European ecosystems on a changing planet : Integrating climate change and land-use intensity data

Full text

(1)European ecosystems on a changing planet Integrating climate change and land-use intensity data Blanke, Jan Hendrik. 2017. Link to publication. Citation for published version (APA): Blanke, J. H. (2017). European ecosystems on a changing planet: Integrating climate change and land-use intensity data. Lund University, Faculty of Science, Department of Physical Geography and Ecosystem Science.. Total number of authors: 1. General rights Unless other specific re-use rights are stated the following general rights apply: Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Read more about Creative commons licenses: https://creativecommons.org/licenses/ Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim.. L UNDUNI VERS I TY PO Box117 22100L und +46462220000.

(2) Jan Hendrik blanke . European ecosystems on a changing planet. Department of Physical Geography and Ecosystem Science Faculty of Science 2018. ISBN 978-91-85793-85-3. European ecosystems on a changing planet Integrating climate change and land-use intensity data Jan Hendrik blanke DEPARTMENT OF PHYSICAL GEOGRAPHY AND ECOSYSTEM SCIENCE | LUND UNIVERSITY.

(3) Jan Hendrik blanke . European ecosystems on a changing planet. Department of Physical Geography and Ecosystem Science Faculty of Science 2018. ISBN 978-91-85793-85-3. European ecosystems on a changing planet Integrating climate change and land-use intensity data Jan Hendrik blanke DEPARTMENT OF PHYSICAL GEOGRAPHY AND ECOSYSTEM SCIENCE | LUND UNIVERSITY.

(4) &VSPQFBO FDPTZTUFNT PO B DIBOHJOH QMBOFU.

(5)

(6) &VSPQFBO FDPTZTUFNT PO B DIBOHJOH QMBOFU *OUFHSBUJOH DMJNBUF DIBOHF BOE MBOEVTF JOUFOTJUZ EBUB CZ +BO )FOESJL #MBOLF. %0$503"- %*44&35"5*0/. CZ EVF QFSNJTTJPO PG UIF 'BDVMUZ PG 4DJFODF -VOE 6OJWFSTJUZ 4XFEFO 5P CF EFGFOEFE BU 7ÊSMEFO BVEJUPSJVN 4ÚMWFHBUBO ðï -VOE 'SJEBZ 'FCSVBSZ ñOE ñïð÷ BU ðïïï BN 'BDVMUZ PQQPOFOU 1SPGFTTPS %S 8PMGHBOH $SBNFS.

(7) 0SHBOJ[BUJPO. %PDVNFOU OBNF. -6/% 6/*7&34*5:. %0$503"- %*44&35"5*0/. %FQBSUNFOU PG 1IZTJDBM (FPHSBQIZ BOE &DPTZTUFN 4DJ FODF 4ÚMWFHBUBO ðñ 4&oññò õñ -6/% 4XFEFO. %BUF PG EJTQVUBUJPO. ñïð÷ïñïñ 4QPOTPSJOH PSHBOJ[BUJPO. "VUIPS T. +BO )FOESJL #MBOLF 5JUMF BOE TVCUJUMF. &VSPQFBO FDPTZTUFNT PO B DIBOHJOH QMBOFU *OUFHSBUJOH DMJNBUF DIBOHF BOE MBOEVTF JOUFOTJUZ EBUB. %0,6.&/5%"5"#-"% FOM 4*4 . "CTUSBDU. %ZOBNJD HMPCBM WFHFUBUJPO NPEFMT BSF NBUIFNBUJDBM NPEFMT UIBU QSPWJEF B CPUUPNVQ EFTDSJQUJPO PG QMBOU DPN NVOJUJFT ɨFZ FYQMJDJUMZ NPEFM QIZTJPMPHJDBM BOE QPQVMBUJPOMFWFM QSPDFTTFT TVDI BT HSPXUI QIPUPTZOUIFTJT DBSCPO BMMPDBUJPO SFHFOFSBUJPO BOE NPSUBMJUZ )PXFWFS UIFSF BSF B OVNCFS PG DIBMMFOHFT UP NFFU JO UIF DPOUFYU PG NFDIBOJTUJD WFHFUBUJPO NPEFMT XIJDI DBO CF FYUSBQPMBUFE UP OFX FOWJSPONFOUBM DPOEJUJPOT ɨJT UIFTJT BJNT UP BEWBODF PVS LOPXMFEHF PG UIF WFHFUBUJPO NPEFM -1+(6&44 CZ BOBMZ[JOH CPUI TFOTJUJWJUZ BOE VODFSUBJOUZ UP XBSET JOQVU EBUBTFUT TVDI BT DMJNBUF BOE MBOEVTF JOUFOTJUZ EBUB BOE UIFJS EFSJWBUJPO *U GVSUIFS BJNT UP JNQSPWF UIF NPEFM QFSGPSNBODF CZ JODMVEJOH GPSNFS OFHMFDUFE QSPDFTTFT MJLF MBOEVTF JOUFOTJUZ BOE EBJMZ NBOBHFNFOU GPS HSBTTMBOET #FZPOE UIFTF SBUIFS UFDIOJDBM BJNT UIJT UIFTJT BMTP JOWFTUJHBUFT QPTTJCMF USBEFPĊT CFUXFFO TPDJFUZ SFMFWBOU FDPTZTUFN GVODUJPOT MJLF DSPQ ZJFME BOE DBSCPO TUPSBHF WJB JOUFHSBUJOH DMJNBUF EBUB BOE VQUPEBUF MBOE VTF JOUFOTJUZ JOGPSNBUJPO ɨ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óô BOE ÷ô UIFTF JODSFBTFT XFSF BDDPNQBOJFE XJUI JODSFBTFT PG OJUSPHFO MFBDIJOH JO NBOZ SFHJPOT )PXFWFS MFBDIJOH EFDSFBTFE JO BCPVU ôòǷ PG UIF SFHJPOT VOEFS QBUIXBZ óô XIJMF JU JODSFBTFE JO öõǷ PG UIF SFHJPOT VOEFS QBUIXBZ ÷ô *U JT BMTP TIPXO JO UIJT UIFTJT UIBU HSBTTMBOE QSPEVDUJWJUZ DBOOPU CF BEFRVBUFMZ DBQUVSFE XJUIPVU JODMVEJOH MBOEVTF JOUFOTJUZ EBUB JO GPSN PG OJUSP HFO GFSUJMJ[FS *ODPSQPSBUJOH EBJMZ HSBTTMBOE NBOBHFNFOU BOE GFSUJMJ[FS BQQMJDBUJPOT JOUP -1+(6&44 JNQSPWFE UIF NPEFM TJHOJmDBOUMZ 'JOBMMZ BĊPSFTUBUJPO IBE PWFSBMM QPTJUJWF FĊFDUT CPUI PO QMBOU TQFDJFT SJDIOFTT BOE DBSCPO TUPSBHF JO 4BYPOZ (FSNBOZ )PXFWFS B OVNCFS PG MPDBUJPOT XFSF JEFOUJmFE GPS XIJDI BĊPSFTUBUJPO XPVME MFBE UP B EFDSFBTF JO QMBOU TQFDJFT SJDIOFTT. ,FZ XPSET. -1+(6&44 MBOEVTF JOUFOTJUZ DMJNBUF DIBOHF DBSCPO OJUSPHFO FDPTZTUFN GVODUJPOT USBEFPĊT $MBTTJmDBUJPO TZTUFN BOEPS JOEFY UFSNT JG BOZ. 4VQQMFNFOUBSZ CJCMJPHSBQIJDBM JOGPSNBUJPO. -BOHVBHF. &OHMJTI *44/ BOE LFZ UJUMF. *4#/. øö÷øð÷ôöøò÷ôò QSJOU. øö÷øð÷ôöøò÷õï QEG. 3FDJQJFOUhT OPUFT. /VNCFS PG QBHFT. 1SJDF. ðõï 4FDVSJUZ DMBTTJmDBUJPO. * UIF VOEFSTJHOFE CFJOH UIF DPQZSJHIU PXOFS PG UIF BCTUSBDU PG UIF BCPWFNFOUJPOFE EJTTFSUBUJPO IFSFCZ HSBOU UP BMM SFGFSFODF TPVSDFT UIF QFSNJTTJPO UP QVCMJTI BOE EJTTFNJOBUF UIF BCTUSBDU PG UIF BCPWFNFOUJPOFE EJTTFSUBUJPO. 4JHOBUVSF. %BUF. ñïðöðñ÷.

(8) &VSPQFBO FDPTZTUFNT PO B DIBOHJOH QMBOFU *OUFHSBUJOH DMJNBUF DIBOHF BOE MBOEVTF JOUFOTJUZ EBUB CZ +BO )FOESJL #MBOLF. %0$503"- %*44&35"5*0/. CZ EVF QFSNJTTJPO PG UIF 'BDVMUZ PG 4DJFODF -VOE 6OJWFSTJUZ 4XFEFO 5P CF EFGFOEFE BU 7ÊSMEFO BVEJUPSJVN 4ÚMWFHBUBO ðï -VOE 'SJEBZ 'FCSVBSZ ñOE ñïð÷ BU ðïïï BN 'BDVMUZ PQQPOFOU 1SPGFTTPS %S 8PMGHBOH $SBNFS.

(9) " EPDUPSBM UIFTJT BU B VOJWFSTJUZ JO 4XFEFO UBLFT FJUIFS UIF GPSN PG B TJOHMF DPIFTJWF SF TFBSDI TUVEZ NPOPHSBQI PS B TVNNBSZ PG SFTFBSDI QBQFST DPNQJMBUJPO UIFTJT XIJDI UIF EPDUPSBM TUVEFOU IBT XSJUUFO BMPOF PS UPHFUIFS XJUI POF PS TFWFSBM PUIFS BVUIPS T *O UIF MBUUFS DBTF UIF UIFTJT DPOTJTUT PG UXP QBSUT "O JOUSPEVDUPSZ UFYU QVUT UIF SFTFBSDI XPSL JOUP DPOUFYU BOE TVNNBSJ[FT UIF NBJO QPJOUT PG UIF QBQFST ɨFO UIF SFTFBSDI QVCMJDBUJPOT UIFNTFMWFT BSF SFQSPEVDFE UPHFUIFS XJUI B EFTDSJQUJPO PG UIF JOEJWJEVBM DPOUSJCVUJPOT PG UIF BVUIPST ɨF SFTFBSDI QBQFST NBZ FJUIFS IBWF CFFO BMSFBEZ QVCMJTIFE PS BSF NBOVTDSJQUT BU WBSJPVT TUBHFT JO QSFTT TVCNJUUFE PS JO ESBGU . $PWFS JMMVTUSBUJPO GSPOU 'PSFTU JO %BMBSOB 4XFEFO BOE -1+(6&44 TPVSDF DPEF 'VOEJOH JOGPSNBUJPO ɨF UIFTJT XPSL XBT mOBODJBMMZ TVQQPSUFE CZ UIF &3"/FU #JPEJW&3T" XJUI UIF OBUJPOBM GVOEFS '03."4 QBSU PG UIF ñïðð #JPEJW&3T" DBMM GPS SFTFBSDI QSPQPTBMT ª +BO )FOESJL #MBOLF ñïð÷ 'BDVMUZ PG 4DJFODF %FQBSUNFOU PG 1IZTJDBM (FPHSBQIZ BOE &DPTZTUFN 4DJFODF ĚĤēğ øö÷øð÷ôöøò÷ôò QSJOU. ĚĤēğ øö÷øð÷ôöøò÷õï QEG. 1SJOUFE JO 4XFEFO CZ .FEJB5SZDL -VOE 6OJWFSTJUZ -VOE ñïð÷.

(10) %FEJDBUFE UP NZ CFMPWFE QBSFOUT $BSNFO 3BJOFS.

(11)

(12) $POUFOUT -JTU PG QVCMJDBUJPOT $POUSJCVUJPOT "CTUSBDU 4BNBOGBUUOJOH ;VTBNNFOGBTTVOH. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . &VSPQFBO FDPTZTUFNT PO B DIBOHJOH QMBOFU *OUFHSBUJOH DMJNBUF DIBOHF BOE MBOE VTF JOUFOTJUZ EBUB ð *OUSPEVDUJPO ðð $BSCPO UVSOPWFS BOE UIF OJUSPHFO DZDMF ðñ 'VUVSF FOWJSPONFOUBM DIBOHF JO &VSPQF ðò &DPTZTUFN NPEFMT BT SFTFBSDI UPPMT ðó 1SPCMFN TUBUFNFOU ðô "JNT BOE PCKFDUJWFT ñ .PEFM %FTDSJQUJPO BOE %SJWJOH %BUB ñð -1+(6&44 ññ 3FDFOU EFWFMPQNFOU TUSBOET ñò $MJNBUF QSPKFDUJPO EBUB ñó -BOEVTF JOUFOTJUZ ò 3FTVMUT BOE %JTDVTTJPO ó $PODMVTJPO BOE 0VUMPPL ô "DLOPXMFEHNFOUT õ 3FGFSFODFT . JJJ JW W WJJ WJJJ. . ð ð ò ô õ ö ÷ ø ø ðï ðó ðö ðø ñó ñõ ñ÷. 4DJFOUJmD QVCMJDBUJPOT òô 1BQFS * &ĊFDU PG DMJNBUF EBUB PO TJNVMBUFE DBSCPO BOE OJUSPHFO CBMBODFT GPS &VSPQF òö 1BQFS ** "TTFTTJOH UIF JNQBDU PG DIBOHFT JO MBOEVTF JOUFOTJUZ BOE DMJNBUF PO TJNVMBUFE USBEFPĊT CFUXFFO DSPQ ZJFME BOE OJUSPHFO MFBDIJOH öð 1BQFS *** *NQMJDBUJPOT PG BDDPVOUJOH GPS NBOBHFNFOU JOUFOTJUZ PO DBSCPO BOE OJUSPHFO CBMBODFT PG &VSPQFBO HSBTTMBOET øö.

(13) 1BQFS *7 5SBEFPĊT CFUXFFO QMBOU TQFDJFT SJDIOFTT BOE DBSCPO TUPSBHF JO UIF DPOUFYU PG BĊPSFTUBUJPO o &YBNQMFT GSPN BĊPSFTUBUJPO TDFOBSJPT JO UIF .VMEF #BTJO (FSNBOZ ððø. JJ.

(14) -JTU PG QVCMJDBUJPOT ɨJT UIFTJT JT CBTFE PO UIF GPMMPXJOH QVCMJDBUJPOT SFGFSSFE UP CZ UIFJS 3PNBO OVNFSBMT *. &ĊFDU PG DMJNBUF EBUB PO TJNVMBUFE DBSCPO BOE OJUSPHFO CBMBODFT GPS &VSPQF + #MBOLF . -JOEFTLPH + -JOETUSÚN 7 -FITUFO +PVSOBM PG (FPQIZTJDBM 3FTFBSDI #JPHFPTDJFODFT ðñð ðòôñðòöð. **. "TTFTTJOH UIF JNQBDU PG DIBOHFT JO MBOEVTF JOUFOTJUZ BOE DMJNBUF PO TJNVMBUFE USBEFPĊT CFUXFFO DSPQ ZJFME BOE OJUSPHFO MFBDIJOH + #MBOLF 4 0MJO + 4UàSDL 6 4BIMJO . -JOEFTLPH + )FMNJOH 7 -FITUFO "HSJDVMUVSF &DPTZTUFNT &OWJSPONFOU ñòø ò÷ôòø÷. ***. *NQMJDBUJPOT PG BDDPVOUJOH GPS NBOBHFNFOU JOUFOTJUZ PO DBSCPO BOE OJUSPHFO CBMBODFT PG &VSPQFBO HSBTTMBOET + #MBOLF / #PLF0MÏO 4 0MJO + $IBOH 6 4BIMJO . -JOEFTLPH 7 -FITUFO 4VCNJUUFE UP 1-04 0/&. *7. 5SBEFPĊT CFUXFFO QMBOU TQFDJFT SJDIOFTT BOE DBSCPO TUPSBHF JO UIF DPOUFYU PG BĊPSFTUBUJPO o &YBNQMFT GSPN BĊPSFTUBUJPO TDFOBSJPT JO UIF .VMEF #BTJO (FSNBOZ 4 -BVUFOCBDI " +VOHBOESFBT + #MBOLF 7 -FITUFO 4 .àIMOFS * ,àIO . 7PML &DPMPHJDBM *OEJDBUPST öò ðòøoðôô. "MM QBQFST BSF SFQSPEVDFE XJUI QFSNJTTJPO PG UIFJS SFTQFDUJWF QVCMJTIFST. JJJ.

(15) $POUSJCVUJPOT ɨF BVUIPS BOE DPBVUIPST NFOUJPOFE CFMPX BSF BCCSFWJBUFE BT GPMMPXT +BO )FOESJL #MBOLF +# /JLMBT #PLF0MÏO /#0 7FJLP -FITUFO 7- +PIBO -JOETUSÚN 7- 6MMSJLB 4BIMJO 64 *. &ĊFDU PG DMJNBUF EBUB PO TJNVMBUFE DBSCPO BOE OJUSPHFO CBMBODFT GPS &VSPQF +# BEBQUFE UIF NPEFM DPEF BOE QFSGPSNFE TJNVMBUJPOT +# DPOEVDUFE UIF BOBMZTJT BTTJTUFE CZ 7- BOE +- "MM BVUIPST DPOUSJCVUFE UP UIF NBOVTDSJQU XIJMF +# MFE UIF XSJUJOH. **. "TTFTTJOH UIF JNQBDU PG DIBOHFT JO MBOEVTF JOUFOTJUZ BOE DMJNBUF PO TJNVMBUFE USBEFPĊT CFUXFFO DSPQ ZJFME BOE OJUSPHFO MFBDIJOH +# QFSGPSNFE TJNVMBUJPOT BOE DPOEVDUFE UIF BOBMZTJT BTTJTUFE CZ 64 "MM BVUIPST DPOUSJCVUFE UP UIF NBOVTDSJQU XIJMF +# MFE UIF XSJUJOH. ***. *NQMJDBUJPOT PG BDDPVOUJOH GPS NBOBHFNFOU JOUFOTJUZ PO DBSCPO BOE OJUSPHFO CBMBODFT PG &VSPQFBO HSBTTMBOET /#0 BOE +# FMBCPSBUFE UIF NPEFM DPEF +# QFSGPSNFE UIF TJNVMBUJPOT BOE DPO EVDUFE UIF BOBMZTJT "MM BVUIPST DPOUSJCVUFE UP UIF NBOVTDSJQU XIJMF +# MFE UIF XSJUJOH. *7. 5SBEFPĊT CFUXFFO QMBOU TQFDJFT SJDIOFTT BOE DBSCPO TUPSBHF JO UIF DPOUFYU PG BĊPSFTUBUJPO o &YBNQMFT GSPN BĊPSFTUBUJPO TDFOBSJPT JO UIF .VMEF #BTJO (FSNBOZ +# BEBQUFE UIF NPEFM DPEF BOE QFSGPSNFE TJNVMBUJPOT XJUI -1+(6&44 +# QBS UJDJQBUFE JO UIF XSJUJOH PG UIF QBQFS BOE DPNNFOUFE PO UIF ESBGU. JW.

(16) "CTUSBDU ɨ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ĊFSFODFT JO NPEFM JOQVU QBSBNFUFSJ[BUJPO BOE NPEFM EFTJHO DBO QSPQBHBUF JOUP UIF PVU QVU BOE DSFBUF UIJT MBSHF VODFSUBJOUZ 4PNF QSPDFTTFT TVDI BT MBOEVTF JOUFOTJUZ BSF OPU UBLFO JOUP BDDPVOU JO NBOZ NPEFMT QBSUJBMMZ EVF UP B MBDL PG IBSNPOJ[FE JOQVU EBUBTFUT BU MBSHFS TDBMFT 'PS GVUVSF DMJNBUF JOQVU EBUB JOTUFBE UIFSF JT B NVMUJUVEF PG DMJNBUF EBUB TFUT EFSJWFE GSPN EJĊFSFOU HFOFSBM DJSDVMBUJPO NPEFMT BOE DBSCPO EJPYJEF DPODFOUSBUJPO USBKFDUPSJFT WJB EJĊFSFOU EPXOTDBMJOH UFDIOJRVFT JO PSEFS UP BSSJWF BU EJĊFSFOU TQBUJBM SFTPM VUJPOT ɨJT UIFTJT BJNT UP BEWBODF PVS LOPXMFEHF PG UIF WFHFUBUJPO NPEFM -1+(6&44 CZ BOBMZ[JOH CPUI TFOTJUJWJUZ BOE VODFSUBJOUZ UPXBSET JOQVU EBUBTFUT TVDI BT DMJNBUF BOE MBOE VTF JOUFOTJUZ EBUB BOE UIFJS EFSJWBUJPO *U GVSUIFS BJNT UP JNQSPWF UIF NPEFM QFSGPSNBODF CZ JODMVEJOH GPSNFSMZ OFHMFDUFE QSPDFTTFT MJLF MBOEVTF JOUFOTJUZ BOE EBJMZ NBOBHFNFOU GPS HSBTTMBOET #FZPOE UIFTF TPNFXIBU UFDIOJDBM BJNT UIJT UIFTJT BMTP JOWFTUJHBUFT QPTTJCMF USBEFPĊT CFUXFFO TPDJFUZ SFMFWBOU FDPTZTUFN GVODUJPOT MJLF DSPQ ZJFME BOE DBSCPO TUPSBHF WJB JOUFHSBUJOH DMJNBUF EBUB BOE MBOEVTF JOUFOTJUZ JOGPSNBUJPO ɨFTF USBEFPĊT BSF TUVEJFE GPS &VSPQF VOEFS UXP SFQSFTFOUBUJWF DPODFOUSBUJPO QBUIXBZT XIJMF B SFHJPOBM TUVEZ BOBMZ[FT TJY BĊPSFTUBUJPO TDFOBSJPT JO UIF (FSNBO 'FEFSBM 4UBUF PG 4BYPOZ ɨF SFTVMUT TIPX UIBU TJNVMBUJPOT XJUI -1+(6&44 GPS &VSPQF XFSF NPTU TFOTJUJWF UP UIF TQBUJBM SFTPMVUJPO PG UIF JOQVU DMJNBUF EBUB GPMMPXFE CZ UIF DIPJDF PG UIF DMJNBUF NPEFM ɨFSF XBT OP OPUBCMF HBJO GSPN VTJOH SFHJPOBMMZ EPXOTDBMFE DMJNBUF JO QSFGFSFODF UP CJBT DPSSFDUFE CJMJOFBSMZ JOUFSQPMBUFE QSPKFDUJPOT 8IFO ESJWFO XJUI QSPKFDUJPOT PG DMJNBUF BOE MBOEVTF JOUFOTJUZ JO UIF GPSN PG OJUSPHFO GFSUJMJ[FS TJNVMBUJPOT PG NBJ[F ZJFME BOE OJUSPHFO MFBDIJOH XFSF NPTU TFOTJUJWF UP OJUSPHFO BQQMJDBUJPOT GPMMPXFE CZ DMJNBUF XIJMF XIFBU ZJFME XBT NPTU TFOTJUJWF UP DIBOHFT JO DBSCPO EJPYJEF GPMMPXFE CZ OJUSPHFO BQQMJDBUJPOT 8IJMF GVUVSF ZJFMET PG XIFBU BOE NBJ[F JODSFBTFE JO &VSPQF VOEFS SFQSFTFOUBUJWF DPODFOUSBUJPO QBUIXBZ óô BOE ÷ô UIFTF JODSFBTFT XFSF BDDPNQBOJFE CZ JODSFBTFT PG OJUSPHFO MFBDIJOH JO NBOZ SFHJPOT )PXFWFS MFBDIJOH EFDSFBTFE JO BCPVU ôòǷ PG UIF SFHJPOT VOEFS QBUIXBZ óô XIJMF JU JODSFBTFE JO öõǷ PG UIF SFHJPOT VOEFS QBUIXBZ ÷ô *U JT BMTP TIPXO JO UIJT UIFTJT UIBU HSBTTMBOE QSPEVDUJWJUZ DBOOPU CF BEFRVBUFMZ DBQUVSFE XJUIPVU JODMVEJOH MBOEVTF JO UFOTJUZ EBUB JO UIF GPSN PG OJUSPHFO GFSUJMJ[FS *ODPSQPSBUJOH EBJMZ HSBTTMBOE NBOBHFNFOU BOE GFSUJMJ[FS BQQMJDBUJPOT JOUP -1+(6&44 JNQSPWFE UIF NPEFM TJHOJmDBOUMZ 'JOBMMZ BG GPSFTUBUJPO IBE PWFSBMM QPTJUJWF FĊFDUT CPUI PO QMBOU TQFDJFT SJDIOFTT BOE DBSCPO TUPSBHF JO. W.

(17) 4BYPOZ )PXFWFS B OVNCFS PG MPDBUJPOT XFSF JEFOUJmFE GPS XIJDI BĊPSFTUBUJPO NBZ MFBE UP B EFDSFBTF JO QMBOU TQFDJFT SJDIOFTT. WJ.

(18) 4BNBOGBUUOJOH &LPTZTUFNFO J WÌS WÊSME GÚSÊOESBT BW OBUVSMJHB LSBGUFS TPN J TJO UVS QÌWFSLBT BW NÊOTL MJHB BLUJWJUFUFS 'ÚS BUU GÚSTUÌ PDI CFSÊLOB FĊFLUFSOB BW LMJNBUGÚSÊOESJOHBS PDI NÊOTLMJH GÚSWBMUOJOH QÌ WÌSB FLPTZTUFN IBS CFIPWFU BW JOTUSVNFOU GÚS BUU ÚWFSWBLB PDI GÚSVUTÊHB KPSETZTUFNFU ÚLBU %ZOBNJTLB HMPCBMB WFHFUBUJPOT NPEFMMFS ÊS NBUFNBUJTLB NPEFMMFS TPN UJMMÌUFS FO QSPDFTTCBTFSBE CFTLSJWOJOH BW WÊYUTBNIÊMMFO HFOPN NPEFMMFSJOH BW GZTJPMPHJTLB PDI QPQVMBUJPOTQSPDFTTFS TÌTPN UJMMWÊYU GPUPTZOUFT LPMBMMPLFSJOH SFHFOFSFSJOH PDI EÚE MJHIFU .FO EFTTB NPEFMMFS IBS GPSUGBSBOEF TUPS PTÊLFSIFU J TJOB VQQTLBUUOJOHBS .JOESF TLJMMOBEFS J QBSBNFUFSJTFSJOH PDI NPEFMMEFTJHO LBO TQSJEB TJH J TJNVMFSJOHTSFTVMUBUFO PDI PSTBLB TUPS PTÊLFSIFU 7JTTB QSPDFTTFS TÌTPN NBSLBOWÊOEOJOHTJOUFOTJUFU IBS J NÌOHB NPEFMMFS ÊOOV JOUF CFBLUBUT EFMWJT QÌ HSVOE BW CSJTU QÌ IBSNPOJTFSBEF JOHÌOHTEBUB J TUÚSSF TLBMB *TUÊMMFU mOOT EFU FO SBE PMJLB GSBNUJEB LMJNBUEBUB TPN TLBQBUT BW PMJLB LMJNBUNPEFMMFS GÚS PMJLB LPMEJPYJE TDFOBSJFS TPN LBO CFIÚWFS ÚWFSTÊUUBT UJMM IÚHSF SVNTMJHB VQQMÚTOJOHBS NFE PMJLB NFUPEFS %FOOB TUVEJF TZGUBS UJMM BUU GÚSEKVQB WÌS LVOTLBQ PN WFHFUBUJPOTNPEFMMFO -1+ (6&44 PDI MJLOBOEF NPEFMMFS HFOPN BUU CFEÚNB CÌEF LÊOTMJHIFUFO PDI PTÊLFSIFUFO J JOHÌOHTEBUB TPN UJMM FYFNQFM LMJNBU PDI NBSLBOWÊOEOJOHTJOUFOTJUFU 6UÚWFS EFTTB NFS UFLOJTLB NÌM ÊS TZGUFU NFE EFUUB BSCFUF BUU VOEFSTÚLB FWFOUVFMMB LPNQSPNJTTFS NFMMBO TP DJBMU SFMFWBOUB FLPTZTUFNGVOLUJPOFS TÌTPN TLÚSE PDI LPMCJOEOJOH HFOPN JOUFHSFSJOH BW LMJNBUEBUB PDI EFO TFOBTUF JOGPSNBUJPOFO PN NBSLBOWÊOEOJOHTJOUFOTJUFU %FTTB LPN QSPNJTTFS VOEFSTÚLUFT GÚS &VSPQB NFE IKÊMQ BW UWÌ SFQSFTFOUBUJWB LPODFOUSBUJPOTWÊHBS NFEBO FO SFHJPOBM TUVEJF BOBMZTFSBS TFY CFTLPHOJOHTTDFOBSJFS GÚS 4BDITFO 5ZTLMBOE 3FTVMUBUFO WJTBS BUU TJNVMFSJOHBS NFE -1+(6&44 GÚS &VSPQB ÊS NFTU LÊOTMJH GÚS SVNT MJH VQQMÚTOJOH GÚMKU BW WBMFU BW LMJNBUNPEFMM %FU GBOOT JOHFO BONÊSLOJOHTWÊSE OZUUB BW BUU BOWÊOEB SFHJPOBMU OFSTLBMBE LMJNBUEBUB J NPUTBUT UJMM BUU BOWÊOEB CJMJOKÊSU JOUFS QPMFSBEF PDI LPSSJHFSBEF EBUB 0N NPEFMMFO ÊS ESJWFO NFE QSPKFLUJPOFS BW LMJNBU PDI NBSLBOWÊOEOJOHTJOUFOTJUFU LWÊWF HÚETMJOH ÊS EFO TJNVMFSBEF NBKTTLÚSEFO PDI LWÊWFMÊDL BHFU NFTU LÊOTMJH GÚS LWÊWFHÚETMJOH GÚMKU BW LMJNBUFU NFEBO WFUFTLÚSEFO ÊS NFTU LÊOTMJH GÚS GÚSÊOESJOHBS J LPMEJPYJE LPODFOUSBUJPO GÚMKU BW LWÊWFHÚETMJOH 5SPUT BUU GSBNUJEB WFUF PDI NBKTTLÚSEBS J &VSPQB ÚLBS GÚS TDFOBSJFSOB óô PDI ÷ô GÚMKT EFTTB BW ÚLBOEF LWÊWFMÊDLBHF J NÌOHB SFHJPOFS %ÊSFNPU TÌ NJOTLBS EPDL LWÊWFMÊDLBHFU GÚS TDFOBSJP óô J VOHFGÊS ôòǷ BW SFHJPOFSOB NFEBO EFU ÚLBS J öõǷ BW SFHJPOFSOB GÚS TDFOBSJP ÷ô %FOOB TUVEJF WJTBS PDLTÌ BUU HSÊTNBSLTQSPEVLUJWJUFUFO J &VSPQB JOUF LBO NPEFMMFSBT QÌ FUU UJMMGSFETUÊMMBOEF TÊUU VUBO BUU BOWÊOEB NBSLBOWÊOEOJOHTJOUFOTJUFU J GPSN BW LWÊWFHÚETMJOH *OLMVEFSJOHFO BW EBHMJH TJNVMFSBE HSÊTNBSLIBOUFSJOH PDI LWÊWFHÚETMJOH J -1+(6&44 GÚSCÊUUSBS EPDL NPEFMMFO BWTFWÊSU 4MVUMJHFO LBO EFU QÌWJTBT BUU TLPHTQMBOUFSJOH J 4BDITFO 5ZTLMBOE IBS ÚWFSHSJ QBOEF QPTJUJWB FĊFLUFS QÌ CÌEF WÊYUFSOBT NÌOHGBME PDI LPMMBHSJOH 'MFSB QMBUTFS IBS EPDL JEFOUJmFSBUT EÊS CFTLPHOJOH MFEFS UJMM FO NJOTLOJOH BW WÊYUBSUFSOBT NÌOHGBME. WJJ.

(19) ;VTBNNFOGBTTVOH %JF ½LPTZTUFNF VOTFSFS 8FMU XFSEFO EVSDI OBUàSMJDIF ,SÊGUF WFSÊOEFSU XFMDIF XJFEFSVN WPO NFOTDIMJDIFO "LUJWJUÊUFO àCFSMBHFSU XFSEFO 6N EJF "VTXJSLVOHFO EFT ,MJNBXBOEFMT VOE NFOTDIMJDIFS #FXJSUTDIBGUVOH BVG VOTFSF ½LPTZTUFNF [V WFSTUFIFO VOE [V CFSFDIOFO JTU EFS #FEBSG BO *OTUSVNFOUFO [VS ÃCFSXBDIVOH VOE 1SPHOPTF EFT &SETZTUFNT HFTUJFHFO %ZOBNJTDIF HMPCBMF 7FHFUBUJPOTNPEFMMF TJOE NBUIFNBUJTDIF .PEFMMF EJF FJOF EFUBJMMJFS UF #FTDISFJCVOH WPO 1nBO[FOHFNFJOTDIBGUFO EVSDI FJOF .PEFMMJFSVOH WPO 1SP[FTTFO BVG QIZTJPMPHJTDIFS VOE 1PQVMBUJPOTFCFOF [# 1IPUPTZOUIFTF 1nBO[FOXBDITUVN VOE .PS UBMJUÊU FSNÚHMJDIFO %JFTF .PEFMMF TJOE KFEPDI JNNFS OPDI NJU FJOFS CFUSÊDIUMJDIFO 6OTJDIFSIFJU JO JISFO #F SFDIOVOHFO WFSTFIFO (FSJOHF 6OUFSTDIJFEF JO EFS 1BSBNFUSJTJFSVOH VOE .PEFMMHFTUBMUVOH LÚOOFO TJDI CJT JO EJF 4JNVMBUJPOTFSHFCOJTTF GPSUQnBO[FO VOE TP EJFTF HSPF 6OTJDIFSIFJU WFSVSTBDIFO &JOJHF 1SP[FTTF XJF -BOEOVU[VOHTJOUFOTJUÊU XFSEFO JO WJFMFO .PEFMMFO OPDI OJDIU CFSàDLTJDIUJHU XBT UFJMXFJTF EVSDI FJOFO .BOHFM BO IBSNPOJTJFSUFO &JOHBCFEBUFO TÊU[FO BVG HSÚFSFO 4LBMFO WFSVSTBDIU XJSE 4UBUUEFTTFO HJCU FT FJOF 7JFM[BIM BO ,MJNBEB UFOTÊU[FO EJF WPO WFSTDIJFEFOFO ,MJNBNPEFMMFO GàS WFSTDIJFEFOF ,MJNBT[FOBSJFO FSTUFMMU XVSEFO VOE EJF NJU VOUFSTDIJFEMJDIFO .FUIPEFO BVG FJOF IÚIFSF SÊVNMJDIF "VnÚTVOH VNHFSFDIOFU XFSEFO LÚOOFO %JFTF 4UVEJF [JFMU EBSBVG BC VOTFS 8JTTFO àCFS EBT 7FHF UBUJPOTNPEFMM -1+(6&44 VOE ÊIOMJDIF .PEFMMF WPSBO[VUSFJCFO JOEFN TJF TPXPIM EJF &NQmOEMJDILFJU BMT BVDI EJF 6OTJDIFSIFJU IJOTJDIUMJDI EFS &JOHBCFEBUFOTÊU[F XJF [# ,MJ NB BOE -BOEOVU[VOHTJOUFOTJUÊU BOBMZTJFSU +FOTFJUT EJFTFS FIFS UFDIOJTDIFO ;JFMF TPMM EJFTF "SCFJU BVDI NÚHMJDIF ,PNQSPNJTTF [XJTDIFO HFTFMMTDIBGUTSFMFWBOUFO ½LPTZTUFNGVOLUJP OFO XJF &SOUFFSUSBH VOE ,PIMFOTUPĊTQFJDIFSVOH EVSDI EJF *OUFHSBUJPO WPO ,MJNBEBUFO VOE OFVTUFO *OGPSNBUJPOFO [VS -BOEOVU[VOHTJOUFOTJUÊU VOUFSTVDIFO %JFTF ,PNQSPNJT TF XFSEFO GàS &VSPQB BOIBOE WPO [XFJ SFQSÊTFOUBUJWFO ,PO[FOUSBUJPOTQGBEFO VOUFSTVDIU XÊISFOE FJOF SFHJPOBMF 4UVEJF TFDIT WFSTDIJFEFOF "VĊPSTUVOHTT[FOBSJFO JN #VOEFTMBOE 4BDIFO JO %FVUTDIMBOE BOBMZTJFSU %JF &SHFCOJTTF [FJHFO EBTT 4JNVMBUJPOFO NJU -1+(6&44 GàS &VSPQB BN FNQmOEMJDIT UFO BVG EJF SÊVNMJDIF "VnÚTVOH SFBHJFSUFO HFGPMHU WPO EFS 8BIM EFS ,MJNBNPEFMMF &T HBC LFJOFO CFNFSLFOTXFSUFO (FXJOO CFJ EFS 7FSXFOEVOH WPO SFHJPOBM IFSVOUFSTLBMJFSUFO ,MJ NBEBUFO JN (FHFOTBU[ [V CJMJOFBS JOUFSQPMJFSUFO VOE LPSSJHJFSUFO 1SPKFLUJPOFO 8VSEF EBT .PEFMM NJU ,MJNB VOE -BOEOVU[VOHTJOUFOTJUÊUTQSPHOPTFO JO EFS 'PSN WPO 4UJDLTUPĊEàO HFS WFSXFOEFU SFBHJFSUFO EJF 4JNVMBUJPOFO WPO .BJTFSUSBH VOE 4UJDLTUPĊWFSTJDLFSVOH BN FNQmOEMJDITUFO BVG EJF 4UJDLTUPĊBOXFOEVOHFO HFGPMHU WPO ,MJNB XÊISFOE 8FJ[FOFS USBH BN FNQmOEMJDITUFO HFHFOàCFS 7FSÊOEFSVOHFO JO EFS ,PIMFOTUPĊEJPYJELPO[FOUSBUJPO XBS HFGPMHU WPO EFO 4UJDLTUPĊBOXFOEVOHFO "VDI XFOO [VLàOGUJHF &SUSÊHF WPO 8FJ[FO VOE .BJT JO &VSPQB VOUFS 4[FOBSJP óô VOE ÷ô BOTUJFHFO TP XVSEFO EJFTF &SIÚIVOHFO EPDI EVSDI [VOFINFOEF 4UJDLTUPĊWFSTJDLFSVOH JO WJFMFO 3FHJPOFO CFHMFJUFU "MMFSEJOHT TBOL EJF. WJJJ.

(20) 7FSTJDLFSVOH JO VOHFGÊIS ôòǷ EFS 3FHJPOFO VOUFS 4[FOBSJP óô XÊISFOE TJF JO öõǷ EFS 3FHJPOFO VOUFS 4[FOBSJP ÷ô BOTUJFH %JFTF 4UVEJF [FJHU [VEFN EBTT EJF 1SPEVLUJWJUÊU WPO (SBTMÊOEFSO JO &VSPQB OJDIU PIOF EJF 7FSXFOEVOH WPO %BUFO [VS -BOEOVU[VOHTJOUFOTJUÊU JO 'PSN WPO 4UJDLTUPĊEàOHVOH BVTSFJDIFOE FSGBTTU XFSEFO LBOO %JF &JOCF[JFIVOH WPO UÊHMJDI TJNVMJFSUFS (SBTMBOECFXJSUTDIBGUVOH VOE %àOHFSBOXFOEVOH JO -1+(6&44 WFS CFTTFSUF EBT .PEFMM EFVUMJDI ;VN 4DIMVTT LPOOUF HF[FJHU XFSEFO EBTT FJOF "VĊPSTUVOH JO 4BDITFO %FVUTDIMBOE JOTHFTBNU IBVQUTÊDIMJDI QPTJUJWF &ĊFLUF TPXPIM BVG 1nBO[FOBSUFO WJFMGBMU BMT BVDI ,PIMFOTUPĊTQFJDIFSVOH FS[JFMUF &T XVSEFO KFEPDI BVDI NFISFSF 4UBOEPSUF JEFOUJm[JFSU BO EFOFO FJOF "VĊPSTUVOH [V FJOFS 7FSSJOHFSVOH EFT 1nBO[FOBSUFOSFJDIUVNT GàISFO LBOO. JY.

(21)

(22) &VSPQFBO FDPTZTUFNT PO B DIBOHJOH QMBOFU *OUFHSBUJOH DMJNBUF DIBOHF BOE MBOEVTF JOUFOTJUZ EBUB ð. *OUSPEVDUJPO. ɨF &BSUI TZTUFN IBT BMXBZT VOEFSHPOF B DPOUJOVPVT DIBOHF *O UIF QBTU UIF QSJNBSZ ESJWFST PG HMPCBM FOWJSPONFOUBM DIBOHF IBWF CFFO FTTFOUJBMMZ TPMBS WBSJBUJPO QMBUF UFDUPO JDT WPMDBOJTN NFUFPSJUF JNQBDU BOE DIBOHFT JO UIF &BSUIT PSCJU BOE UJMU PO JUT BYJT 5PEBZ JU IBT BO BEEJUJPOBM QSFTTVSF XIJDI GPSDFT DIBOHF IVNBO BDUJWJUJFT ɨF NBHOJUVEF PG UIF IVNBO GPPUQSJOU IBT CFDPNF TP MBSHF UIBU IVNBOJUZ JT OPX B QSFTTVSF FRVJWBMFOU UP TPNF PG UIFTF JNQPSUBOU GPSDFT PG OBUVSF ɨJT IBT MFE TDJFOUJTUT UP TVHHFTU UIBU &BSUI IBT MFGU JUT QSFWJPVT HFPMPHJDBM FQPDI UIF )PMPDFOF BOE IBT OPX FOUFSFE B OFX POF DBMMFE UIF "OUISPQPDFOF 4UFĊFO FU BM ñïðð 7JODF ñïðð ɨFSF JT PWFSXIFMNJOH TDJFOUJmD FWJEFODF UIBU UIF NBJO ESJWFS PG HMPCBM FOWJSPONFOUBM DIBOHF BU QSFTFOU JT UIF HSPXJOH IVNBO QPQ VMBUJPO BOE JUT EFNBOE GPS GPPE FOFSHZ HPPET BOE TFSWJDFT BT XFMM BT JUT EJTQPTBM PG XBTUF QSPEVDUT *U JT OPU TVSQSJTJOH UIBU TJODF ðöïï UIF MBOE BSFB EFWPUFE GPS DSPQ QSPEVDUJPO IBT JODSFBTFE CZ óõõǷ BOE OPX BDDPVOUT GPS ðïñïǷ PG UIF JDFGSFF UFSSFTUSJBM TVSGBDF &MMJT BOE 3BNBOLVUUZ ñïï÷ TFF 'JH ð *O UIF MBTU ñôï ZFBST HMPCBM FOWJSPONFOUBM DIBOHF IBT DBVTFE TPDJFUZSFMFWBOU QSPCMFNT TVDI BT DMJNBUF DIBOHF FYUJODUJPO PG BOJNBM TQFDJFT UIF DPMMBQTF PG mTIFSJFT EFTFSUJmDBUJPO PDFBO BDJEJmDBUJPO BOE QPMMVUJPO *O B OVUTIFMM UIF XPSMET FDPTZTUFNT BSF BMUFSFE CZ OBUVSBM GPSDFT XIJDI BSF TVQFSJNQPTFE CZ IVNBO BDUJWJUJFT ɨF EJTUSJCVUJPO PG TQFDJFT BOE UIF TUSVDUVSF BOE GVODUJPOJOH PG XIPMF FDPTZTUFNT JT QSJNBSJMZ ESJWFO CZ DMJNBUF FOWJSPONFOUBM GBDUPST TVDI BT QIPUPTZOUIFUJDBMMZ BDUJWF SBEJBUJPO UFNQFSBUVSF DBSCPO EJPYJEF DPODFOUSBUJPO <$0 > BOE IVNBO NBOBHF NFOU ɨF SFTQPOTFT PG PSHBOJTNT UP UIFJS TQFDJmD FOWJSPONFOU BSF GVOEBNFOUBM PXJOH UP UIFJS TJHOJmDBOU FDPOPNJD FDPMPHJDBM BOE DVMUVSBM TFSWJDFT 6OEFSTUBOEJOH UIF QSPWJ TJPOJOH PG UIFTF TFSWJDFT BT XFMM BT QSPKFDUJOH UIFJS DIBOHFT GPS UIF OFYU EFDBEFT JT DSVDJBM. ð.

(23) GPS B DPODFSUFE SFTQPOTF UP FOWJSPONFOUBM DIBOHF 5P VOEFSTUBOE BOE QSPKFDU UIF JN QBDU PG DMJNBUF BOE BUNPTQIFSJD DIBOHFT BT XFMM BT IVNBO NBOBHFNFOU PO FDPTZTUFNT UIF OFFE GPS UPPMT UP NPOJUPS BOE NBLF QSFEJDUJPOT PG UIF &BSUI TZTUFN IBT JODSFBTFE *O BEEJUJPO UP HSPVOE BOE TBUFMMJUFCBTFE PCTFSWBUJPOT OVNFSPVT NPEFMJOH UFDIOJRVFT IBWF CFFO EFWFMPQFE UP MJOL EJĊFSFOU UZQFT PG PCTFSWBUJPO EBUB 8IJMF TUBUJTUJDBM NPEFMT CBTF PO FNQJSJDBM SFMBUJPOTIJQT EZOBNJD HMPCBM WFHFUBUJPO NPEFMT %(7.T QSPWJEF B CPUUPNVQ EFTDSJQUJPO PG QMBOU DPNNVOJUJFT ɨFZ FYQMJDJUMZ NPEFM QIZTJPMPHJDBM BOE QPQVMBUJPO MFWFM QSPDFTTFT TVDI BT QIPUPTZOUIFTJT HSPXUI BOE SFHFOFSBUJPO ɨJT NBLFT JU QPTTJCMF UP TJNVMBUF UIF FĊFDUT PG GVUVSF DMJNBUF DIBOHF PO WFHFUBUJPO BOE UIF CJPHFPDIFNJDBM DZDMFT JODMVEJOH DBSCPO UVSOPWFS BOE UIF OJUSPHFO DZDMF. 'JHVSF $SPQMBOE BOE QBTUVSF GSBDUJPOT XJUIJO FBDI BSD NJOVUF HSJE DFMM EBUB GSPN 3BNBOLVUUZ FU BM *OUBDU GPSFTU MBOETDBQFT BSF JOEJDBUFE JO HSBZ EBUB GSPN 1PUBQPW FU BM . ñ.

(24) ðð. $BSCPO UVSOPWFS BOE UIF OJUSPHFO DZDMF. $BSCPO UVSOPWFS $BSCPO $ JT UIF NPTU JNQPSUBOU FMFNFOU GPS MJGF BOE B WFSZ DFOUSBM POF JO BMM PSHBOJD DPNQPVOET 8IJMF UIF BNPVOU PG $ PO &BSUI UPEBZ JT UIF TBNF BT óô CJMMJPO ZFBST BHP XIFO UIF &BSUI XBT GPSNFE JUT EJTUSJCVUJPO IBT DIBOHFE PWFS UJNF 5PEBZ $ JT EJTUSJCVUFE BNPOH GPVS NBKPS QPPMT UIF BUNPTQIFSF PDFBO UFSSFTUSJBM FDPTZTUFNT WFHFUBUJPO BOE TPJM. BOE TFEJNFOUT BOE SPDLT HFPMPHJDBM SFTFSWPJS ɨFSFCZ NPTU $ JT TUPSFE JO UIF HFPMPHJDBM SFTFSWPJS JO TFEJNFOUBSZ SPDLT EFFQ XJUIJO UIF QMBOFUT DSVTU 5PHFUIFS BMM TFEJNFOUBSZ SPDLT PO &BSUI TUPSF BCPVU õï ïïï ïïï QFUBHSBNT 1H $ $IBQJO FU BM ñïðð ɨF TFDPOE MBSHFTU QPPM JT UIF PDFBO XJUI ò÷ ïïï 1H $ XIJDI JT NPTUMZ TUPSFE JO EFFQ XBUFS XIFSF JU SFTJEFT GPS MPOH UJNF QFSJPET ɨF UFSSFTUSJBM FDPTZTUFNT PG UIF XPSME DPOUBJO $ JO UIF GPSN PG QMBOUT BOJNBMT TPJMT BOE NJDSPPSHBOJTNT BOE NPTU $ JT TUPSFE JO UIF XPSMET TPJMT XJUI BO FTUJNBUFE BNPVOU PG ñ ôïï 1H $ 4UPDLNBOO FU BM ñïðò ɨF BNPVOU PG $ JO WFHFUBUJPO õôï 1H $ JT TJNJMBS UP UIBU JO UIF BUNPTQIFSF $IBQJO FU BM ñïðð )PXFWFS UIF SBUJP CFUXFFO TPJM BOE WFHFUBUJPO $ JT EJĊFSFOU BDDPSEJOH UP UIF CJPNFT PG UIF XPSME *O USPQJDBM GPSFTUT $ TUPSFE JO TPJMT JT FRVBM UP UIF BNPVOU TUPSFE JO TUBOEJOH CJPNBTT XIFSFBT JO CPSFBM GPSFTUT UIFSF JT mWF UJNFT NPSF $ JO TPJMT UIBO JO WFHFUBUJPO BOE JO XFUMBOET UIFSF JT VQ UP ðô UJNFT NPSF TPJM $ UIBO WFHFUBUJPO $ $JBJT FU BM ñïðò &WFO UIPVHI BUNPTQIFSJD $ XIJDI QSJNBSJMZ DPOTJTUT PG $0 JT UIF TNBMMFTU QPPM JU JT UIF NPTU EZOBNJD POF ɨFSF JT B DPOTUBOU DZDMJOH PG $ CFUXFFO UIF BUNPTQIFSF BOE UIF CJPTQIFSF *U UVSOT PWFS FWFSZ mWF ZFBST BOE FWFSZ ZFBS BQQSPYJNBUFMZ ðôǷ PG UIF BUNPTQIFSJD $0 JT UBLFO VQ CZ UFSSFTUSJBM FDPTZTUFNT WJB QIPUPTZOUIFTJT $JBJT FU BM ñïðò ɨF UPUBM BNPVOU PG $ mYFE JO UIF QSPDFTT PG QIPUPTZOUIFTJT CZ QMBOUT JO BO FDPTZTUFN JT UFSNFE HSPTT QSJNBSZ QSPEVDUJPO (11 BOE BNPVOUT UP ðñï HJHBUPOOFT (U $ ZS− "SPVOE ôïǷ õï (U $ ZS− JT JNNFEJBUFMZ SFUVSOFE UP UIF BUNPTQIFSF BT B SFTVMU PG QMBOU BVUPUSPQIJD SFTQJSBUJPO 3B EVF UP UIF DPTUT PG CJPNBTT BDDVNVMBUJPO BOE NBJOUFOBODF PG WJUBM GVODUJPOT TVDI BT UIF SFCVJMEJOH PG QSPUFJOT ɨF OFU BNPVOU PG $ MFGU BGUFS BVUPUSPQIJD SFTQJSBUJPO OFU QSJNBSZ QSPEVDUJPO /11 JT UIFO UIF CJPNBTT BDDVNVMBUFE JO MFBWFT TUFNT SPPUT nPXFST PS TFFET 7JB MJUUFS QSPEVDUJPO B MBSHF GSBDUJPO PG /11 JT UVSOFE JOUP TPJM PSHBOJD NBUUFS 40. .JDSPCFT BOE PUIFS TPJM CJPUB EFDPNQPTF 40. BOE SFUVSO NPTU PG UIF /11 UP UIF BUNPTQIFSF ôï (U $ ZS− UISPVHI IFUFSPUSPQIJD SFTQJSBUJPO 3I 8IFOFWFS /11 JT MBSHFS UIBO 3I BO BDDVNVMBUJPO PG $ UBLFT QMBDF ɨJT JT FTQFDJBMMZ UIF DBTF JO DPME BSFBT TJODF 40. UVSOPWFS JT NBJOMZ ESJWFO CZ TPJM UFNQFSBUVSF CFTJEFT XBUFS BWBJMBCJMJUZ /PU TVSQSJTJOHMZ B MBSHF QPSUJPO ðöïï 1H $ PG UIF UPUBM TPJM $ ñôïï QH $ JT FTUJNBUFE UP CF MPDLFE JO UIF QFSNBGSPTU SFHJPOT PG UIF OPSUIFSO IFNJTQIFSF 5BSOPDBJ FU BM ñïïø )VNBO BDUJWJUJFT BSF OPX B TJHOJmDBOU DPNQPOFOU PG UIF HMPCBM $ DZDMF ɨFZ IBWF SFTVMUFE JO UIF SFNPWBM PG $ GSPN $ EFQPTJUT TVDI BT PJM BOE DPBM EFQPTJUT BOE BEEFE JU EJSFDUMZ UP UIF BUNPTQIFSF ɨJT IBT CFFO NPTU OPUBCMF TJODF UIF ð÷UI BOE ðøUI DFOUVSZ XIFO UIF. ò.

(25) JOEVTUSJBM SFWPMVUJPO UPPL QMBDF *O BEEJUJPO UP UIF CVSOJOH PG GPTTJM GVFMT MBOEVTF BOE MBOE DPWFS DIBOHF JT BOPUIFS BOUISPQPHFOJD BDUJWJUZ UIBU JOnVFODFT UIF $ DZDMF ɨSPVHI GPSFTUSZ BOE BHSJDVMUVSF IVNBOT IBWF USBOTGPSNFE OBUVSBM BOE PGUFO $SJDI FDPTZTUFNT UP NBOBHFE MBOET TVDI BT BHSJDVMUVSBM mFMET BOE QMBOUBUJPOT *O SFDFOU ZFBST FNJTTJPOT GSPN UIF DPNCVTUJPO PG GPTTJM GVFMT BNPVOU UP ÷ö 1H ZFBS− XIJMF MBOEVTF DPOWFSTJPO SFMFBTFT BOPUIFS ðô 1H ZFBS− WJB CJPNBTT CVSOJOH BOE FOIBODFE EFDPNQPTJUJPO $BOBEFMM FU BM ñïïö 5PHFUIFS UIFTF BOUISPQPHFOJD $ nVYFT BSF BCPVU ðôǷ PG UIF $ DZDMFE CZ UFSSFTUSJBM PS NBSJOF QSPEVDUJPO NBLJOH IVNBO $ FNJTTJPOT UIF UIJSE MBSHFTU CJPMPHJDBMMZ DPOUSPMMFE nVY PG $ UP UIF BUNPTQIFSF #FDBVTF PG UIF DZDMJDBM OBUVSF PG UIF $ DZDMF UIF JNQBDUT IV NBOT IBWF DBO MFBE UP OVNFSPVT BNQMJmDBUJPOT BOE GFFECBDLT *ODSFBTJOH BUNPTQIFSJD DPO DFOUSBUJPOT PG $0 BOE NFUIBOF BMPOH XJUI PUIFS HSFFOIPVTF HBTFT DBVTF IJHIFS HMPCBM BJS UFNQFSBUVSFT XIJDI JO UVSO JODSFBTFT EFDPNQPTJUJPO BOE 3I JO TPJMT UIFSFCZ SFMFBTJOH NPSF $0 UP UIF BUNPTQIFSF )PXFWFS IJHI <$0 > DBO BMTP IBWF QPTJUJWF FĊFDUT PO QMBOU QSPEVDUJWJUZ TJODF $0 JT UIF QSJNBSZ TVCTUSBUF JO UIF QSPDFTT PG QIPUPTZOUIFTJT "EEJ UJPOBMMZ QMBOUT DBO PQFSBUF BU IJHIFS TUPNBUBM DPOEVDUBODF XIJDI NBLFT XBUFS VTBHF NPSF FċDJFOU 4JNVMBUJPOT XJUI BO FOTFNCMF PG TFWFSBM %(7.T TVHHFTU UIBU JODSFBTJOH BUNP TQIFSJD <$0 > MFE UP BO JODSFBTF JO HMPCBM BOOVBM (11 PG ð÷ ± ñ 1H $ TJODF ðøïï ,FFOBO FU BM ñïðõ 8IJMF UIF UFSSFTUSJBM $ TJOL TFFNT UP CF JODSFBTJOH UIF NFDIBOJTNT SFTQPOT JCMF GPS JUT FOIBODFNFOU BOE JNQMJDBUJPOT GPS UIF HSPXUI SBUF PG BUNPTQIFSJD $0 SFNBJO VODMFBS /JUSPHFO DZDMF ɨF QSPEVDUJWJUZ PG NBOZ FDPTZTUFNT PO MBOE JT MJNJUFE JO QBSU CZ UIF TVQQMZ PG BWBJMBCMF OJUSPHFO / / JT POF PG UIF NBJO DIFNJDBM FMFNFOUT SFRVJSFE GPS QMBOU HSPXUI BOE SFQSP EVDUJPO *O BEEJUJPO UP MJHIU BOE XBUFS BWBJMBCJMJUZ JU JT UIF NPTU JNQPSUBOU MJNJUJOH GBDUPS JO NBOZ UFSSFTUSJBM FDPTZTUFN FH 5PXOTFOE FU BM ðøøõ / JT B DPNQPOFOU PG DIMPSPQIZMM BOE IFODF FTTFOUJBM GPS QIPUPTZOUIFTJT *U JT BMTP UIF CBTJD FMFNFOU PG QMBOU BOE BOJNBM QSP UFJOT JODMVEJOH UIF HFOFUJD NBUFSJBM %/" BOE 3/" BOE JT JNQPSUBOU JO QFSJPET PG SBQJE QMBOU HSPXUI / MJNJUBUJPOT SFEVDF UIF QSPEVDUJPO PG 3VCJTDP BO FO[ZNF JOWPMWFE JO $ mYBUJPO BOE DIMPSPQIZMM SFTVMUJOH JO B MPXFS NBYJNVN DBSCPYZMBUJPO SBUF BOE SFEVDFE QIPUPTZOUIFTJT "MNPTU BMM / SFMFWBOU UP CJPHFPDIFNJTUSZ JT DPOUBJOFE JO POF TJOHMF QPPM UIF BUNPTQIFSF XIJMF PSHBOJD / QPPMT BSF WFSZ TNBMM SFMBUJWF UP UIF BUNPTQIFSJD QPPM BOE PDDVS NBJOMZ JO TPJMT BOE UFSSFTUSJBM WFHFUBUJPO / NBLFT VQ ö÷Ƿ PG UIF BUNPTQIFSF BT / BOE JT VOBWBJMBCMF UP NPTU PSHBOJTNT PXJOH UP UIF WFSZ TUSPOH USJQMF CPOE CFUXFFO UIF BUPNT )PXFWFS / DBO CF USBOTGPSNFE JOUP CJPMPHJDBMMZ BWBJMBCMF GPSNT WJB / mYBUJPO CZ B MJNJUFE OVNCFS PG TQFDJFT PG CBDUFSJB BOE BSDIBFB JO TPJMT PS MJWJOH JO TZNCJPTJT XJUI QMBOUT "OOVBMMZ BQQSPYJNBUFMZ ðñï UFSBHSBNT 5H / BSF mYFE CZ UIF CJPMPHJDBM mYBUJPO PO B HMPCBM TDBMF (BMMPXBZ FU BM ñïïó #FGPSF IVNBO BMUFSBUJPO / mYBUJPO XBT SPVHIMZ CBMBODFE CZ SFUVSOT UP UIF VOBWBJMBCMF QPPMT WJB EFOJUSJmDBUJPO BOE CVSJBM JO TFEJNFOUT *O. ó.

(26) HFOFSBM / JT DZDMFE RVJUF UJHIUMZ XJUIJO UFSSFTUSJBM FDPTZTUFNT XJUI UIF BOOVBM UISPVHI QVU PGUFO CFJOH BU MFBTU GPVSGPME HSFBUFS UIBO JOQVUT BOE MPTTFT $IBQJO FU BM ñïðð / DBO CF UBLFO VQ CZ QMBOUT BOE TPJM PSHBOJTNT BT B DIFNJDBMMZ BWBJMBCMF GPSN TVDI BT BN NPOJVN /)ó

(27) OJUSBUF /0òo PS PSHBOJD / FH VSFB UP CF JODPSQPSBUFE JOUP QSPUFJOT BOE PUIFS PSHBOJD / DPNQPVOET "GUFS / JT JODPSQPSBUFE JOUP PSHBOJD NBUUFS JU JT PGUFO UVSOFE CBDL JOUP JOPSHBOJD / CZ / NJOFSBMJ[BUJPO WJB EFDPNQPTFST TVDI BT CBDUFSJB BOE GVOHJ %VSJOH UIJT QSPDFTT B TJHOJmDBOU BNPVOU PG / DPOUBJOFE XJUIJO UIF EFBE PSHBO JTN JT DPOWFSUFE UP BNNPOJVN 0ODF JO UIF GPSN PG BNNPOJVN / JT BWBJMBCMF GPS VTF CZ QMBOUT PS GVSUIFS USBOTGPSNBUJPO JOUP OJUSBUF UISPVHI UIF QSPDFTT DBMMFE OJUSJmDBUJPO ɨSPVHI EFOJUSJmDBUJPO PYJEJ[FE GPSNT PG / TVDI BT OJUSBUF BOE OJUSJUF /0ño BSF DPO WFSUFE UP OJUSPVT PYJEF / 0 BOE mOBMMZ EJOJUSPHFO / /JUSPVT PYJEF JT BO JNQPSUBOU HSFFOIPVTF HBT DPOUSJCVUJOH TVCTUBOUJBMMZ UP HMPCBM DMJNBUF DIBOHF *O UIF QBTU DFOUVSZ IVNBO BDUJWJUJFT IBWF SPVHIMZ EPVCMFE UIF BNPVOU PG / mYFE GSPN UIF BUNPTQIFSF VTJOH UIF )BCFS#PTDI QSPDFTT ɨF )BCFS#PTDI QSPDFTT VTFT FOFSHZ GSPN GPTTJM GVFMT UP DPOWFSU / UP /) UP QSPEVDF GFSUJMJ[FST ɨJT XBZ IVNBOT IBWF CFFO BCMF UP PWFSDPNF UIF /MJNJUBUJPOT JO BHSJDVMUVSF ɨFTF QSPDFTTFT UPHFUIFS XJUI UIF BEEJUJPOBM /0Y XIJDI BSF CZQSPEVDUT PG DPNCVTUJPO IBWF ESBNBUJDBMMZ BMUFSFE UIF / DZDMF PG PVS QMBOFU ɨF NBTTJWF / BEEJUJPOT UP UFSSFTUSJBM FDPTZTUFNT JO UIF GPSN PG / EFQPTJUJPO GFSUJMJ[BUJPO GPPE JNQPSUT BOE HSPXUI PG /mYJOH QMBOUT IBWF MFE UP B ESBNBUJD JODSFBTF JO / DPODFOUSBUJPOT JO TVSGBDF BOE HSPVOE XBUFST PWFS UIF QBTU DFOUVSZ ɨF BVHNFOUFE BEEJUJPO PG / JO UIF FOWJSPONFOU IBT WBSJPVT FĊFDUT JU DBO DIBOHF UIF DPNQPTJUJPO PG TQFDJFT BOE NBZ DBVTF EJĊFSFOU IFBMUI FĊFDUT JO IVNBOT BOE BOJNBMT. ðñ. 'VUVSF FOWJSPONFOUBM DIBOHF JO &VSPQF. 'VUVSF DIBOHFT JO DMJNBUF BOE MBOEVTF BOE DPOTFRVFOUJBMMZ CJPEJWFSTJUZ EFQFOE TUSPOHMZ PO UIF GVUVSF USBKFDUPSZ PG IVNBO EFWFMPQNFOU BOE QPMJUJDT )PXFWFS BT GPS DMJNBUF NBOZ TUVEJFT TVNNBSJ[FE CZ UIF *OUFSOBUJPOBM 1BOFM PO $MJNBUF $IBOHF *1$$ BHSFF PO TQFDJm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ċDJFOU JODSFBTFT PG SBJOGBMM ɨJT JT FTQFDJBMMZ NFBOJOHGVM JO JNQPSUBOU BSFBT GPS BHSJDVMUVSF TVDI BT UIF 6LSBJOF BT UIFZ NBZ CF QBSUJDVMBSMZ QSPOF UP GVUVSF ESPVHIU *O BEEJUJPO UP IFBU XBWFT BOE ESPVHIUT IVNBOJOEVDFE DMJNBUF DIBOHF IBT UIF QPUFOUJBM UP BMUFS UIF QSFWBMFODF BOE TFWFSJUZ PG PUIFS FYUSFNF FWFOUT TVDI BT TUPSNT BOE nPPET &YUSFNF XFBUIFS DIBOHFT NBZ. ô.

(28) JODSFBTF UIF TFWFSJUZ PG EJTFBTFT GPS BOJNBMT BOE IVNBOT XIJMF IFBU XBWFT NBZ BMTP JODSFBTF GPSFTU mSFT 'JOBMMZ DMJNBUF DIBOHF NBZ JODSFBTF UIF OVNCFS PG HMPCBM DMJNBUF SFGVHFFT GSPN ðôï NJMMJPO JO ñïï÷ UP ÷ïï NJMMJPO JO UIF GVUVSF 8IJMF B USFNFOEPVT BNPVOU PG XPSL IBT CFFO EPOF PO IPX DMJNBUF NJHIU DIBOHF GPS &VSPQF BT SFWJFXFE BOE BTTFTTFE CZ UIF *1$$ UIFSF BSF POMZ B GFX JEFBT BOE QSPKFD UJPOT PO IPX MBOEVTF BOE MBOEVTF JOUFOTJUZ NBZ DIBOHF JO &VSPQF BOE MBOE NBOBHFNFOU DIBOHF SFNBJOT VOEFSTUVEJFE &SC FU BM ñïðò 4UàSDL FU BM ñïðô DPNCJOFE UIF SFTVMUT PG NVMUJNPEFM TJNVMBUJPOT JO UIF BHSJDVMUVSF BOE GPSFTU TFDUPST GPS GPVS TDFOBSJPT GSPN ñïïï UP ñïóï *O HFOFSBM GVUVSF DIBOHFT BSF RVJUF EJWFSTF BDSPTT TDFOBSJPT XIJDI EJĊFS JO UIFJS EF HSFF PG SFHJPOBMJ[BUJPO WFSTVT HMPCBMJ[BUJPO BT XFMM BT JO UIF FYUFOU PG QPMJDZ JOUFSWFOUJPO )PXFWFS CBTFE PO UIFJS TUVEZ UIFSF BSF BMTP DPNNPO QBUUFSOT JO UIF MBOE DIBOHF USB KFDUPSJFT BNPOH UIF TDFOBSJPT DPOTJEFSFE "O JOUFOTJmDBUJPO PG GPSFTU NBOBHFNFOU DBO CF FYQFDUFE JO TPVUIFSO 4XFEFO QBSUT PG UIF $[FDI 3FQVCMJD BOE 4MPWFOJB "O JOUFOTJmDBUJPO PG DSPQMBOE BOE QBTUVSFT NBZ UBLF QMBDF JO FBTUFSO &VSPQF JODMVEJOH FBTUFSO (FSNBOZ BOE SFHJPOT JO 1PMBOE $[FDI 3FQVCMJD BOE 3PNBOJB " EFJOUFOTJmDBUJPO PG DSPQMBOE BOE QBT UVSFT JOTUFBE DBO CF FYQFDUFE NPTUMZ JO QBSUT PG 'SBODF 1PSUVHBM BOE UIF 6OJUFE ,JOHEPN "O FYQBOTJPO PG XJME BSFBT BOE GPSFTUT DBO CF BMMPDBUFE UP NPSF TPVUIFSO &VSPQF JODMVE JOH OPSUIFSO QBSUT PG 4QBJO UIF "MQT *UBMZ BOE (SFFDF ɨF GVUVSF GBUF PG CJPEJWFSTJUZ BOE FDPTZTUFN TFSWJDFT JO UVSO XJMM EFQFOE PO UIF DPNCJOBUJPO PG UIF BGPSFNFOUJPOFE GVUVSF DIBOHFT JO DMJNBUF BOE MBOEVTF BOE MBOEVTF JOUFOTJUZ. ðò. &DPTZTUFN NPEFMT BT SFTFBSDI UPPMT. %ZOBNJD HMPCBM WFHFUBUJPO NPEFMT o %(7.T o BSF NBUIFNBUJDBM NPEFMT PG UFSSFTUSJBM FDPTZTUFNT UIBU QSPWJEF QSPDFTTCBTFE FYQMBOBUJPOT PG UIF SFTQPOTFT PG QMBOUT UP FOWJSPO NFOUBM DPOEJUJPOT BOE DPNQFUJUJPO BT XFMM BT JNQPSUBOU FDPTZTUFN GVODUJPOT TVDI BT /11 BOE IFUFSPUSPQIJD SFTQJSBUJPO &DPTZTUFN NPEFMT BSF DPOTUSVDUFE GSPN FDPMPHJDBM SFMB UJPOTIJQT TVDI BT UIF SFMBUJPOTIJQ CFUXFFO TVOMJHIU BOE QIPUPTZOUIFUJD SBUF XIJDI BSF JO UVSO EFSJWFE VTJOH EBUB HBUIFSFE GSPN UIF mFME PS MBCPSBUPSZ FYQFSJNFOUT ɨF FDPMPHJDBM SFMBUJPOTIJQT FYQSFTTFE WJB NBUIFNBUJDBM FRVBUJPOT BSF DPNCJOFE JO B DPNQVUFS QSPHSBN XIJDI DBO CF SVO HJWFO TQFDJmD QBSBNFUFS WBMVFT BOE JOQVU EBUB TFF 'JH ñ ɨFTF NPEFM TZTUFNT NBZ UIFO CF TUVEJFE JO PSEFS UP NBLF QSFEJDUJPOT BCPVU UIF EZOBNJDT PG UIF SFBM TZTUFN %(7.T XFSF JOJUJBMMZ EFWFMPQFE UP JOWFTUJHBUF UIF SPMF PG UIF UFSSFTUSJBM CJPTQIFSF XJUIJO UIF HMPCBM $ DZDMF JODMVEJOH DMJNBUF GFFECBDLT BOE VOEFSTUBOEJOH BOE SFQSPEVDJOH UIF FYDIBOHF PG NBUUFS BOE FOFSHZ JO FDPTZTUFNT ɨFZ BSF BMTP BO JNQPSUBOU UPPM GPS BTTFTTJOH UIF SFHJPOBM JNQBDU PG DMJNBUF WBSJBCJMJUZ BOE DIBOHF PO WFHFUBUJPO EZOBNJDT BOE BMMPX QSFEJDUJPOT PG FDPTZTUFN TUBUFT JO UIF GVUVSF 7FHFUBUJPO NPEFMT TVDI BT *#*4 'PMFZ BOE 1SFOUJDF ðøøõ #*0.&ó ,BQMBO ñïïò -1+ 4JUDI FU BM ñïïò BOE $&/563: 1BSUPO. õ.

(29) 'JHVSF &YBNQMF PG DPNQVUFS DPEF JOTJEF -1+(6&44. FU BM ðøøò IBWF HSFBUMZ JNQSPWFE PVS BCJMJUZ UP VOEFSTUBOE UIF SFTQPOTF PG UFSSFTUSJBM WF HFUBUJPO UP QBTU BOE GVUVSF FOWJSPONFOUBM WBSJBUJPO BU HMPCBMUPSFHJPOBM TDBMFT 6Q UP EBUF %(7.T XIJDI JODMVEF IVNBO NBOBHFNFOU BOE / QSPDFTTFT BSF EFTJHOFE GPS UIF DPOTJTU FOU RVBOUJmDBUJPO PG NVMUJQMF ESJWFST DMJNBUF $0 MBOE NBOBHFNFOU MBOEVTF DIBOHF. PO UIF GVUVSF QSPWJTJPO PG FDPTZTUFN TFSWJDFT TVDI BT GPPE mCFS BOE FOFSHZ DSPQT DMJNBUF SFHVMBUJPO BOE XBUFS QVSJmDBUJPO. ðó. 1SPCMFN TUBUFNFOU. 8IJMF UFSSFTUSJBM FDPTZTUFN NPEFMT BSF DPOTUBOUMZ JNQSPWJOH UIFSF BSF MJNJUBUJPOT PG DPO TUSBJOJOH BMM OFDFTTBSZ QBSBNFUFST BOE QSPDFTTFT &WFO UIPVHI NBOZ QSPDFTTFT JO %(7.T BSF SFMBUJWFMZ XFMM VOEFSTUPPE TNBMM EJĊFSFODFT JO QBSBNFUFSJ[BUJPO BOE NPEFM EFTJHO DBO DSFBUF MBSHF VODFSUBJOUZ ɨJT VODFSUBJOUZ IBT CFFO SFQPSUFE FBSMZ PO $SBNFS FU BM ñïïð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ö.

(30) PG TJNVMBUJOH DIBOHFT JO $ BOE / QPPMT BOE nVYFT DPOTJEFSJOH IJOEDBTUT BOE QSPKFDUJPOT PG MBOEVTF DMJNBUF BOE MBOEVTF JOUFOTJUZ ɨJT NBLFT JU GFBTJCMF UP DPNCJOF -1+(6&44 XJUI GPS FYBNQMF CJPEJWFSTJUZ NPEFMT JO PSEFS UP JOWFTUJHBUF UIF FĊFDU PG EJĊFSFOU TDFOBSJPT PO FDPTZTUFN GVODUJPOT BOE TFSWJDFT TVDI BT $ TUPSBHF BOE QMBOU CJPEJWFSTJUZ. ðô. "JNT BOE PCKFDUJWFT. ɨF BJNT BOE PCKFDUJWFT PG UIJT UIFTJT BSF UP J "OBMZ[F UIF TFOTJUJWJUZ PG -1+(6&44 UPXBSET EJĊFSFOU DMJNBUF BOE MBOEVTF JOUFOT JUZ ESJWFST JJ "TTFTT UIF JODPSQPSBUJPO PG MBOEVTF JOUFOTJUZ BOE EBJMZ NBOBHFNFOU GPS QBTUVSFT JJJ *OWFTUJHBUF QPTTJCMF USBEFPĊT CFUXFFO TPDJFUZSFMFWBOU FDPTZTUFN GVODUJPOT VOEFS EJĊFSFOU DMJNBUF BOE NBOBHFNFOU TDFOBSJPT. ÷.

(31) ñ ñð. .PEFM %FTDSJQUJPO BOE %SJWJOH %BUB -1+(6&44. ɨF -1+(6&44 %(7. 4NJUI FU BM ñïïð 4JUDI FU BM ñïïò JT B nFYJCMF GSBNFXPSL GPS NPEFMJOH UIF TUSVDUVSF BOE EZOBNJDT PG UFSSFTUSJBM FDPTZTUFNT BU MBOETDBQF PS HMPCBM TDBMF *U DPOUBJOT OVNFSPVT FDPTZTUFN QSPDFTT GPSNVMBUJPOT XIJDI BSF PSHBOJ[FE JO NPEVMFT BD DPSEJOH UP SFMBUFEOFTT BOE DIBSBDUFSJTUJD TQBUJBM BOE UFNQPSBM TDBMF 'BTU QSPDFTTFT TVDI BT QIPUPTZOUIFTJT BOE SFHVMBUJPO PG TUPNBUB BSF TJNVMBUFE PO B UJNF TUFQ PG POF EBZ XIJMF TMPX QSPDFTTFT MJLF $ BMMPDBUJPO BOE USFF HSPXUI BSF JNQMFNFOUFE PODF FBDI TJNVMBUJPO ZFBS TFF 'JH ò ɨF JOQVU EBUB UP UIF DPSF GSBNFXPSL DPOTJTUT PG NPOUIMZ PS EBJMZ DMJNBUJD WBSJBCMFT MJLF JODPNJOH SBEJBUJPOTVOMJHIU UFNQFSBUVSF BOE QSFDJQJUBUJPO BUNPTQIFSJD $0 / EF QPTJUJPO BOE TPJM QSPQFSUJFT ɨF DPOTJEFSFE FDPTZTUFN QSPDFTTFT DIBOHF TUBUF WBSJBCMFT TVDI BT /11 MFBG BSFB JOEFY -"* PS TPJM XBUFS BWBJMBCJMJUZ XIJDI PGUFO USBOTMBUF UP UIF PVUQVU EBUB 4JNVMBUJPOT BSF VTVBMMZ QFSGPSNFE BDSPTT B HSJE NBEF VQ PG BEKBDFOU HSJE DFMMT XIJDI BSF NPEFMFE JOEFQFOEFOUMZ XJUIPVU JOUFSBDUJPOT PG OFJHICPSJOH DFMMT 'PS FBDI HSJE DFMM UIF TJNVMBUJPO nPX NBZ GPMMPX VQ UP UISFF QIBTFT TQJOVQ IJTUPSJDBM QIBTF BOE TDFOBSJP QIBTF %VSJOH UIF TQJOVQ QIBTF UIF NPEFMFE WFHFUBUJPO MJUUFS BOE $ QPPMT BSF TVQQPTFE UP BDDVNVMBUF BOE SFBDI BO FRVJMJCSJVN XJUI UIF DMJNBUF CZ TUBSUJOH GSPN iCBSF HSPVOEw BOE VTJOH EFUSFOEFE DMJNBUF EBUB GSPN UIF mSTU GFX ZFBST PG UIF IJTUPSJDBM DMJNBUF EBUBTFU ɨF TQJOVQ QIBTF OPSNBMMZ UBLFT ðïïï ZFBST BGUFS XIJDI JU HJWFT XBZ UP UIF IJTUPSJDBM QIBTF )FSF UIF NPEFM SFBET JO PCTFSWFE DMJNBUF BOE $0 EBUB EFSJWFE CZ JOUFSQPMBUJPOT GSPN DMJNBUF TUBUJPO EBUB *G NPEFM QSPKFDUJPOT JOUP UIF GVUVSF BSF JOUFOEFE UIF TJNVMBUJPO GPS FBDI HSJE DFMM FOET XJUI B TDFOBSJP QIBTF JO XIJDI GVUVSF DMJNBUF DIBOHF JT DPOTJEFSFE $MJ NBUF JOQVU EBUB PSJHJOBUFT UIFSFCZ GSPN POF PG WBSJPVT BWBJMBCMF DPVQMFE BUNPTQIFSFPDFBO HFOFSBM DJSDVMBUJPO NPEFMT ($.T XIJDI RVBOUJUBUJWFMZ TJNVMBUF UIF DMJNBUF TZTUFN -1+(6&44 TJNVMBUFT UIF EFWFMPQNFOU PG MBOE WFHFUBUJPO XJUI BO JOEJWJEVBM BOE QBUDI CBTFE BQQSPBDI DPIPSU WFHFUBUJPO NPEF XIJDI TFUT JU BQBSU GSPN UIF -1+ %(7. *O DPIPSU NPEF WFHFUBUJPO QPQVMBUJPOT BOE UIFJS EZOBNJDT BSF EFTDSJCFE JO NPSF EFUBJM XJUI GPSNVMBUJPOT PG QMBOU DPNQFUJUJPO GPS SFTPVSDFT BOE MJHIU BT XFMM BT EFNPHSBQIZ JOIFSJUFE GSPN EZOBNJD GPSFTU NPEFMT iHBQ NPEFMTw ɨF HSPXUI PG JOEJWJEVBMT JT UIFSFCZ TJNV MBUFE XJUIJO B OVNCFS PG SFQMJDBUF QBUDIFT XIJDI DPSSFTQPOE JO TJ[F BQQSPYJNBUFMZ UP UIF NBYJNVN BSFB PG JOnVFODF PG POF MBSHF BEVMU JOEJWJEVBM PO JUT OFJHICPST "T POF HSJE DFMM JT OPSNBMMZ SFQSFTFOUFE CZ VQ UP ðïï QBUDIFT FBDI ïð IB JO TJ[F TUPDIBTUJD QSPDFTTFT TVDI BT FTUBCMJTINFOU NPSUBMJUZ BOE EJTUVSCBODFT MFBE UP EJĊFSFOU EZOBNJDT JO UIF TQFDJmD QBUDIFT 0WFS NBOZ QBUDIFT IPXFWFS UIF NPEFMFE WBSJBCMFT DPOWFSHF PO B TJOHMF BWFSBHF WBMVF 'PS HMPCBM TJNVMBUJPOT TQFDJFT BSF UZQJDBMMZ HSPVQFE JOUP FMFWFO QMBOU GVODUJPOBM UZQFT 1'5T UIBU SFQSFTFOU B OVNCFS PG TQFDJFT XJUI TJNJMBS FDPMPHJDBM QSPQFSUJFT CJPDMJ NBUJD MJNJUT HSPXUI GPSN QIFOPMPHZ BOE MJGF IJTUPSZ TUSBUFHZ 'PS &VSPQF UIF ñï NPTU EPNJOBOU USFF TQFDJFT IBWF CFFO QBSBNFUFSJ[FE CZ )JDLMFS FU BM ñïðñ 3FDFOUMZ $/. ø.

(32) 'JHVSF 4DIFNBUJD PWFSWJFX PG -1+(6&44 $POMZ . DPVQMJOH XBT JODPSQPSBUFE JOUP -1+(6&44 GPS QPUFOUJBM OBUVSBM WFHFUBUJPO 4NJUI FU BM ñïðó 8ÌSMJOE FU BM ñïðó -1+(6&44 JODPSQPSBUFT B EFUBJMFE SFQSFTFOUBUJPO PG MBOEVTF BOE DSPQMBOE -JOEFTLPH FU BM ñïðò TJNVMBUJOH HFOFSJD DSPQ GVODUJPOBM UZQFT $'5T UIBU SFQSFTFOU UIF NPTU XJEFMZHSPXO DSPQ TQFDJFT HMPCBMMZ BOE UIFJS GSBDUJPOT FYQMJDJUMZ HJWFO CZ MBOEVTF JOQVU ɨF -1+(6&44 NPEFM IBT CFFO FWBMVBUFE FYUFOTJWFMZ BOE IBT EFNPO TUSBUFE TLJMM DPNQBSBCMF UP PUIFS BQQSPBDIFT JO DBQUVSJOH EZOBNJDT PG UIF UFSSFTUSJBM $ DZDMF .PSBMFT FU BM ñïïô 4JUDI FU BM ñïðô . ññ. 3FDFOU EFWFMPQNFOU TUSBOET. %(7.T XFSF JOJUJBMMZ EFWFMPQFE UP JOWFTUJHBUF UIF SPMF PG UIF UFSSFTUSJBM CJPTQIFSF XJUIJO UIF HMPCBM $ DZDMF DPOTJEFSJOH QPUFOUJBM SBUIFS UIBO BDUVBM WFHFUBUJPO ɨFZ JODPSQPSBUFE OFJUIFS IVNBO MBOE NBOBHFNFOU BHSJDVMUVSBM BSFBT BOE MBOEVTF BOE MBOE DPWFS -6-$. DIBOHFT OPS UIF / DZDMF )PXFWFS SFDFOU EFWFMPQNFOU TUSBOET BSF OPX BEESFTTJOH NPSF BEWBODFE MBSHFBSFB SFQSFTFOUBUJPOT PG NBOBHFE FDPTZTUFNT JODMVEJOH FYQMJDJU TJNVMBUJPOT PG BHSJDVMUVSBM BOE GPSFTU NBOBHFNFOU VOEFS DPOTJEFSBUJPO PG UIF / DZDMF ɨF / DZDMF JT PG HSFBU JNQPSUBODF JO UIJT DPOUFYU TJODF UIF / DZDMF DPOTUSBJOUT PO /11 QSPEVDF MPXFS BOE NPSF SFBMJTUJD FTUJNBUFT PG GVUVSF $ TUPSBHF XIJMF JNQSPWJOH UIF QSFEJDUJPOT PG UIF JOnVFODF. ðï.

(33) PG TPJM OVUSJFOUT TUBUVT DPOUSPM PO 1'5 EJTUSJCVUJPO 'JOBMMZ UIF / DZDMF JT BMTP JNQPSUBOU GPS BTTFTTJOH UIF JNQBDUT PG BOUISPQPHFOJD / BEEJUJPOT PO UIF $ DZDMF BOE FDPTZTUFNT /JUSPHFO DZDMF %FTQJUF CFJOH B TJHOJmDBOU GBDUPS JOnVFODJOH WFHFUBUJPO HSPXUI BOE $ DZDMJOH JO UIF FDP TZTUFN POMZ B GFX PG UIF DVSSFOU %(7.T JODMVEF B GVMM BOE JOUFSBDUJWF / DZDMF XIJDI UBLFT JOUP BDDPVOU UIF CFMPXHSPVOE DPOUSPMT PO / NJOFSBMJ[BUJPO BOE / MJNJUBUJPOT PO /11 ɨF MBDL PG UIF / DZDMF JO NBOZ %(7.T QPTFT BO JNQPSUBOU TPVSDF PG VODFSUBJOUZ BT UIFZ EPOU BDDPVOU GPS UIF DPOTUSBJOU JNQPTFE PO UIF QSPEVDUJPO PG OFX CJPNBTT CZ UIF QMBOUBWBJMBCMF QPPM PG / 5P BDDPVOU GPS UIJT VODFSUBJOUZ UIF / DZDMF IBT CFFO JNQMFNFO UFE WFSZ SFDFOUMZ JO -1+(6&44 CZ 4NJUI FU BM ñïðó BOE 8ÌSMJOE FU BM ñïðó *O UIFTF TUVEJFT UISFF NPEFM DPNQPOFOUT IBWF CFFO FMBCPSBUFE UP BMMPX JODPSQPSBUJOH UIF / DZDMF J B OFX TUSVDUVSF GPS TPJM PSHBOJD NBUUFS 40. XIJDI FOBCMFT SFQSFTFOUJOH / EZOBNJDT JO CPUI JOPSHBOJD BOE PSHBOJD TPJM TZTUFNT JJ B TDIFNF GPS QMBOU / BMMPDBUJPO EFNBOE VQUBLF TUSFTT FUD JJJ FDPTZTUFN / nVYFT *O UIF GPMMPXJOH UIF JNQMFNFOUBUJPO PG UIF / DZDMF JO -1+(6&44 JT EFTDSJCFE TFF 'JH ó / FOUFST UIF FDPTZTUFN WJB / EFQPTJUJPO DPNCJOBUJPO PG XFU BOE ESZ EFQPTJUJPO BT XFMM BT CJPMPHJDBM / mYBUJPO ɨFSFCZ / EFQPTJUJPO JT QSFTDSJCFE BT NPOUIMZ NFBO WBMVFT GSPN BO FYUFSOBM EBUBCBTF -BNBSRVF FU BM ñïðï ñïðð XIJMF CJPMPHJDBM mYBUJPO JT FTUJNBUFE BT B EZOBNJD GVODUJPO PG FDPTZTUFN FWBQPUSBOTQJSBUJPO $MFWFMBOE FU BM ðøøø #PUI / TPVSDFT BSF EJTUSJCVUFE UP B QPPM PG NJOFSBM / /BWBJM XIJDI JT BWBJMBCMF UP CPUI QMBOUT WJB SPPU VQUBLF BOE TPJM NJDSPCFT / MFBWFT UIF FDPTZTUFN WJB MFBDIJOH DPNQVUFE EBJMZ BT UIF TVN PG MFBDIFE TPMVCMF PSHBOJD / BOE MFBDIFE NJOFSBM / BT XFMM BT WJB WPMBUJMJ[BUJPO CZ XJMEmSFT "EEJUJPOBMMZ ðǷ PG EBJMZ / NJOFSBMJ[BUJPO JT MPTU JOUP UIF BUNPTQIFSF GSPN TPJMT 4PMVCMF PSHBOJD / MFBDIJOH JT DPNQVUFE GSPN QFSDPMBUJPO BOE TPJM TBOE GSBDUJPO XIJMF NJOFSBM / MFBDIJOH EFQFOET PO QFSDPMBUJPO DBMDVMBUFE EBJMZ BT B GSBDUJPO PG BWBJMBCMF TPJM XBUFS DPOUFOU $ BOE / EZOBNJDT PG TPJMT BSF TJNVMBUFE DPOKPJOUMZ CZ B 40. NPEVMF UIBU IBT CFFO BEPQUFE GSPN UIF $&/563: NPEFM B HFOFSBM NPEFM PG QMBOUTPJM OVUSJFOU DZDMJOH 1BSUPO FU BM ðøøò ñïðï 4PJM $ BOE / JT USBOTGFSSFE CFUXFFO FMFWFO EJĊFSFOU QPPMT PG UIJT 40. NPEVMF FBDI IBWJOH JU PXO TQFDJmD $/ TUPJDIJPNFUSZ BOE CBTF EFDBZ SBUF %BJMZ EFDPNQPTJUJPO GPS FBDI QPPM SFTVMUT JO IFUFSPUSPQIJD SFTQJSBUJPO BT XFMM BT B USBOTGFS PG $ BOE / CFUXFFO QPPMT UIJT XBZ TBUJTGZJOH NBTT CBMBODF 1MBOUT BDRVJSF / FBDI TJNVMBUJPO EBZ UISPVHI SPPU VQUBLF GSPN UIF TPJM NJOFSBM QPPM /BWBJM UP BMMPDBUF JU UP MFBWFT mOF SPPUT BOE TBQXPPE GPS XPPEZ 1'5T ɨF EFNBOE PG / JT UIFSFCZ ESJWFO CZ UIF PQUJNBM MFBG / DPOUFOU XIJDI JT DPNQVUFE BT B MJOFBS GVODUJPO PG UIF DBSCPYZMBUJPO DBQBDJUZ PG 3VCJTDP 7NBY UIBU NBYJNJ[FT DBOPQZMFWFM OFU QIPUPTZOUIFTJT HJWFO DVSSFOU UFNQFSBUVSF MJHIU JOUFSDFQUJPO BOE JOUFSDFMMVMBS $0 DPODFOUSBUJPO GPMMPXJOH )BYFMUJOF BOE 1SFOUJDF ðøøõ. / EFNBOE GPS BMMPDBUJPO UP QMBOU HSPXUI JO PUIFS UJTTVFT GPMMPXT MFBG / JU DPOTFSWFT. ðð.

(34) 'JHVSF *NQMFNFOUBUJPO PG UIF OJUSPHFO DZDMF JO -1+(6&44 GSPN 4NJUI FU BM "CCSFWJBUJPOT '8% mOFXPPEZ EFCSJT $8% DPBSTFXPPEZ EFCSJT /BWBJM TPJM NJOFSBM / QPPM /MFBG MFBG / NBTT /SPPU mOF SPPU / NBTT /TBQ TBQXPPE / NBTT /TUPSF QMBOU MBCJMF / TUPSF /EFNBOE EBJMZ QMBOU / EFNBOE 7NBY DBOPQZ SVCJTDP DBQBDJUZ ǈ$ EBJMZ CJPNBTT JODSFNFOU /$QMBOU BHHSFHBUF /$ NBTT SBUJP GPS MFBWFT BOE mOF SPPUT &5 BDUVBM FWBQPUSBOTQJSBUJPO. UIF SFMBUJWF EJĊFSFODFT CFUXFFO MFBWFT mOF SPPUT BOE TBQXPPE JO / DPODFOUSBUJPO PG UIF OFX HSPXUI )BMG PG UIF / DPOUFOU PG TIFE SPPUT MFBWFT BOE TBQXPPE JT SFUBJOFE CZ QMBOUT PO DPOWFSTJPO UP IFBSUXPPE GPS SFUSBOTMPDBUJPO UP UJTTVFT SFNBJOJOH *OTUFBE FYDFTT / JT SFUBJOFE JO UIF / TUPSF UIBU CVĊFST UIF FĊFDUT PG TFBTPOBM BOE JOUFSBOOVBM WBSJBUJPOT JO UIF / EFNBOE BOE TVQQMZ CBMBODF *G QMBOU / EFNBOE JO B QBUDI DBOOPU CF NFU CZ UIF TVQQMZ PG NJOFSBM / JO UIF TPJM / MJNJUBUJPO SFTVMUT 6OEFS UIFTF DJSDVNTUBODFT QMBOUT UBLF VQ UIF BNPVOU PG TPJM / BDDPSEJOH UP UIFJS mOF SPPU TVSGBDF BSFB BOE SFEVDF UIFJS QIPUPTZOUIFTJT BOE BMMPDBUJPO GPS UIF DVSSFOU ZFBS / MJNJUBUJPO NBZ MFBE UP BO JODSFBTFE SFMBUJWF BMMPDBUJPO UP mOF SPPUT ɨJT QSPNPUFT B NPSF FċDJFOU VQUBLF PG / JO UIF OFYU ZFBS .BOBHFE MBOE QSPDFTTFT &ĊPSUT BSF VOEFSXBZ UP JODMVEF BHSJDVMUVSBM NBOBHFNFOU BOE TJNVMBUF DSPQ QSPEVDUJWJUZ BOE ZJFMET HFOFSJDBMMZ VTJOH %(7.T FH ,VDIBSJL BOE #SZF ñïïò #POEFBV FU BM ñïïö -JOEFTLPH FU BM ñïðò "O JNQPSUBOU TUFQ IBT CFFO NBEF CZ #POEFBV FU BM ñïïö XIP EFWFMPQFE -1+NM B NPEFM PG UIF NBOBHFE QMBOFUBSZ MBOE TVSGBDF XIJDI CBTFT PO UIF -1+ %(7. ɨF BVUIPST JNQMFNFOUFE B EZOBNJD BOE nFYJCMF QBSBNFUFSTDBSDF SFQSFTFOUBUJPO PG HMPCBM BHSJDVMUVSF BOE HSB[JOH MBOE XIJDI SFMJFT PO HFOFSJD DSPQ GVODUJPOBM UZQFT $'5T. DBQUVSJOH UIF NPTU XJEFTQSFBE UZQFT PG BHSJDVMUVSBM QMBOU USBJUT *O PSEFS UP DPWFS UIF NBKPS QMBOU UZQFT FYJTUJOH JO BHSJDVMUVSBM FDPTZTUFNT XPSMEXJEF ðò $'5T BSF OPX JODMVEFE BMM. ðñ.

(35) TIBSJOH UIF GVOEBNFOUBM CJPQIZTJDBM BOE QIZTJPMPHJDBM GVODUJPOT PG OBUVSBM 1'5T CVU XJUI BEEJUJPOBM TQFDJmD BHSPFDPTZTUFNPSJFOUFE GVODUJPOT BOE QBSBNFUFST "MM $'5T DPOTJEFSFE JO -1+N- IBWF BOOVBM MJGF DZDMFT PS BSF IBSWFTUFE XJUIJO POF ZFBS DPOUSPMMFE CZ DMJNBUF BOE IVNBO BDUJPOT 4JODF UIF TFBTPOBM DBOPQZ EFWFMPQNFOU BOE UIF BMMPDBUJPO PG $ UP WBSJPVT PSHBOT JO DSPQT BSF DSVDJBM GPS ZJFME BEEJUJPOBM QSPDFTTFT JODMVEJOH EBJMZ BMMPDBUJPO BSF UBLFO JOUP BDDPVOU GPS UIF $'5T *O -1+NM TPXJOH EBUFT BSF DBMDVMBUFE EFUFSNJOJTUJDBMMZ BT B GVODUJPO PG MPDBM DMJNBUPMPHZ 4PXJOH EBUFT EFUFSNJOFE CZ UFNQFSBUVSF BSF NPEFMFE PO UIF CBTJT PG UIF ñï QSFWJPVT ZFBST BWFSBHF EBUF PO XIJDI NFBO EBJMZ UFNQFSBUVSFT DSPTT B TQFDJmD UISFTIPME 4PXJOH EBUFT EFUFSNJOFE CZ XBUFS BWBJMBCJMJUZ JOTUFBE BSF NPEFMFE GSPN UIF QSFDJQJUBUJPO BDDVNVMBUFE EVSJOH UIF MBTU UFO EBZT 1IFOPMPHJDBM EFWFMPQNFOU UPXBSET NBUVSJUZ JT NPEFMFE CZ BDDVNVMBUJOH EBJMZ NFBO UFNQFSBUVSFT BCPWF B TQFDJmD CBTF UFNQFSBUVSF VQ UP B NBUVSJUZ UISFTIPME *OTUFBE PG EJTUJODU QIFOPMPHJDBM QIBTFT B QIFOPMPHJDBM TDBMBS JT EFSJWFE JODSFBTJOH GSPN ï BU TPXJOH UP ð BU NBUVSJUZ $'5T JO -1+NVTF B EBJMZ $ BMMPDBUJPO TDIFNF DPNQBSFE UP UIF ZFBSMZ TDIFNF VTFE GPS 1'5T 4JUDI FU BM ñïïò "T TPPO BT NBUVSJUZ JT SFBDIFE IBSWFTU JT USJHHFSFE "U IBSWFTU BMM TUPSBHF PSHBOT BSF SFNPWFE XIJMF UIFJS $ DPOUFOU JT BTTVNFE UP CF SFTQJSFE XJUIJO UIF TBNF ZFBS 3PPU $ JT BEEFE UP UIF CFMPXHSPVOE MJUUFS QPPM %JĊFSFOU PQUJPOT DBO CF DPOTJEFSFE GPS UIF NBOBHFNFOU PG DSPQ SFTJEVFT XIJDI EFQFOET PO UIF SFHJPOBM BHSJDVMUVSBM TZTUFN 'JOBM CFODINBSLJOH FYFSDJTFT QFSGPSNFE CZ UIF BVUIPST IBWF EFNPOTUSBUFE UIF WBMJEJUZ PG UIF DPODFQU -JOEFTLPH FU BM ñïðò UIFO GVSUIFS EFWFMPQFE UIF BQQSPBDI PG #POEFBV FU BM ñïïö BOE JOUFHSBUFE NBOBHFE MBOE BOE -6-$ DIBOHF GVODUJPOBMJUJFT JOUP -1+(6&44 ɨF NBJO NPEJmDBUJPOT JO UIF NPEFM DPNQBSFE UP -1+N- BSF J B OFX QIFOPMPHZ TDIFNF GPS DSPQT DPVQMJOH -"* BOE MFBG $ NBTT PO B EBJMZ UJNF TUFQ JJ B EZOBNJD QPUFOUJBM IFBU VOJU 1)6 DBMDVMBUJPO CBTFE PO MPDBM DMJNBUF DPOEJUJPOT JJJ UIF TJNVMBUJPO PG SFHFOFSBUJPO BOE SFDPWFSZ PG WFHFUBUJPO CZ DSFBUJOH B OFX OBUVSBM WFHFUBUJPO TUBOE GPMMPXJOH DSPQMBOE BCBOEPONFOU BOE JW B SFWJTFE DBMDVMBUJPO PG DSPQ TPXJOH EBUFT XIJDI GPMMPXT UIF BQQSPBDI CZ 8BIB FU BM ñïðñ *O -1+(6&44 TVQQPSUFE MBOE DPWFS UZQFT JO BEEJUJPO UP QPUFOUJBM OBUVSBM WFHFUBUJPO 1/7 BSF DSPQMBOE QBTUVSF BOE NBOBHFE GPSFTU -BOE DPWFS DIBOHF JT CBTFE PO OFU BSFB GSBDUJPO JOQVU EBUB GPS UIF MBOE DPWFS UZQFT BOE TUBOE UZQFT XJUIJO B MBOE DPWFS UZQF FH EJĊFSFOU DSPQT $SPQMBOET BSF IBSWFTUFE FBDI ZFBS BOE B 1'5TQFDJmD GSBDUJPO PG UIF IBSWFTUBCMF PSHBOT UIF IBSWFTU FċDJFODZ UIFO DPOTUJUVUFT UIF ZJFME XIJDI JT BTTVNFE UP CF PYJEJ[FE XJUIJO B ZFBS 0G UIF MFBG $ B GVSUIFS GSBDUJPO UIF SFTJEVF SFNPWBM GSBDUJPO JT SFNPWFE BOE PYJEJ[FE XJUIJO POF ZFBS .BOBHFE HSBTTMBOE JT TJNVMBUFE CZ SFNPWJOH ôïǷ PG UIF BCPWFHSPVOE $ UP SFQSFTFOU HSB[JOH "U UIF DPOWFSTJPO PG GPSFTU UP DSPQMBOE öïǷ PG USFF TUFNT BSF IBSWFTUFE XIJMF UIF SFTU JT PYJEJ[FE UIF TBNF ZFBS õöǷ PG IBSWFTUFE XPPE JT PYJEJ[FE UIF TBNF ZFBS UP SFQSFTFOU mSFXPPE XIJMF UIF SFTU JT NPWFE UP B QPPM XJUI B ñô ZFBS UVSOPWFS QFSJPE SFQSFTFOUJOH QBQFS BOE UJNCFS *O UIF JOJUJBM DSPQMBOE SFQSFTFOUBUJPO PG -1+(6&44 BT FMBCPSBUFE CZ -JOEFTLPH FU BM ñïðò UIF 1)6 TVN XIJDI JT OFFEFE GPS GVMM EFWFMPQNFOU PG UIF TQFDJmD DSPQ EFUFSNJOJOH UIF UJNF BU XIJDI UIF DSPQ. ðò.

(36) JT IBSWFTUFE JT DBMDVMBUFE EZOBNJDBMMZ VTJOH B UFO ZFBS SVOOJOH NFBO PG IFBU VOJU TVNT BT SFQPSUFE CZ #POEFBV FU BM ñïïö ɨF EZOBNJD 1)6 DBMDVMBUJPO DBO CF EPOF FJUIFS GPS BO JOJUJBM UJNF QFSJPE POMZ UP DBMJCSBUF GPS UIF MPDBM DMJNBUF PS BMTP GPS BO FYUFOEFE QFSJPE UP TJNVMBUF BEBQUBUJPO UP B DIBOHJOH DMJNBUF CZ TFMFDUJOH TVJUBCMF DSPQ WBSJFUJFTHFOPUZQFT 0MJO FU BM ñïðôC SFDFOUMZ VQEBUFE UIF DSPQMBOE SFQSFTFOUBUJPO PG -JOEFTLPH FU BM ñïðò. JO -1+(6&44 CZ BEEJOH / MJNJUBUJPOT UP DSPQT ɨF OFX NPEFM BMMPDBUFT EBJMZ /11 CBTFE PO UIF DSPQT EFWFMPQNFOU TUBHF %4 BOE BMMPXT GPS BO BEKVTUNFOU PG UIF BMMPDBUJPO TDIFNF CBTFE PO UIF DVSSFOU OVUSJFOU BOE XBUFS TUBUVT PG UIF DSPQ $PNQBSFE UP UIF 1)6 JNQMFNFOUBUJPO EFTDSJCFE BCPWF 0MJO FU BM ñïðôC EFmOF %4 BT B OVNCFS CFUXFFO ï BOE ñ XIFSF ï < %4 < ð JT UIF NBJO WFHFUBUJWF QIBTF BU %4 ð BOUIFTJT PDDVST BOE %4 > ð SFQSFTFOUT UIF HSBJO mMMJOH QIBTF %4 BU B HJWFO UJNF JT B DVNVMBUJWF GVODUJPO PG UIF NBYJNBM EFWFMPQNFOU SBUF XIJDI EJĊFST CFUXFFO UIF WFHFUBUJWF QIBTF BOE UIF SFQSPEVDUJWF QIBTF "DDPSEJOH UP 8BOH BOE &OHFM ðøø÷ %4 JT BMTP NPEJmFE VTJOH EJNFOTJPOMFTT TDBMJOH GBDUPST EFQFOEFOU PO UFNQFSBUVSF WFSOBMJ[BUJPO EBZT BOE QIPUPQFSJPE 'PS UIF BMMPDBUJPO PG BTTJNJMBUFT BOE UIFJS QBSUJUJPOJOH UP UIF QMBOU PSHBOT EVSJOH UIF HSPXJOH TFBTPO UIF BVUIPST VTF UIF FTUBCMJTIFE BMMPDBUJPO TDIFNF GSPN 1FOOJOH EF 7SJFT FU BM ðø÷ø ɨJT TDIFNF EJĊFST GSPN UIF POF EFTDSJCFE CZ -JOEFTLPH FU BM ñïðò JO UIBU UIF BMMPDBUJPO PG $ UP UIF EJĊFSFOU PSHBOT JT SFMBUFE UP EBJMZ /11 BOE %4 / SFRVJSFNFOUT GPS UIF QMBOU WBSZ EVSJOH UIF HSPXJOH QFSJPE %VSJOH UIF mSTU QBSU PG UIF WFHFUBUJWF QIBTF NPTU PG UIF BTTJNJMBUFT BSF VTFE GPS SPPU BOE MFBG HSPXUI JO PSEFS UP NBYJNJ[F UIF VQUBLF PG XBUFS BOE OVUSJFOUT BOE UIF BCTPSQUJPO PG SBEJBUJPO GPS QIPUPTZOUIFTJT ɨJT QIBTF JT GPMMPXFE CZ B QFSJPE XIFO NPSF PG UIF BTTJNJMBUFE $ JT BMMPDBUFE UP UIF TUFN "GUFS BOUIFTJT UIF HSBJOmMMJOH QFSJPE TUBSUT %VSJOH UIJT QFSJPE NPTU BTTJNJMBUFT BSF BMMPDBUFE UP UIF TUPSBHF PSHBOT BOE DFSFBM DSPQT SFBMMPDBUF TPNF PG UIFJS OVUSJFOUT GSPN UIF WFHFUBUJWF PSHBOT UP UIF HSBJOT ɨFTF SFDFOU EFWFMPQNFOU TUSBOET OPX QSPWJEF UIF DBQBDJUZ UP QSFEJDU DIBOHFT JO HMPCBM $ BOE / QPPMT BOE nVYFT JO IJTUPSJD PS GVUVSF MBOEVTF DIBOHF TDFOBSJPT ɨFZ BMTP BMMPX UP RVBOUJGZ BOE FYQMPSF UIF FĊFDU PG EJĊFSFOU NBOBHFNFOUT PO UIF HMPCBM $ BOE / CVEHFUT DPOTJEFSJOH IJOEDBTUT BOE QSPKFDUJPOT PG MBOEVTF DIBOHF DMJNBUF DIBOHF BOE IJTUPSJD PS GVUVSF / GFSUJMJ[FS BQQMJDBUJPO SBUFT. ñò. $MJNBUF QSPKFDUJPO EBUB. $MJNBUF QSPKFDUJPO EBUB GPS %(7.T JT QSPWJEFE CZ HFOFSBM DJSDVMBUJPO NPEFMT o($.To XIJDI EFTDSJCF HMPCBM DMJNBUF WBSJBUJPO JO UJNF BOE TQBDF ($.T BSF OVNFSJDBM NPEFMT BOE SFQSFTFOU QIZTJDBM QSPDFTTFT JO UIF BUNPTQIFSF PDFBO DSZPTQIFSF BOE MBOE TVSGBDF "U QSFTFOU UIFZ BSF UIF NPTU BEWBODFE UPPMT BWBJMBCMF GPS TJNVMBUJOH UIF FĊFDU PG JODSFBTJOH HSFFOIPVTF HBT DPODFOUSBUJPOT PO UIF HMPCBM DMJNBUF TZTUFN ($.T QPTTJCMZ JO DPOKVOD UJPO XJUI OFTUFE SFHJPOBM NPEFMT IBWF UIF QPUFOUJBM UP QSPWJEF CPUI HFPHSBQIJDBMMZ BOE. ðó.

(37) 'JHVSF "NPVOU PG OJUSPHFO GFSUJMJ[FS BQQMJFE ZFBSMZ JO LHIB DFOUFSFE PO UIF ZFBS GPS XIFBU NBJ[F BOE QBTUVSFT EBUB GSPN .VFMMFS FU BM . QIZTJDBMMZ DPOTJTUFOU DBMDVMBUJPOT PG SFHJPOBM DMJNBUF DIBOHF XIJDI BSF SFRVJSFE JO JNQBDU BOBMZTJT GPS TPDJFUZSFMFWBOU FWBMVBUJPOT PG DMJNBUF DIBOHF BEBQUBUJPO VTJOH JNQBDU BTTFTT NFOU NPEFMT ($.T SFQSFTFOU UIF DMJNBUF CZ VTJOH B ò% HSJE PWFS UIF HMPCF 0OF HSJE DFMM UZQJDBMMZ. ðô.

(38) IBT B IPSJ[POUBM SFTPMVUJPO PG ñôïõïï LN UFO UP ñï WFSUJDBM MBZFST JO UIF BUNPTQIFSF BOE VQ UP òï MBZFST JO UIF PDFBOT )FODF UIFJS TQBUJBM SFTPMVUJPO JT SFMBUJWFMZ DPBSTF DPNQBSFE UP UIF TDBMF PG FYQPTVSF VOJUT JO NPTU JNQBDU BTTFTTNFOUT 'VSUIFSNPSF NBOZ QIZTJDBM QSPDFTTFT TVDI BT UIPTF SFMBUFE UP DMPVET PDDVS BU TNBMMFS TDBMFT BOE UIVT DBOOPU CF QSPQFSMZ NPEFMFE 0OF TPMVUJPO GPS UIJT QSPCMFN JT UP BWFSBHF PWFS UIF LOPXO QSPQFSUJFT PG UIF QSPDFTT QBSBNFUFSJ[BUJPO )PXFWFS UIJT JT POF PG UIF QSJNBSZ TPVSDFT PG VODFSUBJOUZ JO TJNVMBUJPOT PG GVUVSF DMJNBUF 6ODFSUBJOUZ JT JODSFBTFE CZ UIF EJĊFSFOU SFQSFTFOUBUJPOT PG GFFECBDL NFDIBOJTNT JO ($.T DPODFSOJOH FH XBUFS WBQPS BOE XBSNJOH PS DMPVET BOE SBEJBUJPO ɨJT MFBET UP ($.T TJNVMBUJOH EJĊFSFOU SFTQPOTFT UP UIF TBNF GPSDJOH TJNQMZ CFDBVTF PG UIF XBZ UIF DPOUBJOFE QSPDFTTFT BOE GFFECBDLT BSF NPEFMFE " MBSHF OVNCFS PG ($.T IBWF CFFO EFWFMPQFE CZ EJĊFSFOU DMJNBUF NPEFMJOH HSPVQT PG XIJDI BSPVOE ñ÷ IBWF CFFO JOWPMWFE JO UIF $PVQMFE .PEFM *OUFSDPNQBSJTPO 1SPKFDU $.*1ô 5BZMPS FU BM ñïðñ. DPPSEJOBUFE CZ UIF 8PSME $MJNBUF 3FTFBSDI 1SPHSBNNF 8$31 &BDI ($. QSFEJDUT UIF DMJNBUF SFTQPOTF UP EJĊFSFOU SFQSFTFOUBUJWF DPODFOUSB UJPO QBUIXBZT 3$1T WBO 7VVSFO FU BM ñïðð BOE JT UIFSFCZ JODSFBTJOH UIF OVNCFS PG QPUFOUJBM JOQVU EBUBTFUT GPS JNQBDU BTTFTTNFOU NPEFMT %VF UP UIF DPBSTF TQBUJBM SFTPMVUJPO EJĊFSFOU EPXOTDBMJOH NFUIPET IBWF CFFO EFWFMPQFE XIJDI QSPEVDF DMJNBUJD JOGPSNBUJPO BU TDBMFT mOFS UIBO UIF JOJUJBM MBSHFTDBMF QSPKFDUJPOT ɨFTF NFUIPET DBO CF DMBTTJmFE JOUP UXP BQQSPBDIFT .BSBVO FU BM ñïðï ɨF mSTU BQQSPBDI JT DBMMFE EZOBNJDBM EPXOTDBMJOH BOE VTFT PVUQVU GSPN ($.T UP ESJWF B OVNFSJDBM SFHJPOBM DMJNBUF NPEFM 3$. $BZB BOE -BQSJTF ðøøø .FBSOT FU BM ñïïò XIJDI SFQSFTFOUT UIF BUNPTQIFSJD QIZTJDT XJUI B IJHIFS TQBUJBM SFTPMVUJPO %VF UP UIF IJHIFS TQBUJBM SFTPMVUJPO BOE JNQSPWFE SFQSFTFOUBUJPO PG TVS GBDF FMFWBUJPOT 3$.T SFTPMWF JNQPSUBOU BUNPTQIFSJD QSPDFTTFT TVDI BT PSPHSBQIJD SBJOGBMM. CFUUFS UIBO UIF IPTU ($. 4JODF EZOBNJDBM EPXOTDBMJOH JT DPNQVUBUJPOBMMZ EFNBOEJOH 8JMCZ FU BM ñïïø UIF JOEJWJEVBM TJNVMBUJPOT BSF DPOEVDUFE XJUIJO B MJNJUFE BSFB PG JO UFSFTU BOE DPWFS B TVCHMPCBM EPNBJO FH &VSPQF ɨF $PPSEJOBUFE 3FHJPOBM $MJNBUF %PXOTDBMJOH &YQFSJNFOU $03%&9 (JPSHJ FU BM ñïïø JT UIF NBKPS QSPKFDU DPPSEJO BUJOH JOUFSOBUJPOBM FĊPSUT PG TVDI SFHJPOBM DMJNBUF EPXOTDBMJOH UP QSPWJEF FOTFNCMFT PG USBOTJFOU ðøôðñðïï SFHJPOBM DMJNBUF TJNVMBUJPOT HFOFSBUFE GSPN $.*1ô QSPKFDUJPOT ɨF TFDPOE BQQSPBDI JT DBMMFE TUBUJTUJDBM EPXOTDBMJOH BOE FTUBCMJTIFT TUBUJTUJDBM MJOLT CFUXFFO MBSHFTDBMF BOE PCTFSWFE MPDBMTDBMF XFBUIFS 4FWFSBM NFUIPET IBWF CFFO EFWFMPQFE XJUIJO UIJT BQQSPBDI WBSZJOH JO BDDVSBDZ TQBUJBM EPNBJO MPDBM UP HMPCBM DPNQVUBUJPOBM BOE UJNF SFRVJSFNFOUT BOE DMJNBUJD TDJFODF SPCVTUOFTT JF UIFPSFUJDBM CBDLHSPVOE 'PS nPPE SJTL BTTFTTNFOUT GPS FYBNQMF FYUSFNF QSFDJQJUBUJPO FWFOUT BSF IJHIMZ JNQPSUBOU XIJDI OFFET UP CF UBLFO JOUP BDDPVOU XIFO EPXOTDBMJOH 0OF DPNNPO NFUIPE XIJDI SFMBUFT UP NPEFM PVUQVU TUBUJTUJDT JT UIF EFMUBDIBOHF NFUIPE XIJDI JT CBTFE PO UIF TVN PG JOUFSQPMBUFE BOPNBMJFT UP IJHISFTPMVUJPO NPOUIMZ DMJNBUF TVSGBDFT GSPN IJTUPSJDBM PCTFSWBUJPOT FH "IMTUSÚN FU BM ñïðò 0MJO FU BM ñïðôB . ðõ.

(39) ñó. -BOEVTF JOUFOTJUZ. -1+(6&44 IBT CFFO DPOTJEFSBCMZ JNQSPWFE CZ JODMVEJOH IVNBO NBOBHFNFOU QSPDFTTFT JO DPNCJOBUJPO XJUI UIF / DZDMF ɨF SFDFOU FĊPSUT UP JOUFHSBUF IJTUPSJDBM BOE TDFOBSJP CBTFE MBOE DPWFS EBUB JOUP -1+(6&44 JODPSQPSBUF GSBDUJPOBM MBOE DPWFS EBUB DSPQ QBT UVSF GPSFTU OBUVSBM VSCBO BU B SFTPMVUJPO PG ïô Y ïô EFHSFF ɨFTF -6-$ NBQT BTTVNF UIBU MBOE NBOBHFNFOU JT VOJGPSN GPS BMM BSFBT TIBSJOH B DPNNPO MBOEVTF DMBTT 4VCUMF DIBOHFT JO UIF MBOE TZTUFNT UIBU NBZ IBWF JNQPSUBOU FOWJSPONFOUBM JNQBDUT BSF JOTUFBE OFHMFDUFE -BOEVTF JOUFOTJUZ JT DFSUBJOMZ B DSJUJDBM DIBSBDUFSJTUJD PG CPUI BHSJDVMUVSBM BOE GPSFTU MBOE TZTUFNT TFF 'JH ô BOE MBOEVTF NBOBHFNFOU JOUFOTJUZ BOE MJWFTUPDL LFFQJOH TIPVME OPU CF OFHMFDUFE WBO "TTFMFO BOE 7FSCVSH ñïðñ &YUFOTJWFMZ NBOBHFE DSPQMBOET GPS JOTUBODF IBWF PGUFO MFTT JNQBDU PO UIF OBUVSBM FOWJSPO NFOU DPNQBSFE UP JOUFOTJWFMZ NBOBHFE DSPQMBOET ɨJT JT JO QBSUJDVMBS UIF DBTF JO GPSFTUSZ XIFSF NBOBHFNFOU FĊFDUT PO GPSFTU FDPTZTUFN GVODUJPOJOH WBSZ TVCTUBOUJBMMZ EFQFOEJOH PO GPSFTU NBOBHFNFOU JOUFOTJUZ ɨF JOUFOTJUZ CZ XIJDI GPSFTU BSF NBOBHFE BĊFDUT GPS FY BNQMF GPSFTU TUSVDUVSF 7JMÏO FU BM ñïðñ TPJMT +BOEM FU BM ñïïö CJPHFPDIFNJDBM DZDMFT /BCVVST FU BM ñïðò CJPEJWFSTJUZ 1BJMMFU FU BM ñïðï BOE FDPTZTUFN TFSWJDF QSPWJTJPO JOH (BNGFMEU FU BM ñïðò 6OEFSTUBOEJOH UIFTF TQBUJBM QBUUFSOT PG BHSJDVMUVSBM BOE GPSFTU NBOBHFNFOU JOUFOTJUZ BOE JUT ESJWFS JT UIFSFGPSF JNQPSUBOU GPS BTTFTTJOH UIF FOWJSPONFOUBM USBEFPĊT PG BHSJDVMUVSF BOE GPSFTUSZ BOE GPS JEFOUJGZJOH PQQPSUVOJUJFT GPS TVTUBJOBCMF JO UFOTJmDBUJPO -FWFST FU BM ñïðó TIPXFE JO UIFJS TUVEZ UIBU GPSFTU IBSWFTUJOH JOUFOTJUZ JO &VSPQF JT EJTUSJCVUFE VOFWFOMZ IBSWFTUFE UJNCFS WPMVNFT XFSF NPTUMZ XFMM CFMPX UIF OFU HSPXUI PG XPPE XIJDI JOEJDBUFT UIF QPUFOUJBM GPS TVTUBJOBCMF JOUFOTJmDBUJPO JO UJNCFS ZJFMET 'PSFTU IBSWFTUJOH JOUFOTJUZ XBT XFMM FYQMBJOFE CZ GPSFTU SFTPVSDF SFMBUFE WBSJBCMFT JF TIBSF PG QMBOUBUJPO TQFDJFT HSPXJOH TUPDL UPQPHSBQIZ JF UFSSBJO SVHHFEOFTT BOE DPVOUSZTQFDJmD DIBSBDUFSJTUJDT -FWFST FU BM ñïðõ BOBMZ[FE BHSJDVMUVSBM JOUFOTJUZ DIBOHFT JO &VSPQF GPDVTJOH PO ZJFMET BOE GFSUJMJ[FS BQQMJDBUJPO GPS UIF QFSJPE ðøøïñïïö ɨFZ GPVOE UIBU CPUI ZJFMET BOE / BQQMJDBUJPOT BDSPTT DSPQ UZQFT XFSF QBSUJDVMBSMZ IJHI JO 8FTU FSO BOE $FOUSBM &VSPQF XIJMF &BTUFSO &VSPQF XBT DIBSBDUFSJ[FE CZ MPXFS ZJFMET BOE / BQQMJDBUJPOT ɨFZ BMTP GPVOE TUSPOH TVCOBUJPOBM WBSJBUJPO JO JOUFOTJUZ MFWFMT XJUI SFTQFDU UP DSPQ UZQFT )JHIFS ZJFMET XFSF UZQJDBMMZ SFMBUFE UP IJHIFS GFSUJMJ[BUJPO IJHI TPJM RVBMJUZ BOE IJHI MBCPS QSPEVDUJWJUZ *O HFOFSBM MBOEVTF JOUFOTJmDBUJPO JT BO VOEFSTUVEJFE MBOEVTF DIBOHF QSPDFTT WBO 7MJFU FU BM ñïðõ BOE UIF LOPXMFEHF PO UIF QBUUFSOT BOE ESJWFST PG BHSJDVMUVSBM BOE GPSFTUSZ JOUFOTJmDBUJPO SFNBJOT JODPNQMFUF FTQFDJBMMZ BU HMPCBM TDBMFT &SC ñïðñ )PXFWFS TVC TUBOUJBM QSPHSFTT IBT SFDFOUMZ CFFO NBEF JO NBQQJOH TQBUJBM QBUUFSOT PG BHSJDVMUVSBM JOUFOTJUZ JO UFSNT PG DSPQ MBOEVTF JOUFOTJUZ BOE mFME TJ[F HMPCBM ZJFME HBQT BOE HMPCBM EJTUSJCVUJPO BOE EFOTJUZ PG MJWFTUPDL FH .POGSFEB FU BM ñïï÷ /FVNBOO FU BM ñïðï 4JFCFSU FU BM ñïðï 5FNNF BOE 7FSCVSH ñïðð 3PCJOTPO FU BM ñïðó 'SJU[ FU BM ñïðô &TUFM FU BM ñïðõ . ðö.

(40) *U JT FTTFOUJBM UP JODMVEF UIJT DVSSFOU LOPXMFEHF JO UFSSFTUSJBM FDPTZTUFN NPEFMT XIFO DPO EVDUJOH TJNVMBUJPOT XJUI SFHBSE UP FOWJSPONFOUBM JNQBDU BTTFTTNFOU. ð÷.

(41) ò. 3FTVMUT BOE %JTDVTTJPO. $MJNBUF EBUB TFOTJUJWJUZ 'JSTU JO QBQFS * XF TZTUFNBUJDBMMZ BTTFTTFE UIF TQBUJBM WBSJBCJMJUZ JO $ BOE / CBMBODF TJN VMBUJPOT DPODFSOJOH UIF DIPJDF PG ($.T 3$1T TQBUJBM SFTPMVUJPOT BOE UIF EPXOTDBMJOH NFUIPET VTFE 0VS SFTVMUT TIPXFE UIBU UIF WBSJBCJMJUZ JO TJNVMBUFE PVUQVU DBVTFE CZ UIF EJĊFSFOU DMJNBUF EBUBTFUT XBT NPEFSBUF XJUI òôõǷoøòôǷ PG UIF UPUBM WBSJBCJMJUZ CFJOH BU USJCVUFE UP DPNNPO TUSVDUVSFT JOEFQFOEFOU PG UIF GPVS GBDUPST ANOVA results RCP. Proportion of sum of squares. 0.10. SOILc WGY TOTn LAI. GCM. VEGc NPP NENB NECB. 0.05. 0.00 downscaling. resolution. 0.10. 0.05. 0.00. component 'JHVSF (MPCBM TFOTJUJWJUZ JOEJDFT DBMDVMBUFE BT UIF QSPQPSUJPO PG UIF TVN PG TRVBSFT GPS UIF GPVS GBDUPST 3$1 ($. TQBUJBM EPXOTDBMJOH BOE TQBUJBM SFTPMVUJPO XIJDI IBWF CFFO BMUFSFE XJUIJO UIF DPNQMFUF GBDUPSJBM EFTJHO 5IF EJGGFSFOU DPMPST JOEJDBUF UIF FJHIU JOWFTUJHBUFE NPEFM PVUQVUT GSPN MFGU UP SJHIU TPJM DBSCPO QPPM XIFBU ESZ HSBJO ZJFME UPUBM OJUSPHFO QPPM MFBG BSFB JOEFY WFHFUBUJPO DBSCPO QPPM OFU QSJNBSZ QSPEVDUJWJUZ OFU FDPTZTUFN OJUSPHFO CBMBODF OFU FDPTZTUFN DBSCPO CBMBODF. ɨF BSFBT PG MPX WBSJBCJMJUZ JODMVEFE MBSHF MPXMZJOH SFHJPOT JO DFOUSBM &VSPQF TVDI BT (FSNBOZ 'SBODF BOE 1PMBOE ɨF TQBUJBM SFTPMVUJPO XBT UIF NPTU JNQPSUBOU GBDUPS BNPOH UIF FYBNJOFE POFT BOE FYQMBJOFE ðôǷoðïöǷ PG UIF UPUBM WBSJBCJMJUZ TFF 'JH õ ($.T SBOLFE TFDPOE XJUI ïòǷoöõǷ GPMMPXFE CZ 3$1T ïǷoõòǷ BOE EPXOTDBMJOH NFUIPET ïðǷoóõǷ ɨF NPTU EJTUJODU IPU TQPUT PG WBSJBCJMJUZ JODMVEFE UIF NPVOUBJO SBOHFT JO OPSUIFSO 4DBOEJOBWJB BOE UIF "MQT BOE UIF *CFSJBO 1FOJOTVMB 8IJMF UPUBM $ TUPDLT UPUBM / TUPDLT BOE -"* TJNVMBUJPOT XFSF MFBTU TFOTJUJWF UP UIF JOQVU EBUB /11 BOE FTQFDJBMMZ /&$# BOE OFU FDPTZTUFN OJUSPHFO CBMBODF /&/# TJNVMBUJPOT TIPXFE UIF NPTU QSPOPVODFE WBSJBCJMJUZ #BTFE PO PVS mOEJOHT JU DBO CF BEWJTFE UP DPOEVDU UIF BQQMJDBUJPO PG FDPTZTUFN. ðø.

(42) NPEFMT TVDI BT -1+(6&44 BU B SFBTPOBCMZ IJHI TQBUJBM SFTPMVUJPO XIJDI JT TVQQPSUFE CZ UIF NPEFM TUSVDUVSF ɨFSF BQQFBST UP CF OP OPUBCMF HBJO JO TJNVMBUJPOT PG FDPTZTUFN $ BOE / TUPDLT BOE nVYFT GSPN VTJOH SFHJPOBMMZ EPXOTDBMFE DMJNBUF JO QSFGFSFODF UP CJBT DPSSFDUFE CJMJOFBSMZ JOUFSQPMBUFE $.*1ô QSPKFDUJPOT. -BOEVTF JOUFOTJUZ BOE DSPQ QSPDFTTFT 3FDFOUMZ MBOEVTF JOUFOTJUZ EBUB GPS DSPQMBOET IBT CFDPNF NPSF BOE NPSF BWBJMBCMF *O QBQFS ** XF GPSDFE -1+(6&44 XJUI / BQQMJDBUJPO EBUB PO /PNFODMBUVSF PG 6OJUT GPS 5FSSJUPSJBM 4UBUJTUJDT /654 ñ MFWFM XIJDI XBT EFSJWFE GSPN B NPEFM DIBJO JOGPSNJOH UIF $PNNPO "HSJDVMUVSBM 1PMJDZ 3FHJPOBMJ[FE *NQBDU $"13* NPEFM 8F BOBMZ[FE UIF DPN 40. Alpine. Atlantic C. Atlantic N. Atlantic S. Boreal. Cont N. Cont S. Med N. Med S. 30 Wheat. 20 10. −10. 40 Maize. Relative response (%). 0. 20 0 60 40. Leaching. 20 0 −20. 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40 20 2008 2020 2030 40. −40. Year 'JHVSF 5IF TJNVMBUFE SFTQPOTF PG XIFBU ZJFME NBJ[F ZJFME BOE OJUSPHFO MFBDIJOH VOEFS UXP GVUVSF TDFOBSJPT 3$1 EBTIFE MJOF 3$1 TPMJE MJOF SFMBUJWF UP UIF ZFBS 5IF EPUUFE MJOF JOEJDBUFT OP DIBOHF 4JNVMBUJPOT BSF TVNNBSJ[FE GPS OJOF BHSPDMJNBUJD SFHJPOT "MQJOF BSFB "UMBOUJD $FOUSBM "UMBOUJD /PSUI "UMBOUJD 4PVUI #PSFBM BSFB $POUJOFOUBM /PSUI $POUJOFOUBM 4PVUI .FEJUFSSBOFBO /PSUI .FEJUFSSBOFBO 4PVUI 3FTVMUT GPS NBJ[F ZJFME BOE UIF "UMBOUJD /PSUI BSF SFEVDFE CZ B GBDUPS PG UXP GPS DMBSJUZ. CJOFE SPMF PG DMJNBUF DIBOHF BOE MBOEVTF JOUFOTJUZ DIBOHF GPS USBEFPĊT CFUXFFO BHSJDVM UVSBM ZJFME BOE / MFBDIJOH JO UIF &VSPQFBO 6OJPO &6 VOEFS UXP QMBVTJCMF TDFOBSJPT VQ UP ñïóï 'VSUIFSNPSF XF BTTFTTFE CPUI ESJWFS JNQPSUBODF BOE VODFSUBJOUZ JO GVUVSF USFOET CBTFE PO BO BMUFSOBUJWF MBOEVTF JOUFOTJUZ EBUBTFU EFSJWFE GSPN BO JOUFHSBUFE BTTFTTNFOU NPEFM -1+(6&44 TJNVMBUFE BO JODSFBTF JO XIFBU BOE NBJ[F ZJFME CVU BMTP / MFBDIJOH. ñï.

(43) GPS NPTU SFHJPOT XIFO ESJWFO CZ DIBOHFT JO MBOEVTF JOUFOTJUZ BOE DMJNBUF VOEFS 3$1 ÷ô TFF 'JH ö 6OEFS 3$1 óô / MFBDIJOH XBT SFEVDFE JO ôòǷ PG UIF SFHJPOT XIJMF UIFSF XBT B USBEFPĊ JO DSPQ QSPEVDUJWJUZ ɨF NPTU JNQPSUBOU GBDUPST JOnVFODJOH ZJFME XFSF $0 XIFBU BOE DMJNBUF NBJ[F CVU / BQQMJDBUJPO BMNPTU FRVBMFE UIFTF JO JNQPSUBODF 'PS / MFBDIJOH / BQQMJDBUJPO XBT UIF NPTU JNQPSUBOU GBDUPS GPMMPXFE CZ DMJNBUF ɨFSFGPSF VTJOH B DPOTUBOU / BQQMJDBUJPO EBUBTFU JO UIF BCTFODF PG GVUVSF QSPKFDUJPOT IBT B TVCTUBOUJBM FĊFDU PO TJNVMBUFE FDPTZTUFN SFTQPOTFT FTQFDJBMMZ GPS NBJ[F ZJFME BOE / MFBDIJOH ɨJT TUVEZ JT B mSTU BTTFTTNFOU PG GVUVSF / MFBDIJOH BOE ZJFME SFTQPOTFT CBTFE PO QSPKFDUJPOT PG DMJNBUF BOE MBOEVTF JOUFOTJUZ *U GVSUIFS IJHIMJHIUT UIF JNQPSUBODF PG BDDPVOUJOH GPS DIBOHFT JO GVUVSF / BQQMJDBUJPOT BOE MBOEVTF JOUFOTJUZ JO HFOFSBM XIFO FWBMVBUJOH FOWJS PONFOUBM JNQBDUT PWFS MPOH UJNF QFSJPET. -BOEVTF JOUFOTJUZ BOE QBTUVSFT 'PS NBOZ ZFBST DMJNBUF EBUB BT JOWFTUJHBUFE JO QBQFS * IBT CFFO UIF NBKPS ESJWFS GPS -1+(6&44 BOE PUIFS %(7.T *O SFDFOU EFWFMPQNFOU TUSBOET MBOEVTF BOE QBSUJBMMZ MBOEVTF JOUFOTJUZ EBUB IBT CFFO BEEFE BT B ESJWFS UP -1+(6&44 TFF QBQFS ** 1BTUVSFT IPXFWFS BSF TUJMM NBJOMZ ESJWFO CZ DMJNBUF *O QBQFS *** XF BJNFE UP JNQSPWF UIF SFQSFTFOU BUJPO PG QBTUVSFT JO -1+(6&44 CZ JODPSQPSBUJOH EBJMZ BMMPDBUJPO GPS HSBTTFT BOE EBJMZ MBOE NBOBHFNFOU SPVUJOFT BOE MBOEVTF JOUFOTJUZ EBUB JOUP UIF NPEFM UP EJTUJOHVJTI CFUXFFO JOUFOTJWFMZ BOE FYUFOTJWFMZ VTFE SFHJPOT LPJ−G. 10.0. LPJ−G−LUI ORCHD. Modelled. 7.5. 5.0. 2.5. 0.0 0.0. 2.5. 5.0. 7.5. 10.0. Reported 'JHVSF 4DBUUFSQMPU PG QSPEVDUJWJUZ SFQPSUFE GSPN 4NJU FU BM WFSTVT TJNVMBUFE EBUB GSPN UIF EFGBVMU WFSTJPO PG -1+(6&44 CMVF UIF VQEBUFE WFSTJPO -1+(6&44-6* CMBDL BOE TJNVMBUFE EBUB XJUI 03$)*%&&(. SFE GSPN $IBOH FU BM 5IF EPUUFE MJOF JOEJDBUFT UIF MJOF. 0VS SFTVMUT EFNPOTUSBUFE UIBU HSBTTMBOE QSPEVDUJWJUZ DPVME OPU CF BEFRVBUFMZ DBQUVSFE. ñð.

No results found