Adding an LLVM Backend to Bigloo Scheme

University of Gothenburg

Chalmers University of Technology

Department of Computer Science and Engineering Göteborg, Sweden, March 2013

Adding an LLVM Backend to Bigloo Scheme

A prototype of a portable & simple way of generating native code

Master of Science Thesis in Computer Science

The Author grants to Chalmers University of Technology and University of Gothenburg the non-exclusive right to publish the Work electronically and in a non-commercial purpose make it accessible on the Internet.

The Author warrants that he/she is the author to the Work, and warrants that the Work does not contain text, pictures or other material that violates copyright law.

The Author shall, when transferring the rights of the Work to a third party (for example a publisher or a company), acknowledge the third party about this agreement. If the Author has signed a copyright agreement with a third party regarding the Work, the Author warrants hereby that he/she has obtained any necessary permission from this third party to let Chalmers University of Technology and University of Gothenburg store the Work electronically and make it accessible on the Internet.

Adding an LLVM Backend to Bigloo Scheme

A prototype of a portable & simple way of generating native code

© MIKAEL BROCKMAN, March 2013. Examiner: BJÖRN VON SYDOW Chalmers University of Technology University of Gothenburg

Department of Computer Science and Engineering SE-412 96 Göteborg

Sweden

Telephone + 46 (0)31-772 1000

Department of Computer Science and Engineering Göteborg, Sweden March 2013

$POUFOUT

Ǻ *OUSPEVDUJPO Ǿ ǺǺ 8IBU JT #JHMPP 4DIFNF                       Ǿ Ǻǻ /BUJWF $PNQJMBUJPO $ WT --7.                  ǿ ǻ ɧF 4DIFNF -BOHVBHF Ȁ ǻǺ )JTUPSJDBM 3PPUT                           Ȁ ǻǺǺ ɨFλDBMDVMVT                       ȁ ǻǻ $PSF -JTQ 'FBUVSFT                          Ȃ ǻǼ 5PXBSET 4DIFNF                           Ǻǹ Ǽ *OUSPEVDUJPO UP #JHMPP ǺǺ ǼǺ -BOHVBHF                              Ǻǻ ǼǺǺ 5ZQF 4ZTUFN                        Ǻǻ ǼǺǻ .PEVMF 4ZTUFN                       ǺǼ ǼǺǼ 0CKFDUT                           ǺǼ Ǽǻ -JNJUBUJPOT                             Ǻǽ ǼǼ 0QUJNJ[BUJPOT                            Ǻǽ ǽ *OUSPEVDUJPO UP --7. Ǻǽ

ǽǺ 7JSUVBM .BDIJOF $IBSBDUFSJTUJDT                   ǺǾ ǽǺǺ 7BMVFT BOE 5ZQFT                      ǺǾ ǽǺǻ 'VODUJPOT #MPDLT BOE *OTUSVDUJPOT            ǺǾ ǽǺǼ 4UBUJD 4JOHMF "TTJHONFOU                  ǺǾ ǽǻ "1* WT (FOFSBUJOH "TTFNCMZ                    Ǻǿ Ǿ $PNQJMBUJPO 5PQJDT Ǻǿ ǾǺ $POUJOVBUJPOT                            Ǻǿ Ǿǻ &YDFQUJPOT                              Ǻȁ ǾǼ 3VOUJNF -JCSBSZ                          Ǻȁ ǿ 3FTVMUT Ǻȁ ǿǺ "O --7. #BDLFOE GPS #JHMPP                   Ǻȁ ǿǺǺ *3 MJCSBSZ                          ǺȂ ǿǺǻ .BDSP 'VODUJPOT                      ǺȂ ǿǺǼ 6TJOH $MBOH UP 5SBOTMBUF 1SFMVEF $PEF          ǻǹ ǿǺǽ --7. 0QUJNJ[BUJPO                    ǻǺ

Ȁ 'VUVSF 8PSL ǻǺ ȀǺ .BDSPT                               ǻǺ Ȁǻ ǿǽCJU                                ǻǺ ȀǼ 5BJM $BMMT                              ǻǺ Ȁǽ "1*  +*5                              ǻǻ ȁ $PODMVTJPO ǻǻ ǽ

Ǻ *OUSPEVDUJPO

ɨF 4DIFNF MBOHVBHF IBT B IJTUPSZ PG CFJOH B WFIJDMF GPS NVDI FYQFSJNFOUBUJPO JO EFTJHO BOE JNQMFNFOUBUJPO UFDIOJRVFT PXJOH UP JUT TJNQMF TFNBOUJD VOEFSQJOOJOH CBTFE PO UIF VOUZQFEλDBMDVMVT <TFF 4VTTNBO BOE 4UFFMF +S ǺȂȂȁ> *NQMFNFOUB

UJPOT BCPVOE BU UIF UJNF PG XSJUJOH UIF 4DIFNF '"2 <4DIFNF 8JLJ ǻǹǺǻ> MJTUFE B GVMM Ȁȁ EJĊFSFOU JOUFSQSFUFST BOE DPNQJMFST

"U QSFTFOU UIF #JHMPP 4DIFNF DPNQJMFS JT NBJOMZ VTFE XJUI B CBDLFOE UIBU HFOFSBUFT $ DPEF UIPVHI JU BMTP JODMVEFT CBDLFOET GPS UIF +BWB BOE /&5 WJSUVBM NBDIJOFT .Z QSPKFDU FYUFOET #JHMPP UP QPSUBCMZ QSPEVDF OBUJWF DPEF VTJOH --7. <-BUUOFS BOE "EWF ǻǹǹǽ> B DPNQJMBUJPO GSBNFXPSL UIBU IBT CFFO TVDDFTTGVMMZ VTFE BNPOH PUIFS VTFT JO B CBDLFOE GPS UIF (MBTHPX )BTLFMM DPNQJMFS <5FSFJ ǻǹǹȂ> ɨF RVFTUJPO XBT XIFUIFS UIJT XPVME CF WJBCMF BT BO BMUFSOBUJWF PS QSJNBSZ CBDLFOE BOE XIBU CFOFmUT DPVME CF SFBQFE

ǺǺ 8IBU JT #JHMPP 4DIFNF

4DIFNF JT POF PG UIF UXP NBKPS EJBMFDUT PG -JTQ UIF PUIFS CFJOH $PNNPO -JTQ 4UBOEBSE 4DIFNF IBT B NJOJNBMJTUJD TFNBOUJDT BOE B TZOUBY CBTFE PO 4FYQSFTTJPOTǺ_

*U LFFQT DMBTTJD -JTQ GFBUVSFT MJLFλFYQSFTTJPOT TUSJDU DBMMCZWBMVF FWBMVBUJPO MJOLFE

MJTUT HBSCBHF DPMMFDUJPO BOE EZOBNJD UZQJOH XIJMF BEEJOH B GFX OFX GFBUVSFT MJLF B IZHJFOJD NBDSP TZTUFN NBOEBUPSZ UBJM DBMM PQUJNJ[BUJPO BOE mSTUDMBTT DPOUJOV BUJPOT 4DIFNF DBO CF DBMMFE B iGVODUJPOBM MBOHVBHF w CVU JU JT BMTP BO JNQFSBUJWF MBOHVBHF JO NPEFSO EJBMFDUT FWFO BO PCKFDUPSJFOUFE MBOHVBHF

ɨF #JHMPP TZTUFN JT B NPTUMZDPNQMJBOU JNQMFNFOUBUJPO PG 4DIFNF BT TQFDJ mFE JO UIF 35_{34 SFQPSU <,FMTFZ BOE $MJOHFS ǺȂȂȁ> ɨPVHI JU DPOUBJOT B TJNQMF}

JOUFSQSFUFS JUT NPTU JNQPSUBOU QBSU JT B TUBUJD DPNQJMFS ɨF FYQMJDJU PCKFDUJWF PG UIF #JHMPP QSPKFDU JT UP BMMPX 4DIFNF UP CF VTFE XIFSF PUIFSXJTF $ PS $ XPVME CF SFRVJSFE <*OSJB 4PQIJB"OUJQPMJT ǻǹǺǺ> ɨ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

Ǻ_{4ZNCPMJD FYQSFTTJPOT B GVMMZQBSFOUIFTJ[FE QSFmY OPUBUJPO DIBSBDUFSJTUJD PG UIF -JTQ GBNJMZ}

FYBNQMFUY U k 9V RV

Ǻǻ /BUJWF $PNQJMBUJPO $ WT --7.

ɨF TUSBUFHZ PG DPNQJMJOH UP $ IBT NBOZ BEWBOUBHFT PWFS QSPEVDJOH NBDIJOF DPEF EJSFDUMZ NPTU JNQPSUBOUMZ UIFSF JT OP OFFE UP XSJUF TQFDJBM DPEF GPS FBDI $16 BSDIJUFDUVSF TJODF UIJT IBSE XPSL JT BMSFBEZ EPOF CZ QPSUBCMF $ DPNQJMFST TVDI BT ($$ #VU BT NJHIU CF FYQFDUFE TJODF $ XBT OPU EFTJHOFE UP CF VTFE BT BO JOUFS NFEJBUF MBOHVBHF UIFSF BSF BMTP EJTBEWBOUBHFT ɨF BVUIPST PG #JHMPP BDLOPXMFEHF UIJT <4FSSBOP FU BM ǺȂȂǾ> NFOUJPOJOH TQFDJmDBMMZ UIF EJċDVMUZ PG JNQMFNFOUJOH

+HHf++ TFF TFDUJPO ǾǺ BCPVU DPOUJOVBUJPOT BOE UIF OFDFTTJUZ PG VTJOH DPOTFS WBUJWF HBSCBHF DPMMFDUJPO

ɨF NPUJWBUJPO GPS UIJT QSPKFDU DPNFT GSPN UIF WJFX UIBU CZ VTJOH UIF JOUFS NFEJBUF MBOHVBHF QSPWJEFE CZ UIF --7. QSPKFDU XIFSF $ JT OPX VTFE UIF #JHMPP DPNQJMFS DPVME IBWF B QPSUBCMF OBUJWF CBDLFOE DPNCJOJOH NPTU PG UIF BEWBOUBHFT PG $ XJUI OFX PQQPSUVOJUJFT TUFNNJOH GSPN --7.T OPWFM EFTJHO ɨF --7. QSPKFDU QSPWJEFT B iDPMMFDUJPO PG NPEVMBS BOE SFVTBCMF DPNQJMFS BOE UPPMDIBJO UFDI OPMPHJFTw <-BUUOFS ǻǹǺǺ> ɨF TVCQSPKFDU SFMFWBOU UP NZ QSPKFDU JT DBMMFE --7. $PSF BOE FTTFOUJBMMZ DPOTJTUT PG BO PQUJNJ[JOH DPNQJMFS GPS B HFOFSJD BTTFNCMZ MBO HVBHF DBMMFE --7. *3 ɨJT JOUFSNFEJBUF MBOHVBHF IBT TPNF JOUFSFTUJOH QSPQFSUJFT EFTDSJCFE JO TFDUJPO ǽ 1PUFOUJBM BEWBOUBHFT UP VTJOH --7. *3 JOTUFBE PG $ JODMVEF t HVBSBOUFFE TVQQPSU GPS GVMM UBJMDBMM PQUJNJ[BUJPO XIJDI JT SFRVJSFE CZ UIF

4DIFNF TQFDJmDBUJPO CVU DBOOPU CF HVBSBOUFFE XJUI $ GVODUJPO DBMMT t FMJNJOBUJOH UIF EFQFOEFODF PO $ DPNQJMFST XIJDI BSF MBSHF BOE DPNQMJ

DBUFE BOE BSF EJĊFSFOU FOPVHI UIBU #JHMPPT $ DPEF NVTU VTF DPOEJUJPOBM DPNQJMBUJPO GPS TPNF DPOTUSVDUT

t QSPWJEJOH UIF GVUVSF QPTTJCJMJUZ UP VTF --7.T TVQQPSU GPS +VTU*O5JNF PQ UJNJ[BUJPO BOE EZOBNJD DPNQJMBUJPO XIJDI DPVME HSFBUMZ FOIBODF UIF QFS GPSNBODF BOE nFYJCJMJUZ PG #JHMPP TJODF 4DIFNF JT B EZOBNJD MBOHVBHF BOE t CFJOH BCMF UP JNQMFNFOU OPODPOTFSWBUJWF HBSCBHF DPMMFDUJPO GFBTJCMF XJUI --7. TJODF JU QSPWJEFT nFYJCMF IPPLT GPS ($ JNQMFNFOUBUJPO XIJMF XJUI $ POF JT CBTJDBMMZ SFTUSJDUFE UP VTJOH #PFINT DPOTFSWBUJWF ($ MJCSBSZ

ǻ ɧF 4DIFNF -BOHVBHF

ǻǺ )JTUPSJDBM 3PPUT

ɨF PSJHJOT PG -JTQ MJF EFFQ XJUIJO UIF BODJFOU IJTUPSZ PG QSPHSBNNJOH BT SFDPSEFE CZ JUT QSJNBSZ JOWFOUPS +PIO .D$BSUIZ JO B IJTUPSJDBM SFWJFX <.D$BSUIZ ǺȂȀȂ> "MPOH XJUI '0353"/ JU XBT POF PG UIF WFSZ FBSMJFTU IJHIMFWFM QSPHSBNNJOH MBO HVBHFT ɨF JOJUJBM JNQVMTF DBNF JO ǺȂǾǿ BT B EFTJSF GPS BO BMHFCSBJD MJTU QSPDFTTJOH MBOHVBHF GPS UIF *#. Ȁǹǽ DPNQVUFS ɨF EFTJSF GPS TVDI B MBOHVBHF XBT SFMBUFE UP UIF FNFSHJOH mFME PG SFTFBSDI JOUP BSUJmDJBM JOUFMMJHFODF BOE DPNQVUFS QSPDFTTJOH PG TZNCPMJD MPHJD "U UIJT UJNF '0353"/ XBT JO UIF EFWFMPQJOH TUBHFT BOE JU XBT VOTVSF XIFUIFS JU XPVME UVSO PVU UP CF TVJUBCMF GPS UIF LJOE PG MJTU QSPDFTTJOH JO XIJDI .D$BSUIZ XBT JOUFSFTUFE

ɨF EFTJHOJOH PG -JTQ IBE UXP TPNFUJNFT DPOnJDUJOH HPBMT UP IBWF B QSPHSBN NJOH MBOHVBHF UIBU XBT NBUIFNBUJDBMMZ VTFGVM‰JF POF UIBU DPVME CF SFBTPOFE BCPVU BMHFCSBJDBMMZ BOE UIBU DPVME OBUVSBMMZ EFTDSJCF NBUIFNBUJDBM QSPCMFNT FT QFDJBMMZ TZNCPMJD TVDI‰BOE UP IBWF B QSBDUJDBM BOE FċDJFOU XBZ PG QSPHSBNNJOH UIF TQFDJmD UZQF PG DPNQVUFST BWBJMBCMF .D$BSUIZ EFTDSJCFT GPS FYBNQMF IPX IF DIPTF UP GPSNVMBUF UIF CBTJD MJTU PQFSBUJPOT BT GVODUJPOT KVTU MJLF UIF BSJUINFUJDBM PQFSBUPST SBUIFS UIBO BT TQFDJBM TUBUFNFOUT‰CFDBVTF UIJT TJNQMJmFE UIF TFNBOUJDT BOE NBEF QSPHSBNT FBTJFS UP SFBTPO BCPVU ɨJT LJOE PG NBUIFNBUJDBM BFTUIFUJDT XBT BMTP UIF SFBTPO XIZ HBSCBHF DPMMFDUJPO XBT DIPTFO PWFS FYQMJDJU NFNPSZ NBO BHFNFOU )PXFWFS GPS QSBDUJDBM SFBTPOT iJNQVSF GVODUJPOTw MJLF UIF_SG*BOE

_SG*.GVODUJPOT NVUBUJOH UIF IFBE BOE UBJM DPNQPOFOUT PG B QBJS SFTQFDUJWFMZ XFSF BMTP BMMPXFE UIPVHI SFTFBSDI PO QSPWJOH QSPQFSUJFT PG QSPHSBNT JO UIF iQVSFw TVCTFU PG -JTQ XBT EPOF JO UIF ǺȂȀǹT

ɨF FBSMZ GPSNVMBUJPOT PG -JTQ <FH .D$BSUIZ ǺȂǿǻ> EFmOF B MBOHVBHF UIBU PQFSBUFT FYDMVTJWFMZ PO TZNCPMJD EBUB DBMMFE 4FYQSFTTJPOT XIJDI BSF CJOBSZ USFF TUSVDUVSFT XIPTF OPEFT BSF TZNCPMJD BUPNT FH U6PP X "_Vǻ_{ ɨF QSPHSBN}

NJOH MBOHVBHF JUTFMG DPOTJTUT PG XIBU XFSF DBMMFE .FYQSFTTJPOT PS NFUBFYQSFTTJPOT XIJDI EFTDSJCF SFDVSTJWF GVODUJPOT PG 4FYQSFTTJPOT XJUI CBTJD PQFSBUJPOT MJLF DPOT

DBS BOE DES UP DPOTUSVDU QBJST BOE FYUSBDU UIFJS FMFNFOUT FR UP DIFDL FRVBMJUZ PG

4FYQSFTTJPOT DPOEJUJPOBM FYQSFTTJPOT BU UIF UJNF B OPWFM GFBUVSF BMPOH XJUI GVOD UJPOBM BCTUSBDUJPO BOE BQQMJDBUJPO

8IFO -JTQ XBT CFJOH EFWFMPQFE XSJUJOH B DPNQJMFS XBT DPOTJEFSFE B WFSZ MBSHF

ǻ_{-JTUT XFSF FODPEFE BT SJHIUMFBOJOH USFFT FOEJOH XJUI BLAGBUPN XJUI B TZOUBDUJDBM TIPSUDVU}

UIF TUSVDUVSFU6PP X U"_ X U"w X LAGVVVDBO CF XSJUUFO TJNQMZU6PP "_ "wV ɨJT TZOUBY SFNBJOT

-JTUJOH Ǻ ɨF NBQMJTU GVODUJPO XSJUUFO JO UIF -*41 ǺǾ EJBMFDU

UJSGAah UGJ". UG 6LV U*PL. UULlGG GV LAGV

Uh U*PLa U6L GV UJSGAah U*._ GV 6LVVV VVV

QSPKFDU BOE NVDI QMBOOJOH BOE SFTFBSDI XBT EPOF CFGPSF BOZ JNQMFNFOUBUJPO CFHBO .D$BSUIZ BOE IJT DPMMFBHVFT TPNFUJNFT IBOEDPNQJMFE .FYQSFTTJPOT UP *#. Ȁǹǽ DPEF GPS UFTUJOH "T QBSU PG IJT SFTFBSDI .D$BSUIZ EFDJEFE UIBU JO PSEFS UP EFNPOTUSBUF UIBU -JTQ XBT B HPPE UIFPSFUJDBM UPPM IF XPVME GPSNVMBUF UIF FRVJW BMFOU PG UIF VOJWFSTBM 5VSJOH NBDIJOF‰UIF 5VSJOH NBDIJOF UIBU TJNVMBUFT BSCJUSBSZ 5VSJOH NBDIJOFT‰JF B -JTQ GVODUJPO GPS FWBMVBUJOH BSCJUSBSZ -JTQ GVODUJPOT ɨJT SFRVJSFE B XBZ PG SFQSFTFOUJOH -JTQ GVODUJPOT BT -JTQ EBUB‰JF B USBOTMBUJPO PG . FYQSFTTJPOT JOUP 4FYQSFTTJPOT‰BOE TVDI B SFQSFTFOUBUJPO XBT EFWFMPQFE GPS UIF UIFPSFUJDBM QVSQPTF PG BMMPXJOH UIF EFTDSJQUJPO PG UIF FWBMRVPUF GVODUJPO XIJDI JO EFFE UVSOFE PVU UP CF TJNQMF BOE FMFHBOU " HSBEVBUF TUVEFOU OBNFE 43 3VTTFMM SFBMJ[FE UIBU UIJT GVODUJPO DPVME CF IBOEDPNQJMFE KVTU BT BOZ PUIFS GVODUJPO‰BOE EJE TP SFTVMUJOH JO XIBU .D$BSUIZ DBMMT iUIF VOFYQFDUFE BQQFBSBODF PG BO JOUFS QSFUFSw 1SPHSBNNJOH XJUI 4FYQSFTTJPOT CFDBNF UIF TUBOEBSE QSPDFEVSF UIPVHI JO UIF -*41 ƪƮ 1SPHSBNNFST .BOVBM <.D$BSUIZ ǺȂǿǻ> UIJT JT TUJMM TFFO BT POMZ BO JOUFSOBM OPUBUJPO ɨF QMBO UP EFWFMPQ B XBZ UP QFSNJU UIF JOQVU PG .FYQSFTTJPOT XBT HSBEVBMMZ BCBOEPOFE BOE UIF OPUJPO PG iDPEF BT EBUBw UPPL PĊ BOE CFDBNF POF PG -JTQT NPTU EJTUJOHVJTIJOH GFBUVSFT "T .D$BSUIZ XSJUFT

0OF DBO FWFO DPOKFDUVSF UIBU -JTQ PXFT JUT TVSWJWBM TQFDJmDBMMZ UP UIF GBDU UIBU JUT QSPHSBNT BSF MJTUT XIJDI FWFSZPOF JODMVEJOH NF IBT SF HBSEFE BT B EJTBEWBOUBHF <.D$BSUIZ ǺȂȀȂ>

ǻǺǺ ɧFλDBMDVMVT

ɨFλDBMDVMVT XBT EFWFMPQFE CZ "MPO[P $IVSDI JO UIF MBUF ǺȂǻǹT BOE mSTU QVC

MJTIFE JO ǺȂǼǻ <TFF $IVSDI ǺȂǼǻ> *U XBT B GPSNBM TZTUFN JOUFOEFE BT B GPVOEBUJPO GPS MPHJD JO UIF WFJO PG 3VTTFMMT UIFPSZ PG UZQFT BOE ;FSNFMPT TFU UIFPSZ CVU NPSF OBUVSBM CFJOH CBTFE PO GVODUJPOT JOTUFBE PG TFUT <$BSEPOF BOE )JOEMFZ ǻǹǹȂ> ɨF DBMDVMVT DPOTJTUT POMZ PG BCTUSBDUJPOT PG UIF GPSNλx.M XIFSFxJT B WBSJBCMF BOE M JT BO FYQSFTTJPO BOE BQQMJDBUJPOT PG UIF GPSNF X XIFSFF JT BO FYQSFTTJPO

EFOPUJOH TPNF BCTUSBDUJPO BOEX JT BO FYQSFTTJPO EFOPUJOH B WBMVF UP XIJDI UIF

BCTUSBDUJPO JT UP CF BQQMJFE 1SFDJTF SVMFT HPWFSOJOH UIF FWBMVBUJPO PG UIJT DBMDVMVT ȁ

XFSF HJWFO CZ $IVSDI UIPVHI UIF mSTU QVCMJTIFE QBQFST XFSF GPVOE UP CF DPOUSB EJDUPSZ UIF TVCTUJUVUJPO SVMFT GPS BQQMJDBUJPO βTVCTUJUVUJPO BSF OPOUSJWJBM ɨF λDBMDVMVT JT DPOTJEFSFE UP CF UIF mSTU JOEFQUI FYQMPSBUJPO PG UIF GPSNBM QSPQFSUJFT

PG GVODUJPOBM BCTUSBDUJPO <TFF $BSEPOF BOE )JOEMFZ ǻǹǹȂ>

8IFO .D$BSUIZ XBT EFWFMPQJOH -JTQ IF EJE OPU TFU PVU UP DSFBUF BO DPN QVUFS MBOHVBHF JNQMFNFOUBUJPO PG UIFλDBMDVMVT )F XBT TPNFXIBU GBNJMJBS XJUI

$IVSDIT OPUBUJPO CVU EJE OPU VOEFSTUBOE JU GVMMZ EFTDSJCJOH UIF JOTJHIUT HBUIFSFE GSPN XPSLJOH PO TZNCPMJD EJĊFSFOUJBUJPO BT B TBNQMF QSPCMFN .D$BSUIZ XSJUFT

5P VTF GVODUJPOT BT BSHVNFOUT POF OFFET B OPUBUJPO GPS GVODUJPOT BOE JU TFFNFE OBUVSBM UP VTF UIFλOPUBUJPO PG $IVSDI <ǺȂǽǺ> * EJEOU

VOEFSTUBOE UIF SFTU PG IJT CPPL TP * XBTOU UFNQUFE UP USZ UP JNQMFNFOU IJT NPSF HFOFSBM NFDIBOJTN GPS EFmOJOH GVODUJPOT <.D$BSUIZ ǺȂȀȂ>

ǻǻ $PSF -JTQ 'FBUVSFT

ɨF OPWFM JEFBT PG -JTQ BT FOVNFSBUFE CZ 1BVM (SBIBN JO BO BSUJDMF NBLJOH UIF DBTF GPS -JTQ BT B SFQPTJUPSZ PG QPXFSGVM MBOHVBHF UFDIOJRVFT XJUI XIJDI UIF SFTU PG UIF QSPHSBNNJOH XPSME IBT OPU ZFU RVJUF DBVHIU VQǼ_{<(SBIBN ǻǹǹǻ> BSF UIF}

GPMMPXJOH

Ǻ DPOEJUJPOBM FYQSFTTJPOT JOTUFBE PG TJNQMF DPOEJUJPOBM KVNQT

ǻ mSTUDMBTT GVODUJPOT JF GVODUJPOT UIBU DBO CF SFUVSOFE BOE QBTTFE BT BSHV NFOUT

Ǽ SFDVSTJPO XIJDI XBT QSPIJCJUFE JO '0353"/ *

ǽ EZOBNJD UZQJOH BMPOH XJUI UIF JEFB PG BMM WBSJBCMFT CFJOH QPJOUFST UP TPNF HFOFSBM LJOE PG PCKFDU

Ǿ HBSCBHF DPMMFDUJPO

ǿ B OFTUBCMF FYQSFTTJPO TZOUBY OPU KVTU GPS BSJUINFUJD

Ȁ TZNCPM WBMVFT CFJOH FTTFOUJBMMZ JNNVUBCMF UPLFO TUSJOHT XJUI RVJDL FRVBMJUZ UFTUT

ȁ DPEF BT EBUB JF BT 4FYQSFTTJPOT BOE

Ȃ UIF JOUFHSBUJPO PG SFBEUJNF DPNQJMFUJNF BOE SVOUJNF

Ǽ_{(SBIBN MJTUT UIFN iJO UIF PSEFS PG UIFJS BEPQUJPO CZ UIF NBJOTUSFBNw}

ǻǼ 5PXBSET 4DIFNF

ɨSPVHIPVU UIF ǺȂǿǹT BOE ǺȂȀǹT -JTQ CFHBO UP CF VTFE BU NBOZ EJĊFSFOU VOJ WFSTJUJFT FH UIF "* MBCT BU .*5 4UBOGPSE BOE $.6 BOE SFTFBSDI EFQBSUNFOUT 9FSPY 4ZNCPMJDT BDSPTT UIF 64 <TFF 1JUNBO ǺȂȂǿ> BOE EJBMFDUT BOE JNQMFNFO UBUJPOT QSPMJGFSBUFE BEEJOH OFX GFBUVSFT BOE JNQSPWJOH QFSGPSNBODF

0UIFS SFTFBSDI JO QSPHSBNNJOH MBOHVBHF TFNBOUJDT BMTP NBEF QSPHSFTT 'PS UIF OBSSBUJWF MFBEJOH UPXBSET UIF EFWFMPQNFOU PG 4DIFNF PG QBSUJDVMBS SFMFWBODF JT UIF XPSL PO MBOHVBHFT BOE UIFPSJFT UIBU USFBU DPNNVOJDBUJOH QBSBMMFM QSPDFTTFT BT UIF CBTJD BCTUSBDUJPO 4JNVMB </ZHBBSE BOE %BIM ǺȂȁǺ> UIF mSTU PCKFDUPSJFOUFE MBOHVBHF XBT EFWFMPQFE CZ /PSXFHJBO SFTFBSDIFST /ZHBBSE BOE %BIM BU UIF /PS XFHJBO $PNQVUFS $FOUSF CFUXFFO ǺȂǿǻ BOE ǺȂǿȀ BT B MBOHVBHF GPS EFTDSJCJOH BOE TJNVMBUJOH iEJTDSFUF FWFOU OFUXPSLT w BOE CFDBNF WFSZ JOnVFOUJBM <TFF )PMNFWJL ǺȂȂǽ> JO MBSHF QBSU UISPVHI JOTQJSJOH "MBO ,BZ UP DSFBUF UIF 4NBMMUBML TZTUFN <,BZ ǺȂȂǼ>ǽ_{ "T UIFTF TZTUFNT XFSF EFWFMPQFE UIFSF XFSF BMTP BUUFNQUT UP GPSNBMJ[F UIFJS}

TFNBOUJDT NBUIFNBUJDBMMZ 0OF PG UIFTF BUUFNQUT XBT UIF BDUPS NPEFM PG DPNQVUB

UJPO mSTU QVCMJTIFE JO ǺȂȀǼ <)FXJUU FU BM ǺȂȀǼ> GPS XIJDI )FXJUU EFWFMPQFE B

MBOHVBHF DBMMFE 1MBOOFSȀǼ MBUFS 1-"4."

"OE UIJT JT IPX 4DIFNF CFHBO BT BO BUUFNQU CZ 4VTTNBO BOE 4UFFMF UP VO EFSTUBOE UIF iVOVTVBM UFSNJOPMPHZw PG )FXJUUT BDUPS NPEFM JO UFSNT PG PSEJOBSZ QSPHSBNNJOH OPUJPOT <4VTTNBO BOE 4UFFMF +S ǺȂȂȁ> ɨFZ CFHBO UP XSJUF B iUPZ JNQMFNFOUBUJPOw PG UIF BDUPS NPEFM BT B -JTQ EJBMFDU 'SPN "MHPM UIFZ UPPL UIF JEFB PG MFYJDBM TDPQJOH XIJDI UIFZ UIPVHIU XPVME QSPWJEF B TJNQMF XBZ UP JNQMF NFOU UIF iBDRVBJOUBODFTw PG UIF BDUPS NPEFM XIJMF MFUUJOH BDUPST BOE GVODUJPOT CF JNQMFNFOUFE JO TJNJMBS XBZT ɨFZ IBE UIF LFZXPSEHT? XIJDI XPSLFE BMNPTU UIF TBNF BT HK#/ CVU DSFBUJOH BO BDUPS JOTUFBE PG B DMPTVSF .FTTBHF QBTTJOH XBT EPOF CZ BQQMZJOH BO BDUPS KVTU MJLF POF BQQMJFT B GVODUJPO *U FWFOUVBMMZ UVSOFE PVU UIBU FYDFQU UIBU BDUPST XPSLFE CZ JOWPLJOH DPOUJOVBUJPOT TFF TFDUJPO ǾǺ JO TUFBE PG SFUVSOJOH WBMVFT BDUPST BOE GVODUJPOT JO UIJT MBOHVBHF XFSF TFNBOUJDBMMZ JEFOUJDBM ɨFZ XFSF QMFBTFE UP IBWF GPVOE B WFSZ TJNQMF DPSF MBOHVBHF CVJMU PO UIFλDBMDVMVT UIBU TVQQPSUFE UIF BEWBODFE QSPHSBNNJOH TUZMF PG UIF BDUPS NPEFM

4VTTNBOT BOE 4UFFMFT JEFBT BCPVU MBOHVBHF EFTJHO BOE JNQMFNFOUBUJPO XFSF QVC MJTIFE JO B TFSJFT PG QBQFST DBMMFE iUIF MBNCEB QBQFSTw CFUXFFO ǺȂȀǾ BOE BOE ǺȂȁǹ 4UFFMF XSPUF UIF mSTU PQUJNJ[JOH 4DIFNF DPNQJMFS 3"##*5 JO ǺȂȀȁ "GUFS QVC

ǽ_{*UTFMG JOTQJSFE CZ -JTQ BT ,BZ XSJUFT iɨF CJHHFTU IJU GPS NF XIJMF BU 4"*- JO MBUF ǿȂ XBT}

UP SFBMMZ VOEFSTUBOE -*41 0G DPVSTF FWFSZ TUVEFOU LOFX BCPVU DBS DES BOE DPOT CVU 6UBI XBT JNQPWFSJTIFE JO UIBU OP POF UIFSF VTFE -*41 BOE IFODF OP POF IBE QFOFUSBUFE UIF NZTUFSJFT PG

FWBM BOE BQQMZ * DPVME IBSEMZ CFMJFWF IPX CFBVUJGVM BOE XPOEFSGVM UIF JEFB PG -*41 XBTw

MJTIJOH B SFWJTFE SFQPSU PO UIF MBOHVBHF <4UFFMF +S BOE 4VTTNBO ǺȂȀȁ> JU TQSFBE BT B UPPM GPS SFTFBSDI BOE UFBDIJOH *U XBT PċDJBMMZ TUBOEBSEJ[FE JO ǺȂȂǺ <*&&& 4UE ǺǺȀȁǺȂȂǹ ǺȂȂǺ> "U QSFTFOU UIF NPTU XJEFMZ JNQMFNFOUFE TUBOEBSE JT UIBU QSFTFOUFE JO UIF 'JGUI 3FWJTFE 3FQPSU <BLB 35_{34 ,FMTFZ BOE $MJOHFS ǺȂȂȁ>} 4ZOUBY ɨF TZOUBY PG 4DIFNF BOE PUIFS MBOHVBHFT JO UIF -JTQ GBNJMZ JT VOVTVBMMZ TJNQMF ɨFSF BSF FTTFOUJBMMZ POMZ UISFF LJOET PG FOUJUJFT JO UIF 4DIFNF TZOUBY MJUFSBMT TZNCPMT BOE DPNCJOBUJPOT " MJUFSBM JT B OVNCFS TUSJOH PS TPNF TVDI WBMVF 4ZNCPMT BSF OBNFT MJLF 7QQ $PNCJOBUJPOT BSF BSCJUSBSZMFOHUI MJTUT PG FOUJUJFT MJLF Ut v xV &WBMVBUJOH B DPNCJOBUJPO VTVBMMZ NFBOT JOWPLJOH UIF GVODUJPO EFOPUFE CZ UIF mSTU FMFNFOU XJUI UIF SFTU PG UIF FMFNFOUT BT BSHVNFOUT CVU TPNF TZNCPMT B7 HK#/ FUD NBLF UIF DPNCJOBUJPO FWBMVBUF BT B iTQFDJBM GPSNw

ɨFSF JT B DMPTF DPOOFDUJPO CFUXFFO UIF TZOUBY BOE TFNBOUJDT ɨF DPOOFDUJPO QFSIBQT UIF NPTU EJTUJOHVJTIJOH GFBUVSF PG UIF -JTQ GBNJMZ DBMMFE IPNPJDPOJDJUZ JT UIBU QSPHSBN DPEF DBO CF SFBE BT FMFNFOUT PG UIF GVOEBNFOUBM EBUB UZQFT PG UIF MBOHVBHF JUTFMG TZNCPMT BOE MJUFSBMT BSF mSTUDMBTT WBMVFT BOE DPNCJOBUJPOT BSF TJN QMZ MJTUT 4P B 4DIFNF QSPHSBN DBO CF TFFO BT TJNQMZ B QBSUJDVMBS LJOE PG 4DIFNF WBMVF TFSJBMJ[FE JO 6OJDPEF GPSN )PNPJDPOJDJUZ JT QBSU PG XIBU BMMPXT GPS UIF -JTQ TUZMF PG NFUBQSPHSBNNJOH CZ XPSLJOH EJSFDUMZ XJUI TPVSDF USFFT UISPVHI iNBDSPw GVODUJPOT JOUFHSBUFE TFBNMFTTMZ XJUI UIF QSPHSBNNJOH FOWJSPONFOU *O $PNNPO -JTQ NBDSPT BSF MJLF GVODUJPOT UIBU SFDFJWF UIFJS BSHVNFOU FYQSFTTJPOT VOFWBMVBUFE BOE SFUVSO TPVSDF USFFT UP CF JOTFSUFE CZ UIF DPNQJMFS EVSJOH iNBDSPFYQBOTJPOw 4UBOEBSE 4DIFNF JOTUFBE QSPWJEFT B NPSF TPQIJTUJDBUFE TZTUFN PG UFNQMBUFMJLF NBDSP EFmOJUJPO UIBU JT iIZHJFOJD w JF PĊFST DFSUBJO HVBSBOUFFT SFHBSEJOH WBSJ BCMF OBNF DBQUVSF #JHMPP MJLF NPTU 4DIFNF JNQMFNFOUBUJPOT PĊFST CPUI TUZMFT PG NBDSP QSPHSBNNJOH

Ǽ *OUSPEVDUJPO UP #JHMPP

#JHMPP JT NPTUMZ XSJUUFO JO 4DIFNF JU JT B iCPPUTUSBQQJOHw DPNQJMFS NFBOJOH UIBU UP DPNQJMF JU GSPN TDSBUDI SFRVJSFT B QSFDPNQJMFE #JHMPP FYFDVUBCMF ɨBU UIF FOUJSF DPNQJMFS JT XSJUUFO JO 4DIFNF NBLFT XPSLJOH PO JU SFMBUJWFMZ FBTZ DPNQBSFE UP JG JU IBE CFFO XSJUUFO JO $ 1BSUT PG UIF SVOUJNF MJCSBSZ UIBU DPNQJMFE QSPHSBNT DBMM VQPO BSF XSJUUFO JO $

ɨF #JHMPP EFTJHO JT TUSVDUVSFE VTJOH UXP OPOTUBOEBSE GFBUVSFT PG #JHMPPT EJ BMFDU PG 4DIFNF B NPEVMF TZTUFN BOE B GSBNFXPSL GPS PCKFDU PSJFOUBUJPO 4P UIF

-JTUJOH ǻ "OOPUBUFE #JHMPP GBDUPSJBM GVODUJPO

U/27BM2 U7+iQ`BH,,BMi M,,BMiV UB7 UI4 M RV

R

U M U7+iQ`BH U@ M RVVVVV

MBSHFTDBMF TUSVDUVSF PG UIF TZTUFN JT PSHBOJ[FE VTJOH NPEVMFT EJĊFSFOU DPNQJMB UJPO QBTTFT SFTJEF JO EJĊFSFOU NPEVMFT GPS JOTUBODF CVU NPTUMZ PQFSBUF PO UIF TBNF PCKFDUPSJFOUFE EBUB TUSVDUVSFT ɨJT EFTJHO NBLFT JU DPOWFOJFOU UP FYUFOE UIF TZT UFN XJUI B OFX CBDLFOE POF POMZ OFFET UP FYUFOE UIF#+F2M/DMBTT SFHJTUFS B DPOTUSVDUJPO GVODUJPO XJUI UIF DPNQJMFS ESJWFS NPEVMF BOE BEE B OFX DPNNBOE MJOF PQUJPO UP DIPPTF JU

ǼǺ -BOHVBHF

4JODF UIF TUBOEBSE 4DIFNF PG UIF SFQPSUT JT TP NJOJNBM DPODSFUF 4DIFNF TZTUFNT VTVBMMZ QSPWJEF FYUFOTJPOT CPUI UP UIF MBOHVBHF JUTFMG BOE UP UIF TUBOEBSE MJCSBSZ #JHMPP BMTP DIPPTFT UP EFWJBUF GSPN UIF TQFDJmDBUJPO JO TPNF JOTUBODFT XIFSF GPM MPXJOH UIF FYBDU 4DIFNF TFNBOUJDT XPVME NBLF UIF SFTVMUJOH $ DPEF TMPXFS PS MFTT TUSBJHIUGPSXBSE XJUI MJUUMF CFOFmU

ǼǺǺ 5ZQF 4ZTUFN

4UBOEBSE 4DIFNF JT MBUFOUMZ UZQFE NFBOJOH UIBU UZQFT EP OPU BQQFBS FYQMJDJUMZ JO UIF TPVSDF DPEF BOE UIBU JO UIF TFNBOUJDT POMZ WBMVFT IBWF UZQFT OPU WBSJ BCMFT 4UBOEBSE GVODUJPOT BSF EFmOFE UP DBVTF FSSPST XIFO JODPSSFDUMZ BQQMJFE GPS JOTUBODF 7B`bi DBVTFT BO FSSPS JG BQQMJFE UP B OPOMJTU ɨFSF JT OP FYQMJDJU XBZ UP EFmOF EFSJWFE UZQFT MJLF SFDPSET BOE QSPEVDU UZQFT XJUI TUBOEBSE 4DIFNF UIF QSPHSBNNFS DBO FJUIFS VTF NFUBQSPHSBNNJOH NBDSPT UP EFmOF GBDJMJUJFT MJLF

/27BM2@`2+Q`/ PS TJNQMZ SFQSFTFOU DPNQPTJUF WBMVFT BT MJTUT PS WFDUPST QFSIBQT QSPWJEJOH BDDFTTPS GVODUJPOT UP DSFBUF B QTFVEPBCTUSBDU EBUB UZQF

*O #JHMPPT MBOHVBHF B TZOUBY FYUFOTJPO QSPWJEFT PQUJPOBM NBOJGFTU UZQJOH PG WBSJBCMFT XIJDI CFTJEFT CFJOH B LJOE PG EPDVNFOUBUJPO BOE B XBZ UP EFUFDU CVHT BU DPNQJMF UJNF DBO BMTP IFMQ UIF DPNQJMFS HFOFSBUF CFUUFS DPEF 'PS FYBNQMF MJTUJOH ǻ TIPXT B SFDVSTJWF GBDUPSJBM GVODUJPO EFmOFE XJUI UZQF BOOPUBUJPOT ɨFBMiUZQF JU VTFT JT POF PG #JHMPPT QSJNJUJWF JOUFHSBM UZQFT 8JUI UIF $ CBDLFOE UIJT GVODUJPO JT DPNQJMFE UP DPEF UIBU VTFT $T QSJNJUJWFBMiUZQF UIF --7. CBDLFOE VTFT UIF

-JTUJOH Ǽ " TJNQMF NPEVMF IFBEFS DMBVTF

UKQ/mH2 Ki?nbim77

UBKTQ`i Ki?n?2HT2`bV cc AKTQ`i MQi?2` KQ/mH2X U2tTQ`i

U7+iQ`BH,,BMi ,,BMiV cc 1tTQ`i  7mM+iBQM TB V cc M/  p`B#H2X

UKBM Ki?ni2biVV cc .2+H`2  KBM 7mM+iBQMX

BjkUZQF 8JUIPVU BOOPUBUJPOT UIF GVODUJPO XPVME BMTP CF BCMF UP IBOEMF nPBUJOH QPJOU OVNCFST CJHOVNT BOE TP PO XJUI DPSSFTQPOEJOH DPTU JO QFSGPSNBODF #Z EFGBVMU #JHMPP XJMM BMTP HFOFSBUF SVOUJNF UZQF DIFDLJOH DPEF UIPVHI UIJT DBO CF EJTBCMFE

.BOJGFTU UZQJOH PG GVODUJPO QBSBNFUFS JT BMTP BO JNQPSUBOU QBSU PG UIF PCKFDU TZTUFN EFTDSJCFE JO TFDUJPO ǼǺǼ "MTP #JHMPP TVQQPSUT UIF TFNJTUBOEBSE 43'*Ȃ GSBNFXPSL GPS EFmOJOH SFDPSE UZQFT

8IFO VTJOH UIF $ CBDLFOE UIF #JHMPP UZQF TZTUFN JT JOUFHSBUFE XJUI UIF $ UZQF TZTUFN ɨJT NBLFT JU FBTZ UP JNQPSU BOE FYQPSU GVODUJPOT CFUXFFO $ BOE #JHMPP

ǼǺǻ .PEVMF 4ZTUFN

5P IFMQ HJWF TUSVDUVSF UP MBSHFS QSPHSBNT #JHMPP DPEF JT PSHBOJ[FE JO NPEVMFT XJUI TUBUJDBMMZ EFmOFE JOUFSGBDFT ɨF NPEVMF JT UIF CBTJD VOJU PG DPNQJMBUJPO POF NPEVMF DPSSFTQPOET UP POF PCKFDU mMF 5PPMT BSF QSPWJEFE UP DBMDVMBUF EFQFOEFODJFT CFUXFFO NPEVMFT UP NBLF DPNQJMBUJPO PG MBSHF TZTUFNT FBTZ " NPEVMF JT EFmOFE CZ B NPEVMF IFBEFS DMBVTF BU UIF CFHJOOJOH PG B TPVSDF mMF TFF FH MJTUJOH Ǽ

ǼǺǼ 0CKFDUT

0CKFDU PSJFOUFE QSPHSBNNJOH JT CVJMU JOUP #JHMPP PO B GVOEBNFOUBM MFWFM DMBTT EFDMBSBUJPOT CFMPOH UP NPEVMF JOUFSGBDFT PCKFDU PQFSBUJPOT BSF QSJNJUJWF XJUIJO UIF DPNQJMFS BOE TP PO UIPVHI JU JT OPU UIF DBTF UIBU iFWFSZUIJOH JT BO PCKFDUw ɨF PCKFDU TZTUFN JT TJNJMBS UP $-04 <$PNNPO -JTQ 0CKFDU 4ZTUFN TFF 1JUNBO ǺȂȂǿ DIBQUFS Ȁ> CVU XBT QSJNBSJMZ JOTQJSFE CZ BOPUIFS 4DIFNF PCKFDU TZTUFN DBMMFE .FSPPO <TFF 2VFJOOFD ǺȂȂǼ> $PNQBSFE UP $-04 #JHMPPT PCKFDU TZTUFN MJLF .FSPPO JT NPSF TJNJMBS UP PUIFS XJEFMZVTFE PCKFDU TZTUFNT JO UIBU JUT SVOUJNF EJTQBUDIJOH POMZ DPOTJEFST POF BSHVNFOU UIF iTFMGw PS iUIJTw QBSBNFUFS XIFSFBT

$-04 VTFT iNVMUJQMF EJTQBUDIw "MTP #JHMPPT PCKFDU TZTUFN BHBJO MJLF .FSPPO TVQQPSUT POMZ TJOHMF JOIFSJUBODF

"T XJUI $-04 DMBTTFT BOE NFUIPET BSF EFmOFE TFQBSBUFMZ " NFUIPE JT B GVOD UJPO UIBU JT TQFDJBMJ[FE PO UIF SVOUJNF UZQF PG JUT mSTU BSHVNFOU .BOZ NFUIPET DBO CF DPMMFDUFE CZ CFMPOHJOH UP UIF TBNF HFOFSJD GVODUJPO " HFOFSJD GVODUJPO DPOTJTUT PG B OBNF BOE B UZQF TJHOBUVSF BOE CFMPOHT UP B DFSUBJO DMBTT %JĊFSFOU DPODSFUF NFUIPET GPS FWFSZ TVCDMBTT DBO UIFO CF BTTPDJBUFE XJUI UIJT HFOFSJD GVODUJPO 5P JOWPLF B HFOFSJD GVODUJPO UIF BQQSPQSJBUF NFUIPE GPS UIF DMBTT PG UIF iUIJTw QB SBNFUFS NVTU CF GPVOE ɨF --7. CBDLFOE VTFT UIF EJTQBUDIJOH DPEF PG UIF $ SVOUJNF MJCSBSZ UP EP UIJT

Ǽǻ -JNJUBUJPOT

#JHMPPT NPTU TJHOJmDBOU EFWJBUJPO GSPN 3Ǿ34 JT UIBU UBJM DBMMT JO UIF HFOFSBM DBTF BSF OPU PQUJNJ[FE JO UIF XBZ UIF TQFDJmDBUJPO SFRVJSFT 5BJM DBMMT UP GVODUJPOT MPDBMMZ EFmOFE VTJOH/27BM2PS UIF GVODUJPOBMH2iDPOTUSVDU BSF PQUJNJ[FE JOUP KVNQT XIJDI UBLFT DBSF PG UIF NPTU DPNNPO DBTFT CVU UIJT JT OPU FOPVHI UP TVQQPSU TPNF LJOET PG QSPHSBNNJOH UIBU 4DIFNF XBT EFTJHOFE UP BMMPX DPSPVUJOFT BDUPS TUZMF DPOUSPM nPX BOE TP PO "U MFBTU UIF (/6 $ DPNQJMFS BUUFNQUT UP EP TPNF UBJM DBMM PQUJNJ[BUJPO CVU NBLFT OP HVBSBOUFFT *O QSBDUJDF #JHMPP EFWFMPQFST BSF SFDPNNFOEFE UP BWPJE HFOFSBM UBJM SFDVSTJPO MFTU UIF QSPHSBN SVO PVU PG TUBDL TQBDF

ǼǼ 0QUJNJ[BUJPOT

"TJEF GSPN TUBOEBSE PQUJNJ[BUJPOT MJLF UBJMDBMM PQUJNJ[BUJPO MPPQ VOSPMMJOH BOE JOMJOJOH #JHMPP VTFT TPNF OPWFM UFDIOJRVFT UIBU BSF XFMMTVJUFE GPS 4DIFNFT EZ OBNJD OBUVSF " DPNQJMBUJPO QBTT DBMMFE TUPSBHF VTF BOBMZTJT <TFF 4FSSBOP BOE 'FFMFZ ǺȂȂǿ> JT VTFE UP EJTDPWFS JOGPSNBUJPO QFSUBJOJOH UP UIF PQUJNBM BMMPDBUJPO PG WBMVF TUPSBHF SFQMBDJOH IFBQ BMMPDBUJPOT XJUI TUBDL BMMPDBUJPO IBOEMJOH DMPTVSFT Fċ DJFOUMZ BMMPXJOH VOCPYFE SFQSFTFOUBUJPOT BOE FMJNJOBUJOH SFEVOEBOU UZQF DIFDLT #JHMPP BMTP JODPSQPSBUFT SFTFBSDI PO XIFO BVUPNBUJD JOMJOF FYQBOTJPO PG GVODUJPOT TIPVME CF EPOF <TFF 4FSSBOP ǺȂȂȀ>

ǽ *OUSPEVDUJPO UP --7.

ɨF OBNF --7. XBT PSJHJOBMMZ BO BDSPOZN GPS i-PX-FWFM 7JSUVBM .BDIJOFw 6O MJLF NPTU PUIFS WJSUVBM NBDIJOFT TVDI BT UIF +BWB BOE /&5 WJSUVBM NBDIJOFT

--7. IBT OP TFDVSJUZ GFBUVSFT MJLF CZUFDPEF WFSJmDBUJPO PS PCMJHBUPSZ DIFDLJOH PG EZOBNJD UZQFT PS BSSBZ CPVOET OP CVJMUJO HBSCBHF DPMMFDUJPO BOE OP DPODFSO GPS DSPTTQMBUGPSN QPSUBCJMJUZ PG DPNQJMFE NPEVMFT *O NBOZ SFTQFDUT JU IBT NPSF JO DPNNPO XJUI B $ DPNQJMFS UIBO B UZQJDBM WJSUVBM NBDIJOF FYDFQU JOTUFBE PG $ JU XPSLT XJUI B MBOHVBHF FYQMJDJUMZ EFTJHOFE UP CF BO JOUFSNFEJBUF MBOHVBHF GPS DPNQJMFST BOE JOTUFBE PG GPMMPXJOH UIF DMBTTJDBM NPEFM PG B DPNQJMFS FYFDVUBCMF USBOTGPSNJOH BO JOQVU TPVSDF mMF JOUP BO PVUQVU PCKFDU mMF JU BMTP QSPWJEFT BO PCKFDUPSJFOUFE MJCSBSZ GPS DPNQJMJOH BOE FYFDVUJOH GVODUJPOT

ǽǺ 7JSUVBM .BDIJOF $IBSBDUFSJTUJDT

ǽǺǺ 7BMVFT BOE 5ZQFT

ɨF UZQF TZTUFN PG --7. *3 JT POF PG JUT NPTU JNQPSUBOU GFBUVSFT 'VODUJPOT JOTUSVDUJPOT BOE WBMVFT BMM IBWF XFMMEFmOFE BOE TUBUJDBMMZ DIFDLFE UZQFT *O UZQJDBM NBDIJOF BTTFNCMZ MBOHVBHFT UIFSF JT B TFU PG VOUZQFE CVU XPSETJ[FE SFHJTUFST BOE B CZUFBEESFTTFE TUPSF PG VOUZQFE NFNPSZ JO --7. *3 JOTUFBE UIFSF BSF UZQFE OBNFT SFQSFTFOUJOH WBMVFT PG B HJWFO TJ[F BOE UZQF XIJDI JO UIF DPNQJMFE NBDIJOF DPEF NBZ CF IFME JO FJUIFS SFHJTUFST PS NFNPSZ

ɨF FTTFOUJBM QSJNJUJWF WBMVF UZQFT PG --7. BSF JOUFHSBM BOE nPBUJOHQPJOU OVNCFST PG WBSJPVT TJ[FT UIFSF JT BMTP UIF WPJE UZQF UIF UZQF PG MBCFMT BOE B UZQF GPS XIBU --7. DBMMT iNFUBEBUBw 'SPN UIFTF UZQFT XF DBO CVJME EFSJWFE UZQFT QPJOUFST TUSVDUVSFT BSSBZT BOE WFDUPST MJLF BSSBZT PG QSJNJUJWF WBMVFT JOUFOEFE UP CF PQUJNJ[FE XJUI 4*.% UFDIOJRVFT

--7. TUSJDUMZ VQIPMET UIF EJĊFSFODF CFUXFFO JOUFHFST BOE QPJOUFST ɨFSF JT B XFMMUZQFE JOTUSVDUJPO ;2i2H2K2MiTi` GPS DBMDVMBUJOH UIF BEESFTT PG B QBSUJDVMBS FMFNFOU PG B EFSJWFE UZQF JG POF XJTIFT UP EP FYQMJDJU QPJOUFS BSJUINFUJD POF NVTU VTF FYQMJDJU DPOWFSTJPO JOTUSVDUJPOT

ǽǺǻ 'VODUJPOT #MPDLT BOE *OTUSVDUJPOT

"MM *3 JOTUSVDUJPOT PDDVS XJUIJO TPNF GVODUJPO EFmOJUJPO ɨFZ BSF BMTP PSHBOJ[FE JOUP iCBTJD CMPDLT w TVDI UIBU FWFSZ MBCFM NVTU CF QSFDFEFE CZ B iUFSNJOBUPS JO TUSVDUJPO w FH B CSBODI PS SFUVSO

ǽǺǼ 4UBUJD 4JOHMF "TTJHONFOU

7BMVF OBNFT JO --7. *3 BSF TPNFUJNFT DBMMFE iSFHJTUFST w CVU UIFZ EJĊFS GSPN UZQJDBM NBDIJOF SFHJTUFST JO UIBU UIFZ DBO POMZ CF BTTJHOFE UP PODF ɨJT SFRVJSF

NFOU DPNFT GSPN UIF GBDU UIBU --7. FOGPSDFT TPDBMMFE TUBUJD TJOHMF BTTJHONFOU

GPSN 44" XIJDI JT B XBZ PG XSJUJOH DPEF UIBU NBLFT NBOZ PQUJNJ[BUJPOT FBT

JFS )PXFWFS DPEF HFOFSBUPST EP OPU OFFE UP XPSSZ BCPVU UIJT UPP NVDI CFDBVTF BMM WBSJBCMFT DBO CF DPEFE BT MPBET GSPN BOE TUPSFT UP TUBDL PS IFBQ NFNPSZ POF PG --7.T PQUJNJ[BUJPO QBTTFT K2Kk`2; UIFO FĊFDUJWFMZ USBOTGPSNT UIJT VTBHF JOUP DPOWFOUJPOBM 44" GPSN

ǽǻ "1* WT (FOFSBUJOH "TTFNCMZ

ɨFSF BSF UISFF EJĊFSFOU NBOJGFTUBUJPOT PG --7. *3 UIF JOUFSOBM SFQSFTFOUBUJPO PG QSPHSBNT XJUIJO UIF --7. SVOUJNF TUPSBCMF iCJUDPEF w BOE IVNBOSFBEBCMF BTTFNCMZ UFYU ɨF --7. $ MJCSBSZ QSPWJEFT BO PċDJBM "1* GPS EJSFDUMZ DSFBUJOH QSPHSBNT JO UIF JOUFSOBM GPSNBU XIJDI IBT TPNF BEWBOUBHFT PWFS HPJOH WJB CJUDPEF PS BTTFNCMZ 0OF TMJHIU CFOFmU JT SFMBUFE UP QFSGPSNBODF UIF XPSL PG XSJUJOH BOE SFBEJOH BTTFNCMZ DPEF JT FMJNJOBUFE #VU UIF NBKPS BEWBOUBHF JT UIBU VTJOH UIF "1* MFUT POF CZQBTT UIF XIPMF QSPDFEVSF PG HFOFSBUJOH BO PCKFDU mMF PQFOJOH VQ GPS PUIFS NPEFMT PG DPNQJMBUJPO UIBO UIF DMBTTJDBM TUBUJD NPEFM GPS FYBNQMF BMMPXJOH QSPHSBNT UP BDDFTT UIF DPNQJMFS BU SVOUJNF UP TQFDJBMJ[F DMPTVSFT PS EPJOH EJĊFSFOU LJOET PG EZOBNJD PQUJNJ[BUJPO --7. JUTFMG IBT TVQQPSU GPS +*5 DPNQJMBUJPO BOE UIFSF JT BO FWFSHSPXJOH mFME PG MJUFSBUVSF BCPVU IPX UP PQUJNJ[F EZOBNJD QSPHSBNT CBTFE PO TUBUJTUJDBM JOGPSNBUJPO BCPVU SVOUJNF FYFDVUJPO QBUIT <TFF FH "SOPME FU BM ǻǹǹǾ> 4DIFNF TQFDJmFT UIF2pHGVODUJPO GPS FWBMVBUJOH BSCJUSBSZ GPSNT BU SVOUJNF XIJDI #JHMPP DVSSFOUMZ JNQMFNFOUT CZ JOUFSQSFUBUJPO JU XPVME CF OJDF UP BMTP PĊFS SVOUJNF DPNQJMBUJPO

Ǿ $PNQJMBUJPO 5PQJDT

ǾǺ $POUJOVBUJPOT

ɨF BCJMJUZ UP EJSFDUMZ NBOJQVMBUF UIF DVSSFOU DPOUJOVBUJPO JT POF PG UIF EJTUJOHVJTI JOH GFBUVSFT PG 4DIFNF ɨF OPUJPO PG B DPOUJOVBUJPO PS iDPOUFYUw JT PGUFO VTFE JO GPSNBM TQFDJmDBUJPOT PG QSPHSBNNJOH MBOHVBHF TFNBOUJDT BOE EFOPUFT GPS TPNF QBSUJDVMBS FYQSFTTJPO XIJDI JT UP CF FWBMVBUFE UIF FOUJSF iSFNBJOJOHw DPNQVUBUJPO UP CF QFSGPSNFE XJUI UIF FYQSFTTJPOT WBMVF BT JOQVU *O 4DIFNF UIJT SFNBJO JOH DPNQVUBUJPO DBO CF iSFJmFEw BT B GVODUJPOMJLF WBMVF VTJOH UIF TQFDJBM GPSN

+HH@rBi?@+m``2Mi@+QMiBMmiBQM PS +HHf++ ɨF NFBOJOH PG JOWPLJOH TVDI B SFJmFE DPOUJOVBUJPO JT UP SFQMBDF UIF DVSSFOU DPOUJOVBUJPO XJUI UIF DPOUJOV BUJPO UIBU XBT SFJmFE XJUI UIF BSHVNFOUT UP UIF GVODUJPOT CFDPNJOH UIF JOQVUT UP

UIBU DPOUJOVBUJPO ɨF+HHf++GPSN UBLFT BT BSHVNFOU B VOBSZ GVODUJPO XIJDI JT BQQMJFE UP UIF SFJmFE DPOUJOVBUJPO PG UIF+HHf++GPSN UIF GVODUJPOT SFUVSO WBMVF CFDPNFT UIF WBMVF PG UIF+HHf++ GPSN #VU TJODF UIF DPOUJOVBUJPO PG UIF GPSN IBT CFFO SFJmFE BOE QPTTJCMZ TBWFE JO TPNF WBSJBCMF JO BO PVUFS TDPQF JU JT QPTTJCMF GPS UIF+HHf++GPSN UP iSFUVSO BOZ OVNCFS PG UJNFTw ɨJT PQFSBUJPO BMMPXT UIF JNQMFNFOUBUJPO PG NBOZ EJĊFSFOU NPSF PS MFTT FYPUJD DPOUSPM TUSVDUVSFT FYDFQUJPOT DBO CF RVJUF OBUVSBMMZ GPSNVMBUFE JO UFSNT PG +HHf++ BT XFMM BT iCBDLUSBDLJOHw OPOEFUFSNJOJTUJD PQFSBUPST MJLFK# DPPQFSBUJWF UISFBET BOE TP PO

$PNQJMJOH mSTUDMBTT DPOUJOVBUJPOT FċDJFOUMZ JT OPUBCMZ EJċDVMU 0OF TUSBUFHZ JOWPMWFT VTJOH UIF $14 USBOTGPSN UP BVUPNBUJDBMMZ SFXSJUF UIF JOQVU QSPHSBN JOUP iDPOUJOVBUJPOQBTTJOH TUZMF w <TFF FH "QQFM ǺȂȂǻ> JO XIJDI BMM GVODUJPOT BSF NBEF UP BDDFQU UIF DVSSFOU DPOUJOVBUJPO BT B GVODUJPOBM BSHVNFOU BOE JO XIJDI JOTUFBE PG SFUVSOJOH JUT DPNQVUFE WBMVF B GVODUJPO CPEZ QBTTFT DPOUSPM UP UIF DPOUJOVBUJPO XJUI B UBJM DBMM ɨVT UIF+HHf++PQFSBUPS JT USJWJBM UP JNQMFNFOU BT TJNQMZ NBLJOH WJTJCMF UIF PUIFSXJTF JNQMJDJU DPOUJOVBUJPO QBSBNFUFS

*O UIJT TUZMF GVODUJPOT OFWFS SFUVSO BOE JG DPNQJMFE JOUP $ DPEF XIFSF UBJM DBMM PQUJNJ[BUJPO DBOOPU CF HVBSBOUFFE UIF DBMM TUBDL XJMM HSPX JOEFmOJUFMZ ɨFSF BSF JOHFOVPVT NFUIPET GPS TPMWJOH UIF TUBDL HSPXUI QSPCMFN FWFO XJUI SFBTPOBCMZ QPSUBCMF $ DPEF CVU UIFTF JODVS TPNF GVODUJPO DBMM PWFSIFBE "MTP UIF iJOTJEFPVUw DBMM TUSVDUVSF NBLFT JU USJDLJFS UP TVQQPSU DBMMCBDL GVODUJPOT GSPN $ JOUP 4DIFNF GPS FYBNQMF DPOTJEFS VTJOH B DPNQBSJTPO GVODUJPO JO DPOUJOVBUJPOQBTTJOH TUZMF XJUI UIF TUBOEBSE $[bQ`iGVODUJPO

#JHMPP EPFT OPU VTF UIF $14 USBOTGPSN *OTUFBE JU DPNQJMFT GVODUJPO DBMMT BOE SFUVSOT JO UIF PCWJPVT XBZ ɨF+HHf++ PQFSBUPS JT JNQMFNFOUFE CZ TJN QMZ DPQZJOH UIF SFMFWBOU FYFDVUJPO DPOUFYU‰JF BMM SFHJTUFST BOE UIF FOUJSF TUBDL DPOUBJOJOH BSHVNFOUT MPDBM WBSJBCMFT BOE SFUVSO BEESFTTFT‰JOUP IFBQBMMPDBUFE NFNPSZ ɨF SFHJTUFS TFU JT TBWFE BOE SFTUPSFE VTJOH UIF *40 $ GVODUJPOTb2iDKT

BOEHQM;DKT ɨFSF JT OP MFHBM XBZ UP TBWF BOE SFTUPSF UIF DPOUFOUT PG UIF TUBDL CVU UIF XBZ #JHMPPT $ CBDLFOE JNQMFNFOUT UIJT XPSLT JO QSBDUJDF JU TJNQMZ VTFT

K2K+TvUP DPQZ NFNPSZ SFMBUJWF UP UIF BEESFTT PG UIF imSTUw WBSJBCMF PG UIFKBM

GVODUJPO

'PS UIF --7. CBDLFOE * DIPTF UP TJNQMZ EJTBCMF UIF+HHf++PQFSBUPS BT UIF +7. CBDLFOE BMTP EPFT ɨF TUBDLDPQZJOH BQQSPBDI VTJOHb2iDKTBOEHQM;DKT

DPVME CF JNQMFNFOUFE XJUIPVU NVDI EJċDVMUZ CVU --7. DVSSFOUMZ EPFT OPU FO DPVSBHF UIJT BOE VTJOH TVDI UFDIOJRVFT NBZ DBVTF IBSEUPEJBHOPTF QSPCMFNT

Ǿǻ &YDFQUJPOT

ɨFPSFUJDBMMZ FYDFQUJPOT DBO CF WJFXFE BT SFTUSJDUFE DPOUJOVBUJPOT POFT UIBU NBZ OPU FTDBQF UIFJS EZOBNJD TDPQF *O UFSNT PG UIF FYFDVUJPO TUBDL UISPXJOH BO FY DFQUJPO TJNQMZ NFBOT EJTDBSEJOH iVOXJOEJOHw UIF UPQ FOUSJFT PG UIF TUBDL VOUJM B NBUDIJOH+i+?TUBUFNFOU JT GPVOE XIFSFBT SFTUPSJOH B DPOUJOVBUJPO JO UIF HFOFSBM DBTF NBZ SFRVJSF MPBEJOH B UPUBMMZ EJĊFSFOU TUBDL

*O #JHMPP FYDFQUJPOT BSF BT DPOUJOVBUJPOT BSF JO UIF $ CBDLFOE JNQMFNFOUFE VTJOHb2iDKT BOEHQM;DKT 4DIFNF DPEF VTJOH FYDFQUJPOT JT USBOTGPSNFE JOUP DPEF UIBU POMZ VTFT TJNQMF QSJNJUJWFT GPS QVTIJOH BOE QPQQJOH UIF FYFDVUJPO DPO UFYUT PĊ B HMPCBM TUBDL PG DPOUFYUT ɨJT XBT BMTP JNQMFNFOUFE JO UIF --7. CBDL FOE

ǾǼ 3VOUJNF -JCSBSZ

ɨF DPEF UIBU #JHMPPT $ CBDLFOE HFOFSBUFT EFQFOET PO B MJCSBSZ PG SVOUJNF GVOD UJPOBMJUZ UP JNQMFNFOU GVOEBNFOUBM EBUB TUSVDUVSFT BOE CVJMUJO GVODUJPOT ɨJT DPNNPO GVODUJPOBMJUZ JT TFQBSBUFMZ DPNQJMFE BOE MJOLFE UPHFUIFS XJUI UIF HFOFS BUFE DPEF BT B EZOBNJD PS TUBUJD MJCSBSZ *UT EBUB UZQFT BOE GVODUJPOT BSF FYQPTFE UP UIF HFOFSBUFE DPEF UISPVHI UIF TJOHMF IFBEFS mMF#B;HQQX? ɨJT MJCSBSZ DPOUBJOT B MBSHF BNPVOU PG TVQQPSU DPEF GPS mMF BOE TPDLFU *0 UISFBET QSPDFTT DPOUSPM BSJUINFUJD BOE TUSJOH PQFSBUJPOT 6OJDPEF TVQQPSU FUD ɨF --7. CBDLFOE SFVTFT BT NVDI PG UIJT BT QPTTJCMF

ǿ 3FTVMUT

ǿǺ "O --7. #BDLFOE GPS #JHMPP

ɨF SFTVMU PG NZ QSPKFDU JT BO FYUFOTJPO PG UIF #JHMPP DPNQJMFS TZTUFN UIBU DPNQJMFT 4DIFNF NPEVMFT JOUP OBUJWF DPEF UISPVHI --7. *U IBOEMFT B MBSHF TVCTFU PG UIF #JHMPP MBOHVBHF XJUI POMZ B GFX FYDFQUJPOT *U JT DPNQBUJCMF XJUI NPEVMFT DPN QJMFE UISPVHI UIF $ CBDLFOE BOE VTFT UIF TUBOEBSE #JHMPP SVOUJNF MJCSBSZ ɨF SVOUJNF QFSGPSNBODF JT DVSSFOUMZ XPSTF UIBO UIBU PG UIF $ CBDLFOE CVU * FYQFDU UIBU UIJT JT NPTUMZ CFDBVTF PG UIF XPSLBSPVOE EFTDSJCFE JO TFDUJPO ǿǺǻ XIJDI DPVME CF mYFE TPNFXIBU TUSBJHIUGPSXBSEMZ UIPVHI JU XPVME UBLF NPSF UJNF UIBO BMMPXFE CZ UIF TDPQF PG UIJT QSPKFDU

-JTUJOH ǽ "TTJHOJOH BφOPEF UBMbiMiBi2,,B`@bbB;MK2Mi UMK2 ]W7QQ]V UMQ/2 UBMbiMiBi2,,B`@BMbi`@T?B Ui#H2 <UU-UKF2@B`@HBi@BMi Bjk yV -UKF2@B`@H#2H ]]VV U-UKF2@B`@HBi@BMi Bjk 8V -UKF2@B`@H#2H ]#]VVVVVVV ǿǺǺ *3 MJCSBSZ

"T UIFSF XBT OP FYJTUJOH MJCSBSZ GPS JOUFSGBDJOH #JHMPP BOE --7. * XSPUF B NPEVMF UP EP UIJT *U XPVME IBWF CFFO QPTTJCMF UP DSFBUF B CJOEJOH UP UIF $ --7. "1* CVU * EFDJEFE UP HFOFSBUF *3 UFYU mMFT JOTUFBE UIJT XBT FBTJFS UP JNQMFNFOU BOE mUT XFMM XJUI #JHMPPT FYJTUJOH NPEFM PG DPNQJMBUJPO )PXFWFS UIF NPEVMF JT EFTJHOFE UP CF BEBQUBCMF JG BO "1* CJOEJOH JT NBEF JO UIF GVUVSF UIF PCKFDU SFQSFTFOUBUJPO PG *3 DPEF DPVME CF USBOTMBUFE JOUP "1* DBMMT

*3 OPEFT BSF SFQSFTFOUFE BT JOTUBODFT PG #JHMPP DMBTTFT 'PS FYBNQMF UIF OPEF DPSSFTQPOEJOH UP UIF *3 DPEF

W7QQ 4 T?B Bjk (y- W)- (R- W#)

JT TIPXO JO MJTUJOH ǽ

ǿǺǻ .BDSP 'VODUJPOT

.BOZ TUBOEBSE GVODUJPOT JO UIF #JHMPP MJCSBSZ BSF EFmOFE BT iNBDSP GVODUJPOTw ɨJT JT B UIJSE UZQF PG GVODUJPO UIBU JT EFmOFE OFJUIFS BT B CPEZ PG 4DIFNF DPEF OPS BT BO ''*TUZMF EFDMBSBUJPO PG BO FYUFSOBM $ GVODUJPO CVU BT B GPSNBU TUSJOH ZJFMEJOH B TUSJOH DPOUBJOJOH $ DPEF BQQMJDBUJPOT PG XIJDI UIF DPEF HFOFSBUPS IBOEMFT CZ TJNQMZ TQMJDJOH JO UIF HJWFO TUSJOH 'PS FYBNQMF UIF+@2[\ GVODUJPO JT EFmOFE MJLF UIJT

U2ti2`M UBM7Bt K+`Q +@2[\,,#QQH U,,Q#D ,,Q#DV ]44]VV

ɨJT JOUSPEVDFT B EJċDVMUZ JO DSFBUJOH B OFX CBDLFOE ɨFSF JT B GBDJMJUZ GPS BEEJOH CBDLFOEEFQFOEFOU WBSJBOUT UIF +BWB WFSTJPO PG UIJT GVODUJPO GPS FYBNQMF JT EF mOFE MJLF UIJT

UDp U+Hbb 7Q`2B;M

UK2i?Q/ biiB+ +@2[\,,#QQH U,,Q#D ,,Q#DV ]1Z]VVV

'PS UIF --7. CBDLFOE JU XPVME CF HPPE UP CF BCMF UP EFmOF UIJT LJOE PG NBDSP BT B GVODUJPO SFUVSOJOH *3 DPEF * DIPTF UP QPTUQPOF UIJT JO GBWPS PG B TJNQMF UFNQP SBSZ TPMVUJPO UIBU XPSLT XJUIPVU OFFEJOH UP NBOVBMMZ XSJUF OFX EFmOJUJPOT PG UIF NBOZ NBDSP GVODUJPOT TQSFBE UISPVHIPVU UIF #JHMPP TZTUFN ɨF UFNQPSBSZ TPMV UJPO * JNQMFNFOUFE DSFBUFT B $ mMF GPS FBDI DPNQJMFE NPEVMF DPOUBJOJOH GVODUJPO WBSJBOUT PG FWFSZ VTFE NBDSP GVODUJPO GPS UIF+@2[\ GVODUJPO $ DPEF MJLF UIF GPMMPXJOH NJHIU CF HFOFSBUFE

Q#Dni #;HnK+`Qn+n2[ UQ#Dni - Q#Dni #V & `2im`M  44 #c '

6TFT PG UIF +@2[\ GVODUJPO BSF UIFO DPNQJMFE BT GVODUJPO DBMMT UP UIJT FYUFSOBM GVODUJPO XIJDI JT DPNQJMFE XJUI B $ DPNQJMFS BOE MJOLFE JOUP UIF mOBM QSPHSBN ɨJT TPMVUJPO JT CBTJDBMMZ B IBDL CVU DPOTJEFSJOH UIF MBSHF RVBOUJUZ PG NBDSP GVODUJPOT EFmOFE JO UIF TUBOEBSE MJCSBSZ‰BT XFMM BT JO PUIFS MJCSBSJFT BOE BQQMJDBUJPOT‰ * DIPTF UP EP UIF TJNQMFTU UIJOH UIBU XPVME XPSL BOE MFU NF DPOUJOVF XJUI UIF SFTU PG UIF CBDLFOE 0G DPVSTF UIJT DPNQSPNJTFT POF PG UIF QSPKFDUT HPBMT OBNFMZ UP HFU SJE PG UIF OFFE GPS B $ DPNQJMFS BOE BMTP IBT B OFHBUJWF FĊFDU PO SVOUJNF QFSGPSNBODF *G UIJT CBDLFOE JT UP CF JODMVEFE XJUI UIF #JHMPP TZTUFN B TZTUFN GPS EFmOJOH JOMJOF --7. NBDSPT XJMM IBWF UP CF EFTJHOFE

ǿǺǼ 6TJOH $MBOH UP 5SBOTMBUF 1SFMVEF $PEF

ɨF IFBEFS mMF #B;HQQX? JODMVEFE CZ BMM DPNQJMFE #JHMPP QSPHSBNT DPOUBJOT B MPU PG EFmOJUJPOT PG EBUB TUSVDUVSFT BOE NBDSPT BT XFMM BT EFDMBSBUJPOT PG MJCSBSZ GVODUJPOT .VDI PG UIJT JT SFMFWBOU UP UIF --7. CBDLFOE CVU DBOOPU CF VTFE EJSFDUMZ TJODF --7. EPFT OPU TVQQPSU $ IFBEFS mMFT

5SBOTMBUJOH $ DPEF JOUP --7. *3 JT B QSPCMFN BEFRVBUFMZ TPMWFE CZ $MBOH BO --7. TVCQSPKFDU UIBU JNQMFNFOUT B GVMMZ GVODUJPOBM $ DPNQJMFS VTJOH --7. BT B CBDLFOE 5P USBOTMBUF UIF OFFEFE QBSUT JOUP --7. DPEF TFNJBVUPNBUJDBMMZ * VTFE UIF $MBOH DPNQJMFS XJUI UIF@2KBi@HHpKPQUJPO PO B EVNNZ $ QSPHSBN UIBU VTFE POMZ UIF OFFEFE QBSUT PG #JHMPPT IFBEFS mMF

)PXFWFS UIJT BQQSPBDI POMZ XPSLT GPS EBUB TUSVDUVSF EFmOJUJPOT BOE NBDSPT UIBU FWBMVBUF UP FYQSFTTJPOT XIJDI DBO CF SFQSFTFOUFE BT --7. GVODUJPOT 4PNF NBDSPT FWBMVBUF UP HMPCBM EFmOJUJPOT PG WBMVFT FH .16AL1nah_AL: TJODF --7. IBT OP NBDSP GBDJMJUJFT * JNQMFNFOUFE UIJT LJOE PG GVODUJPOBMJUZ CZ IBOE JO UIF CBDLFOE

ǿǺǽ --7. 0QUJNJ[BUJPO

--7. *3 DPEF HFOFSBUFE CZ UIF OFX CBDLFOE JT TVCPQUJNBM CVU IJHIMZ BNFOBCMF UP UIF LJOET PG BVUPNBUJD PQUJNJ[BUJPO QFSGPSNFE CZ --7.T PQUJNJ[FS .PTU PCWJPVT JT UIF FMJNJOBUJPO PG BMMPDBUJPOT MPBET BOE TUPSFT EPOF CZ UIFK2Kk`2;

PQUJNJ[BUJPO QBTT #FGPSF --7.T PQUJNJ[BUJPO B TJNQMF GBDUPSJBM GVODUJPO DPN QJMFT UP ȁǾ JOTUSVDUJPOT BOE MBCFMT BGUFS PQUJNJ[BUJPO UIJT OVNCFS JT SFEVDFE UP ǺȂ ɨF VOPQUJNJ[FE DPEF EPFT ǻǹ TUBDL BMMPDBUJPOT ǻǻ MPBET BOE ǻǻ TUPSFT UIF PQUJNJ[FS FMJNJOBUFT BMM PG UIFTF UISPVHI QIJ DPOWFSTJPO BOE TUSFOHUI SFEVDUJPO

Ȁ 'VUVSF 8PSL

4PNF XPSL SFNBJOT GPS UIF --7. CBDLFOE UP CF B VTBCMF SFQMBDFNFOU GPS UIF $ CBDLFOE

ȀǺ .BDSPT

'PS QFSGPSNBODF UIF NBDSP GVODUJPOT BEESFTTFE JO TFDUJPO ǿǺǻ TIPVME CF JNQMF NFOUFE BT --7. GVODUJPOT PS JOMJOFE *3 DPEF ɨF DVSSFOU EFTJHO GPS TQFDJGZJOH NBDSP GVODUJPOT QVUT UIF EFmOJUJPOT JO UIF NPEVMF IFBEFS CVU JU EPFT OPU TFFN MJLF B HPPE DIPJDF UP QVU MBSHF BNPVOUT PG *3 HFOFSBUJOH DPEF UIFSF 0OF QPTTJ CJMJUZ XPVME CF UP BMMPX KVTU HJWJOH UIF OBNF PG BO *3 HFOFSBUJOH GVODUJPO * BMTP UIJOL UIBU HJWFO UIF MBSHF BNPVOU PG NBDSP GVODUJPOT GPS XIJDI *3 HFOFSBUJOH DPEF XPVME OFFE UP CF IBOEXSJUUFO UIF *3 MJCSBSZ TIPVME PĊFS B QFSIBQT NBDSPCBTFE XSBQQFS UP XSJUF *3 DPEF NPSF DPODJTFMZ

Ȁǻ ǿǽCJU

ɨF --7. CBDLFOE DVSSFOUMZ BTTVNFT UIBU #JHMPP JT CFJOH VTFE JO UIF ǼǻCJU NPEF NPTUMZ CFDBVTF UIF EFWFMPQNFOU DPNQVUFST * IBE BDDFTT UP IBE ǼǻCJU $16T 4VQ QPSUJOH ǿǽCJU DPNQJMBUJPO XPVME SFRVJSF B OFX DPNQJMFS TXJUDI BOE TPNF DPOEJ UJPOBM DPNQJMBUJPO‰#JHMPPT EBUB TUSVDUVSFT BOE PCKFDU UBHT BSF EJĊFSFOU PO ǿǽCJU BSDIJUFDUVSFT

ȀǼ 5BJM $BMMT

ɨF --7. CBDLFOE JT OPU DPODFSOFE XJUI UBJM DBMM PQUJNJ[BUJPO "T NFOUJPOFE JO TFDUJPO Ǽǻ UIF #JHMPP PQUJNJ[FS DPOWFSUT TPNF UBJMDBMMJOH GVODUJPOT JOUP MPPQT CVU

JO HFOFSBM #JHMPP JOUFOUJPOBMMZ EFWJBUFT GSPN UIF 4DIFNF SFRVJSFNFOU GPS GVMM UBJM DBMM PQUJNJ[BUJPO ɨJT JT B DPNQSPNJTF UP FOBCMF NPSF TUSBJHIUGPSXBSE DPNQJMBUJPO BOE DPNQMJBODF XJUI $ DBMMJOH DPOWFOUJPOT

--7. JUTFMG IBT TVQQPSU GPS UBJM DBMM PQUJNJ[BUJPO CVU POMZ XIFO CPUI DBMMFS BOE DBMMFF GVODUJPOT BSF NBSLFE UP VTF UIF OPODPNQMJBOU7bi++DBMMJOH DPOWFOUJPO 'VODUJPOT VTJOH UIJT DBMMJOH DPOWFOUJPOT DBO POMZ CF DBMMFE GSPN XJUIJO --7. )PXFWFS UIF --7. CBDLFOE DPVME NBSL NPEVMFMPDBM GVODUJPOT XJUI UIJT PQUJPO TJODF UIFTF GVODUJPOT XJMM OPU CF DBMMFE GSPN PVUTJEF --7.

Ȁǽ "1*  +*5

*O UIF GVUVSF JU XPVME CF OJDF UP DSFBUF B CJOEJOH UP --7.T "1* GPS EZOBNJD DPEF HFOFSBUJPO BOE VTF UIJT JOTUFBE PG TPVSDF mMF HFOFSBUJPO ɨJT XPVME QPUFOUJBMMZ BMMPX GPS EZOBNJD SFDPNQJMBUJPO BOE BEBQUJWF PQUJNJ[BUJPO UIPVHI UIBU XPVME SFRVJSF TPNF DIBOHFT UP UIF #JHMPP EFTJHO

ȁ $PODMVTJPO

ɨF QSPKFDU IBT EFNPOTUSBUFE UIBU VTJOH --7. BT B CBDLFOE GPS UIF #JHMPP 4DIFNF DPNQJMFS JT B WJBCMF PQUJPO 'VUVSF XPSL UP NBLF UIF --7. CBDLFOE GVMMZ JOUF HSBUFE NBZ FODPVSBHF B NPSF HFOFSBM XBZ PG EFmOJOH FYUFSOBM $ GVODUJPOT XJUIJO #JHMPP JUTFMG BOE UIF #JHMPP DPNNVOJUZ )BWJOH B QSFMJNJOBSZ --7. CBDLFOE QPJOUT UPXBSET B GVUVSF XIFSF #JHMPP VTFST NBZ FOKPZ UIF CFOFmUT PG SVOUJNF DPN QJMBUJPO XIJDI JT B TUSPOH QBSU PG UIF -JTQ IFSJUBHF <(SBIBN ǻǹǹǻ>

3FGFSFODFT

"OESFX 8 "QQFM $PNQJMJOH XJUI $POUJOVBUJPOT $BNCSJEHF 6OJWFSTJUZ 1SFTT ǺȂȂǻ *4#/ ǹǾǻǺǽǺǿȂǾȀ

.BUUIFX "SOPME 4UFQIFO + 'JOL %BWJE (SPWF .JDIBFM )JOE BOE 1F UFS ' 4XFFOFZ " TVSWFZ PG BEBQUJWF PQUJNJ[BUJPO JO WJSUVBM NBDIJOFT

1SPDFFEJOHT PG UIF *&&& ȂǼ ǻǽǽȂoǽǿǿ ǻǹǹǾ *44/ ǹǹǺȁȂǻǺȂ EPJ ǺǹǺǺǹȂ+130$ǻǹǹǽȁǽǹǼǹǾ

'FMJDF $BSEPOF BOE + 3PHFS )JOEMFZ -PHJD GSPN 3VTTFMM UP $IVSDI WPMVNF Ǿ PG

)BOECPPL PG UIF )JTUPSZ PG -PHJD DIBQUFS -BNCEBDBMDVMVT BOE $PNCJOBUPST JO

UIF ǻǹUI $FOUVSZ &MTFWJFS ǻǹǹȂ

"MPO[P $IVSDI " 4FU PG 1PTUVMBUFT GPS UIF 'PVOEBUJPO PG -PHJD "OOBMT PG .BUIF

NBUJDT ǻ ǼǼǼǽǿoǼǿǿ ǺȂǼǻ

"MPO[P $IVSDI DzF $BMDVMJ PG -BNCEB $POWFSTJPO 1SJODFUPO 6OJWFSTJUZ 1SFTT ǺȂǽǺ *4#/ ǹǿȂǺǹȁǼȂǽǹ

1BVM (SBIBN 3FWFOHF PG UIF /FSET .BZ ǻǹǹǻ

63-?iiT,ffrrrXTmH;`?KX+QKfB+/X?iKH

$BSM )FXJUU 1FUFS #JTIPQ BOE 3JDIBSE 4UFJHFS " VOJWFSTBM NPEVMBS "$ 503 GPSNBMJTN GPS BSUJmDJBM JOUFMMJHFODF *O 1SPDFFEJOHT PG UIF ƬSE JO

UFSOBUJPOBM KPJOU DPOGFSFODF PO "SUJmDJBM JOUFMMJHFODF QBHFT ǻǼǾoǻǽǾ 4BO

'SBODJTDP $" 64" ǺȂȀǼ .PSHBO ,BVGNBOO 1VCMJTIFST *OD

63-?iiT,ff/HX+KXQ`;f+BiiBQMX+7K\B/4Rek9dd8XRek93y9

+BO 3VOF )PMNFWJL $PNQJMJOH 4*.6-" B IJTUPSJDBM TUVEZ PG UFDIOPMPHJDBM HFO FTJT *&&& "OOBMT PG UIF )JTUPSZ PG $PNQVUJOH Ǻǿ ǽǻǾoǼȀ ǺȂȂǽ

*&&& 4UE ǺǺȀȁǺȂȂǹ *&&& 4UBOEBSE GPS UIF 4DIFNF 1SPHSBNNJOH -BOHVBHF *OTUJ UVUF PG &MFDUSJDBM BOE &MFDUSPOJD &OHJOFFST *OD /FX :PSL /: ǺȂȂǺ

*OSJB 4PQIJB"OUJQPMJT #JHMPP IPNFQBHF 63-

?iiT,ffrrr@bQTXBM`BX7`fBM/2bf7Tf"B;HQQf 4FQ ǻǹǺǺ

"MBO ,BZ ɨF &BSMZ )JTUPSZ PG 4NBMMUBML 4*(1-"/ /PU ǻȁ ǼǿȂoȂǾ ǺȂȂǼ *44/ ǹǼǿǻǺǼǽǹ EPJ ǺǹǺǺǽǾǺǾǾǼǿǹǺǾǾǼǿǽ

3JDIBSE ,FMTFZ BOE 8JMMJBN $MJOHFS 'JGUI 3FWJTFE 3FQPSU PO UIF "MHPSJUI NJD -BOHVBHF 4DIFNF "$. 4*(1-"/ /PUJDFT ǼǼ ȂǻǿoȀǿ ǺȂȂȁ

63-?iiT,ff+Bi2b22`tXBbiXTbmX2/mfpB2r/Q+fbmKK`v\/QB4RyXRXRX9RX93y3 $ISJT -BUUOFS ɨF --7. $PNQJMFS *OGSBTUSVDUVSF 63-?iiT,ffHHpKXQ`;f

ǻǹǺǺ

$ISJT -BUUOFS BOE 7JLSBN "EWF --7. " $PNQJMBUJPO 'SBNFXPSL GPS -JGFMPOH 1SPHSBN "OBMZTJT  5SBOTGPSNBUJPO $PEF (FOFSBUJPO BOE 0Q UJNJ[BUJPO *&&&"$. *OUFSOBUJPOBM 4ZNQPTJVN PO ǹȀǾoȁǿ ǻǹǹǽ EPJ ǺǹǺǺǹȂ$(0ǻǹǹǽǺǻȁǺǿǿǾ

+PIO .D$BSUIZ -*41 ƪƮ 1SPHSBNNFST .BOVBM ɨF .*5 1SFTT ǺȂǿǻ *4#/ ǹǻǿǻǺǼǹǺǺǽ

+PIO .D$BSUIZ )JTUPSZ PG -JTQ 'FCSVBSZ ǺȂȀȂ

63-?iiT,ffrrr@7Q`KHXbiM7Q`/X2/mfDK+f?BbiQ`vfHBbTX?iKH

,SJTUFO /ZHBBSE BOE 0MF+PIBO %BIM ɨF %FWFMPQNFOU PG UIF 4*.6-" -BO HVBHFT ǺȂȁǺ

,FOU 1JUNBO ɨF $PNNPO -JTQ )ZQFS4QFD ǺȂȂǿ

63-?iiT,ffrrrXHBbTrQ`FbX+QKf/Q+mK2MiiBQMf+QKKQM@HBbTX?iKH

$ISJTUJBO 2VFJOOFD %FTJHOJOH .FSPPO 7Ǽ

?iiT,ffT;2bT2`bQ@bvbi2K2XHBTeX7`f*?`BbiBMXZm2BMM2+fST2`bfQQTBHXTbX;x ǺȂȂǼ

4DIFNF 8JLJ 4DIFNF 'SFRVFOUMZ "TLFE 2VFTUJPOT +BOVBSZ ǻǹǺǻ

63-?iiT,ff+QKKmMBivXb+?2K2rBFBXQ`;f\b+?2K2@7[@biM/`/b

.BOVFM 4FSSBOP *OMJOF &YQBOTJPO 8IFO BOE )PX *O *OUFSOBUJPOBM 4ZNQPTJVN

PO 1SPHSBNNJOH -BOHVBHFT *NQMFNFOUBUJPOT -PHJDT BOE 1SPHSBNT QBHFT ǺǽǼo

ǺǽȀ 4QSJOHFS ǺȂȂȀ

.BOVFM 4FSSBOP BOE .BSD 'FFMFZ 4UPSBHF 6TF "OBMZTJT BOE JUT "QQMJDBUJPOT *O

1SPDFFEJOHT ƪƲƲƯ "$. 4*(1-"/ *OUFSOBUJPOBM $POGFSFODF 0O 'VODUJPOBM 1SP HSBNNJOH QBHFT ǾǹoǿǺ ǺȂȂǿ EPJ ǺǹǺǺǾǹȁǽǻǼ

.BOVFM 4FSSBOP .BOVFM 4FSSBOP BOE 1JFSSF 8FJT #JHMPP " 1PSUBCMF BOE 0QUJ NJ[JOH $PNQJMFS GPS 4USJDU 'VODUJPOBM -BOHVBHFT ǺȂȂǾ

(VZ -FXJT 4UFFMF +S BOE (FSBME +BZ 4VTTNBO ɨF 3FWJTFE 3FQPSU PO 4DIFNF B %JBMFDU PG -JTQ .*5 "SUJmDJBM *OUFMMJHFODF .FNP ǽǾǻ +BOVBSZ ǺȂȀȁ

(FSBME +BZ 4VTTNBO BOE (VZ -FXJT 4UFFMF +S ɨF 'JSTU 3FQPSU PO 4DIFNF 3FWJTJUFE

)JHIFS 0SEFS 4ZNCPM $PNQVU ǺǺǼȂȂoǽǹǽ %FDFNCFS ǺȂȂȁ *44/ ǺǼȁȁǼǿȂǹ

EPJ ǺǹǺǹǻǼ"ǺǹǺǹǹȀȂǽǻǺȂȀǹ

%BWJE "OUIPOZ 5FSFJ -PX -FWFM 7JSUVBM .BDIJOF GPS (MBTHPX )BTLFMM $PNQJMFS #BDIFMPST UIFTJT 6OJWFSTJUZ PG /FX 4PVUI 8BMFT 0DUPCFS ǻǹǹȂ