5IF QSPNPUJPO PG FOUSFQSFOFVSJBM TLJMMT JT BMTP B NFDIBOJTN VTFE UP DPOUSJCVUF UP UIF DSFBUJPO PG CVTJOFTT BOE FNQMPZNFOU PQQPSUVOJUJFT GPS XPNFO JO 4PVUI "TJB
5IFTF TLJMMT DPNQMFNFOU UIF BMMPDBUJPO PG NJDSPDSFEJU GPS XPNFO XIJDI IBT B MPOH USBEJUJPOJOUIJTSFHJPOBOEDBODPOUSJCVUFUP UIF QSPNPUJPO PG XPNFOT FNQPXFSNFOU #BMBTVCSBNBOJBOBOE,BCFFS 'PS JOTUBODF 1BLJTUBO IBT QSPHSBNNFT UP QSPNPUFTNBMMBOENFEJVNTJ[FEFOUFSQSJTFT 4.&TBOEFOUSFQSFOFVSJBMBDUJWJUJFTJOUFOEFE UP FOIBODF UIF FNQPXFSNFOU PG XPNFO 4.&%" 5IFTF JOUFSWFOUJPOT TFFL UP DSFBUFCVTJOFTTNBOBHFNFOUTLJMMTQSPNPUF OFUXPSLJOH BOE GJMM JOGPSNBUJPO HBQT 5IFTF DIBMMFOHFTIBWFCFFOJEFOUJGJFE BTIJOEFSJOH UIF EFWFMPQNFOU PG XPNFOMFE CVTJOFTT JO 1BLJTUBO *O BEEJUJPO #BOHMBEFTI IBT FTUBCMJTIFE QSPHSBNNFT UP TVQQPSU 4.&T UISPVHI QSPWJEJOH OFDFTTBSZ TFSWJDFT BOE GBDJMJUBUJOH QSJWBUF FOUSFQSFOFVSTIJQ " MBSHF QSPQPSUJPO PG UIF CFOFGJDJB JFT BSF XPNFO 5IF .JOJTUSZ PG *OEVTUSZ IBT QSPNPUFE TNBMM BOE NFEJVNTJ[FE FOUFSQSJTF MPBOT
*NQPSUBOU effPSUT IBWF BMTP CFFO NBEF
JO USBJOJOH BOE QSPWJEJOH BTTJTUBODF UP JOEVTUSJBM FOUSFQSFOFVST .JOJTUSZ PG 'JOBODF
#BOHMBEFTI
1PMJDJFT EFTJHOFE UP JNQSPWF UIF FOUSFQSFOFVSJBM TLJMMT PG XPNFO IBWF BMTP CFFO JNQMFNFOUFE JO PUIFS DPVOUSJFT GPS FYBNQMF JO #IVUBO XIFSF JODSFBTJOH BDDFTT UPSVSBMDSFEJUBOEUIFQSPNPUJPOPG4.&TBOE DPPQFSBUJWFT FTQFDJBMMZ DPUUBHF JOEVTUSJFT TVDIBTJOUFYUJMFTBOEIBOEJDSBGUTBSFQBSUPG UIFEFWFMPQNFOUTUSBUFHZ
45*DBOBMTPDPOUSJCVUFUPGPTUFSUIFCVTJOFTT BOE FOUSFQSFOFVSJBM TLJMMT PG XPNFO 'PS JOTUBODF JO *OEJB UIF JNQMFNFOUBUJPO PG NPCJMF UFDIOPMPHJFT IBT BMMPXFE XPNFO NFNCFST PG UIF 4FMG &NQMPZFE 8PNFOT
"TTPDJBUJPO 4&8"UPPCUBJOFGGJDJF ZHBJOT
#PY 1BLJTUBO.PCJMFCBTFEQPTUMJUFSBDZQSPHSBNNF NPCJMFUFMFQIPOFTBTUPPMTGPS JMMJUFSBUFXPNFO
6/&4$0JODPMMBCPSBUJPOXJUI.PCJMJOL1BLJTUBOUIF#6/:"%'PVOEBUJPOUIF1VOKBC%FQBSUNFOUPG-JUFSBDZBOEPUIFS QBSUOFSTGVOEFEBNPCJMFCBTFEQPTUMJUFSBDZQSPHSBNNF5IJTEJTUBODFQPTUMJUFSBDZQSPKFDUJTCBTFEPONPCJMFUFDI OPMPHZ BOE JUT PCKFDUJWF JT GPS XPNFO UP DPOTPMJEBUF SFDFOUMZ HBJOFE MJUFSBDZ TLJMMT CZ SFDFJWJOH BOE TFOEJOH NPCJMF UFMFQIPOFUFYUNFTTBHFT 5IF$PNNVOJDBUJPO*OJUJBUJWF/FUXPSL
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
*O1BLJTUBOBCPVUNJMMJPOQFPQMFIBWFBDDFTTUPNPCJMFUFMFQIPOFTBOEUIFTFBSFBNFBOTPGDPNNVOJDBUJPOGPS ZPVOHQFPQMF*OPSEFSUPQSPWJEFTVQQPSUUPNBJOUBJOJOUFSFTUJOMJUFSBDZBOETUSFOHUIFOSFBEJOHTLJMMTCZGPTUFSJOHEBJMZ QSBDUJDF6/&4$0MBVODIFEUIFNPCJMFCBTFEQPTUMJUFSBDZQSPHSBNNFUBSHFUJOHXPNFOCFUXFFOBOEZFBSTPG BHF6/&4$0MBVODIFEUIFJOJUJBMQIBTFPGUIJTQSPKFDUJOBOEJO.BSDIUIFQSPKFDUCFHBOJUTUIJSEJNQMFNFO UBUJPOQIBTF 5IF$PNNVOJDBUJPO*OJUJBUJWF/FUXPSL*UXBTFYQFDUFEUPSFBDIXPNFOCFOFGJDJB JFTCZUIF FOEPG
5IFQSPHSBNNFIBTUXPJOJUJBMTUBHFT*OUIFGJSTU TUBHFEBJMZUFYUNFTTBHFTBSFTFOUUPXPNFOJO6SEVBOEUIFZBSF FYQFDUFEUPSFTQPOE5IFTVCKFDUTDPWFSFEJOUIFNFTTBHFTBSFSFMBUBCMFBOEPGJOUFSFTUUPUIFSFDJQJFOUTTVDIBTIFBMUI SFMBUFEBOESFMJHJPVTUPQJDT5IFTFDPOETUBHFJOWPMWFTNPOUIMZFWBMVBUJPOTUPBTTFTTUIFBEWBODFTPGUIFTUVEFOUTBOE BMTPJODMVEFTJOUFSBDUJWFFYFSDJTFTBOEBEEJUJPOBMSFTPVSDFT
5IFUIJSEQIBTFPGUIFQSPHSBNNFMBVODIFEJOJODMVEFTUIFEFWFMPQNFOUPGBOBEEJUJPOBMNPCJMFBQQMJDBUJPOCZ /PLJBF5BMFFNXIJDIJTCBTFEPOUIFDPOUFOUTPGBOJOUFSBDUJWF%7%i#FDPNJOH-JUFSBUFwQSPWJEFECZ6/&4$0UIBU XBTJODPSQPSBUFEJOUIFUSBJOJOHQSPHSBNNF*OBEEJUJPOUIFUIJSETUBHFPGUIFQSPHSBNNFJODMVEFTUIFUSBJOJOHPGSVSBM XPNFOUFBDIFSTPOMJUFSBDZBOEOPOGPSNBMCBTJDFEVDBUJPOVTJOHNPCJMFUFDIOPMPHJFT5IFUSBJOJOHJTCBTFEPONPCJMF NFTTBHFTPOWBSJPVTUPQJDTTVDIBTMBOHVBHFIZHJFOFSFMJHJPVTWBMVFTBOEOVNFSBDZUIBUBSFTFOUUPUIFUFBDIFST
*OUFSNTPGJNQBDUCZ"QSJMBEEJUJPOBMMJUFSBDZDFOUSFTIBECFFOFTUBCMJTIFEJO1BLJTUBO 4PVSDF #VOZBE'PVOEBUJPOBOE6/&4$0
UISPVHI UIF VTF PG NFTTBHJOH BQQMJDBUJPOT UPJNQSPWFUIFTVQQMZDIBJONBOBHFNFOUPG UIFJSCVTJOFTTFTBTEFUBJMFEJOCPY
5IF JOUSPEVDUJPO PG UFDIOPMPHJDBM EFWFMPQNFOUT DBO QSPEVDF JNQPSUBOU QSPEVDUJWJUZHBJOTJOBMSFBEZFTUBCMJTIFEBOE XFMMLOPXOJOJUJBUJWFTUIBUXPSLPOJNQSPWJOH UIF DPOEJUJPO PG XPNFO GVSUIFS FOIBODJOH UIFCFOFGJUTPGUIFQ PHSBNNFT
1SPHSBNNFT EFTJHOFE UP GPTUFS XPNFOT FNQPXFSNFOUBSFXJEFMZFNQMPZFEJO4PVUI
"TJB'PSJOTUBODFJO#BOHMBEFTIQSPHSBNNFT IBWFCFFOJNQMFNFOUFEUPFOTVSFDPOOFDUJPO UP UIF *OUFSOFU GPS UIF QPQVMBUJPO QSPNPUF UIF TPGUXBSF JOEVTUSZ JNQSPWF UIF USBJOJOH PG QSPGFTTJPOBMT BOE FOTVSF RVBMJUZ IFBMUI DBSF VTJOH *$5 JOOPWBUJPOT 5ISPVHI TFUUJOH
#PY *OEJB.PCJMF*$5GPSSVSBMXPNFO
"OJOJUJBUJWFBJNFEBUJODSFBTJOHUIFFOUSFQSFOFVSJBMDBQBDJUZPGXPNFOJTDBSSJFEPVUCZUIFMPDBMHPWFSONFOUPG(VSBKBU *OEJBJODPMMBCPSBUJPOXJUIUIF$IFSJF#MBJS'PVOEBUJPOGPS8PNFOBOE7PEBGPOF5IFQSPKFDUEFWFMPQFEBNPCJMFBQQMJ DBUJPOUBJMPSFEUPUIFOFFETPGUIFXPNFOCFMPOHJOHUP3VSBM%JTUSJCVUJPO/FUXPSL*OEJB 36%*5IJTOFUXPSLJTGPSNFE CZUIF4FMG&NQMPZFE8PNFOT"TTPDJBUJPODPNNPOMZLOPXOBT4&8"
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
5IFCFOFGJUTPGUIJTQSPKFDUJODMVEFSFEVDFEUJNFBOEUSBWFMDPTUTBTXFMMBTFGGJDJFODZHBJOTJOQSPDFTTJOHUJNFXIJDI USBOTMBUFTJOUPIJHIFSJODPNFBOEJODSFBTFTUIFUJNFBWBJMBCMFGPSXPNFOUPEFWPUFUPPUIFSBDUJWJUJFTTVDIBTEFWFM PQJOHUIFJSCVTJOFTTFTBOEUBLJOHDBSFPGUIFJSGBNJMJFT8PNFOBWPJEUSJQTUPUIFXBSFIPVTFCZQMBDJOHUIFJSPSEFST UISPVHIUIFNPCJMFTFSWJDF POFUSJQUPQMBDFBOPSEFSBOEPOFUPQJDLJUVQDBOJOTPNFDBTFTUBLFVQUPTFWFOIPVST
"GUFSUIFJSPSEFSTBSFQMBDFEUIFZBSFQBDLFEBOEEJTUSJCVUFEUPUIFXPNFOJOUIFWJMMBHFT 7PEBGPOF'PVOEBUJPO
5IJT JOJUJBUJWF XBT MBVODIFE JO +BOVBSZ BOE JT FYQFDUFE UP SFBDI XPNFO FOUSFQSFOFVST PWFS B UISFFZFBS QFSJPE
VQ VOJPO JOGPSNBUJPO BOE TFSWJDF DFOUSFT UIF(PWFSONFOUPG#BOHMBEFTIIBTOPUPOMZ QSPWJEFE *$5 TFSWJDFT UP SVSBM BSFBT CVU IBT BMTP DSFBUFE FNQMPZNFOU GPS BMNPTU XPNFO TJODF JUT JNQMFNFOUBUJPO JO .JOJTUSZPG'JOBODF#BOHMBEFTI
"OPUIFS FYBNQMF PG B DPVOUSZ XJUI FYQFSJ FODF JO EFQMPZJOH QSPHSBNNFT PSJFOUFE UP QSPNPUF XPNFOT FNQPXFSNFOU JT UIF
*TMBNJD 3FQVCMJD PG *SBO *O UIJT DPVOUSZAQPMJ DJFT BSF CBTFE PO FRVJMJCSJVN JOTUFBE PG HFO EFS FRVBMJUZ BOE BMMPDBUJOH BQQSPQSJBUF TUBUVT BOE QPTJUJPO UP QFPQMF SFHBSEMFTT PG UIFJS HFO EFS $FOUSF GPS 8PNFO BOE 'BNJMZ "GGBJS 5IJT EPFT OPU NFBO IPXFWFS UIBU XPNFOT FNQPXFSNFOU JT OPU B QSJPSJUZ GPS UIJT(PWFSONFOU5ISPVHIJUT.JOJTUSZPG4DJ FODFBOE5FDIOPMPHZUIF*TMBNJD3FQVCMJDPG
*SBOIBTJNQMFNFOUFEXPNFOTSFTFBSDIDFO USFTUIBUUSBJOXPNFOTQFDJBMJTUTUPFOUFSMFH JTMBUJWFBOEFYFDVUJWFBSFOBT"OFYBNQMFPGB QPMJDZPSJFOUFEUPQSPNPUJOHFNQPXFSNFOU UISPVHIUIFQSPWJTJPOPGNJDSPDSFEJUNBZCF TFFO JO B QSPKFDU PG UIF "HSJDVMUVSBM #BOL PG UIF*TMBNJD3FQVCMJDPG*SBO5ISPVHIUIFQSP WJTJPO PG NJDSPDSFEJU BOE DBQBDJUZCVJMEJOH UIJT QSPKFDU DPOUSJCVUFE UP FOIBODJOH UIF
FNQPXFSNFOU PG SVSBM XPNFO BT XFMM BT UIFJSTFMGDPOGJEFOD BTEFUBJMFEJOCPY 5IF 45* QPMJDJFT QSFTFOUFE JO UIJT DIBQUFS TIBSF UISFF JNQPSUBOU DIBSBDUFSJTUJDT 'JSTU UIF45*QSPHSBNNFTDPOTJEFSUIFDSFBUJPOPG DPNQMFNFOUBSZDBQBDJUJFTBOEUIFTUSFOHUI FOJOHPGTLJMMTUIBUBMMPXNBLJOHUIFNPTUPG 45* EFWFMPQNFOUT 4FDPOE UIF QSPHSBNNFT VTF 45* BT UPPMT UP GPTUFS PUIFS TLJMMT BOE FO IBODFUIFJNQBDUPGMBSHFSQSPHSBNNFTBOE JOJUJBUJWFTBJNFEBUJNQSPWJOHUIFMJWFMJIPPET PG XPNFO 45* QSPHSBNNFT BSF OPU JTPMBUFE JOJUJBUJWFT CVU BSF FNCFEEFE JO PS DPNQMF NFOUEFWFMPQNFOUQSPHSBNNFTBTLFZDPN QPOFOUT UIBU BMMPX UIF FOIBODFNFOU PG UIF CFOFGJUT BOEeffFDUT PG UIF QSPHSBNNFT PO UIFXFMMCFJOHPGXPNFO
5IJSE JU JT JNQPSUBOU UP SFDPHOJ[F UIF JN QPSUBODF PG DPMMBCPSBUJPO CFUXFFOdiffFSFOU BHFODJFTBOENJOJTUSJFTXIFOJNQMFNFOUJOH 45* JOUFSWFOUJPOT *O UIJT TFOTF EPOPST BOE /(0TBMTPQMBZBSFMFWBOUSPMFJOUIFQSPNP UJPOPG45*JO4PVUI"TJB"OJNQPSUBOUQPSUJPO PGUIFJOJUJBUJWFTJTDBSSJFEPVUJO4PVUI"TJBCZ MPDBM/(0TJODPMMBCPSBUJPOXJUIJOUFSOBUJPOBM BHFODJFTBOEXJUIUIFTVQQPSUBOEDPPSEJOB UJPOPGMPDBMHPWFSONFOUT
#PY *TMBNJD3FQVCMJDPG*SBO.JDSPDSFEJUoUIFFYQFSJFODFPGUIF"HSJDVMUVSBM#BOL
5IF"HSJDVMUVSBM#BOLPGUIF*TMBNJD3FQVCMJDPG*SBO #BOL,FTIBWBS[J #,IBTBMPOHUSBEJUJPOPGQSPNPUJOHUIFFN QPXFSNFOUPGXPNFOUISPVHIUIFQSPWJTJPOPGNJDSPDSFEJU*O4FQUFNCFSJODPMMBCPSBUJPOXJUI*'"%UIFCBOL MBVODIFEUIF3VSBM.JDSPGJOBODF 4VQQPSU1SPKFDU 3.'415IFQSPKFDUXBTGVOEFEJODPMMBCPSBUJPOXJUIUIF*UBMJBO(PW FSONFOUBOEXBTDBSSJFEPVUCZUIF*OUFSOBUJPOBM&OUFSQSJTFGPSUIF%FWFMPQNFOUPG3VSBM.JDSPGJOBODF 4FSWJDFT5IF JOJUJBUJWFBJNFEUPoffFSNJDSPGJOBODF TFSWJDFTBOEJOTUJUVUJPOBMDBQBDJUZJOQPPSBOEEFQSJWFESFHJPOTPGUIFDPVOUSZJO DPMMBCPSBUJPOXJUIDJWJMTPDJFUZPSHBOJ[BUJPOT5IFGJSTU QIBTFPGUIFQSPKFDUUBSHFUFEUIFQSPWJODFTPG&BTU"[FSCBJKBO 8FTU"[FSCBJKBO"SEBCJMBOE,VSEJTUBO5IFQSPKFDUTUBSHFUHSPVQTXFSFSVSBMXPNFOZPVOHBEVMUTBOEMPXJODPNF JOEJWJEVBMT
5IFQSPKFDUUFTUFEdiffFSFOUSVSBMNJDSPGJOBODF NFDIBOJTNTJOUIFTFSFHJPOT5IFEFTJHOTUBHFPGUIFQSPKFDUJEFOUJGJFE UIBU POMZQFSDFOUPGUIFQFSDFOUPGSVSBMGBNJMJFTUIBUFYQSFTTFEBOFFEGPSDSFEJUBDUVBMMZPCUBJOFEGVOEJOH*OUIFDBTF PGSVSBMXPNFOBOEZPVOHQFPQMFBDDFTTUPDSFEJUXBTGBSMPXFSPOMZQFSDFOUPGUIFTBNQMFSFDFJWFEGVOEJOH5IF HFOFSBMPCKFDUJWFTPGUIFQSPKFDUXFSFUPJODSFBTFUIFUBSHFUHSPVQTBDDFTTUPGJOBODJBM TFSWJDFTUISPVHICBOLJOHMJOLTBOE UPDSFBUFKPCPQQPSUVOJUJFTGPSSVSBMXPNFOBOEZPVOHBEVMUTUIVTJODSFBTJOHUIFFBSOJOHTPGMPXJODPNFSVSBMIPVTFIPMET 5IFQSPKFDUXBTJNQMFNFOUFEUISPVHIUIFJOUSPEVDUJPOPGTPMJEBSJUZHSPVQT 4(T5IFHSPVQTXFSFDSFBUFEUPFOBCMFUIF UBSHFUFECFOFGJDJB JFTUPBDDFTTDSFEJUXJUIPVUUIFOFFEGPSDPMMBUFSBMPSHVBSBOUFFT
"UUIFFOEPGUIFGJSTU TUBHFQFSDFOUPGUIFSVSBMQBSUJDJQBOUTXFSFXPNFO5IFQSPKFDUFTUBCMJTIFE4(TBOVN CFSGPVSUJNFTIJHIFSUIBOUIFUBSHFUPGoffFSJOHFWJEFODFGPSUIF4(TBTBSFQMJDBCMFNPEFMPOBXJEFSTDBMF*OBEEJUJPO UIFQSPKFDUDPOUSJCVUFEUPUIFFTUBCMJTINFOUPGQJMPUTFMGIFMQHSPVQT'PMMPXJOHUIFQPTJUJWFSFTVMUTPGUIFGJSTU TUBHFJO
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
"MNPTUQFSDFOUPGUIFUPUBMQBSUJDJQBOUTJOUIJTQPTJUJPOXFSFXPNFOJOUIFTFDPOETUBHFPGUIFQSPKFDUXIJMFJOUIFGJSTU TUBHFGFXXPNFOIBEBTTVNFEUIFTFSFTQPOTJCJMJUJFT
5IFQSPKFDUBMTPDPOUSJCVUFEUPDBQBDJUZCVJMEJOHUISPVHIUIFDSFBUJPOPGOFXPSHBOJ[BUJPOBMSPMFTJOMPDBM/(0T OFXTQF DJBMJ[FETVQQPSUVOJUTGPSNJDSPBOETNBMMTDBMFGJOBODJBM TFSWJDFTXFSFDSFBUFEBUUIFMPDBM/(0TBOECZQSPWJEJOHUSBJOJOH UPQFSTPOOFMPG#,UISPVHIMFBSOJOHGSPNUIFFYQFSJFODFTPGPUIFSDPVOUSJFT
*'"%"13"$"4FJCFM.PUBNFE*'"%D*'"%C*'"%BBOE*'"%C
$PODMVTJPO
5IJT SFQPSU QSFTFOUT B DPNQJMBUJPO PG 45*
QPMJDJFTBOEJOUFSWFOUJPOTUIBUDBOQPUFOUJBMMZ DPOUSJCVUF UP UIF FOIBODFNFOU PG HFOEFS FRVBMJUZBOEJNQSPWFUIFTJUVBUJPOPGXPNFO JO4PVUI"TJB*OUIJTSFHJPOUIFHFOEFSEJWJEF JT JOUFSMJOLFE XJUI DVMUVSBM FDPOPNJD BOE TPDJBMGBDUPSTTVDIBTDMBTTXJUIFUIOJDJUZBOE XJUIPUIFSBSFBTPGJOFRVBMJUZJOTPDJFUZ5IJT JOUFSEFQFOEFODF OFFET UP CF DPOTJEFSFE JO PSEFS UP JNQSPWF UIF DPOEJUJPOT PG XPNFO JO 4PVUI "TJB 6/8PNFO "U UIF TBNF UJNF DPOTJEFSBUJPO PG UIF GBDUPST UIBU JOGMVFODF UIF HFOEFS EJWJEF JO UIF SFHJPO BMMPX B TIBSQFOFE GPDVT BOE FYQFDUBUJPOT XIFO EFTJHOJOH JOUFSWFOUJPOT UP JNQSPWF UIFDPOEJUJPOPGXPNFO*OBEEJUJPOJOPSEFS GPS 45* UP DPOUSJCVUF UP FOIBODJOH XPNFOT MJWFMJIPPET BOE SFEVDJOH UIF HFOEFS HBQ JU JT OFDFTTBSZ UIBU 45* EFWFMPQNFOUT BEESFTT XPNFOT OFFET BOE UIBU XPNFO BSF BXBSF PGUIFCFOFGJUT PGUIFOFXUFDIOPMPHJFTBOE IBWFBDDFTTUPUIFN '"0
5IF BOBMZTJT PG 45* QPMJDJFT GPS XPNFO QSFTFOUFEJOUIJTSFQPSUTIPXTUIBUUIFQPMJDJFT DBO QPUFOUJBMMZ DPOUSJCVUF UP FOIBODJOH HFOEFS FRVBMJUZ BOE JNQSPWJOH UIF MJGF PG XPNFO UISPVHI UISFF NBJO NFDIBOJTNT JOUSPEVDJOH BOE EJGGVTJOH UFDIOPMPHJDBM BOE TDJFOUJGJD EFWFMPQNFOUTUIBUJNQSPWFUIFMJGF PGXPNFODSFBUJOHBOETUSFOHUIFOJOHCPUI EJSFDUMZBOEJOEJSFDUMZDBQBDJUJFTSFMBUFEUP45*
BOEJOUSPEVDJOHGJOBODJBM JOOPWBUJPOTVDIBT NJDSPDSFEJUBOESFMBUFETLJMMTGPSFOUSFQSFOFVST 5IFBOBMZTJTBMTPEFNPOTUSBUFTUIBUUIFSFBSF TFWFSBMTJNJMBSUSFOETJOUIFTFDUPSTJOXIJDI 45* QPMJDJFT IBWF CFFO EFQMPZFE 5IFSF JT B DMFBSBOETJHOJGJDBOU DPOOFDUJPOCFUXFFOUIF NBJOBSFBTPGOFFEGPSEFWFMPQNFOUBOEUIF GPDVT PG UIF JOUFSWFOUJPOT "NPOH UIF BSFBT JEFOUJGJFE CZ UIJT SFTFBSDI BSF BHSJDVMUVSBM EFWFMPQNFOU IFBMUI MJUFSBDZ TBOJUBUJPO BOE MBCPVSNBSLFUT4PNFPGUIFSFBTPOTGPSUIFTF QBSBMMFMTBSFUIFTJNJMBSDIBMMFOHFTJOUFSNTPG
QPWFSUZ BOE FDPOPNJD EFWFMPQNFOU GBDFE CZDPVOUSJFTJOUIFSFHJPO
"MUIPVHI UIF JOJUJBUJWFT QSFTFOUFE IFSF BSF QMBOOFE UP DPWFS UIF QBSUJDVMBS OFFET PG DPVOUSJFTUIFZTIBSFUXPNBJODIBSBDUFSJTUJDT UIBUFOBCMFUIFNUPJNQSPWFUIFDPOEJUJPOT PGXPNFOJOBTVTUBJOBCMFNBOOFSUIFZGPTUFS UIF DSFBUJPO PG DPNQMFNFOUBSZ DBQBDJUJFT BOE UIF TUSFOHUIFOJOH PG TLJMMT UIBU BMMPX CFOFGJDJB JFTUPUBLFBEWBOUBHFPGTDJFODFBOE UFDIOPMPHZ EFWFMPQNFOUT BOE UIFZ VTF 45*
QSPHSBNNFTBTUPPMTUPFOIBODFUIFJNQBDU PGMBSHFSQSPHSBNNFTBOEJOJUJBUJWFTBJNFEBU JNQSPWJOHUIFMJWFMJIPPETPGXPNFO
5P DPODMVEF UIF BOBMZTJT IBT TIPXO UIBU JO PSEFS UP SFBQ UIF QPUFOUJBM CFOFGJUT PG UFDIOPMPHJDBM EFWFMPQNFOU GPS XPNFO JU JT OPU FOPVHI UP JOUSPEVDF B UFDIOPMPHZ BOE FYQFDU CFOFGJDJB JFT JO UIJT DBTF XPNFO UP BEPQU JU 3BUIFS USBJOJOH QSPHSBNNFT EFTJHOFE BDDPSEJOH UP UIF OFFET PG UIF XPNFOUBSHFUFEBSFOFDFTTBSZUPGBNJMJBSJ[F XPNFOXJUIUIFUFDIOPMPHJFTBOEUPGBDJMJUBUF UIFJSJOUFSFTUBOEQBSUJDJQBUJPO5IFQPMJDZBOE JOJUJBUJWFT FYBNQMFT JO UIJT SFQPSU IJHIMJHIU UIFJNQPSUBODFPGDSFBUJOHUIFTLJMMTSFRVJSFE UP UBLF BEWBOUBHF PG UIF OFX UFDIOPMPHJFT off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
#JCMJPHSBQIZ
"%# 1PXFSJOHUIF1PPS1SPKFDUTUP*ODSFBTF
"DDFTTUP$MFBO&OFSHZGPS"MM
"%# (FOEFS&RVBMJUZ3FTVMUT$BTF4UVEJFT4SJ -BOLB(FOEFS&RVBMJUZ3FTVMUT$BTF4UVEJFT
"%# B(FOEFS BOE 6SCBO 1PWFSUZ JO 4PVUI
"TJB1SPDFFEJOHT3FQPSUPGUIF4VCSFHJPO BM8PSLTIPQ
"%# C-JCFSBUJOH4SJ-BOLBO-JWFTGSPNUIF 8BUFS5SBQ"WBJMBCMFBUIUUQXXXBECPSH GFBUVSFTMJCFSBUJOHTSJMBOLBOMJWFTXBUFS USBQ BDDFTTFE0DUPCFS
"%# D 4FDPOEBSZ 5PXOT BOE 3VSBM $PNNVOJUZ#BTFE 8BUFS 4VQQMZ BOE 4BOJUBUJPO1SPKFDU%BUB4IFFU 1%40WFSWJFX
"TJBO%FWFMPQNFOU#BOL
"%#BOE*-0 8PNFOBOE-BCPVS.BSLFUTJO
"TJB3FCBMBODJOHGPS(FOEFS&RVBMJUZ
"QPOKPO "10/+0/ 4FFIUUQBQPOKPO DPNCE$POUFOUQIQ .*E4VC.*E BDDFTTFE4FQUFNCFS
"13"$" #BOL,FTIBWBS[J "HSJDVMUVSBM#BOL PG*SBO1SPGJMF BOE'MBHTIJQ1SPKFDUT"TJB1BDJG JD 3VSBM BOE "HSJDVMUVSBM $SFEJU "TTPDJBUJPO "13"$"
#BMBTVCSBNBOJBO 4 8IZ .JDSPDSFEJU .BZ -FBWF 8PNFO 8PSTF 0ff /PODPPQFSBUJWF
#BSHBJOJOHBOEUIF.BSSJBHF(BNFJO4PVUI
"TJB+PVSOBM PG %FWFMPQNFOU 4UVEJFT o
#BSFGPPU $PMMFHF "WBJMBCMF BUIUUQXXX CBSFGPPUDPMMFHFPSH BDDFTTFE11 4FQUFN CFS
#VOZBE'PVOEBUJPO .PCJMFCBTFE1PTUMJUFS BDZ1SPHSBNNF "WBJMBCMF BUIUUQXXXCV OZBEPSHQL.PCJMF#BTFE-JUFSBDZ IUN BDDFTTFE0DUPCFS
$&%"8 $POTJEFSBUJPO PG SFQPSUT TVCNJU UFE CZ TUBUFT QBSUJFT VOEFS BSUJDMF PG UIF DPOWFOUJPO PO UIF FMJNJOBUJPO PG BMM GPSNT PG EJTDSJNJOBUJPO BHBJOTU XPNFO TFWFOUI QFSJPEJD SFQPSU PG TUBUFT QBSUJFT CIVUBO /P $&%"8$#5/ $PNNJUUFF PO UIF
&MJNJOBUJPOPG%JTDSJNJOBUJPOBHBJOTU8PNFO 6OJUFE/BUJPOT
$&%"8 $POTJEFSBUJPO PG SFQPSUT TVCNJU UFE CZ 4UBUFT QBSUJFT VOEFS BSUJDMF PG UIF DPOWFOUJPO PO UIF FMJNJOBUJPO PG BMM GPSNT PG EJTDSJNJOBUJPO BHBJOTU XPNFO 'PVSUI QFSJPEJD SFQPSUT PG 4UBUFT QBSUJFT o 1BLJTUBO /P$&%"8$1",
$FOUSFGPS8PNFOBOE'BNJMZ"GGBJST 8PN FO4UBUVTJO*TMBNJD3FQVCMJDPG*SBO"WBJMBCMFBU IUUQJSBOJBOFNCBTTZOMFO@IPHI@CBTI [BOBOQEG (accessed 11 SFQUFNCFS
$IFO.BOE%PBOF% *OGPSNBMJUZJO4PVUI
"TJB " 3FWJFX 8PNFO JO *OGPSNBM &NQMPZ NFOU (MPCBMJ[JOH BOE 0SHBOJ[JOH 8*&(0 8PSLJOH1BQFS
$IFSJF#MBJS'PVOEBUJPOGPS8PNFO C4VQQMZ DIBJO NBOBHFNFOU TPMVUJPOT JO *OEJB
"WBJMBCMF BU IUUQXXXDIFSJFCMBJSGPVOEB UJPOPSHTVQQMZDIBJONBOBHFNFOUTPMV UJPOTJOJOEJB BDDFTTFE4FQUFNCFS
$IFSJF #MBJS 'PVOEBUJPO GPS 8PNFO 7PEBGPOF4FXB"QQ"WBJMBCMFBUIUUQTXXX ZPVUVCFDPNXBUDI W(#M957'0G. BD cessed 1 SFQUFNCFS
%BT(VQUB.FUBM 8IZJTTPOQSFGFSFODF TPQFSTJTUFOUJO&BTUBOE4PVUI"TJB "DSPTT DPVOUSZTUVEZPG$IJOB*OEJBBOEUIF3FQVC MJD PG ,PSFB+PVSOBM PG %FWFMPQNFOU 4UVEJFT o
%FQBSUNFOU PG 4DJFODF BOE 5FDIOPMPHZ
"OOVBM3FQPSUo.JOJTUSZPG4DJFODF BOE5FDIOPMPHZ%FMIJ*OEJB
&*"3% &NQPXFSJOHXPNFO%BJSZHPBUUFDI OPMPHJFT JO "GHIBOJTUBO *OUFSOBUJPOBM $FOUSF GPS"HSJDVMUVSBM3FTFBSDIJOUIF%SZ"SFBT
&4$"1 8PNFO JO "TJB1BDJGJD $IBMMFOHFT BOE1SJPSJUJFT%BUB4IFFU6OJUFE/BUJPOT&DP OPNJD BOE 4PDJBM $PNNJTTJPO GPS "TJB BOE UIF1BDJGJ
'"0 5IF 4UBUF PG 'PPE BOE "HSJDVMUVSF 8PNFO JO "HSJDVMUVSF $MPTJOH UIF (FOEFS (BQ GPS%FWFMPQNFOU
'"0 5IF4UBUFPG'PPE*OTFDVSJUZJOUIF8PSME
'FSEBVTI + BOE 3BINBO ,.. (FOEFS *O FRVBMJUZ JO #BOHMBEFTI "WBJMBCMF BUIUUQ XXXVOOBZBOPSH BDDFTTFE 4FQUFN ber 2013)
'JLSFF '' BOE 1BTIB 0 3PMF PG HFOEFS JO IFBMUIEJTQBSJUZUIF4PVUI"TJBODPOUFYU#SJU JTI.FEJDBM+PVSOBM o (IPTI + (MPCBMJ[BUJPO &YQPSUPSJFOUFE
&NQMPZNFOU GPS 8PNFO BOE 4PDJBM 1PMJ DZ " $BTF 4UVEZ PG *OEJB4PDJBM 4DJFOUJTU o
(4." "TTPDJBUJPO 8PNFO BOE .PCJMF "
(MPCBM 0QQPSUVOJUZ o " 4UVEZ PO UIF NPCJMF QIPOF HFOEFS HBQ JO MPX BOE NJEEMFJODPNF DPVOUSJFT (4." %FWFMPQNFOU 'VOE BOE
$IFSJF#MBJS'PVOEBUJPOGPS8PNFO
*$38 #SJEHJOHUIF(FOEFS%JWJEF)PX5FDI OPMPHZ$BO"EWBODF8PNFO&DPOPNJDBMMZ
*'"% B $IBMMFOHJOH QPMJDZ BHFOEB GBD JOH *'"% QSPKFDU JO UIF *TMBNJD 3FQVCMJD PG
*SBO*'"%.BLJOHB%JGGF FODFJO"TJBBOEUIF 1BDJGJ *TTVF
*'"% C 1BSUOFSTIJQ CFUXFFO *'"% UIF (PWFSONFOU PG UIF *TMBNJD 3FQVCMJD PG *SBO UIF(PWFSONFOUPG*UBMZ#BOL,FTIBWBS[JBOE /(0T*'"%.BLJOHB%JGGF FODFJO"TJBBOEUIF 1BDJGJ *TTVF
*'"% D3VSBM .JDSPGJOBO F 4VQQPSU 1SPKFDU 3.'41*'"%"TJBBOE1BDJGJD%JWJTJPO
*'"% *OUSPEVDJOH B NVMUJTUBLFIPMEFS XFCCBTFE EBUBCBTF JO *'"%TVQQPSUFS QSPKFDUJOUIF*TMBNJD3FQVCMJDPG*SBO*'"%
.BLJOH B %JGGF FODF JO "TJB BOE UIF 1BDJGJ Issue 12.
*'"% B 1SPNPUJOH XPNFOT MFBEFSTIJQ JO GBSNFST BOE SVSBM QSPEVDFST PSHBOJ[BUJPOT 4QFDJBMTFTTJPOPGUIFUIJSEHMPCBMNFFUJOHPG UIF 'BSNFST 'PSVN JO DPOKVODUJPO XJUI UIF UIJSUZUIJSETFTTJPOPG*'"%T(PWFSOJOH$PVO DJM *'"% )FBERVBSUFST 3PNF12–13 'FCSV BSy 2010.
*'"% C*SBOJBOFYQFSUTTFFLMFTTPOTMFBSOFE GSPNFYQFSJFODFTPGTFMGIFMQHSPVQTJO*OEJB
*'"% .BLJOH B %JGGF FODF JO "TJB BOE UIF 1B DJGJ *TTVF
*-0 "#$PGXPNFOXPSLFSTSJHIUTBOEHFO EFSFRVBMJUZ(FOFWB4XJU[FSMBOE
*-0 4UBUJTUJDBM6QEBUFPO&NQMPZNFOUJOUIF
*OGPSNBM&DPOPNZ *-0 %FQBSUNFOU PG 4UBUJT UJDT
*OUFSOBUJPOBM 5SBEF $FOUSF "TJBO %FWFM PQNFOU #BOLT &OFSHZ GPS "MM *OJUJBUJWF*OUFS OBUJPOBM 5SBEF 'PSVN .BHB[JOF "QSJM,
"WBJMBCMF BUIUUQXXXJOUSBDFOPSH"TJBO
%FWFMPQNFOU#BOLT&OFSHZGPS"MM*OJUJB UJWF BDDFTTFE+VOF
+FKFFCIPZ4+BOE4BUIBS;" 8PNFOT"V UPOPNZ JO *OEJB BOE 1BLJTUBO5he *OGMVFODF PG3FMJHJPOBOE3FHJPO1PQVMBUJPOBOE%FWFM PQNFOU3FWJFX o
,BCFFS / *T .JDSPGJOBODF B .BHJD #VMMFU GPS8PNFOT&NQPXFSNFOU "OBMZTJTPG'JOE JOHT GSPN 4PVUI "TJB&DPOPNJD BOE 1PMJUJDBM 8FFLMZ o
,BCFFS/ 8PNFOT&DPOPNJD&NQPXFSNFOU BOE *ODMVTJWF (SPXUI -BCPVS .BSLFUT BOE &O UFSQSJTF%FWFMPQNFOU4*(8PSLJOH1BQFS*%3$
,BCFFS / BOE .BINVE 4 (MPCBMJ[BUJPO HFOEFS BOE QPWFSUZ #BOHMBEFTIJ XPN en XPSLFST JO FYQPSU BOE MPDBM NBSLFUT +PVSOBM PG *OUFSOBUJPOBM %FWFMPQNFOU o
.BMIPUSB"4DIVMUF+1BUFM1BOE1FUFTI1
*OOPWBUJPO GPS 8PNFOT &NQPXFSNFOU BOE (FOEFS&RVBMJUZ*$38
.JOJTUSZ PG 'JOBODF #BOHMBEFTI (FOEFS
#VEHFUJOH3FQPSUo'JOBODF%JWJTJPO .JOJTUSZ PG 'JOBODF (PWFSONFOU PG #BOHMB EFTI
.JOJTUSZPG8PNFOT"GGBJST /BUJPOBM"DUJPO 1MBOGPSUIF8PNFOPG"GHIBOJTUBOo
"GHIBOJTUBO
.PSSJTTPO $ BOE +àUUJOH +1 8PNFOT EJT DSJNJOBUJPO JO EFWFMPQJOH DPVOUSJFT " OFX EBUB TFU GPS CFUUFS QPMJDJFT8PSME %FWFMPQ NFOU o
.PUBNFE "' .JDSPGJOBODF JO UIF *T MBNJD 3FQVCMJD PG *SBO XJUI B HMBODF BU UIF 3FQVCMJD PG ,PSFBT "WBJMBCMF BU I U U Q D P O G N C S J B D J S B L F T % F G B V M U BTQY 1BHF/BNF1BHFT*% BDDFTTFE 12 SFQUFNCFS
/BMMBSJ3BOE(SJGGJU # (FOEFSBOE.BDSP FDPOPNJD1PMJDZ8PSME#BOL
/BUJPOBM 4DJFODF BOE 5FDIOPMPHZ $PNNJTTJPO /BUJPOBM4DJFODFBOE5FDIOPMPHZ1PMJDZ PG4SJ-BOLB/BUJPOBM4DJFODFBOE5FDIOPMPHZ
$PNNJTTJPO4SJ-BOLB
0&$% "UMBT PG (FOEFS BOE %FWFMPQNFOU )PX 4PDJBM /PSNT "GGFDU (FOEFS &RVBMJUZ JO OPO0&$%$PVOUSJFT
04"(* (FOEFS .BJOTUSFBNJOH "O 0WFS WJFX "WBJMBCMF BUIUUQXXXVOPSHXPN FOXBUDIPTBHJDPODFQUTBOEFGJOJUJPOTIUN (accessed 22 July 2013)
1$45 /BUJPOBM 4DJFODF 5FDIOPMPHZ BOE *O OPWBUJPO 1PMJDZ 1BLJTUBO $PVODJM GPS
4DJFODF BOE 5FDIOPMPHZ 1$45 .JOJTUSZ PG 4DJFODF BOE 5FDIOPMPHZ (PWFSONFOU PG 1BLJTUBO*TMBNBCBE1BLJTUBO
2VJTVNCJOH "3 BOE .BMVDDJP +" *OUSB IPVTFIPME "MMPDBUJPO BOE (FOEFS 3FMBUJPOT /FX&NQJSJDBM&WJEFODF8PSME#BOL%FWFMPQ NFOU 3FTFBSDI (SPVQ 1PMJDZ 3FTFBSDI 3FQPSU PO (FOEFS BOE %FWFMPQNFOU 8PSLJOH 1BQFS 4FSJFT/P
3VXBOQVSB ,/ 2VBMJUZ PG 8PNFOT &N QMPZNFOU"'PDVTPOUIF4PVUI%FDFOU8PSL 3FTFBSDI 1SPHSBNNF %JTDVTTJPO 1BQFS /P. %1 *OUFSOBUJPOBM *OTUJUVUF GPS -BCPVS4UVEJFT(FOFWB4XJU[FSMBOE
4BOJUBUJPOBOE8BUFSGPS"MM 4SJ-BOLB#SJFG JOH&DPOPNJD*NQBDUPG8BUFSBOE4BOJUBUJPO 4FJCFM )% 8IBU .BUUFST JO 3VSBM BOE .J
DSPGJOBOD "WBJMBCMF BUIUUQXXXSVSalfi OBODFPSHEFUBJMTFO OP@DBDIFTSFD UEFUUSBJOJOHUEFUUEFU BD cessed 12 SFQUFNCFS
4.&%" 4NBMM BOE .FEJVN &OUFSQSJTFT
%FWFMPQNFOU "VUIPSJUZ 4.&%" .JOJTUSZ PG
*OEVTUSJFT 1BLJTUBO 8PNFO &OUSFQSFOFVS TIJQ *OJUJBUJWFT "WBJMBCMF BUIUUQXXXTN FEBPSHJOEFYQIQ PQUJPODPN@DPOUFOUW JFXBSUJDMFJE*UFNJE BDDFTTFE 22 ODUPCFS
4PMPUBSPGG + 3PEFMMB "4 BOE ,VSJBLPTF "
(FOEFS JO 4PVUI "TJB (BJOJOH (SPVOE 8PSME
#BOL8PSLJOH1BQFS
4POBMEF % BOE -FTUFS " (FOEFS 4DSJQUT BOE "HF BU .BSSJBHF JO *OEJB%FNPHSBQIZ o
4VEBSTIBO 3. 3FBEJOH UIF 4JHOQPTUT 4PDJBM 1SPUFDUJPO GPS )PNFCBTFE 8PNFO 8PSLFST JO 4PVUI "TJB4PDJBM 1SPUFDUJPO BT
%FWFMPQNFOU1PMJDZ3PVUMFEHF
5IF $PNNVOJDBUJPO *OJUJBUJWF /FUXPSL .PCJMF-FBSOJOH-JUFSBDZGPS3VSBM8PNFOJO 1BLJTUBO "WBJMBCMF BUIUUQXXXDPNNJOJU
DPNHMPCBMDPOUFOUNPCJMFMFBSOJOHMJUFSB DZSVSBMXPNFOQBLJTUBO BDDFTTFE22 0DUP CFS
5SFOE *SBOJBO PGGJDJB SFWFBMT NBUFSOBM NPSUBMJUZSBUFJODPVOUSZ"WBJMBCMFBUIUUQ FOUSFOEB[SFHJPOTJSBOIUNM BD cessed 11 SFQUFNCFS
6OJUFE/BUJPOT 0GGJDJB MJTUPG.%(JOEJDB UPST
6OJUFE /BUJPOT B 5IF SFQPSUo IJHIMFWFM QBOFM
6OJUFE/BUJPOT C.JMMFOOJVNEFWFMPQNFOU HPBMTQSPHSFTTDIBSU
6OJUFE /BUJPOT D5IF .JMMFOOJVN %FWFMPQ NFOU(PBMT3FQPSU
6/$5"% B"QQMZJOHB(FOEFS-FOTUP4DJFODF 5FDIOPMPHZBOE*OOPWBUJPO
6/$5"% C*OGPSNBUJPO&DPOPNZ3FQPSU*$5T BT BO &OBCMFS GPS 1SJWBUFoTFDUPS %FWFMPQNFOU 6OJUFE/BUJPOT1VCMJDBUJPO
6/$5"% 0QFO BDDFTT WJSUVBM TDJFODF MJ CSBSJFTHFPTQBUJBMBOBMZTJTBOEPUIFSDPNQMF NFOUBSZ JOGPSNBUJPO BOE DPNNVOJDBUJPOT UFDIOPMPHZ BOE TDJFODF UFDIOPMPHZ FOHJ OFFSJOH BOE NBUIFNBUJDT BTTFUT UP BEESFTT EFWFMPQNFOUJTTVFTXJUIQBSUJDVMBSBUUFOUJPO UPFEVDBUJPO/P&$/
6/%&4" 3FBMJ[JOHUIFGVUVSFXFXBOUGPS BMM 3FQPSU UP UIF 4FDSFUBSZ(FOFSBM 6OJUFE /BUJPOT 4ZTUFN5BTL5FBN PO UIF 1PTU
%FWFMPQNFOU"HFOEB/Fw :PSL
6/%1 5BLJOH "DUJPO "DIJFWJOH (FOEFS
&RVBMJUZBOE&NQPXFSJOH8PNFO
6/&4$0 (FOEFSBOE&EVDBUJPOGPS"MM5IF -FBQUP&RVBMJUZ4VNNBSZ3FQPSU
6/&4$0 4DJFODF 5FDIOPMPHZ BOE (FOEFS
"O*OUFSOBUJPOBM3FQPSU
6/&4$0 B'BDU4IFFU&EVDBUJPOJO1BLJTUBO
&EVDBUJPOGPS"MM(MPCBM.POJUPSJOH3FQPSU 6/&4$0 C .PCJMFCBTFE 1PTUMJUFSBDZ
1SPHSBNNF$PVOUSZ1SPGJMF 1BLJTUBO"WBJM BCMF BUIUUQXXXVOFTDPPSHVJMMJUCBTF NFOVQSPHSBNNF BDDFTTFE 22 ODUPCFS
6/&4$0 D5IF 6OJUFE /BUJPOT 8PSME 8BUFS
%FWFMPQNFOU3FQPSU.BOBHJOH8BUFS6OEFS 6ODFSUBJOUZBOE3JTL
6/&4$0 .PCJMF -FBSOJOH 1SPKFDUT UP
&NQPXFS 3VSBM 8PNFO JO 1BLJTUBO "WBJM BCMF at IUUQXXXVOFTDPCLLPSHFEVDB UJPOJDUPOMJOFSFTPVSDFTEBUBCBTFTJDUJO FEVDBUJPOEBUBCBTFJUFNBSUJDMFNP CJMFMFBSOJOHQSPKFDUTUPFNQPXFSSVSBM XPNFOJOQBLJTUBO BDDFTTFE22 0DUPCFS
6/'1" (FOEFS&RVBMJUZBOE&NQPXFSNFOU PG8PNFOJO/FQBM
6/'1" 5IF4UBUFPGUIF8PSMET.JEXJGFSZ "WBJMBCMF BU IUUQXXXVOGQBPSH TPXNZSFTPVSDFTFODPVOUSZ@JOGPIUN (accessed 6 SFQUFNCFS
6/'1" 6/*$&' 8)0 BOE 8PSME #BOL 5SFOETJO.BUFSOBM.PSUBMJUZo8)0 6/*$&' .JEXJGF 5SBJOJOH 1SPHSBNNF "JNT
UP3FEVDF.BUFSOBM.PSUBMJUZJO"GHIBOJTUBO 6/8PNFO 8PSME 4VSWFZ PO UIF 3PMF PG
8PNFOJO%FWFMPQNFOU
64"*% B 64"*%T &ffPSUT UP &NQPXFS 8PNFOUISPVHI"HSJDVMUVSF/FQBM2VBSUFSMZ /FXTMFUUFS64"*%
64"*% C."."#BOHMBEFTIo$POOFDUJOH )FBMUI *OGPSNBUJPO BOE 4FSWJDFT UP .PUIFST 5ISPVHI .PCJMFT "WBJMBCMF BUIUUQCMPH VTBJEHPWNBNBCBOHMBEFTI DPOOFDUJOHIFBMUIJOGPSNBUJPOBOEIFBMUI TFSWJDFTUPNPUIFST BDDFTTFE11 4FQUFN ber 2013).
7PEBGPOF'PVOEBUJPO *OEJBBOE$IFSJF#MBJS 'PVOEBUJPO 8PNFOT 36%* OFUXPSL WJEFP
"WBJMBCMF BUIUUQNPCJMFGPSHPPEWJEFPQMBZ FSWPEBGPOFGPVOEBUJPOPSHWJEFPTXBUDI JOEJBDIFSJFCMBJSGPVOEBUJPOTFXBBQQ BD cessed 11 SFQUFNCFS
8PSME #BOL (JSMT &EVDBUJPO JO UIF 5XFOUZ GJSTU $FOUVSZ (FOEFS &RVBMJUZ &NQPXFSNFOU BOE&DPOPNJD(SPXUI
8PSME#BOL (FOEFSJO"HSJDVMUVSF
8PSME #BOL B8PSME %FWFMPQNFOU 3FQPSU (FOEFS&RVBMJUZBOE%FWFMPQNFOU
8PSME #BOL C (FOEFSJODMVTJWF /VUSJUJPO
"DUJWJUJFT JO 4PVUI "TJB %JTTFNJOBUJPO /PUF 7PM. /P4PVUI"TJB4PDJBM%FWFMPQ NFOU6OJU
8PSME #BOL D "QQMZJOH B HFOEFS MFOT UP UIF #BOLT XPSL JO 4PVUI "TJB4PVUI "TJB (FOEFS*OJUJBUJWF
8PSME#BOL B8PSME%FWFMPQNFOU*OEJDBUPST 8PSME #BOL C 4PVUI "TJB 3FHJPOBM #SJFG
"WBJMBCMF BU IUUQXXXXPSMECBOLPSH FOOFXTGFBUVSFTPVUIBTJB SFHJPOBMCSJFG BDDFTTFE"QSJM 8PSME#BOL D#BOHMBEFTI4FDPOEBSZ&EVDB
UJPOGPS"MM"WBJMBCMFBUIUUQXFCXPSMECBOL PSH8#4*5&&95&3/"-501*$4&95&%6$"5
*0/QSJOU:_JT$63-:_DPOUFOU.%, _NFOV1,_QBHF1,_QJ 1,_UIF4JUF1,_JT$63-:
IUNM BDDFTTFE0DUPCFS
8PSME&DPOPNJD'PSVN 5IF(MPCBM(FOEFS (BQ*OEFY