x6 catalogue

52
International version. Please contact your local dealer for country specifi c information. #.89 XXXCNXDPN 4IFFS %SJWJOH1MFBTVSF 5)&#.89 +0:.07&45)&.07&34 #.8&GGJDJFOU%ZOBNJDT -FTTFNJTTJPOT.PSFESJWJOHQMFBTVSF

Upload: ashergee69

Post on 28-May-2017

236 views

Category:

Documents


0 download

TRANSCRIPT

International version. Please contact your local dealer for country specifi c information.

#.8�9�

XXX�CNX�DPN4IFFS

%SJWJOH�1MFBTVSF

5)&�#.8�9� �+0:�.07&4�5)&�.07&34�

#.8�&GGJDJFOU%ZOBNJDT�-FTT�FNJTTJPOT��.PSF�ESJWJOH�QMFBTVSF�

#.8�&GGJDJFOU%ZOBNJDT�-FTT�FNJTTJPOT��.PSF�ESJWJOH�QMFBTVSF�

5IF�#.8�9�

���]���� &YUFSJPS

���]���� *OUFSJPS

5FDIOPMPHZ

���]���� #.8�&GGJDJFOU%ZOBNJDT

���]���� &OHJOFT

���]���� #.8�"DUJWF)ZCSJE�9�

���]���� %SJWJOH�EZOBNJDT

���]���� 4BGFUZ�]�#.8�)FBE�VQ�%JTQMBZ

���]���� #.8�$POOFDUFE%SJWF

&RVJQNFOU

���]���� $PMPVST

���]���� $PNCJOBUJPO�FYBNQMF

���]���� 4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

���]����� 5FDIOJDBM�EBUB

��� 0SJHJOBM�#.8�"DDFTTPSJFT

���]���� #.8�*OEJWJEVBM

���]���� #.8�4FSWJDF�]�#.8�'JOBODJBM�4FSWJDFT

$POUFOUT

*UT�FMFHBODF�XJMM�GBTDJOBUF�ZPV��*UT�BHJMJUZ�JOTQJSF��"OE�JUT�QSFTFODF�JNQSFTT�

ZPV�UISPVHI�BOE�UISPVHI��5IF�#.8�9��SFQSFTFOUT�UIF�GVTJPO�PG�BUIMFUJD�

DPVQ©�DIBSJTNB�XJUI�UIF�BVUIPSJUZ�BOE�WFSTBUJMJUZ�PG�B�4QPSU�"DUJWJUZ�7FIJDMF��

8IFSFWFS�ZPV�XBOU�UP�HP �XJUI�UIF�#.8�9��ZPV�DBO�PWFSDPNF�FWFSZ�IVSEMF��

4BWPVS�UIF�GSFFEPN�PGGFSFE�CZ�B�TUZMJTI�SFGVTBM�UP�DPNQSPNJTF�

&RVJQNFOU�PG�NPEFM�TIPXO�

&OHJOF�

0VUQVU�

8IFFMT�

&YUFSJPS�DPMPVS�

6QIPMTUFSZ�

*OUFSJPS�USJN�

0QUJPOBM�FRVJQNFOU�

#.8�5XJO1PXFS�5VSCP

��DZMJOEFS�7�FOHJOF

����L8�����IQ

����MJHIU�BMMPZ�XIFFMT�

4UBS�TQPLF����

7FSNJMJPO�3FE�NFUBMMJD

/FWBEB�MFBUIFS�0ZTUFS

'JOF�XPPE�USJN�

#BNCPP�(SBJO

#.8�*OEJWJEVBM�JOTUSVNFOU�

QBOFM �MFBUIFS�MJOFE

#.8�9�

'PS�JOGPSNBUJPO�PO�GVFM�DPOTVNQUJPO�BOE�$0��FNJTTJPOT�TFF�QBHFT����*�����

5)&�#.8�9��

5IF�� �STU�4QPSU�"DUJWJUZ�$PVQ©��

8JUI�%ZOBNJD�1FSGPSNBODF�$POUSPM�

�� ��] &YUFSJPS

&91&3*&/$&�"�$061��-*,&�/0�05)&3�

8IFUIFS�ZPVѳSF�PO�ZPVS�XBZ�UP�UIF�DPODFSU�PS�UIF�PGGJDF �PS�FNCBSLJOH�PO�

B�KPVSOFZ�PG�TQPSUJOH�FYQMPSBUJPO�CFZPOE�UIF�CPVOEBSJFT�PG�FWFSZEBZ�MJGF �UIF�

FOUISBMMJOH�DPNCJOBUJPO�PG�DPVQ©�BOE�4QPSU�"DUJWJUZ�7FIJDMF�DSFBUFT�BO�

BVUIPSJUBUJWF�JNQSFTTJPO�JO�BOZ�TJUVBUJPO��-FU�UIF�FMFHBODF�PG�UIF�#.8�9��SVO�

GSFF�ѭ�BOE�FOKPZ�UIF�GFFMJOH�PG�MJNJUMFTT�ESJWJOH�QMFBTVSF�

'03�5)&�803-%ѳ4�#06-&7"3%4�"/%�"7&/6&4��

"/%�"--�30"%4�ѭ�8)&3&�&:&4�$"/ѳ5�'0--08�:06�

"�'03.�"("*/45�5)&�/03.�

�� ��]&YUFSJPS

"O�VONJTUBLBCMF�FYUFSJPS��'PS�BO�JOJNJUBCMF�ESJWJOH�FYQFSJFODF��:PV�DBO�TFF�BO�JOOBUF�EFTJSF�UP�TVSHF�GPSXBSE��#VU�JUѳT�BMTP�TPNFUIJOH�ZPV�DBO�GFFM�

JO�UIF�#.8�9���5IF�WJSUVBMMZ���������BYMF�MPBE�EJTUSJCVUJPO �JO�QBSUJDVMBS �DSFBUFT�PQUJNVN�DPOEJUJPOT�GPS�PVUTUBOEJOH�ESJWJOH�EZOBNJDT�BOE�DPOKVSFT�VQ�

UIBU�JODPNQBSBCMF�GFFMJOH�BU�UIF�XIFFM�PG�UIJT�DBS��5IF�PQUJPOBM�BDUJWF�DIBTTJT�DPOUSPM�TZTUFN�"EBQUJWF�%SJWF�VTFT�4FSWPUSPOJD�UP�PQUJNJTF�TUFFSJOH�

GPSDFT�EVSJOH�OPSNBM�BOE�EZOBNJD�ESJWJOH��*U�BMTP�JODSFBTFT�UIF�TUBCJMJUZ�PG�UIF�#.8�9��CZ�TJHOJGJDBOUMZ�NJOJNJTJOH�QJUDI�BOE�SPMM�BOE�BEBQUJOH�UIF�

DIBTTJT�EBNQJOH�UP�WBSJBUJPOT�JO�UIF�SPBE�TVSGBDF��"OE�UIF�PQUJPOBM�"DUJWF�4UFFSJOH�BEBQUT�UIF�TUFFSJOH�SBUJP�UP�UIF�DBSѳT�TQFFE�ѭ�GPS�HSFBUFS�QSFDJTJPO�

BOE�BHJMJUZ��5IF�POMZ�UIJOH�UIBU�DPVME�MPTF�JUT�DPNQPTVSF�JO�UIF�#.8�9��JT�MJLFMZ�UP�CF�ZPVS�QVMTF��

8)"5&7&3�5)&�30"%�5)3084�"5�*5 �5)"/,4�50�Y%3*7& 5)&�#.8�9� �3&."*/4�6/36''-&%�

�� ��]&YUFSJPS

(SBWFM �SBJO �TOPX�ѭ�SPBE�DPOEJUJPOT�BSF�DPOTUBOUMZ�DIBOHJOH��5IBOLT�UP�UIF�JOUFMMJHFOU�GPVS�XIFFM�ESJWF�TZTUFN�Y%SJWF �UIF�

#.8�9��SFBDUT�UP�FBDI�BOE�FWFSZ�DIBOHF�JO�GSBDUJPOT�PG�B�TFDPOE�ѭ�BOE�ZPV�DBO�SFMZ�PO�UIF�PVUTUBOEJOH�ESJWJOH��DIBSBDUFSJTUJDT�

PG�UIF�#.8�9��JO�BOZ�TJUVBUJPO��5IBUѳT�CFDBVTF�UIJT�TZTUFN�JEFOUJGJFT�XIFSF�ESJWF�JT�SFRVJSFE�BOE�EJTUSJCVUFT�JU�GMFYJCMZ�CFUXFFO�

UIF�GSPOU�BOE�SFBS�BYMFT��5IF�#.8�9� �UIFSFGPSF �CPBTUT�PQUJNVN�USBDUJPO��"OE�OPU�POMZ�UISPVHI�DPSOFST��&WFO�JO�UIF�NPTU�

BEWFSTF�DPOEJUJPOT �TVDI�BT�XFU�PS�TMJQQFSZ�TVSGBDFT �ZPV�XJMM�FOKPZ�VOSFTUSJDUFE�EZOBNJDT�BOE�BHJMJUZ�BMPOH�XJUI�JODSFBTFE�

TUBCJMJUZ�BOE�TBGFUZ��*O�TIPSU �UIF�#.8�9��QSPWFT�XJUI�JNQSFTTJWF�TUZMF�UIBU�JUѳT�BU�IPNF�PO�BOZ�SPBE�

"�/&8�$)"--&/(&�50�5)&�5*()5&45�#&/%4��

%:/".*$�1&3'03."/$&�$0/530-�

�� ��]&YUFSJPS

5IF�#.8�9��UBLFT�FWFO�UIF�NPTU�EFNBOEJOH�CFOET�FBTJMZ�JO�JUT�TUSJEF��*O�BEEJUJPO�UP�UIF�JOUFMMJHFOU�GPVS�XIFFM�ESJWF�TZTUFN�Y%SJWF �JU�QSFNJFSFT�

%ZOBNJD�1FSGPSNBODF�$POUSPM �B�#.8�JOOPWBUJPO�XIJDI�OPUJDFBCMZ�CPPTUT�BHJMJUZ�BOE�GBDJMJUBUFT�IJHIFS�TQFFE�XIFO�UBDLMJOH�CFOET��5IJT�DPOUSPM�TZTUFN�

EJTUSJCVUFT�ESJWF�GPSDF�UP�UIF�SFBS�BYMF�TFBNMFTTMZ�CFUXFFO�UIF�MFGU�BOE�SJHIU�XIFFMT��'PS�NBYJNVN�EZOBNJTN�BOE��PQUJNBM�TUBCJMJUZ �FOHJOF�UPSRVF�

JT�TUSBUFHJDBMMZ�SBJTFE�PO�UIF�XIFFM�PO�UIF�PVUTJEF�PG�UIF�CFOE �TP�UIF�#.8�9��TUFFST�OJNCMZ�JOUP�UIF�CFOE�BOE�IPMET�UIF�MJOF�QSFDJTFMZ��8JUI�%ZOBNJD�

1FSGPSNBODF�$POUSPM �UIF�#.8�9��BMTP�SFBDUT�GBTUFS�BOE�NPSF�BDDVSBUFMZ�UP�ZPVS�TUFFSJOH�JOQVU��"OE�UIF�FOE�SFTVMU�ѭ�ZPV�FOKPZ�VONBUDIFE�ESJWJOH�

QMFBTVSF�PO�FWFSZ�USBDL�BOE�BOZ�TVSGBDF��5IJT�4QPSU�"DUJWJUZ�$PVQ©�JT�FRVBM�UP�BOZ�DIBMMFOHF�

�� ��]&YUFSJPS

�� ��]*OUFSJPS

1&/&53"5*/(�&-&("/$&��

*/50�&7&3:�%&5"*-�

*O�UIF�#.8�9� �TUZMF�BOE�TQPSUJOFTT�NFSHF�JOUP�BO�FYDMVTJWF�XIPMF��4VQFSCMZ�DSBGUFE�GJOF�NBUFSJBMT�DSFBUF�BO�BUNPTQIFSF�

JO�XIJDI�ZPV�DBO�FOKPZ�JNQSFTTJWF�EZOBNJDT�XJUI�BMM�ZPVS�TFOTFT��5IF�TQPSU�MFBUIFS�TUFFSJOH�XIFFM�EFNPOTUSBUFT�

BO�PSJFOUBUJPO�UP�QFSGPSNBODF�ѭ�XJUI�JUT���TQFFE�BVUPNBUJD�USBOTNJTTJPO�4UFQUSPOJD�QBEEMFT�ZPV�DBO�DIBOHF�HFBST�

NPUPSTQPSU�TUZMF�JO�B�GSBDUJPO�PG�B�TFDPOE��"�QVMM�PO�UIF�MFGU�QBEEMF�BOE�ZPV�EPXOTIJGU �B�QVMM�PO�UIF�SJHIU�BOE�ZPV�DIBOHF�

VQ��,OFFQBET�BMTP�HJWF�ZPVS�MFHT�CFUUFS�MBUFSBM�HSJQ�ѭ�B�QBSUJDVMBS�BEWBOUBHF�XIFO�UBLJOH�CFOET�BU�TQFFE��5IF�SBJTFE�

TFBUJOH�QPTJUJPO�HJWFT�ZPV�BO�VOQBSBMMFMFE�WJFX�PG�UIF�TVSSPVOEJOH�USBGGJD��"MM�UIF�DPOUSPMT�BSF�MBJE�PVU�DMFBSMZ�BOE�JOUVJUJWFMZ �

BOE�JG�ZPV�TP�EFTJSF �XJUI�UIF�MFBUIFS�DMBE�#.8�*OEJWJEVBM�EBTICPBSE �ZPV�DBO�DIPPTF�UP�BDDFOU�GVSUIFS�UIF�TIFFS�

FYDMVTJWJUZ�PG�UIJT�4QPSU�"DUJWJUZ�$PVQ©�

'063�%0034�"3&�6/646"-�&/06()�'03�"�$061���'03�40.&5)*/(�3&"--:�6/*26& �+645�01&/�0/&�

*O�UIF�#.8�9� �ZPV�DBO�MPPL�GPSXBSE�OPU�POMZ�UP�BO�FYDFQUJPOBMMZ�EZOBNJD�ESJWJOH�FYQFSJFODF�CVU�BMTP�BO�VOFYQFDUFEMZ�

HFOFSPVT�GFFMJOH�PG�TQBDF��4QBDF�JO�XIJDI�DPNGPSU�BOE�TQPSUJOFTT�GPSN�B�QFSGFDU�IBSNPOZ��5IF�TPGU�MFBUIFS�PQUJPOBM

EFNBOET�UP�CF�TUSPLFE��$MFBS�BFTUIFUJD�BOE�MVYVSJPVT�UPVDIFT�DSFBUF�BO�BUNPTQIFSF�PG�BCTPMVUF�FYDMVTJWJUZ��5IF�PQUJPOBM �

JOEJWJEVBMMZ�PQFSBCMF���[POF�BVUPNBUJD�BJS�DPOEJUJPOJOH�TVQQMJFT�BO�JEFBM�FOWJSPONFOU�UP�FBDI�PG�UIF�GPVS �PS�PQUJPOBM�GJWF �

TFBUT��%PXO�UP�UIF�TNBMMFTU�EFUBJM �UIF�#.8�9��GVMGJMT�UIF�IJHIFTU�FYQFDUBUJPOT�

�� ��]*OUFSJPS

7JTJPO�CFDPNFT�SFBMJUZ��5IF�#.8�7JTJPO�&G� �DJFOU%ZOBNJDT�VOEFSTDPSFT�UIF�QPTJUJPO�PG�

#.8�BT�UIF�XPSMEѳT�MFBEJOH�NBOVGBDUVSFS�PG�FYDFQUJPOBMMZ�TQPSUZ�ZFU�JODPNQBSBCMZ�FG� �DJFOU�

WFIJDMFT��5IF�#.8�7JTJPO�&G� �DJFOU%ZOBNJDT�UFDIOPMPHZ�TIPXDBTF�WFIJDMF�GFBUVSFT�BO�

BEWBODFE�GVMM�IZCSJE�TZTUFN�XJUI�B�TZTUFN�PVUQVU�PG�� � � �L8�� � � �IQ��"�UISFF�DZMJOEFS�

UVSCP�EJFTFM�� � � �L8 �� � � �/N�UPSRVF�BT�XFMM�BT�B�IZCSJE�TZODISPOPVT�NPUPS�PO�UIF�GSPOU�

BYMF�� � � �/N�BOE�B�GVMM�IZCSJE�ESJWF�TZTUFN�PO�UIF�SFBS�BYMF�� � � �/N�HJWF�UIF�WFIJDMF�B�SBOHF�

PG�VQ�UP�� � � �LJMPNFUSFT��#.8�XJMM�PGGFS�B�QSPEVDUJPO�NPEFM�CBTFE�PO�UIJT�WFIJDMF�DPODFQU �

FOBCMJOH�ESJWFST�UP�FYQFSJFODF�UIJT�VOJRVF�DPNCJOBUJPO�PG�EZOBNJD�BCJMJUZ�BOE�GVFM�FG� �DJFODZ�

PO�UIF�SPBE�

� XXX�CNX�DPN�&G� �DJFOU%ZOBNJDT�

#.8�&''*$*&/5�%:/".*$4.",*/(�"�-*55-&�(0�"�-0/(�8":�

#.8�XBT�POF�PG�UIF�� �STU�NBOVGBDUVSFST�UP�QVSTVF�UIF�HPBM�PG�FG� �DJFOU�ESJWF�UFDIOPMPHJFT �BT�B�QBSU�PG�PVS�NVMUJQMF�BXBSE�XJOOJOH�TVTUBJOBCJMJUZ�TUSBUFHZ��#.8�&G� �DJFOU%ZOBNJDT�SFQSFTFOUT�UIF�NPTU�

DPNQSFIFOTJWF�QBDLBHF�PG�JOOPWBUJWF�UFDIOPMPHJFT�GPS�SFEVDJOH�GVFM�DPOTVNQUJPO�BOE�FNJTTJPOT�ѭ�XIJMF�TJNVMUBOFPVTMZ�FOIBODJOH�EZOBNJD�QFSGPSNBODF�ѭ�UIBU�JT�DVSSFOUMZ�JO�TUBOEBSE�QSPEVDUJPO��

8JUI�JU �#.8�IBT�CFFO�BCMF�UP�SFEVDF�UIF�$0��FNJTTJPOT�PG�JUT�FOUJSF�� �FFU�CZ�BQQSPYJNBUFMZ�� � �QFSDFOU�TJODF�� � � � ��� � �NPEFMT�QSPEVDF�MFTT�UIBO�� � � �H�PG�$0

��QFS�LJMPNFUSF �BOE�#.8�IBT�BMSFBEZ�

SPMMFE�PVU�NPSF�UIBO�UXP�NJMMJPO�WFIJDMFT�FRVJQQFE�XJUI�&G� �DJFOU%ZOBNJDT��#.8�JOUFOET�UP�BDIJFWF�B�GVSUIFS�� � ���SFEVDUJPO�CZ�� � � � �

%JGGFSFOU�QBUIT�UP�UIF�TBNF�EFTUJOBUJPO��VONJTUBLBCMF�#.8�ESJWJOH�QMFBTVSF��

6OEFS�UIF�VNCSFMMB�PG�UIF�#.8�&G� �DJFOU%ZOBNJDT�QSPKFDU �#.8�JT�DPOUJOVPVTMZ�EFWFMPQJOH�JOOPWBUJWF�TZTUFNT�UIBU�XJMM�CSJOH�VT�OFBSFS�UP�UIF�HPBM�PG�FNJTTJPO�GSFF�NPCJMJUZ�JO�UIF�MPOH�UFSN��%SJWJOH�

QMFBTVSF�IBT�OPU �PG�DPVSTF �CFFO�GPSHPUUFO��*UѳT�CFJOH�QVSTVFE�JO�GPVS�EJGGFSFOU�XBZT�BU�PODF��5IF�PQUJNJTBUJPO�PG�NPEFMT�XJUI�DPOWFOUJPOBM�EJFTFM�BOE�QFUSPM�FOHJOFT�DPOUJOVFT�BQBDF��#.8�IBT�BMTP�

MBVODIFE�JUT�� �STU�QSPEVDUJPO�NPEFMT�XJUI�IZCSJE�ESJWF��UIF�#.8�"DUJWF)ZCSJE�� �BOE�UIF�#.8�"DUJWF)ZCSJE�9� ��#PUI�NPEFMT�PGGFS�FYFNQMBSZ�FG� �DJFODZ�BOE�EZOBNJTN�UP�BO�VOFRVBMMFE�EFHSFF��#BTFE�

PO�UIF�#.8�$PODFQU�"DUJWF&�XJUI�JUT�JOOPWBUJWF�� � � ���FMFDUSJD�ESJWF�TZTUFN �B�XIPMF�OFX�GPSN�PG�EZOBNJTN�JT�TFU�UP�CF�MBVODIFE�JO�TQSJOH�� � � � �ѭ�B�NPEFM�UIBU�XJMM�QBWF�UIF�XBZ�GPS�UIF�FNJTTJPO�GSFF�

NPCJMJUZ�PG�UIF�GVUVSF��"OE�� �OBMMZ �B�DPNQMFUFMZ�OFX�WFIJDMF�DPODFQU�UBSHFUFE�BU�NFFUJOH�UIF�OFFE�GPS�TVTUBJOBCMF�NPCJMJUZ�JO�GBTU�HSPXJOH�DPOVSCBUJPOT�XJMM�TPPO�CFDPNF�SFBMJUZ�JO�UIF�TIBQF�PG�UIF�

.FHBDJUZ�7FIJDMF�.$7 �TQFDJBMMZ�EFWFMPQFE�BT�QBSU�PG�QSPKFDU�J��*O�BEEJUJPO �#.8�DPOUJOVFT�UP�SFTFBSDI�PUIFS�BMUFSOBUJWF�WFIJDMF�DPODFQUT�GPS�UIF�GVUVSF �TVDI�BT�IZESPHFO�ESJWF �BMSFBEZ�TVDDFTTGVMMZ�

UFTUFE�JO�B�TNBMM�TDBMF�QSPEVDUJPO�SVO�

#.8�&GGJDJFOU%ZOBNJDT-FTT�FNJTTJPOT��.PSF�ESJWJOH�QMFBTVSF�

)JHI�1SFDJTJPO�*OKFDUJPO�

*O�UIJT�DVUUJOH�FEHF�HFOFSBUJPO�PG�)JHI�1SFDJTJPO�*OKFDUJPO �UIF�1JF[P�JOKFDUPST�BSF�QPTJUJPOFE�

WFSZ�DMPTF�UP�UIF�TQBSL�QMVHT��5IFZ�JOKFDU�UIF�GVFM�BU�IJHI�QSFTTVSF�BOE�XJUI�FYUSFNF�QSFDJTJPO��

4FWFSBM�JOKFDUJPOT�BSF�QPTTJCMF�QFS�JHOJUJPO�QSPDFTT��5IBOLT�UP�GBTU�BOE�� �FYJCMF�FMFDUSPOJD�DPOUSPM �

UIF�UJNJOH�BOE�RVBOUJUZ�PG�UIF�JOKFDUJPOT�DBO�CF�QSFDJTFMZ�BEKVTUFE�UP�UIF�QPXFS�SFRVJSFNFOU �

UIF�UFNQFSBUVSF�BOE�UIF�QSFTTVSF�JO�UIF�DZMJOEFS�ѭ�GPS�NPSF�PVUQVU�BOE�HSFBUFS�FG �DJFODZ�

"JS�WFOU�DPOUSPM�

&OHJOF�NBOBHFNFOU�TJHOBMT�UIF�FOHJOFѳT�DVSSFOU�DPPMJOH�SFRVJSFNFOUT�XIJMF�ESJWJOH �SFOEFSJOH�

B�QFSNBOFOU�BJSTUSFBN�UISPVHI�UIF�SBEJBUPS�VOOFDFTTBSZ��5IF�BJS�WFOUT�JO�GSPOU�PG�UIF�SBEJBUPS�

PQFO�PS�DMPTF�EFQFOEJOH�PO�UIF�PVUTJEF�UFNQFSBUVSF�BOE�SPBE�TQFFE��8IFO�TIVU�UIFZ�JNQSPWF�

BFSPEZOBNJDT �TIPSUFO�UIF�FOHJOFѳT�XBSN�VQ�UJNF�BOE�TP�SFEVDF�GVFM�DPOTVNQUJPO�

4PNF�#.8�&GGJDJFOU%ZOBNJDT�GFBUVSFT�BSF�EFQFOEFOU�PO�UIF�DBSѳT�FRVJQNFOU�BOE�BSF�OPU�BWBJMBCMF�GPS�BMM�NPEFM�WBSJBOUT��

:PVS�#.8�QBSUOFS�XJMM�CF�IBQQZ�UP�QSPWJEF�ZPV�XJUI�JOGPSNBUJPO�PO�BMM�FRVJQNFOU�EFUBJMT�

5ZSFT�XJUI�SFEVDFE�SPMMJOH�SFTJTUBODF�

8IFO�B�DBS�JT�CFJOH�ESJWFO �JUT�UZSFT�BSF�DPOTUBOUMZ�DIBOHJOH�TIBQF��5IJT�VTFT�VQ�FOFSHZ�BOE�UIVT�

GVFM��5ZSFT�XJUI�SFEVDFE�SPMMJOH�SFTJTUBODF�IBWF�BO�JNQSPWFE�EFTJHO�BOE�VTF�TQFDJBM�NBUFSJBMT�GPS�

UIFJS�SPBE�USFBET�BOE�TJEF�XBMMT �UIFSFGPSF�SFEVDJOH�EFGPSNBUJPO�

#SBLF�&OFSHZ�3FHFOFSBUJPO�

5P�TVQQMZ�B�CBUUFSZ�XJUI�FMFDUSJDBM�FOFSHZ �UIF�HFOFSBUPS�BMUFSOBUPS�JT�QFSNBOFOUMZ�ESJWFO�VTJOH�

FOHJOF�QPXFS �XIJDI�EFNBOET�BEEJUJPOBM�GVFM�DPOTVNQUJPO��#SBLF�&OFSHZ�3FHFOFSBUJPO�NFBOT�

UIF�HFOFSBUPS�VTVBMMZ�POMZ�HFOFSBUFT�FMFDUSJDJUZ�XIFO�UIF�ESJWFS�FJUIFS�UBLFT�IJT�GPPU�PGG�UIF�BDDFMFSBUPS�

PS�CSBLFT�ѭ�QSFWJPVTMZ�VOVTFE�LJOFUJD�FOFSHZ�JT�USBOTGPSNFE�JO�DPBTUJOH�NPEF�JOUP�FMFDUSJDBM�

FOFSHZ�CFGPSF�CFJOH�GFE�JOUP�UIF�CBUUFSZ��*O�UIJT�XBZ �FMFDUSJDJUZ�JT�HFOFSBUFE�XIJMF�DPBTUJOH �

XJUIPVU�DPOTVNJOH�GVFM�

#.8�&''*$*&/5�%:/".*$4�*//07"5*0/4�*/�5)&�#.8�9� �"5�"�(-"/$&�

1SPWJEJOH�UIF�QPXFS�GPS�BO�BVUIPSJUBUJWF�ESJWJOH�FYQFSJFODF��UIF�

#.8�5XJO1PXFS�5VSCP�7��FOHJOF�XJUI�EJSFDU�JOKFDUJPO�IBT�UXP�

UVSCPDIBSHFST�DPNQBDUMZ�BSSBOHFE�CFUXFFO�UIF�DZMJOEFS�CBOLT�

5IF�SBOHF�PG�QPXFSQMBOUT�FGGPSUMFTTMZ�LFFQ�UIF�QSPNJTF�NBEF�CZ�UIF�

EFTJHO�PG�UIF�#.8�9���*OTUBOUBOFPVT�QPXFS�EFWFMPQNFOU�BOE�NBTUFSGVM�

SFGJOFNFOU�QSPWJEF�VOEJMVUFE�ESJWJOH�QMFBTVSF��#SFBUIUBLJOH�BDDFMFSBUJPO�

GJHVSFT�BOE�B�SPVTJOH�TPVOEUSBDL�EFGJOF�UIF�OFXMZ�EFWFMPQFE�7��FOHJOF�

XJUI�#.8�5XJO1PXFS�5VSCP�JO�UIF�9��Y%SJWF��J��5IF�JNNFEJBUFMZ�SFTQPOTJWF�

QPXFSQMBOU�SFRVJSFT�KVTU�����TFDPOET�GPS�UIF�TQSJOU�GSPN���UP�����LN�I��*U�

EFWFMPQT�PVUQVU�PG�����L8�����IQ�GSPN�JUT�����MJUSF�EJTQMBDFNFOU�BOE�

EFMJWFST�JNQSFTTJWF�UPSRVF�PG�����/N�BT�MPX�EPXO�BT�� ����SQN�UISPVHI�UP�

� ����SQN��1FUSPM�EJSFDU�JOKFDUJPO�BMTP�FOTVSFT�FGGJDJFOU�GVFM�DPNCVTUJPO��

5IF�SFTVMU��BWFSBHF�FDPOPNZ�PG������M�����LN�

"�41035*/(�13&4&/$&�8*5)�"$$&-&3"5*0/�50�."5$)��5)&�#.8�58*/�108&3�563#0�7� �

#.8�&GGJDJFOU%ZOBNJDT-FTT�FNJTTJPOT��.PSF�ESJWJOH�QMFBTVSF�

&OHJOFT

4*9�$:-*/%&34��58*/�108&3�563#0$)"3(&3��0/&�6/*26&�'&&-*/(�

8JUI�JUT�QPXFSGVM�TJY�DZMJOEFS�JO�MJOF�FOHJOF �UIF�9��Y%SJWF��J�TQSJOUT�GSPN���UP�����LN�I�JO�����TFDPOET��*OTUBOU�SFTQPOTFT �SFGJOFNFOU�

BOE�TNPPUIOFTT �QMVT�UPSRVF�PG�����/N �BSF�UIF�TUBOE�PVU�GFBUVSFT�PG�UIJT�#.8�5XJO1PXFS�5VSCP�QPXFSQMBOU�XJUI�����L8�����IQ�

BOE�EJTQMBDFNFOU�PG�����MJUSFT��*O�DPOKVODUJPO�XJUI�)JHI�1SFDJTJPO�*OKFDUJPO�BOE�7BMWFUSPOJD�GVMMZ�WBSJBCMF�WBMWF�DPOUSPM �GVFM�DPOTVNQUJPO�JT�

SFEVDFE�UP�BO�BWFSBHF�PG������M�����LN��5IF�FOHJOFT�GPS�UIF�#.8�9��BSF�OPU�POMZ�BNPOH�UIF�TQPSUJFTU�JO�UIF�XPSME �UIBOLT�UP�B�IPTU�PG�

JOOPWBUJWF�UFDIOPMPHJFT�TVDI�BT�UIF�5XJO1PXFS�UVSCPDIBSHFS�BOE�#SBLF�&OFSHZ�3FHFOFSBUJPO �UIFZ�BSF�BMTP�TPNF�PG�UIF�NPTU�FGGJDJFOU��

*U�BMM�NBLFT�GPS�HSFBUFS�PVUQVU�BOE�MPXFS�GVFM�DPOTVNQUJPO��

'PS�NPSF�JOGPSNBUJPO�PO�GVFM�DPOTVNQUJPO�BOE�$0��FNJTTJPOT �UVSO�UP�QBHFT����*����

)JHI�SFWT�NFFU�QVMMJOH�QPXFS��TQPOUBOFPVT�SFTQPOTFT�BOE�

NBYJNVN�UPSRVF�PO�UBQ�FBSMZ�PO�ѭ�TVDI�BT�IFSF�JO�UIF�

#.8�9��Y%SJWF��J�ѭ�FOTVSF�JNQSFTTJWF�ESJWJOH�QFSGPSNBODF�

0VUQVU�L8

5PSRVF�/N

5PSRVF�/N

0VUQVU�L8

&OHJOF�TQFFE�SQN

�� ��]

� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� �

� �

� �

0VUTUBOEJOH�QPXFS��UIF�#.8�9��Y%SJWF��E�SFBDIFT�JUT�QFBL�UPSRVF�

PG�����/N�BU�POMZ�� ����SQN��5IF�FOHJOF�QSPWJEFT�JNQSFTTJWF�UISVTU�

BDSPTT�UIF�XIPMF�SFW�SBOHF�

7BSJBCMF�5XJO�5VSCP�UFDIOPMPHZ�PG�UIF�#.8�9��Y%SJWF��E�VTFT�UXP�

UVSCPDIBSHFST�PG�EJGGFSJOH�TJ[FT�JO�TFRVFODF�UP�EFWFMPQ�TQPOUBOFPVT�

QPXFS�BDSPTT�UIF�FOUJSF�SFW�CBOE��"U�MPX�SFWT �UIF�TNBMMFS�UVSCPDIBSHFS�

XPSLT�BMPOF �XIJMF�UIF�MBSHFS�POF�FOTVSFT�UPQ�QFSGPSNBODF�VQ�UP�UIF�

NBYJNVN�FOHJOF�TQFFE�

108&3�&913&44&%�*/�"�4*/(-&�-&55&3��%��

#.8�EJFTFM�FOHJOFT�JNQSFTT�XJUI�UIFJS�JODPNQBSBCMF�QFSGPSNBODF�XIJMF�NBLJOH�FYUSFNFMZ�FGGJDJFOU�VTF�PG�GVFM��5BLF�

UIF�#.8�9��Y%SJWF��E�XJUI�#.8�5XJO1PXFS�5VSCP�UFDIOPMPHZ��5IJT�JT�POF�PG�UIF�XPSMEѳT�TQPSUJFTU�EJFTFMT�BOE�

CSJOHT�TVQSFNF �VOBEVMUFSBUFE�QPXFS�UP�UIF�SPBE��*U�UBLFT�UIF�#.8�GSPN�B�TUBOETUJMM�UP�UIF�����LN�I�NBSL�JO�POMZ�

����TFDPOET��5IF�����MJUSF�FOHJOFѳT�SFNBSLBCMZ�WJWBDJPVT�OBUVSF�DPNFT�GSPN�����L8�����IQ�BOE�QFBL�UPSRVF�PG�

����/N��*OOPWBUJWF�DIBSHF�UFDIOPMPHZ �XJUI�UXP�UVSCPDIBSHFST�PG�EJGGFSFOU�TJ[FT�XPSLJOH�JOUFMMJHFOUMZ�JO�UBOEFN �

HJWFT�UIF�FOHJOF�JOTUBOUBOFPVT�SFTQPOTFT�PWFS�B�CSPBE�SFW�CBOE�ѭ�BOE�XJUI�BWFSBHF�GVFM�FDPOPNZ�PG�����M�����LN��

-BSHF�DIBSHFS4NBMM�DIBSHFS

� � ��� � ��� � ��� � ��� � ���

3FW�CBOE

0VUQVU�L8

5PSRVF�/N

5PSRVF�/N

0VUQVU�L8

&OHJOF�TQFFE�SQN

$ZMJOEFS$ZMJOEFS$ZMJOEFS$ZMJOEFS$ZMJOEFS$ZMJOEFS

� � � � � � � � � � � � � � � � � � � � � � � � � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� � �

� �

� �

� �

� �

� �

� �

� �

"�%*&4&-�5)"5�563/4�50326&*/50�505"-�1-&"463&�

5IF�QPXFSGVM�TJY�DZMJOEFS�EJFTFM�FOHJOF�XJUI�����MJUSF�

EJTQMBDFNFOU�JO�UIF�9��Y%SJWF��E�DPNCJOFT�FGGJDJFODZ�BOE�

QPXFS�UP�JNQSFTTJWF�FGGFDU��5PSRVF�PG�����/N�BT�MPX�EPXO�BT�

� ����SQN�BOE�����L8�����IQ�PG�PVUQVU�FOBCMF�BDDFMFSBUJPO�PG�

��UP�����LN�I�JO�����TFDPOET��5IF�GPVS�WBMWF�DZMJOEFS�IFBE�BOE�

UVSCPDIBSHFS�XJUI�BEKVTUBCMF�CMBEFT�FOTVSF�PQUJNVN�GVFM�TVQQMZ�

UP�UIF�DZMJOEFST�BOE�UIVT�QBSUJDVMBSMZ�FGGJDJFOU�GVFM�DPNCVTUJPO��

*OEFFE �BWFSBHF�GVFM�DPOTVNQUJPO�XPSLT�PVU�BU�BO�FDPOPNJDBM�

����M�����LN�XJUI�$0��FNJTTJPOT�PG�����H�LN��

'PS�NPSF�JOGPSNBUJPO�PO�GVFM�DPOTVNQUJPO�BOE�$0��FNJTTJPOT �

UVSO�UP�QBHFT����*����

�� ��]&OHJOFT

#.8�&GGJDJFOU%ZOBNJDT-FTT�FNJTTJPOT��.PSF�ESJWJOH�QMFBTVSF�

�� ��]#.8�"DUJWF)ZCSJE�9�

5)&�.045�%:/".*$�8":�50�%3*7&�"�):#3*%�

5IF�#.8�"DUJWF)ZCSJE�9� �JT�UIF�XPSMEѳT�GJSTU�4QPSU�"DUJWJUZ�DPVQ©�XJUI�B�IZCSJE�ESJWF�TZTUFN��*U�VOJUFT�FYFNQMBSZ�

FGGJDJFODZ�XJUI�IBMMNBSL�#.8�EZOBNJDT�BOE�ESJWJOH�QMFBTVSF��5IF�DPNCJOBUJPO�PG�B�DPNCVTUJPO�FOHJOF�BOE�BO�FMFDUSJD�VOJU�

XJUI�TUPSBHF�CBUUFSZ�BMMPXT�GPS�QBSUJDVMBSMZ�FGGJDJFOU�FOFSHZ�NBOBHFNFOU��#.8�"DUJWF)ZCSJE�DPNCJOFT�UIJT�UFDIOPMPHZ�XJUI�

UZQJDBM�#.8�ESJWJOH�DIBSBDUFSJTUJDT��5IF�VQTIPU�JT�B�IZCSJE�DPNCJOJOH�MPX�GVFM�DPOTVNQUJPO�XJUI�JNQSFTTJWF�QFSGPSNBODF�

EBUB�ѭ�B�USVF�#.8 �JO�PUIFS�XPSET��5IF�BEWBOUBHFT�PG�BO�FMFDUSJD�NPUPS�ѭ�NBYJNVN�UPSRVF�SFBEJMZ�BWBJMBCMF�GSPN�MPX�FOHJOF�

TQFFET �GPS�FYBNQMF�ѭ�QFSGFDUMZ�DPNQMFNFOU�UIF�EZOBNJDT�BOE�FGGJDJFODZ�PG�#.8�DPNCVTUJPO�FOHJOFT��"T�XFMM�BT�SFEVDFE�

GVFM�DPOTVNQUJPO �UIF�#.8�TQFDJGJD�JOUFSQSFUBUJPO�PG�IZCSJE�UFDIOPMPHZ�BMTP�NBLFT�JUTFMG�GFMU�JO�TPNFUIJOH�VONJTUBLBCMF��

JU�JT�UIF�NPTU�EZOBNJD�BNPOH�UIF�IZCSJET��5IF�#.8�"DUJWF)ZCSJE�9� �IBT�UXP�FMFDUSJD�VOJUT�UIBU�QPXFS�UIF�WFIJDMF�UPHFUIFS�

XJUI�UIF�DPNCVTUJPO�FOHJOF��"U�TQFFET�PG�VQ�UP�� �LN�I �UIF�#.8�"DUJWF)ZCSJE�9� �DBO�SVO�PO�FOFSHZ�GSPN�UIF�IJHI�

QFSGPSNBODF�CBUUFSZ��5IJT�PGGFST�UIF�QPUFOUJBM�GPS�NBYJNVN�DVUT�JO�GVFM�DPOTVNQUJPO�BOE�FNJTTJPOT�XJUIPVU�SFTUSJDUJOH�ESJWJOH�

QMFBTVSF�JO�BOZ�XBZ�

Pwww.bmw.com/ActiveHybrid

"FSPEZOBNJDBMMZ�PQUJNJTFE��UIF� ��#.8�

"FSP�XIFFM�ѶMJHIU�BMMPZ�4USFBNMJOF� � � ѷ�

&ZF�DBUDIJOH�BQQFBM��UIF�CMVF�EFDPSBUJWF�

TUJUDIJOH�DSFBUFT�B�WJTVBM�DPOUSBTU�BOE�

VOEFSMJOFT�UIF�QSFNJVN�DIBSBDUFS�PG�UIF�

JOUFSJPS�

4UZMJTI�XFMDPNF��EPPS�TJMM� �OJTIFS�XJUI�

Ѷ#.8�"DUJWF)ZCSJEѷ�MFUUFSJOH�

"�DMFBS�HSBQIJD�JO�UIF�$POUSPM�%JTQMBZ�TIPXT�

UIF�QPXFS�� �PXT�JO�UIF�WFIJDMF�JO�SFBM�UJNF��

FMFDUSJD�QPXFS�JT�TIPXO�JO�CMVF �QPXFS�GSPN�

UIF�DPNCVTUJPO�FOHJOF�JO�SFE�

�� ��]#.8�"DUJWF)ZCSJE�9�

"3(6"#-:�5)&�#&45�#3",*/(�108&3�(&/&3"503��5IF�QSJODJQMF�PG�#SBLF�&OFSHZ�3FHFOFSBUJPO�

JT�BT�TJNQMF�BT�JU�JT�JOUFMMJHFOU��&BDI�UJNF�ZPV�BQQMZ�UIF�CSBLFT �LJOFUJD�FOFSHZ�JT�SFMFBTFE�XIJDI �JO�

UIF�"DUJWF)ZCSJE�NPEFMT �JT�TUPSFE�JO�B�IJHI�QFSGPSNBODF�CBUUFSZ��*U�DBO�UIFO�CF�SFVTFE�CZ�UIF�ESJWF�

TZTUFN��5IJT�TBWFT�GVFM�XIJMF�BMTP�FOTVSJOH�UIBU�UIF�FOFSHZ�HBJOFE�GSPN�B�CSBLJOH�BDUJPO�JT�OPU�MPTU�

BOE�DBO�CF�VTFE�BU�BOZ�UJNF�UP�FOIBODF�PWFSBMM�PVUQVU�

#.8�"$5*7&�):#3*%��"$$&-&3"5&4�"$$&-&3"5*0/��1FSGFDU�QSPPG�UIBU�FOIBODFE�FGGJDJFODZ�

DBO�HP�IBOE�JO�IBOE�XJUI�NBYJNVN�ESJWJOH�QMFBTVSF�JT�QSPWJEFE�CZ�UIF�CPPTU�GVODUJPO�JO�UIF�

#.8�"DUJWF)ZCSJE�NPEFMT��*U�JT�CBTFE�PO�UIF�JEFB�PG�UIF�FMFDUSJD�VOJU�HJWJOH�B�UFNQPSBSZ�CVU�TJHOJGJDBOU�

CPPTU�UP�UIF�DPNCVTUJPO�FOHJOFѳT�PVUQVU��"�LFZ�BEWBOUBHF�PG�UIJT�UFDIOPMPHZ�JT�UIBU�JU�BMMPXT�WFSZ�

TQPOUBOFPVT�BOE�QPXFSGVM�PVUQVU��*U�DPNFT�JOUP�JUT�PXO�QBSUJDVMBSMZ�XIFO�NPWJOH�PGG�BOE�EVSJOH�

BDDFMFSBUJPO�BOE�PWFSUBLJOH��*O�UIJT�XBZ �UIF�DBSѳT�QFSGPSNBODF�JT�TJHOJGJDBOUMZ�FOIBODFE�XJUIPVU�

DPOTVNJOH�FYUSB�GVFM��*U�DBO�POMZ�CF�B�HPPE�UIJOH�XIFO�IFMQJOH�UIF�TVTUBJOBCJMJUZ�DBVTF�CSJOHT�TP�

NVDI�QMFBTVSF�

&91&3*&/$&�45*--/&44��8*5)065�45"/%*/(�45*--��"U�TQFFET�PG�VQ�UP�� � �LN�I �UIF�

#.8�"DUJWF)ZCSJE�9� �JT�BCMF�UP�SVO�PO�FMFDUSJD�QPXFS�GPS�CSJFG�QFSJPET��"U�� � �LN�I �UIF�EJTUBODF�

JT�VQ�UP�� �� �LN��5IJT�PDDVST�BVUPNBUJDBMMZ�BOE�BMMPXT�ZPV�UP�ESJWF�BMNPTU�OPJTFMFTTMZ�BOE �

BCPWF�BMM �UPUBMMZ�FNJTTJPO�GSFF��"O�JOUFMMJHFOU�PQFSBUJOH�TUSBUFHZ�DPOUSPMT�UIF�JOUFSQMBZ�PG�UIF�

DPNCVTUJPO�FOHJOF�BOE�UIF�IZCSJE�ESJWF�TZTUFN �UIVT�FOTVSJOH�NBYJNVN�FGGJDJFODZ�BOE�QPXFS�

BU�BMM�UJNFT��:PV�DBO�IBSEMZ�FYQFSJFODF�NPSF�TFSFOF�ESJWJOH�QMFBTVSF�UIBO�UIBU�

*/5&--*(&/5�&/&3(:�."/"(&.&/5�45"354�#&'03&�:06�.07&�0''��5IF�

#.8�"DUJWF)ZCSJE�9� �JT�POF�PG�UIF�GJSTU�#.8�NPEFMT�XJUI�BO�BVUPNBUJD�USBOTNJTTJPO�UP�GFBUVSF�

BO�FOHJOF�4UBSU�4UPQ�GVODUJPO��&WFSZ�UJNF�ZPV�DPNF�UP�B�TUBOETUJMM�JO�B�#.8�"DUJWF)ZCSJE�

NPEFM�ZPV�BDUJWFMZ�TBWF�GVFM�UIBOLT�UP�UIF�)ZCSJE�4UBSU�4UPQ�GVODUJPO��5IBUѳT�CFDBVTF�UIF�FOHJOF�

TXJUDIFT�PGG�XIFO�UIF�DBS�JT�TUBUJPOBSZ��5IJT�DVUT�GVFM�DPOTVNQUJPO�BOE�FNJTTJPOT �BCPWF�BMM�

JO�VSCBO�USBGGJD��5IBU�XBZ�ZPV�EP�ZPVS�GVFM�CJMMT�BOE�UIF�FOWJSPONFOU�B�GBWPVS��

:06�,/08�8)"5�"�):#3*%�*4��:06�/&&%�50�,/08�8)"5�#.8�.",&4�0'�*5�

5XP�FMFDUSJD�NPUPST��UIFTF�UBLF�PWFS�UIF�GVODUJPO�PG�TUBSUJOH�UIF�FOHJOF�BOE�CBDL�VQ�UIF�

DPNCVTUJPO�FOHJOF�BT�SFRVJSFE�JO�PSEFS�UP�FOIBODF�ESJWJOH�EZOBNJDT��%VSJOH�#SBLF�&OFSHZ�

3FHFOFSBUJPO �UIF�FMFDUSJD�NPUPST�BDU�BT�HFOFSBUPST�5XP�NPEF�BDUJWF�USBOTNJTTJPO��UIJT�DPOUSPMT�UIF�JOUFSQMBZ�PG�UIF�FMFDUSJD�NPUPS�BOE�

UIF�DPNCVTUJPO�FOHJOF��.PEF�� �JT�BWBJMBCMF�GPS�TUBSUJOH�PGG�BOE�NPEF�� �JT�PQUJNJTFE�GPS�

IJHIFS�TQFFET��$POGJHVSBUJPO�BT�B�� �TQFFE�BVUPNBUJD�USBOTNJTTJPO�FOTVSFT�B�UZQJDBM�

#.8�ESJWJOH�FYQFSJFODF �XIJMF�NBOVBM�HFBS�DIBOHFT�DBO�CF�DBSSJFE�PVU�VTJOH�UIF�

HFBSTIJGU�QBEEMFT�PO�UIF�TUFFSJOH�XIFFM�

#BUUFSZ��UIF�TQBDF�TBWJOH �IJHI�QFSGPSNBODF�OJDLFM�NFUBM�IZESJEF�CBUUFSZ�TUPSFE�VOEFS�UIF�

MVHHBHF�DPNQBSUNFOU�JT�GVMMZ�TVJUFE�GPS�FWFSZEBZ�VTF�XIJMF�MFBWJOH�FOPVHI�SPPN�UP�USBOTQPSU�

VQ�UP�GPVS�HPMG�CBHT �BT�JO�UIF�DPOWFOUJPOBM�#.8�9� �

&MFDUSJD�BJS�DPOEJUJPOJOH�DPNQSFTTPS��UIF�FMFDUSJD�ESJWF�PG�UIF�BJS�DPOEJUJPOJOH�TZTUFN�JT�

JOEFQFOEFOU�PG�UIF�DPNCVTUJPO�FOHJOF �XIJDI�NFBOT�B�QMFBTBOU�DMJNBUF�DBO�CF�DSFBUFE�FWFO�

XIFO�ESJWJOH�PO�FMFDUSJD�QPXFS�BMPOF�BOE�BU�TUBOETUJMM�XIFO�UIF�FOHJOF�JT�TXJUDIFE�PGG�

.PSF�BHJMF �NPSF�QSFDJTF �BOE�TBGFS��%ZOBNJD�1FSGPSNBODF�$POUSPM� �XIJDI�DFMFCSBUFT�JUT�XPSME�

QSFNJFSF�JO�UIF�#.8�9� �EFGJOFT�B�OFX�TUBOEBSE�GPS�TQPSUZ�ESJWJOH�QMFBTVSF��&YUSFNFMZ�IJHI�EJSFDUJPOBM�

TUBCJMJUZ�BOE�GMBXMFTT�IBOEMJOH�BSF�UIF�GSVJUT�PG�UIJT�UFDIOPMPHZ��5IJT�JT�OPUJDFBCMF�UISPVHI�DPSOFST�

JO�QBSUJDVMBS��)FSF�JU�HJWFT�UIF�#.8�9��BQQSFDJBCMZ�HSFBUFS�BHJMJUZ��%ZOBNJD�1FSGPSNBODF�$POUSPM�

EJTUSJCVUFT�ESJWF�GMFYJCMZ�CFUXFFO�UIF�SFBS�XIFFMT��*O�CFOET �UIF�TZTUFN�DIBOOFMT�NPSF�ESJWF�UISPVHI�

UIF�PVUFS�SFBS�XIFFM�ѭ�FGGFDUJWFMZ�QVTIJOH�UIF�DBS�JOUP�UIF�DPSOFS��5IF�#.8�UIFSFGPSF�GPMMPXT�UIF�

QBUI�PG�UIF�SPBE�BDDVSBUFMZ�BOE�PGGFST�JODSFEJCMZ�QSFDJTF�IBOEMJOH��"DDPSEJOH�UP�UIF�ESJWJOH�TJUVBUJPO �

B�HSFBUFS�QSPQPSUJPO�PG�UPSRVF�JT�EJWFSUFE�FGGJDJFOUMZ��UP�UIF�XIFFM�UIBU�DBO�USBOTGFS�NPTU�ESJWF�UP�UIF�

SPBE��5IJT�BMMPXT�BOZ�JOUFSWFOUJPOT�GSPN�UIF�%ZOBNJD�4UBCJMJUZ�$POUSPM�%4$�TZTUFN�ѭ�XIJDI�XFSF

SFRVJSFE�QSFWJPVTMZ�ѭ�UP�CF�NJOJNJTFE�XIFO�BDDFMFSBUJOH�PVU�PG�DPSOFST��5IF�SFTVMU�JT�FWFO�

HSFBUFS�USBDUJPO�

*O�BEEJUJPO �%ZOBNJD�1FSGPSNBODF�$POUSPM�DPVOUFSBDUT�PWFSTUFFS�BOE�VOEFSTUFFS�BOE�JODSFBTFT�UIF�

TUBCJMJUZ�PG�UIF�#.8�9���5IF�DPOUSPM�TZTUFN�BMTP�IFMQT�UIF�ESJWFS�PO�USJDLZ�SPBE�TVSGBDFT�CFDBVTF�

NPSF�ESJWF�JT�TFOU�UP�UIF�SFBS�XIFFM�XJUI�CFUUFS�HSJQ�FWFO�XIFO�ESJWJOH�TUSBJHIU�BIFBE��5IJT�SFTVMUT�

JO�B�EFDJTJWF�JNQSPWFNFOU�JO�USBDUJPO�BOE�UIF�9��EFWFMPQT�JNQSFTTJWF�UISVTU��*O�PUIFS�XPSET �%ZOBNJD�

1FSGPSNBODF�$POUSPM�BMMPXT�ZPV�UP�FOKPZ�UIF�QPXFS�PG�UIJT�DBS�JO�BOZ�TJUVBUJPO�

5)&�#&45�8":�50�3&"$)�:063�(0"-4�*4�5)306()�$-&7&3�108&3�%*453*#65*0/�

*O�B�SJHIU�IBOE�DPSOFS �UIF�MFGU�SFBS�XIFFM�

DBO�USBOTGFS�NPSF�QPXFS�UP�UIF�SPBE �TP�

%ZOBNJD�1FSGPSNBODF�$POUSPM�EJTUSJCVUFT�

NPSF�ESJWF�UP�UIBU�XIFFM�

8IFO�ESJWJOH�TUSBJHIU�BIFBE �FRVBM�QPXFS�JT�

TFOU�UP�FBDI�PG�UIF�SFBS�XIFFMT �HFOFSBUJOH�

PQUJNVN�USBDUJPO�

*O�B�MFGU�IBOE�DPSOFS �%ZOBNJD�1FSGPSNBODF�

$POUSPM�TFOET�NPSF�ESJWF�UP�UIF�SJHIU�SFBS�

XIFFM�XIJDI �JO�UIJT�TJUVBUJPO �DBO�USBOTGFS�

NPSF�QPXFS�UP�UIF�SPBE�

8JUI�%ZOBNJD�1FSGPSNBODF�$POUSPM �

ZPV�DBO�UBLF�DPSOFST�XJUI�TVQFSC�BHJMJUZ��

'MFYJCMF�ESJWF�EJTUSJCVUJPO�CFUXFFO�UIF�SFBS�

XIFFMT�OPU�POMZ�MFUT�ZPV�FYQFSJFODF�FWFSZ�

TUFFSJOH�NBOPFVWSF�XJUI�HSFBUFS�DPOUSPM�

BOE�QSFDJTJPO �CVU�ZPV�XJMM�BMTP�FOKPZ�B�

QBMQBCMF�JODSFBTF�JO�TQPSUJOFTT�CFDBVTF�

UIJT�TZTUFN�BDUJWFMZ�EJTUSJCVUFT�ESJWF�ѭ�

SFTVMUJOH�JO�PQUJNBM�ESJWJOH�EZOBNJDT�

8JUI�%ZOBNJD�1FSGPSNBODF�$POUSPM8JUIPVU�%ZOBNJD�1FSGPSNBODF�$POUSPM

4UBSU

'JOJTI

�� ��]%SJWJOH�EZOBNJDT

5IF�NFUJDVMPVTMZ�UVOFE�DIBTTJT�BOE�JOUFMMJHFOU�GPVS�XIFFM�ESJWF�TZTUFN�Y%SJWF�BMMPX�ZPV�UP�FOKPZ�

EZOBNJD�ESJWJOH�QMFBTVSF�JO�BOZ�TJUVBUJPO��*UѳT�B�TJNJMBS�TUPSZ�XJUI�PQUJPOBM�"DUJWF�4UFFSJOH���5IJT�

FOTVSFT�HSFBUFS�DPSOFSJOH�FOKPZNFOU�CZ�FOBCMJOH�FWFO�NPSF�EJSFDU�BOE�QSFDJTF�TUFFSJOH�ѭ�BOE�

HSFBUFS�BHJMJUZ�PO�UXJTUZ�TFDUJPOT�PG�SPBE�JO�QBSUJDVMBS��.PSFPWFS �JU�MFUT�ZPV�FOKPZ�CFUUFS�USBDLJOH�

TUBCJMJUZ��"�QMBOFUBSZ�HFBS�TFU�JOUFHSBUFE�JOUP�UIF�TUFFSJOH�DPMVNO�WBSJFT�UIF�TUFFSJOH�BOHMF�BDDPSEJOH�

UP�UIF�DBSѳT�TQFFE��"U�MPX�BOE�NPEFSBUF�TQFFET �UIF�BOHMF�PG�UIF�GSPOU�XIFFMT�JT�JODSFBTFE�ѭ�BO�

BEWBOUBHF�UIBU�BMTP�NBLFT�QBSLJOH�OPUJDFBCMZ�FBTJFS��8IFO�UIF�TUFFSJOH�XIFFM�JT�UVSOFE�CZ�UIF�TBNF�

BNPVOU�BU�IJHI�TQFFET �UIF�TUFFSJOH�BOHMF�JT�TNBMMFS�BOE�UIF�#.8�9��SFNBJOT�QSFDJTFMZ�PO�USBDL��

(SFBUFS�BHJMJUZ�JT�BMTP�QSPWJEFE�CZ�UIF�PQUJPOBMMZ�BWBJMBCMF�"EBQUJWF�%SJWF�TZTUFN��5IJT�VTFT�

4FSWPUSPOJD�UP�PQUJNJ[F�TUFFSJOH�GPSDFT�EVSJOH�OPSNBM�BOE�EZOBNJD�ESJWJOH�BOE�DPNCJOFT�UIF�UXP�

BDUJWF�DIBTTJT�DPOUSPM�TZTUFNT�%ZOBNJD�%BNQJOH�$POUSPM�BOE�%ZOBNJD�%SJWF��5IFTF�GFBUVSF�

BDUJWF�TUBCJMJTFST�PO�UIF�GSPOU�BOE�SFBS�BYMFT�XJUI�JOUFHSBM�IZESBVMJD�FMFNFOUT �XIJDI�SFEVDF�SPMM�UP�

B�NJOJNVN�UISPVHI�DPSOFST��1MVT �UIF�EBNQFST�BVUPNBUJDBMMZ�SFEVDF�QJUDIJOH�NPWFNFOUT�JO�

UIF�#.8�9��ѭ�VOEFS�CSBLJOH �GPS�FYBNQMF��5IF�FGGFDU�XJMM�QVU�B�TNJMF�PO�UIF�GBDF�PG�OPU�POMZ�UIF�

ESJWFS�CVU�FBDI�SFBS�QBTTFOHFS �UPP �CFDBVTF�UIFZ�BMTP�CFOFGJU�GSPN�UIF�FYUSBPSEJOBSZ�MFWFM�PG�

TUBCJMJUZ�BOE�IJHI�DPNGPSU�

$03/&34�$"//05�#&�$)"/(&%��#65�:06�$"/�"-8":4�(&5�.03&�'6/�065�0'�5)&.�

"U�MPX�UP�NFEJVN�TQFFET �"DUJWF�4UFFSJOH�

USBOTNJUT�TUFFSJOH�JOQVU�NPSF�EJSFDUMZ��5IF�

SFTQPOTF�JT�WFSZ�QSFDJTF �NBLJOH�UIF�#.8�

BHJMF�BOE�NBOPFVWSBCMF�

"U�IJHIFS�TQFFET �UIF�TUFFSJOH�SBUJP�JT�MFTT�

EJSFDU��5IJT�FOTVSFT �GPS�JOTUBODF �QSFDJTF�

USBDLJOH�TUBCJMJUZ�PO�UIF�NPUPSXBZ �NBLJOH�

GPS�FTQFDJBMMZ�TBGF�TUFFSJOH�NPWFNFOUT�

� � /PU�GPS�"DUJWF)ZCSJE�9� �� � �/PU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9� ��5IJT�NPEFM�GFBUVSFT�

FMFDUSP�NFDIBOJDBM�TUFFSJOH�XIJDI�QSPWJEFT�PQUJNBM�

TUFFSJOH�BTTJTUBODF�JO�CPUI�FMFDUSJD�BOE�DPNCVTUJPO�

FOHJOF�NPEF�

�� ��] 4BGFUZ�]�#.8�)FBE�VQ�%JTQMBZ�

5IF�PQUJPOBM�"EBQUJWF�)FBEMJHIUT�SFHJTUFS�XIFO�ZPV�BSF�UVSOJOH�JOUP�B�CFOE�PS�ESJWJOH�

UISPVHI�IPMMPXT�PS�PWFS�DSFTUT��5IF�TXJWFMMJOH�BOE�WFSUJDBMMZ�BEKVTUBCMF�IFBEMJHIUT�GPMMPX�

UIF�EJSFDUJPO�PG�TUFFSJOH�BOE�PQUJNBMMZ�JMMVNJOBUF�UIF�MJOF�PG�UIF�DVSWF�

5IF�IJHI�TUSFOHUI�TUFFM�QBTTFOHFS�DFMM�PGGFST�PQUJNVN�SJHJEJUZ�BOE�QSPUFDUJPO��*U�CPBTUT�

BEEJUJPOBM�SFJOGPSDFNFOU�JO�DSJUJDBM�BSFBT�GPS�NBYJNVN�TBGFUZ��*O�UIF�FWFOU�PG�B�DPMMJTJPO �

DPOUJOVPVT�IFBEBJSCBHT �B�ESJWFS�BOE�GSPOU�QBTTFOHFS�BJSCBH�BOE�UXP�TJEF�BJSCBHT�JO�UIF�

GSPOU�NJOJNJTF�UIF�SJTL�PG�JOKVSZ�

5IF�#.8�9��PGGFST�ZPV�BOE�ZPVS�QBTTFOHFST�PVUTUBOEJOH�BMM�SPVOE�QSPUFDUJPO��"�XFBMUI�PG�JOUFMMJHFOU�

TZTUFNT�FOTVSF�NBYJNVN�TBGFUZ�BU�BMM�UJNFT �XIJMF�ZPV�FOKPZ�UIF�ESJWJOH�QMFBTVSF��5IF�"EBQUJWF�

)FBEMJHIUT�XJUI�WBSJBCMF�MJHIU�EJTUSJCVUJPO�JODMVEJOH�UVSOJOH�MJHIUT�QSPWJEF�JODSFBTFE�BDUJWF�TBGFUZ�JO�

UIF�EBSL�PS�QPPS�MJHIU�DPOEJUJPOT��5IJT�UFDIOPMPHZ�GFBUVSFT�IPSJ[POUBMMZ�QJWPUJOH�IFBEMJHIUT�XIJDI�

QSPWJEF�PQUJNVN�JMMVNJOBUJPO�PG�DPSOFST�BT�TPPO�BT�ZPV�TUFFS�JOUP�UIFN��4FOTPST�SFDPSE�UIF�TUFFSJOH�

BOHMF �ZBX�SBUF�BOE�TQFFE��&MFDUSJD�NPUPST�UIFO�UVSO�UIF�9FOPO�IFBEMJHIUT�BT�SFRVJSFE �QSPWJEJOH�

CFUUFS�JMMVNJOBUJPO�PG�UIF�GVMM�DPSOFS��*O�BEEJUJPO �XIFO�ESJWJOH�UISPVHI�IPMMPXT�PS�PWFS�DSFTUT �UIF�CFBN�

JT�BVUPNBUJDBMMZ�BEKVTUFE�WFSUJDBMMZ��5IF�%ZOBNJD�4UBCJMJUZ�$POUSPM�%4$�TZTUFN�BMTP�HVBSBOUFFT�

VOFODVNCFSFE�ESJWJOH�QMFBTVSF��%4$�SFDPHOJTFT�VOTUBCMF�ESJWJOH�TJUVBUJPOT�BU�UIF�PVUTFU�BOE�

DPSSFDUT�UIFN�UISPVHI�UBSHFUFE�JOUFSWFOUJPO�JO�UIF�FOHJOF�BOE�CSBLF�NBOBHFNFOU�TZTUFNT��*O�UIF�

FWFOU�PG�FNFSHFODZ�CSBLJOH �ZPV�XJMM�CF�CBDLFE�VQ�CZ�UIF�#SBLF�"TTJTUBOU��5IJT�SFDPHOJTFT�UIF�

TJUVBUJPO�BOE�FOTVSFT�UIBU�CSBLF�QSFTTVSF�JT�CVJMU�VQ�FYUSFNFMZ�SBQJEMZ�ѭ�JG�OFDFTTBSZ�BT�GBS�BT�UIF�"#4�

DPOUSPM�SBOHF��5IJT�TJHOJGJDBOUMZ�TIPSUFOT�UIF�TUPQQJOH�EJTUBODF�

:PV�DBO�BEE�UP�UIBU�B�SBGU�PG�EFWFMPQNFOUT�UIBU�QSPUFDU�ZPV�GSPN�JOKVSZ�JO�B�DPMMJTJPO��5IF�VTF�PG�IJHI�

TUSFOHUI�NVMUJ�QIBTF�TUFFMT�IBT�BMMPXFE�PVS�FOHJOFFST�UP�DSFBUF�BO�FYUSFNFMZ�TUBCMF�QBTTFOHFS�DFMM�

PGGFSJOH�PDDVQBOUT�FYDFQUJPOBM�TBGFUZ�JO�BO�JNQBDU��*O�B�GSPOUBM�DPMMJTJPO �B�QSF�EFGJOFE�EFGPSNBUJPO�

BSFB�DPOWFSUT�JNQBDU�FOFSHZ�JOUP�EFGPSNBUJPO�CFGPSF�JU�SFBDIFT�UIF�QBTTFOHFS�DFMM��*O�B�SFBS�JNQBDU �

UIF�TUSFOHUIFOFE�CPEZ�BMTP�FOIBODFT�TBGFUZ �BT�OVNFSPVT�DSBTI�UFTUT�IBWF�DPOGJSNFE��)JHI�TUSFOHUI�

TUSVDUVSBM�SFJOGPSDFNFOU�IBT�CFFO�JOUFHSBUFE�JOUP�BMM�GPVS�EPPST�UP�QSPUFDU�UIF�QBTTFOHFST�JO�B�TJEF�PO�

DPMMJTJPO�BOE�SFEVDFT�JOUSVTJPOT�JOUP�UIF�QBTTFOHFS�DFMM�BT�GBS�BT�QPTTJCMF��0DDVQBOUT�BSF�BMTP�

QSPUFDUFE�CZ�PQUJNBMMZ�DPPSEJOBUFE�SFTUSBJOU�TZTUFNT�TVDI�BT�TFBU�CFMUT�BOE�TJY�BJSCBHT�XIJDI�

JODSFBTF�TBGFUZ�JO�WJSUVBMMZ�BMM�BDDJEFOU�TDFOBSJPT��5IF�IFBE�BJSCBH�TZTUFN�QSFWFOUT�PDDVQBOUT�JO�BMM�

TFBUT�GSPN�IJUUJOH�UIF�TJEF�XJOEPXT�PS�UIF�PCKFDU�UIF�DBS�IBT�DPMMJEFE�XJUI �BOE�PGGFST�GVMM�MFOHUI�

QSPUFDUJPO�GSPN�TIBUUFSFE�HMBTT�

5IF�UISFF�QPJOU�TFBU�CFMU�TZTUFN�PO�BMM�TFBUT�XJUI�BEEJUJPOBM�JOUFHSBM�QZSPUFDIOJDBM�CFMU�UFOTJPOFST�

BOE�CFMU�GPSDF�MJNJUFST�PO�UIF�GSPOU�TFBUT�QSPWJEFT�PQUJNVN�SFTUSBJOU�JO�BMM�UZQFT�PG�BDDJEFOU��1MVT �UIF�

SPMMPWFS�TFOTPS�FWBMVBUFT�EBUB�TVQQMJFE�CZ�UIF�%4$�TZTUFN�BOE �JO�UIF�FWFOU�PG�UIF�DBS�SPMMJOH�PWFS �

DBO�USJHHFS�QBTTJWF�TBGFUZ�TZTUFNT�TVDI�BT�UIF�IFBE�BJSCBH�TZTUFN �CFMU�UFOTJPOFST�BOE�BDUJWF�

IFBESFTUT��"U�UIF�FOE�PG�UIF�EBZ �ESJWJOH�QMFBTVSF�JT�UIF�POMZ�UIJOH�UIBU�TIPVME�NBLF�ZPVS�IFBSU�CFBU�

GBTUFS�JO�UIF�#.8�9���

3&-"9�"/%�-&5�:063�)&"35�#&"5�'"45&3�

5IF�PQUJPOBM�#.8�)FBE�VQ�%JTQMBZ�QSPKFDUT�SFMFWBOU�JOGPSNBUJPO �TVDI�BT�UIF�DBSѳT�

TQFFE �EJSFDUMZ�JOUP�UIF�ESJWFSѳT�� �FME�PG�WJTJPO��5IF�IFJHIU��BOE�CSJHIUOFTT�BEKVTUBCMF�

EJTQMBZ�FOTVSFT�UIBU�UIF�ESJWFSѳT�FZFT�SFNBJO�GPDVTFE�PO�UIF�SPBE�

5IF�PQUJPOBM�#.8�)FBE�VQ�%JTQMBZ�GPS�UIF�#.8�9��NBLFT�

B�NBKPS�DPOUSJCVUJPO�UP�TBGFUZ��"�QSPKFDUJPO�VOJU�JO�UIF�

JOTUSVNFOU�QBOFM�VTFT�B�5'5�EJTQMBZ�UP�CFBN �JO�WJSUVBMMZ�BMM�

MJHIU�DPOEJUJPOT �BO�FBTZ�UP�SFBE �IJHI�DPOUSBTU�JNBHF�JOUP�

UIF�ESJWFSѳT�GJFME�PG�WJTJPO��5IJT�BMMPXT�ZPV�UP�SFBE�JNQPSUBOU�

EBUB�GSPN�UIF�JNBHF�XJUIPVU�UBLJOH�ZPVS�FZFT�PGG�UIF�SPBE��

5IF�IFJHIU��BOE�CSJHIUOFTT�BEKVTUBCMF�EJTQMBZ �JO�XIJDI�FBDI�

QJYFM�DPOTJTUT�PG�BO�JOEJWJEVBMMZ�NBOBHFE�USBOTJTUPS �QSPEVDFT�

TUSPOH�MJHIU�BOE�QSFTFOUT�B�XJEF�SBOHF�PG�JOGPSNBUJPO�ѭ�GSPN�

DVSSFOU�TQFFE�BOE�JOGPSNBUJPO�GSPN�UIF�PQUJPOBM�4QFFE�

-JNJU�*OGP�UP�OBWJHBUJPO�BSSPXT�GPS�ZPVS�KPVSOFZ��5IVT �ZPV�BSF�

JOGPSNFE�PG�UIF�DVSSFOU�TUBUVT�PG�UIF�DBS�XJUIPVU�IBWJOH�UP�

TIJGU�ZPVS�MJOF�PG�TJHIU�TJHOJGJDBOUMZ�

&7&3:5)*/(�*/�7*&8�ѭ*/$-6%*/(�5)&�30"%�

#.8�$POOFDUFE%SJWF

#.8�$0//&$5&%�%3*7&���5)&�*/5&--*(&/5�/&5803,*/(�0'�%3*7&3 �7&)*$-&�"/%�463306/%*/(4�

"DUJWF�$SVJTF�$POUSPM�XJUI�4UPQ�(P�

GVODUJPO��0QUJPOBM �GPS�BEEFE�DPOWFOJFODF�BOE�

BDUJWF�TBGFUZ�JO�TUPQ�BOE�HP�USBG� �D��5IF�TZTUFN�

NFBTVSFT�UIF�HBQ�UP�UIF�WFIJDMF�BIFBE�PO�BO�

POHPJOH�CBTJT�BOE�BVUPNBUJDBMMZ�NBJOUBJOT�BO�

BQQSPQSJBUF�EJTUBODF��0ODF�UIF�MBOF�BIFBE�

CFDPNFT�GSFF �UIF�TZTUFN�BDDFMFSBUFT�BHBJO�VQ�

UP�UIF�EFTJSFE�TQFFE��

1BSL�%JTUBODF�$POUSPM �SFBS�WJFX�DBNFSB�

BOE�5PQ�7JFX��5IF�PQUJPOBM�1BSL�%JTUBODF�

$POUSPM�1%$�VTFT�PQUJDBM�BOE�BDPVTUJD�

TJHOBMT�UP�FOTVSF�DPNGPSUBCMF�BOE�TBGF�QBSLJOH��

5PQ�7JFX�PGGFST�UIF�ESJWFS�BO�PWFSWJFX�PG�UIFJS�

TVSSPVOEJOHT�XIJMF�NBOPFVWSJOH�UIF�WFIJDMF �

WJB�B�CJSEѳT�FZF�WJFX�PG�UIF�#.8�PO�UIF�

$POUSPM�%JTQMBZ��*O�BEEJUJPO �UIF�SFBS�WJFX�

DBNFSB�QSPWJEFT�B�CFUUFS�WJFX�XIFO�ZPVѳSF�

SFWFSTJOH�BU�VOEFS�� �LN�I�PS�QBSLJOH�

$POWFOJFODF�

�� ��]

%BZ�CZ�EBZ �PVS�XPSME�JT�CFDPNJOH�JODSFBTJOHMZ�OFUXPSLFE��.BOZ�#.8�ESJWFST �IPXFWFS �BSF�

CFUUFS�OFUXPSLFE�UIBO�NPTU �UIBOLT�UP�#.8�$POOFDUFE%SJWF��5IF�UFSN�FNCSBDFT�B�XJEF�SBOHF�

PG�PQUJPOT�UIBU�BMMPX�BDDFTT�UP�JOGPSNBUJPO�XIJMF�PO�UIF�NPWF�ѭ�JODMVEJOH�UIF�TJUVBUJPO�PO�UIF�

SPBET�ѭ�BOE�DPNNVOJDBUJPO�CZ�QIPOF�PS�FNBJM��#.8�$POOFDUFE%SJWF�JOOPWBUJPOT�DBO�BMTP�CF�

TFMFDUFE�UP�JODSFBTF�DPOWFOJFODF �QSPWJEF�JOGPUBJONFOU�BOE�FOIBODF�TBGFUZ��

Pwww.bmw.com/ConnectedDrive

���.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

#.8�$POOFDUFE��'PS�UIF�� �STU�UJNF �ZPV�DBO�

OPX�VTF�BQQT�JO�ZPVS�#.8��8JUI�UIF�PQUJPOBM�

"QQT�GFBUVSF �BO�J1IPOF�BOE�UIF�GSFF�#.8�

$POOFDUFE�"QQ�GSPN�UIF�"QQMF�"QQ�4UPSF �

ZPVѳSF�OP�MPOHFS�MJNJUFE�UP�MJTUFOJOH�UP�MPDBM�

SBEJP��6TJOH�UIF�J%SJWF�TZTUFN �ZPV�DBO�TFMFDU�

XFC�SBEJP�TUBUJPOT�GSPN�BSPVOE�UIF�XPSME��:PV�

DBO�BMTP�DBMM�VQ�UIF�MBUFTU�TUBUVT�SFQPSUT�GSPN�

ZPVS�'BDFCPPL�PS�5XJUUFS�BDDPVOUT�PO�UIF�

$POUSPM�%JTQMBZ��"OE�UIBUѳT�KVTU�UIF�CFHJOOJOH �

NPSF�GVODUJPOT�BOE�BQQT�XJMM�GPMMPX�JO�UIF�

GVUVSF�

#.8�)FBE�6Q�%JTQMBZ��5IF�#.8�)FBE�6Q�

%JTQMBZ�JT�PQUJPOBMMZ�BWBJMBCMF �UP�IFMQ�ZPV�LFFQ�

ZPVS�FZF�PO�UIF�TVSSPVOEJOH�USBG � �D��3FMFWBOU�

ESJWJOH�JOGPSNBUJPO�JT�QSPKFDUFE�EJSFDUMZ�JO�UIF�

ESJWFSѳT�� �FME�PG�WJTJPO�WJB�B�NVMUJ�DPMPVSFE�5'5�

EJTQMBZ �TIPXJOH�ZPV�GPS�FYBNQMF�UIF�WFIJDMFѳT�

TQFFE�PS�OBWJHBUJPOBM�EJSFDUJPOT�SJHIU�CFGPSF�

ZPVS�FZFT�

*OGPUBJONFOU� 4BGFUZ�

�#.8�$POOFDUFE%SJWF�*O�UPVDI�XJUI�ZPVS�XPSME�

� �4UBOEBSE�FRVJQNFOU � �0QUJPOBM�FRVJQNFOU

5IF�GPMMPXJOH�QBHFT�TIPX�UIF�DPMPVST�BOE�NBUFSJBMT�BWBJMBCMF�GPS�UIF�#.8�9���:PV�DBO�VTF�UIFN�UP�JEFOUJGZ�ZPVS�GBWPVSJUF�DPMPVS�PS�DPNQBSF�WBSJPVT�QPTTJCMF�DPNCJOBUJPOT��5IF�DPMPVS�DIBSUT�BSF�

EFTJHOFE�UP�HJWF�ZPV�B�GJSTU�JNQSFTTJPO��&YQFSJFODF�IBT�TIPXO�UIBU�UIF�QSJOUFE�DPMPVST�EP�OPU�BMXBZT�GBJUIGVMMZ�SFQSPEVDF�UIF�QSFDJTF�TIBEF�PG�UIF�QBJOUXPSL�BOE�VQIPMTUFSZ��8F�UIFSFGPSF�SFDPNNFOE�

UIBU�ZPV�EJTDVTT�ZPVS�DIPJDF�PG�DPMPVS�XJUI�ZPVS�#.8�QBSUOFS��5IFZ�XJMM�CF�IBQQZ�UP�TIPX�ZPV�TBNQMFT�BOE�BTTJTU�ZPV�XJUI�BOZ�TQFDJBM�SFRVFTUT�

� �/PO�NFUBMMJD�����"MQJOF�8IJUF � �/PO�NFUBMMJD�����#MBDL

� �.FUBMMJD�����5JUBOJVN�4JMWFS � �.FUBMMJD�����#MBDL�4BQQIJSF � �.FUBMMJD�����#MVFXBUFS� � �.FUBMMJD�"���.JOFSBM�4JMWFS

� �.FUBMMJD�"���.POBDP�#MVF� � �.FUBMMJD�"���%FFQ�4FB�#MVF

� �#.8�*OEJWJEVBM�4� � �"[VSJUF�#MBDL�NFUBMMJD � � �#.8�*OEJWJEVBM�4� � �"WFOUVSJOF�4JMWFS�NFUBMMJD �

� �.FUBMMJD�"���5BTNBO

&YUFSJPS�DPMPVST�

� �.FUBMMJD�"���4QBDF�(SFZ

� �#.8�*OEJWJEVBM�9� � �3VCZ�#MBDL�NFUBMMJD �

� �#.8�*OEJWJEVBM�9� � �1FBSM�4JMWFS�NFUBMMJD�

� �.FUBMMJD�"���7FSNJMJPO�3FE

#.8�*OEJWJEVBM

�� ��]$PMPVST

� �5XJMM�DMPUI�"7"5�"OUISBDJUF�

1MFBTF�OPUF�UIBU�FWFO�OPSNBM �MPOH�PS�TIPSU�UFSN�VTF�DBO�MFBE�UP�VOSFDPWFSBCMF�

VQIPMTUFSZ�EBNBHF��5IJT�DBO�CF�DBVTFE�JO�QBSUJDVMBS�CZ�OPO�DPMPVSGBTU�DMPUIJOH�

6QIPMTUFSZ�DPMPVST�

� �/FWBEB�MFBUIFS�-648�#MBDL � �/FWBEB�MFBUIFS�-6#��#FJHF � �/FWBEB�MFBUIFS�-6$)�$IBUFBV�� �/FWBEB�MFBUIFS�-6%��4BEEMF�#SPXO

� �/FWBEB�MFBUIFS �QFSGPSBUFE�-748�#MBDL� �� � �/FWBEB�MFBUIFS �QFSGPSBUFE��-7#��#FJHF� ��

� �"MDBOUBSB�MFBUIFS�DPNCJOBUJPO�()$)�$IBUFBV� �"MDBOUBSB�MFBUIFS�DPNCJOBUJPO�()48�#MBDL

� �/FWBEB�MFBUIFS�-6$9�0ZTUFS

� �&YDMVTJWF�/BQQB�MFBUIFS �FYUFOEFE�/"#��#FJHF� � ��&YDMVTJWF�/BQQB�MFBUIFS �FYUFOEFE�/"/8�*WPSZ�

8IJUF�� ��&YDMVTJWF�/BQQB�MFBUIFS �FYUFOEFE�/"48�

#MBDL�

���0OMZ�BWBJMBCMF�GPS�UIF�"DUJWF)ZCSJE�9����/PU�BWBJMBCMF�GPS�UIF�"DUJWF)ZCSJE�9����4UBOEBSE�PO�UIF�"DUJWF)ZCSJE�9�����0OMZ�BWBJMBCMF�JO�DPOKVODUJPO�XJUI�UIF�PQUJPOBM�BDUJWF�TFBU�WFOUJMBUJPO �GSPOU �QFSGPSBUFE����0OMZ�JO�DPOKVODUJPO�XJUI�#.8�*OEJWJEVBM�SPP �JOFS�"OUISBDJUF�BOE�PQUJPOBM�FMFDUSJD�TFBU�BEKVTUNFOU�

#.8�*OEJWJEVBM�GVMM�MFBUIFS�VQIPMTUFSZ�POMZ�XJUI�PQUJPOBM�MJHIUT�QBDLBHF��

#.8�*OEJWJEVBM � ��#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�;"1� �;#1� �

$SJPMMP�#SPXO� ��� ��#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�;� 99�;#$� �

1MBUJOVN� ��

� �#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�;"'� �4ZSBI�#MVF� �� � �#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�;"1� �4MBUF� ��

� ��#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�;"$.�;#$.�

$IBNQBHOF� ��

� ��$(�4BUJO�4JMWFS �NBUU � ��"%�'JOF�#SVTIFE�"MVNJOJVN � ��";�'JOF�XPPE�USJN�#BNCPP�(SBJO �EBSL � ��#��"MVNJOJVN�'MZXIFFM�#MBDL

� ��#/�'JOF�XPPE�USJN�"TI�(SBJO�

*OUFSJPS�DPMPVST�

*OUFSJPS�USJNT�

#MBDL #FJHF

� �4UBOEBSE�FRVJQNFOU � �0QUJPOBM�FRVJQNFOU

��4UBOEBSE�PO�UIF�9��Y%SJWF��J �Y%SJWF��E�BOE�"DUJWF)ZCSJE�9��

� ��#.8�*OEJWJEVBM�*OUFSJPS�5SJN�9&� �

8BMOVU�"NBSPOF�XPPE

� ��#.8�*OEJWJEVBM�*OUFSJPS�5SJN�9& �

1JBOP�'JOJTI�#MBDL

� ��#.8�*OEJWJEVBM�*OUFSJPS�5SJN�9& �

'JHVSFE�&VDBMZQUVT�3FE�#SPXO�XPPE

#.8�*OEJWJEVBM

�� ��]$PMPVST

#.8�4UBOEBSE�6QIPMTUFSZ�$PMPVST

#.8�*OEJWJEVBM�6QIPMTUFSZ�$PMPVST

6QIPMTUFSZ�NBUFSJBM5XJMM

DMPUI�"MDBOUBSB�MFBUIFS�

DPNCJOBUJPO/FWBEB�MFBUIFS�

/FWBEB�MFBUIFS

QFSGPSBUFE� ��&YDMVTJWF�/BQQB�MFBUIFS

FYUFOEFE#.8�*OEJWJEVBM�.FSJOP�MFBUIFS

4UBOEBSE�TFBUT� Ѽ � � Ѽ Ѽ � � Ѽ � � � � � Ѽ Ѽ Ѽ Ѽ Ѽ

$PNGPSU�TFBUT� � � � Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

4QPSU�TFBUT � Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ � � � � � Ѽ Ѽ Ѽ Ѽ Ѽ

6QIPMTUFSZ�DPMPVST

"OUISBDJUF

#MBDL

$IBUFBV

#MBDL

#FJHF

4BEEMF�#SPXO

$IBUFBV�

0ZTUFS

#MBDL�

#FJHF�

#MBDL�

#FJHF�

*WPSZ�8IJUF�

1MBUJOVN

$IBNQBHOF

$SJPMMP�#SPXO

4ZSBI�#MVF

4MBUF

*OUFSJPS�DPMPVST#MBDL

#MBDL

#MBDL

#MBDL

#FJHF

#MBDL

#MBDL

#MBDL

#MBDL

#FJHF

#MBDL

#FJHF

#MBDL

#MBDL

#MBDL

#MBDL

#MBDL

#MBDL

#.8�4UBOEBSE�&YUFSJPS�$PMPVST

"MQJOF�8IJUF�OPO�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

#MBDL�OPO�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

5JUBOJVN�4JMWFS�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

#MBDL�4BQQIJSF�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

#MVFXBUFS�NFUBMMJD� Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

.JOFSBM�4JMWFS�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

.POBDP�#MVF�NFUBMMJD� Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

4QBDF�(SFZ�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

%FFQ�4FB�#MVF�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

5BTNBO�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

7FSNJMJPO�3FE�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

#.8�*OEJWJEVBM�&YUFSJPS�$PMPVST�

3VCZ�#MBDL�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ ѭ Ѽ Ѽ Ѽ Ѽ

"[VSJUF�#MBDL�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ ѭ Ѽ Ѽ Ѽ Ѽ Ѽ

"WFOUVSJOF�4JMWFS�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ ѭ Ѽ Ѽ Ѽ Ѽ Ѽ

1FBSM�4JMWFS�NFUBMMJD Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ ѭ Ѽ Ѽ Ѽ

#.8�4UBOEBSE�*OUFSJPS�5SJNT

4BUJO�4JMWFS �NBUU Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

'JOF�#SVTIFE�"MVNJOJVN Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

'JOF�XPPE�USJN�#BNCPP�(SBJO �EBSL Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

"MVNJOJVN�'MZXIFFM�#MBDL Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

'JOF�XPPE�USJN�"TI�(SBJO� Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

#.8�*OEJWJEVBM�*OUFSJPS�5SJNT

8BMOVU�"NBSPOF�XPPE�USJN Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

'JHVSFE�&VDBMZQUVT�3FE�#SPXO�XPPE�USJN Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

1JBOP�'JOJTI�#MBDL Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ Ѽ

� � � #.8�*OEJWJEVBM�FRVJQNFOU� � � #.8�PQUJPOBM�FRVJQNFOU� � #.8��TUBOEBSE�PQUJPOBM�FRVJQNFOU� Ѽ� 3FDPNNFOEFE�DPMPVS�DPNCJOBUJPO� � � /PU�BWBJMBCMF��/PU�BWBJMBCMF�GPS�UIF�"DUJWF)ZCSJE�9������/FWBEB�MFBUIFS�JODMVEFT�TFBU�TVSGBDFT �DFOUSF�DPOTPMF�BSNSFTU�BOE�EPPST �

IFBESFTUT�GSPOU�BOE�SFBS���"WBJMBCMF�JO�DPOKVODUJPO�XJUI�PQUJPOBM�BDUJWF�TFBU�WFOUJMBUJPO�GSPOU �QFSGPSBUFE�

$PNCJOBUJPOT�

�� ��]$PNCJOBUJPO�FYBNQMF

108&3'6-�"/%�"65)03*5"5*7&�

5IF�PQUJPOBM�FYUFSJPS�DPMPVS�#MBDL�4BQQIJSF�NFUBMMJD�VOEFSMJOFT�UIF�BVUIPSJUBUJWF�QSFTFODF�

FYVEFE�CZ�UIF�#.8�9���5IF�BMVNJOJVN�SVOOJOH�CPBSE�BOE�UIF�PQUJPOBM�����MJHIU�BMMPZ�XIFFMT�

JO�:�TQPLF�����EFTJHO�XJUI�NJYFE�UZSFT�SPVOE�PGG�UIF�GJOFMZ�UVOFE�BUIMFUJD�FYUFSJPS��5IF�

#.8�*OEJWJEVBM�)JHI�HMPTT�4IBEPX�-JOF�PQUJPOBM�FOTVSFT�BO�FWFO�NPSF�SBEJBOU�BQQFBSBODF��

*OTJEF�UIF�DBS �UIF�PQUJPOBMMZ�BWBJMBCMF�GJOFMZ�HSBJOFE�&YDMVTJWF�/BQQB�MFBUIFS �FYUFOEFE �

DBQUVSFT�UIF�JNBHJOBUJPO��5IF�MFBUIFS�TIBEF�#FJHF�PGGFST�BO�JOUSJHVJOH�DPOUSBTU�UP�UIF�FYUFSJPS�

DPMPVS�PG�UIF�DBS �XIJMF�UIF�PQUJPOBM�JOUFSJPS�USJN�TUSJQT�DPNF�JO�GJOF�XPPE�"TI�(SBJO�

�� ��] 4UBOEBSE�]�0QUJPOBM�FRVJQNFOU�

5IF� �FYJCMF�MVHHBHF�DPNQBSUNFOU�PGGFST�

����MJUSFT�PG�TQBDF��5IJT�DBQBDJUZ�DBO�CF�

JODSFBTFE�GVSUIFS�BDDPSEJOH�UP�OFFE�

'PMEJOH�UIF�SFBS�TFBU�CBDLSFTUT�EPXO�GVMMZ�

DSFBUFT�B�WJSUVBMMZ�MFWFM�MVHHBHF�DPNQBSUNFOU�

PGGFSJOH�DBQBDJUZ�PG�� ����MJUSFT�

5IF�SFBS�TFBU�CBDLSFTUT�DBO�CF�TQMJU�������

UP�BMMPX�MBSHF�PS�VOXJFMEZ�JUFNT�PG�MVHHBHF�

UP�CF�TUPXFE�BXBZ�FBTJMZ�

5)&�'*345�$061��8*5)�536&�-"3(&44&�5IF�#.8�9��JT�BO�FYUSFNFMZ�BDDPNNPEBUJOH�

WFIJDMF��5IF�POMZ�UIJOH�OPU�XFMDPNF�IFSF�JT�

MJNJUBUJPO��5IF�MVHHBHF�DPNQBSUNFOU�PGGFST�

����MJUSFT�PG�TQBDF�"DUJWF)ZCSJE�9�������MJUSFT��

"OE�UIF���������TQMJU�GPMEJOH�SFBS�TFBUT�FYQBOE�

CPPU�DBQBDJUZ�UP�BT�NVDI�BT�� ����MJUSFT�

"DUJWF)ZCSJE�9���� �����5IJT�NBLFT�UIF�

#.8�9��PQFO�UP�BOZ�VOEFSUBLJOH�BOE�BMMPXT�

JU�UP�TXBMMPX�VQ�FWFO�CVMLZ�JUFNT�PG�MVHHBHF�PS�

TQPSU�FRVJQNFOU�ѭ�F�H��VQ�UP�GPVS�HPMG�CBHT��

5IF�QSBDUJDBM�MVHHBHF�DPNQBSUNFOU�DPWFS�DBO�

FWFO�CF�TUPXFE�BXBZ�JO�UIF�CPPU� �PPS��"OE�

UIFSF�JT�BO�PQUJPOBM�QBDLBHF�UIBU�BMMPXT�NPSF�

TFDVSF�FRVJQNFOU�TUPSBHF��5IJT�JT�B�DPVQ©�

XIPTF�HFOFSPVT�TQBDF�IBT�CFFO�UIPVHIU�PVU�

EPXO�UP�UIF�MBTU�EFUBJM�

#VZJOH�B�#.8�NFBOT�DIPPTJOH�TQPSUJOFTT �EZOBNJDT�BOE�JOOPWBUJWF�UFDIOPMPHJFT��5IFTF�BSF�

BUUSJCVUFT�UIBU�BDDFQU�OP�DPNQSPNJTF �BUUSJCVUFT�ZPV�DBO�MFOE�FWFO�TUSPOHFS�FYQSFTTJPO�UP�XJUI�

UIF�#.8�1FSGPSNBODF�QSPEVDU�MJOF��.BOZ�UFDIOJDBM�BOE�WJTVBM�DPNQPOFOUT�GSPN�UIF�BSFBT�PG�

BFSPEZOBNJDT�BOE�UIF�DIBTTJT�BT�XFMM�BT�UIF�DPDLQJU�BOE�ESJWFUSBJO�BMM�TFSWF�B�TJOHMF�HPBM��UP�UVSO�UIF�

GBTDJOBUJPO�PG�EZOBNJDT�JOUP�BO�FWFO�NPSF�JOUFOTF�FYQFSJFODF��5IF�#.8�1FSGPSNBODF�QSPEVDU�MJOF�XBT �

BGUFS�BMM �EFWFMPQFE�GPS�QFPQMF�XIP�BSF�QBTTJPOBUF�BCPVU�UFDIOJDBM�FYDFMMFODF�BOE�XIP�XBOU�UP�TIPX�UIJT�

QBTTJPO��:PVS�#.8�4FSWJDF�QBSUOFS�XJMM�CF�IBQQZ�UP�BEWJTF�PO�UIF�FOUJSF�SBOHF�PG�#.8�1FSGPSNBODF�

BDDFTTPSJFT�BOE�QSPWJEF�ZPV�XJUI�B�TQFDJBM�CSPDIVSF��'VSUIFS�JOGPSNBUJPO�JT�BMTP�BWBJMBCMF�BU�

� XXX�CNX�DPN�BDDFTTPSJFT

#.8�9��SFBS�EJGGVTFS� #.8�9��UBJM�GJOT�#.8�9��PSOBNFOUBM�GSPOU�HSJMMF �CMBDL�

+0:�*4�5)&�$36$*"-�$0.10/&/5�#.8�1&3'03."/$&�

�4UBOEBSE�FRVJQNFOU �0QUJPOBM�FRVJQNFOU

�)FBEMJHIU�XBTIJOH�TZTUFN�QSPWJEFT�

PQUJNBM�JMMVNJOBUJPO�PG�UIF�SPBE�BIFBE�

JO�BMM�XFBUIFS�DPOEJUJPOT��)FBEMJHIUT�BSF�

BVUPNBUJDBMMZ�DMFBOFE�JO�QBSBMMFM�XJUI�

UIF�XJOETDSFFO�XIFO�UIF�MJHIUT�BSF�PO��

�9FOPO�IFBEMJHIUT�GPS�IJHI�BOE�MPX�CFBN�

JODM��BVUPNBUJD�IFBEMJHIU�SBOHF�DPOUSPM�BOE�

IFBEMJHIU�XBTIJOH�TZTUFN �GPS�NVDI�CFUUFS�

JMMVNJOBUJPO�PG�UIF�SPBE�BIFBE�JO�CBE�XFBUIFS �

BU�OJHIU�PS�JO�QPPS�WJTJCJMJUZ��5IF�GPVS�MJHIU�SJOHT�

PGGFS�B�EBZUJNF�ESJWJOH�MJHIU�GVODUJPO �BOE�DBO�

BMTP�CF�VTFE�BT�QBSLJOH�MJHIUT�

�"EBQUJWF�IFBEMJHIUT�XJUI�WBSJBCMF�MJHIU�

EJTUSJCVUJPO �JODM��UVSOJOH�MJHIUT �PQUJNBMMZ�

JMMVNJOBUF�CFOET�CZ�TXJWFMMJOH�IFBEMJHIUT�

BT�TPPO�BT�UIF�ESJWFS�UVSOT�UIF�TUFFSJOH�XIFFM��

5IF�CFBN�JT�BMTP�BVUPNBUJDBMMZ�BEKVTUFE�

WFSUJDBMMZ�XIFO �GPS�JOTUBODF �ESJWJOH�PWFS�DSFTUT�

PS�UISPVHI�IPMMPXT��5IF�UVSOJOH�MJHIUT�JO�UIF�

GPH�MJHIUT�BSF�BVUPNBUJDBMMZ�BDUJWBUFE�FWFO�BU�

B�TUBOETUJMM �XIFO�UIF�JOEJDBUPS�JT�VTFE�PS�XJUI�

B�TUFFSJOH�MPDL�PG�PWFS����EFHSFFT�

�)JHI�CFBN�BTTJTUBOU�BJET�UIF�ESJWFS�BU�OJHIU�

CZ�BVUPNBUJDBMMZ�TXJUDIJOH�GSPN�IJHI�UP�MPX�

CFBN�

�'PH�MJHIUT�JO�GSFF�GPSN�UFDIOPMPHZ �

JOUFHSBUFE�JO�UIF�GSPOU�BJS�EBN �FOTVSF�FYUSB�

TBGFUZ�JO�QPPS�WJTJCJMJUZ�

�-JHIUT�QBDLBHF�JODMVEFT�SFBS�SFBEJOH�MJHIUT �

SFBS�GPPUXFMM�MJHIUT �JOEJSFDUMZ�MJU�EPPS�QPDLFUT �

FYJU�MJHIUT�BOE�WJDJOJUZ�MJHIUJOH�JO�UIF�PVUTJEF�EPPS�

IBOEMFT�XJUI�DPNGPSU�BDDFTT�PQUJPO��5IJT�

FOTVSFT�UIBU�UIF�BSFB�BSPVOE�UIF�EPPS�JT�FWFOMZ�

MJU�XIFO�UIF�EPPS�JT�VOMPDLFE �NBLJOH�HFUUJOH�JO�

BOE�PVU�FBTZ�BOE�TBGF�

�%ZOBNJD�#SBLJOH�-JHIUT�NBLF�JU�FBTJFS�GPS�

ESJWFST�GPMMPXJOH�GSPN�CFIJOE�UP�TFF�IPX�IBSE�

ZPV�BSF�BQQMZJOH�UIF�CSBLFT��*G�ZPV�BSF�CSBLJOH�

OPSNBMMZ �UIF�CSBLF�MJHIUT�DPWFS�B�MBSHF�BSFB �

CVU�POMZ�EVSJOH�FNFSHFODZ�CSBLJOH�EP�UIF�CSBLF�

MJHIUT�TUBSU�UP�GMBTI��5IJT�BMMPXT�GPMMPXJOH�USBGGJD�

UP�EJTUJOHVJTI�CFUXFFO�B�TMJHIU�UBQ�PO�UIF�

CSBLFT�BOE�GVMM�CSBLJOH�ѭ�GPS�FWFO�HSFBUFS�TBGFUZ�

PO�UIF�SPBE��

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

�3PPG�SBJMJOH �NBUU�CMBDL��UIF�SPPG�SBJMJOH�

JT�BMTP�BWBJMBCMF�JO�CMBDL�UP�MFOE�BO�JOEJWJEVBM�

UPVDI�UP�UIF�FYUFSJPS�PG�UIF�#.8�9��

� �&YUFSJPS�NJSSPST �FMFDUSJDBMMZ�BEKVTUBCMF�

BOE�IFBUFE �GJOJTIFE�JO�CPEZ�DPMPVS�NJSSPS�GPPU�

JO�CMBDL �JO�BTQIFSJD�EFTJHO�BOE�CMVF�UJOUFE�

�&YUFSJPS�NJSSPST �XJUI�BVUPNBUJD�BOUJ�HMBSF�

GVODUJPO �JODM��GPME�JO�BOE�BVUPNBUJD�QBSLJOH�

GVODUJPOT�TUBOEBSE�PO�"DUJWF)ZCSJE�9��

�"MVNJOJVN�SVOOJOH�CPBSET�����NN�

XJEF�XJUI�SVCCFS�JOTFSUT�HJWF�UIF�#.8�9��

B�QBSUJDVMBSMZ�JOEJWJEVBM�UPVDI��

�#.8�*OEJWJEVBM�)JHI�HMPTT�4IBEPX�-JOF�

DPWFST�XJOEPX�DBWJUZ�DPWFS�BOE�XJOEPX�GSBNFT�

JO�#MBDL �IJHI�HMPTT�

�4PGU�$MPTF�"VUPNBUJD��BO�FMFDUSJD�NPUPS�QVMMT�

BMM�GPVS�EPPST�HFOUMZ�DMPTFE�XIFO�UIFZ�BSF�XJUIJO�

TJY�NJMMJNFUSFT�PG�UIF�MPDL�

� �3BJO�TFOTPS�JODM��BVUPNBUJD�ESJWJOH�

MJHIUT�DPOUSPM��PODF�BDUJWBUFE �UIF�SBJO�TFOTPS�

BVUPNBUJDBMMZ�TXJUDIFT�PO�UIF�XJOETDSFFO�

XJQFST�BOE�DPOUSPMT�XJQFS�GSFRVFODZ �EFQFOEJOH�

PO�IPX�IBSE�JU�JT�SBJOJOH��5IJT�GFBUVSF�JODMVEFT�

BVUPNBUJD�ESJWJOH�MJHIUT�DPOUSPM �TXJUDIJOH�PO�

UIF�MPX�CFBN�IFBEMJHIUT�BVUPNBUJDBMMZ �GPS�

FYBNQMF �XIFO�JU�HFUT�EBSL�PS�XIFO�FOUFSJOH�

B�UVOOFM�

�3PPG�SBJMJOH �NBUU�TJMWFS��IBSNPOJPVTMZ�

JOUFHSBUFE�XJUI�UIF�DBSѳT�EFTJHO �JU�QSPWJEFT�

B�CBTF�GPS�UIF�NVMUJGVODUJPOBM�#.8�SPPG�DBSSJFS�

GPS�FGGPSUMFTT�BOE�TFDVSF�USBOTQPSUBUJPO�PG�

MVHHBHF �CJDZDMFT �TVSGCPBSET�FUD��

�4VO�QSPUFDUJPO�HMB[JOH��GPS�UIF�SFBS�TJEF�

XJOEPXT�CFIJOE�UIF�#�QJMMBS�BOE�SFBS�XJOEPX��

5IFTF�UJOUFE�XJOEPXT�SFEVDF�TVO�HMBSF�BOE�

FOTVSF�B�QMFBTBOU�UFNQFSBUVSF�JOTJEF�UIF�DBS�

FWFO�JO�IPU�XFBUIFS�

��.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

�5PX�CBS�XJUI�SFNPWBCMF�CBMM�IFBE �QFSNJUUJOH�

B�NBYJNVN�USBJMFS�MPBE�PG�� � � � �LH��.BYJNVN�

� � � � �LH�XJUI�UIF�JODSFBTFE�UPXJOH�DBQBDJUZ�

PQUJPO�

� �4UBOEBSE�FRVJQNFOU � �0QUJPOBM�FRVJQNFOU

5BJMQJQFT��UIF�9��Y%SJWF��J �9��Y%SJWF��E�BOE�

9��Y%SJWF��E�NPEFMT�DPNF�XJUI�UXP�TJOHMF�

UBJMQJQFT��5IF�FYIBVTU�TZTUFN�JT�NBEF�PG�IJHI�

RVBMJUZ�TUBJOMFTT�TUFFM��5IF�WJTJCMF�UBJMQJQFT�BSF�

USJNNFE�JO�DISPNF�

5BJMQJQFT��GPS�UIF�9��Y%SJWF��J�BOE�

"DUJWF)ZCSJE�9��NPEFMT �UIF�FYIBVTU�TZTUFN�

XJUI�UXP�SFDUBOHVMBS�UBJMQJQFT�JT�NBEF�PG�IJHI�

RVBMJUZ�TUBJOMFTT�TUFFM �UIF�SFBS�FOET�CPSEFSFE�

XJUI�B�DISPNF�USJN�

'SPOU�PSOBNFOUBM�HSJMMF�XJUI�5JUBOJVN�DPMPVSFE�

TMBUT�JO�UIF�LJEOFZ�HSJMMF�BOE�DISPNF�TVSSPVOE�

TUBOEBSE�PO�UIF�9��Y%SJWF��J �9��Y%SJWF��E�BOE�

"DUJWF)ZCSJE�9���TIPXO�IFSF�JO�DPNCJOBUJPO�

XJUI�UIF�4QPSU�1BDLBHF��XJUI�BJS�JOMFU�HSJMMF�JO�

DPOUSBTUJOH�DPMPVS�

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

� �����MJHIU�BMMPZ�XIFFMT�7�TQPLF����

��+�Y����XJUI��������3����SVOGMBU�UZSFT�

TUBOEBSE�GPS�9��Y%SJWF��J �BMTP�BWBJMBCMF�

BT�B�DPNQMFUF�TFU�PG�XJOUFS�XIFFMT�GSPN�

UIF�0SJHJOBM�#.8�"DDFTTPSJFT�SBOHF��

� �����MJHIU�BMMPZ�XIFFMT�4UBS�TQPLF���� �

��+�Y��� �XJUI��������3����SVOGMBU�UZSFT�

TUBOEBSE�GPS�9��Y%SJWF��J �9��Y%SJWF��E�

BOE�9��Y%SJWF��E�

� �����MJHIU�BMMPZ�XIFFMT�4UBS�TQPLF�����XJUI�

NJYFE�SVOGMBU�UZSFT ���+�Y����XJUI��������3����

UZSFT�BU�UIF�GSPOU ����+�Y����XJUI��������3����

UZSFT�BU�UIF�SFBS�POMZ�BWBJMBCMF�JO�DPNCJOBUJPO�

XJUI�4QPSU�1BDLBHF�

� �����MJHIU�BMMPZ�XIFFMT�4UBS�TQPLF�����XJUI�

NJYFE�SVOGMBU�UZSFT ����+�Y����XJUI��������3����

UZSFT�BU�UIF�GSPOU ����+�Y����XJUI��������3����

UZSFT�BU�UIF�SFBS�

� �����MJHIU�BMMPZ�XIFFMT�:�TQPLF�����XJUI�

NJYFE�SVOGMBU�UZSFT ����+�Y����BU�UIF�GSPOU�PO�

�������3����UZSFT ����+�Y����BU�UIF�SFBS�PO�

�������3����UZSFT�

� �����MJHIU�BMMPZ�"FSP�XIFFMT�4USFBNMJOF�

����XJUI�NJYFE�SVOGMBU�UZSFT ���+�Y����XJUI�

�������3����UZSFT�BU�UIF�GSPOU ����+�Y����XJUI�

�������3����UZSFT�BU�UIF�SFBS�TUBOEBSE�PO�

"DUJWF)ZCSJE�9��

��5IF�PGGFS�NBZ�WBSZ�CZ�DPVOUSZ�

� �����MJHIU�BMMPZ�XIFFMT�:�TQPLF�����JO�CMBDL�

XJUI�NJYFE�SVOGMBU�UJSFT ����+�Y����XJUI

�������3����UZSFT�BU�UIF�GSPOU ����+�Y����XJUI�

�������3����UZSFT�BU�UIF�SFBS�

� �4QPSU�MFBUIFS�TUFFSJOH�XIFFM �UISFF�TQPLF �JODM��NVMUJGVODUJPO�CVUUPOT�BOE�VOJ�EJSFDUJPOBM�

HFBSTIJGU�QBEEMFT��"�MJHIU�QVMM�PO�UIF�MFGU�QBEEMF�EPXOTIJGUT �B�QVMM�PO�UIF�SJHIU�DIBOHFT�VQ��

� �-BOF�%FQBSUVSF�8BSOJOH�4ZTUFN�VTFT�B�DBNFSB�UP�SFDPHOJTF�XIFUIFS�UIF�WFIJDMF�JT�

UISFBUFOJOH�UP�TUSBZ�PVUTJEF�UIF�MJNJUT�PG�UIF�MBOF�BOE�BMFSUT�UIF�ESJWFS�CZ�NBLJOH�UIF�TUFFSJOH�

XIFFM�WJCSBUF�

� �4UBSU�4UPQ�CVUUPO���BGUFS�JOTFSUJOH�UIF�

JHOJUJPO�LFZ�ZPV�DBO�TUBSU�PS�TUPQ�UIF�FOHJOF�

CZ�QSFTTJOH�UIF�CVUUPO�

�4UFFSJOH�XIFFM�IFBUJOH��KVTU�QSFTT�B�

CVUUPO�UP�RVJDLMZ�XBSN�VQ�UIF�TUFFSJOH�XIFFM�

SJN�ѭ�B�QBSUJDVMBSMZ�QMFBTBOU�BNFOJUZ�JO�XJOUFS�

�7PJDF�DPOUSPM�TZTUFN�GPS�BEKVTUJOH�F�H��

SBEJP�TUBUJPO �OBWJHBUJPO�SPVUFT�BOE�UFMFQIPOF�

FOUSJFT�XIJMF�ESJWJOH��'VODUJPOT�BSF�TIPXO�PO�

UIF�$POUSPM�%JTQMBZ�BU�UIF�TBNF�UJNF�UIJT�GFBUVSF�

JT�JODMVEFE�BT�QBSU�PG�UIF�PQUJPOBM�/BWJHBUJPO�

TZTUFN�1SPGFTTJPOBM��

� �4UBOEBSE�FRVJQNFOU �0QUJPOBM�FRVJQNFOU

��/PU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9���*O�UIJT�NPEFM�BO�FMFDUSJD�NPUPS�JT�SFTQPOTJCMF�GPS�UIF�FYUSFNFMZ�RVJFU�FOHJOF�TUBSU�)ZCSJE�4UBSU�4UPQ���/PU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9��

��.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

� �%ZOBNJD�1FSGPSNBODF�$POUSPM�%JTQMBZ��

TIPXT�UIF�EJTUSJCVUJPO�PG�ESJWF�CZ�Y%SJWF�

CFUXFFO�UIF�GSPOU�BOE�SFBS�BYMF�BOE�UIF�GMFYJCMF�

EJTUSJCVUJPO�PG�QPXFS�CFUXFFO�UIF�SFBS�XIFFMT�

CZ�%ZOBNJD�1FSGPSNBODF�$POUSPM�

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU��

� �$POUSPMMFS��WBSJPVT�GVODUJPOT�DBO�CF�BDUJWBUFE�

GSPN�UIF�$POUSPM�%JTQMBZ�VTJOH�UIJT�SPUBSZ�QVTI�

CVUUPO��'PVS�NFOVT�DBO�BMTP�CF�DBMMFE�VQ�VTJOH�

EJSFDU�NFOV�DPOUSPM�CVUUPOT��$% �SBEJP �OBWJHBUJPO�

BOE�UFMFQIPOF��5IF�PUIFS�UISFF�CVUUPOT�ѭ�.FOV �

0QUJPO�BOE�#BDL�ѭ�NBLF�GPS�FBTJFS�PQFSBUJPO�

� �'VODUJPOBM�CPPLNBSLT��XJUI�UIFTF�CVUUPOT �

UIF�ESJWFS�BOE�QBTTFOHFS�DBO�TBWF�UIFJS�NPTU�

GSFRVFOUMZ�VTFE�OBWJHBUJPO �BVEJP�F�H��DFSUBJO�

SBEJP�TUBUJPOT�PS�$%�USBDLT�PS�UFMFQIPOF�

GVODUJPOT�PO�FJHIU�TFQBSBUF�CVUUPOT�GPS�SBQJE�

BDDFTT��

� �$POUSPM�%JTQMBZ�XJUI�5'5�TDSFFO����� �

DPMPVS��4IPXT�UIF�GVODUJPOT�BDUJWBUFE�CZ�UIF�

$POUSPMMFS�F�H��PO�CPBSE�DPNQVUFS�PS�SBEJP��

*O�DPOKVODUJPO�XJUI�UIF�PQUJPOBM�/BWJHBUJPO�

TZTUFN�1SPGFTTJPOBM��PS�XJUI�UIF�57�GVODUJPO �

UIF�TDSFFO�NFBTVSFT������

� �57�GVODUJPO�BMMPXT�ZPV�UP�VTF�UIF�$POUSPM�

%JTQMBZ�BT�B�UFMFWJTJPO�XIFO�UIF�WFIJDMF�JT�

TUBUJPOBSZ��#PUI�BOBMPHVF�BOE�EJHJUBM�%7#�5�

DIBOOFMT�CSPBEDBTU�CZ�UFSSFTUSJBM�TUBUJPOT�

DBO�CF�SFDFJWFE�

� �"QQT���5PHFUIFS�XJUI�BO�J1IPOF�BOE�UIF�

GSFF�#.8�$POOFDUFE�BQQ�GSPN�UIF�"QQMF�"QQ�

4UPSF �UIJT�PQUJPOBM�FRVJQNFOU�BMMPXT�ZPV�UP�

UVOF�JO�UP�JOUFSOBUJPOBM�POMJOF�SBEJP�TUBUJPOT�WJB�

UIF�J%SJWF �PS�WJFX�ZPVS�GSJFOETѳ�'BDFCPPL�PS�

5XJUUFS�TUBUVT�VQEBUFT�PO�UIF�$POUSPM�%JTQMBZ�

� �4JEF�7JFX�QSPWJEFT�B�WJFX�PG�USBGGJD�XIFO�

QVMMJOH�PVU�PG�FYJUT�BOE�KVODUJPOT�XJUI�SFTUSJDUFE�

WJTJCJMJUZ��5XP�DBNFSBT�BSF�JOUFHSBUFE�JO�UIF�TJEF�PG�

UIF�GSPOU�CVNQFS��JNBHFT�BSF�TIPXO�PO�UIF�

$POUSPM�%JTQMBZ�OPU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9��

� �1BSL�%JTUBODF�$POUSPM�1%$ �GSPOU�

TUBOEBSE�BU�UIF�SFBS �NBLFT�QBSLJOH�BOE�

NBOPFVWSJOH�FBTJFS��5IF�EJTUBODF�CFUXFFO�

UIF�DBS�BOE�UIF�OFBSFTU�PCTUBDMF�JT�TJHOBMMFE�

BDPVTUJDBMMZ�BT�XFMM�BT�WJTVBMMZ�JO�UIF�$POUSPM�

%JTQMBZ�TUBOEBSE�PO�"DUJWF)ZCSJE�9��

� �"VYJMJBSZ�IFBUJOH�XJUI�SFNPUF�DPOUSPM �

JEFBM�JO�XJOUFS�BOE�JO�DPME�XFBUIFS��8IFO�ZPV�

TUFQ�JOUP�ZPVS�WFIJDMF �UIF�XJOETDSFFO�JT�

BMSFBEZ�GSFF�PG�JDF�BOE�UIF�JOUFSJPS�JT�QMFBTBOUMZ�

XBSN�OPU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9���

� �/BWJHBUJPO�TZTUFN�1SPGFTTJPOBM��XJUI�

IJHI�SFTPMVUJPO�DPMPVS������EJTQMBZ �JODM��IBSE�

EJTL�BMTP�GPS�NVTJD�GJMFT�UIBU�DBO�CF�

USBOTGFSSFE�GSPN�B�$% �.1��QMBZFS�PS�64#�

TUJDL��EZOBNJD�SPVUF�QMBOOJOH�XJUI�USBGGJD�

HVJEBODF�QSPWJEFE�CZ�WPJDF�JOGPSNBUJPO�PS��%�

SPVUF�NBQ �TQMJU�TDSFFO�GVODUJPO�TUBOEBSE�PO�

"DUJWF)ZCSJE�9��

� �3FBS�WJFX�DBNFSB�XJUI�5PQ�7JFX DMFBSMZ�

TIPXT�UIF�SFBS�BOE�TJEF�BSFBT�PG�UIF�WFIJDMF�PO�

UIF�$POUSPM�%JTQMBZ��*OUFSBDUJWF�USBDL�MJOFT�

JOEJDBUF �GPS�FYBNQMF �XIFUIFS�UIF�EFTJSFE�

QBSLJOH�TQBDF�JT�MBSHF�FOPVHI�GPS�UIF�WFIJDMF��

*O�BEEJUJPO �UIF�JNBHF�BSFB�PG�UIF�UPX�CBS�JT�

FOMBSHFE��5IF�SFBS�WJFX�DBNFSB�JT�BVUPNBUJDBMMZ�

BDUJWBUFE�XIFO�SFWFSTF�HFBS�JT�FOHBHFE�

TUBOEBSE�PO�"DUJWF)ZCSJE�9��

� �4UBOEBSE�FRVJQNFOU �0QUJPOBM�FRVJQNFOU

� ���TQFFE�BVUPNBUJD�USBOTNJTTJPO�

4UFQUSPOJD��(FBST�BSF�TIJGUFE�WFSZ�RVJDLMZ�BOE�

TNPPUIMZ�GPS�PQUJNVN�QFSGPSNBODF�

� �5XP�NPEF�BDUJWF�USBOTNJTTJPO��DPOGJHVSFE�

BT�B���TQFFE�BVUPNBUJD�USBOTNJTTJPO �JU�FOTVSFT�

NBYJNVN�ESJWJOH�EZOBNJDT�BOE�FGGJDJFODZ�JO�UIF�

"DUJWF)ZCSJE�9��

� �4UPSBHF�PQUJPOT�GPS�B�XJEF�SBOHF�PG�JUFNT�BSF�

BWBJMBCMF�JO�UIF�DFOUSF�DPOTPMF �SFBS�TIPXO�IFSF �

JO�UIF�GSPOU�BOE�SFBS�EPPST�BOE�JO�B�TUPXBXBZ�

USBZ�JO�UIF�SFBS�PO�UIF�SJHIU�

� �$VQIPMEFST��UXP�FBDI�JO�UIF�DFOUSF�DPOTPMF�

BU�UIF�GSPOU�BOE�UIF�SFBS�

� �"SNSFTU �GSPOU �PO�UIF�UVOOFM�DPOTPMF �

DBO�CF�QPTJUJPOFE�TFQBSBUFMZ�GPS�ESJWFS�BOE�

QBTTFOHFS��8JUI�TUPSBHF�DPNQBSUNFOU�

� �"69�*/�DPOOFDUJPO�GPS�BO�FYUFSOBM�BVEJP�

TPVSDF �F�H��BO�.1��QMBZFS�

� �$SVJTF�$POUSPM�XJUI�CSBLJOH�GVODUJPO�

XJUIPVU�CSBLJOH�GVODUJPO�JO�UIF�"DUJWF)ZCSJE�

GBDJMJUBUFT�DPNGPSUBCMF�ESJWJOH�BU�B�QSF�

TFMFDUFE�TQFFE�

�"DUJWF�$SVJTF�$POUSPM�XJUI�4UPQ�(P�

GVODUJPO��GPS�JODSFBTFE�DPNGPSU�BOE�BDUJWF�

TBGFUZ�XIFO�ESJWJOH�JO�TMPX�NPWJOH�USBGGJD��

$PNCJOFT�$SVJTF�$POUSPM�XJUI�BDUJWF�TBGF�

EJTUBODF�DPOUSPM�UP�CSJOH�UIF�DBS�UP�B�TUBOETUJMM�

JO�CVNQFS�UP�CVNQFS�ESJWJOH �XJUI�BVUPNBUJD�

SFTUBSU�JO�UZQJDBM�Ѷ4UPQ�(Pѷ�TJUVBUJPOT�

� �,OFFQBET �GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS �

JO�UIF�DFOUSF�DPOTPMF��&OTVSF�HSFBUFS�DPNGPSU�

BOE�MBUFSBM�TVQQPSU�ѭ�FTQFDJBMMZ�XIFO�DPSOFSJOH�

BU�TQFFE�

� �1BSLJOH�CSBLF�XJUI�"VUP�)PME�GVODUJPO�QSPWJEFT�UIF�DPOWFOJFODF�PG�CFJOH�BCMF�UP�IPME�BOE�

SFMFBTF�UIF�WFIJDMF�CZ�NFBOT�PG�B�CVUUPO�JO�UIF�DFOUSF�DPOTPMF�

�4QPSU�CVUUPO�UP�TFMFDU�B�� �SNFS�TVTQFOTJPO�TFUUJOH�JOUFHSBUFE�XJUI�UIF�"EBQUJWF�%SJWF�PQUJPO��

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU��

� �$%�DIBOHFS ���EJTD�TJOHMF�TMPU�DIBOHFS �

XJUI�GFBUVSFT�JODMVEJOH�TDBO�GVODUJPO �SBOEPN�

QMBZ�BOE�.1��EFDPEFS��JOTUBMMFE�JO�UIF�HMPWF�

DPNQBSUNFOU�OPU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9��

�%7%�DIBOHFS�XJUI�TUBOEBSE�$POUSPM�%JTQMBZ�

BT�GPS�$%�DIBOHFS��BEEJUJPOBMMZ�XJUI�WJEFP�

GVODUJPO�JO�DPOKVODUJPO�XJUI�PO�CPBSE�NPOJUPS�

XJUI�57�PS�/BWJHBUJPO�TZTUFN�1SPGFTTJPOBM��

� �)J'J�MPVETQFBLFS�TZTUFN�XJUI�EJHJUBM�BNQMJ� �FS�����XBUU�BOE����MPVETQFBLFST �BT�XFMM�BT�

EJHJUBM�FRVBMJ[JOH�XIJDI�BEBQUT�UIF�TPVOE�PQUJNBMMZ�UP�UIF�TIBQF�PG�UIF�WFIJDMF�JOUFSJPS�

� �)J'J�TZTUFN�1SPGFTTJPOBM�XJUI�B�����XBUU�EJHJUBM�BNQMJ� �FS�BOE����MPVETQFBLFST�HVBSBOUFFT�B�

IJHI�JOUFOTJUZ�BVEJP�FYQFSJFODF�BU�FWFSZ�TFBU�TUBOEBSE�PO�"DUJWF)ZCSJE�9���

� �#.8�*OEJWJEVBM�)JHI�&OE�"VEJP�4ZTUFN�XJUI���DIBOOFM�EJHJUBM�BNQMJ� �FS�����8�PVUQVU �

UPHFUIFS�XJUI����QBSUJDVMBSMZ�QPXFSGVM�MPVETQFBLFST�GFBUVSJOH�FYDMVTJWF�OFPEZN�NBHOFU�ESJWFST �

DSFBUFT�TPVOE�RVBMJUZ�DPNQBSBCMF�UP�B�MJWF�DPODFSU�QFSGPSNBODF��7PMVNF�BOE�FRVBMJTJOH�BVUPNBUJDBMMZ�

BEKVTU�UP�UIF�ESJWJOH�TQFFE�

� ���[POF�BVUPNBUJD�BJS�DPOEJUJPOJOH��"T�

GPS���[POF�BJS�DPOEJUJPOJOH �QMVT�UIF�DMJNBUF�JO�

UIF�SFBS�PG�UIF�WFIJDMF�DBO�CF�TFQBSBUFMZ�

DPOUSPMMFE�XJUI�UXP�EJBMT�BOE�B�EJTQMBZ��5IJT�

GFBUVSF�JODMVEFT�BO�BEEJUJPOBM�CMPXFS�BOE�

GPPUXFMM�BJS�PVUMFU�JO�UIF�SFBS�TUBOEBSE�PO�

"DUJWF)ZCSJE�9��

� �3BEJP�#.8�1SPGFTTJPOBM ���DIBOOFM�

BNQMJGJFS ���UVOFS�SFDFQUJPO �BOUFOOB�EJWFSTJUZ �

TDBO�GVODUJPO �$%�QMBZFS �.1��EFDPEFS �

TJY�MPVETQFBLFST�

� �%"#�UVOFS�GPS�SFDFQUJPO�PG�EJHJUBM�SBEJP�

QSPHSBNNFT��%"#��FOBCMFE�

� �64#�BVEJP�JOUFSGBDF�JO�UIF�TUPSBHF�

DPNQBSUNFOU�VOEFS�UIF�GSPOU�BSNSFTU�GPS�

DPOOFDUJOH�B�64#�TUJDL�PS�FYUFSOBM�BVEJP�

TPVSDFT�TVDI�BT�BO�J1PE�TUBOEBSE�PO�

"DUJWF)ZCSJE�9��

� �"VUPNBUJD�BJS�DPOEJUJPOJOH �JODM��NJDSPGJMUFS �

UP�QSPWJEF�BO�JEFBM�DMJNBUF�JO�BOZ�TFBTPO �

BVUPNBUJD�UFNQFSBUVSF�BOE�BJS�WPMVNF�DPOUSPM �

WFOU�QSPHSBNNF�BOE�SFBS�WFOUJMBUJPO��TFUUJOHT�

EJTQMBZFE�PO�$POUSPM�%JTQMBZ�TUBOEBSE�PO�UIF�

9��Y%SJWF��J�BOE�9��Y%SJWF��E�

� ���[POF�BVUPNBUJD�BJS�DPOEJUJPOJOH �

JODM��"VUPNBUJD�"JS�3FDJSDVMBUJPO�""3�XJUI�

DJSDVMBUJPO�GJMUFS �TPMBS�BOE�GPHHJOH�TFOTPS �

BVUPNBUJD�UFNQFSBUVSF�DPOUSPM�TFQBSBUF�GPS�

ESJWFS�BOE�QBTTFOHFS�BT�XFMM�BT�BJS�WPMVNF�

DPOUSPM��EJTQMBZ�BOE�TFUUJOHT�PO�UIF�$POUSPM�

%JTQMBZ�TUBOEBSE�PO�UIF�9��Y%SJWF��J�BOE�

9��Y%SJWF��E�

� �#.8�)FBE�VQ�%JTQMBZ�QSPKFDUT�SFMFWBOU�

JOGPSNBUJPO �EJSFDUMZ�JOUP�UIF�ESJWFSѳT�GJFME�PG�

WJTJPO�TUBOEBSE�PO�"DUJWF)ZCSJE�9��

� �4QFFE�-JNJU�*OGP�EFUFDUT�TQFFE�MJNJUT�

BOE�TIPXT�UIF�ESJWFS�UIF�DVSSFOUMZ�BQQMJDBCMF�

TQFFE�MJNJU�JO�UIF�*OGP�%JTQMBZ�PS�UIF�PQUJPOBM�

#.8�)FBE�VQ�%JTQMBZ�POMZ�JO�DPOKVODUJPO�

XJUI�/BWJHBUJPO�TZTUFN�1SPGFTTJPOBM��

��.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

�4UBOEBSE�FRVJQNFOU

�4UBOEBSE�TFBUT �XJUI�NBOVBM�BEKVTUNFOU�

GPSXBSE�CBDL �GPS�ESJWFSѳT�TFBU�BOHMF �IFBESFTU�

IFJHIU�BOE�BOHMF �BT�XFMM�BT�FMFDUSJDBM�BEKVTUNFOU�

GPS�TFBU�IFJHIU �BOE�CBDLSFTU�BOHMF�OPU�

BWBJMBCMF�GPS�"DUJWF)ZCSJE�9��

� �0QUJPOBM�FRVJQNFOU

� �$PNGPSU�TFBUT�GPS�ESJWFS�BOE�QBTTFOHFS�

TUBOEBSE�PO�UIF�"DUJWF)ZCSJE�9���5IF�

TFBUT�IBWF�DPNGPSU�IFBE�SFTUSBJOUT�XJUI�

FMFDUSJDBMMZ�BEKVTUBCMF�IFBE�SFTUSBJOU�IFJHIU�

BOE�NFDIBOJDBMMZ�GPMEJOH�TJEF�CPMTUFST��5IF�

UIJHI�TVQQPSU�BOE�VQQFS�TFBU�CBDL�BSF�BMTP�

FMFDUSJDBMMZ�BEKVTUBCMF �BT�JT�UIF�TFBU�IFJHIU�

POMZ�BWBJMBCMF�JO�DPOKVODUJPO�XJUI�MFBUIFS�

VQIPMTUFSZ�BOE�BVUPNBUJD�BJS�DPOEJUJPOJOH�XJUI�

���PS���[POF�DPOUSPM�

� �4QPSU�TFBUT�XJUI�IJHIMZ�DPOUPVSFE�TJEFT�

QSPWJEF�PQUJNBM�MBUFSBM�TVQQPSU�GPS�ESJWFS�BOE�

GSPOU�QBTTFOHFS��4FBU�IFJHIU �TFBU�BOHMF �

CBDLSFTU�BOHMF�BOE�GPSXBSE�CBDL�QPTJUJPO�BSF�

FMFDUSJDBMMZ�BEKVTUBCMF �UIJHI�TVQQPSU�NBOVBMMZ�

BEKVTUBCMF��5IF�ESJWFSѳT�TFBU �ESJWFSѳT�IFBE�

SFTUSBJOU�IFJHIU �FYUFSJPS�NJSSPST�BOE�TUFFSJOH�

DPMVNO�GFBUVSF�B�NFNPSZ�GVODUJPO�POMZ�

BWBJMBCMF�JO�DPOKVODUJPO�XJUI�MFBUIFS�VQIPMTUFSZ�

�5XP�SFBS�TFBUT �XJUI�TQPSUZ �JOEJWJEVBM�

DIBSBDUFS�OPU�BEKVTUBCMF�BOE�JOUFHSBM�IFBE�

SFTUSBJOUT��5IF�TFBUT�BMTP�DPNF�XJUI�B�GPME�PVU�

DFOUSF�BSNSFTU�BOE�UXP�DVQIPMEFST�JO�UIF�SFBS�

DFOUSF�DPOTPMF�

� �'JWF�TFBU�DPOGJHVSBUJPO�JT�BWBJMBCMF�PO�

SFRVFTU��*U�GFBUVSFT�UISFF�IFBE�SFTUSBJOUT�JO�UIF�

SFBS �UISFF�QPJOU�TFBUCFMUT�GPS�BMM�TFBUT�BOE�

JOUFHSBUFE�CFMU�DBUDIFT�GPS�UIF�PVUFS�TFBUT�

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

� �4FBU�IFBUJOH�GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS��

TFBU�TVSGBDFT�BOE�CBDLSFTUT�XJUI�IFBUJOH�JO�

UISFF�TUBHFT�GPS�QMFBTBOU�UFNQFSBUVSFT�TIPSUMZ�

BGUFS�TFUUJOH�PGG�TUBOEBSE�PO�"DUJWF)ZCSJE�9��

� �"DUJWF�TFBU�WFOUJMBUJPO��QSPWJEFT�B�

OPUJDFBCMZ�NPSF�DPNGPSUBCMF�SJEF��'BOT�JO�UIF�

TFBU�CBTF�BOE�CBDLSFTU�CMPX�BJS�UISPVHI�UIF�

TFBU�DPWFST�

� �"DUJWF�TFBU�GPS�ESJWFS�QSPWJEFT�B�SFMBYFE�

TFBUJOH�QPTJUJPO�FWFO�PWFS�MPOH�EJTUBODFT��5IF�

TFBU�TVSGBDF�NPWFT�VQ�BOE�EPXO�PO�FJUIFS�TJEF �

DZDMJDBMMZ�NPCJMJTJOH�UIF�QFMWJT�BOE�MVNCBS�TQJOF�

BWBJMBCMF�JO�DPOKVODUJPO�XJUI�DPNGPSU�TFBUT�BOE�

BDUJWF�TFBU�WFOUJMBUJPO�

� �4VOCMJOET��NBOVBM�TVOCMJOET�PO�FBDI�SFBS�

TJEF�XJOEPX�GPS�FGGFDUJWF�QSPUFDUJPO�GSPN�

JOUFOTF�TVOHMBSF�

� �*OUFSJPS�NJSSPS�BOE�FYUFSJPS�NJSSPST �XJUI�

BVUPNBUJD�BOUJ�HMBSF�GVODUJPO�XIJDI�BDUJWBUFT�

PODF�B�DFSUBJO�MJHIU�JOUFOTJUZ�GSPN�GPMMPXJOH�

WFIJDMFT�JT�SFBDIFE��8JUI�GPME�JO�GVODUJPO�GPS�

FYUFSJPS�NJSSPS�TUBOEBSE�PO�"DUJWF)ZCSJE�9��

� �"MBSN�TZTUFN�XJUI�SFNPUF�DPOUSPM��JO�BOZ�

BUUFNQU�UP�CSFBL�JOUP�ZPVS�DBS �UIF�BMBSN�TZTUFN�

TFUT�PGG�B�MPVE�TJHOBM�BOE�JNNFEJBUFMZ�TXJUDIFT�

PO�UIF�IB[BSE�XBSOJOH�MJHIUT��

� �#.8�*OEJWJEVBM�SPPGMJOFS�"OUISBDJUF��

UIF�"� �#� �$��BOE�%�QJMMBS�USJN�BT�XFMM�BT�UIF�

TVO�WJTPST�BOE�SPPG�HSBC�IBOEMFT�BSF�GJOJTIFE�

JO�SFGJOFE�#MBDL�JODMVEFE�JO�4QPSU�1BDLBHF�

� �(MBTT�SPPG �FMFDUSJD �XJUI�JOUFHSBM�TVO�

QSPUFDUJPO �DPNGPSU�PQFOJOH�BOE�DMPTJOH�WJB�

WFIJDMF�LFZ�BOE�GJOHFSUJQ�DPOUSPM�TUBOEBSE�PO�

"DUJWF)ZCSJE�9��

� �#.8�*OEJWJEVBM�JOTUSVNFOU�QBOFM�XJUI�

� �OF�MFBUIFS�DPWFS�MFOET�UIF�JOUFSJPS�B�IJHIMZ�

FYDMVTJWF�MPPL�

� �4FBU�BEKVTUNFOU �FMFDUSJD �PG�ESJWFSѳT�BOE�

GSPOU�QBTTFOHFSѳT�TFBUT �XJUI�NFNPSZ�GVODUJPO�

GPS�ESJWFSѳT�TFBU �TUFFSJOH�DPMVNO�BOE�FYUFSJPS�

NJSSPST �JODM��FBTZ�BDDFTT�TUBOEBSE�PO�UIF�9��

Y%SJWF��J �9��Y%SJWF��E�BOE�"DUJWF)ZCSJE�9��

� �-VNCBS�TVQQPSU�PO�ESJWFSѳT�BOE�GSPOU�

QBTTFOHFSѳT�TFBUT �FMFDUSJDBMMZ�BEKVTUBCMF�GPS�

IFJHIU�BOE�EFQUI �UP�QSPWJEF�B�QFSGFDUMZ�FSHPOPNJD�

TFBUJOH�QPTJUJPO�BOE�TVQQPSU�CBDL�NVTDMFT�

TUBOEBSE�PO�"DUJWF)ZCSJE�9��

���"WBJMBCMF�POMZ�JO�DPOKVODUJPO�XJUI�/FWBEB�MFBUIFS �QFSGPSBUFE �PS�

#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�XJUI�QFSGPSBUJPO�BOE�DPNGPSU�PS�BDUJWF�TFBUT�

�4UBOEBSE�FRVJQNFOU

� �4UPSBHF�QBDLBHF�JODMVEJOH�B�TUPSBHF�CPY�

VOEFS�UIF�GSPOU�DFOUSF�DPOTPMF �BT�XFMM�BT�

UXP�MBTIJOH�SBJMT�XJUI�GPVS�MBTIJOH�QPJOUT�BOE�

UFOTJPOJOH�TUSBQT�PO�UIF�TJEFT�PG�UIF�MVHHBHF�

DPNQBSUNFOU�TUBOEBSE�PO�"DUJWF)ZCSJE�9��

�-VHHBHF�DPNQBSUNFOU�DPWFS �GPMEJOH �DBO�CF�SFNPWFE�FBTJMZ�BOE�TUPXFE�BXBZ�QSBDUJDBMMZ�

VOEFS�UIF�MVHHBHF�DPNQBSUNFOU�� �PPS�TUPSBHF�GBDJMJUZ�OPU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9��

� �0QUJPOBM�FRVJQNFOU

� �"EBQUJWF�GBTUFOJOH�TZTUFN�GPS�GJSNMZ�

TFDVSJOH�EJGGFSFOUMZ�TJ[FE�QJFDFT�PG�MVHHBHF�

BWBJMBCMF�JO�DPNCJOBUJPO�XJUI�UIF�TUPSBHF�

DPNQBSUNFOU�QBDLBHF�

�3FBS�TFBU�CBDLSFTU �DBO�CF�BTZNNFUSJDBMMZ�

TQMJU�������BOE�JOEJWJEVBMMZ�GPMEFE�EPXO�

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

�4PDLFUT����7 �POF�JO�UIF�GSPOU�TUPSBHF�CPY �

POF�JO�UIF�SFBS�DFOUSF�DPOTPMF�BOE�POF�JO�UIF�

MVHHBHF�DPNQBSUNFOU��

�$FOUSBM�MPDLJOH�GPS�UIF�EPPST �GVFM�DBQ �

JODM��FMFDUSPOJD�JNNPCJMJTFS�BOE�SFNPUF�DPOUSPM�

XJUI�BVUPNBUJDBMMZ�SFDIBSHJOH�LFZ�CBUUFSZ�

� �$PNGPSU�BDDFTT�TZTUFN�GPS�PQFOJOH�BOE�

MPDLJOH�UIF�WFIJDMF�XJUIPVU�IPMEJOH�UIF�SFNPUF�

DPOUSPM��5IF�FOHJOF�DBO�CF�TUBSUFE�XJUIPVU�UIF�

LFZ�VTJOH�UIF�4UBSU�4UPQ�CVUUPO�TUBOEBSE�PO�

"DUJWF)ZCSJE�9���5IJT�TZTUFN�BMTP�JODMVEFT�

BEWBODF�EPPS�IBOEMF�JMMVNJOBUJPO�

� �#.8�4FSWJDF�*ODMVTJWF���4FSWJDF�DPTUT�BSF�

BOPUIFS�BSFB�XIFSF�ZPVS�#.8�4FSWJDF�QBSUOFS�

DBO�PGGFS�ZPV�BO�JOUFMMJHFOU�TPMVUJPO��8JUI�

#.8�4FSWJDF�*ODMVTJWF �SPVUJOF�NBJOUFOBODF�

XPSL�JT�QSPWJEFE�BU�OP�FYUSB�DPTU�UP�ZPV �GPS�

UIF�BHSFFE�EVSBUJPO�PS�NJMFBHF��'JOE�PVU�NPSF�

BU�XXX�CNX�DPN�TFSWJDFJODMVTJWF

�$VQIPMEFST�JOUFHSBUFE�JO�UIF�SFBS�DFOUSF�

DPOTPMF�

� �4LJ�CBH�GPS�DMFBO�BOE�TBGF�USBOTQPSU�PG�VQ�UP�

GPVS�QBJST�PG�TLJT�XJUI�VQ�UP�GPVS�PDDVQBOUT�JO�

UIF�DBS��8IFOFWFS�UIF�TLJ�CBH�JT�OPU�SFRVJSFE �JU�

SFNBJOT�TUPSFE�DPOWFOJFOUMZ�BOE�PVU�PG�TJHIU�

CFIJOE�UIF�DFOUSF�BSNSFTU�

� �4FBU�IFBUJOH�BU�UIF�SFBS��TBNF�BT�UIF�

FMFDUSJD�IFBUJOH�PG�UIF�ESJWFSѳT�BOE�GSPOU�

QBTTFOHFSѳT�TFBUT �XJUI�IFBUJOH�JO�UXP�TUBHFT �

BWBJMBCMF�JO�DPOKVODUJPO�XJUI�MFBUIFS�VQIPMTUFSZ�

� �%7%�TZTUFN�JO�UIF�SFBS�PGGFST�BO�JOEFQFOEFOUMZ�

DPOUSPMMBCMF�%7%�QMBZFS�XJUI�B�GPME�EPXO�

���DPMPVS�TDSFFO��5IF�TZTUFN�DBO�CF�PQFSBUFE�

CZ�XJSFMFTT�SFNPUF�DPOUSPM �IBT�TPDLFUT�GPS�

UXP�IFBEQIPOFT�BOE�B�WJEFP�TPVSDF �BOE�JT�

DPNQBUJCMF�XJUI�JOGSBSFE�IFBEQIPOFT��*O�

DPOKVODUJPO�XJUI�UIF�57�GVODUJPO �UIF�TBNF�

57�QSPHSBNNF�DBO�CF�WJFXFE�TJNVMUBOFPVTMZ�

PO�UIF�GSPOU�BU�B�TUBOETUJMM�BOE�SFBS�TDSFFOT��

� �#.8�8FMU��UBLJOH�EFMJWFSZ�PG�B�DBS�IBT�

BMXBZT�SBOLFE�BNPOH�UIF�CFTU�NPNFOUT�GPS�

BOZ�ESJWFS��/PX�UIBU�NPNFOU�DBO�CFDPNF�B�

USVMZ�VOGPSHFUUBCMF�EBZ�ѭ�BU�#.8�8FMU �UIF�

FYQFSJFODF�BOE�EFMJWFSZ�DFOUSF�JO�.VOJDI �

(FSNBOZ��7JTJU�UIF�.VTFVN �UPVS�UIF�QMBOU�

PS�FYQMPSF�UIF�5FDIOPMPHZ�TUVEJP��#.8�8FMU�

CSJOHT�ZPV�UIF�USVF�GBTDJOBUJPO�PG�#.8��

&YQFSJFODF�NPSF�POMJOF�BU�XXX�CNX�XFMU�DPN

��5IJT�TFSWJDF�NBZ�WBSZ�CZ�DPVOUSZ�

�4UBOEBSE�FRVJQNFOU � �0QUJPOBM�FRVJQNFOU

�3VOGMBU�JOEJDBUPS�NJOJNJTFT�UIF�QPTTJCMF�

SFQFSDVTTJPOT�PG�B�UZSF�EFGFDU��$PNQBSJOH�

XIFFM�SPUBUJPO�TQFFE �UIF�TZTUFN�EFUFSNJOFT�

DIBOHFT�JO�BJS�QSFTTVSF�JO�POF�PS�TFWFSBM�UZSFT�

BOE�XBSOT�UIF�ESJWFS�WJB�$IFDL�$POUSPM�

�5ZSF�1SFTTVSF�$POUSPM�51$��VTFT�TFOTPST�

UP�NPOJUPS�BJS�QSFTTVSF�JO�UIF�UZSFT�BU�BOZ�TQFFE��

"�TMJHIU�MPTT�JO�QSFTTVSF�JT�JOEJDBUFE�CZ�B�MJHIU��B�

TJHOJGJDBOU�MPTT�JO�QSFTTVSF�BEEJUJPOBMMZ�USJHHFST�

BO�BDPVTUJD�XBSOJOH�POMZ�PO�"DUJWF)ZCSJE�9��

�)JMM�%FTDFOU�$POUSPM�)%$�FOBCMFT�ZPVS�

#.8�UP�UBLF�FWFO�TUFFQ�EPXOIJMM�HSBEJFOUT�

TBGFMZ�BOE�BVUPNBUJDBMMZ�ѭ�XJUIPVU�UIF�OFFE�GPS�

ZPV�UP�BQQMZ�UIF�CSBLFT��8JUI�UIF�TQFFE�DPOUSPM�

XJUI�CSBLJOH�GVODUJPO �ZPV�DBO�BMTP�DIBOHF�ZPVS�

TQFFE�VTJOH�UIF�ESPQ�BSN�JO�UIF�MPXFS�MFGU�BSFB�

PG�UIF�DPDLQJU�

�3VOGMBU�UZSFT��SFJOGPSDFE�TJEFXBMMT�NFBO�

UIBU�UIF�UZSFT�EP�OPU�UPUBMMZ�DPMMBQTF��XJUIPVU�

QSFTTVSJTFE�BJS �TP�UIFZ�DBOOPU�CFDPNF�VOTFBUFE�

GSPN�UIF�SJNT��"U�B�NBYJNVN�PG����LN�I�ZPV�DBO�

TUJMM�USBWFM�VQ�UP�����LN�

�)JMM�4UBSU�BTTJTUBOU�TUPQT�UIF�DBS�SPMMJOH�

EPXOIJMM�GPS�����TFDPOET�PODF�UIF�GPPUCSBLF�JT�

SFMFBTFE�XIFO�NBLJOH�IJMM�TUBSUT�

�%ZOBNJD�4UBCJMJUZ�$POUSPM�%4$�JODM��

%5$�BOE�FOIBODFE�GVODUJPOT�GPS�PQUJNJTJOH�

CSBLJOH�BOE�ESJWJOH�TUBCJMJUZ��%4$�EFUFDUT�BOZ�

SJTL�PG�TXFSWJOH�BOE�TUBCJMJTFT�UIF�DBS�XJUIJO�

GSBDUJPOT�PG�B�TFDPOE��5IF�USBDUJPO�NPEF�TVC�

GVODUJPO�%5$�FOBCMFT�JODSFBTFE�XIFFM�

TMJQ �JO�PSEFS�UP�QFSGFDUMZ�BEBQU�GPSXBSE�UISVTU�

UP�FWFSZ�TJUVBUJPO �GPS�B�NPSF�BUIMFUJD�ESJWF�

�#SBLF�"TTJTUBOU�QSPWJEFT�CSBLF�BTTJTUBODF�

CZ�CVJMEJOH�VQ�NBYJNVN�CSBLF�QSFTTVSF�JO�BO�

FNFSHFODZ�FWFO�JG�UIF�ESJWFS�GBJMT�UP�QSPQFSMZ�

EFQSFTT�UIF�CSBLF�QFEBM �TJHOJGJDBOUMZ�TIPSUFOJOH�

UIF�TUPQQJOH�EJTUBODF�JO�UIF�QSPDFTT��

�5FMFTDPQJD�TUFFSJOH�XIFFM�XJUI�DSBTI�

FMFNFOU�NBEF�PG�TUFFM�UP�JNQSPWF�ESJWFS�

QSPUFDUJPO�JO�DBTF�PG�B�DPMMJTJPO��*O�B�DSBTI �UIF�

VQQFS�FOE�PG�UIF�TUFFSJOH�DPMVNO�TQJOEMF�JT�

SFUSBDUFE�CZ����NN�HJWFO�B�DFSUBJO�JNQBDU�

GPSDF��

�5IF�BJSCBHT�BOE�BMM�GVSUIFS�TBGFUZ�

DPNQPOFOUT�BSF�QFSGFDUMZ�DPPSEJOBUFE�JO�B�

#.8��5IJT�NFBOT�UIBU �JO�B�DPMMJTJPO �POMZ�UIF�

BJSCBH�BDUVBMMZ�SFRVJSFE�XJMM�CF�BDUJWBUFE��4JY�

BJSCBHT�PGGFS�UBSHFUFE�QSPUFDUJPO��ESJWFS�BOE�

GSPOU�QBTTFOHFS�BJSCBHT �IFBE�BJSCBHT�BT�XFMM�

BT�TJEF�BJSCBHT�BU�UIF�GSPOU�

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

� �5IF�SPMMPWFS�TFOTPS�JT�MJOLFE�VQ�UP�UIF�

%ZOBNJD�4UBCJMJUZ�$POUSPM�%4$�TZTUFN�GPS�

CFUUFS�BOE�GBTUFS�SFDPHOJUJPO�PG�EBOHFSPVT�

TJUVBUJPOT��4IPVME�BO�PWFSUVSO�PDDVS �UIF�

BJSCBHT�BOE�CFMU�UFOTJPOFST�BSF�JNNFEJBUFMZ�

USJHHFSFE�UP�FOTVSF�NBYJNVN�QBTTJWF�TBGFUZ��

� �#PEZ�SJHJEJUZ��UIF�CFBN�EJTUSJCVUJPO�BOE�

OPEF�DPOOFDUJPOT�PG�UIF�WFIJDMFѳT�IJHIMZ�

GVODUJPOBM�CPEZ�TUSVDUVSF �BOE�UIF�TUSBUFHJD�VTF�

PG�IJHI�SJHJEJUZ�NBUFSJBMT �SFTVMU�JO�NBYJNVN�

QBTTJWF�TBGFUZ�JO�GSPOU �MBUFSBM�PS�SFBS�DPMMJTJPOT��

5IF�SJHJE�TUSVDUVSF�BMTP�NBLFT�BO�FTTFOUJBM�

DPOUSJCVUJPO�UP�UIF�SFXBSEJOHMZ�EZOBNJD�ESJWF�

� �#VNQFST��IJHI�SJHJEJUZ�NBUFSJBM�JO�UIF�CVNQFS�NPVOUT�NFBO�UIBU�UIF�CPEZ�

TUSVDUVSF�DBO�BCTPSC�JNQBDUT�BU�VQ�UP����LN�I�XJUIPVU�EBNBHF�

�5SBJMFS�TUBCJMJUZ�DPOUSPM�BVUPNBUJDBMMZ�

SFDPHOJTFT�XIFO�B�USBJMFS�CFJOH�UPXFE�TUBSUT�

UP�TXBZ�BOE�BQQMJFT�UIF�CSBLFT�UP�TUBCJMJTF�JU �

MPXFSJOH�TQFFE�VOUJM�UIF�TXBZJOH�TUPQT�JO�

DPOKVODUJPO�XJUI�USBJMFS�UPX�IJUDI�

�"EBQUJWF�)FBEMJHIUT�XJUI�WBSJBCMF�MJHIU�

EJTUSJCVUJPO�BOE�WFSUJDBM�BEKVTUNFOU �JODM��

UVSOJOH�MJHIUT�XJUI�NPWFBCMF�IFBEMJHIU�VOJUT�GPS�

PQUJNVN�JMMVNJOBUJPO�PG�FBDI�VQDPNJOH�CFOE�

BT�TPPO�BT�UIF�ESJWFS�UVSOT�UIF�TUFFSJOH�XIFFM��

5IF�SFTVMU�JT�FYUSB�ESJWJOH�TBGFUZ�JO�UIF�EBSL�BOE�

JO�QPPS�WJTJCJMJUZ��5IF�UVSOJOH�MJHIUT�BSF�

BVUPNBUJDBMMZ�BDUJWBUFE�FWFO�BU�B�TUBOETUJMM �

XIFO�UIF�JOEJDBUPS�JT�VTFE�PS�XJUI�B�TUFFSJOH�

MPDL�PG�PWFS����EFHSFFT�ѭ�VQ�UP����LN�I�

� �"DUJWF�IFBESFTUT�JO�UIF�GSPOU�NPWF�GPSXBSE�

UP�SFEVDF�UIF�EJTUBODF�GSPN�UIF�PDDVQBOUѳT�

IFBE�JO�UIF�FWFOU�PG�B�DPMMJTJPO �UIVT�MJNJUJOH�UIF�

SJTL�PG�QPTTJCMF�JOKVSJFT�UP�UIF�OFDL�WFSUFCSBF���

4BGFUZ 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

"DUJWF�IFBESFTUT�GSPOU � � � � �

"JSCBHT�

ѭ��%SJWFS�BOE�GSPOU�QBTTFOHFS�BJSCBHT�XJUI�TFBU�PDDVQBODZ�EFUFDUPS�BOE�QBTTFOHFS�BJSCBH�EFBDUJWBUJPO � � � � �

ѭ�)FBE�BJSCBHT�GPS�GSPOU�BOE�TFDPOE�SPX�QBTTFOHFST � � � � �

ѭ�4JEF�BJSCBH�GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS �JOUFHSBUFE�JOUP�TFBU � � � � �

"MBSN�TZTUFN � � � � �

#.8�4FSWJDF�*ODMVTJWF��DPNQSJTFT�B�XJEF�SBOHF�PG�TFSWJDF�BOE�NBJOUFOBODF�XPSL�UIBU�DBO�CF�DMBJNFE�GSPN�BMM�

QBSUJDJQBUJOH�#.8�QBSUOFST�XPSMEXJEF��*OEJWJEVBM�EVSBUJPO�PS�NJMFBHF�DBO�CF�TFMFDUFE�� � � � �

#SBLFT�

ѭ�%JTD�CSBLFT�BU�UIF�GSPOU �JOOFS�WFOUFE� � � � � �

ѭ�%JTD�CSBLFT�BU�UIF�SFBS �JOOFS�WFOUFE � � � � �

$FOUSBM�MPDLJOH�XJUI�FMFDUSPOJD�JNNPCJMJTFS �DSBTI�TFOTPS � � � � �

$IJME�TFBU�*40'*9�BUUBDINFOU��JO�UIF�SFBS � � � � �

%ZOBNJD�#SBLJOH�-JHIUT �GMBTIJOH � � � � �

%ZOBNJD�4UBCJMJUZ�$POUSPM�%4$ �JODM��"#4 �$#$�BOE�USBDUJPO�DPOUSPM�%5$�XJUI�BEEJUJPOBM�GVODUJPOT � � � � �

)JMM�%FTDFOU�$POUSPM�)%$ � � � � �

1BSLJOH�CSBLF �FMFDUSP�NFDIBOJDBM �XJUI�"VUP�)PME�GVODUJPO � � � � �

3PMMPWFS�TFOTPS � � � � �

4BGFUZ�CPEZ�TIFMM�

ѭ��#VNQFS�TZTUFN�XJUI�JNQBDU�DVTIJPOT�JO�BMVNJOJVN�BU�UIF�GSPOU�BOE�TUFFM�BU�UIF�SFBS��CVNQFST�SFHFOFSBUF�UP�UIFJS�PSJHJOBM�

TIBQF�JO�DPMMJTJPOT�PG�VQ�UP���LN�I �EFGPSNBUJPO�FMFNFOUT�GSPOU�BOE�SFBS�BU�VQ�UP����LN�I� � � � �

ѭ��%PPS�JOUFHSBUFE�TJEF�JNQBDU�QSPUFDUJPO � � � � �

4FBU�CFMUT�

ѭ��&SHPOPNJD�CFMU�TZTUFN�BU�UIF�SFBS�XJUI���QPJOU�TFBU�CFMUT�GPS�BMM�TFBUT� � � � � �

ѭ��*OFSUJB�SFFM�TFBU�CFMUT�XJUI�QZSPUFDIOJDBM�CFMU�UFOTJPOFS�BOE�CFMU�GPSDF�MJNJUFS � � � � �

&YUFSJPS�EFTJHO� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

Ѷ"DUJWF)ZCSJEѷ�MFUUFSJOH�PO�UIF�MPXFS�CPPUMJE�BOE�PO�UIF�MFGU�BOE�SJHIU�TJEFT�BU�UIF�GSPOU � � � � �

"MVNJOJVN�SVOOJOH�CPBSET � � � � �

#.8�*OEJWJEVBM�&YUFSJPS�-JOF�"MVNJOJVN�TBUJOBUFE � � � � �

#.8�*OEJWJEVBM�)JHI�HMPTT�4IBEPX�-JOF � � � � �

%PVCMF�LJEOFZ�HSJMMF�XJUI�LJEOFZ�TMBUT�JO�#MBDL�9��Y%SJWF��J �9��Y%SJWF��E�BOE�"DUJWF)ZCSJE�9��5JUBOJVN�DPMPVSFE�

BOE�DISPNF�TVSSPVOE� � � � �

&YUFSJPS�NJSSPST�JO�CPEZ�DPMPVS �MPXFS�TFHNFOU�JO�CMBDL �FMFDUSJDBMMZ�BEKVTUBCMF �BTQIFSJDBM�BOE�IFBUFE �UJOUFE�HMBTT� � � � � � �

.FUBMMJD�QBJOUXPSL � � � � � �

3PPG�SBJMJOH�JO�#MBDL �NBUU � � � � �

3PPG�SBJMJOH�JO�4JMWFS �NBUU � � � � �

5PX�CBS�XJUI�SFNPWBCMF�CBMM�IFBE �JODM��USBJMFS�TUBCJMJUZ�DPOUSPM�NBY��USBJMFS�MPBE�����U � � � � �

&RVJQNFOU�QBDLBHF 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

4QPSU�1BDLBHF�JODM��TQPSU�TFBUT�<OPU�BWBJMBCMF�GPS�"DUJWF)ZCSJE�9�>�XJUI�FMFDUSJD�BEKVTUNFOU �4UBS�TQPLF�����MJHIU�BMMPZ�

XIFFMT�XJUI�NJYFE�UZSFT�BOE�#.8�*OEJWJEVBM�SPPGMJOFS�"OUISBDJUF�� � � � �

��.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

� �4UBOEBSE�FRVJQNFOU�� � �0QUJPOBM�FRVJQNFOU � �/PU�BWBJMBCMF

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU�

8IFFMT 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

3VOGMBU�JOEJDBUPS�BOE�SVOGMBU�UZSFT � � � � �

8IFFMT�

ѭ������MJHIU�BMMPZ�XIFFMT�4UBS�TQPLF���� ���+�Y����XJUI��������3����SVOGMBU�UZSFT�OPU�BWBJMBCMF�GPS�4QPSU�1BDLBHF� � � � � �

ѭ������MJHIU�BMMPZ�XIFFMT�7�TQPLF���� ���+�Y����XJUI��������3����SVOGMBU�UZSFT�OPU�BWBJMBCMF�GPS�4QPSU�1BDLBHF � � � � �

ѭ������MJHIU�BMMPZ�XIFFMT�4UBS�TQPLF�����XJUI�NJYFE�UZSFT ���+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�GSPOU �

���+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�SFBS�POMZ�JO�DPNCJOBUJPO�XJUI�4QPSU�1BDLBHF� � � � �

ѭ������MJHIU�BMMPZ�XIFFMT�:�TQPLF�����JO�CMBDL�XJUI�NJYFE�UZSFT ����+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�GSPOU �

���+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�SFBS� � � � �

ѭ������MJHIU�BMMPZ�XIFFMT�:�TQPLF�����XJUI�NJYFE�UZSFT ����+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�GSPOU �

���+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�SFBS� � � � �

ѭ������MJHIU�BMMPZ�XIFFMT�4UBS�TQPLF�����XJUI�NJYFE�UZSFT ����+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�GSPOU �

���+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�SFBS� � � � �

ѭ������MJHIU�BMMPZ�XIFFMT�4USFBNMJOF�����XJUI�NJYFE�UZSFT ����+�Y����XJUI��������3����UZSFT�BU�UIF�GSPOU �

���+�Y����XJUI��������3����SVOGMBU�UZSFT�BU�UIF�SFBS� � � � �

*OUFSJPS�EFTJHO 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

#.8�*OEJWJEVBM�SPPGMJOFS�"OUISBDJUF � � � � �

*OTUSVNFOU�QBOFM�XJUI�DJSDVMBS�TQFFEPNFUFS�BOE�SFW�DPVOUFS �QMVT�UBOL�MFWFM�BOE�PJM�UFNQFSBUVSF�HBVHF�

EJFTFM��GVFM�DPOTVNQUJPO��"DUJWF)ZCSJE�9���DIBSHJOH�PG�UIF�IJHI�QFSGPSNBODF�CBUUFSZ� � � � �

*OUFSJPS�USJNT�

ѭ�"MVNJOJVN�'MZXIFFM�#MBDL � � � � �

ѭ�'JOF�#SVTIFE�"MVNJOJVN � � � � �

ѭ�'JOF�XPPE�USJN�"TI�(SBJO � � � � �

ѭ��'JOF�XPPE�USJN�#BNCPP�(SBJO �EBSL � � � � �

ѭ�4BUJO�4JMWFS �NBUU � � � � �

6QIPMTUFSZ�

ѭ�"MDBOUBSB�MFBUIFS�DPNCJOBUJPO � � � � �

ѭ�&YDMVTJWF�/BQQB�MFBUIFS �FYUFOEFE � � � � �

ѭ�/FWBEB�MFBUIFS � � � � �

ѭ�/FWBEB�MFBUIFS �QFSGPSBUFE�POMZ�JO�DPNCJOBUJPO�XJUI�BDUJWF�TFBU�WFOUJMBUJPO � � � � �

ѭ�5XJMM�DMPUI�� � � � � �

5SBOTNJTTJPO�BOE�UFDIOPMPHZ� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

��DZMJOEFS�JO�MJOF�EJFTFM�FOHJOF�XJUI�GPVS�WBMWF�UFDIOPMPHZ � � � � �

��TQFFE�BVUPNBUJD�USBOTNJTTJPO�4UFQUSPOJD�XJUI�HFBSTIJGU�QBEEMFT�PO�UIF�TQPSU�MFBUIFS�TUFFSJOH�XIFFM� � � � � �

"DUJWF�4UFFSJOH�JODM��4FSWPUSPOJD � � � � �

"EBQUJWF�%SJWF�%ZOBNJD�%SJWF�BOE�&%$ � � � � �

#SBLF�&OFSHZ�3FHFOFSBUJPO � � � � �

#.8�5XJO1PXFS�5VSCP � � � � �

#.8�5XJO1PXFS�5VSCP���DZMJOEFS�JO�MJOF�EJFTFM�FOHJOF�XJUI�GPVS�WBMWF�UFDIOPMPHZ � � � � �

#.8�5XJO1PXFS�5VSCP���DZMJOEFS�JO�MJOF�QFUSPM�FOHJOF�XJUI�GPVS�WBMWF�UFDIOPMPHZ� � � � � �

#.8�5XJO1PXFS�5VSCP���DZMJOEFS�7�QFUSPM�FOHJOF�XJUI�GPVS�WBMWF�UFDIOPMPHZ � � � � �

$PNNPO�3BJM�UFDIOPMPHZ � � � � �

%JFTFM�QBSUJDMF�GJMUFS � � � � �

%PVCMF�XJTICPOF�GSPOU�TVTQFOTJPO � � � � �

%PVCMF�7"/04 �EPVCMF�WBSJBCMF�DBNTIBGU�DPOUSPM � � � � �

%ZOBNJD�1FSGPSNBODF�$POUSPM�GPS�FGGFDUJWF�QPXFS�EJTUSJCVUJPO�BU�UIF�SFBS�BYMF � � � � �

5SBOTNJTTJPO�BOE�UFDIOPMPHZ� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

&NJTTJPOT�TUBOEBSE��&6� � � � � �

)JHI�1SFDJTJPO�*OKFDUJPO � � � � �

.VMUJMJOL�SFBS�BYMF � � � � �

4FMG�MFWFMMJOH�QOFVNBUJD�SFBS�TVTQFOTJPO � � � � �

5VSCPDIBSHFS�XJUI�WBSJBCMF�UVSCJOF�HFPNFUSZ � � � � �

5XP�NPEF�BDUJWF�USBOTNJTTJPO �DPOGJHVSFE�BT���TQFFE�BVUPNBUJD�USBOTNJTTJPO �XJUI�HFBSTIJGU�QBEEMFT�

PO�UIF�TQPSU�MFBUIFS�TUFFSJOH�XIFFM�BOE�)ZCSJE�4UBSU�4UPQ� � � � �

Y%SJWF�BMM�XIFFM�ESJWF�TZTUFN�XJUI�WBSJBCMF�UPSRVF�EJTUSJCVUJPO � � � � �

#.8�$POOFDUFE%SJWF��ѭ�ESJWFS�BTTJTUBODF�TZTUFNT 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

"DUJWF�$SVJTF�$POUSPM�XJUI�4UPQ�(P�GVODUJPO � � � � �

#.8�)FBE�VQ�%JTQMBZ � � � � �

$SVJTF�$POUSPM�XJUI�CSBLJOH�GVODUJPO�"DUJWF)ZCSJE�9���XJUIPVU�CSBLJOH�GVODUJPO � � � � �

)JHI�CFBN�BTTJTUBOU � � � � �

-BOF�%FQBSUVSF�8BSOJOH�4ZTUFN � � � � �

1BSL�%JTUBODF�$POUSPM�1%$ �GSPOU�TUBOEBSE�BU�UIF�SFBS � � � � �

3FBS�WJFX�DBNFSB�XJUI�5PQ�7JFX � � � � �

4JEF�7JFX�POMZ�JO�DPOKVODUJPO�XJUI�SFBS�WJFX�DBNFSB�XJUI�5PQ�7JFX � � � � �

4QFFE�-JNJU�*OGP�POMZ�JO�DPOKVODUJPO�XJUI�/BWJHBUJPO�TZTUFN�1SPGFTTJPOBM � � � � �

-JHIU�BOE�TJHIU 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

"EBQUJWF�IFBEMJHIUT�XJUI�WBSJBCMF�MJHIU�EJTUSJCVUJPO�BOE�WFSUJDBM�BEKVTUNFOU �JODMVEJOH�UVSOJOH�MJHIUT � � � � �

&YUFSJPS�NJSSPST�XJUI�BVUPNBUJD�BOUJ�HMBSF�GVODUJPO �JODM��GPME�JO�GVODUJPO�BOE�BVUPNBUJD�QBSLJOH�GVODUJPO � � � � �

'PH�MJHIUT�XJUI�GSFF�GPSN�SFGMFDUPS�JODM��IFBUFE�GSPOU�XJOETDSFFO�XBTIFS�OP[[MFT�BOE�FYUFSJPS�NJSSPST � � � � �

*OUFSJPS�NJSSPS�XJUI�BVUPNBUJD�BOUJ�HMBSF�GVODUJPO � � � � �

-JHIUT�QBDLBHF�JODM��WJDJOJUZ�MJHIUT�JOUFHSBUFE�JO�FYUFSJPS�EPPS�IBOEMFT �EPPS�DPNQBSUNFOU�MJHIUT �

SFBS�SFBEJOH�MJHIUT�BOE�SFBS�GPPUXFMM�JMMVNJOBUJPO� � � � �

3BJO�TFOTPS �JODM��BVUPNBUJD�ESJWJOH�MJHIUT�DPOUSPM � � � � �

9FOPO�IFBEMJHIUT�GPS�IJHI�BOE�MPX�CFBN�JODM��BVUPNBUJD�IFBEMJHIU�SBOHF�DPOUSPM �

GPVS�MJHIU�SJOHT�EBZUJNF�ESJWJOH�BOE�QBSLJOH�MJHIUT�BOE�IFBEMJHIU�XBTIJOH�TZTUFN� � � � �

*OUFSJPS�FRVJQNFOU� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

"VUPNBUJD�BJS�DPOEJUJPOJOH � � � � �

"VUPNBUJD�BJS�DPOEJUJPOJOH ���[POF�JODM��""3 �GPHHJOH�BOE�TPMBS�TFOTPST�BOE�SFTJEVBM�IFBU�GVODUJPO�XJUI�BJS�PVUMFUT�JO�UIF�SFBS � � � � �

"VUPNBUJD�BJS�DPOEJUJPOJOH ���[POF�XJUI�TFQBSBUF�UFNQFSBUVSF�DPOUSPM�JO�UIF�SFBS � � � � �

4FBUT�TFBU�DPNGPSU�

ѭ���TFBUT �JODM����SFBS�TFBUT�XJUI�TQPSUZ�JOEJWJEVBM�DIBSBDUFS�BOE�JOUFHSBM�IFBE�SFTUSBJOUT � � � � �

ѭ���TFBU�DPOGJHVSBUPS� � � � � �

ѭ�"DUJWF�TFBU�GPS�ESJWFS�POMZ�JO�DPOKVODUJPO�XJUI�DPNGPSU�TFBUT�BOE�BDUJWF�TFBU�WFOUJMBUJPO � � � � �

ѭ��$PNGPSU�TFBUT�GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS �FMFDUSJD�TFBU�BEKVTUNFOU�XJUI�BEEJUJPOBM�GVODUJPOT�JODM��MVNCBS�TVQQPSU� � � � � �

ѭ�-VNCBS�TVQQPSU�GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS �FMFDUSJDBMMZ�BEKVTUBCMF�JO�DPOKVODUJPO�XJUI�FMFDUSJD�TFBU�BEKVTUNFOU � � � � �

ѭ�3FBS�TFBU�CBDLSFTUT �BTZNNFUSJDBMMZ�GPMEBCMF������ � � � � �

ѭ�4FBU�IFBUJOH�GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS � � � � ���0OMZ�BWBJMBCMF�*O�DPOKVODUJPO�XJUI�/FWBEB�MFBUIFS �QFSGPSBUFE �PS�#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�XJUI�QFSGPSBUJPO�BOE�DPNGPSU�PS�BDUJWF�TFBUT�� � � � ��.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

� �4UBOEBSE�FRVJQNFOU � �0QUJPOBM�FRVJQNFOU � �/PU�BWBJMBCMF

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU

*OUFSJPS�FRVJQNFOU� 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

ѭ�4FBU�IFBUJOH�JO�UIF�SFBS � � � � �

ѭ��4FBU�BEKVTUNFOU �FMFDUSJD�XJUI�NFNPSZ�GVODUJPO�GPS�ESJWFSѳT�TFBU�BOE�FYUFSJPS�NJSSPST �GPS�9��Y%SJWF��J�BOE�9��Y%SJWF��E�

JO�DPOKVODUJPO�XJUI�TUBOEBSE�TFBU� � � � �

ѭ�4FBU�BEKVTUNFOU �QBSUJBMMZ�FMFDUSJD � � � � �

ѭ��4QPSU�TFBUT�GPS�ESJWFS�BOE�GSPOU�QBTTFOHFS�JODM��FMFDUSJD�TFBU�BEKVTUNFOU�POMZ�BWBJMBCMF�JO�DPOKVODUJPO�XJUI�MFBUIFS�VQIPMTUFSZ � � � � �

4UFFSJOH�DPMVNO�BEKVTUNFOU �FMFDUSJD �JO�IFJHIU�BOE�MFOHUI � � � � �

4UFFSJOH�XIFFM�IFBUJOH � � � � �

4UFFSJOH�XIFFMT�

ѭ�4QPSU�MFBUIFS�TUFFSJOH�XIFFM �UISFF�TQPLF �NVMUJGVODUJPO�CVUUPOT�BOE�VOJ�EJSFDUJPOBM�HFBSTIJGU�QBEEMFT � � � � �

4VOCMJOET�GPS�SFBS�TJEF�XJOEPXT � � � � �

8JOETDSFFO�XJUI�HSFZ�TIBEF�CBOE � � � � �

$PNGPSU�BOE�JOUFSJPS�FRVJQNFOU 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

���7PMU�TPDLFU�POF�JO�GSPOU�TUPSBHF�DPNQBSUNFOU��UXP�JO�SFBS�DFOUSF�DPOTPMF��POF�JO�MVHHBHF�DPNQBSUNFOU � � � � �

"EBQUJWF�GBTUFOJOH�TZTUFN � � � � �

$PNGPSU�BDDFTT�TZTUFN�GPS�LFZMFTT�FOUSZ�BOE�FOHJOF�TUBSU��*ODM��BEWBODF�JMMVNJOBUJPO � � � � �

$VQIPMEFST �GSPOU�BOE�SFBS � � � � �

(MBTT�SPPG �FMFDUSJD �UJMU�TMJEF�GVODUJPO �DPOWFOJFOU�PQFSBUJPO�WJB�WFIJDMF�LFZ � � � � �

4LJ�CBH � � � � �

4UBSU�4UPQ�CVUUPO � � � � �

4UPSBHF�GBDJMJUJFT�XJUI�BOUJ�TMJQ�MJOJOH�JO�UIF�EPPST �JO�UIF�DFOUSF�DPOTPMF�BOE�TUPSBHF�CPY�JO�MVHHBHF�

DPNQBSUNFOU�GPS�"DUJWF)ZCSJE�9��OPU�MPDLBCMF�� � � � �

4UPSBHF�QBDLBHF�JODM��UXP�MBTIJOH�SBJMT�XJUI�GPVS�MBTIJOH�QPJOUT�JO�MVHHBHF�DPNQBSUNFOU� � � � � �

5BJMHBUF�POF�QJFDF �XJUI�JOUFSNFEJBUF�TUPQ�GVODUJPO� � � � � �

5BJMHBUF�PQFSBUJPO �BVUPNBUJD � � � � �

8JOEPX�MJGUT �FMFDUSJD �XJUI�POF�UPVDI�DPOUSPM �DPNGPSU�TXJUDI�BOE�USBQ�SFMFBTF � � � � �

&OUFSUBJONFOU �DPNNVOJDBUJPO�BOE�JOGPSNBUJPO 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

#.8�$POOFDUFE%SJWF�ѭ�5FMFNBUJDT�4FSWJDFT��

ѭ��"QQT �BNPOH�PUIFS�GVODUJPOT �FOBCMFT�BDDFTT�UP�XPSMEXJEF�JOUFSOFU�SBEJP�TUBUJPOT�JO�DPOKVODUJPO�XJUI�UIF�

#.8�$POOFDUFE�BQQ�BOE�J1IPOF� � � � �

ѭ�#.8�"TTJTU � � � � �

ѭ�#.8�0OMJOF � � � � �

ѭ�*OUFSOFU�BDDFTT � � � � �

$POUSPM�%JTQMBZ ������GPS�"DUJWF)ZCSJE�9������� � � � � �

$POUSPMMFS�XJUI�EJSFDU�NFOV�DPOUSPM�CVUUPOT � � � � �

'VODUJPOBM�CPPLNBSLT � � � � �

/BWJHBUJPO�TZTUFN�1SPGFTTJPOBM��XJUI�IJHI�SFTPMVUJPO������DPMPVS�EJTQMBZ �IBSE�EJTL�TUPSBHF�GPS�OBWJHBUJPO�EBUB�BOE�NVTJD�

GJMFT����(#�NFNPSZ ��%�SPVUF�NBQ �TQMJU�TDSFFO� � � � �

/BWJHBUJPO�TZTUFN�1SPGFTTJPOBM��XJUI�JOUFHSBUFE�QSFQBSBUJPO�GPS�#MVFUPPUI�NPCJMF�QIPOF�JODM��WPJDF�DPOUSPM �

JOUFSOFU�BDDFTT��BOE�#.8�0OMJOF�� � � � �

1SFQBSBUJPO�GPS�NPCJMF�QIPOF�#VTJOFTT�XJUI�#MVFUPPUI�JOUFSGBDF��BOE�DPNGPSU�DPOOFDUJPO�GPS�NPCJMF�QIPOF�NVTJD�

QMBZFS �JODM��#.8�"TTJTU�� � � � �

3BEJP�BVEJP�

ѭ�"69�*/�DPOOFDUJPO�JO�DFOUSF�DPOTPMF � � � � �

ѭ��#.8�*OEJWJEVBM�)JHI�&OE�"VEJP�4ZTUFN � � � � �

��.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�� � ��'PS�JOGPSNBUJPO�PO�SFDPNNFOEFE�EFWJDFT�QMFBTF�HP�UP�XXX�CNX�DPN�CMVFUPPUI

&OUFSUBJONFOU �DPNNVOJDBUJPO�BOE�JOGPSNBUJPO 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

ѭ��$%�DIBOHFS�GPS�TJY�$%T �JO�HMPWF�DPNQBSUNFOU � � � � �

ѭ��%"#�UVOFS�GPS�BEEJUJPOBM�SFDFQUJPO�PG�EJHJUBM�SBEJP�QSPHSBNNFT �%"#��FOBCMFE � � � � �

ѭ��%7%�DIBOHFS�JO�UIF�HMPWF�DPNQBSUNFOU �XJUI�NVMUJ�DIBOOFM�BVEJP�TZTUFN � � � � �

ѭ��%7%�TZTUFN�JO�UIF�SFBS � � � � �

ѭ��)J'J�MPVETQFBLFS�TZTUFN � � � � �

ѭ��)J'J�TZTUFN�1SPGFTTJPOBM� � � � � �

ѭ��3BEJP�#.8�1SPGFTTJPOBM �JODM��.1��DPNQBUJCMF�$%�ESJWF� � � � � �

ѭ�64#�BVEJP�JOUFSGBDF �VQHSBEFE�XJUI�DPWFS�BSU�EJTQMBZ � � � � �

57�GVODUJPO � � � � �

5FDIOJDBM�EBUB 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

8FJHIU

6OMBEFO�&6� LH � � � � � � � � � � � � � � � � � � � �

.BY��QFSNJTTJCMF� LH � � � � � � � � � � � � � � � � � � �

1FSNJUUFE�MPBE� LH � � � �<���> � � � �<���> � � � �<���> � � � �<���> � � �

1FSNJUUFE�BYMF�MPBE �GSPOU�SFBS LH � � � � �� � � � � � � � �� � � � � � � �� � � � � � � � �� � � � � � � � �� � �

1FSNJUUFE�SPPG�MPBE LH � � � � � � � � � � � � � � �

1FSNJUUFE�USBJMFS�MPBE �VOCSBLFE LH � � � � � � � � � � � � � � �

1FSNJUUFE�USBJMFS�MPBE �CSBLFE �NBY������HSBEJFOU� LH � � � � �� � � � � � � � � �� � � � � � � � � �� � � � � � � � � �� � � � � � � � �

1FSNJUUFE�USBJMFS�MPBE �CSBLFE �NBY�����HSBEJFOU� LH � � � � �� � � � � � � � � �� � � � � � � � � �� � � � � � � � � �� � � � � � � � �

&OHJOF�

$ZMJOEFST�WBMWFT � �� � �� � �� � �� � ��

$BQBDJUZ� DD � � � � � � � � � � � �

.BY��PVUQVUL8�IQ

SQN

� � � �� � �

� � � �

� � � �� � �

� � � � ��ѭ��� � � �

� � � �� � �

� � � �

� � � �� � �

� � � �

� � � �� � � �

� � � � ��ѭ��� � � �

.BY��UPSRVF/N

SQN

� � �

� � � � ��ѭ��� � � �

� � �

� � � � ��ѭ��� � � �

� � �

� � � � ��ѭ��� � � �

� � �

� � � � ��ѭ��� � � �

� � � �

� � � � ��ѭ��� � � �

5SBOTNJTTJPO

4UBOEBSE�USBOTNJTTJPO�SBUJPT *�**��� � �� � �� �� � �� �� � � �� � �� �� � �� �� � � �� � �� �� � �� �� � � �� � �� �� � �� �� � � �� �� �� � �� �� �

***�*7�7��� � �� � �� �� �� �� � �� � �� �� �� �� � �� � �� �� �� �� � �� � �� �� �� �� � �� � �� �� � �� �� �

7*�7**�3��� � �� � �� �� � �� �� � � �� � �� �� � �� �� � � �� � �� �� � �� �� � � �� � �� �� � �� �� � � �� � ��ѭ���WBSJBCMF

'JOBM�ESJWF�SBUJP �� � �� � � �� � � �� � � �� � � �� �

1FSGPSNBODF

5PQ�TQFFE� LN�I � � � � � � �� � � � �� � � � �� � � � � � � � � � �� � � � ��

"DDFMFSBUJPO����ѭ����LN�I TFD � �� � �� � �� � �� � ��

'VFM�DPOTVNQUJPO�

6SCBO M�����LN � � �� � � �� � �� � �� � � ��

&YUSB�VSCBO M�����LN � �� �� � �� � �� ��

$PNCJOFE M�����LN � � �� � � �� � �� � �� �

$0��FNJTTJPOT H�LN � � � � � � � � � � � �

5BOL�DBQBDJUZ �BQQSPY� M � � � � � � � � � �

� �4UBOEBSE�FRVJQNFOU � �0QUJPOBM�FRVJQNFOU� � �/PU�BWBJMBCMF

�� ��]4UBOEBSE�]�0QUJPOBM�FRVJQNFOU�]�5FDIOJDBM�EBUB�

5FDIOJDBM�EBUB 9��Y%SJWF��J 9��Y%SJWF��J 9��Y%SJWF��E 9��Y%SJWF��E "DUJWF)ZCSJE�9�

8IFFMT

5ZSF�EJNFOTJPOT�GSPOU�SFBS � � � �� � �3�� � �7 � � � �� � �3�� � �8 � � � �� � �3�� � �7 � � � �� � �3�� � �7 � � � �� � �� � � �� � �3�� � �8

8IFFM�EJNFOTJPOT�GSPOU�SFBS � �+�Y�� � � �+�Y�� � � �+�Y�� � � �+�Y�� � � � �� � �+�Y�� �

.BUFSJBM MJHIU�BMMPZ MJHIU�BMMPZ MJHIU�BMMPZ MJHIU�BMMPZ MJHIU�BMMPZ

���5IF�GJHVSF�RVPUFE�JODMVEFT�B�����UBOL�GJMMJOH ����LH�GPS�UIF�ESJWFS�BOE���LH�GPS�MVHHBHF��6OMBEFO�XFJHIU�BQQMJFT�UP�

WFIJDMFT�XJUI�TUBOEBSE�TQFDJGJDBUJPO��0QUJPOBM�FRVJQNFOU�NBZ�JODSFBTF�UIJT�GJHVSF����#.8�SFDPNNFOET�UIF�VTF�PG�30/����TVQFS�VOMFBEFE�QFUSPM��6OMFBEFE�30/����BOE�IJHIFS�XJUI�B�NBYJNVN�

FUIBOPM�DPOUFOU�PG�����&���NBZ�BMTP�CF�VTFE��0VUQVU�BOE�DPOTVNQUJPO�GJHVSFT�BQQMZ�UP�30/����GVFM���4ZTUFN�PVUQVU�����L8�����IQ �TZTUFN�UPSRVF�����/N���&MFDUSPOJDBMMZ�MJNJUFE���8JUI�IJHI�TQFFE�TFUVQ����"MM�FOHJOFT�DPNQMZ�XJUI�UIF�&6��FNJTTJPOT�TUBOEBSE��'VFM�DPOTVNQUJPO�JT�EFUFSNJOFE�JO�BDDPSEBODF�XJUI�UIF�&$&�

ESJWJOH�DZDMF�NBEF�VQ�PG�BQQSPYJNBUFMZ�POF�UIJSE�VSCBO�BOE�UXP�UIJSET�FYUSB�VSCBO�ESJWJOH�CBTFE�PO�UIF�EJTUBODF�

DPWFSFE��$0��FNJTTJPOT�BSF�NFBTVSFE�JO�BEEJUJPO�UP�GVFM�DPOTVNQUJPO��

� �'VFM�DPOTVNQUJPO�JT�EFUFSNJOFE�GPS�WFIJDMFT�XJUI�TUBOEBSE�FRVJQNFOU��0QUJPOBM�FRVJQNFOU�TVDI�BT�XJEFS�UZSFT�DBO

� ��IBWF�B�TJHOJGJDBOU�JNQBDU�PO�GVFM�DPOTVNQUJPO�BOE�PO�QFSGPSNBODF�����)FJHIU�XJUI�SPPG�SBJMJOH�JT�� ����NN�"DUJWF)ZCSJE�9���� ����NN���*O�DPOKVODUJPO�XJUI�JODSFBTFE�UPXJOH�DBQBDJUZ�PQUJPO�

7BMVFT�JO�<�>�BQQMZ�UP�WFIJDMFT�XJUI�TFMG�MFWFMMJOH�QOFVNBUJD�SFBS�TVTQFOTJPO�PS�JO�DPNCJOBUJPO�XJUI�"EBQUJWF�%SJWF�

5IF�#.8�9��TIPXO�JO�UIJT�CSPDIVSF�IBT�UIF�FYUFSJPS�DPMPVS�7FSNJMJPO�3FE�NFUBMMJD��5IF�VQIPMTUFSZ�JT�/FWBEB�MFBUIFS�0ZTUFS �

XJUI�JOUFSJPS�GJOF�XPPE�USJN�#BNCPP�(SBJO �EBSL�

"MM�EJNFOTJPOT�JO�UIF�UFDIOJDBM�ESBXJOHT�JO�NJMMJNFUSFT��)FJHIU�JODMVEFT�SPPG�BOUFOOB��-VHHBHF�DPNQBSUNFOU�DBQBDJUZ�

����ѭ�� ����MJUSFT�"DUJWF)ZCSJE�9�������ѭ�� ����

7BMVFT�JO���BSF�GPS�WFIJDMFT�XJUI�B�TMJEJOH�SPPG�

1644

1983

1690

2195

1706

2933

4877

1086858

973

947

1521

1551

1449

1514

� � � �

� � � �

� � � � � � � � � � �

� � � �

� � � �

� � � �

�����"DUJWF)ZCSJE�9��������

����

�������

�������

����

��]

%SJWJOH�B�#.8�JT�BMXBZT�B�TQFDJBM�FYQFSJFODF��8IJDI�DBO�CF�FOIBODFE�FWFO�GVSUIFS�XJUI�0SJHJOBM�

#.8�"DDFTTPSJFT��#FOF� �U�GSPN�JOOPWBUJWF�TPMVUJPOT�DPNCJOJOH�VOJRVF�JEFBT �TUVOOJOH�EFTJHO�

BOE�TVQSFNF�GVODUJPOBMJUZ��%JTDPWFS�UIF�XJEF�SBOHF�PG�0SJHJOBM�#.8�"DDFTTPSJFT�BWBJMBCMF�UP�

ZPV �DPWFSJOH�TVDI�WFIJDMF�BTQFDUT�BT�FYUFSJPS �JOUFSJPS �DPNNVOJDBUJPO�BOE�JOGPSNBUJPO �BOE�

USBOTQPSUBUJPO�BOE�MVHHBHF�DPNQBSUNFOU�TPMVUJPOT��'PS�NPSF�JOGPSNBUJPO�PO�UIF�FOUJSF�SBOHF�PG�

0SJHJOBM�#.8�"DDFTTPSJFT �QMFBTF�DPOUBDU�ZPVS�#.8�QBSUOFS��5IFZ�XJMM�CF�QMFBTFE�UP�BEWJTF �BOE�IBWF�

B�TQFDJBM�DBUBMPHVF�XBJUJOH�GPS�ZPV��'VSUIFS�JOGPSNBUJPO�DBO�CF�GPVOE�BU��

XXX�CNX�DPN�BDDFTTPSJFT

&26*11&%�8*5)�5)&�#&45�*%&"4��03*(*/"-�#.8�"$$&4403*&4��

-PDLJOH�SFBS�DBSSJFS�SBDL������ � ��MJHIU�BMMPZ�XIFFMT�TUBS�TQPLF�� � �DISPNF �DBTU�

#.8�%7%�4ZTUFN�"EWBODFE�XJUI�UJMU�BEKVTUBCMF�� ��

DPMPVS�TDSFFOT�

4OBQ�JO�BEBQUFS�XJUI�64#�JOUFSGBDF�GPS�NBLJOH�UFMFQIPOF�DBMMT�

BOE�MJTUFOJOH�UP�NVTJD�

-VHHBHF�DPNQBSUNFOU�SFWFSTJCMF�NBU�DBO�CF�VTFE�PO�CPUI�

TJEFT�BOE�JT�TMJQ�SFTJTUBOU�

�� 5IF�PGGFS�NBZ�WBSZ�CZ�DPVOUSZ�

���*O�DPOKVODUJPO�XJUI�PQUJPOBM�SFBS�MVHHBHF�DBSSJFS�QSFQBSBUJPO�

�� 0SJHJOBM�#.8�"DDFTTPSJFT�]�#.8�*OEJWJEVBM

5SVF�FYDMVTJWJUZ�GVMGJMT�UIF�IJHIFTU�EFNBOET��UIPTF�XIJDI�POF�QMBDFT�PO�POFTFMG��

#.8�*OEJWJEVBM�FOBCMFT�ZPV�UP�UVSO�UIFTF�EFNBOET�JOUP�SFBMJUZ �XJUI�B�#.8�*OEJWJEVBM�

9��JO�XIJDI�FWFSZ�TJOHMF�EFUBJM�JT�FYBDUMZ�DSBGUFE�UP�IBSNPOJTF�XJUI�UIF�XIPMF��5IF�

#.8�*OEJWJEVBM�QBJOU�GJOJTI�JO�1FBSM�4JMWFS�NFUBMMJD�TIPXO�IFSF�PXFT�JUT�TPQIJTUJDBUFE�

JSJEFTDFOU�FGGFDU�UP�B�TQFDJBM�LJOE�PG�QJHNFOUBUJPO��5IF�#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�

JO�4MBUF�DSFBUFT�B�ESBNBUJD�DPOUSBTU�UP�UIF�FYUFSJPS�XJUI�JUT�GJOFMZ�OVBODFE�CMBDL��

5IF�FYUFOEFE�.FSJOP�MFBUIFS�USJN�JODMVEFT�GVSUIFS�MFBUIFS�DPWFSFE�EFUBJMT�TVDI�BT�UIF�EPPS�

USJN�JOTFSUT�BOE�UIF�DPNQMFUF�EPPS�IBOEMFT��"OPUIFS�FYDMVTJWF�PQUJPO�JT�UIF�#.8�*OEJWJEVBM�

JOTUSVNFOU�QBOFM �BMTP�GJOJTIFE�JO�.FSJOP�MFBUIFS��5IF�1JBOP�'JOJTI�#MBDL�JOUFSJPS�USJN�IBSNPOJTFT�

QFSGFDUMZ�XJUI�UIF�DPMPVS�PG�UIF�MFBUIFS �BOE�JUT�IJHI�HMPTT�TVSGBDF�DSFBUFT�TUSJLJOH�BOE�FMFHBOU�

IJHIMJHIUT��-FU�ZPVSTFMG�CF�JOTQJSFE�CZ�UIF�#.8�*OEJWJEVBM�SBOHF�PO�UIF�GPMMPXJOH�QBHFT��'PS�

BO�PWFSWJFX�PG�#.8�*OEJWJEVBM�DPMPVST�BOE�NBUFSJBMT �QMFBTF�SFGFS�UP�QBHFT���ѭ���

5)&�.045�&9$-64*7&�8":�50�%3*7&�"�#.8�

&YUFOEFE�.FSJOP�MFBUIFS�USJN�JO�4MBUF�XJUI�"MDBOUBSB�QJQJOH �JOUFSJPS�USJN�1JBOP�

'JOJTI�#MBDL�BOE�JOTUSVNFOU�QBOFM�GJOJTIFE�JO�.FSJOP�MFBUIFS� #.8�*OEJWJEVBM�1FBSM�4JMWFS�NFUBMMJD�QBJOU�GJOJTI�

#.8�*/%*7*%6"-��5)&�"35�0'�.07*/(�50�"�)*()&3�-&7&-�

#.8�*OEJWJEVBM�PGGFST�FYDMVTJWF�FRVJQNFOU�UP�UBLF�ESJWJOH�FOKPZNFOU�UP�B�OFX�MFWFM��5IJT�JODMVEFT�

VOJRVF�DPMPVST�BOE�NBUFSJBMT�UIBU�BSF�QFSGFDUMZ�UBJMPSFE�UP�ESJWFSTѳ�XJTIFT��5IF�FYUFSJPS�QBJOU�DPMPVST�

GFBUVSF�BO�JOUSJHVJOH�JSJEFTDFOU�FGGFDU��*O�UIF�JOUFSJPS �UPQ�RVBMJUZ�MFBUIFS�BOE�FYDMVTJWF�XPPE�HSBJOT�

DSFBUF�BO�VONJTUBLBCMF�BNCJFODF��*OOPWBUJWF�UFDIOPMPHJFT�FOTVSF�PQUJNVN�DPNGPSU��5IF�FOE�

SFTVMU�JT�B�VOJRVF�BVUPNPCJMF�

#.8�*OEJWJEVBM�FYUFSJPS�DPMPVST��B�TIBEF�NPSF�CSJMMJBOU��4FWFSBM�UIPVTBOE�TIBEFT �JO�GBDU����

#.8�*OEJWJEVBM�QBJOU�GJOJTIFT�BSF�VOJRVF��8IBU�TFUT�UIFN�BQBSU�GSPN�TUBOEBSE�FYUFSJPS�DPMPVST�

JT�UIFJS�JOUSJHVJOH�JSJEFTDFODF �DSFBUJOH�B�GBTDJOBUJOH�JOUFSQMBZ�PG�DPMPVST�CFMPX�UIF�QBJOU�TVSGBDF��

5IF�TQFDJBM�QJHNFOUT�UIBU�DSFBUF�UIFTF�FGGFDUT�MFOE�UIF�QBJOU�GJOJTI�BO�FYUSBPSEJOBSZ�JOUFOTJUZ��

#.8�*OEJWJEVBM�MFBUIFS��USVF�FYDMVTJWJUZ�JT�B�UBOHJCMF�QIFOPNFOPO���

#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�EPFT�OPU�KVTU�MPPL�FOUJDJOHMZ�TPGU�BOE�WFMWFUZ��JU�BMTP�GFFMT�JODSFEJCMZ�

TVNQUVPVT��*UT�TFDSFU�MJFT�JO�PVS�QBJOTUBLJOH�TFMFDUJPO�QSPDFTT��POMZ�BCTPMVUFMZ�GMBXMFTT�IJEFT�BSF�

BQQSPWFE�GPS�VTF��"T�B�SFTVMU �UIFTF�QSFNJVN�MFBUIFST�EP�OPU�SFRVJSF�BOZ�TVSGBDF�USFBUNFOU��"OE�CZ�

MFBWJOH�UIF�MFBUIFS�JO�JUT�OBUVSBM�TUBUF �JU�SFUBJOT�JUT�CSFBUIBCMF �QPSPVT�TUSVDUVSF �SFNBJOJOH�TPGU�BOE�

TVQQMF��"MM�MFBUIFS�DPMPVST�BSF�EFTJHOFE�UP�NBUDI�UIF�#.8�*OEJWJEVBM�QBJOU�GJOJTIFT�UP�QFSGFDUJPO �

TP�UIF�DBSѳT�JOUFSJPS�XJMM�IBSNPOJPVTMZ�DPNQMFNFOU�UIF�FYUFSJPS�

#.8�*OEJWJEVBM�JOUFSJPS�USJNT��UPQ�DMBTT�DSBGUTNBOTIJQ�GPS�UIF�GJOJTIJOH�UPVDI�JO�UIF�DBCJO����

#.8�*OEJWJEVBM�XPPE�USJNT�IBWF�B�NBHJD�BMM�UIFJS�PXO��5IFZ�NBLF�PVS�DBSTѳ�JOUFSJPST�WFSZ�TQFDJBM�

JOEFFE �XJUI�FYDMVTJWF�HSBJO�DIBSBDUFSJTUJDT�BOE�DPMPVST�UIBU�BSF�TFDPOE�UP�OPOF��"�TUSJDU�TFMFDUJPO�

QSPDFTT�BOE�QFSGFDU�GJOJTIJOH�FOTVSF�FYDFMMFOU�RVBMJUZ��4VQFSJPS�DSBGUTNBOTIJQ�JT�BMTP�BO�FTTFOUJBM�

GBDUPS�JO�DSFBUJOH�PVS�1JBOP�'JOJTI�#MBDL�JOUFSJPS�USJN��*UT�CSJMMJBOU �IJHI�HMPTT�TVSGBDF�JT�UIF�SFTVMU�PG�

B�TQFDJBM�QSPDFTT�VTVBMMZ�POMZ�BQQMJFE�CZ�UIF�XPSMEѳT�MFBEJOH�QJBOP�NBLFST�

#.8�*OEJWJEVBM�)JHI�&OE�"VEJP�4ZTUFN��'PS�QFSGFDU�MJTUFOJOH�FOKPZNFOU��

5IF�#.8�*OEJWJEVBM�)JHI�&OE�"VEJP�4ZTUFN�DSFBUFT�B�MJTUFOJOH�FYQFSJFODF�PO�B�QBS�XJUI�B�DPODFSU�

IBMM �VTJOH�FYDFQUJPOBMMZ�QPXFSGVM�TQFBLFST�XJUI�FYUSFNFMZ�TUJGG�)FYBDPOF�NFNCSBOFT��0QUJNVN�

QPTJUJPOJOH�PG�UIF�� � �)JHI�&OE�MPVETQFBLFST�JO�UIF�WFIJDMF�BOE�VOJRVF�TJHOBM�QSPDFTTJOH�UIBOLT�

UP�UIF� �DIBOOFM�BNQMJGJFS�XJUI�%*3"$�-JWF�UFDIOPMPHZ�GVSUIFS�FOIBODF�TPVOE�RVBMJUZ �FMJNJOBUJOH�

TPVOE�JNQVSJUJFT�BOE�NJOJNJTJOH�TPVOE�SFGMFDUJPOT��*OUFSJPS�TQFDJGJD�FRVBMJ[JOH�BOE�TQFFE�EFQFOEFOU�

WPMVNF�DPOUSPM�FOTVSF�TVQSFNF�)J'J�FOKPZNFOU�

'VMM�.FSJOP�MFBUIFS�JO�1MBUJOVN�XJUI�8BMOVU�"NBSPOF�JOUFSJPS�USJN�BOE�

MFBUIFS�DPWFSFE�EBTICPBSE� .FSJOP�MFBUIFS�JO�1MBUJOVN�XJUI�"MDBOUBSB�QJQJOH�

#.8�*OEJWJEVBM�

#.8�*OEJWJEVBM�QBJOU�� �OJTI��

;"�#.8�*OEJWJEVBM�FYUFOEFE�.FSJOP�MFBUIFS�USJN��� �

'FBUVSFT�#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�PO�GSPOU�BOE�SFBS�TFBUT�JODMVEJOH�IFBESFTUT �SFBS�PG�TFBU�CBDLSFTU �JOTFSUT�JO�EPPS�

USJNT �EPPS�QVMM�IBOEMFT �EPPS�BSNSFTUT�BOE�DFOUSF�DPOTPMF�BSNSFTU��*ODMVEFT�"MDBOUBSB�QJQJOH�JO�DPOUSBTU�DPMPVS��6QQFS�BSN�

USJN�QBOFMT�JO�8BMLOBQQB�MFBUIFS�#MBDL��

;#�#.8�*OEJWJEVBM�GVMM�.FSJOP�MFBUIFS�USJN���

'FBUVSFT�#.8�*OEJWJEVBM�.FSJOP�MFBUIFS�PO�GSPOU�BOE�SFBS�TFBUT�JODMVEJOH�IFBESFTUT �SFBS�PG�TFBU�CBDLSFTU �JOTFSUT�JO�EPPS�

USJNT �DPNQMFUF�EPPS�USJNT �DFOUSF�DPOTPMF �EPPS�QVMM�IBOEMFT �EPPS�BSNSFTUT�BOE�DFOUSF�DPOTPMF�BSNSFTU��*ODMVEFT�"MDBOUBSB�

QJQJOH�JO�DPOUSBTU�DPMPVS��6QQFS�BSN�USJN�QBOFMT�JO�8BMLOBQQB�MFBUIFS�#MBDL�

0QUJPO�9&�#.8�*OEJWJEVBM�JOUFSJPS�USJN

0QUJPO�9-�#.8�*OEJWJEVBM�XPPE�SJOH�JOTFSU�� � �GPS�MFBUIFS�TUFFSJOH�XIFFM

0QUJPO�� � � �#.8�*OEJWJEVBM�IJHI�HMPTT�4IBEPX�-JOF

0QUJPO�� � � �#.8�*OEJWJEVBM�IFBEMJOFS�"OUISBDJUF

0QUJPO�� .#�#.8�*OEJWJEVBM�&YUFSJPS�-JOF�"MVNJOJVN �TBUJOBUFE

0QUJPO�95� �#.8�*OEJWJEVBM�JOTUSVNFOU�QBOFM�GJOJTIFE�JO�.FSJOP�MFBUIFS��

0QUJPO�� � � �#.8�*OEJWJEVBM�)JHI�&OE�"VEJP�4ZTUFN

0QUJPO�� .8�� � ��#.8�*OEJWJEVBM�MJHIU�BMMPZ�XIFFMT �7�TQPLF�� � � �M�XJUI�NJYFE�UZSFT�

SJNT�XJUI�,BNBDJUF�(SFZ�NFUBMMJD�QBJOU�GJOJTI�

9$� �#.8�*OEJWJEVBM�$PNQPTJUJPO��

0QUJPO�;"�#.8�*OEJWJEVBM�FYUFOEFE�.FSJOP�MFBUIFS�USJN �PS�0QUJPO�;#�#.8�*OEJWJEVBM�GVMM�.FSJOP�MFBUIFS�USJN��

0QUJPO�9&�#.8�*OEJWJEVBM�JOUFSJPS�USJN

0QUJPO�� � � �#.8�*OEJWJEVBM�IFBEMJOFS�"OUISBDJUF

0QUJPO�9-�#.8�*OEJWJEVBM�XPPE�SJOH�JOTFSU�� � �GPS�MFBUIFS�TUFFSJOH�XIFFM

� � �*O�DPNCJOBUJPO�XJUI�0QUJPO� � � �Ѷ"DUJWF�TFBU�WFOUJMBUJPOѷ �UIF�MFBUIFS�USJN�PG�UIF�TFBUT�GFBUVSF�QFSGPSBUJPO��

Ѷ#.8�*OEJWJEVBM��GVMM�.FSJOP�MFBUIFS�USJNѷ�POMZ�JO�DPNCJOBUJPO�XJUI�0QUJPO�� � � �Ѷ-JHIUT�QBDLBHFѷ�� � 0OMZ�JO�DPNCJOBUJPO�XJUI�Ѷ#.8�*OEJWJEVBM�FYUFOEFE�.FSJOP�MFBUIFS�USJNѷ �PS�Ѷ#.8�*OEJWJEVBM�GVMM�.FSJOP�MFBUIFS�USJNѷ�� � /PU�JO�DPNCJOBUJPO�XJUI�0QUJPO�� � �Ѷ4UFFSJOH�XIFFM�IFBUJOHѷ� � 0OMZ�JO�DPNCJOBUJPO�XJUI�0QUJPO�9&�Ѷ#.8�*OEJWJEVBM�JOUFSJPS�USJNѷ�� � #.8�*OEJWJEVBM�QBJOU�� �OJTIFT�OPU�BWBJMBCMF�GPS�#.8�9� �)ZCSJE�

:PVS�#.8�QBSUOFS�XJMM�CF�QMFBTFE�UP�TIPX�ZPV�PSJHJOBM�#.8�*OEJWJEVBM�DPMPVST�BOE�NBUFSJBMT��'PS�GVSUIFS�JEFBT�PO�IPX�UP�QFSTPOBMJTF�ZPVS�#.8�9� �TFF�PVS�XFCTJUF�

� XXX�CNX�DPN�CNX�JOEJWJEVBM�

#.8�*OEJWJEVBM�)JHI�&OE�"VEJP�4ZTUFN�BOE�.FSJOP�MFBUIFS�JO�$SJPMMP�#SPXO� .FSJOP�MFBUIFS�JO�4MBUF�XJUI�"MDBOUBSB�QJQJOH�

+0:�*4�,/08*/(�:06ѳ3&�*/�(00%�)"/%4��#.8�4&37*$&�'03�:063�#.8�

#.8�4FSWJDF�*ODMVTJWF���4FSWJDF�DPTUT�BSF�

BOPUIFS�BSFB�XIFSF�ZPVS�#.8�4FSWJDF�QBSUOFS�DBO�

PGGFS�ZPV�BO�JOUFMMJHFOU�TPMVUJPO��8JUI�#.8�4FSWJDF�

*ODMVTJWF �SPVUJOF�NBJOUFOBODF�TFSWJDF�XJMM�CF�

QSPWJEFE�BU�OP�FYUSB�DPTU�UP�ZPV �GPS�UIF�BHSFFE�

EVSBUJPO�PS�NJMFBHF��'JOE�PVU�NPSF�POMJOF�BU�

XXX�CNX�DPN�TFSWJDFJODMVTJWF

���.BZ�OPU�CF�BWBJMBCMF�JO�BMM�DPVOUSJFT��

1MFBTF�DPOTVMU�ZPVS�#.8�QBSUOFS�

8JUI�#.8�5FMF4FSWJDFT� �ZPV�BSF�BMXBZT�JO�

TBGF�IBOET��5IJT�GFBUVSF�FOBCMFT�ZPVS�#.8�UP�

DPOUBDU�ZPVS�#.8�4FSWJDF�QBSUOFS�BOE�SFHJTUFS�

JUTFMG�GPS�B�TFSWJDF�BQQPJOUNFOU��"T�TPPO�BT�UIF�

$#4�TFOTPST�EFUFDU�B�TFSWJDF�SFRVJSFNFOU �UIF�

WFIJDMF�XJMM�JOJUJBUF�BO�BVUPNBUJD�#.8�5FMFTFSWJDF�

DBMM�BOE�USBOTNJU�BMM�TFSWJDF�SFMBUFE�EBUB�ѭ�EBUB�

XIJDI�QSFWJPVTMZ�IBE�UP�CF�DPMMFDUFE�JO�UIF�

XPSLTIPQ��:PVS�TFSWJDF�DPOTVMUBOU�XJMM�UIFO�DBMM�

ZPV�CBDL �JO�PSEFS�UP�BSSBOHF�BO�BQQPJOUNFOU��"T�

WFIJDMF�JOGPSNBUJPO�JT�USBOTGFSSFE�JO�BEWBODF �UJNF�

JO�UIF�HBSBHF�DBO�CF�TQFOU�NPSF�FG �DJFOUMZ �TP�ZPVS�

#.8�JT�CBDL�PO�UIF�SPBE�GBTUFS��*O�UIF�VOMJLFMZ�

FWFOU�PG�B�CSFBLEPXO �#.8�5FMF4FSWJDFT�FOBCMFT�ZPV�

UP�USBOTNJU�EJBHOPTUJDT �WFIJDMF�BOE�MPDBUJPO�EBUB�

EJSFDUMZ�UP�#.8�CSFBLEPXO�BTTJTUBODF��8JUI�#.8�

5FMFTFSWJDF�"TTJTUBODF �NBMGVODUJPOT�DBO�PGUFO�CF�

SFNFEJFE�SFNPUFMZ �HFUUJOH�ZPV�RVJDLMZ�BOE�FBTJMZ�

CBDL�PO�UIF�SPBE��'PS�GVSUIFS�JOGPSNBUJPO �WJTJU�

XXX�CNX�DPN�UFMFTFSWJDFT

.PCJMF�4FSWJDF���JO�UIF�FWFOU�PG�B�CSFBLEPXO �

#.8�.PCJMF�4FSWJDF�JT�BU�ZPVS�EJTQPTBM�SPVOE�

UIF�DMPDL��4QFDJBMMZ�USBJOFE�#.8�UFDIOJDJBOT�XJMM�

EP�FWFSZUIJOH�OFDFTTBSZ�UP�HFU�ZPVS�#.8�CBDL�

PO�UIF�SPBE �XJUI�UFMFQIPOF�PS�PO�TJUF�BTTJTUBODF�

BT�OFFEFE��4JNQMZ�DPOUBDU�#.8�.PCJMF�4FSWJDF��*O�

BEEJUJPO �GSPN�� �+BOVBSZ�� � � � �BMM�OFXMZ�SFHJTUFSFE�

#.8�WFIJDMFT�XJMM�DPNF�XJUI�B�DPNQSFIFOTJWF�

� � �NPOUI�NPCJMJUZ�TFSWJDF�JO�MJOF�XJUI�UIF�BQQMJDBCMF�

#.8�.PCJMF�$BSF�XBSSBOUZ�DPOEJUJPOT�JODMVEJOH�

UPXJOH �SFOUBM�DBS �UBYJ �IPUFM�BDDPNNPEBUJPO�BOE�

WFIJDMF�SFUVSO��5IJT�#.8�NPCJMJUZ�XBSSBOUZ�JT�

BVUPNBUJDBMMZ�FYUFOEFE�CZ�BOPUIFS�� � �NPOUIT�JG�

ZPV�IBWF�UIF�TDIFEVMFE�FOHJOF�PJM�TFSWJDF�QFSGPSNFE�

CZ�ZPVS�BVUIPSJTFE�#.8�4FSWJDF�QBSUOFS�ѭ�GPS�VQ�UP�

� �ZFBST�BGUFS�JOJUJBM�WFIJDMF�SFHJTUSBUJPO��.PSF�EFUBJMFE�

JOGPSNBUJPO�JT�BWBJMBCMF�GSPN�ZPVS�#.8�4FSWJDF�

QBSUOFS�PS�POMJOF�BU�

XXX�CNX�DPN�NPCJMFTFSWJDF

#.8�'JOBODJBM�4FSWJDFT��5IFSFѳT�POMZ�POF�

NPSF�UIJOH�ZPV�DPVME�XJTI�GPS�UP�HP�XJUI�ZPVS�

#.8��UIF�QFSGFDU� �OBODF�TPMVUJPO �0OF�UIBU�

MFBWFT�ZPV�FOPVHI�SPPN�GPS�UIF�PUIFS�HPPE�UIJOHT�

JO�MJGF �#.8�'JOBODJBM�4FSWJDFT�QSPWJEFT�ZPV�XJUI�

QFSTPOBMJTFE�MFBTJOH � �OBODF�BOE�JOTVSBODF�PQUJPOT�ѭ�

UBJMPSFE�UP�ZPVS�SFRVJSFNFOUT�BOE�CVEHFU��#VU�XF�

PGGFS�ZPV�NPSF�UIBO�KVTU�GBWPVSBCMF�DPOEJUJPOT��5BLF�

GPS�FYBNQMF�UIF�DPNQPOFOUT�PG�PVS�MFBTJOH�

QBDLBHF �XIJDI�JODMVEF�DPVSUFTZ�WFIJDMFT �IJSF�

QVSDIBTF�PQUJPOT�GPS�QSJWBUF�DVTUPNFST �BOE�

JOTVSBODF��'PS�GVSUIFS�JOGPSNBUJPO�QMFBTF�DPOTVMU�

PVS�QSJDF�MJTU�PS�WJTJU�XXX�CNXGT�DPN��'JOE�PVU�

NPSF�ѭ�ZPVS�#.8�QBSUOFS�XJMM�CF�QMFBTFE�UP�NBLF�

ZPV�BO�JOEJWJEVBM�PGGFS�GPS�ZPVS�EFTJSFE�DBS�

5IF�#.8�4FSWJDF�DPODFQU��BMXBZT�VQ�UP�TQFFE��8IFO�ZPV�CVZ�B�#.8 �ZPV�DBO�MPPL�GPSXBSE�UP�

TVQFSC�TFSWJDF�BOE�DPNQSFIFOTJWF�DVTUPNFS�DBSF �XJUI�B�XPSMEXJEF�OFUXPSL�PG�NPSF�UIBO�� � � � �#.8�

4FSWJDF�QBSUOFST�JO�NPSF�UIBO�� � � �DPVOUSJFT�SFBEZ�UP�BTTJTU�ZPV�BU�BOZ�UJNF��5IF�WFIJDMFѳT�PO�CPBSE�

EJBHOPTUJDT�LFFQ�ZPV�JOGPSNFE�PG�XIFO�UIF�DBS�JT�OFYU�EVF�GPS�B�DIFDL�VQ�BOE�XIBU�XPSL�OFFET�UP�CF�

EPOF��$POEJUJPO�#BTFE�4FSWJDF�$#4�USBDLT�TFSWJDF�� �VJET�BOE�UIF�DPOEJUJPO�PG�FTTFOUJBM�QBSUT�

TVCKFDU�UP�XFBS��*U�BMTP�NPOJUPST�UIF�UJNF��BOE�NJMFBHF�MJOLFE�TFSWJDF�SFRVJSFNFOUT�PG�ZPVS�#.8��6TJOH�

UIFTF�NFBTVSFNFOU�EBUB �UIF�*OGP�%JTQMBZ�JO�UIF�DPDLQJU�BVUPNBUJDBMMZ�BMFSUT�ZPV�JO�BEWBODF�XIFOFWFS�

BOZ�QBSU�PG�UIF�WFIJDMF�SFRVJSFT�TFSWJDJOH��5IF�J%SJWF�$POUSPM�%JTQMBZ�DPOUBJOT�FYBDU�JOGPSNBUJPO�PO�

XIJDI�WFIJDMF�DPNQPOFOUT�XJMM�OFFE�UP�CF�TFSWJDFE�BOE�XIFO��*O�DPOKVODUJPO�XJUI�#.8�5FMF4FSWJDFT� �

UIF�JOOPWBUJWF�UFMFNBUJDT�TFSWJDF�QSPWJEFE�CZ�#.8�4FSWJDF �UIF�$#4�EBUB�BSF�BVUPNBUJDBMMZ�USBOTNJUUFE�

UP�ZPVS�#.8�4FSWJDF�QBSUOFS��5IJT�NFBOT�UIBU�ZPVS�TFSWJDF�DPOTVMUBOU�IBT�NPSF�UJNF�GPS�ZPV �BOE�DBO�

QSPWJEF�NPSF�DPNQSFIFOTJWF�BEWJDF��:PVS�#.8�4FSWJDF�QBSUOFS�XJMM�PG�DPVSTF�IBWF�0SJHJOBM�#.8�1BSUT�

BWBJMBCMF�GPS�BOZ�XPSL�UP�CF�EPOF��*O�TIPSU��RVBMJUZ�BOE�TBGFUZ�BSF�PVS�UPQ�QSJPSJUJFT�

�� ��] #.8�4FSWJDF�]�#.8�'JOBODJBM�4FSWJDFT

4)"1*/(�5)&�'6563&�ѭ�3&410/4*#-:�5IF�#.8�(SPVQ�IBT�CFFO�SBOLFE�UIF�NPTU�TVTUBJOBCMF�BVUPNPUJWF�DPNQBOZ�XPSMEXJEF�JO�UIF�%PX�+POFT�4VTUBJOBCJMJUZ�*OEFY�GPS�UIF�TJYUI�UJNF�JO�B�SPX��4VTUBJOBCJMJUZ�JT�BO�JOUFHSBM�QBSU�PG�PVS�WBMVF�DIBJO �FODPNQBTTJOH

#.8�57�

+0:�$0.&4�*/�."/:�'03.4�

#.8�.BHB[JOF��JOGPSNBUJPO�BOE�

FOUFSUBJONFOU��$PNQFUFOU�BOE�DPNQSFIFOTJWF �

UIF�#.8�.BHB[JOF�CSJOHT�ZPV�BMM�UIF�MBUFTU�OFXT�

GSPN�UIF�XPSME�PG�#.8��:PV�XJMM�SFDFJWF�UXP�

JTTVFT�QFS�ZFBS�GSFF�PG�DIBSHF�XIFO�ZPV�QVSDIBTF�

B�OFX�#.8�

#.8�%SJWJOH�&YQFSJFODF��Ѷ-FBSO�IPX�UP�

FOIBODF�ZPVS�ESJWJOH�QMFBTVSF�ѷ�%SJWJOH�B�#.8�

TIPVME�CF�GVO��"OE�MJLF�BOZ�PUIFS�QJFDF�PG�TQPSU�

FRVJQNFOU �UIF�CFUUFS�ZPV�BSF�BCMF�UP�DPOUSPM�JU �

UIF�NPSF�GVO�JU�JT��5IF�#.8�%SJWJOH�&YQFSJFODF�

UFBDIFT�ZPV�ѭ�PO�SPBE�BOE�PGG �JO�TOPX�BOE�JDF �PS�

FWFO�JO�UIF�/BNJCJBO�EFTFSU�ѭ�IPX�GBS�ZPV�DBO�

QVTI�ZPVS�#.8 �XIJMF�TUJMM�SFNBJOJOH�QFSGFDUMZ�TBGF��

5PQJDT�SBOHF�GSPN�#.8�4BGFUZ�BOE�4OPX�BOE�*DF�

UP�.�3BDF�5SBDL�5SBJOJOH�PO�POF�PG�UIF�UPVHIFTU�SBDF�

USBDLT�JO�UIF�XPSME�ѭ�UIF�/¼SCVSHSJOH��.PSF�

JOGPSNBUJPO�JT�BWBJMBCMF�BU�

XXX�CNX�ESJWJOHFYQFSJFODF�DPN

#.8�8FMU��KPZ�IBT�B�IPNF��7JTJU�.VOJDI �

IPNF�UP�UIF�#.8�CSBOE�GPS�PWFS� � �ZFBST �BOE�QJDL�

VQ�ZPVS�OFX�#.8�BU�#.8�8FMU��5IFSF�ZPVѳMM�CF�

BCMF�UP�FYQFSJFODF�#.8�XJUI�BMM�� �WF�TFOTFT�BOE�

TFF�ZPVS�OFX�#.8�GPS�UIF�� �STU�UJNF�XJUI�ZPVS�

PXO�FZFT��#.8�8FMU�PGGFST�ZPV�B�UBJMPS�NBEF�

WJTJUPS�QSPHSBNNF��'SPN�SFMBYJOH�JO�UIF�1SFNJVN�

-PVOHF�UP�B�GBDUPSZ�UPVS�PS�B�WJTJU�UP�UIF�#.8�

.VTFVN�ѭ�UIFSF�BSF�QMFOUZ�PG�VOJRVF�FYQFSJFODFT�UP�

QFSGFDUMZ�DPNQMFNFOU�UIF�IBOE�PWFS�PG�ZPVS�OFX�

DBS��*UѳT�NPSF�UIBO�XPSUI�JU��7JTJU�VT�POMJOF�UPEBZ�BU�

XXX�CNX�XFMU�DPN��:PVS�MPDBM�#.8�QBSUOFS�

DBO�BMTP�QSPWJEF�ZPV�XJUI�GVSUIFS�JOGPSNBUJPO��8F�

MPPL�GPSXBSE�UP�TFFJOH�ZPV�

#.8�57���ZPVS�TPVSDF�GPS�BMM�UIJOHT�#.8��5IJT�JT�

XIFSF�ZPV�DBO�HFU�UP�LOPX�UIF�CSBOE�JO�BMM�JUT�

GBDFUT �UISPVHI�DPNQSFIFOTJWF�GFBUVSFT �QPSUSBJUT �

BOE�CBDLHSPVOE�SFQPSUT��XXX�CNX�UW�DPN�

QSPWJEFT�ZPV�XJUI�VQ�UP�EBUF�BOE�FOUFSUBJOJOH�

JOGPSNBUJPO�PO�BVUPNPCJMFT �JOOPWBUJPOT �NPUPS�

TIPXT �FWFOUT �TQPSUT �BOE�MJGFTUZMF�UPQJDT�

FWFSZ�TUBHF�GSPN�UIF�EFWFMPQNFOU�PG�GVFM�TBWJOH�BOE�BMUFSOBUJWF�WFIJDMF�DPODFQUT�UP�FOWJSPONFOUBMMZ�GSJFOEMZ�QSPEVDUJPO�QSPDFTTFT�BOE�SFDZDMJOH��0VS�SFTFBSDI�BOE�EFWFMPQNFOU�QIJMPTPQIZ�#.8�&G� �DJFOU%ZOBNJDT�EFMJWFST�UBOHJCMF�CFOF� �UT�UP�DVTUPNFST �PVS�DMJNBUF�BOE�UIF�FOWJSPONFOU��5IJT�JT�SF� �FDUFE�JO�UIF�SFEVDUJPO�PG�$0

��FNJTTJPOT�CZ�OFBSMZ�� � ���BDSPTT�

PVS�&VSPQFBO�� �FFU�PG�OFX�DBST�CFUXFFO�� � �BOE�UPEBZ��8FѳSF�BMTP�BJNJOH�UP�SFEVDF�UIF�BNPVOU�PG�SFTPVSDFT�TVDI�BT�XBUFS�BOE�FOFSHZ�DPOTVNFE�CZ�PVS�WFIJDMF�QSPEVDUJPO�CZ�� � ��

CFUXFFO�� � � � �BOE�� � � � ��:PVS�#.8�JT�QBSU�PG�B�DPNQSFIFOTJWF�SFDZDMJOH�DPODFQU��"U�UIF�FOE�PG�JUT�MPOH�TFSWJDF�MJGF �FWFSZ�TJOHMF�WFIJDMF�DBO�CF�FBTJMZ�BOE�FDPOPNJDBMMZ�SFDZDMFE��1MFBTF�DPOUBDU�ZPVS�#.8�QBSUOFS�PO�BMM�NBUUFST�SFHBSEJOH�UIF�SFUVSO�PG�ZPVS�FOE�PG�MJGF�WFIJDMF��'PS�GVSUIFS�JOGPSNBUJPO�QMFBTF�WJTJU�PVS�XFCTJUF�

����������������������7#��1SJOUFE�JO�(FSNBOZ������

More about BMW

www.bmw.comSheer

Driving Pleasure

5IF�NPEFMT�JMMVTUSBUFE�JO�UIJT�CSPDIVSF�TIPX�UIF�TQFDJGJDBUJPOT�PG�WFIJDMFT�QSPEVDFE�CZ�#.8�"(�GPS�UIF�(FSNBO�NBSLFU��*O�QBSU �UIFZ�JODMVEF�PQUJPOBM�FRVJQNFOU�BOE�BDDFTTPSJFT�OPU�GJUUFE�BT�TUBOEBSE��"DDPSEJOH�UP�UIF�TQFDJGJD�SFRVJSFNFOUT�PG�PUIFS�NBSLFUT �BMUFSBUJPOT�JO�NPEFMT �TUBOEBSE�BOE�PQUJPOBM�FRVJQNFOU �BT�EFTDSJCFE�JO�UIJT�CSPDIVSF �NBZ�PDDVS��'PS�NPSF�QSFDJTF�JOGPSNBUJPO�BCPVU�DPVOUSZ�TQFDJGJD�WFIJDMF�WFSTJPOT �QMFBTF�DPOUBDU�ZPVS�MPDBM�#.8�QBSUOFS��4VCKFDU�UP�DIBOHF�JO�EFTJHO�BOE�FRVJQNFOU�i�#.8�"( �.VOJDI�(FSNBOZ��/PU�UP�CF�SFQSPEVDFE�XIPMMZ�PS�JO�QBSU�XJUIPVU�XSJUUFO�QFSNJTTJPO�PG�#.8�"( �.VOJDI�

#.8�SFDPNNFOET