Donate
Independent, objective, nonpartisan research

EP 1005DNEP

Authors

EP 1005DNEP

Tagged with:

Publication PDFs

Database

This is the content currently stored in the post and postmeta tables.

View live version

object(Timber\Post)#3711 (44) { ["ImageClass"]=> string(12) "Timber\Image" ["PostClass"]=> string(11) "Timber\Post" ["TermClass"]=> string(11) "Timber\Term" ["object_type"]=> string(4) "post" ["custom"]=> array(5) { ["_wp_attached_file"]=> string(15) "EP_1005DNEP.pdf" ["wpmf_size"]=> string(6) "329563" ["wpmf_filetype"]=> string(3) "pdf" ["wpmf_order"]=> string(1) "0" ["searchwp_content"]=> string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áFFJOH$BMJGPSOJBJOESPWFT SFMPDBUJOHUPNPSFXFMDPNJOH iCVTJ OFTTGSJFOEMZuTUBUFTXJUIMPXFSUBYFTBOEBMFTTPOFSPVTSFHVMBUPSZFOWJSPONFOU$BMJGPSOJBOT UIFSFGPSFTVGGFSCFDBVTFUIFJSKPCTBSFCFJOHTJQIPOFEPGGUPCFOFàUSFTJEFOUTPGPUIFSTUBUFT  *OSFBMJUZ MJUUMFJTBDUVBMMZLOPXOBCPVUUIFUSFOEPGPVUPGTUBUFCVTJOFTTSFMPDBUJPOBOE JO UVSO BMNPTUOPUIJOHIBTCFFOEPOFUPNFBTVSFIPXUIJTSFMPDBUJPONBZCFBGGFDUJOHFNQMPZ NFOUDIBOHFJO$BMJGPSOJB  *OUIJTJTTVFPG$BMJGPSOJB&DPOPNJD1PMJDZ XFFYBNJOFUIFQIFOPNFOPOJOBNPSFDPN QMFUF DPOUFYU UIF CVTJOFTT EZOBNJDT UIBU ESJWF FNQMPZNFOU DIBOHF JO $BMJGPSOJB BOE FYUFOE CFZPOESFMPDBUJPOUPJODMVEFUIFGPSNBUJPOPGOFXCVTJOFTTFTBOEUIFFYQBOTJPO DPOUSBDUJPO  BOEDMPTVSFPGFYJTUJOHCVTJOFTTFTUBCMJTINFOUT  8FàOEUIBU r $BMJGPSOJB EPFT JO GBDU MPTF CVTJOFTTFT BOE KPCT CFDBVTF PG SFMPDBUJPO  CVU UIF FGGFDU PO FNQMPZNFOU JT OFHMJHJCMF *O BOZ ZFBS GSPN  UP   UIF OFU KPC MPTT GSPN CVTJOFTT SFMPDBUJPOXBTOFWFSIJHIFSUIBOPOFUFOUIPGQFSDFOUPGUIFUPUBMOVNCFSPGKPCT"UUIJT SBUF JUXPVMEUBLFNPSFUIBOZFBSTGPS$BMJGPSOJBUPMPTFQFSDFOUPGJUTFNQMPZNFOU .PSFPWFS $BMJGPSOJBXBTBOFUJNQPSUFSPGKPCTGSPNDFSUBJOTUBUFT r &NQMPZNFOUDIBOHFJTQSJNBSJMZESJWFOOPUCZJOUFSTUBUFSFMPDBUJPOCVUCZUIFFYQBOTJPO BOEDPOUSBDUJPOPGFYJTUJOHCVTJOFTTFTBOECZUIFCJSUITPGOFXCVTJOFTTFTBOEUIFEFBUIT PGFYJTUJOHPOFT0OBWFSBHF QFSDFOUPGKPCEFTUSVDUJPOJOUIFTUBUFGSPNUP TUFNNFE GSPN UIF EFBUI PG CVTJOFTT FTUBCMJTINFOUT   QFSDFOU GSPN FYJTUJOH CVTJOFTT FTUBCMJTINFOUTTISJOLJOH BOEPOMZQFSDFOUGSPNSFMPDBUJPOTPVUPGTUBUF r 8IFO UIFZ EP NPWF  CVTJOFTTFT BSF NVDI NPSF MJLFMZ UP NPWF MPDBMMZ UIBO BDSPTT TUBUF CPVOEBSJFT0VUPGTUBUFSFMPDBUJPOTBDDPVOUGPSMFTTUIBOQFSDFOUPGBMMUIFNPWFTDBQ UVSFEJOPVSEBUBCBTF $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF  (JWFO PVS àOEJOH UIBU UIF SPMF PG JOUFSTUBUF CVTJOFTT SFMPDBUJPO JO FNQMPZNFOU DIBOHF JT OFH MJHJCMF BSHVNFOUTBCPVUBIPTUJMFCVTJOFTTDMJNBUF CBTFEPOBOFDEPUBMFWJEFODFPGCVTJOFTTFTMFBWJOH $BMJGPSOJB TIPVME CF USFBUFE XJUI DBVUJPO 5IFSF NBZ CF NFSJU JO DMBJNT UIBU UIF CVTJOFTT DMJNBUF JO $BMJGPSOJB JT JOJNJDBM UP PWFSBMM KPC HSPXUI "T PVS SFTVMUT FNQIBTJ[F  CJSUIT BOE EFBUIT BOE FYQBOTJPOT BOE DPOUSBDUJPOT PG FYJTUJOH CVTJOFTT FTUBCMJTINFOUTQMBZBIVHFMZJNQPSUBOUSPMFJOFN QMPZNFOU DIBOHF *G QVCMJD QPMJDJFT PS PUIFS GBD UPSTEFUFSUIPTFCJSUITBOEFYQBOTJPOT PSQSPNPUF EFBUITBOEDPOUSBDUJPOT UIFOUIFSFDPVMECFMFHJUJ NBUF HSPVOET GPS DSJUJDJTN PG UIF TUBUFT CVTJOFTT DMJNBUF #VU QPMJDJFT UIBU GPDVT TPMFMZ PO QSFWFOU JOH CVTJOFTT SFMPDBUJPO BSF VOMJLFMZ UP DPOUSJCVUF TJHOJàDBOUMZUPKPCHSPXUI5IFFWJEFODFTVHHFTUT UIBU JG UIFSF JT B SPMF GPS QVCMJD QPMJDZ JO DSFBUJOH KPCHSPXUI FGGPSUTUPGPTUFSUIFGPSNBUJPOPGOFX CVTJOFTTFT BOE UP IFMQ FYJTUJOH CVTJOFTTFT TVSWJWF BOE HSPX XPVME CF CFUUFS QMBDFE 5IJT SFTFBSDI QPJOUTUPUIFOFFEGPSBCSPBEFSBOENPSFJOGPSNFE FYBNJOBUJPO PG $BMJGPSOJBT CVTJOFTT DMJNBUF BOE IPX JU DBO CF BGGFDUFE‡GPS HPPE PS GPS CBE‡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àSNT  5IFTFFGGPSUT DPVQMFEXJUIUIFBDUVBMSFDFTTJPO DBVTFE KPC MPTTFT  DPNCJOFE UP DSFBUF BO JNQSFT TJPOUIBUBMBSHFOVNCFSPGCVTJOFTTFTXFSFJOGBDU áFFJOH$BMJGPSOJBBOEUBLJOH$BMJGPSOJBOTKPCTXJUI UIFN (PWFSOPS 1FUF 8JMTPO EFTJHOBUFE UXP CMVF SJCCPODPNNJTTJPOTUPJOWFTUJHBUF$BMJGPSOJBTTVQ QPTFEMZ EFUFSJPSBUJOH CVTJOFTT DMJNBUF 0OF  UIF $PVODJM PO $BMJGPSOJB $PNQFUJUJWFOFTT  JTTVFE B MPOH SFQPSU JO  àMMFE XJUI SFDPNNFOEBUJPOT GPSJNQSPWJOHUIFCVTJOFTTDMJNBUF5IFTFJODMVEFE SFGPSNT UP SFEVDF UIF DPTUT PG UIF XPSLFST DPN QFOTBUJPO QSPHSBN  UP QBSF CBDL FOWJSPONFOUBM SFHVMBUJPOT BOEUPJNQSPWFUIFFEVDBUJPOTZTUFN  BT XFMM BT UBY SFGPSNT UIBU XPVME QSPNPUF FOUSF QSFOFVSTIJQBOECVTJOFTTJOWFTUNFOU  8JUI UIF FDPOPNJD CPPN PG UIF MBUF T  MJUUMFNPSFXBTIFBSEBCPVUUIFTUBUFTIPTUJMFCVTJ OFTT DMJNBUF #VU JO UIF FDPOPNJD EPXOUVSO UIBU GPMMPXFE UIF EPUDPN CVTU PG  m  QPMJDZ NBLFSTBOEPUIFSTCFHBOBHBJOUPXPOEFSQVCMJDMZ XIFUIFS $BMJGPSOJB XBT B HPPE QMBDF UP EP CVTJ OFTT3FQSFTFOUBUJWF%VODBO)VOUFS 3m&M$BKPO  UPME B DPOGFSFODF IF PSHBOJ[FE PO UIF TVCKFDU JO "QSJMUIBUSFHVMBUJPOT GFFT UBYFT IJHIFOFSHZ 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF DPTUT  BOE SJTJOH TBMBSJFT BOE DPNQFOTBUJPO XFSF NBLJOH $BMJGPSOJB MFTT BUUSBDUJWF UIBO OFJHICPS JOH TUBUFT‡BOE UIBUNBOZàSNTIBEMFGU$BMJGPS OJBGPSKVTUUIPTFSFBTPOT-BUFSUIBUZFBS EVSJOH UIF DBNQBJHO UP SFDBMM (PWFSOPS (SBZ %BWJT  UIF QVCMJDXBTJOVOEBUFEXJUIDSJUJDJTNPG$BMJGPSOJBT CVTJOFTTFOWJSPONFOU$BOEJEBUFTUPTVDDFFE%BWJT SPVUJOFMZ SFGFSSFE UP UIF TUBUFT iPOFSPVT CVTJOFTT SFHVMBUJPOT BOE PWFS UBYBUJPOu UIBU XFSF ESJWJOH CVTJOFTTFTBXBZ*OSFTQPOTF %BWJTSFRVFTUFEUIBU UIF $BMJGPSOJB &NQMPZNFOU %FWFMPQNFOU %FQBSU NFOU &%% TUVEZUIFUSFOEBOEFGGFDUTPGCVTJOFTT SFMPDBUJPO CVUUIF&%%LFQUOPEBUBPOSFMPDBUJPO  5IF QVCMJD SFMBUJPOT CBUUMF PWFS UIF JTTVF IBT DPOUJOVFETJODF(PWFSOPS"SOPME4DIXBS[FOFHHFS SFQMBDFE %BWJT #JMMCPBSET JO PUIFS TUBUFT EJTQMBZ UIF HPWFSOPST JNBHF BOE UIF NFTTBHF  i"SOPME 4BZT A$BMJGPSOJB XBOUT ZPVS CVTJOFTTu 5IF HPW FSOPS IBT BMTP QSPNJTFE UP MFOE B NPWJOH USVDL CFMPOHJOH UP i"SOPMET .PWJOH $Pu UP BOZ CVTJ OFTT PXOFS XIP XBOUT UP NPWF UP $BMJGPSOJB 0UIFSTUBUFTIBWFGPVHIUCBDLXJUIUIFJSPXOCJMM CPBSET BOE OFXTQBQFS BET  JODMVEJOH .BTTBDIV TFUUT i4NBMMFS NVTDMFT  CVU MPXFS UBYFTu  BOE /FWBEB i8JMMZPVSCVTJOFTTCFUFSNJOBUFE u  5IF$BTFGPSB#VTJOFTT&YPEVT 5IPTF XIP IBWF BSHVFE UIBU $BMJGPSOJBT CVTJOFTTDMJNBUFIBTQVTIFECVTJOFTTFTPVU PG$BMJGPSOJBIBWFSBSFMZSFMJFEPOFNQJSJDBM FWJEFODFPGSFMPDBUJPOCFIBWJPSCVUSBUIFSPOTVSWFZT UIBU FMJDJUFE TVCKFDUJWF BTTFTTNFOUT GSPN FNQMPZFST *O BTUBUFXJEFTVSWFZCZUIF$BMJGPSOJB#VTJ OFTT3PVOEUBCMFTIPXFEUIBUDMPTFUPPOFRVBSUFS PG UIF   SFTQPOEJOH DPNQBOJFT IBE QMBOT UP MFBWF$BMJGPSOJB"+VMZTVSWFZCZUIF$BMJ GPSOJB $IBNCFS PG $PNNFSDF BOE UIF $BMJGPSOJB #VTJOFTT 3PVOEUBCMF BTLFE  $BMJGPSOJB CVTJ OFTT FYFDVUJWFT BCPVU SFMPDBUJOH /FBSMZ POFàGUI PGUIFSFTQPOEFOUTTBJEUIBUUIFZXFSFQMBOOJOHUP FYQBOE BOEPS SFMPDBUF PVUTJEF UIF TUBUF 'JGUFFO QFSDFOU TBJE UIBU UIFZ IBE CFFO BQQSPBDIFE CZ SFDSVJUFSTGSPNPUIFSTUBUFT BOEPGUIFTF QFSDFOU IBE CFFO PGGFSFE NPOFUBSZ PS PUIFS SFMPDBUJPO JODFOUJWFT 5IF GPMMPXJOH ZFBS  B TVSWFZ CZ UIF $BMJGPSOJB#VTJOFTT3PVOEUBCMFBOE#BJO$PN QBOZ   QBJOUFE BO FWFO HSJNNFS QJDUVSF  SFQPSUJOH UIBU DMPTF UP  QFSDFOU PG DPNQBOZ FYFDVUJWFTTVSWFZFEIBEBQMBOUPSFMPDBUFCVTJOFTTFT BOE KPCT BXBZ GSPN $BMJGPSOJB BOE UIBU NPTU PG UIFNQMBOOFEUPNPWFUPPUIFSXFTUFSOTUBUFT  #VMFT"TTPDJBUFT  JTUIFPOMZTUVEZXF IBWFDPNFBDSPTTUIBUUSJFTUPNFBTVSFBDUVBMSFMP DBUJPOBDUJWJUZ$PNNJTTJPOFECZUIF-PT"OHFMFT %FQBSUNFOUPG8BUFSBOE1PXFSBOEPUIFSVUJMJUJFT  JU SFQPSUFE UIBU $BMJGPSOJB MPTU   JOEVTUSJBM GBDJMJUJFT UP PUIFS TUBUFT  UP .FYJDP  PS UP 1VFSUP 3JDPCFUXFFOBOE5IJTàHVSFJODMVEFE JOEVTUSJBMQMBOUTUIBUNPWFEPVUPG$BMJGPSOJBBOE UIPTFUIBUXFSFTFUVQPVUTJEF$BMJGPSOJBCZ$BMJ GPSOJBDPNQBOJFT BMUIPVHIJUJTOPUDMFBSXIFUIFS UIFMBUUFSHSPVQTIPVMECFDPVOUFEBNPOHUIFMPTTFT 6TJOHUIFNVMUJQMJFSFGGFDU UIFZFTUJNBUFEBMPTTPG KPCPQQPSUVOJUJFTPGCFUXFFO BOE  GPSUIBUZFBSQFSJPE #VTJOFTT3FMPDBUJPOJO$POUFYU )PXFWFS  B DSJUJDBM MJNJUBUJPO PG FWFO UIJT TUVEZ‡BOEBNJTTJOHFMFNFOUJOBMMPGUIF EJTDVTTJPOTBCPVUSFMPDBUJPOUIBUXFIBWF DJUFE‡JTUIBUCVTJOFTTSFMPDBUJPO JT BMNPTU BMXBZT EJTDVTTFE JO UIFDPOUFYUPGCVTJOFTTFTMFBWJOH $BMJGPSOJB BTJGUSBGàDNPWFTJO 5IPTFXIPIBWF BSHVFEUIBU$BMJGPSOJBT POMZPOFEJSFDUJPO5IF#VMFT CVTJOFTTDMJNBUFIBT "TTPDJBUFTTVSWFZGPDVTFEFYDMV TJWFMZ PO CVTJOFTTFT MFBWJOH UIF TUBUF BOE JHOPSFE àSNT NPWJOH UP $BMJGPSOJB PS TFUUJOH VQ OFX $BMJGPSOJB CSBODIFT PG FYJTUJOH QVTIFECVTJOFTTFT PVUPG$BMJGPSOJB IBWFSBSFMZSFMJFEPO FNQJSJDBMFWJEFODFPG CVTJOFTTFT0OFDPVMEBSHVFUIBU SFMPDBUJPOCFIBWJPS XIFO DPNQBOJFT TVDI BT (BUF XBZ JO *PNFHB JO  BOE 4POZ &MFDUSPOJDT JO   NPWFE UIFJS IFBERVBSUFST GSPN PUIFS TUBUFT UP $BMJGPSOJB  UIJT CVUSBUIFSPOTVSWFZT UIBUFMJDJUFETVCKFDUJWF BTTFTTNFOUTGSPN FNQMPZFST 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF XBTBQPTJUJWFEFWFMPQNFOUUIBUNJUJHBUFEUIFOFH BUJWFFGGFDUTPGPVUPGTUBUFSFMPDBUJPOT  "OPUIFSTFSJPVTáBXJOUIFEFCBUFVQVOUJMOPX JT UIBU JU JT PGUFO GSBNFE BT JG SFMPDBUJPO XFSF UIF LFZ EFUFSNJOBOU PG FNQMPZNFOU DIBOHF JO $BMJ GPSOJB  JHOPSJOH PUIFS EZOBNJD QSPDFTTFT TVDI BT UIFOBUVSBMFCCBOEáPXPGFNQMPZNFOUDIBOHFBU FYJTUJOH CVTJOFTTFT BOE FTUBCMJTINFOU CJSUIT BOE EFBUIT *U JT NJTMFBEJOH UP GPDVT PO POMZ POF PG UIFTF‡FTQFDJBMMZXJUIPVUHPPEFWJEFODF  5IF GPDVT PO SFMPDBUJPO BMTP UZQJDBMMZ JHOPSFT TVCUMFUJFT JO UIFTF EZOBNJDT UIBU NJHIU QPJOU UP QPTJUJWFOFXTPGKPCDSFBUJPO*UJTQPTTJCMF GPSJO TUBODF UIBUTPNFCVTJOFTTFTUBCMJTINFOUTBSFNPWJOH BXBZCFDBVTFUIFZBSFDSPXEFEPVUCZNPSFFGàDJFOU POFT0UIFSSFTFBSDIFSTUIFPSJ[FUIBUUIF$BMJGPSOJB FDPOPNZ JT POF UIBU GPS TPNF JOEVTUSJFT‡TVDI BT IJHIUFDI‡BDUTBTBOJODVCBUPSGPSJOOPWBUJPO CF DBVTFPGJUTHPPEVOJWFSTJUJFT TUSPOHWFOUVSFDBQJUBM OFUXPSL BOEIJHIMZFEVDBUFEXPSLGPSDF)PXFWFS  UIJTDPNQBSBUJWFBEWBOUBHFEPFTOPUFYUFOEUPUIF SPVUJOFQSPEVDUJPOPGHPPETXFMMQBTUUIFJOOPWBUJPO TUBHF5IJTTDFOBSJPTVHHFTUTUIBUJUJTOBUVSBMGPS CVTJOFTTFTUBCMJTINFOUTUPCFCPSOJO$BMJGPSOJBCVU UIFOUPNJHSBUFUPUBLFBEWBOUBHFPGMPXFSQSPEVD UJPODPTUTFMTFXIFSF*OEFFE BTSFQPSUFECFMPX XF TFFFWJEFODFCSPBEMZDPOTJTUFOUXJUIUIJTQBUUFSOPG PVUNJHSBUJPO*OTVDIDBTFT SFMPDBUJPOTIPVMEOPU CF UBLFO BT B TJHO PG CBE CVTJOFTT DMJNBUF *G BOZ UIJOH  JU JT BO JOEJDBUPS PG B HPPE CVTJOFTT DMJNBUF UIBUGBWPSTUIFGPSNBUJPOPGOFXCVTJOFTTFT  &NQMPZNFOUDIBOHFJTVMUJNBUFMZUIFOFUFGGFDU PGTJYEZOBNJDQSPDFTTFT‡UISFFUIBUDSFBUFKPCTBOE UISFFUIBUEFTUSPZKPCT BTTIPXOJOUIJTFRVBUJPO  &NQMPZNFOUHSPXUI   KPCHSPXUIBUFYQBOEJOHFTUBCMJTINFOUT   mKPCEFDMJOFBUDPOUSBDUJOHFTUBCMJTINFOUT   KPCTBUOFXFTUBCMJTINFOUT  mKPCTBUFTUBCMJTINFOUTUIBUDMPTFE    KPCTBUFTUBCMJTINFOUTUIBUNPWFEJO  mKPCTBUFTUBCMJTINFOUTUIBUNPWFEPVU  5P DIBSBDUFSJ[F FNQMPZNFOU DIBOHF JO BO FDPOPNZ  XF OFFE UP VOEFSTUBOE BMM TJY PG UIFTF EZOBNJD QSPDFTTFT  OPU KVTU UP EFTDSJCF FNQMPZ NFOU DIBOHF BDDVSBUFMZ CVU BMTP UP JEFOUJGZ UIF KPC DSFBUJPO BOE EFTUSVDUJPO QSPDFTTFT PO XIJDI JU NJHIU CF NPTU QSPEVDUJWF GPS QPMJDZNBLFST UP GPDVTJOFODPVSBHJOHFNQMPZNFOUHSPXUI  5IJT FRVBUJPO BMTP IFMQT NBLF UIF JNQPSUBOU EJTUJODUJPOCFUXFFOHSPTTKPCáPXT TVDIBTBMMKPCT DSFBUFECFDBVTFPGFTUBCMJTINFOUCJSUIT BOEOFUKPC áPXT UIFEJGGFSFODFCFUXFFOKPCTDSFBUFECZCJSUIT BOE KPCT EFTUSPZFE CZ EFBUIT .PEFSBUF PWFSBMM DIBOHFTJOFNQMPZNFOUPWFSUJNFNBZNBTLMBSHF BOEWPMBUJMFHSPTTKPCáPXT$POWFSTFMZ SFMBUJWFMZ TNBMM DIBOHFT JO BOZ PG UIF HSPTT áPXT DBO MFBE UP TIBSQ DIBOHFT JO OFU KPC HSPXUI 1PMJDJFT UIBU FODPVSBHF CJSUIT PS EJTDPVSBHF EFBUIT DPVME IBWF B MBSHF FGGFDU PO FNQMPZNFOU HSPXUI JG UIF HSPTT áPXT BTTPDJBUFE XJUI CJSUIT BOE EFBUIT BSF MBSHF  FWFOJGUIFOFUKPCáPXGSPNCJSUITNJOVTEFBUITJT SFMBUJWFMZTNBMM 5IF/BUJPOBM&TUBCMJTINFOU5JNF 4FSJFT%BUBCBTF "MUIPVHI UIF JNQPSUBODF PG VOEFSTUBOEJOH UIF KPC DSFBUJPOEFTUSVDUJPO QSPDFTT IBT MPOH CFFO XJEFMZ SFDPHOJ[FE  TZTUFNBUJD FNQJSJDBMSFTFBSDIPOUIJTUPQJDEJEOPUTUBSUVOUJM RVJUFSFDFOUMZBTSFTFBSDIFSTCFHBOUPEFWFMPQBQQSP QSJBUFEBUBTPVSDFT5IFEBUBTPVSDFTVTFEJOQSF WJPVTSFTFBSDIIBWFJNQPTFETJHOJàDBOUMJNJUBUJPOT CFDBVTF UIFZ EP OPU DBQUVSF CVTJOFTT SFMPDBUJPO BOEIFODFDBOOPUCFVTFEUPFTUJNBUFUIFDPOUSJCV UJPOPGSFMPDBUJPOUPFNQMPZNFOUDIBOHF  'PSUIJTBSUJDMF XFVTFEBOFXEBUBTPVSDF‡ UIF/BUJPOBM&TUBCMJTINFOU5JNF4FSJFT /&54 *U JTUIFàSTUEBUBTFUUPQFSNJUBGVMMCSFBLEPXO‡PS EFDPNQPTJUJPO‡PG UIF TPVSDFT PG FNQMPZNFOU DIBOHF BOE  UIVT  B TUVEZ PG CVTJOFTT SFMPDBUJPO JOSFMBUJPOUPPUIFSCVTJOFTTEZOBNJDT5IF/&54 EBUBCBTF JT B OFX MPOHJUVEJOBM àMF PO CVTJOFTT FTUBCMJTINFOUT BMPOHUFSNQSPKFDUPG8BMMT"TTP DJBUFTJODPOKVODUJPOXJUI%VO#SBETUSFFU"TJH OJàDBOU QBSU PG PVS SFTFBSDI GPDVTFE PO BTTFTTJOH UIFWBMJEJUZPGUIJTOFXEBUBTPVSDF8FGPVOEUIBU 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF JU HJWFT SFMJBCMF NFBTVSFNFOUT PG UIFTF EZOBNJDT BOE UIVT QSPWJEFTSFMJBCMFEBUBBCPVUUIFTPVSDFT PGFNQMPZNFOUDIBOHFBOEHSPXUIJO$BMJGPSOJB %FUBJMTPOUIF/&54EBUBCBTFBOEJUTDPOTUSVDUJPO BSFHJWFOJOUIFEBUBCPY  0OFIJHIMZEFTJSBCMFGFBUVSFPGUIF/&54EBUB CBTFJTUIBUJUDPWFSTFTTFOUJBMMZBMMFTUBCMJTINFOUT 5IJTSFáFDUTUIFGBDUUIBUJUJTEFTJHOFEUPDBQUVSF UIFVOJWFSTFSBUIFSUIBOBTBNQMFPGFTUBCMJTINFOUT 'PSFBDIZFBSPGUIFTBNQMFQFSJPEm UIF EBUBCBTFJODMVEFTJOGPSNBUJPOPOCFUXFFOBOE NJMMJPO CVTJOFTT FTUBCMJTINFOUT JO $BMJGPSOJB UIBU QSPWJEFBCPVUNJMMJPOUPNJMMJPOKPCT"CVTJ OFTT FTUBCMJTINFOU JT JODMVEFE JO PVS /&54 EBUB àMF JG JU XBT FWFS MPDBUFE JO $BMJGPSOJB EVSJOH mPSJTUIFQBSFOUIFBERVBSUFSTPGTVDIBO FTUBCMJTINFOU*OUPUBM NPSFUIBONJMMJPOFTUBC MJTINFOUTBSFDPWFSFEJOPVS/&54EBUBCBTFFYUSBDU  "OFTUBCMJTINFOUSFMPDBUJPOJOUIF/&54EBUB JTJEFOUJàFECZTUSFFUBEESFTTBOE[JQDPEFDIBOHFT GSPN POF ZFBS UP BOPUIFS &TUBCMJTINFOUT UIBU NPWFEFJUIFSJOUPPSPVUPG$BMJGPSOJBBSFJODMVEFEJO UIFEBUBCBTF TPJOUFSTUBUFSFMPDBUJPODBOCFUSBDLFE  )PXFWFS  UIFSF BSF TPNF MJNJUT UP XIBU UIJT GPSNPGSFMPDBUJPOEBUBDBOUFMMVTBCPVUUIFEZOBN JDT PG FNQMPZNFOU DIBOHF  CFDBVTF PUIFS UZQFT PG 5IF/&54%BUBCBTF 5IF /&54 EBUBCBTF DPMMFDUT JOGPSNBUJPO BU UIF FTUBC MJTINFOUMFWFMCVUBMTPJODMVEFTBVOJRVF%BUB6OJWFSTBM /VNCFSJOH4ZTUFN %6/4 UPJOEJDBUFUIFSFMBUJPOTIJQT BNPOHFTUBCMJTINFOUTJONVMUJFTUBCMJTINFOUmSNT  5IF /&54 EBUBCBTF CFHJOT XJUI  DSPTTTFDUJPOBM mMFTPGUIFGVMM%6/4.BSLFUJOH*OGPSNBUJPO %.* mMFGPS FBDI ZFBS GSPN  UISPVHI   FBDI PG XIJDI DPWFST UIFQSFWJPVTZFBS'SPNIFSFPO XFSFGFSUPUIFZFBSDPW FSFECZUIFEBUB JF oGPSUIFGVMMTBNQMFQFSJPE 5IF QSJNBSZ QVSQPTF PG %VO  #SBETUSFFUT EBUB DPMMFD UJPO FG GPS U JT UP QSPWJEF JOGPSNBUJPO PO CVTJOFTTFT UP UIF CVTJOFTTDPNNVOJUZ UPFOIBODFUIFJSEFDJTJPONBLJOHCZ DPOTUSVDUJOHBTFUPGiQSFEJDUJWFJOEJDBUPSTw FH UIF%VO #SBETUSFFU3BUJOHBOE1BZ%FYTDPSFT 5IF%.*mMFGPS FBDIZFBSJTDPOTUSVDUFEGSPNBOPOHPJOHFGGPSUUPDBQUVSF FBDICVTJOFTTFTUBCMJTINFOUJOUIF6OJUFE4UBUFTJOFBDI ZFBS JODMVEJOHOPOQSPmUTBOEUIFQVCMJDTFDUPS   %VO  #SBETUSFFU TUSJWFT UP JEFOUJGZ BMM CVTJOFTT FTUBCMJTINFOUT  BOE UP BTTFNCMF JOGPSNBUJPO PO UIFN  UISPVHI B NBTTJWF EBUB DPMMFDUJPO FGGPSU  JOWPMWJOH PWFS  NJMMJPO UFMFQIPOF DBMMT GSPN GPVS DBMMJOH DFOUFST FBDI ZFBS  BT XFMM BT PCUBJOJOH JOGPSNBUJPO GSPN MFHBM BOE DPVSU mMJOHT  OFXTQBQFST BOE FMFDUSPOJD OFXT TFS WJDFT  QVCMJD VUJMJUJFT  BMM 64 4FDSFUBSJFT PG 4UBUF  HPW FSONFOU SFHJTUSJFT BOE MJDFOTJOH EBUB  QBZNFOU BOE DPM MFDUJPOT JOGPSNBUJPO  DPNQBOZ mMJOHT BOE OFXT SFQPS UT  BOEUIF641PTUBM4FSWJDF1BSUJDVMBSFGGPSUTBSFEFWPUFE UP JEFOUJGZJOH UIF CJSUIT BOE EFBUIT PG FTUBCMJTINFOUT 'PS FWFSZ FTUBCMJTINFOU JEFOUJm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iTOBQTIPUTwPGCVTJOFTTFTUBCMJTINFOUT  8BMMT BOE "TTPDJBUFT FOUFSFE JOUP B DPMMBCPSBUJPO XJUI %VO  #SBETUSFFU XJUI B WFSZ EJGGFSFOU QVSQPTF JO NJOE‰OBNFMZ  UP QSPWJEF B EZOBNJD WJFX PG UIF 64 FDPOPNZ VTJOH UIF EBUB GSPN UIF %VO  #SBETUSFFU BSDIJWFT 8BMMT BOE "TTPDJBUFT    &TTFOUJBMMZ  UIJT SFRVJSFEMJOLJOHUIF%VO#SBETUSFFUDSPTTTFDUJPOTJOUP BMPOHJUVEJOBMmMFUIBUUSBDLTFWFSZFTUBCMJTINFOUGSPNJUT CJSUI UISPVHIBOZQIZTJDBMNPWFTJUNBZNBLF DBQUVSJOH BOZ DIBOHFT PG PXOFSTIJQ  BOE SFDPSEJOH UIF FTUBCMJTI NFOUTEFBUIJGJUPDDVST  4FF/FVNBSL ;IBOH BOE8BMM  GPSNPSFJOGPS NBUJPO 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF DIBOHFT JO FNQMPZNFOU NJHIU CF WJFXFE BT TIBS JOH GFBUVSFT PG CVTJOFTT FTUBCMJTINFOU SFMPDBUJPO PS SFáFDUJOH UIF TBNF GPSDFT UIBU ESJWF SFMPDBUJPO *G B $BMJGPSOJB DPNQBOZ TFUT VQ BO FTUBCMJTINFOU JO BOPUIFS TUBUF  UIBU FTUBCMJTINFOU EPFT OPU TIPX VQ JO PVS EBUBTFU 5IBU JT  XF DBO TUVEZ FTUBCMJTI NFOUT UIBU NPWF PVU CVU OPU UIPTF UIBU CSBODI PVU PG TUBUF  "MUIPVHI NBOZ EJTDVTTJPOT JO UIF QPQV MBS NFEJB DPOGVTF UIFTF UXP UZQFT PG BDUJWJUJFT  CSBODIJOH PVU TIPVME OPU CF SFHBSEFE BT FRVJWBMFOU UP NPWJOH PVU CFDBVTF UIF GPSNFS EPFT OPU OFDFT TBSJMZ PDDVS BU UIF DPTU PG‡UIBU JT  JOTUFBE PG‡ DSFBUJOHBOBEEJUJPOBMCVTJOFTTFTUBCMJTINFOUXJUIJO UIF TUBUF 4FDPOE  UIF /&54 EBUBCBTF USBDLT POMZ QIZTJDBM FTUBCMJTINFOU SFMPDBUJPO 'PS FYBNQMF  JU EPFTOPUBMMPXVTUPEFUFSNJOFXIFOTQFDJàDKPCTBSF TIJGUFECFUXFFOUXPFTUBCMJTINFOUTPGUIFTBNFàSN XIJMFCPUIFTUBCMJTINFOUTSFNBJOPQFO5IJTUZQFPG SFMPDBUJPO XIJDIBMTPDPOTUJUVUFTBSFMPDBUJPOPGKPCT CFUXFFOFTUBCMJTINFOUT XJMMCFPCTFSWFEJOPVSEBUB TFUBTFNQMPZNFOUFYQBOTJPOPSDPOUSBDUJPO   $BMJGPSOJB FYQFSJFODFE B OFU MPTT PG BCPVU CVTJOFTTFTUBCMJTINFOUTUPPUIFSTUBUFT XIJDI BNPVOUFE UP  QFSDFOU PG UIF UPUBM OVNCFS PG CVTJOFTT FTUBCMJTINFOUT JO $BMJGPSOJB "U UIJT SBUF  JU XPVME UBLF BCPVU  ZFBST GPS $BMJGPSOJB UP MPTF  QFSDFOU PG JUT CVTJOFTT FTUBCMJTINFOUT 5IF KPC OVNCFSTUFMMBTJNJMBSTUPSZ*OUFSNTPGKPCMPTTGSPN SFMPDBUJPO BOESFQSFTFOUUIFXPSTUZFBST *OUIFTFZFBST CVTJOFTTSFMPDBUJPODPTUQFSDFOUPG $BMJGPSOJBKPCT"UUIJTSBUF JUXPVMEUBLFBCPVU ZFBSTUPFMJNJOBUFQFSDFOUPG$BMJGPSOJBTKPCT  $PNQBSJOHUIFTFSFMPDBUJPOOVNCFSTUPPOHP JOH FNQMPZNFOU DIBOHFT BMTP TIPXT UIFJS SFMBUJWF JOTJHOJàDBODF 'PS FYBNQMF  GSPN +VMZ  UP .BZ   $BMJGPSOJB MPTU  QFSDFOU PG BMM KPCT  XIFSFBTGSPNFNCFSUPFNCFS  UIFOVNCFSPGKPCTJO$BMJGPSOJBHSFXCZQFS DFOU 5IFTF DPNQBSJTPOT TVHHFTU UIBU XIFUIFS EVSJOHBOVQUVSOPSBEPXOUVSO CVTJOFTTSFMPDB UJPOTJNQMZEPFTOPUQMBZNVDIPGBSPMFJOFNQMPZ NFOUDIBOHF 'JOEJOHTPO3FMPDBUJPOBOE &NQMPZNFOU%ZOBNJDTJO $BMJGPSOJB $BMJGPSOJBJTBOFUFYQPSUFSPGCVTJOFTTFT  CVUKPCMPTTBUUSJCVUBCMFUPCVTJOFTTSFMP DBUJPOJTOFHMJHJCMF  *O FWFSZ ZFBS EVSJOH UIF m TBNQMF QFSJPE  BT TIPXO JO 5BCMF   TPNF FTUBCMJTI NFOUTMFGU$BMJGPSOJB UBLJOHKPCTBXBZ"UUIF TBNFUJNF PUIFSTNPWFEJOUP$BMJGPSOJB CSJOHJOH KPCT UP UIF TUBUF .FBTVSFE CZ FJUIFS UIF OVNCFS PG CVTJOFTT FTUBCMJTINFOUT PS UIF OVNCFS PG KPCT  $BMJGPSOJB FYQFSJFODFE B OFU MPTT CFDBVTF PG CVTJ OFTT SFMPDBUJPO JO FWFSZ ZFBS 5IF GBDU UIBU UIFSF XBT OFWFS B OFU HBJO JO BOZ PG UIFTF  ZFBST JT JOEFFERVJUFTUSJLJOH  )PXFWFS JOUIFDPOUFYUPGJUTPWFSBMMFDPOPNZ  $BMJGPSOJBT OFU MPTT GSPN SFMPDBUJPO JT OFHMJHJCMF &WFOEVSJOHFBDIPGUIFUXPXPSTUZFBST BOE &NQMPZNFOUDIBOHFJTQSJNBSJMZESJWFOCZ CVTJOFTTFYQBOTJPO DPOUSBDUJPO CJSUIT BOE EFBUIT  5BCMF  TIPXT B CSFBLEPXO PG $BMJGPSOJBT FNQMPZNFOUDIBOHFJOUISFFZFBSJODSFNFOUTGSPN  UP  'PS FBDI QFSJPE  JO UIF UPQ QBOFM XF TIPX $BMJGPSOJB FNQMPZNFOU JO UIF TUBSUJOH ZFBS  JO UIF FOEJOH ZFBS  BOE UIF SFTVMUJOH OFU DIBOHF5IFOVNCFSPGKPCTDSFBUFEPSFMJNJOBUFE CZFBDIFNQMPZNFOUEZOBNJDGPMMPXT5IFCPUUPN QBOFM TIPXT UIF DPNQPOFOUT PG UIF FNQMPZNFOU DIBOHFGPSUIFSFMFWBOUQFSJPE  *O FWFSZ UISFFZFBS QFSJPE  UIF FYQBOTJPO PG FYJTUJOH CVTJOFTT FTUBCMJTINFOUT DSFBUFT NPSF KPCT UIBOBSFMPTUUISPVHIDPOUSBDUJPO5IJTJTQFSIBQT OPU TVSQSJTJOH  CFDBVTF BU BOZ UJNF XF FYQFDU UIBU FYJTUJOHCVTJOFTTFTUBCMJTINFOUTUFOEUPCFUIPTFUIBU BSF HSPXJOH SBUIFS UIBO TISJOLJOH 5IF OFU FGGFDUT PG CJSUIT BOE EFBUIT PG FTUBCMJTINFOUT PO PWFSBMM FNQMPZNFOUDIBOHFBSFQPTJUJWFJOTPNFZFBSTBOE OFHBUJWFJOPUIFST5IJTUFOETUPSFáFDUBHHSFHBUF FDPOPNJDDPOEJUJPOT"MUIPVHIPUIFSGBDUPSTBSFBU 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF  5BCMF#VTJOFTT3FMPDBUJPOBOE*UT&GGFDUPO&NQMPZNFOUJO$BMJGPSOJB o .PWFE*O .PWFE0VU /FU&GGFDU 5PUBM/VNCFSPG &TUBCMJTINFOUTPS+PCT /FU-PTTBTPG5PUBM             #Z/VNCFSPG&TUBCMJTINFOUT                                                                           #Z/VNCFSPG+PCT                                                                                                             /PUF5IFMFGUIBOEDPMVNOEFOPUFTUIFZFBSUIFNPWFJTPCTFSWFE'PSFYBNQMF iuNFBOTUIBUUIFNPWFPDDVSSFECFUXFFO BOE QMBZ XIFOFDPOPNJDDPOEJUJPOTBSFHPPE XFFYQFDU NPSF CVTJOFTT FTUBCMJTINFOUT UP CF DSFBUFE BOE GFXFS UP HP PVU PG CVTJOFTT  SFTVMUJOH JO NPSF KPCT CFJOH DSFBUFE CZ CJSUIT UIBO KPCT CFJOH FMJNJOBUFE CZCVTJOFTTDMPTVSFT$POWFSTFMZ EVSJOHTMPXFSFDP OPNJD UJNFT  XF FYQFDU CVTJOFTT GPSNBUJPO UP CF MPXFS BOE NPSF CVTJOFTTFT UP DMPTF  SFTVMUJOH JO B OFU MPTT PG KPCT CFDBVTF OFX CVTJOFTT KPC HSPXUI JT JOTVGàDJFOU UP DPWFS UIF MPTT PG UIPTF UIBU EJF 3PVHIMZTQFBLJOH UIJTJTSFáFDUFEJOUIFUBCMF  'PSFYBNQMF JOUIFFBSMJFSQFSJPETDPWFSFECZ UIF EBUBTFU  XIFO VOFNQMPZNFOU XBT WFSZ IJHI BCPWFJOBOE BOETUJMMBCPWF BTPG KPCTEFTUSPZFECZFTUBCMJTINFOUEFBUIT PVUXFJHIFE KPCT DSFBUFE CZ FTUBCMJTINFOU CJSUIT #VU EVSJOH UIF MBUFS QFSJPET  CFHJOOJOH XJUI UIF UISFFZFBS QFSJPE m XIFO VOFNQMPZNFOU GFMMBTMPXBT KPCTDSFBUFECZFTUBCMJTINFOU CJSUIT FYDFFEFE KPCT EFTUSPZFE CZ FTUBCMJTINFOU EFBUIT 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF 5BCMFPNQPTJUJPOPG&NQMPZNFOU$IBOHFJO$BMJGPSOJB &NQMPZNFOUDIBOHF 4UBSUJOH FNQMPZNFOU &OEJOHFNQMPZNFOU $IBOHF +PCDSFBUJPO &YQBOTJPO #JSUI .PWFJO +PCEFTUSVDUJPO $POUSBDUJPO UI .PWFPVU &NQMPZNFOUDIBOHF EFDPNQPTJUJPO &NQMPZNFOU DIBOHF  FYQBOTJPOo DPOUSBDUJPO   CJSUIoEFBUI   NPWFJOo  NPWFPVU o       o                  o    o  o    o                            o  o  o                             o  o  o                            o  o  o                            o  o  o                                 o   o                                 o  o                               o   5BCMF  BMTP TIPXT KVTU IPX TNBMM UIF SPMF PG CVTJOFTT SFMPDBUJPO JT "T UIF MBTU SPX TIPXT  UIF FNQMPZNFOUMPTTGSPNSFMPDBUJPOSBOHFTGSPNBCPVU   JO m UP   JO m  BWFSBHJOHBSPVOE GPSFBDIUISFFZFBSQFSJPE #VU UIF FNQMPZNFOU DIBOHFT GSPN UIF FYQBOTJPO DPOUSBDUJPOQSPDFTTFTBOEUIFCJSUIEFBUIQSPDFTTFT GPS UIF TBNF UISFFZFBS QFSJPET BSF NVDI HSFBUFS  PGUFO CZ B GBDUPS PG  PS NPSF *O PUIFS XPSET  FNQMPZNFOU DIBOHFT JO $BMJGPSOJB BSF QSJNBSJMZ ESJWFO CZ FYQBOTJPODPOUSBDUJPO BOE CJSUIEFBUI QSPDFTTFTSBUIFSUIBOCZSFMPDBUJPO  'JHVSFTVQQPSUTUIJTQPJOUNPSFHSBQIJDBMMZ 5IF OFU FGGFDU PG JOUFSTUBUF SFMPDBUJPO JT SFMBUJWFMZ áBUBOEDPOUSJCVUFTBMNPTUOPUIJOHUPUIFNBTTJWF TXJOH JO OFU FNQMPZNFOU DIBOHF PWFS UJNF 4JNJ MBSMZ UIFUPQQBOFMJO'JHVSFTIPXTUIBUXJUIPVU FYDFQUJPO JO FBDI UISFFZFBS QFSJPE  KPC DSFBUJPO DBNF QSJNBSJMZ GSPN UIF GPSNBUJPO PG OFX CVTJ OFTT FTUBCMJTINFOUT BOE UIF FYQBOTJPO PG FYJTUJOH POFTSBUIFSUIBOGSPNSFMPDBUJPO0OBWFSBHF  QFSDFOU PG KPC DSFBUJPO DBNF GSPN OFX FTUBCMJTI NFOUT   QFSDFOU GSPN UIF HSPXUI PG FYJTUJOH FTUBCMJTINFOUT  BOE POMZ  QFSDFOU GSPN FTUBC MJTINFOUTNPWJOHUP$BMJGPSOJB5IFCPUUPNQBOFM JO'JHVSFTIPXTUIBUUIFEFBUIPGCVTJOFTTFTUBC MJTINFOUT JT UIF NBKPS GBDUPS JO KPC EFTUSVDUJPO $POUSBDUJPOPGFYJTUJOHFTUBCMJTINFOUTJTBMTPTVC TUBOUJBMCVUMFTTJNQPSUBOU"HBJO CVTJOFTTSFMPDB UJPO PVU PG $BMJGPSOJB DPOUSJCVUFT POMZ NJOJNBMMZ 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " California Economic Policy Are Businesses Fleeing the State? to job destruction. On average, 71.4 percent of job destruction stemmed from business establishment deaths, 26.9 percent from contraction, and only 1.6 percent from interstate relocation. The decomposition of the sources of employment change is sensitive to the interval over which the change is measured. In particular, the longer the interval chosen, the greater the contribution of births and deaths to gross job flows. To see this most simply, note that as the interval gets longer, more establishments that have been shrinking will actually die, and more growth will be attributed to births.24 Because of this sensitivity of the answer to the length of the interval, we tried looking at different intervals. However, we found that no matter what interval is used, the contribution of business establishment relocation is always negligible. The employment change analysis in Table 2 gives some indications of the potential for each of Number of jobs (in thousands) Figure 1. Net Employment Changes Resulting from Different Business Dynamics 2,000 1,500 1,000 500 0 –500 1992– 1993– 1994– 1995– 1996– 1997– 1998– 1999– 1995 1996 1997 1998 1999 2000 2001 2002 Employment change = (expansion-contraction) + (birth-death) + (move in-move out) FFiigguurree 22.. JJoobb CCrreeaattiioonn aanndd DDeessttrruuccttiioonn Number of jobs created (in thousands) 6,000 5,000 4,000 3,000 2,000 1,000 0 1992– 1995 6,000 5,000 4,000 3,000 2,000 1,000 0 1992– 1995 1993– 1996 1993– 1996 Sources of Job Creation Move in Birth Expansion 1994– 1997 1995– 1998 1996– 1999 1997– 2000 Sources of Job Destruction 1998– 2001 62.4% 1999– 2002 Move out Death Contraction 1994– 1997 1995– 1998 1996– 1999 1997– 2000 1998– 2001 71.4% 1999– 2002 Average over period 0.9% Average over period 1.6% 36.7% 26.9% Number of jobs eliminated (in thousands) 9P u b l i c P o l i c y I n s t i t u t e o f C a l i f o r n i a $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF UIFVOEFSMZJOHQSPDFTTFTUPMFBEUPNPSFESBNBUJD WBSJBUJPO JO FNQMPZNFOU (JWFO UIBU CJSUIT BOE EFBUIT DPOUSJCVUF MBSHF HSPTT áPXT JOUP BOE PVU PG FNQMPZNFOU  B NPEFTU DIBOHF JO UIF CBMBODF CFUXFFOCJSUITBOEEFBUITDPVMEMFBEUPMBSHFTIJGUT JOOFUFNQMPZNFOUHSPXUI*ODPOUSBTU BDIBOHFJO UIFTIBSFTPGFTUBCMJTINFOUTNPWJOHJOUPPSPVUPG $BMJGPSOJBTFFNTVOMJLFMZUPFWFSIBWFNVDIPGBO FGGFDU5IFWFSZMPXHSPTTKPCáPXTBTTPDJBUFEXJUI SFMPDBUJPOJNQMZUIBUFWFOJGUIFSBUFPGNPWFNFOU PVUPGUIFTUBUFEPVCMFE BOEFTUBCMJTINFOUTDPN QMFUFMZ DFBTFE UP NPWF JOUP UIF TUBUF  UIFSF XPVME CFWFSZMJUUMFFGGFDUPOOFUFNQMPZNFOUDIBOHF*O DPOUSBTU BNVDITNBMMFSSFMBUJWFDIBOHFJOUIFCJSUI PSEFBUISBUFPGCVTJOFTTFTUBCMJTINFOUTDPVMEMFBE UPNPSFESBTUJDFNQMPZNFOUDIBOHFT &TUBCMJTINFOUT BSF NVDI NPSF MJLFMZ UP NPWFMPDBMMZUIBOBDSPTTTUBUFCPVOEBSJFT  &TUBCMJTINFOUNPWFTBSFNVDINPSFDPNNPO XJUIJO UIF TUBUF 0VU PG   FTUBCMJTINFOU SFMPDBUJPOTPSJHJOBUJOHJO$BMJGPSOJBEVSJOHm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o 5PQ%FTUJOBUJPO4UBUFTPG&TUBCMJTINFOUT 5IBU.PWFE0VUPG$BMJGPSOJB /VNCFSPG &TUBCMJTINFOUT /VNCFSPG+PCT /FWBEB     "SJ[POB    5FYBT    0SFHPO    8BTIJOHUPO    $PMPSBEP    'MPSJEB    /FX:PSL    *MMJOPJT    6UBI    (FPSHJB    *EBIP    /FX+FSTFZ    /PSUI$BSPMJOB    .BTTBDIVTFUUT    7JSHJOJB    1FOOTZMWBOJB    0IJP    5FOOFTTFF    /FX.FYJDP   /PUF3BOLJOHTBSFCBTFEPOUIFOVNCFSPGFTUBCMJTINFOUTNPWJOH 5PQ0SJHJO4UBUFTPG&TUBCMJTINFOUT 5IBU.PWFE*OUP$BMJGPSOJB /VNCFSPG &TUBCMJTINFOUT /VNCFSPG+PCT /FX:PSL /FWBEB 5FYBT "SJ[POB 8BTIJOHUPO /FX+FSTFZ *MMJOPJT $PMPSBEP 'MPSJEB 0SFHPO .BTTBDIVTFUUT 1FOOTZMWBOJB 7JSHJOJB 0IJP .JDIJHBO 6UBI (FPSHJB .BSZMBOE )BXBJJ $POOFDUJDVU                                                              JOHGSPNUIFTFTUBUFTUIBOXFSFEFTUSPZFECFDBVTF PGSFMPDBUJPOTUPUIPTFTUBUFT $PODMVTJPOT (JWFOUIBUUIFTFàOEJOHTJOEJDBUFOPTJHOPGB TVCTUBOUJBMCVTJOFTTFYPEVTGSPN$BMJGPS OJB XIBUBSFUIFJSJNQMJDBUJPOTGPSUIFCSPBEFS EFCBUFBCPVUUIFCVTJOFTTDMJNBUFJO$BMJGPSOJB   'JSTU JUJTJNQPSUBOUUPCFXBSZPGBOFDEPUBM FWJEFODF PG CVTJOFTTFT á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àDBOUMZ UP KPC HSPXUI‡VOMFTT GPSTPNFSFBTPOCVTJOFTTSFMPDBUJPOJTJOPSEJOBUFMZ SFTQPOTJWFUPQPMJDZMFWFST5PUIFFYUFOUUIBUQPMJDZ IBT B SPMF UP QMBZ JO JNQSPWJOH UIF CVTJOFTT DMJ NBUF  UIF FWJEFODF TVHHFTUT UIBU FGGPSUT UP GPTUFS UIFGPSNBUJPOPGOFXCVTJOFTTFTBOEUPIFMQFYJTU JOH CVTJOFTTFT TVSWJWF BOE HSPX XPVME CF CFUUFS QMBDFEUIBOFGGPSUTUPBUUSBDUCVTJOFTTFTGSPNPUIFS TUBUFTPSUPEJTDPVSBHFCVTJOFTTFTGSPNMFBWJOHUIF TUBUF )PXFWFS JUJTJNQPSUBOUUPQPJOUPVUUIBU UIF IJHIQSPàMF EFCBUF BCPVU CVTJOFTT SFMPDBUJPO IBTCFFONPSFBCPVUBSHVJOHUIBUUIFTUBUFTCVTJ OFTT DMJNBUF JT IPTUJMF UIBO JU IBT CFFO BCPVU TQF DJàDQPMJDZJOJUJBUJWFTUPSFEVDFPVUNJHSBUJPOBOE FODPVSBHFJONJHSBUJPOPGCVTJOFTTFT  "UIPSPVHIBTTFTTNFOUPG$BMJGPSOJBTCVTJOFTT DMJNBUF JT B DPNQMJDBUFE VOEFSUBLJOH XFMM CFZPOE UIFTDPQFPGUIJTBSUJDMF/POFUIFMFTT FYBNJOBUJPO PGFNQMPZNFOUUSFOETTJODFUIFNJETTVHHFTUT UIBU$BMJGPSOJBIBTCFFONPSFPSMFTTJOMJOFXJUIUIF SFTUPGUIFOBUJPOBOEPUIFSXFTUFSOTUBUFTJOUFSNT PGKPCHSPXUIBOEVOFNQMPZNFOUBOETQFDJàDBMMZ JOEJDBUFT OP QBSUJDVMBS EFUFSJPSBUJPO PG OFU KPC HSPXUIPWFSUIFMPOHUFSNPSJOSFDFOUZFBSTV /PUFT  *O UIJT BSUJDMF  XF GSFRVFOUMZ VTF UIF UFSN iFTUBCMJTI NFOU uEFàOFEBTBCVTJOFTTPSJOEVTUSJBMVOJUBUBTJOHMF QIZTJDBM MPDBUJPO UIBU QSPEVDFT PS EJTUSJCVUFT HPPET PS QFSGPSNTTFSWJDFT‡GPSFYBNQMF BTJOHMFTUPSFPSGBDUPSZ .BOZDPNQBOJFTPXOPSDPOUSPMNPSFUIBOPOFFTUBCMJTI NFOU BOEUIPTFFTUBCMJTINFOUTNBZCFMPDBUFEJOEJGGFSFOU HFPHSBQIJD BSFBT BOE NBZ CF FOHBHFE JO EJGGFSFOU JOEVT USJFT 8F TPNFUJNFT SFGFS UP BO FTUBCMJTINFOU BT B iCVTJ OFTT uSFTFSWJOHUIFXPSEiàSNuUPSFGFSUPXIBUNBZCF DPMMFDUJPOTPGNBOZFTUBCMJTINFOUTXJUIBTJOHMFPXOFS 4FF(SPWFT  )PXF  BOE8FJLFM   4FF)PXF   4FF8FJLFM   4FF4DISBH   4FF$PVODJMPO$BMJGPSOJB$PNQFUJUJWFOFTT   4FF'SFFNBO   4FF3PCFSUT   4FF5BNBLJ   4FF8FJLFM   5IFTVSWFZSFTVMUTBSFBWBJMBCMFBUIUUQXXXDBMDIBNCFS DPNJOEFYDGN OBWJE WJFXFEPO"VHVTU   5IJT DPOKFDUVSF BOE TPNF TVQQPSUJOH FWJEFODF BSF EJT DVTTFEJO)BWFNBOBOE4IBU[    'PS UIJT SFDFOU FNQJSJDBM MJUFSBUVSF  TFF  GPS FYBNQMF  #JSDI  %BWJT )BMUJXBOHFS BOE4DIVI  %VOOF  3PCFSUT BOE4BNVFMTPO  'PPUF  )BSEJNBO BOE)PMEFO  BOE4QMFU[FS    0VS NBKPS àOEJOHT SFHBSEJOH UIF RVBMJUZ PG UIF / &54 EBUB JODMVEF UIF GPMMPXJOH 'JSTU  FNQMPZNFOU MFWFMT DBM DVMBUFE GSPN UIF /&54 BSF IJHIMZ DPSSFMBUFE XJUI UIPTF DBMDVMBUFE GSPN BMUFSOBUJWF EBUB TPVSDFT  CVU UIF /&54 UFOETUPHJWFIJHIFSFNQMPZNFOUMFWFMT QSJNBSJMZCFDBVTF JU QSPWJEFT CFUUFS DPWFSBHF PG TNBMMTJ[F FTUBCMJTINFOUT BOENPSFBDDVSBUFDPVOUJOHPGQSPQSJFUPSTPGTNBMMFTUBC MJTINFOUT4FDPOE CFDBVTFTPNFFNQMPZNFOUEBUBJOUIF /&54‡FTQFDJBMMZ GPS OFX FTUBCMJTINFOUT‡BSF JNQVUFE  BOECFDBVTFFNQMPZNFOUSFQPSUFEJOUIFEBUBCBTFUFOETUP CFSPVOEFE UPNVMUJQMFTPG  BOE FNQMPZNFOU BQQFBSTUPDIBOHFMFTTGSFRVFOUMZUIBOJTBDUVBMMZUIFDBTF 5IJT JNQMJFT UIBU FNQMPZNFOU DIBOHFT JO UIF /&54 BSF NPSFSFMJBCMFPWFSBMPOHFSUFSNUIBOPWFSBTIPSUQFSJPE 5IJSE  DIFDLT BHBJOTU OFXTQBQFS TUPSJFT BCPVU CVTJOFTT SFMPDBUJPO TVHHFTU UIBU UIF /&54 EFUFDUT NPTU CVTJOFTT SFMPDBUJPOT SFQPSUFE FMTFXIFSF  FTQFDJBMMZ UIF DSPTTTUBUF SFMPDBUJPOT PO XIJDI XF GPDVT "OE  àOBMMZ  UIF /&54 EPFTBHPPEKPCPGDBQUVSJOHOFXCVTJOFTTFTUBCMJTINFOUT BOEBDDVSBUFMZNFBTVSJOHUIFEBUFTXIFOCVTJOFTTFTXFSF GPVOEFE 'PS B NPSF EFUBJMFE EJTDVTTJPO PG UIF /&54 EBUBCBTFBOEPVSBTTFTTNFOUPGJUTSFMJBCJMJUZ TFF/FVNBSL  ;IBOH BOE8BMM   1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF 8IFUIFS$BMJGPSOJBàSNTIBWFJODSFBTJOHMZDIPTFOUPTFU VQ CSBODIFT JO PUIFS TUBUFT JT BO JOUFSFTUJOH RVFTUJPO "T BOFNQJSJDBMNBUUFS JUDPVMECFBOTXFSFEVTJOHUIFDPN QMFUF / &54 EBUBCBTF DPWFSJOH UIF FOUJSF OBUJPO  XIFSFBT XF IBWF POMZ UIF $BMJGPSOJB àMF 5IF GVMM EBUBCBTF XBT QSPIJCJUJWFMZ FYQFOTJWF UP QVSDIBTF  )PXFWFS  JU XPVME CF WFSZ EJGàDVMU UP JOUFSQSFU FWJEFODF PG CSBODIJOH PVU JOUPPUIFSTUBUFT GPSBGFXSFBTPOT'JSTU NBOZ$BMJGPSOJB DPNQBOJFT TFU VQ CSBODIFT JO PUIFS TUBUFT UP TFSWF MPDBM NBSLFUT *O TVDI DBTFT  JU NBLFT OP TFOTF UP DPVOU UIPTF BDUJWJUJFT BT B MPTT UP $BMJGPSOJB 4FDPOE  JG POF USFBUT B CSBODIPVU PG B $BMJGPSOJB DPNQBOZ BT B MPTT UP $BMJGPS OJB POFTIPVMEQSPCBCMZBMTPDPOTJEFSBOFXCSBODIPGB .BTTBDIVTFUUT DPNQBOZ KVTU PQFOFE JO  TBZ  /FWBEB BT B MPTTUP$BMJGPSOJB"GUFSBMM JUDPVMEIBWFCFFOPQFOFEIFSF JO$BMJGPSOJB5IJTJNQMJFTUIBUDIBOHFTJOCSBODIJOHPVU BSFNPSFBQQSPQSJBUFMZDBQUVSFEUISPVHIDIBOHFTJOCJSUIT PSEFBUITJG POBWFSBHF CPUI$BMJGPSOJBàSNTBOEàSNT JO PUIFS TUBUFT BSF PQFOJOH GFXFS CSBODIFT JO $BMJGPSOJB PSDMPTJOHNPSFPGUIFN UIJTXPVMECFEFUFDUFEBTGFXFS CJSUIT PSNPSFEFBUIT  "MTP SFMPDBUJPOTUIBUJOWPMWFUIFDPOTPMJEBUJPOPGBDUJWJ UJFTPSJHJOBMMZBUUXPPSNPSFMPDBUJPOTJOUPBTJOHMFMPDB UJPOXJMMPGUFOCFNJTTFEBOEXJMMCFSFá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àDBUJPO JT DPSSFDU CVU SFDPHOJ[F UIBU UIJT DMBTTJàDB UJPOPGCVTJOFTTFTUIBUSFMPDBUFJTOBSSPXFSUIBOPOFUIBU NJHIU GVMMZ EFTDSJCF UIF NPWFNFOU PG FDPOPNJD BDUJWJUZ BDSPTTHFPHSBQIJDCPVOEBSJFT 5IFOVNCFSPGKPCTFMJNJOBUFECZBOFTUBCMJTINFOUUIBU NPWFE PVU PG $BMJGPSOJB JT NFBTVSFE CZ JUT MBTU FNQMPZ NFOU SFDPSE JO $BMJGPSOJB 5IF OVNCFS PG KPCT BEEFE CZ BOFTUBCMJTINFOUUIBUNPWFEUP$BMJGPSOJBJTNFBTVSFECZ JUTàSTUFNQMPZNFOUSFDPSEJO$BMJGPSOJB#PUIBSFFNQMPZ NFOUMFWFMTXJUIJOBZFBSGSPNUIFNPWF*GFTUBCMJTINFOUT QMBOOJOH B SFMPDBUJPO UFOE UP SFEVDF FNQMPZNFOU JO UIF ZFBSTCFGPSFUIFNPWF BOETJNJMBSMZSBNQVQFNQMPZNFOU BGUFSUIFNPWF UIFOUIFSFJTBTFOTFJOXIJDIXFVOEFSTUBUF UIFFNQMPZNFOUDIBOHFUIBUSFTVMUTGSPNSFMPDBUJPO)PX FWFS JGUIJTPDDVST XFVOEFSTUBUFOPUPOMZUIFOVNCFSPG KPCTFMJNJOBUFECZFTUBCMJTINFOUTUIBUNPWFEPVUPG$BMJ GPSOJB CVU BMTP UIF OVNCFS PG KPCT DSFBUFE CZ FTUBCMJTI NFOUT UIBU NPWFE JOUP UIF TUBUF  BOE IFODF UIF QPUFOUJBM CJBTFT BSF UP TPNF FYUFOU PGGTFUUJOH JO UFSNT PG UIF OFU FGGFDUPGSFMPDBUJPOPOFNQMPZNFOU  5IFTF à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àSNTCFDBVTFTPNF PGUIFFTUBCMJTINFOUTBSFCSBODIFTPGFYJTUJOHàSNT%VS JOHm QFSDFOUPGUIFOFXFTUBCMJTINFOUTXFSF OFXàSNT*O5BCMF TUBOEBMPOFOFXàSNTBDDPVOUGPS UPQFSDFOUPGUIFKPCTDSFBUFECZCJSUIT  5IFTF BSF TFBTPOBMMZ BEKVTUFE VOFNQMPZNFOU SBUFT GPS UIFDBMFOEBSZFBSGSPNUIF$BMJGPSOJB&NQMPZNFOU%FWFM PQNFOU%FQBSUNFOU IUUQXXXMBCPSNBSLFUJOGPFEEDB HPW 5IFEJTDVTTJPOBTTVNFTUIBUUIF/&54EBUBBQQMZUP UIFàSTUEBZPGUIFZFBS TPUIBUGPSUIFmQFSJPE  GPS FYBNQMF  JU SFGFST UP VOFNQMPZNFOU SBUFT JO    BOE  5IFSF BSF QBSUJDVMBS QFSJPET XIFO SFMPDBUJPO BQQFBST UP MPPN TPNFXIBU MBSHFS CFDBVTF FYQBOTJPO BOE CJSUI BSFBMNPTUFYBDUMZDBODFMFECZDPOUSBDUJPOBOEEFBUI'PS FYBNQMF GPSUIFmQFSJPE UIFOFUFGGFDUPGSFMP DBUJPOJTPGUIFTBNFPSEFSPGNBHOJUVEFBTUIFOFUFGGFDUT PGFYQBOTJPONJOVTDPOUSBDUJPOBOECJSUITNJOVTEFBUIT  4FF /FVNBSL  ;IBOH  BOE 8BMM   GPS B EFUBJMFE EJTDVTTJPOPGUIJTJTTVF  "OE XJUIJODJUZ NPWFT NBZ CF VOEFSDPVOUFE JO UIF /&54CFDBVTFSFMPDBUJPOJTEFàOFEBTiTJHOJàDBOUNPWFT u XIJDISFRVJSFCPUIBTUSFFUBEESFTTDIBOHFBOEB[JQDPEF DIBOHF BOEBDPVQMFPGPUIFSNJOPSDPOEJUJPOT  5IFSFJTBQPUFOUJBMDBWFBUUPUIJTDPODMVTJPO0VSEBUB BU QSFTFOU FY UFOE POMZ UISPVHI    5 IFSFGPSF  XF DBO OPUSVMFPVUUIFQPTTJCJMJUZUIBUUIFBOFDEPUBMFWJEFODFUIBU IBT NPTU SFDFOUMZ CFFO SBJTFE SFHBSEJOH CVTJOFTT SFMPDB UJPO DBQUVSFT BO BCSVQU DIBOHF UIBU IBT PDDVSSFE TJODF UIFO)PXFWFS JGUIJTDIBOHFUVSOFEPVUUPCFFNQJSJDBMMZ TJHOJàDBOU XJUI SFTQFDU UP PWFSBMM KPC HSPXUI  JU XPVME IBWF UP SFQSFTFOU B CSFBL GSPN QBTU CFIBWJPS UIBU EJGGFST CZBOPSEFSPGNBHOJUVEF BUMFBTU‡BCSFBLUIBUXFSFHBSE BTFYUSFNFMZVOMJLFMZ *ONBOZDBTFT QPMJDJFTUPGPTUFSCVTJOFTTGPSNBUJPOBOE UPIFMQCVTJOFTTFTTVSWJWFBOEHSPXXPVMEOFDFTTBSJMZBMTP TFSWFUIFQVSQPTFPGBUUSBDUJOHCVTJOFTTFT  &YQMJDJU QPMJDJFT GPDVT NPSF PO HFOFSBM JODFOUJWFT GPS CVTJOFTTFT UIBO UBSHFUJOH QPUFOUJBM JONJHSBOUT PS PVU NJHSBOUT FH -BCPS8PSLGPSDF%FWFMPQNFOU"HFODZ    )PXFWFS  (PWFSOPS 4DIXBS[FOFHHFS EJE QJUDI IJT SFDFOUMZGPSNFE$BMJGPSOJB$PNNJTTJPOGPS+PCTBOE&DP OPNJD(SPXUIBTQBSUPGIJTFGGPSUTUPiUSBWFMUIFOBUJPO BOEUIFXPSMEUPàOEUIFFNQMPZFSTUIBUXJMMQSPWJEFKPCT UP QVU $BMJGPSOJBOT CBDL UP XPSL BOE BEE SFWFOVF UP UIF TUBUFCVEHFUu ,SJLPSJBO   1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF  "DDPSEJOH UP UIF $VSSFOU &NQMPZNFOU 4UBUJTUJDT EBUB  GSPN.BSDIUP.BSDI UIF$BMJGPSOJBOPOGBSN QBZSPMMHSFXCZQFSDFOUBOOVBMMZ XIFSFBTUIFHSPXUI SBUF GPS UIF SFTU PG UIF 6OJUFE 4UBUFT XBT  QFSDFOU 4JODF.BSDI FNQMPZNFOUHSPXUIJO$BMJGPSOJBXBT BMNPTUJEFOUJDBMUPUIBUJOUIFSFTUPGUIF6OJUFE4UBUFT5IF $VSSFOU1PQVMBUJPO4VSWFZEBUBTIPXUIBUEVSJOHUIFMBTU EFDBEF UIF$BMJGPSOJBVOFNQMPZNFOUSBUFTUFBEJMZDPOWFSHFE UPUIFOBUJPOBMMFWFM*O.BSDI UIF$BMJGPSOJBVOFN QMPZNFOUSBUFXBTQFSDFOUBHFQPJOUTIJHIFSUIBOUIF OBUJPOBMVOFNQMPZNFOUSBUFCZ.BSDI JUXBTPOMZ QFSDFOUBHFQPJOUIJHIFS4JNJMBSSFTVMUTXFSFGPVOECZ DPNQBSJOH$BMJGPSOJBXJUIPUIFSXFTUFSOTUBUFTJODMVEJOH "SJ[POB $PMPSBEP /FWBEB /FX.FYJDP 0SFHPO 5FYBT  6UBI  BOE 8BTIJOHUPO 5IVT  BU MFBTU GSPN UIF FNQMPZ NFOUEBUB XFGPVOEOPJOEJDBUPSPGBCBECVTJOFTTDMJNBUF JO$BMJGPSOJBSFMBUJWFUPUIBUJOUIFSFTUPGUIFOBUJPO %VOOF  5JNPUIZ  .BSL 3PCFSUT  BOE -BSSZ 4BNVFMTPO  i1MBOU5VSOPWFSBOE(SPTT&NQMPZNFOU'MPXTJOUIF64 .BOVGBDUVSJOH 4FDUPS u +PVSOBM PG -BCPS &DPOPNJDT  7PM  QQm 'PPUF  $ISJTUPQIFS -  i5SFOE &NQMPZNFOU (SPXUI BOE UIF#VODIJOHPG+PC$SFBUJPOBOE%FTUSVDUJPO u2VBSUFSMZ +PVSOBMPG&DPOPNJDT 7PM  QQm 'SFFNBO  .JLF  i4VNNJU -PPLT "U 8IZ 'JSNT -FBWJOH 4UBUF u4BO%JFHP6OJPO5SJCVOF "QSJM  (SPWFT  .BSUIB  i'JSNT (SJQFT BCPVU 4UBUF 4UJS #BDL MBTI u-PT"OHFMFT5JNFT .BSDI  )BSEJNBO  1IJMJQ "  BOE 3JDIBSE )PMEFO  i%ZOBNJD +PC(BJOTBOE-PTTFTJO$BMJGPSOJB6OEFSMZJOH&DPOPNJD $IBOHF uXPSLJOHQBQFS -BCPS.BSLFU*OGPS NBUJPO %JWJTJPO  &NQMPZNFOU %FWFMPQNFOU %FQBSUNFOU  4BDSBNFOUP $BMJGPSOJB  )BWFNBO  +PO %  BOE )PXBSE + 4IBU[  i3FDFOU 5SFOET JO &YQPSUT PG $BMJGPSOJBT *OGPSNBUJPO 5FDIOPMPHZ 1SPE VDUT u$BMJGPSOJB&DPOPNJD1PMJDZ 7PM /P  )PXF ,FOOFUI i#BUUMF3BHFTGPS$BMJGPSOJB'JSNT u4BO 'SBODJTDP$ISPOJDMF +VOF  ,SJLPSJBO  +PIO  i$BMJGPSOJB A0QFO GPS #VTJOFTT +PCT BOE &DPOPNJD (SPXUI u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i&NQMPZNFOU %ZOBNJDT BOE #VTJOFTT 3FMPDBUJPO /FX &WJEFODF GSPN UIF /BUJPOBM &TUBCMJTINFOU 5JNF 4FSJFT u XPSLJOH QBQFS   1VCMJD 1PMJDZ *OTUJUVUF PG $BMJ GPSOJB 4BO'SBODJTDP $BMJGPSOJB   3PCFSUT 5JNPUIZ i&YFDT"EUP1PMJUJDPT&OPVHI u4JMJDPO 7BMMFZ  4BO+PTF#VTJOFTT+PVSOBM 4FQUFNCFS   4DISBH  1FUFS  1BSBEJTF -PTU $BMJGPSOJBT &YQFSJFODF  "NFSJDBT'VUVSF 6OJWFSTJUZPG$BMJGPSOJB1SFTT #FSLFMFZ  $BMJGPSOJB  4QMFU[FS  +BNFT 3  i5IF $POUSJCVUJPO PG &TUBCMJTINFOU #JSUIT BOE UIT UP &NQMPZNFOU (SPXUI u +PVSOBM PG #VTJOFTT BOE &DPOPNJD 4UBUJTUJDT  7PM     QQ m $BMJGPSOJB #VTJOFTT 3PVOEUBCMF BOE #BJO  $PNQBOZ  $BMJGPSOJB$PNQFUJUJWFOFTT1SPKFDU 4BDSBNFOUP $BMJGPS OJB 'FCSVBSZ $PVODJMPO$BMJGPSOJB$PNQFUJUJWFOFTT $BMJGPSOJBT+PCT BOE'VUVSF 4BDSBNFOUP $BMJGPSOJB "QSJM 5BNBLJ +VMJF i#BUUMFPGUIF4UBUF#JMMCPBSET u-PT"OHF MFT5JNFT 0DUPCFS  8BMMT  "TTPDJBUFT BOE %VO  #SBETUSFFU  /&54 /B UJPOBM &TUBCMJTINFOU 5JNF4FSJFT %BUBCBTF  0BLMBOE  $BMJGPSOJB  %BWJT  4UFWFO +  +PIO $ )BMUJXBOHFS  BOE 4DPUU 4DIVI  8FJLFM %BO i$PNQBOJFT-VSFEGSPN5BSOJTIFE(PMEFO +PC $SFBUJPO BOE %FTUSVDUJPO  5IF .*5 1SFTT  $BN 4UBUF u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nFDUUIFWJFXTPS QPMJDJFTPGUIF1VCMJD1PMJDZ*OTUJUVUFPG$BMJGPSOJB 5IF 1VCMJD 1PMJDZ *OTUJUVUF PG $BMJGPSOJB JT B QSJWBUF  OPOQSPmU SFTFBSDI PSHBOJ[BUJPO FTUBCMJTIFEJOXJUIBOFOEPXNFOUGSPN 8JMMJBN 3 )FXMFUU 5IF *OTUJUVUF DPOEVDUT JOEFQFOEFOU PCKFDUJWF OPOQBSUJTBOSFTFBSDI POUIFFDPOPNJD TPDJBM BOEQPMJUJDBMJTTVFT BGGFDUJOH$BMJGPSOJBOT5IF*OTUJUVUFTHPBMJT UPSBJTFQVCMJDBXBSFOFTTPGUIFTFJTTVFTBOE HJWFFMFDUFESFQSFTFOUBUJWFTBOEPUIFSQVCMJD PG mDJBMT JO $BMJGPSOJB B NPSF JOGPSNFE CBTJT GPS EFWFMPQJOH QPMJDJFT BOE QSPHSBNT 11*$ EPFT OPU UBLF PS TVQQPSU QPTJUJPOT PO BOZ CBMMPUNFBTVSFPSPOBOZMPDBM TUBUF PSGFE FSBMMFHJTMBUJPO OPSEPFTJUFOEPSTF TVQQPSU  PSPQQPTFBOZQPMJUJDBMQBSUJFTPSDBOEJEBUFT GPSQVCMJDPG mDF #PBSEPG%JSFDUPST 5IPNBT$4VUUPO $IBJS $IBJSNBOBOE$IJFG& YFDVUJWF0 G mDFS 1BDJmD-JGF*OTVSBODF$PNQBOZ -JOEB(SJFHP 1SFTJEFOUBOE$IJFG& YFDVUJWF0 G mDFS (SJFHP&OUFSQSJTFT *OD &EXBSE,)BNJMUPO $IBJSNBO )BNJMUPO 3BCJOPWJU["MTDIVMFS *OD (BSZ,)BSU 'PVOEFS *OTUJUVUFGPS&EVDBUJPO3FGPSN $BMJGPSOJB4UBUF6OJWFSTJUZ 4BDSBNFOUP 8BMUFS#)FXMFUU %JSFDUPS $FOUFSGPS$PNQVUFS"TTJTUFE 3FTFBSDIJOUIF)VNBOJUJFT %BWJE8-ZPO 1SFTJEFOUBOE$IJFG& YFDVUJWF0 G m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} ["___content":protected]=> string(108) "

EP 1005DNEP

" ["_permalink":protected]=> string(145) "https://www.ppic.org/publication/are-businesses-fleeing-the-state-interstate-business-relocation-and-employment-change-in-california/ep_1005dnep/" ["_next":protected]=> array(0) { } ["_prev":protected]=> array(0) { } ["_css_class":protected]=> NULL ["id"]=> int(8510) ["ID"]=> int(8510) ["post_author"]=> string(1) "1" ["post_content"]=> string(0) "" ["post_date"]=> string(19) "2017-05-20 02:38:13" ["post_excerpt"]=> string(0) "" ["post_parent"]=> int(3722) ["post_status"]=> string(7) "inherit" ["post_title"]=> string(11) "EP 1005DNEP" ["post_type"]=> string(10) "attachment" ["slug"]=> string(11) "ep_1005dnep" ["__type":protected]=> NULL ["_wp_attached_file"]=> string(15) "EP_1005DNEP.pdf" ["wpmf_size"]=> string(6) "329563" ["wpmf_filetype"]=> string(3) "pdf" ["wpmf_order"]=> string(1) "0" ["searchwp_content"]=> string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áFFJOH$BMJGPSOJBJOESPWFT SFMPDBUJOHUPNPSFXFMDPNJOH iCVTJ OFTTGSJFOEMZuTUBUFTXJUIMPXFSUBYFTBOEBMFTTPOFSPVTSFHVMBUPSZFOWJSPONFOU$BMJGPSOJBOT UIFSFGPSFTVGGFSCFDBVTFUIFJSKPCTBSFCFJOHTJQIPOFEPGGUPCFOFàUSFTJEFOUTPGPUIFSTUBUFT  *OSFBMJUZ MJUUMFJTBDUVBMMZLOPXOBCPVUUIFUSFOEPGPVUPGTUBUFCVTJOFTTSFMPDBUJPOBOE JO UVSO BMNPTUOPUIJOHIBTCFFOEPOFUPNFBTVSFIPXUIJTSFMPDBUJPONBZCFBGGFDUJOHFNQMPZ NFOUDIBOHFJO$BMJGPSOJB  *OUIJTJTTVFPG$BMJGPSOJB&DPOPNJD1PMJDZ XFFYBNJOFUIFQIFOPNFOPOJOBNPSFDPN QMFUF DPOUFYU UIF CVTJOFTT EZOBNJDT UIBU ESJWF FNQMPZNFOU DIBOHF JO $BMJGPSOJB BOE FYUFOE CFZPOESFMPDBUJPOUPJODMVEFUIFGPSNBUJPOPGOFXCVTJOFTTFTBOEUIFFYQBOTJPO DPOUSBDUJPO  BOEDMPTVSFPGFYJTUJOHCVTJOFTTFTUBCMJTINFOUT  8FàOEUIBU r $BMJGPSOJB EPFT JO GBDU MPTF CVTJOFTTFT BOE KPCT CFDBVTF PG SFMPDBUJPO  CVU UIF FGGFDU PO FNQMPZNFOU JT OFHMJHJCMF *O BOZ ZFBS GSPN  UP   UIF OFU KPC MPTT GSPN CVTJOFTT SFMPDBUJPOXBTOFWFSIJHIFSUIBOPOFUFOUIPGQFSDFOUPGUIFUPUBMOVNCFSPGKPCT"UUIJT SBUF JUXPVMEUBLFNPSFUIBOZFBSTGPS$BMJGPSOJBUPMPTFQFSDFOUPGJUTFNQMPZNFOU .PSFPWFS $BMJGPSOJBXBTBOFUJNQPSUFSPGKPCTGSPNDFSUBJOTUBUFT r &NQMPZNFOUDIBOHFJTQSJNBSJMZESJWFOOPUCZJOUFSTUBUFSFMPDBUJPOCVUCZUIFFYQBOTJPO BOEDPOUSBDUJPOPGFYJTUJOHCVTJOFTTFTBOECZUIFCJSUITPGOFXCVTJOFTTFTBOEUIFEFBUIT PGFYJTUJOHPOFT0OBWFSBHF QFSDFOUPGKPCEFTUSVDUJPOJOUIFTUBUFGSPNUP TUFNNFE GSPN UIF EFBUI PG CVTJOFTT FTUBCMJTINFOUT   QFSDFOU GSPN FYJTUJOH CVTJOFTT FTUBCMJTINFOUTTISJOLJOH BOEPOMZQFSDFOUGSPNSFMPDBUJPOTPVUPGTUBUF r 8IFO UIFZ EP NPWF  CVTJOFTTFT BSF NVDI NPSF MJLFMZ UP NPWF MPDBMMZ UIBO BDSPTT TUBUF CPVOEBSJFT0VUPGTUBUFSFMPDBUJPOTBDDPVOUGPSMFTTUIBOQFSDFOUPGBMMUIFNPWFTDBQ UVSFEJOPVSEBUBCBTF $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF  (JWFO PVS àOEJOH UIBU UIF SPMF PG JOUFSTUBUF CVTJOFTT SFMPDBUJPO JO FNQMPZNFOU DIBOHF JT OFH MJHJCMF BSHVNFOUTBCPVUBIPTUJMFCVTJOFTTDMJNBUF CBTFEPOBOFDEPUBMFWJEFODFPGCVTJOFTTFTMFBWJOH $BMJGPSOJB TIPVME CF USFBUFE XJUI DBVUJPO 5IFSF NBZ CF NFSJU JO DMBJNT UIBU UIF CVTJOFTT DMJNBUF JO $BMJGPSOJB JT JOJNJDBM UP PWFSBMM KPC HSPXUI "T PVS SFTVMUT FNQIBTJ[F  CJSUIT BOE EFBUIT BOE FYQBOTJPOT BOE DPOUSBDUJPOT PG FYJTUJOH CVTJOFTT FTUBCMJTINFOUTQMBZBIVHFMZJNQPSUBOUSPMFJOFN QMPZNFOU DIBOHF *G QVCMJD QPMJDJFT PS PUIFS GBD UPSTEFUFSUIPTFCJSUITBOEFYQBOTJPOT PSQSPNPUF EFBUITBOEDPOUSBDUJPOT UIFOUIFSFDPVMECFMFHJUJ NBUF HSPVOET GPS DSJUJDJTN PG UIF TUBUFT CVTJOFTT DMJNBUF #VU QPMJDJFT UIBU GPDVT TPMFMZ PO QSFWFOU JOH CVTJOFTT SFMPDBUJPO BSF VOMJLFMZ UP DPOUSJCVUF TJHOJàDBOUMZUPKPCHSPXUI5IFFWJEFODFTVHHFTUT UIBU JG UIFSF JT B SPMF GPS QVCMJD QPMJDZ JO DSFBUJOH KPCHSPXUI FGGPSUTUPGPTUFSUIFGPSNBUJPOPGOFX CVTJOFTTFT BOE UP IFMQ FYJTUJOH CVTJOFTTFT TVSWJWF BOE HSPX XPVME CF CFUUFS QMBDFE 5IJT SFTFBSDI QPJOUTUPUIFOFFEGPSBCSPBEFSBOENPSFJOGPSNFE FYBNJOBUJPO PG $BMJGPSOJBT CVTJOFTT DMJNBUF BOE IPX JU DBO CF BGGFDUFE‡GPS HPPE PS GPS CBE‡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àSNT  5IFTFFGGPSUT DPVQMFEXJUIUIFBDUVBMSFDFTTJPO DBVTFE KPC MPTTFT  DPNCJOFE UP DSFBUF BO JNQSFT TJPOUIBUBMBSHFOVNCFSPGCVTJOFTTFTXFSFJOGBDU áFFJOH$BMJGPSOJBBOEUBLJOH$BMJGPSOJBOTKPCTXJUI UIFN (PWFSOPS 1FUF 8JMTPO EFTJHOBUFE UXP CMVF SJCCPODPNNJTTJPOTUPJOWFTUJHBUF$BMJGPSOJBTTVQ QPTFEMZ EFUFSJPSBUJOH CVTJOFTT DMJNBUF 0OF  UIF $PVODJM PO $BMJGPSOJB $PNQFUJUJWFOFTT  JTTVFE B MPOH SFQPSU JO  àMMFE XJUI SFDPNNFOEBUJPOT GPSJNQSPWJOHUIFCVTJOFTTDMJNBUF5IFTFJODMVEFE SFGPSNT UP SFEVDF UIF DPTUT PG UIF XPSLFST DPN QFOTBUJPO QSPHSBN  UP QBSF CBDL FOWJSPONFOUBM SFHVMBUJPOT BOEUPJNQSPWFUIFFEVDBUJPOTZTUFN  BT XFMM BT UBY SFGPSNT UIBU XPVME QSPNPUF FOUSF QSFOFVSTIJQBOECVTJOFTTJOWFTUNFOU  8JUI UIF FDPOPNJD CPPN PG UIF MBUF T  MJUUMFNPSFXBTIFBSEBCPVUUIFTUBUFTIPTUJMFCVTJ OFTT DMJNBUF #VU JO UIF FDPOPNJD EPXOUVSO UIBU GPMMPXFE UIF EPUDPN CVTU PG  m  QPMJDZ NBLFSTBOEPUIFSTCFHBOBHBJOUPXPOEFSQVCMJDMZ XIFUIFS $BMJGPSOJB XBT B HPPE QMBDF UP EP CVTJ OFTT3FQSFTFOUBUJWF%VODBO)VOUFS 3m&M$BKPO  UPME B DPOGFSFODF IF PSHBOJ[FE PO UIF TVCKFDU JO "QSJMUIBUSFHVMBUJPOT GFFT UBYFT IJHIFOFSHZ 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF DPTUT  BOE SJTJOH TBMBSJFT BOE DPNQFOTBUJPO XFSF NBLJOH $BMJGPSOJB MFTT BUUSBDUJWF UIBO OFJHICPS JOH TUBUFT‡BOE UIBUNBOZàSNTIBEMFGU$BMJGPS OJBGPSKVTUUIPTFSFBTPOT-BUFSUIBUZFBS EVSJOH UIF DBNQBJHO UP SFDBMM (PWFSOPS (SBZ %BWJT  UIF QVCMJDXBTJOVOEBUFEXJUIDSJUJDJTNPG$BMJGPSOJBT CVTJOFTTFOWJSPONFOU$BOEJEBUFTUPTVDDFFE%BWJT SPVUJOFMZ SFGFSSFE UP UIF TUBUFT iPOFSPVT CVTJOFTT SFHVMBUJPOT BOE PWFS UBYBUJPOu UIBU XFSF ESJWJOH CVTJOFTTFTBXBZ*OSFTQPOTF %BWJTSFRVFTUFEUIBU UIF $BMJGPSOJB &NQMPZNFOU %FWFMPQNFOU %FQBSU NFOU &%% TUVEZUIFUSFOEBOEFGGFDUTPGCVTJOFTT SFMPDBUJPO CVUUIF&%%LFQUOPEBUBPOSFMPDBUJPO  5IF QVCMJD SFMBUJPOT CBUUMF PWFS UIF JTTVF IBT DPOUJOVFETJODF(PWFSOPS"SOPME4DIXBS[FOFHHFS SFQMBDFE %BWJT #JMMCPBSET JO PUIFS TUBUFT EJTQMBZ UIF HPWFSOPST JNBHF BOE UIF NFTTBHF  i"SOPME 4BZT A$BMJGPSOJB XBOUT ZPVS CVTJOFTTu 5IF HPW FSOPS IBT BMTP QSPNJTFE UP MFOE B NPWJOH USVDL CFMPOHJOH UP i"SOPMET .PWJOH $Pu UP BOZ CVTJ OFTT PXOFS XIP XBOUT UP NPWF UP $BMJGPSOJB 0UIFSTUBUFTIBWFGPVHIUCBDLXJUIUIFJSPXOCJMM CPBSET BOE OFXTQBQFS BET  JODMVEJOH .BTTBDIV TFUUT i4NBMMFS NVTDMFT  CVU MPXFS UBYFTu  BOE /FWBEB i8JMMZPVSCVTJOFTTCFUFSNJOBUFE u  5IF$BTFGPSB#VTJOFTT&YPEVT 5IPTF XIP IBWF BSHVFE UIBU $BMJGPSOJBT CVTJOFTTDMJNBUFIBTQVTIFECVTJOFTTFTPVU PG$BMJGPSOJBIBWFSBSFMZSFMJFEPOFNQJSJDBM FWJEFODFPGSFMPDBUJPOCFIBWJPSCVUSBUIFSPOTVSWFZT UIBU FMJDJUFE TVCKFDUJWF BTTFTTNFOUT GSPN FNQMPZFST *O BTUBUFXJEFTVSWFZCZUIF$BMJGPSOJB#VTJ OFTT3PVOEUBCMFTIPXFEUIBUDMPTFUPPOFRVBSUFS PG UIF   SFTQPOEJOH DPNQBOJFT IBE QMBOT UP MFBWF$BMJGPSOJB"+VMZTVSWFZCZUIF$BMJ GPSOJB $IBNCFS PG $PNNFSDF BOE UIF $BMJGPSOJB #VTJOFTT 3PVOEUBCMF BTLFE  $BMJGPSOJB CVTJ OFTT FYFDVUJWFT BCPVU SFMPDBUJOH /FBSMZ POFàGUI PGUIFSFTQPOEFOUTTBJEUIBUUIFZXFSFQMBOOJOHUP FYQBOE BOEPS SFMPDBUF PVUTJEF UIF TUBUF 'JGUFFO QFSDFOU TBJE UIBU UIFZ IBE CFFO BQQSPBDIFE CZ SFDSVJUFSTGSPNPUIFSTUBUFT BOEPGUIFTF QFSDFOU IBE CFFO PGGFSFE NPOFUBSZ PS PUIFS SFMPDBUJPO JODFOUJWFT 5IF GPMMPXJOH ZFBS  B TVSWFZ CZ UIF $BMJGPSOJB#VTJOFTT3PVOEUBCMFBOE#BJO$PN QBOZ   QBJOUFE BO FWFO HSJNNFS QJDUVSF  SFQPSUJOH UIBU DMPTF UP  QFSDFOU PG DPNQBOZ FYFDVUJWFTTVSWFZFEIBEBQMBOUPSFMPDBUFCVTJOFTTFT BOE KPCT BXBZ GSPN $BMJGPSOJB BOE UIBU NPTU PG UIFNQMBOOFEUPNPWFUPPUIFSXFTUFSOTUBUFT  #VMFT"TTPDJBUFT  JTUIFPOMZTUVEZXF IBWFDPNFBDSPTTUIBUUSJFTUPNFBTVSFBDUVBMSFMP DBUJPOBDUJWJUZ$PNNJTTJPOFECZUIF-PT"OHFMFT %FQBSUNFOUPG8BUFSBOE1PXFSBOEPUIFSVUJMJUJFT  JU SFQPSUFE UIBU $BMJGPSOJB MPTU   JOEVTUSJBM GBDJMJUJFT UP PUIFS TUBUFT  UP .FYJDP  PS UP 1VFSUP 3JDPCFUXFFOBOE5IJTàHVSFJODMVEFE JOEVTUSJBMQMBOUTUIBUNPWFEPVUPG$BMJGPSOJBBOE UIPTFUIBUXFSFTFUVQPVUTJEF$BMJGPSOJBCZ$BMJ GPSOJBDPNQBOJFT BMUIPVHIJUJTOPUDMFBSXIFUIFS UIFMBUUFSHSPVQTIPVMECFDPVOUFEBNPOHUIFMPTTFT 6TJOHUIFNVMUJQMJFSFGGFDU UIFZFTUJNBUFEBMPTTPG KPCPQQPSUVOJUJFTPGCFUXFFO BOE  GPSUIBUZFBSQFSJPE #VTJOFTT3FMPDBUJPOJO$POUFYU )PXFWFS  B DSJUJDBM MJNJUBUJPO PG FWFO UIJT TUVEZ‡BOEBNJTTJOHFMFNFOUJOBMMPGUIF EJTDVTTJPOTBCPVUSFMPDBUJPOUIBUXFIBWF DJUFE‡JTUIBUCVTJOFTTSFMPDBUJPO JT BMNPTU BMXBZT EJTDVTTFE JO UIFDPOUFYUPGCVTJOFTTFTMFBWJOH $BMJGPSOJB BTJGUSBGàDNPWFTJO 5IPTFXIPIBWF BSHVFEUIBU$BMJGPSOJBT POMZPOFEJSFDUJPO5IF#VMFT CVTJOFTTDMJNBUFIBT "TTPDJBUFTTVSWFZGPDVTFEFYDMV TJWFMZ PO CVTJOFTTFT MFBWJOH UIF TUBUF BOE JHOPSFE àSNT NPWJOH UP $BMJGPSOJB PS TFUUJOH VQ OFX $BMJGPSOJB CSBODIFT PG FYJTUJOH QVTIFECVTJOFTTFT PVUPG$BMJGPSOJB IBWFSBSFMZSFMJFEPO FNQJSJDBMFWJEFODFPG CVTJOFTTFT0OFDPVMEBSHVFUIBU SFMPDBUJPOCFIBWJPS XIFO DPNQBOJFT TVDI BT (BUF XBZ JO *PNFHB JO  BOE 4POZ &MFDUSPOJDT JO   NPWFE UIFJS IFBERVBSUFST GSPN PUIFS TUBUFT UP $BMJGPSOJB  UIJT CVUSBUIFSPOTVSWFZT UIBUFMJDJUFETVCKFDUJWF BTTFTTNFOUTGSPN FNQMPZFST 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF XBTBQPTJUJWFEFWFMPQNFOUUIBUNJUJHBUFEUIFOFH BUJWFFGGFDUTPGPVUPGTUBUFSFMPDBUJPOT  "OPUIFSTFSJPVTáBXJOUIFEFCBUFVQVOUJMOPX JT UIBU JU JT PGUFO GSBNFE BT JG SFMPDBUJPO XFSF UIF LFZ EFUFSNJOBOU PG FNQMPZNFOU DIBOHF JO $BMJ GPSOJB  JHOPSJOH PUIFS EZOBNJD QSPDFTTFT TVDI BT UIFOBUVSBMFCCBOEáPXPGFNQMPZNFOUDIBOHFBU FYJTUJOH CVTJOFTTFT BOE FTUBCMJTINFOU CJSUIT BOE EFBUIT *U JT NJTMFBEJOH UP GPDVT PO POMZ POF PG UIFTF‡FTQFDJBMMZXJUIPVUHPPEFWJEFODF  5IF GPDVT PO SFMPDBUJPO BMTP UZQJDBMMZ JHOPSFT TVCUMFUJFT JO UIFTF EZOBNJDT UIBU NJHIU QPJOU UP QPTJUJWFOFXTPGKPCDSFBUJPO*UJTQPTTJCMF GPSJO TUBODF UIBUTPNFCVTJOFTTFTUBCMJTINFOUTBSFNPWJOH BXBZCFDBVTFUIFZBSFDSPXEFEPVUCZNPSFFGàDJFOU POFT0UIFSSFTFBSDIFSTUIFPSJ[FUIBUUIF$BMJGPSOJB FDPOPNZ JT POF UIBU GPS TPNF JOEVTUSJFT‡TVDI BT IJHIUFDI‡BDUTBTBOJODVCBUPSGPSJOOPWBUJPO CF DBVTFPGJUTHPPEVOJWFSTJUJFT TUSPOHWFOUVSFDBQJUBM OFUXPSL BOEIJHIMZFEVDBUFEXPSLGPSDF)PXFWFS  UIJTDPNQBSBUJWFBEWBOUBHFEPFTOPUFYUFOEUPUIF SPVUJOFQSPEVDUJPOPGHPPETXFMMQBTUUIFJOOPWBUJPO TUBHF5IJTTDFOBSJPTVHHFTUTUIBUJUJTOBUVSBMGPS CVTJOFTTFTUBCMJTINFOUTUPCFCPSOJO$BMJGPSOJBCVU UIFOUPNJHSBUFUPUBLFBEWBOUBHFPGMPXFSQSPEVD UJPODPTUTFMTFXIFSF*OEFFE BTSFQPSUFECFMPX XF TFFFWJEFODFCSPBEMZDPOTJTUFOUXJUIUIJTQBUUFSOPG PVUNJHSBUJPO*OTVDIDBTFT SFMPDBUJPOTIPVMEOPU CF UBLFO BT B TJHO PG CBE CVTJOFTT DMJNBUF *G BOZ UIJOH  JU JT BO JOEJDBUPS PG B HPPE CVTJOFTT DMJNBUF UIBUGBWPSTUIFGPSNBUJPOPGOFXCVTJOFTTFT  &NQMPZNFOUDIBOHFJTVMUJNBUFMZUIFOFUFGGFDU PGTJYEZOBNJDQSPDFTTFT‡UISFFUIBUDSFBUFKPCTBOE UISFFUIBUEFTUSPZKPCT BTTIPXOJOUIJTFRVBUJPO  &NQMPZNFOUHSPXUI   KPCHSPXUIBUFYQBOEJOHFTUBCMJTINFOUT   mKPCEFDMJOFBUDPOUSBDUJOHFTUBCMJTINFOUT   KPCTBUOFXFTUBCMJTINFOUT  mKPCTBUFTUBCMJTINFOUTUIBUDMPTFE    KPCTBUFTUBCMJTINFOUTUIBUNPWFEJO  mKPCTBUFTUBCMJTINFOUTUIBUNPWFEPVU  5P DIBSBDUFSJ[F FNQMPZNFOU DIBOHF JO BO FDPOPNZ  XF OFFE UP VOEFSTUBOE BMM TJY PG UIFTF EZOBNJD QSPDFTTFT  OPU KVTU UP EFTDSJCF FNQMPZ NFOU DIBOHF BDDVSBUFMZ CVU BMTP UP JEFOUJGZ UIF KPC DSFBUJPO BOE EFTUSVDUJPO QSPDFTTFT PO XIJDI JU NJHIU CF NPTU QSPEVDUJWF GPS QPMJDZNBLFST UP GPDVTJOFODPVSBHJOHFNQMPZNFOUHSPXUI  5IJT FRVBUJPO BMTP IFMQT NBLF UIF JNQPSUBOU EJTUJODUJPOCFUXFFOHSPTTKPCáPXT TVDIBTBMMKPCT DSFBUFECFDBVTFPGFTUBCMJTINFOUCJSUIT BOEOFUKPC áPXT UIFEJGGFSFODFCFUXFFOKPCTDSFBUFECZCJSUIT BOE KPCT EFTUSPZFE CZ EFBUIT .PEFSBUF PWFSBMM DIBOHFTJOFNQMPZNFOUPWFSUJNFNBZNBTLMBSHF BOEWPMBUJMFHSPTTKPCáPXT$POWFSTFMZ SFMBUJWFMZ TNBMM DIBOHFT JO BOZ PG UIF HSPTT áPXT DBO MFBE UP TIBSQ DIBOHFT JO OFU KPC HSPXUI 1PMJDJFT UIBU FODPVSBHF CJSUIT PS EJTDPVSBHF EFBUIT DPVME IBWF B MBSHF FGGFDU PO FNQMPZNFOU HSPXUI JG UIF HSPTT áPXT BTTPDJBUFE XJUI CJSUIT BOE EFBUIT BSF MBSHF  FWFOJGUIFOFUKPCáPXGSPNCJSUITNJOVTEFBUITJT SFMBUJWFMZTNBMM 5IF/BUJPOBM&TUBCMJTINFOU5JNF 4FSJFT%BUBCBTF "MUIPVHI UIF JNQPSUBODF PG VOEFSTUBOEJOH UIF KPC DSFBUJPOEFTUSVDUJPO QSPDFTT IBT MPOH CFFO XJEFMZ SFDPHOJ[FE  TZTUFNBUJD FNQJSJDBMSFTFBSDIPOUIJTUPQJDEJEOPUTUBSUVOUJM RVJUFSFDFOUMZBTSFTFBSDIFSTCFHBOUPEFWFMPQBQQSP QSJBUFEBUBTPVSDFT5IFEBUBTPVSDFTVTFEJOQSF WJPVTSFTFBSDIIBWFJNQPTFETJHOJàDBOUMJNJUBUJPOT CFDBVTF UIFZ EP OPU DBQUVSF CVTJOFTT SFMPDBUJPO BOEIFODFDBOOPUCFVTFEUPFTUJNBUFUIFDPOUSJCV UJPOPGSFMPDBUJPOUPFNQMPZNFOUDIBOHF  'PSUIJTBSUJDMF XFVTFEBOFXEBUBTPVSDF‡ UIF/BUJPOBM&TUBCMJTINFOU5JNF4FSJFT /&54 *U JTUIFàSTUEBUBTFUUPQFSNJUBGVMMCSFBLEPXO‡PS EFDPNQPTJUJPO‡PG UIF TPVSDFT PG FNQMPZNFOU DIBOHF BOE  UIVT  B TUVEZ PG CVTJOFTT SFMPDBUJPO JOSFMBUJPOUPPUIFSCVTJOFTTEZOBNJDT5IF/&54 EBUBCBTF JT B OFX MPOHJUVEJOBM àMF PO CVTJOFTT FTUBCMJTINFOUT BMPOHUFSNQSPKFDUPG8BMMT"TTP DJBUFTJODPOKVODUJPOXJUI%VO#SBETUSFFU"TJH OJà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áFDUTUIFGBDUUIBUJUJTEFTJHOFEUPDBQUVSF UIFVOJWFSTFSBUIFSUIBOBTBNQMFPGFTUBCMJTINFOUT 'PSFBDIZFBSPGUIFTBNQMFQFSJPEm UIF EBUBCBTFJODMVEFTJOGPSNBUJPOPOCFUXFFOBOE NJMMJPO CVTJOFTT FTUBCMJTINFOUT JO $BMJGPSOJB UIBU QSPWJEFBCPVUNJMMJPOUPNJMMJPOKPCT"CVTJ OFTT FTUBCMJTINFOU JT JODMVEFE JO PVS /&54 EBUB àMF JG JU XBT FWFS MPDBUFE JO $BMJGPSOJB EVSJOH mPSJTUIFQBSFOUIFBERVBSUFSTPGTVDIBO FTUBCMJTINFOU*OUPUBM NPSFUIBONJMMJPOFTUBC MJTINFOUTBSFDPWFSFEJOPVS/&54EBUBCBTFFYUSBDU  "OFTUBCMJTINFOUSFMPDBUJPOJOUIF/&54EBUB JTJEFOUJàFECZTUSFFUBEESFTTBOE[JQDPEFDIBOHFT GSPN POF ZFBS UP BOPUIFS &TUBCMJTINFOUT UIBU NPWFEFJUIFSJOUPPSPVUPG$BMJGPSOJBBSFJODMVEFEJO UIFEBUBCBTF TPJOUFSTUBUFSFMPDBUJPODBOCFUSBDLFE  )PXFWFS  UIFSF BSF TPNF MJNJUT UP XIBU UIJT GPSNPGSFMPDBUJPOEBUBDBOUFMMVTBCPVUUIFEZOBN JDT PG FNQMPZNFOU DIBOHF  CFDBVTF PUIFS UZQFT PG 5IF/&54%BUBCBTF 5IF /&54 EBUBCBTF DPMMFDUT JOGPSNBUJPO BU UIF FTUBC MJTINFOUMFWFMCVUBMTPJODMVEFTBVOJRVF%BUB6OJWFSTBM /VNCFSJOH4ZTUFN %6/4 UPJOEJDBUFUIFSFMBUJPOTIJQT BNPOHFTUBCMJTINFOUTJONVMUJFTUBCMJTINFOUmSNT  5IF /&54 EBUBCBTF CFHJOT XJUI  DSPTTTFDUJPOBM mMFTPGUIFGVMM%6/4.BSLFUJOH*OGPSNBUJPO %.* mMFGPS FBDI ZFBS GSPN  UISPVHI   FBDI PG XIJDI DPWFST UIFQSFWJPVTZFBS'SPNIFSFPO XFSFGFSUPUIFZFBSDPW FSFECZUIFEBUB JF oGPSUIFGVMMTBNQMFQFSJPE 5IF QSJNBSZ QVSQPTF PG %VO  #SBETUSFFUT EBUB DPMMFD UJPO FG GPS U JT UP QSPWJEF JOGPSNBUJPO PO CVTJOFTTFT UP UIF CVTJOFTTDPNNVOJUZ UPFOIBODFUIFJSEFDJTJPONBLJOHCZ DPOTUSVDUJOHBTFUPGiQSFEJDUJWFJOEJDBUPSTw FH UIF%VO #SBETUSFFU3BUJOHBOE1BZ%FYTDPSFT 5IF%.*mMFGPS FBDIZFBSJTDPOTUSVDUFEGSPNBOPOHPJOHFGGPSUUPDBQUVSF FBDICVTJOFTTFTUBCMJTINFOUJOUIF6OJUFE4UBUFTJOFBDI ZFBS JODMVEJOHOPOQSPmUTBOEUIFQVCMJDTFDUPS   %VO  #SBETUSFFU TUSJWFT UP JEFOUJGZ BMM CVTJOFTT FTUBCMJTINFOUT  BOE UP BTTFNCMF JOGPSNBUJPO PO UIFN  UISPVHI B NBTTJWF EBUB DPMMFDUJPO FGGPSU  JOWPMWJOH PWFS  NJMMJPO UFMFQIPOF DBMMT GSPN GPVS DBMMJOH DFOUFST FBDI ZFBS  BT XFMM BT PCUBJOJOH JOGPSNBUJPO GSPN MFHBM BOE DPVSU mMJOHT  OFXTQBQFST BOE FMFDUSPOJD OFXT TFS WJDFT  QVCMJD VUJMJUJFT  BMM 64 4FDSFUBSJFT PG 4UBUF  HPW FSONFOU SFHJTUSJFT BOE MJDFOTJOH EBUB  QBZNFOU BOE DPM MFDUJPOT JOGPSNBUJPO  DPNQBOZ mMJOHT BOE OFXT SFQPS UT  BOEUIF641PTUBM4FSWJDF1BSUJDVMBSFGGPSUTBSFEFWPUFE UP JEFOUJGZJOH UIF CJSUIT BOE EFBUIT PG FTUBCMJTINFOUT 'PS FWFSZ FTUBCMJTINFOU JEFOUJm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iTOBQTIPUTwPGCVTJOFTTFTUBCMJTINFOUT  8BMMT BOE "TTPDJBUFT FOUFSFE JOUP B DPMMBCPSBUJPO XJUI %VO  #SBETUSFFU XJUI B WFSZ EJGGFSFOU QVSQPTF JO NJOE‰OBNFMZ  UP QSPWJEF B EZOBNJD WJFX PG UIF 64 FDPOPNZ VTJOH UIF EBUB GSPN UIF %VO  #SBETUSFFU BSDIJWFT 8BMMT BOE "TTPDJBUFT    &TTFOUJBMMZ  UIJT SFRVJSFEMJOLJOHUIF%VO#SBETUSFFUDSPTTTFDUJPOTJOUP BMPOHJUVEJOBMmMFUIBUUSBDLTFWFSZFTUBCMJTINFOUGSPNJUT CJSUI UISPVHIBOZQIZTJDBMNPWFTJUNBZNBLF DBQUVSJOH BOZ DIBOHFT PG PXOFSTIJQ  BOE SFDPSEJOH UIF FTUBCMJTI NFOUTEFBUIJGJUPDDVST  4FF/FVNBSL ;IBOH BOE8BMM  GPSNPSFJOGPS NBUJPO 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF DIBOHFT JO FNQMPZNFOU NJHIU CF WJFXFE BT TIBS JOH GFBUVSFT PG CVTJOFTT FTUBCMJTINFOU SFMPDBUJPO PS SFáFDUJOH UIF TBNF GPSDFT UIBU ESJWF SFMPDBUJPO *G B $BMJGPSOJB DPNQBOZ TFUT VQ BO FTUBCMJTINFOU JO BOPUIFS TUBUF  UIBU FTUBCMJTINFOU EPFT OPU TIPX VQ JO PVS EBUBTFU 5IBU JT  XF DBO TUVEZ FTUBCMJTI NFOUT UIBU NPWF PVU CVU OPU UIPTF UIBU CSBODI PVU PG TUBUF  "MUIPVHI NBOZ EJTDVTTJPOT JO UIF QPQV MBS NFEJB DPOGVTF UIFTF UXP UZQFT PG BDUJWJUJFT  CSBODIJOH PVU TIPVME OPU CF SFHBSEFE BT FRVJWBMFOU UP NPWJOH PVU CFDBVTF UIF GPSNFS EPFT OPU OFDFT TBSJMZ PDDVS BU UIF DPTU PG‡UIBU JT  JOTUFBE PG‡ DSFBUJOHBOBEEJUJPOBMCVTJOFTTFTUBCMJTINFOUXJUIJO UIF TUBUF 4FDPOE  UIF /&54 EBUBCBTF USBDLT POMZ QIZTJDBM FTUBCMJTINFOU SFMPDBUJPO 'PS FYBNQMF  JU EPFTOPUBMMPXVTUPEFUFSNJOFXIFOTQFDJàDKPCTBSF TIJGUFECFUXFFOUXPFTUBCMJTINFOUTPGUIFTBNFàSN XIJMFCPUIFTUBCMJTINFOUTSFNBJOPQFO5IJTUZQFPG SFMPDBUJPO XIJDIBMTPDPOTUJUVUFTBSFMPDBUJPOPGKPCT CFUXFFOFTUBCMJTINFOUT XJMMCFPCTFSWFEJOPVSEBUB TFUBTFNQMPZNFOUFYQBOTJPOPSDPOUSBDUJPO   $BMJGPSOJB FYQFSJFODFE B OFU MPTT PG BCPVU CVTJOFTTFTUBCMJTINFOUTUPPUIFSTUBUFT XIJDI BNPVOUFE UP  QFSDFOU PG UIF UPUBM OVNCFS PG CVTJOFTT FTUBCMJTINFOUT JO $BMJGPSOJB "U UIJT SBUF  JU XPVME UBLF BCPVU  ZFBST GPS $BMJGPSOJB UP MPTF  QFSDFOU PG JUT CVTJOFTT FTUBCMJTINFOUT 5IF KPC OVNCFSTUFMMBTJNJMBSTUPSZ*OUFSNTPGKPCMPTTGSPN SFMPDBUJPO BOESFQSFTFOUUIFXPSTUZFBST *OUIFTFZFBST CVTJOFTTSFMPDBUJPODPTUQFSDFOUPG $BMJGPSOJBKPCT"UUIJTSBUF JUXPVMEUBLFBCPVU ZFBSTUPFMJNJOBUFQFSDFOUPG$BMJGPSOJBTKPCT  $PNQBSJOHUIFTFSFMPDBUJPOOVNCFSTUPPOHP JOH FNQMPZNFOU DIBOHFT BMTP TIPXT UIFJS SFMBUJWF JOTJHOJàDBODF 'PS FYBNQMF  GSPN +VMZ  UP .BZ   $BMJGPSOJB MPTU  QFSDFOU PG BMM KPCT  XIFSFBTGSPNFNCFSUPFNCFS  UIFOVNCFSPGKPCTJO$BMJGPSOJBHSFXCZQFS DFOU 5IFTF DPNQBSJTPOT TVHHFTU UIBU XIFUIFS EVSJOHBOVQUVSOPSBEPXOUVSO CVTJOFTTSFMPDB UJPOTJNQMZEPFTOPUQMBZNVDIPGBSPMFJOFNQMPZ NFOUDIBOHF 'JOEJOHTPO3FMPDBUJPOBOE &NQMPZNFOU%ZOBNJDTJO $BMJGPSOJB $BMJGPSOJBJTBOFUFYQPSUFSPGCVTJOFTTFT  CVUKPCMPTTBUUSJCVUBCMFUPCVTJOFTTSFMP DBUJPOJTOFHMJHJCMF  *O FWFSZ ZFBS EVSJOH UIF m TBNQMF QFSJPE  BT TIPXO JO 5BCMF   TPNF FTUBCMJTI NFOUTMFGU$BMJGPSOJB UBLJOHKPCTBXBZ"UUIF TBNFUJNF PUIFSTNPWFEJOUP$BMJGPSOJB CSJOHJOH KPCT UP UIF TUBUF .FBTVSFE CZ FJUIFS UIF OVNCFS PG CVTJOFTT FTUBCMJTINFOUT PS UIF OVNCFS PG KPCT  $BMJGPSOJB FYQFSJFODFE B OFU MPTT CFDBVTF PG CVTJ OFTT SFMPDBUJPO JO FWFSZ ZFBS 5IF GBDU UIBU UIFSF XBT OFWFS B OFU HBJO JO BOZ PG UIFTF  ZFBST JT JOEFFERVJUFTUSJLJOH  )PXFWFS JOUIFDPOUFYUPGJUTPWFSBMMFDPOPNZ  $BMJGPSOJBT OFU MPTT GSPN SFMPDBUJPO JT OFHMJHJCMF &WFOEVSJOHFBDIPGUIFUXPXPSTUZFBST BOE &NQMPZNFOUDIBOHFJTQSJNBSJMZESJWFOCZ CVTJOFTTFYQBOTJPO DPOUSBDUJPO CJSUIT BOE EFBUIT  5BCMF  TIPXT B CSFBLEPXO PG $BMJGPSOJBT FNQMPZNFOUDIBOHFJOUISFFZFBSJODSFNFOUTGSPN  UP  'PS FBDI QFSJPE  JO UIF UPQ QBOFM XF TIPX $BMJGPSOJB FNQMPZNFOU JO UIF TUBSUJOH ZFBS  JO UIF FOEJOH ZFBS  BOE UIF SFTVMUJOH OFU DIBOHF5IFOVNCFSPGKPCTDSFBUFEPSFMJNJOBUFE CZFBDIFNQMPZNFOUEZOBNJDGPMMPXT5IFCPUUPN QBOFM TIPXT UIF DPNQPOFOUT PG UIF FNQMPZNFOU DIBOHFGPSUIFSFMFWBOUQFSJPE  *O FWFSZ UISFFZFBS QFSJPE  UIF FYQBOTJPO PG FYJTUJOH CVTJOFTT FTUBCMJTINFOUT DSFBUFT NPSF KPCT UIBOBSFMPTUUISPVHIDPOUSBDUJPO5IJTJTQFSIBQT OPU TVSQSJTJOH  CFDBVTF BU BOZ UJNF XF FYQFDU UIBU FYJTUJOHCVTJOFTTFTUBCMJTINFOUTUFOEUPCFUIPTFUIBU BSF HSPXJOH SBUIFS UIBO TISJOLJOH 5IF OFU FGGFDUT PG CJSUIT BOE EFBUIT PG FTUBCMJTINFOUT PO PWFSBMM FNQMPZNFOUDIBOHFBSFQPTJUJWFJOTPNFZFBSTBOE OFHBUJWFJOPUIFST5IJTUFOETUPSFáFDUBHHSFHBUF FDPOPNJDDPOEJUJPOT"MUIPVHIPUIFSGBDUPSTBSFBU 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF  5BCMF#VTJOFTT3FMPDBUJPOBOE*UT&GGFDUPO&NQMPZNFOUJO$BMJGPSOJB o .PWFE*O .PWFE0VU /FU&GGFDU 5PUBM/VNCFSPG &TUBCMJTINFOUTPS+PCT /FU-PTTBTPG5PUBM             #Z/VNCFSPG&TUBCMJTINFOUT                                                                           #Z/VNCFSPG+PCT                                                                                                             /PUF5IFMFGUIBOEDPMVNOEFOPUFTUIFZFBSUIFNPWFJTPCTFSWFE'PSFYBNQMF iuNFBOTUIBUUIFNPWFPDDVSSFECFUXFFO BOE QMBZ XIFOFDPOPNJDDPOEJUJPOTBSFHPPE XFFYQFDU NPSF CVTJOFTT FTUBCMJTINFOUT UP CF DSFBUFE BOE GFXFS UP HP PVU PG CVTJOFTT  SFTVMUJOH JO NPSF KPCT CFJOH DSFBUFE CZ CJSUIT UIBO KPCT CFJOH FMJNJOBUFE CZCVTJOFTTDMPTVSFT$POWFSTFMZ EVSJOHTMPXFSFDP OPNJD UJNFT  XF FYQFDU CVTJOFTT GPSNBUJPO UP CF MPXFS BOE NPSF CVTJOFTTFT UP DMPTF  SFTVMUJOH JO B OFU MPTT PG KPCT CFDBVTF OFX CVTJOFTT KPC HSPXUI JT JOTVGàDJFOU UP DPWFS UIF MPTT PG UIPTF UIBU EJF 3PVHIMZTQFBLJOH UIJTJTSFáFDUFEJOUIFUBCMF  'PSFYBNQMF JOUIFFBSMJFSQFSJPETDPWFSFECZ UIF EBUBTFU  XIFO VOFNQMPZNFOU XBT WFSZ IJHI BCPWFJOBOE BOETUJMMBCPWF BTPG KPCTEFTUSPZFECZFTUBCMJTINFOUEFBUIT PVUXFJHIFE KPCT DSFBUFE CZ FTUBCMJTINFOU CJSUIT #VU EVSJOH UIF MBUFS QFSJPET  CFHJOOJOH XJUI UIF UISFFZFBS QFSJPE m XIFO VOFNQMPZNFOU GFMMBTMPXBT KPCTDSFBUFECZFTUBCMJTINFOU CJSUIT FYDFFEFE KPCT EFTUSPZFE CZ FTUBCMJTINFOU EFBUIT 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF 5BCMFPNQPTJUJPOPG&NQMPZNFOU$IBOHFJO$BMJGPSOJB &NQMPZNFOUDIBOHF 4UBSUJOH FNQMPZNFOU &OEJOHFNQMPZNFOU $IBOHF +PCDSFBUJPO &YQBOTJPO #JSUI .PWFJO +PCEFTUSVDUJPO $POUSBDUJPO UI .PWFPVU &NQMPZNFOUDIBOHF EFDPNQPTJUJPO &NQMPZNFOU DIBOHF  FYQBOTJPOo DPOUSBDUJPO   CJSUIoEFBUI   NPWFJOo  NPWFPVU o       o                  o    o  o    o                            o  o  o                             o  o  o                            o  o  o                            o  o  o                                 o   o                                 o  o                               o   5BCMF  BMTP TIPXT KVTU IPX TNBMM UIF SPMF PG CVTJOFTT SFMPDBUJPO JT "T UIF MBTU SPX TIPXT  UIF FNQMPZNFOUMPTTGSPNSFMPDBUJPOSBOHFTGSPNBCPVU   JO m UP   JO m  BWFSBHJOHBSPVOE GPSFBDIUISFFZFBSQFSJPE #VU UIF FNQMPZNFOU DIBOHFT GSPN UIF FYQBOTJPO DPOUSBDUJPOQSPDFTTFTBOEUIFCJSUIEFBUIQSPDFTTFT GPS UIF TBNF UISFFZFBS QFSJPET BSF NVDI HSFBUFS  PGUFO CZ B GBDUPS PG  PS NPSF *O PUIFS XPSET  FNQMPZNFOU DIBOHFT JO $BMJGPSOJB BSF QSJNBSJMZ ESJWFO CZ FYQBOTJPODPOUSBDUJPO BOE CJSUIEFBUI QSPDFTTFTSBUIFSUIBOCZSFMPDBUJPO  'JHVSFTVQQPSUTUIJTQPJOUNPSFHSBQIJDBMMZ 5IF OFU FGGFDU PG JOUFSTUBUF SFMPDBUJPO JT SFMBUJWFMZ áBUBOEDPOUSJCVUFTBMNPTUOPUIJOHUPUIFNBTTJWF TXJOH JO OFU FNQMPZNFOU DIBOHF PWFS UJNF 4JNJ MBSMZ UIFUPQQBOFMJO'JHVSFTIPXTUIBUXJUIPVU FYDFQUJPO JO FBDI UISFFZFBS QFSJPE  KPC DSFBUJPO DBNF QSJNBSJMZ GSPN UIF GPSNBUJPO PG OFX CVTJ OFTT FTUBCMJTINFOUT BOE UIF FYQBOTJPO PG FYJTUJOH POFTSBUIFSUIBOGSPNSFMPDBUJPO0OBWFSBHF  QFSDFOU PG KPC DSFBUJPO DBNF GSPN OFX FTUBCMJTI NFOUT   QFSDFOU GSPN UIF HSPXUI PG FYJTUJOH FTUBCMJTINFOUT  BOE POMZ  QFSDFOU GSPN FTUBC MJTINFOUTNPWJOHUP$BMJGPSOJB5IFCPUUPNQBOFM JO'JHVSFTIPXTUIBUUIFEFBUIPGCVTJOFTTFTUBC MJTINFOUT JT UIF NBKPS GBDUPS JO KPC EFTUSVDUJPO $POUSBDUJPOPGFYJTUJOHFTUBCMJTINFOUTJTBMTPTVC TUBOUJBMCVUMFTTJNQPSUBOU"HBJO CVTJOFTTSFMPDB UJPO PVU PG $BMJGPSOJB DPOUSJCVUFT POMZ NJOJNBMMZ 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " California Economic Policy Are Businesses Fleeing the State? to job destruction. On average, 71.4 percent of job destruction stemmed from business establishment deaths, 26.9 percent from contraction, and only 1.6 percent from interstate relocation. The decomposition of the sources of employment change is sensitive to the interval over which the change is measured. In particular, the longer the interval chosen, the greater the contribution of births and deaths to gross job flows. To see this most simply, note that as the interval gets longer, more establishments that have been shrinking will actually die, and more growth will be attributed to births.24 Because of this sensitivity of the answer to the length of the interval, we tried looking at different intervals. However, we found that no matter what interval is used, the contribution of business establishment relocation is always negligible. The employment change analysis in Table 2 gives some indications of the potential for each of Number of jobs (in thousands) Figure 1. Net Employment Changes Resulting from Different Business Dynamics 2,000 1,500 1,000 500 0 –500 1992– 1993– 1994– 1995– 1996– 1997– 1998– 1999– 1995 1996 1997 1998 1999 2000 2001 2002 Employment change = (expansion-contraction) + (birth-death) + (move in-move out) FFiigguurree 22.. JJoobb CCrreeaattiioonn aanndd DDeessttrruuccttiioonn Number of jobs created (in thousands) 6,000 5,000 4,000 3,000 2,000 1,000 0 1992– 1995 6,000 5,000 4,000 3,000 2,000 1,000 0 1992– 1995 1993– 1996 1993– 1996 Sources of Job Creation Move in Birth Expansion 1994– 1997 1995– 1998 1996– 1999 1997– 2000 Sources of Job Destruction 1998– 2001 62.4% 1999– 2002 Move out Death Contraction 1994– 1997 1995– 1998 1996– 1999 1997– 2000 1998– 2001 71.4% 1999– 2002 Average over period 0.9% Average over period 1.6% 36.7% 26.9% Number of jobs eliminated (in thousands) 9P u b l i c P o l i c y I n s t i t u t e o f C a l i f o r n i a $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF UIFVOEFSMZJOHQSPDFTTFTUPMFBEUPNPSFESBNBUJD WBSJBUJPO JO FNQMPZNFOU (JWFO UIBU CJSUIT BOE EFBUIT DPOUSJCVUF MBSHF HSPTT áPXT JOUP BOE PVU PG FNQMPZNFOU  B NPEFTU DIBOHF JO UIF CBMBODF CFUXFFOCJSUITBOEEFBUITDPVMEMFBEUPMBSHFTIJGUT JOOFUFNQMPZNFOUHSPXUI*ODPOUSBTU BDIBOHFJO UIFTIBSFTPGFTUBCMJTINFOUTNPWJOHJOUPPSPVUPG $BMJGPSOJBTFFNTVOMJLFMZUPFWFSIBWFNVDIPGBO FGGFDU5IFWFSZMPXHSPTTKPCáPXTBTTPDJBUFEXJUI SFMPDBUJPOJNQMZUIBUFWFOJGUIFSBUFPGNPWFNFOU PVUPGUIFTUBUFEPVCMFE BOEFTUBCMJTINFOUTDPN QMFUFMZ DFBTFE UP NPWF JOUP UIF TUBUF  UIFSF XPVME CFWFSZMJUUMFFGGFDUPOOFUFNQMPZNFOUDIBOHF*O DPOUSBTU BNVDITNBMMFSSFMBUJWFDIBOHFJOUIFCJSUI PSEFBUISBUFPGCVTJOFTTFTUBCMJTINFOUTDPVMEMFBE UPNPSFESBTUJDFNQMPZNFOUDIBOHFT &TUBCMJTINFOUT BSF NVDI NPSF MJLFMZ UP NPWFMPDBMMZUIBOBDSPTTTUBUFCPVOEBSJFT  &TUBCMJTINFOUNPWFTBSFNVDINPSFDPNNPO XJUIJO UIF TUBUF 0VU PG   FTUBCMJTINFOU SFMPDBUJPOTPSJHJOBUJOHJO$BMJGPSOJBEVSJOHm     PS   XFSF NPWFT XJUIJO $BMJGPSOJB %FTQJUF BMM UIF QVC MJDJUZ  SFMPDBUJPOT UP PUIFS TUBUFT 8IFOCVTJOFTT FTUBCMJTINFOUTNPWFE PVUPG$BMJGPSOJB UIFZ XFSFMJLFMZUPHPUP BSFWFSZNVDIUIFFYDFQUJPO OPU UIFSVMF*OGBDU QFSDFOUPG BMMNPWFTJO$BMJGPSOJBPDDVSSFE XJUIJO B DJUZ BOE  QFSDFOU PG UIF NPWFT PDDVSSFE XJUIJO B /FWBEB "SJ[POB 5FYBT  DPVOUZ#FDBVTFUIFSFBSFGFXFS 0SFHPO 8BTIJOHUPO BOE $PMPSBEP/FWBEBJTGBS BIFBEPGBOZPUIFSTUBUF  BUUSBDUJOHQFSDFOU FTUBCMJTINFOUT NPWJOH JO UIBO NPWJOH PVU PG TUBUF  JOUSBTUBUF SFMPDBUJPOT SFQSFTFOU B TMJHIUMZ IJHIFS QSPQPSUJPO PG BMM SFMPDB UJPOTUPB$BMJGPSOJBEFTUJOBUJPO NPSFFTUBCMJTINFOUT 0OFSFTVMUJTUIBUUIFFGGFDUPG GSPN$BMJGPSOJBUIBO OVNCFSUXP"SJ[POB SFMPDBUJPO PO FNQMPZNFOU BU UIF MPDBM MFWFM  BMUIPVHI TUJMM NPEFTU  JT NPSF QSPOPVODFE UIBO BU UIF TUBUF MFWFM *O   GPS FYBNQMF  BMUIPVHI MFTT UIBO  QFSDFOU PG BMM CVTJOFTT FTUBC MJTINFOUT NPWFE PVU PG $BMJGPSOJB   QFSDFOU PG FTUBCMJTINFOUTNPWFEPVUTJEFUIFJSPXODPVOUZ BOE  QFSDFOU NPWFE CFZPOE UIFJS PXO DJUZ 5IF FN QMPZNFOUDIBOHFTBTTPDJBUFEXJUIUIFTFNPWFTSFQSF TFOUFEQFSDFOU QFSDFOU BOEQFSDFOUPG UPUBM$BMJGPSOJBFNQMPZNFOU SFTQFDUJWFMZ *OUFSTUBUF NPWFT BSF NPTU MJLFMZ UP PDDVS  CFUXFFO$BMJGPSOJBBOEPUIFSXFTUFSOTUBUFT  8IFOCVTJOFTTFTUBCMJTINFOUTEPNPWFBDSPTT TUBUFCPVOEBSJFT EJTUBODFTUJMMTFFNTUPQMBZBSPMF 5BCMF  TIPXT UIBU XIFO CVTJOFTT FTUBCMJTINFOUT NPWFEPVUPG$BMJGPSOJB UIFZXFSFMJLFMZUPHPUP PUIFSXFTUFSOTUBUFT*OQBSUJDVMBS /FWBEB "SJ[POB  5FYBT 0SFHPO 8BTIJOHUPO BOE$PMPSBEPUPQUIF MJTUPGEFTUJOBUJPOTUBUFT/FWBEBJTGBSBIFBEPGBOZ PUIFS TUBUF  BUUSBDUJOH  QFSDFOU NPSF FTUBCMJTI NFOUTGSPN$BMJGPSOJBUIBOOVNCFSUXP"SJ[POB 8IFOXFMPPLBUUIFOVNCFSPGKPCTFMJNJOBUFECZ PVUNJHSBUJPO  SBUIFS UIBO TJNQMZ UIF OVNCFS PG CVTJOFTTFTUIBUNPWF UIFXFTUFSOTUBUFTTUJMMTUBOE PVU BMUIPVHI/PSUI$BSPMJOBBOE/FX:PSLNPWF DMPTFSUPUIFUPQPGUIFMJTU  "T GPS CVTJOFTT FTUBCMJTINFOUT UIBU SFMPDBUFE UP $BMJGPSOJB GSPN  UP   /FX :PSL UPQT UIF MJTU PG TUBUFT PG PSJHJO  CVU XFTUFSO TUBUFT TUJMM SBOLFEIJHI/FWBEB 5FYBT "SJ[POB 8BTIJOHUPO  $PMPSBEP  BOE 0SFHPO BSF BMM BNPOH UIF UPQ  *O UFSNT PG KPCT NPWFE UP $BMJGPSOJB  SFMPDBUJPOT GSPN /FX :PSL  /FX +FSTFZ  5FYBT  BOE *MMJOPJT HSFBUMZPVUOVNCFSFESFMPDBUJPOTGSPNPUIFSTUBUFT (JWFO UIF TNBMM TJ[F PG UIF /FWBEB  "SJ[POB  BOE 0SFHPO FDPOPNJFT  UIF MBSHFS OVNCFS PG FTUBC MJTINFOUTNPWJOHCFUXFFOUIFNBOE$BMJGPSOJBJT DMFBSMZ SFMBUFE UP UIFJS QSPYJNJUZ 5IF FYDFQUJPOT UP UIF KPC BOE FTUBCMJTINFOUFYQPSUJOH QBUUFSO BSF XPSUI OPUJOH "NPOH UIF UPQ  EFTUJOBUJPO BOE PSJHJO TUBUFT  NPSF CVTJOFTT FTUBCMJTINFOUT DBNF UP $BMJGPSOJB GSPN /FX :PSL  /FX +FSTFZ  *MMJOPJT  BOE .BTTBDIVTFUUT UIBO SFMPDBUFE JO UIF PQQPTJUFEJSFDUJPO BT5BCMFTIPXT  $BMJGPSOJBXBTBMTPBOFUJNQPSUFSPGKPCTGSPN /FX+FSTFZ *MMJOPJT BOE.BTTBDIVTFUUTNPSFKPCT IBWJOH CFFO DSFBUFE GSPN FTUBCMJTINFOUT SFMPDBU 1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF 5BCMF5PQ%FTUJOBUJPOBOE0SJHJO4UBUFTPG&TUBCMJTINFOUTUIBU$SPTTFE4UBUF#PVOEBSJFT o 5PQ%FTUJOBUJPO4UBUFTPG&TUBCMJTINFOUT 5IBU.PWFE0VUPG$BMJGPSOJB /VNCFSPG &TUBCMJTINFOUT /VNCFSPG+PCT /FWBEB     "SJ[POB    5FYBT    0SFHPO    8BTIJOHUPO    $PMPSBEP    'MPSJEB    /FX:PSL    *MMJOPJT    6UBI    (FPSHJB    *EBIP    /FX+FSTFZ    /PSUI$BSPMJOB    .BTTBDIVTFUUT    7JSHJOJB    1FOOTZMWBOJB    0IJP    5FOOFTTFF    /FX.FYJDP   /PUF3BOLJOHTBSFCBTFEPOUIFOVNCFSPGFTUBCMJTINFOUTNPWJOH 5PQ0SJHJO4UBUFTPG&TUBCMJTINFOUT 5IBU.PWFE*OUP$BMJGPSOJB /VNCFSPG &TUBCMJTINFOUT /VNCFSPG+PCT /FX:PSL /FWBEB 5FYBT "SJ[POB 8BTIJOHUPO /FX+FSTFZ *MMJOPJT $PMPSBEP 'MPSJEB 0SFHPO .BTTBDIVTFUUT 1FOOTZMWBOJB 7JSHJOJB 0IJP .JDIJHBO 6UBI (FPSHJB .BSZMBOE )BXBJJ $POOFDUJDVU                                                              JOHGSPNUIFTFTUBUFTUIBOXFSFEFTUSPZFECFDBVTF PGSFMPDBUJPOTUPUIPTFTUBUFT $PODMVTJPOT (JWFOUIBUUIFTFàOEJOHTJOEJDBUFOPTJHOPGB TVCTUBOUJBMCVTJOFTTFYPEVTGSPN$BMJGPS OJB XIBUBSFUIFJSJNQMJDBUJPOTGPSUIFCSPBEFS EFCBUFBCPVUUIFCVTJOFTTDMJNBUFJO$BMJGPSOJB   'JSTU JUJTJNQPSUBOUUPCFXBSZPGBOFDEPUBM FWJEFODF PG CVTJOFTTFT á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àDBOUMZ UP KPC HSPXUI‡VOMFTT GPSTPNFSFBTPOCVTJOFTTSFMPDBUJPOJTJOPSEJOBUFMZ SFTQPOTJWFUPQPMJDZMFWFST5PUIFFYUFOUUIBUQPMJDZ IBT B SPMF UP QMBZ JO JNQSPWJOH UIF CVTJOFTT DMJ NBUF  UIF FWJEFODF TVHHFTUT UIBU FGGPSUT UP GPTUFS UIFGPSNBUJPOPGOFXCVTJOFTTFTBOEUPIFMQFYJTU JOH CVTJOFTTFT TVSWJWF BOE HSPX XPVME CF CFUUFS QMBDFEUIBOFGGPSUTUPBUUSBDUCVTJOFTTFTGSPNPUIFS TUBUFTPSUPEJTDPVSBHFCVTJOFTTFTGSPNMFBWJOHUIF TUBUF )PXFWFS JUJTJNQPSUBOUUPQPJOUPVUUIBU UIF IJHIQSPàMF EFCBUF BCPVU CVTJOFTT SFMPDBUJPO IBTCFFONPSFBCPVUBSHVJOHUIBUUIFTUBUFTCVTJ OFTT DMJNBUF JT IPTUJMF UIBO JU IBT CFFO BCPVU TQF DJàDQPMJDZJOJUJBUJWFTUPSFEVDFPVUNJHSBUJPOBOE FODPVSBHFJONJHSBUJPOPGCVTJOFTTFT  "UIPSPVHIBTTFTTNFOUPG$BMJGPSOJBTCVTJOFTT DMJNBUF JT B DPNQMJDBUFE VOEFSUBLJOH XFMM CFZPOE UIFTDPQFPGUIJTBSUJDMF/POFUIFMFTT FYBNJOBUJPO PGFNQMPZNFOUUSFOETTJODFUIFNJETTVHHFTUT UIBU$BMJGPSOJBIBTCFFONPSFPSMFTTJOMJOFXJUIUIF SFTUPGUIFOBUJPOBOEPUIFSXFTUFSOTUBUFTJOUFSNT PGKPCHSPXUIBOEVOFNQMPZNFOUBOETQFDJàDBMMZ JOEJDBUFT OP QBSUJDVMBS EFUFSJPSBUJPO PG OFU KPC HSPXUIPWFSUIFMPOHUFSNPSJOSFDFOUZFBSTV /PUFT  *O UIJT BSUJDMF  XF GSFRVFOUMZ VTF UIF UFSN iFTUBCMJTI NFOU uEFàOFEBTBCVTJOFTTPSJOEVTUSJBMVOJUBUBTJOHMF QIZTJDBM MPDBUJPO UIBU QSPEVDFT PS EJTUSJCVUFT HPPET PS QFSGPSNTTFSWJDFT‡GPSFYBNQMF BTJOHMFTUPSFPSGBDUPSZ .BOZDPNQBOJFTPXOPSDPOUSPMNPSFUIBOPOFFTUBCMJTI NFOU BOEUIPTFFTUBCMJTINFOUTNBZCFMPDBUFEJOEJGGFSFOU HFPHSBQIJD BSFBT BOE NBZ CF FOHBHFE JO EJGGFSFOU JOEVT USJFT 8F TPNFUJNFT SFGFS UP BO FTUBCMJTINFOU BT B iCVTJ OFTT uSFTFSWJOHUIFXPSEiàSNuUPSFGFSUPXIBUNBZCF DPMMFDUJPOTPGNBOZFTUBCMJTINFOUTXJUIBTJOHMFPXOFS 4FF(SPWFT  )PXF  BOE8FJLFM   4FF)PXF   4FF8FJLFM   4FF4DISBH   4FF$PVODJMPO$BMJGPSOJB$PNQFUJUJWFOFTT   4FF'SFFNBO   4FF3PCFSUT   4FF5BNBLJ   4FF8FJLFM   5IFTVSWFZSFTVMUTBSFBWBJMBCMFBUIUUQXXXDBMDIBNCFS DPNJOEFYDGN OBWJE WJFXFEPO"VHVTU   5IJT DPOKFDUVSF BOE TPNF TVQQPSUJOH FWJEFODF BSF EJT DVTTFEJO)BWFNBOBOE4IBU[    'PS UIJT SFDFOU FNQJSJDBM MJUFSBUVSF  TFF  GPS FYBNQMF  #JSDI  %BWJT )BMUJXBOHFS BOE4DIVI  %VOOF  3PCFSUT BOE4BNVFMTPO  'PPUF  )BSEJNBO BOE)PMEFO  BOE4QMFU[FS    0VS NBKPS àOEJOHT SFHBSEJOH UIF RVBMJUZ PG UIF / &54 EBUB JODMVEF UIF GPMMPXJOH 'JSTU  FNQMPZNFOU MFWFMT DBM DVMBUFE GSPN UIF /&54 BSF IJHIMZ DPSSFMBUFE XJUI UIPTF DBMDVMBUFE GSPN BMUFSOBUJWF EBUB TPVSDFT  CVU UIF /&54 UFOETUPHJWFIJHIFSFNQMPZNFOUMFWFMT QSJNBSJMZCFDBVTF JU QSPWJEFT CFUUFS DPWFSBHF PG TNBMMTJ[F FTUBCMJTINFOUT BOENPSFBDDVSBUFDPVOUJOHPGQSPQSJFUPSTPGTNBMMFTUBC MJTINFOUT4FDPOE CFDBVTFTPNFFNQMPZNFOUEBUBJOUIF /&54‡FTQFDJBMMZ GPS OFX FTUBCMJTINFOUT‡BSF JNQVUFE  BOECFDBVTFFNQMPZNFOUSFQPSUFEJOUIFEBUBCBTFUFOETUP CFSPVOEFE UPNVMUJQMFTPG  BOE FNQMPZNFOU BQQFBSTUPDIBOHFMFTTGSFRVFOUMZUIBOJTBDUVBMMZUIFDBTF 5IJT JNQMJFT UIBU FNQMPZNFOU DIBOHFT JO UIF /&54 BSF NPSFSFMJBCMFPWFSBMPOHFSUFSNUIBOPWFSBTIPSUQFSJPE 5IJSE  DIFDLT BHBJOTU OFXTQBQFS TUPSJFT BCPVU CVTJOFTT SFMPDBUJPO TVHHFTU UIBU UIF /&54 EFUFDUT NPTU CVTJOFTT SFMPDBUJPOT SFQPSUFE FMTFXIFSF  FTQFDJBMMZ UIF DSPTTTUBUF SFMPDBUJPOT PO XIJDI XF GPDVT "OE  àOBMMZ  UIF /&54 EPFTBHPPEKPCPGDBQUVSJOHOFXCVTJOFTTFTUBCMJTINFOUT BOEBDDVSBUFMZNFBTVSJOHUIFEBUFTXIFOCVTJOFTTFTXFSF GPVOEFE 'PS B NPSF EFUBJMFE EJTDVTTJPO PG UIF /&54 EBUBCBTFBOEPVSBTTFTTNFOUPGJUTSFMJBCJMJUZ TFF/FVNBSL  ;IBOH BOE8BMM   1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF 8IFUIFS$BMJGPSOJBàSNTIBWFJODSFBTJOHMZDIPTFOUPTFU VQ CSBODIFT JO PUIFS TUBUFT JT BO JOUFSFTUJOH RVFTUJPO "T BOFNQJSJDBMNBUUFS JUDPVMECFBOTXFSFEVTJOHUIFDPN QMFUF / &54 EBUBCBTF DPWFSJOH UIF FOUJSF OBUJPO  XIFSFBT XF IBWF POMZ UIF $BMJGPSOJB àMF 5IF GVMM EBUBCBTF XBT QSPIJCJUJWFMZ FYQFOTJWF UP QVSDIBTF  )PXFWFS  JU XPVME CF WFSZ EJGàDVMU UP JOUFSQSFU FWJEFODF PG CSBODIJOH PVU JOUPPUIFSTUBUFT GPSBGFXSFBTPOT'JSTU NBOZ$BMJGPSOJB DPNQBOJFT TFU VQ CSBODIFT JO PUIFS TUBUFT UP TFSWF MPDBM NBSLFUT *O TVDI DBTFT  JU NBLFT OP TFOTF UP DPVOU UIPTF BDUJWJUJFT BT B MPTT UP $BMJGPSOJB 4FDPOE  JG POF USFBUT B CSBODIPVU PG B $BMJGPSOJB DPNQBOZ BT B MPTT UP $BMJGPS OJB POFTIPVMEQSPCBCMZBMTPDPOTJEFSBOFXCSBODIPGB .BTTBDIVTFUUT DPNQBOZ KVTU PQFOFE JO  TBZ  /FWBEB BT B MPTTUP$BMJGPSOJB"GUFSBMM JUDPVMEIBWFCFFOPQFOFEIFSF JO$BMJGPSOJB5IJTJNQMJFTUIBUDIBOHFTJOCSBODIJOHPVU BSFNPSFBQQSPQSJBUFMZDBQUVSFEUISPVHIDIBOHFTJOCJSUIT PSEFBUITJG POBWFSBHF CPUI$BMJGPSOJBàSNTBOEàSNT JO PUIFS TUBUFT BSF PQFOJOH GFXFS CSBODIFT JO $BMJGPSOJB PSDMPTJOHNPSFPGUIFN UIJTXPVMECFEFUFDUFEBTGFXFS CJSUIT PSNPSFEFBUIT  "MTP SFMPDBUJPOTUIBUJOWPMWFUIFDPOTPMJEBUJPOPGBDUJWJ UJFTPSJHJOBMMZBUUXPPSNPSFMPDBUJPOTJOUPBTJOHMFMPDB UJPOXJMMPGUFOCFNJTTFEBOEXJMMCFSFá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àDBUJPO JT DPSSFDU CVU SFDPHOJ[F UIBU UIJT DMBTTJàDB UJPOPGCVTJOFTTFTUIBUSFMPDBUFJTOBSSPXFSUIBOPOFUIBU NJHIU GVMMZ EFTDSJCF UIF NPWFNFOU PG FDPOPNJD BDUJWJUZ BDSPTTHFPHSBQIJDCPVOEBSJFT 5IFOVNCFSPGKPCTFMJNJOBUFECZBOFTUBCMJTINFOUUIBU NPWFE PVU PG $BMJGPSOJB JT NFBTVSFE CZ JUT MBTU FNQMPZ NFOU SFDPSE JO $BMJGPSOJB 5IF OVNCFS PG KPCT BEEFE CZ BOFTUBCMJTINFOUUIBUNPWFEUP$BMJGPSOJBJTNFBTVSFECZ JUTàSTUFNQMPZNFOUSFDPSEJO$BMJGPSOJB#PUIBSFFNQMPZ NFOUMFWFMTXJUIJOBZFBSGSPNUIFNPWF*GFTUBCMJTINFOUT QMBOOJOH B SFMPDBUJPO UFOE UP SFEVDF FNQMPZNFOU JO UIF ZFBSTCFGPSFUIFNPWF BOETJNJMBSMZSBNQVQFNQMPZNFOU BGUFSUIFNPWF UIFOUIFSFJTBTFOTFJOXIJDIXFVOEFSTUBUF UIFFNQMPZNFOUDIBOHFUIBUSFTVMUTGSPNSFMPDBUJPO)PX FWFS JGUIJTPDDVST XFVOEFSTUBUFOPUPOMZUIFOVNCFSPG KPCTFMJNJOBUFECZFTUBCMJTINFOUTUIBUNPWFEPVUPG$BMJ GPSOJB CVU BMTP UIF OVNCFS PG KPCT DSFBUFE CZ FTUBCMJTI NFOUT UIBU NPWFE JOUP UIF TUBUF  BOE IFODF UIF QPUFOUJBM CJBTFT BSF UP TPNF FYUFOU PGGTFUUJOH JO UFSNT PG UIF OFU FGGFDUPGSFMPDBUJPOPOFNQMPZNFOU  5IFTF à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àSNTCFDBVTFTPNF PGUIFFTUBCMJTINFOUTBSFCSBODIFTPGFYJTUJOHàSNT%VS JOHm QFSDFOUPGUIFOFXFTUBCMJTINFOUTXFSF OFXàSNT*O5BCMF TUBOEBMPOFOFXàSNTBDDPVOUGPS UPQFSDFOUPGUIFKPCTDSFBUFECZCJSUIT  5IFTF BSF TFBTPOBMMZ BEKVTUFE VOFNQMPZNFOU SBUFT GPS UIFDBMFOEBSZFBSGSPNUIF$BMJGPSOJB&NQMPZNFOU%FWFM PQNFOU%FQBSUNFOU IUUQXXXMBCPSNBSLFUJOGPFEEDB HPW 5IFEJTDVTTJPOBTTVNFTUIBUUIF/&54EBUBBQQMZUP UIFàSTUEBZPGUIFZFBS TPUIBUGPSUIFmQFSJPE  GPS FYBNQMF  JU SFGFST UP VOFNQMPZNFOU SBUFT JO    BOE  5IFSF BSF QBSUJDVMBS QFSJPET XIFO SFMPDBUJPO BQQFBST UP MPPN TPNFXIBU MBSHFS CFDBVTF FYQBOTJPO BOE CJSUI BSFBMNPTUFYBDUMZDBODFMFECZDPOUSBDUJPOBOEEFBUI'PS FYBNQMF GPSUIFmQFSJPE UIFOFUFGGFDUPGSFMP DBUJPOJTPGUIFTBNFPSEFSPGNBHOJUVEFBTUIFOFUFGGFDUT PGFYQBOTJPONJOVTDPOUSBDUJPOBOECJSUITNJOVTEFBUIT  4FF /FVNBSL  ;IBOH  BOE 8BMM   GPS B EFUBJMFE EJTDVTTJPOPGUIJTJTTVF  "OE XJUIJODJUZ NPWFT NBZ CF VOEFSDPVOUFE JO UIF /&54CFDBVTFSFMPDBUJPOJTEFàOFEBTiTJHOJàDBOUNPWFT u XIJDISFRVJSFCPUIBTUSFFUBEESFTTDIBOHFBOEB[JQDPEF DIBOHF BOEBDPVQMFPGPUIFSNJOPSDPOEJUJPOT  5IFSFJTBQPUFOUJBMDBWFBUUPUIJTDPODMVTJPO0VSEBUB BU QSFTFOU FY UFOE POMZ UISPVHI    5 IFSFGPSF  XF DBO OPUSVMFPVUUIFQPTTJCJMJUZUIBUUIFBOFDEPUBMFWJEFODFUIBU IBT NPTU SFDFOUMZ CFFO SBJTFE SFHBSEJOH CVTJOFTT SFMPDB UJPO DBQUVSFT BO BCSVQU DIBOHF UIBU IBT PDDVSSFE TJODF UIFO)PXFWFS JGUIJTDIBOHFUVSOFEPVUUPCFFNQJSJDBMMZ TJHOJàDBOU XJUI SFTQFDU UP PWFSBMM KPC HSPXUI  JU XPVME IBWF UP SFQSFTFOU B CSFBL GSPN QBTU CFIBWJPS UIBU EJGGFST CZBOPSEFSPGNBHOJUVEF BUMFBTU‡BCSFBLUIBUXFSFHBSE BTFYUSFNFMZVOMJLFMZ *ONBOZDBTFT QPMJDJFTUPGPTUFSCVTJOFTTGPSNBUJPOBOE UPIFMQCVTJOFTTFTTVSWJWFBOEHSPXXPVMEOFDFTTBSJMZBMTP TFSWFUIFQVSQPTFPGBUUSBDUJOHCVTJOFTTFT  &YQMJDJU QPMJDJFT GPDVT NPSF PO HFOFSBM JODFOUJWFT GPS CVTJOFTTFT UIBO UBSHFUJOH QPUFOUJBM JONJHSBOUT PS PVU NJHSBOUT FH -BCPS8PSLGPSDF%FWFMPQNFOU"HFODZ    )PXFWFS  (PWFSOPS 4DIXBS[FOFHHFS EJE QJUDI IJT SFDFOUMZGPSNFE$BMJGPSOJB$PNNJTTJPOGPS+PCTBOE&DP OPNJD(SPXUIBTQBSUPGIJTFGGPSUTUPiUSBWFMUIFOBUJPO BOEUIFXPSMEUPàOEUIFFNQMPZFSTUIBUXJMMQSPWJEFKPCT UP QVU $BMJGPSOJBOT CBDL UP XPSL BOE BEE SFWFOVF UP UIF TUBUFCVEHFUu ,SJLPSJBO   1 6 # - * $  1 0 - * $ :  * / 4 5 * 5 6 5 &  0 '  $ " - * ' 0 3 / * "  $BMJGPSOJB&DPOPNJD1PMJDZ "SF#VTJOFTTFT'MFFJOHUIF4UBUF  "DDPSEJOH UP UIF $VSSFOU &NQMPZNFOU 4UBUJTUJDT EBUB  GSPN.BSDIUP.BSDI UIF$BMJGPSOJBOPOGBSN QBZSPMMHSFXCZQFSDFOUBOOVBMMZ XIFSFBTUIFHSPXUI SBUF GPS UIF SFTU PG UIF 6OJUFE 4UBUFT XBT  QFSDFOU 4JODF.BSDI FNQMPZNFOUHSPXUIJO$BMJGPSOJBXBT BMNPTUJEFOUJDBMUPUIBUJOUIFSFTUPGUIF6OJUFE4UBUFT5IF $VSSFOU1PQVMBUJPO4VSWFZEBUBTIPXUIBUEVSJOHUIFMBTU EFDBEF UIF$BMJGPSOJBVOFNQMPZNFOUSBUFTUFBEJMZDPOWFSHFE UPUIFOBUJPOBMMFWFM*O.BSDI UIF$BMJGPSOJBVOFN QMPZNFOUSBUFXBTQFSDFOUBHFQPJOUTIJHIFSUIBOUIF OBUJPOBMVOFNQMPZNFOUSBUFCZ.BSDI JUXBTPOMZ QFSDFOUBHFQPJOUIJHIFS4JNJMBSSFTVMUTXFSFGPVOECZ DPNQBSJOH$BMJGPSOJBXJUIPUIFSXFTUFSOTUBUFTJODMVEJOH "SJ[POB $PMPSBEP /FWBEB /FX.FYJDP 0SFHPO 5FYBT  6UBI  BOE 8BTIJOHUPO 5IVT  BU MFBTU GSPN UIF FNQMPZ NFOUEBUB XFGPVOEOPJOEJDBUPSPGBCBECVTJOFTTDMJNBUF JO$BMJGPSOJBSFMBUJWFUPUIBUJOUIFSFTUPGUIFOBUJPO %VOOF  5JNPUIZ  .BSL 3PCFSUT  BOE -BSSZ 4BNVFMTPO  i1MBOU5VSOPWFSBOE(SPTT&NQMPZNFOU'MPXTJOUIF64 .BOVGBDUVSJOH 4FDUPS u +PVSOBM PG -BCPS &DPOPNJDT  7PM  QQm 'PPUF  $ISJTUPQIFS -  i5SFOE &NQMPZNFOU (SPXUI BOE UIF#VODIJOHPG+PC$SFBUJPOBOE%FTUSVDUJPO u2VBSUFSMZ +PVSOBMPG&DPOPNJDT 7PM  QQm 'SFFNBO  .JLF  i4VNNJU -PPLT "U 8IZ 'JSNT -FBWJOH 4UBUF u4BO%JFHP6OJPO5SJCVOF "QSJM  (SPWFT  .BSUIB  i'JSNT (SJQFT BCPVU 4UBUF 4UJS #BDL MBTI u-PT"OHFMFT5JNFT .BSDI  )BSEJNBO  1IJMJQ "  BOE 3JDIBSE )PMEFO  i%ZOBNJD +PC(BJOTBOE-PTTFTJO$BMJGPSOJB6OEFSMZJOH&DPOPNJD $IBOHF uXPSLJOHQBQFS -BCPS.BSLFU*OGPS NBUJPO %JWJTJPO  &NQMPZNFOU %FWFMPQNFOU %FQBSUNFOU  4BDSBNFOUP $BMJGPSOJB  )BWFNBO  +PO %  BOE )PXBSE + 4IBU[  i3FDFOU 5SFOET JO &YQPSUT PG $BMJGPSOJBT *OGPSNBUJPO 5FDIOPMPHZ 1SPE VDUT u$BMJGPSOJB&DPOPNJD1PMJDZ 7PM /P  )PXF ,FOOFUI i#BUUMF3BHFTGPS$BMJGPSOJB'JSNT u4BO 'SBODJTDP$ISPOJDMF +VOF  ,SJLPSJBO  +PIO  i$BMJGPSOJB A0QFO GPS #VTJOFTT +PCT BOE &DPOPNJD (SPXUI u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i&NQMPZNFOU %ZOBNJDT BOE #VTJOFTT 3FMPDBUJPO /FX &WJEFODF GSPN UIF /BUJPOBM &TUBCMJTINFOU 5JNF 4FSJFT u XPSLJOH QBQFS   1VCMJD 1PMJDZ *OTUJUVUF PG $BMJ GPSOJB 4BO'SBODJTDP $BMJGPSOJB   3PCFSUT 5JNPUIZ i&YFDT"EUP1PMJUJDPT&OPVHI u4JMJDPO 7BMMFZ  4BO+PTF#VTJOFTT+PVSOBM 4FQUFNCFS   4DISBH  1FUFS  1BSBEJTF -PTU $BMJGPSOJBT &YQFSJFODF  "NFSJDBT'VUVSF 6OJWFSTJUZPG$BMJGPSOJB1SFTT #FSLFMFZ  $BMJGPSOJB  4QMFU[FS  +BNFT 3  i5IF $POUSJCVUJPO PG &TUBCMJTINFOU #JSUIT BOE UIT UP &NQMPZNFOU (SPXUI u +PVSOBM PG #VTJOFTT BOE &DPOPNJD 4UBUJTUJDT  7PM     QQ m $BMJGPSOJB #VTJOFTT 3PVOEUBCMF BOE #BJO  $PNQBOZ  $BMJGPSOJB$PNQFUJUJWFOFTT1SPKFDU 4BDSBNFOUP $BMJGPS OJB 'FCSVBSZ $PVODJMPO$BMJGPSOJB$PNQFUJUJWFOFTT $BMJGPSOJBT+PCT BOE'VUVSF 4BDSBNFOUP $BMJGPSOJB "QSJM 5BNBLJ +VMJF i#BUUMFPGUIF4UBUF#JMMCPBSET u-PT"OHF MFT5JNFT 0DUPCFS  8BMMT  "TTPDJBUFT BOE %VO  #SBETUSFFU  /&54 /B UJPOBM &TUBCMJTINFOU 5JNF4FSJFT %BUBCBTF  0BLMBOE  $BMJGPSOJB  %BWJT  4UFWFO +  +PIO $ )BMUJXBOHFS  BOE 4DPUU 4DIVI  8FJLFM %BO i$PNQBOJFT-VSFEGSPN5BSOJTIFE(PMEFO +PC $SFBUJPO BOE %FTUSVDUJPO  5IF .*5 1SFTT  $BN 4UBUF u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nFDUUIFWJFXTPS QPMJDJFTPGUIF1VCMJD1PMJDZ*OTUJUVUFPG$BMJGPSOJB 5IF 1VCMJD 1PMJDZ *OTUJUVUF PG $BMJGPSOJB JT B QSJWBUF  OPOQSPmU SFTFBSDI PSHBOJ[BUJPO FTUBCMJTIFEJOXJUIBOFOEPXNFOUGSPN 8JMMJBN 3 )FXMFUU 5IF *OTUJUVUF DPOEVDUT JOEFQFOEFOU PCKFDUJWF OPOQBSUJTBOSFTFBSDI POUIFFDPOPNJD TPDJBM BOEQPMJUJDBMJTTVFT BGGFDUJOH$BMJGPSOJBOT5IF*OTUJUVUFTHPBMJT UPSBJTFQVCMJDBXBSFOFTTPGUIFTFJTTVFTBOE HJWFFMFDUFESFQSFTFOUBUJWFTBOEPUIFSQVCMJD PG mDJBMT JO $BMJGPSOJB B NPSF JOGPSNFE CBTJT GPS EFWFMPQJOH QPMJDJFT BOE QSPHSBNT 11*$ EPFT OPU UBLF PS TVQQPSU QPTJUJPOT PO BOZ CBMMPUNFBTVSFPSPOBOZMPDBM TUBUF PSGFE FSBMMFHJTMBUJPO OPSEPFTJUFOEPSTF TVQQPSU  PSPQQPTFBOZQPMJUJDBMQBSUJFTPSDBOEJEBUFT GPSQVCMJDPG mDF #PBSEPG%JSFDUPST 5IPNBT$4VUUPO $IBJS $IBJSNBOBOE$IJFG& YFDVUJWF0 G mDFS 1BDJmD-JGF*OTVSBODF$PNQBOZ -JOEB(SJFHP 1SFTJEFOUBOE$IJFG& YFDVUJWF0 G mDFS (SJFHP&OUFSQSJTFT *OD &EXBSE,)BNJMUPO $IBJSNBO )BNJMUPO 3BCJOPWJU["MTDIVMFS *OD (BSZ,)BSU 'PVOEFS *OTUJUVUFGPS&EVDBUJPO3FGPSN $BMJGPSOJB4UBUF6OJWFSTJUZ 4BDSBNFOUP 8BMUFS#)FXMFUU %JSFDUPS $FOUFSGPS$PNQVUFS"TTJTUFE 3FTFBSDIJOUIF)VNBOJUJFT %BWJE8-ZPO 1SFTJEFOUBOE$IJFG& YFDVUJWF0 G m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post_date_gmt"]=> string(19) "2017-05-20 09:38:13" ["comment_status"]=> string(4) "open" ["ping_status"]=> string(6) "closed" ["post_password"]=> string(0) "" ["post_name"]=> string(11) "ep_1005dnep" ["to_ping"]=> string(0) "" ["pinged"]=> string(0) "" ["post_modified"]=> string(19) "2017-05-20 02:38:13" ["post_modified_gmt"]=> string(19) "2017-05-20 09:38:13" ["post_content_filtered"]=> string(0) "" ["guid"]=> string(53) "http://148.62.4.17/wp-content/uploads/EP_1005DNEP.pdf" ["menu_order"]=> int(0) ["post_mime_type"]=> string(15) "application/pdf" ["comment_count"]=> string(1) "0" ["filter"]=> string(3) "raw" ["status"]=> string(7) "inherit" ["attachment_authors"]=> bool(false) }