMBCMF UP TIBSFIPMEFST BT PG UIF SFDPSE EBUF 'FCSVBSZ   *G ZPV XFSF B TIBSFIPMEFS BT PG UIF SFDPSE EBUF 'FCSVBSZ   BOE ZPV QMBO UP BUUFOE UIF "OOVBM .FFUJOH JO QFSTPO ZPV NVTU QSJOU ZPVS PXO UJDLFU BOE CSJOH JU UP UIF NFFUJOH UP HBJO BDDFTT d 5JDLFUT DBO CF QSJOUFE CZ DMJDLJOH PO UIF a3FHJTUFS GPS .FFUJOHb CVUUPO GPVOE BU XXXQSPYZWPUFDPN X BOE GPMMPXJOH UIF JOTUSVDUJPOT QSPWJEFE :PV XJMM OFFE UIF EJHJU DPOUSPM OVNCFS JODMVEFE PO ZPVS /PUJDF QSPYZ DBSE PS WPUF JOTUSVDUJPO GPSN d *G ZPV BSF VOBCMF UP QSJOU ZPVS UJDLFU QMFBTF DBMM 4IBSFIPMEFS .FFUJOH 3FHJTUSBUJPO 1IPOF 4VQQPSU UPMM GSFF BU  PS JOUFSOBUJPOBM UPMM DBMM BU  PS FNBJM "OOVBM.FFUJOH!JUTKOKDPN GPS BTTJTUBODF d 0O UIF EBZ PG UIF NFFUJOH ZPV XJMM CF SFRVJSFE UP QSFTFOU WBMJE QJDUVSF JEFOUJGJDBUJPO TVDI BT B ESJWFScT MJDFOTF PS QBTTQPSU XJUI ZPVS BENJTTJPO UJDLFU :PV NBZ CF EFOJFE FOUSBODF JG UIF SFRVJSFE JEFOUJGJDBUJPO JT OPU QSFTFOUFE (VFTU UJDLFUT BSF OPU BWBJMBCMF &YDFQUJPOT NBZ CF HSBOUFE UP TIBSFIPMEFST XIP SFRVJSF B DPNQBOJPO UJDLFU JO PSEFS UP GBDJMJUBUF UIFJS PXO BUUFOEBODF GPS FYBNQMF EVF UP B QIZTJDBM EJTBCJMJUZ CZ DPOUBDUJOH UIF 0GGJDF G PG UIF $PSQPSBUF 4FDSFUBSZ QFS UIF JOTUSVDUJPOT BCPWF

 1SPYZ 4UBUFNFOU  

1SPYZ 4PMJDJUBUJPO

*O BEEJUJPO UP UIF TPMJDJUBUJPO PG QSPYJFT CZ NBJM TFWFSBM SFHVMBS FNQMPZFFT PG UIF +PIOTPO  +PIOTPO 'BNJMZ PG $PNQBOJFT NBZ TPMJDJU QSPYJFT JO QFSTPO PS CZ UFMFQIPOF 8F IBWF BMTP SFUBJOFE UIF GJSN PG .PSSPX  $P --$ UP BJE JO UIF TPMJDJUBUJPO PG CBOLT CSPLFST BOE JOTUJUVUJPOBM BOE PUIFS TIBSFIPMEFST GPS B GFF PG BQQSPYJNBUFMZ   QMVT SFJNCVSTFNFOU PG FYQFOTFT 8F XJMM CFBS BMM DPTUT PG UIF TPMJDJUBUJPO PG QSPYJFT "OZ SFHJTUFSFE TIBSFIPMEFS WPUJOH CZ QSPYZ DBSE NBZ TVCTUJUVUF UIF OBNF PG BOPUIFS QFSTPO JO QMBDF PG UIF QFSTPOT QSFTFOUMZ OBNFE BT QSPYJFT *O PSEFS UP WPUF B TVCTUJUVUF QSPYZ NVTU QSFTFOU BEFRVBUF JEFOUJGJDBUJPO UP UIF $PSQPSBUF 4FDSFUBSZ

&MFDUSPOJD "DDFTT UP 1SPYZ .BUFSJBMT

5IJT 1SPYZ 4UBUFNFOU BOE PVS  "OOVBM 3FQPSU BSF BWBJMBCMF BU XXXJOWFTUPS X SKOKDPNHPW BOOVBMNFFUJOHNBUFSJBMTDGN *G ZPV SFDFJWFE QBQFS DPQJFT PG UIJT ZFBScT 1SPYZ 4UBUFNFOU BOE "OOVBM 3FQPSU CZ NBJM ZPV DBO FMFDU UP SFDFJWF BO FNBJM NFTTBHF JO UIF GVUVSF UIBU XJMM QSPWJEF B MJOL UP UIPTF EPDVNFOUT PO UIF *OUFSOFU #Z PQUJOH UP BDDFTT ZPVS QSPYZ NBUFSJBMT WJB UIF *OUFSOFU ZPV XJMM d HBJO GBTUFS BDDFTT UP ZPVS QSPYZ NBUFSJBMT d IFMQ TBWF PO PVS QSPEVDUJPO BOE NBJMJOH EPDVNFOUT DPTUT d SFEVDF UIF BNPVOU PG NBJM ZPV SFDFJWF BOE d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

3FEVDF %VQMJDBUF .BJMJOHT

8F IBWF BEPQUFE B QSPDFEVSF BQQSPWFE CZ UIF 4&$ DBMMFE aIPVTFIPMEJOHb 6OEFS UIJT QSPDFEVSF SFHJTUFSFE TIBSFIPMEFST XIP IBWF UIF TBNF BEESFTT BOE MBTU OBNF BOE XIP SFDFJWF FJUIFS /PUJDFT PS QBQFS DPQJFT PG UIF QSPYZ NBUFSJBMT JO UIF NBJM XJMM SFDFJWF POMZ POF DPQZ PG PVS QSPYZ NBUFSJBMT PS B TJOHMF FOWFMPQF DPOUBJOJOH UIF /PUJDFT GPS BMM TIBSFIPMEFST BU UIBU BEESFTT 5IJT DPOTPMJEBUFE NFUIPE PG EFMJWFSZ XJMM DPOUJOVF VOMFTT POF PS NPSF PG UIFTF TIBSFIPMEFST OPUJGJFT VT UIBU UIFZ XPVME MJLF UP SFDFJWF JOEJWJEVBM DPQJFT PG QSPYZ NBUFSJBMT 5IJT QSPDFEVSF SFEVDFT PVS QSJOUJOH DPTUT BOE QPTUBHF GFFT 4IBSFIPMEFST XIP QBSUJDJQBUF JO IPVTFIPMEJOH XJMM DPOUJOVF UP SFDFJWF TFQBSBUF QSPYZ DBSET PS /PUJDFT UIBU JODMVEF FBDI TIBSFIPMEFScT VOJRVF DPOUSPM OVNCFS GPS WPUJOH UIF TIBSFT IFME JO FBDI BDDPVOU 3FHJTUFSFE 4IBSFIPMEFST XIP XJTI UP EJTDPOUJOVF IPVTFIPMEJOH BOE SFDFJWF TFQBSBUF DPQJFT PG QSPYZ NBUFSJBMT NBZ OPUJGZ $PNQVUFSTIBSF CZ DBMMJOH   PS TFOE B XSJUUFO SFRVFTU UP UIF 0GGJDF G PG UIF $PSQPSBUF 4FDSFUBSZ BU UIF BEESFTT PG PVS QSJODJQBM PGGJDF G #FOFGJDJBM TIBSFIPMEFST NBZ SFRVFTU JOGPSNBUJPO BCPVU IPVTFIPMEJOH GSPN ZPVS CBOL CSPLFS PS PUIFS IPMEFS PG SFDPSE

$PSQPSBUF (PWFSOBODF .BUFSJBMT

4IBSFIPMEFST DBO TFF PVS 3FTUBUFE $FSUJGJDBUF PG *ODPSQPSBUJPO #Z-BXT 1SJODJQMFT PG $PSQPSBUF (PWFSOBODF #PBSE $PNNJUUFF $IBSUFST $PEF PG #VTJOFTT $POEVDU GPS FNQMPZFFT $PEF PG #VTJOFTT $POEVDU  &UIJDT GPS .FNCFST PG UIF #PBSE PG %JSFDUPST BOE &YFDVUJWF 0GGJDFST G BOE PUIFS DPSQPSBUF HPWFSOBODF NBUFSJBMT BU XXXJOWFTUPS X SKOKDPNHPWWDGN $PQJFT PG UIFTF EPDVNFOUT BT XFMM BT BEEJUJPOBM DPQJFT PG UIJT 1SPYZ 4UBUFNFOU BSF BWBJMBCMF UP TIBSFIPMEFST XJUIPVU DIBSHF VQPO SFRVFTU UP UIF $PSQPSBUF 4FDSFUBSZ BU PVS QSJODJQBM PGGJDF G BEESFTT

 1SPYZ 4UBUFNFOU  

4IBSFIPMEFS 1SPQPTBMT 3VMF B 5 5P CF JODMVEFE JO UIF 1SP PYZ 4UBUFNFOU BOE QSPYZ DBSE GPS UIF  "OOVBM %JSFDUPS /PNJOBUJPOT CZ .FFUJOH PG 4IBSFIPMEFST B TIBSFIPME EFS QSPQPTBM NVTU CF SFDFJWFE BU PVS QSJODJQBM PGGJDF G PO PS 4IBSFIPMEFST BOE 0UIFS CFGPSF /PWFNCFS   BOE NVTU DPNQMZ XJUI 3VMF B VOEFS UIF 64 4FDVSJUJFT BOE *UFNT PG #VTJOFTT &YDIBOHF "DU PG  BT BNFOEFE 1SPYZ "DDFTT "T EJTDVTTFE PO QBHF  PG UIJT 1SPYZ 4UBUFNFOU MBTU ZFBS XF BNFOEFE PVS #Z-BXT UP JNQMFNFOU QSPYZ BDDFTT XIJDI BMMPXT B TIBSFIPMEFS PS B HSPVQ PG VQ UP  TIBSFIPMEFST PXOJOH TIBSFT SFQSFTFO OUJOH BU MFBTU  PG UIF DPNNPO TUPDL PG UIF DPNQBOZ DPOUJOVPVTMZ GPS BU MFBTU UISFF ZFBST UP OPNJOBUF BOE JODMVEF JO PVS 1SPYZ 4UBUFNFOU UIFJS PXO %JSFDUPS OPNJOFF T DPOTUJUVUJOH VQ UP P  PG UIF UPUBM OVNCFS PG %JSFDUPST UIFO TFSWJOH PO UIF #PBSE XJUI B NJOJNVN PG VQ UP UXP %JSFDUPS OPNJOFFT JG UIF #PBSE TJ[F JT MFTT UIBO 

QSPWJEFE UIBU UIF TIBSFIPMEFS T BOE UIF OPNJOFF T TBUJTGZ UIF SFRVJSFNFOUT JO PVS #Z-BXT /PUJDF PG %JSFDUPS OPNJOFFT GPS UIF  
"OOVBM .FFUJOH PG 4IBSFIPMEFST NVTU JODMVEF UIF JOGPSNBUJPO SFRVJSFE VOEFS PVS #Z-BXT BOE NVTU CF SFDFJWFE CZ PVS $PSQPSBUF 4FDSFUBSZ BU PVS QSJODJQBM PGGJDF G OP FBSMJFS UIBO UIF F DMPTF PG CVTJOFTT  QN &BTUFSO 5JNF PO 0DUPCFS   BOE OP MBUFS UIBO UI IF DMPTF PG CVTJOFTT PO /PWFNCFS   VOMFTT UIF EBUF PG UIF  "OOVBM .FFUJOH PG 4IBSFIPMEFST IBT CFFO DIBOHFE CZ NPSF UIBO  DBMFOEBS EBZT *O UIBU DBTF TVDI OPUJDF NVTU CF SFDFJWFE CZ PVS $PSQPSBUF 4FDSFUBSZ OP FBSMJFS UIBO UIF DMPTF PG CVTJOFTT PO UIF UI DBMF FOEBS EBZ CFGPSF UIF EBUF XF DPNNFODF NBJMJOH PG PVS QSPYZ NBUFSJBMT JO DPOOFDUJPO XJUI UIF F  "OOVBM .FFUJOH PG 4IBSFIPMEFST BOE OP MBUFS UIBO UIF DMPTF PG CVTJOFTT PO UIF MBUFS PG J UIF UI DBMFOEBS EBZ CFGPSF UIF EBUF XF DPNNFODF NBJMJOH PG PVS QSPYZ NBUFSJBMT JO DPOO OFDUJPO XJUI UIF  "OOVBM .FFUJOH PG 4IBSFIPMEFST PS JJ UIF UI DBMFOEBS EBZ GPMMPXJOH UIF F EBZ PO XIJDI QVCMJD BOOPVODFNFOU PG UIF EBUF PG UIF  "OOVBM .FFUJOH PG 4IBSFIPMEFSTT JT GJSTU NBEF "EWBODF /PUJDF 1SPWJTJPOT *O BEEJJUJPO VOEFS UIF UFSNT PG PVS #Z-BXT B TIBSFIPMEFS XIP JOUFOET UP QSFTFOU BO JUFN PG CVTJOFTT JODMVEJOH B %JSFDUPS OPNJOBUJPO BU UIF  "OOVBM .FFUJOH PG 4IBSFIPMEFST PUIFS UIBO B QSPQPTBM TVCNJUUFE PS B %JSFDUPS DBOEJEBUF OPNJOBUFE GPS JODMVTJPO JO PVS QSPYZ NBUFSJBMT NVTU QSPWJEF VT XJUI XSJUUFO OPUJDF PG TVDI CVTJOFTT BU PVS QSJODJQBM PGGJDF G JODMVEJOH UIF JOGPSNBUUJPO TQFDJGJFE JO UIF #Z-BXT XIJDI NVTU CF SFDFJWFE EVSJOH UIF TBNF XJOEPXT BT UIPTF EF FTDSJCFE BCPWF VOEFS a1SPYZ "DDFTTb 1SPQPTBMT BOE PUIFS JUFNT PG CVTJO OFTT TIPVME CF EJSFDUFE UP UIF BUUFOUJPO PG UIF 0GGJDF PG UIF $PSQPSBUF 4FDSFUBSZ BU UIF BEESFTT PG PVS QSJODJQBM PGGJDF 0OF +PIOTPO  +PIOTPO 1MB[B /FX #SVOTXJDL /F FX +FSTFZ  $POUBDUJOH 0VS #PBSE :PV DBO DPOUBDU BOZ PG PVS %JSFDUPST JODMVEJOH PVS -FBE %JSFDUPS CZ XSJUJOH UP UIFN DP *OEJWJEVBM %JSFDUPST BOE +PIOTPO  +PIOTPO 0GGJDF PG UIF $PSQPSBUF 4FDSFUBSZ 0OF +PIOTPO  +PIOTPO 1MB[B /FX $PNNJUUFFT #SVOTXJDL /+  &NQMPZFFT BOE PUIFST XIP XJTI UP DPOUBDU UIF #PBSE PS BOZ NFNCFS PG UIF "VEJU $PNNJUUFF UP SFQPSU BOZ DPNQMBJOU PS DPODFSO XJUI SFTQFDU UP BDDPVOUJOH JOUFSOBM BDDPVOUJOH DPOUSPMT PS BVEJUJOH NBUUFST NBZ EP TP BOPOZNPVTMZ CZ VTJOH UIF BEESFTT BCPWF :PV DBO BMTP VTF UIF POMJOF TVCNJTTJPO GPSNT PO PVS XFCTJUF UP DPOUBDU UIF #PBSE BOE UIF "VEJU $PNNJUUFF 0VS QSPDFTT GPS IBOEMJOH DPNNVOJDBUJPOT UP UIF #PBSE PS UIF JOEJWJEVBM %JSFDUPST IBT CFFO BQQSPWFE CZ UIF JOEFQFOEFOU %JSFDUPST BOE DBO CF GPVOE BU XXXJOWFTUPS X SKOKDPNDPNNVOJDBUJPODGN )FMQGVM 8FCTJUFT

$PNQBOZ

XXXKOKDPN X

*OWFTUPS 3FMBUJPOT

XXXJOWFTUPS X SKOKDPN

$PSQPSBUF (PWFSOBODF

XXXJOWFTUPS X SKOKDPNHPWWDGN

"OOVBM .FFUJOH .BUFSJBMT

XXXJOWFTUPS X SKOKDPNHPWBOOVBMNFFUJOHNBUFSJBMTDGN

#PBSE PG %JSFDUPST

XXXJOWFTUPS X SKOKDPNHPWWDGN

$FSUJGJDBUF PG *ODPSQPSBUJPO BOE #Z-BXT XXXJOWFTUPS X SKOKDPNHPWDEPDVNFOUDGN

 1SPYZ 4UBUFNFOU  

$POUBDU UIF #PBSE

XXXJOWFTUPS X SKOKDPNDPNNVOJDBUJPODGN

1PMJUJDBM $POUSJCVUJPOT

XXXJOWFTUPS X SKOKDPNHPWDPOUSJCVUJPOTDGN

4&$ 'JMJOHT

XXXJOWFTUPS X SKOKDPNTFDDGN

4USBUFHJD 'SBNFXPSL

XXXKOKDPNTUSBUFHJDGSBNFXPSL X

"11&/%*9 "

+PIOTPO  +PIOTPO  -POH5FSN 5 *ODFOUJWF 1MBO 

163104&4

5IF QVSQPTFT PG UIF 1MBO BSF UP QSPWJEF MPOHUFSN JODFOUJWFT UP UIPTF FNQMPZFFT BOE OPOFNQMPZFF EJSFDUPST XJUI SFTQPOTJCJMJUZ GPS UIF TVDDFTT BOE HSPXUI PG +PIOTPO  +PIOTPO UIF a$PSQPSBUJPOb BOE JUT TVCTJEJBSJFT BOE BGGJMJBUFE G FOUJUJFT UP BTTPDJBUF NPSF DMPTFMZ UIF JOUFSFTUT PG TVDI QFSTPOT XJUI UIPTF PG UIF $PSQPSBUJPOcT TIBSFIPMEFST UP BTTJTU UIF $PSQPSBUJPO BOE JUT TVCTJEJBSJFT BOE BGGJMJBUFE G FOUJUJFT JO SFDSVJUJOH SFUBJOJOH BOE NPUJWBUJOH B EJWFSTF BOE UBMFOUFE HSPVQ PG TVDI QFSTPOT PO B DPNQFUJUJWF CBTJT BOE UP IFMQ QSPNPUF B QBZGPSQFSGPSNBODF MJOLBHF GPS TVDI QFSTPOT 

%&'*/*5*0/4 'PS QVSQPTFT PG UIF 1MBO a"DUb NFBOT UIF 4FDVSJUJFT &YDIBOHF "DU PG  BT BNFOEFE PS BOZ TVDDFTTPS UIFSFUP a"ENJOJTUSBUPSb NFBOT UIF "ENJOJTUSBUPS PG UIF 1MBO JO BDDPSEBODF XJUI 4FDUJPO  IFSFPG

a"XBSEb " NFBOT B HSBOU PG 0QUJPOT 4UPDL "QQSFDJBUJPO 3JHIUT 3FTUSJDUFE 4IBSFT 1FSGPSNBODF 4IBSFT 3FTUSJDUFE 4IBSF 6OJUT PS 1FSGPSNBODF 4IBSF 6OJUT a"XBSE " "HSFFNFOUb NFBOT B XSJUUFO PS FMFDUSPOJD BHSFFNFOU PS PUIFS JOTUSVNFOU BT NBZ CF BQQSPWFE GSPN UJNF UP UJNF CZ UIF "ENJOJTUSBUPS TFUUJOH GPSUI UIF UFSNT PG UIF "XBSE "O "XBSE " "HSFFNFOU NBZ CF JO UIF GPSN PG BO BHSFFNFOU UP CF FYFDVUFE CZ CPUI UIF 1BSUJDJQBOU BOE UIF $PSQPSBUJPO PS BO BVUIPSJ[FE SFQSFTFOUBUJWF PG UIF $PSQPSBUJPO PS DFSUJGJDBUFT OPUJDFT PS PUIFS JOTUSVNFOUT BT BQQSPWFE CZ UIF "ENJOJTUSBUPS a#PBSEb NFBOT UIF #PBSE PG %JSFDUPST PG UIF $PSQPSBUJPO a$PEFb NFBOT UIF *OUFSOBM 3FWFOVF $PEF PG  BT BNFOEFE GSPN UJNF UP UJNF BOE UIF SVMJOHT BOE SFHVMBUJPOT JTTVFE UIFSFVOEFS a$PNNJUUFFb NFBOT UIF $PNQFOTBUJPO  #FOFGJUT $PNNJUUFF PG UIF #PBSE PS BOZ TVDDFTTPS DPNNJUUFF

PS TVDI PUIFS DPNNJUUFF EFTJHOBUFE CZ UIF #PBSE UP BENJOJTUFS UIF 1MBO QVSTVBOU UP 4FDUJPO  IFSFPG a$PNNPO 4UPDLb NFBOT UIF DPNNPO TUPDL QBS WBMVF  QFS TIBSF PG UIF $PSQPSBUJPO a$PSQPSBUJPOb NFBOT +PIOTPO  +PIOTPO B /FX +FSTFZ DPSQPSBUJPO PS BOZ TVDDFTTPS UP TVCTUBOUJBMMZ BMM JUT CVTJOFTT a%JTBCJMJUZb PS a%JTBCMFEb NFBOT VOMFTT PUIFSXJTF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS UFSNJOBUJPO PG FNQMPZNFOU XJUI UIF $PSQPSBUJPO PS BOZ TVCTJEJBSZ PS BGGJMJBUF G UIFSFPG BDDPNQBOJFE CZ B DIBOHF JO TUBUVT UP aEJTBCMFEb JO BDDPSEBODF XJUI UIF QFSTPOOFM BOEPS IVNBO SFTPVSDFT QPMJDZ PG UIF $PSQPSBUJPO a%JWJEFOE &RVJWBMFOUb NFBOT PO BOZ EJWJEFOE SFDPSE EBUF BO BNPVOU FRVBM JO WBMVF UP UIF EJWJEFOE PO POF TIBSF PG $PNNPO 4UPDL BT EFDMBSFE CZ UIF #PBSE XJUI SFTQFDU UP TVDI SFDPSE EBUF a&MJHJCMF 1BSUJDJQBOUTb NFBOT EJSFDUPST XIP BSF FNQMPZFFT PG UIF $PSQPSBUJPO PS JUT EPNFTUJD TVCTJEJBSJFT /PO &NQMPZFF %JSFDUPST FNQMPZFFT PG UIF $PSQPSBUJPO BOE JUT EPNFTUJD TVCTJEJBSJFT JODMVEJOH FYFDVUJWF PGGJDFST G BOE PGGJDFST G PG UIF $PSQPSBUJPO

FNQMPZFFT PG JOUFSOBUJPOBM TVCTJEJBSJFT BOE KPJOU WFOUVSF PQFSBUJPOT PG UIF $PSQPSBUJPO BOE JUT TVCTJEJBSJFT BOE FNQMPZFFT PG KPJOU WFOUVSF QBSUOFST XIP BSF BTTJHOFE UP BOZ TVDI KPJOU WFOUVSFT a'BJS .BSLFU 7BMVFb PO BOZ EBUF NFBOT UIF BWFSBHF PG UIF IJHI BOE MPX TBMFT QSJDFT PO TVDI EBUF PG TIBSFT PG $PNNPO 4UPDL PO UIF QSJODJQBM TFDVSJUJFT FYDIBOHF PO XIJDI TVDI TIBSFT BSF USBEFE PS JG UIFSF BSF OP TVDI TBMFT PO TVDI EBUF UIFO UIF BWFSBHF PG UIF IJHI BOE MPX TBMFT QSJDFT PG TVDI TIBSFT PO UIF EBUF PS EBUFT UIBU UIF "ENJOJTUSBUPS EFUFSNJOFT JO JUT TPMF EJTDSFUJPO UP CF BQQSPQSJBUF GPS QVSQPTFT PG WBMVBUJPO *G BT PG BOZ EBUF UIF TIBSFT PG $PNNPO 4UPDL BSF OPU MJTUFE PO B TFDVSJUJFT FYDIBOHF UIFO UIF 'BJS .BSLFU 7BMVF TIBMM CF EFUFSNJOFE CZ UIF #PBSE JO HPPE GBJUI VTJOH BOZ SFBTPOBCMF NFUIPE PG FWBMVBUJPO BOE UP UIF FYUFOU OFDFTTBSZ PS BEWJTBCMF JO B NBOOFS DPOTJTUFOU XJUI 4FDUJPO " PG UIF $PEF

XIJDI EFUFSNJOBUJPO TIBMM CF DPODMVTJWF BOE CJOEJOH PO BMM JOUFSFTUFE QBSUJFT a'JTDBM :FBSb NFBOT UIF GJTDBM ZFBS PG UIF $PSQPSBUJPO a'VMM 7BMVF "XBSEb NFBOT BOZ "XBSE UIBU JT OPU BO 0QUJPO PS B 4UPDL "QQSFDJBUJPO 3JHIU a*40b PS a*ODFOUJWF 4UPDL 0QUJPOb NFBOT BO 0QUJPO UIBU JT JOUFOEFE UP RVBMJGZ BT BO aJODFOUJWF TUPDL PQUJPOb XJUIJO UIF NFBOJOH PG 4FDUJPO  PG UIF $PEF

 1SPYZ 4UBUFNFOU  

a/PO&NQMPZFF %JSFDUPSb NFBOT PO BOZ EBUF B NFNCFS PG UIF #PBSE XIP JT OPU BO FNQMPZFF PG UIF $PSQPSBUJPO PS BOZ PG JUT TVCTJEJBSJFT PS BGGJMJBUFT G PO TVDI EBUF a/240b PS a/PO2VBMJGJFE 4UPDL 0QUJPOb NFBOT BO 0QUJPO UIBU JT OPU JOUFOEFE UP RVBMJGZ BT BO aJODFOUJWF TUPDL PQUJPOb XJUIJO UIF NFBOJOH PG 4FDUJPO  PG UIF $PEF a0QUJPOb NFBOT UIF SJHIU HSBOUFE QVSTVBOU UP UIF 1MBO UP QVSDIBTF TIBSFT PG $PNNPO 4UPDL BU B TQFDJGJFE QSJDF QFS TIBSF GPS B TQFDJGJFE QFSJPE PG UJNF a0QUJPO &YFSDJTF 1SJDFb NFBOT UIF QVSDIBTF QSJDF QFS TIBSF PG $PNNPO 4UPDL DPWFSFE CZ BO 0QUJPO a1BSUJDJQBOUb NFBOT BO JOEJWJEVBM XIP IBT SFDFJWFE BO "XBSE VOEFS UIF 1MBO a1FSGPSNBODF#BTFE &YDFQUJPOb NFBOT UIF QFSGPSNBODFCBTFE FYDFQUJPO TFU GPSUI JO 4FDUJPO  N  $ PG UIF $PEF PS BOZ TVDDFTTPS QSPWJTJPO GSPN UIF EFEVDUJCJMJUZ MJNJUBUJPO JNQPTFE CZ 4FDUJPO  N PG UIF $PEF a1FSGPSNBODF 1FSJPEb NFBOT UIF QFSJPE FTUBCMJTIFE CZ UIF "ENJOJTUSBUPS GPS XIJDI UIF BDIJFWFNFOU PG QFSGPSNBODF HPBMT JT BTTFTTFE a1FSGPSNBODF 4IBSFTb NFBOT BO "XBSE PG TIBSFT PG $PNNPO 4UPDL EFTDSJCFE JO 4FDUJPO  D JJJ IFSFPG a1FSGPSNBODF 4IBSF 6OJUTb NFBOT BO "XBSE EFTDSJCFE JO 4FDUJPO  D W IFSFPG PG BO BNPVOU QBZBCMF JO DBTI TIBSFT PG $PNNPO 4UPDL PS B DPNCJOBUJPO UIFSFPG BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS CBTFE PO UIF WBMVF PG B TQFDJGJFE OVNCFS PG TIBSFT PG $PNNPO 4UPDL a1MBOb NFBOT UIF +PIOTPO  +PIOTPO  -POH5FSN 5 *ODFOUJWF 1MBO BT TFU GPSUI IFSFJO BOE BT BNFOEFE GSPN UJNF UP UJNF a1SJPS 1MBOb NFBOT UIF +PIOTPO  +PIOTPO  -POH5FSN 5 *ODFOUJWF 1MBO a2VBMJGZJOH 1FSGPSNBODF $SJUFSJBb NFBOT UIF DSJUFSJB TFU GPSUI JO 4FDUJPO  IFSFPG a3FTUSJDUFE 4IBSFTb NFBOT BO "XBSE PG TIBSFT PG $PNNPO 4UPDL EFTDSJCFE JO 4FDUJPO  D JJ IFSFPG a3FTUSJDUFE 4IBSF 6OJUTb NFBOT BO "XBSE EFTDSJCFE JO 4FDUJPO  D JW IFSFPG PG BO BNPVOU QBZBCMF JO DBTI TIBSFT PG $PNNPO 4UPDL PS B DPNCJOBUJPO UIFSFPG BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS CBTFE PO UIF WBMVF PG B TQFDJGJFE OVNCFS PG TIBSFT PG $PNNPO 4UPDL a3FTUSJDUJPO 1FSJPEb NFBOT UIF QFSJPE EVSJOH XIJDI BOZ SFTUSJDUJPOT PO USBOTGFSBCJMJUZ FTUBCMJTIFE CZ UIF "ENJOJTUSBUPS SFNBJO JO FGGFDU G 4VDI SFTUSJDUJPOT JG BOZ TIBMM SFNBJO JO FGGFDU G VOUJM TVDI UJNF BT UIFZ IBWF MBQTFE JO BDDPSEBODF XJUI UIF UFSNT BOE DPOEJUJPOT PG UIF "XBSET PS BT PUIFSXJTF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS a4UPDL "QQSFDJBUJPO 3JHIUTb PS a4"3Tb NFBOT BO "XBSE EFTDSJCFE JO 4FDUJPO  C IFSFPG PG UIF SJHIU UP SFDFJWF B QBZNFOU FRVBM UP UIF FYDFTT JG BOZ PG B UIF 'BJS .BSLFU 7BMVF PG B TIBSF PG $PNNPO 4UPDL PO UIF EBUF UIF 4UPDL "QQSFDJBUJPO 3JHIUT BSF FYFSDJTFE PWFS C UIF FYFSDJTF QSJDF QFS TIBSF PG $PNNPO 4UPDL FTUBCMJTIFE GPS UIPTF 4UPDL "QQSFDJBUJPO 3JHIUT BU UIF UJNF PG HSBOU UIF aFYFSDJTF QSJDFb

NVMUJQMJFE CZ UIF OVNCFS PG TIBSFT PG $PNNPO 4UPDL XJUI SFTQFDU UP XIJDI UIF 4UPDL "QQSFDJBUJPO 3JHIUT BSF FYFSDJTFE a4VCTUJUVUF "XBSETb NFBOT "XBSET HSBOUFE PS $PNNPO 4UPDL JTTVFE CZ UIF $PSQPSBUJPO JO BTTVNQUJPO PG PS JO TVCTUJUVUJPO PS FYDIBOHF GPS BXBSET QSFWJPVTMZ HSBOUFE PS UIF SJHIU PS PCMJHBUJPO UP NBLF GVUVSF BXBSET CZ B DPNQBOZ BDRVJSFE CZ UIF $PSQPSBUJPO PS XJUI XIJDI UIF $PSQPSBUJPO PS BOZ TVCTJEJBSZ PS BGGJMJBUF G UIFSFPG DPNCJOFT 

"%.*/*453"5*0/ " 0' 5)& 1-"/

B

"ENJOJTUSBUPS PG UIF 1MBO 5IF 1MBO TIBMM CF BENJOJTUFSFE CZ UIF "ENJOJTUSBUPS XIP TIBMM CF UIF $PNNJUUFF PS JO UIF BCTFODF PG UIF $PNNJUUFF UIF #PBSE JUTFMG "OZ QPXFS PG UIF "ENJOJTUSBUPS NBZ BMTP CF FYFSDJTFE CZ UIF #PBSE FYDFQU UP UIF FYUFOU UIBU UIF HSBOU PS FYFSDJTF PG TVDI BVUIPSJUZ XPVME DBVTF BOZ "XBSE PS USBOTBDUJPO UP CFDPNF TVCKFDU UP PS MPTF BO FYFNQUJPO VOEFS UIF TIPSUTXJOH QSPGJU SFDPWFSZ QSPWJTJPOT PG 4FDUJPO  PG UIF "DU PS DBVTF BO "XBSE JOUFOEFE UP RVBMJGZ GPS UIF 1FSGPSNBODF#BTFE &YDFQUJPO VOEFS 4FDUJPO  N PG UIF $PEF OPU UP RVBMJGZ BT TVDI 5P UIF FYUFOU UIBU BOZ QFSNJUUFE BDUJPO UBLFO CZ UIF #PBSE DPOGMJDUT XJUI BDUJPO UBLFO CZ UIF "ENJOJTUSBUPS UIF #PBSE BDUJPO TIBMM DPOUSPM C

"VUIPSJUZ PG UIF "ENJOJTUSBUPS 4VCKFDU C UP UIF FYQSFTT QSPWJTJPOT PG UIF 1MBO UIF "ENJOJTUSBUPS TIBMM CF BVUIPSJ[FE BOE FNQPXFSFE UP EP BMM UIJOHT UIBU JU EFUFSNJOFT UP CF OFDFTTBSZ PS BQQSPQSJBUF JO DPOOFDUJPO XJUI UIF BENJOJTUSBUJPO PG UIF 1MBO JODMVEJOH XJUIPVU MJNJUBUJPO UIF BVUIPSJUZ 

UP TFMFDU UIF QFSTPOT UP CF HSBOUFE "XBSET VOEFS UIF 1MBO

 UP EFUFSNJOF UIF UJNF XIFO "XBSET BSF UP CF HSBOUFE BOE BOZ DPOEJUJPOT UIBU NVTU CF TBUJTGJFE CFGPSF BO "XBSE JT HSBOUFE  UP HSBOU "XBSET UP 1BSUJDJQBOUT BOE EFUFSNJOF UIF UFSNT BOE DPOEJUJPOT UIFSFPG JODMVEJOH UIF UJNJOH UZQF TJ[F BQQMJDBCMF FYFSDJTF PS QVSDIBTF QSJDF JG BOZ UIF DJSDVNTUBODFT VOEFS XIJDI "XBSET CFDPNF FYFSDJTBCMF PS

 1SPYZ 4UBUFNFOU  

WFTUFE PS BSF GPSGFJUFE UP FYQJSF XIJDI UFSNT NBZ CVU OFFE OPU CF DPOEJUJPOFE VQPO UIF QBTTBHF PG UJNF DPOUJOVFE FNQMPZNFOU UIF TBUJTGBDUJPO PG QFSGPSNBODF DSJUFSJB UIF PDDVSSFODF PG DFSUBJO FWFOUT PS PUIFS GBDUPST BOE PUIFS UFSNT BOE DPOEJUJPOT PG "XBSET  UP FTUBCMJTI BOE WFSJGZ UIF FYUFOU PG TBUJTGBDUJPO PG BOZ QFSGPSNBODF HPBMT PS PUIFS DPOEJUJPOT BQQMJDBCMF UP UIF HSBOU JTTVBODF FYFSDJTBCJMJUZ WFTUJOH BOEPS BCJMJUZ UP SFUBJO BOZ "XBSET  UP EFUFSNJOF XIFUIFS BO "XBSE TIBMM CF FWJEFODFE CZ BO "XBSE "HSFFNFOU BOE JG TP UP QSFTDSJCF BOE BNFOE UIF UFSNT BOE DPOEJUJPOT PG TVDI "XBSE "HSFFNFOU XIJDI TIBMM OPU CF JODPOTJTUFOU XJUI UIF 1MBO BOE EFUFSNJOF XIP NVTU CF UIF QBSUJFT UP TVDI "XBSE "HSFFNFOU  UP EFUFSNJOF UIF UFSNT PG PS GPSN PG BOZ EPDVNFOU PS OPUJDF SFRVJSFE UP CF EFMJWFSFE UP UIF $PSQPSBUJPO CZ 1BSUJDJQBOUT VOEFS UIF 1MBO 

UP EFUFSNJOF JG XIFO BOE VOEFS XIBU DPOEJUJPOT QBZNFOU PG BMM PS BOZ QBSU PG BO "XBSE TIBMM CF EFGFSSFE



UP EFUFSNJOF UIF HVJEFMJOFT BOEPS QSPDFEVSFT GPS UIF QBZNFOU PS FYFSDJTF PG "XBSET

 UP QSFTDSJCF BNFOE BOE SFTDJOE SVMFT BOE SFHVMBUJPOT SFMBUJOH UP UIF 1MBO BOE UP EFGJOF UFSNT OPU PUIFSXJTF EFGJOFE IFSFJO 

UP EFUFSNJOF UIF FYUFOU UP XIJDI BEKVTUNFOUT BSF SFRVJSFE QVSTVBOU UP 4FDUJPO  IFSFPG

 UP JOUFSQSFU BOE DPOTUSVF UIF 1MBO BOZ SVMFT BOE SFHVMBUJPOT VOEFS UIF 1MBO BOE UIF UFSNT BOE DPOEJUJPOT PG BOZ "XBSE HSBOUFE IFSFVOEFS BOE UP NBLF FYDFQUJPOT UP BOZ TVDI QSPWJTJPOT JG UIF "ENJOJTUSBUPS JO HPPE GBJUI EFUFSNJOFT UIBU JU JT OFDFTTBSZ UP EP TP JO MJHIU PG FYUSBPSEJOBSZ DJSDVNTUBODFT BOE GPS UIF CFOFGJU PG UIF $PSQPSBUJPO 

UP BQQSPWF DPSSFDUJPOT JO UIF EPDVNFOUBUJPO PS BENJOJTUSBUJPO PG BOZ "XBSE BOE



UP NBLF BMM PUIFS EFUFSNJOBUJPOT EFFNFE OFDFTTBSZ PS BEWJTBCMF GPS UIF BENJOJTUSBUJPO PG UIF 1MBO

D

%FUFSNJOBUJPOT CZ UIF "ENJOJTUSBUPS "MM EFDJTJPOT EFUFSNJOBUJPOT JOUFSQSFUBUJPOT BOE BDUJPOT UBLFO CZ UIF "ENJOJTUSBUPS SFHBSEJOH UIF 1MBO BOZ SVMFT BOE SFHVMBUJPOT VOEFS UIF 1MBO BOE UIF UFSNT BOE DPOEJUJPOT PG PS PQFSBUJPO PG BOZ "XBSE HSBOUFE IFSFVOEFS TIBMM CF DPODMVTJWF BOE CJOEJOH PO BMM QBSUJFT DPODFSOFE JODMVEJOH UIF $PSQPSBUJPO JUT TIBSFIPMEFST BMM &MJHJCMF 1BSUJDJQBOUT CFOFGJDJBSJFT IFJST BTTJHOT PS PUIFS QFSTPOT IPMEJOH PS DMBJNJOH SJHIUT VOEFS UIF 1MBO PS BOZ "XBSE 5IF "ENJOJTUSBUPS TIBMM DPOTJEFS TVDI GBDUPST BT JU EFFNT SFMFWBOU JO JUT TPMF BOE BCTPMVUF EJTDSFUJPO UP NBLJOH TVDI EFDJTJPOT EFUFSNJOBUJPOT BOE JOUFSQSFUBUJPOT JODMVEJOH XJUIPVU MJNJUBUJPO UIF SFDPNNFOEBUJPOT PS BEWJDF PG BOZ PGGJDFS G PS PUIFS FNQMPZFF PG UIF $PSQPSBUJPO BOE TVDI BUUPSOFZT DPOTVMUBOUT BOE BDDPVOUBOUT BT JU NBZ TFMFDU E

%FMFHBUJPO PG "VUIPSJUZ 5 5P UIF FYUFOU OPU QSPIJCJUFE CZ MBX UIF "ENJOJTUSBUPS NBZ EFMFHBUF JUT BVUIPSJUZ IFSFVOEFS UP POF PS NPSF PG JUT NFNCFST PS PUIFS QFSTPOT FYDFQU UIBU OP TVDI EFMFHBUJPO TIBMM CF QFSNJUUFE XJUI SFTQFDU UP "XBSET UP &MJHJCMF 1BSUJDJQBOUT XIP BSF TVCKFDU UP 4FDUJPO  PG UIF "DU "OZ QFSTPO UP XIPN UIF "ENJOJTUSBUPS EFMFHBUFT JUT BVUIPSJUZ QVSTVBOU UP UIJT 4FDUJPO  E NBZ SFDFJWF "XBSET POMZ JG TVDI "XBSET BSF HSBOUFE EJSFDUMZ CZ UIF "ENJOJTUSBUPS XJUIPVU EFMFHBUJPO F

&YFDVUJPO PG %PDVNFOUT BOE 1SPWJTJPO PG "TTJTUBODF 5IF "ENJOJTUSBUPS NBZ EFTJHOBUF FNQMPZFFT PG UIF $PSQPSBUJPO PS BOZ PG JUT TVCTJEJBSJFT PS BGGJMJBUFT G UP FYFDVUF EPDVNFOUT PO CFIBMG PG UIF "ENJOJTUSBUPS PS PUIFSXJTF UP BTTJTU UIF "ENJOJTUSBUPS JO UIF BENJOJTUSBUJPO BOE PQFSBUJPO PG UIF 1MBO G

6OJGPSNJUZ /PU 3FRVJSFE 5IF UFSNT BOE DPOEJUJPOT UIBU BQQMZ UP "XBSET JODMVEJOH CVU OPU MJNJUFE UP UIF "XBSE "HSFFNFOU OFFE OPU CF VOJGPSN BNPOH BMM "XBSET BNPOH BMM "XBSET PG UIF TBNF UZQF BNPOH BMM "XBSET HSBOUFE UP UIF TBNF 1BSUJDJQBOU PS BNPOH BMM "XBSET HSBOUFE BU UIF TBNF UJNF 

&-*(*#*-*5: :

4VCKFDU UP UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO UIF "ENJOJTUSBUPS NBZ GSPN UJNF UP UJNF TFMFDU GSPN BMM &MJHJCMF 1BSUJDJQBOUT UIPTF UP XIPN "XBSET TIBMM CF HSBOUFE VOEFS 4FDUJPO  IFSFPG 0QUJPOT JOUFOEJOH UP RVBMJGZ BT *40T NBZ POMZ CF HSBOUFE UP FNQMPZFFT PG UIF $PSQPSBUJPO PS BOZ TVCTJEJBSZ XJUIJO UIF NFBOJOH PG UIF $PEF BT TFMFDUFE CZ UIF "ENJOJTUSBUPS 

4)"3&4 0' $0..0/ 450$, 46#+&$5 50 5)& 1-"/

B

"HHSFHBUF -JNJUT 5IF BHHSFHBUF OVNCFS PG TIBSFT PG $PNNPO 4UPDL JTTVBCMF VOEFS UIF 1MBO TIBMM OPU FYDFFE    QMVT BOZ TIBSFT PG $PNNPO 4UPDL UIBU XFSF TVCKFDU UP PVUTUBOEJOH BXBSET VOEFS UIF 1SJPS 1MBO BT PG UIF &GGFDUJWF G %BUF TVDI BXBSET UIF a1SJPS 1MBO "XBSETb UIBU BSF TVCTFRVFOUMZ DBODFMFE FYQJSFE GPSGFJUFE PS PUIFSXJTF OPU JTTVFE VOEFS B 1SJPS 1MBO "XBSE PS TFUUMFE JO DBTI "OZ TIBSFT PG $PNNPO 4UPDL JTTVFE VOEFS 0QUJPOT PS 4UPDL "QQSFDJBUJPO 3JHIUT TIBMM CF DPVOUFE BHBJOTU UIF OVNCFS PG TIBSFT JTTVBCMF VOEFS UIF 1MBO PO B POFGPSPOF CBTJT BOE BOZ TIBSFT PG $PNNPO 4UPDL JTTVFE QVSTVBOU UP "XBSET PUIFS UIBO 0QUJPOT PS 4UPDL "QQSFDJBUJPO 3JHIUT TIBMM CF DPVOUFE BHBJOTU UIJT MJNJU BT  TIBSFT PG $PNNPO 4UPDL GPS FWFSZ POF  TIBSF PG $PNNPO 4UPDL TVCKFDU UP TVDI "XBSE 4IBSFT PG $PNNPO 4UPDL TVCKFDU UP 1SJPS 1MBO "XBSET UIBU BGU G FS UIF &GGFDUJWF G %BUF BSF DBODFMFE FYQJSFE GPSGFJUFE PS PUIFSXJTF OPU JTTVFE VOEFS UIF 1SJPS 1MBO "XBSE PS TFUUMFE JO DBTI TIBMM CF BEEFE UP UIF OVNCFS PG TIBSFT PG $PNNPO 4UPDL JTTVBCMF VOEFS UIF 1MBO BT POF

 1SPYZ 4UBUFNFOU  

 TIBSF PG $PNNPO 4UPDL JG TVDI TIBSFT XFSF TVCKFDU UP PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1SJPS 1MBO BOE BT  TIBSFT PG $PNNPO 4UPDL JG TVDI TIBSFT XFSF TVCKFDU UP BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1SJPS 1MBO 5IF BHHSFHBUF OVNCFS PG TIBSFT PG $PNNPO 4UPDL BWBJMBCMF GPS HSBOU VOEFS UIF 1MBO BOE UIF OVNCFS PG TIBSFT PG $PNNPO 4UPDL TVCKFDU UP "XBSET PVUTUBOEJOH BU UIF UJNF PG BOZ FWFOU EFTDSJCFE JO 4FDUJPO  IFSFPG TIBMM CF TVCKFDU UP BEKVTUNFOU BT QSPWJEFE JO 4FDUJPO  IFSFPG C

*TTVBODF PG 4IBSFT

J

'PS QVSQPTFT PG 4FDUJPO  B IFSFPG UIF BHHSFHBUF OVNCFS PG TIBSFT PG $PNNPO 4UPDL JTTVFE VOEFS UIF 1MBO BU BOZ UJNF TIBMM FRVBM POMZ UIF OVNCFS PG TIBSFT PG $PNNPO 4UPDL BDUVBMMZ JTTVFE VQPO FYFSDJTF PS TFUUMFNFOU PG BO "XBSE BOE TIBSFT PG $PNNPO 4UPDL TVCKFDU UP "XBSET UIBU IBWF CFFO DBODFMFE FYQJSFE GPSGFJUFE PS PUIFSXJTF OPU JTTVFE VOEFS BO "XBSE BOE TIBSFT PG $PNNPO 4UPDL TVCKFDU UP "XBSET TFUUMFE JO DBTI TIBMM OPU DPVOU BT TIBSFT PG $PNNPO 4UPDL JTTVFE VOEFS UIF 1MBO JJ

4IBSFT PG $PNNPO 4UPDL UIBU XFSF TVCKFDU UP BO "XBSE PUIFS UIBO BO 0QUJPO PS 4UPDL "QQSFDJBUJPO 3JHIU PS BO BXBSE PUIFS UIBO BO PQUJPO PS TUPDL BQQSFDJBUJPO SJHIU HSBOUFE VOEFS UIF 1SJPS 1MBO UIBU BSF XJUIIFME CZ UIF $PSQPSBUJPO UP QBZ UIF XJUIIPMEJOH UBYFT SFMBUFE UP UIF "XBSE XJMM CF BEEFE CBDL PS XJUI SFTQFDU UP 1SJPS 1MBO "XBSET XJMM CF BEEFE UP UIF BHHSFHBUF OVNCFS PG TIBSFT PG $PNNPO 4UPDL BWBJMBCMF GPS JTTVBODF JJJ

/PUXJUITUBOEJOH UIF GPSFHPJOH UIF GPMMPXJOH TIBSFT PG $PNNPO 4UPDL XJMM OPU CF BEEFE CBDL PS XJUI SFTQFDU UP 1SJPS 1MBO "XBSET XJMM OPU CF BEEFE UP UIF BHHSFHBUF OVNCFS PG TIBSFT PG $PNNPO 4UPDL BWBJMBCMF GPS JTTVBODF B TIBSFT PG $PNNPO 4UPDL UIBU XFSF TVCKFDU UP B TUPDLTFUUMFE 4UPDL "QQSFDJBUJPO 3JHIU PS B TUPDL BQQSFDJBUJPO SJHIU HSBOUFE VOEFS UIF 1SJPS 1MBO BOE XFSF OPU JTTVFE VQPO UIF OFU TFUUMFNFOU PS OFU FYFSDJTF PG TVDI 4UPDL "QQSFDJBUJPO 3JHIU PS TUPDL BQQSFDJBUJPO SJHIU HSBOUFE VOEFS UIF 1SJPS 1MBO

C TIBSFT PG $PNNPO 4UPDL EFMJWFSFE UP PS XJUIIFME CZ UIF $PSQPSBUJPO UP QBZ UIF FYFSDJTF QSJDF PG BO 0QUJPO PS BO PQUJPO HSBOUFE VOEFS UIF 1SJPS 1MBO

D TIBSFT PG $PNNPO 4UPDL EFMJWFSFE UP PS XJUIIFME CZ UIF $PSQPSBUJPO UP QBZ UIF XJUIIPMEJOH UBYFT SFMBUFE UP BO 0QUJPO PS 4UPDL "QQSFDJBUJPO 3JHIU PS BO PQUJPO PS TUPDL BQQSFDJBUJPO SJHIU HSBOUFE VOEFS UIF 1SJPS 1MBO

PS E TIBSFT PG $PNNPO 4UPDL SFQVSDIBTFE PO UIF PQFO NBSLFU XJUI DBTI QSPDFFET GSPN FYFSDJTF PG BO 0QUJPO PS PQUJPO HSBOUFE VOEFS UIF 1SJPS 1MBO  "OZ TIBSFT PG $PNNPO 4UPDL UIBU BHBJO CFDPNF BWBJMBCMF GPS HSBOU QVSTVBOU UP UIJT 4FDUJPO  TIBMM CF BEEFE CBDL BT POF  TIBSF PG $PNNPO 4UPDL JG TVDI TIBSFT XFSF TVCKFDU UP 0QUJPOT PS 4UPDL "QQSFDJBUJPO 3JHIUT HSBOUFE VOEFS UIF 1MBO PS PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1SJPS 1MBO  TIBSFT PG $PNNPO 4UPDL JG TVDI TIBSFT XFSF TVCKFDU UP "XBSET PUIFS UIBO 0QUJPOT PS 4UPDL "QQSFDJBUJPO 3JHIUT HSBOUFE VOEFS UIF 1MBO BOE BT  TIBSFT PG $PNNPO 4UPDL JG TVDI TIBSFT XFSF TVCKFDU UP BXBSET PUIFS UIBO PQUJPOT PS TUPDL BQQSFDJBUJPO SJHIUT HSBOUFE VOEFS UIF 1SJPS 1MBO D

4IBSFT UP #F *TTVFE 5IF TPVSDF PG TIBSFT PG $PNNPO 4UPDL UP CF JTTVFE CZ UIF $PSQPSBUJPO VOEFS UIF 1MBO TIBMM CF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS BOE NBZ DPOTJTU JO XIPMF PS JO QBSU PG BVUIPSJ[FE CVU VOJTTVFE TIBSFT USFBTVSZ TIBSFT PS TIBSFT BDRVJSFE PO UIF PQFO NBSLFU E

4VCTUJUVUF "XBS X SET 4VCTUJUVUF "XBSET TIBMM OPU SFEVDF UIF TIBSFT PG $PNNPO 4UPDL BVUIPSJ[FE GPS JTTVBODF VOEFS UIF 1MBO PS BVUIPSJ[FE GPS HSBOU UP BO &MJHJCMF 1BSUJDJQBOU JO BOZ 'JTDBM :FBS 

"8"3% -*.*5"5 5 *0/4

0QUJPOT BOE 4"3T NBZ CF HSBOUFE JO UIF BHHSFHBUF UP BOZ POF &MJHJCMF 1BSUJDJQBOU XJUI SFTQFDU UP B NBYJNVN PG    TIBSFT PG $PNNPO 4UPDL   TIBSFT PG $PNNPO 4UPDL JO UIF DBTF PG BO &MJHJCMF 1BSUJDJQBOU XIP JT B /PO &NQMPZFF %JSFDUPS EVSJOH B TJOHMF 'JTDBM :FBS 'VMM 7BMVF 7 "XBSET NBZ CF HSBOUFE JO UIF BHHSFHBUF UP BOZ POF &MJHJCMF 1BSUJDJQBOU XJUI SFTQFDU UP B NBYJNVN PG   TIBSFT PG $PNNPO 4UPDL   TIBSFT PG $PNNPO 4UPDL JO UIF DBTF PG BO &MJHJCMF 1BSUJDJQBOU XIP JT B /PO&NQMPZFF %JSFDUPS EVSJOH B TJOHMF 'JTDBM :FBS XIJDI OVNCFST TIBMM CF DBMDVMBUFE BOE BEKVTUFE QVSTVBOU UP 4FDUJPO  POMZ UP UIF FYUFOU UIBU TVDI DBMDVMBUJPO PS BEKVTUNFOU XJMM OPU BGGFDU G UIF TUBUVT PG BOZ "XBSE JOUFOEFE UP RVBMJGZ BT aQFSGPSNBODFCBTFE DPNQFOTBUJPOb VOEFS 4FDUJPO  N PG UIF $PEF CVU XIJDI OVNCFS TIBMM OPU DPVOU BOZ UBOEFN 4"3T 5IF NBYJNVN OVNCFS PG TIBSFT VOEFS B 'VMM 7BMVF "XBSE FYDMVEJOH 0QUJPOT BOE 4"3T UIBU NBZ CF HSBOUFE UP BOZ &MJHJCMF 1BSUJDJQBOU GPS B 1FSGPSNBODF 1FSJPE MPOHFS UIBO POF 'JTDBM :FBS TIBMM OPU FYDFFE UIF GPSFHPJOH BOOVBM NBYJNVN NVMUJQMJFE CZ UIF OVNCFS PG GVMM 'JTDBM :FBST JO UIF 1FSGPS G NBODF 1FSJPE 5IF BHHSFHBUF OVNCFS PG 4IBSFT UIBU NBZ CF JTTVFE QVSTVBOU UP UIF FYFSDJTF PG *ODFOUJWF 4UPDL 0QUJPOT TIBMM OPU FYDFFE    XIJDI OVNCFS TIBMM CF DBMDVMBUFE BOE BEKVTUFE QVSTVBOU UP 4FDUJPO  POMZ UP UIF FYUFOU UIBU TVDI DBMDVMBUJPO PS BEKVTUNFOU XJMM OPU BGGFDU G UIF TUBUVT PG BOZ PQUJPO JOUFOEFE UP RVBMJGZ BT BO *ODFOUJWF 4UPDL 0QUJPO VOEFS 4FDUJPO  PG UIF $PEF 

"8"3%4 50 &-*(*#-& 1"35*$*1"/54 1 B

0QUJPOT

J

(SBOUT 4VCKFDU UP UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO 0QUJPOT NBZ CF HSBOUFE UP &MJHJCMF 1BSUJDJQBOUT 0QUJPOT NBZ DPOTJTU PG *40T PS /240T BT UIF "ENJOJTUSBUPS TIBMM EFUFSNJOF 0QUJPOT NBZ CF HSBOUFE BMPOF PS JO UBOEFN XJUI 4"3T 8JUI SFTQFDU UP 0QUJPOT HSBOUFE JO UBOEFN XJUI 4"3T UIF FYFSDJTF PG FJUIFS TVDI 0QUJPOT PS TVDI 4"3T TIBMM SFTVMU JO UIF TJNVMUBOFPVT DBODFMMBUJPO PG UIF TBNF OVNCFS PG UBOEFN 4"3T PS 0QUJPOT BT UIF DBTF NBZ CF JJ

0QUJPO Q &YFSDJTF 1SJDF 5IF 0QUJPO &YFSDJTF 1SJDF TIBMM CF FRVBM UP PS HSFBUFS UIBO UIF 'BJS .BSLFU 7BMVF PG B TIBSF PG $PNNPO 4UPDL PO UIF EBUF UIF 0QUJPO JT HSBOUFE VOMFTT UIF 0QUJPO XBT HSBOUFE BT B 4VCTUJUVUF "XBSE

 1SPYZ 4UBUFNFOU  

JJJ

5FSN 5IF UFSN PG FBDI 0QUJPO TIBMM CF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS JO JUT TPMF EJTDSFUJPO CVU JO OP FWFOU TIBMM UIF UFSN FYDFFE UFO  ZFBST GSPN UIF EBUF PG HSBOU JW

*40 -JNJUT *40T NBZ CF HSBOUFE POMZ UP &MJHJCMF 1BSUJDJQBOUT XIP BSF FNQMPZFFT PG UIF $PSQPSBUJPO PS PG BOZ TVCTJEJBSZ DPSQPSBUJPO XJUIJO UIF NFBOJOH PG 4FDUJPO  PG UIF $PEF PG UIF $PSQPSBUJPO PS BOZ KPJOU WFOUVSF PQFSBUJPO PS KPJOU WFOUVSF QBSUOFS PG UIF $PSQPSBUJPO PS JUT TVCTJEJBSJFT PO UIF EBUF PG HSBOU 5IF BHHSFHBUF 'BJS .BSLFU 7BMVF EFUFSNJOFE BT PG UIF EBUF UIF *40 JT HSBOUFE PG UIF TIBSFT PG $PNNPO 4UPDL XJUI SFTQFDU UP XIJDI *40T BSF FYFSDJTBCMF GPS UIF GJSTU UJNF CZ BOZ 1BSUJDJQBOU EVSJOH BOZ DBMFOEBS ZFBS VOEFS BMM QMBOT PG UIF $PSQPSBUJPO PS PG BOZ QBSFOU PS TVCTJEJBSZ DPSQPSBUJPO XJUIJO UIF NFBOJOH PG 4FDUJPO  PG UIF $PEF PG UIF $PSQPSBUJPO

TIBMM OPU FYDFFE   PS TVDI PUIFS BNPVOU BT NBZ TVCTFRVFOUMZ CF TQFDJGJFE CZ UIF $PEF BOEPS BQQMJDBCMF SFHVMBUJPOT QSPWJEFE UIBU JG TVDI MJNJUBUJPO JT FYDFFEFE BOZ 0QUJPOT PO TIBSFT PG $PNNPO 4UPDL JO FYDFTT PG TVDI MJNJUBUJPO TIBMM CF EFFNFE UP CF /240T *40T TIBMM DPOUBJO TVDI PUIFS QSPWJTJPOT BT UIF "ENJOJTUSBUPS TIBMM EFFN BEWJTBCMF CVU TIBMM JO BMM FWFOUT CF DPOTJTUFOU XJUI BOE DPOUBJO PS CF EFFNFE UP DPOUBJO BMM QSPWJTJPOT SFRVJSFE JO PSEFS UP RVBMJGZ BT JODFOUJWF TUPDL PQUJPOT VOEFS 4FDUJPO  PG UIF $PEF "MM *40T NVTU CF HSBOUFE XJUIJO UFO ZFBST GSPN UIF EBUF UIF 1MBO XBT MBTU BQQSPWFE CZ UIF $PSQPSBUJPOcT TIBSFIPMEFST W

/P 3FQSJDJOH Q H &YDFQU GPS BEKVTUNFOUT NBEF QVSTVBOU UP 4FDUJPO  IFSFPG UIF 0QUJPO &YFSDJTF 1SJDF VOEFS BOZ PVUTUBOEJOH 0QUJPO HSBOUFE VOEFS UIF 1MBO NBZ OPU CF EFDSFBTFE BGUFS UIF EBUF PG HSBOU OPS NBZ BOZ PVUTUBOEJOH 0QUJPO XJUI BO FYFSDJTF QSJDF JO FYDFTT PG 'BJS .BSLFU 7BMVF CF TVSSFOEFSFE UP UIF $PSQPSBUJPO BT DPOTJEFSBUJPO GPS DBTI UIF HSBOU PG B OFX 0QUJPO XJUI B MPXFS 0QUJPO &YFSDJTF 1SJDF PS UIF HSBOU PG BOPUIFS "XBSE XJUIPVU UIF BQQSPWBM PG UIF $PSQPSBUJPOcT TIBSFIPMEFST WJ

1BZNFOU Z  8IFO BO 0QUJPO JT FYFSDJTFE UIF 0QUJPO &YFSDJTF 1SJDF TIBMM CF QBZBCMF UP UIF $PSQPSBUJPO

JO GVMM B

*O DBTI PS JUT FRVJWBMFOU

C

4IBSFT PG $PNNPO 4UPDL IBWJOH BO BHHSFHBUF 'BJS .BSLFU 7BMVF BU UIF UJNF PG FYFSDJTF FRVBM UP UIF UPUBM 0QUJPO &YFSDJTF 1SJDF JODMVEJOH BO JSSFWPDBCMF DPNNJUNFOU CZ B CSPLFS UP QBZ PWFS TVDI BNPVOU GSPN B TBMF PG UIF TIBSFT JTTVBCMF VOEFS BO 0QUJPO UIF EFMJWFSZ PG QSFWJPVTMZ PXOFE TIBSFT BOE XJUIIPMEJOH PG TIBSFT EFMJWFSBCMF VQPO FYFSDJTF D

#Z B DPNCJOBUJPO PG B BOE C  PS

E

4VDI PUIFS GPSN BT QFSNJUUFE CZ UIF "ENJOJTUSBUPS

WJJ

5FSNJOBUJPO PG &NQMPZNFOU Q Z  6QPO UFSNJOBUJPO PG B 1BSUJDJQBOUcT FNQMPZNFOU IJT PS IFS SJHIUT UP FYFSDJTF BO 0QUJPO UIFO IFME TIBMM CF BT TFU GPSUI JO UIF "XBSE "HSFFNFOU PS BT PUIFSXJTF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS C

4UPDL "QQSFDJBUJPO 3JHIUT

J

(SBOUT 4VCKFDU UP UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO 4"3T NBZ CF HSBOUFE UP &MJHJCMF 1BSUJDJQBOUT 4"3T NBZ CF HSBOUFE BMPOF PS JO UBOEFN XJUI 0QUJPOT 8JUI SFTQFDU UP 4"3T HSBOUFE JO UBOEFN XJUI 0QUJPOT UIF FYFSDJTF PG FJUIFS TVDI 0QUJPOT PS TVDI 4"3T TIBMM SFTVMU JO UIF TJNVMUBOFPVT DBODFMMBUJPO PG UIF TBNF OVNCFS PG UBOEFN 4"3T PS 0QUJPOT BT UIF DBTF NBZ CF JJ

&YFSDJTF 1SJDF 5IF FYFSDJTF QSJDF QFS TIBSF PG $PNNPO 4UPDL DPWFSFE CZ B 4"3 HSBOUFE QVSTVBOU UP UIF 1MBO TIBMM CF FRVBM UP PS HSFBUFS UIBO 'BJS .BSLFU 7BMVF PO UIF EBUF UIF 4"3 XBT HSBOUFE VOMFTT UIF 4"3 XBT HSBOUFE BT B 4VCTUJUVUJPO "XBSE JJJ

5FSN 5IF UFSN PG FBDI 4"3 TIBMM CF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS JO JUT TPMF EJTDSFUJPO CVU JO OP FWFOU TIBMM UIF UFSN FYDFFE UFO  ZFBST GSPN UIF EBUF PG HSBOU JW

/P 3FQSJDJOH Q H &YDFQU GPS BEKVTUNFOUT NBEF QVSTVBOU UP 4FDUJPO  IFSFPG UIF FYFSDJTF QSJDF VOEFS BOZ PVUTUBOEJOH 4"3 HSBOUFE VOEFS UIF 1MBO NBZ OPU CF EFDSFBTFE BGUFS UIF EBUF PG HSBOU OPS NBZ BOZ PVUTUBOEJOH 4"3 XJUI BO FYFSDJTF QSJDF JO FYDFTT PG 'BJS .BSLFU 7BMVF CF TVSSFOEFSFE UP UIF $PSQPSBUJPO BT DPOTJEFSBUJPO GPS DBTI UIF HSBOU PG B OFX 4"3 XJUI B MPXFS FYFSDJTF QSJDF PS UIF HSBOU PG BOPUIFS "XBSE XJUIPVU UIF BQQSPWBM PG UIF $PSQPSBUJPOcT TIBSFIPMEFST W

4FUUMFNFOU PG 4"3T 4"3T NBZ CF TFUUMFE JO UIF GPSN PG DBTI TIBSFT PG $PNNPO 4UPDL PS B DPNCJOBUJPO PG DBTI BOE TIBSFT BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS WJ

5FSNJOBUJPO PG &NQMPZNFOU Q Z  6QPO UFSNJOBUJPO PG B 1BSUJDJQBOUcT FNQMPZNFOU IJT PS IFS SJHIUT UP FYFSDJTF B 4"3 UIFO IFME TIBMM CF BT TFU GPSUI JO UIF "XBSE "HSFFNFOU PS BT PUIFSXJTF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS D

3FTUSJDUFE 4IBSFT3FTUSJDUFE 4IBSF 6OJUT BOE 1FSGPSNBODF 4IBSFT1FSGPSNBODF 4IBSF 6OJUT

J

(SBOUT 4VCKFDU UP UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO 3FTUSJDUFE 4IBSFT 1FSGPSNBODF 4IBSFT 3FTUSJDUFE 4IBSF 6OJUT BOEPS 1FSGPSNBODF 4IBSF 6OJUT NBZ CF HSBOUFE UP &MJHJCMF 1BSUJDJQBOUT JJ

3FTUSJDUFE 4IBSFT " 3FTUSJDUFE 4IBSF JT BO "XBSE PG B TIBSF PG $PNNPO 4UPDL UIBU NBZ CF TVCKFDU UP TVDI SFTUSJDUJPOT PO USBOTGFS BOE TVDI PUIFS UFSNT BOE DPOEJUJPOT BT UIF "ENJOJTUSBUPS NBZ FTUBCMJTI

 1SPYZ 4UBUFNFOU  

JJJ

1FSGPSNBODF 4IBSFT " 1FSGPSNBODF 4IBSF JT BO "XBSE PG B TIBSF PG $PNNPO 4UPDL UIF HSBOU WFTUJOH FBSOJOH BOEPS TFUUMFNFOU PG XIJDI JT DPOEJUJPOFE PO UIF BDIJFWFNFOU PG POF PS NPSF QFSGPSNBODF HPBMT PWFS B 1FSGPSNBODF 1FSJPE BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS BOE XIJDI JT TVCKFDU UP TVDI SFTUSJDUJPOT PO USBOTGFS BOE PUIFS UFSNT BOE DPOEJUJPOT BT UIF "ENJOJTUSBUPS NBZ FTUBCMJTI 5IF QFSGPSNBODF HPBM T NBZ PS NBZ OPU CF CBTFE VQPO BDIJFWFNFOU PG 2VBMJGZJOH 1FSGPSNBODF $SJUFSJB BOE B 1FSGPSNBODF 4IBSF NBZ PS NBZ OPU CF JOUFOEFE UP RVBMJGZ GPS UIF 1FSGPSNBODF#BTFE &YDFQUJPO VOEFS 4FDUJPO  N PG UIF $PEF JW

3FTUSJDUFE 4IBSF 6OJUT " 3FTUSJDUFE 4IBSF 6OJU JT BO "XBSE PG B SJHIU UP SFDFJWF BO BNPVOU CBTFE PO UIF 'BJS .BSLFU 7BMVF PG B TIBSF PG $PNNPO 4UPDL TVCKFDU UP TVDI UFSNT BOE DPOEJUJPOT BT UIF "ENJOJTUSBUPS NBZ FTUBCMJTI 3FTUSJDUFE 4IBSF 6OJUT UIBU CFDPNF QBZBCMF JO BDDPSEBODF XJUI UIFJS UFSNT BOE DPOEJUJPOT TIBMM CF TFUUMFE JO DBTI TIBSFT PG $PNNPO 4UPDL PS B DPNCJOBUJPO PG DBTI BOE TIBSFT BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS "OZ QFSTPO XIP IPMET 3FTUSJDUFE 4IBSF 6OJUT TIBMM IBWF OP PXOFSTIJQ JOUFSFTU JO UIF TIBSFT PG $PNNPO 4UPDL UP XIJDI TVDI 3FTUSJDUFE 4IBSF 6OJUT SFMBUF VOUJM BOE VOMFTT QBZNFOU XJUI SFTQFDU UP TVDI 3FTUSJDUFE 4IBSF 6OJUT JT BDUVBMMZ NBEF JO TIBSFT PG $PNNPO 4UPDL W

1FSGPSNBODF 4IBSF 6OJUT " 1FSGPSNBODF 4IBSF 6OJU JT BO "XBSE PG B SJHIU UP SFDFJWF BO BNPVOU CBTFE PO UIF 'BJS .BSLFU 7BMVF PG B TIBSF PG $PNNPO 4UPDL UIF HSBOU WFTUJOH FBSOJOH BOEPS TFUUMFNFOU PG XIJDI JT DPOEJUJPOFE PO UIF BDIJFWFNFOU PG POF PS NPSF QFSGPSNBODF HPBMT PWFS B 1FSGPSNBODF 1FSJPE BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS BOE XIJDI JT TVCKFDU UP TVDI SFTUSJDUJPOT PO USBOTGFS BOE PUIFS UFSNT BOE DPOEJUJPOT BT UIF "ENJOJTUSBUPS NBZ FTUBCMJTI 5IF QFSGPSNBODF HPBM T NBZ PS NBZ OPU CF CBTFE VQPO BDIJFWFNFOU PG 2VBMJGZJOH 1FSGPSNBODF $SJUFSJB BOE B 1FSGPSNBODF 4IBSF 6OJU NBZ PS NBZ OPU CF JOUFOEFE UP RVBMJGZ GPS UIF 1FSGPSNBODF#BTFE &YDFQUJPO VOEFS 4FDUJPO  N PG UIF $PEF 1FSGPSNBODF 4IBSF 6OJUT UIBU CFDPNF QBZBCMF JO BDDPSEBODF XJUI UIFJS UFSNT BOE DPOEJUJPOT TIBMM CF TFUUMFE JO DBTI TIBSFT PG $PNNPO 4UPDL PS B DPNCJOBUJPO PG DBTI BOE TIBSFT BT EFUFSNJOFE CZ UIF "ENJOJTUSBUPS "OZ QFSTPO XIP IPMET 1FSGPSNBODF 4IBSF 6OJUT TIBMM IBWF OP PXOFSTIJQ JOUFSFTU JO UIF TIBSFT PG $PNNPO 4UPDL UP XIJDI TVDI 1FSGPSNBODF 4IBSF 6OJUT SFMBUF VOUJM BOE VOMFTT QBZNFOU XJUI SFTQFDU UP TVDI 1FSGPSNBODF 4IBSF 6OJUT JT BDUVBMMZ NBEF JO TIBSFT PG $PNNPO 4UPDL WJ

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c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

5SBOTGFS 3FTUSJDUJPOT %VSJOH UIF 3FTUSJDUJPO 1FSJPE 3FTUSJDUFE 4IBSFT BOE 1FSGPSNBODF 4IBSFT NBZ OPU CF TPME BTTJHOFE USBOTGFSSFE PS PUIFSXJTF EJTQPTFE PG PS NPSUHBHFE QMFEHFE PS PUIFSXJTF FODVNCFSFE *O PSEFS UP FOGPSDF UIF MJNJUBUJPOT JNQPTFE VQPO UIF 3FTUSJDUFE 4IBSFT BOE 1FSGPSNBODF 4IBSFT UIF "ENJOJTUSBUPS NBZ B DBVTF aTUPQ USBOTGFSb JOTUSVDUJPOT UP CF JTTVFE BOEPS C DBVTF B MFHFOE PS MFHFOET UP CF QMBDFE PO DFSUJGJDBUFT JG BOZ FWJEFODJOH TVDI "XBSET BT UIF "ENJOJTUSBUPS EFFNT OFDFTTBSZ PS BQQSPQSJBUF 3FTUSJDUFE 4IBSF 6OJUT BOE 1FSGPSNBODF 4IBSF 6OJUT NBZ OPU CF TPME BTTJHOFE USBOTGFSSFE PS PUIFSXJTF EJTQPTFE PG PS NPSUHBHFE QMFEHFE PS PUIFSXJTF FODVNCFSFE BU BOZ UJNF WJJJ

%JWJEFOE 3JHIUT H  6OMFTT PUIFSXJTF EFUFSNJOFE CZ UIF "ENJOJTUSBUPS EVSJOH UIF 3FTUSJDUJPO 1FSJPE B 1BSUJDJQBOUT XIP IPME 3FTUSJDUFE 4IBSFT TIBMM IBWF UIF SJHIU UP SFDFJWF EJWJEFOET JO DBTI PS PUIFS QSPQFSUZ PS EJTUSJCVUJPO SJHIUT JO SFTQFDU PG TVDI TIBSFT BOE C 1BSUJDJQBOUT XIP IPME 3FTUSJDUFE 4IBSF 6OJUT TIBMM OPU CF DSFEJUFE XJUI %JWJEFOE &RVJWBMFOUT XJUI SFTQFDU UP UIF VOEFSMZJOH TIBSFT PG $PNNPO 4UPDL 5IF "ENJOJTUSBUPS XJMM EFUFSNJOF XIFUIFS BOZ TVDI EJWJEFOET PS EJTUSJCVUJPOT XJMM CF BVUPNBUJDBMMZ SFJOWFTUFE JO BEEJUJPOBM 3FTUSJDUFE 4IBSFT BOEPS TVCKFDU UP UIF TBNF SFTUSJDUJPOT PO USBOTGFSBCJMJUZ BT UIF 3FTUSJDUFE 4IBSFT XJUI SFTQFDU UP XIJDI UIFZ XFSF EJTUSJCVUFE PS XIFUIFS TVDI EJWJEFOET PS EJTUSJCVUJPOT XJMM CF QBJE JO DBTI %VSJOH UIF 3FTUSJDUJPO 1FSJPE 1BSUJDJQBOUT XIP IPME 1FSGPSNBODF 4IBSFT TIBMM OPU IBWF UIF SJHIU UP SFDFJWF EJWJEFOET JO DBTI PS PUIFS QSPQFSUZ PS EJTUSJCVUJPO SJHIUT JO SFTQFDU PG TVDI TIBSFT BOE 1BSUJDJQBOUT XIP IPME 1FSGPSNBODF 4IBSF 6OJUT TIBMM OPU CF DSFEJUFE XJUI %JWJEFOE &RVJWBMFOUT XJUI SFTQFDU UP UIF VOEFSMZJOH TIBSFT PG $PNNPO 4UPDL

 1SPYZ 4UBUFNFOU  

JY

7PUJOH H 3JHIUT H  %VSJOH UIF 3FTUSJDUJPO 1FSJPE 1BSUJDJQBOUT XIP IPME 3FTUSJDUFE 4IBSFT PS 1FSGPSNBODF 4IBSFT TIBMM IBWF UIF SJHIU UP WPUF TVDI TIBSFT BT UIF SFDPSE PXOFST UIFSFPG BOE 1BSUJDJQBOUT XIP IPME 3FTUSJDUFE 4IBSF 6OJUT PS 1FSGPSNBODF 4IBSF 6OJUT TIBMM OPU IBWF WPUJOH SJHIUT XJUI SFTQFDU UP UIF VOEFSMZJOH TIBSFT PG $PNNPO 4UPDL Y

&WJEFODF PG *OUFSFTU JO 4IBSFT &BDI 3FTUSJDUFE 4IBSF BOE 1FSGPSNBODF 4IBSF JTTVFE QVSTVBOU UP UIF 1MBO TIBMM CF FWJEFODFE CZ BO JOUFSFTU JO TVDI "XBSE BT BQQMJDBCMF SFHJTUFSFE JO UIF OBNF PG UIF BQQMJDBCMF 1BSUJDJQBOU PO UIF CPPLT BOE SFDPSET PG UIF $PSQPSBUJPO PS JUT EFTJHOFF PS CZ POF PS NPSF QIZTJDBM DFSUJGJDBUFT JG QIZTJDBM DFSUJGJDBUFT BSF JTTVFE XJUI SFTQFDU UP TVDI "XBSE

TVCKFDU JO BOZ TVDI DBTF UP UIF USBOTGFS SFTUSJDUJPOT JNQPTFE CZ 4FDUJPO  D WJJ IFSFPG *G B 3FTUSJDUFE 4IBSF PS 1FSGPSNBODF 4IBSF JT GPSGFJUFE JO BDDPSEBODF XJUI UIF SFTUSJDUJPOT UIBU BQQMZ UP TVDI "XBSE TVDI JOUFSFTU PS DFSUJGJDBUF BT UIF DBTF NBZ CF TIBMM CF DBODFMFE "U UIF FOE PG UIF 3FTUSJDUJPO 1FSJPE UIBU BQQMJFT UP 3FTUSJDUFE 4IBSFT BOE 1FSGPSNBODF 4IBSFT UIF $PSQPSBUJPO TIBMM DBVTF UIF BQQMJDBCMF USBOTGFS SFTUSJDUJPOT UP CF SFNPWFE XJUI SFTQFDU UP BOZ TIBSFT PG $PNNPO 4UPDL UP XIJDI TVDI 1BSUJDJQBOU JT UIFO FOUJUMFE /P JOUFSFTU TIBMM CF SFDPSEFE BOE OP QIZTJDBM DFSUJGJDBUF TIBMM CF JTTVFE XJUI SFTQFDU UP B 3FTUSJDUFE 4IBSF 6OJU PS 1FSGPSNBODF 4IBSF 6OJU VOMFTT BOE VOUJM TVDI "XBSE JT QBJE JO TIBSFT PG $PNNPO 4UPDL 

26"-*':*/( 1&3'03."/$&#"4&% $0.1&/4"5*0/ "

B

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

2VBMJGZJOH 1FSGPSNBODF $SJUFSJB 5IF UFSN a2VBMJGZJOH 1FSGPSNBODF $SJUFSJBb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c SFTVMUT PS UP B EFTJHOBUFE DPNQBSJTPO HSPVQ JO FBDI DBTF BT TQFDJGJFE CZ UIF "ENJOJTUSBUPS J DBTI GMPX CFGPSF PS BGUFS EJWJEFOET

JJ FBSOJOHT CFGPSF PS BGUFS UBYFT BOE JODMVEJOH FBSOJOHT CFGPSF JOUFSFTU UBYFT EFQSFDJBUJPO BOE BNPSUJ[BUJPO

JJJ FBSOJOHT QFS TIBSF JW CPPL WBMVF QFS TIBSF W TUPDL QSJDF WJ SFUVSO PO FRVJUZ WJJ UPUBM TIBSFIPMEFS SFUVSO WJJJ QSPEVDU RVBMJUZ NFBTVSFT JY JNQSPWFNFOUT PO DBQJUBM TUSVDUVSF Y XPSLJOH DBQJUBM YJ SFUVSO PO DBQJUBM JODMVEJOH SFUVSO PO UPUBM DBQJUBM PS SFUVSO PO JOWFTUFE DBQJUBM

YJJ SFUVSO PO BTTFUT PS OFU BTTFUT YJJJ SFUVSO PO JOWFTUNFOU YJW SFUVSO PO TBMFT YW NBSLFU DBQJUBMJ[BUJPO YWJ FDPOPNJD WBMVF BEEFE YWJJ TBMFT HSPXUI YWJJJ QSPEVDUJWJUZ JNQSPWFNFOU YJY EFCU MFWFSBHF EFCU UP DBQJUBM

YY SFWFOVF YYJ JODPNF PS OFU JODPNF YYJJ PQFSBUJOH JODPNF YYJJJ HSPTT QSPGJU PQFSBUJOH QSPGJU PS OFU PQFSBUJOH QSPGJU YYJW NBJOUFOBODF PS JNQSPWFNFOU PG PQFSBUJOH NBSHJO PS QSPGJU NBSHJO YYW SFUVSO PO PQFSBUJOH SFWFOVF YYWJ DBTI GSPN PQFSBUJPOT YYWJJ PQFSBUJOH SBUJP YYWJJJ PQFSBUJOH SFWFOVF YYJY NBSLFU TIBSF YYY QSPEVDU EFWFMPQNFOU PS SFMFBTF TDIFEVMFT YYYJ OFX QSPEVDU JOOPWBUJPO YYYJJ FDPOPNJD QSPGJU YYYJJJ QSPGJUBCJMJUZ PG BO JEFOUJGJBCMF CVTJOFTT VOJU PS QSPEVDU YYYJW QSPEVDU DPTU SFEVDUJPO UISPVHI BEWBODFE UFDIOPMPHZ YYYW CSBOE SFDPHOJUJPOBDDFQUBODF YYYWJ QSPEVDU TIJQ UBSHFUT YYYWJJ DPTU SFEVDUJPOT JODMVEJOH FYQFOTF NBOBHFNFOU

YYYWJJJ DVTUPNFS TFSWJDF YYYJY DVTUPNFS TBUJTGBDUJPO PS YM UIF TBMFT PG BTTFUT PS TVCTJEJBSJFT D

/FHBUJWF %JTDSFUJPO /PUXJUITUBOEJOH UIF BDIJFWFNFOU PG BOZ 2VBMJGZJOH 1FSGPSNBODF $SJUFSJB UIF "ENJOJTUSBUPS IBT UIF BVUIPSJUZ UP SFEVDF CVU OPU JODSFBTF UIF OVNCFS PG TIBSFT PG $PNNPO 4UPDL HSBOUFE JTTVFE SFUBJOBCMF BOEPS WFTUFE PS UIF BNPVOU QBJE UP B 1BSUJDJQBOU QVSTVBOU UP BO"XBSE PS QPSUJPO UIFSFPG JOUFOEFE UP RVBMJGZ GPS UIF 1FSGPSNBODF #BTFE &YDFQUJPO VOEFS 4FDUJPO  N PG UIF $PEF CBTFE PO TVDI GVSUIFS DPOTJEFSBUJPOT BT UIF "ENJOJTUSBUPS JO JUT TPMF EJTDSFUJPO TIBMM EFUFSNJOF E

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cT GJOBODJBM TUBUFNFOUT PS OPUFT UP UIF GJOBODJBM TUBUFNFOUT BOE # NBZ BQQSPQSJBUFMZ BEKVTU BOZ FWBMVBUJPO PG QFSGPSNBODF VOEFS B 2VBMJGZJOH 1FSGPSNBODF $SJUFSJB UP FYDMVEF BOZ PG UIF GPMMPXJOH FWFOUT UIBU PDDVST EVSJOH B QFSGPSNBODF QFSJPE J BTTFU XSJUFEPXOT JJ MJUJHBUJPO DMBJNT

 1SPYZ 4UBUFNFOU  

KVEHNFOUT PS TFUUMFNFOUT JJJ UIF FGGFDU G PG DIBOHFT JO UBY MBX PS PUIFS TVDI MBXT PS QSPWJTJPOT BGGFDUJOH G SFQPSUFE SFTVMUT JW BDDSVBMT GPS SFPSHBOJ[BUJPO BOE SFTUSVDUVSJOH QSPHSBNT BOE W BDDSVBMT PG BOZ BNPVOUT GPS QBZNFOU VOEFS UIF 1MBO PS BOZ PUIFS DPNQFOTBUJPO BSSBOHFNFOU NBJOUBJOFE CZ UIF $PSQPSBUJPO F

*OUFSQSFUBUJPO 8JUI SFTQFDU UP BOZ "XBSE UIBU JT JOUFOEFE UP TBUJTGZ UIF DPOEJUJPOT GPS UIF 1FSGPSNBODF#BTFE &YDFQUJPO VOEFS 4FDUJPO  N PG UIF $PEF " UIF "ENJOJTUSBUPS TIBMM JOUFSQSFU UIF 1MBO JO MJHIU PG 4FDUJPO  N PG UIF $PEF BOE UIF SFHVMBUJPOT UIFSFVOEFS # UIF "ENJOJTUSBUPS TIBMM IBWF OP EJTDSFUJPO UP BNFOE UIF "XBSE JO BOZ XBZ UIBU XPVME BEWFSTFMZ BGGFDU G UIF USFBUNFOU PG UIF "XBSE VOEFS 4FDUJPO  N PG UIF $PEF BOE UIF SFHVMBUJPOT UIFSFVOEFS BOE $ TVDI "XBSE TIBMM OPU CF QBJE VOUJM UIF "ENJOJTUSBUPS TIBMM GJSTU IBWF DFSUJGJFE UIBU UIF 2VBMJGZJOH 1FSGPSNBODF $SJUFSJB IBWF CFFO TBUJTGJFE 

%&'&33&% 1":.& " /54 "/% /0 %&'&33"- 0' 015*0/ 03 4"3 ("*/4

4VCKFDU UP UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO UIF "ENJOJTUSBUPS NBZ EFUFSNJOF UIBU BMM PS B QPSUJPO PG BOZ "XBSE UP B 1BSUJDJQBOU XIFUIFS JU JT UP CF QBJE JO DBTI TIBSFT PG $PNNPO 4UPDL PS B DPNCJOBUJPO UIFSFPG TIBMM CF EFGFSSFE PS NBZ JO JUT TPMF EJTDSFUJPO BQQSPWF EFGFSSBM FMFDUJPOT NBEF CZ 1BSUJDJQBOUT %FGFSSBMT TIBMM CF GPS TVDI QFSJPET BOE VQPO TVDI UFSNT BT UIF "ENJOJTUSBUPS NBZ EFUFSNJOF JO JUT TPMF EJTDSFUJPO /PUXJUITUBOEJOH UIF GPSFHPJOH EFGFSSBM PG 0QUJPO PS 4"3 HBJOT TIBMM OPU CF QFSNJUUFE VOEFS UIF 1MBO BOE JO OP FWFOU XJMM BOZ EFGFSSBM PG UIF EFMJWFSZ PG TIBSFT PG $PNNPO 4UPDL PS BOZ PUIFS QBZNFOU XJUI SFTQFDU UP BOZ "XBSE CF BMMPXFE JG UIF "ENJOJTUSBUPS EFUFSNJOFT JO JUT TPMF EJTDSFUJPO UIBU UIF EFGFSSBM XPVME SFTVMU JO UIF JNQPTJUJPO PG UIF BEEJUJPOBM UBY VOEFS 4FDUJPO " B  # PG UIF $PEF /P "XBSE TIBMM QSPWJEF GPS EFGFSSBM PG DPNQFOTBUJPO UIBU EPFT OPU DPNQMZ XJUI 4FDUJPO " PG UIF $PEF VOMFTT UIF "ENJOJTUSBUPS BU UIF UJNF PG HSBOU TQFDJGJDBMMZ QSPWJEFT UIBU UIF "XBSE JT OPU JOUFOEFE UP DPNQMZ XJUI 4FDUJPO " PG UIF $PEF 5IF $PSQPSBUJPO TIBMM IBWF OP MJBCJMJUZ UP B 1BSUJDJQBOU PS BOZ PUIFS QBSUZ JG BO "XBSE " UIBU JT JOUFOEFE UP CF FYFNQU GSPN PS DPNQMJBOU XJUI 4FDUJPO " PG UIF $PEF JT OPU TP FYFNQU PS DPNQMJBOU PS GPS BOZ BDUJPO UBLFO CZ UIF "ENJOJTUSBUPS 

%*-65*0/ "/% 05)&3 "%+645.&/54

*O UIF FWFOU PG BOZ NFSHFS SFPSHBOJ[BUJPO DPOTPMJEBUJPO SFDBQJUBMJ[BUJPO SFDMBTTJGJDBUJPO TUPDL TQMJU SFWFSTF TUPDL TQMJU TQJOPGG G DPNCJOBUJPO PS FYDIBOHF PG TIBSFT EJWJEFOE PS EJTUSJCVUJPO PG TFDVSJUJFT QSPQFSUZ PS DBTI PUIFS UIBO SFHVMBS RVBSUFSMZ DBTI EJWJEFOET PS BOZ PUIFS FWFOU PS USBOTBDUJPO UIBU BGGFDUT G UIF OVNCFS PS LJOE PG TIBSFT PG $PNNPO 4UPDL PVUTUBOEJOH UIF OVNCFS BOE LJOE PG TIBSFT PG $PNNPO 4UPDL BWBJMBCMF GPS JTTVBODF VOEFS UIF 1MBO JODMVEJOH VOEFS BOZ "XBSET UIFO PVUTUBOEJOH

UIF OVNCFS BOE LJOE PG TIBSFT PG $PNNPO 4UPDL TVCKFDU UP UIF MJNJUT TFU GPSUI JO 4FDUJPOT  BOE  IFSFPG BOE UIF UFSNT PG BOZ PVUTUBOEJOH "XBSE JODMVEJOH UIF OVNCFS BOE LJOE PG TIBSFT PG $PNNPO 4UPDL TVCKFDU UP TVDI "XBSE UIF QSJDF WFTUJOH BOE PUIFS UFSNT TIBMM CF FRVJUBCMZ BEKVTUFE CZ UIF "ENJOJTUSBUPS BOE BOZ TVDI BEKVTUNFOU NBZ JO UIF TPMF EJTDSFUJPO PG UIF "ENJOJTUSBUPS UBLF UIF GPSN PG " "XBSET DPWFSJOH NPSF UIBO POF DMBTT PG $PNNPO 4UPDL 4VDI BEKVTUNFOU TIBMM CF DPODMVTJWF BOE CJOEJOH GPS BMM QVSQPTFT PG UIF 1MBO /P GSBDUJPOBM TIBSFT PG $PNNPO 4UPDL TIBMM CF JTTVFE QVSTVBOU UP TVDI BO BEKVTUNFOU BOE TVDI BEKVTUNFOU OFFE OPU CF VOJGPSN BT CFUXFFO EJGGFSFOU G "XBSET PS EJGGFSFOU G UZQFT PG "XBSET /PUXJUITUBOEJOH BOZUIJOH JO UIJT 4FDUJPO  UP UIF DPOUSBSZ BO BEKVTUNFOU UP BO 0QUJPO PS 4"3 VOEFS UIJT 4FDUJPO  TIBMM CF NBEF JO B NBOOFS UIBU XJMM OPU SFTVMU JO UIF HSBOU PG B OFX 0QUJPO PS 4"3 VOEFS 4FDUJPO " PG UIF $PEF 

$0.1&/4"5*0/ " 3&$061.&/5 10-*$: :

4VCKFDU UP UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO UIF "ENJOJTUSBUPS NBZ QSPWJEF UIBU BOZ 1BSUJDJQBOU BOEPS BOZ "XBSE JODMVEJOH BOZ TIBSFT PG $PNNPO 4UPDL TVCKFDU UP BO "XBSE JT TVCKFDU UP BOZ SFDPWFSZ SFDPVQNFOU DMBXCBDL BOEPS PUIFS GPSGFJUVSF QPMJDZ NBJOUBJOFE CZ UIF $PSQPSBUJPO GSPN UJNF UP UJNF JODMVEJOH CVU OPU MJNJUFE UP UIF $PSQPSBUJPOcT $PNQFOTBUJPO 3FDPVQNFOU 1PMJDZ BT BNFOEFE GSPN UJNF UP UJNF BOE BOZ TVDDFTTPS UIFSFUP 

$0/%*5*0/4 "/% 3&453*$5*0/4 610/ 4&$63*5*&4 46#+&$5 50 "8"3%4

5IF "ENJOJTUSBUPS NBZ QSPWJEF UIBU UIF $PNNPO 4UPDL JTTVFE VQPO FYFSDJTF PG BO 0QUJPO PS 4UPDL "QQSFDJBUJPO 3JHIU PS PUIFSXJTF TVCKFDU UP PS JTTVFE VOEFS BO "XBSE TIBMM CF TVCKFDU UP TVDI GVSUIFS BHSFFNFOUT SFTUSJDUJPOT DPOEJUJPOT PS MJNJUBUJPOT BT UIF "ENJOJTUSBUPS JO JUT EJTDSFUJPO NBZ TQFDJGZ QSJPS UP UIF FYFSDJTF PG TVDI 0QUJPO PS 4UPDL "QQSFDJBUJPO 3JHIU PS UIF HSBOU WFTUJOH PS TFUUMFNFOU PG TVDI "XBSE JODMVEJOH XJUIPVU MJNJUBUJPO DPOEJUJPOT PO WFTUJOH PS USBOTGFSBCJMJUZ GGPSSGFJUVSF PS SFQVSDIBTF QSPWJTJPOT BOE NFUIPE PG QBZNFOU GPS UIF $PNNPO 4UPDL JTTVFE VQPO FYFSDJTF WFTUJOH PS TFUUMFNFOU PG TVDI "XBSE JODMVEJOH UIF BDUVBM PS DPOTUSVDUJWF TVSSFOEFS PG $PNNPO 4UPDL BMSFBEZ PXOFE CZ UIF 1BSUJDJQBOU PS QBZNFOU PG UBYFT BSJTJOH JO DPOOFDUJPO XJUI BO "XBSE 8JUIPVU MJNJUJOH UIF GPSFHPJOH TVDI SFTUSJDUJPOT NBZ BEESFTT UIF UJNJOH BOE NBOOFS PG BOZ SFTBMFT CZ UIF 1BSUJDJQBOU PS PUIFS TVCTFRVFOU USBOTGFST CZ UIF 1BSUJDJQBOU PG BOZ TIBSFT PG $PNNPO 4UPDL JTTVFE VOEFS BO "XBSE JODMVEJOH XJUIPVU MJNJUBUJPO J SFTUSJDUJPOT VOEFS BO JOTJEFS USBEJOH QPMJDZ PS QVSTVBOU UP BQQMJDBCMF MBX JJ SFTUSJDUJPOT EFTJHOFE UP EFMBZ BOEPS DPPSEJOBUF UIF UJNJOH BOE NBOOFS PG TBMFT CZ 1BSUJDJQBOUT BOE IPMEFST PG PUIFS FRVJUZ DPNQFOTBUJPO BSSBOHFNFOUT PG UIF $PSQPSBUJPO JJJ SFTUSJDUJPOT BT UP UIF VTF PG B TQFDJGJFE CSPLFSBHF GJSN GPS TVDI SFTBMFT PS PUIFS USBOTGFST BOE JW QSPWJTJPOT SFRVJSJOH $PNNPO 4UPDL CF TPME PO UIF PQFO NBSLFU PS UP UIF $PSQPSBUJPO JO PSEFS UP TBUJTGZ UBY XJUIIPMEJOH PS PUIFS PCMJHBUJPOT 

$0.1-*"/$& 8*5) -"84 " "/% 3&(6-"5*0/4 "

5IF 1MBO UIF HSBOU JTTVBODF WFTUJOH FYFSDJTF BOE TFUUMFNFOU PG "XBSET UIFSFVOEFS BOE UIF PCMJHBUJPO PG UIF $PSQPSBUJPO UP TFMM JTTVF PS EFMJWFS TIBSFT PG $PNNPO 4UPDL VOEFS TVDI "XBSET TIBMM CF TVCKFDU UP BMM BQQMJDBCMF GPSFJHO GFEFSBM TUBUF BOE MPDBM MBXT SVMFT BOE SFHVMBUJPOT TUPDL FYDIBOHF SVMFT BOE SFHVMBUJPOT BOE UP TVDI BQQSPWBMT CZ BOZ

 1SPYZ 4UBUFNFOU  

HPWFSONFOUBM PS SFHVMBUPSZ BHFODZ BT NBZ CF SFRVJSFE 5IF $PSQPSBUJPO TIBMM OPU CF SFRVJSFE UP SFHJTUFS JO B 1BSUJDJQBOUcT OBNF PS EFMJWFS $PNNPO 4UPDL QSJPS UP UIF DPNQMFUJPO PG BOZ SFHJTUSBUJPO PS RVBMJGJDBUJPO PG TVDI TIBSFT VOEFS BOZ GPSFJHO GFEFSBM TUBUF PS MPDBM MBX PS BOZ SVMJOH PS SFHVMBUJPO PG BOZ HPWFSONFOU CPEZ XIJDI UIF "ENJOJTUSBUPS TIBMM EFUFSNJOF UP CF OFDFTTBSZ PS BEWJTBCMF 5P UIF FYUFOU UIF $PSQPSBUJPO JT VOBCMF UP PS UIF "ENJOJTUSBUPS EFFNT JU JOGFBTJCMF UP PCUBJO BVUIPSJUZ GSPN BOZ SFHVMBUPSZ CPEZ IBWJOH KVSJTEJDUJPO XIJDI BVUIPSJUZ JT EFFNFE CZ UIF $PSQPSBUJPOcT DPVOTFM UP CF OFDFTTBSZ UP UIF MBXGVM JTTVBODF BOE TBMF PG BOZ TIBSFT PG $PNNPO 4UPDL IFSFVOEFS UIF $PSQPSBUJPO BOE JUT TVCTJEJBSJFT BOE BGGJMJBUFT G TIBMM CF SFMJFWFE PG BOZ MJBCJMJUZ XJUI SFTQFDU UP UIF GBJMVSF UP JTTVF PS TFMM TVDI TIBSFT PG $PNNPO 4UPDL BT UP XIJDI TVDI SFRVJTJUF BVUIPSJUZ TIBMM OPU IBWF CFFO PCUBJOFE /P 0QUJPO TIBMM CF FYFSDJTBCMF BOE OP $PNNPO 4UPDL TIBMM CF JTTVFE BOEPS USBOTGFSBCMF VOEFS BOZ PUIFS "XBSE VOMFTT B SFHJTUSBUJPO TUBUFNFOU XJUI SFTQFDU UP UIF $PNNPO 4UPDL VOEFSMZJOH TVDI 0QUJPO JT FGGFDUJWF G BOE DVSSFOU PS UIF $PSQPSBUJPO IBT EFUFSNJOFE UIBU TVDI SFHJTUSBUJPO JT VOOFDFTTBSZ *O UIF FWFOU BO "XBSE JT HSBOUFE UP PS IFME CZ B 1BSUJDJQBOU XIP JT FNQMPZFE PS QSPWJEJOH TFSWJDFT PVUTJEF UIF 6OJUFE 4UBUFT UIF "ENJOJTUSBUPS NBZ JO JUT TPMF EJTDSFUJPO NPEJGZ UIF QSPWJTJPOT PG UIF 1MBO PS PG TVDI "XBSE BT UIFZ QFSUBJO UP TVDI JOEJWJEVBM UP DPNQMZ XJUI BQQMJDBCMF GPSFJHO MBX PS UP SFDPHOJ[F EJGGFSFODFT G JO MPDBM MBX DVSSFODZ PS UBY QPMJDZ 5IF $PNNJUUFF NBZ BMTP JNQPTF DPOEJUJPOT PO UIF HSBOU JTTVBODF FYFSDJTF WFTUJOH TFUUMFNFOU PS SFUFOUJPO PG "XBSET JO PSEFS UP DPNQMZ XJUI TVDI GPSFJHO MBX BOEPS UP NJOJNJ[F UIF $PSQPSBUJPOcT PCMJHBUJPOT XJUI SFTQFDU UP UBY FRVBMJ[BUJPO GPS 1BSUJDJQBOUT FNQMPZFE PVUTJEF UIFJS IPNF DPVOUSZ 

53"/4'&3"#*-*5: :

&BDI "XBSE NBZ OPU CF TPME USBOTGFSSFE QMFEHFE BTTJHOFE PS PUIFSXJTF BMJFOBUFE PS IZQPUIFDBUFE CZ B 1BSUJDJQBOU PUIFS UIBO CZ XJMM PS UIF MBXT PG EFTDFOU BOE EJTUSJCVUJPO BOE FBDI 0QUJPO PS 4UPDL "QQSFDJBUJPO 3JHIU TIBMM CF FYFSDJTBCMF POMZ CZ UIF 1BSUJDJQBOU EVSJOH IJT PS IFS MJGFUJNF 

8*5))0-%*/( 5"9&4

5P UIF FYUFOU SFRVJSFE CZ BQQMJDBCMF GFEFSBM TUBUF MPDBM PS GPSFJHO MBX B 1BSUJDJQBOU TIBMM CF SFRVJSFE UP TBUJTGZ JO B NBOOFS TBUJTGBDUPSZ UP UIF $PSQPSBUJPO BOZ XJUIIPMEJOH UBY PCMJHBUJPOT UIBU BSJTF CZ SFBTPO PG BO 0QUJPO FYFSDJTF EJTQPTJUJPO PG TIBSFT PG $PNNPO 4UPDL JTTVFE VOEFS BO *ODFOUJWF 4UPDL 0QUJPO UIF WFTUJOH PG PS TFUUMFNFOU PG BO "XBSE BO FMFDUJPO QVSTVBOU UP 4FDUJPO  C PG UIF $PEF PS PUIFSXJTF XJUI SFTQFDU UP BO "XBSE 5IF $PSQPSBUJPO BOE JUT TVCTJEJBSJFT TIBMM OPU CF SFRVJSFE UP JTTVF TIBSFT PG $PNNPO 4UPDL NBLF BOZ QBZNFOU PS UP SFDPHOJ[F UIF USBOTGFS PS EJTQPTJUJPO PG TIBSFT PG $PNNPO 4UPDL VOUJM BMM TVDI PCMJHBUJPOT BSF TBUJTGJFE 5P UIF FYUFOU QFSNJUUFE PS SFRVJSFE CZ UIF "ENJOJTUSBUPS UIFTF PCMJHBUJPOT NBZ PS TIBMM CF TBUJTGJFE CZ UIF $PSQPSBUJPO XJUIIPMEJOH DBTI GSPN BOZ DPNQFOTBUJPO PUIFSXJTF QBZBCMF UP PS GPS UIF CFOFGJU PG B 1BSUJDJQBOU UIF $PSQPSBUJPO XJUIIPMEJOH B QPSUJPO PG UIF TIBSFT PG $PNNPO 4UPDL UIBU PUIFSXJTF XPVME CF JTTVFE UP B 1BSUJDJQBOU VOEFS TVDI "XBSE PS BOZ PUIFS BXBSE IFME CZ UIF 1BSUJDJQBOU PS CZ UIF 1BSUJDJQBOU UFOEFSJOH UP UIF $PSQPSBUJPO DBTI PS JG BMMPXFE CZ UIF "ENJOJTUSBUPS TIBSFT PG $PNNPO 4UPDL 

.*4$&--"/&064 1307*4*0/4

B

3JHIUT BT 4IBSFIPMEFS &YDFQU BT PUIFSXJTF QSPWJEFE IFSFJO B 1BSUJDJQBOU TIBMM IBWF OP SJHIUT BT B IPMEFS PG $PNNPO 4UPDL XJUI SFTQFDU UP "XBSET IFSFVOEFS VOMFTT BOE VOUJM UIF 1BSUJDJQBOU CFDPNFT SFHJTUFSFE BT B IPMEFS PG $PNNPO 4UPDL PO UIF SFDPSET PG UIF $PSQPSBUJPO BOEPS BOZ USBOTGFS BHFOU PS PUIFS BENJOJTUSBUPS EFTJHOBUFE CZ UIF $PSQPSBUJPO GSPN UJNF UP UJNF C

/P -PBOT /P MPBOT GSPN UIF $PSQPSBUJPO PS BOZ PG JUT TVCTJEJBSJFT PS BGGJMJBUFT G UP 1BSUJDJQBOUT TIBMM CF QFSNJUUFE JO DPOOFDUJPO XJUI UIF 1MBO D

$VSSFODZ BOE 0UIFS 3FTUSJDUJPOT 5IF PCMJHBUJPOT PG UIF $PSQPSBUJPO UP NBLF EFMJWFSZ PG "XBSET JO DBTI PS $PNNPO 4UPDL TIBMM CF TVCKFDU UP DVSSFODZ BOE PUIFS SFTUSJDUJPOT JNQPTFE CZ BOZ HPWFSONFOU E

/P 3JHIUT UP &NQMPZNFOU PS 4FSWJDF /P 3JHIUT UP "XBS X SET /FJUIFS UIF 1MBO OPS BOZ BDUJPO UBLFO IFSFVOEFS TIBMM CF DPOTUSVFE BT HJWJOH BOZ QFSTPO BOZ SJHIU UP CF SFUBJOFE JO UIF FNQMPZ PS TFSWJDF PG UIF $PSQPSBUJPO PS BOZ PG JUT TVCTJEJBSJFT PS BGGJMJBUFT G BOE UIF 1MBO TIBMM OPU JOUFSGFSF XJUI PS MJNJU JO BOZ XBZ UIF SJHIU PG UIF $PSQPSBUJPO PS BOZ PG JUT TVCTJEJBSJFT PS BGGJMJBUFT G UP UFSNJOBUF BOZ QFSTPOcT FNQMPZNFOU PS TFSWJDF BU BOZ UJNF &YDFQU BT TFU GPSUI IFSFJO OP FNQMPZFF PS PUIFS QFSTPO TIBMM IBWF BOZ DMBJN PS SJHIU UP CF HSBOUFE BO "XBSE VOEFS UIF 1MBO #Z BDDFQUJOH BO "XBSE UIF 1BSUJDJQBOU BDLOPXMFEHFT BOE BHSFFT UIBU J UIF "XBSE TIBMM CF FYDMVTJWFMZ HPWFSOFE CZ UIF UFSNT BOE DPOEJUJPOT PG UIF 1MBO JODMVEJOH UIF SJHIU SFTFSWFE CZ UIF $PSQPSBUJPO UP BNFOE PS DBODFM UIF 1MBO BU BOZ UJNF XJUIPVU UIF $PSQPSBUJPO JODVSSJOH MJBCJMJUZ UP UIF 1BSUJDJQBOU FYDFQU UP UIF FYUFOU UIBU UIF UFSNT PG UIF "XBSE TP QSPWJEF GPS "XBSE " T BMSFBEZ HSBOUFE VOEFS UIF 1MBO

JJ "XBSET BSF OPU B DPOTUJUVFOU QBSU PG TBMBSZ BOE UIF 1BSUJDJQBOU JT OPU FOUJUMFE VOEFS UIF UFSNT BOE DPOEJUJPOT PG FNQMPZNFOU PS CZ BDDFQUJOH PS CFJOH HSBOUFE "XBSET VOEFS UIF 1MBO UP SFRVJSF "XBSET UP CF HSBOUFE UP IJN PS IFS JO UIF GVUVSF VOEFS UIF 1MBO PS BOZ PUIFS QMBO JJJ UIF WBMVF PG "XBSET SFDFJWFE VOEFS UIF 1MBO TIBMM CF FYDMVEFE GSPN UIF DBMDVMBUJPO PG UFSNJOBUJPO JOEFNOJUJFT PS PUIFS TFWFSBODF QBZNFOUT BOE JW UIF 1BSUJDJQBOU TIBMM TFFL BMM OFDFTTBSZ BQQSPWBM VOEFS NBLF BMM SFRVJSFE OPUJGJDBUJPOT VOEFS BOE DPNQMZ XJUI BMM MBXT SVMFT BOE SFHVMBUJPOT BQQMJDBCMF UP UIF PXOFSTIJQ PG 0QUJPOT BOE TIBSFT PG $PNNPO 4UPDL BOE UIF FYFSDJTF PG 0QUJPOT JODMVEJOH DVSSFODZ BOE FYDIBOHF MBXT SVMFT BOE SFHVMBUJPOT F

#FOFGJDJBSZ %FTJHOBUJPO 5 5P UIF FYUFOU BMMPXFE CZ UIF "ENJOJTUSBUPS FBDI 1BSUJDJQBOU VOEFS UIF 1MBO NBZ GSPN UJNF UP UJNF OBNF BOZ CFOFGJDJBSZ PS CFOFGJDJBSJFT XIP NBZ CF OBNFE PO B DPOUJOHFOU PS TVDDFTTJWF CBTJT UP XIPN

 1SPYZ 4UBUFNFOU  

BOZ CFOFGJU VOEFS UIF 1MBO JT UP CF QBJE JO DBTF PG IJT PS IFS EFBUI CFGPSF IF PS TIF SFDFJWFT BOZ PS BMM PG TVDI CFOFGJU 6OMFTT UIF "ENJOJTUSBUPS EFUFSNJOFT PUIFSXJTF FBDI TVDI EFTJHOBUJPO TIBMM SFWPLF BMM QSJPS EFTJHOBUJPOT CZ UIF TBNF 1BSUJDJQBOU TIBMM CF JO B GPSN G QSFTDSJCFE CZ UIF "ENJOJTUSBUPS BOE TIBMM CF FGGFDUJWF G POMZ XIFO GJMFE CZ UIF 1BSUJDJQBOU XJUI UIF $PSQPSBUJPO PS JUT EFTJHOFF EVSJOH UIF 1BSUJDJQBOUcT MJGFUJNF *O UIF BCTFODF PG BOZ TVDI EFTJHOBUJPO CFOFGJUT SFNBJOJOH VOQBJE BU UIF 1BSUJDJQBOUcT EFBUI TIBMM CF QBJE UP UIF 1BSUJDJQBOUcT FTUBUF G

$PTUT BOE &YQFOTFT 5IF DPTU BOE FYQFOTFT PG BENJOJTUFSJOH UIF 1MBO TIBMM CF CPSOF CZ UIF $PSQPSBUJPO BOE TIBMM OPU CF DIBSHFE UP BOZ "XBSE PS UP BOZ 1BSUJDJQBOU H

'SBDUJPOBM 4IBSFT 'SBDUJPOBM TIBSFT PG $PNNPO 4UPDL TIBMM OPU CF JTTVFE PS USBOTGFSSFE VOEFS BO "XBSE CVU UIF "ENJOJTUSBUPS NBZ EJSFDU UIBU DBTI CF QBJE JO MJFV PG GSBDUJPOBM TIBSFT PS NBZ SPVOE PGG G GSBDUJPOBM TIBSFT JO JUT EJTDSFUJPO I

'VOEJOH PG 1MBO 5IF 1MBO JT JOUFOEFE UP CF BO VOGVOEFE QMBO 5IF $PSQPSBUJPO TIBMM OPU CF SFRVJSFE UP FTUBCMJTI PS GVOE BOZ TQFDJBM PS TFQBSBUF BDDPVOU PS UP NBLF BOZ PUIFS TFHSFHBUJPO PG BTTFUT UP BTTVSF UIF QBZNFOU PG BOZ "XBSE VOEFS UIF 1MBO 1BSUJDJQBOUT BSF BOE TIBMM BU BMM UJNFT CF HFOFSBM DSFEJUPST PG UIF $PSQPSBUJPO XJUI SFTQFDU UP UIFJS "XBSET *G UIF "ENJOJTUSBUPS PS UIF $PSQPSBUJPO DIPPTFT UP TFU BTJEF GVOET JO B USVTU PS PUIFSXJTF GPS UIF QBZNFOU PG "XBSET VOEFS UIF 1MBO TVDI GVOET TIBMM BU BMM UJNFT CF TVCKFDU UP UIF DMBJNT PG UIF DSFEJUPST PG UIF $PSQPSBUJPO JO UIF FWFOU PG JUT CBOLSVQUDZ PS JOTPMWFODZ J

4VDDFTTPST "MM PCMJHBUJPOT PG UIF $PSQPSBUJPO VOEFS UIF 1MBO XJUI SFTQFDU UP "XBSET HSBOUFE IFSFVOEFS TIBMM CF CJOEJOH PO BOZ TVDDFTTPS UP UIF $PSQPSBUJPO XIFUIFS UIF FYJTUFODF PG TVDI TVDDFTTPS JT UIF SFTVMU PG B EJSFDU PS JOEJSFDU QVSDIBTF NFSHFS DPOTPMJEBUJPO PS PUIFSXJTF PG BMM PS TVCTUBOUJBMMZ BMM PG UIF CVTJOFTT BOEPS BTTFUT PG UIF $PSQPSBUJPO K

(FOEFS BOE /VNCFS &YDFQU XIFSF PUIFSXJTF JOEJDBUFE CZ UIF DPOUFYU BOZ NBTDVMJOF UFSN VTFE IFSFJO BMTP TIBMM JODMVEF UIF GFNJOJOF BOZ GFNJOJOF UFSN VTFE IFSFJO TIBMM JODMVEF UIF NBTDVMJOF BOE UIF QMVSBM TIBMM JODMVEF UIF TJOHVMBS BOE UIF TJOHVMBS TIBMM JODMVEF UIF QMVSBM L

4FWFSBCJMJUZ *G BOZ QSPWJTJPO PG UIF 1MBO TIBMM CF IFME JMMFHBM PS JOWBMJE GPS BOZ SFBTPO TVDI JMMFHBMJUZ PS JOWBMJEJUZ TIBMM OPU BGGFDU G UIF SFNBJOJOH QBSUT PG UIF 1MBO BOE UIF 1MBO TIBMM CF DPOTUSVFE BOE FOGPSDFE BT JG UIF JMMFHBM PS JOWBMJE QSPWJTJPO IBE OPU CFFO JODMVEFE M

3VMFT PG $POTUSVDUJPO 8IFOFWFS BOZ QSPWJTJPO PG UIF 1MBO SFGFST UP BOZ MBX SVMF PS SFHVMBUJPO TVDI QSPWJTJPO TIBMM CF EFFNFE UP SFGFS UP UIF MBX SVMF PS SFHVMBUJPO DVSSFOUMZ JO FGGFDU G BOE XIFO BOE JG TVDI MBX SVMF PS SFHVMBUJPO JT TVCTFRVFOUMZ BNFOEFE PS SFQMBDFE UP UIF BNFOEFE PS TVDDFTTPS MBX SVMF PS SFHVMBUJPO 5IF UFSN aJODMVEJOHb TIBMM CF EFFNFE UP JODMVEF UIF XPSET aJODMVEJOH XJUIPVU MJNJUBUJPOb N

/P -JBCJMJUZ PG UIF $PSQPSBUJPO 5IF $PSQPSBUJPO BOE BOZ TVCTJEJBSZ PS BGGJMJBUF G XIJDI JT JO FYJTUFODF PS IFSFBGUFS DPNFT JOUP FYJTUFODF TIBMM OPU CF MJBCMF UP B 1BSUJDJQBOU PS BOZ PUIFS QFSTPO BT UP J UIF OPOJTTVBODF PS TBMF PG TIBSFT PG $PNNPO 4UPDL BT UP XIJDI UIF $PSQPSBUJPO IBT CFFO VOBCMF UP PCUBJO GSPN BOZ SFHVMBUPSZ CPEZ IBWJOH KVSJTEJDUJPO UIF BVUIPSJUZ EFFNFE CZ UIF $PSQPSBUJPOcT DPVOTFM UP CF OFDFTTBSZ UP UIF MBXGVM JTTVBODF BOE TBMF PG BOZ TIBSFT PG $PNNPO 4UPDL IFSFVOEFS BOE JJ BOZ UBY DPOTFRVFODF FYQFDUFE CVU OPU SFBMJ[FE CZ BOZ 1BSUJDJQBOU PS PUIFS QFSTPO EVF UP UIF SFDFJQU FYFSDJTF PS TFUUMFNFOU PG BOZ "XBSE HSBOUFE IFSFVOEFS O

/PO&YDMVTJWJUZ PG UIF 1MBO /FJUIFS UIF BEPQUJPO PG UIF 1MBO CZ UIF #PBSE OPS UIF TVCNJTTJPO PG UIF 1MBO UP UIF TIBSFIPMEFST PG UIF $PSQPSBUJPO GPS BQQSPWBM TIBMM CF DPOTUSVFE BT DSFBUJOH BOZ MJNJUBUJPOT PO UIF QPXFS PG UIF #PBSE PS UIF $PNNJUUFF UP BEPQU TVDI PUIFS JODFOUJWF BSSBOHFNFOUT BT FJUIFS NBZ EFFN EFTJSBCMF JODMVEJOH XJUIPVU MJNJUBUJPO UIF HSBOUJOH PG SFTUSJDUFE TUPDL PS TUPDL PQUJPOT PUIFSXJTF UIBO VOEFS UIF 1MBO PS BO BSSBOHFNFOU OPU JOUFOEFE UP RVBMJGZ VOEFS $PEF 4FDUJPO  N

BOE TVDI BSSBOHFNFOUT NBZ CF FJUIFS HFOFSBMMZ BQQMJDBCMF PS BQQMJDBCMF POMZ JO TQFDJGJD DBTFT P

(PWFSOJOH -BX "MM RVFTUJPOT QFSUBJOJOH UP UIF DPOTUSVDUJPO JOUFSQSFUBUJPO SFHVMBUJPO WBMJEJUZ BOE FGGFDU G PG UIF QSPWJTJPOT PG UIF 1MBO TIBMM CF EFUFSNJOFE JO BDDPSEBODF XJUI UIF MBXT PG UIF 4UBUF PG /FX +FSTFZ XJUIPVU HJWJOH FGGFDU G UP DPOGMJDU PG MBXT QSJODJQMFT FYDFQU UP UIF FYUFOU TVQFSTFEFE CZ GFEFSBM MBX 

&''&$5*7& %"5& " ".&/%.&/54 "/% 5&3.*/"5*0/ "

B

&GGFDUJWF %BUF 5IF 1MBO XBT BEPQUFE CZ UIF #PBSE PO 'FCSVBSZ   BOE JU XJMM CFDPNF FGGFDUJWF G UIF a&GGFDUJWF G %BUFb XIFO JU JT BQQSPWFE CZ UIF $PSQPSBUJPOcT TIBSFIPMEFST "MM "XBSET HSBOUFE VOEFS UIF 1MBO BSF TVCKFDU UP BOE NBZ OPU CF FYFSDJTFE CFGPSF UIF BQQSPWBM PG UIF 1MBO CZ UIF TIBSFIPMEFST QSJPS UP UIF GJSTU BOOJWFSTBSZ EBUF PG UIF EBUF UIBU UIF #PBSE BEPQUFE UIF 1MBO QSPWJEFE UIBU JG TVDI BQQSPWBM CZ UIF TIBSFIPMEFST PG UIF $PSQPSBUJPO JT OPU GPSUIDPNJOH BMM "XBSET QSFWJPVTMZ HSBOUFE VOEFS UIF 1MBO TIBMM CF WPJE C

"NFOENFOUT 5IF "ENJOJTUSBUPS NBZ BU BOZ UJNF UFSNJOBUF PS GSPN UJNF UP UJNF BNFOE UIF 1MBO JO XIPMF PS JO QBSU PS BMUFS BOZ "XBSE "HSFFNFOU PS PUIFS EPDVNFOU FWJEFODJOH BO "XBSE CVU OP TVDI BDUJPO TIBMM BEWFSTFMZ BGGFDU G BOZ SJHIUT PS PCMJHBUJPOT XJUI SFTQFDU UP BOZ "XBSET HSBOUFE QSJPS UP UIF EBUF PG TVDI UFSNJOBUJPO PS BNFOENFOU FYDFQU UP UIF FYUFOU UIBU UIF "ENJOJTUSBUPS SFBTPOBCMZ EFUFSNJOFT UIBU TVDI UFSNJOBUJPO PS BNFOENFOU JT OFDFTTBSZ PS BQQSPQSJBUF UP DPNQMZ XJUI BQQMJDBCMF MBX JODMVEJOH UIF QSPWJTJPOT PG UIF $PEF BOE UIF SFHVMBUJPOT UIFSFVOEFS QFSUBJOJOH UP UIF EFGFSSBM PG DPNQFOTBUJPO

PS SVMFT BOE SFHVMBUJPOT JODMVEJOH UIF SVMFT BOE SFHVMBUJPOT PG BOZ TUPDL FYDIBOHF PO XIJDI $PNNPO 4UPDL JT MJTUFE PS RVPUFE

PS UP NFFU UIF SFRVJSFNFOUT PG PS BWPJE BEWFSTF GJOBODJBM BDDPVOUJOH DPOTFRVFODFT VOEFS BOZ BDDPVOUJOH TUBOEBSE

 1SPYZ 4UBUFNFOU  

/PUXJUITUBOEJOH UIF GPSFHPJOH VOMFTT UIF $PSQPSBUJPOcT TIBSFIPMEFST TIBMM IBWF GJSTU BQQSPWFE UIF BNFOENFOU OP BNFOENFOU PG UIF 1MBO TIBMM CF FGGFDUJWF G JG UIF BNFOENFOU XPVME J JODSFBTF UIF NBYJNVN OVNCFS PG TIBSFT PG $PNNPO 4UPDL UIBU NBZ CF JTTVFE VOEFS UIF 1MBO PS UP BOZ POF JOEJWJEVBM FYDFQU UP UIF FYUFOU TVDI BNFOENFOU JT NBEF QVSTVBOU UP 4FDUJPO  IFSFPG

JJ FYUFOE UIF NBYJNVN QFSJPE EVSJOH XIJDI"XBSET NBZ CF HSBOUFE VOEFS UIF 1MBO JJJ DIBOHF UIF DMBTT PG &MJHJCMF 1BSUJDJQBOUT JW SFEVDF UIF QSJDF BU XIJDI 0QUJPOT BOE 4UPDL "QQSFDJBUJPO 3JHIUT NBZ CF HSBOUFE W SFEVDF UIF FYFSDJTF QSJDF PG PVUTUBOEJOH 0QUJPOT BOE 4UPDL "QQSFDJBUJPO 3JHIUT PS WJ PUIFSXJTF SFRVJSF TIBSFIPMEFS BQQSPWBM QVSTVBOU UP UIF 1MBO BQQMJDBCMF MBX PS UIF SVMFT PG UIF QSJODJQBM TFDVSJUJFT FYDIBOHF PO XIJDI TIBSFT PG $PNNPO 4UPDL BSF USBEFE JO PSEFS UP CF FGGFDUJWF G D

5FSNJOBUJPO /P "XBSET " TIBMM CF NBEF VOEFS UIF 1MBO BGUFS UIF UFOUI UI BOOJWFSTBSZ PG UIF &GGFDUJWF G %BUF PS TVDI FBSMJFS EBUF BT UIF #PBSE NBZ EFUFSNJOF 5IF FYQJSBUJPO PG UIF "ENJOJTUSBUPScT BVUIPSJUZ UP HSBOU "XBSET VOEFS UIF 1MBO XJMM OPU BGGFDU G UIF PQFSBUJPO PG UIF UFSNT PG UIF 1MBO PS UIF $PSQPSBUJPOcT BOE 1BSUJDJQBOUTc SJHIUT BOE PCMJHBUJPOT XJUI SFTQFDU UP "XBSET HSBOUFE PO PS QSJPS UP UIF FYQJSBUJPO EBUF PG UIF 1MBO

 1SPYZ 4UBUFNFOU  

0VS $SFEP 8F CFMJFWF PVS GJSTU SFTQPOTJCJMJUZ JT UP UIF EPDUPST OVSTFT BOE QBUJFOUT UP NPUIFST BOE GBUIFST BOE BMM PUIFST XIP VTF PVS QSPEVDUT BOE TFSWJDFT *O NFFUJOH UIFJS OFFET FWFSZUIJOH XF EP NVTU CF PG IJHI RVBMJUZ 8F NVTU DPOTUBOUMZ TUSJWF UP SFEVDF PVS DPTUT JO PSEFS UP NBJOUBJO SFBTPOBCMF QSJDFT $VTUPNFSTc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e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

/PUJDF PG  "OOVBM .FFUJOH BOE 1SPYZ 4UBUFNFOU