
EP 105DNEP
Database
This is the content currently stored in the post and postmeta tables.
object(Timber\Post)#3742 (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(14) "EP_105DNEP.pdf"
["wpmf_size"]=>
string(6) "388439"
["wpmf_filetype"]=>
string(3) "pdf"
["wpmf_order"]=>
string(1) "0"
["searchwp_content"]=>
string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àUTQBJEPVUCZJOTVSFSTFBDIZFBSIBWFOPUSJTFOOFBSMZBTTIBSQMZBTUIF QSFNJVNDPTUTDIBSHFEUPFNQMPZFST QSFNJVNDPTUTNBZIBWFSJTFOCFDBVTFJOTVSFSTFYQFDUFE BDPOUJOVJOHJODSFBTFJOGVUVSFNFEJDBMDPTUTBOENBKPS11%DBTFT *OSFTQPOTF UXPNBKPSQJFDFTPGMFHJTMBUJPOSFGPSNJOH8$XFSFQBTTFEJOBOE "MUIPVHIXFOPUFEBCPWFUXPQPTTJCMFSFBTPOTGPSSJTJOHDPTUT 8$JTBSFNBSLBCMZDPNQMFY TZTUFN *U JT EJGàDVMU UP QJOQPJOU UIF ESJWJOH GPSDFT CFIJOE UIJT DSJTJT BOE UIF MJLFMZ FGGFDUT PG QPMJDZDIBOHFT5IFCFTUFTUJNBUFTDVSSFOUMZBWBJMBCMFTVHHFTUUIBUUIFDPNCJOFEFGGFDUTPGUIF BOESFGPSNTTIPVMESFEVDFDPTUTCZBSPVOEQFSDFOU)PXFWFS UIFSFBSFJNQPS UBOUSFBTPOTUPCFDBVUJPVTJODPODMVEJOHUIBUUIFTFSFGPSNTIBWFiTPMWFEuUIF8$DSJTJT5IFZ JODMVEFVODFSUBJOUZPWFSUIFFGGFDUTPGUIFMFHJTMBUJPO UIFQPTTJCJMJUZPGDPOUJOVJOHIJHIHSPXUI SBUFTJO8$DPTUT JOBCJMJUZUPGVMMZBDDPVOUGPSUIFDPTUSVOVQJOUIFàSTUQMBDF BOEDPODFSOT UIBUDPTUSFEVDUJPOTOPUJNQBJSBQQSPQSJBUFNFEJDBMDBSFBOEJOEFNOJUZCFOFà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rSJTJOHTUBUVUPSZCFOFàUTFOBDUFECZUIFMFHJTMB UVSF rFTDBMBUJOHNFEJDBMDPTUTBOEEJTBCJMJUZDMBJNT rUIFEFSFHVMBUJPOPG$BMJGPSOJBT8$JOTVSBODF NBSLFUJO XIJDIBMMPXFEJOTVSBODFDPN QBOJFTUPDPNQFUFJOTFUUJOHQSFNJVNSBUFT PS iPQFOSBUJOHu BOE r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àUT XIFO UIFZ TVGGFS TVDI BO JOKVSZ 5IFTF CFOFàUT GBMM JOUP àWF NBJO DBUFHPSJFT NFEJDBM CFOFàUT UFNQPSBSZ EJTBCJMJUZ CFOFàUT QFSNBOFOU EJTBCJMJUZ CFOFàUT WPDBUJPOBM SFIBCJMJUBUJPO CFOFàUT BOE EFBUI CFOFàUT 8JUI DFSUBJOMJNJUBUJPOT JOKVSFEXPSLFSTBSFFOUJUMFEUP BMMNFEJDBMDBSFUIBUJTOFDFTTBSZUPDVSFPSSFMJFWF UIFFGGFDUTPGBXPSLQMBDFJOKVSZ XJUIOPEFEVDUJCMF PSDPQBZNFOU.BOZJOKVSJFTBSFNJOPSBQQSPYJ NBUFMZ UXPUIJSET PG BMM 8$ DMBJNT BSF NFEJDBM POMZBOESFTVMUJOOPJOEFNOJUZQBZNFOUTGPSMPTU XBHFT#VUBTNBMMFSOVNCFSPGDBTFTBDDPVOUGPSB MBSHFTIBSFPGDPTUTGPSFYBNQMF QFSDFOUPGBMM NFEJDBMCFOFàUEPMMBSTHPUPXPSLFSTXIPTFJOKVSJFT BSFTFWFSFFOPVHIUPSFTVMUJOQFSNBOFOUEJTBCJMJUZ BTEPBMBSHFTIBSFPGJOEFNOJUZCFOFàUEPMMBST 8PSLFST XIP NJTT NPSF UIBO UISFF EBZT PG XPSLBTUIFSFTVMUPGXPSLQMBDFJMMOFTTPSJOKVSZBSF FOUJUMFEUPUFNQPSBSZEJTBCJMJUZ 5% CFOFàUT5% CFOFàUTBSFDBMDVMBUFEBTUXPUIJSETPGUIFXPSLFST VTVBMXBHF TVCKFDUUPBNBYJNVN QFSXFFL JO 5IFZBSFQBZBCMFVOUJMUIFXPSLFSTDPO EJUJPO IBT TUBCJMJ[FE BOE IF JT KVEHFE UP CF FJUIFS QFSNBOFOUMZEJTBCMFEPSBCMFUPSFUVSOUPXPSL*O 5% BDDPVOUFE GPS UIF MBSHFTU TIBSF PG QBJE JOEFNOJUJFT .PTUXPSLFSTXIPBSFQFSNBOFOUMZEJTBCMFEBSF DMBTTJàFEBTIBWJOHBQFSNBOFOUQBSUJBMEJTBCJMJUZ BTPQQPTFEUPBUPUBMEJTBCJMJUZBOEBSFBTTJHOFE BEJTBCJMJUZSBUJOHPGCFUXFFOQFSDFOUBOE QFSDFOU DPSSFTQPOEJOHUPUIFJSSFNBJOJOHDBQBDJUZ UPXPSL11%QBZNFOUTBDDPVOUFEGPSQFSDFOU PG BMM 8$ JOEFNOJUZ QBZNFOUT JO $BMJGPSOJB JO )PXFWFS 11%DBTFTMPPNMBSHFSJOUFSNTPG UPUBMJOEFNOJUZQBZNFOUT5IJTJTCFDBVTFQFSNB OFOUMZ EJTBCMFE XPSLFST NBZ SFDFJWF 5% CFOFàUT GPS BO FYUFOEFE UJNF VOUJM UIFJS TJUVBUJPO IBT TUB 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB CJMJ[FEBOEUIFZIBWFCFFOFWBMVBUFEGPSBEJTBCJM JUZSBUJOH BUXIJDIQPJOUUIFZCFHJOUPESBX11% CFOFàUT 8IFOBXPSLFSJTJOKVSFEPSCFDPNFTJMMBTB SFTVMUPGIJTKPC IFJTEJBHOPTFEBOEUSFBUFECZBO FNQMPZFSDIPTFOQSPWJEFS VOMFTTUIFFNQMPZFFIBT QSFEFTJHOBUFE B QSPWJEFS "GUFS EBZT XPSLFST NBZIBWFUIFSJHIUUPDIBOHFUPBNFEJDBMQSPWJEFS PGUIFJSPXODIPJDF*OUIFNBKPSJUZPG8$DBTFT UZQJDBMMZ MFTT TFSJPVT POFTCFOFàUT BSF EFMJWFSFE BVUPNBUJDBMMZ XJUIPVU TFSJPVT EJTQVUF PS EFMBZ )PXFWFS BQQSPYJNBUFMZQFSDFOUPGDMBJNTFOE VQJO8$DPVSUTXJUIEJTQVUFTSFHBSEJOHUIFEFHSFF UP XIJDI BO JOKVSZ PS JMMOFTT JT XPSLSFMBUFE UIF TUBUVT PS SBUJOH PG UIF EJTBCJMJUZ PS UIF OFDFTTJUZ EVSBUJPO PSLJOEPGNFEJDBMUSFBUNFOU-JUJHBUJPO JT QBSUJDVMBSMZ DPNNPO JO DBTFT PG TFSJPVT JOKVSZ BOEQFSNBOFOUEJTBCJMJUZ .PTUFNQMPZFSTJO$BMJGPSOJBQSPWJEFCFOFàUTUP JOKVSFE XPSLFST CZ QVSDIBTJOH JOTVSBODF GSPN B QSJWBUFJOTVSBODFDPNQBOZPSGSPNUIF4UBUF$PN QFOTBUJPO*OTVSBODF'VOE 4$*' 5IF4$*'XBTDSF BUFEJOUPDPNQFUFXJUIQSJWBUFJOTVSFSTBOE UP TFSWF BT UIF iJOTVSFS PG MBTU SFTPSUu *OTVSBODF QSJDFT XFSF PSJHJOBMMZ SFHVMBUFE CZ UIF .JOJNVN 3BUF-BX CVUJOUIFNBSLFUXBTEFSFHVMBUFE BOE QSJWBUF DPNQBOJFT XFSF MBSHFMZ GSFF UP QSJDF JOTVSBODFBTUIFZDIPTF-BSHFQSJWBUFDPNQBOJFT PSHSPVQTPGDPNQBOJFT FYDFFEJOHTQFDJàFENJOJ NVN àOBODJBM SFRVJSFNFOUT NBZ TFMGJOTVSF GPS 8$ MJBCJMJUZ BT NBZ QVCMJD FNQMPZFST "MUIPVHI GFXFSUIBOQFSDFOUPG$BMJGPSOJBFNQMPZFSTTFMG JOTVSF TFMGJOTVSFEFNQMPZFSTQBJEQFSDFOUPGBMM DBMFOEBSZFBS8$CFOFà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iUPUBMXSJUUFOQSFNJVNTuDBQUVSFTUPUBM FYQFOEJUVSFTJOUIFTUBUFPO8$JOTVSBODFGPS$BM JGPSOJB FNQMPZFST XIP QVSDIBTFE JOTVSBODF GSPN QSJWBUFJOTVSFSTPSGSPNUIF4UBUF'VOE *O UIF FBSMZ T BGUFS SJTJOH UP B IJHI PG BCPVUCJMMJPO UJNFTUIFWBMVF UPUBM XSJUUFO QSFNJVNT GFMM UP CJMMJPO JO BOE UIFO JODSFBTFE HSBEVBMMZ UP CJMMJPO JO 5IFOUIF8$DSJTJTTFUJO XJUIUIFOFYUGPVSZFBST XJUOFTTJOHDPTUJODSFBTFTBWFSBHJOHPWFSQFSDFOU QFSZFBS*O DPTUTXFSFUISFFUJNFTBTIJHIBT JO BOJODSFBTFPGQFSDFOU5IFTFDPOENFB TVSF JO UIF à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àOBMTFSJFTQMPUUFEJO'JHVSF NFBTVSFT 8$ DPTUT QFS PG QBZSPMM OBUJPO BMMZ 5IJT TFSJFT TIPXT POMZ B TMJHIU JODSFBTF GSPN UP 5IVT XIJMF 8$ DPTUT XFSF TLZSPDLFUJOHJO$BMJGPSOJB JOUIFSFTUPGUIFOBUJPO UIFZXFSFSJTJOHBUBGBSNPSFNPEFSBUFSBUF *ODJEFODF 5IF NPTU QFSWBTJWF GFBS SFHBSEJOH SJTJOH 8$ QSFNJVNT JT UIBU UIFZ SBJTF MBCPS DPTUT BOE XJMM UIVT MFBE UP FNQMPZNFOU EFDMJOFT )PXFWFS UIF FGGFDUPGIJHIFSQSFNJVNTPOFNQMPZNFOUEFQFOET POMBCPSEFNBOEBOETVQQMZDPOEJUJPOT'PSFYBN QMF JG MBCPS TVQQMZ JT IJHIMZ SFTQPOTJWF UP XBHFT UIFO FNQMPZFST DBOOPU DVU XBHFT UPP TIBSQMZ XJUIPVU ESJWJOH BXBZ FNQMPZFFT 5IVT FNQMPZFST DBOOPUTIJGUUIFDPTUPGIJHIFSQSFNJVNTUPDVSSFOU XPSLFSTCZMPXFSJOHUIFJSXBHFT 8IJMF8$DPTUT TIBSQMZ BOE JOTUFBE IBWF UP NBLF VQ GPS UIF JODSFBTFE 8$ XFSFTLZSPDLFUJOHJO DPTUT CZ SFEVDJOH FNQMPZNFOU $BMJGPSOJB JOUIFSFTU PGUIFOBUJPOUIFZXFSF SJTJOHBUBGBSNPSF NPEFSBUFSBUF *O UIJT DBTF UIF iJODJEFODFu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mUT&YQMBJO UIF8$$SJTJT *OKVSJFTBOE*MMOFTTFT "OPCWJPVTàSTURVFTUJPOJTXIFUIFSUIFJO DSFBTFJO8$DPTUTJO$BMJGPSOJBXBTESJWFO CZSJTJOHCFOFà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mUT *O "# XBT QBTTFE GPDVTJOH JO MBSHF QBSUPOJODSFBTJOHUIFHFOFSPTJUZPGJOEFNOJUZCFO FàUT JO $BMJGPSOJB XIJDI IBE GBMMFO DPOTJEFSBCMZ SFMBUJWFUPXBHFT*OQBSUJDVMBS "#NBOEBUFE BTFSJFTPGJODSFBTFTJOUIFXFFLMZNBYJNVNGPS5% CFOFàUT PVU UISPVHI GPMMPXFE CZ JOEFYJOH UIFTFCFOFàUTUPUIFBWFSBHFXFFLMZXBHFCFHJOOJOH JO)PXFWFS UIFTDIFEVMFECFOFàUJODSFBTFT BSFVOMJLFMZUPBDDPVOUGPSUIFSVOVQJO8$DPTUT 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB UIBUCFHBOJOBCPVU5IFCFOFàUJODSFBTFTXFSF OPU MFHJTMBUFE VOUJM BOE UIF MBSHFS JODSFBTFT XFSF OPU TDIFEVMFE VOUJM 5BLJOH BDDPVOU PG UIF IJHIFS CFOFàUT BOE UIFJS FGGFDUT PO VUJMJ[B UJPO BTXFMMBTDFSUBJODPTUTBWJOHTJODMVEFEJOUIF CJMM UIF8$*3#FTUJNBUFEUIBU"#XPVMEBEE BCPVU QFSDFOU UP 8$ DPTUT JO BOE BOEBCPVUQFSDFOUJOBOE4PFWFOJG UIFTFDPTUJODSFBTFTXFSFJOTPNFTFOTFBOUJDJQBUFE JOTFUUJOHQSFNJVNT UIFZDBOOPUIBWFQMBZFENVDI PGBSPMFJOUIF8$DSJTJT 5PUBM#FOFmUT$BMFOEBS:FBS 5PUBM 8$ CFOFàUT FYUFOE CFZPOE 5% CFOFàUT UP JODMVEFNFEJDBMFYQFOTFT QBZNFOUTGPSQFSNBOFOU EJTBCJMJUZ BOETPPO"LFZEJGàDVMUZJONFBTVSJOH UPUBM CFOFàUT QBJE JT UIBU TPNF CFOFàUT BSF QBJE SFMBUJWFMZ RVJDLMZ GPMMPXJOH B DMBJN CVU PUIFST BSF QBJE PWFS B NVDI MPOHFS UJNF IPSJ[POGPS FYBNQMF XIFO B XPSLFS IBT B TFSJPVT JOKVSZ UIBU SFRVJSFT USFBUNFOU PWFS NBOZ ZFBST PS XIFO BO JOKVSZ SFTVMUT JO QFSNBOFOU EJTBCJMJUZ "T B DPO TFRVFODF CFOFàUT DBO CF NFBTVSFE JO UXP XBZT $BMFOEBSZFBSCFOFàUTBSFUIFTVNPGCFOFàUQBZ NFOUT NBEF EVSJOH UIF ZFBS XIFUIFS GPS DVSSFOU ZFBSJOKVSJFTPSGPSJOKVSJFTTVTUBJOFEJOQSJPSZFBST *ODVSSFE CFOFàUT BSF UIF TVN PG CPUI QSFWJPVTMZ QBJE BOE GVUVSF CFOFàU QBZNFOUT GPS JOKVSJFT TVT UBJOFEEVSJOHBQFSJPE#FDBVTFPGTVDIGBDUPSTBT VOLOPXOEJTBCJMJUZEFUFSNJOBUJPOTBOESBUJOHT BT XFMMBTVOLOPXOGVUVSFNFEJDBMDPTUT UIFCFOFàUT UPCFQBJEJOUIFGVUVSFBSFPGOFDFTTJUZFTUJNBUFE BUMFBTUJOQBSU 8F àSTU DPOTJEFS DBMFOEBS ZFBS CFOFàUT 5IF EBTIFE MJOFT JO 'JHVSF EJTQMBZ JOGPSNBUJPO PO GPVSNFBTVSFTPGDBMFOEBSZFBSCFOFàUT JODMVEJOH NFBTVSFT GPS EJGGFSFOU HSPVQT PG JOTVSFET BOE UIF TFMGJOTVSFE "T JO 'JHVSF UIFTF BSF TUBOEBSE J[FEUPFRVBMPOFJO UPFBTFDPNQBSJTPOTPG SFMBUJWFDIBOHFT5IFBMUFSOBUJWFCFOFàUTNFBTVSFT NPWFJOUIFTBNFEJSFDUJPOBOEPWFSMBQDMPTFMZ"MM PG UIFTF NFBTVSFT JODSFBTFE BGUFS CZ BCPVU CZ PS BOE NPTU IBWF JODSFBTFE TJODF UIF NJET 'PS FYBNQMF CFOFàUT GPS BMM !$ &#$##!% &!!#%%$%$ #!#"#'% &$%#)!# &#$##! " &$%% !!'# %&%% $!'#%#%$!#% $!#%#"#!!#("#'% &$%#)%#'#!% &# &$%%$ " ! # ! $% $ $% !$ $% " ! $% !! 2. -($*4122#' 232/!2+/ // ,+ ,"""" 2" 11/ 2/!213/ 12#%5#220201 #&$ ## $)#5)$" FNQMPZFST SPTF GSPN CJMMJPO UP CJMMJPO JO $BMJGPSOJB GSPN UISPVHI #Z XBZ PG DPNQBSJTPO GPS UIF 6OJUFE 4UBUFT UIF DPNQB SBCMF CFOFàUT NFBTVSF JODSFBTFE GSPN CJMMJPO UPCJMMJPOPWFSUIJTTBNFQFSJPE BQFSDFOUBHF JODSFBTFVOEFSIBMGUIBUPG$BMJGPSOJB5IFIJHIFS HSPXUI PG CFOFàUT JO $BMJGPSOJB JO QBSU SFáFDUT GBTUFS QBZSPMM HSPXUICVU POMZ JO QBSU "CPVU CJMMJPOPGUIFCJMMJPOJODSFBTFJOCFOFàUT GSPN UISPVHI JT BUUSJCVUBCMF UP GBTUFS QBZSPMM HSPXUI JO $BMJGPSOJB MFBWJOH CJMMJPO 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB PGUIFJODSFBTFVOBUUSJCVUBCMFUP *ODSFBTFTJOUPUBM QBZSPMMHSPXUI*OPUIFSXPSET DBMFOEBSZFBSCFOFmUTEP OPUFYQMBJOUIFSVOVQJO 8$DPTUTJO$BMJGPSOJB PO CFOFàUT HSFX CZ QFSDFOU NPSF JO $BMJGPSOJB UIBO DBO CF FYQMBJOFE CZ QBZSPMM HSPXUI *O DPOUSBTU JO UIF 6OJUFE 4UBUFT BT BWFSBHFBDDPVOUJOHGPS B XIPMF CFOFàUT BDUVBMMZ HSFX POMZBCPVUPOFRVBSUFS PGUIFJODSFBTFGSPN UP TMJHIUMZ NPSF TMPXMZ UIBO EJE QBZSPMM .PTU JNQPSUBOU UIPVHI B DPNQBSJTPO PG UIF EBTIFE MJOFT XJUIUIFTPMJEMJOFJO'JHVSF XIJDITIPXTDIBOHFTJOQSFNJVNTJOEJDBUFTUIBU UIF HSPXUI PG 8$ QSFNJVN DPTUT GBS PVUQBDFE UIF HSPXUI PG CFOFàUT TJODF 5IFTF àHVSFT JOEJDBUF UIFO UIBUJODSFBTFTJOUPUBMDBMFOEBSZFBS CFOFàUTEPOPUFYQMBJOUIFSVOVQJO8$DPTUTJO $BMJGPSOJB PO BWFSBHF BDDPVOUJOH GPS POMZ BCPVU POFRVBSUFSPGUIFJODSFBTFGSPNUP 'JHVSFQSPWJEFTJOGPSNBUJPOPONFEJDBMBOE JOEFNOJUZCFOFàUTGPSJOTVSFEFNQMPZFST5IFTFSJFT PONFEJDBMCFOFàUTGPSJOTVSFEFNQMPZFSTFYIJCJUT DPOTJEFSBCMZ GBTUFS HSPXUI XJUI NFEJDBM CFOFàUT HSPXJOHOFBSMZUXJDFBTGBTUBTJOEFNOJUZCFOFàUT BGUFS 5IJT TVHHFTUT UIBU NFEJDBM DPTU JOáB UJPO QMBZFE BO JNQPSUBOU SPMF JO UIF 8$ DSJTJT JO $BMJGPSOJB BQPJOUXFSFUVSOUPCFMPX " ! !" !"! !!"! 2. -($*4122#' 23 2/!2+/ // ,+ ,""""2 " 11/ 2/!213/ 12#%5#220201 #&$ ## $)#5)$" 5PUBM#FOFmUT*ODVSSFE $BMFOEBS ZFBS CFOFàUT QSPWJEF BO JODPNQMFUF QJD UVSFPGQSPKFDUFE8$QBZNFOUTCFDBVTFNBOZQBZ NFOUT SFMBUFE UP DVSSFOU DMBJNT DPNF EVF JO UIF GVUVSF 4JNJMBSMZ JU NBZ CF JOBQQSPQSJBUF UP DPN QBSF8$QSFNJVNDPTUTXJUIDBMFOEBSZFBSCFOFàUT CFDBVTF QSFNJVNT BSF JOUFOEFE UP DPWFS UIF QSP KFDUFEGVUVSFCFOFàUQBZNFOUTBTTPDJBUFEXJUI8$ DMBJNT *G GVUVSF CFOFàUT IBWF CFFO SJTJOH PS BSF QSPKFDUFE UP SJTF GBTUFS UIBO DBMFOEBS ZFBS CFOF àUT UIFOJODSFBTFTJOJODVSSFECFOFàUTDPVMEIBWF DPOUSJCVUFEUPUIFSVOVQJO8$DPTUTJOXBZTOPU SFáFDUFEJODBMFOEBSZFBSCFOFàUT *ODVSSFECFOFàUTBSFEJGàDVMUUPTUVEZCFDBVTF BDUVBM SFBMJ[BUJPOT SBUIFS UIBO FTUJNBUFT BSF PC TFSWFEPOMZXJUIBMPOHMBH"DBTFJOQPJOU4PNF PG UIF BOBMZTFT JO UIJT TVCTFDUJPO BSF CBTFE PO 8$*3# FTUJNBUFT PG JODVSSFE CFOFàUT GPS DMBJNT XJUINBUVSJUJFTPGPOFUISPVHIàWFZFBST'PSFYBN QMF DMBJNTPGàWFZFBSTNBUVSJUZJOXFSFJOJ UJBUFEJO XIFONBOZPGUIFDPTUTJODVSSFEJO BOEXFSFOPUZFULOPXO)PXFWFS CZ NPTU PG UIF DMBJNT IBE CFFO DMPTFE NPTU CFOFàUT IBE CFFO QBJE BOE BOZ CFOFàUT BT ZFUVOQBJEXFSFMBSHFMZLOPXOXJUIDFSUBJOUZ'PS MFTT NBUVSF DMBJNT UIPVHI UIFTF DBMDVMBUJPOT BSF CBTFE NPSF PO QSPKFDUFE UIBO SFBMJ[FE CFOFàUT BOEBTDMBJNTNBUVSF JODVSSFECFOFàUTBSFSFWBMVFE UPSFáFDUSFBMJ[FECFOFàUT$POTFRVFOUMZ UIFSFJTB TJHOJàDBOU USBEFPGG CFUXFFO UJNFMJOFTT BOE BDDV SBDZ JO FWBMVBUJOH JODVSSFE CFOFàUT "T BO FYBN QMF JG XF XBOU UP GPDVT PO NPSF NBUVSF DMBJNT PG TBZ UISFF ZFBST UIFO FWFO JG UIF EBUB XFSF JOTUBOUBOFPVTMZBWBJMBCMF UIFNPTUSFDFOUJODVSSFE CFOFàUT FTUJNBUFT XPVME CF GPS DPWFSJOH m 5IFTJUVBUJPOJTNBEFXPSTFCFDBVTF UIFEBUBBSFDPMMFDUFEBOEQVCMJTIFEXJUIBMBH "TFDPOEMJNJUBUJPOPGJODVSSFECFOFàUTJTUIBU UIFZBSF OFDFTTBSJMZ JOQBSUFTUJNBUFECFDBVTFVOUJM UIFZ BSF GVMMZ NBUVSFE UIFZ BSF GPSXBSEMPPLJOH 5IVT BMUIPVHI XF XJMM TFF UIBU SJTJOH JODVSSFE CFOFàUTIFMQUPFYQMBJOUIFJODSFBTFJO8$QSFNJ VNTJO$BMJGPSOJB JUJTQPTTJCMFUIBUUIFQSFEJDUFE JODVSSFE CFOFàU JODSFBTFT PWFSTUBUF UIF HSPXUI PG UIF CFOFàUT UIBU XJMM BDUVBMMZ PDDVS )PXFWFS 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB XF TIPVME OPU FYQFDU UIBU JOTVSBODF DPNQBOJFT DBO TJNQMZ PWFSTUBUF UIF HSPXUI PG JODVSSFE CFO FàUT UP DIBSHF IJHIFS QSFNJVNT *O B DPNQFUJUJWF NBSLFU UIFSFTIPVMECFQSFTTVSFGPSDPNQBOJFTUP BWPJEPWFSJOáBUJOHUIFHSPXUIPGJODVSSFECFOFàUT $PNQFUJUPSTXPVMELOPXUIBUDIBSHJOHQSFNJVNT CBTFE PO MPXFSCVU NPSF BDDVSBUFQSPKFDUJPOT PGJODVSSFECFOFàUTXPVMECFBQSPàUBCMFTUSBUFHZ 'JHVSF EJTQMBZT UIF BWBJMBCMF JOGPSNBUJPO GSPN 8$*3# PO JODVSSFE CFOFàUT 5IFTF CFOF àUT CFHJO XJUI DMBJNT BOE DVSSFOUMZ FYUFOE UISPVHIDMBJNT GPSXIJDIDMBJNTPGPOFZFBS NBUVSJUZ BSF BWBJMBCMF TP GBS *O UIJT HSBQI FBDI MJOFQMPUTUIFWBMVFPGJODVSSFECFOFàUTGPSDMBJNT CFHJOOJOH JO UIF JOEJDBUFE ZFBS BT UIFZ NBUVSF $POTJEFS GPSFYBNQMF UIFHSBQIFEMJOFGPS *ODVSSFECFOFàUTXIFODMBJNTBSFSFMBUJWFMZJNNB UVSF BUPOFZFBS BSFFTUJNBUFEBUBCPVUCJM MJPO 5IF OFYU ZFBS UIFTF DMBJNT IBWF B UXPZFBS NBUVSJUZBOE JOUIJTDBTF UIFJODVSSFECFOFàUTGPS DMBJNTCFHJOOJOHJOSJTFUPBCPVUCJMMJPO *GJODVSSFECFOFàUTXFSFBDDVSBUFMZFTUJNBUFEXIFO DMBJNTàSTUCFHJO UIFTFHSBQIFEMJOFTXPVMECFáBU 5IFVQXBSETMPQFJNQMJFTUIBUUIFTFFTUJNBUFTBSF SFWJTFEVQXBSEFBDIZFBSBTDMBJNTNBUVSF 5IFàHVSFSFWFBMTUXPNBKPSDIBOHFTJOJODVSSFE CFOFàUT 'JSTU JG XF XFSF UP ESBX B WFSUJDBM MJOF BU BOZ HJWFO ZFBS PG NBUVSJUZ UISPVHI BMM PG UIF TMPQJOHMJOFTSFQSFTFOUJOHDBMFOEBSZFBST BTTIPXO CZ UIF MJOF ESBXO JO NBUVSJUZZFBS UISFF JO UIJT àHVSF XF XPVME TFF UIBU CFOFàUT BSF SJTJOH XJUI UJNF5IFTFJODSFBTFTBSFDPOTJTUFOUXJUIUIFSJTJOH DBMFOEBSZFBSCFOFàUTXFTFFJO'JHVSF 5IFTFDPOEBOENPSFTUSJLJOHGFBUVSFPG'JHVSF IPXFWFS DPODFSOTSFWJTJPOTJOJODVSSFECFOFàUT BT DMBJNT NBUVSF SFWFBMFE JO UIF JODSFBTJOH TMPQF PGUIFHSBQIFEMJOFT5IFMPXFTUDVSWFJTGPSDMBJNT JOJUJBUFEJO&BDITVCTFRVFOUDBMFOEBSZFBSJT BTTPDJBUFEXJUIOPUPOMZBIJHIFSMJOFCVUBTUFFQFS POF5IJTTUFFQFOJOHPGUIFHSBQIFEMJOFTJNQMJFTUIBU JODVSSFECFOFàUTBSFSJTJOHGBTUFSPWFSUIFDPVSTFPG UIF DMBJNT NBUVSJUZ BT XF HFU DMPTFS UP UIF ZFBS XIFOUIF8$DSJTJTFNFSHFE*OQBSUJDVMBS UIFVQXBSESFWJTJPOTJOUIFQSFWJPVTGFXZFBSTBSF JODSFBTJOHMZMBSHF'PSFYBNQMF GPSDMBJNTàMFEJO "! "&! # ! !"!% & #$! !!$! !"!%& !"!%% UIFSF JT NPSF UIBO B QFSDFOU JODSFBTF JOJODVSSFECFOFàUTGSPNUIFàSTUUPUIFUIJSEZFBS PGUIFDMBJN#FDBVTFPGEBUBMJNJUBUJPOT XFIBWF OP XBZ PG LOPXJOH XIFUIFS UIJT QBUUFSO PG FTDB MBUJOH JODVSSFE CFOFàUT DPOUJOVFE TUBCJMJ[FE PS SFWFSTFE BGUFS )PXFWFS 'JHVSF JOEJDBUFT UIBU BMUIPVHIUIFSFXBTBMXBZTTPNFUFOEFODZUP SFWJTF UIFTF FTUJNBUFT VQXBSE BT DMBJNT NBUVSFE UPXBSEUIFMBUUFSQBSUPGUIFEFDBEFUIFSBUFPGJODSFBTF JOJODVSSFECFOFàUTPWFSUIFDPVSTFPGDMBJNTSPTF TVCTUBOUJBMMZ 5IFHSPXJOHSBUFPGJODSFBTFJOJODVSSFECFO FàUT DBO QPUFOUJBMMZ IFMQ FYQMBJO XIZ QSFNJVN DPTUT SPTF TP NVDI GBTUFS UIBO DBMFOEBS ZFBS CFOFàUT TIPXO JO 'JHVSF *O QBSUJDVMBS CF #FHJOOJOHJOUIFMBUUFS HJOOJOH JO UIF MBUUFS QBSU PG UIF T JOTVSFSTNBZIBWFCFHVO UPBOUJDJQBUFQSFTVNBCMZCBTFE JO QBSU PO FYQFSJFODFDPOTJE FSBCMF JODSFBTFT JO CFOFàUT QBJE QBSUPGUIFT JOTVSFST NBZIBWFCFHVOUP BOUJDJQBUFDPOTJEFSBCMF JODSFBTFTJOCFOFmUTQBJE PVUBTDMBJNTNBUVSFE BOEGBTUFS JODSFBTFT JO UIFTF CFOFàUT PWFS UIFMJGFPGDMBJNTGPSUIFDPNJOH ZFBSTJODSFBTFTUIBUXPVMEOPU IBWF CFFO GVMMZ SFáFDUFE JO DBM PVUBTDMBJNTNBUVSFE BOEGBTUFSJODSFBTFT JOUIFTFCFOFmUTPWFS UIFMJGFPGDMBJNTGPSUIF FOEBSZFBSCFOFàUT DPNJOHZFBST 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB 2VFTUJPOT SFNBJO BT UP XIZ 5IFSVOVQTJOJODVSSFE QSPKFDUFE MPOHFSSVO 8$ CFOF CFOFmUTPWFSUIFMJGFPG DMBJNTBSFOPUTUFNNJOH GSPNNFEJDBMDPTUTUP UIFFYDMVTJPOPGJOEFN àUTCFHBOUPSJTFTPNVDIJOUIF MBUF T BOE XIFUIFS UIFZ SPTF FWFO NPSF TIBSQMZ JO UIF m QFSJPE XIFOQSFNJVNTTLZ SPDLFUFE *G UIFSF XFSF B USFOE OJUZDPTUT)PXFWFS BU FBDIZFBSPGNBUVSJUZ UIF QFSDFOUBHFJODSFBTFTJO NFEJDBMCFOFmUTBSF UPXBSE DPOUJOVFE TUFFQFOJOH PG UIF QSPàMFT TIPXO JO 'JHVSF UIFOJOTVSFSTNBZIBWFIBEHPPE SFBTPOUPJODSFBTF8$QSFNJVNT TIBSQMZ(JWFOXIBUUIFEBUBIBWF HFOFSBMMZMBSHFS5IJTUSFOE TIPXOUIVTGBS JUXPVMEBQQFBS JOEJDBUFTUIBUJODSFBTJOH NFEJDBMDPTUTIBWF DPOUSJCVUFETJHOJmDBOUMZ UPSJTJOH8$DPTUT UIBUUIJTTPSUPGTDFOBSJPJTOFFEFE UPSBUJPOBMJ[FUIFTIBSQJODSFBTFT JOQSFNJVNT5IFSFJTBEEJUJPOBM FWJEFODFDPOàSNJOHUIBUBDDFMFS BUJOHJODSFBTFTJOJODVSSFECFOF àUTIFMQUPFYQMBJOUIF8$DSJTJT JO$BMJGPSOJB%BUBGSPNBOPUIFSTPVSDF UIF8PSL FST$PNQFOTBUJPO3FTFBSDI*OTUJUVUF 8$3* JOEJ DBUFUIBUJODVSSFECFOFàUTSPTFQBSUJDVMBSMZTIBSQMZ JO$BMJGPSOJBGSPNUISPVHI 8IZ%JE*ODVSSFE#FOFmUT4UBSU UP(SPX4P3BQJEMZ *OUSZJOHUPVOEFSTUBOEXIBUTQVSSFEUIFSBQJE HSPXUI JO JODVSSFE CFOFàUT XF GPDVT PO UXP iTVTQFDUTu UIBU IBWF DBQUVSFE UIF NPTU BUUFO UJPO JO UIF EFCBUF NFEJDBM DPTUT BOE VUJMJ[BUJPO BOEQFSNBOFOUEJTBCJMJUZCFOFàUT .FEJDBM$PTUTBOE6UJMJ[BUJPO *O UIF BCTFODF PG SBUJPOJOH JOKVSFE XPSLFST XIP GBDFOPPVUPGQPDLFUFYQFOTFGPSBEEJUJPOBMNFEJ DBMTFSWJDFTNBZUFOEUPPWFSVTFUIFNCFDBVTFUIFZ BSFMJLFMZUPQFSDFJWFBUMFBTUTPNFFYUSBCFOFàU4JN JMBSMZ NFEJDBMQSPWJEFSTIBWFMJUUMFJODFOUJWFUPSF TUSBJOTFSWJDFT8$3*EBUBJOEJDBUFUIBU BTPGBGFX ZFBSTBHP JOKVSFEXPSLFSTJO$BMJGPSOJBIBENVDI IJHIFS VUJMJ[BUJPO SBUFT QFS DMBJN UIBO XPSLFST JO PUIFSTUBUFT4QFDJàDBMMZ GPSDMBJNTXJUINPSFUIBO TFWFO MPTU XPSLEBZT JOJUJBUFE JO BOE FWBM VBUFEJO UIFBWFSBHFOVNCFSPGNFEJDBMTFS WJDFT QFS DMBJN XBT QFSDFOU IJHIFS JO $BMJ GPSOJB UIBO UIF NFEJBO GPS B TUBUF DPNQBS JTPO HSPVQ BOE UIF BWFSBHF OVNCFS PG WJTJUT QFS DMBJN XBT QFSDFOU IJHIFS .FEJDBM DPTUT IPXFWFS EPOPUBQQFBSUPCFJOPSEJOBUFMZIJHIJO $BMJGPSOJB 'PS UIF TBNF DMBJNT EJTDVTTFE BCPWF UIF BWFSBHF NFEJDBM QBZNFOU QFS DMBJN XBT POMZ QFSDFOUIJHIFSJO$BMJGPSOJB5IFTNBMMFSEJG GFSFODF JO QBZNFOUT QFS DMBJN EFTQJUF UIF NVDI IJHIFS VUJMJ[BUJPO JO $BMJGPSOJB TUFNT GSPN CPUI MPXFS QSJDFT QFS TFSWJDF JO $BMJGPSOJB BOE GSPN SFMBUJWFMZ IFBWZ VTF PG QIZTJDBM NFEJDJOF JO UIF TUBUF XIJDIUFOETUPCFMFTTFYQFOTJWFUIBONFEJDBM JOUFSWFOUJPO'PSFYBNQMF UIFBWFSBHFOVNCFSPG DIJSPQSBDUPSWJTJUTQFSDMBJNXJUINPSFUIBOTFWFO MPTUXPSLEBZTXBTQFSDFOUIJHIFSJO$BMJGPSOJB UIBOUIFTUBUFNFEJBO 'JHVSF TIPXT DIBOHFT PWFS UJNF JO NFEJDBM BOEJOEFNOJUZCFOFàUTJO$BMJGPSOJBBOEUIF6OJUFE 4UBUFT 4USJLJOHMZ NFEJDBM CFOFàUT JO $BMJGPSOJB JODSFBTFE CFUXFFO BOE BU NPSF UIBO UXJDF UIF SBUF PG NFEJDBM CFOFàUT JO UIF 6OJUFE 4UBUFT BT B XIPMF *OEFNOJUZ CFOFàUT BMTP HSFX GBTUFSJO$BMJGPSOJB 8FOPUFEBCPWFUIBUJODVSSFECFOFàUTJO$BMJ GPSOJBIBWFCFFOSJTJOHQBSUJDVMBSMZTIBSQMZ8$3* EBUBBMTPQSPWJEFTQFDJàDJOGPSNBUJPOPOJODVSSFE NFEJDBMCFOFàUT'PSDMBJNTPGPOFZFBSNBUVSJUZ UIFBWFSBHFBOOVBMSBUFPGJODSFBTFGPSQBJENFEJDBM CFOFàUTQFSDMBJNJO$BMJGPSOJBCFUXFFOBOE XBTQFSDFOU BCJUNPSFUIBOUIFTUBUF NFEJBOPGQFSDFOUEVSJOHUIFQFSJPE)PXFWFS JODVSSFENFEJDBMCFOFàUTFWBMVBUFEBUPOFZFBSNB UVSJUZ SPTF QFSDFOU GBTUFS GPS $BMJGPSOJB DMBJNT UIBO GPS UIPTF PG UIF TUBUF NFEJBO WT 'PSDMBJNTPGUISFFZFBSTNBUVSJUZ UIFEJG GFSFODF JT NPSF TUSJLJOH 1BJE CFOFàUT SPTF QFSDFOU QFS ZFBS JO $BMJGPSOJB DPNQBSFE UP QFSDFOU GPS UIF TUBUF HSPVQ XIFSFBT JODVSSFE CFOFàUTJODSFBTFEBUBQFSDFOUSBUFDPNQBSFE UPQFSDFOUGPSUIFTUBUFDPNQBSJTPOHSPVQ "CPWF XFFYBNJOFE8$*3#TSFQPSUTPGFTUJ NBUFEJODVSSFECFOFàUTBTUIFZEFWFMPQPWFSUJNF BOE OPUFE UIBU FTUJNBUFT GPS NPSF SFDFOU ZFBST 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB IBWF CFFO TVCKFDU UP NPSF FYUSFNF VQXBSE SF WBMVBUJPOTBTUIFZNBUVSF 'JHVSF 8$*3#BMTP QVCMJTIFTUIFTFUPUBMTCSPLFOEPXOJOUPJOEFNOJUZ BOENFEJDBMCFOFàUTGPSBTVCTFUPGUIFZFBSTBOE DMBJNTNBUVSJUJFTTIPXOJO'JHVSF BOEUIFTFBSF SFQPSUFE JO 'JHVSF 5IF HSBQIT TVHHFTU UIBU UIF JODSFBTFTJOJODVSSFECFOFàUTIBWFCFFOESJWFOCZ CPUIJOEFNOJUZBOENFEJDBMCFOFàUTCFDBVTFCPUI TIPXJODSFBTFTBUHJWFOZFBSTPGNBUVSJUZ UIBUJT JGXFESBXBWFSUJDBMMJOFBUFBDIZFBSPGNBUVSJUZ XF DBO TFF UIBU DPTUT BSF IJHIFS GPS FBDI TVDDFT TJWFDBMFOEBSZFBS *OCPUIDBTFT CFOFàUTBSFBMTP ESJWFOCZBDDFMFSBUJOHHSPXUIPGJODVSSFECFOFàUT XJUI ZFBST PG NBUVSJUZ JOEJDBUFE CZ UIF JODSFBT JOH TMPQFT PG FBDI DBMFOEBS TFSJFT $FSUBJOMZ UIF SVOVQTJOJODVSSFECFOFàUTPWFSUIFMJGFPGDMBJNT BSFOPUTUFNNJOHGSPNNFEJDBMDPTUTUPUIFFYDMV TJPO PG JOEFNOJUZ DPTUT )PXFWFS BU FBDI ZFBS PG NBUVSJUZ UIFQFSDFOUBHFJODSFBTFTJONFEJDBMCFO FàUTBSFHFOFSBMMZMBSHFS5IJTUSFOEJOEJDBUFTUIBU JODSFBTJOH NFEJDBM DPTUT IBWF DPOUSJCVUFE TJHOJà DBOUMZUPSJTJOH8$DPTUT 1FSNBOFOU%JTBCJMJUZ#FOFmUT 5IFPUIFSNBKPSTVTQFDUJOSJTJOH8$DPTUTJTQFSNB OFOUEJTBCJMJUZCFOFàUT QBSUJDVMBSMZ11%CFOFàUT 'PS11%DMBJNT 8$3*DPNQVUFTBWFSBHFUPUBMQBZ NFOUT QFS DMBJN BWFSBHF NFEJDBM QBZNFOUT QFS DMBJN BWFSBHFJOEFNOJUZQBZNFOUTQFSDMBJN BOE BWFSBHF5%BOE11%CFOFàUTQBJEQFSDMBJNJOOJOF TUBUFT CBTFEPOBOEDMBJNTFWBMVBUFEJO 5IFTF WBMVFT BSF DPNQVUFE GPS $BMJGPSOJB BOE GPS UIF NFEJBO PG CPUI iJNQBJSNFOU TUBUFTu BOE iOPOJNQBJSNFOU TUBUFTu *NQBJSNFOU TUBUFT CBTF11%SBUJOHTFYDMVTJWFMZPOUIFEFHSFFPGNFEJ DBM JNQBJSNFOU /POJNQBJSNFOU TUBUFT JODMVEJOH $BMJGPSOJB VTFPUIFSDSJUFSJBTVDIBTMPTTPGXBHF FBSOJOH DBQBDJUZ CZ JUTFMG PS JO BEEJUJPO UP BO JNQBJSNFOUCBTFEBQQSPBDI'PSDMBJNTFWBMVBUFEBU POFZFBSNBUVSJUZ $BMJGPSOJBIBEUIFUIJSEIJHIFTU UPUBMDPTUQFS11%DMBJN BOEJUSBOLFEIJHIFTUGPS DMBJNTFWBMVBUFEBUUISFFZFBSTNBUVSJUZ$BMJGPSOJB SBOLTBCJUIJHIFSPOJOEFNOJUZQBZNFOUTBOEOPU RVJUF BT IJHI PO NFEJDBM QBZNFOUT .PSF JNQPS UBOU UIF 8$3* EBUB JOEJDBUF UIBU CFUXFFO " ! $% " #$!$ !" ! !" !" ! !" , (1')1,&,(),(&!),('( )&!)*+0,()&#)&)-0)*),,( +,0%#$"&)*+00.),(*)1,)#)&) '.)',++/)*,0,.),(,&)*),01, ! ! $% % " ! $% "# # ! $ % $ ! $$ ! $$ 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB BOE $BMJGPSOJBTNFEJDBMBOEJOEFNOJUZCFO FàUT GPS NBUVSF 11% DMBJNT UISFF ZFBST BMM SPTF GBTUFSUIBOJOBOZPGUIFOJOFDPNQBSJTPOTUBUFT 5IF 8$*3# EBUB PO JO 5IFQBUUFSOTPG JODSFBTFTJOJODVSSFE JOEFNOJUZBOENFEJDBM DVSSFE JOEFNOJUZ BOE NFEJDBM CFOFàUT QFS NBKPS 11% DMBJN QSPWJEF B TPNFXIBU NPSF DPN QMFUF QJDUVSF 5IFTF EBUB DPWFS CFOFmUTXFSFESJWFOCZ NBKPS 11% DMBJNT XIJDI BSF JODSFBTJOHOVNCFSTPG NBKPS11%DBTFT UIPTF XJUI B EJTBCJMJUZ SBUJOH PG QFSDFOUPSHSFBUFSUIPTFXJUI BMPXFSSBUJOHBSFMBCFMFENJOPS "T TIPXO JO 'JHVSF UIF QSPàMF PG JODVSSFE JO EFNOJUZCFOFàUTGPSNBKPS11%DBTFTJTRVJUFTUBCMF BDSPTT DBMFOEBS ZFBST .FEJDBM CFOFàUT SFáFDU B QBUUFSOPGSJTJOHCFOFàUTPWFSUIFDPVSTFPGBDMBJN QFSIBQTBUBTMJHIUMZJODSFBTJOHSBUF CVUSFMBUJWFMZ MJUUMFVQXBSEESJGUPWFSUJNFJOCFOFàUTGPSBHJWFO !! # $ " % # ! ## % ! ## ZFBSTNBUVSJUZ XJUIUIFFYDFQUJPOPG5IVT UIFTFEBUBEPOPUQPJOUUPBOZNBKPSBDDFMFSBUJPO PG JODVSSFE JOEFNOJUZ PS NFEJDBM CFOFàUT BTTPDJ BUFEXJUI11%DBTFT )PXFWFS 'JHVSF SFGFST UP CFOFàUT QFS 11% DMBJN*G$BMJGPSOJBIBTBIJHIFSTIBSFPG11%DBTFT PSJGUIJTTIBSFJTHSPXJOH UIFOUIJTDPVMEDPOUSJCVUF TVCTUBOUJBMMZUP8$CFOFàUQBZNFOUTPSJODSFBTFTJO 8$CFOFàUQBZNFOUT%BUBGSPNUIF8$*3#QSP WJEFUIFNPTUDPNQMFUFQJDUVSFSFHBSEJOH11%DBTFT JOQBSUJDVMBSSFHBSEJOHUIFFWPMVUJPOPGDMBJNTBTUIFZ NBUVSF'JHVSFHSBQITNBKPS11%DBTFTCZZFBSBOE NBUVSJUZ/PUFUIBUUIFWFSUJDBMBYJTOPXNFBTVSFT OVNCFSPGDBTFTSBUIFSUIBOUIFWBMVFPGCFOFàUTBT JO UIF QSFWJPVT TJNJMBS àHVSFT 8IBU JT TUSJLJOH JO 'JHVSF JT UIF TUFFQFOJOH PG UIF QSPàMFT JO UIF àHVSF PWFS NPTU PG UIF TBNQMF QFSJPE VOUJM UIF DMBJNT 'JHVSFHFOFSBMMZJNQMJFTBOFTDBMBU JOHSBUFPGSFDMBTTJàDBUJPOPGDMBJNTBTNBKPS11% DBTFT BT UIFTF DMBJNT NBUVSF *OEFFE UIJT àHVSF MPPLTRVJUFTJNJMBSUPUIFUPQBOECPUUPNQBOFMTPG 'JHVSF XIJDI TIPXFE SFTQFDUJWFMZ UPUBM JODVSSFE JOEFNOJUZBOENFEJDBMCFOFàUT5IFTJNJMBSJUZTVH HFTUT TUSPOHMZ UIBU UIF QBUUFSOT PG JODSFBTFT JO JO DVSSFEJOEFNOJUZBOENFEJDBMCFOFàUTXFSFESJWFO CZJODSFBTJOHOVNCFSTPGNBKPS11%DBTFT 5IF8$*3#EBUBBMTPTIPXUIBUUPUBM5%BOE NJOPS11%JOEFNOJUZBOENFEJDBMCFOFàUTEJEOPU JODSFBTFPWFSUIFDPVSTFPGDMBJNTBOEUIBUUIFSBUFT PG DMBJNT TIJGUJOH PVU PG UIF NJOPS 11% DBUFHPSZ BOE JOUP UIF NBKPS 11% DBUFHPSZ JODSFBTFE PWFS UIJT QFSJPE #PUI PG UIFTF àOEJOHT SFJOGPSDF UIF DPODMVTJPOUIBUUIFDIBOHFTJO'JHVSFTBOEBSF ESJWFOCZNBKPS11%DBTFT %FSFHVMBUJPOBOE-PXFSFE *OWFTUNFOU3FUVSOT *O UIF JNNFEJBUF BGUFSNBUI PG EFSFHVMBUJPO JO DPNQFUJUJPOCFUXFFOJOTVSFSTMFEUPQSJDF XBST QSJDJOH CFMPX DPTU BOE UIF GBJMVSF PG B OVNCFSPGDBSSJFST*OBEEJUJPO CFDBVTFJOTVSBODF DPNQBOJFT JOWFTU JO àOBODJBM NBSLFUT CFUXFFO SFDFJQUPGQSFNJVNTGSPNFNQMPZFSTBOEQBZPVUPG 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB CFOFà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àUT)PXFWFS UIFQBU UFSO PG DPTU DIBOHFT JO 'JHVSF EPFT OPU TFFN UP àUBTJNQMFQBUUFSOPGQSJDFSFEVDUJPOTJNNFEJBUFMZ GPMMPXJOH EFSFHVMBUJPO GPMMPXFE CZ B SFTUPSBUJPO PG UIF FBSMJFS QSJDFT *O BEEJUJPO JO B DPNQFUJUJWF NBSLFU UIFSF JT OP SFBTPO XIZ JOTVSFST XIP MPTU NPOFZFBSMJFSTIPVMEIBWFCFFOBCMFUPSBJTFQSJDFT UPSFDPWFSUIFTFMPTTFT BTOFXFSDPNQFUJUPSTDPVME DIBSHFMPXFSQSJDFTBOETUJMMFBSOBQSPà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àFE JGJUEJEBOE JGTP XIZ 3FDFOU3FGPSNT *OSFTQPOTFUPUIF8$DSJTJTJO$BMJGPSOJB UXP TFUT PG SFGPSNT XFSF QBTTFEUIF à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iQSFTVNQUJPO PG DPSSFDUOFTT u XIJDI NBEFJUEJGàDVMUGPSJOTVSFSTPSFNQMPZFSTUPDIBM MFOHF UIFJS NFEJDBM PQJOJPOT 4# SFQFBMFE UIJT QSFTVNQUJPO GPS DBTFT UIBU GBMM VOEFS USFBU NFOU VUJMJ[BUJPO HVJEFMJOFT UIBU XFSF UP CF EFWFM PQFEBOE VOUJM UIFZ XFSF EFWFMPQFE VOEFS UIF HVJEFMJOFTPGUIF"NFSJDBO$PMMFHFPG0DDVQBUJPOBM BOE&OWJSPONFOUBM.FEJDJOF "$0&. 4# BMTP BEESFTTFE NFEJDBM DPTUT JO 4# FOBDUFEPO "QSJM DPOUJOVFT PUIFSXBZT1FSIBQTNPTUJNQPS UBOU JU DBQQFE NFEJDBM GFFT GPS PVUQBUJFOUTVSHFSZBOEUSFBUNFOU UPUSZUPSFJOJONFEJDBM BUQFSDFOUPG.FEJDBSFQBZ DPTUTUIFCJMMBMMPXT FNQMPZFSTUPFTUBCMJTI OFUXPSLTPGPDDVQBUJPOBM BOEOPOPDDVQBUJPOBM NFOUTGPSUIFTBNFDMBTTFTPGTFS WJDF$BQTXFSFBMTPJNQPTFEPO QIBSNBDFVUJDBM DPTUT NBOEBU JOHBOFXGFFTDIFEVMFGPSQIBS NBDFVUJDBMT CBTFE PO UIF .FEJ QIZTJDJBOT BOEJU HSBOUTUPUIFFNQMPZFS PSUIFJOTVSFS UIFTPMF SJHIUUPEFDJEFXIJDI $BM GFF TDIFEVMF *O BEEJUJPO JO SFTQPOTF UP UIF HSFBUFS OVNCFS PG NFEJDBM TFSWJDFT VTFE CZ 8$ DMBJNBOUT JO $BMJGPSOJB 4# NBOEBUFT UIF EFWFMPQNFOU PG NFEJDBMQSPWJEFSTBSFJO iFWJEFODFCBTFEu TUBOEBSET PG UIFOFUXPSL DBSF UP VTF JO UIF EFWFMPQNFOU PG TDIFEVMFT GPS NFEJDBM USFBU NFOUT*UBMTPSFRVJSFTUIBUFNQMPZFSTBEPQUVUJMJ[B UJPOSFWJFXTUBOEBSETDPOTJTUFOUXJUIUIJTTDIFEVMF BOE"$0&.HVJEFMJOFT'JOBMMZ 4#DBQQFEUIF OVNCFSPGDIJSPQSBDUJDBOEQIZTJDBMUIFSBQZWJTJUT UPFBDIGPSBOZTJOHMFDMBJN 4# $IBQUFS 4# FOBDUFEPO"QSJM DPOUJOVFTUPUSZ UP SFJO JO NFEJDBM DPTUT 1FSIBQT NPTU JNQPSUBOU UIF CJMM BMMPXT FNQMPZFST UP FTUBCMJTI OFUXPSLT PG PDDVQBUJPOBMBOEOPOPDDVQBUJPOBMQIZTJDJBOT BOE JU HSBOUT UP UIF FNQMPZFS PS UIF JOTVSFS UIF TPMF SJHIUUPEFDJEFXIJDINFEJDBMQSPWJEFSTBSFJOUIF OFUXPSL5IJTQPUFOUJBMMZDIBOHFTUIFSJHIUPGUIF XPSLFSUPDIPPTFBQIZTJDJBOBGUFSUIFàSTUEBZT CFDBVTFUIJTSVMFOPMPOHFSBQQMJFTJGBOFUXPSLJT FTUBCMJTIFE UIBU DPNQMJFT XJUI UIF MBX )PXFWFS UIFCJMMDPOUJOVFTUPHSBOUXPSLFSTUIFSJHIUUPQSF EFTJHOBUFQIZTJDJBOTVOEFSDFSUBJODPOEJUJPOT UIF NPTU JNQPSUBOU CFJOH UIBU UIF QIZTJDJBO XBT QSF WJPVTMZ UIF XPSLFST QSJNBSZ QSPWJEFS PG NFEJDBM DBSF0OOFU UIPVHI XPSLFSTXJMMIBWFMFTTTDPQF UP DIPPTF UIFJS QIZTJDJBO BOE UIF BCJMJUZ UP TFFL PVU B OFX QIZTJDJBO BGUFS BO JOKVSZ JT MJLFMZ UP CF DVSUBJMFENPTUTFWFSFMZ5IFCJMMBMTPSFRVJSFTUIBU FNQMPZFST QSPWJEF NFEJDBM USFBUNFOU BGUFS B 8$ DMBJN FWFO JG JU IBT OPU ZFU CFFO BDDFQUFE CZ UIF JOTVSBODFDPNQBOZ VQUPBMJNJUPG BOE GVMMZSFQFBMTUIFQSFTVNQUJPOPGDPSSFDUOFTTPGUIF USFBUJOHQIZTJDJBO*UBMTPFYQBOETUIFQPUFOUJBMVTF PG DBSWFPVUT XIJDI BMMPX FNQMPZFST BOE VOJPOT UPOFHPUJBUFBOZBTQFDUPGUIFEFMJWFSZPG8$CFO FàUT JG UIF FNQMPZFFT BSF PGGFSFE HSPVQ IFBMUI JO TVSBODF BOE OPOPDDVQBUJPOBM EJTBCJMJUZ CFOFàUT 'JOBMMZ 4# TUSFOHUIFOT 4# T FNQIBTJT PO FWJEFODFCBTFE SFTFBSDI FTUBCMJTIJOH UIBU USFBU NFOUHVJEFMJOFTUIBUBSFEFWFMPQFEDBOCFSFCVUUFE CBTFEPOMZPOTDJFOUJàDNFEJDBMFWJEFODF 4# BMTP BEESFTTFT JTTVFT PG 11% *U MJOLT 11%QBZNFOUTUPSFUVSOUPXPSL NBOEBUJOHIJHIFS CFOFàUTJGUIFFNQMPZFSEPFTOPUPGGFSBSFUVSOUP XPSL BOE WJDF WFSTB BOE IJHIFS QBZNFOUT JG UIF XPSLFSJTUFSNJOBUFECFGPSFBMM11%QBZNFOUTBSF NBEF 5IFTF CPUI BQQMZ POMZ UP FNQMPZFST XJUI NPSFUIBOFNQMPZFFT*OBEEJUJPO UIFTDIFEVMF UIBUSFMBUFTXFFLTPGJOEFNOJUZGPSXIJDIBXPSLFS JT FMJHJCMF UP EJTBCJMJUZ SBUJOHT XBT NPEJàFE 5IF TDIFEVMF IBT BMXBZT QSPWJEFE IJHIFS CFOFàUT UP UIPTFXJUIBIJHIFSEJTBCJMJUZSBUJOH)PXFWFS 4# DIBOHFE UIF TDIFEVMF TP UIBU UIPTF XJUI SBU JOHTPGQFSDFOUPSCFMPXSFDFJWFMPXFSCFOFàUT BOE UIPTF XJUI SBUJOHT BCPWF QFSDFOU SFDFJWF IJHIFS CFOFàUT 5IF DIBOHFT BU UIF FYUSFNFT PG UIF EJTBCJMJUZ SBUJOHT BSF TJ[BCMF 'JOBMMZ UIF 11% SBUJOH TZTUFN XBT DIBOHFE 5IF XPSL DBQBDJUZ JOEFYCBTFENBJOMZPOUIFBCJMJUZUPEPPOFTQSF WJPVT KPCXBT SFQMBDFE CZ iEJNJOJTIFE FBSOJOH DBQBDJUZu3BUJOHTPGUIJTDBQBDJUZXFSFUPCFCBTFE POUIFiOBUVSFPGUIFQIZTJDBMJOKVSZPSEJTàHVSF NFOU u JODPSQPSBUJOH "NFSJDBO .FEJDBM "TTPDJ BUJPO "." HVJEFMJOFT GPS CPUI EFTDSJQUJPOT PG 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB JNQBJSNFOUT BOE UIF QFSDFOUBHFT PG JNQBJSNFOUT BUUBDIFEUPUIFTFEFTDSJQUJPOT *OBEEJUJPOUPDIBOHJOH11%QBZNFOUT 4# NBZ SFEVDF MJUJHBUJPO BTTPDJBUFE XJUI 11% DMBJNT GPSUXPSFBTPOT'JSTU UIFMPXFSQBZNFOUTFOUBJMFE CZUIFiEJNJOJTIFEFBSOJOHDBQBDJUZuDSJUFSJPONBZ NBLFMJUJHBUJPOMFTTBUUSBDUJWFUPBUUPSOFZT4FDPOE JODSFBTFEPCKFDUJWJUZJO11%SBUJOHTTIPVMESFEVDF UIF EJTQBSJUJFT BOE BSCJUSBSJOFTT JO 11% SBUJOHT JO $BMJGPSOJB XIJDIIBWFCFFOCMBNFEGPSIJHIMJUJHB UJPOSBUFTGPS11% 4QFDVMBUJOH"CPVUUIF$POTFRVFODFTPG 3FDFOU8$3FGPSNT 5IF NFEJDBM DPTUDPOUBJONFOU QSPWJTJPOT JODMVE JOHGFFTDIFEVMFTBOEVUJMJ[BUJPOSFWJFXT JODMVEFE JO 4# BSF LFZ DPNQPOFOUT PG UIF SFDFOU 8$ SFGPSNT"SFGFFTDIFEVMFTBOEVUJMJ[BUJPOSFWJFXT MJLFMZ UP SFEVDF NFEJDBM DPTUT &WJEFODF TVHHFTUT UIBU QSPWJEFST EP BMUFS UIFJS CFIBWJPS JO SFTQPOTF UPQSJDFDPOUSPMTBOESBUJPOJOH*OTPNFDBTFT UIFZ EPTPCZSFEVDJOHNFEJDBMDPTUT CVUJOPUIFSDBTFT UIFZàOEXBZTUPPCUBJOUIFTBNFCJMMJOHBOEQFS IBQTQSPWJEFUIFTBNFTFSWJDFTBTCFGPSFGPSFYBN QMF CZ iVQDPEJOHu QSPDFEVSFT PS JODSFBTJOH UIF OVNCFSPGWJTJUT1IZTJDJBOTNBZBMTPGFFMJUOFDFT TBSZ UP FYBHHFSBUF UIF TFWFSJUZ PG B DPOEJUJPO PS PUIFSXJTF GBMTJGZ UIF EJBHOPTJT UP PCUBJO RVBMJUZ QBUJFOU DBSF "T BO FYBNQMF TUVEJFT PG .FEJDBSF QSJDFSFEVDUJPOTTVHHFTUUIBUQFSDFOUPGNBOEBUFE QSJDF EFDSFBTFT BSF PGGTFU CZ QSPWJEFS CFIBWJPS FJUIFSCZDIBOHJOHUIFDPEFVOEFSXIJDITFSWJDFTBSF CJMMFEPSCZJODSFBTJOHUIFWPMVNFPGTFSWJDFT 5IF VTF PG USFBUNFOU HVJEFMJOFT BOE UIF JO DSFBTFEBCJMJUZPGFNQMPZFSTBOEJOTVSFSTUPPCUBJO UIFJSPXOFWBMVBUJPOTPSDPOUSPMUIFDIPJDFPGNFE JDBM QSPWJEFS XJUI 4# NBZ IFMQ UP DPVOUFS QSBDUJDFTTVDIBTUIPTFEFTDSJCFEBCPWF'PSFYBN QMF )BSSJT BOE 4XFEMPX BUUFNQU UP FTUJ NBUF UIF QPTTJCMF NFEJDBM VUJMJ[BUJPO SFEVDUJPOT TUFNNJOH GSPN 4# T JOJUJBM NBOEBUF UP VTF "$0&. HVJEFMJOFT 5IFZ GPDVT PO MPXFS CBDL DPNQMBJOUTCFDBVTFUIFTFSFQSFTFOUBMBSHFTIBSFPG DMBJNT BOE DPTUT BSF DPWFSFE CZ "$0&. HVJEF MJOFT BOE IBWF WBSZJOH USFBUNFOUT )BSSJT BOE 4XFEMPXNBUDI8$IFBMUIDPNQMBJOUTUP"$0&. HVJEFMJOFT CBTFE PO QSJNBSZ EJBHOPTJT DPEFT 'PS TFMFDUFENFEJDBMTFSWJDFTSFMBUFEUPMPXCBDLDPN QMBJOUT UIFZFTUJNBUFUIFSFEVDUJPOTJOVUJMJ[BUJPO BTTPDJBUFE XJUI VTF PG UIF HVJEFMJOFT 5IFJS FTUJ NBUFTBSFESBNBUJDBOEJUJTGBJSUPTBZDPOUSP WFSTJBM 'PS FYBNQMF UIFZ FTUJNBUF UIBU POMZ m QFSDFOUPGQIZTJDBMNFEJDJOFBOEDIJSPQSBDUJDWJTJUT GPSMPXCBDLTUSBJOJOKVSJFTBSFTVQQPSUFECZ"$0&. HVJEFMJOFT BOEFJHIUPGOJOFCBDLTVSHFSJFTBSFOPU TVQQPSUFE5IFTFFTUJNBUFTTVSFMZSFQSFTFOUVQQFS CPVOET PO UIF SFEVDUJPOT UIBU NJHIU PDDVS JO SF TQPOTFUPVUJMJ[BUJPOSFGPSNT CVUUIFZOPOFUIFMFTT TVHHFTUDPOTJEFSBCMFTDPQFGPSUSFBUNFOUHVJEFMJOFT UPSFEVDFNFEJDBMDPTUT"UUIFTBNFUJNF NFEJDBM DPTUDPOUBJONFOUNBZCFEJGàDVMUFWFOXJUIFTUBC MJTIFEUSFBUNFOUHVJEFMJOFT1SFWJPVTSFGPSNTIBWF BMSFBEZSFEVDFENFEJDBMDPTUTXIFSFJUXBTFBTJFTU UP EP TP BOE JOOPWBUJPOT JO NFEJDBM UFDIOPMPHZ BOE QIBSNBDFVUJDBMT UIBU TBWF MJWFT BOE EFDSFBTF TVGGFSJOHBSFMJLFMZUPCFDPTUMZ'JOBMMZ JUJTJN QPSUBOUUPSFDPHOJ[FUIBUVUJMJ[BUJPOBOEGFFTDIFE VMFT PS PUIFS GPSNT PG NBOBHFE DBSF NBZ SFEVDF XPSLFSTDIPJDFTPSBDDFTTUPOFFEFETFSWJDFT4UVE JFTTIPXSFEVDFEXPSLFSTBUJTGBDUJPOXJUINBOBHFE DBSFXIJDI NBZ DPNF UP DIBSBDUFSJ[F NPSF 8$ NFEJDJOFVOEFS4#FWFOXIFOPVUDPNFTBSF JNQSPWFEBOENFEJDBMDPTUTBSFSFEVDFE *U JT EJGàDVMU UP QSPKFDU UIF DPTU TBWJOHT GSPN 8$SFGPSNMFHJTMBUJPOCFGPSFUIFGBDU BOEOPUNVDI FBTJFS UP FWBMVBUF UIF DPTU TBWJOHT BGUFS UIF GBDU 5IFEJGà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iQVSFu QSFNJVN BEWJ TPSZ SBUFT JOUFOEFE UP JODMVEF UIF BDUVBM DPTUT PG CFOFà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áFDUJOH UIF IJHIFS CFOFàUT NBOEBUFE CZ "# IJHIMJHIU JOH UIF EJGàDVMUJFT PG TMPXJOH UIF HSPXUI PG 8$ DPTUT $PODMVTJPOT 5IF8$DSJTJTJO$BMJGPSOJBJTBDSJTJTPGFTDB MBUJOHFNQMPZFSDPTUT0WFSUIFFBSMZQBSU PG UIJT EFDBEF DPTUT UP FNQMPZFST OFBSMZ USJQMFE 1FSIBQT NPSF JNQPSUBOU UIF MFWFM PG 8$ DPTUTIBTBQQSPBDIFEBOBWFSBHFPGBCPVUQFSDFOU PGQBZSPMMDPTUT XIJDI VOMFTTTIJGUFEUPXPSLFST NJHIU QPTF B TFSJPVT iUBYu PO FNQMPZNFOU UIBU DPVMEIBWFBEWFSTFDPOTFRVFODFTGPSFNQMPZNFOU *ODSFBTFE 8$ DPTUT XFSF OPU ESJWFO CZ NPSF XPSLQMBDF JOKVSJFT PS JMMOFTTFT SBUIFS UIFTF IBWF EFDMJOFEDPOUJOVPVTMZ*UJTBMTPEJGàDVMUUPCMBNFUIF 8$DSJTJTPOEFDMJOJOHJOWFTUNFOUSFUVSOTPSEFSFH VMBUJPO CFDBVTF UIFTF DIBOHFT PDDVSSFE JO PUIFS TUBUFTBTXFMMXJUIPVUHFOFSBUJOHTIBSQMZSJTJOH8$ DPTUT BMUIPVHIUIFSPMFPGEFSFHVMBUJPOSFNBJOTUP CFTUVEJFENPSFGVMMZ 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB 5IFFWJEFODFTVHHFTUTUIBUCPUISJTJOHNFEJDBM DPTUT BOE JODSFBTJOH OVNCFST PG NBKPS 11% DBTFT IBWF DPOUSJCVUFE TJHOJàDBOUMZ UP UIF 8$ DSJTJT JO $BMJGPSOJB5IF8$CFOFàUTQBJEPVUPOBDBMFOEBS ZFBSCBTJTSPTFDPODVSSFOUMZXJUIQSFNJVNTCVUOPU OFBSMZ BT TIBSQMZ BT QSFNJVN DPTUT " LFZ GPSDF UIBUIFMQTUPGVSUIFSFYQMBJOSJTJOHQSFNJVNTJTUIF SBQJEJODSFBTFTJOJODVSSFECFOFàUT XIJDIBSFESJWFO CZ FTDBMBUJOH NFEJDBM DPTUT BOE HSPXJOH OVNCFST PG NBKPS 11% DBTFT 5P UIF FYUFOU UIBU JOTVSFST FYQFDUFEUIFSBUFPGJODSFBTFJOUIFTFGBDUPSTUPDPO UJOVF UIFSF NBZ IBWF CFFO B TPVOE SBUJPOBMF GPS SBQJEMZ JODSFBTJOH 8$ QSFNJVNT )PXFWFS JU JT EJGàDVMUUPRVBOUJGZUIFSFMBUJPOTIJQ HJWFOUIFMPOH UFSNGPSXBSEMPPLJOHOBUVSFPGJODVSSFECFOFàUT *OBOE VOEFSCPUIUIF%BWJTBOE 4DIXBS[FOFHHFS BENJOJTUSBUJPOT MFHJTMBUJPO XBT FOBDUFE UP USZ UP SFJO JO UIF DPTUT PG 8$ JO $BMJ GPSOJB5IFSFBQQFBSTUPCFBUMFBTUTPNFDPOTFOTVT UIBU UIF DPNCJOFE FGGFDUT PG UIFTF SFGPSNT TIPVME SFEVDF DPTUT QFSIBQT CZ BT NVDI BT QFSDFOU (JWFOUIBUUIFSFGPSNTEJEBUUBDLXIBUBQQFBSUPCF UIFQSJNFESJWFSTCFIJOEUIF8$DSJTJT JUJTOBUVSBM UP DPODMVEF UIBU UIFZ XJMM MPXFS 8$ DPTUT FWFO JGJUJTEJGàDVMUUPQSFEJDUCZIPXNVDI)PXFWFS UIFSF BSF UISFF JNQPSUBOU DBWFBUT UP DPODMVEJOH UIBUUIFTFSFGPSNTIBWFiTPMWFEuUIF8$DSJTJT 'JSTU UIF 8$ DSJTJT JO $BMJGPSOJB IBT CFFO DIBSBDUFSJ[FECZSBQJEHSPXUIJO8$DPTUT*GUIF SFDFOUSFGPSNTTFSWFPOMZUPMPXFSUIFDVSSFOUMFWFM PG8$DPTUTCVUEPOPUSFEVDFUIFJSSBUFPGHSPXUI UIFO XF NBZ àOE BOZ DPTU SFEVDUJPOT TUFNNJOH GSPN UIF SFDFOU SFGPSNT RVJDLMZ PWFSXIFMNFE CZ SBQJE HSPXUI GSPN XIBU XJMM TUJMM SFNBJO B GBJSMZ IJHICBTF 4FDPOE UIFSFBMFWJEFODFPGTVDDFTTJOSFJOJOH JOTQJSBMJOH8$DPTUTJO$BMJGPSOJBXJMMIBWFUPCF NFBTVSFE JO BDUVBM SBUF SFEVDUJPOT OPU FTUJNBUFE DPTUSFEVDUJPOT*UXJMMCFTPNFUJNFCFGPSFXFDBO BTTFTT XIFUIFS SBUFT IBWF GBMMFO BOE XIFUIFS UIF HSPXUI SBUF PG QSFNJVN DPTUT IBT TMPXFE .PSF PWFS XIFUIFSUIJTPDDVSTJOUIFDPOUFYUPGDPOUJOV JOHUPQSPWJEFBEFRVBUFCFOFàUT NFEJDBMUSFBUNFOU SFIBCJMJUBUJPO BOESFUVSOUPXPSLPSJOUIFDPO UFYUPGTIBSQSFEVDUJPOTJOUIFRVBMJUZPGPVUDPNFT GPS XPSLFST BOE CVTJOFTTFT XJMM DPOEJUJPO IPX XFWJFXBOZDPTUSFEVDUJPOT 'JOBMMZ XFEPOPUGVMMZVOEFSTUBOEXIBUHFOFS BUFEUIFTIBSQSVOVQJO8$DPTUTJOUIFàSTUQMBDF *OUIFGBDFPGUIBUVODFSUBJOUZ JUXPVMECFVOXBS SBOUFEUPDPOàEFOUMZQSFEJDUXIFUIFSFYJTUJOH8$ SFGPSNT BSF TVGàDJFOU UP FMJNJOBUF FTDBMBUJOH 8$ DPTUT$POWFSTFMZ UIFSFDPVMECF EFDMJOFT JO 8$ QSFNJVNT UIBU BSF OPU OFDFTTBSJMZ BUUSJCVUBCMF UPUIFSFGPSNT *GUIFSFDFOUSFGPSNT TFSWFPOMZUPMPXFSUIF 5IFTFDBWFBUTOPUXJUITUBOE DVSSFOUMFWFMPG8$DPTUT JOH IPXFWFS DSFEJU TIPVME CF HJWFOXIFSFDSFEJUJTEVF%FTQJUF B UPSUVPVT BOE IJHIMZ QPMJUJDBM QSPDFTT BOEEFTQJUFUIFSFNBJO JOHVODFSUBJOUJFT UIF8$SFGPSNT CVUEPOPUSFEVDFUIFJS SBUFPGHSPXUI UIFO XFNBZmOEBOZDPTU SFEVDUJPOTTUFNNJOH FOBDUFEJOBOEBQQFBS GSPNUIFSFDFOUSFGPSNT UP BEESFTT UIPTF DFOUSBM DBVTFT PGUIF8$DSJTJTUIBUDBOCFJEFO UJàFE 0WFS UIF OFYU GFX ZFBST UIF CFTU TUSBUFHZ GPS QPMJDZNBL FSTJODMVEFT FOTVSJOHUIBUUIF RVJDLMZPWFSXIFMNFECZ SBQJEHSPXUIGSPNXIBU XJMMTUJMMSFNBJOBGBJSMZ IJHICBTF SFGPSNTBSFFOBDUFEJOBXBZUIBU XJMMCSJOHBCPVUUIFJOUFOEFEDPTUSFEVDUJPOTXIJMF TUJMM NFFUJOH UIF MFHJUJNBUF OFFET PG CPUI XPSLFST BOE CVTJOFTTFT DPOUJOVJOH SFTFBSDI JOUP UIF FGGFDUJWFOFTT PG UIF SFGPSNT FOBDUFE UIVT GBS BOE àOFUVOJOHUIF8$TZTUFNUPVTFXIBUXFMFBSO GSPNUIJTSFTFBSDIUPGVSUIFSSFEVDF8$DPTUTUIBU EPOPUTFSWFUIFTFMFHJUJNBUFOFFETV 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB /PUFT 8PSLFST$PNQFOTBUJPO*OTVSBODF3BUJOH#VSFBV 8$*3# B 8$*3# B 3FWJMMFFUBM FYQMBJOUIF11%SBUJOHTZTUFN5IF TUBUJTUJDT BSF GSPN 8$*3# C BOE 1FUFSTPO FU BM Q 6OEFSUIFNPTUSFDFOUSFGPSNT JGUIFFNQMPZFSIBTFTUBC MJTIFEBRVBMJà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àUT GPS UIF JOTVSFE BOE QVCMJD BOE QSJWBUF TFMG JOTVSFE EP OPU BEE VQ FYBDUMZ UP UIF CFOFàUT GPS BMM FNQMPZFSTTIPXOJO'JHVSFCFDBVTFPGEJGGFSFOUNFBTVSF N FOUJOBMUFSOBUJWFEBUBTPVSDFT /"4* 5BCMFTBOE /"4* 5BCMFTBOE 4FF 5FMMFT FU BM 5BCMF 5IF BOBMZTJT JO UIJT TUVEZ DPNQBSFT DMBJNT FWBMVBUFE JO UISFF ZFBSTNBUVSJUZ BOEDMBJNTFWBMVBUFEJO POF ZFBSNBUVSJUZ XJUIQSFWJPVTZFBSTDMBJNTFWBMVBUFEBUUIF TBNF NBUVSJUJFT TUBSUJOH JO 5IF BVUIPST àOE UIBU BNPOHDPNQBSJTPOTUBUFT TFFOPUF $BMJGPSOJBIBE UIF IJHIFTU SBUF PG JODSFBTF GPS BWFSBHF JODVSSFE CFOFàUT GPSCPUINPSFBOEMFTTNBUVSFDMBJNTPWFSUIFQFSJPE 8$3* DPMMFDUT BOE BOBMZ[FT EBUB GPS MBSHF TUBUFT $BMJGPSOJB $POOFDUJDVU 'MPSJEB *MMJOPJT *OEJBOB -PV JTJBOB .BTTBDIVTFUUT /PSUI $BSPMJOB 1FOOTZMWBOJB 5FOOFTTFF 5FYBT BOE 8JTDPOTJO 'PS TPNF DPNQBSJTPOT XJUI SFHBSE UP 11% CFOFàUT -PVJTJBOB .BTTBDIVTFUUT BOE1FOOTZMWBOJBBSFPNJUUFECFDBVTFUIFJSCFOFàUTUSVD UVSFJTWFSZEJGGFSFOU &DDMFTUPOFUBM 5BCMFBBOEB 1IZTJDBMNFEJDJOFJODMVEFTOPONFEJDBMJOUFSWFOUJPOTTVDI BT USBDUJPO VMUSBTPVOE BOE BDVQVODUVSF TFF )BSSJT BOE 4XFEMPX 5FMMFTFUBM 5BCMF 3FWJMMFFUBM 5FMMFTFUBM 5BCMFTBOE *OBEEJUJPOUPUIFOVNCFSPG11%DBTFTBOEUIFJSNFEJ DBMBOEJOEFNOJUZCFOFàUT GFBUVSFTVOJRVFUP$BMJGPSOJBT TZTUFN PG FWBMVBUJOH QBSUJBM EJTBCJMJUJFT NBZ UFOE UP QSP NPUFMJUJHBUJPO 3FWJMMFFUBM Q )PXFWFS MPPL JOHBUUIFDIBOHFJODMBJNTXJUIEFGFOTFBUUPSOFZJOWPMWF NFOU BDPNQBSJTPOPGDMBJNTJOJUJBUFEJOXJUIUIPTF JOJUJBUFEJO BUUISFFZFBSTNBUVSJUZ JOEJDBUFEGBTUFS HSPXUIJO$BMJGPSOJB QFSDFOUBHFQPJOUTQFSZFBS UIBO JO BMM PG UIF DPNQBSJTPO TUBUFT UIF TUBUF NFEJBO XBT QFSDFOUBHFQPJOU 5FMMFTFUBM 5BCMF 5IJT àHVSFJEFOUJàFTBTPVSDFPGSJTJOH8$DPTUTJO$BMJGPSOJB )PXFWFS 5FMMFTFUBMBMTPSFQPSUPOUIFDIBOHFJOEFGFOTF BUUPSOFZQBZNFOUTQFSDMBJNXJUIEFGFOTFBUUPSOFZJOWPMWF NFOU5IFTFSPTFBUBMPXFSSBUFJO$BMJGPSOJBUIBOJONPTU PGUIFPUIFSTUBUFT TVHHFTUJOHUIBUMJUJHBUJPODPTUTPWFSBMM XFSFOPUBNBKPSGBDUPSJOUIFTUBUFT8$DSJTJT BMUIPVHI UIFZNBZIBWFDPOUSJCVUFE #VSUPO ,JMHPVS QQm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àHVSF FMFNFOUT PG 4# UIBUDPVMEJODSFBTFDPTUT TVDIBTOFXGFFT BOETUJMM QSPKFDUFEPWFSBMM8$DPTUTUPDPOUJOVFUPJODSFBTFBGUFSUIF MFHJTMBUJPO BOEBGUFSBPOFZFBSTMPXEPXOJOUIFHSPXUI PGDPTUTBUBTJNJMBSSBUFUPQSPKFDUJPOTCFGPSFUIFMFHJTMB UJPO $BMJGPSOJB%FQBSUNFOUPG*OTVSBODF $%* *UJT JNQPSUBOU UP OPUF BT UIF *OTVSBODF $PNNJTTJPOFS EPFT JOUIJTTUBUFNFOU UIBUiUIF*OTVSBODF$PNNJTTJPOFSEPFT OPUTFUXPSLFSTDPNQFOTBUJPOSBUFT*OTVSBODFDPNQBOJFT BSF BMMPXFE CZ MBX UP TFU BOZ BEFRVBUF SBUF UIFZ EFTJSF )PXFWFS UIFSFGPSNMFHJTMBUJPOJODMVEFTBQSPWJTJPO UIBUSFRVJSFTJOTVSFSTUPàMFSBUFTUIBUJODMVEFUIFTBWJOHT UIBU * EFUFSNJOF BSF EVF UP UIF SFGPSNTu )PX UIJT QMBZT PVU JO QSBDUJDF JT VODFSUBJO IPXFWFS .PSFPWFS JU IBT CFFOSFQPSUFEUIBUUIJTFTUJNBUFXBTPWFSPQUJNJTUJD XJUI GFXJOTVSFSTJNQMFNFOUJOHSFEVDUJPOTUIJTMBSHF %SFTTMFS $%* 5IF*OTVSBODF$PNNJTTJPOFSTJOJUJBMQSP QPTFESFEVDUJPOPGQFSDFOU GPMMPXFECZBTVCTFRVFOU SFEVDUJPO PG BO BEEJUJPOBM QFSDFOU GSPN UIF OFX MPXFS CBTF BNPVOUT UP B QFSDFOU PWFSBMM SFEVDUJPO 'PS FYBNQMF B QSFNJVN JT àSTU SFEVDFE UP BOE UIFOUP GPSBDPNCJOFESFEVDUJPOPGQFSDFOU 4FF8$*3# E F BOE$%* 3FGFSFODFT #VSUPO +PIO' i8PSLFST$PNQFOTBUJPO%FWFMPQNFOUT 4JODFBOE1SPHOPTUJDBUJPOTGPS#FOFàUTBOE$PTUT u 8PSLFST $PNQFOTBUJPO 1PMJDZ 3FWJFX 7PM *TTVF 4FQUFNCFS0DUPCFS QQm #VSUPO +PIO' i8PSLFST$PNQFOTBUJPO$PTUTGPS&NQMPZ FST *ODSFBTF JO u 8PSLFST $PNQFOTBUJPO 1PMJDZ 3FWJFX 7PM *TTVF .BZ+VOFB QQm #VSUPO +PIO ' i8PSLFST $PNQFOTBUJPO #FOFàUT BOE $PTUT JO u +PIO #VSUPOT 8PSLFST $PNQFOTBUJPO 3FTPVSDFT 1SJODFUPO /FX +FSTFZ C BWBJMBCMF BU IUUQXXXXPSLFSTDPNQSFTPVSDFTDPN%BUB@BOE@"SUJDMFT /"4* + # @ 4UBUFNFOUIUN BTPGFNCFS $BMJGPSOJB -BCPS 'FEFSBUJPO "'-$*0 i8PSLFST $PN QFOTBUJPO u0BLMBOE $BMJGPSOJB BWBJMBCMFBUIUUQ XXXDBMBCPSGFEPSHJTTVFT@QPMJUJDT-FHJTMBUJWF 8PSL FST@$PNQIUNM BTPG"VHVTU $%* i'JMF/VNCFS3) u4BDSBNFOUP $BMJGPS OJB $)48$ m "OOVBM 3FQPSU 4BDSBNFOUP $BMJ GPSOJB FNCFS $ 8$* i4VNNBSZ PG -FHJTMBUJWF 3FGPSNT " # BOE 4# u 0BLMBOE $BMJGPSOJB B BWBJMBCMF BU IUUQXXXDXDJPSHMFHJTMBUJWF"OBMZTJTIUN BT PG +VOF $8$* #VMMFUJO/P 0BLMBOE $BMJGPSOJB C %SFTTMFS %PO i"OBMZTJT PG $BMJGPSOJBT 8PSLFST $PN QFOTBUJPO3FGPSN u*SWJOF $BMJGPSOJB BWBJMBCMFBU IUUQVDDFVDEBWJTFEVàMFTàMFMJCSBSZQEG BT PG+VMZ &DDMFTUPO 4UBDFZ . 9JBPQJOH ;IBP BOE 5F $IVO -JV 5IF "OBUPNZ PG 8PSLFST $PNQFOTBUJPO .FEJDBM $PTUT BOE6UJMJ[BUJPO5SFOETBOE*OUFSTUBUF$PNQBSJTPOT UI &EJUJPO 8PSLFST$PNQFOTBUJPO3FTFBSDI*OTUJUVUF $BN CSJEHF .BTTBDIVTFUUT (BSBNFOEJ +PIO i5IF(BSBNFOEJ1MBO$PNQMFUJOH8PSL FST $PNQFOTBUJPO 3FGPSN u $BMJGPSOJB %FQBSUNFOU PG *OTVSBODF 4BDSBNFOUP $BMJGPSOJB BWBJMBCMFBUIUUQ X X XJ OTV SB ODFDBHPW EPDT XD @ VQEBUF @ QE G BTPG+BOVBSZ (SVCFS +POBUIBO BOE "MBO # ,SVFHFS i5IF *ODJEFODF PG.BOEBUFE&NQMPZFS1SPWJEFE*OTVSBODF-FTTPOTGSPN 8PSLFST $PNQFOTBUJPO *OTVSBODF u JO %BWJE #SBEGPSE FE 5BY 1PMJDZ BOE UIF &DPOPNZ /BUJPOBM #VSFBV PG & DPOPNJD 3FTFBSDI 5IF . * 5 1SFTT $BNCSJEHF .BTTB DIVTFUUT QQm )BSSJT +FGGSFZ 4 BOE "MFY 4XFEMPX i&WJEFODF#BTFE .FEJDJOF 5 IF $BMJGPSOJB 8PSLFST $PNQFOTBUJPO 4ZT UFN"3FQPSUUPUIF*OEVTUSZ u$BMJGPSOJB8PSLFST$PN QFOTBUJPO*OTUJUVUF 0BLMBOE $BMJGPSOJB ,JMHPVS +PIO ( i8PSLFST $PNQFOTBUJPO 3FGPSN JO $BMJGPSOJB"#PGBOE"#PG u$PN 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB QFOTBUJPOBOE#FOFàUT3FWJFX 7PM /P /PWFNCFS FNCFS QQm /"4* 8PSLFST$PNQFOTBUJPO#FOFàUT $PWFSBHFBOE$PTUT m/FX&TUJNBUFT 8BTIJOHUPO %$ /"4* 8PSLFST $PNQFOTBUJPO #FOFàUT $PWFSBHF BOE $PTUT /FX &TUJNBUFT BOE m 3FWJTJPOT 8BTIJOHUPO %$ +VMZ /"4* 8PSLFST $PNQFOTBUJPO #FOFàUT $PWFSBHF BOE $PTUT 8BTIJOHUPO %$ +VMZ BWBJMBCMF BU IU U Q X X XOBTJPSH VTS@ EPD 8PSLFST @$PNQ@ 3FQPS U @ @'JOBMQEG BTPG'FCSVBSZ /"4* 8PSLFST $PNQFOTBUJPO #FOFàUT $PWFSBHF BOE $PTUT 8BTIJOHUPO %$ "VHVTU BWBJMBCMFBU IU UQ X X XOBTJPSH VTS@ EPD 8PSLFST @$PNQ@ QEG BTPG4FQUFNCFS /FVIBVTFS 'SBOL .FNPSBOEVN 6OJWFSTJUZ PG $BMJGPS OJB #FSLFMFZ 04*1 i1VCMJD4FMG*OTVSFST4UBUFXJEF5PUBMT uOE B 4BD SBNFOUP $BMJGPSOJB àTDBMZFBST m 04*1 i1SJWBUF4FMG*OTVSFE&NQMPZFST4UBUFXJEF5PUBMT u OE C 4BDSBNFOUP $BMJGPSOJB m 1BDF /JDIPMBT. BOE3PCFSU53FWJMMF i*OKVSFEPOUIF +PC$BMJGPSOJB4FFLTUP3FIBCJMJUBUFUIF4PDJBM$POUSBDU u 3"/%3FWJFX 4BOUB.POJDB $BMJGPSOJB BWBJMBCMF BU IUUQXXXSBOEPSHQVCMJDBUJPOTSBOESFWJFXJTTVFT TVNNFSJOKVSFEIUNM BTPGFNCFS 1FUFSTPO .BSL " 3PCFSU 5 3FWJMMF 3BDIBFM ,BHBOPGG 4UFSO BOE1FUFS4#BSUI $PNQFOTBUJOH1FSNBOFOU8PSL QMBDF*OKVSJFT"4UVEZPGUIF$BMJGPSOJB4ZTUFN 3"/% $PSQPSBUJPO 4BOUB.POJDB $BMJGPSOJB 1PPDIJHJBO $IBSMFT i8PSLFST$PNQFOTBUJPO'JOBM-FH JTMBUJWF6QEBUF u$BMJGPSOJB4UBUF4FOBUF3FQVCMJDBO$BV DVT 4BDSBNFOUP $BMJGPSOJB C BWBJMBCMF BU IUUQ SFQVCMJDBOTFODBHPWPQFETPQFEBTQ BT PG .BZ 3FWJMMF 3PCFSU5 4V[BOOF.1PMJDI 4FUI4FBCVSZ BOE &MJ[BCFUI(JEEFOT 1FSNBOFOU%JTBCJMJUZBU1SJWBUF 4FMG *OTVSFE 'JSNT " 4UVEZ PG &BSOJOHT -PTT 3FQMBDFNFOU BOE3FUVSOUP8PSLGPS8PSLFST$PNQFOTBUJPO$MBJN BOUT 3"/% $PSQPSBUJPO 4BOUB .POJDB $BMJGPSOJB 3FWJMMF 3PCFSU 5 4FUI 4FBCVSZ BOE 'SBOL /FVIBVTFS i&WBMVBUJPO PG $BMJGPSOJBT 1FSNBOFOU %JTBCJMJUZ 3BUJOH 4DIFEVMF*OUFSJN3FQPSU u3"/%*OTUJUVUFGPS$JWJM+VTUJDF 4BOUB .POJDB $BMJGPSOJB FNCFS BWBJMBCMF BU IUUQ XXXSBOEPSH QVCMJDBUJPOT %# %#JOEFY IUNM BTPG+BOVBSZ 5FMMFT $BSPM" %POHDIVO8BOH BOE3BNPOB15BOBCF $PNQ4DPQF #FODINBSLT .VMUJTUBUF $PNQBSJTPOT UI &EJUJPO 8PSLFST$PNQFOTBUJPO3FTFBSDI*OTUJUVUF $BN CSJEHF .BTTBDIVTFUUT 5IPNBTPO 5FSSZ 5JNPUIZ14DINJEMF BOE+PIO'#VSUPO +S 8PSLFST $PNQFOTBUJPO #FOF àUT $PTUT BOE 4BGFUZ 6OEFS"MUFSOBUJWF*OTVSBODF"SSBOHFNFOUT 8&6QKPIO *OTUJUVUF GPS &NQMPZNFOU 3FTFBSDI ,BMBNB[PP .JDIJ HBO 64 #VSFBV PG -BCPS 4UBUJTUJDT 8BTIJOHUPO %$ OE BWBJMBCMF BU IUUQXXXCMTHPWJJGIPNFIUN BT PG +VMZ 7JDUPS 3JDIBSE " i&WJEFODF PG &GGFDUJWFOFTT PG 1PMJDZ -FWFST UP $POUBJO .FEJDBM $PTU JO 8PSLFST $PNQFOTB UJPO u8$3* $BNCSJEHF .BTTBDIVTFUUT /PWFNCFS 8$*3# i8$*3# #VMMFUJO /P 3F $BMJGPSOJB 8PSLFST$PNQFOTBUJPO1PMJDZ:FBS4UBUJTUJDT u4BO'SBO DJTDP $BMJGPSOJB "VHVTU 8$*3# i$PTU&WBMVBUJPOPG"TTFNCMZ#JMMBT&OBDUFE u 4BO'SBODJTDP $BMJGPSOJB +VMZ B 8$*3# i8$*3# #VMMFUJO /P 3F $BMJGPSOJB 8PSLFST$PNQFOTBUJPO1PMJDZ:FBS4UBUJTUJDT u4BO'SBO DJTDP $BMJGPSOJB +VOF C 8$*3# i8$*3# #VMMFUJO /P 3F $BMJGPSOJB 8PSLFST$PNQFOTBUJPO1PMJDZ:FBS4UBUJTUJDT u4BO'SBO DJTDP $BMJGPSOJB +VMZ B 8$*3# i8$*3##VMMFUJO/P 3F3FQPSUPO $BMJGPSOJB8PSLFST$PNQFOTBUJPO-PTTFTBOE&YQFOTFT u 4BO'SBODJTDP $BMJGPSOJB +VOF C 8$*3# i8$*3#1SFMJNJOBSZ&TUJNBUFPGUIF$PTU*NQBDU PG"TTFNCMZ#JMMBOE4FOBUF#JMMBT"EPQUFECZUIF -FHJTMBUVSF4FQUFNCFS u4BO'SBODJTDP $BMJGPS OJB 4FQUFNCFS D BWBJMBCMFBUIUUQXDJSCPOMJOF PSH XDJ SC @X J SF QE G @ QSFM J N @ FWB M @ TC @ BC @ QEG BTPG+VMZ 8$*3# i$BMJGPSOJB8PSLFST$PNQFOTBUJPO*OTVSFE -PTTFT BOE &YQFOTFT u 4BO 'SBODJTDP $BMJGPSOJB +VOF B 8$*3# $BMJGPSOJB 8PSLFST $PNQFOTBUJPO 6OJGPSN 4UBUJTUJDBM 3FQPSUJOH 1MBO &GGFDUJWF +BOVBSZ 4BO 'SBODJTDP $BMJGPSOJB C BWBJMBCMF BU IUUQ XDJSCPOMJOFPSH SPPU QEGVTSQ@JD @SFHT @POMZQEG BT PG.BZ 8$*3# i8$*3# #VMMFUJO /P 3F 8$*3# 4VNNBSZ PG 1PMJDZ :FBS 4UBUJTUJDT u 4BO 'SBODJTDP $BMJ GPSOJB "VHVTU D 8$*3# i8$*3# UP 1SPQPTF B 3FEVDUJPO JO 1VSF 1SF NJVN3BUFT u4BDSBNFOUP $BMJGPSOJB E BWBJMBCMFBU IUUQXDJSCPOMJOFPSHXDJSC@XJSF@BTQ BT PG.BZ 8$*3# i8$*3#UP1SPQPTF*ODSFBTFJO1VSF1SF NJVN "EWJTPSZ 3BUFT +BOVBSZ u 4BO 'SBODJTDP $BMJGPSOJB F BWBJMBCMF BU IUUQXDJSCPOMJOFPSH XDJSC@XJSF@BTQ BTPG"VHVTU 8JDLJ[FS 5IPNBT. (BSZ'SBOLMJO 3PZ1MBFHFS#SPDLXBZ BOE 3PCFSU % .PPU[ i*NQSPWJOH UIF 2VBMJUZ PG 8PSL FST$PNQFOTBUJPO)FBMUI$BSF%FMJWFSZ5IF8BTIJOHUPO 4UBUF 0DDVQBUJPOBM )FBMUI 4FSWJDFT 1SPKFDU u 5IF .JMM CBOL2VBSUFSMZ 7PM /P QQm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nFDUUIFWJFXTPG11*$ 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 $IFSZM8IJUF.BTPO $IBJS $IJFG $JWJM-JBCJMJUZ.BOBHFNFOU 0 G m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m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
}
["___content":protected]=>
string(106) "
"
["_permalink":protected]=>
string(99) "https://www.ppic.org/publication/the-workers-compensation-crisis-in-california-a-primer/ep_105dnep/"
["_next":protected]=>
array(0) {
}
["_prev":protected]=>
array(0) {
}
["_css_class":protected]=>
NULL
["id"]=>
int(8456)
["ID"]=>
int(8456)
["post_author"]=>
string(1) "1"
["post_content"]=>
string(0) ""
["post_date"]=>
string(19) "2017-05-20 02:37:45"
["post_excerpt"]=>
string(0) ""
["post_parent"]=>
int(3661)
["post_status"]=>
string(7) "inherit"
["post_title"]=>
string(10) "EP 105DNEP"
["post_type"]=>
string(10) "attachment"
["slug"]=>
string(10) "ep_105dnep"
["__type":protected]=>
NULL
["_wp_attached_file"]=>
string(14) "EP_105DNEP.pdf"
["wpmf_size"]=>
string(6) "388439"
["wpmf_filetype"]=>
string(3) "pdf"
["wpmf_order"]=>
string(1) "0"
["searchwp_content"]=>
string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àUTQBJEPVUCZJOTVSFSTFBDIZFBSIBWFOPUSJTFOOFBSMZBTTIBSQMZBTUIF QSFNJVNDPTUTDIBSHFEUPFNQMPZFST QSFNJVNDPTUTNBZIBWFSJTFOCFDBVTFJOTVSFSTFYQFDUFE BDPOUJOVJOHJODSFBTFJOGVUVSFNFEJDBMDPTUTBOENBKPS11%DBTFT *OSFTQPOTF UXPNBKPSQJFDFTPGMFHJTMBUJPOSFGPSNJOH8$XFSFQBTTFEJOBOE "MUIPVHIXFOPUFEBCPWFUXPQPTTJCMFSFBTPOTGPSSJTJOHDPTUT 8$JTBSFNBSLBCMZDPNQMFY TZTUFN *U JT EJGàDVMU UP QJOQPJOU UIF ESJWJOH GPSDFT CFIJOE UIJT DSJTJT BOE UIF MJLFMZ FGGFDUT PG QPMJDZDIBOHFT5IFCFTUFTUJNBUFTDVSSFOUMZBWBJMBCMFTVHHFTUUIBUUIFDPNCJOFEFGGFDUTPGUIF BOESFGPSNTTIPVMESFEVDFDPTUTCZBSPVOEQFSDFOU)PXFWFS UIFSFBSFJNQPS UBOUSFBTPOTUPCFDBVUJPVTJODPODMVEJOHUIBUUIFTFSFGPSNTIBWFiTPMWFEuUIF8$DSJTJT5IFZ JODMVEFVODFSUBJOUZPWFSUIFFGGFDUTPGUIFMFHJTMBUJPO UIFQPTTJCJMJUZPGDPOUJOVJOHIJHIHSPXUI SBUFTJO8$DPTUT JOBCJMJUZUPGVMMZBDDPVOUGPSUIFDPTUSVOVQJOUIFàSTUQMBDF BOEDPODFSOT UIBUDPTUSFEVDUJPOTOPUJNQBJSBQQSPQSJBUFNFEJDBMDBSFBOEJOEFNOJUZCFOFà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rSJTJOHTUBUVUPSZCFOFàUTFOBDUFECZUIFMFHJTMB UVSF rFTDBMBUJOHNFEJDBMDPTUTBOEEJTBCJMJUZDMBJNT rUIFEFSFHVMBUJPOPG$BMJGPSOJBT8$JOTVSBODF NBSLFUJO XIJDIBMMPXFEJOTVSBODFDPN QBOJFTUPDPNQFUFJOTFUUJOHQSFNJVNSBUFT PS iPQFOSBUJOHu BOE rEFDMJOJOHJOWFTUNFOUSFUVSOTPOGVOETTFUBTJEF CZJOTVSBODFDPNQBOJFTGPSGVUVSF8$MJBCJMJ UJFT BTBSFTVMUPGUIFDPMMBQTFPGUIFTUPDLNBS LFUCPPNPGUIFT *O SFTQPOTF UP UIF BMBSNJOH JODSFBTF JO 8$ QSFNJVNT MBXNBLFST JO 4BDSBNFOUP QBTTFE UXP NBKPSQJFDFTPGMFHJTMBUJPO4#JOBOE4# JO 5IFHPBMPGUIJTJTTVFPG$BMJGPSOJB&DPOPNJD 1PMJDZJTUPFYBNJOFUIFQPUFOUJBMSFBTPOTGPSUIF8$ DSJTJTJO$BMJGPSOJB UPFYQMBJOUIFQPMJDZSFTQPOTFT BOE UP EJTDVTT UIF SFMBUJPOTIJQ 5IF8PSLFST $PNQFOTBUJPODSJTJT CFUXFFO UIF BQQBSFOU TPVSDFT PG UIJT DSJTJT BOE UIFTF QPMJDZ SFTQPOTFT .VDI PG UIF NBUFSJBM UIBUFNFSHFEJOUIJT QSFTFOUFECFMPXXJMMCFGBNJMJBSUP EFDBEFJO$BMJGPSOJBJT JOBOVUTIFMM BO VOQSFDFEFOUFESVOVQ JOFNQMPZFST8$DPTUT UIPTFJOUJNBUFMZJOWPMWFEXJUIUIF TUBUFT 8$ DSJTJT BOE TVCTFRVFOU SFGPSN FGGPSUT 0VS JOUFOUJPO IFSF JT UP QSPWJEF BO PQQPSUVOJUZ GPS UIPTFXIPBSFMFTTXFMMWFSTFEUP #FUXFFOBOE HFU VQ UP TQFFE PO UIF QSPCMFN UIFTFDPTUTOFBSMZ USJQMFE SJTJOHUPBO BWFSBHFPGPWFSQFSDFOU PGQBZSPMMDPTUT BOE UIF QPMJDZ SFTQPOTFT JU FMJD JUFE 'VUVSF XPSL BU 11*$ XJMM NPWFCFZPOEFTUBCMJTIJOHUIFDPO UFYUBOECFHJOUPDPOUSJCVUFOFX SFTFBSDIPO8$JO$BMJGPSOJB "O0WFSWJFXPG$BMJGPSOJBT 8$4ZTUFN 8$JT B OPGBVMU TZTUFN PG JOTVS BODF JO XIJDI XPSLFST HJWF VQ UIF BCJMJUZ UP TVF UIFJS FNQMPZ FST GPS XPSLQMBDFSFMBUFE JOKVSZ PS JMMOFTT JO FYDIBOHFGPSQPTTJCMZSFEVDFECVUNPSFDFSUBJO NFEJDBM BOE JOEFNOJUZ CFOFàUT XIFO UIFZ TVGGFS TVDI BO JOKVSZ 5IFTF CFOFàUT GBMM JOUP àWF NBJO DBUFHPSJFT NFEJDBM CFOFàUT UFNQPSBSZ EJTBCJMJUZ CFOFàUT QFSNBOFOU EJTBCJMJUZ CFOFàUT WPDBUJPOBM SFIBCJMJUBUJPO CFOFàUT BOE EFBUI CFOFàUT 8JUI DFSUBJOMJNJUBUJPOT JOKVSFEXPSLFSTBSFFOUJUMFEUP BMMNFEJDBMDBSFUIBUJTOFDFTTBSZUPDVSFPSSFMJFWF UIFFGGFDUTPGBXPSLQMBDFJOKVSZ XJUIOPEFEVDUJCMF PSDPQBZNFOU.BOZJOKVSJFTBSFNJOPSBQQSPYJ NBUFMZ UXPUIJSET PG BMM 8$ DMBJNT BSF NFEJDBM POMZBOESFTVMUJOOPJOEFNOJUZQBZNFOUTGPSMPTU XBHFT#VUBTNBMMFSOVNCFSPGDBTFTBDDPVOUGPSB MBSHFTIBSFPGDPTUTGPSFYBNQMF QFSDFOUPGBMM NFEJDBMCFOFàUEPMMBSTHPUPXPSLFSTXIPTFJOKVSJFT BSFTFWFSFFOPVHIUPSFTVMUJOQFSNBOFOUEJTBCJMJUZ BTEPBMBSHFTIBSFPGJOEFNOJUZCFOFàUEPMMBST 8PSLFST XIP NJTT NPSF UIBO UISFF EBZT PG XPSLBTUIFSFTVMUPGXPSLQMBDFJMMOFTTPSJOKVSZBSF FOUJUMFEUPUFNQPSBSZEJTBCJMJUZ 5% CFOFàUT5% CFOFàUTBSFDBMDVMBUFEBTUXPUIJSETPGUIFXPSLFST VTVBMXBHF TVCKFDUUPBNBYJNVN QFSXFFL JO 5IFZBSFQBZBCMFVOUJMUIFXPSLFSTDPO EJUJPO IBT TUBCJMJ[FE BOE IF JT KVEHFE UP CF FJUIFS QFSNBOFOUMZEJTBCMFEPSBCMFUPSFUVSOUPXPSL*O 5% BDDPVOUFE GPS UIF MBSHFTU TIBSF PG QBJE JOEFNOJUJFT .PTUXPSLFSTXIPBSFQFSNBOFOUMZEJTBCMFEBSF DMBTTJàFEBTIBWJOHBQFSNBOFOUQBSUJBMEJTBCJMJUZ BTPQQPTFEUPBUPUBMEJTBCJMJUZBOEBSFBTTJHOFE BEJTBCJMJUZSBUJOHPGCFUXFFOQFSDFOUBOE QFSDFOU DPSSFTQPOEJOHUPUIFJSSFNBJOJOHDBQBDJUZ UPXPSL11%QBZNFOUTBDDPVOUFEGPSQFSDFOU PG BMM 8$ JOEFNOJUZ QBZNFOUT JO $BMJGPSOJB JO )PXFWFS 11%DBTFTMPPNMBSHFSJOUFSNTPG UPUBMJOEFNOJUZQBZNFOUT5IJTJTCFDBVTFQFSNB OFOUMZ EJTBCMFE XPSLFST NBZ SFDFJWF 5% CFOFàUT GPS BO FYUFOEFE UJNF VOUJM UIFJS TJUVBUJPO IBT TUB 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB CJMJ[FEBOEUIFZIBWFCFFOFWBMVBUFEGPSBEJTBCJM JUZSBUJOH BUXIJDIQPJOUUIFZCFHJOUPESBX11% CFOFàUT 8IFOBXPSLFSJTJOKVSFEPSCFDPNFTJMMBTB SFTVMUPGIJTKPC IFJTEJBHOPTFEBOEUSFBUFECZBO FNQMPZFSDIPTFOQSPWJEFS VOMFTTUIFFNQMPZFFIBT QSFEFTJHOBUFE B QSPWJEFS "GUFS EBZT XPSLFST NBZIBWFUIFSJHIUUPDIBOHFUPBNFEJDBMQSPWJEFS PGUIFJSPXODIPJDF*OUIFNBKPSJUZPG8$DBTFT UZQJDBMMZ MFTT TFSJPVT POFTCFOFàUT BSF EFMJWFSFE BVUPNBUJDBMMZ XJUIPVU TFSJPVT EJTQVUF PS EFMBZ )PXFWFS BQQSPYJNBUFMZQFSDFOUPGDMBJNTFOE VQJO8$DPVSUTXJUIEJTQVUFTSFHBSEJOHUIFEFHSFF UP XIJDI BO JOKVSZ PS JMMOFTT JT XPSLSFMBUFE UIF TUBUVT PS SBUJOH PG UIF EJTBCJMJUZ PS UIF OFDFTTJUZ EVSBUJPO PSLJOEPGNFEJDBMUSFBUNFOU-JUJHBUJPO JT QBSUJDVMBSMZ DPNNPO JO DBTFT PG TFSJPVT JOKVSZ BOEQFSNBOFOUEJTBCJMJUZ .PTUFNQMPZFSTJO$BMJGPSOJBQSPWJEFCFOFàUTUP JOKVSFE XPSLFST CZ QVSDIBTJOH JOTVSBODF GSPN B QSJWBUFJOTVSBODFDPNQBOZPSGSPNUIF4UBUF$PN QFOTBUJPO*OTVSBODF'VOE 4$*' 5IF4$*'XBTDSF BUFEJOUPDPNQFUFXJUIQSJWBUFJOTVSFSTBOE UP TFSWF BT UIF iJOTVSFS PG MBTU SFTPSUu *OTVSBODF QSJDFT XFSF PSJHJOBMMZ SFHVMBUFE CZ UIF .JOJNVN 3BUF-BX CVUJOUIFNBSLFUXBTEFSFHVMBUFE BOE QSJWBUF DPNQBOJFT XFSF MBSHFMZ GSFF UP QSJDF JOTVSBODFBTUIFZDIPTF-BSHFQSJWBUFDPNQBOJFT PSHSPVQTPGDPNQBOJFT FYDFFEJOHTQFDJàFENJOJ NVN àOBODJBM SFRVJSFNFOUT NBZ TFMGJOTVSF GPS 8$ MJBCJMJUZ BT NBZ QVCMJD FNQMPZFST "MUIPVHI GFXFSUIBOQFSDFOUPG$BMJGPSOJBFNQMPZFSTTFMG JOTVSF TFMGJOTVSFEFNQMPZFSTQBJEQFSDFOUPGBMM DBMFOEBSZFBS8$CFOFà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iUPUBMXSJUUFOQSFNJVNTuDBQUVSFTUPUBM FYQFOEJUVSFTJOUIFTUBUFPO8$JOTVSBODFGPS$BM JGPSOJB FNQMPZFST XIP QVSDIBTFE JOTVSBODF GSPN QSJWBUFJOTVSFSTPSGSPNUIF4UBUF'VOE *O UIF FBSMZ T BGUFS SJTJOH UP B IJHI PG BCPVUCJMMJPO UJNFTUIFWBMVF UPUBM XSJUUFO QSFNJVNT GFMM UP CJMMJPO JO BOE UIFO JODSFBTFE HSBEVBMMZ UP CJMMJPO JO 5IFOUIF8$DSJTJTTFUJO XJUIUIFOFYUGPVSZFBST XJUOFTTJOHDPTUJODSFBTFTBWFSBHJOHPWFSQFSDFOU QFSZFBS*O DPTUTXFSFUISFFUJNFTBTIJHIBT JO BOJODSFBTFPGQFSDFOU5IFTFDPOENFB TVSF JO UIF à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àOBMTFSJFTQMPUUFEJO'JHVSF NFBTVSFT 8$ DPTUT QFS PG QBZSPMM OBUJPO BMMZ 5IJT TFSJFT TIPXT POMZ B TMJHIU JODSFBTF GSPN UP 5IVT XIJMF 8$ DPTUT XFSF TLZSPDLFUJOHJO$BMJGPSOJB JOUIFSFTUPGUIFOBUJPO UIFZXFSFSJTJOHBUBGBSNPSFNPEFSBUFSBUF *ODJEFODF 5IF NPTU QFSWBTJWF GFBS SFHBSEJOH SJTJOH 8$ QSFNJVNT JT UIBU UIFZ SBJTF MBCPS DPTUT BOE XJMM UIVT MFBE UP FNQMPZNFOU EFDMJOFT )PXFWFS UIF FGGFDUPGIJHIFSQSFNJVNTPOFNQMPZNFOUEFQFOET POMBCPSEFNBOEBOETVQQMZDPOEJUJPOT'PSFYBN QMF JG MBCPS TVQQMZ JT IJHIMZ SFTQPOTJWF UP XBHFT UIFO FNQMPZFST DBOOPU DVU XBHFT UPP TIBSQMZ XJUIPVU ESJWJOH BXBZ FNQMPZFFT 5IVT FNQMPZFST DBOOPUTIJGUUIFDPTUPGIJHIFSQSFNJVNTUPDVSSFOU XPSLFSTCZMPXFSJOHUIFJSXBHFT 8IJMF8$DPTUT TIBSQMZ BOE JOTUFBE IBWF UP NBLF VQ GPS UIF JODSFBTFE 8$ XFSFTLZSPDLFUJOHJO DPTUT CZ SFEVDJOH FNQMPZNFOU $BMJGPSOJB JOUIFSFTU PGUIFOBUJPOUIFZXFSF SJTJOHBUBGBSNPSF NPEFSBUFSBUF *O UIJT DBTF UIF iJODJEFODFu PG 8$ QSFNJVNT GBMMT NBJOMZ PO FNQMPZFST0OUIFPUIFSIBOE JG MBCPS TVQQMZ JT OPU WFSZ SFTQPO TJWFUPXBHFT UIFOXBHFTXJMMGBMM CZ NPSF BOE FNQMPZNFOU XJMM GBMMCZMFTT BTXPSLFSTCFBSNPSFPGUIFJODJEFODF JOUFSNTPGMPXFSXBHFT5IVT XIFOUIFJODJEFODF GBMMTNPSFIFBWJMZPOFNQMPZFST HSFBUFSKPCMPTTFT XJMMFOTVF 1BTUSFTFBSDIPOUIFJODJEFODFPG8$QSFNJVNT TVHHFTUT UIBU XPSLFST CFBS NPTU PG UIF JODJEFODF JOXIJDIDBTFIJHIFSQSFNJVNTXPVMESFEVDFXBHFT CVU IBWF NPEFTU FNQMPZNFOU FGGFDUT 5IJT NJHIU TVHHFTU UIBU UIF 8$ DSJTJT JO $BMJGPSOJB XJMM OPU IBWF WFSZ BEWFSTF FNQMPZNFOU FGGFDUT )PXFWFS UIF SFTFBSDI UIBU MFBET UP UIJT DPODMVTJPO JT CBTFE PO TNBMMFS DIBOHFT JO 8$ QSFNJVNT UIBO UIPTF JO $BMJGPSOJB BOE TIPVME OPU CF FYUSBQPMBUFE UP UIF NVDI MBSHFS QSFNJVN DIBOHFT UIBU $BMJGPSOJB XJUOFTTFEJOUIFFBSMZQBSUPGUIJTEFDBEF*OTVN UIFSF JT OP XFMMFTUBCMJTIFE FWJEFODF PO UIF XBHF BOE FNQMPZNFOU DPOTFRVFODFT PG UIF TUBUFT 8$ DSJTJT *O UIF BCTFODF PG TVDI FWJEFODF UIF BDUVBM FGGFDUT PG UIF 8$ DSJTJT PO FNQMPZNFOU SFNBJO TQFDVMBUJWF %P3JTJOH8$#FOFmUT&YQMBJO UIF8$$SJTJT *OKVSJFTBOE*MMOFTTFT "OPCWJPVTàSTURVFTUJPOJTXIFUIFSUIFJO DSFBTFJO8$DPTUTJO$BMJGPSOJBXBTESJWFO CZSJTJOHCFOFà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mUT *O "# XBT QBTTFE GPDVTJOH JO MBSHF QBSUPOJODSFBTJOHUIFHFOFSPTJUZPGJOEFNOJUZCFO FàUT JO $BMJGPSOJB XIJDI IBE GBMMFO DPOTJEFSBCMZ SFMBUJWFUPXBHFT*OQBSUJDVMBS "#NBOEBUFE BTFSJFTPGJODSFBTFTJOUIFXFFLMZNBYJNVNGPS5% CFOFàUT PVU UISPVHI GPMMPXFE CZ JOEFYJOH UIFTFCFOFàUTUPUIFBWFSBHFXFFLMZXBHFCFHJOOJOH JO)PXFWFS UIFTDIFEVMFECFOFàUJODSFBTFT BSFVOMJLFMZUPBDDPVOUGPSUIFSVOVQJO8$DPTUT 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB UIBUCFHBOJOBCPVU5IFCFOFàUJODSFBTFTXFSF OPU MFHJTMBUFE VOUJM BOE UIF MBSHFS JODSFBTFT XFSF OPU TDIFEVMFE VOUJM 5BLJOH BDDPVOU PG UIF IJHIFS CFOFàUT BOE UIFJS FGGFDUT PO VUJMJ[B UJPO BTXFMMBTDFSUBJODPTUTBWJOHTJODMVEFEJOUIF CJMM UIF8$*3#FTUJNBUFEUIBU"#XPVMEBEE BCPVU QFSDFOU UP 8$ DPTUT JO BOE BOEBCPVUQFSDFOUJOBOE4PFWFOJG UIFTFDPTUJODSFBTFTXFSFJOTPNFTFOTFBOUJDJQBUFE JOTFUUJOHQSFNJVNT UIFZDBOOPUIBWFQMBZFENVDI PGBSPMFJOUIF8$DSJTJT 5PUBM#FOFmUT$BMFOEBS:FBS 5PUBM 8$ CFOFàUT FYUFOE CFZPOE 5% CFOFàUT UP JODMVEFNFEJDBMFYQFOTFT QBZNFOUTGPSQFSNBOFOU EJTBCJMJUZ BOETPPO"LFZEJGàDVMUZJONFBTVSJOH UPUBM CFOFàUT QBJE JT UIBU TPNF CFOFàUT BSF QBJE SFMBUJWFMZ RVJDLMZ GPMMPXJOH B DMBJN CVU PUIFST BSF QBJE PWFS B NVDI MPOHFS UJNF IPSJ[POGPS FYBNQMF XIFO B XPSLFS IBT B TFSJPVT JOKVSZ UIBU SFRVJSFT USFBUNFOU PWFS NBOZ ZFBST PS XIFO BO JOKVSZ SFTVMUT JO QFSNBOFOU EJTBCJMJUZ "T B DPO TFRVFODF CFOFàUT DBO CF NFBTVSFE JO UXP XBZT $BMFOEBSZFBSCFOFàUTBSFUIFTVNPGCFOFàUQBZ NFOUT NBEF EVSJOH UIF ZFBS XIFUIFS GPS DVSSFOU ZFBSJOKVSJFTPSGPSJOKVSJFTTVTUBJOFEJOQSJPSZFBST *ODVSSFE CFOFàUT BSF UIF TVN PG CPUI QSFWJPVTMZ QBJE BOE GVUVSF CFOFàU QBZNFOUT GPS JOKVSJFT TVT UBJOFEEVSJOHBQFSJPE#FDBVTFPGTVDIGBDUPSTBT VOLOPXOEJTBCJMJUZEFUFSNJOBUJPOTBOESBUJOHT BT XFMMBTVOLOPXOGVUVSFNFEJDBMDPTUT UIFCFOFàUT UPCFQBJEJOUIFGVUVSFBSFPGOFDFTTJUZFTUJNBUFE BUMFBTUJOQBSU 8F àSTU DPOTJEFS DBMFOEBS ZFBS CFOFàUT 5IF EBTIFE MJOFT JO 'JHVSF EJTQMBZ JOGPSNBUJPO PO GPVSNFBTVSFTPGDBMFOEBSZFBSCFOFàUT JODMVEJOH NFBTVSFT GPS EJGGFSFOU HSPVQT PG JOTVSFET BOE UIF TFMGJOTVSFE "T JO 'JHVSF UIFTF BSF TUBOEBSE J[FEUPFRVBMPOFJO UPFBTFDPNQBSJTPOTPG SFMBUJWFDIBOHFT5IFBMUFSOBUJWFCFOFàUTNFBTVSFT NPWFJOUIFTBNFEJSFDUJPOBOEPWFSMBQDMPTFMZ"MM PG UIFTF NFBTVSFT JODSFBTFE BGUFS CZ BCPVU CZ PS BOE NPTU IBWF JODSFBTFE TJODF UIF NJET 'PS FYBNQMF CFOFàUT GPS BMM !$ &#$##!% &!!#%%$%$ #!#"#'% &$%#)!# &#$##! " &$%% !!'# %&%% $!'#%#%$!#% $!#%#"#!!#("#'% &$%#)%#'#!% &# &$%%$ " ! # ! $% $ $% !$ $% " ! $% !! 2. -($*4122#' 232/!2+/ // ,+ ,"""" 2" 11/ 2/!213/ 12#%5#220201 #&$ ## $)#5)$" FNQMPZFST SPTF GSPN CJMMJPO UP CJMMJPO JO $BMJGPSOJB GSPN UISPVHI #Z XBZ PG DPNQBSJTPO GPS UIF 6OJUFE 4UBUFT UIF DPNQB SBCMF CFOFàUT NFBTVSF JODSFBTFE GSPN CJMMJPO UPCJMMJPOPWFSUIJTTBNFQFSJPE BQFSDFOUBHF JODSFBTFVOEFSIBMGUIBUPG$BMJGPSOJB5IFIJHIFS HSPXUI PG CFOFàUT JO $BMJGPSOJB JO QBSU SFáFDUT GBTUFS QBZSPMM HSPXUICVU POMZ JO QBSU "CPVU CJMMJPOPGUIFCJMMJPOJODSFBTFJOCFOFàUT GSPN UISPVHI JT BUUSJCVUBCMF UP GBTUFS QBZSPMM HSPXUI JO $BMJGPSOJB MFBWJOH CJMMJPO 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB PGUIFJODSFBTFVOBUUSJCVUBCMFUP *ODSFBTFTJOUPUBM QBZSPMMHSPXUI*OPUIFSXPSET DBMFOEBSZFBSCFOFmUTEP OPUFYQMBJOUIFSVOVQJO 8$DPTUTJO$BMJGPSOJB PO CFOFàUT HSFX CZ QFSDFOU NPSF JO $BMJGPSOJB UIBO DBO CF FYQMBJOFE CZ QBZSPMM HSPXUI *O DPOUSBTU JO UIF 6OJUFE 4UBUFT BT BWFSBHFBDDPVOUJOHGPS B XIPMF CFOFàUT BDUVBMMZ HSFX POMZBCPVUPOFRVBSUFS PGUIFJODSFBTFGSPN UP TMJHIUMZ NPSF TMPXMZ UIBO EJE QBZSPMM .PTU JNQPSUBOU UIPVHI B DPNQBSJTPO PG UIF EBTIFE MJOFT XJUIUIFTPMJEMJOFJO'JHVSF XIJDITIPXTDIBOHFTJOQSFNJVNTJOEJDBUFTUIBU UIF HSPXUI PG 8$ QSFNJVN DPTUT GBS PVUQBDFE UIF HSPXUI PG CFOFàUT TJODF 5IFTF àHVSFT JOEJDBUF UIFO UIBUJODSFBTFTJOUPUBMDBMFOEBSZFBS CFOFàUTEPOPUFYQMBJOUIFSVOVQJO8$DPTUTJO $BMJGPSOJB PO BWFSBHF BDDPVOUJOH GPS POMZ BCPVU POFRVBSUFSPGUIFJODSFBTFGSPNUP 'JHVSFQSPWJEFTJOGPSNBUJPOPONFEJDBMBOE JOEFNOJUZCFOFàUTGPSJOTVSFEFNQMPZFST5IFTFSJFT PONFEJDBMCFOFàUTGPSJOTVSFEFNQMPZFSTFYIJCJUT DPOTJEFSBCMZ GBTUFS HSPXUI XJUI NFEJDBM CFOFàUT HSPXJOHOFBSMZUXJDFBTGBTUBTJOEFNOJUZCFOFàUT BGUFS 5IJT TVHHFTUT UIBU NFEJDBM DPTU JOáB UJPO QMBZFE BO JNQPSUBOU SPMF JO UIF 8$ DSJTJT JO $BMJGPSOJB BQPJOUXFSFUVSOUPCFMPX " ! !" !"! !!"! 2. -($*4122#' 23 2/!2+/ // ,+ ,""""2 " 11/ 2/!213/ 12#%5#220201 #&$ ## $)#5)$" 5PUBM#FOFmUT*ODVSSFE $BMFOEBS ZFBS CFOFàUT QSPWJEF BO JODPNQMFUF QJD UVSFPGQSPKFDUFE8$QBZNFOUTCFDBVTFNBOZQBZ NFOUT SFMBUFE UP DVSSFOU DMBJNT DPNF EVF JO UIF GVUVSF 4JNJMBSMZ JU NBZ CF JOBQQSPQSJBUF UP DPN QBSF8$QSFNJVNDPTUTXJUIDBMFOEBSZFBSCFOFàUT CFDBVTF QSFNJVNT BSF JOUFOEFE UP DPWFS UIF QSP KFDUFEGVUVSFCFOFàUQBZNFOUTBTTPDJBUFEXJUI8$ DMBJNT *G GVUVSF CFOFàUT IBWF CFFO SJTJOH PS BSF QSPKFDUFE UP SJTF GBTUFS UIBO DBMFOEBS ZFBS CFOF àUT UIFOJODSFBTFTJOJODVSSFECFOFàUTDPVMEIBWF DPOUSJCVUFEUPUIFSVOVQJO8$DPTUTJOXBZTOPU SFáFDUFEJODBMFOEBSZFBSCFOFàUT *ODVSSFECFOFàUTBSFEJGàDVMUUPTUVEZCFDBVTF BDUVBM SFBMJ[BUJPOT SBUIFS UIBO FTUJNBUFT BSF PC TFSWFEPOMZXJUIBMPOHMBH"DBTFJOQPJOU4PNF PG UIF BOBMZTFT JO UIJT TVCTFDUJPO BSF CBTFE PO 8$*3# FTUJNBUFT PG JODVSSFE CFOFàUT GPS DMBJNT XJUINBUVSJUJFTPGPOFUISPVHIàWFZFBST'PSFYBN QMF DMBJNTPGàWFZFBSTNBUVSJUZJOXFSFJOJ UJBUFEJO XIFONBOZPGUIFDPTUTJODVSSFEJO BOEXFSFOPUZFULOPXO)PXFWFS CZ NPTU PG UIF DMBJNT IBE CFFO DMPTFE NPTU CFOFàUT IBE CFFO QBJE BOE BOZ CFOFàUT BT ZFUVOQBJEXFSFMBSHFMZLOPXOXJUIDFSUBJOUZ'PS MFTT NBUVSF DMBJNT UIPVHI UIFTF DBMDVMBUJPOT BSF CBTFE NPSF PO QSPKFDUFE UIBO SFBMJ[FE CFOFàUT BOEBTDMBJNTNBUVSF JODVSSFECFOFàUTBSFSFWBMVFE UPSFáFDUSFBMJ[FECFOFàUT$POTFRVFOUMZ UIFSFJTB TJHOJàDBOU USBEFPGG CFUXFFO UJNFMJOFTT BOE BDDV SBDZ JO FWBMVBUJOH JODVSSFE CFOFàUT "T BO FYBN QMF JG XF XBOU UP GPDVT PO NPSF NBUVSF DMBJNT PG TBZ UISFF ZFBST UIFO FWFO JG UIF EBUB XFSF JOTUBOUBOFPVTMZBWBJMBCMF UIFNPTUSFDFOUJODVSSFE CFOFàUT FTUJNBUFT XPVME CF GPS DPWFSJOH m 5IFTJUVBUJPOJTNBEFXPSTFCFDBVTF UIFEBUBBSFDPMMFDUFEBOEQVCMJTIFEXJUIBMBH "TFDPOEMJNJUBUJPOPGJODVSSFECFOFàUTJTUIBU UIFZBSF OFDFTTBSJMZ JOQBSUFTUJNBUFECFDBVTFVOUJM UIFZ BSF GVMMZ NBUVSFE UIFZ BSF GPSXBSEMPPLJOH 5IVT BMUIPVHI XF XJMM TFF UIBU SJTJOH JODVSSFE CFOFàUTIFMQUPFYQMBJOUIFJODSFBTFJO8$QSFNJ VNTJO$BMJGPSOJB JUJTQPTTJCMFUIBUUIFQSFEJDUFE JODVSSFE CFOFàU JODSFBTFT PWFSTUBUF UIF HSPXUI PG UIF CFOFàUT UIBU XJMM BDUVBMMZ PDDVS )PXFWFS 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB XF TIPVME OPU FYQFDU UIBU JOTVSBODF DPNQBOJFT DBO TJNQMZ PWFSTUBUF UIF HSPXUI PG JODVSSFE CFO FàUT UP DIBSHF IJHIFS QSFNJVNT *O B DPNQFUJUJWF NBSLFU UIFSFTIPVMECFQSFTTVSFGPSDPNQBOJFTUP BWPJEPWFSJOáBUJOHUIFHSPXUIPGJODVSSFECFOFàUT $PNQFUJUPSTXPVMELOPXUIBUDIBSHJOHQSFNJVNT CBTFE PO MPXFSCVU NPSF BDDVSBUFQSPKFDUJPOT PGJODVSSFECFOFàUTXPVMECFBQSPàUBCMFTUSBUFHZ 'JHVSF EJTQMBZT UIF BWBJMBCMF JOGPSNBUJPO GSPN 8$*3# PO JODVSSFE CFOFàUT 5IFTF CFOF àUT CFHJO XJUI DMBJNT BOE DVSSFOUMZ FYUFOE UISPVHIDMBJNT GPSXIJDIDMBJNTPGPOFZFBS NBUVSJUZ BSF BWBJMBCMF TP GBS *O UIJT HSBQI FBDI MJOFQMPUTUIFWBMVFPGJODVSSFECFOFàUTGPSDMBJNT CFHJOOJOH JO UIF JOEJDBUFE ZFBS BT UIFZ NBUVSF $POTJEFS GPSFYBNQMF UIFHSBQIFEMJOFGPS *ODVSSFECFOFàUTXIFODMBJNTBSFSFMBUJWFMZJNNB UVSF BUPOFZFBS BSFFTUJNBUFEBUBCPVUCJM MJPO 5IF OFYU ZFBS UIFTF DMBJNT IBWF B UXPZFBS NBUVSJUZBOE JOUIJTDBTF UIFJODVSSFECFOFàUTGPS DMBJNTCFHJOOJOHJOSJTFUPBCPVUCJMMJPO *GJODVSSFECFOFàUTXFSFBDDVSBUFMZFTUJNBUFEXIFO DMBJNTàSTUCFHJO UIFTFHSBQIFEMJOFTXPVMECFáBU 5IFVQXBSETMPQFJNQMJFTUIBUUIFTFFTUJNBUFTBSF SFWJTFEVQXBSEFBDIZFBSBTDMBJNTNBUVSF 5IFàHVSFSFWFBMTUXPNBKPSDIBOHFTJOJODVSSFE CFOFàUT 'JSTU JG XF XFSF UP ESBX B WFSUJDBM MJOF BU BOZ HJWFO ZFBS PG NBUVSJUZ UISPVHI BMM PG UIF TMPQJOHMJOFTSFQSFTFOUJOHDBMFOEBSZFBST BTTIPXO CZ UIF MJOF ESBXO JO NBUVSJUZZFBS UISFF JO UIJT àHVSF XF XPVME TFF UIBU CFOFàUT BSF SJTJOH XJUI UJNF5IFTFJODSFBTFTBSFDPOTJTUFOUXJUIUIFSJTJOH DBMFOEBSZFBSCFOFàUTXFTFFJO'JHVSF 5IFTFDPOEBOENPSFTUSJLJOHGFBUVSFPG'JHVSF IPXFWFS DPODFSOTSFWJTJPOTJOJODVSSFECFOFàUT BT DMBJNT NBUVSF SFWFBMFE JO UIF JODSFBTJOH TMPQF PGUIFHSBQIFEMJOFT5IFMPXFTUDVSWFJTGPSDMBJNT JOJUJBUFEJO&BDITVCTFRVFOUDBMFOEBSZFBSJT BTTPDJBUFEXJUIOPUPOMZBIJHIFSMJOFCVUBTUFFQFS POF5IJTTUFFQFOJOHPGUIFHSBQIFEMJOFTJNQMJFTUIBU JODVSSFECFOFàUTBSFSJTJOHGBTUFSPWFSUIFDPVSTFPG UIF DMBJNT NBUVSJUZ BT XF HFU DMPTFS UP UIF ZFBS XIFOUIF8$DSJTJTFNFSHFE*OQBSUJDVMBS UIFVQXBSESFWJTJPOTJOUIFQSFWJPVTGFXZFBSTBSF JODSFBTJOHMZMBSHF'PSFYBNQMF GPSDMBJNTàMFEJO "! "&! # ! !"!% & #$! !!$! !"!%& !"!%% UIFSF JT NPSF UIBO B QFSDFOU JODSFBTF JOJODVSSFECFOFàUTGSPNUIFàSTUUPUIFUIJSEZFBS PGUIFDMBJN#FDBVTFPGEBUBMJNJUBUJPOT XFIBWF OP XBZ PG LOPXJOH XIFUIFS UIJT QBUUFSO PG FTDB MBUJOH JODVSSFE CFOFàUT DPOUJOVFE TUBCJMJ[FE PS SFWFSTFE BGUFS )PXFWFS 'JHVSF JOEJDBUFT UIBU BMUIPVHIUIFSFXBTBMXBZTTPNFUFOEFODZUP SFWJTF UIFTF FTUJNBUFT VQXBSE BT DMBJNT NBUVSFE UPXBSEUIFMBUUFSQBSUPGUIFEFDBEFUIFSBUFPGJODSFBTF JOJODVSSFECFOFàUTPWFSUIFDPVSTFPGDMBJNTSPTF TVCTUBOUJBMMZ 5IFHSPXJOHSBUFPGJODSFBTFJOJODVSSFECFO FàUT DBO QPUFOUJBMMZ IFMQ FYQMBJO XIZ QSFNJVN DPTUT SPTF TP NVDI GBTUFS UIBO DBMFOEBS ZFBS CFOFàUT TIPXO JO 'JHVSF *O QBSUJDVMBS CF #FHJOOJOHJOUIFMBUUFS HJOOJOH JO UIF MBUUFS QBSU PG UIF T JOTVSFSTNBZIBWFCFHVO UPBOUJDJQBUFQSFTVNBCMZCBTFE JO QBSU PO FYQFSJFODFDPOTJE FSBCMF JODSFBTFT JO CFOFàUT QBJE QBSUPGUIFT JOTVSFST NBZIBWFCFHVOUP BOUJDJQBUFDPOTJEFSBCMF JODSFBTFTJOCFOFmUTQBJE PVUBTDMBJNTNBUVSFE BOEGBTUFS JODSFBTFT JO UIFTF CFOFàUT PWFS UIFMJGFPGDMBJNTGPSUIFDPNJOH ZFBSTJODSFBTFTUIBUXPVMEOPU IBWF CFFO GVMMZ SFáFDUFE JO DBM PVUBTDMBJNTNBUVSFE BOEGBTUFSJODSFBTFT JOUIFTFCFOFmUTPWFS UIFMJGFPGDMBJNTGPSUIF FOEBSZFBSCFOFàUT DPNJOHZFBST 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB 2VFTUJPOT SFNBJO BT UP XIZ 5IFSVOVQTJOJODVSSFE QSPKFDUFE MPOHFSSVO 8$ CFOF CFOFmUTPWFSUIFMJGFPG DMBJNTBSFOPUTUFNNJOH GSPNNFEJDBMDPTUTUP UIFFYDMVTJPOPGJOEFN àUTCFHBOUPSJTFTPNVDIJOUIF MBUF T BOE XIFUIFS UIFZ SPTF FWFO NPSF TIBSQMZ JO UIF m QFSJPE XIFOQSFNJVNTTLZ SPDLFUFE *G UIFSF XFSF B USFOE OJUZDPTUT)PXFWFS BU FBDIZFBSPGNBUVSJUZ UIF QFSDFOUBHFJODSFBTFTJO NFEJDBMCFOFmUTBSF UPXBSE DPOUJOVFE TUFFQFOJOH PG UIF QSPàMFT TIPXO JO 'JHVSF UIFOJOTVSFSTNBZIBWFIBEHPPE SFBTPOUPJODSFBTF8$QSFNJVNT TIBSQMZ(JWFOXIBUUIFEBUBIBWF HFOFSBMMZMBSHFS5IJTUSFOE TIPXOUIVTGBS JUXPVMEBQQFBS JOEJDBUFTUIBUJODSFBTJOH NFEJDBMDPTUTIBWF DPOUSJCVUFETJHOJmDBOUMZ UPSJTJOH8$DPTUT UIBUUIJTTPSUPGTDFOBSJPJTOFFEFE UPSBUJPOBMJ[FUIFTIBSQJODSFBTFT JOQSFNJVNT5IFSFJTBEEJUJPOBM FWJEFODFDPOàSNJOHUIBUBDDFMFS BUJOHJODSFBTFTJOJODVSSFECFOF àUTIFMQUPFYQMBJOUIF8$DSJTJT JO$BMJGPSOJB%BUBGSPNBOPUIFSTPVSDF UIF8PSL FST$PNQFOTBUJPO3FTFBSDI*OTUJUVUF 8$3* JOEJ DBUFUIBUJODVSSFECFOFàUTSPTFQBSUJDVMBSMZTIBSQMZ JO$BMJGPSOJBGSPNUISPVHI 8IZ%JE*ODVSSFE#FOFmUT4UBSU UP(SPX4P3BQJEMZ *OUSZJOHUPVOEFSTUBOEXIBUTQVSSFEUIFSBQJE HSPXUI JO JODVSSFE CFOFàUT XF GPDVT PO UXP iTVTQFDUTu UIBU IBWF DBQUVSFE UIF NPTU BUUFO UJPO JO UIF EFCBUF NFEJDBM DPTUT BOE VUJMJ[BUJPO BOEQFSNBOFOUEJTBCJMJUZCFOFàUT .FEJDBM$PTUTBOE6UJMJ[BUJPO *O UIF BCTFODF PG SBUJPOJOH JOKVSFE XPSLFST XIP GBDFOPPVUPGQPDLFUFYQFOTFGPSBEEJUJPOBMNFEJ DBMTFSWJDFTNBZUFOEUPPWFSVTFUIFNCFDBVTFUIFZ BSFMJLFMZUPQFSDFJWFBUMFBTUTPNFFYUSBCFOFàU4JN JMBSMZ NFEJDBMQSPWJEFSTIBWFMJUUMFJODFOUJWFUPSF TUSBJOTFSWJDFT8$3*EBUBJOEJDBUFUIBU BTPGBGFX ZFBSTBHP JOKVSFEXPSLFSTJO$BMJGPSOJBIBENVDI IJHIFS VUJMJ[BUJPO SBUFT QFS DMBJN UIBO XPSLFST JO PUIFSTUBUFT4QFDJàDBMMZ GPSDMBJNTXJUINPSFUIBO TFWFO MPTU XPSLEBZT JOJUJBUFE JO BOE FWBM VBUFEJO UIFBWFSBHFOVNCFSPGNFEJDBMTFS WJDFT QFS DMBJN XBT QFSDFOU IJHIFS JO $BMJ GPSOJB UIBO UIF NFEJBO GPS B TUBUF DPNQBS JTPO HSPVQ BOE UIF BWFSBHF OVNCFS PG WJTJUT QFS DMBJN XBT QFSDFOU IJHIFS .FEJDBM DPTUT IPXFWFS EPOPUBQQFBSUPCFJOPSEJOBUFMZIJHIJO $BMJGPSOJB 'PS UIF TBNF DMBJNT EJTDVTTFE BCPWF UIF BWFSBHF NFEJDBM QBZNFOU QFS DMBJN XBT POMZ QFSDFOUIJHIFSJO$BMJGPSOJB5IFTNBMMFSEJG GFSFODF JO QBZNFOUT QFS DMBJN EFTQJUF UIF NVDI IJHIFS VUJMJ[BUJPO JO $BMJGPSOJB TUFNT GSPN CPUI MPXFS QSJDFT QFS TFSWJDF JO $BMJGPSOJB BOE GSPN SFMBUJWFMZ IFBWZ VTF PG QIZTJDBM NFEJDJOF JO UIF TUBUF XIJDIUFOETUPCFMFTTFYQFOTJWFUIBONFEJDBM JOUFSWFOUJPO'PSFYBNQMF UIFBWFSBHFOVNCFSPG DIJSPQSBDUPSWJTJUTQFSDMBJNXJUINPSFUIBOTFWFO MPTUXPSLEBZTXBTQFSDFOUIJHIFSJO$BMJGPSOJB UIBOUIFTUBUFNFEJBO 'JHVSF TIPXT DIBOHFT PWFS UJNF JO NFEJDBM BOEJOEFNOJUZCFOFàUTJO$BMJGPSOJBBOEUIF6OJUFE 4UBUFT 4USJLJOHMZ NFEJDBM CFOFàUT JO $BMJGPSOJB JODSFBTFE CFUXFFO BOE BU NPSF UIBO UXJDF UIF SBUF PG NFEJDBM CFOFàUT JO UIF 6OJUFE 4UBUFT BT B XIPMF *OEFNOJUZ CFOFàUT BMTP HSFX GBTUFSJO$BMJGPSOJB 8FOPUFEBCPWFUIBUJODVSSFECFOFàUTJO$BMJ GPSOJBIBWFCFFOSJTJOHQBSUJDVMBSMZTIBSQMZ8$3* EBUBBMTPQSPWJEFTQFDJàDJOGPSNBUJPOPOJODVSSFE NFEJDBMCFOFàUT'PSDMBJNTPGPOFZFBSNBUVSJUZ UIFBWFSBHFBOOVBMSBUFPGJODSFBTFGPSQBJENFEJDBM CFOFàUTQFSDMBJNJO$BMJGPSOJBCFUXFFOBOE XBTQFSDFOU BCJUNPSFUIBOUIFTUBUF NFEJBOPGQFSDFOUEVSJOHUIFQFSJPE)PXFWFS JODVSSFENFEJDBMCFOFàUTFWBMVBUFEBUPOFZFBSNB UVSJUZ SPTF QFSDFOU GBTUFS GPS $BMJGPSOJB DMBJNT UIBO GPS UIPTF PG UIF TUBUF NFEJBO WT 'PSDMBJNTPGUISFFZFBSTNBUVSJUZ UIFEJG GFSFODF JT NPSF TUSJLJOH 1BJE CFOFàUT SPTF QFSDFOU QFS ZFBS JO $BMJGPSOJB DPNQBSFE UP QFSDFOU GPS UIF TUBUF HSPVQ XIFSFBT JODVSSFE CFOFàUTJODSFBTFEBUBQFSDFOUSBUFDPNQBSFE UPQFSDFOUGPSUIFTUBUFDPNQBSJTPOHSPVQ "CPWF XFFYBNJOFE8$*3#TSFQPSUTPGFTUJ NBUFEJODVSSFECFOFàUTBTUIFZEFWFMPQPWFSUJNF BOE OPUFE UIBU FTUJNBUFT GPS NPSF SFDFOU ZFBST 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB IBWF CFFO TVCKFDU UP NPSF FYUSFNF VQXBSE SF WBMVBUJPOTBTUIFZNBUVSF 'JHVSF 8$*3#BMTP QVCMJTIFTUIFTFUPUBMTCSPLFOEPXOJOUPJOEFNOJUZ BOENFEJDBMCFOFàUTGPSBTVCTFUPGUIFZFBSTBOE DMBJNTNBUVSJUJFTTIPXOJO'JHVSF BOEUIFTFBSF SFQPSUFE JO 'JHVSF 5IF HSBQIT TVHHFTU UIBU UIF JODSFBTFTJOJODVSSFECFOFàUTIBWFCFFOESJWFOCZ CPUIJOEFNOJUZBOENFEJDBMCFOFàUTCFDBVTFCPUI TIPXJODSFBTFTBUHJWFOZFBSTPGNBUVSJUZ UIBUJT JGXFESBXBWFSUJDBMMJOFBUFBDIZFBSPGNBUVSJUZ XF DBO TFF UIBU DPTUT BSF IJHIFS GPS FBDI TVDDFT TJWFDBMFOEBSZFBS *OCPUIDBTFT CFOFàUTBSFBMTP ESJWFOCZBDDFMFSBUJOHHSPXUIPGJODVSSFECFOFàUT XJUI ZFBST PG NBUVSJUZ JOEJDBUFE CZ UIF JODSFBT JOH TMPQFT PG FBDI DBMFOEBS TFSJFT $FSUBJOMZ UIF SVOVQTJOJODVSSFECFOFàUTPWFSUIFMJGFPGDMBJNT BSFOPUTUFNNJOHGSPNNFEJDBMDPTUTUPUIFFYDMV TJPO PG JOEFNOJUZ DPTUT )PXFWFS BU FBDI ZFBS PG NBUVSJUZ UIFQFSDFOUBHFJODSFBTFTJONFEJDBMCFO FàUTBSFHFOFSBMMZMBSHFS5IJTUSFOEJOEJDBUFTUIBU JODSFBTJOH NFEJDBM DPTUT IBWF DPOUSJCVUFE TJHOJà DBOUMZUPSJTJOH8$DPTUT 1FSNBOFOU%JTBCJMJUZ#FOFmUT 5IFPUIFSNBKPSTVTQFDUJOSJTJOH8$DPTUTJTQFSNB OFOUEJTBCJMJUZCFOFàUT QBSUJDVMBSMZ11%CFOFàUT 'PS11%DMBJNT 8$3*DPNQVUFTBWFSBHFUPUBMQBZ NFOUT QFS DMBJN BWFSBHF NFEJDBM QBZNFOUT QFS DMBJN BWFSBHFJOEFNOJUZQBZNFOUTQFSDMBJN BOE BWFSBHF5%BOE11%CFOFàUTQBJEQFSDMBJNJOOJOF TUBUFT CBTFEPOBOEDMBJNTFWBMVBUFEJO 5IFTF WBMVFT BSF DPNQVUFE GPS $BMJGPSOJB BOE GPS UIF NFEJBO PG CPUI iJNQBJSNFOU TUBUFTu BOE iOPOJNQBJSNFOU TUBUFTu *NQBJSNFOU TUBUFT CBTF11%SBUJOHTFYDMVTJWFMZPOUIFEFHSFFPGNFEJ DBM JNQBJSNFOU /POJNQBJSNFOU TUBUFT JODMVEJOH $BMJGPSOJB VTFPUIFSDSJUFSJBTVDIBTMPTTPGXBHF FBSOJOH DBQBDJUZ CZ JUTFMG PS JO BEEJUJPO UP BO JNQBJSNFOUCBTFEBQQSPBDI'PSDMBJNTFWBMVBUFEBU POFZFBSNBUVSJUZ $BMJGPSOJBIBEUIFUIJSEIJHIFTU UPUBMDPTUQFS11%DMBJN BOEJUSBOLFEIJHIFTUGPS DMBJNTFWBMVBUFEBUUISFFZFBSTNBUVSJUZ$BMJGPSOJB SBOLTBCJUIJHIFSPOJOEFNOJUZQBZNFOUTBOEOPU RVJUF BT IJHI PO NFEJDBM QBZNFOUT .PSF JNQPS UBOU UIF 8$3* EBUB JOEJDBUF UIBU CFUXFFO " ! $% " #$!$ !" ! !" !" ! !" , (1')1,&,(),(&!),('( )&!)*+0,()&#)&)-0)*),,( +,0%#$"&)*+00.),(*)1,)#)&) '.)',++/)*,0,.),(,&)*),01, ! ! $% % " ! $% "# # ! $ % $ ! $$ ! $$ 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB BOE $BMJGPSOJBTNFEJDBMBOEJOEFNOJUZCFO FàUT GPS NBUVSF 11% DMBJNT UISFF ZFBST BMM SPTF GBTUFSUIBOJOBOZPGUIFOJOFDPNQBSJTPOTUBUFT 5IF 8$*3# EBUB PO JO 5IFQBUUFSOTPG JODSFBTFTJOJODVSSFE JOEFNOJUZBOENFEJDBM DVSSFE JOEFNOJUZ BOE NFEJDBM CFOFàUT QFS NBKPS 11% DMBJN QSPWJEF B TPNFXIBU NPSF DPN QMFUF QJDUVSF 5IFTF EBUB DPWFS CFOFmUTXFSFESJWFOCZ NBKPS 11% DMBJNT XIJDI BSF JODSFBTJOHOVNCFSTPG NBKPS11%DBTFT UIPTF XJUI B EJTBCJMJUZ SBUJOH PG QFSDFOUPSHSFBUFSUIPTFXJUI BMPXFSSBUJOHBSFMBCFMFENJOPS "T TIPXO JO 'JHVSF UIF QSPàMF PG JODVSSFE JO EFNOJUZCFOFàUTGPSNBKPS11%DBTFTJTRVJUFTUBCMF BDSPTT DBMFOEBS ZFBST .FEJDBM CFOFàUT SFáFDU B QBUUFSOPGSJTJOHCFOFàUTPWFSUIFDPVSTFPGBDMBJN QFSIBQTBUBTMJHIUMZJODSFBTJOHSBUF CVUSFMBUJWFMZ MJUUMFVQXBSEESJGUPWFSUJNFJOCFOFàUTGPSBHJWFO !! # $ " % # ! ## % ! ## ZFBSTNBUVSJUZ XJUIUIFFYDFQUJPOPG5IVT UIFTFEBUBEPOPUQPJOUUPBOZNBKPSBDDFMFSBUJPO PG JODVSSFE JOEFNOJUZ PS NFEJDBM CFOFàUT BTTPDJ BUFEXJUI11%DBTFT )PXFWFS 'JHVSF SFGFST UP CFOFàUT QFS 11% DMBJN*G$BMJGPSOJBIBTBIJHIFSTIBSFPG11%DBTFT PSJGUIJTTIBSFJTHSPXJOH UIFOUIJTDPVMEDPOUSJCVUF TVCTUBOUJBMMZUP8$CFOFàUQBZNFOUTPSJODSFBTFTJO 8$CFOFàUQBZNFOUT%BUBGSPNUIF8$*3#QSP WJEFUIFNPTUDPNQMFUFQJDUVSFSFHBSEJOH11%DBTFT JOQBSUJDVMBSSFHBSEJOHUIFFWPMVUJPOPGDMBJNTBTUIFZ NBUVSF'JHVSFHSBQITNBKPS11%DBTFTCZZFBSBOE NBUVSJUZ/PUFUIBUUIFWFSUJDBMBYJTOPXNFBTVSFT OVNCFSPGDBTFTSBUIFSUIBOUIFWBMVFPGCFOFàUTBT JO UIF QSFWJPVT TJNJMBS àHVSFT 8IBU JT TUSJLJOH JO 'JHVSF JT UIF TUFFQFOJOH PG UIF QSPàMFT JO UIF àHVSF PWFS NPTU PG UIF TBNQMF QFSJPE VOUJM UIF DMBJNT 'JHVSFHFOFSBMMZJNQMJFTBOFTDBMBU JOHSBUFPGSFDMBTTJàDBUJPOPGDMBJNTBTNBKPS11% DBTFT BT UIFTF DMBJNT NBUVSF *OEFFE UIJT àHVSF MPPLTRVJUFTJNJMBSUPUIFUPQBOECPUUPNQBOFMTPG 'JHVSF XIJDI TIPXFE SFTQFDUJWFMZ UPUBM JODVSSFE JOEFNOJUZBOENFEJDBMCFOFàUT5IFTJNJMBSJUZTVH HFTUT TUSPOHMZ UIBU UIF QBUUFSOT PG JODSFBTFT JO JO DVSSFEJOEFNOJUZBOENFEJDBMCFOFàUTXFSFESJWFO CZJODSFBTJOHOVNCFSTPGNBKPS11%DBTFT 5IF8$*3#EBUBBMTPTIPXUIBUUPUBM5%BOE NJOPS11%JOEFNOJUZBOENFEJDBMCFOFàUTEJEOPU JODSFBTFPWFSUIFDPVSTFPGDMBJNTBOEUIBUUIFSBUFT PG DMBJNT TIJGUJOH PVU PG UIF NJOPS 11% DBUFHPSZ BOE JOUP UIF NBKPS 11% DBUFHPSZ JODSFBTFE PWFS UIJT QFSJPE #PUI PG UIFTF àOEJOHT SFJOGPSDF UIF DPODMVTJPOUIBUUIFDIBOHFTJO'JHVSFTBOEBSF ESJWFOCZNBKPS11%DBTFT %FSFHVMBUJPOBOE-PXFSFE *OWFTUNFOU3FUVSOT *O UIF JNNFEJBUF BGUFSNBUI PG EFSFHVMBUJPO JO DPNQFUJUJPOCFUXFFOJOTVSFSTMFEUPQSJDF XBST QSJDJOH CFMPX DPTU BOE UIF GBJMVSF PG B OVNCFSPGDBSSJFST*OBEEJUJPO CFDBVTFJOTVSBODF DPNQBOJFT JOWFTU JO àOBODJBM NBSLFUT CFUXFFO SFDFJQUPGQSFNJVNTGSPNFNQMPZFSTBOEQBZPVUPG 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB CFOFà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àUT)PXFWFS UIFQBU UFSO PG DPTU DIBOHFT JO 'JHVSF EPFT OPU TFFN UP àUBTJNQMFQBUUFSOPGQSJDFSFEVDUJPOTJNNFEJBUFMZ GPMMPXJOH EFSFHVMBUJPO GPMMPXFE CZ B SFTUPSBUJPO PG UIF FBSMJFS QSJDFT *O BEEJUJPO JO B DPNQFUJUJWF NBSLFU UIFSF JT OP SFBTPO XIZ JOTVSFST XIP MPTU NPOFZFBSMJFSTIPVMEIBWFCFFOBCMFUPSBJTFQSJDFT UPSFDPWFSUIFTFMPTTFT BTOFXFSDPNQFUJUPSTDPVME DIBSHFMPXFSQSJDFTBOETUJMMFBSOBQSPà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àFE JGJUEJEBOE JGTP XIZ 3FDFOU3FGPSNT *OSFTQPOTFUPUIF8$DSJTJTJO$BMJGPSOJB UXP TFUT PG SFGPSNT XFSF QBTTFEUIF à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iQSFTVNQUJPO PG DPSSFDUOFTT u XIJDI NBEFJUEJGàDVMUGPSJOTVSFSTPSFNQMPZFSTUPDIBM MFOHF UIFJS NFEJDBM PQJOJPOT 4# SFQFBMFE UIJT QSFTVNQUJPO GPS DBTFT UIBU GBMM VOEFS USFBU NFOU VUJMJ[BUJPO HVJEFMJOFT UIBU XFSF UP CF EFWFM PQFEBOE VOUJM UIFZ XFSF EFWFMPQFE VOEFS UIF HVJEFMJOFTPGUIF"NFSJDBO$PMMFHFPG0DDVQBUJPOBM BOE&OWJSPONFOUBM.FEJDJOF "$0&. 4# BMTP BEESFTTFE NFEJDBM DPTUT JO 4# FOBDUFEPO "QSJM DPOUJOVFT PUIFSXBZT1FSIBQTNPTUJNQPS UBOU JU DBQQFE NFEJDBM GFFT GPS PVUQBUJFOUTVSHFSZBOEUSFBUNFOU UPUSZUPSFJOJONFEJDBM BUQFSDFOUPG.FEJDBSFQBZ DPTUTUIFCJMMBMMPXT FNQMPZFSTUPFTUBCMJTI OFUXPSLTPGPDDVQBUJPOBM BOEOPOPDDVQBUJPOBM NFOUTGPSUIFTBNFDMBTTFTPGTFS WJDF$BQTXFSFBMTPJNQPTFEPO QIBSNBDFVUJDBM DPTUT NBOEBU JOHBOFXGFFTDIFEVMFGPSQIBS NBDFVUJDBMT CBTFE PO UIF .FEJ QIZTJDJBOT BOEJU HSBOUTUPUIFFNQMPZFS PSUIFJOTVSFS UIFTPMF SJHIUUPEFDJEFXIJDI $BM GFF TDIFEVMF *O BEEJUJPO JO SFTQPOTF UP UIF HSFBUFS OVNCFS PG NFEJDBM TFSWJDFT VTFE CZ 8$ DMBJNBOUT JO $BMJGPSOJB 4# NBOEBUFT UIF EFWFMPQNFOU PG NFEJDBMQSPWJEFSTBSFJO iFWJEFODFCBTFEu TUBOEBSET PG UIFOFUXPSL DBSF UP VTF JO UIF EFWFMPQNFOU PG TDIFEVMFT GPS NFEJDBM USFBU NFOUT*UBMTPSFRVJSFTUIBUFNQMPZFSTBEPQUVUJMJ[B UJPOSFWJFXTUBOEBSETDPOTJTUFOUXJUIUIJTTDIFEVMF BOE"$0&.HVJEFMJOFT'JOBMMZ 4#DBQQFEUIF OVNCFSPGDIJSPQSBDUJDBOEQIZTJDBMUIFSBQZWJTJUT UPFBDIGPSBOZTJOHMFDMBJN 4# $IBQUFS 4# FOBDUFEPO"QSJM DPOUJOVFTUPUSZ UP SFJO JO NFEJDBM DPTUT 1FSIBQT NPTU JNQPSUBOU UIF CJMM BMMPXT FNQMPZFST UP FTUBCMJTI OFUXPSLT PG PDDVQBUJPOBMBOEOPOPDDVQBUJPOBMQIZTJDJBOT BOE JU HSBOUT UP UIF FNQMPZFS PS UIF JOTVSFS UIF TPMF SJHIUUPEFDJEFXIJDINFEJDBMQSPWJEFSTBSFJOUIF OFUXPSL5IJTQPUFOUJBMMZDIBOHFTUIFSJHIUPGUIF XPSLFSUPDIPPTFBQIZTJDJBOBGUFSUIFàSTUEBZT CFDBVTFUIJTSVMFOPMPOHFSBQQMJFTJGBOFUXPSLJT FTUBCMJTIFE UIBU DPNQMJFT XJUI UIF MBX )PXFWFS UIFCJMMDPOUJOVFTUPHSBOUXPSLFSTUIFSJHIUUPQSF EFTJHOBUFQIZTJDJBOTVOEFSDFSUBJODPOEJUJPOT UIF NPTU JNQPSUBOU CFJOH UIBU UIF QIZTJDJBO XBT QSF WJPVTMZ UIF XPSLFST QSJNBSZ QSPWJEFS PG NFEJDBM DBSF0OOFU UIPVHI XPSLFSTXJMMIBWFMFTTTDPQF UP DIPPTF UIFJS QIZTJDJBO BOE UIF BCJMJUZ UP TFFL PVU B OFX QIZTJDJBO BGUFS BO JOKVSZ JT MJLFMZ UP CF DVSUBJMFENPTUTFWFSFMZ5IFCJMMBMTPSFRVJSFTUIBU FNQMPZFST QSPWJEF NFEJDBM USFBUNFOU BGUFS B 8$ DMBJN FWFO JG JU IBT OPU ZFU CFFO BDDFQUFE CZ UIF JOTVSBODFDPNQBOZ VQUPBMJNJUPG BOE GVMMZSFQFBMTUIFQSFTVNQUJPOPGDPSSFDUOFTTPGUIF USFBUJOHQIZTJDJBO*UBMTPFYQBOETUIFQPUFOUJBMVTF PG DBSWFPVUT XIJDI BMMPX FNQMPZFST BOE VOJPOT UPOFHPUJBUFBOZBTQFDUPGUIFEFMJWFSZPG8$CFO FàUT JG UIF FNQMPZFFT BSF PGGFSFE HSPVQ IFBMUI JO TVSBODF BOE OPOPDDVQBUJPOBM EJTBCJMJUZ CFOFàUT 'JOBMMZ 4# TUSFOHUIFOT 4# T FNQIBTJT PO FWJEFODFCBTFE SFTFBSDI FTUBCMJTIJOH UIBU USFBU NFOUHVJEFMJOFTUIBUBSFEFWFMPQFEDBOCFSFCVUUFE CBTFEPOMZPOTDJFOUJàDNFEJDBMFWJEFODF 4# BMTP BEESFTTFT JTTVFT PG 11% *U MJOLT 11%QBZNFOUTUPSFUVSOUPXPSL NBOEBUJOHIJHIFS CFOFàUTJGUIFFNQMPZFSEPFTOPUPGGFSBSFUVSOUP XPSL BOE WJDF WFSTB BOE IJHIFS QBZNFOUT JG UIF XPSLFSJTUFSNJOBUFECFGPSFBMM11%QBZNFOUTBSF NBEF 5IFTF CPUI BQQMZ POMZ UP FNQMPZFST XJUI NPSFUIBOFNQMPZFFT*OBEEJUJPO UIFTDIFEVMF UIBUSFMBUFTXFFLTPGJOEFNOJUZGPSXIJDIBXPSLFS JT FMJHJCMF UP EJTBCJMJUZ SBUJOHT XBT NPEJàFE 5IF TDIFEVMF IBT BMXBZT QSPWJEFE IJHIFS CFOFàUT UP UIPTFXJUIBIJHIFSEJTBCJMJUZSBUJOH)PXFWFS 4# DIBOHFE UIF TDIFEVMF TP UIBU UIPTF XJUI SBU JOHTPGQFSDFOUPSCFMPXSFDFJWFMPXFSCFOFàUT BOE UIPTF XJUI SBUJOHT BCPWF QFSDFOU SFDFJWF IJHIFS CFOFàUT 5IF DIBOHFT BU UIF FYUSFNFT PG UIF EJTBCJMJUZ SBUJOHT BSF TJ[BCMF 'JOBMMZ UIF 11% SBUJOH TZTUFN XBT DIBOHFE 5IF XPSL DBQBDJUZ JOEFYCBTFENBJOMZPOUIFBCJMJUZUPEPPOFTQSF WJPVT KPCXBT SFQMBDFE CZ iEJNJOJTIFE FBSOJOH DBQBDJUZu3BUJOHTPGUIJTDBQBDJUZXFSFUPCFCBTFE POUIFiOBUVSFPGUIFQIZTJDBMJOKVSZPSEJTàHVSF NFOU u JODPSQPSBUJOH "NFSJDBO .FEJDBM "TTPDJ BUJPO "." HVJEFMJOFT GPS CPUI EFTDSJQUJPOT PG 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB JNQBJSNFOUT BOE UIF QFSDFOUBHFT PG JNQBJSNFOUT BUUBDIFEUPUIFTFEFTDSJQUJPOT *OBEEJUJPOUPDIBOHJOH11%QBZNFOUT 4# NBZ SFEVDF MJUJHBUJPO BTTPDJBUFE XJUI 11% DMBJNT GPSUXPSFBTPOT'JSTU UIFMPXFSQBZNFOUTFOUBJMFE CZUIFiEJNJOJTIFEFBSOJOHDBQBDJUZuDSJUFSJPONBZ NBLFMJUJHBUJPOMFTTBUUSBDUJWFUPBUUPSOFZT4FDPOE JODSFBTFEPCKFDUJWJUZJO11%SBUJOHTTIPVMESFEVDF UIF EJTQBSJUJFT BOE BSCJUSBSJOFTT JO 11% SBUJOHT JO $BMJGPSOJB XIJDIIBWFCFFOCMBNFEGPSIJHIMJUJHB UJPOSBUFTGPS11% 4QFDVMBUJOH"CPVUUIF$POTFRVFODFTPG 3FDFOU8$3FGPSNT 5IF NFEJDBM DPTUDPOUBJONFOU QSPWJTJPOT JODMVE JOHGFFTDIFEVMFTBOEVUJMJ[BUJPOSFWJFXT JODMVEFE JO 4# BSF LFZ DPNQPOFOUT PG UIF SFDFOU 8$ SFGPSNT"SFGFFTDIFEVMFTBOEVUJMJ[BUJPOSFWJFXT MJLFMZ UP SFEVDF NFEJDBM DPTUT &WJEFODF TVHHFTUT UIBU QSPWJEFST EP BMUFS UIFJS CFIBWJPS JO SFTQPOTF UPQSJDFDPOUSPMTBOESBUJPOJOH*OTPNFDBTFT UIFZ EPTPCZSFEVDJOHNFEJDBMDPTUT CVUJOPUIFSDBTFT UIFZàOEXBZTUPPCUBJOUIFTBNFCJMMJOHBOEQFS IBQTQSPWJEFUIFTBNFTFSWJDFTBTCFGPSFGPSFYBN QMF CZ iVQDPEJOHu QSPDFEVSFT PS JODSFBTJOH UIF OVNCFSPGWJTJUT1IZTJDJBOTNBZBMTPGFFMJUOFDFT TBSZ UP FYBHHFSBUF UIF TFWFSJUZ PG B DPOEJUJPO PS PUIFSXJTF GBMTJGZ UIF EJBHOPTJT UP PCUBJO RVBMJUZ QBUJFOU DBSF "T BO FYBNQMF TUVEJFT PG .FEJDBSF QSJDFSFEVDUJPOTTVHHFTUUIBUQFSDFOUPGNBOEBUFE QSJDF EFDSFBTFT BSF PGGTFU CZ QSPWJEFS CFIBWJPS FJUIFSCZDIBOHJOHUIFDPEFVOEFSXIJDITFSWJDFTBSF CJMMFEPSCZJODSFBTJOHUIFWPMVNFPGTFSWJDFT 5IF VTF PG USFBUNFOU HVJEFMJOFT BOE UIF JO DSFBTFEBCJMJUZPGFNQMPZFSTBOEJOTVSFSTUPPCUBJO UIFJSPXOFWBMVBUJPOTPSDPOUSPMUIFDIPJDFPGNFE JDBM QSPWJEFS XJUI 4# NBZ IFMQ UP DPVOUFS QSBDUJDFTTVDIBTUIPTFEFTDSJCFEBCPWF'PSFYBN QMF )BSSJT BOE 4XFEMPX BUUFNQU UP FTUJ NBUF UIF QPTTJCMF NFEJDBM VUJMJ[BUJPO SFEVDUJPOT TUFNNJOH GSPN 4# T JOJUJBM NBOEBUF UP VTF "$0&. HVJEFMJOFT 5IFZ GPDVT PO MPXFS CBDL DPNQMBJOUTCFDBVTFUIFTFSFQSFTFOUBMBSHFTIBSFPG DMBJNT BOE DPTUT BSF DPWFSFE CZ "$0&. HVJEF MJOFT BOE IBWF WBSZJOH USFBUNFOUT )BSSJT BOE 4XFEMPXNBUDI8$IFBMUIDPNQMBJOUTUP"$0&. HVJEFMJOFT CBTFE PO QSJNBSZ EJBHOPTJT DPEFT 'PS TFMFDUFENFEJDBMTFSWJDFTSFMBUFEUPMPXCBDLDPN QMBJOUT UIFZFTUJNBUFUIFSFEVDUJPOTJOVUJMJ[BUJPO BTTPDJBUFE XJUI VTF PG UIF HVJEFMJOFT 5IFJS FTUJ NBUFTBSFESBNBUJDBOEJUJTGBJSUPTBZDPOUSP WFSTJBM 'PS FYBNQMF UIFZ FTUJNBUF UIBU POMZ m QFSDFOUPGQIZTJDBMNFEJDJOFBOEDIJSPQSBDUJDWJTJUT GPSMPXCBDLTUSBJOJOKVSJFTBSFTVQQPSUFECZ"$0&. HVJEFMJOFT BOEFJHIUPGOJOFCBDLTVSHFSJFTBSFOPU TVQQPSUFE5IFTFFTUJNBUFTTVSFMZSFQSFTFOUVQQFS CPVOET PO UIF SFEVDUJPOT UIBU NJHIU PDDVS JO SF TQPOTFUPVUJMJ[BUJPOSFGPSNT CVUUIFZOPOFUIFMFTT TVHHFTUDPOTJEFSBCMFTDPQFGPSUSFBUNFOUHVJEFMJOFT UPSFEVDFNFEJDBMDPTUT"UUIFTBNFUJNF NFEJDBM DPTUDPOUBJONFOUNBZCFEJGà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àDVMU UP QSPKFDU UIF DPTU TBWJOHT GSPN 8$SFGPSNMFHJTMBUJPOCFGPSFUIFGBDU BOEOPUNVDI FBTJFS UP FWBMVBUF UIF DPTU TBWJOHT BGUFS UIF GBDU 5IFEJGà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iQVSFu QSFNJVN BEWJ TPSZ SBUFT JOUFOEFE UP JODMVEF UIF BDUVBM DPTUT PG CFOFà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áFDUJOH UIF IJHIFS CFOFàUT NBOEBUFE CZ "# IJHIMJHIU JOH UIF EJGàDVMUJFT PG TMPXJOH UIF HSPXUI PG 8$ DPTUT $PODMVTJPOT 5IF8$DSJTJTJO$BMJGPSOJBJTBDSJTJTPGFTDB MBUJOHFNQMPZFSDPTUT0WFSUIFFBSMZQBSU PG UIJT EFDBEF DPTUT UP FNQMPZFST OFBSMZ USJQMFE 1FSIBQT NPSF JNQPSUBOU UIF MFWFM PG 8$ DPTUTIBTBQQSPBDIFEBOBWFSBHFPGBCPVUQFSDFOU PGQBZSPMMDPTUT XIJDI VOMFTTTIJGUFEUPXPSLFST NJHIU QPTF B TFSJPVT iUBYu PO FNQMPZNFOU UIBU DPVMEIBWFBEWFSTFDPOTFRVFODFTGPSFNQMPZNFOU *ODSFBTFE 8$ DPTUT XFSF OPU ESJWFO CZ NPSF XPSLQMBDF JOKVSJFT PS JMMOFTTFT SBUIFS UIFTF IBWF EFDMJOFEDPOUJOVPVTMZ*UJTBMTPEJGàDVMUUPCMBNFUIF 8$DSJTJTPOEFDMJOJOHJOWFTUNFOUSFUVSOTPSEFSFH VMBUJPO CFDBVTF UIFTF DIBOHFT PDDVSSFE JO PUIFS TUBUFTBTXFMMXJUIPVUHFOFSBUJOHTIBSQMZSJTJOH8$ DPTUT BMUIPVHIUIFSPMFPGEFSFHVMBUJPOSFNBJOTUP CFTUVEJFENPSFGVMMZ 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB 5IFFWJEFODFTVHHFTUTUIBUCPUISJTJOHNFEJDBM DPTUT BOE JODSFBTJOH OVNCFST PG NBKPS 11% DBTFT IBWF DPOUSJCVUFE TJHOJàDBOUMZ UP UIF 8$ DSJTJT JO $BMJGPSOJB5IF8$CFOFàUTQBJEPVUPOBDBMFOEBS ZFBSCBTJTSPTFDPODVSSFOUMZXJUIQSFNJVNTCVUOPU OFBSMZ BT TIBSQMZ BT QSFNJVN DPTUT " LFZ GPSDF UIBUIFMQTUPGVSUIFSFYQMBJOSJTJOHQSFNJVNTJTUIF SBQJEJODSFBTFTJOJODVSSFECFOFàUT XIJDIBSFESJWFO CZ FTDBMBUJOH NFEJDBM DPTUT BOE HSPXJOH OVNCFST PG NBKPS 11% DBTFT 5P UIF FYUFOU UIBU JOTVSFST FYQFDUFEUIFSBUFPGJODSFBTFJOUIFTFGBDUPSTUPDPO UJOVF UIFSF NBZ IBWF CFFO B TPVOE SBUJPOBMF GPS SBQJEMZ JODSFBTJOH 8$ QSFNJVNT )PXFWFS JU JT EJGàDVMUUPRVBOUJGZUIFSFMBUJPOTIJQ HJWFOUIFMPOH UFSNGPSXBSEMPPLJOHOBUVSFPGJODVSSFECFOFàUT *OBOE VOEFSCPUIUIF%BWJTBOE 4DIXBS[FOFHHFS BENJOJTUSBUJPOT MFHJTMBUJPO XBT FOBDUFE UP USZ UP SFJO JO UIF DPTUT PG 8$ JO $BMJ GPSOJB5IFSFBQQFBSTUPCFBUMFBTUTPNFDPOTFOTVT UIBU UIF DPNCJOFE FGGFDUT PG UIFTF SFGPSNT TIPVME SFEVDF DPTUT QFSIBQT CZ BT NVDI BT QFSDFOU (JWFOUIBUUIFSFGPSNTEJEBUUBDLXIBUBQQFBSUPCF UIFQSJNFESJWFSTCFIJOEUIF8$DSJTJT JUJTOBUVSBM UP DPODMVEF UIBU UIFZ XJMM MPXFS 8$ DPTUT FWFO JGJUJTEJGàDVMUUPQSFEJDUCZIPXNVDI)PXFWFS UIFSF BSF UISFF JNQPSUBOU DBWFBUT UP DPODMVEJOH UIBUUIFTFSFGPSNTIBWFiTPMWFEuUIF8$DSJTJT 'JSTU UIF 8$ DSJTJT JO $BMJGPSOJB IBT CFFO DIBSBDUFSJ[FECZSBQJEHSPXUIJO8$DPTUT*GUIF SFDFOUSFGPSNTTFSWFPOMZUPMPXFSUIFDVSSFOUMFWFM PG8$DPTUTCVUEPOPUSFEVDFUIFJSSBUFPGHSPXUI UIFO XF NBZ àOE BOZ DPTU SFEVDUJPOT TUFNNJOH GSPN UIF SFDFOU SFGPSNT RVJDLMZ PWFSXIFMNFE CZ SBQJE HSPXUI GSPN XIBU XJMM TUJMM SFNBJO B GBJSMZ IJHICBTF 4FDPOE UIFSFBMFWJEFODFPGTVDDFTTJOSFJOJOH JOTQJSBMJOH8$DPTUTJO$BMJGPSOJBXJMMIBWFUPCF NFBTVSFE JO BDUVBM SBUF SFEVDUJPOT OPU FTUJNBUFE DPTUSFEVDUJPOT*UXJMMCFTPNFUJNFCFGPSFXFDBO BTTFTT XIFUIFS SBUFT IBWF GBMMFO BOE XIFUIFS UIF HSPXUI SBUF PG QSFNJVN DPTUT IBT TMPXFE .PSF PWFS XIFUIFSUIJTPDDVSTJOUIFDPOUFYUPGDPOUJOV JOHUPQSPWJEFBEFRVBUFCFOFàUT NFEJDBMUSFBUNFOU SFIBCJMJUBUJPO BOESFUVSOUPXPSLPSJOUIFDPO UFYUPGTIBSQSFEVDUJPOTJOUIFRVBMJUZPGPVUDPNFT GPS XPSLFST BOE CVTJOFTTFT XJMM DPOEJUJPO IPX XFWJFXBOZDPTUSFEVDUJPOT 'JOBMMZ XFEPOPUGVMMZVOEFSTUBOEXIBUHFOFS BUFEUIFTIBSQSVOVQJO8$DPTUTJOUIFàSTUQMBDF *OUIFGBDFPGUIBUVODFSUBJOUZ JUXPVMECFVOXBS SBOUFEUPDPOàEFOUMZQSFEJDUXIFUIFSFYJTUJOH8$ SFGPSNT BSF TVGàDJFOU UP FMJNJOBUF FTDBMBUJOH 8$ DPTUT$POWFSTFMZ UIFSFDPVMECF EFDMJOFT JO 8$ QSFNJVNT UIBU BSF OPU OFDFTTBSJMZ BUUSJCVUBCMF UPUIFSFGPSNT *GUIFSFDFOUSFGPSNT TFSWFPOMZUPMPXFSUIF 5IFTFDBWFBUTOPUXJUITUBOE DVSSFOUMFWFMPG8$DPTUT JOH IPXFWFS DSFEJU TIPVME CF HJWFOXIFSFDSFEJUJTEVF%FTQJUF B UPSUVPVT BOE IJHIMZ QPMJUJDBM QSPDFTT BOEEFTQJUFUIFSFNBJO JOHVODFSUBJOUJFT UIF8$SFGPSNT CVUEPOPUSFEVDFUIFJS SBUFPGHSPXUI UIFO XFNBZmOEBOZDPTU SFEVDUJPOTTUFNNJOH FOBDUFEJOBOEBQQFBS GSPNUIFSFDFOUSFGPSNT UP BEESFTT UIPTF DFOUSBM DBVTFT PGUIF8$DSJTJTUIBUDBOCFJEFO UJàFE 0WFS UIF OFYU GFX ZFBST UIF CFTU TUSBUFHZ GPS QPMJDZNBL FSTJODMVEFT FOTVSJOHUIBUUIF RVJDLMZPWFSXIFMNFECZ SBQJEHSPXUIGSPNXIBU XJMMTUJMMSFNBJOBGBJSMZ IJHICBTF SFGPSNTBSFFOBDUFEJOBXBZUIBU XJMMCSJOHBCPVUUIFJOUFOEFEDPTUSFEVDUJPOTXIJMF TUJMM NFFUJOH UIF MFHJUJNBUF OFFET PG CPUI XPSLFST BOE CVTJOFTTFT DPOUJOVJOH SFTFBSDI JOUP UIF FGGFDUJWFOFTT PG UIF SFGPSNT FOBDUFE UIVT GBS BOE àOFUVOJOHUIF8$TZTUFNUPVTFXIBUXFMFBSO GSPNUIJTSFTFBSDIUPGVSUIFSSFEVDF8$DPTUTUIBU EPOPUTFSWFUIFTFMFHJUJNBUFOFFETV 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB /PUFT 8PSLFST$PNQFOTBUJPO*OTVSBODF3BUJOH#VSFBV 8$*3# B 8$*3# B 3FWJMMFFUBM FYQMBJOUIF11%SBUJOHTZTUFN5IF TUBUJTUJDT BSF GSPN 8$*3# C BOE 1FUFSTPO FU BM Q 6OEFSUIFNPTUSFDFOUSFGPSNT JGUIFFNQMPZFSIBTFTUBC MJTIFEBRVBMJà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àUT GPS UIF JOTVSFE BOE QVCMJD BOE QSJWBUF TFMG JOTVSFE EP OPU BEE VQ FYBDUMZ UP UIF CFOFàUT GPS BMM FNQMPZFSTTIPXOJO'JHVSFCFDBVTFPGEJGGFSFOUNFBTVSF N FOUJOBMUFSOBUJWFEBUBTPVSDFT /"4* 5BCMFTBOE /"4* 5BCMFTBOE 4FF 5FMMFT FU BM 5BCMF 5IF BOBMZTJT JO UIJT TUVEZ DPNQBSFT DMBJNT FWBMVBUFE JO UISFF ZFBSTNBUVSJUZ BOEDMBJNTFWBMVBUFEJO POF ZFBSNBUVSJUZ XJUIQSFWJPVTZFBSTDMBJNTFWBMVBUFEBUUIF TBNF NBUVSJUJFT TUBSUJOH JO 5IF BVUIPST àOE UIBU BNPOHDPNQBSJTPOTUBUFT TFFOPUF $BMJGPSOJBIBE UIF IJHIFTU SBUF PG JODSFBTF GPS BWFSBHF JODVSSFE CFOFàUT GPSCPUINPSFBOEMFTTNBUVSFDMBJNTPWFSUIFQFSJPE 8$3* DPMMFDUT BOE BOBMZ[FT EBUB GPS MBSHF TUBUFT $BMJGPSOJB $POOFDUJDVU 'MPSJEB *MMJOPJT *OEJBOB -PV JTJBOB .BTTBDIVTFUUT /PSUI $BSPMJOB 1FOOTZMWBOJB 5FOOFTTFF 5FYBT BOE 8JTDPOTJO 'PS TPNF DPNQBSJTPOT XJUI SFHBSE UP 11% CFOFàUT -PVJTJBOB .BTTBDIVTFUUT BOE1FOOTZMWBOJBBSFPNJUUFECFDBVTFUIFJSCFOFàUTUSVD UVSFJTWFSZEJGGFSFOU &DDMFTUPOFUBM 5BCMFBBOEB 1IZTJDBMNFEJDJOFJODMVEFTOPONFEJDBMJOUFSWFOUJPOTTVDI BT USBDUJPO VMUSBTPVOE BOE BDVQVODUVSF TFF )BSSJT BOE 4XFEMPX 5FMMFTFUBM 5BCMF 3FWJMMFFUBM 5FMMFTFUBM 5BCMFTBOE *OBEEJUJPOUPUIFOVNCFSPG11%DBTFTBOEUIFJSNFEJ DBMBOEJOEFNOJUZCFOFàUT GFBUVSFTVOJRVFUP$BMJGPSOJBT TZTUFN PG FWBMVBUJOH QBSUJBM EJTBCJMJUJFT NBZ UFOE UP QSP NPUFMJUJHBUJPO 3FWJMMFFUBM Q )PXFWFS MPPL JOHBUUIFDIBOHFJODMBJNTXJUIEFGFOTFBUUPSOFZJOWPMWF NFOU BDPNQBSJTPOPGDMBJNTJOJUJBUFEJOXJUIUIPTF JOJUJBUFEJO BUUISFFZFBSTNBUVSJUZ JOEJDBUFEGBTUFS HSPXUIJO$BMJGPSOJB QFSDFOUBHFQPJOUTQFSZFBS UIBO JO BMM PG UIF DPNQBSJTPO TUBUFT UIF TUBUF NFEJBO XBT QFSDFOUBHFQPJOU 5FMMFTFUBM 5BCMF 5IJT àHVSFJEFOUJàFTBTPVSDFPGSJTJOH8$DPTUTJO$BMJGPSOJB )PXFWFS 5FMMFTFUBMBMTPSFQPSUPOUIFDIBOHFJOEFGFOTF BUUPSOFZQBZNFOUTQFSDMBJNXJUIEFGFOTFBUUPSOFZJOWPMWF NFOU5IFTFSPTFBUBMPXFSSBUFJO$BMJGPSOJBUIBOJONPTU PGUIFPUIFSTUBUFT TVHHFTUJOHUIBUMJUJHBUJPODPTUTPWFSBMM XFSFOPUBNBKPSGBDUPSJOUIFTUBUFT8$DSJTJT BMUIPVHI UIFZNBZIBWFDPOUSJCVUFE #VSUPO ,JMHPVS QQm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àHVSF FMFNFOUT PG 4# UIBUDPVMEJODSFBTFDPTUT TVDIBTOFXGFFT BOETUJMM QSPKFDUFEPWFSBMM8$DPTUTUPDPOUJOVFUPJODSFBTFBGUFSUIF MFHJTMBUJPO BOEBGUFSBPOFZFBSTMPXEPXOJOUIFHSPXUI PGDPTUTBUBTJNJMBSSBUFUPQSPKFDUJPOTCFGPSFUIFMFHJTMB UJPO $BMJGPSOJB%FQBSUNFOUPG*OTVSBODF $%* *UJT JNQPSUBOU UP OPUF BT UIF *OTVSBODF $PNNJTTJPOFS EPFT JOUIJTTUBUFNFOU UIBUiUIF*OTVSBODF$PNNJTTJPOFSEPFT OPUTFUXPSLFSTDPNQFOTBUJPOSBUFT*OTVSBODFDPNQBOJFT BSF BMMPXFE CZ MBX UP TFU BOZ BEFRVBUF SBUF UIFZ EFTJSF )PXFWFS UIFSFGPSNMFHJTMBUJPOJODMVEFTBQSPWJTJPO UIBUSFRVJSFTJOTVSFSTUPàMFSBUFTUIBUJODMVEFUIFTBWJOHT UIBU * EFUFSNJOF BSF EVF UP UIF SFGPSNTu )PX UIJT QMBZT PVU JO QSBDUJDF JT VODFSUBJO IPXFWFS .PSFPWFS JU IBT CFFOSFQPSUFEUIBUUIJTFTUJNBUFXBTPWFSPQUJNJTUJD XJUI GFXJOTVSFSTJNQMFNFOUJOHSFEVDUJPOTUIJTMBSHF %SFTTMFS $%* 5IF*OTVSBODF$PNNJTTJPOFSTJOJUJBMQSP QPTFESFEVDUJPOPGQFSDFOU GPMMPXFECZBTVCTFRVFOU SFEVDUJPO PG BO BEEJUJPOBM QFSDFOU GSPN UIF OFX MPXFS CBTF BNPVOUT UP B QFSDFOU PWFSBMM SFEVDUJPO 'PS FYBNQMF B QSFNJVN JT àSTU SFEVDFE UP BOE UIFOUP GPSBDPNCJOFESFEVDUJPOPGQFSDFOU 4FF8$*3# E F BOE$%* 3FGFSFODFT #VSUPO +PIO' i8PSLFST$PNQFOTBUJPO%FWFMPQNFOUT 4JODFBOE1SPHOPTUJDBUJPOTGPS#FOFàUTBOE$PTUT u 8PSLFST $PNQFOTBUJPO 1PMJDZ 3FWJFX 7PM *TTVF 4FQUFNCFS0DUPCFS QQm #VSUPO +PIO' i8PSLFST$PNQFOTBUJPO$PTUTGPS&NQMPZ FST *ODSFBTF JO u 8PSLFST $PNQFOTBUJPO 1PMJDZ 3FWJFX 7PM *TTVF .BZ+VOFB QQm #VSUPO +PIO ' i8PSLFST $PNQFOTBUJPO #FOFàUT BOE $PTUT JO u +PIO #VSUPOT 8PSLFST $PNQFOTBUJPO 3FTPVSDFT 1SJODFUPO /FX +FSTFZ C BWBJMBCMF BU IUUQXXXXPSLFSTDPNQSFTPVSDFTDPN%BUB@BOE@"SUJDMFT /"4* + # @ 4UBUFNFOUIUN BTPGFNCFS $BMJGPSOJB -BCPS 'FEFSBUJPO "'-$*0 i8PSLFST $PN QFOTBUJPO u0BLMBOE $BMJGPSOJB BWBJMBCMFBUIUUQ XXXDBMBCPSGFEPSHJTTVFT@QPMJUJDT-FHJTMBUJWF 8PSL FST@$PNQIUNM BTPG"VHVTU $%* i'JMF/VNCFS3) u4BDSBNFOUP $BMJGPS OJB $)48$ m "OOVBM 3FQPSU 4BDSBNFOUP $BMJ GPSOJB FNCFS $ 8$* i4VNNBSZ PG -FHJTMBUJWF 3FGPSNT " # BOE 4# u 0BLMBOE $BMJGPSOJB B BWBJMBCMF BU IUUQXXXDXDJPSHMFHJTMBUJWF"OBMZTJTIUN BT PG +VOF $8$* #VMMFUJO/P 0BLMBOE $BMJGPSOJB C %SFTTMFS %PO i"OBMZTJT PG $BMJGPSOJBT 8PSLFST $PN QFOTBUJPO3FGPSN u*SWJOF $BMJGPSOJB BWBJMBCMFBU IUUQVDDFVDEBWJTFEVàMFTàMFMJCSBSZQEG BT PG+VMZ &DDMFTUPO 4UBDFZ . 9JBPQJOH ;IBP BOE 5F $IVO -JV 5IF "OBUPNZ PG 8PSLFST $PNQFOTBUJPO .FEJDBM $PTUT BOE6UJMJ[BUJPO5SFOETBOE*OUFSTUBUF$PNQBSJTPOT UI &EJUJPO 8PSLFST$PNQFOTBUJPO3FTFBSDI*OTUJUVUF $BN CSJEHF .BTTBDIVTFUUT (BSBNFOEJ +PIO i5IF(BSBNFOEJ1MBO$PNQMFUJOH8PSL FST $PNQFOTBUJPO 3FGPSN u $BMJGPSOJB %FQBSUNFOU PG *OTVSBODF 4BDSBNFOUP $BMJGPSOJB BWBJMBCMFBUIUUQ X X XJ OTV SB ODFDBHPW EPDT XD @ VQEBUF @ QE G BTPG+BOVBSZ (SVCFS +POBUIBO BOE "MBO # ,SVFHFS i5IF *ODJEFODF PG.BOEBUFE&NQMPZFS1SPWJEFE*OTVSBODF-FTTPOTGSPN 8PSLFST $PNQFOTBUJPO *OTVSBODF u JO %BWJE #SBEGPSE FE 5BY 1PMJDZ BOE UIF &DPOPNZ /BUJPOBM #VSFBV PG & DPOPNJD 3FTFBSDI 5IF . * 5 1SFTT $BNCSJEHF .BTTB DIVTFUUT QQm )BSSJT +FGGSFZ 4 BOE "MFY 4XFEMPX i&WJEFODF#BTFE .FEJDJOF 5 IF $BMJGPSOJB 8PSLFST $PNQFOTBUJPO 4ZT UFN"3FQPSUUPUIF*OEVTUSZ u$BMJGPSOJB8PSLFST$PN QFOTBUJPO*OTUJUVUF 0BLMBOE $BMJGPSOJB ,JMHPVS +PIO ( i8PSLFST $PNQFOTBUJPO 3FGPSN JO $BMJGPSOJB"#PGBOE"#PG u$PN 1 6 # - * $ 1 0 - * $ : * / 4 5 * 5 6 5 & 0 ' $ " - * ' 0 3 / * " $BMJGPSOJB&DPOPNJD1PMJDZ 5IF8PSLFST$PNQFOTBUJPO$SJTJTJO$BMJGPSOJB QFOTBUJPOBOE#FOFàUT3FWJFX 7PM /P /PWFNCFS FNCFS QQm /"4* 8PSLFST$PNQFOTBUJPO#FOFàUT $PWFSBHFBOE$PTUT m/FX&TUJNBUFT 8BTIJOHUPO %$ /"4* 8PSLFST $PNQFOTBUJPO #FOFàUT $PWFSBHF BOE $PTUT /FX &TUJNBUFT BOE m 3FWJTJPOT 8BTIJOHUPO %$ +VMZ /"4* 8PSLFST $PNQFOTBUJPO #FOFàUT $PWFSBHF BOE $PTUT 8BTIJOHUPO %$ +VMZ BWBJMBCMF BU IU U Q X X XOBTJPSH VTS@ EPD 8PSLFST @$PNQ@ 3FQPS U @ @'JOBMQEG BTPG'FCSVBSZ /"4* 8PSLFST $PNQFOTBUJPO #FOFàUT $PWFSBHF BOE $PTUT 8BTIJOHUPO %$ "VHVTU BWBJMBCMFBU IU UQ X X XOBTJPSH VTS@ EPD 8PSLFST @$PNQ@ QEG BTPG4FQUFNCFS /FVIBVTFS 'SBOL .FNPSBOEVN 6OJWFSTJUZ PG $BMJGPS OJB #FSLFMFZ 04*1 i1VCMJD4FMG*OTVSFST4UBUFXJEF5PUBMT uOE B 4BD SBNFOUP $BMJGPSOJB àTDBMZFBST m 04*1 i1SJWBUF4FMG*OTVSFE&NQMPZFST4UBUFXJEF5PUBMT u OE C 4BDSBNFOUP $BMJGPSOJB m 1BDF /JDIPMBT. BOE3PCFSU53FWJMMF i*OKVSFEPOUIF +PC$BMJGPSOJB4FFLTUP3FIBCJMJUBUFUIF4PDJBM$POUSBDU u 3"/%3FWJFX 4BOUB.POJDB $BMJGPSOJB BWBJMBCMF BU IUUQXXXSBOEPSHQVCMJDBUJPOTSBOESFWJFXJTTVFT TVNNFSJOKVSFEIUNM BTPGFNCFS 1FUFSTPO .BSL " 3PCFSU 5 3FWJMMF 3BDIBFM ,BHBOPGG 4UFSO BOE1FUFS4#BSUI $PNQFOTBUJOH1FSNBOFOU8PSL QMBDF*OKVSJFT"4UVEZPGUIF$BMJGPSOJB4ZTUFN 3"/% $PSQPSBUJPO 4BOUB.POJDB $BMJGPSOJB 1PPDIJHJBO $IBSMFT i8PSLFST$PNQFOTBUJPO'JOBM-FH JTMBUJWF6QEBUF u$BMJGPSOJB4UBUF4FOBUF3FQVCMJDBO$BV DVT 4BDSBNFOUP $BMJGPSOJB C BWBJMBCMF BU IUUQ SFQVCMJDBOTFODBHPWPQFETPQFEBTQ BT PG .BZ 3FWJMMF 3PCFSU5 4V[BOOF.1PMJDI 4FUI4FBCVSZ BOE &MJ[BCFUI(JEEFOT 1FSNBOFOU%JTBCJMJUZBU1SJWBUF 4FMG *OTVSFE 'JSNT " 4UVEZ PG &BSOJOHT -PTT 3FQMBDFNFOU BOE3FUVSOUP8PSLGPS8PSLFST$PNQFOTBUJPO$MBJN BOUT 3"/% $PSQPSBUJPO 4BOUB .POJDB $BMJGPSOJB 3FWJMMF 3PCFSU 5 4FUI 4FBCVSZ BOE 'SBOL /FVIBVTFS i&WBMVBUJPO PG $BMJGPSOJBT 1FSNBOFOU %JTBCJMJUZ 3BUJOH 4DIFEVMF*OUFSJN3FQPSU u3"/%*OTUJUVUFGPS$JWJM+VTUJDF 4BOUB .POJDB $BMJGPSOJB FNCFS BWBJMBCMF BU IUUQ XXXSBOEPSH QVCMJDBUJPOT %# %#JOEFY IUNM BTPG+BOVBSZ 5FMMFT $BSPM" %POHDIVO8BOH BOE3BNPOB15BOBCF $PNQ4DPQF #FODINBSLT .VMUJTUBUF $PNQBSJTPOT UI &EJUJPO 8PSLFST$PNQFOTBUJPO3FTFBSDI*OTUJUVUF $BN CSJEHF .BTTBDIVTFUUT 5IPNBTPO 5FSSZ 5JNPUIZ14DINJEMF BOE+PIO'#VSUPO +S 8PSLFST $PNQFOTBUJPO #FOF àUT $PTUT BOE 4BGFUZ 6OEFS"MUFSOBUJWF*OTVSBODF"SSBOHFNFOUT 8&6QKPIO *OTUJUVUF GPS &NQMPZNFOU 3FTFBSDI ,BMBNB[PP .JDIJ HBO 64 #VSFBV PG -BCPS 4UBUJTUJDT 8BTIJOHUPO %$ OE BWBJMBCMF BU IUUQXXXCMTHPWJJGIPNFIUN BT PG +VMZ 7JDUPS 3JDIBSE " i&WJEFODF PG &GGFDUJWFOFTT PG 1PMJDZ -FWFST UP $POUBJO .FEJDBM $PTU JO 8PSLFST $PNQFOTB UJPO u8$3* $BNCSJEHF .BTTBDIVTFUUT /PWFNCFS 8$*3# i8$*3# #VMMFUJO /P 3F $BMJGPSOJB 8PSLFST$PNQFOTBUJPO1PMJDZ:FBS4UBUJTUJDT u4BO'SBO DJTDP $BMJGPSOJB "VHVTU 8$*3# i$PTU&WBMVBUJPOPG"TTFNCMZ#JMMBT&OBDUFE u 4BO'SBODJTDP $BMJGPSOJB +VMZ B 8$*3# i8$*3# #VMMFUJO /P 3F $BMJGPSOJB 8PSLFST$PNQFOTBUJPO1PMJDZ:FBS4UBUJTUJDT u4BO'SBO DJTDP $BMJGPSOJB +VOF C 8$*3# i8$*3# #VMMFUJO /P 3F $BMJGPSOJB 8PSLFST$PNQFOTBUJPO1PMJDZ:FBS4UBUJTUJDT u4BO'SBO DJTDP $BMJGPSOJB +VMZ B 8$*3# i8$*3##VMMFUJO/P 3F3FQPSUPO $BMJGPSOJB8PSLFST$PNQFOTBUJPO-PTTFTBOE&YQFOTFT u 4BO'SBODJTDP $BMJGPSOJB +VOF C 8$*3# i8$*3#1SFMJNJOBSZ&TUJNBUFPGUIF$PTU*NQBDU PG"TTFNCMZ#JMMBOE4FOBUF#JMMBT"EPQUFECZUIF -FHJTMBUVSF4FQUFNCFS u4BO'SBODJTDP $BMJGPS OJB 4FQUFNCFS D BWBJMBCMFBUIUUQXDJSCPOMJOF PSH XDJ SC @X J SF QE G @ QSFM J N @ FWB M @ TC @ BC @ QEG BTPG+VMZ 8$*3# i$BMJGPSOJB8PSLFST$PNQFOTBUJPO*OTVSFE -PTTFT BOE &YQFOTFT u 4BO 'SBODJTDP $BMJGPSOJB +VOF B 8$*3# $BMJGPSOJB 8PSLFST $PNQFOTBUJPO 6OJGPSN 4UBUJTUJDBM 3FQPSUJOH 1MBO &GGFDUJWF +BOVBSZ 4BO 'SBODJTDP $BMJGPSOJB C BWBJMBCMF BU IUUQ XDJSCPOMJOFPSH SPPU QEGVTSQ@JD @SFHT @POMZQEG BT PG.BZ 8$*3# i8$*3# #VMMFUJO /P 3F 8$*3# 4VNNBSZ PG 1PMJDZ :FBS 4UBUJTUJDT u 4BO 'SBODJTDP $BMJ GPSOJB "VHVTU D 8$*3# i8$*3# UP 1SPQPTF B 3FEVDUJPO JO 1VSF 1SF NJVN3BUFT u4BDSBNFOUP $BMJGPSOJB E BWBJMBCMFBU IUUQXDJSCPOMJOFPSHXDJSC@XJSF@BTQ BT PG.BZ 8$*3# i8$*3#UP1SPQPTF*ODSFBTFJO1VSF1SF NJVN "EWJTPSZ 3BUFT +BOVBSZ u 4BO 'SBODJTDP $BMJGPSOJB F BWBJMBCMF BU IUUQXDJSCPOMJOFPSH XDJSC@XJSF@BTQ BTPG"VHVTU 8JDLJ[FS 5IPNBT. (BSZ'SBOLMJO 3PZ1MBFHFS#SPDLXBZ BOE 3PCFSU % .PPU[ i*NQSPWJOH UIF 2VBMJUZ PG 8PSL FST$PNQFOTBUJPO)FBMUI$BSF%FMJWFSZ5IF8BTIJOHUPO 4UBUF 0DDVQBUJPOBM )FBMUI 4FSWJDFT 1SPKFDU u 5IF .JMM CBOL2VBSUFSMZ 7PM /P QQm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nFDUUIFWJFXTPG11*$ 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 $IFSZM8IJUF.BTPO $IBJS $IJFG $JWJM-JBCJMJUZ.BOBHFNFOU 0 G mDFPGUIF$J U Z"U UPSOFZ -PT"OHFMFT $BMJGPSOJB &EXBSE,)BNJMUPO $IBJSNBO )BNJMUPO 3BCJOPWJU["MTDIVMFS *OD (BSZ,)BSU 'PVOEFS *OTUJUVUFGPS&EVDBUJPOBM3FGPSN $BMJGPSOJB4UBUF6OJWFSTJUZ 4BDSBNFOUP 8BMUFS#)FXMFUU %JSFDUPS $FOUFSGPS$PNQVUFS"TTJTUFE 3FTFBSDIJOUIF)VNBOJUJFT %BWJE8-ZPO 1SFTJEFOUBOE$&0 1VCMJD1PMJDZ*OTUJUVUFPG$BMJGPSOJB "SKBZ.JMMFS O&NFSJUVT (SBEVBUF4DIPPMPG#VTJOFTT 4UBOGPSE6OJWFSTJUZ ,J4VI1BSL %FTJHOBOE.BOBHJOH1BSUOFS (SVFO"TTPDJBUFT $POTUBODF-3JDF $P%JSFDUPS 5IF"EWBODFNFOU1SPKFDU 5IPNBT$4VUUPO $IBJSNBO$&0 1BDJm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
["post_date_gmt"]=>
string(19) "2017-05-20 09:37:45"
["comment_status"]=>
string(4) "open"
["ping_status"]=>
string(6) "closed"
["post_password"]=>
string(0) ""
["post_name"]=>
string(10) "ep_105dnep"
["to_ping"]=>
string(0) ""
["pinged"]=>
string(0) ""
["post_modified"]=>
string(19) "2017-05-20 02:37:45"
["post_modified_gmt"]=>
string(19) "2017-05-20 09:37:45"
["post_content_filtered"]=>
string(0) ""
["guid"]=>
string(52) "http://148.62.4.17/wp-content/uploads/EP_105DNEP.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)
}