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Infiniti 2015 QX80/QX

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User Manual

This is the main product document for model 2015 INFINITI QX80/QX.

The file format is pdf, 578 pages, you can download this manual here .

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2015 Infiniti QX80 Owner’s Manual
Printing: September 2014 (10) / OM15E0 0Z62U0 / Printed in U.S.A.
For your safety, read carefully and keep in this vehicle.
2015 Infiniti QX80
1730108 EN QX80 OM Cover.indd 1 8/5/14 11:08 AM
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8BSOJOH BOE JOEJDBUPS MJHIUT 
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 *MMVTUSBUFE UBCMF PG DPOUFOUT
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 4FBU CFMU GPS SE SPX DFOUFS TFBU CFMU
1 
 3PPGNPVOUFE DVSUBJO TJEFJNQBDU
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1
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'SPOUTFBU "DUJWF )FBE 3FTUSBJOUT
1
 4FBU CFMUT 1
 'SPOU TFBUNPVOUFE TJEFJNQBDU TVQ
QMFNFOUBM BJS CBHT 1
 4VQQMFNFOUBM GSPOUJNQBDU BJS CBHT
1
 $IJME SFTUSBJOU BODIPS QPJOUT GPS UPQ
UFUIFS TUSBQ DIJME SFTUSBJOU 1
1
 SE SPX TFBUT 1
$IJME SFTUSBJOUT 1
 -"5$) -PXFS "ODIPST BOE 5FUIFST GPS
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 "SNSFTU OE SPX TFBU 1
 OE SPX TFBUT 1
$IJME SFTUSBJOUT 1
 4FBU CFMU QSFUFOTJPOFS 1
 'SPOU BSNSFTU 1
 'SPOU TFBUT 1
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XFJHIU TFOTPST 1
 'SPOU QBTTFOHFS BJS CBH TUBUVT MJHIU
1
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 )PPE 1
 8JOETIJFME XJQFS BOE XBTIFS
4XJUDI PQFSBUJPO 1
3BJOTFOTJOH BVUP XJQFS TZTUFN
1
8JQFS CMBEF SFQMBDFNFOU 1
8JOEPX XBTIFS GMVJE 1
 .PPOSPPG 1
 1PXFS XJOEPXT 1
 3PPG SBDL 1
 4FOTPST
"SPVOE 7JFX
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 5PXJOH IPPL 1
 'SPOU WJFX DBNFSB 1
 )FBEMJHIU XBTIFST 1
 'SPOU UVSO TJHOBM 1
 'PH MJHIU 1
 )FBEMJHIU 1
"EBQUJWF 'SPOU MJHIUJOH 4ZTUFN
"'4 1
 5JSFT
8IFFM BOE UJSFT 1 1
'MBU UJSF 1
5JSF 1SFTTVSF .POJUPSJOH 4ZTUFN
51.4 1 1
 0VUTJEF NJSSPST 1
4JEF WJFX DBNFSB 1
8FMDPNF MJHIU 1
 4JEF UVSO TJHOBM MJHIUT 1
 %PPST
,FZT 1
%PPS MPDLT 1
*OUFMMJHFOU ,FZ TZTUFN 1
3FNPUF LFZMFTT FOUSZ TZTUFN
1
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 $IJME TBGFUZ SFBS EPPS MPDLT 1
 JG TP FRVJQQFE
*MMVTUSBUFE UBCMF PG DPOUFOUT 
&95&3*03 '30/5
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 *MMVTUSBUFE UBCMF PG DPOUFOUT
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 'VFMGJMMFS EPPS 1
'VFM JOGPSNBUJPO 1
 "OUFOOB 1
 3FBS DPNCJOBUJPO MJHIU 1
 3FBS XJOEPX EFGSPTUFS 1
 4BUFMMJUF BOUFOOB 1
 3FBS WJFX DBNFSB 1
 )JHINPVOUFE TUPQ MJHIU 1
 -JGU HBUF 1
*OUFMMJHFOU ,FZ TZTUFN 1
 3FBS XJOEPX XJQFS BOE XBTIFS
4XJUDI PQFSBUJPO 1
8JOEPX XBTIFS GMVJE 1
 4QBSF UJSF VOEFS UIF WFIJDMF 1
 4FOTPST
"SPVOE 7JFX
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 5PXJOH IPPL 1
 5SBJMFS IJUDI 1
&95&3*03 3&"3
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 $BSHP MJHIU 1
 $VQ IPMEFST SE SPX TFBU 1
 3FBS WFOUJMBUPST 1
 $PBU IPPLT 1
 3FBS QFSTPOBM MJHIUT 1
 5SBZ 1
64# DPOOFDUJPO QPSU 1
J1PE
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 %PPS BSNSFTU
1PXFS XJOEPX DPOUSPMT 1
1PXFS EPPS MPDL TXJUDI 1
0VUTJEF SFBSWJFX NJSSPS SFNPUF
DPOUSPM TXJUDI 1
 "VUPNBUJD ESJWF QPTJUJPOFS TXJUDI
1
 4VO WJTPST 1
 404 DBMM TXJUDI 3FGFS UP UIF TFQB
SBUF /BWJHBUJPO 4ZTUFN 0XOFST .BO
VBM
 .PPOSPPG TXJUDI 1
 .BQ MJHIUT 1
 4VOHMBTTFT IPMEFS 1
 *OTJEF SFBSWJFX NJSSPS 1
)PNF-JOL
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1
 $BSHP BSFB
1PXFS PVUMFU 1
$BSHP GMPPS CPY 1
-VHHBHF IPPLT 1
+BDLJOH UPPMT 1
 3FBS DPOTPMF CPY 1
$VQ IPMEFST OE SPX TFBU
1
1PDLFU 1
 $VQ IPMEFST OE SPX TFBU 1
 %VBM IFBE SFTUSBJOU %7% TZTUFN
1
*MMVTUSBUFE UBCMF PG DPOUFOUT 
1"44&/(&3 $0.1"35.&/5
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 *MMVTUSBUFE UBCMF PG DPOUFOUT
 $POTPMF CPY 1
1PXFS PVUMFU 1
"VYJMJBSZ JOQVU KBDLT 1
1
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TZTUFN 1
1PXFS PVUMFU 1'SPOU DVQ
IPMEFST 1
 JG TP FRVJQQFE
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+7$9
 1PXFS MJGU HBUF TXJUDI 1
 *OTUSVNFOU CSJHIUOFTT DPOUSPM TXJUDI
1
 53*13&4&5 TXJUDI GPS UXJO USJQ PE
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 )FBEMJHIU GPH MJHIU BOE UVSO TJHOBM
TXJUDI
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5VSO TJHOBM 1
'PH MJHIU 1
 4UFFSJOHXIFFMNPVOUFE DPOUSPMT MFGU
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1
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1
 5SJQ DPNQVUFS TXJUDI 1
 8JQFS BOE XBTIFS TXJUDI 1
4UFFSJOHXIFFMNPVOUFE DPOUSPMT
SJHIU TJEF
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 'PVS8IFFM %SJWF 8% TIJGU TXJUDI
14/08 NPEF TXJUDI
1508 .0%& TXJUDI 1
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 1PXFS MJGU HBUF NBJO TXJUDI 1
*MMVTUSBUFE UBCMF PG DPOUFOUT 
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 *MMVTUSBUFE UBCMF PG DPOUFOUT
 8BSOJOH TZTUFNT TXJUDI 1 
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1
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 #$* #BDLVQ $PMMJTJPO *OUFSWFOUJPO
TXJUDI 1 PS 1PXFS MJGU HBUF
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 &MFDUSJD UJMUJOHUFMFTDPQJD TUFFSJOH
XIFFM TXJUDI 1
 JG TP FRVJQQFE
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 )B[BSE XBSOJOH GMBTIFS TXJUDI 1
 $FOUFS WFOUJMBUPS 1
 $FOUFS NVMUJGVODUJPO DPOUSPM QBOFM
1
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/BWJHBUJPO TZTUFN
%7% QMBZFS PQFSBUJPO 1
 $MPDL 1
 %FGSPTUFS TXJUDI 1
 'SPOU QBTTFOHFS TVQQMFNFOUBM BJS CBH
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 'VTF CPY 1
 1BSLJOH CSBLF 1
 )PPE SFMFBTF IBOEMF 1
 4UFFSJOH XIFFM
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%SJWFS TVQQMFNFOUBM BJS CBH
1
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 1VTICVUUPO JHOJUJPO TXJUDI 1
 $MJNBUF DPOUSPMMFE TFBU TXJUDI
1)FBUFE TFBU TXJUDI 1
 3FNPUF UJQVQ OE SPX TFBU TXJUDI
1
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 1PXFS PVUMFU 1
 'SPOU QBTTFOHFS BJS CBH TUBUVT MJHIU
1
 $VQ IPMEFS 1
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 *MMVTUSBUFE UBCMF PG DPOUFOUT
 "VUPNBUJD DMJNBUF DPOUSPM TZTUFN
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 "VEJP TZTUFN 1
 (MPWF CPY 1
 JG TP FRVJQQFE
 3FGFS UP UIF TFQBSBUF /BWJHBUJPO 4ZT
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4*$
 5BDIPNFUFS 1
 8BSOJOH*OEJDBUPS MJHIUT 1
 4QFFEPNFUFS 1
 &OHJOF DPPMBOU UFNQFSBUVSF HBVHF
1
 7PMUNFUFS 1
 7FIJDMF JOGPSNBUJPO EJTQMBZ 1
0EPNFUFSUXJO USJQ PEPNFUFS 1
 &OHJOF PJM QSFTTVSF HBVHF 1
 'VFM HBVHF 1
*MMVTUSBUFE UBCMF PG DPOUFOUT 
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 *MMVTUSBUFE UBCMF PG DPOUFOUT
4%*
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 8JOEPX XBTIFS GMVJE SFTFSWPJS
1
 'VTFGVTJCMF MJOL IPMEFS 1
 &OHJOF PJM EJQTUJDL 1
 1PXFS TUFFSJOH GMVJE SFTFSWPJS 1
 &OHJOF PJM GJMMFS DBQ 1
 #SBLF GMVJE SFTFSWPJS 1
 'VTFGVTJCMF MJOL IPMEFS 1
 #BUUFSZ 1
 3BEJBUPS GJMMFS DBQ 1
 &OHJOF DPPMBOU SFTFSWPJS 1
 %SJWF CFMUT 1
 "JS DMFBOFS 1
&/(*/& $0.1"35.&/5
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8BSOJOH
MJHIU
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"OUJMPDL #SBLJOH 4ZTUFN "#4
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"VUPNBUJD 5SBOTNJTTJPO "5
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"VUPNBUJD 5SBOTNJTTJPO "5 PJM
UFNQFSBUVSF XBSOJOH MJHIU
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"VUPNBUJD 5SBOTNJTTJPO "5
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#MJOE 4QPU 8BSOJOH #48
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TZTUFN XBSOJOH MJHIU PSBOHF JG
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TZTUFN XBSOJOH MJHIU PSBOHF JG
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
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TZTUFN XBSOJOH MJHIU JG TP
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TZTUFN XBSOJOH MJHIU PSBOHF JG
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JOEJDBUPS MJHIU PSBOHF JG TP
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4FBU CFMU XBSOJOH MJHIU 
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FRVJQQFE

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JOEJDBUPS MJHIU HSFFO JG TP
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JOEJDBUPS MJHIU HSFFO JG TP
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.*-

4FDVSJUZ JOEJDBUPS MJHIU 
4/08 NPEF JOEJDBUPS MJHIU 
508 NPEF JOEJDBUPS MJHIU 
5VSO TJHOBMIB[BSE JOEJDBUPS
MJHIUT

7FIJDMF %ZOBNJD $POUSPM 7%$
PGG JOEJDBUPS MJHIU

*MMVTUSBUFE UBCMF PG DPOUFOUT 
8"3/*/( "/% */%*$"503 -*()54
background
 *MMVTUSBUFE UBCMF PG DPOUFOUT
.&.0
background
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM
SFTUSBJOU TZTUFN
4FBUT  
'SPOU TFBUT 
OE SPX TFBUT 
SE SPX TFBUT 
"SNSFTU JG TP FRVJQQFE 
'MFYJCMF TFBUJOH 
)FBE SFTUSBJOUTIFBESFTUT 
"EKVTUBCMF IFBE
SFTUSBJOUIFBESFTU DPNQPOFOUT  
/POBEKVTUBCMF IFBE
SFTUSBJOUIFBESFTU DPNQPOFOUT  
3FNPWF 
*OTUBMM  
"EKVTU 
'SPOUTFBU "DUJWF )FBE 3FTUSBJOU 
4FBU CFMUT  
1SFDBVUJPOT PO TFBU CFMU VTBHF  
1SFHOBOU XPNFO  
*OKVSFE QFSTPOT 
1SFDSBTI TFBU CFMUT XJUI DPNGPSU GVODUJPO
JG TP FRVJQQFE GPS GSPOU TFBUT 
5ISFFQPJOU UZQF TFBU CFMU  
4FBU CFMU FYUFOEFST 
4FBU CFMU NBJOUFOBODF  
$IJME TBGFUZ  
*OGBOUT
4NBMM DIJMESFO  
-BSHFS DIJMESFO  
$IJME SFTUSBJOUT
1SFDBVUJPOT PO DIJME SFTUSBJOUT  
-PXFS "ODIPST BOE 5FUIFST GPS $)JMESFO
4ZTUFN -"5$)  
5PQ UFUIFS TUSBQ DIJME SFTUSBJOU  
3FBSGBDJOH DIJME SFTUSBJOU JOTUBMMBUJPO
VTJOH -"5$)  
3FBSGBDJOH DIJME SFTUSBJOU JOTUBMMBUJPO
VTJOH UIF TFBU CFMUT 
'PSXBSEGBDJOH DIJME SFTUSBJOU JOTUBMMBUJPO
VTJOH -"5$)  
'PSXBSEGBDJOH DIJME SFTUSBJOU JOTUBMMBUJPO
VTJOH UIF TFBU CFMUT 
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4VQQMFNFOUBM SFTUSBJOU TZTUFN 
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background
'SPOU TFBUNPVOUFE TJEFJNQBDU TVQQMFNFOUBM
BJS CBH BOE SPPGNPVOUFE DVSUBJO TJEFJNQBDU
BOE SPMMPWFS TVQQMFNFOUBM BJS CBH TZTUFNT 
4FBU CFMUT XJUI QSFUFOTJPOFST GSPOU TFBUT  
4VQQMFNFOUBM BJS CBH XBSOJOH MBCFMT 
4VQQMFNFOUBM BJS CBH XBSOJOH MJHIU  
3FQBJS BOE SFQMBDFNFOU QSPDFEVSF  
background
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8"3/*/(
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TFBUCBDL JT SFDMJOFE 5IJT DBO CF EBOHFS
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ZPVS CPEZ *O BO BDDJEFOU ZPV DPVME CF
UISPXO JOUP JU BOE SFDFJWF OFDL PS PUIFS
TFSJPVT JOKVSJFT :PV DPVME BMTP TMJEF
VOEFS UIF MBQ CFMU BOE SFDFJWF TFSJPVT
JOUFSOBM JOKVSJFT
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UIF WFIJDMF JT JO NPUJPO UIF TFBU TIPVME
CF VQSJHIU "MXBZT TJU XFMM CBDL JO UIF
TFBU XJUI CPUI GFFU PO UIF GMPPS BOE
BEKVTU UIF TFBU CFMU QSPQFSMZ 4FF g1SF
DBVUJPOT PO TFBU CFMU VTBHFu 1
. "GUFS BEKVTUNFOU HFOUMZ SPDL JO UIF TFBU
UP NBLF TVSF JU JT TFDVSFMZ MPDLFE
. %P OPU MFBWF DIJMESFO VOBUUFOEFE JOTJEF
UIF WFIJDMF 5IFZ DPVME VOLOPXJOHMZ
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UFOEFE DIJMESFO DPVME CFDPNF JOWPMWFE
JO TFSJPVT BDDJEFOUT
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NPSF UIBO OFFEFE GPS DPNGPSU 4FBU CFMUT
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TMJEJOH VOEFS UIF MBQ CFMU BOE CFJOH
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4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
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 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
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POET UIFO SFBDUJWBUF UIF TXJUDI
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TFBU CFMU VTBHFu 1 "MTP UIF TFBU
CBDL DBO CF SFDMJOFE UP BMMPX PDDVQBOUT UP
SFTU XIFO UIF WFIJDMF JT TUPQQFE BOE UIF
USBOTNJTTJPO JT JO UIF 1 1BSL QPTJUJPO
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 1VMM VQ PS QVTI EPXO UIF BEKVTUJOH
TXJUDI UP BEKVTU UIF TFBU IFJHIU VOUJM
UIF EFTJSFE QPTJUJPO JT BDIJFWFE
 5JMU VQ PS EPXO UIF BEKVTUJOH TXJUDI UP
BEKVTU UIF GSPOU BOHMF PG UIF TFBU VOUJM
UIF EFTJSFE QPTJUJPO JT BDIJFWFE GPS
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CZ QBTTFOHFST XJUIPVU QSPQFS SFTUSBJOUT
DPVME SFTVMU JO TFSJPVT JOKVSZ JO BO
BDDJEFOU PS TVEEFO TUPQ
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VQSJHIU QPTJUJPO CF DFSUBJO UIFZ BSF
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UJPO *G UIFZ BSF OPU DPNQMFUFMZ TFDVSFE
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DBSHP IJHIFS UIBO UIF TFBUCBDLT *O B
TVEEFO TUPQ PS DPMMJTJPO VOTFDVSFE
DBSHP DPVME DBVTF QFSTPOBM JOKVSZ
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
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 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
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5IF SFDMJOJOH GFBUVSF BMMPXT BEKVTUNFOU PG
UIF TFBUCBDL GPS PDDVQBOUT PG EJGGFSFOU
TJ[FT UP IFMQ PCUBJO QSPQFS TFBU CFMU GJU
4FF g1SFDBVUJPOT PO TFBU CFMU VTBHFu 1
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8"3/*/(
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ZPVS CPEZ *O BO BDDJEFOU ZPV DPVME CF
UISPXO JOUP JU BOE SFDFJWF OFDL PS PUIFS
TFSJPVT JOKVSJFT :PV DPVME BMTP TMJEF
VOEFS UIF MBQ CFMU BOE SFDFJWF TFSJPVT
JOUFSOBM JOKVSJFT
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UIF WFIJDMF JT JO NPUJPO UIF TFBU TIPVME
CF VQSJHIU "MXBZT TJU XFMM CBDL JO UIF
TFBU XJUI CPUI GFFU PO UIF GMPPS BOE
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DBVUJPOT PO TFBU CFMU VTBHFu 1
. "GUFS BEKVTUNFOU DIFDL UP CF TVSF UIF
TFBU JT TFDVSFMZ MPDLFE
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PUIFS QFPQMF XIFO PQFSBUJOH UIF OE
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DMFBS PG BMM PCKFDUT CFGPSF NPWJOH UIF
TFBU
5IF OE SPX TFBU DBO CF UJQQFE GPSXBSE GPS
FBTZ FOUSZ UP PS FYJU GSPN UIF SE SPX TFBU
background
444
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5P FOUFS UIF SE SPX TFBU QVMM UIF MFWFS
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MPDBUFE PO UIF OE SPX TFBU BOE GPME
UIF TFBUCBDL GPSXBSE
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1VTI BOE IPME UIF TXJUDI MPDBUFE PO UIF
JOTUSVNFOU QBOFM 5IF TFBUCBDL XJMM GPME
EPXO BOE UJQ GPSXBSE
5IF MPXFS DPSOFS PG UIF TFBU CBTF XJMM MJGU
BOE UIF OE SPX TFBU XJMM UJQ GPSXBSE
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
444
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5IF SE SPX QPXFS GPMEJOH TFBU DPOUSPMT BSF
MPDBUFE CFIJOE UIF OE SPX TFBU CPUI UIF
ESJWFST BOE QBTTFOHFST TJEF PO UIF SE
SPX DVQ IPMEFS DPOTPMF
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DPOUSPMT MPDBUFE PO UIF SFBS RVBSUFS USJN
QBOFM CFIJOE UIF SE SPX TFBUT QBTTFO
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GVMM EPXO QPTJUJPO
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CFMU BOE UPOHVFT JOUP UIF SFUSBDUPS
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background
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TFBUCBDL JT SFDMJOFE 5IJT DBO CF EBOHFS
PVT 5IF TIPVMEFS CFMU XJMM OPU CF BHBJOTU
ZPVS CPEZ *O BO BDDJEFOU ZPV DPVME CF
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TFSJPVT JOKVSJFT :PV DPVME BMTP TMJEF
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8"3/*/(
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DPVME SFTVMU JO TFSJPVT JOKVSZ JO BO
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4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
UJPO *G UIFZ BSF OPU DPNQMFUFMZ TFDVSFE
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EFOU PS TVEEFO TUPQ
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DPMMJTJPO
5IF QSFDSBTI TFBU CFMU XJMM OPU CF BDUJWF
XIFO
. UIF TFBU CFMU JT OPU GBTUFOFE
. UIF WFIJDMF TQFFE JT VOEFS  .1) 
LNI EVSJOH FNFSHFODZ CSBLJOH
. UIF WFIJDMF TQFFE JT VOEFS  .1) 
LNI EVSJOH TVEEFO TUFFSJOH NBOFV
WFST PS JO UIF FWFOU PG B IJHI TFWFSJUZ
SPMMPWFS DPMMJTJPO
5IF QSFDSBTI TFBU CFMU XJMM OPU CF BDUJWF
XIFO UIF CSBLF QFEBM JT OPU EFQSFTTFE
FYDFQU XIFO TVEEFO TUFFSJOH NBOFVWFST
PDDVS PS UIF GPSXBSE FNFSHFODZ CSBLJOH
TZTUFN BDUJWBUFT
5IF NPUPS BMTP SFUSBDUT UIF TFBU CFMU XIFO
UIF TFBU CFMU JT GBTUFOFE PS VOGBTUFOFE
8IFO UIF TFBU CFMU JT GBTUFOFE UIF NPUPS
UJHIUFOT UIF TFBU CFMU GPS B TOVH GJU 8IFO
UIF TFBU CFMU JT VOGBTUFOFE UIF NPUPS
SFUSBDUT UIF TFBU CFMU *G UIF TFBU CFMU JT OPU
GVMMZ SFUSBDUFE UIF NPUPS SFUSBDUT UIF TFBU
CFMU XIFO UIF EPPS JT PQFOFE
"MXBZT XFBS ZPVS TFBU CFMU DPSSFDUMZ BOE TJU
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
VQSJHIU BOE XFMM CBDL
*G UIF NPUPS DBOOPU SFUSBDU UIF TFBU CFMU
XIFO UIF TFBU CFMU JT GBTUFOFE PS VOGBT
UFOFE JU NBZ JOEJDBUF UIF QSFDSBTI TFBU
CFMU TZTUFN IBT B NBMGVODUJPO )BWF ZPVS
*/'*/*5* SFUBJMFS DIFDL BOE SFQBJS UIF
TZTUFN
8IFO UIF TFBU CFMU JT SFUSBDUFE SFQFBUFEMZ
JO B TIPSU QFSJPE PG UJNF UIF NPUPS NBZ OPU
CF BCMF UP SFUSBDU UIF TFBU CFMU "GUFS
NJOVUFT UIF NPUPS SFBDUJWBUFT BOE SFUSBDUT
UIF TFBU CFMU *G UIF TFBU CFMU TUJMM DBOOPU CF
SFUSBDUFE CZ UIF NPUPS UIF QSFDSBTI TFBU
CFMU TZTUFN IBT B NBMGVODUJPO )BWF ZPVS
*/'*/*5* SFUBJMFS DIFDL BOE SFQBJS UIF
TZTUFN
5)3&&10*/5 5:1& 4&"5 #&-5
8"3/*/(
. &WFSZ QFSTPO XIP ESJWFT PS SJEFT JO UIJT
WFIJDMF TIPVME VTF B TFBU CFMU BU BMM
UJNFT
. %P OPU SJEF JO B NPWJOH WFIJDMF XIFO UIF
TFBUCBDL JT SFDMJOFE 5IJT DBO CF EBOHFS
PVT 5IF TIPVMEFS CFMU XJMM OPU CF BHBJOTU
ZPVS CPEZ *O BO BDDJEFOU ZPV DPVME CF
UISPXO JOUP JU BOE SFDFJWF OFDL PS PUIFS
TFSJPVT JOKVSJFT :PV DPVME BMTP TMJEF
VOEFS UIF MBQ CFMU BOE SFDFJWF TFSJPVT
JOUFSOBM JOKVSJFT
. 'PS UIF NPTU FGGFDUJWF QSPUFDUJPO XIFO
UIF WFIJDMF JT JO NPUJPO UIF TFBU TIPVME
CF VQSJHIU "MXBZT TJU XFMM CBDL JO UIF
TFBU XJUI CPUI GFFU PO UIF GMPPS BOE
BEKVTU UIF TFBU CFMU QSPQFSMZ
+739
8"3/*/(
%P OPU BMMPX DIJMESFO UP QMBZ XJUI UIF TFBU
CFMUT .PTU TFBUJOH QPTJUJPOT BSF FRVJQQFE
XJUI "VUPNBUJD -PDLJOH 3FUSBDUPS "-3
NPEF TFBU CFMUT *G UIF TFBU CFMU CFDPNFT
XSBQQFE BSPVOE B DIJMET OFDL XJUI UIF "-3
NPEF BDUJWBUFE UIF DIJME DBO CF TFSJPVTMZ
JOKVSFE PS LJMMFE JG UIF TFBU CFMU SFUSBDUT BOE
CFDPNFT UJHIU 5IJT DBO PDDVS FWFO JG UIF
WFIJDMF JT QBSLFE 6OCVDLMF UIF TFBU CFMU UP
SFMFBTF UIF DIJME 'PS UIF DFOUFS PG UIF SE
SPX CFODI TFBU UIF DPOOFDUPS UPOHVF
*
NBZ BMTP CF SFMFBTFE 3FMFBTF UIF DPOOFDUPS
background
UPOHVF CZ JOTFSUJOH B TVJUBCMF UPPM TVDI BT
B LFZ JOUP UIF DPOOFDUPS CVDLMF
*
"
*G UIF
TFBU CFMU DBOOPU CF VOCVDLMFE PS JT BMSFBEZ
VOCVDLMFE SFMFBTF UIF DIJME CZ DVUUJOH UIF
TFBU CFMU XJUI B TVJUBCMF UPPM TVDI BT B LOJGF
PS TDJTTPST UP SFMFBTF UIF TFBU CFMU
444
'BTUFOJOH UIF TFBU CFMUT
 "EKVTU UIF TFBU 4FF g4FBUTu 1
 4MPXMZ QVMM UIF TFBU CFMU PVU PG UIF
SFUSBDUPS BOE JOTFSU UIF UPOHVF JOUP UIF
CVDLMF VOUJM ZPV IFBS BOE GFFM UIF MBUDI
FOHBHF
.
5IF SFUSBDUPS JT EFTJHOFE UP MPDL
EVSJOH B TVEEFO TUPQ PS PO JNQBDU "
TMPX QVMMJOH NPUJPO QFSNJUT UIF CFMU
UP NPWF BOE BMMPXT ZPV TPNF GSFF
EPN PG NPWFNFOU JO UIF TFBU
.
*G UIF TFBU CFMU DBOOPU CF QVMMFE GSPN
JUT GVMMZ SFUSBDUFE QPTJUJPO GJSNMZ
QVMM UIF CFMU BOE SFMFBTF JU 5IFO
TNPPUIMZ QVMM UIF CFMU PVU PG UIF
SFUSBDUPS
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
444
 1PTJUJPO UIF MBQ CFMU QPSUJPO MPX BOE
TOVH PO UIF IJQT BT TIPXO
 1VMM UIF TIPVMEFS CFMU QPSUJPO UPXBSE
UIF SFUSBDUPS UP UBLF VQ FYUSB TMBDL #F
TVSF UIF TIPVMEFS CFMU JT SPVUFE PWFS
ZPVS TIPVMEFS BOE BDSPTT ZPVS DIFTU
5IF UISFFQPJOU UZQF TFBU CFMUT IBWF UXP
NPEFT PG PQFSBUJPO
. &NFSHFODZ -PDLJOH 3FUSBDUPS &-3
. "VUPNBUJD -PDLJOH 3FUSBDUPS "-3
5IF &NFSHFODZ -PDLJOH 3FUSBDUPS &-3
NPEF BMMPXT UIF TFBU CFMU UP FYUFOE BOE
SFUSBDU UP BMMPX UIF ESJWFS BOE QBTTFOHFST
TPNF GSFFEPN PG NPWFNFOU JO UIF TFBU
5IF &-3 MPDLT UIF TFBU CFMU XIFO UIF
WFIJDMF TMPXT EPXO SBQJEMZ PS EVSJOH
JNQBDUT
5IF "VUPNBUJD -PDLJOH 3FUSBDUPS "-3
NPEF DIJME SFTUSBJOU NPEF MPDLT UIF TFBU
CFMU GPS DIJME SFTUSBJOU JOTUBMMBUJPO
8IFO UIF "-3 NPEF JT BDUJWBUFE UIF TFBU
CFMU DBOOPU CF FYUFOEFE BHBJO VOUJM UIF
TFBU CFMU UPOHVF JT EFUBDIFE GSPN UIF
CVDLMF BOE GVMMZ SFUSBDUFE 5IF TFBU CFMU
SFUVSOT UP UIF &-3 NPEF BGUFS UIF TFBU CFMU
GVMMZ SFUSBDUT 'PS BEEJUJPOBM JOGPSNBUJPO
TFF g$IJME SFTUSBJOUTu 1
5IF "-3 NPEF TIPVME CF VTFE POMZ GPS
DIJME SFTUSBJOU JOTUBMMBUJPO %VSJOH OPSNBM
TFBU CFMU VTF CZ BO PDDVQBOU UIF "-3
NPEF TIPVME OPU CF BDUJWBUFE *G JU JT
BDUJWBUFE JU NBZ DBVTF VODPNGPSUBCMF TFBU
CFMU UFOTJPO
8"3/*/(
8IFO GBTUFOJOH UIF TFBU CFMUT CF DFSUBJO
UIBU TFBUCBDLT BSF DPNQMFUFMZ TFDVSFE JO
UIF MBUDIFE QPTJUJPO *G UIFZ BSF OPU DPN
QMFUFMZ TFDVSFE QBTTFOHFST NBZ CF JOKVSFE
JO BO BDDJEFOU PS TVEEFO TUPQ
444
6OGBTUFOJOH UIF TFBU CFMUT
5P VOGBTUFO UIF TFBU CFMU QVTI UIF CVUUPO
PO UIF CVDLMF 5IF TFBU CFMU BVUPNBUJDBMMZ
SFUSBDUT
$IFDLJOH TFBU CFMU PQFSBUJPO
4FBU CFMU SFUSBDUPST BSF EFTJHOFE UP MPDL
TFBU CFMU NPWFNFOU CZ UXP TFQBSBUF
NFUIPET
. 8IFO UIF CFMU JT QVMMFE RVJDLMZ GSPN UIF
SFUSBDUPS
. 8IFO UIF WFIJDMF TMPXT EPXO SBQJEMZ
5P JODSFBTF ZPVS DPOGJEFODF JO UIF TFBU
CFMUT DIFDL UIF PQFSBUJPO BT GPMMPXT
background
. (SBTQ UIF TIPVMEFS CFMU BOE QVMM GPS
XBSE RVJDLMZ 5IF SFUSBDUPS TIPVME MPDL
BOE SFTUSJDU GVSUIFS CFMU NPWFNFOU
*G UIF SFUSBDUPS EPFT OPU MPDL EVSJOH UIJT
DIFDL PS JG ZPV IBWF BOZ RVFTUJPO BCPVU
TFBU CFMU PQFSBUJPO TFF BO */'*/*5* SFUBJMFS
444
$FOUFS PG OE SPX TFBU JG TP
FRVJQQFE
4FMFDUJOH DPSSFDU TFU PG TFBU CFMUT
5IF DFOUFS TFBU CFMU CVDLMF JT JEFOUJGJFE CZ
UIF $&/5&3 NBSL
*
"
5IF DFOUFS TFBU CFMU
UPOHVF DBO CF GBTUFOFE POMZ JOUP UIF DFOUFS
TFBU CFMU CVDLMF
444
SE SPX DFOUFS TFBU CFMU
5IF SE SPX DFOUFS TFBU CFMU IBT B
DPOOFDUPS UPOHVF
*
BOE B TFBU CFMU
UPOHVF
*
#PUI UIF DPOOFDUPS UPOHVF
BOE UIF TFBU CFMU UPOHVF NVTU CF TFDVSFMZ
MBUDIFE GPS QSPQFS TFBU CFMU PQFSBUJPO
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
444
8"3/*/(
. "MXBZT GBTUFO UIF DPOOFDUPS UPOHVF BOE
UIF TFBU CFMU JO UIF PSEFS TIPXO
. "MXBZT NBLF TVSF CPUI UIF DPOOFDUPS
UPOHVF BOE UIF TFBU CFMU UPOHVF BSF
TFDVSFE XIFO VTJOH UIF TFBU CFMU PS
JOTUBMMJOH B DIJME SFTUSBJOU %P OPU VTF
UIF TFBU CFMU PS DIJME SFTUSBJOU XJUI POMZ
UIF TFBU CFMU UPOHVF BUUBDIFE 5IJT DPVME
SFTVMU JO TFSJPVT QFSTPOBM JOKVSZ JO DBTF
PG BO BDDJEFOU PS B TVEEFO TUPQ
444
4UPXJOH SE SPX DFOUFS TFBU CFMU
8IFO GPMEJOH EPXO UIF SE SPX TFBU UIF
SE DFOUFS TFBU CFMU DBO CF SFUSBDUFE JOUP B
TUPXFE QPTJUJPO
 )PME UIF DPOOFDUPS UPOHVF
*
TP UIBU
UIF TFBU CFMU EPFT OPU SFUSBDU TVEEFOMZ
XIFO UIF UPOHVF JT SFMFBTFE GSPN UIF
DPOOFDUPS CVDLMF 3FMFBTF UIF DPOOFD
UPS UPOHVF CZ JOTFSUJOH B TVJUBCMF UPPM
TVDI BT LFZ
*
"
JOUP UIF DPOOFDUPS
CVDLMF
 4UPSF UIF TFBU CFMU UPOHVF JOUP UIF
UPOHVF IPMEFS
*
#
GJSTU
*
 4UPSF UIF DPOOFDUPS UPOHVF JOUP UIF
SFUSBDUPS CBTF
*
8"3/*/(
%P OPU VOGBTUFO UIF SE DFOUFS TFBU CFMU
DPOOFDUPS FYDFQU XIFO GPMEJOH EPXO UIF SE
TFBU
background
444
"UUBDIJOH SE SPX DFOUFS TFBU CFMU
"MXBZT CF TVSF UIF SE DFOUFS TFBU CFMU
DPOOFDUPS UPOHVF BOE DPOOFDUPS CVDLMF BSF
BUUBDIFE %JTDPOOFDU POMZ XIFO GPMEJOH
EPXO UIF SE SPX TFBU
5P DPOOFDU UIF CVDLMF
 1VMM PVU UIF DPOOFDUPS UPOHVF GSPN UIF
SFUSBDUPS CBTF
*
 1VMM PVU UIF TFBU CFMU UPOHVF GSPN UIF
UPOHVF IPMEFS
*
#
*
 1VMM UIF TFBU CFMU BOE GBTUFO UIF
DPOOFDUPS CVDLMF VOUJM JU DMJDLT
*
5IF DFOUFS TFBU CFMU DPOOFDUPS UPOHVF BOE
CVDLMF BSF JEFOUJGJFE CZ UIF
BOE
NBSL
5IF DFOUFS TFBU CFMU DPOOFDUPS UPOHVF DBO
CF BUUBDIFE POMZ JOUP UIF SE DFOUFS TFBU
CFMU DPOOFDUPS CVDLMF
5P GBTUFO UIF TFBU CFMU TFF g'BTUFOJOH UIF
TFBU CFMUTu 1
8"3/*/(
. 8IFO BUUBDIJOH UIF SE DFOUFS TFBU CFMU
DPOOFDUPS CF DFSUBJO UIBU UIF TFBUCBDLT
BSF DPNQMFUFMZ TFDVSFE JO UIF MBUDIFE
QPTJUJPO BOE UIF SE DFOUFS TFBU CFMU
DPOOFDUPS JT DPNQMFUFMZ TFDVSFE
. *G UIF SE DFOUFS TFBU CFMU DPOOFDUPS BOE
UIF TFBUCBDLT BSF OPU TFDVSFE JO UIF
DPSSFDU QPTJUJPO TFSJPVT QFSTPOBM JOKVSZ
NBZ SFTVMU JO BO BDDJEFOU PS TVEEFO TUPQ
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
444
4UPSJOH SE SPX TFBU CFMU CVDLMFT
#FGPSF GPMEJOH EPXO UIF TFBU QVU UIF
CVDLMFT JO UIF TUPSBHF PG UIF TFBU DVTIJPO
UP BWPJE ESPQQJOH JU VOEFS UIF TFBU
DVTIJPO
444
4IPVMEFS CFMU IFJHIU BEKVTUNFOU
GPS GSPOU TFBUT BOE OE SPX TFBUT
5IF TIPVMEFS CFMU BODIPS IFJHIU TIPVME CF
BEKVTUFE UP UIF QPTJUJPO CFTU GPS ZPV 4FF
g1SFDBVUJPOT PO TFBU CFMU VTBHFu 1
5P BEKVTU QVTI UIF CVUUPO
*
"
BOE UIFO
NPWF UIF TIPVMEFS CFMU BODIPS UP UIF
EFTJSFE QPTJUJPO TP UIBU UIF CFMU QBTTFT
PWFS UIF DFOUFS PG UIF TIPVMEFS 5IF CFMU
TIPVME CF BXBZ GSPN ZPVS GBDF BOE OFDL
CVU OPU GBMMJOH PGG PG ZPVS TIPVMEFS 3FMFBTF
UIF BEKVTUNFOU CVUUPO UP MPDL UIF TIPVMEFS
CFMU BODIPS JOUP QPTJUJPO
8"3/*/(
. "GUFS BEKVTUNFOU SFMFBTF UIF BEKVTU
NFOU CVUUPO BOE USZ UP NPWF UIF
TIPVMEFS CFMU BODIPS VQ BOE EPXO UP
NBLF TVSF JU JT TFDVSFMZ GJYFE JO QPTJUJPO
. 5IF TIPVMEFS CFMU BODIPS IFJHIU TIPVME
CF BEKVTUFE UP UIF QPTJUJPO CFTU GPS ZPV
'BJMVSF UP EP TP NBZ SFEVDF UIF FGGFD
UJWFOFTT PG UIF FOUJSF SFTUSBJOU TZTUFN
BOE JODSFBTF UIF DIBODF PS TFWFSJUZ PG
JOKVSZ JO BO BDDJEFOU
4&"5 #&-5 &95&/%&34
*G CFDBVTF PG CPEZ TJ[F PS ESJWJOH QPTJUJPO
JU JT OPU QPTTJCMF UP QSPQFSMZ GJU UIF MBQ
TIPVMEFS CFMU BOE GBTUFO JU BO FYUFOEFS
UIBU JT DPNQBUJCMF XJUI UIF JOTUBMMFE TFBU
CFMUT JT BWBJMBCMF UIBU DBO CF QVSDIBTFE
5IF FYUFOEFS BEET BQQSPYJNBUFMZ JO 
NN PG MFOHUI BOE NBZ CF VTFE GPS FJUIFS
UIF ESJWFS PS GSPOU QBTTFOHFS TFBUJOH
QPTJUJPO 4FF BO */'*/*5* SFUBJMFS GPS BTTJT
UBODF XJUI QVSDIBTJOH BO FYUFOEFS JG BO
FYUFOEFS JT SFRVJSFE
background
8"3/*/(
. 0OMZ */'*/*5* TFBU CFMU FYUFOEFST NBEF
CZ UIF TBNF DPNQBOZ XIJDI NBEF UIF
PSJHJOBM FRVJQNFOU TFBU CFMUT TIPVME CF
VTFE XJUI UIF */'*/*5* TFBU CFMUT
. "EVMUT BOE DIJMESFO XIP DBO VTF UIF
TUBOEBSE TFBU CFMU TIPVME OPU VTF BO
FYUFOEFS 4VDI VOOFDFTTBSZ VTF DPVME
SFTVMU JO TFSJPVT QFSTPOBM JOKVSZ JO UIF
FWFOU PG BO BDDJEFOU
. /FWFS VTF TFBU CFMU FYUFOEFST UP JOTUBMM
DIJME SFTUSBJOUT *G UIF DIJME SFTUSBJOU JT
OPU TFDVSFE QSPQFSMZ UIF DIJME DPVME CF
TFSJPVTMZ JOKVSFE JO B DPMMJTJPO PS B
TVEEFO TUPQ
4&"5 #&-5 ."*/5&/"/$&
. 5P DMFBO UIF TFBU CFMU XFCCJOH BQQMZ B
NJME TPBQ TPMVUJPO PS BOZ TPMVUJPO
SFDPNNFOEFE GPS DMFBOJOH VQIPMTUFSZ
PS DBSQFUT 5IFO XJQF XJUI B DMPUI BOE
BMMPX UIF TFBU CFMUT UP ESZ JO UIF TIBEF
%P OPU BMMPX UIF TFBU CFMUT UP SFUSBDU
VOUJM UIFZ BSF DPNQMFUFMZ ESZ
. *G EJSU CVJMET VQ JO UIF TIPVMEFS CFMU
HVJEF PG UIF TFBU CFMU BODIPST UIF TFBU
CFMUT NBZ SFUSBDU TMPXMZ 8JQF UIF
TIPVMEFS CFMU HVJEF XJUI B DMFBO ESZ
DMPUI
. 1FSJPEJDBMMZ DIFDL UP TFF UIBU UIF TFBU
CFMU BOE UIF NFUBM DPNQPOFOUT TVDI BT
CVDLMFT UPOHVFT SFUSBDUPST GMFYJCMF
XJSFT BOE BODIPST XPSL QSPQFSMZ *G
MPPTF QBSUT EFUFSJPSBUJPO DVUT PS PUIFS
EBNBHF PO UIF XFCCJOH JT GPVOE UIF
FOUJSF TFBU CFMU BTTFNCMZ TIPVME CF
SFQMBDFE
+739
8"3/*/(
%P OPU BMMPX DIJMESFO UP QMBZ XJUI UIF TFBU
CFMUT .PTU TFBUJOH QPTJUJPOT BSF FRVJQQFE
XJUI "VUPNBUJD -PDLJOH 3FUSBDUPS "-3
NPEF TFBU CFMUT *G UIF TFBU CFMU CFDPNFT
XSBQQFE BSPVOE B DIJMET OFDL XJUI UIF "-3
NPEF BDUJWBUFE UIF DIJME DBO CF TFSJPVTMZ
JOKVSFE PS LJMMFE JG UIF TFBU CFMU SFUSBDUT BOE
CFDPNFT UJHIU 5IJT DBO PDDVS FWFO JG UIF
WFIJDMF JT QBSLFE 6OCVDLMF UIF TFBU CFMU UP
SFMFBTF UIF DIJME 'PS UIF DFOUFS PG UIF SE
SPX CFODI TFBU UIF DPOOFDUPS UPOHVF
*
NBZ BMTP CF SFMFBTFE 3FMFBTF UIF DPOOFDUPS
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
$)*-% 4"'&5:
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
UPOHVF CZ JOTFSUJOH B TVJUBCMF UPPM TVDI BT
B LFZ JOUP UIF DPOOFDUPS CVDLMF
*
"
*G UIF
TFBU CFMU DBOOPU CF VOCVDLMFE PS JT BMSFBEZ
VOCVDLMFE SFMFBTF UIF DIJME CZ DVUUJOH UIF
TFBU CFMU XJUI B TVJUBCMF UPPM TVDI BT B LOJGF
PS TDJTTPST UP SFMFBTF UIF TFBU CFMU
$IJMESFO OFFE BEVMUT UP IFMQ QSPUFDU UIFN
5IFZ OFFE UP CF QSPQFSMZ SFTUSBJOFE
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CBHT BOE DVSUBJO BJS CBH TZTUFN DPNQP
OFOUT XJMM CF IPU %P OPU UPVDI UIFN ZPV
NBZ TFWFSFMZ CVSO ZPVSTFMG
. /P VOBVUIPSJ[FE DIBOHFT TIPVME CF
NBEF UP BOZ DPNQPOFOUT PS XJSJOH PG
TJEF BJS CBH BOE DVSUBJO BJS CBHT 5IJT JT
UP QSFWFOU EBNBHF UP PS BDDJEFOUBM
JOGMBUJPO PG UIF TJEF BJS CBH BOE DVSUBJO
BJS CBH TZTUFNT
. %P OPU NBLF VOBVUIPSJ[FE DIBOHFT UP
ZPVS WFIJDMFT FMFDUSJDBM TZTUFN TVTQFO
TJPO TZTUFN PS TJEF QBOFM 5IJT DPVME
BGGFDU QSPQFS PQFSBUJPO PG UIF TJEF BJS
CBH BOE DVSUBJO BJS CBH TZTUFNT
. 5BNQFSJOH XJUI UIF BJS CBH TZTUFN NBZ
SFTVMU JO TFSJPVT QFSTPOBM JOKVSZ 'PS
FYBNQMF EP OPU DIBOHF UIF GSPOU TFBUT
CZ QMBDJOH NBUFSJBM OFBS UIF TFBUCBDL PS
CZ JOTUBMMJOH BEEJUJPOBM USJN NBUFSJBM
TVDI BT TFBU DPWFST BSPVOE UIF TJEF BJS
CBHT
. 3FNPWJOH PS NPEJGZJOH UIF GSPOU QBT
TFOHFS TFBU NBZ BGGFDU UIF GVODUJPO PG
UIF BJS CBH TZTUFN BOE SFTVMU JO TFSJPVT
QFSTPOBM JOKVSZ
. 8PSL BSPVOE BOE PO UIF TJEF BJS CBH BOE
DVSUBJO BJS CBH TZTUFNT TIPVME CF EPOF
CZ BO */'*/*5* SFUBJMFS *OTUBMMBUJPO PG
FMFDUSJDBM FRVJQNFOU TIPVME BMTP CF
EPOF CZ BO */'*/*5* SFUBJMFS 5IF 4VQQMF
NFOUBM 3FTUSBJOU 4ZTUFN 434 XJSJOH
IBSOFTTFT TIPVME OPU CF NPEJGJFE PS
EJTDPOOFDUFE 6OBVUIPSJ[FE FMFDUSJDBM
UFTU FRVJQNFOU BOE QSPCJOH EFWJDFT
TIPVME OPU CF VTFE PO UIF TJEFJNQBDU
BJS CBH TZTUFN
5IF 434 XJSJOH IBSOFTT DPOOFDUPST
BSF ZFMMPX BOE PSBOHF GPS FBTZ
JEFOUJGJDBUJPO
8IFO TFMMJOH ZPVS WFIJDMF XF SFRVFTU UIBU
ZPV JOGPSN UIF CVZFS BCPVU UIF TJEF BJS CBH
BOE DVSUBJO BJS CBH TZTUFNT BOE HVJEF UIF
CVZFS UP UIF BQQSPQSJBUF TFDUJPOT JO UIJT
0XOFST .BOVBM
4&"5 #&-54 8*5) 13&5&/4*0/&34
GSPOU TFBUT
8"3/*/(
. 5IF QSFUFOTJPOFST DBOOPU CF SFVTFE BGUFS
BDUJWBUJPO 5IFZ NVTU CF SFQMBDFE UP
HFUIFS XJUI UIF SFUSBDUPS BOE CVDLMF BT B
VOJU
. *G UIF WFIJDMF CFDPNFT JOWPMWFE JO B
DPMMJTJPO CVU B QSFUFOTJPOFS JT OPU
BDUJWBUFE CF TVSF UP IBWF UIF QSFUFO
TJPOFS TZTUFN DIFDLFE BOE JG OFDFTTBSZ
SFQMBDFE CZ BO */'*/*5* SFUBJMFS
. /P VOBVUIPSJ[FE DIBOHFT TIPVME CF
NBEF UP BOZ DPNQPOFOUT PS XJSJOH PG
UIF QSFUFOTJPOFS TZTUFN 5IJT JT UP
QSFWFOU EBNBHF UP PS BDDJEFOUBM BDUJWB
UJPO PG UIF QSFUFOTJPOFST 5BNQFSJOH
XJUI UIF QSFUFOTJPOFS TZTUFN NBZ SFTVMU
JO TFSJPVT QFSTPOBM JOKVSZ
. 8PSL BSPVOE BOE PO UIF QSFUFOTJPOFS
TZTUFN TIPVME CF EPOF CZ BO */'*/*5*
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
SFUBJMFS *OTUBMMBUJPO PG FMFDUSJDBM FRVJQ
NFOU TIPVME BMTP CF EPOF CZ BO */'*/*5*
SFUBJMFS 6OBVUIPSJ[FE FMFDUSJDBM UFTU
FRVJQNFOU BOE QSPCJOH EFWJDFT TIPVME
OPU CF VTFE PO UIF QSFUFOTJPOFS TZTUFN
. *G ZPV OFFE UP EJTQPTF PG B QSFUFOTJPOFS
PS TDSBQ UIF WFIJDMF DPOUBDU BO */'*/*5*
SFUBJMFS $PSSFDU QSFUFOTJPOFS EJTQPTBM
QSPDFEVSFT BSF TFU GPSUI JO UIF BQQSP
QSJBUF */'*/*5* 4FSWJDF .BOVBM *ODPSSFDU
EJTQPTBM QSPDFEVSFT DPVME DBVTF QFSTP
OBM JOKVSZ
5IF QSFUFOTJPOFS TZTUFN NBZ BDUJWBUF XJUI
UIF TVQQMFNFOUBM BJS CBH TZTUFN JO DFSUBJO
UZQFT PG DPMMJTJPOT 8PSLJOH XJUI UIF TFBU
CFMU SFUSBDUPS JU IFMQT UJHIUFO UIF TFBU CFMU
XIFO UIF WFIJDMF CFDPNFT JOWPMWFE JO
DFSUBJO UZQFT PG DPMMJTJPOT IFMQJOH UP
SFTUSBJO GSPOU TFBU PDDVQBOUT
5IF QSFUFOTJPOFS JT FODBTFE XJUI UIF TFBU
CFMU SFUSBDUPS BOE CVDLMF BODIPS 5IFTF
TFBU CFMUT BSF VTFE UIF TBNF XBZ BT
DPOWFOUJPOBM TFBU CFMUT
8IFO B QSFUFOTJPOFS BDUJWBUFT TNPLF JT
SFMFBTFE BOE B MPVE OPJTF NBZ CF IFBSE
5IF TNPLF JT OPU IBSNGVM BOE JU EPFT OPU
JOEJDBUF B GJSF $BSF TIPVME CF UBLFO OPU UP
JOIBMF JU BT JU NBZ DBVTF JSSJUBUJPO BOE
DIPLJOH 5IPTF XJUI B IJTUPSZ PG B CSFBUI
JOH DPOEJUJPO TIPVME HFU GSFTI BJS QSPNQUMZ
"GUFS QSFUFOTJPOFS BDUJWBUJPO MPBE MJNJUFST
BMMPX UIF TFBU CFMU UP SFMFBTF XFCCJOH JG
OFDFTTBSZ UP SFEVDF GPSDFT BHBJOTU UIF
DIFTU
5IF TVQQMFNFOUBM BJS CBH XBSOJOH MJHIU
JT VTFE UP JOEJDBUF NBMGVODUJPOT JO UIF
QSFUFOTJPOFS TZTUFN 4FF g4VQQMFNFOUBM
BJS CBH XBSOJOH MJHIUu 1 GPS NPSF
EFUBJMT *G UIF PQFSBUJPO PG UIF TVQQMF
NFOUBM BJS CBH XBSOJOH MJHIU JOEJDBUFT
UIFSF JT B NBMGVODUJPO IBWF UIF TZTUFN
DIFDLFE CZ BO */'*/*5* SFUBJMFS
8IFO TFMMJOH ZPVS WFIJDMF XF SFRVFTU UIBU
ZPV JOGPSN UIF CVZFS BCPVU UIF QSFUFO
TJPOFS TZTUFN BOE HVJEF UIF CVZFS UP UIF
BQQSPQSJBUF TFDUJPOT JO UIJT 0XOFST .BO
VBM
444
4611-&.&/5"- "*3 #"( 8"3/*/(
-"#&-4
8BSOJOH MBCFMT BCPVU UIF TVQQMFNFOUBM
GSPOUJNQBDU BJS CBH TZTUFN BSF QMBDFE JO
UIF WFIJDMF BT TIPXO JO UIF JMMVTUSBUJPO
434 BJS CBH
5IF XBSOJOH MBCFMT
*
BSF MPDBUFE PO UIF
TVSGBDF PG UIF TVO WJTPST
background
41"
4611-&.&/5"- "*3 #"( 8"3/*/(
-*()5
5IF TVQQMFNFOUBM BJS CBH XBSOJOH MJHIU
EJTQMBZJOH
JO UIF JOTUSVNFOU QBOFM
NPOJUPST UIF DJSDVJUT GPS UIF BJS CBH
TZTUFNT QSFUFOTJPOFST BOE BMM SFMBUFE
XJSJOH
8IFO UIF JHOJUJPO TXJUDI JT JO UIF 0/
QPTJUJPO UIF TVQQMFNFOUBM BJS CBH XBSOJOH
MJHIU JMMVNJOBUFT GPS BCPVU TFDPOET BOE
UIFO UVSOT PGG 5IJT NFBOT UIF TZTUFN JT
PQFSBUJPOBM
*G BOZ PG UIF GPMMPXJOH DPOEJUJPOT PDDVS UIF
BJS CBH BOEPS QSFUFOTJPOFS TZTUFNT OFFE
TFSWJDJOH
. 5IF TVQQMFNFOUBM BJS CBH XBSOJOH MJHIU
SFNBJOT PO BGUFS BQQSPYJNBUFMZ TFD
POET
. 5IF TVQQMFNFOUBM BJS CBH XBSOJOH MJHIU
GMBTIFT JOUFSNJUUFOUMZ
. 5IF TVQQMFNFOUBM BJS CBH XBSOJOH MJHIU
EPFT OPU DPNF PO BU BMM
6OEFS UIFTF DPOEJUJPOT UIF BJS CBH BOEPS
QSFUFOTJPOFS TZTUFNT NBZ OPU PQFSBUF
QSPQFSMZ 5IFZ NVTU CF DIFDLFE BOE
SFQBJSFE 5BLF ZPVS WFIJDMF UP UIF OFBSFTU
*/'*/*5* SFUBJMFS
8"3/*/(
*G UIF TVQQMFNFOUBM BJS CBH XBSOJOH MJHIU JT
PO JU DPVME NFBO UIBU UIF GSPOU BJS CBH TJEF
BJS CBH DVSUBJO BJS CBH BOEPS QSFUFOTJPOFS
TZTUFNT XJMM OPU PQFSBUF JO BO BDDJEFOU 5P
IFMQ BWPJE JOKVSZ UP ZPVSTFMG PS PUIFST IBWF
ZPVS WFIJDMF DIFDLFE CZ B SFUBJMFS BT TPPO BT
QPTTJCMF
3&1"*3 "/% 3&1-"$&.&/5 130$&
%63&
5IF GSPOU BJS CBHT TJEF BJS CBHT DVSUBJO BJS
CBHT BOE QSFUFOTJPOFST BSF EFTJHOFE UP
BDUJWBUF PO B POFUJNFPOMZ CBTJT "T B
SFNJOEFS VOMFTT JU JT EBNBHFE UIF TVQ
QMFNFOUBM BJS CBH XBSOJOH MJHIU XJMM SFNBJO
JMMVNJOBUFE BGUFS JOGMBUJPO IBT PDDVSSFE
3FQBJS BOE SFQMBDFNFOU PG UIFTF TZTUFNT
TIPVME CF EPOF POMZ CZ BO */'*/*5* SFUBJMFS
8IFO NBJOUFOBODF XPSL JT SFRVJSFE PO UIF
WFIJDMF UIF GSPOU BJS CBHT TJEF BJS CBHT
DVSUBJO BJS CBHT QSFUFOTJPOFST BOE SFMBUFE
QBSUT TIPVME CF QPJOUFE PVU UP UIF QFSTPO
DPOEVDUJOH UIF NBJOUFOBODF 5IF JHOJUJPO
TXJUDI TIPVME BMXBZT CF JO UIF -0$,
QPTJUJPO XIFO XPSLJOH VOEFS UIF IPPE PS
JOTJEF UIF WFIJDMF
8"3/*/(
. 0ODF B GSPOU BJS CBH TJEF BJS CBH PS
DVSUBJO BJS CBH IBT JOGMBUFE UIF BJS CBH
NPEVMF XJMM OPU GVODUJPO BHBJO BOE NVTU
CF SFQMBDFE "EEJUJPOBMMZ UIF BDUJWBUFE
QSFUFOTJPOFS NVTU BMTP CF SFQMBDFE 5IF
BJS CBH NPEVMF BOE QSFUFOTJPOFS TIPVME
CF SFQMBDFE CZ BO */'*/*5* SFUBJMFS 5IF
4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN 
background
 4BGFUZ TFBUT TFBU CFMUT BOE TVQQMFNFOUBM SFTUSBJOU TZTUFN
BJS CBH NPEVMF BOE QSFUFOTJPOFS TZTUFN
DBOOPU CF SFQBJSFE
. 5IF GSPOU BJS CBH TJEF BJS CBH DVSUBJO BJS
CBH BOE UIF QSFUFOTJPOFS TIPVME CF
JOTQFDUFE CZ BO */'*/*5* SFUBJMFS JG UIFSF
JT BOZ EBNBHF UP UIF GSPOU FOE PS TJEF
QPSUJPO PG UIF WFIJDMF
. *G ZPV OFFE UP EJTQPTF PG B TVQQMFNFOUBM
BJS CBH PS QSFUFOTJPOFS PS TDSBQ UIF
WFIJDMF DPOUBDU BO */'*/*5* SFUBJMFS
$PSSFDU TVQQMFNFOUBM BJS CBH BOE QSF
UFOTJPOFS TZTUFN EJTQPTBM QSPDFEVSFT
BSF TFU GPSUI JO UIF BQQSPQSJBUF */'*/*5*
4FSWJDF .BOVBM *ODPSSFDU EJTQPTBM QSP
DFEVSFT DPVME DBVTF QFSTPOBM JOKVSZ
background
*OTUSVNFOUT BOE DPOUSPMT
$PDLQJU 
*OTUSVNFOU QBOFM 
.FUFST BOE HBVHFT 
4QFFEPNFUFS BOE PEPNFUFS  
5BDIPNFUFS  
&OHJOF DPPMBOU UFNQFSBUVSF HBVHF  
'VFM HBVHF  
&OHJOF PJM QSFTTVSF HBVHF 
7PMUNFUFS  
.FUFSSJOH JMMVNJOBUJPO BOE OFFEMF TXFFQ  
8BSOJOHJOEJDBUPS MJHIUT BOE
BVEJCMF SFNJOEFST  
$IFDLJOH CVMCT  
8BSOJOH MJHIUT 
*OEJDBUPS MJHIUT 
"VEJCMF SFNJOEFST 
7FIJDMF JOGPSNBUJPO EJTQMBZ  
0QFSBUJPOBM JOEJDBUPST 
.BJOUFOBODF JOEJDBUPST 
5SJQ DPNQVUFS 
4FDVSJUZ TZTUFNT  
7FIJDMF 4FDVSJUZ 4ZTUFN  
*/'*/*5* 7FIJDMF *NNPCJMJ[FS 4ZTUFN  
8JOETIJFME XJQFS BOE XBTIFS TXJUDI  
8BTIFS PQFSBUJPO  
3BJOTFOTJOH BVUP XJQFS TZTUFN  
3FBS XJOEPX XJQFS BOE XBTIFS TXJUDI 
3FBS XJOEPX BOE PVUTJEF NJSSPS
EFGSPTUFS TXJUDI 
3FBS XJOEPX BOE PVUTJEF NJSSPS EFGSPTUFS 
)FBEMJHIU BOE UVSO TJHOBM TXJUDI 
)FBEMJHIU TXJUDI 
)FBEMJHIU XBTIFS JG TP FRVJQQFE  
*OTUSVNFOU CSJHIUOFTT DPOUSPM 
5VSO TJHOBM TXJUDI  
'PH MJHIU TXJUDI 
)FBUFE TUFFSJOH XIFFM  
)PSO  
)FBUFE TFBUT JG TP FRVJQQFE  
'SPOU  
3FBS  
$MJNBUF DPOUSPMMFE TFBUT JG TP FRVJQQFE  
8BSOJOH TZTUFNT TXJUDI JG TP FRVJQQFE  
4/08 NPEF TXJUDI 
5PX NPEF TXJUDI  
7FIJDMF %ZOBNJD $POUSPM 7%$ 0'' TXJUDI 
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$MPDL 
"EKVTUJOH UIF UJNF  
1PXFS PVUMFU 
4UPSBHF  
$VQ IPMEFST  
4VOHMBTTFT IPMEFS  
(MPWF CPY 
$POTPMF CPY 
5SBZ  
$PBU IPPLT 
-VHHBHF IPPLT  
$BSHP GMPPS CPY  
3PPG SBDL  
8JOEPXT  
1PXFS XJOEPXT 
.PPOSPPG  
1PXFS NPPOSPPG 
8FMDPNF MJHIU 
#BUUFSZ TBWFS TZTUFN  
*OUFSJPS MJHIUT 
.BQ MJHIUT 
3FBS QFSTPOBM MJHIUT  
*OUFSJPS MJHIU DPOUSPM TXJUDI 
7BOJUZ NJSSPS MJHIUT  
$BSHP MJHIU 
)PNF-JOL
Ë
6OJWFSTBM 5SBOTDFJWFS 
1SPHSBNNJOH )PNF-JOL
Ë
 
1SPHSBNNJOH )PNF-JOL
Ë
GPS $BOBEJBO
DVTUPNFST BOE HBUF PQFOFST 
0QFSBUJOH UIF )PNF-JOL
Ë
6OJWFSTBM 5SBOTDFJWFS 
1SPHSBNNJOH USPVCMFTIPPUJOH  
$MFBSJOH UIF QSPHSBNNFE JOGPSNBUJPO  
3FQSPHSBNNJOH B TJOHMF
)PNF-JOL
Ë
CVUUPO 
*G ZPVS WFIJDMF JT TUPMFO  
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+7$9
 1PXFS MJGU HBUF TXJUDI
 *OTUSVNFOU CSJHIUOFTT DPOUSPM TXJUDI
 53*13&4&5 TXJUDI GPS UXJO USJQ PE
PNFUFS
 )FBEMJHIU GPH MJHIU BOE UVSO TJHOBM
TXJUDI
)FBEMJHIU
5VSO TJHOBM
'PH MJHIU
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 1PXFS PVUMFU
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OPSNBM SBOHF TUPQ UIF WFIJDMF BT TPPO BT
TBGFMZ QPTTJCMF *G UIF FOHJOF JT PWFSIFBUFE
DPOUJOVFE PQFSBUJPO PG UIF WFIJDMF NBZ
TFSJPVTMZ EBNBHF UIF FOHJOF 4FF g*G ZPVS
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CSBLJOH UVSOJOH BDDFMFSBUJPO PS HPJOH VQ
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5IF HBVHF OFFEMF SFUVSOT UP &NQUZ BGUFS
UIF JHOJUJPO TXJUDI JT QVTIFE UP UIF 0''
QPTJUJPO
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SFHJTUFST gu &NQUZ
5IF MPX GVFM XBSOJOH
BQQFBST PO UIF
WFIJDMF JOGPSNBUJPO EJTQMBZ XIFO UIF GVFM
UBOL JT HFUUJOH MPX 3FGVFM BT TPPO BT JU JT
DPOWFOJFOU QSFGFSBCMZ CFGPSF UIF HBVHF
SFBDIFT gu 5IFSF XJMM CF B TNBMM SFTFSWF
PG GVFM JO UIF UBOL XIFO UIF GVFM HBVHF
OFFEMF SFBDIFT gu
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BGUFS B GFX ESJWJOH USJQT IBWF UIF WFIJDMF
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SVOOJOH 8IFO UIF FOHJOF TQFFE JT IJHI
UIF FOHJOF PJM QSFTTVSF JT BMTP IJHI 8IFO
JU JT MPX UIF HBVHF JOEJDBUFT UIF MPX - PJM
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UIF QSPQFS BNPVOU PG FOHJOF PJM IBWF
UIF WFIJDMF DIFDLFE CZ BO */'*/*5*
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CBUUFSZ WPMUBHF 8IFO UIF FOHJOF JT SVO
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8IJMF DSBOLJOH UIF FOHJOF UIF WPMU ESPQ
CFMPX UIF OPSNBM SBOHF *G UIF OFFEMF JT OPU
JO UIF OPSNBM SBOHF  UP  WPMU
XIJMF UIF FOHJOF JT SVOOJOH JU NBZ JOEJDBUF
UIBU UIF DIBSHJOH TZTUFN JT OPU GVODUJPOJOH
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5IF SJOH JMMVNJOBUJPO TVSSPVOEJOH NFUFST
BOE HBVHFT JMMVNJOBUFT XIFO UIF ESJWFST
EPPS JT DMPTFE BGUFS HFUUJOH JOUP UIF WFIJDMF
XJUI UIF *OUFMMJHFOU ,FZ DBSSJFE JO
8IFO UIF FOHJOF JT TUBSUFE UIF JOEJDBUPS
OFFEMFT XJMM TXFFQ JO UIF TQFFEPNFUFS BOE
UBDIPNFUFS BOE UIF SJOH JMMVNJOBUJPO XJMM
CF CSJHIUFOFE HSBEVBMMZ 5IJT GVODUJPO DBO
CF UVSOFE PGG 4FF g5SJQ DPNQVUFSu 1
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"OUJMPDL #SBLJOH 4ZTUFN "#4 XBSOJOH
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MJHIU PSBOHF JG TP FRVJQQFE
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4FBU CFMU XBSOJOH MJHIU .BMGVODUJPO *OEJDBUPS -JHIU .*-
#MJOE 4QPU 8BSOJOH #48#MJOE 4QPU *OUFS
WFOUJPO #4* TZTUFN XBSOJOH MJHIU PSBOHF
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4VQQMFNFOUBM BJS CBH XBSOJOH MJHIU 4FDVSJUZ JOEJDBUPS MJHIU
#SBLF XBSOJOH MJHIU 7FIJDMF %ZOBNJD $POUSPM 7%$ XBSOJOH MJHIU 4/08 NPEF JOEJDBUPS MJHIU
$IBSHF XBSOJOH MJHIU
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508 NPEF JOEJDBUPS MJHIU
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MJHIU HSFFO JG TP FRVJQQFE
7FIJDMF %ZOBNJD $POUSPM 7%$ PGG JOEJDBUPS
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JOEJDBUF B CVSOFEPVU CVMC PS BO PQFO
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TZTUFN DIFDLFE CZ BO */'*/*5* SFUBJMFS
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PNFUFS 4FF g7FIJDMF JOGPSNBUJPO EJTQMBZu
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"#4 XBSOJOH MJHIU JMMVNJOBUFT BOE UIFO
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UIF FOHJOF JT SVOOJOH PS XIJMF ESJWJOH JU
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GVODUJPO JT UVSOFE PGG 5IF CSBLF TZTUFN
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UJNF JU NBZ JOEJDBUF UIF USBOTNJTTJPO JT
OPU GVODUJPOJOH QSPQFSMZ )BWF ZPVS
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UP UIF "$$ QPTJUJPO .BLF TVSF UIF JHOJUJPO
TXJUDI JT QVTIFE UP UIF 0'' QPTJUJPO BOE
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MFBWJOH UIF WFIJDMF
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EPPS JT PQFOFE XJUI UIF MJHIU TXJUDI JO UIF
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5VSO UIF MJHIU TXJUDI PGG XIFO ZPV MFBWF UIF
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BOE SFMFBTF UIF QBSLJOH CSBLF
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5IF EJTD CSBLF QBET IBWF BVEJCMF XFBS
XBSOJOHT 8IFO B CSBLF QBE SFRVJSFT
SFQMBDFNFOU JU XJMM NBLF B IJHI QJUDIFE
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NPUJPO 5IJT TDSBQJOH TPVOE XJMM GJSTU PDDVS
POMZ XIFO UIF CSBLF QFEBM JT EFQSFTTFE
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CSBLF QFEBM JT OPU EFQSFTTFE )BWF UIF
CSBLFT DIFDLFE BT TPPO BT QPTTJCMF JG UIF
XBSOJOH TPVOE JT IFBSE
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 *OTUSVNFOUT BOE DPOUSPMT
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BOE TIPXT UIF JOEJDBUPST GPS UIF ESJWJOH
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'PS EFUBJMFE JOGPSNBUJPO BCPVU FBDI TZT
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. "VUPNBUJD 5SBOTNJTTJPO "5
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g%SJWJOH UIF WFIJDMFu 1
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g*OUFMMJHFOU $SVJTF $POUSPM *$$ TZT
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5IJT JOEJDBUPS BQQFBST XIFO UIF TIJGU MFWFS
JT JO UIF 1 1BSL QPTJUJPO
5IJT JOEJDBUPS NFBOT UIBU UIF FOHJOF XJMM
TUBSU CZ QVTIJOH UIF JHOJUJPO TXJUDI XJUI
UIF CSBLF QFEBM EFQSFTTFE
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5IF XBSOJOH BQQFBST XIFO UIF EPPS JT
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UIF WFIJDMF BOE UIF JHOJUJPO TXJUDI JO UIF
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BOE UIF *OUFMMJHFOU ,FZ DBOOPU CF SFDPH
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JHOJUJPO TXJUDI JO UIF "$$ QPTJUJPO BGUFS UIF
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UIF JHOJUJPO TXJUDI ? JHOJUJPO TXJUDI
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5IJT JOEJDBUPS BQQFBST XIFO UIF *OUFMMJHFOU
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*G UIJT JOEJDBUPS BQQFBST SFQMBDF UIF
CBUUFSZ XJUI B OFX POF 4FF g*OUFMMJHFOU
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 &OHJOF TUBSU PQFSBUJPO GPS *OUFM
MJHFOU ,FZ TZTUFN JOEJDBUPS
5IJT JOEJDBUPS BQQFBST XIFO UIF *OUFMMJHFOU
,FZ CBUUFSZ JT SVOOJOH PVU PG QPXFS BOE
XIFO UIF *OUFMMJHFOU ,FZ 4ZTUFN BOE
WFIJDMF BSF OPU DPNNVOJDBUJOH OPSNBMMZ
*G UIJT JOEJDBUPS BQQFBST UPVDI UIF JHOJUJPO
TXJUDI XJUI UIF *OUFMMJHFOU ,FZ XIJMF
EFQSFTTJOH UIF CSBLF QFEBM 4FF g*OUFMMJ
HFOU ,FZ CBUUFSZ EJTDIBSHFu 1
 3FNPUF FOHJOF TUBSU JOEJDBUPS JG
TP FRVJQQFE
5IJT JOEJDBUPS BQQFBST XIFO UIF FOHJOF
IBT CFFO TUBSUFE VTJOH UIF SFNPUF TUBSU
GVODUJPO 5P TUBSU UIF WFIJDMF EFQSFTT UIF
CSBLF QFEBM BOE QMBDF UIF JHOJUJPO TXJUDI
JO UIF g0/u QPTJUJPO
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FOUSZ TZTUFNu 1
background
 1BSLJOH CSBLF SFMFBTF XBSOJOH
5IJT XBSOJOH BQQFBST XIFO UIF WFIJDMF
TQFFE JT BCPWF .1)  LNI BOE UIF
QBSLJOH CSBLF JT BQQMJFE
 -PX GVFM XBSOJOH
5IJT XBSOJOH BQQFBST XIFO UIF GVFM MFWFM JO
UIF UBOL JT HFUUJOH MPX 3FGVFM BT TPPO BT JU
JT DPOWFOJFOU QSFGFSBCMZ CFGPSF UIF GVFM
HBVHF SFBDIFT UIF &NQUZ QPTJUJPO
5IFSF JT B TNBMM SFTFSWF PG GVFM SFNBJOJOH
JO UIF UBOL XIFO UIF GVFM HBVHF SFBDIFT
UIF &NQUZ QPTJUJPO
 -PX XBTIFS GMVJE XBSOJOH
5IJT XBSOJOH BQQFBST XIFO UIF XBTIFS
UBOL GMVJE JT BU B MPX MFWFM "EE XBTIFS GMVJE
BT OFDFTTBSZ 4FF g8JOEPX XBTIFS GMVJEu
1
 %PPSMJGU HBUF PQFO XBSOJOH
JHOJUJPO TXJUDI JT JO UIF 0/ QPTJ
UJPO
5IJT XBSOJOH BQQFBST JG BOZ PG UIF EPPST
BOEPS UIF MJGU HBUF BSF PQFO PS OPU DMPTFE
TFDVSFMZ 5IF WFIJDMF JDPO JOEJDBUFT XIJDI
EPPS PS UIF MJGU HBUF JT PQFO PO UIF EJTQMBZ
 -PPTF GVFM DBQ XBSOJOH
5IJT XBSOJOH BQQFBST XIFO UIF GVFMGJMMFS
DBQ JT OPU UJHIUFOFE DPSSFDUMZ BGUFS UIF
WFIJDMF IBT CFFO SFGVFMFE 4FF g'VFMGJMMFS
DBQu 1
 $IFDL UJSF QSFTTVSF XBSOJOH
5IJT XBSOJOH BQQFBST XIFO UIF MPX UJSF
QSFTTVSF XBSOJOH MJHIU JO UIF NFUFS JMMVNJ
OBUFT BOE MPX UJSF QSFTTVSF JT EFUFDUFE 5IF
XBSOJOH BQQFBST FBDI UJNF UIF JHOJUJPO
TXJUDI JT QMBDFE JO UIF 0/ QPTJUJPO BT MPOH
BT UIF MPX UJSF QSFTTVSF XBSOJOH MJHIU
SFNBJOT JMMVNJOBUFE *G UIJT XBSOJOH BQ
QFBST TUPQ UIF WFIJDMF BOE BEKVTU UIF UJSF
QSFTTVSF UP UIF SFDPNNFOEFE $0-% UJSF
QSFTTVSF TIPXO PO UIF 5JSF BOE -PBEJOH
*OGPSNBUJPO MBCFM 4FF g-PX UJSF QSFTTVSF
XBSOJOH MJHIUu 1 BOE g5JSF 1SFTTVSF
.POJUPSJOH 4ZTUFN 51.4u 1
 &YUFOEFE TUPSBHF GVTF XBSOJOH
JG TP FRVJQQFE
5IJT XBSOJOH NBZ BQQFBS JG UIF FYUFOEFE
TUPSBHF GVTF TXJUDI JT OPU QVTIFE JO
TXJUDIFE PO 8IFO UIJT XBSOJOH BQQFBST
QVTI JO TXJUDI PO UIF FYUFOEFE TUPSBHF
GVTF TXJUDI UP UVSO PGG UIF XBSOJOH 'PS
NPSF JOGPSNBUJPO TFF g&YUFOEFE TUPSBHF
GVTF TXJUDIu 1
 #BDLVQ $PMMJTJPO *OUFSWFOUJPO
#$* OPU BWBJMBCMF XBSOJOH JG TP
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'PS NPSF EFUBJMT TFF g#MJOE 4QPU 8BSOJOH
#MJOE 4QPU *OUFSWFOUJPO
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#BDLVQ $PMMJ
TJPO *OUFSWFOUJPO TZTUFNTu 1
 #BDLVQ $PMMJTJPO *OUFSWFOUJPO
#$* NBMGVODUJPO XBSOJOH JG TP
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5IJT XBSOJOH BQQFBST XIFO UIF #BDLVQ
$PMMJTJPO *OUFSWFOUJPO #$* TZTUFN JT OPU
GVODUJPOJOH QSPQFSMZ
'PS NPSF EFUBJMT TFF g#MJOE 4QPU 8BSOJOH
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5IJT XBSOJOH BQQFBST JG UIF -&% IFBEMJHIUT
BSF NBMGVODUJPOJOH )BWF UIF TZTUFN
DIFDLFE CZ BO */'*/*5* SFUBJMFS
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 'SPOU SBEBS PCTUSVDUJPO XBSOJOH
JG TP FRVJQQFE
5IJT XBSOJOH BQQFBST XIFO UIF TFOTPS
BSFB PG UIF GSPOU CVNQFS JT DPWFSFE XJUI
EJSU PS JT PCTUSVDUFE NBLJOH JU JNQPTTJCMF
UP EFUFDU B WFIJDMF BIFBE
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TZTUFN JG TP FRVJQQFE
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$POUSPM *$$ TZTUFNu 1 g%JTUBODF
$POUSPM "TTJTU %$" TZTUFNu 1
g'PSXBSE FNFSHFODZ CSBLJOH TZTUFNu
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XBSOJOH TZTUFNu 1
 g5*.&3u JOEJDBUPS
5IJT JOEJDBUPS BQQFBST XIFO UIF TFU
g5*.&3u JOEJDBUPS BDUJWBUFT :PV DBO TFU
UIF UJNF GPS VQ UP IPVST 4FF g5SJQ
DPNQVUFSu 1
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DBO CF TFU OPU UP CF EJTQMBZFE 4FF g5SJQ
DPNQVUFSu 1
 'PVS8IFFM %SJWF 8% TIJGU
JOEJDBUPS 8% NPEFMT
5IJT JOEJDBUPS TIPXT UIF 'PVS8IFFM %SJWF
8% ESJWJOH NPEF "650 )* PS -0 UIBU
JT TFMFDUFE CZ UIF 8% TIJGU TXJUDI 4FF
g*/'*/*5* BMMNPEF 8%
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TZTUFN ."*/ TXJUDI JOEJDBUPS JG TP
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XIFO UIF *$$ NBJO TXJUDI JT QVTIFE 8IFO
UIF NBJO TXJUDI JT QVTIFE BHBJO UIF
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JOEJDBUPS JT EJTQMBZFE UIF *$$ TZTUFN JT
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EJTQMBZFE XIJMF UIF WFIJDMF JT DPOUSPMMFE CZ
UIF DPOWFOUJPOBM GJYFE TQFFE DSVJTF DPO
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'PS NPSF EFUBJMT TFF g*OUFMMJHFOU $SVJTF
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TZTUFN TXJUDI JOEJDBUPS JG TP
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QVTIFE PO 8IFO UIF TXJUDI JT QVTIFE
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JOEJDBUPS JT EJTQMBZFE UIF %$" TZTUFN JT
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XIFO UIF TIJGU MFWFS JT JO UIF 3 3FWFSTF
QPTJUJPO XJUI UIF #BDLVQ $PMMJTJPO *OUFS
WFOUJPO #$* TZTUFN UVSOFE PO
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UIFO BVUPNBUJDBMMZ TUPQ BOE SFWFSTF
EPFT OPU NFFU DVSSFOU GFEFSBM TBGFUZ
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PG TFSJPVT JOKVSZ PS EFBUI
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BOE DMPTF JG UIF USBOTNJUUFS JT XJUIJO
SBOHF .BLF TVSF UIBU QFPQMF PS PCKFDUT
BSF DMFBS PG UIF HBSBHF EPPS HBUF FUD
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FYIBVTU HBTFT UIFZ DPOUBJO DPMPSMFTT
BOE PEPSMFTT DBSCPO NPOPYJEF $BSCPO
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EJGGJDVMUZ QSPHSBNNJOH ZPVS )PNF-JOL
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CVUUPOT SFGFS UP UIF )PNF-JOL
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DPOUJOVF XJUI 4UFQT  GPS B SPMMJOH
DPEF EFWJDF " TFDPOE QFSTPO NBZ
NBLF UIF GPMMPXJOH TUFQT FBTJFS 6TF
B MBEEFS PS PUIFS EFWJDF %P OPU
TUBOE PO ZPVS WFIJDMF UP QFSGPSN UIF
OFYU TUFQT
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EPPS PQFOFS NPUPS JO UIF HBSBHF MPDBUF
UIF gMFBSOu PS gTNBSUu CVUUPO UIF
OBNF BOE DPMPS PG UIF CVUUPO NBZ WBSZ
CZ NBOVGBDUVSFS CVU JU JT VTVBMMZ
MPDBUFE OFBS XIFSF UIF IBOHJOH BOUFO
OB XJSF JT BUUBDIFE UP UIF VOJU *G UIFSF
JT EJGGJDVMUZ MPDBUJOH UIF CVUUPO SFGFS
FODF UIF HBSBHF EPPS PQFOFST NBOVBM
1SFTT BOE SFMFBTF UIF gMFBSOu PS
gTNBSUu CVUUPO
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0ODF UIF CVUUPO JT QSFTTFE ZPV IBWF
BQQSPYJNBUFMZ  TFDPOET UP JOJUJBUF
UIF OFYU TUFQ
 3FUVSO UP UIF WFIJDMF BOE GJSNMZ QSFTT
BOE IPME UIF QSPHSBNNFE )PNF-JOL
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CVUUPO GPS UXP TFDPOET BOE SFMFBTF
3FQFBU UIF gQSFTTIPMESFMFBTFu TF
RVFODF VQ UP UJNFT UP DPNQMFUF UIF
QSPHSBNNJOH QSPDFTT )PNF-JOL
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TIPVME OPX BDUJWBUF ZPVS SPMMJOH DPEF
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XFC TJUF BU XXXIPNFMJOL
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QSPHSBNNJOH 4JNJMBS UP UIJT $BOBEJBO
MBX TPNF 64 HBUF PQFSBUPST BSF EF
TJHOFE UP gUJNFPVUu JO UIF TBNF NBOOFS
*G ZPV MJWF JO $BOBEB PS ZPV BSF IBWJOH
EJGGJDVMUJFT QSPHSBNNJOH B HBUF PQFSBUPS PS
HBSBHF EPPS PQFOFS CZ VTJOH UIF g1SP
HSBNNJOH )PNF-JOL
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8IFO QSPHSBNNJOH B HBSBHF EPPS PQFOFS
FUD VOQMVH UIF EFWJDF EVSJOH UIF gDZ
DMJOHu QSPDFTT UP QSFWFOU QPTTJCMF EBNBHF
UP UIF HBSBHF EPPS PQFOFS DPNQPOFOUT
4UFQ  6TJOH CPUI IBOET TJNVMUBOFPVTMZ
QSFTT BOE IPME UIF EFTJSFE )PNF-JOL
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CVUUPO BOE UIF IBOEIFME USBOTNJUUFS
CVUUPO %VSJOH QSPHSBNNJOH ZPVS IBOE
IFME USBOTNJUUFS NBZ BVUPNBUJDBMMZ TUPQ
USBOTNJUUJOH $POUJOVF UP QSFTT BOE IPME
UIF EFTJSFE )PNF-JOL
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CVUUPO XIJMF ZPV
QSFTT BOE SFQSFTT gDZDMFu ZPVS IBOE
IFME USBOTNJUUFS FWFSZ UXP TFDPOET VOUJM
UIF GSFRVFODZ TJHOBM IBT CFFO MFBSOFE 5IF
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JOEJDBUPS MJHIU XJMM GMBTI TMPXMZ
BOE UIFO SBQJEMZ BGUFS TFWFSBM TFDPOET
VQPO TVDDFTTGVM QSPHSBNNJOH %0 /05
SFMFBTF VOUJM UIF )PNF-JOL
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JOEJDBUPS MJHIU GMBTIFT SBQJEMZ CPUI CVU
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JOEJDBUFT TVDDFTTGVM QSPHSBNNJOH
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UIF QSPHSBNNFE EFWJDF 5P PQFSBUF TJNQMZ
QSFTT BOE SFMFBTF UIF BQQSPQSJBUF QSP
HSBNNFE )PNF-JOL
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6OJWFSTBM 5SBOTDFJ
WFS CVUUPO 5IF BNCFS JOEJDBUPS MJHIU XJMM
JMMVNJOBUF XIJMF UIF TJHOBM JT CFJOH USBOT
NJUUFE
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PG UIF EFWJDF NBZ BMTP CF VTFE BU BOZ UJNF
130(3"..*/( 5306#-&4)005
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EPFT OPU RVJDLMZ MFBSO UIF
IBOEIFME USBOTNJUUFS JOGPSNBUJPO
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UFSJFT XJUI OFX CBUUFSJFT
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JUT CBUUFSZ BSFB GBDJOH BXBZ GSPN UIF
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IBOEIFME USBOTNJUUFS CVUUPOT XJUIPVU
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TVSGBDF )PME UIF USBOTNJU
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JT OPU QSP
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UIF USBOTNJUUFS JO BOPUIFS QPTJUJPO
LFFQJOH UIF JOEJDBUPS MJHIU JO WJFX BU BMM
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*G ZPV IBWF BOZ RVFTUJPOT PS BSF IBWJOH
EJGGJDVMUZ QSPHSBNNJOH ZPVS )PNF-JOL
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CVUUPOT SFGFS UP UIF )PNF-JOL
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XFC TJUF
BU XXXIPNFMJOLDPN PS 
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HSBNNFE JOGPSNBUJPO GSPN CPUI CVUUPOT
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HSBNNFE TFF g3FQSPHSBNNJOH B TJOHMF
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CVUUPOu 1
5P DMFBS BMM QSPHSBNNJOH
1SFTT BOE IPME UIF UXP PVUFS
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CVUUPOT VOUJM UIF JOEJDBUPS
MJHIU CFHJOT UP GMBTI JO BQQSPYJNBUFMZ
 TFDPOET %P OPU IPME GPS MPOHFS UIBO
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JT OPX JO UIF QSPHSBNNJOH
NPEF BOE DBO CF QSPHSBNNFE BU BOZ UJNF
CFHJOOJOH XJUI g1SPHSBNNJOH )PNF-JOL
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5SBOTDFJWFS CVUUPO DPNQMFUF UIF GPMMPXJOH
 1SFTT BOE IPME UIF EFTJSFE )PNF-JOL
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CVUUPO %P OPU SFMFBTF UIF CVUUPO
 5IF JOEJDBUPS MJHIU XJMM CFHJO UP GMBTI
BGUFS  TFDPOET 8JUIPVU SFMFBTJOH UIF
)PNF-JOL
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CVUUPO QSPDFFE XJUI g1SP
HSBNNJOH )PNF-JOL
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u 4UFQ 
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6OJWFSTBM 5SBOTDFJWFS CVU
UPO IBT OPX CFFO SFQSPHSBNNFE 5IF OFX
EFWJDF DBO CF BDUJWBUFE CZ QVTIJOH UIF
)PNF-JOL
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CVUUPO UIBU XBT KVTU QSP
HSBNNFE 5IJT QSPDFEVSF XJMM OPU BGGFDU
BOZ PUIFS QSPHSBNNFE )PNF-JOL
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UIF DPEFT PG BOZ OPOSPMMJOH DPEF EFWJDF
UIBU IBT CFFO QSPHSBNNFE JOUP
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$POTVMU UIF 0XOFST .BOVBM
PG FBDI EFWJDF PS DBMM UIF NBOVGBDUVSFS PS
SFUBJMFS PG UIPTF EFWJDFT GPS BEEJUJPOBM
JOGPSNBUJPO
8IFO ZPVS WFIJDMF JT SFDPWFSFE ZPV XJMM
OFFE UP SFQSPHSBN UIF )PNF-JOL
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6OJ
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'$$ 3VMFT 0QFSBUJPO JT TVCKFDU UP UIF
GPMMPXJOH UXP DPOEJUJPOT  5IJT EFWJDF
NBZ OPU DBVTF IBSNGVM JOUFSGFSFODF BOE
 UIJT EFWJDF NVTU BDDFQU BOZ JOUFSGFS
FODF SFDFJWFE JODMVEJOH JOUFSGFSFODF UIBU
NBZ DBVTF VOEFTJSFE PQFSBUJPO
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BQQSPWFE CZ UIF QBSUZ SFTQPOTJCMF GPS
DPNQMJBODF DPVME WPJE UIF VTFST BVUIPSJUZ
UP PQFSBUF UIF FRVJQNFOU
'PS $BOBEB
5IJT EFWJDF DPNQMJFT XJUI *OEVTUSZ $BOBEB
MJDFODFFYFNQU 344 TUBOEBSET 0QFSB
UJPO JT TVCKFDU UP UIF GPMMPXJOH UXP
DPOEJUJPOT  UIJT EFWJDF NBZ OPU DBVTF
JOUFSGFSFODF BOE  UIJT EFWJDF NVTU
BDDFQU BOZ JOUFSGFSFODF JODMVEJOH JOUFS
GFSFODF UIBU NBZ DBVTF VOEFTJSFE PQFSB
UJPO PG UIF EFWJDF
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1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
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*OUFMMJHFOU ,FZ 
7BMFU IBOEPGG  
%PPST 
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0QFOJOH BOE DMPTJOH XJOEPXT XJUI UIF
NFDIBOJDBM LFZ  
-PDLJOH XJUI JOTJEF MPDL LOPC  
-PDLJOH XJUI QPXFS EPPS MPDL TXJUDI  
"VUPNBUJD EPPS MPDLT  
$IJME TBGFUZ SFBS EPPS MPDL  
*OUFMMJHFOU ,FZ TZTUFN  
*OUFMMJHFOU ,FZ PQFSBUJOH SBOHF  
%PPS MPDLTVOMPDLT QSFDBVUJPO 
*OUFMMJHFOU ,FZ PQFSBUJPO  
#BUUFSZ TBWFS TZTUFN 
8BSOJOH TJHOBMT  
5SPVCMFTIPPUJOH HVJEF  
3FNPUF LFZMFTT FOUSZ TZTUFN  
)PX UP VTF SFNPUF LFZMFTT FOUSZ TZTUFN 
)PPE 
-JGU HBUF 
0QFSBUJOH NBOVBM MJGU HBUF 
0QFSBUJOH QPXFS MJGU HBUF 
"VUP DMPTVSF  
-JGU HBUF SFMFBTF MFWFS  
'VFMGJMMFS EPPS  
0QFOJOH UIF GVFMGJMMFS EPPS 
'VFMGJMMFS DBQ  
5JMUUFMFTDPQJD TUFFSJOH  
&MFDUSJD PQFSBUJPO  
4VO WJTPST  
.JSSPST  
*OTJEF NJSSPS  
0VUTJEF NJSSPST  
7BOJUZ NJSSPS  
"VUPNBUJD ESJWF QPTJUJPOFS  
&OUSZFYJU GVODUJPO 
.FNPSZ TUPSBHF  
4FUUJOH NFNPSZ GVODUJPO  
4ZTUFN PQFSBUJPO  
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
" LFZ OVNCFS QMBUF JT TVQQMJFE XJUI ZPVS
LFZT 3FDPSE UIF LFZ OVNCFS BOE LFFQ JU JO
B TBGF QMBDF TVDI BT ZPVS XBMMFU OPU JO
UIF WFIJDMF *G ZPV MPTF ZPVS LFZT TFF BO
*/'*/*5* SFUBJMFS GPS EVQMJDBUFT CZ VTJOH UIF
LFZ OVNCFS */'*/*5* EPFT OPU SFDPSE BOZ
LFZ OVNCFST TP JU JT WFSZ JNQPSUBOU UP LFFQ
USBDL PG ZPVS LFZ OVNCFS QMBUF
" LFZ OVNCFS JT POMZ OFDFTTBSZ XIFO ZPV
IBWF MPTU BMM LFZT BOE EP OPU IBWF POF UP
EVQMJDBUF GSPN *G ZPV TUJMM IBWF B LFZ UIJT
LFZ DBO CF EVQMJDBUFE CZ BO */'*/*5*
SFUBJMFS
41"
5ZQF "
+719
5ZQF #
 *OUFMMJHFOU ,FZ 
 .FDIBOJDBM LFZ JOTJEF *OUFMMJHFOU
,FZ 
 ,FZ OVNCFS QMBUF 
*/5&--*(&/5 ,&:
:PVS WFIJDMF DBO POMZ CF ESJWFO XJUI UIF
*OUFMMJHFOU ,FZT XIJDI BSF SFHJTUFSFE UP
ZPVS WFIJDMFT *OUFMMJHFOU ,FZ TZTUFN DPN
QPOFOUT BOE */'*/*5* 7FIJDMF *NNPCJMJ[FS
4ZTUFN DPNQPOFOUT "T NBOZ BT *OUFMMJ
HFOU ,FZT DBO CF SFHJTUFSFE BOE VTFE XJUI
POF WFIJDMF 5IF OFX LFZT NVTU CF
SFHJTUFSFE CZ BO */'*/*5* SFUBJMFS QSJPS UP
VTF XJUI UIF *OUFMMJHFOU ,FZ TZTUFN BOE
*/'*/*5* 7FIJDMF *NNPCJMJ[FS 4ZTUFN PG ZPVS
WFIJDMF 4JODF UIF SFHJTUSBUJPO QSPDFTT
SFRVJSFT FSBTJOH BMM NFNPSZ JO UIF *OUFMMJ
HFOU ,FZ DPNQPOFOUT XIFO SFHJTUFSJOH
OFX LFZT CF TVSF UP UBLF BMM *OUFMMJHFOU
,FZT UIBU ZPV IBWF UP UIF */'*/*5* SFUBJMFS
$"65*0/
. #F TVSF UP DBSSZ UIF *OUFMMJHFOU ,FZ XJUI
ZPV XIFO ESJWJOH 5IF *OUFMMJHFOU ,FZ JT B
QSFDJTJPO EFWJDF XJUI B CVJMUJO USBOTNJU
UFS5P BWPJE EBNBHJOH JU QMFBTF OPUF UIF
GPMMPXJOH
,&:4
background
5IF *OUFMMJHFOU ,FZ JT XBUFS SFTJT
UBOU IPXFWFS XFUUJOH NBZ EBNBHF
UIF *OUFMMJHFOU ,FZ *G UIF *OUFMMJHFOU
,FZ HFUT XFU JNNFEJBUFMZ XJQF VOUJM
JU JT DPNQMFUFMZ ESZ
%P OPU CFOE ESPQ PS TUSJLF JU
BHBJOTU BOPUIFS PCKFDU
*G UIF PVUTJEF UFNQFSBUVSF JT CFMPX
8' á8$ UIF CBUUFSZ PG UIF
*OUFMMJHFOU ,FZ NBZ OPU GVODUJPO
QSPQFSMZ
%P OPU QMBDF UIF *OUFMMJHFOU ,FZ GPS
BO FYUFOEFE QFSJPE JO B QMBDF XIFSF
UFNQFSBUVSFT FYDFFE 8' 8$
%P OPU DIBOHF PS NPEJGZ UIF *OUFM
MJHFOU ,FZ
%P OPU VTF B NBHOFU LFZ IPMEFS
%P OPU QMBDF UIF *OUFMMJHFOU ,FZ OFBS
BO FMFDUSJD BQQMJBODF TVDI BT B
UFMFWJTJPO TFU PS QFSTPOBM DPNQVUFS
%P OPU BMMPX UIF *OUFMMJHFOU ,FZ UP
DPNF JOUP DPOUBDU XJUI XBUFS PS TBMU
XBUFS BOE EP OPU XBTI JU JO B
XBTIJOH NBDIJOF 5IJT DPVME BGGFDU
UIF TZTUFN GVODUJPO
. *G BO *OUFMMJHFOU ,FZ JT MPTU PS TUPMFO
*/'*/*5* SFDPNNFOET FSBTJOH UIF *% DPEF
PG UIBU *OUFMMJHFOU ,FZ 5IJT XJMM QSFWFOU
UIF *OUFMMJHFOU ,FZ GSPN VOBVUIPSJ[FE
VTF UP VOMPDL UIF WFIJDMF 'PS JOGPSNB
UJPO SFHBSEJOH UIF FSBTJOH QSPDFEVSF
QMFBTF DPOUBDU BO */'*/*5* SFUBJMFS
41"
.FDIBOJDBM LFZ
5P SFNPWF UIF NFDIBOJDBM LFZ SFMFBTF UIF
MPDL LOPC BU UIF CBDL PG UIF *OUFMMJHFOU ,FZ
5P JOTUBMM UIF NFDIBOJDBM LFZ GJSNMZ JOTFSU
JU JOUP UIF *OUFMMJHFOU ,FZ VOUJM UIF MPDL
LOPC SFUVSOT UP UIF MPDL QPTJUJPO
6TF UIF NFDIBOJDBM LFZ UP MPDL PS VOMPDL
UIF EPPST BOE UIF HMPWF CPY
4FF g%PPSTu 1 g4UPSBHFu 1
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
$"65*0/
"MXBZT DBSSZ UIF NFDIBOJDBM LFZ JOTUBMMFE JO
UIF *OUFMMJHFOU ,FZ
7"-&5 )"/%0''
8IFO ZPV IBWF UP MFBWF B LFZ XJUI B WBMFU
HJWF UIFN UIF *OUFMMJHFOU ,FZ JUTFMG BOE
LFFQ UIF NFDIBOJDBM LFZ XJUI ZPV UP
QSPUFDU ZPVS CFMPOHJOHT
5P QSFWFOU UIF HMPWF CPY GSPN CFJOH
PQFOFE EVSJOH WBMFU IBOEPGG GPMMPX UIF
QSPDFEVSFT CFMPX
 3FNPWF UIF NFDIBOJDBM LFZ GSPN UIF
*OUFMMJHFOU ,FZ
 -PDL UIF HMPWF CPY XJUI UIF NFDIBOJDBM
LFZ
 )BOE UIF *OUFMMJHFOU ,FZ UP UIF WBMFU
LFFQJOH UIF NFDIBOJDBM LFZ JO ZPVS
QPDLFU PS CBH GPS JOTFSUJPO JOUP UIF
*OUFMMJHFOU ,FZ XIFO ZPV SFUSJFWF ZPVS
WFIJDMF
4FF g4UPSBHFu 1
8"3/*/(
. "MXBZT IBWF UIF EPPST MPDLFE XIJMF
ESJWJOH "MPOH XJUI UIF VTF PG TFBU CFMUT
UIJT QSPWJEFT HSFBUFS TBGFUZ JO UIF FWFOU
PG BO BDDJEFOU CZ IFMQJOH UP QSFWFOU
QFSTPOT GSPN CFJOH UISPXO GSPN UIF
WFIJDMF 5IJT BMTP IFMQT LFFQ DIJMESFO
BOE PUIFST GSPN VOJOUFOUJPOBMMZ PQFOJOH
UIF EPPST BOE XJMM IFMQ LFFQ PVU
JOUSVEFST
. #FGPSF PQFOJOH BOZ EPPS BMXBZT MPPL GPS
BOE BWPJE PODPNJOH USBGGJD
. %P OPU MFBWF DIJMESFO VOBUUFOEFE JOTJEF
UIF WFIJDMF 5IFZ DPVME VOLOPXJOHMZ
BDUJWBUF TXJUDIFT PS DPOUSPMT 6OBU
UFOEFE DIJMESFO DPVME CFDPNF JOWPMWFE
JO TFSJPVT BDDJEFOUT
41"#
-0$,*/( 8*5) .&$)"/*$"- ,&:
5IF QPXFS EPPS MPDL TZTUFN BMMPXT ZPV UP
MPDL PS VOMPDL BMM EPPST TJNVMUBOFPVTMZ
VTJOH UIF NFDIBOJDBM LFZ
. 5VSOJOH UIF ESJWFST EPPS LFZ DZMJOEFS UP
UIF GSPOU PG UIF WFIJDMF
*
XJMM MPDL BMM
EPPST
. 5VSOJOH UIF ESJWFST EPPS LFZ DZMJOEFS
PODF UP UIF SFBS PG UIF WFIJDMF
*
XJMM
VOMPDL UIF ESJWFST EPPS "GUFS SFUVSOJOH
UIF LFZ UP UIF OFVUSBM QPTJUJPO
*
UVSOJOH JU UP UIF SFBS BHBJO XJUIJO
TFDPOET XJMM VOMPDL BMM EPPST
%0034
background
. :PV DBO TXJUDI UIF MPDL TZTUFN UP UIF
NPEF UIBU BMMPXT ZPV UP PQFO BMM UIF
EPPST XIFO UIF LFZ JT UVSOFE PODF 4FF
g)PX UP VTF 4&55*/( CVUUPOu 1
01&/*/( "/% $-04*/( 8*/%084
8*5) 5)& .&$)"/*$"- ,&:
5IF ESJWFST EPPS LFZ PQFSBUJPO BMTP BMMPXT
ZPV UP PQFO BOE DMPTF BMM EPPS XJOEPXT
5P PQFO UIF XJOEPXT UVSO UIF ESJWFST EPPS
LFZ DZMJOEFS UP UIF SFBS PG UIF WFIJDMF GPS
MPOHFS UIBO TFDPOE 5IF EPPS JT VOMPDLFE
BOE UIF XJOEPX LFFQT PQFOJOH XIJMF
UVSOJOH UIF LFZ
5IJT GVODUJPO DBO BMTP CF QFSGPSNFE CZ
QVTIJOH BOE IPMEJOH UIF EPPS 6/-0$,
CVUUPO PG UIF *OUFMMJHFOU ,FZ 4FF g3FNPUF
LFZMFTT FOUSZ TZTUFNu 1
5P DMPTF UIF XJOEPXT UVSO UIF ESJWFST
EPPS LFZ DZMJOEFS UP UIF GSPOU PG UIF WFIJDMF
GPS MPOHFS UIBO TFDPOE 5IF EPPS JT
MPDLFE BOE UIF XJOEPX LFFQT DMPTJOH XIJMF
UVSOJOH UIF LFZ
41"
-0$,*/( 8*5) */4*%& -0$, ,/0#
5P MPDL UIF EPPS JOEJWJEVBMMZ NPWF UIF
JOTJEF MPDL LOPC UP UIF MPDL QPTJUJPO
*
5P VOMPDL NPWF UIF JOTJEF MPDL LOPC UP UIF
VOMPDL QPTJUJPO
*
#F TVSF OPU UP MFBWF UIF *OUFMMJHFOU ,FZ
JOTJEF UIF WFIJDMF
+719
-0$,*/( 8*5) 108&3 %003 -0$,
48*5$)
0QFSBUJOH UIF QPXFS EPPS MPDL TXJUDI XJMM
MPDL PS VOMPDL BMM UIF EPPST 5IF TXJUDIFT
BSF MPDBUFE PO UIF ESJWFST BOE GSPOU
QBTTFOHFST EPPS BSNSFTUT
5P MPDL UIF EPPST QVTI UIF QPXFS EPPS MPDL
TXJUDI UP UIF MPDL QPTJUJPO
*
#F TVSF OPU UP MFBWF UIF *OUFMMJHFOU ,FZ
JOTJEF UIF WFIJDMF
5P VOMPDL UIF EPPST JODMVEJOH UIF GVFMGJMMFS
EPPS QVTI UIF QPXFS EPPS MPDL TXJUDI UP
UIF VOMPDL QPTJUJPO
*
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
-PDLPVU QSPUFDUJPO
8IFO UIF QPXFS EPPS MPDL TXJUDI ESJWFS PS
GSPOU QBTTFOHFS JT NPWFE UP UIF MPDL
QPTJUJPO XJUI BOZ EPPS PQFO BMM EPPST XJMM
MPDL BOE VOMPDL BVUPNBUJDBMMZ 8JUI UIF
*OUFMMJHFOU ,FZ MFGU JO UIF WFIJDMF BOE BOZ
EPPS PQFO BMM EPPST XJMM VOMPDL BVUPNBUJ
DBMMZ BOE B DIJNF XJMM TPVOE BGUFS UIF EPPS
JT DMPTFE
5IFTF GVODUJPOT IFMQ UP QSFWFOU UIF *O
UFMMJHFOU ,FZ GSPN CFJOH BDDJEFOUBMMZ
MPDLFE JOTJEF UIF WFIJDMF
"650."5*$ %003 -0$,4
. "MM EPPST MPDL BVUPNBUJDBMMZ XIFO UIF
WFIJDMF TQFFE SFBDIFT  .1) 
LNI
. "MM EPPST VOMPDL BVUPNBUJDBMMZ XIFO UIF
JHOJUJPO TXJUDI JT QMBDFE JO UIF 0''
QPTJUJPO
5IF BVUPNBUJD VOMPDL GVODUJPO DBO CF
EFBDUJWBUFE PS BDUJWBUFE 5P EFBDUJWBUF PS
BDUJWBUF UIF BVUPNBUJD EPPS VOMPDL TZTUFN
QFSGPSN UIF GPMMPXJOH QSPDFEVSF
 $MPTF BMM EPPST
 1MBDF UIF JHOJUJPO TXJUDI JO UIF 0/
QPTJUJPO
 8JUIJO  TFDPOET PG QFSGPSNJOH 4UFQ
 QVTI BOE IPME UIF QPXFS EPPS MPDL
TXJUDI UP UIF
QPTJUJPO 6/-0$, GPS
NPSF UIBO TFDPOET
 8IFO BDUJWBUFE UIF IB[BSE JOEJDBUPS
XJMM GMBTI UXJDF 8IFO EFBDUJWBUFE UIF
IB[BSE JOEJDBUPS XJMM GMBTI PODF
 5IF JHOJUJPO TXJUDI NVTU CF QMBDFE JO
UIF 0'' BOE 0/ QPTJUJPO BHBJO CFUXFFO
FBDI TFUUJOH DIBOHF
8IFO UIF BVUPNBUJD EPPS VOMPDL TZTUFN JT
EFBDUJWBUFE UIF EPPST EP OPU VOMPDL XIFO
UIF JHOJUJPO TXJUDI JT QMBDFE JO UIF 0''
QPTJUJPO 5P VOMPDL UIF EPPS NBOVBMMZ VTF
UIF JOTJEF MPDL LOPC PS UIF QPXFS EPPS MPDL
TXJUDI ESJWFST PS GSPOU QBTTFOHFST TJEF
41"
$)*-% 4"'&5: 3&"3 %003 -0$,
$IJME TBGFUZ SFBS EPPS MPDLT IFMQ QSFWFOU
EPPST GSPN CFJOH PQFOFE BDDJEFOUBMMZ
FTQFDJBMMZ XIFO TNBMM DIJMESFO BSF JO UIF
WFIJDMF
8IFO UIF MFWFST BSF JO UIF MPDL QPTJUJPO
*
UIF SFBS EPPST DBO CF PQFOFE POMZ
GSPN UIF PVUTJEF
5P EJTFOHBHF NPWF UIF MFWFST UP UIF
VOMPDL QPTJUJPO
*
background
8"3/*/(
. 3BEJP XBWFT DPVME BEWFSTFMZ BGGFDU
FMFDUSJD NFEJDBM FRVJQNFOU 5IPTF XIP
VTF B QBDFNBLFS TIPVME DPOUBDU UIF
FMFDUSJD NFEJDBM FRVJQNFOU NBOVGBD
UVSFS GPS UIF QPTTJCMF JOGMVFODFT CFGPSF
VTF
. 5IF *OUFMMJHFOU ,FZ USBOTNJUT SBEJP
XBWFT XIFO UIF CVUUPOT BSF QVTIFE
5IF '"" BEWJTFT UIBU UIF SBEJP XBWFT
NBZ BGGFDU BJSDSBGU OBWJHBUJPO BOE DPN
NVOJDBUJPO TZTUFNT %P OPU PQFSBUF UIF
*OUFMMJHFOU ,FZ XIJMF PO BO BJSQMBOF
.BLF TVSF UIF CVUUPOT BSF OPU PQFSBUFE
VOJOUFOUJPOBMMZ XIFO UIF VOJU JT TUPSFE
EVSJOH B GMJHIU
5IF *OUFMMJHFOU ,FZ TZTUFN DBO PQFSBUF BMM
UIF EPPS MPDLT VTJOH UIF SFNPUF DPOUSPMMFS
GVODUJPO PS QVTIJOH UIF SFRVFTU TXJUDI PO
UIF WFIJDMF XJUIPVU UBLJOH UIF LFZ PVU GSPN
B QPDLFU PS QVSTF 5IF PQFSBUJOH FOWJSPO
NFOU BOEPS DPOEJUJPOT NBZ BGGFDU UIF
*OUFMMJHFOU ,FZ TZTUFN PQFSBUJPO
#F TVSF UP SFBE UIF GPMMPXJOH CFGPSF VTJOH
UIF *OUFMMJHFOU ,FZ TZTUFN
$"65*0/
. #F TVSF UP DBSSZ UIF *OUFMMJHFOU ,FZ XJUI
ZPV XIFO PQFSBUJOH UIF WFIJDMF
. /FWFS MFBWF UIF *OUFMMJHFOU ,FZ JO UIF
WFIJDMF XIFO ZPV MFBWF UIF WFIJDMF
5IF *OUFMMJHFOU ,FZ JT BMXBZT DPNNVOJDBU
JOH XJUI UIF WFIJDMF BT JU SFDFJWFT SBEJP
XBWFT 5IF *OUFMMJHFOU ,FZ TZTUFN USBOT
NJUT XFBL SBEJP XBWFT &OWJSPONFOUBM
DPOEJUJPOT NBZ JOUFSGFSF XJUI UIF PQFSBUJPO
PG UIF *OUFMMJHFOU ,FZ TZTUFN VOEFS UIF
GPMMPXJOH PQFSBUJOH DPOEJUJPOT
. 8IFO PQFSBUJOH OFBS B MPDBUJPO XIFSF
TUSPOH SBEJP XBWFT BSF USBOTNJUUFE
TVDI BT B 57 UPXFS QPXFS TUBUJPO BOE
CSPBEDBTUJOH TUBUJPO
. 8IFO JO QPTTFTTJPO PG XJSFMFTT FRVJQ
NFOU TVDI BT B DFMMVMBS UFMFQIPOF
USBOTDFJWFS BOE $# SBEJP
. 8IFO UIF *OUFMMJHFOU ,FZ JT JO DPOUBDU
XJUI PS DPWFSFE CZ NFUBMMJD NBUFSJBMT
. 8IFO BOZ UZQF PG SBEJP XBWF SFNPUF
DPOUSPM JT VTFE OFBSCZ
. 8IFO UIF *OUFMMJHFOU ,FZ JT QMBDFE OFBS
BO FMFDUSJD BQQMJBODF TVDI BT B QFSTPOBM
DPNQVUFS
. 8IFO UIF WFIJDMF JT QBSLFE OFBS B
QBSLJOH NFUFS
*O TVDI DBTFT DPSSFDU UIF PQFSBUJOH DPOEJ
UJPOT CFGPSF VTJOH UIF *OUFMMJHFOU ,FZ
GVODUJPO PS VTF UIF NFDIBOJDBM LFZ
"MUIPVHI UIF MJGF PG UIF CBUUFSZ WBSJFT
EFQFOEJOH PO UIF PQFSBUJOH DPOEJUJPOT
UIF CBUUFSZT MJGF JT BQQSPYJNBUFMZ ZFBST
*G UIF CBUUFSZ JT EJTDIBSHFE SFQMBDF JU XJUI
B OFX POF
4JODF UIF *OUFMMJHFOU ,FZ JT DPOUJOVPVTMZ
SFDFJWJOH SBEJP XBWFT JG UIF LFZ JT MFGU OFBS
FRVJQNFOU XIJDI USBOTNJUT TUSPOH SBEJP
XBWFT TVDI BT TJHOBMT GSPN B 57 BOE
QFSTPOBM DPNQVUFS UIF CBUUFSZ MJGF NBZ
CFDPNF TIPSUFS
'PS JOGPSNBUJPO SFHBSEJOH SFQMBDFNFOU PG B
CBUUFSZ TFF g*OUFMMJHFOU ,FZ CBUUFSZ SFQMB
DFNFOUu 1
"T NBOZ BT *OUFMMJHFOU ,FZT DBO CF
SFHJTUFSFE BOE VTFE XJUI POF WFIJDMF 'PS
JOGPSNBUJPO BCPVU UIF QVSDIBTF BOE VTF PG
BEEJUJPOBM *OUFMMJHFOU ,FZT DPOUBDU BO
*/'*/*5* SFUBJMFS
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
*/5&--*(&/5 ,&: 4:45&.
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
$"65*0/
. %P OPU BMMPX UIF *OUFMMJHFOU ,FZ XIJDI
DPOUBJOT FMFDUSJDBM DPNQPOFOUT UP DPNF
JOUP DPOUBDU XJUI XBUFS PS TBMU XBUFS 5IJT
DPVME BGGFDU UIF TZTUFN GVODUJPO
. %P OPU ESPQ UIF *OUFMMJHFOU ,FZ
. %P OPU TUSJLF UIF *OUFMMJHFOU ,FZ TIBSQMZ
BHBJOTU BOPUIFS PCKFDU
. %P OPU DIBOHF PS NPEJGZ UIF *OUFMMJHFOU
,FZ
. 8FUUJOH NBZ EBNBHF UIF *OUFMMJHFOU ,FZ
*G UIF *OUFMMJHFOU ,FZ HFUT XFU JNNFEJ
BUFMZ XJQF VOUJM JU JT DPNQMFUFMZ ESZ
. *G UIF PVUTJEF UFNQFSBUVSF JT CFMPX 8'
á8$ UIF CBUUFSZ PG UIF *OUFMMJHFOU
,FZ NBZ OPU GVODUJPO QSPQFSMZ
. %P OPU QMBDF UIF *OUFMMJHFOU ,FZ GPS BO
FYUFOEFE QFSJPE JO BO BSFB XIFSF UFN
QFSBUVSFT FYDFFE 8' 8$
. %P OPU BUUBDI UIF *OUFMMJHFOU ,FZ XJUI B
LFZ IPMEFS UIBU DPOUBJOT B NBHOFU
. %P OPU QMBDF UIF *OUFMMJHFOU ,FZ OFBS
FRVJQNFOU UIBU QSPEVDFT B NBHOFUJD
GJFME TVDI BT B 57 BVEJP FRVJQNFOU
BOE QFSTPOBM DPNQVUFST
*G BO *OUFMMJHFOU ,FZ JT MPTU PS TUPMFO
*/'*/*5* SFDPNNFOET FSBTJOH UIF *% DPEF
PG UIBU *OUFMMJHFOU ,FZ GSPN UIF WFIJDMF 5IJT
NBZ QSFWFOU UIF VOBVUIPSJ[FE VTF PG UIF
*OUFMMJHFOU ,FZ UP PQFSBUF UIF WFIJDMF 'PS
JOGPSNBUJPO SFHBSEJOH UIF FSBTJOH QSPDF
EVSF DPOUBDU BO */'*/*5* SFUBJMFS
background
41"
*/5&--*(&/5 ,&: 01&3"5*/(
3"/(&
5IF *OUFMMJHFOU ,FZ GVODUJPOT DBO POMZ CF
VTFE XIFO UIF *OUFMMJHFOU ,FZ JT XJUIJO UIF
TQFDJGJFE PQFSBUJOH SBOHF GSPN UIF SFRVFTU
TXJUDI
*
8IFO UIF *OUFMMJHFOU ,FZ CBUUFSZ JT EJT
DIBSHFE PS TUSPOH SBEJP XBWFT BSF QSFTFOU
OFBS UIF PQFSBUJOH MPDBUJPO UIF *OUFMMJHFOU
,FZ TZTUFNT PQFSBUJOH SBOHF CFDPNFT
OBSSPXFS BOE UIF *OUFMMJHFOU ,FZ NBZ OPU
GVODUJPO QSPQFSMZ
5IF PQFSBUJOH SBOHF JT XJUIJO  JO 
DN GSPN FBDI SFRVFTU TXJUDI
*
*G UIF *OUFMMJHFOU ,FZ JT UPP DMPTF UP UIF EPPS
HMBTT IBOEMF PS SFBS CVNQFS UIF SFRVFTU
TXJUDIFT NBZ OPU GVODUJPO
8IFO UIF *OUFMMJHFOU ,FZ JT XJUIJO UIF
PQFSBUJOH SBOHF JU JT QPTTJCMF GPS BOZPOF
XIP EPFT OPU DBSSZ UIF *OUFMMJHFOU ,FZ UP
QVTI UIF SFRVFTU TXJUDI UP MPDLVOMPDL UIF
EPPST
41"
%003 -0$,46/-0$,4 13&$"6
5*0/
. %P OPU QVTI UIF EPPS IBOEMF SFRVFTU
TXJUDI XJUI UIF *OUFMMJHFOU ,FZ IFME JO
ZPVS IBOE BT JMMVTUSBUFE 5IF DMPTF
EJTUBODF UP UIF EPPS IBOEMF XJMM DBVTF
UIF *OUFMMJHFOU ,FZ TZTUFN UP IBWF
EJGGJDVMUZ SFDPHOJ[JOH UIBU UIF *OUFMMJ
HFOU ,FZ JT PVUTJEF UIF WFIJDMF
. "GUFS MPDLJOH XJUI UIF EPPS IBOEMF
SFRVFTU TXJUDI WFSJGZ UIF EPPST BSF
TFDVSFMZ MPDLFE CZ UFTUJOH UIFN
. 5P QSFWFOU UIF *OUFMMJHFOU ,FZ GSPN
CFJOH MFGU JOTJEF UIF WFIJDMF NBLF TVSF
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
ZPV DBSSZ UIF LFZ XJUI ZPV BOE UIFO
MPDL UIF EPPST
. %P OPU QVMM UIF EPPS IBOEMF CFGPSF
QVTIJOH UIF EPPS IBOEMF SFRVFTU
TXJUDI 5IF EPPS XJMM CF VOMPDLFE CVU
XJMM OPU PQFO 3FMFBTF UIF EPPS IBOEMF
PODF BOE QVMM JU BHBJO UP PQFO UIF EPPS
. 5IF *OUFMMJHFOU ,FZ TZTUFN PQFOJOH
DMPTJOH EPPST XJUI UIF EPPS IBOEMF
SFRVFTU TXJUDI DBO CF TFU UP SFNBJO
JOBDUJWF 4FF g7FIJDMF JOGPSNBUJPO BOE
TFUUJOHTu 1
41"
*/5&--*(&/5 ,&: 01&3"5*0/
:PV DBO MPDL PS VOMPDL UIF EPPST XJUIPVU
UBLJOH UIF LFZ PVU GSPN ZPVS QPDLFU PS CBH
+719
+719
background
8IFO ZPV DBSSZ UIF *OUFMMJHFOU ,FZ XJUI
ZPV ZPV DBO MPDL PS VOMPDL BMM EPPST CZ
QVTIJOH UIF EPPS IBOEMF SFRVFTU TXJUDI
ESJWFST PS GSPOU QBTTFOHFST
*
"
PS UIF MJGU
HBUF SFRVFTU TXJUDI
*
#
XJUIJO UIF SBOHF PG
PQFSBUJPO
8IFO ZPV MPDL PS VOMPDL UIF EPPST PS UIF
MJGU HBUF UIF IB[BSE JOEJDBUPS XJMM GMBTI BOE
UIF IPSO PS UIF PVUTJEF DIJNF XJMM TPVOE
BT B DPOGJSNBUJPO 'PS EFUBJMT TFF g4FUUJOH
IB[BSE JOEJDBUPS BOE IPSO NPEFu 1
8FMDPNF MJHIU BOE GBSFXFMM MJHIU
GVODUJPO
8IFO ZPV MPDL PS VOMPDL UIF EPPST JODMVE
JOH UIF MJGU HBUF UIF QBSLJOH MJHIUT UBJM
MJHIUT BOE UIF MJDFOTF QMBUF MJHIU XJMM
JMMVNJOBUF GPS B QFSJPE PG UJNF 5IF
XFMDPNF MJHIU BOE GBSFXFMM MJHIU GVODUJPO
DBO CF EJTBCMFE 'PS JOGPSNBUJPO BCPVU
EJTBCMJOH UIF XFMDPNF MJHIU BOE GBSFXFMM
MJHIU GVODUJPO DPOUBDU BO */'*/*5* SFUBJMFS
-PDLJOH EPPST BOE GVFMGJMMFS EPPS
 .PWF UIF TIJGU MFWFS UP UIF 1 1BSL
QPTJUJPO QVTI UIF JHOJUJPO TXJUDI UP UIF
0'' QPTJUJPO BOE NBLF TVSF ZPV DBSSZ
UIF *OUFMMJHFOU ,FZ XJUI ZPV
 $MPTF BMM UIF EPPST
 1VTI UIF EPPS IBOEMF SFRVFTU TXJUDI
ESJWFST PS GSPOU QBTTFOHFST
*
"
PS UIF
MJGU HBUF SFRVFTU TXJUDI
*
#
XIJMF DBSSZ
JOH UIF *OUFMMJHFOU ,FZ XJUI ZPV
 "MM UIF EPPST BOE GVFMGJMMFS EPPS XJMM
MPDL
 5IF IB[BSE JOEJDBUPS GMBTIFT UXJDF BOE
UIF PVUTJEF DIJNF TPVOET UXJDF
 %PPST XJMM MPDL XJUI UIF *OUFMMJHFOU ,FZ
XIJMF UIF JHOJUJPO TXJUDI JT JO UIF "$$ PS 0/
QPTJUJPO
 %PPST XJMM OPU MPDL XJUI UIF *OUFMMJHFOU
,FZ XIJMF BOZ EPPS JT PQFO
 %PPST XJMM OPU MPDL CZ QVTIJOH UIF EPPS
IBOEMF SFRVFTU TXJUDI XJUI UIF *OUFMMJHFOU
,FZ JOTJEF UIF WFIJDMF
)PXFWFS XIFO BO *OUFMMJHFOU ,FZ JT JOTJEF
UIF WFIJDMF EPPST DBO CF MPDLFE XJUI
BOPUIFS SFHJTUFSFE *OUFMMJHFOU ,FZ
$"65*0/
. "GUFS MPDLJOH UIF EPPST VTJOH UIF SFRVFTU
TXJUDI NBLF TVSF UIBU UIF EPPST IBWF
CFFO TFDVSFMZ MPDLFE CZ PQFSBUJOH UIF
EPPS IBOEMFT
. 8IFO MPDLJOH UIF EPPST VTJOH UIF
SFRVFTU TXJUDI NBLF TVSF UP IBWF UIF
*OUFMMJHFOU ,FZ JO ZPVS QPTTFTTJPO CFGPSF
PQFSBUJOH UIF SFRVFTU TXJUDI UP QSFWFOU
UIF *OUFMMJHFOU ,FZ GSPN CFJOH MFGU JO UIF
WFIJDMF
. 5IF SFRVFTU TXJUDI JT PQFSBUJPOBM POMZ
XIFO UIF *OUFMMJHFOU ,FZ IBT CFFO
EFUFDUFE CZ UIF *OUFMMJHFOU ,FZ TZTUFN
-PDLPVU QSPUFDUJPO
5P QSFWFOU UIF *OUFMMJHFOU ,FZ GSPN CFJOH
BDDJEFOUBMMZ MPDLFE JO UIF WFIJDMF MPDLPVU
QSPUFDUJPO JT FRVJQQFE XJUI UIF *OUFMMJHFOU
,FZ TZTUFN
8IFO UIF ESJWFST TJEF EPPS JT PQFO UIF
EPPST BSF MPDLFE BOE UIFO UIF *OUFMMJHFOU
,FZ JT QVU JOTJEF UIF WFIJDMF BOE BMM UIF
EPPST BSF DMPTFE UIF MPDL XJMM BVUPNBUJ
DBMMZ VOMPDL BOE UIF EPPS CV[[FS TPVOET
/05&
5IF EPPST NBZ OPU MPDL XIFO UIF *OUFMMJ
HFOU ,FZ JT JO UIF TBNF IBOE UIBU JT
PQFSBUJOH UIF SFRVFTU TXJUDI UP MPDL UIF
EPPS 1VU UIF *OUFMMJHFOU ,FZ JO B QVSTF
QPDLFU PS ZPVS PUIFS IBOE
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
$"65*0/
5IF MPDLPVU QSPUFDUJPO NBZ OPU GVODUJPO
VOEFS UIF GPMMPXJOH DPOEJUJPOT
. 8IFO UIF *OUFMMJHFOU ,FZ JT QMBDFE PO UPQ
PG UIF JOTUSVNFOU QBOFM
. 8IFO UIF *OUFMMJHFOU ,FZ JT QMBDFE JOTJEF
UIF HMPWF CPY PS B TUPSBHF CJO
. 8IFO UIF *OUFMMJHFOU ,FZ JT QMBDFE JOTJEF
UIF EPPS QPDLFUT
. 8IFO UIF *OUFMMJHFOU ,FZ JT QMBDFE JOTJEF
PS OFBS NFUBMMJD NBUFSJBMT
6OMPDLJOH EPPST BOE GVFMGJMMFS EPPS
 1VTI UIF EPPS IBOEMF SFRVFTU TXJUDI
ESJWFST PS GSPOU QBTTFOHFST
*
"
PS UIF
MJGU HBUF SFRVFTU TXJUDI
*
#
PODF XIJMF
DBSSZJOH UIF *OUFMMJHFOU ,FZ XJUI ZPV
8IFO ZPV BQQSPBDI UIF WFIJDMF XJUI
UIF *OUFMMJHFOU ,FZ UIF QVEEMF MJHIU BOE
UIF QBTTFOHFS DBCJO JMMVNJOBUJPO XJMM
JMMVNJOBUF BOE TUBZ PO GPS B TIPSU
QFSJPE PG UJNF 4FF g8FMDPNF MJHIUu
1
 5IF IB[BSE JOEJDBUPS GMBTIFT PODF BOE
PVUTJEF DIJNF TPVOET PODF 5IF DPSSF
TQPOEJOH EPPS XJMM VOMPDL
5IF GVFMGJMMFS EPPS XJMM BMTP VOMPDL
XIFO UIF ESJWFST EPPS IBOEMF SFRVFTU
TXJUDI JT QVTIFE
 1VTI UIF EPPS IBOEMF SFRVFTU TXJUDI
BHBJO XJUIJO  TFDPOET
 5IF IB[BSE JOEJDBUPS GMBTIFT PODF BOE
PVUTJEF DIJNF TPVOET PODF BHBJO "MM
UIF EPPST XJMM VOMPDL
5IF MJGU HBUF DBO CF VOMPDLFE BOE PQFOFE
CZ QVTIJOH UIF MJGU HBUF PQFOFS TXJUDI 4FF
g-JGU HBUFu 1
"MM EPPST XJMM CF MPDLFE BVUPNBUJDBMMZ
VOMFTT POF PG UIF GPMMPXJOH PQFSBUJPOT JT
QFSGPSNFE XJUIJO NJOVUF BGUFS QVTIJOH
UIF SFRVFTU TXJUDI XIJMF UIF EPPST BSF
MPDLFE *G EVSJOH UIJT NJOVUF UJNF QFSJPE
UIF SFRVFTU TXJUDI JT QVTIFE BMM EPPST XJMM
CF MPDLFE BVUPNBUJDBMMZ BGUFS BOPUIFS
NJOVUF
. 0QFOJOH BOZ EPPS
. 1VTIJOH UIF JHOJUJPO TXJUDI
1PXFS MJGU HBUF PQFO
 $BSSZ UIF *OUFMMJHFOU ,FZ
 1VTI UIF QPXFS MJGU HBUF PQFOFS TXJUDI
*
$
 5IF MJGU HBUF XJMM VOMPDL BOE BVUPNBUJ
DBMMZ PQFO
 5IF IB[BSE JOEJDBUPS GMBTIFT UJNFT
BOE UIF PVUTJEF DIJNF TPVOET
#"55&3: 4"7&3 4:45&.
8IFO BMM UIF GPMMPXJOH DPOEJUJPOT BSF NFU
GPS B QFSJPE PG UJNF UIF CBUUFSZ TBWFS
TZTUFN XJMM DVU PGG UIF QPXFS TVQQMZ UP
QSFWFOU CBUUFSZ EJTDIBSHF
. 5IF JHOJUJPO TXJUDI JT JO UIF "$$
QPTJUJPO BOE
. "MM EPPST BSF DMPTFE BOE
. 5IF TIJGU MFWFS JT JO UIF 1 1BSL QPTJUJPO
8"3/*/( 4*(/"-4
5P IFMQ QSFWFOU UIF WFIJDMF GSPN NPWJOH
VOFYQFDUFEMZ CZ FSSPOFPVT PQFSBUJPO PG
UIF *OUFMMJHFOU ,FZ MJTUFE PO UIF GPMMPXJOH
DIBSU PS UP IFMQ QSFWFOU UIF WFIJDMF GSPN
CFJOH TUPMFO DIJNF PS CFFQ TPVOET JOTJEF
BOE PVUTJEF UIF WFIJDMF BOE B XBSOJOH
EJTQMBZT JO UIF WFIJDMF JOGPSNBUJPO EJTQMBZ
8IFO B DIJNF PS CFFQ TPVOET PS UIF
XBSOJOH EJTQMBZT CF TVSF UP DIFDL UIF
WFIJDMF BOE *OUFMMJHFOU ,FZ
4FF g5SPVCMFTIPPUJOH HVJEFu 1 BOE
g7FIJDMF JOGPSNBUJPO EJTQMBZu 1
background
5306#-&4)005*/( (6*%&
4ZNQUPN 1PTTJCMF DBVTF "DUJPO UP UBLF
8IFO QVTIJOH UIF JHOJUJPO TXJUDI
UP TUPQ UIF FOHJOF
5IF 4)*'5 1 XBSOJOH BQQFBST PO UIF EJTQMBZ
BOE UIF JOTJEF XBSOJOH DIJNF TPVOET DPO
UJOVPVTMZ PS GPS B GFX TFDPOET
5IF TIJGU MFWFS JT OPU JO UIF 1 1BSL
QPTJUJPO
4IJGU UIF TIJGU MFWFS UP UIF 1 1BSL QPTJUJPO
8IFO TIJGUJOH UIF TIJGU MFWFS UP
UIF 1 1BSL QPTJUJPO
5IF JOTJEF XBSOJOH DIJNF TPVOET DPOUJOV
PVTMZ
5IF JHOJUJPO TXJUDI JT JO UIF "$$ PS 0/
QPTJUJPO
1VTI UIF JHOJUJPO TXJUDI UP UIF 0'' QPTJUJPO
8IFO PQFOJOH UIF ESJWFST EPPS UP
HFU PVU PG UIF WFIJDMF
5IF JOTJEF XBSOJOH DIJNF TPVOET DPOUJOV
PVTMZ
5IF JHOJUJPO TXJUDI JT JO UIF "$$ QPTJ
UJPO
1VTI UIF JHOJUJPO TXJUDI UP UIF 0'' QPTJUJPO
8IFO DMPTJOH UIF EPPS BGUFS HFU
UJOH PVU PG UIF WFIJDMF
5IF /0 ,&: XBSOJOH BQQFBST PO UIF EJTQMBZ
UIF PVUTJEF DIJNF TPVOET UJNFT BOE UIF
JOTJEF XBSOJOH DIJNF TPVOET GPS B GFX
TFDPOET
5IF JHOJUJPO TXJUDI JT JO UIF "$$ PS 0/
QPTJUJPO
1VTI UIF JHOJUJPO TXJUDI UP UIF 0'' QPTJUJPO
5IF 4)*'5 1 XBSOJOH BQQFBST PO UIF EJTQMBZ
BOE UIF PVUTJEF DIJNF TPVOET DPOUJOVPVTMZ
5IF JHOJUJPO TXJUDI JT JO UIF "$$ PS 0''
QPTJUJPO BOE UIF TIJGU MFWFS JT OPU JO UIF
1 1BSL QPTJUJPO
.PWF UIF TIJGU MFWFS UP UIF 1 1BSL QPTJUJPO
BOE QVTI UIF JHOJUJPO TXJUDI UP UIF 0''
QPTJUJPO
8IFO DMPTJOH UIF EPPS XJUI UIF
JOTJEF MPDL LOPC UVSOFE UP -0$,
5IF PVUTJEF DIJNF TPVOET GPS B GFX TFDPOET
BOE BMM UIF EPPST VOMPDL
5IF *OUFMMJHFOU ,FZ JT JOTJEF UIF WFIJDMF
PS DBSHP BSFB
$BSSZ UIF *OUFMMJHFOU ,FZ XJUI ZPV
8IFO QVTIJOH UIF SFRVFTU TXJUDI
PS UIF -0$,
CVUUPO PO UIF
*OUFMMJHFOU ,FZ UP MPDL UIF EPPS
5IF PVUTJEF DIJNF TPVOET GPS B GFX TFDPOET
5IF *OUFMMJHFOU ,FZ JT JOTJEF UIF WFIJDMF $BSSZ UIF *OUFMMJHFOU ,FZ XJUI ZPV
" EPPS JT OPU DMPTFE TFDVSFMZ $MPTF UIF EPPS TFDVSFMZ
8IFO QVTIJOH UIF EPPS IBOEMF
SFRVFTU TXJUDI UP MPDL UIF EPPS
5IF PVUTJEF DIJNF TPVOET GPS B GFX TFDPOET
5IF *OUFMMJHFOU ,FZ JT JOTJEF UIF WFIJDMF
PS DBSHP BSFB
$BSSZ UIF *OUFMMJHFOU ,FZ XJUI ZPV
" EPPS JT OPU DMPTFE TFDVSFMZ $MPTF UIF EPPS TFDVSFMZ
5IF EPPS IBOEMF SFRVFTU TXJUDI JT
QVTIFE CFGPSF UIF EPPS JT DMPTFE
1VTI UIF EPPS IBOEMF SFRVFTU TXJUDI BGUFS
UIF EPPS JT DMPTFE
8IFO QVTIJOH UIF JHOJUJPO TXJUDI
UP TUBSU UIF FOHJOF
5IF *OUFMMJHFOU ,FZ CBUUFSZ JOEJDBUPS BQQFBST
PO UIF EJTQMBZ
5IF CBUUFSZ DIBSHF JT MPX
3FQMBDF UIF CBUUFSZ XJUI B OFX POF 4FF
g#BUUFSZu 1
5IF /0 ,&: XBSOJOH BQQFBST PO UIF EJTQMBZ
BOE UIF JOTJEF XBSOJOH DIJNF TPVOET GPS B GFX
TFDPOET
5IF *OUFMMJHFOU ,FZ JT OPU JO UIF WFIJDMF $BSSZ UIF *OUFMMJHFOU ,FZ XJUI ZPV
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
4ZNQUPN 1PTTJCMF DBVTF "DUJPO UP UBLF
8IFO QVTIJOH UIF JHOJUJPO TXJUDI
5IF *OUFMMJHFOU ,FZ TZTUFN XBSOJOH MJHIU JO UIF
NFUFS JMMVNJOBUFT JO ZFMMPX
*U XBSOT PG B NBMGVODUJPO XJUI UIF
*OUFMMJHFOU ,FZ TZTUFN
$POUBDU BO */'*/*5* SFUBJMFS
background
8"3/*/(
5IF *OUFMMJHFOU ,FZ USBOTNJUT SBEJP XBWFT
XIFO UIF CVUUPOT BSF QVTIFE 5IF '""
BEWJTFT UIBU SBEJP XBWFT NBZ BGGFDU BJSDSBGU
OBWJHBUJPO BOE DPNNVOJDBUJPO TZTUFNT %P
OPU PQFSBUF UIF *OUFMMJHFOU ,FZ XIJMF PO BO
BJSQMBOF .BLF TVSF UIF CVUUPOT BSF OPU
PQFSBUFE VOJOUFOUJPOBMMZ XIFO UIF VOJU JT
TUPSFE GPS B GMJHIU
*U JT QPTTJCMF UP MPDLVOMPDL BMM EPPST GVFM
GJMMFS EPPS BDUJWBUF UIF QBOJD BMBSN BOE
PQFO UIF XJOEPXT CZ QVTIJOH UIF CVUUPOT
PO UIF *OUFMMJHFOU ,FZ GSPN PVUTJEF UIF
WFIJDMF
#FGPSF MPDLJOH UIF EPPST NBLF TVSF UIF
*OUFMMJHFOU ,FZ JT OPU MFGU JO UIF WFIJDMF
5IF -0$,6/-0$, CVUUPO PO UIF *OUFMMJ
HFOU ,FZ DBO PQFSBUF BU B EJTUBODF PG
BQQSPYJNBUFMZ  GU  N GSPN UIF
WFIJDMF 5IF FGGFDUJWF EJTUBODF EFQFOET
VQPO UIF DPOEJUJPOT BSPVOE UIF WFIJDMF
"T NBOZ BT *OUFMMJHFOU ,FZT DBO CF VTFE
XJUI POF WFIJDMF 'PS JOGPSNBUJPO DPODFSO
JOH UIF QVSDIBTF BOE VTF PG BEEJUJPOBM
*OUFMMJHFOU ,FZT DPOUBDU BO */'*/*5* SFUBJ
MFS
5IF MPDL BOE VOMPDL CVUUPOT PO UIF
*OUFMMJHFOU ,FZ XJMM OPU PQFSBUF XIFO
. UIF EJTUBODF CFUXFFO UIF *OUFMMJHFOU ,FZ
BOE UIF WFIJDMF JT PWFS  GU  N
. UIF *OUFMMJHFOU ,FZ CBUUFSZ SVOT EPXO
"GUFS MPDLJOH XJUI UIF SFNPUF LFZMFTT FOUSZ
GVODUJPO QVMM UIF EPPS IBOEMF UP NBLF TVSF
UIF EPPST BSF TFDVSFMZ MPDLFE
5IF -0$,6/-0$, PQFSBUJOH SBOHF WBSJFT
EFQFOEJOH PO UIF FOWJSPONFOU 5P TFDVSFMZ
PQFSBUF UIF MPDL BOE VOMPDL CVUUPOT
BQQSPBDI UIF WFIJDMF UP BCPVU GU  N
GSPN UIF EPPS
41"
5ZQF "
+719
5ZQF #
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
3&.05& ,&:-&44 &/53: 4:45&.
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
)08 50 64& 3&.05& ,&:-&44
&/53: 4:45&.
*
"
-0$, CVUUPO
*
#
6/-0$, CVUUPO
*
$
1PXFS MJGU HBUF CVUUPO
*
%
1"/*$ CVUUPO
*
&
3FNPUF FOHJOF TUBSU CVUUPO
8IFO ZPV MPDL PS VOMPDL UIF EPPST PS UIF
MJGU HBUF UIF IB[BSE JOEJDBUPS XJMM GMBTI BOE
UIF IPSO PS UIF PVUTJEF DIJNF XJMM TPVOE
BT B DPOGJSNBUJPO 'PS EFUBJMT TFF g4FUUJOH
IB[BSE JOEJDBUPS BOE IPSO NPEFu 1
-PDLJOH EPPST BOE GVFMGJMMFS EPPS
 .PWF UIF TIJGU MFWFS UP UIF 1 1BSL
QPTJUJPO QVTI UIF JHOJUJPO TXJUDI UP UIF
0'' QPTJUJPO BOE NBLF TVSF ZPV DBSSZ
UIF *OUFMMJHFOU ,FZ XJUI ZPV
 $MPTF BMM UIF EPPST BOE UIF MJGU HBUF
 1VTI UIF -0$,
CVUUPO
*
"
PO UIF
*OUFMMJHFOU ,FZ
 "MM UIF EPPST UIF MJGU HBUF BOE GVFMGJMMFS
EPPS XJMM MPDL
 5IF IB[BSE JOEJDBUPS GMBTIFT UXJDF BOE
UIF IPSO DIJSQT PODF
 %PPST XJMM MPDL XJUI UIF *OUFMMJHFOU ,FZ
XIJMF UIF JHOJUJPO TXJUDI JT JO UIF "$$ PS 0/
QPTJUJPO
6OMPDLJOH EPPST BOE GVFMGJMMFS EPPS
 1VTI UIF 6/-0$, CVUUPO
*
#
PO UIF
*OUFMMJHFOU ,FZ PODF
 5IF IB[BSE JOEJDBUPS GMBTIFT PODF 5IF
ESJWFST EPPS BOE GVFMGJMMFS EPPS XJMM
VOMPDL
5IF QVEEMF MJHIU BOE UIF QBTTFOHFS
DBCJO JMMVNJOBUJPO XJMM JMMVNJOBUF BOE
TUBZ PO GPS B TIPSU QFSJPE PG UJNF
 1VTI UIF 6/-0$,
CVUUPO PO UIF
*OUFMMJHFOU ,FZ BHBJO XJUIJO  TFD
POET
 5IF IB[BSE JOEJDBUPS GMBTIFT PODF
BHBJO "MM UIF EPPST XJMM VOMPDL
"MM EPPST XJMM CF MPDLFE BVUPNBUJDBMMZ
VOMFTT POF PG UIF GPMMPXJOH PQFSBUJPOT JT
QFSGPSNFE XJUIJO NJOVUF BGUFS QVTIJOH
UIF 6/-0$, CVUUPO PO UIF *OUFMMJHFOU ,FZ
XIJMF UIF EPPST BSF MPDLFE *G EVSJOH UIJT 
NJOVUF UJNF QFSJPE UIF 6/-0$, CVUUPO PO
UIF *OUFMMJHFOU ,FZ JT QVTIFE BMM EPPST XJMM
CF MPDLFE BVUPNBUJDBMMZ BGUFS BOPUIFS
NJOVUF
. 0QFOJOH BOZ EPPS
. 1VTIJOH UIF JHOJUJPO TXJUDI
0QFOJOH XJOEPXT
5P PQFO UIF XJOEPXT QVTI UIF EPPS
6/-0$,
CVUUPO PO UIF *OUFMMJHFOU ,FZ
GPS BCPVU TFDPOET BGUFS UIF EPPS JT
VOMPDLFE
5P TUPQ PQFOJOH SFMFBTF UIF 6/-0$,
CVUUPO
8JOEPX DBOOPU CF DMPTFE VTJOH UIF *O
UFMMJHFOU ,FZ
5IF EPPS XJOEPXT DBO CF PQFOFE PS DMPTFE
CZ UVSOJOH UIF NFDIBOJDBM LFZ JO B EPPS
MPDL 4FF g%PPSTu 1
0QFOJOHDMPTJOH MJGU HBUF
 1VTI UIF QPXFS MJGU HBUF CVUUPO
*
$
GPS NPSF UIBO TFDPOE
 5IF MJGU HBUF XJMM BVUPNBUJDBMMZ PQFO
5IF IB[BSE JOEJDBUPS GMBTIFT UJNFT BOE
UIF PVUTJEF DIJNF TPVOET GPS BQQSPYJ
NBUFMZ TFDPOET
5P DMPTF UIF MJGU HBUF QVTI UIF QPXFS MJGU
HBUF CVUUPO
GPS NPSF UIBO TFDPOE
5IF MJGU HBUF XJMM BVUPNBUJDBMMZ DMPTF
*G UIF CVUUPO
JT QVTIFE XIJMF UIF MJGU
HBUF JT CFJOH PQFOFE PS DMPTFE UIF MJGU HBUF
XJMM SFWFSTF
background
6TJOH QBOJD BMBSN
*G ZPV BSF OFBS ZPVS WFIJDMF BOE GFFM
UISFBUFOFE ZPV NBZ BDUJWBUF UIF BMBSN UP
DBMM BUUFOUJPO BT GPMMPXT
 1VTI UIF 1"/*$
CVUUPO
*
%
PO UIF
*OUFMMJHFOU ,FZ GPS NPSF UIBO TFDPOE
 5IF UIFGU XBSOJOH BMBSN BOE IFBEMJHIUT
XJMM TUBZ PO GPS  TFDPOET
 5IF QBOJD BMBSN TUPQT XIFO
.
*U IBT SVO GPS  TFDPOET PS
.
"OZ PG UIF CVUUPOT PO UIF *OUFMMJHFOU
,FZ BSF QVTIFE /PUF 1BOJD CVUUPO
PS QPXFS MJGU HBUF CVUUPO TIPVME CF
QVTIFE GPS NPSF UIBO TFDPOE
3FNPUF FOHJOF TUBSU JG TP
FRVJQQFE
5IF SFNPUF FOHJOF TUBSU CVUUPO
*
&
JT
PO UIF *OUFMMJHFOU ,FZ JG UIF WFIJDMF IBT
SFNPUF FOHJOF TUBSU GVODUJPO 5IJT GVODUJPO
BMMPXT UIF FOHJOF UP TUBSU GSPN PVUTJEF UIF
WFIJDMF
4PNF TZTUFNT TVDI BT UIF BJS DPOEJUJPOFS
TZTUFN XJMM UVSO PO EVSJOH B SFNPUF TUBSU
JG UIF TZTUFN XBT PO UIF MBTU UJNF UIF
JHOJUJPO TXJUDI XBT UVSOFE PGG
-BXT JO TPNF MPDBM DPNNVOJUJFT NBZ
SFTUSJDU UIF VTF PG SFNPUF TUBSUFST 'PS
FYBNQMF TPNF MBXT SFRVJSF B QFSTPO VTJOH
SFNPUF TUBSU UP IBWF UIF WFIJDMF JO WJFX
$IFDL MPDBM SFHVMBUJPOT GPS BOZ SFRVJSF
NFOUT
0UIFS DPOEJUJPOT NBZ BGGFDU UIF SFNPUF
FOHJOF TUBSU GVODUJPO 4FF g$POEJUJPOT UIF
SFNPUF FOHJOF TUBSU XJMM OPU XPSLu 1
0UIFS DPOEJUJPOT DBO BGGFDU UIF QFSGPS
NBODF PG UIF *OUFMMJHFOU ,FZ USBOTNJUUFS
4FF g*OUFMMJHFOU ,FZ TZTUFNu 1
3FNPUF FOHJOF TUBSU PQFSBUJOH SBOHF
5IF SFNPUF FOHJOF TUBSU GVODUJPO DBO POMZ
CF VTFE XIFO UIF *OUFMMJHFOU ,FZ JT XJUIJO
UIF TQFDJGJFE PQFSBUJOH SBOHF GSPN UIF
WFIJDMF
8IFO UIF *OUFMMJHFOU ,FZ CBUUFSZ JT EJT
DIBSHFE PS TUSPOH SBEJP XBWFT BSF QSFTFOU
OFBS UIF PQFSBUJOH MPDBUJPO UIF *OUFMMJHFOU
,FZ PQFSBUJOH SBOHF CFDPNFT OBSSPXFS
BOE UIF *OUFMMJHFOU ,FZ NBZ OPU GVODUJPO
QSPQFSMZ
5IF SFNPUF FOHJOF TUBSU PQFSBUJOH SBOHF JT
BQQSPYJNBUFMZ  GU  N GSPN UIF
WFIJDMF
0QFSBUJOH B SFNPUF FOHJOF TUBSU
5P VTF UIF SFNPUF TUBSU GVODUJPO UP TUBSU UIF
FOHJOF QFSGPSN UIF GPMMPXJOH
 "JN UIF *OUFMMJHFOU ,FZ BU UIF WFIJDMF
 1VTI UIF -0$,
CVUUPO UP MPDL BMM
EPPST
 8JUIJO TFDPOET QVTI BOE IPME UIF
SFNPUF FOHJOF TUBSU
CVUUPO VOUJM
UIF UVSO TJHOBM MJHIUT JMMVNJOBUF *G UIF
WFIJDMF JT OPU XJUIJO WJFX QVTI BOE
IPME UIF SFNPUF FOHJOF TUBSU
CVUUPO GPS BCPVU TFDPOET
5IF GPMMPXJOH FWFOUT XJMM PDDVS XIFO UIF
FOHJOF TUBSUT
. 5IF GSPOU QBSLJOH MJHIUT XJMM UVSO PO BOE
SFNBJO PO BT MPOH BT UIF FOHJOF JT
SVOOJOH
. 5IF EPPST XJMM CF MPDLFE BOE UIF BJS
DPOEJUJPOFS TZTUFN NBZ UVSO PO
. 5IF FOHJOF XJMM DPOUJOVF UP SVO GPS
BCPVU  NJOVUFT 3FQFBU UIF TUFQT UP
FYUFOE UIF UJNF GPS BO BEEJUJPOBM 
NJOVUFT 4FF g&YUFOEJOH FOHJOF SVO
UJNFu 1
%FQSFTT UIF CSBLF QFEBM BOE QMBDF UIF
JHOJUJPO TXJUDI JO UIF 0/ QPTJUJPO CFGPSF
ESJWJOH 'PS GVSUIFS JOTUSVDUJPOT TFF g%SJW
JOH UIF WFIJDMFu 1
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
&YUFOEJOH FOHJOF SVO UJNF
5IF SFNPUF FOHJOF TUBSU GVODUJPO DBO CF
FYUFOEFE POF UJNF CZ QFSGPSNJOH UIF TUFQT
MJTUFE JO g0QFSBUJOH B SFNPUF FOHJOF TUBSUu
1 3VO UJNF XJMM CF DBMDVMBUFE BT
GPMMPXT
. 5IF GJSTU  NJOVUF SVO UJNF XJMM TUBSU
XIFO UIF SFNPUF FOHJOF TUBSU GVODUJPO
JT QFSGPSNFE
. 5IF TFDPOE  NJOVUFT XJMM TUBSU JN
NFEJBUFMZ XIFO UIF SFNPUF FOHJOF TUBSU
GVODUJPO JT QFSGPSNFE 'PS FYBNQMF JG
UIF FOHJOF IBT CFFO SVOOJOH GPS
NJOVUFT BOE  NJOVUFT BSF BEEFE
UIF FOHJOF XJMM SVO GPS B UPUBM PG 
NJOVUFT
" NBYJNVN PG UXP SFNPUF TUBSUT PS B
TJOHMF TUBSU XJUI BO FYUFOTJPO BSF BMMPXFE
CFUXFFO JHOJUJPO DZDMFT
5IF JHOJUJPO TXJUDI NVTU CF DZDMFE UP UIF
0/ QPTJUJPO BOE UIFO CBDL UP UIF 0''
QPTJUJPO CFGPSF UIF SFNPUF FOHJOF TUBSU
QSPDFEVSF DBO CF VTFE BHBJO
$BODFMJOH B SFNPUF FOHJOF TUBSU
5P DBODFM B SFNPUF TUBSU QFSGPSN POF PG UIF
GPMMPXJOH
. "JN UIF *OUFMMJHFOU ,FZ BU UIF WFIJDMF
BOE QVTI BOE IPME SFNPUF FOHJOF TUBSU
CVUUPO
*
&
VOUJM UIF GSPOU QBSLJOH
MJHIUT UVSO PGG
. 5VSO PO UIF IB[BSE JOEJDBUPS GMBTIFST
. $ZDMF UIF JHOJUJPO TXJUDI 0/ BOE UIFO
0''
$POEJUJPOT UIF SFNPUF FOHJOF TUBSU XJMM OPU
XPSL
5IF SFNPUF FOHJOF TUBSU XJMM OPU PQFSBUF JG
BOZ PG UIF GPMMPXJOH DPOEJUJPOT BSF QSFTFOU
. 5IF JHOJUJPO TXJUDI JT QMBDFE JO UIF 0/
QPTJUJPO
. 5IF IPPE JT OPU TFDVSFMZ DMPTFE
. 5IF IB[BSE JOEJDBUPS GMBTIFST BSF PO
. 5IF *OUFMMJHFOU ,FZ XBSOJOH MJHIU SF
NBJOT PO JO UIF WFIJDMF JOGPSNBUJPO
EJTQMBZ
. "O *OUFMMJHFOU ,FZ JT MFGU JOTJEF UIF
WFIJDMF
. 5IF UIFGU BMBSN TPVOET EVF UP JMMFHBM
FOUSZ JOUP UIF WFIJDMF
. 5IF JHOJUJPO TXJUDI JT QVTIFE XJUIPVU
BO *OUFMMJHFOU ,FZ JO UIF WFIJDMF
. 5IF JHOJUJPO TXJUDI JT QVTIFE XJUI BO
*OUFMMJHFOU ,FZ JO UIF WFIJDMF CVU UIF
CSBLF QFEBM JT OPU EFQSFTTFE
. 5XP SFNPUF FOHJOF TUBSUT PS B TJOHMF
SFNPUF TUBSU XJUI BO FYUFOTJPO IBWF
BMSFBEZ CFFO VTFE
. 5IF TIJGU MFWFS JT OPU JO UIF 1 1BSL
QPTJUJPO
5IF SFNPUF FOHJOF TUBSU NBZ EJTQMBZ BO
JOEJDBUPS JO UIF WFIJDMF JOGPSNBUJPO EJT
QMBZ 'PS BO FYQMBOBUJPO PG UIF JOEJDBUPS
TFF g0QFSBUJPOBM JOEJDBUPSTu 1
4FUUJOH IB[BSE JOEJDBUPS BOE IPSO
NPEF
5IJT WFIJDMF JT TFU JO IB[BSE JOEJDBUPS BOE
IPSO NPEF XIFO ZPV GJSTU SFDFJWF UIF
WFIJDMF
*O IB[BSE JOEJDBUPS BOE IPSO NPEF XIFO
UIF -0$,
CVUUPO JT QVTIFE UIF IB[BSE
JOEJDBUPS GMBTIFT UXJDF BOE UIF IPSO DIJSQT
PODF 8IFO UIF 6/-0$,
CVUUPO JT
QVTIFE UIF IB[BSE JOEJDBUPS GMBTIFT PODF
*G IPSOT BSF OPU OFDFTTBSZ UIF TZTUFN DBO
CF TXJUDIFE UP UIF IB[BSE JOEJDBUPS NPEF
*O IB[BSE JOEJDBUPS NPEF XIFO UIF -0$,
CVUUPO JT QVTIFE UIF IB[BSE JOEJDBUPS
GMBTIFT UXJDF 8IFO UIF 6/-0$,
CVUUPO JT QVTIFE OFJUIFS UIF IB[BSE
JOEJDBUPS OPS UIF IPSO PQFSBUFT
background
)B[BSE JOEJDBUPS BOE IPSO NPEF
%003 -0$, %003 6/-0$,
*OUFMMJHFOU ,FZ TZTUFN
6TJOH EPPS IBOEMF SFRVFTU TXJUDI
)";"3% UXJDF
0654*%& $)*.& UXJDF
)";"3% PODF
0654*%& $)*.& PODF
3FNPUF LFZMFTT FOUSZ TZTUFN
6TJOH
PS CVUUPO
)";"3% UXJDF
)03/ PODF
)";"3% PODF
)03/ OPOF
)B[BSE JOEJDBUPS NPEF
%003 -0$, %003 6/-0$,
*OUFMMJHFOU ,FZ TZTUFN
6TJOH EPPS IBOEMF SFRVFTU TXJUDI
)";"3% UXJDF )";"3% OPOF
3FNPUF LFZMFTT FOUSZ TZTUFN
6TJOH
PS CVUUPO
)";"3% UXJDF
)";"3% OPOF
4XJUDIJOH QSPDFEVSF
1VTI UIF -0$,
BOE 6/-0$,
CVUUPOT PO UIF *OUFMMJHFOU ,FZ TJNVMUB
OFPVTMZ GPS NPSF UIBO TFDPOET UP TXJUDI
UIF NPEF GSPN POF UP UIF PUIFS
8IFO QVTIJOH UIF CVUUPOT UP TFU UIF
IB[BSE JOEJDBUPS NPEF UIF IB[BSE JOEJDB
UPS GMBTIFT UJNFT
8IFO QVTIJOH UIF CVUUPOT UP TFU UIF
IB[BSE JOEJDBUPS BOE IPSO NPEF UIF
IB[BSE JOEJDBUPS GMBTIFT PODF BOE UIF IPSO
DIJSQT PODF
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
+719
 1VMM UIF IPPE MPDL SFMFBTF IBOEMF
*
MPDBUFE CFMPX UIF JOTUSVNFOU QBOFM
UIF IPPE XJMM UIFO TQSJOH VQ TMJHIUMZ
 1VMM UIF MFWFS
*
VQ BU UIF GSPOU PG UIF
IPPE XJUI ZPVS GJOHFSUJQT BOE SBJTF UIF
IPPE
 8IFO DMPTJOH UIF IPPE TMPXMZ DMPTF
UIF IPPE EPXO BOE NBLF TVSF JU MPDLT
JOUP QMBDF
8"3/*/(
. .BLF TVSF UIF IPPE JT DPNQMFUFMZ DMPTFE
BOE MBUDIFE CFGPSF ESJWJOH 'BJMVSF UP EP
TP DPVME DBVTF UIF IPPE UP GMZ PQFO BOE
SFTVMU JO BO BDDJEFOU
. *G ZPV TFF TUFBN PS TNPLF DPNJOH GSPN
UIF FOHJOF DPNQBSUNFOU UP BWPJE JOKVSZ
EP OPU PQFO UIF IPPE
8"3/*/(
. "MXBZT CF TVSF UIF MJGU HBUF IBT CFFO
DMPTFE TFDVSFMZ UP QSFWFOU JU GSPN PQFO
JOH XIJMF ESJWJOH
. %P OPU ESJWF XJUI UIF MJGU HBUF PQFO 5IJT
DPVME BMMPX EBOHFSPVT FYIBVTU HBTFT UP
CF ESBXO JOUP UIF WFIJDMF 4FF g&YIBVTU
HBT DBSCPO NPOPYJEFu 1
. %P OPU MFBWF DIJMESFO VOBUUFOEFE JOTJEF
UIF WFIJDMF 5IFZ DPVME VOLOPXJOHMZ
BDUJWBUF TXJUDIFT PS DPOUSPMT 6OBU
UFOEFE DIJMESFO DPVME CFDPNF JOWPMWFE
JO TFSJPVT BDDJEFOUT
. "MXBZT CF TVSF UIBU IBOET BOE GFFU BSF
DMFBS PG UIF EPPS GSBNF UP BWPJE JOKVSZ
XIJMF DMPTJOH UIF MJGU HBUF
)00% -*'5 ("5&
background
41"
01&3"5*/( ."/6"- -*'5 ("5&
5P PQFO UIF MJGU HBUF VOMPDL JU BOE QVTI UIF
MJGU HBUF PQFOFS TXJUDI
*
"
1VMM VQ UIF MJGU
HBUF UP PQFO
5IF MJGU HBUF DBO CF VOMPDLFE CZ
. QVTIJOH UIF VOMPDL CVUUPO
PO UIF
*OUFMMJHFOU ,FZ UXJDF
. QVTIJOH UIF MJGU HBUF SFRVFTU TXJUDI XJUI
UIF *OUFMMJHFOU ,FZ DBSSJFE PO ZPV
. QVTIJOH UIF EPPS IBOEMF SFRVFTU TXJUDI
UXJDF XJUI UIF *OUFMMJHFOU ,FZ DBSSJFE PO
ZPV
. QVTIJOH UIF QPXFS EPPS MPDL TXJUDI UP
UIF VOMPDL QPTJUJPO
. JOTFSUJOH UIF NFDIBOJDBM LFZ JOUP UIF
ESJWFST EPPS LFZ DZMJOEFS BOE UVSOJOH JU
UP UIF SFBS PG UIF WFIJDMF UXJDF
5P DMPTF UIF MJGU HBUF QVMM EPXO VOUJM JU
TFDVSFMZ MPDLT
01&3"5*/( 108&3 -*'5 ("5&
5P PQFSBUF UIF QPXFS MJGU HBUF UIF TIJGU
MFWFS NVTU CF JO UIF 1 1BSL QPTJUJPO
5IF QPXFS MJGU HBUF XJMM OPU PQFSBUF JG UIF
CBUUFSZ WPMUBHF JT MPX
41"
1PXFS MJGU HBUF NBJO TXJUDI
5IF QPXFS MJGU HBUF PQFSBUJPO DBO CF UVSOFE
PO PS PGG CZ UIF QPXFS MJGU HBUF NBJO TXJUDI
PO UIF JOTUSVNFOU QBOFM
8IFO UIF QPXFS MJGU HBUF NBJO TXJUDI JT
QVTIFE UP UIF g0''u QPTJUJPO UIF QPXFS
PQFSBUJPO JT OPU BWBJMBCMF CZ UIF QPXFS MJGU
HBUF TXJUDI PO UIF MJGU HBUF BOE MJGU HBUF
PQFOFS TXJUDI
5IF MJGU HBUF DBO TUJMM CF PQFSBUFE CZ UIF
QPXFS MJGU HBUF TXJUDI PO UIF JOTUSVNFOU
QBOFM BOE UIF QPXFS MJGU HBUF CVUUPO PO UIF
*OUFMMJHFOU ,FZ
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
41"
1PXFS MJGU HBUF TXJUDI *OTUSVNFOU QBOFM
41"
-JGU HBUF PQFOFS TXJUDI
+719
*OUFMMJHFOU ,FZ
41"
1PXFS MJGU HBUF TXJUDI -JGU HBUF
1PXFS PQFO
8IFO UIF MJGU HBUF JT GVMMZ DMPTFE UIF MJGU
HBUF XJMM GVMMZ PQFO BVUPNBUJDBMMZ CZ
. QVTIJOH UIF QPXFS MJGU HBUF TXJUDI
*
"
PO UIF JOTUSVNFOU QBOFM
. QVTIJOH UIF MJGU HBUF PQFOFS TXJUDI
*
#
. QVTIJOH UIF QPXFS MJGU HBUF CVUUPO
*
$
PO UIF *OUFMMJHFOU ,FZ GPS NPSF UIBO
TFDPOE
5IF IB[BSE GMBTIFT UJNFT BOE UIF PVUTJEF
DIJNF TPVOET XIFO UIF MJGU HBUF TUBSUT
PQFOJOH
/05&
5IF MJGU HBUF DBO CF PQFOFE CZ UIF QPXFS
MJGU HBUF TXJUDI
*
"
UIF MJGU HBUF PQFOFS
TXJUDI
*
#
PS UIF MJGU HBUF CVUUPO
*
$
FWFO JG UIF MJGU HBUF JT MPDLFE 5IF MJGU HBUF
XJMM JOEJWJEVBMMZ VOMPDL BOE PQFO
1PXFS DMPTF
8IFO UIF MJGU HBUF JT GVMMZ PQFOFE UIF MJGU
HBUF XJMM GVMMZ DMPTF BVUPNBUJDBMMZ CZ
. QVTIJOH UIF QPXFS MJGU HBUF TXJUDI
*
"
PO UIF JOTUSVNFOU QBOFM
. QVTIJOH UIF MJGU HBUF SFMFBTF CVUUPO
*
$
PO UIF *OUFMMJHFOU ,FZ GPS NPSF UIBO
TFDPOE
background
. QVTIJOH UIF QPXFS MJGU HBUF TXJUDI
*
%
PO UIF MPXFS QBSU PG UIF MJGU HBUF
5IF IB[BSE GMBTIFT UJNFT BOE UIF PVUTJEF
DIJNF TPVOET XIFO UIF MJGU HBUF TUBSUT
DMPTJOH
/05&
8IFO UIF MJGU HBUF JT DMPTFE JU SFNBJOT
VOMPDLFE .BOVBMMZ MPDL UIF MJGU HBUF
3FWFSTF GVODUJPO
5IF QPXFS MJGU HBUF XJMM SFWFSTF JNNFEJBUFMZ
JG POF PG UIF GPMMPXJOH BDUJPOT JT QFSGPSNFE
EVSJOH QPXFS PQFO PS QPXFS DMPTF
. QVTIJOH UIF QPXFS MJGU HBUF TXJUDI
*
"
PO UIF JOTUSVNFOU QBOFM
. QVTIJOH UIF MJGU HBUF CVUUPO
*
$
PO
UIF *OUFMMJHFOU ,FZ
. QVTIJOH UIF MJGU HBUF TXJUDI
*
%
PO UIF
MPXFS QBSU PG UIF MJGU HBUF
5IF PVUTJEF DIJNF TPVOET XIFO UIF MJGU
HBUF TUBSUT UP SFWFSTF
"VUP SFWFSTF GVODUJPO
5IF BVUPSFWFSTF GVODUJPO FOBCMFT UIF MJGU
HBUF UP BVUPNBUJDBMMZ SFWFSTF XIFO TPNF
UIJOH JT DBVHIU JO UIF MJGU HBUF BT JU JT
PQFOJOH PS DMPTJOH 8IFO UIF DPOUSPM VOJU
EFUFDUT BO PCTUBDMF UIF MJGU HBUF XJMM
SFWFSTF BOE SFUVSO UP UIF GVMM PQFO PS GVMM
DMPTF QPTJUJPO
*G B TFDPOE PCTUBDMF JT EFUFDUFE UIF MJGU
HBUF NPUJPO XJMM TUPQ BOE UIF ESJWF NPUPS
XJMM EJTFOHBHF 5IF MJGU HBUF XJMM FOUFS UIF
NBOVBM NPEF
" QJODI TFOTPS JT NPVOUFE PO FBDI TJEF PG
UIF MJGU HBUF *G BO PCTUBDMF JT EFUFDUFE CZ
UIF QJODI TFOTPS EVSJOH QPXFS DMPTF UIF
MJGU HBUF XJMM SFWFSTF BOE SFUVSO UP UIF GVMM
PQFO QPTJUJPO JNNFEJBUFMZ
/05&
*G UIF QJODI TFOTPS JT EBNBHFE PS SFNPWFE
UIF QPXFS DMPTF GVODUJPO XJMM OPU PQFSBUF
8"3/*/(
5IFSF JT B TNBMM EJTUBODF JNNFEJBUFMZ CFGPSF
UIF DMPTFE QPTJUJPO UIBU DBOOPU CF EFUFDUFE
.BLF TVSF UIBU BMM QBTTFOHFST LFFQ UIFJS
IBOET FUD DMFBS GSPN UIF MJGU HBUF PQFOJOH
CFGPSF DMPTJOH UIF MJGU HBUF
.BOVBM NPEF
*G QPXFS PQFSBUJPO JT OPU BWBJMBCMF UIF MJGU
HBUF DBO CF PQFSBUFE NBOVBMMZ 1PXFS
PQFSBUJPO NBZ OPU CF BWBJMBCMF JG NVMUJQMF
PCTUBDMFT IBWF CFFO EFUFDUFE JO B TJOHMF
QPXFS DZDMF PS JG UIF CBUUFSZ WPMUBHF JT MPX
8IFO UIF QPXFS MJGU HBUF NBJO TXJUDI JT JO
UIF 0'' QPTJUJPO UIF MJGU HBUF DBO CF
PQFOFE NBOVBMMZ CZ QVTIJOH UIF MJGU HBUF
PQFOFS TXJUDI *G UIF QPXFS MJGU HBUF PQFOFS
TXJUDI JT QVTIFE EVSJOH QPXFS PQFO PS
DMPTF UIF QPXFS PQFSBUJPO XJMM CF DBODFMFE
BOE UIF MJGU HBUF DBO CF PQFSBUFE NBOVBMMZ
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
41"
4BGF .PEF
*G UIF HBT TUBZT PG UIF MJGU HBUF
*
MPTF
QSFTTVSF UIF QPXFS MJGU HBUF TBGF NPEF JT
BDUJWBUFE 8IFO UIF TBGF NPEF JT BDUJWBUFE
UIF MJGU HBUF JOUFSNJUUFOUMZ DMPTFT 5IFO UIF
MJGU HBUF XJMM CF QVMMFE UP UIF DMPTFE BOE
MBUDIFE QPTJUJPO CZ B NPUPS
5IF QPXFS MJGU HBUF DBOOPU CF PQFOFE VTJOH
UIF TXJUDIFT BU BOZ UJNF JO UIF TBGF NPEF
%P OPU PQFSBUF UIF MJGU HBUF BHBJO VOUJM JU JT
DIFDLFE CZ BO */'*/*5* SFUBJMFS
$"65*0/
. *G UIF QPXFS MJGU HBUF EPFT OPU TUBZ PQFO
PS JG UIF MJGU HBUF VOFYQFDUFEMZ DMPTFT BU
BOZ UJNF EP OPU PQFSBUF UIF MJGU HBUF
5IFSF NBZ CF B QSFTTVSF MPTT JO POF PS
CPUI PG UIF MJGU HBUF HBT TUBZT )BWF UIF
MJGU HBUF JOTQFDUFE CZ BO */'*/*5* SFUBJMFS
. %P OPU BDUJWBUF UIF QPXFS MJGU HBUF JG POF
PS CPUI PG UIF MJGU HBUF HBT TUBZT BSF
SFNPWFE %BNBHF UP UIF MJGU HBUF PS
QPXFS MJGU HBUF NFDIBOJTNT NBZ PDDVS
"650 $-0463&
*G UIF MJGU HBUF JT QVMMFE EPXO UP B QBSUMZ
PQFO QPTJUJPO UIF MJGU HBUF XJMM QVMM JUTFMG UP
UIF DMPTFE QPTJUJPO
%P OPU BQQMZ FYDFTTJWF GPSDF XIFO UIF
BVUP DMPTVSF JT PQFSBUJOH &YDFTTJWF GPSDF
BQQMJFE NBZ DBVTF UIF NFDIBOJTN UP
NBMGVODUJPO
$"65*0/
. 5IF MJGU HBUF XJMM BVUPNBUJDBMMZ DMPTF
GSPN B QBSUMZ PQFO QPTJUJPO 5P BWPJE
QJODIJOH LFFQ IBOET BOE GJOHFST BXBZ
GSPN MJGU HBUF PQFOJOH
. %P OPU MFU DIJMESFO PQFSBUF UIF MJGU HBUF
background
41"
-*'5 ("5& 3&-&"4& -&7&3
*G UIF MJGU HBUF DBOOPU CF PQFOFE XJUI UIF
EPPS MPDL TXJUDI EVF UP B EJTDIBSHFE
CBUUFSZ GPMMPX UIFTF TUFQT
 3FNPWF UIF DPWFS
*
"
JOTJEF PG UIF MJGU
HBUF VTJOH B TVJUBCMF UPPM
 .PWF UIF MFWFS
*
#
BT JMMVTUSBUFE UP
PQFO UIF MJGU HBUF
$POUBDU BO */'*/*5* SFUBJMFS BT TPPO BT
QPTTJCMF GPS SFQBJS
01&/*/( 5)& '6&-'*--&3 %003
$"65*0/
-PDL BMM EPPST CFGPSF HPJOH UISPVHI BVUP
NBUJD DBS XBTI -PDLJOH EPPST IFMQT QSFWFOU
GVFMGJMMFS EPPS GSPN PQFOJOH BOE CFDPNJOH
EBNBHFE
41"
5P PQFO UIF GVFMGJMMFS EPPS VOMPDL UIF GVFM
GJMMFS EPPS CZ VTJOH POF PG UIF GPMMPXJOH
PQFSBUJPOT UIFO QVTI UIF SJHIU TJEF PG UIF
EPPS
. 1VTI UIF ESJWFST EPPS IBOEMF SFRVFTU
TXJUDI XJUI UIF *OUFMMJHFOU ,FZ DBSSJFE
XJUI ZPV
. 1VTI UIF QBTTFOHFST EPPS IBOEMF
SFRVFTU TXJUDI PS MJGU HBUF SFRVFTU
TXJUDI UXJDF XJUI UIF *OUFMMJHFOU ,FZ
DBSSJFE XJUI ZPV
. 1VTI UIF 6/-0$, CVUUPO PO UIF *OUFMMJ
HFOU ,FZ
. *OTFSU UIF NFDIBOJDBM LFZ JOUP UIF EPPS
MPDL DZMJOEFS BOE SPUBUF JU UPXBSET UIF
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
'6&-'*--&3 %003
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
SFBS PG UIF WFIJDMF
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'PMMPX UIFTF QSPDFEVSFT UP VTF UIF NFN
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 .PWF UIF TIJGU MFWFS UP UIF 1 1BSL
QPTJUJPO
 "EKVTU UIF ESJWFST TFBU TUFFSJOH DPM
VNO BOE PVUTJEF NJSSPST UP UIF EFTJSFE
QPTJUJPOT CZ NBOVBMMZ PQFSBUJOH FBDI
BEKVTUJOH TXJUDI 'PS BEEJUJPOBM JOGPS
NBUJPO TFF g4FBUTu 1 BOE g5JMU
UFMFTDPQJD TUFFSJOHu 1 BOE g0VU
TJEF NJSSPSTu 1
 1VTI UIF 4&5 TXJUDI BOE XJUIJO
TFDPOET QVTI UIF NFNPSZ TXJUDI 
PS  GVMMZ GPS BU MFBTU TFDPOE
5IF JOEJDBUPS MJHIU GPS UIF QVTIFE
NFNPSZ TXJUDI XJMM TUBZ PO GPS BQQSPYJ
NBUFMZ TFDPOET BGUFS QVTIJOH UIF
TXJUDI
8IFO UIF NFNPSZ JT TUPSFE JO UIF
NFNPSZ TXJUDI  PS  B CV[[FS XJMM
TPVOE
*G NFNPSZ JT TUPSFE JO UIF TBNF
NFNPSZ TXJUDI UIF QSFWJPVT NFNPSZ
XJMM CF EFMFUFE
-JOLJOH *OUFMMJHFOU ,FZ UP B TUPSFE
NFNPSZ QPTJUJPO
5IF *OUFMMJHFOU ,FZ DBO CF MJOLFE UP B
TUPSFE NFNPSZ QPTJUJPO XJUI UIF GPMMPXJOH
QSPDFEVSF
 'PMMPX UIF TUFQT GPS TUPSJOH B NFNPSZ
QPTJUJPO
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
 8IJMF UIF JOEJDBUPS MJHIU GPS UIF NFNPSZ
TXJUDI CFJOH TFU JT JMMVNJOBUFE GPS
TFDPOET QVTI UIF
CVUUPO PO UIF
*OUFMMJHFOU ,FZ *G UIF JOEJDBUPS MJHIU
CMJOLT UIF *OUFMMJHFOU ,FZ JT MJOLFE UP
UIBU NFNPSZ TFUUJOH
1VTI UIF JHOJUJPO TXJUDI UP UIF 0'' QPTJ
UJPO BOE UIFO QVTI UIF
CVUUPO PO UIF
*OUFMMJHFOU ,FZ 5IF ESJWFST TFBU TUFFSJOH
XIFFM BOE PVUTJEF NJSSPST XJMM NPWF UP UIF
NFNPSJ[FE QPTJUJPO
$POGJSNJOH NFNPSZ TUPSBHF
. 1VTI UIF JHOJUJPO TXJUDI UP UIF 0/
QPTJUJPO BOE QVTI UIF 4&5 TXJUDI *G
UIF NBJO NFNPSZ IBT OPU CFFO TUPSFE
UIF JOEJDBUPS MJHIU XJMM DPNF PO GPS
BQQSPYJNBUFMZ  TFDPOE 8IFO UIF
NFNPSZ IBT TUPSFE JO QPTJUJPO UIF
JOEJDBUPS MJHIU XJMM TUBZ PO GPS BQQSPYJ
NBUFMZ TFDPOET
. *G UIF CBUUFSZ DBCMF JT EJTDPOOFDUFE PS JG
UIF GVTF PQFOT UIF NFNPSZ XJMM CF
DBODFMFE *O UIJT DBTF SFTFU UIF EFTJSFE
QPTJUJPO VTJOH UIF QSFWJPVT QSPDFEVSF
. *G PQUJPOBM *OUFMMJHFOU ,FZT BSF BEEFE UP
ZPVS WFIJDMF UIF NFNPSZ TUPSBHF QSP
DFEVSF UP TXJUDI PS BOE MJOLJOH
*OUFMMJHFOU ,FZ QSPDFEVSF UP B TUPSFE
NFNPSZ QPTJUJPO TIPVME CF QFSGPSNFE
BHBJO GPS FBDI *OUFMMJHFOU ,FZ 'PS
BEEJUJPOBM *OUFMMJHFOU ,FZ JOGPSNBUJPO
TFF g,FZTu 1
4FMFDUJOH UIF NFNPSJ[FE QPTJUJPO
 .PWF UIF TIJGU MFWFS UP UIF 1 1BSL
QPTJUJPO
 6TF POF PG UIF GPMMPXJOH NFUIPET UP
NPWF UIF ESJWFST TFBU UIF PVUTJEF
NJSSPST BOE UIF TUFFSJOH XIFFM
.
8JUIJO  TFDPOET PG PQFOJOH UIF
ESJWFST EPPS QVTI UIF NFNPSZ
TXJUDI  PS  GVMMZ GPS BU MFBTU
TFDPOE
5IF ESJWFST TFBU TUFFSJOH DPMVNO BOE
PVUTJEF NJSSPST XJMM NPWF UP UIF NFN
PSJ[FE QPTJUJPO PS UP UIF FYJU QPTJUJPO
XIFO UIF FOUSZFYJU GVODUJPO JT TFU UP
BDUJWF XJUI UIF JOEJDBUPS MJHIU GMBTIJOH
BOE UIFO UIF MJHIU XJMM TUBZ PO GPS
BQQSPYJNBUFMZ TFDPOET
4&55*/( .&.03: '6/$5*0/
5IF TUBUVT PG UIF GPMMPXJOH TFUUJOHT DBO CF
MJOLFE UP UIF *OUFMMJHFOU ,FZ BOE UIF
NFNPSJ[FE TFUUJOHT DBO CF BWBJMBCMF GPS
FBDI *OUFMMJHFOU ,FZ
. "JS DPOEJUJPOFS TZTUFN
. /BWJHBUJPO TZTUFN
. "VEJP TZTUFN
5P VTF UIF NFNPSZ GVODUJPO MPDL UIF EPPST
XJUI UIF *OUFMMJHFOU ,FZ UIBU JT MJOLFE UP UIF
TFUUJOHT
5P FOBCMF UIF NFNPSJ[FE TFUUJOHT
 $BSSZ UIF *OUFMMJHFOU ,FZ UIBU JT MJOLFE
UP UIF TFUUJOHT BOE VOMPDL UIF EPPST CZ
QVTIJOH UIF ESJWFST EPPS IBOEMF SF
RVFTU TXJUDI PS g6/-0$,u
CVUUPO
PO UIF *OUFMMJHFOU ,FZ
 1VTI UIF JHOJUJPO TXJUDI UP UIF g0/u
QPTJUJPO g$POOFDUJPO XJUI UIF LFZ IBT
CFFO EPOFu XJMM CF EJTQMBZFE PO UIF
TDSFFO BOE UIF NFNPSJ[FE TFUUJOHT BSF
BWBJMBCMF POMZ XIFO B OFX *OUFMMJHFOU
,FZ JT VTFE
4:45&. 01&3"5*0/
5IF BVUPNBUJD ESJWF QPTJUJPOFS TZTUFN XJMM
OPU XPSL PS XJMM TUPQ PQFSBUJOH VOEFS UIF
GPMMPXJOH DPOEJUJPOT
. 8IFO UIF WFIJDMF TQFFE JT BCPWF .1)
 LNI
. 8IFO UIF BEKVTUJOH TXJUDI GPS UIF
ESJWFST TFBU BOE TUFFSJOH DPMVNO JT
UVSOFE PO XIJMF UIF BVUPNBUJD ESJWF
background
QPTJUJPOFS JT PQFSBUJOH
. 8IFO UIF NFNPSZ TXJUDI PS JT OPU
QVTIFE GPS BU MFBTU TFDPOE
. 8IFO UIF TFBU TUFFSJOH DPMVNO BOE
PVUTJEF NJSSPST IBWF BMSFBEZ CFFO
NPWFE UP UIF NFNPSJ[FE QPTJUJPO
. 8IFO OP QPTJUJPO JT TUPSFE JO UIF
NFNPSZ TXJUDI
. 8IFO UIF FOHJOF JT TUBSUFE XIJMF NPW
JOH UIF BVUPNBUJD ESJWF QPTJUJPOFS
. 8IFO UIF "5 TIJGU MFWFS JT NPWFE GSPN
UIF 1 1BSL QPTJUJPO UP BOZ PUIFS
QPTJUJPO )PXFWFS JU XJMM OPU CF
DBODFMFE JG UIF TXJUDI JT QVTIFE XIJMF
UIF TFBU BOE TUFFSJOH DPMVNO BSF
SFUVSOJOH UP UIF QSFWJPVT QPTJUJPOT
FOUSZFYJU GVODUJPO
. 8IFO UIF ESJWFST EPPS SFNBJOT PQFO GPS
NPSF UIBO  TFDPOET BOE UIF JHOJUJPO
TXJUDI JT OPU JO UIF 0/ QPTJUJPO
1SFESJWJOH DIFDLT BOE BEKVTUNFOUT 
background
 1SFESJWJOH DIFDLT BOE BEKVTUNFOUT
.&.0
background
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPH
OJUJPO TZTUFNT
4BGFUZ OPUF 
$FOUFS NVMUJGVODUJPO DPOUSPM QBOFM 
)PX UP VTF */'*/*5* DPOUSPMMFS  
)PX UP VTF UPVDI TDSFFO 
.FOV PQUJPOT 
)PX UP TFMFDU NFOVT PO UIF TDSFFO 
7FIJDMF JOGPSNBUJPO BOE TFUUJOHT  
)PX UP VTF 45"564 CVUUPO  
)PX UP VTF CSJHIUOFTT DPOUSPM BOE EJTQMBZ
0/0'' CVUUPO 
)PX UP VTF */'0 CVUUPO  
)PX UP VTF 4&55*/( CVUUPO 
"SPVOE 7JFX
Ë
.POJUPS 
"WBJMBCMF WJFXT  
%JGGFSFODF CFUXFFO QSFEJDUFE BOE
BDUVBM EJTUBODFT 
)PX UP TXJUDI UIF EJTQMBZ  
$BNFSB BJEJOH DPSOFS TPOBS GVODUJPO 
.PWJOH 0CKFDU %FUFDUJPO .0% 
)PX UP BEKVTU UIF TDSFFO WJFX 
"SPVOE 7JFX
Ë
.POJUPS TFUUJOHT  
0QFSBUJOH UJQT 
7FOUJMBUPST 
"VUPNBUJD DMJNBUF DPOUSPM 
"VUPNBUJD DMJNBUF DPOUSPM 
0QFSBUJOH UJQT  
-JOLJOH *OUFMMJHFOU ,FZ  
*ODBCJO NJDSPGJMUFS  
4FSWJDJOH DMJNBUF DPOUSPM  
"VEJP TZTUFN 
"VEJP PQFSBUJPO QSFDBVUJPOT 
'.".4"5 SBEJP XJUI $PNQBDU %JTD
$% QMBZFS  
%7% %JHJUBM 7FSTBUJMF %JTD
QMBZFS PQFSBUJPO  
64# 6OJWFSTBM 4FSJBM #VT
DPOOFDUJPO QPSU  
#MVFUPPUI
Ë
TUSFBNJOH BVEJP  
J1PE
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QMBZFS PQFSBUJPO 
'SPOU BVYJMJBSZ JOQVU KBDLT 
$%%7%64# NFNPSZ DBSF BOE DMFBOJOH  
4UFFSJOHXIFFMNPVOUFE DPOUSPMT
GPS BVEJP  
"OUFOOB  
%VBM IFBE SFTUSBJOU %7% TZTUFN JG
TP FRVJQQFE  
-JDFOTFT 
4ZTUFN DPNQPOFOUT  
#FGPSF PQFSBUJOH EVBM IFBE SFTUSBJOU
%7% TZTUFN 
background
1MBZJOH %JHJUBM 7FSTBUJMF %JTD %7%64#  
0QFSBUJOH UJQT 
$BSF BOE NBJOUFOBODF  
$BS QIPOF PS $# SBEJP 
#MVFUPPUI
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)BOET'SFF 1IPOF 4ZTUFN 
3FHVMBUPSZ JOGPSNBUJPO 
7PJDF DPNNBOET  
$POUSPM CVUUPOT 
$POOFDUJOH QSPDFEVSF  
1IPOF TFMFDUJPO  
2VJDL %JBM  
.BLJOH B DBMM  
3FDFJWJOH B DBMM  
%VSJOH B DBMM 
1IPOF TFUUJOH 
5SPVCMFTIPPUJOH HVJEF 
*/'*/*5* 7PJDF 3FDPHOJUJPO TZTUFN 
*/'*/*5* 7PJDF 3FDPHOJUJPO
4UBOEBSE .PEF 
6TJOH UIF TZTUFN 
*/'*/*5* 7PJDF 3FDPHOJUJPO "MUFSOBUF
$PNNBOE .PEF  
6TJOH UIF TZTUFN 
5SPVCMFTIPPUJOH HVJEF 
background
8"3/*/(
. %P OPU EJTBTTFNCMF PS NPEJGZ UIJT
TZTUFN *G ZPV EP JU NBZ SFTVMU JO
BDDJEFOUT GJSF PS FMFDUSJD TIPDL
. %P OPU VTF UIJT TZTUFN JG ZPV OPUJDF BOZ
BCOPSNBMJUZ TVDI BT B GSP[FO TDSFFO PS
MBDL PG TPVOE $POUJOVFE VTF PG UIF
TZTUFN NBZ SFTVMU JO BDDJEFOU GJSF PS
FMFDUSJD TIPDL
. *O DBTF ZPV OPUJDF BOZ GPSFJHO PCKFDU JO
UIF TZTUFN IBSEXBSF TQJMM MJRVJE PO JU PS
OPUJDF TNPLF PS TNFMM DPNJOH GSPN JU
TUPQ VTJOH UIF TZTUFN JNNFEJBUFMZ BOE
DPOUBDU ZPVS OFBSFTU */'*/*5* SFUBJMFS
*HOPSJOH TVDI DPOEJUJPOT NBZ MFBE UP
BDDJEFOUT GJSF PS FMFDUSJD TIPDL
. 1BSL UIF WFIJDMF JO B TBGF MPDBUJPO BOE
BQQMZ UIF QBSLJOH CSBLF UP WJFX UIF
JNBHFT PO UIF GSPOU DFOUFS EJTQMBZ
TDSFFO
%P OPU BUUFNQU UP PQFSBUF UIF TZTUFN JO
FYUSFNF UFNQFSBUVSF DPOEJUJPOT <CFMPX
á8' á8$ BOE BCPWF 8' 8$>
0QFSBUJOH UIJT TZTUFN VOEFS UIFTF DPOEJ
UJPOT NBZ SFTVMU JO TZTUFN NBMGVODUJPOT
4""
 g$".&3"u "SPVOE 7JFX .POJUPS EJT
QMBZ CVUUPO 1
  
'PS OBWJHBUJPO TZTUFN DPOUSPM CVUUPOT
3FGFS UP UIF TFQBSBUF /BWJHBUJPO
4ZTUFN 0XOFST .BOVBM
 */'*/*5* DPOUSPMMFS 1
 g*/'0u WFIJDMF BOE OBWJHBUJPO JOGPS
NBUJPO CVUUPO 1
 g4&55*/(u CVUUPO 1
 g45"564u TUBUVT EJTQMBZ CVUUPO
1
 g
0''u CSJHIUOFTT DPOUSPM BOE
EJTQMBZ 0/0'' CVUUPO 1
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
4"'&5: /05& $&/5&3 .6-5*'6/$5*0/ $0/530- 1"/&-
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
4""
)08 50 64& */'*/*5* $0/530--&3
$IPPTF BO JUFN PO UIF EJTQMBZ CZ SPUBUJOH
PS QVTIJOH UIF DFOUFS EJBM
*
VQXBSE
EPXOXBSE BOE QVTI UIF &/5&3 CVUUPO
*
GPS PQFSBUJPO
*G ZPV QVTI UIF #"$, CVUUPO
*
CFGPSF UIF
TFUVQ JT DPNQMFUFE UIF TFUVQ XJMM CF
DBODFMFE BOEPS UIF EJTQMBZ XJMM SFUVSO UP
UIF QSFWJPVT TDSFFO 5IJT CVUUPO DBO BMTP
CF VTFE UP EFMFUF DIBSBDUFST UIBU IBWF
CFFO JOQVU
"GUFS UIF TFUVQ JT DPNQMFUFE QVTI UIF
#"$, CVUUPO
*
BOE SFUVSO UP UIF QSFWJPVT
TDSFFO
'PS UIF 70*$& CVUUPO
*
GVODUJPOT SFGFS UP
UIF TFQBSBUF /BWJHBUJPO 4ZTUFN 0XOFST
.BOVBM
)08 50 64& 506$) 4$3&&/
8"3/*/(
. "-8":4 HJWF ZPVS GVMM BUUFOUJPO UP
ESJWJOH
. "WPJE VTJOH WFIJDMF GFBUVSFT UIBU DPVME
EJTUSBDU ZPV *G EJTUSBDUFE ZPV DPVME MPTF
DPOUSPM PG ZPVS WFIJDMF BOE DBVTF BO
BDDJEFOU
$"65*0/
. 5IF HMBTT TDSFFO PO UIF MJRVJE DSZTUBM
EJTQMBZ NBZ CSFBL JG JU JT IJU XJUI B IBSE
PS TIBSQ PCKFDU *G UIF HMBTT TDSFFO
CSFBLT EP OPU UPVDI JU %PJOH TP DPVME
SFTVMU JO BO JOKVSZ
. 5P DMFBO UIF EJTQMBZ VTF B TPGU ESZ
DMPUI *G BEEJUJPOBM DMFBOJOH JT OFDFTTBSZ
VTF B TNBMM BNPVOU PG OFVUSBM EFUFSHFOU
XJUI B TPGU DMPUI /FWFS VTF B SPVHI
DMPUI BMDPIPM CFO[JOF UIJOOFS PS BOZ
LJOE PG TPMWFOU PS QBQFS UPXFM XJUI B
DIFNJDBM DMFBOJOH BHFOU 5IFZ XJMM
TDSBUDI PS EFUFSJPSBUF UIF QBOFM
. %P OPU TQMBTI BOZ MJRVJE TVDI BT XBUFS PS
DBS GSBHSBODF PO UIF EJTQMBZ $POUBDU
XJUI MJRVJE XJMM DBVTF UIF TZTUFN UP
NBMGVODUJPO
5P FOTVSF TBGF ESJWJOH TPNF GVODUJPOT
DBOOPU CF PQFSBUFE XIJMF ESJWJOH
5IF POTDSFFO GVODUJPOT UIBU BSF OPU
BWBJMBCMF XIJMF ESJWJOH XJMM CF gHSBZFE
PVUu PS NVUFE
1BSL UIF WFIJDMF JO B TBGF MPDBUJPO BOE UIFO
PQFSBUF UIF OBWJHBUJPO TZTUFN
background
4""
&YBNQMF
5PVDI TDSFFO PQFSBUJPO
8JUI UIJT TZTUFN UIF TBNF PQFSBUJPOT BT
UIPTF GPS UIF */'*/*5* DPOUSPMMFS BSF QPTTJ
CMF VTJOH UIF UPVDI TDSFFO PQFSBUJPO
4FMFDUJOH UIF JUFN
5PVDI BO JUFN UP TFMFDU JU 5P TFMFDU UIF
g"VEJPu TFUUJOHT UPVDI UIF g"VEJPu BSFB
*
PO UIF TDSFFO
5PVDI UIF #"$,
*
LFZ UP SFUVSO UP UIF
QSFWJPVT TDSFFO
4""
&YBNQMF
"EKVTUJOH BO JUFN
5PVDI UIF
*
PS á
*
CVUUPO UP BEKVTU UIF
TFUUJOHT
5PVDI UIF
*
PS
*
CVUUPO UP
NPWF UP UIF QSFWJPVT PS OFYU JUFN
5PVDI UIF
*
PS
*
CVUUPO UP
NPWF UP UIF QSFWJPVT PS OFYU QBHF
4""
*OQVUUJOH DIBSBDUFST
5PVDI UIF MFUUFS PS OVNCFS
*
5IFSF BSF TPNF PQUJPOT BWBJMBCMF XIFO
JOQVUUJOH DIBSBDUFST
. 6QQFSDBTF
4IPXT VQQFSDBTF DIBSBDUFST
. -PXFSDBTF
4IPXT MPXFSDBTF DIBSBDUFST
. 4ZNCPMT
4IPXT TZNCPMT TVDI BT UIF RVFTUJPO
NBSL  
. 4QBDF
*OTFSUT B TQBDF
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
. %FMFUF
%FMFUFT UIF MBTU DIBSBDUFS UIBU IBT CFFO
JOQVU XJUI POF UPVDI 1VTI BOE IPME UIF
CVUUPO UP EFMFUF BMM PG UIF DIBSBDUFST
. 0,
$PNQMFUFT DIBSBDUFS JOQVUT
5PVDI TDSFFO NBJOUFOBODF
*G ZPV DMFBO UIF EJTQMBZ TDSFFO VTF B ESZ
TPGU DMPUI *G BEEJUJPOBM DMFBOJOH JT OFDFT
TBSZ VTF B TNBMM BNPVOU PG OFVUSBM
EFUFSHFOU XJUI B TPGU DMPUI /FWFS TQSBZ
UIF TDSFFO XJUI XBUFS PS EFUFSHFOU %BN
QFO UIF DMPUI GJSTU BOE UIFO XJQF UIF
TDSFFO
4""
.&/6 015*0/4
5IF TUBSU NFOV DBO CF EJTQMBZFE VTJOH UIF
NFOV DPOUSPM TXJUDI PO UIF TUFFSJOHXIFFM
NPVOUFE DPOUSPMT
 8IJMF UIF ."1 PS 45"564 TDSFFO JT
EJTQMBZFE QVTI BOE IPME UIF NFOV
DPOUSPM TXJUDI VOUJM UIF g.FOV 0QUJPOTu
TDSFFO BQQFBST
 )JHIMJHIU UIF QSFGFSSFE JUFN CZ UJMUJOH
UIF NFOV DPOUSPM TXJUDI VQ PS EPXO
BOE UIFO QVTI UIF NFOV DPOUSPM TXJUDI
UP TFMFDU JU
4""
"WBJMBCMF JUFNT
%FTUJOBUJPO3PVUF
5IFTF JUFNT BSF GPS UIF OBWJHBUJPO TZTUFN
4FF UIF TFQBSBUF /BWJHBUJPO 4ZTUFN 0XO
FST .BOVBM GPS EFUBJMT
*OGP
%JTQMBZT UIF JOGPSNBUJPO TDSFFO *U JT UIF
TBNF TDSFFO UIBU BQQFBST XIFO ZPV QVTI
UIF */'0 CVUUPO
4FUUJOHT
%JTQMBZT UIF TFUUJOHT TDSFFO *U JT UIF TBNF
TDSFFO UIBU BQQFBST XIFO ZPV QVTI UIF
4&55*/( CVUUPO
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4""
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4IPXT UIBU UIF */'*/*5* DPOUSPMMFS NBZ
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:PV DBO DIFDL JOGPSNBUJPO SFMBUFE UP UIF
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TVNQUJPO BOE OBWJHBUJPO TZTUFN CZ QVTI
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UIF OJHIUUJNF NPEF BOE UP BEKVTU UIF
EJTQMBZ CSJHIUOFTT VTJOH UIF */'*/*5* DPO
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 "GUFS WJFXJOH PS BEKVTUJOH UIF JOGPSNB
UJPO PO UIF GPMMPXJOH TDSFFOT QVTI UIF
#"$, CVUUPO UP SFUVSO UP UIF */'0
NFOV
4FF UIF TFQBSBUF /BWJHBUJPO 4ZTUFN 0XO
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. *OGJOJUJ $POOFDUJPO JG TP FRVJQQFE
. 8IFSF BN *
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5IF BQQSPYJNBUF EJTUBODF UP FNQUZ BWFS
BHF GVFM FDPOPNZ BOE DVSSFOU GVFM FDPOP
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5P SFTFU UIF BWFSBHF GVFM FDPOPNZ "WH
'VFM &DPO TFMFDU UIF g3FTFU 'VFM &DPu LFZ
*G UIF g'VFM &DP )JTUPSZu LFZ JT TFMFDUFE UIF
BWFSBHF GVFM DPOTVNQUJPO IJTUPSZ XJMM CF
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BWFSBHF GPS UIF QSFWJPVT 3FTFUUP3FTFU
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CVUUPOu 1
5IF GVFM FDPOPNZ JOGPSNBUJPO NBZ EJGGFS
GSPN UIF JOGPSNBUJPO EJTQMBZFE PO UIF
WFIJDMF JOGPSNBUJPO EJTQMBZ 5IJT JT EVF UP
UIF UJNJOH EJGGFSFODF JO VQEBUJOH UIF
JOGPSNBUJPO BOE EPFT OPU JOEJDBUF B NBM
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JOEJDBUFE UIF 51.4 XJMM OPU GVODUJPO BOE
UIF MPX UJSF QSFTTVSF XBSOJOH MJHIU XJMM
GMBTI GPS BQQSPYJNBUFMZ NJOVUF 5IF
MJHIU XJMM SFNBJO PO BGUFS NJOVUF
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5IF UJSF QSFTTVSF XJMM CF EJTQMBZFE GPS
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UIF g4FMFDU 6OJUTu LFZ XJUI UIF */'*/*5*
DPOUSPMMFS BOE QVTI UIF &/5&3 CVUUPO
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TDSFFO $IFDL UIF QSFTTVSF PG BMM UJSFT
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UIF IFBU DBVTFE CZ UIF WFIJDMFT USBWFMJOH
DPOEJUJPO BOE UIF UFNQFSBUVSF
"GUFS UJSF SPUBUJPO JT QFSGPSNFE UJSF QSFT
TVSF XJMM OPU CF EJTQMBZFE JO UIF BDUVBM UJSF
QPTJUJPO %SJWF UIF WFIJDMF BU PWFS  .1)
 LNI GPS BQQSPYJNBUFMZ  NJOVUFT UP
SFTFU UIF EJTQMBZ
'PS NPSF EFUBJMT BCPVU UIF 5JSF 1SFTTVSF
.POJUPSJOH 4ZTUFN 51.4 TFF g5JSF 1SFT
TVSF .POJUPSJOH 4ZTUFN 51.4u 1
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
8IFO UIF JHOJUJPO TXJUDI JT JO UIF "$$
QPTJUJPO UIF g5JSF 1SFTTVSFu LFZ JT OPU
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5IF NBJOUFOBODF JOUFSWBMT DBO CF EJT
QMBZFE GPS UIF FOHJOF PJM PJM GJMUFS UJSF
BOE PUIFS SFNJOEFST
5P TFU B NBJOUFOBODF JOUFSWBM TFMFDU B
QSFGFSSFE JUFN GSPN UIF MJTU
:PV DBO BMTP TFU UP EJTQMBZ B NFTTBHF UP
SFNJOE ZPV UIBU UIF NBJOUFOBODF OFFET UP
CF QFSGPSNFE
5IF GPMMPXJOH FYBNQMF TIPXT IPX UP TFU
UIF FOHJOF PJM NBJOUFOBODF JOGPSNBUJPO
6TF UIF TBNF TUFQT UP TFU UIF PUIFS
NBJOUFOBODF JOGPSNBUJPO
 4FU UIF JOUFSWBM NJMFBHF PG UIF NBJO
UFOBODF TDIFEVMF 5P EFUFSNJOF UIF
SFDPNNFOEFE NBJOUFOBODF JOUFSWBM
SFGFS UP ZPVS g*/'*/*5* 4FSWJDF BOE
.BJOUFOBODF (VJEFu
 5P EJTQMBZ UIF SFNJOEFS BVUPNBUJDBMMZ
XIFO UIF EFTJSFE EJTUBODF JT SFBDIFE
TFMFDU UIF g3FNJOEFSu LFZ
 3FTFU UIF ESJWJOH EJTUBODF UP UIF OFX
NBJOUFOBODF TDIFEVMF
 5P SFUVSO UP UIF QSFWJPVT TDSFFO QVTI
UIF #"$, CVUUPO
5IF VOJU DBO CF DPOWFSUFE CFUXFFO g64u
BOE g.FUSJDu 4FF g)PX UP VTF 4&55*/(
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CVUUPOu 1
4""
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QMBZFE XIFO UIF TQFDJGJFE EJTUBODF IBT
CFFO ESJWFO BOE FWFSZ UJNF UIF JHOJUJPO
TXJUDI JT QVTIFE UP UIF "$$ PS 0/ QPTJUJPO
5IF SFNJOEFS XJMM OPU BQQFBS XIJMF ESJWJOH
4FMFDU UIF g0,u LFZ UP IJEF UIF SFNJOEFS
GPS UIF SFTU PG UIF DVSSFOU ESJWF
5P TUPQ UIF SFNJOEFS GSPN BQQFBSJOH
QFSGPSN POF PG UIF GPMMPXJOH BDUJPOT
. 4FMFDU UIF g3FTFU %JTUBODFu
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5IF 0UIFST JOGPSNBUJPO EJTQMBZ XJMM BQQFBS
XIFO QVTIJOH UIF */'0 CVUUPO BOE TFMFDU
JOH UIF g0UIFSTu LFZ
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'PS UIF EFUBJMT PG UIJT JUFN TFF UIF
TFQBSBUF /BWJHBUJPO 4ZTUFN 0XOFST .BO
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'PS UIF EFUBJMT PG UIJT JUFN TFF UIF
TFQBSBUF /BWJHBUJPO 4ZTUFN 0XOFST .BO
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8IFO UIF JHOJUJPO TXJUDI JT JO UIF 0/
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
QPTJUJPO UIF g/BWJHBUJPO 7FSTJPOu LFZ JT
EJTQMBZFE BGUFS QVTIJOH UIF */'0 CVUUPO
(14 1PTJUJPO
'PS UIF EFUBJMT PG UIJT JUFN TFF UIF
TFQBSBUF /BWJHBUJPO 4ZTUFN 0XOFST .BO
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'PS UIF EFUBJMT PG UIJT JUFN TFF g*/'*/*5*
7PJDF 3FDPHOJUJPO TZTUFNu 1
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5IF EJTQMBZ BT JMMVTUSBUFE XJMM BQQFBS XIFO
UIF 4&55*/( CVUUPO JT QVTIFE
'PS OBWJHBUJPO TFUUJOHT SFGFS UP UIF TFQB
SBUF /BWJHBUJPO 4ZTUFN 0XOFST .BOVBM
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5IF EJTQMBZ BT JMMVTUSBUFE XJMM BQQFBS XIFO
QVTIJOH UIF 4&55*/( CVUUPO BOE TFMFDUJOH
UIF g"VEJPu LFZ
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5P BEKVTU UIF TQFBLFS UPOF RVBMJUZ BOE
TPVOE CBMBODF TFMFDU UIF g#BTTu g5SF
CMFu g#BMBODFu PS g'BEFu LFZ BOE BEKVTU JU
XJUI UIF */'*/*5* DPOUSPMMFS
5IFTF JUFNT DBO BMTP CF BEKVTUFE CZ
QVTIJOH BOE UVSOJOH UIF "6%*0 LOPC
background
4QFFE 4FOTJUJWF 7PM JG TP FRVJQQFE
5IF BVEJP TZTUFNT WPMVNF JT JODSFBTFE
XJUI UIF WFIJDMF TQFFE 4FMFDU UIF g4QFFE
4FOTJUJWF 7PMu BOE BEKVTU UIF FGGFDU MFWFM
XJUI UIF */'*/*5* DPOUSPMMFS 5IF 4QFFE
4FOTJUJWF 7PMVNF GVODUJPO JT UVSOFE PGG
XIFO UIF MFWFM JT TFU UP 0'' *ODSFBTJOH UIF
WBMVF XJMM DBVTF UIF WPMVNF UP JODSFBTF
GBTUFS XJUI WFIJDMF TQFFE
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8IFO UIJT JUFN JT UVSOFE UP 0/ BO FYDJUJOH
TVSSPVOE TPVOE FGGFDU JT HFOFSBUFE GSPN B
USBEJUJPOBM TUFSFP SFDPSEJOH
4VSSPVOE &GGFDU JG TP FRVJQQFE
5P BEKVTU UIF TVSSPVOE TPVOE WPMVNF
TFMFDU g4VSSPVOE &GGFDUu LFZ BOE BEKVTU JU
XJUI UIF */'*/*5* DPOUSPMMFS
%SJWFST "VEJP 4UBHF JG TP FRVJQQFE
8IFO UIJT GFBUVSF JT UVSOFE UP 0/ CFUUFS
TPVOE XJMM CF QSPWJEFE UP UIF ESJWFST
QPTJUJPO 5IF ESJWFS DBO FOKPZ B NPSF DSJTQ
BOE DMFBS TPVOE UIBU JT TQFDJBMJ[FE GPS UIF
ESJWFST QPTJUJPO 5IF FGGFDU PG UIJT GFBUVSF
EFQFOET PO UIF UZQF PG NVTJD UIBU JT
QMBZFE 'PS TPNF NVTJD JU NBZ CF EJGGJDVMU
UP SFBMJ[F UIF FGGFDU PG UIJT GFBUVSF
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5IF SFHJTUSBUJPO DPEF GPS B EFWJDF UIBU JT
VTFE UP EPXOMPBE %JW9
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EJTQMBZFE PO UIF TDSFFO *G B EJTD JT MPBEFE
PS B 64# NFNPSZ JT DPOOFDUFE UP UIF BVEJP
TZTUFN UIJT GVODUJPO XJMM OPU CF BDUJWBUFE
%JTQMBZ "MCVN $PWFS "SU
8IFO UIJT JUFN JT UVSOFE UP 0/ UIF BMCVN
DPWFS JNBHF JT EJTQMBZFE XIFO QMBZJOH
DPNQSFTTFE NVTJD GJMFT UISPVHI B $% %7%
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JNBHF JT OPU QSPQFSMZ FNCFEEFE JO UIF GJMF
PS EFWJDF UIF JNBHF XJMM OPU CF EJTQMBZFE
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g7PMVNF #FFQTu LFZ
"VEJP 7PMVNF
5P JODSFBTF PS EFDSFBTF UIF BVEJP WPMVNF
TFMFDU UIF g"VEJP 7PMVNFu BOE BEKVTU JU
XJUI UIF */'*/*5* DPOUSPMMFS :PV DBO BMTP
BEKVTU UIF BVEJP WPMVNF CZ UVSOJOH UIF
70-6.& DPOUSPM LOPC
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5P BEKVTU UIF HVJEBODF WPJDF WPMVNF TFMFDU
UIF g(VJEBODF 7PMVNFu BOE BEKVTU JU XJUI
UIF */'*/*5* DPOUSPMMFS
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background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
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8IFO UIJT JUFN JT UVSOFE UP 0/ ZPV XJMM
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8IFO UIJT JUFN JT UVSOFE UP 0/ ZPV XJMM
IFBS WPJDF HVJEBODF JO UIF OBWJHBUJPO
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g3FBS %JTQMBZu LFZ JT TFMFDUFE 4FF g%VBM
IFBE SFTUSBJOU %7% TZTUFNu 1
%JTQMBZ $POUSPM
5IF SFBS TFBU EJTQMBZ DBO CF TFU GSPN UIF
GSPOU TFBU VTJOH UIF DPOUSPM QBOFM 4FMFDU
UIF g-u MFGU PS g3u SJHIU EJTQMBZ BOE QVTI
&OUFS CVUUPO 8IFO BO JUFN JT TFU UP 0/
UIF TFMFDUFE TJEF PG UIF SFBS EJTQMBZ UVSOT
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64# NPWJF GJMF POMZ JT QMBZFE UIF SFBS
EJTQMBZ UVSOT PO BVUPNBUJDBMMZ
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. %P OPU TUSJLF UIF DBNFSBT 5IFZ BSF
QSFDJTJPO JOTUSVNFOUT %PJOH TP DPVME
DBVTF B NBMGVODUJPO PS DBVTF EBNBHF
SFTVMUJOH JO B GJSF PS BO FMFDUSJD TIPDL
$"65*0/
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TOPX GSPN UIF GSPOU PG UIF DBNFSB
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8"3/*/(
. 5IF EJTUBODF HVJEF MJOF BOE UIF WFIJDMF
XJEUI MJOF TIPVME CF VTFE BT B SFGFSFODF
POMZ XIFO UIF WFIJDMF JT PO B QBWFE
MFWFM TVSGBDF 5IF EJTUBODF WJFXFE PO UIF
NPOJUPS JT GPS SFGFSFODF POMZ BOE NBZ CF
EJGGFSFOU UIBO UIF BDUVBM EJTUBODF CF
UXFFO UIF WFIJDMF BOE EJTQMBZFE PCKFDUT
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
. 6TF UIF EJTQMBZFE MJOFT BOE UIF CJSET
FZF WJFX BT B SFGFSFODF5IF MJOFT BOE UIF
CJSETFZF WJFX BSF HSFBUMZ BGGFDUFE CZ
UIF OVNCFS PG PDDVQBOUT GVFM MFWFM
WFIJDMF QPTJUJPO SPBE DPOEJUJPO BOE SPBE
HSBEF
. *G UIF UJSFT BSF SFQMBDFE XJUI EJGGFSFOU
TJ[FE UJSFT UIF QSFEJDUJWF DPVSTF MJOF BOE
UIF CJSETFZF WJFX NBZ CF EJTQMBZFE
JODPSSFDUMZ
. 8IFO ESJWJOH UIF WFIJDMF VQ B IJMM
PCKFDUT WJFXFE JO UIF NPOJUPS BSF GVSUIFS
UIBO UIFZ BQQFBS 8IFO ESJWJOH UIF
WFIJDMF EPXO B IJMM PCKFDUT WJFXFE JO
UIF NPOJUPS BSF DMPTFS UIBO UIFZ BQQFBS
. 6TF UIF NJSSPST PS BDUVBMMZ MPPL UP
QSPQFSMZ KVEHF EJTUBODFT UP PUIFS PC
KFDUT
. 5IF WFIJDMF XJEUI BOE QSFEJDUJWF DPVSTF
MJOFT BSF XJEFS UIBO UIF BDUVBM XJEUI BOE
DPVSTF
. 5IF EJTUBODF CFUXFFO PCKFDUT WJFXFE JO
UIF 3FBSWJFX EJGGFST GSPN BDUVBM EJTUBODF
CFDBVTF B XJEFBOHMF MFOT JT VTFE
. 0CKFDUT JO UIF NPOJUPS XJMM BQQFBS
WJTVBMMZ PQQPTJUF UIBO XIFO WJFXFE JO
UIF 3FBSWJFX BOE PVUTJEF NJSSPST
. 0O B TOPXDPWFSFE PS TMJQQFSZ SPBE
UIFSF NBZ CF B EJGGFSFODF CFUXFFO UIF
QSFEJDUJWF DPVSTF MJOF BOE UIF BDUVBM
DPVSTF MJOF
. 5IF EJTQMBZFE MJOFT PO UIF 3FBSWJFX XJMM
BQQFBS TMJHIUMZ PGG UP UIF SJHIU CFDBVTF
UIF 3FBSWJFX DBNFSB JT OPU JOTUBMMFE JO
UIF SFBS DFOUFS PG UIF WFIJDMF
4""
'SPOU WJFX
4""
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background
'SPOU BOE SFBS WJFX
(VJEJOH MJOFT XIJDI JOEJDBUF UIF WFIJDMF
XJEUI BOE EJTUBODFT UP PCKFDUT XJUI SFGFS
FODF UP UIF WFIJDMF CPEZ MJOF
*
"
BSF
EJTQMBZFE PO UIF NPOJUPS
%JTUBODF HVJEF MJOFT
*OEJDBUF EJTUBODFT GSPN UIF WFIJDMF CPEZ
. 3FE MJOF
*
BQQSPY  GU  N
. :FMMPX MJOF
*
BQQSPY GU  N
. (SFFO MJOF
*
BQQSPY GU  N
. (SFFO MJOF
*
BQQSPY  GU  N
7FIJDMF XJEUI HVJEF MJOFT
*
*OEJDBUF UIF WFIJDMF XJEUI XIFO CBDLJOH
VQ
1SFEJDUJWF DPVSTF MJOFT
*
*OEJDBUF UIF QSFEJDUJWF DPVSTF XIFO PQFS
BUJOH UIF WFIJDMF 5IF QSFEJDUJWF DPVSTF
MJOFT XJMM CF EJTQMBZFE PO UIF NPOJUPS XIFO
UIF TUFFSJOH XIFFM JT UVSOFE 5IF QSFEJDUJWF
DPVSTF MJOFT XJMM NPWF EFQFOEJOH PO IPX
NVDI UIF TUFFSJOH XIFFM JT UVSOFE BOE XJMM
OPU CF EJTQMBZFE XIJMF UIF TUFFSJOH XIFFM
JT JO UIF TUSBJHIU BIFBE QPTJUJPO
5IF GSPOU WJFX XJMM OPU CF EJTQMBZFE XIFO
UIF WFIJDMF TQFFE JT BCPWF .1) 
LNI
/05&
8IFO UIF NPOJUPS EJTQMBZT UIF GSPOU WJFX
BOE UIF TUFFSJOH XIFFM UVSOT BCPVU 
EFHSFFT PS MFTT GSPN UIF OFVUSBM QPTJUJPO
CPUI UIF SJHIU BOE MFGU QSFEJDUJWF DPVSTF
MJOFT
*
BSF EJTQMBZFE 8IFO UIF TUFFSJOH
XIFFM UVSOT BCPVU  EFHSFFT PS NPSF B
MJOF JT EJTQMBZFE POMZ PO UIF PQQPTJUF TJEF
PG UIF UVSO
#JSETFZF WJFX
8"3/*/(
. 0CKFDUT JO UIF CJSETFZF WJFX XJMM
BQQFBS GVSUIFS UIBO UIF BDUVBM EJTUBODF
CFDBVTF UIF CJSETFZF WJFX JT B QTFVEP
WJFX UIBU JT QSPDFTTFE CZ DPNCJOJOH UIF
WJFXT GSPN UIF DBNFSBT PO UIF PVUTJEF
NJSSPST UIF GSPOU BOE UIF SFBS PG UIF
WFIJDMF
. 5BMM PCKFDUT TVDI BT B DVSC PS WFIJDMF
NBZ CF NJTBMJHOFE PS OPU EJTQMBZFE BU
UIF TFBN PG UIF WJFXT
. 0CKFDUT UIBU BSF BCPWF UIF DBNFSB
DBOOPU CF EJTQMBZFE
. 5IF WJFX GPS UIF CJSETFZF WJFX NBZ CF
NJTBMJHOFE XIFO UIF DBNFSB QPTJUJPO
BMUFST
. " MJOF PO UIF HSPVOE NBZ CF NJTBMJHOFE
BOE JT OPU TFFO BT CFJOH TUSBJHIU BU UIF
TFBN PG UIF WJFXT 5IF NJTBMJHONFOU XJMM
JODSFBTF BT UIF MJOF QSPDFFET BXBZ GSPN
UIF WFIJDMF
. 5JSF BOHMF EJTQMBZ EPFT OPU JOEJDBUF UIF
BDUVBM UJSF BOHMF
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
+7)9
5IF CJSETFZF WJFX TIPXT UIF PWFSIFBE
WJFX PG UIF WFIJDMF XIJDI IFMQT DPOGJSN
UIF WFIJDMF QPTJUJPO BOE UIF QSFEJDUFE
DPVSTF UP B QBSLJOH TQBDF
5IF WFIJDMF JDPO
*
TIPXT UIF QPTJUJPO PG
UIF WFIJDMF /PUF UIBU UIF TJ[F PG UIF
WFIJDMF JDPO PO UIF CJSETFZF WJFX NBZ
EJGGFS TPNFXIBU GSPN UIF BDUVBM WFIJDMF
5IF BSFBT UIBU UIF DBNFSBT DBOOPU DPWFS
*
BSF JOEJDBUFE JO CMBDL
5IF OPOWJFXBCMF BSFB
*
JT IJHIMJHIUFE JO
ZFMMPX GPS TFWFSBM TFDPOET BGUFS UIF CJSET
FZF WJFX JT EJTQMBZFE *U XJMM CF TIPXO POMZ
UIF GJSTU UJNF BGUFS UIF JHOJUJPO TXJUDI JT
QMBDFE JO UIF g0/u QPTJUJPO
8IFO UIF DPSOFS PG UIF WFIJDMF NPWFT
DMPTFS UP BO PCKFDU UIF DPSOFS TPOBS
JOEJDBUPST
*
BQQFBST
8IFO UIF DFOUFS PG UIF WFIJDMF NPWFT DMPTF
UP BO PCKFDU UIF DFOUFS TFOTPS TPOBS
JOEJDBUPST
*
BQQFBST
5IF ESJWFS DBO DIFDL UIF EJSFDUJPO BOE
BOHMF PG UIF UJSF PO UIF EJTQMBZ CZ UJSF JDPO
*
XIFO ESJWJOH UIF WFIJDMF GPSXBSE PS
CBDLXBSE
1SFEJDUJWF DPVSTF MJOFT
*
BOE
*
JOEJDBUF UIF QSFEJDUJWF DPVSTF XIFO PQFS
BUJOH UIF WFIJDMF 5IF QSFEJDUJWF DPVSTF
MJOFT XJMM CF EJTQMBZFE PO UIF NPOJUPS XIFO
UIF TUFFSJOH XIFFM JT UVSOFE 5IF QSFEJDUJWF
DPVSTF MJOFT XJMM NPWF EFQFOEJOH PO IPX
NVDI UIF TUFFSJOH XIFFM JT UVSOFE BOE XJMM
OPU CF EJTQMBZFE XIJMF UIF TUFFSJOH XIFFM
JT JO UIF OFVUSBM QPTJUJPO
8IFO UIF NPOJUPS EJTQMBZT UIF GSPOU WJFX
BOE UIF TUFFSJOH XIFFM UVSOT BCPVU 
EFHSFFT PS MFTT GSPN UIF OFVUSBM QPTJUJPO
UIF UXP HSFFO QSFEJDUJWF DPVSTF MJOFT
*
BSF TIPXO JO GSPOU PG UIF WFIJDMF
8IFO UIF TUFFSJOH XIFFM UVSOT BCPVU 
EFHSFFT PS NPSF POF HSFFO QSFEJDUJWF
DPVSTF MJOF
*
JT TIPXO JO GSPOU PG UIF
WFIJDMF BOE UIF PUIFS HSFFO QSFEJDUJWF
DPVSTF MJOF
*
JT TIPXO BU TJEF PG UIF
WFIJDMF
8IFO UIF NPOJUPS EJTQMBZT UIF SFBS WJFX
UIF QSFEJDUJWF DPVSTF MJOFT BSF TIPXO BU
CBDL PG UIF WFIJDMF
background
4""
'SPOUTJEF WJFX
(VJEJOH MJOFT
(VJEJOH MJOFT UIBU JOEJDBUF UIF XJEUI BOE
UIF GSPOU FOE PG UIF WFIJDMF BSF EJTQMBZFE
PO UIF NPOJUPS
5IF GSPOUPGWFIJDMF MJOF
*
TIPXT UIF GSPOU
QBSU PG UIF WFIJDMF
5IF TJEFPGWFIJDMF MJOF
*
TIPXT UIF
WFIJDMF XJEUI JODMVEJOH UIF PVUTJEF NJS
SPST
5IF FYUFOTJPOT
*
PG CPUI UIF GSPOU
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BOE
TJEF
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MJOFT BSF TIPXO XJUI B HSFFO
EPUUFE MJOF
5IF DPSOFS TPOBS JOEJDBUPS
*
XJMM BQQFBS
XIFO B DPSOFS PG UIF WFIJDMF NPWFT DMPTFS
UP BO PCKFDU
5IF DPSOFS TPOBS JOEJDBUPS
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DBO CF
UVSOFE PGG 4FF g"SPVOE 7JFX
Ë
.POJUPS
TFUUJOHTu 1
$"65*0/
5IF UVSO TJHOBM MJHIU NBZ MPPL MJLF UIF TJEF
PGWFIJDMF MJOF 5IJT JT OPU B NBMGVODUJPO
+7)9
'SPOUXJEF WJFX
+7)9
3FBSXJEF WJFX
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
'SPOUXJEFSFBSXJEF WJFX
5IF GSPOUXJEFSFBSXJEF WJFX TIPXT B
XJEFS BSFB PO UIF FOUJSF TDSFFO BOE BMMPXT
UIF DIFDLJOH PG UIF CMJOE DPSOFST PO UIF
SJHIU BOE MFGU TJEFT 5IF GSPOUXJEFSFBS
XJEF WJFX EJTQMBZT BO BQQSPYJNBUFMZ 
EFHSFF BSFB XIJMF UIF GSPOU WJFX BOE UIF
SFBS WJFX EJTQMBZ BO BQQSPYJNBUFMZ 
EFHSFF BSFB 5IF QSFEJDUJWF DPVSTF MJOFT BSF
OPU EJTQMBZFE XIFO VTJOH UIF GSPOUXJEF
SFBSXJEF WJFX
4POBS JOEJDBUPS
*
5IF TPOBS JOEJDBUPS
*
XJMM BQQFBS XIFO
UIF WFIJDMF NPWFT DMPTFS UP BO PCKFDU
7FIJDMF XJEUI HVJEF MJOFT
*
*OEJDBUFT UIF WFIJDMF XJEUI
%JTUBODF HVJEF MJOFT
*OEJDBUFT EJTUBODFT GSPN UIF WFIJDMF CPEZ
. (SFFO MJOF
*
BQQSPY  GU  N
. (SFFO MJOF
*
BQQSPY GU  N
. :FMMPX MJOF
*
BQQSPY GU  N
. 3FE MJOF
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BQQSPY  GU  N
4""
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#BDLJOH VQ PO B TUFFQ VQIJMM
8IFO CBDLJOH VQ UIF WFIJDMF VQ B IJMM UIF
EJTUBODF HVJEF MJOFT BOE UIF WFIJDMF XJEUI
HVJEF MJOFT BSF TIPXO DMPTFS UIBO UIF
BDUVBM EJTUBODF 'PS FYBNQMF UIF EJTQMBZ
TIPXT GU  N UP UIF QMBDF
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CVU UIF
BDUVBM GU  N EJTUBODF PO UIF IJMM JT UIF
QMBDF
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#
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WJFXFE JO UIF NPOJUPS GVSUIFS UIBO JU
BQQFBST
background
4""
#BDLJOH VQ PO B TUFFQ EPXOIJMM
8IFO CBDLJOH VQ UIF WFIJDMF EPXO B IJMM
UIF EJTUBODF HVJEF MJOFT BOE UIF WFIJDMF
XJEUI HVJEF MJOFT BSF TIPXO GVSUIFS UIBO
UIF BDUVBM EJTUBODF 'PS FYBNQMF UIF
EJTQMBZ TIPXT GU  N UP UIF QMBDF
*
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CVU UIF BDUVBM GU  N EJTUBODF PO UIF IJMM
JT UIF QMBDF
*
#
/PUF UIBU BOZ PCKFDU PO UIF
IJMM JT WJFXFE JO UIF NPOJUPS DMPTFS UIBO JU
BQQFBST
4""
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5IF QSFEJDUJWF DPVSTF MJOFT
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EP OPU UPVDI
UIF PCKFDU JO UIF EJTQMBZ )PXFWFS UIF
WFIJDMF NBZ IJU UIF PCKFDU JG JU QSPKFDUT PWFS
UIF BDUVBM NPWJOH DPVSTF
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
4""
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QPTJUJPO
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8JUI UIF JHOJUJPO TXJUDI JO UIF g0/u
QPTJUJPO QVTI UIF $".&3" CVUUPO PS NPWF
UIF TIJGU MFWFS UP UIF g3u 3FWFSTF QPTJUJPO
UP PQFSBUF UIF "SPVOE 7JFX .POJUPS
5IF "SPVOE 7JFX .POJUPS DBO EJTQMBZ UXP
TQMJU WJFXT BT XFMM BT B TJOHMF WJFX PG UIF
GSPOUXJEF WJFX PS SFBSXJEF WJFX 4FMFDU
UIF g$IBOHF 7JFXu LFZ UP TXJUDI CFUXFFO
UIF BWBJMBCMF WJFXT
*G UIF TIJGU MFWFS JT OPU JO UIF g3u 3FWFSTF
QPTJUJPO UIF BWBJMBCMF WJFXT BSF
background
. 'SPOUWJFXCJSETFZF WJFX TQMJU TDSFFO
. 'SPOUWJFXGSPOUTJEF WJFX TQMJU TDSFFO
. 'SPOUXJEF WJFX
*G UIF TIJGU MFWFS JT JO UIF g3u 3FWFSTF
QPTJUJPO UIF BWBJMBCMF WJFXT BSF
. 3FBSWJFXCJSETFZF WJFX TQMJU TDSFFO
. 3FBSWJFXGSPOUTJEF WJFX TQMJU TDSFFO
. 3FBSXJEF WJFX
5IF EJTQMBZ BVUPNBUJDBMMZ DIBOHFT UP UIF
"SPVOE 7JFX .POJUPS EJTQMBZJOH GSPOU
WJFXCJSETFZF WJFX XIFO
. 5IF TIJGU MFWFS JT JO UIF g%u %SJWF
QPTJUJPO BOE UIF TPOBS EFUFDUT UIF
WFIJDMF JT BQQSPBDIJOH BO PCKFDU
5IF EJTQMBZ XJMM TXJUDI GSPN UIF "SPVOE
7JFX .POJUPS TDSFFO XIFO
. 8IFO UIF TIJGU MFWFS JT JO UIF g%u %SJWF
QPTJUJPO BOE UIF WFIJDMF TQFFE JO
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PCKFDU UIF TDSFFO XJMM BVUPNBUJDBMMZ
TXJUDI CBDL UIF QSFWJPVTMZ EJTQMBZFE
TDSFFO
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$".&3" "*%*/( $03/&3 40/"3
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8IFO UIF DPSOFS PG UIF WFIJDMF NPWFT
DMPTFS UP UIF PCKFDU XIJMF UIF "SPVOE 7JFX
.POJUPS JT EJTQMBZFE BO JOEJDBUPS JT EJT
QMBZFE BOE B UPOF JT TPVOEFE CZ UIF DPSOFS
TPOBS GVODUJPO UP XBSO UIF ESJWFS
8"3/*/(
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OPU B TVCTUJUVUF GPS QSPQFS QBSLJOH
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BCPWF .1)  LNI *U JT SFBDUJWBUFE
BU MPXFS TQFFET
. 5IF ESJWFS JT BMXBZT SFTQPOTJCMF GPS
TBGFUZ EVSJOH QBSLJOH BOE PUIFS NBOFV
WFST
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TBGF UP NPWF CFGPSF QBSLJOH
. 3FBE BOE VOEFSTUBOE UIF MJNJUBUJPOT PG
UIF TPOBS BT DPOUBJOFE JO UIJT TFDUJPO
. 5IF DPMPST PG UIF TPOBS JOEJDBUPST BOE
UIF EJTUBODF HVJEF MJOFT JO UIF GSPOU SFBS
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EJTUBODFT UP UIF PCKFDU
. *ODMFNFOU XFBUIFS PS 6MUSBTPOJD TPVSDFT
TVDI BT BO BVUPNBUJD DBS XBTI B USVDLT
DPNQSFTTFEBJS CSBLFT PS B QOFVNBUJD
ESJMM NBZ BGGFDU UIF GVODUJPO PG UIF
TZTUFN UIJT NBZ JODMVEF SFEVDFE QFS
GPSNBODF PS B GBMTF BDUJWBUJPO
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ESJWFS JO EFUFDUJOH MBSHF TUBUJPOBSZ
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PCKFDUT DMPTF UP UIF CVNQFS PS PO UIF
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CVNQFS GBTDJB MFBWJOH JU NJTBMJHOFE PS
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.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
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 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
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MPDBUFE PO UIF GSPOU BOE SFBS CVNQFS
GBTDJB GSFF GSPN BDDVNVMBUJPOT PG TOPX
JDF BOE EJSU %P OPU TDSBUDI UIF TVSGBDF PG
UIF TPOBS TFOTPST XIFO DMFBOJOH *G UIF
TFOTPST BSF DPWFSFE UIF BDDVSBDZ PG UIF
TPOBS GVODUJPO XJMM CF EJNJOJTIFE
5IF TZTUFN HJWFT UIF UPOF GPS GSPOU PCKFDUT
XIFO UIF TIJGU MFWFS JT JO UIF % %SJWF
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XIFO UIF TIJGU MFWFS JT JO UIF 3 3FWFSTF
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8IFO UIF DBNFSB JNBHF JT TIPXO PO UIF
EJTQMBZ UIF TZTUFN TIPXT UIF TPOBS
JOEJDBUPS SFHBSEMFTT PG UIF TIJGU MFWFS
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.1)  LNI *U JT SFBDUJWBUFE BU MPXFS
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8IFO UIF PCKFDUT BSF EFUFDUFE UIF JOEJ
DBUPS HSFFO BQQFBST BOE CMJOLT BOE UIF
UPOF TPVOET JOUFSNJUUFOUMZ 8IFO UIF
WFIJDMF NPWFT DMPTFS UP UIF PCKFDU UIF
DPMPS PG UIF JOEJDBUPS UVSOT ZFMMPX BOE UIF
SBUF PG UIF CMJOLJOH BOE UIF SBUF PG UIF UPOF
JODSFBTF 8IFO UIF WFIJDMF JT WFSZ DMPTF UP
UIF PCKFDU UIF JOEJDBUPS TUPQT CMJOLJOH BOE
UVSOT SFE BOE UIF UPOF TPVOET DPOUJOV
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UIF DPSOFS TPOBS BOE UIF EJTUBODF EPFT OPU
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0CKFDU %FUFDUJPO .0% TZTUFN XJMM BMTP CF
UVSOFE PGG BU UIF TBNF UJNF 4FF g.PWJOH
0CKFDU %FUFDUJPO .0%u 1 8IFO
UIF LFZ JT TFMFDUFE BHBJO UIF JOEJDBUPS XJMM
UVSO PO BOE UIF TPOBS XJMM UVSO CBDL PO
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CBDL PO BVUPNBUJDBMMZ
. 8IFO UIF TIJGU MFWFS JT JO UIF 3 3FWFSTF
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background
. 8IFO WFIJDMF TQFFE EFDSFBTFT CFMPX
BQQSPYJNBUFMZ .1)  LNI
. 8IFO UIF JHOJUJPO TXJUDI JT QMBDFE JO
UIF g0''u QPTJUJPO BOE UVSOFE CBDL UP
UIF g0/u QPTJUJPO BHBJO
. 8IFO UIF TXJUDI JT TFMFDUFE UIF .0%
GVODUJPO XJMM BMTP CF UVSOFE PGG
5P QSFWFOU UIF TPOBS TZTUFN GSPN BDUJWBU
JOH BMUPHFUIFS VTF UIF g$BNFSBu NFOV 'PS
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5IF .PWJOH 0CKFDU %FUFDUJPO .0% TZTUFN
DBO JOGPSN UIF ESJWFS PG UIF NPWJOH PCKFDUT
TVSSPVOEJOH UIF WFIJDMF XIFO ESJWJOH PVU
PG HBSBHFT NBOFVWFSJOH JOUP QBSLJOH MPUT
BOE JO PUIFS TVDI JOTUBODFT
5IF .0% TZTUFN EFUFDUT NPWJOH PCKFDUT CZ
VTJOH JNBHF QSPDFTTJOH UFDIOPMPHZ PO UIF
JNBHF TIPXO PO UIF EJTQMBZ
5IF .0% TZTUFN PQFSBUFT JO UIF GPMMPXJOH
DPOEJUJPOT XIFO UIF DBNFSB WJFX JT EJT
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/ /FVUSBM QPTJUJPO BOE UIF WFIJDMF JT
TUPQQFE UIF .0% TZTUFN EFUFDUT UIF
NPWJOH PCKFDUT JO UIF CJSETFZF WJFX
5IF .0% TZTUFN XJMM OPU PQFSBUF JG UIF
PVUTJEF NJSSPS JT NPWJOH JO PS PVU PS JG
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. 8IFO UIF TIJGU MFWFS JT JO UIF % %SJWF
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BQQSPYJNBUFMZ .1)  LNI UIF
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UIF GSPOU WJFX
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QPTJUJPO BOE UIF WFIJDMF TQFFE JT CFMPX
BQQSPYJNBUFMZ .1)  LNI UIF
.0% TZTUFN EFUFDUT NPWJOH PCKFDUT JO
UIF SFBS WJFX PS SFBSXJEF WJFX 5IF
.0% TZTUFN XJMM OPU PQFSBUF JG UIF MJGU
HBUF JT PQFO
5IF .0% TZTUFN EPFT OPU EFUFDU NPWJOH
PCKFDUT JO UIF GSPOUTJEF WJFX 5IF .0%
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8"3/*/(
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PCKFDUT TVSSPVOEJOH UIF WFIJDMF 8IFO
NBOFVWFSJOH BMXBZT VTF UIF PVUTJEF
NJSSPS BOE SFBS WJFX NJSSPS BOE UVSO BOE
DIFDL UIF TVSSPVOEJOH UP FOTVSF JU JT
TBGF UP NBOFVWFS
. 5IF TZTUFN JT EFBDUJWBUFE BU TQFFET
BCPWF .1)  LNI *U JT SFBDUJWBUFE
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DPOUBDU XJUI BMM PCKFDUT
. 5IF .0% TZTUFN EPFT OPU IBWF UIF
BCJMJUZ UP EFUFDU UIF TVSSPVOEJOH TUB
UJPOBSZ PCKFDUT
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
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8IFO UIF .0% TZTUFN EFUFDUT B NPWJOH
PCKFDU TVSSPVOEJOH UIF WFIJDMF UIF ZFMMPX
GSBNF XJMM CF EJTQMBZFE PO UIF WJFX XIFSF
UIF PCKFDUT BSF EFUFDUFE BOE B DIJNF XJMM
TPVOE PODF 8IJMF UIF .0% TZTUFN DPO
UJOVFT UP EFUFDU NPWJOH PCKFDUT UIF ZFMMPX
GSBNF DPOUJOVFT UP CF EJTQMBZFE
*O UIF CJSETFZF WJFX UIF ZFMMPX GSBNF
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JT EJTQMBZFE PO FBDI DBNFSB JNBHF GSPOU
SFBS SJHIU MFGU EFQFOEJOH PO XIFSF
NPWJOH PCKFDUT BSF EFUFDUFE
5IF ZFMMPX GSBNF
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JT EJTQMBZFE PO FBDI
WJFX JO UIF GSPOU WJFX SFBS WJFX GSPOUXJEF
WJFX BOE SFBSXJEF WJFX NPEFT
8IJMF UIF TPOBS PS UIF #$* DIJNF JG TP
FRVJQQFE JT CFFQJOH UIF .0% TZTUFN
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XIFSF UIF .0% TZTUFN JT OPU PQFSBUJWF
8IFO UIF g
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UJNF B DBNFSBBJEJOH TPOBS XJMM BMTP CF
UVSOFE 0'' 8IFO UIF g.0%u LFZ JT
TFMFDUFE BHBJO UIF JOEJDBUPS XJMM UVSO PO
BOE UIF .0% TZTUFN XJMM UVSO CBDL PO
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JT OPU EJTQMBZFE
5IF .0% TZTUFN XJMM UVSO PO BVUPNBUJDBMMZ
VOEFS UIF GPMMPXJOH DPOEJUJPOT
. 8IFO UIF TIJGU MFWFS JT JO UIF 3 3FWFSTF
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. 8IFO UIF $".&3" CVUUPO JT QVTIFE UP
TXJUDI GSPN B EJGGFSFOU TDSFFO UP UIF
DBNFSB WJFX PO UIF EJTQMBZ
. 8IFO WFIJDMF TQFFE EFDSFBTFT CFMPX
BQQSPYJNBUFMZ .1)  LNI
. 8IFO UIF JHOJUJPO TXJUDI JT QMBDFE JO
UIF g0''u QPTJUJPO BOE UIFO CBDL UP UIF
g0/u QPTJUJPO
background
5P TFU UIF .0% TZTUFN TP UIBU JU SFNBJOT
PGG BU BMM UJNFT VTF UIF DBNFSB TFUUJOHT
NFOV 4FF g"SPVOE 7JFX
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8"3/*/(
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B USBJMFS 5IF TZTUFN NBZ OPU GVODUJPO
QSPQFSMZ
. &YDFTTJWF OPJTF GPS FYBNQMF BVEJP
TZTUFN WPMVNF PS PQFO WFIJDMF XJOEPX
XJMM JOUFSGFSF XJUI UIF DIJNF TPVOE BOE
JU NBZ OPU CF IFBSE
. 5IF .0% TZTUFN QFSGPSNBODF XJMM CF
MJNJUFE BDDPSEJOH UP FOWJSPONFOUBM DPO
EJUJPOT BOE TVSSPVOEJOH PCKFDUT TVDI BT
8IFO UIFSF JT MPX DPOUSBTU CFUXFFO
CBDLHSPVOE BOE UIF NPWJOH PCKFDUT
8IFO UIFSF JT CMJOLJOH TPVSDF PG
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8IFO TUSPOH MJHIU TVDI BT BOPUIFS
WFIJDMFT IFBEMJHIU PS TVOMJHIU JT
QSFTFOU
8IFO DBNFSB PSJFOUBUJPO JT OPU JO
JUT VTVBM QPTJUJPO TVDI BT XIFO
NJSSPS JT GPMEFE
8IFO UIFSF JT EJSU XBUFS ESPQT PS
TOPX PO UIF DBNFSB MFOT
8IFO UIF QPTJUJPO PG UIF NPWJOH
PCKFDUT JO UIF EJTQMBZ JT OPU DIBOHFE
. 5IF .0% TZTUFN NJHIU EFUFDU GMPXJOH
XBUFS ESPQMFUT PO UIF DBNFSB MFOT XIJUF
TNPLF GSPN UIF NVGGMFS NPWJOH TIB
EPXT FUD
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QSPQFSMZ EFQFOEJOH PO UIF TQFFE EJSFD
UJPO EJTUBODF PS TIBQF PG UIF NPWJOH
PCKFDUT
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QBSUT XIFSF UIF DBNFSB JT JOTUBMMFE
MFBWJOH JU NJTBMJHOFE PS CFOU UIF TFO
TJOH [POF NBZ CF BMUFSFE BOE UIF .0%
TZTUFN NBZ OPU EFUFDU PCKFDUT QSPQFSMZ
. 8IFO UIF UFNQFSBUVSF JT FYUSFNFMZ IJHI
PS MPX UIF TDSFFO NBZ OPU EJTQMBZ
PCKFDUT DMFBSMZ 5IJT JT OPU B NBMGVODUJPO
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DBNFSB UIF .0% TZTUFN NBZ OPU PQFSBUF
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5P BEKVTU UIF %JTQMBZ 0/0'' #SJHIUOFTT
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TFMFDU UIF JUFN LFZ BOE BEKVTU UIF MFWFM
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$POUSBTU BOE #MBDL -FWFM PG UIF "SPVOE
7JFX .POJUPS XIJMF UIF WFIJDMF JT NPWJOH
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BQQMJFE
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background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
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UPO TFMFDU UIF g0UIFSu LFZ BOE UIFO TFMFDU
UIF g$BNFSBu LFZ
1SFEJDUJWF $PVSTF -JOFT
8IFO UIJT JUFN JT UVSOFE UP 0/ UIF
QSFEJDUJWF DPVSTF MJOF JT EJTQMBZFE JO UIF
GSPOU BOE UIF SFBS WJFX BOE UIF CJSETFZF
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CFHJOOJOH PG "SPVOE 7JFX .POJUPS PQFSB
UJPO DBO CF TFMFDUFE JO PSEFS PG QSJPSJUZ
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8JUI UIJT JUFN UVSOFE UP 0/ UIF OPO
WJFXBCMF BSFB JT IJHIMJHIUFE JO ZFMMPX GPS
TFWFSBM TFDPOET BGUFS UIF CJSETFZF WJFX JT
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UJNF BGUFS UIF JHOJUJPO TXJUDI JT QMBDFE JO
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8IFO UIJT JUFN JT TFU UP 0/ UIF .0% JT
BDUJWBUFE 8IFO UIJT JUFN JT UVSOFE UP 0''
JOEJDBUPS UVSOT PGG UIF .0% TZTUFN JT
EFBDUJWBUFE 8IFO UIF .0% TZTUFN JT
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UVSOFE UP 0'' JOEJDBUPS UVSOT PGG UIF GSPOU
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background
NBSLFST BSF EJTQMBZFE BU UIF DPSOFST PG UIF
WFIJDMF JDPO BOE UIF TPOBS JDPO XJMM
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5IF OFYU UJNF UIF
JHOJUJPO TXJUDI JT QMBDFE JO UIF g0/u
QPTJUJPO g4POBS JT 0''u JT EJTQMBZFE
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8IFO UIJT JUFN JT UVSOFE 0/ POMZ UIF SFBS
TPOBS JT 0'' 5IF BNCFS NBSLFST BSF
EJTQMBZFE BU UIF SFBS DPSOFST PG UIF WFIJDMF
JDPO
4IPX $BNFSB XIFO 4POBS "DUJWBUFT
8IFO UIJT JUFN JT UVSOFE 0/ UIF DBNFSB
WJFX JT BVUPNBUJDBMMZ TIPXO PO UIF EJTQMBZ
JO UIF DBTF UIBU UIF EJTUBODF UP UIF PCKFDUT
NFBTVSFE CZ UIF TPOBS JT CFDPNJOH TIPSU
4POBS 4FOTJUJWJUZ
"EKVTU UIF TFOTJUJWJUZ MFWFM PG UIF DPSOFS
TPOBS IJHIFS SJHIU PS MPXFS MFGU
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JO UIF "SPVOE 7JFX .POJUPS 5IJT XJMM OPU
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TZTUFN TIPVME CF JOTQFDUFE CZ BO */'*/*5*
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TDSFFO UIF DBNFSB JNBHF NBZ CF SFDFJWJOH
UFNQPSBSZ FMFDUSPOJD EJTUVSCBODFT GSPN
TVSSPVOEJOH EFWJDFT 5IJT XJMM OPU IJOEFS
OPSNBM ESJWJOH PQFSBUJPO CVU UIF TZTUFN
TIPVME CF JOTQFDUFE CZ BO */'*/*5* SFUBJMFS
JG JU PDDVST GSFRVFOUMZ
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5IF BNCFS NBSLFST BSF EJTQMBZFE BU UIF
DPSOFST PG UIF WFIJDMF JDPO XIFO UIF TPOBS
TZTUFN JT NBMGVODUJPOJOH
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
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 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
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4FMFDUJOH UIF g1SBDUJDFu LFZ XJMM TUBSU
UIF QSBDUJDF NPEF 4FF g-FUT 1SBDUJDFu
1
 $POUJOVF UP GPMMPX UIF WPJDF NFOV
QSPNQUT BOE TQFBL BGUFS UIF UPOF
TPVOET VOUJM ZPVS EFTJSFE PQFSBUJPO JT
DPNQMFUFE
4FMFDUJOH UIF g)FMQu LFZ DBO EJTQMBZ
UIF EFUBJMFE JOGPSNBUJPO PG UIF FBDI
DPNNBOE
0QFSBUJOH UJQT
. 4BZ B DPNNBOE BGUFS UIF UPOF
. $PNNBOET UIBU BSF BWBJMBCMF BSF BM
XBZT TIPXO PO UIF EJTQMBZ BOE TQPLFO
UISPVHI WPJDF NFOV QSPNQUT $PN
NBOET PUIFS UIBO UIPTF UIBU BSF
EJTQMBZFE BSF OPU BDDFQUFE 1MFBTF
GPMMPX UIF QSPNQUT HJWFO CZ UIF TZT
UFN
. *G UIF DPNNBOE JT OPU SFDPHOJ[FE UIF
TZTUFN BOOPVODFT g1MFBTF TBZ BHBJOu
3FQFBU UIF DPNNBOE JO B DMFBS WPJDF
. 1VTI UIF #"$, CVUUPO PODF UP SFUVSO UP
UIF QSFWJPVT TDSFFO
. 5P FYJU UIF WPJDF SFDPHOJUJPO TZTUFN
QVTI BOE IPME UIF 5"-,
TXJUDI 5IF
NFTTBHF g7PJDF DBODFMFEu XJMM CF
BOOPVODFE
7PJDF 1SPNQU *OUFSSVQU
5P TLJQ UIF WPJDF HVJEBODF GVODUJPO BOE
HJWF UIF DPNNBOE JNNFEJBUFMZ QVTI UIF
5"-,
TXJUDI UP JOUFSSVQU UIF TZTUFN
3FNFNCFS UP TQFBL BGUFS UIF UPOF
)PX UP TQFBL OVNCFST
*/'*/*5* 7PJDF 3FDPHOJUJPO SFRVJSFT B DFS
UBJO XBZ UP TQFBL OVNCFST XIFO HJWJOH
WPJDF DPNNBOET 3FGFS UP UIF GPMMPXJOH
FYBNQMFT
(FOFSBM SVMF
0OMZ TJOHMF EJHJUT [FSP UP DBO CF VTFE
'PS FYBNQMF JG ZPV XPVME MJLF UP TBZ 
gGJWF [FSP [FSPu DBO CF VTFE CVU gGJWF
IVOESFEu DBOOPU
&YBNQMFT
. 
g0OF FJHIU [FSP [FSP TJY TJY UXP TJY
UXP [FSP [FSPu
*NQSPWJOH 3FDPHOJUJPO PG 1IPOF OVNCFST
:PV DBO JNQSPWF UIF SFDPHOJUJPO PG QIPOF
OVNCFST CZ TBZJOH UIF QIPOF OVNCFS JO
UISFF HSPVQT PG OVNCFST 'PS FYBNQMF
XIFO ZPV USZ UP DBMM  TBZ
gFJHIU [FSP [FSPu GJSTU BOE UIF TZTUFN XJMM
UIFO BTL ZPV GPS UIF OFYU UISFF EJHJUT 5IFO
TBZ gTJY TJY UXPu "GUFS SFDPHOJUJPO UIF
TZTUFN XJMM UIFO BTL GPS UIF MBTU GPVS EJHJUT
4BZ gTJY UXP [FSP [FSPu 6TJOH UIJT NFUIPE
PG QIPOF EJHJU FOUSZ DBO JNQSPWF SFDPHOJ
UJPO QFSGPSNBODF
8IFO TQFBLJOH B IPVTF OVNCFS TQFBL UIF
OVNCFS gu BT g[FSPu *G UIF MFUUFS gP 0Iu
background
JT JODMVEFE JO UIF IPVTF OVNCFS JU XJMM OPU
CF SFDPHOJ[FE BT UIF OVNCFS g [FSPu
FWFO JG ZPV TQFBL gPIu JOTUFBE PG g[FSPu
1MFBTF TQFBL g[FSPu GPS UIF OVNCFS g
[FSPu gPIu GPS UIF MFUUFS gP PIu
4FOE EJHJUT VTJOH EJBM UPOF
. 1SFTT UIF 5"-,
TXJUDI EVSJOH B
QIPOF DBMM
. 5IF NFOV XJMM CF MBVODIFE BOE ZPV XJMM
CF QSPWJEFE XJUI UIF GPMMPXJOH HVJ
EBODF Ï1MFBTF TBZ UIF EJHJUT UP EJBMÏ
. "GUFS HVJEBODF TBZ UIF EJHJUT PG UIF
OVNCFS ZPV XBOU UP TFOE "GUFS UIJT
UIF EJHJUT UIBU IBWF CFFO SFDPHOJ[FE
XJMM CF SFBE PVU
. *G ZPV QSFTT UIF &/5&3 CVUUPO PO UIF
TUFFSJOH XIFFM PS PO UIF */'*/*5* DPO
USPMMFS UIF TFMFDUFE EJHJUT XJMM CF TFOU
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
$PNNBOE -JTU
$BUFHPSZ $PNNBOE
$PNNBOE "DUJPO
$BMM 0QUJPOBM .BLFT B DBMM UP B DPOUBDU UIBU JT TUPSFE JO FJUIFS QIPOFCPPL 1MFBTF TBZ Ï$BMMÏ GPMMPXFE CZ B TUPSFE OBNF
1IPOF 0QFSBUFT UIF 1IPOF GVODUJPO
/BWJHBUJPO 0QFSBUFT UIF /BWJHBUJPO GVODUJPO
*OGPSNBUJPO %JTQMBZT UIF WFIJDMF *OGPSNBUJPO GVODUJPO
"VEJP 0QFSBUFT UIF "VEJP GVODUJPO
)FMQ %JTQMBZT 6TFS (VJEF
background
1IPOF $PNNBOE
$PNNBOE "DUJPO
%JBM /VNCFS .BLFT B DBMM UP B TQPLFO QIPOF OVNCFS VQ UP  EJHJUT
2VJDL %JBM .BLFT B DBMM UP B DPOUBDU UIBU JT TUPSFE JO UIF 2VJDL %JBM
1IPOFCPPL .BLFT B DBMM UP B DPOUBDU UIBU JT TUPSFE JO UIF NPCJMF QIPOF
$BMM IJTUPSZ *ODPNJOH $BMMT .BLFT B DBMM UP UIF JODPNJOH DBMM OVNCFS
0VUHPJOH $BMMT .BLFT B DBMM UP UIF EJBMFE OVNCFS
.JTTFE $BMMT .BLFT B DBMM UP UIF .JTTFE DBMMT OVNCFS
*OUFSOBUJPOBM $BMM .BLFT BO JOUFSOBUJPOBM DBMM CZ BMMPXJOH NPSF UIBO  EJHJUT UP CF TQPLFO
$IBOHF /VNCFS $PSSFDUT UIF SFDPHOJ[FE QIPOF OVNCFS BWBJMBCMF EVSJOH QIPOF OVNCFS FOUSZ
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
/BWJHBUJPO $PNNBOE
$PNNBOE "DUJPO
%FTUJOBUJPO )PNF 4FUT B SPVUF UP ZPVS IPNF UIBU JT TUPSFE JO UIF "EESFTT #PPL
"EESFTT 4FBSDIFT GPS B MPDBUJPO CZ UIF TUSFFU BEESFTT TQFDJGJFE BOE TFUT B SPVUF UP UIF MPDBUJPO
1MBDFT 4FUT B SPVUF UP B GBDJMJUZ OFBS UIF DVSSFOU WFIJDMF MPDBUJPO
"EESFTT #PPL 4FBSDIFT GPS TUPSFE JOGPSNBUJPO JO UIF "EESFTT #PPL
1SFWJPVT %FTUJOBUJPOT 4FUT B SPVUF UP B QSFWJPVT EFTUJOBUJPO
background
*OGPSNBUJPO $PNNBOE
$PNNBOE "DUJPO
'VFM &DPOPNZ %JTQMBZT GVFM FDPOPNZ JOGPSNBUJPO
.BJOUFOBODF %JTQMBZT NBJOUFOBODF JOGPSNBUJPO
5SBGGJD *OGPSNBUJPO 5VSOT UIF USBGGJD JOGPSNBUJPO TZTUFN 0/ BOE 0''
8IFSF BN *
%JTQMBZT ZPVS DVSSFOU MPDBUJPO
5JSF 1SFTTVSF %JTQMBZT UJSF QSFTTVSF JOGPSNBUJPO
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
"VEJP $PNNBOE
$PNNBOE "DUJPO
". 5VSOT UP UIF ". CBOE TFMFDUJOH UIF TUBUJPO MBTU QMBZFE
'. 5VSOT UP UIF '. CBOE TFMFDUJOH UIF TUBUJPO MBTU QMBZFE
9. 5VSOT UP UIF 4JSJVT9. 4BUFMMJUF 3BEJP CBOE TFMFDUJOH UIF DIBOOFM MBTU QMBZFE
$% 4UBSUT UP QMBZ B $%
background
(FOFSBM $PNNBOET
$PNNBOE "DUJPO
(P CBDL $PSSFDUT UIF MBTU SFDPHOJUJPO SFTVMU UP SFUVSO UP UIF QSFWJPVT TDSFFO
&YJU $BODFMT 7PJDF 3FDPHOJUJPO
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
7PJDF DPNNBOE FYBNQMFT
5P VTF UIF */'*/*5* 7PJDF 3FDPHOJUJPO
GVODUJPO TQFBLJOH POF DPNNBOE JT TPNF
UJNFT TVGGJDJFOU CVU BU PUIFS UJNFT JU JT
OFDFTTBSZ UP TQFBL UXP PS NPSF DPN
NBOET "T FYBNQMFT TPNF BEEJUJPOBM
CBTJD PQFSBUJPOT CZ WPJDF DPNNBOET BSF
EFTDSJCFE IFSF
'PS OBWJHBUJPO TZTUFN DPNNBOET TFF UIF
TFQBSBUF /BWJHBUJPO 4ZTUFN 0XOFST .BO
VBM
4""
&YBNQMF 1MBDJOH B DBMM UP UIF QIPOF
OVNCFS 
 1VTI UIF 5"-,
TXJUDI MPDBUFE PO
UIF TUFFSJOH XIFFM :PV XJMM IFBS B
QSPNQU
 4QFBL g1IPOFu
+7)9
 4QFBL g%JBM /VNCFSu
background
4""
 4QFBL g u
4FMFDUJOH UIF g.BOVBM $POUSPMTu LFZ
TXJUDIFT UIF TDSFFO UP UIF LFZQBE UP
JOQVU UIF QIPOF OVNCFS NBOVBMMZ
4""
 5IF TZTUFN BOOPVODFT g1MFBTF TBZ UIF
OFYU UISFF EJHJUT PS EJBM PS TBZ DIBOHF
OVNCFSu
 4QFBL g u
4""
 5IF TZTUFN BOOPVODFT g1MFBTF TBZ UIF
MBTU GPVS EJHJUTu PS TBZ DIBOHF OVNCFS
 4QFBL g u
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
4""
 5IF TZTUFN BOOPVODFT g%JBM PS $IBOHF
/VNCFS u
4QFBL g%JBMu
5IF TZTUFN NBLFT B DBMM UP 

/PUF
. :PV DBO BMTP TQFBL gu
 DPOUJOVPVT EJHJUT PS gu 
DPOUJOVPVT EJHJUT JG UIF BSFB DPEF JT
OPU OFDFTTBSZ )PXFWFS UIF  EJHJU
HSPVQJOH JT SFDPNNFOEFE GPS JNQSPWFE
SFDPHOJUJPO 4FF g)PX UP TQFBL OVN
CFSTu 1
. :PV DBO POMZ TBZ B QIPOF OVNCFS VTJOH
UIF  HSPVQJOH EJHJUT BOE 
EJHJUT VTJOH UIJT DPNNBOE 1MFBTF VTF
UIF g*OUFSOBUJPOBM $BMMu DPNNBOE GPS
BMM PUIFS GPSNBUT
. *G ZPV TBZ g$IBOHF /VNCFSu EVSJOH
QIPOF OVNCFS FOUSZ UIF TZTUFN XJMM
BVUPNBUJDBMMZ SFRVFTU UIBU ZPV SFQFBU
UIF OVNCFS VTJOH UIF  GPSNBU *O
UIJT DBTF QMFBTF TBZ UIF BSFB DPEF GJSTU
BOE UIFO GPMMPX UIF QSPNQUT
. %P OPU BEE B gu JO GSPOU PG UIF BSFB
DPEF XIFO TQFBLJOH QIPOF OVNCFST
. *G UIF TZTUFN EPFT OPU SFDPHOJ[F ZPVS
DPNNBOE QMFBTF USZ SFQFBUJOH UIF
DPNNBOE VTJOH B OBUVSBM WPJDF 4QFBL
JOH UPP TMPX PS UPP MPVEMZ NBZ GVSUIFS
EFDSFBTF SFDPHOJUJPO QFSGPSNBODF
4""
&YBNQMF 1MBDJOH BO JOUFSOBUJPOBM DBMM UP
UIF QIPOF OVNCFS 
 1VTI UIF 5"-,
TXJUDI MPDBUFE PO
UIF TUFFSJOH XIFFM :PV XJMM IFBS B
QSPNQU
 4QFBL g1IPOFu
background
+7)9
 4QFBL g*OUFSOBUJPOBM $BMMu
4""
 4QFBL gu
4""
 4QFBL g%JBMu
 4ZTUFN NBLFT B DBMM UP 

/PUF
"OZ EJHJU JOQVU GPSNBU JT BWBJMBCMF JO UIF
*OUFSOBUJPOBM /VNCFS JOQVU QSPDFTT
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
*/'*/*5* 70*$& 3&$0(/*5*0/ "-
5&3/"5& $0.."/% .0%&
5IF GPMMPXJOH TFDUJPO JT BQQMJDBCMF XIFO
"MUFSOBUF $PNNBOE .PEF JT BDUJWBUFE
8IFO "MUFSOBUF $PNNBOE .PEF JT BDUJ
WBUFE BO FYQBOEFE MJTU PG DPNNBOET DBO
CF VTFE BGUFS QVTIJOH UIF 5"-,
TXJUDI
*O UIJT NPEF BWBJMBCMF DPNNBOET BSF OPU
GVMMZ TIPXO PO UIF EJTQMBZ PS QSPNQUFE
3FWJFX UIF FYQBOEFE DPNNBOE MJTU XIFO
UIJT NPEF JT BDUJWF 4FF FYBNQMFT PG
"MUFSOBUF $PNNBOE .PEF TDSFFOT
1MFBTF OPUF UIBU JO UIJT NPEF UIF SFDPHOJ
UJPO TVDDFTT SBUF NBZ CF BGGFDUFE BT UIF
OVNCFS PG BWBJMBCMF DPNNBOET BOE XBZT
PG TQFBLJOH FBDI DPNNBOE BSF JODSFBTFE
5P JNQSPWF UIF SFDPHOJUJPO TVDDFTT SBUF
USZ VTJOH UIF 4QFBLFS "EBQUBUJPO 'VODUJPO
BWBJMBCMF JO UIBU NPEF 4FF g4QFBLFS
BEBQUBUJPO GVODUJPO GPS "MUFSOBUF $PN
NBOE .PEFu 1 0UIFSXJTF JU JT
SFDPNNFOEFE UIBU "MUFSOBUF $PNNBOE
.PEF CF UVSOFE 0'' BOE 4UBOEBSE .PEF
CF VTFE GPS UIF CFTU SFDPHOJUJPO QFSGPS
NBODF
4""
"DUJWBUJOH "MUFSOBUF $PNNBOE
.PEF
8IFO UIF 4UBOEBSE .PEF JT BDUJWF QFSGPSN
UIF GPMMPXJOH TUFQT UP TXJUDI UP UIF
"MUFSOBUF $PNNBOE .PEF
 1VTI UIF 4&55*/( CVUUPO PO UIF JOTUSV
NFOU QBOFM
 )JHIMJHIU UIF g0UIFSTu LFZ
 )JHIMJHIU UIF g7PJDF 3FDPHOJUJPOu LFZ
4""
 )JHIMJHIU UIF g"MUFSOBUF $PNNBOE
.PEFu LFZ
 5IF DPOGJSNBUJPO NFTTBHF JT EJTQMBZFE
PO UIF TDSFFO 1VTI UIF g0,u LFZ UP
BDUJWBUF UIF "MUFSOBUF $PNNBOE .PEF
%JTQMBZJOH DPNNBOE MJTU
*G ZPV BSF DPOUSPMMJOH UIF TZTUFN CZ WPJDF
DPNNBOET GPS UIF GJSTU UJNF PS EP OPU LOPX
UIF BQQSPQSJBUF WPJDF DPNNBOE QFSGPSN
UIF GPMMPXJOH QSPDFEVSF GPS EJTQMBZJOH UIF
WPJDF DPNNBOE MJTU BWBJMBCMF POMZ JO
"MUFSOBUF $PNNBOE .PEF
background
4""
 1VTI UIF */'0 CVUUPO PO UIF JOTUSVNFOU
QBOFM
 4FMFDU UIF g0UIFSTu LFZ
 4FMFDU UIF g7PJDF 3FDPHOJUJPOu LFZ
 4FMFDU UIF g$PNNBOE -JTUu LFZ
4""
 4FMFDU B DBUFHPSZ GSPN UIF MJTU
+7)9
 4FMFDU BO JUFN
 *G OFDFTTBSZ TDSPMM UIF TDSFFO VTJOH UIF
*/'*/*5* DPOUSPMMFS UP WJFX UIF FOUJSF
MJTU
 1VTI UIF #"$, CVUUPO UP SFUVSO UP UIF
QSFWJPVT TDSFFO
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
$PNNBOE MJTU
1IPOF $PNNBOET
$PNNBOE "DUJPO
%JBM /VNCFS .BLFT B DBMM UP B TQPLFO QIPOF OVNCFS
2VJDL %JBM .BLFT B DBMM UP B DPOUBDU UIBU JT TUPSFE JO UIF 2VJDL %JBM
1IPOFCPPL .BLFT B DBMM UP B DPOUBDU UIBU JT TUPSFE JO UIF NPCJMF QIPOF
$BMM IJTUPSZ *ODPNJOH $BMMT .BLFT B DBMM UP UIF JODPNJOH DBMM OVNCFS
0VUHPJOH $BMMT .BLFT B DBMM UP UIF EJBMFE OVNCFS
.JTTFE $BMMT .BLFT B DBMM UP UIF .JTTFE DBMMT OVNCFS
*OUFSOBUJPOBM $BMM .BLFT BO JOUFSOBUJPOBM DBMM CZ BMMPXJOH NPSF UIBO  EJHJUT UP CF TQPLFO
$BMM OBNF
.BLFT B DBMM UP B DPOUBDU UIBU JT TUPSFE JO FJUIFS 2VJDL %JBM PS 1IPOFCPPL
1MFBTF TBZ g$BMMu GPMMPXFE CZ B TUPSFE OBNF
$IBOHF /VNCFS $PSSFDUT UIF SFDPHOJ[FE QIPOF OVNCFS BWBJMBCMF EVSJOH QIPOF OVNCFS FOUSZ
background
/BWJHBUJPO $PNNBOET
$PNNBOE "DUJPO
%FTUJOBUJPO )PNF 4FUT B SPVUF UP ZPVS IPNF UIBU JT TUPSFE JO UIF "EESFTT #PPL
"EESFTT 4FBSDIFT GPS B MPDBUJPO CZ UIF TUSFFU BEESFTT TQFDJGJFE BOE TFUT B SPVUF UP UIF MPDBUJPO
1MBDFT 4FUT B SPVUF UP B GBDJMJUZ OFBS UIF DVSSFOU WFIJDMF MPDBUJPO
"EESFTT #PPL 4FBSDIFT GPS TUPSFE JOGPSNBUJPO JO UIF "EESFTT #PPL
1SFWJPVT %FTUJOBUJPOT 4FUT B SPVUF UP B QSFWJPVT EFTUJOBUJPO
1SFWJPVT 4UBSU 1PJOU 4FUT B SPVUF UP B QSFWJPVT TUBSUJOH QPJOU
%FMFUF %FTUJOBUJPO %FMFUFT B EFTUJOBUJPO
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
*OGPSNBUJPO $PNNBOET
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'VFM &DPOPNZ %JTQMBZT GVFM FDPOPNZ JOGPSNBUJPO
.BJOUFOBODF %JTQMBZT NBJOUFOBODF JOGPSNBUJPO
5JSF 1SFTTVSF %JTQMBZT UJSF QSFTTVSF JOGPSNBUJPO
8IFSF BN * %JTQMBZT ZPVS DVSSFOU MPDBUJPO
5SBGGJD *OGPSNBUJPO 5VSOT UIF USBGGJD JOGPSNBUJPO TZTUFN 0/ BOE 0''
8FBUIFS *OGPSNBUJPO %JTQMBZT XFBUIFS JOGPSNBUJPO
8FBUIFS .BQ %JTQMBZT B XFBUIFS NBQ
background
"VEJP $PNNBOET
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$% 4UBSUT UP QMBZ B $%
'. 5VSOT UP UIF '. CBOE TFMFDUJOH UIF TUBUJPO MBTU QMBZFE
". 5VSOT UP UIF ". CBOE TFMFDUJOH UIF TUBUJPO MBTU QMBZFE
9. 5VSOT UP UIF 4JSJVT9. 4BUFMMJUF 3BEJP CBOE TFMFDUJOH UIF TUBUJPO MBTU QMBZFE
64# 5VSOT PO UIF 64# NFNPSZ
#MVFUPPUI "VEJP 5VSOT PO UIF #MVFUPPUI
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BVEJP QMBZFS
"69 5VSOT PO UIF "69
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background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
)FMQ $PNNBOET
$PNNBOE "DUJPO
$PNNBOE -JTU /BWJHBUJPO $PNNBOET %JTQMBZT UIF OBWJHBUJPO DPNNBOE MJTU
1IPOF $PNNBOET %JTQMBZT UIF QIPOF DPNNBOE MJTU
"VEJP $PNNBOET %JTQMBZT UIF BVEJP DPNNBOE MJTU
*OGPSNBUJPO $PNNBOET %JTQMBZT UIF JOGPSNBUJPO DPNNBOE MJTU
)FMQ $PNNBOET %JTQMBZT UIF IFMQ DPNNBOE MJTU
6TFS (VJEF %JTQMBZT UIF 6TFS (VJEF
4QFBLFS "EBQUBUJPO 5IF TZTUFN DBO NFNPSJ[F UIF WPJDFT PG VQ UP UISFF QFSTPOT
background
(FOFSBM $PNNBOET
$PNNBOE "DUJPO
(P CBDL $PSSFDUT UIF MBTU SFDPHOJUJPO SFTVMU UP SFUVSO UP UIF QSFWJPVT TDSFFO
&YJU $BODFMT 7PJDF 3FDPHOJUJPO
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
4""
%JTQMBZJOH VTFS HVJEF
:PV DBO DPOGJSN IPX UP VTF WPJDF DPN
NBOET CZ BDDFTTJOH B TJNQMJGJFE 6TFS
(VJEF XIJDI DPOUBJOT CBTJD JOTUSVDUJPOT
BOE UVUPSJBMT GPS TFWFSBM WPJDF DPNNBOET
 1VTI UIF */'0 CVUUPO PO UIF JOTUSVNFOU
QBOFM
 4FMFDU UIF g0UIFSTu LFZ VTJOH UIF
*/'*/*5* DPOUSPMMFS BOE QVTI UIF &/5&3
CVUUPO
 )JHIMJHIU UIF g7PJDF 3FDPHOJUJPOu LFZ
VTJOH UIF */'*/*5* DPOUSPMMFS BOE QVTI
UIF &/5&3 CVUUPO
 )JHIMJHIU UIF g6TFS (VJEFu LFZ VTJOH
UIF */'*/*5* DPOUSPMMFS BOE QVTI UIF
&/5&3 CVUUPO
 )JHIMJHIU BO JUFN VTJOH UIF */'*/*5*
DPOUSPMMFS BOE QVTI UIF &/5&3 CVUUPO
"WBJMBCMF JUFNT
. (FUUJOH 4UBSUFE
%FTDSJCF UIF CBTJDT PG IPX UP PQFSBUF
UIF */'*/*5* 7PJDF 3FDPHOJUJPO TZTUFN
. -FUT 1SBDUJDF
.PEF UIBU BMMPXT QSBDUJDJOH CZ GPMMPX
JOH UIF JOTUSVDUJPOT PG UIF TZTUFN WPJDF
. 6TJOH UIF "EESFTT #PPL
3FGFS UP /BWJHBUJPO 4ZTUFN 0XOFST
.BOVBM
. 'JOEJOH B 4USFFU "EESFTT JG TP
FRVJQQFE
3FGFS UP /BWJHBUJPO 4ZTUFN 0XOFST
.BOVBM
. 1MBDJOH $BMMT
5VUPSJBM GPS NBLJOH B QIPOF DBMM CZ
WPJDF DPNNBOE PQFSBUJPO
. )FMQ PO 4QFBLJOH
%JTQMBZT VTFGVM UJQT GPS IPX UP DPSSFDUMZ
TQFBL DPNNBOET JO PSEFS GPS UIFN UP
CF QSPQFSMZ SFDPHOJ[FE CZ UIF TZTUFN
. 7PJDF 3FDPHOJUJPO 4FUUJOHT
%FTDSJCFT UIF BWBJMBCMF WPJDF SFDPHOJ
UJPO TFUUJOHT
. "EBQUJOH UIF 4ZTUFN UP :PVS 7PJDF
5VUPSJBM BEBQUJOH UIF TZTUFN UP ZPVS
WPJDF
64*/( 5)& 4:45&.
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8IFO UIF JHOJUJPO TXJUDI JT QVTIFE UP UIF
0/ QPTJUJPO */'*/*5* 7PJDF 3FDPHOJUJPO JT
JOJUJBMJ[FE XIJDI NBZ UBLF VQ UP POF
NJOVUF 8IFO DPNQMFUFE UIF TZTUFN JT
SFBEZ UP BDDFQU WPJDF DPNNBOET *G UIF
5"-,
TXJUDI JT QVTIFE CFGPSF UIF
JOJUJBMJ[BUJPO DPNQMFUFT UIF EJTQMBZ XJMM
TIPX UIF NFTTBHF g4ZTUFN OPU SFBEZu
PS B CFFQ TPVOET
#FGPSF TUBSUJOH
5P HFU UIF CFTU QFSGPSNBODF GSPN */'*/*5*
7PJDF 3FDPHOJUJPO PCTFSWF UIF GPMMPXJOH
. ,FFQ UIF JOUFSJPS PG UIF WFIJDMF BT RVJFU
BT QPTTJCMF $MPTF UIF XJOEPXT UP
FMJNJOBUF UIF TVSSPVOEJOH OPJTFT USBG
GJD OPJTFT WJCSBUJPO TPVOET FUD
XIJDI NBZ QSFWFOU UIF TZTUFN GSPN
SFDPHOJ[JOH UIF WPJDF DPNNBOET DPS
SFDUMZ
background
. 8IFO UIF BJS DPOEJUJPOFS JT JO UIF
g"650u NPEF UIF GBO TQFFE EFDSFBTFT
BVUPNBUJDBMMZ GPS FBTZ SFDPHOJUJPO
. 8BJU VOUJM B UPOF TPVOET CFGPSF TQFBL
JOH B DPNNBOE
. 4QFBL JO B OBUVSBM WPJDF XJUIPVU QBVT
JOH CFUXFFO XPSET
4""
(JWJOH WPJDF DPNNBOE
 1VTI BOE SFMFBTF UIF 5"-, TXJUDI
MPDBUFE PO UIF TUFFSJOH XIFFM
 "GUFS UIF UPOF TPVOET BOE UIF JDPO PO
UIF TDSFFO DIBOHFT GSPN
UP
TQFBL B DPNNBOE
0QFSBUJOH UJQT
. 7PJDF DPNNBOET DBOOPU CF BDDFQUFE
XIFO UIF JDPO JT
. 5IF MJTU EJTQMBZFE DBO CF TDSPMMFE CZ
UJMUJOH UIF NFOV DPOUSPM TXJUDI PO UIF
TUFFSJOH XIFFM
. *G UIF DPNNBOE JT OPU SFDPHOJ[FE UIF
TZTUFN BOOPVODFT g1MFBTF TBZ BHBJOu
3FQFBU UIF DPNNBOE JO B DMFBS WPJDF
. 1VTI UIF #"$, CVUUPO PODF UP SFUVSO UP
UIF QSFWJPVT TDSFFO
. *G ZPV XBOU UP DBODFM UIF DPNNBOE
QVTI BOE IPME UIF 5"-,
TXJUDI GPS
TFDPOE 5IF NFTTBHF g7PJDF DBODFMFEu
XJMM CF BOOPVODFE
7PJDF 1SPNQU *OUFSSVQU
5P TLJQ UIF WPJDF HVJEBODF GVODUJPO BOE
HJWF UIF DPNNBOE JNNFEJBUFMZ QVTI UIF
5"-,
TXJUDI UP JOUFSSVQU UIF TZTUFN
3FNFNCFS UP TQFBL BGUFS UIF UPOF
)PX UP TQFBL OVNCFST
*/'*/*5* 7PJDF 3FDPHOJUJPO SFRVJSFT B DFS
UBJO XBZ UP TQFBL OVNCFST XIFO HJWJOH
WPJDF DPNNBOET 3FGFS UP UIF GPMMPXJOH
FYBNQMFT
(FOFSBM SVMF
0OMZ TJOHMF EJHJUT [FSP UP DBO CF VTFE
'PS FYBNQMF JG ZPV XPVME MJLF UP TBZ 
gGJWF [FSP [FSPu DBO CF VTFE CVU gGJWF
IVOESFEu DBOOPU
1IPOF OVNCFST
4QFBL QIPOF OVNCFST BDDPSEJOH UP UIF
GPMMPXJOH FYBNQMFT
. 
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
g%JBM POF FJHIU [FSP [FSP TJY TJY UXP
TJY UXP [FSP [FSPu
/PUF  'PS UIF CFTU WPJDF SFDPHOJUJPO
QIPOF EJBMJOH SFTVMUT TBZ QIPOF OVNCFST
BT TJOHMF EJHJUT
/PUF  :PV DBOOPU TBZ  BT gGJWF
GJWF GJWF TJY UIPVTBOETu
/PUF  8IFO TQFBLJOH B IPVTF OVNCFS
TQFBL UIF OVNCFS gu BT g[FSPu *G UIF
MFUUFS gP 0Iu JT JODMVEFE JO UIF IPVTF
OVNCFS JU XJMM OPU CF SFDPHOJ[FE BT UIF
OVNCFS g [FSPu FWFO JG ZPV TQFBL gPIu
JOTUFBE PG g[FSPu 1MFBTF TQFBL g[FSPu GPS
UIF OVNCFS g [FSPu gPIu GPS UIF MFUUFS
gP PIu
4FOE EJHJUT VTJOH EJBM UPOF
. 1SFTT UIF 5"-,
TXJUDI EVSJOH B
QIPOF DBMM
. 5IF NFOV XJMM CF MBVODIFE BOE ZPV XJMM
CF QSPWJEFE XJUI UIF GPMMPXJOH HVJ
EBODF Ï1MFBTF TBZ UIF EJHJUT UP EJBMÏ
. "GUFS HVJEBODF TBZ UIF EJHJUT PG UIF
OVNCFS ZPV XBOU UP TFOE "GUFS UIJT
UIF EJHJUT UIBU IBWF CFFO SFDPHOJ[FE
XJMM CF SFBE PVU
. *G ZPV QSFTT UIF &/5&3 CVUUPO PO UIF
TUFFSJOH XIFFM PS PO UIF */'*/*5* DPO
USPMMFS UIF TFMFDUFE EJHJUT XJMM CF TFOU
4""
4QFBLFS BEBQUBUJPO GVODUJPO GPS
"MUFSOBUF $PNNBOE .PEF
5IF WPJDF SFDPHOJUJPO TZTUFN IBT B GVOD
UJPO UP MFBSO UIF VTFST WPJDF GPS CFUUFS
WPJDF SFDPHOJUJPO QFSGPSNBODF 5IF TZTUFN
DBO NFNPSJ[F UIF WPJDFT PG VQ UP UISFF
QFSTPOT
)BWJOH UIF TZTUFN MFBSO UIF VTFST WPJDF
 1VTI UIF 4&55*/( CVUUPO PO UIF JOTUSV
NFOU QBOFM BOE TFMFDU UIF g0UIFSTu
LFZ
 4FMFDU UIF g7PJDF 3FDPHOJUJPOu LFZ
 4FMFDU UIF g4QFBLFS "EBQUBUJPOu LFZ
4""
 4FMFDU UIF VTFS XIPTF WPJDF JT NFNPS
J[FE CZ UIF TZTUFN
 4FMFDU UIF g4UBSU 4QFBLFS "EBQUBUJPO
-FBSOJOHu LFZ
background
4""
 4FMFDU B DBUFHPSZ UP CF MFBSOFE CZ UIF
TZTUFN GSPN UIF GPMMPXJOH MJTU
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1IPOF $PNNBOET
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/BWJHBUJPO $PNNBOET
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.
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5IF WPJDF DPNNBOET JO UIF DBUFHPSZ
BSF EJTQMBZFE
 4FMFDU B WPJDF DPNNBOE BOE UIFO QVTI
UIF &/5&3 CVUUPO
5IF WPJDF SFDPHOJUJPO TZTUFN TUBSUT
4""
 5IF TZTUFN SFRVFTUT UIBU ZPV SFQFBU B
DPNNBOE BGUFS B UPOF
 "GUFS UIF UPOF TPVOET BOE UIF JDPO PO
UIF TDSFFO DIBOHFT GSPN
UP
TQFBL UIF DPNNBOE UIBU UIF TZTUFN
SFRVFTUFE
8IFO UIF TZTUFN IBT SFDPHOJ[FE UIF
WPJDF DPNNBOE UIF WPJDF PG UIF VTFS JT
MFBSOFE
1VTI UIF
TXJUDI PS #"$, CVUUPO UP
SFUVSO UP UIF QSFWJPVT TDSFFO
*G UIF TZTUFN IBT MFBSOFE UIF DPNNBOE
DPSSFDUMZ UIF WPJDF DPNNBOE TUBUVT PO UIF
SJHIU TJEF PG UIF DPNNBOE UVSOT GSPN
g/POFu UP g4UPSFEu
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
4""
4QFBLFS "EBQUBUJPO GVODUJPO TFUUJOHT
&EJU 6TFS /BNF
&EJU UIF VTFS OBNF VTJOH UIF LFZQBE
EJTQMBZFE PO UIF TDSFFO
%FMFUF 7PJDF %BUB
3FTFUT UIF VTFST WPJDF UIBU UIF WPJDF
SFDPHOJUJPO TZTUFN IBT MFBSOFE
$POUJOVPVT -FBSOJOH
8IFO UIJT JUFN JT UVSOFE UP 0/ ZPV DBO
IBWF UIF TZTUFN MFBSO UIF WPJDF DPNNBOET
JO TVDDFTTJPO XJUIPVU TFMFDUJOH DPN
NBOET POF CZ POF
.JOJNJ[F WPJDF GFFECBDL GPS "MUFS
OBUF $PNNBOE .PEF
5P NJOJNJ[F UIF WPJDF GFFECBDL GSPN UIF
TZTUFN QFSGPSN UIF GPMMPXJOH TUFQT
 1VTI UIF 4&55*/( CVUUPO PO UIF JOTUSV
NFOU QBOFM
 4FMFDU UIF g0UIFSTu LFZ
 4FMFDU UIF g7PJDF 3FDPHOJUJPOu LFZ
 4FMFDU UIF g.JOJNJ[F 7PJDF 'FFECBDLu
LFZ
 5IF TFUUJOH JT UVSOFE UP 0/ BOE UIF
WPJDF HVJEBODF XJMM OPX CF SFEVDFE
XIFO VTJOH UIF 7PJDF 3FDPHOJUJPO
TZTUFN
background
5306#-&4)005*/( (6*%&
5IF TZTUFN TIPVME SFTQPOE DPSSFDUMZ UP BMM WPJDF DPNNBOET XJUIPVU EJGGJDVMUZ *G QSPCMFNT BSF FODPVOUFSFE GPMMPX UIF TPMVUJPOT HJWFO JO
UIJT HVJEF GPS UIF BQQSPQSJBUF FSSPS
8IFSF UIF TPMVUJPOT BSF MJTUFE CZ OVNCFS USZ FBDI TPMVUJPO JO UVSO TUBSUJOH XJUI OVNCFS POF VOUJM UIF QSPCMFN JT SFTPMWFE
4ZNQUPNFSSPS NFTTBHF 4PMVUJPO
5IF TZTUFN GBJMT UP JOUFSQSFU UIF DPNNBOE DPSSFDUMZ
 &OTVSF UIBU UIF DPNNBOE GPSNBU JT WBMJE TFF g$PNNBOE -JTUu 1
 4QFBL DMFBSMZ XJUIPVU QBVTJOH CFUXFFO XPSET BOE BU B MFWFM BQQSPQSJBUF UP UIF BNCJFOU OPJTF MFWFM
 &OTVSF UIBU UIF BNCJFOU OPJTF MFWFM JT OPU FYDFTTJWF GPS FYBNQMF XJOEPXT PQFO PS EFGSPTU PO
/05&
*G JU JT UPP OPJTZ UP VTF UIF QIPOF JU JT MJLFMZ UIBU WPJDF DPNNBOET XJMM OPU CF SFDPHOJ[FE
 *G PQUJPOBM XPSET PG UIF DPNNBOE IBWF CFFO PNJUUFE UIFO UIF DPNNBOE TIPVME CF USJFE XJUI UIFTF JO QMBDF
5IF TZTUFN DPOTJTUFOUMZ TFMFDUT UIF XSPOH WPJDFUBH JO
UIF QIPOFCPPL
 &OTVSF UIBU UIF WPJDFUBH SFRVFTUFE NBUDIFT XIBU XBT PSJHJOBMMZ TUPSFE 4FF g#MVFUPPUI
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)BOET'SFF 1IPOF
4ZTUFNu 1
 3FQMBDF POF PG UIF WPJDFUBHT CFJOH DPOGVTFE XJUI B EJGGFSFOU WPJDFUBH
.POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT 
background
 .POJUPS DMJNBUF BVEJP QIPOF BOE WPJDF SFDPHOJUJPO TZTUFNT
.&.0
background
4UBSUJOH BOE ESJWJOH
1SFDBVUJPOT XIFO TUBSUJOH BOE ESJWJOH 
&YIBVTU HBT DBSCPO NPOPYJEF 
5ISFFXBZ DBUBMZTU  
5JSF 1SFTTVSF .POJUPSJOH 4ZTUFN 51.4  
"WPJEJOH DPMMJTJPO BOE SPMMPWFS  
0OQBWFNFOU BOE PGGSPBE
ESJWJOH QSFDBVUJPOT  
0GGSPBE SFDPWFSZ  
3BQJE BJS QSFTTVSF MPTT  
%SJOLJOH BMDPIPMESVHT BOE ESJWJOH  
%SJWJOH TBGFUZ QSFDBVUJPOT 
1VTICVUUPO JHOJUJPO TXJUDI 
0QFSBUJOH SBOHF GPS FOHJOF TUBSU GVODUJPO 
1VTICVUUPO JHOJUJPO TXJUDI QPTJUJPOT 
&NFSHFODZ FOHJOF TIVU PGG 
*OUFMMJHFOU ,FZ CBUUFSZ EJTDIBSHF  
#FGPSF TUBSUJOH UIF FOHJOF 
4UBSUJOH UIF FOHJOF  
3FNPUF TUBSU JG TP FRVJQQFE  
%SJWJOH UIF WFIJDMF  
&OHJOF QSPUFDUJPO NPEF  
"VUPNBUJD USBOTNJTTJPO 
1BSLJOH CSBLF
-BOF %FQBSUVSF 8BSOJOH -%8 TZTUFN-BOF
%FQBSUVSF 1SFWFOUJPO -%1 TZTUFN JG TP
FRVJQQFE  
-BOF %FQBSUVSF 8BSOJOH -%8 TZTUFN 
-BOF %FQBSUVSF 1SFWFOUJPO -%1 TZTUFN 
-BOF DBNFSB VOJU NBJOUFOBODF  
#MJOE 4QPU 8BSOJOH#MJOE 4QPU *OUFSWFOUJPO
Ë
#BDLVQ $PMMJTJPO *OUFSWFOUJPO TZTUFNT
JG TP FRVJQQFE  
#MJOE 4QPU 8BSOJOH #48 TZTUFN#MJOE 4QPU
*OUFSWFOUJPO
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#4* TZTUFN JG
TP FRVJQQFE  
#48 TZTUFN PQFSBUJPO 
#4* TZTUFN PQFSBUJPO JG TP FRVJQQFE  
#48#4* JG TP FRVJQQFE
TZTUFN QSFDBVUJPOT  
#48#4* JG TP FRVJQQFE
ESJWJOH TJUVBUJPOT  
#BDLVQ $PMMJTJPO *OUFSWFOUJPO
#$* TZTUFN 
#$* TZTUFN EFTDSJQUJPO 
#$* TZTUFN QSFDBVUJPOT  
#$* TZTUFN PQFSBUJPO  
3BEBS NBJOUFOBODF 
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$SVJTF DPOUSPM JG TP FRVJQQFE 
1SFDBVUJPOT PO DSVJTF DPOUSPM  
$SVJTF DPOUSPM PQFSBUJPOT  
*OUFMMJHFOU $SVJTF $POUSPM *$$ TZTUFN JG
TP FRVJQQFE 
4FMFDUJOH WFIJDMFUPWFIJDMF EJTUBODF
DPOUSPM NPEF 
7FIJDMFUPWFIJDMF EJTUBODF DPOUSPM NPEF 
1SFDBVUJPOT PO WFIJDMFUPWFIJDMF EJTUBODF
DPOUSPM NPEF 
7FIJDMFUPWFIJDMF EJTUBODF DPOUSPM
NPEF PQFSBUJPO  
$POWFOUJPOBM GJYFE TQFFE DSVJTF
DPOUSPM NPEF 
%JTUBODF $POUSPM "TTJTU %$" TZTUFN JG
TP FRVJQQFE
1SFDBVUJPOT PO %$" TZTUFN 
%$" TZTUFN PQFSBUJPO 
'PSXBSE FNFSHFODZ CSBLJOH TZTUFN JG
TP FRVJQQFE 
4ZTUFN PQFSBUJPO 
1SFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH TZTUFN JG
TP FRVJQQFE 
4ZTUFN PQFSBUJPO 
#SFBLJO TDIFEVMF 
'VFM FGGJDJFOU ESJWJOH UJQT  
*ODSFBTJOH GVFM FDPOPNZ 
*/'*/*5* BMMNPEF 8%
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JG TP FRVJQQFE  
*/'*/*5* BMMNPEF 8%
Ë
TZTUFN  
8% TIJGU TXJUDI  
8% TIJGU JOEJDBUPS 
8% XBSOJOH MJHIU 
)JMM 4UBSU "TTJTU TZTUFN 
1BSLJOHQBSLJOH PO IJMMT  
5PX NPEF  
4/08 NPEF  
1PXFS TUFFSJOH 
#SBLF TZTUFN 
#SBLJOH QSFDBVUJPOT  
1BSLJOH CSBLF CSFBLJO  
#SBLF BTTJTU 
#SBLF BTTJTU  
"OUJMPDL #SBLJOH 4ZTUFN "#4  
7FIJDMF %ZOBNJD $POUSPM 7%$ TZTUFN  
7FIJDMF %ZOBNJD $POUSPM 7%$
0'' TXJUDI 
$PME XFBUIFS ESJWJOH 
'SFFJOH B GSP[FO EPPS MPDL  
"OUJGSFF[F 
#BUUFSZ  
%SBJOJOH PG DPPMBOU XBUFS  
5JSF FRVJQNFOU  
4QFDJBM XJOUFS FRVJQNFOU  
%SJWJOH PO TOPX PS JDF 
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WFIJDMF QMBDBSE PS UJSF JOGMBUJPO QSFTTVSF
MBCFM *G ZPVS WFIJDMF IBT UJSFT PG B EJGGFSFOU
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TIPVME EFUFSNJOF UIF QSPQFS UJSF JOGMBUJPO
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BOE NBZ BGGFDU UIF WFIJDMFT IBOEMJOH BOE
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1MFBTF PCTFSWF UIF GPMMPXJOH QSFDBVUJPOT
8"3/*/(
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BWPJE EBOHFSPVT BSFBT &WFSZ QFSTPO
XIP ESJWFT PS SJEFT JO UIJT WFIJDMF TIPVME
CF TFBUFE XJUI UIFJS TFBU CFMU GBTUFOFE
5IJT XJMM LFFQ ZPV BOE ZPVS QBTTFOHFST
JO QPTJUJPO XIFO ESJWJOH PWFS SPVHI
UFSSBJO
. %P OPU ESJWF BDSPTT TUFFQ TMPQFT *OTUFBE
ESJWF FJUIFS TUSBJHIU VQ PS TUSBJHIU EPXO
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
UIF TMPQFT 0GGSPBE WFIJDMFT DBO UJQ PWFS
TJEFXBZT NVDI NPSF FBTJMZ UIBO UIFZ
DBO GPSXBSE PS CBDLXBSE
. .BOZ IJMMT BSF UPP TUFFQ GPS BOZ WFIJDMF
*G ZPV ESJWF VQ UIFN ZPV NBZ TUBMM *G ZPV
ESJWF EPXO UIFN ZPV NBZ OPU CF BCMF UP
DPOUSPM ZPVS TQFFE *G ZPV ESJWF BDSPTT
UIFN ZPV NBZ SPMM PWFS
. %P OPU TIJGU SBOHFT XIJMF ESJWJOH PO
EPXOIJMM HSBEFT BT UIJT DPVME DBVTF MPTT
PG DPOUSPM PG UIF WFIJDMF
. 4UBZ BMFSU XIFO ESJWJOH UP UIF UPQ PG B
IJMM "U UIF UPQ UIFSF DPVME CF B ESPQPGG
PS PUIFS IB[BSE UIBU DPVME DBVTF BO
BDDJEFOU
. *G ZPVS FOHJOF TUBMMT PS ZPV DBOOPU NBLF
JU UP UIF UPQ PG B TUFFQ IJMM OFWFS BUUFNQU
UP UVSO BSPVOE :PVS WFIJDMF DPVME UJQ PS
SPMM PWFS "MXBZT CBDL TUSBJHIU EPXO JO 3
3FWFSTF SBOHF /FWFS CBDL EPXO JO /
/FVUSBM VTJOH POMZ UIF CSBLF BT UIJT
DPVME DBVTF MPTT PG DPOUSPM
. )FBWZ CSBLJOH HPJOH EPXO B IJMM DPVME
DBVTF ZPVS CSBLFT UP PWFSIFBU BOE GBEF
SFTVMUJOH JO MPTT PG DPOUSPM BOE BO
BDDJEFOU "QQMZ CSBLFT MJHIUMZ BOE VTF
B MPX SBOHF UP DPOUSPM ZPVS TQFFE
. 6OTFDVSFE DBSHP DBO CF UISPXO BSPVOE
XIFO ESJWJOH PWFS SPVHI UFSSBJO 1SPQ
FSMZ TFDVSF BMM DBSHP TP JU XJMM OPU CF
UISPXO GPSXBSE BOE DBVTF JOKVSZ UP ZPV
PS ZPVS QBTTFOHFST
. 5P BWPJE SBJTJOH UIF DFOUFS PG HSBWJUZ
FYDFTTJWFMZ EP OPU FYDFFE UIF SBUFE
DBQBDJUZ PG UIF SPPG SBDL JG TP FRVJQQFE
BOE FWFOMZ EJTUSJCVUF UIF MPBE 4FDVSF
IFBWZ MPBET JO UIF DBSHP BSFB BT GBS
GPSXBSE BOE BT MPX BT QPTTJCMF %P OPU
FRVJQ UIF WFIJDMF XJUI UJSFT MBSHFS UIBO
TQFDJGJFE JO UIJT NBOVBM 5IJT DPVME
DBVTF ZPVS WFIJDMF UP SPMM PWFS
. %P OPU HSJQ UIF JOTJEF PS TQPLFT PG UIF
TUFFSJOH XIFFM XIFO ESJWJOH PGGSPBE
5IF TUFFSJOH XIFFM DPVME NPWF TVEEFOMZ
BOE JOKVSF ZPVS IBOET *OTUFBE ESJWF XJUI
ZPVS GJOHFST BOE UIVNCT PO UIF PVUTJEF
PG UIF SJN
. #FGPSF PQFSBUJOH UIF WFIJDMF FOTVSF UIBU
UIF ESJWFS BOE BMM QBTTFOHFST IBWF UIFJS
TFBU CFMUT GBTUFOFE
. "MXBZT ESJWF XJUI UIF GMPPS NBUT JO QMBDF
BT UIF GMPPS NBZ CFDBNF IPU
. -PXFS ZPVS TQFFE XIFO FODPVOUFSJOH
TUSPOH DSPTTXJOET 8JUI B IJHIFS DFOUFS
PG HSBWJUZ ZPVS */'*/*5* JT NPSF BGGFDUFE
CZ TUSPOH TJEF XJOET 4MPXFS TQFFET
FOTVSF CFUUFS WFIJDMF DPOUSPM
. %P OPU ESJWF CFZPOE UIF QFSGPSNBODF
DBQBCJMJUZ PG UIF UJSFT FWFO XJUI 8%
FOHBHFE
. 'PS 8% FRVJQQFE WFIJDMFT EP OPU
BUUFNQU UP SBJTF UXP XIFFMT PGG UIF
HSPVOE BOE TIJGU UIF USBOTNJTTJPO UP
BOZ ESJWF PS SFWFSTF QPTJUJPO XJUI UIF
FOHJOF SVOOJOH %PJOH TP NBZ SFTVMU JO
ESJWFUSBJO EBNBHF PS VOFYQFDUFE WFIJDMF
NPWFNFOU XIJDI DPVME SFTVMU JO TFSJPVT
WFIJDMF EBNBHF PS QFSTPOBM JOKVSZ
. %P OPU BUUFNQU UP UFTU B 8% FRVJQQFE
WFIJDMF PO B XIFFM EZOBNPNFUFS TVDI
BT UIF EZOBNPNFUFST VTFE CZ TPNF
TUBUFT GPS FNJTTJPOT UFTUJOH PS TJNJMBS
FRVJQNFOU FWFO JG UIF PUIFS UXP XIFFMT
BSF SBJTFE PGG UIF HSPVOE .BLF TVSF ZPV
JOGPSN UFTU GBDJMJUZ QFSTPOOFM UIBU ZPVS
WFIJDMF JT FRVJQQFE XJUI 8% CFGPSF JU JT
QMBDFE PO B EZOBNPNFUFS 6TJOH UIF
XSPOH UFTU FRVJQNFOU NBZ SFTVMU JO
ESJWFUSBJO EBNBHF PS VOFYQFDUFE WFIJDMF
NPWFNFOU XIJDI DPVME SFTVMU JO TFSJPVT
WFIJDMF EBNBHF PS QFSTPOBM JOKVSZ 8%
NPEFMT
. 8IFO B XIFFM JT PGG UIF HSPVOE EVF UP BO
background
VOMFWFM TVSGBDF EP OPU TQJO UIF XIFFM
FYDFTTJWFMZ
. "DDFMFSBUJOH RVJDLMZ TIBSQ TUFFSJOH
NBOFVWFST PS TVEEFO CSBLJOH NBZ DBVTF
MPTT PG DPOUSPM
. *G BU BMM QPTTJCMF BWPJE TIBSQ UVSOJOH
NBOFVWFST QBSUJDVMBSMZ BU IJHI TQFFET
:PVS WFIJDMF IBT B IJHIFS DFOUFS PG
HSBWJUZ UIBO B DPOWFOUJPOBM QBTTFOHFS
DBS 5IF WFIJDMF JT OPU EFTJHOFE GPS
DPSOFSJOH BU UIF TBNF TQFFET BT DPO
WFOUJPOBM QBTTFOHFS DBST 'BJMVSF UP
PQFSBUF UIJT WFIJDMF DPSSFDUMZ DPVME
SFTVMU JO MPTT PG DPOUSPM BOEPS B SPMMPWFS
BDDJEFOU
. "MXBZT VTF UJSFT PG UIF TBNF UZQF TJ[F
CSBOE DPOTUSVDUJPO CJBT CJBTCFMUFE PS
SBEJBM BOE USFBE QBUUFSO PO BMM GPVS
XIFFMT *OTUBMM UJSF DIBJOT PO UIF SFBS
XIFFMT XIFO ESJWJOH PO TMJQQFSZ SPBET
BOE ESJWF DBSFGVMMZ
. #F TVSF UP DIFDL UIF CSBLFT JNNFEJBUFMZ
BGUFS ESJWJOH JO NVE PS XBUFS 4FF g#SBLF
TZTUFNu 1 GPS XFU CSBLFT
. "WPJE QBSLJOH ZPVS WFIJDMF PO TUFFQ
IJMMT *G ZPV HFU PVU PG UIF WFIJDMF BOE JU
SPMMT GPSXBSE CBDLXBSE PS TJEFXBZT ZPV
DPVME CF JOKVSFE
. 8IFOFWFS ZPV ESJWF PGGSPBE UISPVHI
TBOE NVE PS XBUFS BT EFFQ BT UIF XIFFM
IVC NPSF GSFRVFOU NBJOUFOBODF NBZ CF
SFRVJSFE 4FF UIF NBJOUFOBODF JOGPSNB
UJPO JO UIF g*/'*/*5* 4FSWJDF BOE .BJO
UFOBODF (VJEFu
. 4QJOOJOH UIF SFBS XIFFMT PO TMJQQFSZ
TVSGBDFT NBZ DBVTF UIF 8% XBSOJOH
MJHIU UP GMBTI 5IF 8% TZTUFN NBZ BMTP
BVUPNBUJDBMMZ TXJUDI GSPN UIF 8% NPEF
UP UIF 8% NPEF 5IJT DPVME SFEVDF
USBDUJPO #F FTQFDJBMMZ DBSFGVM XIFO
UPXJOH B USBJMFS 8% NPEFMT
8"3/*/(
%P OPU PQFSBUF UIF QVTICVUUPO JHOJUJPO
TXJUDI XIJMF ESJWJOH UIF WFIJDMF FYDFQU JO BO
FNFSHFODZ 5IF FOHJOF XJMM TUPQ XIFO UIF
JHOJUJPO TXJUDI JT QVTIFE DPOTFDVUJWF
UJNFT PS UIF JHOJUJPO TXJUDI JT QVTIFE BOE
IFME GPS NPSF UIBO TFDPOET *G UIF FOHJOF
TUPQT XIJMF UIF WFIJDMF JT CFJOH ESJWFO UIJT
DPVME MFBE UP B DSBTI BOE TFSJPVT JOKVSZ
#FGPSF PQFSBUJOH UIF QVTICVUUPO JHOJUJPO
TXJUDI CF TVSF UP NPWF UIF TIJGU MFWFS UP
UIF 1 1BSL QPTJUJPO
4UBSUJOH BOE ESJWJOH 
164)#6550/ *(/*5*0/ 48*5$)
background
 4UBSUJOH BOE ESJWJOH
44%
01&3"5*/( 3"/(& '03 &/(*/&
45"35 '6/$5*0/
5IF PQFSBUJOH SBOHF GPS TUBSUJOH UIF FOHJOF
JOTJEF UIF WFIJDMF
*
JT TIPXO JO UIF
JMMVTUSBUJPO
. *G UIF *OUFMMJHFOU ,FZ JT PO UIF JOTUSV
NFOU QBOFM DBSHP BSFB JOTJEF UIF
HMPWF CPY PS EPPS QPDLFU PS UIF DPSOFS
PG JOUFSJPS DPNQBSUNFOU JU NBZ OPU CF
QPTTJCMF UP TUBSU UIF FOHJOF
. *G UIF *OUFMMJHFOU ,FZ JT OFBS UIF EPPS PS
EPPS HMBTT PVUTJEF UIF WFIJDMF JU NBZ
CF QPTTJCMF UP TUBSU UIF FOHJOF
44%
8IFO UIF JHOJUJPO TXJUDI JT QVTIFE XJUIPVU
EFQSFTTJOH UIF CSBLF QFEBM UIF JHOJUJPO
TXJUDI QPTJUJPO XJMM DIBOHF BT GPMMPXT
. 1VTI DFOUFS PODF UP DIBOHF UP "$$
. 1VTI DFOUFS UXP UJNFT UP DIBOHF UP 0/
. 1VTI DFOUFS UISFF UJNFT UP DIBOHF UP
0'' /P QPTJUJPO JMMVNJOBUFT
. 1VTI DFOUFS GPVS UJNFT UP SFUVSO UP "$$
. 0QFO PS DMPTF BOZ EPPS UP SFUVSO UP
-0$, EVSJOH UIF 0'' QPTJUJPO
5IF JHOJUJPO MPDL JT EFTJHOFE TP UIBU UIF
JHOJUJPO TXJUDI QPTJUJPO DBOOPU CF TXJUDIFE
UP -0$, VOUJM UIF TIJGU MFWFS JT NPWFE UP UIF
1 1BSL QPTJUJPO
8IFO UIF JHOJUJPO TXJUDI DBOOPU CF QVTIFE
UPXBSE UIF -0$, QPTJUJPO QSPDFFE BT
GPMMPXT
 .PWF UIF TIJGU MFWFS JOUP UIF 1 1BSL
QPTJUJPO
 1VTI UIF JHOJUJPO TXJUDI UP UIF 0''
QPTJUJPO 5IF JHOJUJPO TXJUDI QPTJUJPO
JOEJDBUPS XJMM OPU JMMVNJOBUF
 0QFO UIF EPPS 5IF JHOJUJPO TXJUDI XJMM
DIBOHF UP UIF -0$, QPTJUJPO
5IF TIJGU MFWFS DBO CF NPWFE GSPN UIF 1
1BSL QPTJUJPO JG UIF JHOJUJPO TXJUDI JT JO
UIF 0/ QPTJUJPO BOE UIF CSBLF QFEBM JT
EFQSFTTFE
*G UIF CBUUFSZ PG UIF WFIJDMF JT EJTDIBSHFE
UIF QVTICVUUPO JHOJUJPO TXJUDI DBOOPU CF
UVSOFE GSPN UIF -0$, QPTJUJPO
4PNF JOEJDBUPST BOE XBSOJOHT GPS PQFSB
UJPO BSF EJTQMBZFE PO UIF WFIJDMF JOGPSNB
UJPO EJTQMBZ CFUXFFO UIF TQFFEPNFUFS BOE
UBDIPNFUFS 4FF g7FIJDMF JOGPSNBUJPO EJT
QMBZu 1
background
164)#6550/ *(/*5*0/ 48*5$)
104*5*0/4
-0$, /PSNBM QBSLJOH QPTJUJPO
5IF JHOJUJPO TXJUDI DBO POMZ CF MPDLFE JO
UIJT QPTJUJPO
5IF JHOJUJPO TXJUDI XJMM CF VOMPDLFE XIFO JU
JT QVTIFE UP UIF "$$ QPTJUJPO XIJMF
DBSSZJOH UIF *OUFMMJHFOU ,FZ
"$$ "DDFTTPSJFT
5IJT QPTJUJPO BDUJWBUFT FMFDUSJDBM BDDFT
TPSJFT TVDI BT UIF SBEJP XIFO UIF FOHJOF
JT OPU SVOOJOH
"$$ IBT B CBUUFSZ TBWFS GFBUVSF UIBU XJMM
UVSO UIF JHOJUJPO TXJUDI UP UIF 0'' QPTJUJPO
BGUFS B QFSJPE PG UJNF VOEFS UIF GPMMPXJOH
DPOEJUJPOT
. BMM EPPST BSF DMPTFE
. TIJGU MFWFS JT JO 1 1BSL
. UVSO TJHOBMIB[BSE JOEJDBUPS MJHIUT BSF
OPU GMBTIJOH
5IF CBUUFSZ TBWFS GFBUVSF XJMM CF DBODFMMFE
JG BOZ PG UIF GPMMPXJOH PDDVS
. BOZ EPPS JT PQFOFE
. TIJGU MFWFS JT NPWFE PVU PG 1 1BSL
. JHOJUJPO TXJUDI DIBOHFT QPTJUJPO
0/ /PSNBM PQFSBUJOH QPTJUJPO
5IJT QPTJUJPO UVSOT PO UIF JHOJUJPO TZTUFN
BOE FMFDUSJDBM BDDFTTPSJFT
0/ IBT B CBUUFSZ TBWFS GFBUVSF UIBU XJMM UVSO
UIF JHOJUJPO TXJUDI UP UIF 0'' QPTJUJPO JG
UIF WFIJDMF JT OPU SVOOJOH BGUFS TPNF UJNF
VOEFS UIF GPMMPXJOH DPOEJUJPOT
. BMM EPPST BSF DMPTFE
. TIJGU MFWFS JT JO 1 1BSL
. UVSO TJHOBMIB[BSE JOEJDBUPS MJHIUT BSF
OPU GMBTIJOH
5IF CBUUFSZ TBWFS GFBUVSF XJMM CF DBODFMMFE
JG BOZ PG UIF GPMMPXJOH PDDVS
. BOZ EPPS JT PQFOFE
. TIJGU MFWFS JT NPWFE PVU PG 1 1BSL
. JHOJUJPO TXJUDI DIBOHFT QPTJUJPO
0''
5IF FOHJOF DBO CF UVSOFE PGG JO UIF
QPTJUJPO
5IF JHOJUJPO MPDL JT EFTJHOFE TP UIBU UIF
JHOJUJPO TXJUDI DBOOPU CF TXJUDIFE UP UIF
-0$, QPTJUJPO VOUJM UIF TIJGU MFWFS JT NPWFE
UP UIF 1 1BSL QPTJUJPO
$"65*0/
%P OPU MFBWF UIF WFIJDMF XJUI UIF QVTI
CVUUPO JHOJUJPO TXJUDI JO "$$ PS 0/ QPTJ
UJPOT XIFO UIF FOHJOF JT OPU SVOOJOH GPS BO
FYUFOEFE QFSJPE 5IJT DBO EJTDIBSHF UIF
CBUUFSZ
&.&3(&/$: &/(*/& 4)65 0''
5P TIVU PGG UIF FOHJOF JO BO FNFSHFODZ
TJUVBUJPO XIJMF ESJWJOH QFSGPSN UIF GPMMPX
JOH QSPDFEVSF
. 3BQJEMZ QVTI UIF QVTICVUUPO JHOJUJPO
TXJUDI DPOTFDVUJWF UJNFT JO MFTT UIBO
 TFDPOET PS
. 1VTI BOE IPME UIF QVTICVUUPO JHOJUJPO
TXJUDI GPS NPSF UIBO TFDPOET
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
44%
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$)"3(&
*G UIF CBUUFSZ PG UIF *OUFMMJHFOU ,FZ JT
EJTDIBSHFE PS FOWJSPONFOUBM DPOEJUJPOT
JOUFSGFSF XJUI UIF *OUFMMJHFOU ,FZ PQFSBUJPO
TUBSU UIF FOHJOF BDDPSEJOH UP UIF GPMMPXJOH
QSPDFEVSF
 .PWF UIF TIJGU MFWFS UP UIF 1 1BSL
QPTJUJPO
 'JSNMZ BQQMZ UIF GPPU CSBLF
 5PVDI UIF JHOJUJPO TXJUDI XJUI UIF
*OUFMMJHFOU ,FZ BT JMMVTUSBUFE " DIJNF
XJMM TPVOE
 1VTI UIF JHOJUJPO TXJUDI XIJMF EFQSFT
TJOH UIF CSBLF QFEBM XJUIJO  TFDPOET
BGUFS UIF DIJNF TPVOET 5IF FOHJOF XJMM
TUBSU
"GUFS TUFQ JT QFSGPSNFE XIFO UIF JHOJUJPO
TXJUDI JT QVTIFE XJUIPVU EFQSFTTJOH UIF
CSBLF QFEBM UIF JHOJUJPO TXJUDI QPTJUJPO
XJMM DIBOHF UP "$$
/05&
. 8IFO UIF JHOJUJPO TXJUDI JT QVTIFE UP
UIF "$$ PS 0/ QPTJUJPO PS UIF FOHJOF JT
TUBSUFE CZ UIF BCPWF QSPDFEVSFT UIF
*OUFMMJHFOU ,FZ CBUUFSZ EJTDIBSHF JOEJ
DBUPS BQQFBST PO UIF WFIJDMF JOGPSNB
UJPO EJTQMBZ FWFO JG UIF *OUFMMJHFOU ,FZ
JT JOTJEF UIF WFIJDMF 5IJT JT OPU B
NBMGVODUJPO 5P UVSO PGG UIF *OUFMMJHFOU
,FZ CBUUFSZ EJTDIBSHF JOEJDBUPS UPVDI
UIF JHOJUJPO TXJUDI XJUI UIF *OUFMMJHFOU
,FZ BHBJO
. *G UIF *OUFMMJHFOU ,FZ CBUUFSZ EJTDIBSHF
JOEJDBUPS BQQFBST SFQMBDF UIF CBUUFSZ
BT TPPO BT QPTTJCMF 4FF g#BUUFSZu
1
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JT DMFBS
. $IFDL GMVJE MFWFMT TVDI BT FOHJOF PJM
DPPMBOU CSBLF GMVJE BOE XJOEPX XBTIFS
GMVJE BT GSFRVFOUMZ BT QPTTJCMF PS BU
MFBTU XIFOFWFS ZPV SFGVFM
. $IFDL UIBU BMM XJOEPXT BOE MJHIUT BSF
DMFBO
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BODF BOE DPOEJUJPO "MTP DIFDL UJSFT GPS
QSPQFS JOGMBUJPO
. -PDL BMM EPPST
. 1PTJUJPO TFBU BOE BEKVTU IFBE SF
TUSBJOUTIFBESFTUT
. "EKVTU JOTJEF BOE PVUTJEF NJSSPST
. 'BTUFO TFBU CFMUT BOE BTL BMM QBTTFO
HFST UP EP MJLFXJTF
. $IFDL UIF PQFSBUJPO PG XBSOJOH MJHIUT
XIFO UIF JHOJUJPO TXJUDI JT QVTIFE UP
UIF 0/ QPTJUJPO 4FF g8BSOJOHJOEJDB
UPS MJHIUT BOE BVEJCMF SFNJOEFSTu 1

#&'03& 45"35*/( 5)& &/(*/&
background
 "QQMZ UIF QBSLJOH CSBLF
 .PWF UIF TIJGU MFWFS UP UIF 1 1BSL PS /
/FVUSBM QPTJUJPO 1 JT SFDPNNFOEFE
5IF TUBSUFS JT EFTJHOFE OPU UP PQFSBUF
VOMFTT UIF TIJGU MFWFS JT JO FJUIFS PG UIF
BCPWF QPTJUJPOT
 1VTI UIF JHOJUJPO TXJUDI UP UIF 0/
QPTJUJPO %FQSFTT UIF CSBLF QFEBM BOE
QVTI UIF JHOJUJPO TXJUDI UP TUBSU UIF
FOHJOF
5P TUBSU UIF FOHJOF JNNFEJBUFMZ QVTI
BOE SFMFBTF UIF JHOJUJPO TXJUDI XIJMF
EFQSFTTJOH UIF CSBLF QFEBM XJUI UIF
JHOJUJPO TXJUDI JO BOZ QPTJUJPO
.
*G UIF FOHJOF JT WFSZ IBSE UP TUBSU JO
FYUSFNFMZ DPME XFBUIFS PS XIFO
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TFMFDU 0/ FOBCMFE PS 0'' EJTBCMFE
BOE QVTI UIF &/5&3 CVUUPO
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#48 UFNQPSBSJMZ OPU BWBJMBCMF
6OEFS UIF GPMMPXJOH DPOEJUJPOT UIF #48
TZTUFN XJMM CF UVSOFE PGG BVUPNBUJDBMMZ B
DIJNF XJMM TPVOE BOE UIF #48#4* TZTUFN
XBSOJOH MJHIU PSBOHF XJMM CMJOL 5IF #48
TZTUFN JT OPU BWBJMBCMF VOUJM UIF DPOEJUJPOT
OP MPOHFS FYJTU
. 8IFO UIF DBNFSB EFUFDUT UIBU UIF
JOUFSJPS UFNQFSBUVSF JT IJHI PWFS BQ
QSPYJNBUFMZ 8' 8$
. 8IFO SBEBS CMPDLBHF JT EFUFDUFE
5IF SBEBS TFOTPST NBZ CF CMPDLFE CZ
UFNQPSBSZ BNCJFOU DPOEJUJPOT TVDI BT
TQMBTIJOH XBUFS NJTU PS GPH 5IF CMPDLFE
DPOEJUJPO NBZ BMTP CF DBVTFE CZ PCKFDUT
TVDI BT JDF GSPTU PS EJSU PCTUSVDUJOH UIF
SBEBS TFOTPST
8IFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
UIF #48 TZTUFN XJMM SFTVNF BVUPNBUJDBMMZ
*G UIF XBSOJOH MJHIU PSBOHF DPOUJOVFT UP
CMJOL IBWF UIF #48 TZTUFN DIFDLFE CZ BO
*/'*/*5* SFUBJMFS
#48 NBMGVODUJPO
8IFO UIF #48 TZTUFN NBMGVODUJPOT JU XJMM
CF UVSOFE PGG BVUPNBUJDBMMZ B DIJNF XJMM
TPVOE BOE UIF #48#4* TZTUFN XBSOJOH
MJHIU PSBOHF XJMM JMMVNJOBUF
"DUJPO UP UBLF
4UPQ UIF WFIJDMF JO B TBGF MPDBUJPO QMBDF
UIF TIJGU MFWFS JO UIF 1 1BSL QPTJUJPO UVSO
UIF FOHJOF PGG BOE SFTUBSU UIF FOHJOF
*G UIF XBSOJOH MJHIU PSBOHF DPOUJOVFT UP
JMMVNJOBUF IBWF UIF #48 TZTUFN DIFDLFE
CZ BO */'*/*5* SFUBJMFS
44%
#MJOE TQPU XBSOJOH JOEJDBUPS MJHIU
#4* 4:45&. 01&3"5*0/ JG TP
FRVJQQFE
*G UIF SBEBS TFOTPST EFUFDU B WFIJDMF JO UIF
EFUFDUJPO [POF UIF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU MPDBUFE CZ UIF PVUTJEF
NJSSPST JMMVNJOBUFT *G ZPVS WFIJDMF JT
BQQSPBDIJOH B MBOF NBSLFS UIF TZTUFN
DIJNFT UISFF UJNFT BOE UIF #MJOE TQPU
XBSOJOH JOEJDBUPS MJHIU GMBTIFT 5IFO UIF
TZTUFN BQQMJFT UIF CSBLFT PO POF TJEF PG
UIF WFIJDMF GPS B NPNFOU UP IFMQ SFUVSO UIF
WFIJDMF CBDL UP UIF DFOUFS PG UIF MBOF 5IF
#4* TZTUFN PQFSBUFT SFHBSEMFTT PG UVSO
TJHOBM VTBHF
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
/05&
. 8BSOJOH BOE TZTUFN BQQMJDBUJPO PG UIF
CSBLFT XJMM POMZ CF BDUJWBUFE JG UIF
#MJOE TQPU XBSOJOH JOEJDBUPS MJHIU JT
BMSFBEZ JMMVNJOBUFE XIFO ZPVS WFIJDMF
BQQSPBDIFT B MBOF NBSLFS *G BOPUIFS
WFIJDMF DPNFT JOUP UIF EFUFDUJPO [POF
BGUFS ZPVS WFIJDMF IBT DSPTTFE B MBOF
NBSLFS OP XBSOJOH PS TZTUFN BQQMJDB
UJPO PG UIF CSBLFT XJMM CF BDUJWBUFE
4FF g#48#4* ESJWJOH TJUVBUJPOTu
1
. 5IF #4* TZTUFN JT UZQJDBMMZ BDUJWBUFE
FBSMJFS UIBO UIF -BOF %FQBSUVSF 1SF
WFOUJPO -%1 TZTUFN XIFO ZPVS WFIJ
DMF JT BQQSPBDIJOH B MBOF NBSLFS
44%
#4* 0/ JOEJDBUPS MJHIU HSFFO
44%
%ZOBNJD ESJWFS BTTJTUBODF TXJUDI
5IF #4* TZTUFN UVSOT PO XIFO UIF EZOBNJD
ESJWFS BTTJTUBODF TXJUDI PO UIF TUFFSJOH
XIFFM JT QVTIFE XIFO g#MJOE 4QPU *OUFS
WFOUJPOu JT FOBCMFE JO UIF TFUUJOHT NFOV
PO UIF DFOUFS EJTQMBZ 5IF #4* 0/ JOEJDBUPS
MJHIU HSFFO PO UIF JOTUSVNFOU QBOFM
JMMVNJOBUFT XIFO UIF #4* TZTUFN JT UVSOFE
PO
5IF #4* TZTUFN QSPWJEFT B DIJNF BOE UVSOT
PO PS GMBTIFT UIF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU FWFO JG UIF #48 TZTUFN JT
PGG
background
44%
44%
)PX UP FOBCMFEJTBCMF UIF #4*
TZTUFN
1FSGPSN UIF GPMMPXJOH TUFQT UP FOBCMF PS
EJTBCMF UIF #4* TZTUFN
 1VTI UIF 4&55*/( CVUUPO
*
BOE IJHI
MJHIU UIF g%SJWFS "TTJTUBODFu LFZ PO UIF
EJTQMBZ VTJOH UIF */'*/*5* DPOUSPMMFS
5IFO QVTI UIF &/5&3 CVUUPO
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 )JHIMJHIU UIF g%ZOBNJD "TTJTUBODF 4FU
UJOHTu LFZ BOE QVTI UIF &/5&3 CVUUPO
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44%
 )JHIMJHIU UIF g#MJOE 4QPU *OUFSWFOUJPOu
LFZ TFMFDU 0/ FOBCMFE PS 0'' EJT
BCMFE BOE QVTI UIF &/5&3 CVUUPO
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'PS UIF -%1 BOE %$" TZTUFNT TFF g-BOF
%FQBSUVSF 8BSOJOH -%8 TZTUFN-BOF
%FQBSUVSF 1SFWFOUJPO -%1 TZTUFN u 1
 BOE g%JTUBODF $POUSPM "TTJTU %$"
TZTUFNu 1
#4* UFNQPSBSJMZ OPU BWBJMBCMF
. 6OEFS UIF GPMMPXJOH DPOEJUJPOT B DIJNF
XJMM TPVOE UIF #4* 0/ JOEJDBUPS MJHIU
HSFFO XJMM CMJOL BOE UIF #4* TZTUFN
XJMM CF UVSOFE PGG BVUPNBUJDBMMZ 5IF #4*
TZTUFN XJMM OPU CF BWBJMBCMF VOUJM UIF
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
DPOEJUJPOT OP MPOHFS FYJTU
8IFO UIF 7%$ TZTUFN FYDFQU 5$4
GVODUJPO PS "#4 PQFSBUFT
8IFO UIF 7%$ TZTUFN JT UVSOFE PGG
8IFO UIF ESJWF NPEF TFMFDU TXJUDI
JT UVSOFE UP UIF 4/08 NPEF
"DUJPO UP UBLF
5VSO PGG UIF #4* TZTUFN BOE UVSO JU PO BHBJO
XIFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
. 6OEFS UIF GPMMPXJOH DPOEJUJPOT UIF #4*
TZTUFN XJMM CF UVSOFE PGG BVUPNBUJDBMMZ
B DIJNF XJMM TPVOE BOE UIF #48#4*
TZTUFN XBSOJOH MJHIU PSBOHF XJMM
CMJOL 5IF #4* TZTUFN JT OPU BWBJMBCMF
VOUJM UIF DPOEJUJPOT OP MPOHFS FYJTU
8IFO UIF DBNFSB EFUFDUT UIBU UIF
JOUFSJPS UFNQFSBUVSF JT IJHI PWFS
BQQSPYJNBUFMZ 8' 8$
8IFO SBEBS CMPDLBHF JT EFUFDUFE
5IF SBEBS TFOTPST NBZ CF CMPDLFE CZ
UFNQPSBSZ BNCJFOU DPOEJUJPOT TVDI BT
TQMBTIJOH XBUFS NJTU PS GPH 5IF CMPDLFE
DPOEJUJPO NBZ BMTP CF DBVTFE CZ PCKFDUT
TVDI BT JDF GSPTU PS EJSU PCTUSVDUJOH UIF
SBEBS TFOTPST
"DUJPO UP UBLF
8IFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
UVSO UIF #4* TZTUFN PGG BOE UVSO JU PO BHBJO
*G UIF #48#4* TZTUFN XBSOJOH MJHIU
PSBOHF DPOUJOVFT UP CMJOL FWFO BGUFS UIF
#4* TZTUFN JT UVSOFE PO BHBJO TUPQ UIF
WFIJDMF JO B TBGF MPDBUJPO QMBDF UIF TIJGU
MFWFS JO UIF 1 1BSL QPTJUJPO BOE UVSO UIF
FOHJOF PGG $IFDL GPS BOE SFNPWF PCKFDUT
PCTDVSJOH UIF SBEBS TFOTPST PO UIF SFBS
CVNQFS BOE SFTUBSU UIF FOHJOF
*G UIF XBSOJOH MJHIU PSBOHF DPOUJOVFT UP
CMJOL IBWF UIF #4* TZTUFN DIFDLFE CZ BO
*/'*/*5* SFUBJMFS
#4* NBMGVODUJPO
8IFO UIF #4* TZTUFN NBMGVODUJPOT JU XJMM
CF UVSOFE PGG BVUPNBUJDBMMZ B DIJNF XJMM
TPVOE BOE UIF #48#4* TZTUFN XBSOJOH
MJHIU PSBOHF XJMM JMMVNJOBUF
"DUJPO UP UBLF
4UPQ UIF WFIJDMF JO B TBGF MPDBUJPO QMBDF
UIF TIJGU MFWFS JO UIF 1 1BSL QPTJUJPO UVSO
UIF FOHJOF PGG BOE SFTUBSU UIF FOHJOF
*G UIF XBSOJOH MJHIU PSBOHF DPOUJOVFT UP
JMMVNJOBUF IBWF UIF #4* TZTUFN DIFDLFE CZ
BO */'*/*5* SFUBJMFS
#48#4* JG TP FRVJQQFE 4:45&.
13&$"65*0/4
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EFUFDU BOE BDUJWBUF #48#4* JG TP
FRVJQQFE XIFO DFSUBJO PCKFDUT BSF
QSFTFOU TVDI BT
1FEFTUSJBOT CJDZDMFT BOJNBMT
7FIJDMFT TVDI BT NPUPSDZDMFT MPX
IFJHIU WFIJDMFT PS IJHI HSPVOE
DMFBSBODF WFIJDMFT
0ODPNJOH WFIJDMFT
7FIJDMFT SFNBJOJOH JO UIF EFUFDUJPO
[POF XIFO ZPV BDDFMFSBUF GSPN B
TUPQ
" WFIJDMF NFSHJOH JOUP BO BEKBDFOU
MBOF BU B TQFFE BQQSPYJNBUFMZ UIF
TBNF BT ZPVS WFIJDMF
" WFIJDMF BQQSPBDIJOH SBQJEMZ GSPN
CFIJOE
" WFIJDMF XIJDI ZPVS WFIJDMF PWFS
UBLFT SBQJEMZ
4FF BMTP g#48#4* ESJWJOH TJUVBUJPOTu
1 GPS UIF TJUVBUJPOT JO XIJDI UIF
background
SBEBS TFOTPST NBZ OPU CF BCMF UP EFUFDU
WFIJDMFT
. 5IF #48 BOE #4* TZTUFNT NBZ OPU
QSPWJEF B XBSOJOH PS CSBLF DPOUSPM GPS
WFIJDMFT UIBU QBTT UIF EFUFDUJPO [POF
RVJDLMZ
. 5IF SBEBS TFOTPST EFUFDUJPO [POF JT
EFTJHOFE CBTFE PO B TUBOEBSE MBOF
XJEUI 8IFO ESJWJOH JO B XJEFS MBOF UIF
SBEBS TFOTPST NBZ OPU EFUFDU WFIJDMFT JO
BO BEKBDFOU MBOF 8IFO ESJWJOH JO B
OBSSPX MBOF UIF SBEBS TFOTPST NBZ
EFUFDU WFIJDMFT ESJWJOH UXP MBOFT BXBZ
. 5IF SBEBS TFOTPST BSF EFTJHOFE UP JHOPSF
NPTU TUBUJPOBSZ PCKFDUT IPXFWFS PC
KFDUT TVDI BT HVBSESBJMT XBMMT GPMJBHF
BOE QBSLFE WFIJDMFT NBZ PDDBTJPOBMMZ CF
EFUFDUFE 5IJT JT B OPSNBM PQFSBUJOH
DPOEJUJPO
. 4FWFSF XFBUIFS PS SPBE TQSBZ DPOEJUJPOT
NBZ SFEVDF UIF BCJMJUZ PG UIF SBEBS UP
EFUFDU PUIFS WFIJDMFT
. 5IF DBNFSB NBZ OPU EFUFDU MBOF NBSLFST
JO UIF GPMMPXJOH TJUVBUJPOT BOE UIF #4*
TZTUFN NBZ OPU PQFSBUF QSPQFSMZ
0O SPBET XIFSF UIFSF BSF NVMUJQMF
QBSBMMFM MBOF NBSLFST MBOF NBSLFST
UIBU BSF GBEFE PS OPU QBJOUFE DMFBSMZ
ZFMMPX QBJOUFE MBOF NBSLFST OPO
TUBOEBSE MBOF NBSLFST MBOF NBSLFST
DPWFSFE XJUI XBUFS EJSU TOPX FUD
0O SPBET XIFSF EJTDPOUJOVFE MBOF
NBSLFST BSF TUJMM EFUFDUBCMF
0O SPBET XIFSF UIFSF BSF TIBSQ
DVSWFT
0O SPBET XIFSF UIFSF BSF TIBSQMZ
DPOUSBTUJOH PCKFDUT TVDI BT TIB
EPXT TOPX XBUFS XIFFM SVUT
TFBNT PS MJOFT SFNBJOJOH BGUFS SPBE
SFQBJST
0O SPBET XIFSF UIF USBWFMJOH MBOF
NFSHFT PS TFQBSBUFT
8IFO UIF WFIJDMFT USBWFMJOH EJSFD
UJPO EPFT OPU BMJHO XJUI UIF MBOF
NBSLFST
8IFO USBWFMJOH DMPTF UP UIF WFIJDMF
JO GSPOU PG ZPV XIJDI PCTUSVDUT UIF
MBOF DBNFSB VOJU EFUFDUJPO SBOHF
8IFO SBJO TOPX PS EJSU BEIFSFT UP
UIF XJOETIJFME JO GSPOU PG B MBOF
DBNFSB VOJU
8IFO UIF IFBEMJHIUT BSF OPU CSJHIU
EVF UP EJSU PO UIF MFOT PS JG BJNJOH JT
OPU BEKVTUFE QSPQFSMZ
8IFO TUSPOH MJHIU FOUFST B MBOF
DBNFSB VOJU 'PS FYBNQMF MJHIU
EJSFDUMZ TIJOFT PO UIF GSPOU PG UIF
WFIJDMF BU TVOSJTF PS TVOTFU
8IFO B TVEEFO DIBOHF JO CSJHIU
OFTT PDDVST 'PS FYBNQMF XIFO UIF
WFIJDMF FOUFST PS FYJUT B UVOOFM PS
VOEFS B CSJEHF
. %P OPU VTF UIF #4* TZTUFN VOEFS UIF
GPMMPXJOH DPOEJUJPOT CFDBVTF UIF TZTUFN
NBZ OPU GVODUJPO QSPQFSMZ
%VSJOH CBE XFBUIFS 'PS FYBNQMF
SBJO GPH TOPX FUD
8IFO ESJWJOH PO TMJQQFSZ SPBET
TVDI BT PO JDF PS TOPX FUD
8IFO ESJWJOH PO XJOEJOH PS VOFWFO
SPBET
8IFO UIFSF JT B MBOF DMPTVSF EVF UP
SPBE SFQBJST
8IFO ESJWJOH JO B NBLFTIJGU PS
UFNQPSBSZ MBOF
8IFO ESJWJOH PO SPBET XIFSF UIF
MBOF XJEUI JT UPP OBSSPX
8IFO ESJWJOH XJUI B UJSF UIBU JT OPU
XJUIJO OPSNBM UJSF DPOEJUJPOT GPS
FYBNQMF UJSF XFBS MPX UJSF QSFTTVSF
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
JOTUBMMBUJPO PG TQBSF UJSF UJSF DIBJOT
OPOTUBOEBSE XIFFMT
8IFO UIF WFIJDMF JT FRVJQQFE XJUI
OPOPSJHJOBM CSBLF QBSUT PS TVTQFO
TJPO QBSUT
8IFO UPXJOH B USBJMFS PS PUIFS
WFIJDMF
. &YDFTTJWF OPJTF GPS FYBNQMF BVEJP
TZTUFN WPMVNF PQFO WFIJDMF XJOEPX
XJMM JOUFSGFSF XJUI UIF DIJNF TPVOE BOE
JU NBZ OPU CF IFBSE
44%
*MMVTUSBUJPO m "QQSPBDIJOH GSPN CFIJOE
#48#4* JG TP FRVJQQFE %3*7*/(
4*56"5*0/4
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CFIJOE
*MMVTUSBUJPO  5IF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU JMMVNJOBUFT JG B WFIJDMF
FOUFST UIF EFUFDUJPO [POF GSPN CFIJOE JO
BO BEKBDFOU MBOF
)PXFWFS JG UIF PWFSUBLJOH WFIJDMF JT
USBWFMJOH NVDI GBTUFS UIBO ZPVS WFIJDMF
UIF JOEJDBUPS MJHIU NBZ OPU JMMVNJOBUF
CFGPSF UIF EFUFDUFE WFIJDMF JT CFTJEF ZPVS
WFIJDMF "MXBZT VTF UIF TJEF BOE SFBS
NJSSPST BOE UVSO BOE MPPL JO UIF EJSFDUJPO
ZPVS WFIJDMF XJMM NPWF UP FOTVSF JU JT TBGF UP
DIBOHF MBOFT
background
44%
*MMVTUSBUJPO m "QQSPBDIJOH GSPN CFIJOE
*MMVTUSBUJPO  *G UIF ESJWFS BDUJWBUFT UIF
UVSO TJHOBM UIFO UIF TZTUFN DIJNFT UXJDF
BOE UIF #MJOE TQPU XBSOJOH JOEJDBUPS MJHIU
GMBTIFT
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UIF #MJOE TQPU XBSOJOH JOEJDBUPS MJHIU XJMM
GMBTI CVU OP DIJNF XJMM TPVOE XIFO UIF
PUIFS WFIJDMF JT EFUFDUFE
44%
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*MMVTUSBUJPO  *G UIF #4* TZTUFN JG TP
FRVJQQFE JT PO BOE ZPVS WFIJDMF JT
BQQSPBDIJOH B MBOF NBSLFS BOE B WFIJDMF
JT JO UIF EFUFDUJPO [POF UIF TZTUFN DIJNFT
UISFF UJNFT BOE UIF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU GMBTIFT 5IFO UIF #4* TZTUFN
TMJHIUMZ BQQMJFT UIF CSBLFT PO POF TJEF UP
IFMQ SFUVSO UIF WFIJDMF CBDL UP UIF DFOUFS PG
UIF ESJWJOH MBOF
44%
*MMVTUSBUJPO m "DDFMFSBUF GSPN B TUPQ
/05&
*MMVTUSBUJPO  *G ZPV BDDFMFSBUF GSPN B TUPQ
XJUI B WFIJDMF JO UIF EFUFDUJPO [POF UIF
PUIFS WFIJDMF NBZ OPU CF EFUFDUFE
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
44%
*MMVTUSBUJPO m 0WFSUBLJOH BOPUIFS WFIJDMF
0WFSUBLJOH BOPUIFS WFIJDMF
*MMVTUSBUJPO  5IF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU JMMVNJOBUFT JG ZPV PWFSUBLF
B WFIJDMF BOE UIBU WFIJDMF TUBZT JO UIF
EFUFDUJPO [POF GPS BQQSPYJNBUFMZ TFD
POET
5IF SBEBS TFOTPST NBZ OPU EFUFDU TMPXFS
NPWJOH WFIJDMFT JG UIFZ BSF QBTTFE RVJDLMZ
44%
*MMVTUSBUJPO m 0WFSUBLJOH BOPUIFS WFIJDMF
*MMVTUSBUJPO  *G UIF ESJWFS BDUJWBUFT UIF
UVSO TJHOBM XIJMF BOPUIFS WFIJDMF JT JO UIF
EFUFDUJPO [POF UIFO UIF TZTUFN DIJNFT
UXJDF BOE UIF #MJOE TQPU XBSOJOH JOEJDB
UPS MJHIU GMBTIFT
44%
*MMVTUSBUJPO m 0WFSUBLJOH BOPUIFS WFIJDMF
*MMVTUSBUJPO  *G UIF #4* TZTUFN JG TP
FRVJQQFE JT PO BOE ZPVS WFIJDMF BQ
QSPBDIFT B MBOF NBSLFS XIJMF BOPUIFS
WFIJDMF JT JO UIF EFUFDUJPO [POF UIF TZTUFN
DIJNFT UISFF UJNFT BOE UIF #MJOE TQPU
XBSOJOH JOEJDBUPS MJHIU GMBTIFT 5IFO UIF
#4* TZTUFN TMJHIUMZ BQQMJFT UIF CSBLFT PO
UIF BQQSPQSJBUF TJEF UP IFMQ SFUVSO UIF
WFIJDMF CBDL UP UIF DFOUFS PG UIF ESJWJOH
MBOF
background
44%
*MMVTUSBUJPO
/05&
*MMVTUSBUJPO  8IFO PWFSUBLJOH TFWFSBM
WFIJDMFT JO B SPX UIF WFIJDMFT BGUFS UIF
GJSTU WFIJDMF NBZ OPU CF EFUFDUFE JG UIFZ BSF
USBWFMJOH DMPTF UPHFUIFS
44%
*MMVTUSBUJPO m &OUFSJOH GSPN UIF TJEF
&OUFSJOH GSPN UIF TJEF
*MMVTUSBUJPO  5IF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU JMMVNJOBUFT JG B WFIJDMF
FOUFST UIF EFUFDUJPO [POF GSPN FJUIFS TJEF
/05&
5IF SBEBS TFOTPST NBZ OPU EFUFDU B WFIJDMF
XIJDI JT USBWFMJOH BU BCPVU UIF TBNF TQFFE
BT ZPVS WFIJDMF XIFO JU FOUFST UIF EFUFD
UJPO [POF
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
44%
*MMVTUSBUJPO  m &OUFSJOH GSPN UIF TJEF
*MMVTUSBUJPO  *G UIF ESJWFS BDUJWBUFT UIF
UVSO TJHOBM XIJMF BOPUIFS WFIJDMF JT JO UIF
EFUFDUJPO [POF UIFO UIF #MJOE TQPU XBSO
JOH JOEJDBUPS MJHIU GMBTIFT BOE B DIJNF XJMM
TPVOE UXJDF
/05&
*G UIF ESJWFS BDUJWBUFT UIF UVSO TJHOBM
CFGPSF B WFIJDMF FOUFST UIF EFUFDUJPO [POF
UIF #MJOE TQPU XBSOJOH JOEJDBUPS MJHIU XJMM
GMBTI CVU OP DIJNF XJMM TPVOE XIFO
BOPUIFS WFIJDMF JT EFUFDUFE
44%
*MMVTUSBUJPO  m &OUFSJOH GSPN UIF TJEF
*MMVTUSBUJPO  *G UIF #4* TZTUFN JG TP
FRVJQQFE JT PO BOE ZPVS WFIJDMF BQ
QSPBDIFT UIF MBOF NBSLFS XIJMF BOPUIFS
WFIJDMF JT JO UIF EFUFDUJPO [POF UIF #MJOE
TQPU XBSOJOH JOEJDBUPS MJHIU GMBTIFT BOE B
DIJNF XJMM TPVOE UISFF UJNFT 5IFO UIF #4*
TZTUFN TMJHIUMZ BQQMJFT UIF CSBLFT PO UIF
BQQSPQSJBUF TJEF UP IFMQ SFUVSO UIF WFIJDMF
CBDL UP UIF DFOUFS PG UIF ESJWJOH MBOF
44%
*MMVTUSBUJPO  m &OUFSJOH GSPN UIF TJEF
/05&
. *MMVTUSBUJPO  5IF #4* TZTUFN JG TP
FRVJQQFE XJMM OPU PQFSBUF JG ZPVS
WFIJDMF JT PO B MBOF NBSLFS XIFO
BOPUIFS WFIJDMF FOUFST UIF EFUFDUJPO
[POF *O UIJT DBTF POMZ UIF #48 TZTUFN
PQFSBUFT
. #4* CSBLJOH JG TP FRVJQQFE XJMM OPU
PQFSBUF PS XJMM TUPQ PQFSBUJOH BOE POMZ
B XBSOJOH DIJNF XJMM TPVOE VOEFS UIF
GPMMPXJOH DPOEJUJPOT
8IFO UIF CSBLF QFEBM JT EFQSFTTFE
8IFO UIF WFIJDMF JT BDDFMFSBUFE
EVSJOH #4* TZTUFN PQFSBUJPO
background
8IFO TUFFSJOH RVJDLMZ
8IFO UIF *$$ %$" QSFEJDUJWF GPS
XBSE DPMMJTJPO XBSOJOH PS GPSXBSE
FNFSHFODZ CSBLJOH XBSOJOHT
TPVOE
8IFO UIF IB[BSE XBSOJOH GMBTIFST
BSF PQFSBUFE
8IFO ESJWJOH PO B DVSWF BU B IJHI
TQFFE
#"$,61 $0--*4*0/ */5&37&/5*0/
#$* 4:45&.
8"3/*/(
. 5IF #BDLVQ $PMMJTJPO *OUFSWFOUJPO #$*
TZTUFN JT OPU B SFQMBDFNFOU GPS QSPQFS
ESJWJOH QSPDFEVSF JT OPU EFTJHOFE UP
QSFWFOU DPOUBDU XJUI WFIJDMFT PS PCKFDUT
BOE EPFT OPU QSPWJEF GVMM CSBLF QPXFS
8IFO CBDLJOH PVU PG QBSLJOH TQBDFT
BMXBZT VTF UIF JOTJEF BOE SFBS NJSSPST
BOE UVSO BOE MPPL JO UIF EJSFDUJPO ZPV
XJMM NPWF /FWFS SFMZ TPMFMZ PO UIF #$*
TZTUFN
. 5IFSF JT B MJNJUBUJPO UP UIF EFUFDUJPO
DBQBCJMJUZ PG UIF SBEBS PS UIF TPOBS
6TJOH UIF #$* TZTUFN VOEFS TPNF SPBE
HSPVOE USBGGJD PS XFBUIFS DPOEJUJPOT
DPVME MFBE UP JNQSPQFS TZTUFN PQFSB
UJPO "MXBZT SFMZ PO ZPVS PXO PQFSBUJPO
UP BWPJE BDDJEFOUT
#$* 4:45&. %&4$3*15*0/
5IF #BDLVQ $PMMJTJPO *OUFSWFOUJPO #$*
TZTUFN DBO IFMQ BMFSU UIF ESJWFS PG BO
BQQSPBDIJOH WFIJDMF PS PCKFDUT CFIJOE UIF
WFIJDMF XIFO UIF ESJWFS JT CBDLJOH PVU PG B
QBSLJOH TQBDF
8IFO UIF TIJGU MFWFS JT JO UIF 3 3FWFSTF
QPTJUJPO BOE UIF WFIJDMF TQFFE JT MFTT UIBO
BQQSPYJNBUFMZ .1)  LNI UIF #$*
TZTUFN PQFSBUFT
+749
+749
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
+749
5IF #$* TZTUFN VTFT SBEBS TFOTPST
*
JOTUBMMFE PO CPUI TJEFT OFBS UIF SFBS
CVNQFS UP EFUFDU BO BQQSPBDIJOH WFIJDMF
BOE TPOBS TFOTPST
*
UP EFUFDU PCKFDUT JO
UIF SFBS
5IF SBEBS TFOTPST
*
EFUFDU BO BQQSPBDI
JOH WFIJDMF GSPN VQ UP BQQSPYJNBUFMZ  GU
 N BXBZ 5IF TPOBS TFOTPST
*
EFUFDU
TUBUJPOBSZ PCKFDUT CFIJOE UIF WFIJDMF VQ UP
BQQSPYJNBUFMZ  GU  N 3FGFS UP UIF
JMMVTUSBUJPO GPS BQQSPYJNBUF [POF DPWFSBHF
BSFBT
*
*G UIF SBEBS EFUFDUT B WFIJDMF BQQSPBDIJOH
GSPN UIF TJEF PS UIF TPOBS EFUFDUT DMPTF
TUBUJPOBSZ PCKFDUT CFIJOE UIF WFIJDMF UIF
TZTUFN HJWFT WJTVBM BOE BVEJCMF XBSOJOHT
*G UIF ESJWFS EPFT OPU BQQMZ UIF CSBLFT UIF
TZTUFN BVUPNBUJDBMMZ BQQMJFT UIF CSBLF GPS
B NPNFOU XIFO UIF WFIJDMF JT NPWJOH
CBDLXBSET "GUFS UIF BVUPNBUJD CSBLF
BQQMJDBUJPO UIF ESJWFS NVTU EFQSFTT UIF
CSBLF QFEBM UP NBJOUBJO CSBLF QSFTTVSF *G
UIF ESJWFST GPPU JT PO UIF BDDFMFSBUPS
QFEBM UIF TZTUFN QVTIFT UIF BDDFMFSBUPS
VQXBSE CFGPSF BQQMZJOH UIF CSBLF *G ZPV
DPOUJOVF UP BDDFMFSBUF UIF TZTUFN XJMM OPU
FOHBHF UIF CSBLF
background
+749
#$* 4:45&. 13&$"65*0/4
8"3/*/(
. "MXBZT DIFDL TVSSPVOEJOHT BOE UVSO UP
DIFDL XIBU JT CFIJOE ZPV CFGPSF CBDLJOH
VQ
. 5IF SBEBS TFOTPST EFUFDU BQQSPBDIJOH
NPWJOH WFIJDMFT 5IF SBEBS TFOTPST
DBOOPU EFUFDU FWFSZ PCKFDU TVDI BT
1FEFTUSJBOT CJDZDMFT BOJNBMT PS
DIJME PQFSBUFE UPZ WFIJDMFT
" WFIJDMF UIBU QBTTJOH BU TQFFET
HSFBUFS UIBO BQQSPYJNBUFMZ  .1)
 LNI
. 5IF SBEBS TFOTPST NBZ OPU EFUFDU BQ
QSPBDIJOH WFIJDMFT JO DFSUBJO TJUVBUJPOT
*MMVTUSBUJPO B 8IFO B WFIJDMF QBSLFE
OFYU UP ZPV PCTUSVDUT UIF CFBN PG UIF
SBEBS TFOTPS
*MMVTUSBUJPO C 8IFO UIF WFIJDMF JT
QBSLFE JO BO BOHMFE QBSLJOH TQBDF
*MMVTUSBUJPO D 8IFO UIF WFIJDMF JT
QBSLFE PO JODMJOFE HSPVOE
*MMVTUSBUJPO E 8IFO BO BQQSPBDIJOH
WFIJDMF UVSOT JOUP ZPVS WFIJDMFT
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
QBSLJOH MPU BJTMF
*MMVTUSBUJPO F 8IFO UIF BOHMF
GPSNFE CZ ZPVS WFIJDMF BOE BQ
QSPBDIJOH WFIJDMF JT TNBMM
. 5IF GPMMPXJOH DPOEJUJPOT NBZ SFEVDF UIF
BCJMJUZ PG UIF SBEBS TFOTPST UP EFUFDU
PUIFS WFIJDMFT
4FWFSF XFBUIFS
3PBE TQSBZ
*DF CVJME VQ PO UIF WFIJDMF
'SPTU CVJME VQ PO UIF WFIJDMF
%JSU CVJME VQ PO UIF WFIJDMF
. %P OPU BUUBDI TUJDLFST JODMVEJOH USBOT
QBSFOU NBUFSJBM JOTUBMM BDDFTTPSJFT PS
BQQMZ BEEJUJPOBM QBJOU OFBS UIF SBEBS
TFOTPST 5IFTF DPOEJUJPOT NBZ SFEVDF
UIF BCJMJUZ PG UIF SBEBS TFOTPST UP EFUFDU
PUIFS WFIJDMFT
. 5IF TPOBS TFOTPST EFUFDU TUBUJPOBSZ
PCKFDUT CFIJOE UIF WFIJDMF 5IF TPOBS
TFOTPS NBZ OPU EFUFDU
4NBMM PS NPWJOH PCKFDUT
8FEHFTIBQFE PCKFDUT
0CKFDU DMPTF UP UIF CVNQFS MFTT
UIBO BQQSPYJNBUFMZ GU  DN
5IJO PCKFDUT TVDI BT SPQF XJSF BOE
DIBJO FUD
. 5IF CSBLF FOHBHFNFOU CZ UIF #$*
TZTUFN JT OPU BT FGGFDUJWF PO B TMPQF BT
JU JT PO GMBU HSPVOE 8IFO PO B TUFFQ
TMPQF UIF TZTUFN NBZ OPU GVODUJPO
QSPQFSMZ
. %P OPU VTF UIF #$* TZTUFN VOEFS UIF
GPMMPXJOH DPOEJUJPOT CFDBVTF UIF TZTUFN
NBZ OPU GVODUJPO QSPQFSMZ
8IFO ESJWJOH XJUI B UJSF UIBU JT OPU
XJUIJO OPSNBM UJSF DPOEJUJPOT GPS
FYBNQMF UJSF XFBS MPX UJSF QSFTTVSF
JOTUBMMBUJPO PG TQBSF UJSF UJSF DIBJOT
OPOTUBOEBSE XIFFMT
8IFO UIF WFIJDMF JT FRVJQQFE XJUI
OPOPSJHJOBM CSBLF QBSUT PS TVTQFO
TJPO QBSUT
8IFO UPXJOH B USBJMFS PS PUIFS
WFIJDMF
. &YDFTTJWF OPJTF GPS FYBNQMF BVEJP
TZTUFN WPMVNF PQFO WFIJDMF XJOEPX
XJMM JOUFSGFSF XJUI UIF DIJNF TPVOE BOE
JU NBZ OPU CF IFBSE
+749
#$* 0/ JOEJDBUPS
#$* 4:45&. 01&3"5*0/
8IFO UIF TIJGU MFWFS JT QMBDFE JO UIF 3
3FWFSTF QPTJUJPO UIF #$* 0/ JOEJDBUPS
BQQFBST JO UIF WFIJDMF JOGPSNBUJPO EJTQMBZ
background
44%
#MJOE TQPU XBSOJOH JOEJDBUPS MJHIU
+749
7FIJDMF DFOUFS EJTQMBZ
*G UIF SBEBS EFUFDUT BO BQQSPBDIJOH WFIJDMF
GSPN UIF TJEF UIF TZTUFN DIJNFT B TPVOE
TJOHMF CFFQ UIF #MJOE TQPU XBSOJOH
JOEJDBUPS MJHIU PO UIF TJEF UIF BQQSPBDIJOH
WFIJDMF GMBTIFT BOE B ZFMMPX SFDUBOHVMBS
GSBNF
*
"
BQQFBST PO UIF DFOUFS EJTQMBZ
+749
*MMVTUSBUJPO
+749
*MMVTUSBUJPO
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
/05&
. *O UIF DBTF PG TFWFSBM WFIJDMFT BQ
QSPBDIJOH JO B SPX JMMVTUSBUJPO  PS
GSPN UIF PQQPTJUF EJSFDUJPO JMMVTUSB
UJPO  B DIJNF NBZ OPU CF TPVOEFE CZ
UIF #$* TZTUFN BGUFS UIF GJSTU WFIJDMF
QBTTFT UIF TFOTPST
. 5IF TPOBS TZTUFN DIJNF JOEJDBUJOH
UIFSF JT BO PCKFDU CFIJOE UIF WFIJDMF
IBT B IJHIFS QSJPSJUZ UIBO UIF #$*
DIJNF TJOHMF CFFQ JOEJDBUJOH BO
BQQSPBDIJOH WFIJDMF *G UIF TPOBS TZT
UFN EFUFDUT BO PCKFDU CFIJOE UIF
WFIJDMF BOE UIF #$* TZTUFN EFUFDUT BO
BQQSPBDIJOH WFIJDMF BU UIF TBNF UJNF
UIF GPMMPXJOH JOEJDBUJPOT BSF QSPWJEFE
5IF TPOBS TZTUFN DIJNF TPVOET
5IF #MJOE TQPU XBSOJOH JOEJDBUPS
MJHIU PO UIF TJEF PG UIF BQQSPBDIJOH
WFIJDMF GMBTIFT BOE
" ZFMMPX SFDUBOHVMBS GSBNF BQQFBST
JO UIF EJTQMBZ
+749
*G BO BQQSPBDIJOH WFIJDMF PS PCKFDU CFIJOE
UIF WFIJDMF JT EFUFDUFE XIFO ZPVS WFIJDMF JT
CBDLJOH VQ B SFE GSBNF
*
"
XJMM BQQFBS PO
UIF EJTQMBZ BOE UIF TZTUFN XJMM DIJNF UISFF
UJNFT 5IFO UIF CSBLFT XJMM CF BQQMJFE
NPNFOUBSJMZ "GUFS UIF BVUPNBUJD CSBLF
BQQMJDBUJPO UIF ESJWFS NVTU EFQSFTT UIF
CSBLF QFEBM UP NBJOUBJO CSBLF QSFTTVSF
*G UIF ESJWFST GPPU JT PO UIF BDDFMFSBUPS
QFEBM UIF TZTUFN NPWFT UIF BDDFMFSBUPS
QFEBM VQXBSE CFGPSF UIF CSBLJOH JT BQ
QMJFE )PXFWFS JG ZPV DPOUJOVF UP BDDFM
FSBUF UIF TZTUFN XJMM OPU FOHBHF UIF
CSBLFT
5IF #$* TZTUFN EPFT OPU PQFSBUF JG UIF
PCKFDU JT WFSZ DMPTF UP UIF CVNQFS
background
+749
#$* TXJUDI
5IF #$* TZTUFN BVUPNBUJDBMMZ UVSOT PO
FWFSZ UJNF UIF FOHJOF JT TUBSUFE
5IF #$* TZTUFN DBO CF UVSOFE PGG UFNQPSB
SJMZ CZ QVTIJOH UIF #$* TXJUDI
+749
#$* 0'' JOEJDBUPS
5IF #$* 0'' JOEJDBUPS BQQFBST PO UIF
WFIJDMF JOGPSNBUJPO EJTQMBZ 8IFO UIF TIJGU
MFWFS JT QMBDFE JO UIF 3 3FWFSTF QPTJUJPO
BHBJO UIF #$* TZTUFN JT UVSOFE PO
)PX UP FOBCMFEJTBCMF UIF #$*
TZTUFN
5IF #$* TZTUFN DBO CF UVSOFE PGG QFSNB
OFOUMZ VTJOH UIF DFOUFS EJTQMBZ
44%
44%
&YBNQMF
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
1FSGPSN UIF GPMMPXJOH TUFQT UP FOBCMF PS
EJTBCMF UIF #$* TZTUFN
 1VTI UIF 4&55*/( CVUUPO
*
BOE IJHI
MJHIU UIF g%SJWFS "TTJTUBODFu LFZ PO UIF
EJTQMBZ VTJOH UIF */'*/*5* DPOUSPMMFS
5IFO QVTI UIF &/5&3 CVUUPO
*
+749
 )JHIMJHIU UIF g#BDLVQ $PMMJTJPO *OUFS
WFOUJPOu LFZ TFMFDU 0/ FOBCMFE PS
0'' EJTBCMFE BOE QVTI UIF &/5&3
CVUUPO
*
+749
#$* UFNQPSBSJMZ OPU BWBJMBCMF
6OEFS UIF GPMMPXJOH DPOEJUJPOT B DIJNF
XJMM TPVOE BOE g#$* /05 "7"*-"#-&u
XBSOJOH XJMM BQQFBS JO UIF WFIJDMF JOGPSNB
UJPO EJTQMBZ BOE UIF #$* TZTUFN XJMM CF
UVSOFE PGG BVUPNBUJDBMMZ
. *G UIF WFIJDMF JT QBSLFE JO EJSFDU TVOMJHIU
VOEFS IJHI UFNQFSBUVSF DPOEJUJPOT
PWFS BQQSPYJNBUFMZ 8' 8$
. 8IFO TJEF SBEBS CMPDLBHF JT EFUFDUFE
5VSO PGG UIF #$* TZTUFN BOE UVSO JU PO BHBJO
XIFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
background
+749
#$* NBMGVODUJPO
*G UIF #$* TZTUFN NBMGVODUJPOT JU XJMM UVSO
PGG BVUPNBUJDBMMZ B DIJNF XJMM TPVOE BOE
g#$* ."-'6/$5*0/u XBSOJOH XJMM BQQFBS JO
UIF WFIJDMF JOGPSNBUJPO EJTQMBZ
"DUJPO UP UBLF
4UPQ UIF WFIJDMF JO B TBGF MPDBUJPO BOE
QMBDF UIF TIJGU MFWFS JO UIF 1 1BSL QPTJUJPO
5VSO UIF FOHJOF PGG BOE SFTUBSU UIF FOHJOF
*G UIF XBSOJOH NFTTBHF DPOUJOVFT UP
BQQFBS IBWF UIF TZTUFN DIFDLFE CZ BO
*/'*/*5* SFUBJMFS
+749
3"%"3 ."*/5&/"/$&
5IF UXP SBEBS TFOTPST
*
GPS UIF #48 #4*
BOE #$* TZTUFNT BSF MPDBUFE OFBS UIF SFBS
CVNQFS "MXBZT LFFQ UIF BSFB OFBS UIF
SBEBS TFOTPST DMFBO
5IF SBEBS TFOTPST NBZ CF CMPDLFE CZ
UFNQPSBSZ BNCJFOU DPOEJUJPOT TVDI BT
TQMBTIJOH XBUFS NJTU PS GPH
5IF CMPDLFE DPOEJUJPO NBZ BMTP CF DBVTFE
CZ PCKFDUT TVDI BT JDF GSPTU PS EJSU
PCTUSVDUJOH UIF SBEBS TFOTPST
$IFDL GPS BOE SFNPWF PCKFDUT PCTUSVDUJOH
UIF BSFB BSPVOE UIF SBEBS TFOTPST
%P OPU BUUBDI TUJDLFST JODMVEJOH USBOTQBS
FOU NBUFSJBM JOTUBMM BDDFTTPSJFT PS BQQMZ
BEEJUJPOBM QBJOU OFBS UIF SBEBS TFOTPST
%P OPU TUSJLF PS EBNBHF UIF BSFB BSPVOE
UIF SBEBS TFOTPST
$POTVMU BO */'*/*5* SFUBJMFS JG UIF BSFB
BSPVOE UIF SBEBS TFOTPST JT EBNBHFE EVF
UP B DPMMJTJPO
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XBSOJOH MJHIU PSBOHF XJMM DPNF PO BOE UIF
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 4UBSUJOH BOE ESJWJOH
PGG 8IFO UIF SBEBS TJHOBM JT UFNQPSBSJMZ
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44%
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BT OFDFTTBSZ UP BWPJE B DPMMJTJPO
. 8IFO UIF BDDFMFSBUPS QFEBM JT EF
QSFTTFE
. 8IFO UIFSF JT OP MPOHFS B WFIJDMF
EFUFDUFE BIFBE
*G UIF GPSXBSE FNFSHFODZ CSBLJOH TZTUFN
IBT TUPQQFE UIF WFIJDMF UIF WFIJDMF XJMM
SFNBJO BU B TUBOETUJMM GPS BQQSPYJNBUFMZ
TFDPOET CFGPSF UIF CSBLFT BSF SFMFBTFE
8"3/*/(
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GPMMPXJOH PCKFDUT
1FEFTUSJBOT BOJNBMT PS PCTUBDMFT JO
UIF SPBEXBZ
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MJNJUBUJPOT 'PS TUBUJPOBSZ WFIJDMFT UIF
GPSXBSE FNFSHFODZ CSBLJOH TZTUFN XJMM
OPU GVODUJPO XIFO UIF WFIJDMF JT ESJWFO BU
TQFFET PWFS BQQSPYJNBUFMZ  .1) 
LNI
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WFIJDMF BIFBE JO UIF GPMMPXJOH DPOEJ
UJPOT
%JSU JDF TOPX PS PUIFS NBUFSJBM
DPWFSJOH UIF SBEBS TFOTPS
*OUFSGFSFODF CZ PUIFS SBEBS TPVSDFT
4OPX PS SPBE TQSBZ GSPN USBWFMJOH
WFIJDMFT
*G UIF WFIJDMF BIFBE JT OBSSPX FH
NPUPSDZDMF
8IFO ESJWJOH PO B TUFFQ EPXOIJMM
TMPQF PS SPBET XJUI TIBSQ DVSWFT
8IFO UPXJOH B USBJMFS PS PUIFS
WFIJDMF
. *O TPNF SPBE PS USBGGJD DPOEJUJPOT UIF
GPSXBSE FNFSHFODZ CSBLJOH TZTUFN NBZ
VOFYQFDUFEMZ QVTI UIF BDDFMFSBUPS QFEBM
VQ PS BQQMZ QBSUJBM CSBLJOH 8IFO BDDFM
FSBUJPO JT OFDFTTBSZ DPOUJOVF UP EFQSFTT
UIF BDDFMFSBUPS QFEBM UP PWFSSJEF UIF
TZTUFN
. #SBLJOH EJTUBODFT JODSFBTF PO TMJQQFSZ
TVSGBDFT
. &YDFTTJWF OPJTF XJMM JOUFSGFSF XJUI UIF
XBSOJOH DIJNF TPVOE BOE UIF DIJNF
NBZ OPU CF IFBSE
background
44%
44%
5VSOJOH UIF GPSXBSE FNFSHFODZ
CSBLJOH TZTUFN 0/0''
1FSGPSN UIF GPMMPXJOH TUFQT UP UVSO UIF
GPSXBSE FNFSHFODZ CSBLJOH TZTUFN PO PS
PGG
 1VTI UIF 4&55*/( CVUUPO
*
BOE IJHI
MJHIU UIF g%SJWFS "TTJTUBODFu LFZ PO UIF
EJTQMBZ VTJOH UIF */'*/*5* DPOUSPMMFS
5IFO QVTI UIF &/5&3 CVUUPO
*
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)JHIMJHIU UIF g'PSXBSE &NFSHFODZ
#SBLJOHu LFZ TFMFDU 0/ FOBCMFE PS
0'' EJTBCMFE BOE QVTI UIF &/5&3
CVUUPO
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4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
+749
'PSXBSE FNFSHFODZ CSBLJOH TZTUFN XBSO
JOH MJHIU PSBOHF
8IFO UIF GPSXBSE FNFSHFODZ CSBLJOH
TZTUFN JT UVSOFE PGG UIF GPSXBSE FNFS
HFODZ CSBLJOH TZTUFN XBSOJOH MJHIU PS
BOHF XJMM JMMVNJOBUF
5IF GPSXBSE FNFSHFODZ CSBLJOH TZTUFN XJMM
CF BVUPNBUJDBMMZ UVSOFE 0/ XIFO UIF
FOHJOF JT SFTUBSUFE
/05&
8IFO UIF GPSXBSE FNFSHFODZ CSBLJOH
TZTUFN TFUUJOH JT UVSOFE 0/ PS 0'' UIF
QSFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH TZT
UFN JT BMTP UVSOFE 0/ PS 0'' TJNVMUB
OFPVTMZ
4ZTUFN UFNQPSBSJMZ VOBWBJMBCMF
$POEJUJPO "
8IFO UIF SBEBS TFOTPS QJDLT VQ JOUFSGFS
FODF GSPN BOPUIFS SBEBS TPVSDF NBLJOH JU
JNQPTTJCMF UP EFUFDU B WFIJDMF BIFBE UIF
GPSXBSE FNFSHFODZ CSBLJOH TZTUFN JT
BVUPNBUJDBMMZ UVSOFE PGG 5IF GPSXBSE
FNFSHFODZ CSBLJOH TZTUFN XBSOJOH MJHIU
PSBOHF XJMM JMMVNJOBUF
"DUJPO UP UBLF
8IFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
UIF GPSXBSE FNFSHFODZ CSBLJOH TZTUFN XJMM
SFTVNF BVUPNBUJDBMMZ
$POEJUJPO #
8IFO UIF TFOTPS BSFB JT DPWFSFE XJUI EJSU
PS JT PCTUSVDUFE NBLJOH JU JNQPTTJCMF UP
EFUFDU B WFIJDMF BIFBE UIF GPSXBSE FNFS
HFODZ CSBLJOH TZTUFN JT BVUPNBUJDBMMZ
UVSOFE PGG 5IF GPSXBSE FNFSHFODZ CSBLJOH
TZTUFN XBSOJOH MJHIU PSBOHF XJMM JMMVNJ
OBUF BOE UIF g'30/5 3"%"3 0#4536$
5*0/u XBSOJOH NFTTBHF XJMM BQQFBS JO UIF
WFIJDMF JOGPSNBUJPO EJTQMBZ
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*G UIF XBSOJOH MJHIU PSBOHF DPNFT PO
TUPQ UIF WFIJDMF JO B TBGF QMBDF QMBDF UIF
TIJGU MFWFS JO UIF 1 1BSL QPTJUJPO BOE UVSO
UIF FOHJOF PGG $MFBO UIF SBEBS DPWFS PO
MPXFS HSJMMF XJUI B TPGU DMPUI BOE SFTUBSU
UIF FOHJOF *G UIF XBSOJOH MJHIU DPOUJOVFT
UP JMMVNJOBUF IBWF UIF GPSXBSE FNFSHFODZ
CSBLJOH TZTUFN DIFDLFE CZ BO */'*/*5*
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8IFO UIF BDDFMFSBUPS QFEBM BDUVBUPS EF
UFDUT UIBU UIF JOUFSOBM NPUPS UFNQFSBUVSF JT
IJHI UIF GPSXBSE FNFSHFODZ CSBLJOH TZT
UFN JT BVUPNBUJDBMMZ UVSOFE PGG5IF GPSXBSE
FNFSHFODZ CSBLJOH TZTUFN XBSOJOH MJHIU
PSBOHF XJMM JMMVNJOBUF
"DUJPO UP UBLF
8IFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
UIF GPSXBSE FNFSHFODZ CSBLJOH TZTUFN XJMM
SFTVNF BVUPNBUJDBMMZ
4ZTUFN NBMGVODUJPO
*G UIF GPSXBSE FNFSHFODZ CSBLJOH TZTUFN
NBMGVODUJPOT JU XJMM CF UVSOFE PGG BVUP
NBUJDBMMZ B DIJNF XJMM TPVOE UIF GPSXBSE
FNFSHFODZ CSBLJOH TZTUFN XBSOJOH MJHIU
PSBOHF XJMM JMMVNJOBUF
"DUJPO UP UBLF
*G UIF XBSOJOH MJHIU PSBOHF DPNFT PO
TUPQ UIF WFIJDMF JO B TBGF MPDBUJPO BOE
QMBDF UIF TIJGU MFWFS JO UIF 1 1BSL QPTJUJPO
background
5VSO UIF FOHJOF PGG BOE SFTUBSU UIF FOHJOF
*G UIF XBSOJOH MJHIU DPOUJOVFT UP JMMVNJOBUF
IBWF UIF GPSXBSE FNFSHFODZ CSBLJOH TZT
UFN DIFDLFE CZ BO */'*/*5* SFUBJMFS
4FOTPS NBJOUFOBODF
'PS UIF SBEBS TFOTPS NBJOUFOBODF TFF
g4FOTPS NBJOUFOBODFu 1
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5IJT EFWJDF DPNQMJFT XJUI 1BSU  PG UIF
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GPMMPXJOH UXP DPOEJUJPOT
 5IJT EFWJDF NBZ OPU DBVTF IBSNGVM
JOUFSGFSFODF BOE
 5IJT EFWJDF NVTU BDDFQU BOZ JOUFSGFS
FODF SFDFJWFE JODMVEJOH JOUFSGFSFODF
UIBU NBZ DBVTF VOEFTJSFE PQFSBUJPO
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$IBOHFT PS NPEJGJDBUJPO OPU FYQSFTTMZ
BQQSPWFE CZ UIF QBSUZ SFTQPOTJCMF GPS
DPNQMJBODF DPVME WPJE UIF VTFST BVUIPSJUZ
UP PQFSBUF UIF FRVJQNFOU
'PS $BOBEB
5IJT EFWJDF DPNQMJFT XJUI *OEVTUSZ $BOBEB
MJDFODFFYFNQU 344 TUBOEBSET 0QFSB
UJPO JT TVCKFDU UP UIF GPMMPXJOH UXP
DPOEJUJPOT
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BOE
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FODF JODMVEJOH JOUFSGFSFODF UIBU NBZ
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4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
+749
5IF QSFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH
TZTUFN DBO IFMQ BMFSU UIF ESJWFS XIFO UIFSF
JT B TVEEFO CSBLJOH PG B TFDPOE WFIJDMF
USBWFMJOH JO GSPOU PG UIF WFIJDMF BIFBE JO UIF
USBWFMJOH TBNF MBOF
+749
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4:45&. 01&3"5*0/
5IF QSFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH
TZTUFN VTFT B SBEBS TFOTPS
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MPDBUFE
CFIJOE UIF GSPOU CVNQFS UP NFBTVSF UIF
EJTUBODF UP B TFDPOE WFIJDMF BIFBE JO UIF
USBWFMJOH MBOF 5IF QSFEJDUJWF GPSXBSE DPMMJ
TJPO XBSOJOH TZTUFN PQFSBUFT BU TQFFET
BCPWF BQQSPYJNBUFMZ .1)  LNI *G
UIFSF JT B QPUFOUJBM SJTL PG B GPSXBSE
DPMMJTJPO UIF QSFEJDUJWF GPSXBSE DPMMJTJPO
XBSOJOH TZTUFN XJMM XBSO UIF ESJWFS CZ
CMJOLJOH UIF WFIJDMF BIFBE EFUFDUJPO JO
EJDBUPS BOE TPVOEJOH B XBSOJOH UPOF
+749
1SFDBVUJPOT PO UIF QSFEJDUJWF GPS
XBSE DPMMJTJPO XBSOJOH TZTUFN
8"3/*/(
. 5IF QSFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH
TZTUFN IFMQT XBSO UIF ESJWFS CFGPSF B
DPMMJTJPO CVU XJMM OPU BWPJE B DPMMJTJPO *U
JT UIF ESJWFST SFTQPOTJCJMJUZ UP TUBZ
BMFSU ESJWF TBGFMZ BOE CF JO DPOUSPM PG
UIF WFIJDMF BU BMM UJNFT
. 5IF SBEBS TFOTPS EPFT OPU EFUFDU UIF
GPMMPXJOH PCKFDUT
1FEFTUSJBOT BOJNBMT PS PCTUBDMFT JO
UIF SPBEXBZ
0ODPNJOH WFIJDMFT
$SPTTJOH WFIJDMFT
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TZTUFN EPFT OPU GVODUJPO XIFO B WFIJDMF
BIFBE JT B OBSSPX WFIJDMF TVDI BT B
NPUPSDZDMF
. 5IF SBEBS TFOTPS NBZ OPU EFUFDU B
TFDPOE WFIJDMF BIFBE JO UIF GPMMPXJOH
DPOEJUJPOT
4OPX PS IFBWZ SBJO
%JSU JDF TOPX PS PUIFS NBUFSJBM
DPWFSJOH UIF SBEBS TFOTPS
*OUFSGFSFODF CZ PUIFS SBEBS TPVSDFT
4OPX PS SPBE TQSBZ GSPN USBWFMJOH
WFIJDMFT JT TQMBTIFE
%SJWJOH JO B UVOOFM
5PXJOH B USBJMFS PS PUIFS WFIJDMF
4UBSUJOH BOE ESJWJOH 
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 4UBSUJOH BOE ESJWJOH
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8"3/*/(
. 5IF SBEBS TFOTPS NBZ OPU EFUFDU B
TFDPOE WFIJDMF XIFO UIF WFIJDMF BIFBE
JT CFJOH UPXFE
. 8IFO UIF EJTUBODF UP UIF WFIJDMF BIFBE
JT UPP DMPTF UIF CFBN PG UIF SBEBS
TFOTPS JT PCTUSVDUFE
background
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8"3/*/(
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TFDPOE WFIJDMF XIFO ESJWJOH PO B TUFFQ
EPXOIJMM TMPQF PS PO SPBET XJUI TIBSQ
DVSWFT
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XBSOJOH UPOF TPVOE BOE JU NBZ OPU CF
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8IFO UIF GPSXBSE FNFSHFODZ CSBLJOH
TZTUFN TFUUJOH JT UVSOFE 0/ PS 0'' UIF
QSFEJDUJWF GPSXBSE FNFSHFODZ XBSOJOH
TZTUFN JT BMTP UVSOFE 0/ PS 0'' TJNVMUB
OFPVTMZ
+749
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JOH MJHIU PSBOHF
4ZTUFN UFNQPSBSJMZ VOBWBJMBCMF
$POEJUJPO "
8IFO UIF SBEBS TFOTPS QJDLT VQ JOUFSGFS
FODF GSPN BOPUIFS SBEBS TPVSDF NBLJOH JU
JNQPTTJCMF UP EFUFDU B WFIJDMF BIFBE UIF
QSFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH TZT
UFN JT BVUPNBUJDBMMZ UVSOFE PGG5IF GPSXBSE
FNFSHFODZ CSBLJOH TZTUFN XBSOJOH MJHIU
PSBOHF XJMM JMMVNJOBUF
"DUJPO UP UBLF
8IFO UIF BCPWF DPOEJUJPOT OP MPOHFS FYJTU
UIF QSFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH
TZTUFN XJMM SFTVNF BVUPNBUJDBMMZ
4UBSUJOH BOE ESJWJOH 
background
 4UBSUJOH BOE ESJWJOH
$POEJUJPO #
8IFO UIF TFOTPS BSFB JT DPWFSFE XJUI EJSU
PS JT PCTUSVDUFE NBLJOH JU JNQPTTJCMF UP
EFUFDU B WFIJDMF BIFBE UIF QSFEJDUJWF
GPSXBSE DPMMJTJPO XBSOJOH TZTUFN JT BVUP
NBUJDBMMZ UVSOFE PGG 5IF GPSXBSE FNFS
HFODZ CSBLJOH TZTUFN XBSOJOH MJHIU
PSBOHF XJMM JMMVNJOBUF BOE UIF g'30/5
3"%"3 0#4536$5*0/u XBSOJOH NFTTBHF
XJMM BQQFBS JO UIF WFIJDMF JOGPSNBUJPO
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TUPQ UIF WFIJDMF JO B TBGF QMBDF QMBDF UIF
TIJGU MFWFS JO UIF 1 1BSL QPTJUJPO BOE UVSO
UIF FOHJOF PGG $MFBO UIF SBEBS DPWFS PO
MPXFS HSJMMF XJUI B TPGU DMPUI BOE SFTUBSU
UIF FOHJOF *G UIF XBSOJOH MJHIU DPOUJOVFT
UP JMMVNJOBUF IBWF UIF QSFEJDUJWF GPSXBSE
DPMMJTJPO XBSOJOH TZTUFN DIFDLFE CZ BO
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4ZTUFN NBMGVODUJPO
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TZTUFN NBMGVODUJPOT JU XJMM CF UVSOFE PGG
BVUPNBUJDBMMZ B DIJNF XJMM TPVOE UIF
GPSXBSE FNFSHFODZ CSBLJOH TZTUFN XBSO
JOH MJHIU PSBOHF XJMM JMMVNJOBUF
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5VSO UIF FOHJOF PGG BOE SFTUBSU UIF FOHJOF
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IBWF UIF QSFEJDUJWF GPSXBSE DPMMJTJPO XBSO
JOH TZTUFN DIFDLFE CZ BO */'*/*5* SFUBJMFS
4FOTPS NBJOUFOBODF
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GPMMPXJOH UXP DPOEJUJPOT
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JOUFSGFSFODF BOE
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FODF SFDFJWFE JODMVEJOH JOUFSGFSFODF
UIBU NBZ DBVTF VOEFTJSFE PQFSBUJPO
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DPNQMJBODF DPVME WPJE UIF VTFST BVUIPSJUZ
UP PQFSBUF UIF FRVJQNFOU
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5IJT EFWJDF DPNQMJFT XJUI *OEVTUSZ $BOBEB
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UJPO JT TVCKFDU UP UIF GPMMPXJOH UXP
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BOE
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FODF JODMVEJOH JOUFSGFSFODF UIBU NBZ
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$"65*0/
%VSJOH UIF GJSTU  NJMFT  LN
GPMMPX UIFTF SFDPNNFOEBUJPOT UP PCUBJO
NBYJNVN FOHJOF QFSGPSNBODF BOE FOTVSF
UIF GVUVSF SFMJBCJMJUZ BOE FDPOPNZ PG ZPVS
OFX WFIJDMF
'BJMVSF UP GPMMPX UIFTF SFDPNNFOEBUJPOT
NBZ SFTVMU JO TIPSUFOFE FOHJOF MJGF BOE
SFEVDFE FOHJOF QFSGPSNBODF
. "WPJE ESJWJOH GPS MPOH QFSJPET BU DPO
TUBOU TQFFE FJUIFS GBTU PS TMPX %P OPU
SVO UIF FOHJOF PWFS  SQN
. %P OPU BDDFMFSBUF BU GVMM UISPUUMF JO BOZ
HFBS
. "WPJE RVJDL TUBSUT
. "WPJE IBSE CSBLJOH BT NVDI BT QPTTJ
CMF
. %P OPU UPX B USBJMFS GPS UIF GJSTU 
NJMFT  LN
'PMMPX UIFTF FBTZUPVTF 'VFM &GGJDJFOU
%SJWJOH 5JQT UP IFMQ ZPV BDIJFWF UIF NPTU
GVFM FDPOPNZ GSPN ZPVS WFIJDMF
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'MBU UJSF  
5JSF 1SFTTVSF .POJUPSJOH 4ZTUFN 51.4  
$IBOHJOH B GMBU UJSF  
+VNQ TUBSUJOH 
1VTI TUBSUJOH  
*G ZPVS WFIJDMF PWFSIFBUT 
5PXJOH ZPVS WFIJDMF  
5PXJOH SFDPNNFOEFE CZ */'*/*5* 
7FIJDMF SFDPWFSZ GSFFJOH B TUVDL WFIJDMF 
background
 *O DBTF PG FNFSHFODZ
4*$
1VTI UIF TXJUDI PO UP XBSO PUIFS ESJWFST
XIFO ZPV NVTU TUPQ PS QBSL VOEFS FNFS
HFODZ DPOEJUJPOT "MM UVSO TJHOBM MJHIUT XJMM
GMBTI
8"3/*/(
. *G TUPQQJOH GPS BO FNFSHFODZ CF TVSF UP
NPWF UIF WFIJDMF XFMM PGG UIF SPBE
. %P OPU VTF UIF IB[BSE XBSOJOH GMBTIFST
XIJMF NPWJOH PO UIF IJHIXBZ VOMFTT
VOVTVBM DJSDVNTUBODFT GPSDF ZPV UP ESJWF
TP TMPXMZ UIBU ZPVS WFIJDMF NJHIU CF
DPNF B IB[BSE UP PUIFS USBGGJD
. 5VSO TJHOBMT EP OPU XPSL XIFO UIF
IB[BSE XBSOJOH GMBTIFS MJHIUT BSF PO
5IF GMBTIFS DBO CF BDUVBUFE XJUI UIF
JHOJUJPO TXJUDI JO BOZ QPTJUJPO
8IFO BO JNQBDU UIBU DPVME BDUJWBUF UIF
TVQQMFNFOUBM BJS CBHT JT EFUFDUFE UIF
IB[BSE XBSOJOH GMBTIFS MJHIUT CMJOL BVUP
NBUJDBMMZ *G UIF IB[BSE XBSOJOH GMBTIFS
TXJUDI JT QVTIFE UXJDF UIF IB[BSE XBSOJOH
GMBTIFST XJMM UVSO PGG
8"3/*/(
%P OPU UVSO UIF IB[BSE XBSOJOH GMBTIFS
TXJUDI UP PGG VOUJM ZPV DBO NBLF TVSF UIBU JU
JT TBGF UP EP TP "MTP UIF IB[BSE GMBTIFS
XBSOJOH NBZ OPU CMJOL BVUPNBUJDBMMZ EF
QFOEJOH PO UIF GPSDF PG JNQBDU
4PNF TUBUF MBXT NBZ QSPIJCJU UIF VTF PG
UIF IB[BSE XBSOJOH GMBTIFS TXJUDI XIJMF
ESJWJOH
*O UIF FWFOU PG B SPBETJEF FNFSHFODZ
3PBETJEF "TTJTUBODF 4FSWJDF JT BWBJMBCMF UP
ZPV 1MFBTF SFGFS UP ZPVS 8BSSBOUZ *OGPSNB
UJPO #PPLMFU 64 PS 8BSSBOUZ 3PBETJEF
"TTJTUBODF *OGPSNBUJPO #PPLMFU $BOBEB
GPS EFUBJMT
)";"3% 8"3/*/( '-"4)&3 48*5$) 30"%4*%& "44*45"/$& 130(3".
background
5P TIVU PGG UIF FOHJOF JO BO FNFSHFODZ
TJUVBUJPO XIJMF ESJWJOH QFSGPSN UIF GPMMPX
JOH QSPDFEVSF
. 3BQJEMZ QVTI UIF QVTICVUUPO JHOJUJPO
TXJUDI DPOTFDVUJWF UJNFT JO MFTT UIBO
 TFDPOET PS
. 1VTI BOE IPME UIF QVTICVUUPO JHOJUJPO
TXJUDI GPS NPSF UIBO TFDPOET
5*3& 13&4463& .0/*503*/( 4:4
5&. 51.4
5IJT WFIJDMF JT FRVJQQFE XJUI UIF 5JSF
1SFTTVSF .POJUPSJOH 4ZTUFN 51.4 *U
NPOJUPST UJSF QSFTTVSF PG BMM UJSFT FYDFQU
UIF TQBSF 8IFO UIF MPX UJSF QSFTTVSF
XBSOJOH MJHIU JT MJU BOE UIF $)&$, 5*3&
13&4463& XBSOJOH BQQFBST JO UIF WFIJDMF
JOGPSNBUJPO EJTQMBZ POF PS NPSF PG ZPVS
UJSFT JT TJHOJGJDBOUMZ VOEFSJOGMBUFE *G UIF
WFIJDMF JT CFJOH ESJWFO XJUI MPX UJSF
QSFTTVSF UIF 51.4 XJMM BDUJWBUF BOE XBSO
ZPV PG JU CZ UIF MPX UJSF QSFTTVSF XBSOJOH
MJHIU 5IJT TZTUFN XJMM BDUJWBUF POMZ XIFO
UIF WFIJDMF JT ESJWFO BU TQFFET BCPWF 
.1)  LNI 'PS NPSF EFUBJMT TFF
g8BSOJOHJOEJDBUPS MJHIUT BOE BVEJCMF SF
NJOEFSTu 1 g5*3& 13&4463& JOGPS
NBUJPOu 1 BOE g5JSF 1SFTTVSF
.POJUPSJOH 4ZTUFN 51.4u 1
8"3/*/(
. *G UIF MPX UJSF QSFTTVSF XBSOJOH MJHIU
JMMVNJOBUFT PS -08 13&4463& JOGPSNB
UJPO JT EJTQMBZFE PO UIF NPOJUPS TDSFFO
XIJMF ESJWJOH BWPJE TVEEFO TUFFSJOH
NBOFVWFST PS BCSVQU CSBLJOH SFEVDF
WFIJDMF TQFFE QVMM PGG UIF SPBE UP B TBGF
MPDBUJPO BOE TUPQ UIF WFIJDMF BT TPPO BT
QPTTJCMF %SJWJOH XJUI VOEFSJOGMBUFE
UJSFT NBZ QFSNBOFOUMZ EBNBHF UIF UJSFT
BOE JODSFBTF UIF MJLFMJIPPE PG UJSF GBJM
VSF 4FSJPVT WFIJDMF EBNBHF DPVME PDDVS
BOE NBZ MFBE UP BO BDDJEFOU BOE DPVME
SFTVMU JO TFSJPVT QFSTPOBM JOKVSZ $IFDL
UIF UJSF QSFTTVSF GPS BMM GPVS UJSFT "EKVTU
UIF UJSF QSFTTVSF UP UIF SFDPNNFOEFE
$0-% UJSF QSFTTVSF TIPXO PO UIF 5JSF BOE
-PBEJOH *OGPSNBUJPO MBCFM UP UVSO UIF MPX
UJSF QSFTTVSF XBSOJOH MJHIU 0'' *G UIF
MJHIU TUJMM JMMVNJOBUFT XIJMF ESJWJOH BGUFS
BEKVTUJOH UIF UJSF QSFTTVSF B UJSF NBZ CF
GMBU *G ZPV IBWF B GMBU UJSF SFQMBDF JU XJUI
B TQBSF UJSF BT TPPO BT QPTTJCMF
. 8IFO B TQBSF UJSF JT NPVOUFE PS B XIFFM
JT SFQMBDFE UIF 51.4 XJMM OPU GVODUJPO
BOE UIF MPX UJSF QSFTTVSF XBSOJOH MJHIU
XJMM GMBTI GPS BQQSPYJNBUFMZ NJOVUF
5IF MJHIU XJMM SFNBJO PO BGUFS NJOVUF
$POUBDU ZPVS */'*/*5* SFUBJMFS BT TPPO BT
QPTTJCMF GPS UJSF SFQMBDFNFOU BOEPS
TZTUFN SFTFUUJOH
. 3FQMBDJOH UJSFT XJUI UIPTF OPU PSJHJOBMMZ
TQFDJGJFE CZ */'*/*5* DPVME BGGFDU UIF
QSPQFS PQFSBUJPO PG UIF 51.4
. %P OPU JOKFDU BOZ UJSF MJRVJE PS BFSPTPM
UJSF TFBMBOU JOUP UIF UJSFT BT UIJT NBZ
*O DBTF PG FNFSHFODZ 
&.&3(&/$: &/(*/& 4)65 0'' '-"5 5*3&
background
 *O DBTF PG FNFSHFODZ
DBVTF B NBMGVODUJPO PG UIF UJSF QSFTTVSF
TFOTPST
$)"/(*/( " '-"5 5*3&
*G ZPV IBWF B GMBU UJSF GPMMPX UIF JOTUSVD
UJPOT CFMPX
4UPQQJOH UIF WFIJDMF
 4BGFMZ NPWF UIF WFIJDMF PGG UIF SPBE
BOE BXBZ GSPN USBGGJD
 5VSO PO UIF IB[BSE XBSOJOH GMBTIFST
 1BSL PO B MFWFM TVSGBDF BOE BQQMZ UIF
QBSLJOH CSBLF .PWF UIF TIJGU MFWFS UP
UIF 1 1BSL QPTJUJPO
 5VSO PGG UIF FOHJOF
 3BJTF UIF IPPE UP XBSO PUIFS USBGGJD
BOE UP TJHOBM QSPGFTTJPOBM SPBE BTTJT
UBODF QFSTPOOFM UIBU ZPV OFFE BTTJT
UBODF
 )BWF BMM QBTTFOHFST HFU PVU PG UIF
WFIJDMF BOE TUBOE JO B TBGF QMBDF BXBZ
GSPN USBGGJD BOE DMFBS PG UIF WFIJDMF
8"3/*/(
. .BLF TVSF UIF QBSLJOH CSBLF JT TFDVSFMZ
BQQMJFE BOE UIF BVUPNBUJD USBOTNJTTJPO
JT JO UIF 1 1BSL QPTJUJPO
. /FWFS DIBOHF UJSFT XIFO UIF WFIJDMF JT
PO B TMPQF JDF PS TMJQQFSZ BSFBT 5IJT JT
IB[BSEPVT
. /FWFS DIBOHF UJSFT JG PODPNJOH USBGGJD JT
DMPTF UP ZPVS WFIJDMF 8BJU GPS QSPGFT
TJPOBM SPBE BTTJTUBODF
.$&"
#MPDLJOH XIFFMT
1MBDF TVJUBCMF CMPDLT
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BU CPUI UIF GSPOU
BOE CBDL PG UIF XIFFM EJBHPOBMMZ PQQPTJUF
UIF GMBU UJSF UP QSFWFOU UIF WFIJDMF GSPN
NPWJOH XIFO JU JT KBDLFE VQ
8"3/*/(
#F TVSF UP CMPDL UIF XIFFM BT UIF WFIJDMF
NBZ NPWF BOE SFTVMU JO QFSTPOBM JOKVSZ
background
+7&9
(FUUJOH UIF TQBSF UJSF BOE UPPMT
 0QFO UIF MJGU HBUF
 3BJTF UIF DBSHP GMPPS CPBSE VTJOH UIF
IBOEMF
*
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+7&9
8"3/*/(
8IFO SFNPWJOH KBDLJOH UPPMT CF TVSF UIF
SVCCFS TPVOE TVQQSFTTPS
*
VTFE UP
DPOUSPM KBDL TUBOE GSPN SBUUMJOH BHBJOTU
NFUBM JT OPU BUUBDIFE UP UIF KBDLJOH UPPM
*G SVCCFS TPVOE TVQQSFTTPS SFNBJOT PO KBDL
XIFO WFIJDMF JT CFJOH KBDLFE VQ UIF WFIJDMF
XJMM CF VOTUBCMF BOE NBZ GBMM PGG KBDL TUBOE
DBVTJOH TFSJPVT JOKVSZ PG EFBUI
 3FNPWF UIF DBSHP GMPPS DPWFS
 3FNPWF UIF KBDLJOH UPPMT
*O DBTF PG FNFSHFODZ 
background
 *O DBTF PG FNFSHFODZ
4$&
 4FDVSFMZ TDSFX UP DPOOFDU UIF 5TIBQFE
FOE PG UIF KBDL SPE BOE UXP FYUFOTJPO
CBST
*
BT JMMVTUSBUFE
 'JU UIF TRVBSF FOE PG UIF KBDL SPE JOUP
UIF TRVBSF IPMF PG UIF XIFFM OVU
XSFODI UP GPSN B IBOEMF
*
 -PDBUF UIF PWBM PQFOJOH BCPWF UIF
NJEEMF PG UIF SFBS CVNQFS
 1MBDF UIF 5TIBQFE FOE PG UIF KBDL SPE
UISPVHI UIF PQFOJOH BOE EJSFDU JU
UPXBSET UIF TQBSF XIFFM XJODI BTTFN
CMZ MPDBUFE EJSFDUMZ BCPWF UIF TQBSF
XIFFM
4$&
$"65*0/
%P OPU JOTFSU UIF KBDL SPE TUSBJHIU BT JU JT
EFTJHOFE UP CF JOTFSUFE BU BO BOHMF BT
TIPXO
 4FBU UIF 5TIBQFE FOE PG UIF KBDL SPE
JOUP UIF 5TIBQFE PQFOJOH PG UIF TQBSF
XIFFM XJODI "QQMZ QSFTTVSF UP LFFQ
UIF KBDL SPE FOHBHFE JO UIF TQBSF XIFFM
XJODI BOE UVSO UIF KBDL SPE DPVOUFS
DMPDLXJTF UP MPXFS UIF TQBSF XIFFM
background
4$&
0ODF UIF TQBSF XIFFM JT DPNQMFUFMZ
MPXFSFE SFNPWF UIF KBDL SPE BOE SFBDI
VOEFS UIF WFIJDMF UP SFNPWF UIF IBOH
JOH QMBUF
$BSFGVMMZ TMJEF UIF TQBSF XIFFM GSPN
VOEFS UIF SFBS PG UIF WFIJDMF
"GUFS QSFQBSJOH UIF TQBSF UJSF UP SFNPWF
UIF SPE QVMM PVU UIF SPE XIJMF NPWJOH UIF
SPE UP UIF SJHIU BOE MFGU XJUI UIF TDSFX PG
UIF FYUFOTJPO GBDJOH UIF TJEF
$"65*0/
8IFO TUPSJOH UIF XIFFM NBLF TVSF UIBU UIF
IBOHJOH QMBUF JT JO UIF DFOUFS PG UIF XIFFM
BOE UIFO MJGU JU VQ JOUP UIF TUPSBHF BSFB
4$&
$"65*0/
8IFO TUPSJOH UIF XIFFM CF TVSF UP NPVOU
UIF XIFFM IPSJ[POUBMMZ 4FDVSJOH UIF XIFFM
UIBU JT JO B UJMUFE QPTJUJPO BT JMMVTUSBUFE NBZ
DBVTF MPPTFOFTT BOE ESPQQJOH PG UIF XIFFM
*O DBTF PG FNFSHFODZ 
background
 *O DBTF PG FNFSHFODZ
XIJMF ESJWJOH -PXFS UIF XIFFM PO UIF
HSPVOE BHBJO BOE NBLF TVSF UIBU UIF
IBOHJOH QMBUF JT QSPQFSMZ TFU )BOH UIF
XIFFM BHBJO BOE NBLF TVSF UIBU UIF XIFFM JT
IFME IPSJ[POUBMMZ UIFO TUPSF UIF XIFFM
+BDLJOH VQ UIF WFIJDMF BOE SFNPW
JOH UIF EBNBHFE UJSF
8"3/*/(
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TVQQPSUFE POMZ CZ UIF KBDL *G JU JT
OFDFTTBSZ UP XPSL VOEFS UIF WFIJDMF
TVQQPSU JU XJUI TBGFUZ TUBOET
. 6TF POMZ UIF KBDL QSPWJEFE XJUI ZPVS
WFIJDMF UP MJGU UIF WFIJDMF %P OPU VTF UIF
KBDL QSPWJEFE XJUI ZPVS WFIJDMF PO PUIFS
WFIJDMFT 5IF KBDL JT EFTJHOFE GPS MJGUJOH
POMZ ZPVS WFIJDMF EVSJOH B UJSF DIBOHF
. 6TF UIF DPSSFDU KBDLVQ QPJOUT /FWFS VTF
BOZ PUIFS QBSU PG UIF WFIJDMF GPS KBDL
TVQQPSU
. /FWFS KBDL VQ UIF WFIJDMF NPSF UIBO
OFDFTTBSZ
. /FWFS VTF CMPDLT PO PS VOEFS UIF KBDL
. %P OPU TUBSU PS SVO UIF FOHJOF XIJMF
WFIJDMF JT PO UIF KBDL BT JU NBZ DBVTF UIF
WFIJDMF UP NPWF 5IJT JT FTQFDJBMMZ USVF
GPS WFIJDMFT XJUI MJNJUFE TMJQ EJGGFSFO
UJBMT
. %P OPU BMMPX QBTTFOHFST UP TUBZ JO UIF
WFIJDMF XIJMF JU JT PO UIF KBDL
$BSFGVMMZ SFBE UIF DBVUJPO MBCFM BUUBDIFE
UP UIF KBDL CPEZ BOE UIF GPMMPXJOH JOTUSVD
UJPOT
4$&
+BDLVQ QPJOU
 1MBDF UIF KBDL EJSFDUMZ VOEFS UIF KBDLVQ
QPJOUT BT JMMVTUSBUFE
5IF KBDL TIPVME CF VTFE PO MFWFM GJSN
HSPVOE
background
4$&
 -PPTFO FBDI XIFFM OVU POF PS UXP UVSOT
CZ UVSOJOH DPVOUFSDMPDLXJTF XJUI UIF
XIFFM OVU XSFODI %P OPU SFNPWF UIF
XIFFM OVUT VOUJM UIF UJSF JT PGG UIF
HSPVOE
/$&
 *OTUBMM UIF BTTFNCMFE KBDL SPE JOUP UIF
KBDL BT TIPXO
 $BSFGVMMZ SBJTF UIF WFIJDMF VOUJM UIF
DMFBSBODF CFUXFFO UIF UJSF BOE HSPVOE
JT BDIJFWFE
 5P MJGU UIF WFIJDMF TFDVSFMZ IPME UIF KBDL
MFWFS BOE SPE XJUI CPUI IBOET BOE UVSO
UIF KBDL MFWFS
/05&
#FGPSF KBDLJOH VQ UIF WFIJDMF NBLF TVSF
UIF JHOJUJPO TXJUDI JT QMBDFE JO UIF 0''
QPTJUJPO *G UIF WFIJDMF JT MJGUFE VQ XJUI UIF
FOHJOF SVOOJOH UIF BVUPMFWFMJOH TVTQFO
TJPO XJMM CFDPNF EJTBCMFE BGUFS 
*O DBTF PG FNFSHFODZ 
background
 *O DBTF PG FNFSHFODZ
TFDPOET 5P SFTFU UIF BVUPMFWFMJOH TVT
QFOTJPO DZDMF UIF JHOJUJPO TXJUDI 0/0''
POF UJNF
4$&
*OTUBMMJOH UIF TQBSF UJSF
5IF GVMMTJ[F UFNQPSBSZ VTF POMZ TQBSF UJSF
JG TP FRVJQQFE JT EFTJHOFE GPS FNFSHFODZ
VTF 4FF TQFDJGJD JOTUSVDUJPOT VOEFS UIF
IFBEJOH g8IFFMT BOE UJSFTu 1
 $MFBO BOZ NVE PS EJSU GSPN UIF TVSGBDF
CFUXFFO UIF XIFFM BOE IVC
 $BSFGVMMZ QVU UIF TQBSF UJSF PO BOE
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JOUFSJPS USJN QMBTUJD QBSUT BOE TFBUT VTJOH
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TPMVUJPO UIFO XJQF DMFBO XJUI B ESZ TPGU
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NBZ TUBJO PS CMFBDI UIF TFBU NBUFSJBM
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SFUSBDUPS /&7&3 VTF CMFBDI EZF PS DIFNJ
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4DIFEVMFE NBJOUFOBODF  
(FOFSBM NBJOUFOBODF  
8IFSF UP HP GPS TFSWJDF  
(FOFSBM NBJOUFOBODF 
&YQMBOBUJPO PG NBJOUFOBODF JUFNT 
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1PXFS TUFFSJOH GMVJE  
#SBLF GMVJE  
#SBLF GMVJE 
8JOEPX XBTIFS GMVJE 
#BUUFSZ 
+VNQ TUBSUJOH  
7BSJBCMF WPMUBHF DPOUSPM TZTUFN 
%SJWF CFMUT 
4QBSL QMVHT  
3FQMBDJOH TQBSL QMVHT  
"JS DMFBOFS  
8JOETIJFME XJQFS CMBEFT 
$MFBOJOH 
3FQMBDJOH  
3FBS XJOEPX XJQFS CMBEFT  
#SBLFT 
4FMGBEKVTUJOH CSBLFT 
#SBLF QBE XFBS XBSOJOH 
#SBLF CPPTUFS 
'VTFT 
&OHJOF DPNQBSUNFOU 
1BTTFOHFS DPNQBSUNFOU  
*OUFMMJHFOU ,FZ CBUUFSZ SFQMBDFNFOU 
-JHIUT  
)FBEMJHIUT 
&YUFSJPS BOE JOUFSJPS MJHIUT 
8IFFMT BOE UJSFT 
5JSF QSFTTVSF  
5JSF MBCFMJOH  
5ZQFT PG UJSFT 
5JSF DIBJOT 
$IBOHJOH XIFFMT BOE UJSFT  
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 .BJOUFOBODF BOE EPJUZPVSTFMG
4PNF EBZUPEBZ BOE SFHVMBS NBJOUFOBODF
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NFDIBOJDBM DPOEJUJPO BT XFMM BT JUT FNJT
TJPO BOE FOHJOF QFSGPSNBODF
*U JT UIF PXOFST SFTQPOTJCJMJUZ UP NBLF
TVSF UIBU UIF TDIFEVMFE NBJOUFOBODF BT
XFMM BT HFOFSBM NBJOUFOBODF JT QFSGPSNFE
"T UIF WFIJDMF PXOFS ZPV BSF UIF POMZ POF
XIP DBO FOTVSF UIBU ZPVS WFIJDMF SFDFJWFT
UIF QSPQFS NBJOUFOBODF :PV BSF B WJUBM MJOL
JO UIF NBJOUFOBODF DIBJO
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4FSWJDF BOE .BJOUFOBODF (VJEFu :PV NVTU
SFGFS UP UIBU HVJEF UP FOTVSF UIBU OFDFTTBSZ
NBJOUFOBODF JT QFSGPSNFE PO ZPVS WFIJDMF
BU SFHVMBS JOUFSWBMT
(&/&3"- ."*/5&/"/$&
(FOFSBM NBJOUFOBODF JODMVEFT UIPTF JUFNT
XIJDI TIPVME CF DIFDLFE EVSJOH OPSNBM
EBZUPEBZ PQFSBUJPO 5IFZ BSF FTTFOUJBM
GPS QSPQFS WFIJDMF PQFSBUJPO *U JT ZPVS
SFTQPOTJCJMJUZ UP QFSGPSN UIFTF QSPDFEVSFT
SFHVMBSMZ BT QSFTDSJCFE
1FSGPSNJOH HFOFSBM NBJOUFOBODF DIFDLT
SFRVJSFT NJOJNBM NFDIBOJDBM TLJMM BOE POMZ
B GFX HFOFSBM BVUPNPUJWF UPPMT
5IFTF DIFDLT PS JOTQFDUJPOT DBO CF EPOF
CZ ZPVSTFMG B RVBMJGJFE UFDIOJDJBO PS JG ZPV
QSFGFS BO */'*/*5* SFUBJMFS
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*G NBJOUFOBODF TFSWJDF JT SFRVJSFE PS ZPVS
WFIJDMF BQQFBST UP NBMGVODUJPO IBWF UIF
TZTUFNT DIFDLFE BOE TFSWJDFE CZ BO
*/'*/*5* SFUBJMFS
*/'*/*5* UFDIOJDJBOT BSF XFMMUSBJOFE TQF
DJBMJTUT BOE BSF LFQU VQ UP EBUF XJUI UIF
MBUFTU TFSWJDF JOGPSNBUJPO UISPVHI UFDIOJ
DBM CVMMFUJOT TFSWJDF UJQT BOE JOSFUBJMFS
TIJQ JOGPSNBUJPO TZTUFNT 5IFZ BSF
DPNQMFUFMZ RVBMJGJFE UP XPSL PO */'*/*5*
WFIJDMFT CFGPSF XPSL CFHJOT
:PV DBO CF DPOGJEFOU UIBU BO */'*/*5*
SFUBJMFST TFSWJDF EFQBSUNFOU QFSGPSNT UIF
CFTU KPC UP NFFU UIF NBJOUFOBODF SFRVJSF
NFOUT PO ZPVS WFIJDMF
%VSJOH UIF OPSNBM EBZUPEBZ PQFSBUJPO PG
UIF WFIJDMF HFOFSBM NBJOUFOBODF TIPVME
CF QFSGPSNFE SFHVMBSMZ BT QSFTDSJCFE JO
UIJT TFDUJPO *G ZPV EFUFDU BOZ VOVTVBM
TPVOET WJCSBUJPOT PS TNFMM CF TVSF UP
DIFDL GPS UIF DBVTF PS IBWF BO */'*/*5*
SFUBJMFS EP JU QSPNQUMZ *O BEEJUJPO ZPV
TIPVME OPUJGZ BO */'*/*5* SFUBJMFS JG ZPV
UIJOL UIBU SFQBJST BSF SFRVJSFE
8IFO QFSGPSNJOH BOZ DIFDLT PS NBJOUF
OBODF XPSL TFF g.BJOUFOBODF QSFDBV
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5IF NBJOUFOBODF JUFNT MJTUFE IFSF TIPVME
CF QFSGPSNFE GSPN UJNF UP UJNF VOMFTT
PUIFSXJTF TQFDJGJFE
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EPPST BOE UIF FOHJOF IPPE PQFSBUF
QSPQFSMZ "MTP FOTVSF UIBU BMM MBUDIFT MPDL
TFDVSFMZ -VCSJDBUF IJOHFT MBUDIFT MBUDI
QJOT SPMMFST BOE MJOLT JG OFDFTTBSZ .BLF
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IPPE GSPN PQFOJOH XIFO UIF QSJNBSZ MBUDI
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background
JT SFMFBTFE
8IFO ESJWJOH JO BSFBT VTJOH SPBE TBMU PS
PUIFS DPSSPTJWF NBUFSJBMT DIFDL MVCSJDBUJPO
GSFRVFOUMZ
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CBTJT .BLF TVSF UIBU UIF IFBEMJHIUT TUPQ
MJHIUT UBJM MJHIUT UVSO TJHOBM MJHIUT BOE
PUIFS MJHIUT BSF BMM PQFSBUJOH QSPQFSMZ BOE
JOTUBMMFE TFDVSFMZ "MTP DIFDL IFBEMJHIU
BJN
3PBE XIFFM OVUT MVH OVUT 8IFO DIFDL
JOH UIF UJSFT NBLF TVSF OP XIFFM OVUT BSF
NJTTJOH BOE DIFDL GPS BOZ MPPTF XIFFM
OVUT 5JHIUFO JG OFDFTTBSZ
5JSF SPUBUJPO 5JSFT TIPVME CF SPUBUFE
FWFSZ  NJMFT  LN
5JSFT $IFDL UIF QSFTTVSF XJUI B HBVHF
PGUFO BOE BMXBZT QSJPS UP MPOH EJTUBODF
USJQT *G OFDFTTBSZ BEKVTU UIF QSFTTVSF JO
BMM UJSFT JODMVEJOH UIF TQBSF UP UIF
QSFTTVSF TQFDJGJFE $IFDL DBSFGVMMZ GPS
EBNBHF DVUT PS FYDFTTJWF XFBS
5JSF 1SFTTVSF .POJUPSJOH 4ZTUFN 51.4
USBOTNJUUFS DPNQPOFOUT 3FQMBDF UIF
51.4 USBOTNJUUFS HSPNNFU TFBM WBMWF DPSF
BOE DBQ XIFO UIF UJSFT BSF SFQMBDFE EVF UP
XFBS PS BHF
5JSF XIFFM BMJHONFOU BOE CBMBODF *G UIF
WFIJDMF TIPVME QVMM UP FJUIFS TJEF XIJMF
ESJWJOH PO B TUSBJHIU BOE MFWFM SPBE PS JG
ZPV EFUFDU VOFWFO PS BCOPSNBM UJSF XFBS
UIFSF NBZ CF B OFFE GPS XIFFM BMJHONFOU
*G UIF TUFFSJOH XIFFM PS TFBU WJCSBUFT BU
OPSNBM IJHIXBZ TQFFET XIFFM CBMBODJOH
NBZ CF OFFEFE
'PS BEEJUJPOBM JOGPSNBUJPO SFHBSEJOH UJSFT
SFGFS UP g*NQPSUBOU 5JSF 4BGFUZ *OGPSNBUJPOu
64 PS g5JSF 4BGFUZ *OGPSNBUJPOu $BOBEB
JO UIF */'*/*5* 8BSSBOUZ *OGPSNBUJPO #PPL
MFU
8JOETIJFME $MFBO UIF XJOETIJFME PO B
SFHVMBS CBTJT $IFDL UIF XJOETIJFME BU
MFBTU FWFSZ TJY NPOUIT GPS DSBDLT PS PUIFS
EBNBHF )BWF B EBNBHFE XJOETIJFME
SFQBJSFE CZ B RVBMJGJFE SFQBJS GBDJMJUZ
8JOETIJFME XJQFS CMBEFT $IFDL GPS
DSBDLT PS XFBS JG UIFZ EP OPU XJQF QSPQFSMZ
*OTJEF UIF WFIJDMF
5IF NBJOUFOBODF JUFNT MJTUFE IFSF TIPVME
CF DIFDLFE PO B SFHVMBS CBTJT TVDI BT
XIFO QFSGPSNJOH QFSJPEJD NBJOUFOBODF
DMFBOJOH UIF WFIJDMF FUD
"DDFMFSBUPS QFEBM $IFDL UIF QFEBM GPS
TNPPUI PQFSBUJPO BOE NBLF TVSF UIF QFEBM
EPFT OPU DBUDI PS SFRVJSF VOFWFO FGGPSU
,FFQ UIF GMPPS NBU BXBZ GSPN UIF QFEBM
"VUPNBUJD USBOTNJTTJPO 1 1BSL NFDIBO
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WFIJDMF JT IFME TFDVSFMZ XJUI UIF TIJGU MFWFS
JO UIF 1 1BSL QPTJUJPO XJUIPVU BQQMZJOH
BOZ CSBLFT
#SBLF QFEBM $IFDL UIF QFEBM GPS TNPPUI
PQFSBUJPO *G UIF CSBLF QFEBM TVEEFOMZ
HPFT EPXO GVSUIFS UIBO OPSNBM UIF QFEBM
GFFMT TQPOHZ PS UIF WFIJDMF TFFNT UP UBLF
MPOHFS UP TUPQ TFF BO */'*/*5* SFUBJMFS
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'SPOU TJEF NBSLFS MJHIU -&%
3FBS DPNCJOBUJPO MJHIU
UBJM 88
CBDLVQ  88
TUPQUBJM -&%
TJEF NBSLFS -&%
UVSO TJHOBM  8:8
-JDFOTF QMBUF MJHIU 88
1VEEMF MJHIU -&%
'SPOU BOE SFBS BSNSFTU MJHIU -&%
.BQ MJHIU
3FBS QFSTPOBM MJHIU
$BSHP MJHIU
7BOJUZ NJSSPS MJHIU
4UFQ MJHIU
4JEF TUFQ MJHIU JG TP FRVJQQFE -&%
)JHINPVOUFE TUPQ MJHIU -&%
 4FF BO */'*/*5* SFUBJMFS GPS SFQMBDFNFOU
.BJOUFOBODF BOE EPJUZPVSTFMG 
background
 .BJOUFOBODF BOE EPJUZPVSTFMG
/05& "MXBZT DIFDL XJUI UIF 1BSUT %FQBSUNFOU BU BO */'*/*5* SFUBJMFS GPS UIF MBUFTU
JOGPSNBUJPO BCPVU QBSUT
background
3FQMBDFNFOU QSPDFEVSFT
"MM PUIFS MJHIUT BSF FJUIFS UZQF " # $ % &
PS ' 8IFO SFQMBDJOH B CVMC GJSTU SFNPWF
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4%*
4%*
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4%*
3FBS QFSTPOBM MJHIU
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background
 .BJOUFOBODF BOE EPJUZPVSTFMG
4%*
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4%*
7BOJUZ NJSSPS MJHIU
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5*3& 13&4463&
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5IJT WFIJDMF JT FRVJQQFE XJUI UIF 5JSF
1SFTTVSF .POJUPSJOH 4ZTUFN 51.4 *U
NPOJUPST UJSF QSFTTVSF PG BMM UJSFT FYDFQU
UIF TQBSF 8IFO UIF MPX UJSF QSFTTVSF
XBSOJOH MJHIU JT MJU BOE UIF $)&$, 5*3&
13&4463& XBSOJOH BQQFBST JO UIF WFIJDMF
JOGPSNBUJPO EJTQMBZ POF PS NPSF PG ZPVS
UJSFT JT TJHOJGJDBOUMZ VOEFSJOGMBUFE
5IF 51.4 XJMM BDUJWBUF POMZ XIFO UIF
WFIJDMF JT ESJWFO BU TQFFET BCPWF  .1)
 LNI "MTP UIJT TZTUFN NBZ OPU
EFUFDU B TVEEFO ESPQ JO UJSF QSFTTVSF GPS
FYBNQMF B GMBU UJSF XIJMF ESJWJOH
'PS NPSF EFUBJMT TFF g-PX UJSF QSFTTVSF
XBSOJOH MJHIUu 1 g5JSF 1SFTTVSF
.POJUPSJOH 4ZTUFN 51.4u 1 BOE
g5JSF 1SFTTVSF .POJUPSJOH 4ZTUFN 51.4
u 1
5JSF JOGMBUJPO QSFTTVSF
$IFDL UIF QSFTTVSF PG UIF UJSFT
JODMVEJOH UIF TQBSF PGUFO BOE BM
XBZT QSJPS UP MPOH EJTUBODF USJQT 5IF
SFDPNNFOEFE UJSF QSFTTVSF TQFDJGJ
DBUJPOT BSF TIPXO PO UIF 5JSF BOE
-PBEJOH *OGPSNBUJPO MBCFM VOEFS UIF
g$PME 5JSF 1SFTTVSFu IFBEJOH 5IF
5JSF BOE -PBEJOH *OGPSNBUJPO MBCFM JT
BGGJYFE UP UIF ESJWFS TJEF DFOUFS QJMMBS
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5IF UJSF QSFTTVSFT TIPVME CF DIFDLFE
XIFO UIF UJSFT BSF DPME 5IF UJSFT BSF
DPOTJEFSFE $0-% BGUFS UIF WFIJDMF
IBT CFFO QBSLFE GPS PS NPSF IPVST
PS ESJWFO MFTT UIBO NJMF  LN BU
NPEFSBUF TQFFET
51.4 XJUI 5JSF *OGMBUJPO *OEJDBUPS
QSPWJEFT WJTVBM BOE BVEJCMF TJHOBMT
PVUTJEF UIF WFIJDMF GPS JOGMBUJOH UIF
UJSFT UP UIF SFDPNNFOEFE $0-% UJSF
QSFTTVSF 4FF g51.4 XJUI 5JSF *OGMB
8)&&-4 "/% 5*3&4
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UJPO *OEJDBUPSu 1 BCPVU UIF
51.4 XJUI 5JSF *OGMBUJPO *OEJDBUPS
*ODPSSFDU UJSF QSFTTVSF JODMVEJOH
VOEFS JOGMBUJPO NBZ BEWFSTFMZ BGGFDU
UJSF MJGF BOE WFIJDMF IBOEMJOH
8"3/*/(
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TVEEFOMZ BOE DBVTF BO BDDJEFOU
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(783 JT MPDBUFE PO UIF '.74
4$.744 DFSUJGJDBUJPO MBCFM
5IF WFIJDMF XFJHIU DBQBDJUZ JT
JOEJDBUFE PO UIF 5JSF BOE -PBEJOH
*OGPSNBUJPO MBCFM %P OPU MPBE ZPVS
WFIJDMF CFZPOE UIJT DBQBDJUZ 0WFS
MPBEJOH ZPVS WFIJDMF NBZ SFTVMU JO
SFEVDFE UJSF MJGF VOTBGF PQFSBUJOH
DPOEJUJPOT EVF UP QSFNBUVSF UJSF
GBJMVSF PS VOGBWPSBCMF IBOEMJOH
DIBSBDUFSJTUJDT BOE DPVME BMTP MFBE
UP B TFSJPVT BDDJEFOU -PBEJOH
CFZPOE UIF TQFDJGJFE DBQBDJUZ
NBZ BMTP SFTVMU JO GBJMVSF PG PUIFS
WFIJDMF DPNQPOFOUT
. #FGPSF UBLJOH B MPOH USJQ PS XIFO
FWFS ZPV IFBWJMZ MPBE ZPVS WFIJDMF
VTF B UJSF QSFTTVSF HBVHF UP
FOTVSF UIBU UIF UJSF QSFTTVSFT BSF
BU UIF TQFDJGJFE MFWFM
. 'PS BEEJUJPOBM JOGPSNBUJPO SFHBSE
JOH UJSFT SFGFS UP g*NQPSUBOU 5JSF
4BGFUZ *OGPSNBUJPOu 64 PS g5JSF
4BGFUZ *OGPSNBUJPOu $BOBEB JO
UIF 8BSSBOUZ *OGPSNBUJPO #PPLMFU
.BJOUFOBODF BOE EPJUZPVSTFMG 
background
 .BJOUFOBODF BOE EPJUZPVSTFMG
4%*
5JSF BOE -PBEJOH *OGPSNBUJPO MBCFM
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4FBUJOH DBQBDJUZ 5IF NBYJNVN
OVNCFS PG PDDVQBOUT UIBU DBO CF
TFBUFE JO UIF WFIJDMF
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7FIJDMF MPBE MJNJU 4FF g7FIJDMF
MPBEJOH JOGPSNBUJPOu 1
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0SJHJOBM TJ[F 5IF TJ[F PG UIF UJSFT
PSJHJOBMMZ JOTUBMMFE PO UIF WFIJ
DMF BU UIF GBDUPSZ
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UJSFT UP UIJT QSFTTVSF XIFO UIF
UJSFT BSF DPME 5JSFT BSF DPOTJE
FSFE $0-% BGUFS UIF WFIJDMF IBT
CFFO QBSLFE GPS PS NPSF IPVST
PS ESJWFO MFTT UIBO NJMF 
LN BU NPEFSBUF TQFFET 5IF
SFDPNNFOEFE DPME UJSF JOGMBUJPO
JT TFU CZ UIF NBOVGBDUVSFS UP
QSPWJEF UIF CFTU CBMBODF PG UJSF
XFBS WFIJDMF IBOEMJOH ESJWF
BCJMJUZ UJSF OPJTF FUD VQ UP UIF
WFIJDMFT (783
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5JSF TJ[F TFF g5JSF MBCFMJOHu
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4QBSF UJSF TJ[F PS DPNQBDU TQBSF
UJSF TJ[F JG TP FRVJQQFE
background
4%*
$IFDLJOH UIF UJSF QSFTTVSF
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3FNPWF UIF WBMWF TUFN DBQ GSPN
UIF UJSF
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1SFTT UIF QSFTTVSF HBVHF
TRVBSFMZ POUP UIF WBMWF TUFN %P
OPU QSFTT UPP IBSE PS GPSDF UIF
WBMWF TUFN TJEFXBZT PS BJS XJMM
FTDBQF *G UIF IJTTJOH TPVOE PG BJS
FTDBQJOH GSPN UIF UJSF JT IFBSE
XIJMF DIFDLJOH UIF QSFTTVSF SF
QPTJUJPO UIF HBVHF UP FMJNJOBUF
UIJT MFBLBHF
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3FNPWF UIF HBVHF
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3FBE UIF UJSF QSFTTVSF PO UIF
HBVHF TUFN BOE DPNQBSF JU UP
UIF TQFDJGJDBUJPO TIPXO PO UIF
5JSF BOE -PBEJOH *OGPSNBUJPO MB
CFM
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"EE BJS UP UIF UJSF BT OFFEFE *G UPP
NVDI BJS JT BEEFE QSFTT UIF DPSF
PG UIF WBMWF TUFN CSJFGMZ XJUI UIF
UJQ PG UIF HBVHF TUFN UP SFMFBTF
QSFTTVSF 3FDIFDL UIF QSFTTVSF
BOE BEE PS SFMFBTF BJS BT OFFEFE

*OTUBMM UIF WBMWF TUFN DBQ
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UJSFT JODMVEJOH UIF TQBSF
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 14*
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 14*
41"3& 5*3&
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.BJOUFOBODF BOE EPJUZPVSTFMG 
background
 .BJOUFOBODF BOE EPJUZPVSTFMG
4%*
&YBNQMF
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UJPO PO UIF TJEFXBMM PG BMM UJSFT 5IJT
JOGPSNBUJPO JEFOUJGJFT BOE EFTDSJCFT
UIF GVOEBNFOUBM DIBSBDUFSJTUJDT PG
UIF UJSF BOE BMTP QSPWJEFT UIF UJSF
JEFOUJGJDBUJPO OVNCFS 5*/ GPS TBGFUZ
TUBOEBSE DFSUJGJDBUJPO 5IF 5*/ DBO CF
VTFE UP JEFOUJGZ UIF UJSF JO DBTF PG B
SFDBMM
4%*
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5JSF TJ[F FYBNQMF 13
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1 5IF g1u JOEJDBUFT UIF UJSF JT
EFTJHOFE GPS QBTTFOHFS WFIJDMFT
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UJPO
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5ISFFEJHJU OVNCFS  5IJT
OVNCFS HJWFT UIF XJEUI JO NJMMJ
NFUFST PG UIF UJSF GSPN TJEFXBMM
FEHF UP TJEFXBMM FEHF

5XPEJHJU OVNCFS  5IJT OVN
CFS LOPXO BT UIF BTQFDU SBUJP
HJWFT UIF UJSFT SBUJP PG IFJHIU UP
XJEUI
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3 5IF g3u TUBOET GPS SBEJBM
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5XPEJHJU OVNCFS  5IJT OVN
CFS JT UIF XIFFM PS SJN EJBNFUFS JO
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5XP PS UISFFEJHJU OVNCFS 
5IJT OVNCFS JT UIF UJSFT MPBE
JOEFY *U JT B NFBTVSFNFOU PG
IPX NVDI XFJHIU FBDI UJSF DBO
TVQQPSU :PV NBZ OPU GJOE UIJT
JOGPSNBUJPO PO BMM UJSFT CFDBVTF JU
JT OPU SFRVJSFE CZ MBX
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OPU ESJWF UIF WFIJDMF GBTUFS UIBO
UIF UJSF TQFFE SBUJOH
background
4%*
&YBNQMF
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5*/ 5JSF *EFOUJGJDBUJPO /VNCFS
GPS B OFX UJSF FYBNQMF %05 99
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%05 "CCSFWJBUJPO GPS UIF g%FQBSU
NFOU PG 5SBOTQPSUBUJPOu 5IF TZN
CPM DBO CF QMBDFE BCPWF CFMPX PS
UP UIF MFGU PS SJHIU PG UIF 5JSF
*EFOUJGJDBUJPO /VNCFS

5XPEJHJU DPEF .BOVGBDUVSFST
JEFOUJGJDBUJPO NBSL
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5XPEJHJU DPEF 5JSF TJ[F

5ISFFEJHJU DPEF 5JSF UZQF DPEF
0QUJPOBM
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5ISFFEJHJU DPEF %BUF PG .BOV
GBDUVSF

'PVS OVNCFST SFQSFTFOU UIF XFFL
BOE ZFBS UIF UJSF XBT CVJMU 'PS
FYBNQMF UIF OVNCFST 
NFBOT UIF TU XFFL PG  *G
UIFTF OVNCFST BSF NJTTJOH UIFO
MPPL PO UIF PUIFS TJEFXBMM PG UIF
UJSF
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5JSF QMZ DPNQPTJUJPO BOE NBUFSJ
BM
5IF OVNCFS PG MBZFST PS QMJFT PG
SVCCFSDPBUFE GBCSJD JO UIF UJSF
5JSF NBOVGBDUVSFST BMTP NVTU
JOEJDBUF UIF NBUFSJBMT JO UIF UJSF
XIJDI JODMVEF TUFFM OZMPO
QPMZFTUFS BOE PUIFST
*
.BYJNVN QFSNJTTJCMF JOGMBUJPO
QSFTTVSF
5IJT OVNCFS JT UIF HSFBUFTU
BNPVOU PG BJS QSFTTVSF UIBU
TIPVME CF QVU JO UIF UJSF %P OPU
FYDFFE UIF NBYJNVN QFSNJTTJ
CMF JOGMBUJPO QSFTTVSF
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.BYJNVN MPBE SBUJOH
5IJT OVNCFS JOEJDBUFT UIF NBY
JNVN MPBE JO LJMPHSBNT BOE
QPVOET UIBU DBO CF DBSSJFE CZ
UIF UJSF 8IFO SFQMBDJOH UIF UJSFT
PO UIF WFIJDMF BMXBZT VTF B UJSF
UIBU IBT UIF TBNF MPBE SBUJOH BT
UIF GBDUPSZ JOTUBMMFE UJSF
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5FSN PG gUVCFMFTTu PS gUVCF
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RVJSFT BO JOOFS UVCF gUVCF
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5IF XPSE gSBEJBMu
5IF XPSE gSBEJBMu JT TIPXO JG
UIF UJSF IBT SBEJBM TUSVDUVSF
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BSF EFGJOFE UISPVHIPVU UIJT TFDUJPO
*OUFOEFE 0VUCPBSE 4JEFXBMM JT  UIF
TJEFXBMM UIBU DPOUBJOT B XIJUFXBMM
.BJOUFOBODF BOE EPJUZPVSTFMG 
background
 .BJOUFOBODF BOE EPJUZPVSTFMG
CFBST XIJUF MFUUFSJOH PS CFBST NBOV
GBDUVSFS CSBOE BOEPS NPEFM OBNF
NPMEJOH UIBU JT IJHIFS PS EFFQFS UIBO
UIF TBNF NPMEJOH PO UIF PUIFS TJEF
XBMM PG UIF UJSF PS  UIF PVUXBSE
GBDJOH TJEFXBMM PG BO BTZNNFUSJDBM
UJSF UIBU IBT B QBSUJDVMBS TJEF UIBU
NVTU BMXBZT GBDF PVUXBSE XIFO
NPVOUFE PO B WFIJDMF
5:1&4 0' 5*3&4
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TVSF BMM GPVS UJSFT BSF PG UIF TBNF UZQF
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NBZ CF BCMF UP IFMQ ZPV XJUI JOGPSNBUJPO
BCPVU UJSF UZQF TJ[F TQFFE SBUJOH BOE
BWBJMBCJMJUZ
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TQFFE SBUJOH UIBO UIF GBDUPSZ FRVJQQFE
UJSFT BOE NBZ OPU NBUDI UIF QPUFOUJBM
NBYJNVN WFIJDMF TQFFE /FWFS FYDFFE
UIF NBYJNVN TQFFE SBUJOH PG UIF UJSF
. 3FQMBDJOH UJSFT XJUI UIPTF OPU PSJHJOBMMZ
TQFDJGJFE CZ */'*/*5* DPVME BGGFDU UIF
QSPQFS PQFSBUJPO PG UIF 51.4
. 'PS BEEJUJPOBM JOGPSNBUJPO SFHBSEJOH
UJSFT SFGFS UP g*NQPSUBOU 5JSF 4BGFUZ
*OGPSNBUJPOu 64 PS g5JSF 4BGFUZ *OGPS
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NBUJPO #PPLMFU
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NPEFMT UP QSPWJEF HPPE QFSGPSNBODF BMM
ZFBS JODMVEJOH TOPXZ BOE JDZ SPBE DPOEJ
UJPOT "MM 4FBTPO UJSFT BSF JEFOUJGJFE CZ "--
4&"40/ BOEPS .4 .VE BOE 4OPX PO
UIF UJSF TJEFXBMM 4OPX UJSFT IBWF CFUUFS
TOPX USBDUJPO UIBO "MM 4FBTPO UJSFT BOE
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NPEFMT UP QSPWJEF TVQFSJPS QFSGPSNBODF PO
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BMM GPVS XIFFMT
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TFMFDU UJSFT FRVJWBMFOU JO TJ[F BOE MPBE
SBUJOH UP UIF PSJHJOBM FRVJQNFOU UJSFT *G
ZPV EP OPU JU DBO BEWFSTFMZ BGGFDU UIF
TBGFUZ BOE IBOEMJOH PG ZPVS WFIJDMF
(FOFSBMMZ TOPX UJSFT XJMM IBWF MPXFS TQFFE
SBUJOHT UIBO GBDUPSZ FRVJQQFE UJSFT BOE
NBZ OPU NBUDI UIF QPUFOUJBM NBYJNVN
WFIJDMF TQFFE /FWFS FYDFFE UIF NBYJNVN
TQFFE SBUJOH PG UIF UJSF
*G ZPV JOTUBMM TOPX UJSFT UIFZ NVTU CF UIF
TBNF TJ[F CSBOE DPOTUSVDUJPO BOE USFBE
QBUUFSO PO BMM GPVS XIFFMT
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CJU UIFJS VTF $IFDL MPDBM TUBUF BOE
QSPWJODJBM MBXT CFGPSF JOTUBMMJOH TUVEEFE
UJSFT 4LJE BOE USBDUJPO DBQBCJMJUJFT PG
TUVEEFE TOPX UJSFT PO XFU PS ESZ TVSGBDFT
NBZ CF QPPSFS UIBO UIBU PG OPOTUVEEFE
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BDDPSEJOH UP MPDBUJPO $IFDL UIF MPDBM MBXT
CFGPSF JOTUBMMJOH UJSF DIBJOT 8IFO JOTUBM
MJOH UJSF DIBJOT NBLF TVSF UIFZ BSF UIF
QSPQFS TJ[F GPS UIF UJSFT PO ZPVS WFIJDMF BOE
BSF JOTUBMMFE BDDPSEJOH UP UIF DIBJO NBO
VGBDUVSFST TVHHFTUJPOT 6TF POMZ 4"&
$MBTT 4 DIBJOT $MBTT g4u DIBJOT BSF VTFE
PO WFIJDMFT XJUI SFTUSJDUFE UJSF UP WFIJDMF
DMFBSBODF 7FIJDMFT UIBU DBO VTF $MBTT g4u
DIBJOT BSF EFTJHOFE UP NFFU UIF 4"&
TUBOEBSE NJOJNVN DMFBSBODFT CFUXFFO
UIF UJSF BOE UIF DMPTFTU WFIJDMF TVTQFOTJPO
PS CPEZ DPNQPOFOU SFRVJSFE UP BDDPNNP
EBUF UIF VTF PG B XJOUFS USBDUJPO EFWJDF UJSF
DIBJOT PS DBCMFT 5IF NJOJNVN DMFBSBODFT
BSF EFUFSNJOFE VTJOH UIF GBDUPSZ FRVJQQFE
UJSF TJ[F 0UIFS UZQFT NBZ EBNBHF ZPVS
WFIJDMF 6TF DIBJO UFOTJPOFST XIFO SFDPN
NFOEFE CZ UIF UJSF DIBJO NBOVGBDUVSFS UP
FOTVSF B UJHIU GJU -PPTF FOE MJOLT PG UIF UJSF
DIBJO NVTU CF TFDVSFE PS SFNPWFE UP
QSFWFOU UIF QPTTJCJMJUZ PG XIJQQJOH BDUJPO
EBNBHF UP UIF GFOEFST PS VOEFSCPEZ *G
QPTTJCMF BWPJE GVMMZ MPBEJOH ZPVS WFIJDMF
XIFO VTJOH UJSF DIBJOT *O BEEJUJPO ESJWF BU
B SFEVDFE TQFFE 0UIFSXJTF ZPVS WFIJDMF
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SFBS XIFFMT BOE OPU PO UIF GSPOU XIFFMT
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UFNQPSBSZ VTF POMZ TQBSF UJSF JG TP
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4FF g'MBU UJSFu 1 GPS UJSF SFQMB
DJOH QSPDFEVSFT
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XIFFM OVUT UP UIF TQFDJGJFE UPSRVF
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 .BJOUFOBODF BOE EPJUZPVSTFMG
8IFFM OVU UJHIUFOJOH UPSRVF
 GUMC  /pN
5IF XIFFM OVUT NVTU CF LFQU UJHI
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UJNFT *U JT SFDPNNFOEFE UIBU XIFFM
OVUT CF UJHIUFOFE UP UIF TQFDJGJDB
UJPO BU FBDI UJSF SPUBUJPO JOUFSWBM
8"3/*/(
. "GUFS SPUBUJOH UIF UJSFT DIFDL BOE
BEKVTU UIF UJSF QSFTTVSF
. 3FUJHIUFO UIF XIFFM OVUT XIFO UIF
WFIJDMF IBT CFFO ESJWFO GPS 
NJMFT  LN BMTP JO DBTFT PG
B GMBU UJSF FUD
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QPSBSZ VTF POMZ TQBSF UJSF JG TP
FRVJQQFE JO UIF UJSF SPUBUJPO
. 'PS BEEJUJPOBM JOGPSNBUJPO SFHBSE
JOH UJSFT SFGFS UP g*NQPSUBOU 5JSF
4BGFUZ *OGPSNBUJPOu 64 PS g5JSF
4BGFUZ *OGPSNBUJPOu $BOBEB JO
UIF 8BSSBOUZ *OGPSNBUJPO #PPLMFU
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TQFDUFE GPS XFBS DSBDLJOH CVM
HJOH PS PCKFDUT DBVHIU JO UIF
USFBE *G FYDFTTJWF XFBS DSBDLT
CVMHJOH PS EFFQ DVUT BSF GPVOE UIF
UJSFT TIPVME CF SFQMBDFE
background
. 5IF PSJHJOBM UJSFT IBWF CVJMUJO
USFBE XFBS JOEJDBUPST 8IFO XFBS
JOEJDBUPST BSF WJTJCMF UIF UJSFT
TIPVME CF SFQMBDFE
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)BWF UJSFT JODMVEJOH UIF TQBSF
PWFS ZFBST PME DIFDLFE CZ B
RVBMJGJFE UFDIOJDJBO CFDBVTF
TPNF UJSF EBNBHF NBZ OPU CF
PCWJPVT 3FQMBDF UIF UJSFT BT
OFDFTTBSZ UP QSFWFOU UJSF GBJMVSF
BOE QPTTJCMF QFSTPOBM JOKVSZ
. *NQSPQFS TFSWJDF PG UIF TQBSF UJSF
NBZ SFTVMU JO TFSJPVT QFSTPOBM
JOKVSZ *G JU JT OFDFTTBSZ UP SFQBJS
UIF TQBSF UJSF DPOUBDU BO */'*/*5*
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. 'PS BEEJUJPOBM JOGPSNBUJPO SFHBSE
JOH UJSFT SFGFS UP g*NQPSUBOU 5JSF
4BGFUZ *OGPSNBUJPOu 64 PS g5JSF
4BGFUZ *OGPSNBUJPOu $BOBEB JO
UIF 8BSSBOUZ *OGPSNBUJPO #PPLMFU
3FQMBDJOH XIFFMT BOE UJSFT
8IFO SFQMBDJOH B UJSF VTF UIF TBNF TJ[F
USFBE EFTJHO TQFFE SBUJOH BOE MPBE DBSSZ
JOH DBQBDJUZ BT PSJHJOBMMZ FRVJQQFE 4FF
g4QFDJGJDBUJPOTu 1 GPS SFDPNNFOEFE
UZQFT BOE TJ[FT PG UJSFT BOE XIFFMT
8"3/*/(
. 5IF VTF PG UJSFT PUIFS UIBO UIPTF
SFDPNNFOEFE PS UIF NJYFE VTF PG UJSFT
PG EJGGFSFOU CSBOET DPOTUSVDUJPO CJBT
CJBTCFMUFE PS SBEJBM PS USFBE QBUUFSOT
DBO BEWFSTFMZ BGGFDU UIF SJEF CSBLJOH
IBOEMJOH HSPVOE DMFBSBODF CPEZUPUJSF
DMFBSBODF UJSF DIBJO DMFBSBODF TQFFE
PNFUFS DBMJCSBUJPO IFBEMJHIU BJN BOE
CVNQFS IFJHIU 4PNF PG UIFTF FGGFDUT
NBZ MFBE UP BDDJEFOUT BOE DPVME SFTVMU JO
TFSJPVT QFSTPOBM JOKVSZ
. 'PS 5XP8IFFM %SJWF 8% NPEFMT JG
ZPVS WFIJDMF XBT PSJHJOBMMZ FRVJQQFE
XJUI UJSFT UIBU XFSF UIF TBNF TJ[F
BOE ZPV BSF POMZ SFQMBDJOH PG UIF
UJSFT JOTUBMM UIF OFX UJSFT PO UIF SFBS
BYMF 1MBDJOH OFX UJSFT PO UIF GSPOU BYMF
NBZ DBVTF MPTT PG WFIJDMF DPOUSPM JO
TPNF ESJWJOH DPOEJUJPOT BOE DBVTF BO
BDDJEFOU BOE QFSTPOBM JOKVSZ
. *G UIF XIFFMT BSF DIBOHFE GPS BOZ SFBTPO
BMXBZT SFQMBDF XJUI XIFFMT XIJDI IBWF
UIF TBNF PGGTFU EJNFOTJPO 8IFFMT PG B
EJGGFSFOU PGGTFU DPVME DBVTF QSFNBUVSF
UJSF XFBS EFHSBEF WFIJDMF IBOEMJOH
DIBSBDUFSJTUJDT BOEPS JOUFSGFSFODF XJUI
UIF CSBLF EJTDTESVNT 4VDI JOUFSGFS
FODF DBO MFBE UP EFDSFBTFE CSBLJOH
FGGJDJFODZ BOEPS FBSMZ CSBLF QBETIPF
XFBS 4FF g8IFFMT BOE UJSFTu 1 GPS
XIFFM PGGTFU EJNFOTJPOT
. 8IFO B TQBSF UJSF JT NPVOUFE PS B XIFFM
JT SFQMBDFE UIF 51.4 XJMM OPU GVODUJPO
BOE UIF MPX UJSF QSFTTVSF XBSOJOH MJHIU
XJMM GMBTI GPS BQQSPYJNBUFMZ NJOVUF
5IF MJHIU XJMM SFNBJO PO BGUFS NJOVUF
$POUBDU ZPVS */'*/*5* SFUBJMFS BT TPPO BT
QPTTJCMF GPS UJSF SFQMBDFNFOU BOEPS
TZTUFN SFTFUUJOH
. 3FQMBDJOH UJSFT XJUI UIPTF OPU PSJHJOBMMZ
TQFDJGJFE CZ */'*/*5* DPVME BGGFDU UIF
QSPQFS PQFSBUJPO PG UIF 51.4
. %P OPU JOTUBMM B EBNBHFE PS EFGPSNFE
XIFFM PS UJSF FWFO JG JU IBT CFFO SFQBJSFE
4VDI XIFFMT PS UJSFT DPVME IBWF TUSVD
UVSBM EBNBHF BOE DPVME GBJM XJUIPVU
XBSOJOH
.BJOUFOBODF BOE EPJUZPVSTFMG 
background
 .BJOUFOBODF BOE EPJUZPVSTFMG
. 5IF VTF PG SFUSFBE UJSF JT OPU SFDPN
NFOEFE
. 'PS BEEJUJPOBM JOGPSNBUJPO SFHBSEJOH
UJSFT SFGFS UP g*NQPSUBOU 5JSF 4BGFUZ
*OGPSNBUJPOu 64 PS g5JSF 4BGFUZ *OGPS
NBUJPOu $BOBEB JO UIF 8BSSBOUZ *OGPS
NBUJPO #PPLMFU
'PVS8IFFM %SJWF 8% NPEFMT
$"65*0/
. "MXBZT VTF UJSFT PG UIF TBNF UZQF TJ[F
CSBOE DPOTUSVDUJPO CJBT CJBTCFMUFE PS
SBEJBM BOE USFBE QBUUFSO PO BMM GPVS
XIFFMT 'BJMVSF UP EP TP NBZ SFTVMU JO B
DJSDVNGFSFODF EJGGFSFODF CFUXFFO UJSFT
PO UIF GSPOU BOE SFBS BYMFT XIJDI XJMM
DBVTF FYDFTTJWF UJSF XFBS BOE NBZ
EBNBHF UIF USBOTNJTTJPO USBOTGFS DBTF
BOE EJGGFSFOUJBM HFBST
. 0/-: VTF TQBSF UJSFT TQFDJGJFE GPS UIF
8% NPEFM
*G FYDFTTJWF UJSF XFBS JT GPVOE JU JT
SFDPNNFOEFE UIBU BMM GPVS UJSFT CF SF
QMBDFE XJUI UJSFT PG UIF TBNF TJ[F CSBOE
DPOTUSVDUJPO BOE USFBE QBUUFSO 5IF UJSF
QSFTTVSF BOE XIFFM BMJHONFOU TIPVME BMTP
CF DIFDLFE BOE DPSSFDUFE BT OFDFTTBSZ
$POUBDU BO */'*/*5* SFUBJMFS
8IFFM CBMBODF
6OCBMBODFE XIFFMT NBZ BGGFDU WFIJDMF
IBOEMJOH BOE UJSF MJGF &WFO XJUI SFHVMBS
VTF XIFFMT DBO HFU PVU PG CBMBODF 5IFSF
GPSF UIFZ TIPVME CF CBMBODFE BT SFRVJSFE
8IFFM CBMBODF TFSWJDF TIPVME CF QFS
GPSNFE XJUI UIF XIFFMT PGG UIF WFIJDMF
4QJO CBMBODJOH UIF XIFFMT PO UIF WFIJDMF
DPVME MFBE UP NFDIBOJDBM EBNBHF
'PS BEEJUJPOBM JOGPSNBUJPO SFHBSEJOH UJSFT
SFGFS UP g*NQPSUBOU 5JSF 4BGFUZ *OGPSNBUJPOu
64 PS g5JSF 4BGFUZ *OGPSNBUJPOu $BOBEB
JO UIF */'*/*5* 8BSSBOUZ *OGPSNBUJPO #PPL
MFU
$BSF PG XIFFMT
4FF g$MFBOJOH FYUFSJPSu 1 GPS EFUBJMT
BCPVU DBSF PG UIF XIFFMT
4QBSF UJSF
8IFO B TQBSF UJSF JT NPVOUFE 5&.103"3:
64& 0/-: PS DPOWFOUJPOBM UIF 51.4 XJMM
OPU GVODUJPO
4QBSF UJSF '6--4*;& 5&.103"3: 64&
0/-: TQBSF UJSF "QQMJFT 0/-: UP WFIJDMFT
FRVJQQFE XJUI 13 UJSFT
0CTFSWF UIF GPMMPXJOH QSFDBVUJPOT JG UIF
GVMMTJ[F UFNQPSBSZ VTF POMZ TQBSF UJSF NVTU
CF VTFE PUIFSXJTF ZPVS WFIJDMF DPVME CF
EBNBHFE PS JOWPMWFE JO BO BDDJEFOU
8"3/*/(
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UJSF TIPVME CF VTFE GPS FNFSHFODZ VTF *U
TIPVME CF SFQMBDFE XJUI UIF TUBOEBSE
UJSF BU UIF GJSTU PQQPSUVOJUZ UP BWPJE
QPTTJCMF UJSF PS EJGGFSFOUJBM EBNBHF
. %SJWF DBSFGVMMZ XIJMF UIF TQBSF UJSF JT
JOTUBMMFE "WPJE TIBSQ UVSOT BOE BCSVQU
CSBLJOH XIJMF ESJWJOH 5IF WFIJDMF ESJW
JOH QFSGPSNBODF NBZ CF BGGFDUFE XIFO
ESJWJOH PO XFU PS TOPX DPWFSFE SPBET
. 8IFO UIF TQBSF UJSF JT JOTUBMMFE UIF
GPMMPXJOH TZTUFNT NBZ OPU XPSL DPS
SFDUMZ
5JSF 1SFTTVSF .POJUPSJOH 4ZTUFN
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background
. 1FSJPEJDBMMZ DIFDL TQBSF UJSF JOGMBUJPO
QSFTTVSF "MXBZT LFFQ UIF TQBSF UJSF
JOGMBUFE UP UIF QSFTTVSF TQFDJGJDBUJPO
TIPXO PO UIF 5JSF BOE -PBEJOH *OGPSNB
UJPO MBCFM 'PS 5JSF BOE -PBEJOH *OGPSNB
UJPO MBCFM MPDBUJPO TFF g5JSF BOE -PBEJOH
*OGPSNBUJPO MBCFMu JO UIF JOEFY PG UIJT
NBOVBM
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ZPVS WFIJDMF BU TQFFET GBTUFS UIBO 
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. 8IFO ESJWJOH PO SPBET DPWFSFE XJUI
TOPX PS JDF UIF TQBSF UJSF TIPVME CF
VTFE PO UIF GSPOU XIFFMT BOE PSJHJOBM UJSF
VTFE PO UIF SFBS XIFFMT ESJWF XIFFMT
6TF UJSF DIBJOT POMZ PO UIF UXP SFBS
PSJHJOBM UJSFT
. %P OPU VTF UIF TQBSF UJSF PO PUIFS
WFIJDMFT
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UIF TBNF UJNF
$"65*0/
%P OPU VTF UJSF DIBJOT PO UIF TQBSF UJSF 5JSF
DIBJOT XJMM OPU GJU QSPQFSMZ BOE NBZ DBVTF
EBNBHF UP UIF WFIJDMF
.BJOUFOBODF BOE EPJUZPVSTFMG 
background
 .BJOUFOBODF BOE EPJUZPVSTFMG
.&.0
background
5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO
$BQBDJUJFT BOE SFDPNNFOEFE GMVJETMVCSJDBOUT 
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&OHJOF PJM BOE PJM GJMUFS SFDPNNFOEBUJPO  
"JS DPOEJUJPOJOH TZTUFN SFGSJHFSBOU BOE
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&OHJOF  
8IFFMT BOE UJSFT 
%JNFOTJPOT 
8IFO USBWFMJOH PS SFHJTUFSJOH ZPVS WFIJDMF JO
BOPUIFS DPVOUSZ 
7FIJDMF JEFOUJGJDBUJPO 
7FIJDMF *EFOUJGJDBUJPO /VNCFS 7*/ QMBUF 
7FIJDMF JEFOUJGJDBUJPO OVNCFS
DIBTTJT OVNCFS 
&OHJOF TFSJBM OVNCFS  
'.744$.744 DFSUJGJDBUJPO MBCFM  
&NJTTJPO DPOUSPM JOGPSNBUJPO MBCFM  
5JSF BOE MPBEJOH JOGPSNBUJPO MBCFM 
"JS DPOEJUJPOFS TQFDJGJDBUJPO MBCFM  
*OTUBMMJOH GSPOU MJDFOTF QMBUF  
7FIJDMF MPBEJOH JOGPSNBUJPO 
5FSNT 
7FIJDMF MPBE DBQBDJUZ 
4FDVSJOH UIF MPBE  
-PBEJOH UJQT  
.FBTVSFNFOU PG XFJHIUT  
5PXJOH B USBJMFS 
.BYJNVN MPBE MJNJUT 
.BYJNVN (SPTT 7FIJDMF 8FJHIU (78
NBYJNVN (SPTT "YMF 8FJHIU ("8  
5PXJOH MPBETQFDJGJDBUJPO 
5PXJOH TBGFUZ  
'MBU UPXJOH  
6OJGPSN UJSF RVBMJUZ HSBEJOH  
5SFBEXFBS  
5SBDUJPO "" " # BOE $ 
5FNQFSBUVSF " # BOE $ 
&NJTTJPO DPOUSPM TZTUFN XBSSBOUZ 
3FQPSUJOH TBGFUZ EFGFDUT  
3FBEJOFTT GPS *OTQFDUJPO.BJOUFOBODF
*. UFTU  
&WFOU %BUB 3FDPSEFST &%3 
0XOFST .BOVBM4FSWJDF .BOVBM
PSEFS JOGPSNBUJPO 
background
 5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO
5IF GPMMPXJOH BSF BQQSPYJNBUF DBQBDJUJFT 5IF BDUVBM SFGJMM DBQBDJUJFT NBZ CF B MJUUMF EJGGFSFOU 8IFO SFGJMMJOH GPMMPX UIF QSPDFEVSF
JOTUSVDUFE JO UIF g .BJOUFOBODF BOE EPJUZPVSTFMGu TFDUJPO UP EFUFSNJOF UIF QSPQFS SFGJMM DBQBDJUZ
$BQBDJUZ "QQSPYJNBUF 3FDPNNFOEFE TQFDJGJDBUJPOT
64 NFBTVSF *NQ NFBTVSF -JUFS
'VFM  HBM  HBM  4FF g'VFM JOGPSNBUJPOu 1
&OHJOF PJM
8JUI PJM GJMUFS DIBOHF  RU  RU 
. (FOVJOF /*44"/ FOHJOF PJM PS FRVJWBMFOU
 */'*/*5* SFDPNNFOET (FOVJOF /*44"/ &TUFS &OHJOF 0JM BWBJMBCMF BU BO
*/'*/*5* SFUBJMFS
. &OHJOF PJM XJUI "1* $FSUJGJDBUJPO .BSL 7JTDPTJUZ 4"& 8
 'PS BEEJUJPOBM JOGPSNBUJPO TFF g&OHJOF PJM BOE PJM GJMUFS SFDPNNFOEBUJPOu
1
%SBJO BOE SFGJMM
'PS BEEJUJPOBM JOGPSNBUJPO TFF
g$IBOHJOH FOHJOF PJM BOE GJMUFSu 1

8JUIPVU PJM GJMUFS DIBOHF  RU  RU 
$PPMJOH TZTUFN 8JUI SFTFSWPJS  RU  RU 
. 1SFEJMVUFE (FOVJOF /*44"/ -POH -JGF "OUJGSFF[F$PPMBOU CMVF PS FRVJWBMFOU
"VUPNBUJD USBOTNJTTJPO GMVJE
. (FOVJOF /*44"/ .BUJD 4 "5'
. 6TJOH BVUPNBUJD USBOTNJTTJPO GMVJE PUIFS UIBO (FOVJOF /*44"/ .BUJD 4 "5'
XJMM DBVTF EFUFSJPSBUJPO JO ESJWFBCJMJUZ BOE BVUPNBUJD USBOTNJTTJPO EVSBCJMJUZ
BOE NBZ EBNBHF UIF BVUPNBUJD USBOTNJTTJPO XIJDI JT OPU DPWFSFE CZ UIF
*/'*/*5* OFX WFIJDMF MJNJUFE XBSSBOUZ
5SBOTGFS GMVJE
. (FOVJOF /*44"/ 5SBOTGFS 'MVJE GPS "59" USBOTGFS
. 6TJOH USBOTGFS GMVJE PUIFS UIBO (FOVJOF /*44"/ 5SBOTGFS 'MVJE XJMM EBNBHF
UIF USBOTGFS XIJDI JT OPU DPWFSFE CZ UIF */'*/*5* OFX WFIJDMF MJNJUFE
XBSSBOUZ
'SPOU EJGGFSFOUJBM HFBS PJM
. (FOVJOF /*44"/ %JGGFSFOUJBM 0JM )ZQPJE 4VQFS (- 8 PS FRVJWBMFOU
. 4FF BO */'*/*5* SFUBJMFS GPS TFSWJDF GPS TZOUIFUJD PJM
3FBS EJGGFSFOUJBM HFBS PJM
. "1* (- TZOUIFUJD HFBS PJM 7JTDPTJUZ 4"& 8
. 4FF BO */'*/*5* SFUBJMFS GPS TFSWJDF GPS TZOUIFUJD PJM
1PXFS TUFFSJOH GMVJE 14'
3FGJMM UP UIF QSPQFS PJM MFWFM BDDPSEJOH UP UIF JOTUSVDUJPOT JO
UIF g .BJOUFOBODF BOE EPJUZPVSTFMGu TFDUJPO
. (FOVJOF /*44"/ 14' PS FRVJWBMFOU
. %&930/
5.
7* UZQF "5' NBZ BMTP CF VTFE
#SBLF GMVJE
. (FOVJOF /*44"/ 4VQFS )FBWZ %VUZ #SBLF 'MVJE PS FRVJWBMFOU %05
 "WBJMBCMF JO NBJOMBOE 64 UISPVHI BO */'*/*5* SFUBJMFS
4VTQFOTJPO GMVJE
. (FOVJOF /*44"/ )ZESBVMJD 4VTQFOTJPO 'MVJE
. 6TJOH )ZESBVMJD 4VTQFOTJPO GMVJE PUIFS UIBO (FOVJOF /*44"/ )ZESBVMJD
4VTQFOTJPO GMVJE XJMM EBNBHF UIF )ZESBVMJD 4VTQFOTJPO XIJDI JT OPU
DPWFSFE CZ UIF */'*/*5* OFX WFIJDMF MJNJUFE XBSSBOUZ 4FF BO */'*/*5* SFUBJMFS
GPS SFDPNNFOEFE IZESBVMJD TVTQFOTJPO GMVJE
.VMUJQVSQPTF HSFBTF
. /-(* /P -JUIJVN TPBQ CBTF
$"1"$*5*&4 "/% 3&$0..&/%&% '-6*%4
-6#3*$"/54
background
$BQBDJUZ "QQSPYJNBUF 3FDPNNFOEFE TQFDJGJDBUJPOT
64 NFBTVSF *NQ NFBTVSF -JUFS
"JS DPOEJUJPOJOH TZTUFN SFGSJHFSBOU  HBM HBM 
. )'$B 3B
. 'PS BEEJUJPOBM JOGPSNBUJPO TFF g7FIJDMF JEFOUJGJDBUJPOu 1 GPS BJS
DPOEJUJPOFS TQFDJGJDBUJPO MBCFM
"JS DPOEJUJPOJOH TZTUFN MVCSJDBOUT
. /*44"/ "$ 4ZTUFN 0JM 5ZQF 3 PS FYBDU FRVJWBMFOU
8JOEPX XBTIFS GMVJE
. (FOVJOF /*44"/ 8JOETIJFME 8BTIFS $PODFOUSBUF $MFBOFS "OUJGSFF[F PS
FRVJWBMFOU
5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO 
background
 5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO
'6&- */'03."5*0/
7,7% FOHJOF
*/'*/*5* SFDPNNFOET UIF VTF PG VOMFBEFE
QSFNJVN HBTPMJOF XJUI BO PDUBOF SBUJOH PG
BU MFBTU  ",* "OUJ,OPDL *OEFY OVNCFS
3FTFBSDI PDUBOF OVNCFS 
*G VOMFBEFE QSFNJVN HBTPMJOF JT OPU BWBJM
BCMF ZPV NBZ VTF VOMFBEFE SFHVMBS HBTP
MJOF XJUI BO PDUBOF SBUJOH PG BU MFBTU  ",*
OVNCFS 3FTFBSDI PDUBOF OVNCFS  CVU
ZPV NBZ OPUJDF B EFDSFBTF JO QFSGPSNBODF
$"65*0/
. 6TJOH B GVFM PUIFS UIBO UIBU TQFDJGJFE
DPVME BEWFSTFMZ BGGFDU UIF FNJTTJPO
DPOUSPM TZTUFN BOE NBZ BMTP BGGFDU
XBSSBOUZ DPWFSBHF
. 6OEFS OP DJSDVNTUBODFT TIPVME B MFBEFE
HBTPMJOF CF VTFE CFDBVTF UIJT XJMM
EBNBHF UIF UISFFXBZ DBUBMZTU
. %P OPU VTF & PS & GVFM JO ZPVS
WFIJDMF :PVS WFIJDMF JT OPU EFTJHOFE UP
SVO PO & PS & GVFM 6TJOH & PS &
 GVFM JO B WFIJDMF OPU TQFDJGJDBMMZ
EFTJHOFE GPS & PS & GVFM DBO
BEWFSTFMZ BGGFDU UIF FNJTTJPO DPOUSPM
EFWJDFT BOE TZTUFNT PG UIF WFIJDMF
%BNBHF DBVTFE CZ TVDI GVFM JT OPU
DPWFSFE CZ UIF */'*/*5* OFX WFIJDMF
MJNJUFE XBSSBOUZ
. 64 HPWFSONFOU SFHVMBUJPOT SFRVJSF
FUIBOPM EJTQFOTJOH QVNQT UP CF JEFOUJ
GJFE CZ B TNBMM TRVBSF PSBOHF BOE CMBDL
MBCFM XJUI UIF DPNNPO BCCSFWJBUJPO PS
UIF BQQSPQSJBUF QFSDFOUBHF GPS UIBU
SFHJPO
(BTPMJOF TQFDJGJDBUJPOT
*/'*/*5* SFDPNNFOET VTJOH HBTPMJOF UIBU
NFFUT UIF 8PSME8JEF 'VFM $IBSUFS 88'$
TQFDJGJDBUJPOT XIFSF JU JT BWBJMBCMF .BOZ
PG UIF BVUPNPCJMF NBOVGBDUVSFST EFWFM
PQFE UIJT TQFDJGJDBUJPO UP JNQSPWF FNJT
TJPO TZTUFN BOE WFIJDMF QFSGPSNBODF "TL
ZPVS TFSWJDF TUBUJPO NBOBHFS JG UIF HBTP
MJOF NFFUT UIF 8PSME8JEF 'VFM $IBSUFS
88'$ TQFDJGJDBUJPOT
3FGPSNVMBUFE HBTPMJOF
4PNF GVFM TVQQMJFST BSF OPX QSPEVDJOH
SFGPSNVMBUFE HBTPMJOFT 5IFTF HBTPMJOFT
BSF TQFDJBMMZ EFTJHOFE UP SFEVDF WFIJDMF
FNJTTJPOT */'*/*5* TVQQPSUT FGGPSUT UP
XBSET DMFBOFS BJS BOE TVHHFTUT UIBU ZPV
VTF SFGPSNVMBUFE HBTPMJOF XIFO BWBJMBCMF
(BTPMJOF DPOUBJOJOH PYZHFOBUFT
4PNF GVFM TVQQMJFST TFMM HBTPMJOF DPOUBJO
JOH PYZHFOBUFT TVDI BT FUIBOPM .5#& BOE
NFUIBOPM XJUI PS XJUIPVU BEWFSUJTJOH UIFJS
QSFTFODF */'*/*5* EPFT OPU SFDPNNFOE UIF
VTF PG GVFMT PG XIJDI UIF PYZHFOBUF DPOUFOU
BOE UIF GVFM DPNQBUJCJMJUZ GPS ZPVS */'*/*5*
DBOOPU CF SFBEJMZ EFUFSNJOFE *G JO EPVCU
BTL ZPVS TFSWJDF TUBUJPO NBOBHFS
*G ZPV VTF PYZHFOBUFCMFOE HBTPMJOF
QMFBTF UBLF UIF GPMMPXJOH QSFDBVUJPOT BT
UIF VTBHF PG TVDI GVFMT NBZ DBVTF WFIJDMF
QFSGPSNBODF QSPCMFNT BOEPS GVFM TZTUFN
EBNBHF
. 5IF GVFM TIPVME CF VOMFBEFE BOE IBWF
BO PDUBOF SBUJOH OP MPXFS UIBO UIBU
SFDPNNFOEFE GPS VOMFBEFE HBTPMJOF
. *G BO PYZHFOBUFCMFOE FYDFQUJOH B
NFUIBOPM CMFOE JT VTFE JU TIPVME
DPOUBJO OP NPSF UIBO  PYZHFOBUF
.5#& NBZ IPXFWFS CF BEEFE VQ UP

. & GVFM DPOUBJOT NPSF UIBO 
PYZHFOBUF & GVFM XJMM BEWFSTFMZ
BGGFDU UIF FNJTTJPO DPOUSPM EFWJDFT
BOE TZTUFNT PG UIF WFIJDMF BOE TIPVME
OPU CF VTFE %BNBHF DBVTFE CZ TVDI
GVFM JT OPU DPWFSFE CZ UIF */'*/*5* OFX
WFIJDMF MJNJUFE XBSSBOUZ
background
. *G B NFUIBOPM CMFOE JT VTFE JU TIPVME
DPOUBJO OP NPSF UIBO  NFUIBOPM
NFUIZM BMDPIPM XPPE BMDPIPM *U
TIPVME BMTP DPOUBJO B TVJUBCMF BNPVOU
PG BQQSPQSJBUF DPTPMWFOUT BOE DPSSP
TJPO JOIJCJUPST *G OPU QSPQFSMZ GPSNV
MBUFE XJUI BQQSPQSJBUF DPTPMWFOUT BOE
DPSSPTJPO JOIJCJUPST TVDI NFUIBOPM
CMFOET NBZ DBVTF GVFM TZTUFN EBNBHF
BOEPS WFIJDMF QFSGPSNBODF QSPCMFNT
"U UIJT UJNF TVGGJDJFOU EBUB JT OPU
BWBJMBCMF UP FOTVSF UIBU BMM NFUIBOPM
CMFOET BSF TVJUBCMF GPS VTF JO */'*/*5*
WFIJDMFT
*G BOZ VOEFTJSBCMF ESJWFBCJMJUZ QSPCMFNT
TVDI BT FOHJOF TUBMMJOH PS IBSE IPU TUBSUJOH
BSF FYQFSJFODFE BGUFS VTJOH PYZHFOBUF
CMFOE GVFMT JNNFEJBUFMZ DIBOHF UP B OPO
PYZHFOBUF GVFM PS B GVFM XJUI B MPX CMFOE PG
.5#&
5BLF DBSF OPU UP TQJMM HBTPMJOF EVSJOH
SFGVFMJOH (BTPMJOF DPOUBJOJOH PYZHFOBUFT
DBO DBVTF QBJOU EBNBHF
& GVFM
& GVFM JT B NJYUVSF PG BQQSPYJNBUFMZ
 GVFM FUIBOPM BOE  VOMFBEFE
HBTPMJOF & DBO POMZ CF VTFE JO WFIJDMFT
EFTJHOFE UP SVO PO & GVFM %P OPU VTF &
 JO ZPVS WFIJDMF 64 HPWFSONFOU SFH
VMBUJPOT SFRVJSF GVFM FUIBOPM EJTQFOTJOH
QVNQT UP CF JEFOUJGJFE XJUI TNBMM TRVBSF
PSBOHF BOE CMBDL MBCFM XJUI UIF DPNNPO
BCCSFWJBUJPO PS UIF BQQSPQSJBUF QFSDFOUBHF
GPS UIBU SFHJPO
& GVFM
& GVFM JT B NJYUVSF PG BQQSPYJNBUFMZ
 GVFM FUIBOPM BOE  VOMFBEFE
HBTPMJOF & DBO POMZ CF VTFE JO B
'MFYJCMF 'VFM 7FIJDMF ''7 %P OPU VTF &
 GVFM JO ZPVS WFIJDMF 64 HPWFSONFOU
SFHVMBUJPOT SFRVJSF GVFM FUIBOPM EJTQFOTJOH
QVNQT UP CF JEFOUJGJFE CZ B TNBMM TRVBSF
PSBOHF BOE CMBDL MBCFM XJUI UIF DPNNPO
BCCSFWJBUJPO PS UIF BQQSPQSJBUF QFSDFOUBHF
GPS UIBU SFHJPO
"GUFSNBSLFU GVFM BEEJUJWFT
*/'*/*5* EPFT OPU SFDPNNFOE UIF VTF PG
BOZ BGUFSNBSLFU GVFM BEEJUJWFT &YBNQMF
GVFM JOKFDUPS DMFBOFS PDUBOF CPPTUFS JO
UBLF WBMWF EFQPTJU SFNPWFST FUD XIJDI
BSF TPME DPNNFSDJBMMZ .BOZ PG UIFTF
BEEJUJWFT JOUFOEFE GPS HVN WBSOJTI PS
EFQPTJU SFNPWBM NBZ DPOUBJO BDUJWF TPMWFOU
PS TJNJMBS JOHSFEJFOUT UIBU DBO CF IBSNGVM
UP UIF GVFM TZTUFN BOE FOHJOF
0DUBOF SBUJOH UJQT
6TJOH VOMFBEFE HBTPMJOF XJUI BO PDUBOF
SBUJOH MPXFS UIBO SFDPNNFOEFE BCPWF DBO
DBVTF QFSTJTUFOU IFBWZ TQBSL LOPDL
4QBSL LOPDL JT B NFUBMMJD SBQQJOH OPJTF
*G TFWFSF UIJT DBO MFBE UP FOHJOF EBNBHF
*G ZPV EFUFDU B QFSTJTUFOU IFBWZ TQBSL
LOPDL FWFO XIFO VTJOH HBTPMJOF PG UIF
TUBUFE PDUBOF SBUJOH PS JG ZPV IFBS TUFBEZ
TQBSL LOPDL XIJMF IPMEJOH B TUFBEZ TQFFE
PO MFWFM SPBET IBWF BO */'*/*5* SFUBJMFS
DPSSFDU UIF DPOEJUJPO 'BJMVSF UP DPSSFDU UIF
DPOEJUJPO JT NJTVTF PG UIF WFIJDMF GPS
XIJDI */'*/*5* JT OPU SFTQPOTJCMF
*ODPSSFDU JHOJUJPO UJNJOH XJMM SFTVMU JO
LOPDLJOH BGUFSSVO PS PWFSIFBUJOH 5IJT JO
UVSO NBZ DBVTF FYDFTTJWF GVFM DPOTVNQUJPO
PS EBNBHF UP UIF FOHJOF *G BOZ PG UIF
BCPWF TZNQUPNT BSF FODPVOUFSFE IBWF
ZPVS WFIJDMF DIFDLFE BU BO */'*/*5* SFUBJMFS
PS PUIFS DPNQFUFOU TFSWJDF GBDJMJUZ
)PXFWFS OPX BOE UIFO ZPV NBZ OPUJDF
MJHIU TQBSL LOPDL GPS B TIPSU UJNF XIJMF
BDDFMFSBUJOH PS ESJWJOH VQ IJMMT 5IJT JT OP
DBVTF GPS DPODFSO CFDBVTF ZPV HFU UIF
HSFBUFTU GVFM CFOFGJU XIFO UIFSF JT MJHIU
TQBSL LOPDL GPS B TIPSU UJNF VOEFS IFBWZ
FOHJOF MPBE
5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO 
background
 5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO
+759
 "1* DFSUJGJDBUJPO NBSL
 "1* TFSWJDF TZNCPM
&/(*/& 0*- "/% 0*- '*-5&3 3&
$0..&/%"5*0/
4FMFDUJOH UIF DPSSFDU PJM
*U JT FTTFOUJBM UP DIPPTF UIF DPSSFDU HSBEF
RVBMJUZ BOE WJTDPTJUZ FOHJOF PJM UP FOTVSF
TBUJTGBDUPSZ FOHJOF MJGF BOE QFSGPSNBODF
TFF g$BQBDJUJFT BOE SFDPNNFOEFE GMVJET
MVCSJDBOUTu 1 */'*/*5* SFDPNNFOET
UIF VTF PG BO FOFSHZ DPOTFSWJOH PJM JO PSEFS
UP JNQSPWF GVFM FDPOPNZ
4FMFDU POMZ FOHJOF PJMT UIBU NFFU UIF
"NFSJDBO 1FUSPMFVN *OTUJUVUF "1* DFSUJGJ
DBUJPO PS *OUFSOBUJPOBM -VCSJDBOU 4UBOEBS
EJ[BUJPO BOE "QQSPWBM $PNNJUUFF *-4"$
DFSUJGJDBUJPO BOE 4"& WJTDPTJUZ TUBOEBSE
5IFTF PJMT IBWF UIF "1* DFSUJGJDBUJPO NBSL
PO UIF GSPOU PG UIF DPOUBJOFS 0JMT XIJDI EP
OPU IBWF UIF TQFDJGJFE RVBMJUZ MBCFM TIPVME
OPU CF VTFE BT UIFZ DPVME DBVTF FOHJOF
EBNBHF
0JM BEEJUJWFT
*/'*/*5* EPFT OPU SFDPNNFOE UIF VTF PG PJM
BEEJUJWFT 5IF VTF PG BO PJM BEEJUJWF JT OPU
OFDFTTBSZ XIFO UIF QSPQFS PJM UZQF JT VTFE
BOE NBJOUFOBODF JOUFSWBMT BSF GPMMPXFE
0JM XIJDI NBZ DPOUBJO GPSFJHO NBUUFS PS
IBT CFFO QSFWJPVTMZ VTFE TIPVME OPU CF
VTFE
0JM WJTDPTJUZ
5IF FOHJOF PJM WJTDPTJUZ PS UIJDLOFTT
DIBOHFT XJUI UFNQFSBUVSF #FDBVTF PG UIJT
JU JT JNQPSUBOU UIBU UIF FOHJOF PJM WJTDPTJUZ
CF TFMFDUFE CBTFE PO UIF UFNQFSBUVSFT BU
XIJDI UIF WFIJDMF XJMM CF PQFSBUFE CFGPSF
UIF OFYU PJM DIBOHF $IPPTJOH BO PJM
WJTDPTJUZ PUIFS UIBO UIBU SFDPNNFOEFE
DPVME DBVTF TFSJPVT FOHJOF EBNBHF
4FMFDUJOH UIF DPSSFDU PJM GJMUFS
:PVS OFX WFIJDMF JT FRVJQQFE XJUI B IJHI
RVBMJUZ HFOVJOF /*44"/ PJM GJMUFS 8IFO
SFQMBDJOH VTF UIF HFOVJOF PJM GJMUFS PS JUT
FRVJWBMFOU GPS UIF SFBTPO EFTDSJCFE JO
DIBOHF JOUFSWBMT
$IBOHF JOUFSWBMT
5IF PJM BOE PJM GJMUFS DIBOHF JOUFSWBMT GPS
ZPVS FOHJOF BSF CBTFE PO UIF VTF PG UIF
TQFDJGJFE RVBMJUZ PJMT BOE GJMUFST 0JM BOE
GJMUFS PUIFS UIBO UIF TQFDJGJFE RVBMJUZ PS PJM
BOE GJMUFS DIBOHF JOUFSWBMT MPOHFS UIBO
SFDPNNFOEFE DPVME SFEVDF FOHJOF MJGF
%BNBHF UP FOHJOFT DBVTFE CZ JNQSPQFS
NBJOUFOBODF PS VTF PG JODPSSFDU PJM BOE
background
GJMUFS RVBMJUZ BOEPS WJTDPTJUZ JT OPU DPWFSFE
CZ UIF OFX */'*/*5* WFIJDMF MJNJUFE XBSSBO
UJFT
:PVS FOHJOF XBT GJMMFE XJUI B IJHI RVBMJUZ
FOHJOF PJM XIFO JU XBT CVJMU :PV EP OPU
IBWF UP DIBOHF UIF PJM CFGPSF UIF GJSTU
SFDPNNFOEFE DIBOHF JOUFSWBM 0JM BOE
GJMUFS DIBOHF JOUFSWBMT EFQFOE VQPO IPX
ZPV VTF ZPVS WFIJDMF 0QFSBUJPO VOEFS UIF
GPMMPXJOH DPOEJUJPOT NBZ SFRVJSF NPSF
GSFRVFOU PJM BOE GJMUFS DIBOHFT
. SFQFBUFE TIPSU EJTUBODF ESJWJOH BU DPME
PVUTJEF UFNQFSBUVSFT
. ESJWJOH JO EVTUZ DPOEJUJPOT
. FYUFOTJWF JEMJOH
. UPXJOH B USBJMFS
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3FGFS UP UIF g*/'*/*5* 4FSWJDF BOE .BJO
UFOBODF (VJEFu GPS UIF NBJOUFOBODF TDIF
EVMF
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5IF BJS DPOEJUJPOJOH TZTUFN JO ZPVS
*/'*/*5* WFIJDMF NVTU CF DIBSHFE XJUI UIF
SFGSJHFSBOU )'$B 3B BOE UIF
MVCSJDBOU /*44"/ "$ TZTUFN PJM 5ZQF 4
PS UIF FYBDU FRVJWBMFOUT
$"65*0/
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XJMM DBVTF TFWFSF EBNBHF UP UIF BJS DPO
EJUJPOJOH TZTUFN BOE XJMM SFRVJSF UIF SFQMB
DFNFOU PG BMM BJS DPOEJUJPOFS TZTUFN
DPNQPOFOUT
5IF SFGSJHFSBOU )'$B 3B JO ZPVS
*/'*/*5* WFIJDMF XJMM OPU IBSN UIF FBSUIT
P[POF MBZFS "MUIPVHI UIJT SFGSJHFSBOU EPFT
OPU BGGFDU UIF FBSUIT BUNPTQIFSF DFSUBJO
HPWFSONFOUBM SFHVMBUJPOT SFRVJSF UIF SF
DPWFSZ BOE SFDZDMJOH PG BOZ SFGSJHFSBOU
EVSJOH BVUPNPUJWF BJS DPOEJUJPOJOH TZTUFN
TFSWJDF :PVS */'*/*5* SFUBJMFS IBT UIF
USBJOFE UFDIOJDJBOT BOE FRVJQNFOU OFFEFE
UP SFDPWFS BOE SFDZDMF ZPVS BJS DPOEJUJPOJOH
TZTUFN SFGSJHFSBOU
$POUBDU BO */'*/*5* SFUBJMFS XIFO TFSWJDJOH
ZPVS BJS DPOEJUJPOJOH TZTUFN
5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO 
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 5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO
&/(*/&
.PEFM 7,7%
5ZQF (BTPMJOF DZDMF
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*EMF TQFFE SQN
4FF UIF FNJTTJPO DPOUSPM JOGPSNBUJPO MBCFM PO
UIF VOEFSTJEF PG UIF IPPE
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5IJT TQBSL JHOJUJPO TZTUFN DPNQMJFT XJUI UIF $BOBEJBO TUBOEBSE *$&4
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8)&&-4 "/% 5*3&4
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5ZQF 4J[F 0GGTFU JO NN
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 5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO
%*.&/4*0/4
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JO NN  
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JO NN  
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background
*G ZPV QMBO UP USBWFM JO BOPUIFS DPVOUSZ ZPV
TIPVME GJSTU GJOE PVU JG UIF GVFM BWBJMBCMF JT
TVJUBCMF GPS ZPVS WFIJDMFT FOHJOF
6TJOH GVFM XJUI UPP MPX BO PDUBOF SBUJOH
NBZ DBVTF FOHJOF EBNBHF "MM HBTPMJOF
WFIJDMFT NVTU CF PQFSBUFE XJUI VOMFBEFE
HBTPMJOF 5IFSFGPSF BWPJE UBLJOH ZPVS
WFIJDMF UP BSFBT XIFSF BQQSPQSJBUF GVFM JT
OPU BWBJMBCMF
8IFO USBOTGFSSJOH UIF SFHJTUSBUJPO PG ZPVS
WFIJDMF UP BOPUIFS DPVOUSZ TUBUF QSPWJODF
PS EJTUSJDU JU NBZ CF OFDFTTBSZ UP NPEJGZ
UIF WFIJDMF UP NFFU MPDBM MBXT BOE SFHVMB
UJPOT
5IF MBXT BOE SFHVMBUJPOT GPS NPUPS WFIJDMF
FNJTTJPO DPOUSPM BOE TBGFUZ TUBOEBSET WBSZ
BDDPSEJOH UP UIF DPVOUSZ TUBUF QSPWJODF PS
EJTUSJDU UIFSFGPSF WFIJDMF TQFDJGJDBUJPOT
NBZ EJGGFS
8IFO BOZ WFIJDMF JT UP CF UBLFO JOUP
BOPUIFS DPVOUSZ TUBUF QSPWJODF PS EJTUSJDU
BOE SFHJTUFSFE JUT NPEJGJDBUJPOT USBOT
QPSUBUJPO BOE SFHJTUSBUJPO BSF UIF SFTQPO
TJCJMJUZ PG UIF VTFS */'*/*5* JT OPU
SFTQPOTJCMF GPS BOZ JODPOWFOJFODF UIBU
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JEFOUJGJDBUJPO GPS ZPVS WFIJDMF BOE JT VTFE
JO UIF WFIJDMF SFHJTUSBUJPO
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5FDIOJDBM BOE DPOTVNFS JOGPSNBUJPO 
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"JS CBH XBSOJOH MBCFMT  
"JS CBH XBSOJOH MJHIU   
"JS DMFBOFS IPVTJOH GJMUFS 
"JS DPOEJUJPOFS
"EWBODFE $MJNBUF $POUSPM 4ZTUFN  
"JS DPOEJUJPOFS TFSWJDF  
"JS DPOEJUJPOFS TQFDJGJDBUJPO MBCFM  
"JS DPOEJUJPOJOH TZTUFN SFGSJHFSBOU BOE
MVCSJDBOU SFDPNNFOEBUJPOT  
"VUPNBUJD DMJNBUF DPOUSPM   
*ODBCJO NJDSPGJMUFS 
"MBSN )PX UP TUPQ BMBSN TFF WFIJDMF
TFDVSJUZ TZTUFN 
"MDPIPM ESVHT BOE ESJWJOH  
"OUFOOB  
"OUJMPDL #SBLJOH 4ZTUFN "#4 
"OUJMPDL CSBLJOH TZTUFN "#4 XBSOJOH MJHIU  
"QQFBSBODF DBSF
&YUFSJPS BQQFBSBODF DBSF 
*OUFSJPS BQQFBSBODF DBSF  
"SNSFTU  
"SPVOE 7JFX
Ë
.POJUPS  
"VEJCMF SFNJOEFST  
"VEJP PQFSBUJPO QSFDBVUJPOT  
"VEJP TZTUFN  
4UFFSJOH XIFFM BVEJP DPOUSPMT 
"VUP DMPTVSF  
"VUPMJHIU TZTUFN 
"VUPNBUJD
"VUPNBUJD USBOTNJTTJPO GMVJE "5'  
$MJNBUF DPOUSPM   
%PPS MPDLT  
%SJWF QPTJUJPOFS  
%SJWJOH XJUI BVUPNBUJD USBOTNJTTJPO  
4FBU QPTJUJPOFS  
"WFSBHF GVFM DPOTVNQUJPO BOE TQFFE 
"WPJEJOH DPMMJTJPO BOE SPMMPWFS  
#
#BDL EPPS 4FF MJGU HBUF  
#BDLVQ $PMMJTJPO *OUFSWFOUJPO #$* TZTUFN 
#BUUFSZ 
#BUUFSZ TBWFS TZTUFN   
*OUFMMJHFOU ,FZ 
7BSJBCMF WPMUBHF DPOUSPM TZTUFN  
#$* TZTUFN PQFSBUJPO 
#FGPSF TUBSUJOH UIF FOHJOF  
#FMUT 4FF ESJWF CFMUT 
#MJOE 4QPU *OUFSWFOUJPO #4* 0/
JOEJDBUPS MJHIU  
#MJOE 4QPU *OUFSWFOUJPO
Ë
#4* TZTUFN 
#MJOE 4QPU 8BSOJOH #48 TZTUFN 
#MJOE 4QPU 8BSOJOH #48#MJOE 4QPU
*OUFSWFOUJPO #4* TZTUFN XBSOJOH MJHIU 
#MVFUPPUI
Ë
)BOET'SFF 1IPOF 4ZTUFN  
#MVFUPPUI
Ë
TUSFBNJOH BVEJP  
#PPTUFS TFBUT  
#SBLF
"OUJMPDL #SBLJOH 4ZTUFN "#4 
#SBLF CPPTUFS  
#SBLF GMVJE   
#SBLF TZTUFN  
1BSLJOH CSBLF PQFSBUJPO 
8BSOJOH MJHIU  
#SFBLJO TDIFEVMF  
#SJHIUOFTT DPOUSPM
%JTQMBZ 0/0'' CVUUPO  
*OTUSVNFOU QBOFM  
#VMC DIFDLJOTUSVNFOU QBOFM  
#VMC SFQMBDFNFOU 
$
$BCJO BJS GJMUFS 
$BQBDJUJFT BOE SFDPNNFOEFE GMVJETMVCSJDBOUT  
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$BS QIPOF PS $# SBEJP  
$BSHP GMPPS CPY  
$BSHP MJHIU 
$BUBMZUJD DPOWFSUFS 5ISFF XBZ DBUBMZTU  
$%$'64# NFNPSZ DBSF BOE DMFBOJOH 
$FOUFS NVMUJGVODUJPO DPOUSPM QBOFM  
$IJME SFTUSBJOUT  
#PPTUFS TFBUT  
-"5$) TZTUFN  
1SFDBVUJPOT PO DIJME SFTUSBJOUT 
5PQ UFUIFS TUSBQ  
$IJME TBGFUZ  
$IJME TBGFUZ SFBS EPPS MPDL  
$IJNFT
"VEJCMF SFNJOEFST  
4FBU CFMU XBSOJOH MJHIU BOE DIJNF 
$JSDVJU CSFBLFS 'VTJCMF MJOL  
$MFBOJOH FYUFSJPS BOE JOUFSJPS  
$MJNBUF DPOUSPM
"VUPNBUJD DMJNBUF DPOUSPM   
$MPDL  
$PBU IPPLT  
$PDLQJU  
$PME XFBUIFS ESJWJOH 
$PNQBDU %JTD $% QMBZFS 4FF BVEJP TZTUFN 
$POTPMF CPY 
$POUSPMMFS $FOUFS NVMUJGVODUJPO DPOUSPM QBOFM  
$POUSPMT
$POUSPM QBOFM CVUUPO 
*/'*/*5* $POUSPMMFS  
$PPMBOU
$BQBDJUJFT BOE
SFDPNNFOEFE GMVJETMVCSJDBOUT 
$IBOHJOH FOHJOF DPPMBOU  
$IFDLJOH FOHJOF DPPMBOU MFWFM 
$PSSPTJPO QSPUFDUJPO  
$SVJTF DPOUSPM  
'JYFE TQFFE DSVJTF DPOUSPM PO *$$ TZTUFN 
*OUFMMJHFOU DSVJTF DPOUSPM *$$ TZTUFN  
$VQ IPMEFST  
%
%BZUJNF SVOOJOH MJHIU TZTUFN  
%JNFOTJPOT 
%JTUBODF $POUSPM "TTJTU %$" TZTUFN  
%JTUBODF $POUSPM "TTJTU %$" TZTUFN
XBSOJOH MJHIU  
%SJWF CFMUT  
%SJWF QPTJUJPOFS  
%SJWJOH
$PME XFBUIFS ESJWJOH 
%SJWJOH XJUI BVUPNBUJD USBOTNJTTJPO  
0OQBWFNFOU BOE PGGSPBE ESJWJOH  
1SFDBVUJPOT XIFO TUBSUJOH BOE ESJWJOH  
4BGFUZ QSFDBVUJPOT  
%VBM IFBE SFTUSBJOU %7% TZTUFN 
%7% %JHJUBM 7FSTBUJMF %JTD QMBZFS PQFSBUJPO  
&
&DPOPNZ 'VFM 
&MBQTFE UJNF 
&NJTTJPO DPOUSPM JOGPSNBUJPO MBCFM  
&NJTTJPO DPOUSPM TZTUFN XBSSBOUZ  
&OHJOF
#FGPSF TUBSUJOH UIF FOHJOF  
#SFBLJO TDIFEVMF  
$BQBDJUJFT BOE
SFDPNNFOEFE GMVJETMVCSJDBOUT 
$IBOHJOH FOHJOF DPPMBOU  
$IBOHJOH FOHJOF PJM BOE GJMUFS  
$IFDLJOH FOHJOF DPPMBOU MFWFM 
$IFDLJOH FOHJOF PJM MFWFM  
$PPMBOU UFNQFSBUVSF HBVHF 
&NFSHFODZ FOHJOF TIVU PGG 
&OHJOF CMPDL IFBUFS  
&OHJOF DPNQBSUNFOU DIFDL MPDBUJPOT  
&OHJOF DPPMJOH TZTUFN  
&OHJOF PJM  
&OHJOF PJM BOE PJM GJMUFS SFDPNNFOEBUJPO  
&OHJOF PJM SFQMBDFNFOU JOEJDBUPS  
&OHJOF PJM WJTDPTJUZ  
&OHJOF TFSJBM OVNCFS  
&OHJOF TQFDJGJDBUJPOT  
&OHJOF TUBSU PQFSBUJPO JOEJDBUPS 
*G ZPVS WFIJDMF PWFSIFBUT 
0JM QSFTTVSF HBVHF  
1SPUFDUJPO NPEF  
3FNPUF FOHJOF TUBSU PQFSBUJPO JOEJDBUPS  
background
4UBSUJOH UIF FOHJOF  
&OUSZFYJU GVODUJPO "VUPNBUJD
ESJWF QPTJUJPOFS  
&WFOU %BUB 3FDPSEFST &%3  
&YIBVTU HBT DBSCPO NPOPYJEF  
&YUFOEFE TUPSBHF GVTF XBSOJOH  
&YUFOEFE TUPSBHF TXJUDI  
'
'.744$.744 DFSUJGJDBUJPO MBCFM  
'JMUFS
"JS DMFBOFS IPVTJOH GJMUFS 
$IBOHJOH FOHJOF PJM BOE GJMUFS  
'MBTIFST 4FF IB[BSE XBSOJOH GMBTIFS TXJUDI  
'MBU UJSF  
'MBU UPXJOH 
'MFYJCMF TFBUJOH 
'MPPS NBU DMFBOJOH  
'MVJE
"VUPNBUJD USBOTNJTTJPO GMVJE "5'  
#SBLF GMVJE   
$BQBDJUJFT BOE
SFDPNNFOEFE GMVJETMVCSJDBOUT 
&OHJOF DPPMBOU  
&OHJOF PJM  
1PXFS TUFFSJOH GMVJE 
8JOEPX XBTIFS GMVJE  
'.".4"5 SBEJP XJUI $PNQBDU %JTD
$% QMBZFS 
'PH MJHIU TXJUDI  
'PSXBSE FNFSHFODZ CSBLJOH TZTUFN  
'PSXBSE FNFSHFODZ CSBLJOH TZTUFN
XBSOJOH MJHIU  
'SPOU BVYJMJBSZ JOQVU KBDLT  
'SPOU QBTTFOHFS BJS CBH BOE TUBUVT MJHIU  
'SPOU QPXFS TFBU BEKVTUNFOU 
'SPOU TFBU
'SPOU TFBU BEKVTUNFOU   
'SPOUTFBU BDUJWF IFBE SFTUSBJOU 
'VFM
$BQBDJUJFT BOE
SFDPNNFOEFE GMVJETMVCSJDBOUT 
'VFM FDPOPNZ 
'VFM FDPOPNZ JOGPSNBUJPO EJTQMBZ  
'VFM JOGPSNBUJPO 
'VFM PDUBOF SBUJOH  
'VFMGJMMFS DBQ 
'VFMGJMMFS EPPS  
(BVHF 
-004& '6&- $"1 XBSOJOH  
'VFM FGGJDJFOU ESJWJOH UJQT 
'VTFT 
'VTJCMF MJOLT  
(
(BSBHF EPPS PQFOFS
)PNF-JOL
Ë
6OJWFSTBM 5SBOTDFJWFS 
(BT DBQ  
(BVHF 
&OHJOF DPPMBOU UFNQFSBUVSF HBVHF  
&OHJOF PJM QSFTTVSF HBVHF 
'VFM HBVHF  
0EPNFUFS  
4QFFEPNFUFS  
5BDIPNFUFS  
5SJQ DPNQVUFS  
(FOFSBM NBJOUFOBODF  
(MPWF CPY  
)
)BOET'SFF 1IPOF 4ZTUFN #MVFUPPUI
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 
)B[BSE XBSOJOH GMBTIFS TXJUDI  
)FBE SFTUSBJOUTIFBESFTUT  
)FBEMJHIU XBTIFS 
)FBEMJHIUT
"JNJOH DPOUSPM  
"JNJOH DPOUSPM 4FF BEBQUJWF GSPOU MJHIUJOH
TZTUFN "'4  
#VMC SFQMBDFNFOU 
)FBEMJHIU TXJUDI  
)FBEQIPOFT  
)FBUFE TFBUT  
)FBUFE TUFFSJOH XIFFM  
)FBUFS
"VUPNBUJD DMJNBUF DPOUSPM   
&OHJOF CMPDL IFBUFS  
)JHI CFBN BTTJTU  
)JMM TUBSU BTTJTU TZTUFN  
)PNF-JOL
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6OJWFSTBM 5SBOTDFJWFS 
)PPE SFMFBTF  
)PPL
$PBU IPPLT  
-VHHBHF IPPL 

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
)PSO  
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*HOJUJPO TXJUDI 1VTICVUUPO  
*NNPCJMJ[FS TZTUFN 
*ODBCJO NJDSPGJMUFS 
*OEJDBUPS
-JHIUT  
7FIJDMF JOGPSNBUJPO EJTQMBZ 
*OEJDBUPS MJHIU
-BOF %FQBSUVSF 8BSOJOH -%8 JOEJDBUPS
MJHIU HSFFO  
*/'*/*5* 7FIJDMF *NNPCJMJ[FS 4ZTUFN  
*/'*/*5* WPJDF SFDPHOJUJPO TZTUFN  
*/'0 CVUUPO  
*OTJEF NJSSPS  
*OTQFDUJPONBJOUFOBODF *. UFTU  
*OTUSVNFOU CSJHIUOFTT DPOUSPM  
*OTUSVNFOU QBOFM  
*OUFMMJHFOU DSVJTF DPOUSPM *$$ TZTUFN  
.BJO TXJUDI JOEJDBUPS 
*OUFMMJHFOU $SVJTF $POUSPM *$$ TZTUFN
XBSOJOH MJHIU  
*OUFMMJHFOU ,FZ 
*OUFMMJHFOU ,FZ TZTUFN 
#BUUFSZ SFQMBDFNFOU 
,FZ PQFSBUJOH SBOHF 
,FZ PQFSBUJPO  
8BSOJOH MJHIU  
8BSOJOH TJHOBMT  
*OUFMMJHFOU ,FZ XBSOJOH MJHIU  
*OUFSJPS MJHIU DPOUSPM TXJUDI  
*OUFSJPS MJHIU SFQMBDFNFOU 
*OUFSJPS MJHIUT  
J1PE
Ë
QMBZFS PQFSBUJPO  
*40'*9 DIJME SFTUSBJOU  
+
+VNQ TUBSUJOH  
,
,FZMFTT FOUSZ 4FF SFNPUF LFZMFTT
FOUSZ TZTUFN 
,FZT  
'PS *OUFMMJHFOU ,FZ TZTUFN  
-
-BCFMT
"JS CBH XBSOJOH MBCFMT  
"JS DPOEJUJPOFS TQFDJGJDBUJPO MBCFM  
&NJTTJPO DPOUSPM JOGPSNBUJPO MBCFM  
&OHJOF TFSJBM OVNCFS  
'.744$.744 DFSUJGJDBUJPO MBCFM  
5JSF BOE -PBEJOH JOGPSNBUJPO MBCFM  
7FIJDMF JEFOUJGJDBUJPO OVNCFS 7*/  
-BOF %FQBSUVSF 1SFWFOUJPO -%1 TZTUFN  
-BOF %FQBSUVSF 8BSOJOH -%8 JOEJDBUPS
MJHIU HSFFO  
-BOF %FQBSUVSF 8BSOJOH -%8 JOEJDBUPS
MJHIU PSBOHF  
-BOF EFQBSUVSF XBSOJOH -%8 TZTUFN  
-BOF %FQBSUVSF 8BSOJOH -%8 TZTUFN-BOF
%FQBSUVSF 1SFWFOUJPO -%1 TZTUFN  
-"5$) TZTUFN  
-JDFOTF QMBUF *OTUBMMJOH GSPOU MJDFOTF QMBUF  
-JGU HBUF  
-JHIU
"JS CBH XBSOJOH MJHIU  
#VMC SFQMBDFNFOU 
$BSHP MJHIU 
'PH MJHIU TXJUDI  
)FBEMJHIU TXJUDI  
)FBEMJHIUT CVMC SFQMBDFNFOU  
*OEJDBUPS MJHIUT  
*OUFSJPS MJHIU DPOUSPM TXJUDI  
*OUFSJPS MJHIUT  
.BQ MJHIUT  
3FQMBDFNFOU 
7BOJUZ NJSSPS MJHIUT  
8BSOJOHJOEJDBUPS MJHIUT BOE
BVEJCMF SFNJOEFST 
-JHIUT &YUFSJPS BOE JOUFSJPS MJHIU SFQMBDFNFOU  
-JOLJOH *OUFMMJHFOU ,FZ  
-PBEJOH JOGPSNBUJPO 4FF WFIJDMF
MPBEJOH JOGPSNBUJPO  
-PDL
"VUPNBUJD EPPS MPDLT  
%PPS MPDLT  
-JGU HBUF MPDL 
1PXFS EPPS MPDL 
-PDLJOH XJUI NFDIBOJDBM LFZ 
background
-PPTF GVFM DBQ XBSOJOH  
-PX PVUTJEF UFNQFSBUVSF XBSOJOH  
-PX UJSF QSFTTVSF XBSOJOH MJHIU 
-PX UJSF QSFTTVSF XBSOJOH TZTUFN
4FF UJSF QSFTTVSF NPOJUPSJOH TZTUFN 51.4  
-VHHBHF IPPLT  
.
.BJOUFOBODF
#BUUFSZ 
(FOFSBM NBJOUFOBODF  
*OTJEF UIF WFIJDMF  
.BJOUFOBODF JOEJDBUPST 
.BJOUFOBODF QSFDBVUJPOT  
.BJOUFOBODF SFRVJSFNFOUT 
0VUTJEF UIF WFIJDMF 
4FBU CFMU NBJOUFOBODF  
.BMGVODUJPO JOEJDBUPS MJHIU .*-  
.BQ MJHIUT  
.BTUFS XBSOJOH MJHIU 
.FDIBOJDBM LFZ *OUFMMJHFOU ,FZ TZTUFN  
.FNPSZ TUPSBHF "VUPNBUJD ESJWF QPTJUJPOFS  
.FUFS
5SJQ DPNQVUFS  
.FUFST BOE HBVHFT  
*OTUSVNFOU CSJHIUOFTT DPOUSPM  
.JSSPS
*OTJEF NJSSPS  
0VUTJEF NJSSPST 
7BOJUZ NJSSPS 
.PPOSPPG 
.PWJOH 0CKFDU %FUFDUJPO .0%  
/
/FX WFIJDMF CSFBLJO 
0
0EPNFUFS  
0GGSPBE SFDPWFSZ  
0JM
$BQBDJUJFT BOE
SFDPNNFOEFE GMVJETMVCSJDBOUT 
$IBOHJOH FOHJOF PJM BOE GJMUFS  
$IFDLJOH FOHJOF PJM MFWFM  
&OHJOF PJM  
&OHJOF PJM QSFTTVSF HBVHF 
&OHJOF PJM WJTDPTJUZ  
0JM GJMUFS SFQMBDFNFOU JOEJDBUPS 
0QFSBUJPO PQFSBUJPOBM JOEJDBUPST 
0VUTJEF BJS UFNQFSBUVSF  
0VUTJEF NJSSPST 
0WFSIFBU *G ZPVS WFIJDMF PWFSIFBUT  
0XOFST .BOVBM4FSWJDF .BOVBM
PSEFS JOGPSNBUJPO 
1
1BOJD BMBSN  
1BSLJOH
#SBLF CSFBLJO  
1BSLJOH CSBLF PQFSBUJPO 
1BSLJOH PO IJMMT  
1IPOF
#MVFUPPUI
Ë
)BOET'SFF 1IPOF 4ZTUFN  
$BS QIPOF PS $# SBEJP  
1PDLFU  
1PXFS
'SPOU TFBU BEKVTUNFOU  
.PPOSPPG 
1PXFS EPPS MPDL 
1PXFS PVUMFU  
1PXFS TUFFSJOH GMVJE 
1PXFS TUFFSJOH TZTUFN 
1PXFS XJOEPXT  
1SFDBVUJPOT
"VEJP PQFSBUJPO  
#SBLJOH QSFDBVUJPOT  
$IJME SFTUSBJOUT  
$SVJTF DPOUSPM  
%SJWJOH TBGFUZ 
-BOF EFQBSUVSF XBSOJOH -%8 TZTUFN  
.BJOUFOBODF  
0OQBWFNFOU BOE PGGSPBE ESJWJOH  
4FBU CFMU VTBHF  
4VQQMFNFOUBM SFTUSBJOU TZTUFN 
8IFO TUBSUJOH BOE ESJWJOH 
1SFEJDUJWF GPSXBSE DPMMJTJPO XBSOJOH TZTUFN  
1VTI TUBSUJOH  
1VTICVUUPO JHOJUJPO TXJUDI  
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3
3BEJP 
$BS QIPOF PS $# SBEJP  
'.".4"5 SBEJP XJUI $PNQBDU %JTD
$% QMBZFS 
3BJOTFOTJOH BVUP XJQFS TZTUFN 
3BQJE BJS QSFTTVSF MPTT  
3FBEJOFTT GPS JOTQFDUJPONBJOUFOBODF
*. UFTU  
3FBS EPPS MPDL $IJME TBGFUZ SFBS EPPS MPDL 
3FBS QFSTPOBM MJHIUT 
3FBS XJOEPX XJQFS BOE XBTIFS TXJUDI  
3FBS XJOEPX XJQFS CMBEFT  
3FDPSEFST &WFOU EBUB  
3FHJTUFSJOH ZPVS WFIJDMF JO BOPUIFS DPVOUSZ 
3FNPUF DPOUSPMMFS %7% 
3FNPUF FOHJOF TUBSU 
3FNPUF LFZMFTT FOUSZ TZTUFN  
3FQPSUJOH TBGFUZ EFGFDUT  
3PBETJEF BTTJTUBODF QSPHSBN  
3PMMPWFS  
3PPG
.PPOSPPG 
3PPG SBDL  
4
4BGFUZ
$IJME TFBU CFMUT  
5PXJOH TBGFUZ 
4BUFMMJUF SBEJP PQFSBUJPO  
4FBU BEKVTUNFOU
'SPOU QPXFS TFBU BEKVTUNFOU 
'SPOU TFBUT   
4FBU CFMUT
$IJME TBGFUZ  
*OGBOUT  
*OKVSFE QFSTPOT  
-BSHFS DIJMESFO  
1SFDBVUJPOT PO TFBU CFMU VTBHF  
1SFHOBOU XPNFO  
4FBU CFMU DMFBOJOH 
4FBU CFMU FYUFOEFST 
4FBU CFMU NBJOUFOBODF  
4FBU CFMU XBSOJOH MJHIU BOE DIJNF 
4FBU CFMUT  
4FBU CFMUT XJUI QSFUFOTJPOFST  
4NBMM DIJMESFO  
5ISFFQPJOU UZQF  
4FBUT
$MJNBUF DPOUSPMMFE TFBUT  
%SJWFSTJEF NFNPSZ 
)FBUFE TFBUT  
4FBUT  
4FDVSJUZ TZTUFN */'*/*5* 7FIJDMF *NNPCJMJ[FS
4ZTUFN &OHJOF TUBSU 
4FDVSJUZ TZTUFN 7FIJDMF TFDVSJUZ TZTUFN  
4FSWJDJOH DMJNBUF DPOUSPM 
4&55*/( CVUUPO  
4FUUJOH NFNPSZ GVODUJPO "VUPNBUJD
ESJWF QPTJUJPOFS  
4IJGU MFWFS 4IJGU MPDL SFMFBTF  
4IJGU MPDL SFMFBTF
5SBOTNJTTJPO  
4IJGUJOH "VUPNBUJD USBOTNJTTJPO  
4/08 NPEF  
4OPX NPEF TXJUDI 
4QBSF UJSF   
4QBSL QMVHT  
4QFFEPNFUFS  
4UBSUJOH
#FGPSF TUBSUJOH UIF FOHJOF  
+VNQ TUBSUJOH  
1SFDBVUJPOT XIFO TUBSUJOH BOE ESJWJOH  
1VTI TUBSUJOH  
4UBSUJOH UIF FOHJOF  
45"564 CVUUPO  
4UBUVT MJHIU 'SPOU QBTTFOHFS BJS CBH  
4UFFSJOH
)FBUFE TUFFSJOH XIFFM  
1PXFS TUFFSJOH GMVJE 
1PXFS TUFFSJOH TZTUFN 
4UFFSJOHXIFFMNPVOUFE DPOUSPMT
GPS BVEJP 
5JMUUFMFTDPQJD TUFFSJOH  
4UPSBHF 
4VO WJTPST  
4VOHMBTTFT IPMEFS  
4VQQMFNFOUBM BJS CBH XBSOJOH MBCFMT  
4VQQMFNFOUBM BJS CBH XBSOJOH MJHIU   
4VQQMFNFOUBM SFTUSBJOU TZTUFN 
1SFDBVUJPOT PO TVQQMFNFOUBM
SFTUSBJOU TZTUFN 
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4XJUDI
"VUPMJHIU TXJUDI 
'PH MJHIU TXJUDI  
)B[BSE XBSOJOH GMBTIFS TXJUDI  
)FBEMJHIU BJNJOH DPOUSPM 
)FBEMJHIU TXJUDI  
*HOJUJPO TXJUDI  
1PXFS EPPS MPDL TXJUDI  
4OPX NPEF TXJUDI 
5VSO TJHOBM TXJUDI 
7FIJDMF EZOBNJD DPOUSPM 7%$ PGG TXJUDI 
5
5BDIPNFUFS  
5FNQFSBUVSF HBVHF &OHJOF DPPMBOU
UFNQFSBUVSF HBVHF  
5IFGU */'*/*5* 7FIJDMF *NNPCJMJ[FS 4ZTUFN
&OHJOF TUBSU  
5ISFFXBZ DBUBMZTU  
5JMUUFMFTDPQJD TUFFSJOH  
5JSF
1SFTTVSF -PX UJSF QSFTTVSF XBSOJOH MJHIU  
5JSF SFQMBDFNFOU JOEJDBUPS 
5JSFT
'MBU UJSF  
-PX UJSF QSFTTVSF XBSOJOH TZTUFN  
5JSF BOE -PBEJOH JOGPSNBUJPO MBCFM  
5JSF DIBJOT  
5JSF ESFTTJOH 
5JSF QSFTTVSF  
5JSF QSFTTVSF JOGPSNBUJPO EJTQMBZ 
5JSF QSFTTVSF NPOJUPSJOH
TZTUFN 51.4   
5JSF SPUBUJPO  
5ZQFT PG UJSFT  
6OJGPSN UJSF RVBMJUZ HSBEJOH  
8IFFMUJSF TJ[F  
8IFFMT BOE UJSFT 
5PQ
5FUIFS TUSBQ DIJME SFTUSBJOUT  
5PVDI TDSFFO  
5PX NPEF  
5PX NPEF TXJUDI  
5PXJOH
'MBU UPXJOH 
5PX USVDL UPXJOH 
5PXJOH B USBJMFS 
5PXJOH TBGFUZ 
51.4 5JSF QSFTTVSF NPOJUPSJOH TZTUFN  
51.4 XJUI 5JSF *OGMBUJPO *OEJDBUPS 
51.4 5JSF QSFTTVSF XBSOJOH TZTUFN  
5SBJMFS UPXJOH 
5SBOTDFJWFS
)PNF-JOL
Ë
6OJWFSTBM 5SBOTDFJWFS 
5SBOTNJTTJPO
"VUPNBUJD USBOTNJTTJPO GMVJE "5'  
%SJWJOH XJUI BVUPNBUJD USBOTNJTTJPO  
5SBOTNJTTJPO TIJGU MFWFS MPDL SFMFBTF 
5SBOTNJUUFS 4FF SFNPUF LFZMFTT FOUSZ TZTUFN  
5SBWFMJOH PS SFHJTUFSJOH ZPVS WFIJDMF JO
BOPUIFS DPVOUSZ  
5SJQ DPNQVUFS  
5SJQ PEPNFUFS  
5VSO TJHOBM TXJUDI  
6
6OEFSCPEZ DMFBOJOH  
6OJGPSN UJSF RVBMJUZ HSBEJOH  
64# 6OJWFSTBM 4FSJBM #VT DPOOFDUJPO QPSU  
7
7BOJUZ NJSSPS 
7BOJUZ NJSSPS MJHIUT  
7BSJBCMF WPMUBHF DPOUSPM TZTUFN  
7FIJDMF
%JNFOTJPOT 
*EFOUJGJDBUJPO OVNCFS 7*/  
-PBEJOH JOGPSNBUJPO 
3FDPWFSZ GSFFJOH B TUVDL WFIJDMF  
4FDVSJUZ TZTUFN  
7FIJDMF EZOBNJD DPOUSPM 7%$ PGG TXJUDI 
7FIJDMF EZOBNJD DPOUSPM 7%$ TZTUFN 
7FIJDMF EZOBNJD DPOUSPM 7%$
XBSOJOH MJHIU  
7FIJDMF JOGPSNBUJPO BOE TFUUJOHT EJTQMBZ 
7FIJDMF JOGPSNBUJPO EJTQMBZ 
7FOUJMBUPST  
7PJDF DPNNBOE */'*/*5* WPJDF
SFDPHOJUJPO TZTUFN   
7PJDF SFDPHOJUJPO TZTUFN  
7PJDF SFDPHOJUJPO "MUFSOBUF DPNNBOE NPEF  

background

7PMUNFUFS 
8
8BSOJOH
$IFDL UJSF QSFTTVSF XBSOJOH 
)B[BSE XBSOJOH GMBTIFS TXJUDI  
-BOF EFQBSUVSF XBSOJOH -%8 TZTUFN  
-JHIUT  
-PPTF GVFM DBQ XBSOJOH  
1SFEJDUJWF GPSXBSE DPMMJTJPO
XBSOJOH TZTUFN  
5JSF QSFTTVSF NPOJUPSJOH
TZTUFN 51.4   
7FIJDMF JOGPSNBUJPO EJTQMBZ 
8BSOJOHJOEJDBUPS MJHIUT BOE
BVEJCMF SFNJOEFST 
8BSOJOH MBCFMT "JS CBH XBSOJOH MBCFMT  
8BSOJOH MJHIU
8% XBSOJOH MJHIU  
"JS CBH XBSOJOH MJHIU   
"OUJMPDL CSBLJOH TZTUFN "#4
XBSOJOH MJHIU  
#SBLF XBSOJOH MJHIU  
'PSXBSE FNFSHFODZ CSBLJOH TZTUFN
XBSOJOH MJHIU  
*OUFMMJHFOU ,FZ XBSOJOH MJHIU  
-BOF %FQBSUVSF 8BSOJOH -%8 JOEJDBUPS
MJHIU PSBOHF  
-PX UJSF QSFTTVSF XBSOJOH MJHIU 
4FBU CFMU XBSOJOH MJHIU BOE DIJNF 
8BSSBOUZ &NJTTJPO DPOUSPM TZTUFN XBSSBOUZ  
8BTIFS TXJUDI
3FBS XJOEPX XJQFS BOE XBTIFS TXJUDI  
8JOETIJFME XJQFS BOE XBTIFS TXJUDI  
8BTIJOH  
8BYJOH  
8FMDPNF MJHIU  
8IFFMUJSF TJ[F  
8IFFMT BOE UJSFT 
$BSF PG XIFFMT 
$MFBOJOH BMVNJOVN BMMPZ XIFFMT  
$MFBOJOH CSJHIU XIFFMT  
8JOEPX XBTIFS GMVJE  
8JOEPXT
$MFBOJOH  
1PXFS XJOEPXT  
8JOETIJFME XJQFS BOE XBTIFS TXJUDI  
8JQFS
3BJOTFOTJOH BVUP XJQFS TZTUFN 
3FBS XJOEPX XJQFS BOE XBTIFS TXJUDI  
8JOETIJFME XJQFS BOE XBTIFS TXJUDI  
8JQFS CMBEFT  
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'6&- */'03."5*0/
7,7% FOHJOF
*/'*/*5* SFDPNNFOET UIF VTF PG VOMFBEFE
QSFNJVN HBTPMJOF XJUI BO PDUBOF SBUJOH PG
BU MFBTU  ",* "OUJ,OPDL *OEFY OVNCFS
3FTFBSDI PDUBOF OVNCFS 
*G VOMFBEFE QSFNJVN HBTPMJOF JT OPU BWBJM
BCMF ZPV NBZ VTF VOMFBEFE SFHVMBS HBTP
MJOF XJUI BO PDUBOF SBUJOH PG BU MFBTU  ",*
OVNCFS 3FTFBSDI PDUBOF OVNCFS  CVU
ZPV NBZ OPUJDF B EFDSFBTF JO QFSGPSNBODF
$"65*0/
. 6TJOH B GVFM PUIFS UIBO UIBU TQFDJGJFE
DPVME BEWFSTFMZ BGGFDU UIF FNJTTJPO
DPOUSPM TZTUFNT BOE NBZ BMTP BGGFDU
XBSSBOUZ DPWFSBHF
. 6OEFS OP DJSDVNTUBODFT TIPVME B MFBEFE
HBTPMJOF CF VTFE CFDBVTF UIJT XJMM
EBNBHF UIF UISFF XBZ DBUBMZTU
. %P OPU VTF & PS & GVFM JO ZPVS
WFIJDMF :PVS WFIJDMF JT OPU EFTJHOFE UP
SVO PO & PS & GVFM 6TJOH & PS &
 GVFM JO B WFIJDMF OPU TQFDJGJDBMMZ
EFTJHOFE GPS & PS & GVFM DBO
BEWFSTFMZ BGGFDU UIF FNJTTJPO DPOUSPM
EFWJDFT BOE TZTUFNT PG UIF WFIJDMF
%BNBHF DBVTFE CZ TVDI GVFM JT OPU
DPWFSFE CZ UIF */'*/*5* OFX WFIJDMF
MJNJUFE XBSSBOUZ
. 64 HPWFSONFOU SFHVMBUJPOT SFRVJSF
FUIBOPM EJTQFOTJOH QVNQT UP CF JEFOUJ
GJFE CZ B TNBMM TRVBSF PSBOHF BOE CMBDL
MBCFM XJUI UIF DPNNPO BCCSFWJBUJPO PS
UIF BQQSPQSJBUF QFSDFOUBHF GPS UIBU
SFHJPO
&/(*/& 0*- 3&$0..&/%"5*0/
. (FOVJOF /*44"/ FOHJOF PJM PS FRVJWB
MFOU
. &OHJOF PJM XJUI "1* $FSUJGJDBUJPO .BSL
7JTDPTJUZ 4"& 8
4FF g$BQBDJUJFT BOE SFDPNNFOEFE GMVJET
MVCSJDBOUTu 1 GPS FOHJOF PJM BOE PJM
GJMUFS SFDPNNFOEBUJPO
$0-% 5*3& 13&4463&4
5IF MBCFM JT UZQJDBMMZ MPDBUFE PO UIF ESJWFS
TJEF DFOUFS QJMMBS PS PO UIF ESJWFST EPPS
'PS BEEJUJPOBM JOGPSNBUJPO TFF g8IFFMT
BOE UJSFTu 1
/&8 7&)*$-& #3&",*/ 130$&
%63&4 3&$0..&/%"5*0/
%VSJOH UIF GJSTU  NJMFT  LN PG
WFIJDMF VTF GPMMPX UIF SFDPNNFOEBUJPOT
PVUMJOFE JO UIF g#SFBLJO TDIFEVMFu 1
 'PMMPX UIFTF SFDPNNFOEBUJPOT GPS
UIF GVUVSF SFMJBCJMJUZ BOE FDPOPNZ PG ZPVS
OFX WFIJDMF
("4 45"5*0/ */'03."5*0/
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2015 Infiniti QX80 Owner’s Manual
Printing: September 2014 (10) / OM15E0 0Z62U0 / Printed in U.S.A.
For your safety, read carefully and keep in this vehicle.
2015 Infiniti QX80
1730108 EN QX80 OM Cover.indd 1 8/5/14 11:08 AM

Specifications

Indexed Terms: Luxury

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