4QFBLJOH PG UE TMBOE UIJT CFBDI JT - PDF document

1 4QFBLJOH PG ,U.E *TMBOE UIJT CFBDI JT
4QFBLJOH PG ,U.E *TMBOE UIJT CFBDI JT .BOZ IBWF OPU CFFO BCMF UP SFTJTU UIF TFB PG ,U.E *TMBOE $SZTUBM DMFBS XBUFS DBMMT PVU UP ZPV BOE B TJMLZ XIJUF TBOE CFBDI TPGUMZ CFDLPOT ZPV 7JTJUPST FYDMBJN ⾉,U.E *TMBOE JT CFZPOE EFTDSJQUJPOz :FU TVEEFOMZ UIFZ DBOOPU SFTJTU TBZJOH *U JT TP CFBVUJGVMzUIF ʠXBUFS PG UIF PDFBOʡ LFGU  TIF NPTU CFBVUJGVM VOJOIBCJUFE JTMBOE JO UIF EBTUA XIJUF TBOE CFBDI RJHIU  A NBHOJGJDFOU BOE FOEMFTT TFB LJLF B TDFOF GSPN B NPWJF UIJT JT B ⾉OBUVSBM TUVEJPz PG FNFSBME HSFFO TIF SFTUMFTT XBWFT TDBUUFS UIF MJHIU GSPN UIF XBUFS`T TVSGBDF BOE EBODF VQ UIF XIJUF TBOE CFBDI 0ODF JO B MJGFUJNF NFFUJOH *U JT B NBSWFMPVT WJFX:PV DBOOPU UBML BCPVU ,U.E *TMBOE JG ZPV EP OPU DPNF IFSF XFCTJUF GPS SFTFSWBUJPO⾣+A1A 8AL,IUUQXXXKBQBXBMLDPN CFBDI BSF PVUTUBOEJOH F

2 WFO JO 0,*NA8A AU UIJT TQB GBDJMJUZ #BE
WFO JO 0,*NA8A AU UIJT TQB GBDJMJUZ #BEF )BVT FOKPZ UIF CMFTTJOHT PG EFFQ PDFBO XBUFS TIF TQB QPQVMBS BNPOH JTMBOEFS BT XFMM BT UPVSJTUT P⒎FST WJTJUPST B XBUFS QSFTTVSF NBTTBHF BOE OFHBUJWF JPO CBUIT 1SPGFTTJPOBM CBTFCBMM QMBZFST WJTJU UIF TQB EVSJOH UIFJS TQSJOH LFGU  :PV DBO TFF UIF PDFBO PG ,VNFKJNBRJHIU  %FFQ PDFBO XBUFS JT CFOFGJDJBM UP ,VNFKJNB TFM  88586#BEF )BVT ,VNFKJNBXJUI EFFQ TFB XBUFS ESBXO GSPN B EFQUI PG 612 NFUFST P⒎ ,VNFKJNB :PV DBO SFMBY A DMFBS CMVF XPSME TQSFBEJOH PVU GSPN B XIJUF TBOE CFBDI AT ZPV HB[F PVU POUP UIF PDFBO`T CMVF HSBEBUJPO GFFM UIF MVYVSZ PG B CFBDI TP QSJWBUF MJLF JO JUT OBUVSBM TQMFOEPS TIJT 2LJMPNFUFS CFBDI JT SFDPHOJ[FE BT POF PG ⾉+BQBOT 1 .PTU #FBVUJGVM #FBDIFTz :PV DBO FOKPZ NBOZ BDUJWJUJFT JODMVEJO

3 H B +BOBEPV ,VNFKJNB˞4XJNTVJU BOE 4XJN
H B +BOBEPV ,VNFKJNB˞4XJNTVJU BOE 4XJNNJOH BSF QSPIJCJUFE,VNFKJNB )PSTF FBSN7BSJPVT XBMLJOH UPVST BSF QSPWJEFE TVDI BT B XBML BSPVOE EEF FBDI XIJDI IBT CFFO TFMFDUFE BT⾉+BQBOT 1 .PTU #FBVUJGVM B XBML XJUI IPSTFT JO UIF TFB UP B XBML UPXBSE TVQFSC WJFX,VNFKJNBTFM  864115LVNFKJNBVNB!LZJCJHMPCFOFKQ˞:PV TIPVME XFBSF DPUIFT FBTZ UP NPWF BOE DMPUIFT ZPV DBO HFU EJSUZ UIF TTVNVHJ ,U.E *TMBOE ⾉TTVNVHJ⾊ JT B USBEJUJPOBM DSBGU XIJDI JT QPQVMBS OBUJPOXJEF TIJT QPOHFF BMTP VTFT ⾉XBUFS⾊ JO UIF NBOVGBDUVSJOH QSPDFTT PG ⾉NVE EZFJOH EOKPZ UIF EJTUJODUJWF TTVNVHJ DPMPSTAEESFTT  18781 .BKZB ,VNFKJNBFFF  BEVMUT 2 +1: KVOJPS IJHI TDIPPM TUVEFOUT PS ZPVOHFS 1 +1:TTVNVHJ 7JMMBHF PO ,U.E *TMBOE

4 :VJNBS )PVTF.VE EZFJOH QSPEVDFT UIF VOJR
:VJNBS )PVTF.VE EZFJOH QSPEVDFT UIF VOJRVF DPMPSBUJPO PG ⾉TTVNVHJz⾉TTVNVHJz JT B pOF QPOHFF NBEF PO ,U.E *TMBOE A USBEJUJPOBM DVMUVSF JT TUJMM BMJWF #MFTTJOH PG EFFQ TFB XBUFS TVQQPSUT UIF EFWFMPQNFOU PG ,U.E *TMBOE TPVDIJOH UIF DSBGU BOE CMFTTJOH PG UIF JTMBOE UISPVHIPVU UIF KPVSOFZ A VOJRVF CVTJOFTT NPEFM VTJOH EFFQ PDFBO XBUFS JT DBMMFE ⾉TIF ,VNFKJNB .PEFMz %FFQ TFB XBUFS PDFBO UIFSNBM QPXFS HFOFSBUJPO JT B CBTJT PG UIF NPEFM UOMJLF UIF USBEJUJPOBM UZQFT PG FYQFSJNFOUBM GBDJMJUJFT UIF DPMPS PG UIF ,VNFKJNB CVJMEJOH TIJOFT JO UIF CMVF TLZ TZNCPMJ[JOH UIF CSJHIU GVUVSF PGUIF ,VNFKJNB NPEFMz TIJT EFNPOTUSBUJPO GBDJMJUZ XFMDPNFT WJTJUPST RFTFSWBUJPO SFRVJSFE 0QFO XFFLEBZT ,VNFKJNBTFM  8868655EYQMBOBUPSZ QBOFMT BOE NJOJ NPEFMT BSF BMTP EJTQMBZFE JO UIF EFFQ TFB XBUFS SFTFBSDI JOTUJUVUF 7JT

5 JU SFRVJSFE CFGPSF RJHIU )JCJOP
JU SFRVJSFE CFGPSF RJHIU )JCJOP TPLJLP :BDIJNVO %PFOCP:BDIJNVO TVDI BT WFTTFMT4IJTB 0LJOBXBO MJPO EPH JT NBEF PG 1 TPJM JO ,U.E *TMBOE 8IZ EPOU ZPV NBLF BO :BDIJNVO XPSL PG UIF TPJM PG ,U.E *TMBOE GPS ZPVS NFNPSZAEESFTT  77 :BNBHVTVLV,VNFKJNBTFM  8857457 $PMPSJOH 2 5 ZFO UBY JODMVEFE ,VNFKJNB %FFQ 0DFBO 8BUFS :PV DBO pOE EFFQ PDFBO XBUFS A MVODI CV⒎FU JT TFSWFE PO XFFLEBZT TIF NFOV DIBOHFT FWFSZ EBZ LVODI TPME CZ UIF HSBN TP QMFBTF IBWF BT NVDI BT ZPV MJLF,VNFKJNBTFM  88577513 d 17˞ LVODI 1145 d DMPTFE BT $MPTFE  TVFTEBZT TSZ UIF EFMJDJPVT TFB HSBQFT PG ,U.E *TMBOE HSPXO JO EFFQ P

6 DFBO XBUFS 4QFBLJOH PG ,VNFKJNB JT B TFB
DFBO XBUFS 4QFBLJOH PG ,VNFKJNB JT B TFB HSBQF TIJT TFB HSBQF IBT CFFO HSPXJOH JO UIF EFFQ PDFBO XBUFS XIJMF DPOUSPMJOH TVOMJHIU BOE UFNQFSBUVSF :PV DBO ,VNFKJNBTFM  8857822OBLBNJDIJ!LVNFKJNBLBJZPTIJOTPTVJDPKQ 4IJNB OP (BLLPzA QSPHSBN XJUI FYQFSU BOE LOPXMFEHFBCMF ,U.E *TMBOE UPVS HVJEFT EOKPZ IJLJOH PO NPVOUBJO USBJMT XJUI HVJEFT GJMMFE XJUI FYQFSU LOPXMFEHF BOE IVNPS %JTDPWFS UIF SVJOT PG BO BODJFOU SJDF QBEEZ XJUI UIF IFMQ PG BO FYQFSU UPVS HVJEFTFM  8851773 SFTFSWBUJPO SFRVJSFE NVNCFS PG QBSUJDJQBOUT  2 GPS FMFNFOUBSZ * MFBSOFE B MPU GSPN 8BUFS PG UIF NPVOUBJOz DSFBUFT SJDI HSFFO pFMETO UIJT RJHIU  :PV XJMM CF HVJEFE UISPVHI UIJT SFHJPO pMMFE XJUI USBDFT PG MPOH BHP JOIBCJUBOUT XIJDI IBT CFFO SFHJTUFSFE VOEFS UIF ˞:PV TIPVM

7 E ,VNFKJNB pSFqZ z B NBUVSBM TSFBTVSF&#x
E ,VNFKJNB pSFqZ z B NBUVSBM TSFBTVSFTIF FJSFGMZ 1BWJMJPO JT UIF FOUSBODF UP B TBODUVBSZ RBNTBS TXBNQ XIJDI QSPUFDUT UIF ,VNFTJNB pSFqZ BOE UIF DSBZGJTI TRVJSSFM LFBSO IPX UP QSPUFDU UIF FOWJSPONFOU PG UIF IFBEXBUFS B QSPUFDUFE BSFB UIBU NPUIFS BOE QFPQMF IBWF QSPEVDFE BOE BMTP FOKPZ SJWFS BDUJWJUJFT FJSFqZ RBOHFSTz UIF DIJMESFO PG UIF JTMBOE BSF XPSLJOH GPS UIF QSPUFDUJPO PG UIF FOWJSPONFOUAEESFTT  42 0UB ,VNFKJNBTFM$MPTFE  .POEBZ ɾ TVFTEBZ:PV DBO TFF NF BOE BMM UIF XBUFSTJEF #PUUPN MFGU  :PV DBO NFFU UIF WBSJPVT DSFBUVSFT PG ,U.E *TMBOERJHIU  TIF CFBVUJGVM TUBJOFE HMBTT TQBSLMFT MJLF UIF MJHIU PG UIF pSFqZ FEEL NATURETIF OBNF PG ,U.E *TMBOE DBNF GSPN *TMBOE XIJDI NFBOT UIF NPTU CFBVUJGVM JTMBOE JO RZVLZV BSFB *U IBT CFFO BUUSBDUJOH WJTJUPST 8IZ EPOU ZPV UPVDI BOE GFFM UIF OBUVSF *TBOE A QPXFS

8 TQPU GPS QSBZFST CZ UIPTF XIP XJTI UP I
TQPU GPS QSBZFST CZ UIPTF XIP XJTI UP IBWF B CBCZ TIF CJH SPDL TUBOEJOH JO UIF PQFO SPDL XBMM JT .**FU(AA GFNBMF SPDL XIFSF UIF XBWFT DPNF BOE HP *U JT TBJE UIBU UIJT JT B TQJSJUVBM QMBDF XIFSF XPNFO NBZ CF CMFTTFE XJUI HPPE DIJMESFO TIF AEESFTT NBLBOEBLBSJ ,VNFKJNB4FB TVSUMF .VTFVN PG ,U.E *TMBOE0V *TMBOE  TBUBNJ 4UPOFTLPDBUFE PO 0V *TMBOE UIF 4FB TVSUMF .VTFVN IBT B MBSHF BRVBSJVN BOE B NJOJ UIFBUFS EWFSZPOF ZPVOH BOE PME XJMM FOKPZ UPVSJOH UIF NVTFVN BOE B DMPTFVQ WJFX PG UVSUMFT TIF ⾉UVSUMF FODPVOUFS UPVSz PQFOT EVSJOH (PMEFO 8FFL BOE UIF TVNNFS IPMJEBZT 1 WJTJUPST NBYJNVN B EBZ TBUBNJ TUPOFT DBO CF GPVOE PO 0V *TMBOE JO UIF TPVUIXFTUFSO QBSU PG ,U.E *TMBOE FBTDJOBUJOH BMM XIP WJTJU UIFSF UIF VOCFMJFWBCMZ CFBVUJGVM HFPNFUSJD QBUUFSO PG UIF TUPOFT JT B QSPEVDU PG OBUVSF 1MFBTF GFFM UIF CSFBUI PG UI

9 F FBSUI GSPN UIF TBUBNJ TUPOF XIJDI JT
F FBSUI GSPN UIF TBUBNJ TUPOF XIJDI JT EFTJHOBUFE BT B AEESFTT  17 0V ,VNFKJNB$IJMESFO KVOJPS IJHI TDIPPM TUVEFOUT ,VNFKJNBA CFBVUJGVM TDFOF BT UIF TVO TFUT JO UIF TIBMMPX XBUFST PG UIF 4)*NR* #FBDI 1BSL TIF DBNQHSPVOE BU 4)*NR* ,VNFKJNBTIF TVSGBDF PG UIFTF SPDLT TQSFBET PVU MJLF UIF TIFMM PG B UVSUMF TIF QFBDFGVM TFB JT TP SFTUGVM :PV DBO GFFM GSFF UP MFU HP BOE SFMBY 1MFBTF GFFM UIF TBDSFE ˞EOHMJTI WFSTJPO JT BWBJMBCMF TIF #PO GFTUJWBM UBLFT QMBDF JO AVHVTU JO 0LJOBXBɹ*U JT B UJNF XIFO #VEEIJTUT SFNFNCFS QFPQMF JO UIFJS GBNJMZ XIP IBWF EJFE %VSJOH UIF #PO B NFNPSJBM EBODF JT QSPWJEFE JO PSEFS UP TFOET CBDL UIF BODFTUSBM TQJSJU UP UIF IFWFO #FDBVTF UIF XBZ PG EBODJOH EFQFOET PO FBDI SFHJPO EJTB MPWFST FOKPZ XBUDIJOH TIF 0LJOBXB 4VNP IBT CFFO B USBEJUJPOBM GSPN UIF RZVLZV EZOBTUZ QFSJPE *U JT DBMMFE  AO FOUI

10 VJBTUJD GJHIU BUUSBDUT UIF BVEJFODF XJUI
VJBTUJD GJHIU BUUSBDUT UIF BVEJFODF XJUI B EJTUJODUJWF UFDIOJRVF EJ⒎FSFOU GSPN KVEP G* ZPV BSF FYQFSJFODFE KVEP PS TFMGDPOpEFODF JO QPXFS CPBTU XIZ EP OPU ZPV DIBMMFOHF :PV EWFSZ ZFBS USBEJUJPOBM DFMFCSBUJPOT UBLFT QMBDF PO 15UI AVHVTU JO UIF PME DBMFOEBS *OWJUFE CZ UIF TPVOE PG %SBHPO #FMM TBJLP ESVN 4BOTIJO GFBUVSFT MJPO BOE IBUDIBCVSP EBODF FPS 2 ZFBST ,BOFHVTVLV 4IJTIJNBJ IBT FYPSDJ[FE PO EJTBTUFS BOE QFTUJMFODF PG UIF WJMMBHF *U TUBSUT *U JT B DMPXO JO EJTB XIP EP OPU POMZ QMBZT B SPMF JO DPNFEZ BOE EBODJOH CVU BMTP QMBZT BO JNQPSUBOU SPMF JO QFSGPSNBODF QSPHSFTT MJOJOH :PV DBO NFFU UIF USBEJUJPOBM EBODF ,VNFKJNB r LJWJOH JO IBSNPOZ XJUI XBUFS PG UIF PDFBO 1PJOU 1ZVSV QSPEVDFT BOE TFMMT EFFQ PDFBO XBUFS DPTNFUJDT TIF RZVTQB TFSJFT P⒎FST RVBMJUZ OBUVSBM NBUFSJBMT A WBSJFUZ PG DPTNFUJDT BWBJMBCMF BU TUPSFT PO UIF GJS

11 TU GMPPS ˞AWBJMBCMF JO +BQBOFTF
TU GMPPS ˞AWBJMBCMF JO +BQBOFTF POMZ ,VNFKJNB NBUVSBM TQSJOH XBUFS GSFTI BOE KVJDZ TXFFU QSBXO BOE UBTUZ AXBNPSJ BSF NBEF PG IJHI RVBMJUZ SJDF JO ,U.E *TMBOE 1MFBTF UBTUF ʠFPPE,U.E *TMBOE 4QFDJBMTʡ:POFTIJNB 4IV[P $P LUE:POFTIJNB 4BLF #SFXFSZ`T BUUSBDUJWF TJHOCPBSET BOE TIPQ DVSUBJOT DPNNBOE ZPVS BUUFOUJPO #F TVSF UP UBLF UIF DIBODF UP UBTUF UIJT MPDBMMZ CSFXFE HFN .PTU PG JU JT DPOTVNFE MPDBMMZAEESFTT  4 0UB ,VNFKJNBTFM  88523265ɹɹɹɹɹɹɹ14 ,VNFKJNB`T ,VNFTFO $P LUE,VNFKJNB`T ,VNFTFO⾊ JT UIF MBSHFTU QSPEVDFS JO JUT DMBTT JO 0,*NA8A TIF CSFXJOH QSPDFTT CSJOHT PVU UIF HPPE GMBWPS PG ,U.E *TMBOE XBUFS ,VNFKJNB`T ,VNFTFO NVTU CF UBTUZ ,VNFKJNBTFM  8852276RJHIU 

12 #SPXO QPVDI UZQF AXBNPSJTIF QSBXO TISJNQ
#SPXO QPVDI UZQF AXBNPSJTIF QSBXO TISJNQ JT SFQSFTFOUBUJWF PG 0LJOBXB 4FFE QSPEVDUJPO VUJMJ[JOH EFFQ PDFBO XBUFS FOBCMFT UIF QSPEVDUJPO PG TISJNQ GSFF GSPN WJSBM EJTFBTFT %FFQ PDFBO XBUFS JT UIF LFZ UP BDIJFWJOH UIF MBSHFTU 1SBXOT BSF DBSFGVMMZ BOE MPWJOHMZ SBJTFE JO BRVBDVMUVSF AMDPIPM 43 ,VNFKJNB $FOUSBM  AMDPIPM 3 ,VNFKJNB ,U.E *TMBOE 0DFBO %FFQ 4FB 8BUFS TIF EFFQ PDFBO XBUFS JT QVNQFE VQ GSPN UIF EFQUI PG 612 N *U JT WFSZ SJDI JO NJOFSBMT TIF GSFTI XBUFS ,VNJ OP .J[V JT NBEF PG EFFQ PDFBO XBUFS *U JT WFSZ ,VNFKJNBTFM  8271$MPTFE  4VOEBZ ɾ 1VCMJD IPMJEBZ.JTP DPPLJFT BSF NBEF PG SJDF NJTP BOE EFMJDJPVT XBUFS )BOENBEF .JTP DPPLJFT BSF WFSZ QPQVMBS GPS HPPE .JTP GMBWPS BOE UBTUZ TXFFU :PV XJMM OPU UJSFE PG JU:PV DBO HFU JU BU B TVQFSNBSLF