dormitory authority of the state of new york, cornell ... · moody’s: aa1 standard &...

Moody’s: Aa1Standard & Poor’s: AA

NEW ISSUE – BOOK-ENTRY ONLY (See “Ratings” herein)

$233,000,000

DORMITORY AUTHORITY OF THE STATE OF NEW YORKCORNELL UNIVERSITY

REVENUE REFUNDING BONDS, SERIES 2020A

Dated: Date of Delivery Due: July 1, as shown on the inside front cover

Payment and Security: The Cornell University Revenue Refunding Bonds, Series 2020A (the “Series 2020A Bonds”) are

special limited obligations of the Dormitory Authority of the State of New York (“DASNY”), payable solely from, and secured by a

pledge of (i) certain payments to be made under the Loan Agreement dated as of January 26, 2000, as amended and supplemented, including as supplemented by a Supplemental Loan Agreement dated as of April 2, 2020 (collectively, the “Loan Agreement”)

between Cornell University (the “University”) and DASNY, and (ii) all funds and accounts (except the Arbitrage Rebate Fund and

any fund established for the payment of the Purchase Price of Option Bonds tendered for purchase) established under DASNY’s Cornell University Revenue Bond Resolution, adopted January 26, 2000, as amended and supplemented (the “Resolution”), and the

Series 2020A Resolution Authorizing Cornell University Revenue Bonds, Series 2020A adopted March 4, 2020 (the “Series 2020A

Resolution”).

The Loan Agreement is a general, unsecured obligation of the University and requires the University to pay, in addition to the

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Purchase Price and Redemption Price of and interest on all Bonds issued under the Resolution, including the Series 2020A Bonds.

The Series 2020A Bonds are not a debt of the State of New York (the “State”) nor is the State liable thereon. DASNY has no taxing power.

Description: The Series 2020A Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral

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the registered owners of the Series 2020A Bonds at their addresses as shown on the registration books held by the Trustee or,

at the option of a holder of at least $1,000,000 in principal amount of Series 2020A Bonds, by wire transfer to the holder of such

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The principal, Purchase Price or Redemption Price of the Series 2020A Bonds will be payable at the principal corporate trust

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Redemption Price, at the option of a holder of at least $1,000,000 in principal amount of Series 2020A Bonds, by wire transfer to the holders of such Series 2020A Bonds as more fully described herein.

The Series 2020A Bonds will be issued initially under a Book-Entry Only System, registered in the name of Cede & Co., as

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payments of the principal, Purchase Price and Redemption Price of and interest on the Series 2020A Bonds will be made directly to

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Redemption or Purchase: The Series 2020A Bonds are subject to redemption and purchase in lieu of optional redemption

prior to maturity as more fully described herein.

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regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance

with certain covenants, interest on the Series 2020A Bonds is excluded from gross income for federal income tax purposes under

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that interest on the Series 2020A Bonds is exempt from personal income taxes imposed by the State of New York and any political

subdivision thereof (including the City of New York). Bond Counsel expresses no opinion regarding any other tax consequences

related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Series 2020A Bonds. See “PART 10 - TAX MATTERS” herein regarding certain other tax considerations.

The Series 2020A Bonds are offered when, as, and if issued and received by the Underwriters. The offer of the Series 2020A

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legality by Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel to DASNY, and to certain other conditions.

Certain legal matters will be passed upon for the University by Ropes & Gray LLP, Boston, Massachusetts. Certain legal matters

will be passed upon for the Underwriters by their counsel, Ballard Spahr LLP, Philadelphia, Pennsylvania. DASNY expects to

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Goldman Sachs & Co. LLC BofA Securities

Citigroup Drexel Hamilton LLC Ramirez & Co., Inc.

US Bancorp Wells Fargo Securities

Dated: March 11, 2020

®

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No dealer, broker, salesperson or other person has been authorized by DASNY, the University or the Underwriters to give any

information or to make any representations with respect to the Series 2020A Bonds, other than the information and

representations contained in this Official Statement. If given or made, any such information or representations must not be relied

upon as having been authorized by DASNY, the University or the Underwriters.

This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor may there be a sale of the

Series 2020A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or

sale.

The information set forth herein relating to DASNY under the heading “DASNY” has been obtained from DASNY. All other

information herein has been obtained by the Underwriters from the University and other sources deemed to be reliable by the

Underwriters, and is not to be construed as a representation by DASNY or the Underwriters. DASNY does not warrant the

accuracy of the statements contained herein relating to the University, nor does DASNY directly or indirectly guarantee, endorse

or warrant (1) the creditworthiness or credit standing of the University, (2) the sufficiency of the security for the Series 2020A

Bonds or (3) the value or the investment quality of the Series 2020A Bonds.

The University has reviewed the parts of this Official Statement describing the University, the Refunding Plan, the Estimated

Sources and Uses of Funds and Appendix B. It is a condition to the sale of and the delivery of the Series 2020A Bonds that the

University certify to the Underwriters and DASNY that, as of the date of this Official Statement and of delivery of the Series

2020A Bonds, such parts do not contain any untrue statements of a material fact and do not omit to state a material fact

necessary in order to make the statements made therein, in the light of the circumstances under which the statements are made,

not misleading. The University makes no representation as to the accuracy or completeness of any other information included in

this Official Statement.

The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed

the information in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal

securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy

or completeness of such information.

The Trustee has no responsibility for the form and content of this Official Statement and has not independently verified, makes no

representation regarding and does not accept any responsibility for the accuracy or completeness of this Official Statement or

any information or disclosure contained herein or omitted herefrom.

References in this Official Statement to the Act, the Resolution, the Series 2020A Resolution and the Loan Agreement do not

purport to be complete. Refer to the Act, the Resolution, the Series 2020A Resolution and the Loan Agreement for full and

complete details of their provisions. Copies of the Act, the Resolution, the Series 2020A Resolution and the Loan Agreement are

on file with DASNY and the Trustee.

The order and placement of material in this Official Statement, including its appendices, are not to be deemed a determination of

relevance, materiality or importance, and all material in this Official Statement, including its appendices, must be considered in

its entirety.

Under no circumstances will the delivery of this Official Statement or any sale made after its delivery create any implication that

the affairs of DASNY and the University have remained unchanged after the date of this Official Statement.

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=fie\cc Oe`m\ij`kp 'u=fie\ccv fi k_\ uOe`m\ij`kpv( `j X gi`mXk\ i\j\XiZ_ le`m\ij`kp Z_Xik\i\[ Xe[ fg\iXk\[le[\i k_\ cXnj f] k_\ MkXk\- N_\ Oe`m\ij`kp Zfdgi`j\j Zfcc\^\j Xe[ jZ_ffcj è Ck_XZX+ H\n Sfib 'gi`mXk\cp ]le[\[Zfcc\^\j Xe[ XZX[\d`Z le`kj Xe[ Zfcc\^\j k_Xk i\Z\`m\ [ì\Zk ]le[è^ ]ifd k_\ MkXk\ f] H\n Sfib( Xe[ H\n Sfib=`kp 'd\[`ZXc îX[lXk\ Xe[ gif]\jj`feXc le`kj Xj gXik f] Q\`cc =fie\cc G\[`Zè\ Xe[ =fie\cc N\Z_ n`k_ `kj XZX[\d`Z

1

gXike\i k_\ N\Z_e`fe , CjiX\c Cejk`klk\ f] N\Z_efcf^p(- M\\ uJ;LN 5 , NB? OHCP?LMCNSv Xe[ u;gg\e[ò < ,@èXeZ`Xc MkXk\d\ekj f] =fie\cc Oe`m\ij`kp 'Q`k_ L\gfik f] Ce[\g\e[\ek ;l[`kfij N_\i\fe(-v

IUbYUc -+-+7 8_^Tc

N_\ M\i`\j 1/1/; <fe[j Xi\ [Xk\[ k_\ì [Xk\ f] [\c`m\ip Xe[ Y\Xi èk\i\jk ]ifd jlZ_ [Xk\ 'gXpXYc\ Dlcp 0+1/1/ Xe[ fe \XZ_ DXelXip 0 Xe[ Dlcp 0 k_\i\X]k\i( Xk k_\ iXk\j Xe[ n`cc dXkli\ Xk k_\ k`d\j j\k ]fik_ fe k_\ èj`[\]ifek Zfm\i gX^\ f] k_`j I]]`Z`Xc MkXk\d\ek- M\\ uJ;LN 2 , NB? M?LC?M 1/1/; <IH>M , >\jZi`gk`fe f] k_\M\i`\j 1/1/; <fe[j-v

FQi]U^d _V dXU IUbYUc -+-+7 8_^Tc

N_\ M\i`\j 1/1/; <fe[j Xe[ Xcc fk_\i <fe[j n_`Z_ dXp Y\ `jjl\[ le[\i k_\ L\jfclk`fe Xi\ jg\Z`XcfYc`^Xk`fej f] >;MHS gXpXYc\ jfc\cp ]ifd k_\ L\m\el\j n_`Z_ Zfej`jk f] Z\ikXè gXpd\ekj kf Y\ dX[\ Yp k_\Oe`m\ij`kp le[\i X FfXe ;î\\d\ek [Xk\[ Xj f] DXelXip 15+ 1///+ Xj Xd\e[\[ Xe[ jlggc\d\ek\[+ èZcl[è^ Xjjlggc\d\ek\[ Yp X Mlggc\d\ekXc FfXe ;î\\d\ek [Xk\[ Xj f] ;gi`c 1+ 1/1/ 'Zfcc\Zk`m\cp+ k_\ uFfXe ;î\\d\ekv(+n_`Z_ gXpd\ekj Xi\ gc\[^\[ Xe[ Xjj`ê\[ kf k_\ Niljk\\- N_\ FfXe ;î\\d\ek `j X ^\e\iXc+ lej\Zli\[ fYc`^Xk`fe f]k_\ Oe`m\ij`kp- M\\ uJ;LN 1 , MIOL=? I@ J;SG?HN ;H> M?=OLCNS @IL NB? M?LC?M 1/1/; <IH>M ,JXpd\ek f] k_\ M\i`\j 1/1/; <fe[jv Xe[ uJifgfj\[ ;d\e[d\ekj kf k_\ FfXe ;î\\d\ek Xe[ L\jfclk`fe-v

IUSebYdi V_b dXU IUbYUc -+-+7 8_^Tc

N_\ M\i`\j 1/1/; <fe[j Xi\ j\Zli\[ \hlXccp n`k_ Xcc fk_\i <fe[j `jjl\[ le[\i k_\ L\jfclk`fe Yp k_\gc\[^\ f] k_\ L\m\el\j+ k_\ gifZ\\[j f] k_\ <fe[j Xe[ Xcc ]le[j Xe[ XZZflekj \jkXYc`j_\[ Yp k_\ L\jfclk`fe Xe[ XepM\i`\j L\jfclk`fe 'fk_\i k_Xe k_\ ;iY`kiX^\ L\YXk\ @le[ Xe[ Xep ]le[ \jkXYc`j_\[ ]fi k_\ gXpd\ek f] k_\ gliZ_Xj\gi`Z\ f] Igk`fe <fe[j k\e[\i\[ ]fi gliZ_Xj\(-

N_\ FfXe ;î\\d\ek `j X ^\e\iXc+ lej\Zli\[ fYc`^Xk`fe f] k_\ Oe`m\ij`kp- Hf j\Zli`kp èk\i\jk è Xepi\m\el\j fi Xjj\kj f] k_\ Oe`m\ij`kp _Xj Y\\e îXek\[ Yp k_\ Oe`m\ij`kp kf >;MHS le[\i k_\ FfXe ;î\\d\ek-Bfn\m\i+ k_\ Oe`m\ij`kp _Xj îXek\[ j\Zli`kp èk\i\jkj è Z\ikXè i\m\el\j Xe[ Xjj\kj f] k_\ Oe`m\ij`kp kf j\Zli\Z\ikXè f] k_\ Oe`m\ij`kpwj flkjkXe[è^ è[\Yk\[e\jj fk_\i k_Xe k_\ <fe[j- Ce X[[`k`fe+ glijlXek kf k_\ FfXe;î\\d\ek+ k_\ Oe`m\ij`kp dXp èZli >\Yk j\Zli\[ Yp X c`\e Xe[ gc\[^\ f] i\m\el\j f] k_\ Oe`m\ij`kp n`k_flkîXekè^ kf >;MHS Xep j\Zli`kp èk\i\jk è Xep i\m\el\j kf j\Zli\ k_\ Oe`m\ij`kpwj fYc`^Xk`fej le[\i k_\ FfXe;î\\d\ek- M\\ uJ;LN 1 , MIOL=? I@ J;SG?HN ;H> M?=OLCNS @IL NB? M?LC?M 1/1/; <IH>M ,M\Zli`kp ]fi k_\ M\i`\j 1/1/; <fe[j Xe[ CjjlXeZ\ f] ;[[`k`feXc <fe[j+v uJifgfj\[ ;d\e[d\ekj kf k_\ FfXe;î\\d\ek Xe[ L\jfclk`fev Xe[ uJ;LN 5 , NB? OHCP?LMCNS , Ce[\Yk\[e\jj-v

N_\ M\i`\j 1/1/; <fe[j Xi\ efk X [\Yk f] k_\ MkXk\ efi `j k_\ MkXk\ c`XYc\ k_\i\fe- >;MHS _Xj ef kXoè^gfn\i- H\`k_\i k_\ MkXk\ efi >;MHS _Xj Xep i\jgfej`Y`c`kp kf dXb\ gXpd\ekj n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/;<fe[j \oZ\gk ]fi >;MHSwj i\jgfej`Y`c`kp kf dXb\ gXpd\ekj ]ifd dfe\pj i\Z\`m\[ ]ifd k_\ Oe`m\ij`kp glijlXek kfk_\ FfXe ;î\\d\ek Xe[ ]ifd Xdflekj _\c[ è k_\ ]le[j Xe[ XZZflekj le[\i k_\ L\jfclk`fe Xe[ gc\[^\[ k_\i\]fi-

2

F7HJ - ( IEKH9; E< F7OC;DJ 7D: I;9KH?JO <EH J>; I;H?;I -+-+7 8ED:I

Set forth below is a narrative description of certain contractual provisions relating to the source of

payment of and security for the Series 2020A Bonds. These provisions have been summarized and this description does not purport to be complete. Reference should be made to the Act, the Loan Agreement, the Resolution and the

Series 2020A Resolution. Copies of the Loan Agreement, the Resolution and the Series 2020A Resolution are on file

with DASNY and the Trustee. See also “Appendix C - Summary of Certain Provisions of the Loan Agreement and

Proposed Amendments” and “Appendix D - Summary of Certain Provisions of the Resolution and Proposed Amendments” for a more complete statement of the rights, duties and obligations of the parties thereto.

FQi]U^d _V dXU IUbYUc -+-+7 8_^Tc

N_\ M\i`\j 1/1/; <fe[j Xe[ Xcc fk_\i <fe[j `jjl\[ le[\i k_\ L\jfclk`fe Xi\ jg\Z`Xc fYc`^Xk`fej f]>;MHS- N_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ Xe[ JliZ_Xj\ Ji`Z\ fi L\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jkfe k_\ M\i`\j 1/1/; <fe[j Xe[ Xcc fk_\i <fe[j n_`Z_ dXp Y\ `jjl\[ le[\i k_\ L\jfclk`fe Xi\ gXpXYc\ jfc\cp ]ifdk_\ L\m\el\j+ n_`Z_ Zfej`jk f] gXpd\ekj kf Y\ dX[\ Yp k_\ Oe`m\ij`kp glijlXek kf k_\ FfXe ;î\\d\ek fe XZZflekf] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ Xe[ JliZ_Xj\ Ji`Z\ fi L\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jk fe k_\<fe[j- N_\ L\m\el\j Xe[ k_\ i`^_k kf i\Z\`m\ k_\d _Xm\ Y\\e gc\[^\[ kf k_\ Niljk\\ ]fi k_\ Y\e\]`k f] k_\<fe[_fc[\ij-

N_\ FfXe ;î\\d\ek `j X ^\e\iXc fYc`^Xk`fe f] k_\ Oe`m\ij`kp- N_\ FfXe ;î\\d\ek fYc`^Xk\j k_\Oe`m\ij`kp kf dXb\ gXpd\ekj kf jXk`j]p k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ Xe[ JliZ_Xj\ Ji`Z\ fiL\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jk fe IlkjkXe[è^ M\i`\j 1/1/; <fe[j- JXpd\ekj dX[\ Yp k_\ Oe`m\ij`kp è i\jg\Zkf] èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j Xi\ kf Y\ dX[\ fe k_\ 1/k_ [Xp f] \XZ_ Dle\ `dd\[`Xk\cp gi\Z\[è^ k_\ Dlcp 0Xe[ fe k_\ 1/k_ [Xp f] \XZ_ >\Z\dY\i `dd\[`Xk\cp gi\Z\[è^ k_\ DXelXip 0 fe n_`Z_ èk\i\jk `j gXpXYc\+ è \XZ_ZXj\ è Xe Xdflek \hlXc kf k_\ èk\i\jk Zfdè^ [l\ fe k_\ e\ok jlZZ\\[è^ èk\i\jk gXpd\ek [Xk\- JXpd\ekj Yp k_\Oe`m\ij`kp è i\jg\Zk f] gièZ`gXc Xi\ kf Y\ dX[\ fe k_\ 1/k_ [Xp f] \XZ_ Dle\ `dd\[`Xk\cp gi\Z\[è^ k_\ Dlcp 0 fen_`Z_ jlZ_ gièZ`gXc Y\Zfd\j [l\- N_\ FfXe ;î\\d\ek Xcjf fYc`^Xk\j k_\ Oe`m\ij`kp kf gXp+ Xk c\Xjk 34 [Xpj gi`fikf X i\[\dgk`fe [Xk\ fi gliZ_Xj\ [Xk\ f] M\i`\j 1/1/; <fe[j ZXcc\[ ]fi i\[\dgk`fe fi ZfekiXZk\[ kf Y\ gliZ_Xj\[+k_\ Xdflek+ `] Xep+ i\hlì\[ kf gXp k_\ JliZ_Xj\ Ji`Z\ fi L\[\dgk`fe Ji`Z\ f] jlZ_ <fe[j- M\\ uJ;LN 2 , NB?M?LC?M 1/1/; <IH>M , L\[\dgk`fe Xe[ JliZ_Xj\ è F`\l f] L\[\dgk`fe Jifm`j`fej-v

>;MHS _Xj [ì\Zk\[+ Xe[ k_\ Oe`m\ij`kp _Xj Xî\\[+ kf dXb\ jlZ_ gXpd\ekj [ì\Zkcp kf k_\ Niljk\\- MlZ_gXpd\ekj Xi\ kf Y\ Xggc`\[ Yp k_\ Niljk\\ kf k_\ gXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ Xe[JliZ_Xj\ Ji`Z\ fi L\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j-

IUSebYdi V_b dXU IUbYUc -+-+7 8_^Tc

N_\ M\i`\j 1/1/; <fe[j Xi\ j\Zli\[ \hlXccp n`k_ Xcc fk_\i <fe[j `jjl\[ le[\i k_\ L\jfclk`fe Yp k_\gc\[^\ f] k_\ L\m\el\j+ k_\ gifZ\\[j f] k_\ <fe[j Xe[ Xcc ]le[j Xe[ XZZflekj \jkXYc`j_\[ Yp k_\ L\jfclk`fe Xe[ XepM\i`\j L\jfclk`fe 'fk_\i k_Xe k_\ ;iY`kiX^\ L\YXk\ @le[ Xe[ Xep ]le[ \jkXYc`j_\[ ]fi k_\ gXpd\ek f] k_\ JliZ_Xj\Ji`Z\ f] Igk`fe <fe[j k\e[\i\[ ]fi gliZ_Xj\(-

N_\ M\i`\j 1/1/; <fe[j Xi\ efk X [\Yk f] k_\ MkXk\ efi `j k_\ MkXk\ c`XYc\ k_\i\fe- >;MHS _Xj ef kXoè^gfn\i- H\`k_\i k_\ MkXk\ efi >;MHS _Xj Xep i\jgfej`Y`c`kp kf dXb\ gXpd\ekj n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/;<fe[j \oZ\gk ]fi >;MHSwj i\jgfej`Y`c`kp kf dXb\ gXpd\ekj ]ifd dfe\pj i\Z\`m\[ ]ifd k_\ Oe`m\ij`kp glijlXek kfk_\ FfXe ;î\\d\ek Xe[ ]ifd Xdflekj _\c[ è k_\ ]le[j Xe[ XZZflekj le[\i k_\ L\jfclk`fe Xe[ gc\[^\[ k_\i\]fi-

N_\ FfXe ;î\\d\ek Xe[ k_\ fYc`^Xk`fe f] k_\ Oe`m\ij`kp kf dXb\ gXpd\ekj le[\i k_\ FfXe ;î\\d\ek Xi\^\e\iXc+ lej\Zli\[ fYc`^Xk`fej f] k_\ Oe`m\ij`kp- N_\ fYc`^Xk`fej f] k_\ Oe`m\ij`kp kf dXb\ gXpd\ekj fi ZXlj\ k_\jXd\ kf Y\ dX[\ le[\i k_\ FfXe ;î\\d\ek Xi\ Zfdgc\k\ Xe[ leZfe[`k`feXc Xe[ k_\ Xdflek+ dXee\i Xe[ k`d\ f]dXbè^ jlZ_ gXpd\ekj Xi\ efk kf Y\ [\Zi\Xj\[+ XYXk\[+ gfjkgfe\[ fi [\cXp\[ ]fi Xep ZXlj\ fi Yp i\Xjfe f] k_\_Xgg\eè^ fi efe,_Xgg\eè^ f] Xep \m\ek+ ìi\jg\Zk`m\ f] Xep [\]\ej\ fi Xep i`^_k f] j\k,f]]+ i\Zflgd\ek fiZflek\iZcX`d n_`Z_ k_\ Oe`m\ij`kp dXp fk_\in`j\ _Xm\ X^Xèjk >;MHS+ k_\ Niljk\\ fi Xep <fe[_fc[\i ]fi XepZXlj\ n_Xkjf\m\i-

Hf j\Zli`kp èk\i\jk è Xep i\m\el\j fi Xjj\kj f] k_\ Oe`m\ij`kp _Xj Y\\e îXek\[ Yp k_\ Oe`m\ij`kp kf>;MHS le[\i k_\ FfXe ;î\\d\ek- Bfn\m\i+ k_\ Oe`m\ij`kp _Xj îXek\[ j\Zli`kp èk\i\jkj è Z\ikXè i\m\el\j Xe[

3

Xjj\kj f] k_\ Oe`m\ij`kp kf j\Zli\ Z\ikXè f] k_\ Oe`m\ij`kpwj flkjkXe[è^ è[\Yk\[e\jj fk_\i k_Xe k_\ <fe[j- M\\uJ;LN 5 , NB? OHCP?LMCNS , Ce[\Yk\[e\jj+v ]fi X [\jZi`gk`fe f] jlZ_ è[\Yk\[e\jj f] k_\ Oe`m\ij`kp j\Zli\[ YpZ\ikXè gc\[^\[ i\m\el\j- Ce k_\ \m\ek f] X [\]Xlck le[\i Xep [\Yk èjkild\ek j\Zli\[ Yp jlZ_ gc\[^\[ i\m\el\j+ k_\_fc[\i fi kiljk\\ le[\i jlZ_ [\Yk èjkild\ek 'èZcl[è^ >;MHS Xj k_\ _fc[\i f] jlZ_ fk_\i [\Yk( n`cc _Xm\ k_\ i`^_kkf Zfcc\Zk X gfik`fe fi Xcc f] jlZ_ gc\[^\[ i\m\el\j+ Xe[ Xggcp k_\ i\m\el\j jf Zfcc\Zk\[ kf k_\ gXpd\ek f] Xdflekj[l\ le[\i jlZ_ [\Yk èjkild\ek- ;ep i\m\el\j jf Zfcc\Zk\[ Xe[ Xggc`\[ n`cc efk Y\ XmX`cXYc\ ]fi jXk`j]pè^ Xep f]k_\ Oe`m\ij`kpwj fYc`^Xk`fej le[\i k_\ FfXe ;î\\d\ek-

Fb_`_cUT 7]U^T]U^dc d_ dXU B_Q^ 7WbUU]U^d Q^T HUc_\edY_^

N_\ FfXe ;î\\d\ek `j gifgfj\[ kf Y\ Xd\e[\[ Xe[ i\jkXk\[ è fi[\i kf \]]\Zk Z\ikXè gifgfj\[Xd\e[d\ekj 'k_\ uJifgfj\[ FfXe ;î\\d\ek ;d\e[d\ekjv( Xe[ X Mlggc\d\ekXc Xe[ ;d\e[Xkfip L\jfclk`feZfekXèè^ Z\ikXè gifgfj\[ Xd\e[d\ekj kf k_\ L\jfclk`fe 'k_\ uJifgfj\[ L\jfclk`fe ;d\e[d\ekjv( nXj X[fgk\[Yp >;MHS fe GXiZ_ 5+ 1/08- N_\ Zfej\ek f] k_\ _fc[\ij f] X dXafi`kp è gièZ`gXc Xdflek f] IlkjkXe[è^ <fe[jle[\i k_\ L\jfclk`fe `j i\hlì\[ ]fi k_\ Jifgfj\[ FfXe ;î\\d\ek ;d\e[d\ekj Xe[ k_\ Jifgfj\[ L\jfclk`fe;d\e[d\ekj kf Y\Zfd\ \]]\Zk`m\- N_\ Jifgfj\[ FfXe ;î\\d\ek ;d\e[d\ekj èZcl[\ i\dfmXc f] Zfm\eXekji\cXkè^ kf \e^X^\d\ek f] X GXeX^\d\ek =fejlckXek: i\dfmXc f] jg\Z`]`Z èjliXeZ\ i\hlì\d\ekj: X dfi\ jki\Xd,cè\[ i\hl`j`k`fe gifZ\jj: Xe[ fk_\i ZcXi`]`ZXk`fej Xe[ Zfii\Zk`fej- N_\ Jifgfj\[ L\jfclk`fe ;d\e[d\ekj èZcl[\df[\ie`qXk`fe Xe[ Xc`êd\ek f] Z\ikXè gifm`j`fej f] k_\ L\jfclk`fe n`k_ Zlii\ek >;MHS gfc`Zp: i\dfmXc f]gifm`j`fej i\^Xi[è^ Z\ikXè fgk`feXc e\njgXg\i efk`Z\ glYc`ZXk`fej Xe[ k_\ 2/,[Xp nX`kè^ g\i`f[ ]fi Xd\e[d\ekjkf Y\Zfd\ \]]\Zk`m\: Xe[ XccfnXeZ\ ]fi Z\ikXè gifm`j`fej kf Y\ Xggc`ZXYc\ kf X gXik`ZlcXi M\i`\j f] <fe[j+ jlZ_ XjgXpd\ek [Xk\j+ Zfe[`k`feXc efk`Z\ f] i\[\dgk`fe Xe[ Zfej\ek f] X @XZ`c`kp Jifm`[\i _Xmè^ k_\ jXd\ \]]\Zk Xj Zfej\ekf] Yfe[_fc[\ij- M\\ u;gg\e[ò = t MlddXip f] =\ikXè Jifm`j`fej f] k_\ FfXe ;î\\d\ek Xe[ Jifgfj\[;d\e[d\ekjv Xe[ u;gg\e[ò > t MlddXip f] =\ikXè Jifm`j`fej f] k_\ L\jfclk`fe Xe[ Jifgfj\[ ;d\e[d\ekj-v

N_\ L\jfclk`fe gifm`[\j k_Xk gliZ_Xj\ij f] k_\ <fe[j+ n_\k_\i gliZ_Xjè^ Xj le[\ini`k\ij+ ]fi i\jXc\ fifk_\in`j\+ lgfe jlZ_ gliZ_Xj\ dXp Zfej\ek kf Xe Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe fi nX`m\i f] k_\ FfXe;î\\d\ek Xe[ Xe Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe fi nX`m\i le[\i k_\ L\jfclk`fe n`k_ k_\ jXd\ \]]\Zk Xj XZfej\ek ^`m\e Yp k_\ Bfc[\i f] jlZ_ <fe[j-

M`dlckXe\fljcp n`k_ k_\ `jjlXeZ\ f] k_\ M\i`\j 1/1/; <fe[j+ Afc[dXe MXZ_j % =f- FF=+ Xji\gi\j\ekXk`m\ f] k_\ Oe[\ini`k\ij 'k_\ uL\gi\j\ekXk`m\v(+ n`cc Zfej\ek kf k_\ Jifgfj\[ FfXe ;î\\d\ek;d\e[d\ekj Xe[ k_\ Jifgfj\[ L\jfclk`fe ;d\e[d\ekj fe Y\_Xc] f] k_\ _fc[\ij f] k_\ M\i`\j 1/1/; <fe[j- ;ccgliZ_Xj\ij f] k_\ M\i`\j 1/1/; <fe[j n`cc Y\ Yfle[ Yp k_\ Zfej\ek f] k_\ L\gi\j\ekXk`m\+ fe Y\_Xc] f] k_\Oe[\ini`k\ij+ Xe[ Yp k_\ì gliZ_Xj\ f] k_\ M\i`\j 1/1/; <fe[j Xe[ XZZ\gkXeZ\ f] k_\ [\c`m\ip k_\i\f]+ n`cc Y\[\\d\[ kf _Xm\ Zfej\ek\[ kf k_\ Jifgfj\[ FfXe ;î\\d\ek ;d\e[d\ekj Xe[ k_\ Jifgfj\[ L\jfclk`fe;d\e[d\ekj-

;fU^dc _V :UVQe\d Q^T 7SSU\UbQdY_^

N_\ ]fccfnè^ Xi\ \m\ekj f] [\]Xlck le[\i k_\ L\jfclk`fe9 '`( X [\]Xlck Yp >;MHS è k_\ gXpd\ek f] k_\gièZ`gXc+ Mèbè^ @le[ CejkXccd\ek+ `] Xep+ fi L\[\dgk`fe Ji`Z\ f] fi èk\i\jk fe Xep <fe[: '``( X [\]Xlck Yp>;MHS è k_\ [l\ Xe[ gleZklXc g\i]fidXeZ\ f] k_\ kXo Zfm\eXekj ZfekXè\[ è k_\ L\jfclk`fe+ Xe[+ Xj X i\jlckk_\i\f]+ k_\ èk\i\jk fe <fe[j f] X M\i`\j j_Xcc ef cfe^\i Y\ \oZcl[XYc\ ]ifd îfjj èZfd\ le[\i k_\ =f[\: '```( X[\]Xlck Yp >;MHS è k_\ [l\ Xe[ gleZklXc g\i]fidXeZ\ f] Xep fk_\i f] k_\ Zfm\eXekj+ Zfe[`k`fej+ Xî\\d\ekj Xe[gifm`j`fej ZfekXè\[ è k_\ <fe[j fi è k_\ L\jfclk`fe fi Xep M\i`\j L\jfclk`fe fe k_\ gXik f] >;MHS kf Y\g\i]fid\[ Xe[ k_\ ZfekèlXeZ\ f] jlZ_ [\]Xlck ]fi 2/ [Xpj X]k\i ni`kk\e efk`Z\ jg\Z`]pè^ jlZ_ [\]Xlck Xe[ i\hlìè^k_\ jXd\ kf Y\ i\d\[`\[ j_Xcc _Xm\ Y\\e ^`m\e kf >;MHS Yp k_\ Niljk\\+ n_`Z_ dXp ^`m\ jlZ_ efk`Z\ è `kj[`jZi\k`fe Xe[ j_Xcc ^`m\ jlZ_ efk`Z\ Xk k_\ ni`kk\e i\hl\jk f] k_\ Bfc[\ij f] efk c\jj k_Xe 14$ è gièZ`gXc Xdflek f]k_\ IlkjkXe[è^ <fe[j: fi '`m( Xe \m\ek f] [\]Xlck le[\i k_\ FfXe ;î\\d\ek j_Xcc _Xm\ Y\\e [\ZcXi\[ Xe[ `jZfekèlè^ Xe[ Xcc jldj gXpXYc\ Yp k_\ Oe`m\ij`kp le[\i k_\ FfXe ;î\\d\ek _Xm\ Y\\e [\ZcXi\[ `dd\[`Xk\cp [l\Xe[ gXpXYc\ 'lec\jj jlZ_ [\ZcXiXk`fe _Xj Y\\e Xeelcc\[(- Oec\jj fk_\in`j\ jg\Z`]`\[ XYfm\+ Xe \m\ek f] [\]Xlckle[\i k_\ FfXe ;î\\d\ek `j efk Xe \m\ek f] [\]Xlck le[\i k_\ L\jfclk`fe-

N_\ L\jfclk`fe gifm`[\j k_Xk `] Xe \m\ek f] [\]Xlck 'fk_\i k_Xe Xj [\jZi`Y\[ è ZcXlj\ '``( f] k_\ gi\Z\[è^gXiXîXg_( fZZlij Xe[ Zfekèl\j+ k_\ Niljk\\ dXp+ Xe[ lgfe k_\ ni`kk\e i\hl\jk f] Bfc[\ij f] efk c\jj k_Xe 14$ ègièZ`gXc Xdflek f] k_\ <fe[j IlkjkXe[è^ n`cc+ Yp efk`Z\ è ni`kè^ kf >;MHS+ [\ZcXi\ k_\ gièZ`gXc f] Xe[èk\i\jk fe Xcc f] k_\ <fe[j IlkjkXe[è^ kf Y\ `dd\[`Xk\cp [l\ Xe[ gXpXYc\- ;k k_\ \ogìXk`fe f] 2/ [Xpj ]ifd k_\

4

^`mè^ f] efk`Z\ f] jlZ_ [\ZcXiXk`fe+ jlZ_ gièZ`gXc Xe[ èk\i\jk n`cc Y\Zfd\ `dd\[`Xk\cp [l\ Xe[ gXpXYc\- N_\Niljk\\+ n`k_ k_\ ni`kk\e Zfej\ek f] k_\ Bfc[\ij f] efk c\jj k_Xe 14$ è gièZ`gXc Xdflek f] <fe[j efk p\k [l\ Ypk_\ì k\idj Xe[ k_\e IlkjkXe[è^+ n`cc Xeelc jlZ_ [\ZcXiXk`fe Xe[ `kj Zfej\hl\eZ\j le[\i k_\ k\idj Xe[ Zfe[`k`fejjg\Z`]`\[ è k_\ L\jfclk`fe n`k_ i\jg\Zk kf jlZ_ Xeelcd\ek-

Hfkn`k_jkXe[è^ Xep fk_\i gifm`j`fe f] k_\ L\jfclk`fe kf k_\ ZfekiXip+ lgfe >;MHS&j ]X`cli\ kf Zfdgcpn`k_ k_\ Zfm\eXek [\jZi`Y\[ è ZcXlj\ '``( f] k_\ ]ìjk gXiXîXg_ le[\i k_`j _\X[è^+ lgfe k_\ [ì\Zk`fe f] k_\ Bfc[\ijf] efk c\jj k_Xe 14$ è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j f] k_\ M\i`\j X]]\Zk\[ k_\i\Yp+ k_\ Niljk\\ `j kf\o\iZ`j\ k_\ i`^_kj Xe[ i\d\[`\j gifm`[\[ kf k_\ <fe[_fc[\ij le[\i k_\ L\jfclk`fe- Bfn\m\i+ k_\ L\jfclk`fegifm`[\j k_Xk è ef \m\ek dXp k_\ Niljk\\+ n_\k_\i fi efk `k `j XZkè^ Xk k_\ [ì\Zk`fe f] k_\ Bfc[\ij f] 14$ fi dfi\è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j f] k_\ M\i`\j X]]\Zk\[ k_\i\Yp+ [\ZcXi\ k_\ gièZ`gXc f] jlZ_ M\i`\j f]<fe[j+ Xe[ k_\ èk\i\jk XZZil\[ k_\i\fe+ kf Y\ [l\ Xe[ gXpXYc\ `dd\[`Xk\cp Xj X i\jlck f] >;MHS&j ]X`cli\ kfZfdgcp n`k_ jlZ_ Zfm\eXek-

N_\ L\jfclk`fe gifm`[\j k_Xk k_\ Niljk\\ `j kf ^`m\ efk`Z\ è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe f] \XZ_ \m\ekf] [\]Xlck befne kf k_\ Niljk\\ kf k_\ Bfc[\ij f] k_\ <fe[j n`k_è 2/ [Xpj X]k\i befnc\[^\ f] k_\ fZZlii\eZ\k_\i\f] lec\jj jlZ_ [\]Xlck _Xj Y\\e i\d\[`\[ fi Zli\[ Y\]fi\ k_\ ^`mè^ f] jlZ_ efk`Z\- Bfn\m\i+ \oZ\gk è k_\ZXj\ f] [\]Xlck è k_\ gXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ek+ `] Xep+ fi L\[\dgk`fe Ji`Z\ f]+ fi èk\i\jkfe+ Xep f] k_\ <fe[j+ k_\ Niljk\\ `j gifk\Zk\[ è n`k__fc[è^ jlZ_ efk`Z\ k_\i\f] ]ifd k_\ Bfc[\ij `] k_\ Niljk\\ è^ff[ ]X`k_ [\k\idè\j k_Xk k_\ n`k__fc[è^ f] jlZ_ efk`Z\ `j è k_\ Y\jk èk\i\jkj f] k_\ Bfc[\ij f] k_\ <fe[j-

?cceQ^SU _V 7TTYdY_^Q\ 8_^Tc

Ce X[[`k`fe kf k_\ <fe[j Zlii\ekcp IlkjkXe[è^ le[\i k_\ L\jfclk`fe Xe[ k_\ M\i`\j 1/1/; <fe[j+ k_\L\jfclk`fe Xlk_fi`q\j k_\ `jjlXeZ\ f] fk_\i M\i`\j f] <fe[j kf ]èXeZ\ fe\ fi dfi\ gifa\Zkj Xe[ ]fi fk_\i jg\Z`]`\[gligfj\j èZcl[è^ kf i\]le[ IlkjkXe[è^ <fe[j fi fk_\i efk\j fi Yfe[j f] >;MHS `jjl\[ fe Y\_Xc] f] k_\Oe`m\ij`kp- N_\ <fe[j n_`Z_ dXp Y\ `jjl\[ le[\i k_\ L\jfclk`fe èZcl[\ ]ò\[ èk\i\jk iXk\ <fe[j+ =Xg`kXc;ggi\Z`Xk`fe <fe[j+ >\]\ii\[ CeZfd\ <fe[j+ Igk`fe <fe[j Xe[ PXi`XYc\ Cek\i\jk LXk\ <fe[j- N_\i\ `j ef c`d`k fek_\ Xdflek f] X[[`k`feXc <fe[j k_Xk dXp Y\ `jjl\[ le[\i k_\ L\jfclk`fe fi k_\ Xdflek f] è[\Yk\[e\jj k_Xk dXp Y\fk_\in`j\ èZlii\[ Yp k_\ Oe`m\ij`kp-

F7HJ . ( J>; I;H?;I -+-+7 8ED:I

Set forth below is a narrative description of certain provisions relating to the Series 2020A Bonds. These

provisions have been summarized and this description does not purport to be complete. Reference should be made

to the Resolution and the Loan Agreement, copies of which are on file with DASNY and the Trustee. See also “Appendix C - Summary of Certain Provisions of the Loan Agreement and Proposed Amendments” and “Appendix

D - Summary of Certain Provisions of the Resolution and Proposed Amendments” for a more complete description

of certain provisions of the Series 2020A Bonds.

=UÛbQ\

N_\ M\i`\j 1/1/; <fe[j n`cc Y\ `jjl\[ glijlXek kf k_\ L\jfclk`fe- N_\ M\i`\j 1/1/; <fe[j n`cc Y\i\^`jk\i\[ è k_\ eXd\ f] =\[\ % =f-+ Xj efdè\\ ]fi N_\ >\gfj`kfip Niljk =fdgXep+ H\n Sfib+ H\n Sfib'u>N=v(+ glijlXek kf >N=wj <ffb,?ekip Iecp Mpjk\d- JliZ_Xj\j f] Y\e\]`Z`Xc èk\i\jkj è k_\ M\i`\j 1/1/; <fe[jn`cc Y\ dX[\ è Yffb,\ekip ]fid+ n`k_flk Z\ik`]`ZXk\j- Mf cfe^ Xj >N= fi `kj efdè\\+ =\[\ % =f-+ `j k_\ i\^`jk\i\[fne\i f] k_\ M\i`\j 1/1/; <fe[j+ gXpd\ekj f] k_\ gièZ`gXc+ JliZ_Xj\ Ji`Z\ Xe[ L\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jkfe k_\ M\i`\j 1/1/; <fe[j n`cc Y\ dX[\ Yp k_\ Niljk\\ [ì\Zkcp kf =\[\ % =f- >`jYlij\d\ek f] jlZ_ gXpd\ekj kfk_\ >N= JXik`Z`gXekj 'Xj _\i\èX]k\i [\]è\[( `j k_\ i\jgfej`Y`c`kp f] >N= Xe[ [`jYlij\d\ek f] jlZ_ gXpd\ekj kf k_\<\e\]`Z`Xc Ine\ij f] k_\ M\i`\j 1/1/; <fe[j `j k_\ i\jgfej`Y`c`kp f] k_\ >N= JXik`Z`gXekj Xe[ k_\ Ce[ì\ZkJXik`Z`gXekj 'Xj _\i\èX]k\i [\]è\[(- C] Xk Xep k`d\ k_\ <ffb,?ekip Iecp Mpjk\d `j [`jZfekèl\[ ]fi k_\ M\i`\j1/1/; <fe[j+ k_\ M\i`\j 1/1/; <fe[j n`cc Y\ \oZ_Xe^\XYc\ ]fi ]lccp i\^`jk\i\[ M\i`\j 1/1/; <fe[j è XepXlk_fi`q\[ [\efdèXk`fej f] k_\ jXd\ dXkli`kp n`k_flk Z_Xi^\ \oZ\gk k_\ gXpd\ek f] Xep kXo+ ]\\ fi fk_\i^fm\ied\ekXc Z_Xi^\ kf Y\ gX`[ n`k_ i\jg\Zk kf jlZ_ \oZ_Xe^\+ jlYa\Zk kf k_\ Zfe[`k`fej Xe[ i\jki`Zk`fej j\k ]fik_ èk_\ L\jfclk`fe- M\\ u<ffb,?ekip Iecp Mpjk\dv Y\cfn Xe[ u;gg\e[ò > , MlddXip f] =\ikXè Jifm`j`fej f] k_\L\jfclk`fe Xe[ Jifgfj\[ ;d\e[d\ekj-v

5

:UcSbY`dY_^ _V dXU IUbYUc -+-+7 8_^Tc

N_\ M\i`\j 1/1/; <fe[j Xi\ [Xk\[ k_\ì [Xk\ f] [\c`m\ip Xe[ Y\Xi èk\i\jk ]ifd jlZ_ [Xk\ 'gXpXYc\ Dlcp 0+1/1/ Xe[ fe \XZ_ DXelXip 0 Xe[ Dlcp 0 k_\i\X]k\i( Xk k_\ iXk\j j\k ]fik_ fe k_\ èj`[\ ]ifek Zfm\i gX^\ f] k_`j I]]`Z`XcMkXk\d\ek- N_\ M\i`\j 1/1/; <fe[j n`cc Y\ `jjl\[ Xj ]lccp i\^`jk\i\[ Yfe[j è [\efdèXk`fej f] #4+/// fi Xepèk\îXc dlck`gc\ k_\i\f]-

Cek\i\jk fe k_\ M\i`\j 1/1/; <fe[j n`cc Y\ gXpXYc\ Yp Z_\Zb dX`c\[ kf k_\ i\^`jk\i\[ fne\ij fi+ Xk k_\fgk`fe f] k_\ i\^`jk\i\[ fne\i f] Xk c\Xjk #0+///+/// f] M\i`\j 1/1/; <fe[j+ Yp nì\ kiXej]\i kf k_\ nì\ kiXej]\iX[[i\jj n`k_è k_\ Zfekè\ekXc Oe`k\[ MkXk\j kf n_`Z_ k_\ i\^`jk\i\[ fne\i _Xj èjkilZk\[ k_\ Niljk\\ kf dXb\ jlZ_gXpd\ek Xk c\Xjk ]`m\ [Xpj gi`fi kf k_\ èk\i\jk gXpd\ek [Xk\- C] k_\ M\i`\j 1/1/; <fe[j Xi\ efk i\^`jk\i\[ è k_\eXd\ f] >N= fi `kj efdè\\+ =\[\ % =f-+ k_\ gièZ`gXc+ JliZ_Xj\ Ji`Z\ Xe[ L\[\dgk`fe Ji`Z\ f] k_\ M\i`\j 1/1/;<fe[j n`cc Y\ gXpXYc\ è cXn]lc dfe\p f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX Xk k_\ gièZ`gXc ZfigfiXk\ kiljk f]]`Z\ f] N_\<Xeb f] H\n Sfib G\ccfe+ H\n Sfib+ H\n Sfib+ k_\ Niljk\\ Xe[ JXpè^ ;^\ek- @fi X dfi\ Zfdgc\k\ [\jZi`gk`fef] k_\ M\i`\j 1/1/; <fe[j+ j\\ u;gg\e[ò > , MlddXip f] =\ikXè Jifm`j`fej f] k_\ L\jfclk`fe Xe[ Jifgfj\[;d\e[d\ekj-v

HUTU]`dY_^ Fb_fYcY_^c

N_\ M\i`\j 1/1/; <fe[j Xi\ jlYa\Zk kf i\[\dgk`fe+ Xe[ kf gliZ_Xj\ è c`\l f] i\[\dgk`fe+ Xj [\jZi`Y\[Y\cfn-

Optional Redemption. N_\ M\i`\j 1/1/; <fe[j dXkliè^ fe Dlcp 0+ 1/4/ Xi\ jlYa\Zk kf fgk`feXci\[\dgk`fe gi`fi kf dXkli`kp Xk k_\ \c\Zk`fe f] k_\ Oe`m\ij`kp+ fe fi X]k\i Dlcp 0+ 1/2/+ è Xep fi[\i+ è n_fc\ fi ègXik Xk Xep k`d\+ Xk X L\[\dgk`fe Ji`Z\ f] fe\ _le[i\[ g\iZ\ek '0//$( f] k_\ gièZ`gXc Xdflek k_\i\f]+ gclj XZZil\[èk\i\jk kf k_\ i\[\dgk`fe [Xk\-

Purchase in Lieu of Optional Redemption. N_\ M\i`\j 1/1/; <fe[j Xi\ Xcjf jlYa\Zk kf gliZ_Xj\ è c`\l f]fgk`feXc i\[\dgk`fe gi`fi kf dXkli`kp Xk k_\ \c\Zk`fe f] k_\ Oe`m\ij`kp è Xep fi[\i+ è n_fc\ fi è gXik Xk Xep k`d\+ XkX gliZ_Xj\ gi`Z\ \hlXc kf k_\ Xggc`ZXYc\ L\[\dgk`fe Ji`Z\- Hfk`Z\ f] gliZ_Xj\ f] k_\ M\i`\j 1/1/; <fe[j n`cc Y\^`m\e è k_\ eXd\ f] k_\ Oe`m\ij`kp kf k_\ i\^`jk\i\[ fne\ij f] k_\ M\i`\j 1/1/; <fe[j kf Y\ gliZ_Xj\[ Yp ]ìjk,ZcXjj dX`c+ gfjkX^\ gi\gX`[+ efk c\jj k_Xe 04 [Xpj gi`fi kf k_\ [Xk\ j\k ]fi gliZ_Xj\ jg\Z`]`\[ è jlZ_ efk`Z\-

Selection of Bonds to be Redeemed. Ce k_\ ZXj\ f] i\[\dgk`fej f] c\jj k_Xe Xcc f] k_\ M\i`\j 1/1/; <fe[j,

fk_\i k_Xe dXe[Xkfip i\[\dgk`fej+ >;MHS n`cc j\c\Zk k_\ dXkli`k`\j f] k_\ M\i`\j 1/1/; <fe[j kf Y\ i\[\\d\[- C]c\jj k_Xe Xcc f] k_\ M\i`\j 1/1/; <fe[j f] X dXkli`kp Xi\ kf Y\ i\[\\d\[+ k_\ M\i`\j 1/1/; <fe[j f] jlZ_ dXkli`kpkf Y\ i\[\\d\[ n`cc Y\ j\c\Zk\[ Yp k_\ Niljk\\+ Yp cfk+ ljè^ jlZ_ d\k_f[ f] j\c\Zk`fe Xj k_\ Niljk\\ j_Xcc Zfej`[\igifg\i è `kj [`jZi\k`fe-

Notice of Redemption. N_\ Niljk\\ `j kf ^`m\ efk`Z\ f] k_\ i\[\dgk`fe f] k_\ M\i`\j 1/1/; <fe[j è k_\eXd\ f] >;MHS+ Yp ]ìjk,ZcXjj dX`c+ gfjkX^\ gi\gX`[+ efk c\jj k_Xe 2/ [Xpj efi dfi\ k_Xe 5/ [Xpj gi`fi kf k_\i\[\dgk`fe [Xk\ kf k_\ i\^`jk\i\[ fne\ij f] Xep M\i`\j 1/1/; <fe[j n_`Z_ Xi\ kf Y\ i\[\\d\[+ Xk k_\ì cXjk befneX[[i\jj\j Xgg\Xiè^ fe k_\ i\^`jkiXk`fe Yffbj f] >;MHS efk dfi\ k_Xe k\e <ljè\jj >Xpj gi`fi kf k_\ [Xk\ jlZ_efk`Z\ `j ^`m\e- N_\ ]X`cli\ f] Xep fne\i f] X M\i`\j 1/1/; <fe[ kf Y\ i\[\\d\[ kf i\Z\`m\ efk`Z\ f] i\[\dgk`fen`cc efk X]]\Zk k_\ mXc`[`kp f] k_\ gifZ\\[è^j ]fi k_\ i\[\dgk`fe f] jlZ_ M\i`\j 1/1/; <fe[- C] [ì\Zk\[ è ni`kè^Yp Xe ;lk_fi`q\[ I]]`Z\i f] >;MHS+ k_\ Niljk\\ n`cc glYc`j_ fi ZXlj\ kf Y\ glYc`j_\[ jlZ_ efk`Z\ è Xe ;lk_fi`q\[H\njgXg\i efk c\jj k_Xe 2/ [Xpj efi dfi\ k_Xe 5/ [Xpj gi`fi kf k_\ i\[\dgk`fe [Xk\+ Ylk glYc`ZXk`fe `j efk XZfe[`k`fe gi\Z\[\ek kf jlZ_ i\[\dgk`fe Xe[ ]X`cli\ kf glYc`j_ jlZ_ efk`Z\ fi Xep [\]\Zk è jlZ_ efk`Z\ fi glYc`ZXk`fen`cc efk X]]\Zk k_\ mXc`[`kp f] k_\ gifZ\\[è^j ]fi k_\ i\[\dgk`fe f] jlZ_ M\i`\j 1/1/; <fe[j-

Ogfe k_\ \]]\Zk`m\e\jj f] k_\ Jifgfj\[ L\jfclk`fe ;d\e[d\ekj+ k_\ fgk`feXc i\[\dgk`fe f] X M\i`\j1/1/; <fe[ dXp Y\ Zfe[`k`fe\[ lgfe k_\ XmX`cXY`c`kp f] jl]]`Z`\ek dfe\p n_`Z_+ è X[[`k`fe kf fk_\i dfe\pjXmX`cXYc\ k_\i\]fi _\c[ Yp k_\ Niljk\\+ `j jl]]`Z`\ek kf i\[\\d+ fe k_\ i\[\dgk`fe [Xk\j Xk k_\ L\[\dgk`fe Ji`Z\k_\i\f]+ kf^\k_\i n`k_ èk\i\jk XZZil\[ kf k_\ i\[\dgk`fe [Xk\+ Xcc f] k_\ M\i`\j 1/1/; <fe[j kf Y\ jf i\[\\d\[ Xe[+lgfe k_\ \]]\Zk`m\e\jj f] k_\ Jifgfj\[ L\jfclk`fe ;d\e[d\ekj Xe[ k_\ \]]\Zk`m\e\jj f] k_\ Jifgfj\[ FfXe;î\\d\ek ;d\e[d\ekj+ jlZ_ dfe\p `j efk i\hlì\[ kf Y\ gX`[ kf k_\ Niljk\\ gi`fi kf k_\ [Xk\ fe n_`Z_ efk`Z\ f]jlZ_ fgk`feXc i\[\dgk`fe `j ^`m\e glijlXek kf k_\ L\jfclk`fe-

6

C] fe k_\ i\[\dgk`fe [Xk\ dfe\pj ]fi k_\ i\[\dgk`fe f] k_\ M\i`\j 1/1/; <fe[j kf Y\ i\[\\d\[+ kf^\k_\in`k_ èk\i\jk k_\i\fe kf k_\ i\[\dgk`fe [Xk\+ Xi\ _\c[ Yp k_\ Niljk\\ jf Xj kf Y\ XmX`cXYc\ ]fi gXpd\ek f] k_\i\[\dgk`fe gi`Z\+ Xe[ `] efk`Z\ f] i\[\dgk`fe _Xj Y\\e dX`c\[+ k_\e èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j f] jlZ_dXkli`kp n`cc Z\Xj\ kf XZZil\ ]ifd Xe[ X]k\i k_\ i\[\dgk`fe [Xk\ Xe[ jlZ_ M\i`\j 1/1/; <fe[j n`cc ef cfe^\i Y\Zfej`[\i\[ kf Y\ IlkjkXe[è^-

@fi X dfi\ Zfdgc\k\ [\jZi`gk`fe f] k_\ i\[\dgk`fe Xe[ fk_\i gifm`j`fej i\cXkè^ kf k_\ M\i`\j 1/1/;<fe[j+ j\\ u;gg\e[ò > , MlddXip f] =\ikXè Jifm`j`fej f] k_\ L\jfclk`fe Xe[ Jifgfj\[ ;d\e[d\ekj-v ;cjf j\\u<ffb,?ekip Iecp Mpjk\dv Y\cfn ]fi X [\jZi`gk`fe f] k_\ efk`Z\j f] i\[\dgk`fe kf Y\ ^`m\e kf <\e\]`Z`Xc Ine\ij f]k_\ M\i`\j 1/1/; <fe[j n_\e k_\ <ffb,?ekip Iecp Mpjk\d `j è \]]\Zk-

8__[(;^dbi E^\i IicdU]

N_\ >\gfj`kfip Niljk =fdgXep 'u>N=v(+ H\n Sfib+ H\n Sfib+ n`cc XZk Xj j\Zli`k`\j [\gfj`kfip ]fi k_\M\i`\j 1/1/; <fe[j- N_\ M\i`\j 1/1/; <fe[j n`cc Y\ `jjl\[ Xj ]lccp,i\^`jk\i\[ j\Zli`k`\j i\^`jk\i\[ è k_\ eXd\ f]=\[\ % =f- '>N=wj gXike\ij_`g efdè\\(+ fi jlZ_ fk_\i eXd\ Xj dXp Y\ i\hl\jk\[ Yp Xe Xlk_fi`q\[ i\gi\j\ekXk`m\f] >N=- Ie\ ]lccp,i\^`jk\i\[ M\i`\j 1/1/; <fe[ Z\ik`]`ZXk\ n`cc Y\ `jjl\[ ]fi \XZ_ dXkli`kp f] k_\ M\i`\j 1/1/;<fe[j+ \XZ_ è k_\ X^î\^Xk\ gièZ`gXc Xdflek f] jlZ_ dXkli`kp+ Xe[ n`cc Y\ [\gfj`k\[ n`k_ >N=-

>N= `j X c`d`k\[,gligfj\ kiljk ZfdgXep fi^Xe`q\[ le[\i k_\ H\n Sfib <Xebè^ FXn+ X uYXebè^fi^Xe`qXk`fev n`k_è k_\ d\Xeè^ f] k_\ H\n Sfib <Xebè^ FXn+ X d\dY\i f] k_\ @\[\iXc L\j\im\ Mpjk\d+ XuZc\Xiè^ ZfigfiXk`fev n`k_è k_\ d\Xeè^ f] k_\ H\n Sfib Oe`]fid =fdd\iZ`Xc =f[\+ Xe[ X uZc\Xiè^ X^\eZpvi\^`jk\i\[ glijlXek kf k_\ gifm`j`fej f] M\Zk`fe 06; f] k_\ M\Zli`k`\j ?oZ_Xe^\ ;Zk f] 0823+ Xj Xd\e[\[- >N=_fc[j Xe[ gifm`[\j Xjj\k j\im`Zè^ ]fi fm\i 2-4 d`cc`fe `jjl\j f] O-M- Xe[ efe,O-M- \hl`kp `jjl\j+ ZfigfiXk\ Xe[dle`Z`gXc [\Yk `jjl\j+ Xe[ dfe\p dXib\k èjkild\ekj ']ifd fm\i 0// Zfleki`\j( k_Xk >N=wj gXik`Z`gXekj 'u>ì\ZkJXik`Z`gXekjv( [\gfj`k n`k_ >N=- >N= Xcjf ]XZ`c`kXk\j k_\ gfjk,kiX[\ j\kkc\d\ek Xdfe^ >ì\Zk JXik`Z`gXekj f] jXc\jXe[ fk_\i j\Zli`k`\j kiXejXZk`fej è [\gfj`k\[ j\Zli`k`\j+ k_ifl^_ \c\Zkife`Z Zfdglk\i`q\[ Yffb,\ekip kiXej]\ij Xe[gc\[^\j Y\kn\\e >ì\Zk JXik`Z`gXekjw XZZflekj- N_`j \c`dèXk\j k_\ e\\[ ]fi g_pj`ZXc dfm\d\ek f] j\Zli`k`\jZ\ik`]`ZXk\j- >ì\Zk JXik`Z`gXekj èZcl[\ Yfk_ O-M- Xe[ efe,O-M- j\Zli`k`\j Yifb\ij Xe[ [\Xc\ij+ YXebj+ kiljkZfdgXe`\j+ Zc\Xiè^ ZfigfiXk`fej Xe[ Z\ikXè fk_\i fi^Xe`qXk`fej- >N= `j X n_fccp,fne\[ jlYj`[`Xip f] N_\>\gfj`kfip Niljk % =c\Xiè^ =figfiXk`fe 'u>N==v(- >N== `j k_\ _fc[è^ ZfdgXep ]fi >N=+ HXk`feXc M\Zli`k`\j=c\Xiè^ =figfiXk`fe Xe[ @ò\[ CeZfd\ =c\Xiè^ =figfiXk`fe+ Xcc f] n_`Z_ Xi\ i\^`jk\i\[ Zc\Xiè^ X^\eZ`\j- >N==`j fne\[ Yp k_\ lj\ij f] `kj i\^lcXk\[ jlYj`[`Xi`\j- ;ZZ\jj kf k_\ >N= jpjk\d `j Xcjf XmX`cXYc\ kf fk_\ij jlZ_ Xj Yfk_O-M- Xe[ efe,O-M- j\Zli`k`\j Yifb\ij Xe[ [\Xc\ij+ YXebj+ kiljk ZfdgXe`\j+ Xe[ Zc\Xiè^ ZfigfiXk`fej k_Xk Zc\Xik_ifl^_ fi dXèkXè X Zljkf[`Xc i\cXk`fej_`g n`k_ X >ì\Zk JXik`Z`gXek+ \`k_\i [ì\Zkcp fi è[ì\Zkcp 'uCe[ì\ZkJXik`Z`gXekjv(- N_\ >N= Llc\j Xggc`ZXYc\ kf `kj JXik`Z`gXekj Xi\ fe ]`c\ n`k_ k_\ M\Zli`k`\j Xe[ ?oZ_Xe^\=fdd`jj`fe- Gfi\ è]fidXk`fe XYflk >N= ZXe Y\ ]fle[ Xk nnn-[kZZ-Zfd-

JliZ_Xj\j f] M\i`\j 1/1/; <fe[j le[\i k_\ >N= jpjk\d dljk Y\ dX[\ Yp fi k_ifl^_ >ì\Zk JXik`Z`gXekj+n_`Z_ n`cc i\Z\`m\ X Zi\[`k ]fi k_\ M\i`\j 1/1/; <fe[j fe >N=wj i\Zfi[j- N_\ fne\ij_`g èk\i\jk f] \XZ_ XZklXcgliZ_Xj\i f] \XZ_ M\i`\j 1/1/; <fe[ 'u<\e\]`Z`Xc Ine\iv( `j è klie kf Y\ i\Zfi[\[ fe k_\ >ì\Zk Xe[ Ce[ì\ZkJXik`Z`gXekjw i\Zfi[j- <\e\]`Z`Xc Ine\ij n`cc efk i\Z\`m\ ni`kk\e Zfe]ìdXk`fe ]ifd >N= f] k_\ì gliZ_Xj\-<\e\]`Z`Xc Ine\ij+ _fn\m\i+ Xi\ \og\Zk\[ kf i\Z\`m\ ni`kk\e Zfe]ìdXk`fej gifm`[è^ [\kX`cj f] k_\ kiXejXZk`fe+ Xjn\cc Xj g\i`f[`Z jkXk\d\ekj f] k_\ì _fc[è^j+ ]ifd k_\ >ì\Zk fi Ce[ì\Zk JXik`Z`gXek k_ifl^_ n_`Z_ k_\ <\e\]`Z`XcIne\i \ek\i\[ èkf k_\ kiXejXZk`fe- NiXej]\ij f] fne\ij_`g èk\i\jkj è k_\ M\i`\j 1/1/; <fe[j Xi\ kf Y\XZZfdgc`j_\[ Yp \eki`\j dX[\ fe k_\ Yffbj f] >ì\Zk Xe[ Ce[ì\Zk JXik`Z`gXekj XZkè^ fe Y\_Xc] f] <\e\]`Z`XcIne\ij- <\e\]`Z`Xc Ine\ij n`cc efk i\Z\`m\ Z\ik`]`ZXk\j i\gi\j\ekè^ k_\ì fne\ij_`g èk\i\jkj è k_\ M\i`\j 1/1/;<fe[j+ \oZ\gk è k_\ \m\ek k_Xk lj\ f] k_\ Yffb,\ekip jpjk\d ]fi k_\ M\i`\j 1/1/; <fe[j `j [`jZfekèl\[-

Nf ]XZ`c`kXk\ jlYj\hl\ek kiXej]\ij+ Xcc M\i`\j 1/1/; <fe[j [\gfj`k\[ Yp >ì\Zk JXik`Z`gXekj n`k_ >N= Xi\i\^`jk\i\[ è k_\ eXd\ f] >N=wj gXike\ij_`g efdè\\+ =\[\ % =f-+ fi jlZ_ fk_\i eXd\ Xj dXp Y\ i\hl\jk\[ Yp XeXlk_fi`q\[ i\gi\j\ekXk`m\ f] >N=- N_\ [\gfj`k f] M\i`\j 1/1/; <fe[j n`k_ >N= Xe[ k_\ì i\^`jkiXk`fe è k_\ eXd\f] =\[\ % =f- fi jlZ_ fk_\i >N= efdè\\ [f efk \]]\Zk Xep Z_Xe^\ è Y\e\]`Z`Xc fne\ij_`g- >N= _Xj efbefnc\[^\ f] k_\ XZklXc <\e\]`Z`Xc Ine\ij f] k_\ M\i`\j 1/1/; <fe[j: >N=wj i\Zfi[j i\]c\Zk fecp k_\ `[\ek`kp f]k_\ >ì\Zk JXik`Z`gXekj kf n_fj\ XZZflekj jlZ_ M\i`\j 1/1/; <fe[j Xi\ Zi\[`k\[+ n_`Z_ dXp fi dXp efk Y\ k_\<\e\]`Z`Xc Ine\ij- N_\ >ì\Zk Xe[ Ce[ì\Zk JXik`Z`gXekj n`cc i\dXè i\jgfej`Yc\ ]fi b\\gè^ XZZflek f] k_\ì_fc[è^j fe Y\_Xc] f] k_\ì Zljkfd\ij-

7

=fem\pXeZ\ f] efk`Z\j Xe[ fk_\i Zfddle`ZXk`fej Yp >N= kf >ì\Zk JXik`Z`gXekj+ Yp >ì\Zk JXik`Z`gXekj kfCe[ì\Zk JXik`Z`gXekj+ Xe[ Yp >ì\Zk JXik`Z`gXekj Xe[ Ce[ì\Zk JXik`Z`gXekj kf <\e\]`Z`Xc Ine\ij n`cc Y\ ^fm\ie\[ YpXiiXe^\d\ekj Xdfe^ k_\d+ jlYa\Zk kf Xep jkXklkfip fi i\^lcXkfip i\hlì\d\ekj Xj dXp Y\ è \]]\Zk ]ifd k`d\ kf k`d\-

L\[\dgk`fe efk`Z\j n`cc Y\ j\ek kf >N=- C] c\jj k_Xe Xcc f] k_\ M\i`\j 1/1/; <fe[j n`k_è X dXkli`kp f]k_\ M\i`\j 1/1/; <fe[j Xi\ Y\è^ i\[\\d\[+ >N=wj giXZk`Z\ `j kf [\k\idè\ Yp cfk k_\ Xdflek f] k_\ èk\i\jk f] \XZ_>ì\Zk JXik`Z`gXek è jlZ_ dXkli`kp kf Y\ i\[\\d\[-

H\`k_\i >N= efi =\[\ % =f- 'efi Xep fk_\i >N= efdè\\( n`cc Zfej\ek fi mfk\ n`k_ i\jg\Zk kf M\i`\j1/1/; <fe[j lec\jj Xlk_fi`q\[ Yp X >ì\Zk JXik`Z`gXek è XZZfi[XeZ\ n`k_ >N=wj GGC JifZ\[li\j- Oe[\i `kj ljlXcgifZ\[li\j+ >N= dX`cj Xe Ide`Ylj Jifop kf >;MHS Xj jffe Xj gfjj`Yc\ X]k\i k_\ i\Zfi[ [Xk\- N_\ Ide`Ylj JifopXjj`êj =\[\ % =f-wj Zfej\ekè^ fi mfkè^ i`^_kj kf k_fj\ >ì\Zk JXik`Z`gXekj kf n_fj\ XZZflekj k_\ M\i`\j 1/1/;<fe[j Xi\ Zi\[`k\[ fe k_\ i\Zfi[ [Xk\ '`[\ek`]`\[ è X c`jkè^ XkkXZ_\[ kf k_\ Ide`Ylj Jifop(-

JièZ`gXc Xe[ i\[\dgk`fe gi\d`ld+ `] Xep+ f] Xe[ èk\i\jk gXpd\ekj fe k_\ M\i`\j 1/1/; <fe[j n`cc Y\dX[\ kf =\[\ % =f-+ fi jlZ_ fk_\i efdè\\ Xj dXp Y\ i\hl\jk\[ Yp Xe Xlk_fi`q\[ i\gi\j\ekXk`m\ f] >N=- >N=wjgiXZk`Z\ `j kf Zi\[`k >ì\Zk JXik`Z`gXekjw XZZflekj lgfe >N=wj i\Z\`gk f] ]le[j Xe[ Zfii\jgfe[è^ [\kX`c è]fidXk`fe]ifd >;MHS fi k_\ Niljk\\ fe k_\ gXpXYc\ [Xk\ è XZZfi[XeZ\ n`k_ k_\ì i\jg\Zk`m\ _fc[è^j j_fne fe >N=wji\Zfi[j- JXpd\ekj Yp JXik`Z`gXekj kf <\e\]`Z`Xc Ine\ij n`cc Y\ ^fm\ie\[ Yp jkXe[è^ èjkilZk`fej Xe[ ZljkfdXipgiXZk`Z\j+ Xj `j k_\ ZXj\ n`k_ j\Zli`k`\j _\c[ ]fi k_\ XZZflekj f] Zljkfd\ij è Y\Xi\i ]fid fi i\^`jk\i\[ è ujki\\keXd\+v Xe[ n`cc Y\ k_\ i\jgfej`Y`c`kp f] jlZ_ JXik`Z`gXek Xe[ efk f] >N=+ k_\ Oe[\ini`k\ij+ k_\ Niljk\\ fi >;MHS+jlYa\Zk kf Xep jkXklkfip fi i\^lcXkfip i\hlì\d\ekj Xj dXp Y\ è \]]\Zk ]ifd k`d\ kf k`d\- JXpd\ek f] gièZ`gXc+i\[\dgk`fe gi\d`ld+ `] Xep+ Xe[ èk\i\jk kf =\[\ % =f- 'fi jlZ_ fk_\i efdè\\ Xj dXp Y\ i\hl\jk\[ Yp XeXlk_fi`q\[ i\gi\j\ekXk`m\ f] >N=( `j k_\ i\jgfej`Y`c`kp f] >;MHS fi k_\ Niljk\\+ [`jYlij\d\ek f] jlZ_ gXpd\ekj kf>ì\Zk JXik`Z`gXekj n`cc Y\ k_\ i\jgfej`Y`c`kp f] >N=+ Xe[ [`jYlij\d\ek f] jlZ_ gXpd\ekj kf k_\ <\e\]`Z`Xc Ine\ijn`cc Y\ k_\ i\jgfej`Y`c`kp f] >ì\Zk Xe[ Ce[ì\Zk JXik`Z`gXekj-

>;MHS Xe[ k_\ Niljk\\ dXp ki\Xk >N= 'fi `kj efdè\\( Xj k_\ jfc\ Xe[ \oZclj`m\ i\^`jk\i\[ fne\i f] k_\M\i`\j 1/1/; <fe[j i\^`jk\i\[ è `kj eXd\ ]fi k_\ gligfj\j f] gXpd\ek f] k_\ gièZ`gXc Xe[ i\[\dgk`fe gi\d`ld+ `]Xep+ f] fi èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j+ ^`mè^ Xep efk`Z\ g\id`kk\[ fi i\hlì\[ kf Y\ ^`m\e kf i\^`jk\i\[fne\ij le[\i k_\ L\jfclk`fe+ i\^`jk\iè^ k_\ kiXej]\i f] k_\ M\i`\j 1/1/; <fe[j fi fk_\i XZk`fe kf Y\ kXb\e Ypi\^`jk\i\[ fne\ij Xe[ ]fi Xcc fk_\i gligfj\j n_Xkjf\m\i- >;MHS+ k_\ Oe`m\ij`kp+ k_\ Niljk\\ Xe[ k_\ Oe[\ini`k\ij_Xm\ ef i\jgfej`Y`c`kp fi fYc`^Xk`fe kf Xep >ì\Zk fi Ce[ì\Zk JXik`Z`gXek+ Xep g\ijfe ZcX`dè^ X Y\e\]`Z`Xc fne\ij_`gèk\i\jk è k_\ M\i`\j 1/1/; <fe[j le[\i fi k_ifl^_ >N= fi Xep >ì\Zk fi Ce[ì\Zk JXik`Z`gXek+ fi Xep fk_\i g\ijfek_Xk `j efk j_fne fe k_\ i\^`jkiXk`fe Yffbj f] >;MHS 'b\gk Yp k_\ Niljk\\( Xj Y\è^ X i\^`jk\i\[ fne\i+ n`k_i\jg\Zk kf k_\ XZZliXZp f] Xep i\Zfi[j dXèkXè\[ Yp >N= fi Xep >ì\Zk fi Ce[ì\Zk JXik`Z`gXek+ k_\ gXpd\ek Yp >N=fi Xep >ì\Zk fi Ce[ì\Zk JXik`Z`gXek f] Xep Xdflek è i\jg\Zk f] k_\ gièZ`gXc+ i\[\dgk`fe gi\d`ld+ `] Xep+ fièk\i\jk fe k_\ M\i`\j 1/1/; <fe[j+ Xep efk`Z\ k_Xk `j g\id`kk\[ fi i\hlì\[ kf Y\ ^`m\e kf i\^`jk\i\[ fne\ijk_\i\le[\i fi le[\i k_\ Zfe[`k`fej kf kiXej]\ij fi \oZ_Xe^\j X[fgk\[ Yp >;MHS fi fk_\i XZk`fe kXb\e Yp >N= Xji\^`jk\i\[ fne\i- Cek\i\jk+ i\[\dgk`fe gi\d`ld+ `] Xep+ Xe[ gièZ`gXc n`cc Y\ gX`[ Yp k_\ Niljk\\ kf >N=+ fi `kjefdè\\- >`jYlij\d\ek f] jlZ_ gXpd\ekj kf k_\ >ì\Zk fi Ce[ì\Zk JXik`Z`gXekj `j k_\ i\jgfej`Y`c`kp f] >N= Xe[[`jYlij\d\ek f] jlZ_ gXpd\ekj kf k_\ <\e\]`Z`Xc Ine\ij `j k_\ i\jgfej`Y`c`kp f] k_\ >ì\Zk fi Ce[ì\Zk JXik`Z`gXekj-

>N= dXp [`jZfekèl\ gifm`[è^ `kj j\im`Z\j Xj [\gfj`kfip n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/; <fe[j Xk Xepk`d\ Yp ^`mè^ i\XjfeXYc\ efk`Z\ kf >;MHS Xe[ k_\ Niljk\\- Oe[\i jlZ_ ZìZldjkXeZ\j+ è k_\ \m\ek k_Xk XjlZZ\jjfi [\gfj`kfip `j efk fYkXè\[+ k_\ M\i`\j 1/1/; <fe[ Z\ik`]`ZXk\j Xi\ i\hlì\[ kf Y\ gièk\[ Xe[ [\c`m\i\[-

>;MHS dXp [\Z`[\ kf [`jZfekèl\ lj\ f] k_\ jpjk\d f] Yffb,\ekip fecp kiXej]\ij k_ifl^_ >N= 'fi XjlZZ\jjfi j\Zli`k`\j [\gfj`kfip(- Ce k_Xk \m\ek+ k_\ M\i`\j 1/1/; <fe[ Z\ik`]`ZXk\j n`cc Y\ gièk\[ Xe[ [\c`m\i\[ kf>N=-

N_\ è]fidXk`fe è k_`j j\Zk`fe ZfeZ\ieè^ >N= Xe[ >N=wj Yffb,\ekip jpjk\d _Xj Y\\e fYkXè\[ ]ifdjfliZ\j k_Xk >;MHS Y\c`\m\j kf Y\ i\c`XYc\+ Ylk >;MHS kXb\j ef i\jgfej`Y`c`kp ]fi k_\ XZZliXZp k_\i\f]-

?XZ_ g\ijfe ]fi n_fd X >ì\Zk fi Ce[ì\Zk JXik`Z`gXek XZhlì\j Xe èk\i\jk è k_\ M\i`\j 1/1/; <fe[j+ Xjefdè\\+ dXp [\jì\ kf dXb\ XiiXe^\d\ekj n`k_ jlZ_ >ì\Zk fi Ce[ì\Zk JXik`Z`gXek kf i\Z\`m\ X Zi\[`k YXcXeZ\ è k_\i\Zfi[j f] jlZ_ >ì\Zk fi Ce[ì\Zk JXik`Z`gXek+ Xe[ dXp [\jì\ kf dXb\ XiiXe^\d\ekj n`k_ jlZ_ >ì\Zk fi Ce[ì\ZkJXik`Z`gXek kf _Xm\ Xcc efk`Z\j f] i\[\dgk`fe fi fk_\i Zfddle`ZXk`fej f] >N=+ n_`Z_ dXp X]]\Zk jlZ_ g\ijfej+ kf Y\

8

]finXi[\[ è ni`kè^ Yp jlZ_ >ì\Zk fi Ce[ì\Zk JXik`Z`gXek Xe[ kf _Xm\ efk`]`ZXk`fe dX[\ f] Xcc èk\i\jk gXpd\ekj-HIH? I@ >;MHS+ NB? OHCP?LMCNS+ NB? NLOMN?? IL NB? OH>?LQLCN?LM QCFF B;P? ;HSL?MJIHMC<CFCNS IL I<FCA;NCIH NI MO=B >CL?=N IL CH>CL?=N J;LNC=CJ;HNM IL NB? J?LMIHM@IL QBIG NB?S ;=N ;M HIGCH??M QCNB L?MJ?=N NI NB? M?LC?M 1/1/; <IH>M-

Mf cfe^ Xj =\[\ % =f- `j k_\ i\^`jk\i\[ fne\i f] k_\ M\i`\j 1/1/; <fe[j+ Xj efdè\\ ]fi >N=+ i\]\i\eZ\j_\i\è kf k_\ <fe[_fc[\ij fi i\^`jk\i\[ fne\ij f] k_\ M\i`\j 1/1/; <fe[j 'fk_\i k_Xe le[\i k_\ ZXgk`fe uJ;LN 0/ ,N;R G;NN?LMv _\i\è( d\Xej =\[\ % =f-+ Xj X]fi\jX`[+ Xe[ [f\j efk d\Xe k_\ <\e\]`Z`Xc Ine\ij f] k_\ M\i`\j1/1/; <fe[j-

Q_\e i\]\i\eZ\ `j dX[\ kf Xep XZk`fe n_`Z_ `j i\hlì\[ fi g\id`kk\[ kf Y\ kXb\e Yp k_\ <\e\]`Z`Xc Ine\ij+jlZ_ i\]\i\eZ\ fecp i\cXk\j kf k_fj\ g\id`kk\[ kf XZk 'Yp jkXklk\+ i\^lcXk`fe fi fk_\in`j\( fe Y\_Xc] f] jlZ_ <\e\]`Z`XcIne\ij ]fi jlZ_ gligfj\j- Q_\e efk`Z\j Xi\ ^`m\e+ k_\p n`cc Y\ j\ek Yp k_\ Niljk\\ kf >N= fecp-

@fi \m\ip kiXej]\i Xe[ \oZ_Xe^\ f] M\i`\j 1/1/; <fe[j+ k_\ <\e\]`Z`Xc Ine\i dXp Y\ Z_Xi^\[ X jldjl]]`Z`\ek kf Zfm\i Xep kXo+ ]\\ fi fk_\i ^fm\ied\ekXc Z_Xi^\ k_Xk dXp Y\ `dgfj\[ è i\cXk`fe k_\i\kf-

>;MHS+ è `kj jfc\ [`jZi\k`fe Xe[ n`k_flk k_\ Zfej\ek f] Xep fk_\i g\ijfe+ dXp k\idèXk\ k_\ j\im`Z\j f]>N= n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/; <fe[j `] >;MHS [\k\idè\j k_Xk '`( >N= `j leXYc\ kf [`jZ_Xi^\ `kji\jgfej`Y`c`k`\j n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/; <fe[j fi '``( X ZfekèlXk`fe f] k_\ i\hlì\d\ek k_Xk Xcc f] k_\IlkjkXe[è^ M\i`\j 1/1/; <fe[j Y\ i\^`jk\i\[ è k_\ i\^`jkiXk`fe Yffbj b\gk Yp k_\ Niljk\\ è k_\ eXd\ f] =\[\ %=f-+ Xj efdè\\ f] >N=+ `j efk è k_\ Y\jk èk\i\jkj f] k_\ <\e\]`Z`Xc Ine\ij- Ce k_\ \m\ek k_Xk ef jlYjk`klk\j\Zli`k`\j [\gfj`kfip `j ]fle[ Yp >;MHS fi i\jki`Zk\[ i\^`jkiXk`fe `j ef cfe^\i è \]]\Zk+ M\i`\j 1/1/; <fe[Z\ik`]`ZXk\j n`cc Y\ [\c`m\i\[ Xj [\jZi`Y\[ è k_\ L\jfclk`fe-

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1/10 , #00+/04+/// #00+/04+/// # 7/+756+152 # 80+771+152

1/11 , 00+/04+/// 00+/04+/// 75+556+030 86+571+030

1/12 , 00+/04+/// 00+/04+/// 75+714+855 86+73/+855

1/13 , 00+/04+/// 00+/04+/// 072+/61+74/ 083+/76+74/

1/14 , 00+/04+/// 00+/04+/// 73+130+470 84+145+470

1/15 #40+1//+/// 00+/04+/// 51+104+/// 68+067+355 030+282+355

1/16 , 7+344+/// 7+344+/// 68+238+287 76+7/3+287

1/17 , 7+344+/// 7+344+/// 68+424+/25 76+88/+/25

1/18 , 7+344+/// 7+344+/// 68+5/2+235 77+/47+235

1/2/ 2/+544+/// 7+344+/// 28+00/+/// 64+008+540 003+118+540

1/20 40+034+/// 5+811+14/ 47+/56+14/ 56+108+120 014+175+370

1/21 , 3+254+/// 3+254+/// 56+258+664 60+623+664

1/22 , 3+254+/// 3+254+/// 56+4//+165 60+754+165

1/23 , 3+254+/// 3+254+/// 50+741+264 55+106+264

1/24 , 3+254+/// 3+254+/// 51+/67+12/ 55+332+12/

1/25 , 3+254+/// 3+254+/// 40+853+072 45+218+072

1/26 , 3+254+/// 3+254+/// 3/+248+181 33+613+181

1/27 , 3+254+/// 3+254+/// 25+044+566 3/+41/+566

1/28 , 3+254+/// 3+254+/// 24+8/1+8/0 3/+156+8/0

1/3/ , 3+254+/// 3+254+/// 04+555+483 1/+/20+483

1/30 , 3+254+/// 3+254+/// 04+538+133 1/+/03+133

1/31 , 3+254+/// 3+254+/// 04+52/+71/ 08+884+71/

1/32 , 3+254+/// 3+254+/// 04+50/+634 08+864+634

1/33 , 3+254+/// 3+254+/// 04+482+234 08+847+234

1/34 , 3+254+/// 3+254+/// 04+461+835 08+826+835

1/35 , 3+254+/// 3+254+/// 04+442+764 08+807+764

1/36 , 3+254+/// 3+254+/// 04+42/+347 08+784+347

1/37 , 3+254+/// 3+254+/// 04+400+813 08+765+813

1/38 , 3+254+/// 3+254+/// 04+376+4/3 08+741+4/3

1/4/ 0//+///+/// 3+254+/// 0/3+254+/// , 0/3+254+///

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00

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MlZ_ gifZ\\[j Xe[ fk_\i XmX`cXYc\ ]le[j n`cc Y\ lj\[ kf gliZ_Xj\ Z\ikXè >\]\XjXeZ\ M\Zli`k`\j+ k_\dXkliè^ gièZ`gXc Xe[ èk\i\jk fe n_`Z_ n`cc Y\ jl]]`Z`\ek+ kf^\k_\i n`k_ Xep leèm\jk\[ ZXj_+ kf gXp k_\ èk\i\jk feXe[ k_\ gièZ`gXc Xe[ i\[\dgk`fe gi`Z\ f] k_\ L\]le[\[ <fe[j Zfdè^ [l\ fe Xe[ gi`fi kf k_\ì i\jg\Zk`m\ dXkli`kpfi i\[\dgk`fe [Xk\j- M`dlckXe\fljcp n`k_ k_\ `jjlXeZ\ Xe[ [\c`m\ip f] k_\ M\i`\j 1/1/; <fe[j+ jlZ_ >\]\XjXeZ\M\Zli`k`\j n`cc Y\ [\gfj`k\[ n`k_ k_\ kiljk\\ le[\i k_\ L\jfclk`fe- ;k k_\ k`d\ f] jlZ_ [\gfj`kj+ >;MHS n`cc ^`m\jlZ_ kiljk\\ ìi\mfZXYc\ èjkilZk`fej kf ^`m\ efk`Z\j f] k_\ i\[\dgk`fe f] k_\ L\]le[\[ <fe[j jlYa\Zk kf i\[\dgk`feXe[ kf Xggcp k_\ dXkliè^ gièZ`gXc f] Xe[ èk\i\jk fe k_\ >\]\XjXeZ\ M\Zli`k`\j+ kf^\k_\i n`k_ Xep leèm\jk\[ ZXj_+_\c[ è kiljk jfc\cp ]fi k_\ gXpd\ek f] k_\ gièZ`gXc+ èk\i\jk Xe[ i\[\dgk`fe gi`Z\ Zfdè^ [l\ fe k_\ i\jg\Zk`m\L\]le[\[ <fe[j- Ce k_\ fgè`fe f] <fe[ =flej\c+ lgfe dXbè^ jlZ_ [\gfj`kj n`k_ k_\ kiljk\\ le[\i k_\ L\jfclk`feXe[ k_\ ^`mè^ f] jlZ_ ìi\mfZXYc\ èjkilZk`fej+ k_\ L\]le[\[ <fe[j n`cc+ le[\i k_\ k\idj f] k_\ L\jfclk`fe+ Y\[\\d\[ kf _Xm\ Y\\e gX`[+ n`cc ef cfe^\i Y\ flkjkXe[è^ Xe[ k_\ Zfm\eXekj+ Xî\\d\ekj Xe[ fYc`^Xk`fej f] >;MHSn`k_ i\jg\Zk kf k_\ L\]le[\[ <fe[j le[\i k_\ L\jfclk`fe n`cc Y\ [`jZ_Xi^\[ Xe[ jXk`j]`\[-

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JièZ`gXc ;dflek f] k_\ M\i`\j 1/1/; <fe[j #122+///+///-//

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Oe[\ini`k\ijw >`jZflek 261+048-22

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01

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@fle[\[ è 0754+ =fie\cc Oe`m\ij`kp 'u=fie\ccv fi k_\ uOe`m\ij`kpv( `j X gi`mXk\cp \e[fn\[ i\j\XiZ_le`m\ij`kp Xe[ MkXk\ f] H\n Sfib 'k_\ uMkXk\v( ]\[\iXc cXe[,îXek èjk`klk`fe+ n`k_ X i\jgfej`Y`c`kp kf dXb\Zfeki`Ylk`fej è Xcc ]`\c[j f] befnc\[^\ è X dXee\i k_Xk gi`fi`k`q\j glYc`Z \e^X^\d\ek kf `dgifm\ k_\ hlXc`kp f] c`]\è k_\ MkXk\+ k_\ eXk`fe Xe[ k_\ nfic[-

N_\ Oe`m\ij`kpwj dXè ZXdglj `j è Ck_XZX+ H\n Sfib- H\n Sfib =`kp `j _fd\ kf Yfk_ Q\`cc =fie\ccG\[`Zè\ 'uQ=Gv( Xe[ k_\ =fie\cc N\Z_ ZXdglj- Q=G Xcjf _Xj X ZXdglj è >f_X+ KXkXi- ;j X cXe[,îXekle`m\ij`kp+ =fie\cc fg\iXk\j X Zffg\iXk`m\ \ok\ej`fe flki\XZ_ gifîXd è \m\ip Zflekp f] k_\ MkXk\ Xe[ i\Z\`m\jXeelXc ]le[è^ ]ifd k_\ MkXk\ kf jlggfik i\j\XiZ_+ flki\XZ_+ Xe[ \[lZXk`feXc gifîXdj-

?dXQSQ 9Q]èc

N_\ ZXdglj `j cfZXk\[ fe 1+2// XZi\j è H\n Sfib MkXk\wj @è^\i FXb\j i\^`fe- N_\ ZXdglj Zfdgi`j\jgi`mXk\cp ]le[\[ Zfcc\^\j Xe[ XZX[\d`Z le`kj 'k_\ u?e[fn\[ =fcc\^\jv( Xe[ ]fli jZ_ffcj k_Xk i\Z\`m\ [ì\Zk ]le[è^]ifd k_\ MkXk\ 'k_\ u=fekiXZk =fcc\^\jv(- Ce 0754+ k_\ MkXk\ c\^`jcXkli\ [\j`êXk\[ =fie\cc Xj H\n Sfib MkXk\wj cXe[,îXek èjk`klk`fe le[\i k_\ Gfii`cc ;Zk f] 0751- N_\ =fekiXZk =fcc\^\j Xi\ fg\iXk\[ Yp k_\ Oe`m\ij`kp fe Y\_Xc] f]k_\ MkXk\ glijlXek kf jkXklk\ fi ZfekiXZklXc Xî\\d\ekj le[\i k_\ ^\e\iXc jlg\im`j`fe f] k_\ kiljk\\j f] k_\ MkXk\Oe`m\ij`kp f] H\n Sfib 'uMOHSv(-

Endowed Colleges- N_\ gi`mXk\cp ]le[\[ ?e[fn\[ =fcc\^\j Xe[ XZX[\d`Z le`kj è Ck_XZX Xi\ k_\ =fcc\^\ f];iZ_`k\Zkli\+ ;ik Xe[ JcXeeè^: k_\ =fcc\^\ f] ;ikj Xe[ MZ`\eZ\j: k_\ =fcc\^\ f] ?e^è\\iè^: k_\ AiX[lXk\ MZ_ffc:k_\ FXn MZ_ffc: k_\ MZ_ffc f] =fekèlè^ ?[lZXk`fe Xe[ Mldd\i M\jj`fej: Xe[ Oe`m\ij`kp F`YiXi`\j- N_\ =fekiXZk=fcc\^\j Xi\ k_\ =fcc\^\ f] ;î`Zlckli\ Xe[ F`]\ MZ`\eZ\j: k_\ =fcc\^\ f] BldXe ?Zfcf^p: k_\ MZ_ffc f] Ce[ljki`XcXe[ FXYfi L\cXk`fej+ Xe[ k_\ =fcc\^\ f] P\k\ièXip G\[`Zè\- N_\ M= Df_ejfe =fcc\^\ f] <ljè\jj `j X Yc\e[\[=fcc\^\ n`k_ knf ?e[fn\[ =fcc\^\j9 MZ_ffc f] Bfk\c ;[dè`jkiXk`fe Xe[ k_\ Df_ejfe MZ_ffc f] GXeX^\d\ek+ Xjn\cc Xj X ZfekiXZk Zfcc\^\ le`k+ k_\ >pjfe MZ_ffc-

Contract Colleges- =fie\ccwj =fekiXZk =fcc\^\j _Xm\ Y\\e Xjj`ê\[ Yp MkXk\ c\^`jcXk`fe n`k_ jg\Z`]`Zi\jgfej`Y`c`k`\j è i\j\XiZ_ Xe[ \ok\ej`fe [ì\Zk\[ kf jlggfik MkXk\ e\\[j- N_\ jg\Z`Xc`q\[ d`jj`fej f] k_\ =fekiXZk=fcc\^\j+ Xj j\k ]fik_ è k_\ MkXk\ ?[lZXk`fe FXn+ Xi\ èZcl[\[ è =fie\ccwj Z_Xik\i- N_\ Zfjk f] ZfejkilZk`fe Xe[XZhl`j`k`fe ]fi Z\ikXè =fekiXZk =fcc\^\ ]XZ`c`k`\j `j Yfie\ gi`dXi`cp Yp k_\ MkXk\ k_ifl^_ k_\ MkXk\ Oe`m\ij`kp=fejkilZk`fe @le[-

MkXk\ fg\iXkè^ Xe[ ZXg`kXc Zfeki`Ylk`fej gifm`[\ j`ê`]`ZXek ]èXeZ`Xc jlggfik kf k_\ èk\îXk\[ XZX[\d`ZXe[ i\j\XiZ_ gifîXdj f] k_\ Oe`m\ij`kp Xj n\cc Xj ^\e\iXc ZXdglj fm\i_\X[ Zfjkj- MkXk\ fg\iXkè^ Yl[^\kXggifgi`Xk`fej Xi\ i\Z\`m\[ Xj gXik f] k_\ MOHS Xggifgi`Xk`fe Yl[^\k Xe[ Xi\ YXj\[ fe e\^fk`Xk`fej n`k_ MOHS Xe[k_\ H\n Sfib MkXk\ >\gXikd\ek f] <l[^\k- Ce X[[`k`fe kf k_\ [ì\Zk fg\iXkè^ Yl[^\k Xggifgi`Xk`fe i\Z\`m\[ k_ifl^_MOHS+ MkXk\ ]le[j Xcjf jlggfik \dgcfp\\ Y\e\]`kj Xe[ [\Yk j\im`Z\ fe MOHS Yfe[j lj\[ kf ]èXeZ\ Z\ikXè=fekiXZk =fcc\^\ ]XZ`c`k`\j-

@lkli\ MkXk\ jlggfik ]fi k_\ =fekiXZk =fcc\^\j `j [\g\e[\ek fe k_\ \eXZkd\ek f] XeelXc Xggifgi`Xk`fej Ypk_\ MkXk\ Xe[ k_\ n`ccèê\jj Xe[ XY`c`kp f] k_\ MkXk\ Xe[ MOHS kf gifm`[\ jlZ_ gXpd\ekj- Ce k_\ \m\ek k_Xk ]lkli\MkXk\ jlggfik ]fi k_\ =fekiXZk =fcc\^\j `j Y\cfn _`jkfi`Z c\m\cj+ k_\ Oe`m\ij`kp dXp Y\ i\hlì\[ kf èZi\Xj\ kl`k`feZ_Xi^\j Xe[.fi [\Zi\Xj\ \og\e[`kli\j Xk k_\ =fekiXZk =fcc\^\j-

DUg O_b[ 9Ydi 9Q]ècUc

Weill Cornell Medicine. @fle[\[ è 0787+ Xe[ X]]`c`Xk\[ n`k_ H\n Sfib,Ji\jYpk\i`Xe Bfjg`kXc jèZ\ 0816+Q=G Zfdgi`j\j k_\ XZX[\d`Z le`kj f] k_\ G\[`ZXc =fcc\^\ Xe[ k_\ AiX[lXk\ MZ_ffc f] G\[`ZXc MZ`\eZ\j Xe[ k_\Q\`cc =fie\cc J_pj`Z`Xe Ii^Xe`qXk`fe 'k_\ uJ_pj`Z`Xe Ii^Xe`qXk`fev(- N_\ G\[`ZXc =fcc\^\ Xe[ k_\ AiX[lXk\ MZ_ffcf] G\[`ZXc MZ`\eZ\j Zfe[lZk èjkilZk`feXc Xe[ i\j\XiZ_ XZk`m`k`\j è k_\ d\[`ZXc ]`\c[+ Xe[+ k_ifl^_ k_\ J_pj`Z`XeIi^Xe`qXk`fe+ k_\ g_pj`Z`Xe d\dY\ij ^\e\iXk\ Zcè`ZXc giXZk`Z\ èZfd\ ]fi =fie\cc ]ifd k_\ì gif]\jj`feXc j\im`Z\jkf gXk`\ekj-

02

Cornell Tech. Ce >\Z\dY\i 1/00+ k_\ =`kp f] H\n Sfib j\c\Zk\[ =fie\cc+ n`k_ `kj XZX[\d`Z gXike\i+ k_\N\Z_e`fe,CjiX\c Cejk`klk\ f] N\Z_efcf^p+ kf [\m\cfg Xe[ Yl`c[ X e\n Xggc`\[ jZ`\eZ\ Xe[ \e^è\\iè^ ZXdglj feLffj\m\ck CjcXe[ è H\n Sfib =`kp- ;]k\i fg\iXkè^ è cfn\i GXe_XkkXe jèZ\ 1/01+ =fie\cc N\Z_ fg\e\[ k_\Lffj\m\ck CjcXe[ ZXdglj è M\gk\dY\i 1/06-

7SSbUTYdQdY_^

=fie\cc `j i\^`feXccp XZZi\[`k\[ Yp k_\ G`[[c\ MkXk\j =fdd`jj`fe fe B`^_\i ?[lZXk`fe- Ce X[[`k`fe+=fie\ccwj XZX[\d`Z gifîXdj Xi\ XZZi\[`k\[ Yp X eldY\i f] gifîXddXk`Z \[lZXk`fe XZZi\[`kè^ XjjfZ`Xk`fej-

=_fUb^Q^SU

=fie\cc `j ^fm\ie\[ Yp X <fXi[ f] Niljk\\j 'k_\ u<fXi[ f] Niljk\\jv( n_`Z_ d\\kj ]fli k`d\j X p\Xi- N_\<fXi[ f] Niljk\\j èZcl[\j9 ]fli \o,f]]`Z`f kiljk\\j+ 32 d\dY\ij \c\Zk\[ Yp k_\ <fXi[ f] Niljk\\j ]fi jkX^^\i\[k\idj f] ]fli p\Xij \XZ_: \`^_k d\dY\ij \c\Zk\[ Yp Xclde` ]fi jkX^^\i\[ k\idj f] ]fli p\Xij \XZ_: knf d\dY\ij\c\Zk\[ Yp ]XZlckp ]fi k\idj f] ]fli p\Xij \XZ_: knf d\dY\ij \c\Zk\[ Yp jkl[\ekj ]fi k\idj f] knf p\Xij \XZ_: fe\d\dY\i \c\Zk\[ Yp \dgcfp\\j ]fi X k\id f] ]fli p\Xij: fe\ d\dY\i Y\è^ k_\ \c[\jk cè\Xc [\jZ\e[\ek f] ?qiX=fie\cc: Xe[ k_i\\ d\dY\ij Xggfèk\[ Yp k_\ Afm\iefi f] k_\ MkXk\ f] H\n Sfib ]fi k\idj f] k_i\\ p\Xij-

N_\ <fXi[ f] Niljk\\j `j Zfdgfj\[ f] k_\ ]fccfnè^ d\dY\ij9

F\X[\ij_`g ;]]`c`Xk`feLI<?LN M- B;LLCMIH '=_XìdXe( @fid\i =_`\] ?o\Zlk`m\ I]]`Z\i+ =cèkfe AcfYXc Ce`k`Xk`m\<;L<;L; A- HIPC=E P`Z\ =_XìdXe<;LNIH D- QCHIEOL '=_XìdXe f]?o\Zlk`m\ =fdd`kk\\(

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03

Ik_\i G\dY\ij ;]]`c`Xk`feEL;CA B- E;SM?L Ji\j`[\ek Xe[ =_`\] ?o\Zlk`m\ I]]`Z\i+ M\e\ZX @ff[j =figfiXk`feJ?AAS D- EI?HCA =_Xì+ ;<LS JXike\ij+ FF=?FCT;<?NB =- ?P?L?NN ELCM<?LA GXeX^è^ >ì\Zkfi+ AcfYXc L\j\XiZ_+ <Xeb f] ;d\i`ZX G\ii`cc FpeZ_)

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f] J;;G=I Ji`jdX Bfc[è^jL?<?==; '<?=EC?( LI<?LNMIH GXeX^è^ >ì\Zkfi+ P\ijXek P\ekli\jBIH MN?JB?H =- LI<CHMIH JXike\i+ MbX[[\e+ ;igj+ McXk\+ G\X^_\i % @cfd FFJ>;F? M- LIM?HNB;F @fid\i Ji\j`[\ek+ =cXib @èXeZ`Xc M\im`Z\j Aiflg+ FF=A?ILA? ;- M=;HAIM =_`\] ?o\Zlk`m\ I]]`Z\i+ Pì <`fk\Z_efcf^p+ CeZG;LNCH @- M=B?CHG;H+ ?MK- ;iY`kiXkfi+ MZ_\èdXe ;iY`kiXk`fe Xe[ G\[`Xk`fe M\im`Z\jMOM;H =- M=BH;<?F =f,GXeX^è^ JXike\i+ XJi`fi` =Xg`kXc JXike\ij;LS;H MB;S?A;HC Ig_k_Xcdfcf^`jk Xe[ ;jj`jkXek =cè`ZXc Jif]\jjfi Xk SXc\ Oe`m\ij`kp

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04

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Martha E. Pollack, President. >i- GXik_X ?- JfccXZb `j k_\ ]flik\\ek_ gi\j`[\ek f] =fie\cc Oe`m\ij`kp Xe[gif]\jjfi f] Zfdglk\i jZ`\eZ\+ è]fidXk`fe jZ`\eZ\+ Xe[ cè^l`jk`Zj- M_\ kffb f]]`Z\ è ;gi`c 1/06- Ji\j`[\ek JfccXZb`j Zfdd`kk\[ kf Yl`c[è^ lgfe =fie\ccwj XZX[\d`Z [`jkèZk`fe Xe[ le`hl\ jki\e^k_j Xj Xe Cmp F\X^l\ Xe[ cXe[,îXekle`m\ij`kp+ n_`c\ Xcjf jljkXèè^ Xe[ \e_XeZè^ `kj Zlckli\ f] u\[lZXk`feXc m\im\v Yp èm\jkè^ è e\n+ \m`[\eZ\,YXj\[ XggifXZ_\j kf k\XZ_è^ Xe[ c\Xieè^- M_\ j\\j =fie\ccwj ]fle[è^ Zfdd`kd\ek kf [`m\ij`kp Xe[ \hl`kp XjZ\ekiXc kf `kj `[\ek`kp Xe[ `kj jlZZ\jj Xe[ _Xj \e^X^\[ k_\ \ekì\ Oe`m\ij`kp è k_\ nfib f] Yl`c[è^ Xe fg\e+ èZclj`m\Zfddle`kp n_fj\ d\dY\ij Zfddle`ZXk\ \]]\Zk`m\cp XZifjj [`]]\i\eZ\- Ce _\i c\X[\ij_`g f] =fie\ccwj dXep le`kjXe[ ZXdglj\j+ j_\ nfibj kf Zlck`mXk\ gif[lZk`m\ Xe[ d\Xeè^]lc jpe\i^`\j XZifjj [`jZ`gcè\j Xe[ ^\fîXg_`\j+i\Xc`qè^ X m`j`fe f] uIe\ =fie\ccv k_Xk ZXg`kXc`q\j fe k_\ Zfdgc\d\ekXip jki\e^k_j f] fli liYXe Xe[ iliXc `[\ek`k`\j-JfccXZb nXj gi\m`fljcp Jifmfjk Xe[ ?o\Zlk`m\ P`Z\ Ji\j`[\ek ]fi ;ZX[\d`Z ;]]Xìj Xk k_\ Oe`m\ij`kp f] G`Z_`^Xe+n_\i\ j_\ nXj Xcjf gif]\jjfi f] Zfdglk\i jZ`\eZ\ Xe[ è]fidXk`fe- ;e \og\ik è Xik`]`Z`Xc èk\cc`^\eZ\ n`k_ Xi\j\XiZ_ ]fZlj fe eXkliXc,cXe^lX^\ gifZ\jjè^+ XlkfdXk\[ gcXeeè^+ Xe[ k_\ [\j`ê f] Xjj`jk`m\ k\Z_efcf^p ]fig\fgc\ n`k_ Zfê`k`m\ `dgXìd\ek+ j_\ `j X ]\ccfn f] k_\ ;d\i`ZXe ;jjfZ`Xk`fe ]fi k_\ ;[mXeZ\d\ek f] MZ`\eZ\+ k_\;jjfZ`Xk`fe ]fi =fdglkè^ GXZ_è\ip+ Xe[ k_\ ;jjfZ`Xk`fe ]fi k_\ ;[mXeZ\d\ek f] ;ik`]`Z`Xc Cek\cc`^\eZ\- M_\\Xie\[ X YXZ_\cfiwj [\î\\ è cè^l`jk`Zj Xk >Xikdflk_ =fcc\^\ Xe[ Xe G-M- Xe[ J_->- è Zfdglk\i Xe[ è]fidXk`fejZ`\eZ\ Xk k_\ Oe`m\ij`kp f] J\eejpcmXe`X-

Michael I. Kotlikoff, Provost. >i- G`Z_X\c C- Efkc`bf]]+ X gif]\jjfi f] dfc\ZlcXi g_pj`fcf^p+ Y\ZXd\ k_\jòk\\ek_ Jifmfjk f] =fie\cc Oe`m\ij`kp è 1/04- ;j k_\ Oe`m\ij`kpwj Z_`\] XZX[\d`Z f]]`Z\i+ Z_`\] Yl[^\kè^ f]]`Z\i+Xe[ ]ìjk [\glkp f]]`Z\i kf k_\ gi\j`[\ek+ >i- Efkc`bf]] nfibj kf \e_XeZ\ k_\ Oe`m\ij`kpwj \oZ\cc\eZ\ è k\XZ_è^+jZ_fcXij_`g+ Xe[ flki\XZ_- B`j j`êXkli\ è`k`Xk`m\+ LX[`ZXc =fccXYfiXk`fej+ i\Zil`kj ]XZlckp Xe[ jlggfikjè]iXjkilZkli\ è j\m\e b\p dlck`[`jZ`gcèXip Xi\Xj- >i- Efkc`bf]] gi\m`fljcp j\im\[ Xj k_\ ;ljkè I- Bff\p >\Xe f]P\k\ièXip G\[`Zè\ '1//6t1/04( Xe[+ Y\]fi\ k_Xk+ Xj ]fle[è^ Z_Xì f] k_\ >\gXikd\ek f] <`fd\[`ZXc MZ`\eZ\j Xe[Z_Xì f] k_\ GXddXc`Xe A\efd`Zj F`]\ MZ`\eZ\ Ce`k`Xk`m\- N_\ Efkc`bf]] i\j\XiZ_ cXYfiXkfip+ n_`Z_ Zfekèl\[ kffg\iXk\ n_`c\ _\ nXj [\Xe Xe[ gifmfjk Xe[ nXj Zfekèlfljcp ]le[\[ Yp k_\ HCB ]fi fm\i 2/ p\Xij+ `j èk\ieXk`feXccpi\Zfê`q\[ è k_\ Xi\X f] ZXi[`fmXjZlcXi Y`fcf^p Xe[ _\Xik i\gXì- >i- Efkc`bf]] i\Z\`m\[ _`j <-;- 'c`k\iXkli\( Xe[P-G->- [\î\\j ]ifd k_\ Oe`m\ij`kp f] J\eejpcmXe`X Xe[ _`j J_->- è J_pj`fcf^p ]ifd k_\ Oe`m\ij`kp f] =Xc`]fie`X+>Xm`j-

Augustine M.K. Choi, Provost for Medical Affairs. >i- ;l^ljkè\ G-E- =_f` `j k_\ Mk\g_\e Xe[ MlqXee\Q\`jj >\Xe f] Q\`cc =fie\cc G\[`Zè\ Xe[ Jifmfjk ]fi G\[`ZXc ;]]Xìj f] =fie\cc Oe`m\ij`kp- Ji`fi kf _`jXggfèkd\ek Xj >\Xe è DXelXip 1/06+ _\ j\im\[ Xj k_\ MXe]fi[ C- Q\`cc =_XìdXe Xe[ Jif]\jjfi f] G\[`Zè\ è k_\DfXe Xe[ MXe]fi[ C- Q\`cc >\gXikd\ek f] G\[`Zè\ Xk Q\`cc =fie\cc G\[`Zè\ Xe[ Xj g_pj`Z`Xe,è,Z_`\] f] H\nSfib,Ji\jYpk\i`Xe.Q\`cc =fie\cc G\[`ZXc =\ek\i 'uHSJ.Q=Gv(- <\]fi\ afèè^ HSJ.Q=G è 1/02+ >i- =_f` nXjk_\ JXib\i <- @iXeZ`j Jif]\jjfi f] G\[`Zè\ Xk BXimXi[ G\[`ZXc MZ_ffc Xe[ =_`\] f] JlcdfeXip Xe[ =i`k`ZXc =Xi\G\[`Zè\ Xk k_\ <i`^_Xd Xe[ Qfd\e&j Bfjg`kXc- B\ i\Z\`m\[ _`j G->- ]ifd k_\ Oe`m\ij`kp f] Ffl`jm`cc\ Xe[Zfdgc\k\[ _`j Cek\ieXc G\[`Zè\ i\j`[\eZp Xk >lb\ Oe`m\ij`kp G\[`ZXc =\ek\i- B\ k_\e glijl\[ _`jJlcdfeXip.=i`k`ZXc =Xi\ G\[`Zè\ ]\ccfnj_`g Xk Df_ej Bfgbèj Xe[ nXj X ]XZlckp d\dY\i Xk Df_ej Bfgbèj Xe[ XkSXc\ Oe`m\ij`kp- Ji\m`fljcp+ >i- =_f` Xcjf j\im\[ Xj =_`\]+ >`m`j`fe f] JlcdfeXip+ ;cc\i^p Xe[ =i`k`ZXc =Xi\G\[`Zè\ Xk k_\ Oe`m\ij`kp f] J`kkjYli^_-

05

Madelyn F. Wessel, University Counsel and Secretary of the Corporation- GX[\cpe Q\jj\c `j Oe`m\ij`kp=flej\c Xe[ M\Zi\kXip kf k_\ <fXi[- Gj- Q\jj\c `j X ZfigfiXk\ f]]`Z\i Xe[ i\gfikj afèkcp kf k_\ Ji\j`[\ek Xe[ <fXi[f] Niljk\\j- ;j Oe`m\ij`kp =flej\c+ j_\ jlg\im`j\j Xe[ [ì\Zkj Xcc c\^Xc j\im`Z\j i\e[\i\[ fe Y\_Xc] f] k_\Oe`m\ij`kp- ;j M\Zi\kXip f] k_\ =figfiXk`fe+ j_\ Xcjf j\im\j Xj M\Zi\kXip f] k_\ <fXi[ f] Niljk\\j+ _\X[è^ k_\ f]]`Z\k_Xk gifm`[\j ^fm\ieXeZ\ X[m`Z\ kf Xe[ X[dè`jkiXk`m\ jlggfik ]fi k_\ <fXi[ f] Niljk\\j- Gj- Q\jj\c ZXd\ kf=fie\cc ]ifd Pì^è`X =fddfen\Xck_ Oe`m\ij`kp n_\i\ j_\ j\im\[ Xj Oe`m\ij`kp =flej\c Xe[ Xj X M\e`fi ;jj`jkXek;kkfie\p A\e\iXc ]fi k_\ =fddfen\Xck_ f] Pì^è`X- Ji\m`fljcp ;jjfZ`Xk\ Oe`m\ij`kp =flej\c Xk k_\ Oe`m\ij`kp f]Pì^è`X+ Gj- Q\jj\c _X[ X YifX[ giXZk`Z\ èZcl[è^ èk\cc\ZklXc gifg\ikp cXn+ @i\\[fd f] Ce]fidXk`fe ;Zk '@IC;(+k\Z_efcf^p+ c`YiXi`\j+ jkl[\ek X]]Xìj+ Z`m`c i`^_kj+ Zfejk`klk`feXc cXn+ Xe[ \dgcfpd\ek cXn- M_\ Xcjf j\im\[ Xj>\glkp Xe[ cXk\i =_`\] >\glkp =`kp ;kkfie\p ]fi k_\ =`kp f] JfikcXe[+ Ii\^fe Xe[ Xj Xe ;jj`jkXek ;kkfie\p A\e\iXcXe[ =_`\] f] k_\ Igè`fej >`m`j`fe+ GXjjXZ_lj\kkj I]]`Z\ f] k_\ ;kkfie\p A\e\iXc- Gj- Q\jj\c nXj \c\Zk\[ kf k_\<fXi[ f] >ì\Zkfij f] k_\ HXk`feXc ;jjfZ`Xk`fe f] =fcc\^\ Xe[ Oe`m\ij`kp ;kkfie\pj 'uH;=O;v( ]fi Xe Xk,cXi^\k\id ]ifd 1/02,1/05+ Xe[ j_\ Z_Xìj k_\ H;=O; glYc`ZXk`fe j\i`\j H;=O;HIN?M- M_\ _Xj Xlk_fi\[ gXg\ij Xe[gi\j\ekXk`fej ]fi H;=O;+ ?>O=;OM?+ jkXk\ YXi XjjfZ`Xk`fej+ k_\ ;d\i`ZXe <Xi ;jjfZ`Xk`fe ';<;(+ Xe[ fk_\ijZ_fcXicp Xe[ gif]\jj`feXc \ek`k`\j è Xi\Xj iXe^è^ ]ifd èk\cc\ZklXc gifg\ikp cXn Xe[ [XkX j\Zli`kp+ kf Zfejk`klk`feXccXn+ Z`m`c i`^_kj+ Xe[ \dgcfpd\ek- Gj- Q\jj\c _fc[j X <-;- n`k_ Bfefij ]ifd MnXik_dfi\ =fcc\^\ Xe[ X D->- ]ifd<fjkfe Oe`m\ij`kp-

Joanne M. DeStefano, Executive Vice President and Chief Financial Officer. DfXee\ >\Mk\]Xef `j k_\?o\Zlk`m\ P`Z\ Ji\j`[\ek Xe[ =_`\] @èXeZ`Xc I]]`Z\i ]fi =fie\cc Oe`m\ij`kp- Gj- >\Mk\]Xef Y\^Xe _\i k\eli\ n`k_k_\ Oe`m\ij`kp è 088/ Xj k_\ ^\e\iXc XZZflekè^ dXeX^\i ]fi k_\ =fekiXZk =fcc\^\j Xe[ _Xj jèZ\ _\c[ X eldY\i f]gfj`k`fej n`k_ gifî\jj`m\ i\jgfej`Y`c`kp+ _Xmè^ dfjk i\Z\ekcp j\im\[ Xj k_\ P`Z\ Ji\j`[\ek ]fi @èXeZ\ Xe[ =_`\]@èXeZ`Xc I]]`Z\i- Ji`fi kf afèè^ k_\ Oe`m\ij`kp+ Gj- >\Mk\]Xef nfib\[ è k_\ ZfigfiXk\ j\Zkfi- M_\ `j X d\dY\i f]k_\ HXk`feXc ;jjfZ`Xk`fe f] =fcc\^\ Xe[ Oe`m\ij`kp <ljè\jj I]]`Z\ij Xe[ _Xj _\c[ YfXi[ f] [ì\Zkfi gfj`k`fej n`k_k_\ ElXc` @fle[Xk`fe Xe[ k_\ =fleZ`c fe Afm\ied\ekXc L\cXk`fej- Gj- >\Mk\]Xef `j X îX[lXk\ f] MpiXZlj\Oe`m\ij`kp n`k_ X <XZ_\cfi f] MZ`\eZ\ è XZZflekè^ Xe[ X 0886 îX[lXk\ f] k_\ Df_ejfe AiX[lXk\ MZ_ffc f]GXeX^\d\ek Xk =fie\cc Oe`m\ij`kp n`k_ X GXjk\i f] <ljè\jj ;[dè`jkiXk`fe è ]èXeZ\-

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NfkXc #8+370+300 #8+/27+883 #0/+/13+508 #0/+4/3+212 #0/+522+554

Statement of Activities- N_\ ]fccfnè^ kXYc\ gifm`[\j X jlddXip f] i\m\el\j Xe[ fk_\i X[[`k`fej Xe[\og\ej\j Xj f] Dle\ 2/+ ]fi k_\ ]`jZXc p\Xij \e[\[ Dle\ 2/+ 1/04 k_ifl^_ 1/08-

IdQdU]U^d _V 7SdYfYdYUc,

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EÙbQdY^W HUfUêUc -+,/(-+,0- -+,0(-+,1- -+,1(-+,2- -+,2(-+,3 -+,3(-+,4

H\k Nl`k`fe Xe[ ]\\j #500+/43 #535+652 #565+785 #615+510 #66/+8/6

MkXk\ Xe[ ]\[\iXc Xggifgi`Xk`fej 037+601 038+027 04/+801 04/+521 040+310

AiXekj Xe[ ZfekiXZkj 483+657 475+717 486+/5/ 544+627 568+488

=feki`Ylk`fej 21/+845 155+518 186+517 131+854 128+/05

Cem\jkd\ek i\klie+ [`jki`Ylk\[ 203+231 216+8/5 244+8/3 235+663 221+3/6

J_pj`Z`Xe Ii^Xe`qXk`fe 816+468 871+32/ 0+/4/+322 0+0/2+224 0+005+273

Ik_\i 608+11/ 738+41/ 774+/12 855+133 0+/44+/62

J_dQ\ EÙbQdY^W HUfUêUc #2+525+520 #2+7/8+103 #3+/02+745 #3+081+2/8 #3+233+7/6

EÙbQdY^W ;hÙ^cUc

=fdg\ejXk`fe Xe[ Y\e\]`kj #1+186+726 #1+331+624 #1+474+471 #1+625+06/ #1+773+///

JliZ_Xj\[ M\im`Z\j 144+048 202+054 204+117 , ,

Mlggc`\j+ j\im`Z\j Xe[ fk_\i 514+226 555+/30 544+3/8 0+/36+56/ 0+/52+514

GXèk\eXeZ\ Xe[ @XZ`c`k`\j 023+/58 011+213 021+2/1 017+824 028+151

Cek\i\jk ?og\ej\ 78+336 45+7/2 41+524 40+430 46+227

>\gi\Z`Xk`fe 148+665 147+587 17/+065 2/6+0/8 2/3+707

J_dQ\ EÙbQdY^W ;hÙ^cUc #2+550+514 #2+748+655 #3+/10+221 #3+160+314 #3+338+/32

=_Xe^\ è e\k Xjj\kj ]ifdfg\iXkè^ XZk`m`k`\j #'13+883( #'4/+441( #'6+365( #'68+005( #'0/3+125(

=_Xe^\ è e\k Xjj\kj ]ifd efe,fg\iXkè^ XZk`m`k`\j 152+/14 '280+754( 882+0/0 447+71/ 122+467

=_Xe^\ è e\k Xjj\kj #127+/20 #'331+306( #874+514 #368+6/3 #018+231

NfkXc e\k Xjj\kj+ Y\^èeè^ f] p\Xi 8+132+27/ 8+370+300 8+/27+883 0/+/13+508 0/+4/3+212

NfkXc e\k Xjj\kj+ \e[ f] p\Xi #8+370+300 #8+/27+883 #0/+/13+508 #0/+4/3+212 #0/+522+554

PPPPPPPPPPPPPPP0 =\ikXè Xdflekj _Xm\ Y\\e i\ZcXjj`]`\[ kf Zfe]fid kf jlYj\hl\ek p\Xi gi\j\ekXk`fe-1 N_\ jkXk\d\ek f] XZk`m`k`\j ]`jZXc p\Xij \e[è^ Dle\ 2/+ 1/04+ 1/05 Xe[ 1/06 n\i\ efk i\m`j\[ kf i\]c\Zk ;ZZflekè^ MkXe[Xi[j=f[`]`ZXk`fe 5/5-

10

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N_\ Oe`m\ij`kpwj Cem\jkd\ek Jfc`Zp ]fi Ffe^ N\id Cem\jkd\ekj 'uFNCv( `j kf dXeX^\ X YXcXeZ\[ ]le[ ljè^\ok\ieXc dXeX^\ij ]fi [fd\jk`Z Xe[ èk\ieXk`feXc \hl`kp+ Zfddf[`k`\j+ Xe[ ]ò\[ èZfd\ èm\jkd\ekj Xe[ mXi`fljgXike\ij_`gj ]fi _\[^\ ]le[j+ i\Xc \jkXk\ Xe[ gi`mXk\ \hl`kp- N_\ Xjj\kj Xi\ dXeX^\[ kf dXo`d`q\ kfkXc i\klie jlYa\Zkkf i`jb ZfejkiXèkj-

N_\ Cem\jkd\ek =fdd`kk\\ f] k_\ <fXi[ f] Niljk\\j fm\ij\\j Xcc èm\jkXYc\ Xjj\kj+ èZcl[è^ k_\ XccfZXk`fef] èm\jkd\ekj Xdfe^ \ok\ieXc èm\jkd\ek dXeX^\ij Xe[ Xep i\jki`Zk`fej fe k_\ Xdflekj f] ]le[j è Xep kpg\ f]èm\jkd\ek- N_\ Cem\jkd\ek =fdd`kk\\ [\c\^Xk\j Xlk_fi`kp ]fi [Xp,kf,[Xp dXeX^\d\ek+ jlg\im`j`fe+ Xe[X[dè`jkiXk`fe f] k_\ ]le[j kf k_\ =_`\] Cem\jkd\ek I]]`Z\i-

N_\ Ffe^ N\id Cem\jkd\ek Jffc 'FNCJ( i\gi\j\ekj k_\ Zfi\ èm\jkfi è k_\ FNC- ?ok\ieXc dXeX^\ij fm\ij\\X j`ê`]`ZXek gfik`fe f] k_\ FNC gfik]fc`f+ \oZ\gk ]fi X jdXcc jlYj\k f] XZZflekj+ fm\ij\\e Yp =fie\cc \ek`k`\j+ n_fj\

X^î\^Xk\ mXcl\ 'Xk M\gk\dY\i 2/+ 1/08( nXj c\jj k_Xe #064 d`cc`fe '1-3$ f] FNC(-∗

N_\ Oe`m\ij`kpwj FNC Xj f] M\gk\dY\i 2/+ 1/08 `j jlddXi`q\[ è k_\ ]fccfnè^ kXYc\9

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9ebbU^d LQ\eUc

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AcfYXc ?hl`k`\j #0+183-/ 06-6$

?d\i^è^ GXib\k ?hl`kp 535-/ 7-7$

Ji`mXk\ ?hl`kp 0+735-6 14-2$

L\Xc ;jj\kj 0+38/-3 1/-3$

?e_XeZ\ @ò\[ CeZfd\ 523-3 7-6$

=fi\ @ò\[ CeZfd\ 147-0 2-4$

GXib\kXYc\ ;ck\ieXk`m\j 0+/61-0 03-6$

>`m\ij`]pè^ ;jj\kj /-/ /-/$

=Xj_ 54-3 /-8$

;[dè`jkiXk`m\ ;ZZflekj /-2 /-/$

NfkXc #6+2/6-3 0//$

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N_\ Oe`m\ij`kp _Xj mXi`flj jfliZ\j f] èk\ieXc c`hl`[`kp- ; jlddXip f] k_\j\ jfliZ\j `j [`jgcXp\[ è k_\]fccfnè^ kXYc\ Xj f] >\Z\dY\i 20+ 1/08-

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=Xj_+ dfe\p dXib\k ]le[j Xe[ i\gliZ_Xj\ Xî\\d\ekj #180+326OM Ni\Xjli`\j Xe[ ;^\eZ`\j . fk_\i 26/+824

NfkXc >X`cp F`hl`[`kp #551+261

=YVdc Q^T 8UaeUcdc

=fie\cc i\Z\`m\[ Xggifo`dXk\cp #1-8 Y`cc`fe è ^`]kj Xe[ Y\hl\jkj fm\i k_\ cXjk ]`m\ ]`jZXc p\Xij \e[\[ Dle\2/+ 1/08- N_\ kXYc\ Y\cfn j_fnj ^`]kj '\oZcl[è^ gc\[^\j Xe[ flkj`[\ kiljkj( Yp kpg\ f] [fefi Xj i\gfik\[ Yp k_\=fie\cc ;clde` ;]]Xìj I]]`Z\ è XZZfi[XeZ\ n`k_ =fleZ`c ]fi ;[mXeZ\d\ek Xe[ Mlggfik f] ?[lZXk`fe '=;M?(jkXe[Xi[j-

∗ N_\ gi\c`dèXip ]èXeZ`Xc [XkX efk\[ _Xj Y\\e gi\gXi\[ Yp+ Xe[ `j k_\ i\jgfej`Y`c`kp f]+ k_\ Oe`m\ij`kpwj dXeX^\d\ek- Ji`Z\nXk\i_flj\=ffg\ijFFJ _Xj efk Xl[`k\[+ i\m`\n\[+ Zfdg`c\[ fi Xggc`\[ Xî\\[,lgfe gifZ\[li\j n`k_ i\jg\Zk kf jlZ_ gi\c`dèXip ]èXeZ`Xc [XkX- ;ZZfi[è^cp+Ji`Z\nXk\i_flj\=ffg\ij FFJ [f\j efk \ogi\jj Xe fgè`fe fi Xep fk_\i ]fid f] XjjliXeZ\ n`k_ i\jg\Zk k_\i\kf-

11

=YVdc Ri JiÙ _V :_^_b

$?^ CY\\Y_^c%

:_^_b -+,/(-+,0 -+,0(-+,1 -+,1(-+,2 -+,2(-+,3 -+,3(-+,4

=figfiXk`fej #18-8 #37-1 #27-6 #2/-7 #27-1

@fle[Xk`fej 48-1 52-7 52-8 53-7 30-/

;clde` 238-6 2//-6 372-2 133-2 124-4

@i`\e[j.Ik_\i 040-7 077-8 046-5 056-4 007-5NfkXc #48/-5 #5/0-5 #632-4 #4/6-3 #322-2

9Q`YdQ\ F\Q^

N_\ Oe`m\ij`kp jkiXk\^`ZXccp dXeX^\j X k\e,p\Xi ZXg`kXc gcXe kf X[mXeZ\ j`ê`]`ZXek jkiXk\^`Z Xe[ ]XZlckpi\e\nXc e\\[j Xe[ Yl[^\kj fe X ]`m\,p\Xi YXj`j- N_`j k\e,p\Xi ZXg`kXc gcXe ZXgkli\j ZXg`kXc gifa\Zkj n`k_ X kfkXc ZfjkXYfm\ #0/ d`cc`fe- N_\ Yl[^\k Xggifm\[ è GXp 1/08 `[\ek`]`\j ZXg`kXc XZk`m`kp k_Xk n`cc Y\^è è ]`jZXc p\Xi 1/1/ Xjn\cc Xj k_\ XZk`m`kp ]fi k_fj\ gifa\Zkj Zlii\ekcp le[\inXp k_Xk n`cc Zfekèl\ èkf ]`jZXc p\Xi 1/1/ Xe[ Y\pfe[- N_\]`m\,p\Xi ZXg`kXc Yl[^\k ]fi ]`jZXc p\Xi 1/1/ `j Xggifo`dXk\cp #0-6 Y`cc`fe- @le[è^ ]fi k_\ gifa\Zkj Xi\ \og\Zk\[ kfZfd\ ]ifd X mXi`\kp f] jfliZ\j+ èZcl[è^ ]le[iX`jè^+ ]le[j gifm`[\[ Yp H\n Sfib MkXk\+ Xe[ [\Yk-

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N_\ Oe`m\ij`kp Zlii\ekcp _Xj ]fli Zfekèlè^ Zfm\eXekj Xî\\d\ekj è gcXZ\ n`k_ X ]èXeZ`Xc èjk`klk`fe n`k_i\jg\Zk kf >;MHSwj =fie\cc Oe`m\ij`kp L\m\el\ <fe[j+ M\i`\j 1///;+ 1///< Xe[ 1/08= Xe[ k_\ Nfdgbèj=flekp Ce[ljki`Xc >\m\cfgd\ek ;^\eZp PXi`XYc\ LXk\ >\dXe[ =`m`Z @XZ`c`kp L\m\el\ <fe[j '=fie\cc Oe`m\ij`kpJifa\Zk( M\i`\j 1//1; 'k_\ u==;jv(- N_\ ==;j ZfekXè Z\ikXè i\gfikè^ i\hlì\d\ekj Xe[ X ]èXeZ`Xc Zfm\eXekYXj\[ fe \og\e[XYc\ i\jfliZ\j kf [\Yk k_Xk `j i\hlì\[ kf Y\ jXk`j]`\[ XeelXccp-

N_\ Oe`m\ij`kp Zlii\ekcp _Xj knf jkXe[Yp Yfe[ gliZ_Xj\ ]XZ`c`k`\j è gcXZ\ n`k_ i\jg\Zk kf >;MHSwj=fie\cc Oe`m\ij`kp L\m\el\ <fe[j+ M\i`\j 1//3 Xe[ 1/08<+ \ogìè^ DXelXip 1/11 Xe[ ;gi`c 1/13 i\jg\Zk`m\cp 'k_\uM<J;jv(- C] k_\ ]èXeZ`Xc èjk`klk`fe Zflek\igXikp [f\j efk i\e\n k_\ M\i`\j 1//3 fi M\i`\j 1/08< M<J;j+ jlZ_]èXeZ`Xc èjk`klk`fej dljk gifm`[\ efk`]`ZXk`fe Xk c\Xjk 5/ [Xpj gi`fi kf k_\ \ogìXk`fe [Xk\- N_\ M\i`\j 1//3 Xe[M\i`\j 1/08< M<J;j èZcl[\ \m\ekj f] [\]Xlck `] k_\ Oe`m\ij`kp iXkè^ `j n`k_[iXne+ jljg\e[\[ fi i\[lZ\[ Y\cfn<XX2 Xe[ <<<, Yp Gff[pwj Cem\jkfij M\im`Z\ 'uGff[pwjv( Xe[.fi M%J AcfYXc LXkè^j 'uM%Jv( i\jg\Zk`m\cp-

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N_\ Oe`m\ij`kp dXèkXèj lg kf #1// d`cc`fe è nfibè^ ZXg`kXc cè\j f] Zi\[`k n`k_ k_i\\ [`]]\i\ek ]èXeZ`Xcèjk`klk`fej '#14 d`cc`fe \ogìè^ è DXelXip 1/10+ #64 d`cc`fe \ogìè^ è ;gi`c 1/1/ Xe[ #0// d`cc`fe \ogìè^ èGXiZ_ 1/10(- N_\ cè\j f] Zi\[`k èZcl[\ Xe \m\ek f] [\]Xlck `] k_\ Oe`m\ij`kp iXkè^ `j n`k_[iXne+ jljg\e[\[ fii\[lZ\[ Y\cfn ;X2 Xe[ ;;, Yp Gff[pwj Xe[.fi M%J i\jg\Zk`m\cp ]fi knf f] k_\ Xî\\d\ekj+ Xe[ <XX1 Xe[ <<< YpGff[pwj Xe[.fi M%J i\jg\Zk`m\cp ]fi k_\ fk_\i-

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12

Xe[ DJGfi^Xe =_Xj\ <Xeb+ H-;-+ glijlXek kf n_`Z_ k_\ Oe`m\ij`kp gXpj fi n`cc gXp X ]ò\[ iXk\ è \oZ_Xe^\ ]fii\Z\`mè^ X ]cfXkè^ iXk\- Ce XZZfi[XeZ\ n`k_ k_\ ^\e\iXccp XZZ\gk\[ XZZflekè^ gièZ`gc\j+ k_\ Oe`m\ij`kp `j i\hlì\[kf i\Zfi[ k_\ dXib\k mXcl\ f] jnXgj- N_\ dXib\k mXcl\ f] k_\ jnXgj _Xj Z_Xe^\[ ]ifd X #121-/ d`cc`fe c`XY`c`kp Xj f]Dle\ 2/+ 1/08 kf X #207-6 d`cc`fe c`XY`c`kp Xj f] @\YilXip 17+ 1/1/- N_\ jnXgj Xi\ mXcl\[ fe X [X`cp YXj`j Xe[ k_\

dXib\k mXcl\ n`cc ]clZklXk\ YXj\[ fe èk\i\jk iXk\j-∗

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N_\ Oe`m\ij`kpwj \dgcfp\\ i\kì\d\ek gcXe Zfm\iX^\ `j gifm`[\[ Yp knf YXj`Z kpg\j f] gcXej9 fe\ YXj\[ feX gi\[\k\idè\[ c\m\c f] ]le[è^ '[\]è\[ Zfeki`Ylk`fe(+ Xe[ k_\ fk_\i YXj\[ fe X p\Xij,f],j\im`Z\ ZXcZlcXk`fe kf[\k\idè\ k_\ c\m\c f] Y\e\]`k kf Y\ gifm`[\[ '[\]è\[ Y\e\]`k(- N_\ [\]è\[ Zfeki`Ylk`fe gcXej ]fi k_\ ?e[fn\[=fcc\^\j Xe[ ]fi \o\dgk \dgcfp\\j 'k_fj\ efk jlYa\Zk kf k_\ fm\ik`d\ gifm`j`fej f] k_\ @Xì FXYfi MkXe[Xi[j ;Zk( XkQ=G Xi\ ]le[\[ \`k_\i Yp \dgcfp\i Zfeki`Ylk`fej YXj\[ fe X g\iZ\ekX^\ f] jXcXip fi Yp mfclekXip \dgcfp\\Zfeki`Ylk`fej- N_\ Zfeki`Ylk`fej kf k_\ [\]è\[ Zfeki`Ylk`fe gcXej Xi\ _\c[ fe èm\jkd\ek gcXk]fidj n`k_ k_\N\XZ_\ij CejliXeZ\ Xe[ ;eel`kp ;jjfZ`Xk`fe 'Xcjf X i\Zfi[,b\\g\i kf k_\ gcXej(+ PXe^lXi[ 'Q=G fecp(+ Xe[@`[\c`kp Cem\jkd\ekj 'Xcjf X i\Zfi[,b\\g\i kf k_\ ?e[fn\[ =fcc\^\j fecp(- NfkXc Zfeki`Ylk`fej f] k_\ ?e[fn\[=fcc\^\j Xe[ Q=G gcXej ]fi k_\ ]`jZXc p\Xij \e[\[ Dle\ 2/+ 1/08 Xe[ 1/07 Xdflek\[ kf #010-/ d`cc`fe Xe[ #004-0d`cc`fe+ i\jg\Zk`m\cp-

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?dgcfp\\j f] k_\ =fekiXZk =fcc\^\j Xi\ Zfm\i\[ le[\i k_\ H\n Sfib MkXk\ g\ej`fe gcXe- =feki`Ylk`fej kfk_\ MkXk\ i\kì\d\ek jpjk\d Xe[ fk_\i ]iè^\ Y\e\]`k Zfjkj Xi\ gX`[ [ì\Zkcp Yp k_\ MkXk\- N_\ Xdflek f] k_\ [ì\ZkgXpd\ekj Xggc`ZXYc\ kf k_\ Oe`m\ij`kp Xj i\m\el\ Xe[ \og\e[`kli\j `j efk Zlii\ekcp [\k\idèXYc\ Xe[ `j efk èZcl[\[è k_\ Oe`m\ij`kpwj Zfejfc`[Xk\[ ]èXeZ`Xc jkXk\d\ekj- N_\ Oe`m\ij`kp i\`dYlij\j k_\ MkXk\ ]fi ]iè^\ Y\e\]`k Zfjkj feZ\ikXè jXcXi`\j+ gièZ`gXccp k_fj\ XjjfZ`Xk\[ n`k_ \ok\ieXccp jgfejfi\[ gifîXdj- N_\ Xdflekj i\`dYlij\[ kf k_\MkXk\ [liè^ k_\ p\Xij \e[\[ Dle\ 2/+ 1/08 Xe[ Dle\ 2/+ 1/07+ n\i\ #07-3 d`cc`fe Xe[ #06-2 d`cc`fe+ i\jg\Zk`m\cp+n_`Z_ Xi\ èZcl[\[ è k_\ \og\ej\j f] ^\e\iXc fg\iXk`fej-

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N_\ Oe`m\ij`kp i\kXèj j\c],èjliXeZ\ ]fi gifg\ikp+ ^\e\iXc c`XY`c`kp+ jkl[\ek _\Xck_ èjliXeZ\+ Xe[ Z\ikXè_\Xck_ Y\e\]`kj+ n`k_ \oZ\jj èjliXeZ\ Xj Xggifgi`Xk\- N_\ Oe`m\ij`kp ZXii`\j èjliXeZ\ fe `kj Yl`c[è^j Xe[ k_\ìZfek\ekj n`k_ X YcXeb\k gfc`Zp c`d`k f] #0-/ Y`cc`fe g\i fZZlii\eZ\ fe X i\gcXZ\d\ek Zfjk YXj`j ]fi `kj dlck`gc\ZXdglj gifg\ik`\j n`k_ mXi`flj [\[lZk`Yc\j- Q=G fYkXèj gifg\ikp èjliXeZ\ n`k_ X YcXeb\k gfc`Zp c`d`k f] #74/d`cc`fe- Q=G Xcjf fYkXèj ^\e\iXc c`XY`c`kp ]fi `kj Zcè`ZXc jgXZ\j Xe[ d\[`ZXc dXcgiXZk`Z\ èjliXeZ\ k_ifl^_ G=C=P\idfek 'uG=C=v( ]fi Q=G- G=C= `j X i\Z`gifZXc i`jb i\k\ek`fe îflg k_Xk gifm`[\j d\[`ZXc dXcgiXZk`Z\èjliXeZ\ Zfm\iX^\ Xe[ i`jb dXeX^\d\ek j\im`Z\j kf `kj jlYjZi`Y\ij- ;cc f] Q=G ]XZlckp+ g_pj`Z`Xej Xe[ jkl[\ekjXi\ \eifcc\[ è G=C=-

∗ N_\ gi\c`dèXip ]èXeZ`Xc [XkX efk\[ _Xj Y\\e gi\gXi\[ Yp+ Xe[ `j k_\ i\jgfej`Y`c`kp f]+ k_\ Oe`m\ij`kpwj dXeX^\d\ek- Ji`Z\nXk\i_flj\=ffg\ijFFJ _Xj efk Xl[`k\[+ i\m`\n\[+ Zfdg`c\[ fi Xggc`\[ Xî\\[,lgfe gifZ\[li\j n`k_ i\jg\Zk kf jlZ_ gi\c`dèXip ]èXeZ`Xc [XkX- ;ZZfi[è^cp+Ji`Z\nXk\i_flj\=ffg\ij FFJ [f\j efk \ogi\jj Xe fgè`fe fi Xep fk_\i ]fid f] XjjliXeZ\ n`k_ i\jg\Zk k_\i\kf-

13

<Y^Q^SYQ\ 7TfYc_b

N_\ SlYX Aiflg FF=+ Xcjf befne Xj SlYX Aiflg ;[m`jfij 'k_\ u@èXeZ`Xc ;[m`jfiv(+ _Xj Y\\e i\kXè\[Yp k_\ Oe`m\ij`kp kf j\im\ Xj `kj ]èXeZ`Xc X[m`jfi è Zfee\Zk`fe n`k_ k_\ f]]\iè^ f] k_\ M\i`\j 1/1/; <fe[j- N_\]fccfnè^ k_i\\ j\ek\eZ\j _Xm\ Y\\e gifm`[\[ Yp k_\ @èXeZ`Xc ;[m`jfi- N_\ @èXeZ`Xc ;[m`jfi `j efk fYc`^Xk\[ kfdXb\+ Xe[ _Xj efk le[\ikXb\e+ Xe è[\g\e[\ek m\i`]`ZXk`fe f] Xep f] k_\ è]fidXk`fe ZfekXè\[ è k_\ I]]`Z`XcMkXk\d\ek Xe[ dXb\j ef ^lXiXek\\ Xj kf k_\ XZZliXZp+ Zfdgc\k\e\jj fi ]Xìe\jj f] jlZ_ è]fidXk`fe- N_\ @èXeZ`Xc;[m`jfi `j Xe è[\g\e[\ek ]èXeZ`Xc X[m`jfip Xe[ Zfejlckè^ ]ìd Xe[ `j efk \e^X^\[ è k_\ le[\ini`kè^ fi kiX[è^f] dle`Z`gXc j\Zli`k`\j fi fk_\i e\^fk`XYc\ èjkild\ekj- N_\ @èXeZ`Xc ;[m`jfi [f\j efk i\Z\`m\ X ]\\ i\cXk\[ kf fiZfekè^\ek lgfe k_\ jXc\ Xe[ Zcfjè^ f] k_\ M\i`\j 1/1/; <fe[j-

BYdYWQdY_^

N_\ Oe`m\ij`kp _Xj Y\\e eXd\[ è X ZcXjj XZk`fe ZcX`dè^ k_Xk k_\ Oe`m\ij`kp+ `kj g\ej`fe gcXe fm\ij`^_kZfdd`kk\\+ Xe[ Z\ikXè è[`m`[lXcj Yi\XZ_\[ ]`[lZ`Xip [lk`\j le[\i ?LCM; n`k_ i\^Xi[ kf gil[\ek j\c\Zk`fe f] Xjè^c\ i\Zfi[,b\\g\i+ dè`d`qXk`fe f] X[dè`jkiXk`m\ ]\\j+ f]]\iè^ kff dXep èm\jkd\ek fgk`fej èZcl[è^ knfjg\Z`]`Z le[\ig\i]fidè^ ]le[j+ Xe[ ]X`cè^ kf dfe`kfi `kj ]`[lZ`Xi`\j i\^Xi[è^ k_\j\ `jjl\j- N_\ Oe`m\ij`kpwjdfk`fe kf [`jd`jj nXj îXek\[ è gXik è 1/06+ n`k_ ]fli ZcX`dj [`jd`jj\[ è k_\ì \ekì\kp n_`c\ k_i\\ ZcX`dj n\i\[`jd`jj\[ è gXik- N_\ Oe`m\ij`kpwj dfk`fe ]fi jlddXip al[^d\ek nXj îXek\[ è cXi^\ gXik è X [\Z`j`fe [Xk\[M\gk\dY\i 16+ 1/08+ c\Xmè^ X jdXcc gfik`fe f] X jè^c\ ZcX`d ]fi ki`Xc- N_\ Oe`m\ij`kp `j Xcjf X [\]\e[Xek è mXi`fljfk_\i c\^Xc XZk`fej+ jfd\ f] n_`Z_ Xi\ ]fi jlYjkXek`Xc dfe\kXip Xdflekj k_Xk Xi`j\ flk f] k_\ efidXc Zflij\ f] `kjfg\iXk`fej- ;ck_fl^_ k_\ ]èXc flkZfd\ f] Xcc f] k_\ XYfm\,[\jZi`Y\[ XZk`fej ZXeefk Y\ ]fi\ZXjk n`k_ gi\Z`j`fe+ k_\Oe`m\ij`kpwj X[dè`jkiXk`fe `j f] k_\ fgè`fe k_Xk \m\eklXc c`XY`c`kp i\cXk\[ kf k_\j\ XZk`fej+ `] Xep+ n`cc efk _Xm\ XdXk\i`Xc \]]\Zk fe k_\ Oe`m\ij`kpwj ]èXeZ`Xc gfj`k`fe-

9_b_^QfYbec ;VVUSd _^ ?^fUcd]U^dc Q^T <Y^Q^SYQ\ 9_^TYdY_^ _V dXU K^YfUbcYdi

N_\ jgi\X[ f] =IPC>,08+ X jkiXè f] ZfifeXmìlj+ Xgg\Xij kf Y\ Xck\iè^ k_\ Y\_Xm`fi f] Yljè\jj\j Xe[g\fgc\ è X dXee\i k_Xk dXp _Xm\ X e\^Xk`m\ \]]\Zk fe ^cfYXc Xe[ cfZXc \Zfefd`\j- Ce X[[`k`fe+ jkfZb dXib\kj è k_\Oe`k\[ MkXk\j Xe[ ^cfYXccp _Xm\ i\Z\ekcp j\\e [\Zcè\j Xkki`Ylk\[ kf k_\j\ ZfeZ\iej- N_\ Zfekèl\[ jgi\X[ f]=IPC>,08 fi Xep fk_\i j`d`cXi flkYi\Xbj è k_\ ]lkli\ dXp dXk\i`Xccp X[m\ij\cp `dgXZk jlZ_ jkfZb dXib\kj Xe[eXk`feXc+ jkXk\+ Xe[ cfZXc \Zfefd`\j Xe[+ XZZfi[è^cp+ dXp _Xm\ dXk\i`Xc X[m\ij\ Zfej\hl\eZ\j fe èm\jkd\ekg\i]fidXeZ\- =fie\cc `j leXYc\ kf hlXek`]p Xep gfk\ek`Xc `dgXZk kf k_\ Oe`m\ij`kp- >l\ kf k_`j leZ\ikXèkp+ k_\Oe`m\ij`kp `j dXbè^ k_`j [`jZcfjli\ flk f] Xe XYle[XeZ\ f] ZXlk`fe-

F7HJ 2 ( :7IDO

8QS[Wb_e^T' Feb`_cUc Q^T F_gUbc

>;MHS `j X Yf[p ZfigfiXk\ Xe[ gfc`k`Z Zfejk`klkè^ X glYc`Z Y\e\]`k ZfigfiXk`fe- >;MHS nXj Zi\Xk\[ è0833 kf ]èXeZ\ Xe[ Yl`c[ [fid`kfi`\j Xk MkXk\ k\XZ_\ijw Zfcc\^\j kf gifm`[\ _fljè^ ]fi k_\ cXi^\ è]clo f] jkl[\ekji\klieè^ kf Zfcc\^\ fe k_\ A-C- <`cc ]fccfnè^ Qfic[ QXi CC- Im\i k_\ p\Xij+ k_\ MkXk\ F\^`jcXkli\ _Xj \ogXe[\[>;MHSwj jZfg\ f] i\jgfej`Y`c`k`\j- Nf[Xp+ glijlXek kf k_\ >fid`kfip ;lk_fi`kp ;Zk+ >;MHS `j Xlk_fi`q\[ kf]èXeZ\+ [\j`ê+ ZfejkilZk fi i\_XY`c`kXk\ ]XZ`c`k`\j ]fi lj\ Yp X mXi`\kp f] glYc`Z Xe[ gi`mXk\ efk,]fi,gif]`k \ek`k`\j-

>;MHS gifm`[\j ]èXeZè^ j\im`Z\j kf `kj Zc`\ekj è k_i\\ dXafi Xi\Xj9 glYc`Z ]XZ`c`k`\j: efk,]fi,gif]`k_\Xck_ZXi\: Xe[ è[\g\e[\ek _`^_\i \[lZXk`fe Xe[ fk_\i efk,]fi,gif]`k èjk`klk`fej- >;MHS `jjl\j MkXk\,jlggfik\[[\Yk+ èZcl[è^ MkXk\ J\ijfeXc CeZfd\ NXo L\m\el\ <fe[j Xe[ MkXk\ MXc\j NXo L\m\el\ <fe[j+ fe Y\_Xc] f] glYc`ZZc`\ekj jlZ_ Xj N_\ MkXk\ Oe`m\ij`kp f] H\n Sfib+ N_\ =`kp Oe`m\ij`kp f] H\n Sfib+ k_\ >\gXikd\ekj f] B\Xck_ Xe[?[lZXk`fe f] k_\ MkXk\+ k_\ I]]`Z\ f] G\ekXc B\Xck_+ k_\ I]]`Z\ f] J\fgc\ n`k_ >\m\cfgd\ekXc >`jXY`c`k`\j+ k_\ I]]`Z\f] ;[[`Zk`fe M\im`Z\j Xe[ Mlggfikj+ k_\ I]]`Z\ f] A\e\iXc M\im`Z\j+ Xe[ k_\ I]]`Z\ f] A\e\iXc M\im`Z\j f] k_\ MkXk\fe Y\_Xc] f] k_\ >\gXikd\ek f] ;l[`k Xe[ =fekifc- Ik_\i glYc`Z Zc`\ekj ]fi n_fd >;MHS `jjl\j [\Yk èZcl[\<fXi[j f] =ffg\iXk`m\ ?[lZXk`feXc M\im`Z\j 'u<I=?Mv(+ MkXk\ Oe`m\ij`kp f] H\n Sfib+ k_\ Qfib\ijw=fdg\ejXk`fe <fXi[+ jZ_ffc [`jki`Zkj XZifjj k_\ MkXk\ Xe[ Z\ikXè Z`k`\j Xe[ Zflek`\j k_Xk _Xm\ XZZ\jj\[ >;MHS ]fik_\ gligfj\ f] gifm`[è^ Zflik ]XZ`c`k`\j- >;MHSwj gi`mXk\ Zc`\ekj èZcl[\ è[\g\e[\ek Zfcc\^\j Xe[ le`m\ij`k`\j+gi`mXk\ _fjg`kXcj+ Z\ikXè gi`mXk\ j\Zfe[Xip jZ_ffcj+ jg\Z`Xc \[lZXk`fe jZ_ffcj+ ]XZ`c`k`\j ]fi k_\ X^\[+ gi`dXip ZXi\]XZ`c`k`\j+ c`YiXi`\j+ dlj\ldj+ i\j\XiZ_ Z\ek\ij Xe[ ^fm\ied\ek,jlggfik\[ mfclekXip X^\eZ`\j+ Xdfe^ fk_\ij-

14

Nf ZXiip flk `kj gifîXdj+ >;MHS `j Xlk_fi`q\[ kf `jjl\ Xe[ j\cc e\^fk`XYc\ Yfe[j Xe[ efk\j kf ]èXeZ\ k_\ZfejkilZk`fe f] ]XZ`c`k`\j ]fi jlZ_ èjk`klk`fej+ kf `jjl\ Yfe[j fi efk\j kf i\]le[ flkjkXe[è^ Yfe[j fi efk\j Xe[ kfc\e[ ]le[j kf jlZ_ èjk`klk`fej- ;k >\Z\dY\i 20+ 1/08+ >;MHS _X[ Xggifo`dXk\cp #45-0 Y`cc`fe X^î\^Xk\gièZ`gXc Xdflek f] Yfe[j Xe[ efk\j flkjkXe[è^- >;MHS Xcjf `j Xlk_fi`q\[ kf dXb\ kXo,\o\dgk c\Xj\j+ n`k_ `kjNXo,?o\dgk F\Xjè^ JifîXd 'N?FJ(- ;j gXik f] `kj fg\iXkè^ XZk`m`k`\j+ >;MHS Xcjf X[dè`jk\ij X n`[\ mXi`\kpf] îXekj Xlk_fi`q\[ Yp k_\ MkXk\ ]fi \Zfefd`Z [\m\cfgd\ek+ \[lZXk`fe Xe[ Zfddle`kp `dgifm\d\ek Xe[ gXpXYc\ kfYfk_ glYc`Z Xe[ gi`mXk\ îXek\\j ]ifd gifZ\\[j f] MkXk\ J\ijfeXc CeZfd\ NXo L\m\el\ <fe[j `jjl\[ Yp >;MHS-

>;MHS `j X Zfe[l`k [\Yk `jjl\i- Oe[\i \o`jkè^ cXn+ Xe[ Xjjldè^ Zfekèlè^ Zfdgc`XeZ\ n`k_ kXo cXn+èk\i\jk fe dfjk Yfe[j Xe[ efk\j `jjl\[ Yp >;MHS _Xj Y\\e [\k\idè\[ kf Y\ \oZcl[XYc\ ]ifd îfjj èZfd\ ]fi]\[\iXc kXo gligfj\j le[\i M\Zk`fe 0/2 f] k_\ Cek\ieXc L\m\el\ =f[\ f] 0875+ Xj Xd\e[\[- ;cc f] >;MHSwjflkjkXe[è^ Yfe[j Xe[ efk\j+ Yfk_ ]ò\[ Xe[ mXi`XYc\ iXk\+ Xi\ jg\Z`Xc fYc`^Xk`fej f] >;MHS gXpXYc\ jfc\cp ]ifdgXpd\ekj i\hlì\[ kf Y\ dX[\ Yp fi ]fi k_\ XZZflek f] k_\ Zc`\ek èjk`klk`fe ]fi n_`Z_ k_\ gXik`ZlcXi jg\Z`XcfYc`^Xk`fej n\i\ `jjl\[- >;MHS _Xj ef fYc`^Xk`fe kf gXp `kj jg\Z`Xc fYc`^Xk`fej fk_\i k_Xe ]ifd jlZ_ gXpd\ekj->;MHS _Xj XcnXpj gX`[ k_\ gièZ`gXc f] Xe[ èk\i\jk fe Xcc f] `kj fYc`^Xk`fej fe k`d\ Xe[ è ]lcc: _fn\m\i+ Xj XZfe[l`k [\Yk `jjl\i+ gXpd\ekj fe >;MHSwj jg\Z`Xc fYc`^Xk`fej Xi\ jfc\cp [\g\e[\ek lgfe gXpd\ekj dX[\ Yp>;MHSwj Zc`\ek ]fi n_`Z_ k_\ gXik`ZlcXi jg\Z`Xc fYc`^Xk`fej n\i\ `jjl\[ Xe[ k_\ j\Zli`kp gifm`j`fej i\cXkè^ k_\i\kf-

>;MHS Xcjf f]]\ij X mXi`\kp f] ZfejkilZk`fe j\im`Z\j kf Z\ikXè \[lZXk`feXc+ ^fm\ied\ekXc Xe[ efk,]fi,gif]`k èjk`klk`fej è k_\ Xi\Xj f] gifa\Zk gcXeeè^+ [\j`ê Xe[ ZfejkilZk`fe+ dfe`kfiè^ gifa\Zk ZfejkilZk`fe+gliZ_Xjè^ f] ]lie`j_è^j Xe[ \hl`gd\ek ]fi gifa\Zkj+ èk\i`fi [\j`ê f] gifa\Zkj Xe[ [\j`êè^ Xe[ dXeX^è^gifa\Zkj kf i\_XY`c`kXk\ fc[\i ]XZ`c`k`\j-

Ce Zfee\Zk`fe n`k_ k_\ gfn\ij [\jZi`Y\[ XYfm\+ >;MHS _Xj k_\ ^\e\iXc gfn\i kf XZhlì\ i\Xc Xe[ g\ijfeXcgifg\ikp+ ^`m\ dfik^X^\j+ dXb\ ZfekiXZkj+ fg\iXk\ Z\ikXè ]XZ`c`k`\j Xe[ ]ò Xe[ Zfcc\Zk i\ekXcj fi fk_\i Z_Xi^\j ]fik_\ì lj\+ ZfekiXZk n`k_ k_\ _fc[\ij f] `kj Yfe[j Xe[ efk\j Xj kf jlZ_ i\ekXcj Xe[ Z_Xi^\j+ Yfiifn dfe\p Xe[ X[fgk XgifîXd f] j\c],èjliXeZ\-

>;MHS _Xj X jkX]] f] Xggifo`dXk\cp 425 \dgcfp\\j cfZXk\[ è k_i\\ dXè f]]`Z\j ';cYXep+ H\n Sfib =`kpXe[ <l]]Xcf( Xe[ Xk Xggifo`dXk\cp 36 ]`\c[ j`k\j XZifjj k_\ MkXk\-

=_fUb^Q^SU

>;MHS `j ^fm\ie\[ Yp Xe \c\m\e,d\dY\i YfXi[- <fXi[ d\dY\ij èZcl[\ k_\ =fdd`jj`fe\i f] ?[lZXk`fef] k_\ MkXk\+ k_\ =fdd`jj`fe\i f] B\Xck_ f] k_\ MkXk\+ k_\ MkXk\ =fdgkifcc\i fi fe\ d\dY\i Xggfèk\[ Yp _`d fi _\in_f j\im\j lek`c _`j fi _\i jlZZ\jjfi `j Xggfèk\[+ k_\ >ì\Zkfi f] k_\ <l[^\k f] k_\ MkXk\+ fe\ d\dY\i Xggfèk\[ Ypk_\ N\dgfiXip Ji\j`[\ek f] k_\ MkXk\ M\eXk\+ fe\ d\dY\i Xggfèk\[ Yp k_\ Mg\Xb\i f] k_\ MkXk\ ;jj\dYcp Xe[ ]`m\d\dY\ij Xggfèk\[ Yp k_\ Afm\iefi+ n`k_ k_\ X[m`Z\ Xe[ Zfej\ek f] k_\ M\eXk\+ ]fi k\idj f] k_i\\ p\Xij- N_\=fdd`jj`fe\i f] ?[lZXk`fe f] k_\ MkXk\+ k_\ =fdd`jj`fe\i f] B\Xck_ f] k_\ MkXk\ Xe[ k_\ >ì\Zkfi f] k_\ <l[^\k f]k_\ MkXk\ \XZ_ dXp Xggfèk X i\gi\j\ekXk`m\ kf Xkk\e[ Xe[ mfk\ Xk >;MHS d\\kè^j- N_\ d\dY\ij f] >;MHS j\im\n`k_flk Zfdg\ejXk`fe+ Ylk Xi\ \ek`kc\[ kf i\`dYlij\d\ek f] \og\ej\j èZlii\[ è k_\ g\i]fidXeZ\ f] k_\ì [lk`\j-N_\ Xggfèkd\ek kf k_\ <fXi[ Yp k_\ Mg\Xb\i f] k_\ MkXk\ ;jj\dYcp `j Zlii\ekcp mXZXek-

N_\ Afm\iefi f] k_\ MkXk\ Xggfèkj X =_Xì ]ifd k_\ d\dY\ij Xggfèk\[ Yp _`d fi _\i Xe[ k_\ d\dY\ij f]>;MHS XeelXccp Z_ffj\ k_\ ]fccfnè^ f]]`Z\ij+ f] n_`Z_ k_\ ]ìjk knf dljk Y\ d\dY\ij f] >;MHS9 P`Z\,=_Xì+M\Zi\kXip+ Ni\Xjli\i+ ;jj`jkXek M\Zi\kXi`\j Xe[ ;jj`jkXek Ni\Xjli\ij- N_\ f]]`Z\ f] M\Zi\kXip `j Zlii\ekcp mXZXek-

N_\ Zlii\ek d\dY\ij f] >;MHS Xi\ Xj ]fccfnj9

;F@IHMI F- =;LH?S+ DL-+ Chair+ H\n Sfib-

;c]fejf F- =Xie\p+ Di- nXj i\Xggfèk\[ Xj X G\dY\i f] >;MHS Yp k_\ Afm\iefi fe Dle\ 08+ 1/02- Gi-=Xie\p `j X gièZ`gXc f] LfZbnff[ JXike\ij+ FF=+ n_`Z_ gifm`[\j d\[`ZXc Zfejlckè^ j\im`Z\j è H\n Sfib =`kp-B\ _Xj j\im\[ Xj ;Zkè^ =_`\] Ig\iXkè^ I]]`Z\i Xe[ =figfiXk\ M\Zi\kXip ]fi k_\ Afc[dXe MXZ_j @fle[Xk`fe èH\n Sfib n_\i\+ nfibè^ n`k_ k_\ Ji\j`[\ek f] k_\ @fle[Xk`fe+ _\ dXeX^\[ k_\ jkX]] f] k_\ @fle[Xk`fe+ gifm`[\[jkiXk\^`Z fm\ij`^_k f] k_\ X[dè`jkiXk`fe+ Zfddle`ZXk`fej Xe[ c\^Xc X]]Xìj k\Xdj+ Xe[ [\m\cfg\[ j\c\Zk\[@fle[Xk`fe gifîXd è`k`Xk`m\j- Gi- =Xie\p _Xj _\c[ j\e`fi c\m\c c\^Xc gfj`k`fej n`k_ ;cki`X Aiflg CeZ-+ J_`c`gGfii`j =fdgXe`\j CeZ-+ J_`c`g Gfii`j GXeX^\d\ek =figfiXk`fe+ EiX]k @ff[j+ CeZ- Xe[ A\e\iXc @ff[j =figfiXk`fe-

15

Gi- =Xie\p _fc[j X <XZ_\cfiwj [\î\\ è g_`cfjfg_p ]ifd Niè`kp =fcc\^\ Xe[ X Dli`j >fZkfi [\î\\ ]ifd k_\Oe`m\ij`kp f] Pì^è`X MZ_ffc f] FXn- B`j k\id \ogì\[ fe GXiZ_ 20+ 1/05 Xe[ Yp cXn _\ Zfekèl\j kf j\im\ lek`c XjlZZ\jjfi j_Xcc Y\ Z_fj\e Xe[ hlXc`]`\[-

DIBH <- DIBHMIH+ DL-+ Vice-Chair+ QXk\ikfne-

Df_e <- Df_ejfe+ Di- nXj i\Xggfèk\[ Xj X G\dY\i f] >;MHS Yp k_\ Afm\iefi fe Dle\ 08+ 1/02- Gi-Df_ejfe `j =_XìdXe f] k_\ <fXi[ f] k_\ Df_ejfe H\njgXg\i =figfiXk`fe+ n_`Z_ glYc`j_\j k_\ QXk\ikfne >X`cpN`d\j+ <XkXm`X >X`cp H\nj+ GXcfe\ N\c\îXd+ =Xkjb`cc >X`cp GX`c+ Bl[jfe L\^`jk\i MkXi+ I^[\ejYli^ DflieXc+GXjj\eX,Jfkj[Xd =fli`\i IYj\im\i+ j\m\e n\\bcp e\njgXg\ij Xe[ k_i\\ j_fggè^ e\njgXg\ij- B\ _fc[j X<XZ_\cfiwj [\î\\ ]ifd PXe[\iY`ck Oe`m\ij`kp+ Xe[ GXjk\iwj [\î\\j è DflieXc`jd Xe[ <ljè\jj ;[dè`jkiXk`fe]ifd k_\ =fcldY`X Oe`m\ij`kp AiX[lXk\ MZ_ffc f] DflieXc`jd Xe[ <ljè\jj- Gi- Df_ejfe nXj XnXi[\[ Xe BfefiXip>fZkfi f] MZ`\eZ\ [\î\\ ]ifd =cXibjfe Oe`m\ij`kp- Gi- Df_ejfewj k\id \ogì\[ fe GXiZ_ 20+ 1/05 Xe[ Yp cXn _\Zfekèl\j kf j\im\ lek`c X jlZZ\jjfi j_Xcc Y\ Z_fj\e Xe[ hlXc`]`\[-

<?LSF F- MHS>?L+ D->-+ Secretary+ H\n Sfib-

<\ipc F- Mep[\i nXj i\Xggfèk\[ Xj X d\dY\i f] >;MHS Yp k_\ Afm\iefi fe Dle\ 08+ 1/02- Gj- Mep[\i`j X gièZ`gXc è B<D Cem\jkd\ekj+ FF=+ Xe èm\jkd\ek ZfdgXep n_\i\ _\i [lk`\j èZcl[\ \mXclXk`fe Xe[ XeXcpj`j f]X n`[\ mXi`\kp f] èm\jkd\ekj è+ Xdfe^ fk_\i Xi\Xj9 ]ò\[ èZfd\+ \hl`k`\j+ Xck\ieXk`m\ èm\jkd\ekj Xe[ \Xicp jkX^\ZfdgXe`\j- M_\ _fc[j X <XZ_\cfi f] ;ikj [\î\\ è B`jkfip ]ifd PXjjXi =fcc\^\ Xe[ X Dli`j >fZkfi [\î\\ ]ifdLlk^\ij Oe`m\ij`kp- B\i Zlii\ek k\id \ogì\[ fe ;l^ljk 20+ 1/05 Xe[ Yp cXn j_\ Zfekèl\j kf j\im\ lek`c XjlZZ\jjfi j_Xcc Y\ Z_fj\e Xe[ hlXc`]`\[-

DIH;NB;H B- A;L>H?L+ ?MK-+ <l]]Xcf-

DfeXk_Xe B- AXi[e\i nXj Xggfèk\[ Xj X G\dY\i f] >;MHS Yp k_\ Afm\iefi fe Dle\ 06+ 1/03- Gi-AXi[e\i `j X gXike\i f] k_\ cXn ]ìd EXmèfbp =ffb+ FFJ è <l]]Xcf+ H\n Sfib- B`j giXZk`Z\ Xi\Xj èZcl[\ZfigfiXk\ Xe[ j\Zli`k`\j cXn+ Zfdd\iZ`Xc kiXejXZk`fej+ gi`mXk\ gcXZ\d\ekj+ m\ekli\ ZXg`kXc ]èXeZè^ Xe[ Yljè\jjZfdYèXk`fej i\gi\j\ekè^ gi`mXk\ Xe[ glYc`Z ZfdgXe`\j- Gi- AXi[e\i `j Xcjf Xe X[aleZk gif]\jjfi Xk k_\ Oe`m\ij`kpf] <l]]Xcf FXn MZ_ffc- B\ _fc[j X <XZ_\cfi f] ;ikj [\î\\ ]ifd <ifne Oe`m\ij`kp Xe[ X Dli`j >fZkfi [\î\\ ]ifdk_\ Oe`m\ij`kp f] =_`ZX^f FXn MZ_ffc- Gi- AXi[e\iwj k\id \ogì\[ fe GXiZ_ 20+ 1/04 Xe[ Yp cXn _\ Zfekèl\j kfj\im\ lek`c X jlZZ\jjfi j_Xcc Y\ Z_fj\e Xe[ hlXc`]`\[-

Q?FFCHANIH T- =B?H+ Kl\\ej-

Q\ccè^kfe T- =_\e nXj Xggfèk\[ Xj X G\dY\i f] >;MHS Yp k_\ Afm\iefi fe Dle\ 1/+ 1/07- Gi- =_\e`j k_\ ?o\Zlk`m\ >ì\Zkfi f] k_\ =_èXkfne JXike\ij_`g >\m\cfgd\ek =figfiXk`fe- Ce k_`j ZXgXZ`kp+ _\ c\X[j k_\=_èXkfne JXike\ij_`g è `dgc\d\ekè^ è`k`Xk`m\j è è]iXjkilZkli\+ gfjk 8.00 i\Yl`c[è^ Xe[ glYc`Z jgXZ\`dgifm\d\ekj è X Zfdgi\_\ej`m\ \]]fik kf `dgifm\ k_\ \emìfed\ekXc Xe[ k_\ Yljè\jj Zfe[`k`fej- B\ `j X îX[lXk\f] k_\ MZ_ffc f] ;iZ_`k\Zkli\ Xe[ ?emìfed\ekXc Mkl[`\j Xk N_\ =`kp =fcc\^\ f] H\n Sfib- Gi- =_\ewj k\id\ogì\j fe GXiZ_ 20+ 1/1/-

DI;H G- MOFFCP;H+ Mcè^\icXe[j-

DfXe G- Mlcc`mXe nXj Xggfèk\[ Xj X G\dY\i f] >;MHS Yp k_\ H\n Sfib MkXk\ =fdgkifcc\i fe GXiZ_ 15+1/08- Gj- Mlcc`mXe `j Ji\j`[\ek f] Ie QXm\c\e^k_ =fejlckè^ FF=+ X ]ìd k_Xk Xjj`jkj ^fm\ied\ekXc \ek`k`\j n`k_[\m\cfgd\ek f] glYc`Z gifZli\d\ekj Xe[ gi`mXk\ ZfdgXe`\j n`k_ k_\ gi\gXiXk`fe f] \]]\Zk`m\ i\jgfej\j kf^fm\ied\ek jfc`Z`kXk`fej- M_\ gfjj\jj\j fm\i 3/ p\Xij f] \og\i`\eZ\ nfibè^ è Xe[ ]fi k_\ ^fm\ied\ek f] H\nSfib MkXk\+ èZcl[è^ Xe \ogXej`m\ ZXi\\i Xk k_\ HSM I]]`Z\ f] MkXk\ =fdgkifcc\i n_\i\ j_\ cXjk j\im\[ Xj ?o\Zlk`m\>\glkp =fdgkifcc\i Y\]fi\ XZZ\gkè^ Xe Xggfèkd\ek Xj ?o\Zlk`m\ >ì\Zkfi f] N_\ HSM @fild+ CeZ- Gj- Mlcc`mXe_fc[j X <XZ_\cfi f] ;ikj [\î\\ è <ljè\jj ;[dè`jkiXk`fe ';ZZflekè^( ]ifd M`\eX =fcc\^\-

A?L;L> LIGMEC+ ?MK-+ Gflek E`jZf-

A\iXi[ Lfdjb` nXj i\Xggfèk\[ Xj X G\dY\i f] >;MHS Yp k_\ N\dgfiXip Ji\j`[\ek f] k_\ MkXk\ M\eXk\fe GXp 8+ 1/05- B\ `j =flej\c Xe[ Jifa\Zk ?o\Zlk`m\ ]fi u;im\ie\ Yp k_\ M\X+v n_\i\ _\ `j i\jgfej`Yc\ ]fiX[mXeZè^ Xe[ fm\ij\\è^ Xcc ]XZ\kj f] u;im\ie\ Yp k_\ M\X+v fe\ f] H\n Sfib =`kpwj cXi^\jk dò\[,lj\

16

[\m\cfgd\ekj cfZXk\[ è Kl\\ej+ H\n Sfib- Gi- Lfdjb` `j Xcjf f] Zflej\c kf k_\ H\n Sfib =`kp cXn ]ìd f] L`Z_+Cek\c`jXef % EXkq+ FFJ- Gi- Lfdjb` _fc[j X <XZ_\cfi f] ;ikj [\î\\ ]ifd k_\ H\n Sfib Cejk`klk\ f] N\Z_efcf^pXe[ X Dli`j >fZkfi [\î\\ ]ifd <iffbcpe FXn MZ_ffc-

MB;HHIH N;BI?+ Acting Commissioner of Education of the State of New York+ =f_f\j: \o,f]]`Z`f-

M_Xeefe NX_f\ Xjjld\[ k_\ ifc\ f] ;Zkè^ =fdd`jj`fe\i f] ?[lZXk`fe Xe[ ;Zkè^ Ji\j`[\ek f] k_\ Oe`m\ij`kp

f] k_\ MkXk\ f] H\n Sfib \]]\Zk`m\ Hfm\dY\i 05+ 1/08- MèZ\ M\gk\dY\i 1//5+ Gj- NX_f\ _Xj j\im\[ è mXi`flj

ZXgXZ`k`\j n`k_è k_\ >\gXikd\ek+ èZcl[è^ >\glkp =flej\c Xe[ ;jj`jkXek =flej\c ]fi F\^`jcXk`fe- Ce IZkfY\i

1/08+ j_\ nXj Xggfèk\[ ;Zkè^ =flej\c Xe[ >\glkp =fdd`jj`fe\i ]fi F\^Xc ;]]Xìj- N_`j Xggfèkd\ek n`cc

Zfekèl\ kf i\dXè è \]]\Zk Xcfe^ n`k_ _\i Xggfèkd\ek Xj ;Zkè^ =fdd`jj`fe\i f] ?[lZXk`fe Xe[ ;Zkè^ Ji\j`[\ek

f] k_\ Oe`m\ij`kp f] k_\ MkXk\ f] H\n Sfib- Gj- NX_f\ _Xj gifm`[\[ c\^Xc X[m`Z\ Xe[ Zflej\c fe Zi`k`ZXc gfc`Zp

dXkk\ij Xe[ b\p è`k`Xk`m\j- M_\ `j ]Xd`c`Xi n`k_ Xcc Xjg\Zkj f] k_\ nfib f] k_\ >\gXikd\ek+ _Xmè^ dXeX^\[ k_\ [Xp,

kf,[Xp fg\iXk`fej f] k_\ I]]`Z\ f] =flej\c Xj >\glkp =flej\c Xe[ efn ;Zkè^ =flej\c- >liè^ _\i k\eli\+ Gj-

NX_f\ _Xj Xcjf Xjj`jk\[ n`k_ k_\ jlZZ\jj]lc dXeX^\d\ek f] X YifX[ XiiXp f] Zi`k`ZXc >\gXikd\ekXc ]leZk`fej Xe[

i\jgfej`Y`c`k`\j- M_\ _fc[j X Dli`j >fZkfiXk\ [\î\\ ]ifd MpiXZlj\ Oe`m\ij`kp Xe[ <XZ_\cfi f] MZ`\eZ\ [\î\\ ]ifd

k_\ Oe`m\ij`kp f] LfZ_\jk\i-

LI<?LN @- GODC=;+ DL-+ Budget Director of the State of New York, ;cYXep: ex-officio-

LfY\ik @- Gla`ZX Di- nXj Xggfèk\[ >ì\Zkfi f] k_\ <l[^\k Yp k_\ Afm\iefi Xe[ Y\^Xe j\imè^ fe DXelXip03+ 1/05- B\ `j i\jgfej`Yc\ ]fi k_\ fm\iXcc [\m\cfgd\ek Xe[ dXeX^\d\ek f] k_\ MkXk\wj ]`jZXc gfc`Zp+ èZcl[è^fm\ij\\è^ k_\ gi\gXiXk`fe f] Yl[^\k i\Zfdd\e[Xk`fej ]fi Xcc MkXk\ X^\eZ`\j Xe[ gifîXdj+ \Zfefd`Z Xe[ i\m\el\]fi\ZXjkè^+ kXo gfc`Zp+ ]`jZXc gcXeeè^+ ZXg`kXc ]èXeZè^ Xe[ dXeX^\d\ek f] k_\ MkXk\wj [\Yk gfik]fc`f- Ji`fi kf _`jXggfèkd\ek+ Gi- Gla`ZX nXj =_`\] f] MkX]] kf k_\ N\dgfiXip Ji\j`[\ek Xe[ GXafi`kp F\X[\i f] k_\ M\eXk\ Xe[ZfeZlii\ekcp j\im\[ Xj k_\ M\Zi\kXip kf k_\ M\eXk\ @èXeZ\ =fdd`kk\\- @fi knf [\ZX[\j+ _\ X[m`j\[ mXi`flj \c\Zk\[Xe[ fk_\i ^fm\ied\ek f]]`Z`Xcj è H\n Sfib fe MkXk\ Yl[^\k+ ]`jZXc Xe[ gfc`Zp `jjl\j- Gi- Gla`ZX i\Z\`m\[ _`j<XZ_\cfi f] ;ikj [\î\\ è MfZ`fcf^p ]ifd <iffbcpe =fcc\^\ Xk k_\ =`kp Oe`m\ij`kp f] H\n Sfib- B\ i\Z\`m\[ _`jGXjk\i&j [\î\\ è Afm\ied\ek ;[dè`jkiXk`fe ]ifd k_\ Oe`m\ij`kp f] J\eejpcmXe`X Xe[ _fc[j X Dli`j >fZkfi [\î\\]ifd ;cYXep FXn MZ_ffc-

BIQ;L> ;- TO=E?L+ G->-+ D->-+ Commissioner of Health of the State of New York+ ;cYXep: ex-officio-

BfnXi[ ;- TlZb\i+ G->-+ D->-+ nXj Xggfèk\[ =fdd`jj`fe\i f] B\Xck_ fe GXp 4+ 1/04 X]k\i j\imè^ Xj;Zkè^ =fdd`jj`fe\i f] B\Xck_ jèZ\ GXp 4+ 1/03- Ji`fi kf k_Xk+ _\ j\im\[ Xj @ìjk >\glkp =fdd`jj`fe\i c\X[è^k_\ MkXk\ >\gXikd\ek f] B\Xck_wj gi\gXi\[e\jj Xe[ i\jgfej\ è`k`Xk`m\j è eXkliXc [`jXjk\ij Xe[ \d\i^\eZ`\j- <\]fi\afèè^ k_\ MkXk\ >\gXikd\ek f] B\Xck_+ >i- TlZb\i nXj gif]\jjfi f] =cè`ZXc ;e\jk_\j`fcf^p Xk ;cY\ik ?èjk\è=fcc\^\ f] G\[`Zè\ f] S\j_`mX Oe`m\ij`kp Xe[ X g\[`Xki`Z ZXi[`XZ Xe\jk_\j`fcf^`jk Xk Gfek\]`fi\ G\[`ZXc =\ek\i-B\ nXj Xcjf Xe X[aleZk gif]\jjfi Xk A\fi^\kfne Oe`m\ij`kp FXn MZ_ffc n_\i\ _\ kXl^_k Y`fj\Zli`kp cXn- >i-TlZb\i \Xie\[ _`j d\[`ZXc [\î\\ ]ifd A\fi^\ QXj_è^kfe Oe`m\ij`kp MZ_ffc f] G\[`Zè\- B\ Xcjf _fc[j X Dli`j>fZkfi [\î\\ ]ifd @fi[_Xd Oe`m\ij`kp MZ_ffc f] FXn Xe[ X GXjk\i f] FXnj [\î\\ ]ifd =fcldY`X FXn MZ_ffc-

N_\ gièZ`gXc jkX]] f] >;MHS Xi\ Xj ]fccfnj9

L?O<?H L- GZ>;HC?F+ CCC `j k_\ ;Zkè^ Ji\j`[\ek Xe[ Z_`\] \o\Zlk`m\ f]]`Z\i f] >;MHS+ i\jgfej`Yc\]fi k_\ fm\iXcc dXeX^\d\ek f] >;MHSwj X[dè`jkiXk`fe Xe[ fg\iXk`fej- Gi- GZ>Xe`\c gfjj\jj\j dfi\ k_Xe 2/p\Xij f] \og\i`\eZ\ è ]èXeZ`Xc j\im`Z\j+ èZcl[è^ glYc`Z ]èXeZ\+ g\ijfeXc n\Xck_ dXeX^\d\ek+ ZfigfiXk\ ]èXeZ\Xe[ gi`mXk\ \hl`kp- >liè^ _`j ZXi\\i è glYc`Z ]èXeZ\+ _\ gXik`Z`gXk\[ è dfi\ k_Xe #64 Y`cc`fe è kXo,\o\dgk Yfe[`jjlXeZ\j k_ifl^_flk k_\ Zflekip- B\ _Xj Xcjf dXeX^\[ èm\jkd\ek gfik]fc`fj Xe[ Yljè\jj Xjj\kj ]fi X mXi`\kp f]gif]\jj`feXcj- B\ gi\m`fljcp j\im\[ Xj =_Xì f] k_\ ;kcXekX <fXi[ f] ?[lZXk`fe ]fi JlYc`Z MZ_ffcj- Gi- GZ>Xe`\c_fc[j Xe le[\iîX[lXk\ [\î\\ è ?Zfefd`Zj Xe[ GXk_\dXk`Zj ]ifd k_\ Oe`m\ij`kp f] Hfik_ =XifcèX Xk =_Xicfkk\Xe[ X GXjk\i f] <ljè\jj ;[dè`jkiXk`fe ]ifd k_\ Oe`m\ij`kp f] N\oXj Xk ;ljkè-

J;OF A- EIIJG;H `j k_\ P`Z\ Ji\j`[\ek f] >;MHS Xe[ Xjj`jkj k_\ Ji\j`[\ek è k_\ X[dè`jkiXk`fe Xe[fg\iXk`fe f] >;MHS- Gi- EffgdXe afè\[ >;MHS è 0884 dXeX^è^ k_\ ;ZZflekj JXpXYc\ Xe[ <Xebè^ Xe[Cem\jkd\ek Oe`kj ]fccfn\[ Yp dXeX^\d\ek gfj`k`fej è k_\ =fejkilZk`fe >`m`j`fe èZcl[è^ GXeX^è^ M\e`fi>ì\Zkfi f] =fejkilZk`fe n_\i\ _\ nXj k_\ gi`dXip i\cXk`fej_`g dXeX^\i ]fi jfd\ f] >;MHSwj cXi^\jk Zc`\ekj Xe[gifm`[\[ fm\ij`^_k f] >;MHSwj ZfejkilZk`fe X[dè`jkiXk`fe ]leZk`fej- Gfjk i\Z\ekcp+ Gi- EffgdXe j\im\[ Xj

17

GXeX^è^ >ì\Zkfi f] ?o\Zlk`m\ Ce`k`Xk`m\j f] >;MHS n_\i\ _\ nfib\[ Zcfj\cp n`k_ \o\Zlk`m\ jkX]] fe gfc`Zp[\m\cfgd\ek+ \ek\igi`j\ i`jb dXeX^\d\ek+ Xe[ jkiXk\^`Z gcXeeè^- B`j ZXi\\i è glYc`Z j\im`Z\ Y\^Xe è 0874 n`k_k_\ HSM >`m`j`fe f] k_\ <l[^\k+ Xe[ k_\e Zfekèl\[ Xj =_`\] <l[^\k ;eXcpjk ]fi k_\ H\n Sfib MkXk\ @XZ`c`k`\j>\m\cfgd\ek =figfiXk`fe- ; îX[lXk\ f] k_\ LfZb\]\cc\i =fcc\^\ f] JlYc`Z ;]]Xìj+ _\ _fc[j X GXjk\i f] ;ikj[\î\\ è JlYc`Z ;[dè`jkiXk`fe n`k_ X JlYc`Z @èXeZ\ ZfeZ\ekiXk`fe+ Xe[ X <XZ_\cfi f] ;ikj [\î\\ è Jfc`k`ZXcMZ`\eZ\ ]ifd k_\ MkXk\ Oe`m\ij`kp f] H\n Sfib+ Oe`m\ij`kp Xk ;cYXep-

ECG<?LFS D- H;>?;O `j k_\ =_`\] @èXeZ`Xc I]]`Z\i Xe[ Ni\Xjli\i f] >;MHS- ;j =_`\] @èXeZ`XcI]]`Z\i Xe[ Ni\Xjli\i+ Gj- HX[\Xl `j i\jgfej`Yc\ ]fi jlg\im`jè^ >;MHSwj èm\jkd\ek gifîXd+ ^\e\iXcXZZflekè^+ XZZflekj gXpXYc\+ XZZflekj i\Z\`mXYc\+ ]èXeZ`Xc i\gfikè^ ]leZk`fej+ Yl[^\k+ gXpifcc+ èjliXeZ\ Xe[è]fidXk`fe j\im`Z\j+ Xj n\cc Xj k_\ [\m\cfgd\ek Xe[ `dgc\d\ekXk`fe f] ]èXeZ`Xc gfc`Z`\j+ ]èXeZ`Xc dXeX^\d\ekjpjk\dj Xe[ èk\ieXc Zfekifcj ]fi ]èXeZ`Xc i\gfikè^- M_\ gi\m`fljcp nXj P`Z\ Ji\j`[\ek,;ZZflekè^ Xe[ =fekifcc\i]fi OM F`^_k ?e\i^p- Ji`fi kf k_Xk j_\ nXj P`Z\ Ji\j`[\ek,;ZZflekè^ Xe[ =fekifcc\i ]fi =B ?e\i^p Aiflg+ CeZ-Xe[ _\c[ mXi`flj gfj`k`fej ZlcdèXkè^ è X [ì\Zkfi c\m\c gfj`k`fe Xk Hfik_\Xjk Ok`c`k`\j- Gj- HX[\Xl Xcjf _\c[mXi`flj gfj`k`fej n`k_ èZi\Xjè^ i\jgfej`Y`c`kp Xk =ffg\ij % FpYiXe[ FFJ- M_\ _fc[j X <XZ_\cfi f] MZ`\eZ\ [\î\\è ;ZZflekè^+ X GXjk\i f] <ljè\jj ;[dè`jkiXk`fe n`k_ X ZfeZ\ekiXk`fe è GXeX^\d\ek Xe[ X Dli`j >fZkfi [\î\\]ifd k_\ Oe`m\ij`kp f] =fee\Zk`Zlk- M_\ `j c`Z\ej\[ kf giXZk`Z\ cXn è H\n Sfib Xe[ =fee\Zk`Zlk-

GC=B;?F ?- =OM;=E `j A\e\iXc =flej\c kf >;MHS- Gi- =ljXZb `j i\jgfej`Yc\ ]fi Xcc c\^Xc j\im`Z\jèZcl[è^ c\^`jcXk`fe+ c`k`^Xk`fe+ ZfekiXZk dXkk\ij+ Xe[ k_\ c\^Xc Xjg\Zkj f] Xcc >;MHS ]èXeZè^j- Ce X[[`k`fe+ _\ `ji\jgfej`Yc\ ]fi k_\ jlg\im`j`fe f] >;MHSwj \emìfed\ekXc X]]Xìj le`k- B\ `j c`Z\ej\[ kf giXZk`Z\ cXn è k_\ MkXk\ f]H\n Sfib Xe[ k_\ =fddfen\Xck_ f] GXjjXZ_lj\kkj+ Xj n\cc Xj k_\ Oe`k\[ MkXk\j >`jki`Zk =flik ]fi k_\ Hfik_\ie>`jki`Zk f] H\n Sfib- Gi- =ljXZb _Xj fm\i kn\ekp p\Xij f] ZfdYè\[ c\^Xc \og\i`\eZ\+ èZcl[è^ dXeX^\d\ek f]Xe è,_flj\ c\^Xc [\gXikd\ek Xe[ \ok\ieXc Zflej\c k\Xdj 'Xe[ Yl[^\kj( XZifjj X ]`m\,jkXk\ i\^`fe- B\ dfjk i\Z\ekcpj\im\[ Xj f] Zflej\c kf k_\ ;cYXep+ H\n Sfib cXn ]ìd f] Sfle^.Mfdd\i+ FF=+ n_\i\ _`j giXZk`Z\ èZcl[\[i\gi\j\ekXk`fe f] lgjkXk\ H\n Sfib dle`Z`gXc`k`\j+ k\c\Zfddle`ZXk`fej j\im`Z\ gifm`[\ij è k_\ j`kè^ f] glYc`Zlk`c`kp.g\ijfeXc nì\c\jj j\im`Z\ ]XZ`c`k`\j Xe[ fk_\i gi`mXk\ j\Zkfi Zc`\ekj- B\ _fc[j X <XZ_\cfi f] MZ`\eZ\ [\î\\]ifd M`\eX =fcc\^\ Xe[ X Dli`j >fZkfi [\î\\ ]ifd ;cYXep FXn MZ_ffc f] Oe`fe Oe`m\ij`kp-

JILNC; F?? `j k_\ GXeX^è^ >ì\Zkfi f] JlYc`Z @èXeZ\ Xe[ Jfik]fc`f Gfe`kfiè^- M_\ `j i\jgfej`Yc\ ]fijlg\im`jè^ Xe[ [ì\Zkè^ >;MHS Yfe[ `jjlXeZ\ è k_\ ZXg`kXc dXib\kj+ `dgc\d\ekè^ Xe[ fm\ij\\è^ ]èXeZè^gifîXdj+ fm\ij\\è^ >;MHSwj Zfdgc`XeZ\ n`k_ Zfekèlè^ [`jZcfjli\ i\hlì\d\ekj Xe[ dfe`kfiè^ k_\ ]èXeZ`XcZfe[`k`fe f] \o`jkè^ >;MHS Zc`\ekj- Gj- F\\ gi\m`fljcp j\im\[ Xj M\e`fi Cem\jkd\ek I]]`Z\i Xk k_\ H\n SfibMkXk\ =fdgkifcc\iwj I]]`Z\ n_\i\ j_\ nXj i\jgfej`Yc\ ]fi Xjj`jkè^ è k_\ X[dè`jkiXk`fe f] k_\ cfe^,k\id ]ò\[èZfd\ gfik]fc`f f] k_\ H\n Sfib MkXk\ =fddfe L\kì\d\ek @le[+ Xj n\cc Xj k_\ j_fik,k\id gfik]fc`f+ Xe[ k_\M\Zli`k`\j F\e[è^ JifîXd- @ifd 0884 kf 1//4+ Gj- F\\ nfib\[ Xk Gff[pwj Cem\jkfij M\im`Z\ n_\i\ j_\ dfjki\Z\ekcp j\im\[ Xj P`Z\ Ji\j`[\ek Xe[ M\e`fi =i\[`k I]]`Z\i è k_\ JlYc`Z @èXeZ\ Bfljè^ Aiflg- M_\ _fc[j X<XZ_\cfi f] ;ikj [\î\\ ]ifd k_\ MkXk\ Oe`m\ij`kp f] H\n Sfib Xk ;cYXep-

MN?JB?H >- =OLLI `j k_\ GXeX^è^ >ì\Zkfi f] =fejkilZk`fe- Gi- =liif `j i\jgfej`Yc\ ]fi >;MHSwjZfejkilZk`fe îflgj+ èZcl[è^ [\j`ê+ gifa\Zk dXeX^\d\ek+ i\jfliZ\ XZhl`j`k`fe+ ZfekiXZk X[dè`jkiXk`fe+ èk\i`fi[\j`ê+ i\Xc gifg\ikp+ jljkXèXY`c`kp Xe[ \e^è\\iè^+ Xj n\cc Xj fk_\i k\Z_e`ZXc j\im`Z\j- Gi- =liif afè\[ >;MHSè 1//0 Xj >ì\Zkfi f] N\Z_e`ZXc M\im`Z\j+ Xe[ dfjk i\Z\ekcp j\im\[ Xj >ì\Zkfi f] =fejkilZk`fe Mlggfik M\im`Z\j-B\ `j X i\^`jk\i\[ Jif]\jj`feXc ?e^è\\i è H\n Sfib Xe[ _Xj nfib\[ è k_\ ZfejkilZk`fe è[ljkip ]fi dfi\ k_Xe 2/p\Xij- B\ _fc[j X <XZ_\cfi f] MZ`\eZ\ è =`m`c ?e^è\\iè^ ]ifd k_\ Oe`m\ij`kp f] L_f[\ CjcXe[+ X GXjk\i f]?e^è\\iè^ è MkilZkliXc ?e^è\\iè^ ]ifd L\ejj\cX\i Jfcpk\Z_e`Z Cejk`klk\ Xe[ X GXjk\i f] <ljè\jj;[dè`jkiXk`fe ]ifd L\ejj\cX\i Jfcpk\Z_e`Z Cejk`klk\wj FXccp MZ_ffc f] GXeX^\d\ek-

=;LIFCH? P- ALC@@CH `j k_\ =_`\] f] MkX]] f] >;MHS- M_\ `j i\jgfej`Yc\ ]fi fm\ij\\è^èk\i^fm\ied\ekXc i\cXk`fej Xe[ dXeX^è^ k_\ =fddle`ZXk`fej % GXib\kè^ >\gXikd\ek+ Xj n\cc Xj Zffi[èXkè^gfc`Zp Xe[ fg\iXk`fej XZifjj >;MHSwj dlck`gc\ Yljè\jj cè\j- Gj- Ai`]]è dfjk i\Z\ekcp j\im\[ Xj k_\ >ì\Zkfi f]Cek\i^fm\ied\ekXc ;]]Xìj ]fi Afm\iefi ;e[i\n G- =lfdf n_\i\ j_\ nfib\[ Xj k_\ Afm\iefiwj c`X`jfe n`k_]\[\iXc+ jkXk\ Xe[ cfZXc \c\Zk\[ f]]`Z`Xcj Xe[ dXeX^\[ jkX]] j\imè^ è mXi`flj ZXgXZ`k`\j è k_\ Afm\iefiwj I]]`Z\-Ji`fi kf k_Xk j_\ j\im\[ Xj k_\ ;jj`jkXek ?o\Zlk`m\ >\glkp M\Zi\kXip ]fi Afm\iefi ;e[i\n G- =lfdf fm\ij\\è^ k_\fg\iXk`fej jkX]] Xe[ ;jj`jkXek M\Zi\kXip ]fi Cek\i^fm\ied\ekXc ;]]Xìj ]fi Yfk_ Afm\iefi >Xm`[ ;- JXk\ijfe Xe[Afm\iefi ?c`fk Mg`kq\i- M_\ _fc[j X <XZ_\cfi f] ;ikj [\î\\ è =fddle`ZXk`fej ]ifd <fjkfe =fcc\^\-

18

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;ck_fl^_ Z\ikXè ZcX`dj Xe[ c`k`^Xk`fe _Xm\ Y\\e Xjj\ik\[ fi Zfdd\eZ\[ X^Xèjk >;MHS+ >;MHSY\c`\m\j k_Xk jlZ_ ZcX`dj Xe[ c`k`^Xk`fe \`k_\i Xi\ Zfm\i\[ Yp èjliXeZ\ fi Yp Yfe[j ]`c\[ n`k_ >;MHS+ fi k_Xk>;MHS _Xj jl]]`Z`\ek ]le[j XmX`cXYc\ fi k_\ c\^Xc gfn\i Xe[ XY`c`kp kf j\\b jl]]`Z`\ek ]le[j kf d\\k Xep jlZ_ ZcX`djfi al[^d\ekj i\jlckè^ ]ifd jlZ_ dXkk\ij-

N_\i\ `j efk efn g\e[è^ Xep c`k`^Xk`fe X^Xèjk >;MHS '`( i\jkiXèè^ fi \eafèè^ k_\ `jjlXeZ\ fi [\c`m\ipf] k_\ M\i`\j 1/1/; <fe[j fi '``( Z_Xcc\e^è^ k_\ mXc`[`kp f] k_\ M\i`\j 1/1/; <fe[j fi k_\ gifZ\\[è^j Xe[Xlk_fi`kp le[\i n_`Z_ >;MHS n`cc `jjl\ k_\ M\i`\j 1/1/; <fe[j-

EdXUb CQddUbc

New York State Public Authorities Control Board. N_\ H\n Sfib MkXk\ JlYc`Z ;lk_fi`k`\j =fekifc <fXi['k_\ uJ;=<v( _Xj Xlk_fi`kp kf Xggifm\ k_\ ]èXeZè^ Xe[ ZfejkilZk`fe f] Xep e\n fi i\XZk`mXk\[ gifa\Zkj gifgfj\[Yp >;MHS Xe[ Z\ikXè fk_\i glYc`Z Xlk_fi`k`\j f] k_\ MkXk\- N_\ J;=< Xggifm\j k_\ gifgfj\[ e\n gifa\Zkj fecplgfe `kj [\k\idèXk`fe k_Xk k_\i\ Xi\ Zfdd`kd\ekj f] ]le[j jl]]`Z`\ek kf ]èXeZ\ k_\ XZhl`j`k`fe Xe[ ZfejkilZk`fe f]k_\ gifa\Zkj- >;MHS fYkXèj k_\ XggifmXc f] k_\ J;=< ]fi k_\ `jjlXeZ\ f] Xcc f] `kj Yfe[j Xe[ efk\j-

Legislation. @ifd k`d\ kf k`d\+ Y`ccj Xi\ èkif[lZ\[ èkf k_\ MkXk\ F\^`jcXkli\ n_`Z_+ `] \eXZk\[ èkf cXn+nflc[ X]]\Zk >;MHS Xe[ `kj fg\iXk`fej- >;MHS `j efk XYc\ kf i\gi\j\ek n_\k_\i jlZ_ Y`ccj n`cc Y\ èkif[lZ\[ fiY\Zfd\ cXn è k_\ ]lkli\- Ce X[[`k`fe+ k_\ MkXk\ le[\ikXb\j g\i`f[`Z jkl[`\j f] glYc`Z Xlk_fi`k`\j è k_\ MkXk\'èZcl[è^ >;MHS( Xe[ k_\ì ]èXeZè^ gifîXdj- ;ep f] jlZ_ g\i`f[`Z jkl[`\j Zflc[ i\jlck è gifgfj\[ c\^`jcXk`fen_`Z_+ `] X[fgk\[+ nflc[ X]]\Zk >;MHS Xe[ `kj fg\iXk`fej-

Environmental Quality Review. >;MHS Zfdgc`\j n`k_ k_\ H\n Sfib MkXk\ ?emìfed\ekXc KlXc`kpL\m`\n ;Zk Xe[ n`k_ k_\ H\n Sfib MkXk\ B`jkfi`Z Ji\j\imXk`fe ;Zk f] 087/+ Xe[ k_\ i\jg\Zk`m\ i\^lcXk`fejgifdlc^Xk\[ k_\i\le[\i kf k_\ \ok\ek jlZ_ XZkj Xe[ i\^lcXk`fej Xi\ Xggc`ZXYc\-

Independent Auditors. N_\ XZZflekè^ ]ìd f] EJGA FFJ Xl[`k\[ k_\ ]èXeZ`Xc jkXk\d\ekj f] >;MHS ]fik_\ ]`jZXc p\Xi \e[\[ GXiZ_ 20+ 1/08- =fg`\j f] k_\ dfjk i\Z\ek Xl[`k\[ ]èXeZ`Xc jkXk\d\ekj Xi\ XmX`cXYc\ lgfei\hl\jk Xk k_\ f]]`Z\j f] >;MHS-

F7HJ 3 ( B;=7B?JO E< J>; I;H?;I -+-+7 8ED:I <EH ?DL;IJC;DJ 7D: :;FEI?J

Oe[\i H\n Sfib MkXk\ cXn+ k_\ M\i`\j 1/1/; <fe[j Xi\ j\Zli`k`\j è n_`Z_ Xcc glYc`Z f]]`Z\ij Xe[ Yf[`\jf] k_\ MkXk\ Xe[ Xcc dle`Z`gXc`k`\j Xe[ dle`Z`gXc jlY[`m`j`fej+ Xcc èjliXeZ\ ZfdgXe`\j Xe[ XjjfZ`Xk`fej+ Xcc jXmè^jYXebj Xe[ jXmè^j èjk`klk`fej+ èZcl[è^ jXmè^j Xe[ cfXe XjjfZ`Xk`fej+ X[dè`jkiXkfij+ ^lXi[`Xej+ \o\Zlkfij+kiljk\\j+ Zfdd`kk\\j+ Zfej\imXkfij Xe[ fk_\i ]`[lZ`Xi`\j è k_\ MkXk\ dXp gifg\icp Xe[ c\^Xccp èm\jk ]le[j è k_\ìZfekifc-

N_\ M\i`\j 1/1/; <fe[j dXp Y\ [\gfj`k\[ n`k_ k_\ MkXk\ =fdgkifcc\i kf j\Zli\ [\gfj`kj f] MkXk\ dfe\p èYXebj+ kiljk ZfdgXe`\j Xe[ è[ljki`Xc YXebj-

F7HJ 4 ( D;=EJ?78B; ?DIJHKC;DJI

N_\ M\i`\j 1/1/; <fe[j Xi\ e\^fk`XYc\ èjkild\ekj Xj gifm`[\[ è k_\ ;Zk+ jlYa\Zk kf k_\ gifm`j`fej ]fii\^`jkiXk`fe Xe[ kiXej]\i ZfekXè\[ è k_\ L\jfclk`fe Xe[ è k_\ M\i`\j 1/1/; <fe[j-

F7HJ ,+ ( J7N C7JJ;HI

Ce k_\ fgè`fe f] Iii`Zb+ B\iiè^kfe % MlkZc`]]\ FFJ 'u<fe[ =flej\cv(+ YXj\[ lgfe Xe XeXcpj`j f] \o`jkè^cXnj+ i\^lcXk`fej+ ilcè^j Xe[ Zflik [\Z`j`fej+ Xe[ Xjjldè^+ Xdfe^ fk_\i dXkk\ij+ k_\ XZZliXZp f] Z\ikXèi\gi\j\ekXk`fej Xe[ Zfdgc`XeZ\ n`k_ Z\ikXè Zfm\eXekj+ èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j `j \oZcl[\[ ]ifd îfjjèZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j le[\i M\Zk`fe 0/2 f] k_\ Cek\ieXc L\m\el\ =f[\ f] 0875 'k_\ u=f[\v(-<fe[ =flej\c `j f] k_\ ]lik_\i fgè`fe k_Xk èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j `j efk X jg\Z`]`Z gi\]\i\eZ\ `k\d ]figligfj\j f] k_\ ]\[\iXc Xck\ieXk`m\ dè`dld kXo- <fe[ =flej\c `j Xcjf f] k_\ fgè`fe k_Xk èk\i\jk fe k_\ M\i`\j1/1/; <fe[j `j \o\dgk ]ifd g\ijfeXc èZfd\ kXo\j `dgfj\[ Yp k_\ MkXk\ f] H\n Sfib Xe[ Xep gfc`k`ZXc

2/

jlY[`m`j`fe k_\i\f] 'èZcl[è^ N_\ =`kp f] H\n Sfib(- ; Zfdgc\k\ Zfgp f] k_\ gifgfj\[ ]fid f] fgè`fe f] <fe[=flej\c `j j\k ]fik_ è ;gg\e[ò ? _\i\kf-

Nf k_\ \ok\ek k_\ `jjl\ gi`Z\ f] Xep dXkli`kp f] k_\ M\i`\j 1/1/; <fe[j `j c\jj k_Xe k_\ Xdflek kf Y\ gX`[Xk dXkli`kp f] jlZ_ M\i`\j 1/1/; <fe[j '\oZcl[è^ Xdflekj jkXk\[ kf Y\ èk\i\jk Xe[ gXpXYc\ Xk c\Xjk XeelXccp fm\ik_\ k\id f] jlZ_ <fe[j(+ k_\ [`]]\i\eZ\ Zfejk`klk\j ufi`^èXc `jjl\ [`jZflek+v k_\ XZZilXc f] n_`Z_+ kf k_\ \ok\ekgifg\icp XccfZXYc\ kf \XZ_ <\e\]`Z`Xc Ine\i k_\i\f]+ `j ki\Xk\[ Xj èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j+ n_`Z_ `j\oZcl[\[ ]ifd îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j- @fi k_`j gligfj\+ k_\ `jjl\ gi`Z\ f] X gXik`ZlcXidXkli`kp f] k_\ M\i`\j 1/1/; <fe[j `j k_\ ]ìjk gi`Z\ Xk n_`Z_ X jlYjkXek`Xc Xdflek f] jlZ_ dXkli`kp f] k_\ M\i`\j1/1/; <fe[j `j jfc[ kf k_\ glYc`Z '\oZcl[è^ Yfe[ _flj\j+ Yifb\ij+ fi j`d`cXi g\ijfej fi fi^Xe`qXk`fej XZkè^ è k_\ZXgXZ`kp f] le[\ini`k\ij+ gcXZ\d\ek X^\ekj fi n_fc\jXc\ij(- N_\ fi`^èXc `jjl\ [`jZflek n`k_ i\jg\Zk kf Xep dXkli`kpf] k_\ M\i`\j 1/1/; <fe[j XZZil\j [X`cp fm\i k_\ k\id kf dXkli`kp f] jlZ_ M\i`\j 1/1/; <fe[j fe k_\ YXj`j f] XZfejkXek èk\i\jk iXk\ Zfdgfle[\[ j\d`XeelXccp 'n`k_ jkiX`^_k,cè\ èk\igfcXk`fej Y\kn\\e Zfdgfle[è^ [Xk\j(- N_\XZZilè^ fi`^èXc `jjl\ [`jZflek `j X[[\[ kf k_\ X[aljk\[ YXj`j f] jlZ_ M\i`\j 1/1/; <fe[j kf [\k\idè\ kXoXYc\ ^Xèfi cfjj lgfe [`jgfj`k`fe 'èZcl[è^ jXc\+ i\[\dgk`fe+ fi gXpd\ek fe dXkli`kp( f] jlZ_ M\i`\j 1/1/; <fe[j-<\e\]`Z`Xc Ine\ij f] k_\ M\i`\j 1/1/; <fe[j j_flc[ Zfejlck k_\ì fne kXo X[m`jfij n`k_ i\jg\Zk kf k_\ kXoZfej\hl\eZ\j f] fne\ij_`g f] M\i`\j 1/1/; <fe[j n`k_ fi`^èXc `jjl\ [`jZflek+ èZcl[è^ k_\ ki\Xkd\ek f]<\e\]`Z`Xc Ine\ij n_f [f efk gliZ_Xj\ jlZ_ M\i`\j 1/1/; <fe[j è k_\ fi`^èXc f]]\iè^ kf k_\ glYc`Z Xk k_\ ]ìjkgi`Z\ Xk n_`Z_ X jlYjkXek`Xc Xdflek f] jlZ_ M\i`\j 1/1/; <fe[j `j jfc[ kf k_\ glYc`Z-

M\i`\j 1/1/; <fe[j gliZ_Xj\[+ n_\k_\i Xk fi`^èXc `jjlXeZ\ fi fk_\in`j\+ ]fi Xe Xdflek _`^_\i k_Xe k_\ìgièZ`gXc Xdflek gXpXYc\ Xk dXkli`kp 'fi+ è jfd\ ZXj\j+ Xk k_\ì \Xic`\i ZXcc [Xk\( 'uJi\d`ld <fe[jv( n`cc Y\ ki\Xk\[Xj _Xmè^ Xdfik`qXYc\ Yfe[ gi\d`ld- Hf [\[lZk`fe `j XccfnXYc\ ]fi k_\ Xdfik`qXYc\ Yfe[ gi\d`ld è k_\ ZXj\ f]Yfe[j+ c`b\ k_\ Ji\d`ld <fe[j+ k_\ èk\i\jk fe n_`Z_ `j \oZcl[\[ ]ifd îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXogligfj\j- Bfn\m\i+ k_\ Xdflek f] kXo \o\dgk èk\i\jk i\Z\`m\[+ Xe[ X <\e\]`Z`Xc Ine\iwj YXj`j è X Ji\d`ld <fe[+n`cc Y\ i\[lZ\[ Yp k_\ Xdflek f] Xdfik`qXYc\ Yfe[ gi\d`ld gifg\icp XccfZXYc\ kf jlZ_ gliZ_Xj\i- <\e\]`Z`XcIne\ij f] Ji\d`ld <fe[j j_flc[ Zfejlck k_\ì fne kXo X[m`jfij n`k_ i\jg\Zk kf k_\ gifg\i ki\Xkd\ek f] Xdfik`qXYc\Yfe[ gi\d`ld è k_\ì gXik`ZlcXi ZìZldjkXeZ\j-

N_\ =f[\ `dgfj\j mXi`flj i\jki`Zk`fej+ Zfe[`k`fej Xe[ i\hlì\d\ekj i\cXkè^ kf k_\ \oZclj`fe ]ifd îfjjèZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j f] èk\i\jk fe fYc`^Xk`fej jlZ_ Xj k_\ M\i`\j 1/1/; <fe[j- >;MHS Xe[ k_\Oe`m\ij`kp _Xm\ dX[\ Z\ikXè i\gi\j\ekXk`fej Xe[ Zfm\eXek\[ kf Zfdgcp n`k_ Z\ikXè i\jki`Zk`fej+ Zfe[`k`fej Xe[i\hlì\d\ekj [\j`ê\[ kf \ejli\ k_Xk èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j n`cc efk Y\ èZcl[\[ è ]\[\iXc îfjjèZfd\- CeXZZliXZp f] k_\j\ i\gi\j\ekXk`fej fi ]X`cli\ kf Zfdgcp n`k_ k_\j\ Zfm\eXekj dXp i\jlck è èk\i\jk fe k_\M\i`\j 1/1/; <fe[j Y\è^ èZcl[\[ è îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j+ gfjj`Ycp ]ifd k_\ [Xk\ f]fi`^èXc `jjlXeZ\ f] k_\ M\i`\j 1/1/; <fe[j- N_\ fgè`fe f] <fe[ =flej\c Xjjld\j k_\ XZZliXZp f] k_\j\i\gi\j\ekXk`fej Xe[ Zfdgc`XeZ\ n`k_ k_\j\ Zfm\eXekj- <fe[ =flej\c _Xj efk le[\ikXb\e kf [\k\idè\ 'fi kf è]fidXep g\ijfe( n_\k_\i Xep XZk`fej kXb\e 'fi efk kXb\e(+ fi \m\ekj fZZliiè^ 'fi efk fZZliiè^(+ fi Xep fk_\i dXkk\ijZfdè^ kf <fe[ =flej\cwj Xkk\ek`fe X]k\i k_\ [Xk\ f] `jjlXeZ\ f] k_\ M\i`\j 1/1/; <fe[j dXp X[m\ij\cp X]]\Zk k_\mXcl\ f]+ fi k_\ kXo jkXklj f] èk\i\jk fe+ k_\ M\i`\j 1/1/; <fe[j- ;ZZfi[è^cp+ k_\ fgè`fe f] <fe[ =flej\c `j efkèk\e[\[ kf+ Xe[ dXp efk Y\ i\c`\[ lgfe è Zfee\Zk`fe n`k_ Xep jlZ_ XZk`fej+ \m\ekj fi dXkk\ij-

Ce X[[`k`fe+ <fe[ =flej\c _Xj i\c`\[+ Xdfe^ fk_\i k_è^j+ fe k_\ fgè`fe f] Lfg\j % AiXp FFJ+ =flej\c kfk_\ Oe`m\ij`kp+ i\^Xi[è^ k_\ Zlii\ek hlXc`]`ZXk`fe f] k_\ Oe`m\ij`kp Xj Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe4/0'Z('2( f] k_\ =f[\- MlZ_ fgè`fe `j jlYa\Zk kf X eldY\i f] hlXc`]`ZXk`fej Xe[ c`d`kXk`fej- <fe[ =flej\c _Xj Xcjfi\c`\[ lgfe i\gi\j\ekXk`fej f] k_\ Oe`m\ij`kp ZfeZ\ieè^ k_\ Oe`m\ij`kpwj ulei\cXk\[ kiX[\ fi Yljè\jjv XZk`m`k`\j Xj[\]è\[ è M\Zk`fe 402'X( f] k_\ =f[\- H\`k_\i <fe[ =flej\c efi =flej\c kf k_\ Oe`m\ij`kp _Xj ^`m\e Xep fgè`fefi XjjliXeZ\ ZfeZ\ieè^ M\Zk`fe 402'X( f] k_\ =f[\ Xe[ e\`k_\i <fe[ =flej\c efi =flej\c kf k_\ Oe`m\ij`kp ZXe^`m\ fi _Xj ^`m\e Xep fgè`fe fi XjjliXeZ\ XYflk k_\ ]lkli\ XZk`m`k`\j f] k_\ Oe`m\ij`kp+ fi XYflk k_\ \]]\Zk f] ]lkli\Z_Xe^\j è k_\ =f[\+ k_\ Xggc`ZXYc\ i\^lcXk`fej+ k_\ èk\igi\kXk`fe k_\i\f] fi k_\ i\jlckè^ Z_Xe^\j è \e]fiZ\d\ekk_\i\f] Yp k_\ Cek\ieXc L\m\el\ M\im`Z\- @X`cli\ f] k_\ Oe`m\ij`kp kf Y\ fi^Xe`q\[ Xe[ fg\iXk\[ è XZZfi[XeZ\ n`k_k_\ Cek\ieXc L\m\el\ M\im`Z\wj i\hlì\d\ekj ]fi k_\ dXèk\eXeZ\ f] `kj jkXklj Xj Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe4/0'Z('2( f] k_\ =f[\+ fi kf fg\iXk\ k_\ ]XZ`c`k`\j i\]èXeZ\[ Yp k_\ <fe[j è X dXee\i k_Xk `j efk jlYjkXek`Xccpi\cXk\[ kf k_\ Oe`m\ij`kpwj Z_Xi`kXYc\ gligfj\ le[\i M\Zk`fe 402'X( f] k_\ =f[\+ dXp i\jlck è èk\i\jk gXpXYc\ n`k_i\jg\Zk kf k_\ <fe[j Y\è^ èZcl[\[ è ]\[\iXc îfjj èZfd\+ gfjj`Ycp ]ifd k_\ [Xk\ f] k_\ fi`^èXc `jjlXeZ\ f] k_\<fe[j-

20

;ck_fl^_ <fe[ =flej\c `j f] k_\ fgè`fe k_Xk èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j `j \oZcl[\[ ]ifd îfjjèZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j Xe[ `j \o\dgk ]ifd g\ijfeXc èZfd\ kXo\j `dgfj\[ Yp k_\ MkXk\ f] H\nSfib Xe[ Xep gfc`k`ZXc jlY[`m`j`fe k_\i\f] 'èZcl[è^ N_\ =`kp f] H\n Sfib(+ k_\ fne\ij_`g fi [`jgfj`k`fe f]+ fi k_\XZZilXc fi i\Z\`gk f] èk\i\jk fe+ k_\ M\i`\j 1/1/; <fe[j dXp fk_\in`j\ X]]\Zk X <\e\]`Z`Xc Ine\iwj ]\[\iXc+ jkXk\ ficfZXc kXo c`XY`c`kp- N_\ eXkli\ Xe[ \ok\ek f] k_\j\ fk_\i kXo Zfej\hl\eZ\j [\g\e[j lgfe k_\ gXik`ZlcXi kXo jkXklj f]k_\ <\e\]`Z`Xc Ine\i fi k_\ <\e\]`Z`Xc Ine\iwj fk_\i `k\dj f] èZfd\ fi [\[lZk`fe- <fe[ =flej\c \ogi\jj\j effgè`fe i\^Xi[è^ Xep jlZ_ fk_\i kXo Zfej\hl\eZ\j-

=lii\ek Xe[ ]lkli\ c\^`jcXk`m\ gifgfjXcj+ `] \eXZk\[ èkf cXn+ ZcXi`]`ZXk`fe f] k_\ =f[\ fi Zflik [\Z`j`fejdXp ZXlj\ èk\i\jk fe k_\ <fe[j kf Y\ jlYa\Zk+ [ì\Zkcp fi è[ì\Zkcp+ è n_fc\ fi è gXik+ kf ]\[\iXc èZfd\ kXoXk`fefi kf Y\ jlYa\Zk kf fi \o\dgk\[ ]ifd jkXk\ èZfd\ kXoXk`fe+ fi fk_\in`j\ gi\m\ek <\e\]`Z`Xc Ine\ij ]ifd i\Xc`qè^k_\ ]lcc Zlii\ek Y\e\]`k f] k_\ kXo jkXklj f] jlZ_ èk\i\jk- N_\ èkif[lZk`fe fi \eXZkd\ek f] Xep jlZ_ c\^`jcXk`m\gifgfjXcj fi ZcXi`]`ZXk`fe f] k_\ =f[\ fi Zflik [\Z`j`fej dXp Xcjf X]]\Zk+ g\i_Xgj j`ê`]`ZXekcp+ k_\ dXib\k gi`Z\ ]fi+fi dXib\kXY`c`kp f]+ k_\ <fe[j- Jifjg\Zk`m\ gliZ_Xj\ij f] k_\ <fe[j j_flc[ Zfejlck k_\ì fne kXo X[m`jfij i\^Xi[è^k_\ gfk\ek`Xc `dgXZk f] Xep g\e[è^ fi gifgfj\[ ]\[\iXc fi jkXk\ kXo c\^`jcXk`fe+ i\^lcXk`fej fi c`k`^Xk`fe+ Xj kf n_`Z_<fe[ =flej\c `j \og\Zk\[ kf \ogi\jj ef fgè`fe-

N_\ fgè`fe f] <fe[ =flej\c `j YXj\[ fe Zlii\ek c\^Xc Xlk_fi`kp+ Zfm\ij Z\ikXè dXkk\ij efk [ì\ZkcpX[[i\jj\[ Yp jlZ_ Xlk_fi`k`\j+ Xe[ i\gi\j\ekj <fe[ =flej\cwj al[^d\ek Xj kf k_\ gifg\i ki\Xkd\ek f] k_\ M\i`\j1/1/; <fe[j ]fi ]\[\iXc èZfd\ kXo gligfj\j- Ck `j efk Yè[è^ fe k_\ Cek\ieXc L\m\el\ M\im`Z\ 'uCLMv( fi k_\Zflikj- @lik_\idfi\+ <fe[ =flej\c ZXeefk ^`m\ Xe[ _Xj efk ^`m\e Xep fgè`fe fi XjjliXeZ\ XYflk k_\ ]lkli\XZk`m`k`\j f] >;MHS fi k_\ Oe`m\ij`kp+ fi XYflk k_\ \]]\Zk f] ]lkli\ Z_Xe^\j è k_\ =f[\+ k_\ Xggc`ZXYc\ i\^lcXk`fej+k_\ èk\igi\kXk`fe k_\i\f] fi k_\ \e]fiZ\d\ek k_\i\f] Yp k_\ CLM- >;MHS Xe[ k_\ Oe`m\ij`kp _Xm\ Zfm\eXek\[+_fn\m\i+ kf Zfdgcp n`k_ k_\ i\hlì\d\ekj f] k_\ =f[\-

<fe[ =flej\cwj \e^X^\d\ek n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/; <fe[j \e[j n`k_ k_\ `jjlXeZ\ f] k_\ M\i`\j1/1/; <fe[j+ Xe[+ lec\jj j\gXiXk\cp \e^X^\[+ <fe[ =flej\c `j efk fYc`^Xk\[ kf [\]\e[ >;MHS+ k_\ Oe`m\ij`kp fik_\ <\e\]`Z`Xc Ine\ij i\^Xi[è^ k_\ kXo,\o\dgk jkXklj f] k_\ M\i`\j 1/1/; <fe[j è k_\ \m\ek f] Xe Xl[`k\oXdèXk`fe Yp k_\ CLM- Oe[\i Zlii\ek gifZ\[li\j+ gXik`\j fk_\i k_Xe >;MHS+ k_\ Oe`m\ij`kp Xe[ k_\ì Xggfèk\[Zflej\c+ èZcl[è^ k_\ <\e\]`Z`Xc Ine\ij+ nflc[ _Xm\ c`kkc\+ `] Xep+ i`^_k kf gXik`Z`gXk\ è k_\ Xl[`k \oXdèXk`fegifZ\jj- Gfi\fm\i+ Y\ZXlj\ XZ_`\mè^ al[`Z`Xc i\m`\n è Zfee\Zk`fe n`k_ Xe Xl[`k \oXdèXk`fe f] kXo,\o\dgk Yfe[j`j [`]]`Zlck+ fYkXèè^ Xe è[\g\e[\ek i\m`\n f] CLM gfj`k`fej n`k_ n_`Z_ >;MHS fi k_\ Oe`m\ij`kp c\^`k`dXk\cp[`jXî\\j+ dXp efk Y\ giXZk`ZXYc\- ;ep XZk`fe f] k_\ CLM+ èZcl[è^ Ylk efk c`d`k\[ kf j\c\Zk`fe f] k_\ M\i`\j 1/1/;<fe[j ]fi Xl[`k+ fi k_\ Zflij\ fi i\jlck f] jlZ_ Xl[`k+ fi Xe Xl[`k f] Yfe[j gi\j\ekè^ j`d`cXi kXo `jjl\j dXp X]]\Zkk_\ dXib\k gi`Z\ ]fi+ fi k_\ dXib\kXY`c`kp f]+ k_\ M\i`\j 1/1/; <fe[j+ Xe[ dXp ZXlj\ >;MHS+ k_\ Oe`m\ij`kp fi k_\<\e\]`Z`Xc Ine\ij kf èZli j`ê`]`ZXek \og\ej\-

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N_\ ;Zk gifm`[\j k_Xk efk\j Xe[ Yfe[j f] >;MHS Xi\ efk X [\Yk f] k_\ MkXk\+ k_Xk k_\ MkXk\ `j efk c`XYc\ fek_\d Xe[ k_Xk jlZ_ efk\j Xe[ Yfe[j Xi\ efk gXpXYc\ flk f] Xep ]le[j fk_\i k_Xe k_fj\ f] >;MHS- N_\ L\jfclk`fejg\Z`]`ZXccp gifm`[\j k_Xk k_\ M\i`\j 1/1/; <fe[j Xi\ efk X [\Yk f] k_\ MkXk\ Xe[ k_Xk k_\ MkXk\ `j efk c`XYc\ fe k_\M\i`\j 1/1/; <fe[j-

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N_\ ;Zk jkXk\j k_Xk k_\ MkXk\ gc\[^\j Xe[ Xî\\j n`k_ k_\ _fc[\ij f] >;MHSwj efk\j Xe[ Yfe[j k_Xk k_\MkXk\ n`cc efk c`d`k fi Xck\i k_\ i`^_kj m\jk\[ è >;MHS kf gifm`[\ gifa\Zkj+ kf \jkXYc`j_ Xe[ Zfcc\Zk i\ekXcj k_\i\]ifdXe[ kf ]lc]`cc Xî\\d\ekj n`k_ k_\ _fc[\ij f] >;MHSwj efk\j Xe[ Yfe[j fi è Xep nXp `dgXì k_\ i`^_kj Xe[i\d\[`\j f] k_\ _fc[\ij f] jlZ_ efk\j fi Yfe[j lek`c jlZ_ efk\j fi Yfe[j Xe[ èk\i\jk k_\i\fe Xe[ Xcc Zfjkj Xe[\og\ej\j è Zfee\Zk`fe n`k_ Xep XZk`fe fi gifZ\\[è^ Yp fi fe Y\_Xc] f] k_\ _fc[\ij f] jlZ_ efk\j fi Yfe[j Xi\ ]lccpd\k Xe[ [`jZ_Xi^\[- Hfkn`k_jkXe[è^ k_\ MkXk\wj gc\[^\j Xe[ Xî\\d\ekj ZfekXè\[ è k_\ ;Zk+ k_\ MkXk\ dXp è k_\\o\iZ`j\ f] `kj jfm\i\`ê gfn\i \eXZk fi Xd\e[ `kj cXnj n_`Z_+ `] [\k\idè\[ kf Y\ Yfk_ i\XjfeXYc\ Xe[ e\Z\jjXip kfj\im\ Xe `dgfikXek glYc`Z gligfj\+ Zflc[ _Xm\ k_\ \]]\Zk f] `dgXìè^ k_\j\ gc\[^\j Xe[ Xî\\d\ekj n`k_ >;MHSXe[ n`k_ k_\ _fc[\ij f] >;MHSwj efk\j fi Yfe[j-

21

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Afc[dXe MXZ_j % =f- FF=+ Xj i\gi\j\ekXk`m\ f] k_\ Oe[\ini`k\ij+ _Xj Xî\\[+ jlYa\Zk kf Z\ikXè Zfe[`k`fej+kf gliZ_Xj\ k_\ M\i`\j 1/1/; <fe[j ]ifd >;MHS Xk Xe X^î\^Xk\ gliZ_Xj\ gi`Z\ f] #181+174+2/6-36 n_`Z_i\gi\j\ekj k_\ gXi Xdflek f] M\i`\j 1/1/; <fe[j c\jj k_\ Oe[\ini`k\ijw [`jZflek f] #261+048-22 gclj fi`^èXc `jjl\gi\d`ld f] #48+546+355-7/ Xe[ kf dXb\ X glYc`Z f]]\iè^ f] k_\ M\i`\j 1/1/; <fe[j Xk gi`Z\j k_Xk Xi\ efk è \oZ\jjf] k_\ glYc`Z f]]\iè^ gi`Z\ fi gi`Z\j jkXk\[ fe k_\ èj`[\ ]ifek Zfm\i gX^\ f] k_`j I]]`Z`Xc MkXk\d\ek- N_\Oe[\ini`k\ij n`cc Y\ fYc`^Xk\[ kf gliZ_Xj\ Xcc jlZ_ M\i`\j 1/1/; <fe[j `] Xep Xi\ gliZ_Xj\[-

N_\ M\i`\j 1/1/; <fe[j dXp Y\ f]]\i\[ Xe[ jfc[ kf Z\ikXè [\Xc\ij 'èZcl[è^ k_\ Oe[\ini`k\ij( Xk gi`Z\jcfn\i k_Xe jlZ_ glYc`Z f]]\iè^ gi`Z\j+ Xe[ jlZ_ glYc`Z f]]\iè^ gi`Z\j dXp Y\ Z_Xe^\[+ ]ifd k`d\ kf k`d\+ Yp k_\Oe[\ini`k\ij-

N_\ Oe[\ini`k\ij Xe[ k_\ì i\jg\Zk`m\ X]]`c`Xk\j Xi\ ]lcc j\im`Z\ ]èXeZ`Xc èjk`klk`fej \e^X^\[ è mXi`fljXZk`m`k`\j+ n_`Z_ dXp èZcl[\ jXc\j Xe[ kiX[è^+ Zfdd\iZ`Xc Xe[ èm\jkd\ek YXebè^+ X[m`jfip+ èm\jkd\ekdXeX^\d\ek+ èm\jkd\ek i\j\XiZ_+ gièZ`gXc èm\jkd\ek+ _\[^è^+ dXib\k dXbè^+ Yifb\iX^\ Xe[ fk_\i ]èXeZ`Xc Xe[efe,]èXeZ`Xc XZk`m`k`\j Xe[ j\im`Z\j- =\ikXè f] k_\ Oe[\ini`k\ij Xe[ k_\ì i\jg\Zk`m\ X]]`c`Xk\j _Xm\ gifm`[\[+ Xe[dXp è k_\ ]lkli\ gifm`[\+ X mXi`\kp f] k_\j\ j\im`Z\j kf k_\ `jjl\i Xe[ kf g\ijfej Xe[ \ek`k`\j n`k_ i\cXk`fej_`gj n`k_k_\ `jjl\i+ ]fi n_`Z_ k_\p i\Z\`m\[ fi n`cc i\Z\`m\ ZljkfdXip ]\\j Xe[ \og\ej\j-

Ce k_\ fi[èXip Zflij\ f] k_\ì mXi`flj Yljè\jj XZk`m`k`\j+ k_\ Oe[\ini`k\ij Xe[ k_\ì i\jg\Zk`m\ X]]`c`Xk\j+f]]`Z\ij+ [ì\Zkfij Xe[ \dgcfp\\j dXp gliZ_Xj\+ j\cc fi _fc[ X YifX[ XiiXp f] èm\jkd\ekj Xe[ XZk`m\cp kiX[\j\Zli`k`\j+ [\i`mXk`m\j+ cfXej+ Zfddf[`k`\j+ Zlii\eZ`\j+ Zi\[`k [\]Xlck jnXgj Xe[ fk_\i ]èXeZ`Xc èjkild\ekj ]fi k_\ìfne XZZflek Xe[ ]fi k_\ XZZflekj f] k_\ì Zljkfd\ij+ Xe[ jlZ_ èm\jkd\ek Xe[ kiX[è^ XZk`m`k`\j dXp èmfcm\ fii\cXk\ kf Xjj\kj+ j\Zli`k`\j Xe[.fi èjkild\ekj f] k_\ `jjl\i '[ì\Zkcp+ Xj ZfccXk\iXc j\Zliè^ fk_\i fYc`^Xk`fej fifk_\in`j\( Xe[.fi g\ijfej Xe[ \ek`k`\j n`k_ i\cXk`fej_`gj n`k_ k_\ `jjl\i- N_\ Oe[\ini`k\ij Xe[ k_\ì i\jg\Zk`m\X]]`c`Xk\j dXp Xcjf Zfddle`ZXk\ è[\g\e[\ek èm\jkd\ek i\Zfdd\e[Xk`fej+ dXib\k Zfcfi fi kiX[è^ `[\Xj Xe[.figlYc`j_ fi \ogi\jj è[\g\e[\ek i\j\XiZ_ m`\nj è i\jg\Zk f] jlZ_ Xjj\kj+ j\Zli`k`\j fi èjkild\ekj Xe[ dXp Xk Xepk`d\ _fc[+ fi i\Zfdd\e[ kf Zc`\ekj k_Xk k_\p j_flc[ XZhlì\+ cfe^ Xe[.fi j_fik gfj`k`fej è jlZ_ Xjj\kj+ j\Zli`k`\j Xe[èjkild\ekj-

?XZ_ f] k_\ ]fccfnè^ gXiXîXg_j è k_`j j\Zk`fe _Xj Y\\e gifm`[\[ Yp fe\ fi dfi\ f] k_\ Oe[\ini`k\ij`[\ek`]`\[ k_\i\è-

<f]; M\Zli`k`\j+ CeZ-+ Xe le[\ini`k\i f] k_\ <fe[j+ _Xj \ek\i\[ èkf X [`jki`Ylk`fe Xî\\d\ek n`k_ `kjX]]`c`Xk\ G\ii`cc FpeZ_+ J`\iZ\+ @\ee\i % Md`k_ CeZfigfiXk\[ 'uGFJ@%Mv(- ;j gXik f] k_`j XiiXe^\d\ek+ <f];M\Zli`k`\j+ CeZ- dXp [`jki`Ylk\ j\Zli`k`\j kf GFJ@%M+ n_`Z_ dXp è klie [`jki`Ylk\ jlZ_ j\Zli`k`\j kf èm\jkfijk_ifl^_ k_\ ]èXeZ`Xc X[m`jfi e\knfib f] GFJ@%M- ;j gXik f] k_`j XiiXe^\d\ek+ <f]; M\Zli`k`\j+ CeZ- dXpZfdg\ejXk\ GFJ@%M Xj X [\Xc\i ]fi k_\ì j\ccè^ \]]fikj n`k_ i\jg\Zk kf k_\ <fe[j-

=`k`îflg AcfYXc GXib\kj CeZ-+ Xe le[\ini`k\i f] k_\ M\i`\j 1/1/; <fe[j+ _Xj \ek\i\[ èkf X i\kX`c[`jki`Ylk`fe Xî\\d\ek n`k_ @`[\c`kp =Xg`kXc GXib\kj+ X [`m`j`fe f] HXk`feXc @èXeZ`Xc M\im`Z\j FF= 'kf^\k_\i n`k_`kj X]]`c`Xk\j+ u@`[\c`kpv(-

OM <XeZfig `j k_\ dXib\kè^ eXd\ f] O-M- <XeZfig Xe[ `kj jlYj`[`Xi`\j+ èZcl[è^ O-M- <XeZfigCem\jkd\ekj+ CeZ-+ n_`Z_ `j j\imè^ Xj Xe Oe[\ini`k\i f] k_\ M\i`\j 1/1/; <fe[j-

22

Q\ccj @Xi^f M\Zli`k`\j `j k_\ kiX[\ eXd\ ]fi Z\ikXè j\Zli`k`\j,i\cXk\[ ZXg`kXc dXib\kj Xe[ èm\jkd\ekYXebè^ j\im`Z\j f] Q\ccj @Xi^f % =fdgXep Xe[ `kj jlYj`[`Xi`\j+ èZcl[è^ Q\ccj @Xi^f <Xeb+ HXk`feXc ;jjfZ`Xk`fe'uQ@<H;v(+ n_`Z_ Zfe[lZkj `kj dle`Z`gXc j\Zli`k`\j jXc\j+ kiX[è^ Xe[ le[\ini`kè^ fg\iXk`fej k_ifl^_ k_\ Q\ccj@Xi^f <Xeb+ H-;- Gle`Z`gXc @èXeZ\ Aiflg+ X j\gXiXk\cp `[\ek`]`XYc\ [\gXikd\ek f] Q\ccj @Xi^f <Xeb+ HXk`feXc;jjfZ`Xk`fe+ i\^`jk\i\[ n`k_ k_\ M\Zli`k`\j Xe[ ?oZ_Xe^\ =fdd`jj`fe Xj X dle`Z`gXc j\Zli`k`\j [\Xc\i glijlXek kfM\Zk`fe 04<'X( f] k_\ M\Zli`k`\j ?oZ_Xe^\ ;Zk f] 0823- Q@<H; _Xj \ek\i\[ èkf Xe Xî\\d\ek 'k_\ uQ@;>`jki`Ylk`fe ;î\\d\ekv( n`k_ `kj X]]`c`Xk\+ Q\ccj @Xi^f =c\Xiè^ M\im`Z\j+ FF= 'n_`Z_ lj\j k_\ kiX[\ eXd\ uQ\ccj@Xi^f ;[m`jfijv( 'uQ@;v(+ ]fi k_\ [`jki`Ylk`fe f] Z\ikXè dle`Z`gXc j\Zli`k`\j f]]\iè^j+ èZcl[è^ k_\ M\i`\j 1/1/;<fe[j- JlijlXek kf k_\ Q@; >`jki`Ylk`fe ;î\\d\ek+ Q@<H; n`cc j_Xi\ X gfik`fe f] `kj le[\ini`kè^Zfdg\ejXk`fe n`k_ i\jg\Zk kf k_\ M\i`\j 1/1/; <fe[j n`k_ Q@;- Q@<H; _Xj Xcjf \ek\i\[ èkf Xe Xî\\d\ek 'k_\uQ@MFF= >`jki`Ylk`fe ;î\\d\ekv( n`k_ `kj X]]`c`Xk\+ Q\ccj @Xi^f M\Zli`k`\j+ FF= 'uQ@MFF=v(+ ]fi k_\[`jki`Ylk`fe f] dle`Z`gXc j\Zli`k`\j f]]\iè^j+ èZcl[è^ k_\ M\i`\j 1/1/; <fe[j- JlijlXek kf k_\ Q@MFF=>`jki`Ylk`fe ;î\\d\ek+ Q@<H; gXpj X gfik`fe f] Q@MFF=&j \og\ej\j YXj\[ fe `kj dle`Z`gXc j\Zli`k`\jkiXejXZk`fej- Q@<H;+ Q@MFF= Xe[ Q@; Xi\ \XZ_ n_fccp,fne\[ jlYj`[`Xi`\j f] Q\ccj @Xi^f % =fdgXep-

F7HJ ,0 ( 9EDJ?DK?D= :?I9BEIKH;

Ce fi[\i kf Xjj`jk k_\ Oe[\ini`k\ij è Zfdgcpè^ n`k_ Llc\ 04Z1,01 gifdlc^Xk\[ Yp k_\ M\Zli`k`\j Xe[?oZ_Xe^\ =fdd`jj`fe le[\i k_\ M\Zli`k`\j ?oZ_Xe^\ ;Zk+ f] 0823+ Xj Xd\e[\[ 'uLlc\ 04Z1,01v(+ k_\ Oe`m\ij`kpn`cc \ek\i èkf X ni`kk\e Xî\\d\ek 'k_\ u=fekèlè^ >`jZcfjli\ ;î\\d\ekv( ]fi k_\ Y\e\]`k f] k_\ Bfc[\ij f] k_\M\i`\j 1/1/; <fe[j n`k_ >`^`kXc ;jjliXeZ\ =\ik`]`ZXk`fe FF=+ Xj [`jZcfjli\ [`jj\dèXk`fe X^\ek Xe[ k_\ Niljk\\-N_\ gifgfj\[ ]fid f] k_\ =fekèlè^ >`jZcfjli\ ;î\\d\ek `j XkkXZ_\[ Xj ;gg\e[ò @ _\i\kf-

F7HJ ,1 ( H7J?D=I

Gff[pwj Cem\jkfij M\im`Z\ 'uGff[pwjv( _Xj Xjj`ê\[ X iXkè^ f] u;X0v n`k_ X jkXYc\ flkcffb kf k_\ M\i`\j1/1/; <fe[j- MkXe[Xi[ % Jffiwj LXkè^j M\im`Z\j+ X [`m`j`fe f] N_\ GZAiXn B`cc =fdgXe`\j+ CeZ- 'uMkXe[Xi[ %Jffiwjv( _Xj Xjj`ê\[ X iXkè^ f] u;;v n`k_ X jkXYc\ flkcffb kf k_\ M\i`\j 1/1/; <fe[j- MlZ_ iXkè^j i\]c\Zk fecpk_\ m`\nj f] jlZ_ fi^Xe`qXk`fej Xe[ Xep [\jì\[ \ogcXeXk`fe f] k_\ j`ê`]`ZXeZ\ f] jlZ_ iXkè^j j_flc[ Y\ fYkXè\[]ifd k_\ iXkè^ X^\eZ`\j Xk k_\ ]fccfnè^ X[[i\jj\j9 MkXe[Xi[ % Jffiwj+ 44 QXk\i Mki\\k+ H\n Sfib+ H\n Sfib0//30: Xe[ Gff[pwj+ 14/ Ai\\en`Z_ Mki\\k+ H\n Sfib+ H\n Sfib 0///6- N_\i\ `j ef XjjliXeZ\ k_Xk jlZ_ iXkè^jn`cc gi\mX`c ]fi Xep ^`m\e g\i`f[ f] k`d\ fi k_Xk k_\p n`cc efk Y\ i\m`j\[ [fnenXi[ fi n`k_[iXne \ekì\cp Yp Xep fiXcc f] jlZ_ iXkè^ X^\eZ`\j `]+ è k_\ al[^d\ek f] Xep fi Xcc f] k_\d+ ZìZldjkXeZ\j jf nXiiXek- ;ep jlZ_ [fnenXi[i\m`j`fe fi n`k_[iXnXc f] jlZ_ iXkè^ fi iXkè^j dXp _Xm\ Xe X[m\ij\ \]]\Zk fe k_\ dXib\k gi`Z\ f] k_\ M\i`\j 1/1/;<fe[j-

F7HJ ,2 ( L;H?<?97J?ED E< C7J>;C7J?97B 9ECFKJ7J?EDI

=Xlj\p >\d^\e % Gffi\+ J-=-+ X ]ìd f] è[\g\e[\ek Z\ik`]`\[ glYc`Z XZZflekXekj+ n`cc [\c`m\i kf >;MHSXe[ k_\ Oe`m\ij`kp `kj i\gfik m\i`]pè^ k_\ dXk_\dXk`ZXc XZZliXZp f] k_\ Xi`k_d\k`ZXc ZfdglkXk`fej n_`Z_ \jkXYc`j_k_\ X[\hlXZp f] k_\ ZXj_+ k_\ dXkliè^ gièZ`gXc Xdflekj Xe[ k_\ èk\i\jk fe k_\ >\]\XjXeZ\ M\Zli`k`\j [\gfj`k\[n`k_ k_\ kiljk\\ le[\i k_\ L\jfclk`fe kf gXp k_\ gièZ`gXc Xe[ i\[\dgk`fe gi`Z\ f] Xe[ èk\i\jk Zfdè^ [l\ fe k_\L\]le[\[ <fe[j fe k_\ì i\jg\Zk`m\ dXkli`kp fi i\[\dgk`fe [Xk\j Xj [\jZi`Y\[ è uJ;LN 3 z NB? L?@OH>CHAJF;H-v =Xlj\p >\d^\e % Gffi\+ J-=- n`cc \ogi\jj ef fgè`fe fe k_\ i\XjfeXYc\e\jj f] k_\ Xjjldgk`fej gifm`[\[kf k_\d+ k_\ c`b\c`_ff[ k_Xk k_\ gièZ`gXc f] Xe[ èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j n`cc Y\ gX`[ Xj [\jZi`Y\[ è k_\jZ_\[lc\j gifm`[\[ kf k_\d+ fi k_\ \oZclj`fej f] k_\ èk\i\jk fe k_\ M\i`\j 1/1/; <fe[j ]ifd îfjj èZfd\ ]fi]\[\iXc èZfd\ kXo gligfj\j-

F7HJ ,3 ( C?I9;BB7D;EKI

L\]\i\eZ\j è k_`j I]]`Z`Xc MkXk\d\ek kf k_\ ;Zk+ k_\ L\jfclk`fe+ k_\ M\i`\j 1/1/; L\jfclk`fe Xe[ k_\ FfXe;î\\d\ek [f efk gligfik kf Y\ Zfdgc\k\- L\]\i kf k_\ ;Zk+ k_\ L\jfclk`fe+ k_\ M\i`\j 1/1/; L\jfclk`fe Xe[ k_\FfXe ;î\\d\ek ]fi ]lcc Xe[ Zfdgc\k\ [\kX`cj f] k_\ì gifm`j`fej- =fg`\j f] k_\ L\jfclk`fe+ k_\ M\i`\j 1/1/;L\jfclk`fej Xe[ k_\ FfXe ;î\\d\ek Xi\ fe ]`c\ n`k_ >;MHS Xe[ k_\ Niljk\\-

23

N_\ Xî\\d\ekj f] >;MHS n`k_ Bfc[\ij f] k_\ M\i`\j 1/1/; <fe[j Xi\ ]lccp j\k ]fik_ è k_\ L\jfclk`fe-H\`k_\i Xep X[m\ik`j\d\ek f] k_\ M\i`\j 1/1/; <fe[j efi k_`j I]]`Z`Xc MkXk\d\ek `j kf Y\ Zfejkil\[ Xj X ZfekiXZkn`k_ gliZ_Xj\ij f] k_\ M\i`\j 1/1/; <fe[j-

;ep jkXk\d\ekj è k_`j I]]`Z`Xc MkXk\d\ek èmfcmè^ dXkk\ij f] fgè`fe+ n_\k_\i fi efk \ogi\jjcp jkXk\[+ Xi\èk\e[\[ d\i\cp Xj \ogi\jj`fej f] fgè`fe Xe[ efk Xj i\gi\j\ekXk`fej f] ]XZk-

N_\ è]fidXk`fe j\k ]fik_ _\i\è i\cXkè^ kf >;MHS le[\i k_\ _\X[è^ u>;MHSv _Xj Y\\e fYkXè\[ ]ifd>;MHS- ;cc fk_\i è]fidXk`fe _\i\è _Xj Y\\e fYkXè\[ Yp k_\ Oe[\ini`k\ij ]ifd k_\ Oe`m\ij`kp Xe[ fk_\i jfliZ\j[\\d\[ kf Y\ i\c`XYc\ Yp k_\ Oe[\ini`k\ij+ Xe[ `j efk kf Y\ Zfejkil\[ Xj X i\gi\j\ekXk`fe Yp >;MHS fi k_\Oe[\ini`k\ij- >;MHS [f\j efk nXiiXek k_\ XZZliXZp f] k_\ jkXk\d\ekj ZfekXè\[ _\i\è i\cXkè^ kf k_\ Oe`m\ij`kp+efi [f\j >;MHS [ì\Zkcp fi è[ì\Zkcp ^lXiXek\\+ \e[fij\ fi nXiiXek '0( k_\ Zi\[`knfik_è\jj fi Zi\[`k jkXe[è^ f]k_\ Oe`m\ij`kp+ '1( k_\ jl]]`Z`\eZp f] k_\ j\Zli`kp ]fi k_\ M\i`\j 1/1/; <fe[j fi '2( k_\ mXcl\ fi k_\ èm\jkd\ekhlXc`kp f] k_\ M\i`\j 1/1/; <fe[j-

u;gg\e[ò ; , >\]è`k`fej+v u;gg\e[ò = , MlddXip f] =\ikXè Jifm`j`fej f] k_\ FfXe ;î\\d\ek Xe[Jifgfj\[ ;d\e[d\ekj+v u;gg\e[ò > , MlddXip f] =\ikXè Jifm`j`fej f] k_\ L\jfclk`fe Xe[ Jifgfj\[;d\e[d\ekjv Xe[ u;gg\e[ò ? , @fid f] ;ggifmè^ Igè`fe f] <fe[ =flej\cv _Xm\ Y\\e gi\gXi\[ Yp Iii`Zb+B\iiè^kfe % MlkZc`]]\ FFJ+ H\n Sfib+ H\n Sfib+ <fe[ =flej\c-

N_\ Zfejfc`[Xk\[ jkXk\d\ekj f] ]èXeZ`Xc gfj`k`fe Xj f] Dle\ 2/+ 1/08 Xe[ 1/07+ k_\ i\cXk\[ Zfejfc`[Xk\[jkXk\d\ek f] XZk`m`k`\j ]fi k_\ p\Xi \e[\[ Dle\ 2/+ 1/08+ Xe[ k_\ i\cXk\[ Zfejfc`[Xk\[ jkXk\d\ekj f] ZXj_ ]cfnj ]fi k_\p\Xij \e[\[ Dle\ 2/+ 1/08 Xe[ 1/07+ èZcl[\[ è ;gg\e[ò < è k_`j I]]`Z`Xc MkXk\d\ek+ _Xm\ Y\\e Xl[`k\[ YpJi`Z\nXk\i_flj\=ffg\ij FFJ+ è[\g\e[\ek XZZflekXekj+ Xj jkXk\[ è k_\ì i\gfik Xgg\Xiè^ k_\i\è-

N_\ Oe`m\ij`kp _Xj i\m`\n\[ k_\ gXikj f] k_`j I]]`Z`Xc MkXk\d\ek [\jZi`Yè^ k_\ Oe`m\ij`kp+ k_\ L\]le[è^JcXe+ k_\ ?jk`dXk\[ MfliZ\j Xe[ Oj\j f] @le[j Xe[ ;gg\e[ò <- N_\ Oe`m\ij`kp j_Xcc Z\ik`]p Xj f] k_\ [Xk\j f] jXc\Xe[ [\c`m\ip f] k_\ M\i`\j 1/1/; <fe[j k_Xk jlZ_ gXikj [f efk ZfekXè Xep lekil\ jkXk\d\ek f] X dXk\i`Xc ]XZk Xe[ [fefk fd`k kf jkXk\ Xep dXk\i`Xc ]XZk e\Z\jjXip kf dXb\ k_\ jkXk\d\ekj dX[\ k_\i\è+ è k_\ c`^_k f] k_\ ZìZldjkXeZ\jle[\i n_`Z_ k_\ jkXk\d\ekj Xi\ dX[\+ efk d`jc\X[è^-

N_\ Oe`m\ij`kp _Xj Xî\\[ kf è[\de`]p >;MHS+ k_\ Oe[\ini`k\ij Xe[ Z\ikXè fk_\ij X^Xèjk cfjj\j+ZcX`dj+ [XdX^\j Xe[ c`XY`c`k`\j Xi`jè^ flk f] Xep lekil\ jkXk\d\ekj fi fd`jj`fej f] jkXk\d\ekj f] Xep dXk\i`Xc ]XZkXj [\jZi`Y\[ è k_\ gi\Z\[è^ gXiXîXg_-

35

The execution and delivery of this Official Statement by an Authorized Officer have been duly authorized

by DASNY.

DORMITORY AUTHORITY OF

THE STATE OF NEW YORK

By: __________________________

Authorized Officer

[THIS PAGE INTENTIONALLY LEFT BLANK]

7FF;D:?N 7

:;<?D?J?EDI

N_\ ]fccfnè^ Xi\ [\]è`k`fej f] Z\ikXè k\idj lj\[ è k_`j I]]`Z`Xc MkXk\d\ek-

“Accreted Value” d\Xej n`k_ i\jg\Zk kf Xep =Xg`kXc ;ggi\Z`Xk`fe <fe[ '`( Xj f] Xep PXclXk`fe >Xk\+ k_\Xdflek j\k ]fik_ ]fi jlZ_ [Xk\ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ =Xg`kXc ;ggi\Z`Xk`fe <fe[ fi X <fe[ M\i`\j=\ik`]`ZXk\ Xe[ '``( Xj f] Xep [Xk\ fk_\i k_Xe X PXclXk`fe >Xk\+ k_\ jld f] 'X( k_\ ;ZZi\k\[ PXcl\ fe k_\ gi\Z\[è^PXclXk`fe >Xk\ Xe[ 'Y( k_\ gif[lZk f] '0( X ]iXZk`fe+ k_\ eld\iXkfi f] n_`Z_ `j k_\ eldY\i f] [Xpj _Xmè^ \cXgj\[]ifd k_\ gi\Z\[è^ PXclXk`fe >Xk\ Xe[ k_\ [\efdèXkfi f] n_`Z_ `j k_\ eldY\i f] [Xpj ]ifd jlZ_ gi\Z\[è^PXclXk`fe >Xk\ kf k_\ e\ok jlZZ\\[è^ PXclXk`fe >Xk\+ ZXcZlcXk\[ YXj\[ fe k_\ Xjjldgk`fe k_Xk ;ZZi\k\[ PXcl\XZZil\j [liè^ Xep j\d`,XeelXc g\i`f[ è \hlXc [X`cp Xdflekj fe k_\ YXj`j f] X p\Xi f] kn\cm\ k_ìkp,[Xp dfek_j+Xe[ '1( k_\ [`]]\i\eZ\ Y\kn\\e k_\ ;ZZi\k\[ PXcl\j ]fi jlZ_ PXclXk`fe >Xk\j-

“Act” d\Xej k_\ >fid`kfip ;lk_fi`kp ;Zk 'Y\è^ =_Xgk\i 413 f] k_\ FXnj f] 0833 f] k_\ MkXk\+ XjXd\e[\[+ Xe[ Zfejk`klkè^ N`kc\ 3 f] ;ik`Zc\ 7 f] k_\ JlYc`Z ;lk_fi`k`\j FXn+ Xj Xd\e[\[(-

“Annual Administrative Fee” d\Xej k_\ ]\\ gXpXYc\ [liè^ \XZ_ <fe[ S\Xi ]fi k_\ ^\e\iXc X[dè`jkiXk`m\

Xe[ jlg\im`jfip \og\ej\j f] k_\ ;lk_fi`kp è Xe Xdflek dfi\ gXik`ZlcXicp [\jZi`Y\[ è k_\ FfXe ;î\\d\ek-

“Appreciated Value” d\Xej n`k_ i\jg\Zk kf Xep >\]\ii\[ CeZfd\ <fe[ '`( Xj f] Xep PXclXk`fe >Xk\+ k_\Xdflek j\k ]fik_ ]fi jlZ_ [Xk\ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ >\]\ii\[ CeZfd\ <fe[ fi X <fe[ M\i`\j=\ik`]`ZXk\ Xe[ '``( Xj f] Xep [Xk\ fk_\i k_Xe X PXclXk`fe >Xk\+ k_\ jld f] 'X( k_\ ;ggi\Z`Xk\[ PXcl\ fe k_\gi\Z\[è^ PXclXk`fe >Xk\ Xe[ 'Y( k_\ gif[lZk f] '0( X ]iXZk`fe+ k_\ eld\iXkfi f] n_`Z_ `j k_\ eldY\i f] [Xpj _Xmè^\cXgj\[ ]ifd k_\ gi\Z\[è^ PXclXk`fe >Xk\ Xe[ k_\ [\efdèXkfi f] n_`Z_ `j k_\ eldY\i f] [Xpj ]ifd jlZ_ gi\Z\[è^PXclXk`fe >Xk\ kf k_\ e\ok jlZZ\\[è^ PXclXk`fe >Xk\+ ZXcZlcXk\[ YXj\[ fe k_\ Xjjldgk`fe k_Xk ;ggi\Z`Xk\[ PXcl\XZZil\j [liè^ Xep j\d`,XeelXc g\i`f[ è \hlXc [X`cp Xdflekj fe k_\ YXj`j f] X p\Xi f] kn\cm\ k_ìkp,[Xp dfek_j+Xe[ '1( k_\ [`]]\i\eZ\ Y\kn\\e k_\ ;ggi\Z`Xk\[ PXcl\j ]fi jlZ_ PXclXk`fe >Xk\j+ Xe[ '```( Xj f] Xep [Xk\ f]ZfdglkXk`fe fe Xe[ X]k\i k_\ Cek\i\jk =fdd\eZ\d\ek >Xk\+ k_\ ;ggi\Z`Xk\[ PXcl\ fe k_\ Cek\i\jk =fdd\eZ\d\ek>Xk\-

“Arbitrage Rebate Fund” d\Xej k_\ ]le[ jf [\j`êXk\[+ Zi\Xk\[ Xe[ \jkXYc`j_\[ glijlXek kf k_\L\jfclk`fe-

“Authority” d\Xej k_\ >fid`kfip ;lk_fi`kp f] k_\ MkXk\ f] H\n Sfib+ X Yf[p ZfigfiXk\ Xe[ gfc`k`ZZfejk`klkè^ X glYc`Z Y\e\]`k ZfigfiXk`fe f] k_\ MkXk\ Zi\Xk\[ Yp k_\ ;Zk+ fi Xep Yf[p+ X^\eZp fi èjkild\ekXc`kp f]k_\ MkXk\ n_`Z_ jlZZ\\[j kf k_\ i`^_kj+ gfn\ij+ [lk`\j Xe[ ]leZk`fej f] k_\ ;lk_fi`kp-

“Authority Fee” d\Xej k_\ ]\\ gXpXYc\ kf k_\ ;lk_fi`kp Zfej`jkè^ f] Xcc f] k_\ ;lk_fi`kp&j èk\ieXc ZfjkjXe[ fm\i_\X[ \og\ej\j Xkki`YlkXYc\ kf k_\ `jjlXeZ\ f] k_\ <fe[j f] X M\i`\j Xe[ k_\ ZfejkilZk`fe f] k_\ Jifa\Zkj+ Xjdfi\ gXik`ZlcXicp [\jZi`Y\[ è k_\ FfXe ;î\\d\ek-

“Authorized Newspaper” d\Xej N_\ <fe[ <lp\i fi Xep fk_\i e\njgXg\i f] ^\e\iXc ZìZlcXk`fe gièk\[ èk_\ ?e^c`j_ cXe^lX^\ Xe[ ZljkfdXi`cp glYc`j_\[ Xk c\Xjk feZ\ X [Xp ]fi Xk c\Xjk ]`m\ [Xpj 'fk_\i k_Xe c\^Xc _fc`[Xpj(è \XZ_ ZXc\e[Xi n\\b è k_\ <fifl^_ f] GXe_XkkXe+ =`kp Xe[ MkXk\ f] H\n Sfib+ [\j`êXk\[ Yp k_\ ;lk_fi`kp-

“Authorized Officer” d\Xej '`( è k_\ ZXj\ f] k_\ ;lk_fi`kp+ k_\ =_Xì+ k_\ P`Z\,=_Xì+ k_\ Ni\Xjli\i+ Xe;jj`jkXek Ni\Xjli\i+ k_\ M\Zi\kXip+ Xe ;jj`jkXek M\Zi\kXip+ k_\ ?o\Zlk`m\ >ì\Zkfi+ k_\ >\glkp ?o\Zlk`m\ >ì\Zkfi+k_\ =_`\] @èXeZ`Xc I]]`Z\i+ k_\ GXeX^è^ >ì\Zkfi f] JlYc`Z @èXeZ\+ k_\ GXeX^è^ >ì\Zkfi f] =fejkilZk`fe+ k_\GXeX^è^ >ì\Zkfi f] Jfc`Zp Xe[ JifîXd >\m\cfgd\ek+ k_\ =_`\] @èXeZ`Xc I]]`Z\i+ k_\ A\e\iXc =flej\c+ k_\>\glkp A\e\iXc =flej\c+ k_\ ;jjfZ`Xk\ A\e\iXc =flej\c+ Xe[ Xe ;jj`jkXek A\e\iXc =flej\c+ Xe[ n_\e lj\[ n`k_i\]\i\eZ\ kf Xep XZk fi [fZld\ek Xcjf d\Xej Xep fk_\i g\ijfe Xlk_fi`q\[ Yp X i\jfclk`fe fi k_\ Yp,cXnj f] k_\;lk_fi`kp kf g\i]fid jlZ_ XZk fi \o\Zlk\ jlZ_ [fZld\ek: '``( è k_\ ZXj\ f] k_\ Oe`m\ij`kp+ Xep f]]`Z\i f] k_\Oe`m\ij`kp+ Xe[ n_\e lj\[ n`k_ i\]\i\eZ\ kf Xep XZk fi [fZld\ek+ d\Xej k_\ g\ijfe fi g\ijfej Xlk_fi`q\[ Yp Xi\jfclk`fe fi k_\ Yp,cXnj f] k_\ Oe`m\ij`kp+ fi [\j`êXk\[ è ni`kè^ Yp Xe f]]`Z\i f] k_\ Oe`m\ij`kp kf XZk fe jlZ_f]]`Z\i&j Y\_Xc]+ kf g\i]fid jlZ_ XZk fi \o\Zlk\ jlZ_ [fZld\ek: Xe[ '```( è k_\ ZXj\ f] k_\ Niljk\\+ Xep f]]`Z\i f] k_\

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Niljk\\ n`k_ [ì\Zk i\jgfej`Y`c`kp ]fi k_\ X[dè`jkiXk`fe f] k_\ L\jfclk`fe Xe[ Xcjf d\Xej Xep fk_\i g\ijfeXlk_fi`q\[ kf g\i]fid Xep XZk fi j`ê Xep [fZld\ek Yp fi glijlXek kf X i\jfclk`fe f] k_\ <fXi[ f] >ì\Zkfij f] k_\Niljk\\ fi k_\ Yp,cXnj f] k_\ Niljk\\-

“Bond or Bonds” d\Xej Xep f] k_\ Yfe[j f] k_\ ;lk_fi`kp Xlk_fi`q\[ glijlXek kf k_\ L\jfclk`fe Xe[`jjl\[ glijlXek k_\ L\jfclk`fe Xe[ kf X M\i`\j L\jfclk`fe-

“Bond Counsel” d\Xej Xe Xkkfie\p fi X cXn ]ìd+ Xggfèk\[ Yp k_\ ;lk_fi`kp+ _Xmè^ X eXk`feXc i\glkXk`feè k_\ ]`\c[ f] dle`Z`gXc cXn n_fj\ fgè`fej Xi\ ^\e\iXccp XZZ\gk\[ Yp gliZ_Xj\ij f] dle`Z`gXc fYc`^Xk`fej-

“Bondholder or Holder of Bonds or Holder” fi Xep j`d`cXi k\id+ n_\e lj\[ n`k_ i\]\i\eZ\ kf X <fe[ fi<fe[j+ d\Xej Xep g\ijfe n_f j_Xcc Y\ k_\ i\^`jk\i\[ fne\i f] Xep IlkjkXe[è^ <fe[-

“Bond Purchase Fund” d\Xej k_\ ]le[ jf [\j`êXk\[+ Zi\Xk\[ Xe[ \jkXYc`j_\[ glijlXek kf k_\ L\jfclk`fe-

“Bond Series Certificate” d\Xej X Z\ik`]`ZXk\ f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp ]òè^ k\idj+Zfe[`k`fej Xe[ fk_\i [\kX`cj f] <fe[j è XZZfi[XeZ\ n`k_ k_\ [\c\^Xk`fe f] gfn\i kf [f jf le[\i k_\ L\jfclk`fe file[\i X M\i`\j L\jfclk`fe+ Xj jlggc\d\ek\[ fi Xd\e[\[-

“Bond Year” d\Xej X g\i`f[ f] kn\cm\ '01( Zfej\Zlk`m\ dfek_j Y\^èeè^ Dlcp 0 è Xep ZXc\e[Xi p\Xi Xe[\e[è^ fe Dle\ 2/ f] k_\ jlZZ\\[è^ ZXc\e[Xi p\Xi-

“Book-Entry Bond” d\Xej X <fe[ Xlk_fi`q\[ kf Y\ `jjl\[+ Xe[ `jjl\[ kf Xe[ i\^`jk\i\[ è k_\ eXd\ f]+ X>\gfj`kfip ]fi k_\ gXik`Z`gXekj è jlZ_ >\gfj`kfip fi k_\ Y\e\]`Z`Xc fne\i f] jlZ_ <fe[-

“Business Day” d\Xej Xep [Xp n_`Z_ `j efk X MXkli[Xp+ Mle[Xp fi X c\^Xc _fc`[Xp è k_\ MkXk\ fi X [Xp fen_`Z_ YXebè^ èjk`klk`fej Z_Xik\i\[ Yp k_\ MkXk\ fi k_\ Oe`k\[ MkXk\j f] ;d\i`ZX fi k_\ Niljk\\+ Xi\ c\^XccpXlk_fi`q\[ kf Zcfj\ è N_\ =`kp f] H\n Sfib: gifm`[\[ k_Xk+ n`k_ i\jg\Zk kf Igk`fe <fe[j Xe[ PXi`XYc\ LXk\ <fe[jf] X M\i`\j+ jlZ_ X k\id d\Xej Xep [Xp n_`Z_ `j efk X MXkli[Xp+ Mle[Xp fi X c\^Xc _fc`[Xp è k_\ MkXk\ fi X [Xp fen_`Z_ k_\ H\n Sfib MkfZb ?oZ_Xe^\+ YXebè^ èjk`klk`fej Z_Xik\i\[ Yp k_\ MkXk\ fi k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+k_\ Niljk\\ fi k_\ `jjl\i f] k_\ =i\[`k @XZ`c`kp fi F`hl`[`kp @XZ`c`kp ]fi jlZ_ <fe[j Xi\ c\^Xccp Xlk_fi`q\[ kf Zcfj\ èN_\ =`kp f] H\n Sfib-

“Capital Appreciation Bond” d\Xej Xep <fe[ Xj kf n_`Z_ èk\i\jk `j Zfdgfle[\[ fe \XZ_ PXclXk`fe >Xk\k_\i\]fi Xe[ `j gXpXYc\ fecp Xk k_\ dXkli`kp fi gi`fi i\[\dgk`fe k_\i\f]-

“Code” d\Xej k_\ Cek\ieXc L\m\el\ =f[\ f] 0875 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ Xe[ k_\ Xggc`ZXYc\i\^lcXk`fej k_\i\le[\i-

“Contract Documents” d\Xej Xep ^\e\iXc ZfekiXZk fi Xî\\d\ek ]fi k_\ ZfejkilZk`fe f] X Jifa\Zk+ efk`Z\ kfY`[[\ij+ è]fidXk`fe ]fi Y`[[\ij+ ]fid f] Y`[+ ^\e\iXc Zfe[`k`fej+ jlggc\d\ekXc ^\e\iXc Zfe[`k`fej+ ^\e\iXci\hlì\d\ekj+ jlggc\d\ekXc ^\e\iXc i\hlì\d\ekj+ Yfe[j+ gcXej Xe[ jg\Z`]`ZXk`fej+ X[[\e[X+ Z_Xe^\ fi[\ij+ Xe[ Xepfk_\i [fZld\ekj \ek\i\[ èkf fi gi\gXi\[ Yp fi fe Y\_Xc] f] k_\ Oe`m\ij`kp i\cXkè^ kf k_\ ZfejkilZk`fe f] X Jifa\Zk+Xe[ Xep Xd\e[d\ekj kf k_\ ]fi\^fè^-

“Cost or Costs of Issuance” d\Xej k_\ `k\dj f] \og\ej\ èZlii\[ è Zfee\Zk`fe n`k_ k_\ gi\gXiXk`fe+Xlk_fi`qXk`fe+ jXc\ Xe[ `jjlXeZ\ f] <fe[j Xe[ k_\ gi\gXiXk`fe Xe[ \o\Zlk`fe f] k_\ FfXe ;î\\d\ek+ n_`Z_ `k\dj f]\og\ej\ j_Xcc èZcl[\+ Ylk efk Y\ c`d`k\[ kf+ [fZld\ek gièkè^ Xe[ i\gif[lZk`fe Zfjkj+ ]`cè^ Xe[ i\Zfi[è^ ]\\j+Zfjkj f] Zi\[`k iXkè^j+ è`k`Xc ]\\j Xe[ Z_Xi^\j f] k_\ Niljk\\+ c\^Xc ]\\j Xe[ Z_Xi^\j+ gif]\jj`feXc ZfejlckXekjw ]\\j+]\\j Xe[ Z_Xi^\j ]fi \o\Zlk`fe+ kiXejgfikXk`fe Xe[ jX]\b\\gè^ f] <fe[j+ gi\d`ldj+ ]\\j Xe[ Z_Xi^\j ]fi èjliXeZ\fe <fe[j+ Zfdd`kd\ek ]\\j fi j`d`cXi Z_Xi^\j i\cXkè^ kf X =i\[`k @XZ`c`kp fi X F`hl`[`kp @XZ`c`kp+ Zfjkj Xe[\og\ej\j f] i\]le[è^ <fe[j fi fk_\i Yfe[j fi efk\j f] k_\ ;lk_fi`kp+ Zfjkj Xe[ \og\ej\j èZlii\[ glijlXek kf XL\dXib\kè^ ;î\\d\ek+ Xe[ fk_\i Zfjkj+ Z_Xi^\j Xe[ ]\\j+ èZcl[è^ k_\ ;lk_fi`kp @\\+ è Zfee\Zk`fe n`k_ k_\]fi\^fè^-

“Cost or Costs of a Project” d\Xej Zfjkj Xe[ \og\ej\j fi k_\ i\]èXeZè^ f] Zfjkj Xe[ \og\ej\j [\k\idè\[Yp k_\ ;lk_fi`kp kf Y\ e\Z\jjXip è Zfee\Zk`fe n`k_ X Jifa\Zk+ èZcl[è^+ Ylk efk c`d`k\[ kf+ '`( Zfjkj Xe[ \og\ej\j f]k_\ XZhl`j`k`fe f] k_\ k`kc\ kf fi fk_\i èk\i\jk è i\Xc gifg\ikp+ èZcl[è^ \Xj\d\ekj+ i`^_kj,f],nXp Xe[ c`Z\ej\j+ '``(

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Zfjk Xe[ \og\ej\j èZlii\[ ]fi cXYfi Xe[ dXk\i`Xcj Xe[ gXpd\ekj kf ZfekiXZkfij+ Yl`c[\ij Xe[ dXk\i`Xcd\e+ ]fi k_\XZhl`j`k`fe+ ZfejkilZk`fe+ i\ZfejkilZk`fe+ i\_XY`c`kXk`fe+ i\gXì Xe[ `dgifm\d\ek f] jlZ_ Jifa\Zk+ '```( k_\ Zfjk f]jli\kp Yfe[j Xe[ èjliXeZ\ f] Xcc bè[j+ èZcl[è^ gi\d`ldj Xe[ fk_\i Z_Xi^\j è Zfee\Zk`fe n`k_ fYkXèè^ k`kc\èjliXeZ\+ k_Xk dXp Y\ i\hlì\[ fi e\Z\jjXip gi`fi kf Zfdgc\k`fe f] jlZ_ Jifa\Zk+ n_`Z_ `j efk gX`[ Yp X ZfekiXZkfi fifk_\in`j\ gifm`[\[ ]fi+ '`m( k_\ Zfjkj Xe[ \og\ej\j ]fi [\j`ê+ \emìfed\ekXc èjg\Zk`fej Xe[ Xjj\jjd\ekj+ k\jkYfiè^j+ jlim\pj+ \jk`dXk\j+ gcXej Xe[ jg\Z`]`ZXk`fej Xe[ gi\c`dèXip èm\jk`^Xk`fej k_\i\]fi+ Xe[ ]fi jlg\im`jè^ZfejkilZk`fe f] jlZ_ Jifa\Zk+ 'm( Zfjkj Xe[ \og\ej\j i\hlì\[ ]fi k_\ XZhl`j`k`fe f] \hl`gd\ek fi dXZ_è\ip+ 'm`( Xccfk_\i Zfjkj n_`Z_ k_\ Oe`m\ij`kp j_Xcc Y\ i\hlì\[ kf gXp ]fi k_\ XZhl`j`k`fe+ ZfejkilZk`fe+ i\ZfejkilZk`fe+i\_XY`c`kXk`fe+ i\gXì+ `dgifm\d\ek Xe[ \hl`ggè^ f] jlZ_ Jifa\Zk+ 'm``( Xep jldj i\hlì\[ kf i\`dYlij\ k_\Oe`m\ij`kp fi k_\ ;lk_fi`kp ]fi X[mXeZ\j dX[\ Yp k_\d ]fi Xep f] k_\ XYfm\ `k\dj fi ]fi fk_\i Zfjkj èZlii\[ Xe[ ]finfib [fe\ Yp k_\d è Zfee\Zk`fe n`k_ jlZ_ Jifa\Zk 'èZcl[è^ èk\i\jk fe dfe\pj Yfiifn\[ ]ifd gXik`\j fk_\i k_Xek_\ Oe`m\ij`kp(+ 'm```( èk\i\jk fe <fe[j gi`fi kf+ [liè^ Xe[ ]fi X i\XjfeXYc\ g\i`f[ X]k\i k_\ XZhl`j`k`fe+ZfejkilZk`fe+ i\ZfejkilZk`fe+ i\_XY`c`kXk`fe+ i\gXì+ `dgifm\d\ek fi \hl`ggè^ f] jlZ_ gifa\Zk+ Xe[ 'ò( ]\\j+ \og\ej\jXe[ c`XY`c`k`\j f] k_\ ;lk_fi`kp èZlii\[ è Zfee\Zk`fe n`k_ jlZ_ Jifa\Zk fi glijlXek kf k_\ FfXe ;î\\d\ek+ k_\L\jfclk`fe+ X =i\[`k @XZ`c`kp+ X F`hl`[`kp @XZ`c`kp fi X L\dXib\kè^ ;î\\d\ek-

“Credit Facility” d\Xej Xe ìi\mfZXYc\ c\kk\i f] Zi\[`k+ jli\kp Yfe[+ cfXe Xî\\d\ek+ fi fk_\i Xî\\d\ek+]XZ`c`kp fi èjliXeZ\ fi ^lXiXekp XiiXe^\d\ek `jjl\[ fi \ok\e[\[ Yp X YXeb+ X kiljk ZfdgXep+ X eXk`feXc YXebè^XjjfZ`Xk`fe+ Xe fi^Xe`qXk`fe jlYa\Zk kf i\^`jkiXk`fe n`k_ k_\ <fXi[ f] Afm\iefij f] k_\ @\[\iXc L\j\im\ Mpjk\d le[\ik_\ <Xeb Bfc[è^ =fdgXep ;Zk f] 0845 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ X ]\[\iXc YiXeZ_ glijlXek kf k_\Cek\ieXk`feXc <Xebè^ ;Zk f] 0867 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ X [fd\jk`Z YiXeZ_ fi X^\eZp f] X ]fi\`êYXeb n_`Z_ YiXeZ_ fi X^\eZp `j [lcp c`Z\ej\[ fi Xlk_fi`q\[ kf [f Yljè\jj le[\i k_\ cXnj f] Xep jkXk\ fi k\ii`kfip f]k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ X jXmè^j YXeb+ X jXmè^ Xe[ cfXe XjjfZ`Xk`fe+ Xe èjliXeZ\ ZfdgXep fi XjjfZ`Xk`feZ_Xik\i\[ fi fi^Xe`q\[ le[\i k_\ cXnj f] Xep jkXk\ f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ k_\ Afm\ied\ek HXk`feXcGfik^X^\ ;jjfZ`Xk`fe fi Xep jlZZ\jjfi k_\i\kf+ k_\ @\[\iXc HXk`feXc Gfik^X^\ ;jjfZ`Xk`fe fi Xep jlZZ\jjfi k_\i\kf+fi Xep fk_\i ]\[\iXc X^\eZp fi èjkild\ekXc`kp Xggifm\[ Yp k_\ ;lk_fi`kp+ glijlXek kf n_`Z_ k_\ ;lk_fi`kp fi k_\Niljk\\ `j \ek`kc\[ kf fYkXè dfe\pj kf gXp k_\ gièZ`gXc+ gliZ_Xj\ gi`Z\ fi L\[\dgk`fe Ji`Z\ f] Igk`fe <fe[j [l\ èXZZfi[XeZ\ n`k_ k_\ì k\idj fi k\e[\i\[ ]fi gliZ_Xj\ fi i\[\dgk`fe+ gclj XZZil\[ èk\i\jk k_\i\fe kf k_\ [Xk\ f]gXpd\ek+ gliZ_Xj\ fi i\[\dgk`fe k_\i\f] è XZZfi[XeZ\ _\i\n`k_ Xe[ n`k_ k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_<fe[j fi X <fe[ M\i`\j =\ik`]`ZXk\+ n_\k_\i fi efk k_\ ;lk_fi`kp `j è [\]Xlck _\i\le[\i fi k_\ Oe`m\ij`kp `j è[\]Xlck le[\i k_\ FfXe ;î\\d\ek-

“Debt” d\Xej è[\Yk\[e\jj ]fi Yfiifn\[ dfe\p n_\k_\i fi efk \m`[\eZ\[ Yp efk\j+ Yfe[j+ [\Y\ekli\j fifk_\i j`d`cXi \m`[\eZ\j f] è[\Yk\[e\jj+ fi Xep ^lXiXek\\ f] è[\Yk\[e\jj ]fi Yfiifn\[ dfe\p+ èZcl[è^è[\Yk\[e\jj le[\i gliZ_Xj\ dfe\p dfik^X^\j+ ZXg`kXc c\Xj\j+ èjkXccd\ek jXc\j ZfekiXZkj Xe[ j`d`cXi j\Zli`kpXiiXe^\d\ekj n_`Z_ Xgg\Xi Xj [\Yk fe k_\ Xl[`k\[ YXcXeZ\ j_\\k f] k_\ Oe`m\ij`kp-

“Debt Service Fund” d\Xej k_\ ]le[ jf [\j`êXk\[+ Zi\Xk\[ Xe[ \jkXYc`j_\[ glijlXek kf k_\ L\jfclk`fe-

“Defeasance Security” d\Xej 'X( X [ì\Zk fYc`^Xk`fe f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ Xe fYc`^Xk`fe k_\gièZ`gXc f] Xe[ èk\i\jk fe n_`Z_ Xi\ ^lXiXek\\[ Yp k_\ Oe`k\[ MkXk\j f] ;d\i`ZX 'fk_\i k_Xe Xe fYc`^Xk`fe k_\gXpd\ek f] k_\ gièZ`gXc f] n_`Z_ `j efk ]ò\[ Xj kf Xdflek fi k`d\ f] gXpd\ek(+ Xe fYc`^Xk`fe kf n_`Z_ k_\ ]lcc ]X`k_Xe[ Zi\[`k f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX Xi\ gc\[^\[ 'fk_\i k_Xe Xe fYc`^Xk`fe k_\ gXpd\ek f] k_\ gièZ`gXc f]n_`Z_ `j efk ]ò\[ Xj kf Xdflek fi k`d\ f] gXpd\ek( Xe[ X Z\ik`]`ZXk\ fi fk_\i èjkild\ek n_`Z_ \m`[\eZ\j k_\fne\ij_`g f]+ fi k_\ i`^_k kf i\Z\`m\ Xcc fi X gfik`fe f] k_\ gXpd\ek f] k_\ gièZ`gXc f] fi èk\i\jk fe+ [ì\ZkfYc`^Xk`fej f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ n_`Z_+ è \XZ_ ZXj\+ `j efk jlYa\Zk kf i\[\dgk`fe gi`fi kf dXkli`kp fk_\ik_Xe Xk k_\ fgk`fe f] k_\ _fc[\i k_\i\f] fi n_`Z_ _Xj Y\\e ìi\mfZXYcp ZXcc\[ ]fi i\[\dgk`fe fe X jkXk\[ ]lkli\ [Xk\ fi'Y( Xe ?o\dgk IYc`^Xk`fe '`( n_`Z_ `j efk jlYa\Zk kf i\[\dgk`fe gi`fi kf dXkli`kp fk_\i k_Xe Xk k_\ fgk`fe f] k_\_fc[\i k_\i\f] fi Xj kf n_`Z_ ìi\mfZXYc\ èjkilZk`fej _Xm\ Y\\e ^`m\e kf k_\ kiljk\\ f] jlZ_ ?o\dgk IYc`^Xk`fe Ypk_\ fYc`^fi k_\i\f] kf ^`m\ [l\ efk`Z\ f] i\[\dgk`fe Xe[ kf ZXcc jlZ_ ?o\dgk IYc`^Xk`fe ]fi i\[\dgk`fe fe k_\ [Xk\fi [Xk\j jg\Z`]`\[ è jlZ_ èjkilZk`fej Xe[ jlZ_ ?o\dgk IYc`^Xk`fe `j efk fk_\in`j\ jlYa\Zk kf i\[\dgk`fe gi`fi kfjlZ_ jg\Z`]`\[ [Xk\ fk_\i k_Xe Xk k_\ fgk`fe f] k_\ _fc[\i k_\i\f]+ '``( n_`Z_ `j j\Zli\[ Xj kf gièZ`gXc Xe[ èk\i\jk Xe[i\[\dgk`fe gi\d`ld+ `] Xep+ Yp X ]le[ Zfej`jkè^ fecp f] ZXj_ fi [ì\Zk fYc`^Xk`fej f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZXn_`Z_ ]le[ dXp Y\ Xggc`\[ fecp kf k_\ gXpd\ek f] jlZ_ gièZ`gXc f] Xe[ èk\i\jk Xe[ i\[\dgk`fe gi\d`ld+ `] Xep+ fejlZ_ ?o\dgk IYc`^Xk`fe fe k_\ dXkli`kp [Xk\ k_\i\f] fi k_\ i\[\dgk`fe [Xk\ jg\Z`]`\[ è k_\ ìi\mfZXYc\ èjkilZk`feji\]\ii\[ kf è ZcXlj\ '`( XYfm\+ '```( Xj kf n_`Z_ k_\ gièZ`gXc f] Xe[ èk\i\jk fe k_\ [ì\Zk fYc`^Xk`fej f] k_\ Oe`k\[

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MkXk\j f] ;d\i`ZX n_`Z_ _Xm\ Y\\e [\gfj`k\[ è jlZ_ ]le[+ Xcfe^ n`k_ Xep ZXj_ fe [\gfj`k è jlZ_ ]le[+ Xi\jl]]`Z`\ek kf gXp k_\ gièZ`gXc f] Xe[ èk\i\jk Xe[ i\[\dgk`fe gi\d`ld+ `] Xep+ fe jlZ_ ?o\dgk IYc`^Xk`fe fe k_\dXkli`kp [Xk\ fi [Xk\j k_\i\f] fi fe k_\ i\[\dgk`fe [Xk\ fi [Xk\j jg\Z`]`\[ è k_\ ìi\mfZXYc\ èjkilZk`fej i\]\ii\[ kfè ZcXlj\ '`( XYfm\+ Xe[ '`m( n_`Z_ Xi\ iXk\[ Yp \XZ_ LXkè^ M\im`Z\ è k_\ _`^_\jk iXkè^ ZXk\^fip f] \XZ_ LXkè^M\im`Z\ ]fi jlZ_ ?o\dgk IYc`^Xk`fe: gifm`[\[+ _fn\m\i+ k_Xk jlZ_ k\id j_Xcc efk d\Xe Xep èk\i\jk è X le`kèm\jkd\ek kiljk fi dlklXc ]le[-

“Deferred Income Bond” d\Xej Xep <fe[ Xj kf n_`Z_ èk\i\jk XZZilè^ k_\i\fe gi`fi kf k_\ Cek\i\jk=fdd\eZ\d\ek >Xk\ f] jlZ_ <fe[ `j Zfdgfle[\[ fe \XZ_ PXclXk`fe >Xk\ ]fi jlZ_ >\]\ii\[ CeZfd\ <fe[+ Xe[ Xjkf n_`Z_ èk\i\jk XZZilè^ X]k\i k_\ Cek\i\jk =fdd\eZ\d\ek >Xk\ `j gXpXYc\ g\i`f[`ZXccp [liè^ \XZ_ <fe[ S\Xi-

“Depository” d\Xej N_\ >\gfj`kfip Niljk =fdgXep+ H\n Sfib+ H\n Sfib+ X c`d`k\[ gligfj\ kiljkZfdgXep fi^Xe`q\[ le[\i k_\ cXnj f] k_\ MkXk\+ fi `kj efdè\\+ fi Xep fk_\i g\ijfe+ ]ìd+ XjjfZ`Xk`fe fi ZfigfiXk`fe[\j`êXk\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ X M\i`\j f] <fe[j fi X <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf X M\i`\j f]<fe[j kf j\im\ Xj j\Zli`k`\j [\gfj`kfip ]fi k_\ <fe[j f] jlZ_ M\i`\j-

“Exempt Obligation” d\Xej Xe fYc`^Xk`fe f] Xep jkXk\ fi k\ii`kfip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ Xepgfc`k`ZXc jlY[`m`j`fe f] Xep jkXk\ fi k\ii`kfip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ fi Xep X^\eZp+ Xlk_fi`kp+ glYc`Z Y\e\]`kZfigfiXk`fe fi èjkild\ekXc`kp f] jlZ_ jkXk\+ k\ii`kfip fi gfc`k`ZXc jlY[`m`j`fe+ k_\ èk\i\jk fe n_`Z_ `j '`( \oZcl[XYc\]ifd îfjj èZfd\ le[\i M\Zk`fe 0/2 f] k_\ =f[\+ '``( efk Xe `k\d f] kXo gi\]\i\eZ\ n`k_è k_\ d\Xeè^ f] M\Zk`fe46'X('4(f] k_\ =f[\+ Xe[ n_`Z_+ Xk k_\ k`d\ Xe èm\jkd\ek k_\i\è `j dX[\ fi jlZ_ fYc`^Xk`fe `j [\gfj`k\[ è Xep ]le[fi XZZflek le[\i k_\ L\jfclk`fe+ `j iXk\[+ n`k_flk i\^Xi[ kf hlXc`]`ZXk`fe f] jlZ_ iXkè^ Yp jpdYfcj jlZ_ Xj u*v fiu,v Xe[ eld\i`ZXc efkXk`fe+ è k_\ _`^_\jk iXkè^ ZXk\^fip Yp \XZ_ LXkè^ ;^\eZp+ fi+ `] jlZ_ fYc`^Xk`fe `j efk iXk\[Yp X LXkè^ ;^\eZp+ _Xj Y\\e Xjj`ê\[ X ZfdgXiXYc\ iXkè^ Yp Xefk_\i eXk`feXccp i\Zfê`q\[ iXkè^ j\im`Z\-

“Government Obligation” d\Xej X [ì\Zk fYc`^Xk`fe f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ Xe fYc`^Xk`fe k_\gièZ`gXc f] Xe[ èk\i\jk fe n_`Z_ Xi\ ^lXiXek\\[ Yp k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ Xe fYc`^Xk`fe 'fk_\i k_Xe XefYc`^Xk`fe k_\ gXpd\ek f] k_\ gièZ`gXc f] n_`Z_ `j efk ]ò\[ Xj kf Xdflek fi k`d\ fi gXpd\ek( kf n_`Z_ k_\ ]lcc ]X`k_Xe[ Zi\[`k f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX Xi\ gc\[^\[+ Xe fYc`^Xk`fe f] Xep ]\[\iXc X^\eZp Xggifm\[ Yp k_\;lk_fi`kp+ Xe[ X Z\ik`]`ZXk\ fi fk_\i èjkild\ek n_`Z_ \m`[\eZ\j k_\ fne\ij_`g f]+ fi k_\ i`^_k kf i\Z\`m\ Xcc fi Xgfik`fe f] k_\ gXpd\ek f] k_\ gièZ`gXc f] fi èk\i\jk fe+ [ì\Zk fYc`^Xk`fej f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX fi X j_Xi\fi èk\i\jk è X dlklXc ]le[+ gXike\ij_`g fi fk_\i ]le[ n_fccp Zfdgi`j\[ f] jlZ_ fYc`^Xk`fej-

“Governmental Requirements” d\Xej Xep gi\j\ek Xe[ ]lkli\ cXnj+ ilc\j+ fi[\ij+ fi[èXeZ\j+ i\^lcXk`fej+jkXklk\j+ i\hlì\d\ekj Xe[ \o\Zlk`m\ fi[\ij Xggc`ZXYc\ kf X Jifa\Zk+ f] k_\ Oe`k\[ MkXk\j+ k_\ MkXk\ Xe[ Xep gfc`k`ZXcjlY[`m`j`fe k_\i\f]+ Xe[ Xep X^\eZp+ [\gXikd\ek+ Zfdd`jj`fe+ YfXi[+ Yli\Xl fi èjkild\ekXc`kp f] Xep f] k_\d+ efn\o`jkè^ fi _\i\X]k\i Zi\Xk\[+ Xe[ _Xmè^ fi Xjj\ikè^ ali`j[`Zk`fe fm\i X Jifa\Zk fi Xep gXik k_\i\f]-

“Insurance Consultant” d\Xej X g\ijfe fi ]ìd n_f `j efk Xe \dgcfp\\ fi f]]`Z\i f] k_\ Oe`m\ij`kp fi Xe\dgcfp\\ fi d\dY\i f] k_\ ;lk_fi`kp n_f `j Xggfèk\[ Yp k_\ Oe`m\ij`kp Xe[ `j jXk`j]XZkfip kf k_\ Niljk\\+ `jhlXc`]`\[ kf jlim\p i`jbj Xe[ kf i\Zfdd\e[ èjliXeZ\ Zfm\iX^\ ]fi _fjg`kXc ]XZ`c`k`\j Xe[ j\im`Z\j Xe[ fi^Xe`qXk`fej\e^X^\[ è c`b\ fg\iXk`fej+ _Xj XZklXi`Xc g\ijfee\c \og\i`\eZ\[ è k_\ Xi\X f] èjliXeZ\ ]fi n_`Z_ k_\ Oe`m\ij`kp `jèjliè^ Xe[ n_f _Xj X ]XmfiXYc\ eXk`feXc i\glkXk`fe ]fi jb`cc Xe[ \og\i`\eZ\ è jlZ_ jlim\pj Xe[ jlZ_i\Zfdd\e[Xk`fej-

“Interest Commencement Date” d\Xej+ n`k_ i\jg\Zk kf Xep gXik`ZlcXi >\]\ii\[ CeZfd\ <fe[+ k_\ [Xk\gi`fi kf k_\ dXkli`kp [Xk\ k_\i\f] jg\Z`]`\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[ fi X <fe[ M\i`\j=\ik`]`ZXk\+ X]k\i n_`Z_ èk\i\jk XZZilè^ fe jlZ_ <fe[ j_Xcc Y\ gXpXYc\ fe k_\ èk\i\jk gXpd\ek [Xk\ `dd\[`Xk\cpjlZZ\\[è^ jlZ_ Cek\i\jk =fdd\eZ\d\ek >Xk\ Xe[ j\d`,XeelXccp k_\i\X]k\i g\i`f[`ZXccp [liè^ \XZ_ <fe[ S\Xi-

“Investment Agreement” d\Xej Xe Xî\\d\ek ]fi k_\ èm\jkd\ek f] dfe\pj n`k_ X KlXc`]`\[ @èXeZ`XcCejk`klk`fe-

“Liens” d\Xej Xep dfik^X^\+ gc\[^\+ c`\e+ Z_Xi^\+ j\Zli`kp èk\i\jk fi c\Xj\ è k_\ eXkli\ k_\i\f] 'èZcl[è^Xep Zfe[`k`feXc jXc\ Xî\\d\ek+ \hl`gd\ek kiljk Xî\\d\ek fi fk_\i k`kc\ i\k\ek`fe Xî\\d\ek( fi fk_\i \eZldYiXeZ\f] n_Xkjf\m\i eXkli\-

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“Liquidity Facility” d\Xej Xe ìi\mfZXYc\ c\kk\i f] Zi\[`k+ jli\kp Yfe[+ cfXe Xî\\d\ek+ MkXe[Yp JliZ_Xj\;î\\d\ek+ cè\ f] Zi\[`k fi fk_\i Xî\\d\ek fi XiiXe^\d\ek `jjl\[ fi \ok\e[\[ Yp X YXeb+ X kiljk ZfdgXep+ XeXk`feXc YXebè^ XjjfZ`Xk`fe+ Xe fi^Xe`qXk`fe jlYa\Zk kf i\^`jkiXk`fe n`k_ k_\ <fXi[ f] Afm\iefij f] k_\ @\[\iXcL\j\im\ Mpjk\d le[\i k_\ <Xeb Bfc[è^ =fdgXep ;Zk f] 0845 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ X ]\[\iXc YiXeZ_glijlXek kf k_\ Cek\ieXk`feXc <Xebè^ ;Zk f] 0867 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ X [fd\jk`Z YiXeZ_ fi X^\eZpf] X ]fi\`ê YXeb n_`Z_ YiXeZ_ fi X^\eZp `j [lcp c`Z\ej\[ fi Xlk_fi`q\[ kf [f Yljè\jj le[\i k_\ cXnj f] Xep jkXk\ fik\ii`kfip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ X jXmè^j YXeb+ X jXmè^j Xe[ cfXe XjjfZ`Xk`fe+ Xe èjliXeZ\ ZfdgXep fiXjjfZ`Xk`fe Z_Xik\i\[ fi fi^Xe`q\[ le[\i k_\ cXnj f] Xep jkXk\ f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ k_\ Afm\ied\ekHXk`feXc Gfik^X^\ ;jjfZ`Xk`fe fi Xep jlZZ\jjfi k_\i\kf+ k_\ @\[\iXc HXk`feXc Gfik^X^\ ;jjfZ`Xk`fe fi XepjlZZ\jjfi k_\i\kf+ fi Xep fk_\i ]\[\iXc X^\eZp fi èjkild\ekXc`kp Xggifm\[ Yp k_\ ;lk_fi`kp+ glijlXek kf n_`Z_ k_\;lk_fi`kp `j \ek`kc\[ kf fYkXè dfe\pj lgfe k_\ k\idj Xe[ Zfe[`k`fej ZfekXè\[ k_\i\è ]fi k_\ gliZ_Xj\ fii\[\dgk`fe f] Igk`fe <fe[j k\e[\i\[ ]fi gliZ_Xj\ fi i\[\dgk`fe è XZZfi[XeZ\ n`k_ k_\ k\idj _\i\f] Xe[ f] k_\M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[j fi X <fe[ M\i`\j =\ik`]`ZXk\-

“Loan Agreement” d\Xej k_\ FfXe ;î\\d\ek \o\Zlk\[ Yp Xe[ Y\kn\\e k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp+è Zfee\Zk`fe n`k_ k_\ `jjlXeZ\ f] k_\ <fe[j+ Xj k_\ jXd\ j_Xcc _Xm\ Y\\e _\i\kf]fi\ fi _\i\X]k\i Xd\e[\[+jlggc\d\ek\[ fi fk_\in`j\ df[`]`\[ Xj g\id`kk\[ Yp k_\ L\jfclk`fe Xe[ Yp k_\ FfXe ;î\\d\ek-

“Management Consultant” d\Xej X eXk`feXccp i\Zfê`q\[ XZZflekè^ fi dXeX^\d\ek Zfejlckè^ ]ìd fifk_\i j`d`cXi ]ìd+ \og\i`\eZ\[ è i\m`\nè^ Xe[ Xjj\jjè^ le`m\ij`kp Xe[ _fjg`kXc fg\iXk`fej+ XZZ\gkXYc\ kf k_\;lk_fi`kp-

“Moody’s” d\Xej Gff[pwj Cem\jkfij M\im`Z\ CeZ-+ X ZfigfiXk`fe fi^Xe`q\[ Xe[ \o`jkè^ le[\i k_\ cXnj f]k_\ MkXk\ f] >\cXnXi\+ `kj jlZZ\jjfij Xe[ k_\ì Xjj`êj-

“Note or Notes” d\Xej Xep fYc`^Xk`fe fi fYc`^Xk`fej [\jZi`Y\[ è k_\ L\jfclk`fe Xe[ `jjl\[ Yp k_\;lk_fi`kp è XZZfi[XeZ\ n`k_ k_\ ;Zk-

“Option Bond” d\Xej Xep <fe[ n_`Z_ Yp `kj k\idj dXp Y\ k\e[\i\[ Yp Xe[ Xk k_\ fgk`fe f] k_\ Bfc[\ik_\i\f] ]fi i\[\dgk`fe Yp k_\ ;lk_fi`kp gi`fi kf k_\ jkXk\[ dXkli`kp k_\i\f] fi ]fi gliZ_Xj\ k_\i\f]+ fi k_\ dXkli`kpf] n_`Z_ dXp Y\ \ok\e[\[ Yp Xe[ Xk k_\ fgk`fe f] k_\ Bfc[\i k_\i\f]-

“Outstanding,” n_\e lj\[ è i\]\i\eZ\ kf <fe[j+ d\Xej+ Xj f] X gXik`ZlcXi [Xk\+ Xcc <fe[j Xlk_\ek`ZXk\[Xe[ [\c`m\i\[ le[\i k_\ L\jfclk`fe Xe[ le[\i Xep Xggc`ZXYc\ M\i`\j L\jfclk`fe \oZ\gk '`( Xep <fe[ ZXeZ\cc\[ Yp k_\Niljk\\ Xk fi Y\]fi\ jlZ_ [Xk\- '``( Xep <fe[ [\\d\[ kf _Xm\ Y\\e gX`[ è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe: '```( Xep<fe[ è c`\l f] fi è jlYjk`klk`fe ]fi n_`Z_ Xefk_\i <fe[ j_Xcc _Xm\ Y\\e Xlk_\ek`ZXk\[ Xe[ [\c`m\i\[ glijlXek kf k_\L\jfclk`fe: '`m( Xep Igk`fe <fe[ k\e[\i\[ fi [\\d\[ k\e[\i\[ è XZZfi[XeZ\ n`k_ k_\ gifm`j`fej f] k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[ fe k_\ Xggc`ZXYc\ X[aljkd\ek fi Zfem\ij`fe [Xk\+ `] èk\i\jk k_\i\fe j_Xcc _Xm\Y\\e gX`[ k_ifl^_ jlZ_ Xggc`ZXYc\ [Xk\ Xe[ k_\ gliZ_Xj\ gi`Z\ k_\i\f] j_Xcc _Xm\ Y\\e gX`[ fi Xdflekj Xi\ XmX`cXYc\]fi jlZ_ gXpd\ek Xj gifm`[\[ è k_\ L\jfclk`fe Xe[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[-

“Paying Agent” d\Xej+ n`k_ i\jg\Zk kf k_\ <fe[j f] Xep M\i`\j+ k_\ Niljk\\ Xe[ Xep fk_\i YXeb fi kiljkZfdgXep Xe[ `kj jlZZ\jjfi fi jlZZ\jjfij+ Xggfèk\[ glijlXek kf k_\ gifm`j`fej f] k_\ L\jfclk`fe fi f] X M\i`\jL\jfclk`fe+ X <fe[ M\i`\j =\ik`]`ZXk\ fi Xep fk_\i i\jfclk`fe f] k_\ ;lk_fi`kp X[fgk\[ gi`fi kf Xlk_\ek`ZXk`fe Xe[[\c`m\ip f] k_\ M\i`\j f] <fe[j ]fi n_`Z_ jlZ_ JXpè^ ;^\ek fi JXpè^ ;^\ekj j_Xcc Y\ jf Xggfèk\[-

“Project” d\Xej X u[fid`kfipv Xj [\]è\[ è k_\ ;Zk+ n_`Z_ dXp èZcl[\ dfi\ k_Xe fe\ gXik+ ]èXeZ\[ èn_fc\ fi è gXik ]ifd k_\ gifZ\\[j f] k_\ jXc\ f] <fe[j+ Xj dfi\ gXik`ZlcXicp [\jZi`Y\[ Xe[ [\j`êXk\[ è k_\L\jfclk`fe fi Xep M\i`\j L\jfclk`fe-

“Qualified Financial Institution” d\Xej '`( X j\Zli`k`\j [\Xc\i+ k_\ c`hl`[Xk`fe f] n_`Z_ `j jlYa\Zk kf k_\M\Zli`k`\j Cem\jkfij Jifk\Zk`fe =figfiXk`fe fi fk_\i j`d`cXi ZfigfiXk`fe+ '``( X YXeb+ X kiljk ZfdgXep+ X eXk`feXcYXebè^ XjjfZ`Xk`fe+ X ZfigfiXk`fe jlYa\Zk kf i\^`jkiXk`fe n`k_ k_\ <fXi[ f] Afm\iefij f] k_\ @\[\iXc L\j\im\Mpjk\d le[\i k_\ <Xeb Bfc[è^ =fdgXep ;Zk f] 0845 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ X ]\[\iXc YiXeZ_ glijlXekkf k_\ Cek\ieXk`feXc <Xebè^ ;Zk f] 0867 fi Xep jlZZ\jjfi gifm`j`fej f] cXn+ X [fd\jk`Z YiXeZ_ fi X^\eZp f] X]fi\`ê YXeb n_`Z_ YiXeZ_ fi X^\eZp `j [lcp c`Z\ej\[ fi Xlk_fi`q\[ kf [f Yljè\jj le[\i k_\ cXnj f] Xep jkXk\ fik\ii`kfip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ X jXmè^j YXeb+ X jXmè^j Xe[ cfXe XjjfZ`Xk`fe+ Xe èjliXeZ\ ZfdgXep fi

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XjjfZ`Xk`fe Z_Xik\i\[ fi fi^Xe`q\[ le[\i k_\ cXnj f] Xep jkXk\ f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ '```( X ZfigfiXk`feX]]`c`Xk\[ n`k_ fi n_`Z_ `j X jlYj`[`Xip f] Xep \ek`kp [\jZi`Y\[ è '``( XYfm\ fi n_`Z_ `j X]]`c`Xk\[ n`k_ fi X jlYj`[`Xipf] X ZfigfiXk`fe n_`Z_ Zfekifcj fi n_fccp fnej Xep jlZ_ \ek`kp fi '`m( k_\ Afm\ied\ek HXk`feXc Gfik^X^\;jjfZ`Xk`fe fi Xep jlZZ\jjfi k_\i\kf+ k_\ @\[\iXc HXk`feXc Gfik^X^\ ;jjfZ`Xk`fe fi Xep jlZZ\jjfi k_\i\kf+ fi Xepfk_\i ]\[\iXc X^\eZp fi èjkild\ekXc`kp Xggifm\[ Yp k_\ ;lk_fi`kp: gifm`[\[+ _fn\m\i+ k_Xk è k_\ ZXj\ f] Xep \ek`kp[\jZi`Y\[ è '``( fi '```( XYfm\+ k_\ lej\Zli\[ fi leZfccXk\iXc`q\[ cfe^,k\id [\Yk fYc`^Xk`fej f] n_`Z_+ fi fYc`^Xk`fejj\Zli\[ fi jlggfik\[ Yp X c\kk\i f] Zi\[`k+ ZfekiXZk+ Xî\\d\ek fi jli\kp Yfe[ `jjl\[ Yp Xep jlZ_ fi^Xe`qXk`fe+ Xk k_\k`d\ Xe Cem\jkd\ek ;î\\d\ek `j \ek\i\[ èkf Yp k_\ ;lk_fi`kp Xi\ iXk\[+ n`k_flk i\^Xi[ kf hlXc`]`ZXk`fe f] jlZ_iXkè^ Yp jpdYfcj jlZ_ Xj "*" fi "," fi eld\i`ZXc efkXk`fe+ ";" fi Y\kk\i Yp \XZ_ LXkè^ M\im`Z\+ fi+ `] jlZ_fYc`^Xk`fej Xi\ efk iXk\[ Yp X LXkè^ M\im`Z\+ _Xm\ Y\\e Xjj`ê\[ X ZfdgXiXYc\ iXkè^ Yp Xefk_\i eXk`feXccpi\Zfê`q\[ iXkè^ j\im`Z\: gifm`[\[+ _fn\m\i+ è ef \m\ek j_Xcc jlZ_ fYc`^Xk`fej Y\ iXk\[ cfn\i k_Xe k_\ cfn\jk iXkè^Xjj`ê\[ Yp X LXkè^ M\im`Z\ kf Xep IlkjkXe[è^ <fe[j-

“Qualified Hedge” d\Xej+ n`k_ i\jg\Zk kf Xep <fe[j+ Xep ]èXeZ`Xc XiiXe^\d\ek '`( k_Xk `j \ek\i\[ èkf Ypk_\ ;lk_fi`kp Xk k_\ i\hl\jk f] k_\ Oe`m\ij`kp fi k_\ Oe`m\ij`kp n`k_ k_\ XggifmXc f] k_\ ;lk_fi`kp n`k_ Xe \ek`kpn_`Z_ `j X KlXc`]`\[ B\[^\ Jifm`[\i Xk k_\ k`d\ k_\ XiiXe^\d\ek `j \ek\i\[ èkf: '``( n_`Z_ gifm`[\j k_Xk k_\;lk_fi`kp fi k_\ Oe`m\ij`kp j_Xcc gXp kf jlZ_ KlXc`]`\[ B\[^\ Jifm`[\i ]fi Xep g\i`f[ Xe Xdflek YXj\[ fe k_\èk\i\jk XZZilè^ Xk X ]ò\[ iXk\ fe Xe Xdflek \hlXc kf k_\ gièZ`gXc Xdflek f] jlZ_ <fe[j IlkjkXe[è^+ Xe[ k_XkjlZ_ \ek`kp j_Xcc gXp kf k_\ ;lk_fi`kp [liè^ jlZ_ g\i`f[ Xe Xdflek YXj\[ fe k_\ èk\i\jk XZZilè^ fe X gièZ`gXcXdflek \hlXc kf k_\ jXd\ gièZ`gXc Xdflek f] jlZ_ <fe[j+ Xk X mXi`XYc\ iXk\ f] èk\i\jk Zfdglk\[ XZZfi[è^ kf X]fidlcX j\k ]fik_ è jlZ_ XiiXe^\d\ek+ fi k_Xk fe\ j_Xcc gXp kf k_\ fk_\i Xep e\k Xdflek [l\ le[\i jlZ_ XiiXe^\d\ek:Xe[ '```( n_`Z_ _Xj Y\\e [\j`êXk\[ è ni`kè^ kf k_\ Niljk\\ Yp Xe ;lk_fi`q\[ I]]`Z\i Xj X KlXc`]`\[ B\[^\ n`k_i\jg\Zk kf jlZ_ <fe[j-

“Qualified Hedge Provider” d\Xej+ n`k_ i\jg\Zk kf Xep <fe[j+ Xe \ek`kp n_fj\ j\e`fi cfe^ k\id [\YkfYc`^Xk`fej+ fk_\i j\e`fi lej\Zli\[ cfe^ k\id fYc`^Xk`fej fi ZcX`dj gXpè^ XY`c`kp fi n_fj\ gXpd\ek fYc`^Xk`fejle[\i X KlXc`]`\[ B\[^\ Xi\ ^lXiXek\\[ Yp Xe \ek`kp n_fj\ j\e`fi cfe^ k\id [\Yk fYc`^Xk`fej+ fk_\i j\e`fi lej\Zli\[cfe^ k\id fYc`^Xk`fej fi ZcX`dj gXpè^ XY`c`kp Xi\ iXk\[ 'Xk k_\ k`d\ k_\ jlYa\Zk KlXc`]`\[ B\[^\ `j \ek\i\[ èkf( Xkc\Xjk Xj _`^_ Xj ;2 Xe[ ;, + fi k_\ \hl`mXc\ek k_\i\f]+ Yp \XZ_ LXkè^ M\im`Z\-

“Record Date” d\Xej+ lec\jj k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ X M\i`\j f] <fe[j fi X <fe[ M\i`\j=\ik`]`ZXk\ i\cXkè^ k_\i\kf gifm`[\j fk_\in`j\ n`k_ i\jg\Zk kf <fe[j f] jlZ_ M\i`\j+ k_\ ]`]k\\ek_ '04k_( [Xp 'n_\k_\ifi efk X <ljè\jj >Xp( f] k_\ ZXc\e[Xi dfek_ e\ok gi\Z\[è^ Xe èk\i\jk gXpd\ek [Xk\-

“Redemption Price,” n_\e lj\[ n`k_ i\jg\Zk kf X <fe[+ d\Xej k_\ gièZ`gXc Xdflek f] jlZ_ <fe[ gclj k_\Xggc`ZXYc\ gi\d`ld+ `] Xep+ gXpXYc\ lgfe i\[\dgk`fe k_\i\f] glijlXek kf k_\ L\jfclk`fe fi kf k_\ Xggc`ZXYc\ M\i`\jL\jfclk`fe fi <fe[ M\i`\j =\ik`]`ZXk\-

“Refunding Bonds” d\Xej Xcc <fe[j+ n_\k_\i `jjl\[ è fe\ fi dfi\ M\i`\j f] <fe[j+ Xlk_\ek`ZXk\[ Xe[[\c`m\i\[ fe fi`^èXc `jjlXeZ\ glijlXek kf k_\ L\jfclk`fe+ Xe[ Xep <fe[j k_\i\X]k\i Xlk_\ek`ZXk\[ Xe[ [\c`m\i\[ èc`\l f] fi è jlYjk`klk`fe ]fi jlZ_ <fe[j glijlXek kf k_\ L\jfclk`fe-

“Report Date” d\Xej Dle\ 2/ Xe[ >\Z\dY\i 20 f] \XZ_ p\Xi-

“Resolution” d\Xej k_\ u=fie\cc Oe`m\ij`kp L\m\el\ <fe[ L\jfclk`fev+ X[fgk\[ DXelXip 15+ 1///+ XjXd\e[\[ fi jlggc\d\ek\[ Yp Mlggc\d\ekXc L\jfclk`fej fi M\i`\j L\jfclk`fej è XZZfi[XeZ\ n`k_ k_\ k\idj Xe[gifm`j`fej k_\i\f]-

“Restricted Property” d\Xej Xep f] k_\ Oe`m\ij`kpwj Xjj\kj-

“Revenues” d\Xej Xcc gXpd\ekj i\Z\`m\[ fi i\Z\`mXYc\ Yp k_\ ;lk_fi`kp glijlXek kf k_\ FfXe ;î\\d\ek+n_`Z_ Xi\ kf Y\ gX`[ kf k_\ Niljk\\ '\oZ\gk gXpd\ekj kf k_\ Niljk\\ ]fi k_\ X[dè`jkiXk`m\ Zfjkj Xe[ \og\ej\j fi ]\\jf] k_\ Niljk\\ Xe[ gXpd\ekj kf k_\ Niljk\\ ]fi [\gfj`k kf k_\ ;iY`kiX^\ L\YXk\ @le[(-

“S&P” d\Xej MkXe[Xi[ % Jffiwj =figfiXk`fe+ X ZfigfiXk`fe fi^Xe`q\[ Xe[ \o`jkè^ le[\i k_\ cXnj f] k_\MkXk\ f] H\n Sfib+ Xe[ `kj jlZZ\jjfij Xe[ Xjj`êj-

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“Securities” d\Xej '`( dfe\pj+ '``( Afm\ied\ek IYc`^Xk`fej+ '```( ?o\dgk IYc`^Xk`fej+ '`m( Xep Yfe[+[\Y\ekli\+ efk\+ gi\]\ii\[ jkfZb fi fk_\i j`d`cXi fYc`^Xk`fe f] Xep ZfigfiXk`fe èZfigfiXk\[ è k_\ Oe`k\[ MkXk\j+n_`Z_ j\Zli`kp+ Xk k_\ k`d\ Xe èm\jkd\ek k_\i\è `j dX[\ fi jlZ_ j\Zli`kp `j [\gfj`k\[ è Xep ]le[ fi XZZflek_\i\le[\i+ `j iXk\[+ n`k_flk i\^Xi[ kf hlXc`]`ZXk`fe f] jlZ_ iXkè^ Yp jpdYfcj jlZ_ Xj u*v fi u,v fi eld\i`ZXcefkXk`fe+ efk c\jj k_Xe k_\ j\Zfe[ _`^_\jk iXkè^ ZXk\^fip Yp \XZ_ LXkè^ ;^\eZp fi `j iXk\[ n`k_ X ZfdgXiXYc\ iXkè^Yp Xep fk_\i eXk`feXccp i\Zfê`q\[ iXkè^ j\im`Z\ XZZ\gkXYc\ kf Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Xe['m( Zfddfe jkfZb f] Xep ZfigfiXk`fe èZfigfiXk\[ è k_\ Oe`k\[ MkXk\j f] ;d\i`ZX n_fj\ j\e`fi [\Yk+ `] Xep+ Xk k_\k`d\ Xe èm\jkd\ek è `kj jkfZb `j dX[\ fi `kj jkfZb `j [\gfj`k\[ è Xep ]le[ fi XZZflek \jkXYc`j_\[ le[\i k_\L\jfclk`fe+ `j iXk\[+ n`k_flk i\^Xi[ kf hlXc`]`ZXk`fe f] jlZ_ iXkè^ Yp jpdYfcj jlZ_ Xj u*v fi u,v fi eld\i`ZXcefkXk`fe+ efk c\jj k_Xe k_\ j\Zfe[ _`^_\jk iXkè^ ZXk\^fip Yp \XZ_ LXkè^ ;^\eZp fi `j iXk\[ n`k_ X ZfdgXiXYc\ iXkè^Yp Xep fk_\i eXk`feXccp i\Zfê`q\[ iXkè^ j\im`Z\ XZZ\gkXYc\ kf Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp-

“Serial Bonds” d\Xej k_\ <fe[j jf [\j`êXk\[ è X M\i`\j L\jfclk`fe fi X <fe[ M\i`\j =\ik`]`ZXk\-

“Series” d\Xej Xcc f] k_\ <fe[j Xlk_\ek`ZXk\[ Xe[ [\c`m\i\[ fe fi`^èXc `jjlXeZ\ Xe[ glijlXek _\i\kf Xe[kf k_\ M\i`\j L\jfclk`fe Xlk_fi`qXk`fe jlZ_ <fe[j Xj X j\gXiXk\ M\i`\j f] <fe[j fi X <fe[ M\i`\j =\ik`]`ZXk\+ Xe[Xep <fe[j k_\i\X]k\i Xlk_\ek`ZXk\[ Xe[ [\c`m\i\[ è c`\l f] fi è jlYjk`klk`fe ]fi jlZ_ <fe[j glijlXek kf k_\L\jfclk`fe+ i\^Xi[c\jj f] mXi`Xk`fej è dXkli`kp+ èk\i\jk iXk\+ Mèbè^ @le[ CejkXccd\ekj fi fk_\i gifm`j`fej-

“Series Resolution” d\Xej X i\jfclk`fe f] k_\ ;lk_fi`kp Xlk_fi`qè^ k_\ `jjlXeZ\ f] X M\i`\j f] <fe[jX[fgk\[ Yp k_\ ;lk_fi`kp glijlXek kf k_\ M\i`\j L\jfclk`fe-

“Short-Term Debt” d\Xej >\Yk f] k_\ Oe`m\ij`kp+ fk_\i k_Xe >\Yk kf k_\ ;lk_fi`kp+ '`( n_`Z_ >\Yk `jgXpXYc\ lgfe [\dXe[+ '``( kn\ekp g\iZ\ek '1/$( fi dfi\ f] k_\ fi`^èXc gièZ`gXc Xdflek f] n_`Z_ >\Yk `j gXpXYc\è Xep <fe[ S\Xi gi`fi kf k_\ <fe[ S\Xi [liè^ n_`Z_ <fe[j Xi\ ef cfe^\i IlkjkXe[è^ fi '```( k_\ gièZ`gXc Xdflekf] n_`Z_ `j gXpXYc\ gi`fi kf dXkli`kp Xk k_\ fgk`fe f] k_\ _fc[\i k_\i\f] 'fk_\i k_Xe lgfe XZZ\c\iXk`fe lgfe Xe \m\ekf] [\]Xlck( gi`fi kf k_\ <fe[ S\Xi [liè^ n_`Z_ <fe[j Xi\ ef cfe^\i IlkjkXe[è^+ èZcl[è^ Xep efk\+ Yfe[+[\Y\ekli\ fi fk_\i \m`[\eZ\ f] è[\Yk\[e\jj f] k_\ Oe`m\ij`kp n_`Z_ dXp Y\ k\e[\i\[ kf k_\ Oe`m\ij`kp Xk k_\ fgk`fef] k_\ _fc[\i k_\i\f] ]fi gliZ_Xj\+ gXpd\ek fi i\[\dgk`fe gi`fi kf dXkli`kp: gifm`[\[ k_Xk jlZ_ k\id j_Xcc efkèZcl[\ Xep >\Yk kn\ekp g\iZ\ek '1/$( fi dfi\ f] k_\ fi`^èXc gièZ`gXc Xdflek f] n_`Z_ `j gXpXYc\ [liè^ Xep<fe[ S\Xi `] 'o( jlZ_ >\Yk nXj èZlii\[ fe k_\ jXd\ [Xk\ Xj fk_\i >\Yk f] k_\ Oe`m\ij`kp `j èZlii\[+ 'p( jlZ_ >\YkXe[ jlZ_ fk_\i >\Yk n\i\ èZlii\[ glijlXek kf X Zfddfe gcXe f] ]èXeZè^ Xe[ 'q( c\jj k_Xe kn\ekp g\iZ\ek '1/$(f] k_\ X^î\^Xk\ fi`^èXc gièZ`gXc Xdflek f] jlZ_ >\Yk Xe[ jlZ_ fk_\i >\Yk `j gXpXYc\ è \XZ_ <fe[ S\Xi gi`fi kfk_\ <fe[ S\Xi [liè^ n_`Z_ <fe[j Xi\ ef cfe^\i IlkjkXe[è^: gifm`[\[ ]lik_\i k_Xk jlZ_ k\id j_Xcc efk èZcl[\>\Yk c\jj k_Xe kn\ekp g\iZ\ek '1/$( f] k_\ fi`^èXc gièZ`gXc Xdflek f] n_`Z_ `j gXpXYc\ [liè^ \XZ_ f] k_\ Zlii\ekXe[ `dd\[`Xk\cp jlZZ\\[è^ knf '1( <fe[ S\Xij Xe[ >\Yk n_`Z_ `j efk gXpXYc\ Xk k_\ fgk`fe f] k_\ _fc[\i k_\i\f][liè^ k_\ Zlii\ek fi \`k_\i f] k_\ `dd\[`Xk\cp jlZZ\\[è^ knf'1( <fe[ S\Xij-

“Sinking Fund Installment” d\Xej+ Xj f] Xep [Xk\ f] ZXcZlcXk`fe Xe[ n`k_ i\jg\Zk kf Xep <fe[j f] X M\i`\j+jf cfe^ Xj Xep <fe[j k_\i\f] Xi\ IlkjkXe[è^+ k_\ Xdflek f] dfe\p i\hlì\[ Yp k_\ L\jfclk`fe fi M\i`\j L\jfclk`feglijlXek kf n_`Z_ jlZ_ <fe[j n\i\ `jjl\[ fi Yp k_\ Xggc`ZXYc\ <fe[ M\i`\j =\ik`]`ZXk\+ kf Y\ gX`[ fe X jè^c\ ]lkli\Dlcp 0 ]fi k_\ i\kì\d\ek f] Xep IlkjkXe[è^ <fe[j f] jX`[ M\i`\j n_`Z_ dXkli\ X]k\i jX`[ ]lkli\ Dlcp 0+ Ylk [f\j efkèZcl[\ Xep Xdflek gXpXYc\ Yp k_\ ;lk_fi`kp Yp i\Xjfe fecp f] k_\ dXkli`kp f] X <fe[+ Xe[ jX`[ ]lkli\ Dlcp 0 `j[\\d\[ kf Y\ k_\ [Xk\ n_\e X Mèbè^ @le[ CejkXccd\ek `j gXpXYc\ Xe[ k_\ [Xk\ f] jlZ_ Mèbè^ @le[ CejkXccd\ekXe[ jX`[ IlkjkXe[è^ <fe[j Xi\ [\\d\[ kf Y\ <fe[j \ek`kc\[ kf jlZ_ Mèbè^ @le[ CejkXccd\ek-

“State” d\Xej k_\ MkXk\ f] H\n Sfib-

“Supplemental Resolution” d\Xej Xep i\jfclk`fe f] k_\ ;lk_fi`kp Xd\e[è^ fi jlggc\d\ekè^ k_\L\jfclk`fe+ Xep M\i`\j L\jfclk`fe fi Xep Mlggc\d\ekXc L\jfclk`fe X[fgk\[ Xe[ Y\Zfdè^ \]]\Zk`m\ è XZZfi[XeZ\n`k_ k_\ k\idj f] k_\ L\jfclk`fe-

“Tax Certificate and Agreement” d\Xej k_\ NXo =\ik`]`ZXk\ Xe[ ;î\\d\ek \o\Zlk\[ Yp Xe ;lk_fi`q\[I]]`Z\i f] k_\ ;lk_fi`kp è Zfee\Zk`fe n`k_ k_\ `jjlXeZ\ f] <fe[j f] X M\i`\j-

“Term Bonds” d\Xej k_\ <fe[j jf [\j`êXk\[ è X M\i`\j L\jfclk`fe fi X <fe[ M\i`\j =\ik`]`ZXk\ Xe[gXpXYc\ ]ifd Mèbè^ @le[ CejkXccd\ekj-

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“Trustee” d\Xej k_\ YXeb fi kiljk ZfdgXep Xggfèk\[ Xj Niljk\\ ]fi k_\ <fe[j glijlXek kf k_\ L\jfclk`feXe[ _Xmè^ k_\ [lk`\j+ i\jgfej`Y`c`k`\j Xe[ i`^_kj gifm`[\[ ]fi _\i\è+ Xe[ `kj jlZZ\jjfi fi jlZZ\jjfij Xe[ Xep fk_\iYXeb fi kiljk ZfdgXep n_`Z_ dXp Xk Xep k`d\ Y\ jlYjk`klk\[ è `kj gcXZ\ glijlXek _\i\kf-

“University” d\Xej k_\ èjk`klk`fe f] _`^_\i \[lZXk`fe+ [lcp èZfigfiXk\[ Xe[ \o`jkè^ le[\i k_\ cXnj f]k_\ MkXk\+ n_fj\ gièZ`gXc ZXdglj `j cfZXk\[ è Ck_XZX+ H\n Sfib+ k_\ ZfigfiXk\ eXd\ f] n_`Z_ `j u=fie\ccOe`m\ij`kpv Xe[ Xep jlZZ\jjfi k_\i\kf Xj g\id`kk\[ Yp k_\ FfXe ;î\\d\ek-

“Valuation Date” d\Xej '`( n`k_ i\jg\Zk kf Xep =Xg`kXc ;ggi\Z`Xk`fe <fe[+ k_\ [Xk\ fi [Xk\j j\k ]fik_ è k_\M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[ fi X <fe[ M\i`\j =\ik`]`ZXk\ fe n_`Z_ jg\Z`]`Z ;ZZi\k\[ PXcl\j Xi\Xjj`ê\[ kf jlZ_ =Xg`kXc ;ggi\Z`Xk`fe <fe[+ Xe[ '``( n`k_ i\jg\Zk kf Xep >\]\ii\[ CeZfd\ <fe[+ k_\ [Xk\ fi [Xk\jgi`fi kf k_\ Cek\i\jk =fdd\eZ\d\ek >Xk\ j\k ]fik_ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[ fi X <fe[ M\i`\j=\ik`]`ZXk\ fe n_`Z_ jg\Z`]`Z ;ggi\Z`Xk\[ PXcl\j Xi\ Xjj`ê\[ kf jlZ_ >\]\ii\[ CeZfd\ <fe[-

“Variable Interest Rate” d\Xej X mXi`XYc\ èk\i\jk iXk\ fi iXk\j kf Y\ Yfie\ Yp X M\i`\j f] <fe[j fi Xep fe\fi dfi\ dXkli`k`\j n`k_è X M\i`\j f] <fe[j+ k_\ d\k_f[ f] Zfdglkè^ jlZ_ mXi`XYc\ èk\i\jk iXk\ `j jg\Z`]`\[ è k_\M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[j fi X <fe[ M\i`\j =\ik`]`ZXk\ Xe[ j_Xcc Y\ YXj\[ fe '`( X g\iZ\ekX^\ fig\iZ\ekX^\j fi fk_\i ]leZk`fe f] Xe fYa\Zk`m\cp [\k\idèXYc\ èk\i\jk iXk\ fi iXk\j '\-^-+ X gi`d\ c\e[è^ iXk\( fi X]leZk`fe f] jlZ_ fYa\Zk`m\cp [\k\idèXYc\ èk\i\jk iXk\ fi iXk\j n_`Z_ dXp Y\ è \]]\Zk ]ifd k`d\ kf k`d\ fi Xk XgXik`ZlcXi k`d\ fi k`d\j: gifm`[\[ k_Xk jlZ_ mXi`XYc\ èk\i\jk iXk\ j_Xcc Y\ jlYa\Zk kf X GXo`dld Cek\i\jk LXk\ Xe[dXp Y\ jlYa\Zk kf X Gè`dld Cek\i\jk LXk\ Xe[ k_Xk k_\i\ dXp Y\ Xe è`k`Xc iXk\ jg\Z`]`\[+ è \XZ_ ZXj\ Xj gifm`[\[ èjlZ_ M\i`\j L\jfclk`fe fi X <fe[ M\i`\j =\ik`]`ZXk\ fi '``( X jkXk\[ èk\i\jk iXk\ k_Xk dXp Y\ Z_Xe^\[ ]ifd k`d\ kfk`d\ Xj gifm`[\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[j fi X <fe[ M\i`\j =\ik`]`ZXk\: Xe[ gifm`[\[ k_XkjlZ_ èk\i\jk iXk\ j_Xcc Y\ jlYa\Zk kf X GXo`dld Cek\i\jk LXk\: Xe[ gifm`[\[+ ]lik_\i+ k_Xk jlZ_ M\i`\j L\jfclk`fe fi<fe[ M\i`\j =\ik`]`ZXk\ j_Xcc Xcjf jg\Z`]p \`k_\i '`( k_\ gXik`ZlcXi g\i`f[ fi g\i`f[j f] k`d\ fi dXee\i f] [\k\idèè^jlZ_ g\i`f[ fi g\i`f[j f] k`d\ ]fi n_`Z_ \XZ_ mXcl\ f] jlZ_ mXi`XYc\ èk\i\jk iXk\ j_Xcc i\dXè è \]]\Zk fi '``( k_\k`d\ fi k`d\j lgfe n_`Z_ Xep Z_Xe^\ è jlZ_ mXi`XYc\ èk\i\jk iXk\ j_Xcc Y\Zfd\ \]]\Zk`m\-

“Variable Interest Rate Bond” d\Xej Xep <fe[ n_`Z_ Y\Xij X PXi`XYc\ Cek\i\jk LXk\+ gifm`[\[ k_Xk X <fe[k_\ èk\i\jk iXk\ fe n_`Z_ j_Xcc _Xm\ Y\\e ]ò\[ ]fi k_\ i\dXè[\i f] k_\ k\id k_\i\f] j_Xcc ef cfe^\i Y\ X PXi`XYc\

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16

To The Board of Trustees of Cornell University

We have audited the accompanying consolidated financial statements of Cornell University (the

“University”), which comprise the consolidated statements of financial position as of June 30, 2019 and 2018, and the related consolidated statements of activities for the year ended June 30, 2019 and of cash flows for the years ended June 30, 2019 and 2018.

Management’s Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on the consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the University’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the University’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Cornell University as of June 30, 2019 and 2018 and the changes in their net assets for the year ended June 30, 2019 and their cash flows for the years ended June 30, 2019 and 2018 in accordance with accounting principles generally accepted in the United States of America.

Emphasis of Matter

As discussed in Note 1 to the consolidated financial statements, the University changed the manner in which it presents net assets and reports certain aspects of its consolidated financial statements as a not-for-profit entity in 2019. Our opinion is not modified with respect to this matter.

Other Matter

We previously audited the consolidated statement of financial position as of June 30, 2018, and the related consolidated statements of activities and cash flows for the year then ended (the statement of activities is not presented herein), and in our report dated November 1, 2018, we expressed an unmodified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying summarized financial information as of June 30, 2018 and for the year then ended is consistent, in all material respects, with the audited consolidated financial statements from which it has been derived.

Rochester, New YorkOctober 17, 2019

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SC O R N E L L U N I V E R S I T Y 2 0 1 8 - 2 0 1 9 F I N A N C I A L R E P O R T

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CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONAS OF JUNE 30, 2019 AND JUNE 30, 2018 (in thousands)

2019 2018

Assets

Cash and cash equivalents $ 234,539 $ 241 ,1 27

Accounts receivable, net (note 3-A) 550,060 51 8,762

Contributions receivable, net (note 3-B) 804,904 826,1 09

Prepaid expenses and other assets 1 41 ,274 1 37,030

Investments (note 4) 7,756,468 7,503,029

Land, buildings, and equipment, net (note 5) 4,347,909 4,297,047

Funds held in trust by others (note 6) 1 33,1 80 1 1 3,795

Total assets $ 1 3,968,334 $ 1 3,636,899

Liabilities

Accounts payable and accrued expenses $ 643,679 $ 592,1 41

Deferred revenue and other liabilities 244,355 247,358

Obligations under split interest agreements (note 6) 1 34,087 1 35,331

Deferred benefits (note 7) 605,741 621 ,348

Funds held for others (note 8) 1 00,827 1 08,1 95

Obligations under capital leases (note 10) 1 1 9,022 1 22,552

Bonds and notes payable (note 9) 1 ,486,958 1 ,305,651

Total liabilities 3,334,669 3,1 32,576

Net assets (note 12)

Without donor restrictions 3,422,627 3,437,286

With donor restrictions 7,21 1 ,038 7,067,037

Total net assets 1 0,633,665 1 0,504,323

Total liabilities and net assets $ 1 3,968,334 $ 1 3,636,899

The accompanying notes are an integral part of the consolidated financial statements.

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CONSOLIDATED STATEMENT OF ACTIVITIES FOR THE YEAR-ENDED JUNE 30, 2019 WITH SUMMARIZED INFORMATION FOR THE YEAR-ENDED JUNE 30,2018 (in thousands)

Without Donor Restrictions

With DonorRestrictions

2019 Total 2018 Total

Operating revenues

Tuition and fees (scholarship allowance $412,929 and $385,158)

$ 770,907 $ - $ 770,907 $ 726,621

State and federal appropriations 1 51 ,421 - 1 51 ,421 1 50,632

Grants, contracts and similar agreements

Direct 679,599 - 679,599 656,496

Indirect cost recoveries 1 76,501 - 1 76,501 1 59,792

Contributions 82,71 3 1 56,303 239,01 6 242,965

Investment return, distributed 1 93,055 1 39,352 332,407 336,91 4

Medical Physician Organization 1 ,1 1 6,384 - 1 ,1 1 6,384 1 ,068,1 63

Auxiliary enterprises 1 66,442 - 1 66,442 1 67,391

Educational activities and other sales and services

71 2,1 30 - 71 2,1 30 638,303

Net assets released from restrictions 333,961 (333,961 ) - -

Total operating revenues 4,383,1 1 3 (38,306) 4,344,807 4,1 47,277

Operating expenses (Note 11)

Compensation and benefits 2,884,000 - 2,884,000 2,729,643

Supplies, services and other 1 ,063,625 - 1 ,063,625 1 ,01 0,1 93

Maintenance and facilities 1 39,262 - 1 39,262 1 27,907

Interest (note 9) 57,338 - 57,338 51 ,541

Depreciation 304,81 8 - 304,81 8 307,1 09

Total operating expenses 4,449,043 - 4,449,043 4,226,393

Change in net assets from operating activities

(65,930) (38,306) (1 04,236) (79,1 1 6)

Nonoperating revenues and (expenses)

State appropriations for capital acquisitions

25,338 - 25,338 33,930

Grants, contracts and similar agreements for capital acquisitions

- - - 7,441

Contributions for capital acquisitions, trusts and endowments

5,328 1 70,878 1 76,206 1 79,680

Investment return, net of amount distributed

29,722 63,302 93,024 290,61 5

Change in value of split interest agreements

2,1 01 208 2,309 559

Pension and postretirement changes 31 ,399 - 31 ,399 45,581

Swap interest and change in value of interest rate swaps

(78,091 ) - (78,091 ) 23,601

Other (1 6,823) 21 6 (1 6,607) (22,587)

Net assets released for capital acquisitions and reclassifications

52,297 (52,297) - -

Change in net assets from non-operating activities

51 ,271 1 82,307 233,578 558,820

Change in net assets (1 4,659) 1 44,001 1 29,342 479,704

Net assets, beginning of the year 3,437,286 7,067,037 1 0,504,323 1 0,024,61 9

Net assets, end of the year $ 3,422,627 $ 7,21 1 ,038 $ 1 0,633,665 $ 1 0,504,323


C O R N E L L U N I V E R S I T Y 2 0 1 8 - 2 0 1 9 F I N A N C I A L R E P O R T

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CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS-ENDED JUNE 30, 2019 AND JUNE 30, 2018 (in thousands)

2019 2018

Cash flows from operating activities

Change in net assets $ 1 29,342 $ 479,704

Adjustments to reconcile change in net assets to net cash provided/(used) by operating activities

Proceeds from contributions for capital acquisitions, trusts and endowments

(1 51 ,1 43) (204,423)

Depreciation and amortization 295,800 298,981

Net realized and unrealized (gain)/loss on investments (363,277) (544,723)

Pension and postretirement changes (31 ,399) (45,581 )

Change in unrealized (gain)/loss interest rate swaps 61 ,549 (44,840)

Bond call premium, bond premium and issuance costs (1 ,1 1 4) -

Loss on disposals of land, building, and equipment 1 ,449 1 ,226

Other adjustments (2,580) (2,877)

Change in assets and liabilities

Accounts receivable, net, other than student loans (35,676) (52,555)

Contributions receivable, net 21 ,205 76,737

Prepaid expenses and other assets (4,244) (3,533)

Accounts payable and accrued expenses (1 7,047) 22,335

Deferred revenue and other liabilities (1 ,456) 1 1 ,285

Obligations under split interest agreements (20,629) (1 ,006)

Deferred benefits 1 5,792 1 0,456

Net cash provided/(used) by operating activities (1 03,428) 1 ,1 86

Cash flows from investing activities

Proceeds from the sale and maturities of investments 6,01 4,440 1 0,842,078

Purchase of investments (5,902,760) (1 0,622,635)

Acquisition of land, buildings, and equipment (net) (344,457) (31 2,591 )

Student loans granted (9,932) (9,744)

Student loans repaid 1 1 ,649 1 5,475

Change in funds held for others, net of unrealized (gain)/loss on investments

(9,21 0) (36,1 1 4)

Net cash used by investing activities (240,270) (1 23,531 )

Cash flows from financing activities

Proceeds from contributions for capital acquisitions, trusts and endowments

Investment in endowments 1 24,483 1 51 ,571

Investment in physical plant 23,427 50,488

Investment subject to living trust agreements 3,233 2,364

Principal payments of bonds, notes payable and capital leases (89,21 9) (33,265)

Proceeds from issuance of bonds and notes payable 275,61 9 1 5,680

Bond call premium, bond premium and issuance costs 1 ,1 1 4 -

Government advances for student loans (1 ,547) (4,631 )

Net cash provided by financing activities 337,1 1 0 1 82,207

Net change in cash and cash equivalents (6,588) 59,862

Cash and cash equivalents, beginning of year 241 ,1 27 1 81 ,265

Cash and cash equivalents, end of year $ 234,539 $ 241 ,1 27

Supplemental disclosure of cash flow information

Cash paid for interest $ 65,979 $ 59,442

Increase/(decrease) in construction payables, non-cash activity $ 7,036 $ (22,951 )

Assets acquired under capital leases $ 396 $ 56,350

Gifts-in-kind $ 5,241 $ 2,586


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S 1. SIGNIFICANT ACCOUNTING POLICIES

A. Description of the Organization

Founded in 1865, Cornell University (�the University�) is dedicated to a mission of learning, discovery, and engagement. Cornell is a private university, the federal land-grant institution of New York State, and a member of the Ivy League. Cornell administers four contract colleges, which are also units of the State University of New York. Described as the first truly American university because of its founders� revolutionary egalitarian and practical vision of higher education, the University is dedicated to its land-grant mission of outreach and public engagement. Cornell�s community includes nearly 25,000 students, 4,000 faculty, and approximately 287,000 alumni who live and work across the globe.

The University comprises colleges and schools in Ithaca, New York (seven undergraduate units and four graduate and professional units), New York City (two medical graduate and professional units, together with its physician organization referred to collectively as �Weill Cornell Medicine� or �WCM�), and Doha, Qatar (the �Weill Cornell Medicine - Qatar�). Also in New York City, the Cornell Tech campus offers graduate programs in applied sciences, including two programs offered jointly with the Technion - Israel Institute of Technology under the auspices of the Joan and Irwin Jacobs Technion-Cornell Institute.

The University is subject to the common administrative authority and control of the Cornell University Board of Trustees. The University is prohibited from using funds attributable to the contract colleges (i.e., those colleges operated by the University on behalf of New York State) for other units of the University. Except as specifically required by law, the contract and endowed colleges at Ithaca, Cornell Tech, and WCM are, to the extent practicable, governed by common management principles and policies determined at the private discretion of the University. In addition to the activities of the endowed and contract colleges, the University�s subsidiaries and certain affiliated organizations are included in the consolidated financial statements. All significant intercompany transactions and balances are eliminated in the accompanying consolidated financial statements.

B. Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (�GAAP�). Net assets, revenues, gains, and losses are categorized based on the existence or absence of donor-imposed restrictions.

The University�s Board of Trustees, with consideration to the actions, reports, information, advice, and counsel provided by its duly constituted committees and appointed officers of the University, including University Counsel, has instructed the University to preserve the historical dollar value of donor-restricted (true) endowment funds, absent explicit donor direction to the contrary. As a result, the University classifies as net assets with donor restrictions the original gift value of true endowments, plus any subsequent gifts and accumulations made in accordance with the directions of the applicable gift instruments.

Net assets with donor restrictions also include gifts and appropriations from the endowment that can be expended, but for which the donors� purpose restrictions have not yet been met, as well as net assets with explicit or implied time restrictions, such as pledges and split-interest agreements. Expiration of donor restrictions is reported in the consolidated statement of activities as a reclassification from net assets with donor restrictions to net assets without donor restrictions on the net assets released from restriction lines.

Net assets without donor restrictions are the remaining net assets of the University, and include donor-restricted contributions for which the purpose restrictions are met in the same fiscal year as the revenue is recognized.

The University�s measure of operations as presented in the consolidated statement of activities includes revenue from tuition and fees, state and federal appropriations, grants and contracts, contributions for operating programs, allocation of endowment spending for operations, medical services and other revenues. Operating expenses are reported in the consolidated statement of activities by natural classification.

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The University�s non-operating activity within the consolidated statement of activities includes appropriations and grants and contracts for capital acquisition, contributions to the endowment and for building construction and renovation, investment returns and other activities related to endowment, long-term benefit plan obligation funding changes, and certain nonrecurring items.

C. Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and in bank accounts, money market funds, and other temporary investments held for working capital purposes with an original maturity term of ninety days or less. The carrying amount of cash equivalents approximates fair value because of their short terms of maturity. Cash that is part of the University�s investment portfolio is reported as investments and included in Note 4.

D. Investments

The University’s investments are recorded in the consolidated financial statements at fair value. The values of publicly traded securities are based on quoted market prices and exchange rates, if applicable. The fair value of non-marketable securities is based on valuations provided by external investment managers. These investments are generally less liquid than other investments, and the values reported by the general partner or investment manager may differ from the values that would have been reported, had a ready market for these securities existed. The University exercises due diligence in assessing the policies, procedures, and controls implemented by its external investment managers, and believes the carrying amount of these assets is a reasonable estimate of fair value.

Investment income is recorded on an accrual basis, and purchases and sales of investment securities are reflected on a trade-date basis. Realized gains and losses are calculated using average cost for securities sold.

Investment return included in operating revenues consists of amounts appropriated by the Board of Trustees from the pooled endowment, as well as income and realized gains and losses on investments from working capital and non-pooled endowments and similar funds. Unrealized gains and losses on investments, any difference between total return and amounts appropriated from the pooled endowment, and income and realized gains reinvested per donor restrictions are reported as non-operating activities.

E. Fair-Value Hierarchy

The University values certain financial assets and liabilities, on a recurring basis, in accordance with a hierarchy that categorizes and prioritizes the sources used to measure and disclose fair value. Fair value is defined as the price associated with an orderly transaction between market participants at the measurement date. This fair-value hierarchy is broken down into three levels based on inputs that market participants would use in valuing the financial instruments, which is based on market data obtained from sources independent of the University. The hierarchy of inputs used to measure fair value, and the primary valuation methodologies used by the University for assets and liabilities measured at fair value, are disclosed below.

The fair value of Level 1 securities is based upon quoted prices in accessible active markets for identical assets. Market price data is generally obtained from exchange or dealer markets. The University does not adjust the quoted price for such assets.

The fair value of Level 2 securities is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data. Inputs are obtained from various sources, including market participants, dealers, and brokers. In determining fair value of financial instruments, the University considers factors such as interest-rate yield curves, duration of the instrument, and counter-party credit risk. The fair value of Level 2 securities is determined using multiple valuation techniques including the market approach, income approach, or cost approach.

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S) The fair value of Level 3 securities is based upon valuation techniques that use significant

unobservable inputs.

Inputs used in applying the various valuation techniques refer to the assumptions that are used to make valuation decisions. Inputs may include price information, credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair-value hierarchy is based on the lowest level of any input that is significant to the fair-value measurement. The University considers observable data to be market data that is readily available and reliable and provided by independent sources. The categorization of a financial instrument within the fair-value hierarchy is, therefore, based upon the pricing transparency of the instrument, and does not correspond to the University�s perceived risk of that instrument.

F. Derivative Instruments

The University has approved the use of derivatives by outside investment managers, based on investment guidelines negotiated at the time of a manager�s appointment. The derivatives are used to adjust fixed-income durations and rates, to create “synthetic exposures” to certain types of investments, and to hedge foreign currency fluctuations. The value of these derivative positions is reflected in the net asset value of the respective fund. The change in the fair value of a derivative instrument held for investment is included in non-operating investment return in the consolidated statement of activities.

In addition, the University holds other derivatives to manage its exposure to interest-rate risk related to its current and/or future long-term debt. These instruments are recorded at fair value as either prepaid or accrued expenses in the consolidated statement of financial position, and the swap interest and change in fair value is recorded as non-operating activity in the consolidated statement of activities.

Derivatives involve counterparty credit exposure. To minimize this exposure, the University manages counter-party risk by limiting swap exposure for each counter-party and monitoring the financial health of swap counterparties, and has structured swap documents to limit maximum loss in the event of counter-party default.

G. Land, Buildings, and Equipment

Land, buildings, and equipment are stated in the consolidated statement of financial position at cost on the date of acquisition or at fair value on the date of donation, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset, and is reflected as an operating expense. Useful lives range from three to fifteen years for equipment and fifteen to fifty years for buildings and improvements. Expenditures associated with the construction of new facilities are recorded as construction in progress until the projects are completed.

The University�s collections of art, rare books, and other property have been acquired through purchases and contributions since the University�s inception. They are recognized as capital assets and are reflected, net of accumulated depreciation, in the consolidated statement of financial position. A collection received as a gift is recorded at fair value as an increase in net assets in the year in which it is received.

H. Split-Interest Agreements

The University�s split-interest agreements with donors consist primarily of charitable gift annuities, pooled income funds, and charitable trusts for which the University serves as trustee. Assets held in trust are either separately invested or included in the University�s investment pools in accordance with the agreements. Contributions of split-interest agreements, net of related liabilities, increase net assets with donor restrictions. Liabilities associated with charitable gift annuities and charitable trusts represent the present value of the expected payments to the beneficiaries based on the terms of the agreements. Pooled income funds are recognized at the net present value of the net assets expected at a future date. Gains or losses resulting from changes in fair value,

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changes in assumptions, and amortization of discount are recorded as changes in value of split-interest agreements in the appropriate restriction categories in the non-operating section of the consolidated statement of activities.

I. Funds Held in Trust by Others

Funds held in trust by others represent resources that are not in the possession or under the control of the University. These funds are administered by outside trustees, with the University receiving income or residual interest. Funds held in trust by others are recognized at the estimated fair value of assets or the present value of future cash flows due to the University when the irrevocable trust is established or the University is notified of its existence. Gains or losses resulting from changes in fair value are recorded as non-operating activities in the consolidated statement of activities.

J. Endowments

The responsibility for accepting, preserving, and managing those funds entrusted to the University rests, by law, with the Board of Trustees; however, the Trustees have delegated authority for investment decisions to the Investment Committee of the Board of Trustees. The Investment Committee determines investment policy, objectives, and guidelines, including allocation of assets between classes of investments.

The University�s investment objective for its endowment assets is to maximize total return within reasonable risk parameters, specifically to achieve a total return, net of expenses, of at least five percent in excess of inflation, as measured by the Consumer Price Index over rolling five-year periods. The achievement of favorable investment returns enables the University to distribute over time increasing amounts from the endowment so that present and future needs can be treated equitably in inflation-adjusted terms. Diversification is a key component of the University’s standard for managing and investing endowment funds, and asset allocation targets are subject to ongoing reviews by the Investment Committee.

The University applies the �prudent person� standard when deciding whether to appropriate or accumulate endowment funds, and considers the following factors: the duration and preservation of the endowment fund, the purposes of the institution and the endowment fund, the general economic conditions including the potential effect of inflation or deflation, the expected total return of the fund, other resources of the University, the needs of the University and the fund to make distributions and preserve capital, and the University�s investment policy.

The Board authorizes an annual distribution from endowment funds that is within a target range of 4.4 percent to 5.9 percent of a 12-quarter rolling average of the unit fair value. The Trustees may occasionally make step adjustments, either incremental or decremental, based on prior investment performance, current market conditions, and/or any of the factors for prudent judgment described above. Total distributions, or spending, is presented as investment return, distributed, on the consolidated statement of activities, and includes endowment payout and an administrative fee, net of direct investment expenses, that supports the investment and stewardship costs of the University endowment.

The New York Prudent Management of Institutional Funds Act (�NYPMIFA�) established a requirement related to appropriations from endowments for which the fair value falls below the historic dollar value (“underwater”). The University, in compliance with NYPMIFA, notified available donors who had established endowments prior to September 17, 2010 of the new law, and offered these donors the option of requiring the University to maintain historical dollar value for their endowment funds. A minority of donors requested this option; for those who did, the University has designed procedures to ensure that the University maintains historical dollar value by not expending the payout on any underwater fund.

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S) K. Revenue

Tuition and fees

Tuition and mandatory fees revenue is recognized within the fiscal year in which educational services are provided. Institutional financial aid reduces the published price of tuition for students receiving such aid. Payments received in advance for summer session courses for credit toward a degree are recorded as deferred revenue.

State and Federal Appropriations

Revenue primarily consists of annual New York State appropriation through the legislative process in support of the contract colleges, and it is recognized over the fiscal year.

Grants and Contracts

Revenue under grants, contracts, and similar agreements comprises federal and non-federal (state, private foundation, etc.) grants and contracts. The funding may represent a reciprocal transaction in exchange for an equivalent benefit in return, or it may be a nonreciprocal transaction in which the resources provided are for the benefit of the University, the funding organization’s mission, or the public at large. Federal grants and non-federal grants with similar restrictions on spending are conditional and revenue is recognized at the time expenditures are incurred. Unconditional non-exchange revenue is recognized in full when a qualifying promise to give has been made, generally when the agreement is finalized. Revenues from exchange transactions are recognized as performance obligations are satisfied, which may be as milestones are achieved or as related costs are incurred.

These revenues typically include the recovery of facilities and administrative costs, which are recognized according to the rates defined in the respective sponsored agreement. Amounts received in advance and in excess of incurred expenditures are recorded as deferred revenues.

Additional information regarding grant and contract revenue is presented below.

GRANTS, CONTRACTS AND SIMILAR AGREEMENTS

2019 2018

Federal $ 539,470 $ 486,597

State and local 48,1 67 45,065

Private 268,463 284,626

Total Grants, contracts and similar agreements $ 856,1 00 $ 81 6,288

________________________________________________________________________________________

Federal revenue is primarily nonreciprocal and conditional. A significant portion of private revenue is received in exchange for benefit to the Qatar Foundation related to the operation of Weill Cornell Medicine-Qatar. At June 30, 2019, the University has unrecorded conditional agreements of $1,224,906.

Contributions

Contributions, including unconditional promises to give (pledges), are recognized as revenues in the appropriate category of net assets in the period received. A pledge is recorded at the present value of estimated future cash flows, based on an appropriate discount rate determined by management at the time of the contribution. Amortization of this discount in subsequent years is included in contribution revenue. A contribution of assets other than cash is recorded at its estimated fair value on the date of the contribution. Contributions for capital projects, endowments, and similar funds are reported as nonoperating revenues.

The presence of both a barrier and a right of return make a contribution conditional. Conditional promises to give to the University are not recognized until the conditions are satisfied. Net assets with donor restrictions include contributions to the University and to the Cornell University Foundation, an affiliated entity that is included in the consolidated financial statements. The

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Foundation maintains a donor-advised fund for which the donors can make recommendations to the fund�s trustees regarding distributions to the University or other charitable organizations. Distributions from the Foundation to external charitable organizations are recorded as nonoperating expenses.

Medical Physician Organization

The Medical Physician Organization (�MPO�) provides the management structure for the practice of medicine for all WCM physicians at the main academic medical center and various clinical practice sites throughout New York City and surrounding areas. In addition to generating clinical practice revenue, MPO members may provide instruction and conduct research activities. MPO revenue represents patient care and management service agreement fees.

MPO patient care revenue is consideration received in exchange for clinical health care services provided to patients. The patient is the customer, regardless of the payor. The contract with the patient exists when the parties have approved the contract for clinical health care services either in writing, verbally or implicitly, based on the MPO�s customary business practice. Outpatient services are recognized as the service is provided.

For Medicare, Medicaid and commercial payors, the transaction price is the amount the MPO expects to be entitled to under the contract, which includes explicit price concessions similar to current contractual adjustments. For self-pay, deductibles and co-payments, the transaction price is reduced by implicit price concessions, including estimates of uncollectible amounts. These estimates are based on policies and customary business practices of providing service regardless of the ability to pay, combined with historical collection rates.

The MPO uses a portfolio approach to account for categories of patient contracts rather than recognizing revenue on an individual contract basis. The contracts are categorized and grouped based on service provided, payor, and service location. Based on historical collection trends and other analyses, the MPO believes that revenue recognized using the portfolio approach approximates the revenue that would have been recognized had an individual contract approach been used.

Revenue from management service agreement fees is consideration received in exchange for services provided to an external healthcare provider. Under terms of these contractual arrangements, WCM physicians provide services such as patient care or supervision and teaching of medical staff. The agreements are typically for a one-year term and consideration is fixed in amount. Revenue is recognized throughout the fiscal year as services are rendered.

Additional information regarding MPO revenue is presented below.

MEDICAL PHYSICIAN ORGANIZATION REVENUE

2019 2018

Outpatient services

Commercial $ 658,036 $ 636,885

Government 102,334 103,087

Patient and other 185,715 192,793

946,085 932,765

Management service agreements 170,299 135,398

Total $ 1,116,384 $ 1,068,163

________________________________________________________________________________________

Auxiliary enterprises

Auxiliary enterprises support the educational experience of students, and include housing, dining and the campus store. Housing and dining revenues are recognized over the course of the academic year and campus store revenue at the time of the transaction.

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S) Educational activities and other sales and services

Educational activities and other sales and services represents revenue from operations related to the University�s mission that are managed like commercial entities. The largest component of Educational activities and other sales and services is consideration received at WCM from New York-Presbyterian Hospital (NYPH) in exchange for providing personnel, space, and other services. The revenue is billed based upon an approved annual joint budget and actual costs incurred. WCM recognizes revenue throughout the fiscal year as services are rendered to NYPH and accrues for any unbilled services as of June 30.

Educational activities and other sales and services also includes activities such as royalties, transportation, parking, testing labs, teaching hotel, non-degree/non-credit course revenue, athletics, etc. These activities comprise exchange transactions with customers, which may be recognized at a specific point in time or over the period of the contract, depending upon when the benefit is derived by the customer. Amounts received in advance are recorded as deferred revenues.

L. Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. Management�s assumptions are related primarily to the appropriate discount rate for the purposes of fair-value calculations, to allowances for doubtful accounts and contractual allowances, and to self-insured risks. Actual results may differ from those estimates.

M. Comparative Financial Information

The consolidated statement of activities includes prior-year information in summary form rather than by restriction class. Such information does not include sufficient detail to constitute a presentation of prior-year data in conformity with U.S. GAAP. Accordingly, such information should be read in conjunction with the University’s consolidated financial statements for the prior fiscal year from which the summarized information was derived.

N. Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09�Revenue from Contracts with Customers (Topic 606) at the conclusion of a joint effort with the International Accounting Standards Board to create common revenue recognition guidance for U.S. GAAP and international accounting standards. This framework ensures that entities appropriately reflect the consideration to which they expect to be entitled in exchange for goods and services, by allocating transaction price to identified performance obligations, and recognizing that revenue as performance obligations are satisfied. Qualitative and quantitative disclosures will be required to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August of 2015, FASB issued ASU 2015-14�Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which makes ASU 2014-09 effective for the fiscal year ending June 30, 2019. The change became effective for the University July 1, 2018. There was no material impact from adoption. The ASU has been applied retrospectively to all periods presented, with no effect on net assets or previously issued financial statements.

In February 2016, the FASB issued ASU 2016-02�Leases (Topic 842), which provides accounting guidance for leases from both the lessor’s and lessee’s perspective. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases; however, the University will evaluate other impacts of the new guidance. The new standard will be effective in the fiscal year ending June 30, 2020. The University is planning for implementation of this new standard and reviewing the potential impact on the financial statements, which is expected to be material.

In August 2016, the FASB issued ASU 2016-14–Not-for-Profit Entities (Topic 958): Presentation of Financial Statements for Not-for-Profit Entities to improve the information presented in financial statements and notes about a not-for-profit entity’s liquidity, financial performance, and cash flows.

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The significant changes under the new guidance include the reduction of net asset classifications to two categories based on the existence or absence of donor restrictions, and additional disclosure requirements related to board designation of net assets, and related to the liquidity and availability of the entity’s financial assets. ASU 2016-14 is effective for the fiscal year ending June 30, 2019. The University consolidated financial statements present net assets with and without donor restrictions and disclose functional expenses and liquidity information as required by the standard.

In June 2018, the FASB issued ASU 2018-08-Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. The amendments are intended to assist in evaluating whether transactions should be accounted for as contributions or as exchange transactions subject to other guidance and in determining whether a contribution is conditional. The new standard was effective for contributions received for the fiscal year ending June 30, 2019. There was no material impact from adoption.

O. Reclassifications

The University has reclassified the consolidated statement of activities for the year ended June 30, 2018 to conform to current year presentation. Revenue of $160,550 was moved from Educational activities and other sales and services to Grants, contracts and similar agreements, and bad debt expense is now reflected as contra-revenue in Medical Physician Organization, rather than Supplies and general expense, due to the implementation of ASU 2014-09. Due to the implementation of ASU 2016-14, net assets related to underwater endowments, which were previously reported as without donor restrictions, were adjusted to reflect current year presentation as net assets with donor restrictions. In addition, direct investment office expenses are now reflected as contra-revenue in Investment return, distributed.

Certain items on the consolidated statement of financial position were combined for current year presentation, with conforming adjustments to prior year. Student loans receivable are combined with Accounts receivable and Government advances for student loans are combined with Deferred revenue and other liabilities.

P. Income Taxes

The University is a not-for-profit organization as described in Section 501(c)(3) of the Internal Revenue Code and is generally exempt from income taxes on related income pursuant to the appropriate sections of the Internal Revenue Code. In accordance with the accounting standards, the University evaluates its income tax position each fiscal year to determine whether the position is more likely than not to be sustained if examined by the applicable taxing authority. This review had no material impact on the University’s consolidated financial statements.

2. LIQUIDITY AND AVAILABILITY

Financial assets available for general expenditure within one year of June 30 are as follows:

LIQUIDITY AND AVAILABILITY

2019

Total assets $ 13,968,334

Less:

Endowment funds and other illiquid investments 7,614,722

Land, buildings, and equipment, net 4,347,909

Contributions receivable, net, due after one year 471,200

Funds held in trust by others 133,180

Reinsurance receivable 119,955

Student loans receivable, net 69,393

Financial assets available within one year$ 1,211,975

________________________________________________________________________________________

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S) Included within Endowment funds and other illiquid investments above is $1,367,064 in funds

functioning as endowment (FFE) as of June 30, 2019. These represent unrestricted operating funds that have been internally designated by the University, which could be liquidated over time, if necessary, to support operations.

The University manages its financial assets to be available as its operating expenditures, liabilities and other obligations come due. The University’s cash flows have seasonal variations during the year primarily attributable to tuition billing and a concentration of contributions received at calendar and fiscal year-end. In order to manage liquidity, the University maintains three lines of credit totaling $200 million; with $100 million expiring March 2020, $75 million expiring April 2020, and $25 million expiring February 2020. As of June 30, 2019, the University had no outstanding borrowings under these agreements. In addition, the University has a taxable commercial paper program with a maximum authorized amount of $200 million. As of June 30, 2019, the available balance was $46.1 million.

3. RECEIVABLES

A. Accounts Receivable

The University’s receivables from the sources identified in the table below are reviewed and monitored for aging and other factors that affect collectability.

Accounts receivable from the following sources were outstanding as of June 30:

SUMMARY OF ACCOUNTS RECEIVABLE

2019 2018

Grants and contracts $ 1 01 ,883 $ 92,451

New York-Presbyterian Hospital and other affiliates 51 ,762 51 ,508

Patients (net of contractual and bad debt allowances) 94,941 1 00,063

Reinsurance receivable 1 1 9,955 1 22,351

Federal revolving student loans 30,440 39,21 7

Institutional student loans 38,953 34,555

Student accounts 20,064 1 2,944

Other 92,062 65,673

Net accounts receivable $ 550,060 $ 51 8,762

________________________________________________________________________________________

Receivables are reduced by an allowance for doubtful accounts of $34,195 and $37,572 at June 30, 2019 and 2018, respectively.

The patient accounts receivable for medical services was comprised of the following at June 30, 2019 and 2018, respectively: commercial third parties 78.4 percent and 74.1 percent; federal/state government 15.4 percent and 15.5 percent; and patients 6.2 percent and 10.4 percent. Note 13 provides additional information related to the reinsurance receivable.

Other accounts receivable include receivables from other government agencies, matured bequests, and other operating activities.

B. Contributions Receivable

Unconditional promises to give, or pledges, are recorded in the consolidated financial statements at present value using discount rates ranging from 1.5 percent to 7.0 percent. The methodology for estimating uncollectible amounts is based on an analysis of the historical collectability of contributions receivable. Contributions are expected to be realized as follows:

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SUMMARY OF CONTRIBUTIONS RECEIVABLE

2019 2018

Less than one year $ 333,704 $ 341 ,41 3

Between one and five years 41 3,71 5 435,31 5

More than five years 1 73,027 1 64,223

Gross contributions receivable $ 920,446 $ 940,951

Less: unamortized discount (90,648) (89,292)

Less: allowance for uncollectible amounts (24,894) (25,550)

Net contributions receivable $ 804,904 $ 826,1 09

________________________________________________________________________________________

Contributions receivable as of June 30 are intended for the following purposes:

EXPECTED PURPOSE OF CONTRIBUTIONS RECEIVABLE

2019 2018

Program support $ 379,21 0 $ 420,1 69

Capital purposes 1 42,253 1 57,839

Long-term support 283,441 248,1 01

Net contributions receivable $ 804,904 $ 826,1 09

________________________________________________________________________________________

At June 30, 2019, conditional promises not reflected in the consolidated financial statements, which consist primarily of bequest intentions, were $592,674. When conditional promises to give become unconditional or payments from bequests are received, they are recorded, and generally will be restricted for long-term support, program support and capital projects as stipulated by the donors.

4. INVESTMENTS

A. General Information

The University�s investments are overseen by the Investment Committee of the Board of Trustees. The University’s investment strategy incorporates a diversified asset allocation approach and maintains, within defined limits, exposure to the movements of the world equity, fixed income, commodities, real estate, and private equity markets. Based on guidelines established by the Investment Committee, the University’s Investment Office directs the investment of endowment and trust assets, certain working capital, and temporarily invested expendable funds.

The University maintains a number of investment pools or categories for specific purposes as follows:

INVESTMENT POOLS/CATEGORIES AT FAIR VALUE

2019 2018

Long-term investments (LTI)

Long-term investment pool (LTIP) $ 6,866,988 $ 6,781 ,595

Other LTI 461 ,253 448,695

Total LTI $7,328,241 $7,230,290

Separately invested and other assets 428,227 272,739

Total investments $ 7,756,468 $ 7,503,029

________________________________________________________________________________________

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Total earnings on the University’s investment portfolio for the fiscal years ended June 30 is presented in the following table:

SUMMARY OF INVESTMENT RETURN

2019 2018

Interest and dividends, net of investment fees $ 60,31 2 $ 75,590

Net realized gain/(loss) 283,485 430,245

Net unrealized gain/(loss) 81 ,634 1 21 ,694

Total investment return $ 425,431 $ 627,529

________________________________________________________________________________________

B. Fair Value

The University�s investment holdings as of June 30, categorized in accordance with the fair-value hierarchy, are summarized in the following tables:

INVESTMENTS AT FAIR VALUE

Level 1 fair value

Level 2 fair value

Level 3 fair value

Net asset value

2019 Total

Cash and cash equivalents $ 1 1 3,056 $ 27,237 $ - $ - $ 1 40,293

Derivatives - 5 ,233 - - 5,233

Equity

Domestic equity 1 99,065 458,81 8 867 - 658,750

Foreign equity 344,327 1 1 8,345 2,599 945,468 1 ,41 0,739

Hedged equity - - 2,526 - 2,526

Private equity - - 52,040 1 ,684,502 1 ,736,542

Fixed income

Asset backed fixed income 416 24,163 790 - 25,369

Corporate bonds 225 97,31 0 1 ,730 - 99,265

Equity partnership - 29 - 509,360 509,389

International 9,763 25,423 553 - 35,739

Municipals 1 22 2,1 05 - - 2,227

Mutual funds (non-equity) 282 1 4,31 3 - - 1 4,595

Preferred/convertible - 2,743 5,057 - 7,800

Other fixed income - 1 61 - - 1 61

US government 463,300 55,720 - - 51 9,020

Marketable alternatives - 1 5,058 - 1 ,242,452 1 ,257,51 0

Real assets 31 ,630 - 1 8,749 1 ,21 1 ,61 0 1 ,261 ,989

Receivable for investments sold 31 ,486 - - - 31 ,486

Payable for investments purchased

(32,1 90) - - - (32,1 90)

Other - - 70,025 - 70,025

Total investments $ 1 ,1 61 ,482 $ 846,658 $ 1 54,936 $ 5,593,392 $ 7,756,468

Securities not included in investment portfolio

Cash and cash equivalents $ 4,375 $ - $ - $ - $ 4,375

________________________________________________________________________________________

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INVESTMENTS AT FAIR VALUE

Level 1 fair value

Level 2 fair value

Level 3 fair value

Net asset value

2018 Total

Cash and cash equivalents $ 1 42,849 $ 20,272 $ - $ - $ 1 63,1 21

Derivatives - (5,961 ) - - (5,961 )

Equity

Domestic equity 284,020 31 5,090 1 ,654 - 600,764

Foreign equity 386,998 538,044 849 61 0,424 1 ,536,31 5

Hedged equity - - 2,788 - 2,788

Private equity - - 61 ,974 1 ,572,494 1 ,634,468

Fixed income

Asset backed fixed income

- 21 ,282 844 - 22,1 26

Corporate bonds - 1 32,21 4 2,070 - 1 34,284

Equity partnership - 31 - 531 ,869 531 ,900

International 2,970 28,632 469 - 32,071

Municipals - 3,003 - - 3,003

Mutual funds (non-equity)

1 96 1 4,854 - - 1 5,050

Preferred/convertible - 1 ,380 4,929 - 6,309

Other fixed income - 495 - - 495

US government 1 09,562 59,470 - - 1 69,032

Marketable alternatives - 279 - 1 ,324,224 1 ,324,503

Real assets - 62,694 1 9,997 1 ,242,81 8 1 ,325,509

Receivable for investments sold

31 ,701 - - - 31 ,701

Payable for investments purchased

(49,1 26) - - - (49,1 26)

Other - - 24,677 - 24,677

Total investments $ 909,1 70 $ 1 ,1 91 ,779 $ 1 20,251 $ 5,281 ,829 $ 7,503,029

Securities not included in investment portfolio

Cash and cash equivalents $ 1 1 8,905 $ - $ - $ - $ 1 1 8,905

________________________________________________________________________________________

Level 1 investments consist of cash and cash equivalents, equity, and fixed-income securities with observable market prices. Fair value is readily determinable based on quoted prices in active markets. Unsettled trade receivable and payable valuations are reflective of cash settlements subsequent to the fiscal year-end and are also categorized as Level 1. The University does not adjust the quoted price for such instruments, even in situations where the University holds a large position and a sale of all its holdings could reasonably impact the quoted price.

Investments that are classified as Level 2 include cash and cash equivalents, domestic and foreign equities, as well as fixed income securities that trade in markets that are not considered to be active. Fair value is based on observable inputs for similar instruments in the market, and obtained by various sources including market participants, dealers, and brokers; the University�s custodian secures pricing for these assets. The fair value of derivative investments is based on market prices from the financial institution that is the counterparty to the derivative.

Level 3 investments have significant unobservable inputs, as they trade infrequently or not at all. The inputs into the determination of fair value are based upon the best information in the circumstance and may require significant management judgment. Investments included in Level 3 consist primarily of the University�s ownership in real estate, oil and mineral rights, limited partnerships, and equity positions in private companies.

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C. Investments Using Net Asset Value

The net asset value (�NAV�) column above represents the University�s ownership interest in certain alternative investments. As a practical expedient, the University uses its ownership interest in the NAV to determine the fair value of all alternative investments that do not have a readily determinable fair value, and have financial statements consistent with the measurement principles of an investment company or have the attributes of an investment company. The NAV of these investments is determined by the general partner and is based upon appraisal or other estimates that require varying degrees of judgment. If no public market exists for the investment securities, the general partner will take into consideration, among other things, the cost of the securities, prices of recent significant placements of securities of the same issuer, and subsequent developments concerning the companies to which the securities relate. The University has performed significant due diligence around these investments to ensure that NAV is an appropriate measure of fair value as of June 30.

The following table provides additional information about alternative investments measured at NAV:

SUMMARY OF ALTERNATIVE INVESTMENTS MEASURED USING NET ASSET VALUE

Asset class NAV in fundsUnfunded

commitments

Timing to draw

commitmentsRedemption terms*

Private equity $ 1 ,684,502 $ 685,753 1 to 1 0 yearsThese funds are in a private equity structure, with no ability to be redeemed

Real assets 1 ,21 1 ,61 0 460,1 1 0 1 to 1 0 yearsThese funds are in a private equity structure, with no ability to be redeemed

Fixed income 509,360 260,805 1 to 1 0 years

No redemptions available for funds in a private equity structure; balance includes 8% within 7 days, 8% with rolling 2-year redemptions with 90-days notice, and 9% within 5 years**

Foreign equity 945,468 3,800 N.A.

Ranges between thrice-monthly redemption with 2-days notice, to rolling 3-year redemption with 90-days notice

Marketable alternatives 1 ,242,452 N.A. N.A.

Ranges between quarterly redemption with 30-days notice, to 33% redemption per year with 60-days notice

Total for alternative investments using NAV

$ 5,593,392 $ 1 ,41 0,468

* Represents initial investment lock up restriction. No other material redemption restrictions, such as redemption gates,

were in place at year end.

** 75% of NAV is in a private equity structure, with no ability to be redeemed. Redemption provisions for the remaining

25% are shown above.

________________________________________________________________________________________

D. Level 3 Investments

The table below presents a summary of Level 3 investment activity. All net realized and unrealized gains/(losses) in the table are reflected in the accompanying consolidated statement of activities. Net unrealized gains/(losses) relate to those financial instruments held by the University at June 30, 2019. There were no significant transfers into or out of Level 3 during the fiscal year ended June 30, 201 9.

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SUMMARY OF LEVEL 3 INVESTMENT ACTIVITY

Fair value at June 30,

2018

Realized gain/(loss)

Unrealized gain/

(loss)Purchases Sales

Transfers in /(out) of Level

3


2019

Equity

Domestic equity

$ 1 ,654 $ - $ (787) $ - $ - $ - $ 867

Foreign equity 849 (30) (1 04) 2,538 (654) - 2,599

Hedged equity 2,788 (8) (1 02) 24 (1 76) - 2,526

Private equity 61 ,974 641 2,961 41 8 (1 3,954) - 52,040

Fixed income

Asset backed fixed income

844 - (54) - - - 790

Corporate bonds

2,070 - (340) - - - 1 ,730

International 469 (58) 1 42 - - - 553

Preferred/ convertible

4,929 - 1 03 25 - - 5,057

Other fixed income

- - - - - - -

Real assets 1 9,997 (1 ,046) (72) - (1 30) - 1 8,749

Other 24,677 1 1 62 45,1 96 (1 1 ) - 70,025

Total level 3 investments

$ 1 20,251 $ (500) $ 1 ,909 $ 48,201 $ (1 4,925) $ - $ 1 54,936

________________________________________________________________________________________

Level 3 equities not priced by qualified third parties (e.g., brokers, pricing services, etc.) are valued using discounted cash flows, taking into account various factors including nonperformance risk, counter-party risk, and marketability. Investment value is also derived using a market approach through comparison to recent and relevant market multiples of comparable companies. Start-up assets, held by the University�s student-run venture fund or other similar programs, are maintained at or near initial investment amounts due to the nature of the activity.

Level 3 asset-backed fixed income investments are valued using discounted cash flows. Preferred/convertible fixed income investments are valued using discounted cash flows or a market approach using a dividend multiplier. Investments in start-up companies, as described above, are valued at or near initial investment amounts.

Level 3 real assets represent directly owned real estate, and oil or mineral rights. To the extent feasible, third-party appraisals are used to value real estate directly owned by the University. If current appraisals are not available, fair value is based on the capitalization rate valuation model or discounted cash flow, corroborated by local market data, if available. Oil and mineral rights are valued based on industry standard revenue multiplier methodologies or discounted cash flows.

The following table provides additional information related to the valuation of the investments classified by the University as Level 3.

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QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENT

Level 3 fair value Valuation technique(s) Unobservable inputsRange (weighted

average)

Equity

Domestic equity $ 867 Start-up valuation

Foreign equity 2,599 Third-party valuation

Hedged equity 2,526 Third-party valuation

Private equity 15,720 Discounted cash flow Discount rate 4.8%

Discount for lack of marketability

1 6.8%

7,054 Start-up valuation

29,266 Third-party valuation

Fixed income

Asset backed fixed 790 Sales comparison approach

Recent transactions

Corporate bonds 1 ,730 Third-party valuation

International 553 Third-party valuation

Preferred/convertible 5,032 Market comparable Dividend multiple1 7.3x - 21 .2x

(20.4x)

25 Start-up valuation

Real assets 4,329 Discounted cash flow Discount rate 1 1 .1 %

993 Sales comparison approach

Recent transactions


8,849 Cap rate valuation model Capitalization rate 5.0%

Other 9,654 Discounted cash flow Discount rate1 .2% - 5.3%

(1 .8%)

Years to maturity 3 - 1 4 (6)

1 ,887 Start-up valuation


Total Level 3 investments

$ 1 54,936

________________________________________________________________________________________

The methods described above may produce a fair-value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the University believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

E. Derivative Holdings

The use of certain financial derivative instruments is governed by either the University’s written investment policy, specific manager guidelines, or partnership/fund agreement documents. Specifically, financial derivative instruments may be used to manage foreign currency exposure, to obtain commodity exposure, to create synthetic exposure, or to obtain protection against increases in interest rates. These derivatives, based on definitions in GAAP, are not designated as hedging instruments.

As part of its overall diversification strategy, the University allocates a percentage of its assets to investment managers specializing in securities whose prices are denominated in foreign currencies. The investment guidelines provide discretion to these managers to adjust the foreign currency exposure of their investment portfolios by using derivative instruments. A derivative is used for buying or selling foreign currency under a short-term contract to lock in the dollar cost of a specific pending purchase or sale of a foreign security, or for selling foreign currency under a longer-term contract to hedge against a general decline in the dollar value of foreign security holdings.

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Some investment managers have discretion, limited by overall investment guidelines, to use derivative instruments to create investment exposures that could not be created as efficiently with other types of investments. These synthetic exposures in the University�s portfolio consist of four types: 1) forward contracts used to increase exposure to a foreign currency beyond the level of underlying security investments in that currency; 2) futures contracts used to create exposures to assets where the futures market provides a more efficient investment than the underlying securities; 3) swap contracts, also used to provide a more efficient means to gain exposure than the underlying securities; and 4) option contracts used to adjust the exposure of the long-term portfolio to interest rate volatility.

The University entered into option contracts on interest-rate swaps as a way to mitigate the impact of a significant rise in interest rates in the future. Under the terms of certain option contracts on interest-rate swaps, the University is obligated to make future premium payments. At June 30, 2019 and 2018, the University had unfunded premium payment commitments of $2,048 and $3,072 respectively. The University�s premium payment schedule is as follows: $1,024 for the years ending June 30, 2020 and 2021.

The following table provides detailed information on the derivatives included in the investment portfolio as of June 30.

FAIR VALUE OF DERIVATIVE HOLDINGS IN STATEMENT OF FINANCIAL POSITION

2019 2018

Location Derivative typeNotional amount

# of Contracts

Fair valueNotional amount

# of Contracts

Fair value

Investments

Foreign currency

$ - 1 5 $ (1 65) $ - 28 $ 426

Commodity 387,924 62 4,449 1 30,826 55 (1 ,735)

Synthetic 1 1 4,281 4 2,853 1 74,941 1 6 (2,951 )

Interest rate - 3 (1 ,904) 301 ,004 3 (1 ,701 )

Total fair value $ 502,205 84 $ 5,233 $ 606,771 1 02 $ (5,961 )

________________________________________________________________________________________

5. LAND, BUILDINGS, AND EQUIPMENT


Land, buildings, and equipment are detailed as follows:

LAND, BUILDINGS, AND EQUIPMENT

Book value at June 30, 2019

Book value at June 30, 2018

Land, buildings, and equipment $ 6,534,1 30 $ 6,232,741

Furniture, equipment, books, and collections 1 ,41 7,71 4 1 ,371 ,1 73

Capital leases 1 22,473 1 25,059

Construction in progress 1 97,1 55 21 1 ,039

Total before accumulated depreciation $ 8,271 ,472 $ 7,940,01 2

Accumulated depreciation (3,923,563) (3,642,965)

Net land, buildings, and equipment $ 4,347,909 $ 4,297,047

________________________________________________________________________________________

Certain properties, for which the University has possession and beneficial use for an indefinite period and which other entities may also record as assets, are included in the consolidated statement of financial position, as follows: (1) land, buildings, and equipment of the Contract Colleges aggregating $745,019 and $741,078 at June 30, 2019 and 2018, respectively, the acquisition cost of which was borne primarily by New York State and (2) land, buildings, and equipment for which titles rest with government and corporate agencies aggregating $625 and $1,338 at June 30, 2019 and 2018, respectively.

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The future commitments on capital projects in progress, excluding projects funded by New York State, are approximately $60,999 at June 30, 2019.

B. Cornell Tech Campus

In December 2011, the University, in partnership with Technion-Israel Institute of Technology, won the Applied Sciences NYC competition to build and operate a new applied sciences and engineering campus in New York City. The city committed, through the New York City Economic Development Corporation (�NYCEDC�), a location and seed funding for the initial construction of the new campus. Under the terms of the agreement with the NYCEDC and the ninety-nine year ground lease for Roosevelt Island, the University made the commitment to create the new applied sciences campus in three phases, with milestones in 2017, 2027, and 2037. In addition, the University has enrollment, faculty, and other operational commitments as part of the agreement.

In 2014, the University broke ground on Roosevelt Island, taking the first steps toward the completion of the Phase I development commitments, which include the first academic building, a residential building, a corporate co-location space, and an executive education facility. The total cost of demolition of the existing structures on the site is considered to be a prepaid cost of the ground lease, and will be amortized over the term of the lease. At June 30, 2019, the unamortized amount of the demolition costs is $54,769.

On March 31, 2016, the University entered into a joint venture with the Hudson Companies through its subsidiary H/R Tech Residential LLC. The purpose of the new joint venture, called Hudson Cornell Residential JV LLC, is to construct and operate the new residential facility on the Cornell Tech campus. The University has an equity interest of 86.59 percent and controlling financial interest and, therefore, consolidates the joint venture. This consolidation resulted in $126,334 included in land, buildings, and equipment, net attributed to the joint venture at June 30, 2019. In addition, Hudson Cornell Tech LLC, a subsidiary of Hudson Cornell Residential JV LLC, held bonds and notes payable related the construction of the residential building (�The House at Cornell Tech�) (see Note 9A). Net assets without donor restrictions of $4,100 and $4,509, representing the noncontrolling interest of H/R Tech Residential LLC, is also consolidated into the University�s net assets at June 30, 2019 and 2018, respectively. Operating activity related to the joint venture is immaterial in the current fiscal year.

The Tata Innovation Center (formerly �The Bridge�) is a corporate co-location building and condominium association comprised of a �Cornell Unit� and one or more other units initially owned by the developer and/or its affiliates. The University has entered into a lease agreement for the Cornell Unit for a term of thirty-five years. As part of the lease agreement, the University has made a commitment in the form of gap rent for the developer�s unit(s) in an amount not to exceed $2,982 annually, or $44,731 over twenty years. The annual amount of gap rent is adjusted based upon the occupancy level in the developer�s unit(s). During the year ended June 30, 2019, a gap rent payment of $2,982 was made.

Cornell Tech met its first milestone when faculty, staff, and researchers moved into the first academic building (Bloomberg Center) on Roosevelt Island during the summer of 2017, and students, faculty, and researchers moved into the House in advance of the fall semester. In addition, programs and operations in both the Bloomberg Center and The Tata Innovation Center began during the 2017-2018 academic year, rounding out the University�s operational commitments.

6. OBLIGATIONS UNDER SPLIT-INTEREST AGREEMENTS AND FUNDS HELD IN TRUST BY OTHERS

The University reports its obligations under split-interest agreements at fair value. The fair value of the obligation is calculated annually and considered Level 3 in the fair-value hierarchy. The discount rate is based on average return of investment-grade corporate bonds, weighted using a schedule of actuarial estimates of the lives of the income beneficiaries and the relative value of the agreements.


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The University�s interest in funds held in trust by others is considered Level 3 in the fair-value hierarchy. Trusts in which the University has an income interest are valued annually using estimated cash flows based on average actual income over three years. Remainder interests are determined using present value calculations based on annual valuation reports received from the funds� trustees. The discount rates used to estimate present value are based on the average return of investment-grade corporate bonds, weighted according to a schedule of actuarial estimates.

The following tables summarize the fair values and activity of funds held in trust by others and obligations under split interest agreements.

SPLIT-INTEREST AGREEMENTS AT FAIR VALUE AND LEVEL 3 QUANTITATIVE INFORMATION

2019

TotalValuation methodologies

Unobservable inputs

Range (weighted

average)

Funds held in trust by others

Remainder $ 59,61 8 Present value calculation Discount rate 3.00%

Years to maturity 0-54 (1 5)

Lead and perpetual 73,562 Discounted cash flows Discount rate 3.70%

Total funds held in trust by others $ 1 33,1 80

Obligations under split interest agreements

$ 134,087 Discounted cash flows Discount rate 3.60%


2018

TotalValuationmethodologies

Unobservable inputs

Range (weighted

average)


Remainder $ 53,682 Present value calculation Discount rate 4.00%

Years to maturity 0-55 (1 1 )

Lead and perpetual 60,113 Discounted cash flows Discount rate 4.60%

Total funds held in trust by others $ 1 1 3,795

Obligations under split interest agreements

$ 135,331 Discounted cash flows Discount rate 4.20%


________________________________________________________________________________________

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SUMMARY OF LEVEL 3 SPLIT-INTEREST AGREEMENT ACTIVITY


2018

Realized gain/

(loss)

Unrealized gain/


Transfers in/(out)

of Level 3


2019


Remainder $ 53,682 $ 1 ,755 $ 3,528 $ 1 ,284 $ (631 ) $ - $ 59,61 8

Lead and perpetual 60,1 1 3 (1 44) 1 3,593 - - - 73,562

Total funds held in trust by others

$ 1 1 3,795 $ 1 ,61 1 $ 1 7,1 21 $ 1 ,284 $ (631 ) $ - $ 1 33,1 80

Obligations under split-interest agreements

$ 1 35,331 $ - $ (1 ,244) $ - $ - $ - $ 1 34,087


2017

Realized gain/

(loss)

Unrealized gain/


Transfers in/(out)

of Level 3


2018


Remainder $ 50,067 $ 1 ,638 $ (2,053) $ 5,099 $(1 ,069) $ - $ 53,682

Lead and perpetual 60,850 (3,725) (1 6) 3,004 - - 60,1 1 3

Total funds held in trust by others

$ 1 1 0,91 7 $ (2,087) $ (2,069) $ 8,1 03 $(1 ,069) $ - $ 1 1 3,795

Obligations under split-interest agreements

$ 1 33,459 $ - $ 1 ,872 $ - $ - $ - $ 1 35,331

________________________________________________________________________________________

7. DEFERRED BENEFITS


Accrued employee benefit obligations as of June 30 include:

SUMMARY OF DEFERRED BENEFITS

2019 2018

Post-employment benefits $ 32,203 $ 26,034

Pension and other postretirement benefits 381 ,382 406,852

Other deferred benefits 1 92,1 56 1 88,462

Total deferred benefits $ 605,741 $ 621 ,348

________________________________________________________________________________________

Accrued postemployment benefits include workers’ compensation and medical continuation benefits for those on long-term disability. Other deferred benefits include primarily vacation accruals, deferred compensation, and medical benefit claims incurred-but-not-reported. Additionally, the University provides various benefits to former or inactive employees after employment, but before retirement, that are recognized when they are earned.

B. Pension and Postretirement Plans

The University�s employee retirement plan coverage is provided by two basic types of plans: one based on a predetermined level of funding (defined contribution), and the other based on a years-of-service calculation to determine the level of benefit to be provided (defined benefit).

The primary defined contribution plans for endowed colleges at Ithaca and for exempt employees (those not subject to the overtime provisions of the Fair Labor Standards Act) at WCM are funded either by employer contributions based on a percentage of salary or by voluntary employee contributions. The contributions to the defined contribution plans are held on investment platforms

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with the Teachers Insurance and Annuity Association (also a recordkeeper to the plans); Vanguard (WCM only); and Fidelity Investments (also a recordkeeper to the endowed colleges at Ithaca only). Total contributions of the endowed colleges at Ithaca and WCM plans for the fiscal years ended June 30, 2019 and 2018 amounted to $120,971 and $115,051, respectively.

WCM maintains the University’s only defined benefit pension plan. The participants include non-exempt employees at WCM who meet the eligibility requirements for participation. The plan was frozen in 1976 for exempt employees at WCM and the accrued benefits were merged with the active non-exempt retirement plan in 1989. In accordance with the funding requirements applicable to defined benefit plans under the Employee Retirement Income Security Act of 1974 (�ERISA�), the University must contribute to the plan�s trust an actuarially determined amount that represents normal costs plus amortization of prior service costs over a forty-year period that began on July 1, 1976.

Additionally, the University provides health and life insurance benefits for eligible retired employees and their dependents, based on the attainment of a set of defined service and age requirements. The cost of providing these benefits is accrued during the service lives of employees

The WCM postretirement plan was amended on June 28, 2019 with an effective date of January 1, 2020. The amendment implemented a new post-age 65 benefit for both current and future retirees (and their spouses) who have not yet reached that age as of December 31, 2019. The new benefit is an annual health reimbursement arrangement (“HRA”) contribution, in a fixed amount, provided to retirees and spouses. The impact of the plan amendment is included in the following table.

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The following table sets forth the defined benefit pension and postretirement plans’ obligations and funded status as of June 30:

SUMMARY OF OBLIGATIONS AND FUNDED STATUS

Pension benefits Other postretirement

2019 2018 2019 2018

Change in plan assets

Fair value of plan assets at beginning of year $ 122,885 $ 111,530 $ 279,934 $ 255,181

Actual return on plan assets 8,916 9,186 17,739 19,753

Employer contribution 7,000 6,500 26,991 26,781

Benefits paid (5,069) (4,331) (21,991) (21,781)

Fair value of plan assets at end of year $ 133,732 $ 122,885 $ 302,673 $ 279,934

Change in benefit obligation

Benefit obligation at beginning of year $ 188,285 $ 175,870 $ 621,386 $ 632,041

Service cost (benefits earned during the period)

10,221 10,824 26,555 30,757

Interest cost 8,040 7,658 27,569 26,250

Actuarial (gain)/loss 5,709 (1,736) 23,694 (48,814)

Gross benefits paid (5,069) (4,331) (20,042) (20,212)

Less: federal subsidy on benefits paid - - 1,195 1,364

Plan amendments - - (69,756) -

Projected benefit obligation at end of year $ 207,186 $ 188,285 $ 610,601 $ 621,386

Funded status $ (73,454) $ (65,400) $ (307,928) $ (341,452)

Amounts recognized in the consolidated

statement of financial position $ (73,454) $ (65,400) $ (307,928) $ (341,452)

Amounts recorded in net assets without donor restrictions not yet amortized as components of net periodic benefit cost

Prior service cost $ (232) $ (324) $ (69,756) $ -

Net actuarial (gain)/loss 43,563 38,887 66,486 40,557

Amounts recognized as reduction in net assets without donor restrictions

$ 43,331 $ 38,563 $ (3,270) $ 40,557

Amounts recorded in non-operating pension and postretirement changes

Change in amounts not yet amortized as components of net periodic benefit cost

$ (4,768) $ 5,954 $ 43,827 $ 53,287

Other components of net periodic benefit cost

(66) (2,690) (7,594) (10,970)

Total non-operating pension and postretirement changes

$ (4,834) $ 3,264 $ 36,233 $ 42,317

________________________________________________________________________________________

The accumulated benefit obligation for the pension plans was $181,276 and $160,410 at June 30, 2019 and 2018, respectively. The accumulated benefit obligation differs from the projected benefit obligation in the table above in that it includes no assumptions about future compensation levels. It represents the actuarial present value of future payments to plan participants using current and past compensation levels. For postretirement plans other than pensions, the accumulated benefit obligation is the same as the projected benefit obligations because the liabilities are not compensation-related.

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D. Net Periodic Benefit Cost

Net benefit expense related to the pension and postretirement plans for the fiscal years ended June 30 includes the following components:

NET PERIODIC BENEFIT COST


2019 2018 2019 2018

Service cost (benefits earned during the period)

$ 1 0,221 $ 1 0,824 $ 26,555 $ 30,757

Interest cost 8,040 7,658 27,569 26,250

Expected return on plan assets (8,951 ) (7,81 8) (20,081 ) (1 8,773)

Amortization of prior service cost (92) (92) - -

Amortization of net (gain)/loss 1 ,069 2,942 1 06 3,493

Net periodic benefit cost $ 1 0,287 $ 1 3,51 4 $ 34,1 49 $ 41 ,727

________________________________________________________________________________________

The amounts of prior service costs and actuarial gains/losses that will be amortized into net periodic benefit cost for the year ending June 30, 2020 are estimated as follows:

ESTIMATED COMPONENTS OF NET PERIODIC BENEFIT COST


Prior service cost $ (92) $ (1 2,627)

Net actuarial (gain)/loss 2,068 485

Total $ 1 ,976 $ (1 2,1 42)

________________________________________________________________________________________

E. Actuarial Assumptions

Assumptions used in determining the pension and postretirement plans’ benefit obligations and net periodic costs are:

SUMMARY OF ACTUARIAL ASSUMPTIONS


2019 2018 2019 2018

Used to calculate benefit obligations at June 30

Discount rate 3.96% 4.31 % 3.83% / 3.62% 4.30% / 4.29%

Rate of compensation increase 3.00% 3.00%

Used to calculate net periodic cost at July 1

Discount rate 4.31 % 4.04% 4.30% / 4.29% 3.97% / 3.96%

Expected return on plan assets 7.30% 7.00% 7.30% 7.30%

Rate of compensation increase 3.00% 3.00%

Assumed health care cost trend rates

Health care cost trend rate assumed for next year

n/a n/a 5.00% / 6.00% 5.50% / 6.00%

Ultimate trend rate n/a n/a 4.50% 4.50%

Years to reach ultimate trend rate n/a n/a 2 / 5 3 / 4

________________________________________________________________________________________

The health care cost trend rate assumption has a significant effect on the amounts reported for postretirement health care plans. Increasing the health care cost trend rate by one percent in each future year would increase the benefit obligation by $104,413 and the annual service and interest

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S) cost by $12,564. Decreasing the health care cost trend rate by one percent in each future year would

decrease the benefit obligation by $83,520 and the annual service and interest cost by $9,632.

F. Plan Assets

The University�s Retirement Plan Oversight Committee (�RPOC�) is chaired by the Vice President and Chief Human Resources Officer, with committee members selected from across multiple disciplines at the University. Its primary purpose is to assist the University in fulfilling its fiduciary responsibilities by providing guidance and oversight for the University�s retirement plans, including oversight of the custodial bank. The RPOC, in accordance with an Investment Policy Statement, and in conjunction with its outside consultant, regularly reviews the investment strategies, along with evolving institutional objectives, and will make recommendations regarding possible changes to asset allocation and investment managers accordingly.

The University�s overall investment objectives for the pension plan and postretirement healthcare plan assets are broadly defined to include an inflation-adjusted rate of return that seeks growth commensurate with a prudent level of risk. To achieve this objective, the University has established fully discretionary trusts with a custodial bank as trustee and investment manager for WCM�s defined benefit pension plan and the postretirement medical benefit plan for the University’s endowed employees on the Ithaca campus. Under those trust agreements the custodial bank implements investment allocations through various investment funds in order to carry out the investment objectives established by the RPOC.

Risk mitigation is achieved by diversifying investments across multiple asset classes, investing in high quality securities, and permitting flexibility in the balance of investments in the recommended asset classes. Market risk is inherent in any portfolio, but the investment policies and strategies are designed to avoid concentration of risk in any one entity, industry, country, or commodity. The funds in which the plan assets are invested are well-diversified and managed to avoid concentration of risk. The expected rate of return assumptions are based on the expertise provided by investment managers at the custodial bank. The factors that impact the expected rates of return for various asset types includes assumptions about inflation, historically based real returns, anticipated value added by investment managers, and expected average asset allocations.

The fair values of the pension plan assets and postretirement medical benefit plan assets are categorized according to the fair-value hierarchy. Both the pension plan and postretirement medical benefit plans invest in funds to meet their investment objectives. The asset allocation is based on the underlying assets of the various funds. The fair-value level is based upon each fund as the unit of measure. The fair value of the plans� assets as of June 30 and the roll-forward for Level 3 assets are disclosed in the tables below.

SUMMARY OF PLAN ASSETS

Target allocation Pension benefits Other postretirement

2019 2018 2019 2018

Percentage of plan assets

Equity securities 39-85% 62% 64% 69% 77%

Fixed income securities 1 5-55% 32% 30% 31 % 23%

Real estate 0-1 0% 6% 6% 0% 0%

Total 1 00% 1 00% 1 00% 1 00%

________________________________________________________________________________________

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PENSION PLAN ASSETS AT FAIR VALUE

Level 1 fair value

Level 2 fair value

Level 3 fair value

2019

Total2018

Total

Cash and cash equivalents

Money market $ 1 99 $ - $ - $ 1 99 $ 3

Equity securities

U.S. small cap - 2,750 - 2,750 8,463

U.S. large cap - 25,865 - 25,865 35,989

U.S. multi cap - 1 9,737 - 1 9,737 7,364

U.S. REITS - 3 ,272 - 3,272 3 ,082

Emerging markets - 7,531 - 7,531 8,075

International equity - 23,354 - 23,354 1 6,347

Fixed income securities

U.S. high yield bonds - 8,091 - 8,091 5,263

Corporate bonds - 27,942 - 27,942 23,528

Mortgage-backed securities - 3,665 - 3 ,665 3,441

International fixed income - 3 ,323 - 3,323 1 ,225

Floating-rate debt instruments - - - - 2,457

Other types of investments

Real estate - - 7,784 7,784 7,278

Receivable for investments sold 1 6,858 - - 1 6,858 2,097

Payable for investments purchased (1 6,639) - - (1 6,639) (1 ,727)

Total assets $ 41 8 $ 1 25,530 $ 7,784 $ 1 33,732 $ 1 22,885

________________________________________________________________________________________

SUMMARY OF LEVEL 3 PENSION PLAN ACTIVITY

Fair value, June 30,

2018

Realized gain/(loss)

Unrealized gain/(loss)

Purchases SalesTransfers

in/(out) of Level 3

Fair value, June 30,

2019

Real estate $ 7,278 $ - $ 396 $ 1 1 0 $ - $ - $ 7,784

Total Level 3 assets

$ 7,278 $ - $ 396 $ 1 1 0 $ - $ - $ 7,784

________________________________________________________________________________________

POSTRETIREMENT PLAN ASSETS AT FAIR VALUE

Level 1 fair value

Level 2 fair value

Level 3 fair value

2019 Total 2018 Total

Cash and cash equivalents

Money market $ 8,633 $ - $ - $ 8,633 $ 1 ,563

Equity securities

U.S. small cap - 26,365 - 26,365 26,586

U.S. large cap - 95,822 - 95,822 90,548

Emerging markets - 30,81 8 - 30,81 8 35,464

International equity - 49,782 - 49,782 55,961

U.S. REITS - 5 ,642 - 5,642 6,21 0

Fixed income securities

U.S. high yield bonds - 23,976 - 23,976 1 5,351

Corporate bonds - 52,592 - 52,592 44,1 00

Emerging markets debt - 9,01 4 - 9,01 4 4,1 50

Receivable for investments sold 2,288 - - 2,288 3,649

Payable for investments purchased (2,259) - - (2,259) (3,648)

Total assets $ 8,662 $ 294,01 1 $ - $ 302,673 $ 279,934 ________________________________________________________________________________________

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The expected annual contributions and benefit payments that reflect anticipated service are as follows:

EXPECTED CONTRIBUTIONS AND BENEFIT PAYMENTS

Other postretirement

Pension benefits Employer paid Government subsidy

University contributions

2020 $ 7,000 $ 25,909 n/a

Future benefit payments

2020 6,321 22,395 2,039

2021 7,022 24,009 2,1 73

2022 7,752 25,398 2,324

2023 8,475 26,957 2,474

2024 8,829 28,686 2,625

2025-2029 55,949 1 69,21 8 1 5,621

________________________________________________________________________________________

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 established a prescription drug benefit known as “Medicare Part D” that also established a federal subsidy to sponsors of retiree healthcare benefit plans. The estimated future government subsidy amounts are reflected in the table above.

H. Contract College Employees

Employees of the Contract Colleges are covered under the New York State pension plans. Contributions to the state retirement system and other fringe benefit costs are paid directly by the state. The amount of the direct payments applicable to the University as revenue and expenditures is not currently determinable and is not included in the consolidated financial statements. The University reimburses the state for fringe benefit costs on certain salaries, principally those associated with externally sponsored programs. The amounts reimbursed to the state during the fiscal years ended June 30, 2019 and 2018 were $18,414 and $17,306, respectively, and are included in operating expenses.

8. FUNDS HELD FOR OTHERS

The University, in limited instances, invests funds on behalf of related parties. Independent trustees are responsible for the designation of income distribution. The value of the funds included on the investment line in the consolidated statement of financial position was $223,932 and $222,006 for the fiscal years ended June 30, 2019 and 2018, respectively. The University recognizes an offsetting liability for funds held for others, with one adjustment described below.

The New York Hospital-Cornell Medical Center Fund, Inc. (“Center Fund”), which benefits WCM and the New York-Presbyterian Hospital, is the major external organization invested in the University�s long-term investment portfolio with assets of $185,708 and $184,225 for the fiscal years ended June 30, 2019 and 2018, respectively. WCM holds a significant beneficial interest in the assets of the Center Fund of $123,105 and $113,811, for the fiscal years ended June 30, 2019 and 2018, respectively. The liability related to New York-Presbyterian’s interest is $62,603 and $70,414 for the fiscal years ended June 30, 2019 and 2018, respectively.

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9. BONDS AND NOTES PAYABLE


Bonds and notes payable are reported at carrying value, which is the par amount net of unamortized issuance costs, premiums, and discounts. Bonds and notes payable as of June 30 are summarized as follows:

SUMMARY OF BONDS AND NOTES PAYABLE

2019 2018 Interest rates (%)Final

maturity

Dormitory Authority of the State of New York (DASNY)

Revenue Bond Series

1990B-fixed rate $ 24,425 $ 27,870 4.50 to 5.00 2025

2000A-variable rate/monthly 32,735 35,355 2.27 to 2.63 2029

2000B-variable rate/monthly 45,895 49,085 2.27 to 2.63 2030

2004A&B-variable rate/weekly 59,700 62,825 0.81 to 2.33 2033

2008B&C-fixed rate 1 02,700 1 06,035 5 .00 2037

2009A-fixed rate - 261 ,050 4.00 to 5.00 201 9

2010A-fixed rate 285,000 285,000 4.00 to 5.00 2040

2016A-fixed rate 1 1 2,260 1 1 7,205 3.00 to 5.00 2035

2019A-fixed rate 1 1 4,575 - 3 .00 to 5.00 2029

2019B-variable rate/daily 92,21 0 - 0.82 to 2.30 2039

2019C-variable rate/monthly 79,370 - 2.48 to 2.51 2034

Tax-exempt commercial paper - 52,890 0.79 to 1 .67 2037

Tompkins County Industrial Development Agency (TCIDA)

2002A-variable rate/monthly 28,400 30,365 2.27 to 2.63 2030

2008A-fixed rate 55,400 57,320 3.00 to 5.00 2037

Empire State Development 1 ,250 1 ,375 - 2029

2018A-fixed rate 1 50,000 - 3 .85 2048

2007A Taxable commercial paper 1 53,890 83,890 2.05 to 2.70 -

Hudson Cornell Residential JV LLC 97,550 96,630 3.81 to 4.27 2024

Other 7,948 6,027 4.90 to 6.63 2039

Outstanding bonds and notes payable $ 1 ,443,308 $ 1 ,272,922

Unamortized premium and issuance costs

43,650 32,729

Total bonds and notes payable $ 1 ,486,958 $ 1 ,305,651

________________________________________________________________________________________

Debt and related debt service for borrowings by New York State for the construction and renovation of facilities of the Contract Colleges are not included in the consolidated financial statements because they are not liabilities of the University.

Under the DASNY Revenue Bond Series 1990B and tax-exempt commercial paper notes agreements, these are general obligations of the University and are secured by a pledge of revenue. The University has not granted a pledge of revenue on other debt.

During the fiscal year ended June 30, 2019, the University issued $150 million taxable fixed rate debt to finance capital projects. The University also issued $114,575 DASNY Series 2019A, $92,210 DASNY Series 2019B, and $79,370 DASNY Series 2019C to effect a current refunding of $254,000 Series 2009A and $52,890 of tax-exempt commercial paper. The University amended DASNY Series 2000A&B bonds and TCIDA Series 2002A bonds to extend the agreements to the maturity of the bonds.

During the fiscal year ended June 30, 2019, Hudson Cornell Tech LLC, a subsidiary of Hudson Cornell Residential JV LLC (see Note 5B), extended its loan with Wells Fargo Bank, N.A. for a variable-rate

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S) building and equipment loan up to $105,000 until February 2024. The University has consolidated

$97,550 and $96,630 of debt attributable to the subsidiary at June 30, 2019 and 2018, respectively. The loan is secured by a security interest in the building and equipment.

The University maintains tax-exempt and taxable commercial paper programs. Tax-exempt commercial paper is used to finance qualified capital projects and equipment purchases. Taxable commercial paper is also used for these purposes, and can be used to finance short-term working capital needs. The maximum authorized amount of each commercial paper program is $200 million.

Scheduled principal and interest payments on bonds and notes for the next five fiscal years and thereafter are shown below:

ANNUAL DEBT SERVICE REQUIREMENTS

Year Principal Interest Total

2020 $ 38,846 $ 40,752 $ 79,598

2021 41 ,1 74 44,903 86,077

2022 42,842 43,506 86,348

2023 44,522 42,085 86,607

2024 1 43,988 40,441 1 84,429

Thereafter 1 ,1 31 ,936 408,41 5 1 ,540,351

Total $ 1 ,443,308 $ 620,1 02 $ 2,063,41 0

________________________________________________________________________________________

The University estimates future interest payments on variable-rate debt based on the Securities Industry and Financial Markets Association (SIFMA) rate for tax-exempt debt and the London Interbank Offered Rates (LIBOR) rate for taxable debt.

B. Interest-Rate Swaps

The University approved the use of interest-rate swaps to mitigate interest-rate risk in the debt portfolio. Interest-rate swaps are derivative instruments; however, their use by the University is not considered to be hedging activity, based on definitions in generally accepted accounting principles.

Through the use of interest-rate swap agreements, the University is exposed to the risk that counterparties will fail to meet their contractual obligations. To mitigate counterparty risk, the University limits swap exposure for each counterparty. Master agreements with counterparties include netting arrangements that permit the University to net amounts due to the counterparty with amounts due from the counterparty. Utilizing netting arrangements reduces the maximum loss in the event of counterparty default.

The University�s swap agreements contain a credit-rating-contingent feature in which the counterparties can request collateral on agreements in net liability positions. At June 30, 2019 and 2018, the University did not have collateral on deposit with any counterparty.

The University�s interest-rate swaps are valued as of June 30 by an independent third party that uses the mid-market levels, as of the close of business, to value each agreement. The valuations provided are derived from proprietary models based upon well-recognized financial principles and estimates about relevant future market conditions and the University�s credit worthiness. The University�s interest-rate swaps are classified as Level 2 in the fair-value hierarchy.

At June 30, 2019, the University had five interest-rate swap agreements to exchange variable-rate cash flows for fixed-rate cash flows without the exchange of the underlying principal amount. Net payments or receipts of the swap agreements are recorded as adjustments to the swap interest and change in value of interest-rate swaps line in the consolidated statement of activities. In all agreements in effect at June 30, 2019, the counterparty pays a variable interest rate equal to a percentage of the one-month LIBOR.

The following table provides detailed information on the interest-rate swaps at June 30, 2019, with comparative fair values for June 30, 2018. The swaps are reported based on notional amount.

47

FAIR VALUE OF INTEREST-RATE SWAPS IN STATEMENT OF FINANCIAL POSITION

2019 2018

LocationNotional amount

Interest rate

Termination date

BasisLevel 2

fair valueLevel 2

fair value

Swap interest and change in value of interest-rate swaps

$ 30,365 4.52 July 1 , 2030 LIBOR $ (5,651 ) $ (5,01 2)

85,1 06 3.92 July 1 , 2038 LIBOR (20,928) (1 6,1 31 )

275,000 3.88 July 1 , 2040 LIBOR (1 08,938) (79,298)

1 84,230 3.48 July 1 , 2041 LIBOR (42,352) (30,1 53)

1 87,025 3.77 July 1 , 2044 LIBOR (54,093) (39,81 9)

Total fair value $ (231 ,962) $ (1 70,41 3)

________________________________________________________________________________________

C. Standby Bond Purchase Agreements

During the fiscal year ended June 30, 2019, the University negotiated a standby bond purchase agreement with US Bank for Series 2019B, expiring April 2024, and extended the standby purchase agreement with BNY Mellon for Series 2004 bonds, expiring January 2022. In the event that the bonds cannot be remarketed and the agreement is not otherwise renewed, the University will be required to redeem the bonds or refinance the bonds in a different interest rate mode. In the event that the bonds cannot be remarketed and the University did not redeem, the University will have a current obligation to purchase the bonds tendered.

D. Lines of Credit

The University maintains three lines of credit totaling $200 million. $100 million expiring March 2020, $75 million expiring April 2020, and $25 million expiring February 2020. The lines of credit are used on a limited basis and as of June 30, 2019 and 2018, the University had no outstanding borrowings under these agreements. The University records the working capital lines of credit activity and outstanding balances as other liabilities in the consolidated statement of financial position.

10. LEASES

The University enters into lease agreements for the use of real property, machinery, and equipment. Total operating lease expenses were $48,718 and $43,227 for the fiscal years ended June 30, 2019 and 2018, respectively. The future annual minimum lease payments in the following table are payments under operating leases expiring at various dates through June 30, 2068, and payments under capital leases expiring at various dates through September 30, 2051. The capital lease balance is primarily related to building leases for the Breazzano Family Center for Business Education at Ithaca and the Tata Innovation Center at Cornell Tech.

ANNUAL MINIMUM LEASE PAYMENTS

Year Capital Operating

2020 $ 8,500 $ 49,365

2021 8,493 48,696

2022 8,402 44,81 8

2023 8,952 42,835

2024 8,91 3 41 ,706

Thereafter 283,493 331 ,037

Total minimum lease payments $ 326,753 $ 558,457

Less: Amount representing interest (207,731 )

Present value of net minimum lease payments $ 1 1 9,022

________________________________________________________________________________________

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S) 11. FUNCTIONAL EXPENSES AND STUDENT AID

Total expenses by functional categories for the fiscal years ended June 30 are as follows:

FUNCTIONAL EXPENSES

Instruction, student

services and academic

support

ResearchPublic

serviceHealthcare

servicesInstitutional

support

Enterprises and

subsidiaries2019 Total

Compensation and benefits

$ 1 ,01 1 ,1 99 $ 358,723 $ 85,704 $ 978,450 $ 324,628 $ 1 25,296 $ 2,884,000

Other operating expenses

334,942 230,974 39,059 245,91 8 97,529 1 1 5,203 1 ,063,625

Maintenance and facilities costs

1 3,081 7,300 7,347 36,024 50,649 24,861 1 39,262

Interest expense

25,934 1 2,654 379 25 6,268 1 2,078 57,338

Depreciation expense

1 33,1 66 53,577 5,334 47,320 27,787 37,634 304,81 8

Total operating expenses

$ 1 ,51 8,322 $ 663,228 $ 1 37,823 $ 1 ,307,737 $ 506,861 $ 31 5,072 $ 4,449,043

Other components of net periodic benefit cost

902 (99) (1 0) 5,882 886 99 7,660

Total $ 1 ,51 9,224 $ 663,1 29 $ 1 37,81 3 $ 1 ,31 3,61 9 $ 507,747 $ 31 5,1 71 $ 4,456,703

________________________________________________________________________________________

The expenses for operations and maintenance of facilities, depreciation, and interest related to capital projects are allocated to functional categories based on square footage. The amounts allocated for operations and maintenance were approximately $179,062 and $150,994 for the fiscal years ended June 30, 2019 and 2018, respectively.

Student financial assistance is shown as a component of instruction expense unless the assistance is for tuition and mandatory fees. If the assistance is for tuition and mandatory fees, the amounts are recorded as scholarship allowance, which reduces tuition revenue. Total financial assistance amounts classified as instruction expense were $46,908 and $49,394 for the fiscal years ended June 30, 2019 and 2018, respectively.

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12. NET ASSETS


The University�s net assets as of June 30 are as follows:

SUMMARY OF NET ASSETS

Without donor

restrictions

With donor restrictions

2019

Total

Without donor

restrictions


2018

Total

Endowment

True endowment $ - $ 5,062,037 $ 5,062,037 $ - $ 4,927,564 $ 4,927,564

Funds functioning as endowment (FFE)

1 ,367,064 354,033 1 ,721 ,097 1 ,422,855 351 ,752 1 ,774,607

Total true endowment and FFE

$ 1 ,367,064 $5,41 6,070 $ 6,783,1 34 $ 1 ,422,855 $ 5,279,31 6 $ 6,702,1 71

Funds held by others, perpetual

- 1 91 ,503 1 91 ,503 - 1 69,31 0 1 69,31 0

Total University endowment

$ 1 ,367,064 $ 5,607,573 $ 6,974,637 $ 1 ,422,855 $ 5,448,626 $ 6,871 ,481

Other net assets

Operations $ (98,41 4) $ 455,559 $ 357,1 45 $ (246,1 63) $ 471 ,590 $ 225,427

Student loans 9,41 9 51 ,796 61 ,21 5 9,033 50,253 59,286

Facilities and equipment

2,873,51 8 1 1 8,985 2,992,503 2,939,859 1 03,772 3,043,631

Annuity and other split-interest agreements

- 1 72,221 1 72,221 - 1 66,687 1 66,687

Contributions receivable, net

- 804,904 804,904 - 826,1 09 826,1 09

Long-term accruals (728,960) - (728,960) (688,298) - (688,298)

Total net assets $ 3,422,627 $ 7,21 1 ,038 $ 1 0,633,665 $ 3,437,286 $ 7,067,037 $ 1 0,504,323

________________________________________________________________________________________

Net asset balances for operations (without donor restrictions) are affected primarily by operating activities and strategic decisions to invest expendable balances in funds functioning as endowment and capital projects. Long-term accruals represent longer-term liabilities including the unfunded amount of pension and postretirement benefits, vacation accruals, conditional asset retirement obligations for asbestos remediation, and fair-value adjustment on interest-rate swaps.

B. Endowment

The University endowment net assets at June 30 were held in support of the following purposes:

SUMMARY OF ENDOWMENT PURPOSE

2019 2018

Academic programs and research $ 1 ,978,91 4 $ 1 ,966,874

Financial aid 1 ,784,31 6 1 ,733,832

Professorships 1 ,475,443 1 ,447,61 7

General purpose and facilities support 1 ,382,1 25 1 ,384,398

CU Foundation 1 62,336 1 69,450

Total true endowment and FFE, end of year $ 6,783,1 34 $ 6,702,1 71

________________________________________________________________________________________

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S) Of the endowment assets held at the University, 98 percent was invested in the long term

investment pool (�LTIP�) at June 30, 2019 and 2018. The LTIP is a mutual-fund-like vehicle used for investing the University�s true endowments, funds functioning as endowment, and other funds that are not expected to be expended for at least five years. The University employs a unit method of accounting for the LTIP. Each participating fund enters into and withdraws from the pooled investment account based on monthly unit fair values. Participation in the LTIP using unrestricted funds requires a minimum investment of one hundred thousand dollars and a commitment of at least five years.

At June 30, 2019, 306 of 7,317 true endowment funds invested in the LTIP had a total historic dollar value of $153,584 and a fair value of $140,029, resulting in these endowments being underwater by a total of $13,555. The University holds significant appreciation on endowments to offset these temporary decreases in value. The University has maintained these true endowment funds at their historical book value.

Changes in the endowment net assets, exclusive of funds held in trust by others, for the fiscal years ended June 30 are presented below:

SUMMARY OF ENDOWMENT ACTIVITY

Without donor

restrictions


2019

Total

Without donor

restrictions


2018

Total

True endowment and FFE, beginning of year

$ 1 ,422,855 $ 5,279,31 6 $ 6,702,1 71 $ 1 ,395,479 $ 4,940,040 $ 6,335,51 9

Investment return

Net investment income

7,678 25,889 33,567 1 2,61 8 37,579 50,1 97

Net realized and unrealized gain/ (loss)

75,791 233,986 309,777 1 85,475 404,063 589,538

Total investment return

$ 83,469 $ 259,875 $ 343,344 $ 1 98,093 $ 441 ,642 $ 639,735

New gifts 2,342 1 1 7,452 1 1 9,794 5,703 1 36,892 1 42,595

Amounts appropriated for expenditure/reinvestment

(75,883) (231 ,790) (307,673) (78,925) (232,431 ) (31 1 ,356)

Other changes and reclassifications

(65,71 9) (8,783) (74,502) (97,495) (6,827) (1 04,322)

Total true endowment and FFE, end of year

$ 1 ,367,064 $ 5,41 6,070 $ 6,783,1 34 $ 1 ,422,855 $ 5,279,31 6 $ 6,702,1 71

________________________________________________________________________________________

13. SELF-INSURANCE

The University retains self-insurance for property, general liability, student health insurance, and certain health benefits. In addition, the University has an equity interest in a multi-provider captive insurance company for medical malpractice.

A. Medical Malpractice

The University obtains medical malpractice insurance through MCIC Vermont (�MCIC�). MCIC is a reciprocal risk retention group that provides medical malpractice insurance coverage and risk management services to its subscribers.

MCIC is owned by the University, New York-Presbyterian Hospital, and four other institutions of higher education and their respective teaching hospitals. All of WCM�s faculty physicians are enrolled in MCIC. The medical malpractice incurred-but-not-reported liability is calculated annually on an actuarial basis.

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WCM has recorded medical malpractice liabilities of $169,736 and $170,633 at June 30, 2019 and 2018, respectively, as accrued expenses in the consolidated statement of financial position. In addition, WCM maintains a reinsurance program with MCIC with anticipated recoveries of $119,955 and $122,351, respectively, recorded as accounts receivable (Note 3A).

B. Student Health Plan

The University has established a self-funded student health plan under Section 1124 of the New York State Insurance Law (�NYSIL�). The Student Health Plan (�SHP�) provides health insurance coverage to students at the University�s Ithaca-based campuses. The table below presents a summary of SHP operations occurring during the University’s fiscal years ended June 30.

SUMMARY OF STUDENT HEALTH PLAN OPERATIONS

July 1 - July 31

(prior plan year)

August 1 - June 30

(current plan year)

2019

Fiscalyear total

July 1 - July 31

(prior plan year)

August 1 - June 30

(current plan year)

2018

Fiscal year total

Total premium revenue $ 3,360 $ 33,804 $ 37,1 64 $ 2,475 $ 29,897 $ 32,372

Expenses

Medical and prescription drug expense

3,434 24,554 27,988 2,81 9 21 ,000 23,81 9

Health center capitation 826 6,885 7,71 1 523 5,847 6,370

Administrative fees 427 3,1 84 3,61 1 381 3,240 3,621

Total expenses $ 4,687 $ 34,623 $ 39,31 0 $ 3,723 $ 30,087 $ 33,81 0

Net income from health plan operations

$ (1 ,327) $ (81 9) $ (2,1 46) $ (1 ,248) $ (1 90) $ (1 ,438)

________________________________________________________________________________________

The University has established reserves with the amounts necessary to satisfy obligations of the plan. Based on an analysis and recommendation of a qualified actuary, and with the approval of New York State, the reserve for medical claims incurred-but-not-reported and claims reported but not paid (�RBNP�) is maintained at an amount not less than 14.5 percent of expected medical claims and 5 percent of expected pharmacy drug claims. In addition, a separate contingency reserve has been established for the purpose of satisfying unexpected obligations in the event of termination of the plan. The contingency reserve is maintained at an amount not less than 5 percent of the total current plan year premiums and is invested in the University�s endowment. NYS requires that the assets of the contingency reserve consist of certain investments of the types specified in Section 1404 of NYSIL. The specified types of investments include U.S. government securities categorized in fair-value hierarchy Level 1, of which the University holds $463,300 and $109,562 in its investment portfolio as of June 30, 2019 and 2018, respectively (Note 4B). Premium revenue is billed in advance of the plan year (unearned) and recognized as revenue on a monthly basis as coverage is provided. The changes in the unearned premiums and SHP reserves during the fiscal years ended June 30 are presented below.

SUMMARY OF STUDENT HEALTH PLAN UNEARNED PREMIUMS

2019 2018

Unearned premiums Unearned premiums

201 7-201 8 plan year

201 8-201 9 plan year

201 6-201 7 plan year

201 7-201 8 plan year

Balance as of July 1 $ 2,764 $ - $ 2,270 $ -

Balance as of June 30 - 2,837 - 2,764

Net change $ (2,764) $ 2,837 $ (2,270) $ 2,764

________________________________________________________________________________________

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SUMMARY OF STUDENT HEALTH PLAN RESERVES

IBNR/RBNP reserve Contingency reserve

2019 2018 2019 2018

Balance as of July 1 $ 3,275 $ 3,203 $ 1 ,863 $ 1 ,723

Balance as of June 30 3,394 3,275 2,1 04 1 ,863

Net change $ 1 1 9 $ 72 $ 241 $ 1 40

________________________________________________________________________________________

14. CONTINGENT LIABILITIES

The University is a defendant in various legal actions, some for substantial monetary amounts that arise out of the normal course of its operations. Although the final outcome of the actions cannot be foreseen, the University�s administration is of the opinion that eventual liability, if any, will not have a material effect on the University’s financial position.

15. SUBSEQUENT EVENTS

In September 2019, the University issued $121.4 million tax-exempt fixed-rate debt, maturing in July 2036, to finance capital projects. Based on the University’s evaluation of subsequent events through October 17, 2019, the date on which the consolidated financial statements were issued, there were no other events with material impact on the University’s consolidated financial statements.

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(Section 43)

Fb_ZUSd <Y^Q^SY^W

N_\ ;lk_fi`kp Xî\\j kf lj\ `kj Y\jk \]]fikj kf `jjl\+ j\cc Xe[ [\c`m\i M\i`\j 1///; <fe[j è X gièZ`gXcXdflek efk \oZ\\[è^ #6/+///+/// Xe[ k_\ M\i`\j 1///< <fe[j è X gièZ`gXc Xdflek efk \oZ\\[è^ #8/+///+///-N_\ gifZ\\[j f] k_\ M\i`\j 1///; <fe[j j_Xcc Y\ Xggc`\[ Xj jg\Z`]`\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ k_\`jjlXeZ\ f] k_\ M\i`\j 1///; <fe[j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ <fe[j- N_\ gifZ\\[j f] k_\M\i`\j 1///< <fe[j j_Xcc Y\ Xggc`\[ Xj jg\Z`]`\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f] k_\ M\i`\j1///< <fe[j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ <fe[j- N_\ gifZ\\[j f] Xep fk_\i M\i`\j f] <fe[j j_XccY\ Xggc`\[ Xj jg\Z`]`\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f] jlZ_ M\i`\j f] <fe[j è k_\ <fe[ M\i`\j=\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j f] <fe[j-

(Section 4(1))

Upon receipt of the consent of the holders of a majority in aggregate principal amount of Outstanding

Bonds, paragraphs 1 of Section 4 of the Loan Agreement will be amended and restated as summarized below:

N_\ ;lk_fi`kp Xî\\j kf lj\ `kj Y\jk \]]fikj kf Xlk_fi`q\+ `jjl\+ j\cc Xe[ [\c`m\i k_\ <fe[j è k_\ X^î\^Xk\gièZ`gXc Xdflek jl]]`Z`\ek+ kf^\k_\i n`k_ fk_\i dfe\p XmX`cXYc\ k_\i\]fi+ '`( kf gXp ]fi k_\ i\]le[è^ f] Xcc fi Xgfik`fe f] flkjkXe[è^ efk\j fi Yfe[j `jjl\[ ]fi k_\ Y\e\]`k f] k_\ Oe`m\ij`kp+ '``( gXp ]fi k_\ =fjkj f] k_\ Jifa\Zk+Xe[ '``( kf gXp =fjkj f] CjjlXeZ\- N_\ gifZ\\[j f] X M\i`\j f] <fe[j j_Xcc Y\ Xggc`\[ Xj jg\Z`]`\[ è k_\ M\i`\jL\jfclk`fej fi k_\ M\i`\j =\ik`]`ZXk\'j( i\cXkè^ kf jlZ_ M\i`\j f] <fe[j-

(Section 4(1), as proposed to be amended)

9_^cdbeSdY_^ _V Fb_ZUSdc

0- N_\ Oe`m\ij`kp Xî\\j k_Xk+ n_\k_\i fi efk k_\i\ Xi\ jl]]`Z`\ek dfe\pj XmX`cXYc\ kf `k le[\i k_\gifm`j`fej f] k_\ L\jfclk`fe Xe[ le[\i k_\ FfXe ;î\\d\ek+ k_\ Oe`m\ij`kp j_Xcc Zfdgc\k\ k_\ XZhl`j`k`fe+ [\j`ê+ZfejkilZk`fe+ i\ZfejkilZk`fe+ i\_XY`c`kXk`fe Xe[ `dgifmè^ fi fk_\in`j\ gifm`[è^ Xe[ ]lie`j_è^ Xe[ \hl`ggè^ f]\XZ_ Jifa\Zk+ jlYjkXek`Xccp è XZZfi[XeZ\ n`k_ k_\ =fekiXZk >fZld\ekj i\cXkè^ k_\i\kf- MlYa\Zk kf k_\ Zfe[`k`fejk_\i\f]+ k_\ ;lk_fi`kp n`cc+ kf k_\ \ok\ek f] dfe\pj XmX`cXYc\ è k_\ Xggc`ZXYc\ =fejkilZk`fe @le[+ ZXlj\ k_\Oe`m\ij`kp kf Y\ i\`dYlij\[ ]fi+ fi gXp+ Xep Zfjkj Xe[ \og\ej\j èZlii\[ Yp k_\ Oe`m\ij`kp n_`Z_ Zfejk`klk\ =fjkj f]k_\ Jifa\Zk+ gifm`[\[ jlZ_ Zfjkj Xe[ \og\ej\j Xi\ Xggifm\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp-

=,1

1- 'X( Nf k_\ \ok\ek k_Xk dfe\pj Xi\ XmX`cXYc\ k_\i\]fi+ dfe\pj è X =fejkilZk`fe @le[ j_Xcc Y\[`jYlij\[ Xj k_\ ZfejkilZk`fe f] k_\ Jifa\Zk ]fi n_`Z_ jlZ_ ]le[ nXj \jkXYc`j_\[ gifî\jj\j+ Ylk efk dfi\ ]i\hl\ekcpk_Xe feZ\ X dfek_+ lec\jj fk_\in`j\ Xî\\[ kf è ni`kè^ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ è Xdflekj Xjj_Xcc Y\ i\hl\jk\[ Yp k_\ Oe`m\ij`kp glijlXek kf X i\hl\jk ]fi [`jYlij\d\ek Xj gifm`[\[ è k_\ FfXe ;î\\d\ek+ Ylkefk è \oZ\jj f] k_Xk i\XjfeXYcp [\k\idè\[ Yp k_\ ;lk_fi`kp kf Y\ e\\[\[ kf i\`dYlij\ k_\ Oe`m\ij`kp ]fi+ fi kf gXp+Xep Zfjkj Xe[ \og\ej\j Zfejk`klkè^ =fjkj f] k_\ Jifa\Zk gi\m`fljcp gX`[ fi k_\e [l\ n_`Z_ n\i\ èZlii\[ Yp k_\Oe`m\ij`kp è Zfee\Zk`fe n`k_ k_\ Jifa\Zk-

'Y( Ji`fi kf k_\ ;lk_fi`kp dXbè^ Xe[ [\c`m\iè^ Xep Z\ik`]`ZXk\ i\hlì\[ kf Y\ [\c`m\i\[ kf k_\ Niljk\\è Zfee\Zk`fe n`k_ gXpd\ekj kf Y\ dX[\ glijlXek kf k_\ L\jfclk`fe ]fi =fjkj f] X Jifa\Zk+ fk_\i k_Xe èk\i\jk feIlkjkXe[è^ <fe[j+ k_\ Oe`m\ij`kp j_Xcc [\c`m\i kf k_\ ;lk_fi`kp k_\ ]fccfnè^9

'`( Zfg`\j f] Xcc èmf`Z\j+ gX`[ fi legX`[:

'``( Zfg`\j f] ]ifek Xe[ YXZb f] ZXeZ\cc\[ Z_\Zbj+ `] Xep: Xe[

'```( X Z\ik`]`ZXk\ f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ Oe`m\ij`kp Z\ik`]pè^ k_Xk k_\ Xdflek f]dfe\p ]fi n_`Z_ gXpd\ek `j i\hl`j`k`fe\[ _Xj Y\\e èZlii\[ fi \og\e[\[ ]fi `k\dj n_`Z_ Zfejk`klk\ =fjkjf] k_\ Jifa\Zk ]fi n_`Z_ jlZ_ Z\ik`]`ZXk\ `j [\c`m\i\[-

2- N_\ Oe`m\ij`kp n`cc i\Z\`m\ k_\ [`jYlij\d\ekj f] dfe\pj è \XZ_ =fejkilZk`fe @le[ kf Y\ dX[\le[\i k_\ FfXe ;î\\d\ek+ Xe[ n`cc _fc[ k_\ i`^_k kf i\Z\`m\ k_\ jXd\+ Xj X kiljk ]le[ ]fi k_\ gligfj\ f] gXpè^ k_\=fjkj f] k_\ Jifa\Zk ]fi n_`Z_ \XZ_ [`jYlij\d\ek nXj dX[\+ Xe[ n`cc Xggcp k_\ jXd\ ]ìjk kf jlZ_ gXpd\ek Y\]fi\ljè^ Xep gXik k_\i\f] ]fi Xep fk_\i gligfj\j-

3- N_\ Oe`m\ij`kp j_Xcc g\id`k k_\ ;lk_fi`kp Xe[ `kj Xlk_fi`q\[ i\gi\j\ekXk`m\j+ Xk Xep k`d\ [lièêfidXc Yljè\jj _flij+ kf \ek\i lgfe k_\ gifg\ikp f] k_\ Oe`m\ij`kp+ k_\ Jifa\Zkj kf èjg\Zk k_\ Jifa\Zkj Xe[ XccdXk\i`Xcj+ ]òkli\j Xe[ Xik`Zc\j lj\[ fi kf Y\ lj\[ è ZfejkilZk`fe f] k_\ Jifa\Zkj+ Xe[ kf \oXdè\ Xcc =fekiXZk>fZld\ekj- N_\ Oe`m\ij`kp j_Xcc ]lie`j_ kf k_\ ;lk_fi`kp Xe[ `kj Xlk_fi`q\[ i\gi\j\ekXk`m\j+ n_\e i\hl\jk\[+ Zfg`\jf] jlZ_ =fekiXZk >fZld\ekj- N_\ Oe`m\ij`kp Xî\\j kf i\kXè Xcc [fZld\ekXk`fe f] \og\e[`kli\j ]fi `k\dj n_`Z_Zfejk`klk\ =fjkj f] k_\ Jifa\Zk ]fi Xk c\Xjk j\m\e '6( p\Xij X]k\i k_\ [Xk\ f] Zfdgc\k`fe f] k_\ Jifa\Zk kf n_`Z_ jlZ_[fZld\ekXk`fe i\cXk\j-

4- ;e ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ è _`j jfc\ Xe[ XYjfclk\ [`jZi\k`fe+ dXp nX`m\+ ]ifd k`d\kf k`d\+ Xep f] k_\ Zfe[`k`fej j\k ]fik_ è M\Zk`fe 4 f] k_\ FfXe ;î\\d\ek- ;ep jlZ_ nX`m\i j_Xcc efk Y\ [\\d\[ XnX`m\i Yp k_\ ;lk_fi`kp f] `kj i`^_k kf k_\i\X]k\i i\hlì\ Zfdgc`XeZ\ n`k_ Xep jlZ_ Zfe[`k`fe- N_\ Oe`m\ij`kpXZbefnc\[^\j Xe[ Xî\\j k_Xk [`jYlij\d\ekj ]ifd X =fejkilZk`fe @le[ Xi\ kf Y\ dX[\ Yp k_\ Niljk\\ Xe[ j_Xcc Y\dX[\ è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe fecp lgfe i\Z\`gk Yp k_\ Niljk\\ f] k_\ [fZld\ekj i\hlì\[ Yp k_\L\jfclk`fe kf Y\ \o\Zlk\[ Xe[ [\c`m\i\[ è Zfee\Zk`fe n`k_ jlZ_ [`jYlij\d\ekj- N_\ ;lk_fi`kp Xî\\j kf gifm`[\k_\ Oe`m\ij`kp n`k_ X Zfgp f] \XZ_ Z\ik`]`ZXk\ dX[\ Yp k_\ ;lk_fi`kp Xe[ [\c`m\i\[ kf k_\ Niljk\\ è Zfee\Zk`fe n`k_gXpd\ekj ]ifd X =fejkilZk`fe @le[ ]fi k_\ gXpd\ek f] =fjkj f] CjjlXeZ\-

5- ; Jifa\Zk j_Xcc Y\ [\\d\[ kf Y\ Zfdgc\k\ lgfe [\c`m\ip kf k_\ ;lk_fi`kp Xe[ k_\ Niljk\\ f] XZ\ik`]`ZXk\ j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ Oe`m\ij`kp n_`Z_ Z\ik`]`ZXk\ j_Xcc Y\ [\c`m\i\[ Xj jffe XjgiXZk`ZXYc\ X]k\i k_\ Zfdgc\k`fe f] jlZ_ Jifa\Zk+ fi lgfe [\c`m\ip kf k_\ Niljk\\ Xe[ k_\ Oe`m\ij`kp f] X Z\ik`]`ZXk\j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Xe[ [\c`m\i\[ Xk Xep k`d\ X]k\i Zfdgc\k`fe f] jlZ_ Jifa\Zk- ;epjlZ_ Z\ik`]`ZXk\ j_Xcc Zfdgcp n`k_ k_\ i\hlì\d\ekj f] k_\ L\jfclk`fe- N_\ ;lk_fi`kp Xî\\j k_Xk `k n`cc efk \o\Zlk\Xe[ [\c`m\i Xep jlZ_ Z\ik`]`ZXk\ lec\jj k_\ ;lk_fi`kp _Xj efk`]`\[ k_\ Oe`m\ij`kp è ni`kè^ k_Xk+ è k_\ ;lk_fi`kpwjal[^d\ek+ jlZ_ Jifa\Zk _Xj Y\\e Zfdgc\k\[ jlYjkXek`Xccp è XZZfi[XeZ\ n`k_ k_\ gcXej Xe[ jg\Z`]`ZXk`fej k_\i\]fi ]fijlZ_ Jifa\Zk Xe[ _Xj i\hl\jk\[ k_\ Oe`m\ij`kp kf \o\Zlk\ Xe[ [\c`m\i k_\ Z\ik`]`ZXk\ gifm`[\[ ]fi è k_`j gXiXîXg_Xe[ k_\ Oe`m\ij`kp _Xj ]X`c\[ kf \o\Zlk\ Xe[ [\c`m\i jlZ_ Z\ik`]`ZXk\ n`k_è k_ìkp '2/( [Xpj X]k\i jlZ_ efk`Z\ `j ^`m\e-N_\ dfe\pj+ `] Xep+ i\dXèè^ è k_\ =fejkilZk`fe @le[ \jkXYc`j_\[ ]fi jlZ_ Jifa\Zk X]k\i jlZ_ Jifa\Zk _Xj Y\\e[\\d\[ kf Y\ Zfdgc\k\ j_Xcc Y\ gX`[ Xj gifm`[\[ è k_\ L\jfclk`fe-

6- Hfkn`k_jkXe[è^ k_\ ]fi\^fè^+ `]+ fe k_\ [Xk\ X M\i`\j f] <fe[j `j `jjl\[ X Jifa\Zk è Zfee\Zk`fen`k_ n_`Z_ jlZ_ M\i`\j f] <fe[j `j `jjl\[ j_Xcc _Xm\ Y\\e [\\d\[ kf Y\ Zfdgc\k\ Xj gifm`[\[ è k_\ FfXe;î\\d\ek fi fk_\in`j\+ k_\ gifm`j`fej f] k_\ FfXe ;î\\d\ek i\cXkè^ kf k_\ ZfejkilZk`fe f] Jifa\Zkj j_Xcc Y\

=,2

èXggc`ZXYc\ kf jlZ_ Jifa\Zk+ lec\jj jlZ_ Jifa\Zk `j Xd\e[\[ kf èZi\Xj\ k_\ jZfg\ k_\i\f] glijlXek kf k_\ FfXe;î\\d\ek+ è n_`Z_ ZXj\ k_\ gifm`j`fej k_\i\f] i\cXkè^ kf k_\ ZfejkilZk`fe f] Jifa\Zkj j_Xcc Xggcp kf jlZ_ Jifa\Zk-

(Section 5)


Bonds, paragraphs 2(b) and, 4 and 6 of Section 5 of the Loan Agreement will be amended and restated as

summarized below:

1- 'Y( Ji`fi kf dXbè^ Xe[ [\c`m\iè^ Xep Z\ik`]`ZXk\ i\hlì\[ kf Y\ [\c`m\i\[ kf k_\ Niljk\\ èZfee\Zk`fe n`k_ gXpd\ekj kf Y\ dX[\ glijlXek kf k_\ L\jfclk`fe ]fi =fjkj f] X Jifa\Zk+ fk_\i k_Xe èk\i\jk feIlkjkXe[è^ <fe[j+ k_\ ;lk_fi`kp j_Xcc _Xm\ i\Z\`m\[ X Z\ik`]`ZXk\ f] k_\ Oe`m\ij`kp è k_\ ]fid j\k ]fik_ è k_\ FfXe;î\\d\ek+ n`k_ fecp jlZ_ Z_Xe^\j Xj dXp Y\ XZZ\gkXYc\ kf k_\ ;lk_fi`kp è `kj jfc\ [`jZi\k`fe-

3- N_\ Oe`m\ij`kp j_Xcc g\id`k k_\ ;lk_fi`kp Xe[ `kj Xlk_fi`q\[ i\gi\j\ekXk`m\j+ Xk Xep k`d\ [lièêfidXc Yljè\jj _flij+ kf \ek\i lgfe k_\ gifg\ikp f] k_\ Oe`m\ij`kp+ k_\ Jifa\Zkj kf èjg\Zk k_\ Jifa\Zkj Xe[ XccdXk\i`Xcj+ ]òkli\j Xe[ Xik`Zc\j lj\[ fi kf Y\ lj\[ è ZfejkilZk`fe f] k_\ Jifa\Zkj+ Xe[ kf \oXdè\ Xcc =fekiXZk>fZld\ekj- N_\ Oe`m\ij`kp j_Xcc ]lie`j_ kf k_\ ;lk_fi`kp Xe[ `kj Xlk_fi`q\[ i\gi\j\ekXk`m\j+ n_\e i\hl\jk\[+ Zfg`\jf] jlZ_ =fekiXZk >fZld\ekj- N_\ Oe`m\ij`kp Xî\\j kf i\kXè Xcc fi`^èXc [fZld\ekXk`fe i\cXk\[ kf \og\e[`kli\j ]fi`k\dj n_`Z_ Zfejk`klk\ =fjkj f] k_\ Jifa\Zk ]fi Xk c\Xjk k_i\\ '2( p\Xij X]k\i k_\ cXjk f] k_\ <fe[j fi Xep i\]le[è^Yfe[j Xi\ i\kì\[ ]fi èjg\Zk`fe Xk Xep k`d\ Yp k_\ ;lk_fi`kp fi `kj Xl[`kfij-

5- ; Jifa\Zk j_Xcc Y\ [\\d\[ kf Y\ Zfdgc\k\ lgfe [\c`m\ip kf k_\ ;lk_fi`kp Xe[ k_\ Niljk\\ f] XZ\ik`]`ZXk\ j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ Oe`m\ij`kp n_`Z_ Z\ik`]`ZXk\ j_Xcc Y\ [\c`m\i\[ Xj jffe XjgiXZk`ZXYc\ X]k\i k_\ Zfdgc\k`fe f] jlZ_ Jifa\Zk+ fi lgfe [\c`m\ip kf k_\ Niljk\\ Xe[ k_\ Oe`m\ij`kp f] X Z\ik`]`ZXk\j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Xe[ [\c`m\i\[ Xk Xep k`d\ X]k\i Zfdgc\k`fe f] jlZ_ Jifa\Zk- ;epjlZ_ Z\ik`]`ZXk\ j_Xcc Zfdgcp n`k_ k_\ i\hlì\d\ekj f] k_\ L\jfclk`fe- N_\ ;lk_fi`kp Xî\\j k_Xk `k n`cc efk \o\Zlk\Xe[ [\c`m\i Xep jlZ_ Z\ik`]`ZXk\ lec\jj k_\ ;lk_fi`kp _Xj efk`]`\[ k_\ Oe`m\ij`kp è ni`kè^ k_Xk+ è k_\ ;lk_fi`kpwjal[^d\ek+ jlZ_ Jifa\Zk _Xj Y\\e Zfdgc\k\[ jlYjkXek`Xccp è XZZfi[XeZ\ n`k_ k_\ gcXej Xe[ jg\Z`]`ZXk`fej k_\i\]fiXe[ k_\ Oe`m\ij`kp _Xj ]X`c\[ kf \o\Zlk\ Xe[ [\c`m\i k_\ Z\ik`]`ZXk\ gifm`[\[ ]fi è k_`j gXiXîXg_ n`k_è k_ìkp '2/([Xpj X]k\i jlZ_ efk`Z\ `j ^`m\e- N_\ dfe\pj+ `] Xep+ i\dXèè^ è k_\ =fejkilZk`fe @le[ X]k\i jlZ_ Jifa\Zk _Xj Y\\e[\\d\[ kf Y\ Zfdgc\k\ j_Xcc Y\ gX`[ Xj gifm`[\[ è k_\ L\jfclk`fe-

(Paragraphs 2(b), 4 and 6 of Section 5, as proposed to be amended)

7]U^T]U^d _V Q Fb_ZUSd6 9_cd ?^SbUQcUc6 7TTYdY_^Q\ 8_^Tc

0- ; Jifa\Zk dXp Y\ Xd\e[\[ Yp k_\ Oe`m\ij`kp n`k_ k_\ gi`fi ni`kk\e Zfej\ek f] Xe ;lk_fi`q\[I]]`Z\i f] k_\ ;lk_fi`kp kf [\Zi\Xj\+ èZi\Xj\ fi fk_\in`j\ df[`]p k_\ jZfg\ k_\i\f]- ;ep jlZ_ èZi\Xj\ dXpgifm`[\ ]fi k_\ X[[`k`fe f] Xep ]lik_\i XZhl`j`k`fe+ [\j`ê+ ZfejkilZk`fe+ i\ZfejkilZk`fe+ i\_XY`c`kXk`fe+ `dgifmè^+ fifk_\in`j\ gifm`[è^+ ]lie`j_è^ Xe[ \hl`ggè^ f] X Jifa\Zk n_`Z_ k_\ ;lk_fi`kp `j Xlk_fi`q\[ kf le[\ikXb\-

1- N_\ Oe`m\ij`kp j_Xcc gifm`[\ jlZ_ dfe\pj Xj è k_\ i\XjfeXYc\ al[^d\ek f] Xe ;lk_fi`q\[ I]]`Z\if] k_\ ;lk_fi`kp dXp Y\ i\hlì\[ ]fi k_\ Zfjk f] Zfdgc\kè^ X Jifa\Zk è \oZ\jj f] k_\ dfe\pj è k_\ =fejkilZk`fe@le[ \jkXYc`j_\[ ]fi jlZ_ Jifa\Zk+ n_\k_\i jlZ_ dfe\pj Xi\ i\hlì\[ Xj X i\jlck f] Xe èZi\Xj\ è k_\ jZfg\ f] k_\gifa\Zk fi fk_\in`j\- MlZ_ dfe\pj j_Xcc Y\ gX`[ kf k_\ Niljk\\ ]fi [\gfj`k è k_\ Xggc`ZXYc\ =fejkilZk`fe @le[n`k_è ]`]k\\e '04( [Xpj f] i\Z\`gk f] efk`Z\ ]ifd k_\ ;lk_fi`kp k_Xk jlZ_ dfe\pj Xi\ i\hlì\[-

2- Hf =fekiXZk >fZld\ekj j_Xcc Y\ \ek\i\[ èkf X]k\i k_\ [Xk\ f] \o\Zlk`fe f] k_\ FfXe ;î\\d\ekXe[ ef dXk\i`Xc df[`]`ZXk`fe+ X[[`k`fe fi Xd\e[d\ek kf k_\ =fekiXZk >fZld\ekj j_Xcc Y\ dX[\ X]k\i k_\ [Xk\ f]\o\Zlk`fe k_\i\f]+ èZcl[è^ n`k_flk c`d`kXk`fe Z_Xe^\ fi[\ij dXk\i`Xccp X]]\Zkè^ k_\ jZfg\ fi eXkli\ f] X Jifa\Zk fin_\i\ k_\ Zfjk f] `dgc\d\ekè^ k_\ Z_Xe^\ \oZ\\[j #4/+///+ n`k_flk k_\ gi`fi ni`kk\e XggifmXc f] Xe ;lk_fi`q\[I]]`Z\i f] k_\ ;lk_fi`kp+ n_`Z_ XggifmXc j_Xcc efk Y\ lei\XjfeXYcp n`k__\c[- N_\ Oe`m\ij`kp Xî\\j kf ]lie`j_ fiZXlj\ kf Y\ ]lie`j_\[ kf k_\ ;lk_fi`kp Zfg`\j f] Xcc Z_Xe^\ fi[\ij i\^Xi[c\jj f] Xdflek+ lgfe k_\ i\hl\jk f] Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp k_\i\]fi-

3- N_\ ;lk_fi`kp+ lgfe k_\ i\hl\jk f] k_\ Oe`m\ij`kp+ dXp+ Ylk j_Xcc efk Y\ i\hlì\[ kf+ `jjl\ <fe[jkf gifm`[\ dfe\pj i\hlì\[ ]fi k_\ Zfjk f] Zfdgc\kè^ X Jifa\Zk è \oZ\jj f] k_\ dfe\pj è k_\ Xggc`ZXYc\

=,3

=fejkilZk`fe @le[ fi `jjl\ L\]le[è^ <fe[j- Hfk_è^ ZfekXè\[ è k_\ FfXe ;î\\d\ek fi è k_\ L\jfclk`fe j_XccY\ Zfejkil\[ Xj Zi\Xkè^ Xep fYc`^Xk`fe lgfe k_\ ;lk_fi`kp kf `jjl\ <fe[j ]fi jlZ_ gligfj\+ `k Y\è^ k_\ èk\ekk_\i\f] kf i\j\im\ kf k_\ ;lk_fi`kp ]lcc Xe[ Zfdgc\k\ [`jZi\k`fe kf [\Zcè\ kf `jjl\ <fe[j ]fi jlZ_ gligfj\- N_\gifZ\\[j f] Xep X[[`k`feXc <fe[j j_Xcc Y\ [\gfj`k\[ Xe[ Xggc`\[ Xj jg\Z`]`\[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^jlZ_ <fe[j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j f] <fe[j-

(Section 6)


Bonds, the first sentence of paragraph 1 of Section 6 of the Loan Agreement will be amended and restated as

summarized below and paragraph 3 of Section 6 of the Loan Agreement will be deleted in its entirety.

; Jifa\Zk 'kf k_\ \ok\ek ]èXeZ\[ Yp gifZ\\[j f] <fe[j( dXp Y\ Xd\e[\[ Yp k_\ Oe`m\ij`kp n`k_ k_\ gi`fini`kk\e Zfej\ek f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp kf [\Zi\Xj\+ èZi\Xj\ fi fk_\in`j\ df[`]p k_\ jZfg\k_\i\f]-

(First sentence of paragraph 1 of Section 6, as proposed to be amended)

9_]`\YQ^SU gYdX =_fUb^]U^dQ\ HUaeYbU]U^dc)

N_\ =fekiXZk >fZld\ekj j_Xcc Zfe]fid kf Xcc Afm\ied\ekXc L\hlì\d\ekj- N_\ Oe`m\ij`kp j_Xcc Zfdgcpn`k_ Xcc Afm\ied\ekXc L\hlì\d\ekj n`k_ i\jg\Zk kf \XZ_ Jifa\Zk+ fi Xep gXik k_\i\f]: Xe[ k_\ ZfejkilZk`fe+fg\iXk`fe+ dXèk\eXeZ\+ i\gXì Xe[ i\gcXZ\d\ek k_\i\f] Xe[ Xep i\hlì\d\ek f] Xe èjliXeZ\ ZfdgXep ni`kè^èjliXeZ\ k_\i\fe ìi\jg\Zk`m\ f] k_\ eXkli\ f] k_\ nfib i\hlì\[ kf Y\ [fe\+ \okiXfi[èXip Xj n\cc Xj fi[èXip Xe[]fi\j\\e Xj n\cc Xj le]fi\j\\e- ;epk_è^ ZfekXè\[ è k_`j M\Zk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^+ k_\ Oe`m\ij`kpj_Xcc _Xm\ k_\ i`^_k kf Zfek\jk k_\ mXc`[`kp f] Xep Afm\ied\ekXc L\hlì\d\ek fi k_\ Xggc`ZXk`fe k_\i\f] Xk k_\Oe`m\ij`kpwj jfc\ Zfjk Xe[ \og\ej\- >liè^ jlZ_ Zfek\jk+ Zfdgc`XeZ\ n`k_ k_\ Zfek\jk\[ Afm\ied\ekXc L\hlì\d\ekdXp Y\ [\]\ii\[ Yp k_\ Oe`m\ij`kp+ gifm`[\[ k_Xk gi`fi kf Zfdd\eZè^ Xep XZk`fe fi gifZ\\[è^+ X[dè`jkiXk`m\ fial[`Z`Xc+ Zfek\jkè^ k_\ Afm\ied\ekXc L\hlì\d\ek k_\ Oe`m\ij`kp efk`]`\j k_\ ;lk_fi`kp f] Oe`m\ij`kpwj èk\ek`fe kfZfek\jk jlZ_ Afm\ied\ekXc L\hlì\d\ek Xe[+ `] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp i\hl\jkj+ j_Xcc ]lie`j_ kf k_\;lk_fi`kp X jli\kp Yfe[+ dfe\pj fi fk_\i j\Zli`kp+ jXk`j]XZkfip kf Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ j\Zliè^Zfdgc`XeZ\ n`k_ k_\ Zfek\jk\[ Afm\ied\ekXc L\hlì\d\ek Xe[ gXpd\ek f] Xcc èk\i\jk+ g\eXck`\j+ ]è\j+ ]\\j Xe[\og\ej\j i\jlckè^ ]ifd fi è Zfee\Zk`fe n`k_ jlZ_ Zfek\jk fi k_\ ]X`cli\ f] k_\ Oe`m\ij`kp kf Zfdgcp n`k_ k_\Zfek\jk\[ Afm\ied\ekXc L\hlì\d\ek- ;ep jlZ_ XZk`fe fi gifZ\\[è^ èjk`klk\[ Yp k_\ Oe`m\ij`kp j_Xcc Y\Zfdd\eZ\[ Xj jffe Xj `j i\XjfeXYcp gfjj`Yc\ X]k\i k_\ Xjj\ik`fe f] k_\ Xggc`ZXY`c`kp kf X Jifa\Zk fi Xep gXik k_\i\f]+f] k_\ Zfek\jk\[ Afm\ied\ekXc L\hlì\d\ek Yp X ^fm\ied\ekXc Xlk_fi`kp+ Xe[ j_Xcc Y\ gifj\Zlk\[ kf ]èXcX[al[`ZXk`fe fi fk_\i ]èXc [`jgfj`k`fe n`k_ i\XjfeXYc\ [`jgXkZ_- Hfkn`k_jkXe[è^ k_\ ]lie`j_è^ f] Xep Yfe[+[\gfj`k fi fk_\i j\Zli`kp+ k_\ Oe`m\ij`kp gifdgkcp j_Xcc Zfdgcp n`k_ Xep jlZ_ Afm\ied\ekXc L\hlì\d\ek Xe[Zfdgc`XeZ\ j_Xcc efk Y\ [\]\ii\[ `] Xk Xep k`d\ Xep Jifa\Zk+ fi Xep gXik k_\i\f] + kf n_`Z_ jlZ_ Zfek\jk\[Afm\ied\ekXc L\hlì\d\ek i\cXk\j+ nflc[ è k_\ i\XjfeXYc\ al[^d\ek f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Y\è jlYjkXek`Xc [Xe^\i Yp i\Xjfe f] k_\ Oe`m\ij`kpwj efeZfdgc`XeZ\ n`k_ jlZ_ Afm\ied\ekXc L\hlì\d\ek f] Y\è^jfc[+ XkkXZ_\[+ ]fi]\`k\[+ ]fi\Zcfj\[+ kiXej]\ii\[+ Zfem\p\[+ Xjj`ê\[ fi fk_\in`j\ jlYa\Zk\[ kf Xep gifZ\\[è^+\hl`kXYc\ i\d\[p+ c`\e+ Z_Xi^\+ ]\\ fi g\eXckp k_Xk nflc[ `dgXì '`( k_\ èk\i\jkj fi j\Zli`kp f] k_\ ;lk_fi`kp_\i\le[\i fi le[\i k_\ L\jfclk`fe: '``( k_\ XY`c`kp f] k_\ ;lk_fi`kp kf \e]fiZ\ `kj i`^_kj _\i\le[\i fi k_\i\le[\i: '```(k_\ XY`c`kp f] k_\ ;lk_fi`kp kf ]lc]`cc k_\ k\idj f] Xep Zfm\eXekj fi g\i]fid Xep f] `kj fYc`^Xk`fej _\i\le[\i fik_\i\le[\i: fi '`m( k_\ XY`c`kp f] k_\ Oe`m\ij`kp kf ]lc]`cc k_\ k\idj f] Xep Zfm\eXekj fi g\i]fid Xep f] `kj fYc`^Xk`fej_\i\le[\i-

(Section 7)


Bonds, the Section 7 of the Loan Agreement will be amended and restated as summarized below.

N_\ =fekiXZk >fZld\ekj j_Xcc Zfe]fid kf Xcc Afm\ied\ekXc L\hlì\d\ekj è \]]\Zk fe k_\ì i\jg\Zk`m\[Xk\j f] \o\Zlk`fe- N_\ Oe`m\ij`kp j_Xcc Zfdgcp n`k_ '`( Xcc Afm\ied\ekXc L\hlì\d\ekj n_`Z_+ `] efk Zfdgc`\[n`k_+ Zflc[ X[m\ij\cp X]]\Zk k_\ Oe`m\ij`kp+ `kj fg\iXk`fe fi ]èXeZ`Xc Zfe[`k`fe fi k`kc\ kf `kj gifg\ik`\j è XepdXk\i`Xc i\jg\Zk+ Xe[ '``( Xep i\hlì\d\ek f] Xe èjliXeZ\ ZfdgXep ni`kè^ èjliXeZ\ k_\i\fe ìi\jg\Zk`m\ f] k_\eXkli\ f] k_\ nfib i\hlì\[ kf Y\ [fe\- ;epk_è^ ZfekXè\[ è k_`j M\Zk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^+ k_\

=,4

Oe`m\ij`kp j_Xcc _Xm\ k_\ i`^_k kf Zfek\jk k_\ mXc`[`kp f] Xep Afm\ied\ekXc L\hlì\d\ek fi k_\ Xggc`ZXk`fe k_\i\f] Xkk_\ Oe`m\ij`kpwj jfc\ Zfjk Xe[ \og\ej\- >liè^ jlZ_ Zfek\jk+ Zfdgc`XeZ\ n`k_ Xep jlZ_ Zfek\jk\[ Afm\ied\ekXcL\hlì\d\ek dXp Y\ [\]\ii\[ Yp k_\ Oe`m\ij`kp+ gifm`[\[ k_Xk gi`fi kf Zfdd\eZè^ Xep XZk`fe fi gifZ\\[è^+X[dè`jkiXk`m\ fi al[`Z`Xc+ Zfek\jkè^ jlZ_ Afm\ied\ekXc L\hlì\d\ek k_\ Oe`m\ij`kp j_Xcc efk`]p k_\ ;lk_fi`kp f]k_\ Oe`m\ij`kpwj èk\ek`fe kf Zfek\jk jlZ_ Afm\ied\ekXc L\hlì\d\ek Xe[+ `] k_\ ;lk_fi`kp i\hl\jkj+ j_Xcc ]lie`j_ kfk_\ ;lk_fi`kp X jli\kp Yfe[+ dfe\pj fi fk_\i j\Zli`kp+ jXk`j]XZkfip kf k_\ ;lk_fi`kp+ j\Zliè^ Zfdgc`XeZ\ n`k_ k_\Zfek\jk\[ Afm\ied\ekXc L\hlì\d\ek Xe[ gXpd\ek f] Xcc èk\i\jk+ g\eXck`\j+ ]è\j+ ]\\j Xe[ \og\ej\j i\jlckè^ ]ifdfi è Zfee\Zk`fe n`k_ jlZ_ Zfek\jk fi k_\ ]X`cli\ f] k_\ Oe`m\ij`kp kf Zfdgcp n`k_ k_\ Zfek\jk\[ Afm\ied\ekXcL\hlì\d\ek- ;ep jlZ_ XZk`fe fi gifZ\\[è^ èjk`klk\[ Yp k_\ Oe`m\ij`kp j_Xcc Y\ Zfdd\eZ\[ Xj jffe Xj `ji\XjfeXYcp gfjj`Yc\ X]k\i k_\ Xjj\ik`fe f] k_\ Xggc`ZXY`c`kp kf k_\ Jifa\Zk fi Xep gXik k_\i\f] f] k_\ Zfek\jk\[Afm\ied\ekXc L\hlì\d\ek Yp X ^fm\ied\ekXc Xlk_fi`kp+ Xe[ j_Xcc Y\ gifj\Zlk\[ kf ]èXc X[al[`ZXk`fe fi fk_\i ]èXc[`jgfj`k`fe n`k_ i\XjfeXYc\ [`jgXkZ_- Hfkn`k_jkXe[è^ k_\ ]lie`j_è^ f] Xep Yfe[+ [\gfj`k fi fk_\i j\Zli`kp+ k_\Oe`m\ij`kp gifdgkcp j_Xcc Zfdgcp n`k_ Xep jlZ_ Afm\ied\ekXc L\hlì\d\ek Xe[ Zfdgc`XeZ\ j_Xcc efk Y\ [\]\ii\[ `]Xk Xep k`d\ k_\ Jifa\Zk fi Xep gXik k_\i\f] kf n_`Z_ jlZ_ Zfek\jk\[ Afm\ied\ekXc L\hlì\d\ek i\cXk\j nflc[+ è k_\i\XjfeXYc\ al[^d\ek f] k_\ ;lk_fi`kp+ Y\ è jlYjkXek`Xc [Xe^\i Yp i\Xjfe f] k_\ Oe`m\ij`kpwj efeZfdgc`XeZ\ n`k_jlZ_ Afm\ied\ekXc L\hlì\d\ek f] Y\è^ jfc[+ XkkXZ_\[+ ]fi]\`k\[+ ]fi\Zcfj\[+ kiXej]\ii\[+ Zfem\p\[+ Xjj`ê\[ fifk_\in`j\ jlYa\Zk\[ kf Xep gifZ\\[è^+ \hl`kXYc\ i\d\[p+ c`\e+ Z_Xi^\+ ]\\ fi g\eXckp k_Xk nflc[ `dgXì '`( k_\èk\i\jkj fi j\Zli`kp f] k_\ ;lk_fi`kp _\i\le[\i fi le[\i k_\ L\jfclk`fe fi k_\ M\i`\j L\jfclk`fej+ '``( k_\ XY`c`kp f]k_\ ;lk_fi`kp kf \e]fiZ\ `kj i`^_kj k_\i\le[\i+ '```( k_\ XY`c`kp f] k_\ ;lk_fi`kp kf ]lc]`cc k_\ k\idj f] Xep Zfm\eXekj fig\i]fid Xep f] `kj fYc`^Xk`fej _\i\le[\i fi le[\i k_\ L\jfclk`fe fi M\i`\j L\jfclk`fej fi '`m( k_\ XY`c`kp f] k_\Oe`m\ij`kp kf ]lc]`cc k_\ k\idj f] Xep Zfm\eXekj fi g\i]fid Xep f] `kj fYc`^Xk`fej _\i\le[\i-

(Section 7, as proposed to be amended)

?^V_b]QdY_^ 9_^SUb^Y^W dXU K^YfUbcYdi

N_\ Oe`m\ij`kp+ n_\e\m\i i\hl\jk\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ j_Xcc gifm`[\ Xe[ Z\ik`]p fiZXlj\ kf Y\ gifm`[\[ Xe[ Z\ik`]`\[9 '`( jlZ_ è]fidXk`fe ZfeZ\ieè^ k_\ Oe`m\ij`kp+ `kj ]èXeZ\j Xe[ fk_\i i\cXk\[kfg`Zj Xj jlZ_ ;lk_fi`q\[ I]]`Z\i i\XjfeXYcp [\k\idè\j kf Y\ e\Z\jjXip fi [\jìXYc\+ èZcl[è^+ Ylk efk c`d`k\[ kf+jlZ_ è]fidXk`fe Xj è k_\ jfc\ al[^d\ek f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp `j e\Z\jjXip kf \eXYc\ k_\;lk_fi`kp kf Zfdgc\k\ Xe[ glYc`j_ Xe I]]`Z`Xc MkXk\d\ek i\cXkè^ kf Xe[ è Zfee\Zk`fe n`k_ k_\ jXc\ f] <fe[j Xk k_\k`d\ n_\e k_\ <fe[j Xi\ kf Y\ f]]\i\[ ]fi jXc\: '``( X Z\ik`]`ZXk\ kf k_\ \]]\Zk k_Xk k_\ Oe`m\ij`kp _Xj i\m`\n\[ k_\gXikj f] k_\ I]]`Z`Xc MkXk\d\ek [\jZi`Yè^ k_\ Oe`m\ij`kp+ k_\ Xggc`ZXYc\ Jifa\Zk+ k_\ jfliZ\j Xe[ lj\j f] k_\ gifZ\\[jf] k_\ <fe[j+ Xe[ jlZ_ è]fidXk`fe Xj nXj jlggc`\[ Yp k_\ Oe`m\ij`kp Xe[ `j ZfekXè\[ è k_\ I]]`Z`Xc MkXk\d\ek Xe[k_Xk Xj f] k_\ [Xk\j f] jXc\ Xe[ [\c`m\ip f] k_\ <fe[j jlZ_ gXikj f] k_\ I]]`Z`Xc MkXk\d\ek [f efk ZfekXè Xep lekil\jkXk\d\ek f] X dXk\i`Xc ]XZk Xe[ [f efk fd`k kf jkXk\ Xep dXk\i`Xc ]XZk e\Z\jjXip è fi[\i kf dXb\ k_\ jkXk\d\ekjdX[\ k_\i\è+ è k_\ c`^_k f] k_\ ZìZldjkXeZ\j le[\i n_`Z_ k_\ jkXk\d\ekj n\i\ dX[\+ efk d`jc\X[è^: Xe[ '```( jlZ_X[[`k`feXc è]fidXk`fe Xj k_\ ;lk_fi`kp ]ifd k`d\ kf k`d\ Zfej`[\ij i\XjfeXYcp e\Z\jjXip fi [\jìXYc\ kf \eXYc\ `k kfdXb\ Xep i\gfikj fi fYkXè Xep XggifmXcj i\hlì\[ Yp cXn+ ^fm\ied\ekXc i\^lcXk`fe fi k_\ L\jfclk`fe è fi[\i kf`jjl\ k_\ <fe[j fi kf \]]\Zk Xep f] k_\ kiXejXZk`fej Zfek\dgcXk\[ _\i\Yp fi Yp k_\ L\jfclk`fe-

C] Xk Xep k`d\ k_\ ;lk_fi`kp efk`]`\j k_\ Oe`m\ij`kp k_Xk `k `j e\Z\jjXip ]fi X ni`kk\e Xî\\d\ek ]fi k_\Y\e\]`k f] k_\ Bfc[\ij f] k_\ <fe[j f] Xep M\i`\j kf Y\ \o\Zlk\[ Yp k_\ Oe`m\ij`kp 'k_\ u=fekèlè^ >`jZcfjli\;î\\d\ekv( n_`Z_ gifm`[\j k_\ è]fidXk`fe+ è k_\ k`d\ Xe[ dXee\i+ j\k ]fik_ è Llc\ 04Z1,01'Y('4( gifdlc^Xk\[Yp k_\ M\Zli`k`\j Xe[ ?oZ_Xe^\ =fdd`jj`fe le[\i k_\ M\Zli`k`\j ?oZ_Xe^\ ;Zk f] 0823+ k_\ Oe`m\ij`kp Xî\\j k_XkjlZ_ =fekèlè^ >`jZcfjli\ ;î\\d\ek j_Xcc `dd\[`Xk\cp Y\ \o\Zlk\[ Xe[ Y\Zfd\ \]]\Zk`m\+ Xe[ ]lik_\i Xî\\j kfgifm`[\ Xep X[[`k`feXc Z\ik`]`ZXk\j+ fgè`fej f] Zflej\c fi fk_\i èjkild\ekj [\\d\[ e\Z\jjXip Yp k_\ ;lk_fi`kpi\cXkè^ kf Xep jlZ_ Xî\\d\ek-

(Section 8)


Bonds, the second paragraph of Section 8 of the Loan Agreement will be deleted in its entirety.

<Y^Q^SYQ\ ER\YWQdY_^c _V dXU K^YfUbcYdi6 =UÛbQ\ Q^T K^S_^TYdY_^Q\ ER\YWQdY_^6 L_\e^dQbi FQi]U^dc

0- ?oZ\gk kf k_\ \ok\ek k_Xk dfe\pj Xi\ XmX`cXYc\ k_\i\]fi le[\i k_\ L\jfclk`fe fi le[\i k_\ FfXe;î\\d\ek+ èZcl[è^ dfe\pj è k_\ >\Yk M\im`Z\ @le[+ Ylk \oZcl[è^ èk\i\jk XZZil\[ Ylk legX`[ fe èm\jkd\ekj

=,5

_\c[ è k_\ >\Yk M\im`Z\ @le[+ k_\ Oe`m\ij`kp leZfe[`k`feXccp Xî\\j kf gXp+ jf cfe^ Xj <fe[j Xi\ IlkjkXe[è^+ kf filgfe k_\ fi[\i f] k_\ ;lk_fi`kp+ ]ifd `kj ^\e\iXc ]le[j fi Xep fk_\i dfe\pj c\^Xccp XmX`cXYc\ kf `k9

'X( Ie fi Y\]fi\ k_\ [Xk\ f] [\c`m\ip f] k_\ M\i`\j 1///; <fe[j+ Xe[ M\i`\j 1///< <fe[j+ gXpd\ekjj_Xcc Y\ dX[\ Yp k_\ Oe`m\ij`kp è gXpd\ek f] k_\ ;lk_fi`kp @\\ è k_\ Xdflekj j\k ]fik_ è k_\ FfXe ;î\\d\ek kfY\ Xggc`\[ X^Xèjk gXpd\ek f] k_\ ;lk_fi`kp @\\ è Zfee\Zk`fe n`k_ `jjlXeZ\ f] jlZ_ M\i`\j 1///; <fe[j Xe[ k_\M\i`\j 1///< <fe[j:

'Y( Ie fi Y\]fi\ k_\ [Xk\ f] [\c`m\ip f] <fe[j f] X M\i`\j+ jlZ_ Xdflek+ `] Xep+ Xj `j jg\Z`]`\[ è k_\M\i`\j L\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f] jlZ_ <fe[j fi è k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ <fe[j+ kfgXp k_\ =fjkj f] CjjlXeZ\ f] jlZ_ <fe[j+ Xe[ fk_\i Zfjkj è Zfee\Zk`fe n`k_ k_\ `jjlXeZ\ f] jlZ_ <fe[j:

'Z( Ie k_\ 1/k_ [Xp f] k_\ dfek_ gi\Z\[è^ \XZ_ èk\i\jk gXpd\ek [Xk\+ k_\ èk\i\jk Zfdè^ [l\ fe k_\<fe[j fe jlZ_ èk\i\jk gXpd\ek [Xk\+ gifm`[\[ k_Xk '`( ]fi PXi`XYc\ Cek\i\jk LXk\ <fe[j ]fi n_`Z_ k_\ iXk\ f] èk\i\jkdXp Z_Xe^\ [liè^ k_\ g\i`f[ gi`fi kf jlZ_ èk\i\jk gXpd\ek [Xk\+ k_\ èk\i\jk iXk\ ]fi jlZ_ g\i`f[ j_Xcc Y\ Xjjld\[kf Y\ \hlXc kf k_\ iXk\ fe k_\ [Xk\ f] gXpd\ek gclj fe\ g\iZ\ek Xe[ '``( n`k_ i\jg\Zk kf PXi`XYc\ Cek\i\jk LXk\ <fe[jY\Xiè^ èk\i\jk Xk X ]c\o`Yc\ iXk\+ jlZ_ gXpd\ek j_Xcc Y\ dX[\ fe k_\ <ljè\jj >Xp gi\Z\[è^ \XZ_ èk\i\jk gXpd\ek[Xk\:

'[( Ie k_\ 1/k_ [Xp f] k_\ dfek_ gi\Z\[è^ k_\ dfek_ è n_`Z_ k_\ gièZ`gXc fi X Mèbè^ @le[CejkXccd\ek f] <fe[j Y\Zfd\j [l\+ Xe Xdflek \hlXc kf k_\ gièZ`gXc Xe[ Mèbè^ @le[ CejkXccd\ekj f] jlZ_ <fe[jZfdè^ [l\:

'\( ;k c\Xjk ]fikp,]`m\ '34( ']`]k\\e '04( è k_\ ZXj\ f] PXi`XYc\ Cek\i\jk LXk\ <fe[j( [Xpj gi`fi kf Xep[Xk\ fe n_`Z_ k_\ L\[\dgk`fe Ji`Z\ fi gliZ_Xj\ gi`Z\ è c`\l f] i\[\dgk`fe f] <fe[j gi\m`fljcp ZXcc\[ ]fii\[\dgk`fe fi ZfekiXZk\[ kf Y\ gliZ_Xj\[ `j kf Y\ gX`[+ k_\ Xdflek i\hlì\[ kf gXp k_\ L\[\dgk`fe Ji`Z\ fi gliZ_Xj\gi`Z\ è c`\l f] i\[\dgk`fe f] jlZ_ <fe[j:

']( UL?M?LP?>V-

'^( Ie >\Z\dY\i 0/ f] \XZ_ <fe[ S\Xi+ fe\,_Xc] '0.1( f] k_\ ;eelXc ;[dè`jkiXk`m\ @\\ gXpXYc\[liè^ jlZ_ <fe[ S\Xi è Zfee\Zk`fe n`k_ \XZ_ M\i`\j f] <fe[j+ Xe[ fe Dle\ 0/ f] \XZ_ <fe[ S\Xi k_\ YXcXeZ\ f]k_\ ;eelXc ;[dè`jkiXk`m\ @\\ gXpXYc\ [liè^ jlZ_ <fe[ S\Xi: gifm`[\[+ _fn\m\i+ k_Xk k_\ ;eelXc ;[dè`jkiXk`m\@\\ gXpXYc\ j_Xcc Y\Zfd\ \]]\Zk`m\+ fe k_\ [Xk\ j\k ]fik_ è k_\ FfXe ;î\\d\ek fi fe k_\ [Xk\ Xî\\[ kf Yp k_\Oe`m\ij`kp Xe[ k_\ ;lk_fi`kp Xk k_\ k`d\ <fe[j f] X M\i`\j Xi\ `jjl\[:: Xe[+ gifm`[\[+ ]lik_\i+ k_Xk k_\ ;eelXc;[dè`jkiXk`m\ @\\ n`k_ i\jg\Zk kf Xep M\i`\j f] <fe[j gXpXYc\ [liè^ k_\ <fe[ S\Xi [liè^ n_`Z_ jlZ_ ;eelXc;[dè`jkiXk`m\ @\\ Y\ZXd\ \]]\Zk`m\ j_Xcc Y\ \hlXc kf k_\ ;eelXc ;[dè`jkiXk`m\ @\\ n`k_ i\jg\Zk kf jlZ_ M\i`\j f]<fe[j dlck`gc`\[ Yp X ]iXZk`fe k_\ eld\iXkfi f] n_`Z_ `j k_\ eldY\i f] ZXc\e[Xi dfek_j fi gXikj k_\i\f] i\dXèè^è jlZ_ <fe[ S\Xi Xe[ k_\ [\efdèXkfi f] n_`Z_ `j kn\cm\ '01(:

'_( Jifdgkcp X]k\i efk`Z\ ]ifd k_\ ;lk_fi`kp+ Ylk è Xep \m\ek efk cXk\i k_Xe ]`]k\\e '04( [Xpj X]k\ijlZ_ efk`Z\ `j ^`m\e+ k_\ Xdflek j\k ]fik_ è jlZ_ efk`Z\ Xj gXpXYc\ kf k_\ ;lk_fi`kp '`( ]fi k_\ ;lk_fi`kp @\\ k_\elegX`[+ '``( kf i\`dYlij\ k_\ ;lk_fi`kp ]fi gXpd\ekj dX[\ glijlXek kf jlY[`m`j`fe 4 f] M\Zk`fe 8 f] k_\ FfXe;î\\d\ek Xe[ Xep \og\ej\j fi c`XY`c`k`\j èZlii\[ Yp k_\ ;lk_fi`kp glijlXek kf k_\ FfXe ;î\\d\ek+ '```( ]fi k_\Zfjkj Xe[ \og\ej\j èZlii\[ kf Zfdg\c ]lcc Xe[ gleZklXc g\i]fidXeZ\ f] Xcc k_\ gifm`j`fej f] k_\ FfXe ;î\\d\ek+Xe[ k_\ L\jfclk`fe è XZZfi[XeZ\ n`k_ k_\ k\idj f] k_\ FfXe ;î\\d\ek Xe[ k_\ L\jfclk`fe+ '`m( ]fi k_\ ]\\j Xe[\og\ej\j f] k_\ Niljk\\ Xe[ Xep JXpè^ ;^\ek è Zfee\Zk`fe n`k_ g\i]fidXeZ\ f] k_\ì [lk`\j le[\i k_\ L\jfclk`fe+Xe[ 'm( ]fi Xep \ok\ieXc Zfjkj fi \og\ej\j Xkki`YlkXYc\ kf k_\ `jjlXeZ\ f] X M\i`\j f] <fe[j fi k_\ ]èXeZè^ fiZfejkilZk`fe f] X Jifa\Zk+ èZcl[è^ Ylk efk c`d`k\[ kf Xep ]\\j fi fk_\i Xdflekj gXpXYc\ le[\i X L\dXib\kè^;î\\d\ek+ X =i\[`k @XZ`c`kp fi X F`hl`[`kp @XZ`c`kp:

'`( Ie k_\ [Xk\ X M\i`\j f] <fe[j+ fk_\i k_Xe k_\ M\i`\j 1///; <fe[j Xe[ M\i`\j 1///< <fe[j+ `j`jjl\[+ Xe Xdflek \hlXc kf k_\ ;lk_fi`kp @\\ è Zfee\Zk`fe n`k_ `jjlXeZ\ f] jlZ_ M\i`\j f] <fe[j:

'a( Jifdgkcp lgfe [\dXe[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp 'X Zfgp f] n_`Z_ j_Xcc Y\]lie`j_\[ kf k_\ Niljk\\(+ Xcc Xdflekj i\hlì\[ kf Y\ gX`[ Yp k_\ Oe`m\ij`kp Xj X i\jlck f] Xe XZZ\c\iXk`fe glijlXek kfk_\ FfXe ;î\\d\ek:

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'b( Ie k_\ [Xk\ f] `jjlXeZ\ f] X M\i`\j f] <fe[j `jjl\[ kf gXp fi gifm`[\ ]fi k_\ gXpd\ek f]flkjkXe[è^ efk\j f] k_\ ;lk_fi`kp `jjl\[ kf ]èXeZ\ X Jifa\Zk fi kf i\e\n fi i\]le[ efk\j `jjl\[ ]fi jlZ_ gligfj\+ XeXdflek kf Y\ [\k\idè\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ n_`Z_ [\k\idèXk`fe j_Xcc Y\ Yè[è^ fe k_\Oe`m\ij`kp+ \hlXc kf \`k_\i '`( k_\ gièZ`gXc f] k_\ efk\j fi`^èXccp `jjl\[ kf ]èXeZ\ jlZ_ Jifa\Zk k_Xk nflc[ _Xm\Y\\e gX`[ [liè^ k_\ g\i`f[ jèZ\ k_\ [\c`m\ip f] k_\ efk\j kf Y\ gX`[ fi ]fi n_`Z_ gifm`j`fe ]fi gXpd\ek `j kf Y\dX[\+ kf k_\ Dlcp 0 `dd\[`Xk\cp jlZZ\\[è^ k_\ [Xk\ jlZ_ <fe[j Xi\ `jjl\[+ Xjjldè^ k_Xk k_\ gièZ`gXc f] k_\ efk\jfi`^èXccp kf ]èXeZ\ jlZ_ Jifa\Zk n\i\ Y\è^ Xdfik`q\[ k_ifl^_ XeelXc gXpd\ekj f] gièZ`gXc Xe[ èk\i\jk gXpXYc\fe \XZ_ Dlcp 0 jlZZ\\[è^ k_\ [Xk\ fe n_`Z_ jlZ_ efk\j n\i\ `jjl\[ kf Xe[ èZcl[è^ k_\ Dlcp 0 e\ok jlZZ\\[è^ k_\kn\ek`\k_ '1/k_( Xee`m\ijXip f] k_\ [Xk\ fe n_`Z_ jlZ_ efk\j n\i\ `jjl\[ Xe[ k_Xk k_\ Xdflek f] gièZ`gXc f] Xe[èk\i\jk fe jlZ_ efk\j gXpXYc\ fe Xep Dlcp 0 `j Xj e\Xicp \hlXc Xj giXZk`ZXYc\ kf k_\ Xdflek f] gièZ`gXc Xe[ èk\i\jkgXpXYc\ fe \XZ_ fk_\i Dlcp 0 fi '``( jlZ_ c\jj\i Xdflek [\k\idè\[ Yp k_\ ;lk_fi`kp+ n_`Z_ Xdflek j_Xcc Y\jg\Z`]`\[ è X M\i`\j L\jfclk`fe:

'c( Cdd\[`Xk\cp lgfe efk`Z\ kf k_\ Oe`m\ij`kp Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ Xe Xdflek\hlXc kf k_\ gliZ_Xj\ gi`Z\ f] Igk`fe <fe[j k\e[\i\[ ]fi gliZ_Xj\ n_`Z_ <fe[j _Xm\ efk Y\\e i\dXib\k\[ glijlXekkf X L\dXib\kè^ ;î\\d\ek fi gliZ_Xj\[ glijlXek kf X =i\[`k @XZ`c`kp fi F`hl`[`kp @XZ`c`kp:

'd( Cdd\[`Xk\cp lgfe efk`Z\ kf k_\ Oe`m\ij`kp Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ k_\ Xdflek+è `dd\[`Xk\cp XmX`cXYc\ ]le[j+ f] k_\ [`jZflek Xk n_`Z_ Igk`fe <fe[j k\e[\i\[ fi [\\d\[ k\e[\i\[ _Xm\ Y\\ei\dXib\k\[ glijlXek kf X L\dXib\kè^ ;î\\d\ek: Xe[

'e( Jifdgkcp lgfe [\dXe[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ k_\ [`]]\i\eZ\ Y\kn\\e k_\Xdflek fe [\gfj`k è k_\ ;iY`kiX^\ L\YXk\ @le[ XmX`cXYc\ kf Y\ i\YXk\[ è Zfee\Zk`fe n`k_ k_\ <fe[j f] X M\i`\j fifk_\in`j\ XmX`cXYc\ k_\i\]fi le[\i k_\ L\jfclk`fe Xe[ k_\ Xdflek f] i\YXk\j+ p`\c[ i\[lZk`fe gXpd\ekj+ èk\i\jk Xe[g\eXckp `] Xep+ i\hlì\[ kf Y\ gX`[ kf k_\ >\gXikd\ek f] k_\ Ni\Xjlip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX è XZZfi[XeZ\n`k_ k_\ =f[\ è Zfee\Zk`fe n`k_ k_\ <fe[j f] jlZ_ M\i`\j-

'f( Ie k_\ <ljè\jj >Xp `dd\[`Xk\cp gi\Z\[è^ Xe èk\i\jk gXpd\ek [Xk\+ `] k_\ Xdflek fe [\gfj`k èk_\ >\Yk M\im`Z\ @le[ `j c\jj k_Xe k_\ Xdflekj+ i\jg\Zk`m\cp+ i\hlì\[ ]fi gXpd\ek f] èk\i\jk fe k_\ IlkjkXe[è^<fe[j+ ]fi k_\ gXpd\ek f] gièZ`gXc fe k_\ IlkjkXe[è^ <fe[j fi ]fi k_\ gXpd\ek f] Mèbè^ @le[ CejkXccd\ekj fek_\ IlkjkXe[è^ <fe[j [l\ Xe[ gXpXYc\ fe jlZ_ èk\i\jk gXpd\ek [Xk\+ k_\ Xdflek f] Xep jlZ_ [\]`Z`\eZp-

'g( Q`k_ i\jg\Zk kf Xep <fe[j _\c[ Yp X F`hl`[`kp @XZ`c`kp Cjjl\i+ gifdgkcp lgfe [\dXe[ f] Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ Xep Xdflekj [l\ fe jlZ_ <fe[j-

'h( Jifdgkcp lgfe [\dXe[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ Xcc Xdflekj i\hlì\[ kf Y\ gX`[Yp k_\ ;lk_fi`kp kf X KlXc`]`\[ B\[^\ Jifm`[\i è XZZfi[XeZ\ n`k_ X KlXc`]`\[ B\[^\ fi kf i\`dYlij\ k_\ ;lk_fi`kp]fi Xep Xdflekj gX`[ kf X KlXc`]`\[ B\[^\ Jifm`[\i è XZZfi[XeZ\ n`k_ X KlXc`]`\[ B\[^\-

MlYa\Zk kf k_\ gifm`j`fej f] k_\ L\jfclk`fe Xe[ k_\ FfXe ;î\\d\ek+ k_\ Oe`m\ij`kp j_Xcc i\Z\`m\ X Zi\[`kX^Xèjk k_\ Xdflek i\hlì\[ kf Y\ gX`[ Yp k_\ Oe`m\ij`kp [liè^ X <fe[ S\Xi glijlXek kf gXiXîXg_ '[( f]jlY[`m`j`fe 0 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek fe XZZflek f] Xep Mèbè^ @le[ CejkXccd\ekj `]+ gi`fi kf k_\ [Xk\efk`Z\ f] i\[\dgk`fe `j ^`m\e glijlXek kf k_\ L\jfclk`fe n`k_ i\jg\Zk kf <fe[j kf Y\ i\[\\d\[ k_ifl^_ Mèbè^@le[ CejkXccd\ekj gXpXYc\ fe k_\ e\ok jlZZ\\[è^ gièZ`gXc gXpd\ek [Xk\+ k_\ Oe`m\ij`kp [\c`m\ij kf k_\ Niljk\\ ]fiZXeZ\ccXk`fe fe\ fi dfi\ <fe[j f] k_\ M\i`\j Xe[ dXkli`kp kf Y\ jf i\[\\d\[ fe jlZ_ [Xk\- N_\ Xdflek f] k_\ Zi\[`kj_Xcc Y\ \hlXc kf k_\ gièZ`gXc Xdflek f] k_\ <fe[j jf [\c`m\i\[ Xe[ ZXeZ\cc\[ gi`fi kf k_\ [Xk\ efk`Z\ f] i\[\dgk`fek_\i\f] `j ^`m\e-

N_\ ;lk_fi`kp [ì\Zkj k_\ Oe`m\ij`kp+ Xe[ k_\ Oe`m\ij`kp Xî\\j+ kf dXb\ k_\ gXpd\ekj i\hlì\[ YpgXiXîXg_j 'Z(+ '[(+ '\(+ 'a( Xe[ 'f( f] jlY[`m`j`fe 0 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek [ì\Zkcp kf k_\ Niljk\\ ]fi[\gfj`k è k_\ >\Yk M\im`Z\ @le[ Xe[ Xggc`ZXk`fe è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe+ k_\ gXpd\ekj i\hlì\[ YpgXiXîXg_ 'Y( f] jlY[`m`j`fe 0 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek [ì\Zkcp kf k_\ Niljk\\ ]fi [\gfj`k è X=fejkilZk`fe @le[ fi fk_\i ]le[ \jkXYc`j_\[ le[\i k_\ L\jfclk`fe+ Xj [ì\Zk\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\;lk_fi`kp+ k_\ gXpd\ekj i\hlì\[ Yp gXiXîXg_ 'e( f] jlY[`m`j`fe 0 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek [ì\Zkcp kfk_\ Niljk\\ ]fi [\gfj`k è k_\ ;iY`kiX^\ L\YXk\ @le[+ k_\ gXpd\ekj i\hlì\[ Yp gXiXîXg_ 'b( f] jlY[`m`j`fe 0 f]M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek Xj [ì\Zk\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ k_\ gXpd\ekj i\hlì\[ YpgXiXîXg_j 'X(+ '^(+ '_(+ '`(+ '0(+ 'd(+ 'g( Xe[ 'h( f] jlY[`m`j`fe 0 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek [ì\Zkcp kf filgfe k_\ fi[\i f] k_\ ;lk_fi`kp-

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1- Hfkn`k_jkXe[è^ Xep gifm`j`fej è k_\ FfXe ;î\\d\ek fi è k_\ L\jfclk`fe kf k_\ ZfekiXip'\oZ\gk Xj fk_\in`j\ jg\Z`]`ZXccp gifm`[\[ ]fi è jlY[`m`j`fe 1 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek(+ Xcc dfe\pj gX`[Yp k_\ Oe`m\ij`kp kf k_\ Niljk\\ glijlXek kf k_\ FfXe ;î\\d\ek fi fk_\in`j\ _\c[ Yp k_\ Niljk\\ j_Xcc Y\ Xggc`\[ èi\[lZk`fe f] k_\ Oe`m\ij`kpwj è[\Yk\[e\jj kf k_\ ;lk_fi`kp le[\i k_\ FfXe ;î\\d\ek+ ]ìjk+ n`k_ i\jg\Zk kf èk\i\jkXe[+ k_\e+ n`k_ i\jg\Zk kf k_\ gièZ`gXc Xdflek f] jlZ_ è[\Yk\[e\jj+ Ylk fecp kf k_\ \ok\ek k_Xk+ n`k_ i\jg\Zk kfèk\i\jk fe jlZ_ è[\Yk\[e\jj+ jlZ_ dfe\pj Xi\ Xggc`\[ Yp k_\ Niljk\\ ]fi k_\ gXpd\ek f] èk\i\jk fe IlkjkXe[è^<fe[j+ Xe[+ n`k_ i\jg\Zk kf k_\ gièZ`gXc f] jlZ_ è[\Yk\[e\jj+ jlZ_ dfe\pj _Xm\ Y\\e Xggc`\[ kf+ fi Xi\ _\c[ ]fi+gXpd\ekj è i\[lZk`fe f] k_\ gièZ`gXc Xdflek f] IlkjkXe[è^ <fe[j Xe[ Xj X i\jlck k_\i\f] <fe[j _Xm\ Y\\e gX`[ fi[\\d\[ kf _Xm\ Y\\e gX`[ è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe- Hfkn`k_jkXe[è^ Xep gifm`j`fe è k_\ FfXe;î\\d\ek fi è k_\ L\jfclk`fe fi k_\ M\i`\j L\jfclk`fe kf k_\ ZfekiXip '\oZ\gk Xj fk_\in`j\ jg\Z`]`ZXccp gifm`[\[]fi è jlY[`m`j`fe 1 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek(+ '`( Xcc dfe\pj gX`[ Yp k_\ Oe`m\ij`kp kf k_\ Niljk\\glijlXek kf gXiXîXg_j 'Z(+ '[(+ '\(+ 'a( Xe[ 'f( f] jlY[`m`j`fe 0 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek 'fk_\i k_Xedfe\pj i\Z\`m\[ Yp k_\ Niljk\\ glijlXek kf k_\ L\jfclk`fe n_`Z_ j_Xcc Y\ i\kXè\[ Xe[ Xggc`\[ Yp k_\ Niljk\\ ]fi `kjfne XZZflek( j_Xcc Y\ i\Z\`m\[ Yp k_\ Niljk\\ Xj X^\ek ]fi k_\ ;lk_fi`kp è jXk`j]XZk`fe f] k_\ Oe`m\ij`kpwjè[\Yk\[e\jj kf k_\ ;lk_fi`kp n`k_ i\jg\Zk kf k_\ èk\i\jk fe Xe[ gièZ`gXc fi L\[\dgk`fe Ji`Z\ f] k_\ <fe[j kf k_\\ok\ek f] jlZ_ gXpd\ek Xe[ '``( k_\ kiXej]\i Yp k_\ Niljk\\ f] Xep dfe\pj 'fk_\i k_Xe dfe\pj [\jZi`Y\[ è ZcXlj\ '`(f] jlY[`m`j`fe 1 f] M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek( _\c[ Yp `k è k_\ =fejkilZk`fe @le[ kf k_\ >\Yk M\im`Z\ @le[è XZZfi[XeZ\ n`k_ k_\ Xggc`ZXYc\ gifm`j`fej f] k_\ FfXe ;î\\d\ek fi f] k_\ L\jfclk`fe j_Xcc Y\ [\\d\[+ lgfejlZ_ kiXej]\i+ i\Z\`gk Yp k_\ ;lk_fi`kp ]ifd k_\ Oe`m\ij`kp f] X gXpd\ek è jXk`j]XZk`fe f] k_\ Oe`m\ij`kpwjè[\Yk\[e\jj kf k_\ ;lk_fi`kp n`k_ i\jg\Zk kf k_\ L\[\dgk`fe Ji`Z\ f] k_\ <fe[j kf k_\ \ok\ek f] k_\ Xdflek f]dfe\pj kiXej]\ii\[- ?oZ\gk Xj fk_\in`j\ gifm`[\[ è k_\ L\jfclk`fe+ k_\ Niljk\\ j_Xcc _fc[ jlZ_ dfe\pj è kiljk èXZZfi[XeZ\ n`k_ k_\ Xggc`ZXYc\ gifm`j`fej f] k_\ L\jfclk`fe ]fi k_\ jfc\ Xe[ \oZclj`m\ Y\e\]`k f] k_\ Bfc[\ij f]<fe[j+ i\^Xi[c\jj f] k_\ XZklXc [l\ [Xk\ fi Xggc`ZXYc\ gXpd\ek [Xk\ f] Xep gXpd\ek kf k_\ Bfc[\ij f] <fe[j-

2- N_\ fYc`^Xk`fej f] k_\ Oe`m\ij`kp kf dXb\ gXpd\ekj fi ZXlj\ k_\ jXd\ kf Y\ dX[\ le[\i k_\ FfXe;î\\d\ek j_Xcc Y\ Zfdgc\k\ Xe[ leZfe[`k`feXc Xe[ k_\ Xdflek+ dXee\i Xe[ k`d\ f] dXbè^ jlZ_ gXpd\ekj j_Xccefk Y\ [\Zi\Xj\[+ XYXk\[+ gfjkgfe\[ fi [\cXp\[ ]fi Xep ZXlj\ fi Yp i\Xjfe f] k_\ _Xgg\eè^ fi efe,_Xgg\eè^ f] Xep\m\ek+ ìi\jg\Zk`m\ f] Xep [\]\ej\ fi Xep i`^_k f] j\k,f]]+ i\Zflgd\ek fi Zflek\iZcX`d n_`Z_ k_\ Oe`m\ij`kp dXpfk_\in`j\ _Xm\ X^Xèjk k_\ ;lk_fi`kp+ k_\ Niljk\\ fi Xep <fe[_fc[\i ]fi Xep ZXlj\ n_Xkjf\m\i èZcl[è^+ n`k_flkc`d`kè^ k_\ ^\e\iXc`kp f] k_\ ]fi\^fè^+ ]X`cli\ f] k_\ Oe`m\ij`kp kf Zfdgc\k\ X Jifa\Zk fi k_\ Zfdgc\k`fe k_\i\f]n`k_ [\]\Zkj+ ]X`cli\ f] k_\ Oe`m\ij`kp kf fZZlgp fi lj\ X Jifa\Zk+ Xep [\ZcXiXk`fe fi ]è[è^ k_Xk k_\ <fe[j fi XepM\i`\j f] <fe[j Xi\+ fi k_\ L\jfclk`fe `j+ èmXc`[ fi le\e]fiZ\XYc\ fi Xep fk_\i ]X`cli\ fi [\]Xlck Yp k_\ ;lk_fi`kp fik_\ Niljk\\: gifm`[\[+ _fn\m\i+ k_Xk efk_è^ è k_\ FfXe ;î\\d\ek j_Xcc Y\ Zfejkil\[ kf i\c\Xj\ k_\ ;lk_fi`kp ]ifdk_\ g\i]fidXeZ\ f] Xep Xî\\d\ekj fe `kj gXik è k_\ FfXe ;î\\d\ek ZfekXè\[ fi Xep f] `kj fk_\i [lk`\j fifYc`^Xk`fej+ Xe[ è k_\ \m\ek k_\ ;lk_fi`kp j_Xcc ]X`c kf g\i]fid Xep jlZ_ Xî\\d\ek+ [lkp fi fYc`^Xk`fe+ k_\Oe`m\ij`kp dXp èjk`klk\ jlZ_ XZk`fe Xj `k dXp [\\d e\Z\jjXip kf Zfdg\c g\i]fidXeZ\ fi i\Zfm\i [XdX^\j ]fi efe,g\i]fidXeZ\- Hfkn`k_jkXe[è^ k_\ ]fi\^fè^+ k_\ ;lk_fi`kp j_Xcc _Xm\ ef fYc`^Xk`fe kf g\i]fid `kj fYc`^Xk`fej le[\ik_\ FfXe ;î\\d\ek kf ZXlj\ X[mXeZ\j kf Y\ dX[\ kf i\`dYlij\ k_\ Oe`m\ij`kp ]fi+ fi kf gXp+ k_\ =fjkj i\cXkè^ kf XJifa\Zk+ Y\pfe[ k_\ \ok\ek f] dfe\pj XmX`cXYc\ è k_\ =fejkilZk`fe @le[ \jkXYc`j_\[ ]fi jlZ_ Jifa\Zk+

N_\ FfXe ;î\\d\ek Xe[ k_\ fYc`^Xk`fej f] k_\ Oe`m\ij`kp kf dXb\ gXpd\ekj le[\i k_\ FfXe ;î\\d\ekXi\ ^\e\iXc fYc`^Xk`fej f] k_\ Oe`m\ij`kp-

3- ;e ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ ]fi k_\ Zfem\e`\eZ\ f] k_\ Oe`m\ij`kp+ j_Xcc ]lie`j_ kf k_\Oe`m\ij`kp jkXk\d\ekj f] k_\ [l\ [Xk\+ gligfj\ Xe[ Xdflek f] gXpd\ekj kf Y\ dX[\ glijlXek kf k_\ FfXe ;î\\d\ek-N_\ ]X`cli\ kf ]lie`j_ jlZ_ jkXk\d\ekj j_Xcc efk \oZlj\ efegXpd\ek f] k_\ Xdflekj gXpXYc\ Xk k_\ k`d\ Xe[ è k_\dXee\i gifm`[\[ è k_\ FfXe ;î\\d\ek- N_\ Oe`m\ij`kp j_Xcc efk`]p k_\ ;lk_fi`kp Xj kf k_\ Xdflek Xe[ [Xk\ f]\XZ_ gXpd\ek dX[\ kf k_\ Niljk\\ fi k_\ N\e[\i ;^\ek Yp k_\ Oe`m\ij`kp-

4- N_\ ;lk_fi`kp j_Xcc _Xm\ k_\ i`^_k è `kj jfc\ [`jZi\k`fe kf dXb\ fe Y\_Xc] f] k_\ Oe`m\ij`kp XepgXpd\ek i\hlì\[ glijlXek kf M\Zk`fe 8 f] k_\ FfXe ;î\\d\ek n_`Z_ _Xj efk Y\\e dX[\ Yp k_\ Oe`m\ij`kp n_\e[l\- Hf jlZ_ gXpd\ek Yp k_\ ;lk_fi`kp j_Xcc c`d`k+ `dgXì fi fk_\in`j\ X]]\Zk k_\ i`^_kj f] k_\ ;lk_fi`kp glijlXek kfk_\ FfXe ;î\\d\ek Xi`jè^ flk f] k_\ Oe`m\ij`kpwj ]X`cli\ kf dXb\ jlZ_ gXpd\ek Xe[ ef gXpd\ek Yp k_\ ;lk_fi`kpj_Xcc Y\ Zfejkil\[ kf Y\ X nX`m\i f] Xep jlZ_ i`^_k fi f] k_\ fYc`^Xk`fe f] k_\ Oe`m\ij`kp kf dXb\ jlZ_ gXpd\ek-

5- N_\ Oe`m\ij`kp+ `] `k `j efk k_\e è [\]Xlck le[\i k_\ FfXe ;î\\d\ek+ j_Xcc _Xm\ k_\ i`^_k kf dXb\mfclekXip gXpd\ekj è Xep Xdflek kf k_\ Niljk\\- Ce k_\ \m\ek f] X mfclekXip gXpd\ek+ k_\ Xdflek jf gX`[ j_Xcc Y\

=,8

[\gfj`k\[ è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fej f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp è k_\ >\Yk M\im`Z\ @le[ fi_\c[ Yp k_\ Niljk\\ ]fi k_\ gXpd\ek f] <fe[j è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe- Ogfe Xep mfclekXip gXpd\ek Ypk_\ Oe`m\ij`kp+ k_\ ;lk_fi`kp Xî\\j kf [ì\Zk k_\ Niljk\\ kf gliZ_Xj\ fi i\[\\d <fe[j è XZZfi[XeZ\ n`k_ k_\L\jfclk`fe fi kf ^`m\ k_\ Niljk\\ ìi\mfZXYc\ èjkilZk`fej è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe n`k_ i\jg\Zk kf jlZ_M\i`\j f] <fe[j: gifm`[\[+ _fn\m\i+ k_Xk è k_\ \m\ek jlZ_ mfclekXip gXpd\ek `j è k_\ jfc\ al[^d\ek f] k_\;lk_fi`kp jl]]`Z`\ek kf gXp Xcc Xdflekj k_\e [l\ le[\i k_\ FfXe ;î\\d\ek Xe[ le[\i k_\ L\jfclk`fe+ èZcl[è^ k_\gliZ_Xj\ fi i\[\dgk`fe f] Xcc <fe[j IlkjkXe[è^+ fi kf gXp fi gifm`[\ ]fi k_\ gXpd\ek f] Xcc <fe[j IlkjkXe[è^ èXZZfi[XeZ\ n`k_ k_\ L\jfclk`fe+ k_\ ;lk_fi`kp Xî\\j+ è XZZfi[XeZ\ n`k_ k_\ èjkilZk`fej f] k_\ Oe`m\ij`kp+ kf [ì\Zkk_\ Niljk\\ kf gliZ_Xj\ fi i\[\\d Xcc <fe[j IlkjkXe[è^+ fi kf ZXlj\ Xcc <fe[j IlkjkXe[è^ kf Y\ gX`[ fi kf Y\[\\d\[ gX`[ è XZZfi[XeZ\ n`k_ k_\ L\jfclk`fe-

(Section 9)


Bonds, paragraphs 1(a), 1(e), 1(g), 1(i) and 1(k) of Section 9 of the Loan Agreement will be amended and

restated as summarized below:

'X( Ie fi Y\]fi\ k_\ [Xk\ f] [\c`m\ip f] X M\i`\j f] <fe[j+ k_\ ;lk_fi`kp @\\ Xî\\[ kf Yp k_\;lk_fi`kp Xe[ k_\ Cejk`klk`fe è Zfee\Zk`fe n`k_ `jjlXeZ\ f] jlZ_ M\i`\j f] <fe[j:

'\( ?oZ\gk Xj fk_\in`j\ gifm`[\[ è X M\i`\j L\jfclk`fe fi <fe[ M\i`\j =\ik`]`ZXk\+ Xk c\Xjk ]fikp,]`m\'34( ']`]k\\e '04( è k_\ ZXj\ f] PXi`XYc\ Cek\i\jk LXk\ <fe[j( [Xpj gi`fi kf Xep [Xk\ fe n_`Z_ k_\ L\[\dgk`fe Ji`Z\fi gliZ_Xj\ gi`Z\ è c`\l f] i\[\dgk`fe f] <fe[j gi\m`fljcp ZXcc\[ ]fi i\[\dgk`fe fi ZfekiXZk\[ kf Y\ gliZ_Xj\[ `j kfY\ gX`[+ k_\ Xdflek i\hlì\[ kf gXp k_\ L\[\dgk`fe Ji`Z\ fi gliZ_Xj\ gi`Z\ è c`\l f] i\[\dgk`fe f] jlZ_ <fe[j:

'^( Ie >\Z\dY\i 0/ f] \XZ_ <fe[ S\Xi+ fe\,_Xc] '0.1( f] k_\ ;eelXc ;[dè`jkiXk`m\ @\\ gXpXYc\[liè^ jlZ_ <fe[ S\Xi è Zfee\Zk`fe n`k_ \XZ_ M\i`\j f] <fe[j+ Xe[ fe Dle\ 0/ f] \XZ_ <fe[ S\Xi k_\ YXcXeZ\ f]k_\ ;eelXc ;[dè`jkiXk`m\ @\\ gXpXYc\ [liè^ jlZ_ <fe[ S\Xi: gifm`[\[+ _fn\m\i+ k_Xk k_\ ;eelXc ;[dè`jkiXk`m\@\\ gXpXYc\ j_Xcc Y\Zfd\ \]]\Zk`m\+ n`k_ i\jg\Zk kf k_\ <fe[j fe k_\ [Xk\ j\k ]fik_ è k_\ FfXe ;î\\d\ek: Xe[+gifm`[\[+ ]lik_\i+ k_Xk k_\ ;eelXc ;[dè`jkiXk`m\ @\\ n`k_ i\jg\Zk kf Xep M\i`\j f] <fe[j gXpXYc\ [liè^ k_\ <fe[S\Xi [liè^ n_`Z_ jlZ_ ;eelXc ;[dè`jkiXk`m\ @\\ Y\ZXd\ \]]\Zk`m\ j_Xcc Y\ \hlXc kf k_\ ;eelXc ;[dè`jkiXk`m\@\\ n`k_ i\jg\Zk kf jlZ_ M\i`\j f] <fe[j dlck`gc`\[ Yp X ]iXZk`fe k_\ eld\iXkfi f] n_`Z_ `j k_\ eldY\i f] ZXc\e[Xidfek_j fi gXikj k_\i\f] i\dXèè^ è jlZ_ <fe[ S\Xi Xe[ k_\ [\efdèXkfi f] n_`Z_ `j kn\cm\ '01(:

'`( UL?M?LP?>V:

'b( Ie k_\ [Xk\ f] `jjlXeZ\ f] X M\i`\j f] <fe[j `jjl\[ kf gXp fi gifm`[\ ]fi k_\ gXpd\ek f]flkjkXe[è^ efk\j f] k_\ ;lk_fi`kp `jjl\[ kf ]èXeZ\ X Jifa\Zk fi kf i\e\n fi i\]le[ efk\j `jjl\[ ]fi jlZ_ gligfj\+ XeXdflek kf Y\ [\k\idè\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp è XZZfi[XeZ\ n`k_ èjkilZk`fej ]ifd k_\Oe`m\ij`kp+ n_`Z_ [\k\idèXk`fe j_Xcc Y\ Yè[è^ fe k_\ Oe`m\ij`kp+ \hlXc kf \`k_\i '`( k_\ gièZ`gXc f] k_\ efk\jfi`^èXccp `jjl\[ kf ]èXeZ\ jlZ_ Jifa\Zk k_Xk nflc[ _Xm\ Y\\e gX`[ [liè^ k_\ g\i`f[ jèZ\ k_\ [\c`m\ip f] k_\ efk\jkf Y\ gX`[ fi ]fi n_`Z_ gifm`j`fe ]fi gXpd\ek `j kf Y\ dX[\+ kf k_\ Dlcp 0 `dd\[`Xk\cp jlZZ\\[è^ k_\ [Xk\ jlZ_<fe[j Xi\ `jjl\[+ Xjjldè^ k_Xk k_\ gièZ`gXc f] k_\ efk\j fi`^èXccp kf ]èXeZ\ jlZ_ Jifa\Zk n\i\ Y\è^ Xdfik`q\[k_ifl^_ XeelXc gXpd\ekj f] gièZ`gXc Xe[ èk\i\jk gXpXYc\ fe \XZ_ Dlcp 0 jlZZ\\[è^ k_\ [Xk\ fe n_`Z_ jlZ_ efk\jn\i\ `jjl\[ kf Xe[ èZcl[è^ k_\ Dlcp 0 e\ok jlZZ\\[è^ k_\ kn\ek`\k_ '1/k_( Xee`m\ijXip f] k_\ [Xk\ fe n_`Z_ jlZ_efk\j n\i\ `jjl\[ Xe[ k_Xk k_\ Xdflek f] gièZ`gXc f] Xe[ èk\i\jk fe jlZ_ efk\j gXpXYc\ fe Xep Dlcp 0 `j Xj e\Xicp\hlXc Xj giXZk`ZXYc\ kf k_\ Xdflek f] gièZ`gXc Xe[ èk\i\jk gXpXYc\ fe \XZ_ fk_\i Dlcp 0 fi '``( jlZ_ c\jj\i Xdflek[\k\idè\[ Yp k_\ ;lk_fi`kp+ n_`Z_ Xdflek j_Xcc Y\ jg\Z`]`\[ è X M\i`\j L\jfclk`fe:

'Paragraphs 1(a), 1(e), 1(g), 1(i) and 1(k) of Section 9, as proposed to be amended)

9_^cU^d d_ F\UTWU Q^T 7ccYW^]U^d Ri dXU 7edX_bYdi

N_\ Oe`m\ij`kp Zfej\ekj kf Xe[ Xlk_fi`q\j k_\ Xjj`êd\ek+ kiXej]\i fi gc\[^\ Yp k_\ ;lk_fi`kp kf k_\ Niljk\\f] k_\ ;lk_fi`kpwj i`^_kj kf i\Z\`m\ k_\ gXpd\ekj i\hlì\[ kf Y\ dX[\ glijlXek kf k_\ FfXe ;î\\d\ek kf j\Zli\ XepgXpd\ek fi k_\ g\i]fidXeZ\ f] Xep fYc`^Xk`fe f] k_\ Oe`m\ij`kp glijlXek kf k_\ FfXe ;î\\d\ek fi Xi`jè^ flk f] k_\kiXejXZk`fej Zfek\dgcXk\[ Yp k_\ FfXe ;î\\d\ek n_\k_\i fi efk k_\ i`^_k kf \e]fiZ\ jlZ_ gXpd\ek fi g\i]fidXeZ\j_Xcc Y\ jg\Z`]`ZXccp Xjj`ê\[ Yp k_\ ;lk_fi`kp kf k_\ Niljk\\- N_\ Oe`m\ij`kp ]lik_\i Xî\\j k_Xk k_\ ;lk_fi`kp dXp

=,0/

gc\[^\ Xe[ Xjj`ê kf k_\ Niljk\\ Xep Xe[ Xcc f] k_\ ;lk_fi`kpwj i`^_kj Xe[ i\d\[`\j le[\i k_\ FfXe ;î\\d\ek-Ogfe Xep gc\[^\ Xe[ Xjj`êd\ek Yp k_\ ;lk_fi`kp kf k_\ Niljk\\ Xlk_fi`q\[ k_\ FfXe ;î\\d\ek+ k_\ Niljk\\ j_XccY\ ]lccp m\jk\[ n`k_ Xcc f] k_\ i`^_kj f] k_\ ;lk_fi`kp jf Xjj`ê\[ Xe[ gc\[^\[ Xe[ dXp k_\i\X]k\i \o\iZ`j\ fi \e]fiZ\+Yp Xep i\d\[p gifm`[\[ Yp k_\ FfXe ;î\\d\ek fi Yp cXn+ Xep f] jlZ_ i`^_kj [ì\Zkcp è `kj fne eXd\- ;ep jlZ_gc\[^\ Xe[ Xjj`êd\ek j_Xcc Y\ c`d`k\[ kf j\Zliè^ k_\ Oe`m\ij`kpwj fYc`^Xk`fe kf dXb\ Xcc gXpd\ekj i\hlì\[ le[\ik_\ FfXe ;î\\d\ek Xe[ kf g\i]fidè^ Xcc fk_\i fYc`^Xk`fej i\hlì\[ kf Y\ g\i]fid\[ Yp k_\ Oe`m\ij`kp le[\i k_\FfXe ;î\\d\ek-

N_\ Oe`m\ij`kp Zfm\eXekj+ nXiiXekj Xe[ i\gi\j\ekj k_Xk `k `j fi+ n`k_ i\jgfej\ kf XZk`fej kf Y\ kXb\e X]k\i k_\[Xk\ f] \o\Zlk`fe f] k_\ FfXe ;î\\d\ek+ nflc[ Y\ [lcp Xlk_fi`q\[ Yp Xcc Xggc`ZXYc\ cXnj+ `kj Z_Xik\i Xe[ Yp,cXnj fiL\jfclk`fe X[fgk\[ glijlXek k_\i\kf kf \ek\i èkf k_\ FfXe ;î\\d\ek+ Xep L\dXib\kè^ ;î\\d\ek Xe[ XepF`hl`[`kp @XZ`c`kp+ kf èZli k_\ è[\Yk\[e\jj Zfek\dgcXk\[ k_\i\Yp- N_\ Oe`m\ij`kp ]lik_\i Zfm\eXekj k_Xk k_\gifm`j`fej k_\i\f] Xi\ Xe[ j_Xcc Y\ mXc`[ Xe[ c\^Xccp \e]fiZ\XYc\ fYc`^Xk`fej f] k_\ Oe`m\ij`kp è XZZfi[XeZ\ n`k_k_\ì k\idj- N_\ Oe`m\ij`kp ]lik_\i Zfm\eXekj+ nXiiXekj Xe[ i\gi\j\ekj k_Xk k_\ \o\Zlk`fe Xe[ [\c`m\ip k_\i\f]+ Xe[k_\ ZfejlddXk`fe f] k_\ kiXejXZk`fe Zfek\dgcXk\[ Xe[ Zfdgc`XeZ\ n`k_ k_\ gifm`j`fej k_\i\f]+ [f efk m`fcXk\+Zfe]c`Zk n`k_ fi i\jlck è X Yi\XZ_ f] Xep f] k_\ k\idj fi gifm`j`fej f]+ fi Zfejk`klk\ X [\]Xlck le[\i+ k_\ Z_Xik\i fi Yp,cXnj f] k_\ Oe`m\ij`kp fi Xep è[\ekli\ fi dfik^X^\+ fi Xep kiljkj+ \e[fnd\ekj fi fk_\i Zfdd`kd\ekj fi Xî\\d\ekjkf n_`Z_ k_\ Oe`m\ij`kp `j gXikp fi Yp n_`Z_ `k fi Xep f] `kj gifg\ik`\j Xi\ Yfle[+ fi Xep \o`jkè^ cXn+ ilc\+i\^lcXk`fe+ al[^d\ek+ fi[\i+ ni`k+ èaleZk`fe fi [\Zi\\ f] Xep ^fm\ied\ekXc Xlk_fi`kp+ Yf[p+ X^\eZp fi fk_\ièjkild\ekXc`kp fi Zflik _Xmè^ ali`j[`Zk`fe fm\i k_\ Oe`m\ij`kp fi Xep f] `kj gifg\ik`\j-

(Section 10)

CQ^QWU]U^d 9_^ce\dQ^d

C] Xk Xep k`d\ k_\ iXkè^ fe Xep IlkjkXe[è^ <fe[j fi fe Xep f] k_\ Oe`m\ij`kpwj cfe^ k\id lej\Zli\[+le\e_XeZ\[ [\Yk fYc`^Xk`fej `j i\[lZ\[ Yp Gff[pwj Cem\jkfi M\im`Z\+ CeZ- 'uGff[pwjv( kf u;0v fi Yp @`kZ_+ CeZ-'u@`kZ_v( fi MkXe[Xi[ % Jffiwj LXkè^ M\im`Z\j 'uM%Jv( kf u;*v+ k_\ ;lk_fi`kp dXp i\hl\jk k_\ Oe`m\ij`kp kf\e^X^\+ Xk k_\ Oe`m\ij`kpwj \og\ej\+ X GXeX^\d\ek =fejlckXek+ n_`Z_ k_\ Oe`m\ij`kp _\i\Yp Xî\\j kf \e^X^\ n`k_èjòkp '5/( [Xpj X]k\i jlZ_ i\hl\jk `j dX[\: Xe[+ `] Xe Xep k`d\ k_\ iXkè^ fe Xep IlkjkXe[è^ <fe[j fi fe Xep f] k_\Oe`m\ij`kpwj cfe^ k\id lej\Zli\[+ le\e_XeZ\[ [\Yk fYc`^Xk`fej `j i\[lZ\[ Yp Gff[pwj kf c\jj k_Xe u;0v fi Yp @`kZ_fi M%J kf c\jj k_Xe u;*v fi `] Xep iXkè^ `j jljg\e[\[ fi n`k_[iXne Yp Gff[pwj+ @`kZ_ fi M%J+ k_\ Oe`m\ij`kp+ Xkk_\ Oe`m\ij`kpwj \og\ej\+ j_Xcc Xe[ _\i\Yp Xî\\j kf \e^X^\ X GXeX^\d\ek =fejlckXek n`k_è jòkp '5/( [Xpj X]k\ijlZ_ i\[lZk`fe+ jljg\ej`fe fi n`k_[iXnXc+ lec\jj k_\ ;lk_fi`kp _Xj nX`m\[ jlZ_ fYc`^Xk`fe n_`Z_ `k dXp [f è `kjjfc\ [`jZi\k`fe- N_\ GXeX^\d\ek =fejlckXek j_Xcc i\m`\n k_\ ]\\j Xe[ kl`k`fe+ fg\iXk`fej Xe[ dXeX^\d\ek f] k_\Oe`m\ij`kp Xe[ Xep fk_\i dXkk\i [\\d\[ Xggifgi`Xk\ Yp k_\ ;lk_fi`kp Xe[ dXb\ jlZ_ i\Zfdd\e[Xk`fej n`k_ i\jg\Zkkf jlZ_ ]\\j Xe[ kl`k`fe+ fg\iXk`fej+ dXeX^\d\ek Xe[ fk_\i dXkk\ij- =fg`\j f] k_\ i\gfik Xe[ i\Zfdd\e[Xk`fej f]k_\ GXeX^\d\ek =fejlckXek j_Xcc Y\ ]`c\[ n`k_ k_\ ;lk_fi`kp+ k_\ Niljk\\+ k_\ <fXi[ f] Niljk\\j f] k_\ Oe`m\ij`kpXe[ Xe ;lk_fi`q\[ I]]`Z\i f] k_\ Oe`m\ij`kp ef cXk\i k_Xe fe\ _le[i\[ kn\ekp '01/( [Xpj ]fccfnè^ k_\ [Xk\ f]\e^X^\d\ek f] jlZ_ GXeX^\d\ek =fejlckXek- N_\ <fXi[ f] Niljk\\j f] k_\ Oe`m\ij`kp Xe[ jlZ_ ;lk_fi`q\[ I]]`Z\if] k_\ Oe`m\ij`kp j_Xcc \XZ_ [\c`m\i kf k_\ ;lk_fi`kp ef cXk\i k_Xe jòkp '5/( [Xpj ]fccfnè^ k_\ [Xk\ f] ]`cè^ n`k_ k_\;lk_fi`kp f] k_\ i\gfik Xe[ i\Zfdd\e[Xk`fej f] k_\ GXeX^\d\ek =fejlckXek X ni`kk\e i\gfik j\kkè^ ]fik_ k_\ìi\jg\Zk`m\ Zfdd\ek Xe[ i\XZk`fe kf k_\ i\gfik Xe[ i\Zfdd\e[Xk`fej f] k_\ GXeX^\d\ek =fejlckXek- N_\ Oe`m\ij`kpj_Xcc+ kf k_\ \ok\ek ]\Xj`Yc\+ gifdgkcp lgfe `kj i\Z\`gk f] jlZ_ i\Zfdd\e[Xk`fej+ Xe[ jlYa\Zk kf Xggc`ZXYc\i\hlì\d\ekj fi i\jki`Zk`fej `dgfj\[ Yp cXn fi i\^lcXk`fe+ i\m`j\ `kj kl`k`fe+ ]\\j Xe[ Z_Xi^\j+ `kj d\k_f[j f]fg\iXk`fe fi Zfcc\Zk`fej fi `kj [\Yk Xe[ èm\jkd\ek dXeX^\d\ek Xe[ j_Xcc kXb\ jlZ_ fk_\i XZk`fe Xj j_Xcc Y\ èZfe]fid`kp n`k_ jlZ_ i\Zfdd\e[Xk`fej- N_\ Oe`m\ij`kp j_Xcc [\c`m\i kf k_\ ;lk_fi`kp Xe[ k_\ Niljk\\9

'`( n`k_è ]fikpt]`m\ '34( [Xpj f] i\Z\`gk f] jlZ_ GXeX^\d\ek =fejlckXekwj i\gfik 'o( X i\gfik j\kkè^]fik_ è i\XjfeXYc\ [\kX`c k_\ jk\gj k_\ Oe`m\ij`kp gifgfj\j kf kXb\ kf `dgc\d\ek k_\ i\Zfdd\e[Xk`fej f] jlZ_GXeX^\d\ek =fejlckXek+ Xe[ 'p( X Z\ik`]`\[ Zfgp f] X i\jfclk`fe X[fgk\[ Yp k_\ <fXi[ f] Niljk\\j f] k_\ Oe`m\ij`kpXZZ\gkè^ Yfk_ k_\ GXeX^\d\ek =fejlckXekwj i\gfik Xe[ k_\ i\gfik gi\gXi\[ Yp k_\ Oe`m\ij`kp Xj i\hlì\[ è ZcXlj\'o( _\i\f]: Xe[

'``( n`k_è k_ìkp '2/( [Xpj X]k\i k_\ \e[ f] \XZ_ ZXc\e[Xi hlXik\i X i\gfik [\dfejkiXkè^ k_\ gifî\jjdX[\ Yp k_\ Oe`m\ij`kp è `dgc\d\ekè^ k_\ i\Zfdd\e[Xk`fej f] k_\ GXeX^\d\ek =fejlckXek-

=,00

Hfkn`k_jkXe[è^ k_\ ]fi\^fè^ gifm`j`fej f] k_`j M\Zk`fe+ k_\ Oe`m\ij`kp dXp \c\Zk è c`\l f] \e^X^è^ XGXeX^\d\ek =fejlckXek kf gifm`[\ j\Zli`kp è ]fid Xe[ jlYjkXeZ\ XZZ\gkXYc\ kf k_\ ;lk_fi`kp è `kj jfc\ [`jZi\k`fe]fi k_\ Oe`m\ij`kpwj fYc`^Xk`fej le[\i k_`j FfXe ;î\\d\ek fi Xep F`hl`[`kp @XZ`c`kp Xe[.fi =i\[`k @XZ`c`kp-

(Section 14)


Bonds, Section 14 of the Loan Agreement will be deleted in its entirety.

CQY^dU^Q^SU _V 9_b`_bQdU ;hYcdU^SU

N_\ Oe`m\ij`kp Zfm\eXekj k_Xk `k n`cc dXèkXè `kj ZfigfiXk\ \o`jk\eZ\+ n`cc Zfekèl\ kf fg\iXk\ Xj Xeèjk`klk`fe ]fi _`^_\i \[lZXk`fe+ n`cc fYkXè+ dXèkXè Xe[ b\\g è ]lcc ]fiZ\ Xe[ \]]\Zk jlZ_ ^fm\ied\ekXc XggifmXcj+Zfej\ekj+ c`Z\ej\j+ g\id`kj Xe[ XZZi\[`kXk`fej Xj dXp Y\ e\Z\jjXip ]fi k_\ Zfekèl\[ fg\iXk`fe f] k_\ Oe`m\ij`kp XjXe èjk`klk`fe ]fi _`^_\i \[lZXk`fe gifm`[è^ jlZ_ gifîXdj f] èjkilZk`fe Xj `k dXp ]ifd k`d\ kf k`d\ [\k\idè\+n`cc efk [`jjfcm\ fi fk_\in`j\ [`jgfj\ f] Xcc fi jlYjkXek`Xccp Xcc f] `kj Xjj\kj Xe[ n`cc efk Zfejfc`[Xk\ n`k_ fi d\i^\èkf Xefk_\i ZfigfiXk`fe fi g\id`k fe\ fi dfi\ ZfigfiXk`fej kf Zfejfc`[Xk\ n`k_ fi d\i^\ èkf `k: gifm`[\[+ _fn\m\i+k_Xk `] ef ?m\ek f] >\]Xlck j_Xcc _Xm\ fZZlii\[ Xe[ Y\ Zfekèlè^ Xe[ gi`fi ni`kk\e efk`Z\ j_Xcc _Xm\ Y\\e ^`m\e kfk_\ ;lk_fi`kp Xe[ k_\ Niljk\\+ k_\ Oe`m\ij`kp dXp '`( j\cc fi fk_\in`j\ kiXej]\i Xcc fi jlYjkXek`Xccp Xcc f] `kj Xjj\kj kf+fi Zfejfc`[Xk\ n`k_ fi d\i^\ èkf+ Xefk_\i fi^Xe`qXk`fe fi ZfigfiXk`fe n_`Z_ hlXc`]`\j le[\i M\Zk`fe 4/0'Z( '2( f]k_\ =f[\+ fi Xep jlZZ\jjfi gifm`j`fe f] ]\[\iXc èZfd\ kXo cXn+ fi '``( g\id`k fe\ fi dfi\ ZfigfiXk`fej fi Xep fk_\ifi^Xe`qXk`fe kf Zfejfc`[Xk\ n`k_ fi d\i^\ èkf `k+ fi '```( XZhlì\ Xcc fi jlYjkXek`Xccp Xcc f] k_\ Xjj\kj f] fe\ fi dfi\ZfigfiXk`fej fi Xep fk_\i fi^Xe`qXk`fe: gifm`[\[+ _fn\m\i+ 'X( k_Xk Xep jlZ_ jXc\+ kiXej]\i+ Zfejfc`[Xk`fe+ d\i^\i fiXZhl`j`k`fe [f\j efk è k_\ fgè`fe f] Zflej\c jXk`j]XZkfip kf k_\ ;lk_fi`kp X[m\ij\cp X]]\Zk k_\ \o\dgk`fe ]ifd]\[\iXc èZfd\ kXo f] k_\ èk\i\jk gX`[ fi gXpXYc\ fe k_\ <fe[j+ 'Y( k_Xk k_\ jlim`mè^+ i\jlckè^ fi kiXej]\i\\ZfigfiXk`fe+ Xj k_\ ZXj\ dXp Y\+ `j èZfigfiXk\[ le[\i k_\ cXnj f] k_\ MkXk\+ Xe[ hlXc`]`\[ le[\i M\Zk`fe 4/0'Z( '2( f]k_\ =f[\ fi Xep jlZZ\jjfi gifm`j`fe f] ]\[\iXc èZfd\ kXo cXn+ Xe[ 'Z( k_Xk k_\ jlim`mè^+ i\jlckè^ fi kiXej]\i\\ZfigfiXk`fe+ Xj k_\ ZXj\ dXp Y\+ Xjjld\j è ni`kè^ Xcc f] k_\ fYc`^Xk`fej f] Xe[ i\jki`Zk`fej fe k_\ Oe`m\ij`kp le[\ik_\ FfXe ;î\\d\ek Xe[ le[\i Xep L\dXib\kè^ ;î\\d\ek+ Xep F`hl`[`kp @XZ`c`kp+ Xep =i\[`k @XZ`c`kp Xe[]lie`j_\j kf k_\ ;lk_fi`kp X Z\ik`]`ZXk\ kf k_\ \]]\Zk k_Xk lgfe jlZ_ jXc\+ kiXej]\i+ Zfejfc`[Xk`fe+ d\i^\i fi XZhl`j`k`fejlZ_ ZfigfiXk`fe j_Xcc Y\ è Zfdgc`XeZ\ n`k_ \XZ_ f] k_\ gifm`j`fej f] k_\ FfXe ;î\\d\ek Xe[ j_Xcc d\\k k_\i\hlì\d\ekj f] k_\ ;Zk- @lik_\idfi\+ jlZ_ jXc\+ kiXej]\i+ Zfejfc`[Xk`fe+ d\i^\i+ XZhl`j`k`fe fi fk_\i [`jgfj`k`fej_Xcc fZZli fecp `]+ X]k\i ^`mè^ \]]\Zk kf jlZ_ jXc\+ kiXej]\i+ Zfejfc`[Xk`fe+ d\i^\i+ XZhl`j`k`fe fi fk_\i [`jgfj`k`fe+'o( ef ?m\ek f] >\]Xlck nflc[ \o`jk le[\i k_\ FfXe ;î\\d\ek fi le[\i k_\ L\jfclk`fe Xe[+ 'p( k_\ jlim`mè^+i\jlckè^ fi kiXej]\i\\ ZfigfiXk`fe `j è Zfdgc`XeZ\ n`k_ k_\ Zfm\eXekj ZfekXè\[ è M\Zk`fej 00+ 01 Xe[ 02 k_\ FfXe;î\\d\ek fe k_\ [Xk\ f] jlZ_ jXc\+ kiXej]\i+ Zfejfc`[Xk`fe+ d\i^\i+ XZhl`j`k`fe fi fk_\i [`jgfj`k`fe-

(Section 18)

JQh(;hU]`d IdQdec

N_\ Oe`m\ij`kp i\gi\j\ekj k_Xk9 '`( `k `j Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe 4/0'Z('2( f] k_\ =f[\+ fiZfii\jgfe[è^ gifm`j`fej f] gi`fi cXn Xe[ `j efk X ugi`mXk\ ]fle[Xk`fev Xj jlZ_ k\id `j [\]è\[ le[\i M\Zk`fe 4/8'X(f] k_\ =f[\: '``( `k _Xj i\Z\`m\[ X c\kk\i fi fk_\i efk`]`ZXk`fe ]ifd k_\ Cek\ieXc L\m\el\ M\im`Z\ kf k_Xk \]]\Zk: '```(jlZ_ c\kk\i fi fk_\i efk`]`ZXk`fe _Xj efk Y\\e df[`]`\[+ c`d`k\[ fi i\mfb\[: '`m( `k `j è Zfdgc`XeZ\ n`k_ Xcc k\idj+Zfe[`k`fej Xe[ c`d`kXk`fej+ `] Xep+ ZfekXè\[ è jlZ_ c\kk\i fi fk_\i efk`]`ZXk`fe: 'm( k_\ ]XZkj Xe[ ZìZldjkXeZ\jn_`Z_ ]fid k_\ YXj`j f] jlZ_ c\kk\i fi fk_\i efk`]`ZXk`fe Xj i\gi\j\ek\[ kf k_\ Cek\ieXc L\m\el\ M\im`Z\ Zfekèl\ kf\o`jk: Xe[ 'm`( `k `j \o\dgk ]ifd ]\[\iXc èZfd\ kXo\j le[\i M\Zk`fe 4/0'X( f] k_\ =f[\- N_\ Oe`m\ij`kp Xî\\j k_Xk9'X( `k j_Xcc efk g\i]fid Xep XZk fi \ek\i èkf Xep Xî\\d\ek n_`Z_ j_Xcc X[m\ij\cp X]]\Zk jlZ_ ]\[\iXc èZfd\ kXojkXklj Xe[ j_Xcc Zfe[lZk `kj fg\iXk`fej è k_\ dXee\i n_`Z_ n`cc Zfe]fid kf k_\ jkXe[Xi[j e\Z\jjXip kf hlXc`]p k_\Oe`m\ij`kp Xj Xe fi^Xe`qXk`fe n`k_è k_\ d\Xeè^ f] M\Zk`fe 4/0'Z('2( f] k_\ =f[\ fi Xep jlZZ\jjfi gifm`j`fe f]]\[\iXc èZfd\ kXo cXn: Xe[ 'Y( `k j_Xcc efk g\i]fid Xep XZk+ \ek\i èkf Xep Xî\\d\ek fi lj\ fi g\id`k X Jifa\Zk kf Y\lj\[ è Xep dXee\i+ fi ]fi Xep kiX[\ fi Yljè\jj lei\cXk\[ kf k_\ \[lZXk`feXc gligfj\j f] k_\ Oe`m\ij`kp+ n_`Z_ Zflc[X[m\ij\cp X]]\Zk k_\ \oZclj`fe f] èk\i\jk fe k_\ <fe[j ]ifd îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j glijlXekkf M\Zk`fe 0/2 f] k_\ =f[\-

N_\ Oe`m\ij`kp nXiiXekj+ i\gi\j\ekj Xe[ Zfm\eXekj k_Xk '`( Xk c\Xjk eè\kp,]`m\ g\iZ\ek '84$( f] k_\ e\kgifZ\\[j f] <fe[j 'ZXcZlcXk\[ è XZZfi[XeZ\ n`k_ M\Zk`fe 04/'X( '2( f] k_\ =f[\( j_Xcc efk Y\ lj\[ è k_\ kiX[\ fi

=,01

Yljè\jj f] Xep g\ijfe fk_\i k_Xe Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe 4/0'Z( '2( f] k_\ =f[\ fi X ^fm\ied\ekXc le`kXe[ '``( Xcc gifg\ikp XZhlì\[+ ZfejkilZk\[ fi i\efmXk\[ n`k_ dfe\pj [\i`m\[ ]ifd k_\ e\k gifZ\\[j f] <fe[j n`cc Y\fne\[ 'n`k_è k_\ d\Xeè^ f] k_\ =f[\( Yp Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe 4/0'Z( '2( f] k_\ =f[\ fi X^fm\ied\ekXc le`k-

(Section 16)


Bonds, Section 16 of the Loan Agreement will be amended and restated in its entirety as summarized below:

N_\ Oe`m\ij`kp i\gi\j\ekj k_Xk9 '`( `k `j Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe 4/0'Z( '2( f] k_\ =f[\+ fiZfii\jgfe[è^ gifm`j`fej f] gi`fi cXn Xe[ `j efk X ugi`mXk\ ]fle[Xk`fev Xj jlZ_ k\id `j [\]è\[ le[\i M\Zk`fe 4/8'X(f] k_\ =f[\: '``( `k _Xj i\Z\`m\[ X c\kk\i fi fk_\i efk`]`ZXk`fe ]ifd k_\ Cek\ieXc L\m\el\ M\im`Z\ kf k_Xk \]]\Zk: '```(jlZ_ c\kk\i fi fk_\i efk`]`ZXk`fe _Xj efk Y\\e df[`]`\[+ c`d`k\[ fi i\mfb\[: '`m( `k `j è Zfdgc`XeZ\ n`k_ Xcc k\idj+Zfe[`k`fej Xe[ c`d`kXk`fej+ `] Xep+ ZfekXè\[ è jlZ_ c\kk\i fi fk_\i efk`]`ZXk`fe: 'm( k_\ ]XZkj Xe[ ZìZldjkXeZ\jn_`Z_ ]fid k_\ YXj`j f] jlZ_ c\kk\i fi fk_\i efk`]`ZXk`fe Xj i\gi\j\ek\[ kf k_\ Cek\ieXc L\m\el\ M\im`Z\ Zfekèl\ kf\o`jk: Xe[ 'm`( `k `j \o\dgk ]ifd ]\[\iXc èZfd\ kXo\j le[\i M\Zk`fe 4/0'X( f] k_\ =f[\+ \oZ\gk ]fi gXpd\ek f]lei\cXk\[ Yljè\jj èZfd\ kXo- N_\ Oe`m\ij`kp Xî\\j k_Xk9 'X( `k j_Xcc efk g\i]fid Xep XZk fi \ek\i èkf XepXî\\d\ek n_`Z_ j_Xcc X[m\ij\cp X]]\Zk jlZ_ ]\[\iXc èZfd\ kXo jkXklj Xe[ j_Xcc Zfe[lZk `kj fg\iXk`fej è k_\ dXee\in_`Z_ n`cc Zfe]fid kf k_\ jkXe[Xi[j e\Z\jjXip kf hlXc`]p k_\ Oe`m\ij`kp Xj Xe \[lZXk`feXc fi^Xe`qXk`fe n`k_è k_\d\Xeè^ f] M\Zk`fe 4/0'Z( '2( f] k_\ =f[\ fi Xep jlZZ\jjfi gifm`j`fe f] ]\[\iXc èZfd\ kXo cXn: Xe[ 'Y( `k j_Xcc efkg\i]fid Xep XZk+ \ek\i èkf Xep Xî\\d\ek fi lj\ fi g\id`k k_\ Jifa\Zk kf Y\ lj\[ è X dXee\i+ fi ]fi Xep kiX[\ fiYljè\jj lei\cXk\[ kf k_\ \[lZXk`feXc gligfj\j f] k_\ Oe`m\ij`kp+ n_`Z_ Zflc[ X[m\ij\cp X]]\Zk k_\ \oZclj`fe f]èk\i\jk fe k_\ <fe[j ]ifd ]\[\iXc îfjj èZfd\ glijlXek kf M\Zk`fe 0/2 f] k_\ =f[\-


7bRYdbQWU6 HURQdU 9Q\Se\QdY_^c

0- 'X( N_\ Oe`m\ij`kp Xe[ k_\ ;lk_fi`kp Zfm\eXek k_Xk k_\p j_Xcc kXb\ ef XZk`fe+ efi Xggifm\ k_\ Niljk\\wjkXbè^ Xep XZk`fe fi dXbè^ Xep èm\jkd\ek fi lj\ f] k_\ gifZ\\[j f] <fe[j+ n_`Z_ nflc[ ZXlj\ k_\ <fe[j fi XepM\i`\j f] <fe[j kf Y\ uXiY`kiX^\ Yfe[jv n`k_è k_\ d\Xeè^ f] M\Zk`fe 037 f] k_\ =f[\+ Xe[ Xep gifgfj\[ fi ]èXci\^lcXk`fej k_\i\le[\i Xj Xi\ Xggc`ZXYc\ kf k_\ <fe[j Xk k_\ k`d\ f] jlZ_ XZk`fe+ èm\jkd\ek fi lj\- 'Y( N_\Oe`m\ij`kp+ fi Xep i\cXk\[ g\ijfe+ Xj [\]è\[ è M\Zk`fe 036 'X( '1( f] k_\ =f[\+ j_Xcc efk+ glijlXek kf XeXiiXe^\d\ek+ ]fidXc fi è]fidXc+ gliZ_Xj\ <fe[j è Xe Xdflek i\cXk\[ kf k_\ Xdflek f] Xep fYc`^Xk`fe kf Y\XZhlì\[ ]ifd k_\ Oe`m\ij`kp Yp k_\ ;lk_fi`kp- N_\ Oe`m\ij`kp n`cc+ fe X k`d\cp YXj`j+ gifm`[\ k_\ ;lk_fi`kp n`k_ Xcce\Z\jjXip è]fidXk`fe Xe[ ]le[j efk è k_\ ;lk_fi`kpwj gfjj\jj`fe+ kf \eXYc\ k_\ ;lk_fi`kp kf Zfdgcp n`k_ k_\XiY`kiX^\ Xe[ i\YXk\ i\hlì\d\ekj f] k_\ =f[\-

N_\ ;lk_fi`kp j_Xcc i\kXè è `kj gfjj\jj`fe+ jf cfe^ Xj i\hlì\[ Yp k_\ =f[\+ Zfg`\j f] Xcc [fZld\ekj+i\gfikj Xe[ ZfdglkXk`fej dX[\ Yp `k è Zfee\Zk`fe n`k_ k_\ ZXcZlcXk`fe f] i\YXk\+ p`\c[ i\[lZk`fe gXpd\ekj Xe[èk\i\jk Xe[ g\eXck`\j Xe[ k_\ gXpd\ek f] Xcc fi X gfik`fe k_\i\f] kf k_\ >\gXikd\ek f] k_\ Ni\Xjlip f] k_\ Oe`k\[MkXk\j f] ;d\i`ZX+ n_`Z_ j_Xcc Y\ jlYa\Zk Xk Xcc i\XjfeXYc\ k`d\j kf k_\ èjg\Zk`fe f] k_\ Oe`m\ij`kp Xe[ `kj X^\ekjXe[ i\gi\j\ekXk`m\j+ Xep f] n_fd dXp dXb\ Zfg`\j k_\i\f]- Ogfe ni`kk\e i\hl\jk k_\i\]fi ]ifd k_\ Oe`m\ij`kp k_\;lk_fi`kp j_Xcc Xj jffe Xj giXZk`ZXYc\ gifm`[\ k_\ Oe`m\ij`kp n`k_ X Zfgp f] Xep jlZ_ [fZld\ek+ i\gfik fiZfdglkXk`fe- N_\ ;lk_fi`kp j_Xcc Xcjf gifm`[\ k_\ Oe`m\ij`kp n`k_ X Zfgp f] Xcc [fZld\ekj fi i\gfikj ]`c\[ n`k_ k_\>\gXikd\ek f] Ni\Xjlip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX i\cXkè^ kf k_\ ]fi\^fè^-

(Section 36)

KcU _V Fb_ZUSdc

N_\ Oe`m\ij`kp Xî\\j k_Xk Xk c\Xjk eè\kp,]`m\ g\iZ\ek '84$( f] k_\ Jifa\Zkj j_Xcc Y\ fZZlg`\[ fi lj\[ fecpYp fi ]fi jkl[\ekj fi d\dY\ij f] k_\ ]XZlckp fi jkX]] f] k_\ Oe`m\ij`kp+ fi+ fe X k\dgfiXip YXj`j+ g\ijfej Zfee\Zk\[n`k_ \[lZXk`feXc+ i\j\XiZ_ fi fk_\i XZk`m`k`\j èZ`[\ekXc kf k_\ fg\iXk`fej f] k_\ Oe`m\ij`kp+ jlYa\Zk kf Xe[ Zfej`jk\ekn`k_ k_\ i\hlì\d\ekj f] k_\ FfXe ;î\\d\ek- MlYa\Zk kf k_\ i`^_kj+ [lk`\j Xe[ i\d\[`\j f] k_\ ;lk_fi`kp le[\i k_\FfXe ;î\\d\ek+ k_\ Oe`m\ij`kp j_Xcc _Xm\ jfc\ Xe[ \oZclj`m\ Zfekifc f]+ gfjj\jj`fe f] Xe[ i\jgfej`Y`c`kp ]fi '`( k_\

=,02

Jifa\Zkj: '``( k_\ fg\iXk`fe f] k_\ Jifa\Zkj Xe[ jlg\im`j`fe f] k_\ XZk`m`k`\j Zfe[lZk\[ k_\i\è fi è Zfee\Zk`fe n`k_Xep gXik k_\i\f]: Xe[ '```( k_\ dXèk\eXeZ\+ i\gXì Xe[ i\gcXZ\d\ek f] k_\ Jifa\Zk-

(Section 20)

9_fU^Q^d Qc d_ ?^cebQ^SU

0- N_\ Oe`m\ij`kp j_Xcc gifZli\ Xe[ dXèkXè+ fi ZXlj\ kf Y\ gifZli\[ Xe[ dXèkXè\[+ kf k_\ \ok\eki\XjfeXYcp fYkXèXYc\+ ]ifd i\jgfej`Yc\ èjli\ij+ èjliXeZ\ f] k_\ kpg\ Xe[ è k_\ Xdflekj ZljkfdXi`cp dXèkXè\[Yp èjk`klk`fej ]fi _`^_\i \[lZXk`fe gifm`[è^ gifîXdj jlYjkXek`Xccp j`d`cXi kf k_fj\ f] k_\ Oe`m\ij`kp-

1- Ce X[[`k`fe kf Xep èjliXeZ\ dXèkXè\[ è XZZfi[XeZ\ n`k_ jlY[`m`j`fe 0 f] M\Zk`fe 12 f] k_\FfXe ;î\\d\ek+ k_\ Oe`m\ij`kp j_Xcc+ Xk k_\ k`d\j jg\Z`]`\[ è k_\ ]fccfnè^ gXiXîXg_j+ gifZli\ Xe[ dXèkXè+ fiZXlj\ kf Y\ gifZli\[ Xe[ dXèkXè\[+ Xcc èjliXeZ\ i\hlì\[ Yp M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek è XZZfi[XeZ\n`k_ k_\ k\idj Xe[ Zfe[`k`fej k_\i\f]+ ]ifd i\jgfej`Yc\ èjli\ij XZZ\gkXYc\ kf Xe ;lk_fi`q\[ I]]`Z\i f] k_\;lk_fi`kp+ Xj ]fccfnj9

'X( Yl`c[\ij i`jb èjliXeZ\ n`k_ i\jg\Zk kf Xep Yl`c[è^ Zfejk`klkè^ X gXik f] k_\ Jifa\Zkj k_\ZfejkilZk`fe f] n_`Z_ j_Xcc efk _Xm\ Y\\e Zfdgc\k\[ 'Xe[ lek`c èjliXeZ\ `j gifZli\[ glijlXek kf gXiXîXg_ 'Y( f]jlY[`m`j`fe 1 f] M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek(+Zfm\iX^\ kf Y\ ni`kk\e fe Xcc i`jb ]fid- N_\ Xdflek f] jlZ_èjliXeZ\ j_Xcc Y\ fe X fe\ _le[i\[ g\iZ\ek '0//$( i\gcXZ\d\ek mXcl\ YXj`j fe k_\ èjliXYc\ gfik`fe:

'Y( Xcc i`jb gifg\ikp èjliXeZ\ Xk Xcc k`d\j '\oZ\gk [liè^ X g\i`f[ n_\e Yl`c[\ij i`jb èjliXeZ\ `j è\]]\Zk Xj i\hlì\[ Yp gXiXîXg_ 'X( f] jlY[`m`j`fe 1 f] M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek( èjliè^ X^Xèjk [ì\Zkg_pj`ZXc cfjj fi [XdX^\ kf k_\ Jifa\Zkj: gifm`[\[+ _fn\m\i+ k_Xk `] k_\ Jifa\Zkj Xi\ èjli\[ le[\i X YcXeb\k èjliXeZ\gfc`Zp fi gfc`Z`\j f] k_\ Oe`m\ij`kp+ gfc`Zp c`d`kj Xe[ Zfm\iX^\ j_Xcc Zfdgcp n`k_ k_\ gifm`j`fej f] gXiXîXg_ 'Y( f]jlY[`m`j`fe 1 f] M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek: gifm`[\[ ]lik_\i+ _fn\m\i+ k_Xk \XZ_ jlZ_ gfc`Zp j_Xcc Y\ è XeXdflek jl]]`Z`\ek kf gi\m\ek k_\ Oe`m\ij`kp Xe[ k_\ ;lk_fi`kp ]ifd Y\Zfdè^ Zf,èjli\ij le[\i k_\ Xggc`ZXYc\ k\idjf] k_\ gfc`Zp:

'Z( Yljè\jj èk\iilgk`fe Xe[ \okiX \og\ej\ èjliXeZ\ è Xdflekj Zfej`[\i\[ jl]]`Z`\ek Yp k_\;lk_fi`kp:

'[( Zfdgi\_\ej`m\ Yf`c\i Xe[ dXZ_è\ip Zfm\iX^\ èZcl[è^ \okiX \og\ej\ Xe[ Yljè\jj èk\iilgk`fe+Zfdd\eZè^ n`k_ k_\ [Xk\ fe n_`Z_ k_\ Jifa\Zk fi Xep gXik k_\i\f] `j Zfdgc\k\[ fi ]ìjk fZZlg`\[+ fi Xep Zfm\i\[\hl`gd\ek fi dXZ_è\ip `j XZZ\gk\[+ n_`Z_\m\i fZZlij \Xic`\i: c`d`kj j_Xcc Y\ è Xe Xdflek Zfej`[\i\[ jl]]`Z`\ek Ypk_\ ;lk_fi`kp:

'\( Zfdd\iZ`Xc ^\e\iXc c`XY`c`kp èjliXeZ\ Xk Xcc k`d\j gifk\Zkè^ k_\ ;lk_fi`kp 'Xj Xe X[[`k`feXcèjli\[( Xe[ k_\ Oe`m\ij`kp ]ifd cfjj i\jlckè^ ]ifd c\^Xc fYc`^Xk`fej ZXlj\[ Yp Yf[`cp èalip Xe[ gifg\ikp [XdX^\n`k_ c`d`kj f] efk c\jj k_Xe #1+///+/// XeelXc X^î\^Xk\ Xe[ #0+///+/// g\i fZZlii\eZ\:

']( gif]\jj`feXc c`XY`c`kp èjliXeZ\ gifm`[è^ gifk\Zk`fe ]fi cfjj i\jlckè^ ]ifd c\^Xc fYc`^Xk`fejZXlj\[ fi Xcc\^\[cp ZXlj\[ Yp dXcgiXZk`Z\ fi Xcc\^\[ dXcgiXZk`Z\+ n`k_ c`d`kj f] Xk c\Xjk è k_\ Xdflek è \]]\Zk Xk k_\k`d\ f] \o\Zlk`fe f] k_\ FfXe ;î\\d\ek Ylk è Xep \m\ek efk c\jj k_Xe #0+///+/// g\i fZZlii\eZ\ Xe[ #1+///+///XeelXc X^î\^Xk\:

'^( Xk Xcc k`d\j+ nfib\ij Zfdg\ejXk`fe èjliXeZ\ Xe[ [`jXY`c`kp Y\e\]`kj èjliXeZ\ gifm`[è^ Zfm\iX^\Xj i\hlì\[ Yp jkXklk\: Xe[

'_( jlZ_ fk_\i bè[j f] èjliXeZ\ è jlZ_ Xdflekj Xj ]ifd k`d\ kf k`d\ dXp Y\ i\XjfeXYcp i\hlì\[ Ypk_\ ;lk_fi`kp-

2- ;ep èjliXeZ\ gifZli\[ Xe[ dXèkXè\[ Yp k_\ ;lk_fi`kp fi k_\ Oe`m\ij`kp glijlXek kf M\Zk`fe 12f] k_\ FfXe ;î\\d\ek+ èZcl[è^ Xep YcXeb\k èjliXeZ\ gfc`Zp+ dXp èZcl[\ i\XjfeXYc\ [\[lZk`Yc\ gifm`j`fejjXk`j]XZkfip kf Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp- Ce [\k\idèè^ n_\k_\i fi efk XepèjliXeZ\ i\hlì\[ Yp M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek `j ^\e\iXccp fYkXèXYc\ fi `] k_\ [\[lZk`Yc\ fe Xep jlZ_èjliXeZ\ `j X i\XjfeXYc\ [\[lZk`Yc\+ k_\ ;lk_fi`kp dXp i\cp jfc\cp Xe[ \oZclj`m\cp lgfe k_\ X[m`Z\ Xe[ al[^d\ek f]

=,03

Xe CejliXeZ\ =fejlckXek+ Xe[ Xep jlZ_ [\Z`j`fe Yp k_\ ;lk_fi`kp+ YXj\[ lgfe jlZ_ X[m`Z\ Xe[ al[^d\ek+ j_Xcc Y\ZfeZclj`m\-

3- N_\ Oe`m\ij`kp dXp j\c] èjli\ `] k_\ ]fccfnè^ i\hlì\d\ekj Xi\ d\k9

'X( N_\ Oe`m\ij`kp fYkXèj k_\ gi`fi ni`kk\e XggifmXc f] k_\ ;lk_fi`kp:

'Y( N_\ j\c] èjliXeZ\ _Xj Y\\e i\m`\n\[ Yp Xe CejliXeZ\ =fejlckXek:

'Z( N_\ j\c],èjliXeZ\ gifîXd èZcl[\j Xe XZklXi`Xccp jfle[ ZcX`dj i\j\im\ ]le[ flk f] n_`Z_ \XZ_j\c],èjli\[ ZcX`d j_Xcc Y\ gX`[- N_\ X[\hlXZp f] jlZ_ ]le[ j_Xcc Y\ \mXclXk\[ fe Xe XeelXc YXj`j- ;ep [\]`Z`\eZp èXep j\c],èjli\[ ZcX`dj i\j\im\ ]le[ n`cc Y\ i\d\[`\[ è XZZfi[XeZ\ n`k_ k_\ i\Zfdd\e[Xk`fe f] k_\ CejliXeZ\=fejlckXek:

'[( N_\ j\c],èjli\[ ZcX`dj i\j\im\ ]le[ j_Xcc Y\ _\c[ è k_\ Oe`k\[ MkXk\j f] ;d\i`ZX è X j\gXiXk\kiljk ]le[ Yp Xe è[\g\e[\ek ZfigfiXk\ kiljk\\: Xe[

'\( Ce k_\ \m\ek k_\ Zlii\ek ]le[è^ f] k_\ j\c],èjliXeZ\ gifîXd j_Xcc Y\ [`jZfekèl\[+ k_\ XZklXi`Xcjfle[e\jj f] `kj ZcX`dj i\j\im\ ]le[+ Xj [\k\idè\[ Yp Xe CejliXeZ\ =fejlckXek+ j_Xcc Y\ dXèkXè\[-

Ce ef \m\ek j_Xcc k_\ Oe`m\ij`kp j\c] èjli\ X^Xèjk ZXjlXckp cfjj\j kf Xep i\Xc fi g\ijfeXc gifg\ikp fne\[+c\Xj\[ fi lj\[ Yp `k+ èZcl[è^ gcXek+ gifg\ikp Xe[ \hl`gd\ek è Xe Xdflek \oZ\\[è^ #0+///+///-

4- ?XZ_ gfc`Zp dXèkXè\[ glijlXek kf jlY[`m`j`fe 1 f] M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek fi k_\i\hlì\d\ekj f] k_\ ;lk_fi`kp j_Xcc gifm`[\ k_Xk k_\ èjli\i ni`kè^ jlZ_ gfc`Zp j_Xcc ^`m\ Xk c\Xjk k_ìkp '2/( [Xpjwefk`Z\ è ni`kè^ kf k_\ ;lk_fi`kp f] k_\ ZXeZ\ccXk`fe fi efe,i\e\nXc fi dXk\i`Xc Z_Xe^\ è k_\ gfc`Zp lec\jj X c\jj\ig\i`f[ f] efk`Z\ `j \ogi\jjcp Xggifm\[ è ni`kè^ Yp k_\ ;lk_fi`kp- N_\ Oe`m\ij`kp+ efk cXk\i k_Xe ;l^ljk 04 f] \XZ_p\Xi+ j_Xcc gifm`[\ kf k_\ ;lk_fi`kp X c`jk [\jZi`Yè^ Xcc gfc`Z`\j f] èjliXeZ\ dXèkXè\[ Yp k_\ Oe`m\ij`kp glijlXekkf M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek jkXkè^ n`k_ i\jg\Zk kf \XZ_ jlZ_ gfc`Zp '`( k_\ èjli\i+ '``( k_\ èjli\[ gXik`\jfi cfjj gXp\\j+ '```( k_\ c\m\c f] Zfm\iX^\+ Xe[ '`m( jlZ_ fk_\i è]fidXk`fe Xj Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kpdXp _Xm\ i\XjfeXYcp,i\hl\jk\[-

5- ;cc gfc`Z`\j Xe[ Z\ik`]`ZXk\j f] èjliXeZ\ j_Xcc Y\ fg\e kf èjg\Zk`fe Yp k_\ ;lk_fi`kp Xe[ k_\Niljk\\ Xk Xcc i\XjfeXYc\ k`d\j- Ji`fi kf dXbè^ Xep Z_Xe^\ è jlZ_ èjliXeZ\ n_`Z_ nflc[ i\[lZ\ k_\ Xdflek f]Zfm\iX^\ fi èZi\Xj\ k_\ [\[lZk`Yc\+ k_\ Oe`m\ij`kp j_Xcc efk`]p k_\ ;lk_fi`kp Xe[ k_\ Niljk\\ f] jlZ_ Z_Xe^\ n_`Z_efk`Z\ j_Xcc [\jZi`Y\ k_\ gifgfj\[ Z_Xe^\ è i\XjfeXYc\ [\kX`c-

6- ;cc gfc`Z`\j f] èjliXeZ\ i\hlì\[ glijlXek kf jlY[`m`j`fe 1 f] M\Zk`fe 12 f] k_\ FfXe ;î\\d\ek+fk_\i k_Xe gfc`Z`\j f] nfib\ijw Zfdg\ejXk`fe èjliXeZ\+ j_Xcc èZcl[\ k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp+ Xj eXd\[èjli\[j fi Xj cfjj gXp\\ Xj k_\ì èk\i\jkj dXp Xgg\Xi-

7- Ce k_\ \m\ek k_\ Oe`m\ij`kp ]X`cj kf gifm`[\ k_\ èjliXeZ\ i\hlì\[ Yp M\Zk`fe 12 f] k_\ FfXe;î\\d\ek+ k_\ ;lk_fi`kp dXp \c\Zk Xk Xep k`d\ k_\i\X]k\i kf gifZli\ Xe[ dXèkXè k_\ èjliXeZ\ i\hlì\[ Yp M\Zk`fe12 f] k_\ FfXe ;î\\d\ek Xk k_\ \og\ej\ f] k_\ Oe`m\ij`kp- N_\ gfc`Z`\j gifZli\[ Xe[ dXèkXè\[ Yp k_\ ;lk_fi`kpj_Xcc Y\ fg\e kf èjg\Zk`fe Yp k_\ Oe`m\ij`kp Xk Xcc i\XjfeXYc\ k`d\j+ Xe[+ lgfe i\hl\jk f] k_\ Oe`m\ij`kp+ X Zfdgc\k\c`jk [\jZi`Yè^ jlZ_ gfc`Z`\j Xj f] k_\ Dle\ 2/ gi\Z\[è^ k_\ ;lk_fi`kpwj i\Z\`gk f] jlZ_ i\hl\jk j_Xcc Y\ ]lie`j_\[ kfk_\ Oe`m\ij`kp Yp k_\ ;lk_fi`kp-

(Section 23)


Bonds, Section 23 of the Loan Agreement will be amended and restated in its entirety as summarized below:

'X( N_\ Oe`m\ij`kp Xî\\j kf dXèkXè fi ZXlj\ kf Y\ dXèkXè\[ èjliXeZ\ n`k_ èjliXeZ\ ZfdgXe`\jfi Yp d\Xej fi j\c],èjliXeZ\+ èjliXeZ\ f] jlZ_ kpg\+ X^Xèjk jlZ_ i`jbj Xe[ è jlZ_ Xdflekj Xj Xi\ ZljkfdXi`cpZXii`\[ Yp gi`mXk\ Zfcc\^\j Xe[ le`m\ij`k`\j cfZXk\[ è k_\ MkXk\ f] X eXkli\ j`d`cXi kf k_Xk f] k_\ Oe`m\ij`kp+ n_`Z_èjliXeZ\ j_Xcc èZcl[\ gifg\ikp [XdX^\+ ]ì\ Xe[ \ok\e[\[ Zfm\iX^\+ glYc`Z c`XY`c`kp Xe[ gifg\ikp [XdX^\ c`XY`c`kpèjliXeZ\ è Xdflekj \jk`dXk\[ kf è[\de`]p k_\ i\XjfeXYcp Xek`Z`gXk\[ [XdX^\+ cfjj fi c`XY`c`kp+ jlYa\Zk kfi\XjfeXYc\ [\[lZk`Yc\ gifm`j`fej- N_\ Oe`m\ij`kp j_Xcc Xk Xcc k`d\j Xcjf dXèkXè nfib\iwj Zfdg\ejXk`fe Zfm\iX^\Xe[ [`jXY`c`kp Y\e\]`kj èjliXeZ\ Zfm\iX^\ Xj i\hlì\[ Yp k_\ cXnj f] k_\ MkXk\-

=,04

'Y( C] k_\ ;lk_fi`kp j_Xcc jf i\hl\jk è ni`kè^+ k_\ Oe`m\ij`kp j_Xcc gifm`[\ kf k_\ ;lk_fi`kpjlddXi`\j fi fk_\i \m`[\eZ\ f] `kj èjliXeZ\ Zfm\iX^\ Xe[ j_Xcc fYkXè \e[fij\d\ekj i\XjfeXYcp i\hl\jk\[ Yp k_\;lk_fi`kp-

'Z( Ce k_\ \m\ek k_\ Oe`m\ij`kp ]X`cj kf gifm`[\ k_\ èjliXeZ\ i\hlì\[ Yp gXiXîXg_ 'X( f] k_`j M\Zk`fe+k_\ ;lk_fi`kp dXp \c\Zk Xk Xep k`d\ k_\i\X]k\i kf gifZli\ Xe[ dXèkXè k_\ èjliXeZ\ i\hlì\[ Yp k_`j M\Zk`fe Xk k_\\og\ej\ f] k_\ Oe`m\ij`kp- N_\ gfc`Z`\j gifZli\[ Xe[ dXèkXè\[ Yp k_\ ;lk_fi`kp j_Xcc Y\ fg\e kf èjg\Zk`fe Yp k_\Oe`m\ij`kp Xk Xcc i\XjfeXYc\ k`d\j+ Xe[+ lgfe i\hl\jk f] k_\ Oe`m\ij`kp+ X Zfdgc\k\ c`jk [\jZi`Yè^ jlZ_ gfc`Z`\j Xj f]k_\ Dle\ 2/k_ gi\Z\[è^ k_\ ;lk_fi`kpwj i\Z\`gk f] jlZ_ i\hl\jk j_Xcc Y\ ]lie`j_\[ kf k_\ Oe`m\ij`kp Yp k_\ ;lk_fi`kp-


:Q]QWU _b 9_^TU]^QdY_^

Ce k_\ \m\ek f] X kXbè^ f] Xep Jifa\Zk fi Xep gfik`fe k_\i\f] Yp \dè\ek [fdXè fi f] Zfe[\deXk`fe+[XdX^\ fi [\jkilZk`fe X]]\Zkè^ Xcc fi gXik f] jlZ_ gifg\ikp fi Xep Jifa\Zk n_`Z_ jlYjkXek`Xccp `dgXìj k_\ lj\ f]jlZ_ gifg\ikp fi Jifa\Zk fi gXik k_\i\f] ]fi `kj èk\e[\[ gligfj\+ k_\e Xe[ è jlZ_ \m\ek k_\ \ekì\ gifZ\\[j f] XepèjliXeZ\+ Zfe[\deXk`fe fi \dè\ek [fdXè XnXi[ j_Xcc Y\ gX`[ kf k_\ Oe`m\ij`kp+ Xe[

'X( n`k_è fe\ _le[i\[ kn\ekp '01/( [Xpj X]k\i jlZ_ kXbè^+ Zfe[\deXk`fe+ [XdX^\ fi [\jkilZk`fe+k_\ Oe`m\ij`kp j_Xcc gifZ\\[ kf i\gXì+ i\gcXZ\ fi i\jkfi\ jlZ_ gifg\ikp+ jlZ_ Jifa\Zk fi k_\ X]]\Zk\[ gfik`fek_\i\f]+ èZcl[è^ Xcc ]òkli\j+ ]lie`kli\+ \hl`gd\ek Xe[ \]]\Zkj+ kf `kj fi`^èXc Zfe[`k`fe èjf]Xi Xj gfjj`Yc\n`k_ jlZ_ Z_Xe^\j Xe[ X[[`k`fej Xj j_Xcc Y\ Xggifgi`Xk\ kf k_\ e\\[j f] k_\ Oe`m\ij`kp: fi

'Y( `] k_\ Oe`m\ij`kp j_Xcc efk _Xm\ Zfdd\eZ\[ k_\ i\jkfiXk`fe fi i\gcXZ\d\ek f] jlZ_ gifg\ikp+jlZ_ Jifa\Zk fi k_\ X]]\Zk\[ gfik`fe k_\i\f] n`k_è fe\ _le[i\[ kn\ekp '01/( [Xpj X]k\i jlZ_ kXbè^+Zfe[\deXk`fe+ [XdX^\ fi [\jkilZk`fe+ Xcc i\jg\Zk`m\ gifZ\\[j 'fk_\i k_Xe k_\ gifZ\\[j f] Yl`c[\ijw i`jbèjliXeZ\( j_Xcc Y\ [\c`m\i\[ kf k_\ Niljk\\ ]fi [\gfj`k kf k_\ >\Yk M\im`Z\ @le[-

Hfkn`k_jkXe[è^ k_`j M\Zk`fe 13+ Zfe[\deXk`fe Xe[ èjliXeZ\ gifZ\\[j n`k_ i\jg\Zk kf X Jifa\Zk ]èXeZ\[n`k_ gifZ\\[j f] Xe `jjl\ f] Yfe[j 'fk_\i k_Xe <fe[j( X gfik`fe f] n_`Z_ i\dXèj flkjkXe[è^ le[\i k_\ i\jfclk`feglijlXek kf n_`Z_ jlZ_ Yfe[j n\i\ `jjl\[ n_`Z_ Xi\ i\hlì\[ Yp jlZ_ i\jfclk`fe fi k_\ cfXe Xî\\d\ek fi fk_\iXî\\d\ek i\cXkè^ kf jlZ_ Yfe[j kf Y\ Xggc`\[ è X gXik`ZlcXi dXee\i j_Xcc Y\ jf Xggc`\[- C] k_\i\ `j ef jlZ_i\hlì\d\ek+ k_\e k_\ ;lk_fi`kp j_Xcc [\k\idè\ k_\ gfik`fe f] jlZ_ gifZ\\[j Xkki`YlkXYc\ kf k_\ L\]le[\[ <fe[j Xe[jlZ_ gfik`fe j_Xcc Y\ Xggc`\[ glijlXek kf k_`j M\Zk`fe 13-

(Section 24)


Bonds, subsections (a) and (b) of Section 24 of the Loan Agreement will be amended and restated as summarized

below:

n`k_è fe\ _le[i\[ kn\ekp '01/( [Xpj X]k\i jlZ_ kXbè^+ Zfe[\deXk`fe+ [XdX^\ fi[\jkilZk`fe fi jlZ_ cfe^\i g\i`f[ Xj dXp Y\ Xî\\[ kf Yp k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp+ k_\Oe`m\ij`kp j_Xcc gifZ\\[ kf i\gXì+ i\gcXZ\ fi i\jkfi\ jlZ_ gifg\ikp+ jlZ_ Jifa\Zk fi k_\ X]]\Zk\[gfik`fe k_\i\f]+ èZcl[è^ Xcc ]òkli\j+ ]lie`kli\+ \hl`gd\ek Xe[ \]]\Zkj+ kf `kj fi`^èXc Zfe[`k`feèjf]Xi Xj gfjj`Yc\ n`k_ jlZ_ Z_Xe^\j Xe[ X[[`k`fej Xj j_Xcc Y\ Xggifgi`Xk\ kf k_\ e\\[j f] k_\Oe`m\ij`kp: fi

`] k_\ Oe`m\ij`kp j_Xcc efk _Xm\ Zfdd\eZ\[ k_\ i\jkfiXk`fe fi i\gcXZ\d\ek f] jlZ_gifg\ikp+ jlZ_ Jifa\Zk fi k_\ X]]\Zk\[ gfik`fe k_\i\f] n`k_è fe\ _le[i\[ kn\ekp '01/( [Xpj X]k\ijlZ_ kXbè^+ Zfe[\deXk`fe+ [XdX^\ fi [\jkilZk`fe fi jlZ_ cfe^\i g\i`f[ Xj dXp Y\ Xî\\[ kf Ypk_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp+ Xcc i\jg\Zk`m\ gifZ\\[j 'fk_\i k_Xe k_\ gifZ\\[j f] Yl`c[\ijw i`jbèjliXeZ\( j_Xcc Y\ [\c`m\i\[ kf k_\ Niljk\\ ]fi [\gfj`k kf k_\ >\Yk M\im`Z\ @le[-

(Subsections (a) and (b) of Section 24, as proposed to be amended)

=,05

:UVQe\dc Q^T HU]UTYUc

0- ;j lj\[ è k_\ FfXe ;î\\d\ek k_\ k\id u?m\ek f] >\]Xlckv j_Xcc d\Xe9

'X( k_\ Oe`m\ij`kp j_Xcc [\]Xlck è k_\ k`d\cp gXpd\ek f] Xep Xdflek gXpXYc\ glijlXek kf k_\ FfXe;î\\d\ek fi k_\ gXpd\ek f] Xep fk_\i Xdflekj i\hlì\[ kf Y\ [\c`m\i\[ fi gX`[ è XZZfi[XeZ\ n`k_ k_\ FfXe;î\\d\ek fi k_\ L\jfclk`fe+ Xe[ jlZ_ [\]Xlck Zfekèl\j ]fi X g\i`f[ è \oZ\jj f] k\e '0/( [Xpj:

'Y( k_\ Oe`m\ij`kp [\]Xlckj è k_\ [l\ Xe[ gleZklXc g\i]fidXeZ\ f] Xep fk_\i Zfm\eXek è k_\ FfXe;î\\d\ek ZfekXè\[ Xe[ jlZ_ [\]Xlck Zfekèl\j ]fi k_ìkp '2/( [Xpj X]k\i ni`kk\e efk`Z\ i\hlìè^ k_\ jXd\ kf Y\i\d\[`\[ j_Xcc _Xm\ Y\\e ^`m\e Yp k_\ ;lk_fi`kp fi k_\ Niljk\\+ gifm`[\[ k_Xk+ `] è k_\ [\k\idèXk`fe f] k_\;lk_fi`kp jlZ_ [\]Xlck ZXe efk Y\ Zfii\Zk\[ n`k_è jlZ_ k_ìkp '2/( [Xp g\i`f[+ `k j_Xcc efk Zfejk`klk\ Xe ?m\ek f]>\]Xlck `] Zfii\Zk`m\ XZk`fe `j èjk`klk\[ Yp k_\ Oe`m\ij`kp n`k_è jlZ_ g\i`f[ Xe[ `j [`c`^\ekcp glijl\[ lek`c k_\[\]Xlck `j Zfii\Zk\[:

'Z( Xj X i\jlck f] Xep [\]Xlck è gXpd\ek fi g\i]fidXeZ\ i\hlì\[ f] k_\ Oe`m\ij`kp fi Xep ?m\ek f]>\]Xlck le[\i k_\ FfXe ;î\\d\ek+ n_\k_\i fi efk [\ZcXi\[+ Zfekèlè^ fi Zli\[+ k_\ ;lk_fi`kp j_Xcc Y\ è [\]Xlck èk_\ gXpd\ek fi g\i]fidXeZ\ f] Xep f] `kj fYc`^Xk`fej le[\i k_\ L\jfclk`fe fi Xe u?m\ek f] >\]Xlckv 'Xj [\]è\[ èk_\ L\jfclk`fe( j_Xcc _Xm\ Y\\e [\ZcXi\[ le[\i k_\ L\jfclk`fe jf cfe^ Xj jlZ_ [\]Xlck fi ?m\ek f] >\]Xlck j_Xcci\dXè leZli\[ fi k_\ Niljk\\ fi Bfc[\ij f] k_\ <fe[j j_Xcc Y\ j\\bè^ k_\ \e]fiZ\d\ek f] Xep i\d\[p le[\i k_\L\jfclk`fe Xj X i\jlck k_\i\f]:

'[( k_\ Oe`m\ij`kp j_Xcc '`( Y\ ^\e\iXccp efk gXpè^ `kj [\Ykj Xj k_\p Y\Zfd\ [l\+ '``( ]`c\+ fi Zfej\ek YpXejn\i fi fk_\in`j\ kf k_\ ]`cè^ X^Xèjk `k f]+ X g\k`k`fe le[\i k_\ Oe`k\[ MkXk\j <XebilgkZp =f[\ fi le[\i Xep fk_\iYXebilgkZp fi èjfcm\eZp cXn f] Xep ali`j[`Zk`fe+ '```( dXb\ X ^\e\iXc Xjj`êd\ek ]fi k_\ Y\e\]`k f] `kj ^\e\iXcZi\[`kfij+ '`m( Zfej\ek kf k_\ Xggfèkd\ek f] X Zljkf[`Xe+ i\Z\`m\i+ kiljk\\ fi fk_\i f]]`Z\i n`k_ j`d`cXi gfn\ij f]`kj\c] fi f] Xep jlYjkXek`Xc gXik f] `kj gifg\ikp+ 'm( Y\ X[al[`ZXk\[ èjfcm\ek fi Y\ c`hl`[Xk\[ fi 'm`( kXb\ ZfigfiXk\XZk`fe ]fi k_\ gligfj\ f] Xep f] k_\ ]fi\^fè^:

'\( X Zflik fi ^fm\ied\ekXc Xlk_fi`kp f] Zfdg\k\ek ali`j[`Zk`fe j_Xcc \ek\i Xe fi[\i Xggfèkè^+n`k_flk Zfej\ek Yp k_\ Oe`m\ij`kp+ X Zljkf[`Xe+ i\Z\`m\i+ kiljk\\ fi fk_\i f]]`Z\i n`k_ j`d`cXi gfn\ij n`k_ i\jg\Zk kf`k fi n`k_ i\jg\Zk kf Xep jlYjkXek`Xc gXik f] `kj gifg\ikp+ fi Xe fi[\i ]fi i\c`\] j_Xcc Y\ \ek\i\[ è Xep ZXj\ figifZ\\[è^ ]fi c`hl`[Xk`fe fi i\fi^Xe`qXk`fe fi fk_\in`j\ kf kXb\ X[mXekX^\ f] Xep YXebilgkZp fi èjfcm\eZp cXn f]Xep ali`j[`Zk`fe+ fi fi[\iè^ k_\ [`jjfclk`fe+ nè[è^,lg fi c`hl`[Xk`fe f] k_\ Oe`m\ij`kp+ fi Xep g\k`k`fe ]fi Xep jlZ_i\c`\] j_Xcc Y\ ]`c\[ X^Xèjk k_\ Oe`m\ij`kp Xe[ jlZ_ g\k`k`fe j_Xcc efk Y\ [`jd`jj\[ n`k_è eè\kp '8/( [Xpj:

']( k_\ Z_Xik\i f] k_\ Oe`m\ij`kp j_Xcc Y\ jljg\e[\[ fi i\mfb\[:

'^( X g\k`k`fe j_Xcc Y\ ]`c\[ Yp k_\ Oe`m\ij`kp n`k_ k_\ <fXi[ f] L\^\ekj f] k_\ Oe`m\ij`kp f] k_\ MkXk\f] H\n Sfib+ k_\ c\^`jcXkli\ f] k_\ MkXk\ f] H\n Sfib fi fk_\i ^fm\ied\ekXc Xlk_fi`kp _Xmè^ ali`j[`Zk`fe fm\i k_\Oe`m\ij`kp kf [`jjfcm\ k_\ Oe`m\ij`kp:

'_( Xe fi[\i f] [`jjfclk`fe f] k_\ Oe`m\ij`kp j_Xcc Y\ dX[\ Yp k_\ <fXi[ f] L\^\ekj f] k_\ Oe`m\ij`kpf] k_\ MkXk\ f] H\n Sfib+ k_\ c\^`jcXkli\ f] k_\ MkXk\ f] H\n Sfib fi fk_\i ^fm\ied\ekXc Xlk_fi`kp _Xmèâli`j[`Zk`fe fm\i k_\ Oe`m\ij`kp n_`Z_ fi[\i j_Xcc i\dXè le[`jd`jj\[ fi lejkXp\[ ]fi Xe X^î\^Xk\ f] k_ìkp '2/([Xpj:

'`( X g\k`k`fe j_Xcc Y\ ]`c\[ n`k_ X Zflik _Xmè^ ali`j[`Zk`fe ]fi Xe fi[\i [ì\Zkè^ k_\ jXc\+ [`jgfj`k`fefi [`jki`Ylk`fe f] Xcc fi jlYjkXek`Xccp Xcc f] k_\ gifg\ikp Y\cfe^è^ kf k_\ Oe`m\ij`kp n_`Z_ g\k`k`fe j_Xcc i\dXèle[`jd`jj\[ fi lejkXp\[ ]fi Xe X^î\^Xk\ f] eè\kp '8/( [Xpj:

'a( Xe fi[\i f] X Zflik _Xmè^ ali`j[`Zk`fe j_Xcc Y\ dX[\ [ì\Zkè^ k_\ jXc\+ [`jgfj`k`fe fi [`jki`Ylk`fef] Xcc fi jlYjkXek`Xccp Xcc f] k_\ gifg\ikp Y\cfe^è^ kf k_\ Oe`m\ij`kp+ n_`Z_ fi[\i j_Xcc i\dXè le[`jd`jj\[ filejkXp\[ ]fi Xe X^î\^Xk\ f] k_ìkp '2/( [Xpj: fi

'b( X ]èXc al[^d\ek ]fi k_\ gXpd\ek f] dfe\p n_`Z_ è k_\ i\XjfeXYc\ al[^d\ek f] k_\ ;lk_fi`kp n`ccdXk\i`Xccp X[m\ij\cp X]]\Zk k_\ i`^_kj f] k_\ Bfc[\ij f] k_\ <fe[j j_Xcc Y\ i\e[\i\[ X^Xèjk k_\ Oe`m\ij`kp Xe[ Xk Xepk`d\ X]k\i k_ìkp '2/( [Xpj ]ifd k_\ \ekip k_\i\f]+ '`( jlZ_ al[^d\ek j_Xcc efk _Xm\ Y\\e [`jZ_Xi^\[+ fi '``( k_\Oe`m\ij`kp j_Xcc efk _Xm\ kXb\e Xe[ Y\ [`c`^\ekcp gifj\Zlkè^ Xe Xgg\Xc k_\i\]ifd fi ]ifd k_\ fi[\i+ [\Zi\\ fi

=,06

gifZ\jj lgfe n_`Z_ fi glijlXek kf n_`Z_ jlZ_ al[^d\ek j_Xcc _Xm\ Y\\e îXek\[ fi \ek\i\[+ Xe[ j_Xcc efk _Xm\ZXlj\[+ n`k_è k_ìkp '2/( [Xpj+ k_\ \o\Zlk`fe f] fi c\mp le[\i jlZ_ al[^d\ek+ fi[\i+ [\Zi\\ fi gifZ\jj fi k_\\e]fiZ\d\ek k_\i\f] kf _Xm\ Y\\e jkXp\[ g\e[è^ [\k\idèXk`fe f] jlZ_ Xgg\Xc-

1- Ogfe k_\ fZZlii\eZ\ f] Xe ?m\ek f] >\]Xlck k_\ ;lk_fi`kp dXp kXb\ Xep fe\ fi dfi\ f] k_\]fccfnè^ XZk`fej9

'X( [\ZcXi\ Xcc jldj gXpXYc\ Yp k_\ Oe`m\ij`kp le[\i k_\ FfXe ;î\\d\ek `dd\[`Xk\cp [l\ Xe[gXpXYc\:

'Y( [ì\Zk k_\ Niljk\\ kf n`k__fc[ Xep Xe[ Xcc gXpd\ekj+ X[mXeZ\j Xe[ i\`dYlij\d\ekj ]ifd k_\gifZ\\[j f] <fe[j fi Xep =fejkilZk`fe @le[ fi fk_\in`j\ kf n_`Z_ k_\ Oe`m\ij`kp dXp fk_\in`j\ Y\ \ek`kc\[ le[\ik_\ FfXe ;î\\d\ek Xe[ è k_\ ;lk_fi`kpwj jfc\ [`jZi\k`fe Xggcp Xep jlZ_ gifZ\\[j fi dfe\pj ]fi jlZ_ gligfj\j XjXi\ Xlk_fi`q\[ Yp k_\ L\jfclk`fe:

'Z( n`k__fc[ Xep fi Xcc ]lik_\i g\i]fidXeZ\ le[\i k_\ FfXe ;î\\d\ek:

'[( dXèkXè Xe XZk`fe X^Xèjk k_\ Oe`m\ij`kp le[\i k_\ FfXe ;î\\d\ek kf i\Zfm\i Xep jldj gXpXYc\Yp k_\ Oe`m\ij`kp fi kf i\hlì\ `kj Zfdgc`XeZ\ n`k_ k_\ k\idj f] k_\ FfXe ;î\\d\ek:

'\( kf k_\ \ok\ek g\id`kk\[ Yp cXn+ '`( \ek\i lgfe X Jifa\Zk Xe[ Zfdgc\k\ k_\ ZfejkilZk`fe f] XepJifa\Zk è XZZfi[XeZ\ n`k_ k_\ gcXej Xe[ jg\Z`]`ZXk`fej n`k_ jlZ_ Z_Xe^\j k_\i\è Xj k_\ ;lk_fi`kp dXp [\\dXggifgi`Xk\ Xe[ \dgcfp nXkZ_d\e kf gifk\Zk k_\ Jifa\Zkj+ Xcc Xk k_\ i`jb+ Zfjk Xe[ \og\ej\ f] k_\ Oe`m\ij`kp+ Zfej\ekkf jlZ_ \ekip Y\è^ ^`m\e Yp k_\ Oe`m\ij`kp+ '``( Xk Xep k`d\ [`jZfekèl\ Xep nfib Zfdd\eZ\[ è i\jg\Zk f] k_\ZfejkilZk`fe f] Xep Jifa\Zk fi Z_Xe^\ Xep Zflij\ f] XZk`fe le[\ikXb\e Yp k_\ Oe`m\ij`kp Xe[ efk Y\ Yfle[ Yp Xepc`d`kXk`fej fi i\hlì\d\ekj f] k`d\ n_\k_\i j\k ]fik_ è k_\ FfXe ;î\\d\ek fi fk_\in`j\+ '```( Xjjld\ XepZfejkilZk`fe ZfekiXZk dX[\ Yp k_\ Oe`m\ij`kp è Xep nXp i\cXkè^ kf k_\ ZfejkilZk`fe f] Xep Jifa\Zk Xe[ kXb\ fm\iXe[ lj\ Xcc fi Xep gXik f] k_\ cXYfi+ dXk\i`Xcj+ jlggc`\j Xe[ \hl`gd\ek ZfekiXZk\[ ]fi Yp k_\ Oe`m\ij`kp+ n_\k_\i fiefk gi\m`fljcp èZfigfiXk\[ èkf k_\ ZfejkilZk`fe f] jlZ_ Jifa\Zk+ Xe[ '`m( è Zfee\Zk`fe n`k_ k_\ ZfejkilZk`fe f] XepJifa\Zk le[\ikXb\e Yp k_\ ;lk_fi`kp glijlXek kf k_\ gifm`j`fej f] gXiXîXg_ '\( f] jlY[`m`j`fe 1 f] M\Zk`fe 18 f] k_\FfXe ;î\\d\ek+ 'o( \e^X^\ Yl`c[\ij+ ZfekiXZkfij+ XiZ_`k\Zkj+ \e^è\\ij Xe[ fk_\ij ]fi k_\ gligfj\ f] ]lie`j_è^cXYfi+ dXk\i`Xcj Xe[ \hl`gd\ek è Zfee\Zk`fe n`k_ k_\ ZfejkilZk`fe f] jlZ_ Jifa\Zk+ 'p( gXp+ j\kkc\ fi Zfdgifd`j\ XccY`ccj fi ZcX`dj n_`Z_ dXp Y\Zfd\ c`\ej X^Xèjk X Jifa\Zk fi X^Xèjk Xep dfe\pj f] k_\ ;lk_fi`kp Xggc`ZXYc\ kf k_\ZfejkilZk`fe f] X Jifa\Zk+ fi n_`Z_ _Xm\ Y\\e fi dXp Y\ èZlii\[ è Xep dXee\i è Zfee\Zk`fe n`k_ Zfdgc\kè^ k_\ZfejkilZk`fe f] X Jifa\Zk fi ]fi k_\ [`jZ_Xi^\ f] c`\ej+ \eZldYiXeZ\j fi [\]\Zkj è k_\ k`kc\ kf X Jifa\Zk fi X^Xèjk Xepdfe\pj f] k_\ ;lk_fi`kp Xggc`ZXYc\ kf k_\ ZfejkilZk`fe f] X Jifa\Zk+ Xe[ 'q( kXb\ fi i\]iXè ]ifd kXbè^ jlZ_ XZk`fele[\i k_\ FfXe ;î\\d\ek Xj k_\ ;lk_fi`kp dXp ]ifd k`d\ kf k`d\ [\k\idè\- N_\ Oe`m\ij`kp j_Xcc Y\ c`XYc\ kf k_\;lk_fi`kp ]fi Xcc jldj gX`[ fi èZlii\[ ]fi ZfejkilZk`fe f] Xep Jifa\Zk n_\k_\i k_\ jXd\ j_Xcc Y\ gX`[ fi èZlii\[glijlXek kf k_\ gifm`j`fej f] gXiXîXg_ '\( f] jlY[`m`j`fe 1 f] M\Zk`fe 18 f] k_\ FfXe ;î\\d\ek fi fk_\in`j\+ Xe[Xcc gXpd\ekj dX[\ fi c`XY`c`k`\j èZlii\[ Yp k_\ ;lk_fi`kp le[\i k_\ FfXe ;î\\d\ek f] Xep bè[ n_Xkjf\m\i j_XccY\ gX`[ Yp k_\ Oe`m\ij`kp kf k_\ ;lk_fi`kp lgfe [\dXe[- @fi k_\ gligfj\ f] \o\iZ`jè^ k_\ i`^_kj îXek\[ Yp k_`jjlYgXiXîXg_ [liè^ k_\ k\id f] k_\ FfXe ;î\\d\ek+ k_\ Oe`m\ij`kp ìi\mfZXYcp Zfejk`klk\j Xe[ Xggfèkj k_\;lk_fi`kp `kj kil\ Xe[ cXn]lc Xkkfie\p,è,]XZk kf \o\Zlk\+ XZbefnc\[^\ Xe[ [\c`m\i Xep èjkild\ekj Xe[ kf [f Xe[g\i]fid Xep XZkj è k_\ eXd\ Xe[ fe Y\_Xc] f] k_\ Oe`m\ij`kp: Xe[

;cc i`^_kj Xe[ i\d\[`\j ^`m\e fi îXek\[ kf k_\ ;lk_fi`kp Xi\ ZldlcXk`m\+ efe,\oZclj`m\ Xe[ è X[[`k`fe kfXep Xe[ Xcc i`^_kj Xe[ i\d\[`\j k_Xk k_\ ;lk_fi`kp dXp _Xm\ fi dXp Y\ ^`m\e Yp i\Xjfe f] Xep cXn+ jkXklk\+ fi[èXeZ\fi fk_\in`j\+ Xe[ ef ]X`cli\ kf \o\iZ`j\ fi [\cXp è \o\iZ`jè^ Xep i\d\[p j_Xcc \]]\Zk X nX`m\i f] k_\ ;lk_fi`kpwji`^_k kf \o\iZ`j\ jlZ_ i\d\[p k_\i\X]k\i-

;k Xep k`d\ Y\]fi\ k_\ \ekip f] X ]èXc al[^d\ek fi [\Zi\\ è Xep jl`k+ XZk`fe fi gifZ\\[è^ èjk`klk\[ feXZZflek f] Xep ?m\ek f] >\]Xlck fi Y\]fi\ k_\ Zfdgc\k`fe f] k_\ \e]fiZ\d\ek f] Xep fk_\i i\d\[`\j le[\i k_\ FfXe;î\\d\ek+ k_\ ;lk_fi`kp dXp Xeelc Xep [\ZcXiXk`fe dX[\ fi XZk`fe kXb\e glijlXek kf jlY[`m`j`fe 1 f] M\Zk`fe 18 f]k_\ FfXe ;î\\d\ek Xe[ `kj Zfej\hl\eZ\j `] jlZ_ ?m\ekj f] >\]Xlck j_Xcc Y\ Zli\[- Hf jlZ_ Xeelcd\ek j_Xcc \ok\e[fi X]]\Zk Xep jlYj\hl\ek [\]Xlck fi `dgXì Xep i`^_k Zfej\hl\ek k_\i\kf-

(Section 29)

=,07

9_]`\YQ^SU gYdX HUc_\edY_^

N_\ Oe`m\ij`kp Xggifm\j f] Xe[ Xî\\j kf k_\ gifm`j`fej f] k_\ L\jfclk`fe- N_\ ;lk_fi`kp Xî\\j efk kfX[fgk Xep Mlggc\d\ekXc L\jfclk`fe fi kf `jjl\ Xep M\i`\j f] <fe[j+ fk_\i k_Xe k_\ M\i`\j 1///; <fe[j Xe[ k_\M\i`\j 1///< <fe[j Zfej\ek kf k_\ `jjlXeZ\ f] n_`Z_ `j ^`m\e glijlXek kf k_\ FfXe ;î\\d\ek+ n`k_flk k_\ ni`kk\eZfej\ek f] k_\ Oe`m\ij`kp- N_\ Oe`m\ij`kp Xî\\j kf [f Xcc k_è^j n`k_è `kj gfn\i è fi[\i kf \eXYc\ k_\ ;lk_fi`kp kfZfdgcp n`k_ Xcc i\hlì\d\ekj Xe[ kf ]lc]`cc Xcc Zfm\eXekj f] k_\ L\jfclk`fe n_`Z_ i\hlì\ k_\ Oe`m\ij`kp kf Zfdgcpn`k_ i\hl\jkj fi fYc`^Xk`fej jf k_Xk k_\ ;lk_fi`kp n`cc efk Y\ è [\]Xlck è k_\ g\i]fidXeZ\ f] Xep Zfm\eXek+Zfe[`k`fe+ Xî\\d\ek fi gifm`j`fe f] k_\ L\jfclk`fe-

Upon receipt of the consent of the holders of a majority in aggregate principal amount of Outstanding Bonds,

Section 30 of the Loan Agreement will be amended and restated as summarized below:

N_\ Oe`m\ij`kp Xggifm\j f] Xe[ Xî\\j kf k_\ gifm`j`fej f] k_\ L\jfclk`fe- N_\ ;lk_fi`kp Xî\\j efk kfXd\e[ fi df[`]p k_\ L\jfclk`fe fi k_\ M\i`\j L\jfclk`fej n`k_flk k_\ gi`fi ni`kk\e Zfej\ek f] k_\ Oe`m\ij`kp- N_\Oe`m\ij`kp Xî\\j kf [f Xcc k_è^j n`k_è `kj gfn\i è fi[\i kf \eXYc\ k_\ ;lk_fi`kp kf Zfdgcp n`k_ Xcc i\hlì\d\ekjXe[ kf ]lc]`cc Xcc Zfm\eXekj f] k_\ L\jfclk`fe n_`Z_ i\hlì\ k_\ Oe`m\ij`kp kf Zfdgcp n`k_ i\hl\jkj fi fYc`^Xk`fej jfk_Xk k_\ ;lk_fi`kp n`cc efk Y\ è [\]Xlck è k_\ g\i]fidXeZ\ f] Xep Zfm\eXek+ Zfe[`k`fe+ Xî\\d\ek fi gifm`j`fe f] k_\L\jfclk`fe-


JQh 9_fU^Q^dc

N_\ Oe`m\ij`kp Zfm\eXekj k_Xk `k j_Xcc efk kXb\ Xep XZk`fe fi èXZk`fe+ efi ]X`c kf kXb\ Xep XZk`fe fi g\id`kXep XZk`fe kf Y\ kXb\e+ `] Xep jlZ_ XZk`fe fi èXZk`fe nflc[ X[m\ij\cp X]]\Zk k_\ \oZclj`fe ]ifd îfjj èZfd\ ]fi]\[\iXc èZfd\ kXo gligfj\j f] k_\ èk\i\jk fe k_\ <fe[j le[\i M\Zk`fe 0/2 f] k_\ =f[\- Q`k_flk c`d`kè^ k_\^\e\iXc`kp f] k_\ ]fi\^fè^+ k_\ Oe`m\ij`kp Zfm\eXekj k_Xk `k n`cc Zfdgcp n`k_ k_\ èjkilZk`fej Xe[ i\hlì\d\ekj f]k_\ NXo =\ik`]`ZXk\ Xj kf \XZ_ M\i`\j f] <fe[j+ n_`Z_ `j èZfigfiXk\[ _\i\è Xj `] j\k ]fik_ ]lccp _\i\è- N_\Oe`m\ij`kp 'fi Xep i\cXk\[ g\ijfe+ Xj [\]è\[ è M\Zk`fe 036'X('1( f] k_\ =f[\( j_Xcc efk+ glijlXek kf Xe XiiXe^\d\ek+]fidXc fi è]fidXc+ gliZ_Xj\ <fe[j è Xe Xdflek i\cXk\[ kf k_\ Xdflek f] Xep fYc`^Xk`fe kf Y\ XZhlì\[ ]ifd k_\Oe`m\ij`kp Yp k_\ ;lk_fi`kp- N_\ Oe`m\ij`kp n`cc+ fe X k`d\cp YXj`j+ gifm`[\ k_\ ;lk_fi`kp n`k_ Xcc e\Z\jjXipè]fidXk`fe Xe[+ kf k_\ \ok\ek f] k_\ Oe`m\ij`kpwj XccfZXYc\ j_Xi\ f] Xep i\YXk\ fi p`\c[ i\[lZk`fe gXpd\ek 'Xj[\]è\[ è k_\ =f[\( i\hlì\[ kf Y\ gX`[+ ]le[j efk è k_\ ;lk_fi`kpwj gfjj\jj`fe+ kf \eXYc\ k_\ ;lk_fi`kp kf Zfdgcpn`k_ k_\ XiY`kiX^\ Xe[ i\YXk\ i\hlì\d\ekj f] k_\ =f[\-

(Section 35)


Bonds, Section 35 of the Loan Agreement will be amended and restated as summarized below:

N_\ Oe`m\ij`kp Zfm\eXekj k_Xk `k n`cc efk kXb\ Xep XZk`fe fi ]X`c kf kXb\ Xep XZk`fe n_`Z_ nflc[ ZXlj\ Xepi\gi\j\ekXk`fe fi nXiiXekp f] k_\ Oe`m\ij`kp ZfekXè\[ è k_\ NXo =\ik`]`ZXk\ k_\e kf Y\ lekil\ Xe[ j_Xcc Zfdgcp n`k_Xcc Zfm\eXekj Xe[ Xî\\d\ekj f] k_\ Oe`m\ij`kp ZfekXè\[ è k_\ NXo =\ik`]`ZXk\+ è \XZ_ ZXj\ kf k_\ \ok\ek i\hlì\[Yp Xe[ fk_\in`j\ è Zfdgc`XeZ\ n`k_ jlZ_ NXo =\ik`]`ZXk\+ lec\jj+ è k_\ fgè`fe f] <fe[ =flej\c+ kXbè^ fi ]X`cè^kf kXb\ jlZ_ XZk`fe fi ]X`cè^ kf Zfdgcp n`k_ `kj fYc`^Xk`fej le[\i X NXo =\ik`]`ZXk\ nflc[ efk X[m\ij\cp \]]\Zk k_\\oZclj`fe f] èk\i\jk fe k_\ <fe[j ]ifd îfjj èZfd\ ]fi ]\[\iXc kXo gligfj\j-


;VVUSdYfU :QdU

N_\ FfXe ;î\\d\ek j_Xcc Y\ \]]\Zk`m\ Xj f] k_\ [Xk\ fe n_`Z_ k_\ M\i`\j 1///; <fe[j Xe[ M\i`\j 1///<<fe[j Xi\ ]ìjk `jjl\[ Xe[ [\c`m\i\[ kf k_\ gliZ_Xj\ij k_\i\f]+ \oZ\gk k_Xk k_\ j\Zk`fe i\cXkè^ kf è[\de`kp Yp k_\Oe`m\ij`kp j_Xcc Y\ \]]\Zk`m\ Xj f] k_\ [Xk\ fe n_`Z_ k_\ ;lk_fi`kp ]ìjk Y\Zfd\j fYc`^Xk\[ kf j\cc jlZ_ M\i`\j f]<fe[j kf k_\ gliZ_Xj\ij k_\i\f]-

(Section 47)

=,08


Bonds, Section 47 of the Loan Agreement will be amended and restated as summarized below:


N_\ FfXe ;î\\d\ek Xj Xd\e[\[ k_ifl^_ GXiZ_ 8+ 1/05 _Xj Y\\e Xe[ j_Xcc Zfekèl\ kf Y\ \]]\Zk`m\ Xj f]k_\ [Xk\ _\i\f]- N_\ X[[`k`feXc Xd\e[d\ekj ZfekXè\[ k_\i\è j_Xcc Y\ \]]\Zk`m\ Xj f] k_\ [Xk\ fe n_`Z_ k_\ i\hl`j`k\Zfej\ek f] IlkjkXe[è^ Bfc[\ij `j fYkXè\[-

>,0

7FF;D:?N :

IKCC7HO E< 9;HJ7?D FHEL?I?EDI

E< J>; H;IEBKJ?ED 7D: FHEFEI;: 7C;D:C;DJI

N_\ ]fccfnè^ `j X Yi`\] jlddXip+ gi\gXi\[ Yp <fe[ =flej\c+ f] Z\ikXè gifm`j`fej f] k_\ L\jfclk`fe Xe[f] Z\ikXè Jifgfj\[ L\jfclk`fe ;d\e[d\ekj kf Y\Zfd\ \]]\Zk`m\ lgfe i\Z\`gk f] k_\ Zfej\ek f] k_\ _fc[\ij f] XdXafi`kp è X^î\^Xk\ gièZ`gXc Xdflek f] IlkjkXe[è^ <fe[j- MlZ_ jlddXip [f\j efk gligfik kf Y\ Zfdgc\k\ Xe[i\]\i\eZ\ `j dX[\ kf k_\ L\jfclk`fe ]fi ]lcc Xe[ Zfdgc\k\ jkXk\d\ekj f] jlZ_ Xe[ Xcc gifm`j`fej- >\]è\[ k\idj lj\[_\i\è j_Xcc _Xm\ k_\ d\Xeè^j XjZi`Y\[ kf k_\d è ;gg\e[ò ;-

HUc_\edY_^ 9_^cdYdedUc Q 9_^dbQSd

Q`k_ i\jg\Zk kf k_\ <fe[j+ è Zfej`[\iXk`fe f] k_\ gliZ_Xj\ Xe[ XZZ\gkXeZ\ f] Xep Xe[ Xcc f] k_\ <fe[jXlk_fi`q\[ kf Y\ `jjl\[ le[\i k_\ L\jfclk`fe Yp k_fj\ n_f j_Xcc _fc[ fi fne k_\ jXd\ ]ifd k`d\ kf k`d\+ k_\L\jfclk`fe j_Xcc Y\ [\\d\[ kf Y\ Xe[ j_Xcc Zfejk`klk\ X ZfekiXZk Xdfe^ k_\ ;lk_fi`kp+ k_\ Niljk\\ Xe[ k_\ Bfc[\ij]ifd k`d\ kf k`d\ f] jlZ_ <fe[j+ Xe[ k_\ gc\[^\ Xe[ Xjj`êd\ek dX[\ è k_\ L\jfclk`fe Xe[ k_\ Zfm\eXekj Xe[Xî\\d\ekj j\k ]fik_ kf Y\ g\i]fid\[ Yp fi fe Y\_Xc] f] k_\ ;lk_fi`kp j_Xcc Y\ ]fi k_\ \hlXc Xe[ iXkXYc\ Y\e\]`k+gifk\Zk`fe Xe[ j\Zli`kp f] k_\ Bfc[\ij f] Xep Xe[ Xcc f] jlZ_ <fe[j+ Xcc f] n_`Z_+ i\^Xi[c\jj f] k_\ k`d\ fi k`d\j f]k_\ì `jjl\ fi dXkli`kp+ j_Xcc Y\ f] \hlXc iXeb n`k_flk gi\]\i\eZ\+ gi`fi`kp fi [`jkèZk`fe f] Xep jlZ_ <fe[j+ fm\i Xepfk_\i <fe[j \oZ\gk Xj \ogi\jjcp gifm`[\[ è k_\ L\jfclk`fe fi g\id`kk\[ k_\i\Yp-

(Section 1.03)

F\UTWU _V HUfUêUc

N_\ gifZ\\[j ]ifd k_\ jXc\ f] Xep <fe[j+ k_\ L\m\el\j+ k_\ i`^_kj f] k_\ ;lk_fi`kp kf i\Z\`m\ Xcc gXpd\ekjkf Y\ dX[\ le[\i k_\ FfXe ;î\\d\ek k_Xk Xi\ kf Y\ [\gfj`k\[ n`k_ k_\ Niljk\\+ Xe[ Xcc ]le[j Xe[ XZZflekj+\oZcl[è^ k_\ ;iY`kiX^\ L\YXk\ @le[+ \jkXYc`j_\[ le[\i k_\ L\jfclk`fe Xe[ Yp Xep M\i`\j L\jfclk`fe Xi\ gc\[^\[Xe[ Xjj`ê\[ kf k_\ Niljk\\ Xj j\Zli`kp ]fi k_\ gXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ Xe[L\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jk fe k_\ <fe[j Xe[ Xj j\Zli`kp ]fi k_\ g\i]fidXeZ\ f] Xep fk_\i fYc`^Xk`fe f] k_\;lk_fi`kp le[\i k_\ L\jfclk`fe Xe[ le[\i Xep M\i`\j L\jfclk`fe+ Xcc è XZZfi[XeZ\ n`k_ k_\ gifm`j`fej k_\i\f]- N_\gc\[^\ dX[\ le[\i k_\ L\jfclk`fe `j mXc`[+ Yè[è^ Xe[ g\i]\Zk\[ ]ifd k_\ k`d\ n_\e k_\ gc\[^\ XkkXZ_\j Xe[ k_\gifZ\\[j ]ifd k_\ jXc\ f] Xep <fe[j+ k_\ L\m\el\j+ k_\ i`^_k f] k_\ ;lk_fi`kp kf i\Z\`m\ gXpd\ekj kf Y\ dX[\ le[\ik_\ FfXe ;î\\d\ek k_Xk Xi\ kf Y\ [\gfj`k\[ n`k_ k_\ Niljk\\+ Xe[ Xcc ]le[j Xe[ XZZflekj+ \oZcl[è^ k_\ ;iY`kiX^\L\YXk\ @le[+ \jkXYc`j_\[ le[\i k_\ L\jfclk`fe Xe[ Yp Xep M\i`\j L\jfclk`fe j_Xcc `dd\[`Xk\cp Y\ jlYa\Zk kf k_\ c`\ef] jlZ_ gc\[^\ n`k_flk Xep g_pj`ZXc [\c`m\ip k_\i\f] fi ]lik_\i XZk+ Xe[ k_\ c`\e f] jlZ_ gc\[^\ j_Xcc Y\ mXc`[+Yè[è^ Xe[ g\i]\Zk\[ Xj X^Xèjk Xcc gXik`\j _Xmè^ ZcX`dj f] Xep bè[ è kfik+ ZfekiXZk fi fk_\in`j\ X^Xèjk k_\;lk_fi`kp ìi\jg\Zk`m\ f] n_\k_\i jlZ_ gXik`\j _Xm\ efk`Z\ k_\i\f]- Hf èjkild\ek Yp n_`Z_ jlZ_ gc\[^\ `j Zi\Xk\[efi Xep ]èXeZè^ jkXk\d\ek e\\[ Y\ i\Zfi[\[ fi ]`c\[- N_\ <fe[j j_Xcc Y\ jg\Z`Xc fYc`^Xk`fej f] k_\ ;lk_fi`kpgXpXYc\ jfc\cp ]ifd Xe[ j\Zli\[ Yp X gc\[^\ f] k_\ gifZ\\[j ]ifd k_\ jXc\ f] Xep <fe[j+ k_\ L\m\el\j+ k_\ i`^_k f]k_\ ;lk_fi`kp kf i\Z\`m\ gXpd\ekj kf Y\ dX[\ le[\i k_\ FfXe ;î\\d\ek k_Xk Xi\ kf Y\ [\gfj`k\[ n`k_ k_\ Niljk\\+Xe[ Xcc ]le[j Xe[ XZZflekj+ \oZcl[è^ k_\ ;iY`kiX^\ L\YXk\ @le[+ \jkXYc`j_\[ le[\i k_\ L\jfclk`fe Xe[ Yp Xep M\i`\jL\jfclk`fe+ n_`Z_ gc\[^\ j_Xcc Zfejk`klk\ X ]ìjk c`\e k_\i\fe-

Hfkn`k_jkXe[è^ Xepk_è^ kf k_\ ZfekiXip ZfekXè\[ è k_\ L\jfclk`fe+ k_\ ;lk_fi`kp dXp èZli=i\[`k.F`hl`[`kp @XZ`c`kp IYc`^Xk`fej n_`Z_ Xi\ gXpXYc\ ]ifd k_\ L\m\el\j fe X gXi`kp n`k_ k_\ <fe[j Xe[ n_`Z_ Xi\j\Zli\[ Yp X c`\e lgfe fi gc\[^\ f] k_\ L\m\el\j n_`Z_ `j f] \hlXc gi`fi`kp n`k_ k_\ c`\e Zi\Xk\[ Xe[ k_\ gc\[^\dX[\ le[\i k_\ L\jfclk`fe-

(Section 5.01)

;cdQR\YcX]U^d _V <e^Tc Q^T 7SS_e^dc

N_\ ]fccfnè^ ]le[j Xe[ j\gXiXk\ XZZflekj n`k_è ]le[j Xi\ \jkXYc`j_\[ Xe[ j_Xcc Y\ _\c[ Xe[ dXèkXè\[Yp k_\ Niljk\\+ \oZ\gk k_Xk X j\gXiXk\ =fejkilZk`fe @le[ j_Xcc Y\ \jkXYc`j_\[ ]fi \XZ_ Jifa\Zk glijlXek kf X M\i`\j

>,1

L\jfclk`fe fi fk_\i i\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f] Hfk\j+ Xe[ \XZ_ jlZ_ =fejkilZk`fe @le[ j_Xcc Y\ _\c[ Xe[dXèkXè\[ Yp k_\ Niljk\\9

'X( >\Yk M\im`Z\ @le[: Xe[

'Y( ;iY`kiX^\ L\YXk\ @le[

C] gi`fi kf k_\ X[fgk`fe f] X M\i`\j L\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f] <fe[j kf ]èXeZ\ k_\ =fjkj f] XJifa\Zk Xe[ X =fejkilZk`fe @le[ ]fi jlZ_ Jifa\Zk _Xj Y\\e \jkXYc`j_\[+ jlZ_ M\i`\j L\jfclk`fe dXp dXb\ i\]\i\eZ\kf jlZ_ =fejkilZk`fe @le[ Xe[ e\\[ efk Zi\Xk\ X ]lik_\i jlZ_ ]le[-

;cc dfe\pj Xk Xep k`d\ [\gfj`k\[ è Xep ]le[ Zi\Xk\[ le[\i k_\ L\jfclk`fe+ fk_\i k_Xe k_\ ;iY`kiXk\ L\YXk\@le[+ fi Yp X M\i`\j L\jfclk`fe fi i\hlì\[ le[\i k_\ L\jfclk`fe fi le[\i k_\ M\i`\j L\jfclk`fe kf Y\ Zi\Xk\[ j_XccY\ _\c[ è kiljk ]fi k_\ Y\e\]`k f] k_\ Bfc[\ij f] <fe[j+ Ylk j_Xcc e\m\ik_\c\jj Y\ [`jYlij\[+ XccfZXk\[ Xe[ Xggc`\[jfc\cp ]fi k_\ lj\j Xe[ gligfj\j gifm`[\[ è k_\ L\jfclk`fe-

(Section 5.02)

7``\YSQdY_^ _V 8_^T Fb_SUUTc Q^T 7\\_SQdY_^ JXUbU_V

Ogfe k_\ i\Z\`gk f] k_\ gifZ\\[j ]ifd k_\ jXc\ f] X M\i`\j f] <fe[j+ k_\ ;lk_fi`kp j_Xcc Xggcp jlZ_gifZ\\[j Xj jg\Z`]`\[ è k_\ L\jfclk`fe Xe[ è k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ jlZ_ M\i`\j fi k_\ <fe[ M\i`\j=\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j-

;ZZil\[ èk\i\jk+ `] Xep+ i\Z\`m\[ lgfe k_\ [\c`m\ip f] X M\i`\j f] <fe[j j_Xcc Y\ [\gfj`k\[ è k_\ >\YkM\im`Z\ @le[ lec\jj Xcc fi Xep gfik`fe f] jlZ_ Xdflek `j kf Y\ fk_\in`j\ Xggc`\[ Xj jg\Z`]`\[ è k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ jlZ_ M\i`\j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j-

(Section 5.03)

7``\YSQdY_^ _V C_Ûic Y^ dXU 9_^cdbeSdY_^ <e^T

;j jffe Xj giXZk`ZXYc\ X]k\i k_\ [\c`m\ip f] \XZ_ M\i`\j f] <fe[j+ k_\ Niljk\\ j_Xcc [\gfj`k è k_\=fejkilZk`fe @le[ fi @le[j \jkXYc`j_\[ ]fi k_\ Jifa\Zk fi Jifa\Zkj è Zfee\Zk`fe n`k_ n_`Z_ jlZ_ M\i`\j f] <fe[jnXj `jjl\[ k_\ Xdflek i\hlì\[ kf Y\ [\gfj`k\[ k_\i\è glijlXek kf k_\ M\i`\j L\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f]jlZ_ M\i`\j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j-

?oZ\gk Xj fk_\in`j\ gifm`[\[ è k_\ L\jfclk`fe Xe[ è Xep Xggc`ZXYc\ M\i`\j L\jfclk`fe fi <fe[ M\i`\j=\ik`]`ZXk\+ dfe\pj [\gfj`k\[ è k_\ =fejkilZk`fe @le[ j_Xcc Y\ lj\[ fecp kf gXp k_\ =fjkj f] CjjlXeZ\ f] <fe[j Xe[k_\ =fjkj f] k_\ Jifa\Zk ]fi n_`Z_ jlZ_ ]le[ nXj \jkXYc`j_\[- @fi gligfj\j f] èk\ieXc XZZflekè^+ X =fejkilZk`fe@le[ dXp ZfekXè fe\ fi dfi\ jlYXZZflekj+ Xj k_\ ;lk_fi`kp fi k_\ Niljk\\ dXp [\\d gifg\i-

JXpd\ekj ]fi =fjkj f] CjjlXeZ\ j_Xcc Y\ dX[\ Yp k_\ Niljk\\ lgfe i\Z\`gk f]+ Xe[ è XZZfi[XeZ\ n`k_+ XZ\ik`]`ZXk\ fi Z\ik`]`ZXk\j j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp jkXkè^ k_\ eXd\j f] k_\ gXp\\j+ k_\gligfj\ f] \XZ_ gXpd\ek Xe[ k_\ i\jg\Zk`m\ Xdflek f] \XZ_ jlZ_ gXpd\ek- JXpd\ekj ]fi =fjkj f] X Jifa\Zk j_Xcc Y\dX[\ Yp k_\ Niljk\\ lgfe i\Z\`gk f]+ Xe[ è XZZfi[XeZ\ n`k_+ X Z\ik`]`ZXk\ fi Z\ik`]`ZXk\j j`ê\[ Yp Xe ;lk_fi`q\[I]]`Z\i f] k_\ ;lk_fi`kp+ jlYjkXek`Xk\[ Yp X Z\ik`]`ZXk\ ]`c\[ n`k_ k_\ ;lk_fi`kp j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f]k_\ Oe`m\ij`kp+ [\jZi`Yè^ è i\XjfeXYc\ [\kX`c k_\ gligfj\ ]fi n_`Z_ dfe\pj n\i\ lj\[ Xe[ k_\ Xdflek k_\i\f]+ Xe[]lik_\i jkXkè^ k_Xk jlZ_ gligfj\ Zfejk`klk\j X e\Z\jjXip gXik f] k_\ =fjkj f] k_\ Jifa\Zk kf n_`Z_ jlZ_ Z\ik`]`ZXk\i\cXk\j+ \oZ\gk k_Xk gXpd\ekj kf gXp èk\i\jk fe <fe[j j_Xcc Y\ dX[\ Yp k_\ Niljk\\ lgfe i\Z\`gk f]+ Xe[ èXZZfi[XeZ\ n`k_+ k_\ [ì\Zk`fe f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp [ì\Zkè^ k_\ Niljk\\ kf kiXej]\i jlZ_Xdflek ]ifd k_\ =fejkilZk`fe @le[ kf k_\ >\Yk M\im`Z\ @le[-

;ep gifZ\\[j f] Zfe[\deXk`fe fi \dè\ek [fdXè XnXi[j i\Z\`m\[ Yp k_\ Niljk\\+ k_\ ;lk_fi`kp fi k_\Oe`m\ij`kp n`k_ i\jg\Zk kf X Jifa\Zk j_Xcc Y\ Xggc`\[ è XZZfi[XeZ\ n`k_ k_\ FfXe ;î\\d\ek Xe[+ `] e\Z\jjXip+ k_\=fejkilZk`fe @le[ \jkXYc`j_\[ ]fi jlZ_ Jifa\Zk dXp Y\ i\,\jkXYc`j_\[ ]fi jlZ_ gligfj\-

>,2

; Jifa\Zk j_Xcc Y\ [\\d\[ kf Y\ Zfdgc\k\ lgfe [\c`m\ip kf k_\ ;lk_fi`kp Xe[ k_\ Niljk\\ f] X Z\ik`]`ZXk\j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ Oe`m\ij`kp n_`Z_ Z\ik`]`ZXk\ j_Xcc Y\ [\c`m\i\[ Xj jffe Xj giXZk`ZXYc\ X]k\iZfdgc\k`fe f] jlZ_ Jifa\Zk fi lgfe [\c`m\ip kf k_\ Niljk\\ Xe[ k_\ Oe`m\ij`kp f] X Z\ik`]`ZXk\ j`ê\[ Yp Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp n_`Z_ Z\ik`]`ZXk\ dXp Y\ [\c`m\i\[ Xk Xep k`d\ X]k\i Zfdgc\k`fe f] jlZ_ Jifa\Zk-?XZ_ jlZ_ Z\ik`]`ZXk\ j_Xcc `[\ek`]p k_\ Jifa\Zk kf n_`Z_ `k i\cXk\j+ jkXk\ k_Xk jlZ_ Jifa\Zk _Xj Y\\e Zfdgc\k\[jlYjkXek`Xccp è XZZfi[XeZ\ n`k_ k_\ gcXej Xe[ jg\Z`]`ZXk`fej+ `] Xep+ Xggc`ZXYc\ kf jlZ_ Jifa\Zk Xe[ k_Xk jlZ_ Jifa\Zk`j i\X[p ]fi fZZlgXeZp+ Xe[+ è k_\ ZXj\ f] X Z\ik`]`ZXk\ f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ Oe`m\ij`kp+ jg\Z`]p k_\ [Xk\f] Zfdgc\k`fe-

Ogfe i\Z\`gk f] X Z\ik`]`ZXk\ [\c`m\i\[ glijlXek kf k_`j jlY[`m`j`fe+ k_\ dfe\pj+ `] Xep+ k_\e i\dXèè^ èk_\ =fejkilZk`fe @le[ \jkXYc`j_\[ ]fi k_\ Jifa\Zk kf n_`Z_ jlZ_ Z\ik`]`ZXk\ i\cXk\j+ X]k\i dXbè^ gifm`j`fe èXZZfi[XeZ\ n`k_ k_\ [ì\Zk`fe f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp ]fi k_\ gXpd\ek f] Xep =fjkj f] CjjlXeZ\Xe[ =fjkj f] k_\ Jifa\Zk k_\e legX`[+ j_Xcc Y\ gX`[ Yp k_\ Niljk\\ Xj ]fccfnj Xe[ è k_\ ]fccfnè^ fi[\i f] gi`fi`kp9

Ogfe k_\ [ì\Zk`fe f] Xe ;lk_fi`q\[ I]]`Z\i+ kf k_\ ;iY`kiX^\ L\YXk\ @le[+ k_\ Xdflek j\k ]fik_ è jlZ_[ì\Zk`fe: Xe[

Nf k_\ >\Yk M\im`Z\ @le[ fi+ lgfe k_\ [ì\Zk`fe f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ kf fe\ fi dfi\f] k_\ =fejkilZk`fe @le[j+ fi kf Yfk_+ è k_\ i\jg\Zk`m\ Xdflekj j\k ]fik_ è jlZ_ [ì\Zk`fe+ Xep YXcXeZ\ i\dXèè^-

(Section 5.04)

:U`_cYd Q^T 7\\_SQdY_^ _V HUfUêUc

N_\ L\m\el\j Xe[ Xep fk_\i dfe\pj+ n_`Z_+ Yp Xep f] k_\ gifm`j`fej f] k_\ FfXe ;î\\d\ek+ Xi\ i\hlì\[kf Y\ gX`[ kf k_\ Niljk\\+ j_Xcc lgfe i\Z\`gk k_\i\f] Y\ [\gfj`k\[ fi gX`[ Yp k_\ Niljk\\ Xj ]fccfnj Xe[ è k_\]fccfnè^ fi[\i f] gi`fi`kp9

@ìjk9 Nf k_\ >\Yk M\im`Z\ @le[ '`( è k_\ ZXj\ f] L\m\el\j i\Z\`m\[ [liè^ k_\ g\i`f[ ]ifd k_\ Y\^èeè^f] \XZ_ <fe[ S\Xi lek`c >\Z\dY\i 20 k_\i\f]+ k_\ Xdflek+ `] Xep+ e\Z\jjXip kf dXb\ k_\ Xdflek è k_\ >\Yk M\im`Z\@le[ \hlXc kf 'X( k_\ èk\i\jk fe IlkjkXe[è^ <fe[j gXpXYc\ fe fi gi`fi kf k_\ e\ok jlZZ\\[è^ DXelXip 0+ èZcl[è^k_\ èk\i\jk \jk`dXk\[ Yp k_\ ;lk_fi`kp kf Y\ gXpXYc\ fe PXi`XYc\ Cek\i\jk LXk\ <fe[j fe Xe[ gi`fi kf k_\ e\okjlZZ\\[è^ DXelXip 0+ 'Y( k_\ Mèbè^ @le[ CejkXccd\ekj f] IlkjkXe[è^ <fe[j Y\Zfdè^ [l\ Xe[ gXpXYc\ fe figi`fi kf k_\ e\ok jlZZ\\[è^ DXelXip 0+ Xe[ 'Z( k_\ gliZ_Xj\ gi`Z\ fi L\[\dgk`fe Ji`Z\ f] IlkjkXe[è^ <fe[jk_\i\kf]fi\ ZfekiXZk\[ kf Y\ gliZ_Xj\[ fi ZXcc\[ ]fi i\[\dgk`fe glijlXek kf M\Zk`fe 4-/5 f] k_\ L\jfclk`fe fe figi`fi kf k_\ e\ok jlZZ\\[è^ DXelXip 0+ gclj XZZil\[ èk\i\jk k_\i\fe kf k_\ [Xk\ f] gliZ_Xj\ fi i\[\dgk`fe: Xe[ '``(è k_\ ZXj\ f] L\m\el\j i\Z\`m\[ k_\i\X]k\i Xe[ lek`c k_\ \e[ f] jlZ_ <fe[ S\Xi+ k_\ Xdflek+ `] Xep+ e\Z\jjXip kfdXb\ k_\ Xdflek è k_\ >\Yk M\im`Z\ @le[ \hlXc kf 'X( k_\ èk\i\jk fe Xe[ k_\ gièZ`gXc Xe[ Mèbè^ @le[CejkXccd\ekj f] IlkjkXe[è^ <fe[j Y\Zfdè^ [l\ Xe[ gXpXYc\ fe fi gi`fi kf k_\ e\ok jlZZ\\[è^ Dlcp 0+ èZcl[è^k_\ èk\i\jk \jk`dXk\[ Yp k_\ ;lk_fi`kp kf Y\ gXpXYc\ fe PXi`XYc\ Cek\i\jk LXk\ <fe[j fe Xe[ gi`fi kf jlZ_ Dlcp 0 Xe['Y( k_\ gliZ_Xj\ gi`Z\ fi L\[\dgk`fe Ji`Z\ f] IlkjkXe[è^ <fe[j k_\i\kf]fi\ ZfekiXZk\[ kf Y\ gliZ_Xj\[ fi ZXcc\[]fi i\[\dgk`fe glijlXek kf M\Zk`fe 4-/5 f] k_\ L\jfclk`fe fe fi gi`fi kf k_\ e\ok jlZZ\\[è^ Dlcp 0+ gclj XZZil\[èk\i\jk k_\i\fe kf k_\ [Xk\ f] gliZ_Xj\ fi i\[\dgk`fe: Xe[

M\Zfe[9 Nf k_\ ;lk_fi`kp+ lec\jj fk_\in`j\ gX`[+ jlZ_ Xdflekj Xj Xi\ gXpXYc\ kf k_\ ;lk_fi`kp ]fi9 '`( Xep\og\e[`kli\j f] k_\ ;lk_fi`kp ]fi ]\\j Xe[ \og\ej\j f] Xl[`kè^+ Xe[ ]\\j Xe[ \og\ej\j f] k_\ Niljk\\ Xe[ JXpè^;^\ekj+ Xcc Xj i\hlì\[ Yp k_\ L\jfclk`fe+ '``( Xcc fk_\i \og\e[`kli\j i\XjfeXYcp Xe[ e\Z\jjXi`cp èZlii\[ Yp k_\;lk_fi`kp è Zfee\Zk`fe n`k_ k_\ ]èXeZè^ f] k_\ Jifa\Zkj+ èZcl[è^ \og\ej\j èZlii\[ Yp k_\ ;lk_fi`kp kf Zfdg\c]lcc Xe[ gleZklXc g\i]fidXeZ\ f] Xcc k_\ gifm`j`fej f] k_\ FfXe ;î\\d\ek è XZZfi[XeZ\ n`k_ k_\ k\idj k_\i\f]+ Xe['```( Xep ]\\j f] k_\ ;lk_fi`kp: Ylk fecp lgfe i\Z\`gk Yp k_\ Niljk\\ f] X Z\ik`]`ZXk\ j`ê\[ Yp Xe ;lk_fi`q\[ I]]`Z\if] k_\ ;lk_fi`kp+ jkXkè^ è i\XjfeXYc\ [\kX`c k_\ Xdflekj gXpXYc\ kf k_\ ;lk_fi`kp glijlXek kf k_`j gXiXîXg_M\Zfe[-

N_\ Niljk\\ j_Xcc efk`]p k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp gifdgkcp X]k\i dXbè^ k_\ gXpd\ekj i\hlì\[ YpM\Zk`fe 4-/4 k_\ L\jfclk`fe+ f] Xep YXcXeZ\ f] L\m\el\j k_\e i\dXèè^- ;]k\i dXbè^ k_\ gXpd\ekj i\hlì\[ YpM\Zk`fe 4-/4 k_\ L\jfclk`fe+ k_\ YXcXeZ\+ `] Xep+ f] k_\ L\m\el\j k_\e i\dXèè^ j_Xcc+ lgfe k_\ [ì\Zk`fe f] Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ Y\ gX`[ Yp k_\ Niljk\\ kf k_\ =fejkilZk`fe @le[ fi k_\ >\Yk M\im`Z\ @le[+ fi

>,3

gX`[ kf k_\ Oe`m\ij`kp+ è k_\ i\jg\Zk`m\ Xdflekj j\k ]fik_ è jlZ_ [ì\Zk`fe- ;ep Xdflekj gX`[ kf k_\ Oe`m\ij`kpj_Xcc Y\ ]i\\ Xe[ Zc\Xi f] Xep gc\[^\+ c`\e+ \eZldYiXeZ\ fi j\Zli`kp èk\i\jk Zi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe;î\\d\ek-

(Section 5.05)

:URd IUbfYSU <e^T

N_\ Niljk\\ j_Xcc fe fi Y\]fi\ k_\ <ljè\jj >Xp gi\Z\[è^ \XZ_ èk\i\jk gXpd\ek [Xk\ gXp kf `kj\c] Xe[ Xepfk_\i JXpè^ ;^\ek flk f] k_\ >\Yk M\im`Z\ @le[9

'X( k_\ èk\i\jk [l\ Xe[ gXpXYc\ fe Xcc IlkjkXe[è^ <fe[j fe jlZ_ èk\i\jk gXpd\ek [Xk\:

'Y( k_\ gièZ`gXc Xdflek [l\ Xe[ gXpXYc\ fe Xcc IlkjkXe[è^ <fe[j fe jlZ_ èk\i\jk gXpd\ek [Xk\: Xe[

'Z( k_\ Mèbè^ @le[ CejkXccd\ekj fi fk_\i Xdflekj i\cXk\[ kf X dXe[Xkfip i\[\dgk`fe+ `] Xep+ [l\ Xe[gXpXYc\ fe Xcc IlkjkXe[è^ <fe[j fe jlZ_ èk\i\jk gXpd\ek [Xk\-

N_\ Xdflekj gX`[ flk glijlXek kf M\Zk`fe 4-/5 f] k_\ L\jfclk`fe j_Xcc Y\ ìi\mfZXYcp gc\[^\[ kf Xe[Xggc`\[ kf jlZ_ gXpd\ekj-

Hfkn`k_jkXe[è^ Z\ikXè gifm`j`fej f] M\Zk`fe 4-/5 f] k_\ L\jfclk`fe+ k_\ ;lk_fi`kp dXp+ Xk Xep k`d\jlYj\hl\ek kf Dlcp 0 f] Xep <fe[ S\Xi Ylk è ef \m\ek c\jj k_Xe ]fikp,]`m\ '34( [Xpj gi`fi kf k_\ jlZZ\\[è^ [Xk\ fen_`Z_ X Mèbè^ @le[ CejkXccd\ek `j jZ_\[lc\[ kf Y\ [l\+ [ì\Zk k_\ Niljk\\ kf gliZ_Xj\+ n`k_ dfe\pj fe [\gfj`k èk_\ >\Yk M\im`Z\ @le[+ Xk X gi`Z\ efk è \oZ\jj f] gXi gclj èk\i\jk XZZil\[ Xe[ legX`[ kf k_\ [Xk\ f] jlZ_ gliZ_Xj\+N\id <fe[j kf Y\ i\[\\d\[ ]ifd jlZ_ Mèbè^ @le[ CejkXccd\ek- ;ep N\id <fe[ jf gliZ_Xj\[ j_Xcc Y\ ZXeZ\c\[lgfe i\Z\`gk k_\i\f] Yp k_\ Niljk\\ Xe[ \m`[\eZ\ f] jlZ_ ZXeZ\ccXk`fe j_Xcc Y\ ^`m\e kf k_\ ;lk_fi`kp- N_\ gièZ`gXcXdflek f] \XZ_ N\id <fe[ jf ZXeZ\c\[ j_Xcc Y\ Zi\[`k\[ X^Xèjk k_\ Mèbè^ @le[ CejkXccd\ek [l\ fe jlZ_ [Xk\+gifm`[\[ k_Xk jlZ_ N\id <fe[ `j ZXeZ\c\[ Yp k_\ Niljk\\ gi`fi kf k_\ [Xk\ fe n_`Z_ efk`Z\ f] i\[\dgk`fe `j ^`m\e-

Hfkn`k_jkXe[è^ Z\ikXè gifm`j`fej f] M\Zk`fe 4-/5 f] k_\ L\jfclk`fe+ k_\ Oe`m\ij`kp glijlXek kf k_\ FfXe;î\\d\ek dXp [\c`m\i+ Xk Xep k`d\ jlYj\hl\ek kf Dlcp 0 f] Xep <fe[ S\Xi+ Ylk è ef \m\ek c\jj k_Xe ]fikp,]`m\ '34([Xpj gi`fi kf k_\ jlZZ\\[è^ [Xk\ fe n_`Z_ X Mèbè^ @le[ CejkXccd\ek `j jZ_\[lc\[ kf Y\ [l\+ kf k_\ Niljk\\ ]fiZXeZ\ccXk`fe fe\ fi dfi\ N\id <fe[j f] k_\ M\i`\j Xe[ dXkli`kp kf Y\ jf i\[\\d\[ fe jlZ_ [Xk\ ]ifd jlZ_ Mèbè^@le[ CejkXccd\ek- ;ep N\id <fe[ jf [\c`m\i\[ kf k_\ Niljk\\ j_Xcc Y\ ZXeZ\c\[ lgfe i\Z\`gk k_\i\f] Yp k_\ Niljk\\Xe[ \m`[\eZ\ f] jlZ_ ZXeZ\ccXk`fe j_Xcc Y\ ^`m\e kf k_\ ;lk_fi`kp- N_\ gièZ`gXc Xdflek f] \XZ_ N\id <fe[ jfZXeZ\c\[ j_Xcc Y\ Zi\[`k\[ X^Xèjk k_\ Mèbè^ @le[ CejkXccd\ek [l\ fe jlZ_ [Xk\: gifm`[\[+ _fn\m\i+ k_Xk jlZ_ N\id<fe[ `j ZXeZ\c\[ Yp k_\ Niljk\\ gi`fi kf k_\ [Xk\ fe n_`Z_ efk`Z\ f] i\[\dgk`fe `j ^`m\e-

Gfe\pj è k_\ >\Yk M\im`Z\ @le[ è \oZ\jj f] k_\ Xdflek i\hlì\[ kf gXp k_\ gièZ`gXc f] IlkjkXe[è^<fe[j gXpXYc\ fe fi gi`fi kf k_\ e\ok jlZZ\\[è^ Dlcp 0+ k_\ èk\i\jk fe IlkjkXe[è^ <fe[j gXpXYc\ fe k_\ e\okjlZZ\\[è^ èk\i\jk gXpd\ek [Xk\ Xe[ k_\ gliZ_Xj\ gi`Z\ fi L\[\dgk`fe Ji`Z\ f] IlkjkXe[è^ <fe[j k_\i\kf]fi\ZfekiXZk\[ kf Y\ gliZ_Xj\[ fi ZXcc\[ ]fi i\[\dgk`fe+ gclj XZZil\[ èk\i\jk k_\i\fe kf k_\ [Xk\ f] gliZ_Xj\ fii\[\dgk`fe+ j_Xcc Y\ i\kXè\[ k_\i\è fi Xggc`\[ Yp k_\ Niljk\\ è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fe f] Xe ;lk_fi`q\[I]]`Z\i f] k_\ ;lk_fi`kp kf9 '`( k_\ gliZ_Xj\ f] IlkjkXe[è^ <fe[j f] Xep M\i`\j Xk gliZ_Xj\ gi`Z\j efk \oZ\\[è^ k_\L\[\dgk`fe Ji`Z\ Xggc`ZXYc\ fe k_\ e\ok èk\i\jk gXpd\ek [Xk\ fe n_`Z_ jlZ_ <fe[j Xi\ i\[\\dXYc\+ gclj XZZil\[Xe[ legX`[ èk\i\jk kf jlZ_ [Xk\+ Xk jlZ_ k`d\j Xe[ è jlZ_ dXee\i Xj Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp j_Xcc[ì\Zk: '``( kf k_\ i\[\dgk`fe f] <fe[j Xj gifm`[\[ è k_\ L\jfclk`fe+ Xk k_\ L\[\dgk`fe Ji`Z\j jg\Z`]`\[ è k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ k_\ `jjlXeZ\ f] jlZ_ <fe[j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ <fe[j: fi '```( kfk_\ [\]\XjXeZ\ f] k_\ <fe[j è XZZfi[XeZ\ n`k_ M\Zk`fe 01-/0 f] k_\ L\jfclk`fe-

(Section 5.06)

7bRYdbQWU HURQdU <e^T

N_\ Niljk\\ j_Xcc [\gfj`k kf k_\ ;iY`kiX^\ L\YXk\ @le[ Xep dfe\pj [\c`m\i\[ kf `k Yp k_\ Oe`m\ij`kp ]fi[\gfj`k k_\i\è Xe[+ efkn`k_jkXe[è^ Z\ikXè fk_\i gifm`j`fej f] k_\ L\jfclk`fe+ j_Xcc kiXej]\i kf k_\ ;iY`kiX^\ L\YXk\

>,4

@le[+ è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fej f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ dfe\pj fe [\gfj`k è Xep fk_\i]le[j _\c[ Yp k_\ Niljk\\ le[\i k_\ L\jfclk`fe Xk jlZ_ k`d\j Xe[ è jlZ_ Xdflekj Xj j\k ]fik_ è jlZ_ [ì\Zk`fej-

Gfe\pj fe [\gfj`k è k_\ ;iY`kiX^\ L\YXk\ @le[ j_Xcc Y\ Xggc`\[ Yp k_\ Niljk\\ è XZZfi[XeZ\ n`k_ k_\[ì\Zk`fe f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp kf dXb\ gXpd\ekj kf k_\ >\gXikd\ek f] k_\ Ni\Xjlip f] k_\Oe`k\[ MkXk\j f] ;d\i`ZX Xk jlZ_ k`d\j Xe[ è jlZ_ Xdflekj Xj k_\ ;lk_fi`kp j_Xcc [\k\idè\ kf Y\ i\hlì\[ Yp k_\=f[\ kf Y\ gX`[ 'Xj i\YXk\+ p`\c[+ i\[lZk`fe gXpd\ekj+ èk\i\jk+ g\eXck`\j fi fk_\in`j\( kf k_\ >\gXikd\ek f] k_\Ni\Xjlip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX- Gfe\pj n_`Z_ Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp [\k\idè\j kf Y\è \oZ\jj f] k_\ Xdflek i\hlì\[ kf Y\ jf gX`[ j_Xcc Y\ [\gfj`k\[ kf k_\ >\Yk M\im`Z\ @le[ è XZZfi[XeZ\ n`k_ k_\[ì\Zk`fej f] jlZ_ ;lk_fi`q\[ I]]`Z\i-

C] Xe[ kf k_\ \ok\ek i\hlì\[ Yp k_\ =f[\+ k_\ ;lk_fi`kp j_Xcc g\i`f[`ZXccp+ Xk jlZ_ k`d\j Xj dXp Y\ i\hlì\[kf Zfdgcp n`k_ k_\ =f[\+ [\k\idè\ k_\ Xdflek f] \Xieè^j fe k_\ èm\jkd\ek f] gifZ\\[j f] <fe[j Xe[ [ì\Zk k_\Niljk\\ kf '`( kiXej]\i ]ifd Xep fk_\i f] k_\ ]le[j Xe[ XZZflekj _\c[ Yp k_\ Niljk\\ le[\i k_\ L\jfclk`fe Xe[ [\gfj`kkf k_\ ;iY`kiX^\ L\YXk\ @le[ Xcc fi X gfik`fe f] k_\ Xdflek k_Xk k_\ ;lk_fi`kp _Xj [\k\idè\[ dXp Y\ i\hlì\[ Yp k_\=f[\ kf Y\ gX`[ 'Xj i\YXk\+ p`\c[ i\[lZk`fe gXpd\ekj+ èk\i\jk+ g\eXck`\j fi fk_\in`j\( kf k_\ >\gXikd\ek f] k_\Ni\Xjlip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX+ Xe[ '``( gXp flk f] k_\ ;iY`kiX^\ L\YXk\ @le[ kf k_\ >\gXikd\ek f] k_\Ni\Xjlip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX k_\ Xdflek+ `] Xep+ i\hlì\[ Yp k_\ =f[\ kf Y\ gX`[ k_\i\kf 'Xj i\YXk\+ p`\c[i\[lZk`fe gXpd\ekj+ èk\i\jk+ g\eXck`\j fi fk_\in`j\(-

?oZ\jj dfe\pj è k_\ ;iY`kiX^\ L\YXk\ @le[ glijlXek kf M\Zk`fe 4-/7 f] k_\ L\jfclk`fe j_Xcc Y\ [\gfj`k\[kf k_\ L\m\el\ @le[ è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fej f] jlZ_ ;lk_fi`q\[ I]]`Z\i-

(Section 5.07)

7``\YSQdY_^ _V C_Ûic Y^ 9UbdQY^ <e^Tc V_b HUdYbU]U^d _V 8_^Tc

Hfkn`k_jkXe[è^ Xep fk_\i gifm`j`fej k_\i\f]+ `] Xk Xep k`d\ k_\ Xdflekj _\c[ è k_\ >\Yk M\im`Z\ @le[ Xi\jl]]`Z`\ek kf gXp k_\ gièZ`gXc fi L\[\dgk`fe Ji`Z\ f] Xcc IlkjkXe[è^ <fe[j Xe[ k_\ èk\i\jk XZZil\[ Xe[ legX`[ Xe[kf XZZil\ fe jlZ_ <fe[j kf k_\ e\ok [Xk\ fe n_`Z_ Xcc jlZ_ <fe[j Xi\ i\[\\dXYc\+ fi kf dXb\ gifm`j`fe glijlXek kfjlY[`m`j`fe 1 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe ]fi k_\ gXpd\ek f] k_\ IlkjkXe[è^ <fe[j Xk k_\ dXkli`kp fii\[\dgk`fe [Xk\j k_\i\f]+ k_\ Niljk\\ j_Xcc jf efk`]p k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp- Ogfe i\Z\`gk f] jlZ_ efk`Z\+k_\ ;lk_fi`kp dXp '`( [ì\Zk k_\ Niljk\\ kf i\[\\d Xcc jlZ_ IlkjkXe[è^ <fe[j+ n_\i\lgfe k_\ Niljk\\ j_Xcc gifZ\\[kf i\[\\d fi gifm`[\ ]fi k_\ i\[\dgk`fe f] jlZ_ IlkjkXe[è^ <fe[j è k_\ dXee\i gifm`[\[ ]fi i\[\dgk`fe f] jlZ_<fe[j le[\i k_\ L\jfclk`fe Xe[ Yp \XZ_ M\i`\j L\jfclk`fe+ fi '``( ^`m\ k_\ Niljk\\ ìi\mfZXYc\ èjkilZk`fej èXZZfi[XeZ\ n`k_ jlY[`m`j`fe 1 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe Xe[ dXb\ gifm`j`fe ]fi k_\ gXpd\ek f] k_\IlkjkXe[è^ <fe[j Xk k_\ dXkli`kp fi i\[\dgk`fe [Xk\j k_\i\f] è XZZfi[XeZ\ k_\i\n`k_-

(Section 5.08)

?^fUcd]U^d _V <e^Tc Q^T 7SS_e^dc >U\T Ri dXU JbecdUU

Gfe\pj _\c[ le[\i k_\ L\jfclk`fe Yp k_\ Niljk\\+ `] g\id`kk\[ Yp cXn+ j_Xcc+ Xj e\Xicp Xj dXp Y\giXZk`ZXYc\+ Y\ èm\jk\[ Yp k_\ Niljk\\+ lgfe [ì\Zk`fe f] k_\ ;lk_fi`kp ^`m\e fi Zfe]ìd\[ è ni`kè^+ j`ê\[ Yp Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp 'n_`Z_ [ì\Zk`fe j_Xcc jg\Z`]p k_\ Xdflek k_\i\f] kf Y\ jf èm\jk\[(+ èAfm\ied\ek IYc`^Xk`fej fi ?o\dgk IYc`^Xk`fej: gifm`[\[ k_Xk \XZ_ jlZ_ èm\jkd\ek j_Xcc g\id`k k_\ dfe\pj jf[\gfj`k\[ fi èm\jk\[ kf Y\ XmX`cXYc\ ]fi lj\ Xk k_\ k`d\j Xk n_`Z_ k_\ ;lk_fi`kp i\XjfeXYcp Y\c`\m\j jlZ_ dfe\pjn`cc Y\ i\hlì\[ ]fi k_\ gligfj\j k_\i\f]-

Ce c`\l f] k_\ èm\jkd\ekj f] dfe\pj è fYc`^Xk`fej Xlk_fi`q\[ è M\Zk`fe 5-/1 f] k_\ L\jfclk`fe+ k_\ Niljk\\j_Xcc+ kf k_\ \ok\ek g\id`kk\[ Yp cXn+ lgfe [ì\Zk`fe f] k_\ ;lk_fi`kp ^`m\e fi Zfe]ìd\[ è ni`kè^+ j`ê\[ Yp Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ èm\jk dfe\pj è k_\ =fejkilZk`fe @le[ è '`( èk\i\jk,Y\Xiè^ k`d\ [\gfj`kj+Z\ik`]`ZXk\j f] [\gfj`k fi fk_\i j`d`cXi èm\jkd\ek XiiXe^\d\ekj èZcl[è^+ Ylk efk c`d`k\[ kf+ ni`kk\e i\gliZ_Xj\Xî\\d\ekj i\cXkè^ kf Afm\ied\ek IYc`^Xk`fej+ n`k_ YXebj+ kiljk ZfdgXe`\j+ jXmè^j YXebj+ jXmè^j Xe[ cfXeXjjfZ`Xk`fej+ fi j\Zli`k`\j [\Xc\ij Xggifm\[ Yp k_\ ;lk_fi`kp k_\ c`hl`[Xk`fe f] n_`Z_ `j jlYa\Zk kf k_\ M\Zli`k`\jCem\jkfij Jifk\Zk`fe =figfiXk`fe fi fk_\i j`d`cXi ZfigfiXk`fe: '``( ?o\dgk IYc`^Xk`fej fi '```( Cem\jkd\ek;î\\d\ekj: gifm`[\[ k_Xk 'n( \XZ_ jlZ_ èm\jkd\ek j_Xcc g\id`k k_\ dfe\pj jf [\gfj`k\[ fi èm\jk\[ kf Y\

>,5

XmX`cXYc\ ]fi lj\ Xk k_\ k`d\j Xk+ Xe[ è k_\ Xdflekj è+ n_`Z_ k_\ ;lk_fi`kp i\XjfeXYcp Y\c`\m\j jlZ_ dfe\pj n`cc Y\i\hlì\[ ]fi k_\ gligfj\j k_\i\f]+ 'o( Xcc dfe\pj è \XZ_ jlZ_ èk\i\jk,Y\Xiè^ k`d\ [\gfj`k+ Z\ik`]`ZXk\ f] [\gfj`k fifk_\i j`d`cXi èm\jkd\ek XiiXe^\d\ek j_Xcc Y\ Zfekèlfljcp Xe[ ]lccp j\Zli\[ Yp fne\ij_`g f] fi X j\Zli`kp èk\i\jkè Afm\ied\ek IYc`^Xk`fej f] X dXib\k mXcl\ [\k\idè\[ Yp k_\ Niljk\\ fi `kj X^\ek fe X [X`cp mXclXk`fe \hlXc kf k_\Xdflek [\gfj`k\[ fi èm\jk\[ èZcl[è^ èk\i\jk XZZil\[ k_\i\fe+ 'p( k_\ fYc`^Xk`fej j\Zliè^ jlZ_ èk\i\jk,Y\Xiè^k`d\ [\gfj`k fi Z\ik`]`ZXk\ f] [\gfj`k fi n_`Z_ Xi\ k_\ jlYa\Zk f] jlZ_ fk_\i j`d`cXi èm\jkd\ek XiiXe^\d\ek j_Xcc Y\[\gfj`k\[ n`k_ Xe[ _\c[ Yp k_\ Niljk\\ fi Xe X^\ek f] k_\ Niljk\\ Xggifm\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\;lk_fi`kp+ Xe[ 'q( k_\ Afm\ied\ek IYc`^Xk`fej j\Zliè^ jlZ_ k`d\ [\gfj`k fi Z\ik`]`ZXk\ f] [\gfj`k fi n_`Z_ Xi\ k_\jlYa\Zk f] jlZ_ fk_\i j`d`cXi èm\jkd\ek XiiXe^\d\ek j_Xcc Y\ ]i\\ Xe[ Zc\Xi f] ZcX`dj f] Xep fk_\i g\ijfe-

IYc`^Xk`fej gliZ_Xj\[ fi fk_\i èm\jkd\ekj dX[\ Xj Xe èm\jkd\ek f] dfe\pj è Xep ]le[ fi XZZflek _\c[Yp k_\ Niljk\\ le[\i k_\ gifm`j`fej k_\i\f] j_Xcc Y\ [\\d\[ Xk Xcc k`d\j kf Y\ X gXik f] jlZ_ ]le[ fi XZZflek Xe[ k_\èZfd\ fi èk\i\jk \Xie\[+ gif]`kj i\Xc`q\[ fi cfjj\j jl]]\i\[ Yp X ]le[ fi XZZflek [l\ kf k_\ èm\jkd\ek k_\i\f] j_XccY\ i\kXè\[ è+ Zi\[`k\[ fi Z_Xi^\[+ Xj k_\ ZXj\ dXp Y\+ kf jlZ_ ]le[ fi XZZflek-

Ce Zfdglkè^ k_\ Xdflek è Xep ]le[ fi XZZflek _\c[ Yp k_\ Niljk\\ le[\i k_\ gifm`j`fej f] k_\ L\jfclk`fe+fYc`^Xk`fej gliZ_Xj\[ Xj Xe èm\jkd\ek f] dfe\pj k_\i\è fi _\c[ k_\i\è j_Xcc Y\ mXcl\[ Xk gXi fi k_\ dXib\k mXcl\k_\i\f]+ gclj XZZil\[ èk\i\jk+ n_`Z_\m\i `j cfn\i-

Hfkn`k_jkXe[è^ Xepk_è^ kf k_\ ZfekiXip è k_\ L\jfclk`fe+ k_\ ;lk_fi`kp+ è `kj [`jZi\k`fe+ dXp [ì\Zk k_\Niljk\\ kf+ Xe[ k_\ Niljk\\ lgfe i\Z\`gk f] jlZ_ [ì\Zk`fe j_Xcc+ j\cc+ gi\j\ek ]fi i\[\dgk`fe fi \oZ_Xe^\ Xepèm\jkd\ek _\c[ Yp k_\ Niljk\\ glijlXek kf k_\ L\jfclk`fe Xe[ k_\ gifZ\\[j k_\i\f] dXp Y\ i\èm\jk\[ Xj gifm`[\[ èM\Zk`fe 5-/1 f] k_\ L\jfclk`fe- ?oZ\gk Xj fk_\in`j\ gifm`[\[ è k_\ L\jfclk`fe+ k_\ Niljk\\ j_Xcc j\cc Xk k_\ Y\jkgi`Z\ fYkXèXYc\+ fi gi\j\ek ]fi i\[\dgk`fe fi \oZ_Xe^\+ Xep èm\jkd\ek _\c[ Yp `k glijlXek kf k_\ L\jfclk`fen_\e\m\i `k j_Xcc Y\ e\Z\jjXip è fi[\i kf gifm`[\ dfe\pj kf d\\k Xep gXpd\ek fi kiXej]\i ]ifd k_\ ]le[ fi XZZflekè n_`Z_ jlZ_ èm\jkd\ek `j _\c[- N_\ Niljk\\ j_Xcc X[m`j\ k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp è ni`kè^+ fe fi Y\]fi\k_\ ]`]k\\ek_ '04k_( [Xp f] \XZ_ ZXc\e[Xi dfek_+ f] k_\ Xdflekj i\hlì\[ kf Y\ fe [\gfj`k è \XZ_ ]le[ Xe[ XZZflekle[\i k_\ L\jfclk`fe Xe[ f] k_\ [\kX`cj f] Xcc èm\jkd\ekj _\c[ ]fi k_\ Zi\[`k f] \XZ_ ]le[ Xe[ XZZflek è `kj Zljkf[ple[\i k_\ gifm`j`fej k_\i\f] Xj f] k_\ \e[ f] k_\ gi\Z\[è^ dfek_ Xe[ Xj kf n_\k_\i jlZ_ èm\jkd\ekj Zfdgcp n`k_k_\ gifm`j`fej f] M\Zk`fe 5-/1 f] k_\ L\jfclk`fe- N_\ [\kX`cj f] jlZ_ èm\jkd\ekj j_Xcc èZcl[\ k_\ gXi mXcl\+ `] Xep+k_\ Zfjk Xe[ k_\ Zlii\ek dXib\k mXcl\ f] jlZ_ èm\jkd\ekj Xj f] k_\ \e[ f] k_\ gi\Z\[è^ dfek_- N_\ Niljk\\ j_XccXcjf [\jZi`Y\ Xcc n`k_[iXnXcj+ jlYjk`klk`fej Xe[ fk_\i kiXejXZk`fej fZZliiè^ è \XZ_ jlZ_ ]le[ Xe[ XZZflek è k_\gi\m`flj dfek_-

(Section 6.02)

IUSebYdi V_b :U`_cYdc

;cc dfe\pj _\c[ le[\i k_\ L\jfclk`fe Yp k_\ Niljk\\ j_Xcc Y\ Zfekèlfljcp Xe[ ]lccp j\Zli\[+ ]fi k_\Y\e\]`k f] k_\ ;lk_fi`kp Xe[ k_\ Bfc[\ij f] k_\ <fe[j+ Yp [ì\Zk fYc`^Xk`fej f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX fifYc`^Xk`fej k_\ gièZ`gXc f] Xe[ èk\i\jk fe n_`Z_ Xi\ ^lXiXek\\[ Yp k_\ Oe`k\[ MkXk\j f] ;d\i`ZX f] X dXib\k mXcl\\hlXc Xk Xcc k`d\j kf k_\ Xdflek f] k_\ [\gfj`k jf _\c[ Yp k_\ Niljk\\: gifm`[\[+ _fn\m\i+ 'X( k_Xk `] k_\ j\Zliè^ f]jlZ_ dfe\pj `j efk g\id`kk\[ Yp Xggc`ZXYc\ cXn+ k_\e è jlZ_ fk_\i dXee\i Xj dXp k_\e Y\ i\hlì\[ fi g\id`kk\[ YpXggc`ZXYc\ MkXk\ fi ]\[\iXc cXnj Xe[ i\^lcXk`fej i\^Xi[è^ k_\ j\Zli`kp ]fi+ fi îXekè^ X gi\]\i\eZ\ è k_\ ZXj\ f]+ k_\[\gfj`k f] kiljk ]le[j+ Xe[ 'Y( k_Xk `k j_Xcc efk Y\ e\Z\jjXip ]fi k_\ Niljk\\ fi Xep JXpè^ ;^\ek kf ^`m\ j\Zli`kp ]fik_\ [\gfj`k f] Xep dfe\pj n`k_ k_\d glijlXek kf M\Zk`fe 4-/5 fi M\Zk`fe 01-/0 f] k_\ L\jfclk`fe Xe[ _\c[ è kiljk]fi k_\ gXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ fi L\[\dgk`fe Ji`Z\ f] fi èk\i\jk fe Xep <fe[j+fi ]fi k_\ Niljk\\ kf ^`m\ j\Zli`kp ]fi Xep dfe\pj n_`Z_ j_Xcc Y\ i\gi\j\ek\[ Yp fYc`^Xk`fej gliZ_Xj\[ fi fk_\ièm\jkd\ekj dX[\ le[\i k_\ gifm`j`fej f] k_\ L\jfclk`fe Xj Xe èm\jkd\ek f] jlZ_ dfe\pj-

(Section 6.01)

F\QSU Q^T CUTYe] _V FQi]U^d

?oZ\gk Xj fk_\in`j\ gifm`[\[ è X M\i`\j L\jfclk`fe+ èk\i\jk fe <fe[j j_Xcc Y\ gX`[ Yp Z_\Zb fi [iX]kdX`c\[ kf k_\ i\^`jk\i\[ fne\i k_\i\f] Xk k_\ X[[i\jj f] jlZ_ i\^`jk\i\[ fne\i Xj `k Xgg\Xij fe k_\ <fe[ i\^`jkipYffbj f] k_\ ;lk_fi`kp+ gifm`[\[+ _fn\m\i+ èk\i\jk fe i\^`jk\i\[ <fe[j dXp Y\ Xlk_fi`q\[ kf Y\ gX`[+ Xk k_\ fgk`fe

>,6

f] k_\ i\^`jk\i\[ fne\i f] Xk c\Xjk fe\ d`cc`fe [fccXij '#0+///+///( è gièZ`gXc Xdflek f] jlZ_ <fe[j+ Yp nì\kiXej]\i kf jlZ_ k_\ i\^`jk\i\[ fne\i k_\i\f] Xk k_\ nì\ kiXej]\i X[[i\jj 'n_`Z_ j_Xcc Y\ è k_\ Zfekè\ekXc Oe`k\[MkXk\j( kf n_`Z_ jlZ_ i\^`jk\i\[ fne\i _Xj+ efk c\jj k_Xe ]`m\ '4( [Xpj gi`fi kf k_\ ]`]k\\ek_ '04k_( [Xp 'n_\k_\i fi efkX <ljè\jj >Xp Xe[ lec\jj fk_\in`j\ jg\Z`]`\[ è X M\i`\j L\jfclk`fe fi <fe[ M\i`\j =\ik`]`ZXk\( f] k_\ ZXc\e[Xidfek_ e\ok gi\Z\[è^ Xe èk\i\jk gXpd\ek [Xk\+ [ì\Zk\[ k_\ Niljk\\ kf nì\ jlZ_ èk\i\jk gXpd\ek-

;cc <fe[j f] \XZ_ M\i`\j j_Xcc dXkli\ fe Dlcp 0 f] \XZ_ p\Xi è n_`Z_ X dXkli`kp `j ]ò\[ Yp X M\i`\jL\jfclk`fe fi X <fe[ M\i`\j =\ik`]`ZXk\- Cek\i\jk fe Xcc <fe[j f] \XZ_ M\i`\j+ \oZ\gk k_\ ]ìjk èjkXccd\ek f] èk\i\jk[l\ fe jlZ_ <fe[j f] X M\i`\j Xe[ èk\i\jk fe PXi`XYc\ Cek\i\jk LXk\ <fe[j k_\ iXk\ Xk n_`Z_ jlZ_ <fe[j Y\Xièk\i\jk `j X[aljk\[ dfi\ ]i\hl\ekcp k_Xe j\d`,XeelXccp+ j_Xcc Y\ gXpXYc\ j\d`,XeelXccp fe DXelXip 0 Xe[ Dlcp 0 f]\XZ_ p\Xi è n_`Z_ Xe èjkXccd\ek f] èk\i\jk Y\Zfd\j [l\ Xj ]ò\[ è X M\i`\j L\jfclk`fe fi X <fe[ M\i`\j=\ik`]`ZXk\-

(Section 3.01)


Bonds, Section 3.01 of the Resolution will be amended and restated in relevant part as summarized below:

?oZ\gk Xj fk_\in`j\ gifm`[\[ è X M\i`\j L\jfclk`fe+ èk\i\jk fe <fe[j j_Xcc Y\ gX`[ Yp nì\ kiXej]\i kf k_\i\^`jk\i\[ fne\i k_\i\f] Xk k_\ nì\ kiXej]\i X[[i\jj 'n_`Z_ j_Xcc Y\ è k_\ Zfekè\ekXc Oe`k\[ MkXk\j( kf n_`Z_ jlZ_i\^`jk\i\[ fne\i _Xj+ efk c\jj k_Xe ]`m\ '4( [Xpj gi`fi kf k_\ ]`]k\\ek_ '04k_( [Xp 'n_\k_\i fi efk X <ljè\jj >Xp Xe[lec\jj fk_\in`j\ jg\Z`]`\[ è X M\i`\j L\jfclk`fe fi <fe[ M\i`\j =\ik`]`ZXk\( f] k_\ ZXc\e[Xi dfek_ e\ok gi\Z\[è^Xe èk\i\jk gXpd\ek [Xk\+ [ì\Zk\[ k_\ Niljk\\ kf nì\ jlZ_ èk\i\jk gXpd\ek-

;cc <fe[j f] \XZ_ M\i`\j j_Xcc dXkli\ fe jlZ_ [Xk\ Xj `j jg\Z`]`\[ è X M\i`\j L\jfclk`fe fi X <fe[ M\i`\j=\ik`]`ZXk\- Cek\i\jk fe Xcc <fe[j f] \XZ_ M\i`\j+ \oZ\gk k_\ ]ìjk èjkXccd\ek f] èk\i\jk [l\ fe jlZ_ <fe[j f] XM\i`\j Xe[ èk\i\jk fe PXi`XYc\ Cek\i\jk LXk\ <fe[j k_\ iXk\ Xk n_`Z_ jlZ_ <fe[j Y\Xi èk\i\jk `j X[aljk\[ dfi\]i\hl\ekcp k_Xe j\d`,XeelXccp+ j_Xcc Y\ gXpXYc\ j\d`,XeelXccp fe jlZ_ [Xk\j Xj Xi\ jg\Z`]`\[ è X M\i`\j L\jfclk`fefi X <fe[ M\i`\j =\ik`]`ZXk\-

(Section 3.01, as proposed to be amended)

HUTU]`dY_^ _V 8_^Tc Q^T D_dYSU _V HUTU]`dY_^

Ce k_\ ZXj\ f] Xep i\[\dgk`fe f] <fe[j Xk k_\ \c\Zk`fe fi [ì\Zk`fe f] k_\ ;lk_fi`kp fi k_\ Oe`m\ij`kp+ k_\Oe`m\ij`kp j_Xcc ^`m\ ni`kk\e efk`Z\ kf k_\ Niljk\\ f] `kj \c\Zk`fe fi [ì\Zk`fe jf kf i\[\\d fi+ `] k_\ Oe`m\ij`kp j_Xcc]X`c kf ^`m\ jlZ_ efk`Z\+ k_\ ;lk_fi`kp j_Xcc ^`m\ jlZ_ efk`Z\+ f] k_\ i\[\dgk`fe [Xk\+ f] k_\ M\i`\j+ Xe[ f] k_\gièZ`gXc Xdflekj f] k_\ <fe[j f] \XZ_ dXkli`kp f] jlZ_ M\i`\j kf Y\ i\[\\d\[- N_\ M\i`\j+ dXkli`k`\j Xe[ gièZ`gXcXdflekj k_\i\f] kf Y\ i\[\\d\[ j_Xcc Y\ [\k\idè\[ Yp k_\ ;lk_fi`kp fi k_\ Oe`m\ij`kp+ jlYa\Zk kf Xep c`d`kXk`fejn`k_ i\jg\Zk k_\i\kf ZfekXè\[ _\i\è- MlZ_ efk`Z\ j_Xcc Y\ ^`m\e kf k_\ Niljk\\ '`( n`k_ i\jg\Zk kf <fe[j+ fk_\i k_XePXi`XYc\ Cek\i\jk LXk\ <fe[j+ Xk c\Xjk ]fikp,]`m\ '34( [Xpj gi`fi kf k_\ [Xk\ fe n_`Z_ jlZ_ <fe[j Xi\ kf Y\ i\[\\d\[Xe[ '``( n`k_ i\jg\Zk kf PXi`XYc\ Cek\i\jk LXk\ <fe[j+ Xk c\Xjk ]`]k\\e '04( <ljè\jj >Xpj gi`fi kf k_\ [Xk\ fe n_`Z_jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j Xi\ kf Y\ i\[\\d\[+ fi '```( jlZ_ c\jj\i eldY\i f] [Xpj gi`fi kf jlZ_ i\[\dgk`fe[Xk\ Xj j_Xcc Y\ XZZ\gkXYc\ kf k_\ Niljk\\- N_\ efk`Z\ f] i\[\dgk`fe i\hlì\[ Yp M\Zk`fe 3-/4 _\i\f] kf Y\ ^`m\ej_Xcc efk Y\ ^`m\e n`k_ i\jg\Zk kf <fe[j kf Y\ i\[\\d\[ glijlXek kf k_`j M\Zk`fe lec\jj gi`fi kf k_\ [Xk\ jlZ_ efk`Z\`j kf Y\ ^`m\e k_\ ;lk_fi`kp j_Xcc _Xm\ gX`[ fi ZXlj\[ kf Y\ gX`[ kf k_\ Niljk\\ Xe Xdflek f] dfe\pj n_`Z_+ èX[[`k`fe kf fk_\i dfe\pj XmX`cXYc\ k_\i\]fi _\c[ Yp k_\ Niljk\\+ `j jl]]`Z`\ek kf i\[\\d+ fe k_\ i\[\dgk`fe [Xk\j Xkk_\ L\[\dgk`fe Ji`Z\ k_\i\f]+ kf^\k_\i n`k_ èk\i\jk XZZil\[ kf k_\ i\[\dgk`fe [Xk\+ Xcc f] k_\ <fe[j kf Y\ jfi\[\\d\[-

Q_\e\m\i <fe[j Xi\ kf Y\ i\[\\d\[+ k_\ Niljk\\ j_Xcc ^`m\ efk`Z\ f] k_\ i\[\dgk`fe f] k_\ <fe[j è k_\eXd\ f] k_\ ;lk_fi`kp n_`Z_ efk`Z\ j_Xcc jg\Z`]p9 '`( k_\ <fe[j kf Y\ i\[\\d\[ Xe[ k_\ [Xk\ jlZ_ <fe[j n\i\ `jjl\[+k_\ì dXkli`kp [Xk\ Xe[ èk\i\jk iXk\ '``( k_\ eldY\ij Xe[ fk_\i [`jkè^l`j_è^ dXibj f] k_\ <fe[j kf Y\ i\[\\d\[+èZcl[è^ =OMCJ eldY\ij: '```( k_\ i\[\dgk`fe [Xk\: '`m( k_\ L\[\dgk`fe Ji`Z\: 'm( f] \XZ_ jlZ_ <fe[+ k_\ gièZ`gXcXdflek k_\i\f] kf Y\ i\[\\d\[: 'm`( k_\ [Xk\ f] glYc`ZXk`fe+ `] Xep f] k_\ efk`Z\ f] i\[\dgk`fe: 'm``( k_Xk jlZ_ <fe[jn`cc Y\ i\[\\d\[ Xk k_\ gièZ`gXc ZfigfiXk\ kiljk f]]`Z\ f] k_\ Niljk\\ ^`mè^ k_\ X[[i\jj k_\i\f] Xe[ k_\ eXd\ Xe[k\c\g_fe\ eldY\i f] X i\gi\j\ekXk`m\ f] k_\ Niljk\\ kf n_fd èhlì`\j dXp Y\ [ì\Zk\[: Xe[ 'm```( k_Xk ef

>,7

i\gi\j\ekXk`fe `j dX[\ Xj kf k_\ Zfii\Zke\jj f] k_\ =OMCJ eldY\i \`k_\i Xj gièk\[ fe k_\ <fe[j fi Xj ZfekXè\[ èjlZ_ efk`Z\ Xe[ k_Xk Xe \iifi è X =OMCJ eldY\i Xj gièk\[ fe X <fe[ fi Xj ZfekXè\[ è jlZ_ efk`Z\ j_Xcc efk X]]\Zkk_\ mXc`[`kp f] k_\ gifZ\\[è^j ]fi i\[\dgk`fe- MlZ_ efk`Z\ j_Xcc ]lik_\i jkXk\ k_Xk fe jlZ_ [Xk\ k_\i\ j_Xcc Y\Zfd\[l\ Xe[ gXpXYc\ lgfe \XZ_ <fe[ kf Y\ i\[\\d\[ k_\ L\[\dgk`fe Ji`Z\ k_\i\f]+ kf^\k_\i n`k_ èk\i\jk XZZil\[ Xe[legX`[ kf k_\ i\[\dgk`fe [Xk\+ Xe[ k_Xk+ ]ifd Xe[ X]k\i jlZ_ [Xk\+ gXpd\ek _Xmè^ Y\\e dX[\ fi gifm`[\[ ]fi+èk\i\jk k_\i\fe j_Xcc Z\Xj\ kf XZZil\- MlZ_ efk`Z\ j_Xcc Y\ ^`m\e Yp dX`cè^ X Zfgp f] jlZ_ efk`Z\+ ]ìjk,ZcXjj dX`c+gfjkX^\ gi\gX`[+ efk c\jj k_Xe k_ìkp '2/( [Xpj gi`fi kf k_\ i\[\dgk`fe [Xk\ ]fi <fe[j+ fk_\i k_Xe PXi`XYc\ Cek\i\jkLXk\ <fe[j+ Xe[ efk c\jj k_Xe ]`]k\\e '04( [Xpj gi`fi kf k_\ i\[\dgk`fe [Xk\ ]fi PXi`XYc\ Cek\i\jk LXk\ <fe[j+ kf k_\fne\ij f] Xep i\^`jk\i\[ <fe[j n_`Z_ Xi\ kf Y\ i\[\\d\[+ Xk k_\ì cXjk befne X[[i\jj\j+ `] Xep+ Xgg\Xiè^ fe k_\i\^`jkiXk`fe Yffbj- C] [ì\Zk\[ è ni`kè^ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ k_\ Niljk\\ j_Xcc Xcjf ^`m\ efk`Z\Yp glYc`ZXk`fe feZ\ è Xe ;lk_fi`q\[ H\njgXg\i+ jlZ_ glYc`ZXk`fe kf Y\ efk c\jj k_Xe k_ìkp '2/( [Xpj gi`fi kf k_\i\[\dgk`fe [Xk\ ]fi <fe[j+ fk_\i k_Xe PXi`XYc\ Cek\i\jk LXk\ <fe[j+ Xe[ efk c\jj k_Xe ]`]k\\e '04( [Xpj gi`fi kf k_\i\[\dgk`fe [Xk\ ]fi PXi`XYc\ Cek\i\jk LXk\ <fe[j+ Ylk jlZ_ glYc`ZXk`fe j_Xcc efk Y\ X Zfe[`k`fe gi\Z\[\ek kf jlZ_i\[\dgk`fe+ Xe[ ]X`cli\ kf jf glYc`j_ Xep jlZ_ efk`Z\ j_Xcc efk X]]\Zk k_\ mXc`[`kp f] k_\ gifZ\\[è^j ]fi k_\i\[\dgk`fe f] k_\ <fe[j-

(Section 4.02 and Section 4.05)


Bonds, Section 4.02 and Section 4.05 of the Resolution will be amended and restated in their entirety as

summarized below:

Ce k_\ ZXj\ f] Xep i\[\dgk`fe f] <fe[j Xk k_\ \c\Zk`fe fi [ì\Zk`fe f] k_\ ;lk_fi`kp fi k_\ Oe`m\ij`kp+ k_\Oe`m\ij`kp j_Xcc ^`m\ ni`kk\e efk`Z\ kf k_\ Niljk\\ f] `kj \c\Zk`fe fi [ì\Zk`fe jf kf i\[\\d fi+ `] k_\ Oe`m\ij`kp j_Xcc]X`c kf ^`m\ jlZ_ efk`Z\+ k_\ ;lk_fi`kp j_Xcc ^`m\ jlZ_ efk`Z\+ f] k_\ i\[\dgk`fe [Xk\+ f] k_\ M\i`\j+ Xe[ f] k_\gièZ`gXc Xdflekj f] k_\ <fe[j f] \XZ_ dXkli`kp f] jlZ_ M\i`\j kf Y\ i\[\\d\[- N_\ M\i`\j+ dXkli`k`\j Xe[ gièZ`gXcXdflekj k_\i\f] kf Y\ i\[\\d\[ j_Xcc Y\ [\k\idè\[ Yp k_\ ;lk_fi`kp è XZZfi[XeZ\ n`k_ èjkilZk`fej ]ifd k_\Oe`m\ij`kp+ jlYa\Zk kf Xep c`d`kXk`fej n`k_ i\jg\Zk k_\i\kf ZfekXè\[ _\i\è- MlZ_ efk`Z\ j_Xcc Y\ ^`m\e kf k_\Niljk\\ '`( n`k_ i\jg\Zk kf <fe[j+ fk_\i k_Xe PXi`XYc\ Cek\i\jk LXk\ <fe[j+ Xk c\Xjk ]fikp,]`m\ '34( [Xpj gi`fi kf k_\[Xk\ fe n_`Z_ jlZ_ <fe[j Xi\ kf Y\ i\[\\d\[ Xe[ '``( n`k_ i\jg\Zk kf PXi`XYc\ Cek\i\jk LXk\ <fe[j+ Xk c\Xjk ]`]k\\e'04( <ljè\jj >Xpj gi`fi kf k_\ [Xk\ fe n_`Z_ jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j Xi\ kf Y\ i\[\\d\[+ fi '```( jlZ_c\jj\i eldY\i f] [Xpj gi`fi kf jlZ_ i\[\dgk`fe [Xk\ Xj j_Xcc Y\ XZZ\gkXYc\ kf k_\ Niljk\\- ?oZ\gk `] fk_\in`j\

gifm`[\[ è X M\i`\j L\jfclk`fe fi X <fe[ M\i`\j =\ik`]`ZXk\+∗ k_\ efk`Z\ f] i\[\dgk`fe i\hlì\[ Yp M\Zk`fe 3-/4_\i\f] kf Y\ ^`m\e j_Xcc efk Y\ ^`m\e n`k_ i\jg\Zk kf <fe[j kf Y\ i\[\\d\[ glijlXek kf k_`j M\Zk`fe lec\jj gi`fi kfk_\ [Xk\ jlZ_ efk`Z\ `j kf Y\ ^`m\e k_\ ;lk_fi`kp j_Xcc _Xm\ gX`[ fi ZXlj\[ kf Y\ gX`[ kf k_\ Niljk\\ Xe Xdflek f]dfe\pj n_`Z_+ è X[[`k`fe kf fk_\i dfe\pj XmX`cXYc\ k_\i\]fi _\c[ Yp k_\ Niljk\\+ `j jl]]`Z`\ek kf i\[\\d+ fe k_\i\[\dgk`fe [Xk\j Xk k_\ L\[\dgk`fe Ji`Z\ k_\i\f]+ kf^\k_\i n`k_ èk\i\jk XZZil\[ kf k_\ i\[\dgk`fe [Xk\+ Xcc f] k_\<fe[j kf Y\ jf i\[\\d\[-

Q_\e\m\i <fe[j Xi\ kf Y\ i\[\\d\[+ k_\ Niljk\\ j_Xcc ^`m\ efk`Z\ f] k_\ i\[\dgk`fe f] k_\ <fe[j è k_\eXd\ f] k_\ ;lk_fi`kp n_`Z_ efk`Z\ j_Xcc jg\Z`]p9 '`( k_\ <fe[j kf Y\ i\[\\d\[ Xe[ k_\ [Xk\ jlZ_ <fe[j n\i\ `jjl\[+k_\ì dXkli`kp [Xk\ Xe[ èk\i\jk iXk\ '``( k_\ eldY\ij Xe[ fk_\i [`jkè^l`j_è^ dXibj f] k_\ <fe[j kf Y\ i\[\\d\[+èZcl[è^ =OMCJ eldY\ij: '```( k_\ i\[\dgk`fe [Xk\: '`m( k_\ L\[\dgk`fe Ji`Z\: 'm( f] \XZ_ jlZ_ <fe[+ k_\ gièZ`gXcXdflek k_\i\f] kf Y\ i\[\\d\[: 'm`( k_\ [Xk\ f] glYc`ZXk`fe+ `] Xep f] k_\ efk`Z\ f] i\[\dgk`fe: 'm``( k_Xk jlZ_ <fe[jn`cc Y\ i\[\\d\[ Xk k_\ gièZ`gXc ZfigfiXk\ kiljk f]]`Z\ f] k_\ Niljk\\ ^`mè^ k_\ X[[i\jj k_\i\f] Xe[ k_\ eXd\ Xe[k\c\g_fe\ eldY\i f] X i\gi\j\ekXk`m\ f] k_\ Niljk\\ kf n_fd èhlì`\j dXp Y\ [ì\Zk\[: 'm```( k_Xk ef i\gi\j\ekXk`fe`j dX[\ Xj kf k_\ Zfii\Zke\jj f] k_\ =OMCJ eldY\i \`k_\i Xj gièk\[ fe k_\ <fe[j fi Xj ZfekXè\[ è jlZ_ efk`Z\ Xe[k_Xk Xe \iifi è X =OMCJ eldY\i Xj gièk\[ fe X <fe[ fi Xj ZfekXè\[ è jlZ_ efk`Z\ j_Xcc efk X]]\Zk k_\ mXc`[`kp f]k_\ gifZ\\[è^j ]fi i\[\dgk`fe: Xe[ 'ò( `] X M\i`\j L\jfclk`fe fi X <fe[ M\i`\j =\ik`]`ZXk\) gifm`[\j k_Xk k_\;lk_fi`kpwj fYc`^Xk`fe kf i\[\\d k_\ <fe[j f] k_\ Xggc`ZXYc\ M\i`\j `j jlYa\Zk kf Zfe[`k`fej+ X jkXk\d\ek k_Xk[\jZi`Y\j k_\ Zfe[`k`fe kf jlZ_ i\[\dgk`fe- MlZ_ efk`Z\ j_Xcc ]lik_\i jkXk\ k_Xk fe jlZ_ [Xk\ k_\i\ j_Xcc Y\Zfd\ [l\Xe[ gXpXYc\ lgfe \XZ_ <fe[ kf Y\ i\[\\d\[ k_\ L\[\dgk`fe Ji`Z\ k_\i\f]+ kf^\k_\i n`k_ èk\i\jk XZZil\[ Xe[

∗ N_\ <fe[ M\i`\j =\ik`]`ZXk\ ]fi k_\ M\i`\j 1/1/; <fe[j gifm`[\j k_Xk k_\ efk`Z\ f] i\[\dgk`fe dXp Y\ ^`m\e gi`fi kfk_\ [Xk\ fe n_`Z_ k_\ [\jZi`Y\[ Xdflekj Xi\ gX`[ kf k_\ Niljk\\+ k_\ i\[\dgk`fe dXp Y\ jlYa\Zk kf Zfe[`k`fej Xe[ k_\ efk`Z\ f]i\[\dgk`fe dXp ZfekXè X [\jZi`gk`fe f] k_\ Zfe[`k`fej kf i\[\dgk`fe-

>,8

legX`[ kf k_\ i\[\dgk`fe [Xk\+ Xe[ k_Xk+ ]ifd Xe[ X]k\i jlZ_ [Xk\+ gXpd\ek _Xmè^ Y\\e dX[\ fi gifm`[\[ ]fi+èk\i\jk k_\i\fe j_Xcc Z\Xj\ kf XZZil\- MlZ_ efk`Z\ j_Xcc Y\ ^`m\e Yp dX`cè^ X Zfgp f] jlZ_ efk`Z\+ ]ìjk,ZcXjj dX`c+gfjkX^\ gi\gX`[+ efk c\jj k_Xe k_ìkp '2/( [Xpj gi`fi kf k_\ i\[\dgk`fe [Xk\ ]fi <fe[j+ fk_\i k_Xe PXi`XYc\ Cek\i\jkLXk\ <fe[j+ Xe[ efk c\jj k_Xe ]`]k\\e '04( [Xpj gi`fi kf k_\ i\[\dgk`fe [Xk\ ]fi PXi`XYc\ Cek\i\jk LXk\ <fe[j+ kf k_\fne\ij f] Xep i\^`jk\i\[ <fe[j n_`Z_ Xi\ kf Y\ i\[\\d\[+ Xk k_\ì cXjk befne X[[i\jj\j+ `] Xep+ Xgg\Xiè^ fe k_\i\^`jkiXk`fe Yffbj-

(Section 4.02 and Section 4.05, as proposed to be amended)

HUVe^TY^W 8_^Tc Q^T 7TTYdY_^Q\ ER\YWQdY_^c

;cc fi Xep gfik`fe f] fe\ fi dfi\ M\i`\j f] L\]le[è^ <fe[j dXp Y\ Xlk_\ek`ZXk\[ Xe[ [\c`m\i\[ lgfefi`^èXc `jjlXeZ\ kf i\]le[ Xcc IlkjkXe[è^ <fe[j+ fe\ fi dfi\ M\i`\j f] IlkjkXe[è^ <fe[j+ X gfik`fe f] X M\i`\j f]IlkjkXe[è^ <fe[j fi X gfik`fe f] X dXkli`kp f] X M\i`\j f] IlkjkXe[è^ <fe[j- N_\ ;lk_fi`kp dXp `jjl\ L\]le[è^<fe[j è Xe X^î\^Xk\ gièZ`gXc Xdflek jl]]`Z`\ek+ kf^\k_\i n`k_ fk_\i dfe\pj XmX`cXYc\ k_\i\]fi+ kf XZZfdgc`j_jlZ_ i\]le[è^ Xe[ kf dXb\ jlZ_ [\gfj`kj i\hlì\[ Yp k_\ gifm`j`fej f] M\Zk`fe 1-/3 k_\ L\jfclk`fe Xe[ f] k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ jlZ_ M\i`\j f] L\]le[è^ <fe[j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j f]L\]le[è^ <fe[j-

N_\ L\]le[è^ <fe[j f] jlZ_ M\i`\j j_Xcc Y\ Xlk_\ek`ZXk\[ Xe[ [\c`m\i\[ Yp k_\ Niljk\\ fecp lgfe i\Z\`gkYp k_\ Niljk\\ 'è X[[`k`fe kf k_\ [fZld\ekj i\hlì\[ Yp k_\ L\jfclk`fe( f]9

C] k_\ <fe[j kf Y\ i\]le[\[ Xi\ kf Y\ i\[\\d\[+ ìi\mfZXYc\ èjkilZk`fej kf k_\ Niljk\\+ jXk`j]XZkfip kf `k+ kf^`m\ [l\ efk`Z\ f] i\[\dgk`fe f] Xcc k_\ <fe[j kf Y\ i\]le[\[ fe X i\[\dgk`fe [Xk\ jg\Z`]`\[ è jlZ_ èjkilZk`fej:

Cii\mfZXYc\ èjkilZk`fej kf k_\ Niljk\\+ jXk`j]XZkfip kf `k+ kf ^`m\ k_\ efk`Z\ gifm`[\[ ]fi è M\Zk`fe 01-/0 f]k_\ L\jfclk`fe kf k_\ Bfc[\ij f] k_\ <fe[j Y\è^ i\]le[\[:

?`k_\i '`( dfe\pj è Xe Xdflek jl]]`Z`\ek kf \]]\Zk gXpd\ek Xk dXkli`kp fi Xk k_\ Xggc`ZXYc\ L\[\dgk`feJi`Z\ f] k_\ <fe[j kf Y\ i\]le[\[+ kf^\k_\i n`k_ XZZil\[ èk\i\jk fe jlZ_ <fe[j kf k_\ dXkli`kp fi i\[\dgk`fe [Xk\+n_`Z_ dfe\p j_Xcc Y\ _\c[ Yp k_\ Niljk\\ fi Xep fe\ fi dfi\ f] k_\ JXpè^ ;^\ekj è X j\gXiXk\ XZZflek ìi\mfZXYcpè kiljk ]fi Xe[ Xjj`ê\[ kf k_\ i\jg\Zk`m\ Bfc[\ij f] k_\ <fe[j kf Y\ i\]le[\[ fi '``( >\]\XjXeZ\ M\Zli`k`\j è jlZ_gièZ`gXc Xdflekj+ f] jlZ_ dXkli`k`\j+ Y\Xiè^ jlZ_ èk\i\jk Xe[ fk_\in`j\ _Xmè^ jlZ_ k\idj Xe[ hlXc`]`ZXk`fej+ Xjj_Xcc Y\ e\Z\jjXip kf Zfdgcp n`k_ k_\ gifm`j`fej f] jX`[ M\Zk`fe 01-/0 f] k_\ L\jfclk`fe+ n_`Z_ >\]\XjXeZ\M\Zli`k`\j Xe[ dfe\pj j_Xcc Y\ _\c[ è kiljk Xe[ lj\[ fecp Xj gifm`[\[ è jX`[ M\Zk`fe: Xe[

; Z\ik`]`ZXk\ f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp ZfekXèè^ jlZ_ X[[`k`feXc jkXk\d\ekj Xj dXp Y\i\XjfeXYcp e\Z\jjXip kf j_fn Zfdgc`XeZ\ n`k_ k_\ i\hlì\d\ekj f] M\Zk`fe 1-/3 f] k_\ L\jfclk`fe-

N_\ gifZ\\[j+ èZcl[è^ XZZil\[ èk\i\jk+ f] L\]le[è^ <fe[j j_Xcc Y\ Xggc`\[ j`dlckXe\fljcp n`k_ k_\[\c`m\ip f] jlZ_ L\]le[è^ <fe[j è k_\ dXee\i gifm`[\[ è fi Xj [\k\idè\[ è XZZfi[XeZ\ n`k_ k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ jlZ_ L\]le[è^ <fe[j fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXkè^ kf jlZ_ M\i`\j f] L\]le[è^<fe[j

N_\ ;lk_fi`kp i\j\im\j k_\ i`^_k kf `jjl\ Yfe[j+ efk\j fi Xep fk_\i fYc`^Xk`fej fi fk_\in`j\ èZliè[\Yk\[e\jj glijlXek kf fk_\i Xe[ j\gXiXk\ i\jfclk`fej fi Xî\\d\ekj f] k_\ ;lk_fi`kp+ jf cfe^ Xj jlZ_ Yfe[j+ efk\jfi fk_\i fYc`^Xk`fej Xi\ efk+ fi jlZ_ fk_\i è[\Yk\[e\jj `j efk+ \ek`kc\[ kf X Z_Xi^\ fi c`\e fi i`^_k gi`fi fi \hlXc kf k_\Z_Xi^\ fi c`\e Zi\Xk\[ Yp k_\ L\jfclk`fe+ fi gi`fi fi \hlXc kf k_\ i`^_kj f] k_\ ;lk_fi`kp Xe[ Bfc[\ij f] <fe[jgifm`[\[ Yp k_\ L\jfclk`fe fi n`k_ i\jg\Zk kf k_\ dfe\pj gc\[^\[ le[\i k_\ L\jfclk`fe lec\jj \ogi\jjcp g\id`kk\[Yp M\Zk`fe 6-/5 f] k_\ L\jfclk`fe-

(Sections 2.04 and 2.06)

7SS_e^dc Q^T 7eTYdc

N_\ ;lk_fi`kp j_Xcc b\\g gifg\i Yffbj f] i\Zfi[j Xe[ XZZflekj 'j\gXiXk\ ]ifd Xcc fk_\i i\Zfi[j Xe[XZZflekj(+ n_`Z_ dXp Y\ b\gk fe Y\_Xc] f] k_\ ;lk_fi`kp Yp k_\ Niljk\\+ è n_`Z_ Zfdgc\k\ Xe[ Zfii\Zk \eki`\j j_XccY\ dX[\ f] `kj kiXejXZk`fej i\cXkè^ kf \XZ_ M\i`\j f] <fe[j+ n_`Z_ Yffbj Xe[ XZZflekj+ Xk i\XjfeXYc\ _flij Xe[

>,0/

jlYa\Zk kf k_\ i\XjfeXYc\ ilc\j Xe[ i\^lcXk`fej f] k_\ ;lk_fi`kp+ j_Xcc Y\ jlYa\Zk kf k_\ èjg\Zk`fe f] k_\ Oe`m\ij`kp+Niljk\\ fi f] Xep Bfc[\i f] X <fe[ fi _`j i\gi\j\ekXk`m\ [lcp Xlk_fi`q\[ è ni`kè^- N_\ ;lk_fi`kp j_Xcc ZXlj\ jlZ_Yffbj Xe[ XZZflekj kf Y\ Xl[`k\[ XeelXccp X]k\i k_\ \e[ f] `kj ]`jZXc p\Xi Yp X eXk`feXccp i\Zfê`q\[ è[\g\e[\ekglYc`Z XZZflekXek j\c\Zk\[ Yp k_\ ;lk_fi`kp- ;eelXccp n`k_è k_ìkp '2/( [Xpj X]k\i i\Z\`gk Yp k_\ ;lk_fi`kp f] k_\i\gfik f] jlZ_ Xl[`k+ X j`ê\[ Zfgp f] jlZ_ i\gfik j_Xcc Y\ ]lie`j_\[ kf k_\ Niljk\\- MlZ_ i\gfik j_Xcc èZcl[\ Xk c\Xjk9X jkXk\d\ek f] Xcc ]le[j 'èZcl[è^ èm\jkd\ekj k_\i\f]( _\c[ Yp jlZ_ Niljk\\ Xe[ k_\ ;lk_fi`kp glijlXek kf k_\gifm`j`fej _\i\f] Xe[ f] \XZ_ M\i`\j L\jfclk`fe: X jkXk\d\ek f] k_\ L\m\el\j Zfcc\Zk\[ è Zfee\Zk`fe _\i\n`k_ Xe[n`k_ \XZ_ M\i`\j L\jfclk`fe: Xe[ X jkXk\d\ek k_Xk+ è dXbè^ jlZ_ Xl[`k+ ef befnc\[^\ f] Xep [\]Xlck è k_\]lc]`ccd\ek f] Xep f] k_\ k\idj+ Zfm\eXekj fi gifm`j`fej _\i\f] Xe[ f] \XZ_ M\i`\j L\jfclk`fe n\i\ fYkXè\[+ fi `]befnc\[^\ f] Xep jlZ_ [\]Xlck nXj fYkXè\[+ X jkXk\d\ek k_\i\f]-

; Zfgp f] k_\ dfjk i\Z\ekcp Xl[`k\[ ]èXeZ`Xc jkXk\d\ekj f] k_\ ;lk_fi`kp+ kf^\k_\i n`k_ X Zfgp f] k_\XZZflekXekwj i\gfik k_\i\fe+ j_Xcc+ lgfe i\Z\`gk f] X ni`kk\e i\hl\jk k_\i\]fi+ Xe[ gXpd\ek f] Xep i\XjfeXYc\ ]\\ fiZ_Xi^\ dX[\ è Zfee\Zk`fe k_\i\n`k_+ Y\ ]lie`j_\[ kf k_\ i\^`jk\i\[ fne\i f] X <fe[ fi Xep Y\e\]`Z`Xc fne\i f] X<ffb,?ekip <fe[ i\hl\jkè^ k_\ jXd\-

(Section 7.05)


Bonds, Section 7.05 of the Resolution will be amended and restated in its entirety as summarized below:

N_\ ;lk_fi`kp j_Xcc b\\g gifg\i Yffbj f] i\Zfi[j Xe[ XZZflekj 'j\gXiXk\ ]ifd Xcc fk_\i i\Zfi[j Xe[XZZflekj(+ n_`Z_ dXp Y\ b\gk fe Y\_Xc] f] k_\ ;lk_fi`kp Yp k_\ Niljk\\+ è n_`Z_ Zfdgc\k\ Xe[ Zfii\Zk \eki`\j j_XccY\ dX[\ f] `kj kiXejXZk`fej i\cXkè^ kf \XZ_ M\i`\j f] <fe[j+ n_`Z_ Yffbj Xe[ XZZflekj+ Xk i\XjfeXYc\ _flij Xe[jlYa\Zk kf k_\ i\XjfeXYc\ ilc\j Xe[ i\^lcXk`fej f] k_\ ;lk_fi`kp+ j_Xcc Y\ jlYa\Zk kf k_\ èjg\Zk`fe f] k_\ Oe`m\ij`kp+k_\ Niljk\\ fi f] Xep Bfc[\i f] X <fe[ fi _`j i\gi\j\ekXk`m\ [lcp Xlk_fi`q\[ è ni`kè^- N_\ Niljk\\ j_Xcc XeelXccpgi\gXi\ X i\gfik n_`Z_ j_Xcc Y\ ]lie`j_\[ kf k_\ ;lk_fi`kp+ kf \XZ_ @XZ`c`kp Jifm`[\i Xe[ kf k_\ Oe`m\ij`kp- MlZ_i\gfik j_Xcc èZcl[\ Xk c\Xjk9 X jkXk\d\ek f] Xcc ]le[j 'èZcl[è^ èm\jkd\ekj k_\i\f]( _\c[ Yp jlZ_ Niljk\\ Xe[ k_\;lk_fi`kp glijlXek kf k_\ gifm`j`fej _\i\f] Xe[ f] \XZ_ M\i`\j L\jfclk`fe: X jkXk\d\ek f] k_\ L\m\el\j Zfcc\Zk\[ èZfee\Zk`fe _\i\n`k_ Xe[ n`k_ \XZ_ M\i`\j L\jfclk`fe: Xe[ Zfdgc\k\ Xe[ Zfii\Zk \eki`\j f] k_\ ;lk_fi`kpwjkiXejXZk`fej i\cXkè^ kf \XZ_ M\i`\j f] <fe[j-

; Zfgp f] jlZ_ i\gfik+ j_Xcc+ lgfe i\Z\`gk f] X ni`kk\e i\hl\jk k_\i\]fi+ Xe[ gXpd\ek f] Xep i\XjfeXYc\ ]\\fi Z_Xi^\ dX[\ è Zfee\Zk`fe k_\i\n`k_+ Y\ ]lie`j_\[ kf k_\ i\^`jk\i\[ fne\i f] X <fe[ fi Xep Y\e\]`Z`Xc fne\i f] X<ffb,?ekip <fe[ i\hl\jkè^ k_\ jXd\-

(Section 7.05, as proposed to be amended)

9bUQdY_^ _V BYU^c

?oZ\gk Xj g\id`kk\[ Yp k_\ L\jfclk`fe+ k_\ ;lk_fi`kp j_Xcc efk Zi\Xk\ fi ZXlj\ kf Y\ Zi\Xk\[ Xep c`\e fiZ_Xi^\ gi`fi fi \hlXc kf k_\ <fe[j fe k_\ gifZ\\[j ]ifd k_\ jXc\ f] Xep <fe[j+ k_\ L\m\el\j+ k_\ i`^_kj f] k_\;lk_fi`kp kf i\Z\`m\ gXpd\ekj kf Y\ dX[\ le[\i k_\ FfXe ;î\\d\ek k_Xk Xi\ kf Y\ [\gfj`k\[ n`k_ k_\ Niljk\\ fi k_\]le[j Xe[ XZZflekj \jkXYc`j_\[ Yp k_\ L\jfclk`fe Xe[ Yp Xep M\i`\j L\jfclk`fe n_`Z_ Xi\ gc\[^\[ Yp k_\ L\jfclk`fe:gifm`[\[+ _fn\m\i+ k_Xk k_\ ;lk_fi`kp dXp '`( `jjl\ Yfe[j+ efk\j fi fk_\i fYc`^Xk`fej fi fk_\in`j\ èZli è[\Yk\[e\jjle[\i Xefk_\i Xe[ j\gXiXk\ i\jfclk`fe fi Xî\\d\ek jf cfe^ Xj k_\ Z_Xi^\ fi c`\e Zi\Xk\[ k_\i\Yp `j efk gi`fi fi \hlXckf k_\ Z_Xi^\ fi c`\e Zi\Xk\[ Yp k_\ L\jfclk`fe+ '``( èZli =i\[`k.F`hl`[`kp @XZ`c`kp IYc`^Xk`fej n_`Z_ Xi\ j\Zli\[ YpX c`\e lgfe Xe[ gc\[^\ f] k_\ L\m\el\j n_`Z_ c`\e Xe[ gc\[^\ `j f] \hlXc gi`fi`kp n`k_ k_\ c`\e Zi\Xk\[ Xe[ gc\[^\dX[\ Yp k_\ L\jfclk`fe-

(Section 7.06)

JQh ;hU]`dY_^6 HURQdU

Ce fi[\i kf dXèkXè k_\ \oZclj`fe ]ifd îfjj èZfd\ ]fi @\[\iXc èZfd\ kXo gligfj\j+ k_\ ;lk_fi`kp j_XccZfdgcp n`k_ k_\ gifm`j`fej f] k_\ =f[\ Xggc`ZXYc\ kf k_\ <fe[j f] X M\i`\j+ èZcl[è^ n`k_flk c`d`kXk`fe k_\gifm`j`fej f] k_\ =f[\ i\cXkè^ kf k_\ ZfdglkXk`fe f] k_\ p`\c[ fe èm\jkd\ekj f] k_\ Aifjj JifZ\\[j f] X M\i`\j f]<fe[j+ i\gfikè^ f] \Xieè^j fe k_\ Aifjj JifZ\\[j f] X M\i`\j f] <fe[j+ Xe[ i\YXk\j f] ?oZ\jj ?Xieè^j kf k_\

>,00

>\gXikd\ek f] k_\ Ni\Xjlip f] k_\ Oe`k\[ MkXk\j f] ;d\i`ZX 'Xcc Xj [\]è\[ è k_\ =f[\(- Ce ]lik_\iXeZ\ f] k_\]fi\^fè^+ k_\ ;lk_fi`kp j_Xcc Zfdgcp n`k_ k_\ gifm`j`fej f] k_\ NXo =\ik`]`ZXk\-

N_\ ;lk_fi`kp j_Xcc efk kXb\ Xep XZk`fe fi ]X`c kf kXb\ Xep XZk`fe n_`Z_ nflc[ ZXlj\ k_\ <fe[j f] X M\i`\jkf Y\ uXiY`kiX^\ Yfe[jv n`k_è k_\ d\Xeè^ f] M\Zk`fe 037'X( f] k_\ =f[\-

Hfkn`k_jkXe[è^ Xep fk_\i gifm`j`fe k_\i\f] kf k_\ ZfekiXip+ k_\ ;lk_fi`kpwj ]X`cli\ kf Zfdgcp n`k_ k_\gifm`j`fej f] k_\ =f[\ Xggc`ZXYc\ kf k_\ <fe[j f] X M\i`\j j_Xcc efk \ek`kc\ k_\ Bfc[\i f] <fe[j f] Xep fk_\i M\i`\j+fi k_\ Niljk\\ XZkè^ fe k_\ì Y\_Xc]+ kf \o\iZ`j\ Xep i`^_k fi i\d\[p gifm`[\[ kf <fe[_fc[\ij le[\i k_\ L\jfclk`feYXj\[ lgfe k_\ ;lk_fi`kpwj ]X`cli\ kf Zfdgcp n`k_ k_\ gifm`j`fej f] M\Zk`fe 6-03 f] k_\ L\jfclk`fe fi f] k_\ =f[\-

(Section 7.14)

;fU^dc _V :UVQe\d

;e \m\ek f] [\]Xlck j_Xcc \o`jk le[\i k_\ L\jfclk`fe Xe[ le[\i \XZ_ M\i`\j L\jfclk`fe 'ZXcc\[ u\m\ek f][\]Xlckv( `]9

JXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ek+ `] Xep+ fi L\[\dgk`fe Ji`Z\ f] Xep <fe[ j_Xcc efk Y\dX[\ n_\e k_\ jXd\ j_Xcc Y\Zfd\ [l\ Xe[ gXpXYc\+ \`k_\i Xk dXkli`kp fi Yp gifZ\\[è^j ]fi i\[\dgk`fe fifk_\in`j\: fi

JXpd\ek f] Xe èjkXccd\ek f] èk\i\jk fe Xep <fe[ j_Xcc efk Y\ dX[\ n_\e k_\ jXd\ j_Xcc Y\Zfd\ [l\ Xe[gXpXYc\: fi

N_\ ;lk_fi`kp j_Xcc [\]Xlck è k_\ [l\ Xe[ gleZklXc g\i]fidXeZ\ f] k_\ Zfm\eXekj ZfekXè\[ è k_\L\jfclk`fe Xe[+ Xj X i\jlck k_\i\f]+ k_\ èk\i\jk fe k_\ <fe[j f] X M\i`\j j_Xcc ef cfe^\i Y\ \oZcl[XYc\ ]ifd îfjjèZfd\ le[\i M\Zk`fe 0/2 f] k_\ =f[\: fi

N_\ ;lk_fi`kp j_Xcc [\]Xlck è k_\ [l\ Xe[ gleZklXc g\i]fidXeZ\ f] Xep fk_\i f] k_\ Zfm\eXekj+ Zfe[`k`fej+Xî\\d\ekj Xe[ gifm`j`fej ZfekXè\[ è k_\ L\jfclk`fe fi è k_\ <fe[j fi Xep M\i`\j L\jfclk`fe fe k_\ gXik f] k_\;lk_fi`kp kf Y\ g\i]fid\[ Xe[ jlZ_ [\]Xlck j_Xcc Zfekèl\ ]fi k_ìkp '2/( [Xpj X]k\i ni`kk\e efk`Z\ jg\Z`]pè^ jlZ_[\]Xlck Xe[ i\hlìè^ jXd\ kf Y\ i\d\[`\[ j_Xcc _Xm\ Y\\e ^`m\e kf k_\ ;lk_fi`kp Yp k_\ Niljk\\+ n_`Z_ dXp ^`m\jlZ_ efk`Z\ è `kj [`jZi\k`fe Xe[ j_Xcc ^`m\ jlZ_ efk`Z\ Xk k_\ ni`kk\e i\hl\jk f] k_\ Bfc[\ij f] efk c\jj k_Xe kn\ekp,]`m\ g\i Z\ekld '14$( è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j: lec\jj+ `] jlZ_ [\]Xlck `j efk ZXgXYc\ f] Y\è^Zli\[ n`k_è k_ìkp '2/( [Xpj+ k_\ ;lk_fi`kp _Xj Zfdd\eZ\[ kf Zli\ jlZ_ [\]Xlck n`k_è jX`[ k_ìkp '2/( [Xpj Xe[[`c`^\ekcp gifj\Zlk\j k_\ Zli\ k_\i\f]: fi

;e u?m\ek f] >\]Xlckv+ Xj [\]è\[ è k_\ FfXe ;î\\d\ek+ Xi`jè^ flk f] fi i\jlckè^ ]ifd k_\ ]X`cli\ f] k_\Oe`m\ij`kp kf Zfdgcp n`k_ k_\ i\hlì\d\ekj f] k_\ FfXe ;î\\d\ek j_Xcc _Xm\ fZZlii\[ Xe[ `j Zfekèlè^ Xe[ Xccjldj gXpXYc\ Yp k_\ Oe`m\ij`kp le[\i k_\ FfXe ;î\\d\ek j_Xcc _Xm\ Y\\e [\ZcXi\[ kf Y\ `dd\[`Xk\cp [l\ Xe[gXpXYc\+ n_`Z_ [\ZcXiXk`fe j_Xcc efk _Xm\ Y\\e Xeelcc\[-

(Section 11.02)

7SSU\UbQdY_^ _V CQdebYdi

Ogfe k_\ _Xgg\eè^ Xe[ ZfekèlXeZ\ f] Xep \m\ek f] [\]Xlck jg\Z`]`\[ è M\Zk`fe 00-/1 f] k_\ L\jfclk`fe+fk_\i k_Xe gXiXîXg_ 'Z( k_\i\f]+ k_\e Xe[ è \m\ip jlZ_ ZXj\ k_\ Niljk\\ dXp+ Xe[ lgfe k_\ ni`kk\e i\hl\jk f] k_\Bfc[\ij f] efk c\jj k_Xe kn\ekp,]`m\ g\i Z\ek '14$( è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j j_Xcc+ Yp X efk`Z\è ni`kè^ kf k_\ ;lk_fi`kp+ [\ZcXi\ k_\ gièZ`gXc f] Xe[ èk\i\jk fe Xcc f] k_\ IlkjkXe[è^ <fe[j kf Y\ [l\ Xe[gXpXYc\- ;k k_\ \ogìXk`fe f] k_ìkp '2/( [Xpj ]ifd k_\ ^`mè^ f] efk`Z\ f] jlZ_ [\ZcXiXk`fe+ jlZ_ gièZ`gXc Xe[èk\i\jk j_Xcc Y\Zfd\ Xe[ Y\ `dd\[`Xk\cp [l\ Xe[ gXpXYc\+ Xepk_è^ è k_\ L\jfclk`fe fi è k_\ <fe[j fi Xep M\i`\jL\jfclk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^- ;k Xep k`d\ X]k\i k_\ gièZ`gXc f] k_\ <fe[j j_Xcc _Xm\ Y\\e jf [\ZcXi\[kf Y\ [l\ Xe[ gXpXYc\+ Xe[ Y\]fi\ k_\ \ekip f] ]èXc al[^d\ek fi [\Zi\\ è Xep jl`k+ XZk`fe fi gifZ\\[è^ èjk`klk\[ feXZZflek f] jlZ_ [\]Xlck+ fi Y\]fi\ k_\ Zfdgc\k`fe f] k_\ \e]fiZ\d\ek f] Xep fk_\i i\d\[p le[\i k_\ L\jfclk`fe+ k_\Niljk\\ j_Xcc n`k_ k_\ ni`kk\e Zfej\ek f] k_\ Bfc[\ij f] efk c\jj k_Xe kn\ekp,]`m\ g\i Z\ekld '14$( è gièZ`gXcXdflek f] k_\ <fe[j efk k_\e [l\ Yp k_\ì k\idj Xe[ k_\e IlkjkXe[è^ Xe[ Yp ni`kk\e efk`Z\ kf k_\ ;lk_fi`kp+ Xeelc

>,01

jlZ_ [\ZcXiXk`fe Xe[ `kj Zfej\hl\eZ\j `]9 '`( dfe\pj j_Xcc _Xm\ XZZldlcXk\[ è k_\ >\Yk M\im`Z\ @le[ jl]]`Z`\ek kfgXp Xcc Xii\Xij f] èk\i\jk+ `] Xep+ lgfe Xcc f] k_\ IlkjkXe[è^ <fe[j '\oZ\gk k_\ èk\i\jk XZZil\[ fe jlZ_ <fe[j jèZ\k_\ cXjk èk\i\jk gXpd\ek [Xk\(: '``( dfe\pj j_Xcc _Xm\ XZZldlcXk\[ Xe[ Y\ XmX`cXYc\ jl]]`Z`\ek kf gXp k_\ Z_Xi^\j+Zfdg\ejXk`fe+ \og\ej\j+ [`jYlij\d\ekj+ X[mXeZ\j Xe[ c`XY`c`k`\j f] k_\ Niljk\\ Xe[ Xep JXpè^ ;^\ek: '```( Xcc fk_\iXdflekj k_\e gXpXYc\ Yp k_\ ;lk_fi`kp le[\i k_\ L\jfclk`fe Xe[ le[\i \XZ_ M\i`\j L\jfclk`fe j_Xcc _Xm\ Y\\e gX`[fi X jld jl]]`Z`\ek kf gXp k_\ jXd\ j_Xcc _Xm\ Y\\e [\gfj`k\[ n`k_ k_\ Niljk\\: Xe[ '`m( \m\ip fk_\i [\]Xlck befne kfk_\ Niljk\\ è k_\ fYj\imXeZ\ fi g\i]fidXeZ\ f] Xep Zfm\eXek+ Zfe[`k`fe fi Xî\\d\ek ZfekXè\[ è k_\ L\jfclk`fe'fk_\i k_Xe X [\]Xlck è k_\ gXpd\ek f] k_\ gièZ`gXc f] jlZ_ <fe[j k_\e [l\ fecp Y\ZXlj\ f] X [\ZcXiXk`fe le[\iM\Zk`fe 00-/1 f] k_\ L\jfclk`fe( fi è k_\ <fe[j fi Xep M\i`\j L\jfclk`fe j_Xcc _Xm\ Y\\e i\d\[`\[ kf k_\jXk`j]XZk`fe f] k_\ Niljk\\- Hf jlZ_ Xeelcd\ek j_Xcc \ok\e[ kf fi X]]\Zk Xep jlYj\hl\ek [\]Xlck fi `dgXì Xep i`^_kZfej\hl\ek k_\i\fe-

(Section 11.03)

;^V_bSU]U^d _V HU]UTYUc

Ogfe k_\ _Xgg\eè^ Xe[ ZfekèlXeZ\ f] Xep \m\ek f] [\]Xlck jg\Z`]`\[ è M\Zk`fe 00-/1 f] k_\ L\jfclk`fe+k_\e Xe[ è \m\ip jlZ_ ZXj\+ k_\ Niljk\\ dXp gifZ\\[+ Xe[ lgfe k_\ ni`kk\e i\hl\jk f] k_\ Bfc[\ij f] efk c\jj k_Xekn\ekp,]`m\ g\i Z\ekld '14$( è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j+ fi+ è k_\ ZXj\ f] k_\ _Xgg\eè^ Xe[ZfekèlXeZ\ f] Xe \m\ek f] [\]Xlck jg\Z`]`\[ è gXiXîXg_ 'Z( f] M\Zk`fe 00-/1 f] k_\ L\jfclk`fe+ lgfe k_\ ni`kk\ei\hl\jk f] k_\ Bfc[\ij f] efk c\jj k_Xe kn\ekp,]`m\ g\i Z\ekld '14$( è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[jf] k_\ M\i`\j X]]\Zk\[ k_\i\Yp+ j_Xcc+ gifZ\\[ 'jlYa\Zk kf k_\ gifm`j`fej è k_\ L\jfclk`fe(+ kf gifk\Zk Xe[ \e]fiZ\ `kji`^_kj Xe[ k_\ i`^_kj f] k_\ Bfc[\ij f] k_\ <fe[j le[\i k_\ cXnj f] k_\ MkXk\ fi le[\i k_\ L\jfclk`fe fi le[\i XepM\i`\j L\jfclk`fe Yp jlZ_ jl`kj+ XZk`fej fi jg\Z`Xc gifZ\\[è^j è \hl`kp fi Xk cXn+ \`k_\i ]fi k_\ jg\Z`]`Zg\i]fidXeZ\ f] Xep Zfm\eXek ZfekXè\[ le[\i k_\ L\jfclk`fe Xe[ le[\i Xep M\i`\j L\jfclk`fe fi è X`[ fi \o\Zlk`fef] Xep gfn\i îXek\[ è k_\ L\jfclk`fe+ fi ]fi Xe XZZflekè^ X^Xèjk k_\ ;lk_fi`kp Xj `] k_\ ;lk_fi`kp n\i\ k_\kiljk\\ f] Xe \ogi\jj kiljk+ fi ]fi k_\ \e]fiZ\d\ek f] Xep gifg\i c\^Xc fi \hl`kXYc\ i\d\[p Xj k_\ Niljk\\ j_Xcc [\\ddfjk \]]\ZklXc kf gifk\Zk Xe[ \e]fiZ\ jlZ_ i`^_kj-

Ce k_\ \e]fiZ\d\ek f] Xep i\d\[p le[\i k_\ L\jfclk`fe Xe[ le[\i \XZ_ M\i`\j L\jfclk`fe k_\ Niljk\\ j_XccY\ \ek`kc\[ kf jl\ ]fi+ \e]fiZ\ gXpd\ek f]+ Xe[ i\Z\`m\ Xep Xe[ Xcc Xdflekj k_\e+ fi [liè^ Xep [\]Xlck Y\Zfdè^+Xe[ Xk Xep k`d\ i\dXèè^+ [l\ ]ifd k_\ ;lk_fi`kp ]fi gièZ`gXc fi èk\i\jk fi fk_\in`j\ le[\i Xep f] k_\ gifm`j`fejk_\i\f] fi f] Xep M\i`\j L\jfclk`fe fi f] k_\ <fe[j+ n`k_ èk\i\jk fe fm\i[l\ gXpd\ekj f] k_\ gièZ`gXc f] fi èk\i\jkfe k_\ <fe[j Xk k_\ iXk\ fi iXk\j f] èk\i\jk jg\Z`]`\[ è jlZ_ <fe[j+ kf^\k_\i n`k_ Xep Xe[ Xcc Zfjkj Xe[ \og\ej\j f]Zfcc\Zk`fe Xe[ f] Xcc gifZ\\[è^j le[\i k_\ L\jfclk`fe Xe[ le[\i Xep M\i`\j L\jfclk`fe Xe[ le[\i jlZ_ <fe[j+n`k_flk gi\al[`Z\ kf Xep fk_\i i`^_k fi i\d\[p f] k_\ Niljk\\ fi f] k_\ Bfc[\ij f] jlZ_ <fe[j+ Xe[ kf i\Zfm\i Xe[\e]fiZ\ al[^d\ek fi [\Zi\\ X^Xèjk k_\ ;lk_fi`kp Ylk jfc\cp Xj gifm`[\[ è k_\ L\jfclk`fe Xe[ è jlZ_ <fe[j+ ]fi Xepgfik`fe f] jlZ_ Xdflekj i\dXèè^ legX`[+ n`k_ èk\i\jk+ Zfjkj Xe[ \og\ej\j+ Xe[ kf Zfcc\Zk è Xep dXee\i gifm`[\[Yp cXn+ k_\ dfe\p X[al[^\[ fi [\Zi\\[ kf Y\ gXpXYc\-

(Section 11.04)

9_^cU^d _V <QSY\Ydi Fb_fYTUb

Q_\e\m\i Yp k_\ k\idj f] k_\ L\jfclk`fe+ k_\ Zfej\ek f] Xep f] k_\ Bfc[\ij f] k_\ <fe[j kf X df[`]`ZXk`fefi Xd\e[d\ek f] k_\ L\jfclk`fe dX[\ Yp X M\i`\j L\jfclk`fe fi Mlggc\d\ekXc L\jfclk`fe `j i\hlì\[+ jlZ_df[`]`ZXk`fe fi Xd\e[d\ek j_Xcc efk Y\Zfd\ \]]\Zk`m\ lek`c k_\ ni`kk\e Zfej\ek f] \XZ_ @XZ`c`kp Jifm`[\i _Xj Y\\efYkXè\[: gifm`[\[+ _fn\m\i+ k_Xk k_\ Zfej\ek f] X @XZ`c`kp Jifm`[\i n_`Z_ _Xj gifm`[\[ X =i\[`k @XZ`c`kp fi XF`hl`[`kp @XZ`c`kp j_Xcc efk Y\ i\hlì\[ lec\jj k_\ df[`]`ZXk`fe fi Xd\e[d\ek i\hlì\j k_\ Zfej\ek f] k_\ Bfc[\ij f]Xep g\iZ\ekX^\ è gièZ`gXc Xdflek f] IlkjkXe[è^ <fe[j fi f] k_\ Bfc[\ij f] Xep g\iZ\ekX^\ è gièZ`gXc Xdflek f]k_\ <fe[j f] k_\ M\i`\j è Zfee\Zk`fe n`k_ n_`Z_ jlZ_ =i\[`k @XZ`c`kp fi F`hl`[`kp @XZ`c`kp nXj gifm`[\[- Hfdf[`]`ZXk`fe fi Xd\e[d\ek f] k_\ L\jfclk`fe n_`Z_ X[m\ij\cp X]]\Zkj X @XZ`c`kp Jifm`[\i j_Xcc Y\ dX[\ n`k_flk k_\ni`kk\e Zfej\ek k_\i\kf f] k_\ @XZ`c`kp Jifm`[\i X]]\Zk\[ k_\i\Yp- Hfk`Z\ f] k_\ X[fgk`fe f] Xep jlZ_ M\i`\jL\jfclk`fe fi Mlggc\d\ekXc L\jfclk`fe Xe[ f] k_\ \]]\Zk`m\e\jj f] k_\ df[`]`ZXk`fe fi Xd\e[d\ek dX[\ k_\i\Ypj_Xcc Y\ ^`m\e kf \XZ_ @XZ`c`kp Jifm`[\i Yp dX`c Xk k_\ k`d\j Xe[ è k_\ dXee\i gifm`[\[ è k_\ L\jfclk`fe n`k_i\jg\Zk kf efk`Z\j k_\i\f] i\hlì\[ kf Y\ ^`m\e kf k_\ Bfc[\ij f] k_\ <fe[j- Hfk`Z\ k_\i\f] j_Xcc Xcjf Y\ ^`m\e kf \XZ_LXkè^ ;^\eZp Xj jffe Xj giXZk`ZXc X]k\i X[fgk`fe f] jlZ_ jlggc\d\ekXc L\jfclk`fe Xe[ f] k_\ \]]\Zk`m\e\jj k_\i\f]-

>,02

(Section 10.04)


Bonds, the first sentence of Section 10.04 of the Resolution will be amended and restated as summarized below:

Q_\e\m\i Yp k_\ k\idj f] k_\ L\jfclk`fe+ k_\ Zfej\ek f] Xep f] k_\ Bfc[\ij f] k_\ <fe[j kf X df[`]`ZXk`fefi Xd\e[d\ek f] k_\ L\jfclk`fe dX[\ Yp X M\i`\j L\jfclk`fe fi Mlggc\d\ekXc L\jfclk`fe `j i\hlì\[+ jlZ_df[`]`ZXk`fe fi Xd\e[d\ek j_Xcc efk Y\Zfd\ \]]\Zk`m\ lek`c k_\ ni`kk\e Zfej\ek f] \XZ_ @XZ`c`kp Jifm`[\i _Xj Y\\efYkXè\[: gifm`[\[+ _fn\m\i+ k_Xk k_\ Zfej\ek f] X @XZ`c`kp Jifm`[\i n_`Z_ _Xj gifm`[\[ X =i\[`k @XZ`c`kp fi XF`hl`[`kp @XZ`c`kp j_Xcc efk Y\ i\hlì\[ lec\jj k_\ df[`]`ZXk`fe fi Xd\e[d\ek i\hlì\j k_\ Zfej\ek f] k_\ Bfc[\ij f]Xep g\iZ\ekX^\ è gièZ`gXc Xdflek f] IlkjkXe[è^ <fe[j fi f] k_\ Bfc[\ij f] Xep g\iZ\ekX^\ è gièZ`gXc Xdflek f]k_\ <fe[j f] k_\ M\i`\j è Zfee\Zk`fe n`k_ n_`Z_ jlZ_ =i\[`k @XZ`c`kp fi F`hl`[`kp @XZ`c`kp nXj gifm`[\[: gifm`[\[]lik_\i k_Xk+ `] Xe[ kf k_\ \ok\ek gifm`[\[ è X M\i`\j L\jfclk`fe fi <fe[ M\i`\j =\ik`]`ZXk\+ '`( X @XZ`c`kp Jifm`[\in_`Z_ _Xj gifm`[\[ X =i\[`k @XZ`c`kp ]fi Xcc fi X gfik`fe f] jlZ_ M\i`\j f] <fe[j Xe[ '``( X @XZ`c`kp Jifm`[\i n_`Z__Xj gifm`[\[ X F`hl`[`kp @XZ`c`kp ]fi Xcc fi X gfik`fe f] X M\i`\j f] <fe[j k_Xk `j jlYa\Zk kf k\e[\i Xk k_\ fgk`fe f] k_\_fc[\ij k_\i\f] Xk c\Xjk Xj ]i\hl\ekcp Xj n\\bcp Xe[ jlZ_ _fc[\ij Xi\ ^`m\e Xk c\Xjk 2/ [Xpjw efk`Z\ f] Xep gifgfj\[df[`]`ZXk`fe fi Xd\e[d\ek _\i\kf+ è \XZ_ ZXj\ j_Xcc Y\ [\\d\[ kf Y\ k_\ Ine\i f] Xcc k_\ <fe[j f] jlZ_ M\i`\jjlggfik\[ Yp jlZ_ =i\[`k @XZ`c`kp fi F`hl`[`kp @XZ`c`kp ]fi Xcc gligfj\j f] k_\ gifm`j`fej f] k_\ L\jfclk`fe i\cXkè^ kfXd\e[d\ek f] k_\ FfXe ;î\\d\ek: M\i`\j L\jfclk`fej Xe[ Mlggc\d\ekXc L\jfclk`fej: Xd\e[d\ek f] k_\L\jfclk`fe: Xe[ [\]Xlckj Xe[ i\d\[`\j+ kf k_\ \oZclj`fe f] k_\ g\ijfej è n_fj\ eXd\j jlZ_ <fe[j Xi\ i\^`jk\i\[ fek_\ i\^`jkiXk`fe Yffbj dXèkXè\[ Yp k_\ Niljk\\-

(First sentence of Section 10.04, as proposed to be amended)

8_^TX_\TUbcl :YbUSdY_^ _V Fb_SUUTY^Wc

;epk_è^ è k_\ L\jfclk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^+ k_\ Bfc[\ij f] X dXafi`kp è gièZ`gXc Xdflekf] k_\ IlkjkXe[è^ <fe[j fi+ è k_\ ZXj\ f] Xe \m\ek f] [\]Xlck jg\Z`]`\[ è gXiXîXg_ '`( f] M\Zk`fe 00-/1 f] k_\L\jfclk`fe+ k_\ Bfc[\ij f] X dXafi`kp è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j f] k_\ M\i`\j X]]\Zk\[ k_\i\Yp+j_Xcc _Xm\ k_\ i`^_k Yp Xe èjkild\ek è ni`kè^ \o\Zlk\[ Xe[ [\c`m\i\[ kf k_\ Niljk\\+ kf [ì\Zk k_\ d\k_f[ Xe[ gcXZ\f] Zfe[lZkè^ Xcc i\d\[`Xc gifZ\\[è^j kf Y\ kXb\e Yp k_\ Niljk\\ le[\i k_\ L\jfclk`fe Xe[ le[\i \XZ_ M\i`\jL\jfclk`fe+ gifm`[\[ jlZ_ [ì\Zk`fe j_Xcc efk Y\ fk_\in`j\ k_Xe è XZZfi[XeZ\ n`k_ cXn fi k_\ gifm`j`fej f] k_\L\jfclk`fe Xe[ f] \XZ_ M\i`\j L\jfclk`fe Xe[ k_\ Niljk\\ j_Xcc _Xm\ k_\ i`^_k kf [\Zcè\ kf ]fccfn Xep jlZ_ [ì\Zk`fen_`Z_ è k_\ fgè`fe f] k_\ Niljk\\ nflc[ Y\ lealjkcp gi\al[`Z`Xc kf <fe[_fc[\ij efk gXik`\j kf jlZ_ [ì\Zk`fe-

(Section 11.07)

BY]YdQdY_^ _V HYWXdc _V ?^TYfYTeQ\ 8_^TX_\TUbc

Hf Bfc[\i f] Xep f] k_\ <fe[j j_Xcc _Xm\ Xep i`^_k kf èjk`klk\ Xep jl`k+ XZk`fe fi gifZ\\[è^ è \hl`kp fi XkcXn ]fi k_\ \o\Zlk`fe f] Xep kiljk le[\i k_\ L\jfclk`fe+ fi ]fi Xep fk_\i i\d\[p le[\i k_\ L\jfclk`fe lec\jj jlZ_Bfc[\i gi\m`fljcp j_Xcc _Xm\ ^`m\e kf k_\ Niljk\\ ni`kk\e efk`Z\ f] k_\ \m\ek f] [\]Xlck fe XZZflek f] n_`Z_ jlZ_jl`k+ XZk`fe fi gifZ\\[è^ `j kf Y\ èjk`klk\[+ Xe[ lec\jj Xcjf k_\ Bfc[\ij f] efk c\jj k_Xe kn\ekp,]`m\ g\i Z\ek '14$(è gièZ`gXc Xdflek f] k_\ IlkjkXe[è^ <fe[j+ fi è k_\ ZXj\ f] Xe \m\ek f] [\]Xlck le[\i gXiXîXg_ 'Z( f] M\Zk`fe00-/1 f] k_\ L\jfclk`fe+ k_\ Bfc[\ij f] efk c\jj k_Xe kn\ekp,]`m\ g\i Z\ekld '14$( è gièZ`gXc Xdflek f] k_\IlkjkXe[è^ <fe[j f] k_\ M\i`\j X]]\Zk\[ k_\i\Yp+ j_Xcc _Xm\ dX[\ ni`kk\e i\hl\jk kf k_\ Niljk\\ X]k\i k_\ i`^_k kf\o\iZ`j\ jlZ_ gfn\ij fi i`^_k f] XZk`fe+ Xj k_\ ZXj\ dXp Y\+ j_Xcc _Xm\ XZZil\[+ Xe[ j_Xcc _Xm\ X]]fi[\[ k_\ Niljk\\ Xi\XjfeXYc\ fggfikle`kp \`k_\i kf gifZ\\[ kf \o\iZ`j\ k_\ gfn\ij îXek\[ Yp k_\ L\jfclk`fe fi kf èjk`klk\ jlZ_ XZk`fe+jl`k fi gifZ\\[è^ è `kj fi k_\ì eXd\+ Xe[ lec\jj+ Xcjf+ k_\i\ j_Xcc _Xm\ Y\\e f]]\i\[ kf k_\ Niljk\\ i\XjfeXYc\j\Zli`kp Xe[ è[\de`kp X^Xèjk k_\ Zfjkj+ \og\ej\j+ Xe[ c`XY`c`k`\j kf Y\ èZlii\[ k_\i\è fi k_\i\Yp+ Xe[ k_\ Niljk\\j_Xcc _Xm\ i\]lj\[ fi e\^c\Zk\[ kf Zfdgcp n`k_ jlZ_ i\hl\jk n`k_è X i\XjfeXYc\ k`d\- MlZ_ efk`]`ZXk`fe+ i\hl\jk Xe[f]]\i f] è[\de`kp Xi\ [\ZcXi\[ è \m\ip jlZ_ ZXj\+ Xk k_\ fgk`fe f] k_\ Niljk\\+ kf Y\ Zfe[`k`fej gi\Z\[\ek kf k_\\o\Zlk`fe f] k_\ gfn\ij Xe[ kiljkj fi ]fi Xep fk_\i i\d\[p le[\i k_\ L\jfclk`fe- Ck `j le[\ijkff[ Xe[ èk\e[\[ k_Xkef fe\ fi dfi\ Bfc[\ij f] k_\ <fe[j j\Zli\[ Yp k_\ L\jfclk`fe j_Xcc _Xm\ Xep i`^_k è Xep dXee\i n_Xk\m\i Yp _`jfi k_\ì XZk`fe kf X]]\Zk+ [`jkliY fi gi\al[`Z\ k_\ j\Zli`kp f] k_\ L\jfclk`fe fi kf \e]fiZ\ Xep i`^_k le[\i k_\L\jfclk`fe \oZ\gk è k_\ dXee\i gifm`[\[+ Xe[ k_Xk Xcc gifZ\\[è^j Xk cXn fi è \hl`kp j_Xcc Y\ èjk`klk\[ Xe[dXèkXè\[ ]fi k_\ Y\e\]`k f] Xcc Bfc[\ij f] k_\ IlkjkXe[è^ <fe[j- Hfkn`k_jkXe[è^ Xep fk_\i gifm`j`fe f] k_\

>,03

L\jfclk`fe+ k_\ Bfc[\i f] Xep <fe[ j_Xcc _Xm\ k_\ i`^_k n_`Z_ `j XYjfclk\ Xe[ leZfe[`k`feXc kf i\Z\`m\ gXpd\ek f]k_\ gièZ`gXc f] 'Xe[ gi\d`ld+ `] Xep( Xe[ èk\i\jk fe jlZ_ <fe[ fe k_\ jkXk\[ dXkli`kp \ogi\jj\[ è jlZ_ <fe[ 'fi+è k_\ ZXj\ f] i\[\dgk`fe+ fe k_\ i\[\dgk`fe [Xk\( Xe[ kf èjk`klk\ jl`k ]fi k_\ \e]fiZ\d\ek f] Xep jlZ_ gXpd\ek+ Xe[jlZ_ i`^_k j_Xcc efk Y\ `dgXì\[ n`k_flk k_\ Zfej\ek f] jlZ_ Bfc[\i-

(Section 11.08)

C_TYVYSQdY_^ Q^T 7]U^T]U^d MYdX_ed 9_^cU^d

Hfkn`k_jkXe[è^ Xep fk_\i gifm`j`fej f] k_\ L\jfclk`fe+ k_\ ;lk_fi`kp dXp X[fgk Xk Xep k`d\ fi ]ifd k`d\kf k`d\ M\i`\j L\jfclk`fej fi Mlggc\d\ekXc L\jfclk`fej ]fi Xep fe\ fi dfi\ f] k_\ ]fccfnè^ gligfj\j+ Xe[ Xep jlZ_M\i`\j L\jfclk`fe fi Mlggc\d\ekXc L\jfclk`fe j_Xcc Y\Zfd\ \]]\Zk`m\ è XZZfi[XeZ\ n`k_ `kj k\idj lgfe k_\ ]`cè^n`k_ k_\ Niljk\\ f] X Zfgp k_\i\f] Z\ik`]`\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp9

Nf gifm`[\ ]fi k_\ `jjlXeZ\ f] X M\i`\j f] <fe[j glijlXek kf k_\ gifm`j`fej f] k_\ L\jfclk`fe Xe[ kfgi\jZi`Y\ k_\ k\idj Xe[ Zfe[`k`fej glijlXek kf n_`Z_ jlZ_ <fe[j dXp Y\ `jjl\[+ gX`[ fi i\[\\d\[:

Nf X[[ X[[`k`feXc Zfm\eXekj Xe[ Xî\\d\ekj f] k_\ ;lk_fi`kp ]fi k_\ gligfj\ f] ]lik_\i j\Zliè^ k_\gXpd\ek f] k_\ <fe[j+ gifm`[\[ jlZ_ X[[`k`feXc Zfm\eXekj Xe[ Xî\\d\ekj Xi\ efk ZfekiXip kf fi èZfej`jk\ek n`k_k_\ Zfm\eXekj Xe[ Xî\\d\ekj f] k_\ ;lk_fi`kp ZfekXè\[ è k_\ L\jfclk`fe:

Nf gi\jZi`Y\ ]lik_\i c`d`kXk`fej Xe[ i\jki`Zk`fej lgfe k_\ `jjlXeZ\ f] <fe[j Xe[ k_\ èZliiè^ f]è[\Yk\[e\jj Yp k_\ ;lk_fi`kp n_`Z_ Xi\ efk ZfekiXip kf fi èZfej`jk\ek n`k_ k_\ c`d`kXk`fej Xe[ i\jki`Zk`fej k_\i\fek_\i\kf]fi\ è \]]\Zk:

Nf jlii\e[\i Xep i`^_k+ gfn\i fi gi`m`c\^\ i\j\im\[ kf fi Zfe]\ii\[ lgfe k_\ ;lk_fi`kp Yp k_\ k\idj f] k_\L\jfclk`fe+ gifm`[\[ k_Xk k_\ jlii\e[\i f] jlZ_ i`^_k+ gfn\i fi gi`m`c\^\ `j efk ZfekiXip kf fi èZfej`jk\ek n`k_ k_\Zfm\eXekj Xe[ Xî\\d\ekj f] k_\ ;lk_fi`kp ZfekXè\[ è k_\ L\jfclk`fe:

Nf Zfe]ìd+ Xj ]lik_\i XjjliXeZ\+ Xep gc\[^\ le[\i k_\ L\jfclk`fe+ Xe[ k_\ jlYa\Zk`fe kf Xep c`\e+ ZcX`d figc\[^\ Zi\Xk\[ fi kf Y\ Zi\Xk\[ Yp gifm`j`fej k_\i\f]+ f] k_\ L\m\el\j fi f] Xep fk_\i dfe\pj+ j\Zli`k`\j fi ]le[j:

Nf df[`]p Xep f] k_\ gifm`j`fej f] k_\ L\jfclk`fe fi f] Xep gi\m`fljcp X[fgk\[ M\i`\j L\jfclk`fe fiMlggc\d\ekXc L\jfclk`fe è Xep fk_\i i\jg\Zkj+ gifm`[\[ k_Xk jlZ_ df[`]`ZXk`fej j_Xcc efk Y\ \]]\Zk`m\ lek`c X]k\i Xcc<fe[j f] Xep M\i`\j f] <fe[j IlkjkXe[è^ Xj f] k_\ [Xk\ f] X[fgk`fe f] jlZ_ Mlggc\d\ekXc L\jfclk`fe fi M\i`\jL\jfclk`fe j_Xcc Z\Xj\ kf Y\ IlkjkXe[è^+ Xe[ Xcc <fe[j `jjl\[ le[\i jlZ_ i\jfclk`fej j_Xcc ZfekXè X jg\Z`]`Zi\]\i\eZ\ kf k_\ df[`]`ZXk`fej ZfekXè\[ è jlZ_ jlYj\hl\ek L\jfclk`fej: fi

Q`k_ k_\ Zfej\ek f] k_\ Niljk\\+ kf Zli\ Xep XdY`^l`kp fi [\]\Zk fi èZfej`jk\ek gifm`j`fe f] k_\ L\jfclk`fe+fi kf èj\ik jlZ_ gifm`j`fej ZcXi`]pè^ dXkk\ij fi hl\jk`fej Xi`jè^ le[\i k_\ L\jfclk`fe Xj Xi\ e\Z\jjXip fi [\jìXYc\gifm`[\[ k_Xk Xep jlZ_ df[`]`ZXk`fej Xi\ efk ZfekiXip kf fi èZfej`jk\ek n`k_ k_\ L\jfclk`fe Xj k_\i\kf]fi\ è \]]\Zk+fi kf df[`]p Xep f] k_\ gifm`j`fej f] k_\ L\jfclk`fe fi f] Xep gi\m`fljcp X[fgk\[ M\i`\j L\jfclk`fe fi Mlggc\d\ekXcL\jfclk`fe è Xep fk_\i i\jg\Zk+ gifm`[\[ k_Xk jlZ_ df[`]`ZXk`fej j_Xcc efk X[m\ij\cp X]]\Zk k_\ èk\i\jkj f] k_\Bfc[\ij è Xep dXk\i`Xc i\jg\Zk-

(Section 9.01)

Ie``\U]U^dQ\ HUc_\edY_^c ;VVUSdYfU MYdX 9_^cU^d _V 8_^TX_\TUbc

N_\ gifm`j`fej f] k_\ L\jfclk`fe dXp Xcjf Y\ df[`]`\[ fi Xd\e[\[ Xk Xep k`d\ fi ]ifd k`d\ kf k`d\ Yp XMlggc\d\ekXc L\jfclk`fe+ jlYa\Zk kf k_\ Zfej\ek f] <fe[_fc[\ij è XZZfi[XeZ\ n`k_ Xe[ jlYa\Zk kf k_\ gifm`j`fej f]k_\ L\jfclk`fe+ jlZ_ Mlggc\d\ekXc L\jfclk`fe kf Y\Zfd\ \]]\Zk`m\ lgfe k_\ ]`cè^ n`k_ k_\ Niljk\\ f] X Zfgp k_\i\f]Z\ik`]`\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp-

(Section 9.02)

>,04

F_gUbc _V 7]U^T]U^d

;ep df[`]`ZXk`fe fi Xd\e[d\ek k_\ L\jfclk`fe Xe[ f] k_\ i`^_kj Xe[ fYc`^Xk`fej f] k_\ ;lk_fi`kp Xe[ f]k_\ Bfc[\ij f] k_\ <fe[j le[\i k_\ L\jfclk`fe+ è Xep gXik`ZlcXi+ dXp Y\ dX[\ Yp X Mlggc\d\ekXc L\jfclk`fe+ n`k_k_\ ni`kk\e Zfej\ek ^`m\e Xj gifm`[\[ è k_\ L\jfclk`fe+ '`( f] k_\ Bfc[\ij f] Xk c\Xjk X dXafi`kp è gièZ`gXc Xdflekf] k_\ <fe[j IlkjkXe[è^ Xk k_\ k`d\ jlZ_ Zfej\ek `j ^`m\e+ fi '``( è ZXj\ c\jj k_Xe Xcc f] k_\ j\m\iXc M\i`\j f] <fe[jk_\e IlkjkXe[è^ Xi\ X]]\Zk\[ Yp k_\ df[`]`ZXk`fe fi Xd\e[d\ek+ f] k_\ Bfc[\ij f] Xk c\Xjk X dXafi`kp è gièZ`gXcXdflek f] k_\ <fe[j f] \XZ_ M\i`\j jf X]]\Zk\[ Xe[ IlkjkXe[è^ Xk k_\ k`d\ jlZ_ Zfej\ek `j ^`m\e+ fi '```( è ZXj\ k_\df[`]`ZXk`fe fi Xd\e[d\ek Z_Xe^\j k_\ Xdflek fi [Xk\ f] Xep Mèbè^ @le[ CejkXccd\ek+ f] k_\ Bfc[\ij f] Xk c\Xjk XdXafi`kp è gièZ`gXc Xdflek f] k_\ <fe[j f] k_\ gXik`ZlcXi M\i`\j+ dXkli`kp Xe[ èk\i\jk iXk\ \ek`kc\[ kf jlZ_ Mèbè^@le[ CejkXccd\ek IlkjkXe[è^ Xk k_\ k`d\ jlZ_ Zfej\ek `j ^`m\e: gifm`[\[+ _fn\m\i+ k_Xk `] jlZ_ df[`]`ZXk`fe fiXd\e[d\ek n`cc+ Yp `kj k\idj+ efk kXb\ \]]\Zk jf cfe^ Xj Xep <fe[j f] Xep jg\Z`]`\[ c`b\ M\i`\j+ dXkli`kp Xe[ k\efii\dXè IlkjkXe[è^+ k_\ Zfej\ek f] k_\ Bfc[\ij f] jlZ_ <fe[j j_Xcc efk Y\ i\hlì\[ Xe[ jlZ_ <fe[j j_Xcc efk Y\[\\d\[ kf Y\ IlkjkXe[è^ ]fi k_\ gligfj\ f] Xep ZXcZlcXk`fe f] IlkjkXe[è^ <fe[j le[\i k_\ L\jfclk`fe- Hf jlZ_df[`]`ZXk`fe fi Xd\e[d\ek j_Xcc g\id`k X Z_Xe^\ è k_\ k\idj f] i\[\dgk`fe fi dXkli`kp f] k_\ gièZ`gXc f] XepIlkjkXe[è^ <fe[ fi f] Xep èjkXccd\ek f] èk\i\jk k_\i\fe fi X i\[lZk`fe è k_\ gièZ`gXc Xdflek fi k_\ L\[\dgk`feJi`Z\ k_\i\f] fi è k_\ iXk\ f] èk\i\jk k_\i\fe n`k_flk k_\ Zfej\ek f] k_\ Bfc[\i f] jlZ_ <fe[+ fi j_Xcc i\[lZ\ k_\g\iZ\ekX^\j fi fk_\in`j\ X]]\Zk k_\ ZcXjj\j f] <fe[j k_\ Zfej\ek f] k_\ Bfc[\ij f] n_`Z_ `j i\hlì\[ kf \]]\Zk XepjlZ_ df[`]`ZXk`fe fi Xd\e[d\ek- ; M\i`\j j_Xcc Y\ [\\d\[ kf Y\ X]]\Zk\[ Yp X df[`]`ZXk`fe fi Xd\e[d\ek f] k_\L\jfclk`fe `] k_\ jXd\ X[m\ij\cp X]]\Zkj fi [`dè`j_\j k_\ i`^_kj f] k_\ Bfc[\ij f] <fe[j f] jlZ_ M\i`\j è XepdXk\i`Xc i\jg\Zk- N_\ Niljk\\ dXp è `kj [`jZi\k`fe [\k\idè\ n_\k_\i fi efk è XZZfi[XeZ\ n`k_ k_\ ]fi\^fè^gifm`j`fej <fe[j f] Xep gXik`ZlcXi M\i`\j fi dXkli`kp nflc[ Y\ X]]\Zk\[ Yp Xep df[`]`ZXk`fe fi Xd\e[d\ek f] k_\L\jfclk`fe Xe[ Xep jlZ_ [\k\idèXk`fe j_Xcc Y\ Yè[è^ Xe[ ZfeZclj`m\ fe k_\ ;lk_fi`kp Xe[ Xcc Bfc[\ij f] <fe[j-N_\ Niljk\\ dXp i\Z\`m\ Xe fgè`fe f] Zflej\c+ èZcl[è^ Xe fgè`fe f] <fe[ =flej\c+ Xj ZfeZclj`m\ \m`[\eZ\ Xj kfn_\k_\i <fe[j f] Xep gXik`ZlcXi M\i`\j fi dXkli`kp nflc[ Y\ jf X]]\Zk\[ Yp Xep jlZ_ df[`]`ZXk`fe fi Xd\e[d\ek f]k_\ L\jfclk`fe-

(Section 10.01)

9_^cU^d _V 8_^TX_\TUbc

N_\ ;lk_fi`kp dXp Xk Xep k`d\ X[fgk X Mlggc\d\ekXc L\jfclk`fe dXbè^ X df[`]`ZXk`fe fi Xd\e[d\ekg\id`kk\[ Yp k_\ L\jfclk`fe kf kXb\ \]]\Zk n_\e Xe[ Xj gifm`[\[ è k_\ L\jfclk`fe- ; Zfgp f] jlZ_ Mlggc\d\ekXcL\jfclk`fe 'fi Yi`\] jlddXip k_\i\f] fi i\]\i\eZ\ k_\i\kf è ]fid Xggifm\[ Yp k_\ Niljk\\( kf^\k_\i n`k_ X i\hl\jkkf k_\ Bfc[\ij f] <fe[j ]fi k_\ì Zfej\ek k_\i\kf è ]fid jXk`j]XZkfip kf k_\ Niljk\\+ j_Xcc gifdgkcp X]k\i X[fgk`fe Y\dX`c\[ Yp k_\ ;lk_fi`kp kf k_\ Bfc[\ij f] <fe[j 'Ylk ]X`cli\ kf dX`c jlZ_ Zfgp Xe[ i\hl\jk kf Xep gXik`ZlcXi<fe[_fc[\i j_Xcc efk X]]\Zk k_\ mXc`[`kp f] k_\ Mlggc\d\ekXc L\jfclk`fe n_\e Zfej\ek\[ kf Xj gifm`[\[ è k_\L\jfclk`fe(- MlZ_ Mlggc\d\ekXc L\jfclk`fe j_Xcc efk Y\ \]]\Zk`m\ lec\jj Xe[ lek`c '`( k_\i\ j_Xcc _Xm\ Y\\e ]`c\[n`k_ k_\ Niljk\\ 'X( k_\ ni`kk\e Zfej\ekj f] k_\ Bfc[\ij f] k_\ g\iZ\ekX^\j f] IlkjkXe[è^ <fe[j jg\Z`]`\[ è k_\L\jfclk`fe Xe[ 'Y( Xe fgè`fe f] <fe[ =flej\c jkXkè^ k_Xk jlZ_ Mlggc\d\ekXc L\jfclk`fe _Xj Y\\e [lcp Xe[cXn]lccp X[fgk\[ Xe[ ]`c\[ Yp k_\ ;lk_fi`kp è XZZfi[XeZ\ n`k_ k_\ gifm`j`fej f] k_\ L\jfclk`fe+ `j Xlk_fi`q\[ fig\id`kk\[ Yp k_\ L\jfclk`fe+ Xe[ `j mXc`[ Xe[ Yè[è^ lgfe k_\ ;lk_fi`kp Xe[ \e]fiZ\XYc\ è XZZfi[XeZ\ n`k_ `kjk\idj+ Xe[ '``( X efk`Z\ j_Xcc _Xm\ Y\\e dX`c\[ Xj gifm`[\[ è k_\ L\jfclk`fe- ?XZ_ jlZ_ Zfej\ek j_Xcc Y\ \]]\Zk`m\fecp `] XZZfdgXe`\[ Yp giff] f] k_\ _fc[è^ Xk k_\ [Xk\ f] jlZ_ Zfej\ek+ f] k_\ <fe[j n`k_ i\jg\Zk kf n_`Z_ jlZ_Zfej\ek `j ^`m\e+ n_`Z_ giff] j_Xcc Y\ jlZ_ Xj `j g\id`kk\[ Yp k_\ L\jfclk`fe- ; Z\ik`]`ZXk\ fi Z\ik`]`ZXk\j Yp k_\Niljk\\ ]`c\[ n`k_ k_\ Niljk\\ k_Xk `k _Xj \oXdè\[ jlZ_ giff] Xe[ k_Xk jlZ_ giff] `j jl]]`Z`\ek è XZZfi[XeZ\ n`k_ k_\L\jfclk`fe j_Xcc Y\ ZfeZclj`m\ k_Xk k_\ Zfej\ekj _Xm\ Y\\e ^`m\e Yp k_\ Bfc[\ij f] k_\ <fe[j [\jZi`Y\[ è jlZ_Z\ik`]`ZXk\ fi Z\ik`]`ZXk\j f] k_\ Niljk\\- ;ep jlZ_ Zfej\ek j_Xcc Y\ Yè[è^ lgfe k_\ Bfc[\i f] k_\ <fe[j ^`mè^jlZ_ Zfej\ek Xe[+ Xepk_è^ è k_\ L\jfclk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^+ lgfe Xep jlYj\hl\ek Bfc[\i f] jlZ_<fe[j Xe[ f] Xep <fe[j `jjl\[ è \oZ_Xe^\ k_\i\]fi 'n_\k_\i fi efk jlZ_ jlYj\hl\ek Bfc[\i k_\i\f] _Xj efk`Z\k_\i\f](+ lec\jj jlZ_ Zfej\ek `j i\mfb\[ è ni`kè^ Yp k_\ Bfc[\i f] jlZ_ <fe[j ^`mè^ jlZ_ Zfej\ek fi X jlYj\hl\ekBfc[\i k_\i\f] Yp ]`cè^ n`k_ k_\ Niljk\\+ gi`fi kf k_\ k`d\ n_\e k_\ ni`kk\e jkXk\d\ek f] k_\ Niljk\\ `j ]`c\[+ jlZ_i\mfZXk`fe è k_\ dXee\i g\id`kk\[ Yp k_\ L\jfclk`fe- N_\ ]XZk k_Xk X Zfej\ek _Xj efk Y\\e i\mfb\[ dXp c`b\n`j\ Y\gifm\[ Yp X Z\ik`]`ZXk\ f] k_\ Niljk\\ ]`c\[ n`k_ k_\ Niljk\\ kf k_\ \]]\Zk k_Xk ef i\mfZXk`fe k_\i\f] `j fe ]`c\ n`k_ k_\Niljk\\- ;k Xep k`d\ X]k\i k_\ Bfc[\ij f] k_\ i\hlì\[ g\iZ\ekX^\j f] <fe[j j_Xcc _Xm\ ]`c\[ k_\ì Zfej\ekj kf k_\Mlggc\d\ekXc L\jfclk`fe+ k_\ Niljk\\ j_Xcc dXb\ Xe[ ]`c\ n`k_ k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp X ni`kk\e jkXk\d\ekk_Xk k_\ Bfc[\ij f] jlZ_ i\hlì\[ g\iZ\ekX^\j f] <fe[j _Xm\ ]`c\[ jlZ_ Zfej\ekj- MlZ_ ni`kk\e jkXk\d\ek j_Xcc Y\

>,05

ZfeZclj`m\ k_Xk jlZ_ Zfej\ekj _Xm\ Y\\e jf ]`c\[- ;k Xep k`d\ k_\i\X]k\i efk`Z\+ jkXkè^ è jlYjkXeZ\ k_Xk k_\Mlggc\d\ekXc L\jfclk`fe 'n_`Z_ dXp Y\ i\]\ii\[ kf Xj X Mlggc\d\ekXc L\jfclk`fe X[fgk\[ Yp k_\ ;lk_fi`kp fe XjkXk\[ [Xk\+ X Zfgp f] n_`Z_ `j fe ]`c\ n`k_ k_\ Niljk\\( _Xj Y\\e Zfej\ek\[ kf Yp k_\ Bfc[\ij f] k_\ i\hlì\[g\iZ\ekX^\j f] <fe[j Xe[ n`cc Y\ \]]\Zk`m\ Xj gifm`[\[ è k_\ L\jfclk`fe+ j_Xcc Y\ ^`m\e kf k_\ <fe[_fc[\ij Yp k_\;lk_fi`kp Yp dX`cè^ jlZ_ efk`Z\ kf k_\ <fe[_fc[\ij 'Ylk ]X`cli\ kf dX`c jlZ_ efk`Z\ kf Xep gXik`ZlcXi <fe[_fc[\ij_Xcc efk gi\m\ek jlZ_ Mlggc\d\ekXc L\jfclk`fe ]ifd Y\Zfdè^ \]]\Zk`m\ Xe[ Yè[è^ Xj è k_`j M\Zk`fe gifm`[\[(Xe[+ Xk k_\ [`jZi\k`fe f] k_\ ;lk_fi`kp+ Yp glYc`j_è^ k_\ jXd\ Xk c\Xjk feZ\ efk dfi\ k_Xe eè\kp '8/( [Xpj X]k\i k_\Bfc[\ij f] k_\ i\hlì\[ g\iZ\ekX^\j f] <fe[j j_Xcc _Xm\ ]`c\[ k_\ì Zfej\ekj kf k_\ Mlggc\d\ekXc L\jfclk`fe Xe[ k_\ni`kk\e jkXk\d\ek f] k_\ Niljk\\ _\i\èXYfm\ gifm`[\[ ]fi `j ]`c\[ 'Ylk ]X`cli\ kf glYc`j_ jlZ_ efk`Z\ j_Xcc efk gi\m\ekjlZ_ Mlggc\d\ekXc L\jfclk`fe ]ifd Y\Zfdè^ \]]\Zk`m\ Xe[ Yè[è^ Xj è k_`j M\Zk`fe gifm`[\[(- N_\ ;lk_fi`kpj_Xcc ]`c\ n`k_ k_\ Niljk\\ giff] f] k_\ dX`cè^ f] jlZ_ efk`Z\+ Xe[+ `] k_\ jXd\ j_Xcc _Xm\ Y\\e glYc`j_\[+ f] k_\glYc`ZXk`fe k_\i\f]- ; kiXejZi`gk+ Zfej`jkè^ f] k_\ gXg\ij i\hlì\[ fi g\id`kk\[ Yp k_\ L\jfclk`fe kf Y\ ]`c\[ n`k_k_\ Niljk\\+ j_Xcc Y\ giff] f] k_\ dXkk\ij k_\i\è jkXk\[- MlZ_ Mlggc\d\ekXc L\jfclk`fe dXbè^ jlZ_ Xd\e[d\ek fidf[`]`ZXk`fe j_Xcc Y\ [\\d\[ ZfeZclj`m\cp Yè[è^ lgfe k_\ ;lk_fi`kp+ k_\ Niljk\\+ \XZ_ JXpè^ ;^\ek Xe[ k_\Bfc[\ij f] Xcc <fe[j Xk k_\ \ogìXk`fe f] k_ìkp '2/( [Xpj X]k\i k_\ ]`cè^ n`k_ k_\ Niljk\\ f] k_\ giff] f] k_\ dX`cè^f] jlZ_ cXjk d\ek`fe\[ efk`Z\+ \oZ\gk è k_\ \m\ek f] X ]èXc [\Zi\\ f] X Zflik f] Zfdg\k\ek ali`j[`Zk`fe j\kkè^ Xj`[\jlZ_ Mlggc\d\ekXc L\jfclk`fe è X c\^Xc XZk`fe fi \hl`kXYc\ gifZ\\[è^ ]fi jlZ_ gligfj\ Zfdd\eZ\[ n`k_è jlZ_k_ìkp '2/( [Xp g\i`f[: gifm`[\[+ _fn\m\i+ k_Xk k_\ ;lk_fi`kp+ k_\ Niljk\\ Xe[ Xep JXpè^ ;^\ek [liè^ jlZ_ k_ìkp'2/( [Xp g\i`f[ Xe[ Xep jlZ_ ]lik_\i g\i`f[ [liè^ n_`Z_ Xep jlZ_ XZk`fe fi gifZ\\[è^ dXp Y\ g\e[è^ j_Xcc Y\\ek`kc\[ è k_\ì i\XjfeXYc\ [`jZi\k`fe kf kXb\ jlZ_ XZk`fe+ fi kf i\]iXè ]ifd kXbè^ jlZ_ XZk`fe+ n`k_ i\jg\Zk kf jlZ_Mlggc\d\ekXc L\jfclk`fe Xj k_\p dXp [\\d \og\[`\ek-

N_\ gliZ_Xj\ij f] k_\ <fe[j f] X M\i`\j+ n_\k_\i gliZ_Xjè^ Xj le[\ini`k\ij+ ]fi i\jXc\ fi fk_\in`j\+ lgfejlZ_ gliZ_Xj\ Xe[ k_\ i\dXib\kè^ X^\ek ]fi Igk`fe <fe[j f] X M\i`\j+ lgfe X dXe[Xkfip k\e[\i [Xk\ ]fi jlZ_Igk`fe <fe[j+ dXp Zfej\ek kf Xe Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe fi nX`m\i f] k_\ L\jfclk`fe n`k_ k_\ jXd\ \]]\ZkXj X Zfej\ek ^`m\e Yp k_\ Bfc[\ij f] jlZ_ <fe[j-

(Section 10.02)


Bonds, the first paragraph of Section 10.02 of the Resolution will be amended and restated in its entirety as

summarized below:

N_\ ;lk_fi`kp dXp Xk Xep k`d\ X[fgk X Mlggc\d\ekXc L\jfclk`fe dXbè^ X df[`]`ZXk`fe fi Xd\e[d\ekg\id`kk\[ Yp k_\ L\jfclk`fe kf kXb\ \]]\Zk n_\e Xe[ Xj gifm`[\[ è k_\ L\jfclk`fe- ; Zfgp f] jlZ_ Mlggc\d\ekXcL\jfclk`fe 'fi Yi`\] jlddXip k_\i\f] fi i\]\i\eZ\ k_\i\kf è ]fid Xggifm\[ Yp k_\ Niljk\\( kf^\k_\i n`k_ X i\hl\jkkf k_\ Bfc[\ij f] <fe[j ]fi k_\ì Zfej\ek k_\i\kf è ]fid jXk`j]XZkfip kf k_\ Niljk\\+ j_Xcc gifdgkcp X]k\i X[fgk`fe Y\dX`c\[ Yp k_\ ;lk_fi`kp kf k_\ Bfc[\ij f] <fe[j 'Ylk ]X`cli\ kf dX`c jlZ_ Zfgp Xe[ i\hl\jk kf Xep gXik`ZlcXi<fe[_fc[\i j_Xcc efk X]]\Zk k_\ mXc`[`kp f] k_\ Mlggc\d\ekXc L\jfclk`fe n_\e Zfej\ek\[ kf Xj gifm`[\[ è k_\L\jfclk`fe(- MlZ_ Mlggc\d\ekXc L\jfclk`fe j_Xcc efk Y\ \]]\Zk`m\ lec\jj Xe[ lek`c '`( k_\i\ j_Xcc _Xm\ Y\\e ]`c\[n`k_ k_\ Niljk\\ 'X( k_\ ni`kk\e Zfej\ekj f] k_\ Bfc[\ij f] k_\ g\iZ\ekX^\j f] IlkjkXe[è^ <fe[j jg\Z`]`\[ è k_\L\jfclk`fe Xe[ 'Y( Xe fgè`fe f] <fe[ =flej\c jkXkè^ k_Xk jlZ_ Mlggc\d\ekXc L\jfclk`fe _Xj Y\\e [lcp Xe[cXn]lccp X[fgk\[ Xe[ ]`c\[ Yp k_\ ;lk_fi`kp è XZZfi[XeZ\ n`k_ k_\ gifm`j`fej f] k_\ L\jfclk`fe+ `j Xlk_fi`q\[ fig\id`kk\[ Yp k_\ L\jfclk`fe+ Xe[ `j mXc`[ Xe[ Yè[è^ lgfe k_\ ;lk_fi`kp Xe[ \e]fiZ\XYc\ è XZZfi[XeZ\ n`k_ `kjk\idj+ Xe[ '``( X efk`Z\ j_Xcc _Xm\ Y\\e dX`c\[ Xj gifm`[\[ è k_\ L\jfclk`fe- ?XZ_ jlZ_ Zfej\ek j_Xcc Y\ \]]\Zk`m\fecp `] XZZfdgXe`\[ Yp giff] f] k_\ _fc[è^ Xk k_\ [Xk\ f] jlZ_ Zfej\ek+ f] k_\ <fe[j n`k_ i\jg\Zk kf n_`Z_ jlZ_Zfej\ek `j ^`m\e+ n_`Z_ giff] j_Xcc Y\ jlZ_ Xj `j g\id`kk\[ Yp k_\ L\jfclk`fe- ; Z\ik`]`ZXk\ fi Z\ik`]`ZXk\j Yp k_\Niljk\\ ]`c\[ n`k_ k_\ Niljk\\ k_Xk `k _Xj \oXdè\[ jlZ_ giff] Xe[ k_Xk jlZ_ giff] `j jl]]`Z`\ek è XZZfi[XeZ\ n`k_ k_\L\jfclk`fe j_Xcc Y\ ZfeZclj`m\ k_Xk k_\ Zfej\ekj _Xm\ Y\\e ^`m\e Yp k_\ Bfc[\ij f] k_\ <fe[j [\jZi`Y\[ è jlZ_Z\ik`]`ZXk\ fi Z\ik`]`ZXk\j f] k_\ Niljk\\- ;ep jlZ_ Zfej\ek j_Xcc Y\ Yè[è^ lgfe k_\ Bfc[\i f] k_\ <fe[j ^`mè^jlZ_ Zfej\ek Xe[+ Xepk_è^ è k_\ L\jfclk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^+ lgfe Xep jlYj\hl\ek Bfc[\i f] jlZ_<fe[j Xe[ f] Xep <fe[j `jjl\[ è \oZ_Xe^\ k_\i\]fi 'n_\k_\i fi efk jlZ_ jlYj\hl\ek Bfc[\i k_\i\f] _Xj efk`Z\k_\i\f](+ lec\jj jlZ_ Zfej\ek `j i\mfb\[ è ni`kè^ Yp k_\ Bfc[\i f] jlZ_ <fe[j ^`mè^ jlZ_ Zfej\ek fi X jlYj\hl\ekBfc[\i k_\i\f] Yp ]`cè^ n`k_ k_\ Niljk\\+ gi`fi kf k_\ k`d\ n_\e k_\ ni`kk\e jkXk\d\ek f] k_\ Niljk\\ `j ]`c\[+ jlZ_i\mfZXk`fe è k_\ dXee\i g\id`kk\[ Yp k_\ L\jfclk`fe- N_\ ]XZk k_Xk X Zfej\ek _Xj efk Y\\e i\mfb\[ dXp c`b\n`j\ Y\gifm\[ Yp X Z\ik`]`ZXk\ f] k_\ Niljk\\ ]`c\[ n`k_ k_\ Niljk\\ kf k_\ \]]\Zk k_Xk ef i\mfZXk`fe k_\i\f] `j fe ]`c\ n`k_ k_\

>,06

Niljk\\- ;k Xep k`d\ X]k\i k_\ Bfc[\ij f] k_\ i\hlì\[ g\iZ\ekX^\j f] <fe[j j_Xcc _Xm\ ]`c\[ k_\ì Zfej\ekj kf k_\Mlggc\d\ekXc L\jfclk`fe+ k_\ Niljk\\ j_Xcc dXb\ Xe[ ]`c\ n`k_ k_\ ;lk_fi`kp Xe[ k_\ Oe`m\ij`kp X ni`kk\e jkXk\d\ekk_Xk k_\ Bfc[\ij f] jlZ_ i\hlì\[ g\iZ\ekX^\j f] <fe[j _Xm\ ]`c\[ jlZ_ Zfej\ekj- MlZ_ ni`kk\e jkXk\d\ek j_Xcc Y\ZfeZclj`m\ k_Xk jlZ_ Zfej\ekj _Xm\ Y\\e jf ]`c\[- ;k Xep k`d\ k_\i\X]k\i efk`Z\+ jkXkè^ è jlYjkXeZ\ k_Xk k_\Mlggc\d\ekXc L\jfclk`fe 'n_`Z_ dXp Y\ i\]\ii\[ kf Xj X Mlggc\d\ekXc L\jfclk`fe X[fgk\[ Yp k_\ ;lk_fi`kp fe XjkXk\[ [Xk\+ X Zfgp f] n_`Z_ `j fe ]`c\ n`k_ k_\ Niljk\\( _Xj Y\\e Zfej\ek\[ kf Yp k_\ Bfc[\ij f] k_\ i\hlì\[g\iZ\ekX^\j f] <fe[j Xe[ n`cc Y\ \]]\Zk`m\ Xj gifm`[\[ è k_\ L\jfclk`fe+ j_Xcc Y\ ^`m\e kf k_\ <fe[_fc[\ij Yp k_\;lk_fi`kp Yp dX`cè^ jlZ_ efk`Z\ kf k_\ <fe[_fc[\ij 'Ylk ]X`cli\ kf dX`c jlZ_ efk`Z\ kf Xep gXik`ZlcXi <fe[_fc[\ij_Xcc efk gi\m\ek jlZ_ Mlggc\d\ekXc L\jfclk`fe ]ifd Y\Zfdè^ \]]\Zk`m\ Xe[ Yè[è^ Xj è k_`j M\Zk`fe gifm`[\[(-N_\ ;lk_fi`kp j_Xcc ]`c\ n`k_ k_\ Niljk\\ giff] f] k_\ dX`cè^ f] jlZ_ efk`Z\+ Xe[+ `] k_\ jXd\ j_Xcc _Xm\ Y\\eglYc`j_\[+ f] k_\ glYc`ZXk`fe k_\i\f]- ; kiXejZi`gk+ Zfej`jkè^ f] k_\ gXg\ij i\hlì\[ fi g\id`kk\[ Yp k_\ L\jfclk`fekf Y\ ]`c\[ n`k_ k_\ Niljk\\+ j_Xcc Y\ giff] f] k_\ dXkk\ij k_\i\è jkXk\[- MlZ_ Mlggc\d\ekXc L\jfclk`fe dXbè^ jlZ_Xd\e[d\ek fi df[`]`ZXk`fe j_Xcc Y\ [\\d\[ ZfeZclj`m\cp Yè[è^ lgfe k_\ ;lk_fi`kp+ k_\ Niljk\\+ \XZ_ JXpè^;^\ek Xe[ k_\ Bfc[\ij f] Xcc <fe[j lgfe k_\ dX`cè^ f] jlZ_ cXjk d\ek`fe\[ efk`Z\-

(First paragraph of Section 10.02, as proposed to be amended)

7]U^T]U^d _V B_Q^ 7WbUU]U^d

N_\ FfXe ;î\\d\ek dXp efk Y\ Xd\e[\[+ Z_Xe^\[+ df[`]`\[+ Xck\i\[ fi k\idèXk\[ jf Xj kf X[m\ij\cpX]]\Zk k_\ èk\i\jk f] k_\ Bfc[\ij f] IlkjkXe[è^ <fe[j n`k_flk k_\ gi`fi ni`kk\e Zfej\ek f] 'X( k_\ Bfc[\ij f] Xk c\XjkX dXafi`kp è X^î\^Xk\ gièZ`gXc Xdflek f] k_\ <fe[j k_\e IlkjkXe[è^+ fi 'Y( è ZXj\ c\jj k_Xe Xcc f] k_\ j\m\iXcM\i`\j f] <fe[j k_\e IlkjkXe[è^ Xi\ X]]\Zk\[ Yp k_\ df[`]`ZXk`fej fi Xd\e[d\ekj+ k_\ Bfc[\ij f] efk c\jj k_Xe XdXafi`kp è X^î\^Xk\ gièZ`gXc Xdflek f] k_\ <fe[j f] \XZ_ M\i`\j jf X]]\Zk\[ k_\e IlkjkXe[è^ gifm`[\[+ _fn\m\i+k_Xk `] jlZ_ df[`]`ZXk`fe fi Xd\e[d\ek n`cc+ Yp `kj k\idj+ efk kXb\ \]]\Zk jf cfe^ Xj Xep <fe[j f] Xep jg\Z`]`\[M\i`\j i\dXè IlkjkXe[è^+ k_\ Zfej\ek f] k_\ Bfc[\ij f] jlZ_ <fe[j j_Xcc efk Y\ i\hlì\[ Xe[ jlZ_ <fe[j j_Xcc efkY\ [\\d\[ kf Y\ IlkjkXe[è^ ]fi k_\ gligfj\ f] Xep ZXcZlcXk`fe f] IlkjkXe[è^ <fe[j le[\i M\Zk`fe 6-00 f] k_\L\jfclk`fe: gifm`[\[+ ]lik_\i+ k_Xk ef jlZ_ Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe+ Xck\iXk`fe fi k\idèXk`fe n`cc i\[lZ\k_\ g\iZ\ekX^\ f] k_\ X^î\^Xk\ gièZ`gXc Xdflek f] IlkjkXe[è^ <fe[j k_\ Zfej\ek f] k_\ Bfc[\ij f] n_`Z_ `j Xi\hlì\d\ek ]fi Xep jlZ_ Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe+ Xck\iXk`fe fi k\idèXk`fe+ fi [\Zi\Xj\ k_\ Xdflek f] XepgXpd\ek i\hlì\[ kf Y\ dX[\ le[\i k_\ FfXe ;î\\d\ek fi \ok\e[ k_\ k`d\ f] gXpd\ek k_\i\f]- N_\ FfXe;î\\d\ek dXp Y\ Xd\e[\[+ Z_Xe^\[+ df[`]`\[ fi Xck\i\[ n`k_ k_\ Zfej\ek f] k_\ Niljk\\ Ylk n`k_flk k_\ Zfej\ek f]k_\ Bfc[\ij f] IlkjkXe[è^ <fe[j kf gifm`[\ e\Z\jjXip Z_Xe^\j è Zfee\Zk`fe n`k_ k_\ `jjlXeZ\ f] <fe[j+ èZfee\Zk`fe n`k_ k_\ XZhl`j`k`fe+ ZfejkilZk`fe+ i\ZfejkilZk`fe+ i\_XY`c`kXk`fe Xe[ `dgifm\d\ek f]+ fi fk_\in`j\gifm`[è^+ ]lie`j_è^ Xe[ \hl`ggè^ Xep ]XZ`c`kp Zfejk`klkè^ X gXik f] X Jifa\Zk fi n_`Z_ dXp Y\ X[[\[ kf X Jifa\Zk+kf Zli\ Xep XdY`^l`kp+ kf Zfii\Zk fi jlggc\d\ek Xep gifm`j`fej ZfekXè\[ è k_\ FfXe ;î\\d\ek n_`Z_ dXp Y\[\]\Zk`m\ fi èZfej`jk\ek n`k_ Xep fk_\i gifm`j`fej ZfekXè\[ è k_\ FfXe ;î\\d\ek fi kf gifm`[\ fk_\i Z_Xe^\jn_`Z_ n`cc efk X[m\ij\cp X]]\Zk k_\ èk\i\jkj f] jlZ_ Bfc[\ij- Ji`fi kf \o\Zlk`fe Yp k_\ ;lk_fi`kp f] Xep Xd\e[d\ek+X Zfgp k_\i\f] Z\ik`]`\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp j_Xcc Y\ ]`c\[ n`k_ k_\ Niljk\\-

@fi k_\ gligfj\j f] M\Zk`fe 6-00 k_\ L\jfclk`fe+ X M\i`\j j_Xcc Y\ [\\d\[ kf Y\ X[m\ij\cp X]]\Zk\[ Yp XeXd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe fi Xck\iXk`fe f] k_\ FfXe ;î\\d\ek `] k_\ jXd\ X[m\ij\cp X]]\Zkj fi [`dè`j_\jk_\ i`^_kj f] k_\ Bfc[\ij f] k_\ Yfe[j f] jlZ_ M\i`\j- N_\ Niljk\\ dXp è `kj [`jZi\k`fe [\k\idè\ n_\k_\i fi efk èXZZfi[XeZ\ n`k_ k_\ ]fi\^fè^ gifm`j`fej+ <fe[j f] Xep gXik`ZlcXi M\i`\j nflc[ Y\ X[m\ij\cp X]]\Zk\[ Yp XepXd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe fi Xck\iXk`fe+ Xe[ Xep jlZ_ [\k\idèXk`fe j_Xcc Y\ Yè[è^ Xe[ ZfeZclj`m\ fe k_\;lk_fi`kp Xe[ Xcc Bfc[\ij f] <fe[j-

@fi Xcc gligfj\j f] M\Zk`fe 6-00 k_\ L\jfclk`fe+ k_\ Niljk\\ j_Xcc Y\ \ek`kc\[ kf i\cp lgfe Xe fgè`fe f]Zflej\c+ n_`Z_ Zflej\c j_Xcc Y\ jXk`j]XZkfip kf k_\ Niljk\\ n`k_ i\jg\Zk kf n_\k_\i Xep Xd\e[d\ek+ Z_Xe^\+df[`]`ZXk`fe fi Xck\iXk`fe X[m\ij\cp X]]\Zkj k_\ èk\i\jkj kf Xep Bfc[\ij f] <fe[j k_\e flkjkXe[è^ è Xep dXk\i`Xci\jg\Zk-

@fi k_\ gligfj\j f] M\Zk`fe 6-00 f] k_\ L\jfclk`fe+ k_\ gliZ_Xj\ij f] k_\ <fe[j f] X M\i`\j+ n_\k_\igliZ_Xjè^ Xj le[\ini`k\ij+ ]fi i\jXc\ fi fk_\in`j\+ lgfe jlZ_ gliZ_Xj\ ]ifd k_\ ;lk_fi`kp+ dXp Zfej\ek kf XeXd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe+ Xck\iXk`fe fi k\idèXk`fe g\id`kk\[ Yp M\Zk`fe 6-00 f] k_\ L\jfclk`fe è k_\dXee\i gifm`[\[ k_\i\è+ \oZ\gk k_Xk ef giff] f] fne\ij_`g j_Xcc Y\ i\hlì\[+ Xe[ n`k_ k_\ jXd\ \]]\Zk Xj X Zfej\ek^`m\e Yp k_\ Bfc[\i f] jlZ_ <fe[j: gifm`[\[+ _fn\m\i+ k_Xk+ `] jlZ_ Zfej\ek `j ^`m\e Yp X gliZ_Xj\i n_f `j

>,07

gliZ_Xjè^ Xj Xe le[\ini`k\i fi ]fi i\jXc\+ k_\ eXkli\ f] k_\ Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe+ Xck\iXk`fe fik\idèXk`fe Xe[ k_\ gifm`j`fej ]fi k_\ gliZ_Xj\i Zfej\ekè^ k_\i\kf j_Xcc Y\ [\jZi`Y\[ è k_\ f]]`Z`Xc jkXk\d\ek+gifjg\Zklj+ f]]\iè^ d\dfiXe[ld fi fk_\i f]]\iè^ [fZld\ek gi\gXi\[ è Zfee\Zk`fe n`k_ k_\ gi`dXip f]]\iè^ f]k_\ <fe[j f] jlZ_ M\i`\j- Ce X[[`k`fe+ k_\ Bfc[\i f] Xe IlkjkXe[è^ ;lZk`fe LXk\ <fe[ j_Xcc Y\ [\\d\[ kf _Xm\Zfej\ek\[ kf Xe Xd\e[d\ek+ Z_Xe^\+ df[`]`ZXk`fe+ Xck\iXk`fe fi k\idèXk`fe g\id`kk\[ Yp M\Zk`fe 6-00 f] k_\L\jfclk`fe `] '`( k_\ Niljk\\ _Xj dX`c\[ efk`Z\ f] jlZ_ gifgfj\[ Xd\e[d\ek kf k_\ Bfc[\i f] jlZ_ <fe[j è k_\ jXd\dXee\i i\hlì\[ Yp ;ik`Zc\ R f] k_\ L\jfclk`fe ]fi Xe Xd\e[d\ek kf k_\ L\jfclk`fe+ '``( fe k_\ ;lZk`fe >Xk\ ]fijlZ_ <fe[ fZZliiè^ Xk c\Xjk kn\ekp '1/( [Xpj X]k\i k_\ [Xk\ fe n_`Z_ k_\ X]fi\d\ek`fe\[ efk`Z\ `j ^`m\e Yp k_\Niljk\\ k_\ èk\i\jk iXk\ [\k\idè\[ fe jlZ_ [Xk\ `j k_\ Qèeè^ <`[ LXk\ Xe[ '```( k_\i\ `j [\c`m\i\[ kf k_\ ;lk_fi`kpXe[ k_\ Niljk\\ Xe fgè`fe f] <fe[ =flej\c kf k_\ \]]\Zk k_Xk jlZ_ Xd\e[d\ek j_Xcc efk X[m\ij\cp X]]\Zk k_\ mXc`[`kpf] jlZ_ ;lZk`fe LXk\ <fe[ fi Xep \o\dgk`fe ]ifd ]\[\iXc èZfd\ kXo kf n_`Z_ k_\ èk\i\jk fe jlZ_ ;lZk`fe LXk\<fe[ nflc[ fk_\in`j\ Y\ \ek`kc\[- ;j lj\[ è k_`j gXiXîXg_ k_\ ]fccfnè^ k\idj j_Xcc _Xm\ k_\ i\jg\Zk`m\d\Xeè^j9 “Auction Rate Bond” d\Xej X PXi`XYc\ Cek\i\jk LXk\ <fe[ k_Xk `j efk Xe Igk`fe <fe[+ Xe[ k_Xk Y\Xijèk\i\jk Xk iXk\j [\k\idè\[ Yp g\i`f[`Z XlZk`fej è XZZfi[XeZ\ n`k_ gifZ\[li\j k_\i\]fi\ \jkXYc`j_\[ Yp k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ jlZ_ <fe[ fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXk\[ k_\i\kf: “Auction Date” d\Xej+ n`k_i\jg\Zk kf gXik`ZlcXi Xep ;lZk`fe LXk\ <fe[+ k_\ [Xk\ fe n_`Z_ Xe XlZk`fe `j _\c[ fi i\hlì\[ kf Y\ _\c[ ]fi jlZ_<fe[ è XZZfi[XeZ\ n`k_ k_\ gifZ\[li\j \jkXYc`j_\[ k_\i\]fi\: Xe[ “Winning Bid Rate” n_\e lj\[ n`k_ i\jg\Zk kfXe XlZk`fe _\c[ ]fi Xep gXik`ZlcXi ;lZk`fe LXk\ <fe[+ j_Xcc _Xm\ k_\ d\Xeè^ ^`m\e kf jlZ_ k\id è k_\ M\i`\jL\jfclk`fe Xlk_fi`qè^ jlZ_ ;lZk`fe LXk\ <fe[ fi k_\ <fe[ M\i`\j =\ik`]`ZXk\ i\cXk\[ k_\i\kf+ fi+ `] efk fk_\in`j\[\]è\[+ d\Xej k_\ cfn\jk iXk\ jg\Z`]`\[ è Xep gliZ_Xj\ Y`[ jlYd`kk\[ è jlZ_ XlZk`fe+ n_`Z_+ `] j\c\Zk\[+ nflc[ZXlj\ k_\ X^î\^Xk\ gièZ`gXc Xdflek f] ;lZk`fe <fe[j f]]\i\[ kf Y\ jfc[ è jlZ_ XlZk`fe kf Y\ jlYa\Zk kf gliZ_Xj\Y`[j Xk iXk\j ef î\Xk\i k_Xe k_\ iXk\ jg\Z`]`\[ è jlZ_ gliZ_Xj\ Y`[-

(Section 7.11)

:UVUQcQ^SU

0- C] k_\ ;lk_fi`kp j_Xcc gXp fi ZXlj\ kf Y\ gX`[ kf k_\ Bfc[\ij f] k_\ <fe[j f] X M\i`\j k_\ gièZ`gXc+Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ fi L\[\dgk`fe Ji`Z\ f] Xe[ èk\i\jk k_\i\fe+ Xk k_\ k`d\j Xe[ è k_\ dXee\ijk`glcXk\[ k_\i\è+ è k_\ L\jfclk`fe Xe[ è k_\ Xggc`ZXYc\ M\i`\j L\jfclk`fe Xe[ <fe[ M\i`\j =\ik`]`ZXk\+ k_\e k_\gc\[^\ f] k_\ L\m\el\j fi fk_\i dfe\pj Xe[ j\Zli`k`\j gc\[^\[ kf jlZ_ M\i`\j f] <fe[j Xe[ Xcc fk_\i i`^_kj îXek\[Yp k_\ L\jfclk`fe kf jlZ_ M\i`\j f] <fe[j j_Xcc Y\ [`jZ_Xi^\[ Xe[ jXk`j]`\[- Ce jlZ_ \m\ek+ k_\ Niljk\\ j_Xcc+ lgfek_\ i\hl\jk f] k_\ ;lk_fi`kp+ \o\Zlk\ Xe[ [\c`m\i jlZ_ [fZld\ekj kf \m`[\eZ\ jlZ_ [`jZ_Xi^\ Xe[ jXk`j]XZk`fe Xj dXpY\ i\XjfeXYcp i\hlì\[ Yp k_\ ;lk_fi`kp+ Xe[ Xcc dfe\pj fi fk_\i M\Zli`k`\j _\c[ Yp `k glijlXek kf k_\ L\jfclk`fe Xe[kf k_\ Xggc`ZXYc\ M\i`\j L\jfclk`fe n_`Z_ Xi\ efk i\hlì\[ ]fi k_\ gXpd\ek fi i\[\dgk`fe f] <fe[j f] jlZ_ M\i`\jefk k_\i\kf]fi\ jlii\e[\i\[ ]fi jlZ_ gXpd\ek fi i\[\dgk`fe j_Xcc Y\ gX`[ fi [\c`m\i\[ Yp k_\ Niljk\\ Xj ]fccfnj9]ìjk+ kf k_\ ;iY`kiX^\ L\YXk\ @le[+ k_\ Xdflek i\hlì\[ kf Y\ [\gfj`k\[ k_\i\è è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fe f]k_\ ;lk_fi`kp: j\Zfe[+ kf k_\ ;lk_fi`kp k_\ Xdflek Z\ik`]`\[ Yp k_\ ;lk_fi`kp kf Y\ k_\e [l\ fi gXjk [l\ glijlXek kfk_\ FfXe ;î\\d\ek è gXpd\ek f] Xep ]\\j Xe[ \og\ej\j fi glijlXek kf Xep è[\de`kp: Xe[+ k_\e+ k_\ YXcXeZ\k_\i\f] kf k_\ Oe`m\ij`kp- N_\ dfe\pj Xe[ j\Zli`k`\j jf gX`[ fi [\c`m\i\[ j_Xcc Y\ i\c\Xj\[ ]ifd Xep kiljk+ gc\[^\+c`\e+ \eZldYiXeZ\ fi j\Zli`kp èk\i\jk Zi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe ;î\\d\ek-

1- <fe[j ]fi k_\ gXpd\ek fi i\[\dgk`fe f] n_`Z_ dfe\pj j_Xcc _Xm\ Y\\e j\k Xj`[\ Xe[ j_Xcc Y\ _\c[ èkiljk Yp k_\ Niljk\\ 'k_ifl^_ [\gfj`k f] dfe\pj ]fi jlZ_ gXpd\ek fi i\[\dgk`fe fi fk_\in`j\( Xk k_\ dXkli`kp fii\[\dgk`fe [Xk\ k_\i\f] j_Xcc Y\ [\\d\[ kf _Xm\ Y\\e gX`[ n`k_è k_\ d\Xeè^ Xe[ n`k_ k_\ \]]\Zk \ogi\jj\[ èjlY[`m`j`fe 0 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe- ;cc IlkjkXe[è^ <fe[j f] Xep M\i`\j fi Xep dXkli`kp n`k_è XM\i`\j fi X gfik`fe f] X dXkli`kp n`k_è X M\i`\j j_Xcc gi`fi kf k_\ dXkli`kp fi i\[\dgk`fe [Xk\ k_\i\f] Y\ [\\d\[ kf_Xm\ Y\\e gX`[ n`k_è k_\ d\Xeè^ Xe[ n`k_ k_\ \]]\Zk \ogi\jj\[ è jlY[`m`j`fe 0 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe`] 'X( è ZXj\ Xep f] jlZ_ <fe[j Xi\ kf Y\ i\[\\d\[ fe Xep [Xk\ gi`fi kf k_\ì dXkli`kp+ k_\ ;lk_fi`kp j_Xcc _Xm\^`m\e kf k_\ Niljk\\+ è ]fid jXk`j]XZkfip kf `k+ ìi\mfZXYc\ èjkilZk`fej kf ^`m\ Xj gifm`[\[ è k_\ L\jfclk`fe efk`Z\ f]i\[\dgk`fe fe jlZ_ [Xk\ f] jlZ_ <fe[j+ 'Y( k_\i\ j_Xcc _Xm\ Y\\e [\gfj`k\[ n`k_ k_\ Niljk\\ \`k_\i dfe\pj è XeXdflek n_`Z_ j_Xcc Y\ jl]]`Z`\ek+ fi >\]\XjXeZ\ M\Zli`k`\j k_\ gièZ`gXc f] Xe[ èk\i\jk fe n_`Z_ n_\e [l\ n`ccgifm`[\ dfe\pj n_`Z_+ kf^\k_\i n`k_ k_\ dfe\pj+ `] Xep+ [\gfj`k\[ n`k_ k_\ Niljk\\ Xk k_\ jXd\ k`d\+ j_Xcc Y\jl]]`Z`\ek kf gXp n_\e [l\ k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ fi L\[\dgk`fe Ji`Z\+ `] Xggc`ZXYc\+ Xe[èk\i\jk [l\ Xe[ kf Y\Zfd\ [l\ fe jlZ_ <fe[j fe Xe[ gi`fi kf k_\ i\[\dgk`fe [Xk\ fi dXkli`kp [Xk\ k_\i\f]+ Xj k_\ZXj\ dXp Y\+ 'Z( k_\ Niljk\\ j_Xcc _Xm\ i\Z\`m\[ k_\ ni`kk\e Zfej\ek kf jlZ_ [\]\XjXeZ\ f] \XZ_ @XZ`c`kp Jifm`[\i

>,08

n_`Z_ _Xj ^`m\e ni`kk\e efk`Z\ kf k_\ Niljk\\ Xe[ k_\ ;lk_fi`kp k_Xk Xdflekj X[mXeZ\[ le[\i X =i\[`k @XZ`c`kp fiF`hl`[`kp @XZ`c`kp `jjl\[ Yp `k fi k_\ èk\i\jk k_\i\fe _Xm\ efk Y\\e i\gX`[ kf jlZ_ @XZ`c`kp Jifm`[\i+ Xe[ '[( è k_\\m\ek jlZ_ <fe[j Xi\ efk Yp k_\ì k\idj jlYa\Zk kf i\[\dgk`fe n`k_è k_\ e\ok jlZZ\\[è^ jòkp '5/( [Xpj+ k_\;lk_fi`kp j_Xcc _Xm\ ^`m\e k_\ Niljk\\+ è ]fid jXk`j]XZkfip kf `k+ ìi\mfZXYc\ èjkilZk`fej kf ^`m\+ Xj jffe XjgiXZk`ZXYc\+ Yp ]ìjk ZcXjj dX`c+ gfjkX^\ gi\gX`[+ kf k_\ Bfc[\ij f] jlZ_ <fe[j Xk k_\ì cXjk befne X[[i\jj\jXgg\Xiè^ fe k_\ Yfe[ i\^`jkiXk`fe Yffbj+ Xe[+ `] [ì\Zk\[ Yp Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp+ Yp glYc`ZXk`fe+Xk c\Xjk kn`Z\+ Xk Xe èk\imXc f] efk c\jj k_Xe j\m\e '6( [Xpj Y\kn\\e glYc`ZXk`fej+ è Xe ;lk_fi`q\[ H\njgXg\i+ Xefk`Z\ kf k_\ Bfc[\ij f] jlZ_ <fe[j k_Xk k_\ [\gfj`k i\hlì\[ Yp 'Y( XYfm\ _Xj Y\\e dX[\ n`k_ k_\ Niljk\\ Xe[ k_XkjlZ_ <fe[j Xi\ [\\d\[ kf _Xm\ Y\\e gX`[ è XZZfi[XeZ\ n`k_ M\Zk`fe 01-/0 f] k_\ L\jfclk`fe Xe[ jkXkè^ jlZ_dXkli`kp fi i\[\dgk`fe [Xk\ lgfe n_`Z_ dfe\pj Xi\ kf Y\ XmX`cXYc\ ]fi k_\ gXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[CejkXccd\ekj+ `] Xep+ fi L\[\dgk`fe Ji`Z\+ `] Xggc`ZXYc\+ f] Xe[ èk\i\jk fe jlZ_ <fe[j- N_\ ;lk_fi`kp j_Xcc ^`m\ni`kk\e efk`Z\ kf k_\ Niljk\\ f] `kj j\c\Zk`fe f] k_\ dXkli`kp gXpd\ek f] n_`Z_ j_Xcc Y\ dX[\ è XZZfi[XeZ\ n`k_M\Zk`fe 01-/0 f] k_\ L\jfclk`fe- N_\ Niljk\\ j_Xcc j\c\Zk k_\ <fe[j f] c`b\ M\i`\j Xe[ dXkli`kp gXpd\ek f] n_`Z_j_Xcc Y\ dX[\ è XZZfi[XeZ\ n`k_ M\Zk`fe 01-/0 f] k_\ L\jfclk`fe è k_\ dXee\i gifm`[\[ è k_\ L\jfclk`fe- H\`k_\ik_\ >\]\XjXeZ\ M\Zli`k`\j efi dfe\pj [\gfj`k\[ n`k_ k_\ Niljk\\ glijlXek kf M\Zk`fe 01-/0 f] k_\ L\jfclk`fe efigièZ`gXc fi èk\i\jk gXpd\ekj fe Xep jlZ_ >\]\XjXeZ\ M\Zli`k`\j j_Xcc Y\ n`k_[iXne fi lj\[ ]fi Xep gligfj\ fk_\ik_Xe+ Xe[ j_Xcc Y\ _\c[ è kiljk ]fi+ k_\ gXpd\ek f] k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ fi L\[\dgk`feJi`Z\+ `] Xggc`ZXYc\+ f] Xe[ èk\i\jk fe jlZ_ <fe[j: gifm`[\[ k_Xk Xep dfe\pj i\Z\`m\[ ]ifd jlZ_ gièZ`gXc fi èk\i\jkgXpd\ekj fe jlZ_ >\]\XjXeZ\ M\Zli`k`\j [\gfj`k\[ n`k_ k_\ Niljk\\+ `] efk k_\e e\\[\[ ]fi jlZ_ gligfj\+ j_Xcc+ kf k_\\ok\ek giXZk`ZXYc\ Xe[ jlYa\Zk kf Xep Xggc`ZXYc\ kXo Zfm\eXek+ Y\ i\èm\jk\[ è >\]\XjXeZ\ M\Zli`k`\j dXkliè^ Xkk`d\j Xe[ è Xdflekj jl]]`Z`\ek kf gXp n_\e [l\ k_\ gièZ`gXc+ Mèbè^ @le[ CejkXccd\ekj+ `] Xep+ fi L\[\dgk`feJi`Z\+ `] Xggc`ZXYc\+ f] Xe[ èk\i\jk kf Y\Zfd\ [l\ fe jlZ_ <fe[j fe Xe[ gi`fi kf jlZ_ i\[\dgk`fe [Xk\ fi dXkli`kp[Xk\ k_\i\f]+ Xj k_\ ZXj\ dXp Y\: Xe[ gifm`[\[ ]lik_\i+ _fn\m\i+ k_Xk dfe\pj Xe[ >\]\XjXeZ\ M\Zli`k`\j dXp Y\n`k_[iXne Xe[ lj\[ Yp k_\ ;lk_fi`kp ]fi Xep gligfj\ lgfe '`( k_\ j`dlckXe\flj jlYjk`klk`fe k_\i\]fi f] \`k_\idfe\pj è Xe Xdflek n_`Z_ j_Xcc Y\ jl]]`Z`\ek+ fi >\]\XjXeZ\ M\Zli`k`\j k_\ gièZ`gXc f] Xe[ èk\i\jk fe n_`Z_ n_\e[l\ n`cc gifm`[\ dfe\pj n_`Z_ n`k_flk i\^Xi[ kf i\èm\jkd\ek+ kf^\k_\i n`k_ k_\ dfe\pj+ `] Xep+ _\c[ Yp fi[\gfj`k\[ n`k_ k_\ Niljk\\ Xk k_\ jXd\ k`d\+ j_Xcc Y\ jl]]`Z`\ek kf gXp n_\e [l\ k_\ gièZ`gXc+ Mèbè^ @le[CejkXccd\ekj+ `] Xep+ fi L\[\dgk`fe gi`Z\+ `] Xggc`ZXYc\+ Xe[ èk\i\jk [l\ Xe[ kf Y\Zfd\ [l\ fe jlZ_ <fe[j fe Xe[gi`fi kf k_\ i\[\dgk`fe [Xk\ fi dXkli`kp [Xk\ k_\i\f]+ Xj k_\ ZXj\ dXp Y\+ Xe[ '``( i\Z\`gk Yp k_\ Niljk\\ f] X c\kk\i fifk_\i ni`kk\e i\gfik f] X ]ìd f] è[\g\e[\ek Z\ik`]`\[ glYc`Z XZZflekXekj m\i`]pè^ k_\ XZZliXZp f] k_\ Xi`k_d\k`ZXcZfdglkXk`fej n_`Z_ \jkXYc`j_ k_\ X[\hlXZp f] jlZ_ dfe\pj Xe[ >\]\XjXeZ\ M\Zli`k`\j ]fi jlZ_ gligfj\- ;epèZfd\ fi èk\i\jk \Xie\[ Yp+ fi èZi\d\ek kf+ k_\ èm\jkd\ek f] Xep jlZ_ dfe\pj jf [\gfj`k\[+ j_Xcc+ kf k_\ \ok\ekZ\ik`]`\[ Yp k_\ Niljk\\ kf Y\ è \oZ\jj f] k_\ Xdflekj i\hlì\[ k_\i\èXYfm\ kf gXp k_\ gièZ`gXc+ Mèbè^ @le[CejkXccd\ekj+ `] Xep+ fi L\[\dgk`fe Ji`Z\+ `] Xggc`ZXYc\+ f] Xe[ èk\i\jk fe jlZ_ <fe[j+ Xj i\Xc`q\[+ Y\ gX`[ Yp k_\Niljk\\ Xj ]fccfnj9 ]ìjk+ kf k_\ ;iY`kiX^\ L\YXk\ @le[+ k_\ Xdflek i\hlì\[ kf Y\ [\gfj`k\[ k_\i\è è XZZfi[XeZ\n`k_ k_\ [ì\Zk`fe f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp: j\Zfe[+ kf k_\ ;lk_fi`kp k_\ Xdflek Z\ik`]`\[ Yp Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp kf Y\ k_\e [l\ fi gXjk [l\ glijlXek kf k_\ FfXe ;î\\d\ek ]fi ]\\j Xe[\og\ej\j f] k_\ ;lk_fi`kp fi glijlXek kf Xep è[\de`kp: Xe[+ k_\e+ k_\ YXcXeZ\ k_\i\f] kf k_\ Oe`m\ij`kp+ Xe[ XepjlZ_ dfe\pj jf gX`[ Yp k_\ Niljk\\ j_Xcc Y\ i\c\Xj\[ f] Xep kiljk+ gc\[^\+ c`\e+ \eZldYiXeZ\ fi j\Zli`kp èk\i\jkZi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe ;î\\d\ek-

2- @fi gligfj\j f] [\k\idèè^ n_\k_\i PXi`XYc\ Cek\i\jk LXk\ <fe[j j_Xcc Y\ [\\d\[ kf _Xm\ Y\\e gX`[gi`fi kf k_\ dXkli`kp fi k_\ i\[\dgk`fe [Xk\ k_\i\f]+ Xj k_\ ZXj\ dXp Y\+ Yp k_\ [\gfj`k f] dfe\pj+ fi >\]\XjXeZ\M\Zli`k`\j Xe[ dfe\pj+ `] Xep+ è XZZfi[XeZ\ n`k_ k_\ j\Zfe[ j\ek\eZ\ f] jlY[`m`j`fe 1 f] M\Zk`fe 01-/0 f] k_\L\jfclk`fe+ k_\ èk\i\jk kf Zfd\ [l\ fe jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j fe fi gi`fi kf k_\ dXkli`kp [Xk\ fii\[\dgk`fe [Xk\ k_\i\f]+ Xj k_\ ZXj\ dXp Y\+ j_Xcc Y\ ZXcZlcXk\[ Xk k_\ GXo`dld Cek\i\jk LXk\ g\id`kk\[ Yp k_\k\idj k_\i\f]: gifm`[\[ _fn\m\i+ k_Xk `] fe Xep [Xk\+ Xj X i\jlck f] jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j _Xmè^ Yfie\èk\i\jk Xk c\jj k_Xe jlZ_ GXo`dld Cek\i\jk LXk\ ]fi Xep g\i`f[+ k_\ kfkXc Xdflek f] dfe\pj Xe[ >\]\XjXeZ\M\Zli`k`\j fe [\gfj`k n`k_ k_\ Niljk\\ ]fi k_\ gXpd\ek f] èk\i\jk fe jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j `j è \oZ\jjf] k_\ kfkXc Xdflek n_`Z_ nflc[ _Xm\ Y\\e i\hlì\[ kf Y\ [\gfj`k\[ n`k_ k_\ Niljk\\ fe jlZ_ [Xk\ è i\jg\Zk f] jlZ_PXi`XYc\ Cek\i\jk LXk\ <fe[j è fi[\i kf jXk`j]p jlY[`m`j`fe 1 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe+ k_\ Niljk\\ j_Xcc+ `]i\hl\jk\[ Yp k_\ ;lk_fi`kp+ gXp k_\ Xdflek f] jlZ_ \oZ\jj kf k_\ ;iY`kiX^\ L\YXk\ @le[ è XZZfi[XeZ\ n`k_ k_\[ì\Zk`fej f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Xe[ k_\ YXcXeZ\ k_\i\f]+ `] Xep+ kf k_\ ;lk_fi`kp ]i\\ Xe[ Zc\Xif] Xep kiljk+ gc\[^\+ c`\e+ \eZldYiXeZ\ fi j\Zli`kp èk\i\jk Zi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe ;î\\d\ek-

>,1/

3- Igk`fe <fe[j j_Xcc Y\ [\\d\[ kf _Xm\ Y\\e gX`[ è XZZfi[XeZ\ n`k_ k_\ j\Zfe[ j\ek\eZ\ f] jlY[`m`j`fe1 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe fecp `]+ è X[[`k`fe kf jXk`j]pè^ k_\ i\hlì\d\ekj f] ZcXlj\j 'X( Xe[ 'Z( f] jlZ_j\ek\eZ\+ k_\i\ j_Xcc _Xm\ Y\\e [\gfj`k\[ n`k_ k_\ Niljk\\ dfe\pj è Xe Xdflek n_`Z_ j_Xcc Y\ jl]]`Z`\ek kf gXpn_\e [l\ k_\ dXo`dld Xdflek f] gièZ`gXc f] Xe[ gi\d`ld+ `] Xep+ Xe[ èk\i\jk fe jlZ_ <fe[j n_`Z_ Zflc[Y\Zfd\ gXpXYc\ kf k_\ Bfc[\ij f] jlZ_ <fe[j lgfe k_\ \o\iZ`j\ f] Xep fgk`fej gifm`[\[ kf k_\ Bfc[\ij f] jlZ_<fe[j: gifm`[\[+ _fn\m\i+ k_Xk `]+ Xk k_\ k`d\ X [\gfj`k `j dX[\ n`k_ k_\ Niljk\\ glijlXek kf jlY[`m`j`fe 1 f] M\Zk`fe01-/0 f] k_\ L\jfclk`fe+ k_\ fgk`fej fi`^èXccp \o\iZ`jXYc\ Yp k_\ Bfc[\i f] Xe Igk`fe <fe[ Xi\ ef cfe^\i\o\iZ`jXYc\+ jlZ_ <fe[ j_Xcc efk Y\ Zfej`[\i\[ Xe Igk`fe <fe[ ]fi gligfj\j f] jlY[`m`j`fe 3 f] M\Zk`fe 01-/0 f] k_\L\jfclk`fe- C] Xep gfik`fe f] k_\ dfe\pj [\gfj`k\[ n`k_ k_\ Niljk\\ ]fi k_\ gXpd\ek f] k_\ gièZ`gXc f] Xe[gi\d`ld+ `] Xep+ Xe[ èk\i\jk fe Igk`fe <fe[j `j efk i\hlì\[ ]fi jlZ_ gligfj\+ k_\ Niljk\\ j_Xcc+ `] i\hl\jk\[ Yp k_\;lk_fi`kp+ gXp k_\ Xdflek f] jlZ_ \oZ\jj kf k_\ ;iY`kiX^\ L\YXk\ @le[ è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fej f] Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp Xe[ k_\ YXcXeZ\ k_\i\f]+ `] Xep+ kf k_\ ;lk_fi`kp ]i\\ Xe[ Zc\Xi f] Xep kiljk+gc\[^\+ c`\e+ \eZldYiXeZ\ fi j\Zli`kp èk\i\jk Zi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe ;î\\d\ek-

4- ;epk_è^ è k_\ L\jfclk`fe kf k_\ ZfekiXip efkn`k_jkXe[è^+ Xep dfe\pj _\c[ Yp k_\ Niljk\\ fi XepJXpè^ ;^\ek è kiljk ]fi k_\ gXpd\ek Xe[ [`jZ_Xi^\ f] Xep <fe[j fi k_\ èk\i\jk k_\i\fe n_`Z_ i\dXè leZcX`d\[]fi k_i\\ '2( p\Xij X]k\i k_\ [Xk\ n_\e jlZ_ dfe\pj Y\Zfd\ [l\ Xe[ gXpXYc\+ lgfe jlZ_ <fe[j+ \`k_\i Xk k_\ì jkXk\[dXkli`kp [Xk\j fi Yp ZXcc ]fi \Xic`\i i\[\dgk`fe+ `] jlZ_ dfe\pj n\i\ _\c[ Yp k_\ Niljk\\ fi JXpè^ ;^\ek Xk jlZ_[Xk\ fi ]fi fe\ '0( p\Xi X]k\i k_\ [Xk\ f] [\gfj`k f] jlZ_ dfe\pj `] [\gfj`k\[ n`k_ k_\ Niljk\\ fi k_\ JXpè^ ;^\ekX]k\i jlZ_ [Xk\ n_\e Xcc f] k_\ <fe[j f] jlZ_ M\i`\j Y\Zfd\ [l\ Xe[ gXpXYc\ + j_Xcc Xk k_\ ni`kk\e i\hl\jk f] k_\;lk_fi`kp+ Y\ i\gX`[ Yp k_\ Niljk\\ fi JXpè^ ;^\ek kf k_\ ;lk_fi`kp Xj `kj XYjfclk\ gifg\ikp Xe[ ]i\\ ]ifd kiljk+ Xe[k_\ Niljk\\ fi JXpè^ ;^\ek j_Xcc k_\i\lgfe Y\ i\c\Xj\[ Xe[ [`jZ_Xi^\[ n`k_ i\jg\Zk k_\i\kf Xe[ k_\ Bfc[\ij f] jlZ_<fe[j+ j_Xcc cffb fecp kf k_\ ;lk_fi`kp ]fi k_\ gXpd\ek f] jlZ_ <fe[j: gifm`[\[+ _fn\m\i+ k_Xk+ Y\]fi\ Y\èî\hlì\[ kf dXb\ Xep jlZ_ gXpd\ek kf k_\ ;lk_fi`kp+ k_\ Niljk\\ fi JXpè^ ;^\ek dXp+ Xk k_\ \og\ej\ f] k_\;lk_fi`kp ZXlj\ kf Y\ glYc`j_\[ è Xe ;lk_fi`q\[ H\njgXg\i X efk`Z\ k_Xk jlZ_ dfe\pj i\dXè leZcX`d\[ Xe[ k_Xk+X]k\i X [Xk\ eXd\[ è jlZ_ efk`Z\+ n_`Z_ [Xk\ j_Xcc Y\ efk c\jj k_Xe k_ìkp '2/( efi dfi\ k_Xe jòkp '5/( [Xpj X]k\i k_\[Xk\ f] glYc`ZXk`fe f] jlZ_ efk`Z\+ k_\ YXcXeZ\ f] jlZ_ dfe\pj k_\e leZcX`d\[ j_Xcc Y\ i\klie\[ kf k_\ ;lk_fi`kp-

(Section 12.01)


Bonds, Sections 12.01(3) and (4) of the Resolution will be amended and restated in their entirety as summarized

below:

2- @fi gligfj\j f] [\k\idèè^ n_\k_\i PXi`XYc\ Cek\i\jk LXk\ <fe[j j_Xcc Y\ [\\d\[ kf _Xm\ Y\\e gX`[gi`fi kf k_\ dXkli`kp fi k_\ i\[\dgk`fe [Xk\ k_\i\f]+ Xj k_\ ZXj\ dXp Y\+ Yp k_\ [\gfj`k f] dfe\pj+ fi >\]\XjXeZ\M\Zli`k`\j Xe[ dfe\pj+ `] Xep+ è XZZfi[XeZ\ n`k_ k_\ j\Zfe[ j\ek\eZ\ f] jlY[`m`j`fe 1 f] M\Zk`fe 01-/0 f] k_\L\jfclk`fe+ k_\ èk\i\jk kf Zfd\ [l\ fe jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j fe fi gi`fi kf k_\ dXkli`kp [Xk\ fii\[\dgk`fe [Xk\ k_\i\f]+ Xj k_\ ZXj\ dXp Y\+ j_Xcc Y\ ZXcZlcXk\[ Xk k_\ GXo`dld Cek\i\jk LXk\ g\id`kk\[ Yp k_\k\idj k_\i\f]: gifm`[\[ _fn\m\i+ k_Xk `] fe Xep [Xk\+ Xj X i\jlck f] jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j _Xmè^ Yfie\èk\i\jk Xk c\jj k_Xe jlZ_ GXo`dld Cek\i\jk LXk\ ]fi Xep g\i`f[+ k_\ kfkXc Xdflek f] dfe\pj Xe[ >\]\XjXeZ\M\Zli`k`\j fe [\gfj`k n`k_ k_\ Niljk\\ ]fi k_\ gXpd\ek f] èk\i\jk fe jlZ_ PXi`XYc\ Cek\i\jk LXk\ <fe[j `j è \oZ\jjf] k_\ kfkXc Xdflek n_`Z_ nflc[ _Xm\ Y\\e i\hlì\[ kf Y\ [\gfj`k\[ n`k_ k_\ Niljk\\ fe jlZ_ [Xk\ è i\jg\Zk f] jlZ_PXi`XYc\ Cek\i\jk LXk\ <fe[j è fi[\i kf jXk`j]p jlY[`m`j`fe 1 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe+ k_\ Niljk\\ j_Xcc+ `]i\hl\jk\[ Yp k_\ ;lk_fi`kp+ ]ìjk+ gXp k_\ Xdflek f] jlZ_ \oZ\jj kf k_\ ;iY`kiX^\ L\YXk\ @le[ è XZZfi[XeZ\ n`k_ k_\[ì\Zk`fej f] Xe ;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp: j\Zfe[+ kf k_\ ;lk_fi`kp k_\ Xdflek Z\ik`]`\[ Yp k_\ ;lk_fi`kpkf Y\ k_\e [l\ fi gXjk [l\ glijlXek kf k_\ FfXe ;î\\d\ek è gXpd\ek f] Xep ]\\j Xe[ \og\ej\j fi glijlXek kf Xepè[\de`kp: Xe[ k_\e k_\ YXcXeZ\ k_\i\f]+ `] Xep+ kf k_\ Oe`m\ij`kp ]i\\ Xe[ Zc\Xi f] Xep kiljk+ gc\[^\+ c`\e+\eZldYiXeZ\ fi j\Zli`kp èk\i\jk Zi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe ;î\\d\ek-

3- Igk`fe <fe[j j_Xcc Y\ [\\d\[ kf _Xm\ Y\\e gX`[ è XZZfi[XeZ\ n`k_ k_\ j\Zfe[ j\ek\eZ\ f] jlY[`m`j`fe1 f] M\Zk`fe 01-/0 f] k_\ L\jfclk`fe fecp `]+ è X[[`k`fe kf jXk`j]pè^ k_\ i\hlì\d\ekj f] ZcXlj\j 'X( Xe[ 'Z( f] jlZ_j\ek\eZ\+ k_\i\ j_Xcc _Xm\ Y\\e [\gfj`k\[ n`k_ k_\ Niljk\\ dfe\pj è Xe Xdflek n_`Z_ j_Xcc Y\ jl]]`Z`\ek kf gXpn_\e [l\ k_\ dXo`dld Xdflek f] gièZ`gXc f] Xe[ gi\d`ld+ `] Xep+ Xe[ èk\i\jk fe jlZ_ <fe[j n_`Z_ Zflc[Y\Zfd\ gXpXYc\ kf k_\ Bfc[\ij f] jlZ_ <fe[j lgfe k_\ \o\iZ`j\ f] Xep fgk`fej gifm`[\[ kf k_\ Bfc[\ij f] jlZ_<fe[j: gifm`[\[+ _fn\m\i+ k_Xk `]+ Xk k_\ k`d\ X [\gfj`k `j dX[\ n`k_ k_\ Niljk\\ glijlXek kf jlY[`m`j`fe 1 f] M\Zk`fe01-/0 f] k_\ L\jfclk`fe+ k_\ fgk`fej fi`^èXccp \o\iZ`jXYc\ Yp k_\ Bfc[\i f] Xe Igk`fe <fe[ Xi\ ef cfe^\i

>,10

\o\iZ`jXYc\+ jlZ_ <fe[ j_Xcc efk Y\ Zfej`[\i\[ Xe Igk`fe <fe[ ]fi gligfj\j f] jlY[`m`j`fe 3 f] M\Zk`fe 01-/0 f] k_\L\jfclk`fe- C] Xep gfik`fe f] k_\ dfe\pj [\gfj`k\[ n`k_ k_\ Niljk\\ ]fi k_\ gXpd\ek f] k_\ gièZ`gXc f] Xe[gi\d`ld+ `] Xep+ Xe[ èk\i\jk fe Igk`fe <fe[j `j efk i\hlì\[ ]fi jlZ_ gligfj\+ k_\ Niljk\\ j_Xcc+ `] i\hl\jk\[ Yp k_\;lk_fi`kp+ ]ìjk+ gXp k_\ Xdflek f] jlZ_ \oZ\jj kf k_\ ;iY`kiX^\ L\YXk\ @le[ è XZZfi[XeZ\ n`k_ k_\ [ì\Zk`fej f] Xe;lk_fi`q\[ I]]`Z\i f] k_\ ;lk_fi`kp: j\Zfe[+ kf k_\ ;lk_fi`kp k_\ Xdflek Z\ik`]`\[ Yp k_\ ;lk_fi`kp kf Y\ k_\e [l\ figXjk [l\ glijlXek kf k_\ FfXe ;î\\d\ek è gXpd\ek f] Xep ]\\j Xe[ \og\ej\j fi glijlXek kf Xep è[\de`kp: Xe[k_\e YXcXeZ\ k_\i\f]+ `] Xep+ kf k_\ Oe`m\ij`kp ]i\\ Xe[ Zc\Xi f] Xep kiljk+ gc\[^\+ c`\e+ \eZldYiXeZ\ fi j\Zli`kpèk\i\jk Zi\Xk\[ Yp k_\ L\jfclk`fe fi Yp k_\ FfXe ;î\\d\ek-

(Sections 12.01(3) and (4), as proposed to be amended)

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>fid`kfip ;lk_fi`kp f] k_\MkXk\ f] H\n Sfib404 <ifX[nXp;cYXep+ H\n Sfib 011/6

L\9 #122+///+/// >fid`kfip ;lk_fi`kp f] k_\ MkXk\ f] H\n Sfib =fie\cc Oe`m\ij`kpL\m\el\ <fe[j+ M\i`\j 1/1/;

FX[`\j Xe[ A\ekc\d\e9

Q\ _Xm\ XZk\[ Xj Yfe[ Zflej\c kf k_\ >fid`kfip ;lk_fi`kp f] k_\ MkXk\ f] H\n Sfib 'k_\ u;lk_fi`kpv( èZfee\Zk`fe n`k_ k_\ `jjlXeZ\ f] #122+///+/// X^î\^Xk\ gièZ`gXc Xdflek f] `kj =fie\cc Oe`m\ij`kp L\m\el\ <fe[j+M\i`\j 1/1/; 'k_\ u<fe[jv(+ `jjl\[ glijlXek kf k_\ gifm`j`fej f] k_\ >fid`kfip ;lk_fi`kp ;Zk+ Xj Xd\e[\[+Zfejk`klkè^ =_Xgk\i 413 f] k_\ FXnj f] 0833 f] H\n Sfib+ Xj Xd\e[\[ 'Zfejk`klkè^ N`kc\ 3 f] ;ik`Zc\ 7 f] k_\ H\nSfib JlYc`Z ;lk_fi`k`\j FXn(+ Xe[ k_\ ;lk_fi`kpwj =fie\cc Oe`m\ij`kp L\m\el\ <fe[ L\jfclk`fe+ X[fgk\[ DXelXip15+ 1///+ Xj jlggc\d\ek\[ Xe[ Xd\e[\[ 'k_\ uL\jfclk`fev(+ èZcl[è^ Xj jlggc\d\ek\[ Xe[ Xd\e[\[ Yp k_\ M\i`\j1/1/; L\jfclk`fe ;lk_fi`qè^ =fie\cc Oe`m\ij`kp L\m\el\ <fe[j+ M\i`\j 1/1/; Ce ;e ;dflek Hfk ?oZ\\[è^#34/+///+///+ X[fgk\[ GXiZ_ 3+ 1/1/ 'k_\ uM\i`\j 1/1/; L\jfclk`fev(- N_\ L\jfclk`fe Xe[ k_\ M\i`\j 1/1/;L\jfclk`fe Xi\ _\i\è Zfcc\Zk`m\cp i\]\ii\[ kf Xj k_\ uL\jfclk`fej-v N_\ ;lk_fi`kp _Xj \ek\i\[ èkf X FfXe;î\\d\ek n`k_ =fie\cc Oe`m\ij`kp 'k_\ uCejk`klk`fev(+ [Xk\[ Xj f] DXelXip 15+ 1///+ Xj jlggc\d\ek\[ Xe[ Xd\e[\[kf [Xk\ 'k_\ uFfXe ;î\\d\ekv(+ gifm`[è^+ Xdfe^ fk_\i k_è^j+ ]fi X cfXe kf k_\ Cejk`klk`fe ]fi k_\ gligfj\jg\id`kk\[ k_\i\Yp Xe[ Yp k_\ L\jfclk`fej- =Xg`kXc`q\[ k\idj efk fk_\in`j\ [\]è\[ _\i\è j_Xcc _Xm\ k_\ d\Xeè^jXjZi`Y\[ k_\i\kf è k_\ L\jfclk`fej-

Ce jlZ_ Zfee\Zk`fe+ n\ _Xm\ i\m`\n\[ k_\ L\jfclk`fej+ k_\ FfXe ;î\\d\ek+ k_\ NXo =\ik`]`ZXk\ Xe[;î\\d\ek [Xk\[ Xj f] k_\ [Xk\ _\i\f] 'k_\ uNXo =\ik`]`ZXk\v( Y\kn\\e k_\ ;lk_fi`kp Xe[ k_\ Cejk`klk`fe+ fgè`fej f]Zflej\c kf k_\ ;lk_fi`kp+ k_\ Niljk\\ Xe[ k_\ Cejk`klk`fe+ Z\ik`]`ZXk\j f] k_\ ;lk_fi`kp+ k_\ Niljk\\+ k_\ Cejk`klk`fe Xe[fk_\ij+ Xe[ jlZ_ fk_\i [fZld\ekj+ fgè`fej Xe[ dXkk\ij kf k_\ \ok\ek n\ [\\d\[ e\Z\jjXip kf i\e[\i k_\ fgè`fej j\k]fik_ _\i\è-

Q\ _Xm\ i\c`\[ fe k_\ fgè`fe f] Lfg\j % AiXp FFJ+ Zflej\c kf k_\ Cejk`klk`fe+ i\^Xi[è^+ Xdfe^ fk_\idXkk\ij+ k_\ Zlii\ek hlXc`]`ZXk`fe f] k_\ Cejk`klk`fe Xj Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe 4/0'Z('2( f] k_\ Cek\ieXcL\m\el\ =f[\ f] 0875 'k_\ u=f[\v(- Q\ efk\ k_Xk jlZ_ fgè`fe `j jlYa\Zk kf X eldY\i f] hlXc`]`ZXk`fej Xe[c`d`kXk`fej- Q\ _Xm\ Xcjf i\c`\[ fe i\gi\j\ekXk`fej f] k_\ Cejk`klk`fe ZfeZ\ieè^ k_\ Cejk`klk`fewj ulei\cXk\[ kiX[\ fiYljè\jjv XZk`m`k`\j Xj [\]è\[ è M\Zk`fe 402 f] k_\ =f[\- Q\ efk\ k_Xk k_\ fgè`fe f] Zflej\c kf k_\ Cejk`klk`fe[f\j efk X[[i\jj M\Zk`fe 402 f] k_\ =f[\- @X`cli\ f] k_\ Cejk`klk`fe kf Y\ fi^Xe`q\[ Xe[ fg\iXk\[ è XZZfi[XeZ\ n`k_k_\ Cek\ieXc L\m\el\ M\im`Z\wj i\hlì\d\ekj ]fi k_\ dXèk\eXeZ\ f] `kj jkXklj Xj Xe fi^Xe`qXk`fe [\jZi`Y\[ è M\Zk`fe4/0'Z('2( f] k_\ =f[\+ fi lj\ Yp k_\ Cejk`klk`fe f] k_\ Yfe[,]èXeZ\[ fi i\]èXeZ\[ ]XZ`c`k`\j è XZk`m`k`\j k_Xk Xi\Zfej`[\i\[ lei\cXk\[ kiX[\ fi Yljè\jj XZk`m`k`\j f] k_\ Cejk`klk`fe n`k_è k_\ d\Xeè^ f] M\Zk`fe 402 f] k_\ =f[\+dXp i\jlck è èk\i\jk fe k_\ <fe[j Y\è^ èZcl[\[ è îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j+ gfjj`Ycp ]ifdk_\ [Xk\ f] `jjlXeZ\ f] k_\ <fe[j-

N_\ fgè`fej \ogi\jj\[ _\i\è Xi\ YXj\[ fe Xe XeXcpj`j f] \o`jkè^ cXnj+ i\^lcXk`fej+ ilcè^j Xe[ Zflik[\Z`j`fej Xe[ Zfm\i Z\ikXè dXkk\ij efk [ì\Zkcp X[[i\jj\[ Yp jlZ_ Xlk_fi`k`\j- MlZ_ fgè`fej dXp Y\ X]]\Zk\[ YpXZk`fej kXb\e fi fd`kk\[ fi \m\ekj fZZliiè^ X]k\i fi`^èXc [\c`m\ip f] k_\ <fe[j fe k_\ [Xk\ _\i\f]- Q\ _Xm\ efkle[\ikXb\e kf [\k\idè\+ fi kf è]fid Xep g\ijfe+ n_\k_\i Xep jlZ_ XZk`fej Xi\ kXb\e fi fd`kk\[ fi \m\ekj [f fZZlifi Xep fk_\i dXkk\ij Zfd\ kf fli Xkk\ek`fe X]k\i fi`^èXc [\c`m\ip f] k_\ <fe[j fe k_\ [Xk\ _\i\f]- ;ZZfi[è^cp+ k_`jc\kk\i jg\Xbj fecp Xj f] `kj [Xk\ Xe[ `j efk èk\e[\[ kf+ Xe[ dXp efk+ Y\ i\c`\[ lgfe fi fk_\in`j\ lj\[ è Zfee\Zk`fen`k_ Xep jlZ_ XZk`fej+ \m\ekj fi dXkk\ij- Ili \e^X^\d\ek n`k_ i\jg\Zk kf k_\ <fe[j _Xj ZfeZcl[\[ n`k_ k_\ì`jjlXeZ\ Xe[ n\ [`jZcX`d Xep fYc`^Xk`fe kf lg[Xk\ k_`j c\kk\i- Q\ _Xm\ Xjjld\[ k_\ ^\elè\e\jj f] Xcc [fZld\ekj

?,1

Xe[ j`êXkli\j gi\j\ek\[ kf lj 'n_\k_\i Xj fi`^èXcj fi Xj Zfg`\j( Xe[ k_\ [l\ Xe[ c\^Xc \o\Zlk`fe Xe[ [\c`m\ipk_\i\f] Yp+ Xe[ mXc`[`kp X^Xèjk+ Xep gXik`\j fk_\i k_Xe k_\ ;lk_fi`kp- Q\ _Xm\ Xjjld\[+ n`k_flk le[\ikXbè^ kfm\i`]p+ k_\ XZZliXZp f] k_\ ]XZklXc dXkk\ij i\gi\j\ek\[+ nXiiXek\[ fi Z\ik`]`\[ è k_\ [fZld\ekj+ Xe[ f] k_\ c\^XcZfeZclj`fej ZfekXè\[ è k_\ fgè`fej+ i\]\ii\[ kf XYfm\- @lik_\idfi\+ n\ _Xm\ Xjjld\[ Zfdgc`XeZ\ n`k_ XccZfm\eXekj Xe[ Xî\\d\ekj ZfekXè\[ è k_\ L\jfclk`fej+ k_\ FfXe ;î\\d\ek Xe[ k_\ NXo =\ik`]`ZXk\+ èZcl[è^'n`k_flk c`d`kXk`fe( Zfm\eXekj Xe[ Xî\\d\ekj Zfdgc`XeZ\ n`k_ n_`Z_ `j e\Z\jjXip kf Xjjli\ k_Xk ]lkli\ XZk`fej+fd`jj`fej fi \m\ekj n`cc efk ZXlj\ èk\i\jk fe k_\ <fe[j kf Y\ èZcl[\[ è îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXogligfj\j- Q\ ZXcc Xkk\ek`fe kf k_\ ]XZk k_Xk k_\ i`^_kj Xe[ fYc`^Xk`fej le[\i k_\ <fe[j+ k_\ L\jfclk`fej+ k_\ FfXe;î\\d\ek Xe[ k_\ NXo =\ik`]`ZXk\ Xe[ k_\ì \e]fiZ\XY`c`kp dXp Y\ jlYa\Zk kf YXebilgkZp+ èjfcm\eZp+ i\Z\`m\ij_`g+i\fi^Xe`qXk`fe+ XiiXe^\d\ek+ ]iXl[lc\ek Zfem\pXeZ\+ dfiXkfi`ld Xe[ fk_\i cXnj i\cXkè^ kf fi X]]\Zkè^ Zi\[`kfijwi`^_kj+ kf k_\ Xggc`ZXk`fe f] \hl`kXYc\ gièZ`gc\j Xe[ kf k_\ \o\iZ`j\ f] al[`Z`Xc [`jZi\k`fe è Xggifgi`Xk\ ZXj\j- Q\\ogi\jj ef fgè`fe n`k_ i\jg\Zk kf Xep è[\de`]`ZXk`fe+ Zfeki`Ylk`fe+ c`hl`[Xk\[ [XdX^\j+ g\eXckp 'èZcl[è^ Xepi\d\[p [\\d\[ kf Zfejk`klk\ fi _Xmè^ k_\ \]]\Zk f] X g\eXckp(+ i`^_k f] j\k,f]]+ XiY`kiXk`fe+ Z_f`Z\ f] cXn+ Z_f`Z\ f]]fild+ Z_f`Z\ f] m\el\+ efe,\oZclj`m`kp f] i\d\[`\j+ nX`m\i fi j\m\iXY`c`kp gifm`j`fej ZfekXè\[ è k_\ ]fi\^fè^[fZld\ekj- Ili j\im`Z\j [`[ efk èZcl[\ ]èXeZ`Xc fi fk_\i efe,c\^Xc X[m`Z\- @èXccp+ n\ le[\ikXb\ ef i\jgfej`Y`c`kp]fi k_\ XZZliXZp+ Zfdgc\k\e\jj fi ]Xìe\jj f] k_\ I]]`Z`Xc MkXk\d\ek+ [Xk\[ GXiZ_ 00+ 1/1/ 'k_\ uI]]`Z`XcMkXk\d\ekv(+ fi fk_\i f]]\iè^ dXk\i`Xc i\cXkè^ kf k_\ <fe[j Xe[ \ogi\jj ef fgè`fe n`k_ i\jg\Zk k_\i\kf-

<Xj\[ fe Xe[ jlYa\Zk kf k_\ ]fi\^fè^+ Xe[ è i\c`XeZ\ k_\i\fe+ Xj f] k_\ [Xk\ _\i\f]+ n\ Xi\ f] k_\ ]fccfnè^fgè`fej9

0- N_\ ;lk_fi`kp _Xj Y\\e [lcp Zi\Xk\[ Xe[ `j mXc`[cp \o`jkè^ Xj X Yf[p ZfigfiXk\ Xe[ gfc`k`ZZfejk`klkè^ X glYc`Z Y\e\]`k ZfigfiXk`fe f] k_\ MkXk\ f] H\n Sfib-

1- N_\ <fe[j _Xm\ Y\\e [lcp Xe[ mXc`[cp Xlk_fi`q\[ kf Y\ `jjl\[ Xe[ Zfejk`klk\ k_\ mXc`[ Xe[ Yè[è^jg\Z`Xc fYc`^Xk`fej f] k_\ ;lk_fi`kp \e]fiZ\XYc\ è XZZfi[XeZ\ n`k_ k_\ì k\idj Xe[ k_\ k\idj f] k_\ L\jfclk`fej+ n`ccY\ gXpXYc\ jfc\cp ]ifd k_\ jfliZ\j gifm`[\[ k_\i\]fi è k_\ L\jfclk`fej Xe[ n`cc Y\ \ek`kc\[ kf k_\ Y\e\]`k f] k_\L\jfclk`fej Xe[ k_\ ;Zk-

2- N_\ L\jfclk`fej Xi\ è ]lcc ]fiZ\ Xe[ \]]\Zk+ _Xm\ Y\\e [lcp X[fgk\[ Yp+ Xe[ Zfejk`klk\ k_\ mXc`[Xe[ Yè[è^ fYc`^Xk`fej f]+ k_\ ;lk_fi`kp- N_\ L\jfclk`fej Zi\Xk\ X mXc`[ gc\[^\+ kf j\Zli\ k_\ gXpd\ek f] k_\gièZ`gXc f] Xe[ èk\i\jk fe k_\ <fe[j+ f] k_\ L\m\el\j Xe[ Xep fk_\i Xdflekj 'èZcl[è^ k_\ gifZ\\[j f] k_\ jXc\ f]k_\ <fe[j( _\c[ Yp k_\ Niljk\\ è Xep ]le[ fi XZZflek \jkXYc`j_\[ glijlXek kf k_\ L\jfclk`fej+ \oZ\gk k_\ ;iY`kiX^\L\YXk\ @le[ Xe[ k_\ <fe[ JliZ_Xj\ @le[+ jlYa\Zk kf k_\ gifm`j`fej f] k_\ L\jfclk`fej g\id`kkè^ k_\ Xggc`ZXk`fek_\i\f] ]fi k_\ gligfj\j Xe[ fe k_\ k\idj Xe[ Zfe[`k`fej j\k ]fik_ è k_\ L\jfclk`fej-

3- N_\ FfXe ;î\\d\ek _Xj Y\\e [lcp \o\Zlk\[ Xe[ [\c`m\i\[ Yp k_\ ;lk_fi`kp Xe[+ Xjjldè^ [l\\o\Zlk`fe Xe[ [\c`m\ip k_\i\f] Yp k_\ Cejk`klk`fe+ Zfejk`klk\j X mXc`[ Xe[ Yè[è^ Xî\\d\ek f] k_\ ;lk_fi`kp èXZZfi[XeZ\ n`k_ `kj k\idj-

4- N_\ <fe[j Xi\ efk X c`\e fi Z_Xi^\ lgfe k_\ ]le[j fi gifg\ikp f] k_\ ;lk_fi`kp \oZ\gk kf k_\ \ok\ekf] k_\ X]fi\d\ek`fe\[ gc\[^\- H\`k_\i k_\ ]X`k_ Xe[ Zi\[`k efi k_\ kXoè^ gfn\i f] k_\ MkXk\ f] H\n Sfib fi f] Xepgfc`k`ZXc jlY[`m`j`fe k_\i\f] `j gc\[^\[ kf k_\ gXpd\ek f] k_\ gièZ`gXc f] fi èk\i\jk fe k_\ <fe[j- N_\ <fe[j Xi\efk X [\Yk f] k_\ MkXk\ f] H\n Sfib+ Xe[ jX`[ MkXk\ `j efk c`XYc\ ]fi k_\ gXpd\ek k_\i\f]-

5- Cek\i\jk fe k_\ <fe[j `j \oZcl[\[ ]ifd îfjj èZfd\ ]fi ]\[\iXc èZfd\ kXo gligfj\j le[\iM\Zk`fe 0/2 f] k_\ =f[\- Cek\i\jk fe k_\ <fe[j `j efk X jg\Z`]`Z gi\]\i\eZ\ `k\d ]fi gligfj\j f] k_\ ]\[\iXcXck\ieXk`m\ dè`dld kXo- Cek\i\jk fe k_\ <fe[j `j \o\dgk ]ifd g\ijfeXc èZfd\ kXo\j `dgfj\[ Yp k_\ MkXk\ f] H\nSfib Xe[ Xep gfc`k`ZXc jlY[`m`j`fe k_\i\f] 'èZcl[è^ N_\ =`kp f] H\n Sfib(- Q\ \ogi\jj ef fgè`fe i\^Xi[è^fk_\i kXo Zfej\hl\eZ\j i\cXk\[ kf k_\ fne\ij_`g fi [`jgfj`k`fe f]+ fi k_\ Xdflek+ XZZilXc fi i\Z\`gk f] èk\i\jk fe+ k_\<fe[j-

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N_`j 7=H;;C;DJ JE FHEL?:; 9EDJ?DK?D= :?I9BEIKH; 'k_\ u>`jZcfjli\ ;î\\d\ekv(+[Xk\[ Xj f] UyV+ 1/1/+ `j \o\Zlk\[ Xe[ [\c`m\i\[ Yp =fie\cc Oe`m\ij`kp 'k_\ uIYc`^Xk\[ J\ijfev(+ N_\ <Xeb f] H\nSfib G\ccfe+ Xj Niljk\\ 'k_\ uNiljk\\v( Xe[ >`^`kXc ;jjliXeZ\ =\ik`]`ZXk`fe+ F-F-=- 'u>;=v(+ Xj \oZclj`m\>`jZcfjli\ >`jj\dèXk`fe ;^\ek 'k_\ u>`jZcfjli\ >`jj\dèXk`fe ;^\ekv( ]fi k_\ Y\e\]`k f] k_\ Bfc[\ij '_\i\èX]k\i[\]è\[( f] k_\ <fe[j '_\i\èX]k\i [\]è\[( `jjl\[ Yp k_\ >fid`kfip ;lk_fi`kp f] k_\ MkXk\ f] H\n Sfib 'k_\uCjjl\iv fi u>;MHSv( Xe[ è fi[\i kf gifm`[\ Z\ikXè Zfekèlè^ [`jZcfjli\ n`k_ i\jg\Zk kf k_\ <fe[j è XZZfi[XeZ\n`k_ Llc\ 04Z1,01 f] k_\ Oe`k\[ MkXk\j M\Zli`k`\j Xe[ ?oZ_Xe^\ =fdd`jj`fe le[\i k_\ M\Zli`k`\j ?oZ_Xe^\ ;Zk f]0823+ Xj k_\ jXd\ dXp Y\ Xd\e[\[ ]ifd k`d\ kf k`d\ 'k_\ uLlc\v(-

N_\ j\im`Z\j gifm`[\[ le[\i k_`j >`jZcfjli\ ;î\\d\ek jfc\cp i\cXk\ kf k_\ \o\Zlk`fe f] èjkilZk`feji\Z\`m\[ ]ifd k_\ gXik`\j _\i\kf k_ifl^_ lj\ f] k_\ >;= jpjk\d Xe[ Xi\ efk èk\e[\[ kf Zfejk`klk\ uX[m`Z\v n`k_èk_\ d\Xeè^ f] k_\ Oe`k\[ MkXk\j >f[[,@iXeb QXcc Mki\\k L\]fid Xe[ =fejld\i Jifk\Zk`fe ;Zk 'k_\ u;Zkv(- >;=`j efk fYc`^Xk\[ _\i\le[\i kf gifm`[\ Xep X[m`Z\ fi i\Zfdd\e[Xk`fe kf k_\ Cjjl\i+ k_\ IYc`^Xk\[ J\ijfe fi Xepfe\fe k_\ Cjjl\iwj fi k_\ IYc`^Xk\[ J\ijfewj Y\_Xc] i\^Xi[è^ k_\ u`jjlXeZ\ f] dle`Z`gXc j\Zli`k`\jv fi Xep udle`Z`gXc]èXeZ`Xc gif[lZkv Xj [\]è\[ è k_\ ;Zk Xe[ efk_è^ è k_`j >`jZcfjli\ ;î\\d\ek j_Xcc Y\ èk\igi\k\[ kf k_\ZfekiXip-

F7HJ , ( :;<?D?J?EDI- =Xg`kXc`q\[ k\idj efk fk_\in`j\ [\]è\[ è k_`j >`jZcfjli\ ;î\\d\ek j_Xcc_Xm\ k_\ d\Xeè^ Xjj`ê\[ è k_\ Llc\ fi+ kf k_\ \ok\ek efk è Zfe]c`Zk n`k_ k_\ Llc\+ è k_\ L\jfclk`fe '_\i\èX]k\i[\]è\[(- N_\ ZXg`kXc`q\[ k\idj j_Xcc _Xm\ k_\ ]fccfnè^ d\Xeè^j9

u;eelXc @`cè^ >Xk\v d\Xej k_\ [Xk\+ j\k è M\Zk`fej 1'X( Xe[ 1']( f] k_`j >`jZcfjli\ ;î\\d\ek+ Yp n_`Z_k_\ ;eelXc L\gfik `j kf Y\ ]`c\[ n`k_ k_\ GML<-

u;eelXc @èXeZ`Xc Ce]fidXk`fev d\Xej XeelXc ]èXeZ`Xc è]fidXk`fe Xj jlZ_ k\id `j lj\[ è gXiXîXg_'Y('4('`( f] k_\ Llc\ Xe[ jg\Z`]`\[ è M\Zk`fe 2'X( f] k_`j >`jZcfjli\ ;î\\d\ek-

u;eelXc L\gfikv d\Xej Xe ;eelXc L\gfik [\jZi`Y\[ è Xe[ Zfej`jk\ek n`k_ M\Zk`fe 2 f] k_`j >`jZcfjli\;î\\d\ek-

u;l[`k\[ @èXeZ`Xc MkXk\d\ekjv d\Xej k_\ ]èXeZ`Xc jkXk\d\ekj '`] Xep( f] k_\ IYc`^Xk\[ J\ijfe ]fi k_\gi`fi ]`jZXc p\Xi+ Z\ik`]`\[ Yp Xe è[\g\e[\ek Xl[`kfi Xj gi\gXi\[ è XZZfi[XeZ\ n`k_ ^\e\iXccp XZZ\gk\[ XZZflekè^gièZ`gc\j fi fk_\in`j\+ Xj jlZ_ k\id `j lj\[ è gXiXîXg_ 'Y('4('`( f] k_\ Llc\ Xe[ jg\Z`]`\[ è M\Zk`fe 2'Y( f] k_`j>`jZcfjli\ ;î\\d\ek-

u<fe[jv d\Xej k_\ Yfe[j Xj c`jk\[ fe k_\ XkkXZ_\[ ?o_`Y`k ;+ n`k_ k_\ 8,[`^`k =OMCJ eldY\ij i\cXkè^k_\i\kf-

u=\ik`]`ZXk`fev d\Xej X ni`kk\e Z\ik`]`ZXk`fe f] Zfdgc`XeZ\ j`ê\[ Yp k_\ >`jZcfjli\ L\gi\j\ekXk`m\ jkXkè^k_Xk k_\ ;eelXc L\gfik+ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj+ PfclekXip @èXeZ`Xc >`jZcfjli\+ Hfk`Z\ ?m\ek efk`Z\+ @X`cli\kf @`c\ ?m\ek efk`Z\ fi PfclekXip ?m\ek >`jZcfjli\ [\c`m\i\[ kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek `j k_\ ;eelXcL\gfik+ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj+ PfclekXip @èXeZ`Xc >`jZcfjli\+ Hfk`Z\ ?m\ek efk`Z\+ @X`cli\ kf @`c\ ?m\ekefk`Z\ fi PfclekXip ?m\ek >`jZcfjli\ i\hlì\[ kf Y\ fi mfclekXi`cp jlYd`kk\[ kf k_\ GML< le[\i k_`j >`jZcfjli\;î\\d\ek- ; =\ik`]`ZXk`fe j_Xcc XZZfdgXep \XZ_ jlZ_ [fZld\ek jlYd`kk\[ kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ekYp k_\ IYc`^Xk\[ J\ijfe Xe[ èZcl[\ k_\ ]lcc eXd\ f] k_\ <fe[j Xe[ k_\ 8,[`^`k =OMCJ eldY\ij ]fi Xcc <fe[j kfn_`Z_ k_\ [fZld\ek Xggc`\j-

F-1

u>`jZcfjli\ >`jj\dèXk`fe ;^\ekv d\Xej >`^`kXc ;jjliXeZ\ =\ik`]`ZXk`fe+ F-F-=-+ XZkè^ è `kj ZXgXZ`kp Xj>`jZcfjli\ >`jj\dèXk`fe ;^\ek _\i\le[\i+ fi Xep jlZZ\jjfi >`jZcfjli\ >`jj\dèXk`fe ;^\ek [\j`êXk\[ è ni`kè^Yp k_\ IYc`^Xk\[ J\ijfe glijlXek kf M\Zk`fe 8 _\i\f]-

u>`jZcfjli\ L\gi\j\ekXk`m\v d\Xej k_\ Z_`\] ]èXeZ`Xc f]]`Z\i f] k_\ IYc`^Xk\[ J\ijfe fi _`j fi _\i[\j`ê\\+ fi jlZ_ fk_\i g\ijfe Xj k_\ IYc`^Xk\[ J\ijfe j_Xcc [\j`êXk\ è ni`kè^ kf k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek ]ifd k`d\ kf k`d\ Xj k_\ g\ijfe i\jgfej`Yc\ ]fi gifm`[è^ Ce]fidXk`fe kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek-

u@X`cli\ kf @`c\ ?m\ekv d\Xej k_\ IYc`^Xk\[ J\ijfewj ]X`cli\ kf ]`c\ Xe ;eelXc L\gfik fe fi Y\]fi\ k_\;eelXc @`cè^ >Xk\-

u@èXeZ`Xc IYc`^Xk`fev d\Xej X '`( X [\Yk fYc`^Xk`fe: '``( [\i`mXk`m\ èjkild\ek \ek\i\[ èkf è Zfee\Zk`fen`k_+ fi gc\[^\[ Xj j\Zli`kp fi X jfliZ\ f] gXpd\ek ]fi+ Xe \o`jkè^ fi gcXee\[ [\Yk fYc`^Xk`fe: fi '```( ^lXiXek\\ f]'`( fi '``(- N_\ k\id @èXeZ`Xc IYc`^Xk`fe j_Xcc efk èZcl[\ dle`Z`gXc j\Zli`k`\j Xj kf n_`Z_ X ]èXc f]]`Z`Xc jkXk\d\ek_Xj Y\\e gifm`[\[ kf k_\ GML< Zfej`jk\ek n`k_ k_\ Llc\-

u@fiZ\ GXa\li\ ?m\ekv d\Xej9 '`( XZkj f] Af[+ nXi fi k\iifi`jk XZk`fe: '``( ]X`cli\ fi j_lk,[fne f] k_\?c\Zkife`Z Gle`Z`gXc GXib\k ;ZZ\jj Mpjk\d dXèkXè\[ Yp k_\ GML<: fi '```( kf k_\ \ok\ek Y\pfe[ k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ekwj i\XjfeXYc\ Zfekifc+ èk\iilgk`fej è k\c\Zfddle`ZXk`fej fi lk`c`k`\j j\im`Z\j+ ]X`cli\+dXc]leZk`fe fi \iifi f] Xep k\c\Zfddle`ZXk`fej+ Zfdglk\i fi fk_\i \c\Zki`ZXc+ d\Z_Xe`ZXc fi k\Z_efcf^`ZXcXggc`ZXk`fe+ j\im`Z\ fi jpjk\d+ Zfdglk\i mìlj+ èk\iilgk`fej è Cek\ie\k j\im`Z\ fi k\c\g_fe\ j\im`Z\ 'èZcl[è^ [l\kf X mìlj+ \c\Zki`ZXc [\c`m\ip gifYc\d fi j`d`cXi fZZlii\eZ\( k_Xk X]]\Zk Cek\ie\k lj\ij ^\e\iXccp+ fi è k_\ cfZXc Xi\Xè n_`Z_ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek fi k_\ GML< `j cfZXk\[+ fi XZkj f] Xep ^fm\ied\ek+ i\^lcXkfip fi Xepfk_\i Zfdg\k\ek Xlk_fi`kp k_\ \]]\Zk f] n_`Z_ `j kf gif_`Y`k k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek ]ifd g\i]fidXeZ\ f]`kj fYc`^Xk`fej le[\i k_`j >`jZcfjli\ ;î\\d\ek-

uBfc[\iv d\Xej Xep g\ijfe 'X( _Xmè^ k_\ gfn\i+ [ì\Zkcp fi è[ì\Zkcp+ kf mfk\ fi Zfej\ek n`k_ i\jg\Zk kf+fi kf [`jgfj\ f] fne\ij_`g f]+ Xep <fe[j 'èZcl[è^ g\ijfej _fc[è^ <fe[j k_ifl^_ efdè\\j+ [\gfj`kfi`\j fi fk_\ièk\id\[`Xi`\j( fi 'Y( ki\Xk\[ Xj k_\ fne\i f] Xep <fe[j ]fi ]\[\iXc èZfd\ kXo gligfj\j-

uCe]fidXk`fev d\Xej Zfcc\Zk`m\cp+ k_\ ;eelXc L\gfikj+ k_\ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj '`] Xep(+ k_\Hfk`Z\ ?m\ek efk`Z\j+ k_\ @X`cli\ kf @`c\ ?m\ek efk`Z\j+ k_\ PfclekXip ?m\ek >`jZcfjli\j Xe[ k_\ PfclekXip @èXeZ`Xc>`jZcfjli\j-

uCjjl\iv d\Xej k_\ >fid`kfip ;lk_fi`kp f] k_\ MkXk\ f] H\n Sfib+ Xj Zfe[l`k `jjl\i f] k_\ <fe[j-

uGML<v d\Xej k_\ Gle`Z`gXc M\Zli`k`\j Llc\dXbè^ <fXi[ \jkXYc`j_\[ glijlXek kf M\Zk`fe 04<'Y('0( f]k_\ Oe`k\[ MkXk\j M\Zli`k`\j ?oZ_Xe^\ ;Zk f] 0823+ Xj Xd\e[\[-

uHfk`Z\ ?m\ekv d\Xej Xep f] k_\ \m\ekj \eld\iXk\[ è gXiXîXg_ 'Y('4('`('=( f] k_\ Llc\ Xe[ c`jk\[ èM\Zk`fe 3'X( f] k_`j >`jZcfjli\ ;î\\d\ek-

uIYc`^Xk\[ J\ijfev d\Xej Xep g\ijfe n_f `j \`k_\i ^\e\iXccp fi k_ifl^_ Xe \ek\igi`j\+ ]le[+ fi XZZflek f]jlZ_ g\ijfe Zfdd`kk\[ Yp ZfekiXZk fi fk_\i XiiXe^\d\ek kf jlggfik gXpd\ek f] Xcc+ fi gXik f] k_\ fYc`^Xk`fej fe k_\<fe[j 'fk_\i k_Xe gifm`[\ij f] dle`Z`gXc Yfe[ èjliXeZ\+ c\kk\ij f] Zi\[`k+ fi fk_\i c`hl`[`kp ]XZ`c`k`\j(+ Xj j_fne fe?o_`Y`k ;-

uI]]`Z`Xc MkXk\d\ekv d\Xej k_Xk I]]`Z`Xc MkXk\d\ek gi\gXi\[ Yp k_\ Cjjl\i Xe[ k_\ IYc`^Xk\[ J\ijfe èZfee\Zk`fe n`k_ k_\ <fe[j+ Xj c`jk\[ fe ?o_`Y`k ;-

uL\jfclk`fev d\Xej >;MHSwj Yfe[ i\jfclk`fe'j( glijlXek kf n_`Z_ k_\ <fe[j n\i\ `jjl\[-

uNiljk\\v d\Xej N_\ <Xeb f] H\n Sfib G\ccfe Xe[ `kj jlZZ\jjfij Xe[ Xjj`êj-

F-2

uPfclekXip ?m\ek >`jZcfjli\v d\Xej è]fidXk`fe f] k_\ ZXk\^fip jg\Z`]`\[ è Xep f] jlYj\Zk`fej '\('m`('0(k_ifl^_ '\('m`('00( f] M\Zk`fe 1 f] k_`j >`jZcfjli\ ;î\\d\ek k_Xk `j XZZfdgXe`\[ Yp X =\ik`]`ZXk`fe f] k_\>`jZcfjli\ L\gi\j\ekXk`m\ ZfekXèè^ k_\ è]fidXk`fe gi\jZi`Y\[ Yp M\Zk`fe 6'X( f] k_`j >`jZcfjli\ ;î\\d\ek-

uPfclekXip @èXeZ`Xc >`jZcfjli\v d\Xej è]fidXk`fe f] k_\ ZXk\^fip jg\Z`]`\[ è Xep f] jlYj\Zk`fej'\('m``('0( k_ifl^_ '\('m``('8( f] M\Zk`fe 1 f] k_`j >`jZcfjli\ ;î\\d\ek k_Xk `j XZZfdgXe`\[ Yp X =\ik`]`ZXk`fe f] k_\>`jZcfjli\ L\gi\j\ekXk`m\ ZfekXèè^ k_\ è]fidXk`fe gi\jZi`Y\[ Yp M\Zk`fe 6'Y( f] k_`j >`jZcfjli\ ;î\\d\ek-

F7HJ - ( FHEL?I?ED E< 7DDK7B H;FEHJI-

N_\ IYc`^Xk\[ J\ijfe j_Xcc gifm`[\+ XeelXccp+ Xe \c\Zkife`Z Zfgp f] k_\ ;eelXc L\gfik Xe[=\ik`]`ZXk`fe kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek+ kf^\k_\i n`k_ X Zfgp ]fi k_\ Niljk\\+ efk cXk\i k_Xe 04/[Xpj X]k\i k_\ \e[ f] \XZ_ ]`jZXc p\Xi f] k_\ IYc`^Xk\[ J\ijfe 'fi Xep k`d\ k_\i\X]k\i ]fccfnè^ X @X`cli\ kf@`c\ ?m\ek Xj [\jZi`Y\[ è k_`j M\Zk`fe(+ Zfdd\eZè^ n`k_ k_\ ]`jZXc p\Xi \e[è^ Dle\ 2/+ 1/1/+ jlZ_ [Xk\Xe[ \XZ_ Xee`m\ijXip k_\i\f]+ k_\ u;eelXc @`cè^ >Xk\-v Jifdgkcp lgfe i\Z\`gk f] Xe \c\Zkife`Z Zfgp f] k_\;eelXc L\gfik Xe[ k_\ =\ik`]`ZXk`fe+ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek j_Xcc gifm`[\ k_\ ;eelXc L\gfikkf k_\ GML< k_ifl^_ `kj ?c\Zkife`Z Gle`Z`gXc GXib\k ;ZZ\jj 'u?GG;v( Mpjk\d ]fi dle`Z`gXc j\Zli`k`\j[`jZcfjli\j- N_\ ;eelXc @èXeZ`Xc Ce]fidXk`fe Xe[ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj dXp Y\ jlYd`kk\[ Xj Xjè^c\ [fZld\ek fi Xj j\gXiXk\ [fZld\ekj Zfdgi`jè^ X gXZbX^\+ Xe[ dXp Zifjj,i\]\i\eZ\ fk_\iè]fidXk`fe Xj gifm`[\[ è M\Zk`fe 2 f] k_`j >`jZcfjli\ ;î\\d\ek-

C] fe k_\ ]`]k\\ek_ '04k_( [Xp gi`fi kf k_\ ;eelXc @`cè^ >Xk\+ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek_Xj efk i\Z\`m\[ X Zfgp f] k_\ ;eelXc L\gfik Xe[ =\ik`]`ZXk`fe+ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek j_XccZfekXZk k_\ >`jZcfjli\ L\gi\j\ekXk`m\ Yp k\c\g_fe\ Xe[ è ni`kè^ 'n_`Z_ dXp Y\ Yp \,dX`c( kf i\dè[ k_\IYc`^Xk\[ J\ijfe f] `kj le[\ikXbè^ kf gifm`[\ k_\ ;eelXc L\gfik glijlXek kf M\Zk`fe 1'X(- Ogfe jlZ_i\dè[\i+ k_\ IYc`^Xk\[ J\ijfe j_Xcc+ efk cXk\i k_Xe knf '1( Yljè\jj [Xpj gi`fi kf k_\ ;eelXc @`cè^ >Xk\+\`k_\i9 '`( gifm`[\ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek n`k_ Xe \c\Zkife`Z Zfgp f] k_\ ;eelXc @èXeZ`XcCe]fidXk`fe+ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj+ `] XmX`cXYc\+ Xe[ leXl[`k\[ ]èXeZ`Xc jkXk\d\ekj+ `] ;l[`k\[@èXeZ`Xc MkXk\d\ekj Xi\ efk XmX`cXYc\ è XZZfi[XeZ\ n`k_ jlYj\Zk`fe '[( Y\cfn Xe[ k_\ =\ik`]`ZXk`fe+ fi '``(èjkilZk k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek è ni`kè^+ n`k_ X Zfgp kf k_\ Niljk\\+ k_Xk X @X`cli\ kf @`c\?m\ek dXp fZZli+ jkXk\ k_\ [Xk\ Yp n_`Z_ k_\ ;eelXc @èXeZ`Xc Ce]fidXk`fe Xe[ ;l[`k\[ @èXeZ`XcMkXk\d\ekj ]fi jlZ_ p\Xi Xi\ \og\Zk\[ kf Y\ gifm`[\[+ Xe[+ Xk k_\ \c\Zk`fe f] k_\ IYc`^Xk\[ J\ijfe+ èjkilZkk_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf j\e[ X efk`Z\ kf k_\ GML< è jlYjkXek`Xccp k_\ ]fid XkkXZ_\[ Xj?o_`Y`k < fe k_\ ;eelXc @`cè^ >Xk\+ XZZfdgXe`\[ Yp X Zfm\i j_\\k Zfdgc\k\[ Yp k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek è k_\ ]fid j\k ]fik_ è ?o_`Y`k =,0-

C] k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek _Xj efk i\Z\`m\[ Xe ;eelXc L\gfik Xe[ =\ik`]`ZXk`fe Yp59// g-d- ?Xjk\ie k`d\ fe k_\ ;eelXc @`cè^ >Xk\ 'fi+ `] jlZ_ ;eelXc @`cè^ >Xk\ ]Xccj fe X MXkli[Xp+Mle[Xp fi _fc`[Xp+ k_\e k_\ ]ìjk Yljè\jj [Xp k_\i\X]k\i( ]fi k_\ ;eelXc L\gfik+ X @X`cli\ kf @`c\ ?m\ekj_Xcc _Xm\ fZZlii\[ Xe[ k_\ IYc`^Xk\[ J\ijfe _\i\Yp ìi\mfZXYcp [ì\Zkj k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek kf `dd\[`Xk\cp j\e[ X efk`Z\ kf k_\ GML< è jlYjkXek`Xccp k_\ ]fid XkkXZ_\[ Xj ?o_`Y`k < n`k_flki\]\i\eZ\ kf k_\ Xek`Z`gXk\[ ]`cè^ [Xk\ ]fi k_\ ;eelXc L\gfik+ XZZfdgXe`\[ Yp X Zfm\i j_\\k Zfdgc\k\[ Ypk_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek è k_\ ]fid j\k ]fik_ è ?o_`Y`k =,0-

C] ;l[`k\[ @èXeZ`Xc MkXk\d\ekj f] k_\ IYc`^Xk\[ J\ijfe Xi\ gi\gXi\[ Ylk efk XmX`cXYc\ gi`fi kf k_\;eelXc @`cè^ >Xk\+ k_\ IYc`^Xk\[ J\ijfe j_Xcc gifm`[\ leXl[`k\[ ]èXeZ`Xc jkXk\d\ekj ]fi ]`cè^ gi`fi kf k_\;eelXc @`cè^ >Xk\ è XZZfi[XeZ\ n`k_ M\Zk`fe 2'Y( _\i\f] Xe[+ n_\e k_\ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj Xi\XmX`cXYc\+ gifm`[\ è X k`d\cp dXee\i Xe \c\Zkife`Z Zfgp kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek+XZZfdgXe`\[ Yp X =\ik`]`ZXk`fe+ kf^\k_\i n`k_ X Zfgp ]fi k_\ Niljk\\+ ]fi ]`cè^ n`k_ k_\ GML<-

N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek j_Xcc9

1--0- m\i`]p k_\ ]`cè^ jg\Z`]`ZXk`fej f] k_\ GML< \XZ_ p\Xi gi`fi kf k_\ ;eelXc @`cè^ >Xk\:

F-3

1--1- lgfe i\Z\`gk+ gifdgkcp ]`c\ \XZ_ ;eelXc L\gfik i\Z\`m\[ le[\i M\Zk`fe 1'X( Xe[ 1'Y( n`k_k_\ GML<:

1--2- lgfe i\Z\`gk+ gifdgkcp ]`c\ \XZ_ ;l[`k\[ @èXeZ`Xc MkXk\d\ek i\Z\`m\[ le[\i M\Zk`fe 1'[(n`k_ k_\ GML<:

1--3- lgfe i\Z\`gk+ gifdgkcp ]`c\ k_\ k\ok f] \XZ_ Hfk`Z\ ?m\ek i\Z\`m\[ le[\i M\Zk`fej 3'X( Xe[3'Y('``( n`k_ k_\ GML<+ `[\ek`]pè^ k_\ Hfk`Z\ ?m\ek Xj èjkilZk\[ glijlXek kf M\Zk`fe3'X( fi 3'Y('``( 'Y\è^ Xep f] k_\ ZXk\^fi`\j j\k ]fik_ Y\cfn( n_\e ]`cè^ glijlXek kfM\Zk`fe 3'Z( f] k_`j >`jZcfjli\ ;î\\d\ek9

'X( JièZ`gXc Xe[ èk\i\jk gXpd\ek [\cèhl\eZ`\j:

'Y( Hfe,JXpd\ek i\cXk\[ [\]Xlckj+ `] dXk\i`Xc:

'Z( OejZ_\[lc\[ [iXnj fe [\Yk j\im`Z\ i\j\im\j i\]c\Zkè^ ]èXeZ`Xc [`]]`Zlck`\j:

'[( OejZ_\[lc\[ [iXnj fe Zi\[`k \e_XeZ\d\ekj i\]c\Zkè^ ]èXeZ`Xc [`]]`Zlck`\j:

'\( MlYjk`klk`fe f] Zi\[`k fi c`hl`[`kp gifm`[\ij+ fi k_\ì ]X`cli\ kf g\i]fid:

']( ;[m\ij\ kXo fgè`fej+ k_\ `jjlXeZ\ Yp k_\ Cek\ieXc L\m\el\ M\im`Z\ f] gifgfj\[fi ]èXc [\k\idèXk`fej f] kXoXY`c`kp+ Hfk`Z\j f] Jifgfj\[ Cjjl\ 'CLM @fid 46/0,N?<( fi fk_\i dXk\i`Xc efk`Z\j fi [\k\idèXk`fej n`k_ i\jg\Zk kf k_\ kXo jkXklj f]k_\ <fe[j+ fi fk_\i dXk\i`Xc \m\ekj X]]\Zkè^ k_\ kXo jkXklj f] k_\ <fe[j:

'^( Gf[`]`ZXk`fej kf i`^_kj f] j\Zli`k`\j _fc[\ij+ `] dXk\i`Xc:

'_( <fe[ ZXccj+ `] dXk\i`Xc+ Xe[ k\e[\i f]]\ij:

'`( >\]\XjXeZ\j:

'a( L\c\Xj\+ jlYjk`klk`fe+ fi jXc\ f] gifg\ikp j\Zliè^ i\gXpd\ek f] k_\ <fe[j+ `]dXk\i`Xc:

'b( LXkè^j Z_Xe^\j:

'c( <XebilgkZp+ èjfcm\eZp+ i\Z\`m\ij_`g fi j`d`cXi \m\ek f] k_\ IYc`^Xk\[ J\ijfe:

'd( N_\ ZfejlddXk`fe f] X d\i^\i+ Zfejfc`[Xk`fe+ fi XZhl`j`k`fe èmfcmè^ k_\IYc`^Xk\[ J\ijfe fi k_\ jXc\ f] Xcc fi jlYjkXek`Xccp Xcc f] k_\ Xjj\kj f] k_\IYc`^Xk\[ J\ijfe+ fk_\i k_Xe è k_\ fi[èXip Zflij\ f] Yljè\jj+ k_\ \ekip èkf X[\]è`k`m\ Xî\\d\ek kf le[\ikXb\ jlZ_ Xe XZk`fe fi k_\ k\idèXk`fe f] X[\]è`k`m\ Xî\\d\ek i\cXkè^ kf Xep jlZ_ XZk`fej+ fk_\i k_Xe glijlXek kf `kjk\idj+ `] dXk\i`Xc:

'e( ;ggfèkd\ek f] X jlZZ\jjfi fi X[[`k`feXc kiljk\\+ fi k_\ Z_Xe^\ f] eXd\ f] Xkiljk\\+ `] dXk\i`Xc:

'f( N_\ èZlii\eZ\ f] X @èXeZ`Xc IYc`^Xk`fe f] k_\ IYc`^Xk\[ J\ijfe+ `] dXk\i`Xc+ fiXî\\d\ek kf Zfm\eXekj+ \m\ekj f] [\]Xlck+ i\d\[`\j+ gi`fi`kp i`^_kj fi fk_\ij`d`cXi k\idj f] X @èXeZ`Xc IYc`^Xk`fe+ Xep f] n_`Z_ X]]\Zk j\Zli`kp _fc[\ij+ `]dXk\i`Xc: Xe[

F-4

'g( >\]Xlck+ \m\ek f] XZZ\c\iXk`fe+ k\idèXk`fe \m\ek+ df[`]`ZXk`fe f] k\idj fi fk_\ij`d`cXi \m\ekj le[\i X @èXeZ`Xc IYc`^Xk`fe f] k_\ IYc`^Xk\[ J\ijfe+ `] Xep jlZ_\m\ek i\]c\Zkj ]èXeZ`Xc [`]]`Zlck`\j-

1--4- lgfe i\Z\`gk 'fi ìi\mfZXYc\ [ì\Zk`fe glijlXek kf M\Zk`fe 1'Z( f] k_`j >`jZcfjli\;î\\d\ek+ Xj Xggc`ZXYc\(+ gifdgkcp ]`c\ X Zfdgc\k\[ Zfgp f] ?o_`Y`k < kf k_`j >`jZcfjli\;î\\d\ek n`k_ k_\ GML<+ `[\ek`]pè^ k_\ ]`cè^ Xj u@X`cli\ kf gifm`[\ XeelXc ]èXeZ`Xcè]fidXk`fe Xj i\hlì\[v n_\e ]`cè^ glijlXek kf M\Zk`fe 1'Y('``( fi M\Zk`fe 1'Z( f] k_`j>`jZcfjli\ ;î\\d\ek:

1--5- lgfe i\Z\`gk+ gifdgkcp ]`c\ k_\ k\ok f] \XZ_ PfclekXip ?m\ek >`jZcfjli\ i\Z\`m\[ le[\iM\Zk`fe 6'X( n`k_ k_\ GML<+ `[\ek`]pè^ k_\ PfclekXip ?m\ek >`jZcfjli\ Xj èjkilZk\[ Ypk_\ IYc`^Xk\[ J\ijfe glijlXek kf M\Zk`fe 6'X( 'Y\è^ Xep f] k_\ ZXk\^fi`\j j\k ]fik_Y\cfn( n_\e ]`cè^ glijlXek kf M\Zk`fe 6'X( f] k_`j >`jZcfjli\ ;î\\d\ek9

'X( uXd\e[d\ek kf Zfekèlè^ [`jZcfjli\ le[\ikXbè^:v

'Y( uZ_Xe^\ è fYc`^Xk\[ g\ijfe:v

'Z( uefk`Z\ kf èm\jkfij glijlXek kf Yfe[ [fZld\ekj:v

'[( uZ\ikXè Zfddle`ZXk`fej ]ifd k_\ Cek\ieXc L\m\el\ M\im`Z\:v

'\( uj\Zfe[Xip dXib\k gliZ_Xj\j:v

']( uY`[ ]fi XlZk`fe iXk\ fi fk_\i j\Zli`k`\j:v

'^( uZXg`kXc fi fk_\i ]èXeZè^ gcXe:v

'_( uc`k`^Xk`fe.\e]fiZ\d\ek XZk`fe:v

'`( uZ_Xe^\ f] k\e[\i X^\ek+ i\dXib\kè^ X^\ek+ fi fk_\i fe,^fè^ gXikp:v

'a( u[\i`mXk`m\ fi fk_\i j`d`cXi kiXejXZk`fe:v Xe[

'b( ufk_\i \m\ek,YXj\[ [`jZcfjli\j:v

1--6- lgfe i\Z\`gk+ gifdgkcp ]`c\ k_\ k\ok f] \XZ_ PfclekXip @èXeZ`Xc >`jZcfjli\ i\Z\`m\[le[\i M\Zk`fe 6'Y( n`k_ k_\ GML<+ `[\ek`]pè^ k_\ PfclekXip @èXeZ`Xc >`jZcfjli\ XjèjkilZk\[ Yp k_\ IYc`^Xk\[ J\ijfe glijlXek kf M\Zk`fe 6'Y( 'Y\è^ Xep f] k_\ ZXk\^fi`\jj\k ]fik_ Y\cfn( n_\e ]`cè^ glijlXek kf M\Zk`fe 6'Y( f] k_`j >`jZcfjli\ ;î\\d\ek9

'X( uhlXik\icp.dfek_cp ]èXeZ`Xc è]fidXk`fe:v

'Y( uZ_Xe^\ è ]`jZXc p\Xi.k`dè^ f] XeelXc [`jZcfjli\:v

'Z( uZ_Xe^\ è XZZflekè^ jkXe[Xi[:v

'[( uèk\i`d.X[[`k`feXc ]èXeZ`Xc è]fidXk`fe.fg\iXkè^ [XkX:v

'\( uYl[^\k:v

']( uèm\jkd\ek.[\Yk.]èXeZ`Xc gfc`Zp:v

F-5

'^( uè]fidXk`fe gifm`[\[ kf iXkè^ X^\eZp+ Zi\[`k.c`hl`[`kp gifm`[\i fi fk_\i k_ì[gXikp:v

'_( uZfejlckXek i\gfikj:v Xe[

'`( ufk_\i ]èXeZ`Xc.fg\iXkè^ [XkX:v

1--7- gifm`[\ k_\ IYc`^Xk\[ J\ijfe \m`[\eZ\ f] k_\ ]`cè^j f] \XZ_ f] k_\ XYfm\ n_\e dX[\+n_`Z_ j_Xcc Y\ Yp d\Xej f] k_\ >;= jpjk\d+ ]fi jf cfe^ Xj >;= `j k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek le[\i k_`j >`jZcfjli\ ;î\\d\ek-

N_\ IYc`^Xk\[ J\ijfe dXp X[aljk k_\ ;eelXc @`cè^ >Xk\ lgfe Z_Xe^\ f] `kj ]`jZXc p\Xi Ypgifm`[è^ ni`kk\e efk`Z\ f] jlZ_ Z_Xe^\ Xe[ k_\ e\n ;eelXc @`cè^ >Xk\ kf k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek+ k_\ Niljk\\ Xe[ k_\ GML<+ gifm`[\[ k_Xk k_\ g\i`f[ Y\kn\\e k_\ \o`jkè^ ;eelXc @`cè^ >Xk\ Xe[e\n ;eelXc @`cè^ >Xk\ j_Xcc efk \oZ\\[ fe\ p\Xi-

;ep Ce]fidXk`fe i\Z\`m\[ Yp k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek Y\]fi\ 59// g-d- ?Xjk\ie k`d\fe Xep Yljè\jj [Xp k_Xk `k `j i\hlì\[ kf ]`c\ n`k_ k_\ GML< glijlXek kf k_\ k\idj f] k_`j >`jZcfjli\;î\\d\ek Xe[ k_Xk `j XZZfdgXe`\[ Yp X =\ik`]`ZXk`fe Xe[ Xcc fk_\i è]fidXk`fe i\hlì\[ Yp k_\ k\idj f]k_`j >`jZcfjli\ ;î\\d\ek n`cc Y\ ]`c\[ Yp k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek n`k_ k_\ GML< ef cXk\ik_Xe 00948 g-d- ?Xjk\ie k`d\ fe k_\ jXd\ Yljè\jj [Xp: gifm`[\[+ _fn\m\i+ k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek j_Xcc _Xm\ ef c`XY`c`kp ]fi Xep [\cXp è ]`cè^ n`k_ k_\ GML< `] jlZ_ [\cXp `j ZXlj\[ Yp X @fiZ\GXa\li\ ?m\ek gifm`[\[ k_Xk k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek lj\j i\XjfeXYc\ \]]fikj kf dXb\ Xep jlZ_]`cè^ Xj jffe Xj gfjj`Yc\-

F7HJ . ( 9EDJ;DJ E< 7DDK7B H;FEHJI-

?XZ_ ;eelXc L\gfik j_Xcc ZfekXè9

;eelXc @èXeZ`Xc Ce]fidXk`fe n`k_ i\jg\Zk kf k_\ IYc`^Xk\[ J\ijfe n_`Z_ j_Xcc èZcl[\ fg\iXkè^[XkX Xe[ ]èXeZ`Xc è]fidXk`fe f] k_\ kpg\ èZcl[\[ è k_\ I]]`Z`Xc MkXk\d\ek ]fi k_\ <fe[j Xj [\jZi`Y\[ èuJ;LN 5 ,NB? OHCP?LMCNSv i\cXkè^ kf9 '0( student admissions+ j`d`cXi kf k_Xk j\k ]fik_ le[\i k_\ kXYc\_\X[è^+ u@i\j_dXe ;[d`jj`fe MkXk`jk`Zj:v '1( student enrollment+ j`d`cXi kf k_Xk j\k ]fik_ le[\i k_\ kXYc\_\X[è^ u?eifccd\ek MlddXip:v '2( tuition and other student charges+ j`d`cXi kf k_Xk j\k ]fik_ le[\i k_\kXYc\ _\X[è^+ uNl`k`fe LXk\j:v '3( financial aid+ j`d`cXi kf k_Xk j\k ]fik_ le[\i k_\ kXYc\ _\X[è^+ uMfliZ\jf] Oe[\iîX[lXk\ ;`[:v '4( University finances+ lec\jj jlZ_ è]fidXk`fe `j èZcl[\[ è k_\ ;l[`k\[@èXeZ`Xc MkXk\d\ekj: '5( gifts and investments+ lec\jj jlZ_ è]fidXk`fe `j èZcl[\[ è k_\ ;l[`k\[@èXeZ`Xc MkXk\d\ekj: Xe[ '6( outstanding indebtedness+ lec\jj jlZ_ è]fidXk`fe `j èZcl[\[ è k_\ ;l[`k\[@èXeZ`Xc MkXk\d\ekj+ kf^\k_\i n`k_ X eXiiXk`m\ \ogcXeXk`fe Xj dXp Y\ e\Z\jjXip kf Xmf`[ d`jle[\ijkXe[èî\^Xi[è^ k_\ gi\j\ekXk`fe f] jlZ_ ;eelXc @èXeZ`Xc Ce]fidXk`fe ZfeZ\ieè^ k_\ IYc`^Xk\[ J\ijfe: Xe[

;l[`k\[ @èXeZ`Xc MkXk\d\ekj gi\gXi\[ è XZZfi[XeZ\ n`k_ ^\e\iXccp XZZ\gk\[ XZZflekè^gièZ`gc\j 'uA;;Jv( fi Xck\ieXk\ XZZflekè^ gièZ`gc\j Xj [\jZi`Y\[ è k_\ I]]`Z`Xc MkXk\d\ek n`cc Y\èZcl[\[ è k_\ ;eelXc L\gfik- C] ;l[`k\[ @èXeZ`Xc MkXk\d\ekj Xi\ efk XmX`cXYc\+ k_\ IYc`^Xk\[ J\ijfej_Xcc Y\ è Zfdgc`XeZ\ le[\i k_`j >`jZcfjli\ ;î\\d\ek `] leXl[`k\[ ]èXeZ`Xc jkXk\d\ekj+ gi\gXi\[ èXZZfi[XeZ\ n`k_ A;;J fi Xck\ieXk\ XZZflekè^ gièZ`gc\j Xj [\jZi`Y\[ è k_\ I]]`Z`Xc MkXk\d\ek+ Xi\èZcl[\[ è k_\ ;eelXc L\gfik- ;l[`k\[ @èXeZ`Xc MkXk\d\ekj '`] Xep( n`cc Y\ gifm`[\[ glijlXek kf M\Zk`fe1'[(-

;ep fi Xcc f] k_\ `k\dj c`jk\[ XYfm\ dXp Y\ èZcl[\[ Yp jg\Z`]`Z i\]\i\eZ\ ]ifd fk_\i [fZld\ekj+ èZcl[è^f]]`Z`Xc jkXk\d\ekj f] [\Yk `jjl\j n`k_ i\jg\Zk kf n_`Z_ k_\ IYc`^Xk\[ J\ijfe `j Xe ufYc`^Xk\[ g\ijfev 'Xj [\]è\[ Ypk_\ Llc\(+ n_`Z_ _Xm\ Y\\e gi\m`fljcp ]`c\[ n`k_ k_\ M\Zli`k`\j Xe[ ?oZ_Xe^\ =fdd`jj`fe fi Xi\ XmX`cXYc\ ]ifd k_\GML< Cek\ie\k Q\Yj`k\- C] k_\ [fZld\ek èZfigfiXk\[ Yp i\]\i\eZ\ `j X @èXc I]]`Z`Xc MkXk\d\ek+ `k dljk Y\XmX`cXYc\ ]ifd k_\ GML<- N_\ IYc`^Xk\[ J\ijfe n`cc Zc\Xicp `[\ek`]p \XZ_ jlZ_ [fZld\ek jf èZfigfiXk\[ Ypi\]\i\eZ\-

F-6

;ep ;eelXc @èXeZ`Xc Ce]fidXk`fe ZfekXèè^ df[`]`\[ fg\iXkè^ [XkX fi ]èXeZ`Xc è]fidXk`fe j_XccèZcl[\ Xe \ogcXeXk`fe+ è eXiiXk`m\ ]fid+ f] jlZ_ df[`]`ZXk`fej-

F7HJ / ( H;FEHJ?D= E< DEJ?9; ;L;DJI-

JXU _SSebbU^SU _V Qî _V dXU V_\\_gY^W UfU^dc gYdX bUcÙSd d_ dXU 8_^Tc S_^cdYdedUc Q D_dYSU

;fU^d5

0- JièZ`gXc Xe[ èk\i\jk gXpd\ek [\cèhl\eZ`\j:

1- Hfe,gXpd\ek i\cXk\[ [\]Xlckj+ `] dXk\i`Xc:

2- OejZ_\[lc\[ [iXnj fe [\Yk j\im`Z\ i\j\im\j i\]c\Zkè^ ]èXeZ`Xc [`]]`Zlck`\j:

3- OejZ_\[lc\[ [iXnj fe Zi\[`k \e_XeZ\d\ekj i\]c\Zkè^ ]èXeZ`Xc [`]]`Zlck`\j:

4- MlYjk`klk`fe f] Zi\[`k fi c`hl`[`kp gifm`[\ij+ fi k_\ì ]X`cli\ kf g\i]fid:

5- ;[m\ij\ kXo fgè`fej+ k_\ `jjlXeZ\ Yp k_\ Cek\ieXc L\m\el\ M\im`Z\ f] gifgfj\[ fi ]èXc[\k\idèXk`fej f] kXoXY`c`kp+ Hfk`Z\j f] Jifgfj\[ Cjjl\ 'CLM @fid 46/0,N?<( fi fk_\i dXk\i`Xcefk`Z\j Xe[ [\k\idèXk`fej n`k_ i\jg\Zk kf k_\ kXo jkXklj f] k_\ j\Zli`k`\j fi fk_\i dXk\i`Xc \m\ekjX]]\Zkè^ k_\ kXo jkXklj f] k_\ j\Zli`k`\j:

6- Gf[`]`ZXk`fej kf i`^_kj f] k_\ j\Zli`kp _fc[\ij+ `] dXk\i`Xc:

7- <fe[ ZXccj+ `] dXk\i`Xc Xe[ k\e[\i f]]\ij:

8- >\]\XjXeZ\j:

0/- L\c\Xj\+ jlYjk`klk`fe+ fi jXc\ f] gifg\ikp j\Zliè^ i\gXpd\ek f] k_\ <fe[j+ `] dXk\i`Xc:

00- LXkè^ Z_Xe^\j:

01- <XebilgkZp+ èjfcm\eZp+ i\Z\`m\ij_`g fi j`d`cXi \m\ek f] k_\ IYc`^Xk\[ J\ijfe:

D_dU d_ ceRcUSdY_^ $Q%$,.% _V dXYc IUSdY_^ /5 @fi k_\ gligfj\j f] k_\ \m\ek [\jZi`Y\[ èjlYj\Zk`fe 'X('02( f] k_`j M\Zk`fe 3+ k_\ \m\ek `j Zfej`[\i\[ kf fZZli n_\e Xep f] k_\ ]fccfnè^fZZli9 k_\ Xggfèkd\ek f] X i\Z\`m\i+ ]`jZXc X^\ek fi j`d`cXi f]]`Z\i ]fi Xe IYc`^Xk\[ J\ijfe è XgifZ\\[è^ le[\i k_\ O-M- <XebilgkZp =f[\ fi è Xep fk_\i gifZ\\[è^ le[\i jkXk\ fi ]\[\iXc cXnè n_`Z_ X Zflik fi ^fm\ied\ekXc Xlk_fi`kp _Xj Xjjld\[ ali`j[`Zk`fe fm\i jlYjkXek`Xccp Xcc f] k_\Xjj\kj fi Yljè\jj f] k_\ IYc`^Xk\[ J\ijfe+ fi `] jlZ_ ali`j[`Zk`fe _Xj Y\\e Xjjld\[ Yp c\Xmè^ k_\\o`jkè^ ^fm\ieè^ Yf[p Xe[ f]]`Z`Xcj fi f]]`Z\ij è gfjj\jj`fe Ylk jlYa\Zk kf k_\ jlg\im`j`fe Xe[fi[\ij f] X Zflik fi ^fm\ied\ekXc Xlk_fi`kp+ fi k_\ \ekip f] Xe fi[\i Zfe]ìdè^ X gcXe f]i\fi^Xe`qXk`fe+ XiiXe^\d\ek fi c`hl`[Xk`fe Yp X Zflik fi ^fm\ied\ekXc Xlk_fi`kp _Xmè^jlg\im`j`fe fi ali`j[`Zk`fe fm\i jlYjkXek`Xccp Xcc f] k_\ Xjj\kj fi Yljè\jj f] k_\ IYc`^Xk\[ J\ijfe-

02- N_\ ZfejlddXk`fe f] X d\i^\i+ Zfejfc`[Xk`fe fi XZhl`j`k`fe èmfcmè^ k_\ IYc`^Xk\[ J\ijfe+ fik_\ jXc\ f] Xcc fi jlYjkXek`Xccp Xcc f] k_\ Xjj\kj f] k_\ IYc`^Xk\[ J\ijfe+ fk_\i k_Xe è k_\ fi[èXipZflij\ f] Yljè\jj+ k_\ \ekip èkf X [\]è`k`m\ Xî\\d\ek kf le[\ikXb\ jlZ_ Xe XZk`fe fi k_\k\idèXk`fe f] X [\]è`k`m\ Xî\\d\ek i\cXkè^ kf Xep jlZ_ XZk`fej+ fk_\i k_Xe glijlXek kf `kj k\idj+`] dXk\i`Xc:

03- ;ggfèkd\ek f] X jlZZ\jjfi fi X[[`k`feXc kiljk\\ fi k_\ Z_Xe^\ f] eXd\ f] X kiljk\\+ `] dXk\i`Xc:

F-7

04- CeZlii\eZ\ f] X @èXeZ`Xc IYc`^Xk`fe f] k_\ IYc`^Xk\[ J\ijfe+ `] dXk\i`Xc+ fi Xî\\d\ek kfZfm\eXekj+ \m\ekj f] [\]Xlck+ i\d\[`\j+ gi`fi`kp i`^_kj+ fi fk_\i j`d`cXi k\idj f] X @èXeZ`XcIYc`^Xk`fe f] k_\ IYc`^Xk\[ J\ijfe+ Xep f] n_`Z_ X]]\Zk j\Zli`kp _fc[\ij+ `] dXk\i`Xc: Xe[

05- >\]Xlck+ \m\ek f] XZZ\c\iXk`fe+ k\idèXk`fe \m\ek+ df[`]`ZXk`fe f] k\idj+ fi fk_\i j`d`cXi \m\ekjle[\i k_\ k\idj f] X @èXeZ`Xc IYc`^Xk`fe f] k_\ IYc`^Xk\[ J\ijfe+ Xep f] n_`Z_ i\]c\Zk ]èXeZ`Xc[`]]`Zlck`\j-

N_\ IYc`^Xk\[ J\ijfe j_Xcc+ è X k`d\cp dXee\i efk è \oZ\jj f] k\e Yljè\jj [Xpj X]k\i `kj fZZlii\eZ\+efk`]p k_\ Niljk\\ Xe[ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek è ni`kè^ lgfe k_\ fZZlii\eZ\ f] X Hfk`Z\ ?m\ek- OgfeXZklXc befnc\[^\ f] k_\ fZZlii\eZ\ f] X Hfk`Z\ ?m\ek+ k_\ Niljk\\ j_Xcc gifdgkcp efk`]p k_\ IYc`^Xk\[ J\ijfe Xe[Xcjf j_Xcc efk`]p k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek è ni`kè^ f] k_\ fZZlii\eZ\ f] jlZ_ Hfk`Z\ ?m\ek- ?XZ_ jlZ_efk`Z\ j_Xcc èjkilZk >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf i\gfik k_\ fZZlii\eZ\ glijlXek kf jlYj\Zk`fe 'Z( Xe[ j_Xcc Y\XZZfdgXe`\[ Yp X =\ik`]`ZXk`fe- MlZ_ efk`Z\ fi =\ik`]`ZXk`fe j_Xcc `[\ek`]p k_\ Hfk`Z\ ?m\ek k_Xk _Xj fZZlii\[ 'n_`Z_j_Xcc Y\ Xep f] k_\ ZXk\^fi`\j j\k ]fik_ è M\Zk`fe 1'\('`m( f] k_`j >`jZcfjli\ ;î\\d\ek(+ èZcl[\ k_\ [\jì\[ k\ok f]k_\ [`jZcfjli\+ k_\ ni`kk\e Xlk_fi`qXk`fe ]fi k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf [`jj\dèXk\ jlZ_ è]fidXk`fe+Xe[ `[\ek`]p k_\ [\jì\[ [Xk\ ]fi k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf [`jj\dèXk\ k_\ è]fidXk`fe 'gifm`[\[ k_XkjlZ_ [Xk\ `j efk cXk\i k_Xe k_\ k\ek_ Yljè\jj [Xp X]k\i k_\ fZZlii\eZ\ f] k_\ Hfk`Z\ ?m\ek(-

N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek `j le[\i ef fYc`^Xk`fe kf efk`]p k_\ IYc`^Xk\[ J\ijfe fi k_\>`jZcfjli\ L\gi\j\ekXk`m\ f] Xe \m\ek k_Xk dXp Zfejk`klk\ X Hfk`Z\ ?m\ek- Ce k_\ \m\ek k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek jf efk`]`\j k_\ IYc`^Xk\[ J\ijfe fi k_\ >`jZcfjli\ L\gi\j\ekXk`m\+ jlZ_ efk`]`\[ gXikpn`cc n`k_è knf Yljè\jj [Xpj f] i\Z\`gk f] jlZ_ efk`Z\ 'Ylk è Xep \m\ek efk cXk\i k_Xe k_\ k\ek_ Yljè\jj[Xp X]k\i k_\ fZZlii\eZ\ f] k_\ Hfk`Z\ ?m\ek+ `] k_\ IYc`^Xk\[ J\ijfe [\k\idè\j k_Xk X Hfk`Z\ ?m\ek _XjfZZlii\[(+ èjkilZk k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek k_Xk '`( X Hfk`Z\ ?m\ek _Xj efk fZZlii\[ Xe[ ef]`cè^ `j kf Y\ dX[\ fi '``( X Hfk`Z\ ?m\ek _Xj fZZlii\[ Xe[ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek `j kf i\gfikk_\ fZZlii\eZ\ glijlXek kf jlYj\Zk`fe 'Z( f] k_`j M\Zk`fe 3+ kf^\k_\i n`k_ X =\ik`]`ZXk`fe- MlZ_ =\ik`]`ZXk`fej_Xcc `[\ek`]p k_\ Hfk`Z\ ?m\ek k_Xk _Xj fZZlii\[ 'n_`Z_ j_Xcc Y\ Xep f] k_\ ZXk\^fi`\j j\k ]fik_ èM\Zk`fe 1'\('`m( f] k_`j >`jZcfjli\ ;î\\d\ek(+ èZcl[\ k_\ k\ok f] k_\ [`jZcfjli\ k_Xk k_\ IYc`^Xk\[ J\ijfe[\jì\j kf dXb\+ ZfekXè k_\ ni`kk\e Xlk_fi`qXk`fe f] k_\ IYc`^Xk\[ J\ijfe ]fi k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek kf [`jj\dèXk\ jlZ_ è]fidXk`fe+ Xe[ `[\ek`]p k_\ [Xk\ k_\ IYc`^Xk\[ J\ijfe [\jì\j ]fi k_\>`jZcfjli\ >`jj\dèXk`fe ;^\ek kf [`jj\dèXk\ k_\ è]fidXk`fe 'gifm`[\[ k_Xk jlZ_ [Xk\ `j efk cXk\i k_Xek_\ k\ek_ Yljè\jj [Xp X]k\i k_\ fZZlii\eZ\ f] k_\ Hfk`Z\ ?m\ek(-

C] k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek _Xj Y\\e èjkilZk\[ Xj gi\jZi`Y\[ è jlYj\Zk`fe 'X( fi Xjgi\jZi`Y\[ è jlYj\Zk`fe 'Y( f] k_`j M\Zk`fe 3 kf i\gfik k_\ fZZlii\eZ\ f] X Hfk`Z\ ?m\ek+ k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek j_Xcc gifdgkcp ]`c\ X efk`Z\ f] jlZ_ fZZlii\eZ\ n`k_ GML<+ è XZZfi[XeZ\ n`k_M\Zk`fe 1'\('`m( _\i\f]- N_`j efk`Z\ n`cc Y\ ]`c\[ n`k_ X Zfm\i j_\\k Zfdgc\k\[ Yp k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek è k_\ ]fid j\k ]fik_ è ?o_`Y`k =,0-

F7HJ 0 ( 9KI?F DKC8;HI-

Q_\e\m\i gifm`[è^ è]fidXk`fe kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek+ èZcl[è^ Ylk efk c`d`k\[ kf;eelXc L\gfikj+ [fZld\ekj èZfigfiXk\[ Yp i\]\i\eZ\ è k_\ ;eelXc L\gfikj+ ;l[`k\[ @èXeZ`Xc MkXk\d\ekj+ Hfk`Z\?m\ek efk`Z\j Xe[ PfclekXip ?m\ek >`jZcfjli\+ k_\ IYc`^Xk\[ J\ijfe j_Xcc è[`ZXk\ k_\ ]lcc eXd\ f] k_\ <fe[j Xe[k_\ 8,[`^`k =OMCJ eldY\ij ]fi k_\ <fe[j Xj kf n_`Z_ k_\ gifm`[\[ è]fidXk`fe i\cXk\j-

F7HJ 1 ( 7::?J?ED7B :?I9BEIKH; E8B?=7J?EDI-

N_\ IYc`^Xk\[ J\ijfe XZbefnc\[^\j Xe[ le[\ijkXe[j k_Xk fk_\i jkXk\ Xe[ ]\[\iXc cXnj+ èZcl[è^ Ylk efkc`d`k\[ kf k_\ Oe`k\[ MkXk\j M\Zli`k`\j ;Zk f] 0822+ Xj Xd\e[\[+ Xe[ Llc\ 0/Y,4 gifdlc^Xk\[ le[\i k_\ Oe`k\[MkXk\j M\Zli`k`\j ?oZ_Xe^\ ;Zk f] 0823+ Xj Xd\e[\[+ dXp Xggcp kf k_\ IYc`^Xk\[ J\ijfe+ Xe[ k_Xk k_\ [lk`\j Xe[i\jgfej`Y`c`k`\j f] k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek le[\i k_`j >`jZcfjli\ ;î\\d\ek [f efk \ok\e[ kf gifm`[è^c\^Xc X[m`Z\ i\^Xi[è^ jlZ_ cXnj- N_\ IYc`^Xk\[ J\ijfe XZbefnc\[^\j Xe[ le[\ijkXe[j k_Xk k_\ [lk`\j f] k_\>`jZcfjli\ >`jj\dèXk`fe ;^\ek i\cXk\ \oZclj`m\cp kf \o\Zlk`fe f] k_\ d\Z_Xe`ZXc kXjbj f] [`jj\dèXkè^è]fidXk`fe Xj [\jZi`Y\[ è k_`j >`jZcfjli\ ;î\\d\ek-

F-8

F7HJ 2 ( LEBKDJ7HO <?B?D=-

N_\ IYc`^Xk\[ J\ijfe dXp èjkilZk k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf ]`c\ PfclekXip ?m\ek>`jZcfjli\ n`k_ k_\ GML< ]ifd k`d\ kf k`d\ glijlXek kf X =\ik`]`ZXk`fe f] k_\ >`jZcfjli\ L\gi\j\ekXk`m\-MlZ_ =\ik`]`ZXk`fe j_Xcc `[\ek`]p k_\ PfclekXip ?m\ek >`jZcfjli\ 'n_`Z_ j_Xcc Y\ Xep f] k_\ ZXk\^fi`\j j\k]fik_ è M\Zk`fe 1'\('m`( f] k_`j >`jZcfjli\ ;î\\d\ek(+ èZcl[\ k_\ k\ok f] k_\ [`jZcfjli\ k_Xk k_\ IYc`^Xk\[J\ijfe [\jì\j kf dXb\+ Xe[ `[\ek`]p k_\ [Xk\ k_\ IYc`^Xk\[ J\ijfe [\jì\j ]fi k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek kf [`jj\dèXk\ k_\ è]fidXk`fe- C] k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek _Xj Y\\e èjkilZk\[ Yp k_\IYc`^Xk\[ J\ijfe Xj gi\jZi`Y\[ è k_`j M\Zk`fe 6'X( kf ]`c\ X PfclekXip ?m\ek >`jZcfjli\+ k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek j_Xcc gifdgkcp ]`c\ jlZ_ PfclekXip ?m\ek >`jZcfjli\ n`k_ k_\ GML< è XZZfi[XeZ\n`k_ M\Zk`fe 1'\('m`( _\i\f]- N_`j efk`Z\ n`cc Y\ ]`c\[ n`k_ X Zfm\i j_\\k Zfdgc\k\[ Yp k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek è k_\ ]fid j\k ]fik_ è ?o_`Y`k =,1-

N_\ IYc`^Xk\[ J\ijfe dXp èjkilZk k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf ]`c\ PfclekXip @èXeZ`Xc>`jZcfjli\ n`k_ k_\ GML< ]ifd k`d\ kf k`d\ glijlXek kf X =\ik`]`ZXk`fe f] k_\ >`jZcfjli\ L\gi\j\ekXk`m\-MlZ_ =\ik`]`ZXk`fe j_Xcc `[\ek`]p k_\ PfclekXip @èXeZ`Xc >`jZcfjli\ 'n_`Z_ j_Xcc Y\ Xep f] k_\ ZXk\^fi`\jj\k ]fik_ è M\Zk`fe 1'\('m``( f] k_`j >`jZcfjli\ ;î\\d\ek(+ èZcl[\ k_\ [\jì\[ k\ok f] k_\ [`jZcfjli\+ZfekXè k_\ ni`kk\e Xlk_fi`qXk`fe ]fi k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf [`jj\dèXk\ jlZ_ è]fidXk`fe+`] Xggc`ZXYc\+ Xe[ `[\ek`]p k_\ [\jì\[ [Xk\ ]fi k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf [`jj\dèXk\ k_\è]fidXk`fe- C] k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek _Xj Y\\e èjkilZk\[ Yp k_\ IYc`^Xk\[ J\ijfe Xjgi\jZi`Y\[ è k_`j M\Zk`fe 6'Y( kf ]`c\ X PfclekXip @èXeZ`Xc >`jZcfjli\+ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ekj_Xcc gifdgkcp ]`c\ jlZ_ PfclekXip @èXeZ`Xc >`jZcfjli\ n`k_ k_\ GML< è XZZfi[XeZ\ n`k_ M\Zk`fe1'\('m``( _\i\f]- N_`j efk`Z\ n`cc Y\ ]`c\[ n`k_ X Zfm\i j_\\k Zfdgc\k\[ Yp k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek è k_\ ]fid j\k ]fik_ è ?o_`Y`k =,2-

N_\ gXik`\j _\i\kf XZbefnc\[^\ k_Xk e\`k_\i k_\ Cjjl\i efi k_\ IYc`^Xk\[ J\ijfe `j fYc`^Xk\[glijlXek kf k_\ k\idj f] k_`j >`jZcfjli\ ;î\\d\ek kf ]`c\ Xep PfclekXip ?m\ek >`jZcfjli\ glijlXek kfM\Zk`fe 6'X( _\i\f] fi kf ]`c\ Xep PfclekXip @èXeZ`Xc >`jZcfjli\ glijlXek kf M\Zk`fe 6'Y( _\i\f]-

Hfk_è^ è k_`j >`jZcfjli\ ;î\\d\ek j_Xcc Y\ [\\d\[ kf gi\m\ek k_\ IYc`^Xk\[ J\ijfe ]ifd[`jj\dèXkè^ Xep fk_\i è]fidXk`fe k_ifl^_ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek ljè^ k_\ d\Xej f][`jj\dèXk`fe j\k ]fik_ è k_`j M\Zk`fe 6+ fi èZcl[è^ Xep fk_\i è]fidXk`fe è Xep ;eelXc L\gfik+ @X`cli\kf @`c\ ?m\ek efk`Z\ fi Hfk`Z\ ?m\ek efk`Z\ è X[[`k`fe kf k_Xk n_`Z_ `j jg\Z`]`ZXccp i\hlì\[ Yp k_`j>`jZcfjli\ ;î\\d\ek- C] k_\ IYc`^Xk\[ J\ijfe Z_ffj\j kf èZcl[\ Xep è]fidXk`fe è Xep ;eelXc L\gfik+@X`cli\ kf @`c\ ?m\ek efk`Z\ fi Hfk`Z\ ?m\ek efk`Z\ è X[[`k`fe kf k_Xk n_`Z_ `j jg\Z`]`ZXccp i\hlì\[ Yp k_`j>`jZcfjli\ ;î\\d\ek fi kf ]`c\ PfclekXip ?m\ek >`jZcfjli\ fi PfclekXip @èXeZ`Xc >`jZcfjli\+ k_\IYc`^Xk\[ J\ijfe j_Xcc _Xm\ ef fYc`^Xk`fe le[\i k_`j >`jZcfjli\ ;î\\d\ek kf lg[Xk\ jlZ_ è]fidXk`fe fièZcl[\ `k è Xep ]lkli\ ;eelXc L\gfik+ PfclekXip @èXeZ`Xc >`jZcfjli\+ PfclekXip ?m\ek >`jZcfjli\+@X`cli\ kf @`c\ ?m\ek Hfk`Z\ fi Hfk`Z\ ?m\ek efk`Z\-

F7HJ 3 ( J;HC?D7J?ED E< H;FEHJ?D= E8B?=7J?ED-

N_\ fYc`^Xk`fej f] k_\ IYc`^Xk\[ J\ijfe Xe[ k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek le[\i k_`j >`jZcfjli\;î\\d\ek j_Xcc k\idèXk\ n`k_ i\jg\Zk kf k_\ <fe[j lgfe k_\ c\^Xc [\]\XjXeZ\+ gi`fi i\[\dgk`fe fi gXpd\ek è ]lccf] Xcc f] k_\ <fe[j+ n_\e k_\ IYc`^Xk\[ J\ijfe `j ef cfe^\i Xe IYc`^Xk\[ J\ijfe n`k_ i\jg\Zk kf k_\ <fe[j+ fi lgfe[\c`m\ip Yp k_\ >`jZcfjli\ L\gi\j\ekXk`m\ kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek f] Xe fgè`fe f] eXk`feXccpi\Zfê`q\[ Yfe[ Zflej\c kf k_\ \]]\Zk k_Xk Zfekèlè^ [`jZcfjli\ `j ef cfe^\i i\hlì\[-

F7HJ 4 ( :?I9BEIKH; :?II;C?D7J?ED 7=;DJ-

N_\ IYc`^Xk\[ J\ijfe _\i\Yp Xggfèkj >;= Xj \oZclj`m\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek le[\i k_`j>`jZcfjli\ ;î\\d\ek- N_\ IYc`^Xk\[ J\ijfe dXp+ lgfe k_ìkp [Xpj ni`kk\e efk`Z\ kf k_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek Xe[ k_\ Niljk\\+ i\gcXZ\ fi Xggfèk X jlZZ\jjfi >`jZcfjli\ >`jj\dèXk`fe ;^\ek- Ogfe k\idèXk`fe f] >;=wjj\im`Z\j Xj >`jZcfjli\ >`jj\dèXk`fe ;^\ek+ n_\k_\i Yp efk`Z\ f] k_\ IYc`^Xk\[ J\ijfe fi >;=+ k_\ IYc`^Xk\[J\ijfe Xî\\j kf Xggfèk X jlZZ\jjfi >`jZcfjli\ >`jj\dèXk`fe ;^\ek fi+ Xck\ieXk`m\cp+ Xî\\j kf Xjjld\ Xcci\jgfej`Y`c`k`\j f] k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek le[\i k_`j >`jZcfjli\ ;î\\d\ek ]fi k_\ Y\e\]`k f] k_\

F-9

Bfc[\ij f] k_\ <fe[j- Hfkn`k_jkXe[è^ Xep i\gcXZ\d\ek fi Xggfèkd\ek f] X jlZZ\jjfi+ k_\ IYc`^Xk\[ J\ijfe j_Xcci\dXè c`XYc\ lek`c gXpd\ek è ]lcc ]fi Xep Xe[ Xcc jldj fn\[ Xe[ gXpXYc\ kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek-N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek dXp i\j`ê Xk Xep k`d\ Yp gifm`[è^ k_ìkp [Xpjw gi`fi ni`kk\e efk`Z\ kf k_\IYc`^Xk\[ J\ijfe-

F7HJ ,+ ( H;C;:?;I ?D ;L;DJ E< :;<7KBJ-

Ce k_\ \m\ek f] X ]X`cli\ f] k_\ IYc`^Xk\[ J\ijfe fi k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek kf Zfdgcp n`k_ Xepgifm`j`fe f] k_`j >`jZcfjli\ ;î\\d\ek+ k_\ Bfc[\ijw i`^_kj kf \e]fiZ\ k_\ gifm`j`fej f] k_`j >`jZcfjli\ ;î\\d\ekj_Xcc Y\ c`d`k\[ jfc\cp kf X i`^_k+ Yp XZk`fe è dXe[Xdlj fi ]fi jg\Z`]`Z g\i]fidXeZ\+ kf Zfdg\c g\i]fidXeZ\ f] k_\gXik`\j& fYc`^Xk`fe le[\i k_`j >`jZcfjli\ ;î\\d\ek- ;ep ]X`cli\ Yp X gXikp kf g\i]fid è XZZfi[XeZ\ n`k_ k_`j>`jZcfjli\ ;î\\d\ek j_Xcc efk Zfejk`klk\ X [\]Xlck fe k_\ <fe[j fi le[\i Xep fk_\i [fZld\ek i\cXkè^ kf k_\ <fe[j+Xe[ Xcc i`^_kj Xe[ i\d\[`\j j_Xcc Y\ c`d`k\[ kf k_fj\ \ogi\jjcp jkXk\[ _\i\è-

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N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek j_Xcc _Xm\ fecp jlZ_ [lk`\j Xj Xi\ jg\Z`]`ZXccp j\k ]fik_ è k_`j>`jZcfjli\ ;î\\d\ek- N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ekwj fYc`^Xk`fe kf [\c`m\i k_\ è]fidXk`fe Xk k_\k`d\j Xe[ n`k_ k_\ Zfek\ekj [\jZi`Y\[ _\i\è j_Xcc Y\ c`d`k\[ kf k_\ \ok\ek k_\ IYc`^Xk\[ J\ijfe _Xjgifm`[\[ jlZ_ è]fidXk`fe kf k_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek Xj gifm`[\[ è k_`j >`jZcfjli\;î\\d\ek- N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek j_Xcc _Xm\ ef [lkp n`k_ i\jg\Zk kf k_\ Zfek\ek f] Xep[`jZcfjli\j fi efk`Z\ dX[\ glijlXek kf k_\ k\idj _\i\f]- N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek j_Xcc _Xm\ ef[lkp fi fYc`^Xk`fe kf i\m`\n fi m\i`]p Xep Ce]fidXk`fe+ fi Xep fk_\i è]fidXk`fe+ [`jZcfjli\j fi efk`Z\jgifm`[\[ kf `k Yp k_\ IYc`^Xk\[ J\ijfe Xe[ j_Xcc efk Y\ [\\d\[ kf Y\ XZkè^ è Xep ]`[lZ`Xip ZXgXZ`kp ]fi k_\Cjjl\i+ k_\ IYc`^Xk\[ J\ijfe+ k_\ Bfc[\ij f] k_\ <fe[j fi Xep fk_\i gXikp- N_\ >`jZcfjli\ >`jj\dèXk`fe;^\ek j_Xcc _Xm\ ef i\jgfej`Y`c`kp ]fi k_\ IYc`^Xk\[ J\ijfewj ]X`cli\ kf i\gfik kf k_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek X Hfk`Z\ ?m\ek fi X [lkp kf [\k\idè\ k_\ dXk\i`Xc`kp k_\i\f]- N_\ >`jZcfjli\>`jj\dèXk`fe ;^\ek j_Xcc _Xm\ ef [lkp kf [\k\idè\ fi c`XY`c`kp ]fi ]X`cè^ kf [\k\idè\ n_\k_\i k_\IYc`^Xk\[ J\ijfe _Xj Zfdgc`\[ n`k_ k_`j >`jZcfjli\ ;î\\d\ek- N_\ >`jZcfjli\ >`jj\dèXk`fe ;^\ek dXpZfeZclj`m\cp i\cp lgfe Z\ik`]`ZXk`fej f] k_\ IYc`^Xk\[ J\ijfe Xk Xcc k`d\j-

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