JOUF OPU

OÌHPOTJO FWFS UJMM UP 1BSJT 1BSJT A/FWFS FWFS HP UP 1BSJT C 'ÚSTÚL USZ  JOUF OPU FOT ğġĚ A%POU FWFO USZ

ɨF MJDFOTJOH QSPQFSUJFT PG JNQFSBUJWFT PCWJPVTMZ EJĊFS GSPN UIF PUIFS TFOUFODF UZQFT PG DPOmHVSBUJPO JJJ SBUIFS UIFZ BSF TJNJMBS UP UIPTF PG DPOmHVSBUJPO J #VU JU JT EFCBUBCMF XIFUIFS JNQFSBUJWFT TUSVDUVSBMMZ mU JOUP FJUIFS PG UIFTF DBUFHPSJFT

*NQFSBUJWFT BSF TZOUBDUJDBMMZ EJĊFSFOU GSPN BMM PUIFS 4XFEJTI TFOUFODF UZQFT JO MBDLJOH BO PWFSUMZ SFBMJ[FE TVCKFDU ɨJT NFBOT UIBU JNQFSBUJWFT BMTP MBDL BO PWFSU FYQSFTTJPO PG UIF OFYVT SFMBUJPO CFUXFFO UIF TVCKFDU BOE UIF QSFEJDBUF 'VSUIFS NPSF JNQFSBUJWFT BSF FYDFQUJPOBM JO UIBU UIFJS TUBUVT BT mOJUF DMBVTFT JT EFCBUBCMF "T BSHVFE GPS JO 1MBU[BDL BOE 3PTFOHSFO ǺȂȂȁ JNQFSBUJWFT DBO CF SFHBSEFE BT OPOmOJUF TJODF UIFZ BSF OPU BODIPSFE JO UIF TQFBLFST IFSF BOE OPX *G UIJT BT TVNQUJPO JT DPSSFDU POF XPVME BTTVNF UIBU JNQFSBUJWFT MBDL OPU POMZ 4QFD$1 CVU UIF FOUJSF $EPNBJO TJODF UIJT JT UIF EPNBJO SFMFWBOU GPS mOJUFOFTT ɨJT XPVME FYQMBJO XIZ JNQFSBUJWF DMBVTFT EP OPU GBMM VOEFS BOZ PG PVS UXP DBUFHPSJFT "MM PUIFS TFOUFODF UZQFT JOWPMWF B $1MBZFS UIFJS TUSVDUVSBM DBUFHPSJ[BUJPO EFQFOET PO UIF BDUJWBUJPO PG 4QFD$1 BOE UIF DPOUFOU PG $⁰

*O BEEJUJPO UP UIFTF TUSVDUVSBM JEJPTZODSBDJFT JNQFSBUJWFT BSF BMTP TFNBOUJDBMMZ BOE QSBHNBUJDBMMZ EJĊFSFOU GSPN BMM PUIFS TFOUFODF UZQFT SFWJFXFE TP GBS JO UIBU ʼn"MUIPVHI OPU JNNFEJBUFMZ SFMFWBOU GPS PVS QVSQPTFT UIFSF JT B MPOHTUBOEJOH EFCBUF JO UIF MJUFSBUVSF BT UP XIFUIFS UIFSF FYJTUT UXP TFNBOUJDBMMZ EJTUJODU CVU IPNPOZNPVT GPSNT PG BOZ PS POMZ POF 4FF ,BENPO BOE -BOENBO ǺȂȂǼ )PSO ǻǹǹǹB C BOE (JBOOBLJEPV BOE $IFOH ǻǹǹǿ GPS EJTDVTTJPOT

ǿȁ ĔęĒġĥĖģ ǽ

UIFJS QSJNBSZ GVODUJPO JT QFSGPSNBUPSZ 3BUIFS UIBO QSPWJEJOH PS FMJDJUJOH JOGPS NBUJPO UIF NBJO GVODUJPO PG BO JNQFSBUJWF JT UP CSJOH BCPVU TPNF BDUJPO PO QBSU PG UIF BEESFTTFF "T B DPOTFRVFODF JNQFSBUJWFT DBOOPU CF SFMBUFE UP USVUIWBMVFT PS CF QVU PO B TDBMF PG SFBMJTJSSFBMJT TFF 1BMNFS ǻǹǹǺ GPS TJNJMBS BSHVNFOUT

5BLFO UPHFUIFS UIFTF EJTUJODU QSPQFSUJFT NFBO UIBU * XJMM FYDMVEF JNQFSBUJWFT GSPN BOZ GVSUIFS EJTDVTTJPO JO UIJT XPSL ɨJT EFDJTJPO EPFT OPU JNQMZ UIBU UIFSF JT OPUIJOH UP CF TBJE BCPVU /1*T JO JNQFSBUJWFT POMZ UIBU * CFMJFWF UIBU UIF TPMV UJPOT NVTU CF MPPLFE GPS JO TMJHIUMZ EJĊFSFOU EPNBJOT "OE JU JT CFUUFS UP FYDMVEF JNQFSBUJWFT FOUJSFMZ UIBO UP PCTUJOBUFMZ USZ UP QVTI UIFN JOUP B NPEFM JO XIJDI UIFZ OFJUIFS mU OPS CFMPOH

 4VNNBSZ

ɨF GPDVT PG UIJT TFDUJPO XBT PO TFOUFODF UZQFT PG UIF TUSVDUVSBM DPOmHVSBUJPOT JJJ BOE JW "MUIPVHI JOJUJBMMZ DBUFHPSJ[FE BT CFJOH PG DPOmHVSBUJPO JJJ JNQFSBUJWFT XFSF BSHVFE UP GBMM PVUTJEF JU QSJNBSJMZ CFDBVTF UIFZ DBO CF TUSVDUVSBMMZ BOBMZ[FE BT MBDLJOH UIF $EPNBJO

"T GPS UIF SFNBJOJOH UXP TFOUFODF UZQFT ZFTOPRVFTUJPOT BOE DPOEJUJPOBMT UIFZ EJTQMBZFE EJTUJODUMZ EJĊFSFOU /1*IPTUJOH QSPQFSUJFT XIFO DPNQBSFE XJUI DMBVTFT PG DPOmHVSBUJPO J BOE JJ *U XBT TIPXO UIBU QPMBSJUZ JUFNT NBZ PDDVS JO UIFTF FOWJSPONFOUT FWFO JO UIF BCTFODF PG PWFSU MJDFOTPST )PXFWFS UIF TUSVDUVSBM DPOmHVSBUJPO XBT QBSUJBMMZ SFMBUFE UP UIJT QPTTJCJMJUZ TJODF JU XBT TIPXO UIBU CPUI 7ǻ ZFTOPRVFTUJPOT BOE 7ǻ DPVOUFSGBDUVBMT GBJMFE UP IPTU VOMJDFOTFE /1*T 'VS UIFSNPSF 11*T BOE /1*T BSF OPU JO DPNQMFNFOUBSZ EJTUSJCVUJPO JO UIFTF TFOUFODF UZQFT

 " /FX $MBTTJmDBUJPO

*O UIF QSFWJPVT TFDUJPOT * SFMBUFE UIF EJTUSJCVUJPO PG QPMBSJUZ JUFNT UP UIF TUSVDUVSBM DBUFHPSJ[BUJPO PG 4XFEJTI BT EFWFMPQFE JO DIBQUFS Ǽ * EJTDFSOFE UXP EJTUJODU /1* MJDFOTJOH QBUUFSOT DMBVTFT PG DPOmHVSBUJPOT J BOE JJ POMZ IPTU GPSNBMMZ MJDFOTFE /1*T XIFSFBT DMBVTFT PG DPOmHVSBUJPOT JJJ BOE JW BMMPX /1*T FWFO JO UIF BCTFODF PG PWFSU MJDFOTPST PS OFHBUJWF JOGFSFODFT

8F IBWF PCTFSWFE GPVS TUSPOH BSHVNFOUT JO TVQQPSU GPS B DPSSFMBUJPO CFUXFFO DMBVTBM DPOmHVSBUJPO BOE QPMBSJUZ TFOTJUJWJUZ

ĔęĒġĥĖģ ǽ ǿȂ ȂǼ B :FTOPRVFTUJPOT 1SPUPUZQJDBM ZFTOPRVFTUJPOT PG DPOmHVSBUJPO JJJ NBZ IPTU AVOMJDFOTFE /1*T XIFSFBT UZQF ZFTOPRVFTUJPOT PG DPOmH VSBUJPO J IPTU PWFSUMZ MJDFOTFE /1*T POMZ

C $PVOUFSGBDUVBMT $PVOUFSGBDUVBM DMBVTFT PG DPOmHVSBUJPO JJJ NBZ IPTU AVOMJDFOTFE /1*T DPVOUFSGBDUVBMT PG DPOmHVSBUJPO J IPTU PWFSUMZ MJDFOTFE /1*T POMZ

D &YDMBNBUJWFT 8IFYDMBNBUJWFT DBOOPU IPTU /1*T XIJMF BUUFYDMBNB UJWFT NBZ IPTU /1*T MJDFOTFE CZ OFHBUJWF FYQFDUBUJPOT

E &NCFEEFE 7ǻ "UUDPNQMFNFOUT PG DPOmHVSBUJPO J EP OPU BMMPX MPOHEJTUBODF MJDFOTJOH PG /1*T CZ TVQFSPSEJOBUF OFHBUJPO XIFSFBT BUUDPNQMFNFOUT PG DPOmHVSBUJPO JJ EP

ɨFSF BSF TPNF SBUIFS GBS SFBDIJOH DPODMVTJPOT XF NBZ ESBX GSPN UIFTF PCTFS WBUJPOT " 4XFEJTI DMBVTF XJUI PWFSUMZ SFBMJ[FE 4QFD$1 NBZ POMZ IPTU /1*T UIBU BSF XJUIJO UIF TDPQF PG BO PWFSU ABĊFDUJWF PQFSBUPS SFHBSEMFTT PG UIF TFNBOUJD GVOD UJPO PG UIJT DMBVTF ɨJT JT JOUFS BMJB JMMVTUSBUFE CZ UIF TIJGUJOH MJDFOTJOH QSPQFSUJFT PG ZFTOPRVFTUJPOT DPOEJUJPOBMT BOE DPVOUFSGBDUVBMT "MUIPVHI UIFTF TFOUFODF UZQFT BSF CPOB mEF IPTUT GPS /1*T UIJT JT USVF POMZ XIFO UIFZ BSF PG DPOmHVSB UJPO JJJ PS JW UIBU JT XIFO 4QFD$1 JT BCTFOU *U TFFNT BT UIPVHI AJOIFSFOUMZ MJDFOTJOH DMBVTFT JO 4XFEJTI GPS TPNF SFBTPO SFRVJSF OPOBDUJWBUJPO PG 4QFD$1

'PS DMBVTFT JOWPMWJOH 4QFD$1 UIFSF BSF UXP JOUSJHVJOH QBUUFSOT B JG 4QFD$1 JT PWFSUMZ SFBMJ[FE /1*T NVTU CF PWFSUMZ MJDFOTFE XJUIJO UIF DMBVTF BOE C JG 4QFD $1 JT DPWFSUMZ SFBMJ[FE /1*T NBZ CF MJDFOTFE CZ FYUFSOBM PQFSBUPST PS CZ OFHBUJWF JOGFSFODJOH *U TIPVME CF QPJOUFE PVU UIBU 7UP$ NPWFNFOU TFFNT VOSFMBUFE UP QPMBSJUZ TFOTJUJWJUZ TJODF DMBVTFT PG CPUI DPOmHVSBUJPOT J BOE JJJ EJTQMBZ 7UP$ NPWFNFOU EFTQJUF IBWJOH EJTUJODUMZ EJĊFSFOU MJDFOTJOH QSPQFSUJFT

*G XF TMJHIUMZ SFWJTF PVS PSJHJOBM DMBTTJmDBUJPO PG 4XFEJTI CZ EJTSFHBSEJOH 7UP $ NPWFNFOU XF FOE VQ XJUI UIF GPMMPXJOH DBUFHPSJ[BUJPO

Ȃǽ Ǻ <4QFD$1>

B <0WFSU 3FBMJ[BUJPO>

$MBVTFT PG UIJT UZQF NBZ OPU IPTU /1*T VOMFTT UIFZ BSF PWFSUMZ MJ DFOTFE CZ B DMBVTFNBUF PQFSBUPS 4FOUFODF UZQFT JODMVEF EFDMBSB UJWFT FNCFEEFE 7ƫDMBVTFT XIRVFTUJPOT BOE XIFYDMBNBUJWFT C <$PWFSU 3FBMJ[BUJPO>

Ȁǹ ĔęĒġĥĖģ ǽ

DFOTFE FJUIFS CZ BO PWFSU DMBVTFNBUFFYUFSOBM PQFSBUPS PS NBSHJO BMMZ CZ OFHBUJWF FYQFDUBUJPOT *ODMVEFE JO UIJT HSPVQ BSF BUUDMBVTFT BUUFYDMBNBUJWFT BOE SFMBUJWF DMBVTFT

ǻ <o4QFD$1>

$MBVTFT PG UIJT UZQF NBZ IPTU /1*T FWFO JO UIF BCTFODF PG PWFSU DMBVTF NBUFFYUFSOBM PQFSBUPST PS OFHBUJWF FYQFDUBUJPOT *ODMVEFE JO UIJT HSPVQ BSF ZFTOPRVFTUJPOT DPOEJUJPOBMT BOE PNDMBVTFT

'PS FBTF PG SFGFSFODF * XJMM UISPVHIPVU UIJT XPSL SFGFS UP DMBVTFT PG UIF UXP NBJO DBUFHPSJFT BT UZQF Ǻ BOE UZQF ǻ SFTQFDUJWFMZ ɨF UXP TVCHSPVQT PG UZQF Ǻ XIJDI EJĊFS XJUI SFHBSET UP UIF PWFSUDPWFSU SFBMJ[BUJPO PG 4QFD$1 BSF SFGFSSFE UP BT UZQF ǺB BOE ǺC SFTQFDUJWFMZ

8IJMF UIF mOEJOHT JO UIJT DIBQUFS TUSPOHMZ TVHHFTU B DPSSFMBUJPO CFUXFFO DMBVTF TUSVDUVSF BOE UIF QPTTJCJMJUZ PG IPTUJOH /1*T XF NVTU CF DBSFGVM XIFO JOUFSQSFU JOH UIFTF PCTFSWFE BTTPDJBUJPOT *U XPVME CF DMPTF UP OPOTFOTJDBM OPU UP NFOUJPO DJSDVMBS UP BSHVF UIBU UIF SFBTPO TBZ BċSNBUJWF EFDMBSBUJWFT JO 4XFEJTI EP OPU MJDFOTF /1*T JO 4XFEJTI JT CFDBVTF UIFZ IBWF BO PWFSUMZ SFBMJ[FE 4QFD$1 *G XF XBOU UP BSSJWF BU B VOJWFSTBM UIFPSZ PG /1*MJDFOTJOH XF DBOOPU BUUSJCVUF UIF OPO MJDFOTJOH QSPQFSUZ PG BċSNBUJWF EFDMBSBUJWFT UP TPNF BSCJUSBSZ TUSVDUVSBM QSPQFSUZ PG 4XFEJTI BMPOF "OZ QVSFMZ TUSVDUVSBM FYQMBOBUJPO PG UIF PCTFSWFE DPSSFMBUJPO CFUXFFO 4QFD$1 BOE /1*MJDFOTJOH XPVME MFBE UP BO JOFWJUBCMF FYQMBOBUPSZ DVM EFTBD BOE PG DPVSTF MBDL VOJWFSTBM BQQMJDBCJMJUZ

'SPN DSPTTMJOHVJTUJD DPOTJEFSBUJPOT JU JT BMTP FOUJSFMZ FYQFDUFE UP mOE UIBU 4XFEJTI ZFTOPRVFTUJPOT IPTU /1*T FWFO JO UIF BCTFODF PG PWFSU PQFSBUPST #VU UIF TUSVDUVSBM GBDU JO 4XFEJTI UIBU AVOMJDFOTFE /1*T BSF MJDJU JO BMM DMBVTFT PG UZQF ǻ CVU CBOOFE GSPN BMM DMBVTFT PG UZQF Ǻ DFSUBJOMZ DBMMT GPS BO FYQMBOBUJPO ɨF DSVDJBM RVFTUJPO XF OFFE UP GPDVT PO IFSF JT XIZ XIZ EPFT UIFSF FYJTU B DPSSFMBUJPO CFUXFFO UIF TUSVDUVSBM DPOmHVSBUJPO PG UIF DMBVTF BOE JUT /1*MJDFOTJOH QSPQFSUJFT * QSPQPTF UIBU XF TIPVME GPDVT OPU TP NVDI PO UIF TUSVDUVSBM DPOmHVSBUJPOT UIFNTFMWFT BT PO UIF WFSZ GBDU UIBU UIFSF BSF TUSVDUVSBM EJĊFSFODFT CFUXFFO DMBVTFT XJUI EJĊFSFOU MJDFOTJOH QSPQFSUJFT UP CFHJO XJUI *G XF DBO JEFOUJGZ B TFNBOUJD EFOPNJOBUPS DPNNPO UP BMM TFOUFODF UZQFT PG B TQFDJmD DMBVTF UZQF XF NBZ CF BCMF UP SFBDI B EFFQFS VOEFSTUBOEJOH PG PVS PCTFSWBUJPO ɨBU JT JG UIF TZOUBD UJD DMBTTJmDBUJPO NJSSPST B TFNBOUJD EJTUJODUJPO XF DBO BTTVNF UIBU UIJT TFNBOUJD EJTUJODUJPO IBT B CFBSJOH PO QPMBSJUZ QIFOPNFOB BT XFMM "OE JU TFFNT SFBTPOBCMF UIBU XF NBZ TVCTFRVFOUMZ GPSNVMBUF B IZQPUIFTJT PG QPMBSJUZ JUFN MJDFOTJOH UIBU JT

ĔęĒġĥĖģ ǽ ȀǺ BQQMJDBCMF UP B XJEF SBOHF PG MBOHVBHFT EFTQJUF CFJOH CBTFE PO UIF EJTUSJCVUJPO PG QPMBSJUZ JUFNT JO B TJOHMF MBOHVBHF

ɨF PCTFSWFE TUSVDUVSBM DPSSFMBUJPO CFUXFFO UIF EJTUSJCVUJPO PG QPMBSJUZ JUFNT BOE UIF DPOmHVSBUJPO PG UIF 4XFEJTI $EPNBJO IBT QSPWJEFE UIF mSTU TUFQ JO PVS QVSTVJU PG BO FYQMBOBUJPO PG QPMBSJUZ TFOTJUJWJUZ *U JT UIF HPBM PG UIF OFYU DIBQ UFS UP QSPWJEF B TFNBOUJD NPUJWBUJPO GPS UIJT TUSVDUVSBM DMBTTJmDBUJPO JO UFSNT PG FWBMVBCJMJUZ

$IBQUFS