To Table of Contents To Table of Contents To Table of Contents %KV[QH%CUC)TCPFG#TK\QPC %1/24'*'05+8' #007#. 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2NGFIGF4GXGPWG%QXGTCIG 4GCN2GTUQPCN2TQRGTV[6CZ.GXKGUCPF%QNNGEVKQPU 6CZ4CVG&CVC 'UVKOCVGF0GV5GEQPFCT[#UUGUUGF8CNWCVKQPQH/CLQT6CZRC[GTU &GOQITCRJKECPF'EQPQOKE5VCVKUVKEU 2TKPEKRCN'ORNQ[GTU #WVJQTK\GF%KV[)QXGTPOGPV'ORNQ[GG2QUKVKQPUD[(WPEVKQP2TQITCO 1RGTCVKPI+PFKECVQTUD[(WPEVKQP2TQITCO 6CDNG                    2CIG                    %CRKVCN#UUGV5VCVKUVKEUD[(WPEVKQP2TQITCO +8 %1/2.+#0%'5'%6+10 +PFGRGPFGPV#WFKVQTUa4GRQTVQP+PVGTPCN%QPVTQNQXGT(KPCPEKCN4GRQTVKPICPFQP %QORNKCPEGCPF1VJGT/CVVGTU$CUGFQPCP#WFKVQH(KPCPEKCN5VCVGOGPVU 2GTHQTOGFKP#EEQTFCPEGYKVJ)QXGTPOGPV#WFKVKPI5VCPFCTFU +PFGRGPFGPV#WFKVQTU 4GRQTVQP%QORNKCPEGHQTGCEJOCLQTRTQITCOCPFQP KPVGTPCNEQPVTQNQXGTEQORNKCPEGTGSWKTGFD[VJG7PKHQTO)WKFCPEG 5EJGFWNGQH'ZRGPFKVWTGUQH(GFGTCN#YCTFU 0QVGUVQ5EJGFWNGQH'ZRGPFKVWTGUQH(GFGTCN#YCTFU 5EJGFWNGQH(KPFKPIUCPF3WGUVKQPGF%QUVU        To Table of Contents +PVTQFWEVQT[ 5GEVKQP  To Table of Contents To Table of Contents %KV[QH %CUC)TCPFG#TK\QPC &GEGODGT12 *QPQTCDNG/C[QT %KV[%QWPEKN %KV[/CPCIGT %KVK\GPUQH%CUC)TCPFG#TK\QPC 9GCTGRNGCUGFVQUWDOKVVJG%QORTGJGPUKXG#PPWCN(KPCPEKCN4GRQTV %#(4 QHVJG%KV[QH%CUC)TCPFG #TK\QPC VJG%KV[ HQTVJGHKUECN[GCTGPFGF,WPG6JKUTGRQTVYCURTGRCTGFD[VJG%KV[aU(KPCPEG&GRCTVOGPV 6JKUFQEWOGPVTGRTGUGPVUOCPCIGOGPVaUTGRQTVVQKVUIQXGTPKPIDQF[EQPUVKVWGPVUNGIKUNCVKXGCPFQXGTUKIJV DQFKGUKPXGUVQTUCPFETGFKVQTU%QRKGUQHVJKUTGRQTVCTGUGPVVQGNGEVGFQHHKEKCNUOCPCIGOGPVRGTUQPPGNDQPFTCVKPI CIGPEKGU0CVKQPCNN[4GEQIPK\GF/WPKEKRCN5GEWTKVKGU+PHQTOCVKQP4GRQUKVQTKGUCPFQVJGTCIGPEKGUYKVJCPGZRTGUUGF KPVGTGUVKPVJG%KV[aUHKPCPEKCNOCVVGTU%QRKGUQHVJKUHKPCPEKCNTGRQTVYKNNDGRNCEGFKPVJG%KV[NKDTCTKGUHQTWUGD[VJG IGPGTCNRWDNKECPFRQUVGFQPVJG%KV[aUYGDRCIGCVYYYECUCITCPFGC\IQX 4GURQPUKDKNKV[ HQT VJG CEEWTCE[ QH VJG RTGUGPVGF FCVC CPF HQT VJG EQORNGVGPGUU CPF HCKTPGUU QH VJG RTGUGPVCVKQPUKPENWFKPICNNFKUENQUWTGUTGUVUYKVJVJGOCPCIGOGPVQHVJG%KV[6JG%KV[GUVCDNKUJGFCPFOCKPVCKPUC EQORTGJGPUKXGKPVGTPCNEQPVTQNHTCOGYQTMFGUKIPGFVQRTQVGEVVJGIQXGTPOGPVaUCUUGVUHTQONQUUVJGHVQTOKUWUG CPF VQ EQORKNG UWHHKEKGPV TGNKCDNG KPHQTOCVKQP HQT VJG RTGRCTCVKQP QH HKPCPEKCN UVCVGOGPVU 9G DGNKGXG VJG FCVC RTGUGPVGFKPVJKUTGRQTVKUCEEWTCVGKPCNNOCVGTKCNTGURGEVUCPFHCKTN[UGVUHQTVJVJGHKPCPEKCNRQUKVKQPCPFTGUWNVUQH QRGTCVKQPUQHVJG%KV[QPDQVJCEKV[YKFGCPFHWPFDCUKU9GKPENWFGCNNFKUENQUWTGUPGEGUUCT[VQGPCDNGVJGTGCFGT VQICKPCPWPFGTUVCPFKPIQHVJG%KV[aUHKPCPEKCNCEVKXKV[CPFHKPCPEKCNUVCDKNKV[ 6JGUGHKPCPEKCNUVCVGOGPVUCTGRTGRCTGFKPCEEQTFCPEGYKVJIGPGTCNN[CEEGRVGFCEEQWPVKPIRTKPEKRNGUKPVJG 7PKVGF5VCVGUQH#OGTKEC )##2 HQTNQECNIQXGTPOGPVUCURTGUETKDGFD[VJG)QXGTPOGPVCN#EEQWPVKPI5VCPFCTFU $QCTF )#5$ CPFVJG#OGTKECP+PUVKVWVGQH%GTVKHKGF2WDNKE#EEQWPVCPVU #+%2#  *GPT[*QTPG..2CWFKVUVJG%KV[QH%CUC)TCPFG#TK\QPCa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b5KPING#WFKVc QHHGFGTCNHKPCPEKCNCUUKUVCPEG TGEGKXGFD[VJG%KV[FKTGEVN[HTQOHGFGTCNCIGPEKGUQTRCUUGFVJTQWIJVQVJG%KV[D[VJG5VCVGQH#TK\QPCQTQVJGT IQXGTPOGPVCN GPVKVKGU FWTKPI VJG HKUECN [GCT 6JG UVCPFCTFU IQXGTPKPI 5KPING #WFKV GPICIGOGPVU TGSWKTG VJG KPFGRGPFGPV CWFKVQT VQ TGRQTV PQV QPN[ QP VJG HCKT RTGUGPVCVKQP QH VJG HKPCPEKCN UVCVGOGPVU DWV CNUQ QP VJG IQXGTPOGPVaUKPVGTPCNEQPVTQNUCPFEQORNKCPEGYKVJNGICNTGSWKTGOGPVUJCXKPICFKTGEVCPFOCVGTKCNKORCEVQPOCLQT K To Table of Contents RTQITCOUYKVJURGEKCNGORJCUKUQPKPVGTPCNEQPVTQNUCPFEQORNKCPEGTGSWKTGOGPVUKPXQNXKPIVJGCFOKPKUVTCVKQPQH OCLQTHGFGTCNCYCTFU 6JGTGUWNVUQHVJG%KV[aU5KPING#WFKVHQTVJGHKUECN[GCTGPFGF,WPGHQWPFPQKPUVCPEGUQHOCVGTKCN YGCMPGUUKPVJGKPVGTPCNEQPVTQNUUVTWEVWTGQTUKIPKHKECPVXKQNCVKQPUQHCRRNKECDNGNCYUCPFTGIWNCVKQPUYKVJTGURGEV VQOCLQTRTQITCOU6JGTGRQTVUHTQO*GPT[*QTPG..2CTGCXCKNCDNGKPVJG%KV[QH%CUC)TCPFG#TK\QPCa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aU HKPCPEKCN UVCVGOGPVU #NN KPVGTPCN EQPVTQN GXCNWCVKQPUQEEWTYKVJKPVJGCDQXGHTCOGYQTM6JG%KV[aUKPVGTPCNCEEQWPVKPIEQPVTQNUCTGEQPUKFGTGFVQCFGSWCVGN[ UCHGIWCTFCUUGVUCPFRTQXKFGTGCUQPCDNGCUUWTCPEGQHRTQRGTTGEQTFKPIQHHKPCPEKCNVTCPUCEVKQPU $WFIGVCT[%QPVTQNU 6JG%KV[QH%CUC)TCPFGNKMGCNNEKVKGUKPVJG5VCVG#TK\QPCQHKUUWDLGEVVQPWOGTQWUDWFIGVCPFTGNCVGFNGICN TGSWKTGOGPVU#TVKENG+:5GEVKQP  QHVJG#TK\QPC%QPUVKVWVKQPUGVUNKOKVUQPVJG%KV[aUNGICNDWFIGVECRCEKV[6JG %KV[ QRGTCVGU WPFGT VJG 2GTOCPGPV $CUG #FLWUVOGPV #NVGTPCVKXG 'ZRGPFKVWTG .KOKV 6JG NKOKV RTQXKFGU C ECR QP GZRGPFKVWTGUHQTVJG%KV[6JGDCUG[GCTKUCPFVJGDCUGCOQWPVKUKPETGCUGFCPPWCNN[D[RQRWNCVKQPEJCPIG CPFD[VJGKORNKEKVRTKEGFGHNCVQT 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CUUGUUGFXCNWCVKQP6JG%KV[JCUKPQWVUVCPFKPI)GPGTCN1DNKICVKQPDQPFUYKVJXQVGTCRRTQXCNVQKUUWGCP CFFKVKQPCNOKNNKQPQXGTVJGPGZVUGXGTCN[GCTU (+0#0%+#.21.+%+'5 4KUM /CPCIGOGPV 6JG %KV[ KU GZRQUGF VQ XCTKQWU TKUMU QH NQUU TGNCVGF VQ VQTVU VJGHV QH FCOCIG VQ CPF FGUVTWEVKQPQHCUUGVUGTTQTUCPFQOKUUKQPUKPLWTKGUVQGORNQ[GGUCPFPCVWTCNFKUCUVGTU6JG%KV[aUNKCDKNKV[TKUMUCTG EQXGTGF D[ EQOOGTEKCN KPUWTCPEG RWTEJCUGF HTQO KPFGRGPFGPV VJKTF RCTVKGU 6JG %KV[ KU HWNN[ KPUWTGF YKVJ RGT QEEWTTGPEGNKOKVCVOKNNKQPIGPGTCNNKCDKNKV[EQXGTCIGYKVJCFGFWEVKDNGCPFCOKNNKQPWODTGNNCNKCDKNKV[ RQNKE[ 6JG%KV[QH%CUC)TCPFGJCUCPCIITGUUKXGUCHGV[RTQITCOVJCVRTQOQVGUGORNQ[GGUCHGV[QPVJGLQDCPF HQEWUGUQPTKUMEQPVTQNVGEJPKSWGUFGUKIPGFVQOKPKOK\GCEEKFGPVTGNCVGFNQUUGU X To Table of Contents To Table of Contents XKK To Table of Contents %KV[QH%CUC)TCPFG#TK\QPC %1/24'*'05+8'#007#.(+0#0%+#.4'2146 (QTVJG(KUECN;GCT'PFGF,WPG %+6;%170%+. /C[QT %TCKI/E(CTNCPF /C[QT2TQ6GO 4CNRJ8CTGNC %QWPEKN/GODGTU .KUC(KV\IKDDQPU /CVV*GTOCP /CT[-QTVUGP &QPPC/E$TKFG &KEM2QYGNN %KV[/CPCIGT .CTT[4CKPU &GRWV[%KV[/CPCIGT 5VGXGP9GCXGT (KPCPEG&GRCTVOGPV5VCHH %GNKPC/QTTKU(KPCPEG&KTGEVQT 4[CP4QFPG[#EEQWPVKPI/CPCIGT 0CVJCP4QDKPUQP5GPKQT#EEQWPVCPV 5VCEG[*CTV#EEQWPVCPV XKKK To Table of Contents To Table of Contents To Table of Contents (KPCPEKCN 5GEVKQP  To Table of Contents To Table of Contents INDEPENDENT AUDITORS’ REPORT The Honorable Mayor and City Council City of Casa Grande, Arizona Casa Grande, Arizona Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of City of Casa Grande, Arizona, as of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Tempe • Scottsdale • Casa Grande www.hhcpa.com To Table of Contents We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Casa Grande, Arizona, as of June 30, 2017, and the respective changes in financial position and, where applicable, cash flows thereof and the respective budgetary comparison for the General Fund and the Highway User Revenue Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City of Casa Grande, Arizona’s basic financial statements. The introductory section, the other supplementary information, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and is also not a required part of the basic financial statements. To Table of Contents The financial information listed as other supplementary information in the table of contents and the schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the financial information listed as other supplementary information in the table of contents and the schedule of expenditures of federal awards, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Compliance Over the Use of Highway User Revenue Fund and Other Dedicated State Transportation Revenue Monies In connection with our audit, nothing came to our attention that caused us to believe that the City of Casa Grande, Arizona failed to use highway user revenue fund monies received by the City pursuant to Arizona Revised Statutes Title 28, Chapter 18, Article 2, and any other dedicated state transportation revenues received by the City of Casa Grande solely for the authorized transportation purposes, insofar as they relate to accounting matters. However, our audit was not directed primarily toward obtaining knowledge of such noncompliance. Accordingly, had we performed additional procedures, other matters may have come to our attention regarding the City of Casa Grande’s noncompliance with the use of highway user revenue fund monies and other dedicated state transportation revenues, insofar as they relate to accounting matters. The communication related to compliance over the use of highway user revenue fund and other dedicated state transportation revenue monies in the preceding paragraph is intended solely for the information and use of the members of the Arizona State Legislature, management, and other responsible parties with the City and is not intended to be and should not be used by anyone other than these specified parties. To Table of Contents Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 12, 2017, on our consideration of the City of Casa Grande’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City of Casa Grande’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City of Casa Grande’s internal control over financial reporting and compliance. 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d          5CNGUVCZGU 1VJGT 6QVCNTGXGPWGU 'ZRGPUGU )GPGTCNIQXGTPOGPV   d d   2WDNKEUCHGV[   d d   5VTGGVU6TCPURQTVCVKQP   d d   2WDNKEYQTMU   d d   %WNVWTGCPFTGETGCVKQP   d d   'EQPQOKEFGXGNQROGPV   d d   +PVGTGUVQPNQPIVGTOFGDV   d d   9CVGT d d     )QNHEQWTUG d d     5GYGT d d     5CPKVCVKQP d d           'ZEGUUDGHQTGVTCPUHGT       6TCPUHGTU+P 1WV     d d 6QVCNGZRGPUGU +PETGCUG FGETGCUG KP0GV2QUKVKQP             0GVRQUKVKQPDGIKPPKPI             0GVRQUKVKQPGPFKPI              To Table of Contents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a5(70&5 6JG%KV[OCKPVCKPUHWPFCEEQWPVKPIVQFGOQPUVTCVGEQORNKCPEGYKVJDWFIGVCT[CPFNGICNTGSWKTGOGPVU6JGHQNNQYKPI KUCDTKGHFKUEWUUKQPQHHKPCPEKCNJKIJNKIJVUHTQOVJGHWPFHKPCPEKCNUVCVGOGPVU )QXGTPOGPVCN(WPFU 6JGHQEWUQHIQXGTPOGPVCNHWPFHKPCPEKCNUVCVGOGPVU RCIGU KUVQRTQXKFGKPHQTOCVKQPQPPGCTVGTOKPHNQYU QWVHNQYU CPF DCNCPEGU QH URGPFCDNG TGUQWTEGU #NN OCLQT IQXGTPOGPVCN HWPFU CTG FKUETGGVN[ RTGUGPVGF KP VJGUG HKPCPEKCNUVCVGOGPVUYJKNGVJGPQPOCLQTHWPFUCTGEQODKPGFKPVQCUKPINGEQNWOP%QODKPKPIUVCVGOGPVUHQTVJG PQPOCLQTHWPFUOC[DGHQWPFQPRCIGU (QTHKUECN[GCTGPFGF,WPGVJGIQXGTPOGPVCNHWPFUTGHNGEVCEQODKPGFHWPFDCNCPEGQHOKNNKQPC FGETGCUGQHOKNNKQP#RQTVKQPQHVJGHWPFDCNCPEGOKNNKQPKUTGUVTKEVGFHQTURGEKHKEGZRGPUGUQTKUNGICNN[ UGITGICVGFHQTCURGEKHKEHWVWTGWUG6JGTGOCKPKPIOKNNKQPKUENCUUKHKGFCUCUUKIPGFQTWPCUUKIPGF6JKUDCNCPEG OC[UGTXGCUCWUGHWNKPFKECVQTQHCIQXGTPOGPVaUPGVTGUQWTEGUCXCKNCDNGHQTURGPFKPICVVJGGPFQHVJG[GCT  To Table of Contents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b0QP/CLQT )QXGTPOGPVCN(WPFUcEQNWOPQPVJGIQXGTPOGPVCNHWPFUVCVGOGPVU 2TQRTKGVCT[(WPFU 6JGRTQRTKGVCT[HWPFUHKPCPEKCNUVCVGOGPVUCTGRTGRCTGFQPVJGUCOGCEEQWPVKPIDCUKUCPFOGCUWTGOGPVHQEWUCU VJG IQXGTPOGPVYKFG HKPCPEKCN UVCVGOGPVU DWV RTQXKFG CFFKVKQPCN FGVCKN UKPEG GCEJ GPVGTRTKUG HWPF KU UJQYP KPFKXKFWCNN[QPVJGHWPFUVCVGOGPV 0GVRQUKVKQPQHVJGGPVGTRTKUGHWPFUYGTGOKNNKQPCPKPETGCUGQHOKNNKQPCUQH,WPG1XGTCNNVJGTG KUCOKNNKQPKPETGCUGVQWPTGUVTKEVGFCUUGVUNGCXKPICDCNCPEGQHOKNNKQP1RGTCVKPITGXGPWGUKPHKUECN[GCT YGTGOKNNKQPUJQYKPICOKNNKQPKPETGCUGHTQOVJGRTKQTHKUECN[GCTYJKNGQRGTCVKPIGZRGPUGUVQVCNGF  To Table of Contents OKNNKQPCPKPETGCUGQHOKNNKQPTGUWNVKPIKPCOKNNKQPQRGTCVKPIICKPRTKQTVQPQPQRGTCVKPIGZRGPUGU EQPVTKDWVKQPUCPFVTCPUHGTU $7&)'6#4;*+)*.+)*65 6JG%KV[a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aUVQVCNCFQRVGFDWFIGVYCUFWTKPIHKUECN[GCT$WFIGVCOGPFOGPVUDGVYGGPHWPFUQT FGRCTVOGPVUQTHTQODWFIGVGFEQPVKPIGPEKGUKPVQQRGTCVKQPCNGZRGPUGGZRGPFKVWTGCEEQWPVUFKFQEEWT*QYGXGT VJGVQVCNCFQRVGFDWFIGVECPPQVDGKPETGCUGF )GPGTCN(WPFKPHNQYU TGXGPWGUCPFQVJGTUQWTEGU QHOKNNKQPQPCDWFIGVCT[DCUKUYCUCDQWVOQTGVJCP DWFIGVGFKPHNQYUQHOKNNKQPYJKNGCEVWCNQWVHNQYU GZRGPFKVWTGUCPFQVJGTWUGU QHOKNNKQPYGTGQH QTKIKPCNDWFIGVGFQWVHNQYU %#2+6#.#55'65#0&&'$6#&/+0+564#6+10 %CRKVCN#UUGVU #UQH,WPGVJG%KV[JCFOKNNKQPKPXGUVGFKPXCTKQWUECRKVCNCUUGVUPGVQHCEEWOWNCVGFFGRTGEKCVKQP 1HVJKUCOQWPVOKNNKQP  KUKPXGUVGFKPIQXGTPOGPVCNCEVKXKVKGUCPFOKNNKQP  KUKPXGUVGFKP DWUKPGUUV[RGCEVKXKVKGU /CLQTCFFKVKQPUVQECRKVCNCUUGVUFWTKPIVJGHKUECN[GCTKPENWFGVJGHQNNQYKPI a%QORNGVKQPQH.'&UVTGGVNKIJVRTQLGEVHQTOKNNKQP a5VTGGV+PHTCUVTWEVWTGKORTQXGOGPVUCPFTGRCKTUQHOKNNKQP a4GRNCEGOGPVXGJKENGRWTEJCUGUQHOKNNKQP  To Table of Contents 6JGHQNNQYKPIVCDNGRTQXKFGUCDTGCMFQYPQHVJGECRKVCNCUUGVDCNCPEGUPGVQHCEEWOWNCVGFFGRTGEKCVKQPCV,WPG #FFKVKQPCNKPHQTOCVKQPQPVJG%KV[aUECRKVCNCUUGVUOC[DGHQWPFKP0QVGQPRCIGU %CRKVCN#UUGVU +P/KNNKQPU )QXGTPOGPVCN #EVKXKVKGU  $WUKPGUUV[RG #EVKXKVKGU   6QVCN    .CPF%QPUVTWEVKQPKP2TQITGUU       $WKNFKPIKORTQXGOGPVU                   /CEJKPGUGSWKROGPV 6QVCN .QPI6GTO&GDV 6JG%KV[aUQWVUVCPFKPINQPIVGTOFGDVKPENWFKPIDQPFUPQVGUECRKVCNNGCUGUEQORGPUCVGFCDUGPEGUCPFPGYHQT (;PGVRGPUKQPEQUVUYCUOKNNKQPCV,WPGYKVJOKNNKQPFWGYKVJKPQPG[GCT1HVJKUVQVCN OKNNKQPYCUKPIQXGTPOGPVCNCEVKXKVKGUCPFOKNNKQPYCUKPDWUKPGUUV[RGCEVKXKVKGU1HVJGQWVUVCPFKPI FGDVOKNNKQPKUGZEKUGVCZTGXGPWGQDNKICVKQPDQPFEQNNCVGTCNK\GFD[VJG%KV[aUGZEKUGVCZUVTGCO#NNQVJGT QWVUVCPFKPIFGDVKUUGEWTGFD[RNGFIGUQHURGEKHKETGXGPWGUQWTEGUQHVJG%KV[ 6JGHQNNQYKPIUEJGFWNGUJQYUVJGQWVUVCPFKPIFGDVQHVJG%KV[ DQVJEWTTGPVCPFNQPIVGTO CUQH,WPG (WTVJGTFGVCKNUECPDGHQWPFKP0QVGUVQQPRCIGU 1WVUVCPFKPI&GDV +P/KNNKQPU )QXGTPOGPVCN #EVKXKVKGU  %QORGPUCVGF#DUGPEGU  %CRKVCN.GCUGU $WUKPGUUV[RG #EVKXKVKGU       6QVCN             d d           0QVGU.QCPURC[CDNG d d      2QUVENQUWTG.KCDKNKV[ d d                $QPFU2C[CDNG'ZEKUG6CZ1DNKICVKQPU 0GV2GPUKQP 6QVCN          '%101/+%(#%6145 %CUC)TCPFGaURQRWNCVKQPJCUITQYPUVGCFKN[UKPEG6JGITQYVJTCVGQXGTVJGEQWTUGQHVJGRCUV[GCTUYCU 6JGWPGORNQ[OGPVTCVGKP%CUC)TCPFG 2KPCN%QWPV[ HQT,WPGYCUCRRTQZKOCVGN[YJKEJKUJKIJGT VJCPDQVJVJGUVCVG  CPFVJGPCVKQPCNCXGTCIGU  6JGNQECNGEQPQO[JCUYKVPGUUGFCUQNKF[GCTFTKXGP D[EQOOGTEKCNEQPUVTWEVKQPPGYDWUKPGUUCPFUWUVCKPGFKPETGCUGUKPTGVCKNUCNGUVCZEQNNGEVKQPU%CUC)TCPFGTGOCKPU VJGTGVCKNCPFEQOOGTEKCNEGPVGTQHQWTTGIKQP  To Table of Contents #TK\QPCEKVKGUTGOCKPFGRGPFGPVQPUCNGUVCZGUCPFQVJGTGEQPQOKECNN[UGPUKVKXGVCZTGXGPWGUUWEJCUHTCPEJKUGHGGU UVCVGUJCTGFKPEQOGVCZGUCPFUVCVGUJCTGFXGJKENGNKEGPUGVCZGUCUUWEJVJG[CTGUWUEGRVKDNGVQUNQYFQYPUKP VJGGEQPQO[9KVJKP%CUC)TCPFGVJGNQECNGEQPQO[KUGZRGTKGPEKPICUWUVCKPGFKPETGCUGKPUCNGUVCZEQNNGEVKQP CUVJGGEQPQO[QPEGCICKPEJCPIGUHQEWUVQURGPFKPICPFEQPUWOGTUVCMGCFXCPVCIGQHKPETGCUGFRGTUQPCN URGPFKPIECRCDKNKVKGU+PCFFKVKQPVQVJGTGEGPVQRGPKPIQHC5COa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aUHKPCPEGUCPFVQ FGOQPUVTCVGCEEQWPVCDKNKV[HQTVJGWUGQHRWDNKEHWPFU3WGUVKQPUCDQWVCP[QHVJGKPHQTOCVKQPRTQXKFGFKPVJKU TGRQTVQTTGSWGUVUHQTCFFKVKQPCNKPHQTOCVKQPUJQWNFDGCFFTGUUGFVQVJG%KV[aU(KPCPEG&KTGEVQTCVVJGHQNNQYKPI CFFTGUU %KV[ QH %CUC )TCPFG  ' (NQTGPEG $NXF %CUC )TCPFG #<  QT UGPF CP GOCKN VQ %GNKPCA/QTTKU"ECUCITCPFGC\IQX%QRKGUQHVJKUTGRQTVCPFQVJGTHKPCPEKCNKPHQTOCVKQPECPCNUQDGHQWPFQPVJG EKV[aUYGDUKVGYYYECUCITCPFGC\IQX  To Table of Contents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o Table of Contents To Table of Contents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d   d d    6QVCN      d             d                         d         d      d                       d d d                To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 56#6'/'061(#%6+8+6+'5 ;GCT'PFGF,WPG 2TQITCO4GXGPWGU (WPEVKQPU2TQITCOU 1RGTCVKPI )TCPVUCPF %QPVTKDWVKQPU %JCTIGUHQT 5GTXKEGU 'ZRGPUGU %CRKVCN )TCPVUCPF %QPVTKDWVKQPU 2TKOCT[IQXGTPOGPV )QXGTPOGPVCNCEVKXKVKGU )GPGTCNIQXGTPOGPV   2WDNKEUCHGV[  5VTGGVU6TCPURQTVCVKQP           d   2WDNKEYQTMU     %WNVWTGCPFTGETGCVKQP     'EQPQOKEFGXGNQROGPV    d +PVGTGUVQPNQPIVGTOFGDV  d d d     6QVCNIQXGTPOGPVCNCEVKXKVKGU $WUKPGUUV[RGCEVKXKVKGU 9CVGT   d d )QNHEQWTUG   d d 9CUVGYCVGT   d  5CPKVCVKQP 6QVCNDWUKPGUUV[RGCEVKXKVKGU 6QVCNRTKOCT[IQXGTPOGPV    d d   d         )GPGTCNTGXGPWGU 2TQRGTV[VCZGU 5CNGUVCZGU (TCPEJKUGVCZGU 5JCTGFTGXGPWGUWPTGUVTKEVGF 5VCVGUCNGUVCZGU 7TDCPTGXGPWGUJCTKPI #WVQKPNKGW +PXGUVOGPVGCTPKPIU /KUEGNNCPGQWU 6TCPUHGTUKP QWV 6QVCNIGPGTCNTGXGPWGUCPFVTCPUHGTU %JCPIGKPPGVRQUKVKQP 0GVRQUKVKQPDGIKPPKPI 0GVRQUKVKQPGPFKPI 5GGCEEQORCP[KPIPQVGU  To Table of Contents 0GV 'ZRGPUG 4GXGPWGCPF%JCPIGUKP0GV2QUKVKQP )QXGTPOGPVCN #EVKXKVKGU     $WUKPGUUV[RG #EVKXKVKGU  6QVCN d    d   d   d   d   d   d   d  d   d   d   d   d         d      d   d   d   d          d                To Table of Contents %+6;1(%#5#)4#0&'#4+<10# $#.#0%'5*''6 )18'40/'06#.(70&5 ,WPG #55'65 %CUJ )GPGTCN  +PXGUVOGPVU *KIJYC[ 7UGTU    %CRKVCN 4GRNCEGOGPV 4GETGCVKQP &GXGNQROGPV &GXGNQROGPV +ORCEV(GG (WPFU 0QP/CLQT )QXGTPOGPVCN (WPFU 6QVCN )QXGTPOGPVCN (WPFU     d d         #EEQWPVUTGEGKXCDNG NGUU CNNQYCPEG &WGHTQOQVJGTIQXGTPOGPVU    d    d d d   &WGHTQOQVJGTHWPFU  d d d   d d d d    d d d d   d d d                     +PXGPVQTKGU 2TGRCKFU 4GUVTKEVGFCUUGVU %CUJCPFECUJGSWKXCNGPVU 6QVCNCUUGVU .+#$+.+6+'5 #EEQWPVURC[CDNGCPF QVJGTEWTTGPVNKCDKNKVKGU #EETWGFYCIGUCPFDGPGHKVU        d d    d  d   &WGVQQVJGTHWPFU d   d   6QVCNNKCDKNKVKGU        d d d    d d d   d d d d   4GUVTKEVGF       %QOOKVVGF  d  d    d  d    d d d                    &GRQUKVU*GNF &'('44'&+0(.1951( 4'5174%'5 &GHGTTGFTGXGPWGU 6QVCNFGHGTTGFKPHNQYUQH TGUQWTEGU (70&$#.#0%'5 0QPURGPFCDNG #UUKIPGF 7PCUUKIPGF 6QVCNHWPFDCNCPEGU 6QVCNNKCDKNKVKGUFGHGTTGF KPHNQYUCPFHWPFDCNCPEGU 5GGCEEQORCP[KPIPQVGU  To Table of Contents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o Table of Contents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d d d d  d d  d d     d    d d  d d d   %CRKVCN 4GRNCEGOGPV 4GETGCVKQP &GXGNQROGPV &GXGNQROGPV +ORCEV(GG (WPFU 0QP/CLQT )QXGTPOGPVCN (WPFU 6QVCN )QXGTPOGPVCN (WPFU     d  d d d d d  d    d d d d d  d  d d d    d d                        d d d d d d  d d d d d d    d d           d d  d   d   d d               d  d          `       d                                                         To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# )'0'4#.(70& 56#6'/'061(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 1TKIKPCN (KPCN #EVWCN#OQWPVU   8CTKCPEGYKVJ (KPCN$WFIGV 6CZGU 2TQRGTV[VCZGU       %KV[UCNGUVCZ     (TCPEJKUGVCZ     .KEGPUGUCPFRGTOKVU +PVGTIQXGTPOGPVCNTGXGPWGU %JCTIGUHQTUGTXKEGU             (KPGU     +PXGUVOGPVGCTPKPIU         %QPVTKDWVKQPUCPFFQPCVKQPU 4GPVCNCPFUCNGQHEKV[RTQRGTV[     /KUEGNNCPGQWU         6QVCNTGXGPWGU ':2'0&+674'5 %WTTGPV )GPGTCNIQXGTPOGPV /C[QTCPF%QWPEKN %KV[OCPCIGT         #VVQTPG[     %NGTM                         (KPCPEGCPF+PHQTOCVKQP6GEJPQNQI[ *WOCP4GUQWTEGU #FOKPKUVTCVKXGUGTXKEGU 2WDNKEUCHGV[ 2QNKEG (KTG %QWTV     #PKOCNEQPVTQN     2WDNKEYQTMU     %WNVWTGCPFTGETGCVKQP     2NCPPKPICPFGEQPQOKEFGXGNQROGPV %CRKVCNQWVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGU QXGT WPFGT GZRGPFKVWTGU 5GGCEEQORCP[KPIPQVGU                  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# )'0'4#.(70& 56#6'/'061(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. (Continued) ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 1TKIKPCN (KPCN #EVWCN#OQWPVU   8CTKCPEGYKVJ (KPCN$WFIGV 16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUKP  6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT                      d         To Table of Contents To Table of Contents %+6;1(%#5#)4#0&'#4+<10# *+)*9#;75'4552'%+#.4'8'07'(70& 56#6'/'061(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 1TKIKPCN (KPCN #EVWCN#OQWPVU   8CTKCPEGYKVJ (KPCN$WFIGV 6CZGU 5VCVGUJCTGFICUVCZ  %QWPV[UCNGUVCZ +PXGUVOGPVGCTPKPIU /KUEGNNCPGQWU 6QVCNTGXGPWGU                      ':2'0&+674'5 %WTTGPV 5VTGGVU6TCPURQTVCVKQP         d d       6QVCNGZRGPFKVWTGU     'ZEGUU FGHKEKGPE[ QHTGXGPWGU QXGT WPFGT GZRGPFKVWTGU                    d %CRKVCNQWVNC[ +PVGTGUVCPFHKUECNEJCTIGU 6QVCN5VTGGVU6TCPURQTVCVKQP 16*'4(+0#0%+0)75'5 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT 5GGCEEQORCP[KPIPQVGU          To Table of Contents To Table of Contents 2TQRTKGVCT[(WPFU (KPCPEKCN5VCVGOGPVU   To Table of Contents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d    &'('44'&176(.1951(4'5174%'5 &GHGTTGFQWVHNQYUQHGORNQ[GTEQPVTKDWVKQPU VQRGPUKQPU &GHGTTGFQWVHNQYUQHTGUQWTEGUTGNCVGFVQRGPUKQPU 6QVCNFGHGTTGFQWVHNQYUQHTGUQWTEGU 6QVCNPGVRQUKVKQP  d  d  9CUVGYCVGT  d   d               d d d d d      d     d d d d       d         d         To Table of Contents $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG(WPFU 5CPKVCVKQP     d  )QNH%QWTUG            6QVCN           )QXGTPOGPVCN #EVKXKVKGU +PVGTPCN 5GTXKEG(WPFU           d                   d d  d d   d  d   d d            d  d d  d d   d d      d d d            d d d            d d  d d     d d          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 56#6'/'061(4'8'07'5':2'05'5#0&%*#0)'5+0(70&0'6215+6+10 24124+'6#4;(70&5 ;GCT'PFGF,WPG $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG (WPFU 9CVGT 9CUVGYCVGT 1RGTCVKPITGXGPWGU 5GTXKEGHGGU     +PVGTFGRCTVOGPVCNEJCTIGU d d 4GPVCN d d )TGGPHGGU d d /KUEGNNCPGQWU d    6QVCNQRGTCVKPITGXGPWG 1RGTCVKPIGZRGPUGU 2GTUQPCNUGTXKEGU   %QPVTCEVWCNUGTXKEGU   /CVGTKCNUCPFUWRRNKGU     &GRTGEKCVKQP %NQUWTGCPFRQUVENQUWTGEQUVU d d 6QVCNQRGTCVKPIGZRGPUGU   1RGTCVKPIKPEQOG NQUU   0QPQRGTCVKPITGXGPWGU GZRGPUG  +PXGUVOGPVGCTPKPIU d  +PVGTGUVGZRGPUG d  %KV[UCNGUVCZ d d d    6QVCNPQPQRGTCVKPITGXGPWGU GZRGPUG +PEQOG NQUU DGHQTGEQPVTKDWVKQPUCPFVTCPUHGTU &GXGNQRGTHGGU 6TCPUHGTUQWV %JCPIGKPPGVRQUKVKQP 6QVCNPGVRQUKVKQPDGIKPPKPIQH[GCT 6QVCNPGVRQUKVKQPGPFQH[GCT 5GGCEEQORCP[KPIPQVGU  d            To Table of Contents )QXGTPOGPVCN #EVKXKVKGU $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG(WPFU 5CPKVCVKQP   )QNH%QWTUG   +PVGTPCN 5GTXKEG(WPFU 6QVCN     d d d d  d   d d   d d                         d  d             d   d d   d         d d  d                     To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 56#6'/'061(%#5*(.195 24124+'6#4;(70&5 ;GCT'PFGF,WPG $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG (WPFU 9CVGT 9CUVGYCVGT %#5*(.195(41/12'4#6+0) #%6+8+6+'5 4GEGKRVUHTQOEWUVQOGTUCPFWUGTU  2C[OGPVUVQUWRRNKGTU          d d 6TCPUHGTUVQQVJGTHWPFU   0GVECUJRTQXKFGFD[PQPECRKVCN HKPCPEKPICEVKXKVKGU   2C[OGPVUVQGORNQ[GGU 0GVECUJRTQXKFGFD[QRGTCVKPICEVKXKVKGU %#5*(.195(41/010%#2+6#. (+0#0%+0)#%6+8+6+'5 %KV[UCNGUVCZ %#5*(.195(41/%#2+6#.#0& 4'.#6'&(+0#0%+0)#%6+8+6+'5 2WTEJCUGUQHECRKVCNCUUGVU   2TKPEKRCNRCKFQPECRKVCNFGDV d  +PVGTGUVRCKFQPECRKVCNFGDV d    +PVGTGUVCPFFKXKFGPFUTGEGKXGF d  0GVECUJRTQXKFGFD[KPXGUVKPI CEVKXKVKGU d      0GVECUJRTQXKFGF WUGF D[ECRKVCN CPFTGNCVGFHKPCPEKPICEVKXKVKGU %#5*(.195(41/+08'56+0) #%6+8+6+'5 0GVKPETGCUG FGETGCUG KPECUJ %CUJCPFECUJGSWKXCNGPVUCVDGIKPPKPIQH[GCT %CUJCPFECUJGSWKXCNGPVUCVGPFQH[GCT %CUJ       +PXGUVOGPVU d  5GGCEEQORCP[KPIPQVGU   d     To Table of Contents $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG(WPFU 5CPKVCVKQP    )QNH%QWTUG      +PVGTPCN 5GTXKEG(WPFU               d   d            d d d  d d d  d    d                           6QVCN )QXGTPOGPVCN #EVKXKVKGU                  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 56#6'/'061(%#5*(.195 24124+'6#4;(70&5 %106+07'& ;GCT'PFGF,WPG $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG (WPFU 9CVGT 9CUVGYCVGT 4GEQPEKNKCVKQPQHQRGTCVKPIKPEQOG NQUU VQPGVECUJ RTQXKFGFD[QRGTCVKPICEVKXKVKGU 1RGTCVKPIKPEQOG NQUU     #FLWUVOGPVUVQTGEQPEKNGQRGTCVKPIKPEQOG NQUU VQPGVECUJ RTQXKFGFD[QRGTCVKPICEVKXKVKGU %NQUWTGCPFRQUVENQUWTGEQUVU &GRTGEKCVKQPGZRGPUG #OQTVK\CVKQPCPFQVJGTPQPECUJGZRGPUGU d d   d  2GPUKQPGZRGPUG   'ORNQ[GTRGPUKQPEQPVTKDWVKQPU   d d  d   d d       d d d    2TQXKUKQPHQTDCFFGDV +PETGCUG FGETGCUGKPRTGRCKFGZRGPUG +PETGCUG FGETGCUGKPCEEQWPVUTGEGKXCDNG +PETGCUG FGETGCUGKPKPXGPVQT[ +PETGCUG FGETGCUG KPCEEQWPVURC[CDNG +PETGCUG FGETGCUG KPFGRQUKVUJGNF +PETGCUG FGETGCUG KPCEETWGFYCIGU +PETGCUG FGETGCUG KPFWGVQQVJGTHWPFU +PETGCUG FGETGCUG KPEQORGPUCVGFCDUGPEGU 6QVCNCFLWUVOGPVU 0GVECUJRTQXKFGFD[QRGTCVKPICEVKXKVKGU  5GGCEEQORCP[KPIPQVGU     To Table of Contents )QXGTPOGPVCN #EVKXKVKGU $WUKPGUUV[RG#EVKXKVKGU'PVGTRTKUG(WPFU 5CPKVCVKQP   )QNH%QWTUG   +PVGTPCN 5GTXKEG(WPF 6QVCN       d  d     d d  d          d d d  d d d     d         d  d     d                    To Table of Contents To Table of Contents (KFWEKCT[(WPFU   To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 56#6'/'061((+&7%+#4;0'6215+6+10 (+&7%+#4;(70&5 ,WPG 2CTV6KOG (KTGOGP U2GPUKQP #IGPE[(WPFU #55'65 %CUJ  +PXGUVOGPVU 6QVCNCUUGVU         d  d .+#$+.+6+'5 1VJGTNKCDKNKVKGU 6QVCNNKCDKNKVKGU 0'6215+6+10 *GNFKPVTWUVHQTRGPUKQPDGPGHKVUCPF QVJGTRQUVGORNQ[OGPVDGPGHKVU 5GGCEEQORCP[KPIPQVGU  d    To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 56#6'/'061(%*#0)'5+0(+&7%+#4;0'6215+6+10 (+&7%+#4;(70&5 ;GCT'PFGF,WPG 2CTV6KOG (KTGOGP U2GPUKQP #&&+6+105 %QPVTKDWVKQPU 'ORNQ[GT  2NCPOGODGTU d d 6QVCNEQPVTKDWVKQPU d +PXGUVOGPVGCTPKPIU %JCPIGKPVJGHCKTXCNWGQHKPXGUVOGPVU  6QVCNCFFKVKQPU  &'&7%6+105 #FOKPKUVTCVKXGGZRGPUGU  2GPUKQPRC[OGPVU  6QVCNFGFWEVKQPU  %JCPIGKPPGVRQUKVKQP  0GVRQUKVKQPDGIKPPKPIQH[GCT 0GVRQUKVKQPGPFQH[GCT 5GGCEEQORCP[KPIPQVGU     To Table of Contents To Table of Contents 0QVGUVQVJG 5VCVGOGPVU   To Table of Contents To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'57//#4;1(5+)0+(+%#06#%%1706+0)21.+%+'5 6JG CEEQWPVKPI RQNKEKGU CPF HKPCPEKCN TGRQTVKPI RTCEVKEGU QH VJG %KV[ EQPHQTO VQ CEEQWPVKPI RTKPEKRNGU IGPGTCNN[ CEEGRVGFKPVJG7PKVGF5VCVGUQH#OGTKECCUCRRNKECDNGVQIQXGTPOGPVCNWPKVU6JG)QXGTPOGPVCN#EEQWPVKPI5VCPFCTFU $QCTF )#5$ KUVJGCEEGRVGFUVCPFCTFUGVVKPIDQF[HQTGUVCDNKUJKPIIQXGTPOGPVCNCEEQWPVKPICPFHKPCPEKCNTGRQTVKPI RTKPEKRNGU6JGHQNNQYKPIKUCUWOOCT[QHVJG%KV[a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aUFGDV(QTTGRQTVKPIRWTRQUGUVJGVTCPUCEVKQPUQHVJG&KUVTKEVUCTGEQODKPGF VQIGVJGTCPFKPENWFGFCUIQXGTPOGPVCNV[RGHWPFUCUKHVJG[YGTGRCTVQHVJG%KV[a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bFQWDNKPIWRcGHHGEVQHKPVGTPCNUGTXKEGHWPFCEVKXKV[KUTGOQXGF  To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'57//#4;1(5+)0+(+%#06#%%1706+0)21.+%+'5 %QPVKPWGF % $CUKUQH2TGUGPVCVKQP(WPF#EEQWPVKPI %QPVKPWGF 5CPKVCVKQP(WPFCEEQWPVUHQTVJGQRGTCVKQPUQHVJG%KV[aUVTCUJCPFNCPFHKNNUGTXKEGU )QNH%QWTUG(WPFCEEQWPVUHQTVJGQRGTCVKQPUQHVJG%KV[aURWDNKEIQNHEQWTUG 1PVJGRTQRTKGVCT[HWPFHKPCPEKCNUVCVGOGPVUQRGTCVKPITGXGPWGUCTGVJQUGVJCVHNQYFKTGEVN[HTQOVJGQRGTCVKQPUQH VJCVCEVKXKV[KGEJCTIGUVQEWUVQOGTUQTWUGTUYJQRWTEJCUGQTWUGVJGIQQFUQTUGTXKEGUQHVJCVCEVKXKV[1RGTCVKPI GZRGPUGUCTGVJQUGVJCVCTGKPEWTTGFVQRTQXKFGVJQUGIQQFUQTUGTXKEGU0QPQRGTCVKPITGXGPWGUCPFGZRGPUGUCTG KVGOUNKMGKPXGUVOGPVKPEQOGCPFKPVGTGUVGZRGPUGVJCVCTGPQVCTGUWNVQHVJGFKTGEVQRGTCVKQPUQHVJGCEVKXKV[ +PVGTPCN5GTXKEG(WPFU+PVGTPCN5GTXKEG(WPFUCTGWUGFVQCEEQWPVHQTVJGHKPCPEKPIQHIQQFUQTUGTXKEGURTQXKFGFD[ QPGFGRCTVOGPVQTCIGPE[VQQVJGTFGRCTVOGPVUQTCIGPEKGUQHVJG%KV[IGPGTCNN[QPCEQUVTGKODWTUGOGPVDCUKU 6JG%KV[JCUVJTGGKPVGTPCNUGTXKEGUHWPFU(NGGV/CKPVGPCPEGKUWUGFVQCEEQWPVHQTVJGOCKPVGPCPEGCPFQRGTCVKQPU QH%KV[QYPGFXGJKENGU(CEKNKVKGU/CKPVGPCPEGKUWUGFVQCEEQWPVHQTVJGOCKPVGPCPEGCPFQRGTCVKQPUQH%KV[QYPGF DWKNFKPIUCPF4KUM/CPCIGOGPVKUWUGFHQTRTQRGTV[CPFECUWCNV[KPUWTCPEGCEVKXKVKGU'CEJEQUVEGPVGTKUEJCTIGF VJGKTRTQRQTVKQPCNUJCTGQHVJGEQUVHQTVJGUGUGTXKEGU (+&7%+#4;(70&5 (KFWEKCT[HWPFUCEEQWPVHQTCUUGVUJGNFD[VJG%KV[KPCVTWUVGGQTCIGPE[ECRCEKV[QPDGJCNHQHQVJGTUCPFVJGTGHQTG CTGPQVCXCKNCDNGVQUWRRQTV%KV[RTQITCOU6JGTGRQTVKPIHQEWUKUWRQPPGVCUUGVUCPFEJCPIGUKPPGVCUUGVUCPF GORNQ[UCEEQWPVKPIRTKPEKRNGUUKOKNCTVQRTQRTKGVCT[HWPFU(KFWEKCT[(WPFUCTGPQVKPENWFGFKPVJGIQXGTPOGPVYKFG HKPCPEKCNUVCVGOGPVUUKPEGVJG[CTGPQVCUUGVUQHVJG%KV[CXCKNCDNGVQUWRRQTV%KV[RTQITCOU 2GPUKQP6TWUV(WPFUCTGWUGFVQTGRQTVTGUQWTEGUVJCVCTGTGSWKTGFVQDGJGNFKPVTWUVHQTVJGOGODGTUCPFDGPGHKEKCTKGU QHFGHKPGFDGPGHKVRGPUKQPRNCPUFGHKPGFEQPVTKDWVKQPRNCPUQVJGTRQUVGORNQ[OGPVDGPGHKVRNCPUQTQVJGTGORNQ[GG DGPGHKVRNCPU6JG%KV[JCUQPG2GPUKQP6TWUV(WPFVQCEEQWPVHQTVJGCEVKXKVKGUQHVJGRCTVVKOGHKTGOGPa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o Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'57//#4;1(5+)0+(+%#06#%%1706+0)21.+%+'5 %QPVKPWGF ' $WFIGVCT[&CVC e e e e e e e e e e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f VJCVIQXGTPUVJGKPXGUVOGPVQH%KV[HWPFU'NKIKDNG KPXGUVOGPVU KPENWFG EGTVKHKECVG QH FGRQUKVU KP GNKIKDNG FGRQUKVQTKGU KPVGTGUV DGCTKPI CEEQWPVU KP SWCNKHKGF DCPMU TGRWTEJCUGCITGGOGPVURQQNGFKPXGUVOGPVUD[VJG5VCVG6TGCUWTGTDQPFUQHVJG75)QXGTPOGPVVJCVCTGIWCTCPVGGF CUVQRTKPEKRCNCPFKPVGTGUVCPFDQPFUQHVJGUVCVGEKV[VQYPQTUEJQQNFKUVTKEV6JG5VCVGaUKPXGUVOGPVRQQNKUOCPCIGF D[VJG5VCVG6TGCUWTGTaUQHHKEG6JGRQQNKUPQVTGSWKTGFVQTGIKUVGTYKVJVJG5GEWTKVKGUCPF'ZEJCPIG%QOOKUUKQP WPFGTVJG+PXGUVOGPVU#FXKUQTU#EV6JGCEVKXKV[CPFRGTHQTOCPEGQHVJGRQQNKUTGXKGYGFOQPVJN[D[VJG5VCVG $QCTFQH+PXGUVOGPVKPCEEQTFCPEGYKVJ#45f6JG#TK\QPC5VCVG6TGCUWTGTKUUWGUCRWDNKEN[CXCKNCDNGHKPCPEKCN TGRQTVVJCVKPENWFGUHKPCPEKCNUVCVGOGPVUCPFTGSWKTGFUWRRNGOGPVCT[KPHQTOCVKQP %QRKGUOC[DGQDVCKPGFD[EQPVCEVKPIVJG#TK\QPC5VCVG6TGCUWTGT9GUV9CUJKPIVQP2JQGPKZ#TK\QPC +PCEEQTFCPEGYKVJ)#5$5VCVGOGPV0Qb#EEQWPVKPICPF(KPCPEKCN4GRQTVKPIHQT%GTVCKP+PXGUVOGPVUCPF'ZVGTPCN +PXGUVOGPV2QQNUcVJG%KV[TGEQTFUCNNKVUKPXGUVOGPVUCVHCKTXCNWGCUFGHKPGFKPVJGUVCVGOGPV6JG2CTVVKOG(KTGOGPaU 2GPUKQPKPXGUVOGPVUCTGXCNWGFHTQOSWQVGFOCTMGVRTKEGUCV[GCTGPF  To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'57//#4;1(5+)0+(+%#06#%%1706+0)21.+%+'5 %QPVKPWGF - 2GPUKQPU (QTRWTRQUGUQHOGCUWTKPIVJGPGYRGPUKQPNKCDKNKV[FGHGTTGFQWVHNQYUQHTGUQWTEGUCPFFGHGTTGFKPHNQYUQHTGUQWTEGU TGNCVGFVQRGPUKQPUCPFRGPUKQPGZRGPUGKPHQTOCVKQPCDQWVVJGRGPUKQPRNCPUaHKFWEKCT[PGVRQUKVKQPCPFCFFKVKQPU VQFGFWEVKQPUHTQOVJGRNCPUaHKFWEKCT[PGVRQUKVKQPJCXGDGGPFGVGTOKPGFQPVJGUCOGDCUKUCUVJG[CTGTGRQTVGF D[VJGRNCPU(QTVJKURWTRQUGDGPGHKVRC[OGPVU KPENWFKPITGHWPFUQHGORNQ[GGEQPVTKDWVKQPU CTGTGEQIPK\GFYJGP FWGCPFRC[CDNGKPCEEQTFCPEGYKVJDGPGHKVVGTOU+PXGUVOGPVUCTGTGRQTVGFCVHCKTXCNWG . %QORGPUCVGFCDUGPEGU &KHHGTGPV OGCUWTGOGPV HQEWUGU HQT IQXGTPOGPVCN CPF RTQRTKGVCT[ HWPFU YGTG EQPUKFGTGF YJGP FGVGTOKPKPI VJG EQORGPUCVGFCDUGPEGUNKCDKNKV[$GECWUGVJGOGCUWTGOGPVHQEWUHQTRTQRTKGVCT[HWPFUKUVJGFGVGTOKPCVKQPQHPGV KPEQOG EWTTGPV CPF NQPIVGTO NKCDKNKVKGU CTG TGEQTFGF KP VJG CEEQWPVKPI TGEQTFU 6JG OGCUWTGOGPV HQEWU HQT IQXGTPOGPVCNHWPFUKUVJGHNQYQHHKPCPEKCNTGUQWTEGUGZRGPFKVWTGUHQTXCECVKQPVKOGCTGCEETWGFCUEWTTGPVNKCDKNKVKGU QPN[KHVJG[JCXGOCVWTGF KGWPWUGFTGKODWTUCDNGNGCXGUVKNNQWVUVCPFKPIHQNNQYKPICPGORNQ[GGaUTGUKIPCVKQPQT TGVKTGOGPV  0GYGORNQ[GGUJKTGFDGVYGGP0QXGODGTCPF,WPGCTGCNNQYGFVQRCTVKEKRCVGKPGKVJGTVJG2CKF 6KOG1HH 261 RTQITCOQTVJGVTCFKVKQPCNXCECVKQPUKEMNGCXGRTQITCO 7PFGTVJG261RTQITCOGORNQ[GGUGCTPRCKFVKOGQHHCPPWCNN[TCPIKPIHTQOJQWTUVQJQWTURGTOQPVJQT VQJQWTURGTOQPVJHQTHKTGHKIJVGTUYQTMKPIJQWTUJKHVU6JGOCZKOWOCOQWPVQH261YJKEJOC[DG CEETWGFD[GORNQ[GGUKUJQWTUQTHQTHKTGHKIJVGTUYQTMKPIJQWTUJKHVU+PVJGGXGPVQHVGTOKPCVKQPCP GORNQ[GGKUTGKODWTUGFHQTVJGCEEWOWNCVGF261 7PFGTVJGVTCFKVKQPCNXCECVKQPUKEMNGCXGRTQITCOGORNQ[GGUCTGCDNGVQGCTPDGVYGGPCPFJQWTUQHXCECVKQP RGT OQPVJ QT  CPF  JQWTU QH XCECVKQP RGT OQPVJ HQT HKTGHKIJVGTU YQTMKPI  JQWT UJKHVU +P VJG GXGPV QH VGTOKPCVKQPCPGORNQ[GGKUTGKODWTUGFHQTVJGCEEWOWNCVGFXCECVKQPNGCXG 6JGVTCFKVKQPCNXCECVKQPUKEMNGCXGRTQITCOCNNQYUEKV[GORNQ[GGUYKVJNGUUVJCPVGP[GCTUQHUGTXKEGVQDGITCPVGF PQPXGUVKPIUKEMNGCXG'ORNQ[GGUYKVJVGPQTOQTG[GCTUQHUGTXKEGYKNNDGRCKFVJGWPWUGFCEETWGFUKEMNGCXGCU HQNNQYU    [GCTU QH UGTXKEG YKNN TGEGKXG  WR VQ C OCZKOWO QH  JQWTU QT  JQWTU HQT HKTGHKIJVGTUYQTMKPIJQWTUJKHVU    [GCTU QH UGTXKEG YKNN TGEGKXG  WR VQ C OCZKOWO QH  JQWTU QT  JQWTU HQT HKTGHKIJVGTUYQTMKPIJQWTUJKHVU QTOQTG[GCTUQHUGTXKEGYKNNTGEGKXGWRVQCOCZKOWOQHJQWTUQTJQWTUHQT HKTGHKIJVGTUYQTMKPIJQWTUJKHVU 5KEMNGCXGEQORGPUCVKQPKUCEEQWPVGFHQTKPVJGRGTKQFKPYJKEJVJGGXGPVVCMGURNCEG / .QPIVGTO1DNKICVKQPU #FKUVKPEVKQPKUOCFGDGVYGGPRTQRTKGVCT[HWPFNQPIVGTONKCDKNKVKGUCPFIQXGTPOGPVCNNQPIVGTOFGDV)QXGTPOGPVCN HWPFUaNQPIVGTOQDNKICVKQPUCTGTGEQIPK\GFCUCNKCDKNKV[KPVJGIQXGTPOGPVCNHWPFUYJGPFWGCPFGZRGEVGFVQDG HKPCPEGFHTQOGZRGPFCDNGCXCKNCDNGHKPCPEKCNTGUQWTEGU.QPIVGTOQDNKICVKQPUGZRGEVGFVQDGHKPCPEGFHTQO  To Table of Contents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o Table of Contents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aUECUJKPDCPMVQVCNGFCPFVJGDCPMDCNCPEGYCU(GFGTCN &GRQUKVQT[+PUWTCPEGEQXGTGFVJG%KV[aUFGRQUKVUCV,WPGVQVJGGZVGPVQH6JG%KV[JCFECUJQP JCPFQH&GRQUKVUQHYGTGEQNNCVGTCNK\GFYKVJUGEWTKVKGUJGNFD[VJGRNGFIKPIHKPCPEKCNKPUVKVWVKQP QTD[KVUVTWUVFGRCTVOGPVQTCIGPVDWVPQVKPVJG%KV[aUPCOG%CUC)TCPFGFQGUPQVJCXGCFGRQUKVRQNKE[HQTEWUVQFKCN ETGFKVTKUM +PXGUVOGPVU 6JG%KV[aURQNKE[KUVQKPXGUVWPTGUVTKEVGFECUJKPVJG.QECN)QXGTPOGPV+PXGUVOGPV2QQN .)+2 CPKPXGUVOGPVRQQN OCPCIGFD[VJG5VCVG6TGCUWTGTaU1HHKEGVJCVCNNQYUIQXGTPOGPVUYKVJKPVJG5VCVGVQRQQNVJGKTHWPFUHQTKPXGUVOGPV RWTRQUGU6JG.)+2KUPQVTGIKUVGTGFYKVJVJG5GEWTKVKGU'ZEJCPIG%QOOKUUKQPWPFGTVJG+PXGUVOGPV#FXKUQTU #EV6JGHCKTXCNWGQHVJG%KV[aURQUKVKQPKUVJGUCOGCUVJGXCNWGQHVJGRQQNUJCTGU6JG5VCVG$QCTFQH+PXGUVOGPV JCUQXGTUKIJVTGURQPUKDKNKVKGUQHVJGKPXGUVOGPVRQQNRWTUWCPVVQ#456JGRQQNa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d d          To Table of Contents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aUKPXGUVOGPV OCVWTKVKGU  +PXGUVOGPVOCVWTKVKGU KPOQPVJU +PXGUVOGPV6[RG 756TGCUWT[0QVGU 6QVCN   /QPVJUQT .GUU  VQ /QPVJU VQ /QPVJU         5WRTC0CVKQPCN#IGPE[$QPF   d  d (GFGTCN#IGPE[%QNNCVGTK\GF/QTVICIG 1DNKICVKQP   d d  d (GFGTCN#IGPE[$QPFU0QVGU     d %QTRQTCVG0QVGU      %GTVKHKECVGQH&GRQUKVU    d d %QOOGTEKCN2CRGT   d d d d %CUJ   d d d   d d d   d d d         /WVWCN(WPFU 5VCVG+PXGUVOGPV2QQN .)+2   %WUVQFKCN%TGFKV4KUM %WUVQFKCNETGFKVTKUMKUVJGTKUMVJCVCPKUUWGTQHCPKPXGUVOGPVYKNNPQVHWNHKNNKVUQDNKICVKQPVQVJGJQNFGTQHVJGKPXGUVOGPV 6JKUKUOGCUWTGFD[VJGCUUKIPOGPVQHCTCVKPID[CPCVKQPCNN[TGEQIPK\GFUVCVKUVKECNTCVKPIQTICPK\CVKQP6JG%KV[FQGU PQVJCXGCHQTOCNKPXGUVOGPVRQNKE[TGICTFKPIETGFKVTKUM*QYGXGTVJG%KV[KURTQJKDKVGFD[5VCVGNCYHTQOKPXGUVKPI KP KPXGUVOGPVU QVJGT VJCP QDNKICVKQPU QH VJG 75 6TGCUWT[ CPF 75 CIGPEKGU EGTVKHKECVGU QH FGRQUKV KP GNKIKDNG FGRQUKVQTKGUTGRWTEJCUGCITGGOGPVUQDNKICVKQPUQHVJG5VCVGQH#TK\QPCQTCP[QHKVUEQWPVKGUQTKPEQTRQTCVGFEKVKGU VQYPUQTFWN[QTICPK\GFUEJQQNFKUVTKEVUKORTQXGOGPVFKUVTKEVUKPVJKUUVCVGCPFVJG5VCVG6TGCUWTGTaU.QECN+PXGUVOGPV 2QQN2TGUGPVGFDGNQYKUVJGCEVWCNTCVKPICUQH[GCTGPFHQTGCEJKPXGUVOGPVV[RG  To Table of Contents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d  7PTCVGF d (GFGTCN#IGPE[$QPFU0QVGU 5VCVG+PXGUVOGPV2QQN .)+2  # $$$ # # #  2TQRTKGVCT[HWPFU +PXGUVOGPV6[RG 5VCVG+PXGUVOGPV2QQN .)+2 #OQWPV  %CUJ  4CVKPI#IGPE[ 7PTCVGF 4CVKPI  d    (KFWEKCT[HWPFU +PXGUVOGPV6[RG 5VCVG+PXGUVOGPV2QQN .)+2 #OQWPV  /WVWCN(WPFU 6QVCN 4CVKPI#IGPE[  7PTCVGF  7PTCVGF     4CVKPI  d d  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'%#5*#0&+08'56/'065 %QPVKPWGF (CKT8CNWG/GCUWTGOGPV +PXGUVOGPVUCTGOGCUWTGFCVHCKTXCNWG(CKTXCNWGOGCUWTGOGPVUCTGECVGIQTK\GFDCUGFQPVJGXCNWCVKQPKPRWVUWUGF VQOGCUWTGCPCUUGVaUHCKTXCNWG.GXGNKPRWVUCTGSWQVGFRTKEGUKPCEVKXGOCTMGVUHQTKFGPVKECNCUUGVU.GXGNKPRWVU CTGUKIPKHKECPVQVJGTQDUGTXCDNGKPRWVU.GXGNKPRWVUCTGUKIPKHKECPVWPQDUGTXCDNGKPRWVU+PXGUVOGPVUaHCKTXCNWG OGCUWTGOGPVUCTGCUHQNNQYUCV,WPG (CKT8CNWG/GCUWTGOGPV7UKPI +PXGUVOGPVU$[(CKT8CNWG.GXGN 756TGCUWT[0QVGU #OQWPV   .GXGN  .GXGN d   .GXGN  d 5WRTC0CVKQPCN#IGPE[$QPF  d  d (GFGTCN#IGPE[%QNNCVGTCNK\GF/QTVICIG 1DNKICVKQPU  d  d (GFGTCN#IGPE[$QPFU0QVGU  d  d %QTRQTCVG0QVGU  d  d %GTVKHKECVGQH&GRQUKVU  d  %QOOGTEKCN2CRGT  d  %CUJ  d  6QVCN+PXGUVOGPVUD[(CKT8CNWG.GXGN   d     'ZVGTPCN+PXGUVOGPV2QQN/GCUWTGFCV(CKT 8CNWG 5VCVG+PXGUVOGPV2QQN .)+2  6QVCN+PXGUVOGPVU/GCUWTGFCV(CKT8CNWG  +PXGUVOGPVU/GCUWTGFCV#OQTVK\GF%QUVU /WVWCN(WPFU 6QVCN+PXGUVOGPVU     To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2 CASH AND INVESTMENTS (Continued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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'%#5*9+6*(+5%#.#)'064'564+%6'&+08'56/'065 %QPVKPWGF 6JG%KV[CNUQKUUWGFNQPIVGTOIGPGTCNQDNKICVKQPDQPFU%GTVCKPTGUQWTEGUUGVCUKFGHQTTGRC[OGPVCTGENCUUKHKGFCU TGUVTKEVGFECUJQPVJGUVCVGOGPVQHPGVCUUGVUCPFQPVJGDCNCPEGUJGGVDGECWUGVJGKTWUGKUNKOKVGFD[CRRNKECDNG DQPFEQXGPCPVU (WPF6[RG &GUETKRVKQPQH &GUKIPCVGF %CRKVCN &GDV5GTXKEG )1$QPFU $CNCPEGCV    016'4'%'+8#$.'5 6JGHQNNQYKPIVCDNGKUCUWOOCT[QHVJG%KV[aUIQXGTPOGPVCNCEVKXKVKGUTGEGKXCDNGU )GPGTCN (WPF 4GEGKXCDNGU 6CZGU  #EEQWPVU %CRKVCN 4GRNCEGOGPV 4GETGCVKQP &GXGNQROGPV *KIJYC[ 7UGT     0QP/CLQT )QXGTPOGPVCN (WPFU   6QVCN )QXGTPOGPVCN (WPFU     d d        d d d d d .GUU #NNQYCPEG 6QVCNTGEGKXCDNGU            To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'4'%'+8#$.'5 %QPVKPWGF 6JGHQNNQYKPIVCDNGKUCUWOOCT[QHVJG%KV[aUDWUKPGUUV[RGCEVKXKVKGUTGEGKXCDNGU 9CVGT (WPF 4GEGKXCDNGU #EEQWPVU  6CZGU 9CUVGYCVGT (WPF   5CPKVCVKQP (WPF   )QNH%QWTUG (WPF   +PVGTPCN5GTXKEG (WPF    d d d  d      d   d d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aUOCZKOWOCNNQYCDNGRTKOCT[NGX[RNWUCP KPETGCUGFFQNNCTCOQWPVFWGVQCPGVICKPKPRTQRGTV[PQVVCZGFVJGRTGXKQWU[GCT6JGRTKOCT[NGX[KUHWTVJGTNKOKVGF KPVJCVVJGRTKOCT[VCZHTQOCNNLWTKUFKEVKQPUOC[PQVGZEGGFQHVJGJQOGQYPGTaUOCTMGVXCNWGQHVJGJQOG 5GEQPFCT[VCZGUCTGNGXKGFVQTGVKTGXQVGTCRRTQXGFIGPGTCNQDNKICVKQPDQPFU  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2412'46;6#:'5 %QPVKPWGF 6JG%KV[aUOCZKOWORTKOCT[NGX[NKOKVYCU6JGRTKOCT[VCZNGX[YCU6JG%KV[a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d            d d    d  %CRKVCNCUUGVUDGKPIFGRTGEKCVGF $WKNFKPIU +ORTQXGOGPVU *GCX[OCEJKPGT[GSWKROGPV 6QVCNECRKVCNCUUGVUDGKPIFGRTGEKCVGF           d    d            d  .GUUCEEWOWNCVGFFGRTGEKCVKQPHQT $WKNFKPIU +ORTQXGOGPVU *GCX[OCEJKPGT[GSWKROGPV 6QVCNCEEWOWNCVGFFGRTGEKCVKQP 6QVCNECRKVCNCUUGVU DGKPIFGRTGEKCVGFPGV )QXGTPOGPVCNCEVKXKVKGU ECRKVCNCUUGVUPGV          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'%#2+6#.#55'65 %QPVKPWGF $GIKPPKPI $CNCPEG $WUKPGUU6[RG#EVKXKVKGU +PETGCUGU 'PFKPI $CNCPEG &GETGCUGU %CRKVCNCUUGVUPQVDGKPIFGRTGEKCVGF .CPF  %QPUVTWEVKQPKPRTQITGUU 6QVCNECRKVCNCUUGVUPQVDGKPI FGRTGEKCVGF   d  d     d    d    d            d            d  %CRKVCNCUUGVUDGKPIFGRTGEKCVGF $WKNFKPIUCPFKORTQXGOGPVU /CEJKPGT[CPFGSWKROGPV 6QVCNECRKVCNCUUGVUDGKPIFGRTGEKCVGF .GUUCEEWOWNCVGFFGRTGEKCVKQPHQT $WKNFKPIUCPFKORTQXGOGPVU /CEJKPGT[CPFGSWKROGPV 6QVCNCEEWOWNCVGFFGRTGEKCVKQP 6QVCNECRKVCNCUUGVU DGKPIFGRTGEKCVGFPGV $WUKPGUU6[RGCEVKXKVKGU ECRKVCNCUUGVUPGV      d     &GRTGEKCVKQPGZRGPUGYCUEJCTIGFVQVJGHWPEVKQPURTQITCOUQHVJGIQXGTPOGPVCUHQNNQYU )QXGTPOGPVCNCEVKXKVKGU )GPGTCNIQXGTPOGPV 2WDNKEUCHGV[  5VTGGVU6TCPURQTVCVKQP  2WDNKE9QTMU  %WNVWTGCPFTGETGCVKQP  'EQPQOKE&GXGNQROGPV  +PVGTPCN5GTXKEG 6QVCNFGRTGEKCVKQPGZRGPUG      $WUKPGUUV[RGCEVKXKVKGU 9CVGT 9CUVGYCVGT  5CPKVCVKQP  )QNH%QWTUG  6QVCNFGRTGEKCVKQPGZRGPUG    To Table of Contents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o Table of Contents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aUFGCVJ(QT TGVKTGFOGODGTUVJGUWTXKXQTDGPGHKVKUFGVGTOKPGFD[VJGTGVKTGOGPVDGPGHKVQRVKQPEJQUGP(QTCNNQVJGTOGODGTU VJGDGPGHKEKCT[KUGPVKVNGFVQVJGOGODGTaUCEEQWPVDCNCPEGVJCVKPENWFGUVJGOGODGTaUEQPVTKDWVKQPUCPFGORNQ[GTaU EQPVTKDWVKQPURNWUKPVGTGUVGCTPGF %QPVTKDWVKQPU+PCEEQTFCPEGYKVJUVCVGUVCVWVGUCPPWCNCEVWCTKCNXCNWCVKQPUFGVGTOKPGCEVKXGOGODGTCPFGORNQ[GT EQPVTKDWVKQPTGSWKTGOGPVU6JGEQODKPGFCEVKXGOGODGTCPFGORNQ[GTEQPVTKDWVKQPTCVGUCTGGZRGEVGFVQHKPCPEG VJGEQUVUQHDGPGHKVUGORNQ[GGUGCTPFWTKPIVJG[GCTYKVJCPCFFKVKQPCNCOQWPVVQHKPCPEGCP[WPHWPFGFCEETWGF NKCDKNKV[ (QT VJG [GCT GPFGF ,WPG  CEVKXG #545 OGODGTU YGTG TGSWKTGF D[ UVCVWVG VQ EQPVTKDWVG CV VJG CEVWCTKCNN[FGVGTOKPGFTCVGQHRGTEGPV RGTEGPVHQTTGVKTGOGPVCPFRGTEGPVHQTNQPIVGTOFKUCDKNKV[ QH VJG OGODGTUa CPPWCN EQXGTGF RC[TQNN CPF VJG %KV[ YCU TGSWKTGF D[ UVCVWVG VQ EQPVTKDWVG CV VJG CEVWCTKCNN[ FGVGTOKPGFTCVGQHRGTEGPV RGTEGPVHQTTGVKTGOGPVRGTEGPVHQTJGCNVJKPUWTCPEGRTGOKWODGPGHKV CPFRGTEGPVHQTNQPIVGTOFKUCDKNKV[ QHVJGCEVKXGOGODGTUCPPWCNEQXGTGFRC[TQNN+PCFFKVKQPVJG%KV[YCU TGSWKTGFD[UVCVWVGVQEQPVTKDWVGCVVJGCEVWCTKCNN[FGVGTOKPGFTCVGQHRGTEGPV RGTEGPVHQTTGVKTGOGPV CPFRGTEGPVHQTNQPIVGTOFKUCDKNKV[ QHCPPWCNEQXGTGFRC[TQNNQHTGVKTGFOGODGTUYJQYQTMGFHQTVJG%KV[KP RQUKVKQPUVJCVYQWNFV[RKECNN[DGHKNNGFD[CPGORNQ[GGYJQEQPVTKDWVGUVQVJG#5456JG%KV[aUEQPVTKDWVKQPUVQVJG RGPUKQP RNCP HQT VJG [GCT GPFGF ,WPG  YGTG  6JG %KV[aU EQPVTKDWVKQPU HQT VJG EWTTGPV CPF  RTGEGFKPI[GCTUHQT12'$CNNQHYJKEJYGTGGSWCNVQVJGTGSWKTGFEQPVTKDWVKQPUYGTGCUHQNNQYU  To Table of Contents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aPGVRGPUKQPNKCDKNKV[6JGPGVRGPUKQPNKCDKNKV[YCUOGCUWTGFCUQH,WPG6JGVQVCNRGPUKQPNKCDKNKV[WUGF VQECNEWNCVGVJGPGVRGPUKQPNKCDKNKV[YCUFGVGTOKPGFWUKPIWRFCVGRTQEGFWTGUVQTQNNHQTYCTFVJGVQVCNRGPUKQPNKCDKNKV[ HTQOCPCEVWCTKCNXCNWCVKQPCUQH,WPGVQVJGOGCUWTGOGPVFCVGQH,WPG6JG%KV[aURTQRQTVKQP OGCUWTGFCUQH,WPGYCURGTEGPVYJKEJYCUCPKPETGCUGQHRGTEGPVHTQOKVURTQRQTVKQP OGCUWTGFCUQH,WPG 6JG%KV[aUTGRQTVGFNKCDKNKV[CV,WPGKPETGCUGFD[HTQOVJG%KV[aURTKQT[GCTNKCDKNKV[QH DGECWUGQHEJCPIGUKPVJG#545aPGVRGPUKQPNKCDKNKV[CPFVJG%KV[aURTQRQTVKQPCVGUJCTGQHVJCVNKCDKNKV[6JG#545a RWDNKEN[CXCKNCDNGHKPCPEKCNTGRQTVRTQXKFGUFGVCKNUQPVJGEJCPIGKPVJGPGVRGPUKQPNKCDKNKV[  To Table of Contents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d d    d    6JGTGRQTVGFCUFGHGTTGFQWVHNQYUQHTGUQWTEGUTGNCVGFVQ#545RGPUKQPUTGUWNVKPIHTQO%KV[EQPVTKDWVKQPU UWDUGSWGPVVQVJGOGCUWTGOGPVFCVGYKNNDGTGEQIPK\GFCUCTGFWEVKQPQHVJGPGVRGPUKQPNKCDKNKV[KPVJG[GCTGPFGF ,WPG1VJGTCOQWPVUTGRQTVGFCUFGHGTTGFQWVHNQYUQHTGUQWTEGUCPFFGHGTTGFKPHNQYUQHTGUQWTEGUTGNCVGF VQ#545RGPUKQPUYKNNDGTGEQIPK\GFKPRGPUKQPGZRGPUGCUHQNNQYU ;GCTGPFKPI,WPG          6JGTGCHVGT d  To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF &KUEQWPV4CVG6JGFKUEQWPVTCVGWUGFVQOGCUWTGVJG#545VQVCNRGPUKQPNKCDKNKV[YCURGTEGPVYJKEJKUNGUUVJCP VJGNQPIVGTOGZRGEVGFTCVGQHTGVWTPQHRGTEGPV6JGRTQLGEVKQPQHECUJHNQYUWUGFVQFGVGTOKPGVJGFKUEQWPV TCVGCUUWOGFVJCVEQPVTKDWVKQPUHTQORCTVKEKRCVKPIGORNQ[GTUYKNNDGOCFGDCUGFQPVJGCEVWCTKCNN[FGVGTOKPGFTCVGU DCUGFQPVJG#545$QCTFaUHWPFKPIRQNKE[YJKEJGUVCDNKUJGUVJGEQPVTCEVWCNN[TGSWKTGFTCVGWPFGT#TK\QPCUVCVWVG $CUGFQPVJQUGCUUWORVKQPUVJGRGPUKQPRNCPaUHKFWEKCT[PGVRQUKVKQPYCURTQLGEVGFVQDGCXCKNCDNGVQOCMGCNN RTQLGEVGFHWVWTGDGPGHKVRC[OGPVUQHEWTTGPVRNCPOGODGTU6JGTGHQTGVJGNQPIVGTOGZRGEVGFTCVGQHTGVWTPQP RGPUKQPRNCPKPXGUVOGPVUYCUCRRNKGFVQCNNRGTKQFUQHRTQLGEVGFDGPGHKVRC[OGPVUVQFGVGTOKPGVJGVQVCNRGPUKQP NKCDKNKV[ 5GPUKVKXKV[QHVJG%KV[aU2TQRQTVKQPCVG5JCTGQHVJG#5450GV2GPUKQP.KCDKNKV[VQ%JCPIGUKPVJG&KUEQWPV4CVG6JG HQNNQYKPIVCDNGRTGUGPVUVJG%KV[aURTQRQTVKQPCVGUJCTGQHVJGPGVRGPUKQPNKCDKNKV[ECNEWNCVGFWUKPIVJGFKUEQWPVTCVG QHRGTEGPVCUYGNNCUYJCVVJG%KV[aURTQRQTVKQPCVGUJCTGQHVJGPGVRGPUKQPNKCDKNKV[YQWNFDGKHKVYGTGECNEWNCVGF WUKPICFKUEQWPVTCVGVJCVKURGTEGPVCIGRQKPVNQYGT RGTEGPV QTRGTEGPVCIGRQKPVJKIJGT RGTEGPV VJCPVJG EWTTGPVTCVG #545 %KV[ URTQRQTVKQPCVGUJCTG QHVJGPGVRGPUKQPNKCDKNKV[  &GETGCUG %WTTGPV &KUEQWPV4CVG KPETGCUG         2GPUKQP2NCP(KFWEKCT[0GV2QUKVKQP&GVCKNGFKPHQTOCVKQPCDQWVVJGRGPUKQPRNCPa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o Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF 4GVKTGOGPVCPFUWTXKXQTDGPGHKVUCTGUWDLGEVVQCWVQOCVKEEQUVQHNKXKPICFLWUVOGPVUDCUGFQPGZEGUUKPXGUVOGPV GCTPKPI25245CNUQRTQXKFGUVGORQTCT[FKUCDKNKV[DGPGHKVUQHRGTEGPVQHVJGOGODGTaUEQORGPUCVKQPHQTWRVQ OQPVJU 'ORNQ[GGU%QXGTGFD[$GPGHKV6GTOU#V,WPGVJGHQNNQYKPIGORNQ[GGUYGTGEQXGTGFD[VJGCIGPVRGPUKQP RNCPUa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aCPPWCNEQXGTGFRC[TQNN 25245 25245 2QNKEG (KTG 6KGT #EVKXGOGODGTU2GPUKQP 6KGT /GODGTUJKRRTKQTVQ,WN[  /GODGTUJKRQPQT CHVGT,WN[ /GODGTUJKRQP QTCHVGT,CPWCT[              %KV[ 2GPUKQP *GCNVJKPUWTCPEGRTGOKWO DGPGHKV +PCFFKVKQPVJG%KV[YCUTGSWKTGFD[UVCVWVGVQEQPVTKDWVGCVVJGCEVWCTKCNN[FGVGTOKPGFTCVGQHRGTEGPVHQTVJG 25245QHCPPWCNEQXGTGFRC[TQNNQHTGVKTGFOGODGTUYJQYQTMGFHQTVJG%KV[KPRQUKVKQPUVJCVYQWNFV[RKECNN[DGHKNNGF D[CPGORNQ[GGYJQEQPVTKDWVGUVQVJG25245  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF (QTVJGCIGPVRNCPUVJG%KV[a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o Table of Contents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aHKFWEKCT[PGVRQUKVKQPYCURTQLGEVGFVQDGCXCKNCDNGVQOCMGCNN RTQLGEVGFHWVWTGDGPGHKVRC[OGPVUQHEWTTGPVRNCPOGODGTU6JGTGHQTGVJGNQPIVGTOGZRGEVGFTCVGQHTGVWTPQP RGPUKQPRNCPKPXGUVOGPVUYCUCRRNKGFVQCNNRGTKQFUQHRTQLGEVGFDGPGHKVRC[OGPVUVQFGVGTOKPGVJGVQVCNRGPUKQP NKCDKNKV[  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF 252452QNKEG +PETGCUG &GETGCUG 6QVCN 2GPUKQP .KCDKNKV[ #UUGV C $CNCPEGUCV,WPG  2NCP (KFWEKCT[ 0GV 2QUKVKQP D   0GV 2GPUKQP .KCDKNKV[ #UUGV C  D    %JCPIGUHQTVJG[GCT 5GTXKEG%QUV  d  +PVGTGUVQPVJGVQVCNRGPUKQPNKCDKNKV[  d  %JCPIGUQHDGPGHKVVGTOU  d  &KHHGTGPEGUDGVYGGPGZRGEVGF CPFCEVWCNGZRGTKGPEGKPVJG OGCUWTGOGPVQHVJGRGPUKQPNKCDKNKV[  d  %JCPIGUQHCUUWORVKQPUQTQVJGTKPRWVU  d  %QPVTKDWVKQPUGORNQ[GT d   %QPVTKDWVKQPUGORNQ[GG d   0GVKPXGUVOGPVKPEQOG d     d #FOKPKUVTCVKXGGZRGPUG d   1VJGTEJCPIGU d      $GPGHKVRC[OGPVUKPENWFKPITGHWPFU QHGORNQ[GGEQPVTKDWVKQPU 0GVEJCPIGU $CNCPEGUCV,WPG        To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF 25245(KTG +PETGCUG &GETGCUG 6QVCN 2GPUKQP .KCDKNKV[ #UUGV C $CNCPEGUCV,WPG  2NCP (KFWEKCT[ 0GV 2QUKVKQP D   0GV 2GPUKQP .KCDKNKV[ #UUGV C  D    %JCPIGUHQTVJG[GCT 5GTXKEG%QUV  d  +PVGTGUVQPVJGVQVCNRGPUKQPNKCDKNKV[  d  %JCPIGUQHDGPGHKVVGTOU  d  &KHHGTGPEGUDGVYGGPGZRGEVGF CPFCEVWCNGZRGTKGPEGKPVJG OGCUWTGOGPVQHVJGRGPUKQPNKCDKNKV[  d  %JCPIGUQHCUUWORVKQPUQTQVJGTKPRWVU  d  %QPVTKDWVKQPUGORNQ[GT d   %QPVTKDWVKQPUGORNQ[GG d   0GVKPXGUVOGPVKPEQOG d     d #FOKPKUVTCVKXGGZRGPUG d   1VJGTEJCPIGU d      $GPGHKVRC[OGPVUKPENWFKPITGHWPFU QHGORNQ[GGEQPVTKDWVKQPU 0GVEJCPIGU $CNCPEGUCV,WPG        To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF 5GPUKVKXKV[QHVJG%KV[aU0GV2GPUKQP.KCDKNKV[ #UUGV VQ%JCPIGUKPVJG&KUEQWPV4CVG6JGHQNNQYKPIVCDNGRTGUGPVU VJG%KV[aUPGVRGPUKQPNKCDKNKVKGU CUUGVU ECNEWNCVGFWUKPIVJGFKUEQWPVTCVGUPQVGFCDQXGCUYGNNCUYJCVVJG%KV[aU PGVRGPUKQPNKCDKNKV[ CUUGV YQWNFDGKHKVYGTGECNEWNCVGFWUKPICFKUEQWPVTCVGVJCVKURGTEGPVCIGRQKPVNQYGTQT RGTEGPVCIGRQKPVJKIJGTVJCPVJGEWTTGPVTCVG 252452QNKEG  &GETGCUG  %WTTGPV &KUEQWPV4CVG   +PETGCUG  6QVCNRGPUKQPNKCDKNKV[    2NCPHKFWEKCT[PGVRQUKVKQP    0GVRGPUKQPNKCDKNKV[    25245(KTG  &GETGCUG  %WTTGPV &KUEQWPV4CVG   +PETGCUG  6QVCNRGPUKQPNKCDKNKV[    2NCPHKFWEKCT[PGVRQUKVKQP    0GVRGPUKQPNKCDKNKV[    2GPUKQP2NCP(KFWEKCT[0GV2QUKVKQP&GVCKNGFKPHQTOCVKQPCDQWVVJGRGPUKQPRNCPUaHKFWEKCT[PGVRQUKVKQPKUCXCKNCDNG KPVJGUGRCTCVGN[KUUWGF25245HKPCPEKCNTGRQTVU 2GPUKQP'ZRGPUG(QTVJG[GCTGPFGF,WPGVJG%KV[TGEQIPK\GFVJGHQNNQYKPIRGPUKQPGZRGPUG 2GPUKQP'ZRGPUG 252452QNKEG  25245(KTG   To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF 2GPUKQP&GHGTTGF1WVHNQYU+PHNQYUQH4GUQWTEGU#V,WPGVJG%KV[TGRQTVGFFGHGTTGFQWVHNQYUQHTGUQWTEGU CPFFGHGTTGFKPHNQYUQHTGUQWTEGUTGNCVGFVQRGPUKQPUHTQOVJGHQNNQYKPIUQWTEGU &GHGTTGF 1WVHNQYUQH 4GUQWTEGU 252452QNKEG &GHGTTGF +PHNQYUQH 4GUQWTEGU &KHHGTGPEGUDGVYGGPGZRGEVGF CPFCEVWCNGZRGTKGPEG  d   %JCPIGUQHCUUWORVKQPUQT QVJGTKPRWVU  d   d d  d 0GVFKHHGTGPEGDGVYGGPRTQLGEVGF CPFCEVWCNGCTPKPIUQPRGPUKQP RNCPKPXGUVOGPVU %JCPIGUKPRTQRQTVKQPCPF FKHHGTGPEGUDGVYGGP%KV[ EQPVTKDWVKQPUCPFRTQRQTVKQPCVG UJCTGQHEQPVTKDWVKQPU %KV[EQPVTKDWVKQPUUWDUGSWGPV VQVJGOGCUWTGOGPVFCVG 6QVCN  25245(KTG   &GHGTTGF 1WVHNQYUQH 4GUQWTEGU  &GHGTTGF +PHNQYUQH 4GUQWTEGU &KHHGTGPEGUDGVYGGPGZRGEVGF CPFCEVWCNGZRGTKGPEG     %JCPIGUQHCUUWORVKQPUQT QVJGTKPRWVU  d    d 0GVFKHHGTGPEGDGVYGGPRTQLGEVGF CPFCEVWCNGCTPKPIUQPRGPUKQP RNCPKPXGUVOGPVU %JCPIGUKPRTQRQTVKQPCPF FKHHGTGPEGUDGVYGGP%KV[ EQPVTKDWVKQPUCPFRTQRQTVKQPCVG UJCTGQHEQPVTKDWVKQPU %KV[EQPVTKDWVKQPUUWDUGSWGPV VQVJGOGCUWTGOGPVFCVG 6QVCN      To Table of Contents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d  6JGTGCHVGT d  #IGPV2NCP12'$#EVWCTKCN#UUWORVKQPU6JGJGCNVJKPUWTCPEGRTGOKWODGPGHKVEQPVTKDWVKQPTGSWKTGOGPVUHQTVJG [GCTGPFGF,WPGYGTGGUVCDNKUJGFD[VJG,WPGCEVWCTKCNXCNWCVKQPUCPFVJQUGCEVWCTKCNXCNWCVKQPU YGTGDCUGFQPVJGHQNNQYKPICEVWCTKCNOGVJQFUCPFCUUWORVKQPU #EVWCTKCNXCNWCVKQPUKPXQNXGGUVKOCVGUQHVJGTGRQTVGFCOQWPVUaXCNWGCPFCUUWORVKQPUCDQWVVJGRTQDCDKNKV[QHGXGPVU KPVJGHWVWTG#OQWPVUFGVGTOKPGFTGICTFKPIVJGHWPFGFUVCVWUQHVJGRNCPUCPFVJGCPPWCNTGSWKTGFEQPVTKDWVKQPU CTGUWDLGEVVQEQPVKPWCNTGXKUKQPCUCEVWCNTGUWNVUCTGEQORCTGFVQRCUVGZRGEVCVKQPUCPFPGYGUVKOCVGUCTGOCFG 6JG TGSWKTGF UEJGFWNG QH HWPFKPI RTQITGUU HQT VJG JGCNVJ KPUWTCPEG RTGOKWO DGPGHKV RTGUGPVGF CU TGSWKTGF UWRRNGOGPVCT[KPHQTOCVKQPRTQXKFGUOWNVK[GCTVTGPFKPHQTOCVKQPVJCVUJQYUYJGVJGTVJGCEVWCTKCNXCNWGQHVJGRNCPUa CUUGVUCTGKPETGCUKPIQTFGETGCUKPIQXGTVKOGTGNCVKXGVQVJGCEVWCTKCNCEETWGFNKCDKNKV[HQTDGPGHKVU  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'2'05+10#0&16*'42156'/2.1;/'06$'0'(+65 %QPVKPWGF 2TQLGEVKQPUQHDGPGHKVUCTGDCUGFQP  VJGRNCPUCUWPFGTUVQQFD[VJG%KV[CPFRNCPUaOGODGTUCPFKPENWFGVJGV[RGU QHDGPGHKVUKPHQTEGCVVJGXCNWCVKQPFCVGCPF  VJGRCVVGTPQHUJCTKPIDGPGHKVEQUVUDGVYGGPVJG%KV[CPFRNCPUa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d    d    d    d    d    d 25245(KTG    To Table of Contents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o Table of Contents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o Table of Contents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o Table of Contents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a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a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o Table of Contents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aUHWVWTGTGXGPWGQDNKICVKQPFGDVUGTXKEGTGSWKTGOGPVUCUQH,WPG (KUECN[GCTGPFKPI )QXGTPOGPVCN#EVKXKVKGU ,WPG  2TKPEKRCN   $WUKPGUU6[RG#EVKXKVKGU +PVGTGUV   2TKPEKRCN  +PVGTGUV                           d d    d d 6QVCN          To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'%*#0)'5+0.10)6'4/1$.+)#6+105 $GIKPPKPI $CNCPEG #FFKVKQPU VTCPUHGTU 4GFWEVKQPU VTCPUHGTU 'PFKPI $CNCPEG &WG9KVJKP 1PG;GCT )QXGTPOGPVCNCEVKXKVKGU %QORGPUCVGFCDUGPEGU           )1$QPFU   d    'ZEKUGVCZTGXGPWGQDNKICVKQPU  d    %CRKVCNNGCUGU  d    $QPFURTGOKWOU  d   d $QPFUFKUEQWPVU  d  d d   d  d 0GVRGPUKQPNKCDKNKV[ )QXGTPOGPVCNCEVKXKVKGU NQPIVGTONKCDKNKVKGU    $GIKPPKPI $CNCPEG   #FFKVKQPU VTCPUHGTU   4GFWEVKQPU VTCPUHGTU   'PFKPI $CNCPEG  1PG;GCT $WUKPGUUV[RGCEVKXKVKGU %QORGPUCVGFCDUGPEGU  'ZEKUGVCZTGXGPWGQDNKICVKQPU           d    .QCPRC[CDNG   d    $QPFRTGOKWOU  d   d 2QUVENQUWTGNKCDKNKV[   d  d 0GVRGPUKQPNKCDKNKV[   d  d $WUKPGUUV[RGCEVKXKVKGU NQPIVGTONKCDKNKVKGU            +P,CPWCT[VJG9CVGT(WPFTGEGKXGFHKPCPEKPIHTQOVJG9CVGT+PHTCUVTWEVWTG(KPCPEG#WVJQTKV[QH#TK\QPC 6JGPQVGKURCKFUGOKCPPWCNN[WPVKN,WN[YKVJCPKPVGTGUVTCVGQH  +P,WN[VJG)QNH%QWTUG(WPFVTCPUHGTTGFKVUDQPFURC[CDNGVQ)QXGTPOGPVCN#EVKXKVKGU %QORGPUCVGFCDUGPEGUCTGRCKFHTQOXCTKQWUHWPFUKPVJGUCOGRTQRQTVKQPVJCVVJQUGHWPFURC[RC[TQNNEQUVU&WTKPI VJG[GCTGPFGF,WPGVJG%KV[RTKOCTKN[RCKFHQTEQORGPUCVGFCDUGPEGUHTQOVJG)GPGTCN(WPF  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'.10)6'4/&'$6 6JGHQNNQYKPIUWOOCTK\GUVJGCPPWCNFGDVUGTXKEGTGSWKTGOGPVUVQOCVWTKV[HQTCNNDQPFUNQCPUCPFPQVGUCTGCU HQNNQYU (KUECN[GCTGPFKPI )QXGTPOGPVCN#EVKXKVKGU ,WPG  2TKPEKRCN   $WUKPGUU6[RG#EVKXKVKGU +PVGTGUV   2TKPEKRCN  +PVGTGUV                                     d d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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'%105647%6+10%1//+6/'065 6JG%KV[JCUCEVKXGEQPUVTWEVKQPRTQLGEVUCUQH,WPG#V[GCTGPFVJG%KV[aUOQUVUKIPKHKECPVEQOOKVOGPV KPENWFGFVJGEQPUVTWEVKQPQHVJG%QOOWPKV[4GETGCVKQP%GPVGT#V[GCTGPFVJG%KV[aUEQOOKVOGPVUYKVJEQPVTCEVQTU CTGCUHQNNQYU 4GOCKPKPI %QOOKVOGPV 2TQLGEV %QOOWPKV[4GETGCVKQP%GPVGT%QPUVTWEVKQP  2GTKOGVGT.CPFHKNN$GTOCPF&TCKPCIG&KVEJ    016'57//#4;1(+06'4(70&64#05#%6+105 +PVGTHWPFVTCPUCEVKQPUCUQH,WPGYGTGCUHQNNQYU +PVGTHWPF4GEGKXCDNG2C[CDNG 4GEGKXCDNG #OQWPV (WPF )GPGTCN(WPF  *74((WPF %CRKVCN4GRCEGOGPV(WPF 0QP/CLQT(WPFU 2C[CDNG #OQWPV   d      9CVGT(WPF  #IGPE[(WPF 6QVCN d d      6JGKPVGTHWPFDCNCPEGUCV,WPGCTGUJQTVVGTONQCPUVQEQXGTVGORQTCT[ECUJFGHKEKVUKPXCTKQWUHWPFU  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'57//#4;1(+06'4(70&64#05#%6+105 %QPVKPWGF 6TCPUHGTU 6TCPUHGTU 1WV (WPF )GPGTCN(WPF   6TCPUHGTU +P   *KIJYC[7UGTU(WPF  d %CRKVCN4GRNCEGOGPV      d 9CUVGYCVGT(WPF  d 5CPKVCVKQP(WPF  d )QNH%QWTUG  d +PVGTPCN5GTXKEG(WPFU  d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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5616*'(+0#0%+#.56#6'/'065 ,WPG 016'(70&$#.#0%'&'6#+.5$;%.#55+(+%#6+10 /CLQT )QXGTPOGPVCN (WPFU )GPGTCN 0QP/CLQT )QXGTPOGPVCN (WPFU 6QVCN )QXGTPOGPVCN (WPFU (WPFDCNCPEGU 0QPURGPFCDNG +PXGPVQTKGU  d  d     4GUVTKEVGFHQT *KIJYC[7UGTU4GXGPWG(WPF d  d  )TCPVU d d   %QOOWPKV[&GXGNQROGPV d d   %QOOWPKV[5GTXKEGU d d d d 6TCPURQTVCVKQP d d d d #KTRQTV+ORTQXGOGPV d d   &GDV5GTXKEGU.GCUGU d d   &GDV5GTXKEGU)1$QPFU d d   %QWTV'PJCPEGOGPV d d   6TKDCN*QWUKPI d d   %(&&GDV d d   %CRKVCN4GRNCEGOGPV d  d  &GXGNQRGT+ORCEV(GGU d  d   d d   d d  %CRKVCN4GRNCEGOGPV d  d  2CTMU&GXGNQROGPV d d   4GFGXGNQROGPV d d    d d  2CTMU&GXGNQROGPV d d   %CRKVCN4GRNCEGOGPV d  d  4QFGQ)TQWPFU d d   )TCPFG5RQTVU9QTNF d d   *QWUKPI d d   7PCUUKIPGF  d   &GXGNQROGPV#ITGGOGPVU %QOOKVVGFVQ #GUVJGVKE4GXKVCNK\CVKQP #UUKIPGFVQ )GPGTCN(WPF4GUGTXGU 6QVCNHWPFDCNCPEGU          To Table of Contents 4GSWKTGF5WRRNGOGPVCT[ +PHQTOCVKQP  To Table of Contents To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'37+4'&5722.'/'06#4;+0(14/#6+10 5%*'&7.'1(%*#0)'5+06*'%+6; 50'62'05+10.+#$+.+6; #55'6 #0&4'.#6'& 4#6+15#)'062'05+102.#0 ,WPG 252452QNKEG (KUECN;GCT    VJTQWIJ   6QVCNRGPUKQPNKCDKNKV[ 5GTXKEGEQUV       +PHQTOCVKQP  PQVCXCKNCDNG +PVGTGUVQPVJGVQVCNRGPUKQPNKCDKNKV[   %JCPIGUQPDGPGHKVVGTOU  d     %JCPIGUQHCUUWORVKQPUQTQVJGTKPRWVU  d  $GPGHKVRC[OGPVUKPENWFKPITGHWPFUQHGORNQ[GGEQPVTKDWVKQPU    &KHHGTGPEGUDGVYGGPGZRGEVGFCPFCEVWCNGZRGTKGPEGKPVJG OGCUWTGOGPVQHVJGRGPUKQPNKCDKNKV[ 0GVEJCPIGKPVQVCNRGPUKQPNKCDKNKV[  6QVCNRGPUKQPNKCDKNKV[DGIKPPKPI 6QVCNRGPUKQPNKCDKNKV[GPFKPI C               2NCPHKFWEKCT[PGVRQUKVKQP %QPVTKDWVKQPUGORNQ[GT       %QPVTKDWVKQPUGORNQ[GG    0GVKPXGUVOGPVKPEQOG         d        $GPGHKVRC[OGPVUKPENWFKPITGHWPFUQHGORNQ[GGEQPVTKDWVKQPU #FOKPKUVTCVKXGGZRGPUG 1VJGTEJCPIGU 0GVEJCPIGKPRNCPHKFWEKCT[PGVRQUKVKQP 2NCPHKFWEKCT[PGVRQUKVKQPDGIKPPKPI      2NCPHKFWEKCT[PGVRQUKVKQPGPFKPI D       %KV[ UPGVRGPUKQPNKCDKNKV[ CUUGV GPFKPI C  D       2GPUKQPRNCPUEJGFWNGUCTGKPVGPFGFVQUJQYKPHQTOCVKQPHQTVGP[GCTU #FFKVKQPCN[GCTU KPHQTOCVKQPYKNNDGFKURNC[GFCUKVDGEQOGUCXCKNCDNG 5GGCEEQORCP[KPIPQVGUVQRGPUKQPRNCPUEJGFWNGU  To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'37+4'&5722.'/'06#4;+0(14/#6+10 5%*'&7.'1(%*#0)'5+06*'%+6; 50'62'05+10.+#$+.+6; #55'6 #0&4'.#6'& 4#6+15#)'062'05+102.#0 %QPVKPWGF ,WPG 25245(KTG (KUECN;GCT    VJTQWIJ   6QVCNRGPUKQPNKCDKNKV[ 5GTXKEGEQUV       +PHQTOCVKQP  PQVCXCKNCDNG +PVGTGUVQPVJGVQVCNRGPUKQPNKCDKNKV[   %JCPIGUQPDGPGHKVVGTOU  d     %JCPIGUQHCUUWORVKQPUQTQVJGTKPRWVU  d  $GPGHKVRC[OGPVUKPENWFKPITGHWPFUQHGORNQ[GGEQPVTKDWVKQPU        &KHHGTGPEGUDGVYGGPGZRGEVGFCPFCEVWCNGZRGTKGPEGKPVJG OGCUWTGOGPVQHVJGRGPUKQPNKCDKNKV[ 0GVEJCPIGKPVQVCNRGPUKQPNKCDKNKV[  6QVCNRGPUKQPNKCDKNKV[DGIKPPKPI 6QVCNRGPUKQPNKCDKNKV[GPFKPI C           2NCPHKFWEKCT[PGVRQUKVKQP %QPVTKDWVKQPUGORNQ[GT              #FOKPKUVTCVKXGGZRGPUG   d 1VJGTEJCPIGU    %QPVTKDWVKQPUGORNQ[GG 0GVKPXGUVOGPVKPEQOG $GPGHKVRC[OGPVUKPENWFKPITGHWPFUQHGORNQ[GGEQPVTKDWVKQPU 0GVEJCPIGKPRNCPHKFWEKCT[PGVRQUKVKQP 2NCPHKFWEKCT[PGVRQUKVKQPDGIKPPKPI            2NCPHKFWEKCT[PGVRQUKVKQPGPFKPI D       %KV[ UPGVRGPUKQPNKCDKNKV[ CUUGV GPFKPI C  D       2GPUKQPRNCPUEJGFWNGUCTGKPVGPFGFVQUJQYKPHQTOCVKQPHQTVGP[GCTU #FFKVKQPCN[GCTU KPHQTOCVKQPYKNNDGFKURNC[GFCUKVDGEQOGUCXCKNCDNG 5GGCEEQORCP[KPIPQVGUVQRGPUKQPRNCPUEJGFWNGU  To Table of Contents %+6;1(%#5#)4#0&'#4+<10#4'37+4'&5722.'/'06#4;+0(14/#6+10 5%*'&7.'1(%*#0)'5+06*'%+6; 50'62'05+10.+#$+.+6; #55'6 #0&4'.#6'& 4#6+15#)'062'05+102.#0 %QPENWFGF ,WPG 25245(KTG 2NCPHKFWEKCT[PGVRQUKVKQPCUCRGTEGPVCIGQHVJGVQVCNRGPUKQP NKCDKNKV[ %KV[ UEQXGTGFRC[TQNN %KV[ UPGVRGPUKQPNKCDKNKV[ CUUGV CUCRGTEGPVCIGQHEQXGTGF RC[TQNN (KUECN;GCT     VJTQWIJ     +PHQTOCVKQP PQVCXCKNCDNG          2GPUKQPRNCPUEJGFWNGUCTGKPVGPFGFVQUJQYKPHQTOCVKQPHQTVGP[GCTU #FFKVKQPCN[GCTU KPHQTOCVKQPYKNNDGFKURNC[GFCUKVDGEQOGUCXCKNCDNG 5GGCEEQORCP[KPIPQVGUVQRGPUKQPRNCPUEJGFWNGU  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'37+4'&5722.'/'06#4;+0(14/#6+10 5%*'&7.'1(%+6;2'05+10%1064+$76+105 ,WPG #TK\QPC4GVKTGOGPV5[UVGO 5VCVWVQTKN[TGSWKTGFEQPVTKDWVKQP (KUECN;GCT  VJTQWIJ                  %KV[ UEQPVTKDWVKQPUKPTGNCVKQPVQVJG UVCVWVQTKN[TGSWKTGFEQPVTKDWVKQP %KV[ UEQPVTKDWVKQPFGHKEKGPE[ GZEGUU  d %KV[ UGORNQ[GGRC[TQNN  %KV[ UEQPVTKDWVKQPUCUCRGTEGPVCIGQH GORNQ[GGRC[TQNN  d    d     VJTQWIJ               %KV[ UEQPVTKDWVKQPFGHKEKGPE[ GZEGUU  %KV[ UGORNQ[GGRC[TQNN   d %KV[ UEQPVTKDWVKQPUCUCRGTEGPVCIGQH GORNQ[GGRC[TQNN  d    d    +PHQTOCVKQP PQV CXCKNCDNG d   25245(KTG  (KUECN;GCT         %KV[ UEQPVTKDWVKQPUKPTGNCVKQPVQVJG UVCVWVQTKN[TGSWKTGFEQPVTKDWVKQP %KV[ UEQPVTKDWVKQPFGHKEKGPE[ GZEGUU  %KV[ UGORNQ[GGRC[TQNN   %KV[ UEQPVTKDWVKQPUCUCRGTEGPVCIGQH GORNQ[GGRC[TQNN   (KUECN;GCT %KV[ UEQPVTKDWVKQPUKPTGNCVKQPVQVJG UVCVWVQTKN[TGSWKTGFEQPVTKDWVKQP 5VCVWVQTKN[TGSWKTGFEQPVTKDWVKQP d  252452QNKEG 5VCVWVQTKN[TGSWKTGFEQPVTKDWVKQP  +PHQTOCVKQP PQV CXCKNCDNG d    d           VJTQWIJ  d     +PHQTOCVKQP PQVCXCKNCDNG   d    2GPUKQPRNCPUEJGFWNGUCTGKPVGPFGFVQUJQYKPHQTOCVKQP HQTVGP[GCTU#FFKVKQPCN[GCTU KPHQTOCVKQPYKNNDGFKURNC[GF CUKVDGEQOGUCXCKNCDNG  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'37+4'&5722.'/'06#4;+0(14/#6+10 016'5616*'5%*'&7.'1(#)'0612'$2.#05a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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'37+4'&5722.'/'06#4;+0(14/#6+10 5%*'&7.'1(#)'0612'$2.#05 (70&+0)241)4'55 ,WPG *GCNVJ+PUWTCPEG2TGOKWO$GPGHKV #EVWCTKCN XCNWGQH CUUGVU C #EVWCTKCN 8CNWCVKQP&CVG 7PHWPFGF CEVWCTKCN CEETWGF NKCDKNKV[ 7##. HWPFKPI GZEGUU D  C #EVWCTKCN CEETWGF NKCDKNKV[ D (WPFGF TCVKQ CD #PPWCN EQXGTGF RC[TQNN E 7##. HWPFKPI GZEGUU CUC RGTEGPVCIG QHEQXGTGF RC[TQNN D  C  E 252452QNKEG                               25245(KTG                      To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'37+4'&5722.'/'06#4;+0(14/#6+10 016'5616*'5%*'&7.'1(#)'0612'$2.#05a(70&+0)241)4'55 ,WPG 016'(#%61456*#6#(('%664'0&5 $GIKPPKPIKPHKUECN[GCT25245GUVCDNKUJGFUGRCTCVGHWPFUHQTRGPUKQPDGPGHKVUCPFJGCNVJKPUWTCPEGRTGOKWO DGPGHKVU2TGXKQWUN[VJGRNCPTGEQTFGFDQVJRGPUKQPCPFJGCNVJKPUWTCPEGRTGOKWOEQPVTKDWVKQPUKPVJGUCOG2GPUKQP (WPF&WTKPIHKUECN[GCTVJGRNCPUVTCPUHGTTGFRTKQT[GCTJGCNVJKPUWTCPEGRTGOKWODGPGHKVEQPVTKDWVKQPUVJCV GZEGGFGFDGPGHKVRC[OGPVUHTQOGCEJRNCPaU2GPUKQP(WPFVQVJGPGY*GCNVJ+PUWTCPEG(WPF  To Table of Contents To Table of Contents 1VJGT5WRRNGOGPVCT[ +PHQTOCVKQP  0QP/CLQT)QXGTPOGPV(WPFU To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1/$+0+0)$#.#0%'5*''6 010/#,14)18'40/'06#.(70&5 ,WPG 5RGEKCN4GXGPWG /WPKEKRCN #KTRQTV #55'65 %CUJ  +PXGUVOGPVU 4GEGKXCDNGU NGUUCNNQYCPEG HQTWPEQNNGEVKDNGU 2CTMU &GXGNQR    4GFGXGNQROGPV 5GPKQT5GTXKEGU   d d d  d d    d &WGHTQOQVJGTIQXGTPOGPVU d d d  &WGHTQOQVJGTHWPFU d d  d +PXGPVQT[ 4GUVTKEVGFCUUGVUECUJCPFECUJGSWKXCNGPVU 6QVCNCUUGVU  d d d d d d d                 .+#$+.+6+'5 #EEQWPVURC[CDNGCPFQVJGTEWTTGPVNKCDKNKVKGU #EETWGFYCIGUCPFDGPGHKVU &GRQUKVU*GNF &WGVQQVJGTHWPFU 6QVCNNKCDKNKVKGU  d d   d d d  d d      &'('44'&+0(.1951(4'5174%'5 &GHGTTGFTGXGPWG 6QVCNFGHGTTGFKPHNQYUQHTGUQWTEGU d d d  d d d   d d d (70&$#.#0%'5 0QPURGPFCDNG 4GUVTKEVGF d d d d %QOOKVVGF d   d #UUKIPGF 7PCUUKIPGF 6QVCNHWPFDCNCPEGU 6QVCNNKCDKNKVKGUFGHGTTGFKPHNQYUQHTGUQWTEGUCPFHWPF DCNCPEGU  d  d d  d d              To Table of Contents 5RGEKCN4GXGPWGU )TCPVU 5WDUKFKGU ;QWVJ5GTXKEGU     d  4QFGQ)TQWPFU    )TCPFG5RQTVU   %QWTV 'PJCPEGOGPV  d %&$)  *QWUKPI d   d d d d d d   d d  d   d  d d   d d d d   d d d d d d d d d d d d d d d d     d            d        d  d d   d  d d d d d d d d  d d d d  d   d    d d  d  d d d d  d  d d d d d d d d d d d  d d   d d d d d d d d d d   d d  d d d d d d d d                     To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1/$+0+0)$#.#0%'5*''6 010/#,14)18'40/'06#.(70&5 %QPVKPWGF ,WPG 5RGEKCN4GXGPWG #55'65 %CUJ 6TKDCN*QWUKPI   &GDV5GTXKEG *QOG  )GPGTCN 1DNKICVKQPU &GDV5GTXKEG d  d   +PXGUVOGPVU d d d  4GEGKXCDNGU NGUUCNNQYCPEG HQTWPEQNNGEVKDNGU d d d  &WGHTQOQVJGTIQXGTPOGPVU d  d d &WGHTQOQVJGTHWPFU d d  d +PXGPVQT[ d d d d 4GUVTKEVGFCUUGVUECUJCPFECUJGSWKXCNGPVU d d d  6QVCNCUUGVU         .+#$+.+6+'5 #EEQWPVURC[CDNGCPFQVJGTEWTTGPVNKCDKNKVKGU d  #EETWGFYCIGUCPFDGPGHKVU d  d d &GRQUKVU*GNF d d d d &WGVQQVJGTHWPFU 6QVCNNKCDKNKVKGU d  d  d d d  d  d d d  d d d  &'('44'&+0(.1951(4'5174%'5 &GHGTTGFTGXGPWG 6QVCNFGHGTTGFKPHNQYUQHTGUQWTEGU (70&$#.#0%'5 0QPURGPFCDNG d d d d  d   %QOOKVVGF d d d d #UUKIPGF d d d d 4GUVTKEVGF 7PCUUKIPGF 6QVCNHWPFDCNCPEGU 6QVCNNKCDKNKVKGUFGHGTTGFKPHNQYUQHTGUQWTEGUCPFHWPF DCNCPEGU  d  d d             To Table of Contents &GDV5GTXKEG %CRKVCN+ORTQXGOGPVU #KTRQTV +ORTQXGOGPV 'ZEKUG$QPFU      d 6QVCN0QPOCLQT )QXGTPOGPVCN (WPFU %QOOWPKV[ (CEKNKVKGU     d d   d d   d d d  d  d  d d d  d d          d d   d d d  d d d   d d   d   d d   d d   d d d  d    d d d  d d d   d d              To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1/$+0+0)56#6'/'0651(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%'5 010/#,14)18'40/'06#.(70&5 ;GCT'PFGF,WPG 5RGEKCN4GXGPWG /WPKEKRCN #KTRQTV 4'8'07'5 2CTMU &GXGNQR %QOOWPKV[ #TVU 5GPKQT5GTXKEGU 6CZGU 2TQRGTV[VCZGU  5CNGU6CZ +PVGTIQXGTPOGPVCNTGXGPWGU %JCTIGUHQTUGTXKEGU (KPGU +PXGUVOGPVGCTPKPIU %QPVTKDWVKQPUCPFFQPCVKQPU 4GPVCNCPFUCNGQHEKV[RTQRGTV[ /KUEGNNCPGQWU 6QVCNTGXGPWGU d  d  d  d d d d d d d d   d d    d d d  d d d d d     d  d d      ':2'0&+674'5 %WTTGPV )GPGTCNIQXGTPOGPV 2WDNKEUCHGV[ %WNVWTGCPFTGETGCVKQP d d  d d d d d d  d   d d d d  d d 2TKPEKRCN d d d d +PVGTGUVCPFHKUECNEJCTIGU d d d d         6TCPUHGTUKP  d d  6TCPUHGTUQWV  d d d  d d  d        'EQPQOKEFGXGNQROGPV %CRKVCNQWVNC[ &GDVUGTXKEG 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 75'5 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEGU (WPFDCNCPEGUDGIKPPKPIQH[GCT (WPFDCNCPEGUGPFQH[GCT          To Table of Contents 5RGEKCN4GXGPWG )TCPVU 5WDUKFKGU ;QWVJ5GTXKEGU   d  4QFGQ)TQWPFU d  d )TCPFG5RQTVU  d d %QWTV 'PJCPEGOGPV  d d %&$)  *QWUKPI d  d  d d d d d  d d d d d d  d     d d d d  d d d d d d d d  d d d d d d d d d  d d d d d d d d d d         d  d d d d d d  d d  d d     d d d d d d d d  d d  d d d  d d d d d d d d d d d d d d d       d        d  d  d d d  d d   d d   d d  d d               d              To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1/$+0+0)56#6'/'0651(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%'5 010/#,14)18'40/'06#.(70&5 %QPVKPWGF ;GCT'PFGF,WPG 5RGEKCN4GXGPWG 4'8'07'5 6TKDCN*QWUKPI &GDV5GTXKEG *QOG )GPGTCN 1DNKICVKQPU &GDV5GTXKEG 6CZGU 2TQRGTV[VCZGU  5CNGU6CZ +PVGTIQXGTPOGPVCNTGXGPWGU d  d d d  d  d  d   d d %JCTIGUHQTUGTXKEGU d d d d (KPGU d d d d +PXGUVOGPVGCTPKPIU d d d  %QPVTKDWVKQPUCPFFQPCVKQPU d d d d 4GPVCNCPFUCNGQHEKV[RTQRGTV[ d d d d /KUEGNNCPGQWU 6QVCNTGXGPWGU d d  d     d d d d  d d d ':2'0&+674'5 %WTTGPV )GPGTCNIQXGTPOGPV 2WDNKEUCHGV[ %WNVWTGCPFTGETGCVKQP d d d d   d d d d d d 2TKPEKRCN d d   +PVGTGUVCPFHKUECNEJCTIGU d d           d d  d 'EQPQOKEFGXGNQROGPV %CRKVCNQWVNC[ &GDVUGTXKEG 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUKP 6TCPUHGTUQWV d d d d 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU d d  d 0GVEJCPIGKPHWPFDCNCPEGU     (WPFDCNCPEGUDGIKPPKPIQH[GCT     (WPFDCNCPEGUGPFQH[GCT          To Table of Contents &GDV5GTXKEG %CRKVCN+ORTQXGOGPVU #KTRQTV +ORTQXGOGPV 'ZEKUG$QPFU   d  d d d d d d d 6QVCN0QPOCLQT )QXGTPOGPVCN (WPFU %QOOWPKV[ (CEKNKVKGU     d   d  d d  d d  d   d d d  d d d  d d d  d    d d   d d d  d d d  d  d  d     d    d             d  d d d    d                  To Table of Contents To Table of Contents 1VJGT5WRRNGOGPVCT[ +PHQTOCVKQP  $7&)'6#4;%1/2#4+5105%*'&7.'5 )'0'4#.(70&.')#.#0&16*'4/#,14)18'40/'06#.(70&5 To Table of Contents To Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# %#2+6#.4'2.#%'/'064'%4'#6+10&'8'.12/'06(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 +PXGUVOGPVGCTPKPIU 1TKIKPCN  +PVGTIQXGTPOGPVCNTGXGPWG 4GPVCNCPFUCNGQHEKV[RTQRGTV[ %QPUVTWEVKQPUCNGUVCZ /KUEGNNCPGQWU 6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU        d          d d           ':2'0&+674'5 %CRKVCNQWVNC[ +PVGTGUV 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT  GZRGPFKVWTGU             d d   16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUKP 6TCPUHGTUQWV 2TQEGGFUHTQOQDNKICVKQPU 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT        d             d         To Table of Contents %+6;1(%#5#)4#0&'#4+<10# &'8'.12/'06+/2#%6(''5(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 %JCTIGUHQTUGTXKEGU 1TKIKPCN  +PXGUVOGPVGCTPKPIU 6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU                d              d d d d ':2'0&+674'5 %WTTGPV )GPGTCNIQXGTPOGPV %CRKVCNQWVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT  GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUKP 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT    d    d         d         To Table of Contents To Table of Contents 1VJGT5WRRNGOGPVCT[ +PHQTOCVKQP  $7&)'6#4;%1/2#4+5105%*'&7.'5 )'0'4#.(70&.')#.#0&16*'4/#,14)18'40/'06#.(70&5 To Table of Contents To Table of Contents %+6;1(%#5#)4#0&'#4+<10# /70+%+2#.#+4214652'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'661#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 %JCTIGHQTUGTXKEG 1TKIKPCN  4GPVCNCPFUCNGQHEKV[RTQRGTV[ (KPGU /KUEGNNCPGQWU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU          d d                 d                      0GVEJCPIGKPHWPFDCNCPEG   d  (WPFDCNCPEGDGIKPPKPIQH[GCT    d 6QVCNTGXGPWGU ':2'0&+674'5 %WTTGPV 2NCPPKPICPF'EQPQOKE&GXGNQROGPV %CRKVCN1WVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUKP 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 2#4-5&'8'.12/'0652'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'661#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 1TKIKPCN (KPCN 4'8'07'5 4GPVCNCPFUCNGQH%KV[RTQRGTV[  +PXGUVOGPV'CTPKPIU (KPGU 6QVCNTGXGPWGU   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU           d d                            d  ':2'0&+674'5 %WTTGPV %WNVWTGCPF4GETGCVKQP %CRKVCNQWVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 4'&'8'.12/'06&19061904'8+6#.+<#6+1052'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 4GPVCNCPF5CNGQH%KV[2TQRGTV[ 1TKIKPCN  6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU          )GPGTCN)QXGTPOGPV d d   6QVCNGZRGPFKVWTGU d d          d ':2'0&+674'5 %WTTGPV 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT  GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 5'0+145'48+%'552'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'661#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 +PVGTIQXGTPOGPVCNTGXGPWGU 1TKIKPCN  (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU      %JCTIGUHQTUGTXKEGU     %QPVTKDWVKQPUCPFFQPCVKQPU     /KUEGNNCPGQWU 6QVCNTGXGPWGU d d       ':2'0&+674'5 %WTTGPV %WNVWTGCPFTGETGCVKQP     6QVCNGZRGPFKVWTGU                        d 'ZEGUU FGHKEKGPE[ QHTGXGPWGU QXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUKP 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# ;176*5'48+%'552'%+#.4'8'07'(70&5 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 %KV[UCNGUVCZGU 1TKIKPCN  +PXGUVOGPVGCTPKPIU 6QVCNTGXGPWGU #EVWCN #OQWPVU (KPCN     8CTKCPEGYKVJ (KPCN$WFIGV      d      ':2'0&+674'5 %WTTGPV %WNVWTGCPF4GETGCVKQP    d 6QVCNGZRGPFKVWTGU    d       d    d         d 'ZEGUU FGHKEKGPE[ QHTGXGPWGU QXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)75'5 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# )4#06552'%+#.4'8'07'(70& 56#6'/'061(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'661#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 +PVGTIQXGTPOGPVCNTGXGPWGU 1TKIKPCN  6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU          d d   ':2'0&+674'5 %WTTGPV )GPGTCN)QXGTPOGPV 2WDNKE5CHGV[ d    %WNVWTGCPF4GETGCVKQP d    %CRKVCNQWVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGU QXGT WPFGT GZRGPFKVWTGU         d d   16*'4(+0#0%+0)5174%'5 6TCPUHGTUKP 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT  d d   d d   d d      d         To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 41&'1)4170&552'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 4GPVCNCPFUCNGQHEKV[RTQRGTV[ 1TKIKPCN  6QVCNTGXGPWGU (KPCN d  8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU d     d d   %WNVWTGCPFTGETGCVKQP d d   6QVCNGZRGPFKVWTGU d d   'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU d d      d ':2'0&+674'5 %WTTGPV (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# )4#0&'52146552'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 %JCTIGUHQTUGTXKEGU 1TKIKPCN  4GPVCNCPFUCNGQHEKV[RTQRGTV[ 6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU      d d d d     ':2'0&+674'5 %WTTGPV %WNVWTGCPFTGETGCVKQP     6QVCNGZRGPFKVWTGU     d d   6TCPUHGTUKP d d   6TCPUHGTUQWV d d   d d d d d d      d 'ZEGUU FGHKEKGPE[ QHTGXGPWGU QXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)75'5 6QVCNQVJGTHKPCPEKPIWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1746'0*#0%'/'06241$#6+10#4;52'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 %JCTIGUHQTUGTXKEGU 1TKIKPCN  (KPGU 6QVCNTGXGPWGU  (KPCN  8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU              ':2'0&+674'5 %WTTGPV 2WDNKE5CHGV[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU                d    d        d 16*'4(+0#0%+0)75'5 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1//70+6;&'8'.12/'06$.1%-)4#0652'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG 4'8'07'5 +PVGTIQXGTPOGPVCNTGXGPWGU 2TQITCO+PEQOG 6QVCNTGXGPWGU  $WFIGVGF#OQWPVU 1TKIKPCN (KPCN        8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU         ':2'0&+674'5 %WTTGPV 2NCPPKPICPFGEQPQOKEFGXGNQROGPV %CRKVCN1WVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT   d   d               d         To Table of Contents %+6;1(%#5#)4#0&'#4+<10# *175+0)52'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 %JCTIGUHQTUGTXKEG 1TKIKPCN  (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU      +PXGUVOGPVGCTPKPIU d d   /KUEGNNCPGQWU d d                      d 6QVCNTGXGPWGU ':2'0&+674'5 %WTTGPV 2NCPPKPICPFGEQPQOKEFGXGNQROGPV 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 64+$#.*175+0)52'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 +PVGTIQXGTPOGPVCNTGXGPWGU 1TKIKPCN  6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU          d  d  ':2'0&+674'5 %WTTGPV )GPGTCNIQXGTPOGPV 2WDNKE5CHGV[ 2NCPPKPICPFGEQPQOKEFGXGNQROGPV 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT  d            d       d         To Table of Contents %+6;1(%#5#)4#0&'#4+<10# *1/'*7&52'%+#.4'8'07'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 +PVGTIQXGTPOGPVCNTGXGPWGU 1TKIKPCN  6QVCNTGXGPWGU (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU                  d d      d ':2'0&+674'5 %WTTGPV 2NCPPKPICPFGEQPQOKEFGXGNQROGPV 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT  GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# &'$65'48+%'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 /KUEGNNCPGQWU 1TKIKPCN  6QVCNTGXGPWGU (KPCN d  8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU d     d d       ':2'0&+674'5 &GDV5GTXKEG 2TKPEKRCNTGVKTGOGPV +PVGTGUV 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU                 16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTKP 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT  d d d d            d         To Table of Contents %+6;1(%#5#)4#0&'#4+<10# )'0'4#.1$.+)#6+10$10&&'$65'48+%'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 2TQRGTV[VCZ 1TKIKPCN  +PXGUVOGPVGCTPKPIU 6QVCNTGXGPWGU   (KPCN #EVWCN#OQWPVU    8CTKCPEGYKVJ (KPCN$WFIGV           ':2'0&+674'5 &GDV5GTXKEG 2TKPEKRCNTGVKTGOGPV     +PVGTGUV     6QVCNGZRGPFKVWTGU            d 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# ':%+5'$10&&'$65'48+%'(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU ':2'0&+674'5 1TKIKPCN (KPCN 8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU &GDV5GTXKEG 2TKPEKRCNTGVKTGOGPV  +PVGTGUV                    6TCPUHGTUKP     6QVCNQVJGTHKPCPEKPIWUGU     d d      d 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# #+42146+/2418'/'06%#2+6#.241,'%65(70& 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 +PVGTIQXGTPOGPVCNTGXGPWGU 1TKIKPCN  6QVCNTGXGPWGU   (KPCN #EVWCN#OQWPVU    8CTKCPEGYKVJ (KPCN$WFIGV       d d                       d       d ':2'0&+674'5 %WTTGPV 2NCPPKPICPFGEQPQOKEFGXGNQROGPV %CRKVCNQWVNC[ 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT  GZRGPFKVWTGU 16*'4(+0#0%+0)5174%'5 6TCPUHGTUKP 6QVCNQVJGTHKPCPEKPIUQWTEGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1//70+6;(#%+.+6+'5&+564+%65%#2+6#.241,'%65 5%*'&7.'1(4'8'07'5':2'0&+674'5#0&%*#0)'5+0(70&$#.#0%' $7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 4'8'07'5 2TQRGTV[6CZ 1TKIKPCN  %QPVTKDWVKQPU 6QVCNTGXGPWGU  (KPCN   8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU       d      ':2'0&+674'5 %WTTGPV )GPGTCNIQXGTPOGPV %CRKVCNQWVNC[             &GDVUGTXKEG 2TKPEKRCNTGVKTGOGPV +PVGTGUV 6QVCNGZRGPFKVWTGU 'ZEGUU FGHKEKGPE[ QHTGXGPWGUQXGT WPFGT GZRGPFKVWTGU             16*'4(+0#0%+0)5174%'5 75'5 6TCPUHGTUQWV 6QVCNQVJGTHKPCPEKPIUQWTEGUCPFWUGU 0GVEJCPIGKPHWPFDCNCPEG (WPFDCNCPEGDGIKPPKPIQH[GCT (WPFDCNCPEGGPFQH[GCT    d d   d d        d         To Table of Contents 1VJGT5WRRNGOGPVCT[ +PHQTOCVKQP  5%*'&7.'1(12'4#6+105 '06'424+5'(70&5 To Table of Contents To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 9#6'4'06'424+5'(70& 5%*'&7.'1(12'4#6+105$7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 1TKIKPCN (KPCN 8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU 12'4#6+0)4'8'07'5 5GTXKEGHGGU  /KUEGNNCPGQWU 6QVCNQRGTCVKPITGXGPWGU          d      12'4#6+0)':2'05'5 2GTUQPCNUGTXKEGU     %QPVTCEVWCN     /CVGTKCNUCPFUWRRNKGU     d d   6QVCNQRGTCVKPIGZRGPUGU     1RGTCVKPIKPEQOG     d d d d                d &GRTGEKCVKQP 01012'4#6+0)4'8'07' ':2'05'5  +PVGTGUVGZRGPUG +PEQOG NQUU DGHQTGVTCPUHGTU 6TCPUHGTUQWV 0GVEJCPIGKP(WPF$CNCPEG (WPF$CNCPEGDGIKPPKPIQH[GCT (WPF$CNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 9#56'9#6'4&'8'.12/'06'06'424+5'(70& 5%*'&7.'1(12'4#6+105$7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 1TKIKPCN (KPCN 8CTKCPEGYKVJ (KPCN$WFIGV #EVWCN#OQWPVU 12'4#6+0)4'8'07'5 5GTXKEGHGGU  /KUEGNNCPGQWU 6QVCNQRGTCVKPITGXGPWGU                12'4#6+0)':2'05'5 2GTUQPCNUGTXKEGU     %QPVTCEVWCN         d d               /CVGTKCNUCPFUWRRNKGU &GRTGEKCVKQP 6QVCNQRGTCVKPIGZRGPUGU 1RGTCVKPIKPEQOG 01012'4#6+0)4'8'07' ':2'05'5  +PVGTGUVKPEQOG +PVGTGUVGZRGPUG     6QVCNPQPQRGTCVKPITGXGPWG GZRGPUG     +PEQOG NQUU DGHQTGVTCPUHGTU           d             d &GXGNQRGTHGGU 6TCPUHGTUKP 6TCPUHGTUQWV 0GVEJCPIGKP(WPF$CNCPEG (WPF$CNCPEGDGIKPPKPIQH[GCT (WPF$CNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# 5#0+6#6+10'06'424+5'(70& 5%*'&7.'1(12'4#6+105$7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 1TKIKPCN 12'4#6+0)4'8'07'5 5GTXKEGHGGU /KUEGNNCPGQWU 6QVCNQRGTCVKPITGXGPWGU      (KPCN #EVWCN#OQWPVU        8CTKCPEGYKVJ (KPCN$WFIGV     12'4#6+0)':2'05'5 2GTUQPCNUGTXKEGU %QPVTCEVWCN /CVGTKCNUCPFUWRRNKGU &GRTGEKCVKQP %NQUWTGCPFRQUVENQUWTGEQUVU 6QVCNQRGTCVKPIGZRGPUGU 1RGTCVKPIKPEQOG    d      d                    d   d   d   d          d           d 01012'4#6+0)4'8'07' ':2'05'5  +PVGTGUVKPEQOG +PVGTGUVGZRGPUG 6QVCNPQPQRGTCVKPITGXGPWG GZRGPUG +PEQOGDGHQTGVTCPUHGTU 6TCPUHGTUKP 6TCPUHGTUQWV 'ZEGUU FGHKEKGPE[ QHTGXGPWGU 0GVEJCPIGKP(WPF$CNCPEG (WPF$CNCPEGDGIKPPKPIQH[GCT (WPF$CNCPEGGPFQH[GCT          To Table of Contents %+6;1(%#5#)4#0&'#4+<10# )1.(%1745''06'424+5'(70& 5%*'&7.'1(12'4#6+105$7&)'6#0&#%67#. ;GCT'PFGF,WPG $WFIGVGF#OQWPVU 1TKIKPCN 12'4#6+0)4'8'07'5 5GTXKEGHGGU 4GPVCN )TGGPHGGU /KUEGNNCPGQWU 6QVCNQRGTCVKPITGXGPWGU        (KPCN #EVWCN#OQWPVU            8CTKCPEGYKVJ (KPCN$WFIGV       12'4#6+0)':2'05'5 2GTUQPCNUGTXKEGU %QPVTCEVWCN /CVGTKCNUCPFUWRRNKGU &GRTGEKCVKQP 6QVCNQRGTCVKPIGZRGPUGU 1RGTCVKPIKPEQOG    d     d                 d d   d d              d d  d d  d d  d d         d 01012'4#6+0)4'8'07' ':2'05'  %KV[5CNGUVCZ +PXGUVOGPVKPEQOG +PVGTGUVGZRGPUG 6QVCNPQPQRGTCVKPITGXGPWG +PEQOG NQUU DGHQTGVTCPUHGTU %QPVTKDWVKQPU 6TCPUHGTUKP 6TCPUHGTUQWV 0GVEJCPIGKP(WPF$CNCPEG (WPF$CNCPEGDGIKPPKPITGUVCVGF (WPF$CNCPEGGPFQH[GCT          To Table of Contents 1VJGT5WRRNGOGPVCT[ +PHQTOCVKQP  (+&7%+#4;(70&5 To Table of Contents To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1/$+0+0)56#6'/'061((+&7%+#4;0'6#55'65 #..#)'0%;(70&5 ,WPG &QPCVKQPU(WPF (NGZKDNG 5RGPFKPI2NCP (WPF 4+%1(WPF 6QVCN #55'65 %CUJ  +PXGUVOGPVUCVHCKTXCNWG        d  d      1VJGTNKCDKNKVKGU     6QVCNNKCDKNKVKGU     6QVCNCUUGVU .+#$+.+6+'5 0'6#55'65 *GNFKPVTWUVHQTQVJGTRWTRQUGU  d  d  d  d  To Table of Contents %+6;1(%#5#)4#0&'#4+<10# %1/$+0+0)56#6'/'06%*#0)'5+0#55'65#0&.+#$+.+6+'5 #..#)'0%;(70&5 ,WPG $CNCPEG ,WPG #FFKVKQPU $CNCPEG ,WPG &GFWEVKQPU &QPCVKQPU(WPF %CUJ  +PXGUVOGPVU 6QVCN#UUGVU        d d d d                 .KCDKNKVKGU 1VJGT.KCDKNKVKGU #EEQWPVU2C[CDNG 4+%1(WPF %CUJ d                            1VJGT.KCDKNKVKGU   d  #EEQWPVU2C[CDNG         +PXGUVOGPVU 6QVCN#UUGVU .KCDKNKVKGU 1VJGT.KCDKNKVKGU (NGZKDNG5RGPFKPI2NCP(WPF %CUJ 6QVCN#UUGVU .KCDKNKVKGU 6QVCNU#NN#IGPE[(WPFU#UUGVU %CUJ +PXGUVOGPVU 6QVCN#UUGVU                     .KCDKNKVKGU 1VJGT.KCDKNKVKGU #EEQWPVU2C[CDNG 6QVCN.KCDKNKVKGU          To Table of Contents 5VCVKUVKECN 5GEVKQP  To Table of Contents To Table of Contents 5VCVKUVKECN 5GEVKQP  %QPVGPVU 2CIG (KPCPEKCN6TGPFU 6JGUGUEJGFWNGUEQPVCKPVTGPFKPHQTOCVKQPVQJGNRVJGTGCFGTWPFGTUVCPFJQYVJG%KV[aU HKPCPEKCNRGTHQTOCPEGCPFYGNNDGKPIJCXGEJCPIGFQXGTVKOG  4GXGPWG%CRCEKV[ 6JGUGUEJGFWNGUEQPVCKPKPHQTOCVKQPVQJGNRVJGTGCFGTCUUGUUVJG%KV[ UOQUVUKIPKHKECPVNQECN TGXGPWGUQWTEGUCNGUVCZ  &GDV%CRCEKV[ 6JGUGUEJGFWNGURTGUGPVKPHQTOCVKQPVQJGNRVJGTGCFGTCUUGUUVJG CHHQTFCDKNKV[QHVJG%KV[aUEWTTGPVNGXGNUQHQWVUVCPFKPIFGDVCPFVJG %KV[aUCDKNKV[VQKUUWGCFFKVKQPCNFGDVKPVJGHWVWTG  &GOQITCRJKEUCPF'EQPQOKE+PHQTOCVKQP 6JGUGUEJGFWNGUEQPVCKPUGTXKEGCPFKPHTCUVTWEVWTGFCVCVQJGNRVJG TGCFGTWPFGTUVCPFJQYVJGKPHQTOCVKQPKPVJG%KV[aUHKPCPEKCNTGRQTV TGNCVGUVQVJGUGTXKEGUVJG%KV[RTQXKFGUCPFVJGCEVKXKVKGUKVRGTHQTOU  1RGTCVKQPU 6JGUGUEJGFWNGUEQPVCKPUGTXKEGCPFKPHTCUVTWEVWTGFCVCVQJGNRVJG TGCFGTWPFGTUVCPFJQYVJGKPHQTOCVKQPKPVJG%KV[aUHKPCPEKCNTGRQTV TGNCVGUVQVJGUGTXKEGUVJG%KV[RTQXKFGUCPFVJGCEVKXKVKGUKVRGTHQTOU  To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG 0GV2QUKVKQPD[%QORQPGPV .CUV6GP(KUECN;GCTU CEETWCNDCUKUQHCEEQWPVKPI ,WPG      )QXGTPOGPVCNCEVKXKVKGU 0GVKPXGUVOGPVKP%CRKVCN#UUGVU  4GUVTKEVGF   7PTGUVTKEVGF 6QVCNIQXGTPOGPVCNCEVKXKVKGUPGVCUUGVU                                      $WUKPGUUV[RGCEVKXKVKGU 0GVKPXGUVOGPVKP%CRKVCN#UUGVU 4GUVTKEVGF  7PTGUVTKEVGF 6QVCNDWUKPGUUV[RGCEVKXKVKGUPGVCUUGVU                              2TKOCT[IQXGTPOGPV 0GVKPXGUVOGPVKP%CRKVCN#UUGVU 4GUVTKEVGF  7PTGUVTKEVGF 6QVCNRTKOCT[IQXGTPOGPVPGVCUUGVU                     To Table of Contents                                                                                                 To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG %JCPIGUKP0GV2QUKVKQP .CUV6GP(KUECN;GCTU CEETWCNDCUKUQHCEEQWPVKPI ,WPG      )QXGTPOGPVCN#EVKXKVKGU 'ZRGPUGU )GPGTCNIQXGTPOGPV           2WDNKEUCHGV[      5VTGGVU6TCPURQTVCVKQP      2WDNKEYQTMU      %WNVWTGCPFTGETGCVKQP      'EQPQOKEFGXGNQROGPV                +PVGTGUVQPNQPIVGTOFGDV 6QVCNGZRGPUGU 2TQITCO4GXGPWGU %JCTIGUHQTUGTXKEGU )GPGTCNIQXGTPOGPV      2WDNKEUCHGV[      5VTGGVU6TCPURQTVCVKQP      2WDNKEYQTMU      %WNVWTGCPFTGETGCVKQP      &GXGNQROGPVHGGU      $WKNFKPIRGTOKVU      &GXGNQROGPVCPFGPIKPGGTKPI      1VJGTGEQPQOKEFGXGNQROGPV      1RGTCVKPIITCPVUCPFEQPVTKDWVKQPU %CRKVCNITCPVUCPFEQPVTKDWVKQPU 6QVCNRTQITCOTGXGPWGU 6QVCN)QXGTPOGPVCN#EVKXKVKGU0GV2TQITCO'ZRGPUG                          )GPGTCN4GXGPWGUCPF1VJGT%JCPIGUKP0GV2QUKVKQP 2TQRGTV[VCZGU      5CNGUVCZGU                (TCPEJKUGVCZGU 5JCTGFTGXGPWGU 5VCVGUCNGUVCZGU 7TDCPTGXGPWGUJCTKPI      #WVQKPNKGW      +PXGUVOGPVGCTPKPIU      )CKPQPUCNGUQHCUUGVU  d d d d /KUEGNNCPGQWU      6TCPUHGTU           6QVCNIGPGTCNTGXGPWGUCPFQVJGTEJCPIGUKPPGVRQUKVKQP 6QVCN)QXGTPOGPVCN#EVKXKVKGU%JCPIGKP0GV2QUKVKQP            To Table of Contents                                                                  d d                        d d                                                                 d d d d d                          To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG %JCPIGUKP0GV2QUKVKQP .CUV6GP(KUECN;GCTU CEETWCNDCUKUQHCEEQWPVKPI ,WPG      $WUKPGUUV[RG#EVKXKVKGU 'ZRGPUGU 9CVGT           )QNHEQWTUG     9CUVGYCVGT      5CPKVCVKQP           6QVCNGZRGPUGU  4GXGPWGU %JCTIGUHQTUGTXKEGU 9CVGT      )QNHEQWTUG      9CUVGYCVGT      5CPKVCVKQP                5CNGUVCZGU +PXGUVOGPVGCTPKPIU /KUEGNNCPGQWU %CRKVCNITCPVUCPFEQPVTKDWVKQPU 6QVCNTGXGPWGU 6QVCN$WUKPGUUV[RG#EVKXKVKGU0GV2TQITCO'ZRGPUG  1VJGT%JCPIGUKP0GV2QUKVKQP 6TCPUHGTU         d                     6QVCN$WUKPGUUV[RG#EVKXKVKGU%JCPIGKP0GV2QUKVKQP           6QVCN2TKOCT[)QXGTPOGPV%JCPIGKP0GV2QUKVKQP            To Table of Contents ,WPG                                                                                                                     To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG (WPF$CNCPEGU)QXGTPOGPVCN(WPFU .CUV6GP(KUECN;GCTU OQFKHKGFCEETWCNDCUKUQHCEEQWPVKPI      )GPGTCN(WPF 4GUGTXGF  7PTGUGTXGF 0QPURGPFCDNG       d  d    d d d d d    4GUVTKEVGF d d d  %QOOKVVGF d d d  d #UUKIPGF d d d d  7PCUUKIPGF d d d   6QVCNIGPGTCNHWPF           #NN1VJGT)QXGTPOGPVCN(WPFU 4GUGTXGF    d d 5RGEKCNTGXGPWGHWPFU    d d %CRKVCNRTQLGEVUHWPFU    d d 0QPURGPFCDNG d d d   4GUVTKEVGF d d d   %QOOKVVGF d d d   #UUKIPGF d d d   7PCUUKIPGF d d d   7PTGUGTXGFTGRQTVGFKP 6QVCNCNNQVJGTIQXGTPOGPVCNHWPFU           ':*NQMFNFOUBUJPOPG("4#'VOE#BMBODF$MBTTJGJDBUJPO  To Table of Contents    d   d   d   d  d d d d d d     d    d  d d d d                       d  d  d  d  d  d d d d d d d d d d            d d d                      To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG %JCPIGUKP(WPF$CNCPEGU)QXGTPOGPVCN(WPFU .CUV6GP(KUECN;GCTU OQFKHKGFCEETWCNDCUKUQHCEEQWPVKPI      4GXGPWGU 6CZGU  .KEGPUGUCPFRGTOKVU               +PVGTIQXGTPOGPVCNTGXGPWGU      %JCTIGUHQTUGTXKEGU           5RGEKCNCUUGUUOGPVU    d d +PXGUVOGPVGCTPKPIU      4GPVCNCPFUCNGQHEKV[RTQRGTV[                (KPGU 1VJGTTGXGPWGU 6QVCNTGXGPWGU 'ZRGPFKVWTGU )GPGTCNIQXGTPOGPV           5VTGGVU6TCPURQTVCVKQP      2WDNKEYQTMU      2WDNKEUCHGV[ %WNVWTGCPFTGETGCVKQP      2NCPPKPICPFGEQPQOKEFGXGNQROGPV                          %CRKVCNQWVNC[ &GDVUGTXKEG 2TKPEKRCN +PVGTGUV 6QVCNGZRGPFKVWTGU 1VJGT(KPCPEKPI5QWTEGU 7UGU 6TCPUHGTUKP      6TCPUHGTUQWV      %CRKVCNNGCUGU d d d d  $QPFKUUWCPEG     d     d d d d d d $QPFKUUWCPEGEQUVU 2C[OGPVVQGUETQYCIGPV 5CNGQHNCPF 6QVCNQVJGTHKPCPEKPIUQWTEGU WUGU 0GVEJCPIGKPHWPFDCNCPEGU &GDVUGTXKEGCUCRGTEGPVCIGQH PQPECRKVCNGZRGPFKVWTGU    d d d                     To Table of Contents                                     d d d d d                                                                                  d d d d d d   d d d d  d d d d  d d d d d d                     To Table of Contents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o Table of Contents (KUECN;GCT 6CZ2CKF    (KUECN;GCT 2GTEGPVCIG QH6QVCN   6CZ2CKF  (KUECN;GCT 2GTEGPVCIG QH6QVCN   6CZ2CKF 2GTEGPVCIG QH6QVCN                                                                  To Table of Contents To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG &KTGEVCPF1XGTNCRRKPI5CNGU6CZ4CVGU #UQH,WPG 4CVGU 6[RGQH6CZ 2TKXKNGIGVCZGZEGRVTGVCKNWVKNKVKGUCPF VGNGEQOOWPKECVKQP 4GVCKN GZENWFKPIHQQFUCNGU %KV[ 5VCVGCPF 2KPCN%QWPV[ %QODKPGF       D 4GVCKNRTKXKNGIGVCZHQTUKPINGKVGO QXGT    *QVGN/QVGN    4GUVCWTCPV$CT    7VKNKVKGU6GNGEQOOWPKECVKQPU    %QPUVTWEVKQP     ICN 0# %QOOGTEKCN    4GUKFGPVKCN  d     ,GV(WGN C 4GCN2TQRGTV[4GPVCN #NN1VJGT5GTXKEGU0QV5RGEKHKGF C +PENWFGUCVCZQPEQPUVTWEVKQPEQPVTCEVKPICEVKXKVKGUVJGWUGQHYJKEJKUTGUVTKEVGFVQRC[KPIEQUVU TGNCVGFVQCESWKUKVKQPQHECRKVCNCUUGVUCPFKORTQXGOGPVUKPENWFGFKPVJG%KV[ U%CRKVCN+ORTQXGOGPV 2NCP D +PENWFGUVJGVYQVGPVJU  QHQPGRGTEGPV  'EQPQOKE&GXGNQROGPVCPF4GETGCVKQP'ZEKUG6CZ6JG UCNGQHCUKPINGKVGOQXGTKUVCZGFCVHQTVJGHKTUVVJGPVJGTCVGFTQRUVQHQTVJG VCZCDNGCOQWPVGZEGGFKPI 4PVSDFT$JUZPG$BTB(SBOEF'JOBODF%FQBSUNFOUBOE"SJ[POB%FQBSUNFOUPG3FWFOVF  To Table of Contents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o Table of Contents $WUKPGUUV[RG#EVKXKVKGU %CRKVCN .GCUGU           0QVGU 2C[CDNG           6QVCN 2TKOCT[ )QXGTPOGPV           2GTEGPVCIG QH2GTUQPCN +PEQOG C           2GT %CRKVC C            To Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG 4CVKQQH)GPGTCN$QPFGF&GDV1WVUVCPFKPI .CUV6GP(KUECN;GCTU (KUECN ;GCT )GPGTCN 1DNKICVKQP $QPFU 'UVKOCVGF #EVWCN8CNWG QH2TQRGTV[ C 2GTEGPVCIGQH 'UVKOCVGF #EVWCN8CNWG QH2TQRGTV[ )GPGTCN $QPFGF&GDV 2GT%CRKVC D 4GUVTKEVGF HQT2TKPEKRCN 2C[OGPV                                                                                                                                       C 5QWTEG2KPCN%QWPV[#UUGUUQT UTGEQTFU D 'UVKOCVGFRQRWNCVKQPQH/KUUKQP4Q[CNG%(& 'UVKOCVGFRQRWNCVKQPQH8KNNCIQ%(& 5QWTEG%KV[QH%CUC)TCPFG&GXGNQROGPV%GPVGT   E +PENWFGUCNN%KV[$QPFGFFGDVPGVQHCUUGVUTGUVTKEVGFHQTRC[OGPVQH RTKPEKRCN 2QRWNCVKQPQH%CUC)TCPFG   )GPGTCNQDNKICVKQPDQPFUYGTGKUUWGFD[VJG/KUUKQP4Q[CNG%QOOWPKV[ (CEKNKVKGU&KUVTKEVKPCPFVJG8KNNCIQ%QOOWPKV[(CEKNKVKGU&KUVTKEVKP CPF6JGUGDQPFUYKNNDGTGRCKFD[VJGRTQRGTV[QYPGTUYKVJKPVJG %(&U CPFCTGQDNKICVKQPUQHVJGFKUVTKEVUQPN[  )GPGTCNQDNKICVKQPDQPFUYGTGKUUWGFD[VJG%KV[QH%CUC)TCPFGKP,WPG CPF,WN[  To Table of Contents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o Table of Contents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o Table of Contents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o Table of Contents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o Table of Contents 5EJGFWNG %KV[QH%CUC)TCPFG 6CZ4CVG&CVC .CUV6GP(KUECN;GCTU (KUECN ;GCT %KV[ U2TKOCT[ 6CZ4CVG2GT #UUGUUGF %KV[ U5GEQPFCT[ 6CZ4CVG2GT #UUGUUGF %KV[ U6QVCN 6CZ4CVG2GT #UUGUUGF                                         5QWTEG%KV[QH%CUC)TCPFG  To Table of Contents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5QWTEGU8CTKQWU%KV[FGRCTVOGPVU  To Table of Contents To Table of Contents %QORNKCPEG 5GEVKQP  To Table of Contents To Table of Contents INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Honorable Mayor and City Council City of Casa Grande, Arizona We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Casa Grande, Arizona, (City), as of and for the year ended June 30, 2017, and the related notes to the financial statements, which collectively comprise City of Casa Grande’s basic financial statements, and have issued our report thereon dated December 12, 2017. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered City of Casa Grande, Arizona's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of City of Casa Grande, Arizona’s internal control. Accordingly, we do not express an opinion on the effectiveness of City of Casa Grande, Arizona’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit, we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Tempe • Scottsdale • Casa Grande www.hhcpa.com To Table of Contents Compliance and Other Matters As part of obtaining reasonable assurance about whether City of Casa Grande, Arizona's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Casa Grande, Arizona December 12, 2017 To Table of Contents INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE To the Honorable Mayor and City Council City of Casa Grande, Arizona Report on Compliance for Each Major Federal Program We have audited City of Casa Grande, Arizona’s compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the City of Casa Grande, Arizona’s major federal programs for the year ended June 30, 2017. The City of Casa Grande, Arizona’s major federal program is identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs. Auditors’ Responsibility Our responsibility is to express an opinion on compliance for the City of Casa Grande, Arizona’s major federal program based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the City of Casa Grande, Arizona’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for the major federal program. However, our audit does not provide a legal determination of the City of Casa Grande, Arizona’s compliance. Tempe • Scottsdale • Casa Grande www.hhcpa.com To Table of Contents Opinion on Each Major Federal Program In our opinion, the City of Casa Grande, Arizona, complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on its major federal program for the year ended June 30, 2017. Report on Internal Control Over Compliance Management of the City of Casa Grande, Arizona, is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City of Casa Grande, Arizona’s internal control over compliance with the types of requirements that could have a direct and material effect on the major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City of Casa Grande, Arizona’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. Casa Grande, Arizona December 12, 2017 To Table of Contents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o Table of Contents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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 016'5615%*'&7.'1(':2'0&+674'51(('&'4#.#9#4&5 ;GCTGPFGF,WPG 016'$#5+51(#%%1706+0) 6JGCEEQORCP[KPI5EJGFWNGQH'ZRGPFKVWTGUQH(GFGTCN#YCTFUKPENWFGUVJGHGFGTCNITCPVCEVKXKV[QHVJG%KV[QH%CUC )TCPFG VJGb%KV[c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o Table of Contents %+6;1(%#5#)4#0&'#4+<10# 5%*'&7.'1((+0&+0)5#0&37'56+10'&%1565 ;'#4'0&'&,WPG 5'%6+10+57//#4;1(#7&+6145a4'57.65 (KPCPEKCN5VCVGOGPVU 6[RGQHCWFKVQTUaTGRQTVKUUWGF +PVGTPCNEQPVTQNQXGTHKPCPEKCNTGRQTVKPI N /CVGTKCNYGCMPGUU GU KFGPVKHKGF! 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