SCHOOL BOARD MEETING AGENDA PACKET - … · handbook and assist us in making Hendry County the...

430
SCHOOL BOARD MEETING AGENDA PACKET FOR June 23, 2015 THE SCHOOL BOARD OF HENDRY COUNTY, FLORIDA Dwayne E. Brown, Chairman District 1 Sally Berg, Vice Chairman District 2 John Benkert District 3 Stephanie Busin District 4 Jon Basquin District 5 Paul K. Puletti, Superintendent

Transcript of SCHOOL BOARD MEETING AGENDA PACKET - … · handbook and assist us in making Hendry County the...

SCHOOL BOARD MEETINGAGENDA PACKET

FOR

June 23, 2015

THE SCHOOL BOARD OF HENDRY COUNTY,FLORIDA

Dwayne E. Brown, Chairman District 1Sally Berg, Vice Chairman District 2John Benkert District 3Stephanie Busin District 4Jon Basquin District 5

Paul K. Puletti, Superintendent

The mission of the Hendry County School District is to provide all students the opportunity to achieve at highacademic levels, equipping them to successfully pursue college or career goals.

Hendry County School BoardRegular Meeting

Tuesday, June 23, 20155:30 p.m.

Hendry Co. Courthouse, 2nd Fl., 25 E. Hickpochee, LaBelle, FL

AGENDA ITEMS

1. CALL TO ORDER

2. INVOCATION AND PLEDGE

3. RECOGNITION – LaBelle Area Retirees

4. CITIZEN COMMENT ON AGENDA ITEMS

5. ITEMS FOR ACTION

a. Plans –1) 2015-16 Code of Student Conduct2) 2015-16 Student Progression Plan3) Exceptional Student Education Policies & Procedures (SP&P) 2014-2015 through 2016-2017

b. Personnel – Recommendations

6. CONSENT AGENDA

a. Minutes – 6/9/15

b. Correspondence & Reports –

1) Donations2) Educational Trip Requests

c. Financial Affairs –1) Approval of Purchases2) Bills (6/23/15)3) Deletion of Property Record Items from Inventory4) Internal Account Purchase Requests5) First Bank Line of Credit Resolution6) Permission to pay the bills on 6/30/15

7. CAPITAL OUTLAY PROJECTS – Update

8. BOARD MEMBER BUSINESS

9. ADJOURNMENT

N O T I C E1. Any person who desires to appeal any decision made by the School Board with respect to any matter considered at the above-noticed meeting will need a record of the proceedings, and for

such purposes may need to ensure that a verbatim record of the proceedings is made, such record includes the testimony and evidence upon which an appeal may be based.

2. This is a formal notification to the public, that written information associated with the meeting is available in alternate formats upon request, i.e., large print, Braille, etc., and auxiliary aids areavailable upon request, i.e., assistive learning device systems, sign language interpreters, etc. All services are available upon a 72 hour advanced notice. Please contact county personnel at863/902-4244.

RECOGNITION – LaBelle Area Retirees

Paul Burton, LES Teacher – 26 years

Tina Hernandez, LES Teacher – 25 years

Linda Ruble, LMS Paraprofessional – 30 years

HENDRYCOUNTY

2014-152015-16CODE OF STUDENT

CONDUCTThe School Board of Hendry County, Florida prohibits any policy or procedure, which results in discrimination on thebasis of race, sex, national origin, marital status, disability, age, or religion. Individuals who wish to file a discriminationand/or harassment complaint, or individuals with disabilities requesting accommodations under the Americans WithDisabilities Act (ADA) may call the equity officer at (863) 674-4550.

To Parents, Students and Citizens of Hendry County:

This Code of Student Conduct approved by your Hendry County School Board ispresented as a means to clarify and outline expected student behavior.

My wish is that each of you will become familiar with the various aspects of thehandbook and assist us in making Hendry County the finest school system inFlorida.

Please be advised that there may be supplemental rules and variances toaccommodate the uniqueness of an individual school. Supplemental rules, eventhough they are over and above those specified in this Hendry County code, doagree totally with the concepts and policies that are in the Hendry County Code ofStudent Conduct.

Paul K. PulettiSuperintendent of Schools

CODE OF STUDENT CONDUCT

THE SCHOOL BOARD OF

HENDRY COUNTY

Patrick B. LangfordDwayne E. Brown, ChairmanJohn PerrySally Berg, Vice Chairman

Jon BasquinSally BergJohn Benkert

Dwayne E. BrownStephanie Busin

Paul K. Puletti, Superintendent

Dear Parent or Guardian:

The Hendry County Code of Student Conduct and Agreement for Acceptable Use was developed by acommittee of students, parents, teachers and administrators.

The code clearly identifies most of the student behavior problems prevalent in school, school activities,school transportation and policies for acceptable use of electronic resources and communication. It alsooutlines what the penalty is for misconduct and inappropriate behavior.

It is our intention that you read the code not from a negative point of view but rather with the attitude thatparents and students deserve to know the rules and then act accordingly.

Any student, parent or guardian alleging unfair and/or discriminatory treatment may file a written complaintwith the school and District. Complaint forms are available at every school, the Main District office, Sub-District office or may download the form from the District’s web-site. These complaints will be filed and willbe available for review for a minimum of five years.

Students are also expected to adhere to the policies and procedures outlined in the School Board of HendryCounty Information Technology Policies and Procedures Manual. A copy of this manual can bedownloaded from the Hendry County Schools website, Hendry-Schools.org, or obtained from the school.

After reading the code, please sign and return this form to the school within five days.

Name of Student_______________________________ Grade ____________

Parent/Guardian________________________________ Date _____________

Teacher ________________________________

Estimados padres o custodios:

El Codigo de las Reglas de Conducta y Acuerdos Aceptables para los estudiantes del condado de Hendryfue desarrollado por un grupo de padres, estudiantes, maestros y directores. Esta guia de reglas identificavarios problemas de comportamiento cometidos por los estudiantes durante la escuela, las actividadesescolares especiales y en los autobuses. Tambien sirve para informarles acerca de las consecuencias demala conducta y las polizas aceptables para el uso de recursos electronicos y medios de comuntcacion.

Esperamos que ustedes lean esta guia con una actitud positiva para que ustedes y sus hijos conozcan losreglamentos disciplinarios y procedan al respecto.

Despues de haber leido este codigo de conducta, por favor firmelo y devuelvalo al colegio de su hijo/hijadentro de cinco dias.

Para adquirir una copia del codigo de conducta en espanol comuniquense con la escuela de su hijo(a).

RELEASE OF DIRECTORY INFORMATIONThe School Board of Hendry County, Florida

The School Board of Hendry County, Florida may release the following “directory information” without yourpermission unless you notify the principal in writing by August 31, 2015. Upon request, military recruiterswill be provided with your child’s name, address, and telephone listing unless you advise your child’s schoolnot to release their information to any military recruiter.

Directory Information is defined as: student’s name; address; telephone number; current or most recentschool attended; date of birth; weight and height of members of athletic teams; honors and awardsreceived; participation in officially recognized activities and sports; and grade level.

In addition, your child’s photograph or a video of your child or displays of their work may be released to themedia to publish your child’s accomplishments, achievements or participation in school events. In addition,your child’s picture may be displayed in District-sponsored publications.

Under the provisions of the Family Educational Rights and Privacy Act, you have the right to withhold therelease of the directory information listed above. If you decide you do not want the school to release theinformation listed above, please indicate here your request to withhold the items listed above. You mayrequest that directory information not be released except for having your child’s name and photographyappear in the school yearbook.

I do not want my child’s directory information released, including but not limited to any militaryrecruiter.

I do not want my child’s directory information released to the public for media articles about studentsand schools, television stories about students and schools.

I do not want my child’s directory information released except for the following purposes:o school yearbook (Local)o school website (Local/District)o school newsletter and newspapers (Local/District)o school newscasts (Local)o newspaper articles about students and schools (Local/District)o television stories about students and schools (Local/District)

Parent Name: ________________________________ Parent Signature: ________________________

Student Name: _______________________________

School Name: _______________________________ Grade: _______ Date: ____________

If this form is not received by the school principal by August 31, 2015, it will be assumed that the aboveinformation may be released. Please note that, notwithstanding the completion and submission of thisdocument directory information may be released to local, state, and federal law enforcement agencies tothe extent disclosure is permissible by the Family Educational Rights and Privacy Act.

Formatted: Centered

Formatted: Justified

Formatted: List Paragraph, Justified, Bulleted+ Level: 1 + Aligned at: 0.25" + Indent at:0.5"

Formatted: List Paragraph, Justified, Bulleted+ Level: 1 + Aligned at: 0.75" + Indent at: 1"

Formatted: Justified

Formatted: Justified, Tab stops: 4", Left

Formatted: Font: (Default) Arial, 11 pt

TABLE OF CONTENTS

INTRODUCTION

CHAPTER 1

What Is The Code Of Student Conduct And Why Do We Need It? 1

What Does The Code Describe As A Good School Environment? 1

What Roles Do The Home, Student, And School Have In Establishing This Environment? 2

What Type of Informal Disciplinary Actions Are Recognized In The Code? 2

What Type of Formal Disciplinary Actions Are Recognized In The Code? 3

What Safeguards Protect The Rights Of Students and Parents? 4

Agreement for Acceptable Use 5

Discipline Procedures For Handicapped Students 7

CHAPTER 2

Appeal Process for School Board Decisions 10

What Types of Violations Disrupt The Educational Process? 10

Reporting of Crimes And/or Disruptive Behavior 16

Off-Camus Felony Offenses 17

Individuals with Disabilities in Education Act (IDEA); Students with a 504 Plan 18

Behavior On The Bus 18

School Bus TV Monitoring System 18

Dispensing of Medication 19

Summary of Related Board Rules 19

Glossary 20

CHAPTER 3

Child Abuse 22

Student Rights & Responsibilities 22

Curriculum 23

Consultation 23

Student Records 24

Attendance 26

Grades 26

Free Speech/Expression 27

Student Government 27

Search and Seizure 28

Sexual Harassment 28

Teen Dating Violence and Abuse 29

Grievance 30

Marriage, Pregnancy & Parenthood 30

School Dress 30

TABLE OF CONTENTS CONTINUED

Chapter 4

Records 32

What Are The Rights Of A Parent? 32

What Information is Released Without Parent Permission? 33-

Parents Right to Know 33

Health Related Services 34

Student Code of Conduct Committee Members 35

Drug and Alcohol Counseling 35

Comprehensive Health Education 36

Notification Requirements for Students’s Who Are Removed from School, School Transportation, or School-Sponsored Activity and Taken to a Facility for an Involuntary Examination Under the Baker Act 36

Keys to Your Character 37

Non-Discrimination Statement 38

INTRODUCTION

The Hendry County School Board has adopted the following:

Mission

The mission of the Hendry County School District, located in the agricultural heartland of South Florida, is toprovide quality educational opportunities for children, our most valuable resource, in a diverse, caring, and safeenvironment, where students maximize their academic growth and achievement.is to provide all students theopportunity to achieve at high academic levels, equipping them to successfully pursue college or career goals.

Vision

Hendry County School District will perform at a level that consistently places the District in the top of the state,leaving no student behind, and moving all students toward excellence.The vision of the Hendry County SchoolDistrict is to create a district where students want to learn, parents want to send their children, teachers want toteach, and employees want to work by a commitment to:

Academic Achievement – Student academic engagement at the highest level reflecting college and careerreadiness.

Instructional Effectiveness – Teachers and leadership creating a climate of rigor, relevance, and high expectationsbased on state and national standards.

Collaboration – Working with parents and community stakeholders to create a working partnership for academicexcellence and student success.

Culture – Cultural diversity respected by all and individual strengths are maximized in a safe and secureenvironment.

Belief Statements

* Children come first in decision making.* All children can learn.* High expectations for all lead to success.* A safe and caring learning environment is essential.* Everyone deserves respect and is important to the educational process.* Open and honest communication is essential.* Improvement must be continuous and change must reflect best practice.* Education should promote responsible citizenship and ethical behavior.* Our schools are a valued investment.

Guiding Principles

* The needs of our students come first.* Decisions must reflect our belief and mission statements.* All individuals must be treated with respect.* All communication must be direct and honest.* We expect professional standards to guide our actions, and we will always adhere to our code of ethics.* Decisions must reflect effective resource management, sound fiscal practices, and include a cost benefit

analysis.

In addition the district will provide a school environment that protects the students’ health, safety, and civil rights; that isdrug and threat free; and presents a friendly, caring atmosphere conducive to learning and growing.

The purpose of this document is to assist students, parents, teachers, and school administrators in the maintenance ofan environment which will enhance the achievement of this objective. To be fully effective, the Code of StudentConduct will be communicated annually with updated polices and standards by distributing to all students, parents, andstaff at the beginning of the school year; and by addresses addressing not only the role of the parents, the students,and the school but specified areas relative to the following:

1. the grounds for disciplinary action;

2. the procedures to be followed for acts requiring discipline, including corporal punishment;

3. the responsibilities and rights of students.

You are encouraged to read and develop a thorough understanding of the details presented in this publication.

-CHAPTER 1-

WHAT IS THE CODE OFSTUDENT CONDUCT AND WHY

DO WE NEED IT?

Students need an environment that is positive for learning and considers the safety, health, and well-being of allstudents, parents, and staff. To help provide and maintain that environment, the Code of Student Conduct:

-Describes that positive environment.

-Specifies conduct which is disruptive of such an environment.

-Standardizes those procedures which the school will use in responding to conduct problems.

-Assures equally the rights of students in disciplinary situations.

-Specifies the student’s rights and responsibilities.

As students progress through our public schools, it is reasonable to assume that an increase in age and maturitycarries with it a greater responsibility for one’s actions. Differences in age and maturity are recognized in determiningthe type of disciplinary action to be taken. However, the procedures outlined in the Code apply to all students ingrades K-12.

The Code is in force during regular school hours as well as at such times, places, and other activities whereappropriate school administrators have jurisdiction over students, including, but not limited to, school-sponsoredevents, field trips, and athletic functions.

With respect to student conduct while being transported on school buses, it should be understood that students aresubject to denial of the privilege of riding a school bus for violation of appropriate standards, even if they are nototherwise denied educational participation. Transportation privileges may be restored by the principal, following aconference with the parent and student when, there is a good reason to believe the conduct in question will not recur.

WHAT DOES THE CODEDESCRIBE AS A GOOD SCHOOL ENVIRONMENT?

Good order and discipline are best thought of as being positive, not negative; of helping a student to adjust, rather thanto punish; and of turning unacceptable conduct into acceptable conduct. Order and discipline may be described as theabsence of distractions, frictions, and disturbances which interfere with the effective functioning, including the safetyand health, of the student, the class, and the school. It is also the presence of a friendly yet businesslike atmospherein which students and school personnel work cooperatively toward mutually recognized and accepted goals.

1

WHAT ROLES DO THE HOME, STUDENT, ANDSCHOOL HAVE IN ESTABLISHING THIS

ENVIRONMENT?

The Code recognizes the need for cooperative relationships between student, parent, and educator. This relationshipis exemplified as follows:

PARENTS/GUARDIANS WHO- keep in regular communication with the school concerning their child’s conduct and progress;- insure that their child is in daily attendance and report and explain an absence to the school;- provide their child with the resources needed to complete classwork;- assist their child in being well-groomed, neat, and clean;- bring to the attention of school authorities any problem or condition which affects their child or other children- of the school community;- discuss report cards and work assignments with their child.

STUDENTS WHO- attend all classes daily and are on time;- are prepared to come to class with appropriate working materials and are respectful to all individuals and

property;- refrain from profane or inflammatory statements or obscene gestures;- conduct themselves in a safe and responsible manner;- are well-groomed, clean, and neat;- abide by the rules and regulations set forth by the school and individual classroom teachers;- seek changes in an orderly and recognized manner.

SCHOOLS THAT- encourage the use of good guidance procedures;- maintain an atmosphere conducive to good behavior;- exhibit an attitude of respect for students;- plan a flexible curriculum to meet the needs of all students and promote effective training or discipline based

upon fair and impartial treatment of all students;- develop a good working relationship among staff and with students;- endeavor to involve the entire community in order to improve the quality of life therein.

WHAT TYPE OF INFORMAL DISCIPLINARYACTIONS ARE RECOGNIZED IN THE CODE?

A major consideration in the application of the code is that the most appropriate disciplinary action taken by schoolofficials is the least extreme measure that can resolve the discipline problem. Teachers and administrators strive touse a variety of informal disciplinary/guidance steps prior to formal disciplinary action. Some of these methods includethe following:

- Teacher-student conference.- Teacher-parent conference or contact.- Counselor-student conference.- Counselor-parent conference or contact.- Administrator-student conference.- Administrator-student-teacher conference.- Administrator-parent conference or contact.- Administrator-student-parent conference.- Student-program adjustment.

2

WHAT TYPE OF FORMALDISCIPLINARY ACTIONS ARERECOGNIZED IN THE CODE?

The Code of Student Conduct recognizes five additional strategies which may be used as an alternative to suspendinga student or as a follow-up to suspension or temporary removal from class.

DETENTION HALL - A school may elect to provide a Detention Hall as an alternative to suspension for certainconduct. Each school specifies those types of conduct for which Detention Hall may be assigned for any one conductproblem. It should be emphasized that due to problems of transportation and supervision, Detention Halls may not beoffered in all schools. Detention Hall may include any program outside the normal student/school day and may includebut is not limited to after-school or Saturday-school.

BEHAVIORAL PROBATION - Any student involved in a violation of the Code of Student Conduct may be placed onBehavioral Probation in addition to, or in place of, suspension from school. The student on Behavioral Probation maybe denied participation in extracurricular activities and will be assigned to report frequently to a specified staff memberwho will assist in monitoring the student’s adjustment to the school situation during this probationary period.

WORK ASSIGNMENT - A school may elect to provide the student with an opportunity to perform supervised activitiesrelated to the upkeep and maintenance of school facilities instead of suspension. This alternative is not to exceed 10hours of work. The student and parents may request this alternative; however, the decision rests with the principal.

CORPORAL PUNISHMENT (PADDLING) - Subject to rules of the District School Board, the principal or his/herdesignated representative may administer corporal punishment in attempting to comply with his/her responsibility forcontrolling and disciplining students assigned to him/her.

In accordance with the provisions of s.1003.32, corporal punishment of a public school student may only beadministered by a teacher or school principal within guidelines of the school principal and according todistrict school board policy. Another adult must be present and must be informed in the student’s presenceof the reason for the punishment. Upon request, the teacher or school principal must provide the parent awritten explanation of the reason for the punishment and the name of the other adult who was present.

A district school board having a policy authorizing the use of corporal punishment as a form of disciplineshall review its policy on corporal punishment once every 3 years during a district school board meetingheld pursuant to s. 1001.372. The district school board shall take public testimony at the board meeting. Ifsuch board meeting is not held in accordance with this subparagraph, the portion of the district schoolboard’s policy authorizing corporal punishment expires.

Parents may request an exemption from corporal punishment be placed in the student file. An exemptionfrom corporal punishment may not be removed without written authorization from the parent.

Upon request, the parent has a right to a written explanation of the reason for corporal punishment and thename of the other teacher or administrator who witnessed the act.

ALTERNATIVE MEASURES - Subject to the rules of the District School Board, the principal or his/her designee mayrecommend educational alternatives as deemed appropriate for individual students on a case-by-case basis.Alternatives may be provided in lieu of denial of education participation.

DENIAL OF EDUCATION PARTICIPATION - In order to maintain effective learning conditions, the Code alsorecognizes that it may be necessary to deny a student educational participation for varying periods of time for reasonsof persistent disobedience and/or gross misconduct. If a student is denied educational participation, effort will beexerted to determine and resolve the causes of the problem so that the student might return to school and theclassroom. There are two possible types of denial of educational participation:

1. SHORT-TERM SUSPENSION FROM SCHOOL;

2. EXPULSION FROM SCHOOL.

3

The following describes these actions:

SHORT TERM SUSPENSION - A school principal may suspend a student from school for up to 10 school days forpersistent disobedience and/or gross misconduct. Principals take this action when they have exhausted informaldisciplinary strategies or when they have at least considered those alternatives and rejected them as inappropriate in agiven situation.

EXPULSION - A school principal may request the superintendent to recommend the expulsion of a student. This isthe most serious disciplinary step available. It denies the student attendance in any and all programs of the HendryCounty Public Schools for a period not to exceed the limitations as prescribed by the Florida Statutes.

ACADEMY PLACEMENT – A recommendation for academy placement and an alternative educational plan may bemade by the school’s principal, student’s child study team or IEP (Individual Educational Plan) placement committeeand referred to the superintendent or his/her designee for approval. Academy placement may be considered for any ofthe following reasons: in-lieu of expulsion for an expellable offense, habitual truancy, or chronic disruptive behavior.Documentation of student behavior and interventions, due process procedures, and parent notice must precede anyrecommendation for placement. Additional details of the academy placement process may be found in the PupilProgression Plan.

WHAT SAFEGUARDS PROTECTTHE RIGHTS OF STUDENTS AND PARENTS?

When disciplinary actions reach the level of corporal punishment or suspension of a student, it should be noted thatthe following procedural steps are designed to protect the interest of the student.

A good faith effort will be made by the principal to employ parental assistance or other alternative measures prior tosuspension, except in the case of emergency or disruptive conditions which require immediate suspension.

The student shall have the right to be- advised why he/she is being suspended;- provided an opportunity to refute the charges;- provided an opportunity to submit to the administrator a list of names of other individuals who might have

witnessed the incident.

If suspended, written notification will be mailed by certified mail to the parents within 24 hours.

A student may be suspended immediately.

Prior to the administration of corporal punishment, the student shall have the right to- be advised why he/she is being paddled;- be provided with the opportunity to present his/her side of the story;- have corporal punishment administered under conditions not calculated to hold him/her up to ridicule or

shame;- have another adult witness at the time corporal punishment is administered.- have a written exemption from corporal punishment placed in his/her file

Parents must request an exemption from corporal punishment be placed in the student file. An exemption fromcorporal punishment may not be removed without written authorization from the parent.

Upon request, the parent has a right to a written explanation of the reason for corporal punishment and the name ofthe other teacher or administrator who witnessed the act.

Prior to expulsion, the student has the right to- be advised why he/she has been recommended for expulsion;- be provided an opportunity to refute the charges;- be provided an opportunity to submit to the administrator a list of names of other individuals who might have

witnessed the incident;- be provided due process.

4

Should the principal make a recommendation for expulsion, the parent has a right to be present at the school boardhearing with all due process rights afforded.

It is the responsibility of the superintendent to notify parents as to the time and place of the hearing.

An Agreement for Acceptable Use; Policies for the Acceptable Use of Electronic Media Resources andCommunications

Electronic communication, including, but not limited to, telephone, computer, e-mail, Internet and Intranet, offer HendryCounty Schools an exciting opportunity to expand teaching and learning for students and educators. With thisopportunity comes the responsibility for appropriate and acceptable use. Each student, parent, teacher, andadministrator should read this document carefully prior to signing the contract for Acceptable Use. A signature on the“An Agreement for Acceptable Use” is an obligation to comply with the terms and conditions outlined in thisdocument, and it is a requirement in order to access or use these resources.

OVERVIEW

The telecommunications network accessible to all of Hendry County’s educators and students should promoteeducational excellence by facilitating resource and information sharing, research, technological innovation andcommunication.

With worldwide access to information also comes the availability of material that may not be considered to be ofeducational value in the context of the school setting. There may be some material or individual communicationswhich are not appropriate for school-aged children. The Hendry County School District views information gatheredfrom the Internet in the same manner as other reference materials identified by schools. Specifically, the districtsupports resources that will enhance the learning environment with guidance from faculty and staff.

At school, student access to and use of the network will be under teacher direction and monitored as any classroomactivity. The school district is not able to prevent the possibility of user access to material that is not consistent withthe educational mission, goals and policies of the school district when access is obtained outside of the school.

Internet access is coordinated through a complex association of government agencies and regional and statenetworks. The use of these resources is a privilege. Inappropriate use will result in the cancellation of that privilege. Itis the school district’s intent that the Internet, Intranet, and other electronic methods of communication be used in aresponsible, efficient, ethical and legal manner. This relies heavily on the proper conduct of the users who mustadhere to strict guidelines. School and district administrators will decide what is appropriate use based upon schooland district standards. Their decision is final. If a district user violates any of these provisions, his/her account will beterminated and future access will be denied. Serious violations may result in school disciplinary action or legal action.

Acceptable Use:

The personal use of these communication/research tools should be held to a minimum. The PRIMARY purpose ofthese resources is to promote educational excellence by facilitating resource and information sharing, research,technological innovation and communication within the Hendry County Schools’ Learning Community. Theseresources should NOT be used to solicit others for political, union, religious or commercial purposes.

The inappropriate use of these resources includes, but is not limited to, the creation or forwarding of chain-letters,-data related to personal outside business interests, announcements for yard sales or sale of other personal items,sexually explicit or suggestive materials, cartoons, jokes or any material that may be construed as harassment,personally offensive or that violates school/district standards, policies or procedures.

Further, these resources shall NOT be used for any illegal purposes including, but not limited to, threats or harassmentof students or staff. The use of telecommunications, or any other electronic media for the purposes of incitement orsolicitation of illegal or prohibited acts, increases the severity of the initial incident and may constitute an expellableoffense. Likewise, the use of these media for the purpose of harassment or bullying increases the severity of theoffense and the potential consequence. In addition, these resources shall not be used to violate a student’s or a staffmember’s rights to privacy. Special care should be given to the privacy rights of students. Publishing studentinformation, names and photos should be done with care and may be prohibited by written request of theparent/guardian.

5

Communication outside Hendry County Schools’ Learning Community should be closely monitored. Certain forumsshould not be accessed. These may include, but not be limited to, chat-rooms, unsupervised bulletin boards, roleplaying games or private communication with unknown persons or organizations. Information that is accessed shouldbe appropriate for the age and developmental stage of the student. When this is difficult to assess refer to theprovisions of Board policy 414, Selection of School Media.

Any method used to evade the District’s filtering of inappropriate content or to gain access to private or privilegedinformation may constitute a Level 2, 208 – Unacceptable Access to a Restricted Area. Serious cases may result in aLevel 4, OMS – Other Major Incident, or a TRS – Trespass. Level 4 incidents constitute expellable offenses. Thismay include, but is not limited to, the use of proxy servers, hacking software, etc.

Internet Etiquette:

Helpful hints for your Internet success:* Be polite;* Do not use vulgar or obscene language;* Do not reveal your address or phone number of those or others; and* Please remember that any form of electronic communication is public not private communication, and these

resources are the sole property of the Hendry County School Board, and these communications may beavailable for inspection.

E-mail Etiquette:

Helpful hint for your e-mail success:

* Preparing text files for uploading before logging on;* Making “subject” headings as descriptive as possible;* Beginning messages with a salutation; restating the question or issue being addressed in a response;* SEND only to those individuals involved in the SUBJECT; avoid global mailings;* REPLY only to sender or those individuals involved;* Ending messages with your name and your e-mail address to assist getting feedback or clarifications;* Logging off before editing and printing downloaded files; and* Deleting e-mail files as soon as possible.

Warranties:

The Hendry County District Schools or FIRN- make no warranties of any kind, whether expressed or implied, for theservice they are providing. Hendry County District Schools or FIRN- will not be responsible for any damages yousuffer including loss of data. The district or FIRN- will not be responsible for the accuracy or quality of informationobtained through this Internet connection.

Security:

Security is a high priority. If you identify a security problem, you must notify a system administrator immediately. Donot show or identify the problem to others. Do not use another individual’s account. Attempts to “log on” as anotheruser will result in cancellation of your privileges. Any user identified as a security risk or having a history of problemswith other computer systems may be denied access.

Vandalism:

Vandalism will result in cancellation of your privileges. Vandalism is defined as a malicious attempt to harm or destroydata of another user, Internet, or other networks. This includes the creation of or the uploading of computer viruses onto the Internet or host site. Deliberate attempts to degrade or disrupt system performance will be viewed as criminalactivity under applicable state and federal law.

Updating Your User Information:

You may occasionally be required to update your registration, password and account information to continue Internetaccess. You must notify the district of any changes in your account information (address, school, etc.). Users shouldchange their passwords frequently.

6

Use of Network Resources:

There is a limit to the resources available for users of the network. Each user should attempt to conserve resourcesand allow others to access the network. Users are expected to observe reasonable time limits on the network (one-hour online during a six-hour period except in special circumstances).

Account Sponsors:

Sponsors of classroom accounts are responsible for teaching proper techniques and standards for participation, forguiding student access to appropriate sections of the network, and for assuring students understand that if they misusethe network they will lose their access privilege. Conference moderators are responsible for monitoring the contentand tone of posted messages and for taking steps to delete offensive material and to communicate with authors.

Account Sponsors understand that while search tools and filters that screen incoming text and graphics attempt torestrict user access to material that is inconsistent with school and district standards, the PRIMARY safeguard againstinappropriate use is the classroom teacher or account sponsor.

Agreement for Acceptable Use:

In order to access the network or use the other electronic resources, students and staff are required to enter into an“Agreement for Acceptable Use”. Parents/guardians and students are required to enter into a “Network ResponsibilityContract”. These forms shall be approved by the Hendry County School Board. This agreement does NOT supercedeany School Board Policy, State law or State Board policy.

DISCIPLINE PROCEDURES FOREXCEPTIONAL EDUCATION STUDENTS AND 504 STUDENTS

Discipline for exceptional education and disabled (under Section 504) students shall be accomplished in accordancewith the Hendry County Code of Student Conduct. Parents of these students shall receive a copy of this manualannually, and the document will contain a reference to this section of the District Procedures for Providing SpecialEducation for Exceptional Students. The policy and Federal Law (IDEA) requires that records be reviewed prior tocarrying out formal consequences. The IEP Team or 504 Team will review the ESE Individual Education Plan or 504Accommodation Plan to determine appropriate action which may include suspension, alternative placement orexpulsion.

SUSPENSION

Suspension of identified exceptional education or disabled (under Section 504) students will be monitored by theExceptional Student Department. School principals will forward to the E.S.E. department a copy all SuspensionNotices of any exceptional education or disabled (under Section 504) student suspended. The student may besuspended for up to ten (10) days. Suspension for additional days may be identified as an appropriate form ofdiscipline in the goals and objectives section of the IEP or accommodation plan. If any suspension is the fifthoccurrence and/or results in the student being suspended more than ten (10) days cumulatively in a year, an ESE-IEPor 504 staffing committee shall convene to consider changes in the student’s educational program pursuant to Rules ofthe State Board of Education and Federal Law (IDEA). A Behavioral Intervention Plan (BIP) shall be developed orreviewed and modified.

7

EXPULSION

For major infractions of school policy (those for which expulsion is a possibility), the following procedures will befollowed:

Any identified exceptional education or disabled (under Section 504) student who has committed an offense for whichexpulsion could be a consequence will have an I.E.P. (Individual Educational Plan) placement review by the E.S.E.(Exceptional Student Education) or 504 staffing committee. This committee will review the student’s currentplacement, previous staffing decisions and any additional documentation concerning a relationship between thebehavior exhibited and the handicapping condition, in order to recommend modification for the present educationalplacement or to determine an alternative placement to appropriately meet the student’s educational needs. If a parentshould disagree with the recommended placement, the parent may immediately request mediation or an impartial dueprocess hearing to determine an appropriate placement. The student shall be retained in his current educationalplacement pending the outcome of the administrative hearing provided by law. If it is determined that the student’sbehavior could result in a serious disruption of the educational process, or in physical harm to the student himself, orothers, the district may request the court or a hearing officer to order a change in placement to an appropriate interimalternative educational setting for not more than 45 days.

8

-CHAPTER 2-

9

APPEAL PROCESS FOR SCHOOL BOARD DECISIONS

NOTICE

Any person who desires to appeal any decision made by the school board with respect to any matter considered atany above-noticed meeting will need a record of the proceedings and for such purposes may need to ensure that averbatim record of the proceedings is made, including the testimony and evidence upon which an appeal may be used.Any student, parent or guardian alleging unfair and/or discriminatory treatment may file a written complaint with theschool and District. Complaint forms are available at every school, the Main District office, Sub-District office or maydownload the form from the District’s web-site. These complaints will be filed and will be available for review for aminimum of five years.

WHAT TYPES OF VIOLATIONS DISRUPTTHE EDUCATIONAL PROCESS?

The Code of Student Conduct contains 40 distinct violations identified by principals, administrators, teachers, students, and thecommunity which are representative of those acts which frequently cause disruption of the orderly educational process.

It should be pointed out, however, that this list is not all inclusive and as such a student committing an act of misconduct not listedwill nevertheless be subject to the discretionary authority of the principal.

The unlawful possession or use of illicit drugs and the unlawful possession or use of alcohol is wrong and harmful at anytime or in any place.

“Cheating” is not specifically addressed in the Student Code of Conduct. Misrepresenting academic work as a student’s originalproduct is cheating, and this behavior is both unethical and disruptive to a healthy learning environment in school. A school maysanction a student for disruptive behavior based upon receiving or providing of unauthorized academic assistance or plagiarism. Inaddition to disciplinary action, schools may withhold academic grades or credit. The use of electronic devices to capture or transmittesting and assessment information is cheating, and it may constitute a Level 4, OMC – Other Major Incident offense.

Bullying is systematically and chronically inflicting physical hurt or psychological distress on one or more students or employees,and may involve but is not limited to teasing; social exclusion; threat; intimidation; stalking; including cyber stalking; physicalviolence; theft; sexual; religious, or racial harassment; public humiliation; and destruction of property.

Bullying, Harassment, Threats and Intimidation constitute a set of aggressive behaviors that seriously disrupt the positive andorderly learning environment in a school. The potential damage to the victim demands intervention by school authorities. Thesebehaviors are addressed in the Code of Conduct: Level One - Disrespect and/or Harassment of Others (102); Level Three -Serious and/or Chronic Harassment – Intimidation (306), and Sexual Harassment (SXH) and Bullying/Harassment (BHA); LevelFour - Threat/Intimidation (TRE). The use of telecommunications, or any other electronic media, broadens the scope of theharassment/bullying and increases the severity of the offense. School officials will consider the methods of dissemination andcommunication in judging the severity of both the offense and the resulting consequences. The origins of these communicationsmay occur outside of school, but they may still impact the school’s safe, positive, and orderly learning environment. The schoolretains jurisdiction over any activity, regardless of origin, when that activity negatively impacts students or the school’s learningenvironment.

Bullying incidents should be reported to the Principal’s Office at the school where the alleged victim is enrolled; the District SchoolBoard Offices in either LaBelle or Clewiston. A District Bullying/Harassment Complaint Form is available on the Hendry CountyDistrict website: www.hendry-schools.org.

A person commits the offense of video voyeurism and dissemination when that person captures and/or creates an image thenintentionally disseminates, distributes, or transfers the image to another person for the purpose of amusement, entertainment,sexual arousal, gratification, or profit, or for the purpose of degrading or abusing another person.

A major consideration in the application of the Code of Student Conduct is to identify the most appropriate disciplinary actionnecessary to bring about positive student behavior. To that end, the 40 violations have been divided into 5 subgroups and a varietyof administrative actions have been suggested or mandated, dependent upon the severity of the misconduct.

It is important to note that the principal and teacher, consistent with the powers delegated to him/her, have the authority to takeadditional or more severe administrative action if, in his/her opinion, the nature of the misconduct warrants it.

The following chart lists these violations and the recommended or mandated disciplinary action. All components are effective 24hours a day, 365 days a year.

10

_________________________________________________________________VIOLATION RECOMMENDED____________________________________ DISCIPLINARY ACTION____________________

Group 1 (Violation or Accessory to the Violation)

GENERAL IN-SCHOOL DISRUPTION – 101: Conduct and/or behavior whichis disruptive to the orderly educational process.

DISRESPECT AND/OR HARASSMENT OF OTHERS – 102: Actions directedagainst others that are disruptive to the orderly educational process (i.e.teasing.)

CONTRABAND – 103: Items disruptive to the school process as defined bythe individual school’s student handbook and may include electroniccommunication devices.

DRIVING AND/OR PARKING VIOLATIONS – 106: The unsafe operation of amotor vehicle, or the operation of a motor vehicle in ways prohibited by DistrictPolicy or school rule. These may include but are not limited to speeding,reckless driving or parking without a permit.

TRUANCY/TARDY – 107: Students absent from assigned instruction and/orduties without permission. Examples may include: skipping, excessiveunexcused absences, excessive tardies, etc.

FIRST VIOLATION:Parent-guardian contacted by school-

and/or

Teacher-student conference-

and/or

In-class disciplinary action

REPEATED VIOLATION:Parent/guardian contacted by school-

and/or

Teacher-student conference

and/or

Loss of Privileges

and/or

Behavioral Contract

and/or

Suspension or other alternative (i.e., school chores, corporal punishment).

Unacceptable Dress/Clothing – 108*: While on school grounds during theregular school day students are prohibited from wearing clothing that exposesunderwear or body parts in an indecent or vulgar manner; or promotes drugs,alchohol, tobacco, gang identification, or sexual behavior. or This includes anyclothing that disrupts the orderly learning environment or educational process.

Cell Phone/Electronic Devices – 109: During school hours cell phones andother electronic devices are not to be activated or used in any manner withoutadministrator/teacher approval and must be stored out of sight.

* Florida Statute mandates specific disciplinary action SB 228 1006.07F.S.

FIRST VIOLATION:Student verbal warning and call/contact parent-guardian.

SECOND OFFENSE:Student ineligible to participant in any extracurricular activity for a period not toexceed 5 days and mandatory meeting between school principal andparent/guardian.

THIRD OR SUBSEQUENT OFFENSE:In-school suspension for a period not to exceed 3 days and student is ineligibleto participate in any extracurricular activity for a period not to exceed 30 daysand the school principal must call parent/guardian and send parent/guardian awritten letter regarding in-school suspension and ineligibility to participate inextracurricular activities.

FIRST VIOLATION:The device will be confiscated by the staff member, labeled, and given to anadministrator. The student receives a verbal warning and the administrator willnotify the parent/guardian by writing. The device is returned to the student atthe end of the day.

SECOND OFFENSE:The device will be confiscated by the staff member, labeled, and given to theadministrator. A mandatory conference in person or by phone conference isheld with the parent and the student will receive a verbal warning. The deviceis returned to the student at the end of the day.

THIRD OFFENSE:The device is confiscated by the staff member, labeled, and given to anadministrator. A mandatory conference will be held with the parent/guardian inperson and disciplinary action will be imposed (detention, work detail, in-schoolsuspension, etc.). The device is returned to the parent/guardian at theconference.

SUBSEQUENT OFFENSES:Device is confiscated, labeled, and given to an administrator. A conferencewill be held with the parent/guardian to discuss and impose disciplinary actionfor willful disobedience. Discipline could include: (detention, work detail, in-school suspension, out of school suspension). The device is returned to the

parent/guardian at the conference.

11

______________________________________________________________________________________________VIOLATION RECOMMENDED

_____________________________ DISCIPLINARY ACTION___________________

Group II (Violation or Accessory to the Violation)

DEFIANCE OF SCHOOL PERSONNEL’SAUTHORITY – 201 (insubordination): A verbal ornonverbal refusal to comply with a reasonable requestof school personnel, or conduct and/or language that isdisrespectful and/or abusive.

DISRUPTION ON THE SCHOOL BUS OR AT ASCHOOL BUS STOP – 202: Any misconduct orunusual behavior on the bus or at a school bus stop.

GAMBLING – 203: Participating in games of chancefor money or other stakes.

SIMPLE ASSAULT – 204: A verbal or physical threator attempt to beat another but without touchinghim/her.

NON-COMPLIANCE WITH ASSIGNED DISCIPLINE –206: Refusal or non-compliance with assignedconsequences for a documented disciplinary violation.

UNAUTHORIZED ACCESS TO RESTRICTEDAREAS – 208: Access to areas that are restricted,unassigned or posted without permission.

UNACCEPTABLE PHYSICAL CONTACT – 210:Unsolicited physical contact directed against othersthat is disruptive and/or threatening.

FIRST VIOLATION:Parent/guardian contacted by school-

and/or

Teacher-student and parent conference-

and/or

Suspension or other alternatives (i.e., school corporalpunishment)

REPEATED VIOLATION:Notify parent/guardian-

and/or

Loss of Privileges

and/or

Behavioral Contract

and/or

Suspension not to exceed ten (10) days with possiblerecommendation for expulsion or other alternatives.*

*Florida Law provides that a student may be expelledfor the remainder of the current school year and oneadditional year.

12

_____________________________________________________________________________________________________________VIOLATION RECOMMENDED

________________________________ DISCIPLINARY ACTION____________________

GROUP III (Violation or Accessory to the Violation)

MINOR BATTERY – 301: The physical attack or harm with force and/or violence by anindividual against another, without a weapon or serious injury.

EXTORTION – 302: The taking or the attempt of taking anything of value that is owned byanother under conditions of force or threat of force which places the victim in a state of fear.

MINOR VANDALISM – 303: The willful or malicious destruction of school property or theproperty of others less than $1000.00.

POSSESSION OF POCKET KNIFE – 304: The possession of a small pocket knife thatcould be considered potentially dangerous.

STEALING – 305: The act of taking and carrying away personal property of another withoutthe consent of the owner. (Less than $300.00 in property value).

SERIOUS AND/OR CHRONIC HARASSMENT – INTIMIDATION – 306: Unsolicitedactions directed against others that are disruptive and/or threatening. These actions mayinclude but are not limited to teasing, bullying, stalking, etc. and pose a serious and/orpersistent threat.

FIGHTING – 307: A physical conflict between two or more students which does not result inserious injury or require physical restraint of combatants.

VIOLATION OF COMMON DECENCY – 308: Included are offenses against commondecency, morals (indecent exposure, profanity, obscenities, vulgarities, etc.)

INCITING – 309: Actions, gestures, apparel, appearance or speech that provokes, urges orfacilitates the participation of others in prohibited acts.

INTOXICATION – 310: An individual exhibiting abnormal and/or disruptive behavior whileunder the influence of drugs, alcohol and/or other behavior altering substance.

CHRONIC TRUANCY/TARDY – 311: Truancy, excessive absence and/or tardies thatexceed 20% of the school year, and are disruptive to the student’s learning or school’sorderly educational process and learning environment.

INAPPROPRIATE USE OF THE DISTRICT’S INTRA/INTERNET AND/OR ELECTRONICMEDIA – 312: Any activity prohibited by the District’s “Acceptable Use Policy” or anyactivity that disrupts the school’s orderly educational process or diminishes a positive safelearning environment. More egregious actions under this section may result in coding theaction as “Other Major Incident – OMC” or “Individual or Group Disruption of the OrderlyEducational Process (Disorderly Conduct) – DOC.

ELECTRONIC CIGARETTES, VAPORIZERS – 313: Possession, use or sale of electroniccigarettes or products.

PROFANITY – 314: Profane speech/cursing.

OBSCENITITES/VULGARITIES – 315: Obscene or vulgar acts that violate commondecency.

MAJOR DEFIANCE – 316: Continued or escalated refusal to comply with areasonable request of school personnel.

SEXTING – LEVEL 1 - 317: The act of sending or forwarding sexually explicit,nude, or partially nude photographs/images through cellular telephones orother electronic media. Level 1 is a personal one-to-one student-to-studenttransmission which is not coerced and not intended for redistribution.

SEXUAL HARASSMENT – SXH: Unwelcome sexual advances, request for sexual favorsand other inappropriate oral, written or physical conduct of a sexual nature.

BULLYING – BUL: Unwanted and repeated written, verbal, or physical behavior, includingany threatening, insulting, or dehumanizing gesture by an adult or student that is severe orpervasive enough to create an intimidating, hostile or offensive educational environment,cause discomfort or humiliation, or unreasonably interfere with the individual’s schoolperformance or participation, regardless of origin. This includes cyberbullying.

SEX OFFENSES OTHER – SXO: Sexual contact without force and/or threat, or subjectingan individual to lewd behavior, including sexual gestures, or the exposure of private bodyparts.

TOBACCO – TBC: Possession, use, purchase or sale of tobacco or tobacco,productsincluding: cigarette, cigar, pipe, bidi, clove cigarette, and any other smokingproduct; as well as spit tobacco, also known as smokeless, dip, chew, and snuff, and anyother spit tobacco product in any form and electronic cigarettes, also known as e-cigarettes.Signs communicating this policy shall be posted and properly maintained where tobaccouse and smoking are regulated. Enforcement of this policy shall be equitable andconsistent, in accordance with the Tobacco-Free School Policy Enforcement Procedures,student behavior code, and employee personnel policies.

HAZING – HAZ: Any action or situation that endangers the mental or physical health orsafety of a student at a school any grades 6 through 12 for purposes including, but notlimited to, initiation or admission into or application with any organization operating underthe sanction of a school with any grades 6 through 12.

FIRST VIOLATION:Parent/guardian contacted

and/or

Teacher-student and parent conference

and/or

Suspension or other alternative (i.e., school chores, corporal punishment,denial of privilege).

and/or

Payment for damages.

REPEATED VIOLATION:Notify parent/guardian-

and/or

parent/guardian conference

and/or

Loss of Privileges

and/or

Behavioral Contract

and/or

Suspension not to exceed ten (10) days with possible recommendation forexpulsion or other alternatives.*

*Florida Law provides that a student may be expelled for the remainder of thecurrent school year and one additional year.

13

________________________________________________________________VIOLATION RECOMMENDED

________________________________________ DISCIPLINARY ACTION___________________

GROUP IV (Violation or Accessory to the Violation)

ALCOHOL – ALC: The possession, use, purchase or sale of alcoholicbeverages.

BREAKING AND ENTERING/BURGLARY – BRK: The illegal entry by forceinto a school board facility or the unauthorized presence with the intent todamage or remove property or to harm another person.

INDIVIDUAL OR GROUP DISRUPTION OF THE ORDERLY EDUCATIONALPROCESS (DISORDERLY CONDUCT) – DOC: Disorderly conduct is anincident that significantly disrupts all or portions of the campus activities,school sponsored events and/or school bus transportation. This disruptivebehavior poses a serious threat to the learning environment, health, safety,and/or welfare of others. (Examples: boycotts, sit-ins, false reports of fireand/or bombs (explosive devices), etc.)

SERIOUS FIGHTING – FIT: Mutual combat or altercation where two or morepersons use force and/or violence. The incident must include serious injuryand/or require physical restraint to resolve before this classification isassigned.

OTHER MAJOR INCIDENTS – OMC: Any serious incident resulting in theneed for law enforcement not otherwise classified in the Student Code ofConduct. Example: Group Assault, etc.

LARCENY/THEFT – STL: The removal of property valued at or above$300.00 from another person, building, or vehicle without permission. Thismay include Motor Vehicle Theft – MVT.

THREAT/INTIMIDATION – TRE: A threat to cause physical harm or to instillfear to another person with or without the use of a weapon. The incident mustinclude the following: intent, fear and capability.

TRESPASS – TRS: The illegal entry onto a school campus or onto a schoolsponsored event off campus without authorization and/or invitation and with nolawful purpose after written or verbal notice.

MAJOR VANDALISM – VAN: The willful or malicious destruction of schoolproperty or the property of others more than $1000.00.

HARASSMENT – HAR: Any threatening, insulting, or dehumanizing gesture,use of data or computer software, or written, verbal, or physical conduct that 1)places a student or school employee in reasonable fear of harm to his or herperson or damage to his or her property, 2) has the effect of substantiallyinterfering with a student’s educational performance, opportunities, or benefits,or 3) has the effect of substantially disrupting the orderly operation of a schoolincluding any course of conduct directed at a specific person that causessubstantial emotional distress in such a person and serves no legitimatepurpose.

PHYSICAL ATTACK – PHA: Actual and intentional striking of another personagainst his/her will, or the intentional causing of bodily harm to an individual.

DRUGS – DRU: (excluding alcohol) Possession, use, or purchase of an illegaldrug, narcotic, controlled substance or a substance represented as an illegaldrug.

SEXTING LEVEL 2 - 318: Transmission or re-transmission of a sext to anexpanded group of recipients.

FIRST VIOLATION:Suspension with possible recommendation for expulsion.*

and/or

Behavioral Contract

ZERO TOLERANCE: All incidents within Group IV are - may beconsidered zero tolerance violations.

*Florida Law provides that any student may be expelled for theremainder of the current school year and one additional year.

14

____________________________________________________________________________________________________________________

VIOLATION RECOMMENDED______________________________ DISCIPLINARY ACTION___________________

GROUP V (Violation or Accessory to the Violation)

ARSON – ARS: To damage or cause to be damaged,by fire or explosion of any dwelling, structure, orconveyance whether occupied or not, or its contentsowned by or under the control of the School Board.

AGGRAVATED BATTERY – BAT: The physicalattack or harm with force and/or violence by anindividual against another resulting in serious mental orphysical injury with or without the use of a weapon.

DRUGS – DRU: (excluding alcohol) Possession, use,or purchase of an illegal drug, narcotic, controlledsubstance or a substance represented as an illegaldrug.Moved to Group IV Violation

DRUGS – DRD: (excluding alcohol) The sales ordistribution of an illegal drug, narcotic, controlledsubstance or a substance represented as an illegaldrug.

ROBBERTY – ROB: The taking or attempt to take ofanything of value that is owned by another underconditions of force, threat of force, violence and/orplacing the victim in a state of fear.

SEXUAL BATTERY – SXB: The physical attack orharm with force and/or violence by an individualagainst another resulting in serious mental or physicalinjury with or without the use of a weapon.

WEAPON – WPO: The possession, use, purchase orsale of a firearm or an instrument which may causeharm. These firearms and/or instruments are definedas capable of causing serious harm and/or fear orharm.

SEXUAL ASSAULT – SXA: An incident that includesthe threat of rape, fondling, indecent liberties, childmolestation, or sodomy. The threat must include all ofthe following elements: 1) intent; 2) fear; and 3)capability.

Sexting Level 3 - 319: Broad distribution of a sextwithout consent and/or transmittal with the intent tovictimize another individual.

FIRST VIOLATION:1. Suspension with recommendation for expulsionmandatory.*

and/or

Behavioral Contract

and/or

Academy Placement

ZERO TOLERANCE: All incidents within Group V areconsidered zero tolerance violations.

Level V offenses may also include other seriousfelonies not otherwise classified in the Student Code ofConduct. Examples: Homicide – HOM, Kidnapping –KID, etc.

*Florida Law provides that a student may be expelledfor the remainder of the current school year and oneadditional year.

15

ZERO TOLERANCE FOR SCHOOL VIOLENCEREPORTING OF CRIMES AND/OR

DISRUPTIVE BEHAVIOR

School authorities are required to report zero tolerance incidents to the Administration at the District School Board.

The principal MAY report other serious incidents occurring within the regular operation of school-including but notlimited to - felony or serious misdemeanors - specifically when the incidents cause- a significant injury, loss of propertyor monetary cost.

1. The district school board shall adopt a policy of zero tolerance that:

(a) Defines criteria for reporting to a law enforcement agency any act that occurs whenever or wherever students arewithin the jurisdiction of the district school board.

(b) Defines acts that pose a serious threat to school safety.

(c) Defines petty acts of misconduct.

(d) Minimizes the victimization of students, staff, or volunteers, including taking all steps necessary to protect thevictim of any violent crime from any further victimization.

(e) Establishes a procedure that provides each student with the opportunity for a review of the disciplinary actionimposed pursuant to s.1006.07.

2. Zero-tolerance policies must require students found to have committed one of the following offenses to beexpelled, with or without continuing educational services, from the student’s regular school for a period of not less than1 full year, and to be referred to the criminal justice or juvenile justice system.

(a) Bringing a firearm or weapon, as defined in chapter 790, to school, to any school function, or onto any school-sponsored transportation or possessing a firearm at school.

(b) Making a threat or false report, as defined by ss.790.162 and 790.163, respectively, involving school or schoolpersonnel’s property, school transportation, or a school-sponsored activity.-

The School Board enforces the Florida Department of Education Zero Tolerance Policy on school violence, crime, andthe use of weapons. As an approach to reducing school violence, the intent of the policy is to provide a safe schoolclimate that is drug-free and protects student health, safety, and civil rights.

This policy requires the school district to impose the most severe consequences provided for in the Code of StudentConduct in dealing with students who engage in violent criminal acts, such as:

bringing or possessing a firearm or weapon to school, any school sponsored activity, or on school-sponsoredtransportation;

making a threat or false report, respectively, involving school or school personnel’s property, schooltransportation, or school-sponsored activity;

homicide; assault, battery, and culpable negligence; relating to kidnapping, false imprisonment, luring or enticing a child, and custody offenses; sexual battery; lewdness and indecent exposure; child abuse; robbery robbery by sudden snatching; carjacking; and serious fight

16

Formatted: Bulleted + Level: 1 + Aligned at:0.25" + Indent at: 0.5"

The State of Florida Juvenile Justice Reform Act of 1965 requires the School District to link juvenile violent incidents tothe action taken by the student’s school and the District. The District is required to collect data about violent incidentsinvolving students during each school year and transmit a report to the state. Certain infractions in the Code ofStudent Conduct may result in criminal penalties as well as administrative corrective strategies.

District school boards may assign the student to a disciplinary program for the purpose of continuing educationalservices during the period of expulsion. District school superintendents may consider the 1-year expulsionrequirement on a case-by-case basis and request the district school board to modify the requirement by assigning thestudent to a disciplinary program or second chance school if the request for modification is in writing and it isdetermined to be in the best interest of the student and the school system. If a student committing any of the offensesin this subsection is a student who has a disability, the district school board shall comply with applicable State Board ofEducation rules.

3. (a) Each district school board shall enter into agreements with the county sheriff’s office and local policedepartment specifying guidelines for ensuring that acts that pose a serious threat to school safety whether committedby a student or adult are reported to a law enforcement agency.

(b) The agreements must include the role of school resource officers, if applicable, in handling reported incidents,circumstances in which school officials may handle incidents without filing a report with a law enforcement agency, anda procedure for ensuring that school personnel properly report appropriate delinquent acts and crimes.

(c) Each district school board shall adopt a cooperative agreement with the Department of Juvenile Justice whichestablishes guidelines for ensuring that any no contact order entered by a court is reported and enforced and that all ofthe necessary steps are taken to protect the victim of the offense.

(d) Zero-tolerance policies do not require the reporting of petty acts of misconduct and misdemeanors to a lawenforcement agency, including, but not limited to, disorderly conduct, disrupting a school function, simple assault orbattery, affray, theft of less than $300, trespassing, and vandalism of less than $1,000.

(e) The school principal shall ensure that all school personnel are properly informed as to their responsibilitiesregarding crime reporting, that appropriate delinquent acts and crimes are properly reported, and that actions taken incases with special circumstances are properly taken and documented.

4. Notwithstanding any other provision of law, each district school board shall adopt rules providing that any studentfound to have committed any offense in s. 784.081(1), (2), or (3) shall be expelled or placed in an alternative schoolsetting or other program, as appropriate. Upon being charged with the offense, the student shall be removed from theclassroom immediately and placed in an alternative school setting pending disposition.

OFF-CAMPUS FELONY OFFENSES

To minimize off-campus acts that might have an adverse impact on the school environment, the District office will send notificationsto schools of students who have been taken into custody for and/or are formally charged with an off-campus felony or delinquent actthat would be a felony if committed by an adult. The principal may take administrative action against those students who areformally charged if, after an administrative hearing with notice provided to the parent/guardian of the student, it is shown that theincident has an adverse impact on the educational program, discipline, or welfare of the school.

Students and parents/guardians should be aware that felony offenses can have a serious impact on an individual’s future, includingthe following:

criminal penalties; loss of scholarship eligibility; loss of voting privileges; loss of employment opportunities; and/or loss of driving privileges

17

Formatted: Font: 9 pt

Formatted: Centered

Formatted: Bulleted + Level: 1 + Aligned at:0.25" + Indent at: 0.5"

INDIVIDUALS WITH DISABILITIES IN EDUCATION ACT (IDEA); STUDENTS WITH A 504 PLAN

Behavior modification interventions that are used to address actions committed by students who meet the guidelines established bythe Individuals with Disabilities in Education Act (IDEA) and/or Section 504 of the Rehabilitation Act of 1973 must adhere to federallaw, Florida Statutes, Florida Board of Education Rules, and Hendry County School Board Policies.

Suspensions and expulsions for more than ten (10) consecutive days and/or a pattern of suspensions and expulsions that exceedten (10) days in a school year may be considered “changes in placement” for students with disabilities who have a Section 504 Planor who are enrolled in exceptional education placement under IDEA. When the student is removed from his/her educationalplacement for more than ten (10) days, a manifestation determination must be conducted to consider whether other strategies,interventions, or assessments are appropriate and the student must be provided appropriate educational services in order toprovide a free appropriate education.

BEHAVIOR ON THE BUS

The most important element in safety on the school bus is the proper behavior of students. Because of this, it is necessary that the rules, asoutlined in the Code of Student Conduct, be enforced by the drivers and administration.

All of the violations listed in the Code of Student Conduct apply to all students while at school, at school activities, and on the bus.

The most common bus misconducts include the following:

Violation of safety proceduresDestruction of propertyFighting/pushing/shovingExcessive mischiefDefacing property (writing on seats, etc.)Smoking, possession of any tobacco productsEating or drinkingRude or discourteous behaviorObscene language

Students may have cell phones on the bus and may use them as long as the use does not cause a disruption on the bus. If a student causes adisruption on the bus as a result of cell phone usage a discipline referral slip should be filled out and turned into the student’s principal.

Students are not to be denied access to the bus for simply having a cell phone.

It is important for students and parents to know that any violation of these rules could lead to denial of riding a Hendry County School Bus.

SCHOOL BUS TV MONITORING SYSTEM

The Hendry County School District has implemented a video (TV) monitoring system in various school buses. The decision to mount TV cameraboxes in the district’s school buses was driven by a concern for the safety of drivers and students alike. The ability to video monitor studentbehavior will be a deterrent to the small number of students who experience behavior problems on school buses, thus allowing the bus driver toconcentrate on the most important task of safely transporting students. The ability to review student behavior by seeing and hearing what actuallyoccurred will prove to be a great asset to individuals tasked with solving transportation discipline problems.

SIMULATING A FIREARM OR WEAPON WHILE PLAYING OR WEARING CLOTHING OR ACCESSORIES THAT DEPICT A FIREARM,WEAPON OR OPINION REGARDING A RIGHT GUARANTEED BY THE SECOND AMENDMENT OF THE CONSTITUTION (HB 7029 F.S.)

Simulating a firearm or weapon while playing or wearing clothing or accessories that depict a firearm or weapon or express an opinion regarding aright guaranteed by the Second Amendment to the United States Constitution is not grounds for disciplinary action or referral to the criminal justiceor juvenile justice system under this section or s.1006.13. Simulating a firearm or weapon while playing includes, but is not limited to:

1. Brandishing a partially consumed pastry or other food item to stimulate a firearm or weapon.2. Possessing a toy firearm or weapon that is 2 inches or less in overall length.3. Possessing a toy firearm or weapon made of plastic snap-together building blocks.4. Using a finger or hand to stimulate a firearm or weapon.5. Vocalizing an imaginary firearm or weapon.6. Drawing a picture, or possessing an image, or a firearm or weapon.7. Using a pencil, pen, or other writing or drawing utensil to stimulate a firearm or weapon.

However, a student may be subject to disciplinary action if simulating a firearm or weapon while playing substantially disrupts student learning,causes bodily harm to another person, or places another person in reasonable fear of bodily harm. The severity of consequences imposed upon astudent, including referral to the criminal justice or juvenile justice system, must be proportionate to the severity of the infraction and consistent withdistrict school board policies for similar infractions. If a student is disciplined for such conduct, the school principal or his or her designee must callthe student’s parent. Disciplinary action resulting from a student’s clothing or accessories shall not be grounds for disciplinary action or referral tothe criminal justice system unless the wearing of the clothing or accessory causes a substantial disruption to student learning, in which case theinfraction may be addressed in a manner that is consistent with district school board policies for similar infractions.

18

Formatted: Centered

Formatted: Font: 9 pt

DISPENSING OF MEDICATION

No student is permitted to take prescription or over-the-counter medicine at school except as administered by theschool nurse or other trained office personnel and only upon written authorization of physician and parent (forprescription medication) or parent (for over-the-counter medication). Over-the-counter medication may be given foronly two weeks without a physician’s recommendation.

No student is permitted to have medicine in his/her possession on the school campus. Teachers who are aware ofmedication being in possession of a student are responsible for having such medicine taken to the school nurse orschool administrator immediately. Disciplinary action could be taken if the student does not comply to this section ofthe Code of Student Conduct. Students may have epi-pens or inhalers in their possession as long as it is a doctorrecommendation and such a need is on file in the school/nurse’s office.

SUMMARY OF RELATED BOARD RULES

Rules adopted by the School Board as well as administrative regulations which pertain wholly or in part to student control anddiscipline are found in the OFFICIAL BOARD RULES. The Rules are available in all schools as well as in area and district offices.

300 Compulsory Attendance301 Regular Attendance302 Driver’s License Attendance Requirement303 Admissions304 Age, Health & Medical Requirements - Admissions305 Assignment of Students306 Reassignment of Students307 Out-of-County Students308 Dropout Re-enrollment309 Group Home Students310 Classification and Placement311 Class Sections312 Married Students313 Pregnant Students314 School Year Minimum315 School Day Minimum316 Student Discipline317 Expulsion of Handicapped Students318 Procedures/Suspension from Transportation Privileges319 Procedures/Expulsion from Transportation Privileges320 Alternative Measures321 Assault on School Employees322 Vandalism323 Leaving School Grounds (Unauthorized)324 School Dress325 Student Vehicles326 Discipline Records Maintained327 Student Records - Rights of Parent, Guardian, Pupil or Student328 Registers329 Child Abuse and Neglect330 Dispensing Medication in School331 Student Eligibility for Extracurricular Activities

332 Admission of Students in a Home Education Program333 Code of Student Conduct334 Student Discipline: Delegation335 Student Discipline: Designee336 Search of Lockers337 Attendance Reporting Policy338 Secondary School Security Programs339 Homeless Students340 Bullying and Harassment341 Teen Dating Violence and Abuse342 Hazing

19

GLOSSARY

SUSPENSION: Suspension from school is the temporary removal of a student from his/her regular school program fora period not to exceed ten (10) school days. While on suspension, the student may continue the academic programunder the supervision of the principal. Suspension from bus privileges is a temporary withholding of the right orprivilege to be transported to and from school at public expense for a period not to exceed ten (10) school days.Suspension may be from a regular kindergarten through twelfth grade program of the Hendry County Public SchoolSystem.

EXPULSION: Expulsion from school is the removal of the right and obligation of a student to attend a public schoolunder conditions set by the board and for a period of time not to exceed the remainder of the term or school year andone additional year of attendance. Expulsion from bus privileges is a temporary withholding of the right or privilege tobe transported to and from school at public expense for a period not to exceed the remainder of the term or schoolyear and one additional school year. Expulsion may be from the regular kindergarten through twelfth grade program ofthe Hendry County Public School System or from other programs or classes offered by the Hendry County PublicSchool System.

CORPORAL PUNISHMENT: Corporal punishment is the reasonable use of physical force or physical contact by ateacher or principal as may be necessary to maintain discipline or enforce school rules. However, the term corporalpunishment shall not include the use of such reasonable force by a teacher or principal as may be necessary to protectthemselves or other students from disruptive students.

ALTERNATIVE MEASURES: Alternative measures are measures designated to meet the special needs of a studentthat cannot be met by regular school curriculum.

20

-CHAPTER 3-

21

CHILD ABUSE

CHILD ABUSE AND NEGLECT:

There shall be posted in each school and in all main offices in the Hendry County Schools a notice of the duties of allemployees of the system with respect to child abuse and neglect. This notice shall read:

CHILD ABUSE

(1) ALL EMPLOYEES HAVE AN AFFIRMATIVE DUTY TO REPORT ACTUAL OR SUSPECTED CASES OF CHILDABUSE OR NEGLECT.

(2) ALL EMPLOYEES ARE IMMUNE FROM LIABILITY IN REPORTING SUCH CASES IN GOOD FAITH.

(3) IT IS THE DUTY OF ALL EMPLOYEES TO COMPLY WITH CHILD PROTECTIVE INVESTIGATIONS.

STATE’S ABUSE REGISTRYTOLL FREE TELEPHONE NUMBER 1-800-962-2873

STUDENT RIGHTS &RESPONSIBILITIES

It is the intent of the Student Rights and Responsibilities expressed in this document that students have the greatestamount of freedom allowable under law, commensurate with the school’s responsibility for student health, safety, andwelfare. The rights and responsibilities presented reflect the need for controlled experimentation in meeting theaspirations of our students for greater opportunities to serve themselves and society. Nowhere is it stated in thisdocument, nor even implied, that the school should relinquish its authority and responsibility. Within every school, theprincipal inevitably has the responsibility and authority for maintaining the orderly educational process. This documentsuggests a reassessment of philosophy, emphasis, and techniques by administration, faculty, parents, and students.

These rights and responsibilities are not intended and should not be interpreted as the enactment of controllingregulations to govern the conduct of students or school authorities in specific circumstances. It is a statement insummary form of board policies, evidencing the school board’s recognition and support of the concept of students’rights and their correlative responsibilities. The application of these principles in practice and the procedures to befollowed to guide both students and responsible school officials in specific situations are beyond the scope and intentof this document.

22

CURRICULUM

PHILOSOPHICAL BASIS:

The degree of curriculum development is a function of age, grade, maturity, and sophistication, on one hand, and thelevel and complexities of courses on the other. Students are the consumers, and their opinions as to impact orprobable impact of courses, course materials, and procedures can be extremely important and deserve carefulanalysis and full consideration.

RIGHTS: RESPONSIBILITIES:Students have the right to have Students have the responsibility to seek clarification ifaccess to simple and unambiguous necessary from informed persons in the school.curriculum descriptions that willfacilitate more informed choices.

Students have the right to participate Students have the responsibility to strive for growth in thisin adequate basic skill programs at area by participating to their utmost ability.all levels in elementary, middle, andhigh schools.

Students have the right to study Students have the responsibility to contribute toward theall subjects under competent development of a positive climate in the school that isinstructors in an atmosphere free conducive to wholesome learning and living.from bias and prejudice.

Secondary students have the right Students have the responsibility to involve themselves into have representation on the the committee process and to enrich textbook selection andcommittees that participate in curriculum the classes in which they are enrolled throughplanning - from the individual participation in school planning, implementation, andcouncils to the county level. evaluation.

CONSULTATION

PHILOSOPHICAL BASIS:

Personal concerns can seriously threaten and inhibit the educational development of students. Schools have theresponsibility to make relevant and objective information available to students, to provide students a comprehensivecounseling program, and to attempt to refer students seeking help with severe personal problems to agenciesequipped with the facilities and resources necessary to offer additional direct assistance.

RIGHTS: RESPONSIBILITIES:Students have the right to appro- Students have the responsibility to schedulepriate counseling for personal and appointments in advance unless the problem oreducational problems. consultation within a reasonable concern is an

emergency.

Students have the right to be Students have the responsibility to accessaccurately informed as to the nature services available to supplement and enhanceof the guidance services available their own educational and personal development.in their school.

23

STUDENT RECORDS

PHILOSOPHICAL BASIS:

Student records are intended to provide information which can be used to develop the best possible educationalprogram for each student. A well developed record file contains information useful for counseling, individualinstructional program design, recommendations as to advanced study, job placement, and other information neededfor making appropriate educational decisions. Care must be exercised by the school staff to assure that studentrecords are treated confidentially and that the information contained therein is relevant, accurate, and appropriate.

RIGHTS: RESPONSIBILITIES:Parents, guardians, or eligible students Parents, guardians, or eligible students (18 years of age or(18 years of age or attending a post- attending a post-secondary institution) have the responsibilitysecondary institution) have the right to of challenge the information contained informing the schoolinspect, review, and in those records of any information that may be used in making appropriatedirectly relating to the student. educational decisions.

Students have the right to be protected Parents, guardians, or eligible students have theby legal provisions which prohibit the responsibility of releasing information to thoserelease of personally identifiable infor- individuals or agencies who are working actively and

mation to other legally authorized persons constructively for the benefit of the student.without the consent of the parent, guardian,

or eligible student.

Parents, guardians, or eligible students Parents, guardians, or eligible students have thehave the right of access to records or responsibility to meet their financial obligation astranscripts. This access may not be it relates to school fees.denied because of failure to pay feesor book fines.

FLORIDA STATUTE 228.093(4) requires that annual notice be given to every parent, guardian, pupil and student as totheir rights concerning student records. Please refer to the section on student records in this document for a statementof these rights.

Please refer to the following: Protection of Pupil Rights Amendment, PPRA and Family Educational Rights andPrivacy Act, FERPA Statements.

NOTIFICATION OF RIGHTS UNDER THE PROTECTION OF PUPIL RIGHTS AMENDMENT (PPRA)

PPRA affords parents and students who are 18 or emancipated minors (“eligible students”) certain rights, regardingour conduct of surveys, collection and use of information for marketing purposes, and certain physical exams. Parentsand emancipated minors have the following rights:

Consent before students are required to submit to a survey that concerns one or more of the following protected areasif the survey is funded in whole or in part by a program of the U.S. Department of Education:

1. Political affiliations or beliefs of the student or student’s parent;2. Mental or psychological problems of the student or student’s family;3. Sex behavior or attitudes;4. Illegal, anti-social, self-incriminating, or demeaning behavior;5. Critical appraisals of others with whom respondents have close family relationships;6. Legally recognized privileged relationships, such as with lawyers, doctors, or ministers;7. Religious practices, affiliations, or beliefs of the student or parents; or8. Income, other than as required by law to determine program eligibility.

Receive notice and an opportunity to opt a student out of the following:1. Any other protected information survey, regardless of funding;2. Any non-emergency, invasive physical exam or screening required as a condition of attendance, administered

by the school or its agent, and not necessary to protect the immediate health and safety of a student, (exceptfor hearing, vision, or scoliosis screenings) or any physical exam or screening permitted or required underState law; and

24

3. Activities involving collection, disclosure, or use of personal information obtained from students for marketingor to sell or otherwise distribute the information to others.

Inspect, upon request and before administration or use of the following:1. Protected information surveys of students;2. Instruments used to collect personal information from students for any of the above marketing, sales, or other

distribution purposes; and3. Instructional material used as part of the educational curriculum.

Hendry County School Board has developed and adopted policies, in consultation with parents, regarding these rights,as well as arrangements to protect student privacy in the administration of protected surveys and the collection,disclosure, or use of personal information for marketing, sales, or other distribution purposes. Hendry County SchoolBoard will directly notify parents and eligible students of these policies at least annually and after any substantivechanges. Hendry County School Board will also directly notify parents and eligible students at least annually of thespecific or approximate dates of the following activities and provide an opportunity to opt a student out of participatingin:*Collection, disclosure, or use of personal information for marketing, sales or other distribution.*Administration of any protected information survey not funded in whole or in part by U.S. Department of Education.*Any non-emergency, invasive physical examination or screening as described above.

Parents/eligible students who believe their rights have been violated may file a complaint with:Family Policy Compliance OfficeU.S. Department of Education400 Maryland Avenue, SWWashington, DC 20202-4605

NOTIFICATION OF RIGHTS UNDER FERPA FOR ELEMENTARY AND SECONDARY SCHOOLS

The Family Educational Rights and Privacy Act (FERPA) affords parents and students over 18 years of age(“eligible students”) certain rights with respect to the students’ education records. These rights are:

(1) The right to inspect and review the student’s education records within 45 days of the day the School receives arequest for access.

Parents or eligible students should submit to the School principal (or appropriate school official) a written requestthat identifies the record(s) they wish to inspect. The School official will make arrangements for access and notify theparent or eligible student of the time and place where the records may be inspected.

(2) The right to request the amendment of the student’s education records that the parent or eligible studentbelieves are inaccurate.

Parents or eligible students may ask the School to amend a record that they believe is in accurate. They shouldwrite the School principal (or appropriate school official), clearly identify the part of the record they want changed, andspecify why it is inaccurate. If the School decides not to amend the record as requested by the parent or eligiblestudent, the School will notify the parent or eligible student of the decision and advise them to their right to a hearingregarding the request for amendment. Additional information regarding the hearing procedures will be provided to theparent or eligible student when notified of the right to a hearing.

(3) The right to consent to disclosures of personally identifiable information contained in the student’s educationrecords, except to the extent that FERPA authorizes disclosure without consent.

One exception, which permits disclosure without consent, is disclosure to school officials with legitimateeducational interests. A school official is a person employed by the School as an administrator, supervisor, instructor,or support staff member (including health or medical staff and law enforcement unit personnel); a person serving onthe School Board; a person or company with whom the School has contracted to perform a special task (such as anattorney, auditor, medical consultant, or therapist); or a parent or student serving on an official committee, such as adisciplinary or grievance committee, or assisting another school official in performing his or her tasks.

A school official has a legitimate educational interest if the official needs to review an education record in order tofulfill his or her professional responsibility.

Upon request, the School discloses education records without consent to officials of another school district inwhich a student seeks or intends to enroll.

(4) The right to file a complaint with the U.S. Department of Education concerning alleged failures by the SchoolDistrict to comply with the requirements of FERPA. The name and address of the Office that administers FERPA are:

Family Policy Compliance OfficeU.S. Department of Education400 Maryland Avenue, SWWashington, DC 20202-4605

25

ATTENDANCE

PHILOSOPHICAL BASIS:

School administrators have an obligation under state law to enforce compulsory school attendance laws. Students have anobligation to avail for themselves the opportunity for a free education, an education that should help the students develop the skillsand knowledge necessary to function in a modern democratic society.

RIGHTS: RESPONSIBILITIES:

Students have the right of access to individual Students have the responsibility to take advantage of theirschool policies that clearly define excused educational opportunity by attending all classes daily and onabsences, unexcused absences, and tardies. time unless circumstances beyond their control prevent them

from doing so.

Students have the right to appeal a decision Students have the responsibility to provide the school withpertaining to an absence (excused or unexcused) an adequate explanation with appropriate documentationand shall not be penalized in any way for excused indicating the reasons for an absence.absences. Participation in a school-sponsoredactivity shall be considered an excused absence.

Students have the right to make up classwork in Students have the responsibility to request the make upcase of any excused absence. assignments from their teachers upon their return to school.

GRADES

Grades, at best, are but an indicator of the student’s knowledge at any particular point in time. Grades are not necessarily anaccurate gauge as to whether learning has taken place. However, since much emphasis is placed on grades, a student’s academicgrade should reflect the teacher’s most objective assessment of the student’s academic achievement. Academic grades should notbe used as a threat to maintain order in a classroom.

RIGHTS: RESPONSIBILITIES:

Students have the right to receive a teacher’s grading Students have the responsibility to ask the teachers in advancecriteria, which is consistent with district guidelines, for an explanation of any grading criteria or practice which theat the beginning of each grading period. student may question, or on which they may need clarification.

Students have the right to receive an academic grade Students have the responsibility to maintain those standards ofthat reflects their achievement. academic performance commensurate with their ability to conduct

themselves in the classroom in ways that are conductive to thelearning process.

STATE MANDATED GRADING SCALE

Grade PointGrade Percent Value Definition

A 90-100 4 Outstanding progress

B 80-89 3 Above average progress

C 70-79 2 Average progress

D 60-69 1 Lowest acceptable progress

F 0-59 0 Failure

I Incomplete

R Replaced

P Passing

26

FREE SPEECH/EXPRESSION

PHILOSOPHICAL BASIS:

One of the basic purposes of education is to prepare students for responsible self-expression in a democratic society. Citizens inour democracy are permitted self-expression under the 1st and 14th Amendments of the U.S. Constitution. Full opportunity shouldbe provided for students to inquire, to question, and to exchange ideas. They should be encouraged to participate in discussions inwhich many points of view, including those which are controversial, are freely expressed.

RIGHTS: RESPONSIBILITIES:The Pledge of Allegiance is a statement of American ideals, Students have the responsibility to act in a manner thatand every student shall be protected in his right to affirm preserves the dignity of the occasion.his identity with these ideals; however, students who, becauseof religious convictions, do not wish to participate in the Saluteto the Flag shall not be compelled to do so.

Students have the right to refrain from any activity which Students have the responsibility to respect the religiousviolates the precepts of their religion. beliefs of others.

Students have the right to petition and survey student Students initiating a petition or survey have theopinion in accordance with the procedures established responsibility for the reasonableness of the request andby the principal. the accuracy of the content.

Students have the right to form and express their own Students have the responsibility to make efforts to becomeopinion on controversial issues without jeopardizing informed and knowledgeable about controversial issuestheir relationship with their teacher or school. and express their opinions in a manner that is suitable for

the forum in which the discussion is taking place.

STUDENT GOVERNMENT

To a large extent, the respect afforded a student government is a result of its active and constructive involvement in the dailyoperations of the school. In order to be effective, student government and its concomitant responsibilities suggest that itsrepresentatives be given an opportunity to participate in those decisions that affect the learning climate of the school.

Respected student governments in the high schools are forums for expression, discussion, and action regarding the importantissues of the day. Members of the school community share the responsibility for shaping student governments into positiveinstruments of student involvement.

RIGHTS: RESPONSIBILITIES:Students at the high schools have the right under the Student government officers and representatives have thedirection of a faculty advisor to form and operate a responsibility to be alert to needs of the school and thestudent government. concerns of the student body and to work toward the

satisfaction of these needs to the best of their ability.

Students have the right to seek and recommend members Students have the responsibility to secure the priorof the faculty to serve as sponsors for their school’s consent of any faculty member recommended.student government organization.

Students have the right to seek office in student government Students have the responsibility to conduct electionor any organization regardless of race, color, creed, campaigns in a positive, mature manner with all duenational origin or handicap. respect provided their opponents.

Student government officers and representatives have Students have the responsibility to conduct themselvesthe right to attend official student government meetings. in an appropriate manner, to demonstrate positive

leadership in school government, and to operate withinthe bounds of Board Rules and School Regulations.

27

SEARCH AND SEIZURE

PHILOSOPHICAL BASIS:

Students possess the right of privacy of person as well as freedom from unreasonable search and seizure of propertyguaranteed by the 4th Amendment of the U.S. Constitution. That individual right, however, is balanced by the school’s

responsibility to protect the health, safety, and welfare of all its students.

RIGHTS: RESPONSIBILITIES:Students have the right to privacy in their Students have the responsibility not to carry orpersonal possessions unless the principal conceal any such material that is prohibited by lawhas a reasonable cause to believe that the or would detract from the educational process.student is concealing materials which areprohibited by law or student codes.

Students have the right to be informed of the state Students have the responsibility to accept thestatutes which pertain to search of lockers. consequences for the contents stored within their

lockers.

Students have the right to be informed of district & Students and others parking on school propertystate policies which pertain to parking privileges imply consent to a search of their vehicle, with orand search of vehicles. without cause, by a school official. A search may

include passenger compartments, enginecompartments, trunk & all containers, locked orunlocked, in or on the vehicle.

SEXUAL HARASSMENT

The school district has the responsibility to provide a school environment that protects the student’s health, safety, andcivil rights; that is threat free; and presents a friendly, caring atmosphere conducive to learning and growing. As part ofthis total responsibility, the district supports a no tolerance approach to sexual harassment in the schools or anyactivity sponsored by a school. Sexual harassment consists of unwelcome sexual advances, requests for sexualfavors and other inappropriate oral, written, or physical conduct of a sexual nature when 1) submission to such conductis made, either explicitly or implicitly, a term or condition of an individual’s education; 2) submission to or rejection ofsuch conduct by an individual is used as the basis for an academic decision affecting that individual; or 3) suchconduct substantially interferes with a student’s academic performance, or creates an intimidating, hostile, threatening,or offensive school environment. Sexual harassment, as defined above, may include, but is not limited to, thefollowing: 1) verbal harassment or abuse; 2) pressure for sexual activity; 3) repeated remarks to a person with sexualor demeaning implications; 4) unwelcome or inappropriate touching; 5) suggesting or demanding sexual involvementaccompanied by implied or explicit threats. To clarify, sexual harassment occurs when a student or adult subjects anindividual to any unwelcomed conduct of a sexual nature. Students who engage in such conduct shall be subject toactions listed in this Code of Conduct.

RIGHTS: RESPONSIBILITIES:Students have the right to receive an education in a Students have the responsibility to participate in thethreat free atmosphere conducive to learning and educational setting in a way that supports the learninggrowth. and growth of all individuals.

Students have the right to access educational Students have the responsibility to ensure an atmosphereactivities in an atmosphere free from sexual harassment. free from sexual harassment for themselves and others.

Students will not support or condone unwanted orunwelcomed remarks or activites of a sexual nature.

Students have a right to a recourse that allows for Students have the responsibility to report activitiesreporting of alleged activity of a sexual which are or appear to be of a sexual harassment nature.harassment nature that is threat free, All students must accept the responsibility for providing anconfidential, and readily available to all students. atmosphere conducive to positive individual growth and

development.

28

TEEN DATING VIOLENCE AND ABUSE

Teen dating violence is a pattern of emotional, verbal, sexual, or physical abuse used by one person in a current orpast dating relationship to exert power and control over another when one or both of the partners is a teenager. Abusemay include insults, coercion, social sabotage, sexual harassment, stalking, threats, and/or acts of physical or sexualabuse. The abusive partner uses this pattern of violent or coercive behavior to gain power and maintain control overthe dating partner. This may also include abuse, harassment, and stalking via electronic devices such as cell phonesand computers, and harassment through a third party, and may be physical, mental, or both.

The Hendry County School District is committed to providing an educational setting for all students that is safe, secure,and free from dating violence or abuse of any kind. Any form of teen dating violence or abuse as defined in SchoolBoard Policy is prohibited and will not be tolerated.

Consistent with the intent and requirments of Section 1006.148 Florida Statutes, the Hendry County School Districtupholds that dating violence or abuse by any students is prohibited:

On school property During school related or school sponsored programs, events, or activities, and During school sponsored transportation

Hendry County School Board Policy 341 will serve as a guide for school administrator/staff in investigating, reportingand taking disciplinary action regarding allegations of teen dating violence or abuse.

Rights

Students have the right to access educational activitiesin an atmosphere free from dating violence or abuse.

Students have a right to a recourse that allows forreporting of alleged dating violence or abuse.

Responsibilities

Students will not inflict emotional, verbal, sexual, orphysical abuse on another to exert power or controlover a person in a current or past dating relationship.

Students have a responsibility to report cases of teendating violence or abuse.

29

GRIEVANCE

PHILOSOPHICAL BASIS:

A grievance is defined as a claim by a student, with respect to that student’s rights, that there has been a violation,misinterpretation, or misapplication of Federal Statutes, State Statutes, or Board policy as defined in those statutes orpolicies. Copies of grievance procedures shall be available upon request and shall be on file in the office of thesuperintendent and the office of each principal and guidance counselor. They are also available on the Districtwebsite.

RIGHTS: RESPONSIBILITIES:

Students have the right to a standard procedure Students have the responsibility to discuss theirfor the resolution of grievances. grievances informally with the persons involved prior

to invoking formal grievance procedures.

Students have the right to participate in the Students have the responsibility to state theformulation of the grievance procedures with grievance clearly and concisely, to follow thethe school administration through procedures established procedures, and to accept the decisionestablished in school rules. that is the outgrowth of this process.

MARRIAGE, PREGNANCY &PARENTHOOD

PHILOSOPHICAL BASIS:

Students who are married, parents, or pregnant do not lose their right to a free and appropriate education. It istherefore the responsibility of the public school to encourage their continued education through the implementation ofpositive policies and the development of appropriate educational programs.

RIGHTS: RESPONSIBILITIES:Students who are married, parents, or pregnant Students have the responsibility to seekhave the right to remain in the regular school professional medical advice regardingprogram or to attend one of the specialized continued school attendance.programs designed to meet their particular needs.

School Dress

It is the district’s expectation that while at school students will dress in an appropriate manner that demonstratesrespect for self and others and which is not disruptive to an orderly learning environment, school climate, oreducational process.

Rights:

Students have the right to attend school and participatein school related activities without being subject tostudent dress that is vulgar, indecent or that disruptsthe educational process.

Responsibilities

Students will demonstrate respect for themselves andothers in their school dress.

30

-CHAPTER 4-

31

RECORDS

PURPOSE

State Statute 232.23 mandates that each principal maintain a permanent record for each student enrolled in a public school. Suchrecord shall be maintained in the form and contain all data prescribed by regulations of the State Board of Education. Studentrecords are used for planning instructional programs, for guidance of students, for preparation of state and federal reports, and forresearch.

WHO HAS ACCESS TO STUDENT RECORDS?

Those persons having access to student records are the school board, the superintendent and his/her staff, the professional staff ofthe school, the parent or guardian of the student, a court of competent jurisdiction, and other persons as the parent or guardian mayauthorize in writing. These records are accessible under the direction of the school principal in each school center.

WHAT INFORMATION IS IN A STUDENT’S RECORDS?

Educational records are maintained in accordance with policies and administrative guidelines of the School Board of Hendry Countyand contain identifying data (student and parent name, address, birthdate, sex, race), academic record, standardized test results,attendance records, and health data. The educational record also may contain family background information, verified reports ofserious or recurrent behavior patterns, record of extracurricular participation and participation in special programs, diagnosticreports, and ancedotal records of professional staff. The principal may maintain a separate disciplinary file for students involved inmisconduct to include, but not limited to, description of misconduct, suspension notice(s), record of disciplinary action(s) taken, etc.These records are updated annually.

WHAT ARE THE RIGHTS OF A PARENT?

Parents or legal guardian(s) have the right to review records maintained on their child, right to a copy of the record,and a right to contest information contained in the record. Requests for appointments to review or to contest studentrecords should be made to the principal or his/her designee. Copies of a student record may be sent to a schooloutside of Hendry County Public School System upon receipt of a written official school request. Parents are herebynotified that such requests will be honored by the schools and that they have a right to inspect records sent to otherschools. Requests for records from all other sources requires written permission of the parent or guardian.

NOTE:

Whatever rights are vested in the parent or guardian shall pass to the student whenever the student has attainedeighteen (18) years of age or is attending an institution of post-secondary education. Parents shall have access totheir dependent children’s records regardless of age and shall have the right of signing for the release of dependentchildren’s records.

32

WHAT INFORMATION IS RELEASED WITHOUT PARENT PERMISSION?

The Hendry County Public Schools reserve the right to release “directory information” without prior permission of the parent orguardian as detailed in the following categories.

1. School publications, yearbooks, programs for school events, handbills, roster, school news to media, and school/districtwebsites. Such information will be limited to the following:

student’s name, address, grade level, age, participation in officially recognizedactivities and sports, weight and height of members of athletic teams, dates ofattendance, graduation date, awards and honors received.

By law, directory information may be shown to responsible individuals or agencies without parent consent. However, if there issome or all portions of these records that you do not want furnished, please notify your principal within thirty (30) days.

2. Directory information will be released by the principal or his designee to the Division of Youth Services, the Division of FamilyServices, local police and sheriff’s departments and other agencies or persons having a bonafide need to know.

3. In the preparation of cases for prosecution under the Compulsory School Attendance Law, the Department of Student Servicesis authorized to release pertinent school data in interpretative form to the State Attorney’s Office, to the Division of Youth Services,and to the Circuit Court Juvenile Division.

PARENTS RIGHT TO KNOW

Parents have the right to request the following information:

Whether the teacher has met State qualifications and licensing criteria for the grade levels and subject areas in whichthe teacher provides instruction.

Whether the teacher is teaching under emergency or other provisional status through which State qualification orlicensing criteria have been waived.

The baccalaureate degree major of the teacher and any other graduate certification or degree held by the teacher, andthe field of discipline of the certification or degree.

Whether the child is provided services by paraprofessionals and, if so, their qualifications.

33

HEALTH RELATED SERVICES

Hendry County District Schools provide basic school health services in each school that promote student health through prevention,intervention, and treatment. School health staff are professionally trained to advocate for children’s health and safety within theeducational setting. Some services offered in the school include health screenings, medication administration, and treatment ofacute and chronic health-related problems. The delivery of school health services is guided by a cooperative and comprehensiveplan developed by the Hendry County District Schools and the Hendry County Health Department.

QUICK REFERENCE GUIDE TO SERVICES FOR THE PRESCHOOL CHILD (AGES BIRTH - 5) IN HENDRY COUNTY

Information/ReferralUnited Way/Success by 6 675-8383

REFERRAL/REQUEST FOR SCREENINGChild Find (0-5 years old) 1-800-316-7057Early Intervention Program -(0-3 years old) 1-800-316-7057Glades/Hendry Central Directory 1-800-316-7057

EARLY EDUCATION SERVICESChild Care of Southwest Florida, Inc.Early Learning Coalition of SW Florida 1-888-290-4114239-935-6102Hendry County School Board 674-4550

Exceptional Student Education 674-4164 or 983-1507RCMA LaBelle Child Development Center I 674-4510RCMA LaBelle Child Development Center II 674-4515Harlem Academy Child Care Center 983-7335

SOCIAL/MEDICAL SERVICESFlorida Community Health Centers, Inc. 983-7813Easter Seals Florida – Gulfcoast Region 1-877-257-3257

(Physical, Speech, and Occupational Therapics)Family Health Centers of S.W. Florida, Inc. 1-888-501-7727Hendry/Glades Mental Health Clinic, Inc. 674-4050 or 983-1423Hendry County Welfare Department- 675-5356Hendry Regional Medical Center 675-4466 or 983-9121HRS DCF (Children & Families, Economic Services) 674-4157 or 902-3800HRS DCF County Public Health Units (Healthy Start,

Immunizations) 674-4041 or 983-1408Children’s Medical Services 1-800-226-3290HRS First Steps 674-4157 or 983-2144HRS WIC 674-4078 or 983-1494IMPACT 239-275-4244LaBelle Pediatrics 675-7574-Social Security Administration 1-800-772-1213EMERGENCY 911POISON CONTROL 1-800-282-3171

PARENT SERVICESHendry County Adult Education 612-0706 or 983-1511IDEAS (Ft. Myers) 674-4157 or 275-9541Parent Support Group 983-4417-Florida Tobacco Quitline 1-877-822-6669

TRANSPORTATIONGoodwheels (Medicaid Provider) 1-800-741-1570Taxi Lobo 675-5777

MIGRANT SERVICESHendry County Schools (3-5 years old) 674-4108 or 983-1508East Coast Migrant Head Start (Birth - 5) 675-4266 or 675-7797Family Health Center (Outreach Service) 675-2334

ABUSE/NEGLECTACT Shelter (When calling number ask for ACT) 1-800-500-1119Florida HOTLINE 1-800-962-2873REACT 674-1811

34

Hendry County SchoolsStudent Code of Conduct Committee

20142015

C. Gordon Swaggerty, Deputy Superintendent Chairperson

Tony Busin, WES, PrincipalRobin Jones, COES, Assistant Principal Committee Member

Rosa Perez, CES, PrincipalKen Pickles, LMS, Principal Committee Member

Kristi Durance, CMS, Assistant PrincipalMaddie Lofton, LMS, Student Committee Member

Janice Lee, Director of AssessmentLori Perkins, LHS, Dean Committee Member

Roberto Sanchez, CHS, Assistant PrincipalRichard Talada, LES, Assistant Principal Committee Member

Victor Ramos, CHS, StudentLucinda Kelley, Director, ESE Committee Member

Larry Worth, Assistant Superintendent Committee Member

Drug and -, Alcohol, and Tobacco Counseling and Rehabilitation Resource List

Hendry Glades Mental Health Clinic, Inc.: 80 Euclid, LaBelle – 674-4050 - Insurance accepted - sliding fee basis

Hendry Glades Mental Health Clinic, Inc.: 601 W. Alverdez Avenue, Clewiston - 983-1423 - Insurance accepted -sliding fee basis

Ruth Cooper Center for Behavioral Health Care: 2789 Ortiz Avenue, Fort Myers – 239-275-3222 - Insurance accepted- sliding fee basis-

Southwest Florida Addiction Services: Fort Myers – 239-332-6937 - They have all services, inpatient and outpatient,youth services - Insurance accepted - sliding fee basis

Alcoholics Anonymous (AA): Fort Myers – 239-275-5111

ALCOHOLICS ANONYMOUS (AA): 7:00 PM 1st & 3rd

Mondays - St. Martin’s Episcopal Church, Clewiston

DUNKLIN CENTER: Addiction for Men, Okeechobee – 772-597-2841

35

Formatted: Font: 8 pt

COMPREHENSIVE HEALTH EDUCATION

Florida Law (1003.46 F.S.) requires each school district to regularly schedule a Comprehensive Health EducationProgram in grades K-12 which shall include but not be limited to the following:

* personal health & hygiene* substance abuse prevention* an understanding of the body & its systems* AIDS & other communicable disease prevention* identification and prevention of child abuse in the lower grades* decision-making in the middle & higher grades* human growth & development* human sexuality & pregnancy prevention* early sexual involvement* activities which result in sexually transmitted diseases* early teenage pregnancy* abstinence from sexual activity is a certain way to avoid pregnancy* sexual transmission of AIDS and other communicable (sexually transmitted) diseases* suicide

Instruction of human sexuality will take into account the whole person. Present ethical and moral dimensions shall notbe an expression of any one sectarian or secular philosophy and shall respect the conscience and rights of studentsand parents.

All instructional materials, including teachers’ manuals, films, tapes, and other supplementary instructional materials,shall be available for inspection by parents or guardians of the children engaged in such classes.

Any student whose parents make written request to the school principal shall be exempt from reproductive health orAIDS instructional activities, as requested.

NOTIFICATION REQUIREMENTS FOR STUDENTS’ WHO ARE REMOVED FROM SCHOOL, SCHOOLTRANSPORTATION, OR SCHOOL-SPONSORED ACTIVITY AND TAKEN TO A FACILITY FOR AN INVOLUNTARY

EXAMINATION UNDER THE BAKER ACT

School Principals’ or his or her designee are required to provide immediate notification to a student’s parent orguardian if the student is removed from school, school transportation or school-sponsored activity for an involuntaryexamination under the Baker Act.

Notification may be delayed by up to 24 hours if there is suspected abuse, abandonment, or neglect and the delay hasbeen deemed to be in the students’ best interest.

Notification can be by phone or in person but must be done immediately. Effort to contact the parent or guardian mustcontinue until such notification is made. (SB 954) Documentation of this notification must be maintained on file.

36

Formatted: Justified

KEYS TO YOUR CHARACTER

The Hendry County School District is committed to helping all students in developing values necessary to participateas caring, responsible citizens in our nation’s democracy. The District has adopted The Keys to Your Character topromote values and good character. These keys, are listed and defined with examples below:

Character Key Definition ExampleFairness Equity, equality and consistency

applied in all like actions.Treating people impartially, norplaying favorites, being open minded,or maintaining an objective attitudetoward those whose actions or ideasare different from the others.Treating people the same, regardlessof their ethnicity, race, religion,gender, or physical condition.

Respect Courteous consideration and highregard for others.

Showing regard for the worth anddignity of someone or something,being courteous and polite, andjudging all people on their merits.

Honesty A sense of honor, truthfulness,integrity, and sincerity.

Dealing truthfully with people, beingsincere, not deceiving them orstealing from them, not cheating orlying.Doing one’s own work when taking atest or working on an individualassignment.

Gratitude Thankfulness expressed byacknowledged appreciation.

Demonstrating thankfulness for thehelp or actions of others.

Generosity Unselfishness demonstrated byconcerned sharing.

Willingness to share with others.

Responsibility Cooperation, presence of self-discipline and good citizenship.

Thinking before you act and beingaccountable for your actions, payingattention to others and responding totheir needs.

Caring Attention and concern for the welfareand needs of others through bothwords and actions.

Being sympathetic, helpful,compassionate, benevolent,agreeable and gentle toward people.

Knowledge Awareness of facts, truths andprinciples having critical and creativeprocesses.

Pay attention to truths not gossip orrumors.

Courtesy Polite behavior and excellence ofmanner in social conduct.

Treat others like you would like to betreated.

Patriotism Good citizenship displaying highregard for laws, government, and theheritage of our country.

Show appreciation for our country, itslaws and government.

37

Formatted: Justified

Formatted: Font: Bold, Underline

Formatted: Centered

Formatted: Font: Not Bold, No underline

Formatted: Justified

NON-DISCRIMINATION STATEMENT

The School Board of Hendry County, Florida prohibits any policy or procedure, which results in discrimination on thebasis of race, sex, national origin, marital status, disability, age, or religion. It also includes all protection required by34 CFR, 108.9 (Boy Scouts Act). Individuals who wish to file a discrimination and/or harassment complaint, orindividuals with disabilities requesting accommodations under the American with Disabilities Act (ADA) may call one ofthe people listed below.

The Hendry County School District has an Educational Equity Plan to ensure procedures are in place to monitorequality of treatment within district activities and to report discrimination or harassment. The district actively supports apolicy of non-discrimination in all matters related to the actions and interactions of personnel and students within thedistrict, and interaction with the general public. The system strives to provide an atmosphere that is conducive toequal opportunity and treatment of all regardless of race, sex, national origin, marital status, disability, age or religion.

Larry Worth, Assistant Superintendent for Continuous Improvement, Human Resources and Operations is theHendry County School Board Equity Officer. He is located in the Old Court House Building, 25 EastHickpochee Avenue, LaBelle, FL 33935. Phone (863) 674-4550; Fax (863) 674-4579. (This posting is inaccordance with the Florida Equity Act (Rule 6A-19.010(1)(g) FAC, the Federal Title IX Education Amendments of1972 Section 106.8(2) and the Age Discrimination in Employment Act of 1975 Section 110.25).

Lucinda Kelley, Director of ESE, is Hendry County School Board’s Section 504 & ADA (Rehabilitation) contact.She is located at 25 E. Hickpochee Avenue, LaBelle, FL 33935. Phone (863) 674-4166; Fax (863) 674-4106.Issues regarding 501, 503, and 504 Rehabilitation Acts of 1973 and Individuals with Disabilities Education Act(IDEA), of 1990 can be addressed through this office. (This posting is in accordance with Title 1 of the Americanswith Disabilities Act, section 35.107(2) of 1990 and Section 504-104.7(a) of the Rehabilitation Act of 1973).

Kevin McCarthy, Administrator of Facilities, Maintenance and Transportation, is Hendry County SchoolBoard’s ADA (Architectural Business) contact. He is located at 4040 Cowboy Way, LaBelle, FL 33935. Phone(863) 674-4184; Fax (863) 612-0774. Issues regarding Architectural Business to Americans with Disabilitiesand the Architectural Barriers Act of 1968 can be addressed through this office. (This posting is in accordancewith Title 1 of the Americans with Disability Act section 35.107(a) of 1990).

Garry Ensor, Administrator of Workforce Development and Adult Education, is Hendry County School Board’sVocational Discrimination Contact. He is located at 475 East Osceola Avenue, Clewiston, FL 33440. Phone(863) 983-1511; Fax (863) 983-1517. Issues regarding discrimination in vocational education programs basedon race, color, national origin, sex and disability can be addressed through this office. (This posting is inaccordance with Subpart A Legal Basis for the Vocational Guidelines, section IV issued in 1973).

38

Formatted: Underline

Formatted: Justified

NOTES

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

*****************************************************************************************************************************************************************************************************************************

39

NOTES

_________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

******************************************************************************************************************************************************************************************************************************

40

PREPARED BY:

HENDRY COUNTY SCHOOL BOARDPOST OFFICE BOX 1980

LABELLE, FLORIDA 33975

(863) 674-4642(863) 902-4244

HENDRY COUNTY SCHOOL BOARD

2015-16

Student Progression Plan

Requirements and Procedures

The School Board of Hendry County, Florida prohibits any policy or procedure, whichresults in discrimination of the basis of race, sex, national origin, marital status,disability, age, or religion. Individuals who wish to file a discrimination and/orharassment complaint, or individuals with disabilities requesting accommodations underthe Americans with Disabilities Act (ADA) may call the equity officer at (863) 674-4550.

i

Table of Contents

Introduction 1

Common Core Standards 2

School Improvement 4

Florida’s Multi-Tiered System of Supports (MTSS) 4

General Requirements for Student Progression 5Admission to School

Entrance RequirementsTransfer RequirementsCompulsory School AttendanceStudents with Disabilities (SWD) ProgramStudents with Active 504 Accommodation PlansStudents who Qualify for ESOLHome Education ProgramVirtual School ProgramHospital/Homebound ProgramInterstate Compact on Educational Opportunity for Military ChildrenCharacter Education Program

Student Performance and Promotion Through the Grades 14Florida Standards/Next Generation Sunshine State StandardsCurriculumPromotion/RetentionElementary School (K-5) Promotion/Retention

Student Performance LevelsTeacher Judgment for Promotion

Alternatives to Promotion/Remedial InstructionGrade RetentionAssessmentAssessment and Support Grades K-3

Early High School Graduation 19

Assessment of Student Performance 20Report Cards and Other Notices of Student Progress

Grades

ii

Table of Contents

Student Plans, Parent Information and Notification 23Student and Parent Information Regarding School-to-Work TransitionSchool Conferences for Parents in “Learnfare”Annual Report of Student ProgressFamily Partnership for Student AchievementPrivacy Rights of Students and ParentsMultiple Births Siblings/Classroom Placement

Supplemental Academic Instruction 26Special Programs for Special NeedsSpecial Programs for Acceleration and Intensive InstructionDrop-Out Prevention and Alternative Education

Elementary School Requirements for Student Progress 27Admission to Elementary School

Entrance Requirements for Kindergarten StudentsExceptional Student Education (ESE) Entry RequirementsTransfer Requirements for Elementary School StudentsGrade Placement in K-5 for Transfer StudentsFlorida Kindergarten Readiness ScreenerAcademically Challenging Curriculum to Enhance Learning (ACCEL)

Options

Elementary Student Performance and Progression Through the Grades 30Promotion for Elementary School StudentsK-3 READ Initiative/Preventative Strategies for Deficient ReadersPromotion Alternatives for Elementary School Students

Promotion/Retention for Third GradeGrade Promotion with Good Cause ExemptionMandatory Retention for Grade 3 StudentsParent Notification Requirements for Retained Grade 3 StudentsIntensive Instruction Services for Retained Grade 3 StudentsIntensive Acceleration Class (IAC) for Grade 3 StudentsSupplemental Academic Instruction (SAI) for Grade 3 StudentsGood Cause Exemptions for Retained Grade 3 StudentsGood Cause Exemptions from Retention (Grade 3 Only)Review of Academic Portfolio for Good Cause ExemptionDocumentation for Grade 3 Good Cause ExemptionDuring the School Year Promotion of Retained Grade 3 StudentsIdentified Reading DeficienciesHealth and Physical Education

iii

Table of Contents

Student Plans, Parent Information, and Notification of Elementary SchoolStudents 40

Performance Monitoring Plan (PMP)Parent Notification of Substantial Reading Deficiency in K-3 StudentsExceptional Student Education (ESE)Section 504 Accommodation Plans

Middle School Requirements for Student Progression 45Admission to Middle School

Entrance Requirements for Middle School Students

Middle School Student Performance and Progression Through the Grade 6-8 45Middle School (6-8) Requirements for Promotion and RetentionConsiderations for Special Program Students

Promotion for Middle School Students 53Alternatives to Promotion for Middle School StudentsRequired Physical EducationFlorida Virtual CoursesAdvanced Academic CoursesHigh School Courses

High School Requirements for Student Progression 56Graduation RequirementsGraduation Requirements for a Standard Diploma

Assessments for Standard DiplomaStandardized Assessment Waivers (ESE) for Standard DiplomaAssessment Waiver Eligibility Criteria for Standard DiplomaEOC Assessment Waiver for Students with DisabilitiesDistrict ResponsibilitiesEligibility CriteriaCourse Credit for Standard DiplomaOnline Learning for Standard DiplomaGrade Point Average (GPA) for Standard DiplomaFour-Year, 24-Credit Traditional Option RequirementsVirtual/Online Course Requirements for Four-Year 24-Credit OptionEnglish Requirement for Four-Year 24-Credit OptionMathematics Requirement for Four-Year 24-Credit OptionScience Requirements for Four-Year 24-Credit OptionSocial Studies Requirements for Four-Year 24-Credit OptionPhysical Education Requirements for Four-Year 24-Credit OptionFine and Performing Arts Requirements for Four-Year 24-Credit OptionWorld Language Requirements for Four-Year 24-Credit Option

iv

Table of Contents

Community Service for Four-Year 24-Credit Option StudentsGraduation Requirements for Transfer Students

Other Graduation Options 66Early Graduation for Four-Year 24-Credit Option Students18-Credit ACCEL Graduation OptionAdvanced International Certificate of Education (AICE) DiplomaInternational Baccalaureate (IB) ProgramGraduation Options for Students with Disabilities (SWD)

Special Diploma: Option 1Special Diploma: Option 2

Students with Disabilities Entering Grade 9 during the 2014-2015 School YearFlorida High School Performance-Based DiplomaCertificates of CompletionStandard Certificate of CompletionPerformance Based Diploma Program (PBD)Standard Diploma Requirements for a GED Exit Option

Florida Department of Education Scholarships 74Florida Bright Futures Scholarship Program

Grades and Other Notices of Student Progression 75High School Grade ForgivenessHigh School Weighted Grades

Middle and High School Student Plans, Parent Information, and Notification 76Readiness for Post Secondary Education and the WorkplaceCareer and Professional EducationStudent and Parent Notification of Graduation OptionsStudent and Parent Notification for Students with GPA Below 2.0Student and Parent Notification for Acceleration MechanismsAssistance to Transitioning Students from Military Families: Special Academic

ProgramsCommencement ExercisesAdult School13th Year ParticipationTeenage Parent Program (TAP)Youth Development Academies (CYDA, LYDA)

Middle and High Student Attendance 79Compulsory AttendanceInterscholastic Extracurricular Eligibility

Veteran’s Day and Memorial Day Activities 80Celebrate Freedom Week

v

Table of Contents

Special Programs for Acceleration and Intensive Instruction 80Elementary Summer Reading ProgramSummer Enrichment Program

Drop-out Prevention and Alternative Education 81Continuous Progress Summer SchoolExtended Day/Year Instructional ProgramIntegrated Learning ProgramsMigrant Tutorial Program, Migrant Advocate/Counselor Program, and

Summer Migrant Institute

Academically Challenging Curriculum to Enhance Learning (ACCEL) Options 81

Academically Challenging Curriculum to Enhance Learning (ACCEL) 82General Elementary and Middle School ACCEL OptionsGeneral High School ACCEL OptionsCredit Acceleration Program (CAP)

Elementary and Middle School Eligibility Criteria for CAPHigh School Eligibility Criteria for CAP

Elementary School Acceleration RequirementsMiddle School Acceleration RequirementsWhole-Grade and Midyear Promotion Procedures

Elementary School RequirementsMiddle School RequirementsHigh School Requirements

Recommended Assessments for Subject Area AccelerationElementary and Middle School Assessments (Whole-Grade and

Midyear Promotion)Procedures for Requesting Acceleration

Elementary School (K-5) Procedures for Requesting AccelerationMiddle School (6-8) Procedures for Requesting AccelerationHigh School (9-12) Procedures for Requesting AccelerationHigh School Credits for Middle School (6-8) StudentsHigh School Mathematics Requirements for Middle School (6-8)

StudentsStudents Attending Summer/College Programs for EnrichmentCredit by ExaminationInternational Baccalaureate (IB) Diploma ProgramAdvanced International Certificate of Education (AICE)Advanced Placement (AP)Dual Enrollment Program

Enrollment in Schools without Dual Enrollment AgreementsDual Enrollment for Home Education Students

Early Admission to College

vi

Table of Contents

Early Admission to College for Home Education Students

Collegiate High School Program 96Opportunities for Student ParticipationEligible StudentsEnrollmentHigh School Credit Earned for CHSP CoursesStudent Advising Services/Progress MonitoringCalendarFundingTextbooksStudent Responsibilities

Special Programs for High School 101Career and Technical Education (CTE)Core Credit for Career and Technical Education (CTE)Career AcademiesCareer Education Program Completer Certificate

Retention/Promotion for Third Grade Students Flow Chart 104

Appendix A – Students Entering Grade 9 in the 2011-2012 School Year 105

Appendix B – Students Entering Grade 9 in the 2012-2013 School Year 107

Appendix C – Students Entering Grade 9 in the 2013-2014 School Year 109

Appendix D – Students Entering Grade 9 in the 2011-2012 School Year 111

1

Introduction

The Hendry County School District Student Progression Plan provides parents,students, school personnel, and the general public information regarding studentprogression requirements and procedures for Grades K-12.

It is the responsibility of the School Board of Hendry County per F.S. 1008.25 toimplement a comprehensive student progression plan that serves as a guide and basisfor graduation, retention, and promotion. The Hendry County School District StudentProgression Plan is based upon Florida Statutes, local goals and objectives, as well asthe Florida Standards and Next Generation Sunshine State Standards as approved bythe State Board of Education.

The purpose of this document is to describe the administrative procedures necessary toimplement student progression in the public schools of Hendry County and to meet therequirements outlined in Florida Statutes.

It is expected that the vast majority of Hendry County public school students will makesatisfactory progress through the grades and achieve a level of academic proficiencyand social and emotional development that will enable them to benefit from instructionat the next grade level. All students are expected to achieve the performance standardsadopted by the State of Florida as defined in Florida Standards for language arts,mathematics, science, social studies, health and physical education, the arts, andforeign language as implemented at each grade level. The district’s goal is that allstudents make adequate annual learning gains sufficient to acquire knowledge, skills,and competencies needed to master the Florida Standards.

Students are required to meet specific levels of performance in reading, writing,mathematics, and science for each grade level, including levels of performance onstatewide assessments as defined by the commissioner of education. Students whoscore below the defined levels must receive remediation or be retained with an intensiveprogram that is different from the previous year’s program and that takes into accountthe student’s learning style.

The district is committed to the idea that all students can learn when academic growth iscontinuous and is built on high expectations and quality instructional strategies to meetindividual student needs. This Student Progression Plan implements school boardpolicy and develops procedures to provide each student with the maximum opportunityto succeed in school.

2

Common Core State Standards

Florida has adopted the Florida Standards which were developed to ensure that allstudents are prepared for success in postsecondary education and the workforce,regardless of where they live. These standards will ensure that students are receiving ahigh quality education and will provide the opportunity to share experiences and bestpractices within and across states.

Standards have been written for English Language Arts/Literacy and Mathematics. Thegrade specific standards define end-of-year expectations and a cumulative progressiondesigned to enable students to meet college and career readiness expectations by theend of high school. As students advance through grades K-12, they are expected tomeet each year’s grade specific standards and retain or further develop skills masteredin previous grades.

Although the Florida Standards define what students should know and be able to do ateach grade level, they do not define how a teacher should teach the Standards.Teachers are expected to use a variety of appropriate materials and strategies to meetthe educational needs of the children who have been assigned to them. The Standardsfocus on what is most essential but do not describe all that should be or can be taught.

Although the Standards are divided for Literacy into Reading, Writing, Speaking andListening, and Language strands, the processes of communication are closelyconnected. Writing standard 9 requires that students be able to write about what theyread. Speaking and Listening standard 4 sets the expectation that students will sharefindings from their research. The Standards insist that instruction in reading, writing,speaking, listening, and language be a shared responsibility within the school.

Key features of the Literacy Standards include the following: Reading: Text complexity and the growth of comprehension. Equal emphasis is

placed on the complexity of what students read and the skill with which they readit. The expectation is that students read increasingly more complex text as theyprogress from grade to grade. Additionally students are expected to learn morefrom the text and analyze text more closely.

Writing: Text types, responding to reading research. The basic skills of writing(planning, drafting, revising, editing, and publishing) are important. However,students must learn to write for specific audiences and needs.

Speaking and Listening: Flexible communication and collaboration. Studentsare expected to develop skills in oral communication and interpersonalrelationships. By working together, listening to the ideas of others, andevaluating what they hear students will be better prepared for postsecondarywork and the workforce.

Language: Conventions, effective use and vocabulary. Students are expectedto abide by the essential rules of standard written and spoken English.Vocabulary development focuses on understanding words and phrases and their

3

relationships, and acquiring new vocabulary especially in specific areas ofinterest.

The Florida Standards for mathematics define what students should understand and beable to do in their study of mathematics. The Standards focus on fewer concepts butthose concepts are studied more thoroughly than in the past.

The Standards for Mathematical Practice describe varieties of expertise that educatorsshould develop in their students. The Standards for Mathematical Practice are asfollows:

Make sense of problems and persevere in solving them. Explain to yourself themeaning of a problem and determine how to begin to solve the problem.Analyze, experiment, explain to others, and check your answer using analternate method. Ask, “Does this make sense?”

Reason abstractly and quantitatively. Make sense of quantities and theirrelationships in problems.

Construct viable arguments and critique the reasoning of others. Understandand use definitions and stated assumptions in explaining answers. Listen to theexplanations and arguments of others as they defend their answers and processfor solving the problem.

Model with mathematics. Apply the mathematics that you know to solve realworld problems.

Use appropriate mathematical tools strategically. Consider the mathematicaltools available (ruler, calculator, pencil and paper, geometry software, etc.) anduse the most appropriate to solve the problem.

Attend to precision. Communicate precisely to others. Use clear definitions asyou give explanations to others.

Look for and make use of structure. Look closely to determine if there is apattern or structure.

Look for and express regularity in repeated reasoning. Notice and determine ifcalculations are repeated and look for methods and shortcuts. Continuallyevaluate the reasonableness of your results.

Student proficiency or mastery of the Florida Standards will be measured by FloridaState Assessments. The Florida State Assessments will replace FCAT as the statewideassessments in the Spring of 2015. Information regarding the Florida StateAssessments can be found at www.fsassessments.org.

The full Florida Standards are available at www.floridastandards.org.

4

School Improvement

The 1991 Florida Legislature mandated the School Improvement and Accountability Act.A requirement of the legislation is for each school to have a School Improvement Plan.The School Improvement Plan includes goals which address each school’s needs asdetermined by student achievement data, climate surveys, discipline reports,attendance reports, and other pertinent information regarding improvement.

Each school is required to have a School Advisory Council which includesrepresentation from teachers, parents, administrators, students, community andbusiness representatives. The School Advisory Council for each school and schoolpersonnel collaborate in the development of the School Improvement Plan which whencompleted is submitted to the District School Board for approval.

Florida’s Multi-Tiered System of Supports (MTSS)

Through implementing the problem-solving framework, Florida’s Multi-Tiered System ofSupports (MTSS) provides high-quality instruction and intervention matched to studentneeds. According to the Florida Department of Education, MTSS involves thesystematic use of assessment data to inform instructional decisions and efficientlyallocate resources to improve learning for all students.

The core characteristics that underpin the MTSS model are:

High-quality, research-based instruction provided to students in all settings;

Continuous monitoring of student performance;

Screening of all students for academic and behavioral problems;

Multiple levels of tiers of instruction that are progressively more intense andbased on the student’s response to instruction;

Implementation of a problem-solving method across all levels or tiers.

5

General Requirements for Student Progression

Admission to School

Entrance RequirementsHCSB-3041003.01(4) FS1003.22(1 & 4) FS

New students must meet all entrance requirements before they are eligible to attendschool.

All students who are enrolling in a Hendry County public school for the first time mustpresent the following information before they can enter school: Evidence of the child’s birth date verified in priority order:

o Birth Certificate;o Legally attested birth record;o Legally attested religious record;o Insurance policy on the child’s life and in effect for at least two years;o A passport or certificate of arrival showing age of child;o An official educational transcript stating the child’s age that is current and

indicates enrollment for at least four years; oro An affidavit of age sworn to by the parent and accompanied by a

certificate of age signed by a public health officer or by a public schoolphysician, if none of the proofs of age above are available or can beproduced.

A certificate of immunization against communicable diseases. Student transfersentering a Hendry County school for the first time may be granted a 30-daywaiver to produce an immunization certificate from the health department. (Referto current immunization requirements for entrance to different grade levels.)

Evidence of a physical examination within the last 12 months. Student transfersentering a Hendry County school for the first time may be granted a 30-daywaiver to produce an acceptable physical examination.

Evidence of custody if the child does not live with both natural parents. Proof of residence documentation such as homestead exemption, lease or rental

agreement or utility deposit/receipt.o Homeless children are automatically eligible for a 30-day waiver of these

requirements.

According to Florida Statute §1003.01(12) and State Board of Education Rule 6A-6.03411(1)(s), students who are without a fixed, regular, and adequate nighttimeresidence, are considered children and youths who are experiencing homelessness.Pursuant to the McKinney-Vento Homeless Education Assistance ImprovementActs of 2001 (Section 725) 42 U.S.C.A. § 11432(g)(3)(A)-(C), these children are to beenrolled immediately in the school that meets the best interest of the student.

6

Arrangements are to be made for immunizations, transportation, and all other schoolservices. Appropriate students, school, and grade level placement, as well ascompletion of required immunizations and physical examination, shall occur within 30school days of enrollment. Refer to School Board Policy 339 entitled HomelessStudents and Florida Statute § 1003.21(1)(f) for procedures relating to the enrollmentof these students.

New students who do not meet these entrance requirements will not be eligible toattend school until all entrance requirements are met with the exception of studentsidentified as homeless.

Transfer Requirements1006.07(1) FS948.03(9) FS

The principal of the receiving school shall determine the grade placement of a studenttransferring into any Hendry County school from another country, state, or Floridaschool district. The requirements of the Hendry County School Board cannot beretroactive for a transfer student provided the student has met all the requirements ofthe state or Florida school district from which the student is transferring. All evidence ofthe student’s work and placement shall be based upon an official transcript or recordauthenticated by the proper authority of the receiving school.

A student or parent must provide all information concerning the enrollee’s arrest record(regardless of disposition), school expulsions (regardless of the status of the finalorder), and current and/or past DJJ/adult probation, community control, or monitoringprograms at the initial time of enrollment. School authorities will provide adequate dueprocess protection for all parties prior to establishing an appropriate educationalplacement or the mandatory notification of the student’s teachers.

A transfer student from a non-accredited school or home education program may beplaced in a 45-day trial grade placement. The student’s work and trial placement shallbe reevaluated and both may be validated based upon standardized test scores and/orstudent performance during the trial placement.

All ESE students transferring from private schools or out-of-state programs will beevaluated and staffed according to Special Programs and Procedures for ExceptionalStudent Education. ESE students from within Florida will be placed according toSpecial Programs and Procedures for Exceptional Student Education.

Upon initial enrollment, all students will be surveyed regarding home language and, ifappropriate, will be assessed during the first four weeks of attendance for possibleplacement in an English Language Learners (ELL) program. Parents of ELL studentswill be invited to participate in the decision making for placement of a child in an ELLprogram. Students who are included in the ELL program will follow guidelines outlinedin the current ELL Plan for Hendry County Schools.

7

Compulsory School Attendance1003.24 FS1003.21(1)(a) FS1002.41 FS

School attendance is crucial to student learning. It is the responsibility of parents andlegal guardians to ensure that their children attend school in a regular and timelyfashion.

School attendance is mandatory for all children who have attained the age of 6 years orwho will become 6 years old by February 1 of any school year, or who are older than 6years but who have not attained the age of 16 years.

A child who attains the age of 16 and the child’s parent/guardian may file a formaldeclaration to terminate school enrollment with the district school board. Thisdeclaration must meet all the provisions of state statutes before the declaration can beaccepted. The school district must notify the student’s parent of receipt of the studentdeclaration of intent to terminate school enrollment. The student’s guidance counseloror other school personnel must conduct an exit interview with the student to determinethe reasons for the student’s decision to terminate school enrollment and actions thatcould be taken to keep the student in school. The student must be informed ofopportunities to continue his or her education in a different environment, including, butnot limited to, adult education and GED test preparation. This declaration does notexempt the student from the State’s requirements for minors between the ages of 14-18to retain driving privileges. Students terminating school enrollment prior to age 18 shallbe recommended for denial of driving privileges.

Regular attendance may be:1) Attendance in a public school supported by public funds;2) Attendance in a parochial or religious school;3) Attendance in a private school supported by tuition or endorsement;4) Attendance in a recognized Virtual School; or5) Attendance in a home education program as defined in Florida Statute 1002.41.

The Hendry District School Board of Hendry County recognizes excused absence asabsence resulting from:

1) Illness of the student;2) Death in the family;3) Emergency in the family;4) Religious holidays specific to the faith of the student;5) Subpoena by any law enforcement agency;6) Approved school activity; and/or7) Other justifiable reasons approved by the principal or designee upon prior

request of the parent.

8

A student who has 15 unexcused or unexplained absences within 90 calendar days andhas demonstrated non-compliance after parent/guardian notice and the implementationof school initiated interventions will be identified as a habitual truant. The district’sTruancy Intervention Plan (TIP) provides descriptions of the intervention strategies usedby the Hendry County School Board.

Students with Disabilities (SWD) Program

Students with a disability shall be considered to be “in a continuous study program”when that student’s Individualized Education Program (IEP) requires continued servicesby the School District. If an ESE-eligible student graduates with a Special Diploma, aCertificate of Completion, or a Special Certificate of Completion, and has not reachedage 22, the student may, at his/her option, continue to receive a Free Appropriate PublicEducation (FAPE) through the school year of the student’s 22nd birthday, or until he/sheearns a Standard Diploma, whichever comes first. Graduation with Standard Diploma,regardless of age, constitutes cessation of FAPE and a change in placement, requiringwritten prior notice. Students with disabilities continue to be eligible for FAPE throughthe end of the school year in which the student turns age 22 if they have not earned aStandard Diploma, even if they have earned a General Education Development (GED)credential. [Title 34, Code of Federal Regulations (CFR) Section, 300.102(a)(3) andState Board of Education Rule 6A-6.03028]

Students with Active Section 504 Accommodation Plans

Students with a Section 504 Accommodation Plan must be “of school age” to continuereceiving elementary and secondary educational services under Section 504. [Title 34,Code of Federal Regulations Section 104.3(k)(4)(l)(2)]

Students Who Qualify for ESOL

Students who qualify for ESOL services may be enrolled in a regular high schoolprogram through the end of the semester in which he/she reaches 21 years of age,regardless of previously interrupted schooling.

Home Education Program1002.01 FS1002.41 FS1006.15 FS

Florida Statute 1002.01 defines home school as “the sequentially progressiveinstruction directed by his or her parent in order to satisfy attendance requirements”.Home Education is a parent-directed educational choice and the Hendry County SchoolDistrict does not provide a curriculum or instructional materials to home school students.

9

Parents intending to establish a home education program must follow theresponsibilities for conducting such a program as outlined in F.S. 1002.41. HomeEducation students may participate in the Florida State Assessment Program (FCATand FSA) at a location and under testing conditions approved by the school district.

Home Education students may participate in dual enrollment, and career and technicaldual enrollment (F.S. 1007.27). These students may also participate in interscholasticextra curricular activities (F.S. 1006.15), and may enroll in some local district courseofferings upon district approval. In addition, Home Education students may takecourses from Florida Virtual School.

Virtual School Program1002.45(5) FS

Hendry County School District students have both full-time and part-time options forparticipating in a virtual education program. The District shall provide students withaccess to courses available through the Florida Virtual School and award credit forsuccessful completion of such courses. Access shall be available to students duringand after the normal school day and through summer school enrollment.

Full-time EnrollmentHendry Virtual School provides a full-time virtual program for eligible students in GradesK-12.

F.S. 1002.45(5) limits eligibility for the Hendry Virtual School to students residing withthe district who meet at least one of the following conditions:

1) The student has spent the prior school year in attendance at a public school inthis state and was enrolled and reported by a public school district for fundingduring the preceding October and February for purposes of the FEFP surveys;

2) The student is a dependent child of a member of the United States Armed Forceswho was transferred within the last 12 months to this state from another state orfrom a foreign country pursuant to the parent’s permanent change of stationorders; or

3) The student was enrolled during the prior school year in a school district virtualinstruction program under this section or a K-8 virtual school program underSection 1002.415, Florida Statutes.

Eligible students in Grades K-12 who wish to enroll in Hendry Virtual School may do soby completing an on-line enrollment application by accessing the website www.flvs.net.

Part-time Enrollment

Students in Grades 6-12 may also enroll part-time and take select courses throughFlorida Virtual School at www.flvs.net. Students should consult their guidancecounselor to determine eligibility and appropriateness of the coursework.

10

Hospital/Homebound Program

It is strongly recommended that students who anticipate absences for 15 or moreconsecutive days due to illness enroll in the school district’s Hospital/HomeboundProgram. This will allow a student to continue to make academic progress and earncredit. A student who enrolls in the Hospital/Homebound Program is withdrawn fromthe regular school program.

Eligibility criteria to participate in the program are as follows:1) A licensed physician must certify:

a) That the student is expected to be absent from school due to a physical orpsychiatric condition for at least 15 consecutive school days (or theequivalent on a block schedule), or due to a chronic condition for at least15 school days (or the equivalent on a block schedule), which need notrun consecutively;

b) That the student is confined to home or hospital;c) That the student will be able to participate in and benefit from an

instructional program;2) The student is under medical care for illness or injury that is acute, catastrophic,

or chronic in nature;3) The student can receive an instructional program without endangering the health

and safety of the instructor or other students with whom the instructor may comein contact;

4) The student is in kindergarten through twelfth grade and is enrolled in a publicschool prior to the referral for homebound or hospitalized services, unless thestudent meets criteria for eligibility under Rules 6A-6.03011, 6A-6.03012, 6A-6.03013, 6A-6.03014, 6A-6.030151, 6A-6.030152, 6A-6.030153, 6A-6.03016,6A-6.03018, 6A-6.03022, 6A-6.03023, 6A-6.03027, F.A.C.

5) A parent, guardian, or primary caregiver signs parental agreement concerninghomebound or hospitalized policies and parental cooperation.

Interstate Compact on Educational Opportunity for Military Children1000.36 FS

Applicability

The purpose of the Interstate Compact on Educational Opportunity for Military Childrenis to remove barriers to educational success imposed on children of military familiesbecause of frequent moves and deployment of their parents and applies to localeducation agencies.

11

This compact applies to children of:

1) Active-duty members of the uniformed services, including members of theNational Guard and Reserve on active-duty orders pursuant to U.S.C. ss 1209and 1211.

2) Members or veterans of the uniformed services, who are severely injured andmedically discharged or retired for a period of 1 year after medical discharge orretirement.

3) Members of the uniformed services who die on active duty or as a result ofinjuries sustained on active duty for a period of 1 year after death.

This compact does not apply to:

1) Inactive members of the National Guard and military reserves2) Members of the uniformed services now retired except as provided in the

preceding section3) Veterans of the uniformed services except as provided in the preceding section4) Other United States Department of Defense personnel and other federal agency

civilian and contract employees not defined as active-duty members of theuniformed services.

Educational Records and Enrollment

If a child’s official education records cannot be released to the parents for the purposeof transfer, the custodian of the records in the sending State shall prepare and furnish tothe parent a complete set of unofficial educational records containing uniforminformation as determined by the Interstate Commission. Upon receipt of the unofficialeducation records by a school in the receiving State, that school shall enroll andappropriately place the student based on the information provided in the unofficialrecords pending validation by the official records as quickly as possible.

Simultaneous with the enrollment and conditional placement of the student, the schoolin the receiving State shall request the student’s official education record from theschool in the sending State. Upon receipt of the request, the school in the sendingState shall process and furnish the official education records to the school in thereceiving State within 10 days or within such time as is reasonably determined underthe rules adopted by the Interstate Commission.

School districts must give 30 days from the date of enrollment or within such time as isreasonably determined under the rules adopted by the Interstate commission forstudents to obtain any immunization required by the receiving State. For a series ofimmunizations, initial vaccinations must be obtained within 30 days or within such timeas is reasonably determined under the rules promulgated by the Interstate Commission.

12

Students shall be allowed to continue their enrollment at grade level in the receivingState commensurate with their grade level, including kindergarten from a localeducation agency in the sending State at the time of transition, regardless of age. Astudent who has satisfactorily completed the prerequisite grade level in the localeducation agency in the sending State is eligible for enrollment in the next highest gradelevel in the receiving State, regardless of age. A student transferring after the start ofthe school year in the receiving State shall enter the school in the receiving State ontheir validated level from an accredited school in the sending State.

If a student transfers before or during the school year, the receiving State school shallinitially honor placement of the student in educational courses based on the studentsenrollment in the sending State school or educational assessments conducted at theschool in the sending State if the courses are offered. Course placement includes, butis not limited to, Honors, International Baccalaureate, Advanced Placement, Vocational,Technical, and Career Pathways courses. Continuing the student’s academic programfrom the previous school and promoting placement in academically and careerchallenging courses should be paramount when considering placement. A school in thereceiving State is not precluded from performing subsequent and continued enrollmentof the student in the courses.

The receiving State school must initially honor placement of the student in educationalprograms based on current educational assessments conducted at the school in thesending State or participation or placement in like programs in the sending State. Suchprograms, include but are not limited to:

Gifted and talented programs English as a second language

When considering the eligibility of a child for enrolling in a school: A special power of attorney relative to the guardianship of a child of a military

family and executed under applicable law is sufficient for the purposes ofenrolling the child in school and for all other actions requiring parentalparticipation and consent.

A local education agency is prohibited from charging local tuition to atransitioning military child placed in the care of a non-custodial parent or otherperson standing in loco parentis who lives in a school’s jurisdiction different fromthat of the custodial parent.

A transitioning military child, placed in the care of a non-custodial parent or otherperson standing in loco parentis who lives in a school’s jurisdiction different fromthat of the custodial parent, may continue to attend the school in which he or sheenrolled while residing with the custodial parent.

State and local education agencies must facilitate the opportunity for transitioningmilitary children’s inclusion in extracurricular activities, regardless of applicationdeadline, to the extent they are otherwise qualified.

13

In order to facilitate the on-time graduation of children of military families, states andlocal education agencies shall incorporate the following procedures:

1) Local education agency administration officials shall waive courses forgraduation if similar coursework has been satisfactorily completed in anotherlocal education agency or shall provide reasonable justification for denial. If awaiver is not granted to a student who would qualify to graduate from the sendingschool, the local education agency must provide an alternative means ofacquiring required graduation coursework so that graduation may occur on time.

2) States shall accept exit or end-of-course exams required for graduation from thesending state, national norm-referenced tests, or alternative testing, in lieu oftesting requirements for graduation in the receiving state.

3) If a military student transfers at the beginning of or during his or her senior yearand is not eligible to graduate from the receiving local education agency after allalternatives have been considered, the sending and receiving local educationagencies must ensure the receipt of a diploma from the sending local educationagency, if the student meets the graduation requirements from the sending localeducation agency. If one of the states in question is not a member of thiscompact, the member state shall use its best efforts to facilitate the on-timegraduation of the student.

Character Education Program1003.42 FS

F.S. 1003.42(2) requires school districts to implement a Character Education Program.The Hendry County School District utilizes “Keys to Character” and “UncommonFriends” to provide students examples of good character and core ethical values suchas respect, honesty, responsibility, fairness, generosity, courtesy, patriotism, courage,and gratitude.

14

Student Performance and Promotion Through the Grades

Florida Standards/Next Generation Sunshine State Standards

Curriculum in the Hendry County School District is aligned to the Florida Standards/NextGeneration Sunshine State Standards and the Grade Level Expectations that coverlanguage arts, mathematics, science, social studies, health, physical education, and thearts. These subjects will be provided according to a regular schedule and it is expectedthat all students will demonstrate grade appropriate performance for each of thestandards in reading, writing, science, and mathematics.

Appropriate mastery of the Florida Standards may be demonstrated by adequateperformance on a state assessment, a nationally normed assessment, or a collection ofstudent work that indicates grade level performance. No one measure shall be used forthe purpose of promotion, program placement, or retention.

Curriculum

The Hendry County School District Curriculum Guidelines incorporates the performancestandards as defined by the Florida Department of Education (FLDOE) FloridaStandards (for English Language Arts and Mathematics), Next Generation SunshineState Standards (NGSSS). FLDOE course descriptions can be accessed throughCPALMS at http://www.cpalms.org/Public. [State Board of Education Rule 6A-1.09401]

Elementary School (K-5) Curriculum

The elementary school curriculum includes standards for the following content areas: Health Education Language Arts Mathematics Music Physical Education Reading Science Social Studies Visual Arts Writing

These standards delineate the academic achievement for which the State will holdschools accountable. District-adopted and/or District-developed instructional materialsare provided as tools to support instruction in elementary school classrooms.

15

Middle School (6-8) Curriculum

The middle school curriculum includes standards for the following content areas: Arts Education Career Education English Language Arts Mathematics Physical Education Science Social Studies World Languages

High School (9-12) Curriculum

The curriculum includes standards for the following content areas: Arts Education Career Education English Language Arts Mathematics Physical Education Science Social Studies World Languages

High schools offer a wide range of courses in all disciplines. Courses are provided tomeet the needs of all students. The School District shall provide all courses required forhigh school graduation and appropriate instruction designed to ensure that studentsmeet the State Board of Education adopted standards in the following subject areas:reading and other language arts, mathematics, science, social studies, worldlanguages, health and physical education, and the arts. [Florida Statute §1003.42(1)]

High school courses may be yearlong or semester courses. 0.5 credit is awarded forpassing a semester in each course.

Promotion/Retention

Assessing and grading student academic performance is the responsibility of theclassroom teacher. Promotion and student progress decisions will be determined byconsidering demonstrated proficiency of the Florida Standards/Next GenerationSunshine State Standards, district and school assessment programs, homework,teacher observation, classroom assignments/participation, and other academicperformance information available.

16

Decisions of promotion, retention, or educational placement will not be based upon onemeasure exclusively, or without appropriate parental notification. No student may beassigned to a grade level based solely on age or other factors that constitute saidpromotion or administrative placement as referenced in F.S. 1008.25(6)(a).

Elementary School (K-5) Promotion/Retention

Student Performance Levels (Reading, Writing, Mathematics, and Science)

Various indicators, including but not limited to, multiple measures using appropriategrade level assessments, as well as teacher judgment, will be used to determinestudent performance. Each elementary school shall regularly assess the reading abilityof each student in Grades K-3, as referenced in Florida Statute §1002.20(11), and inGrades 4 and 5.

Teacher Judgment for Promotion

The teacher must provide compelling, verifiable evidence when student performance onappropriate grade level assessments is not believed to be indicative of daily classroomperformance. Teacher judgment factors may include, but are not limited to thefollowing:

previous retentions; level of text at which student is independently successful; observations; checklists; student portfolios; classroom assessments; and/or current marks

Alternatives to Promotion/Remedial Instruction

Grade Retention1008.25 FS

The Hendry County School Board has established the following comprehensiveprogram for student progression:

o Evidence of a student’s performance will be reflected by grades assignedin accordance with the district adopted grading policy.

o Students scoring at Level 1 on the FSA in reading and math and below ascore of 3 on FSA writing in any grade where there is such a test mustreceive remediation.

o If a student is retained, the retention must be for placement within anintensive program that is different from the previous year’s program andthat takes into account the student’s learning style.

17

o The plan must provide the appropriate alternative placement for a studentwho has been retained 2 or more years.

Assessment

o Each student must participate in statewide assessment tests.o Each elementary school must regularly assess the reading ability of each K-3

student.o Students who fail to meet performance expectations must be provided with

additional diagnostic assessments to determine the nature of the student’sdifficulty.

o Students must continue to be provided with remedial or supplemental instructionuntil expectations are met.

o If a student has a deficiency in reading, the remedial or supplemental instructionmust address: the student’s specific areas of deficiency in phonemic awareness, phonics,

fluency, comprehension, and vocabulary; the desired levels of performance in these areas.

o Schools must also provide frequent monitoring of the student’s progress inmeeting the desired levels of performance.

o Districts must assist schools and teachers in implementing research-basedreading activities that have been shown to be successful in teaching reading tolow-performing students.

o Remedial instruction provided during high school may not be in lieu of Englishand mathematics credits required for graduation.

Specific levels of performance, including levels of performance on statewideassessments in reading, writing, science, and mathematics at grades 1-10 are requiredfor promotion. Students in grades 3-10 scoring at Level 1 on FSA in reading, math, orFCAT science are required to receive remediation through a Progress Monitoring Plan(PMP) or be retained. Retention decisions must be based on more than one test score.

Allocation of remedial and supplemental instruction resources for students will occurbased on two priorities:

o Students who are deficient in reading by the end of grade 3, and;o Students who fail to meet performance levels required for promotion consistent

with this plan for student progression.

Students performing below expected levels are required to meet the followingrequirements:

18

o Be remediated before the beginning of the next school year and promotion to thenext grade;

o Be promoted to the next grade and receive remediation during the followingschool year with intensive intervention strategies specified in the student’s PMP;

o Be retained and remediated in an intensive program that is different from theprevious year’s program and takes into consideration the student’s learning style,or;

o Be provided with an appropriate alternative placement after two or morecumulative years of retention. This alternative placement must include intensiveand targeted instruction with frequent monitoring of student learning gains.Parental notice and participation in alternate placement decisions is required.

No student may be assigned to a grade level based solely on age or other factors thatconstitute social promotion.

Assessment and Support Grades K-3

Parent Notification:

The parent of any K-3 student who exhibits a reading deficiency shall immediately benotified of the student’s deficiency with a description and explanation of the student’sdifficulty in reading and lack of achievement.

Parents will be consulted in the development of a plan and informed that the student willbe given intensive reading instruction until the deficiency is corrected.

State Requirements for Improvement Plan (all grades):

A student who is not meeting the school district or state requirements for satisfactoryperformance in English Language Arts and Mathematics must be covered by one of thefollowing plans:

1. A federally required plan such as an individual educational plan,2. A school wide system of progress monitoring for all students (students scoring

Level 4 or above on the English Language Arts and Mathematics assessmentsmay be exempted), or

3. An individualized progress monitoring plan.

Reading Deficiency and Parental Notification:a) Any students who exhibit a substantial deficiency in reading, based upon locally

determined or statewide assessments conducted in kindergarten or grade 1,grade 2, or grade 3, or through teacher observations, must be given intensivereading instruction immediately following the identification of the readingdeficiency. The student’s reading proficiency must be monitored and theintensive instruction must continue until the student demonstrates grade levelproficiency in a manner determined by the district, which may include achieving aLevel 3 on the statewide, standardized English Language Arts assessment.

19

b) To be promoted to grade 4, a student must score a Level 2 or higher on thestatewide, standardized English Language Arts assessment required under s.1008.22 for grade 3. If a student’s reading deficiency is not remedied by the endof grade 3, as demonstrated by scoring Level 2 or higher on the statewide,standardized assessment required in s. 1008.22 for grade 3, the student must beretained.

c) The parent of any student who exhibits a substantial deficiency in reading, asdescribed in paragraph (a), must be notified in writing of the following:

1. That his or her child has been identified as having a substantial deficiencyin reading.

2. A description of the current services that are provided to the child.3. A description of the proposed supplemental instructional services and

supports that will be provided to the child that are designed to remediatethe identified area of reading deficiency.

4. That if the child’s reading deficiency is not remediated by the end of grade3, the child must be retained unless he or she is exempt from mandatoryretention for good cause.

5. Strategies for parents to use in helping their child succeed in readingproficiency.

6. That the statewide, standardized English Language Arts assessment isnot the sole determiner of promotion and that additional evaluations,portfolio reviews, and assessments are available to the child to assistparents and the school district in knowing when a child is reading at orabove grade level and ready for grade promotion.

7. The district’s specific criteria and policies for a portfolio as provided insubparagraph (6) (b) 4. and the evidence required for a student todemonstrate mastery of Florida’s academic standards for EnglishLanguage Arts. A parent of a student in grade 3 who is identified anytimeduring the year as being at risk of retention may request that the schoolimmediately begin collecting evidence for a portfolio.

8. The district’s specific criteria and policies for midyear promotion. Midyearpromotion means promotion of a retained student at any time during theyear of retention once the student has demonstrated ability to read atgrade level.

Early High School Graduation

HB7059 created a new section of statute, s.1003.4281, F.S., to provide the option ofearly graduation. The term “early graduation” is defined as graduation from high schoolin fewer than eight semesters or the equivalent. Students who complete a minimum of24 credits, achieve a cumulative grade point average of 2.0 on a 4.0 scale and earn apassing score on the statewide assessments required for high school have an option tograduate in fewer than eight semesters (four years). A student who graduates fromhigh school midyear may receive an initial Bright Futures Scholarship award during the

20

spring term following the student’s graduation, as long as the student applies for thescholarship award no later than August 31 of the student’s graduation year.

A student who graduates early may continue to participate in school activities and socialevents with the student’s cohort, as if the student were still enrolled in high school. Astudent who graduates early must comply with district school board rules and policiesregarding access to the school facilities and grounds during normal operating hours. Astudent who graduates early will be included in class ranking, honors, and awarddeterminations for the student’s cohort.

Assessment of Student Performance

1008.25(4) FS

Each student must participate in the Statewide Assessment Testing Program thatmeasures achievement of Florida State Standards:

o Florida State Assessment administered at grades 3-10 in English/Language Artsand Mathematics;

o Florida Comprehensive Assessment Test, FCAT State administered at grades 5and 8 in science;

o Florida Kindergarten Readiness System (FLKRS);o Florida State End-of-Course Exams: Algebra I, Algebra II, Geometry, American

History, Civics, and Biology

In addition to the required state assessments, Hendry County has identified variousmethods of assessing students’ progress within the grades:

o Florida Assessment for Instruction in Reading (optional);o District identified assessments will provide consistent documentation of

performance regarding the Florida Standards;o Portfolios of student work may be used to assess student performance; ando Other locally developed assessments may be used to measure student

performance.

Schools shall provide the appropriate diagnostic assessments for any student who doesnot meet the established performance standards in reading, writing, science, or math.These diagnostic tests are most often used in the five-skill areas of reading and furtheridentify the specific areas of reading deficiency.

Each student who does not achieve a Level 3 or above on the statewide, standardizedEnglish Language Arts assessment, the statewide, standardized Mathematicsassessment, or the Algebra I EOC assessment must be evaluated to determine thenature of the student’s difficulty, the areas of academic need, and strategies forproviding academic supports to improve the student’s performance.

21

A student who is not meeting the school requirements for satisfactory performance inEnglish Language Arts and mathematics must be covered by one of the following plans:

1. A federally required student plan such as an individual education plan;2. A schoolwide system of progress monitoring for all students, except a student

who scores Level 4 or above on the English Language Arts and mathematicsassessments may be exempted from participation by the principal; or

3. An individualized progress monitoring plan.

Report Cards and Other Notices of Student ProgressHCSB 401HCSB 4021003.33(1-2) FS1003.437 FS1008.25(1) FS1008.25(2) FS

Levels of student proficiency and grade appropriate performance are monitored,evaluated and approved by the State Board of Education. Student progress towardsachieving state and district expectations for proficiency in reading, writing, mathematics,and science must be reported annually to the parent or legal guardian of each student.The results of statewide assessments will be reported to the student’s parent or legalguardian.

Report cards are one of the primary means of providing information to parents andstudents regarding school progress. The classroom teacher has the responsibility for astudent’s assessment and for grading a student’s performance. Report cards mayinclude the following information:

o Daily observations of classroom academic performance and participation;o Attendance and readiness to learn;o Student behavior;o Student performance on teacher assigned practice;o Written papers;o Student projects (individual or group);o Teacher constructed subject specific tests;o Reading, writing, or mathematics performance; ando Other appropriate assessments designated by the teacher and approved by the

principal.

There shall be no exemption from student academic performance standards orrequirements based upon good attendance or behavior.

Teachers are encouraged to assign grades that reflect the mastery level of studentperformance standards reflected in the Florida State Standards. Students should haveample opportunity on a variety of assessments to demonstrate mastery of thestandards.

22

Students enrolled 20 days or less may be given a progress report of progress in lieu ofa report card.

The district’s calendar identifies interim grade reporting dates that are used to give thestudent and his/her parent/guardian notice of progress.

Teachers are encouraged to give additional informal progress reports between gradingperiods for a student experiencing academic or behavioral difficulty. Progress reportsare mandatory for all students at the mid-point of the grading period. The end-of-year,term, or course completion grade indicates the student’s final performance evaluationfor a grade or course. Parents will be notified of the possibility of retention.

Schools are encouraged to regularly report and give students and parents/guardiansnotice of other indicators of student success, progress, and mastery of Florida StateStandards. In addition, schools will recognize and celebrate student academic success.

A biological parent, regardless of who is primary custodial parent, has equal right toaccess their child’s educational records. This applies to either parent unless a courtorder specifically revokes these rights, (F.S.61.13).

GradesHCSB 4011003.437 F.S.

Elementary grades based on numerical averages will use the same scale used in themiddle and high schools.

Parental notification and involvement are a necessary part of the grade reportingsystem. Progress of the student towards achieving state and district expectations forproficiency in reading, writing, science and mathematics will be reported to theparent/guardian annually.

GradeGrade Percent Point Definition

A 90 – 100 4 Outstanding ProgressB 80 – 89 3 Above Average ProgressC 70 – 79 2 Average ProgressD 60 – 69 1 Lowest Acceptable ProgressF 0 – 59 0 FailingI IncompleteR ReplacedP Passing

23

The lowest score that teachers will record will be a 50% for homework, daily work, ortest grades.

End of Course exams and final exams are figured as 30% of the student’s grade for thatcourse.

K-8 level schools may use the following grades for enrichment programs:

Grade DefinitionS SatisfactoryN Needs ImprovementU Unsatisfactory

Elementary schools may utilize an adjustment period for first grade for the first gradingperiod. The following alternative grading scale may be used to report student progressin grades K-1:

Grade DefinitionE ExcellentS SuccessfulN Needs Improvement

In addition to academic performance at grade level expectation, attendance and studentbehavior shall be a regular part of student performance reporting. Teacher commentsconcerning a student’s academic performance, behavior, or other relevant issues areencouraged. The final report card shall indicate a pass or fail on a student’s grade levelacademic performance in all appropriate categories, promotion status, a summary ofattendance, student behavior, and grade promotion or retention status.

Student Plans, Parent Information and Notification

Student and Parent Information Regarding School-to-Work Transition1006.02 FS

All schools are responsible to inform students and parent through the school’shandbook and/or program of study about the required preparation for the workplace.This information should include access information for career counseling, and shouldalso include a description of the available curriculum that may provide career andtechnical education, career exploration, job preparation, and career selection. Theinformation provided by schools should emphasize the necessary educationalpreparation for a transition to the work force.

24

School Conferences for Parents in “Learnfare”414.1251(2) FS

Schools will cooperate with and assist the Department of Children and Families inmonitoring the grades, attendance, and behavior of students within the score of theLearnfare program, and within the limits established in the interagency agreement.

Annual Report of Student Progress1008.25(8) FS

The district is required to annually report to parents their student’s proficiency inreading, writing, science, and math, including their performance on statewideassessments. This evaluation should be a comprehensive evaluation representing thetotality of the student’s work, and not one measure exclusively. In addition, the districtshall annually publish in the local newspaper of record, and report to the State Board ofEducation by September 1 of each year, the following information:

o The laws, policies, and procedures for promotion and retention;o The number and percentage of students by grade, in grades 3-10, who are

performing below proficiency on the FSA;o The number and percentage of students in grades 3-10 retained in grade;o The number of students promoted for good cause in each established category;

ando Any recent revisions to the district policies and procedures for promotion or

retention.

Family Partnership for Student Achievement1002.23(1-9) FS

The Family Partnership for Student Achievement Education Act provides schools theopportunity to create a meaningful partnership between school and home. The purposeis to make available to parents:

o Specific information about their student’s educational progress;o Comprehensive information about parental choices and increased opportunities

for appropriate involvement; ando A framework for enhancing relationships.

Privacy Rights of Students and Parents1002.22 FS

The Family Educational Rights and Privacy Acts, 20 U.S.C. 1232g (FERPA), andcorollary state law, Section 1002.22, Fla. Statute affords parents and students who haveattained 18 years of age (“eligible students”) certain rights with respect to the student’seducation records. These rights are:

o The right of privacy with respect to the student’s education records. Personallyidentifiable records or reports of a student, and any personal informationcontained in those reports, are confidential. The School District of Hendry

25

County will not release the education records of a student without the writtenconsent of the eligible student or the student’s parent(s) or guardian(s), except tothe extent FERPA and state law authorized disclosure without consent.

o The right to inspect and review the student’s education record within 30 daysof the day the District receives a request for access. Parents or eligible studentsshould submit to the school principal (or appropriate school official) a writtenrequest that identifies the record(s) they wish to inspect. The principal will makearrangements for access and notify the parent or eligible student of the time andplace where the records may be inspected.

o The right to request the amendment of the student’s education records that theparent or eligible student believes is inaccurate or misleading. If the Districtdecides not to amend the record as requested by the parent or eligible student,the District will notify the parent or eligible student of the decision and advisethem of their right to a hearing regarding the request for amendment. Additionalinformation regarding the hearing procedures will be provided to the parent oreligible student when notified of the right to a hearing.

o The right to consent to disclosures of personally identifiable informationcontained in the student’s educational records, except to the extent that FERPAauthorized disclosure without consent.

o One exception which permits disclosure without consent is disclosure to theschool officials with legitimate educational interests. A school official is a personemployed by the District as an administrator, supervisor, instructor, or supportstaff member (including health person or medical staff and law enforcement unitpersonnel); a person serving on the School Board; a person or company withwhom the District has contracted to perform a special task (such as an attorney,auditor, medical consultant, or therapist); or a parent of student serving on anofficial committee, such as a disciplinary or grievance committee, or assistinganother school official in performing his or her tasks.

o A school official has a legitimate educational interest if the official needs toreview an education record in order to fulfill his or her professional responsibility.

o The Hendry County School District will forward educational and disciplinaryrecords to other schools that have requested records and in which the studentseeks to enroll.

o Upon request, the District discloses education records without consent to officialsof another school district in which a student seeks or intends to enroll. (NOTE:FERPA requires a school district to make a reasonable attempt to notify thestudent of the records request unless it states in its annual notification that itintends to forward records on request).

o The right to file a complaint with the U.S. Department of Education concerningalleged failures by the District to comply with the requirements of FERPA. Thename and address of the office that administer FERPA is: Family PolicyCompliance Office, U.S. Department of Education, 600 Independence Avenue,S.W., Washington, DC 20205-4605.

o Florida Statute, 1002.22(2)(C), provides that an educational institution may,without authorization from parents, guardians, or eligible students, release“Directory Information”. Directory information includes the following:

26

o Student’s name, address, telephone listing if not an unlisted number, date andplace of birth, a major field of study, participation in officially recognized activitiesand sports, weight and height of members of athletic teams, dates of attendance,degrees and awards received, most recent educational institution attended bystudent ,photographs in the school year book and similar information. Section9528 of the NCLB Act requires local education agencies (LEA’s) to providemilitary recruiters with the name, address, and telephone listing of secondarystudents.

Multiple Birth Siblings/Classroom Placement1003.06 FS

The parent of multiple birth siblings who are assigned to the same grade level andschool may request that the school place the siblings in the same classroom or inseparate classrooms. The request must be made no later than 5 days before the firstday of each school year or 5 days after the first day of attendance of students during theschool year if the students are enrolled in the school after the school year commences.The school may recommend the appropriate classroom placement for the siblings andmay provide professional educational advice to assist the parent with the decisionregarding appropriate classroom placement. A school is not required to place multiplebirth siblings in the same classroom if factual evidence of performance shows proof thatthe siblings should be separated or if the request would require the school district to addan additional call to the grade level of the siblings. Further, at the end of the firstgrading period following the multiple birth siblings’ enrollment in the school, if theprincipal of the school, in consultation with the teacher of each classroom in which thesiblings are placed, determines that the requested classroom placement is disruptive tothe school, the principal may determine the appropriate classroom placement for thesiblings. A parent may appeal the principal’s decision in the manner provided by theschool district policy. During an appeal, the multiple birth siblings must remain theclassroom chosen by the parent. This process does not affect a right or obligationinvolving placement decisions pertaining to students with disabilities under state law orthe Individuals with Disabilities Education Act nor does it affect the right of a schooldistrict, principal, or teacher to remove a student from a classroom pursuant to schooldistrict discipline policies.

Supplemental Academic Instruction

The following programs and activities are examples of strategies available to provideassistance to students experiencing difficulty attaining the proficiency levels required bythe district and state. Supplemental Academic Instruction (SAI), Title I SupplementalEducational Services, and Exceptional Student Education provide some of the fundingfor the services and programs listed below.

Special Programs for Special Needso Exceptional Student Education (ESE)o ESE Summer School

27

o Instruction Modificationo English Language Learners (ELL)

Special Programs for Acceleration and Intensive Instructiono Academic and Career/Technical Dual Enrollment Programo Advanced Placement Programo Articulated Acceleration Mechanismo Credit by Examination Programo Early Admission to Post-Secondary Programo Elementary Summer Reading Academieso Florida Virtual School (FLVS)o Off-Campus Post-Secondary Programo Special Elementary Transitional Classeso Summer Enrichment Programo Transfer of College Credito ACCEL

Drop-Out Prevention and Alternative Educationo Academic Assistance and Achievement (AAA)o Academic Tutorial Programo Continuous Progress Schedulingo Continuous Progress Summer Schoolo Extended Day/Year Programo Integrated Learning Programo Migrant Tutorial/Credit Recovery Program/Summer Migrant Institute/Portable

Assisted Student Sequence (PASS)/High School Equivalency Program (HEP)o Performance Based Diploma Program (PBD)o Prerequisite Academyo Student Support and Assistance (SSA)o Teenage Parent Program (TPP)o 13th Year Participationo Truancy Intervention Plan (TIP)o Youth Development Academies (CYDA, LYDA)

Elementary School Requirements for Student Progression

Admission to Elementary School

Entrance Requirements for Kindergarten Students

In addition to the entrance requirements listed under general requirements, a child musthave attained the age of five on or before September 1 of the year in which he seeksentrance to kindergarten in a Hendry County public school. A student who transfersfrom a private kindergarten to the Hendry County public school kindergarten programmust meet the age requirement. The Statewide Florida Kindergarten Readiness

28

Screener (FLKRS), must be administered to each kindergarten student with the first 30school days of each school year (Florida Statute 1002.69(1)).

Exceptional Student Education (ESE) Entry Requirements

An ESE student, who is entering Kindergarten and has a current Individual EducationPlan/Education Plan (IEP/EP), as well as evaluation data necessary to determine thatthe student meets Florida’s eligibility criteria for special programs, will be placedimmediately in the appropriate educational program(s) without temporary assignment.The receiving school must review the current IEP/EP and may revise the document asnecessary, following appropriate procedures.

Transfer Requirements for Elementary School Students

The transferring student must provide the Hendry County elementary school with thefollowing information:

o Evidence of legal residency with the state of previous enrollment;o Evidence the student has met the age requirements of the previous state of

enrollment;o An official letter or transcript from a proper school authority that shows record of

attendance, academic information, and grade placement of the student;o Evidence of immunization against communicable diseases;o Evidence of date of birth; ando Evidence of a medical examination completed with the last twelve months in

accordance with F.S. 1003.22.

In addition to the requirements listed above, any student who transfers from an out-of-state nonpublic school may be admitted if the student meets the age requirement forpublic schools with the state from which the student is transferring.

Grade Placement in K-5 for Transfer StudentsHCSB 310

Elementary grade placement of all transfer students in grades K-5, including thoseenrolled in home education programs will be on a temporary basis until evidence ofstudent achievement is made available to the receiving school principal. The principalor his/her designee will make the final placement decision based on academic testingand/or daily classroom performance. The principal of each school may assign a studentto the grade level at which the student can best adjust academically, socially, oremotionally.

The basis for assignment shall be discussed in advance with the parent or guardian ofeach student placed at a level other than the grade level indicated by the student’sprevious placement.

29

Florida Kindergarten Readiness Screener

The school district is required to administer the school readiness uniform screeningimplemented by the Department of Education to each kindergarten student in the districtschool system upon the student’s entry into kindergarten.

The results of this assessment and the identification of each student’s early childhoodeducation provider for the year prior to kindergarten enrollment shall become part ofeach student’s record in the state’s automated student database.

The Statewide Kindergarten screening must be administered to each kindergartenstudent in the school district within the first 30 days of each school year. The StatewideKindergarten screening assesses the readiness of each student for Kindergarten basedupon the performance standards adopted by the FLDOE under S.1002.67(1) F.S. forthe Voluntary Prekindergarten Program.

Academically Challenging Curriculum to Enhance Learning (ACCEL) Options

House Bill 7059

ACCEL options are educational options that provide academically challengingcurriculum or accelerated instruction to eligible students in kindergarten through grade12. Options available to students may vary by school and by level (elementary, middleschool, high school) and include whole-grade and mid-year promotion, subject-matteracceleration, virtual instruction in higher grade-level subjects. Additional options thatmay be available at a school are enriched science, technology, engineering, andmathematics (STEM) coursework; enrichment programs; flexible grouping; advanceacademic courses; combined classes; self-paced instruction; curriculum compacting;and advanced content instruction.

Specific options and eligibility requirements are defined in the Elementary, MiddleSchool, and High School sections of this plan. Specific students who take advantage ofthe whole-grade or midyear promotion will be required to have a performance contract.The performance contract will require compliance with minimum attendancerequirements, minimum student conduct requirements, academic requirements, andACCEL option requirements as established by the principal. Additionally, students whotake advantage of the whole-grade or midyear promotion will be assigned a specificfaculty member as a mentor/counselor.

30

Elementary Student Performance and Progression Through theGrades

Promotion for Elementary School Students

Promotion through the elementary grades will be determined by considering level ofachievement, demonstration of performance relating to Florida Standards, NextGeneration Sunshine State Standards, parental involvement, teacher recommendation,grades, and other information available.

K-3 READ Initiative/Preventative Strategies for Deficient Readers1008.25(7) FS

The focus of K-3 READ Initiative is to prevent the retention of grade 3 students and tooffer intensive accelerated reading instruction to:

o grade 3 students who failed to meet standards for promotion to grade 4;o each K-3 students who is assessed as exhibiting a reading deficiency.

The Hendry County School District READ Initiative will:o be provided to all K-3 students at risk of retention as identified by the statewide

assessment system that measures phonemic awareness, phonics, fluency,vocabulary, and comprehension;

o be provided during regular school hours in addition to the regular readinginstruction;

o provide curriculum that has been reviewed by the Florida Center for ReadingResearch at Florida State University and meets, at a minimum, the followingspecifications:

◊ assists students with a reading deficiency in developing the ability to readat grade level;

◊ provides skill development in phonemic awareness, phonics, fluency,vocabulary and comprehension;

◊ provides scientifically based and reliable assessment;◊ provides initial and ongoing analysis of each student’s reading progress;◊ is implemented during regular school hours;

o provide a curriculum in core academic subjects to assist the student inmaintaining or meeting proficiency levels for the appropriate grade in allacademic subjects.

Promotion Alternatives for Elementary School Students

Promotion/Retention for 3rd Grade1008.25(5-7) FS

A student in grades kindergarten through third grade that exhibits substantial readingdeficiencies as demonstrated by statewide assessment, district/school assessment,and/or teacher observation will be eligible for the following assistance:

31

o Coverage by one of the following plans:1. A federally required student plan such as an individual education plan

(IEP)2. A school-wide system of progress monitoring for all students except a

student who scores Level 4 or above in the specific subject area statewideassessment may be exempted from participation by the principal

3. An individual progress monitoring plano Parent notification of deficiencies, current services, proposed supplemental or

remedial strategies and reports of frequent monitoring and evaluation;o Intensive Instruction that will include the following elements:

◊ Diagnosis of specific reading deficiencies,◊ Prescription of specific remedial instructional strategies,◊ Repeated exposure to skills practice and development,◊ Smaller chucks of text or content,◊ Frequent monitoring, and◊ Criterion-based evaluation and reevaluation.

Third grade students with previously documented reading deficiencies who score atLevel 1 on the third grade Florida Assessment reading test must be retained in thirdgrade unless the teacher, principal, and superintendent can certify “good causeexemption” from the mandatory retention.

Transfer students must have their reading proficiency evaluated as soon after initialenrollment as is possible. Appropriate educational placement and possible remedialinstruction will depend on this evaluation.

Grade promotion with good cause exemption includes the following criteria:o Any English Language Learner (ELL) student who has received instruction in an

English Language Learners program for less than two years. The student’s ELLplan must include instructional strategies to correct the identified readingdeficiencies;

o Any student with a disability and whose Individual Educational Plan (IEP)indicates that participation in the statewide reading assessment would beinappropriate;

o Any student with a disability who participates in the statewide readingassessment, and who has an EIP or 504 plan that documents the student hasreceived intensive supplemental reading instruction for at least two years, andhas retained at least one prior to the completion of the third grade. The student’sIEP must include instructional strategies to correct the identified readingdeficiencies;

o Any student who has received intensive supplemental reading instruction for atleast two years, and who has been retained at least twice prior to the completionof the third grade. A student promoted under the provisions of this just causeexemption must continue to receive intensive remedial instruction, and mustinclude an altered instructional day or alternative educational;

32

o Any student who has demonstrated mastery of the appropriate Florida Standardsbenchmarks for grade level expectations in reading through a student’s readingportfolio. The reading portfolio must include the following elements:

◊ Materials selected by the student’s primary reading teacher,◊ An accurate picture of the student’s ability and only include work that is

independently produced by the student in the classroom,◊ Evidence that all the assessed benchmarks have been mastered, and that

the submissions contain the following elements and requirements asoutlined by the Third Grade Reading Assessment Portfolio and PortfolioAddendum provided by the Just Read Florida Office.

o Any student that can demonstrate an acceptable level performance as measuredon an alternative standardized assessment approved by the State Board ofEducation provided the following requirements are met by the student:

◊ Using any Nationally Norm Referenced Standardized Test, a student mustrank in the 45th percentile to demonstrate an acceptable level ofperformance in reading,

◊ Currently, SBE Rule 6A-1.094221(1)(a) authorizes the use of the followingnorm referenced tests in the determination of good cause exemption forpromotion to the fourth grade: Stanford Achievement Test, Tenth Edition (SAT-10)

Grade Promotion with Good Cause Exemption1008.25(6) FS

The student’s teacher makes the initial request for good cause exemption and gradepromotion. The teacher’s recommendation must be based upon the student’s academicrecord. In addition, the teacher provides the following documentation to support therecommendation for grade promotion with good cause:

o Current Progress Monitoring Plan,o Current IEP or 504 Plan for students with disabilities,o Current ELL Plan for students with limited English proficiency,o Student portfolio, oro Any other assessment or teacher observations that would indicate grade level

performance.

The school principal will review the recommendation and the supporting documentationprovided by the student’s teacher. After a complete review, the school principal canaccept or reject the recommendation. If the principal accepts the recommendation, awritten recommendation for grade promotion with good cause exemption may beforwarded to the superintendent. The principal’s written recommendation to thesuperintendent should include copies of all documentation and there must be clearevidence of grade level performance by the student. The recommendation for gradepromotion with good cause exemption must be signed and include a statement ofassurance that the student’s performance has been reviewed and evaluated for grade

33

appropriate proficiency by both the student’s teacher and the school principal. Thesuperintendent will accept or reject the principal’s recommendation in writing.

The district requires that all elementary schools evaluate the reading and mathproficiency of all students using the Progress Monitoring Plan Criteria Matrix. Thematrix documents six dimensions of student performance in each developmental area.Students are assigned one of four proficiency levels based upon performance withineach of the six dimensions. The four levels include the following proficiencies:

o Enriched – students exceeding grade level expectations;o Developmental – students meeting the majority of the grade level expectations;o At-risk students deficient in some of the grade level expectations. At-risk

students require parent notification and a Progress Monitoring Plan; ando Critically low – students who have substantial deficiencies and do not meet a

majority of the grade level expectations. Critically low students require parentnotification and a Progress Monitoring Plan.

Schools shall use the following process for determining promotion or retention of thirdgrade students:

o Third grade students shall receive a reevaluation on or before the end of the thirdgrading term utilizing the Progress Monitoring Plan Criteria Matrix. FloridaStandards Assessment reading third grade students previously identified asenriched may be promoted to the fourth grade after scoring at or above a Level 2on the Florida Standards Assessment reading.

o Third grade students previously identified as enriched may be promoted to thefourth grade after scoring at Level 1 on the Florida Standards Assessmentreading with a completed portfolio documenting good cause exemption.

o Third grade students previously identified as developmental may be promoted tothe fourth grade after scoring at or above a Level 2 on the Florida StandardsAssessment reading,

o Third grade students previously identified as developmental may be promoted tothe fourth grade after scoring at level one on the Florida Standards Assessmentwith a completed portfolio documenting good cause exemption.

o Third grade students previously identified as at-risk may be promoted to thefourth grade after scoring at or above a Level 2 on the Florida StandardsAssessment reading.

o Third grade students previously identified as at-risk may be promoted to thefourth grade after scoring at Level 1 on the Florida Standards Assessmentreading with a completed portfolio documenting good cause exemption. Inaddition, at-risk students shall receive parent notification and may receivesupplemental assistance through the summer reading academy. Schools mayrequire alternative assessment for at-risk students prior to promotion to the fourthgrade.

o Third grade students previously identified as critically low may be promoted tothe fourth grade after scoring at or above a Level 2 on the Florida StandardsAssessment reading.

34

o Third grade students previously identified as critically low shall be retained inthird grade after scoring at Level 1 on the Florida Standards Assessment.Students eligible for retention must attend the summer reading academy andmust successfully complete a portfolio indicating proficiency at or above the at-risk criteria, or must score at or above the 51st percentile on an appropriatealternative assessment in order to be considered for good cause promotion. Inaddition, critically low students shall receive appropriate parent notification.

*Refer to Retention/Promotion for 3rd Grade Flow Chart and the PMP CriteriaMatrix

Student Portfolios based upon the Progress Monitoring Plan Criteria Matrix must includethe following items:

o They are teacher selected and independently produced in the classroom;o They provide an accurate picture of the student’s ability and proficiency;o They closely mirror the item specifications for Florida Standards Assessment

reading, including question types, passage content and length, and items thataccurately measure mastery of the Florida Standards benchmarks; and

o They contain no less than five examples of “C” level or on-grade level work.

Successful completion of the portfolio must be followed by a written teacher, principal,and superintendent recommendation for good cause exemption prior to granting a goodcause promotion to the fourth grade.

Mandatory Retention for Grade 3 Students

If a student’s reading deficiency is not remedied by the end of 3rd Grade, asdemonstrated by scoring Level 2 or higher on the statewide assessment required underFlorida Statute §1008.22 for 3rd grade, the student must be retained. [Florida Statute§1008.25(5)b]

Parent Notification Requirements for Retained Grade 3 Students

Written notification must be given to the parent(s) of any 3rd Grade student who isretained for reading stating that his/her child has not met the proficiency level requiredfor promotion, and the reasons why the child is not eligible for a Good CauseExemption. The notification must comply with the Student Report Cards provisions ofFlorida Statutes §1002.20(14) and 1003.33(2), as well as include a description ofproposed interventions and supports that will be provided to the student to remediatethe identified areas of reading proficiency. [Florida Statute §1008.25(7)(b)2]

35

Intensive Instruction Services for Retained Grade 3 Students

Grade 3 students retained for reading must be provided with intensive instructionalservices and supports that include intensive interventions in the areas of readingdeficiency. The specific areas of reading must be identified through the use of a validand reliable diagnostic assessment. This intensive intervention must include effectiveinstructional strategies, a minimum of 90 minutes of daily uninterrupted readinginstruction, an additional 30 minutes of daily intensive immediate intervention, theopportunity to participate in the District’s Summer Reading Camp, and appropriateteaching methodologies necessary to assist those students in becoming successfulreaders, able to read at or above grade level, and be ready for promotion to the nextgrade. [Florida Statute §1008.25(7)(a)(b)1) and State Board of Education Rule 6A-6.054(1)]

Other strategies prescribed by the District may include but not be limited to thefollowing:

small group instruction; integration of science and social studies within the 90 minute block; reduced teacher-student ratios; more frequent progress monitoring; tutoring or mentoring; transition classes containing 3rd grade and 4th grade students; and/or extended school day, week, or year.

Grade 3 students retained for reading must have a highly effective teacher asdetermined by the teacher’s performance evaluation. [Florida Statute §1012.34]

Intensive Acceleration Class (IAC) for Grade 3 Students

When applicable, each school must establish an Intensive Acceleration Class (IAC) forretained Grade 3 students who subsequently score at Level 1 on the Florida StandardsAssessment (FSA). The focus shall be to increase a student’s reading level andEnglish Language Arts (ELA) skill level at least two grade levels in one school year.[Florida Statute §1008.25(7)(b)5]In accordance with Florida Statute §1008.25, IAC shall:

1. be provided to any student in Grade 3 who scores Level 1 on the FloridaStandards Assessment (FSA), as applicable, and who was retained in 3rd gradethe prior year because of scoring at Level 1;

2. have a reduced teacher-student ration;

36

3. provide uninterrupted reading instruction for the majority of student contact timeeach day and incorporate opportunities to master the Grade 4 Next GenerationSunshine State Standards (NGSSS) or Florida Standards in other core subjectareas;

4. use a reading program that is scientifically research-based and has provenresults in accelerating student reading achievement within the same school year;and

5. provide intensive language and vocabulary instruction using a scientificallyresearch-based program, including use of a speech-language therapist.

Supplemental Academic Instruction (SAI) for Grade 3 Students

Grade 3 students who are retained will receive additional reading instruction in theSupplemental Academic Instruction (SAI) Program, which provides for:

a highly effective SAI teacher; 30-45 minutes of supplemental/additional instruction in reading (outside of the

90-minute reading block)

Instructional materials should include comprehensive research-based interventionstrategies, which best meet the needs of the students. Students should be usingmaterials that teach research-based reading strategies directly geared to their area(s) ofweakness as identified by diagnostic assessments.

Good Cause Exemptions for Retained Grade 3 Students

Good Cause is defined as conditions that exist such that retention would be moreadverse for the student than promotion. In accordance with Florida Statute§1008.25(6)(b)(c) and State Board of Education Rule 6A-1.094221, the School Boardmay exempt a student from retention for Good Cause.

Good Cause Exemptions from Retention (Grade 3 Only)

According to Florida Statute §1008.25(6)(b), Good Cause Exemptions are limited to thefollowing:

1. Limited English proficient students who have had less than two years ofinstruction in an English for Speakers of Other Languages (ESOL) program;

2. Students with disabilities whose Individual Education Plan (IEP) indicates thatparticipation in the statewide assessment program is not appropriate, consistentwith the requirement of State Board of Education Rule;

37

3. Students who demonstrate an acceptable level of performance on an alternativestandardized reading assessment approved by the State Board of Education;

4. Students who demonstrate, through a student portfolio, that they are reading atleast Level 2 on the Florida Standards Assessment (FSA), as evidenced bydemonstrating mastery of applicable state standards in reading;

5. Students with disabilities who participate in the FSA and who have an IEP or aSection 504 Accommodation Plan that reflects that the student has receivedintensive remediation in reading and English Language Arts (ELA) for more thantwo years, but still demonstrates a deficiency and was previously retained inKindergarten, Grade 1, Grade 2, or Grade 3,

6. Students who have received intensive remediation in reading for two or moreyears but still demonstrate a deficiency in reading and who were previouslyretained in Kindergarten, Grade 1, Grade 2, or Grade 3, for a total of two years(A student may not be retained more than once in Grade 3); and

7. Students who have received intensive remediation in reading and ELA for morethan two years but still demonstrate a deficiency and who were previouslyretained in Kindergarten, Grade 1, Grade 2, or Grade 3 for a total of two years.

Review of Academic Portfolio for Good Cause Exemption

In accordance with State Board of Education Rule 6A-1.094221(3)(a-e), the studentportfolio must meet the following criteria:

1. be selected by the student’s teacher;

2. be an accurate picture of the student’s ability and only include student work thathas been independently produced in the classroom;

3. include evidence that the benchmarks assessed by the Grade 3 FSA ReadingAssessments have been met. Evidence is to include multiple choice items andpassages that are approximately 60 percent literary text and 40 percentinformation text, and that are between 100-700 words with an average of 500words. Such evidence could include chapter or unit tests from theDistrict’s/School’s adopted core reading curriculum or teacher assessments thatare aligned with the Language Arts Florida Standards (LAFS);

4. be an organized collection of evidence of the student’s mastery of the NGSSSBenchmarks for Language Arts that are assessed by the Grade 3 FSA-Reading;and

5. be signed by the teacher and the principal as an accurate assessment of therequired reading skills.

38

The HCSB has opted to utilize the Third Grade Reading Assessment Portfolio andPortfolio Addendum provided by the Just Read, Florida Office in order to ensureconsistency throughout the District. This assessment portfolio meets all of the criteriaoutlined in State Board of Education Rule 6A01.094221(3)(a-e).

A parent of a student in Grade 3 who is identified anytime during the year as being atrisk of retention may request that the school immediately begin collecting evidence for aportfolio. [Florida Statute §1008.25(5)(c)7]

Documentation for Grade 3 Good Cause Exemption

The classroom teacher must provide the principal with documentation that indicates thestudent should be promoted based on one of the Good Cause Exemption criteria listedabove. This documentation should consist only of the existing Individual EducationalPlan (IEP), 504 Accommodation Plan and/or Progress Monitoring Plan (PMP), thereport card, or the student portfolio. Documentation for Exemptions 3 and 4 shall beconsistent with Florida Statute §1008.25(6)(c).

In the case of Good Cause Exemptions due to academic performance (Grade 3mandatory retention only), the teacher will complete the Third Grade ReadingAssessment Portfolio Recording Sheet for each student. [Florida Statute§1008.25(6)(c)(1)]

The school principal shall review and discuss recommendations with the teacher andmake the determination as to whether the student should be promoted or retained. Inaccordance with Florida Statute §1008.25(6)(c)2, information gathered for Third GradeGood Cause Promotion/Retention school lists will now be automatically generated.

During the School Year Promotion of Retained Grade 3 Students

In accordance with State Board of Education Rule 6A-1.094222, a student retained in3rd grade may be eligible for mid-year promotion if he/she demonstrates:

successful and independent reading at or above grade level; sufficient progress to master appropriate 4th grade reading skills; and meeting any additional requirements, such as satisfactory achievement in other

curriculum areas, per local school board policies.

Documentation for midyear promotion should include successful completion of portfolioelements that meet State/District criteria or satisfactory performance on a locallyselected standardized assessment. [Florida Statute §1008.25(7)(b)3]

A student portfolio used during the school year to document promotion to 4th grade musthave evidence of the student’s mastery of Grade 3 Next Generation Sunshine StateStandards (NGSSS), Language Arts Florida Standards (LAFS), and beginning mastery

39

of the 4th grade standards/benchmarks. [State Board of Education Rule 6A-1.094222(3)(a-e)]

To promote a student during the school year using a locally selected standardizedassessment, there must be evidence that the student scored at or above grade level inreading comprehension. This must be demonstrated by standard scores or percentiles,consistent with the month of promotion to Grade 4. [State Board of Education Rule 6A-1,094222(4)]

The Progress Monitoring Plan (PMP) for any retained Grade 3 student who has beenpromoted midyear to Grade 4 must continue to be implemented for the entire schoolyear. [State Board of Education Rule 6A-1.094222(4)]

Identified Reading Deficiencies

Any student who exhibits substantial deficiency in reading skills, based on locallydetermined assessments conducted before the end of grade 1 or grade 2 or based onteacher recommendation, must be given intensive reading instruction immediatelyfollowing the identification of the deficiency. The student’s reading proficiency must bereassessed by locally determined assessment or based on teacher recommendation atthe beginning of the grade following the intensive reading instruction. The student mustcontinue to be given intensive reading instruction until the reading deficiency isremedied. If the student’s reading deficiency, as determined by the locally determinedassessment at grades 1 and 2 or by the statewide assessment at grade 3, is notremedied by the end of grade 3, and if the student scores below Level 2 on thestatewide assessment test in reading, the student must be retained unless boardapproved alternatives provide a good cause exemption for continued progression.

In addition to the options listed in the general requirements, schools may use one ormore of the following methods to accelerate and/or remediate identified deficiencies:

o Specific instruction to address reading weaknesses through technology;o Additional time to receive reading instruction to meet needs of the child;o Alternative reading strategies that are proven to assist in the instruction of

students who are experiencing difficulty learning to read; ando Many opportunities for students to use their reading skills in other subject areas

and for pleasure.

Health and Physical Education

Students will participate in physical activities of at least a moderate intensity level andfor duration sufficient to provide a significant health benefit to students, subject to theirdiffering capabilities. Florida House Bill 967 requires 150 minutes of Physical Educationper week in grades K-5. Accordingly, students in grades K-5 will receive at least 150minutes per week of physical education. On any day during which physical educationinstruction is conducted, there must be 30 consecutive minutes of instruction. The time

40

will be dedicated to supervised physical activity, health instruction, and nutritioninstruction.

Students will demonstrate competency in Physical Education and Health relatedSunshine State Standards.

Students in grade K-5 are eligible to waive the physical education requirement if theymeet any of the following criteria:

o The student is enrolled or required to enroll in a remedial course.o The student’s parent indicates in writing to the school that:

◊ The parent requests that the student enroll in another course from amongthose offered as options by the school district; or

◊ The student is participating in physical activities outside the school daywhich are equal to or in excess of the mandated requirement.

Student Plans, Parent Information, and Notification for ElementarySchool Students

Performance Monitoring Plan (PMP)1008.25(4)(b-c) FS

The Progress Monitoring Plans used in grades K-5 must meet all the requirementsestablished in the general requirements. The Progress Monitoring Plan Criteria Matrixis used in the district’s elementary schools to identify a student’s proficiency in readingand mathematics, and to determine the appropriate use of the Progress MonitoringPlan. The matrix employs a variety of student performance measures that do not relyon one exclusive determinate measure.

Parent Notification of Substantial Reading Deficiency in K-3 Students1008.25(5-7) FS

Parents of any K-3 student exhibiting substantial deficiencies in reading (Critically Low,Progress Monitoring Plan Criteria Matrix) or any student retained in grade 3 must benotified in writing of the following:

o Identification of critically low status in reading and the specific measures relatedto that determination. In addition, provide assurance that no one measure wasthe exclusive determining measure used in the evaluation;

o A description of the intensive remedial and supplemental instruction proposedand strategies parents may employ to assist their children;

o Retention at the end of grade 3;o If there is no remediation of the deficiency, and no reason for just cause

exemption;o The district’s criteria for mid-year promotion; ando Provide parents the opportunity to review the Progress Monitoring Plan Criteria

Matrix and to participate in the development of their student’s ProgressMonitoring Plan.

41

o Strategies parents may employ to help their child succeed in reading.

Exceptional Student Education (ESE)

Pursuant to State Board of Education Rule 6A-6.03028, Individual Education Plans(IEPs) for students with disabilities enrolled in an Exceptional Student Education (ESE)Program must specify the specially designed instruction and related services that arenecessary to meet each student’s unique needs.

All students must be given access to the general curriculum, as is appropriate, inrelation to their unique needs and abilities and as delineated on each student’s IEP. Forthe majority of these students, the General Education standards should be the basis oftheir curriculum. For some students, modified standards and/or benchmarks in one ormore content areas may be more appropriate. The Language Arts Florida Standards(LAFS) and Mathematics Florida Standards (MAFS) include access points for studentswith significant disabilities. The Next Generation Sunshine State Standards (NGSSS)include access points in the content area of science and social studies. These accesspoints are expectations for students with significant cognitive disabilities to access theGeneral Education curriculum. Access points reflect the core intent of the standardswith reduced levels of complexity. (Refer to State Board of Education Rule 6A-1.09414for course descriptions).

In all cases, the IEP Team, which must include the parent(s), makes special programplacements and educational decisions. The IEP must include a statement ofmeasurable annual goals, including benchmarks or short-term objectives related tomeeting the student’s needs that result from the student’s disability. As appropriate, theIEP should enable the parent(s) and student to be involved in determining how thestudent will be involved/progress in the General Education curriculum, and how thestudent will participate in appropriate activities. The IEP shall also address how each ofthe student’s other educational needs (that result from the student’s disability) will bemet. [State Board of Education Rule 6A-6.03028(3)(h)2]

The IEP Team must draft benchmarks and short-term objectives for students withdisabilities who take the alternative assessments aligned to alternative achievementstandards. The IEP Team has the discretion to also draft benchmarks and short-termobjectives for other students with disabilities. [State Board of Education Rule 6A-03028]

The IEP may specify whether accommodations/modifications are necessary in theareas of curriculum, instruction, and assessment provided that theaccommodations/modifications do not include modifications to the curriculumdescriptions/frameworks or student performance standards. The IEP must beimplemented as drafted by the IEP Team. The IEP must contain an explanation of theextent, if any, to which the student will not participate with non-disabled students in theGeneral Education class. [State Board of Education Rule 6A-6.03028(3)(h)2]. Incompliance with the least restrictive environment mandate, a student with a disabilitymay be removed from the General Education environment, only if the nature and/or

42

severity of the disability are such that education in General Education classes, with theuse of supplementary aids and services cannot be achieved satisfactorily.

The HCSB shall establish procedures that provide the opportunity for one or both of thestudent’s parent(s) to participate in meetings and decisions concerning the student’sIEP. A written notice of the meeting must be provided to the parents and must indicatethe purpose, time, and location of the meeting, as well as whom, by title or position, willbe attending.

No later than the first IEP to be in effect when a student turns 14 or younger ifdetermined appropriate by the IEP Team, the notice must also indicate that a purposeof the meeting will be identifying transition services needs of the student.

To ensure quality planning for a successful transition of a student with a disability topostsecondary education and career opportunities, an IEP Team shall begin theprocess of, and develop an IEP for, identifying the need for transition services beforethe student with a disability attains the age of 14 years in order for the postsecondarygoals and career goals to be identified and in place when the student attains the age of16 years. This process must include, but is not limited to: consideration of the student’sneed for instruction in the area of self-determination and self-advocacy to assist thestudent’s active and effective participation in an IEP meeting and preparation for thestudent to graduate from high school with a Standard High School Diploma pursuant toFlorida State Statute §1003.4282 with a Scholar Designation unless the parent choosesa Merit Designation.

Beginning not later than the first IEP to be in effect when the student attains the age of16 or younger, if determined appropriate by the parent and the IEP Team, the IEP mustinclude the following statements that must be updated annually:

1. a statement of intent to pursue a Standard High School Diploma and a Scholar orMerit designation, pursuant to Florida Statute §1003.4285 or Special Diploma asdetermined by the parent;

2. a statement of intent to receive a Standard High School Diploma before thestudent attains the age of 22 and a description of how the student will fully meetthe requirements in Florida State Statutes §1003.4285 and 1003.4282, asapplicable, including, but not limited to, a portfolio pursuant to Florida StateStatute §1003.4282(10)(b) which meets the criteria specified in State Board ofEducation Rule. The IEP must also specify the outcomes and additional benefitsexpected by the parent and the IEP Team at the time of the student’s graduation;and

3. a statement of appropriate measurable long-term postsecondary education andcareer goals based upon age-appropriate transition assessments related totraining, education, employment, and if appropriate, independent living skills, and

43

the transition services, including course of study needed to assist the student inreaching those goals. [Florida Statute §1003.5716]

To the extent appropriate, and with the consent of the parents or a student who hasreached the age of majority, the District shall invite a representative of any participatingagency that may be responsible for providing or paying for transition services. Parentalconsent or the consent of the student who has reached the age of majority must also beobtained before personally identifiable information is released to officials of participatingagencies providing or paying for transition services. [State Board of Education Rule 6A-6.03028 (3)(c)8]

Public school students with disabilities must be provided the opportunity to meet thegraduation requirements for a Standard High School Diploma as set forth in FloridaStatute §1003.4282 in accordance with the provisions of Florida Statutes §§ 1003.57and 1008.22. Pursuant to Florida Statute §1003.438, certain public school studentswith disabilities may be awarded a Special Diploma upon high school graduation.[Florida Statute §1002.20(8)]

Programs for students with disabilities are defined by the diploma options identified ineach student’s Individualized Education Plan (IEP).

Section 504 Accommodation Plans

A student is eligible for accommodations, under Section 504 of the Rehabilitation Act of1973, if the student is determined to have a physical or mental impairment thatsubstantially limits one or more major life activity of such student. In addition, a studentwith either a record of impairment, or who is regarded as having impairment, isprotected from discrimination under both Section 504 and the Americans withDisabilities Act (ADA), as amended by the ADA Amendments Act of 2008, effectiveJanuary 1, 2009.

A student meets the requirement of being regarded as having impairment byestablishing that the student has been subjected to a prohibited act because of anactual or perceived physical or mental impairment, whether or not the impairment limitsor is perceived to limit a major life activity. This provision shall not apply to a student’simpairments that are transitory and minor. A transitory impairment has an actual orexpected duration of six months or less.

A Multi-Disciplinary Team must meet as necessary to determine if an otherwisequalified student’s mental and/or physical impairment substantially limits one or more ofthe student’s major life activities.

Major life activities include, but are not limited to, caring for oneself, performing manualtasks, seeing, hearing, eating, sleeping, walking, standing, lifting, bending, speaking,breathing, learning, reading, concentrating, thinking, communicating, and working.Major life activities also include the operation of a major bodily function, including but

44

not limited to, functions of the immune system, normal cell growth, digestive, bowel,bladder, neurological, brain, respiratory, circulatory, endocrine, and reproductivefunctions.

An episodic or in remission impairment is a disability if it would substantially limit amajor life activity when active. Impairment that substantially limits one major life activityneed not limit other major life activities in order to be considered a disability.

The determination of whether the impairment substantially limits a major life activityshall be made without regard to the ameliorative effects of mitigating measures such as:

Medication, medical supplies, equipment or appliances, low-vision devices(which do not include ordinary eyeglasses or contact lenses), prostheticsincluding limbs and devices, hearing aids and cochlear implants or otherimplantable hearing devices, mobility devices, or oxygen therapy equipment andsupplies;

Use of assistive technology; Reasonable accommodations or auxiliary aids or services; or Learned behavioral or adaptive neurological modifications.

However, the ameliorative effects of the mitigating measures of ordinary eyeglasses orcontact lenses shall be considered in determining whether the impairment substantiallylimits a major life activity.

To ensure compliance for all school decisions made under Section 504 and ADA, twocomponents are necessary. First, the parent(s) must always be notified of any meetingscheduled to determine eligibility or subsequent meetings to make changes to theSection 504 Accommodation Plan. Secondly, the student’s Multi-Disciplinary Teammust make service, accommodation, and placement decisions. A Section 504Accommodation Plan cannot be changed without proper parental notice and a Multi-Disciplinary Team Meeting. The individual student’s Section 504 Accommodation Plandocuments the accommodations and/or modifications that are required to ensure thatthe student has an equal opportunity to access the General Education curriculum.[Section 504 of the Rehabilitation Act of 1973, 34 C.F.R. Part 104]

45

Middle School Requirements for Student Progression

Admission to Middle School

Entrance Requirements for Middle School StudentsHCSB 400

A middle school student, grades 6-8, must comply with all the general requirements foradmission to Hendry County Schools.

A student entering a secondary school must meet the immunization requirements forthat grade level.

Each student at the time of initial registration for school shall declare previous schoolexpulsions, arrests resulting in a charge, and juvenile justice actions the student hashad.

Middle School Student Performance and Progress Through the Grade 6-8

1003.4156 FS

Student progression in the Hendry County Public Schools is based upon an evaluationof each student’s achievement as per state and local requirements.

Middle School (6-8) Requirements for Promotion and Retention

In accordance with Florida Statute §1003.4156, promotion from a school composed ofmiddle Grades 6-8 requires that the student must successfully complete academiccourses as follows:

Middle School English Language Arts (ELA) Requirements

A student must successfully complete three middle school or higher courses inEnglish Language Arts (ELA).

Middle School Mathematics Requirements

1. Students must successfully complete three middle school or higher courses inmathematics. Each middle school must offer at least one high school levelmathematics course for which students may earn high school credit.

46

2. Beginning with the 2011-2012 school year, in accordance with Florida Statutes§§1008.22(3)(b)(1) and 1003.4156(1)(b), successful completion of a high schoollevel Algebra 1 or Geometry course is not contingent upon the student’sperformance on the End-of-Course (EOC) Assessment, or upon transition toMathematics Florida Standards (MAFS) for the Algebra 1 or GeometryAssessments.

3. Middle school students enrolled in Algebra 1 must take the Algebra 1 EOCAssessment, which constitutes 30 percent of the student’s final course grade,and earn a passing grade in the course. A middle school student is not requiredto earn a proficient score on the Algebra 1 EOC Assessment in order to earnhigh school credit or be promoted to high school. However, students arerequired to earn a proficient score on the Algebra 1 EOC Assessment in order toearn a Standard High School Diploma. [Florida Statute §1003.4156]

4. Middle school students enrolled in high school Geometry must take theGeometry EOC Assessment, which constitutes 30 percent of the student’s finalcourse grade, and earn a passing grade in the course. Middle school studentsmust earn a proficient score on the Geometry EOC Assessment in order to earna Standard High School Diploma Scholar Designation. [Florida Statute§1003.4156]

5. Middle school students enrolled in Algebra 2 must take the Algebra 2 EOCAssessment, which constitutes 30 percent of the student’s final course grade.Middle school students must earn a proficient score on the Algebra 2 EOCAssessment in order to earn a Standard High School Diploma ScholarDesignation. [Florida Statute §1003.4282]

Social Studies Middle School Requirements

A student must successfully complete three middle school or higher courses insocial studies.

Middle School Social Studies Courses

Grade 6 – M/J World History Grade 7 – M/J Civics Grade 8 – M/J United States History

47

Beginning with students entering 6th grade in the 2012-2013 school year, perFlorida Statute §1003.4156(1)(c), one of the courses must be at least a onesemester civics education course that a student completes and that includes:

o The roles and responsibilities of federal, state, and local governments;o The structures and functions of the legislative, executive, and judicial

branches of government;o The meaning and significance of historic documents, such as the Articles

of Confederation, the Declaration of Independence, and the Constitution ofthe United States; and

Beginning with the 2013-2014 school year, each student’s performance on thestatewide, EOC Assessment in civics education constitutes 30 percent of thestudent’s final course grade. (Refer to Florida Statute §1008.22)

Science Middle School Requirements

Per Florida Statute §1003.4156(1)(d), a student must successfully completethree middle school or higher courses in science. Successful completion of ahigh school level Biology 1 course is not contingent on the student’s performanceon the EOC Assessment.

Beginning with the 2011-2012 school year, all students enrolled in Biology 1 musttake the Biology 1 EOC Assessment. Beginning with students entering Grade 9in the 2013-2014 school year, performance on the Biology 1 EOC Assessmentconstitutes 30 percent of the student’s final course grade [Florida Statute§1008.22(3)(b)(2)]. Further, to earn high school credit, beginning with the 2012-2013 school year, per Florida Statute §1003.4156(1)(d), a middle school studenttaking Biology 1 must take the Biology 1 EOC Assessment, which constitutes 30percent of the final course grade, and earn a passing grade in the course.Middle school students must earn a proficient score on the Biology 1 EOCAssessment in order to earn a Standard High School Diploma ScholarDesignation. [Florida Statute §1003.4285(1)(a)(3)]

NOTE: A middle school student who transfers into the State’s public school systemfrom out of country, out-of-state, a private school, or a home education program afterthe beginning of the second term of 8th grade is not required to meet the civicseducation requirement for promotion from the middle grades if the student’s transcriptdocuments passage of three courses in social studies or two year-long courses insocial studies that include coverage of civics education. [Florida Statute§1003.4156(1)(c)]

48

Suggested Enrollment for Grade 6

Students are required to enroll in each of the following courses DurationIntensive Reading* (based on Florida State Assessment, Florida AssessmentsInstruction in Reading (FAIR) data and teacher input)Certain students may be serviced through specific content area classes. Referto the K-12 Comprehensive Reading Plan for specific details.Note: Assignment of ESE students with a disability and ELLs who participatein statewide assessments will be determined by the appropriate Multi-Disciplinary Team.

As long asneeded

Language Arts 1 yearScience 1 yearMathematics** 1 yearWorld History 1 yearPhysical Education*** 1 semesterElectives (various courses/subject areas) As offered by

each school*Florida Statute §1008.25 mandates that intensive academic assistance be provided for anystudent who demonstrates substantially deficient skills in reading, writing, mathematics, and/orscience.**Mathematics remediation, if required, may be provided within the Mathematics class.***The physical education requirement shall be waived for a student who meets the criteriaoutlined in Florida Statute §1003.455.

Suggested Enrollment for Grade 7

Students are required to enroll in each of the following courses DurationIntensive Reading* (based on Florida State Assessment, Florida AssessmentsInstruction in Reading (FAIR) data and teacher input)Certain students may be serviced through specific content area classes. Referto the K-12 Comprehensive Reading Plan for specific details.Note: Assignment of ESE students with a disability and ELLs who participatein statewide assessments will be determined by the appropriate Multi-Disciplinary Team.

As long asneeded

Language Arts 1 yearScience 1 yearMathematics** 1 yearCivics 1 yearPhysical Education*** 1 semesterElectives (various courses/subject areas) As offered by

each school*Florida Statute §1008.25 mandates that intensive academic assistance be provided for anystudent who demonstrates substantially deficient skills in reading, writing, mathematics, and/orscience.**Mathematics remediation, if required, may be provided within the Mathematics class.***The physical education requirement shall be waived for a student who meets the criteriaoutlined in Florida Statute §1003.455.

49

Suggested Enrollment for Grade 8

Students are required to enroll in each of the following courses DurationIntensive Reading* (based on Florida State Assessment, Florida AssessmentsInstruction in Reading (FAIR) data and teacher input)Certain students may be serviced through specific content area classes. Referto the K-12 Comprehensive Reading Plan for specific details.Note: Assignment of ESE students with a disability and ELLs who participatein statewide assessments will be determined by the appropriate Multi-Disciplinary Team.

As long asneeded

Language Arts 1 yearScience 1 yearMathematics-M/J Pre-Algebra; Algebra 1, Geometry** 1 yearUnited States History 1 yearPhysical Education*** 1 semesterElectives (various courses/subject areas) As offered by

each school*Florida Statute §1008.25 mandates that intensive academic assistance be provided for anystudent who demonstrates substantially deficient skills in reading, writing, mathematics, and/orscience.**Mathematics remediation, if required, may be provided within the Mathematics class.***The physical education requirement shall be waived for a student who meets the criteriaoutlined in Florida Statute §1003.455.

Promotion to Grade 9

In order to be promoted to Grade 9, students must meet the following requirements:

Subject Number of Courses PassedEnglish Language Arts 3

Mathematics 3

Science 3

Social Studies 3

Career and Education Planning 1

Considerations for Special Program Students

The following sections address the considerations of Exceptional Student Education(ESE) students, students with a Section 504 Accommodation Plan, and EnglishLanguage Learner (ELL) students that do not meet the mandatory retention criteria.

Note: Promotion to high school is contingent on meeting the requirements above.

50

English Language Learners (ELLs)

In accordance with State Board of Education Rules 6A-6.0902, 6A-6.0903, 6A-6.0904,and 6A-1.09432(6) a student identified as an ELL must meet the District levels ofperformance, as indicated on the Student Progression charts. The HCSB Plan forServices to English Language Learners (ELLs) is located at: http://www.hendry-schools.org.

Promotion for an ELL shall be based on the student’s academic performance,regardless of the level of English Language proficiency. ELLs must demonstrateliteracy skills on grade level in either English or their native language. ELLs may not beretained if they are substantially below grade level in reading in English, but candemonstrate grade level literacy skills in their native language. Retention of an ELLrequires the review and recommendation of the ELL Committee and may not be basedsolely on lack of English proficiency, demonstration of grade level content knowledge inEnglish, or on a score on any single assessment instrument. An ELL Committee mustmeet to determine whether an ELL should be retained. Adequate progress, defined inthe ELL Plan, should be used by the ELL Committee as cause for promotion. An ELLmay be retained if the ELL Committee has determined that the student has notprogressed satisfactorily according to his/her ELL Plan.

An ELL is required to meet student performance standards for the appropriate gradelevel. However, ELLs who have been in an approved English for Speakers of OtherLanguages (ESOL) Program for less than two complete school years should not beaccountable to demonstrate the standards in English. The Consent Decree and Title IIIrequirement is to measure the student’s ability toward attainment of the standards,regardless of whether that ability is demonstrated in English or the student’s homelanguage.

Exceptional Student Education (ESE)

The Individuals with Disabilities Education Improvement Act of 2004 (IDEA) requiresthat the IEP for each child with a disability include a statement of measurable annualgoals, including academic and functional goals. The IEP must meet the child’s needsthat result from the disability to enable the child to be involved in and make progress inthe General Education curriculum.

A student who is enrolled in Exceptional Student Education (ESE) must meet theSchool District’s performance standards, unless the IEP specifies that the student isunable to meet the grade level performance standards, because:

the student’s demonstrated cognitive ability and/or behavior prevent the studentfrom completing required class work and achieving the Next GenerationSunshine State Standards (NGSSS), Language Arts Florida Standards (LAFS),

51

or Mathematics Florida Standards (MAFS), even with appropriate and allowableclass work modifications; or

the student is unable to apply or use academic skills at a minimal competencylevel in the home or community.

When an ESE student with a disability is determined to be performing below grade levelin reading, writing, mathematics, and/or science, the IEP Team shall be convened toreview the IEP. The student’s IEP must address all of the student’s educational needs,including the student’s below grade level performance. The IEP Team may recommenda Progress Monitoring Plan (PMP) to address the student’s educational need in reading,writing, mathematics, and/or science.

Students with disabilities who are enrolled in an ESE program(s) may be considered tohave met promotion requirements when he/she has achieved the goals that arespecified on the student’s IEP. The primary responsibility for determining eachstudent’s level of performance is that of the special program teacher and the GeneralEducation teacher. The principal may (upon recommendation of the instructional staffand the IEP Team) determine that the promotion requirements have been satisfied.

Other factors that may be considered for student promotion include:

previous retention history; current goals and objectives on the student’s IEP; social/emotional behavior; attendance; placement and a possible change in the current placement; grades; and/or current accommodations/modifications/services.

In accordance with Florida Statute §1008.25(1), it is the responsibility of the SchoolBoard and School District administration to provide all students with effectiveinstructional and remedial programs that monitor progress, promote continuousachievement, and make provisions for individual differences. With respect to ESEstudents, the School Board and School District administration have additionalresponsibilities, as set forth below.

The IDEA requires the School District to provide a Free Appropriate Public Education(FAPE) to any individual child with a disability who needs special education and relatedservices, even though the child has not failed or been retained in a course or grade, andis advancing from grade to grade [34 C.F.R. §300.101(c)(1)].

State law requires that ESE students who are included in the General Educationcurriculum must meet School District and/or State levels of performance for studentprogression; unless the student’s IEP Team determined that the student should follow amodified curriculum aligned with ESE course requirements and benchmarks.

52

State law prohibits social promotion for any public school student, including ESEstudents. Social promotion occurs when a student is promoted based on factors otherthan the student achieving School District and State levels of performance for studentprogression. In accordance with Florida Statute §1008.25(6)(a), no student may beassigned to a grade level based solely on age or other factors that constitute socialpromotion.

Improvement Plans All Students

A student not meeting the school district or state requirements for satisfactoryperformance in English Language Arts and Mathematics must be covered by one of thefollowing plans:

1) A federally required plan such as an individual education plan.2) A school-wide system of progress monitoring for all students.3) An individualized progress monitoring plan.

Active Section 504 Accommodation Plans

As outlined in Section 504 of the Rehabilitation Act of 1973, 34 C.F.R. Part 104, astudent’s Section 504 Accommodation Plan documents each of the accommodationsrequired to ensure the student receives a Free Appropriate Public Education (FAPE)and has an equal opportunity to access the General Education curriculum in the leastrestrictive environment. If a Section 504 Team decides to make any alteration to thedelivery of instruction or student assignments for a student with an active Section 504Accommodation Plan, such alteration must be documented in the student’s Section 504Accommodation Plan. A parent of a student with an active Section 504 AccommodationPlan must be notified of any proposed changes to the Plan. In addition, a parent mustbe given the opportunity to provide input on decisions made by the 504 Team.

A student with an active Section 504 Accommodation Plan must meet the SchoolDistrict’s levels of performance. Parent(s) must be notified if a student with a Plan isbeing considered for retention. The Team must determine if the reason(s) for retentionis/are caused by the disability of record on the active Section 504 Accommodation Plan.If the Team determines that the below grade level performance is caused by thedisability, the student’s placement must be re-evaluated.

The re-evaluation must include a review of the student’s records, the student’sintellectual and academic abilities, and other pertinent information provided by thestudent’s teachers. Comprehensive documentation regarding student placement mustbe provided each time re-evaluation occurs.

If the Team determines that the below grade level performance is not caused by thedisability, the student is treated in the same manner as any General Education student.

53

Promotion for Middle School Students

1003.415(2-5) FS

Reading is the foundation in developing a rigorous and challenging middle schoolcurriculum. A middle school student that has met a preponderance of the requirementslisted below may be promoted to the next grade. Middle school promotion through thegrades is based upon the following elements:

Success in building on the learned skills and content from elementary school inthe core disciplines of Reading, Language Arts, Mathematics, Science, andSocial Studies;

Mastering the appropriate State Standards in the core disciplines, Demonstrating proficiency as defined by FLDOE for:

o Reading and Mathematics;o Science for Grade 8;o Writingo Performing at C or above on the majority of class work; ando Performing at the 51st percentile or above on any nationally normed

assessment. A middle school student promoted to the 9th grade should be prepared to begin a

challenging program of study at the high school, and equally prepared tosuccessfully complete all graduation requirements in no more than 4 years ofhigh school.

Alternatives to Promotion for Middle School Students1003.415(2-6) FS

A middle school student who has not met the majority of requirements for regularpromotion may be promoted with a Performance Monitoring Plan (PMP), IndividualEducational Plan (IEP), or an English Language Learners Plan (ELLP). Each of theseplans must contain the following elements:

o Identifies the areas of deficiency in reading, mathematics, writing, and sciencebased upon the most recent assessment results;

o Places a priority on the acquisition of grade appropriate skills in reading;o Provides diagnosis and prescriptive interventions for all 5-skill areas of reading;o Provides intensive remedial instruction that will accelerate learning and the

mastery of Sunshine State Standards necessary for a successful transition tohigh school, which may include any of the programs listed under SupplementalInstruction;

o Frequent monitoring with no less than quarterly evaluations of student learninggains in the identified areas of deficiency; and

o Promote parental involvement through notification and collaboration in thedevelopment, monitoring, and implementation of the plan.

54

Required Physical Education1003.455 FS

The equivalent of one class period per day of physical education for one semester ofeach year is required for students enrolled in grades 6 through 8. Students enrolled insuch instruction shall be reported through the periodic student membership surveys,and records of such enrollment shall be audited to pursuant to s.1010.305. Suchinstruction may be provided by any instructional personnel as defined in s.1012.01(2),regardless of certification, who are designated by the school principal.

The requirement shall be waived for a student who meets one of the following criteria:o The student is enrolled or required to enroll in a remedial course.o The student’s parent indicates in writing to the school that:

◊ The parent requests that the student enroll in another course from amongthose courses offered as options by the school district; or

◊ The student is participating in physical activities outside the school daywhich are equal to or in excess of the mandated requirement.

Each school shall notify the student’s parent of the options available before schedulingthe student to participate in physical education.

Florida Virtual Courses

Middle School students may have the opportunity to take additional coursework throughFlorida Virtual School. Virtual coursework is extremely rigorous. Prior to enrollment inFlorida Virtual School, students must have permission of the school guidance counselorand principal.

Parents are responsible for monitoring student progress for virtual school coursework.Student learning style and impact on meeting course completion should be carefullyconsidered before enrolling student.

Advanced Academic Courses

Middle School students may be eligible to enroll in advanced courses in the coreacademic content areas of language arts, mathematics, science, and social studies.These courses are planned to include more rigorous content in an effort to make theclasses more challenging. In order to qualify to enroll in advanced coursework thefollowing minimum requirements are necessary:

1. Teacher recommendation;2. Review of student grade history for the specific content/subject area; and3. Review of student State Assessment results.

55

High School Courses1003.428 FS1008.22 FS1007.02 FS

A middle school student may take courses designated in the Florida Course CodeDirectory as Grades 9-12. These courses/credits may be used to satisfy high schoolgraduation requirements and Florida Academic Scholars award requirements. Theymay take place at the assigned middle school or through Florida Virtual School ifapproved by the student’s guidance counselor and principal.

Successful completion of a high school level Algebra 1 or Geometry course is notcontingent upon the student’s performance on the end-of-course assessment requiredunder 1008.22(3)(c) 2.a(i) FS. However, beginning with the 2011-2012 school year, toearn high school credit for an Algebra 1 course, a middle school student must pass theAlgebra 1 end of course assessment and beginning with the 2012-2013 school year, toearn high school credit for a geometry course, a middle school student must pass thegeometry end-of-course assessment.

A student with a disability, as defined in 1007.02(2) FS, for whom the IEP committeedetermines that an end-of-course assessment cannot accurately measure the student’sabilities, and taking into consideration all allowable accommodations, shall have theend-of-course assessment results waived for the purpose of determining the student’scourse grade and credit as required.

Students taking high school credit courses on the middle school campus are required tomeet all expectations for earning high school credit including taking mid-term and finalexaminations to meet course requirements.

Scheduling conflicts, course offerings, and course prerequisite requirements may limitparticipation in these courses.

56

High School Requirements for Student Progression

Graduation Requirements

Students are required to satisfy the graduation requirements in effect at the time thestudent first enters Grade 9, regardless of the date the student graduates, unless therequirements change for the entire class, or unless requirements are changed for allstudents by Florida Statute. Refer to Appendix A, B, C, and D for FLDOE AdvisementFlyer.

Schools shall provide parent(s) with information concerning all graduation options,including the respective curriculum requirements for those options, so that the studentsand their parent(s) may select the program that best fits their needs.

Graduation Requirements for a Standard Diploma

Assessments for Standard Diploma

In order to receive a Standard Diploma, students must achieve proficient scores on therequired statewide assessments or meet the concordant subject area test score on aState Board of Education approved alternate assessment. They must also satisfystudent performance standards for each course in Grades 9-12 for which credit towardgraduation is awarded. As for students with a disability, see below as to the criteria forwaivers from this graduation requirement. [Florida Statutes §§1008.22(3), 1003.438,State Board of Education Rules 6A-1.0995, & 6A-1.09961]

Beginning with the 2011-2012 school year, the administration of the Grade 10 FCAT 2.0Mathematics has been discontinued, except as required for students who have notattained minimum performance expectations for graduation. Beginning with thestudents entering Grade 9, for the first time in the 2011-2012 school year and thereafter,students must achieve a proficient score on the Algebra 1 End-of-Course (EOC)Assessment or subsequently thereafter meet the comparative score of 97 on thePostsecondary Education Readiness Test (P.E.R.T.).

A student may satisfy the FCAT 2.0 Reading requirement by achieving an equivalent orconcordant score on an alternate assessment, the ACT, or SAT.

The concordant/comparative scores for ACT, SAT, and P.E.R.T. updates are located at:http://fcat.fldoe.org/pdf/fcatpass.pdf.

57

Students who have met all of the requirements for the Standard High School Diploma,except for earning a proficient score on the FCAT 2.0 Reading/FSA ELA/Algebra 1 EOCAssessment or an alternate assessment by the end of 12th grade, must be given theopportunity to participate in an accelerated High School Equivalency DiplomaPreparation Program. This should include FCAT 2.0 Reading/FSA ELA/Algebra 1 EOCAssessment remediation. Students must also be allowed to take a college placementtest and be admitted to remedial or credit courses at a state community college orparticipate in an adult general education program. [Florida Statute §1003.433(2)]

Standardized Assessment Waivers (ESE) for Standard Diploma

As for students with a disability, see below as to the criteria for waivers from thisgraduation requirement. (For additional information refer to Florida Statutes§§1008.22(3)(c), 1003.438 and State Board of Education Rule 6A-1.0995 and 1.09961.

The waiver from the general assessment graduation requirement process is designedfor consideration of students with disabilities who may be eligible for a waiver on one orboth sections of the FCAT 2.0, the Algebra 1 EOC Assessment, or the FSA in EnglishLanguage Arts or Mathematics.

In accordance with the Individuals with Disabilities Education Act (IDEA), students withdisabilities may receive services through the public school system through age 21 (i.e.,until their 22nd birthday or, at the option of the School District, the end of the semester orschool year in which the student turns age 22) or until they graduate with a StandardDiploma, whichever occurs first.

In order for the general assessment graduation requirement to be waived, the IEP Teammust meet to determine whether or not the general assessment can accurately measurethe student’s abilities, taking into consideration allowable accommodations.

Assessment Waiver Eligibility Criteria for Standard Diploma

To be considered for a waiver from the general assessment graduation requirement fora Standard High School Diploma, the student must:

1. be identified as having a disability as defined in Florida Statute §1007.02(2);

2. have an Individual Educational Plan (IEP);

3. have been provided with instruction to prepare students to demonstrateproficiency in the core content knowledge and skills necessary for grade-to-gradeprogression and high school graduation;

4. have taken the Grade 10 general assessment with appropriate, allowableaccommodations at least twice, once in Grade 10 and once in Grade 11; and

58

5. be progression toward meeting the State’s credit, course, and cumulative gradepoint average (GPA) requirements and any other district requirements forgraduation with a Standard Diploma.

A student who transfers from another state must pass the Grade 10 generalassessment or an alternate assessment that is concordant with the generalassessment; earn a 2.0 GPA; and meet all requirements of the school, district, or statefrom which he/she is transferring or meet Florida’s course requirements to earn aStandard Diploma. A transfer student may be considered for the assessment waiver.[Florida Statute §1003.433(1)]

Additionally, to ensure that each student has had every opportunity to earn a proficientscore on the statewide assessments required for graduation, participation in FSAReading during March of the senior year is recommended.

EOC Assessment Waiver for Students with Disabilities

A student with a disability, as defined in Florida Statute §1007.02(2), for whom the IEPCommittee determines that an end-of-course assessment cannot accurately measurethe student’s abilities, taking into consideration all allowable accommodations, shallhave the EOC Assessment results waived for the purpose of determining the student’scourse grade and credit.

District Responsibilities

The IEP Team will convene to make a determination whether the EOC Assessmentaccurately measures the student’s abilities, taking into consideration all allowableaccommodations. The IEP Team is encouraged to maintain documentation regardingthe team’s analysis of the student’s course performance data used to make the decisionto grant or deny a waiver of the EOC Assessment results.

Eligibility Criteria

To be considered for an EOC Assessment waiver, the student must meet all thefollowing criteria:

be identified as a student with a disability, as defined in Florida Statute§1007.02(2);

have an active IEP; have taken the EOC Assessment with appropriate allowable accommodations at

least once; and have demonstrated, as determined by the IEP Team, achievement of the course

standards.

59

Course Credit for Standard Diploma

In accordance with Florida Statute §1003.436(2), credits are awarded in 0.5 creditincrements per semester upon successful completion of course requirements.

Online Learning for Standard Diploma

Beginning with the 2011-2012 incoming Grade 9 students, the Digital Learning Now Actrequires that all high school students graduating with a 24-Credit Standard Diploma(except those enrolled in the ACCEL Option, Special Diploma, InternationalBaccalaureate (IB) Program, or the Advanced International Certificate of Education(AICE) Program) successfully complete at least one online course. The course has tobe within the 24 credits required for high school graduation and must be passed.Courses may be either 0.5 credit or 1.0 credit in value. Online credit recovery or originalcredit courses may be used to satisfy this requirement. [Florida Statute§1002.45282(4)] (Students may take these courses online, outside of, or as a part ofthe school day.)

In accordance with Florida Statute §1003.4282(4), online high school credit coursessuccessfully completed in Grades 6-8 may be used to fulfill this requirement. Studenteligibility for participation in a Virtual Education Program is determined by FloridaStatute §1002.455 and participation requirements are set forth in Florida Statute§1002.45(6).

This requirement does not apply to a student who has an IEP, which indicates that anonline course would be inappropriate, or a student who is enrolled in a Florida highschool and has less than one academic year remaining in high school. [Florida Statute§1002.4282(4)]

Grade Point Average (GPA) for Standard Diploma

In middle and high school, GPA is defined as the numerical average represented by thepoint value of the letter grades earned, divided by the number of semester grades. Thescale is based on 4.0 (A), 3.0 (B), 2.0 (C), 1.0 (D) and 0 for any other grade. [FloridaStatute §1003.437]

Students must earn a minimum GPA of 2.0 on a 4.0 scale for all credits attempted,except for those replaced according to the Forgiveness Rule. [Florida Statute§1003.437]

Four-Year, 24-Credit Traditional Option Requirements

The 24 credits may be earned through applied, integrated, and combined coursesapproved by the Department of Education.

60

Virtual/Online Course Requirements for Four-Year 24-Credit Option

Beginning with students entering Grade 9 in the 2011-2012 school year, at least onecourse within the 24 credits required in this subsection must be completed throughonline learning. An online high school credit course taken during Grades 6-8 fulfills thisrequirement. [Florida Statute §1003.4282(4)]

English Requirement for Four-Year 24-Credit Option

Students must earn four English credits (English I, II, III, and IV).

Mathematics Requirements for Four-Year 24-Credit Option

1. Students must earn four high school mathematics credits, which must includeAlgebra 1 and Geometry. [Florida Statute §1003.4282(3)(b)]

2. Three of the four required mathematics credits must be earned in Grades 9-12.However, students who score a minimum of 550 on the mathematics portion ofthe SAT, or a minimum score of 24 on the mathematics portion of the ACT, maybe exempt from the requirement that the three credits be earned in Grades 9-12and may use all high school mathematics credits earned at middle school towardthe four-credit graduation requirement. (Students should be reminded thatmeeting only the minimum mathematics credit requirement might adverselyimpact college admission.)

3. The grades earned in high school course, taken in middle school, will be includedon the high school transcript.

4. Students enrolled in Algebra 1 in 2011-2012 and thereafter, must earn aproficient score on the Algebra 1 EOC Assessment, in order to fulfill thegraduation requirement. [Florida Statute §1008.22(3)(b)1]

5. Beginning with the 2011-2012 school year, all students enrolled in geometrymust take the Geometry EOC Assessment. [Florida Statute §1008.22(3)(b)1]

6. Students who enroll in Algebra 1 in the 2013-2104 school year and thereafter,must pass the Algebra 1 course and take the Algebra 1 EOC Assessment, whichwill count as 30 percent of the student’s final course grade. Algebra 1 credit isnot reliant upon entering a proficient score on the Algebra 1 EOC Assessment.

7. A student must earn a proficient score on the Algebra 1 EOC Assessment toearn a Standard Diploma. A comparative score of 97 on the PostsecondaryEducation Readiness Test (P.E.R.T.) will satisfy this requirement.

61

8. Students who enroll in Geometry in the 2013-2014 school year and thereafter,must pass the geometry course and take the Geometry EOC Assessment, whichwill count as 30 percent of the student’s final course grade.

9. Beginning with the 2013-2014 school year, a student taking Algebra 2 must takethe statewide Algebra 2 EOC Assessment, and that score will count as 30percent of the student’s final course grade.

10. Industry certification courses that lead to college credit may substitute for up totwo mathematics credits, not including Algebra 1 or Geometry.

Algebra 1 End-of-Course (EOC) Assessment Requirement

All students enrolled in and completing any of the following courses must take theAlgebra 1 EOC Assessment:

Course Course CodeAlgebra 1 1200310Algebra 1 Honors 1200320Pre-AICE Mathematics 1 1209810IB MYP Algebra 1 Honors 1200390

All students who entered Grade 9 in the school year 2011-2012 or thereafter, who havepreviously scored non-proficient on the Algebra 1 EOC Assessment, unless they earneda comparative score of 97 on the P.E.R.T. must take the Algebra 1 EOC Assessment.

Geometry End-of-Course (EOC) Assessment Requirement

All students enrolled in and completing any of the following courses must take theGeometry EOC Assessment:

Course Course CodeGeometry 1206310Geometry Honors 1206320Pre-AICE Mathematics 2 1209820IB MYP Geometry 1206810

62

Algebra 2 End-of-Course (EOC) Assessment Requirement

All students enrolled in and completing any of the following courses must take theAlgebra 2 EOC Assessment:

Course Course CodeAlgebra 2 1200330Algebra 2 Honors 1200340Pre-AICE Mathematics 3 1209825IB MYP Algebra 2 1200395

Science Requirements for Four-Year 24-Credit Option

1. All three required science credits must be earned in Grades 9-12.

2. Students who enter Grade 9 in the 2012-2013 school year or earlier, must earnthree science credits, as follows:

* 1.0 credit in Biology 1;* 1.0 credit in physical science (Earth/Space, Chemistry, Astronomy or

Physical Science); and* 1.0 credit in science.

3. Two courses must include a laboratory component. [Florida Statute§1003.4282(3)(c)]

4. Beginning with the 2011-2012 school year, all students enrolled in Biology 1 musttake the Biology 1 EOC Assessment. [Florida Statute §1008.22(3)(b)2]

5. Students who enter Grade 9 and enroll in Biology 1 in the 2013-2014 school yearor thereafter, must take the Biology 1 EOC Assessment, which will count as 30percent of the final course grade. [Florida Statute §1003.4282(3)(c)]

6. Students who enter Grade 9 in the 2013-2014 school year or thereafter, mustearn three science credits, as follows:

* 1.0 credit Biology 1;* 1.0 credit in a physical science (must be an equally rigorous course:

Earth/Space, Chemistry, Physics, Astronomy, or Physical Sciencecourses); and

* 1.0 credit in science (must be an equally rigorous course).

63

7. Students entering Grade 9 in the 2013-2014 school year and thereafter, mustearn a credit in Biology 1 and pass two equally rigorous courses as arequirement for graduation. An industry certification for which there is astatewide college credit articulation agreement approved by the State Board ofEducation or an identified computer science course with a related industrycertification may substitute for up to one science credit, not including Biology 1.[Florida Statute §1003.4282(3)(c)]

Biology 1 End-of-Course (EOC) Assessment Requirement

All students enrolled in and completing the following courses are to be tested during the2014-2015 school year:

Course Course CodeBiology 1 2000310Biology 1 Honors 2000320Pre-AICE Biology 2000322Biology 1 Pre IB 2000800IB MYP Biology Honors 2000850Biology Technology* 2000430Integrated Science 3* 2002440Integrated Science 3 Honors* 2002450* Not offered in the HCSB schools

Students in a Credit Acceleration Program (CAP) who wish to take the Biology 1 EOCAssessment to earn Biology 1 course credit are to be tested during the 2014-2015school year.

Social Studies Requirements for Four-Year 24-Credit Option

Students must earn three social studies course credits for graduation. [Florida Statutes§1003.4282(3)(d)], as follows:

Grade 10 World History – 1.0 credit Grade 11 United States (US) History – 1.0 credit course codes 2100310/2100320

(US History EOC Assessment results count 30 percent of the final course grade) Grade 12 US Government – 0.5 credit Grade 12 Economics with Financial Literacy – 0.5 credit

64

Social Studies End-of-Course (EOC) Assessment Requirement

All students enrolled in and completing the following courses are to be tested during the2014-2015 school year:

Course Course CodeUnited States History 2100310United States History Honors 2100320Visions and Countervisions: Europe, U.S.and the World from 1848

2100390

Visions and Countervisions: Europe, U.S.and the World from 1848 Honors

2100480

Physical Education Requirements for Four-Year 24-Credit Option

In accordance with Florida Statute §1003.4282(3)(f), the school may not requirethat the one credit physical education requirement be taken during the 9th gradeyear.

For students who entered Grade 9 in the 2007-2008 school year and thereafter,this requirement may be met by completing one of two options:

o Option 1: 0.5 credit Personal Fitness/0.5 credit Physical EducationActivity Elective; or

o Option 2: 1.0 credit Health Opportunities through Physical Education(HOPE).

Fine and Performing Arts Requirements for Four-Year 24-Credit Option

Students entering Grade 9 in the 2007-2008 school year and thereafter musttake one credit in fine or performing arts, speech and debate, or a practical artscourse that incorporates artistic content and techniques of creativity,interpretation, and imagination. [Florida Statutes §1003.4282(3)(e)]

Eligible practical arts courses shall be identified through the Florida Departmentof Education Course Code Directory. [Florida Statute §1003.4282(3)(e)]

World Language Requirements for Four-Year 24-Credit Option

The successful completion of two sequential World Language courses is not agraduation requirement. However, this is a requirement for entry into the StateUniversity System (SUS) and the Florida Bright Futures Scholarship Program. Studentsnot completing this requirement while in high school must make up the credits at apostsecondary institution prior to graduation from a university. World Language to thesecond level is also required for Florida College System Associate in Arts graduates.

65

A student must demonstrate World Language proficiency at a level equal to two years ofhigh school World Language (in the same language) or American Sign Languagecoursework. This requirement can be met in one of the following ways:

1. complete two high school credits in the same language;

2. complete one high school World Language credit at second Level (i.e., Spanish2, French 2, etc.);

3. pass an AP, AICE (AS or A Level), or IB (Diploma Program Standard Level orHigher Level) World Language course;

4. complete a second post-secondary course (i.e., Elementary II), as long as thecourse is 4.0 semester credits; or

5. pass a third post-secondary course (i.e., Intermediate 1), regardless of credit.

Community Service for Four-Year 24-Credit Option Students

All students must earn 20 hours of community service, using the honor system.

Graduation Requirements for Transfer Students

Per Florida Statute §1003.433, students who enter a Florida public school in the 11th or12th grade from out-of-state or from a foreign country shall not be required to spendadditional time in a Florida public school in order to meet the high school courserequirements, if the student has met all requirements of the school district, state, orcountry from which he/she is transferring. However, to receive a Standard High SchoolDiploma, a transfer student must earn a 2.0 GPA and proficient score on all requiredgraduation assessments according to Florida Statute §1008.22(3) or an alternateassessment as described in Florida Statute §1008.22 (3).

1. A student entering high school from another district, state, or country is requiredto satisfy the graduation requirements of his/her enrolled cohort.

2. The student must take a full schedule of courses to comply as closely as possiblewith the graduation requirements of the cohort, but shall not be required to spendadditional time in school in order to meet these requirements. Unless prescribedby his/her Progress Monitoring Plan (PMP), no junior or senior will be required totake two required courses in the same discipline concurrently.

3. Per Florida Statute §1003.4282(4), a student who is enrolled in a Florida highschool and has less than one academic year remaining may waive the on-linecourse requirement.

66

4. A transfer student may not waive credits required for graduation if he/she willreceive a Certificate of Completion.

Other Graduation Options

Early Graduation for Four-Year 24-Credit Option Students

Per Florida Statute §1003.4281, a high school student may be provided the option ofearly graduation. Students who complete the requirements for graduation before theircohort class may elect to:

1. graduate at the time that all requirements have been completed; or

2. with principal’s permission, continue enrollment as a full-time student in theHendry County School District until the end of the regular school year in whichtheir cohort class graduates. All grades earned by the student will become a partof the student’s permanent record and calculated in the student’s GPA.

The principal may deny continued enrollment for a student who has met graduationrequirements. Students who graduate early may participate in the end-of-yeargraduation ceremonies.

18-Credit ACCEL Graduation Option

Per Florida Statute §1002.3105(5), the 18-Credit ACCEL graduation option is nowavailable for students. All graduation requirements for a Standard Diploma must bemet, per Florida Statute §1003.4282(3)(a-e), except for the following credits:

Physical Education Credit Virtual requirement Three elective credits

Advanced International Certificate of Education (AICE) Diploma

The Advanced International Certificate of Education (AICE) Diploma Program is aninternational university curriculum and examination system. AICE courses areequivalent to those offered at a U.S. university, freshmen level or beyond. AICE isadministered and assessed by the University of Cambridge international Examinations(CIE) of the University of Cambridge. [Florida Statute §1007.27(8)]

Students must complete the AICE Diploma curriculum requirements, including therequired exam components, within 25 months from the first exam to the last exam. Thestudent must pass the AICE exams in order to receive an AICE Diploma. If the studentdoes not pass the AICE exams, the student will receive a Standard High SchoolDiploma.

67

International Baccalaureate (IB) Program

The IB Diploma Program is a rigorous pre-university course of studies, leading tointernationally standardized examinations. The Program is designed as acomprehensive two-year curriculum that allows its graduates to fulfill requirements ofvarious national education systems. Students enrolled in the IB Diploma Program meetstate requirements for graduation by completing the IB curriculum. Diploma candidatesare required to select one subject from each of six subject groups listed in the IBProgram Standards and Practice document. At least three, and not more than foursubjects are taken at higher level (HL), the others at standard level (SL). HL coursesrepresent 240 teaching hours; SL courses represent 150 teaching hours. By arrangingwork in this fashion, students are able to explore some subjects in depth and somemore broadly, over the two-year period.

IB Diploma candidates must also demonstrate their mastery of the coursework bypassing a battery of comprehensive written, and in some cases oral examinations in thesubject areas. To fulfill requirements for the IB Diploma curriculum, students mustcomplete required coursework and internal and external assessment requirements forthe IB Diploma, including satisfactory completion of the three core elements: ExtendedEssay reflecting independent research; Theory of Knowledge (TOK) interdisciplinarycourse; and at least 150 Creativity, Action, Service (CAS) hours of extracurricularactivities. [Florida Statute §1007.27(7) & http://www.ibo.org/diploma]

Students must complete a minimum of 13 credits in courses identified by IBO.org[http://www.ibo.org/diploma] or equivalent courses as identified in the Bright FuturesComprehensive Course Table. Students must complete any prerequisite coursesidentified by the school’s IB Program of Study.

IB examinations may be used to grant postsecondary credit at community colleges anduniversities. Students shall be exempt from payment of any fees for administration ofthe examinations regardless of whether or not the student achieves a passing score onthe examination. [Florida Statute §1007.27(7)]

IB exams are graded from 1.0 point to 7.0 points maximum. Students must score aminimum total of 24 points to acquire an IB Diploma. Students will take six IB examsduring the junior and senior years. [Florida Statute §1007.27(7)]

Students must complete the IB Diploma curriculum requirements, including passing therequired exam components, in order to earn an IB Diploma. If a student completes thecurriculum, but does not pass the exam requirements, the student will receive aStandard High School Diploma.

68

The Bright Futures Scholarship Program requirements that are met by IB DiplomaProgram students include:

four English (three with substantial writing); four mathematics (Algebra 1 level and above); three natural science (two with substantial lab); three social science; and two World Language (sequential, in the same language).

A student may use up to two additional credits from courses in the academic areaslisted above and/or AP, IB, or AICE fine arts courses to raise his/her GPA.

Graduation Options for Students with Disabilities (SWD)

The Florida Course Descriptions document, Exceptional Student Education (ESE),contains a listing and description of course options available along with suggestedcourse performance objectives and credit requirements.

In accordance with State Board of Education Rule 6A-1.09961, students entering highschool must demonstrate mastery of the Language Arts Florida Standards (LAFS),Mathematics Florida Standards (MAFS), and Next Generation Sunshine StateStandards (NGSSS) in Science. Each includes access points for students withsignificant disabilities. These access points are expectations for students withsignificant cognitive disabilities to access the General Education curriculum. Accesspoints reflect the core intent of the standards with reduced levels of complexity.

As all ESE courses are repeatable or multi-credit, the particular course requirementsand course performance objectives that a student must master to earn each credit mustbe specified on an individual basis for each student.

Targeted course requirements, objectives, and a record of individual student masterymust be documented by a school or teacher-developed record of course achievement.

Nothing contained in this document shall be construed to limit or restrict the right of anESE-eligible student solely to a Special Diploma. [Florida Statute §1003.438]

The IEP will include a statement of intent to pursue a Standard High School Diplomaand a Scholar or Merit designation, pursuant to Florida State Statute §1003.4285, asdetermined by the parent.

Only students beginning Grade 9 before 2013 are eligible for a Special Diploma. Theparent(s) shall be notified through the IEP process, of the diploma options available.[State Board of Education Rule 6A-1.09961(2)(b)]

69

Students who have not received a Standard Diploma may continue to receive a FreeAppropriate Public Education (FAPE) through the end of the school year in which thestudent turns 22 years old.

Special Diploma: Option 1

Special Diploma: Option 1 is for students properly identified as having an intellectualdisability; an autism spectrum disorder; a language impairment; an orthopedicimpairment; another health impairment; a traumatic brain injury; an emotional orbehavioral disability; a specific learning disability, are deaf or hard of hearing, or dualsensory impaired.

Special Diploma: Option 1 Requirements(For students who enter Grade 9 prior to the 2011-2012 school year)

Course/Content Credit(s)Reading* 2.0English 2.0Mathematics** 3.0Social Studies 2.0Career Preparation 1.0Life Management and Transition 1.0Science*** 2.0Physical Education 1.0Electives 10*Intensive Reading (Course Code 1000410) may substitute for Reading 9-12 (7910400) credits.**Intensive Mathematics (Course Code 1200900) may substitute for any Access Mathematics course (79Course Code).***Health and Safety 9-12 (Course Code 7920050) can satisfy one credit of the science courserequirement.

Course credits from a Standard Diploma course may be substituted for a SpecialDiploma course in the same subject area. Additional vocational courses may besubstituted for one science and/or one social studies credit as indicated on the student’sIEP.

The Career Preparation course or similar General Education vocational course must besuccessfully completed prior to taking the Career Placement course. Additionalvocational courses may be substituted for one science and/or one social studies creditas indicated on the student’s IEP.

For students identified as having significant cognitive or orthopedic disabilities orIntellectual Disabilities (InD), an IEP Team can recommend one credit of Leisure andRecreation Skills (Course Code 7962030) as a substitute for a full-year of PhysicalEducation.

70

For students entering Grade 9 during the 2012-2013 and 2013-2014 school years:

Course/Content Credit(s)English* 4.0Mathematics** 4.0Social Studies*** 3.0Career Preparation 1.0Physical Education 1.0Electives 8.0*Intensive Reading (Course Code 1000410) may substitute for Reading 9-12 (7910400) credits.**Intensive Mathematics (Course Code 1200900) may substitute for any Access Mathematics course (79Course Code).***Health and Safety 9-12 (Course Code 7920050) can satisfy one credit of the science courserequirement.

Access courses are intended only for students with the most significant cognitivedisabilities who are eligible under IDEA and meet the Florida Alternate Assessmentcriteria set forth in State Board of Education Rule 6A-1.0943. A minimum 2.0cumulative GPA must be earned for all credits applied toward graduation.

Special Diploma: Option 2

In accordance with State Board of Education Rule 6A-1.09961, students must:

1. be properly classified, in accordance with State Board of Education Rules, ashaving Intellectual Disabilities (InD), hearing impairments, specific-learningdisabilities, emotional/behavioral disorders, physical impairment, languageimpairment, autistic or dual sensory impairment;

2. be at least 16 years of age; and

3. be successfully employed in the community and paid at or above minimum wagein compliance with the requirements of the Fair Labor Standards Act.

Students placed on Option 2 during or prior to the 2009-2010 school year, must besuccessfully employed in the community for a minimum of one semester, at a minimumof 30 hours per week, as noted on the Individual Graduation Plan.

Students placed on Option 2 during the 2010-2011 school year and thereafter, must besuccessfully employed in the community, for a minimum of 630 hours, as noted on theIndividual Graduation Plan. In order to graduate under Option 2, students must:

1. achieve all employment and community competencies as specified on thestudent’s Transition IEP; and

71

2. demonstrate 100 percent mastery of exit competencies as indicated on thestudent’s Graduation Plan Form. The Graduation Plan shall be developed andsigned by the student, parent(s), teacher, and employer prior to placement andshall identify the expected employment and community competencies, the criteriafor determining and certifying mastery, the work schedule and minimum hours tobe worked per week and a description of supervision by School District staff.

Students must have completed a minimum of one semester in a high school levelprogram; and prior to employment, have successfully completed at least one semesterof a high school job preparatory course (i.e., ESE Career Preparation, ESE JobPreparatory Education, ESE Career Experiences, etc.) and have demonstrated masteryof pre-employment competencies.

Students with disabilities placed in Option 2 prior to and including the 2009-2010 schoolyear, shall have the grade level reflect 12th Grade, upon nine weeks of successfulemployment. Students placed in Option 2 during the 2010-2011 school year andthereafter, shall have the grade level reflect 12th Grade, upon 315 hours of successfulemployment.

Students with Disabilities Entering Grade 9 during the 2014-2015 School Year

All students with disabilities should be supported through the provision of allowableaccommodations and specially designed instruction to work toward a Standard Diploma,as defined in section Florida Statute §1003.4285. In accordance with Florida Statute§1003.4282(11), beginning in the 2014-2015 school year, students with disabilitiesentering 9th Grade may also earn a Standard High School Diploma through alternativecourses of study. Nothing contained in this rule shall be construed to limit or restrict theright of a student with a disability solely to the options described in this rule. Acertificate of completion will be awarded to students who receive credit for all of thecourses listed, but who do not achieve the required GPA or who do not achieveproficiency on required assessments for which they have not been granted a waiver.

Diploma Designations

Students may earn one or more “designations” on their Standard Diploma. Studentsare not required to obtain a “designation.” There is no deadline for choosing a“designation.” There are two “designations;” the scholar diploma designation and themerit diploma designation:

1. Scholar Diploma Designation – In addition to meeting the Standard Diplomarequirements, the following criteria must be met.

72

Students must earn:

o 1.0 credit in Algebra 2 (must earn a proficient score on the EOCAssessment beginning with students entering Grade 9 in school year2014-2015)

o 1.0 credit in statistics (or an equally rigorous mathematics course);o 1.0 credit in Chemistry or Physics;o 1.0 credit in a course equally rigorous to chemistry or physics; ando 2.0 credits in the same world language.

Students must earn a proficient score on the ELA Grade 11 statewideassessment (beginning with students entering Grade 9 in school year 2014-2015).

Students must earn a proficient score on the Geometry, Biology 1, and USHistory EOC Assessments.

Students must earn at least one credit in AP, IB, AICE, or a Dual Enrollmentcourse.

2. Merit Designation – In addition to meeting the Standard Diploma requirements,students must attain one or more industry certifications from the list established,per Florida Statute §1003.492.

Florida High School Performance-Based Diploma

A Florida High School Performance-Based Diploma is awarded to students whocompletes the Performance-Based Exit Option Model. Students who are enrolled incredit earning courses and earn proficient scores on the FCAT 2.0 and the Algebra 1EOC Assessment (or alternative assessment) as well as the GED tests may beawarded this diploma. A Performance-Based Diploma may not provide the samepostsecondary options as a Standard Diploma.

Certificates of Completion

In accordance with State Board of Education Rule 6A-1.0995(4), a Certificate ofCompletion shall be awarded in a form prescribed by the State Board of Education.

Standard Certificate of Completion

Standard Certificate of Completion is awarded to students who meet all criteriaestablished by the School Board and State law, except for earning a proficient score onthe required state assessments and/or the required minimum 2.0 cumulative GPA.[Florida Statute §1003.4282(7)(c)]

73

Any student who is otherwise entitled to a Certificate of Completion may elect to remainin the high school either as a full-time student or a part-time student for up to oneadditional year and receive special instruction designed to remedy his/her identifieddeficiencies, in accordance with Florida Statute §1003.4282(7)(c).

A student who has received a Certificate of Completion who subsequently meets therequirements for a Standard High School Diploma shall be awarded a Standard HighSchool Diploma dated the school year in which the requirements are completed.

Students who receive a Standard Certificate of Completion will have the followingoptions:

1. take the Florida Comprehensive Assessment Test (FCAT) 2.0/End-of-Course(EOC) Assessments;

2. take ACT or SAT and earn the scores concordant with FCAT 2.0/EOCAssessments;

3. return to school for a 13th year to remediate the FCAT 2.0/EOC Assessmentand/or GPA;

4. stay in school and enroll in a Performance-Based Exit Option Model;

5. enroll in an Adult GED Program or credit program; or

6. take the Postsecondary Education Readiness Test (P.E.R.T.) and attend PalmBeach State College while continuing to take the FCAT 2.0/EOC Assessment, ifthe only graduation deficiency is FCAT 2.0/EOC Assessments.

Performance Based Diploma Program (PBD)

The Sunshine State Standards and the Florida Course Descriptions base course creditsand grades earned within PBD upon student performance and mastery of coursestandards as defined. Credit is not given based on time spent on standards acquisition.The student must meet the requirements for a standard diploma, and she/he must havea dropout prevention plan.

Standard Diploma Requirements for a GED Exit Option1003.43(5) FS

A high school student may not receive special assistance toward earning a GeneralEducation Development (GED) test unless the student has met all other graduationrequirements with the exception of the 2.0 GPA. In addition, a student enrolled in anapproved GED Exit Option program may receive special assistance in passing the GEDtest and mastering the necessary skills to pass the FCAT.

74

A student must pass FCAT requirements and the GED in order to receive a StandardDiploma under the GED Exit Option. Requirements to participate in the GED ExitOption are updated yearly. This option is available only to students who are past thecompulsory attendance age.

Florida Department of Education Scholarships

Florida Bright Futures Scholarship Program

Per Florida Statute §1009.53, the Florida Bright Futures Scholarship Program is createdto establish a lottery-funded scholarship program to reward any Florida high schoolgraduate who merits recognition of high academic achievement, and who enrolls in adegree program, certificate program, or applied technology program at an eligibleFlorida public or private postsecondary education institution within three years ofgraduation from high school. For information regarding Bright Futures Scholarshiprecipients attending nonpublic institutions, refer to Florida Statute §1009.538.

Additional information can also be obtained from the Florida Bright Futures ScholarshipProgram website located at: http://www.floridastudentfinancialaid.org/SSFAD/bf.

The Florida Bright Scholarship Program consists of three awards:

Florida Academic Scholars Award; Florida Medallion Scholars Award; and Florida Gold Seal Vocational Scholars Award

Each award has its own academic eligibility requirements, award amounts, and fundinglength. A student may receive funding for only one of the above awards. The highestaward earned by the student will be selected. The eligibility requirements are subject tochange with each legislative session.

Home Education students may apply for the Bright Futures Scholarship Program ifregistered with the School District’s Home Education Office during Grades 11 and 12with qualifying SAT or ACT scores. The Home Education Office verifies registration andcommunity service hours in accordance with Florida Department of Education (FLDOE)guidelines and applicable statutes. [Florida Statute §1002.41]

75

Grades and Other Notices of Student Progression

High School Grade Forgiveness1003.437 FS

Students in grades 9-12 may retake a course in which he/she receives a final grade of“D” or “F” for the purpose of improving the final grade. If a higher grade is earned, thelower grade will be forgiven and the higher grade will be used to compute the student’sofficial grade point average. Both the first time a course is taken and subsequentcourse attempts will be a part of the student’s record of courses completed (officialtranscript). Only the course counted for the official GPA will reflect credit earned.

A student in the middle grades who takes a high school course for high school creditand earns a grade of C, D, and R in that course must be allowed the opportunity toreplace that grade with a C or higher in a grade earned subsequently in the same orcomparable course. The higher grade will be used to compute the student’s officialgrade point average.

High School Weighted Grades1003.437 FS1007.271 FS

High schools may use a weighted grading system to establish class rank and to providean incentive for a course with rigorous expectations for student achievement. A highschool student may earn an additional quality point for a passing grade in any AdvancedPlacement or dual enrollment course. In addition, specific courses designated as LevelIII in the state’s Course Code Directory and identified as honors courses in the highschool program of study may also earn an additional quality point for a passing grade.These quality points increase the point value for credits earned, and when divided bythe credits attempted may result in a higher GPA for a student enrolled in these morechallenging courses.

College level dual enrollment courses must be weighted the same as honors andadvanced placement courses. A student must have a 3.0 unweighted GPA in order toenroll in a college credit class and a 2.0 unweighted GPA in order to enroll in a careercertification program. There must be no discrimination against dual enrollment coursesin the assigning of weighted grades or the calculation of cumulative grade pointaverages.

76

Middle and High School Student Plans, Parent Information, andNotification

Readiness for Post Secondary Education and the Workplace1007.02 FS1006.024(4) FS

Middle and high schools are required to assist students and parents to establish anyappropriate pathway to post secondary education and/or the workplace. This pathwayshould include clear expectations for student performance, appropriate courseselection, and goal setting. It is the intent of the district as well as the state thatstudents with disabilities be actively involved in this process. These expectations forstudents with disabilities are articulated within the state’s ENNOBLES Act.

The FSA assesses the workforce skills contained in the state’s Education Goal 3standards. Further, these Goal 3 Standards are directly related to the U.S. Departmentof Labor’s SCAN report on skills necessary in the workplace. High schools are requiredto use FSA results to assess a student’s preparation for the workforce, and to provideboth the student parent the results of this assessment.

Career and Professional Education1003.491 FS1003.492 FS1003.493 FS1011.62 FS

Middle and high school students will be provided rigorous and relevant career-themecourses that articulate to postsecondary-level coursework and lead to industrycertification, support local and regional economic development, respond to Florida’sworkforce needs, and provides residents with high-wage and high-demand careers.

Beginning with the 2007-2008 school year, the district school board will develop, incollaboration with workforce boards and postsecondary institutions, a five-year strategicplan to address and meet local and regional workforce demands. This plan must becompleted by June 30, 2008, and it must include provisions to have in place at least oneoperational and professional academy at the beginning of the 2008-09 school year.

Student and Parent Notification of Graduation Options1003.429(4) FS

Beginning with the 2006-07 school year each student in grades 6-9 and their parentswill be provided a summary of the three graduation options, curriculum, and timeframefor each option. Selection of the graduation option is exclusively the choice of thestudent and parent, and an accelerated option must be made by the end of thestudent’s ninth grade year. If the student and parent do not select a graduation option,the standard four-year option will be considered the selection of the student.

77

Student and Parent Notification for Students with GPA Below 2.0

At the end of each semester, the parent or guardian of each student in grades 9, 10, 11and 12 who has a cumulative grade point average of less than 0.5 above the cumulativegrade point average required for graduation shall be notified that the student is at risk ofnot meeting the requirements for graduation. The notice shall contain an explanation ofthe policies the district has in place to assist the student in meeting the grade pointaverage requirement.

Student and Parent Notification for Acceleration Mechanisms1003.021(1) FS

The high school’s Program of Studies, on or before the beginning of each school year,will notify students and parents of the opportunities and advantages of AdvancedPlacement and dual enrollment. These programs provide a student the opportunity toacquire college credit while attending high school and working toward high schoolgraduation.

Parents of students in or entering high school will be notified of the opportunity andbenefits of Advanced Placement, International Baccalaureate, Advanced InternationalCertificate of Education, dual enrollment, and Florida Virtual School courses.

Assistance to Transitioning Students from Military Families: Special AcademicPrograms1003.05 FS

Dependent children of active military personnel who otherwise meet the eligibility criteriafor special academic programs offered through public schools shall be given firstpreference for admission to such programs even if the program is being offered througha public school other than the school to which the student would generally be assigned.If such a program is offered through a public school other than the school to which thestudent would generally be assigned, the parent or guardian of the student mustassume responsibility for transporting the student to that school. Special academiesinclude magnet schools, advanced studies programs, Advanced Placement, dualenrollment, Advanced International Certificate of Education, and InternationalBaccalaureate.

78

Commencement Exercises

Commencement exercises will include only those students who have successfullycompleted all of the requirements for a Standard Diploma, Special Education DiplomaOption1 and Option 2, Certificate of Completion, or a School Board Approved HonoraryDiploma. No student who has completed the requirements for graduation shall bedenied a Diploma or Certificate of Completion as a disciplinary action. A student maybe denied participation in the ceremony of graduation when personal conduct asdefined by the District’s Student Code of Conduct warrants exclusion.

School districts are not authorized to award a regular high school diploma to homeeducation students and home education students are not eligible to participate in districtcommencement exercises.

Graduates of Hendry County Virtual School receive a Hendry County Virtual SchoolDiploma and are recognized at a District School Board meeting. Because they receivea Hendry County Virtual School Diploma and not a diploma from either of the two districthigh schools, they are eligible to participate in the commencement exercises at the highschools.

Adult SchoolHCSB 410HCSB 411HCSB 4121004.93 FS1006.43(6) FS

A student may enroll in adult school if she/he is beyond the state’s compulsoryeducation age (16 years of age) and has appropriately withdrawn from her/his K-12school of record. A student not meeting the age requirement may petition thesuperintendent for a waiver to attend adult school.

A student enrolled in adult school may continue to pursue a high school diploma underany of the available graduation options. A student may receive support and assistancein the following areas:

Remedial skill development and mastery of the Florida State Standardsnecessary to pass the FSA for reading and mathematics required for graduation,

Credit accrual in order to meet the credit and course requirements for graduation.The following course credit requirements for graduation may be different than theregular high school graduation requirements:

o The 1 credit in physical education is not required and may be replacedwith an elective credit;

o The science credits required for graduation are not required to have a labcomponent; and

79

o Any course in art, music, dance, or drama listed in the state’s CourseCode Directory will satisfy the credit requirement in performing arts; and

Improved grade point average within the district’s grade forgiveness policy.

A student may choose to pursue a General Educational Development (GED) diploma inlieu of a standard high school diploma through the adult school.

13th Year Participation

A student who has earned the credits required for graduation, but who has not masteredthe State Student Performance Standards as shown on the FSA, and receives or iseligible for a Certificate of Completion, may elect to remain in the secondary schooleither as a full-time student or a part-time student for up to one additional year andreceive remedial instruction.

Teenage Parent Program (TAP)

TAP provides an appropriate instructional program that will not only provide a morewholesome and healthful existence for teen parents and children, but also serve as aguide for future family planning. Through follow-up Student Support and Assistance,TAP students are assisted in transitioning to the parent/student role.

Youth Development Academies (CYDA, LYDA)

The academies offer a student a second chance for success within a positive and firm,yet nurturing environment. There will be NO idle time: active learning and meaningfulwork will be a part of every minute, every hour and every day at the academy. Astudent will develop skills, values, and attitudes that will allow either the successfulreturn to a regular school setting to earn a high school diploma. The student may alsoopt to earn a GED diploma. The mission of the academies is that every student beprepared to successfully compete in the job market and to become a responsiblemember of their community.

Middle and High Student Attendance

Compulsory AttendanceHCSB 3011003.21(1) FS

A secondary student with unacceptable patterns of attendance may fail to be promoted.Secondary courses have discrete Florida State Standards, which must be substantiallymastered before a passing grade and/or credit can be earned.

A truant or habitual truant student shall demonstrate mastery as determined by theclassroom teacher before a passing grade or credit is earned. In addition, a studentmay lose driving privileges or be unable to obtain a valid Florida Driver’s License. Both

80

a student and parent/guardian may be liable for legal action for chronic non-attendance.If a student is 16 years of age and desires to drop out of school, a formal declaration ofintent to terminate school enrollment must be signed by both the student and parent andfiled with the district school board. The school is required to inform both the student andparent of the negative consequences of such a decision, including the long termfinancial impact.

Interscholastic Extracurricular Eligibility1006.15 FS

Extracurricular is any school-authorized or education-related activity occurring during oroutside the regular instructional activity. In order to participate in interscholasticextracurricular student activities, a student must maintain a cumulative GPA of 2.0 orabove on a 4.0 scale in his/her coursework.

Veteran’s Day and Memorial Day Activities

Celebrate Freedom Week

To educate students about the sacrifices made for freedom in the founding of thiscountry and the values on which this country was founded the last full week of classesin September shall be recognized as Celebrate Freedom Week. Students willparticipate in activities which highlight the intent, meaning and importance of theDeclaration of Independence.

Special Programs for Acceleration and Intensive Instruction

Elementary Summer Reading Program

The Summer Reading Academy provides extended and intensive work for Grade 3students who score Level 1 or 2 on FSA Reading or who are at risk or critically low inreading as identified by district assessments. Priority is given to those students whohave been retained or who are in danger of being retained in Grade 3.

Summer Enrichment Program

Summer enrichment programs if available may be used to extend the students’ schoolyear to enable certain remedial activities in math and reading to take place.

81

Drop-out Prevention and Alternative Education

Continuous Progress Summer School

The district may provide continuous progress summer school for K-5 students, if fundingpermits. The program is designed to provide continuous instruction in reading, writing,and mathematics, with priority to those students who are identified as not performing atdistrict or state proficiency levels.

Extended Day/Year Instructional Program

Provision of accelerated learning activities for students with identified instructionalneeds.

Integrated Learning Programs

These programs provide diagnosis and prescriptive instruction through the use oftechnology to meet individual student needs. These programs also monitor andevaluate student-learning gains over time.

Migrant Tutorial Program, Migrant Advocate/Counselor Program, and SummerMigrant Institute

These programs meet the special needs of a highly mobile population with atraditionally high dropout rate.

Academically Challenging Curriculum to Enhance Learning (ACCEL)Options

ACCEL options are educational options that provide academically challengingcurriculum or accelerated instruction to eligible students in kindergarten through grade12. ACCEL options at the middle school level include the following: enrichmentactivities in core academic subjects designed to promote inquiry and a deeper level ofknowledge of content, computer-based instruction programs that assess the level ofindividual students and place them at the appropriate instruction level, advancedcourses in Language Arts, Mathematics and Science at seventh and eighth grades,offering Algebra 1 and Algebra 1A (for high school credit) to eligible students in eighthgrade, flexible grouping of students to accommodate differentiated instruction which ischallenging and appropriate for students, and virtual education opportunities.

Eligibility requirements for whole-grade promotion at the middle school level are asfollows:

82

The student must be eligible for the gifted program, although is not required toattend the program.

If the student has taken the FSA, the student must have scored at achievementlevel 5 on both FSA Reading and Mathematics for the most recently completedgrade.

The student must have earned a grade of A for each of the grading periods foreach of the core courses in the most recently completed grade.

The student must score at 95% proficiency on second semester exams for thecore courses for the grade which the student will skip.

Academically Challenging Curriculum to Enhance Learning (ACCEL)

THE HCSB provides unique learning opportunities and options for students on variouslevels of learning. The ACCEL options provide academically challenging curriculum oraccelerated instruction to eligible public school students in Kindergarten through 12th

Grade. Eligibility requirements and procedures have been established by the HCSB.

General Elementary and Middle School ACCEL Options

According to Florida Statute §1002.3105, ACCEL options include, but are not limited to,the following:

whole-grade and midyear promotion; subject-matter acceleration; virtual instruction; and Credit Acceleration Program (CAP)

Additional acceleration options include, but are not limited to, STEM coursework,enrichment programs, flexible grouping, advanced academic courses, combinedclasses, self-paced instruction, curriculum compacting, advanced-content instruction, ortelescoping curriculum. Parents and students should contact the school for accelerationoptions and eligibility criteria. Schools shall notify parents and students of the District’sprocess by which a parent may request student participation in whole-grade promotion,midyear promotion, or subject-matter acceleration that would result in the studentattending a different school.

Schools shall advise students and parents to contact the principal at the student’sschool for information related to the school’s process by which a parent may requeststudent participation in whole-grade promotion, midyear promotion, and subject-matteracceleration when the promotion or acceleration occurs within the principal’s school;virtual instruction in higher grade level subjects; and any other ACCEL options offeredby the principal. Schools shall also advise parents to contact the principal at thestudent’s school for information related to eligibility requirements for ACCEL options.

83

General High School ACCEL Options

According to Florida Statute §1002.3105, ACCEL options include, but are not limited to,the following:

Credit Acceleration Program (CAP); Advanced Placement (AP) Program; International Baccalaureate (IB) Program; Advanced International Certificate of Education (AICE); Dual Enrollment and Early Admission Career Academy Courses; and Virtual Courses

Credit Acceleration Program (CAP)

The CAP Program allows a student to earn high school credit in Algebra 1,Geometry, United States History, or Biology, if the student earns a proficientscore on the statewide assessments administered under Florida Statute§1008.22.

Course credit shall be awarded to a student who is not enrolled in the course, orwho has not completed the course, if the student attains a proficient score on thecorresponding statewide assessment.

Elementary and Middle School Eligibility Criteria for CAP

EOC Prerequisite required for CAPAlgebra 1 FCAT 2.0 Mathematics Level 5 or comparable standardized assessment

(prior two years); and Algebra 1 Diagnostic EOC Assessments score ofLevel 5

Algebra 2 Algebra 1 EOC Assessment score of Level 5; andGeometry EOC Assessment score of Level 5; andAlgebra 2 Diagnostic EOC Assessment Score of Level 5

Geometry Algebra 1 EOC Assessment score of Level 5; andGeometry Diagnostic EOC Assessment score of Level 5

Biology 1 Reading and Mathematics Level 5 or comparable standardizedassessment (prior two years); andBiology 1 Diagnostic EOC Assessment score of Level 5

U.S. History Reading FCAT 2.0 of Level 5 or comparable standardized assessment(prior two years); and U.S. History Diagnostic EOC Assessment score ofLevel 5

84

High School Eligibility Criteria for CAP

The School District shall permit a student who is not enrolled in the course, to take theassessment during the regular administration of the assessment

Elementary School Acceleration Requirements

Subject-Area Acceleration (Including Virtual Instruction in Higher Grade LevelSubjects)

For subject-area acceleration to occur, all of the following indicators must be met:

1. Student must have a recommendation supported by the School Based Team,school counselor, teacher(s) of record for the subject-area requested, andapproval of school principal.

2. Student must be in attendance in the school where the ACCEL request is beingmade for a minimum of 30 consecutive school days. If acceleration will result inthe student attending a different school, a designee from that school should beincluded in developing the ACCEL Plan.

3. Student must demonstrate regular attendance and punctuality during theprevious nine academic months.

4. Student must demonstrate an overall high academic performance (i.e., reportcard ratings of “Exemplary” or all “A”s in subject-area requests for acceleration).

5. Student must demonstrate mastery of K-3 Florida Standards in reading,mathematics, and writing as related to the subject-area being requested foracceleration. Student mastery levels must reflect scores in the 9th stanine orequivalent. In 4th and 5th grade, a student must demonstrate the following asrelated to the subject-area being requested: a Level 5 on the Reading andMathematics FSA; in Science, a proficiency score of 225-260; and in Writing aLevel of 5.

Middle School Acceleration Requirements

Subject Area Acceleration (Including Virtual Instruction in Higher Grade LevelSubjects)

For subject area acceleration to occur, all of the following indicators must be met:

1. Recommendation supported by the School Based Team, school counselor,teacher(s) of record for the subject area requested, and approval of schoolprincipal.

85

2. Student must be in attendance in the school where the ACCEL request is beingmade for a minimum of 30 consecutive school days. If acceleration will result inthe student attending a different school, a designee from that school should beincluded in developing the ACCEL Plan.

3. Student must demonstrate regular attendance and punctuality during theprevious nine academic months.

4. Student must demonstrate all “3”s and “4”s in conduct on report card from theprevious nine academic months.

5. Student must demonstrate an overall high academic performance by report cardratings of all “A”s in subject area(s) requests for acceleration.

6. Student must demonstrate an overall high academic performance (i.e., thehighest level for each applicable test) on all standardized tests midyear and end-of-year as applicable, including, but not limited to FSA Reading andMathematics, End-of-Course (EOC) Assessments and/or the Florida StateStandards Assessments. Mastery levels reflect scores in the 9th stanine orequivalent.

Whole-Grade and Midyear Promotion Procedures

Elementary School Requirements

For whole-grade promotion and/or midyear promotion to occur, all of the followingindicators must be met:

1. Acceleration for specific core courses should be considered.

2. Gifted Program eligibility should be considered.

3. Recommendation supported by School Based Team, school counselor, two ofthe student’s current or former core curriculum teachers, and approval from theschool principal.

4. Student must be in attendance in the school where the ACCEL request is beingmade for a minimum of 30 consecutive school days. If acceleration will result inthe student attending a different school, a designee from that school should beincluded in developing the ACCEL Plan.

5. Student must demonstrate regular attendance and punctuality during theprevious nine academic months.

86

6. Student must meet all expectations on Characteristics of Proficient Learners, asidentified on the report card.

7. Student must demonstrate an overall high academic performance by report cardratings of “Exemplary” or all “A”s in core areas.

8. Student must demonstrate proficiency on the Grade 3 FSA. In order for astudent in 2nd grade to be promoted 4th grade, the student must first have amidyear promotion to 3rd grade to enable the student to take the Grade 3 FCAT2.0. Upon successful completion of the second part of 3rd grade, includingearning a proficient score on the Grade 3 FSA, the student will be eligible forpromotion to 4th grade.

9. Student must demonstrate mastery of K-3 Florida Standards in mathematics,reading, and writing. Mastery levels must reflect scores in the 9th stanine orequivalent. In Grades 4-5, student must demonstrate a Level of 5 on the FSAReading and Mathematics.

Middle School Requirements

For whole-grade promotion and/or midyear promotion to occur, all of the followingindicators must be met:

1. Acceleration for specific core courses should be considered.

2. Gifted program eligibility should be considered.

3. Recommendation supported by School Based Team, school counselor, two ofthe student’s current or former core curriculum teachers and approval from theschool principal. Area Superintendent recommendation is required if there is achange in school.

4. Student must be in attendance in the school of requested ACCEL for a minimumof 30 consecutive school days. If acceleration will result in the student attendinga different school, a designee from that school should be included in developingthe ACCEL Plan.

5. Student must demonstrate regular attendance and punctuality during theprevious nine academic months.

6. Student must demonstrate all “3”s and “4”s in conduct on report card from theprevious nine academic months.

7. Student must demonstrate an overall high academic performance by report cardratings of all “A”s in all classes (core and elective).

87

8. Students requesting promotion to Grade 9 must demonstrate an overall highacademic performance by earning at least four academic high school credits withgrades of “A” or “B”. High school World Language courses may be included.Grade of “A” is required for middle school courses.

9. Student must demonstrate an overall high academic performance (i.e., thehighest level for each applicable test) on all standardized tests midyear and end-of-year as applicable, including, but not limited to EOC Assessments and/orFlorida Standards Assessments (FSA). Mastery levels must reflect scores in the9th stanine or equivalent.

10. Student must meet all expectations of Characteristics of Proficient Learners.

High School Requirements

Whole-year and midyear promotion will be determined by the number of credits neededfor the grade level.

Recommended Assessments for Subject Area Acceleration

Elementary and Middle School Assessments (Whole-Grade & Midyear Promotion)

All available data must be considered. Mastery levels for eligibility reflect scores in the9th stanine, highest level, or equivalent. The following data/assessments must beconsidered, if available:

Current available FSA scores, or comparable statewide standardizedassessments

Most recent HCSB diagnostic scores Psycho-educational assessment Midyear and end-of-year assessments, as appropriate for ACCEL request Work samples of products

Procedures for Requesting Acceleration

Elementary School (K-5) Procedures for Requesting Acceleration

Parents and students should contact the school for information related to studenteligibility requirements for whole-grade promotion, midyear promotion, and subject-matter acceleration.

1. Parent submits written request for ACCEL option to the principal. The principalmay also initiate student participation in ACCEL. If the principal initiates thestudent’s participation in an ACCEL option, the parent(s) must be notified.

88

2. School principal prescreens initial student eligibility in accordance withacceleration guidelines outlined above and refers to the School Based Team(SBT).

3. The principal and the SBT determine the student’s eligibility in accordance withacceleration guidelines outlined above.

4. The principal and the SBT, in conjunction with parent and student, developacceleration plan and timeline.

5. Once the Plan is implemented, the student’s progress will be monitoredthroughout the first 60 consecutive school days of acceleration. If at any time,during the progress monitoring period, there are student, teacher, parent, orprincipal concerns, the Plan will be reviewed by the SBT and appropriateplacement will be made. Any change of placement should be made prior to theend of the monitoring period. After successful completion of the monitoringperiod, the student should remain on the accelerated track.

Middle School (6-8) Procedures for Requesting Acceleration

1. Parent submits written request for ACCEL option to the principal. Requests forthe next school year should be submitted prior to the end of the third quarter.Requests for midyear promotion should be submitted prior to the end of the firstquarter of the current school year. The principal may also initiate studentparticipation in ACCEL. If the principal initiates the student’s participation in anACCEL option, the parent(s) must be notified.

2. School principal prescreens initial student eligibility in accordance withacceleration guidelines outlined above and refers to SBT.

3. The principal and SBT determine student eligibility in accordance withAcceleration guidelines outlined above.

4. The principal and SBT, in conjunction with parent(s) and student, completeAcceleration Plan and timeline.

5. Once the Plan is implemented, the student’s progress will be monitoredthroughout the first semester of acceleration. If at any time during the progressmonitoring semester, there are student, teacher, parent, or principal concerns,the Plan will be reviewed by the SBT and appropriate placement will be made.Any change of placement must be made prior to the end of the first semester ofacceleration, before the student takes final exams. After successful completionof one semester, the student should remain on the accelerated track.

High School (9-12) Procedures for Requesting Acceleration

89

To explore acceleration options, the student and parent(s) should contact the school toinitiate the process of determining the student’s eligibility for each option and develop aplan for acceleration, as appropriate. Upon notification of student and parent(s) requestfor acceleration, the school will:

1. review student achievement and academic performance data to establisheligibility for one or more ACCEL options;

2. notify student of eligibility and program requirements;

3. assist the student in meeting timeline and ACCEL option requirements; and

4. develop a schedule to meet student’s needs and chosen program.

High School Credits for Middle School (6-8) Students

Some high school courses will be offered in middle school. Students in Grades 6-8 whoare enrolled in a high school credit course, who meet the same attendancerequirements met by high school students (see Florida Statute §1003.436) and whosuccessfully complete the course, may earn high school credit.

Middle school students who take high school courses for credit should be counseledthat grades earned in those courses will be used in the future to calculate high schoolGrade Point Average (GPA) and cumulative class ranking, and they will remain a part ofthe student’s academic record.

Students who take a high school credit course will be considered dually enrolled in bothmiddle and high school and the credit earned will satisfy the middle school courserequirement for the appropriate grade level and will allow the student to acquire highschool credit as well. High school rules apply for grading and attendance.

High School Mathematics Requirements for Middle School (6-8) Students

Middle school students who have successfully completed a high school mathematicscourse will earn high school credit and that credit will count as one of the fourmathematics credits that must be earned in Grades 9-12. Middle school studentsenrolled in Algebra 1 must take the Algebra 1 EOC Assessment and pass the course toearn high school Algebra 1 credit. A middle school student is not required to earn aproficient score on the Algebra 1 EOC Assessment in order to earn high school credit orbe promoted to high school. Beginning with the 2013-2014 school and thereafter, amiddle school student’s performance on the Algebra 1 EOC Assessment constitutes 30percent of the student’s final course grade. If a middle school student takes Algebra 1,

NOTE: Three of the four mathematics credits and all three of the science creditsrequired for graduation must be earned in Grades 9-12.

90

the student is required to earn a proficient score on the Algebra 1 EOC Assessment inorder to earn a Standard Diploma from high school. [Florida Statute §1003.4156]

Middle school students enrolled in high school Geometry must take the Geometry EOCAssessment, which constitutes 30 percent of the student’s final course grade, and earna passing grade in the course. Middle school students must earn a proficient score onthe Geometry EOC Assessment in order to earn a Standard High School DiplomaScholar Designation. [Florida Statute §1003.4156]

Middle school students selecting Algebra 2 must take the Algebra 2 EOC Assessment,which constitutes 30 percent of the student’s final course grade, and earn a passinggrade in the course. Middle school students must earn a proficient score on the Algebra2 EOC Assessment in order to earn a Standard High School Diploma ScholarDesignation. [Florida Statute §1003.4282]

Beginning with the 2012-2013 school year, the requirements for out-of-country, out-of-state, private school, or Home Education Program students who transfer into a Floridapublic school with a transcript that indicates Algebra 1 course credit, must earn aproficient score on the Algebra 1 EOC Assessment in order to earn a Standard Diplomaunless the student met one of the following requirements:

earned a comparative score of 97 or higher on the Postsecondary EducationReadiness Test (P.E.R.T.); or

earned a proficient score on an approved statewide assessment in Algebra 1administered by the transferring entity; or

earned a proficient score on an approved statewide mathematics assessment thetransferring entity used to satisfy the requirements of the Elementary andSecondary Education Act (20 U.S.C. s. 6301). [Florida Statute §1003.4282]

If a transfer student’s transcript shows a final course grade and credit in Algebra 1,Geometry, or Algebra 2, the transferring final grade and credit must be honored withoutthe student taking the requisite EOC Assessment and without the results constituting 30percent of the student’s final course grade. However, a student must earn a proficientscore on the Algebra 1 EOC Assessment in order to earn a Standard Diploma. Toqualify for a Scholar Diploma designation, the student must earn a proficient score onthe EOC Assessment in Geometry (2014-2015 Grade 9 cohort and forward), andAlgebra 2 (2014-2015 Grade 9 cohort and forward). [Florida Statutes §§1003.4282 and1003.4285(1)(a)]

Students Attending Summer/College Programs for Enrichment

Students who elect to participate in college/university summer programs will not receivehigh school credit.

Credit By Examination

91

Credit by examination shall be the program through which postsecondary credit isearned by secondary students based on the receipt of a specified minimum score onnationally standardized general or subject area examinations. [Florida Statute§1007.27(6)]

International Baccalaureate (IB) Diploma Program

The IB Diploma Program is an international two-year pre-university curriculum leadingto internationally standardized written and oral examinations. Eligible secondarystudents are enrolled in a Program of Study that includes courses identified by the IBOrganization or equivalent courses identified in the Bright Futures ComprehensiveCourse table. One credit in Theory of Knowledge course is required.

The State Board of Education and The Board of Governors shall specify in thestatewide articulation agreement cutoff scores and IB examinations that will be used togrant postsecondary credit at community colleges and universities. Students will beawarded a maximum of 30 semester credit hours. Students shall be exempt frompayment of any fees for administration of the examination, regardless of whether or notthe student achieves a passing score on the examination. [Florida Statute §1007.27(7)]

State Board of Education Rule 6A-1.09441 requires that students must earn credittoward high school graduation through membership in courses listed in the State Boardof Education Course Code Directory. IB Middle Years Program (IBMYP) or otheraccelerated courses that are listed in the Course Code Directory may be offered toprepare prospective students in Grades 9 and 10 to enroll in IB Diploma Programcourses in Grades 11 and 12.

Advanced International Certificate of Education (AICE)

The Advanced International Certificate of Education (AICE) Program shall be thecurricula in which eligible secondary students are enrolled in programs of study offeredthrough the AICE Program. Students will be awarded a maximum of 30 semester credithours. Students shall be exempt from payment of any fees for administration of theexamination regardless of whether or not the student achieves a passing score on theexamination. [Florida Statute §1007.27(8)]

Advanced Placement (AP)

Advanced Placement (AP) is the enrollment of an eligible secondary student in a courseoffered by the Advanced Placement Program administered by the College Board.Postsecondary credit may be awarded to students who score a minimum of three on afive-point scale on the corresponding postsecondary institution AP Exam. Studentsshall be exempt from any fees for administration of the examination, regardless ofwhether or not the student achieves a passing score on the examination. [FloridaStatute §1007.27(5)]

92

Dual Enrollment Program

The Dual Enrollment Program is the enrollment of an eligible secondary student orHome Education student in a postsecondary course creditable toward high schoolcompletion and a career and technical certificate or an Associate or BaccalaureateDegree. [Florida Statute §1007.271]

In accordance with Florida Statute §1007.23(5)], a Dual Enrollment ArticulationCommittee made up of the HCSB, Palm Beach State College, Florda SouthWesternState College, and Florida Gulf Coast University personnel, as applicable, establishesrules, regulations, and policies of Dual Enrollment.

The Dual Enrollment Program provides an opportunity for students to simultaneouslyearn high school and college credit. Course credit earned in college-level courses shallbe counted as college-level credit and may also be used to meet high school academicunit credit. Dual Enrollment credit can be earned at Palm Beach State College, FloridaSouthWestern State College, Florida Gulf Coast University, or any other publicinstitution of higher learning that has an established Dual Enrollment ArticulationAgreement with the HSCB, pursuant to Florida Statute §1007.271. Course creditearned in these courses with a grade of “C” or better, shall transfer as college-levelcredit to a state college/university in Florida. College credit is transferable to othercolleges according to the individual college guidelines and requirements. Wheresufficient numbers of qualified students have been identified, a college course may beoffered at the local high school.

Some college courses equate to a 0.5 high school credit, while others equal one credit.All Dual Enrollment grades shall receive the same weight as an Advanced Placement(AP) course. The Dual Enrollment Articulation Agreement lists Dual Enrollment coursesand credits meeting specific subject area credit toward graduation. College coursesequivalent to less than three credit hours do not qualify for high school credit. CertainDual Enrollment courses may be used to satisfy specific required courses forgraduation. (See the Florida Department of Education’s Dual Enrollment EquivalencyList at: http://www.fldoe.org/policy/articulation/dual-enrollment-agreements.stml.

Students must meet the following requirements and conditions, as stated in the DualEnrollment Articulation Agreements, in order to be eligible for participation in the DualEnrollment Program:

1. Students must be enrolled in Grades 10-12 (beginning the summer after Grade9). Students may enroll (or participate) for up to three years.

2. Students must have a minimum 3.0 GPA for all courses except career/technicalcourses, for which a minimum 2.0 GPA is required. [Florida Statute§1007.271(3)]

93

3. Students must earn college ready scores on either the SAT, ACT, PostsecondaryEducation Readiness Test (P.E.R.T.) or Florida College Entry-Level PlacementTest (FCELPT), as specified in the Dual Enrollment Articulation Agreement.Students must earn college ready scores on all sections of the above namedtests, as specified in the Dual Enrollment Articulation Agreement, to enroll in anycourse except career/technical courses at Palm Beach State College.

4. Students enrolling in a career/technical course must earn passing scores on theTest of Adult Basic Education (TABE) required by the individual vocationalprogram.

5. Students must limit enrollment to no more than eight total college credit hours persemester, regardless of the number of institutions they attend (per DualEnrollment Articulation Agreement).

6. Students must contact the school counseling office to begin the Dual Enrollmentapplication process.

7. Students must receive approval of the high school principal/designee.

8. Students must adhere to the Dual Enrollment Agreement Guidelines set up bythe school. Participation in Dual Enrollment is subject to the school’s schedule.

9. Students must satisfy any course prerequisites.

10. The college/university must have space available in the requested course.

11. Students must maintain a minimum 3.0 cumulative GPA [Florida Statute§1007.271(3)] per semester and earn a grade of “C” or better in any college-levelcourse, in order to continue in the Dual Enrollment Program. A student will nolonger be eligible for the Dual Enrollment Program is he/she earns a grade of “D”,“F”, or “W”. These grades will be reflected on the high school and collegetranscripts.

12. Students may not enroll in a Dual Enrollment course that cannot be completedprior to graduation.

Students may not enroll in vocational-preparatory instruction, college-preparatoryinstruction, and other forms of precollegiate instruction, pr physical education coursesthat focus on the physical execution of a skill, rather than the intellectual attributes of theactivity. [Florida Statute §1007.271(7)]

Career and Technical Dual Enrollment courses shall be available for students seeking adegree or certificate from a complete job preparatory program, but shall not sustain

94

student enrollment in isolated career and technical courses. [Florida Statute§1007.271(4)]

Career Dual Enrollment shall be provided as a curricular option for secondary studentsto pursue in order to earn a series of elective credits toward the high school diploma. Itis the intent of the legislature that Career Dual Enrollment provides a comprehensiveacademic and Career Dual Enrollment Program within the career center or communitycollege. [Florida Statute §1007.271(4)(21)]

Per Florida Statute §1007.271(2)(10)(11)(16), there are not tuition, registration,laboratory fees, or textbook costs to students participating in either the AdvancedPlacement (AP) Program or the Dual Enrollment Program. Students are responsible fortextbooks that must be returned to the vendor. Fees will be charged to students wholose or damage textbooks. Students will be responsible for parking permits,identification card fees, late fees, library fees, special course fees, etc. or other course-related materials.

A student may attempt a single course, a maximum of three times, during their collegecareer in a Florida postsecondary educational facility. These three attempts includewithdrawals. A student who requires less than six credits, in order to graduate, may optto complete all needed credits through the School District’s Dual Enrollment Program, ifeligible. This student does not need to enroll in a full schedule, of at least six courses,through the high school. However, if a student enrolls in a high school course on thehigh school campus, the student will be required to enroll in six courses or eight coursesin schools on a four-by-four block schedule. Students may not dually enroll if they willgraduate prior to the end of the postsecondary course. The students may apply to thepostsecondary institution and pay the required registration, tuition, and fees, if thestudent meets the postsecondary institution’s admissions requirements. [Florida Statute§1007.271(2) & Florida Counseling for Future Education Handbook]

Enrollment in Schools without Dual Enrollment Agreements

With principal’s permission, students may dual enroll in colleges or universities otherthan those that have Dual Enrollment Agreements with the HCSB. Students mustadhere to the Dual Enrollment Agreement Guidelines set up by the school. Participationin Dual Enrollment is subject to the school’s schedule. Students must meet the DualEnrollment eligibility criteria set forth by the District.

The parent(s) and/or student will be responsible for payment of fees and instructionalmaterials. Excluding the required fees, all other rights and privileges will be affordedthese students as those under Dual Enrollment Agreements (Dual EnrollmentArticulation Agreement between the School District, Palm Beach State College, FloridaSouthWestern State College, and Florida Gulf Coast University). All courses that arenot on the Dual Enrollment Course Equivalency List will be awarded a 0.5 electivecredit. (Refer to Dual Enrollment Equivalency List at:http://www.fldoe.org/policy/articulation/dual-enrollment-agreements.stml)

95

Dual Enrollment for Home Education Students

Registered Home Education students may participate in the Dual Enrollment Programfollowing the criteria set forth in the Dual Enrollment Articulation Agreement, includingwritten verification of active status provided by the Home Education Office for each termenrolled. Home Education students incur no tuition costs, but are responsible fortextbook costs, unless waived by the post-secondary institution. [Florida Statute§1007.271(1)(13)(17)]

Early Admission to College

The University Boards of Trustees, Florida College System Institution Boards ofTrustees, and District School Boards are encouraged to establish intrainstitutional andinterinstitutional programs to maximize articulation. All secondary students and theirparent(s) shall be informed of Dual Enrollment as an educational option and mechanismfor acceleration. [Florida Statutes §§1007.22(1)(2), 1007.27, & 1007.271(10)]

In accordance with Florida Statutes §§1007.271(10) and 1002.20(6)(a), early admissionis a public school choice option and an acceleration mechanism. Students who applyfor early admission to college must notify the high school principal prior to submitting anapplication for acceptance to a college, university, or career center. In the event that aqualified student is accepted for admission to an accredited college or university prior tothe completion of high school graduation requirements, the high school principal mayapprove the fulfillment of graduation requirements through the acceptance of college-level credit. Early admission students are eligible to participate in graduationceremonies and social events that would be afforded them, had they remained at thehigh school for their last year. Such students are not eligible for recognition asvaledictorian or salutatorian during graduation ceremonies.

Early admission may be a form of Dual Enrollment; thus tuition and book fees arewaived, as specified under a Dual Enrollment Articulation Agreement between theHCSB, Palm Beach State College, Florida SouthWestern State College, Florida GulfCoast University, or other public institution of higher learning pursuant to State law.[Florida Statute §1007.27]

To qualify for early admission, a student must meet the following criteria:

1. have a GPA of 3.2;

2. be accepted by an accredited college, university, or career center as a full-timestudent [Florida Statute §1007.271(7)[;

3. successfully complete a minimum of six semesters of high school work for astudent who selected the 24-Credit Graduation Option;

96

4. successfully complete a minimum of four semesters of high school work for astudent who selected the 18-Credit Graduation Option;

5. enroll in the postsecondary institution as a full-time student (at least 12 credithours) and maintain full-time status, per the Dual Enrollment ArticulationAgreement between the School District, Palm Beach State College, FloridaSouthWestern State College, Florida Gulf Coast University;

6. enroll in college courses equivalent to remaining graduation requirements, perthe Dual Enrollment Articulation Agreement between the HCSB, Palm BeachState College, Florida SouthWestern State College, Florida Gulf Coast University[Florida Statute §1007.27(5)]; and

7. maintain a minimum “C” average both cumulatively and per semester.

A student may be eligible to continue as an Early Admission student if he/she withdrawsfrom a course provided that a full-time status of 12 credit hours is maintained. However,a grade of “W” will be added to the high school and college transcripts. (Refer to FLDODual Enrollment FAQs for additional details.)

Students may select colleges or universities other than those that have Dual EnrollmentAgreements with the HCSB. However, the parent(s) and/or student will be responsiblefor payment of fees. All other statutory rights and privileges will be afforded thesestudents as those under Dual Enrollment Agreements. [Florida Statute §1007.27(5)]

Students must meet Early Admission eligibility criteria set forth by the District. [DualEnrollment FAQs]

Early Admission to College for Home Education Students

Home Education students may participate in early admission to college following criteriaset forth in the Dual Enrollment Articulation Agreement, including written verification ofactive status provided by the Home Education Office for each term enrolled. HomeEducation students incur no tuition costs, but are responsible for textbook costs.[Florida Statute §1007.271(13)(a)(2)]

Collegiate High School Program

Purpose and Goal – The CHSP is an articulated acceleration mechanism between FSWand the School District, which shall serve to shorten the time necessary for students tocomplete the requirements associated with the conference of an AA degree; broadenthe scope of curriculum options available to students; and increase the depth of studyavailable for a particular subject by offering college credit courses to eligible high schoolstudents, while these students are simultaneously completing their high schoolrequirements.

97

The goal of a CHSP is to provide education to high school students who seek theenvironment of a high-performing high school while also undertaking advanced andcollege-level studies. The curriculum will enable students to complete a high schooldiploma and simultaneously work towards completion of an AA degree.

Courses and Industry Certification – Each CHSP will offer the option for high schoolstudents in 12th grade participating in the CHSP for at least one full school year to earnCAPE Industry Certification. The Florida Department of Economic Opportunity (DEO)defines industry certification as: A voluntary process, through which individuals areassessed by an independent, third-party certifying entity using predetermined standardsfor knowledge, skills and competencies, resulting in the award of a time-limitedcredential that is nationally recognized and applicable to an occupation that is includedin the workforce system’s targeted occupation list or determined to be an occupationthat is critical, emerging or addresses a local need. Further, each CHSP will provide anopportunity for the successful completion of a minimum of thirty (30) credits through thedual enrollment towards completion of an AA degree.

CHSP college credit courses shall be those courses offered by FSW and alsodesignated by the State-wide Articulation Coordinating Committee Dual EnrollmentCourse Equivalency list. On-line availability of courses shall be governed by the FSWcourse schedule. The course list of CHSP courses offered each year shall be providedby FSW to the collegiate high school program coordinator by April 24 for implementationduring the next school year.

Opportunities for Student Participation

The School District and FSW will work collaboratively to notify students and theirparents of CHSP acceleration mechanisms. The School District shall inform eligiblesecondary students and their parents of dual enrollment as an educational option andmechanism for acceleration, including the eligibility criteria, the option for taking CHSPcourses beyond the regular school year, the potential for courses to articulate as anelective or a general education course in a postsecondary degree or certificate program,and the process by which students and parents exercise their option to participate in theCHSP. This information shall be included annually in the high school studenthandbook. FSW will work with the high school to provide course lists for theircurriculum guides and will coordinate inquiries to FSW from parents and students withhigh school guidance staff.

Eligible Students

CHSP college credit courses shall be those courses that are offered by FSW and arealso recommended to the SBE by the State Articulation Coordinating Committeemeeting high school graduation requirements, identified on the Dual Enrollment CourseEquivalency List. Students who wish to enroll in other FSW courses for CHSP creditwill obtain the high school course equivalency from the high school guidance

98

department. These courses may include all courses offered by FSW with the exceptionof physical education, college preparatory courses and courses less than three credithours unless they are co-requisites for other courses.

Eligible high school students are enrolled full-time at Florida SouthWestern StateCollege in college-level courses during the senior year of high school. To be eligible,students must meet the required placement test scores and academic benchmarks priorto the end of the junior year of high school. To be eligible for acceptance into theCHSP, a rising senior in high school must:

1. Have a 3.0 unweighted cumulative high school grade point average.2. Meet one of the following test requirements:3. 114 Math, 106 Reading and 103 Writing on the PERT, or4. 440 Math/440 Critical Reading on the SAT, or5. 19 Reading, 17 English, 19 Math on the ACT.6. Students with prior college credit from an institution or body other than Florida

SouthWestern State College must submit official transcripts and/or score reportsto the Office of the Registrar. This includes college credit earned at othercolleges or through credit by examination (AP, IB, AICE, and/or CLEP).

7. Exceptions to the required GPA may be granted if both the College Provost andthe Deputy Superintendent for Teaching and Learning mutually agree to thespecific exception.

Graduating seniors are not eligible for dual enrollment status, including fee exemptions,during the term immediately following their graduation date, even if the registrationperiod or college classes begin prior to the students’ actual graduation dates.

Enrollment

In order to receive FSW credit in CHSP courses, high school students will be required tocomplete an FSW Application for Admission and submit the required supportingdocumentation and appropriate test scores to the FSW Dual Enrollment Office inaccordance with the FSW Dual Enrollment Student Handbook and The District policiesand procedures. All paperwork must be submitted in accordance with FSW registrationdeadlines. Specific information for participating in the CHSP can be found at thewebsite: www.fsw.edu/dualenrollment.

High School Credit Earned for CHSP Courses

Students enrolled in CHSP and meeting the minimum requirements for satisfactorycompletion of CHSP courses shall earn both high school credit from the School Districtand college credit from FSW. Students who complete a three (3), four (4) or five (5)credit CHSP course with a passing grade will earn at least one-half (.5) credit in thedesignated subject towards the high school diploma and/or credit assigned by the DualEnrollment Course Equivalency List.

99

Student Advising Services/Progress Monitoring

FSW shall provide advising services regarding its educational programs to CHSPstudents participating in the Program with the goal of developing an individual studentprogression plan. Both FSW and the School District will ensure that students and theirparents understand that CHSP courses are college courses and the amount of worknecessary to succeed. FSW student monitoring services shall include the following:

1. Initial Advisement Session with FSW advisor in Spring of 11th grade year.2. New student orientation in August prior to beginning first term.3. Prior to registration for each term:

a. Student and high school designee review high school graduationprogress.

b. Student and FSW Advisor review AA degree audit.c. Student and FSW Advisor review course selection and register for

classes.d. Student submits schedule to high school designee.

4. Student is required to meet with FSW advisor at least once per term.5. A student must enroll in a minimum of 12 college credit hours per semester;

however, a student may not be required to enroll in more than 15 college credithours per semester of the equivalent.

6. Students who drop or withdraw from an FSW course and fall below 12 credithours, must return to the assigned high school for class assignment by thePrincipal or designee and will lose his/her CHSP enrollment status.

7. In order to remain eligible for college credit coursework, students must maintainthe 3.0 unweighted high school grade point average required for initial eligibilityand a 3.0 college GPA.

8. All grades, including “W” for withdrawal, become a part of the student’spermanent college transcript and may affect subsequent postsecondaryadmission.

9. Students who fall below the required GPA will be placed on academic probationat Florida SouthWestern State College for one semester. A review of thestudent’s GPA in the next term will determine program continuation. Studentswhose GPAs are not satisfactory after probation will not be allowed to continue inthe CHSP. Both the student and high school designee will be notified in writingof the probationary status or dismissal from program.

10.Students will be required to follow an individualized course progression plan,developed in coordination between the high school and college designees.Modification of the progression plan can be done by written agreement betweenthe Superintendent of Schools and the President of Florida SouthWestern StateCollege, or their designees.

11.Students cannot repeat courses while enrolled in the CHSP program. A studentwho does not successfully complete a course may forfeit their seat in theprogram.

100

Calendar

The Florida SouthWestern State College Calendar for registration, drop, withdrawal,and other important deadline dates shall be applicable to all courses offered through theCHSP.

The Hendry County Public School bell schedule, activities schedule, and schoolcalendar do not coincide with those of Florida SouthWestern State College. It is thestudent’s responsibility to ensure that he/she can adhere to the college calendar.

Students are eligible to participate in high school functions and extracurricular activities.However, CHSP students will be required to adhere to the college calendar for allcollege closings, dates, and deadlines. Students will not be given any excused absencebecause of their status as a high school student.

Funding

The CHSP is to be funded pursuant to Section 1007.271, Florida Statutes, and 1011.62,Florida Statutes.

1. Students enrolled in Hendry County Public Schools shall be exempt frompayment of all registration, matriculation, textbooks, and laboratory fees.

2. For The District students enrolled in courses on the College campus, the SchoolDistrict pays the standard tuition rate per credit hour from the Florida EducationFinance Program (FEFP). For 2015-16, the standard tuition at a Florida CollegeSystem institution is $71.98 per credit hour. The School District will be invoicedeach term one week after the last day of drop and add. Payment will be due 45days from date of invoice.

Textbooks

FSW shall select textbooks used in CHSP courses.1. Books and other instructional materials, with the exception of lab supplies, shall

be provided by the School District to high school students enrolled under theprovisions of this Agreement at no cost to the student. Students who withdraw,with permission from a high school principal or designee, from a course(s) priorto completion shall be required to return textbooks and other instructionalmaterials to the School District designee, and reimburse the School District forany/all lost or damaged textbooks/instructional materials.

2. The College will communicate to the School District at the earliest possible date,all relevant information about the texts which have been selected for specificcourses involved in the Dual Enrollment program. Based upon this information,the School District will purchase and distribute the appropriate texts from theCollege bookstore (or other provider if the textbook costs are less) to the DualEnrollment students.

101

3. The Superintendent, or designee, shall be responsible for the preparation ofDepartment of Education form MIS 636, which is to be submitted to the Collegeby the student at the time of purchase.

4. The textbooks and other materials will be collected from the students at theconclusion of the course (or at the time of termination of the student prior to thecompletion of the course) by The District or high school designee. The books willremain housed in the School District book repository for future disposition at thediscretion of the School District.

Student Responsibilities

Each student participating in the CHSP must enter into a student performance contractwhich must be signed by the student, the parent, and a representative of the schooldistrict and FSW. By registering, students pledge to accept and obey the rules andregulations of the College. Students are responsible for the observance of all policiesand procedures as published in the College Catalog, the Student Handbook, Board ofTrustees Policies, and other College documents. Students who fail to observe Collegeregulations or to maintain acceptable standards of personal conduct are subject todisciplinary action. Students and parents desiring to have their child take classes on aFSW campus shall be responsible for the cost and arrangements of transportation tothe campus.

Special Programs for High School

Career and Technical Education (CTE)

Students are eligible for consideration and participation in Career & Technical EducationPrograms. Recent legislation and rule revisions have substantially changed many ofthese programs and have mandated placement and productivity standards asconditions for continued funding. [Florida Statutes §§1003.491 and 1003.492; andState Board of Education Rule 6A-6.0573]

It is essential that parents, students, teachers, school counselors, and administrators beaware that individual CTE courses do not stand alone, but are part of a plannedprogram of study leading to college and career readiness and industry certifications,where applicable. Not all CTE programs or academies are offered at all high schools.Students should take advantage of available career planning activities within theirschools when selecting CTE programs of study.

Core Credit for Career and Technical Education (CTE)

A student who completes selected Career and Technical Education (CTE) IndustryCertification courses, which lead to college credit, may elect to substitute the course forup to two mathematics courses and up to one science credit. However, CTE IndustryCertification courses may not be substituted for Algebra 1, Geometry, or Biology credits.

102

Course code waiver numbers have been added to the Course Code Directory (CCD) forstudent transcript purposes:

Industry Certification Mathematics Waiver numbers are 1200998 and 1200999;and

Industry Certification Science Waiver number is 2000999. (Refer to Section 5 ofthe CCD).

For a listing of applicable industry certifications, please visit the resource section locatedat: http://www.fldoe.org/articulation/CCD/1415.asp and access the StatewideArticulation Agreements-Industry Certification.

Career Academies

Students completing CTE programs or academies may receive a Standard High SchoolDiploma or a Special Diploma, contingent on all other graduation requirements beingmet. In addition, students have the opportunity to earn one or more of the following:

Scholar Diploma Designation Merit Diploma Designation Career Education Program Completion Certificate; Articulated credits through Career Pathways (local and statewide); Dual enrollment credits; State Licensure, if applicable; and Florida Bright Futures Vocational Gold Seal Scholarship.

Additional information is available at http://www.hendry-schools.org.

Career Education Program Completer Certificate

A Career Education Program Completer Certificate is awarded to students whosuccessfully complete all courses in a CTE Program or Academy, as set forth by theFlorida Department of Education (FLDOE) and outlined in the District Career andTechnical Education Resource Manual which is available on the District’s CTE website:http://www.hendry-schools.org.

NOTE: Students interested in an applicable mathematics and/or science substitutionthrough an Industry Certification, which lead to college credit, should consult with aschool counselor regarding college admissions criteria utilizing course substitutions.Course substitutions may not count towards State University System admissionrequirements.

103

Beginning in middle school, a student can begin a CTE Program of Study that includesproficiency in mathematics, communications, science, and a sequence of courses in aCTE Program or Academy, such as business, marketing, drafting, computertechnologies, culinary, public service, early childhood education, and health scienceoccupations, etc. This will provide preparation for careers that will have continuedgrowth in the 21st Century. In addition, Articulation Agreements with postsecondaryinstitutions are developed to provide students with the opportunity to receive collegecredit for certain secondary CTE courses upon matriculation. [Florida Statute §1007.22]

Scholarships are available to eligible students who successfully complete a CTEProgram of Study through the Florida Bright Futures Scholarship Program.

104

Retention/Promotion for 3rd Grade Students

Third GradeStudents

EnrichedDevelopmental At-Risk

CriticallyLow

Reevaluate theMATRIX at the

end of theThird Nine

WeeksPromotion

Reevaluate theMATRIX at the

end of theThird Nine

WeeksPromotion

Reevaluate theMATRIX and

Parent Notificationat the end of the

Third Nine WeeksPromotion

Reevaluate theMATRIX at the endof the Third Nine

Weeks and ParentNotification of

Probable Retention

FCATLevels

2-5

Promotion

FCATLevels

2-5

Promotion

FCATLevels

2-5

Promotion

FCATLevels

2-5

Promotion

FCATLevel 1

PromotionWith

Portfolio

FCATLevel 1

PromotionWith

Portfolio

FCATLevel 1

PromotionWith

Portfolio and/orSummerReadingAcademy

FCATLevel 1

Retention

Summer Reading AcademyPromotion with

Remediation and a Pass on anAlternate Assessment

PASSOn AlternativeAssessmentPromotion

FAILOn AlternativeAssessment

Retention

PortfolioAt-Risk or

AbovePromotion

Available forAt-Risk

StudentsONLY

105

Appendix A

Students Entering Grade Nine in the 2011-2012 School YearWhat Students and Parents Need to Know

What are the diploma options?

Students must successfully complete one of thefollowing diploma options:

24-credit standard diploma 18-credit Academically Challenging

Curriculum to Enhance Learning(ACCEL) option

Advanced International Certificate ofEducation (AICE) curriculum

International Baccalaureate (IB)Diploma curriculum

What are the state assessmentrequirements*?

Students must pass the following statewideassessments:

Grade 10 reading (or ACT/SATconcordant score)

Algebra 1 end-of-course (EOC) ifAlgebra 1 is taken after 2010-2011 or acomparative score on thePostsecondary Education ReadinessTest (P.E.R.T.)

Students must participate in the following EOCassessments:

Algebra 1 (if enrolled after 2010-2011) Biology 1 (if enrolled after 2010-2011) Geometry (if enrolled after 2010-2011) U.S. History (if enrolled after 2011-2012)

What is the credit acceleration program(CAP)?

This program allows a student to earn highschool credit if the student passes a statewidecourse assessment without enrollment in thecourse. The courses include the followingsubjects:

Algebra 1 Geometry U.S. History Biology 1 Algebra 2

What are the requirements for the 24-credit standard diploma option?

4 Credits English Language Arts (ELA)4 Credits Mathematics

One of which must be Algebra 1 and one ofwhich must be Geometry

Industry certifications that lead to collegecredit may substitute for up to twomathematics credits (except for Algebra 1and Geometry)

3 Credits Science

One of which must be Biology 1, two ofwhich must have a laboratory component.

An industry certification that leads to collegecredit substitutes for up to one science credit(except from Biology 1)

An identified rigorous Computer Sciencecourse with a related industry certificationsubstitutes for up to one science credit(except for Biology 1)

3 Credits Social Studies1 Credit in World History1 credit in U.S. History.5 credit in U.S. Government.5 credit in Economics

1 Credit Fine and Performing Arts, Speech andDebate, or Practical Arts

Eligible courses are specified in the Florida CourseCode Directory athttp://www.fldoe.org/articulation/CCD/default.asp

1 Credit Physical EducationTo include the integration of health

8 Elective Credits1 Online Course

Students must earn a 2.0 grade point average of a 4.0scale.

What is the distinction between the 18-credit ACCEL option and the 24-creditoption?

3 elective credits instead of 8 Physical Education is not required Online course is not required

All other graduation requirements for a 24-creditstandard diploma must be met (per section1003.4282(10)(d)1-5, Florida Statutes [F.S.]).

106

What are the requirements for standarddiploma designations?

Scholar Diploma Designation

In addition to meeting the 24-credit standard highschool diploma requirements, a student must

Earn 1 credit in Algebra 2; Earn 1 credit in Statistics or an equally

rigorous mathematics course; Pass the Biology 1 EOC; Earn 1 credit in Chemistry or Physics; Earn 1 credit in a course equally rigorous to

Chemistry or Physics; Pass the U.S. History EOC; Earn 2 credits in the same World Language;

and Earn at least 1 credit in AP, IB, AICE, or a

dual enrollment course.

A student is exempt from the Biology 1 or U.S. Historyassessment if the student is enrolled in an AP, IB andAICE Biology 1 or U.S. History course and thestudent.

Takes the respective AP, IB and AICEassessment; and

Earns the minimum score to earn collegecredit.

Merit Diploma Designation

Meet the standard high school diplomarequirements

Attain one or more industry certificationsfrom the list established (per s. 1003.492,F.S.)

Can a student who selects the 24-creditprogram graduate early?

Yes, a student who completes all the 24-creditprogram requirements for a standard diplomamay graduate with fewer than eight semesters.

Where is information on Bright FuturesScholarships located?

The Florida Bright Futures Scholarship Programrewards students for their academicachievements during high school by providingfunding to attend a postsecondary institution inFlorida. For more information, go tohttp://www.floridastudentfinancialaid.org/SSFAD/bf/.

What are the public postsecondary options?

SUS (State University System)

Admission into Florida’s public universities iscompetitive. Prospective students should complete arigorous curriculum in high school and apply to morethan one university to increase their chance foracceptance. To qualify to enter one of Florida’s publicuniversities, a first-time-in-college student must meetthe following minimum requirements:

High school graduation with a standarddiploma

Admission test scores 16 credits of college preparatory academic

courses 4 English (3 with substantial writing) 4 Mathematics (Algebra 1 level and above) 3 Natural Science (2 with substantial lab) 3 Social Science 2 World Language (sequential, in the same

language) 2 approved electives

http://www.flbog.edu/forstudents/planning

The Florida College System

Includes 28 state colleges. These institutions offercareer-related certificates and two-year associatedegrees that prepare students to transfer to abachelor’s degree program or to enter jobs requiringspecific skills. Many also offer baccalaureate degreesin high-demand fields. Florida College Systeminstitutions have an open door policy. This meansthat students who have earned a standard highschool diploma, have earned a high schoolequivalency diploma or have demonstrated successin postsecondary coursework will be admitted to anassociate degree program.

http://www.fldoe.org/fcs

Career and Technical Centers

Florida also offers students 46 accredited career andtechnical centers throughout the state, which providethe education and certification necessary to work in aparticular career or technical field. Programs areflexible for students and provide industry-specificeducation and training for a wide variety ofoccupations.

http://www.fldoe.org/workforce/pdf/DistrictTechnicalCenterDirectors.pdf

Where is information on financial aidlocated?

The Office of Student Financial Assistance StatePrograms administers a variety of postsecondaryeducational state-funded grants and scholarships.

http://www.floridastudentfinancialaid.org

107

Appendix B

Students Entering Grade Nine in the 2012-2013 School YearWhat Students and Parents Need to Know

What are the diploma options?

Students must successfully complete one of thefollowing diploma options:

24-credit standard diploma 18-credit Academically Challenging

Curriculum to Enhance Learning(ACCEL) option

Advanced International Certificate ofEducation (AICE) curriculum

International Baccalaureate (IB)Diploma curriculum

What are the state assessmentrequirements*?

Students must pass the following statewideassessment:

Grade 10 reading (or ACT/SATconcordant score)

Algebra 1 end-of-course (EOC) ifAlgebra 1 is taken after 2010-2011 or acomparative score on thePostsecondary Education ReadinessTest (P.E.R.T.)

Students must participate in the following EOCassessments:

Algebra 1 (if enrolled after 2010-2011) Biology 1 (if enrolled after 2010-2011) Geometry (if enrolled after 2010-2011) U.S. History (if enrolled after 2011-2012)

and performance on the EOCconstitutes 30 percent of the final coursegrade

What is the credit acceleration program(CAP)?

This program allows a student to earn highschool credit if the student passes a statewidecourse assessment without enrollment in thecourse. The courses include the followingsubjects:

Algebra 1 Geometry U.S. History Biology 1 Algebra 2

What are the requirements for the 24-creditstandard diploma?

4 Credits Language Arts (ELA)4 Credits Mathematics

One of which must be Algebra 1 andone of which must be Geometry

Industry certifications that lead tocollege credit may substitute for up totwo mathematics credits (except forAlgebra 1 and Geometry)

3 Credits Science

One of which must be Biology 1, two ofwhich must have a laboratorycomponent

An industry certification that leads tocollege credit substitutes for up to onescience credit (except from Biology 1)

An identified rigorous Computer Sciencecourse with a related industrycertification substitutes for up to onescience credit (except for Biology 1)

3 Credits Social Studies1 credit in World History1 credit in U.S. History.5 credit in U.S. Government.5 credit in Economics

1 Credit Fine and Performing Arts, Speechand Debate, or Practical Arts

Eligible courses are specified in the FloridaCourse Code Directory athttp://www.fldoe.org/articulation/CCD/default.asp

1 Credit Physical EducationTo include the integration of health

8 Elective Credits1 Online Course

Students must earn a 2.0 grade point averageon a 4.0 scale

108

What are the requirements for standard diplomadesignations?

Scholar Diploma Designation

In addition to meeting the 24-credit standard high schooldiploma requirements, a student must

Earn 1 credit in Algebra 2; Earn 1 credit in Statistics or an equally rigorous

mathematics course; Pass the Biology 1 EOC; Earn 1 credit in Chemistry or Physics; Earn 1 credit in a course equally rigorous to

Chemistry or Physics; Pass the U.S. History EOC; Earn 2 credits in the same World Language; and Earn at least 1 credit in AP, IB, AICE or a dual

enrollment course.

A student is exempt from the Biology 1 or U.S. Historyassessment if the student is enrolled in an AP, IB or AICEBiology 1 or U.S. History course and the student

Takes the respective AP, IB or AICE assessment;and

Earns the minimum score to earn college credit.Merit Diploma Designation

Meet the standard high school diplomarequirements

Attain one or more industry certifications from thelist established (per s. 1003.492, F.S.)

Can a student who selects the 24-credit programgraduate early?

Yes, a student who completes all the 24-creditprogram requirements for a standard diploma maygraduate in fewer than eight semesters.

What is the distinction between the 18-creditACCEL option and the 24-credit option?

3 elective credits instead of 8 Physical Education is not required Online course is not required

All other graduation requirements for a 24-creditstandard diploma must be met (per section1003.4282(10)(d)1-5, Florida Statutes [F.S.]).

Where is information on Bright FuturesScholarships located?

The Florida Bright Futures Scholarship Programrewards students for their academic achievementsduring high school by providing funding to attend apostsecondary institution in Florida. For moreinformation, go to

http://www.floridastudentfinancialaid.org/SSFAD/bf/

What are the public postsecondary options?

SUS (State University System)

Admission into Florida’s public universities is competitive.Prospective students should complete a rigorous curriculumin high school and apply to more than one university toincrease their chance for acceptance. To qualify to enterone of Florida’s public universities, a first-time-in-collegestudent must meet the following minimum requirements:

High school graduation with a standard diploma Admission test scores 16 credits in college preparatory academic

courses 4 English (3 with substantial writing) 4 Mathematics (Algebra 1 level and above) 3 Natural Science (2 with substantial lab) 3 Social Science 2 World Language (sequential, in the same

language) 2 approved electives

http://www.flbod.edu/forstudents/planningThe Florida College System

Includes 28 state colleges. These institutions offer career-related certificates and two-year associate degrees thatprepare students to transfer to a bachelor’s degree programor to enter jobs requiring specific skills. Many also offerbaccalaureate degrees in high-demand fields. FloridaCollege System institutions have an open door policy. Thismeans that students who have earned a standard highschool diploma, have earned a high school equivalencydiploma or have demonstrated success in postsecondarycoursework will be admitted to an associate degree program.

http://www.fldoe.org/fcsCareer and Technical Centers

Florida also offers students 46 accredited career andtechnical centers throughout the state, which provide theeducation and certification necessary to work in a particularcareer or technical field. Programs are flexible for studentsand provide industry-specific education and training for awide variety of occupations.

http://www.fldoe.org/workforce/pdf/DistrictTechnicalCenterDirectors.pdf

Where is information on financial aid located?

The Office of Student Financial Assistance StatePrograms administers a variety ofpostsecondary educational state-funded grantsand scholarships.

http://www.floridastudentfinancialaid.org

* Policy adopted in rule by the district school boardmay require for any cohort of students thatperformance of a statewide, standardized EOCassessment constitutes 30 percent of a student’s finalcourse grade.

109

Appendix C

Students Entering Grade Nine in the 2013-2014 School YearWhat Students and Parents Need to Know

What are the diploma options?

Students must successfully complete one of thefollowing diploma options:

24-credit standard diploma 18-credit Academically Challenging

Curriculum to Enhance Learning(ACCEL) option

Advanced International Certificate ofEducation (AICE) curriculum

International Baccalaureate (IB)Diploma curriculum

What are the state assessmentrequirements?

Students must pass the following statewideassessments:

Grade 10 ELA (or ACT/SAT concordantscore)

Algebra 1 end-of-course (EOC) or acomparative score on thePostsecondary Education ReadinessTest (P.E.R.T.)

Students must participate in the EOCassessments and the results constitute 30percent of the final course grade. Theseassessments are in the following subjects:

Algebra 1 Biology 1 Geometry U.S. History Algebra 2 (if enrolled)

What is the credit acceleration program(CAP)?

This program allows a student to earn highschool credit if the student passes a statewidecourse assessment without enrollment in thecourse. The courses include the followingsubjects:

Algebra 1 Geometry U.S. History Biology 1 Algebra 2

What are the requirements for the 24-creditstandard diploma option?

4 Credits English Language Arts (ELA)

ELA I, II, III, IV ELA honors, Advanced Placement (AP),

Advanced International Certificate ofEducation (AICE), InternationalBaccalaureate (IB) and dual enrollmentcourses may satisfy this requirement

4 Credits Mathematics

One of which must be Algebra 1 andone of which must be Geometry

Industry certifications that lead tocollege credit may substitute for up totwo mathematics credits (except forAlgebra 1 and Geometry)

3 Credits Science

One of which must be Biology 1, two ofwhich must be equally rigorous sciencecourses

Two of the three required credits musthave a laboratory component.

An industry certification that leads tocollege credit substitutes for up to onescience credit (except from Biology 1)

An identified rigorous Computer Sciencecourse with a related industrycertification substitutes for up to onescience credit (except for Biology 1)

3 Credits Social Studies1 credit in World History1 credit in U.S. History.5 credit in U.S. Government.5 credit in Economics with Financial Literacy

1 Credit Fine and Performing Arts, Speechand Debate, or Practical Arts*

1 Credit in Physical Education*To include the integration of health*Eligible courses and eligible coursesubstitutions are specified in the Florida CourseCode Directory athttp://www.fldoe.org/articulation/CCD/default.asp

8 Elective Credits1 Online Course

Students must earn a 2.0 grade point averageon a 4.0 scale.

110

What are the requirements for standard diplomadesignations?

Scholar Diploma Designation

In addition to meeting the 24-credit standard high schooldiploma requirements, a student must

Earn 1 credit in Algebra 2; Earn 1 credit in Statistics or an equally rigorous

mathematics course; Pass the Biology 1 EOC; Earn 1 credit in Chemistry or Physics; Earn 1 credit in a course equally rigorous to

Chemistry or Physics; Pass the U.S. History EOC; Earn 2 credits in the same World Language; and Earn at least 1 credit in AP, IB, AICE or a dual

enrollment course.

A student is exempt from the Biology 1 or U.S. Historyassessment if the student is enrolled in an AP, IB or AICEBiology 1 or U.S. History course and the student

Takes the respective AP, IB or AICE assessment;and

Earns the minimum score to earn college credit.

Merit Diploma Designation

Meet the standard high school diplomarequirements

Attain one or more industry certifications from thelist established (per s. 1003.492, F.S.)

Can a student who selects the 24-credit programgraduate early?

Yes, a student who completes all the 24-creditprogram requirements for a standard diploma maygraduate in fewer than eight semesters.

What is the distinction between the 18-creditACCEL option and the 24-credit option?

3 elective credits instead of 8 Physical Education is not required Online course is not required

All other graduation requirements for a 24-creditstandard diploma must be met (per section1003.4282(10)(d)1-5, Florida Statutes [F.S.]).

Where is information on Bright FuturesScholarships located?

The Florida Bright Futures Scholarship Programrewards students for their academic achievementsduring high school by providing funding to attend apostsecondary institution in Florida. For moreinformation, go to

http://www.floridastudentfinancialaid.org/SSFAD/bf/

What are the public postsecondary options?

State University System

Admission into Florida’s public universities iscompetitive. Prospective students should complete arigorous curriculum in high school and apply to morethan one university to increase their chance foracceptance. To qualify to enter one of Florida’s publicuniversities, a first-time-in-college student must meetthe following minimum requirements:

High school graduation with a standarddiploma

Admission test scores 16 credits of college preparatory academic

courses 4 English (3 with substantial writing) 4 Mathematics (Algebra 1 level and above) 3 Natural Science (2 with substantial lab) 3 Social Science 2 World Language (sequential, in the same

language) 2 approved electives

http://www.flbog.edu/forstudents/planning

The Florida College System

Includes 28 state colleges. These institutions offercareer-related certificates and two-year associatedegrees that prepare students to transfer to abachelor’s degree program or to enter jobs requiringspecific skills. Many also offer baccalaureate degreesin high-demand fields. Florida College Systeminstitutions have an open door policy. This meansthat students who have earned a standard highschool diploma, have earned a high schoolequivalency diploma or have demonstrated successin postsecondary coursework will be admitted to anassociate degree program.

http://www.fldoe.org/fcs

Career and Technical Centers

Florida also offers students 46 accredited career andtechnical centers throughout the state, which providethe education and certification necessary to work in aparticular career or technical field. Programs areflexible for students and provide industry-specificeducation and training for a wide variety ofoccupations.

http://www.fldoe.org/workforce/pdf/DistrictTechnicalCenterDirectors.pdf

Where is information on financial aid located?

The Office of Student Financial Assistance StatePrograms administers a variety of postsecondaryeducational state-funded grants and scholarships.

http://www.floridastudentfinancialaid.org

111

Appendix D

Students Entering Grade Nine in the 2014-2015 School YearWhat Students and Parents Need to Know

What are the diploma options?

Students must successfully complete one of thefollowing diploma options:

24-credit standard diploma 18-credit Academically Challenging

Curriculum to Enhance Learning(ACCEL) option

Advanced International Certificate ofEducation (AICE) curriculum

International Baccalaureate (IB)Diploma curriculum

What are the state assessmentrequirements?

Students must pass the following statewideassessments:

Grade 10 ELA (or ACT/SAT concordantscore)

Algebra 1 end-of-course (EOC) or acomparative score on thePostsecondary Education ReadinessTest (P.E.R.T.)

Students must participate in the EOCassessments and the results constitute 30percent of the final course grade. Theseassessments are in the following subjects:

Algebra 1 Biology 1 Geometry U.S. History Algebra 2 (if enrolled)

What is the credit acceleration program(CAP)?

This program allows a student to earn highschool credit if the student passes a statewidecourse assessment without enrollment in thecourse. The courses include the followingsubjects:

Algebra 1 Geometry U.S. History Biology 1 Algebra 2

What are the requirements for the 24-creditstandard diploma option?

4 Credits English Language Arts (ELA)

ELA I, II, III, IV ELA honors, Advanced Placement (AP),

Advanced International Certificate ofEducation (AICE), InternationalBaccalaureate (IB) and dual enrollmentcourses may satisfy this requirement

4 Credits Mathematics

One of which must be Algebra 1 and one ofwhich must be Geometry

Industry certifications that lead to collegecredit may substitute for up to twomathematics credits (except for Algebra 1and Geometry)

3 Credits Science

One of which must be Biology 1, two ofwhich must be equally rigorous sciencecourses.

Two of the three required credits must havea laboratory component.

An industry certification that leads to collegecredit substitutes for up to one science credit(except from Biology 1)

An identified rigorous Computer Sciencecourse with a related industry certificationsubstitutes for up to one science credit(except for Biology 1)

3 Credits Social Studies1 credit in World History1 credit in U.S. History.5 credit in U.S. Government.5 credit in Economics with Financial Literacy

1 Credit Fine and Performing Arts, Speech andDebate, or Practical Arts*

1 Credit Physical Education*To include the integration of health*Eligible courses and eligible course substitutions arespecified in the Florida Course Code Directory athttp://www.fldoe.org/articulation/CCD/default.asp

8 Elective Credits1 Online Course

Students must earn a 2.0 grade point average on a4.0 scale.

112

What are the requirements for standard diplomadesignations?

Scholar Diploma Designation

In addition to meeting the 24-credit standard high schooldiploma requirements, a student must

Pass the ELA Grade 11 statewide assessment; Earn 1 credit in Algebra 2 (must pass EOC); Pass the Geometry EOC; Earn 1 credit in Statistics or an equally rigorous

mathematics course; Pass the Biology 1 EOC; Earn 1 credit in Chemistry or Physics; Earn 1 credit in a course equally rigorous to

Chemistry or Physics; Pass the U.S. History EOC; Earn 2 credits in the same World Language; and Earn at least 1 credit in AP, IB, AICE or a dual

enrollment course.

A student is exempt from the Biology 1 or U.S. Historyassessment if the student is enrolled in an AP, IB or AICEBiology 1 or U.S. History course and the student

Takes the respective AP, IB or AICE assessment;and

Earns the minimum score to earn college credit.Merit Diploma Designation

Meet the standard high school diplomarequirements

Attain one or more industry certifications from thelist established (per s. 1003.492, F.S.)

Can a student who selects the 24-credit programgraduate early?

Yes, a student who completes all the 24-creditprogram requirements for a standard diploma maygraduate in fewer than eight semesters.

What is the distinction between the 18-creditACCEL option and the 24-credit option?

3 elective credits instead of 8 Physical Education is not required Online course is not required

All other graduation requirements for a 24-creditstandard diploma must be met (per section1003.4282(10)(d)1-5, Florida Statutes [F.S.]).

Where is information on Bright FuturesScholarships located?

The Florida Bright Futures Scholarship Programrewards students for their academic achievementduring high school by providing funding to attend apostsecondary institution in Florida. For moreinformation, go to

http://www.floridastudentfinancialaid.org/SSFAD/bf

What are the public postsecondary options?

State University System

Admission into Florida’s public universities is competitive.Prospective students should complete a rigorous curriculumin high school and apply to more than one university toincrease their chance for acceptance. To qualify to enterone of Florida’s public universities, a first-time-in-collegestudent must meet the following minimum requirements:

High school graduation with a standard diploma Admission test scores 16 credits of college preparatory academic

courses 4 English (3 with substantial writing) 4 Mathematics (Algebra 1 level and above) 3 Natural Science (2 with substantial lab) 3 Social Science 2 World Language (sequential, in the same

language) 2 approved electives

http://www.flbog.edu/forstudents/planning

The Florida College System

Includes 28 state colleges. These institutions offer career-related certificates and two-year associate degrees thatprepare students to transfer to a bachelor’s degree programor to enter jobs requiring specific skills. Many also offerbaccalaureate degrees in high-demand fields. FloridaCollege System institutions have an open door policy. Thismeans that students who have earned a standard highschool diploma, have earned a high school equivalencydiploma or have demonstrated success in postsecondarycoursework will be admitted to an associate degree program.

http://www.fldoe.org/fcs

Career and Technical Centers

Florida also offers students 46 accredited career andtechnical centers throughout the state, which provide theeducation and certification necessary to work in a particularcareer or technical field. Programs are flexible for studentsand provide industry-specific education and training for awide variety of occupations.

http://www.fldoe.org/workforce/pdf/DistrictTechnicalCenterDirectors.pdf

Where is information on financial aid located?

The Office of Student Financial Assistance StatePrograms administers a variety of postsecondaryeducational state-funded grants and scholarships.

http://www.floridastudentfinancialaid.org

.3681,) ,-7)8;4-5; 6. -,<+);165

,1=19165 6. 2$&' 7<*31+ 9+06639

*<8-)< 6. ->+-7;165)3 -,<+);165 )5, 9;<,-5; 9-8=1+-9

9AEIIG ,FLMKFAM

9OXN\c

->+-7;165)3 9;<,-5; -,<+);1657631+1-9 )5, 786+-,<8-9 "97!7#

-..-+;1=- ,);-(

)'(+%)'(, ^R\Y_QR )'(-%)'(. ]MRYYV cOK\]

/175 $ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

91/5);<8- 7)/-

DMRYYV 5S]^\SM^1 9OXN\c

2NWSXS]^\K^Y\ YP 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX1 JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJERS] NYM_WOX^ S] OPPOM^S`O PY\ ^RO )'(+%)'(, ^R\Y_QR )'(-%)'(. ]MRYYV cOK\]&

+-8;1.1+);165 6. )7786=)3

;$JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ$ NY RO\OLc MO\^SPc ^RK^ OKMR YP ^RO ]^K^OWOX^] LOVYa K\O ^\_O1

DSQXK^_\O YP D_ZO\SX^OXNOX^ YP DMRYYV 5S]^\SM^ Y\ 2_^RY\SdON COZ\O]OX^K^S`O YP 8Y`O\XSXQ3YNc Y\ 2QOXMc

5K^O YP 2ZZ\Y`KV

97-+1)3 786/8)49 )5, 786+-,<8-9

ERO NS]^\SM^j] 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX "6D6# BYVSMSO] KXN B\YMON_\O] "DB!B# NYM_WOX^ aK] KZZ\Y`ON Lc ^ROQY`O\XSXQ LYNc PY\ ]_LWS]]SYX ^Y ^RO 7VY\SNK 5OZK\^WOX^ YP 6N_MK^SYX "75A6# YX ^RO NK^O SXNSMK^ON&

ERO MYX^OX^] YP ^RS] NYM_WOX^ ^RK^ aO\O Z\OZK\ON Lc ^RO 75A6 RK`O XY^ LOOX KV^O\ON SX KXc aKc&

ERO ]MRYYV NS]^\SM^ ]RKVV SWZVOWOX^ ^RO \O[_S\OWOX^] YP KXc ]^K^_^O] Y\ D^K^O 3YK\N YP 6N_MK^SYX \_VO] KPPOM^SXQZ\YQ\KW] PY\ ObMOZ^SYXKV ]^_NOX^] N_\SXQ ^RO OPPOM^S`O NK^O] YP ^RS] NYM_WOX^&

ERO ]MRYYV NS]^\SM^ ]RKVV SWZVOWOX^ ^RO \O[_S\OWOX^] YP ^RO ;XNS`SN_KV] aS^R 5S]KLSVS^SO] 6N_MK^SYX 2M^ ";562# KXN S^]SWZVOWOX^SXQ \O[_S\OWOX^] K^ DOM^SYX *'' YP ES^VO *+ YP ^RO 4YNO YP 7ONO\KV COQ_VK^SYX]&

9+0663 ,19;81+; 7631+1-9 )5, 786+-,<8-9

2Xc NS]^\SM^%Z\YN_MON ZYVSMc KXN Z\YMON_\O] NYM_WOX^] ^RK^ WOO^ ^RO PYVVYaSXQ M\S^O\SK RK`O LOOX ]_LWS^^ON ^Y ^RO75A6 aS^R ^RO DB!B& D_MR NYM_WOX^]1

k D_ZZVOWOX^ ^RO SXPY\WK^SYX MYX^KSXON SX ^RO NS]^\SM^j] DB!Bk 2NN\O]] ]MRYYV NS]^\SM^ ObMOZ^SYXKV ]^_NOX^ ON_MK^SYX Z\YMON_\O] Y\ ZYVSMSO]k 2\O KNYZ^ON Lc ^RO ]MRYYV LYK\N K] ]MRYYV NS]^\SM^ ZYVSMc

/175 % >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

7?KM 1% /CHCK?G 7IGFAFCL ?HB 7KIACBNKCL

DOM^SYX 21 >OQKV CO[_S\OWOX^]

DOM^SYX 31 2]]_\KXMO]

DOM^SYX 4&(1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX B\YMON_\KV DKPOQ_K\N]

DOM^SYX 4&)1 BK\OX^KV CO`YMK^SYX YP 4YX]OX^ PY\ DZOMSKV 6N_MK^SYX KXN COVK^ON DO\`SMO]

DOM^SYX 4&*1 E\KX]PO\ YP BK\OX^KV CSQR^] K^ 2QO YP ?KTY\S^c

DOM^SYX 51 D_\\YQK^O BK\OX^]

DOM^SYX 61 ;XNS`SN_KV 6N_MK^SYXKV BVKX] KXN 6N_MK^SYXKV BVKX] PY\ E\KX]PO\\SXQ 6bMOZ^SYXKV D^_NOX^]

DOM^SYX 71 2MMO]] ^Y K D^_NOX^j] B_LVSM 3OXOPS^] Y\ ;X]_\KXMO

DOM^SYX 81 8OXO\KV 6N_MK^SYX ;X^O\`OX^SYX B\YMON_\O]

DOM^SYX 9&(1 ;XS^SK^SXQ KX 6`KV_K^SYX ^Y 5O^O\WSXO HRO^RO\ K D^_NOX^ ;] K D^_NOX^ SX @OON YP 6bMOZ^SYXKV D^_NOX^6N_MK^SYX

DOM^SYX 9&)1 4YXN_M^SXQ D^_NOX^ 6`KV_K^SYX] KXN COO`KV_K^SYX]

DOM^SYX ;1 ;XNOZOXNOX^ 6N_MK^SYXKV 6`KV_K^SYX]

7?KM 11% 7IGFAFCL ?HB 7KIACBNKCL DIK 9MNBCHML PFME ,FL?@FGFMFCL

DOM^SYX 21 ;X]^\_M^SYXKV B\YQ\KW

DOM^SYX 3&(1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R 2_^S]W DZOM^\_W 5S]Y\NO\

DOM^SYX 3&)1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aRY K\O 5OKP Y\ 9K\N%YP%9OK\SXQ

DOM^SYX 3&*1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ B\OUSXNO\QK\^OX 4RSVN\OX aRY K\O 5O`OVYZWOX^KVVc 5OVKcON

DOM^SYX 3&+1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aRY K\O 5_KV%DOX]Y\c ;WZKS\ON

DOM^SYX 3&,1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R 6WY^SYXKV Y\ 3ORK`SY\KV 5S]KLSVS^SO]

DOM^SYX 3&-1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ ;XPKX^] Y\ EYNNVO\] 3S\^R ^R\Y_QR EaY ")# IOK\] AVN aRY RK`O6]^KLVS]RON 4YXNS^SYX]

DOM^SYX 3&.1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aRY K\O 9YWOLY_XN Y\ 9Y]ZS^KVSdON

DOM^SYX 3&/1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R ;X^OVVOM^_KV 5S]KLSVS^SO]

DOM^SYX 3&01 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R A\^RYZONSM ;WZKS\WOX^

DOM^SYX 3&('1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R A^RO\ 9OKV^R ;WZKS\WOX^

DOM^SYX 3&((1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R E\K_WK^SM 3\KSX ;XT_\c

DOM^SYX 3&()1 6bMOZ^SYXKV 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R DZOMSPSM >OK\XSXQ 5S]KLSVS^SO]

DOM^SYX 3&(*1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R DZOOMR ;WZKS\WOX^]

DOM^SYX 3&(+1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aS^R >KXQ_KQO ;WZKS\WOX^]

DOM^SYX 3&(,1 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aRY K\O GS]_KVVc ;WZKS\ON

DOM^SYX 3&(-1 B\Y`S]SYX YP AMM_ZK^SYXKV ERO\KZc ^Y 6bMOZ^SYXKV D^_NOX^] K] K COVK^ON DO\`SMO

DOM^SYX 3&(.1 B\Y`S]SYX YP BRc]SMKV ERO\KZc ^Y 6bMOZ^SYXKV D^_NOX^] K] K COVK^ON DO\`SMO]

DOM^SYX 41 ;XNS`SN_KV 6N_MK^SYXKV BVKX

DOM^SYX 51 5S]MSZVSXO

DOM^SYX 61 BK\^SMSZK^SYX SX D^K^O KXN 5S]^\SM^ 2]]O]]WOX^]

DOM^SYX 71 6VSQSLSVS^c 4\S^O\SK PY\ B\OUSXNO\QK\^OX 4RSVN\OX aS^R 5S]KLSVS^SO]

DOM^SYX 81 ;XNS`SN_KVSdON 7KWSVc D_ZZY\^ BVKX PY\ D^_NOX^] aS^R 5S]KLSVS^SO] 2QO] 3S\^R ^R\Y_QR 7S`O ",# IOK\]

7?KM 111% 7IGFAFCL ?HB 7KIACBNKCL DIK 9MNBCHML

DOM^SYX 21 6bMOZ^SYXKV D^_NOX^ 6N_MK^SYX 6VSQSLSVS^c PY\ D^_NOX^] aRY K\O 8SP^ON

DOM^SYX 31 6N_MK^SYXKV BVKX] PY\ D^_NOX^] aRY K\O 8SP^ON

/175 & >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

7?KM 1=% 7IGFAFCL ?HB 7KIACBNKCL DIK 7?KCHM?GGQ$7G?ACB 7KFO?MC 9AEIIG 9MNBCHML PFME ,FL?@FGFMFCL

DOM^SYX 21 B\Y`S]SYX YP 6[_S^KLVO DO\`SMO] ^Y BK\OX^KVVc%BVKMON B\S`K^O DMRYYV D^_NOX^] aS^R 5S]KLSVS^SO]

DOM^SYX 31 <YRX ?& ?M=Kc DMRYVK\]RSZ] PY\ D^_NOX^] aS^R 5S]KLSVS^SO] B\YQ\KW

DOM^SYX 41 7VY\SNK BO\]YXKV >OK\XSXQ DMRYVK\]RSZ 2MMY_X^] B\YQ\KW

7?KM =% )JJCHBFACL

2ZZOXNSb 21 8OXO\KV BYVSMSO] KXN B\YMON_\O]

2ZZOXNSb 31 FXS[_O BRSVY]YZRSMKV$ 4_\\SM_VK\$ Y\ ;X]^\_M^SYXKV 4YX]SNO\K^SYX]

2ZZOXNSb 41 5S]^\SM^ BVKX ^Y ;XM\OK]O ^RO BK\^SMSZK^SYX YP FXNO\\OZ\O]OX^ON D^_NOX^] SX ^RO B\YQ\KW PY\ D^_NOX^] aRYK\O 8SP^ON

2ZZOXNSb 51 5S]^\SM^ BYVSMSO] COQK\NSXQ ^RO 2VVYaKLVO F]O Y\ B\YRSLS^SYX YP BRc]SMKV CO]^\KSX^ KXN DOMV_]SYX

2ZZOXNSb 61 BYVSMSO] KXN B\YMON_\O] FXS[_O ^Y 5O`OVYZWOX^KV CO]OK\MR ">KLY\K^Y\c# DMRYYV]

2ZZOXNSb 71 3O]^ B\KM^SMO] SX ;XMV_]S`O 6N_MK^SYX "3B;6# 2]]O]]WOX^

/175 ' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

7?KM 1%

/CHCK?G 7IGFAFCL ?HB 7KIACBNKCL

/175 ( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

37GI /% .<C<G7A 3DA@9@<H 7C; 3GD9<;JG<H

5<9I@DC (' 0<>7A 4<FJ@G<B<CIH

5I7IJIDGM 7C; 4<>JA7IDGM *@I7I@DCH

FQ\TM ,- 6WLM WN 9MLMZIT DMO]TI\QWV[ #69D$ j,))'/-*EMK\QWV[ *)),'.0% *)),'.0*% IVL *)),'.0,% 9TWZQLI E\I\]\M[ #9'E'$D]TM[ /4&/'),-** IVL /24&.1'))1-% 9TWZQLI 4LUQVQ[\ZI\Q^M 6WLM #9'4'6'$

4<FJ@G<B<CI 4<A7I<; ID ,5, 3DA@9@<H 7C; 3GD9<;JG<H

9WZ I [KPWWT LQ[\ZQK\ \W JM MTQOQJTM \W ZMKMQ^M [\I\M WZ NMLMZIT N]VLQVO NWZ [XMKQITTa LM[QOVML QV[\Z]K\QWV IVL ZMTI\ML[MZ^QKM[ NWZ M`KMX\QWVIT [\]LMV\[% Q\ [PITT LW \PM NWTTW_QVO3

*' 7M^MTWX I _ZQ\\MV [\I\MUMV\ WN XWTQKQM[ IVL XZWKML]ZM[ NWZ XZW^QLQVO IV IXXZWXZQI\M XZWOZIU WN [XMKQITTaLM[QOVML QV[\Z]K\QWV IVL ZMTI\ML [MZ^QKM[ NWZ M`KMX\QWVIT [\]LMV\[

+' E]JUQ\ Q\[ _ZQ\\MV [\I\MUMV\ WN XWTQKQM[ IVL XZWKML]ZM[ \W \PM 5]ZMI] WN 8`KMX\QWVIT 8L]KI\QWV IVL E\]LMV\EMZ^QKM[ #5]ZMI]$ NWZ IXXZW^IT

,' DMXWZ\ \W 97B8 \PM \W\IT V]UJMZ WN [\]LMV\[ QV \PM [KPWWT LQ[\ZQK\ ZMKMQ^QVO QV[\Z]K\QWV QV MIKP [XMKQIT XZWOZIUNWZ M`KMX\QWVIT [\]LMV\[ QV \PM UIVVMZ XZM[KZQJML Ja 97B8

FPM =784 KWZZM[XWVLQVO NMLMZIT ZMO]TI\QWV[% [\I\M [\I\]\M[% IVL E\I\M 5WIZL WN 8L]KI\QWV Z]TM[ ZMTI\QVO \W [XMKQITXZWOZIU[ NWZ M`KMX\QWVIT [\]LMV\[ [MZ^M I[ KZQ\MZQI NWZ \PM ZM^QM_ IVL IXXZW^IT WN \PM LQ[\ZQK\"[ EC!C LWK]UMV\'

FPM [KPWWT LQ[\ZQK\ _QTT []JUQ\ \PM EC!C LWK]UMV\ QV IKKWZLIVKM _Q\P \PM \QUMTQVM[ M[\IJTQ[PML QV [' *)),'.0% 9'E'% ['*)),'.0,% 9'E'% IVL D]TM /4&/'),-**% 9'4'6'

4<FJ@G<B<CI 4<A7I<; ID I?< 6H< D= 4<HIG7@CI 7C; 5<9AJH@DC

=V IKKWZLIVKM _Q\P [' *)),'.0,% 9'E'% (6- 4. 5-675)037 )3, 6-+186043 43 678,-376 907/ ,06)*01070-6% \PM LQ[\ZQK\ []JUQ\\MLXWTQKQM[ IVL XZWKML]ZM[ ZMTI\ML \W \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV Ja >IV]IZa ,*% +)*+'

BVM WN \PM NWTTW_QVO BJHI JM [MTMK\ML3

FPM LQ[\ZQK\ PI[ UILM CD KPIVOM[ \W \PMQZ XWTQKQM[ IVL XZWKML]ZM[ ZMOIZLQVO \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV'

FPM LQ[\ZQK\ PI[ UILM KPIVOM[ \W \PMQZ XWTQKQM[ IVL XZWKML]ZM[ ZMOIZLQVO \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV'

FPQ[ [MK\QWV Q[ VW\ IXXTQKIJTM NWZ \PM LQ[\ZQK\'

+@HIG@9I 7C; 59?DDA$)7H<; 5I7C;7G;H =DG +D9JB<CI@C># 4<EDGI@C># 7C; 1DC@IDG@C> I?< 6H< D= 17CJ7A#3?MH@97A# DG 1<9?7C@97A 4<HIG7@CI 7C; 5<9AJH@DC +<K<ADE<; 8M I?< -+2,

+@HIG@9I 0<K<A 5I7C;7G;H

+@HIG@9IH H?7AA'

g <I^M _ZQ\\MV XZWKML]ZM[ NWZ ZMXWZ\QVO QVKQLMV\[ WN ZM[\ZIQV\ IVL [MKT][QWV ][QVO \PM 97B8 _MJ&JI[ML ZMXWZ\QVO[a[\MU'

g <I^M XWTQKQM[ IVL XZWKML]ZM[ NWZ ZM[\ZIQV\ IVL [MKT][QWV WV NQTM _Q\P \PM 5]ZMI] WN 8`KMX\QWVIT 8L]KI\QWV IVLE\]LMV\ EMZ^QKM['

g <I^M \ZIQVQVO NWZ XMZ[WVVMT WV \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV IVL UIQV\IQV ZMKWZL[ WN []KP \ZIQVQVO[' FPMZMKWZL[ UIQV\IQVML [PW]TL QVKT]LM% J]\ VW\ JM TQUQ\ML \W3

D )-81> ;2 <1=>;9917 ?=-5910

D %1>/=5<?5;9 ;2 ?=-59593 =1/15A10

D %-?1> ;2 ?=-59593>

g <I^M I _ZQ\\MV XTIV NWZ ZML]KQVO ZM[\ZIQV\ IVL [MKT][QWV

/175 ( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

+@HIG@9I 1DC@IDG@C> 5I7C;7G;H

+@HIG@9IH H?7AA'

g <I^M _ZQ\\MV XWTQKQM[ IVL XZWKML]ZM[ NWZ UWVQ\WZQVO \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV NWZ [\]LMV\[ _Q\PLQ[IJQTQ\QM[ I\ \PM KTI[[ZWWU% J]QTLQVO% [KPWWT% IVL LQ[\ZQK\ TM^MT['

g <I^M I XTIV NWZ ZM^QM_QVO ZM[\ZIQV\ IVL [MKT][QWV LI\I IVL MNNMK\Q^MVM[[ WN QV[\Z]K\QWVIT IVL JMPI^QWZITXZIK\QKM[ ][ML \W ZML]KM \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV% \W QVKT]LM _PMV% _PMZM% IVL _Pa \PM ZM[\ZIQV\ WZ[MKT][QWV WKK]ZZML'

g <I^M XWTQKQM[ IVL XZWKML]ZM[ NWZ UWVQ\WZQVO \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV WV NQTM _Q\P \PM 5]ZMI] WN8`KMX\QWVIT 8L]KI\QWV IVL E\]LMV\ EMZ^QKM['

g =UXTMUMV\ I XTIV NWZ \PM X]ZXW[M WN ZML]KQVO \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV \PI\ QVKT]LM[ IK\Q^Q\QM[% [SQTT[IVL ZM[W]ZKM['

g 8V[]ZM \PI\ ZWWU[ ][ML NWZ [MKT][QWV UMM\ \PM ZMY]QZMUMV\[ WN D]TM /24&.1'))1-% 9'4'6'

59?DDA 0<K<A 5I7C;7G;H

59?DDAH H?7AA'

g <I^M _ZQ\\MV [KPWWT&JI[ML XZWKML]ZM[ NWZ ZMXWZ\QVO QVKQLMV\[ WN ZM[\ZIQV\ IVL [MKT][QWV ][QVO \PM 97B8 _MJ&JI[ML ZMXWZ\QVO [a[\MU'

g <I^M [KPWWT&JI[ML XMZ[WVVMT _PW IZM \ZIQVML \W MV\MZ IVL ZMXWZ\ QVKQLMV\[ ][QVO \PM 97B8 _MJ&JI[MLZMXWZ\QVO [a[\MU'

g 9WTTW_ XZWKML]ZM[ NWZ _ZQ\\MV VW\QNQKI\QWV WN QVKQLMV\[ WN ZM[\ZIQV\ IVL [MKT][QWV WV \PM LIa WN \PM QVKQLMV\%QVKT]LQVO% J]\ VW\ TQUQ\ML \W3

D +=;A50593 <-=19?> B5?4 - 9;?525/-?5;9 59 B=5?593 ;2 -9C 59/5019? ;2 =1>?=-59? ;= >1/7@>5;9$ ,45> B=5??19VW\QNQKI\QWV U][\ QVKT]LM \PM \aXM WN ZM[\ZIQV\ ][ML IVL IVa QVR]ZQM[ WKK]ZZQVO L]ZQVO WZ ZM[]T\QVO NZWU \PMZM[\ZIQV\'

D (-6593 =1->;9-.71 122;=?> ?; /;9?-/? ?41 <-=19? A5- ?171<4;91 ;= 18-57 ;9 ?41 0-C ;2 ?41 59/5019?$

D *.?-59593 ?41 <-=19?"> >53910 -/69;B71031819? ;2 =1/15<? ;2 ?41 9;?525/-?5;9$

D (-59?-59593 ?41 0;/@819?-?5;9 ;2 ?41 <-=19?"> >53910 -/69;B71031819? ;2 9;?5/1$

g 9WTTW_ XZWKML]ZM[ NWZ _ZQ\\MV QVKQLMV\ ZMXWZ\QVO% QVKT]LQVO% J]\ VW\ TQUQ\ML \W3

D +=;A50593 <-=19?> B5?4 - B=5??19 59/5019? =1<;=? 3191=-?10 .C ?41 '%*& B1.#.->10 =1<;=?593 >C>?18 .CUIQT _Q\PQV \PZMM #,$ [KPWWT LIa[ WN IVa QVKQLMV\ WN ZM[\ZIQV\ WZ [MKT][QWV'

D *.?-59593 ?41 <-=19?"> >53910 -/69;B71031819? ;2 =1/15<? ;2 ?41 59/5019? =1<;=?$

D (-59?-59593 ?41 0;/@819?-?5;9 ;2 ?41 <-=19?"> >53910 -/69;B71031819? ;2 =1/15<? ;2 ?41 59/5019?$

g @ISM I UQVQU]U WN \_W #+$ I\\MUX\[ \W WJ\IQV _ZQ\\MV XIZMV\ IKSVW_TMLOMUMV\ _PMV XIZMV\[ NIQT \W ZM[XWVL \WQVQ\QIT VW\QKM[ WZ QVKQLMV\ ZMXWZ\['

+@HIG@9I 3DA@9@<H

*' CPa[QKIT ZM[\ZIQV\ h BVM WN \PM NWTTW_QVO U][\ JM [MTMK\ML3

=V ILLQ\QWV \W \PQ[ EC!C LWK]UMV\% \PM LQ[\ZQK\ ?7H I _ZQ\\MV XWTQKa ZMOIZLQVO 7AADL78A< JH< DG EGD?@8@I@DCWN XPa[QKIT ZM[\ZIQV\' FPQ[ XWTQKa Q[ QVKT]LML QV 4XXMVLQ` 7'

FPQ[ EC!C LWK]UMV\ Q[ \PM LQ[\ZQK\"[ WVTa _ZQ\\MV XWTQKa ZMOIZLQVO \PM 7AADL78A< JH< DG EGD?@8@I@DC WNXPa[QKIT ZM[\ZIQV\'

+' EMKT][QWV h BVM WN \PM NWTTW_QVO U][\ JM [MTMK\ML3

/175 ) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

=V ILLQ\QWV \W \PQ[ EC!C LWK]UMV\% \PM LQ[\ZQK\ ?7H I _ZQ\\MV XWTQKa ZMOIZLQVO 7AADL78A< JH< DG EGD?@8@I@DCWN [MKT][QWV' FPQ[ XWTQKa Q[ QVKT]LML QV 4XXMVLQ` 7'

FPQ[ EC!C LWK]UMV\ Q[ \PM LQ[\ZQK\"[ WVTa _ZQ\\MV XWTQKa ZMOIZLQVO \PM 7AADL78A< JH< DG EGD?@8@I@DC WN[MKT][QWV'

(HHJG7C9<H

*' EKPWWT XMZ[WVVMT _QTT CDI ][M I UMKPIVQKIT ZM[\ZIQV\ WZ I UIV]IT WZ XPa[QKIT ZM[\ZIQV\ \PI\ ZM[\ZQK\[ I [\]LMV\"[JZMI\PQVO'

+' EKPWWT XMZ[WVVMT _QTT CDI KTW[M% TWKS% WZ XPa[QKITTa JTWKS I [\]LMV\ QV I ZWWU \PI\ Q[ ]VTQ\ IVL LWM[ VW\ UMM\ \PMZMY]QZMUMV\[ NWZ [MKT][QWV \QUM&W]\ ZWWU[ XZW^QLML QV E\I\M 9QZM @IZ[PIT D]TM /24&.1'))1-% 9'4'6'

+D9JB<CI7I@DC 7C; /C9@;<CI 4<EDGI@C>

*' EKPWWT[ IZM ZMY]QZML \W VW\QNa \PM XIZMV\ WZ O]IZLQIV MIKP \QUM UIV]IT WZ XPa[QKIT ZM[\ZIQV\ WZ [MKT][QWV Q[ ][ML_Q\P I [\]LMV\ _Q\P I LQ[IJQTQ\a' E]KP VW\QNQKI\QWV _QTT JM QV _ZQ\QVO IVL XZW^QLML JMNWZM \PM MVL WN \PM [KPWWT LIaWV _PQKP \PM ZM[\ZIQV\ WZ [MKT][QWV WKK]ZZML' =V IKKWZLIVKM _Q\P [\IVLIZL[ LM^MTWXML Ja 97B8% \PM VW\QKM U][\QVKT]LM \PM \aXM WN ZM[\ZIQV\ ][ML IVL IVa QVR]ZQM[ WKK]ZZQVO L]ZQVO WZ ZM[]T\QVO NZWU \PM ZM[\ZIQV\' 4LLQ\QWVITTa%ZMI[WVIJTM MNNWZ\[ _QTT JM \ISMV \W VW\QNa \PM XIZMV\ WZ O]IZLQIV Ja \MTMXPWVM WZ MUIQT% WZ JW\P% IVL \PW[M MNNWZ\[_QTT JM LWK]UMV\ML'

+' FPM [KPWWT _QTT WJ\IQV% IVL SMMX QV Q\[ ZMKWZL[% \PM XIZMV\"[ WZ O]IZLQIV"[ [QOVML IKSVW_TMLOMUMV\ \PI\ PM WZ[PM _I[ VW\QNQML WN \PM [\]LMV\"[ ZM[\ZIQV\ WZ [MKT][QWV' =V IKKWZLIVKM _Q\P [\IVLIZL[ LM^MTWXML Ja 97B8% \PMLQ[\ZQK\ U][\ UISM I UQVQU]U WN \_W I\\MUX\[ \W WJ\IQV _ZQ\\MV XIZMV\ IKSVW_TMLOMUMV\ WN ZMKMQX\ WN \PMVW\QNQKI\QWV _PMV \PM XIZMV\ NIQT[ \W ZM[XWVL \W \PM QVQ\QIT VW\QKM'

,' FPM [KPWWT _QTT XZMXIZM IV QVKQLMV\ ZMXWZ\ _Q\PQV \_MV\a&NW]Z #+-$ PW]Z[ IN\MZ I [\]LMV\ Q[ ZMTMI[ML NZWU ZM[\ZIQV\WZ [MKT][QWV' =N \PM [\]LMV\"[ ZMTMI[M WKK]Z[ WV I LIa JMNWZM \PM [KPWWT KTW[M[ NWZ \PM _MMSMVL% I PWTQLIa% WZIVW\PMZ ZMI[WV% \PM QVKQLMV\ ZMXWZ\ _QTT JM KWUXTM\ML Ja \PM MVL WN \PM [KPWWT LIa WV \PM LIa \PM [KPWWTZMWXMV[' FPM [KPWWT _QTT XZW^QLM \PM XIZMV\ _Q\P \PM KWUXTM\ML QVKQLMV\ ZMXWZ\ QV _ZQ\QVO Ja UIQT _Q\PQV \PZMM #,$[KPWWT LIa[ IN\MZ \P [\]LMV\ _I[ UIV]ITTa WZ XPa[QKITTa ZM[\ZIQVML WZ [MKT]LML'

-' FPM [KPWWT _QTT WJ\IQV% IVL SMMX QV Q\[ ZMKWZL[% \PM XIZMV\"[ WZ O]IZLQIV"[ [QOVML IKSVW_TMLOMUMV\ \PI\ PM WZ[PM G<9<@K<; 7 9DEM D= I?< @C9@;<CI G<EDGI ' =V IKKWZLIVKM _Q\P [\IVLIZL[ LM^MTWXML Ja 97B8% \PM LQ[\ZQK\U][\ UISM I UQVQU]U WN \_W #+$ I\\MUX\[ \W WJ\IQV _ZQ\\MV XIZMV\ IKSVW_TMLOMUMV\ WN ZMKMQX\ WN \PM QVKQLMV\ZMXWZ\ _PMV \PM XIZMV\ NIQT[ \W ZM[XWVL \W \PM QVQ\QIT ZMXWZ\'

.' FPM NWTTW_QVO _QTT JM QVKT]LML QV \PM QVKQLMV\ ZMXWZ\3

I' FPM VIUM WN \PM [\]LMV\ ZM[\ZIQVML WZ [MKT]LML

J' FPM IOM% OZILM% M\PVQKQ\a% IVL LQ[IJQTQ\a WN \PM [\]LMV\ ZM[\ZIQVML WZ [MKT]LML

K' FPM LI\M IVL \QUM WN \PM M^MV\% IVL \PM L]ZI\QWV WN \PM ZM[\ZIQV\ WZ [MKT][QWV

L' FPM TWKI\QWV I\ _PQKP \PM ZM[\ZIQV\ WZ [MKT][QWV WKK]ZZML

M' 4 LM[KZQX\QWV WN \PM \aXM WN ZM[\ZIQV\ ][ML QV \MZU[ M[\IJTQ[PML Ja \PM 97B8

N' FPM VIUM WN \PM XMZ[WV#[$ ][QVO WZ I[[Q[\QVO QV \PM ZM[\ZIQV\ WZ [MKT][QWV WN \PM [\]LMV\

O' FPM VIUM WN IVa VWV[\]LMV\ _PW _I[ XZM[MV\ \W _Q\VM[[ \PM ZM[\ZIQV\ WZ [MKT][QWV

P' 4 LM[KZQX\QWV WN \PM QVKQLMV\% QVKT]LQVO \PM NWTTW_QVO3

*' FPM KWV\M`\ QV _PQKP \PM ZM[\ZIQV\ WZ [MKT][QWV WKK]ZZML

+' FPM [\]LMV\"[ JMPI^QWZ TMILQVO ]X \W IVL XZMKQXQ\I\QVO \PM LMKQ[QWV \W ][M UIV]IT WZ XPa[QKITZM[\ZIQV\ WZ [MKT][QWV% QVKT]LQVO IV QVLQKI\QWV I[ \W _Pa \PMZM _I[ IV QUUQVMV\ ZQ[S WN [MZQW][QVR]Za WZ LMI\P \W \PM [\]LMV\ WZ W\PMZ[

,' FPM [XMKQNQK XW[Q\Q^M JMPI^QWZIT [\ZI\MOQM[ ][ML \W XZM^MV\ IVL LMM[KITI\M \PM JMPI^QWZ

/175 * >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-' HPI\ WKK]ZZML _Q\P \PM [\]LMV\ QUUMLQI\MTa IN\MZ \PM \MZUQVI\QWV WN \PM ZM[\ZIQV\ WZ [MKT][QWV

.' 4Va QVR]ZQM[% ^Q[QJTM UIZS[% WZ XW[[QJTM UMLQKIT MUMZOMVKQM[ \PI\ UIa PI^M WKK]ZZML L]ZQVO \PMZM[\ZIQV\ WZ [MKT][QWV% LWK]UMV\ML IKKWZLQVO \W LQ[\ZQK\ XWTQKQM[

/' 8^QLMVKM WN [\MX[ \ISMV \W VW\QNa \PM [\]LMV\"[ XIZMV\ WZ O]IZLQIV

/' =VKQLMV\[ WN ZM[\ZIQV\ IVL [MKT][QWV IZM ZMXWZ\ML \W 97B8 ^QI I _MJ[Q\M LM^MTWXML NWZ \PQ[ X]ZXW[M% QV I UIVVMZXZM[KZQJML Ja 97B8'

+@HIG@9I 3GD9<;JG<H

FPM LQ[\ZQK\ PI[ QV XTIKM XWTQKQM[ IVL XZWKML]ZM[ \PI\ OW^MZV #*$ XIZMV\ VW\QNQKI\QWV% #+$ QVKQLMV\ ZMXWZ\QVO% #,$ ZMXWZ\QVOWN LQ[\ZQK\ LI\I ZM^QM_% #-$ UWVQ\WZQVO% #.$ \ZIQVQVO XZWOZIU[% \W QVKT]LM I XTIV NWZ \PM [MTMK\QWV WN XMZ[WVVMT \W JM\ZIQVML% IVL #/$ \PM LQ[\ZQK\"[ XTIV NWZ ZML]KQVO \PM ][M WN ZM[\ZIQV\ IVL [MKT][QWV' !%/)57-5 6+/4416# &'' .)+01070-6# )3,+4375)+7-, 5-60,-370)1 .)+01070-6 2867 *- 03+18,-,$"

*' 7M[KZQJM \PM LQ[\ZQK\"[ XZWKML]ZM[ NWZ XZW^QLQVO \PM XIZMV\ _Q\P I KWXa WN \PM LG@II<C CDI@9< DC I?< ;7M D= I?<@C9@;<CI'

7M[KZQJM PW_ XIZMV\[ IZM XZW^QLML _ZQ\\MV VW\QKM WV \PM LIa \PM ZM[\ZIQV\ WZ [MKT][QWV WKK]ZZML'

CZWKML]ZM[ U][\ QVKT]LM \PM NWTTW_QVO3g <W_ XIZMV\[ IZM XZW^QLML _ZQ\\MV VW\QKM WV \PM LIa \PM ZM[\ZIQV\ WKK]ZZMLg FPM XMZ[WV #Ja ZWTM WZ \Q\TM$ ZM[XWV[QJTM NWZ XZMXIZQVO \PM _ZQ\\MV VW\QKMg <W_ ZMI[WVIJTM MNNWZ\[ IZM UILM WV \PM LIa WN \PM QVKQLMV\ \W KWV\IK\ \PM XIZMV\ Ja XPWVM WZ MUIQT WZ JW\Pg <W_ ZMKWZL[ WN \PM XIZMV\"[ IKSVW_TMLOMUMV\ \PI\ \PM _ZQ\\MV VW\QKM _I[ ZMKMQ^ML IZM ZM\IQVML% IVL IK\QWV[\PI\ IZM \ISMV QV \PM M^MV\ \PM XIZMV\ LWM[ VW\ XZW^QLM I [QOVML IKSVW_TMLOMUMV\ WN \PM QVQ\QIT _ZQ\\MV VW\QKM'

@IV]IT XPa[QKIT ZM[\ZIQV\ U][\ WVTa JM ][ML I[ I TI[\ ZM[WZ\% QV MUMZOMVKa [Q\]I\QWV[ _PMZM IOOZM[[Q^MIVL(WZ [MTN&QVR]ZQW][ JMPI^QWZ[ XZM[MV\ IV QUUMLQI\M% [QOVQNQKIV\% IVL QUUQVMV\ \PZMI\ \W \PM XPa[QKIT [INM\a WN\PM [\]LMV\ IVL(WZ W\PMZ['

CIZMV\[(O]IZLQIV[ U][\ JM QVNWZUML WN MIKP MXQ[WLM WN ZM[\ZIQV\ QV _ZQ\QVO% JMNWZM \PM MVL WN \PM [KPWWT LIaWV _PQKP \PM ZM[\ZIQV\ WKK]Z[' FPM 9?7B8 DM[\ZIQV(EMKT][QWV =VKQLMV\ DMXWZ\ Q[ ][ML \W QVNWZU XIZMV\[ WN \PMQVKQLMV\' =VKQLMV\ ZMXWZ\ _QTT JM PIVL LMTQ^MZML QV XMZ[WV _PMV XW[[QJTM IVL QN \PQ[ Q[ VW\ XW[[QJTM% QVKQLMV\ZMXWZ\ _QTT JM UIQTML ^QI GVQ\ML E\I\M[ CW[\IT [MZ^QKM \W XIZMV\[ ILLZM[['

EXMKQNa XMZ[WVVMT #Ja ZWTM WZ \Q\TM$ ZM[XWV[QJTM NWZ XZMXIZQVO \PM _ZQ\\MV VW\QKM'

FPM XW[Q\QWV(XMZ[WV ZM[XWV[QJTM NWZ XZMXIZQVO \PM _ZQ\\MV VW\QKM Q[ \PM [KPWWT ILUQVQ[\ZI\WZ'

7M[KZQJM PW_ ZMI[WVIJTM MNNWZ\[ IZM UILM WV \PM LIa WN \PM QVKQLMV\ \W KWV\IK\ \PM XIZMV\ Ja XPWVM WZ MUIQT WZJW\P'

DMI[WVIJTM MNNWZ\[ Ja \PM [KPWWT ILUQVQ[\ZI\WZ U][\ IT[W JM \ISMV \W VW\QNa \PM XIZMV\(O]IZLQIV Ja \MTMXPWVM%KWUX]\MZ M&UIQT WZ JW\P IVL \PM[M MNNWZ\[ U][\ JM LWK]UMV\ML'

/175 + >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

7M[KZQJM PW_ ZMKWZL[ WN \PM XIZMV\"[ IKSVW_TMLOMUMV\ \PI\ \PM _ZQ\\MV VW\QKM _I[ ZMKMQ^ML IZM ZM\IQVML% IVLIK\QWV[ \PI\ IZM \ISMV QV \PM M^MV\ \PM XIZMV\ LWM[ VW\ XZW^QLM I [QOVML IKSVW_TMLOMUMV\ WN \PM QVQ\QIT _ZQ\\MVVW\QKM'

4 PIZL KWXa WN \PM QVKQLMV\ ZMXWZ\% \PM [QOVML VW\QNQKI\QWV TM\\MZ% IVL IKSVW_TMLOMUMV\ \PI\ \PMXIZMV\(O]IZLQIV ZMKMQ^ML I KWXa WN \PM QVKQLMV\ ZMXWZ\ Q[ UIQV\IQVML QV \PM [\]LMV\"[ LQ[KQXTQVM NQTM I\ \PM[KPWWT IVL LQ[\ZQK\ 8E8 WNNQKM'

DMKWZL[ WN XIZMV\"[ IKSVW_TMLOMUMV\ WN \PM ZMKMQX\ WN \PM QVKQLMV\ ZMXWZ\ IZM ZM\IQVML QV \PM [\]LMV\"[LQ[KQXTQVM NQTM I\ \PM [KPWWT' =N \PM XIZMV\ NIQT[ \W XZW^QLM I [QOVML IKSVW_TMLOMUMV\ WN ZMKMQX\ WN \PM QVKQLMV\ZMXWZ\% \PMV <MVLZa 6W]V\a EKPWWT 7Q[\ZQK\ _QTT ][M \PM CIZMV\ AW\QNQKI\QWV ?M\\MZ #8E8 *))$ \W ZMKWZL LI\M[ WN\MTMXPWVM WZ KWUX]\MZ M&UIQT% IVL _ZQ\\MV KWV\IK\[ _Q\P XIZMV\[ _PQKP ILLZM[[ \PM QVKQLMV\'

+' 7M[KZQJM \PM LQ[\ZQK\"[ XZWKML]ZM[ NWZ XZW^QLQVO XIZMV\[ _Q\P I KWXa WN \PM @C9@;<CI G<EDGI L@I?@C I?G<< !&"H9?DDA ;7MH WN \PM QVKQLMV\'

EXMKQNa XMZ[WVVMT #Ja ZWTM WZ \Q\TM$ ZM[XWV[QJTM NWZ XZMXIZQVO \PM QVKQLMV\ ZMXWZ\'

@IV]IT XPa[QKIT ZM[\ZIQV\ U][\ WVTa JM ][ML I[ I TI[\ ZM[WZ\% QV MUMZOMVKa [Q\]I\QWV[ _PMZM IOOZM[[Q^MIVL(WZ [MTN&QVR]ZQW][ JMPI^QWZ[ XZM[MV\ IV QUUMLQI\M% [QOVQNQKIV\% IVL QUUQVMV\ \PZMI\ \W \PM XPa[QKIT [INM\a WN\PM [\]LMV\ IVL(WZ W\PMZ['

FPM XMZ[WV QUXTMUMV\QVO \PM ZM[\ZIQV\ Q[ ZM[XWV[QJTM NWZ XZMXIZQVO \PM =VKQLMV\ DMXWZ\ XZW^QLML WV \PM E\I\MDMXWZ\QVO 7I\I 8V\Za _MJ [Q\M IVL []JUQ\\QVO Q\ \W \PM XZQVKQXIT NWZ ZM^QM_'

7M[KZQJM PW_ \PM XIZMV\[ IZM XZW^QLML I KWXa WN \PM QVKQLMV\ ZMXWZ\ _Q\PQV \PZMM #,$ [KPWWT LIa[ WN \PM QVKQLMV\'

FPM XMZ[WV QUXTMUMV\QVO \PM ZM[\ZIQV\ KWUXTM\M[ \PM E\I\M DMXWZ\QVO 7I\I 8V\Za IVL XZQV\[ \PM ZMXWZ\ \W [MVL\W CIZMV\(;]IZLQIV _Q\P I 7Q[\ZQK\ KW^MZ TM\\MZ #8E8 *)*$' #E\I\M TI_ ZMY]QZM[ \PI\ XIZMV\[ ZMKMQ^M I KWXa WN\PM =VKQLMV\ DMXWZ\ VW TI\MZ \PIV \PZMM LIa[ IN\MZ \PM QVKQLMV\'$ =VKQLMV\ ZMXWZ\ _QTT JM [MV\ KMZ\QNQML UIQT _Q\P[QOVML ZMKMQX\'

/175 $# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

8N\L[RKN QX` [NLX[M\ XO ]QN YJ[NW]"\ JLTWX`UNMPNVNW] ]QJ] ]QN `[R]]NW [NYX[] `J\ [NLNR_NM J[N [N]JRWNM& JWMJL]RXW\ ]QJ] J[N ]JTNW RW ]QN N_NW] ]QN YJ[NW] MXN\ WX] Y[X_RMN J \RPWNM JLTWX`UNMPNVNW] XO ]QN RWR]RJU RWLRMNW][NYX[](

>W JMMR]RXW ]X ]QN YJ[NW] [NLNR_RWP ]QN [NYX[] `R]QRW ]Q[NN MJb\ XO ]QN RWLRMNW] _RJ LN[]RORNM VJRU `R]Q \RPWNM[NLNRY]& J QJ[M LXYb XO ]QN RWLRMNW] [NYX[] R\ VJRW]JRWNM RW ]QN \]^MNW]"\ MR\LRYURWN ORUN J] ]QN \LQXXU JWM MR\][RL]9F9 XOORLN(

GQN RWLRMNW] [NYX[] JWM 9F9 +*+ J[N Y[X_RMNM ]X ]QN YJ[NW]& JUXWP `R]Q J \NUO'JMM[N\\NM \]JVYNM NW_NUXYN`QRLQ `RUU KN RWLU^MNM OX[ DJ[NW])<^J[MRJW ]X ^\N ]X [N]^[W \RPWJ]^[N YJPN( DJ[NW] BX]RORLJ]RXW @N]]N[ #9F9+**$ R\ ^\NM ]X [NLX[M MJ]N\ XO ]NUNYQXWN X[ LXVY^]N[ N'VJRU& JWM `[R]]NW LXW]JL]\ `R]Q YJ[NW]\ `QNW YJ[NW]\OJRU ]X JLTWX`UNMPN [NLNRY] XO ]QN RWLRMNW] [NYX[](

=X` MXN\ ]QN MR\][RL] VXWR]X[ ]QN RVYUNVNW]J]RXW XO [N\][JRW] JWM \NLU^\RXW Y[JL]RLN\ ]X RWLU^MN [NYX[]RWP[NZ^R[NVNW]\ RW ]QN OXUUX`RWP4

2 "*%/1(/ 0&*..,0

2 #$$ )%&+,+1+(0

2 ".-1/%&1(' /(0+'(-1+%, )%&+,+1+(0

=NWM[b 7X^W]b MXN\ WX] QJ_N LQJ[]N[ \LQXXU\& 8?? OJLRUR]RN\& X[ LXW][JL]NM [N\RMNW]RJU OJLRUR]RN\(

-( 8N\L[RKN ]QN MR\][RL]"\ 1'4+'5 /( &#3# JWM [NYX[]RWP Y[XLNM^[N\(

FYNLROb YN[\XWWNU #Kb [XUN X[ ]R]UN$ [N\YXW\RKUN OX[ LXUUNL]RWP &#3# +. 3*' 5'$"$#2'& 1'0/13+.) 2623'- 5+3*+.3*' 2%*//,! #.& 3/ 5*/- +3 +2 1'0/13'& #3 3*' 2%*//, #.& &+231+%3 ,'4',( #N(P(& Y[RWLRYJU& 9F9 MR[NL]X[&\^YN[RW]NWMNW]$(

i GQN YN[\XW #Kb [XUN X[ ]R]UN$ [N\YXW\RKUN OX[ LXUUNL]RWP JWM [NYX[]RWP MJ]J `R]QRW ]QN \LQXXU JWM MR\][RL]&JWM ]X `QXV R] R\ [NYX[]NM #N(P(& Y[RWLRYJU& 9F9 MR[NL]X[& \^YN[RW]NWMNW]$i GQN ]RVNURWN\ OX[ MJ]J LXUUNL]RXW JWM [NYX[]RWP `R]QRW ]QN MR\][RL](

FLQXXU YN[\XWWNU [N\YXW\RKUN OX[ LXUUNL]RWP JWM [NYX[]RWP MJ]J R\ ]QN K^RUMRWP Y[RWLRYJU X[ MN\RPWNN `QX ]QNW[NYX[]\ ]X ]QN 9F9 8R[NL]X[ X[ MN\RPWNN(

/175 $$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

D[X_RMN RWOX[VJ]RXW [NPJ[MRWP ]QN ]RVNURWN\& Y[XLN\\ JWM MXL^VNW]J]RXW OX[ [N_RN` XO MJ]J JWM [NYX[]RWP `R]QRW]QN MR\][RL](

8J]J LXUUNL]NM `RUU KN [N_RN`NM Kb ]QN 9F9 8R[NL]X[ VXW]QUb( GQN 9F9 8R[NL]X[ `RUU [NYX[] ORWMRWP\ ]X ]QN\LQXXU JMVRWR\][J]X[ XW J VXW]QUb KJ\R\(

.( 8N\L[RKN ]QN MR\][RL]"\ Y[XLNM^[N\ OX[ VXWR]X[RWP MJ]J LXUUNL]RXW JWM [NYX[]RWP JWM ]QN ^\N XO [N\][JRW] JWM\NLU^\RXW J] ]QN LUJ\\[XXV& K^RUMRWP& JWM MR\][RL] UN_NU( GQN\N VXWR]X[RWP Y[XLNM^[N\ V^\] JMM[N\\ `QNW&`QN[N& JWM `Qb \]^MNW]\ J[N [N\][JRWNM X[ \NLU^MNM JWM ]QN O[NZ^NWLb XO ]QN XLL^[[NWLN\ XO [N\][JRW] X[\NLU^\RXW& RWLU^MRWP Y[XWN JWM VNLQJWRLJU [N\][JRW]( !%.(46,4 5*.3305# &'' -(*/0/6/,5# (2+ *3264(*6,+ 4,5/+,26/(0-(*/0/6/,5 1756 ), /2*07+,+$"

8N\L[RKN QX` ]QN MR\][RL] `RUU VXWR]X[ \LQXXU Y[JL]RLN\ [NUJ]NM ]X ]QN MJ]J LXUUNL]RXW JWM [NYX[]RWP ]X YJ[NW]\&RWLU^MRWP #J$ MJ]J NW][b RW]X ]QN ;8C9 `NK'KJ\NM \b\]NV3 #K$ LXW]NW] XO ]QN `[R]]NW WX]RLN3 #L$ NVJRU X[]NUNYQXWN J]]NVY]\ ]X LXW]JL] YJ[NW]\ XW ]QN MJb XO ]QN RWLRMNW]3 #M$ Y[X_R\RXW XO `[R]]NW WX]RLN JWM RWLRMNW][NYX[]\ ]X ]QN YJ[NW] `R]QRW ]QN [NZ^R[NM ]RVNURWN\3 #N$ VJRW]JRWRWP MXL^VNW]J]RXW XO ]QN YJ[NW]"\JLTWX`UNMPNVNW]\ XO ]QN [NLNRY] XO `[R]]NW WX]RLN\ JWM [NYX[]\3 JWM #O$ VJTRWP JMMR]RXWJU J]]NVY]\ ]X XK]JRW`[R]]NW YJ[NW] JLTWX`UNMPNVNW] `QNW ]QN YJ[NW] OJRU\ ]X JLTWX`UNMPN ]QN RWR]RJU `[R]]NW WX]RLN X[ RWLRMNW][NYX[](

AJW^JU YQb\RLJU [N\][JRW] V^\] XWUb KN ^\NM J\ J UJ\] [N\X[]& RW NVN[PNWLb \R]^J]RXW\ `QN[N JPP[N\\R_NJWM)X[ \NUO'RWS^[RX^\ KNQJ_RX[\ Y[N\NW] JW RVVNMRJ]N& \RPWRORLJW]& JWM RVVRWNW] ]Q[NJ] ]X ]QN YQb\RLJU \JON]b XO]QN \]^MNW] JWM)X[ X]QN[\(

GQN YN[\XW RVYUNVNW]RWP ]QN [N\][JRW] R\ [N\YXW\RKUN OX[ Y[NYJ[RWP ]QN >WLRMNW] ENYX[] Y[X_RMNM XW ]QN F]J]NENYX[]RWP 8J]J 9W][b `NK \R]N JWM \^KVR]]RWP R] ]QN Y[RWLRYJU OX[ [N_RN`(

GQN YN[\XW RVYUNVNW]RWP ]QN [N\][JRW] LXVYUN]N\ ]QN F]J]N ENYX[]RWP 8J]J 9W][b JWM Y[RW]\ ]QN [NYX[] ]X \NWM]X DJ[NW])<^J[MRJW `R]Q J 8R\][RL] LX_N[ UN]]N[ #9F9 +*+$( #F]J]N UJ` [NZ^R[N\ ]QJ] YJ[NW]\ [NLNR_N J LXYb XO]QN >WLRMNW] ENYX[] WX UJ]N[ ]QJW ]Q[NN MJb\ JO]N[ ]QN RWLRMNW]($ >WLRMNW] [NYX[] `RUU KN \NW] LN[]RORNM VJRU `R]Q\RPWNM [NLNRY](GQN \LQXXU `RUU Y[XLNM^[N\ OX[ `[R]]NW WX]RORLJ]RXW XO RWLRMNW]\ XO [N\][JRW] XW ]QN MJb XO ]QN RWLRMNW]&RWLU^MRWP& K^] WX] URVR]NM ]X2%D[X_RMRWP YJ[NW]\ `R]Q J WX]RORLJ]RXW RW `[R]RWP XO JWb RWLRMNW] XO [N\][JRW]( GQR\ `[R]]NWWX]RORLJ]RXW V^\] RWLU^MN ]QN ]bYN XO [N\][JRW] ^\NM JWM JWb RWS^[RN\ XLL^[[RWP M^[RWP X[ [N\^U]RWP O[XV ]QN[N\][JRW](%AJTRWP [NJ\XWJKUN NOOX[]\ ]X LXW]JL] ]QN YJ[NW] _RJ ]NUNYQXWN X[ NVJRU XW ]QN MJb XO ]QN RWLRMNW](%CK]JRWRWP ]QN YJ[NW]"\ \RPWNM JLTWX`UNMPNVNW] XO [NLNRY] XO ]QN WX]RORLJ]RXW(%AJRW]JRWRWP ]QN MXL^VNW]J]RXW XO ]QN YJ[NW]"\ \RPWNM JLTWX`UNMPNVNW] XO WX]RLN(

>W JMMR]RXW ]X ]QN JKX_N& J QJ[M LXYb XO ]QN RWLRMNW] [NYX[] R\ VJRW]JRWNM RW ]QN \]^MNW]"\ MR\LRYURWN ORUN J] ]QN\LQXXU JWM MR\][RL] 9F9 XOORLN(

GQN RWLRMNW] [NYX[] JWM 9F9 +*+ `RUU KN Y[X_RMNM ]X ]QN YJ[NW]& JUXWP `R]Q J J \NUO'JMM[N\\NM \]JVYNMNW_NUXYN `RUU KN RWLU^MNM OX[ DJ[NW])<^J[MRJW ]X ^\N ]X [N]^[W \RPWJ]^[N YJPN( DJ[NW] BX]RORLJ]RXW @N]]N[ #9F9+**$ R\ ^\NM ]X [NLX[M MJ]N\ XO ]NUNYQXWN X[ LXVY^]N[ N'VJRU& JWM `[R]]NW LXW]JL]\ `R]Q YJ[NW]\(

8N\L[RKN QX` ]QN MR\][RL] `RUU VXWR]X[ \LQXXU Y[JL]RLN\ [NUJ]NM ]X `QNW& `QN[N& JWM `Qb \]^MNW]\ J[N [N\][JRWNMJWM \NLU^MNM J] ]QN LUJ\\[XXV& K^RUMRWP& JWM MR\][RL] UN_NU(

/175 $% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

AXWR]X[RWP Y[XLN\\ RVYUNVNW]NM J] ]QN \LQXXU UN_NU RWLU^MN\ J \]JOO VNVKN[ XK\N[_RWP ]QN RWLRMNW] JWM[NLX[MRWP XW ]QN 8XL^VNW]J]RXW)ENYX[]RWP XO H\N XO AJW^JU DQb\RLJU EN\][JRW]( #9F9 +*,$( 5] ]QN K^RUMRWPUN_NU& ]QN \LQXXU JMVRWR\][J]X[ [N_RN`\ ]QN 9F9 +*, `R]Q ]QN YN[\XW RVYUNVNW]RWP ]QN [N\][JRW] JWM ]QNXK\N[_RWP \]JOO VNVKN[& J\ JYY[XY[RJ]N( 5] ]QN MR\][RL] UN_NU& VXWR]X[RWP XLL^[\ _RJ ]QN 8R[NL]X[ XO 9F9 ]XNW\^[N LXVYURJWLN XW J VXW]QUb KJ\R\(

8N\L[RKN QX` RWOX[VJ]RXW JKX^] [N\][JRW] JWM \NLU^\RXW MJ]J R\ #J$ \QJ[NM `R]Q \LQXXU JWM LUJ\\[XXV YN[\XWWNUMR[NL]Ub RW_XU_NM RW ]QN ^\N XO [N\][JRW] JWM \NLU^\RXW JWM #K$ [N_RN`NM ]X J\\N\\& MN_NUXY X[ [N_R\N JWMRVYUNVNW] NOONL]R_N KNQJ_RX[JU \][J]NPRN\ JWM RW\][^L]RXWJU Y[JL]RLN\ OX[ \]^MNW]\ `QX J[N O[NZ^NW]Ub [N\][JRWNMX[ \NLU^MNM(

=NWM[b 7X^W]b MXN\ WX] ^\N \NLU^\RXW( GQN RWOX[VJ]RXW JKX^] [N\][JRW] MJ]J R\ \QJ[NM `R]Q \LQXXU JWMLUJ\\[XXV YN[\XWWNU MR[NL]Ub RW_XU_NM RW ]QN ^\N XO [N\][JRW] JWM OX[ \]^MNW]\ `QX J[N O[NZ^NW]Ub [N\][JRWNM& JO^WL]RXWJU KNQJ_RX[JU J\\N\\VNW] #;H65$ R\ MXWN JWM J KNQJ_RX[JU RW]N[_NW]RXW YUJW #6>D$ R\ `[R]]NW ]XRVYUNVNW] NOONL]R_N KNQJ_RX[JU \][J]NPRN\ JWM RW\][^L]RXWJU Y[JL]RLN\( GQN ;H65 JWM 6>D J[N LXVYUN]NM Kb J6NQJ_RX[ FYNLRJUR\] X[ X]QN[ ][JRWNM \]JOO( GQN E]> ]NJV X[ ]QN >9D ]NJV MN]N[VRWN\ RO ]QN 6>D R\ NOONL]R_N JWM`QN]QN[ LQJWPN\ J[N WNNMNM(

/( 8N\L[RKN ]QN MR\][RL]"\ ][JRWRWP OX[ YN[\XWWNU XW ]QN ^\N XO [N\][JRW] JWM \NLU^\RXW JWM QX` [NLX[M\ XO \^LQ][JRWRWP\ J[N VJRW]JRWNM( GQN [NLX[M\ VJRW]JRWNM \QX^UM RWLU^MN& K^] WX] KN URVR]NM ]X& WJVN\ XO YN[\XWWNU][JRWNM& MN\L[RY]RXW XO ][JRWRWP [NLNR_NM& JWM MJ]N\ XO ][JRWRWP\(!%.(46,4 5*.3305# &'' -(*/0/6/,5# (2+ *3264(*6,+4,5/+,26/(0 -(*/0/6/,5 1756 ), /2*07+,+$"

8N\L[RKN ]QN Y[XP[JV\ ]QN MR\][RL] ^\N\ ]X ][JRW YN[\XWWNU `R]Q [NPJ[M ]X ]QN ^\N XO [N\][JRW] JWM \NLU^\RXW3 ROV^U]RYUN Y[XP[JV\ J[N ^\NM `R]QRW ]QN MR\][RL]& MN\L[RKN QX` MNLR\RXW\ J[N VJMN `R]Q [NPJ[M ]X `QNW J YJ[]RL^UJ[Y[XP[JV R\ \NUNL]NM(

IR]Q [NPJ[M ]X ]QN ^\N XO [N\][JRW] ][JRWRWP Y[XP[JV\& \NUNL] \LQXXU YN[\XWWNU J]]NWM RW\N[_RLN `X[T\QXY\^\RWP J Y[XP[JV ]Q[X^PQ ]QN 7[R\R\ >W]N[_NW]RXW >W\]R]^]N(

9JLQ \LQXXU QJ\ J 7D> ]NJV `QRLQ QJ\ KNNW WXVRWJ]NM JWM N\]JKUR\QNM Kb ]QN K^RUMRWP JMVRWR\][J]X[ JWM]QNW ][JRWNM(

GQN 7[R\R\ GNJV R\ N\]JKUR\QNM JWM ][JRWNM ]X Y[X_RMN \JON]b& \NL^[R]b& LJ[N JWM `NUOJ[N `QNW J L[R\R\XLL^[\(

8N\L[RKN QX` ]QN MR\][RL] RVYUNVNW]\ Y[XON\\RXWJU MN_NUXYVNW] XW ]QN \NUNL]NM ][JRWRWP Y[XP[JV#\$(

AJW^JU DQb\RLJU EN\][JRW] G[JRWRWP)JWM YUJW OX[ [NM^LRWP [N\][JRW](5 \LQXXU KJ\NM 7D> 7[R\R\ GNJV R\ N\]JKUR\QNM JWM ][JRWNM ]X Y[X_RMN \JON]b& \NL^[R]b& LJ[N JWM `NUOJ[N `QNWRWLRMNW]\ XLL^[( 7D> RW'\N[_RLN MXL^VNW]\ J[N TNY]& UR\]RWP WJVN\ JWM MJ]N\ XO ][JRWRWP\ ]QJ] QJ_N XLL^[[NM(=NWM[b 7X^W]b"\ Y[XLNM^[N\ OX[ [NM^LRWP [N\][JRW] J[N KJ\NM ^YXW ]QN LX[N YQRUX\XYQb M^[RWP ]QN OR[\] \RaQX^[\ XO ]QN 7D> RW'\N[_RLN LX_N[RWP ]QN ^WR]\ XO _N[KJU& WXW'_N[KJU& JWM YJ[J'_N[KJU RW]N[_NW]RXW\( GQN OX^[L[R\R\ MN_NUXYVNW] UN_NU\ J[N MR\L^\\NM `R]Q ]QN Y^[YX\N XO Y[N_NW]RWP N\LJUJ]RXW ]X J YQb\RLJU JL]RWP X^]

/175 $& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

UN_NU( D[NLRYR]J]RWP OJL]X[\ J[N JWJUbcNM KJ\NM ^YXW OXUUX` ^Y YQXWN LJUU\ `R]Q RW_XU_NM \LQXXU \]JOO `N[NY[N_NW]J]R_N O^]^[N LXYRWP \TRUU\ J[N [NLXVVNWMNM( GQN =NWM[b 7X^W]b FLQXXU 6XJ[M 6NQJ_RX[ FYNLRJUR\] `RUULXWM^L] X[ [N_RN` O^WL]RXWJU KNQJ_RX[ J\\N\\VNW]\ JWM KNQJ_RX[ RW]N[_NW]RXW YUJW\ JWM [NLXVVNWM O^[]QN[KNQJ_RX[ YUJW JU]N[J]RXW\ X[ \]JOO YXURLRN\ JWM Y[XLNM^[N\ J\ JYY[XY[RJ]N(FNUNL]RXW XO \LQXXU'KJ\NM 7D> L[R\R\ ]NJV R\ WXVRWJ]NM& N\]JKUR\QNM Kb ]QN K^RUMRWP JMVRWR\][J]X[ JWM ]QNW][JRWNM(5WW^JU 7D> [NO[N\QN[ RW'\N[_RLN ][JRWRWP\ `RUU KN Y[X_RMNM

8N\L[RKN QX` ]QN MR\][RL] VJRW]JRW\ [NLX[M\ XW ]QN ][JRWRWP XO YN[\XWWNU `R]Q [NPJ[M ]X [N\][JRW] JWM \NLU^\RXW(

GQN MR\][RL] VJRW]JRW\ [NLX[M\ XW ]QN ][JRWRWP XO YN[\XWWNU `R]Q [NPJ[M ]X [N\][JRW] JWM \NLU^\RXW KX]Q J] ]QNK^RUMRWP \R]N& J\ `NUU J\& `R]QRW ]QN MR\][RL] XOORLN(

>O ]QN ][JRWRWP Y[XP[JV ^\NM [NZ^R[N\ YN[RXMRL ![NO[N\QN[ ][JRWRWP&! RWMRLJ]N ]QN RW]N[_JU\ J] `QRLQ ]QR\ XLL^[\ JWMQX`(

5WW^JU 7D> [NO[N\QN[ RW'\N[_RLN ][JRWRWP\ `RUU KN Y[X_RMNM(

8N\L[RKN ]QN MR\][RL]"\ YUJW `R]Q [NPJ[M ]X ]QN \NUNL]RXW XO YN[\XWWNU ]X KN ][JRWNM RW [N\][JRW] JWM \NLU^\RXW(

FNUNL]RXW XO ]QN \LQXXU KJ\NM 7D> L[R\R\ ]NJV R\ WXVRWJ]NM& N\]JKUR\QNM Kb ]QN K^RUMRWP\ JVRWR\][J]X[\ JWM]QNW ][JRWNM(

>WMRLJ]N `QN]QN[ JUU LQJ[]N[ \LQXXU\ RW ]QN MR\][RL] ^\N ]QN \JVN L[R\R\ VJWJPNVNW] Y[XP[JV J\ ]QJ] MN\L[RKNMOX[ ^\N RW MR\][RL]'XYN[J]NM \LQXXU\(

GQN[N J[N WX] LQJ[]N[ \LQXXU\ RW =NWM[b 7X^W]b(

/175 $' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

>O WX& RWMRLJ]N Kb LQJ[]N[ \LQXXU ]QN WJVN XO ]QN L[R\R\ VJWJPNVNW] Y[XP[JV ^\NM4

W)J

0( GQN MR\][RL] R\ [NZ^R[NM ]X QJ_N J YUJW OX[ [NM^LRWP ]QN ^\N XO [N\][JRW] JWM \NLU^\RXW& YJ[]RL^UJ[Ub RW \N]]RWP\`QN[N R] XLL^[\ O[NZ^NW]Ub X[ `R]Q \]^MNW]\ `QX J[N [N\][JRWNM [NYNJ]NMUb& JWM OX[ [NM^LRWP ]QN ^\N XO Y[XWN[N\][JRW] JWM VNLQJWRLJU [N\][JRW]( GQN YUJW V^\] RWLU^MN J PXJU OX[ [NM^LRWP ]QN ^\N XO [N\][JRW] JWM \NLU^\RXWJWM V^\] RWLU^MN JL]R_R]RN\& \TRUU\& JWM [N\X^[LN\ WNNMNM ]X JLQRN_N ]QJ] PXJU( 7QJ[]N[ \LQXXU\& 8?? OJLRUR]RN\&JWM LXW][JL]NM [N\RMNW]RJU OJLRUR]RN\ V^\] KN RWLU^MNM( 5L]R_R]RN\ VJb RWLU^MN& K^] J[N WX] URVR]NM ]X& ]QN OXUUX`RWP2

J( 5MMR]RXWJU ][JRWRWP RW YX\R]R_N KNQJ_RX[JU \^YYX[] JWM L[R\R\ VJWJPNVNW]

K( DJ[NW]JU RW_XU_NVNW]

L( 8J]J [N_RN`

M( HYMJ]N\ XO \]^MNW]\" O^WL]RXWJU KNQJ_RX[JU J\\N\\VNW]\ #;65\$ JWM YX\R]R_N KNQJ_RX[JU RW]N[_NW]RXWYUJW\ #D6>D\$

N( 5MMR]RXWJU \]^MNW] N_JU^J]RXW\

O( 8NK[RNORWP `R]Q \]JOO

P( H\N XO \LQXXU`RMN YX\R]R_N KNQJ_RX[ \^YYX[]

Q( 7QJWPN\ ]X ]QN \LQXXU NW_R[XWVNW]

>W ]QN ]Na] KXa KNUX`& RWLU^MN ]QN ]X]JU W^VKN[ XO RWLRMNW]\ XO 1'231#+.32 OX[ ]QN ,*+,'+- \LQXXU bNJ[ JWM ]QN ,*+-'+.\LQXXU bNJ[( D[X_RMN J [J]RXWJUN OX[ ]QN MR\][RL]"\ +.%1'#2' X[ &'%1'#2' RW RWLRMNW]\ `QNW LXVYJ[RWP ]QN MJ]J [NUJ]NM ]X]QN W^VKN[ XO RWLRMNW]\ XO 1'231#+.3( >W JMMR]RXW& Y[X_RMN LXVYJ[J]R_N MJ]J OX[ ]QN Y[RVJ[b NaLNY]RXWJUR]b& [JLN X[N]QWRLR]b JWM ]bYN\ XO [N\][JRW]\ RW_XU_NM(

GQN W^VKN[ XO RWLRMNW]\ XO [N\][JRW]\ OX[ ]QN ,*+,',*+- bNJ[ `J\ *( GQN W^VKN[ XO [N\][JRW]\ OX[ ]QN bNJ[ ,*+-',*+. `J\ +1( GQN RWL[NJ\N `J\ M^N ]X ]QN OJL] ]QJ] `N ][JRWNM JUU \LQXXU XOORLN YN[\XWWNU RW Y[XYN[ [N\][JRW]VN]QXM\ JWM [NYX[]RWP L[R]N[RJ( GQN ][JRWRWP QNUYNM ]QN MR\][RL] \]JOO ^WMN[\]JWM NaJL]Ub `QJ] LXW\]R]^]N\ J [N\][JRW]JWM QX` ]X [NYX[]( GQR\ MRM LJ^\N JW RWL[NJ\N RW X^[ [NYX[]\( >W [N_RN`RWP X^[ LXVYJ[J]R_N MJ]J XO [N\][JRW]RWLRMNW]\& ]QNb J[N [NY[N\NW]J]R_N XO X^[ YXY^UJ]RXW(

/175 $( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

8SJW XMJ INWXVNHX TVSMNGNX XMJ YWJ SK VJWXVFNRX4

EJW

?S

=K RSX% WTJHNK] XMJ INWXVNHX"W QJFWYVFGPJ FRRYFP LSFP KSV VJIYHNRL XMJ RYQGJV SK NRHNIJRXW SK VJWXVFNRX #LSFP QYWX NRHPYIJF TJVHJRXFLJ KSV VJIYHXNSR$'

CMJ INWXVNHX"W QJFWYVFGPJ FRRYFP LSFP NW XS VJIYHJ VJWXVFNRXW G] *)!'CMJ INWXVNHX TSPNH] NW XS YWJ 7@= WXVFXJLNJW XS FZSNI TM]WNHFP VJWXVFNRX NK TSWWNGPJ' @M]WNHFP VJWXVFNRX NW SRP] YWJI NK XMJHMNPI NW LSNRL XS MFVQ XMJQWJPZJW SV SXMJVW' 8NWXVNHX TJVWSRRJP [MS [SVO [NXM BD8W FVJ XVFNRJI NR HVNWNW VJIYHXNSRQJXMSIW% XMJVJKSVJ% VJWXVFNRX NW YWJI SRP] [MJR FGWSPYXJP] RJHJWWFV]'

8SJW XMJ INWXVNHX MFZJ F TSPNH] NR TPFHJ XMFX TVSMNGNXW XMJ YWJ SK TVSRJ VJWXVFNRX4

EJW

?S

=K RSX% IJWHVNGJ MS[ FRI [MJR TVSRJ VJWXVFNRX NW GJNRL YWJI'

=K XMJVJ NW RS TSPNH] XMFX TVSMNGNXW XMJ YWJ SK TVSRJ VJWXVFNRX% NRHPYIJ F TPFR KSV VJIYHNRL XMJ YWJ SK TVSRJ VJWXVFNRX'

/175 $( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

8SJW XMJ INWXVNHX MFZJ F TSPNH] NR TPFHJ XMFX TVSMNGNXW XMJ YWJ SK QJHMFRNHFP VJWXVFNRX4

EJW

?S

=K RSX% IJWHVNGJ [MFX QJHMFRNHFP VJWXVFNRXW FVJ GJNRL YWJI FRI MS[ XMJ] FVJ GJNRL YWJI'

=K XMJVJ NW RS TSPNH] XMFX TVSMNGNXW XMJ YWJ SK QJHMFRNHFP VJWXVFNRX% NRHPYIJ F TPFR KSV VJIYHNRL XMJ YWJ SK QJHMFRNHFPVJWXVFNRX'

8JWHVNGJ XMJ IFXF VJZNJ[JI #[MNHM QYWX NRHPYIJ TVNQFV] J\HJTXNSRFPNX] FRI VFHJ SV JXMRNHNX] SK WXYIJRXW VJWXVFNRJI FRIX]TJ SK VJWXVFNRX YWJI$ FRI XMJ TVSGPJQ&WSPZNRL TVSHJWW YWJI XS IJZJPST XMJ INWXVNHXcW TPFR XS VJIYHJ XMJ YWJ SKVJWXVFNRX% TFVXNHYPFVP] NR WJXXNRLW NR [MNHM NX SHHYVW KVJUYJRXP] SV [NXM WXYIJRXW [MS FVJ VJWXVFNRJI VJTJFXJIP]' 8JWHVNGJMS[ XMJ IFXF VJZNJ[JI FRI XMJ TVSGPJQ&WSPZNRL TVSHJWW NRKSVQJI HMFRLJW XS ]SYV INWXVNHXcW TPFR FRI XMJ TJVHJRXFLJ SKVFXJ VJIYHXNSR KSV XMJ YWJ SK VJWXVFNRX KSV XMJ +)*-&*. WHMSSP ]JFV'

CMJ INWXVNHX VJZNJ[JI FPP SK XMJ NRHNIJRXW SK VJWXVFNRX KVSQ XMJ TVNSV WHMSSP ]JFV' CMJ XJFQ YWJI XMJ KSYV WXJT TVSGPJQWSPZNRL TVSHJWW XS PSSO FX XMJ IFXF FRI IJXJVQNRJI XMFX FPP SK XMJ NRHNIJRXW [JVJ FHHYVFXJP] VJTVJWJRXFXNZJ SK XMJINWXVNHXW JXMRNH FRI VFHNFP QFOJYT' CMJ NRHNIJRXW FPP NRZSPZJI JPJQJRXFV] WHMSSP WXYIJRXW FRI XMJ INWFGNPNX] SK XMJWJWXYIJRXW [FW TVNQFVNP] 968'

CMJ KSPPS[NRL FVJ J\FQTPJW SK FHXNZNXNJW XMFX QF] GJ HSRWNIJVJI KSV XMJ TYVTSWJ SK VJIYHNRL XMJ YWJ SK VJWXVFNRX'

/175 $) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

d =QTPJQJRX WXYIJRX&WTJHNKNH WXVFXJLNJW WYHM FW2 VJZNJ[NRL NRINZNIYFP JIYHFXNSRFP TPFRW #=9@W$ FRI BJHXNSR .)-TPFRW3 HSRIYHXNRL JZFPYFXNSRW SV VJJZFPYFXNSRW FRI ;65W3 JZFPYFXNRL XMJ JKKJHXNZJRJWW SK @6=@W FRI MJFPXM HFVJTPFRW WTJHNKNH XS NRINZNIYFP WXYIJRXW" VJWTSRWJW FRI TVSLVJWW

d =QTPJQJRX INWXVNHX FRI WHMSSP WXVFXJLNJW KSV NRHVJFWNRL TFVJRXFP NRZSPZJQJRX

d =RXVSIYHJ SV WXVJRLXMJR QYPXN&XNJVJI W]WXJQW SK WYTTSVX #>CBB$% [MNHM HSYPI NRHPYIJ WHMSSP[NIJ TSWNXNZJGJMFZNSVFP WYTTSVX

d @VSZNIJ FIINXNSRFP TVSKJWWNSRFP IJZJPSTQJRX XVFNRNRL NR TSWNXNZJ GJMFZNSVFP WYTTSVX FRI HVNWNW QFRFLJQJRX

d @VSGPJQ WSPZJ [NXM WHMSSP FIQNRNWXVFXSVW XS QFOJ IFXF&IVNZJR IJHNWNSRW VJLFVINRL WHMSSP JRZNVSRQJRXW

8JWHVNGJ FHXNZNXNJW XMFX FVJ F TFVX SK XMJ INWXVNHX"W TPFR XS VJIYHJ XMJ YWJ SK )$*+)!%'+'

CMJ INWXVNHX TSPNH] NW XS YWJ 7@= IJJWHFPFXNSR WXVFXJLNJW XS FZSNI TM]WNHFP VJWXVFNRX NK TSWWNGPJ' @M]WNHFP VJWXVFNRX NWSRP] YWJI NK XMJ HMNPI NW LSNRL XS MFVQ XMJQWJPZJW SV SXMJVW' 8NWXVNHX TJVWSRRJP [MS [SVO [NXM WXYIJRX"W [NXMINWFGNPNXNJW #BD8$ FVJ XVFNRJI NR HVNWNW VJIYHXNSR QJXMSIW% XMJVJKSVJ% VJWXVFNRX NW YWJI SRP] [MJR FGWSPYXJP]RJHJWWFV]'

=R XMJ XJ\X GS\ GJPS[% NRHPYIJ XMJ XSXFP RYQGJV SK NRHNIJRXW SK *$"&,*%(' KSV XMJ +)*+&*, WHMSSP ]JFV FRI XMJ +)*,&*-WHMSSP ]JFV' @VSZNIJ F VFXNSRFPJ KSV XMJ INWXVNHXcW %'")$!*$ SV #$")$!*$ NR NRHNIJRXW [MJR HSQTFVNRL XMJ IFXF VJPFXJI XSXMJ RYQGJV SK NRHNIJRXW SK *$"&,*%('*' =R FIINXNSR% TVSZNIJ HSQTFVFXNZJ IFXF GFWJI SR XMJ TVNQFV] J\HJTXNSRFPNX] FRIVFHJ SV JXMRNHNX] SK XMJ WXYIJRXW'

R(F

8SJW XMJ INWXVNHX TVSMNGNX XMJ YWJ SK WJHPYWNSR4

EJW

?S

=K RSX% WTJHNK] XMJ INWXVNHX"W QJFWYVFGPJ FRRYFP LSFP KSV VJIYHNRL XMJ RYQGJV SK NRHNIJRXW SK WJHPYWNSR #LSFP QYWXNRHPYIJ F TJVHJRXFLJ KSV VJIYHXNSR$'

/175 $* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

8JWHVNGJ XMJ INWXVNHX"W TVSHJIYVJW KSV JRWYVNRL XMFX WJHPYWNSR VSSQW QJJX XMJ VJUYNVJQJRXW SK BXFXJ ;NVJ >FVWMFP AYPJ/15&.0'))0-% ;'5'7'% G] FIIVJWWNRL JFHM SK XMJ KSPPS[NRL2

DMS HSSVINRFXJW XMJ NRWTJHXNSR HSRIYHXJI G] XMJ ;NVJ >FVWMFP4

<S[ NW XMJ WFKJX] SK XMJ WJHPYWNSR VSSQW QSRNXSVJI4

<S[ FVJ XMJ VJWYPXW SK XMJ NRWTJHXNSR VJTSVXJI XS XMJ INWXVNHX4

8JWHVNGJ XMJ INWXVNHX"W TVSHJIYVJW KSV HSVVJHXNSR [MJR F WJHPYWNSR VSSQ NW KSYRI XS GJ NR ZNSPFXNSR SK BXFXJ ;NVJ >FVWMFPAYPJ /15&.0'))0-% ;'5'7'

/175 $+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

8JWHVNGJ XMJ INWXVNHX"W YWJ SK WJHPYWNSR VSSQW G] FIIVJWWNRL JFHM SK XMJ KSPPS[NRL'

<S[ QFR] WJHPYWNSR VSSQW ISJW XMJ INWXVNHX MFZJ XMFX QJJX BXFXJ ;NVJ >FVWMFP AYPJ /15&.0'))0-% ;'5'7'4

R(F

DMJVJ FVJ XMJ WHMSSPW NR [MNHM XMJ WJHPYWNSR VSSQW FVJ PSHFXJI4

R(F

DMJR FVJ XMJ WJHPYWNSR VSSQW YWJI4

R(F

/175 %# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

>Zb L]P _SP ^PNW`^TZY ]ZZX^ `^PO5

Y(L

9P^N]TMP _SP OL_L ]PaTPbPO #bSTNS X`^_ TYNW`OP []TXL]d PcNP[_TZYLWT_d LYO ]LNP Z] P_SYTNT_d ZQ ^_`OPY_^ ^PNW`OPO$ LYO_SP []ZMWPX&^ZWaTYR []ZNP^^ `^PO _Z OPaPWZ[ _SP OT^_]TN_k^ [WLY _Z ]PO`NP _SP `^P ZQ ^PNW`^TZY% [L]_TN`WL]Wd TY ^P__TYR^ TYbSTNS T_ ZNN`]^ Q]P\`PY_Wd Z] bT_S ^_`OPY_^ bSZ L]P ^PNW`OPO ]P[PL_POWd' 9P^N]TMP SZb _SP OL_L ]PaTPbPO LYO _SP[]ZMWPX&^ZWaTYR []ZNP^^ TYQZ]XPO NSLYRP^ _Z dZ`] OT^_]TN_k^ [WLY LYO _SP [P]NPY_LRP ZQ ]L_P ]PO`N_TZY QZ] _SP `^P ZQ^PNW`^TZY QZ] _SP +)*-&*. ^NSZZW dPL]'

Y(L

HSP QZWWZbTYR L]P PcLX[WP^ ZQ LN_TaT_TP^ _SL_ XLd MP NZY^TOP]PO QZ] _SP [`][Z^P ZQ ]PO`NTYR _SP `^P ZQ ^PNW`^TZY'

l ?X[WPXPY_ ^_`OPY_&^[PNTQTN ^_]L_PRTP^ ^`NS L^3 ]PaTPbTYR ?;E^ LYO GPN_TZY .)- [WLY^4 NZYO`N_TYR PaLW`L_TZY^ Z]]PPaLW`L_TZY^ LYO <76^4 PaLW`L_TYR _SP PQQPN_TaPYP^^ ZQ E7?E^ LYO SPLW_S NL]P [WLY^ ^[PNTQTN _Z TYOTaTO`LW^_`OPY_^" ]P^[ZY^P^ LYO []ZR]P^^

l ?X[WPXPY_ OT^_]TN_ LYO ^NSZZW ^_]L_PRTP^ QZ] TYN]PL^TYR [L]PY_LW TYaZWaPXPY_

l ?Y_]ZO`NP Z] ^_]PYR_SPY BHGG% bSTNS NZ`WO TYNW`OP ^NSZZWbTOP [Z^T_TaP MPSLaTZ]LW ^`[[Z]_

l E]ZaTOP LOOT_TZYLW []ZQP^^TZYLW OPaPWZ[XPY_ _]LTYTYR TY [Z^T_TaP MPSLaTZ]LW ^`[[Z]_ LYO N]T^T^ XLYLRPXPY_

l E]ZMWPX ^ZWaP bT_S ^NSZZW LOXTYT^_]L_Z]^ _Z XLVP OL_L&O]TaPY OPNT^TZY^ ]PRL]OTYR ^NSZZW PYaT]ZYXPY_^

9P^N]TMP LN_TaT_TP^ _SL_ L]P L [L]_ ZQ _SP OT^_]TN_"^ [WLY _Z ]PO`NP _SP `^P ZQ D86>FD=A@'

Y(L

/175 %$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

/175 %% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

04CE ,$ +8@8C4> 0A>=6=8D 4@7 0CA687FC8D

186E=A@ '% &DDFC4@68D

*F>> )7F64E=A@4> /BBACEF@=EH +A4> "*)/+#

HSP OT^_]TN_ L^^`]P^ []ZaT^TZY ZQ Q`WW PO`NL_TZYLW Z[[Z]_`YT_d _Z LWW NSTWO]PY bT_S OT^LMTWT_TP^% LRPO _S]PP #,$ _S]Z`RS_bPY_d&ZYP #+*$% `^TYR _SP VTYO LYO Y`XMP] ZQ QLNTWT_TP^% [P]^ZYYPW% LYO ^P]aTNP^ YPNP^^L]d _Z XPP_ _ST^ RZLW' 6 Q]PPL[[]Z[]TL_P [`MWTN PO`NL_TZY #<6E;$ T^ LaLTWLMWP _Z LWW ^_`OPY_^ bT_S OT^LMTWT_TP^ `[ZY OP_P]XTYL_TZY ZQ YPPO'

,@9AC?4E=A@ EA 58 0CAG=787 4E ,@=E=4> -88E=@; A9 4 1EF78@E!D ,)0 284?

?Y LNNZ]OLYNP bT_S ^PN_TZY *)),'.0#*$#U$% <'G'% _SP OT^_]TN_ ^NSZZW MZL]O ^SLWW []ZaTOP PLNS [L]PY_ bT_S TYQZ]XL_TZY]PRL]OTYR _SP LXZ`Y_ _SL_ _SP ^NSZZW OT^_]TN_ ]PNPTaP^ Q]ZX _SP ^_L_P L[[]Z[]TL_TZY QZ] PLNS ZQ _SP QTaP PcNP[_TZYLW^_`OPY_ PO`NL_TZY ^`[[Z]_ WPaPW^ QZ] L Q`WW&_TXP ^_`OPY_' HSP ^NSZZW OT^_]TN_ ^SLWW []ZaTOP _ST^ TYQZ]XL_TZY L_ _SP TYT_TLWXPP_TYR ZQ L ^_`OPY_k^ TYOTaTO`LW PO`NL_TZYLW [WLY #?;E$ _PLX'

&;8D A9 1EF78@ED 18CG87 & DYP ZQ _SP QZWWZbTYR ?FDE MP ^PWPN_PO'

<Z] ^_`OPY_^ bT_S OT^LMTWT_TP^ bSZ SLaP YZ_ R]LO`L_PO bT_S L ^_LYOL]O OT[WZXL% _SP OT^_]TN_ bTWW3

E]ZaTOP ^P]aTNP^ `Y_TW _SP OLd _SP ^_`OPY_ _`]Y^ _bPY_d&_bZ #++$

E]ZaTOP ^P]aTNP^ `Y_TW _SP PYO ZQ _SP ^PXP^_P] TY bSTNS _SP ^_`OPY_ _`]Y^ _bPY_d&_bZ #++$

E]ZaTOP ^P]aTNP^ _S]Z`RS _SP WL^_ TY^_]`N_TZYLW OLd ZQ _SP ^NSZZW dPL] QZ] LWW ^_`OPY_^ TY _SP OT^_]TN_ TY bSTNS _SP^_`OPY_ _`]Y^ _bPY_d&_bZ #++$% []ZaTOPO _SL_ _SP ^_`OPY_ bL^ _bPY_d&ZYP #+*$ dPL]^ ZWO ZY _SP QT]^_ TY^_]`N_TZYLW OLd ZQ^NSZZW QZ] LWW ^_`OPY_^ TY _SP OT^_]TN_

?YOTNL_P TQ _SP OT^_]TN_ #TYNW`OTYR NSL]_P] ^NSZZW^$ ^P]aP^ TYQLY_^ LYO _ZOOWP]^ bT_S OT^LMTWT_TP^% LRP^ MT]_S _S]Z`RS _bZ #+$%TY NZWWLMZ]L_TZY bT_S AZNLW ;L]Wd G_P[^3

DYP ZQ _SP QZWWZbTYR ?FDE MP ^PWPN_PO3

KP^

CZ

.AE8% 9T^_]TN_^ XLd []ZaTOP <6E; _Z L NSTWO bSZ bTWW _`]Y _S]PP #,$ O`]TYR _SP ^NSZZW dPL]' ?Q _ST^ T^ _SP ZYWdNT]N`X^_LYNP QZ] bSTNS _SP OT^_]TN_ bZ`WO []ZaTOP ^P]aTNP^ _Z L NSTWO bSZ T^ _bZ #+$ dPL]^ ZQ LRP% @A ^SZ`WO MPNSPNVPO'

?YOTNL_P TQ _SP OT^_]TN_ #TYNW`OTYR NSL]_P] ^NSZZW^$ ^P]aP^ []PVTYOP]RL]_PY NSTWO]PY bT_S OT^LMTWT_TP^% LRP^ _S]PP #,$_S]Z`RS QTaP #.$3

DYP ZQ _SP QZWWZbTYR ?FDE MP ^PWPN_PO

KP^

CZ

04C8@E4> ,@BFE 4@7 -88E=@;D

?Y LNNZ]OLYNP bT_S ^PN_TZY *))+'+) #+*$ #L$% <'G'% BPP_TYR^ bT_S ^NSZZW OT^_]TN_ [P]^ZYYPW% [L]PY_^ ZQ [`MWTN ^NSZZW^_`OPY_^ XLd MP LNNZX[LYTPO Md LYZ_SP] LO`W_ ZQ _SPT] NSZTNP L_ LYd XPP_TYR bT_S ^NSZZW OT^_]TN_ [P]^ZYYPW' GNSZZWOT^_]TN_ [P]^ZYYPW XLd YZ_ ZMUPN_ _Z _SP L__PYOLYNP ZQ ^`NS LO`W_ Z] OT^NZ`]LRP Z] L__PX[_ _Z OT^NZ`]LRP% _S]Z`RS LYdLN_TZY% ^_L_PXPY_% Z] Z_SP] XPLY^% _SP [L]PY_^ ZQ ^_`OPY_^ bT_S OT^LMTWT_TP^ Q]ZX TYaT_TYR LYZ_SP] [P]^ZY ZQ _SPT] NSZTNP_Z L__PYO LYd XPP_TYR' G`NS []ZSTMT_PO LN_TZY^ TYNW`OP% M`_ L]P YZ_ WTXT_PO _Z% L__PX[_PO Z] LN_`LW NZP]NTZY Z]SL]L^^XPY_ ZQ [L]PY_^ Z] ^_`OPY_^ Z] ]P_LWTL_TZY Z] _S]PL_^ ZQ NZY^P\`PYNP^ _Z [L]PY_^ Z] ^_`OPY_^'

*' G`NS XPP_TYR^ TYNW`OP% M`_ L]P YZ_ WTXT_PO _Z% XPP_TYR^ ]PWL_PO _Z3 _SP PWTRTMTWT_d QZ] PcNP[_TZYLW ^_`OPY_PO`NL_TZY Z] ]PWL_PO ^P]aTNP^4 _SP OPaPWZ[XPY_ ZQ LY TYOTaTO`LW QLXTWd ^`[[Z]_ [WLY #?<GE$4 _SP OPaPWZ[XPY_ ZQLY ?;E4 _SP OPaPWZ[XPY_ ZQ L .)- LNNZXXZOL_TZY [WLY T^^`PO `YOP] ^' .)- ZQ _SP FPSLMTWT_L_TZY 6N_ ZQ *20,4_SP _]LY^T_TZY ZQ L ^_`OPY_ Q]ZX PL]Wd TY_P]aPY_TZY ^P]aTNP^ _Z Z_SP] ^P]aTNP^4 _SP OPaPWZ[XPY_ ZQ [Z^_^PNZYOL]dRZLW^ QZ] L ^_`OPY_ bT_S L OT^LMTWT_d LYO _SP _]LY^T_TZY ^P]aTNP^ YPPOPO _Z ]PLNS _SZ^P RZLW^4 LYO Z_SP] T^^`P^_SL_ XLd LQQPN_ _SP PO`NL_TZYLW PYaT]ZYXPY_% OT^NT[WTYP% Z] [WLNPXPY_ ZQ L ^_`OPY_ bT_S L OT^LMTWT_d'

/175 %& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

+' HSP [L]PY_^ LYO ^NSZZW OT^_]TN_ [P]^ZYYPW L__PYOTYR _SP XPP_TYR ^SLWW ^TRY L OZN`XPY_ L_ _SP XPP_TYRk^NZYNW`^TZY ^_L_TYR bSP_SP] LYd ^NSZZW OT^_]TN_ [P]^ZYYPW SLaP []ZSTMT_PO% OT^NZ`]LRPO Z] L__PX[_PO _ZOT^NZ`]LRP _SP [L]PY_^ Q]ZX TYaT_TYR L [P]^ZY ZQ _SPT] NSZTNP _Z _SP XPP_TYR'

(A>>45AC4E=A@ A9 0F5>=6 4@7 0C=G4E8 ,@DECF6E=A@4> 08CDA@@8>

GPN_TZY *)),'.0+% <'G'% []ZaTOP^3

*' 6^ `^PO TY _ST^ ^PN_TZY% _SP _P]X ![]TaL_P TY^_]`N_TZYLW [P]^ZYYPW! XPLY^3

L' ?YOTaTO`LW^ NP]_TQTPO `YOP] ^' ,2,'*0 Z] WTNPY^PO `YOP] NSL[_P] -2) Z] NSL[_P] -2* QZ] L[[WTPO MPSLaTZ]LYLWd^T^ ^P]aTNP^ L^ OPQTYPO TY ^^' /+0'//1/ LYO /-*',*)21'

M' G[PPNS&WLYR`LRP [L_SZWZRT^_^ WTNPY^PO `YOP] ^' -/1'**1.'

N' DNN`[L_TZYLW _SP]L[T^_^ WTNPY^PO `YOP] [L]_ ??? ZQ NSL[_P] -/1'

O' ESd^TNLW _SP]L[T^_^ WTNPY^PO `YOP] NSL[_P] -1/'

P' E^dNSZWZRT^_^ WTNPY^PO `YOP] NSL[_P] -2)'

Q' 8WTYTNLW ^ZNTLW bZ]VP]^ WTNPY^PO `YOP] NSL[_P] -2*'

+' HSP NZWWLMZ]L_TZY ZQ [`MWTN LYO []TaL_P TY^_]`N_TZYLW [P]^ZYYPW ^SLWW MP OP^TRYPO _Z PYSLYNP M`_ YZ_ ^`[[WLY__SP ^NSZZW OT^_]TN_"^ ]P^[ZY^TMTWT_TP^ `YOP] _SP ?YOTaTO`LW^ bT_S 9T^LMTWT_TP^ ;O`NL_TZY 6N_ #?9;6$' HSP ^NSZZW L^_SP WZNLW PO`NL_TZY LRPYNd ^SLWW []ZaTOP _SP]L[d ^P]aTNP^ _Z XPP_ _SP Pc[PN_L_TZY^ []ZaTOPO TY QPOP]LW WLb LYO]PR`WL_TZY^ LYO ^_L_P ^_L_`_P^ LYO ]`WP^' 8ZWWLMZ]L_TZY ZQ [`MWTN LYO []TaL_P TY^_]`N_TZYLW [P]^ZYYPW bTWW bZ]V _Z[]ZXZ_P PO`NL_TZYLW []ZR]P^^ LYO L^^T^_ ^_`OPY_^ TY LN\`T]TYR P^^PY_TLW ^VTWW^% TYNW`OTYR% M`_ YZ_ WTXT_PO _Z%]PLOTYP^^ QZ] [`]^`T_ ZQ STRSP] PO`NL_TZY RZLW^ Z] PX[WZdXPY_' JSP]P L[[WTNLMWP% [`MWTN LYO []TaL_PTY^_]`N_TZYLW [P]^ZYYPW ^SLWW `YOP]_LVP NZWWLMZ]L_TaP []ZR]LXXTYR' 8ZZ]OTYL_TZY ZQ ^P]aTNP^ LYO [WLY^ MP_bPPYL [`MWTN ^NSZZW LYO []TaL_P TY^_]`N_TZYLW [P]^ZYYPW T^ PYNZ`]LRPO _Z LaZTO O`[WTNL_TZY Z] NZYQWTN_TYR ^P]aTNP^ Z][WLY^'

,' E]TaL_P TY^_]`N_TZYLW [P]^ZYYPW bSZ L]P ST]PO Z] NZY_]LN_PO Md [L]PY_^ _Z NZWWLMZ]L_P bT_S [`MWTN TY^_]`N_TZYLW[P]^ZYYPW X`^_ MP [P]XT__PO _Z ZM^P]aP _SP ^_`OPY_ TY _SP PO`NL_TZYLW ^P__TYR% NZWWLMZ]L_P bT_S TY^_]`N_TZYLW[P]^ZYYPW TY _SP PO`NL_TZYLW ^P__TYR% LYO []ZaTOP ^P]aTNP^ TY _SP PO`NL_TZYLW ^P__TYR LNNZ]OTYR _Z _SP QZWWZbTYR]P\`T]PXPY_^3

L' HSP ^_`OPY_"^ [`MWTN TY^_]`N_TZYLW [P]^ZYYPW LYO []TYNT[LW NZY^PY_ _Z _SP _TXP LYO [WLNP'

M' HSP []TaL_P TY^_]`N_TZYLW [P]^ZYYPW ^L_T^Qd _SP ]P\`T]PXPY_^ ZQ ^' *)*+',+ Z] ^' *)*+',+*'

<Z] _SP [`][Z^P ZQ TX[WPXPY_TYR _ST^ ^`M^PN_TZY% L ^NSZZW OT^_]TN_ XLd YZ_ TX[Z^P LYd ]P\`T]PXPY_^ MPdZYO_SZ^P ]P\`T]PXPY_^ ^[PNTQTPO TY _ST^ ^`M^PN_TZY Z] NSL]RP LYd QPP^'

-' HSP []ZaT^TZY ZQ []TaL_P TY^_]`N_TZYLW [P]^ZYYPW Md L [L]PY_ OZP^ YZ_ NZY^_T_`_P L bLTaP] ZQ _SP ^_`OPY_"^ Z][L]PY_"^ ]TRS_ _Z L Q]PP LYO L[[]Z[]TL_P [`MWTN PO`NL_TZY `YOP] ?9;6'

3C=EE8@ &;C88?8@ED

*' HSP OT^_]TN_ L^^`]P^ _SL_ b]T__PY LR]PPXPY_^ L]P ZY QTWP TY _SP OT^_]TN_ QZ] X`W_T&OT^_]TN_ []ZR]LX^ LYO QZ] _SPL^^TRYXPY_ ZQ TY^_]`N_TZYLW [P]^ZYYPW _Z L QLNTWT_d Z[P]L_PO Md LYZ_SP] LRPYNd Z] Z]RLYTeL_TZY' HSP^P b]T__PYLR]PPXPY_^ SLaP MPPY OPaPWZ[PO LYO L[[]ZaPO Md LWW [L]_TNT[L_TYR ^NSZZW MZL]O^ Z] LRPYNTP^' ;LNS ^`NSLR]PPXPY_% TY LNNZ]OLYNP bT_S F`WP /6 /'),**% <'6'8'% TYNW`OP^ M`_ T^ YZ_ WTXT_PO _Z3

L' 9P^TRYL_TYR ]P^[ZY^TMTWT_TP^ QZ] _SP TX[WPXPY_L_TZY ZQ OT^_]TN_ []ZNPO`]P^

M' E]ZaTOTYR _]LY^[Z]_L_TZY

N' E]ZaTOTYR []ZR]LX LYO ^_LQQ ^`[P]aT^TZY

O' <`YOTYR []ZR]LX^

P' 9T^^ZWaTYR _SP LR]PPXPY_

/175 %' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

+' J]T__PY LR]PPXPY_^ L]P ZY QTWP QZ] _SP []ZaT^TZY ZQ ^[PNTLW PO`NL_TZY LYO ]PWL_PO ^P]aTNP^ EA E<=D 7=DEC=6E!DPcNP[_TZYLW ^_`OPY_^ _S]Z`RS X`W_T&OT^_]TN_ []ZR]LX^'

KP^

CZ

?Q H8D% TYNW`OP _SP YLXP#^$ ZQ _SP OT^_]TN_#^$ []ZaTOTYR ^P]aTNP^ LYO _SP _d[P^ ZQ ;G; ^P]aTNP^[]ZaTOPO Md PLNS OT^_]TN_'

APP 8Z`Y_d&& GP]aTNP^ []ZaTOPO3G[PNTLWTePO ?Y^_]`N_TZY ^`NS L^ 7]LTWWP _]LTYTYR% TY_P][]P_P]^P]aTNP^% Z]TPY_L_TZY(XZMTWT_d _]LTYTYR QZ] ^PWPN_PO ^_`OPY_^ bSZ L]P OPLQ Z] SL]O&ZQ&SPL]TYR#9>>$ Z] SLaP aT^`LW TX[LT]XPY_^ #I?$'

,' J]T__PY LR]PPXPY_^ L]P ZY QTWP QZ] _SP []ZaT^TZY ZQ ^[PNTLW PO`NL_TZY LYO ]PWL_PO ^P]aTNP^ _Z PcNP[_TZYLW^_`OPY_^ 9CA? AE<8C 7=DEC=6ED _S]Z`RS X`W_T&OT^_]TN_ []ZR]LX^'

KP^

CZ

?Q H8D% TYNW`OP _SP YLXP#^$ ZQ _SP OT^_]TN_#^$ ]PNPTaTYR ^P]aTNP^ LYO _SP _d[P^ ZQ ;G; ^P]aTNP^[]ZaTOPO QZ] PLNS OT^_]TN_'

=WLOP^ 8Z`Y_d&&GP]aTNP^ []ZaTOPO3 >TRSWd ^[PNTLWTePO TY^_]`N_TZY Z] _]LTYTYR ^`NS L^ OT^N]PP__]TLW _]LTYTYR% QZ] ^PWPN_PO ^_`OPY_^ bSZ SLaP ^TRYTQTNLY_ OT^LMTWT_TP^ bT_S Pc_PY^TaP XPOTNLW%MPSLaTZ]LW YPPO^'

-' 6R]PPXPY_^ QZ] L^^TRYTYR TY^_]`N_TZYLW [P]^ZYYPW _Z L QLNTWT_d Z[P]L_PO Md Z_SP] LRPYNTP^ Z] Z]RLYTeL_TZY^ L]PZY QTWP TY _ST^ OT^_]TN_'

KP^

CZ

?Q H8D% TYNW`OP _SP YLXP ZQ PLNS LRPYNd LYO _SP TY^_]`N_TZYLW [P]^ZYYPW L^^TRYPO QZ] PLNS QLNTWT_d'

F8B6 & FPOWLYO^ 8S]T^_TLY BTR]LY_ 6^^ZNTL_TZY & * HPLNSP] T^ L^^TRYPO QZ] E]P&@ ^_`OPY_^GJ9 TYNW`^TZY XZOPW'

/175 %( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

'3=/?A93;A <4 *BC3;783 *B@A713 )/1787A73@

.A/ABA<?E /;2 -35B8/A<?E &7A/A7<;@

GQO`U[Z *)),'.+% <'G'FaXQ /6&/').+1*% <'6'8'

HTQ PU_`^UO` _OT[[X N[M^P [R `TQ O[aZ`e UZ cTUOT `TQ ^Q_UPQZ`UMX [^ Z[Z^Q_UPQZ`UMX 9Q\M^`YQZ` [R @abQZUXQ @a_`UOQ RMOUXU`eU_ X[OM`QP _TMXX \^[bUPQ M\\^[\^UM`Q QPaOM`U[ZMX M__Q__YQZ`_ MZP MZ M\\^[\^UM`Q \^[S^MY [R UZ_`^aO`U[Z MZP _\QOUMXQPaOM`U[Z _Q^bUOQ_% UZOXaPUZS MXX _Q^bUOQ_ MZP P[OaYQZ`M`U[Z ^Q]aU^QP Ne RQPQ^MX MZP _`M`Q XMc_' 9U_`^UO`_ TMbQ `TQ[\`U[Z [R \^[bUPUZS `TQ QPaOM`U[ZMX _Q^bUOQ_ PU^QO`Xe [^ YMe QZ`Q^ UZ`[ M O[Z`^MO` cU`T M \^UbM`Q \^[bUPQ^ `[ \^[bUPQQPaOM`U[ZMX _Q^bUOQ_'

?Z MOO[^PMZOQ cU`T _QO`U[Z *)),')*#**$#N$% <'G'% !@abQZUXQ Va_`UOQ \^[bUPQ^! YQMZ_ `TQ 9Q\M^`YQZ` [R @abQZUXQ @a_`UOQ%`TQ _TQ^URR% [^ M \^UbM`Q% \aNXUO% [^ [`TQ^ S[bQ^ZYQZ`MX [^SMZUfM`U[Z aZPQ^ O[Z`^MO` cU`T `TQ 9Q\M^`YQZ` [R @abQZUXQ@a_`UOQ [^ `TQ _TQ^URR `TM` \^[bUPQ_ `^QM`YQZ`% OM^Q MZP Oa_`[Pe% [^ 32B1/A7<;/8 =?<5?/9@ R[^ e[a`T UZ VabQZUXQ Va_`UOQUZ`Q^bQZ`U[Z% PQ`QZ`U[Z% [^ O[YYU`YQZ` \^[S^MY_'

>[c P[Q_ `TQ PU_`^UO` \^[bUPQ QPaOM`U[ZMX \^[S^MY_ R[^ _`aPQZ`_ cU`T PU_MNUXU`UQ_ UZ `TQ PU_`^UO`l_ O[aZ`e VMUX5

?R M >QZP^e 9U_`^UO` GJ9 U_ UZOM^OQ^M`QP UZ `TQ >QZP^e 8[aZ`e @MUX `TQ _`aPQZ` cUXX O[Z`UZaQ `[ ^QOQUbQ <6E; `T^[aST`TQ PU_`^UO` >[YQN[aZP ;PaOM`U[Z E^[S^MY'

9U_`^UO`_ `TM` QZ`Q^ UZ`[ M O[Z`^MO` cU`T M \^UbM`Q \^[bUPQ^ M^Q ^Q_\[Z_UNXQ R[^ [bQ^_UST`' <[^ QdOQ\`U[ZMX _`aPQZ`_%PU_`^UO`_ _T[aXP QZ_a^Q `TM` QdOQ\`U[ZMX _`aPQZ`_ TMbQ M Oa^^QZ` UZPUbUPaMX QPaOM`U[ZMX \XMZ #?;E$% `TM` `TQ ?;E O[Z`MUZ_YQM_a^MNXQ MZZaMX S[MX_ #UZOXaPUZS MOMPQYUO MZP RaZO`U[ZMX$% `TM` `TQ ?;E U_ NQUZS UY\XQYQZ`QP% `TM` \M^QZ`_ M^QUZbU`QP `[ `TQ ?;E `QMY YQQ`UZS% MZP `TM` `TQ M\\^[\^UM`Q `QMY YQYNQ^_ M^Q \^Q_QZ` M` `TQ YQQ`UZS'

,8/1393;A 7; / ?3@723;A7/8 4/1787AE <4 / @AB23;A D7A6 / 27@/0787AE 0E / =B0871 /53;1E <A63? A6/; A63 @16<<827@A?71A

M' ?Z MOO[^PMZOQ cU`T _' *)),'.0#,$% <'G'% MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e YMe NQ \XMOQP UZ M \^UbM`Q^Q_UPQZ`UMX OM^Q RMOUXU`e Ne `TQ 9Q\M^`YQZ` [R 8TUXP^QZ MZP <MYUXUQ_% 6SQZOe R[^ EQ^_[Z_ cU`T 9U_MNUXU`UQ_% [^6SQZOe R[^ >QMX`T 8M^Q 6PYUZU_`^M`U[Z' <[^ `TU_ \a^\[_Q% !\XMOQYQZ`! U_ PQRUZQP M_ `TQ RaZPUZS [^ M^^MZSQYQZ`[R RaZPUZS Ne MZ MSQZOe R[^ MXX [^ M \M^` [R `TQ O[_` R[^ MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e `[ ^Q_UPQ UZ M\^UbM`Q ^Q_UPQZ`UMX OM^Q RMOUXU`e MZP `TQ \XMOQYQZ` O^[__Q_ _OT[[X PU_`^UO` XUZQ_'

N' HTQ \^UbM`Q ^Q_UPQZ`UMX OM^Q RMOUXU`e% [^ M ^Q_UPQZ`UMX RMOUXU`e `TM` U_ [\Q^M`QP% XUOQZ_QP% [^ ^QSaXM`QP Ne M \aNXUOMSQZOe _TMXX QZ_a^Q `TM`% cU`TUZ `QZ #*)$ Na_UZQ__ PMe_ [R M _`aPQZ` cU`T M PU_MNUXU`e NQUZS \XMOQP UZ `TQ RMOUXU`e%c^U``QZ Z[`URUOM`U[Z [R `TQ \XMOQYQZ` U_ \^[bUPQP `[ `TQ _OT[[X PU_`^UO` cTQ^Q `TQ _`aPQZ` U_ Oa^^QZ`Xe QZ^[XXQP MZPO[aZ`QP R[^ RaZPUZS \a^\[_Q_ aZPQ^ _' *)**'/+% <'G' #_QZPUZS _OT[[X PU_`^UO`$% MZP `TQ _OT[[X PU_`^UO` cTQ^Q `TQ^Q_UPQZ`UMX RMOUXU`e U_ X[OM`QP #^QOQUbUZS _OT[[X PU_`^UO`$' ?R `TQ _`aPQZ` U_ Z[` Oa^^QZ`Xe O[aZ`QP R[^ RaZPUZS\a^\[_Q_ UZ `TQ _OT[[X PU_`^UO` UZ cTUOT `TQ XQSMX ^Q_UPQZOQ [R `TQ _`aPQZ` U_ X[OM`QP% `TQ _OT[[X PU_`^UO` UZ cTUOT`TQ XQSMX ^Q_UPQZOQ [R `TQ _`aPQZ` U_ X[OM`QP MX_[ _TMXX NQ Z[`URUQP Ne `TQ ^Q_UPQZ`UMX RMOUXU`e UZ c^U`UZS cU`TUZ `TQ^Q]aU^QP `UYQXUZQ' HTQ \XMOUZS MSQZOe _TMXX O[XXMN[^M`Q cU`T `TQ ^Q_UPQZ`UMX RMOUXU`e `[ PQ`Q^YUZQ T[c `TM`Z[`URUOM`U[Z cUXX NQ \^[bUPQP cU`TUZ `TQ ^Q]aU^QP `UYQXUZQ'

0286 %) ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

O' ?Z MOO[^PMZOQ cU`T _aN_QO`U[Z #,$ [R FaXQ /6&/'),,-% <'6'8'% `TQ _QZPUZS _OT[[X PU_`^UO` _TMXX `MWQ ^QM_[ZMNXQ_`Q\_ `[ \^[Y\`Xe ^Q_\[ZP `[ `TQ ^Q_UPQZ`UMX RMOUXU`e"_ ^Q]aQ_` R[^ `^MZ_YU``MX [R `TQ _`aPQZ`"_ QPaOM`U[ZMX ^QO[^P_'?R `TQ _`aPQZ`"_ \XMOQYQZ` UZ `TQ ^Q_UPQZ`UMX OM^Q RMOUXU`e [OOa^_ cTUXQ `TQ Z[`URUOM`U[Z MZP \^[OQPa^Q_ ^QSM^PUZS\MeYQZ` M^Q \QZPUZS% `TQ _`aPQZ` _TMXX ^QYMUZ QZ^[XXQP UZ `TQ _QZPUZS _OT[[X PU_`^UO` MZP `TQ _QZPUZS _OT[[XPU_`^UO` _TMXX O[XXMN[^M`Q cU`T `TQ ^Q_UPQZ`UMX OM^Q RMOUXU`e `[ QZ_a^Q `TM` `TQ _`aPQZ` ^QOQUbQ_ M R^QQ MZPM\\^[\^UM`Q \aNXUO QPaOM`U[Z% _\QOUMX QPaOM`U[Z% MZP ^QXM`QP _Q^bUOQ_% UZOXaPUZS _Q^bUOQ_ O[Y\M^MNXQ `[ `T[_QPQ_O^UNQP UZ `TQ Oa^^QZ` ?;E% aZ`UX `TQ Z[`URUOM`U[Z MZP \^[OQPa^Q_ ^QSM^PUZS \MeYQZ` M^Q O[Y\XQ`QP'

;MOT _OT[[X PU_`^UO` U_ ^Q_\[Z_UNXQ R[^ M__a^UZS `TQ \^[\[_QP \^[S^MY M` `TQ Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e U_M\\^[\^UM`Q `[ YQQ` `TQ QPaOM`U[ZMX ZQQP_ [R `TQ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e% [^ QM^Xe UZ`Q^bQZ`U[Z ZQQP_ [R`TQ UZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e% \XMOQP `T^[aST M O[Z`^MO`aMX MS^QQYQZ`' HTU_ U_ Z[` YQMZ` `[ XUYU` `TQ^Q_\[Z_UNUXU`e [R MSQZOUQ_ UZ `TQ _`M`Q [`TQ^ `TMZ `TQ PU_`^UO` _OT[[X N[M^P_ R^[Y \^[bUPUZS [^ \MeUZS _[YQ [^ MXX [R `TQO[_` [R M R^QQ M\\^[\^UM`Q \aNXUO QPaOM`U[Z [^ QM^Xe UZ`Q^bQZ`U[Z _Q^bUOQ_ `[ NQ \^[bUPQP `[ OTUXP^QZ cU`T PU_MNUXU`UQ_MSQ_ NU^`T `T^[aST `cQZ`e&[ZQ #+*$ eQM^_ [XP'

&<;A?/1AB/8 %??/;5393;A@ D7A6 ,?7C/A3 .16<<8@

.A/ABA<?E /;2 -35B8/A<?E &7A/A7<;@

FaXQ_ /6&/'),/*% <'6'8'

*' ;MOT _OT[[X PU_`^UO` _TMXX \^[bUPQ _\QOUMX QPaOM`U[Z MZP ^QXM`QP _Q^bUOQ_ `[ MZ QdOQ\`U[ZMX _`aPQZ` cU`T MPU_MNUXU`e `T^[aST M O[Z`^MO`aMX MS^QQYQZ` cU`T MZ M\\^[bQP Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e aZPQ^ /;E [R`TQ R[XX[cUZS OU^OaY_`MZOQ_3

M' JTQZ `TQ _OT[[X PU_`^UO` PQ`Q^YUZQ_ `TM` Z[ _\QOUMX QPaOM`U[ZMX \^[S^MY [RRQ^QP Ne `TQ PU_`^UO`% MO[[\Q^M`UZS _OT[[X PU_`^UO`% [^ M _`M`Q MSQZOe OMZ MPQ]aM`QXe YQQ` `TQ QPaOM`U[ZMX \^[S^MY ZQQP_ R[^ M_`aPQZ`

N' <[^ `TQ \^[bU_U[Z [R `TQ QPaOM`U[ZMX O[Y\[ZQZ` [R M ^Q_UPQZ`UMX \XMOQYQZ` R[^ MZ QdOQ\`U[ZMX _`aPQZ` cU`TM PU_MNUXU`e cTQZ _aOT M \XMOQYQZ` U_ YMPQ Ne MZ[`TQ^ \aNXUO MSQZOe R[^ `TQ \^UYM^e \a^\[_Q [RMPP^Q__UZS ^Q_UPQZ`UMX [^ [`TQ^ Z[ZQPaOM`U[ZMX ZQQP_' HTQ _`aPQZ`"_ ?;E YMe ^QRXQO` `TM` `TQ ^Q_UPQZ`UMX\XMOQYQZ` U_ Z[` ^Q]aU^QP R[^ `TQ _`aPQZ` `[ NQZQRU` R^[Y _\QOUMX QPaOM`U[Z `TM` O[aXP [`TQ^cU_Q NQ\^[bUPQP Ne `TQ _OT[[X PU_`^UO` Pa^UZS `TQ PMe

O' <[^ `TQ \^[bU_U[Z [R M Z[Z&^Q_UPQZ`UMX UZ`Q^MSQZOe \^[S^MY R[^ MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e `TM`\^[bUPQ_ QPaOM`U[ZMX \^[S^MYYUZS UZ MOO[^PMZOQ cU`T `TQ _`aPQZ`"_ ?;E

P' ?Z O[XXMN[^M`U[Z cU`T `TQ EM^` 8 ;M^Xe G`Q\_ E^[S^MY R[^ `TQ \^[bU_U[Z [R QM^Xe UZ`Q^bQZ`U[Z _Q^bUOQ_ R[^ MZUZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e cTQZ `TQ _OT[[X PU_`^UO` TM_ PQ`Q^YUZQP `TM` M Z[Z\aNXUO [^ O[YYaZU`eRMOUXU`e OMZ \^[bUPQ M\\^[\^UM`Q _Q^bUOQ_ R[^ `TQ UZRMZ` [^ `[PPXQ^ UZ MOO[^PMZOQ cU`T MZ UZPUbUPaMXUfQPRMYUXe _a\\[^` \XMZ #?<GE$

HTQ ^Q]aU^QYQZ`_ [R `TU_ _aN_QO`U[Z P[ Z[` M\\Xe cTQZ M _OT[[X PU_`^UO` \^[bUPQ_ QPaOM`U[ZMX M__Q__YQZ`_ MZP M\^[S^MY [R UZ_`^aO`U[Z MZP _\QOUMX QPaOM`U[Z _Q^bUOQ_ `[ _`aPQZ`_ UZ `TQ Oa_`[Pe [R 9Q\M^`YQZ` [R @abQZUXQ @a_`UOQ\^[S^MY_ cT[ M^Q _Q^bQP UZ ^Q_UPQZ`UMX MZP Z[Z^Q_UPQZ`UMX OM^Q RMOUXU`UQ_ MZP VabQZUXQ M__Q__YQZ` RMOUXU`UQ_ X[OM`QP UZ`TQ _OT[[X PU_`^UO` UZ MOO[^PMZOQ cU`T _QO`U[Z *)),'.+#,$% <'G'

'7@A?71A -3@=<;@70787A73@

*' 7QR[^Q `TQ _OT[[X PU_`^UO` QdQOa`Q_ M O[Z`^MO` cU`T M Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e% `TQ _OT[[X PU_`^UO`cUXX PQ`Q^YUZQ `TM` `TQ _OT[[X [^ RMOUXU`e3

M' >M_ ]aMXURUQP \Q^_[ZZQX M_ PQRUZQP UZ FaXQ /6&*').),% <'6'8'% [^ M\\^[\^UM`Q XUOQZ_UZS QZ`U`UQ_ MZPM\\[UZ`_ Z[ZOQ^`URUQP UZ_`^aO`U[ZMX \Q^_[ZZQX MOO[^PUZS `[ `TQ \[XUOUQ_ ^Q]aU^QP UZ FaXQ /6&*').)+% <'6'8'EQ^_[ZZQX UZ MZ [a`&[R&_`M`Q Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e _TMXX NQ OQ^`URUQP [^ XUOQZ_QP UZMOO[^PMZOQ cU`T `TQ _`MZPM^P_ Q_`MNXU_TQP Ne `TQ _`M`Q UZ cTUOT `TQ Z[Z\aNXUO _OT[[X [^ O[YYaZU`eRMOUXU`e U_ X[OM`QP'

N' E^[bUPQ_ UZ_`^aO`U[ZMX _OT[[X PMe MZP eQM^ O[Z_U_`QZ` cU`T _' *)**'/*% <'G% `MWUZS UZ`[ MOO[aZ` `TQZaYNQ^ [R _OT[[X T[a^_ [^ _OT[[X PMe_ \^[bUPQP Ne `TQ _OT[[X PU_`^UO`'

O' BMUZ`MUZ_ Oa^^QZ` _MZU`M`U[Z MZP TQMX`T OQ^`URUOM`Q_ MZP RU^Q UZ_\QO`U[Z_ R[^ QMOT M\\^[\^UM`Q NaUXPUZS MZPcUXX NQ [\QZ R[^ UZ_\QO`U[Z Ne M\\^[\^UM`Q Ma`T[^U`UQ_'

0286 %* ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

P' E^[`QO`_ `TQ O[ZRUPQZ`UMXU`e [R _`aPQZ` ^QO[^P_ MZP UZR[^YM`U[Z MZP M__a^Q_ `TQ \^[bU_U[Z `[ `TQ \M^QZ` [^_`aPQZ` cT[_Q ^UST`_ TMbQ `^MZ_RQ^^QP a\[Z ^QMOTUZS `TQ MSQ [R YMV[^U`e #MSQ *1$% `TQ ^UST` [R MOOQ__%O[\UQ_% MYQZPYQZ`_% MZP TQM^UZS_ M_ _\QOURUQP UZ FaXQ /6&*')2..% <'6'8'

Q' 9Q_USZM`Q_ _`MRR YQYNQ^ `[ NQ ^Q_\[Z_UNXQ R[^ `TQ MPYUZU_`^M`U[Z [R `TQ \^[bU_U[Z_ [R `TQ O[Z`^MO` MZP_a\Q^bU_U[Z [R `TQ QPaOM`U[ZMX \^[S^MY \^[bUPQP `[ QMOT _`aPQZ`% [^ QM^Xe UZ`Q^bQZ`U[Z _Q^bUOQ_ \^[bUPQP`[ QMOT OTUXP MSQ NU^`T `T^[aST `c[ #+$% aZPQ^ `TQ O[Z`^MO`'

R' >M_ c^U``QZ \^[OQPa^Q_ R[^ MPYU__U[Z% PU_YU__MX% MZP _Q\M^M`U[Z [R _`aPQZ`_% UR M\\^[\^UM`Q'

S' >M_ M c^U``QZ PQ_O^U\`U[Z [R `TQ _a\\[^` _Q^bUOQ_ `TM` M^Q MbMUXMNXQ MZP cUXX NQ \^[bUPQP `[ QMOT _`aPQZ`\XMOQP aZPQ^ M O[Z`^MO` UZ MOO[^PMZOQ cU`T QMOT _`aPQZ`"_ ?;E [^ QMOT OTUXP"_ ?<GE'

T' >M_ c^U``QZ \[XUOUQ_ O[ZOQ^ZUZS3 OM^Q [R `TQ _`aPQZ` UZ QYQ^SQZOUQ_4 OXUZUOMX MZP MPYUZU_`^M`UbQ ^QO[^P_4\Q^_[ZZQX \[XUOUQ_4 _`MRR Pa`UQ_4 RQQ _OTQPaXQ_4 R[[P _Q^bUOQ_4 MZP UZ_a^MZOQ O[bQ^MSQ'

U' 8[Y\XUQ_ cU`T ^Q]aU^QYQZ`_ [R3 `TQ DRRUOQ R[^ 8UbUX FUST`_ #D8F$4 `TQ 6YQ^UOMZ_ cU`T 9U_MNUXU`UQ_ 6O`#696$4 GQO`U[Z .)- [R `TQ FQTMNUXU`M`U[Z 6O` [R *20,4 HU`XQ ?K [R `TQ ;PaOM`U[Z 6YQZPYQZ`_ [R *20+4 `TQ6SQ 9U_O^UYUZM`U[Z 6O` [R *20.4 `TQ 7[e GO[a`_ [R 6YQ^UOM ;]aMX 6OOQ__ 6O` #GQO`U[Z 2.+. [R `TQ;XQYQZ`M^e MZP GQO[ZPM^e 6O` [R *2/.% M_ MYQZPQP Ne `TQ C[ 8TUXP AQR` 7QTUZP 6O` [R +))*$'

V' <UXQ_ ^Q\[^`_ cU`T `TQ 9Q\M^`YQZ` [R ;PaOM`U[Z M_ \^Q_O^UNQP UZ _' *))+'-+% <'G'% UR M\\XUOMNXQ'

&<;A3;A@ <4 &<;A?/1A

*' 6 O[Z`^MO` NQ`cQQZ M PU_`^UO` _OT[[X N[M^P MZP M Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e `[ \^[bUPQ QPaOM`U[ZMX\^[S^MY_ R[^ MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e% [^ QM^Xe UZ`Q^bQZ`U[Z _Q^bUOQ_ `[ M OTUXP cU`T M PU_MNUXU`e MSQNU^`T `T^[aST `c[% _TMXX Z[` Qd`QZP NQe[ZP `TQ _OT[[X PU_`^UO`"_ RU_OMX eQM^% MZP _TMXX UZOXaPQ M` XQM_` `TQR[XX[cUZS3

M' J^U``QZ M__a^MZOQ `TM` `TQ Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e U_ _`MRRQP Ne ]aMXURUQP \Q^_[ZZQX M_PQRUZQP Ne ^aXQ /6&*').),% <'6'8'% [^ MZ M\\^[\^UM`Q MZP UPQZ`URUQP XUOQZ_UZS QZ`U`e'

N' 6 PQ_O^U\`U[Z [R `TQ _O[\Q [R _Q^bUOQ \^[bUPQP Ne `TQ Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e MZP T[c U`^QXM`Q_ `[ `TQ ?;E [R `TQ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e [^ `TQ ?<GE [R `TQ UZRMZ` [^ `[PPXQ^ cU`T MPU_MNUXU`e'

O' E^[bU_U[Z R[^ ^Q\[^`UZS `[ M\\^[\^UM`Q _OT[[X PU_`^UO` \Q^_[ZZQX MZP `TQ \M^QZ` [Z `TQ _`aPQZ`"_ \^[S^Q__ UZYQQ`UZS `TQ MZZaMX S[MX_ UZ MOO[^PMZOQ cU`T `TQ ?;E [^ `TQ OTUXP"_ MZP RMYUXe"_ \^[S^Q__ UZ YQQ`UZS `TQYMV[^ [a`O[YQ_ UZ MOO[^PMZOQ cU`T `TQ ?<GE'

P' E^[bU_U[Z R[^ M\\^[\^UM`Q _OT[[X \Q^_[ZZQX `[ ^QbUQc `TQ \^[S^MY \^[bUPQP Ne `TQ Z[Z\aNXUO _OT[[X [^O[YYaZU`e RMOUXU`e MZP `[ O[ZRQ^ cU`T `TQ _`MRR [R `TQ Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e M` ^QM_[ZMNXQ`UYQ_'

Q' E^[bU_U[Z R[^ ^Q\[^`UZS `[ M\\^[\^UM`Q _OT[[X PU_`^UO` \Q^_[ZZQX MZe Z[Z&M``QZPMZOQ [R `TQ QdOQ\`U[ZMX_`aPQZ` cU`T M PU_MNUXU`e [^ `TQ UZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e'

R' E^[bU_U[Z R[^ Z[`UReUZS M\\^[\^UM`Q _OT[[X PU_`^UO` \Q^_[ZZQX MZP `TQ \M^QZ` [R `TQ a_Q [R _QOXa_U[Z [^^Q_`^MUZ` [R `TQ _`aPQZ`% UZ MOO[^PMZOQ cU`T _QO`U[Z *)),'.0,% <'G'

S' HTQ YQ`T[P [R PQ`Q^YUZUZS OTM^SQ_ MZP _TM^UZS O[_`_ cU`T [`TQ^ MSQZOUQ_ R[^ `TQ \XMOQYQZ`_ aZPQ^ `TQO[Z`^MO`% UZOXaPUZS `TQ \^[VQO`QP `[`MX O[_` `[ `TQ _OT[[X PU_`^UO`'

T' ?PQZ`URUOM`U[Z [R RUZMZOUMX ^Q_\[Z_UNUXU`e'

U' BQ`T[P [R ^Q_[XbUZS UZ`Q^MSQZOe PU_\a`Q_' GaOT YQ`T[P_ YMe NQ UZU`UM`QP Ne PU_`^UO` _OT[[X N[M^P_ `[_QOa^Q ^QUYNa^_QYQZ` R^[Y [`TQ^ MSQZOUQ_'

V' 6 _OTQPaXQ R[^ ^QbUQc [R `TQ \^[S^MY NQUZS \^[bUPQP `[ `TQ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e [^ `TQUZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e% `T^[aST `TQ O[Z`^MO`'

W' E^[bU_U[Z R[^ `Q^YUZM`UZS `TQ O[Z`^MO`'

0286 %+ ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

X' J^U``QZ M__a^MZOQ [R O[Y\XUMZOQ cU`T M\\XUOMNXQ \^[bU_U[Z_ [R `TQ 8UbUX FUST`_ 6O` [R *2/-% HU`XQ ?K [R `TQ;PaOM`U[Z 6YQZPYQZ`_ [R *20-% MZP GQO`U[Z .)- [R `TQ FQTMNUXU`M`U[Z 6O` [R *20,'

%227A7<;/8 '7@A?71A -3@=<;@70787A73@

JTQZ O[Z`^MO`UZS cU`T M Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e% UZ MOO[^PMZOQ cU`T FaXQ /6&/'),/*% `TQ _OT[[X PU_`^UO`_TMXX NQ ^Q_\[Z_UNXQ R[^ M` XQM_` `TQ R[XX[cUZS3

*' GQXQO`UZS MZ M\\^[\^UM`Q Z[Z\aNXUO _OT[[X [^ RMOUXU`e UZ O[Z_aX`M`U[Z cU`T `TQ \M^QZ` MZP [`TQ^ M\\^[\^UM`QMSQZOe \Q^_[ZZQX

+' E^[bUPUZS R[^ `^MZ_\[^`M`U[Z R[^ _`aPQZ`_ MSQ `T^QQ #,$ `T^[aST `cQZ`e&[ZQ #+*$

,' BMUZ`MUZUZS M OM_Q RUXQ UZOXaPUZS \^[S^Q__ ^Q\[^`_ MZP \Q^U[PUO QbMXaM`U[Z_ [R `TQ QdOQ\`U[ZMX _`aPQZ` cU`T MPU_MNUXU`e% [^ UZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e

-' IQ^UReUZS `TM` `TQ OTUXP U_ M ^Q_UPQZ` [R `TQ _OT[[X PU_`^UO` MZP U_ QZ^[XXQP UZ% [^ TM_ YMPQ M\\XUOM`U[Z R[^MPYU``MZOQ `[% M _OT[[X PU_`^UO` \^[S^MY

.' E^[bUPUZS R[^ `TQ O[_` [R `TQ _`aPQZ`"_ QPaOM`U[ZMX \^[S^MY [^ QM^Xe UZ`Q^bQZ`U[Z _Q^bUOQ_ M_ _\QOURUQP UZ `TQO[Z`^MO`

/' BMUZ`MUZUZS P[OaYQZ`M`U[Z [R `TQ ]aMXURUOM`U[Z_ [R \Q^_[ZZQX UZ Z[Z\aNXUO _OT[[X_ [^ O[YYaZU`e RMOUXU`UQ_ M_^Q]aU^QP UZ FaXQ /6&/'),/*% <'6'8'% [^ Ne `TQ M\\^[\^UM`Q XUOQZ_UZS QZ`U`e% UZOXaPUZS `TQ [a`&[R&RUQXP Z[`URUOM`U[Z^Q]aU^QYQZ`_ [R _' *)*+'-+% <'G'

0' E^[bUPUZS MZ M\\^[\^UM`Q QPaOM`U[ZMX \^[S^MY R[^ `TQ _`aPQZ` UZ `TQ XQM_` ^Q_`^UO`UbQ QZbU^[ZYQZ` NM_QP [Z MZMZZaMX [^ Y[^Q R^Q]aQZ` ^QbUQc [R `TQ _`aPQZ`"_ ?;E% [^ QM^Xe UZ`Q^bQZ`U[Z _Q^bUOQ_ UZ M ZM`a^MX QZbU^[ZYQZ`NM_QP [Z M _Ud&Y[Z`T [^ Y[^Q R^Q]aQZ` ^QbUQc [R `TQ OTUXP"_ ?<GE

1' BMUZ`MUZUZS O[\UQ_ [R `TQ ?;E_ [^ ?<GE_ UZ `TQ PU_`^UO` MZP \^[bUPUZS O[\UQ_ [R `TQ ?;E_ [R _`aPQZ`_ cT[ M^Q UZ^Q_UPQZ`UMX \XMOQYQZ`_ `[ `TQ 9Q\M^`YQZ` [R ;PaOM`U[Z% 7a^QMa [R ;dOQ\`U[ZMX ;PaOM`U[Z MZP G`aPQZ` GQ^bUOQ_

2' FQ\[^`UZS% PM`M O[XXQO`U[Z% MZP Y[ZU`[^UZS `TQ a_Q [R _QOXa_U[Z [^ ^Q_`^MUZ` [R `TQ _`aPQZ`% UZ MOO[^PMZOQ cU`T_'*)),'.0,% <'G'

)8<?72/ (2B1/A7<;/8 )7;/;13 ,?<5?/9 !)()," )B;2@

JTQZ MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e% [^ UZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e% U_ QZ^[XXQP UZ M Z[Z\aNXUO _OT[[X [^O[YYaZU`e RMOUXU`e \^[S^MY aZPQ^ O[Z`^MO`aMX M^^MZSQYQZ` R[^ \^[bUPUZS M _\QOUMX QPaOM`U[ZMX \^[S^MY [^ QM^XeUZ`Q^bQZ`U[Z _Q^bUOQ_ M_ \^[bUPQP TQ^QUZ% `TQ _`aPQZ`% [^ UZRMZ` [^ `[PPXQ^% _TMXX SQZQ^M`Q <;<E RaZP_ R[^ `TQ _OT[[XPU_`^UO` UZ `TQ M\\^[\^UM`Q O[_` OM`QS[^UQ_ M_ Q_`MNXU_TQP UZ _' *)**'/+% <'G'% M_ [a`XUZQP NQX[c'

*' HTQ Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e \^[S^MY YQQ`_ `TQ O^U`Q^UM ^QRQ^QZOQP aZPQ^ '7@A?71A-3@=<;@70787A73@'

+' HTQ _`aPQZ` U_ ^QSaXM^Xe M``QZPUZS `TQ \^[S^MY% MZP `TQ XQZS`T [R `TQ _OT[[X PMe MZP YUZUYaY ZaYNQ^ [R PMe_M^Q UZ O[Y\XUMZOQ cU`T FaXQ /6&*')-.***% <'6'8'

,' HTQ _`aPQZ` U_ M\\^[\^UM`QXe UPQZ`URUQP M_ MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e Ne `TQ _OT[[X PU_`^UO`% [^ `TQUZRMZ` [^ `[PPXQ^ TM_ NQQZ PQ`Q^YUZQP QXUSUNXQ M_ MZ UZRMZ` [^ `[PPXQ^ cU`T M PU_MNUXU`e Ne `TQ EM^` 8 ;M^Xe G`Q\_E^[S^MY% Na` P[Q_ Z[` UZOXaPQ _`aPQZ`_ UPQZ`URUQP _[XQXe M_ SUR`QP'

-' 6Z ?;E [^ ?<GE R[^ `TQ _`aPQZ` TM_ NQQZ PQbQX[\QP M_ ^Q]aU^QP'

.' <aXX&`UYQ Q]aUbMXQZ` _`aPQZ` YQYNQ^_TU\ R[^ QMOT QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e% [^ UZRMZ` [^ `[PPXQ^ cU`T MPU_MNUXU`e% aZPQ^ M O[Z`^MO`aMX M^^MZSQYQZ` U_ UZOXaPQP UZ `TQ _OT[[X PU_`^UO`"_ ^Q\[^` [R YQYNQ^_TU\'

/' 6ZZaMXXe MZP \^U[^ `[ `TQ RU^_` ^Q\[^` [R RaXX&`UYQ Q]aUbMXQZ` YQYNQ^_TU\ R[^ M _`aPQZ` UZ M ^Q_UPQZ`UMX \XMOQYQZ`UZ M Z[Z\aNXUO [^ O[YYaZU`e RMOUXU`e \^[S^MY% M O[\e [R `TQ O[Z`^MO`_ _USZQP Ne MXX \M^`UOU\M`UZS \M^`UQ_ _TMXX NQRUXQP cU`T `TQ 9Q\M^`YQZ` [R ;PaOM`U[Z% 9UbU_U[Z [R EaNXUO GOT[[X_% 7a^QMa [R ;dOQ\`U[ZMX ;PaOM`U[Z MZPG`aPQZ` GQ^bUOQ_% ,+. JQ_` =MUZQ_ G`^QQ`% HMXXMTM__QQ% <X[^UPM ,+,22'

JTQZ M _OT[[X PU_`^UO` O[Z`^MO`_ R[^ `TQ QPaOM`U[ZMX O[Y\[ZQZ` [R M ^Q_UPQZ`UMX \XMOQYQZ` R[^ M S^[a\ [R _`aPQZ`_% [ZQ#*$ O[Z`^MO` cU`T _`aPQZ` ZMYQ_ [^ UZPUbUPaMX O[Z`^MO`_ _TMXX NQ RUXQP'

0286 %, ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

+<A3@$

JTQZ MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e U_ [RRQ^QP MZ M\\^[\^UM`Q QPaOM`U[ZMX \^[S^MY Ne `TQ _OT[[X PU_`^UO` MZP`TQ \M^QZ` cMUbQ_ TU_ [\\[^`aZU`e UZ RMb[^ [R M Z[Z\aNXUO \^[S^MY _QXQO`QP Ne `TQ \M^QZ`% `TQ \M^QZ` _TMXX M__aYQ RaXXRUZMZOUMX ^Q_\[Z_UNUXU`e R[^ `TQ _`aPQZ`"_ QPaOM`U[Z'

GQO`U[Z *)),'.0#+$#M$% <'G'% _`M`Q_% !MZ QdOQ\`U[ZMX _`aPQZ` cU`T M PU_MNUXU`e cT[ ^Q_UPQ_ UZ M ^Q_UPQZ`UMX RMOUXU`e MZP^QOQUbQ_ _\QOUMX UZ_`^aO`U[Z [^ _Q^bUOQ_ U_ O[Z_UPQ^QP M ^Q_UPQZ` [R `TQ _`M`Q UZ cTUOT `TQ _`aPQZ`"_ \M^QZ` U_ M ^Q_UPQZ`'!HTQ _`M`a`Q Ra^`TQ^ UZPUOM`Q_ `TM` Z[Z^Q_UPQZ` _`aPQZ`_ cU`T PU_MNUXU`UQ_ NQUZS _Q^bUOQP UZ ^Q_UPQZ`UMX RMOUXU`UQ_ !YMe Z[`NQ ^Q\[^`QP Ne MZe _OT[[X PU_`^UO` R[^ <H; RaZPUZS UZ `TQ <X[^UPM ;PaOM`U[Z <UZMZOQ E^[S^MY #<;<E$'!

HTQ PU_`^UO` O[Z`^MO`_ R[^ _\QOUMX QPaOM`U[Z MZP ^QXM`QP _Q^bUOQ_ cU`T Z[Z\aNXUO _OT[[X_% ^Q_UPQZ`UMX RMOUXU`UQ_% [^O[YYaZU`e RMOUXU`UQ_'

DZQ [R `TQ R[XX[cUZS 9B@A NQ _QXQO`QP3

LQ_

C[

?R E3@% PQ_O^UNQ `TQ PU_`^UO`"_ \^[OQPa^Q_ R[^ `TQ R[XX[cUZS3

9Q`Q^YUZUZS `TM` `TQ _OT[[X [^ RMOUXU`e YQQ`_ `TQ ^Q]aU^QP O^U`Q^UM NQR[^Q M O[Z`^MO` cU`T M Z[Z\aNXUO_OT[[X [^ O[YYaZU`e RMOUXU`e U_ O[Y\XQ`QP'

E^[OQPa^Q_ ?ZOXaPQ39Q`Q^YUZUZS `TM` `TQ _OT[[X [^ RMOUXU`e YQQ`_ `TQ ^Q]aU^QP O^U`Q^UM NQR[^Q M O[Z`^MO` cU`T M

Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`e U_ O[Y\XQ`QP'm BMUZ`MUZUZS P[OaYQZ`M`U[Z [R `TQ ]aMXURUOM`U[Z_ [R \Q^_[ZZQX UZ Z[Z\aNXUO _OT[[X_ [^ O[YYaZU`eRMOUXU`UQ_ M_ ^Q]aU^QP UZ FaXQ /6&/'),/*% <'6'8'% [^ Ne `TQ M\\^[\^UM`Q XUOQZ_UZS QZ`U`e% UZOXaPUZS `TQ [a`&[R&RUQXP Z[`URUOM`U[Z ^Q]aU^QYQZ`_ [R _' *)*+'-+% <'G'm BMUZ`MUZUZS O[\UQ_ [R `TQ ?;E_ UZ `TQ PU_`^UO` MZP \^[bUPUZS O[\UQ_ [R `TQ ?;E_ [R _`aPQZ`_ cT[ M^Q UZ^Q_UPQZ`UMX \XMOQYQZ`_ `[ `TQ 9Q\M^`YQZ` [R ;PaOM`U[Z% 7a^QMa [R ;dOQ\`U[ZMX ;PaOM`U[Z MZP G`aPQZ`GQ^bUOQ_'m 9Q`Q^YUZUZS `TM` `TQ _OT[[X [^ RMOUXU`e YQQ`_ `TQ ^Q]aU^QP O^U`Q^UM NQR[^Q M O[Z`^MO` cU`T M Z[Z\aNXUO_OT[[X [^ O[YYaZU`e RMOUXU`e U_ O[Y\XQ`QP'<[^ Z[Z\aNXUO _OT[[X [^ O[YYaZU`e RMOUXU`UQ_ cTQ^Q `TQ 9U_`^UO` O[Z`^MO`_ `[ \^[bUPQ QPaOM`U[ZMX_Q^bUOQ_% `TQ 9U_`^UO` ^QbUQc_ `TQ \^[\[_QP RMOUXU`e "_ [^SMZUfM`U[Z \XMZ cU`T _QXQO` 9U_`^UO` PQ\M^`YQZ`_`[ PQ`Q^YUZQ cTQ`TQ^ `TQ QZ`U`e YQQ`_ O^U`Q^UM `[ \^[bUPQ QPaOM`U[ZMX _Q^bUOQ_' 9U_`^UO` _`MRR O[Y\XQ`Q_UZ_\QO`U[Z_ [R `TQ \Te_UOMX \XMZ` `[ QZ_a^Q `TM` U` YQQ`_ _MRQ`e MZP TQMX`T O^U`Q^UM' 9U_`^UO` _`MRR O[ZRQ^_cU`T `TQ GOT[[X 7[M^P"_ 6``[^ZQe [Z `TQ O[Z`^MO` XMZSaMSQ \^U[^ `[ \^[OQ__UZS R[^ M\\^[bMX' 6\\^[bMX\^[OQ__ ^Q]aU^Q_ _USZM`a^Q_ Ne `TQ 6SQZOe"_ MPYUZU_`^M`[^% GOT[[X 7[M^P 6``[^ZQe R[^ R[^Y MZP XQSMXO[Z`QZ` MZP `TQ Ga\Q^UZ`QZPQZ`' HTQ GOT[[X 7[M^P 8TMU^ \^Q_QZ`_ `TQ _USZQP O[Z`^MO` `[ `TQ GOT[[X7[M^P R[^ M\\^[bMX MZP _USZM`a^Q'

BMUZ`MUZUZS P[OaYQZ`M`U[Z [R `TQ ]aMXURUOM`U[Z_ [R \Q^_[ZZQX UZ Z[Z\aNXUO _OT[[X_ [^ O[YYaZU`e RMOUXU`UQ_M_ ^Q]aU^QP UZ FaXQ /6&/'),/*% <'6'8'% [^ Ne `TQ M\\^[\^UM`Q XUOQZ_UZS QZ`U`e% UZOXaPUZS `TQ <BA#<4#47382;<A7471/A7<; ?3>B7?393;A@ [R _' *)*+'-+% <'G'

HTQ ;G; 9U^QO`[^% [^ `TQU^ PQ_USZQQ% cUXX ^Q]aQ_` MZP YMUZ`MUZ P[OaYQZ`M`U[Z [R `TQ ]aMXURUOM`U[Z_ [RO[Z`^MO`QP Z[Z&\aNXUO _OT[[X \Q^_[ZZQX MZP O[YYaZU`e RMOUXU`UQ_' 8[Z`^MO`QP RMOUXU`UQ_ cUXX Z[`URe `TQ;G; 9U^QO`[^ [R [a` [R RUQXP \Q^_[ZZQX' HTQ ;G; 9U^QO`[^ cUXX `TQZ Z[`URe \M^QZ`_% UZ c^U`UZS% [R MZe [a`[R RUQXP% Z[Z&\aNXUO [^ ^Q_UPQZ`UMX RMOUXU`UQ_ _OT[[X _`MRR' BMUZ`MUZUZS P[OaYQZ`M`U[Z [R `TQ ]aMXURUOM`U[Z_[R \Q^_[ZZQX UZ Z[Z\aNXUO _OT[[X_ [^ O[YYaZU`e RMOUXU`UQ_ M_ ^Q]aU^QP UZ FaXQ /6&/'),/*%<'6'8'% [^ Ne`TQ M\\^[\^UM`Q XUOQZ_UZS QZ`U`e% UZOXaPUZS `TQ [a`&[R& RUQXP Z[`URUOM`U[Z ^Q]aU^QYQZ`_ M_ [R _'*)*+'-+%<'G'HTQ O[Z`^MO`QP Z[Z\aNXUO [^ O[YYaZU`e RMOUXU`e _aNYU`_ O[\UQ_ [R `TQU^ UZ_`^aO`U[ZMX \Q^_[ZZQX"_OQ^`URUOM`U[Z MZP( [^ XUOQZ_Q `[ `TQ PU_`^UO` MPYUZU_`^M`[^ cT[ U_ ^Q_\[Z_UNXQ R[^ `TQ [bQ^_QQUZS [R `TQO[Z`^MO`' ?R `TQ O[Z`^MO`QP Z[Z\aNXUO [^ O[YYaZU`e RMOUXU`e U_ aZMNXQ `[ QY\X[e OQ^`URUQP UZ_`^aO`U[ZMX\Q^_[ZZQX R[^ MZe ^QM_[Z_% `TQ 9U_`^UO` _TMXX \^[bUPQ OQ^`URUQP UZ_`^aO`U[ZMX _`MRR M` `TQ Qd\QZ_Q [R `TQO[Z`^MO`QP Z[Z\aNXUO [^ O[YYaZU`e RMOUXU`e'<[^ \XMOQYQZ` UZ M ^Q_UPQZ`UMX RMOUXU`e [R M _`aPQZ` cU`T M PU_MNUXU`e Ne M \aNXUO MSQZOe [`TQ^ `TMZ `TQ_OT[[X PU_`^UO`% `TQ 9U_`^UO` O[Y\XUQ_ cU`T `TQ ^Q]aU^QYQZ`_ _Q` R[^`T UZ *)),'.0#+$ MZP FaXQ /6&/'),,-<' 6' 8'm BMUZ`MUZUZS O[\UQ_ [R `TQ ?;E"_ UZ `TQ PU_`^UO` MZP \^[bUPUZS O[\UQ_ [R `TQ ?;E_ [R _`aPQZ`_ cT[ M^Q UZ

0286 &# ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

YLZPKLU[PHS WSHJLTLU[Z [V [OL 6LWHY[TLU[ VM 7K\JH[PVU$ 4\YLH\ VM 7_JLW[PVUHS 7K\JH[PVU HUK D[\KLU[DLY]PJLZ&<7BZ HYL THPU[HPULK PU [OL 6PZ[YPJ[!Z LSLJ[YVUPJ THUHNLTLU[ Z`Z[LT B77C& DPNULK KVJ\TLU[H[PVU PZHSZV THPU[HPULK PU [OL 6PZ[YPJ[!Z LSLJ[YVUPJ THUHNLTLU[ Z`Z[LT& AYPNPUHS ZPNULK MVYTZ HUK V[OLYYLSH[LK KVJ\TLU[H[PVU PZ THPU[HPULK PU MVSKLYZ MVY PUKP]PK\HS Z[\KLU[Z H[ [OL ZLSLJ[ 6PZ[YPJ[3KTPUPZ[YH[VY!Z SVJH[PVU& GOLU YLX\LZ[LK$ [OL <7BZ HYL KV^USVHKLK HUK [OLU L%THPSLK WHZZ^VYKWYV[LJ[LK [V [OL 6LWHY[TLU[ VM 7K\JH[PVU&

?HPU[HPUPUN JVWPLZ VM [OL <7BZ VY <8DBZ PU [OL KPZ[YPJ[ HUK WYV]PKPUN JVWPLZ VM [OL <7BZ VM Z[\KLU[Z ^OVHYL PU YLZPKLU[PHS WSHJLTLU[Z [V [OL 6LWHY[TLU[ VM 7K\JH[PVU$ 4\YLH\ VM 7_JLW[PVUHS 7K\JH[PVU HUKD[\KLU[ DLY]PJLZ&

<7BZ ^PSS IL THPU[HPULK I` 6PZ[YPJ[ 7D7 6LWHY[TLU[ WLYZVUULS HUK WYV]PKLK [V [OL 4\YLH\ VM7_JLW[PVUHS 7K\JH[PVU HUK D[\KLU[ DLY]PJLZ& 8VY WSHJLTLU[ PU H YLZPKLU[PHS MHJPSP[` VM H Z[\KLU[ ^P[O HKPZHIPSP[` I` H W\ISPJ HNLUJ` V[OLY [OHU [OL ZJOVVS KPZ[YPJ[$ [OL 6PZ[YPJ[ JVTWSPLZ ^P[O [OL YLX\PYLTLU[ZZL[ MVY[O PU (''*&,.")# HUK C\SL -3%-&'**+ 8& 3& 5&g ?HPU[HPUPUN JVWPLZ VM [OL <7B!Z PU [OL KPZ[YPJ[ HUK WYV]PKPUN JVWPLZ VM [OL <7BZ VM Z[\KLU[Z ^OV HYL PUYLZPKLU[PHS WSHJLTLU[Z [V [OL 6LWHY[TLU[ VM 7K\JH[PVU$ 4\YLH\ VM 7_JLW[PVUHS 7K\JH[PVU HUK D[\KLU[DLY]PJLZ&<7BZ HYL THPU[HPULK PU [OL 6PZ[YPJ[!Z LSLJ[YVUPJ THUHNLTLU[ Z`Z[LT$ B77C& DPNULK KVJ\TLU[H[PVU PZHSZV THPU[HPULK PU [OL 6PZ[YPJ[!Z LSLJ[YVUPJ THUHNLTLU[ Z`Z[LT& AYPNPUHS ZPNULK MVYTZ HUK V[OLYYLSH[LK KVJ\TLU[H[PVU PZ THPU[HPULK PU MVSKLYZ MVY PUKP]PK\HS Z[\KLU[Z H[ [OL ZLSLJ[ 6PZ[YPJ[3KTPUPZ[YH[VY!Z SVJH[PVU& GOLU YLX\LZ[LK$ [OL <7BZ HYL KV^USVHKLK HUK [OLU L%THPSLK WHZZ^VYKWYV[LJ[LK [V [OL 6LWHY[TLU[ VM 7K\JH[PVU&

7GIGPCB 3JEHGOF ;NKDGAGCJAT "73;# =PQBCJPO

EOL ZJOVVS KPZ[YPJ[ HZZ\YLZ [OH[ >7B Z[\KLU[Z ^OV HYL HSZV Z[\KLU[Z ^P[O KPZHIPSP[PLZ OH]L WYVNYHTTPUN HUK ZLY]PJLZW\YZ\HU[ [V MLKLYHS HUK Z[H[L SH^Z HUK YLN\SH[PVUZ

1FGHB 4GJB

(& EOL D[H[L OHZ HZZPNULK [V SVJHS ZJOVVS KPZ[YPJ[Z HUK [OL 8SVYPKH 6PHNUVZ[PJ HUK >LHYUPUN CLZV\YJLZ D`Z[LT"86>CD# 3ZZVJPH[L 5LU[LYZ [OL YLZWVUZPIPSP[` MVY M\SS` PUMVYTPUN WHYLU[Z HIV\[ [OL YLX\PYLTLU[Z VM PKLU[PM`PUN$SVJH[PUN$ HUK L]HS\H[PUN Z[\KLU[Z ^P[O KPZHIPSP[PLZ PU HJJVYKHUJL ^P[O *+ 58C *''&((( HUK ZZ& (''-&'* HUK(''*&,.$ 8&D&

)& EOL MVJ\Z MVY 86>CD!Z JOPSK MPUK HJ[P]P[PLZ PZ JOPSKYLU IPY[O [V MP]L ",# `LHYZ VM HNL HUK JOPSKYLU H[[LUKPUNJKJLQ@HGA ZJOVVSZ& 86>CD HSZV ZLY]LZ HZ H SPUR IL[^LLU ZJOVVS KPZ[YPJ[Z HUK [OL PKLU[PMPJH[PVU$ SVJH[PVU$ HUKL]HS\H[PVU ZLY]PJLZ VM [OL SVJHS 7HYS` D[LWZ BYVNYHTZ$ JV\U[` OLHS[O \UP[Z$ ;LHK D[HY[$ 8SVYPKH DJOVVS MVY [OL6LHM HUK [OL 4SPUK "8D64#$ HUK [OL PUKP]PK\HS ZJOVVS KPZ[YPJ[Z&

H& <U HKKP[PVU [V [OLZL M\UJ[PVUZ$ 86>CD 5LU[LYZ OH]L ILLU H\[OVYPaLK [V WYV]PKL [LZ[PUN HUK L]HS\H[PVUZLY]PJLZ [V UVUW\ISPJ ZJOVVS W\WPSZ VY V[OLY JOPSKYLU ^OV HYL UV[ LUYVSSLK PU W\ISPJ ZJOVVSZ HUK [V HZZPZ[KPZ[YPJ[Z PU WYV]PKPUN [LZ[PUN HUK L]HS\H[PVU ZLY]PJLZ MVY OPNO%YPZR VY PUMHU[Z HUK WYLZJOVVS JOPSKYLU ^P[OKPZHIPSP[PLZ&

*& 8VY WHYLU[HSS`%WSHJLK WYP]H[L ZJOVVS Z[\KLU[Z$ [OL KPZ[YPJ[ PU ^OPJO [OL WYP]H[L ZJOVVS PZ SVJH[LK OHZ [OLYLZWVUZPIPSP[` MVY JOPSK MPUK PM [OL WYP]H[L ZJOVVS PZ JKJLNKDGP& <M [OL WYP]H[L ZJOVVS PZ DKN%LNKDGP$ [OL KPZ[YPJ[ VM [OLZ[\KLU[!Z YLZPKLUJL OHZ [OL JOPSK MPUK YLZWVUZPIPSP[`&

1KJDGBCJPG?HGPT KD =PQBCJP <CAKNBO

<U HJJVYKHUJL ^P[O )' FUP[LK D[H[LZ 5VKL "F&D&5&# j ()*)N$ *+ 58C jj*''&-(*h*''&-)($ ZLJ[PVU ('')&))$ 8&D&$ HUKC\SL -3%(&'0,,$ 8&3&5&$ [OL KPZ[YPJ[ HZZ\YLZ [OH[ H MVYTHS WVSPJ` PZ PU WSHJL [V N\HYHU[LL [OL JVUMPKLU[PHSP[` VM Z[\KLU[YLJVYKZ& EOPZ WVSPJ` PUJS\KLZ [OL MVSSV^PUN1

(& 3JJLZZ YPNO[Z

H& EOL KPZ[YPJ[ ^PSS WLYTP[ WHYLU[Z [V PUZWLJ[ HUK YL]PL^ HU` LK\JH[PVUHS YLJVYKZ YLSH[PUN [V [OLPY JOPSKYLU [OH[HYL JVSSLJ[LK$ THPU[HPULK$ VY \ZLK I` [OL KPZ[YPJ[$ ^P[OV\[ \UULJLZZHY` KLSH` HUK ILMVYL HU` TLL[PUNYLNHYKPUN HU <7B$ <8DB$ VY LK\JH[PVUHS WSHU "7B#$ VY HU` OLHYPUN YLSH[PUN [V [OL PKLU[PMPJH[PVU$ L]HS\H[PVU$

/175 &$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

VY LK\JH[PVUHS WSHJLTLU[ VM [OL JOPSK$ VY [OL WYV]PZPVU VM 83B7 [V [OL Z[\KLU[$ HUK PU UV JHZL TVYL [OHU[OPY[` "*'# KH`Z MYVT [OL YLX\LZ[& EOL WHYLU[ OHZ [OL YPNO[ [V1

" 3 YLZWVUZL MYVT [OL KPZ[YPJ[ MVY YLHZVUHISL L_WSHUH[PVU HUK PU[LYWYL[H[PVU VM [OL YLJVYKZ

" CLX\LZ[ [OH[ [OL KPZ[YPJ[ WYV]PKL JVWPLZ VM [OL YLJVYKZ PM MHPS\YL [V KV ZV ^V\SK KLWYP]L [OL WHYLU[VM [OL YPNO[ [V YL]PL^ [OL YLJVYKZ

" ;H]L H YLWYLZLU[H[P]L VM [OL WHYLU[ PUZWLJ[ HUK YL]PL^ [OL YLJVYKZ

I& EOL KPZ[YPJ[ WYLZ\TLZ [OH[ [OL WHYLU[ OHZ H\[OVYP[` [V PUZWLJ[ HUK YL]PL^ YLJVYKZ YLSH[PUN [V [OH[ WHYLU[!ZJOPSK \USLZZ V[OLY^PZL HK]PZLK [OH[ [OL WHYLU[ KVLZ UV[ OH]L Z\JO H\[OVYP[`&

J& EOL KPZ[YPJ[ RLLWZ H YLJVYK VM WHY[PLZ VI[HPUPUN HJJLZZ [V Z[\KLU[ YLJVYKZ$ V[OLY [OHU [OL WHYLU[ VYH\[OVYPaLK KPZ[YPJ[ VY ZJOVVS LTWSV`LLZ$ ^OPJO PUJS\KLZ [OL UHTL VM [OL WHY[`$ [OL KH[L HJJLZZ ^HZNP]LU$ HUK [OL W\YWVZL MVY ^OPJO [OL WHY[` PZ H\[OVYPaLK [V \ZL [OL YLJVYKZ&

K& GOLU [OL LK\JH[PVUHS YLJVYK PUJS\KLZ PUMVYTH[PVU HIV\[ TVYL [OHU VUL Z[\KLU[$ [OL WHYLU[ TH` YL]PL^[OL PUMVYTH[PVU YLSH[PUN VUS` [V [OH[ WHYLU[!Z JOPSK&

L& EOL KPZ[YPJ[ ^PSS WYV]PKL [OL WHYLU[$ \WVU YLX\LZ[$ H SPZ[ VM [OL [`WLZ HUK SVJH[PVUZ VM LK\JH[PVUHS YLJVYKZYLSH[PUN [V [OH[ WHYLU[!Z JOPSK&

M& EOL KPZ[YPJ[ TH` JOHYNL H MLL MVY JVWPLZ VM YLJVYKZ PM [OL MLL KVLZ UV[ WYL]LU[ [OL WHYLU[ MYVT HJJLZZPUN[OL YLJVYKZ& 3 ZLHYJO VY YL[YPL]HS MLL TH` UV[ IL JOHYNLK&

)& 3TLUKTLU[ VM Z[\KLU[ YLJVYKZ

H& EOL Z[\KLU[!Z WHYLU[ ^OV ILSPL]LZ [OH[ PUMVYTH[PVU ^P[OPU [OL Z[\KLU[!Z LK\JH[PVUHS YLJVYKZ JVU[HPUZPUHJJ\YH[L VY TPZSLHKPUN PUMVYTH[PVU$ VY ]PVSH[LZ [OL WYP]HJ` VY V[OLY YPNO[Z VM [OL JOPSK$ TH` YLX\LZ[ [OH[[OL KPZ[YPJ[ HTLUK [OL PUMVYTH[PVU&

I& EOL KPZ[YPJ[ ^PSS KLJPKL ^OL[OLY [V HTLUK [OL PUMVYTH[PVU PU HJJVYKHUJL ^P[O [OL YLX\LZ[ ^P[OPU HYLHZVUHISL WLYPVK VM [PTL&

J& <M [OL KPZ[YPJ[ YLM\ZLZ [V HTLUK [OL PUMVYTH[PVU$ P[ ^PSS PUMVYT [OL WHYLU[ VM [OL YLM\ZHS HUK HK]PZL [OLWHYLU[ VM [OL YPNO[ [V H OLHYPUN$ PU HJJVYKHUJL ^P[O [OL 8HTPS` 7K\JH[PVUHS CPNO[Z HUK BYP]HJ` 3J["87CB3# VM (0.+&

K& <M$ HZ H YLZ\S[ VM [OL OLHYPUN$ [OL KPZ[YPJ[ KLJPKLZ [OH[ [OL PUMVYTH[PVU PZ PUHJJ\YH[L$ TPZSLHKPUN$ VYV[OLY^PZL PU ]PVSH[PVU VM [OL WYP]HJ` VY V[OLY YPNO[Z VM [OL JOPSK$ P[ ^PSS HTLUK [OL YLJVYK HJJVYKPUNS` HUKPUMVYT [OL WHYLU[ PU ^YP[PUN&

L& <M$ HZ H YLZ\S[ VM [OL OLHYPUN$ [OL KPZ[YPJ[ KLJPKLZ [OH[ [OL PUMVYTH[PVU PZ UV[ PUHJJ\YH[L$ TPZSLHKPUN$ VYV[OLY^PZL PU ]PVSH[PVU VM [OL WYP]HJ` VY V[OLY YPNO[Z VM [OL JOPSK$ P[ ^PSS PUMVYT [OL WHYLU[ VM [OL YPNO[ [V WSHJLPU [OL YLJVYK H Z[H[LTLU[ JVTTLU[PUN VU [OL PUMVYTH[PVU VY ZL[[PUN MVY[O HU` YLHZVU MVY KPZHNYLLTLU[^P[O [OL KLJPZPVU VM [OL KPZ[YPJ[&

M& 3U` L_WSHUH[PVU WSHJLK PU [OL Z[\KLU[!Z YLJVYK ^PSS IL THPU[HPULK I` [OL KPZ[YPJ[ HZ WHY[ VM [OL Z[\KLU[!ZYLJVYK HZ SVUN HZ [OL KPZ[YPJ[ THPU[HPUZ [OL YLJVYK VY [OL JVU[LZ[LK WVY[PVU& <M [OL YLJVYK PZ KPZJSVZLK I`[OL HNLUJ` [V HU` WHY[`$ [OL L_WSHUH[PVU ^PSS HSZV IL KPZJSVZLK&

*& 5VUZLU[

H& BHYLU[HS JVUZLU[ ^PSS IL VI[HPULK ILMVYL WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU PZ KPZJSVZLK [V HU`VUL V[OLY[OHU VMMPJPHSZ VM [OL KPZ[YPJ[ VY V[OLY WHY[` ^P[O H SLNP[PTH[L PU[LYLZ[ PU [OL YLJVYK$ VY HZ ZWLJPMPJHSS`H\[OVYPaLK I` 87CB3 HUK Z& ('')&))$ 8&D&

I& BHYLU[HS JVUZLU[ VY [OL JVUZLU[ VM HU LSPNPISL Z[\KLU[$ ^OV OHZ YLHJOLK [OL HNL VM THQVYP[`$ T\Z[ ILVI[HPULK ILMVYL WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU PZ YLSLHZLK [V VMMPJPHSZ VM WHY[PJPWH[PUN HNLUJPLZ [OH[WYV]PKL VY WH` MVY [YHUZP[PVU ZLY]PJLZ&

J& BHYLU[HS JVUZLU[ VY [OL JVUZLU[ VM HU LSPNPISL Z[\KLU[$ ^OV OHZ YLHJOLK [OL HNL VM THQVYP[`$ T\Z[ ILVI[HPULK ILMVYL HU` WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU HIV\[ H JOPSK PZ YLSLHZLK IL[^LLU ZJOVVS KPZ[YPJ[

/175 &% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

VMMPJPHSZ ^OLYL H WYP]H[L ZJOVVS PZ SVJH[LK HUK VMMPJPHSZ PU [OL ZJOVVS KPZ[YPJ[ VM [OL WHYLU[!Z YLZPKLUJL PUZP[\H[PVUZ PU]VS]PUN WHYLU[HSS` WSHJLK WYP]H[L ZJOVVS Z[\KLU[Z&

+& DHMLN\HYKZ

H& EOL KPZ[YPJ[ ^PSS WYV[LJ[ [OL JVUMPKLU[PHSP[` VM WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU K\YPUN [OL JVSSLJ[PVU$Z[VYHNL$ KPZJSVZ\YL$ HUK KLZ[Y\J[PVU VM YLJVYKZ&

I& EOL WYPUJPWHS VY KLZPNULL H[ LHJO ZJOVVS HZZ\TLZ YLZWVUZPIPSP[` MVY LUZ\YPUN JVUMPKLU[PHSP[` VM Z[\KLU[YLJVYKZ&

J& 3SS WLYZVUZ \ZPUN VY JVSSLJ[PUN WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU T\Z[ YLJLP]L [YHPUPUN PU JVUMPKLU[PHSP[`WYVJLK\YLZ&

K& EOL KPZ[YPJ[ ^PSS THPU[HPU MVY W\ISPJ PUZWLJ[PVU H J\YYLU[ SPZ[PUN VM [OL UHTLZ HUK WVZP[PVUZ VM [OVZLLTWSV`LLZ ^P[OPU [OL KPZ[YPJ[ ^OV OH]L HJJLZZ [V WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU&

,& 6LZ[Y\J[PVU VM PUMVYTH[PVU

H& EOL KPZ[YPJ[ ^PSS PUMVYT WHYLU[Z ^OLU WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU PZ UV SVUNLY ULLKLK [V WYV]PKLLK\JH[PVU ZLY]PJLZ [V [OL Z[\KLU[& EOPZ PUMVYTH[PVU T\Z[ IL KLZ[YV`LK H[ [OL YLX\LZ[ VM [OL WHYLU[&

I& 3 WLYTHULU[ YLJVYK VM [OL Z[\KLU[!Z UHTL$ HKKYLZZ$ [LSLWOVUL U\TILY$ NYHKLZ$ H[[LUKHUJL YLJVYK$JSHZZLZ H[[LUKLK$ NYHKL SL]LS JVTWSL[LK$ HUK `LHY JVTWSL[LK TH` IL THPU[HPULK ^P[OV\[ [PTL SPTP[H[PVU&

-& 3UU\HS ^YP[[LU UV[PJL [V WHYLU[Z

H& EOL KPZ[YPJ[ ^PSS WYV]PKL HUU\HS ^YP[[LU UV[PJL [V PUMVYT [OL HK\S[ Z[\KLU[$ VY [OL WHYLU[ VY N\HYKPHU$ VM [OLYPNO[Z KLMPULK PU Z& ('')&))$ 8&D&$ HUK *+ 58C 00&.& <[LTZ [V IL PUJS\KLK PU [OL UV[PJL HYL1

" EOL YPNO[ [V YL]PL^ HUK PUZWLJ[ [OL Z[\KLU[!Z LK\JH[PVU YLJVYKZ$ PUJS\KPUN [OL WYVJLK\YLZ [VL_LYJPZL [OPZ YPNO[

" EOL YPNO[ [V ZLLR HTLUKTLU[ VM [OL Z[\KLU[!Z LK\JH[PVU YLJVYKZ [OH[ [OL WHYLU[ VY LSPNPISL Z[\KLU[ILSPL]LZ [V IL PUHJJ\YH[L$ TPZSLHKPUN$ VY V[OLY^PZL PU ]PVSH[PVU VM [OL Z[\KLU[!Z WYP]HJ` YPNO[Z$PUJS\KPUN [OL WYVJLK\YLZ [V YLX\LZ[ HU HTLUKTLU[

" EOL YPNO[ [V JVUZLU[ [V KPZJSVZ\YL VM WLYZVUHSS` PKLU[PMPHISL PUMVYTH[PVU JVU[HPULK PU [OL Z[\KLU[!ZLK\JH[PVU YLJVYKZ$ L_JLW[ [V [OL L_[LU[ [OH[ 87CB3 HUK Z[H[L Z[H[\[L WLYTP[Z KPZJSVZ\YL ^P[OV\[JVUZLU[

" EOL YPNO[ [V MPSL H JVTWSHPU[ ^P[O [OL F&D& 6LWHY[TLU[ VM 7K\JH[PVU JVUJLYUPUN HSSLNLK MHPS\YLZ I`[OL KPZ[YPJ[ [V JVTWS` ^P[O [OL YLX\PYLTLU[Z VM 87CB3

I& EOL KPZ[YPJ[ ^PSS OH]L KL]LSVWLK HS[LYUH[L TL[OVKZ VM UV[PJL MVY PUMVYTPUN HK\S[ Z[\KLU[Z VY [OL WHYLU[ VYN\HYKPHU \UHISL [V JVTWYLOLUK H ^YP[[LU UV[PJL PU 7UNSPZO&

.& 83B7

EOL KPZ[YPJ[ HZZ\YLZ [OH[ 83B7 PZ H]HPSHISL [V HSS Z[\KLU[Z ^P[O KPZHIPSP[PLZ YLZPKPUN PU [OL KPZ[YPJ[ IL[^LLU [OLHNLZ VM [OYLL "*# HUK [^LU[`%[^V "))#$ PUJS\KPUN1 Z[\KLU[Z ^P[O KPZHIPSP[PLZ ^OV OH]L ILLU Z\ZWLUKLK VYL_WLSSLK MYVT ZJOVVS2 Z[\KLU[Z ^P[O KPZHIPSP[PLZ ^OV OH]L NYHK\H[LK ^P[O H ZWLJPHS KPWSVTH VY JLY[PMPJH[L VMJVTWSL[PVU$ I\[ OH]L UV[ H[[HPULK [OL HNL VM [^LU[`%[^V "))#2 Z[\KLU[Z PU [OL JHYL HUK J\Z[VK` VM 6==$ HUKZ[\KLU[Z ^P[O KPZHIPSP[PLZ ^OV H[[LUK W\ISPJ JOHY[LY ZJOVVSZ& 83B7 PZ HSZV H]HPSHISL [V Z[\KLU[Z PKLU[PMPLK HZNPM[LK PU RPUKLYNHY[LU [OYV\NO NYHKL ()&

/& EYHUZP[PVU MYVT BHY[ 5 [V BHY[ 4

5OPSKYLU WHY[PJPWH[PUN PU LHYS` PU[LY]LU[PVU WYVNYHTZ \UKLY BHY[ 5$ ^OV ^PSS WHY[PJPWH[L PU WYLRPUKLYNHY[LUWYVNYHTZ \UKLY BHY[ 4$ ^PSS L_WLYPLUJL H ZTVV[O HUK LMMLJ[P]L [YHUZP[PVU [V [OL WYLRPUKLYNHY[LU WYVNYHT MVYJOPSKYLU ^P[O KPZHIPSP[PLZ& 4` [OL JOPSK!Z [OPYK IPY[OKH`$ HU <7B VY <8DB PZ KL]LSVWLK HUK PTWSLTLU[LK& 3YLWYLZLU[H[P]L VM [OL ZJOVVS KPZ[YPJ[ WHY[PJPWH[LZ PU [YHUZP[PVU WSHUUPUN JVUMLYLUJLZ HYYHUNLK I` 5OPSKYLU!Z?LKPJHS DLY]PJLZ "5?D#$ HUK >VJHS 7HYS` D[LWZ$ [OL KLZPNUH[LK SLHK HNLUJ` MVY BHY[ 5&

0& 8\UKPUN MVYT\SH

/175 && >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

EOL KPZ[YPJ[ HZZ\YLZ [OH[$ PU HJJVYKHUJL ^P[O Z& ('((&-)$ 8&D&$ PU VYKLY [V NLULYH[L M\UKZ \ZPUN VUL VM [OL [^V^LPNO[LK 7D7 JVZ[ MHJ[VYZ$ H UL^ TH[YP_ VM ZLY]PJLZ MVYT PZ JVTWSL[LK I` [YHPULK WLYZVUULS H[ [OL [PTL VM PUP[PHSWSHJLTLU[ HUK H[ SLHZ[ VUJL L]LY` [OYLL `LHYZ& 3KKP[PVUHSS`$ [OL KPZ[YPJ[ LUZ\YLZ [OH[ TH[YPJLZ YLMSLJ[ J\YYLU[ZLY]PJLZ& <M ZLY]PJLZ JOHUNL HZ [OL YLZ\S[ VM HU <7B [LHT KLJPZPVU$ H UL^ TH[YP_ ^PSS IL JVTWSL[LK& EOL UH[\YLHUK PU[LUZP[` VM [OL ZLY]PJLZ PUKPJH[LK VU [OL TH[YP_ PZ JVUZPZ[LU[ ^P[O [OL ZLY]PJLZ KLZJYPILK PU LHJO Z[\KLU[!Z<7B$ <8DB$ VY 7B& @V[OPUN SPZ[LK PU [OL TH[YP_ SPTP[Z [OL ZLY]PJLZ [OL ZJOVVS KPZ[YPJ[ WYV]PKLZ PU VYKLY [V LUZ\YL[OH[ L_JLW[PVUHS Z[\KLU[Z HYL WYV]PKLK H MYLL HWWYVWYPH[L W\ISPJ LK\JH[PVU&

D[\KLU[Z PKLU[PMPLK HZ L_JLW[PVUHS ^OV KV UV[ OH]L H TH[YP_ VM ZLY]PJLZ ^PSS NLULYH[L M\UKZ VU [OL IHZPZ VM M\SS%[PTL LX\P]HSLU[ Z[\KLU[ TLTILYZOPW PU [OL 878B H[ [OL ZHTL M\UKPUN SL]LS WLY Z[\KLU[ HZ WYV]PKLK MVY IHZPJZ[\KLU[Z& EOLZL Z[\KLU[Z ^PSS IL YLWVY[LK H[ ((( MVY NYHKLZ WYLRPUKLYNHY[LU [OYV\NO *$ (() MVY NYHKLZ + [OYV\NO/$ HUK ((* MVY NYHKLZ 0 [OYV\NO ()& 3KKP[PVUHS M\UKPUN MVY [OLZL Z[\KLU[Z PZ WYV]PKLK [OYV\NO [OL 7D79\HYHU[LLK 3SSVJH[PVU JVTWVULU[ VM [OL 878B&

1KKNBGJ?PCB 3?NHT 6JPCNRCJGJE =CNRGACO "136=#

623/ NCEQH?PGKJO$ *+ 14< U*''&))-$ LCNIGP ?J HKA?H CBQA?PGKJ?H ?ECJAT "73/# PK RKHQJP?NGHT QOC QL PK (,! KD;?NP 0 DQJBO PK BCRCHKL ?JB GILHCICJP AKKNBGJ?PCB C?NHT GJPCNRCJGJE OCNRGACO& 57<D PZ MVY Z[\KLU[Z ^OV OH]LUV[ ILLU PKLU[PMPLK HZ Z[\KLU[Z ^P[O KPZHIPSP[PLZ \UKLY <673$ I\[ ^OV OH]L ILLU PKLU[PMPLK HZ ULLKPUN HKKP[PVUHSHJHKLTPJ HUK ILOH]PVYHS Z\WWVY[Z [V Z\JJLLK PU NLULYHS LK\JH[PVU&

57<D TH` IL \ZLK MVY1

g 6PYLJ[ PUZ[Y\J[PVU VM Z[\KLU[Z PU RPUKLYNHY[LU [OYV\NO NYHKL ()$ ^P[O H WHY[PJ\SHY LTWOHZPZ VU Z[\KLU[Z PURPUKLYNHY[LU [OYV\NO NYHKL [OYLL "*#2

g BYVMLZZPVUHS KL]LSVWTLU[ MVY [LHJOLYZ HUK V[OLY ZJOVVS Z[HMM MVY [OL KLSP]LY` VM ZJPLU[PMPJHSS` IHZLK HJHKLTPJPUZ[Y\J[PVU HUK ILOH]PVYHS PU[LY]LU[PVUZ$ PUJS\KPUN ZJPLU[PMPJHSS` IHZLK SP[LYHJ` PUZ[Y\J[PVU HUK PUZ[Y\J[PVU PU [OL\ZL VM HKHW[P]L HUK PUZ[Y\J[PVUHS ZVM[^HYL2 HUK

g 7K\JH[PVUHS HUK ILOH]PVYHS L]HS\H[PVUZ$ ZLY]PJLZ HUK Z\WWVY[Z&

3U` >73 [OH[ \ZLZ BHY[ 4 M\UKZ MVY JVVYKPUH[LK LHYS` PU[LY]LUPUN ZLY]PJLZ T\Z[ HUU\HSS` YLWVY[ [V [OL D[H[LLK\JH[PVUHS HNLUJ` "D73# [OL U\TILY VM Z[\KLU[Z ZLY]LK I` 57<D&

>FC =3/ I?T NCMQGNC ?J 73/ PK NCOCNRC (,! KD GPO ;?NP 0 DQJBO DKN 136=$ ^OLU ZPNUPMPJHU[ KPZWYVWVY[PVUH[LS`IHZLK VU YHJL VY L[OUPJP[` PZ KL[LYTPULK HJJVYKPUN [V <673 YLN\SH[PVUZ *+ 58C j*''&-+-"I#")#&

9?PGKJ?H 6JOPNQAPGKJ?H 8?PCNG?HO /AACOO 1CJPCN "968/1#

=P?PQPKNT ?JB <CEQH?PKNT 1GP?PGKJO

*+ 58C j*''&(.)

(& EOL ZJOVVS KPZ[YPJ[ HZZ\YLZ JVTWSPHUJL ^P[O [OL @H[PVUHS <UZ[Y\J[PVUHS ?H[LYPHSZ 3JJLZZPIPSP[` D[HUKHYK "@<?3D#[V WYV]PKL PUZ[Y\J[PVUHS TH[LYPHSZ [V ISPUK WLYZVUZ VY V[OLY WLYZVUZ ^P[O WYPU[ KPZHIPSP[PLZ PU H [PTLS` THUULY&

)& <UZ[Y\J[PVUHS TH[LYPHSZ TH` IL W\YJOHZLK [OYV\NO [OL @<?35 PU [OL ZHTL THUULY HUK JVUKP[PVUZ HZ H\[OVYPaLKI` [OL D[H[L&

*& DJOVVS KPZ[YPJ[Z TH` JOVVZL UV[ [V JVVYKPUH[L ^P[O [OL @<?35$ I\[ T\Z[ LUZ\YL [OH[ JOPSKYLU ^P[O KPZHIPSP[PLZ^OV ULLK PUZ[Y\J[PVUHS TH[LYPHSZ PU HJJLZZPISL MVYTH[Z YLJLP]L [OVZL TH[LYPHSZ PU H [PTLS` THUULY&

/175 &' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

;?NP 6& 5CJCN?H ;KHGAGCO ?JB ;NKACBQNCO

=CAPGKJ 1&(. 3SACLPGKJ?H =PQBCJP 3BQA?PGKJ ;NKACBQN?H =?DCEQ?NBO

=P?PQPKNT ?JB <CEQH?PKNT 1GP?PGKJO

*+ 58C j*''&,''h*''&,*-DLJ[PVUZ (''*&,. (''*&,.($ ('')&)) HUK (''/&)()$ 8&D&C\SLZ -3%-&'**(($ -3%-&'**(*$ HUK -3%(&'0,,$ 8&3&5&

;NKACBQN?H =?DCEQ?NBO

BHYLU[Z VM L_JLW[PVUHS Z[\KLU[Z HYL LU[P[SLK [V PUMVYTH[PVU HIV\[ [OLPY YPNO[Z& EOLZL YPNO[Z$ VY 342)+*74'0 5',+-7'4*5 $HYL PU[LUKLK [V LUZ\YL [OH[ WHYLU[Z OH]L [OL VWWVY[\UP[` [V IL WHY[ULYZ PU [OL LK\JH[PVUHS KLJPZPVUZ THKL YLNHYKPUN[OLPY JOPSKYLU&

EOL WYVJLK\YHS ZHMLN\HYKZ UV[PJL T\Z[ IL ^YP[[LU PU SHUN\HNL \UKLYZ[HUKHISL [V [OL NLULYHS W\ISPJ HUK WYV]PKLK PU[OL UH[P]L SHUN\HNL VM [OL WHYLU[ VY V[OLY TVKL VM JVTT\UPJH[PVU \ZLK I` [OL WHYLU[$ \USLZZ P[ PZ JSLHYS` UV[ MLHZPISL[V KV ZV& <M [OL UH[P]L SHUN\HNL VY V[OLY TVKL VM JVTT\UPJH[PVU VM [OL WHYLU[ PZ UV[ H ^YP[[LU SHUNH\NL$ [OL KPZ[YPJ[T\Z[ [HRL Z[LWZ [V LUZ\YL [OH[ [OL UV[PJL PZ [YHUZSH[LK VYHSS` VY I` V[OLY TLHUZ [V [OL WHYLU[ PU OPZ VY OLY UH[P]L SHUN\LVY V[OLY TVKL VM JVTT\UPJH[PVU$ [OH[ [OL WHYLU[ \UKLYZ[HUKZ [OL JVU[LU[ VM [OL UV[PJL$ HUK [OH[ [OLYL PZ ^YP[[LUL]PKLUJL [OH[ [OLZL YLX\PYLTLU[Z OH]L ILLU TL[&

(& BYVJLK\YHS ZHMLN\HYKZ MVY Z[\KLU[Z ^P[O KPZHIPSP[PLZ

EOPZ HWWSPLZ [V Z[\KLU[Z ^P[O KPZHIPSP[PLZ LUYVSSLK PU W\ISPJ ZJOVVSZ HUK [V Z[\KLU[Z ^P[O KPZHIPSP[PLZ LUYVSSLK I`[OLPY WHYLU[Z PU UVUWYVMP[ WYP]H[L ZJOVVSZ&

EOL KPZ[YPJ[ ?OOQNCO [OH[ [OL $26/)+ 2, %42)+*74'0 &',+-7'4*5 ,24 %'4+165 2, &67*+165 8/6. !/5'(/0/6/+5 PZ THKLH]HPSHISL [V WHYLU[Z H[ SLHZ[ VUL [PTL H ZJOVVS `LHY& <U HKKP[PVU$ H JVW` HSZV T\Z[ IL NP]LU [V [OL WHYLU[Z1

< %210 -0-6-&. 4)*)44&. 14 6,) 2&4)06"5 4)37)56 *14 &0 )8&.7&6-10

< #0 &''14(&0') 9-6, 6,) (-5'-2.-0) 241')(74)5 9,)0 & ',&0+) 1* 2.&')/)06 1''745

< %210 4)')-26 1* 6,) *-456 $6&6) '1/2.&-06 -0 & 5',11. ;)&4

< %210 6,) 4)')-26 1* 6,) *-456 4)37)56 *14 & (7) 241')55 ,)&4-0+ -0 & 5',11. ;)&4

< %210 6,) 2&4)06"5 4)37)56 61 4)')-8) & '12;

< #0 &''14(&0') 9-6, 6,) 2418-5-105 1* Z& (''/&)()$ 8&D&$ \WVU [OL ZJOVVS KPZ[YPJ[ Z\WLYPU[LUKLU[!ZYLJVTTLUKH[PVU [V [OL JVTTPZZPVULY VM LK\JH[PVU [OH[ HU L_[YHVYKPUHY` L_LTW[PVU MVY H NP]LU Z[H[LHZZLZZTLU[ HKTPUPZ[YH[PVU IL NYHU[LK VY KLUPLK&

AUL VM [OL MVSSV^PUN IQOP IL ZLSLJ[LK1

EOL KPZ[YPJ[ ^PSS \ZL [OL 6LWHY[TLU[ VM 7K\JH[PVU!Z $26/)+ 2, %42)+*74'0 &',+-7'4*5 ,24 %'4+165 2, &67*+1658/6. !/5'(/0/6/+5$ HZ WVZ[LK VU [OL 6LWHY[TLU[!Z ^LIZP[L$ PK GJDKNI PFC L?NCJPO ?O NCMQGNCB&

EOL KPZ[YPJ[ ^PSS \ZL H KPMMLYLU[ UV[PJL VM WYVJLK\YHS ZHMLN\HYKZ MVY WHYLU[Z VM Z[\KLU[Z ^P[O KPZHIPSP[PLZ PKGJDKNI PFC L?NCJPO ?O NCMQGNCB& 3 JVW` VM [OPZ UV[PJL PZ SVJH[LK PU /LLCJBGS /&(

)& BYVJLK\YHS ZHMLN\HYKZ MVY L_JLW[PVUHS Z[\KLU[Z ^OV HYL NPM[LK

EOL KPZ[YPJ[ ?OOQNCO [OH[ [OL UV[PJL VM [OL %42)+*74'0 &',+-7'4*5 ,24 "9)+36/21'0 &67*+165 8.2 '4+ #/,6+* PZTHKL H]HPSHISL [V WHYLU[Z VM H JOPSK ^OV PZ NPM[LK$ HUK T\Z[ IL NP]LU [V [OL WHYLU[Z$ H[ H TPUPT\T1

< %210 -0-6-&. 4)*)44&. *14 )8&.7&6-10

< %210 4)*75&. 1* & 2&4)06"5 4)37)56 61 '10(7'6 &0 -0-6-&. )8&.7&6-10

< %210 016-*-'&6-10 1* )&', )(7'&6-10&. 2.&0 /))6-0+

/175 &( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

6 "/.- 1'%'+/3 .( # 1'04'23 (.1 # &4' /1.%'22 *'#1+-) $5 '+3*'1 3*' 2%*.., &+231+%3 .1 3*' /#1'-3

>QH RI WKH IROORZLQJ ?GEF EH VHOHFWHG1

BKH GLVWULFW ZLOO XVH WKH 6HSDUWPHQW RI 7GXFDWLRQ!V #1/&('41%- $%)(*4%1'2 )/1 !6&(03,/.%- $34'(.32 5+/%1( ",)3(' $ DV SRVWHG RQ WKH 6HSDUWPHQW!V ZHEVLWH FA <@8AD? F;7 B3D7@FE 3E D7CG<D76&

BKH GLVWULFW ZLOO XVH D GLIIHUHQW QRWLFH RI SURFHGXUDO VDIHJXDUGV IRU SDUHQWV RI VWXGHQWV ZKR DUH JLIWHG FA<@8AD? F;7 B3D7@FE 3E D7CG<D76& 3 FRS\ RI WKLV QRWLFH LV ORFDWHG LQ %BB7@6<I %!"

BKLV VHFWLRQ LV QRW DSSOLFDEOH IRU WKH GLVWULFW&

0286 &) ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

/3DF *! )7@7D3> /A><5<7E 3@6 /DA576GD7E

175F<A@ &!"$ /3D7@F3> 07HA53F<A@ A8 &A@E7@F 8AD 1B75<3> (6G53F<A@ 3@6 07>3F76 17DH<57E

1F3FGFADJ 3@6 079G>3FADJ &<F3F<A@E

*+ 58@ ]]*''&0 DQG *''&*''AHFWLRQ (''*&+)/)$ 8&A&

/DA576GD7E

3 SDUHQW RI D VWXGHQW ZLWK D GLVDELOLW\ ZKR KDV EHHQ UHFHLYLQJ VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV PD\UHYRNH FRQVHQW IRU VXFK VHUYLFHV&

(& BKH SDUHQW!V UHTXHVW IRU UHYRFDWLRQ PXVW EH LQ ZULWLQJ&

)& BKH GLVWULFW ZLOO SURYLGH WKH SDUHQW ZLWK ZULWWHQ QRWLFH XQGHU *+ 58@ ]*''&,'* EHIRUH FHDVLQJ WKH SURYLVLRQ RIVSHFLDO HGXFDWLRQ DQG UHODWHG VHUYLFHV&

*& BKH GLVWULFW PD\ QRW FRQWLQXH WR SURYLGH VSHFLDO HGXFDWLRQ DQG UHODWHG VHUYLFHV WR WKH FKLOG&

+& BKH GLVWULFW ZLOO QRW XVH PHGLDWLRQ RU GXH SURFHVV SURFHGXUHV WR FKDOOHQJH WKH SDUHQW!V UHYRFDWLRQ RI FRQVHQW&

,& BKH GLVWULFW LV QRW UHTXLUHG WR FRQYHQH DQ ;7? WHDP RU GHYHORS DQ ;7? IRU IXUWKHU SURYLVLRQ RI VSHFLDO HGXFDWLRQDQG UHODWHG VHUYLFHV IRU WKH VWXGHQW&

-& BKH GLVWULFW LV QRW UHTXLUHG WR DPHQG WKH FKLOG!V HGXFDWLRQ UHFRUGV WR UHPRYH DQ\ UHIHUHQFH WR WKH FKLOG!VSUHYLRXV UHFHLSW RI VXFK VHUYLFHV&

.& BKH GLVWULFW ZLOO QRW EH FRQVLGHUHG WR EH RXW RI FRPSOLDQFH ZLWK ;673 IRU IDLOXUH WR SURYLGH D 83?7 WR DQRWKHUZLVH HOLJLEOH FKLOG&

07CG<D7?7@FE AD .BF<A@E -A +A@97D %BB><534>7

CKHQ D SDUHQW RI D VWXGHQW ZLWK D GLVDELOLW\ UHYRNHV FRQVHQW IRU VHUYLFHV$ WKH UHTXLUHPHQWV WKDW SUHYLRXVO\ DSSOLHGVROHO\ DV D UHVXOW RI WKH VWXGHQW!V VWDWXV DV D VWXGHQW ZLWK D GLVDELOLW\ ZLOO QR ORQJHU DSSO\& 7[DPSOHV LQFOXGH1

(& BKH UHYRFDWLRQ DSSOLHV WR DOO VHUYLFHV WKH VWXGHQW LV UHFHLYLQJ DV D VWXGHQW ZLWK D GLVDELOLW\$ LQFOXGLQJLQVWUXFWLRQDO DQG WHVWLQJ DFFRPPRGDWLRQV2 WKH UHYRFDWLRQ FDQQRW EH IRU VRPH VHUYLFHV EXW QRW RWKHUV&

)& BKH SURFHGXUDO VDIHJXDUGV WKDW DSSO\ WR VWXGHQWV ZLWK GLVDELOLWLHV$ LQFOXGLQJ GLVFLSOLQDU\ SURWHFWLRQV$ ZLOO QRORQJHU DSSO\ WR WKH VWXGHQW&

*& BKH RSWLRQV LQ DFFRUGDQFH ZLWK V& (''*&+)/) "((#$ 8&A&$ IRU D VWXGHQW ZLWK DQ LQGLYLGXDO HGXFDWLRQDO SODQ WRVDWLVI\ WKH VWDQGDUG KLJK VFKRRO GLSORPD UHTXLUHPHQWV ZLOO QRW EH DYDLODEOH&

0286 &* ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

/3DF *! )7@7D3> /A><5<7E 3@6 /DA576GD7E

175F<A@ &!#$ 2D3@E87D A8 /3D7@F3> 0<9;FE 3F %97 A8 ,3=AD<FJ

1F3FGFADJ 3@6 079G>3FADJ &<F3F<A@E

*+ 58@ ]*''&,)' DQG ]*''&*)'AHFWLRQ *0*&()$ 8&A&@XOHV -3%-&'*')/ DQG -3%-&'**(($ 8&3&5&

/DA576GD7E

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

)& 3W OHDVW RQH \HDU EHIRUH WKH VWXGHQW!V HLJKWHHQWK "(/WK# ELUWKGD\$ WKH GLVWULFW ZLOO LQIRUP WKH VWXGHQW RI KLV RU KHUULJKWV XQGHU ?DUW 4 RI WKH ;673$ LI DQ\$ WKDW ZLOO WUDQVIHU IURP WKH SDUHQW WR WKH VWXGHQW RQ UHDFKLQJ WKH DJH RIPDMRULW\$ ZKLFK LV HLJKWHHQ "(/# \HDUV RI DJH& BKH VWXGHQW!V ;7? ZLOO LQFOXGH D VWDWHPHQW WKDW WKH VWXGHQW KDVEHHQ LQIRUPHG RI WKH ULJKWV$ LI DQ\$ WKDW ZLOO WUDQVIHU WR WKH VWXGHQW DW HLJKWHHQ "(/# \HDUV RI DJH&

*& BKH VFKRRO GLVWULFW ZLOO QRWLI\ WKH VWXGHQW DQG WKH SDUHQW RI WKH WUDQVIHU RI ULJKWV ZKHQ WKH VWXGHQW DWWDLQV WKH DJHRI HLJKWHHQ "(/#2 WKLV QRWLFH LV VHSDUDWH DQG GLVWLQFW IURP WKH QRWLFH WKDW ZDV SURYLGHG WR WKH VWXGHQW DQG WKHSDUHQW DW OHDVW RQH \HDU EHIRUH WKH VWXGHQW!V HLJKWHHQWK "(/WK# ELUWKGD\&

+& 8RU D VWXGHQW ZLWK D GLVDELOLW\ ZKR KDV DWWDLQHG DJH HLJKWHHQ "(/# DQG LV LQFDUFHUDWHG LQ D MXYHQLOH MXVWLFH IDFLOLW\RU ORFDO FRUUHFWLRQDO IDFLOLW\$ DOO ULJKWV DFFRUGHG WR SDUHQWV XQGHU ?DUW 4 RI WKH ;673 WUDQVIHU WR WKH VWXGHQW$LQFOXGLQJ WKH ULJKW WR QRWLFH&

,& 8RU VWXGHQWV LQFDUFHUDWHG LQ VWDWH FRUUHFWLRQDO IDFLOLWLHV$ DOO ULJKWV DFFRUGHG WR SDUHQWV XQGHU ?DUW 4 RI WKH ;673WUDQVIHU WR WKH VWXGHQW$ LQFOXGLQJ QRWLFH$ UHJDUGOHVV RI WKH DJH RI WKH VWXGHQW&

-& ;I D VWXGHQW ZLWK D GLVDELOLW\ KDV UHDFKHG WKH DJH RI PDMRULW\ DQG GRHV QRW KDYH WKH DELOLW\ WR SURYLGH LQIRUPHGFRQVHQW ZLWK UHVSHFW WR KLV RU KHU HGXFDWLRQDO SURJUDP$ SURFHGXUHV HVWDEOLVKHG E\ VWDWXWH PD\ EH XVHG E\ WKHSDUHQW WR WDNH RQH RI WKH IROORZLQJ DFWLRQV1

D& 9DYH WKH VWXGHQW GHFODUHG LQFRPSHWHQW DQG WKH DSSURSULDWH JXDUGLDQVKLS HVWDEOLVKHG LQ DFFRUGDQFH ZLWKWKH SURYLVLRQV RI 5KDSWHU .++$ 8&A&

E& 4H DSSRLQWHG WR UHSUHVHQW WKH HGXFDWLRQDO LQWHUHVWV RI WKH VWXGHQW WKURXJKRXW WKH VWXGHQW!V HOLJLELOLW\ IRU83?7 XQGHU @XOHV -3%-&'*'(( WKURXJK -3%-&'*-($ 8&3&5&

F& 9DYH DQRWKHU DSSURSULDWH LQGLYLGXDO DSSRLQWHG WR UHSUHVHQW WKH HGXFDWLRQDO LQWHUHVWV RI WKH VWXGHQWWKURXJKRXW WKH VWXGHQW!V HOLJLELOLW\ IRU 83?7 XQGHU @XOHV -3%-&'*(( WKURXJK -3%-&'*-($ 8&3&5&$ LI WKHSDUHQW LV QRW DYDLODEOH LQ DFFRUGDQFH ZLWK V& *0*&()$ 8&A&

0286 &+ ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

/3DF *! )7@7D3> /A><5<7E 3@6 /DA576GD7E

175F<A@ '$ 1GDDA93F7 /3D7@FE

1F3FGFADJ 3@6 079G>3FADJ &<F3F<A@E

*+ 58@ ]*''&,(0AHFWLRQV *0&''(- DQG ('')&))$ 8&A&@XOH -3%-&'***$ 8&3&5&

'78<@<F<A@

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

/DA576GD7E

(& 3 VXUURJDWH SDUHQW DSSRLQWHG E\ WKH GLVWULFW VFKRRO VXSHULQWHQGHQW RU WKH FRXUW1

D& <XVW EH DW OHDVW (/ \HDUV ROG&

E& <XVW KDYH QR SHUVRQDO RU SURIHVVLRQDO LQWHUHVW WKDW FRQIOLFWV ZLWK WKH LQWHUHVWV RI WKH VWXGHQW WR EHUHSUHVHQWHG&

F& <XVW QRW EH DQ HPSOR\HH RI WKH 86>7$ WKH ORFDO VFKRRO GLVWULFW$ D FRPPXQLW\%EDVHG FDUH SURYLGHU$ WKH6HSDUWPHQW RI 5KLOGUHQ DQG 8DPLOLHV "658#$ RU DQ\ RWKHU SXEOLF RU SULYDWH DJHQF\ LQYROYHG LQ WKHHGXFDWLRQ RU FDUH RI WKH VWXGHQW&

" BKLV SURKLELWLRQ LQFOXGHV JURXS KRPH VWDII DQG 3+(1%0(43,& IRVWHU SDUHQWV&

" 3 SHUVRQ ZKR DFWV LQ D SDUHQWDO UROH WR D FKLOG$ VXFK DV D IRVWHU SDUHQW RU UHODWLYH FDUHJLYHU$ LV QRWSURKLELWHG IURP VHUYLQJ DV D VXUURJDWH SDUHQW LI KH RU VKH LV HPSOR\HG E\ VXFK DJHQF\$ ZLOOLQJ WRVHUYH$ DQG NQRZOHGJHDEOH DERXW WKH FKLOG DQG WKH H[FHSWLRQDO VWXGHQW HGXFDWLRQ SURFHVV&

" BKH VXUURJDWH SDUHQW PD\ EH D FRXUW%DSSRLQWHG JXDUGLDQ DG OLWHP RU D UHODWLYH RU QRQUHODWLYH DGXOWZKR LV LQYROYHG LQ WKH FKLOG!V OLIH UHJDUGOHVV RI ZKHWKHU WKDW SHUVRQ KDV SK\VLFDO FXVWRG\ RI WKHFKLOG&

G& <XVW KDYH WKH NQRZOHGJH DQG VNLOOV DFTXLUHG E\ VXFFHVVIXOO\ FRPSOHWLQJ WUDLQLQJ XVLQJ PDWHULDOVGHYHORSHG DQG DSSURYHG E\ WKH 86>7 WR HQVXUH DGHTXDWH UHSUHVHQWDWLRQ RI WKH FKLOG&

)& 3SSRLQWPHQW RI D VXUURJDWH SDUHQW IRU D VWXGHQW ZKR KDV RU LV VXVSHFWHG RI KDYLQJ D GLVDELOLW\

D& 3 VXUURJDWH SDUHQW IRU D VWXGHQW ZKR LV HOLJLEOH IRU RU ZKR LV VXVSHFWHG RI EHLQJ HOLJLEOH IRU VSHFLDOSURJUDPV PDGH DYDLODEOH WKURXJK D VFKRRO GLVWULFW RU DJHQF\ XQGHU FRQWUDFW ZLWK WKH VFKRRO GLVWULFW VKDOOEH DSSRLQWHG E\ WKH GLVWULFW!V VFKRRO VXSHULQWHQGHQW QRW PRUH WKDQ WKLUW\ "*'# GD\V DIWHU WKH VFKRRO GLVWULFWGHWHUPLQHV WKDW WKH VWXGHQW QHHGV D VXUURJDWH SDUHQW&

E& BKH VXUURJDWH SDUHQW IRU D VWXGHQW ZKR LV HOLJLEOH IRU RU ZKR LV VXVSHFWHG RI EHLQJ HOLJLEOH IRU VSHFLDOSURJUDPV PDGH DYDLODEOH WKURXJK D FRQWUDFW IURP WKH 86>7 VKDOO EH DSSRLQWHG E\ WKH LQGLYLGXDOVSHFLILHG LQ WKH FRQWUDFW&

F& ;Q WKH FDVH RI D VWXGHQW ZKR LV D ZDUG RI WKH AWDWH$ WKH VXUURJDWH SDUHQW DOWHUQDWLYHO\ PD\ EH DSSRLQWHGE\ WKH MXGJH RYHUVHHLQJ WKH VWXGHQW!V FDVH$ SURYLGHG WKH VXUURJDWH PHHWV WKH TXDOLILFDWLRQV DERYH&

G& ;I D JXDUGLDQ DG OLWHP KDV EHHQ DSSRLQWHG IRU D FKLOG$ WKH GLVWULFW VFKRRO VXSHULQWHQGHQW PXVW ILUVWFRQVLGHU WKH FKLOG!V JXDUGLDQ DG OLWHP ZKHQ DSSRLQWLQJ D VXUURJDWH SDUHQW&

0286 &, ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

" BKH GLVWULFW VFKRRO VXSHULQWHQGHQW PXVW DFFHSW WKH DSSRLQWPHQW RI WKH FRXUW LI KH RU VKH KDV QRWSUHYLRXVO\ DSSRLQWHG D VXUURJDWH SDUHQW&

" BKH FRXUW PXVW DFFHSW D VXUURJDWH SDUHQW GXO\ DSSRLQWHG E\ D GLVWULFW VFKRRO VXSHULQWHQGHQW&

H& 3 VXUURJDWH SDUHQW DSSRLQWHG E\ WKH GLVWULFW VFKRRO VXSHULQWHQGHQW RU WKH FRXUW PXVW EH DFFHSWHG E\ DQ\VXEVHTXHQW VFKRRO RU VFKRRO GLVWULFW ZLWKRXW UHJDUG WR ZKHUH WKH FKLOG LV UHFHLYLQJ UHVLGHQWLDO FDUH VR WKDWD VLQJOH VXUURJDWH SDUHQW FDQ IROORZ WKH HGXFDWLRQ RI WKH FKLOG GXULQJ KLV RU KHU HQWLUH WLPH LQ VWDWHFXVWRG\&

I& =RWKLQJ LQ V& *0&''(-$ 8&A&$ RU LQ @XOH -3%-&'***$ 8&3&5&$ VKDOO OLPLW RU SURKLELW WKH FRQWLQXDQFH RI DVXUURJDWH SDUHQW DSSRLQWPHQW ZKHQ WKH UHVSRQVLELOLW\ IRU WKH VWXGHQW!V HGXFDWLRQDO SODFHPHQW PRYHVDPRQJ DQG EHWZHHQ SXEOLF DQG SULYDWH DJHQFLHV&

J& 8RU D FKLOG NQRZQ WR WKH 658$ WKH UHVSRQVLELOLW\ WR DSSRLQW D VXUURJDWH SDUHQW UHVLGHV ZLWK ERWK WKHGLVWULFW VFKRRO VXSHULQWHQGHQW DQG WKH FRXUW ZLWK MXULVGLFWLRQ RYHU WKH FKLOG&

" ;I WKH FRXUW HOHFWV WR DSSRLQW D VXUURJDWH SDUHQW$ QRWLFH VKDOO EH SURYLGHG DV VRRQ DV SUDFWLFDEOH WRWKH FKLOG!V VFKRRO&

" 3W DQ\ WLPH WKH FRXUW GHWHUPLQHV WKDW LW LV LQ WKH EHVW LQWHUHVWV RI D FKLOG WR UHPRYH D VXUURJDWHSDUHQW$ WKH FRXUW PD\ DSSRLQW D QHZ VXUURJDWH SDUHQW IRU HGXFDWLRQDO GHFLVLRQ%PDNLQJ SXUSRVHVIRU WKDW FKLOG&

K& BKH VXUURJDWH SDUHQW VKDOO FRQWLQXH LQ WKH DSSRLQWHG UROH XQWLO WKH RFFXUUHQFH RI RQH RI WKH IROORZLQJFLUFXPVWDQFHV1

" BKH FKLOG LV GHWHUPLQHG WR QR ORQJHU EH HOLJLEOH RU LQ QHHG RI VSHFLDO SURJUDPV$ H[FHSW ZKHQWHUPLQDWLRQ RI VSHFLDO SURJUDPV LV EHLQJ FRQWHVWHG

" BKH FKLOG DFKLHYHV SHUPDQHQF\ WKURXJK DGRSWLRQ RU OHJDO JXDUGLDQVKLS DQG LV QR ORQJHU LQ WKHFXVWRG\ RI WKH GHSDUWPHQW

" BKH SDUHQW ZKR ZDV SUHYLRXVO\ XQNQRZQ EHFRPHV NQRZQ$ ZKRVH ZKHUHDERXWV ZHUH XQNQRZQ LVORFDWHG$ RU ZKR ZDV XQDYDLODEOH LV GHWHUPLQHG E\ WKH FRXUW WR EH DYDLODEOH

" BKH DSSRLQWHG VXUURJDWH QR ORQJHU ZLVKHV WR UHSUHVHQW WKH FKLOG RU LV XQDEOH WR UHSUHVHQW WKH FKLOG

" BKH VXSHULQWHQGHQW RI WKH VFKRRO GLVWULFW LQ ZKLFK WKH FKLOG LV DWWHQGLQJ VFKRRO$ WKH 86>7 FRQWUDFWGHVLJQHH$ RU WKH FRXUW WKDW DSSRLQWHG WKH VXUURJDWH GHWHUPLQHV WKH DSSRLQWHG VXUURJDWH SDUHQW QRORQJHU DGHTXDWHO\ UHSUHVHQWV WKH FKLOG

" BKH FKLOG PRYHV WR D JHRJUDSKLF ORFDWLRQ WKDW LV QRW UHDVRQDEO\ DFFHVVLEOH WR WKH DSSRLQWHGVXUURJDWH

L& BKH DSSRLQWPHQW DQG WHUPLQDWLRQ RI DSSRLQWPHQW RI D VXUURJDWH VKDOO EH HQWHUHG DV DQ RUGHU RI WKH FRXUWZLWK D FRS\ RI WKH RUGHU SURYLGHG WR WKH FKLOG!V VFKRRO DV VRRQ DV SUDFWLFDEOH&

*& BKH SHUVRQ DSSRLQWHG DV D VXUURJDWH SDUHQW1

D& <XVW EH DFTXDLQWHG ZLWK WKH FKLOG DQG EHFRPH NQRZOHGJHDEOH DERXW KLV RU KHU GLVDELOLW\ DQG HGXFDWLRQDOQHHGV

E& <XVW UHSUHVHQW WKH FKLOG LQ DOO PDWWHUV UHODWLQJ WR LGHQWLILFDWLRQ$ HYDOXDWLRQ$ DQG HGXFDWLRQDO SODFHPHQWDQG WKH SURYLVLRQ RI D IUHH DQG DSSURSULDWH HGXFDWLRQ WR WKH FKLOG

F& <XVW UHSUHVHQW WKH LQWHUHVWV DQG VDIHJXDUG WKH ULJKWV RI WKH FKLOG LQ HGXFDWLRQDO GHFLVLRQV WKDW DIIHFW WKHFKLOG

+& BKH UHVSRQVLELOLWLHV RI WKH SHUVRQ DSSRLQWHG DV D VXUURJDWH SDUHQW VKDOO QRW H[WHQG WR WKH FDUH$ PDLQWHQDQFH$FXVWRG\$ UHVLGHQWLDO SODFHPHQW$ RU DQ\ RWKHU DUHD QRW VSHFLILFDOO\ UHODWHG WR WKH HGXFDWLRQ RI WKH FKLOG$ XQOHVV WKHVDPH SHUVRQ LV DSSRLQWHG E\ WKH FRXUW IRU VXFK RWKHU SXUSRVHV&

0286 '# ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

,& 3 UJWXTS FUUTNSYJI FX F XZWWTLFYJ UFWJSY XMFQQ JSOT^ FQQ TK YMJ UWTHJIZWFQ XFKJLZFWIX FKKTWIJI F UFWJSY \NYMWJXUJHY YT YMJ NIJSYNKNHFYNTS$ J[FQZFYNTS$ FSI JIZHFYNTSFQ UQFHJRJSY TK F XYZIJSY \NYM F INXFGNQNY^ TW F XYZIJSY\MT NX XZXUJHYJI TK MF[NSL F INXFGNQNY^&

-& 3 UJWXTS FUUTNSYJI FX F XZWWTLFYJ UFWJSY XMFQQ STY GJ MJQI QNFGQJ KTW FHYNTSX YFPJS NS LTTI KFNYM TS GJMFQK TK YMJXYZIJSY NS UWTYJHYNSL YMJ XUJHNFQ JIZHFYNTS WNLMYX TK YMJ HMNQI&

.& 3 XHMTTQ INXYWNHY RF^ HTRUJSXFYJ UJWXTSX FUUTNSYJI FX XZWWTLFYJ UFWJSYX& 3 UJWXTS FHYNSL FX F XZWWTLFYJUFWJSY NX STY FS JRUQT^JJ TK YMJ XHMTTQ INXYWNHY TW 86?7%HTSYWFHYJI UWTLWFR XTQJQ^ GJHFZXJ MJ TW XMJ NX UFNIG^ YMJ XHMTTQ INXYWNHY TW 86?7%HTSYWFHYJI UWTLWFR YT XJW[J FX F XZWWTLFYJ UFWJSY&

/& ;S YMJ HFXJ TK F XYZIJSY \MT NX FS ZSFHHTRUFSNJI MTRJQJXX ^TZYM$ FUUWTUWNFYJ XYFKK TK JRJWLJSH^ TWYWFSXNYNTSFQ XMJQYJWX$ NSIJUJSIJSY QN[NSL UWTLWFRX$ FSI XYWJJY TZYWJFHM UWTLWFRX$ FX \JQQ FX >H<NSSJ^%DJSYTQNFNXTSX TW TYMJW XHMTTQ INXYWNHY XYFKK$ RF^ GJ FUUTNSYJI FX YJRUTWFW^ XZWWTLFYJ UFWJSYX \NYMTZY WJLFWI YT YMJWJVZNWJRJSYX ZSYNQ F XZWWTLFYJ HFS GJ FUUTNSYJI \MT RJJYX FQQ TK YMJ WJVZNWJRJSYX&

CMNX XJHYNTS NX STY FUUQNHFGQJ KTW YMJ INXYWNHY&

6JXHWNGJ YMJ INXYWNHY!X UWTHJIZWJX KTW IJYJWRNSNSL \MJS F XYZIJSY \NYM F INXFGNQNY^ SJJIX F XZWWTLFYJ UFWJSY$ NSHQZINSLITHZRJSYFYNTS TK WJFXTSFGQJ JKKTWYX YT QTHFYJ TW HTSYFHY YMJ UFWJSY$ NK FUUQNHFGQJ& "N&J&$ ST HQJFW J[NIJSHJ YMFY UFWJSYFQWNLMYX MF[J GJJS YJWRNSFYJI#&

3 XYZIJSY \NYM F INXFGNQNY^ SJJIX F XZWWTLFYJ UFWJSY \MJS1(& CMJ HMNQI!X UFWJSY$ FKYJW INQNLJSY NSVZNW^$ WJRFNSX ZSPST\S&)& CMJ \MJWJFGTZYX TK F UFWJSY HFSSTY GJ INXHT[JWJI "NSHQZINSL \MJS YMJ HMNQI NX FS ZSFHHTRUFSNJI MTRJQJXX^TZYM#*& CMJ HMNQI NX F \FWI TK YMJ XYFYJ TW F HTZWY MFX IJYJWRNSJI YMFY YMJWJ NX ST TSJ UJWXTS YT XJW[J FX YMJ JIZHFYNTSFQIJHNXNTS RFPJW KTW YMJ XYZIJSY&

DFWNTZX XHMTTQ UJWXTSSJQ STYNK^ INXYWNHY TKKNHNFQX \MJS F HMNQI NX NS SJJI TK F XZWWTLFYJ UFWJSY& 9JSIW^ 5TZSY^ FQXTMFX FS NSYJWFLJSH^ FLWJJRJSY \NYM YMJ 8QTWNIF 6JUFWYRJSY TK 5MNQIWJS FSI 8FRNQNJX \MNHM NSHQZIJX RTSYMQ^ WJUTWYXTK XYZIJSYX \NYM INXFGNQNYNJX NS KTXYJW HFWJ NS SJJI TK F XZWWTLFYJ UFWJSY&

6JXHWNGJ YMJ INXYWNHY!X UWTHJIZWJX KTW WJHWZNYNSL FSI YWFNSNSL XZWWTLFYJ UFWJSYX$ NSHQZINSL YMTXJ XZWWTLFYJX FUUTNSYJI G^F OZILJ&

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

/175 '$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

,0>@ +" *4;4>09 ,<98284? 0;3 ,><243A>4?

.42@8<; (# +;38B83A09 (3A20@8<;09 ,90;? 0;3 (3A20@8<;09 ,90;? 5<> />0;?54>>8;6(C24=@8<;09 .@A34;@?

.@0@A@<>D 0;3 -46A90@<>D &8@0@8<;?

*+ 58A `*''&*)*BJHYNTSX (''*&'( FSI (''*&,.$ 8&B&AZQJ -3%-&'**+$ 8&3&5&

'458;8@8<;

3 YWFSXKJWWNSL J]HJUYNTSFQ XYZIJSY NX TSJ \MT \FX UWJ[NTZXQ^ JSWTQQJI FX FS J]HJUYNTSFQ XYZIJSY NS FS^ TYMJW XHMTTQINXYWNHY TW FLJSH^ FSI \MT NX JSWTQQNSL NS F INKKJWJSY 8QTWNIF XHMTTQ INXYWNHY TW NS FS JIZHFYNTSFQ UWTLWFR TUJWFYJI G^ YMJ6JUFWYRJSY TK 7IZHFYNTS YMWTZLM LWFSYX TW HTSYWFHYZFQ FLWJJRJSYX NS FHHTWIFSHJ \NYM X& (''*&,.$ 8&B&

,><243A>4?

(& ;7@X TW 7@X KTW XYZIJSYX \MT YWFSXKJW XHMTTQ INXYWNHYX \NYMNS 8QTWNIF

;K FS J]HJUYNTSFQ JIZHFYNTS XYZIJSY \MT MFI FS ;7@ TW 7@ YMFY \FX NS JKKJHY NS F UWJ[NTZX 8QTWNIF XHMTTQ INXYWNHYYWFSXKJWX YT YMJ XHMTTQ INXYWNHY FSI JSWTQQX NS F SJ\ XHMTTQ$ YMJ SJ\ XHMTTQ INXYWNHY "NS HTSXZQYFYNTS \NYM YMJUFWJSYX# \NQQ UWT[NIJ 83@7 YT YMJ XYZIJSY$ \MNHM NSHQZIJX XJW[NHJX HTRUFWFGQJ YT YMTXJ IJXHWNGJI NS YMJ HMNQI!X;7@ TW 7@ KWTR YMJ UWJ[NTZX 8QTWNIF XHMTTQ INXYWNHY$ ZSYNQ YMJ XHMTTQ INXYWNHY ITJX <;4 TK YMJ KTQQT\NSL1

F& 3ITUYX YMJ HMNQI!X ;7@ TW 7@ KWTR YMJ UWJ[NTZX XHMTTQ INXYWNHY&

G& 6J[JQTUX$ FITUYX$ FSI NRUQJRJSYX F SJ\ ;7@ TW 7@ YMFY RJJYX YMJ FUUQNHFGQJ WJVZNWJRJSYX TK AZQJ-3%-&'*')/ TW -3%-&'*'(0($ 8&3&5&

)& ;7@X TW 7@X KTW XYZIJSYX \MT YWFSXKJW KWTR TZYXNIJ 8QTWNIF

;K FS J]HJUYNTSFQ JIZHFYNTS XYZIJSY \MT MFI FS ;7@ TW 7@ YMFY \FX NS JKKJHY NS F UWJ[NTZX XHMTTQ INXYWNHY NSFSTYMJW XYFYJ YWFSXKJWX YT YMJ XHMTTQ INXYWNHY FSI JSWTQQX NS F 8QTWNIF XHMTTQ INXYWNHY \NYMNS YMJ XFRJ XHMTTQ ^JFW$YMJ SJ\ 8QTWNIF XHMTTQ INXYWNHY "NS HTSXZQYFYNTS \NYM YMJ UFWJSYX# \NQQ UWT[NIJ YMJ XYZIJSY \NYM 83@7 "NSHQZINSLXJW[NHJX HTRUFWFGQJ YT YMTXJ IJXHWNGJI NS YMJ XYZIJSY!X ;7@ TW 7@ KWTR YMJ UWJ[NTZX XHMTTQ INXYWNHY# ZSYNQ YMJXHMTTQ INXYWNHY ITJX 1<@7 TK YMJ KTQQT\NSL1

F& 5TSIZHYX FS NSNYNFQ J[FQZFYNTS NS FHHTWIFSHJ \NYM AZQJ -3%-&'**($ 8&3&5&$ TW IJYJWRNSJX YMFY J[FQZFYNTSNX STY SJHJXXFW^&

G& 6J[JQTUX$ FITUYX$ FSI NRUQJRJSYX F SJ\ ;7@ TW 7@$ NK FUUWTUWNFYJ$ YMFY RJJYX YMJ FUUQNHFGQJWJVZNWJRJSYX TK AZQJX -3%-&'*'(( YMWTZLM -3%-&'*-($ 8&3&5&

;K F XYZIJSY NX GJNSL J[FQZFYJI YT IJYJWRNSJ NK YMJ XYZIJSY MFX F INXFGNQNY^ FSI SJJIX XUJHNFQ JIZHFYNTS FSIWJQFYJI XJW[NHJX$ YMJ YNRJQNSJ TK XN]Y^ "-'# IF^X TK XYZIJSY FYYJSIFSHJ ITJX STY FUUQ^&

;K F YWFSXKJW XYZIJSY JSYJWX YMJ XHMTTQ INXYWNHY \NYM F XUJHNKNH RJYMTITQTL^ TW HZWWNHZQZR TS YMJNW ;7@ YMFY \FXUWT[NIJI YMWTZLM YMJWFU^ FX F WJQFYJI XJW[NHJ "J&L&$ 9FSI\WNYNSL \NYMTZY CJFWXa$ XJSXTW^ NSYJLWFYNTS$SJZWTIJ[JQTURJSYFQ YWJFYRJSY#$ FSI YMJ UFWYNHZQFW UWTLWFR XYFYJI TS YMJ ;7@ NX STY ZXJI NS YMJ SJ\ XHMTTQINXYWNHY$ FSTYMJW HTRUFWFGQJ XYWFYJL^ TW NSYJW[JSYNTS HFS GJ ZXJI ZSYNQ YMJ SJ\ XHMTTQ INXYWNHY NX FGQJ YT HTSIZHYFS J[FQZFYNTS$ NK IJYJWRNSJI SJHJXXFW^$ FSI IJ[JQTU$ FITUY FSI NRUQJRJSY F SJ\ ;7@$ NK FUUWTUWNFYJ&

*& @FWJSYFQ HTSXJSY

CMJ XYZIJSY!X SJ\ XHMTTQ INXYWNHY NX ;<@ WJVZNWJI YT TGYFNS UFWJSYFQ HTSXJSY KTW YMJ NSNYNFQ UWT[NXNTS TK XJW[NHJX KTWYWFSXKJWWNSL J]HJUYNTSFQ XYZIJSYX IJYJWRNSJI JQNLNGQJ KTW XJW[NHJX& 9T\J[JW$ \WNYYJS NSKTWRJI UFWJSYFQ HTSXJSY NXWJVZNWJI GJKTWJ YMJ SJ\ XHMTTQ INXYWNHY HFS HTSIZHY FS NSNYNFQ J[FQZFYNTS YT IJYJWRNSJ NK F XYZIJSY MFX F INXFGNQNY^FSI SJJIX XUJHNFQ JIZHFYNTS FSI WJQFYJI XJW[NHJX&

+& CWFSXRNYYFQ TK WJHTWIX

/175 '% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

CT KFHNQNYFYJ YMJ YWFSXNYNTS KTW F XYZIJSY IJXHWNGJI NS XZGXJHYNTSX ( FSI ) FGT[J$ YMJ SJ\ XHMTTQ INXYWNHY NS \MNHMYMJ XYZIJSY JSWTQQX \NQQ YFPJ WJFXTSFGQJ XYJUX YT UWTRUYQ^ TGYFNS YMJ XYZIJSY!X WJHTWIX$ NSHQZINSL YMJ ;7@ TW 7@FSI XZUUTWYNSL ITHZRJSYX FSI FS^ TYMJW WJHTWIX WJQFYNSL YT YMJ UWT[NXNTS TK XUJHNFQ JIZHFYNTS TW WJQFYJIXJW[NHJX YT YMJ XYZIJSY$ KWTR YMJ UWJ[NTZX XHMTTQ INXYWNHY NS \MNHM YMJ XYZIJSY \FX JSWTQQJI$ NS FHHTWIFSHJ \NYM*+ 58A `00&*(2 FSI YMJ UWJ[NTZX XHMTTQ INXYWNHY NS \MNHM YMJ XYZIJSY \FX JSWTQQJI RZXY YFPJ WJFXTSFGQJ XYJUXYT UWTRUYQ^ WJXUTSI YT YMJ WJVZJXY KWTR YMJ SJ\ XHMTTQ INXYWNHY&

/175 '& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

,0>@ +" *4;4>09 ,<98284? 0;3 ,><243A>4?

.42@8<; )# $224?? @< 0 .@A34;@E? ,A1982 %4;458@? <> +;?A>0;24

.@0@A@<>D 0;3 -46A90@<>D &8@0@8<;?

*+ 58A `*''&(,+AZQJ -3%-&'*')/$ 8&3&5&

,><243A>4?

CMJ XHMTTQ INXYWNHY RF^ ZXJ YMJ >JINHFNI TW TYMJW UZGQNH MJFQYM GJSJKNYX TW NSXZWFSHJ UWTLWFRX NS \MNHM F XYZIJSYUFWYNHNUFYJX YT UWT[NIJ TW UF^ KTW XJW[NHJX WJVZNWJI ZSIJW AZQJX -3%-&'*'(( YMWTZLM -3%-&'*-($ 8&3&5&$ FX UJWRNYYJIZSIJW YMJ UZGQNH GJSJKNYX TW NSXZWFSHJ UWTLWFR$ J]HJUY FX STYJI GJQT\1

(& ENYM WJLFWI YT XJW[NHJX WJVZNWJI YT UWT[NIJ 83@7 YT FS JQNLNGQJ XYZIJSY ZSIJW YMJ ;673$ YMJ XHMTTQ INXYWNHY1

F& >F^ STY WJVZNWJ UFWJSYX YT XNLS ZU KTW TW JSWTQQ NS UZGQNH NSXZWFSHJ UWTLWFRX NS TWIJW KTW YMJNW XYZIJSY YTWJHJN[J 83@7 ZSIJW @FWY 4 TK YMJ ;673&

G& >F^ STY WJVZNWJ UFWJSYX YT NSHZW FS TZY%TK%UTHPJY J]UJSXJ XZHM FX YMJ UF^RJSY TK F IJIZHYNGQJ TW HT%UF^FRTZSY NSHZWWJI NS KNQNSL F HQFNR KTW XJW[NHJX UWT[NIJI UZWXZFSY YT YMJ ;673_ YMJ INXYWNHY RF^ UF^ YMJ HTXYYMFY YMJ UFWJSY TYMJW\NXJ \TZQI GJ WJVZNWJI YT UF^&

H& >F^ STY ZXJ F XYZIJSY!X GJSJKNYX ZSIJW F UZGQNH NSXZWFSHJ UWTLWFR NK YMFY ZXJ \TZQI "FS^ TK YMJKTQQT\NSL#1

" 6JHWJFXJ F[FNQFGQJ QNKJYNRJ HT[JWFLJ TW FS^ TYMJW NSXZWJI GJSJKNY&

" AJXZQY NS YMJ KFRNQ^ UF^NSL KTW XJW[NHJX YMFY \TZQI TYMJW\NXJ GJ HT[JWJI G^ YMJ UZGQNH GJSJKNYX TWNSXZWFSHJ UWTLWFR FSI YMFY FWJ WJVZNWJI KTW YMJ XYZIJSY TZYXNIJ TK YMJ YNRJ YMJ XYZIJSY NX NSXHMTTQ&

" ;SHWJFXJ UWJRNZRX TW QJFI YT YMJ INXHTSYNSZFYNTS TK GJSJKNYX TW NSXZWFSHJ&

" ANXP QTXX TK JQNLNGNQNY^ KTW MTRJ FSI HTRRZSNY^%GFXJI \FN[JWX$ GFXJI TS FLLWJLFYJ MJFQYM%WJQFYJIJ]UJSINYZWJX&

I& @WNTW YT FHHJXXNSL YMJ XYZIJSY!X TW UFWJSY!X UZGQNH GJSJKNYX TW NSXZWFSHJ KTW YMJ KNWXY YNRJ$ FSI FKYJWUWT[NINSL STYNKNHFYNTS YT YMJ XYZIJSY!X UFWJSY FX IJXHWNGJI NS AZQJ -3%-&'*')/"*#"V#(&J&$ 8&3&5&$ YMJXHMTTQ INXYWNHY RZXY TGYFNS \WNYYJS$ UFWJSYFQ HTSXJSY YMFY XUJHNKNJX JFHM TK YMJ KTQQT\NSL1

" CMJ UJWXTSFQQ^ NIJSYNKNFGQJ NSKTWRFYNTS YMFY RF^ GJ INXHQTXJI$ XZHM FX WJHTWIX TW NSKTWRFYNTSFGTZY YMJ XJW[NHJX YMFY RF^ GJ UWT[NIJI YT YMJ XYZIJSY

" CMJ UZWUTXJ TK YMJ INXHQTXZWJ$ XZHM FX YMJ UZWUTXJ TK GNQQNSL KTW XJW[NHJX

" CMJ FLJSH^ YT \MNHM YMJ INXHQTXZWJ RF^ GJ RFIJ

" CMJ UFWJSY ZSIJWXYFSIX FSI FLWJJX YMFY YMJ XHMTTQ INXYWNHY RF^ FHHJXX YMJ NSXZWFSHJ YT UF^ KTWYMJ XJW[NHJX WJVZNWJI ZSIJW AZQJX -3%-&'*'(( YMWTZLM -3%-&'*-($ 8&3&5&

J& @WNTW YT FHHJXXNSL F XYZIJSY!X TW UFWJSY!X UZGQNH GJSJKNYX KTW YMJ KNWXY YNRJ$ FSI FSSZFQQ^ YMJWJFKYJW$ YMJXHMTTQ INXYWNHY RZXY UWT[NIJ \WNYYJS STYNKNHFYNTS HTSXNXYJSY \NYM WJVZNWJRJSYX KTZSI NS AZQJ -3%-&'**(("(#"F# FSI "G#$ 8&3&5&$ YT YMJ XYZIJSY!X UFWJSYX YMFY NSHQZIJX FQQ TK YMJ KTQQT\NSL1

" 3 XYFYJRJSY TK YMJ UFWJSYFQ HTSXJSY UWT[NXNTS NS AZQJ -3%-&'*')/"*#"V#(&I&$ 8&3&5&

" 3 XYFYJRJSY TK YMJ ST HTXY UWT[NXNTSX TK AZQJ -3%-&'*')/"*#"V#(&$ 8&3&5&

/175 '' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

" 3 XYFYJRJSY YMFY YMJ UFWJSYX MF[J YMJ WNLMY YT \NYMIWF\ YMJNW HTSXJSY YT INXHQTXJ YMJNW HMNQI!XUJWXTSFQ NIJSYNKNFGQJ NSKTWRFYNTS YT YMJ FLJSH^ WJXUTSXNGQJ KTW YMJ FIRNSNXYWFYNTS TK YMJ BYFYJ!XUZGQNH GJSJKNYX TW NSXZWFSHJ FY FS^ YNRJ&

" 3 XYFYJRJSY YMFY YMJ \NYMIWF\FQ TK HTSXJSY TW WJKZXFQ YT UWT[NIJ HTSXJSY YT INXHQTXJ UJWXTSFQQ^NIJSYNKNFGQJ NSKTWRFYNTS YT YMJ FLJSH^ WJXUTSXNGQJ KTW YMJ FIRNSNXYWFYNTS TK YMJ BYFYJ!X UZGQNHGJSJKNYX TW NSXZWFSHJ UWTLWFR ITJX STY WJQNJ[J YMJ XHMTTQ INXYWNHY TK NYX WJXUTSXNGNQNY^ YT JSXZWJ YMFYFQQ WJVZNWJI XJW[NHJX FWJ UWT[NIJI FY ST HTXY YT YMJ UFWJSYX&

)& ENYM WJLFWI YT XYZIJSYX \NYM INXFGNQNYNJX \MT FWJ HT[JWJI G^ UWN[FYJ NSXZWFSHJ$ F XHMTTQ INXYWNHY RF^ FHHJXX FUFWJSY!X UWN[FYJ NSXZWFSHJ UWTHJJIX YT UWT[NIJ XJW[NHJX WJVZNWJI ZSIJW YMJ ;673 TSQ^ NK YMJ UFWJSY UWT[NIJX\WNYYJS NSKTWRJI HTSXJSY&

F& 7FHM YNRJ YMJ XHMTTQ INXYWNHY UWTUTXJX YT FHHJXX YMJ UFWJSY!X UWN[FYJ NSXZWFSHJ UWTHJJIX$ YMJ FLJSH^RZXY TGYFNS UFWJSYFQ HTSXJSY FSI NSKTWR YMJ UFWJSYX YMFY YMJNW WJKZXFQ YT UJWRNY YMJ XHMTTQ INXYWNHY YTFHHJXX YMJNW UWN[FYJ NSXZWFSHJ ITJX STY WJQNJ[J YMJ XHMTTQ INXYWNHY TK NYX WJXUTSXNGNQNY^ YT JSXZWJ YMFY FQQWJVZNWJI XJW[NHJX FWJ UWT[NIJI FY ST HTXY YT YMJ UFWJSYX&

G& ;K F XHMTTQ INXYWNHY NX ZSFGQJ YT TGYFNS UFWJSYFQ HTSXJSY YT ZXJ YMJ UFWJSYX! UWN[FYJ NSXZWFSHJ$ TW UZGQNHGJSJKNYX TW NSXZWFSHJ \MJS YMJ UFWJSYX \TZQI NSHZW F HTXY KTW F XUJHNKNJI XJW[NHJ WJVZNWJI YT JSXZWJ F83@7$ YMJ XHMTTQ INXYWNHY RF^ ZXJ NYX ;673 @FWY 4 KZSIX YT UF^ KTW YMJ XJW[NHJ& CT F[TNI KNSFSHNFQ HTXY YTUFWJSYX \MT TYMJW\NXJ \TZQI HTSXJSY YT ZXJ UWN[FYJ NSXZWFSHJ$ TW UZGQNH GJSJKNYX TW NSXZWFSHJ NK YMJUFWJSYX \TZQI NSHZW F HTXY$ YMJ XHMTTQ INXYWNHY RF^ ZXJ NYX ;673 @FWY 4 KZSIX YT UF^ YMJ HTXY YMFY YMJUFWJSYX TYMJW\NXJ \TZQI MF[J YT UF^ YT ZXJ YMJ UFWJSYX! GJSJKNYX TW NSXZWFSHJ "J&L&$ YMJ IJIZHYNGQJ TW HT%UF^ FRTZSYX#&

/175 '( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

(+68 '! &.4.6+2 (521,1.7 +4- (65,.-96.7

*.,8154 &" &.4.6+2 %-9,+8154 '48.6;.48154 (65,.-96.7

*8+89856< +4- ).092+856< #18+81547

/0 <?H qq/,,*/,.( /,,*/,2( N[Q /,,*/,4n/,,*/-,IRPaV\[` -,,4*.1 N[Q /4-*,,12( ?*I*HbYR` 29)2*,/,-4( 29)2*,//- N[Q 29)2*,/0--( ?*9*<*

$./14181547

@R[R_NY RQbPNaV\[ V[aR_cR[aV\[ ]_\PRQb_R` N_R NPaVcVaVR` P\[QbPaRQ Of N QV`a_VPa S\_ XV[QR_TN_aR[ aU_\bTU T_NQR adRYcR%-.& `abQR[a` R[_\YYRQ V[ ]bOYVP `PU\\Y` dU\ [RRQ NQQVaV\[NY NPNQRZVP \_ ORUNcV\_NY `b]]\_a a\ `bPPRRQ V[ aUR TR[R_NYRQbPNaV\[ R[cV_\[ZR[a* JUR`R NPaVcVaVR` N_R RZORQQRQ V[ aUR QV`a_VPa$` _R`]\[`VOVYVaf a\ VZ]YRZR[a N ZbYaV)aVR_RQ `f`aRZ\S `b]]\_a` aUNa V` V[aRT_NaRQ V[a\ N P\[aV[bbZ \S RcVQR[PR)ON`RQ NPNQRZVP N[Q ORUNcV\_NY V[aR_cR[aV\[`* B[VZ]YRZR[aV[T N QNaN)ON`RQ ]_\OYRZ)`\YcV[T ]_\PR`` QR`VT[RQ a\ QRcRY\] N P\\_QV[NaRQ P\[aV[bbZ \S RcVQR[PR)ON`RQV[`a_bPaV\[ N[Q V[aR_cR[aV\[ ]_NPaVPR`( N QV`a_VPa ZNf R[TNTR V[ NPaVcVaVR` aUNa V[PYbQR RQbPNaV\[NY N[Q ORUNcV\_NYRcNYbNaV\[`( `R_cVPR`( `b]]\_a`( RcVQR[PR)ON`RQ YVaR_NPf V[`a_bPaV\[ N[Q ]_\SR``V\[NY QRcRY\]ZR[a S\_ aRNPUR_` N[Q\aUR_ `PU\\Y `aNSS( N[Q dUR_R N]]_\]_VNaR( V[`a_bPaV\[ \[ aUR b`R \S NQN]aVcR N[Q V[`a_bPaV\[NY aRPU[\Y\Tf*

&.4.6+2 %-9,+8154 '48.6;.48154 (65,.-96.7

-* GN_R[a V[c\YcRZR[a V[ TR[R_NY RQbPNaV\[ V[aR_cR[aV\[ ]_\PRQb_R`

JUR QV`a_VPa Zb`a ]_\cVQR \]]\_ab[VaVR` S\_ ]N_R[a` a\ OR V[c\YcRQ V[ N QNaN)ON`RQ ]_\OYRZ)`\YcV[T ]_\PR`` a\NQQ_R`` aUR `abQR[a$` NPNQRZVP \_ ORUNcV\_NY N_RN` \S P\[PR_[* JUR_R Zb`a OR QV`Pb``V\[ dVaU aUR ]N_R[a_RTN_QV[T aUR QNaN b`RQ a\ VQR[aVSf aUR ]_\OYRZ( aUR ]YN[ S\_ NQQ_R``V[T aUR ]_\OYRZ aU_\bTU V[aR_cR[aV\[( aUR]YN[ S\_ Z\[Va\_V[T `abQR[a ]_\T_R``( aUR `abQR[a$` _R`]\[`R` a\ V[`a_bPaV\[ N[Q V[aR_cR[aV\[`( Z\QVSVPNaV\[ \SaUR V[aR_cR[aV\[` dUR[ [RRQRQ N[Q N[aVPV]NaRQ Sbab_R NPaV\[ a\ NQQ_R`` aUR `abQR[a$` YRN_[V[T \_ ORUNcV\_NY[RRQ`* JUR QV`a_VPa Zb`a ZNV[aNV[ Q\PbZR[aNaV\[ \S ]N_R[aNY V[c\YcRZR[a N[Q P\ZZb[VPNaV\[*

.* FO`R_cNaV\[` \S `abQR[a V[ aUR RQbPNaV\[NY R[cV_\[ZR[a

JUR `PU\\Y QV`a_VPa P\[QbPa` \O`R_cNaV\[` \S aUR `abQR[a V[ aUR RQbPNaV\[NY R[cV_\[ZR[a N[Q( N` N]]_\]_VNaR( V[\aUR_ `RaaV[T` a\ Q\PbZR[a aUR `abQR[a$` NPNQRZVP \_ ORUNcV\_NY N_RN` \S P\[PR_[* 9a YRN`a \[R \O`R_cNaV\[Zb`a V[PYbQR N[ \O`R_cNaV\[ \S aUR `abQR[a$` ]R_S\_ZN[PR V[ aUR TR[R_NY RQbPNaV\[ PYN``_\\Z*

/* HRcVRd \S QNaN

JUR `PU\\Y QV`a_VPa _RcVRd` `\PVNY( ]`fPU\Y\TVPNY( ZRQVPNY( N[Q N[RPQ\aNY _RP\_Q` N[Q NPUVRcRZR[a QNaN V[ aUR`abQR[a$` PbZbYNaVcR S\YQR_ N[Q QRZ\[`a_NaR` aU_\bTU QNaN aUNa aUR `abQR[a dN` ]_\cVQRQ N]]_\]_VNaR V[`a_bPaV\[V[ aUR _RTbYN_ RQbPNaV\[ `RaaV[T`( dUVPU dN` QRYVcR_RQ Of ^bNYVSVRQ ]R_`\[[RY* 9aaR[QN[PR _RP\_Q` N_R _RcVRdRQN[Q b`RQ N` \[R V[QVPNa\_ \S N `abQR[a$` NPPR`` a\ V[`a_bPaV\[*

0* IR[`\_f `P_RR[V[T` N[Q QVNT[\`aVP N``R``ZR[a`

N* ARN_V[T N[Q cV`V\[ `P_RR[V[T` N_R P\Z]YRaRQ S\_ aUR ]b_]\`R \S _bYV[T \ba `R[`\_f QRSVPVa` aUNa ZNfV[aR_SR_R dVaU aUR `abQR[a$` NPNQRZVP N[Q ORUNcV\_NY ]_\T_R``* 9QQVaV\[NY `P_RR[V[T` N[Q N``R``ZR[a`N_R P\[QbPaRQ a\ N``V`a V[ QRaR_ZV[V[T NPNQRZVP \_ ORUNcV\_NY V[aR_cR[aV\[`( N` N]]_\]_VNaR* IabQR[a`P_RR[V[T` a\ QRaR_ZV[R V[`a_bPaV\[NY N[Q ORUNcV\_NY V[aR_cR[aV\[ `a_NaRTVR` N_R [\a P\[`VQR_RQ a\ OR N[RcNYbNaV\[ S\_ RYVTVOVYVaf S\_ `]RPVNY RQbPNaV\[ N[Q _RYNaRQ `R_cVPR`*

O* ARN_V[T N[Q cV`V\[ `P_RR[V[T` N_R P\[QbPaRQ V[ NPP\_QN[PR dVaU aUR `PU\\Y QV`a_VPa$` `PU\\Y URNYaU ]YN[*B[ PR_aNV[ PV_PbZ`aN[PR`( N Pb__R[a RcNYbNaV\[ Of N ZRQVPNY ]_\SR``V\[NY ZNf OR b`RQ N` aUR `P_RR[V[T_R]\_a*

1* BZ]YRZR[aNaV\[ \S RcVQR[PR)ON`RQ V[aR_cR[aV\[`

J 196 D49@@= 5;DEC;4E ;>A=6>6?ED 6G;56?46#32D65 ;?E6CG6?E;@?D 255C6DD;?8 E96 ;56?E;7;65 2C62D @7 4@?46C?V[ aUR 0.4.6+2 .-9,+8154 .4;16543.48*

/175 &( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

J 196 ;?E6CG6?E;@?D D6=64E65 7@C ;>A=6>6?E2E;@? D9@F=5 36 56E6C>;?65 3I 2 E62> E9C@F89 2 52E2#32D65]_\OYRZ)`\YcV[T ]_\PR`` aUNa b`R` `abQR[a ]R_S\_ZN[PR QNaN a\ VQR[aVSf N[Q N[NYfgR aUR N_RN%`& \SP\[PR_[( `RYRPa N[Q VZ]YRZR[a V[aR_cR[aV\[`( Z\[Va\_ RSSRPaVcR[R`` \S aUR V[aR_cR[aV\[` N[Q Z\QVSfV[aR_cR[aV\[ \_ V[aR[`Vaf dUR[ [RRQRQ*

J -?E6CG6?E;@?D >FDE 36 ;>A=6>6?E65 2D 56D;8?65 7@C 2 A6C;@5 @7 E;>6 DF77;4;6?E E@ 56E6C>;?6 67764E;G6?6DD"N[Q dVaU N YRcRY \S V[aR[`Vaf aUNa ZNaPUR` aUR `abQR[a$` [RRQ`*

J 196 5;DEC;4E >FDE 4@==64E AC6#;?E6CG6?E;@? 2?5 @?8@;?8 AC@8C6DD#>@?;E@C;?8 52E2 C682C5;?8 24256>;4 @CORUNcV\_NY N_RN` \S P\[PR_[ N[Q P\ZZb[VPNaR aUR QNaN a\ aUR ]N_R[a` V[ N[ b[QR_`aN[QNOYR S\_ZNa(dUVPU ZNf V[PYbQR( Oba V` [\a YVZVaRQ a\( T_N]UVP _R]_R`R[aNaV\[*

2* >ePR]aV\[` a\ _R^bV_RZR[a S\_ TR[R_NY RQbPNaV\[ V[aR_cR[aV\[`

J /@E C6BF;C65 7@C 49;=5C6? I@F?86C E92? <;?56C82CE6? 6?ECI 286$

J /@E C6BF;C65 7@C DEF56?ED DFDA64E65 @7 36;?8 8;7E65 2D 56D4C;365 ;? 0F=6 (*#($%'%&)" ,$*$+$

J /@E C6BF;C65 7@C DEF56?ED H9@ 2C6 36;?8 4@?D;56C65 7@C 6=;8;3;=;EI 7@C DA64;2==I 56D;8?65 ;?DECF4E;@? 7@C`abQR[a` dU\ N_R U\ZRO\b[Q \_ U\`]VaNYVgRQ N` QR`P_VORQ V[ HbYR 29)2*,/,.,( ?*9*<*

J /@E C6BF;C65 7@C DEF56?ED H9@ 2C6 458 R[_\YYRQ V[ N ]bOYVP `PU\\Y*

J .2I ?@E 36 C6BF;C65 7@C DEF56?ED DFDA64E65 @7 92G;?8 2 5;D23;=;EI ;7 E96 DEF56?E 56>@?DEC2E6D 2 DA6649QV`\_QR_7 \_ `RcR_R P\T[VaVcR( ]Uf`VPNY( \_ `R[`\_f QV`\_QR_`7 \_ `RcR_R `\PVNY \_ ORUNcV\_NY QRSVPVa` aUNa_R^bV_R VZZRQVNaR V[aR_cR[aV\[ a\ ]_RcR[a UN_Z a\ aUR `abQR[a \_ \aUR_`( N[Q N aRNZ P\Z]_V`RQ \S^bNYVSVRQ ]_\SR``V\[NY` N[Q aUR ]N_R[a QRaR_ZV[R` aUNa aUR`R TR[R_NY RQbPNaV\[ V[aR_cR[aV\[` N_R [\aN]]_\]_VNaR*

3* JUR NPaVcVaVR` NO\cR Q\ [\a N]]Yf a\ PUVYQ_R[ dU\ N_R ORY\d ZN[QNa\_f `PU\\Y NTR N[Q dU\ N_R [\a R[_\YYRQ V[XV[QR_TN_aR[* ?\_ aU\`R PUVYQ_R[( aUR _R^bV_RZR[a` ORY\d dVYY OR S\YY\dRQ6

N* HRcVRd ReV`aV[T `\PVNY( ]`fPU\Y\TVPNY( N[Q ZRQVPNY QNaN* HRSR_ S\_ N URNYaU `P_RR[V[T dUR[ [RRQRQ*

O* <\[QbPa cV`V\[ N[Q URN_V[T `P_RR[V[T` S\_ aUR ]b_]\`R \S _bYV[T \ba `R[`\_f QRSVPVa`*

P* <\[QbPa NQQVaV\[NY `P_RR[V[T` a\ N``V`a V[ QRaR_ZV[V[T V[aR_cR[aV\[` N` N]]_\]_VNaR*

=R`P_VOR QV`a_VPa ]\YVPVR` N[Q ]_\PRQb_R` S\_ V[aRT_NaV[T N QNaN)ON`RQ( ]_\OYRZ)`\YcV[T ]_\PR`` dVaUV[ N ZbYaV)aVR_RQ`f`aRZ \S `b]]\_a`*

JUR QV`a_VPa ]\YVPf N[Q ]_\PRQb_R` S\_ V[aRT_NaV[T N QNaN ON`RQ( ]_\OYRZ `\YcV[T ]_\PR`` dVaUV[ N ZbYaV)aVR_RQ `f`aRZV` P\[aNV[RQ V[ aUR AR[Q_f <\b[af IPU\\Y =V`a_VPa DJII UN[QO\\X* JUR UN[QO\\X \baYV[R` aUR P_VaR_VN S\_ RNPUaVR_* JVR_ - V` `PU\\Y dVQR( N[Q baVYVgR` aUR b[VcR_`NY P\_R Pb__VPbYbZ* JVR_ . VZ]YRZR[a` `a_NaRTVP V[aR_cR[aV\[` dUVPU`b]]\_a %[\a _R]YNPR& PYN``_\\Z V[`a_bPaV\[ N[Q V` P\[QbPaRQ Of aUR PYN``_\\Z aRNPUR_ \_ \aUR_ a_NV[RQ V[QVcVQbNYdVaU T_\b]` \S SVcR \_ SRdR_ `abQR[a`* JVR_ / B[aR[`VcR B[aR_cR[aV\[ N_R `]RPVSVPNYYf ZNaPURQ a\ `abQR[a [RRQ` aU_\bTUaN`X N[NYf`V` \S aUR YRN_[V[T \_ ORUNcV\_NY ]_\OYRZ* JUR V[aR_cR[aV\[` N_R P\[QbPaRQ Of UVTUYf ^bNYVSVRQ aRNPUR_ \_a_NV[RQ ]_\SR``V\[NY V[ N `ZNYY T_\b] \S .)/ \_ V[QVcVQbNYYf* JUR QV`a_VPa UN` R^bV]]RQ aUR `PU\\Y` dVaU aUR a_NV[V[TN[Q N UN[QO\\X dUVPU P\[aNV[` [RRQRQ S\_Z` a\ ZNV[aNV[ aUR ZbYaV)aVR_RQ `f`aRZ \S `b]]\_a` dVaUV[ RNPU V[QVcVQbNY`PU\\Y* JUR QV`a_VPa UN` \baYV[RQ N _R^bV_RQ aVZRYV[R S\_ aUR ]_\PR`` N[Q UN` \baYV[RQ aUR Re]RPaNaV\[` \S aUR]_\PR``*

=R`P_VOR U\d `PU\\Y)ON`RQ aRNZ` %YRNQR_`UV] N[Q V[QVcVQbNY ]_\OYRZ)`\YcV[T aRNZ`& \]R_NaR* B[PYbQR U\d aRNZZRZOR_`UV] V` QRaR_ZV[RQ( U\d ]N_R[a` N_R R[TNTRQ V[ QNaN)ON`RQ ]_\OYRZ `\YcV[T N[Q U\d `abQR[a ]_\T_R`` V``UN_RQ dVaU ]N_R[a` %S_R^bR[Pf N[Q S\_ZNa&*

IPU\\Y CRNQR_`UV] JRNZ` N_R R`aNOYV`URQ Na RNPU `PU\\Y dVaU 2)4 ZRZOR_` aUNa N_R P_\`` QV`PV]YV[N_f_R]_R`R[aNaVcR` N[Q aUV` aRNZ V` _R`]\[`VOYR S\_ SNPVYVaNaV[T DJII+HaV VZ]YRZR[aNaV\[ Na aUR `PU\\Y `VaR* JUR aRNZZRZOR_` N_R af]VPNYYf `PU\\Y YRNQR_`UV]( `abQR[a `b]]\_a( TR[R_NY RQbPNaV\[ N[Q `]RPVNY RQbPNaV\[ aRNPUR_` N[QP\[aR[a N_RN Re]R_a`* GN_R[a` N_R V[cVaRQ a\ NaaR[Q ZRRaV[T P\[PR_[V[T aURV_ `abQR[a%`& N[Q P\__R`]\[QR[PR dVaU

/175 &) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

]N_R[a` V` \[)T\V[T aU_\bTU)\ba aUR `b]]\_aVcR ]_\PR``* JUR ]N_R[a+aRNZ QVNY\TbR aNXR` ]YNPR V[ aUR S\_Z \S YRaaR_`(]U\[R PNYY`( SNPR a\ SNPR ZRRaV[T` N[Q ]_\OYRZ `\YcV[T `R``V\[`* =NaN _RTN_QV[T NPNQRZVP \_ ORUNcV\_NY ]_\T_R`` V``UN_RQ dVaU ]N_R[a` Na 2)4 dRRX V[aR_cNY`( N` QR`P_VORQ V[ aUR DJII+HaV QV`a_VPa UN[QO\\X dUVPU NYY `PU\\Y` UNcRORR[ TVcR[*

=R`P_VOR aUR b[VcR_`NY `P_RR[V[T N[Q ]_\T_R``)Z\[Va\_V[T a\\Y` N[Q QNaN b`RQ a\ VQR[aVSf `abQR[a` [RRQV[T NPNQRZVP\_ ORUNcV\_NY `b]]\_a` %ORf\[Q P\_R V[`a_bPaV\[ N[Q b[VcR_`NY `b]]\_a`&( N[Q Z\[Va\_ `abQR[a _R`]\[`R a\V[aR_cR[aV\[`*

JUR b[VcR_`NY `P_RR[V[T N[Q ]_\T_R`` Z\[Va\_V[T a\\Y` N[Q QNaN b`RQ a\ VQR[aVSf `abQR[a` [RRQV[T NPNQRZVP \_ORUNcV\_NY `b]]\_a` N_R =V`P\cR_f >Q S\_ X). N[Q ?9BH S\_ /)-. %S\_ NPNQRZVP`& N[Q NaaR[QN[PR N[Q \SSVPR QV`PV]YV[R_RSR__NY` %S\_ ORUNcV\_NY&* JUR`R N``R``ZR[a` N_R Z\[Va\_RQ aU_\bTU aUR GR_S\_ZN[PR DNaaR_` =NaN ;N[X S\_NPNQRZVP N[Q aUR ORUNcV\_NY V` Z\[Va\_RQ aU_\bTU `abQR[a QNaN `f`aRZ N[Q aUR `abQR[a RN_Yf dN_[V[T `f`aRZ V[GR_S\_ZN[PR DNaaR_` =NaN ;N[X* JVZR \[ aN`X( `PU\\Y NaaR[QN[PR N[Q _RQbPaV\[ V[ _RSR__NY` N_R Z\[Va\_RQ aU_\bTUTbVQN[PR+QV`PV]YV[R \SSVPR V[ RYRZR[aN_f `PU\\Y N[Q QRN[+QV`PV]YV[R \SSVPR V[ ZVQQYR N[Q UVTU `PU\\Y N[Q aU_\bTU aURGR_S\_ZN[PR DNaaR_` =NaN ;N[X` RN_Yf dN_[V[T `f`aRZ* J

DbYaV)JVR_RQ If`aRZ \S Ib]]\_a` ) C\\XV[T Na aUR JVR_` . N[Q /JVR_ Jd\ Ia_NaRTVP B[aR_cR[aV\[ %V[ NQQVaV\[ a\ JVR_ B&JVR_ BB V[aR_cR[aV\[` N_R a\ OR VZ]YRZR[aRQ dUR[ N``R``ZR[a QNaN V[QVPNaR` aUNa N `abQR[a V` [\a ZNXV[T NQR^bNaR]_\T_R`` S_\Z b[VcR_`NY V[`a_bPaV\[ NY\[R* JURf N_R TR[R_NYYf `ZNYYR_ T_\b] V[aR_cR[aV\[` QR`VT[RQ a\ ZRRa aUR`]RPVSVP[RRQ` \S N `abQR[a N[Q UV`+UR_ ]RR_` dVaU `VZVYN_ [RRQ`* JUR`R V[aR_cR[aV\[` DKIJ OR RcVQR[PR ON`RQ `a_NaRTVR`*JVR_ . o Ia_NaRTVP B[aR_cR[aV\[`s IabQR[a` V[ TR[R_NY RQbPNaV\[ PYN``_\\Z` dU\ UNcR [\a ZRa OR[PUZN_X` aU_\bTU dU\YR PYN`` N[Q QVSSR_R[aVNaRQV[`a_bPaV\[ %-,)-1# \S NYY `abQR[a`&s Ia_NaRTVP B[aR_cR[aV\[` Q\ [\a _R]YNPR PYN``_\\Z V[`a_bPaV\[ Oba `b]]\_a PYN``_\\Z V[`a_bPaV\[ Of S\Pb`V[T \[`]RPVSVP QRSVPVa`s Ia_NaRTVP B[aR_cR[aV\[` `U\bYQ OR P\[QbPaRQ Of aUR PYN``_\\Z aRNPUR_ \_ \aUR_ a_NV[RQ V[QVcVQbNY dVaU T_\b]` \S SVcR\_ SRdR_ `abQR[a`*s B[aR_cR[aV\[` N_R aN_TRaRQ a\ aUR VQR[aVSVRQ N_RN \S [RRQ* B[aR_cR[aV\[` N_R UVTUYf V[aR_NPaVcR %O\aU \_NY N[Q d_VaaR[&*IXVYY` N_R QV_RPaYf N]]YVRQ* 9aaR[QN[PR+QRYVcR_f \S V[aR_cR[aV\[ V` Q\PbZR[aRQ*BS N `VT[VSVPN[a [bZOR_ \S `abQR[a` N]]RN_ a\ OR V[ [RRQ \S JVR_ . V[`a_bPaV\[( aUR RSSRPaVcR[R`` \S JVR_ B %P\_R&V[`a_bPaV\[ Zb`a OR RcNYbNaRQ*JVR_ JU_RR B[aR[`VcR B[aR_cR[aV\[ %V[ NQQVaV\[ a\ JVR_ - S\YY\dV[T JVR_ .&JVR_ BBB B[aR_cR[aV\[` N_R aU\`R dUVPU \SSR_ N `abQR[a UVTUYf V[QVcVQbNYVgRQ( `f`aRZNaVP N[Q Re]YVPVa V[`a_bPaV\[ V[ N[N_RN \S N``R``RQ [RRQ* 9YaU\bTU aUR ]_\T_NZ` \_ `a_NaRTVR` ZNf OR `VZVYN_ a\ aU\`R \SSR_RQ Na JVR_ BB( aURV[aR_cR[aV\[ V` PYN``VSVRQ N` !V[aR[`VcR! VS Va V` V[QVcVQbNYVgRQ a\ ZRRa aUR [RRQ` \S N ]N_aVPbYN_ `abQR[a N[Q aUR Qb_NaV\[N[Q+\_ V[aR[`Vaf \S aUR V[aR_cR[aV\[ V` V[P_RN`RQ a\ NPPRYR_NaR `abQR[a _R`]\[`R* B[aR[`Vaf V` V[P_RN`RQ dUR[V[`a_bPaV\[NY aVZR V` V[P_RN`RQ N[Q T_\b] `VgR V` QRP_RN`RQ*

JVR_ / o B[aR[`VcR B[aR_cR[aV\[`s IabQR[a` V[ TR[R_NY RQbPNaV\[ PYN``_\\Z dU\ N_R P\[`V`aR[aYf SNYYV[T ORUV[Q aURV_ NVZ YV[R dVaU dU\YR PYN`` N[Q`a_NaRTVP V[aR_cR[aV\[` %1)-,# \S `abQR[a`&6\ B[aR_cR[aV\[` N_R `]RPVSVPNYYf ZNaPURQ a\ `abQR[a [RRQ` aU_\bTU N aN`X N[NYf`V` \S aUR YRN_[V[T \_ ORUNcV\_NY]_\OYRZ*\ B[aR_cR[aV\[` `U\bYQ OR P\[QbPaRQ Of N UVTUYf ^bNYVSVRQ aRNPUR_ \_ a_NV[RQ ]_\SR``V\[NY V[ N `ZNYY T_\b] %.)/`abQR[a` \_ \[R)\[)\[R aba\_V[T&*s B[aR_cR[aV\[` `U\bYQ P\[`V`a \S [\ YR`` aUNa .,)/, NQQVaV\[NY ZV[baR`( 1 QNf` ]R_ dRRX( V[ NQQVaV\[ a\ JVR_ -V[`a_bPaV\[*\ B[aR_cR[aV\[ `U\bYQ OR UVTUYf V[aR_NPaVcR _R^bV_V[T UVTU YRcRY` \S `abQR[a _R`]\[`R %\_NY N[Q d_VaaR[&( V[P\__RPa_R`]\[`R` N_R VZZRQVNaRYf P\__RPaRQ* CRcRY \S ]_\T_NZ `U\bYQ NYY\d `abQR[a a\ TVcR P\__RPa _R`]\[`R` 4,# \S aURaVZR*\ B[aR_cR[aV\[ ]_\T_NZ` N_R UVTUYf `a_bPab_RQ \_ `P_V]aRQ*

=R`P_VOR U\d aUR ]_\OYRZ)`\YcV[T PfPYR( V[PYbQV[T N[NYf`V` \S QNaN( RcVQR[PR)ON`RQ V[aR_cR[aV\[`( `b]]\_a S\_ RSSRPaVcRVZ]YRZR[aNaV\[ dVaU SVQRYVaf( N[Q `abQR[a _R`]\[`R a\ V[aR_cR[aV\[( N_R Q\PbZR[aRQ*

/175 &* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

JUR ]_\OYRZ `\YcV[T PfPYR V` S\YY\dRQ Of aUR DJII aRNZ dU\ V` _R`]\[`VOYR S\_ N[NYf`V` \S aUR QNaN S_\Z aURRcVQR[PR ON`RQ V[aR_cR[aV\[`*JUR ]_\OYRZ `\YcV[T ]_\PR`` V` N` S\YY\d`6=NaN DRRaV[T "-6 J\ \PPb_ \[ =NaN =Nf \_ Qb_V[T aUR SV_`a aU_RR dRRX` \S `PU\\Y %AVTU IPU\\Y o Na DVQ JR_Z&m 9[NYfgR NcNVYNOYR `abQR[a QNaN \[ V[P\ZV[T `abQR[a`m <_RNaR V[VaVNY !MNaPU CV`a! ON`RQ \[ P_VaR_VN YV`aRQ NO\cR*m 9[NYfgR QNaN \[ N[f `abQR[a` NY_RNQf V[ aUR HaY ]_\PR``*m B[VaVNaR JVR_ B B[aR_cR[aV\[ GYN[` N` [RPR``N_f \[ `abQR[a` dVaU ZbYaV]YR _V`X SNPa\_`*\ BZ]YRZR[a JVR_ B RcVQR[PRQ ON`RQ V[aR_cR[aV\[` aU_\bTU QVSSR_R[aVNaV\[ V[ aUR PYN``_\\Z*\ G_\T_R`` D\[Va\_ `abQR[a T_\daU+`bPPR`` dVaU aUR RcVQR[PR)ON`RQ V[aR_cR[aV\[ %PYN``_\\Z]R_S\_ZN[PR+NaaR[QN[PR( RaP*&=NaN DRRaV[T ".6 J\ \PPb_ NSaR_ aUR SV_`a _R]\_a PN_Q*m HRcVRd !MNaPU CV`a!\ 9[NYfgR NcNVYNOYR QNaN* ?9BH( GR_S\_ZN[PR DNaaR_`( IJ9H HRNQV[T( Df LV_abNY HRNQV[T <\NPU(@_NQR`(<YN``_\\Z JR`a GR_S\_ZN[PR\ 9_R Z\`a `abQR[a` ZNXV[T NQR^bNaR ]_\T_R`` a\dN_Q OR[PUZN_X8 ;N`RQ \[ dUNa QNaN8 BS [\a( dUNa PUN[TR` [RRQa\ \PPb_ a\ SNPVYVaNaR aUV`8\ =\ N[f \aUR_ `abQR[a` [RRQ N JVR_ B B[aR_cR[aV\[ GYN[8 E\aR6 K[YR`` f\b N_R aRNPUV[T N[ V[aR_cR[aV\[ PYN``( [\Z\_R aUN[ .,# \S f\b_ `abQR[a `U\bYQ _R^bV_R N JVR_ B B[aR_cR[aV\[ GYN[* BS f\b UNcR `VT[VSVPN[aYf Z\_R aUN[ aUV` [\aZNXV[T NQR^bNaR ]_\T_R`` a\dN_Q OR[PUZN_X( ]YRN`R _RcVRd JVR_ B V[`a_bPaV\[*\ HRcVRd JVR_ B B[aR_cR[aV\[ GYN[` aUNa dR_R V[VaVNaRQ Na aUR SV_`a =NaN DRRaV[T( NY\[T dVaU B[aR_cR[aV\[ <NYR[QN_` N[QG_\T_R`` D\[Va\_V[T =NaN <UN_a`*\ IabQR[a%`& ZNXV[T NQR^bNaR ]_\T_R`` a\dN_Q OR[PUZN_X o QV`P\[aV[bR B[aR_cR[aV\[ GYN[ N[Q+\_ P\[aV[bR a\Z\[Va\_7\ IabQR[a%`& [\a ZNXV[T NQR^bNaR ]_\T_R`` a\dN_Q OR[PUZN_X o\ <\[aV[bR V[aR_cR[aV\[ S\_ N Y\[TR_ ]R_V\Q \S aVZR7\ 9YaR_ V[aR_cR[aV\[ N[Q Z\[Va\_7\ =NaN V[QVPNaR` `abQR[a V[ [RRQ \S Z\_R V[aR[`VcR V[aR_cR[aV\[ o _RSR_ a\ IabQR[a Ib]]\_a JRNZ*\ 9_R aUR_R ]_\T_R`` Z\[Va\_V[T \_ a\\Y [RRQ` aUNa `U\bYQ OR P\ZZb[VPNaRQ a\ aUR NQZV[V`a_NaV\[8=NaN DRRaV[T "/6 J\ \PPb_ NSaR_ aUR `RP\[Q _R]\_a PN_Qm HR]RNa `aR]` S_\Z =NaN DRRaV[T ".*m BZ]\_aN[a6 B` N[f `abQR[a V[ QN[TR_ \S _RaR[aV\[ \_ [\a ]N``V[T P_RQVa P\b_`R` Na IRP\[QN_f YRcRY8m IabQR[a` V[ QN[TR_ \S _RaR[aV\[ `U\bYQ OR _RPRVcV[T V[P_RN`RQ RcVQR[PR)ON`RQ V[aR_cR[aV\[6m >YRZR[aN_f6 HR^bR`a N IabQR[a Ib]]\_a JRNZ o IabQR[a` V[ QN[TR_ \S _RaR[aV\[ Zb`a OR ]_\cVQRQ dVaU JVR_ .+JVR_/ V[aR_cR[aV\[`*m IRP\[QN_f6 <\ZZb[VPNaR [NZR` N[Q [RRQ` \S `abQR[a` a\ NQZV[V`a_Na\_ \_ QR`VT[RR*=NaN DRRaV[T "06 J\ \PPb_ `U\_aYf ORS\_R \_ NSaR_ aUR aUV_Q _R]\_a PN_Qm HR]RNa `aR]` S_\Z =NaN DRRaV[T "/m >YRZR[aN_f6 ?V[NYVgR _RaR[aV\[ _RP\ZZR[QNaV\[` o ]R[QV[T aR`a `P\_R` dUR_R N]]YVPNOYR*m IRP\[QN_f6 9QZV[V`a_Na\_` `U\bYQ OR [\aVSVRQ \S N[f `abQR[a V[ QN[TR_ \S SNVYV[T N P\b_`R* 0- GNTR

m ?YNT `abQR[a` dU\ [RRQ a\ OR \[ aUR _NQN_ S\_ aUR [Rea fRN_*JUR DJII aRNZ QRaR_ZV[R` aUR _R`RN_PU ON`RQ V[aR_cR[aV\[ ON`RQ \[ aUR V[S\_ZNaV\[ S\_ aUR V[QVcVQbNY PUVYQ* JUV`V` Z\[Va\_RQ aU_\bTU QNaN P\YYRPaV\[( N[Q SVQRYVaf V` TbN_N[aRRQ aU_\bTU QV`a_VPa YRcRY SVQRYVaf \S V[QVcVQbNY `abQR[aSVYR`*

=R`P_VOR U\d S_R^bR[aYf `abQR[a ]_\T_R`` V` Z\[Va\_RQ N[Q aUR TbVQRYV[R` b`RQ a\ V[S\_Z QRPV`V\[` NO\ba V[aR[`VSfV[T\_ SNQV[T V[aR_cR[aV\[`( N[Q dUR[ a\ V[VaVNaR N[ RcNYbNaV\[ S\_ `]RPVNY RQbPNaV\[*

IabQR[a QNaN V` TNaUR_RQ OV)dRRXYf N[Q `abQR[a ]_\T_R`` V` Z\[Va\_RQ+_RcVRdRQ RcR_f -,)-/ dRRX`*JVR_ - ) K[VcR_`NY ) <\_R <b__VPbYbZ ) BS `abQR[a V` QRaR_ZV[RQ a\ [RRQ NQQVaV\[NY `b]]\_a` ) V[ JVR_ .JVR_ . ) 5, ZV[baR` ]R_ dRRX \S HR`RN_PU ;N`RQ B[aR_cR[aV\[ ) -, )-/ dRRX` ) OV)dRRXYf QNaN P\YYRPaV\[ N[QZ\[Va\_V[T ZV[VZbZ*HRcVRd FbaP\ZR \S JVR_ . B[aR_cR[aV\[%`& JUR V[S\_ZNaV\[ V` _RP\_QRQ \[ aUR IabQR[a G_\T_R`` G_\SVYR ?\_Z* BS aURQNaN P\[SV_Z` aUR `abQR[a V` `aVYY ]R_S\_ZV[T ORY\d Pb__VPbYN_ Re]RPaNaV\[` N[Q aUNa UV`+UR_ _NaR \S ]_\T_R`` V` [\a`bSSVPVR[aYf PY\`V[T aUR TN]( aUR aRNPUR_ dVYY _R^bR`a N IabQR[a Ib]]\_a JRNZ DRRaV[T*<\YYNO\_NaVcR G_\OYRZ I\YcV[T JRNZ DRRaV[T =NaR6 %IRa ZRRaV[T QNaR&G_\cVQR N T_N]UVP _R]_R`R[aNaV\[ \S JVR_ . RSSRPaVcR[R`` Of P\Z]N_V[T ON`RYV[R QNaN a\ Pb__R[a QNaN N[Q aUR JVR_ .T\NY %@_N]URQ QNaN NaaNPURQ&G_\OYRZ I\YcV[T D\QRY6JVR_ . V[aR_cR[aV\[%`& dR_R `bPPR``SbY6 SNQR a\ JVR_ - N[Q P\[aV[bR T_N]UVP ]_\T_R`` Z\[Va\_V[T*JVR_ . V[aR_cR[aV\[%`& dR_R [\a `bPPR``SbY7 PURPX \[R \S aUR S\YY\dV[T6

/175 &+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

B[aR_cR[aV\[` [\a VZ]YRZR[aRQ N` QR`VT[RQ %P\[aR[a( S_R^bR[Pf( RaP*&*ERea IaR]6 BZ]YRZR[a JVR_ . V[aR_cR[aV\[ N` QR`VT[RQ*'IabQR[a QVQ [\a NaaR[Q `bSSVPVR[a [bZOR_ \S V[aR_cR[aV\[ `R``V\[`*ERea IaR]6 <\[aV[bR a\ VZ]YRZR[a JVR_ . V[aR_cR[aV\[* <\[`VQR_ V[aR_cR[aV\[ ]YN[ a\ V[P_RN`R NaaR[QN[PR V[ \_Re]\`b_R a\ aUR V[aR_cR[aV\[*B[aR_cR[aV\[ V` [\a `bPPR``SbY S\_ N ZNW\_Vaf \S aUR `abQR[a` _RPRVcV[T aUV` V[aR_cR[aV\[*ERea IaR]6 JRNPUR_ N[Q PN`R ZN[NTR_ P\[QbPa NQQVaV\[NY N``R``ZR[a+QVNT[\`aVP` N[Q P\[`VQR_ NYaR_[NaVcR+Z\QVSVRQJVR_ . V[aR_cR[aV\[('B[aR_cR[aV\[ V` `bPPR``SbY S\_ aUR ZNW\_Vaf \S `abQR[a` _RPRVcV[T aUR V[aR_cR[aV\[( Oba [\a S\_aUV` `abQR[a*ERea IaR]6 JRNPUR_ N[Q JRNZ P\[`VQR_ NYaR_[NaVcR+Z\QVSVRQ JVR_ . V[aR_cR[aV\[' \_ `abQR[a V` _RSR__RQ a\ JRNZ S\_NQQVaV\[NY QVNT[\`V` N[Q a\ P\[`VQR_ ]\``VOYR JVR_ /V[aR_cR[aV\[* =RPV`V\[6 9YaR_[NaVcR JVR_ . \_ JVR_ /

GN_R[a <\[SR_R[PR a\ _RcVRd T_N]UVP _R]_R`R[aNaV\[ \S `abQR[a ]_\T_R`` a\dN_Q aUR JVR_ . T\NY N[Q a\ QV`Pb``_RP\ZZR[QRQ Sbab_R NPaV\[* =NaR6 %`Ra QNaR&'E\aR6 BS P\[`VQR_V[T N[ NYaR_[NaVcR \_ Z\QVSVRQ JVR_ . V[aR_cR[aV\[ \_ _RSV[RQ VZ]YRZR[aNaV\[( NaaNPU NQQVaV\[NY JVR_*9Y`\ P\[`VQR_ aUR [RRQ S\_ I]RRPU+CN[TbNTR `P_RR[V[T*

/175 '# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

28HJ /$ -=D=H8B 2EBA;A=I 8D< 2HE;=<KH=I

4=;JAED .$%' /DAJA8JAD? 8D ,L8BK8JAED JE +=J=HCAD= 7@=J@=H 8 4JK<=DJ /I 84JK<=DJ AD 1==< E> ,N;=FJAED8B 4JK<=DJ ,<K;8JAED

CLMV VIGWMRQ MV QRW ESSOMGEFOI JRU WLI HMVWUMGW'

4J8JKJEHO 8D< 3=?KB8JEHO *AJ8JAEDI,- 69A __,))',))^,))',).6LESWIU -1)% BIGWMRQV *)),'.0 EQH *)),'.0.% 9'B'AXOIV /4&*')--% /4&*').)+% /4&-'),**% /4&/'),,* EQH /4&/'),-**% 9'4'6'

+=>ADAJAED

CLI VGLRRO HMVWUMGW PXVW IQVXUI WLEW EOO VWXHIQWV ZMWL HMVEFMOMWMIV RU ZLR EUI KMJWIH EQH ZLR EUI MQ QIIH RJ I[GISWMRQEOVWXHIQW IHXGEWMRQ #8B8$ EUI MHIQWMJMIH% ORGEWIH% EQH IYEOXEWIH% EQH 94@8 MV PEHI EYEMOEFOI WR WLIP MJ MW MV HIWIUPMQIHWLEW WLI VWXHIQW PIIWV WLI IOMKMFMOMW\ GUMWIUME'

2HE;=<KH=I >EH /DAJA8JAD? 8D ,L8BK8JAED

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

CLI VGLRRO HMVWUMGW PXVW VIIN GRQVIQW JURP WLI SEUIQW RU KXEUHMEQ WR GRQHXGW EQ IYEOXEWMRQ ZLIQIYIU WLI HMVWUMGWVXVSIGWV WLEW E NMQHIUKEUWIQ WLURXKL KUEHI *+ VWXHIQW% RU E GLMOH EKI , WR NMQHIUKEUWIQ&IQWU\ EKI% MV E VWXHIQW ZMWL EHMVEFMOMW\ EQH QIIHV VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV' 6MUGXPVWEQGIV WLEW ZRXOH MQHMGEWI WLEW E NMQHIUKEUWIQWLURXKL KUEHI *+ VWXHIQW PE\ FI E VWXHIQW ZMWL E HMVEFMOMW\ ZLR QIIHV VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV MQGOXHI%FXW EUI QRW OMPMWIH WR% WLI JROORZMQK2

*' DLIQ WLI NMQHIUKEUWIQ WLURXKL KUEHI *+ VWXHIQW]V UIVSRQVI WR MQWIUYIQWMRQ HEWE MQHMGEWIV WLEW MQWIQVMYIMQWIUYIQWMRQV MPSOIPIQWIH EUI IJJIGWMYI FXW UITXMUI E OIYIO RJ MQWIQVMW\ EQH UIVRXUGIV WR VXVWEMQ KURZWL RUSIUJRUPEQGI WLEW MV FI\RQH WLEW ZLMGL MV EGGIVVMFOI WLURXKL KIQIUEO IHXGEWMRQ UIVRXUGIV3

+' DLIQ WLI NMQHIUKEUWIQ WLURXKL KUEHI *+ VWXHIQW]V UIVSRQVI WR MQWIUYIQWMRQV MPSOIPIQWIH MQHMGEWIV WLEW WLIVWXHIQW HRIV QRW PENI EHITXEWI KURZWL KMYIQ IJJIGWMYI GRUI MQVWUXGWMRQ EQH MQWIQVMYI% IYMHIQGI&FEVIHMQWIUYIQWMRQV3 EQH

,' DLIQ E SEUIQW UITXIVWV EQ IYEOXEWMRQ EQH WLIUI MV HRGXPIQWEWMRQ RU IYMHIQGI WLEW WLI NMQHIUKEUWIQ WLURXKLKUEHI *+ VWXHIQW RU GLMOH EKI WLUII #,$ WR NMQHIUKEUWIQ&IQWU\ EKI PE\ FI E VWXHIQW ZMWL E HMVEFMOMW\ EQH QIIHVVSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV'

DMWLMQ WZIQW\ #+)$ VGLRRO HE\V RJ E VGLRRO&FEVIH WIEP]V HIWIUPMQEWMRQ WLEW E GMUGXPVWEQGI HIVGUMFIH MQ VXFVIGWMRQV*' EQH +' EFRYI I[MVWV JRU E VWXHIQW MQ KUEHIV NMQHIUKEUWIQ WLURXKL KUEHI *+% WLI VGLRRO HMVWUMGW PXVW UITXIVW GRQVIQWJURP WLI SEUIQW WR GRQHXGW EQ IYEOXEWMRQ% XQOIVV WLI SEUIQW EQH WLI VGLRRO EKUII RWLIUZMVI MQ ZUMWMQK'

<J E SEUIQW UITXIVWV WLEW WLI VGLRRO GRQHXGW EQ IYEOXEWMRQ WR HIWIUPMQI WLI IOMKMFMOMW\ RJ E NMQHIUKEUWIQ WLURXKL KUEHI*+ VWXHIQW RU GLMOH EKI WLUII #,$ WR NMQHIUKEUWIQ&IQWU\ EKI JRU VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV EV E VWXHIQW ZMWLE HMVEFMOMW\% WLI VGLRRO HMVWUMGW PXVW ZMWLMQ WZIQW\ #+)$ VGLRRO HE\V% XQOIVV WLI SEUIQW EQH WLI VGLRRO EKUII RWLIUZMVI MQZUMWMQK2

E' ?FWEMQ GRQVIQW JRU WLI IYEOXEWMRQ3 RUF' @URYMHI WLI SEUIQW ZMWL ZUMWWIQ QRWMGI MQ EGGRUHEQGI ZMWL AXOI /4&/'),,**% 9'4'6'% I[SOEMQMQK MWV UIJXVEO WR

GRQHXGW WLI IYEOXEWMRQ'

@UMRU WR E VGLRRO HMVWUMGW UITXIVW JRU EQ MQMWMEO IYEOXEWMRQ JRU VWXHIQWV MQ KUEHI = WLURXKL *+% VGLRRO SIUVRQQIO PXVWPENI RQI RJ WLI JROORZMQK HIWIUPMQEWMRQV2

/175 ($ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

E' DLIWLIU WLI KIQIUEO IHXGEWMRQ MQWIUYIQWMRQ SURGIHXUIV LEYI FIIQ MPSOIPIQWIH EV UITXMUIH XQHIU AXOI/4&/'),,*% 9'4'6'% EQH WLEW WLI HEWE MQHMGEWI WLEW WLI VWXHIQW PE\ FI E VWXHIQW ZMWL E HMVEFMOMW\ ZLR QIIHVVSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV3

F' CLI IYEOXEWMRQ ZEV MQMWMEWIH EW WLI SEUIQW]V UITXIVW EQH WLI KIQIUEO IHXGEWMRQ EGWMYMWMIV ZMOO FI GRPSOIWIHGRQGXUUIQWO\ ZMWL WLI IYEOXEWMRQ FXW SUMRU WR WLI HIWIUPMQEWMRQ RJ WLI VWXHIQW]V IOMKMFMOMW\ JRU VSIGMEO IHXGEWMRQEQH UIOEWIH VIUYMGIV3 RU

G' CLI QEWXUI RU VIYIUMW\ RJ WLI VWXHIQW]V EUIEV RJ GRQGIUQ PENIV WLI KIQIUEO IHXGEWMRQ MQWIUYIQWMRQ SURGIHXUIVMQESSURSUMEWI MQ EHHUIVVMQK WLI MPPIHMEWI QIIHV RJ WLI VWXHIQW

7IVGUMFI WLI HMVWUMGW"V SURGIHXUI JRU RFWEMQMQK SEUIQWEO GRQVIQW JRU EQ IYEOXEWMRQ ZLIQ% WLURXKL WLI 97>AB RU VGLRROHMVWUMGW GLMOH JMQH SURGIVV% MW MV VXVSIGWIH WLEW E GLMOH EKIV WLUII #,$ WR NMQHIUKEUWIQ&IQWU\ EKI PE\ FI E GLMOH ZMWL EHMVEFMOMW\ EQH WLI SEUIQW MV UITXIVWMQK EQ IYEOXEWMRQ' <Q EHHMWMRQ% HIVGUMFI LRZ WLI HMVWUMGW ZMOO IQVXUI WLEW WLI SEUIQWZMOO FI KMYIQ WLI RSSRUWXQMW\ WR SURYMHI GRQVIQW ZMWLMQ WZIQW\ #+)$ VGLRRO HE\V RJ WLI SEUIQW"V UITXIVW'

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

CLI VGLRRO HMVWUMGW PXVW VIIN GRQVIQW JURP WLI SEUIQW RU KXEUHMEQ WR GRQHXGW EQ IYEOXEWMRQ ZLIQIYIU WLI HMVWUMGWVXVSIGWV WLEW E NMQHIUKEUWIQ WLURXKL KUEHI *+ VWXHIQW% RU E GLMOH EKI , WR NMQHIUKEUWIQ&IQWU\ EKI% MV E VWXHIQW ZMWL EHMVEFMOMW\ EQH QIIHV VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV' 6MUGXPVWEQGIV WLEW ZRXOH MQHMGEWI WLEW E NMQHIUKEUWIQWLURXKL KUEHI *+ VWXHIQW PE\ FI E VWXHIQW ZMWL E HMVEFMOMW\ ZLR QIIHV VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIVMQGOXHI% FXW EUI QRW OMPMWIH WR% WLI JROORZMQK2

6LMOHUIQ ZLR EUI MHIQWMJMIH F\ 97>AB ZLR EUI MQ QIIH RJ 8[GISWMRQEO BWXHIQW 8HXGEWMRQ VIUYMGIV'

DLIQ WLI NMQHIUKEUWIQ WLURXKL KUEHI *+ VWXHIQW]V UIVSRQVI WR MQWIUYIQWMRQ HEWE MQHMGEWIV WLEW MQWIQVMYIMQWIUYIQWMRQV MPSOIPIQWIH EUI IJJIGWMYI FXW UITXMUI E OIYIO RJ MQWIQVMW\ EQH UIVRXUGIV WR VXVWEMQ KURZWL RUSIUJRUPEQGI WLEW MV FI\RQH WLEW ZLMGL MV EGGIVVMFOI WLURXKL KIQIUEO IHXGEWMRQ UIVRXUGIV3

DLIQ WLI NMQHIUKEUWIQ WLURXKL KUEHI *+ VWXHIQW]V UIVSRQVI WR MQWIUYIQWMRQV MPSOIPIQWIH MQHMGEWIV WLEW WLI VWXHIQWHRIV QRW PENI EHITXEWI KURZWL KMYIQ IJJIGWMYI GRUI MQVWUXGWMRQ EQH MQWIQVMYI% IYMHIQGI&FEVIH MQWIUYIQWMRQV3 EQHDLIQ E SEUIQW UITXIVWV EQ IYEOXEWMRQ EQH WLIUI MV HRGXPIQWEWMRQ RU IYMHIQGI WLEW WLI NMQHIUKEUWIQ WLURXKL KUEHI*+ VWXHIQW RU GLMOH EKI WLUII #,$ WR NMQHIUKEUWIQ&IQWU\ EKI PE\ FI E VWXHIQW ZMWL E HMVEFMOMW\ EQH QIIHV VSIGMEOIHXGEWMRQ EQH UIOEWIH VIUYMGIV'DMWLMQ WZIQW\ #+)$ VGLRRO HE\V RJ E VGLRRO&FEVIH WIEP]V HIWIUPMQEWMRQ WLEW E GMUGXPVWEQGI HIVGUMFIH MQ VXFVIGWMRQV*' EQH +' EFRYI I[MVWV JRU E VWXHIQW MQ KUEHIV NMQHIUKEUWIQ WLURXKL KUEHI *+% WLI VGLRRO HMVWUMGW PXVW UITXIVWGRQVIQW JURP WLI SEUIQW WR GRQHXGW EQ IYEOXEWMRQ% XQOIVV WLI SEUIQW EQH WLI VGLRRO EKUII RWLIUZMVI MQ ZUMWMQK'

7IVGUMFI WLI HMVWUMGW"V SURGIHXUIV JRU UIVSRQHMQK ZMWLMQ WZIQW\ #+)$ VGLRRO HE\V WR E SEUIQW ZLR UITXIVWV WLEW EQIYEOXEWMRQ FI GRQHXGWIH WR HIWIUPMQI WLI VWXHIQW"V IOMKMFMOMW\ JRU VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV'

<J E SEUIQW UITXIVWV WLEW WLI VGLRRO GRQHXGW EQ IYEOXEWMRQ WR HIWIUPMQI WLI IOMKMFMOMW\ RJ E NMQHIUKEUWIQ WLURXKL KUEHI*+ VWXHIQW RU GLMOH EKI WLUII #,$ WR NMQHIUKEUWIQ&IQWU\ EKI JRU VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV EV E VWXHIQWZMWL E HMVEFMOMW\% WLI VGLRRO HMVWUMGW ZMOO MQMWMEWI ZUMWWIQ GRQVIQW JRU IYEOXEWMRQ ZMWLMQ WZIQW\ #+)$ VGLRRO HE\V RJ WLIUITXIVW% XQOIVV WLI SEUIQW EQH WLI VGLRRO EKUII RWLIUZMVI MQ ZUMWMQK'

7IVGUMFI WLI HMVWUMGW"V SURGIHXUIV JRU UITXIVWMQK EQ MQMWMEO IYEOXEWMRQ JRU VWXHIQWV ZLR PE\ LEYI HMVEFMOMWMIV EQHVWXHIQWV ZLR PE\ FI KMJWIH ZLR EUI IQUROOIH MQ WLI VGLRRO HMVWUMGW'

/175 (% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

CLI HMVWUMGW SURGIHXUIV JRU UITXIVWMQK EQ MQMWMEO IYEOXEWMRQ JRU VWXHIQWV ZLR PE\ LEYI HMVEFMOMWMIV EQH VWXHIQWV ZLRPE\ FI KMJWIH MV MQMWMEO SEUIQW GRQJIUIQGI ZMWL VGLRRO GRXQVIORU% EHPMQMVWUEWMRQ EQH WIEGLIUV ZLR ZRUN ZMWL WLIVWXHIQW WR HMVGXVV ESSURSUMEWI IHXGEWMRQEO VXSSRUWV JRU WLIMU GLMOH EQH UITXIVW VMKQEWXUI JRU VGUIIQMQK' <J VGUIIQMQKMQHMGEWIV WLEW WLI VWXHIQW GRXOH FI E GEQHMHEWI JRU EHHMWMRQEO VXSSRUWV% VGLRRO GRXQVIORU% EHPMQMVWUEWMRQ EQHWIEGLIUV ZLR ZRUN ZMWL WLI VWXHIQWV ZMOO PIIW ZMWL WLI SEUIQWV EKEMQ WR HMVGXVV WLI VGUIIQMQK MQVWUXPIQWV EQH WLIQIIH JRU EHHMWMRQEO IYEOXEWMRQ'

7IVGUMFI WLI HMVWUMGW"V SURGIHXUIV JRU UITXIVWMQK EQ MQMWMEO IYEOXEWMRQ JRU VWXHIQWV ZLR PE\ LEYI HMVEFMOMWMIV EQHVWXHIQWV ZLR PE\ FI KMJWIH ZLR EUI =DHEBB=< AD DEDFK9BA; I;@EEBI EH 8?=D;O FHE?H8CI '

CLI HMVWUMGW ZMOO HIWIUPMQI WLI GLMOH"V LRPI VGLRRO RJ UIGRUH EQH WLI VGLRRO GRXQVIORU ZMOO ZRUN ZMWL WLI QRQSXFOMGVGLRRO RU EKIQG\ SURKUEP WR GRPSOIWI MQMWMEO UIJIUUEO EGWMYMWMIV EQH SEUIQW GRQVIQW SESIUZRUN'

7IVGUMFI WLI HMVWUMGW"V SURGIHXUIV JRU UITXIVWMQK EQ MQMWMEO IYEOXEWMRQ JRU VWXHIQWV ZLR PE\ LEYI HMVEFMOMWMIV EQHVWXHIQWV ZLR PE\ FI KMJWIH ZLR EUI DEJ =DHEBB=< AD 8DO I;@EEB '

CLI HMVWUMGW SIUVRQQIO ZMOO ZRUN ZMWL WLI VWXHIQW"V SEUIQWV(KXEUHMEQV WR GRPSOIWI MQMWMEO UIJIUUEO VGUIIQMQK' <J WLIVWXHIQW"V VGUIIQMQK MQHMGEWIV WLEW LI(VLI QIIHV EHHMWMRQEO VIUYMGIV RU VXSSRUWV% VGLRRO HMVWUMGW SIUVRQQIO ZMOO PIIWZMWL WLI SEUIQWV WR HMVGXVV WLI JMQHMQKV EQH UIGRPPIQH PRUI WIVWMQK WR HIWIUPMQI QIIHV'

/175 (& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

28HJ /$ -=D=H8B 2EBA;A=I 8D< 2HE;=<KH=I

4=;JAED .$&' *ED<K;JAD? 4JK<=DJ ,L8BK8JAEDI 8D< 3==L8BK8JAEDI

4J8JKJEHO 8D< 3=?KB8JEHO *AJ8JAEDI

,- 69A __,))',))^,))',).6LESWIU -1)% BIGWMRQV *)),'.0 EQH *)),'.0.% 9'B'AXOIV /4&*')--% /4&*').)+% /4&-'),**% /4&/'),,*% EQH /4&/'),-**% 9'4'6'

+=>ADAJAEDI

*' 8YEOXEWMRQ PIEQV SURGIHXUIV XVIH WR HIWIUPMQI ZLIWLIU E VWXHIQW LEV E HMVEFMOMW\ RU MV KMJWIH EQH MQ QIIH RJVSIGMEOO\ HIVMKQIH MQVWUXGWMRQ EQH UIOEWIH VIUYMGIV% EQH WLI QEWXUI EQH I[WIQW RJ WLI I[GISWMRQEO VWXHIQWIHXGEWMRQ #8B8$ WLEW WLI VWXHIQW QIIHV'

+' AIIYEOXEWMRQ RJ E VWXHIQW ZMWL E HMVEFMOMW\ MV WLI SURGIVV ZLIUIF\ I[MVWMQK IYEOXEWMRQ HEWE EFRXW WLI VWXHIQW MVUIYMIZIH EQH EHHMWMRQEO HEWE GROOIGWIH #MJ QIGIVVEU\$ WR HIWIUPMQI ZLIWLIU WLI VWXHIQW GRQWMQXIV WR LEYI EHMVEFMOMW\ EQH FI MQ QIIH RJ VSIGMEOO\ HIVMKQIH MQVWUXGWMRQ EQH UIOEWIH VIUYMGIV% EQH WLI IHXGEWMRQEO QIIHV RJ WLIVWXHIQW'

2HE;=<KH=I >EH ,L8BK8JAED

*' AIVSRQVMFMOMW\ JRU IYEOXEWMRQ

E' CLI VGLRRO HMVWUMGW MV UIVSRQVMFOI JRU GRQHXGWMQK E JXOO EQH MQHMYMHXEO MQMWMEO IYEOXEWMRQ QIGIVVEU\ WRHIWIUPMQI MJ WLI VWXHIQW MV IOMKMFOI JRU 8B8 VIUYMGIV EQH WR HIWIUPMQI WLI IHXGEWMRQEO QIIHV RJ WLIVWXHIQW'

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

G' CIVWV RJ MQWIOOIGWXEO JXQGWMRQMQK EUI EHPMQMVWIUIH EQH MQWIUSUIWIH F\ E SURJIVVMRQEO SIUVRQ TXEOMJMIH MQEGGRUHEQGI ZMWL AXOI /4&-'),**% 9'4'6'% RU OMGIQVIH XQHIU 6LESWIU -1)% 9'B'

<$ 6DB=II IJ8JKJEHO H=IJHA;JAEDI 8FFBO# J@= H=IFEDIA9ABAJO >EH <=J=HCADAD? M@E AI GK8BA>A=< JE8<CADAIJ=H 8D< ADJ=HFH=J 8 F8HJA;KB8H 8II=IIC=DJ ADIJHKC=DJ BA=I MAJ@ J@= BE;8B I;@EEB <AIJHA;J$ /D<=J=HCADAD? GK8BA>A=< =L8BK8JEHI# <AIJHA;JI C8O ;EDIA<=H J@= >EBBEMAD?'

4J8J= )E8H< E> ,<K;8JAED HKB=I 8D< J@= H=GKAH=C=DJI E> J@= /D<ALA<K8BI MAJ@ +AI89ABAJA=I,<K;8JAED (;J !/+,("

5=IJAD? IJ8D<8H<I !=$?$# #2%.'%0'1 )/0 !'3&%2,/.%- %.' "14&+/-/*,&%- $(12,.*"

6I=H GK8BA>A;8JAEDI H=;ECC=D<=< 9O J@= FK9BAI@=H AD J@= J=IJ C8DK8B

0=L=B E> JH8ADAD?# IKF=HLAIAED# =NF=HA=D;=# 8D< ;=HJA>A;8JAED E> J@= AD<ALA<K8B 8<CADAIJ=HAD?EH ADJ=HFH=JAD? J@= ADIJHKC=DJ

2KHFEI= E> J@= =L8BK8JAED !=$?$# =BA?A9ABAJO EH =<K;8JAED8B FB8DDAD?"

+' 8YEOXEWMRQ WMPIOMQIV

E' 5EVIH RQ AXOI /4&/'),,*#,$#H$% 9'4'6'% WLI VGLRRO HMVWUMGW PXVW PENI RQI RJ WLI JROORZMQKHIWIUPMQEWMRQV% HRGXPIQWIH MQ WLI VWXHIQW"V IHXGEWMRQEO UIGRUH% SUMRU WR WLI UITXIVW JRU EQ MQMWMEOIYEOXEWMRQ2

/175 (' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

" ;IQIUEO IHXGEWMRQ MQWIUYIQWMRQV LEYI FIIQ MPSOIPIQWIH EQH MQHMGEWI WLEW WLI VWXHIQW PE\ FI EVWXHIQW ZMWL E HMVEFMOMW\ ZLR QIIHV VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV

" CLI IYEOXEWMRQ ZEV MQMWMEWIH EW SEUIQW UITXIVW EQH WLI KIQIUEO IHXGEWMRQ MQWIUYIQWMRQV PXVW FIGRPSOIWIH GRQGXUUIQWO\ ZMWL WLI IYEOXEWMRQ FXW SUMRU WR WLI HIWIUPMQEWMRQ RJ WLI VWXHIQW]V IOMKMFMOMW\JRU VSIGMEO IHXGEWMRQ EQH UIOEWIH VIUYMGIV'

" CLI QEWXUI RU VIYIUMW\ RJ WLI VWXHIQW"V EUIEV RJ GRQGIUQ PENIV WLI KIQIUEO IHXGEWMRQ MQWIUYIQWMRQSURGIHXUIV MQESSURSUMEWI MQ EHHUIVVMQK WLI MPPIHMEWI QIIHV RJ WLI VWXHIQW

F' 5EVIH RQ AXOI /4&/'),,*#,$#F$ 9'4'6'% MJ E SEUIQW UITXIVWV WLEW WLI VGLRRO HMVWUMGW GRQHXGW EQ MQMWMEOIYEOXEWMRQ SUMRU WR WLI GRPSOIWMRQ RJ WLI KIQIUEO IHXGEWMRQ MQWIUYIQWMRQV% WLI VGLRRO HMVWUMGW PXVW UIVSRQHZMWLMQ WZIQW\ #+)$ VGLRRO HE\V F\2

" ?FWEMQMQK GRQVIQW JRU EQH GRQHXGW WLI IYEOXEWMRQ EQH GRPSOIWI WLI KIQIUEO IHXGEWMRQMQWIUYIQWMRQV ;ED;KHH=DJBO ZMWL WLI IYEOXEWMRQ FXW SUMRU WR WLI HIWIUPMQEWMRQ RJ WLI VWXHIQW"VIOMKMFMOMW\3 EH

" @URYMHMQK WLI SEUIQW ZMWL ZUMWWIQ QRWMGI RJ MWV UIJXVEO WR GRQHXGW WLI IYEOXEWMRQ'

G' CLI VGLRRO HMVWUMGW IQVXUIV WLEW MQMWMEO IYEOXEWMRQV RJ VWXHIQWV VXVSIGWIH RJ LEYMQK E HMVEFMOMW\ EUIGRPSOIWIH ZMWLMQ VM[W\ #/)$ VGLRRO HE\V #GXPXOEWMYI$ EV HIJMQIH MQ AXOI /4&/'),-**#*$#L$% 9'4'6'% RJZLMGL WLI VWXHIQW MV MQ EWWIQHEQGI% EJWIU WLI VGLRRO HMVWUMGW"V UIGIMSW RJ WLI SEUIQWEO GRQVIQW JRUIYEOXEWMRQ' 9RU SUINMQHIUKEUWIQ GLMOHUIQ% MQMWMEO IYEOXEWMRQV PXVW FI GRPSOIWIH ZMWLMQ VM[W\ #/)$ VGLRROHE\V EJWIU WLI VGLRRO HMVWUMGW"V UIGIMSW RJ SEUIQWEO GRQVIQW JRU IYEOXEWMRQ'

H' CLI HIWIUPMQEWMRQ RJ ZLIWLIU E VWXHIQW MV !MQ EWWIQHEQGI! PXVW FI PEHI GRQVMVWIQW ZMWL WLI VGLRROFREUH"V SROMGMIV MPSOIPIQWMQK AXOI /4&*')--% 9'4'6'% ZLMGL UITXMUIV WLI UISRUWMQK RJ VWXHIQWV"EWWIQHEQGI'

I' CLI /)&HE\ WMPIOMQI JRU IYEOXEWMRQ HRIV QRW ESSO\ MJ2

" CLI SEUIQW UISIEWIHO\ JEMOV RU UIJXVIV WR SURHXGI WLI VWXHIQW JRU WLI IYEOXEWMRQ

" 4 VWXHIQW"V VGLRRO HMVWUMGW RJ IQUROOPIQW GLEQKIV EJWIU WLI WMPIOMQI LEV FIKXQ EQH SUMRU WR EHIWIUPMQEWMRQ F\ WLI VWXHIQW"V SUIYMRXV VGLRRO HMVWUMGW EV WR ZLIWLIU WLI VWXHIQW LEV E HMVEFMOMW\

CLMV I[GISWMRQ RQO\ ESSOMIV ZLIQ WLI GXUUIQW VGLRRO HMVWUMGW MV PENMQK VXJJMGMIQW SURKUIVV WR IQVXUI ESURPSW GRPSOIWMRQ RJ WLI IYEOXEWMRQ EQH WLI SEUIQW EKUIIV WR E VSIGMJMG WMPI ZLIQ WLI IYEOXEWMRQ ZMOO FIGRPSOIWIH'

4VVIVVPIQWV RJ VWXHIQWV ZLR WUEQVJIU ZMWLMQ WLI VEPI VGLRRO \IEU PXVW FI GRRUHMQEWIH FIWZIIQVGLRROV WR IQVXUI SURPSW GRPSOIWMRQ RJ IYEOXEWMRQV'

J' CLI VGLRRO HMVWUMGW ZMOO IQVXUI WLEW VWXHIQWV VXVSIGWIH RJ FIMQK KMJWIH EUI IYEOXEWIH ZMWLMQ E UIEVRQEFOIWMPI EV HIJMQIH MQ WLI HMVWUMGW]V 8B8 @ROMGMIV EQH @URGIHXUIV HRGXPIQW EV UITXMUIH F\ AXOI /4&/'),-**#+$% 9'4'6'% FXW QR PRUI WLEQ QMQIW\ #1)$ VGLRRO HE\V WLEW WLI VWXHIQW MV MQ EWWIQHEQGI EJWIU WLI VGLRROHMVWUMGW]V UIGIMSW RJ SEUIQWEO GRQVIQW JRU WLI IYEOXEWMRQ'

7IVGUMFI WLI HMVWUMGW]V WMPIJUEPI WR IQVXUI GRPSOIWMRQ RJ KMJWIH IYEOXEWMRQV'

CLI HMVWUMGW ZMOO IYEOXEWI VWXHIQWV UIJIUUIH JRU WLI ;MJWIH SURKUEP ZMWLMQ E UIEVRQEFOI WMPIJUEPI EQH QRW PRUIWLEQ 1) VGLRRO HE\V EJWIU WLI HMVWUMGW"V UIGIMSW RJ SEUIQWEO GRQVIQW JRU WLI IYEOXEWMRQ'

/175 (( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

AMNX YJ]Y GT] NX STY FUUQNHFGQJ KTW YMJ INXYWNHY'

,' >FWJSY HTSXJSY

F' AMJ XHMTTQ INXYWNHY \NQQ UWT[NIJ YMJ UFWJSY \WNYYJS STYNHJ YT YMJ UFWJSY YMFY IJXHWNGJX FS^ J[FQZFYNTSUWTHJIZWJX YMJ XHMTTQ INXYWNHY UWTUTXJX YT HTSIZHY' AMJ XHMTTQ INXYWNHY \NQQ TGYFNS NSKTWRJI HTSXJSY KWTRYMJ UFWJSY TK F XYZIJSY YT IJYJWRNSJ \MJYMJW YMJ XYZIJSY NX F XYZIJSY \NYM F INXFGNQNY^ TW NX LNKYJI FSISJJIX 6@6'

>FWJSYFQ HTSXJSY NX STY WJVZNWJI GJKTWJ WJ[NJ\NSL J]NXYNSL IFYF FX UFWY TK FS J[FQZFYNTS TW FIRNSNXYJWNSLF YJXY TW TYMJW J[FQZFYNTS YMFY NX FIRNSNXYJWJI YT FQQ XYZIJSYX ZSQJXX% GJKTWJ FIRNSNXYWFYNTS TK YMFY YJXY TWJ[FQZFYNTS% HTSXJSY NX WJVZNWJI TK UFWJSYX TK FQQ XYZIJSYX'

>FWJSYFQ HTSXJSY KTW J[FQZFYNTS NX STY HTSXYWZJI FX HTSXJSY KTW NSNYNFQ UWT[NXNTS TK J]HJUYNTSFQ XYZIJSYJIZHFYNTS XJW[NHJX'

G' AMJ XHMTTQ INXYWNHY RZXY RFPJ WJFXTSFGQJ JKKTWYX YT TGYFNS YMJ NSKTWRJI HTSXJSY KWTR YMJ UFWJSY KTW FSNSNYNFQ J[FQZFYNTS YT IJYJWRNSJ \MJYMJW YMJ XYZIJSY NX F XYZIJSY \NYM F INXFGNQNY^ TW LNKYJI' ;S YMJ J[JSY YMFYYMJ UFWJSY KFNQX YT WJXUTSI YT YMJ INXYWNHY`X WJVZJXY YT TGYFNS NSKTWRJI \WNYYJS HTSXJSY% YMJ INXYWNHY RZXYRFNSYFNS ITHZRJSYFYNTS TK FYYJRUYX RFIJ YT TGYFNS HTSXJSY'

H' 3FXJI TS ,- 47? a,))',))#F$#+$% YMJ XHMTTQ INXYWNHY NX STY WJVZNWJI YT TGYFNS NSKTWRJI HTSXJSY KWTR YMJUFWJSY KTW FS NSNYNFQ J[FQZFYNTS NK YMJ HMNQI NX F \FWI TK YMJ @YFYJ FSI NX STY WJXNINSL \NYM YMJ UFWJSY NK0

" AMJ XHMTTQ INXYWNHY HFSSTY INXHT[JW YMJ \MJWJFGTZYX TK YMJ UFWJSY%

" AMJ WNLMYX TK YMJ UFWJSY MF[J GJJS YJWRNSFYJI% TW

" AMJ WNLMYX TK YMJ UFWJSY YT RFPJ JIZHFYNTSFQ IJHNXNTSX MF[J GJJS XZGWTLFYJI G^ F OZILJ FSIHTSXJSY KTW NSNYNFQ J[FQZFYNTS MFX GJJS LN[JS G^ FS NSIN[NIZFQ FUUTNSYJI G^ YMJ OZILJ YT WJUWJXJSYYMJ XYZIJSY'

3FXJI ZUTS YMJ IJKNSNYNTS TK UFWJSY NS ?ZQJ /2&/'),-**#*$#GG$% 7'2'4'% !>FWJSY RJFSX! #*1 TK YMJKTQQT\NSL0

*' 2 GNTQTLNHFQ TW FITUYN[J UFWJSY TK F XYZIJSY

+' 2 KTXYJW UFWJSY

,' 2 LZFWINFS LJSJWFQQ^ FZYMTWN_JI YT FHY FX YMJ XYZIJSY"X UFWJSY% TW FZYMTWN_JI YT RFPJ JIZHFYNTSFQIJHNXNTSX KTW YMJ XYZIJSY #GZY STY YMJ @YFYJ NK YMJ XYZIJSY NX F \FWI TK YMJ @YFYJ$

-' 2S NSIN[NIZFQ FHYNSL NS YMJ UQFHJ TK F GNTQTLNHFQ TW FITUYN[J UFWJSY #NSHQZINSL F LWFSIUFWJSY%XYJUUFWJSY% TW TYMJW WJQFYN[J$ \NYM \MTR YMJ XYZIJSY QN[JX% TW FS NSIN[NIZFQ \MT NX QJLFQQ^WJXUTSXNGQJ KTW YMJ XYZIJSY"X \JQKFWJ

.' 2 XZWWTLFYJ UFWJSY \MT MFX GJJS FUUTNSYJI NS FHHTWIFSHJ \NYM ?ZQJX /2&/'),)** YMWTZLM/2&/'),/*% 7'2'4'

I' ;K YMJ UFWJSY WJKZXJX HTSXJSY KTW FS J[FQZFYNTS YT IJYJWRNSJ JQNLNGNQNY^ FX F XYZIJSY \NYM F INXFGNQNY^% YMJXHMTTQ INXYWNHY RF^ HTSYNSZJ YT UZWXZJ HTSXJSY KTW YMJ J[FQZFYNTS G^ ZXNSL YMJ RJINFYNTS TW IZJ UWTHJXXUWTHJIZWJX' 2 INXYWNHY NX STY WJVZNWJI YT UZWXZJ FS NSNYNFQ J[FQZFYNTS \MJS YMJ UFWJSY WJKZXJX HTSXJSY FSIITJX STY [NTQFYJ NYX HMNQI KNSI TW J[FQZFYNTS TGQNLFYNTSX NK NY IJHQNSJX YT IT XT'

J' AMJ XHMTTQ INXYWNHY RF^ STY ZXJ F UFWJSY"X WJKZXFQ YT HTSXJSY YT NSNYNFQ J[FQZFYNTS YT IJS^ YMJ UFWJSY TWXYZIJSY FS^ TYMJW XJW[NHJ TK YMJ XHMTTQ INXYWNHY% J]HJUY FX UWT[NIJI G^ ?ZQJ /2&/'),,*% 7'2'4'

-' 6[FQZFYNTS UWTHJIZWJX

F' 2X UFWY TK FS NSNYNFQ J[FQZFYNTS% F YJFR TK VZFQNKNJI UWTKJXXNTSFQX FSI YMJ UFWJSY% FX FUUWTUWNFYJ% RZXYYFPJ YMJ KTQQT\NSL FHYNTSX0

*' ?J[NJ\ J]NXYNSL J[FQZFYNTS IFYF TS YMJ XYZIJSY% NSHQZINSL0

/175 '( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

" 6[FQZFYNTSX FSI NSKTWRFYNTS UWT[NIJI G^ YMJ XYZIJSY"X UFWJSYX%

" 4ZWWJSY HQFXXWTTR&GFXJI% QTHFQ% TW @YFYJ FXXJXXRJSYX FSI HQFXXWTTR&GFXJI TGXJW[FYNTSX%FSI

" =GXJW[FYNTSX G^ YJFHMJWX FSI WJQFYJI XJW[NHJX UWT[NIJWX'

+' ;IJSYNK^% TS YMJ GFXNX TK YMFY WJ[NJ\ FSI NSUZY KWTR YMJ XYZIJSY"X UFWJSYX% \MFY FIINYNTSFQ IFYF% NKFS^% FWJ SJJIJI YT IJYJWRNSJ YMJ KTQQT\NSL0

" DMJYMJW YMJ XYZIJSY NX F XYZIJSY \NYM F INXFGNQNY^

" AMJ JIZHFYNTSFQ SJJIX TK YMJ XYZIJSY

,' AMJ LWTZU HTSIZHYNSL YMNX WJ[NJ\ RF^ IT XT \NYMTZY F RJJYNSL'

-' AMJ XHMTTQ INXYWNHY XMFQQ FIRNSNXYJW YJXYX FSI TYMJW J[FQZFYNTS RJFXZWJX FX RF^ GJ SJJIJI YTUWTIZHJ YMJ IFYF YMFY NX YT GJ WJ[NJ\JI ZSIJW YMNX XJHYNTS'

.' ;K YMJ IJYJWRNSFYNTS ZSIJW YMNX XJHYNTS NX YMFY ST FIINYNTSFQ IFYF FWJ SJJIJI YT IJYJWRNSJ \MJYMJWYMJ XYZIJSY HTSYNSZJX YT GJ F XYZIJSY \NYM F INXFGNQNY^ FSI YT IJYJWRNSJ YMJ XYZIJSY"X JIZHFYNTSFQSJJIX% YMJ XHMTTQ INXYWNHY XMFQQ STYNK^ YMJ XYZIJSY"X UFWJSYX TK0

" AMFY IJYJWRNSFYNTS FSI YMJ WJFXTSX KTW YMJ IJYJWRNSFYNTS1 FSI

" AMJ WNLMY TK YMJ UFWJSYX YT WJVZJXY FS FXXJXXRJSY YT IJYJWRNSJ \MJYMJW YMJ XYZIJSYHTSYNSZJX YT GJ F XYZIJSY \NYM F INXFGNQNY^ FSI YT IJYJWRNSJ YMJ XYZIJSY"X JIZHFYNTSFQSJJIX' AMJ XHMTTQ INXYWNHY NX STY WJVZNWJI YT HTSIZHY YMJ FXXJXXRJSY ZSQJXX WJVZJXYJI YTIT XT G^ YMJ XYZIJSY"X UFWJSYX'

/' ;S HTSIZHYNSL FS J[FQZFYNTS% YMJ XHMTTQ INXYWNHY0

" BXJX F [FWNJY^ TK FXXJXXRJSY YTTQX FSI XYWFYJLNJX YT LFYMJW WJQJ[FSY KZSHYNTSFQ%IJ[JQTURJSYFQ% FSI FHFIJRNH NSKTWRFYNTS FGTZY YMJ XYZIJSY \NYMNS F IFYF&GFXJI UWTGQJR&XTQ[NSL UWTHJXX% NSHQZINSL NSKTWRFYNTS FGTZY YMJ XYZIJSY`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

" 5TJX STY ZXJ FS^ XNSLQJ RJFXZWJ TW FXXJXXRJSY FX YMJ XTQJ HWNYJWNTS KTW IJYJWRNSNSLJQNLNGNQNY^ TW JIZHFYNTSFQ UWTLWFRRNSL'

" BXJX YJHMSNHFQQ^ XTZSI NSXYWZRJSYX YMFY FXXJXX YMJ WJQFYN[J HTSYWNGZYNTS TK HTLSNYN[J FSIGJMF[NTWFQ KFHYTWX% NS FIINYNTS YT UM^XNHFQ FSI IJ[JQTURJSYFQ KFHYTWX'

G' AMJ XHMTTQ INXYWNHY JSXZWJX YMFY FXXJXXRJSYX FSI TYMJW J[FQZFYNTS RFYJWNFQX FSI UWTHJIZWJX ZXJI YTFXXJXX F XYZIJSY0

" 2WJ XJQJHYJI FSI FIRNSNXYJWJI XT FX STY YT INXHWNRNSFYJ TS F WFHNFQ TW HZQYZWFQ GFXNX

" 2WJ UWT[NIJI FSI FIRNSNXYJWJI NS YMJ XYZIJSY"X SFYN[J QFSLZFLJ% TW TYMJW RTIJ TK HTRRZSNHFYNTS%FSI NS YMJ KTWR YMFY RTXY FHHZWFYJQ^ RJFXZWJX \MFY YMJ XYZIJSY PST\X FSI HFS IT

" 2WJ ZXJI KTW UZWUTXJX KTW \MNHM YMJ RJFXZWJX FWJ WJQNFGQJ FSI [FQNI

" 2WJ FIRNSNXYJWJI G^ YWFNSJI FSI PST\QJILJFGQJ UJWXTSSJQ NS FHHTWIFSHJ \NYM FS^ NSXYWZHYNTSXUWT[NIJI G^ YMJ UWTIZHJW TK YMJ FXXJXXRJSYX

H' 2XXJXXRJSYX FWJ XJQJHYJI FSI FIRNSNXYJWJI YT GJXY JSXZWJ YMFY% NK FIRNSNXYJWJI YT F XYZIJSY \NYMNRUFNWJI XJSXTW^% RFSZFQ% TW XUJFPNSL XPNQQX% YMJ FXXJXXRJSY WJXZQYX FHHZWFYJQ^ WJKQJHY YMJ XYZIJSY"X

/175 ') >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

FUYNYZIJ TW FHMNJ[JRJSY QJ[JQ% TW \MFYJ[JW TYMJW KFHYTWX YMJ YJXY UZWUTWYX YT RJFXZWJ% WFYMJW YMFSWJKQJHYNSL YMJ XYZIJSY"X XJSXTW^% RFSZFQ% TW XUJFPNSL XPNQQX% ZSQJXX YMTXJ FWJ YMJ KFHYTWX GJNSL RJFXZWJI'

I' 2XXJXXRJSYX FSI TYMJW J[FQZFYNTS RFYJWNFQX FSI UWTHJIZWJX NSHQZIJ RJFXZWJX YMFY FXXJXX XUJHNKNHFWJFX TK JIZHFYNTSFQ SJJI WFYMJW YMFS YMTXJ RJWJQ^ IJXNLSJI YT UWT[NIJ F XNSLQJ LJSJWFQ NSYJQQNLJSHJVZTYNJSY' AMJ XHMTTQ INXYWNHY ZXJX FXXJXXRJSY YTTQX FSI XYWFYJLNJX YMFY UWT[NIJ WJQJ[FSY NSKTWRFYNTS YMFYINWJHYQ^ FXXNXYX NS IJYJWRNSNSL YMJ JIZHFYNTSFQ SJJIX TK YMJ XYZIJSY'

J' AMJ XYZIJSY NX FXXJXXJI NS FQQ FWJFX TK YMJ XZXUJHYJI INXFGNQNY^% NSHQZINSL% NK FUUWTUWNFYJ% MJFQYM1 [NXNTS%MJFWNSL% XTHNFQ JRTYNTSFQ XYFYZX% LJSJWFQ NSYJQQNLJSHJ% FHFIJRNH UJWKTWRFSHJ% HTRRZSNHFYN[J XYFYZX% FSIRTYTW FGNQNYNJX' AMJ J[FQZFYNTS NX XZKKNHNJSYQ^ HTRUWJMJSXN[J YT NIJSYNK^ FQQ TK YMJ XYZIJSY"X 6@6 SJJIX%\MJYMJW TW STY HTRRTSQ^ QNSPJI YT YMJ XZXUJHYJI INXFGNQNY^'

2 DJG&GFXJI 6[FQZFYNTS ?JXTZWHJ IJ[JQTUJI YT FXXNXY INXYWNHYX NS XJQJHYNTS TK NSXYWZRJSYX KTW HTSIZHYNSLINFLSTXYNH FXXJXXRJSYX% JQNLNGNQNY^ J[FQZFYNTSX FSI KTW XHWJJSNSL FSI UWTLWJXX RTSNYTWNSL NX F[FNQFGQJ FYMYYU0((XXX'ZXK'JIZ(WJXTZWHJX(YTUNH(JXJ(6@6E6[FQ(8JSJWFQ(8JSJWFQ'MYRQ'

.' ;K YMJ UFWJSY TGYFNSX FS NSIJUJSIJSY JIZHFYNTSFQ J[FQZFYNTS FY YMJNW T\S J]UJSXJ% YMJ WJXZQYX XMFQQ GJHTSXNIJWJI G^ YMJ XHMTTQ INXYWNHY \MJS RFPNSL IJHNXNTSX WJLFWINSL YMJ XYZIJSY% NK YMJ J[FQZFYNTS RJJYX XHMTTQINXYWNHY HWNYJWNF'

/' 7TQQT\NSL HTRUQJYNTS TK YMJ XYZIJSY"X J[FQZFYNTS% YMJ XHMTTQ INXYWNHY XMFQQ STY ZSWJFXTSFGQ^ IJQF^ YMJIJYJWRNSFYNTS TK F XYZIJSY"X JQNLNGNQNY^ KTW 6@6 XJW[NHJX'

5JXHWNGJ YMJ INXYWNHY"X UWTHJIZWJX KTW JSXZWNSL YMFY F XYZIJSY"X JQNLNGNQNY^ KTW 6@6 XJW[NHJX NX IJYJWRNSJI \NYMNS FWJFXTSFGQJ YNRJ KTQQT\NSL HTRUQJYNTS TK YMJ XYZIJSY"X J[FQZFYNTS'

AMJ INXYWNHY UWTHJIZWJ YT JSXZWJ XYZIJSY JQNLNGNQNY^ KTW 6@6 XJW[NHJX NX IJYJWRNSJI \NYMNS F WJFXTSFGQJ YNRJ KTQQT\NSLHTRUQJYNTS TK J[FQZFYNTS NX YMWTZLM HQTXJQ^ RTSNYTWJI FSI WJHTWIJI YMWTZLM !IFYJ WJHJN[JI! FSI !IFYJ IZJ!XYFRUNSL' AMJXJ ITHZRJSYX FWJ IJQN[JWJI YT YMJ XHMTTQ 6@6 @UJHNFQNXY \MT HFS FHHJXX YMJ ZUQTFIJI J[FQZFYNTSXFX YMJ^ FWJ HTRUQJYJI YMWTZLM FS TSQNSJ X^XYJR' AMJ 6@6 @UJHNFQNXY NX YMJS WJXUTSXNGQJ KTW XHMJIZQNSL YMJ RJJYNSL\NYMNS YMJ !IZJ IFYJ! YNRJ UJWNTI'

!,+$&%/,&- '+, "&&0#)/#.(+*

*' ?JJ[FQZFYNTS NX WJVZNWJI NS YMJ KTQQT\NSL HNWHZRXYFSHJX'

F' ?JJ[FQZFYNTSX RZXY THHZW FY QJFXY J[JW^ YMWJJ #,$ ^JFWX% ZSQJXX YMJ UFWJSY FSI YMJ XHMTTQ INXYWNHY FLWJJYMFY WJJ[FQZFYNTS NX STY SJJIJI'

G' ?JJ[FQZFYNTS NX WJVZNWJI \MJSJ[JW YMJ JIZHFYNTSFQ TW WJQFYJI XJW[NHJX SJJIX TK YMJ XYZIJSY \FWWFSY FWJJ[FQZFYNTS TW NK YMJ XYZIJSY"X UFWJSY TW YJFHMJW WJVZJXYX NY'

H' ?JJ[FQZFYNTS NX WJVZNWJI UWNTW YT YMJ IJYJWRNSFYNTS YMFY YMJ XYZIJSY NX ST QTSLJW F XYZIJSY \NYM F INXFGNQNY^NS SJJI TK XUJHNFQQ^ IJXNLSJI NSXYWZHYNTS FSI WJQFYJI XJW[NHJX'

I' ?JJ[FQZFYNTS TK YMJ XYZIJSY RF^ STY THHZW RTWJ YMFS TSHJ F ^JFW% ZSQJXX YMJ UFWJSY FSI YMJ XHMTTQINXYWNHY FLWJJ TYMJW\NXJ'

J' ?JJ[FQZFYNTS NX STY WJVZNWJI KTW F XYZIJSY GJKTWJ YJWRNSFYNTS TK JQNLNGNQNY^ IZJ YT LWFIZFYNTS \NYM FXYFSIFWI INUQTRF TW J]NYNSL ZUTS WJFHMNSL YMJ XYZIJSY`X ++SI GNWYMIF^' 9T\J[JW% YMJ XHMTTQ INXYWNHY \NQQUWT[NIJ YMJ XYZIJSY \NYM F XZRRFW^ TK YMJ XYZIJSY`X FHFIJRNH FHMNJ[JRJSY FSI KZSHYNTSFQ UJWKTWRFSHJ%NSHQZINSL WJHTRRJSIFYNTSX YT FXXNXY YMJ XYZIJSY NS RJJYNSL YMJ XYZIJSY`X UTXYXJHTSIFW^ LTFQX'

K' 3FXJI TS ,- 47? aa,))'*,) FSI ,))'*,*% YMJ INXYWNHY NX WJXUTSXNGQJ KTW WJJ[FQZFYNTS TK XYZIJSYX \NYMINXFGNQNYNJX FYYJSINSL0

/175 '* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

" <TSUWTKNY UWN[FYJ XHMTTQX QTHFYJI \NYMNS YMJ INXYWNHY

" 7TW&UWTKNY UWN[FYJ XHMTTQX FSI FWJ WJXNIJSYX NS YMJ INXYWNHY

" 9TRJ JIZHFYNTS

+' ?JJ[FQZFYNTS UWTHJIZWJX

2X UFWY TK FS^ WJJ[FQZFYNTS% YMJ ;6> YJFR FSI TYMJW VZFQNKNJI UWTKJXXNTSFQX% FX FUUWTUWNFYJ% RZXY YFPJ YMJKTQQT\NSL FHYNTSX0

F' ?J[NJ\ J]NXYNSL J[FQZFYNTS IFYF TS YMJ XYZIJSY% NSHQZINSL J[FQZFYNTSX FSI NSKTWRFYNTS UWT[NIJI G^ YMJUFWJSYX TK YMJ XYZIJSY FSI YMJ XYZIJSY1 HZWWJSY HQFXXWTTR&GFXJI INXYWNHY TW XYFYJ FXXJXXRJSYX FSIHQFXXWTTR&GFXJI TGXJW[FYNTSX G^ YJFHMJWX FSI WJQFYJI XJW[NHJX UWT[NIJWX'

G' ;IJSYNK^% TS YMJ GFXNX TK YMJ WJ[NJ\ FSI UFWJSY NSUZY% \MFY FIINYNTSFQ IFYF% NK FS^% FWJ SJJIJI YT IJYJWRNSJYMJ KTQQT\NSL0

" DMJYMJW YMJ XYZIJSY HTSYNSZJX YT MF[J F INXFGNQNY^1

" AMJ JIZHFYNTSFQ SJJIX TK YMJ XYZIJSY1

" AMJ UWJXJSY QJ[JQX TK FHFIJRNH FHMNJ[JRJSY FSI WJQFYJI IJ[JQTURJSYFQ SJJIX TK YMJ XYZIJSY1

" DMJYMJW YMJ XYZIJSY HTSYNSZJX YT SJJI XUJHNFQ JIZHFYNTS FSI WJQFYJI XJW[NHJX1 FSI

" DMJYMJW FS^ FIINYNTSX TW RTINKNHFYNTSX YT YMJ XUJHNFQ JIZHFYNTS FSI WJQFYJI XJW[NHJX FWJSJHJXXFW^ YT JSFGQJ YMJ XYZIJSY YT RJJY YMJ RJFXZWFGQJ FSSZFQ LTFQX XJY TZY NS YMJ XYZIJSY"X ;6>FSI YT UFWYNHNUFYJ% FX FUUWTUWNFYJ% NS YMJ LJSJWFQ HZWWNHZQZR'

H' AMJ ;6> YJFR RF^ HTSIZHY YMJ WJ[NJ\ TK J]NXYNSL J[FQZFYNTS IFYF \NYMTZY F RJJYNSL'

I' ;K YMJ ;6> YJFR IJYJWRNSJX YMFY ST FIINYNTSFQ J[FQZFYNTS IFYF FWJ SJJIJI YT IJYJWRNSJ \MJYMJW YMJXYZIJSY HTSYNSZJX YT GJ F XYZIJSY \NYM F INXFGNQNY^% FSI YT IJYJWRNSJ YMJ XYZIJSY"X JIZHFYNTSFQ SJJIX% YMJWJJ[FQZFYNTS NX HTRUQJYJ FSI YMJ XHMTTQ INXYWNHY XMFQQ STYNK^ YMJ XYZIJSY"X UFWJSY#X$ TK YMJ KTQQT\NSL0

" AMJ IJYJWRNSFYNTS FSI YMJ WJFXTSX KTW YMFY IJYJWRNSFYNTS FSI

" AMJ WNLMY TK YMJ UFWJSYX YT WJVZJXY FS FXXJXXRJSY YT IJYJWRNSJ \MJYMJW YMJ XYZIJSY HTSYNSZJX YTGJ F XYZIJSY \NYM F INXFGNQNY^ FSI IJYJWRNSJ YMJ XYZIJSY"X JIZHFYNTSFQ SJJIX'

AMJ XHMTTQ INXYWNHY NX STY WJVZNWJI YT HTSIZHY YMJ FXXJXXRJSY ZSQJXX WJVZJXYJI YT IT XT G^ YMJ XYZIJSY"XUFWJSYX'

J' ?JJ[FQZFYNTS NX STY WJVZNWJI KTW F XYZIJSY GJKTWJ YJWRNSFYNTS TK JQNLNGNQNY^ IZJ YT LWFIZFYNTS \NYM FXYFSIFWI INUQTRF TW J]NYNSL ZUTS WJFHMNSL YMJ XYZIJSY`X ++SI GNWYMIF^' 9T\J[JW% YMJ XHMTTQ INXYWNHY \NQQUWT[NIJ YMJ XYZIJSY \NYM F XZRRFW^ TK YMJ XYZIJSY`X FHFIJRNH FHMNJ[JRJSY FSI KZSHYNTSFQ UJWKTWRFSHJ%NSHQZINSL WJHTRRJSIFYNTSX YT FXXNXY YMJ XYZIJSY NS RJJYNSL YMJ XYZIJSY`X UTXYXJHTSIFW^ LTFQX'

K' AMJ KTQQT\NSL WZQJX WJVZNWJ YMJ FIRNSNXYWFYNTS TK XUJHNKNH FXXJXXRJSYX FX F UFWY TK F XYZIJSY"XWJJ[FQZFYNTS0

" ?ZQJ /2&/'),)*,% 7'2'4'% @YZIJSYX DMT 2WJ 5JFK TW 9FWI&TK 9JFWNSL

" ?ZQJ /2&/'),)*-% 7'2'4'% @YZIJSYX DMT 2WJ CNXZFQQ^ ;RUFNWJI

" ?ZQJ /2&/'),)++% 7'2'4'% @YZIJSYX DMT 2WJ 5ZFQ&@JSXTW^ ;RUFNWJI

7TW XYZIJSYX IJYJWRNSJI JQNLNGQJ ZSIJW YMJXJ WZQJX% YMJ FIRNSNXYWFYNTS TK KTWRFQ FXXJXXRJSYX FYWJJ[FQZFYNTS RZXY GJ HTRUQJYJI NS FHHTWIFSHJ \NYM YMJ WJVZNWJRJSYX TK YMJXJ WZQJX'

,' >FWJSYFQ HTSXJSY \MJS FIINYNTSFQ IFYF FWJ SJJIJI

/175 '+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

F' AMJ XHMTTQ INXYWNHY RZXY TGYFNS NSKTWRJI UFWJSYFQ HTSXJSY UWNTW YT HTSIZHYNSL FS^ WJJ[FQZFYNTS TK FXYZIJSY \NYM F INXFGNQNY^'

G' ;SKTWRJI UFWJSYFQ HTSXJSY KTW WJJ[FQZFYNTS SJJI STY GJ TGYFNSJI NK YMJ INXYWNHY HFS IJRTSXYWFYJ YMFY NYRFIJ WJFXTSFGQJ JKKTWYX YT TGYFNS XZHM HTSXJSY FSI YMJ XYZIJSY"X UFWJSY KFNQJI YT WJXUTSI'

-' ?JJ[FQZFYNTS YNRJQNSJX

F' AMJ INXYWNHY RZXY HTRUQJYJ F WJJ[FQZFYNTS J[JW^ YMWJJ #,$ ^JFWX ZSQJXX YMJ UFWJSY FSI YMJ XHMTTQ INXYWNHYFLWJJ YMFY F WJJ[FQZFYNTS NX ZSSJHJXXFW^'

G' ;K YMJ ;6> YJFR NIJSYNKNJX YMJ SJJI KTW FIINYNTSFQ IFYF% YMJ FIINYNTSFQ IFYF HTQQJHYNTS RZXY GJ HTRUQJYJI\NYMNS F WJFXTSFGQJ YNRJ FSI UWNTW YT WJJ[FQZFYNTS IZJ IFYJ NK F YWNJSSNFQ J[FQZFYNTS'

H' ;K FS ;6> YJFR RFPJX F WJHTRRJSIFYNTS KTW F XYZIJSY \NYM F INXFGNQNY^ YT WJHJN[J FS FXXNXYN[J YJHMSTQTL^FXXJXXRJSY% YMFY FXXJXXRJSY RZXY GJ HTRUQJYJI \NYMNS XN]Y^ #/)$ XHMTTQ IF^X FKYJW YMJ YJFR"XWJHTRRJSIFYNTS'

5JXHWNGJ YMJ INXYWNHY`X UWTHJIZWJX KTW JSXZWNSL YMFY F WJJ[FQZFYNTS NX HTSIZHYJI FY QJFXY J[JW^ YMWJJ #,$ ^JFWX'

AMJ WJJ[FQZFYNTS IFYJ NX NSUZY NSYT YMJ XYZIJSY IFYF UTWYFQ FSI \MJS YMJ WJJ[FQZFYNTS IFYJ HTRJX IZJ% YMJXYZIJSY NX WJJ[FQZFYJI ZSQJXX YMJ ;6> YJFR FLWJJX YMFY YMJ WJJ[FQZFYNTS NX ZSSJHJXXFW^' 2 IJYJWRNSFYNTSFGTZY WJJ[FQZFYNTS \TZQI GJ GFXJI ZUTS YMJ KTQQT\NSL0 XYZIJSYX FHFIJRNH UJWKTWRFSHJ% FLJ% MT\ QTSL XNSHJYMJ QFXY KTWRFQ J[FQZFYNTS% TYMJW IFYF F[FNQFGQJ% UM^XNHFQ TW JRTYNTSFQ HMFSLJX% UTXY&XJHTSIFW^ LTFQX FSITYMJWX'

5JXHWNGJ YMJ INXYWNHY`X UWTHJIZWJX KTW JSXZWNSL YMFY FXXJXXRJSYX FSI TYMJW IFYF HTQQJHYNTS UWTHJIZWJX FWJHTRUQJYJI \NYMNS F WJFXTSFGQJ YNRJ KTQQT\NSL YMJ WJ[NJ\ \MJS YMJ ;6> YJFR IJYJWRNSJX YMFY FIINYNTSFQ IFYF FWJSJJIJI'

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

<TYJ0 DMJS F UFWJSY WJVZJXYX F WJJ[FQZFYNTS% YMJ XHMTTQ`X ;6> YJFR RF^ WJVZJXY F RJJYNSL \NYM YMJ UFWJSY KTWYMJ UZWUTXJ TK WJ[NJ\NSL J]NXYNSL IFYF FSI YT IJYJWRNSJ \MFY FIINYNTSFQ IFYF RF^ GJ SJJIJI' AMJ XHMTTQ RF^YMJS% FY YMFY RJJYNSL% TGYFNS UFWJSYFQ HTSXJSY KTW WJJ[FQZFYNTS% NK FUUWTUWNFYJ' ;K YMJ UFWJSY WJKZXJX YT RJJY NS FYNRJQ^ RFSSJW% YMJ XHMTTQ RZXY XJSI YMJ UFWJSY TSJ TK YMJ KTQQT\NSL0

= # &6156 (6188-4 %581+- 5. $547-48 .56 '--;)29)8154 .563 14,1+)814/ <0)8 )77-773-487 <122 *-FIRNSNXYJWJI GFXJI TS YMJ ;6> YJFR`X WJ[NJ\ TK IFYF% TW

= # &6156 (6188-4 %581+- 5. '-.97)2"

5JXHWNGJ YMJ INXYWNHY`X UWTHJIZWJX NS UQFHJ \MJS F UFWJSY WJVZJXYX F WJJ[FQZFYNTS'

/175 (# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

CKHQ D SDUHQW UHTXHVWV D UHHYDOXDWLRQ% WKH VFKRRO^V ;7> WHDP PD\ UHTXHVW D PHHWLQJ ZLWK WKH SDUHQW IRU WKHSXUSRVH RI UHYLHZLQJ H[LVWLQJ GDWD DQG WR GHWHUPLQH ZKDW DGGLWLRQDO GDWD PD\ EH QHHGHG' AKH VFKRRO PD\WKHQ% DW WKDW PHHWLQJ% REWDLQ SDUHQWDO FRQVHQW IRU UHHYDOXDWLRQ% LI DSSURSULDWH' ;I WKH SDUHQW UHIXVHV WR PHHW LQD WLPHO\ PDQQHU% WKH VFKRRO ZLOO VHQG WKH SDUHQW RQH RI WKH IROORZLQJ2

3 >ULRU CULWWHQ =RWLFH RI 5RQVHQW IRU ?HHYDOXDWLRQ IRUP LQGLFDWLQJ ZKDW DVVHVVPHQWV ZLOO EH DGPLQLVWHUHGEDVHG RQ WKH ;7> WHDP^V UHYLHZ RI GDWD% RU3 >ULRU CULWWHQ =RWLFH RI ?HIXVDO'

;I D UHHYDOXDWLRQ LV GHWHUPLQHG WR EH DSSURSULDWH DQG FRQVHQW LV REWDLQHG WKH GLVWULFW ZLOO PRYH IRUZDUG ZLWKWKH HYDOXDWLRQ LQ D WLPHO\ PDQQHU DQG WKHQ VFKHGXOH D PHHWLQJ ZLWK WKH SDUHQW WR VKDUH WKH UHVXOWV RI WKHHYDOXDWLRQ'

6HVFULEH WKH GLVWULFW"V SURFHGXUHV IRU HQVXULQJ WKDW DQ DVVLVWLYH WHFKQRORJ\ DVVHVVPHQW LV FRPSOHWHG ZLWKLQ VL[W\#.($ VFKRRO GD\V DIWHU DQ ;7> WHDP PDNHV WKH UHFRPPHQGDWLRQ'

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

-' 6HWHUPLQDWLRQ RI FRQWLQXHG QHHG IRU VSHFLDO HGXFDWLRQ DQG UHODWHG VHUYLFHV

D' 3 PHHWLQJ RI WKH LQGLYLGXDO HGXFDWLRQDO SODQ WHDP LV FRQYHQHG WR UHYLHZ DOO DYDLODEOH LQIRUPDWLRQ DERXWWKH VWXGHQW% LQFOXGLQJ UHSRUWV IURP WKH DGGLWLRQDO HYDOXDWLRQV% DQG WR GHWHUPLQH ZKHWKHU WKH VWXGHQWFRQWLQXHV WR EH D VWXGHQW ZLWK D GLVDELOLW\ LQ QHHG RI VSHFLDO HGXFDWLRQ DQG UHODWHG VHUYLFHV' ;I WKH VWXGHQWFRQWLQXHV WR EH DQ HOLJLEOH VWXGHQW% WKH VWXGHQW"V LQGLYLGXDO HGXFDWLRQDO SODQ LV UHYLHZHG DQG UHYLVHG% DVDSSURSULDWH% WR LQFRUSRUDWH WKH UHVXOWV RI WKH UHHYDOXDWLRQ'

E' ;I WKH UHHYDOXDWLRQ LQGLFDWHV WKDW WKH VWXGHQW LV QR ORQJHU D VWXGHQW ZLWK D GLVDELOLW\ RU WKDW VSHFLDOHGXFDWLRQ DQG UHODWHG VHUYLFHV DUH QR ORQJHU QHHGHG% WKH SDUHQW PXVW EH SURYLGHG SULRU ZULWWHQ QRWLFHWKDW WKHVH VHUYLFHV ZLOO EH GLVFRQWLQXHG'

F' ;I WKH UHHYDOXDWLRQ LQGLFDWHV WKDW WKH VWXGHQW"V GLVDELOLW\ KDV FKDQJHG #L'H'% DGGLQJ% GHOHWLQJ% RU FKDQJLQJ DGLVDELOLW\ FDWHJRU\$% WKH DSSOLFDEOH HOLJLELOLW\ VWDIILQJ SURFHGXUHV DUH IROORZHG'

/175 )$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

),;= (! '070;,5 )854.40< ,7/ );8.0/>;0<

+0.=487 (" (7/0907/07= &/>.,=487,5 &?,5>,=487<

+=,=>=8;A ,7/ *02>5,=8;A $4=,=487<

+, 58? _+(('-(*?XOH .3&.'(++))% 8'3'5'

%01474=487

;QGHSHQGHQW HGXFDWLRQDO HYDOXDWLRQ #;77$ PHDQV DQ HYDOXDWLRQ FRQGXFWHG E\ D TXDOLILHG HYDOXDWLRQ VSHFLDOLVW ZKR LVQRW HPSOR\HG E\ WKH VFKRRO GLVWULFW UHVSRQVLEOH IRU WKH HGXFDWLRQ RI WKH VWXGHQW LQ TXHVWLRQ'

'070;,5

)' AKH SDUHQWV RI D VWXGHQW ZLWK D GLVDELOLW\ KDYH WKH ULJKW WR DQ ;77 DW SXEOLF H[SHQVH LI WKH SDUHQW GLVDJUHHV ZLWKDQ HYDOXDWLRQ REWDLQHG E\ WKH VFKRRO GLVWULFW'

*' AKH SDUHQW RI D VWXGHQW ZLWK D GLVDELOLW\ LV WR EH SURYLGHG% XSRQ UHTXHVW IRU DQ ;77% LQIRUPDWLRQ DERXW ZKHUH DQ;77 PD\ EH REWDLQHG DQG WKH VFKRRO GLVWULFW FULWHULD DSSOLFDEOH WR ;77V'

+' >XEOLF H[SHQVH PHDQV WKDW WKH VFKRRO GLVWULFW HLWKHU SD\V IRU WKH IXOO FRVW RI WKH HYDOXDWLRQ RU HQVXUHV WKDW WKHHYDOXDWLRQ LV RWKHUZLVH SURYLGHG DW QR FRVW WR WKH SDUHQW'

,' CKHQHYHU DQ ;77 LV FRQGXFWHG% WKH FULWHULD XQGHU ZKLFK WKH HYDOXDWLRQ LV REWDLQHG% LQFOXGLQJ WKH ORFDWLRQ RI WKHHYDOXDWLRQ DQG WKH TXDOLILFDWLRQV RI WKH HYDOXDWLRQ VSHFLDOLVW% VKDOO EH WKH VDPH DV WKH FULWHULD XVHG E\ WKHVFKRRO GLVWULFW ZKHQ LW LQLWLDWHV DQ HYDOXDWLRQ% WR WKH H[WHQW WKDW WKRVH FULWHULD DUH FRQVLVWHQW ZLWK WKH SDUHQW"VULJKW WR DQ ;77'

-' AKH VFKRRO GLVWULFW PD\ QRW LPSRVH FRQGLWLRQV RU WLPHOLQHV IRU REWDLQLQJ DQ ;77 DW SXEOLF H[SHQVH RWKHU WKDQWKRVH FULWHULD GHVFULEHG LQ UXOH .3&.'(++))% 8'3'5'

.' ;I D SDUHQW UHTXHVWV DQ ;77 DW SXEOLF H[SHQVH% WKH VFKRRO GLVWULFW 6><=% ZLWKRXW XQQHFHVVDU\ GHOD\% 04=30; 2

= #1574* 6-&6 &1 $## .5 3428.)*) &6 37'/.( *;3*15*"

= $1.6.&6* & )7* 342(*55 -*&4.1, 71)*4 6-.5 47/* 62 5-29 6-&6 .65 *8&/7&6.21 .5 &334234.&6* 24 6-&6 6-*HYDOXDWLRQ REWDLQHG E\ WKH SDUHQW GLG QRW PHHW WKH VFKRRO GLVWULFW"V FULWHULD' ;I WKH VFKRRO GLVWULFW LQLWLDWHV DKHDULQJ DQG WKH ILQDO GHFLVLRQ IURP WKH KHDULQJ LV WKDW WKH VFKRRO GLVWULFW"V HYDOXDWLRQ LV DSSURSULDWH% WKHQWKH SDUHQW VWLOO KDV D ULJKW WR DQ ;77 EXW QRW DW SXEOLF H[SHQVH'

/' ;I D SDUHQW UHTXHVWV DQ ;77% WKH VFKRRO GLVWULFW PD\ DVN IRU WKH SDUHQW WR JLYH D UHDVRQ ZK\ KH RU VKH REMHFWV WRWKH GLVWULFW"V HYDOXDWLRQ' 9RZHYHU% WKH H[SODQDWLRQ E\ WKH SDUHQW PD\ QRW EH UHTXLUHG% DQG WKH VFKRRO GLVWULFWPD\ QRW XQUHDVRQDEO\ GHOD\ HLWKHU SURYLGLQJ WKH ;77 DW SXEOLF H[SHQVH RU LQLWLDWLQJ D GXH SURFHVV KHDULQJ WRGHIHQG WKH GLVWULFW"V HYDOXDWLRQ'

0' 3 SDUHQW LV HQWLWOHG WR RQO\ RQH ;77 DW SXEOLF H[SHQVH HDFK WLPH WKH VFKRRO GLVWULFW FRQGXFWV DQ HYDOXDWLRQ ZLWKZKLFK WKH SDUHQW GLVDJUHHV'

1' ;I WKH SDUHQW REWDLQV DQ ;77 DW SXEOLF H[SHQVH RU VKDUHV ZLWK WKH VFKRRO GLVWULFW DQ HYDOXDWLRQ REWDLQHG DW SULYDWHH[SHQVH2

= %-* 5(-22/ ).564.(6 5-&// (215.)*4 6-* 4*57/65 2+ 57(- *8&/7&6.21 .1 &1< )*(.5.21 4*,&4).1, 6-* 3428.5.21 2+83>7 WR WKH VWXGHQW% LI LW PHHWV DSSURSULDWH VFKRRO GLVWULFW FULWHULD GHVFULEHG LQ ?XOH .3& .'(++))% 8'3'5'

= %-* 4*57/65 2+ 57(- *8&/7&6.21 0&< '* 34*5*16*) '< &1< 3&46< &5 *8.)*1(* &6 &1< )7* 342(*55 -*&4.1,UHJDUGLQJ WKDW VWXGHQW'

)(' ;I DQ DGPLQLVWUDWLYH ODZ MXGJH UHTXHVWV DQ ;77 DV SDUW RI D GXH SURFHVV KHDULQJ% WKH FRVW RI WKH HYDOXDWLRQ PXVWEH DW SXEOLF H[SHQVH'

/175 )% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

6HVFULEH WKH GLVWULFW"V SROLFLHV DQG SURFHGXUHV IRU UHVSRQGLQJ WR D SDUHQW"V UHTXHVW IRU DQ ;77 DW SXEOLF H[SHQVH'

CLWKRXW QHFHVVDU\ GHOD\% WKH GLVWULFW ZLOO UHVSRQG LQ RQH RI WKH IROORZLQJ ZD\V2AKH GLVWULFW ZLOO ILOH D GXH SURFHVV FRPSODLQW WR UHTXHVW D KHDULQJ WR VKRZ WKDW WKH FXUUHQW GLVWULFW HYDOXDWLRQ LVDSSURSULDWH'AKH GLVWULFW ZLOO UHTXHVW WKH UHDVRQ SDUHQWV DUH UHTXHVWLQJ DGGLWLRQDO HYDOXDWLRQ DQG JLYH WKH SDUHQWV LQIRUPDWLRQDERXW ZKHUH DQ LQGHSHQGHQW HGXFDWLRQDO HYDOXDWLRQ PD\ EH REWDLQHG% DQG WKH DJHQF\ FULWHULD DSSOLFDEOH IRULQGHSHQGHQW HGXFDWLRQDO HYDOXDWLRQV'

6HVFULEH WKH GLVWULFW"V SROLFLHV DQG SURFHGXUHV IRU FRQVLGHUDWLRQ RI WKH UHVXOWV RI DQ ;77 REWDLQHG DW SULYDWH H[SHQVH'

;I WKH SDUHQW REWDLQV DQ LQGHSHQGHQW HGXFDWLRQDO HYDOXDWLRQ DW SULYDWH H[SHQVH% WKH UHVXOWV RI WKH HYDOXDWLRQ ZLOO EHUHYLHZHG DQG GLVFXVVHG DV DSSURSULDWH'

/175 )& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

),;= ((!

)854.40< ,7/ );8.0/>;0< 18; +=>/07=< @4=3 %4<,-454=40<

/175 )' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

),;= ((! )854.40< ,7/ );8.0/>;0< 18; +=>/07=< @4=3 %4<,-454=40<

+0.=487 #" (7<=;>.=487,5 );82;,6

AKH IROORZLQJ DSSOLHV WR WKH LQVWUXFWLRQDO SURJUDP IRU VWXGHQWV ZLWK GLVDELOLWLHV LQ JHQHUDO' ;Q DGGLWLRQ WR WKHSKLORVRSKLFDO% FXUULFXODU% DQG LQVWUXFWLRQDO VXSSRUW LVVXHV LQFOXGHG KHUH% WKHUH DUH GLVDELOLW\&VSHFLILF H[SHFWDWLRQV RUUHTXLUHPHQWV IRU FHUWDLQ FDWHJRULHV RI GLVDELOLW\' AKDW LQIRUPDWLRQ LV SURYLGHG LQ WKH UHOHYDQW !0%'-.),+#* "./&'+.!&/%#.),+ !*)()$)*).1 VHFWLRQV RI WKLV GRFXPHQW'

)3458<893A

)' 7DFK VWXGHQW ZLWK D GLVDELOLW\ LV HQWLWOHG WR UHFHLYH 83>7 LQ WKH OHDVW UHVWULFWLYH HQYLURQPHQW WKDW ZLOO HQDEOH WKHVWXGHQW WR SURJUHVV LQ WKH JHQHUDO FXUULFXOXP WR WKH PD[LPXP H[WHQW SRVVLEOH'

*' @SHFLDO HGXFDWLRQ% ZKLFK UHIHUV WR VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV% LV SURYLGHG WR PHHW WKHXQLTXH QHHGV RI WKH VWXGHQW WKDW UHVXOW IURP WKH VWXGHQW"V GLVDELOLW\ DQG WR SUHSDUH WKH VWXGHQW IRU IXUWKHUHGXFDWLRQ% HPSOR\PHQW% DQG LQGHSHQGHQW OLYLQJ' ?HODWHG VHUYLFHV DUH GHILQHG LQ ?XOH .3&.'(+,))#)$#GG$% 8'3'5'

+' @SHFLDOO\ GHVLJQHG LQVWUXFWLRQ PHDQV DGDSWLQJ% DV DSSURSULDWH% WKH FRQWHQW% PHWKRGRORJ\% RU GHOLYHU\ RILQVWUXFWLRQ'

,' @SHFLDOO\ GHVLJQHG LQVWUXFWLRQ PD\ HPSOR\ XQLYHUVDO GHVLJQ IRU OHDUQLQJ% DVVLVWLYH WHFKQRORJ\%DFFRPPRGDWLRQV% RU PRGLILFDWLRQV'

$>;;4.>5>6

)' AR PD[LPL]H DFFHVVLELOLW\ WR WKH FXUULFXOXP% VWXGHQWV ZLOO DFFHVV WKH @WDWH VWDQGDUGV WKURXJK DSSURSULDWHSURJUDPPLQJ% VXSSRUW IURP VSHFLDO HGXFDWLRQ DQG UHJXODU HGXFDWLRQ WHDFKHUV% VXSSRUW LQ WKH XVH RI DVVLVWLYHWHFKQRORJ\% DQG WKURXJK WKH XVH RI XQLYHUVDO GHVLJQ SULQFLSDOV'

*' 8RU PRVW VWXGHQWV ZLWK GLVDELOLWLHV% WKHVH VXSSRUWV SURYLGH SURJUHVV WRZDUG D VWDQGDUG KLJK VFKRRO GLSORPD'

(7<=;>.=487,5 +>998;=

)' @WXGHQWV UHFHLYH LQVWUXFWLRQDO VXSSRUW WKURXJK VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV GHWHUPLQHGWKURXJK WKH ;7> SURFHVV'

*' AHDFKHUV DUH WUDLQHG LQ GHVLJQLQJ DQG LPSOHPHQWLQJ LQGLYLGXDOL]HG SURJUDPV WR DGGUHVV WKH OHDUQLQJ QHHGV RIHDFK VWXGHQW'

+' AHDFKHUV DUH SURYLGHG ZLWK DGPLQLVWUDWLYH VXSSRUW WR DVVXUH UHDVRQDEOH FODVV VL]H DQG ZRUNORDG% DGHTXDWHIXQGV IRU PDWHULDOV% DQG SURIHVVLRQDO GHYHORSPHQW'

,' AHDFKHUV LQVWUXFW VWXGHQWV LQ WKH XQLTXH VNLOOV QHFHVVDU\ WR DFFHVV DQG EHQHILW IURP WKH FRUH FXUULFXOXP' AKHVHVNLOOV PD\ LQFOXGH% EXW DUH QRW OLPLWHG WR% FXUULFXOXP DQG OHDUQLQJ VWUDWHJLHV% FRPSHQVDWRU\ VNLOOV% LQGHSHQGHQWIXQFWLRQLQJ% VRFLDO HPRWLRQDO EHKDYLRU% XVH RI DVVLVWLYH WHFKQRORJ\% DQG FRPPXQLFDWLRQ'

-' 3 UDQJH RI VHUYLFH GHOLYHU\ RSWLRQV LV DYDLODEOH WR PHHW WKH VWXGHQW"V QHHGV2 FRQVXOWDWLRQ% LWLQHUDQW LQVWUXFWLRQ%UHVRXUFH URRP% VSHFLDO FODVV% VHSDUDWH VFKRRO% UHVLGHQWLDO SODFHPHQW% KRPHERXQG RU KRVSLWDOL]HG% DQGFRPPXQLW\&EDVHG RU KRPH&EDVHG VHUYLFHV'

.' @FKRRO GLVWULFWV PD\ SURYLGH SURIHVVLRQDO GHYHORSPHQW IRU WHDFKHUV LQ FRRUGLQDWLRQ ZLWK FRPPXQLW\ DJHQFLHV%WKH 8ORULGD @FKRRO IRU WKH 6HDI DQG WKH 4OLQG% GLVFUHWLRQDU\ SURMHFWV IXQGHG E\ WKH 6HSDUWPHQW RI 7GXFDWLRQ DQGRWKHU DJHQFLHV RI VWDWH DQG ORFDO JRYHUQPHQW% LQFOXGLQJ% EXW QRW OLPLWHG WR% WKH 6LYLVLRQ RI 4OLQG @HUYLFHV% WKH6LYLVLRQ RI BRFDWLRQDO ?HKDELOLWDWLRQ% 6HSDUWPHQW RI 5KLOGUHQ DQG 8DPLOLHV% DQG WKH 6HSDUWPHQW RI 9HDOWK%5KLOGUHQ"V <HGLFDO @HUYLFHV% DV DSSURSULDWH'

/175 )( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

.3CE --# .@=<5<7D 3?6 .C@576FC7D 8@C 0EF67?ED H<E; *<D34<=<E<7D

075E<@? (#$& +I57AE<@?3= 0EF67?E +6F53E<@? +=<9<4<=<EJ 8@C 0EF67?ED H<E; 'FE<D>0A75ECF> *<D@C67C

0E3EFE@CJ 3?6 /79F=3E@CJ )<E3E<@?D

+, 58A a+(('0BKIYOTSX )((+'() GSJ )((+'-/% 8'B'AZQKX .3&.'(+(*+ GSJ .3&.'(++)% 8'3'5'

*78<?<E<@?

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

+=<9<4<=<EJ )C<E7C<3

3 XYZJKSY OX KQOMOHQK LTW XUKIOGQQ^ JKXOMSKJ OSXYWZIYOTS GSJ WKQGYKJ XKW[OIKX GX G XYZJKSY \OYN 3B6 OL K[OJKSIK TL 3== TLYNK LTQQT\OSM IWOYKWOG GWK RKY1

)' DSK[KS JK[KQTURKSYGQ UWTLOQK GX K[OJKSIKJ H^ OSITSXOXYKSIOKX GIWTXX TW \OYNOS YNK JTRGOSX TL QGSMZGMK% XTIOGQOSYKWGIYOTS% GJGUYO[K HKNG[OTW% TW ITMSOYO[K XPOQQX

*' ;RUGOWRKSY OS XTIOGQ OSYKWGIYOTS GX K[OJKSIKJ H^ JKQG^KJ% GHXKSY% TW GY^UOIGQ GHOQOY^ YT WKQGYK YT UKTUQK TW YNKKS[OWTSRKSY

+' ;RUGOWRKSY OS [KWHGQ TW STS[KWHGQ QGSMZGMK TW XTIOGQ ITRRZSOIGYOTS XPOQQX

,' AKXYWOIYKJ WKUKYOYO[K TW XYKWKTY^UKJ UGYYKWSX TL HKNG[OTW% OSYKWKXYX% TW GIYO[OYOKX

-' CNK XYZJKSY JKRTSXYWGYKX G SKKJ LTW XUKIOGQ KJZIGYOTS

0EF67?E +G3=F3E<@?

)' ;S GJJOYOTS YT YNK UWT[OXOTSX OS AZQK .3&.'(++)% 8'3'5'% WKMGWJOSM MKSKWGQ KJZIGYOTS OSYKW[KSYOTS UWTIKJZWKX%YNK K[GQZGYOTS LTW JKYKWROSOSM KQOMOHOQOY^ XNGQQ OSIQZJK YNK LTQQT\OSM1

G' 6TIZRKSYKJ GSJ JGYKJ HKNG[OTWGQ THXKW[GYOTSX ITSJZIYKJ H^ RKRHKWX TL YNK K[GQZGYOTS YKGR YGWMKYOSMXTIOGQ OSYKWGIYOTS% ITRRZSOIGYOTS XPOQQX% GSJ XYKWKTY^UKJ UGYYKWSX TL HKNG[OTW% OSYKWKXYX% TW GIYO[OYOKX%GIWTXX XKYYOSMX2 MKSKWGQ KJZIGYOTS OSYKW[KSYOTSX GSJ GIYO[OYOKX ITSJZIYKJ UWOTW YT WKLKWWGQ RG^ HK ZXKJ YTRKKY YNOX IWOYKWOTS% OL YNK GIYO[OYOKX GJJWKXX YNK KQKRKSYX OJKSYOLOKJ OS YNOX XKIYOTS2

H' 3 ITRUWKNKSXO[K XTIOGQ JK[KQTURKSYGQ NOXYTW^ ITRUOQKJ \OYN YNK UGWKSYX"X# TW MZGWJOGS"X# YNGYGJJWKXXKX YNK ITWK LKGYZWKX TL GZYOXR XUKIYWZR JOXTWJKW2

I' 3 ITRUWKNKSXO[K UX^INTQTMOIGQ K[GQZGYOTS YT OJKSYOL^ UWKXKSY QK[KQX TL UKWLTWRGSIK GSJ ZSK[KS UGYYKWSXTL JK[KQTURKSY OS QGSMZGMK% XTIOGQ OSYKWGIYOTS% GJGUYO[K HKNG[OTW% GSJ ITMSOYO[K XPOQQX

J' 3 ITRUWKNKSXO[K XUKKIN QGSMZGMK K[GQZGYOTS2 GSJ

K' CNK ITSXOJKWGYOTS TL RKJOIGQ OSLTWRGYOTS UWT[OJKJ'

2?<BF7 .;<=@D@A;<53=! )FCC<5F=3C! @C -?DECF5E<@?3= )@?D<67C3E<@?D

)' FNOQK XYZJKSYX \OYN 3B6 XNGWK OSXYWZIYOTSGQ SKKJX \OYN TYNKW XYZJKSYX% YNKWK GWK INGWGIYKWOXYOIX YNGY GWKXUKIOLOI YT 3B6% OSIQZJOSM YNK JK[KQTURKSY GSJ ZXK TL QGSMZGMK GSJ ITRRZSOIGYOTS XPOQQX% YNK JK[KQTURKSY TL

/175 (( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

GUUWTUWOGYK XTIOGQ XPOQQX% GSJ YNK JK[KQTURKSY TL GUUWTUWOGYK HKNG[OTWGQ XPOQQX' CNK SKKJ YT YGOQTW OSXYWZIYOTS YTYNK OSJO[OJZGQ QKGWSOSM XY^QKX GSJ SKKJX TL KGIN XYZJKSY WKVZOWKX YNGY YKGINKWX TL XYZJKSYX \OYN 3B6 HKPST\QKJMKGHQK OS G [GWOKY^ TL KJZIGYOTSGQ XYWGYKMOKX'

*' ;SNKWKSY OS G UWTMWGR LTW XYZJKSYX \OYN 3B6 OX YNK WKITMSOYOTS YNGY 3B6 OX G JK[KQTURKSYGQ JOXGHOQOY^ YNGYGJ[KWXKQ^ ORUGIYX YNK XYZJKSY!X ITRRZSOIGYOTS% XTIOGQ% GSJ HKNG[OTWGQ XPOQQX' ;Y OX ORUTWYGSY YT YGPK OSYTITSXOJKWGYOTS YNK XYZJKSY!X XYWKSMYNX GSJ SKKJX OS GQQ YNWKK GWKGX \NKS YGOQTWOSM KJZIGYOTSGQ XKW[OIKX LTW YNKXYZJKSY'

1;7 D5;@@= 6<DEC<5E ;3D E;7 @AE<@? E@ <?5=F67 366<E<@?3= <?8@C>3E<@? C793C6<?9 7G3=F3E<@?D! BF3=<8<767G3=F3E@CD! @C F?<BF7 A;<=@D@A;<53=! 5FCC<5F=3C! @C <?DECF5E<@?3= 5@?D<67C3E<@?D 8@C DEF67?ED H<E; 3FE<D>DA75ECF> 6<D@C67CD#

>SK TL YNK LTQQT\OSM >FDE HK XKQKIYKJ1

CNK XINTTQ JOXYWOIY NGX UWT[OJKJ GJJOYOTSGQ OSLTWRGYOTS LTW YNOX XKIYOTS OS 'AA7?6<I ( TL YNOX JTIZRKSY'

CNKWK OX ST GJJOYOTSGQ OSLTWRGYOTS LTW YNOX XKIYOTS'

/175 () >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

.3CE --# .@=<5<7D 3?6 .C@576FC7D 8@C 0EF67?ED H<E; *<D34<=<E<7D

075E<@? (#%& +I57AE<@?3= 0EF67?E +6F53E<@? +=<9<4<=<EJ 8@C 0EF67?ED H;@ 3C7 *738 @C,3C6"@8",73C<?9

0E3EFE@CJ 3?6 /79F=3E@CJ )<E3E<@?D

+, 58A aa+(('0% +(('+,% GSJ +(('))+BKIYOTSX )((+'()"+#% )((+'--% GSJ )((+'-/% 8'B'AZQKX .3&.'(+()+ GSJ .3&*'(()(% 8'3'5'

*78<?<E<@?

3 XYZJKSY \NT OX JKGL TW NGWJ&TL&NKGWOSM NGX G NKGWOSM QTXX% GOJKJ TW ZSGOJKJ% YNGY ORUGIYX YNK UWTIKXXOSM TL QOSMZOXYOIOSLTWRGYOTS GSJ \NOIN GJ[KWXKQ^ GLLKIYX UKWLTWRGSIK OS YNK KJZIGYOTSGQ KS[OWTSRKSY' CNK JKMWKK TL QTXX RG^ WGSMKLWTR ROQJ YT UWTLTZSJ'

+=<9<4<=<EJ )C<E7C<3

3 XYZJKSY OX KQOMOHQK LTW XUKIOGQQ^ JKXOMSKJ OSXYWZIYOTS GSJ WKQGYKJ XKW[OIKX GX G XYZJKSY \NT OX JKGL TW NGWJ&TL&NKGWOSMOL YNK LTQQT\OSM IWOYKWOG GWK RKY1

)' <KJOIGQ1 3S GZJOTQTMOIGQ K[GQZGYOTS JTIZRKSYX G UKWRGSKSY TW LQZIYZGYOSM NKGWOSM YNWKXNTQJ QK[KQ YNGY OSYKWLKWKX\OYN UWTMWKXX OS GS^ TSK TL YNK LTQQT\OSM GWKGX1 JK[KQTURKSYGQ XPOQQX TW GIGJKROI UKWLTWRGSIK% XTIOGQ&KRTYOTSGQJK[KQTURKSY% TW QOSMZOXYOI GSJ ITRRZSOIGYO[K XPOQQX GX K[OJKSIKJ H^1

G' *- JKIOHKQ "J4# $ TW & - J4 TW MWKGYKW HGXKJ TS UZWK YTSK G[KWGMK TW G[KWGMK TL -((% )(((% GSJ *((( 9_ZSGOJKJ OS YNK HKYYKW KGW2 TW

H' 3 NOMN LWKVZKSI^ NKGWOSM YNWKXNTQJ QK[KQ TL *- J4 $ TW & - J4 TW MWKGYKW HGXKJ TS UZWK YTSK G[KWGMK TL)(((% *(((% GSJ +((( 9_ ZSGOJKJ OS YNK HKYYKW KGW2 TW

I' 3 ZSOQGYKWGQ NKGWOSM YNWKXNTQJ QK[KQ TL -( J4 $ TW & - J4 TW MWKGYKW HGXKJ TS UZWK YTSK G[KWGMK TL -((%)(((% GSJ *((( 9_ ZSGOJKJ2 TW

J' 3ZJOYTW^ 7[TPKJ ?TYKSYOGQ WKXUTSXKX K[OJKSIOSM UKWRGSKSY NKGWOSM QTXX GY RZQYOUQK LWKVZKSIOKXKVZO[GQKSY YT TW OS K]IKXX TL YNK JKIOHKQ NKGWOSM QTXX YNWKXNTQJ IWOYKWOG LTW UZWK YTSK GZJOTRKYWOI YKXYOSMXUKIOLOKJ GHT[K%

GSJ

*' CNK XYZJKSY JKRTSXYWGYKX G SKKJ LTW XUKIOGQ KJZIGYOTS'

0EF67?E +G3=F3E<@?

;S GJJOYOTS YT YNK UWT[OXOTSX OS AZQK .3&.'(++)% 8'3'5'% WKMGWJOSM MKSKWGQ KJZIGYOTS OSYKW[KSYOTS UWTIKJZWKX% YNKROSORZR XYZJKSY K[GQZGYOTS XNGQQ OSIQZJK 3== TL YNK LTQQT\OSM1

)' 3ZJOTQTMOIGQ K[GQZGYOTS

*' 7[GQZGYOTS TL JK[KQTURKSYGQ XPOQQX TW GIGJKROI GINOK[KRKSY% OSIQZJOSM OSLTWRGYOTS TS YNK XYZJKSY!X GIGJKROIXYWKSMYNX GSJ \KGPSKXXKX

+' 7[GQZGYOTS TL XTIOGQ JK[KQTURKSY

,' 7[GQZGYOTS TL WKIKUYO[K GSJ K]UWKXXO[K ITRRZSOIGYOTS

-' 3 ITRUWKNKSXO[K STS[KWHGQ GXXKXXRKSY TL OSYKQQKIYZGQ LZSIYOTSOSM TW JK[KQTURKSYGQ XIGQKX% OL RTWKGUUWTUWOGYK% LTW INOQJWKS ZSJKW GMK XK[KS "/#

BKQKIYOTS TL GXXKXXRKSY OSXYWZRKSYX XNGQQ YGPK OSYT ITSXOJKWGYOTS YNK XYZJKSY!X LZSIYOTSOSM QK[KQ% JKMWKK TL NKGWOSMQTXX% GSJ RKYNTJ TL ITRRZSOIGYOTS'

0EF67?E /77G3=F3E<@?

/175 (* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

3 WKK[GQZGYOTS \OQQ TIIZW GY QKGXY K[KW^ YNWKK "+# ^KGWX GSJ \OQQ OSIQZJK GY G ROSORZR GS GZJOTQTMOIGQ K[GQZGYOTS GSJ% OLGUUWTUWOGYK% GS^ TYNKW LTWRGQ K[GQZGYOTSX GJJWKXXKJ OS YNK OSOYOGQ K[GQZGYOTS OS GIITWJGSIK \OYN YNK BYZJKSY 7[GQZGYOTSXKIYOTS GHT[K'

2?<BF7 .;<=@D@A;<53=! )FCC<5F=3C! @C -?DECF5E<@?3= )@?D<67C3E<@?D

)' 3QQ XYZJKSYX \NT GWK OJKSYOLOKJ GX JKGL TW NGWJ&TL&NKGWOSM \OQQ HK XIWKKSKJ LTW DXNKW X^SJWTRK GY QKGXY TSK YORKHKY\KKS MWGJKX . GSJ )*' @ZGQOLOKJ K[GQZGYTWX OSIQZJK1 YKGINKWX TL YNK JKGL TW NGWJ&TL&NKGWOSM% XUKKINQGSMZGMK UGYNTQTMOXYX% GZJOTQTMOXYX% YKGINKWX TL YNK HQOSJ TW [OXZGQQ^ ORUGOWKJ% GSJ XINTTQ NKGQYN UKWXTSSKQ \NTNG[K HKKS YWGOSKJ OS DXNKW!X XIWKKSOSM UWTIKJZWKX'

*' BYZJKSYX XNGQQ NG[K GIIKXX YT OSXYWZIYOTS ZXOSM YNK RKYNTJ TL ITRRZSOIGYOTS RTXY WKGJOQ^ ZSJKWXYTTJ H^ YNKXYZJKSY' 7GIN XYZJKSY \NT OX JKGL TW NGWJ&TL&NKGWOSM XNGQQ NG[K YNK TUUTWYZSOY^ YT JK[KQTU K]UWKXXO[K GSJWKIKUYO[K QGSMZGMK XPOQQX ZXOSM GS^ TW GQQ TL YNK LTQQT\OSM1

G' AKXOJZGQ NKGWOSM

H' BUKKIN WKGJOSM

I' <GSZGQ ITRRZSOIGYOTS X^XYKRX

J' BUKKIN

K' 3UUWTUWOGYK GRUQOLOIGYOTS

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

,' ATZYOSK INKIPOSM TL NKGWOSM GOJX \TWS OS XINTTQ H^ XYZJKSYX \OYN NKGWOSM QTXX GSJ YNK K]YKWSGQ ITRUTSKSYX TLXZWMOIGQQ^ ORUQGSYKJ RKJOIGQ JK[OIKX "O'K'% ITINQKGW ORUQGSYX# OX WKVZOWKJ YT KSXZWK YNGY YNKXK JK[OIKX GWKLZSIYOTSOSM UWTUKWQ^'

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

.' ;SYKWUWKYOSM XKW[OIKX OSIQZJKX YNK LTQQT\OSM% \NKS ZXKJ \OYN WKXUKIY YT INOQJWKS \NT GWK JKGL TW NGWJ&TL&NKGWOSM1TWGQ YWGSXQOYKWGYOTS XKW[OIKX2 IZKJ QGSMZGMK YWGSXQOYKWGYOTS XKW[OIKX2 XOMS QGSMZGMK YWGSXQOYKWGYOTS GSJOSYKWUWKYOSM XKW[OIKX% GSJ YWGSXIWOUYOTS XKW[OIKX% XZIN GX ITRRZSOIGYOTS GIIKXX WKGQ&YORK YWGSXQGYOTS "53AC#%5&?WOSY2 GSJ C^UKFKQQ2 GSJ XUKIOGQ OSYKWUWKYOSM XKW[OIKX LTW INOQJWKS \NT GWK JKGL&HQOSJ'

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`MWTZU HGYNWTTRX% ITWWOJTWX%XUKIOLOI GWKGX JKXOMSGYKJ LTW YNK JKGL% KYI'% OS GIITWJGSIK \OYN AZQK .3&*'(()(% 8'3'5'

0' CNK XINTTQ JOXYWOIY \OQQ UWT[OJK OSLTWRGYOTS JKXIWOHOSM YNK 8QTWOJG BINTTQ LTW YNK 6KGL GSJ YNK 4QOSJ GSJ GQQ TYNKWUWTMWGRX GSJ RKYNTJX TL OSXYWZIYOTS G[GOQGHQK YT YNK UGWKSY TL G XYZJKSY \OYN XKSXTW^ ORUGOWRKSYX' CNOXOSLTWRGYOTS \OQQ HK UWT[OJKJ GSSZGQQ^'

1;7 D5;@@= 6<DEC<5E ;3D E;7 @AE<@? E@ <?5=F67 366<E<@?3= <?8@C>3E<@? C793C6<?9 7G3=F3E<@?D! BF3=<8<767G3=F3E@CD! @C F?<BF7 A;<=@D@A;<53=! 5FCC<5F=3C! @C <?DECF5E<@?3= 5@?D<67C3E<@?D 8@C DEF67?ED H;@ 3C7 6738 @C;3C6"@8";73C<?9#

/175 (+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

>SK TL YNK LTQQT\OSM >FDE HK XKQKIYKJ1

CNK XINTTQ JOXYWOIY NGX UWT[OJKJ GJJOYOTSGQ OSLTWRGYOTS LTW YNOX XKIYOTS OS 'AA7?6<I ( TL YNOX JTIZRKSY'

CNKWK OX ST GJJOYOTSGQ OSLTWRGYOTS LTW YNOX XKIYOTS'

/175 )# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-3DF ,,# -A><5<7E 3@6 -DA576GD7E 8AD 0FG67@FE I<F; *<E34<><F<7E

075F<A@ (#$& +J57BF<A@3> 0FG67@F +6G53F<A@ +><9<4<><FK 8AD -D7=<@67D93DF7@ );<>6D7@ I;A3D7 *7H7>AB?7@F3>>K *7>3K76

CMNW WJHXNSR NW RSX FTTPNHFGPJ KSV XMJ INWXVNHX&

0F3FGFADK 3@6 /79G>3FADK )<F3F<A@E

+, 69A __+((&0 FRI +(+&*)BJHXNSRW )((+&()$ )((+&*)$ FRI )((+&-/$ 9&B&AYPJW .4%.&(+(*/ FRI .4%.&(+(+)$ 9&4&6&

*78<@<F<A@E

)& 9SV FR NRKFRX SV XSIIPJV KVSQ GNVXM XMVSYLM X[S "*# ]JFVW SK FLJ$ IJZJPSTQJRXFP IJPF] NW IJKNRJI FW IJPF] NR SRJ")# SV QSVJ SK XMJ KSPPS[NRL IJZJPSTQJRXFP ISQFNRW2 FIFTXNZJ IJZJPSTQJRX3 HSLRNXNZJ IJZJPSTQJRX3HSQQYRNHFXNSR IJZJPSTQJRX3 WSHNFP SV JQSXNSRFP IJZJPSTQJRX3 SV TM]WNHFP IJZJPSTQJRX&

*& 9SV F HMNPI XMVJJ "+# XMVSYLM KNZJ "-# ]JFVW SK FLJ$ IJZJPSTQJRXFP IJPF] NW IJKNRJI FW F IJPF] NR SRJ SV QSVJ SKXMJ KSPPS[NRL FVJFW2 FIFTXNZJ SV WJPK%MJPT IJZJPSTQJRX3 HSLRNXNZJ IJZJPSTQJRX3 HSQQYRNHFXNSR IJZJPSTQJRX3WSHNFP SV JQSXNSRFP IJZJPSTQJRX3 SV TM]WNHFP IJZJPSTQJRX$ NRHPYINRL KNRJ$ LVSWW$ SV TJVHJTXYFP QSXSV&

+><9<4<><FK )D<F7D<3

)& 9SV F HMNPI XMVJJ "+# XMVSYLM KNZJ "-# ]JFVW SK FLJ

4 HMNPI NW JPNLNGPJ KSV WTJHNFPP] IJWNLRJI NRWXVYHXNSR FRI VJPFXJI WJVZNHJW FW F WXYIJRX [NXM IJZJPSTQJRXFP IJPF][MJR XMJ KSPPS[NRL HVNXJVNF FVJ QJX2

F& CMJ HMNPI NW XMVJJ "+# XMVSYLM KNZJ "-# ]JFVW SK FLJ&

G& CMJVJ NW ISHYQJRXFXNSR SK A@7 SK XMJ KSPPS[NRL2

" 4 WHSVJ SK X[S "*# WXFRIFVI IJZNFXNSRW "B7# GJPS[ XMJ QJFR SV F *- TJVHJRX IJPF] SR QJFWYVJW]NJPINRL WHSVJW NR QSRXMW NR FX PJFWX SRJ FVJF SK IJZJPSTQJRX

" 4 WHSVJ SK )&- B7 GJPS[ XMJ QJFR SV F *( TJVHJRX IJPF] SR QJFWYVJW ]NJPINRL WHSVJW NR QSRXMW NRFX PJFWX X[S "*# FVJFW SK IJZJPSTQJRX

" 5FWJI SR NRKSVQJI HPNRNHFP STNRNSR$ XMJ JPNLNGNPNX] WXFKKNRL HSQQNXXJJ QFOJW F VJHSQQJRIFXNSR XMFXF IJZJPSTQJRXFP IJPF] J\NWXW FRI J\HJTXNSRFP WXYIJRX JIYHFXNSR WJVZNHJW FVJ RJJIJI

H& CMJ JPNLNGNPNX] WXFKKNRL HSQQNXXJJ SV QYPXNINWHNTPNRFV] XJFQ$ [MNHM NRHPYIJW XMJ NRZNXJI TFVJRX"W#$ QFOJW FIJXJVQNRFXNSR HSRHJVRNRL XMJ JKKJHXW SK XMJ JRZNVSRQJRX$ HYPXYVFP INKKJVJRHJW$ SV JHSRSQNH INWFIZFRXFLJ&

*& 9SV F HMNPI GNVXM XMVSYLM X[S "*# ]JFVW SK FLJ "GJPS[ XMNVX]%WN\ "+.# QSRXMW#

4R NRKFRX SV XSIIPJV NW JPNLNGPJ KSV J\HJTXNSRFP WXYIJRX JIYHFXNSR [MJR F XJFQ SK UYFPNKNJI TVSKJWWNSRFPW FRI XMJTFVJRX SV LYFVINFR$ NR FHHSVIFRHJ [NXM AYPJ .4%.&(++)".#$ 9&4&6&$ IJXJVQNRJ XMFX 3>> XMJ KSPPS[NRL HVNXJVNF FVJQJX2

F& CMJ HMNPI NW GJPS[ XMJ FLJ SK XMNVX]%WN\ "+.# QSRXMW3

G& CMJVJ NW ISHYQJRXFXNSR SK A@7 SK XMJ KSPPS[NRL2

)& 4 WHSVJ SK )&- WXFRIFVI IJZNFXNSRW GJPS[ XMJ QJFR NR X[S SV QSVJ IJZJPSTQJRXFP ISQFNRW FWQJFWYVJI G] FX PJFWX SRJ FTTVSTVNFXJ INFLRSWXNH NRWXVYQJRX FRI TVSHJIYVJW$ FRI NRKSVQJI HPNRNHFPSTNRNSR3 SV

/175 *$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

*& 4 WHSVJ SK *&( WXFRIFVI IJZNFXNSRW GJPS[ XMJ QJFR NR SRJ IJZJPSTQJRXFP ISQFNR FW QJFWYVJI G]FX PJFWX SRJ FTTVSTVNFXJ INFLRSWXNH NRWXVYQJRX FRI TVSHJIYVJW$ FRI NRKSVQJI HPNRNHFP STNRNSR3 SV

+& 5FWJI SR NRKSVQJI HPNRNHFP STNRNSR F IJXJVQNRFXNSR MFW GJJR QFIJ XMFX F IJZJPSTQJRXFP IJPF]J\NWXW&

H& CMJ VJUYNVJQJRXW SK AYPJ .4%.&(++)"*#$ 9&4&6&$ MFZJ GJJR QJX3

I& CMJVJ NW [VNXXJR JZNIJRHJ XMFX XMJ 7JTFVXQJRX SK ;JFPXM$ 6MNPIVJR!W >JINHFP BJVZNHJW$ @FVX 6 =SHFP 8FVP]BXJTW MFW IJXJVQNRJI XMFX XMJ NRKFRX SV XSIIPJV MFW F IJZJPSTQJRXFP IJPF] FW IJKNRJI NR WJHXNSR "*#"G# SKXMNW VYPJ3 FRI$

J& CMJ NRKFRX SV XSIIPJV RJJIW JFVP] NRXJVZJRXNSR WJVZNHJW FW IJKNRJI NR AYPJ .4%.&(+,))")#"N#$ 9&4&6&

);<>6 +H3>G3F<A@

<R FIINXNSR XS XMJ TVSZNWNSRW NR AYPJ .4%.&(++)"*#$ 9&4&6&$ VJLFVINRL TVSHJIYVJW TVNSV XS NRNXNFP JZFPYFXNSR KSVTVJONRIJVLFVXJR HMNPIVJR$ XMJ JZFPYFXNSR KSV IJXJVQNRFXNSR SK JPNLNGNPNX] WMFPP NRHPYIJ XMJ KSPPS[NRL2

@VSHJIYVJW KSV JZFPYFXNSR KSV HMNPIVJR XMVJJ "+# XMVSYLM KNZJ "-# ]JFVW2

F& 7JPF] NW ISHYQJRXJI G] F QYPXNINWHNTPNRFV] XJFQ YWNRL QYPXNTPJ QJFWYVJW SK FWWJWWQJRX$ [MNHM NRHPYIJ XMJKSPPS[NRL2

@ &9'3*'7*/?+* /3897;2+398" 0;*-+2+39#('8+* '88+882+398" )7/9+7/43#7+,+7+3)+* /3897;2+398" 8>89+2'9/)SGWJVZFXNSR$ KYRHXNSRFP WONPPW FWWJWWQJRXW$ SV SXMJV TVSHJIYVJW WJPJHXJI NR HSRWYPXFXNSR [NXM XMJ TFVJRX"W#3 SV

@ $3,472+* )1/3/)'1 45/3/43 ;8/3- 6;'1/9'9/<+ '3* 6;'39/9'9/<+ /3,472'9/43 94 *+9+72/3+ 9.+ 3++* ,47 +'71>NRXJVZJRXNSR WJVZNHJW3 FRI

@ %'7+39 7+5479" =./). )'3 )43,/72 47 24*/,> /3,472'9/43 4(9'/3+* '3* *+8)7/(+ (+.'</47 /3 +3</7432+398XMFX XMJ INWXVNHX QF] RSX GJ FGPJ XS FHHJWW&

G& EMJR F IJZJPSTQJRXFP IJPF] HFRRSX GJ ZJVNKNJI G] XMJ YWJ SK WXFRIFVIN^JI NRWXVYQJRXW$ XMJ IJPF]"W# QF] GJJWXFGPNWMJI XMVSYLM SGWJVZFXNSR SK FX]TNHFP KYRHXNSRNRL NR FR] SRJ SV QSVJ SK XMJ IJZJPSTQJRXFP FVJFW& 4 VJTSVXWMFPP GJ [VNXXJR ISHYQJRXNRL XMJ JZFPYFXNSR TVSHJIYVJW YWJI$ XMJ VJWYPXW SGXFNRJI$ XMJ VJFWSRW KSV SZJVVNINRLXMSWJ VJWYPXW KVSQ WXFRIFVIN^JI NRWXVYQJRXW$ FRI XMJ GFWNW KSV VJHSQQJRINRL JPNLNGNPNX]&

)A@F<@G76 +><9<4<><FK 8AD +0+ 07DH<57E

)& 9SV F HMNPI XMVJJ "+# XMVSYLM KNZJ "-# ]JFVW SK FLJ$ HSRXNRYJI JPNLNGNPNX] FW F WXYIJRX [NXM F INWFGNPNX] YRIJVFRSXMJV HFXJLSV] [NPP GJ IJXJVQNRJI GJKSVJ XMJ HMNPI NW WN\ ".# ]JFVW SPI&

*& 9SV F HMNPI GNVXM XMVSYLM X[S "*# ]JFVW SK FLJ "GJPS[ XMNVX]%WN\ "+.# QSRXMW#$ HSRXNRYJI JPNLNGNPNX] FW F HMNPI [NXM FINWFGNPNX] [NPP GJ IJXJVQNRJI GJKSVJ XMJ HMNPI!W XMNVI GNVXMIF]&

2@<CG7 -;<>AEAB;<53>! )GDD<5G>3D! AD ,@EFDG5F<A@3> )A@E<67D3F<A@E

)& 9SV F HMNPI XMVJJ "+# XMVSYLM KNZJ "-# ]JFVW SK FLJ

F& 4W FTTVSTVNFXJ$ XMJ NRINZNIYFPN^JI KFQNP] WYTTSVX TPFR "<9B@# SV NRINZNIYFP JIYHFXNSRFP TPFR "<8@# WMFPP GJIJZJPSTJI XMVSYLM NRXJVFLJRH] HSPPFGSVFXNSR [NXM XMJ KFQNP] FRI SXMJV TVSZNIJVW SK WJVZNHJW XS XMJ HMNPIFRI KFQNP] FRI NR FHHSVIFRHJ [NXM AYPJW .4%.&(+(*.$ .4%.&(+(*0$ FRI .4%.&(+(*1$ 9&4&6&

G& 5JHFYWJ SK XMJ VFTNI IJZJPSTQJRX SK ]SYRL HMNPIVJR$ SR%LSNRL SGWJVZFXNSRW FRI FWWJWWQJRXW WMFPP GJHSRIYHXJI FW RJJIJI XS TPFR KSV <9B@ SV <8@ QSINKNHFXNSRW&

*& 9SV F HMNPI GNVXM XMVSYLM X[S "*# ]JFVW SK FLJ "GJPS[ XMNVX]%WN\ "+.# QSRXMW#

F& CMJ <9B@ WMFPP GJ IJZJPSTJI NR HSPPFGSVFXNSR [NXM XMJ KFQNP] FRI SXMJV TVSZNIJVW SK WJVZNHJ XS XMJ HMNPIFRI KFQNP] FRI NR FHHSVIFRHJ [NXM AYPJW .4%.&(+(*.$ .4%.&(+(*1$ FRI .4%.&(++)$ 9&4&6&

/175 *% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

G& 5JHFYWJ SK XMJ VFTNI IJZJPSTQJRX SK ]SYRL HMNPIVJR FRI XMJ HMFRLNRL RJJIW SK KFQNPNJW$ SRLSNRLSGWJVZFXNSRW SV FWWJWWQJRXW WMFPP GJ HSRIYHXJI FX PJFWX JZJV] WN\ QSRXMW KSV XMJ TYVTSWJ SK HSQTPJXNRLXMJ TJVNSINH VJZNJ[ SK XMJ <9B@&

1;7 E5;AA> 6<EFD<5F ;3E F;7 ABF<A@ FA <@5>G67 366<F<A@3> <@8AD?3F<A@ D793D6<@9 7H3>G3F<A@E! CG3><8<767H3>G3FADE! AD G@<CG7 B;<>AEAB;<53>! 5GDD<5G>3D! AD <@EFDG5F<A@3> 5A@E<67D3F<A@E 8AD BD7=<@67D93DF7@ 5;<>6D7@I<F; 67H7>AB?7@F3> 67>3KE#

?RJ SK XMJ KSPPS[NRL ?GEF GJ WJPJHXJI2

CMJ WHMSSP INWXVNHX MFW TVSZNIJI FIINXNSRFP NRKSVQFXNSR KSV XMNW WJHXNSR NR 'BB7@6<J ( SK XMNW ISHYQJRX&

CMJVJ NW RS FIINXNSRFP NRKSVQFXNSR KSV XMNW WJHXNSR&

/175 *& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-3DF ,,# -A><5<7E 3@6 -DA576GD7E 8AD 0FG67@FE I<F; *<E34<><F<7E

075F<A@ (#%& +J57BF<A@3> 0FG67@F +6G53F<A@ +><9<4<><FK 8AD 0FG67@FE I;A 3D7 *G3>"07@EADK ,?B3<D76

0F3FGFADK 3@6 /79G>3FADK )<F3F<A@E

+, 69A __+((&0$ +((&+,$ +((&))+$ FRI +((&)/*BJHXNSRW )((+&--$ )((+&-/$ FRI )((+&-/-$ 9&B&AYPJ .4%.&(+(**$ 9&4&6&

*78<@<F<A@

7YFP%WJRWSV] NQTFNVQJRX NW IJKNRJI FW NQTFNVQJRX FKKJHXNRL GSXM ZNWNSR FRI MJFVNRL$ XMJ HSQGNRFXNSR SK [MNHM HFYWJWF WJVNSYW NQTFNVQJRX NR XMJ FGNPNXNJW XS FHUYNVJ NRKSVQFXNSR$ HSQQYRNHFXJ$ SV KYRHXNSR [NXMNR XMJ JRZNVSRQJRX$ SV FIJLJRJVFXNZJ HSRINXNSR [MNHM [NPP PJFI XS WYHM FR NQTFNVQJRX&

+><9<4<><FK )D<F7D<3

4 WXYIJRX NW JPNLNGPJ KSV WTJHNFPP] IJWNLRJI NRWXVYHXNSR FRI VJPFXJI WJVZNHJW FW F WXYIJRX [NXM F IYFP%WJRWSV] NQTFNVQJRXNK XMJ KSPPS[NRL HVNXJVNF FVJ QJX2

)& ?RJ SV QSVJ SK XMJ KSPPS[NRL ZNWYFP NQTFNVQJRXW2

F& 4 ZNWYFP FHYNX] SK *('/( SV PJWW NR XMJ GJXXJV J]J FKXJV GJWX HSVVJHXNSR3

G& 4 TJVNTMJVFP KNJPI PSWW3

H& 4 TVSLVJWWNZJ ZNWNSR PSWW3 SV

I& ?XMJV ISHYQJRXJI ZNWYFP HSRINXNSRW$ NRHPYINRL$ GYX RSX PNQNXJI XS$ J\XVJQJ PNLMX WJRWNXNZNX] SV PFHO SKHSRXVFWX WJRWNXNZNX]3

FRI

*& ?RJ SV QSVJ SK XMJ KSPPS[NRL MJFVNRL NQTFNVQJRXW2

F& ;JFVNRL NQTFNVQJRX SK +( I5 SV LVJFXJV YRFNIJI NR XMJ GJXXJV JFV3

G& ?XMJV ISHYQJRXJI FYINXSV] HSRINXNSRW NRHPYINRL$ GYX RSX PNQNXJI XS$ QSRFYVFP PSWW SV FR NRFGNPNX] XS WHVJJRSYX FYINXSV] GFHOLVSYRI WSYRIW3 SV

H& 4 TVSLVJWWNZJ MJFVNRL PSWW3

FRI

+& 4 HSQGNRFXNSR SK XMJ ZNWYFP FRI FYINXSV] NQTFNVQJRXW FW WTJHNKNJI FGSZJ XMFX FIZJVWJP] FKKJHXW$ SV MFW XMJTSXJRXNFP XS FIZJVWJP] FKKJHX$ XMJ WXYIJRX!W FGNPNXNJW XS FHUYNVJ NRKSVQFXNSR$ HSQQYRNHFXJ$ SV KYRHXNSR [NXMNR XMJJRZNVSRQJRX$ YRPJWW WTJHNFP NRWXVYHXNSR$ QFXJVNFPW$ FIFTXFXNSRW$ SV HSYRWJPNRL FVJ TVSZNIJI3 SV

,& 4 INFLRSWJI IJLJRJVFXNZJ HSRINXNSR SV W]RIVSQJ XMFX [NPP PJFI XS IYFP%WJRWSV] NQTFNVQJRX FRI NW PNOJP] XSFIZJVWJP] FKKJHX XMJ FVJFW PNWXJI FGSZJ3 FRI

-& CMJ WXYIJRX IJQSRWXVFXJW F RJJI KSV WTJHNFP JIYHFXNSR&

0FG67@F +H3>G3F<A@

CMJ QNRNQYQ WXYIJRX JZFPYFXNSRW NRHPYIJ2

)& 9SV WXYIJRXW [NXM F WYWTJHXJI IJLJRJVFXNZJ HSRINXNSR SV W]RIVSQJ XMFX [NPP PJFI XS IYFP%WJRWSV] NQTFNVQJRX2 FQJINHFP WXFXJQJRX HSRKNVQNRL XMJ J\NWXJRHJ SK WYHM F HSRINXNSR SV W]RIVSQJ FRI NXW TVSLRSWNW

*& 9SV HMNPIVJR [MS FVJ YRIJV XMJ FLJ SK XMVJJ "+# ]JFVW2

/175 *' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

F& 4 QJINHFP J]J J\FQ IJWHVNGNRL JXNSPSL]$ INFLRSWNW$ FRI TVSLRSWNW3

G& 7SHYQJRXJI SGWJVZFXNSR SK KYRHXNSRFP ZNWNSR XMFX NRHPYIJW TSWWNGPJ NQTJINQJRXW XS ZNWYFP YWJ3

H& 4R FYINSPSLNHFP J\FQ3 FRI

I& 7SHYQJRXJI SGWJVZFXNSR SK FYINXSV] KYRHXNSRNRL&

+& 9SV WXYIJRXW [MS FVJ SZJV XMJ FLJ SK XMVJJ "+# ]JFVW2

F& 4 QJINHFP J]J J\FQ IJWHVNGNRL JXNSPSL]$ INFLRSWNW$ FRI TVSLRSWNW3

G& 7SHYQJRXJI SGWJVZFXNSR SK KYRHXNSRFP ZNWNSR [MNHM NRHPYIJW TSWWNGPJ NQTJINQJRXW XS ZNWYFP YWJ3

H& 4R FYINSPSLNHFP J\FQ3

I& 7SHYQJRXJI SGWJVZFXNSR SK FYINXSV] KYRHXNSRNRL3

J& 4R FWWJWWQJRX SK WTJJHM FRI PFRLYFLJ KYRHXNSRNRL [MNHM NRHPYIJW F INKKJVJRXNFP INFLRSWNW SK XMJWXYIJRX!W PNRLYNWXNH FGNPNXNJW FRI SK QSIFPNX] WXVJRLXMW FRI TVJKJVJRHJW3 FRI

K& 4R FWWJWWQJRX SK NRXJPPJHXYFP KYRHXNSRNRL$ IJZJPSTQJRXFP PJZJP$ SV FHFIJQNH KYRHXNSRNRL&

0FG67@F /77H3>G3F<A@

)& 4 VJJZFPYFXNSR WMFPP SHHYV FX PJFWX JZJV] XMVJJ "+# ]JFVW FRI WMFPP NRHPYIJ$ FX F QNRNQYQ$ XMJ KSPPS[NRL2

F& 4 QJINHFP J]J J\FQ IJWHVNGNRL JXNSPSL]$ INFLRSWNW$ FRI TVSLRSWNW

G& 7SHYQJRXJI SGWJVZFXNSR SK KYRHXNSRFP ZNWNSR XMFX NRHPYIJW TSWWNGPJ NQTJINQJRXW XS ZNWYFP YWJ

H& 4R FYINSPSLNHFP J\FQ

I& 7SHYQJRXJI SGWJVZFXNSR SK FYINXSV] KYRHXNSRNRL

J& 4R] SXMJV JZFPYFXNSRW WTJHNKNJI G] FR JZFPYFXNSR WTJHNFPNWX FRI FR J\HJTXNSRFP WXYIJRX XJFHMJV FKXJVJ\FQNRFXNSR SK FZFNPFGPJ NRKSVQFXNSR NR FPP FVJFW FIIVJWWJI NR XMJ NRNXNFP JZFPYFXNSR SV NR WYGWJUYJRXVJJZFPYFXNSRW SK XMJ WXYIJRX NR FHHSVIFRHJ [NXM AYPJ .4%.&(++)$ 9&4&6&

*& CMJ QJINHFP FWTJHX SK VJJZFPYFXNSR KSV WXYIJRXW [NXM GNPFXJVFP FRSTMXMFPQNF QF] GJ [FNZJI G] F [VNXXJRVJHSQQJRIFXNSR SK F TM]WNHNFR&

.G3><8<76 +H3>G3FADE

CMJ KSPPS[NRL FVJ UYFPNKNJI JZFPYFXSVW KSV WTJHNFPN^JI JZFPYFXNSRW2

)& >JINHFP J]J J\FQ2 STXSQJXVNWX SV STMXMFPQSPSLNWX

*& 9YRHXNSRFP ZNWNSR FWWJWWQJRX2 XJFHMJV SK XMJ ZNWYFPP] NQTFNVJI$ SVNJRXFXNSR FRI QSGNPNX] WTJHNFPNWX$ SV PS[ ZNWNSRWTJHNFPNWX

+& 4YINSPSLNHFP JZFPYFXNSR2 FYINSPSLNWX

,& 9YRHXNSRFP FYINXSV] SGWJVZFXNSR2 XJFHMJV SK XMJ IJFK SV MFVI%SK%MJFVNRL$ WTJJHM FRI PFRLYFLJ TFXMSPSLNWX$ SVFYINSPSLNWX

2@<CG7 -;<>AEAB;<53>! )GDD<5G>3D! AD ,@EFDG5F<A@3> )A@E<67D3F<A@E

)& 4PP WXYIJRXW [NXM ZNWYFP NQTFNVQJRXW$ NRHPYINRL WXYIJRXW [NXM IYFP%WJRWSV] NQTFNVQJRX$ FVJ VJLNWXJVJI KSVWJVZNHJW KVSQ XMJ 9PSVNIF <RWXVYHXNSRFP >FXJVNFPW 6JRXJV KSV XMJ DNWYFPP] <QTFNVJI& 4IINXNSRFPP]$ NRKSVQFXNSRVJLFVINRL FPP WXYIJRXW [MS FVJ IYFP%WJRWSV] NQTFNVJI WMFPP GJ WYGQNXXJI XS XMJ WXFXJ!W VJLNWXV] SK WXYIJRXW [NXMIYFP%WJRWSV] NQTFNVQJRXW&

*& <R FHHSVIFRHJ [NXM +, 69A _+((&+*,$ WXYIJRXW [NPP GJ TVSZNIJI [NXM NRWXVYHXNSR NR GVFNPPJ YRPJWW SXMJV[NWJIJXJVQNRJI G] XMJ <8@ XJFQ& CMNW IJXJVQNRFXNSR NW GFWJI YTSR XMJ WXYIJRX!W TVJWJRX VJFINRL FRI [VNXNRL WONPPW$

/175 *( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

L[TIZOUTGR \OYOUT GYYKYYSKTZ$ GTJ RKGXTOTM SKJOG GYYKYYSKTZ$ GY ]KRR GY JUI[SKTZGZOUT OTJOIGZOTM ZNK TKKJ LUXOTYZX[IZOUT UX [YK UL HXGORRK OT ZNK L[Z[XK&

*& ?XOKTZGZOUT GTJ SUHOROZ_ OY G XKRGZKJ YKX\OIK VXU\OJKJ ZU HROTJ UX \OY[GRR_ OSVGOXKJ YZ[JKTZY OL JKZKXSOTKJTKIKYYGX_ H_ ZNK <7@ ZKGS ZNGZ KTGHRKY ZNUYK YZ[JKTZY ZU GZZGOT Y_YZKSGZOI UXOKTZGZOUT ZU GTJ YGLK SU\KSKTZ]OZNOT ZNKOX KT\OXUTSKTZY OT YINUUR$ NUSK$ GTJ IUSS[TOZ_& ?XOKTZGZOUT GTJ SUHOROZ_ OTYZX[IZOUT KTIUSVGYYKYYQORR GTJ IUTIKVZ[GR G]GXKTKYY ZNGZ OTIR[JKY$ H[Z OY TUZ ROSOZKJ ZU1 YVGZOGR G]GXKTKYY$ [YK UL YKTYUX_ OTLUXSGZOUTZU SGOTZGOT UXOKTZGZOUT$ ZNK [YK UL SUHOROZ_ JK\OIKY "O&K&$ RUTM IGTK$ JOYZGTIK RU] \OYOUT GOJY$ GYYOYZO\KZKINTURUM_#$ GTJ UZNKX YQORRY GTJ ZKINTOW[KY [YKJ ZU ZXG\KR YGLKR_ GTJ KLLOIOKTZR_ GIXUYY G \GXOKZ_ UL YKZZOTMY&

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a*''&*)+&

,& BZ[JKTZY YNGRR NG\K GIIKYY ZU OTYZX[IZOUT [YOTM ZNK SKZNUJ UL IUSS[TOIGZOUT SUYZ XKGJOR_ [TJKXYZUUJ H_ ZNKYZ[JKTZ& 7GIN YZ[JKTZ ]NU OY JKGL UX NGXJ%UL%NKGXOTM YNGRR NG\K ZNK UVVUXZ[TOZ_ ZU JK\KRUV K^VXKYYO\K GTJXKIKVZO\K RGTM[GMK YQORRY [YOTM GT_ UX GRR UL ZNK LURRU]OTM1

G& AKYOJ[GR NKGXOTM

H& BVKKIN XKGJOTM

I& =GT[GR IUSS[TOIGZOUT Y_YZKSY

J& BVKKIN

K& 3VVXUVXOGZK GSVROLOIGZOUT

-& AU[ZOTK INKIQOTM UL NKGXOTM GOJY ]UXT OT YINUUR H_ YZ[JKTZY ]OZN NKGXOTM RUYY GTJ ZNK K^ZKXTGR IUSVUTKTZY ULY[XMOIGRR_ OSVRGTZKJ SKJOIGR JK\OIKY "O&K&$ IUINRKGX OSVRGTZY# OY XKW[OXKJ ZU KTY[XK ZNGZ ZNKYK JK\OIKY GXKL[TIZOUTOTM VXUVKXR_&

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`OTM "O&K&$ SGVVOTM#$ UX XKVRGIOTM IUINRKGXOSVRGTZY&

/& <TZKXVXKZOTM YKX\OIKY OTIR[JK ZNK LURRU]OTM$ ]NKT [YKJ ]OZN XKYVKIZ ZU INORJXKT ]NU GXK JKGL UX NGXJ%UL%NKGXOTM1UXGR ZXGTYROZKXGZOUT YKX\OIKY2 I[KJ RGTM[GMK ZXGTYROZKXGZOUT YKX\OIKY2 YOMT RGTM[GMK ZXGTYROZKXGZOUT GTJOTZKXVXKZOTM YKX\OIKY2 ZXGTYIXOVZOUT YKX\OIKY$ Y[IN GY 53AC$ 5%@XOTZ$ GTJ C_VKFKRR2 GTJ YVKIOGR OTZKXVXKZOTMYKX\OIKY LUX INORJXKT ]NU GXK JKGL%HROTJ&

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

('& CNK YINUUR JOYZXOIZ ]ORR VXU\OJK OTLUXSGZOUT JKYIXOHOTM ZNK 8RUXOJG BINUUR LUX ZNK 6KGL GTJ ZNK 4ROTJ GTJ GRR UZNKXVXUMXGSY GTJ SKZNUJY UL OTYZX[IZOUT G\GORGHRK ZU ZNK VGXKTZ UL G YZ[JKTZ ]OZN YKTYUX_ OSVGOXSKTZY& CNOYOTLUXSGZOUT ]ORR HK VXU\OJKJ GTT[GRR_& 3JJOZOUTGRR_$ OT GIIUXJGTIK ]OZN A[RK -3%-&'*'(+$ 8&3&5&$ IUUVKXGZO\KVRGTTOTM ]OZN ZNK 6O\OYOUT UL 4ROTJ BKX\OIKY "64B# SG_ UII[X LUX YZ[JKTZY KROMOHRK LUX 64B YKX\OIKY$ ]OZN VGXKTZVGXZOIOVGZOUT GTJ GMXKKSKTZ&

/175 )( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

096 C49??< 5;CDB;4D 92C D96 ?@D;?> D? ;>4<E56 255;D;?>2< ;>7?B=2D;?> B682B5;>8 6F2<E2D;?>C! AE2<;7;656F2<E2D?BC! ?B E>;AE6 @9;<?C?@9;42<! 4EBB;4E<2B! ?B ;>CDBE4D;?>2< 4?>C;56B2D;?>C 7?B CDE56>DC G;D9 5E2<"C6>C?BI;=@2;B=6>D#

?TK UL ZNK LURRU]OTM =ECD HK YKRKIZKJ1

CNK YINUUR JOYZXOIZ NGY VXU\OJKJ GJJOZOUTGR OTLUXSGZOUT LUX ZNOY YKIZOUT OT &@@6>5;H ' UL ZNOY JUI[SKTZ&

CNKXK OY TU GJJOZOUTGR OTLUXSGZOUT LUX ZNOY YKIZOUT&

/175 )) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-2BD ,,# -?<;4;6C 2>5 -B?465EB6C 7?B /DE56>DC G;D9 );C23;<;D;6C

/64D;?> '#$% *H46@D;?>2< /DE56>D *5E42D;?> *<;8;3;<;DI 7?B /DE56>DC G;D9 *=?D;?>2< ?B'692F;?B2< );C23;<;D;6C

/D2DED?BI 2>5 .68E<2D?BI (;D2D;?>C

*+ 58A a*''&/BKIZOUTY (''*&'( GTJ (''*&,.$ 8&B&A[RK -3%-&'*'(-$ 8&3&5&

)67;>;D;?>

3 YZ[JKTZ ]OZN GT KSUZOUTGR UX HKNG\OUXGR JOYGHOROZ_ "746# NGY VKXYOYZKTZ "OY TUZ Y[LLOIOKTZR_ XKYVUTYO\K ZU OSVRKSKTZKJK\OJKTIK%HGYKJ OTZKX\KTZOUTY# GTJ IUTYOYZKTZ KSUZOUTGR UX HKNG\OUXGR XKYVUTYKY ZNGZ GJ\KXYKR_ GLLKIZ VKXLUXSGTIK OTZNK KJ[IGZOUTGR KT\OXUTSKTZ ZNGZ IGTTUZ HK GZZXOH[ZKJ ZU GMK$ I[RZ[XK$ MKTJKX$ UX KZNTOIOZ_&

*F;56>46"32C65 ,>D6BF6>D;?>C ;> +6>6B2< *5E42D;?>

@XOUX ZU GT K\GR[GZOUT$ ZNK JOYZXOIZ S[YZ SKKZ ZNK MKTKXGR KJ[IGZOUT XKW[OXKSKTZY OT A[RK -3%-&'**("(#$ 8&3&5&$OTIR[JOTM ZNK XKYVUTYOHOROZ_ ZU OSVRKSKTZ K\OJKTIK%HGYKJ OTZKX\KTZOUTY LUX YZ[JKTZY XKW[OXOTM GJJOZOUTGR GIGJKSOI GTJKSUZOUTGR UX HKNG\OUXGR Y[VVUXZ OT ZNK MKTKXGR KJ[IGZOUT KT\OXUTSKTZ& 9KTKXGR KJ[IGZOUT GIZO\OZOKY GTJ OTZKX\KTZOUTYIUTJ[IZKJ VXOUX ZU GT K\GR[GZOUT OT GIIUXJGTIK ]OZN A[RK -3%-&'**("(# 8&3&5&$ SG_ HK [YKJ ZU YGZOYL_ ZNKXKW[OXKSKTZY UL A[RK -3%-&'*'(-&

*<;8;3;<;DI (B;D6B;2

3 YZ[JKTZ OY KROMOHRK LUX YVKIOGRR_ JKYOMTKJ OTYZX[IZOUT GTJ XKRGZKJ YKX\OIKY GY G YZ[JKTZ ]OZN KSUZOUTGR UX HKNG\OUXGRJOYGHOROZOKY OL ZNK LURRU]OTM IXOZKXOG GXK SKZ1

(& 3 YZ[JKTZ ]OZN GT KSUZOUTGR UX HKNG\OUXGR JOYGHOROZ_ JKSUTYZXGZKY GT OTGHOROZ_ ZU SGOTZGOT GJKW[GZK VKXLUXSGTIKOT ZNK KJ[IGZOUTGR KT\OXUTSKTZ ZNGZ IGTTUZ HK K^VRGOTKJ H_ VN_YOIGR$ YKTYUX_$ YUIOU%I[RZ[XGR$ JK\KRUVSKTZGR$SKJOIGR$ UX NKGRZN "]OZN ZNK K^IKVZOUT UL SKTZGR NKGRZN# LGIZUXY2 GTJ UTK UX SUXK UL ZNK LURRU]OTM INGXGIZKXOYZOIY1

G& <TZKXTGR LGIZUXY INGXGIZKXO`KJ H_1

" 8KKROTMY UL YGJTKYY$ UX LXKW[KTZ IX_OTM$ UX XKYZRKYYTKYY$ UX RUYY UL OTZKXKYZ OT LXOKTJY UX YINUUR]UXQ$ UX SUUJ Y]OTMY$ UX KXXGZOI HKNG\OUX2 UX

" CNK VXKYKTIK UL Y_SVZUSY Y[IN GY LKGXY$ VNUHOGY$ UX K^IKYYO\K ]UXX_OTM GTJ GT^OKZ_ XKMGXJOTMVKXYUTGR UX YINUUR VXUHRKSY2 UX

" 4KNG\OUXY ZNGZ XKY[RZ LXUS ZNU[MNZY GTJ LKKROTMY ZNGZ GXK OTIUTYOYZKTZ ]OZN GIZ[GR K\KTZY UXIOXI[SYZGTIKY$ UX JOLLOI[RZ_ SGOTZGOTOTM TUXSGR ZNU[MNZ VXUIKYYKY$ UX K^IKYYO\K RK\KRY UL]OZNJXG]GR LXUS VKXYUTY UX K\KTZY2 UX

H& 7^ZKXTGR LGIZUXY INGXGIZKXO`KJ H_1

" 3T OTGHOROZ_ ZU H[ORJ UX SGOTZGOT YGZOYLGIZUX_ OTZKXVKXYUTGR XKRGZOUTYNOVY ]OZN VKKXY$ ZKGINKXY$ GTJUZNKX GJ[RZY OT ZNK YINUUR YKZZOTM2 UX

" 4KNG\OUXY ZNGZ GXK INXUTOI GTJ JOYX[VZO\K Y[IN GY TUTIUSVROGTIK$ \KXHGR UX VN_YOIGR GMMXKYYOUT$UX VUUXR_ JK\KRUVKJ YUIOGR YQORRY ZNGZ GXK SGTOLKYZGZOUTY UL LKKROTMY$ Y_SVZUSY$ UX HKNG\OUXY GYYVKIOLOKJ OT YKIZOUT (&G# GHU\K&

)& CNK INGXGIZKXOYZOIY JKYIXOHKJ GHU\K GXK VXKYKTZ LUX G SOTOS[S UL YO^ SUTZNY J[XGZOUT GTJ OT Z]U UX SUXKYKZZOTMY$ OTIR[JOTM H[Z TUZ ROSOZKJ ZU$ YINUUR$ KJ[IGZOUTGR KT\OXUTSKTZ$ ZXGTYOZOUT ZU UX LXUS YINUUR$ UX NUSK GTJIUSS[TOZ_ YKZZOTMY& 3Z RKGYZ UTK YKZZOTM S[YZ OTIR[JK YINUUR&

*& CNK YZ[JKTZ JKSUTYZXGZKY G TKKJ LUX YVKIOGR KJ[IGZOUT&

/175 )* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

+& <T K^ZXGUXJOTGX_ IOXI[SYZGTIKY$ ZNK MKTKXGR KJ[IGZOUT XKW[OXKSKTZY OT A[RK -3%-&'**($ 8&3&5&$ GTJ ZNK IXOZKXOGLUX KROMOHOROZ_ XKRGZOTM ZU J[XGZOUT GTJ YKZZOTM JKYIXOHKJ OT )& 3HU\K SG_ HK ]GO\KJ ]NKT OSSKJOGZK OTZKX\KTZOUTOY XKW[OXKJ ZU GJJXKYY GT GI[ZK UTYKZ UL GT OTZKXTGR INGXGIZKXOYZOI ROYZKJ GHU\K OT (& G# UL ZNK 7ROMOHOROZ_ 5XOZKXOGYKIZOUT&

,& CNK INGXGIZKXOYZOIY JKYIXOHKJ HKRU] GXK TUZ OTJOIGZO\K UL G YZ[JKTZ ]OZN GT KSUZOUTGR UX HKNG\OUXGR JOYGHOROZ_1

G& >UXSGR$ ZKSVUXGX_ "RKYY ZNGT YO^ "-# SUTZNY# XKGIZOUTY ZU ROLK K\KTZ"Y# UX IXOYOY$ UX

H& 7SUZOUTGR UX HKNG\OUXGR JOLLOI[RZOKY ZNGZ OSVXU\K YOMTOLOIGTZR_ LXUS ZNK VXKYKTIK UL K\OJKTIK%HGYKJOSVRKSKTZKJ OTZKX\KTZOUTY$ UX

I& BUIOGR SGRGJP[YZSKTZ [TRKYY GRYU LU[TJ ZU SKKZ ZNK IXOZKXOG LUX GT KSUZOUTGR UX HKNG\OUXGR JOYGHOROZ_

/DE56>D *F2<E2D;?>

<T GJJOZOUT ZU ZNK VXU\OYOUTY OT A[RK -3%-&'**($ 8&3&5&$ XKMGXJOTM MKTKXGR KJ[IGZOUT OTZKX\KTZOUT VXUIKJ[XKY$ ZNKSOTOS[S YZ[JKTZ K\GR[GZOUT YNGRR OTIR[JK 2<< UL ZNK LURRU]OTM1

G& 3 L[TIZOUTGR HKNG\OUXGR GYYKYYSKTZ "843# S[YZ HK IUTJ[IZKJ& CNK 843 S[YZ OJKTZOL_ ZNK YVKIOLOI HKNG\OUX"Y# ULIUTIKXT$ IUTJOZOUTY [TJKX ]NOIN ZNK HKNG\OUX OY SUYZ GTJ RKGYZ ROQKR_ ZU UII[X$ GTJ L[TIZOUT UX V[XVUYK UL ZNKHKNG\OUX& 3 XK\OK] GTJ$ OL TKIKYYGX_$ G XK\OYOUT UL GT 843 IUSVRKZKJ GY VGXZ UL MKTKXGR KJ[IGZOUT OTZKX\KTZOUTYSG_ SKKZ ZNOY XKW[OXKSKTZ OL OZ SKKZY ZNK IUTJOZOUTY JKYIXOHKJ OT ZNOY YKIZOUT& <L GT 843 ]GY TUZ IUSVRKZKJ ZUGYYOYZ OT ZNK JK\KRUVSKTZ UL MKTKXGR KJ[IGZOUT OTZKX\KTZOUTY$ UTK S[YZ HK IUSVRKZKJ GTJ G ]KRR%JKRO\KXKJYIOKTZOLOI$ XKYKGXIN%HGYKJ HKNG\OUXGR OTZKX\KTZOUT VRGT UL XKGYUTGHRK OTZKTYOZ_ GTJ J[XGZOUT S[YZ HKOSVRKSKTZKJ ]OZN LOJKROZ_ VXOUX ZU JKZKXSOTOTM KROMOHOROZ_&

H& CNK K\GR[GZOUT S[YZ OTIR[JK JUI[SKTZGZOUT UL ZNK YZ[JKTZ!Y XKYVUTYK ZU MKTKXGR KJ[IGZOUT OTZKX\KTZOUTYOSVRKSKTZKJ ZU ZGXMKZ ZNK L[TIZOUT UL ZNK HKNG\OUX GY OJKTZOLOKJ OT ZNK 843&

I& 3 YUIOGR JK\KRUVSKTZGR NOYZUX_ IUSVORKJ LXUS G YZX[IZ[XKJ OTZKX\OK] ]OZN ZNK VGXKTZ UX M[GXJOGT ZNGZ GJJXKYYKYJK\KRUVSKTZGR$ LGSOROGR$ SKJOIGR$ NKGRZN$ GTJ KT\OXUTSKTZGR LGIZUXY OSVGIZOTM RKGXTOTM GTJ HKNG\OUX$ GTJ ]NOINOJKTZOLOKY ZNK XKRGZOUTYNOV HKZ]KKT YUIOGR JK\KRUVSKTZGR GTJ YUIOU%I[RZ[XGR LGIZUXY$ GTJ ZNK VXKYKTIK UXTUTVXKYKTIK UL KSUZOUTGR UX HKNG\OUXGR XKYVUTYKY HK_UTJ ZNK YINUUR KT\OXUTSKTZ&

J& 3 VY_INURUMOIGR K\GR[GZOUT IUTJ[IZKJ OT GIIUXJGTIK ]OZN A[RK -3%-&'**($ 8&3&5& CNK VY_INURUMOIGR K\GR[GZOUTYNU[RJ OTIR[JK GYYKYYSKTZ VXUIKJ[XKY TKIKYYGX_ ZU OJKTZOL_ ZNK LGIZUXY IUTZXOH[ZOTM ZU ZNK JK\KRUVSKTZ UL GTKSUZOUTGR UX HKNG\OUXGR JOYGHOROZ_$ ]NOIN OTIR[JK HKNG\OUXGR UHYKX\GZOUTY GTJ OTZKX\OK] JGZG XKRGZO\K ZU ZNKXKLKXXGR IUTIKXTY$ GTJ GYYKYYSKTZ UL KSUZOUTGR GTJ HKNG\OUXGR L[TIZOUTOTM$ GTJ SG_ GRYU OTIR[JK OTLUXSGZOUTUT JK\KRUVSKTZGR L[TIZOUTOTM GTJ YQORRY& CNK VY_INURUMOIGR K\GR[GZOUT YNGRR OTIR[JK G XK\OK] UL MKTKXGRKJ[IGZOUT OTZKX\KTZOUTY ZNGZ NG\K GRXKGJ_ HKKT OSVRKSKTZKJ GTJ ZNK IXOZKXOG [YKJ ZU K\GR[GZK ZNKOX Y[IIKYY&

K& 3 XK\OK] UL KJ[IGZOUTGR JGZG ZNGZ OTIR[JKY OTLUXSGZOUT UT ZNK YZ[JKTZ!Y GIGJKSOI RK\KRY UL VKXLUXSGTIK$ GTJ ZNKXKRGZOUTYNOV HKZ]KKT ZNK YZ[JKTZ!Y GIGJKSOI VKXLUXSGTIK GTJ ZNK KSUZOUTGR UX HKNG\OUXGR JOYGHOROZ_2 GJJOZOUTGRGIGJKSOI K\GR[GZOUT SG_ HK IUSVRKZKJ OL TKKJKJ&

L& 3 SKJOIGR K\GR[GZOUT S[YZ HK IUTJ[IZKJ ]NKT OZ OY JKZKXSOTKJ H_ ZNK GJSOTOYZXGZUX UL ZNK K^IKVZOUTGR YZ[JKTZVXUMXGS UX ZNK JKYOMTKK ZNGZ ZNK KSUZOUTGR UX HKNG\OUXGR XKYVUTYKY SG_ HK VXKIOVOZGZKJ H_ G VN_YOIGR VXUHRKS&

1>;AE6 -9;<?C?@9;42<! (EBB;4E<2B! ?B ,>CDBE4D;?>2< (?>C;56B2D;?>C

(& FNKT SGQOTM G JOYZOTIZOUT HKZ]KKT YZ[JKTZY ]OZN OTZKXTGRO`KJ UX K^ZKXTGRO`KJ INGXGIZKXOYZOIY$ ZNK <7@ ZKGS ]ORRIUTYOJKX ZNKYK VXKYKTZOTM SGTOLKYZGZOUTY GY ZNK_ JKZKXSOTK ZNK TKKJY UL ZNK YZ[JKTZY ]NKT XKIUSSKTJOTM1MUGRY GTJ YNUXZ%ZKXS UHPKIZO\KY UX HKTINSGXQY$ OL GVVXUVXOGZK2 YVKIOGRR_ JKYOMTKJ OTYZX[IZOUT GTJ XKRGZKJYKX\OIKY2 GTJ ZNK RUIGZOUT UL Y[IN YKX\OIKY&

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

/175 )+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

096 C49??< 5;CDB;4D 92C D96 ?@D;?> D? ;>4<E56 255;D;?>2< ;>7?B=2D;?> B682B5;>8 6F2<E2D;?>C! AE2<;7;656F2<E2D?BC! ?B E>;AE6 @9;<?C?@9;42<! 4EBB;4E<2B! ?B ;>CDBE4D;?>2< 4?>C;56B2D;?>C 7?B CDE56>DC G;D9 6=?D;?>2< ?B3692F;?B2< 5;C23;<;D;6C#

?TK UL ZNK LURRU]OTM =ECD HK YKRKIZKJ1

CNK YINUUR JOYZXOIZ NGY VXU\OJKJ GJJOZOUTGR OTLUXSGZOUT LUX ZNOY YKIZOUT OT &@@6>5;H ' UL ZNOY JUI[SKTZ&

CNKXK OY TU GJJOZOUTGR OTLUXSGZOUT LUX ZNOY YKIZOUT&

/175 *# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

28HJ 00$ 2EBA;A=I 8D< 2HE;=<KH=I >EH 4JK<=DJI MAJ@ -AI89ABAJA=I

4=;JAED +$&) .N;=FJAED8B 4JK<=DJ .<K;8JAED .BA?A9ABAJO >EH 0D>8DJI EH 5E<<B=HI +AHJ@J@HEK?@ 5ME !%" 7=8HI 1B< M@E @8L= .IJ89BAI@=< ,ED<AJAEDI

BKLV VHFWLRQ LV QRW DSSOLFDEOH IRU WKH GLVWULFW&

4J8JKJEHO 8D< 3=?KB8JEHO ,AJ8JAEDI

*+ 47@ __*'*&)( DQG *'*&*''AHFWLRQV (''*&'($ (''*&)($ DQG (''*&,.$ 7&A&@XOHV -3%-&'*'*' DQG -3%-&'**($ 7&3&4&

-=>ADAJAED

3Q LQIDQW RU WRGGOHU ZLWK DQ HVWDEOLVKHG FRQGLWLRQ LV GHILQHG DV D FKLOG IURP ELUWK WKURXJK WZR ")# \HDUV RI DJH ZLWK DGLDJQRVHG SK\VLFDO RU PHQWDO FRQGLWLRQ NQRZQ WR KDYH D KLJK SUREDELOLW\ RI UHVXOWLQJ LQ GHYHORSPHQWDO GHOD\& AXFKFRQGLWLRQV VKDOO LQFOXGH JHQHWLF DQG PHWDEROLF GLVRUGHUV$ QHXURORJLFDO GLVRUGHUV$ D VHYHUH DWWDFKPHQW GLVRUGHU$ DQDXWLVP VSHFWUXP GLVRUGHU$ D VHQVRU\ LPSDLUPHQW "YLVLRQ RU KHDULQJ#$ RU WKH LQIDQW!V ELUWK ZHLJKW ZDV OHVV WKDQ ($)''JUDPV&

.BA?A9ABAJO ,HAJ=HA8

3Q LQIDQW RU WRGGOHU LV HOLJLEOH IRU H[FHSWLRQDO VWXGHQW HGXFDWLRQ ZKHQ D WHDP RI TXDOLILHG SURIHVVLRQDOV DQG WKH SDUHQWRU JXDUGLDQ LQ DFFRUGDQFH ZLWK @XOH -3%-&'**("-#$ 7&3&4&$ GHWHUPLQH WKDW 8BB WKH IROORZLQJ FULWHULD DUH PHW1

(& BKH LQIDQW RU WRGGOHU LV EHORZ WKH DJH RI WKLUW\%VL[ "*-# PRQWKV2

)& BKH UHTXLUHPHQWV RI @XOH -3%-&'**(")#$ 7&3&4&$ KDYH EHHQ PHW2

*& BKHUH LV ZULWWHQ HYLGHQFH WKDW WKH 5HSDUWPHQW RI 8HDOWK$ 4KLOGUHQ!V <HGLFDO AHUYLFHV$ ?DUW 4 ;RFDO 6DUO\ AWHSVKDV GHWHUPLQHG WKDW WKH LQIDQW RU WRGGOHU KDV DQ HVWDEOLVKHG FRQGLWLRQ DV GHILQHG LQ VHFWLRQ "(# RI UXOH-3%-&'*'*'$ 7&3&4&2 DQG$

+& BKH LQIDQW RU WRGGOHU QHHGV HDUO\ LQWHUYHQWLRQ VHUYLFHV DV GHILQHG LQ @XOH -3%-&'*+(("(#"L#$ 7&3&4&

,EDJADK=< .BA?A9ABAJO

4RQWLQXHG HOLJLELOLW\ IRU H[FHSWLRQDO VWXGHQW HGXFDWLRQ SURJUDPV ZLOO EH GHWHUPLQHG EHIRUH WKH FKLOG!V WKLUG ELUWKGD\&

6DAGK= 2@ABEIEF@A;8B# ,KHHA;KB8H# EH 0DIJHK;JAED8B ,EDIA<=H8JAEDI

BKH LQGLYLGXDOL]HG IDPLO\ VXSSRUW SODQ "97A?# VKDOO EH GHYHORSHG ZLWK WKH ;RFDO 6DUO\ AWHSV$ WKH IDPLO\$ DQG RWKHUSURYLGHUV RI VHUYLFH WR WKH FKLOG DQG IDPLO\$ DQG VKDOO LQFOXGH VHUYLFHV WR SURYLGH WKH SDUHQW$ JXDUGLDQ$ RU SULPDU\FDUHJLYHU WKH RSSRUWXQLW\ WR DFTXLUH VSHFLILF VNLOOV DQG NQRZOHGJH WKDW ZLOO HQDEOH WKHP WR HQKDQFH WKH FKLOG!VFRJQLWLYH$ SK\VLFDO$ VRFLDO$ FRPPXQLFDWLRQ$ DQG DGDSWLYH EHKDYLRU& 9Q WKH SURYLVLRQ RI DQ DSSURSULDWH HGXFDWLRQDOSURJUDP IRU HOLJLEOH FKLOGUHQ ZLWK GLVDELOLWLHV DJHV ELUWK WKURXJK WZR ")# \HDUV$ KRPH LQVWUXFWLRQ PD\ LQFOXGH GLUHFWLQVWUXFWLRQ RI WKH SDUHQW$ JXDUGLDQ$ RU SULPDU\ FDUHJLYHU&

5@= I;@EEB <AIJHA;J @8I J@= EFJAED JE AD;BK<= 8<<AJAED8B AD>EHC8JAED H=?8H<AD? =L8BK8JAEDI# GK8BA>A=<=L8BK8JEHI# EH KDAGK= F@ABEIEF@A;8B# ;KHHA;KB8H# EH ADIJHK;JAED8B ;EDIA<=H8JAEDI >EH ;@AB<H=D 9AHJ@ J@HEK?@ JME!%" O=8HI EB< MAJ@ =IJ89BAI@=< ;ED<AJAEDI$

>QH RI WKH IROORZLQJ CKIJ EH VHOHFWHG1

BKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ *FF=D<AN + RI WKLV GRFXPHQW&

BKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 +$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

28HJ 00$ 2EBA;A=I 8D< 2HE;=<KH=I >EH 4JK<=DJI MAJ@ -AI89ABAJA=I

4=;JAED +$') .N;=FJAED8B 4JK<=DJ .<K;8JAED .BA?A9ABAJO >EH 4JK<=DJI M@E 8H= /EC=9EKD<EH /EIFAJ8BAP=<

BKLV VHFWLRQ LV QRW DSSOLFDEOH IRU WKH GLVWULFW&

4J8JKJEHO 8D< 3=?KB8JEHO ,AJ8JAEDI

*+ 47@ _*''&((,AHFWLRQV (''*&'( DQG (''*&,.$ 7&A&@XOH -3%-&'*')'$ 7&3&4&

-=>ADAJAEDI

(& 3 KRPHERXQG RU KRVSLWDOL]HG VWXGHQW LV D VWXGHQW ZKR KDV D PHGLFDOO\ GLDJQRVHG SK\VLFDO RU SV\FKLDWULFFRQGLWLRQ WKDW LV DFXWH RU FDWDVWURSKLF LQ QDWXUH$ RU D FKURQLF LOOQHVV RU D UHSHDWHG LQWHUPLWWHQW LOOQHVV GXH WR DSHUVLVWLQJ PHGLFDO SUREOHP$ ZKLFK FRQILQHV WKH VWXGHQW WR KRPH RU KRVSLWDO DQG UHVWULFWV DFWLYLWLHV IRU DQH[WHQGHG SHULRG RI WLPH& BKH PHGLFDO GLDJQRVLV VKDOO EH PDGH E\ D OLFHQVHG SK\VLFLDQ&

)& ;LFHQVHG SK\VLFLDQ LV GHILQHG LQ 4KDSWHUV +,/ DQG +,0$ 7&A&$ DV RQH ZKR LV TXDOLILHG WR DVVHVV WKH VWXGHQW!VSK\VLFDO RU SV\FKLDWULF FRQGLWLRQ&

.BA?A9ABAJO ,HAJ=HA8

3 VWXGHQW LV HOLJLEOH IRU VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV D VWXGHQW ZKR LV KRPHERXQG RUKRVSLWDOL]HG LI WKH IROORZLQJ FULWHULD DUH PHW1

(& 3 OLFHQVHG SK\VLFLDQ PXVW FHUWLI\1

D& BKDW WKH VWXGHQW LV H[SHFWHG WR EH DEVHQW IURP VFKRRO GXH WR D SK\VLFDO RU SV\FKLDWULF FRQGLWLRQ IRU DWOHDVW ILIWHHQ "(,# FRQVHFXWLYH VFKRRO GD\V "RU WKH HTXLYDOHQW RQ D EORFN VFKHGXOH#$ RU GXH WR D FKURQLFFRQGLWLRQ IRU DW OHDVW ILIWHHQ "(,# VFKRRO GD\V "RU WKH HTXLYDOHQW RQ D EORFN VFKHGXOH#$ ZKLFK QHHG QRW UXQFRQVHFXWLYHO\2

E& BKDW WKH VWXGHQW LV FRQILQHG WR KRPH RU KRVSLWDO2 DQG

F& BKDW WKH VWXGHQW ZLOO EH DEOH WR SDUWLFLSDWH LQ DQG EHQHILW IURP DQ LQVWUXFWLRQDO SURJUDP&

)& BKH VWXGHQW LV XQGHU PHGLFDO FDUH IRU LOOQHVV RU LQMXU\ WKDW LV DFXWH$ FDWDVWURSKLF$ RU FKURQLF LQ QDWXUH&

*& BKH VWXGHQW FDQ UHFHLYH LQVWUXFWLRQDO VHUYLFHV ZLWKRXW HQGDQJHULQJ WKH KHDOWK DQG VDIHW\ RI WKH LQVWUXFWRU RURWKHU VWXGHQWV ZLWK ZKRP WKH LQVWUXFWRU PD\ FRPH LQ FRQWDFW&

+& BKH VWXGHQW LV LQ NLQGHUJDUWHQ WKURXJK WZHOIWK JUDGH DQG LV HQUROOHG LQ D SXEOLF VFKRRO SULRU WR WKH UHIHUUDO IRUKRPHERXQG RU KRVSLWDOL]HG VHUYLFHV$ XQOHVV WKH VWXGHQW PHHWV FULWHULD IRU HOLJLELOLW\ XQGHU @XOHV -3%-&'*'(($-3%-&'*'()$ -3%-&'*'(*$ -3%-&'*'(+$ -3%-&'*'(,($ -3%-&'*'(,)$ -3%-&'*'(,*$ -3%-&'*'(-$ -3%-&'*'(/$-3%-&'*'))$ -3%-&'*')*$ DQG -3%-&'*').$ 7&3&4&

,& 3 SDUHQW$ JXDUGLDQ$ RU SULPDU\ FDUHJLYHU VLJQV SDUHQWDO DJUHHPHQW FRQFHUQLQJ KRPHERXQG RU KRVSLWDOL]HGSROLFLHV DQG SDUHQWDO FRRSHUDWLRQ&

-& BKH VWXGHQW GHPRQVWUDWHV D QHHG IRU VSHFLDO HGXFDWLRQ&

4JK<=DJ .L8BK8JAED

BKH PLQLPXP HYDOXDWLRQ IRU GHWHUPLQLQJ HOLJLELOLW\ VKDOO LQFOXGH1

(& 3Q DQQXDO PHGLFDO VWDWHPHQW IURP D 7ORULGD SK\VLFLDQ"V# "L&H&$ OLFHQVHG LQ DFFRUGDQFH ZLWK 4KDSWHU +,/ DQG+,0$ 7&A&# WKDW LQFOXGHV D GHVFULSWLRQ RI WKH GLVDEOLQJ FRQGLWLRQ RU GLDJQRVLV ZLWK DQ\ PHGLFDO LPSOLFDWLRQV IRULQVWUXFWLRQ& BKLV UHSRUW PXVW VWDWH WKDW WKH VWXGHQW LV XQDEOH WR DWWHQG VFKRRO$ GHVFULEH WKH SODQ RI WUHDWPHQW$

/175 +% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

SURYLGH UHFRPPHQGDWLRQV UHJDUGLQJ VFKRRO UH%HQWU\$ DQG JLYH DQ HVWLPDWHG GXUDWLRQ RI FRQGLWLRQ RU SURJQRVLV&BKH WHDP GHWHUPLQLQJ HOLJLELOLW\ PD\ UHTXLUH DGGLWLRQDO HYDOXDWLRQ GDWD& BKLV DGGLWLRQDO HYDOXDWLRQ GDWD PXVW EHSURYLGHG DW QR FRVW WR WKH SDUHQW&

)& 3 SK\VLFDO UHH[DPLQDWLRQ DQG D PHGLFDO UHSRUW E\ D OLFHQVHG SK\VLFLDQ"V# PD\ EH UHTXHVWHG E\ WKHDGPLQLVWUDWRU RI H[FHSWLRQDO VWXGHQW HGXFDWLRQ RU WKH DGPLQLVWUDWRU!V GHVLJQHH RQ D PRUH IUHTXHQW EDVLV WKDQUHTXLUHG LQ WKLV UXOH$ DQG PD\ EH UHTXLUHG LI WKH VWXGHQW LV VFKHGXOHG WR DWWHQG VFKRRO SDUW RI D GD\ GXULQJ DUHFXSHUDWLYH SHULRG RI UHDGMXVWPHQW WR D IXOO VFKRRO VFKHGXOH& BKLV SK\VLFDO H[DPLQDWLRQ DQG PHGLFDO UHSRUWVKDOO EH DW QR FRVW WR WKH SDUHQW&

2HE;=<KH=I >EH 2HELA<AD? 8D 0D<ALA<K8B .<K;8JAED8B 2B8D !0.2"

(& BKH 96? VKDOO EH GHYHORSHG RU UHYLVHG SULRU WR DVVLJQPHQW WR WKH KRPHERXQG RU KRVSLWDOL]HG SURJUDPSODFHPHQW&

)& 3 VWXGHQW PD\ EH DOWHUQDWLYHO\ DVVLJQHG WR WKH KRPHERXQG RU KRVSLWDOL]HG SURJUDP DQG WR D VFKRRO%EDVHGSURJUDP GXH WR DQ DFXWH$ FKURQLF RU LQWHUPLWWHQW FRQGLWLRQ DV FHUWLILHG E\ D OLFHQVHG SK\VLFLDQ&

*& BKLV GHFLVLRQ VKDOO EH PDGH E\ WKH 96? WHDP LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV RI @XOH -3%-&'*')/$ 7&3&4&

0DIJHK;JAED8B 4=HLA;=I

BKH IROORZLQJ VHWWLQJV DQG LQVWUXFWLRQDO PRGHV$ RU D FRPELQDWLRQ WKHUHRI$ DUH DSSURSULDWH PHWKRGV IRU SURYLGLQJLQVWUXFWLRQ WR VWXGHQWV GHWHUPLQHG HOLJLEOH IRU WKHVH VHUYLFHV1

(& 9QVWUXFWLRQ LQ D KRPH& BKH SDUHQW$ JXDUGLDQ RU SULPDU\ FDUHJLYHU VKDOO SURYLGH D TXLHW$ FOHDQ$ ZHOO%YHQWLODWHGVHWWLQJ ZKHUH WKH WHDFKHU DQG VWXGHQW ZLOO ZRUN2 HQVXUH WKDW D UHVSRQVLEOH DGXOW LV SUHVHQW2 DQG HVWDEOLVK DVFKHGXOH IRU VWXGHQW VWXG\ EHWZHHQ WHDFKHU YLVLWV WKDW WDNHV LQWR DFFRXQW WKH VWXGHQW^V PHGLFDO FRQGLWLRQ DQGWKH UHTXLUHPHQWV RI WKH VWXGHQW^V FRXUVHZRUN&

)& 9QVWUXFWLRQ LQ D KRVSLWDO& BKH KRVSLWDO DGPLQLVWUDWRU RU GHVLJQHH VKDOO SURYLGH DSSURSULDWH VSDFH IRU WKH WHDFKHUDQG VWXGHQW WR ZRUN DQG DOORZ IRU WKH HVWDEOLVKPHQW RI D VFKHGXOH IRU VWXGHQW VWXG\ EHWZHHQ WHDFKHU YLVLWV&

*& 9QVWUXFWLRQ WKURXJK WHOHFRPPXQLFDWLRQV RU FRPSXWHU GHYLFHV& CKHQ WKH 96? WHDP GHWHUPLQHV WKDW LQVWUXFWLRQ LVE\ WHOHFRPPXQLFDWLRQV RU FRPSXWHU GHYLFHV$ DQ RSHQ$ XQLQWHUUXSWHG WHOHFRPPXQLFDWLRQ OLQN VKDOO EH SURYLGHG$DW QR DGGLWLRQDO FRVW WR WKH SDUHQW$ GXULQJ WKH LQVWUXFWLRQDO SHULRG&BKH SDUHQW VKDOO HQVXUH WKDW WKH VWXGHQW LVSUHSDUHG WR DFWLYHO\ SDUWLFLSDWH LQ OHDUQLQJ&

5@= I;@EEB <AIJHA;J @8I J@= EFJAED JE AD;BK<= 8<<AJAED8B AD>EHC8JAED H=?8H<AD? =L8BK8JAEDI# GK8BA>A=<=L8BK8JEHI# EH KDAGK= F@ABEIEF@A;8B# ;KHHA;KB8H# EH ADIJHK;JAED8B ;EDIA<=H8JAEDI >EH IJK<=DJI M@E 8H=@EIFAJ8BAP=< EH @EC=9EKD<$

>QH RI WKH IROORZLQJ CKIJ EH VHOHFWHG1

BKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ *FF=D<AN + RI WKLV GRFXPHQW&

BKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 +& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

28HJ 00$ 2EBA;A=I 8D< 2HE;=<KH=I >EH 4JK<=DJI MAJ@ -AI89ABAJA=I

4=;JAED +$() .N;=FJAED8B 4JK<=DJ .<K;8JAED .BA?A9ABAJO >EH 4JK<=DJI MAJ@ 0DJ=BB=;JK8B-AI89ABAJA=I

4J8JKJEHO 8D< 3=?KB8JEHO ,AJ8JAEDI

*+ 47@ _*''&/AHFWLRQV (''*&'( DQG (''*&,.$ 7&A&@XOH -3%-&'*'(($ 7&3&4&

-=>ADAJAED

3Q LQWHOOHFWXDO GLVDELOLW\ LV GHILQHG DV VLJQLILFDQWO\ EHORZ DYHUDJH JHQHUDO LQWHOOHFWXDO DQG DGDSWLYH IXQFWLRQLQJPDQLIHVWHG GXULQJ WKH GHYHORSPHQWDO SHULRG$ ZLWK VLJQLILFDQW GHOD\V LQ DFDGHPLF VNLOOV& 5HYHORSPHQWDO SHULRG UHIHUV WRELUWK WR HLJKWHHQ "(/# \HDUV RI DJH&

.BA?A9ABAJO ,HAJ=HA8

3 VWXGHQW LV HOLJLEOH IRU VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV D VWXGHQW ZLWK DQ LQWHOOHFWXDO GLVDELOLW\ LIWKH IROORZLQJ FULWHULD DUH PHW1

(& BKH PHDVXUHG OHYHO RI LQWHOOHFWXDO IXQFWLRQLQJ LV PRUH WKDQ WZR ")# VWDQGDUG GHYLDWLRQV EHORZ WKH PHDQ RQ DQLQGLYLGXDOO\ PHDVXUHG$ VWDQGDUGL]HG WHVW RI LQWHOOHFWXDO IXQFWLRQLQJ&

)& BKH OHYHO RI DGDSWLYH IXQFWLRQLQJ LV PRUH WKDQ WZR ")# VWDQGDUG GHYLDWLRQV EHORZ WKH PHDQ RQ WKH DGDSWLYHEHKDYLRU FRPSRVLWH RU RQ WZR RXW RI WKUHH "*# GRPDLQV RQ D VWDQGDUGL]HG WHVW RI DGDSWLYH EHKDYLRU& BKHDGDSWLYH EHKDYLRU PHDVXUH VKDOO LQFOXGH SDUHQWDO RU JXDUGLDQ LQSXW&

*& BKH OHYHO RI DFDGHPLF RU SUH%DFDGHPLF SHUIRUPDQFH RQ D VWDQGDUGL]HG WHVW LV FRQVLVWHQW ZLWK WKH SHUIRUPDQFHH[SHFWHG RI D VWXGHQW RI FRPSDUDEOH LQWHOOHFWXDO IXQFWLRQLQJ&

+& BKH VRFLDO GHYHORSPHQWDO KLVWRU\ LGHQWLILHV WKH GHYHORSPHQWDO$ IDPLOLDO$ PHGLFDO$ KHDOWK$ DQG HQYLURQPHQWDOIDFWRUV LPSDFWLQJ VWXGHQW IXQFWLRQLQJ DQG GRFXPHQWV WKH VWXGHQW!V IXQFWLRQDO VNLOOV RXWVLGH RI WKH VFKRROHQYLURQPHQW&

,& BKH VWXGHQW GHPRQVWUDWHV D QHHG IRU VSHFLDO HGXFDWLRQ&

4JK<=DJ .L8BK8JAED

(& 9Q DGGLWLRQ WR WKH SURFHGXUHV LGHQWLILHG LQ @XOH -3%-&'**($ 7&3&4&$ WKH PLQLPXP HYDOXDWLRQ IRU GHWHUPLQLQJHOLJLELOLW\ VKDOO LQFOXGH DOO RI WKH IROORZLQJ1

D& 3 VWDQGDUGL]HG LQGLYLGXDO WHVW RI LQWHOOHFWXDO IXQFWLRQLQJ LQGLYLGXDOO\ DGPLQLVWHUHG E\ D SURIHVVLRQDOSHUVRQ TXDOLILHG LQ DFFRUGDQFH ZLWK @XOH -3%+&'*(($ 7&3&4&$ RU OLFHQVHG XQGHU 4KDSWHU +0'$ 7&A&

E& 3 VWDQGDUGL]HG DVVHVVPHQW RI DGDSWLYH EHKDYLRU WR LQFOXGH SDUHQWDO RU JXDUGLDQ LQSXW&

F& 3Q LQGLYLGXDOO\ DGPLQLVWHUHG VWDQGDUGL]HG WHVW RI DFDGHPLF RU SUH%DFDGHPLF DFKLHYHPHQW& 3VWDQGDUGL]HG GHYHORSPHQWDO VFDOH VKDOO EH XVHG ZKHQ D VWXGHQW!V OHYHO RI IXQFWLRQLQJ FDQQRW EHPHDVXUHG E\ DQ DFDGHPLF RU SUH%DFDGHPLF WHVW&

G& 3 VRFLDO GHYHORSPHQWDO KLVWRU\ WKDW KDV EHHQ FRPSLOHG GLUHFWO\ IURP WKH SDUHQW$ JXDUGLDQ$ RU SULPDU\FDUHJLYHU&

)& 6OLJLELOLW\ LV GHWHUPLQHG E\ D JURXS RI TXDOLILHG SURIHVVLRQDOV DQG WKH SDUHQW RU JXDUGLDQ LQ DFFRUGDQFH ZLWK @XOH-3%-&'**($ 7&3&4& BKH GRFXPHQWDWLRQ RI WKH GHWHUPLQDWLRQ RI HOLJLELOLW\ PXVW LQFOXGH D ZULWWHQ VXPPDU\ RI WKHJURXS!V DQDO\VLV RI WKH GDWD WKDW LQFRUSRUDWHV WKH IROORZLQJ LQIRUPDWLRQ1

D& BKH EDVLV IRU PDNLQJ WKH GHWHUPLQDWLRQ$ LQFOXGLQJ DQ DVVXUDQFH WKDW WKH GHWHUPLQDWLRQ KDV EHHQ PDGH LQDFFRUGDQFH ZLWK @XOH -3%-&'**($ 7&3&4&

/175 +' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

E& =RWHG EHKDYLRU GXULQJ WKH REVHUYDWLRQ RI WKH VWXGHQW DQG WKH UHODWLRQVKLS RI WKDW EHKDYLRU WR WKH VWXGHQW!VDFDGHPLF DQG LQWHOOHFWXDO IXQFWLRQLQJ&

F& BKH HGXFDWLRQDOO\ UHOHYDQW PHGLFDO ILQGLQJV$ LI DQ\&

G& BKH GHWHUPLQDWLRQ RI WKH JURXS FRQFHUQLQJ WKH HIIHFWV RQ WKH VWXGHQW!V DFKLHYHPHQW OHYHO RI D YLVXDO$KHDULQJ$ PRWRU$ RU HPRWLRQDO RU EHKDYLRUDO GLVDELOLW\2 FXOWXUDO IDFWRUV2 HQYLURQPHQWDO RU HFRQRPLF IDFWRUV2DQ LUUHJXODU SDWWHUQ RI DWWHQGDQFH RU KLJK PRELOLW\ UDWH2 FODVVURRP EHKDYLRU2 RU OLPLWHG 6QJOLVKSURILFLHQF\&

H& BKH VLJQDWXUH RI HDFK JURXS PHPEHU FHUWLI\LQJ WKDW WKH GRFXPHQWDWLRQ RI GHWHUPLQDWLRQ RI HOLJLELOLW\UHIOHFWV WKH PHPEHU!V FRQFOXVLRQ& 9I LW GRHV QRW UHIOHFW WKH PHPEHU!V FRQFOXVLRQ$ WKH JURXS PHPEHU PXVWVXEPLW D VHSDUDWH VWDWHPHQW SUHVHQWLQJ WKH PHPEHU!V FRQFOXVLRQ&

5@= I;@EEB <AIJHA;J @8I J@= EFJAED JE AD;BK<= 8<<AJAED8B AD>EHC8JAED H=?8H<AD? =L8BK8JAEDI# GK8BA>A=<=L8BK8JEHI# EH KDAGK= F@ABEIEF@A;8B# ;KHHA;KB8H# EH ADIJHK;JAED8B ;EDIA<=H8JAEDI >EH IJK<=DJI MAJ@ ADJ=BB=;JK8B<AI89ABAJA=I$

>QH RI WKH IROORZLQJ CKIJ EH VHOHFWHG1

BKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ *FF=D<AN + RI WKLV GRFXPHQW&

BKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 +( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

15FH .." 1C@>7>9G 5B8 1FC798IF9G ;CF 3HI89BHG K>H= +>G56>@>H>9G

397H>CB )"&' ,L79DH>CB5@ 3HI89BH ,8I75H>CB ,@><>6>@>HM ;CF 3HI89BHG K>H= 0FH=CD98>7.AD5>FA9BH

3H5HIHCFM 5B8 29<I@5HCFM *>H5H>CBG

*+ 58? ^*''&/@HFWLRQV (''*&'( DQG (''*&,.$ 8&@&?XOH -3%-&'*'(,($ 8&3&5&

+9;>B>H>CB

=UWKRSHGLF LPSDLUPHQW PHDQV D VHYHUH VNHOHWDO$ PXVFXODU$ RU QHXURPXVFXODU LPSDLUPHQW& AKH WHUP LQFOXGHVLPSDLUPHQWV UHVXOWLQJ IURP FRQJHQLWDO DQRPDOLHV "H&J&$ LQFOXGLQJ$ EXW QRW OLPLWHG WR$ VNHOHWDO GHIRUPLW\ RU VSLQD ELILGD#DQG LPSDLUPHQWV UHVXOWLQJ IURP RWKHU FDXVHV "H&J&$ LQFOXGLQJ$ EXW QRW OLPLWHG WR$ FHUHEUDO SDOV\ RU DPSXWDWLRQV#&

,@><>6>@>HM *F>H9F>5

3 VWXGHQW LV HOLJLEOH IRU VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV D VWXGHQW ZLWK DQ RUWKRSHGLF LPSDLUPHQWLI WKH IROORZLQJ FULWHULD DUH PHW1

(& AKHUH LV HYLGHQFH RI DQ RUWKRSHGLF LPSDLUPHQW WKDW DGYHUVHO\ DIIHFWV WKH VWXGHQW!V SHUIRUPDQFH LQ WKHHGXFDWLRQDO HQYLURQPHQW LQ DQ\ RI WKH IROORZLQJ1 DPEXODWLRQ$ KDQG PRYHPHQW$ FRRUGLQDWLRQ$ RU GDLO\ OLYLQJ VNLOOV&

)& AKH VWXGHQW GHPRQVWUDWHV D QHHG IRU VSHFLDO HGXFDWLRQ&

3HI89BH ,J5@I5H>CB

9Q DGGLWLRQ WR WKH SURYLVLRQV LQ ?XOH -3%-&'**($ 8&3&5&$ UHJDUGLQJ JHQHUDO HGXFDWLRQ LQWHUYHQWLRQ SURFHGXUHV$ WKHPLQLPXP VWXGHQW HYDOXDWLRQ VKDOO LQFOXGH DOO RI WKH IROORZLQJ1

(& 3 UHSRUW RI D PHGLFDO H[DPLQDWLRQ$ ZLWKLQ WKH SUHYLRXV WZHOYH "()#%PRQWK SHULRG$ IURP D SK\VLFLDQ"V# OLFHQVHG LQ8ORULGD LQ DFFRUGDQFH ZLWK 5KDSWHU +,/ RU +,0$ 8&@&$ XQOHVV D UHSRUW RI PHGLFDO H[DPLQDWLRQ IURP D SK\VLFLDQOLFHQVHG LQ DQRWKHU VWDWH LV GHWHUPLQHG E\ WKH GLVWULFW WR EH SHUPLWWHG LQ DFFRUGDQFH ZLWK ?XOH -3%-&'**("*#"F#$8&3&5& AKH SK\VLFLDQ!V UHSRUW PXVW SURYLGH D GHVFULSWLRQ RI WKH LPSDLUPHQW DQG DQ\ PHGLFDO LPSOLFDWLRQV IRULQVWUXFWLRQ

)& 3Q HGXFDWLRQDO HYDOXDWLRQ WKDW LGHQWLILHV HGXFDWLRQDO DQG HQYLURQPHQWDO QHHGV RI WKH VWXGHQW&

4=9 G7=CC@ 8>GHF>7H =5G H=9 CDH>CB HC >B7@I89 588>H>CB5@ >B;CFA5H>CB F9<5F8>B< 9J5@I5H>CBG! EI5@>;>989J5@I5HCFG! CF IB>EI9 D=>@CGCD=>75@! 7IFF>7I@5F! CF >BGHFI7H>CB5@ 7CBG>89F5H>CBG ;CF GHI89BHG K>H= 5B CFH=CD98>7>AD5>FA9BH"

=QH RI WKH IROORZLQJ AIGH EH VHOHFWHG1

AKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ (DD9B8>L ) RI WKLV GRFXPHQW&

AKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 *( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

15FH .." 1C@>7>9G 5B8 1FC798IF9G ;CF 3HI89BHG K>H= +>G56>@>H>9G

397H>CB )"$#' ,L79DH>CB5@ 3HI89BH ,8I75H>CB ,@><>6>@>HM ;CF 3HI89BHG K>H= 0H=9F -95@H=.AD5>FA9BH

3H5HIHCFM 5B8 29<I@5HCFM *>H5H>CBG

*+ 58? ^*''&/@HFWLRQV (''*&'( DQG (''*&,.$ 8&@&?XOH -3%-&'*'(,)$ 8&3&5&

+9;>B>H>CB

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

,@><>6>@>HM *F>H9F>5

3 VWXGHQW LV HOLJLEOH IRU VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV D VWXGHQW ZLWK DQ RWKHU KHDOWKLPSDLUPHQW LI WKH IROORZLQJ FULWHULD DUH PHW1

(& AKHUH LV HYLGHQFH RI D KHDOWK LPSDLUPHQW WKDW UHVXOWV LQ UHGXFHG HIILFLHQF\ LQ VFKRROZRUN DQG DGYHUVHO\ DIIHFWVWKH VWXGHQW!V SHUIRUPDQFH LQ WKH HGXFDWLRQDO HQYLURQPHQW&

)& AKH VWXGHQW GHPRQVWUDWHV D QHHG IRU VSHFLDO HGXFDWLRQ&

3HI89BH ,J5@I5H>CB

9Q DGGLWLRQ WR WKH SURYLVLRQV LQ ?XOH -3%-&'**($ 8&3&5&$ UHJDUGLQJ JHQHUDO HGXFDWLRQ LQWHUYHQWLRQ SURFHGXUHV$ WKHPLQLPXP VWXGHQW HYDOXDWLRQV VKDOO LQFOXGH DOO RI WKH IROORZLQJ1

D& 3 UHSRUW RI D PHGLFDO H[DPLQDWLRQ$ ZLWKLQ WKH SUHYLRXV WZHOYH "()#%PRQWK SHULRG$ IURP D SK\VLFLDQ"V# OLFHQVHG LQ8ORULGD LQ DFFRUGDQFH ZLWK 5KDSWHU +,/ RU +,0$ 8&@&$ XQOHVV D UHSRUW RI PHGLFDO H[DPLQDWLRQ IURP D SK\VLFLDQOLFHQVHG LQ DQRWKHU VWDWH LV GHWHUPLQHG E\ WKH GLVWULFW WR EH SHUPLWWHG LQ DFFRUGDQFH ZLWK ?XOH -3%-&'**("*#"F#$8&3&5& AKH SK\VLFLDQ!V UHSRUW PXVW SURYLGH D GHVFULSWLRQ RI WKH LPSDLUPHQW DQG DQ\ PHGLFDO LPSOLFDWLRQV IRULQVWUXFWLRQ

E& 3Q HGXFDWLRQDO HYDOXDWLRQ WKDW LGHQWLILHV HGXFDWLRQDO DQG HQYLURQPHQWDO QHHGV RI WKH VWXGHQW&

4=9 G7=CC@ 8>GHF>7H =5G H=9 CDH>CB HC >B7@I89 588>H>CB5@ >B;CFA5H>CB F9<5F8>B< 9J5@I5H>CBG! EI5@>;>989J5@I5HCFG! CF IB>EI9 D=>@CGCD=>75@! 7IFF>7I@5F! CF >BGHFI7H>CB5@ 7CBG>89F5H>CBG ;CF GHI89BHG K>H= CH=9F =95@H=>AD5>FA9BH"

=QH RI WKH IROORZLQJ AIGH EH VHOHFWHG1

AKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ (DD9B8>L ) RI WKLV GRFXPHQW&

AKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 *) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

15FH .." 1C@>7>9G 5B8 1FC798IF9G ;CF 3HI89BHG K>H= +>G56>@>H>9G

397H>CB )"$$' ,L79DH>CB5@ 3HI89BH ,8I75H>CB ,@><>6>@>HM ;CF 3HI89BHG K>H= 4F5IA5H>7)F5>B .B?IFM

3H5HIHCFM 5B8 29<I@5HCFM *>H5H>CBG

*+ 58? ^*''&/@HFWLRQV (''*&'( DQG (''*&,.$ 8&@&?XOH -3%-&'*'(,*$ 8&3&5&

+9;>B>H>CB

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

,@><>6>@>HM *F>H9F>5

3 VWXGHQW LV HOLJLEOH IRU VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV D VWXGHQW ZLWK D WUDXPDWLF EUDLQ LQMXU\ LIWKH IROORZLQJ FULWHULD DUH PHW1

(& AKHUH LV HYLGHQFH RI D WUDXPDWLF EUDLQ LQMXU\ WKDW LPSDFWV RQH RU PRUH RI WKH DUHDV LGHQWLILHG LQ WKH GHILQLWLRQ&

)& AKH VWXGHQW GHPRQVWUDWHV D QHHG IRU VSHFLDO HGXFDWLRQ&

3HI89BH ,J5@I5H>CB

(& 9Q DGGLWLRQ WR WKH SURYLVLRQV LQ ?XOH -3%-&'**($ 8&3&5&$ UHJDUGLQJ JHQHUDO HGXFDWLRQ LQWHUYHQWLRQ SURFHGXUHV$WKH PLQLPXP VWXGHQW HYDOXDWLRQV VKDOO LQFOXGH DOO RI WKH IROORZLQJ1

D& 3 UHSRUW RI D PHGLFDO H[DPLQDWLRQ$ ZLWKLQ WKH SUHYLRXV WZHOYH "()#%PRQWK SHULRG$ IURP D SK\VLFLDQ"V#OLFHQVHG LQ 8ORULGD LQ DFFRUGDQFH ZLWK 5KDSWHU +,/ RU +,0$ 8&@&$ XQOHVV D UHSRUW RI PHGLFDO H[DPLQDWLRQIURP D SK\VLFLDQ OLFHQVHG LQ DQRWKHU VWDWH LV GHWHUPLQHG E\ WKH GLVWULFW WR EH SHUPLWWHG LQ DFFRUGDQFH ZLWK?XOH -3%-&'**("*#"F#$ 8&3&5& AKH SK\VLFLDQ!V UHSRUW PXVW SURYLGH D GHVFULSWLRQ RI WKH WUDXPDWLF EUDLQLQMXU\ DQG DQ\ PHGLFDO LPSOLFDWLRQV IRU LQVWUXFWLRQ

E& 6RFXPHQWHG HYLGHQFH E\ PRUH WKDQ RQH SHUVRQ$ LQFOXGLQJ WKH SDUHQW$ JXDUGLDQ$ RU SULPDU\ FDUHJLYHU$ LQPRUH WKDQ RQH VLWXDWLRQ& AKH GRFXPHQWDWLRQ VKDOO LQFOXGH HYLGHQFH RI D PDUNHG FRQWUDVW RI SUH% DQGSRVW%LQMXU\ FDSDELOLWLHV LQ RQH RU PRUH RI WKH IROORZLQJ DUHDV1 FRJQLWLRQ2 ODQJXDJH2 PHPRU\2 DWWHQWLRQ2UHDVRQLQJ2 DEVWUDFW WKLQNLQJ2 MXGJPHQW2 SUREOHP VROYLQJ2 VHQVRU\$ SHUFHSWXDO$ DQG PRWRU DELOLWLHV2SV\FKRVRFLDO EHKDYLRU2 SK\VLFDO IXQFWLRQV2 LQIRUPDWLRQ SURFHVVLQJ RU VSHHFK

F& 3Q HGXFDWLRQDO HYDOXDWLRQ WKDW LGHQWLILHV HGXFDWLRQDO DQG HQYLURQPHQWDO QHHGV RI WKH VWXGHQW&

)& AKH HYDOXDWLRQ PD\ DOVR LQFOXGH D QHXURSV\FKRORJLFDO HYDOXDWLRQ ZKHQ UHTXHVWHG E\ WKH H[FHSWLRQDO VWXGHQWHGXFDWLRQ DGPLQLVWUDWRU RU GHVLJQHH&

4=9 G7=CC@ 8>GHF>7H =5G H=9 CDH>CB HC >B7@I89 588>H>CB5@ >B;CFA5H>CB F9<5F8>B< 9J5@I5H>CBG! EI5@>;>989J5@I5HCFG! CF IB>EI9 D=>@CGCD=>75@! 7IFF>7I@5F! CF >BGHFI7H>CB5@ 7CBG>89F5H>CBG ;CF GHI89BHG K>H= HF5IA5H>76F5>B >B?IFM"

=QH RI WKH IROORZLQJ AIGH EH VHOHFWHG1

AKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ (DD9B8>L ) RI WKLV GRFXPHQW&

AKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 ** >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

15FH .." 1C@>7>9G 5B8 1FC798IF9G ;CF 3HI89BHG K>H= +>G56>@>H>9G

397H>CB )"$%' ,L79DH>CB5@ ,8I75H>CB ,@><>6>@>HM ;CF 3HI89BHG K>H= 3D97>;>7 /95FB>B<+>G56>@>H>9G

3H5HIHCFM 5B8 29<I@5HCFM *>H5H>CBG

*+ 58? ^*''&/@HFWLRQ (''*&,.$ 8&@&?XOH -3%-&'*'(/$ 8&3&5&

+9;>B>H>CB

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

,@><>6>@>HM *F>H9F>5

3 VWXGHQW LV HOLJLEOH IRU VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV D VWXGHQW ZLWK D VSHFLILF OHDUQLQJGLVDELOLW\ LI DOO RI WKH IROORZLQJ FULWHULD DUH PHW1

(& 7YLGHQFH RI VSHFLILF OHDUQLQJ GLVDELOLW\

AKH VWXGHQW!V SDUHQW"V# RU JXDUGLDQ"V# DQG JURXS RI TXDOLILHG SHUVRQQHO PD\ GHWHUPLQH WKDW D VWXGHQW KDV DVSHFLILF OHDUQLQJ GLVDELOLW\ LI WKHUH LV HYLGHQFH RI HDFK RI WKH IROORZLQJ1

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

" =UDO H[SUHVVLRQ

" ;LVWHQLQJ FRPSUHKHQVLRQ

" CULWWHQ H[SUHVVLRQ

" 4DVLF UHDGLQJ VNLOOV

" ?HDGLQJ IOXHQF\ VNLOOV

" ?HDGLQJ FRPSUHKHQVLRQ

" <DWKHPDWLFV FDOFXODWLRQ

" <DWKHPDWLFV SUREOHP VROYLQJ

AKH VFKRRO GLVWULFW KDV WKH CDH>CB RI UHTXLULQJ WKDW DQ LQGLYLGXDOO\%DGPLQLVWHUHG$ VWDQGDUGL]HG WHVW RIDFKLHYHPHQW EH DGPLQLVWHUHG E\ D TXDOLILHG HYDOXDWRU LQ DFFRUGDQFH ZLWK ?XOH -3%-&'*'(/"+#"E#)&$8&3&5&$ DV RQH RI WKH HYDOXDWLRQ SURFHGXUHV XVHG WR DGGUHVV WKH UHTXLUHPHQWV RI ?XOH -3%-&'*'(/"+#"D#(&$ 8&3&5&

=QH RI WKH IROORZLQJ AIGH EH VHOHFWHG1

AKH GLVWULFW F9EI>F9G WKDW DQ LQGLYLGXDOO\ DGPLQLVWHUHG$ VWDQGDUGL]HG WHVW RI DFKLHYHPHQW "WKDWDGGUHVVHV WKH UHOHYDQW DUHDV RI FRQFHUQ DV LGHQWLILHG E\ WKH WHDP# EH JLYHQ E\ D TXDOLILHG HYDOXDWRUDIWHU REWDLQLQJ SDUHQWDO FRQVHQW IRU DQ HYDOXDWLRQ&

/175 *+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

AKH GLVWULFW 8C9G BCH F9EI>F9 WKDW DQ LQGLYLGXDOO\ DGPLQLVWHUHG$ VWDQGDUGL]HG WHVW RI DFKLHYHPHQW EHJLYHQ E\ D TXDOLILHG HYDOXDWRU DIWHU REWDLQLQJ SDUHQWDO FRQVHQW IRU DQ HYDOXDWLRQ& AKH WHDP UHVSRQVLEOHIRU WKH HYDOXDWLRQ PD\ GHWHUPLQH WKH QHHG IRU DQ LQGLYLGXDOO\ DGPLQLVWHUHG$ VWDQGDUGL]HG WHVW RIDFKLHYHPHQW RQ DQ LQGLYLGXDO GHI89BH EDVLV&

E& AKH VWXGHQW GRHV QRW PDNH DGHTXDWH SURJUHVV WR PHHW FKURQRORJLFDO DJH RU JUDGH%OHYHO VWDQGDUGVDGRSWHG LQ ?XOH -3%(&'0+'($ 8&3&5&$ LQ RQH RU PRUH RI WKH DUHDV LGHQWLILHG LQ VHFWLRQ (&D# "DERYH# DVGHWHUPLQHG WKURXJK1

" 3 SURFHVV EDVHG RQ WKH VWXGHQW!V UHVSRQVH WR VFLHQWLILF$ UHVHDUFK%EDVHG LQWHUYHQWLRQ$ FRQVLVWHQWZLWK WKH FRPSUHKHQVLYH HYDOXDWLRQ SURFHGXUHV LQ ?XOH -3%-&'**( 8&3&5&

F& AKH JURXS GHWHUPLQHV WKDW LWV ILQGLQJV XQGHU SDUDJUDSK D# RI WKLV VXEVHFWLRQ DUH QRW SULPDULO\ WKH UHVXOWRI RQH RU PRUH RI WKH IROORZLQJ1

" 3 YLVXDO$ KHDULQJ$ RU PRWRU GLVDELOLW\

" 9QWHOOHFWXDO GLVDELOLW\

" 7PRWLRQDO RU EHKDYLRUDO GLVDELOLW\

" 5XOWXUDO IDFWRUV

" 9UUHJXODU SDWWHUQ RI DWWHQGDQFH RU KLJK PRELOLW\ UDWH

" 5ODVVURRP EHKDYLRU

" 7QYLURQPHQWDO RU HFRQRPLF IDFWRUV

" ;LPLWHG 7QJOLVK SURILFLHQF\

)& AKH VWXGHQW GHPRQVWUDWHV D QHHG IRU VSHFLDO HGXFDWLRQ&

3HI89BH ,J5@I5H>CB

AKH HYDOXDWLRQ SURFHGXUHV VKDOO LQFOXGH WKH IROORZLQJ1

(& AKH VFKRRO GLVWULFW PXVW SURPSWO\ UHTXHVW SDUHQWDO RU JXDUGLDQ FRQVHQW WR FRQGXFW DQ HYDOXDWLRQ WR GHWHUPLQH LIWKH VWXGHQW QHHGV VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ LQ WKH IROORZLQJ FLUFXPVWDQFHV1

D& AKH VWXGHQW GRHV QRW PDNH DGHTXDWH SURJUHVV ZKHQ1

" >ULRU WR D UHIHUUDO$ WKH VWXGHQW KDV QRW PDGH DGHTXDWH SURJUHVV DIWHU DQ DSSURSULDWH SHULRG RI WLPHZKHQ SURYLGHG DSSURSULDWH LQVWUXFWLRQ DQG LQWHQVH$ LQGLYLGXDOL]HG LQWHUYHQWLRQV2 RU

" >ULRU WR UHIHUUDO$ LQWHQVLYH LQWHUYHQWLRQV DUH GHPRQVWUDWHG WR EH HIIHFWLYH EXW UHTXLUH VXVWDLQHG DQGVXEVWDQWLDO HIIRUW WKDW PD\ LQFOXGH WKH SURYLVLRQ RI VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG UHODWHGVHUYLFHV2

DQG

E& CKHQHYHU D UHIHUUDO LV PDGH WR FRQGXFW DQ HYDOXDWLRQ WR GHWHUPLQH WKH VWXGHQW!V QHHG IRU VSHFLDOO\GHVLJQHG LQVWUXFWLRQ DQG WKH H[LVWHQFH RI D GLVDELOLW\&

)& =EVHUYDWLRQ UHTXLUHPHQW

9Q GHWHUPLQLQJ ZKHWKHU D VWXGHQW QHHGV VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ DQG KDV D VSHFLILF OHDUQLQJ GLVDELOLW\$ DQGLQ RUGHU WR GRFXPHQW WKH UHODWLRQVKLS EHWZHHQ WKH VWXGHQW!V FODVVURRP EHKDYLRU DQG DFDGHPLF SHUIRUPDQFH$ WKHJURXS PXVW GR WKH IROORZLQJ1

D& BVH LQIRUPDWLRQ IURP DQ REVHUYDWLRQ LQ URXWLQH FODVVURRP LQVWUXFWLRQ DQG PRQLWRULQJ RI WKH VWXGHQW!VSHUIRUPDQFH WKDW ZDV FRPSOHWHG EHIRUH UHIHUUDO IRU DQ HYDOXDWLRQ2 RU

/175 +# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

Q) @PeT Pc [TPbc ^]T \T\QTa ^U cWT Va^d_ R^]SdRc P] ^QbTaePcX^] ^U cWT bcdST]c$b _TaU^a\P]RT X] cWTbcdST]c$b ch_XRP[ [TPa]X]V T]eXa^]\T]c' ^a X] P] T]eXa^]\T]c P__a^_aXPcT U^a P bcdST]c ^U cWPcRWa^]^[^VXRP[ PVT' PUcTa aTUTaaP[ U^a P] TeP[dPcX^] P]S _PaT]cP[ ^a VdPaSXP] R^]bT]c WPb QTT] ^QcPX]TS)

.) A] PSSXcX^] c^ cWT _a^RTSdaTb XST]cXUXTS X] Id[T 18(1)+..,' >)8);)' cWT TeP[dPcX^] \dbc P[b^ X]R[dST cWT SXbcaXRc$b_a^RTSdaTb Pb b_TRXUXTS X] cWT JH#H Pb aT`dXaTS Qh Id[T 18(1)+./,,' >)8);) KWT TeP[dPcX^] \dbc PSWTaT c^ cWTcX\TUaP\T aT`dXaTS Qh Id[T 18(1)+..,' >)8);)' d][Tbb TgcT]STS Qh \dcdP[ faXccT] PVaTT\T]c ^U cWT bcdST]c$b_PaT]c%b& ^a VdPaSXP]%b& P]S P Va^d_ ^U `dP[XUXTS _a^UTbbX^]P[b)

!&%"$#(&$'

,) ?T]TaP[ TSdRPcX^] X]cTaeT]cX^] _a^RTSdaTb P]S PRcXeXcXTb

P) A] ^aSTa c^ T]bdaT cWPc [PRZ ^U PRPST\XR _a^VaTbb Xb ]^c SdT c^ [PRZ ^U P__a^_aXPcT X]bcadRcX^]' P Va^d_ ^U`dP[XUXTS _Tab^]]T[ \dbc R^]bXSTa cWT U^[[^fX]V5

" <PcP cWPc ST\^]bcaPcT cWPc cWT bcdST]c fPb _a^eXSTS fT[[(ST[XeTaTS bRXT]cXUXR' aTbTPaRW(QPbTSX]bcadRcX^] P]S X]cTaeT]cX^]b PSSaTbbX]V cWT XST]cXUXTS PaTP%b& ^U R^]RTa] P]S ST[XeTaTS Qh`dP[XUXTS _Tab^]]T[ X] VT]TaP[ TSdRPcX^] bTccX]Vb6 P]S

" <PcP(QPbTS S^Rd\T]cPcX^]' fWXRW fPb _a^eXSTS c^ cWT bcdST]c$b _PaT]c%b& ^a VdPaSXP]%b&' ^UaT_TPcTS \TPbdaTb ^U PRWXTeT\T]c Pc aTPb^]PQ[T X]cTaeP[b' VaP_WXRP[[h aTU[TRcX]V cWT bcdST]c$baTb_^]bT c^ X]cTaeT]cX^] SdaX]V X]bcadRcX^])

Q) ?T]TaP[ TSdRPcX^] PRcXeXcXTb P]S X]cTaeT]cX^]b R^]SdRcTS _aX^a c^ aTUTaaP[ X] PRR^aSP]RT fXcW Id[T18(1)+..,%,&' >)8);)' \Ph QT dbTS c^ bPcXbUh cWT aT`dXaT\T]cb ^U cWXb ad[T)

-) ET\QTab ^U cWT Va^d_ STcTa\X]X]V T[XVXQX[Xch

KWT STcTa\X]PcX^] ^U fWTcWTa P bcdST]c bdb_TRcTS ^U WPeX]V P b_TRXUXR [TPa]X]V SXbPQX[Xch Xb P bcdST]c fW^ST\^]bcaPcTb P ]TTS U^a b_TRXP[[h STbXV]TS X]bcadRcX^] P]S aT[PcTS bTaeXRTb P]S \TTcb cWT T[XVXQX[Xch RaXcTaXP\dbc QT \PST Qh cWT bcdST]c$b _PaT]cb ^a VdPaSXP]b P]S P Va^d_ ^U `dP[XUXTS _a^UTbbX^]P[b' fWXRW \dbc X]R[dST'Qdc Xb ]^c [X\XcTS c^' P[[ ^U cWT U^[[^fX]V5

P) KWT bcdST]c$b VT]TaP[ TSdRPcX^] cTPRWTa6 XU cWT bcdST]c S^Tb ]^c WPeT P VT]TaP[ TSdRPcX^] cTPRWTa' PVT]TaP[ TSdRPcX^] cTPRWTa `dP[XUXTS c^ cTPRW P bcdST]c ^U WXb ^a WTa RWa^]^[^VXRP[ PVT6

Q) 8c [TPbc ^]T _Tab^] `dP[XUXTS c^ R^]SdRc P]S X]cTa_aTc X]SXeXSdP[ SXPV]^bcXR TgP\X]PcX^]b ^U bcdST]cb'X]R[dSX]V' Qdc ]^c [X\XcTS c^' P bRW^^[ _bhRW^[^VXbc' b_TTRW([P]VdPVT _PcW^[^VXbc' ^a aTPSX]V b_TRXP[Xbc6P]S

R) KWT SXbcaXRc PS\X]XbcaPc^a ^U TgRT_cX^]P[ bcdST]c TSdRPcX^] ^a STbXV]TT)

.) <^Rd\T]cPcX^] ^U STcTa\X]PcX^] ^U T[XVXQX[Xch

>^a P bcdST]c bdb_TRcTS ^U WPeX]V P b_TRXUXR [TPa]X]V SXbPQX[Xch' cWT S^Rd\T]cPcX^] ^U cWT STcTa\X]PcX^] ^UT[XVXQX[Xch \dbc X]R[dST P faXccT] bd\\Pah ^U cWT Va^d_$b P]P[hbXb ^U cWT SPcP cWPc X]R^a_^aPcTb cWT U^[[^fX]VX]U^a\PcX^]5

P) KWT QPbXb U^a \PZX]V cWT STcTa\X]PcX^]' X]R[dSX]V P] PbbdaP]RT cWPc cWT STcTa\X]PcX^] WPb QTT] \PST X]PRR^aSP]RT fXcW Id[T 18(1)+..,' >)8);)

Q) F^cTS QTWPeX^a SdaX]V cWT ^QbTaePcX^] ^U cWT bcdST]c P]S cWT aT[PcX^]bWX_ ^U cWPc QTWPeX^a c^ cWT bcdST]c$bPRPST\XR Ud]RcX^]X]V

R) KWT TSdRPcX^]P[[h aT[TeP]c \TSXRP[ UX]SX]Vb' XU P]h

S) NWTcWTa cWT bcdST]c WPb P b_TRXUXR [TPa]X]V SXbPQX[Xch Pb TeXST]RTS Qh aTb_^]bT c^ X]cTaeT]cX^] SPcPR^]UXa\X]V TPRW ^U cWT U^[[^fX]V5

" HTaU^a\P]RT SXbRaT_P]Rh

KWT bcdST]c$b PRPST\XR _TaU^a\P]RT Xb bXV]XUXRP]c[h SXbRaT_P]c U^a cWT RWa^]^[^VXRP[ PVT ^a VaPST[TeT[ X] fWXRW cWT bcdST]c Xb T]a^[[TS' QPbTS ^] \d[cX_[T b^daRTb ^U SPcP fWT] R^\_PaTS c^

0286 ,$ ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

\d[cX_[T Va^d_b' fWXRW X]R[dST cWT _TTa bdQVa^d_' R[Pbba^^\' bRW^^[' SXbcaXRc' P]S bcPcT [TeT[R^\_PaXb^] Va^d_b

" IPcT ^U _a^VaTbb

NWT] _a^eXSTS fXcW fT[[(ST[XeTaTS bRXT]cXUXR' aTbTPaRW(QPbTS VT]TaP[ TSdRPcX^] X]bcadRcX^] P]SX]cTaeT]cX^]b ^U aTPb^]PQ[T X]cT]bXch P]S SdaPcX^] fXcW TeXST]RT ^U X\_[T\T]cPcX^] UXST[Xch' cWTbcdST]c$b aPcT ^U _a^VaTbb Xb X]bdUUXRXT]c ^a aT`dXaTb bdbcPX]TS P]S bdQbcP]cXP[ TUU^ac c^ R[^bT cWTPRWXTeT\T]c VP_ fXcW ch_XRP[ _TTab ^a PRPST\XR Tg_TRcPcX^]b U^a cWT RWa^]^[^VXRP[ PVT ^a VaPST[TeT[ X] fWXRW cWT bcdST]c Xb RdaaT]c[h T]a^[[TS6 P]S

" =SdRPcX^]P[ ]TTS

KWT bcdST]c R^]cX]dTb c^ ]TTS X]cTaeT]cX^]b cWPc bXV]XUXRP]c[h SXUUTa X] X]cT]bXch P]S SdaPcX^] Ua^\fWPc RP] QT _a^eXSTS b^[T[h cWa^dVW VT]TaP[ TSdRPcX^] aTb^daRTb c^ \PZT ^a \PX]cPX] bdUUXRXT]c_a^VaTbb)

T) KWT STcTa\X]PcX^] ^U cWT Va^d_ R^]RTa]X]V cWT TUUTRcb ^] cWT bcdST]c$b PRWXTeT\T]c [TeT[ ^U P eXbdP['WTPaX]V' \^c^a' X]cT[[TRcdP[' ^a T\^cX^]P[ ^a QTWPeX^aP[ SXbPQX[Xch6 Rd[cdaP[ UPRc^ab6 T]eXa^]\T]cP[ ^aTR^]^\XR UPRc^ab6 P] XaaTVd[Pa _PccTa] ^U PccT]SP]RT ^a WXVW \^QX[Xch aPcT6 R[Pbba^^\ QTWPeX^a6 ^a [X\XcTS=]V[XbW _a^UXRXT]Rh

U) <^Rd\T]cPcX^] QPbTS ^] SPcP STaXeTS Ua^\ P _a^RTbb cWPc PbbTbbTb cWT bcdST]c$b aTb_^]bT c^ fT[[(ST[XeTaTS bRXT]cXUXR' aTbTPaRW(QPbTS X]bcadRcX^] P]S X]cTaeT]cX^]b' X]R[dSX]V cWT U^[[^fX]V5

" <^Rd\T]cPcX^] ^U cWT b_TRXUXR X]bcadRcX^]P[ X]cTaeT]cX^]b dbTS' cWT bd__^ac _a^eXSTS c^ cWTX]SXeXSdP[%b& X\_[T\T]cX]V X]cTaeT]cX^]b' PSWTaT]RT c^ cWT RaXcXRP[ T[T\T]cb ^U cWT X]cTaeT]cX^]STbXV] P]S ST[XeTah \TcW^Sb' cWT SdaPcX^] P]S UaT`dT]Rh ^U X]cTaeT]cX^] X\_[T\T]cPcX^] %T)V)']d\QTa ^U fTTZb' \X]dcTb _Ta fTTZ' bTbbX^]b _Ta fTTZ&' P]S cWT bcdST]c(RT]cTaTS SPcP R^[[TRcTS

" <^Rd\T]cPcX^] cWPc cWT bcdST]c$b _PaT]c%b& ^a VdPaSXP]%b& fTaT ]^cXUXTS PQ^dc cWT bcPcT$b _^[XRXTbaTVPaSX]V cWT P\^d]c P]S ]PcdaT ^U bcdST]c _TaU^a\P]RT SPcP cWPc f^d[S QT R^[[TRcTS P]S cWTVT]TaP[ TSdRPcX^] bTaeXRTb cWPc f^d[S QT _a^eXSTS6 X]cTaeT]cX^]b U^a X]RaTPbX]V cWT bcdST]c$b aPcT^U _a^VaTbb6 P]S cWT _PaT]cP[ ^a VdPaSXP] aXVWc c^ aT`dTbc P] TeP[dPcX^]

V) KWT bXV]PcdaT ^U TPRW Va^d_ \T\QTa RTacXUhX]V cWPc cWT S^Rd\T]cPcX^] ^U STcTa\X]PcX^] ^U T[XVXQX[XchaTU[TRcb cWT \T\QTa$b R^]R[dbX^]6 XU Xc S^Tb ]^c aTU[TRc cWT \T\QTa$b R^]R[dbX^]' cWT Va^d_ \T\QTa \dbcbdQ\Xc P bT_PaPcT bcPcT\T]c _aTbT]cX]V cWT \T\QTa$b R^]R[dbX^]b

<TbRaXQT W^f cWT SXbcaXRc S^Rd\T]cb P bcdST]cob aTb_^]bT c^ X]cTaeT]cX^] SPcP c^ STcTa\X]T T[XVXQX[Xch Pb P bcdST]c fXcWP b_TRXUXR [TPa]X]V SXbPQX[Xch' X]R[dSX]V cWT _a^VaTbb(\^]Xc^aX]V c^^[b dbTS c^ \TPbdaT cWT bcdST]cob aTb_^]bT c^X]cTaeT]cX^] P]S W^f cWT cTP\ STcTa\X]Tb cWT PST`dPRh ^U cWT bcdST]cob aTb_^]bT c^ X]cTaeT]cX^])

<PcP ETTcX]V ",5 K^ ^RRda ^] <PcP <Ph ^a SdaX]V cWT UXabc cWaTT fTTZb ^U bRW^^[ %@XVW JRW^^[ s Pc EXS KTa\&IT`dXaTS PccT]STTb5 %cWT bcdST]cb&?T]) =S cTPRWTa' =J= cTPRWTa %XU bcdST]c aTRTXeX]V =J= bTaeXRTb&' _PaT]cb'R^]cT]c PaTP R^PRW' EKJJ PS\X]XbcaPc^a<^Rd\T]cPcX^] ^U PaTPb ^U R^]RTa] P]S SXbRdbbX^]b R^\_[TcTS dbX]V IKX _PRZTc U^a\b)r ITeXTf PePX[PQ[T SPcP ^] X]R^\X]V bcdST]cbr ;aTPcT X]XcXP[ pNPcRW DXbcq QPbTS ^] RaXcTaXP [XbcTS PQ^eT)r ITeXTf X]U^a\PcX^] ^] P]h bcdST]cb P[aTPSh X] cWT IcA _a^RTbb) ITeXTf bcdST]c SPcP c^ T]bdaT X]cTaeT]cX^] UXST[XchP]S c^ TeP[dPcT _a^VaTbb) KTP\ dbTb STRXbX^] ad[Tb c^ STcTa\X]T cWT PST`dPRh ^U aTb_^]bT c^ X]cTaeT]cX^] P]S dbTbcWT _a^Q[T\ b^[eX]V _a^RTbb c^ \PZT PSYdbc\T]cb c^ cWT X]cTaeT]cX^] QPbTS ^] cWT bcdST]c SPcP) JcdST]c fX[[ aTRTXeTP__a^_aXPcT X]cTaeT]cX^]b)r A]XcXPcT KXTa A A]cTaeT]cX^] H[P]b Pb ]TRTbbPah ^] bcdST]cb fXcW \d[cX_[T aXbZ UPRc^ab)^ ;^]cPRc _PaT]cb P]S ]^cT R^]RTa]b)^ A\_[T\T]c KXTa A X]cTaeT]cX^]b cWa^dVW SXUUTaT]cXPcX^] X] cWT R[Pbba^^\) KXTa , X]R[dSTb cWT R^aT RdaaXRd[d\ P[XV]TSfXcW cWT bcP]SPaSb P]S SXUUTaT]cXPcTS X]bcadRcX^] U^a P[[ bcdST]cb)^ Ha^VaTbb E^]Xc^a bcdST]c Va^fcW*bdRRTbb fXcW cWT X]cTaeT]cX^] %R[Pbba^^\ _TaU^a\P]RT*PccT]SP]RT' TcR)&

<PcP ETTcX]V "-5 K^ ^RRda PUcTa ]X]T fTTZb ^U X]cTaeT]cX^] %^a b^^]Ta QPbTS ^] X]SXeXSdP[ bcdST]c$b SPcP&)r ITeXTf pNPcRW DXbcq^ ITeXTf _a^VaTbb \^]Xc^aX]V c^^[b5 >8AI' HTaU^a\P]RT EPccTab' JK8I ITPSX]V' Eh MXacdP[ ITPSX]V;^PRW'?aPSTb' ;[Pbba^^\ KTbc HTaU^a\P]RT

0286 ,% ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

^ KXTa - bcdST]c SPcP aTeXTfTS QX(fTTZ[h c^ T]bdaT X]cTaeT]cX^] UXST[Xch P]S c^ TeP[dPcT _a^VaTbb) KTP\ dbTbSTRXbX^] ad[Tb c^ STcTa\X]T cWT PST`dPRh ^U aTb_^]bT c^ X]cTaeT]cX^] P]S dbTb cWT _a^Q[T\ b^[eX]V _a^RTbb c^ \PZTPSYdbc\T]cb c^ cWT X]cTaeT]cX^] QPbTS ^] cWT bcdST]c SPcP)^ ITeXTf A]cTaeT]cX^] H[P]b cWPc fTaT P[aTPSh X]XcXPcTS' P[^]V fXcW A]cTaeT]cX^] ;P[T]SPab P]S Ha^VaTbb E^]Xc^aX]V<PcP ;WPacb)r JcdST]c%b& \PZX]V PST`dPcT _a^VaTbb c^fPaS QT]RW\PaZ s SXbR^]cX]dT A]cTaeT]cX^] H[P]r JcdST]c%b& ]^c \PZX]V PST`dPcT _a^VaTbb c^fPaS QT]RW\PaZ sr 8[cTa X]cTaeT]cX^] P]S \^]Xc^a6r <PcP X]SXRPcTb bcdST]c X] ]TTS ^U \^aT X]cT]bXeT X]cTaeT]cX^] s aTUTa c^ JcdST]c Jd__^ac KTP\ U^a KXTa .X]cTaeT]cX^] _[P])

<PcP ETTcX]V ".5 K^ ^RRda PUcTa cWT bTR^]S aT_^ac RPaSr IT_TPc bcT_b Ua^\ <PcP ETTcX]V "-)r A\_^acP]c5 Ab P]h bcdST]c X] SP]VTa ^U aTcT]cX^] ^a ]^c _PbbX]V RaTSXc R^dabTb Pc JTR^]SPah [TeT[7r JcdST]cb X] SP]VTa ^U aTcT]cX^] bW^d[S QT aTRTXeX]V X]RaTPbTS X]cTaeT]cX^]5r =[T\T]cPah5 IT`dTbc P JcdST]c Jd__^ac KTP\ s JcdST]cb X] SP]VTa ^U aTcT]cX^] \dbc QT _a^eXSTS fXcW KXTa -*KXTa. X]cTaeT]cX^]b)r JTR^]SPah5 ;^\\d]XRPcT ]P\Tb P]S ]TTSb ^U bcdST]cb c^ PS\X]XbcaPc^a ^a STbXV]TT)

<PcP ETTcX]V "/5 K^ ^RRda bW^ac[h QTU^aT ^a PUcTa cWT cWXaS aT_^ac RPaSr IT_TPc bcT_b Ua^\ <PcP ETTcX]V ".r =[T\T]cPah P]S JTR^]SPah5 LbT cWT SPcP c^ STcTa\X]T XU X]cT]bXeT X]cTaeT]cX^]b PaT TUUTRcXeT' Qdc aT`dXaTbdbcPX]TS P]S bdQbcP]cXP[ TUU^ac cWPc \Ph X]R[dST _a^eXbX^]b ^U b_TRXP[[h STbXV]TS X]bcadRcX^] P]S aT[PcTS bTaeXRTb)rHaX^a c^ aTUTaaP[ U^a b_TRXUXR [TPa]X]V SXbPQX[Xch' cWT bcdST]c f^d[S ]^c WPeT \PST _a^VaTbb U^a P] P__a^_aXPcT P\^d]c^U cX\T fWT] _a^eXSTS fXcW P__a^_aXPcT X]bcadRcX^] P]S X]cT]bT' X]SXeXSdP[XiTS X]cTaeT]cX^]b6 ^a _aX^a c^ aTUTaaP['X]cT]bXeT X]cTaeT]cX^]b PaT ST\^]bcaPcTS c^ QT TUUTRcXeT Qdc aT`dXaT bdbcPX]TS P]S bdQbcP]cXP[ TUU^ac cWPc \Ph X]R[dSTcWT _a^eXbX^] ^U b_TRXP[[h STbXV]TS X]bcadRcX^] P]S aT[PcTS bTaeXRTb6 P]S fWT]TeTa P aTUTaaP[ Xb \PST c^ R^]SdRc P]TeP[dPcX^] c^ STcTa\X]T cWT bcdST]cob ]TTS U^a b_TRXP[[h STbXV]TS X]bcadRcX^] P]S cWT TgXbcT]RT ^U P SXbPQX[Xch)KWT TeP[dPcX^] \dbc P[b^ X]R[dST cWT _a^RTSdaTb XST]cXUXTS X] cWT SXbcaXRcob H^[XRXTb P]S Ha^RTSdaTb U^a cWT Ha^eXbX^]^U J_TRXP[[h <TbXV]TS A]bcadRcX^] P]S IT[PcTS JTaeXRTb U^a =gRT_cX^]P[ JcdST]cb) KWT TeP[dPcX^] \dbc PSWTaT c^ cWT1+ SPh cX\T UaP\T' d][Tbb TgcT]STS Qh \dcdP[ faXccT] PVaTT\T]c ^U cWT bcdST]cob _PaT]c%b& ^a VdPaSXP]%b& P]S PVa^d_ ^U `dP[XUXTS _a^UTbbX^]P[b)8 bcdST]c \TTcb cWT T[XVXQX[Xch RaXcTaXP Pb P bcdST]c fXcW P b_TRXUXR [TPa]X]V SXbPQX[Xch XU P[[ ^U cWT U^[[^fX]V RaXcTaXP PaT\Tc)%P& =eXST]RT ^U b_TRXUXR [TPa]X]V SXbPQX[Xch) KWT bcdST]cob _PaT]c%b& ^a VdPaSXP]%b& P]S Va^d_ ^U `dP[XUXTS _Tab^]]T[\Ph STcTa\X]T cWPc P bcdST]c WPb P b_TRXUXR [TPa]X]V SXbPQX[Xch XU cWTaT Xb TeXST]RT ^U TPRW ^U cWT U^[[^fX]V5,) NWT] _a^eXSTS fXcW [TPa]X]V Tg_TaXT]RTb P]S X]bcadRcX^] P__a^_aXPcT U^a cWT bcdST]cob RWa^]^[^VXRP[ PVT ^a VaPST[TeT[ bcP]SPaSb cWT bcdST]c S^Tb ]^c PRWXTeT PST`dPcT[h U^a cWT bcdST]cob RWa^]^[^VXRP[ PVT ^a S^Tb ]^c \TTc VaPST([TeT[ bcP]SPaSb X] ^]T ^a \^aT ^U cWT U^[[^fX]V PaTPb QPbTS ^] cWT aTeXTf ^U \d[cX_[T b^daRTb fWXRW \Ph X]R[dSTVa^d_ P]S*^a X]SXeXSdP[ RaXcTaX^] ^a ]^a\(aTUTaT]RTS \TPbdaTb' X]R[dSX]V X]SXeXSdP[ SXPV]^bcXR _a^RTSdaTb5P) GaP[ Tg_aTbbX^]6Q) DXbcT]X]V R^\_aTWT]bX^]6R) NaXccT] Tg_aTbbX^]6S) 9PbXR aTPSX]V bZX[[b6T) ITPSX]V U[dT]Rh bZX[[b6U) ITPSX]V R^\_aTWT]bX^]6V) EPcWT\PcXRb RP[Rd[PcX^]6 ^aW) EPcWT\PcXRb _a^Q[T\ b^[eX]V)-) KWT bcdST]c S^Tb ]^c \PZT PST`dPcT _a^VaTbb c^ \TTc RWa^]^[^VXRP[ PVT ^a VaPST([TeT[ bcP]SPaSb' X] ^]T ^a\^aT ^U cWT PaTPb XST]cXUXTS X] cWXb ad[T fWT] dbX]V ^]T ^U cWT U^[[^fX]V _a^RTbbTb5P) 8 _a^RTbb QPbTS ^] cWT bcdST]cob aTb_^]bT c^ bRXT]cXUXR' aTbTPaRW(QPbTS X]cTaeT]cX^]' R^]bXbcT]c fXcW cWTR^\_aTWT]bXeT TeP[dPcX^] _a^RTSdaTb)Q) 8 _a^RTbb QPbTS ^] cWT bcdST]cob aTb_^]bT c^ bRXT]cXUXR' aTbTPaRW(QPbTS X]cTaeT]cX^]' P]S cWT bcdST]c TgWXQXcb P_PccTa] ^U bcaT]VcWb P]S fTPZ]TbbTb X] _TaU^a\P]RT' PRWXTeT\T]c' ^a Q^cW' aT[PcXeT c^ PVT' VaPST [TeT[ bcP]SPaSb ^aX]cT[[TRcdP[ STeT[^_\T]c' cWPc Xb STcTa\X]TS Qh cWT Va^d_ c^ QT aT[TeP]c c^ cWT XST]cXUXRPcX^] ^U P b_TRXUXR [TPa]X]VSXbPQX[Xch' dbX]V P__a^_aXPcT PbbTbb\T]cb' R^]bXbcT]c fXcW cWT R^\_aTWT]bXeT TeP[dPcX^] _a^RTSdaTb).) KWT Va^d_ STcTa\X]Tb cWPc Xcb UX]SX]Vb PaT ]^c _aX\PaX[h cWT aTbd[c ^U cWT U^[[^fX]V5P) 8 eXbdP[' WTPaX]V' ^a \^c^a SXbPQX[Xch6Q) A]cT[[TRcdP[ SXbPQX[Xch6R) =\^cX^]P[*QTWPeX^aP[ SXbPQX[Xch6S) ;d[cdaP[ UPRc^ab6

0286 ,& ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

T) AaaTVd[Pa _PccTa] ^U PccT]SP]RT P]S*^a WXVW \^QX[Xch aPcT6U) ;[Pbba^^\ QTWPeX^a6V) =]eXa^]\T]cP[ ^a TR^]^\XR UPRc^ab6 ^aW) DX\XcTS =]V[XbW _a^UXRXT]Rh)KWT STcTa\X]PcX^] ^U fWTcWTa P bcdST]c bdb_TRcTS ^U WPeX]V P b_TRXUXR [TPa]X]V SXbPQX[Xch Xb P bcdST]c fW^ST\^]bcaPcTb P ]TTS U^a b_TRXP[[h STbXV]TS X]bcadRcX^] P]S aT[PcTS bTaeXRTb P]S \TTcb cWT T[XVXQX[Xch RaXcTaXP \dbc QT\PST Qh cWT bcdST]cob _PaT]cb ^a VdPaSXP]b P]S P Va^d_ ^U `dP[XUXTS _a^UTbbX^]P[b' fWXRW \dbc X]R[dST' Qdc PaT ]^c[X\XcTS c^' P[[ ^U cWT U^[[^fX]V5,) KWT bcdST]cob VT]TaP[ TSdRPcX^] cTPRWTa6 XU cWT bcdST]c S^Tb ]^c WPeT P VT]TaP[ TSdRPcX^] cTPRWTa' P VT]TaP[TSdRPcX^] cTPRWTa `dP[XUXTS c^ cTPRW P bcdST]c ^U WXb ^a WTa RWa^]^[^VXRP[ PVT6-) 8c [TPbc ^]T _Tab^] `dP[XUXTS c^ R^]SdRc P]S X]cTa_aTc X]SXeXSdP[ SXPV]^bcXR TgP\X]PcX^]b ^U bcdST]cb' X]R[dSX]V' Qdc]^c [X\XcTS c^' P bRW^^[ _bhRW^[^VXbc' b_TTRW([P]VdPVT _PcW^[^VXbc' ^a aTPSX]V b_TRXP[Xbc6 P]S.) KWT SXbcaXRc PS\X]XbcaPc^a ^U TgRT_cX^]P[ bcdST]c TSdRPcX^] ^a STbXV]TT)%R& GQbTaePcX^] aT`dXaT\T]c) A] STcTa\X]X]V fWTcWTa P bcdST]c ]TTSb b_TRXP[[h STbXV]TS X]bcadRcX^] P]S WPb Pb_TRXUXR [TPa]X]V SXbPQX[Xch' P]S X] ^aSTa c^ S^Rd\T]c cWT aT[PcX^]bWX_ QTcfTT] cWT bcdST]cob R[Pbba^^\ QTWPeX^a P]SPRPST\XR _TaU^a\P]RT' cWT Va^d_ \dbc5,) LbT X]U^a\PcX^] Ua^\ P] ^QbTaePcX^] X] a^dcX]T R[Pbba^^\ X]bcadRcX^] P]S \^]Xc^aX]V ^U cWT bcdST]cob _TaU^a\P]RTcWPc fPb R^\_[TcTS QTU^aT aTUTaaP[ U^a P] TeP[dPcX^]6 ^a-) @PeT Pc [TPbc ^]T \T\QTa ^U cWT Va^d_ R^]SdRc P] ^QbTaePcX^] ^U cWT bcdST]cob _TaU^a\P]RT X] cWT bcdST]cobch_XRP[ [TPa]X]V T]eXa^]\T]c' ^a X] P] T]eXa^]\T]c P__a^_aXPcT U^a P bcdST]c ^U cWPc RWa^]^[^VXRP[ PVT' PUcTa aTUTaaP[U^a P] TeP[dPcX^] P]S _PaT]cP[ ^a VdPaSXP] R^]bT]c WPb QTT] ^QcPX]TS)%0& <^Rd\T]cPcX^] ^U STcTa\X]PcX^] ^U T[XVXQX[Xch) >^a P bcdST]c bdb_TRcTS ^U WPeX]V P b_TRXUXR [TPa]X]V SXbPQX[Xch' cWTS^Rd\T]cPcX^] ^U cWT STcTa\X]PcX^] ^U T[XVXQX[Xch \dbc X]R[dST P faXccT] bd\\Pah ^U cWT Va^d_ob P]P[hbXb ^U cWT SPcPcWPc X]R^a_^aPcTb cWT U^[[^fX]V X]U^a\PcX^]5%P& KWT QPbXb U^a \PZX]V cWT STcTa\X]PcX^]' X]R[dSX]V P] PbbdaP]RT cWPc cWT STcTa\X]PcX^] WPb QTT] \PST X]PRR^aSP]RT fXcW bdQbTRcX^] %1& ^U Id[T 18(1)+..,' >)8);)6%Q& F^cTS QTWPeX^a SdaX]V cWT ^QbTaePcX^] ^U cWT bcdST]c P]S cWT aT[PcX^]bWX_ ^U cWPc QTWPeX^a c^ cWT bcdST]cobPRPST\XR Ud]RcX^]X]V6%R& KWT TSdRPcX^]P[[h aT[TeP]c \TSXRP[ UX]SX]Vb' XU P]h6%S& NWTcWTa cWT bcdST]c WPb P b_TRXUXR [TPa]X]V SXbPQX[Xch Pb TeXST]RTS Qh aTb_^]bT c^ X]cTaeT]cX^] SPcP R^]UXa\X]VcWT U^[[^fX]V5,) HTaU^a\P]RT SXbRaT_P]Rh) KWT bcdST]cob PRPST\XR _TaU^a\P]RT Xb bXV]XUXRP]c[h SXbRaT_P]c U^a cWT RWa^]^[^VXRP[PVT ^a VaPST [TeT[ X] fWXRW cWT bcdST]c Xb T]a^[[TS' QPbTS ^] \d[cX_[T b^daRTb ^U SPcP fWT] R^\_PaTS c^ \d[cX_[TVa^d_b' fWXRW X]R[dST cWT _TTa bdQVa^d_' R[Pbba^^\' bRW^^[' SXbcaXRc' P]S bcPcT [TeT[ R^\_PaXb^] Va^d_b6 P]S-) IPcT ^U _a^VaTbb) NWT] _a^eXSTS fXcW fT[[(ST[XeTaTS bRXT]cXUXR' aTbTPaRW(QPbTS VT]TaP[ TSdRPcX^] X]bcadRcX^] P]SX]cTaeT]cX^]b ^U aTPb^]PQ[T X]cT]bXch P]S SdaPcX^] fXcW TeXST]RT ^U X\_[T\T]cPcX^] UXST[Xch' cWT bcdST]cob aPcT ^U_a^VaTbb Xb X]bdUUXRXT]c ^a aT`dXaTb bdbcPX]TS P]S bdQbcP]cXP[ TUU^ac c^ R[^bT cWT PRWXTeT\T]c VP_ fXcW ch_XRP[ _TTab ^aPRPST\XR Tg_TRcPcX^]b U^a cWT RWa^]^[^VXRP[ PVT ^a VaPST [TeT[ X] fWXRW cWT bcdST]c Xb RdaaT]c[h T]a^[[TS6 P]S.) =SdRPcX^]P[ ]TTS) KWT bcdST]c R^]cX]dTb c^ ]TTS X]cTaeT]cX^]b cWPc bXV]XUXRP]c[h SXUUTa X] X]cT]bXch P]S SdaPcX^]Ua^\ fWPc RP] QT _a^eXSTS b^[T[h cWa^dVW VT]TaP[ TSdRPcX^] aTb^daRTb c^ \PZT ^a \PX]cPX] bdUUXRXT]c _a^VaTbb)%T& KWT STcTa\X]PcX^] ^U cWT Va^d_ R^]RTa]X]V cWT TUUTRcb ^] cWT bcdST]cob PRWXTeT\T]c [TeT[ ^U P eXbdP[' WTPaX]V'\^c^a' X]cT[[TRcdP[' ^a T\^cX^]P[*QTWPeX^aP[ SXbPQX[Xch6 Rd[cdaP[ UPRc^ab6 T]eXa^]\T]cP[ ^a TR^]^\XR UPRc^ab6 P] XaaTVd[Pa_PccTa] ^U PccT]SP]RT ^a WXVW \^QX[Xch aPcT6 R[Pbba^^\ QTWPeX^a6 ^a [X\XcTS =]V[XbW _a^UXRXT]Rh6 P]S%U& <^Rd\T]cPcX^] QPbTS ^] SPcP STaXeTS Ua^\ P _a^RTbb cWPc PbbTbbTb cWT bcdST]cob aTb_^]bT c^ fT[[(ST[XeTaTSbRXT]cXUXR' aTbTPaRW(QPbTS X]bcadRcX^] P]S X]cTaeT]cX^]b X]R[dSX]V5,) <^Rd\T]cPcX^] ^U cWT b_TRXUXR X]bcadRcX^]P[ X]cTaeT]cX^]b dbTS' cWT bd__^ac _a^eXSTS c^ cWT X]SXeXSdP[%b&X\_[T\T]cX]V X]cTaeT]cX^]b' PSWTaT]RT c^ cWT RaXcXRP[ T[T\T]cb ^U cWT X]cTaeT]cX^] STbXV] P]S ST[XeTah \TcW^Sb' cWTSdaPcX^] P]S UaT`dT]Rh ^U X]cTaeT]cX^] X\_[T\T]cPcX^] %T)V) ]d\QTa ^U fTTZb' \X]dcTb _Ta fTTZ' bTbbX^]b _TafTTZ&' P]S cWT bcdST]c(RT]cTaTS SPcP R^[[TRcTS6 P]S-) <^Rd\T]cPcX^] cWPc cWT bcdST]cob _PaT]c%b& ^a VdPaSXP]%b& fTaT ]^cXUXTS PQ^dc cWT bcPcTob _^[XRXTb aTVPaSX]V cWTP\^d]c P]S ]PcdaT ^U bcdST]c _TaU^a\P]RT SPcP cWPc f^d[S QT R^[[TRcTS P]S cWT VT]TaP[ TSdRPcX^] bTaeXRTb cWPcf^d[S QT _a^eXSTS6 X]cTaeT]cX^]b U^a X]RaTPbX]V cWT bcdST]cob aPcT ^U _a^VaTbb6 P]S cWT _PaT]cP[ ^a VdPaSXP] aXVWc c^aT`dTbc P] TeP[dPcX^])%V& KWT bXV]PcdaT ^U TPRW Va^d_ \T\QTa RTacXUhX]V cWPc cWT S^Rd\T]cPcX^] ^U STcTa\X]PcX^] ^U T[XVXQX[Xch aTU[TRcb cWT\T\QTaob R^]R[dbX^]) AU Xc S^Tb ]^c aTU[TRc cWT \T\QTa$b R^]R[dbX^]' cWT Va^d_ \T\QTa \dbc bdQ\Xc P bT_PaPcTbcPcT\T]c _aTbT]cX]V cWT \T\QTaob R^]R[dbX^]b)%1& A\_[T\T]cPcX^])%P& KWT SXbcaXRcob H^[XRXTb P]S Ha^RTSdaTb U^a cWT Ha^eXbX^] ^U J_TRXP[[h <TbXV]TS A]bcadRcX^] P]S IT[PcTS JTaeXRTbU^a =gRT_cX^]P[ JcdST]cb' Pb aT`dXaTS Qh Id[T 18(1)+./,,' >)8);)' \dbc XST]cXUh cWT P__[XRPQ[T _a^RTbb STbRaXQTS X]bdQ(bdQ_PaPVaP_Wb %/&%P&-)P) P]S %/&%P&-)Q)^U cWXb ad[T ^] P bRW^^[(Qh(bRW^^[ QPbXb)%Q& =UUTRcXeT Bd[h ,' -+,+' cWT _a^RTbb b_TRXUXTS X] bdQ(bdQ_PaPVaP_W %/&%P&-)P) QTR^\Tb cWT aT`dXaTS _a^RTbb P]S

0286 ,' ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

bdQ(bdQ_PaPVaP_W %/&%P&-)Q) QTR^\Tb ^Qb^[TcT)%R& >^a bRW^^[b dbX]V T[XVXQX[Xch _a^RTbb STbRaXQTS X] bdQ(bdQ_PaPVaP_W %/&%P&-)Q) d]cX[ Bd[h ,' -+,+' P STbRaX_cX^] ^UcWT _PccTa] ^U bcaT]VcWb P]S fTPZ]TbbTb cWPc Xb STcTa\X]TS Qh cWT Va^d_ c^ QT aT[TeP]c c^ cWT XST]cXUXRPcX^] ^U Pb_TRXUXR [TPa]X]V SXbPQX[Xch \dbc QT S^Rd\T]cTS X] cWT faXccT] bd\\Pah aT`dXaTS Qh bdQbTRcX^] %0& ^U cWXb ad[T)Id[T\PZX]V 8dcW^aXch ,++,)+-%,&' %-&%]&' ,++,)/-%/&%,&' ,++.)+,%.&%P&' %Q&' ,++.)02 >J) DPf A\_[T\T]cTS ,++,)+-%-&%]&' ,++.)+,%.&%P&' %Q&' ,++.)02' ,+,,)1-%,&%R& >J) @Xbc^ahsFTf 2(,(22' 8\T]STS 2(-(24' 2(,/(3-' >^a\Ta[h18(1).+,3' 8\T]STS ,(,,(4/' .(-.(+4)

<TbRaXQT W^f _PaT]cb PaT T]VPVTS Pb cTP\ \T\QTab X] cWT _a^Q[T\(b^[eX]V _a^RTbb %X]R[dST cWT UaT`dT]Rh P]SVaP_WXR U^a\Pc U^a bWPaX]V bcdST]c _a^VaTbb SPcP fXcW _PaT]cb&)

@T]Sah ;^d]ch JRW^^[ <XbcaXRc T]VPVTb _PaT]cb X] cWT IcA*EKJJ _a^RTbb) 8[[ bRW^^[b dbT !<8K8 <8OJ! fWTaT cWTEKJJ JRW^^[ KTP\ fX[[ XST]cXUh fW^bT SPcP UP[[b X]c^ cWT PaTP ^U R^]RTa]) KWT bcdST]c$b cTPRWTa fX[[ R^]cPRc cWT_PaT]c fXcWX] cWT UXabc cWaTT fTTZb ^U bRW^^[*PccT]SP]RT' ]^cX]V R^]RTa] U^a cWT bcdST]c$b _a^VaTbb P]S WPeT PSXbRdbbX^] fXcW cWT _PaT]c PQ^dc cWT KXTa A X]cTaeT]cX^]b' [Tbb^] SXUUTaT]cXPcX^] P]S W^f cWT _PaT]c RP] PbbXbc cWTbcdST]c Pc W^\T) 8UcTa cWT bcdST]c WPb QTT] XST]cXUXTS Pb P bcdST]c X] cWT EKJJ*IcA JRW^^[ H[P]' cWT _PaT]c Xb _Pac^U cWT JcdST]c Jd__^ac KTP\) KWT cTP\ \TTcb P \X]X\d\ ^U U^da cX\Tb _Ta hTPa Pc P__a^gX\PcT[h ]X]T fTTZX]cTaeP[b) KWT _PaT]c Xb R^]cPRcTS P]S T]R^daPVTS c^ PccT]S P[[ bdQbT`dT]c EKJJ*IcA \TTcX]Vb) AU P _PaT]c Xbd]PQ[T c^ PccT]S' P cTP\ \T\QTa fX[[ R^]cPRc cWT _PaT]c P]S d_SPcT cWT _PaT]c ^] cWT bcdST]c$b _a^VaTbb P]SPSSaTbb P]h R^]RTa]b cWT _PaT]c \XVWc WPeT PQ^dc bcdST]c _a^VaTbb) NWT] P bcdST]c Xb X] cWT IcA _a^RTbb P]S cWTJcdST]c Jd__^ac KTP\ Xb f^aZX]V fXcW cWT _PaT]c c^ [^^Z Pc cWT X]cTaeT]cX^] SPcP ^] P aTVd[Pa QPbXb' cWT _a^VaTbb\^]Xc^aX]V c^^[b PaT XST]cXUXTS P]S SPcP X]R[dSX]V VaP_Wb P]S RWPacb PaT bWPaTS fXcW cWT _PaT]c aTVd[Pa[h c^ST\^]bcaPcT cWT bcdST]cb _a^VaTbb P]S cWT PST`dPRh ^a [PRZ ^U cWT aTb_^]bT) <PcP R^[[TRcX^] R^]cX]dTb P]S cWTA]cTaeT]cX^] H[P] cWPc WPb QTT] faXccT] P]S RPaaXTS ^dc Xb X\_[T\T]cTS P]S PSYdbcTS cWa^dVW cWT cXTab ^U bd__^ac P]SbWPaTS fXcW cWT _PaT]cb Pc STRXbX^] _^X]cb P[^]V cWT fPh) AU cWT bcdST]c Xb aTb_^]SX]V _^bXcXeT[h c^ cWT X]cTaeT]cX^]bcWT] bd__^ac \Ph R^]cX]dT P]S ]^ PSSXcX^]P[ PRcX^] ^cWTa cWP] aTeXTf \Ph ^RRda) AU cWT bcdST]c Xb ]^c aTb_^]SX]V c^X]cTaeT]cX^]' ^a ]^c aTb_^]SX]V `dXRZ[h T]^dVW' cWT] cWT JcdST]c Jd__^ac KTP\ \Ph STcTa\X]T cWPc PSSXcX^]P[PRcX^]b PaT aT`dXaTS X]R[dSX]V \^eX]V cXTab ^a STcTa\X]X]V T[XVXQX[Xch U^a =gRT_cX^]P[ JcdST]c JTaeXRTb) 8[[ ^U cWXb_a^RTbb aT`dXaTb _PaT]cb c^ QT T]VPVTS X] cWT cTP\ P]S U^a X]U^a\PcX^] c^ QT bWPaTS fXcW cWT\ X] P R[TPa P]SUaT`dT]c U^a\Pc) KWXb _a^RTbb X]R[dSX]V cX\T[X]Tb PaT ^dc[X]TS X] cWT <XbcaXRc EKJJ IcA H[P] fWXRW Xb PccPRWTS)

<TbRaXQT cWT ch_Tb ^U SPcP dbTS c^ \PZT R^\_PaXb^]b c^ ^cWTa bcdST]cb P]S W^f cTP\b STcTa\X]T cWT UX]SX]Vb PaT ]^c_aX\PaX[h SdT c^ cWT TgR[dbX^]Pah UPRc^ab ^dc[X]TS X] Id[T 18(1)+.+,3' >)8);)' [PRZ ^U X]bcadRcX^] X] aTPSX]V ^a \PcW ^a[X\XcTS =]V[XbW _a^UXRXT]Rh)

KWT ch_Tb ^U SPcP dbTS X] T[T\T]cPah bRW^^[b PaT5>8AI' J8K,+ %.aS VaPST&>DCIJ %CX]STaVPacT]& JRW^^[ ITPSX]Tbb<XbR^eTah =S)JK8I ITPSX]VIT_^ac ;PaS*Ha^VaTbb IT_^acb8ccT]SP]RT<XbRX_[X]T;[Pbba^^\ HTaU^a\P]RT %R^\_PaT ^eTaP[[ VaPSTb c^ cTbc VaPSTb' f^aZ WPQXcb' TPbT ^U VaPb_X]V R^]RT_cb&KWT ch_Tb ^U SPcP dbTS X] \XSS[T bRW^^[b PaT5>8AIJK8I ITPSX]VIT_^ac ;PaS*Ha^VaTbb IT_^ac8ccT]SP]RT<XbRX_[X]T;[Pbba^^\ HTaU^a\P]RT %R^\_PaT ^eTaP[[ VaPSTb c^ cTbc VaPSTb' f^aZ WPQXcb' TPbT ^U VaPb_X]V R^]RT_cb&AI=8<OKWT ch_Tb ^U SPcP dbTS X] WXVW bRW^^[ PaT5>8AI %DTeT[ , P]S DTeT[ - JcdST]cb ^][h&?H8=Pa]TS ;aTSXcbIT_^ac ;PaS ?aPSTb8ccT]SP]RT<XbRX_[X]T*

0286 ,( ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

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

/85 B38>>; 49BCA93C 81B C85 >?C9>= C> 9=3;D45 1449C9>=1; 9=6>A<1C9>= A571A49=7 5E1;D1C9>=B! @D1;969545E1;D1C>AB! >A D=9@D5 ?89;>B>?8931;! 3DAA93D;1A! >A 9=BCAD3C9>=1; 3>=B945A1C9>=B 6>A BCD45=CB F9C8 B?539693;51A=9=7 49B129;9C95B"

>PH QI VKH IQNNQYLPJ <DBC EH UHNHFVHG2

BKH UFKQQN GLUVTLFV KDU RTQXLGHG DGGLVLQPDN LPIQTODVLQP IQT VKLU UHFVLQP LP &??5=49G ' QI VKLU GQFWOHPV&

BKHTH LU PQ DGGLVLQPDN LPIQTODVLQP IQT VKLU UHFVLQP&

/175 +( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

,1AC ++" ,>;9395B 1=4 ,A>354DA5B 6>A .CD45=CB F9C8 )9B129;9C95B

.53C9>= '"#$% *G35?C9>=1; .CD45=C *4D31C9>= *;97929;9CH 6>A .CD45=CB F9C8 .?5538+<?19A<5=CB

.C1CDC>AH 1=4 -57D;1C>AH (9C1C9>=B

+, 58@ __+((&0$ +((&+,$ DPG +((&+(.AHFVLQPU )((+&() DPG )((+&-/$ 8&A&@WNH .4%.&(+()*$ 8&4&5&

)569=9C9>=B

)& ARHHFK LORDLTOHPVU DTH GLUQTGHTU QI URHHFK UQWPGU$ INWHPF[$ QT XQLFH VKDV LPVHTIHTH YLVK FQOOWPLFDVLQP$DGXHTUHN[ DIIHFV RHTIQTODPFH QT IWPFVLQPLPJ LP VKH HGWFDVLQPDN HPXLTQPOHPV$ DPG THUWNV LP VKH PHHG IQTHZFHRVLQPDN UVWGHPV HGWFDVLQP&

D& ARHHFK UQWPG GLUQTGHT& 4 URHHFK UQWPG GLUQTGHT LU D RKQPQNQJLFDN QT DTVLFWNDVLQP GLUQTGHT VKDV LUHXLGHPFHG E[ VKH DV[RLFDN RTQGWFVLQP QI URHHFK UQWPGU FKDTDFVHTL\HG E[ UWEUVLVWVLQPU$ GLUVQTVLQPU$DGGLVLQPU$ QT QOLUULQPU VKDV LPVHTIHTH YLVK LPVHNNLJLELNLV[& 4 URHHFK UQWPG GLUQTGHT LU PQV RTLODTLN[ VKH THUWNVQI IDFVQTU THNDVHG VQ FKTQPQNQJLFDN DJH$ JHPGHT$ FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

" ?KQPQNQJLFDN GLUQTGHT& 4 RKQPQNQJLFDN GLUQTGHT LU DP LORDLTOHPV LP VKH U[UVHO QI RKQPHOHU DPGRKQPHOH RDVVHTPU YLVKLP VKH FQPVHZV QI URQMHP NDPJWDJH&

" 4TVLFWNDVLQP GLUQTGHT& 4P DTVLFWNDVLQP GLUQTGHT LU FKDTDFVHTL\HG E[ GLIILFWNV[ LP VKH DTVLFWNDVLQP QIURHHFK UQWPGU VKDV OD[ EH GWH VQ D OQVQTLF QT UVTWFVWTDN RTQENHO&

E& 8NWHPF[ GLUQTGHT& 4 INWHPF[ GLUQTGHT LU FKDTDFVHTL\HG E[ GHXLDVLQPU LP FQPVLPWLV[$ UOQQVKPHUU$ TK[VKO$ QTHIIQTV LP URQMHP FQOOWPLFDVLQP& ;V OD[ EH DFFQORDPLHG E[ HZFHUULXH VHPULQP DPG UHFQPGDT[ EHKDXLQTU$UWFK DU UVTWJJNH DPG DXQLGDPFH& 4 INWHPF[ GLUQTGHT LU PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQFKTQPQNQJLFDN DJH$ JHPGHT$ FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

F& CQLFH GLUQTGHT& 4 XQLFH GLUQTGHT LU FKDTDFVHTL\HG E[ VKH DV[RLFDN RTQGWFVLQP QT DEUHPFH QI XQFDN SWDNLV[$RLVFK$ NQWGPHUU$ THUQPDPFH$ QT GWTDVLQP QI RKQPDVLQP VKDV LU PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQFKTQPQNQJLFDN DJH$ JHPGHT$ FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

*;97929;9CH (A9C5A91

4 UVWGHPV LU HNLJLENH IQT URHFLDNN[ GHULJPHG LPUVTWFVLQP DPG THNDVHG UHTXLFHU DU D UVWGHPV YLVK D URHHFK LORDLTOHPV LI VKHUVWGHPV OHHVU VKH IQNNQYLPJ FTLVHTLD IQT QPH QT OQTH QI VKH IQNNQYLPJ GLUQTGHTU DU GHVHTOLPHG E[ VKH RTQFHGWTHURTHUFTLEHG LP VKLU TWNH DPG UWEUHFVLQP .4%.&(++)".#$ 8&4&5&

)& ARHHFK UQWPG GLUQTGHT

4 UVWGHPV YLVK D URHHFK UQWPG GLUQTGHT LU HNLJLENH IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP LI VKHTH LU HXLGHPFH$ EDUHGQP HXDNWDVLQP THUWNVU$ QI D ULJPLILFDPV RKQPQNQJLFDN QT DTVLFWNDVLQP GLUQTGHT VKDV LU FKDTDFVHTL\HG E[ VKH DV[RLFDNRTQGWFVLQP QI URHHFK UQWPG"U#& BKH DV[RLFDN RTQGWFVLQP QI URHHFK UQWPG"U# OD[ EH FKDTDFVHTL\HG E[UWEUVLVWVLQPU$ GLUVQTVLQPU$ DGGLVLQPU$ QT QOLUULQPU& 7XDNWDVLQP THUWNVU OWUV THXHDN DNN QI VKH IQNNQYLPJ2

D& BKH URHHFK UQWPG GLUQTGHT OWUV KDXH D ULJPLILFDPV LORDFV QP VKH UVWGHPV!U LPVHNNLJLELNLV[$ DNVKQWJK VKHUVWGHPV OD[ EH LPVHNNLJLENH VQ IDOLNLDT NLUVHPHTU QT YLVKLP MPQYP FQPVHZVU

E& BKH UVWGHPV!U RKQPHVLF QT RKQPQNQJLFDN LPXHPVQT[ OWUV EH ULJPLILFDPVN[ EHNQY VKDV HZRHFVHG IQT KLU QT KHTFKTQPQNQJLFDN DJH QT GHXHNQROHPVDN NHXHN EDUHG QP PQTODVLXH GDVD

F& BKH URHHFK UQWPG GLUQTGHT OWUV KDXH DP DGXHTUH HIIHFV QP VKH UVWGHPV!U DELNLV[ VQ RHTIQTO QT IWPFVLQP LPVKH UVWGHPV!U V[RLFDN NHDTPLPJ HPXLTQPOHPV$ VKHTHE[ GHOQPUVTDVLPJ VKH PHHG IQT HZFHRVLQPDN UVWGHPVHGWFDVLQP

/175 +) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

G& BKH URHHFK UQWPG GLUQTGHT LU PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQ FKTQPQNQJLFDN DJH$ JHPGHT$FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[

*& 8NWHPF[ GLUQTGHT

4 UVWGHPV YLVK D INWHPF[ GLUQTGHT LU HNLJLENH IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP LI VKHTH LU HXLGHPFH$ EDUHG QPHXDNWDVLQP THUWNVU$ QI ULJPLILFDPV DPG RHTULUVHPV LPVHTTWRVLQPU LP VKH TK[VKO QT TDVH QI URHHFK& 7XDNWDVLQP THUWNVUOWUV THXHDN DNN QI VKH IQNNQYLPJ2

D& BKH UVWGHPV OWUV HZKLELV ULJPLILFDPV DPG RHTULUVHPV G[UINWHPV URHHFK EHKDXLQTU& BKH G[UINWHPF[ OD[LPFNWGH THRHVLVLQP QI RKTDUHU$ YKQNH YQTGU$ U[NNDENHU$ DPG RKQPHOHU3 RTQNQPJDVLQPU3 ENQFMU3 DPGFLTFWONQFWVLQPU& 4GGLVLQPDNN[$ UHFQPGDT[ EHKDXLQTU$ UWFK DU UVTWJJNH DPG DXQLGDPFH$ OD[ EH RTHUHPV&

E& BKH INWHPF[ GLUQTGHT OWUV KDXH DP DGXHTUH HIIHFV QP VKH UVWGHPV!U DELNLV[ VQ RHTIQTO QT IWPFVLQP LP VKHHGWFDVLQPDN HPXLTQPOHPV$ VKHTHE[ GHOQPUVTDVLPJ VKH PHHG IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP&

F& BKH G[UINWHPF[ LU PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQ FKTQPQNQJLFDN DJH$ JHPGHT$ FWNVWTH$HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

+& CQLFH GLUQTGHT

4 UVWGHPV YLVK D XQLFH GLUQTGHT LU HNLJLENH IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP LI VKHTH LU HXLGHPFH$ EDUHG QPHXDNWDVLQP THUWNVU$ QI ULJPLILFDPV DPG RHTULUVHPV DV[RLFDN XQLFH FKDTDFVHTLUVLFU& 7XDNWDVLQP THUWNVU OWUV THXHDN DNNQI VKH IQNNQYLPJ2

D& BKH UVWGHPV OWUV HZKLELV ULJPLILFDPV DPG RHTULUVHPV DV[RLFDN RTQGWFVLQP QI SWDNLV[$ RLVFK$ NQWGPHUU$THUQPDPFH$ QT GWTDVLQP QI RKQPDVLQP& BKH DV[RLFDN XQLFH FKDTDFVHTLUVLFU OD[ LPFNWGH LPDRRTQRTLDVH TDPJH$LPINHFVLQP$ NQWGPHUU$ HZFHUULXH PDUDNLV[$ ETHDVKLPHUU$ KQDTUHPHUU$ QT KDTUKPHUU&

E& BKH XQLFH GLUQTGHT GQHU PQV THIHT VQ XQFDN GLUQTGHTU VKDV DTH IQWPG VQ EH VKH GLTHFV THUWNV QT U[ORVQO QI DOHGLFDN FQPGLVLQP WPNHUU VKH GLUQTGHT DGXHTUHN[ DIIHFVU VKH UVWGHPV!U DELNLV[ VQ RHTIQTO QT IWPFVLQP LP VKHHGWFDVLQPDN HPXLTQPOHPV DPG LU DOHPDENH VQ LORTQXHOHPV YLVK VKHTDRHWVLF LPVHTXHPVLQP&

F& BKH XQLFH GLUQTGHT OWUV KDXH DP DGXHTUH HIIHFV QP VKH UVWGHPV!U DELNLV[ VQ RHTIQTO QT IWPFVLQP LP VKHHGWFDVLQPDN HPXLTQPOHPV$ VKHTHE[ GHOQPUVTDVLPJ VKH PHHG IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP&

G& BKH DV[RLFDN XQLFH FKDTDFVHTLUVLFU DTH PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQ FKTQPQNQJLFDN DJH$JHPGHT$ FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

,& BKH UVWGHPV GHOQPUVTDVHU D PHHG IQT URHFLDN HGWFDVLQP&

.CD45=C *E1;D1C9>=

BKH RTQXLULQPU LP @WNH .4%.&(++)$ 8&4&5&$ THJDTGLPJ JHPHTDN HGWFDVLQP LPVHTXHPVLQP RTQFHGWTHU OWUV EH LORNHOHPVHG&

)& 8QT D URHHFK UQWPG GLUQTGHT$ VKH HXDNWDVLQP OWUV LPFNWGH DNN QI VKH IQNNQYLPJ2

D& ;PIQTODVLQP JDVKHTHG ITQO VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U# DPG VHDFKHT"U#$ DPG$ YKHP DRRTQRTLDVH$VKH UVWGHPV$ THJDTGLPJ VKH FQPFHTPU DPG GHUFTLRVLQP QI URHHFK FKDTDFVHTLUVLFU& BKLU OD[ EH FQORNHVHGVKTQWJK D XDTLHV[ QI OHVKQGU$ LPFNWGLPJ LPVHTXLHYU$ FKHFMNLUVU$ QT SWHUVLQPPDLTHU&

E& 6QFWOHPVHG DPG GDVHG QEUHTXDVLQP"U# QI VKH UVWGHPV!U URHHFK FKDTDFVHTLUVLFU FQPGWFVHG E[ D URHHFK%NDPJWDJH RDVKQNQJLUV VQ HZDOLPH VKH UVWGHPV!U URHHFK FKDTDFVHTLUVLFU GWTLPJ FQPPHFVHG URHHFK QTFQPXHTUDVLQP& >EUHTXDVLQP"U# FQPGWFVHG RTLQT VQ QEVDLPLPJ FQPUHPV IQT HXDNWDVLQP OD[ EH WUHG VQ OHHVVKLU FTLVHTLQP&

F& 4P HZDOLPDVLQP QI VKH QTDN OHFKDPLUO UVTWFVWTH DPG IWPFVLQP&

G& >PH QT OQTH UVDPGDTGL\HG$ PQTO%THIHTHPFHG LPUVTWOHPVU GHULJPHG VQ OHDUWTH URHHFK UQWPG RTQGWFVLQPDGOLPLUVHTHG VQ GHVHTOLPH VKH V[RH DPG UHXHTLV[ QI VKH URHHFK UQWPG HTTQTU DPG YKHVKHT VKH HTTQTU DTHDTVLFWNDVLQP "RKQPHVLF# QT RKQPQNQJLFDN "RKQPHOLF# LP PDVWTH&

*& 8QT D INWHPF[ GLUQTGHT$ VKH HXDNWDVLQP OWUV LPFNWGH DNN QI VKH IQNNQYLPJ2

/175 +* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

D& ;PIQTODVLQP JDVKHTHG ITQO VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U# DPG VHDFKHT"U#$ DPG$ YKHP DRRTQRTLDVH$VKH UVWGHPV$ VQ DGGTHUU VKH IQNNQYLPJ DTHDU THJDTGLPJ VKH URHHFK EHKDXLQTU2 OQVQT DURHFVU$ UVWGHPV!UDVVLVWGH$ UQFLDN LORDFV$ DPG HGWFDVLQPDN LORDFV& BKLU OD[ EH FQORNHVHG VKTQWJK D XDTLHV[ QI OHVKQGU$LPFNWGLPJ LPVHTXLHYU$ FKHFMNLUVU$ QT SWHUVLQPPDLTHU&

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

F& 4P HZDOLPDVLQP QI VKH QTDN OHFKDPLUO UVTWFVWTH DPG IWPFVLQP&

G& 4P DUUHUUOHPV QI DNN QI VKH IQNNQYLPJ DTHDU2

" =QVQT DURHFVU QI VKH URHHFK EHKDXLQTU

" AVWGHPV!U DVVLVWGH THJDTGLPJ VKH URHHFK EHKDXLQTU

" AQFLDN LORDFV QI VKH URHHFK EHKDXLQTU

" 7GWFDVLQPDN LORDFV QI VKH URHHFK EHKDXLQTU

H& 4 URHHFK UDORNH QI D OLPLOWO QI +((^-(( YQTGU FQNNHFVHG DPG DPDN[\HG VQ GHVHTOLPH ITHSWHPF[$GWTDVLQP$ DPG V[RH QI G[UINWHPV URHHFK EHKDXLQTU& ;I VKH URHHFK%NDPJWDJH RDVKQNQJLUV LU WPDENH VQ QEVDLPD URHHFK UDORNH QI D OLPLOWO QI +((^-(( YQTGU$ D UODNNHT UDORNH OD[ EH FQNNHFVHG DPG DPDN[\HG& BKHHXDNWDVLQP THRQTV OWUV GQFWOHPV VKH TDVLQPDNH IQT FQNNHFVLQP DPG DPDN[ULU QI D UODNNHT UDORNH$ VKH THUWNVUQEVDLPHG$ DPG VKH EDULU IQT THFQOOHPGDVLQPU&

+& 8QT D XQLFH GLUQTGHT$ VKH HXDNWDVLQP OWUV LPFNWGH DNN QI VKH IQNNQYLPJ2

D& ;PIQTODVLQP JDVKHTHG ITQO VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U# DPG VHDFKHT"U#$ DPG$ YKHP DRRTQRTLDVH$VKH UVWGHPV$ THJDTGLPJ VKH FQPFHTPU DPG GHUFTLRVLQP QI XQLFH FKDTDFVHTLUVLFU& BKLU OD[ EH FQORNHVHGVKTQWJK D XDTLHV[ QI OHVKQGU$ LPFNWGLPJ LPVHTXLHYU$ FKHFMNLUVU$ QT SWHUVLQPPDLTHU&

E& 6QFWOHPVHG DPG GDVHG QEUHTXDVLQP"U# QI VKH UVWGHPV!U XQLFH FKDTDFVHTLUVLFU FQPGWFVHG E[ D URHHFK%NDPJWDJH RDVKQNQJLUV LP QPH QT OQTH UHVVLPJ"U#$ YKLFK OWUV LPFNWGH VKH V[RLFDN NHDTPLPJ HPXLTQPOHPV& 8QTRTHMLPGHTJDTVHP FKLNGTHP$ VKH QEUHTXDVLQP"U# OD[ QFFWT LP DP HPXLTQPOHPV QT ULVWDVLQP DRRTQRTLDVH IQT DFKLNG QI VKDV FKTQPQNQJLFDN DJH& >EUHTXDVLQP"U# FQPGWFVHG RTLQT VQ QEVDLPLPJ FQPUHPV IQT HXDNWDVLQP OD[EH WUHG VQ OHHV VKLU FTLVHTLQP&

F& 4P HZDOLPDVLQP QI VKH QTDN OHFKDPLUO UVTWFVWTH DPG IWPFVLQP&

G& 4 THRQTV QI D OHGLFDN HZDOLPDVLQP QI NDT[PJHDN UVTWFVWTH DPG IWPFVLQP FQPGWFVHG E[ D RK[ULFLDP NLFHPUHGLP 8NQTLGD LP DFFQTGDPFH YLVK AHFVLQP ,-0 QT ,-1$ 8&A&$ WPNHUU D THRQTV QI OHGLFDN HZDOLPDVLQP ITQO DRK[ULFLDP NLFHPUHG LP DPQVKHT UVDVH LU RHTOLVVHG LP DFFQTGDPFH YLVK RDTDJTDRK .4%.&(++)"+#"F#$ 8&4&5&BKH RK[ULFLDP!U THRQTV OWUV RTQXLGH D GHUFTLRVLQP QI VKH UVDVH QI VKH XQFDN OHFKDPLUO DPG DP[ OHGLFDNLORNLFDVLQPU IQT VKHTDRHWVLF LPVHTXHPVLQP&

0=9@D5 ,89;>B>?8931;! (DAA93D;1A! >A +=BCAD3C9>=1; (>=B945A1C9>=B

)& ARHHFK UHTXLFHU

D& 4 JTQWR QI SWDNLILHG RTQIHUULQPDNU GHVHTOLPLPJ HNLJLELNLV[ WPGHT THSWLTHOHPVU QI VKLU TWNH DPG UWEUHFVLQP.4%.&(++)".#$ 8&4&5&$ OWUV LPFNWGH D URHHFK%NDPJWDJH RDVKQNQJLUV&

E& 4 URHHFK%NDPJWDJH RDVKQNQJLUV UKDNN EH LPXQNXHG LP VKH GHXHNQROHPV QI VKH LPGLXLGWDN HGWFDVLQPDN RNDP IQTUVWGHPVU HNLJLENH IQT URHHFK UHTXLFHU$ YKHVKHT DU URHFLDN HGWFDVLQP QT DU D THNDVHG UHTXLFH IQT DPQVKHTYLUH HNLJLENH UVWGHPV YLVK D GLUDELNLV[&

F& ARHHFK VKHTDR[ UHTXLFHU UKDNN EH RTQXLGHG E[ D FHTVLILHG URHHFK%NDPJWDJH RDVKQNQJLUV RWTUWDPV VQ @WNH.4%,&()/.$ 8&4&5&$ QT D NLFHPUHG URHHFK%NDPJWDJH RDVKQNQJLUV RWTUWDPV VQ AHFVLQP ,.0&))0-$ 8&A&$ QT DURHHFK%NDPJWDJH DUUQFLDVH RWTUWDPV VQ @WNH .4%,&()/.)$ 8&4&5&

/175 ++ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

*& ARHHFK%NDPJWDJH DUUQFLDVH "A<4#

D& ARHHFK VKHTDR[ UHTXLFHU RTQXLGHG E[ DP A<4 DU URHFLILHG LP @WNH .4%,&()/.)$ 8&4&5&$ YLNN EH WPGHT VKHGLTHFVLQP QI D FHTVLILHG QT NLFHPUHG URHHFK%NDPJWDJH RDVKQNQJLUV YLVK D ODUVHT!U GHJTHH QT KLJKHT LPURHHFK%NDPJWDJH RDVKQNQJ[& AHTXLFHU FDP EH RTQXLGHG IQT D RHTLQG QI VKTHH "+# [HDTU DU GHUFTLEHG LPAHFVLQP )()*&,,$ 8&A&$ LP GLUVTLFVU VKDV SWDNLI[ IQT VKH UFDTFLV[ UWRRNHOHPV DU GHUFTLEHG LP AHFVLQP )())&.*"/#$ 8&A& 8QT OQTH LPIQTODVLQP QP VKH THURQPULELNLVLHU DPG GWVLHU QI DP A<4$ JQ VQ2KVVR2''LPIQ&INGQH&QTJ'GQFWUKDTH'GUYHE'9HV'6QFWOHPV%,..*'B4?*((/%)+/&RGI&

E& BKH GLUVTLFV UKDNN UWEOLV D RNDP VQ VKH 6HRDTVOHPV QI 7GWFDVLQP IQT DRRTQXDN EHIQTH LORNHOHPVDVLQP QI@WNH .4%,&()/.)$ 8&4&5& BKH FQORQPHPVU QI VKH RNDP IQWPG LP @WNH .4%.&(+()*"/#$ 8&4&5&$ YLNN LPFNWGH DGHUFTLRVLQP QI2

" BKH OQGHN$ URHFLI[LPJ VKH V[RH DPG DOQWPV QI GLTHFVLQP$ LPFNWGLPJ GLTHFV QEUHTXDVLQP$ UWRRQTV$VTDLPLPJ$ DPG LPUVTWFVLQP

" BKH TDVLQPDNH IQT WULPJ VKLU OQGHN

" BKH ODPPHT LP YKLFK VKH DUUQFLDVH YLNN EH THSWLTHG VQ GHOQPUVTDVH FQORHVHPF[

" BKH RTQFHUU IQT OQPLVQTLPJ VKH SWDNLV[ QI UHTXLFHU

" BKH RTQFHUU IQT OHDUWTLPJ UVWGHPV RTQJTHUU

" BKH ODPPHT LP YKLFK VKH URHHFK%NDPJWDJH DUUQFLDVH YLNN OHHV VKH THSWLTHOHPVU QI VKH DPPWDNGLUVTLFV RTQIHUULQPDN GHXHNQROHPV RNDP IQT LPUVTWFVLQPDN RHTUQPPHN

/85 B38>>; 49BCA93C 81B C85 >?C9>= C> 9=3;D45 1449C9>=1; 9=6>A<1C9>= A571A49=7 5E1;D1C9>=B! @D1;969545E1;D1C>AB! >A D=9@D5 ?89;>B>?8931;! 3DAA93D;1A! >A 9=BCAD3C9>=1; 3>=B945A1C9>=B 6>A BCD45=CB F9C8 B?55389<?19A<5=CB"

>PH QI VKH IQNNQYLPJ <DBC EH UHNHFVHG2

BKH UFKQQN GLUVTLFV KDU RTQXLGHG DGGLVLQPDN LPIQTODVLQP IQT VKLU UHFVLQP LP &??5=49G ' QI VKLU GQFWOHPV&

BKHTH LU PQ DGGLVLQPDN LPIQTODVLQP IQT VKLU UHFVLQP&

/175 $## >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-2BD ++" -?<;4;6C 2>5 -B?465EB6C 7?B /DE56>DC G;D9 );C23;<;D;6C

/64D;?> '"#$% *H46@D;?>2< /DE56>D *5E42D;?> *<;8;3;<;DI 7?B /DE56>DC G;D9 ,2>8E286+=@2;B=6>DC

/D2DED?BI 2>5 .68E<2D?BI (;D2D;?>C

*+ 58@ ^^*''&/$ *''&*+$ DPG *''&*'-AHFVLQPU (''*&'( DPG (''*&,.$ 8&A&@WNH -3%-&'*'()($ 8&3&5&

)67;>;D;?>C

;DPJWDJH LORDLTOHPVU DTH GLUQTGHTU QI NDPJWDJH VKDV LPVHTIHTH YLVK FQOOWPLFDVLQP$ DGXHTUHN[ DIIHFV RHTIQTODPFH QTIWPFVLQPLPJ LP VKH UVWGHPV!U V[RLFDN NHDTPLPJ HPXLTQPOHPV$ DPG THUWNV LP VKH PHHG IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP& 3NDPJWDJH LORDLTOHPV LU GHILPHG DU D GLUQTGHT LP QPH QT OQTH QI VKH EDULF NHDTPLPJ RTQFHUUHU LPXQNXHG LP WPGHTUVDPGLPJQT LP WULPJ URQMHP QT YTLVVHP NDPJWDJH& BKHUH LPFNWGH1

(& ?KQPQNQJ[& ?KQPQNQJ[ LU GHILPHG DU VKH UQWPG U[UVHOU QI D NDPJWDJH DPG VKH NLPJWLUVLF FQPXHPVLQPU QI DNDPJWDJH VKDV JWLGH VKH UQWPG UHNHFVLQP DPG UQWPG FQOELPDVLQPU WUHG VQ FQPXH[ OHDPLPJ&

)& <QTRKQNQJ[& <QTRKQNQJ[ LU GHILPHG DU VKH U[UVHO VKDV JQXHTPU VKH LPVHTPDN UVTWFVWTH QI YQTGU DPG VKHFQPUVTWFVLQP QI YQTG IQTOU&

*& A[PVDZ& A[PVDZ LU GHILPHG DU VKH U[UVHO JQXHTPLPJ VKH QTGHT DPG FQOELPDVLQP QI YQTGU VQ IQTO UHPVHPFHU$ DPGVKH THNDVLQPUKLRU DOQPJ VKH HNHOHPVU YLVKLP D UHPVHPFH&

+& AHODPVLFU& AHODPVLFU LU GHILPHG DU VKH U[UVHO VKDV JQXHTPU VKH OHDPLPJU QI YQTGU DPG UHPVHPFHU&

,& ?TDJODVLFU& ?TDJODVLFU LU GHILPHG DU VKH U[UVHO VKDV FQOELPHU NDPJWDJH FQORQPHPVU LP IWPFVLQPDN DPG UQFLDNN[DRRTQRTLDVH FQOOWPLFDVLQP&

BKH NDPJWDJH LORDLTOHPV OD[ ODPLIHUV LP ULJPLILFDPV GLIILFWNVLHU DIIHFVLPJ NLUVHPLPJ FQORTHKHPULQP$ QTDN HZRTHUULQP$UQFLDN LPVHTDFVLQP$ THDGLPJ$ YTLVLPJ$ QT URHNNLPJ& 3 NDPJWDJH LORDLTOHPV LU PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQFKTQPQNQJLFDN DJH$ JHPGHT$ FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

*<;8;3;<;DI (B;D6B;2

(& 8QT RTHMLPGHTJDTVHP FKLNGTHP

3 RTHMLPGHTJDTVHP FKLNG LU HNLJLENH DU D UVWGHPV YLVK D NDPJWDJH LORDLTOHPV LP PHHG QI URHFLDNN[ GHULJPHGLPUVTWFVLQP DPG THNDVHG UHTXLFHU LI DNN QI VKH IQNNQYLPJ FTLVHTLD DTH OHV1

D& BKHTH LU HXLGHPFH$ EDUHG QP HXDNWDVLQP THUWNVU$ QI ULJPLILFDPV GHILFLVU LP NDPJWDJH& BKH LORDLTOHPV OD[ODPLIHUV LP ULJPLILFDPV GLIILFWNVLHU DIIHFVLPJ QPH QT OQTH QI VKH IQNNQYLPJ DTHDU1

L& ;LUVHPLPJ FQORTHKHPULQP

LL& >TDN HZRTHUULQP

LLL& AQFLDN LPVHTDFVLQP

LX& 7OHTJHPV NLVHTDF[ UMLNNU "H&J&$ XQFDEWNDT[ GHXHNQROHPV$ RKQPQNQJLFDN DYDTHPHUU$ PDTTDVLXHFQPFHRVU#

E& >PH QT OQTH GQFWOHPVHG DPG GDVHG EHKDXLQTDN QEUHTXDVLQP"U# THXHDNU ULJPLILFDPV NDPJWDJH GHILFLVU VKDVLPVHTIHTH YLVK RHTIQTODPFH QT IWPFVLQPLPJ LP VKH V[RLFDN NHDTPLPJ HPXLTQPOHPV&

F& @HUWNVU QI UVDPGDTGL\HG PQTO%THIHTHPFHG LPUVTWOHPV"U# THXHDN D ULJPLILFDPV NDPJWDJH GHILFLV LP QPH QTOQTH QI VKH DTHDU NLUVHG LP (&],& QI VKH 6HILPLVLQPU UHFVLQP DEQXH$ DU HXLGHPFHG E[ UVDPGDTG UFQTH"U#ULJPLILFDPVN[ EHNQY VKH OHDP& 9I VKH HXDNWDVQT LU WPDENH VQ DGOLPLUVHT D PQTO%THIHTHPFHG LPUVTWOHPV DPGDP DNVHTPDVLXH UFLHPVLILF$ THUHDTFK%EDUHG LPUVTWOHPV LU DGOLPLUVHTHG$ VKH LPUVTWOHPV OWUV THXHDN D

/175 $#$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

ULJPLILFDPV NDPJWDJH GHILFLV LP QPH QT OQTH DTHDU NLUVHG LP (&],& QI VKH 6HILPLVLQPU UHFVLQP DEQXH&ALJPLILFDPFH QI VKH GHILFLV"U# OWUV EH GHVHTOLPHG DPG EDUHG QP URHFLILFDVLQPU LP VKH ODPWDN QI VKHLPUVTWOHPV"U# WVLNL\HG IQT HXDNWDVLQP RWTRQUHU&

G& 9PIQTODVLQP JDVKHTHG ITQO VKH FKLNG!U RDTHPV"U# QT JWDTGLDP"U#$ VHDFKHT"U#$ UHTXLFH RTQXLGHTU$ QT FDTHJLXHTUOWUV UWRRQTV VKH THUWNVU QI VKH UVDPGDTGL\HG LPUVTWOHPVU DPG QEUHTXDVLQPU FQPGWFVHG&

H& BKH NDPJWDJH LORDLTOHPV OWUV KDXH DP DGXHTUH HIIHFV QP VKH FKLNG!U DELNLV[ VQ RHTIQTO QT IWPFVLQP LP VKHV[RLFDN NHDTPLPJ HPXLTQPOHPV$ VKHTHE[ GHOQPUVTDVLPJ VKH PHHG IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP&

I& BKH NDPJWDJH LORDLTOHPV LU PQV RTLODTLN[ VKH THUWNV QI IDFVQTU THNDVHG VQ FKTQPQNQJLFDN DJH$ JHPGHT$FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

)& 8QT UVWGHPVU LP MLPGHTJDTVHP VKTQWJK JTDGH VYHNXH "()#

3 UVWGHPV OHHVU VKH HNLJLELNLV[ FTLVHTLD DU D UVWGHPV YLVK D NDPJWDJH LORDLTOHPV LP PHHG QI URHFLDNN[ GHULJPHGLPUVTWFVLQP DPG THNDVHG UHTXLFHU LI DNN QI VKH IQNNQYLPJ FTLVHTLD DTH OHV1

D& 6WH VQ GHILFLVU LP VKH UVWGHPV!U NDPJWDJH UMLNNU$ VKH UVWGHPV GQHU PQV RHTIQTO QT IWPFVLQP DGHSWDVHN[ IQTVKH UVWGHPV!U FKTQPQNQJLFDN DJH QT VQ OHHV JTDGH%NHXHN UVDPGDTGU DU DGQRVHG LP @WNH -3%(&'0+'($ 8&3&5&$LP QPH QT OQTH QI VKH IQNNQYLPJ DTHDU$ YKHP RTQXLGHG YLVK NHDTPLPJ HZRHTLHPFHU DPG LPUVTWFVLQPDRRTQRTLDVH IQT VKH UVWGHPV!U FKTQPQNQJLFDN DJH QT JTDGH1

L& >TDN HZRTHUULQP

LL& ;LUVHPLPJ FQORTHKHPULQP

LLL& AQFLDN LPVHTDFVLQP

LX& CTLVVHP HZRTHUULQP

X& ?KQPQNQJLFDN RTQFHUULPJ

XL& @HDGLPJ FQORTHKHPULQP

E& 6WH VQ GHILFLVU LP VKH UVWGHPV!U NDPJWDJH UMLNNU$ VKH UVWGHPV GQHU PQV ODMH UWIILFLHPV RTQJTHUU VQ OHHVFKTQPQNQJLFDN DJH QT AVDVH%DRRTQXHG JTDGH%NHXHN UVDPGDTGU RWTUWDPV VQ @WNH -3%(&'0+'($ 8&3&5&$ LP QPHQT OQTH QI VKH DTHDU LGHPVLILHG LP VKH RTHXLQWU RDTDJTDRK YKHP WULPJ D RTQFHUU EDUHG QP VKH UVWGHPV!UTHURQPUH VQ UFLHPVLILF$ THUHDTFK%EDUHG LPVHTXHPVLQP&

F& 7XLGHPFH QI D NDPJWDJH LORDLTOHPV LU GQFWOHPVHG EDUHG QP D FQORTHKHPULXH NDPJWDJH HXDNWDVLQP$LPFNWGLPJ DNN HXDNWDVLQP RTQFHGWTHU DU URHFLILHG IQT UVWGHPVU LP MLPGHTJDTVHP VKTQWJK JTDGH VYHNXH "()#$LPFNWGHG WPGHT VKH (?>5E4D;>8 /DE56>D *F2<E2D;?>C 2>5 .66F2<E2D;?>C UHFVLQP QI VKLU GQFWOHPV&BKHTH OWUV EH GQFWOHPVDVLQP QI DNN QI VKH IQNNQYLPJ1

L& 6QFWOHPVHG DPG GDVHG QEUHTXDVLQPU UKQY HXLGHPFH QI ULJPLILFDPV NDPJWDJH GHILFLVU VKDV LPVHTIHTHYLVK VKH UVWGHPV!U RHTIQTODPFH QT IWPFVLQPLPJ LP VKH HGWFDVLQPDN HPXLTQPOHPV&

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

LLL& 9PIQTODVLQP JDVKHTHG ITQO VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U#$ VHDFKHT"U#$ DPG$ YKHPDRRTQRTLDVH$ VKH UVWGHPV$ OWUV UWRRQTV VKH THUWNVU QI VKH UVDPGDTGL\HG LPUVTWOHPVU DPGQEUHTXDVLQPU FQPGWFVHG&

LX& 3V NHDUV QPH DGGLVLQPDN QEUHTXDVLQP FQPGWFVHG E[ VKH URHHFK%NDPJWDJH RDVKQNQJLUV YKHP VKHNDPJWDJH LORDLTOHPV LU GWH VQ D GHILFLV LP RTDJODVLF NDPJWDJH DPG FDPPQV EH XHTLILHG E[ VKH WUH QIUVDPGDTGL\HG LPUVTWOHPV"U#& BKH NDPJWDJH LORDLTOHPV OD[ EH HUVDENLUKHG VKTQWJK VKH THUWNVU QIVKH HXDNWDVLQP RTQFHGWTHU DU URHFLILHG LP VKH HXDNWDVLQP RTQFHGWTHU IQT UVWGHPVU LP MLPGHTJDTVHP

/175 $#% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

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

G& BKH JTQWR GHVHTOLPHU VKDV LVU ILPGLPJU WPGHT UHFVLQP )&D# DEQXH DTH PQV RTLODTLN[ VKH THUWNV QI IDFVQTUTHNDVHG VQ FKTQPQNQJLFDN DJH$ JHPGHT$ FWNVWTH$ HVKPLFLV[$ QT NLOLVHG 7PJNLUK RTQILFLHPF[&

)?4E=6>D2D;?> ?7 )6D6B=;>2D;?> ?7 *<;8;3;<;DI

8QT D UVWGHPV UWURHFVHG QI KDXLPJ D NDPJWDJH LORDLTOHPV$ VKH GQFWOHPVDVLQP QI VKH GHVHTOLPDVLQP QI HNLJLELNLV[ OWUVLPFNWGH D YTLVVHP UWOODT[ QI VKH JTQWR!U DPDN[ULU QI VKH GDVD VKDV LPFQTRQTDVHU DNN QI VKH IQNNQYLPJ LPIQTODVLQP1

(& BKH EDULU IQT ODMLPJ VKH GHVHTOLPDVLQP$ LPFNWGLPJ DP DUUWTDPFH VKDV VKH GHVHTOLPDVLQP KDU EHHP ODGH LPDFFQTGDPFH YLVK UWEUHFVLQP -3%-&'**("-#$ 8&3&5&

)& =QVHG EHKDXLQT GWTLPJ VKH QEUHTXDVLQP QI VKH UVWGHPV DPG VKH THNDVLQPUKLR QI VKDV EHKDXLQT VQ VKH UVWGHPV!UDFDGHOLF IWPFVLQPLPJ&

*& BKH HGWFDVLQPDNN[ THNHXDPV OHGLFDN ILPGLPJU$ LI DP[&

+& CKHVKHT VKH UVWGHPV KDU D NDPJWDJH LORDLTOHPV DU HXLGHPFHG E[ THURQPUH VQ LPVHTXHPVLQP GDVD FQPILTOLPJ VKHIQNNQYLPJ1

D& ?HTIQTODPFH QT IWPFVLQPLPJ GLUFTHRDPFLHU& BKH UVWGHPV GLURND[U ULJPLILFDPV GLUFTHRDPFLHU$ IQT VKHFKTQPQNQJLFDN DJH QT JTDGH NHXHN LP YKLFK VKH UVWGHPV LU HPTQNNHG$ EDUHG QP OWNVLRNH UQWTFHU QI GDVD YKHPFQORDTHG VQ OWNVLRNH JTQWRU$ LPFNWGLPJ VQ VKH HZVHPV RTDFVLFDENH VKH RHHT UWEJTQWR$ FNDUUTQQO$ UFKQQN$GLUVTLFV$ DPG UVDVH NHXHN FQORDTLUQP JTQWRU&

E& @DVH QI RTQJTHUU& CKHP RTQXLGHG YLVK HIIHFVLXH LORNHOHPVDVLQP QI DRRTQRTLDVH THUHDTFK%EDUHG LPUVTWFVLQPDPG LPVHTXHPVLQPU QI THDUQPDENH LPVHPULV[ DPG GWTDVLQP YLVK HXLGHPFH QI LORNHOHPVDVLQP ILGHNLV[$ VKHUVWGHPV!U TDVH QI RTQJTHUU LU LPUWIILFLHPV QT THSWLTHU UWUVDLPHG DPG UWEUVDPVLDN HIIQTV VQ FNQUH VKH JDR YLVKV[RLFDN RHHTU QT HZRHFVDVLQPU IQT VKH FKTQPQNQJLFDN DJH QT JTDGH NHXHN LP YKLFK VKH UVWGHPV LU FWTTHPVN[HPTQNNHG&

F& 7GWFDVLQPDN PHHG& BKH UVWGHPV FQPVLPWHU VQ GHOQPUVTDVH VKH PHHG IQT LPVHTXHPVLQPU VKDV ULJPLILFDPVN[GLIIHT LP LPVHPULV[ DPG GWTDVLQP ITQO YKDV FDP EH RTQXLGHG UQNHN[ VKTQWJK HGWFDVLQPDN THUQWTFHU DPGUHTXLFHU FWTTHPVN[ LP RNDFH$ VKHTHE[ GHOQPUVTDVLPJ D PHHG IQT HZFHRVLQPDN UVWGHPV HGWFDVLQP GWH VQ VKHDGXHTUH HIIHFV QI VKH NDPJWDJH LORDLTOHPV QP VKH UVWGHPV!U DELNLV[ VQ RHTIQTO QT IWPFVLQP LP VKHHGWFDVLQPDN HPXLTQPOHPV&

,& BKH GHVHTOLPDVLQP QI VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U# DPG JTQWR QI SWDNLILHG RTQIHUULQPDNU FQPFHTPLPJ VKHHIIHFVU QI FKTQPQNQJLFDN DJH$ FWNVWTH$ JHPGHT$ HVKPLFLV[$ RDVVHTPU QI LTTHJWNDT DVVHPGDPFH$ QT NLOLVHG 7PJNLUKRTQILFLHPF[ QP VKH UVWGHPV!U RHTIQTODPFH QT IWPFVLQPLPJ&

-& 6QFWOHPVDVLQP EDUHG QP GDVD GHTLXHG ITQO D RTQFHUU VKDV DUUHUUHU VKH UVWGHPV!U THURQPUH VQ YHNN%GHNLXHTHGUFLHPVLILF$ THUHDTFK%EDUHG LPUVTWFVLQP DPG LPVHTXHPVLQPU$ LPFNWGLPJ1

D& 6QFWOHPVDVLQP QI VKH URHFLILF LPUVTWFVLQPDN LPVHTXHPVLQPU WUHG$ VKH LPVHTXHPVLQP UWRRQTV RTQXLGHG VQ VKHLPGLXLGWDNU LORNHOHPVLPJ LPVHTXHPVLQPU$ DGKHTHPFH VQ VKH FTLVLFDN HNHOHPVU QI VKH LPVHTXHPVLQP GHULJP DPGGHNLXHT[ OHVKQGU$ VKH GWTDVLQP QI LPVHTXHPVLQP LORNHOHPVDVLQP "H&J&$ PWOEHT QI YHHMU$ OLPWVHU RHT YHHM$UHUULQPU RHT YHHM#$ DPG VKH UVWGHPV%FHPVHTHG GDVD FQNNHFVHG

E& 6QFWOHPVDVLQP VKDV VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U# YHTH PQVLILHG DEQWV VKH UVDVH!U RQNLFLHUTHJDTGLPJ VKH DOQWPV DPG PDVWTH QI UVWGHPV RHTIQTODPFH QT IWPFVLQPLPJ GDVD VKDV YQWNG EH FQNNHFVHG DPGVKH HGWFDVLQPDN THUQWTFHU DPG UHTXLFHU VKDV YQWNG EH RTQXLGHG2 LPVHTXHPVLQPU IQT LPFTHDULPJ VKH UVWGHPV!UTDVH QI RTQJTHUU2 DPG VKH RDTHPVDN QT JWDTGLDP TLJKV VQ THSWHUV DP HXDNWDVLQP&

/DE56>D *F2<E2D;?>

(& 5KLNGTHP LP RTHMLPGHTJDTVHP

/175 $#& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

9P DGGLVLQP VQ VKH RTQFHGWTHU LGHPVLILHG LP UWEUHFVLQP -3%-&'**(",#$ 8&3&5&$ VKH OLPLOWO HXDNWDVLQP IQT DRTHMLPGHTJDTVHP FKLNG UKDNN LPFNWGH DNN QI VKH IQNNQYLPJ1

D& 9PIQTODVLQP JDVKHTHG ITQO VKH FKLNG!U RDTHPV"U# QT JWDTGLDP"U# DPG QVKHTU$ DU DRRTQRTLDVH$ UWFK DUVHDFKHT"U#$ UHTXLFH RTQXLGHTU$ DPG FDTHJLXHTU$ THJDTGLPJ VKH FQPFHTPU DPG GHUFTLRVLQP QI NDPJWDJH UMLNNU&BKLU OD[ EH FQORNHVHG VKTQWJK D XDTLHV[ QI OHVKQGU$ LPFNWGLPJ LPVHTXLHYU$ FKHFMNLUVU$ QT SWHUVLQPPDLTHU&

E& >PH QT OQTH GQFWOHPVHG DPG GDVHG QEUHTXDVLQP"U# QI VKH FKLNG!U NDPJWDJH UMLNNU FQPGWFVHG E[ VKHURHHFK%NDPJWDJH RDVKQNQJLUV LP QPH QT OQTH UHVVLPJ"U#$ YKLFK OWUV LPFNWGH VKH FKLNG!U V[RLFDN NHDTPLPJHPXLTQPOHPV QT DP HPXLTQPOHPV QT ULVWDVLQP DRRTQRTLDVH IQT D FKLNG QI VKDV FKTQPQNQJLFDN DJH&

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

)& AVWGHPVU LP MLPGHTJDTVHP VKTQWJK JTDGH VYHNXH "()#

?TLQT VQ QEVDLPLPJ FQPUHPV IQT LPLVLDN HXDNWDVLQP$ VKH THSWLTHOHPVU QI UWEUHFVLQP -3%-&'**("(#$ 8&3&5&$ THNDVHG VQJHPHTDN HGWFDVLQP LPVHTXHPVLQP RTQFHGWTHU IQT MLPGHTJDTVHP VKTQWJK JTDGH VYHNXH UVWGHPVU OWUV EH OHV&

D& BKH UFKQQN GLUVTLFV OWUV RTQORVN[ THSWHUV RDTHPVDN QT JWDTGLDP FQPUHPV VQ FQPGWFV DP HXDNWDVLQP VQGHVHTOLPH LI VKH UVWGHPV PHHGU HZFHRVLQPDN UVWGHPV HGWFDVLQP LP VKH IQNNQYLPJ FLTFWOUVDPFHU1

L& ?TLQT VQ QEVDLPLPJ FQPUHPV IQT HXDNWDVLQP$ VKH UVWGHPV KDU PQV ODGH DGHSWDVH RTQJTHUU DIVHT DPDRRTQRTLDVH RHTLQG QI VLOH YKHP RTQXLGHG DRRTQRTLDVH LPUVTWFVLQP DPG LPVHPUH$ LPGLXLGWDNL\HGLPVHTXHPVLQPU&

LL& ?TLQT VQ QEVDLPLPJ FQPUHPV IQT HXDNWDVLQP$ LPVHPULXH LPVHTXHPVLQPU DTH GHOQPUVTDVHG VQ EH HIIHFVLXHEWV THSWLTH UWUVDLPHG DPG UWEUVDPVLDN HIIQTV VKDV OD[ LPFNWGH VKH RTQXLULQP QI HZFHRVLQPDN UVWGHPVHGWFDVLQP&

LLL& CKHPHXHT D THIHTTDN LU ODGH VQ FQPGWFV DP HXDNWDVLQP VQ GHVHTOLPH VKH UVWGHPV!U PHHG IQTHZFHRVLQPDN UVWGHPV HGWFDVLQP DPG VKH HZLUVHPFH QI D GLUDELNLV[&

E& BQ HPUWTH VKDV VKH GHFTHDUHG RHTIQTODPFH QT IWPFVLQPLPJ QI D UVWGHPV UWURHFVHG QI KDXLPJ D NDPJWDJHLORDLTOHPV LU PQV GWH VQ NDFM QI DRRTQRTLDVH LPUVTWFVLQP$ VKH OLPLOWO HXDNWDVLQP RTQFHGWTHU OWUV LPFNWGHDNN QI VKH IQNNQYLPJ1

L& @HXLHY QI GDVD VKDV GHOQPUVTDVH VKH UVWGHPV YDU RTQXLGHG YHNN%GHNLXHTHG UFLHPVLILF$ THUHDTFK%EDUHG LPUVTWFVLQP DPG LPVHTXHPVLQPU DGGTHUULPJ VKH LGHPVLILHG DTHD"U# QI FQPFHTP DPG GHNLXHTHG E[SWDNLILHG RHTUQPPHN LP JHPHTDN QT HZFHRVLQPDN HGWFDVLQP UHVVLPJU&

LL& 6DVD%EDUHG GQFWOHPVDVLQP$ YKLFK YDU RTQXLGHG VQ VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U#$ QITHRHDVHG OHDUWTHU QI RHTIQTODPFH QT IWPFVLQPLPJ DV THDUQPDENH LPVHTXDNU$ FQOOWPLFDVHG LP DPWPGHTUVDPGDENH IQTODV$ THINHFVLPJ VKH UVWGHPV!U THURQPUH VQ LPVHTXHPVLQP GWTLPJ LPUVTWFVLQP&

LLL& 9PIQTODVLQP JDVKHTHG ITQO VKH UVWGHPV!U RDTHPV"U# QT JWDTGLDP"U# DPG VHDFKHT"U#$ DPG$ YKHPDRRTQRTLDVH$ VKH UVWGHPV$ THJDTGLPJ VKH FQPFHTPU DPG D GHUFTLRVLQP QI NDPJWDJH UMLNNU& BKLU OD[ EHFQORNHVHG VKTQWJK D XDTLHV[ QI OHVKQGU LPFNWGLPJ LPVHTXLHYU$ FKHFMNLUVU$ QT SWHUVLQPPDLTHU&

LX& 6QFWOHPVHG DPG GDVHG QEUHTXDVLQP"U# QI VKH UVWGHPV!U NDPJWDJH UMLNNU FQPGWFVHG E[ VKH URHHFK%NDPJWDJH RDVKQNQJLUV LP QPH QT OQTH UHVVLPJ"U#&

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

/175 $#' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

F& CLVK VKH HZFHRVLQP QI VKH GQFWOHPVHG DPG GDVHG QEUHTXDVLQP"U# QI VKH UVWGHPV!U NDPJWDJH UMLNNUFQPGWFVHG E[ VKH URHHFK%NDPJWDJH RDVKQNQJLUV LP QPH QT OQTH UHVVLPJ"U#$ JHPHTDN HGWFDVLQP DFVLXLVLHU DPGLPVHTXHPVLQPU FQPGWFVHG RTLQT VQ LPLVLDN HXDNWDVLQP LP DFFQTGDPFH YLVK UWEUHFVLQP -3%-&'**("(#$ 8&3&5&$OD[ EH WUHG VQ UDVLUI[ VKH THSWLTHOHPVU QI VKLU UWEUHFVLQP&

1>;AE6 -9;<?C?@9;42<! (EBB;4E<2B! ?B +>CDBE4D;?>2< (?>C;56B2D;?>C

,2>8E286 C6BF;46C

(& 3 JTQWR QI SWDNLILHG RTQIHUULQPDNU GHVHTOLPLPJ HNLJLELNLV[ WPGHT THSWLTHOHPVU QI VKLU TWNH DPG UWEUHFVLQP-3%-&'**("-#$ 8&3&5&$ YLNN LPFNWGH D URHHFK%NDPJWDJH RDVKQNQJLUV&

)& 3 URHHFK%NDPJWDJH RDVKQNQJLUV YLNN EH LPXQNXHG LP VKH GHXHNQROHPV QI VKH LPGLXLGWDN HGWFDVLQPDN RNDP IQTRTQJTDOU IQT UVWGHPVU YLVK D NDPJWDJH LORDLTOHPV$ YKHVKHT DU URHFLDN HGWFDVLQP QT DU D THNDVHG UHTXLFH IQT DPQVKHTYLUH HNLJLENH UVWGHPV YLVK D GLUDELNLV[&

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

+& ;DPJWDJH VKHTDR[ UHTXLFHU YLNN EH RTQXLGHG E[ D FHTVLILHG URHHFK%NDPJWDJH RDVKQNQJLUV RWTUWDPV VQ @WNH-3%+&'(.-$ 8&3&5&$ QT D NLFHPUHG URHHFK%NDPJWDJH RDVKQNQJLUV RWTUWDPV VQ AHFVLQP +-/&((/,$ 8&A&$ QT D URHHFK%NDPJWDJH DUUQFLDVH RWTUWDPV VQ @WNH -3%+&'(.-($ 8&3&5&

,& ARHHFK%NDPJWDJH DUUQFLDVH

D& ;DPJWDJH VKHTDR[ UHTXLFHU RTQXLGHG E[ D URHHFK%NDPJWDJH DUUQFLDVH DU URHFLILHG LP @WNH -3%+&'(.-($8&3&5&$ YLNN EH WPGHT VKH GLTHFVLQP QI D FHTVLILHG QT NLFHPUHG URHHFK%NDPJWDJH RDVKQNQJLUV YLVK D ODUVHT!UGHJTHH QT KLJKHT LP URHHFK%NDPJWDJH RDVKQNQJ[& AHTXLFHU WPGHT VKLU UWEUHFVLQP FDP EH RTQXLGHG IQT DRHTLQG QI VKTHH "*# [HDTU DU GHUFTLEHG LP AHFVLQP ('()&++$ 8&A&$ LP GLUVTLFVU VKDV SWDNLI[ IQT VKH UFDTFLV[UWRRNHOHPV DU GHUFTLEHG LP AHFVLQP ('((&-)".#$ 8&A&

E& BKH GLUVTLFV YLNN UWEOLV D RNDP VQ VKH 6HRDTVOHPV QI 7GWFDVLQP IQT DRRTQXDN EHIQTH LORNHOHPVDVLQP QI @WNH-3%+&'(.-($ 8&3&5& BKH FQORQPHPVU QI VKH RNDP OWUV LPFNWGH D GHUFTLRVLQP QI1

" BKH OQGHN$ URHFLI[LPJ VKH V[RH DPG DOQWPV QI GLTHFVLQP LPFNWGLPJ$ EWV PQV NLOLVHG VQ$ GLTHFVQEUHTXDVLQP$ UWRRQTV$ VTDLPLPJ$ DPG LPUVTWFVLQP

" BKH TDVLQPDNH IQT WULPJ VKLU OQGHN

" BKH ODPPHT LP YKLFK VKH DUUQFLDVH YLNN EH THSWLTHG VQ GHOQPUVTDVH FQORHVHPF[

" BKH RTQFHUU IQT OQPLVQTLPJ VKH SWDNLV[ QI UHTXLFHU

" BKH RTQFHUU IQT OHDUWTLPJ UVWGHPV RTQJTHUU

" BKH ODPPHT LP YKLFK VKH URHHFK%NDPJWDJH DUUQFLDVH YLNN OHHV VKH THSWLTHOHPVU QI VKH DPPWDNGLUVTLFV RTQIHUULQPDN GHXHNQROHPV RNDP IQT LPUVTWFVLQPDN RHTUQPPHN

096 C49??< 5;CDB;4D 92C D96 ?@D;?> D? ;>4<E56 255;D;?>2< ;>7?B=2D;?> B682B5;>8 6F2<E2D;?>C! AE2<;7;656F2<E2D?BC! ?B E>;AE6 @9;<?C?@9;42<! 4EBB;4E<2B! ?B ;>CDBE4D;?>2< 4?>C;56B2D;?>C 7?B CDE56>DC G;D9 <2>8E286;=@2;B=6>DC"

>PH QI VKH IQNNQYLPJ =ECD EH UHNHFVHG1

BKH UFKQQN GLUVTLFV KDU RTQXLGHG DGGLVLQPDN LPIQTODVLQP IQT VKLU UHFVLQP LP &@@6>5;H ' QI VKLU GQFWOHPV&

BKHTH LU PQ DGGLVLQPDN LPIQTODVLQP IQT VKLU UHFVLQP&

/175 $#( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

07GI --" 0DA@9@<H 7C; 0GD9<;JG<H =DG 3IJ;<CIH L@I? +@H78@A@I@<H

3<9I@DC )"#$' ,M9<EI@DC7A 3IJ;<CI ,;J97I@DC ,A@>@8@A@IN =DG 3IJ;<CIH L?D 7G< 6@HJ7AAN-BE7@G<;

3I7IJIDGN 7C; 2<>JA7IDGN *@I7I@DCH

+, 69A aa+((&0$ +((&+,$ +((&)/*$ FSI +((&+*,BJHYNTSX )((+&--$ )((+&-/$ FSI )((+&-/-$ 9&B&AZQJ .4%.&(+(),$ 9&4&6&

+<=@C@I@DC

)& BYZIJSYX \MT FWJ [NXZFQQ^ NRUFNWJI NSHQZIJ YMJ KTQQT\NSL2

F& 4 XYZIJSY \MT NX GQNSI$ MFX ST [NXNTS$ TW MFX QNYYQJ UTYJSYNFQ KTW ZXNSL [NXNTS&

G& 4 XYZIJSY \MT MFX QT\ [NXNTS&

*& CMJ YJWR [NXZFQ NRUFNWRJSY ITJX STY NSHQZIJ XYZIJSYX \MT MF[J QJFWSNSL UWTGQJRX YMFY FWJ UWNRFWNQ^ YMJ WJXZQYTK [NXZFQ UJWHJUYZFQ TW [NXZFQ RTYTW INKKNHZQYNJX&

,A@>@8@A@IN *G@I<G@7

4 XYZIJSY NX JQNLNGQJ KTW XUJHNFQ JIZHFYNTS FSI WJQFYJI XJW[NHJX NK YMJ KTQQT\NSL RJINHFQ FSI JIZHFYNTSFQ HWNYJWNF FWJ RJY2

)& 4 QNHJSXJI TUMYMFQRTQTLNXY TW TUYTRJYWNXY MFX ITHZRJSYJI FS J^J HTSINYNTS YMFY HFZXJX FS NRUFNWRJSY FXRFSNKJXYJI G^ FY QJFXY TSJ TK YMJ KTQQT\NSL2

F& 4 [NXZFQ FHZNY^ TK *('/( TW QJXX NS YMJ GJYYJW J^J FKYJW GJXY UTXXNGQJ HTWWJHYNTS3

G& 4 UJWNUMJWFQ KNJQI XT HTSXYWNHYJI YMFY NY FKKJHYX YMJ XYZIJSY!X FGNQNY^ YT KZSHYNTS NS FS JIZHFYNTSFQ XJYYNSL3

H& 4 UWTLWJXXN[J QTXX TK [NXNTS YMFY RF^ FKKJHY YMJ XYZIJSY!X FGNQNY^ YT KZSHYNTS NS FS JIZHFYNTSFQ XJYYNSL$ STYNSHQZINSL XYZIJSYX \MT MF[J QJFWSNSL UWTGQJRX YMFY FWJ UWNRFWNQ^ YMJ WJXZQY TK [NXZFQ UJWHJUYZFQ TW [NXZFQRTYTW INKKNHZQYNJX3 TW

I& 9TW HMNQIWJS GNWYM YT KN[J "-# ^JFWX TK FLJ TW XYZIJSYX \MT FWJ TYMJW\NXJ ZSFGQJ YT GJ FXXJXXJI$ GNQFYJWFQQFHP TK HJSYWFQ$ XYJFI^$ TW RFNSYFNSJI KN]FYNTS TK [NXNTS \NYM FS JXYNRFYJI [NXZFQ FHZNY^ TK *('/( TW QJXXFKYJW GJXY UTXXNGQJ HTWWJHYNTS3 GNQFYJWFQ HJSYWFQ XHTYTRF NS[TQ[NSL YMJ UJWNRFHZQF FWJF "*('0(`*('*((#3GNQFYJWFQ LWFIJ <<<$ <D$ TW D WJYNSTUFYM^ TK UWJRFYZWNY^ "A?@#3 TW ITHZRJSYJI J^J NRUFNWRJSY FX XYFYJI NSUFWFLWFUM "+#"F# TK AZQJ .4%.&(+(),&

*& CMJ XYZIJSY IJRTSXYWFYJX F SJJI KTW XUJHNFQ JIZHFYNTS&

3IJ;<CI ,K7AJ7I@DC

CMJ RNSNRZR UWTHJIZWJX SJHJXXFW^ KTW IJYJWRNSNSL JQNLNGNQNY^ XMFQQ NSHQZIJ2

)& 4 RJINHFQ J^J J]FRNSFYNTS IJXHWNGNSL2 JYNTQTL^3 INFLSTXNX3 YWJFYRJSY WJLNRJS3 UWTLSTXNX3 SJFW FSI INXYFSHJ3HTWWJHYJI FSI ZSHTWWJHYJI FHZNY^ RJFXZWJX KTW QJKY J^J$ WNLMY J^J3 FSI GTYM J^JX3 RJFXZWJ TK KNJQI TK [NXNTS3 FSIWJHTRRJSIFYNTSX KTW QNLMYNSL QJ[JQX$ UM^XNHFQ FHYN[NY^$ FNIX$ TW ZXJ TK LQFXXJX$ FX FUUWTUWNFYJ&

*& 9TW HMNQIWJS GNWYM YT KN[J "-# ^JFWX TK FLJ TW XYZIJSYX \MT FWJ TYMJW\NXJ ZSFGQJ YT GJ FXXJXXJI$ F RJINHFQFXXJXXRJSY IJXHWNGNSL [NXZFQ KZSHYNTSNSL XMFQQ GJ ITHZRJSYJI \MJS XYFSIFWI [NXZFQ FHZNYNJX FSI RJFXZWJ TKKNJQI TK [NXNTS FWJ ZSFYYFNSFGQJ&

+& <K F RJINHFQ HWNYJWNTS QNXYJI NS UFWFLWFUM ",#"F# TK AZQJ .4%.&(+(),$ 9&4&6&$ NX RJY$ YMJS NS FIINYNTS YT YMJUWT[NXNTSX TK AZQJ .4%.&(++)$ 9&4&6&$ F HTRUWJMJSXN[J FXXJXXRJSY TK XPNQQX PST\S YT GJ NRUFHYJI G^ [NXZFQNRUFNWRJSY XMFQQ NSHQZIJ$ GZY NX STY QNRNYJI YT2 KZSHYNTSFQ [NXNTS J[FQZFYNTS$ QJFWSNSL RJINF FXXJXXRJSY$ FSI$ NKFUUWTUWNFYJ$ TWNJSYFYNTS FSI RTGNQNY^ FXXJXXRJSY&

/175 $#( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

2<<K7AJ7I@DC

)& AJJ[FQZFYNTS XMFQQ THHZW FY QJFXY J[JW^ YMWJJ "+# ^JFWX FSI XMFQQ NSHQZIJ F RNSNRZR TK F RJINHFQ J^JJ]FRNSFYNTS \NYMNS YMJ QFXY HFQJSIFW ^JFW$ KZSHYNTSFQ [NXNTS FXXJXXRJSY$ QJFWSNSL RJINF FXXJXXRJSY$ FSI$ NKFUUWTUWNFYJ$ FS^ TYMJW KTWRFQ J[FQZFYNTSX FIIWJXXJI NS YMJ NSNYNFQ J[FQZFYNTS NS FHHTWIFSHJ \NYM AZQJ .4%.&(++)$9&4&6&

*& CMJ RJINHFQ FXUJHY TK F WJJ[FQZFYNTS KTW XYZIJSYX \NYM GNQFYJWFQ FSTUYMFQRNF RF^ GJ \FN[JI G^ F \WNYYJSWJHTRRJSIFYNTS TK F UM^XNHNFS&

3E<9@7A@O<; ,K7AJ7I@DCH' 1J7A@=@<; ,K7AJ7IDGH

CMJ KTQQT\NSL XUJHNFQN_JI J[FQZFYNTSX FWJ WJVZNWJI YT GJ FIRNSNXYJWJI G^ YMJ NSIN[NIZFQX QNXYJI& 4QQ J[FQZFYTWX RZXY MTQIF [FQNI QNHJSXJ TW HJWYNKNHFYJ NS YMJ XYFYJ TK 9QTWNIF$ NS FHHTWIFSHJ \NYM AZQJ .4%.&(++)$ 9&4&6&

)& >JINHFQ J^J J]FR2 TUMYMFQRTQTLNXY TW TUYTRJYWNXY

*& 9ZSHYNTSFQ [NXNTS FXXJXXRJSY2 YJFHMJW TK YMJ [NXZFQQ^ NRUFNWJI$ TWNJSYFYNTS FSI RTGNQNY^ XUJHNFQNXY$ TW QT\ [NXNTSXUJHNFQNXY

+& =JFWSNSL >JINF 4XXJXXRJSY2 YJFHMJW TK YMJ [NXZFQQ^ NRUFNWJI

,& ?WNJSYFYNTS FSI RTGNQNY^ "FX FUUWTUWNFYJ#2 TWNJSYFYNTS FSI RTGNQNY^ XUJHNFQNXY

5C@FJ< 0?@ADHDE?@97A! *JGG@9JA7G! DG -CHIGJ9I@DC7A *DCH@;<G7I@DCH

)& 4QQ XYZIJSYX \NYM [NXZFQ NRUFNWRJSYX FWJ WJLNXYJWJI KTW XJW[NHJX KWTR YMJ 9QTWNIF <SXYWZHYNTSFQ >FYJWNFQX 6JSYJWKTW YMJ DNXZFQQ^ <RUFNWJI& BYZIJSYX \NQQ GJ UWT[NIJI \NYM NSXYWZHYNTS NS GWFNQQJ ZSQJXX TYMJW\NXJ IJYJWRNSJI G^ YMJ<8@ YJFR& CMNX IJYJWRNSFYNTS NX GFXJI ZUTS YMJ XYZIJSY!X UWJXJSY WJFINSL FSI \WNYNSL XPNQQX$ KZSHYNTSFQ [NXNTSFXXJXXRJSY$ FSI QJFWSNSL RJINF FXXJXXRJSY$ FX \JQQ FX ITHZRJSYFYNTS NSINHFYNSL YMJ SJJI KTW NSXYWZHYNTS TWZXJ TK GWFNQQJ NS YMJ KZYZWJ&

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

+& CMJ XHMTTQ INXYWNHY \NQQ UWT[NIJ NSKTWRFYNTS IJXHWNGNSL YMJ 9QTWNIF BHMTTQ KTW YMJ 7JFK FSI YMJ 5QNSI FSI FQQ TYMJWUWTLWFRX FSI RJYMTIX TK NSXYWZHYNTS F[FNQFGQJ YT YMJ UFWJSY TK F XYZIJSY \NYM XJSXTW^ NRUFNWRJSYX& CMNXNSKTWRFYNTS \NQQ GJ UWT[NIJI FSSZFQQ^& 4IINYNTSFQQ^$ NS FHHTWIFSHJ \NYM AZQJ .4%.&(+(),$ 9&4&6&$ HTTUJWFYN[JUQFSSNSL \NYM YMJ 75B RF^ THHZW KTW XYZIJSYX JQNLNGQJ KTW 75B XJW[NHJX$ \NYM UFWJSY UFWYNHNUFYNTS FSIFLWJJRJSY&

4?< H9?DDA ;@HIG@9I ?7H I?< DEI@DC ID @C9AJ;< 7;;@I@DC7A @C=DGB7I@DC G<>7G;@C> <K7AJ7I@DCH! FJ7A@=@<; <K7AJ7IDGHDG JC@FJ< E?@ADHDE?@97A! 9JGG@9JA7G! DG @CHIGJ9I@DC7A 9DCH@;<G7I@DCH =DG HIJ;<CIH L@I? K@HJ7A @BE7@GB<CIH"

?SJ TK YMJ KTQQT\NSL BJHI GJ XJQJHYJI2

CMJ XHMTTQ INXYWNHY MFX UWT[NIJI FIINYNTSFQ NSKTWRFYNTS KTW YMNX XJHYNTS NS (EE<C;@M ) TK YMNX ITHZRJSY&

CMJWJ NX ST FIINYNTSFQ NSKTWRFYNTS KTW YMNX XJHYNTS&

/175 $#) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

07GI --" 0DA@9@<H 7C; 0GD9<;JG<H =DG 3IJ;<CIH L@I? +@H78@A@I@<H

3<9I@DC )"#%' 0GDK@H@DC D= /99JE7I@DC7A 4?<G7EN ID ,M9<EI@DC7A 3IJ;<CIH 7H 7 2<A7I<;3<GK@9<

3I7IJIDGN 7C; 2<>JA7IDGN *@I7I@DCH

+, 69A a+((&+,BJHYNTSX ,.0&*()%**- FSI )((+&-/$ 9&B&AZQJX .4%.&(+()1)$ .4%.&(+(*,$ .4%.&(+(*0$ .4%.&(+,))$ FSI 6MFUYJW .45%))$ 9&4&6&

+<=@C@I@DCH

)& ?HHZUFYNTSFQ YMJWFU^ RJFSX XJW[NHJX UWT[NIJI G^ F VZFQNKNJI THHZUFYNTSFQ YMJWFUNXY FSI NSHQZIJX NRUWT[NSL$IJ[JQTUNSL$ TW WJXYTWNSL KZSHYNTSX NRUFNWJI TW QTXY YMWTZLM NQQSJXX$ NSOZW^$ TW IJUWN[FYNTS3 NRUWT[NSL FGNQNY^ YTUJWKTWR YFXPX KTW NSIJUJSIJSY KZSHYNTSNSL NK KZSHYNTSX FWJ NRUFNWJI TW QTXY3 FSI UWJ[JSYNSL$ YMWTZLM JFWQ^NSYJW[JSYNTS$ NSNYNFQ TW KZWYMJW NRUFNWRJSY TW QTXX TK KZSHYNTS&

*& AJQFYJI XJW[NHJ UWT[NIJW RJFSX YMJ QNHJSXJI THHZUFYNTSFQ YMJWFUNXY WJXUTSXNGQJ KTW YMJ FXXJXXRJSY FSIUWT[NXNTS TK XHMTTQ%GFXJI THHZUFYNTSFQ YMJWFU^ FX F WJQFYJI XJW[NHJ&

+<I<GB@C7I@DC D= .<<; =DG /99JE7I@DC7A 4?<G7EN

CT IJYJWRNSJ SJJI KTW THHZUFYNTSFQ YMJWFU^ FX F WJQFYJI XJW[NHJ YMJ NSIN[NIZFQ JIZHFYNTSFQ UQFS "<8@#$ YMJ JIZHFYNTSFQUQFS "8@#$ TW YMJ NSIN[NIZFQN_JI KFRNQ^ XZUUTWY UQFS "<9B@# YJFR XMFQQ IT YMJ KTQQT\NSL2

)& AJ[NJ\ FXXJXXRJSYX HTSIZHYJI G^ YMJ WJQFYJI XJW[NHJ UWT[NIJW FSI FQQ TYMJW WJQJ[FSY IFYF&

*& 7JYJWRNSJ NK THHZUFYNTSFQ YMJWFU^ XJW[NHJX FWJ SJJIJI YT FXXNXY F XYZIJSY YT GJSJKNY KWTR XUJHNFQQ^ IJXNLSJINSXYWZHYNTS&

+& <SHQZIJ NSUZY KWTR YMJ THHZUFYNTSFQ YMJWFUNXY YT FXXNXY YMJ <8@$ 8@$ TW <9B@ YJFR \MJS YMJ JIZHFYNTSFQ SJJI KTWTHHZUFYNTSFQ YMJWFU^ FX F WJQFYJI XJW[NHJ NX GJNSL IJYJWRNSJI&

3IJ;<CI (HH<HHB<CI

@WNTW YT YMJ UWT[NXNTS TK THHZUFYNTSFQ YMJWFU^$ FXXJXXRJSYX XMFQQ GJ HTSIZHYJI G^ YMJ WJQFYJI XJW[NHJ UWT[NIJW FXIJKNSJI NS YMJ ?HHZUFYNTSFQ CMJWFU^ @WFHYNHJ 4HY$ X& ,.0&*(+$ 9&B& AZQJ .4%.&(+(*,")#"H#$ 9&4&6&$ IJKNSJX F WJQFYJIXJW[NHJ UWT[NIJW FX YMJ QNHJSXJI THHZUFYNTSFQ YMJWFUNXY WJXUTSXNGQJ KTW YMJ FXXJXXRJSY FSI UWT[NXNTS TK XHMTTQ%GFXJITHHZUFYNTSFQ YMJWFU^ FX F WJQFYJI XJW[NHJ FX IJKNSJI NS X& )((+&()"+#"G#$ 9&B&$ FSI .4%.&(+,))")#"II#$ 9&4&6&

5C@FJ< 0?@ADHDE?@97A! *JGG@9JA7G! DG -CHIGJ9I@DC7A *DCH@;<G7I@DCH

)& EMJS YMJ <8@$ 8@$ TW <9B@ NX GJNSL WJ[NJ\JI KTW F XYZIJSY \MT NX WJHJN[NSL THHZUFYNTSFQ YMJWFU^ FX F WJQFYJIXJW[NHJ$ YMJ QNHJSXJI YMJWFUNXY TW QNHJSXJI FXXNXYFSY XMFQQ UWT[NIJ NSUZY YT FXXNXY YMJ <8@$ 8@$ TW <9B@ YJFR&

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

4?< H9?DDA ;@HIG@9I ?7H I?< DEI@DC ID @C9AJ;< 7;;@I@DC7A @C=DGB7I@DC G<>7G;@C> <K7AJ7I@DCH! FJ7A@=@<;<K7AJ7IDGH! DG JC@FJ< E?@ADHDE?@97A! 9JGG@9JA7G! DG @CHIGJ9I@DC7A 9DCH@;<G7I@DCH =DG HIJ;<CIH L?D C<<;D99JE7I@DC7A I?<G7EN"

?SJ TK YMJ KTQQT\NSL BJHI GJ XJQJHYJI2

CMJ XHMTTQ INXYWNHY MFX UWT[NIJI FIINYNTSFQ NSKTWRFYNTS KTW YMNX XJHYNTS NS (EE<C;@M ) TK YMNX ITHZRJSY&

/175 $#* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

CMJWJ NX ST FIINYNTSFQ NSKTWRFYNTS KTW YMNX XJHYNTS&

/175 $#+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

07GI --" 0DA@9@<H 7C; 0GD9<;JG<H =DG 3IJ;<CIH L@I? +@H78@A@I@<H

3<9I@DC )"#&' 0GDK@H@DC D= 0?NH@97A 4?<G7EN ID ,M9<EI@DC7A 3IJ;<CIH 7H 7 2<A7I<;3<GK@9<H

3I7IJIDGN 7C; 2<>JA7IDGN *@I7I@DCH

+, 69A a+((&+,BJHYNTSX ,0. FSI )((+&-/$ 9&B&AZQJX .4%.&(+()1)$ .4%.&(+(*,$ .4%.&(+(*0$ .4%.&(+,))$ FSI .,5)/%.&(()$ 9&4&6&

+<=@C@I@DCH

)& @M^XNHFQ YMJWFU^ RJFSX XJW[NHJX UWT[NIJI G^ F VZFQNKNJI UM^XNHFQ YMJWFUNXY&

*& AJQFYJI XJW[NHJ UWT[NIJW RJFSX YMJ QNHJSXJI UM^XNHFQ YMJWFUNXY WJXUTSXNGQJ KTW YMJ FXXJXXRJSY FSI UWT[NXNTS TKXHMTTQ%GFXJI UM^XNHFQ YMJWFU^ FX F WJQFYJI XJW[NHJ&

+<I<GB@C7I@DC D= .<<; =DG 0?NH@97A 4?<G7EN

CT IJYJWRNSJ SJJI KTW UM^XNHFQ YMJWFU^ FX F WJQFYJI XJW[NHJ YMJ NSIN[NIZFQ JIZHFYNTSFQ UQFS "<8@#$ YMJ JIZHFYNTSFQ UQFS"8@#$ TW YMJ NSIN[NIZFQN_JI KFRNQ^ XZUUTWY UQFS "<9B@# YJFR XMFQQ IT YMJ KTQQT\NSL2

)& AJ[NJ\ FXXJXXRJSYX HTSIZHYJI G^ YMJ WJQFYJI XJW[NHJ UWT[NIJW FSI FQQ TYMJW WJQJ[FSY IFYF&

*& 7JYJWRNSJ NK UM^XNHFQ YMJWFU^ XJW[NHJX FWJ SJJIJI YT FXXNXY F XYZIJSY YT GJSJKNY KWTR XUJHNFQQ^ IJXNLSJINSXYWZHYNTS&

+& <SHQZIJ NSUZY KWTR YMJ UM^XNHFQ YMJWFUNXY YT FXXNXY YMJ <8@$ 8@$ TW YMJ <9B@ YJFR \MJS YMJ JIZHFYNTSFQ SJJI KTWUM^XNHFQ YMJWFU^ FX F WJQFYJI XJW[NHJ NX GJNSL IJYJWRNSJI&

3IJ;<CI (HH<HHB<CI

@WNTW YT YMJ UWT[NXNTS TK UM^XNHFQ YMJWFU^$ FXXJXXRJSYX XMFQQ GJ HTSIZHYJI G^ YMJ WJQFYJI XJW[NHJ UWT[NIJW FX IJKNSJI NSYMJ @M^XNHFQ CMJWFU^ @WFHYNHJ 4HY$ 6MFUYJW ,0.$ X& ,0.&(*)$ 9&B& AZQJ .4%.&(+(*,")#"H#$ 9&4&6&$ IJKNSJX F WJQFYJIXJW[NHJ UWT[NIJW FX YMJ QNHJSXJI UM^XNHFQ YMJWFUNXY WJXUTSXNGQJ KTW YMJ FXXJXXRJSY FSI UWT[NXNTS TK XHMTTQ%GFXJIUM^XNHFQ YMJWFU^ FX F WJQFYJI XJW[NHJ FX IJKNSJI NS X& )((+&()"+#"G#$ 9&B&$ FSI AZQJ .4%.&(+,))")#"II#+&N&$ 9&4&6&

5C@FJ< 0?@ADHDE?@97A! *JGG@9JA7G! DG -CHIGJ9I@DC7A *DCH@;<G7I@DCH

)& EMJS YMJ <8@$ 8@$ TW YMJ <9B@ NX GJNSL WJ[NJ\JI KTW F XYZIJSY \MT NX WJHJN[NSL UM^XNHFQ YMJWFU^ FX F WJQFYJIXJW[NHJ$ YMJ QNHJSXJI YMJWFUNXY TW QNHJSXJI FXXNXYFSY XMFQQ UWT[NIJ NSUZY YT FXXNXY YMJ <8@$ 8@$ TW <9B@ YJFR&

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

4?< H9?DDA ;@HIG@9I ?7H I?< DEI@DC ID @C9AJ;< 7;;@I@DC7A @C=DGB7I@DC G<>7G;@C> <K7AJ7I@DCH! FJ7A@=@<;<K7AJ7IDGH! DG JC@FJ< E?@ADHDE?@97A! 9JGG@9JA7G! DG @CHIGJ9I@DC7A 9DCH@;<G7I@DCH =DG HIJ;<CIH L?D C<<; E?NH@97AI?<G7EN"

?SJ TK YMJ KTQQT\NSL BJHI GJ XJQJHYJI2

CMJ XHMTTQ INXYWNHY MFX UWT[NIJI FIINYNTSFQ NSKTWRFYNTS KTW YMNX XJHYNTS NS (EE<C;@M ) TK YMNX ITHZRJSY&

CMJWJ NX ST FIINYNTSFQ NSKTWRFYNTS KTW YMNX XJHYNTS&

/175 $$# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

(+79 &&! (643-3/8 +5. (76-/.;7/8 067 *9;./598 =392 $38+,34393/8

*/-9365 #" &5.3<3.;+4 %.;-+9365+4 (4+5

*9+9;967> +5. )/1;4+967> #39+93658

*+ 58? aa*''&)0$ *''&(('$ *''&*)' XLVSYKL *''&*)/$ ERH *''&,'*@IGXMSRW (''(&')$ (''*&'($ (''*&+)'*$ (''*&+)/)$ (''*&,.$ (''*&,.(,$ (''*&,.(-$ (''/&)() ERH (''/&))$ 8&@&?YPIW -3%(&'00-( ERH -3%-&'*')/$ 8&3&5&

$/03539365

3R 97> MW E [VMXXIR WXEXIQIRX JSV E WXYHIRX [MXL E HMWEFMPMX] XLEX MW HIZIPSTIH$ VIZMI[IH$ ERH VIZMWIH MR EGGSVHERGI [MXL?YPI -3%-&'*')/$ 8&3&5& >EVIRXW EVI TEVXRIVW [MXL WGLSSPW ERH HMWXVMGX TIVWSRRIP MR HIZIPSTMRK$ VIZMI[MRK$ ERHVIZMWMRK XLI 97>& ALI TVSGIHYVIW JSV XLI HIZIPSTQIRX SJ 97>W JSV WXYHIRXW [MXL HMWEFMPMXMIW EVI EW JSPPS[W1

'69/1 @MRGI ER 7> MW HIJMRIH MR ?YPI -3%-&'*'(0($ 8&3&5&$ EW FIMRK HIZIPSTIH JSV WXYHIRXW MHIRXMJMIH WSPIP] EW KMJXIH$ER 97> VEXLIV XLER ER 7> MW HIZIPSTIH JSV WXYHIRXW [LS EVI KMJXIH ERH LEZI EPWS FIIR MHIRXMJMIH EW LEZMRK E HMWEFMPMX]&

(76-/.;7/8

(& ?SPI SJ TEVIRXW

ALI VSPI SJ XLI TEVIRXW MR HIZIPSTMRK 97>W MRGPYHIW$ FYX MW RSX PMQMXIH XS1

E& >VSZMHMRK GVMXMGEP MRJSVQEXMSR VIKEVHMRK XLI WXVIRKXLW SJ XLIMV WXYHIRX

F& 7\TVIWWMRK XLIMV GSRGIVRW JSV IRLERGMRK XLI IHYGEXMSR SJ XLIMV WXYHIRX WS XLEX XLIMV WXYHIRX GER VIGIMZI83>7

G& >EVXMGMTEXMRK MR HMWGYWWMSRW EFSYX XLI WXYHIRX!W RIIH JSV WTIGMEP IHYGEXMSR ERH VIPEXIH WIVZMGIW

H& >EVXMGMTEXMRK MR HIGMHMRK LS[ XLI WXYHIRX [MPP FI MRZSPZIH ERH TVSKVIWW MR XLI KIRIVEP GYVVMGYPYQ$MRGPYHMRK TEVXMGMTEXMSR MR WXEXI ERH HMWXVMGX EWWIWWQIRXW

I& >EVXMGMTEXMRK MR XLI HIXIVQMREXMSR SJ [LEX WIVZMGIW XLI HMWXVMGX [MPP TVSZMHI XS XLIMV WXYHIRX ERH MR [LEXWIXXMRK

J& 8SV WXYHIRXW IRXIVMRK KVEHI RMRI MR XLI )'(+%)'(, WGLSSP ]IEV$ TEVXMGMTEXMRK MR XLI HIXIVQMREXMSR SJ[LIXLIV XLI WXYHIRX MW TYVWYMRK E GSYVWI SJ WXYH] PIEHMRK XS E WXERHEVH HMTPSQE ERH E @GLSPEV SV <IVMXHIWMKREXMSR SV E GIVXMJMGEXI SJ GSQTPIXMSR&

)& >EVIRX TEVXMGMTEXMSR MR 97> XIEQ QIIXMRKW

ALI HMWXVMGX WLEPP IWXEFPMWL TVSGIHYVIW XLEX TVSZMHI JSV TEVIRXW$ KYEVHMERW$ WYVVSKEXI TEVIRXW$ SV TIVWSRW EGXMRKMR PSGS TEVIRXMW XS TEVXMGMTEXI MR HIGMWMSRW GSRGIVRMRK XLI MRHMZMHYEP IHYGEXMSREP TPER& >EVIRXW SJ IEGL WXYHIRX[MXL E HMWEFMPMX] QYWX FI QIQFIVW SJ ER] KVSYT XLEX QEOIW HIGMWMSRW SR XLI IHYGEXMSREP TPEGIQIRX SJ XLIMVGLMPH&

E& 9R SVHIV XS IRWYVI XLEX TEVIRXW EVI TVIWIRX EX IEGL QIIXMRK$ SV EVI EJJSVHIH XLI STTSVXYRMX] XS TEVXMGMTEXIEX IEGL QIIXMRK1

" >EVIRXW EVI RSXMJMIH SJ XLI QIIXMRK IEVP] IRSYKL XS IRWYVI XLEX XLI] LEZI ER STTSVXYRMX] XS EXXIRH

" ALI QIIXMRK MW WGLIHYPIH EX E QYXYEPP] EKVIIH YTSR XMQI ERH TPEGI

F& 3 [VMXXIR RSXMGI XS XLI TEVIRX MRHMGEXIW XLI TYVTSWI2 XMQI2 PSGEXMSR SJ XLI QIIXMRK2 [LS$ F] XMXPI SVTSWMXMSR$ [MPP FI MR EXXIRHERGI2 ERH MRGPYHIW E WXEXIQIRX MRJSVQMRK XLI TEVIRXW XLEX XLI] LEZI XLI VMKLX XSMRZMXI MRHMZMHYEPW [MXL WTIGMEP ORS[PIHKI SV I\TIVXMWI EFSYX XLIMV GLMPH&

" >EVIRXW QE] EPWS VIUYIWX XLEX E >EVX 5 WIVZMGI GSSVHMREXSV SV SXLIV VITVIWIRXEXMZI SJ XLI >EVX 5W]WXIQ FI MRZMXIH XS EXXIRH XLI MRMXMEP 97> XIEQ QIIXMRK JSV E GLMPH TVIZMSYWP] VIGIMZMRK IEVP]MRXIVZIRXMSR WIVZMGIW YRHIV >EVX 5 SJ 9673&

/175 $$$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

" 6IGMWMSRW EW XS [LMGL TEVXMGYPEV XIEGLIV"W# SV WTIGMEP IHYGEXMSR TVSZMHIV"W# EVI QIQFIVW SJ XLI97> XIEQ EVI QEHI F] XLI HMWXVMGX$ FEWIH SR XLI RIIHW SJ XLI WXYHIRX&

" ALI [VMXXIR RSXMGI XS XLI TEVIRX GPIEVP] MRHMGEXIW [LMGL TIVWSRW MRZMXIH XS XLI 97> XIEQ QIIXMRKEVI VIUYMVIH QIQFIVW SJ XLI XIEQ ERH$ XLYW$ [SYPH VIUYMVI I\GYWEP EW HIWGVMFIH MR WYFWIGXMSR +&FIPS[&

3R] XMQI ER 97> XIEQ QIIXMRK MW GSRZIRIH JSV XLI TYVTSWI SJ VIZMI[MRK SV GLERKMRK E WXYHIRX_W97> EW MX VIPEXIW XS EHQMRMWXVEXMSR SJ XLI 8PSVMHE 3PXIVREXI 3WWIWWQIRX ERH XLI TVSZMWMSR SJMRWXVYGXMSR MR XLI WXEXI WXERHEVHW EGGIWW TSMRXW GYVVMGYPYQ$ SV TPEGIQIRX SJ XLI WXYHIRX MR ERI\GITXMSREP WXYHIRX IHYGEXMSR GIRXIV$ XLI WGLSSP QYWX TVSZMHI XLI RSXMGI XS XLI TEVIRX EX PIEWX XIR"('# HE]W TVMSV XS XLI QIIXMRK&

G& =S PEXIV XLER XLI JMVWX 97> XS FI MR IJJIGX [LIR XLI WXYHIRX XYVRW JSYVXIIR "(+# "SV ]SYRKIV$ MJ HIXIVQMRIHETTVSTVMEXI F] XLI 97> XIEQ#$ XLI RSXMGI QYWX EPWS MRHMGEXI XLEX E TYVTSWI SJ XLI QIIXMRK [MPP FI XSMHIRXMJ] XVERWMXMSR WIVZMGIW RIIHW SJ XLI WXYHIRX ERH XLEX XLI HMWXVMGX [MPP MRZMXI XLI WXYHIRX&

H& =SX PEXIV XLER XLI JMVWX 97> XS FI MR IJJIGX [LIR XLI WXYHIRX XYVRW WM\XIIR "(-# "SV ]SYRKIV$ MJ HIXIVQMRIHETTVSTVMEXI F] XLI 97> XIEQ#$ XLI RSXMGI QYWX EPWS MRHMGEXI XLEX E TYVTSWI SJ XLI QIIXMRK [MPP FIGSRWMHIVEXMSR SJ XLI TSWXWIGSRHEV] KSEPW ERH XVERWMXMSR WIVZMGIW JSV XLI WXYHIRX$ XLEX XLI HMWXVMGX [MPP MRZMXIXLI WXYHIRX ERH [MPP MHIRXMJ] ER] SXLIV EKIRG] XLEX [MPP FI MRZMXIH XS WIRH E VITVIWIRXEXMZI XS XLI QIIXMRK&

I& 9J RIMXLIV TEVIRX GER EXXIRH$ XLI HMWXVMGX YWIW SXLIV QIXLSHW XS IRWYVI TEVIRX TEVXMGMTEXMSR$ MRGPYHMRKMRHMZMHYEP SV GSRJIVIRGI XIPITLSRI GEPPW SV ZMHIS GSRJIVIRGMRK&

J& 3 QIIXMRK QE] FI GSRHYGXIH [MXLSYX E TEVIRX MR EXXIRHERGI MJ XLI HMWXVMGX MW YREFPI XS SFXEMR XLIEXXIRHERGI SJ XLI TEVIRX& 9R XLMW GEWI$ XLI HMWXVMGX QEMRXEMRW E VIGSVH SJ MXW EXXIQTXW XS EVVERKI E QYXYEPP]EKVIIH YTSR XMQI ERH TPEGI& ALIWI VIGSVHW MRGPYHI WYGL MXIQW EW1

" 6IXEMPIH VIGSVHW SJ XIPITLSRI GEPPW QEHI SV EXXIQTXIH$ ERH XLI VIWYPXW SJ XLSWI GEPPW

" 5STMIW SJ GSVVIWTSRHIRGI WIRX XS XLI TEVIRXW ERH ER] VIWTSRWIW VIGIMZIH

" 6IXEMPIH VIGSVHW SJ ZMWMXW QEHI XS XLI TEVIRXW! LSQI SV TPEGI SJ IQTPS]QIRX$ ERH XLI VIWYPXW SJXLSWI ZMWMXW

K& ALI HMWXVMGX XEOIW [LEXIZIV EGXMSR MW RIGIWWEV] XS IRWYVI XLEX XLI TEVIRXW ERH XLI WXYHIRX$ FIKMRRMRK EXEKI JSYVXIIR "(+#$ YRHIVWXERH XLI TVSGIIHMRKW EX E QIIXMRK$ MRGPYHMRK EVVERKMRK JSV ER MRXIVTVIXIV JSVTEVIRXW ERH WXYHIRXW [LS EVI HIEJ SV [LSWI REXMZI PERKYEKI MW SXLIV XLER 7RKPMWL&

L& 3 QIIXMRK HSIW RSX MRGPYHI MRJSVQEP SV YRWGLIHYPIH GSRZIVWEXMSRW MRZSPZMRK WGLSSP HMWXVMGX TIVWSRRIPERH GSRZIVWEXMSRW SR MWWYIW WYGL EW XIEGLMRK QIXLSHSPSK]$ PIWWSR TPERW$ SV GSSVHMREXMSR SJ WIVZMGITVSZMWMSR& 3 QIIXMRK EPWS HSIW RSX MRGPYHI TVITEVEXSV] EGXMZMXMIW XLEX WGLSSP HMWXVMGX TIVWSRRIP IRKEKI MRXS HIZIPST E TVSTSWEP SV VIWTSRWI XS E TEVIRX TVSTSWEP XLEX [MPP FI HMWGYWWIH EX E PEXIV QIIXMRK&

M& ALI HMWXVMGX TVSZMHIW XLI TEVIRX [MXL E GST] SJ XLI 97> EX RS GSWX XS XLI TEVIRX&

*& 97> XIEQ TEVXMGMTERXW

ALI 97> XIEQ$ [MXL E VIEWSREFPI RYQFIV SJ TEVXMGMTERXW$ WLEPP MRGPYHI1

E& ALI TEVIRXW SJ XLI WXYHIRX

F& 3X PIEWX SRI VIKYPEV IHYGEXMSR XIEGLIV SJ XLI WXYHIRX$ MJ XLI WXYHIRX MW SV QE] FI TEVXMGMTEXMRK MR XLIVIKYPEV IHYGEXMSR IRZMVSRQIRX2 XLI VIKYPEV IHYGEXMSR XIEGLIV SJ E WXYHIRX [MXL E HMWEFMPMX] TEVXMGMTEXIW$ XSXLI I\XIRX ETTVSTVMEXI$ MR XLI HIZIPSTQIRX$ VIZMI[$ ERH VIZMWMSR SJ XLI WXYHIRX!W 97>$ MRGPYHMRK EWWMWXMRKMR XLI HIXIVQMREXMSR SJ1

" 3TTVSTVMEXI TSWMXMZI FILEZMSVEP MRXIVZIRXMSRW ERH WYTTSVXW ERH SXLIV WXVEXIKMIW JSV XLI WXYHIRX

" @YTTPIQIRXEV] EMHW ERH WIVZMGIW$ GPEWWVSSQ EGGSQQSHEXMSRW$ QSHMJMGEXMSRW$ SV WYTTSVXW JSVWGLSSP TIVWSRRIP XS FI TVSZMHIH JSV XLI WXYHIRX

/175 $$% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

G& 3X PIEWX SRI WTIGMEP IHYGEXMSR XIEGLIV SJ XLI WXYHIRX$ SV$ [LIVI ETTVSTVMEXI$ SRI WTIGMEP IHYGEXMSRTVSZMHIV SJ XLI WXYHIRX

H& 3 VITVIWIRXEXMZI SJ XLI WGLSSP HMWXVMGX [LS MW UYEPMJMIH XS TVSZMHI SV WYTIVZMWI XLI TVSZMWMSR SJ WTIGMEPP]HIWMKRIH MRWXVYGXMSR XS QIIX XLI YRMUYI RIIHW SJ WXYHIRXW [MXL HMWEFMPMXMIW$ MW ORS[PIHKIEFPI EFSYX XLIKIRIVEP GYVVMGYPYQ$ ERH MW ORS[PIHKIEFPI EFSYX XLI EZEMPEFMPMX] SJ VIWSYVGIW SJ XLI HMWXVMGX2 EX XLIHMWGVIXMSR SJ XLI HMWXVMGX$ XLI WXYHIRX!W WTIGMEP IHYGEXMSR XIEGLIV QE] FI HIWMKREXIH XS EPWS WIVZI EW XLIVITVIWIRXEXMZI SJ XLI HMWXVMGX MJ XLI XIEGLIV QIIXW XLIWI VIUYMVIQIRXW

I& 3R MRHMZMHYEP [LS GER MRXIVTVIX XLI MRWXVYGXMSREP MQTPMGEXMSRW SJ IZEPYEXMSR VIWYPXW2 XLMW VSPI QE] FIJYPJMPPIH F] ERSXLIV QIQFIV SJ XLI 97> XIEQ

J& 3X XLI HMWGVIXMSR SJ XLI TEVIRX SV XLI WGLSSP HMWXVMGX$ SXLIV MRHMZMHYEPW [LS LEZI ORS[PIHKI SV WTIGMEPI\TIVXMWI VIKEVHMRK XLI WXYHIRX$ MRGPYHMRK VIPEXIH WIVZMGIW TIVWSRRIP2 XLI HIXIVQMREXMSR SJ XLI ORS[PIHKISV WTIGMEP I\TIVXMWI WLEPP FI QEHI F] XLI TEVX] [LS MRZMXIH XLI MRHMZMHYEP XS TEVXMGMTEXI MR XLI 97> XIEQQIIXMRK

K& ALI WXYHIRX$ MJ ETTVSTVMEXI$ ERH MR EPP GEWIW [LIVI E TYVTSWI SJ XLI QIIXMRK [MPP FI XLI MHIRXMJMGEXMSR SJXLI WXYHIRX!W XVERWMXMSR WIVZMGIW RIIHW SV GSRWMHIVEXMSR SJ TSWXWIGSRHEV] KSEPW JSV XLI WXYHIRX ERH XLIXVERWMXMSR WIVZMGIW RIIHIH XS EWWMWX XLI WXYHIRX MR VIEGLMRK XLSWI KSEPW2 MJ XLI WXYHIRX HSIW RSX EXXIRH XLI97> XIEQ QIIXMRK XS MHIRXMJ] XVERWMXMSR WIVZMGIW RIIHW SV GSRWMHIV TSWXWIGSRHEV] KSEPW ERH XVERWMXMSRWIVZMGIW$ XLI HMWXVMGX XEOIW SXLIV WXITW XS IRWYVI XLEX XLI WXYHIRX!W TVIJIVIRGIW ERH MRXIVIWXW EVIGSRWMHIVIH

L& 3KIRG] VITVIWIRXEXMZIW`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

M& 9R XLI GEWI SJ E WXYHIRX [LS [EW TVIZMSYWP] WIVZIH ERH VIGIMZIH IEVP] MRXIVZIRXMSR WIVZMGIW YRHIV >EVX 5SJ XLI 9673$ XLI >EVX 5 WIVZMGI GSSVHMREXSV SV SXLIV VITVIWIRXEXMZIW SJ XLI >EVX 5 W]WXIQ QYWX FI MRZMXIHXS XLI MRMXMEP 97> XIEQ QIIXMRK$ EX XLI VIUYIWX SJ XLI TEVIRX$ XS EWWMWX [MXL XLI WQSSXL XVERWMXMSR SJWIVZMGIW

N& ALI HMWXVMGX [MPP HIXIVQMRI XLI WTIGMJMG TIVWSRRIP XS JMPP XLI VSPIW YRHIV F# XLVSYKL I# EFSZI

+& 97> XIEQ QIQFIV I\GYWEP

E& 3 QIQFIV SJ XLI 97> XIEQ MW RSX VIUYMVIH XS EXXIRH ER 97> XIEQ QIIXMRK$ MR [LSPI SV MR TEVX$ MJ XLI TEVIRXSJ E WXYHIRX [MXL E HMWEFMPMX] ERH XLI WGLSSP HMWXVMGX EKVII$ MR [VMXMRK$ XLEX XLI EXXIRHERGI SJ XLI QIQFIV MWRSX RIGIWWEV] FIGEYWI XLI QIQFIV!W EVIE SJ GYVVMGYPYQ SV VIPEXIH WIVZMGIW MW RSX FIMRK QSHMJMIH SVHMWGYWWIH MR XLI QIIXMRK&

F& 3 QIQFIV SJ XLI 97> XIEQ EPWS QE] FI I\GYWIH JVSQ EXXIRHMRK ER 97> XIEQ QIIXMRK$ MR [LSPI SV MR TEVX$[LIR XLI QIIXMRK MRZSPZIW E QSHMJMGEXMSR XS SV HMWGYWWMSR SJ XLI QIQFIV!W EVIE SJ XLI GYVVMGYPYQ SVVIPEXIH WIVZMGIW$ MJ XLI TEVIRX$ MR [VMXMRK$ ERH XLI WGLSSP HMWXVMGX GSRWIRX XS XLI I\GYWEP ERH XLI QIQFIVWYFQMXW$ MR [VMXMRK XS XLI TEVIRX ERH XLI 97> XIEQ$ MRTYX MRXS XLI HIZIPSTQIRX SJ XLI 97> TVMSV XS XLIQIIXMRK&

G& ALI HMWXVMGX LEW HIWMKREXIH XLI JSPPS[MRK MRHMZMHYEP"W#$ F] REQI SV TSWMXMSR$ EW LEZMRK XLI EYXLSVMX] XSQEOI XLI EKVIIQIRX [MXL XLI TEVIRX$ SV TVSZMHI GSRWIRX SR FILEPJ SJ XLI HMWXVMGX$ XS I\GYWI ER 97> XIEQQIQFIV JVSQ EXXIRHMRK ER 97> XIEQ QIIXMRK1

7@7 @TIGMEPMWXW;73 ?ITVIWIRXEXMZIW%%WGLSSP EHQMRMWXVEXSV SV TVMRGMTEP HIWMKREXIH WGLSSP TIVWSRRIP&7@7 6MWXVMGX >IVWSRRIP

/175 $$& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

H& 9J E VIUYMVIH 97> XIEQ QIQFIV MW YREFPI XS EXXIRH XLI QIIXMRK EW WGLIHYPIH$ XLI TEVIRX GER EKVII XSGSRXMRYI [MXL XLI QIIXMRK ERH VIUYIWX ER EHHMXMSREP QIIXMRK MJ QSVI MRJSVQEXMSR MW RIIHIH$ SV VIUYIWXXLEX XLI QIIXMRK FI VIWGLIHYPIH&

,& AVERWMXMSR SJ GLMPHVIR [MXL HMWEFMPMXMIW JVSQ XLI MRJERXW ERH XSHHPIVW IEVP] MRXIVZIRXMSR TVSKVEQ

E& 3R 97> SV ER 98@> QYWX FI HIZIPSTIH ERH MQTPIQIRXIH F] XLI XLMVH FMVXLHE] SJ E GLMPH [LS LEW FIIRTEVXMGMTEXMRK MR XLI IEVP] MRXIVZIRXMSR TVSKVEQ JSV MRJERXW ERH XSHHPIVW [MXL HMWEFMPMXMIW&

F& 7EGL WGLSSP HMWXVMGX WLEPP TEVXMGMTEXI MR XVERWMXMSR TPERRMRK GSRJIVIRGIW EVVERKIH F] XLI WXEXI PIEH EKIRG]JSV XLI MRJERXW ERH XSHHPIVW [MXL HMWEFMPMXMIW IEVP] MRXIVZIRXMSR TVSKVEQ&

G& 9J XLI GLMPH!W XLMVH FMVXLHE] SGGYVW HYVMRK XLI WYQQIV$ XLI GLMPH!W 97> XIEQ WLEPP HIXIVQMRI XLI HEXI [LIRWIVZMGIW YRHIV XLI 97> SV 98@> [MPP FIKMR&

-& 97> XMQIPMRIW

AMQIPMRIW JSV 97>W MRGPYHI XLI JSPPS[MRK1

E& 3R 97> XLEX LEW FIIR VIZMI[IH$ ERH$ MJ ETTVSTVMEXI$ VIZMWIH TIVMSHMGEPP]$ FYX RSX PIWW XLER ERRYEPP]$ QYWXFI MR IJJIGX EX XLI FIKMRRMRK SJ IEGL WGLSSP ]IEV JSV IEGL IPMKMFPI WXYHIRX [MXL E HMWEFMPMX] [MXLMR XLIHMWXVMGX!W NYVMWHMGXMSR&

F& 3R 97> QYWX FI HIZIPSTIH [MXLMR XLMVX] "*'# GEPIRHEV HE]W JSPPS[MRK XLI HIXIVQMREXMSR SJ E WXYHIRX!WIPMKMFMPMX] JSV WTIGMEP IHYGEXMSR ERH VIPEXIH WIVZMGIW ERH FI MR IJJIGX TVMSV XS XLI TVSZMWMSR SJ XLIWIWIVZMGIW&

G& 3 QIIXMRK WLEPP FI LIPH EX PIEWX ERRYEPP] XS VIZMI[$ ERH VIZMWI$ EW ETTVSTVMEXI$ IEGL 97>&

.& 5SRWMHIVEXMSRW MR 97> HIZIPSTQIRX$ VIZMI[$ ERH VIZMWMSR

ALI 97> XIEQ GSRWMHIVW XLI JSPPS[MRK JEGXSVW MR XLI HIZIPSTQIRX$ VIZMI[$ ERH VIZMWMSR SJ XLI 97>1

E& @XVIRKXLW SJ XLI WXYHIRX ERH GSRGIVRW SJ XLI TEVIRXW JSV IRLERGMRK XLI IHYGEXMSR SJ XLIMV GLMPH

F& ?IWYPXW SJ XLI MRMXMEP SV QSWX VIGIRX IZEPYEXMSR SV VIIZEPYEXMSR

G& 3W ETTVSTVMEXI$ VIWYPXW SJ XLI WXYHIRX!W TIVJSVQERGI SR WXEXI SV HMWXVMGX[MHI EWWIWWQIRXW

H& 3GEHIQMG$ HIZIPSTQIRXEP$ ERH JYRGXMSREP RIIHW SJ XLI WXYHIRX

I& 9R XLI GEWI SJ E WXYHIRX [LSWI FILEZMSV MQTIHIW XLI WXYHIRX!W PIEVRMRK SV XLI PIEVRMRK SJ SXLIVW$WXVEXIKMIW$ MRGPYHMRK XLI YWI SJ TSWMXMZI FILEZMSVEP MRXIVZIRXMSRW$ WYTTSVXW$ ERH SXLIV WXVEXIKMIW XSEHHVIWW XLEX FILEZMSV

J& 9R XLI GEWI SJ E WXYHIRX [MXL PMQMXIH 7RKPMWL TVSJMGMIRG]$ XLI PERKYEKI RIIHW SJ XLI WXYHIRX EW VIPEXIH XSXLI 97>

K& 9R XLI GEWI SJ E WXYHIRX [LS MW FPMRH SV ZMWYEPP] MQTEMVIH$ TVSZMWMSR SJ MRWXVYGXMSR MR 4VEMPPI ERH XLI YWI SJ4VEMPPI YRPIWW XLI 97> XIEQ HIXIVQMRIW$ EJXIV ER IZEPYEXMSR SJ XLI WXYHIRX!W VIEHMRK ERH [VMXMRK WOMPPW$RIIHW$ MRGPYHMRK JYXYVI RIIHW ERH ETTVSTVMEXI VIEHMRK ERH [VMXMRK QIHME "MRGPYHMRK ER IZEPYEXMSR SJ XLIWXYHIRX!W JYXYVI RIIH JSV MRWXVYGXMSR MR 4VEMPPI SV XLI YWI SJ 4VEMPPI#$ XLEX MRWXVYGXMSR MR 4VEMPPI SV XLI YWI SJ4VEMPPI MW RSX ETTVSTVMEXI JSV XLI WXYHIRX

L& ALI GSQQYRMGEXMSR RIIHW SJ XLI WXYHIRX

M& 9R XLI GEWI SJ E WXYHIRX [LS MW HIEJ SV LEVH%SJ%LIEVMRK$ XLI WXYHIRX!W PERKYEKI ERH GSQQYRMGEXMSRRIIHW$ STTSVXYRMXMIW JSV HMVIGX GSQQYRMGEXMSRW [MXL TIIVW ERH TVSJIWWMSREP TIVWSRRIP MR XLI WXYHIRX!WPERKYEKI ERH GSQQYRMGEXMSR QSHI$ EGEHIQMG PIZIP$ ERH JYPP VERKI SJ RIIHW$ MRGPYHMRK STTSVXYRMXMIW JSVHMVIGX MRWXVYGXMSR MR XLI WXYHIRX!W PERKYEKI ERH GSQQYRMGEXMSR QSHI& ?YPI -3%-&'*')/"*#"K#$ 8&3&5&$

/175 $$' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

VIUYMVIW XLI YWI SJ XLI <SHIP 5SQQYRMGEXMSR >PER EHSTXIH F] XLI @XEXI 4SEVH SJ 7HYGEXMSR HYVMRK XLIHIZIPSTQIRX SJ XLI 97> JSV WXYHIRXW [LS EVI HIEJ$ LEVH SJ LIEVMRK SV HYEP WIRWSV] MQTEMVIH& BWI SJ XLMWTPER [MPP IRWYVI XLEX 97> XIEQW EVI GSRWMHIVMRK XLI MRWXVYGXMSREP RIIHW SJ XLIWI WXYHIRXW MR E QSVIGSQTVILIRWMZI QERRIV&

N& CLIXLIV XLI WXYHIRX VIUYMVIW EWWMWXMZI XIGLRSPSK] HIZMGIW SV WIVZMGIW2 SR E GEWI%F]%GEWI FEWMW$ XLI YWISJ WGLSSP%TYVGLEWIH EWWMWXMZI XIGLRSPSK] HIZMGIW MR E WXYHIRX!W LSQI SV SXLIV WIXXMRKW MW VIUYMVIH MJ XLI97> XIEQ HIXIVQMRIW XLEX XLI WXYHIRX RIIHW EGGIWW XS XLSWI HIZMGIW MR SVHIV XS VIGIMZI 83>7

O& 3X PIEWX ERRYEPP]$ [LIXLIV I\XIRHIH WGLSSP ]IEV "7@D# WIVZMGIW EVI RIGIWWEV] JSV XLI TVSZMWMSR SJ 83>7XS XLI WXYHIRX MJ XLI 97> XIEQ HIXIVQMRIW$ SR ER MRHMZMHYEP FEWMW$ XLEX XLI WIVZMGIW EVI RIGIWWEV]2 WGLSSPHMWXVMGXW QE] RSX PMQMX 7@D XS TEVXMGYPEV GEXIKSVMIW SJ E HMWEFMPMX] SV YRMPEXIVEPP] PMQMX XLI X]TI$ EQSYRX$ SVHYVEXMSR SJ XLSWI WIVZMGIW

P& 9J$ EJXIV GSRWMHIVMRK EPP XLI JEGXSVW QIRXMSRIH EFSZI$ XLI 97> XIEQ HIXIVQMRIW XLEX E WXYHIRX RIIHW ETEVXMGYPEV HIZMGI SV WIVZMGI$ MRGPYHMRK ER MRXIVZIRXMSR$ EGGSQQSHEXMSR$ SV SXLIV QSHMJMGEXMSR$ MR SVHIV XSVIGIMZI 83>7$ XLI 97> MRGPYHIW E WXEXIQIRX XS XLEX IJJIGX

/& 5SRXIRX SJ XLI 97>

7EGL 97> QYWX MRGPYHI XLI JSPPS[MRK1

E& 3 WXEXIQIRX SJ XLI WXYHIRX!W TVIWIRX PIZIPW SJ EGEHIQMG EGLMIZIQIRX ERH JYRGXMSREP TIVJSVQERGI$MRGPYHMRK LS[ XLI WXYHIRX!W HMWEFMPMX] EJJIGXW XLI WXYHIRX!W MRZSPZIQIRX ERH TVSKVIWW MR XLI KIRIVEPGYVVMGYPYQ$ SV JSV TVIOMRHIVKEVXIR GLMPHVIR$ EW ETTVSTVMEXI$ LS[ XLI HMWEFMPMX] EJJIGXW XLI WXYHIRX!WTEVXMGMTEXMSR MR ETTVSTVMEXI EGXMZMXMIW&

F& 3 WXEXIQIRX SJ QIEWYVEFPI ERRYEP KSEPW$ MRGPYHMRK EGEHIQMG ERH JYRGXMSREP KSEPW HIWMKRIH XS QIIX XLIWXYHIRX!W RIIHW XLEX VIWYPX JVSQ XLI WXYHIRX!W HMWEFMPMX] XS IREFPI XLI WXYHIRX XS FI MRZSPZIH MR ERH QEOITVSKVIWW MR XLI KIRIVEP GYVVMGYPYQ SV JSV TVIWGLSSP GLMPHVIR$ EW ETTVSTVMEXI$ XS TEVXMGMTEXI MR ETTVSTVMEXIEGXMZMXMIW ERH QIIXMRK IEGL SJ XLI WXYHIRX!W SXLIV IHYGEXMSREP RIIHW XLEX VIWYPX JVSQ XLI WXYHIRX!WHMWEFMPMX]&

G& 3 HIWGVMTXMSR SJ FIRGLQEVOW SV WLSVX%XIVQ SFNIGXMZIW JSV WXYHIRXW [MXL HMWEFMPMXMIW [LS XEOI EPXIVREXIEWWIWWQIRXW EPMKRIH XS EPXIVREXI EGLMIZIQIRX WXERHEVHW$ SV ER] SXLIV WXYHIRX [MXL E HMWEFMPMX]$ EX XLIHMWGVIXMSR SJ XLI 97> XIEQ&

H& 3 WXEXIQIRX SJ XLI WTIGMEP IHYGEXMSR ERH VIPEXIH WIVZMGIW$ ERH WYTTPIQIRXEV] EMHW ERH WIVZMGIW$ FEWIHSR TIIV%VIZMI[IH VIWIEVGL XS XLI I\XIRX TVEGXMGEFPI$ XS FI TVSZMHIH XS XLI WXYHIRX$ SV SR FILEPJ SJ XLIWXYHIRX&

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

J& 3R I\TPEREXMSR SJ XLI I\XIRX$ MJ ER]$ XS [LMGL XLI WXYHIRX [MPP RSX TEVXMGMTEXI [MXL RSRHMWEFPIH WXYHIRXW MRXLI VIKYPEV GPEWW SV MR XLI EGXMZMXMIW HIWGVMFIH EFSZI&

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

/175 $$( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

T( HTQ \^[VQO`QP PM`Q R[^ `TQ NQSUZZUZS [R `TQ _\QOUMX QPaOM`U[Z& _Q^bUOQ_& MOO[YY[PM`U[Z_& MZPY[PURUOM`U[Z_ PQ_O^UNQP MZP `TQ MZ`UOU\M`QP R^Q]aQZOe& X[OM`U[Z& MZP Pa^M`U[Z [R `T[_Q _Q^bUOQ_(

U( 7 _`M`QYQZ` [R T[c `TQ _`aPQZ`#_ \^[S^Q__ `[cM^P YQQ`UZS `TQ MZZaMX S[MX_ cUXX NQ YQM_a^QP MZP cTQZ\Q^U[PUO ^Q\[^`_ [Z `TQ \^[S^Q__ `TQ _`aPQZ` U_ YMWUZS `[cM^P YQQ`UZS `TQ MZZaMX S[MX_ $_aOT M_ `T^[aST`TQ a_Q [R ]aM^`Q^Xe [^ [`TQ^ \Q^U[PUO ^Q\[^`_& O[ZOa^^QZ` cU`T `TQ U__aMZOQ [R ^Q\[^` OM^P_% cUXX NQ\^[bUPQP(

V( 7 _`M`QYQZ` `[ UPQZ`URe MZe 9M^QQ^ MZP E^[RQ__U[ZMX <PaOM`U[Z $97E<% ;USU`MX H[[X_ OQ^`URUOM`Q_ MZP97E< UZPa_`^e OQ^`URUOM`U[Z_ `TQ _`aPQZ` _QQW_ `[ M``MUZ NQR[^Q TUST _OT[[X S^MPaM`U[Z(

3( H^MZ_U`U[ZMX ZQQP_ MPP^Q__QP cU`TUZ ?<E

?Z MOO[^PMZOQ cU`T _(+**-(/1+0& =(G(& H^MZ_U`U[Z `[ \[_`_QO[ZPM^e QPaOM`U[Z MZP OM^QQ^ [\\[^`aZU`UQ_(

M( H[ QZ_a^Q ]aMXU`e \XMZZUZS R[^ M _aOOQ__RaX `^MZ_U`U[Z [R M _`aPQZ` cU`T M PU_MNUXU`e `[ \[_`_QO[ZPM^eQPaOM`U[Z MZP OM^QQ^ [\\[^`aZU`UQ_& MZ ?<E `QMY _TMXX NQSUZ `TQ \^[OQ__ [R& MZP PQbQX[\ MZ ?<E R[^&UPQZ`UReUZS `TQ ZQQP R[^ `^MZ_U`U[Z _Q^bUOQ_ NQR[^Q `TQ _`aPQZ` cU`T M PU_MNUXU`e M``MUZ_ `TQ MSQ [R +. eQM^_UZ [^PQ^ R[^ TU_ [^ TQ^ \[_`_QO[ZPM^e S[MX_ MZP OM^QQ^ S[MX_ `[ NQ UPQZ`URUQP MZP UZ \XMOQ cTQZ TQ [^ _TQM``MUZ_ `TQ MSQ [R +0 eQM^_( HTU_ \^[OQ__ Ya_` UZOXaPQ& Na` U_ Z[` XUYU`QP `[4

" 9[Z_UPQ^M`U[Z [R `TQ _`aPQZ`g_ ZQQP R[^ UZ_`^aO`U[Z UZ `TQ M^QM [R _QXR'PQ`Q^YUZM`U[Z MZP _QXR'MPb[OMOe `[ M__U_` `TQ _`aPQZ`g_ MO`UbQ MZP QRRQO`UbQ \M^`UOU\M`U[Z UZ MZ ?<E YQQ`UZS5 MZP

" E^Q\M^M`U[Z R[^ `TQ _`aPQZ` `[ S^MPaM`Q R^[Y TUST _OT[[X cU`T M _`MZPM^P TUST _OT[[X PU\X[YM\a^_aMZ` `[ _( +**-(.,2,& =(G(& cU`T M GOT[XM^ PQ_USZM`U[Z aZXQ__ `TQ \M^QZ` OT[[_Q_ M BQ^U`PQ_USZM`U[Z(

N( 8QSUZZUZS Z[` XM`Q^ `TMZ `TQ RU^_` ?<E `[ NQ UZ QRRQO` cTQZ `TQ _`aPQZ` M``MUZ_ `TQ MSQ [R +0& [^ e[aZSQ^ URPQ`Q^YUZQP M\\^[\^UM`Q Ne `TQ \M^QZ` MZP `TQ ?<E `QMY& `TQ ?<E Ya_` UZOXaPQ `TQ R[XX[cUZS _`M`QYQZ`_`TM` Ya_` NQ a\PM`QP MZZaMXXe4

" 7 _`M`QYQZ` [R UZ`QZ` `[ \a^_aQ M _`MZPM^P TUST _OT[[X PU\X[YM MZP M GOT[XM^ [^ BQ^U`PQ_USZM`U[Z& \a^_aMZ` `[ _( +**-(.,2/& M_ PQ`Q^YUZQP Ne `TQ \M^QZ`(

" 7 _`M`QYQZ` [R UZ`QZ` `[ ^QOQUbQ M _`MZPM^P TUST _OT[[X PU\X[YM NQR[^Q `TQ _`aPQZ` M``MUZ_ `TQ MSQ[R ,, MZP M PQ_O^U\`U[Z [R T[c `TQ _`aPQZ` cUXX RaXXe YQQ` `TQ ^Q]aU^QYQZ`_ UZ _( +**-(.,2,& =(G(&M_ M\\XUOMNXQ& UZOXaPUZS& Na` Z[` XUYU`QP `[& M \[^`R[XU[ \a^_aMZ` `[ _( +**-(.,2,$++%$N%& =(G(& cTUOTYQQ`_ `TQ O^U`Q^UM _\QOURUQP UZ G`M`Q 8[M^P [R <PaOM`U[Z ^aXQ( HTQ ?<E Ya_` MX_[ _\QOURe `TQ[a`O[YQ_ MZP MPPU`U[ZMX NQZQRU`_ Qd\QO`QP Ne `TQ \M^QZ` MZP `TQ ?<E `QMY M` `TQ `UYQ [R `TQ_`aPQZ`g_ S^MPaM`U[Z(

" 7 _`M`QYQZ` [R M\\^[\^UM`Q YQM_a^MNXQ X[ZS'`Q^Y \[_`_QO[ZPM^e QPaOM`U[Z MZP OM^QQ^ S[MX_NM_QP a\[Z MSQ'M\\^[\^UM`Q `^MZ_U`U[Z M__Q__YQZ`_ ^QXM`QP `[ `^MUZUZS& QPaOM`U[Z& QY\X[eYQZ`&MZP& UR M\\^[\^UM`Q& UZPQ\QZPQZ` XUbUZS _WUXX_ MZP `TQ `^MZ_U`U[Z _Q^bUOQ_& UZOXaPUZS O[a^_Q_ [R _`aPeZQQPQP `[ M__U_` `TQ _`aPQZ` UZ ^QMOTUZS `T[_Q S[MX_(

" ?R M \M^`UOU\M`UZS MSQZOe ^Q_\[Z_UNXQ R[^ `^MZ_U`U[Z _Q^bUOQ_& [`TQ^ `TMZ `TQ _OT[[X PU_`^UO`& RMUX_ `[\^[bUPQ `TQ `^MZ_U`U[Z _Q^bUOQ_ PQ_O^UNQP UZ `TQ ?<E& `TQ _OT[[X PU_`^UO` _TMXX ^QO[ZbQZQ `TQ ?<E`QMY `[ UPQZ`URe MX`Q^ZM`UbQ _`^M`QSUQ_ `[ YQQ` `TQ `^MZ_U`U[Z [NVQO`UbQ_ R[^ `TQ _`aPQZ` _Q` [a` UZ `TQ?<E( >[cQbQ^& `TU_ P[Q_ Z[` ^QXUQbQ MZe \M^`UOU\M`UZS MSQZOe& UZOXaPUZS `TQ ;UbU_U[Z [R J[OM`U[ZMXFQTMNUXU`M`U[Z GQ^bUOQ_ $JF%& [R `TQ ^Q_\[Z_UNUXU`e `[ \^[bUPQ [^ \Me R[^ MZe `^MZ_U`U[Z _Q^bUOQ `TM``TQ MSQZOe c[aXP [`TQ^cU_Q \^[bUPQ `[ _`aPQZ`_ cU`T PU_MNUXU`UQ_ cT[ YQQ` `TQ QXUSUNUXU`e O^U`Q^UM [R`TM` MSQZOe(

O( 7Ze OTMZSQ UZ `TQ ?<E R[^ `TQ S[MX_ _\QOURUQP UZ N% Ya_` NQ M\\^[bQP Ne `TQ \M^QZ` MZP U_ _aNVQO` `[bQ^URUOM`U[Z R[^ M\\^[\^UM`QZQ__ Ne MZ UZPQ\QZPQZ` ^QbUQcQ^ _QXQO`QP Ne `TQ \M^QZ` M_ \^[bUPQP UZ _(+**-(/1,(

P( ?R M \M^`UOU\M`UZS MSQZOe ^Q_\[Z_UNXQ R[^ `^MZ_U`U[Z _Q^bUOQ_& [`TQ^ `TMZ `TQ _OT[[X PU_`^UO`& RMUX_ `[ \^[bUPQ`TQ `^MZ_U`U[Z _Q^bUOQ_ PQ_O^UNQP UZ `TQ ?<E& `TQ _OT[[X PU_`^UO` _TMXX ^QO[ZbQZQ `TQ ?<E `QMY `[ UPQZ`UReMX`Q^ZM`UbQ _`^M`QSUQ_ `[ YQQ` `TQ `^MZ_U`U[Z [NVQO`UbQ_ R[^ `TQ _`aPQZ` `TM` M^Q _\QOURUQP UZ `TQ ?<E(>[cQbQ^& `TU_ P[Q_ Z[` ^QXUQbQ MZe \M^`UOU\M`UZS MSQZOe [R `TQ ^Q_\[Z_UNUXU`e `[ \^[bUPQ [^ \Me R[^ MZe

/175 $$( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

`^MZ_U`U[Z _Q^bUOQ `TM` `TQ MSQZOe c[aXP [`TQ^cU_Q \^[bUPQ `[ _`aPQZ`_ cU`T PU_MNUXU`UQ_ cT[ YQQ` `TQQXUSUNUXU`e O^U`Q^UM [R `TM` MSQZOe(

Q( 8QSUZZUZS M` XQM_` [ZQ eQM^ NQR[^Q `TQ _`aPQZ`#_ +2`T NU^`TPMe& M _`M`QYQZ` `TM` `TQ _`aPQZ` TM_ NQQZUZR[^YQP [R TU_ [^ TQ^ ^UST`_ `TM` cUXX `^MZ_RQ^ R^[Y `TQ \M^QZ` `[ `TQ _`aPQZ` [Z ^QMOTUZS `TQ MSQ [RYMV[^U`e& cTUOT U_ QUST`QQZ $+2% eQM^_ [R MSQ(

R( =[^ _`aPQZ`_ cT[_Q QXUSUNUXU`e `Q^YUZM`Q_ PaQ `[ S^MPaM`U[Z R^[Y _QO[ZPM^e _OT[[X cU`T M ^QSaXM^ PU\X[YM[^ PaQ `[ QdOQQPUZS `TQ MSQ QXUSUNUXU`e R[^ =7E< aZPQ^ G`M`Q XMc& M \aNXUO MSQZOe Ya_` \^[bUPQ `TQ OTUXPcU`T M _aYYM^e [R `TQ OTUXPg_ MOMPQYUO MOTUQbQYQZ` MZP RaZO`U[ZMX \Q^R[^YMZOQ& cTUOT _T[aXP UZOXaPQ^QO[YYQZPM`U[Z_ [Z T[c `[ M__U_` `TQ _`aPQZ` UZ YQQ`UZS `TQ \[_`_QO[ZPM^e S[MX_(

+*( FQ]aU^QYQZ`_ R[^ M G`MZPM^P ;U\X[YM

?Z MOO[^PMZOQ cU`T _(+**-(.,2, $++%& =(G(& NQSUZZUZS cU`T _`aPQZ`_ QZ`Q^UZS S^MPQ ZUZQ $3% UZ `TQ ,*+.',*+/_OT[[X eQM^& `TQ R[XX[cUZS ^Q]aU^QYQZ`_ R[^ M _`MZPM^P PU\X[YM M\\Xe R[^ M _`aPQZ` cU`T M PU_MNUXU`e(

M( 7 \M^QZ` [R `TQ _`aPQZ` cU`T M PU_MNUXU`e _TMXX& UZ O[XXMN[^M`U[Z cU`T `TQ UZPUbUPaMX QPaOM`U[Z \XMZ $?<E%`QMY Pa^UZS `TQ `^MZ_U`U[Z \XMZZUZS \^[OQ__ \a^_aMZ` `[ _( +**-(/1+0& =(G(& PQOXM^Q UZ`QZ` R[^ `TQ _`aPQZ``[ S^MPaM`Q R^[Y TUST _OT[[X cU`T QU`TQ^ M _`MZPM^P TUST _OT[[X PU\X[YM [^ M OQ^`URUOM`Q [R O[Y\XQ`U[Z( 7_`aPQZ` cU`T M PU_MNUXU`e cT[ P[Q_ Z[` _M`U_Re `TQ _`MZPM^P TUST _OT[[X PU\X[YM ^Q]aU^QYQZ`_ UZ `TU__QO`U[Z _TMXX NQ McM^PQP M OQ^`URUOM`Q [R O[Y\XQ`U[Z(

N( HTQ R[XX[cUZS [\`U[Z_& UZ MPPU`U[Z `[ `TQ [`TQ^ [\`U[Z_ _\QOURUQP UZ `TU_ _QO`U[Z& YMe NQ a_QP `[ _M`U_Re `TQ_`MZPM^P TUST _OT[[X PU\X[YM ^Q]aU^QYQZ`_& M_ _\QOURUQP UZ `TQ _`aPQZ`g_ UZPUbUPaMX QPaOM`U[Z \XMZ4

+( =[^ M _`aPQZ` cU`T M PU_MNUXU`e R[^ cT[Y `TQ ?<E `QMY TM_ PQ`Q^YUZQP `TM` `TQ =X[^UPM 7X`Q^ZM`Q7__Q__YQZ` U_ `TQ Y[_` M\\^[\^UM`Q YQM_a^Q [R `TQ _`aPQZ`g_ _WUXX_4

M( 7 O[YNUZM`U[Z [R O[a^_Q _aN_`U`a`U[Z_& M__Q__YQZ`_& UZPa_`^e OQ^`URUOM`U[Z_& [`TQ^MOOQXQ^M`U[Z [\`U[Z_& [^ [OOa\M`U[ZMX O[Y\XQ`U[Z \[UZ`_ M\\^[\^UM`Q `[ `TQ _`aPQZ`g_ aZU]aQ_WUXX_ MZP MNUXU`UQ_ `TM` YQQ` `TQ O^U`Q^UM Q_`MNXU_TQP Ne G`M`Q 8[M^P [R <PaOM`U[Z ^aXQ(

N( 7 \[^`R[XU[ [R ]aMZ`URUMNXQ QbUPQZOQ `TM` P[OaYQZ`_ M _`aPQZ`g_ YM_`Q^e [R MOMPQYUO_`MZPM^P_ `T^[aST ^US[^[a_ YQ`^UO_ Q_`MNXU_TQP Ne G`M`Q 8[M^P [R <PaOM`U[Z ^aXQ( 7\[^`R[XU[ YMe UZOXaPQ& Na` U_ Z[` XUYU`QP `[& P[OaYQZ`M`U[Z [R c[^W Qd\Q^UQZOQ& UZ`Q^Z_TU\_&O[YYaZU`e _Q^bUOQ& MZP \[_`_QO[ZPM^e O^QPU`(

,( =[^ M _`aPQZ` cU`T M PU_MNUXU`e R[^ cT[Y `TQ ?<E `QMY TM_ PQ`Q^YUZQP `TM` YM_`Q^e [R MOMPQYUOMZP QY\X[eYQZ` O[Y\Q`QZOUQ_ U_ `TQ Y[_` M\\^[\^UM`Q cMe R[^ M _`aPQZ` `[ PQY[Z_`^M`Q TU_ [^TQ^ _WUXX_4

M( ;[OaYQZ`QP O[Y\XQ`U[Z [R `TQ YUZUYaY TUST _OT[[X S^MPaM`U[Z ^Q]aU^QYQZ`_& UZOXaPUZS`TQ ZaYNQ^ [R O[a^_Q O^QPU`_ \^Q_O^UNQP Ne ^aXQ_ [R `TQ G`M`Q 8[M^P [R <PaOM`U[Z(

N( ;[OaYQZ`QP MOTUQbQYQZ` [R MXX MZZaMX S[MX_ MZP _T[^`' `Q^Y [NVQO`UbQ_ R[^ MOMPQYUO MZPQY\X[eYQZ` O[Y\Q`QZOUQ_& UZPa_`^e OQ^`URUOM`U[Z_& MZP [OOa\M`U[ZMX O[Y\XQ`U[Z \[UZ`__\QOURUQP UZ `TQ _`aPQZ`g_ `^MZ_U`U[Z \XMZ( HTQ P[OaYQZ`M`U[Z Ya_` NQ bQ^URUQP Ne `TQ ?<E`QMY(

O( ;[OaYQZ`QP _aOOQ__RaX QY\X[eYQZ` R[^ `TQ ZaYNQ^ [R T[a^_ \Q^ cQQW _\QOURUQP UZ `TQ_`aPQZ`g_ `^MZ_U`U[Z \XMZ& R[^ `TQ Q]aUbMXQZ` [R [ZQ $+% _QYQ_`Q^& MZP \MeYQZ` [R M YUZUYaYcMSQ UZ O[Y\XUMZOQ cU`T `TQ ^Q]aU^QYQZ`_ [R `TQ RQPQ^MX =MU^ AMN[^ G`MZPM^P_ 7O`(

P( ;[OaYQZ`QP YM_`Q^e [R `TQ MOMPQYUO MZP QY\X[eYQZ` O[Y\Q`QZOUQ_& UZPa_`^eOQ^`URUOM`U[Z_& MZP [OOa\M`U[ZMX O[Y\XQ`U[Z \[UZ`_ _\QOURUQP UZ `TQ _`aPQZ`g_ `^MZ_U`U[Z \XMZ(HTQ P[OaYQZ`M`U[Z Ya_` NQ bQ^URUQP Ne `TQ ?<E `QMY& `TQ QY\X[eQ^& MZP `TQ `QMOTQ^( HTQ`^MZ_U`U[Z \XMZ Ya_` NQ PQbQX[\QP MZP _USZQP Ne `TQ _`aPQZ`& \M^QZ`& `QMOTQ^& MZPQY\X[eQ^ NQR[^Q \XMOQYQZ` UZ QY\X[eYQZ` MZP Ya_` UPQZ`URe `TQ R[XX[cUZS4

?( HTQ Qd\QO`QP MOMPQYUO MZP QY\X[eYQZ` O[Y\Q`QZOUQ_& UZPa_`^e OQ^`URUOM`U[Z_& MZP[OOa\M`U[ZMX O[Y\XQ`U[Z \[UZ`_5

??( HTQ O^U`Q^UM R[^ PQ`Q^YUZUZS MZP OQ^`UReUZS YM_`Q^e [R `TQ O[Y\Q`QZOUQ_5???( HTQ c[^W _OTQPaXQ MZP `TQ YUZUYaY ZaYNQ^ [R T[a^_ `[ NQ c[^WQP \Q^ cQQW5 MZP?J( 7 PQ_O^U\`U[Z [R `TQ _a\Q^bU_U[Z `[ NQ \^[bUPQP Ne `TQ _OT[[X PU_`^UO`(

/175 $$) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-( 7Ze OTMZSQ `[ `TQ TUST _OT[[X S^MPaM`U[Z [\`U[Z _\QOURUQP UZ `TQ _`aPQZ`g_ ?<E Ya_` NQ M\\^[bQPNe `TQ \M^QZ` MZP U_ _aNVQO` `[ bQ^URUOM`U[Z R[^ M\\^[\^UM`QZQ__ Ne MZ UZPQ\QZPQZ` ^QbUQcQ^_QXQO`QP Ne `TQ \M^QZ` M_ \^[bUPQP UZ _(+**-(/1,& =(G(

O( 7 _`aPQZ` cU`T M PU_MNUXU`e cT[ YQQ`_ `TQ _`MZPM^P TUST _OT[[X PU\X[YM ^Q]aU^QYQZ`_ UZ `TU_ _QO`U[Z YMePQRQ^ `TQ ^QOQU\` [R M _`MZPM^P TUST _OT[[X PU\X[YM UR `TQ _`aPQZ`4

+( >M_ MZ UZPUbUPaMX QPaOM`U[Z \XMZ `TM` \^Q_O^UNQ_ _\QOUMX QPaOM`U[Z& `^MZ_U`U[Z \XMZZUZS& `^MZ_U`U[Z_Q^bUOQ_& [^ ^QXM`QP _Q^bUOQ_ `T^[aST MSQ `cQZ`e'[ZQ $,+%5 MZP

,( ?_ QZ^[XXQP UZ MOOQXQ^M`QP O[XXQSQ O^QPU` UZ_`^aO`U[Z \a^_aMZ` `[ _( +**1(,1& =(G(& UZPa_`^eOQ^`URUOM`U[Z O[a^_Q_ `TM` XQMP `[ O[XXQSQ O^QPU`& M O[XXQSUM`Q TUST _OT[[X \^[S^MY& O[a^_Q_ZQOQ__M^e `[ _M`U_Re `TQ GOT[XM^ PQ_USZM`U[Z ^Q]aU^QYQZ`_& [^ M _`^aO`a^QP c[^W'_`aPe& UZ`Q^Z_TU\&[^ \^QM\\^QZ`UOQ_TU\ \^[S^MY(

P( 7 _`aPQZ` cU`T M PU_MNUXU`e cT[ ^QOQUbQ_ M OQ^`URUOM`Q [R O[Y\XQ`U[Z MZP TM_ MZ UZPUbUPaMX QPaOM`U[Z \XMZ`TM` \^Q_O^UNQ_ _\QOUMX QPaOM`U[Z& `^MZ_U`U[Z \XMZZUZS& `^MZ_U`U[Z _Q^bUOQ_& [^ ^QXM`QP _Q^bUOQ_ `T^[aST`cQZ`e'[ZQ $,+% eQM^_ [R MSQ YMe O[Z`UZaQ `[ ^QOQUbQ `TQ _\QOURUQP UZ_`^aO`U[Z MZP _Q^bUOQ_(

Q( 7Ze cMUbQ^ [R `TQ _`M`QcUPQ& _`MZPM^PUfQP M__Q__YQZ` ^Q]aU^QYQZ`_ Ne `TQ UZPUbUPaMX QPaOM`U[Z \XMZ`QMY& \a^_aMZ` `[ _( +**2(,,$-%$O%& =(G(& Ya_` NQ M\\^[bQP Ne `TQ \M^QZ` MZP U_ _aNVQO` `[ bQ^URUOM`U[Z R[^M\\^[\^UM`QZQ__ Ne MZ UZPQ\QZPQZ` ^QbUQcQ^ _QXQO`QP Ne `TQ \M^QZ` M_ \^[bUPQP R[^ UZ _( +**-(/1,(& =(G(

HTQ ^Q\QMX [R _( +**-(.-2& =(G(& QRRQO`UbQ @aXe +& ,*+/& P[Q_ Z[` M\\Xe `[ M _`aPQZ` cU`T M PU_MNUXU`e M_ PQRUZQP UZ_( +**-(.-2& =(G(& cT[_Q UZPUbUPaMX QPaOM`U[ZMX \XMZ& M_ [R @aZQ ,*& ,*+.& O[Z`MUZ_ M _`M`QYQZ` [R UZ`QZ` `[^QOQUbQ M _\QOUMX PU\X[YM( GaOT _`aPQZ` _TMXX NQ McM^PQP M _\QOUMX PU\X[YM UZ M R[^Y \^Q_O^UNQP Ne `TQ9[YYU__U[ZQ^ [R <PaOM`U[Z UR `TQ _`aPQZ` YQQ`_ `TQ ^Q]aU^QYQZ`_ _\QOURUQP UZ _( +**-(.-2& =(G(& MZP UZ QRRQO`M_ [R @aZQ ,*& ,*+.( 7Ze _aOT _`aPQZ` cT[ YQQ`_ MXX _\QOUMX ^Q]aU^QYQZ`_ [R `TQ PU_`^UO` _OT[[X N[M^P UZ QRRQO`M_ [R @aZQ ,*& ,*+.& Na` cT[ U_ aZMNXQ `[ YQQ` `TQ M\\^[\^UM`Q _\QOUMX _`M`Q YUZUYaY ^Q]aU^QYQZ`_ UZ QRRQO` M_[R @aZQ ,*& ,*+.& _TMXX NQ McM^PQP M _\QOUMX OQ^`URUOM`Q [R O[Y\XQ`U[Z UZ M R[^Y \^Q_O^UNQP Ne `TQ 9[YYU__U[ZQ^[R <PaOM`U[Z(

++( GQ\M^M`Q \M^QZ`MX O[Z_QZ` R[^ _\QOURUO MO`U[Z_ UZOXaPQP UZ MZ ?<E

?Z MOO[^PMZOQ cU`T _( +**-(/1+/& =(G(& QRRQO`UbQ @aXe +& ,*+-& _Q\M^M`Q \M^QZ`MX O[Z_QZ` R[^ `TQ R[XX[cUZSMO`U[Z_ UZ M _`aPQZ`#_ ?<E U_ ^Q]aU^QP4

M( 7PYUZU_`^M`U[Z [R MZ MX`Q^ZM`Q M__Q__YQZ` \a^_aMZ` `[ _( +**2(,,& =(G(& MZP UZ_`^aO`U[Z UZ `TQ _`M`Q_`MZPM^P_ MOOQ__ \[UZ`_ Oa^^UOaXaY(

N( EXMOQYQZ` [R `TQ _`aPQZ` UZ MZ <G< OQZ`Q^ _OT[[X(

HTQ PU_`^UO` Ya_` a_Q `TQ R[XX[cUZS R[^Y_ MP[\`QP Ne =;D< R[^ [N`MUZUZS O[Z_QZ`(

; (*5-27*0 $326-27 &351" '26758+7/32 /2 7.- )7*7- )7*2,*5,6 #++-66 (3/276 $855/+8081 *2, &035/,*7X`Q^ZM`Q 7__Q__YQZ` 7PYUZU_`^M`U[Z

; (*5-27*0 $326-27 &351" )78,-27 (0*+-1-27 /2 *2 %9+-47/32*0 %,8+*7/32 $-27-5

?Z MOO[^PMZOQ cU`T -. 9=F h-**(/*-& QMOT O[Z_QZ` R[^Y Ya_` NQ \^[bUPQP UZ `TQ \M^QZ`#_ ZM`UbQ XMZSaMSQ M_PQRUZQP UZ -. 9=F h-**(,3( 9[Z_QZ` R[^Y_ OMZ NQ MOOQ__QP M` `TQ R[XX[cUZS XUZW4 T``\4))ccc(RXP[Q([^S)Q_Q)( 7PU_`^UO` YMe Z[` \^[OQQP cU`T `TQ MO`U[Z_ PQ_O^UNQP MN[bQ aZXQ__ `TQ PU_`^UO` P[OaYQZ`_ ^QM_[ZMNXQ QRR[^`_ `[[N`MUZ `TQ \M^QZ`#_ O[Z_QZ` MZP `TQ _`aPQZ`#_ \M^QZ` TM_ RMUXQP `[ ^Q_\[ZP [^ `TQ PU_`^UO` [N`MUZ_ M\\^[bMX`T^[aST M PaQ \^[OQ__ TQM^UZS(

<dOQ\` R[^ M PU_OU\XUZM^e OTMZSQ UZ \XMOQYQZ` M_ PQ_O^UNQP UZ _( +**-(/1$+%$T%& UR M PU_`^UO` PQ`Q^YUZQ_ `TM` `TQ^QU_ M ZQQP `[ OTMZSQ M _`aPQZ`#_ ?<E ^QXM`QP `[ MPYUZU_`^M`U[Z [R `TQ MX`Q^ZM`Q M__Q__YQZ`& UZ_`^aO`U[Z UZ `TQMOOQ__ \[UZ`_ Oa^^UOaXaY& [^ <G< OQZ`Q^ _OT[[X \XMOQYQZ`& `TQ _OT[[X Ya_` T[XP MZ ?<E `QMY YQQ`UZS `TM`UZOXaPQ_ `TQ \M^QZ` `[ PU_Oa__ `TQ ^QM_[Z R[^ `TQ OTMZSQ( HTQ _OT[[X _TMXX \^[bUPQ c^U``QZ Z[`UOQ `[ `TQ \M^QZ` M`XQM_` +* PMe_ NQR[^Q `TQ YQQ`UZS& UZPUOM`UZS `TQ \a^\[_Q& `UYQ& MZP X[OM`U[Z [R `TQ YQQ`UZS MZP cT[& Ne `U`XQ [^\[_U`U[Z& cUXX M``QZP `TQ YQQ`UZS( HTQ ?<E `QMY YQQ`UZS ^Q]aU^QYQZ` YMe NQ cMUbQP Ne UZR[^YQP O[Z_QZ` [R `TQ\M^QZ` MR`Q^ `TQ \M^QZ` ^QOQUbQ_ `TQ c^U``QZ Z[`UOQ(

=[^ M OTMZSQ UZ M _`aPQZ`#_ ?<E ^QXM`QP `[ MPYUZU_`^M`U[Z [R `TQ MX`Q^ZM`Q M__Q__YQZ`& UZ_`^aO`U[Z UZ MOOQ__\[UZ`_ Oa^^UOaXaY& [^ <G< OQZ`Q^ _OT[[X \XMOQYQZ`& `TQ PU_`^UO` YMe Z[` UY\XQYQZ` `TQ OTMZSQ cU`T[a` \M^QZ`MXO[Z_QZ` aZXQ__ `TQ PU_`^UO` P[OaYQZ`_ ^QM_[ZMNXQ QRR[^`_ `[ [N`MUZ `TQ \M^QZ`#_ O[Z_QZ` MZP `TQ _`aPQZ`#_ \M^QZ`TM_ RMUXQP `[ ^Q_\[ZP [^ `TQ PU_`^UO` [N`MUZ_ M\\^[bMX `T^[aST M PaQ \^[OQ__ TQM^UZS MZP ^Q_[Xa`U[Z [R M\\QMX_(

/175 $$* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

+,( AQM_` ^Q_`^UO`UbQ QZbU^[ZYQZ` $AF<% MZP \XMOQYQZ` PQ`Q^YUZM`U[Z_4

M( H[ `TQ YMdUYaY Qd`QZ` M\\^[\^UM`Q& _`aPQZ`_ cU`T PU_MNUXU`UQ_& UZOXaPUZS `T[_Q UZ \aNXUO [^ \^UbM`QUZ_`U`a`U[Z_ [^ [`TQ^ RMOUXU`UQ_& M^Q QPaOM`QP cU`T _`aPQZ`_ cT[ M^Q Z[` PU_MNXQP( 7 _OT[[X PU_`^UO` _TMXX a_Q`TQ `Q^Y !UZOXa_U[Z! `[ YQMZ `TM` M _`aPQZ` U_ ^QOQUbUZS QPaOM`U[Z UZ M SQZQ^MX QPaOM`U[Z ^QSaXM^ OXM___Q``UZS& ^QRXQO`UZS ZM`a^MX \^[\[^`U[Z_ MZP MSQ'M\\^[\^UM`Q TQ`Q^[SQZQ[a_ S^[a\_ UZ O[^Q MOMPQYUO MZPQXQO`UbQ [^ _\QOUMX M^QM_ cU`TUZ `TQ _OT[[X O[YYaZU`e5 M _`aPQZ` cU`T M PU_MNUXU`e U_ M bMXaQP YQYNQ^ [R`TQ OXM__^[[Y MZP _OT[[X O[YYaZU`e5 `TQ `QMOTQ^_ MZP MPYUZU_`^M`[^_ _a\\[^` aZUbQ^_MX QPaOM`U[Z MZPTMbQ WZ[cXQPSQ MZP _a\\[^` MbMUXMNXQ `[ QZMNXQ `TQY `[ QRRQO`UbQXe `QMOT MXX OTUXP^QZ5 MZP M _`aPQZ` U_\^[bUPQP MOOQ__ `[ `QOTZUOMX M__U_`MZOQ UZ NQ_` \^MO`UOQ_& UZ_`^aO`U[ZMX YQ`T[P_& MZP _a\\[^`_ `MUX[^QP `[`TQ _`aPQZ`#_ ZQQP_ NM_QP [Z Oa^^QZ` ^Q_QM^OT(

GQO`U[Z +**-(/1$+%$R%& =(G(& ^Q]aU^Q_ `TM`& [ZOQ QbQ^e `T^QQ eQM^_& QMOT _OT[[X PU_`^UO` MZP _OT[[X Ya_`O[Y\XQ`Q M 8Q_` E^MO`UOQ_ UZ ?ZOXa_UbQ <PaOM`U[Z $8E?<% M__Q__YQZ`( HTQ 8E?< U_ MZ UZ`Q^ZMXM__Q__YQZ` \^[OQ__ PQ_USZQP `[ RMOUXU`M`Q `TQ MZMXe_U_& UY\XQYQZ`M`U[Z MZP UY\^[bQYQZ` [R UZOXa_UbQQPaOM`U[ZMX \^MO`UOQ_( HTQ ^Q_aX`_ [R `TU_ \^[OQ__& UZOXaPUZS MXX \XMZZQP _T[^`' MZP X[ZS'`Q^YUY\^[bQYQZ` QRR[^`_& Ya_` NQ UZOXaPQP UZ `TQ _OT[[X PU_`^UO`g_ <G< \[XUOUQ_ MZP \^[OQPa^Q_(

>M_ `TQ PU_`^UO` O[Y\XQ`QP `TQ 8E?< eQ`6

LQ_

C[

?R _[& cTM` PM`Q cM_ U` O[Y\XQ`QP6 $EXQM_Q a\X[MP `TQ PU_`^UO`#_ 8E?< MO`U[Z \XMZ `TM` Ya_` UZOXaPQ MXX_T[^`' MZP X[ZS'`Q^Y UY\^[bQYQZ` QRR[^`_& UZ 7\\QZPUd =%(

?R C[& UZOXaPQ `TQ MZ`UOU\M`QP PM`Q R[^ `TQ 8E?< M__Q__YQZ`& UR WZ[cZ(

7\^UX ,*+/

N( G\QOUMX OXM__Q_& _Q\M^M`Q _OT[[XUZS& [^ [`TQ^ ^QY[bMX [R _`aPQZ`_ cU`T PU_MNUXU`UQ_ R^[Y `TQ ^QSaXM^QPaOM`U[ZMX QZbU^[ZYQZ` [OOa^_ [ZXe UR `TQ ZM`a^Q [^ _QbQ^U`e [R `TQ PU_MNUXU`e U_ _aOT `TM` QPaOM`U[Z UZ^QSaXM^ OXM__Q_ cU`T `TQ a_Q [R _a\\XQYQZ`M^e MUP_ MZP _Q^bUOQ_ OMZZ[` NQ MOTUQbQP _M`U_RMO`[^UXe5 MZP

O( 7 O[Z`UZaaY [R MX`Q^ZM`UbQ \XMOQYQZ`_ Ya_` NQ MbMUXMNXQ `[ YQQ` `TQ ZQQP_ [R _`aPQZ`_ cU`T PU_MNUXU`UQ_R[^ _\QOUMX QPaOM`U[Z MZP ^QXM`QP _Q^bUOQ_& UZOXaPUZS UZ_`^aO`U[Z UZ ^QSaXM^ OXM__Q_& _\QOUMX OXM__Q_&_\QOUMX _OT[[X_& T[YQ UZ_`^aO`U[Z& MZP UZ_`^aO`U[Z UZ T[_\U`MX_ MZP UZ_`U`a`U[Z_ MZP M _OT[[X PU_`^UO` Ya_`

/175 $$+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

YMWQ \^[bU_U[Z R[^ _a\\XQYQZ`M^e _Q^bUOQ_ $_aOT M_ ^Q_[a^OQ ^[[Y [^ U`UZQ^MZ` UZ_`^aO`U[Z% `[ NQ\^[bUPQP UZ O[ZVaZO`U[Z cU`T ^QSaXM^ OXM__ \XMOQYQZ`(

;Q_O^UNQ `TQ PU_`^UO`g_ O[Z`UZaaY [R MX`Q^ZM`UbQ \XMOQYQZ`_ $Q(S(& UZ_`^aO`U[Z UZ ^QSaXM^ OXM__Q_& _\QOUMXOXM__Q_& _\QOUMX _OT[[X_& T[YQ UZ_`^aO`U[Z MZP UZ_`^aO`U[Z UZ T[_\U`MX_ MZP UZ_`U`a`U[Z_%( ?R e[a^ PU_`^UO`O[Z`^MO`_ cU`T MZ[`TQ^ `[ \^[bUPQ M \XMOQYQZ` [\`U[Z& \XQM_Q UZPUOM`Q `TU_ M_ cQXX(

HTQ >QZP^e 9[aZ`e GOT[[X ;U_`^UO` \^[bUPQ_ _Q``UZS_ R[^ GK; $_`aPQZ`_ cU`T PU_MNUXU`UQ_% ^MZSUZS R^[YSQZQ^MX QPaOM`U[Z OXM__^[[Y_& ^Q_[a^OQ <G< _a\\[^` ^[[Y_& RaXX'`UYQ <G< OXM__^[[Y_& GQO[ZPM^eH^MZ_U`U[Z E^[S^MY_& GT[^` `Q^Y \XMOQYQZ`_ M` PU_`^UO` MX`Q^ZM`UbQ _OT[[X _U`Q_ MZP >[_\U`MX>[YQN[aZP(

;Q_O^UNQ `TQ PU_`^UO`g_ \^[OQPa^Q_ ^QSM^PUZS \^[bU_U[Z R[^ _a\\XQYQZ`M^e _Q^bUOQ_ $_aOT M_ ^Q_[a^OQ^[[Y [^ U`UZQ^MZ` UZ_`^aO`U[Z% `[ NQ \^[bUPQP UZ O[ZVaZO`U[Z cU`T ^QSaXM^ OXM__ \XMOQYQZ`(

>QZP^e ;U_`^UO` GOT[[X_ [RRQ^_ ^Q_[a^OQ <G< _a\\[^` OXM__^[[Y_& U`UZQ^MZ` `QMOTQ^_ [R ;QMR)>M^P [R>QM^UZS& `QMOTQ^_ [R `TQ JU_aMXXe ?Y\MU^QP& M_ cQXX M_ DOOa\M`U[ZMX `TQ^M\U_`& ETe_UOMX HTQ^M\U_`&G\QQOT " AMZSaMSQ `TQ^M\U_`_& MZP NQTMbU[^ _\QOUMXU_`& O[Z`QZ` M^QM _\QOUMXU_`_& SUR`QP O[Z_aX``QMOTQ^_& MZP \aXX'[a` `QMOTQ^_(

P( ?Z PQ`Q^YUZUZS `TQ QPaOM`U[ZMX \XMOQYQZ` [R M _`aPQZ` cU`T M PU_MNUXU`e& UZOXaPUZS M \^Q_OT[[X OTUXP cU`T MPU_MNUXU`e& QMOT _OT[[X PU_`^UO` Ya_` QZ_a^Q `TM`4

" HTQ \XMOQYQZ` PQOU_U[Z U_ YMPQ Ne M S^[a\ [R \Q^_[Z_& UZOXaPUZS `TQ \M^QZ`_& MZP [`TQ^ \Q^_[Z_WZ[cXQPSQMNXQ MN[a` `TQ _`aPQZ`& `TQ YQMZUZS [R `TQ QbMXaM`U[Z PM`M& MZP `TQ \XMOQYQZ` [\`U[Z_(

" HTQ \XMOQYQZ` PQOU_U[Z U_ YMPQ UZ MOO[^PMZOQ cU`T `TQ AF< \^[bU_U[Z_ XU_`QP MN[bQ(

" HTQ _`aPQZ`#_ \XMOQYQZ` U_ PQ`Q^YUZQP M` XQM_` MZZaMXXe& U_ NM_QP [Z `TQ _`aPQZ`#_ ?<E& MZP U_ M_OX[_Q M_ \[__UNXQ `[ `TQ _`aPQZ`#_ T[YQ(

" IZXQ__ `TQ ?<E [R M _`aPQZ` cU`T M PU_MNUXU`e ^Q]aU^Q_ _[YQ [`TQ^ M^^MZSQYQZ`& `TQ _`aPQZ` U_QPaOM`QP UZ `TQ _OT[[X `TM` TQ [^ _TQ c[aXP M``QZP UR Z[ZPU_MNXQP(

" ?Z _QXQO`UZS `TQ AF<& O[Z_UPQ^M`U[Z U_ SUbQZ `[ MZe \[`QZ`UMX TM^YRaX QRRQO` [Z `TQ _`aPQZ` [^ [Z `TQ]aMXU`e [R _Q^bUOQ_ `TM` TQ [^ _TQ ZQQP_(

" 7 _`aPQZ` cU`T M PU_MNUXU`e U_ Z[` ^QY[bQP R^[Y QPaOM`U[Z UZ MSQ'M\\^[\^UM`Q ^QSaXM^ OXM__^[[Y__[XQXe NQOMa_Q [R ZQQPQP Y[PURUOM`U[Z_ UZ `TQ SQZQ^MX QPaOM`U[Z Oa^^UOaXaY(

Q( ?Z \^[bUPUZS [^ M^^MZSUZS R[^ `TQ \^[bU_U[Z [R Z[ZMOMPQYUO MZP Qd`^MOa^^UOaXM^ _Q^bUOQ_ MZP MO`UbU`UQ_$UZOXaPUZS YQMX_& ^QOQ__ \Q^U[P_& O[aZ_QXUZS _Q^bUOQ_& M`TXQ`UO_& `^MZ_\[^`M`U[Z& TQMX`T _Q^bUOQ_&^QO^QM`U[ZMX MO`UbU`UQ_& _\QOUMX UZ`Q^Q_` S^[a\_ [^ OXaN_ _\[Z_[^QP Ne `TQ _OT[[X PU_`^UO`& ^QRQ^^MX_ `[MSQZOUQ_ `TM` \^[bUPQ M__U_`MZOQ `[ UZPUbUPaMX_ cU`T PU_MNUXU`UQ_& MZP QY\X[eYQZ` [R _`aPQZ`_& UZOXaPUZS

/175 $%# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

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

(*& AK\OK] GTJ XK\OYOUT UL ZNK <7@

CNK JOYZXOIZ KTY[XKY ZNGZ ZNK <7@ ZKGS1

G& AK\OK]Y ZNK <7@ VKXOUJOIGRR_$ H[Z TUZ RKYY ZNGT GTT[GRR_$ ZU JKZKXSOTK ]NKZNKX ZNK GTT[GR MUGRY LUX ZNKYZ[JKTZ GXK HKOTM GINOK\KJ

H& AK\OYKY ZNK <7@ GY GVVXUVXOGZK ZU GJJXKYY1

" 3T_ RGIQ UL K^VKIZKJ VXUMXKYY ZU]GXJ ZNK GTT[GR MUGRY GTJ OT ZNK MKTKXGR I[XXOI[R[S$ OLGVVXUVXOGZK

" AKY[RZY UL GT_ XKK\GR[GZOUT IUTJ[IZKJ

" <TLUXSGZOUT GHU[Z ZNK YZ[JKTZ VXU\OJKJ ZU UX H_ ZNK VGXKTZY

" CNK YZ[JKTZ!Y GTZOIOVGZKJ TKKJY UX UZNKX SGZZKXY

" 5UTYOJKXGZOUT UL ZNK LGIZUXY JKYIXOHKJ KGXROKX OT Y[HYKIZOUT .&G#` R#

I& AKYVUTJY ZU G VGXKTZ!Y XOMNZ ZU GYQ LUX XK\OYOUT UL ZNK YZ[JKTZ!Y <7@

J& 7TIU[XGMKY ZNK IUTYUROJGZOUT UL XKK\GR[GZOUT SKKZOTMY LUX ZNK YZ[JKTZ GTJ UZNKX <7@ ZKGS SKKZOTMY LUXZNK YZ[JKTZ$ ZU ZNK K^ZKTZ VUYYOHRK

(+& 5NGTMKY ZU ZNK <7@

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

(,& BZ[JKTZY ]OZN JOYGHOROZOKY OT GJ[RZ VXOYUTY

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

(-& <7@ OSVRKSKTZGZOUT GTJ GIIU[TZGHOROZ_

CNK YINUUR JOYZXOIZ OY XKYVUTYOHRK LUX VXU\OJOTM YVKIOGR KJ[IGZOUT ZU YZ[JKTZY ]OZN JOYGHOROZOKY OT GIIUXJGTIK ]OZNZNK YZ[JKTZY! <7@Y& ;U]K\KX$ OZ OY TUZ XKW[OXKJ ZNGZ ZNK YINUUR JOYZXOIZ$ ZKGINKX$ UX UZNKX VKXYUT HK NKRJGIIU[TZGHRK OL G YZ[JKTZ JUKY TUZ GINOK\K ZNK MXU]ZN VXUPKIZKJ OT ZNK GTT[GR MUGRY GTJ HKTINSGXQY UXUHPKIZO\KY& 3T <7@ S[YZ HK OT KLLKIZ HKLUXK YVKIOGR KJ[IGZOUT GTJ XKRGZKJ YKX\OIKY GXK VXU\OJKJ ZU GT KROMOHRKYZ[JKTZ GTJ ]ORR HK OSVRKSKTZKJ GY YUUT GY VUYYOHRK LURRU]OTM ZNK <7@ ZKGS SKKZOTM& <T GJJOZOUT$ ZNK <7@ ]ORR HKGIIKYYOHRK ZU KGIN XKM[RGX KJ[IGZOUT ZKGINKX$ YVKIOGR KJ[IGZOUT ZKGINKX$ XKRGZKJ YKX\OIK VXU\OJKX$ GTJ UZNKXYKX\OIK VXU\OJKX ]NU OY XKYVUTYOHRK LUX OZY OSVRKSKTZGZOUT& 3RR ZKGINKXY GTJ VXU\OJKXY ]ORR HK OTLUXSKJ UL ZNKOXYVKIOLOI XKYVUTYOHOROZOKY XKRGZKJ ZU ZNK OSVRKSKTZGZOUT UL ZNK <7@ GTJ ZNK YVKIOLOI GIIUSSUJGZOUTY$SUJOLOIGZOUTY$ GTJ Y[VVUXZY ZNGZ S[YZ HK VXU\OJKJ LUX ZNK YZ[JKTZ OT GIIUXJGTIK ]OZN ZNK <7@& CNK JOYZXOIZ S[YZSGQK G MUUJ LGOZN KLLUXZ ZU GYYOYZ ZNK YZ[JKTZ OT GINOK\OTM ZNK MUGRY GTJ UHPKIZO\KY UX HKTINSGXQY ROYZKJ UT ZNK<7@&

/175 $%$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

(.& <7@Y GTJ SKKZOTMY LUX YZ[JKTZY ]OZN JOYGHOROZOKY VRGIKJ OT VXO\GZK YINUURY UX IUSS[TOZ_ LGIOROZOKY H_ ZNK YINUURJOYZXOIZ

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

(/& 3IIKYY ZU OTYZX[IZOUTGR SGZKXOGRY

CNK YINUUR JOYZXOIZ ]ORR ZGQK GRR XKGYUTGHRK YZKVY ZU VXU\OJK OTYZX[IZOUTGR SGZKXOGRY OT GIIKYYOHRK LUXSGZY ZUYZ[JKTZY ]OZN JOYGHOROZOKY ]NU TKKJ ZNUYK OTYZX[IZOUTGR SGZKXOGRY GZ ZNK YGSK ZOSK GY UZNKX YZ[JKTZY XKIKO\KOTYZX[IZOUTGR SGZKXOGRY&

(0& @N_YOIGR KJ[IGZOUT

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

)'& CXKGZSKTZ UL INGXZKX YINUUR YZ[JKTZY

BZ[JKTZY ]OZN JOYGHOROZOKY ]NU GZZKTJ V[HROI INGXZKX YINUURY GTJ ZNKOX VGXKTZY XKZGOT GRR XOMNZY [TJKX A[RKY-3%-&'*'(( ZNXU[MN -3%-&'*-($ 8&3&5& CNK YINUUR JOYZXOIZ ]ORR YKX\K YZ[JKTZY ]OZN JOYGHOROZOKY GZZKTJOTM ZNUYKINGXZKX YINUURY OT ZNK YGSK SGTTKX GY ZNK JOYZXOIZ YKX\KY YZ[JKTZY ]OZN JOYGHOROZOKY OT OZY UZNKX YINUURY& CNOYOTIR[JKY ZNK LURRU]OTM1

G& @XU\OJOTM Y[VVRKSKTZGX_ GTJ XKRGZKJ YKX\OIKY UT YOZK GZ ZNK INGXZKX YINUUR ZU ZNK YGSK K^ZKTZ ZU ]NOINZNK YINUUR JOYZXOIZ NGY G VUROI_ UX VXGIZOIK UL VXU\OJOTM Y[IN YKX\OIKY UT ZNK YOZK ZU OZY UZNKX V[HROI YINUURY

H& @XU\OJOTM L[TJY [TJKX @GXZ 4 UL ZNK <673 ZU ZNUYK INGXZKX YINUURY UT ZNK YGSK HGYOY GY ZNK YINUURJOYZXOIZ VXU\OJKY L[TJY ZU ZNK YINUUR JOYZXOIZ!Y UZNKX V[HROI YINUURY1

O& <TIR[JOTM VXUVUXZOUTGR JOYZXOH[ZOUT HGYKJ UT XKRGZO\K KTXURRSKTZ UL YZ[JKTZY ]OZN JOYGHOROZOKY

OO& 3Z ZNK YGSK ZOSK GY ZNK YINUUR JOYZXOH[ZKY UZNKX LKJKXGR L[TJY ZU OZY UZNKX V[HROI YINUURY

)(& @XUMXGS UVZOUTY

CNK YINUUR JOYZXOIZ S[YZ ZGQK YZKVY ZU KTY[XK ZNGZ YZ[JKTZY ]OZN JOYGHOROZOKY NG\K G\GORGHRK ZU ZNKS ZNK \GXOKZ_ ULKJ[IGZOUTGR VXUMXGSY GTJ YKX\OIKY G\GORGHRK ZU TUTJOYGHRKJ YZ[JKTZY OT ZNK GXKG YKX\KJ H_ ZNK YINUUR JOYZXOIZ$OTIR[JOTM GXZ$ S[YOI$ OTJ[YZXOGR GXZY$ IUTY[SKX GTJ NUSKSGQOTM KJ[IGZOUT$ GTJ \UIGZOUTGR KJ[IGZOUT&

,41 =/4996 05=><5/> 4-= >41 9;>598 >9 58/6?01 -005>598-6 5829<7->598 <13-<0583 >41 01@169;718> -8057;61718>->598 92 (')=!

?TK UL ZNK LURRU]OTM 7?=> HK YKRKIZKJ1

CNK YINUUR JOYZXOIZ NGY VXU\OJKJ GJJOZOUTGR OTLUXSGZOUT LUX ZNOY YKIZOUT OT #;;1805B $ UL ZNOY JUI[SKTZ&

/175 $%% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

CNKXK OY TU GJJOZOUTGR OTLUXSGZOUT LUX ZNOY YKIZOUT&

/175 $%& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

)-<> ((! )965/51= -80 )<9/10?<1= 29< +>?018>= A5>4 &5=-.565>51=

+1/>598 &" &5=/5;6581

CNOY YKIZOUT OY TUZ GVVROIGHRK LUX ZNK JOYZXOIZ&

+>->?>9<C -80 *13?6->9<C %5>->598=

*+ 58A aa*''&,*'`*''&,*.BKIZOUTY /0*&')$ /0*&'*$ ('')&)'$ (''*&'($ (''*&*($ (''*&,.$ GTJ (''-&'0$ 8&B&A[RK -3%-&'**()$ 8&3&5&

&12585>598=

(& 5NGTMK UL VRGIKSKTZ HKIG[YK UL JOYIOVROTGX_ XKSU\GRY

8UX ZNK V[XVUYK UL XKSU\OTM G YZ[JKTZ ]OZN G JOYGHOROZ_ LXUS ZNK YZ[JKTZ!Y I[XXKTZ KJ[IGZOUTGR VRGIKSKTZ GYYVKIOLOKJ OT ZNK YZ[JKTZ!Y <7@ [TJKX A[RK -3%-&'**()$ 8&3&5&$ G INGTMK UL VRGIKSKTZ UII[XY ]OZN 15>41< UL ZNKLURRU]OTM1

G& CNK XKSU\GR OY LUX SUXK ZNGT ZKT "('# IUTYKI[ZO\K YINUUR JG_Y&

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

)& 5UTZXURRKJ Y[HYZGTIK

3 IUTZXURRKJ Y[HYZGTIK OY GT_ Y[HYZGTIK TGSKJ UX JKYIXOHKJ OT BINKJ[RKY <`E UL Y& /0*&'*$ 8&B&

*& <RRKMGR JX[M

3T ORRKMGR JX[M SKGTY G IUTZXURRKJ Y[HYZGTIK H[Z JUKY TUZ OTIR[JK G Y[HYZGTIK ZNGZ OY RKMGRR_ VUYYKYYKJ UX[YKJ [TJKX ZNK Y[VKX\OYOUT UL G ROIKTYKJ NKGRZN IGXK VXULKYYOUTGR UX ZNGZ OY RKMGRR_ VUYYKYYKJ UX [YKJ [TJKX GT_UZNKX G[ZNUXOZ_ [TJKX ZNK 5UTZXURRKJ B[HYZGTIKY 3IZ$ )( D&B&5& /()"I#$ UX [TJKX GT_ UZNKX VXU\OYOUT UL LKJKXGRRG]&

+& BKXOU[Y HUJOR_ OTP[X_

BKXOU[Y HUJOR_ OTP[X_ SKGTY HUJOR_ OTP[X_ ZNGZ OT\UR\KY G Y[HYZGTZOGR XOYQ UL JKGZN2 K^ZXKSK VN_YOIGR VGOT2VXUZXGIZKJ GTJ UH\OU[Y JOYLOM[XKSKTZ2 UX VXUZXGIZKJ RUYY UX OSVGOXSKTZ UL ZNK L[TIZOUT UL G HUJOR_ SKSHKX$UXMGT$ UX SKTZGR LGI[RZ_&

,& FKGVUT

FKGVUT SKGTY G ]KGVUT$ JK\OIK$ OTYZX[SKTZ$ SGZKXOGR$ UX Y[HYZGTIK$ GTOSGZK UX OTGTOSGZK$ ZNGZ OY [YKJ LUX$ UXOY XKGJOR_ IGVGHRK UL$ IG[YOTM JKGZN UX YKXOU[Y HUJOR_ OTP[X_$ K^IKVZ ZNGZ Y[IN ZKXS JUKY TUZ OTIR[JK G VUIQKZQTOLK ]OZN G HRGJK ZNGZ OY RKYY ZNGT Z]U GTJ G NGRL ")c# OTINKY OT RKTMZN&

-& >GTOLKYZGZOUT JKZKXSOTGZOUT

3 SGTOLKYZGZOUT JKZKXSOTGZOUT OY G VXUIKYY H_ ]NOIN ZNK XKRGZOUTYNOV HKZ]KKT ZNK YZ[JKTZ!Y JOYGHOROZ_ GTJ GYVKIOLOI HKNG\OUX ZNGZ SG_ XKY[RZ OT JOYIOVROTGX_ GIZOUT OY K^GSOTKJ&

.& <TZKXOS GRZKXTGZO\K KJ[IGZOUTGR YKZZOTM "<37B#

3T OTZKXOS GRZKXTGZO\K KJ[IGZOUTGR YKZZOTM OY G JOLLKXKTZ RUIGZOUT ]NKXK KJ[IGZOUTGR YKX\OIKY GXK VXU\OJKJ LUX GYVKIOLOI ZOSK VKXOUJ J[K ZU JOYIOVROTGX_ XKGYUTY GTJ ZNGZ SKKZY ZNK XKW[OXKSKTZY UL A[RK -3%-&'**()$ 8&3&5&

)<9/10?<1=

/175 $%' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

(& 8UX YZ[JKTZY ]OZN JOYGHOROZOKY ]NUYK HKNG\OUX OSVKJKY ZNKOX RKGXTOTM UX ZNK RKGXTOTM UL UZNKXY$ YZXGZKMOKY$OTIR[JOTM VUYOZO\K HKNG\OUXGR OTZKX\KTZOUTY GTJ Y[VVUXZY ZU GJJXKYY ZNGZ HKNG\OUX$ ]ORR HK IUTYOJKXKJ OT ZNKJK\KRUVSKTZ UL ZNKOX <7@Y& BINUUR VKXYUTTKR SG_ IUTYOJKX GT_ [TOW[K IOXI[SYZGTIKY UT G IGYK%H_%IGYK HGYOY]NKT JKZKXSOTOTM ]NKZNKX G INGTMK OT VRGIKSKTZ$ IUTYOYZKTZ ]OZN ZNK XKW[OXKSKTZY GTJ VXUIKJ[XKY OT A[RK-3%-&'**()$ 8&3&5&$ OY GVVXUVXOGZK LUX G YZ[JKTZ ]OZN G JOYGHOROZ_ ]NU \OURGZKY ZNK 5UJK UL BZ[JKTZ 5UTJ[IZ&

6KYIXOHK ZNK JOYZXOIZ!Y VXUIKJ[XKY LUX VXU\OJOTM OTLUXSGZOUT GTJ ZXGOTOTM XKMGXJOTM VUYOZO\K HKNG\OUXGROTZKX\KTZOUTY GTJ Y[VVUXZY&

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

6KYIXOHK NU] ZNK JOYZXOIZ GJJXKYYKY ZNK HKNG\OUX OT ZNK JK\KRUVSKTZ UL ZNK <7@ LUX YZ[JKTZY ]OZN JOYGHOROZOKY]NUYK HKNG\OUX OSVKJKY ZNKOX RKGXTOTM UX ZNK RKGXTOTM UL UZNKXY&

CNK JOYZXOIZ GJJXKYYKY ZNK HKNG\OUX OT ZNK JK\KRUVSKTZ UL GT <7@ LUX YZ[JKTZY ]OZN JOYGHOROZOKY ]NUYK HKNG\OUXOSVKJKY ZNKOX RKGXTOTM UX ZNK RKGXTOTM UL UZNKXY H_ IUSVRKZOTM G 8[TIZOUTGR 4KNG\OUX 3YYKYYSKTZ GTJIUSVRKZOTM GTJ OSVRKSKTZOTM G 4KNG\OUXGR <TZKX\KTZOUT @RGT& 5UTYKTZ SG_ HK UHZGOTKJ LUX G 4KNG\OUXBVKIOGROYZ ZU IUSVRKZK G LUXSGR K\GR[GZOUT GTJ VXU\OJK M[OJGTIK GTJ YZGLL JK\KRUVSKTZ ]NKT ]UXQOTM ]OZNYZ[JKTZY ]NU GXK K^VKXOKTIOTM INGRRKTMKY ]OZN HKNG\OUX&

)& 3[ZNUXOZ_ UL YINUUR VKXYUTTKR

5UTYOYZKTZ ]OZN ZNK YINUUR JOYZXOIZ!Y 5UJK UL BZ[JKTZ 5UTJ[IZ GTJ ZU ZNK K^ZKTZ ZNGZ XKSU\GR ]U[RJ HK GVVROKJ ZUTUTJOYGHRKJ YZ[JKTZY$ YINUUR VKXYUTTKR1

G& >G_ XKSU\K G YZ[JKTZ ]OZN G JOYGHOROZ_ ]NU \OURGZKY G IUJK UL YZ[JKTZ IUTJ[IZ LXUS ZNK YZ[JKTZ!Y I[XXKTZVRGIKSKTZ LUX 89> SUXK ZNGT ZKT "('# IUTYKI[ZO\K YINUUR JG_Y

H& >G_ XKSU\K G YZ[JKTZ ]OZN G JOYGHOROZ_ LUX 89> SUXK ZNGT ZKT "('# IUTYKI[ZO\K YINUUR JG_Y OT ZNGZ YGSKYINUUR _KGX LUX YKVGXGZK OTIOJKTZY UL SOYIUTJ[IZ$ GY RUTM GY ZNUYK XKSU\GRY 09 89> /98=>5>?>1 -/4-831 58 ;6-/1718> GY JKLOTKJ OT A[RK -3%-&'**()$ 8&3&5&

6KYIXOHK ZNK JOYZXOIZ!Y VXUIKJ[XKY LUX SUTOZUXOTM U[Z%UL%YINUUR Y[YVKTYOUTY$ ZU OTIR[JK ZNK XK\OK] UL Y[YVKTYOUTGTJ K^V[RYOUT JGZG&

CNK 6OYZXOIZ 7B7 3JSOTOYZXGZUX XK\OK]Y Y[YVKTYOUTY$ K^V[RYOUT JGZG$ JOYIOVROTGX_ XKVUXZY$ SUTZNR_$ ZU SUTOZUXYINUUR IUSVROGTIK& CNK XKVUXZY ]ORR HK SUTOZUXKJ UT G SUTZNR_ HGYOY& 6GZG ]ORR HK YNGXKJ ]OZN ZNK YINUURY&

/175 $%( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX JKZKXSOTOTM ]NKZNKX G VGZZKXT UL XKSU\GRY IUTYZOZ[ZKY G INGTMK ULVRGIKSKTZ #DKK 5KLOTOZOUTY ) G&H$'

ENK 6D6 5OXKIZUX XK\OK]Y GTJ GTGR_`KY ZNK JGZG IUTIKXTOTM VGZZKXTY UL XKSU\GR UL G YZ[JKTZ GTJJKZKXSOTGZOUTY GXK SGJK UT G IGYK H_ IGYK HGYOY OL ZNK VGZZKXT UL XKSU\GR IUTYZOZ[ZKY G INGTMK OT VRGIKSKTZ'ENK 6D6 JOXKIZUX ]ORR SKKZ ]OZN ZNK YINUUR VKXYUTTKR OL ZNK XKGYUT LUX ZNK YKXOKY UL XKSU\GRY OY Y[HYZGTZOGRR_YOSORGX ZU HKNG\OUX OT VXK\OU[Y OTIOJKTZY' AZNKX LGIZUXY ZNGZ ]ORR HK IUTYOJKXKJ GXK ZNK RKTMZN UL KGIN XKSU\GR%ZNK ZUZGR GSU[TZ UL ZOSK ZNK YZ[JKTZ NGY HKKT XKSU\KJ% GTJ ZNK VXU^OSOZ_ UL ZNK XKSU\GRY ZU UTK GTUZNKX' ENKYINUUR JOYZXOIZ RUUQY GZ KGIN YZ[JKTZ GY G OTJO\OJ[GR GTJ GRR JKZKXSOTGZOUTY GXK Y[HPKIZ ZU XK\OK] ZNXU[MN J[KVXUIKYY [V ZU GTJ OTIR[JOTM P[JOIOGR VXUIKKJOTMY'

+' ?GTOLKYZGZOUT JKZKXSOTGZOUT

2 SGTOLKYZGZOUT JKZKXSOTGZOUT% IUTYOYZKTZ ]OZN ZNK LURRU]OTM XKW[OXKSKTZY% ]ORR HK SGJK ]OZNOT *$' #)($ )"%((&#!+) UL GT_ JKIOYOUT ZU INGTMK ZNK VRGIKSKTZ UL G YZ[JKTZ ]OZN G JOYGHOROZ_ HKIG[YK UL G \OURGZOUT UL G 4UJK ULDZ[JKTZ 4UTJ[IZ'

G' ;T IUTJ[IZOTM ZNK XK\OK]% ZNK YINUUR JOYZXOIZ% ZNK VGXKTZ% GTJ XKRK\GTZ SKSHKXY UL ZNK ;6B ZKGS #GYJKZKXSOTKJ H_ ZNK VGXKTZ GTJ ZNK YINUUR JOYZXOIZ$0

" FORR XK\OK] GRR XKRK\GTZ OTLUXSGZOUT OT ZNK YZ[JKTZ"Y LORK% OTIR[JOTM GT_ OTLUXSGZOUT Y[VVROKJ H_ ZNKVGXKTZY UL ZNK YZ[JKTZ% GT_ ZKGINKX UHYKX\GZOUTY UL ZNK YZ[JKTZ% GTJ ZNK YZ[JKTZ"Y I[XXKTZ ;6B

" FORR JKZKXSOTK ]NKZNKX ZNK IUTJ[IZ OT W[KYZOUT ]GY IG[YKJ H_% UX NGJ G JOXKIZ GTJ Y[HYZGTZOGRXKRGZOUTYNOV ZU% ZNK YZ[JKTZ"Y JOYGHOROZ_ UX ]NKZNKX ZNK IUTJ[IZ OT W[KYZOUT ]GY ZNK JOXKIZ XKY[RZ ULZNK YINUUR JOYZXOIZ"Y LGOR[XK ZU OSVRKSKTZ ZNK ;6B

H' ;L ZNK YINUUR JOYZXOIZ% ZNK VGXKTZ% GTJ XKRK\GTZ SKSHKXY UL ZNK ;6B ZKGS JKZKXSOTK ZNGZ ZNK IUTJ[IZ OTW[KYZOUT ]GY IG[YKJ H_% UX NGJ G JOXKIZ GTJ Y[HYZGTZOGR XKRGZOUTYNOV ZU% ZNK YZ[JKTZ"Y JOYGHOROZ_ UX ZNGZ ZNKIUTJ[IZ OT W[KYZOUT ]GY ZNK JOXKIZ XKY[RZ UL ZNK YINUUR JOYZXOIZ"Y LGOR[XK ZU OSVRKSKTZ ZNK ;6B% ZNK IUTJ[IZ]ORR HK JKZKXSOTKJ ZU HK G SGTOLKYZGZOUT UL ZNK YZ[JKTZ"Y JOYGHOROZ_ GTJ ZNK YINUUR JOYZXOIZ ]ORR ZGQKOSSKJOGZK YZKVY ZU XKSKJ_ ZNUYK JKLOIOKTIOKY'

I' ;L ZNK YINUUR JOYZXOIZ% ZNK VGXKTZ% GTJ XKRK\GTZ SKSHKXY UL ZNK ;6B ZKGS JKZKXSOTK ZNGZ ZNK IUTJ[IZ ]GY GSGTOLKYZGZOUT UL ZNK YZ[JKTZ"Y JOYGHOROZ_% ZNK ;6B ZKGS ]ORR KOZNKX0

" 4UTJ[IZ G 732% [TRKYY ZNK YINUUR JOYZXOIZ NGJ IUTJ[IZKJ GT 732 HKLUXK ZNK HKNG\OUX ZNGZ XKY[RZKJOT ZNK INGTMK UL VRGIKSKTZ UII[XXKJ% GTJ OSVRKSKTZ G 3;B LUX ZNK YZ[JKTZ1 UX

" ;L G 3;B NGY GRXKGJ_ HKKT JK\KRUVKJ% XK\OK] GTJ SUJOL_ OZ% GY TKIKYYGX_% ZU GJJXKYY ZNK HKNG\OUX1GTJ

" 6^IKVZ GY VXU\OJKJ OT .' HKRU]% XKZ[XT ZNK YZ[JKTZ ZU ZNK VRGIKSKTZ LXUS ]NOIN ZNK YZ[JKTZ ]GYXKSU\KJ% [TRKYY ZNK VGXKTZ GTJ ZNK YINUUR JOYZXOIZ GMXKK ZU G INGTMK OT VRGIKSKTZ GY VGXZ UL ZNKSUJOLOIGZOUT UL ZNK 3;B'

J' 7UX JOYIOVROTGX_ INGTMKY UL VRGIKSKTZ% OL ZNK HKNG\OUX ZNGZ MG\K XOYK ZU ZNK \OURGZOUT UL G 4UJK UL DZ[JKTZ4UTJ[IZ OY JKZKXSOTKJ TUZ ZU HK G SGTOLKYZGZOUT UL ZNK YZ[JKTZ"Y JOYGHOROZ_% ZNK XKRK\GTZ JOYIOVROTGX_VXUIKJ[XKY GVVROIGHRK ZU TUTJOYGHRKJ YZ[JKTZY SG_ HK GVVROKJ ZU ZNK YZ[JKTZ OT ZNK YGSK SGTTKX GTJ

0286 $%) ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

LUX ZNK YGSK J[XGZOUT OT ]NOIN ZNK_ ]U[RJ HK GVVROKJ ZU TUTJOYGHRKJ YZ[JKTZY% K^IKVZ ZNGZ YKX\OIKYTKIKYYGX_ ZU VXU\OJK 72B6 ]ORR HK VXU\OJKJ ZU ZNK YZ[JKTZ ]OZN G JOYGHOROZ_% GY JKYIXOHKJ OT -' HKRU]'

K' ;L G VGXKTZ JOYGMXKKY ]OZN ZNK SGTOLKYZGZOUT JKZKXSOTGZOUT JKIOYOUT SGJK H_ ZNK ;6B ZKGS V[XY[GTZ ZUZNOY X[RK% ZNK VGXKTZ SG_ GVVKGR ZNK JKIOYOUT H_ XKW[KYZOTM GT K^VKJOZKJ J[K VXUIKYY NKGXOTM GYJKYIXOHKJ OT /' HKRU]'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX YINKJ[ROTM SGTOLKYZGZOUT JKZKXSOTGZOUT XK\OK]Y ]OZNOT XKW[OXKJ ZOSKROTKYGTJ JKZKXSOTOTM VGXZOIOVGTZY LUX ZNKYK XK\OK]Y'

ENK 6D6 5KVGXZSKTZ YINKJ[RKY SGTOLKYZGZOUT JKZKXSOTGZOUT XK\OK]Y ]OZNOT )( YINUUR JG_Y UL GT_ JKIOYOUT ZUINGTMK ZNK VRGIKSKTZ UL G YZ[JKTZ ]OZN G JOYGHOROZ_ HKIG[YK UL ZNK \OURGZOUT UL G IUJK UL YZ[JKTZ IUTJ[IZ' 2SKKZOTM LUX V[XVUYK UL ZNK XK\OK] ]ORR HK IUT\KTKJ GTJ ZNK LURRU]OTM ]ORR HK VXKYKTZ0 >62% 6D6 DVKIOGROYZ%BGXKTZ#Y$% DZ[JKTZ% 6D6 EKGINKX% 8KTKXGR 6J[IGZOUT EKGINKX UL ZNK DZ[JKTZ% UZNKX GY JKKSKJ GVVXUVXOGZKH_ 6D6 5OXKIZUX'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX OTOZOGZOTM GTJ IUTJ[IZOTM 732Y GTJ 3;BY OT G ZOSKR_ SGTTKX'

;Z OY OSVUXZGTZ ZNGZ 7[TIZOUTGR 3KNG\OUXGR 2YYKYYSKTZY GTJ 3KNG\OUXGR ;TZKX\KTZOUT BRGTY HK JK\KRUVKJ ]KRR OTGJ\GTIK UL ZKT #)($ I[S[RGZO\K Y[YVKTYOUT JG_Y OT G YINUUR _KGX' 3_ ZNK ZOSK G YZ[JKTZ NGY XKIKO\KJ LO\K #-$ JG_Y ULY[YVKTYOUT% YINUUR GJSOTOYZXGZUXY XKYVUTYOHRK LUX JOYIOVROTK YNU[RJ HKMOT IUUXJOTGZOTM ZNK JK\KRUVSKTZ UL7[TIZOUTGR 3KNG\OUXGR 2YYKYYSKTZY GTJ 3KNG\OUXGR ;TZKX\KTZOUT BRGTY'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX VXU\OJOTM ZXGOTOTM XKMGXJOTM IUTJ[IZOTM 732Y GTJ JK\KRUVOTM GTJ OSVRKSKTZOTM3;BY'

6GIN _KGX G YINUUR&HGYKJ ZKGS GZZKTJY G ZXGOTOTM ZNGZ OTIUXVUXGZKY ZNXKK #+$ [TOZY0 DINUUR 3GYKJ EKGS EXGOTOTM%7[TIZOUTGR 3KNG\OUXGR 2YYKYYSKTZ EXGOTOTM GTJ 3KNG\OUXGR ;TZKX\KTZOUT BRGT EXGOTOTM' ENK YINUUR HGYKJ ZKGS ZNKTJKRO\KXY ZXGOTOTM ZU ZNK XKSGOTOTM YINUUR HGYKJ VKXYUTTKR'ENK 5OYZXOIZ"Y BXUIKJ[XGR DGLKM[GXJY GXK XK\OK]KJ ]OZN ZNK VGXKTZ GTJ YZ[JKTZ ]NOIN KTY[XKY 72B6 ZNXU[MN GTOTZKXOS GRZKXTGZO\K KJ[IGZOUTGR VRGIKSKTZ VXOUX ZU GT K^VKJOZKJ J[K VXUIKYY NKGXOTM ]NKT VGXKTZY JOYGMXKK ]OZN GSGTOLKYZGZOUT JKZKXSOTGZOUT'ENK VGXKTZ UL G YZ[JKTZ ]OZN G JOYGHOROZ_ SG_ XKW[KYZ SKJOGZOUT UX LORK G J[K VXUIKYY NKGXOTM XKW[KYZ ]OZN ZNK JOYZXOIZ#ZU HK Y[HSOZZKJ ZU ZNK 5O\OYOUT UL 2JSOTOYZXGZO\K 9KGXOTM #5A29$ OL NK UX YNK JOYGMXKKY ]OZN GT_ SGTOLKYZGZOUTJKZKXSOTGZOUT JKIOYOUT XKMGXJOTM VRGIKSKTZ SGJK [TJKX ZNKYK JOYIOVROTK VXU\OYOUTY'ENK YINUUR JOYZXOIZ SG_ LORK G J[K VXUIKYY NKGXOTM ]OZN ZNK 5O\OYOUT UL 2JSOTOYZXGZO\K 9KGXOTM #5A29$ XKW[KYZ OL OZHKROK\KY ZNGZ SGOTZGOTOTM ZNK I[XXKTZ VRGIKSKTZ UL ZNK YZ[JKTZ OY Y[HYZGTZOGRR_ ROQKR_ ZU XKY[RZ OT OTP[X_ ZU ZNK YZ[JKTZGTJ UZNKXY'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX VXU\OJOTM 72B6 LUX YZ[JKTZY ]NKT ZNK HKNG\OUX OY JKZKXSOTKJ TUZ ZU HK GSGTOLKYZGZOUT UL ZNK YZ[JKTZ"Y JOYGHOROZ_

FNKT G YZ[JKTZ"Y HKNG\OUX OY JKZKXSOTKJ TUZ ZU HK G SGTOLKYZGZOUT UL ZNK YZ[JKTZ"Y JOYGHOROZ_% ZNKT JOYIOVROTGX_VXUIKJ[XKY GVVROIGHRK ZU TUT JOYGHRKJ YZ[JKTZY SG_ HK GVVROKJ ZU ZNK YZ[JKTZ OT ZNK YGSK SGTTKX GTJ LUX ZNK YGSK

0286 $%* ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

J[XGZOUT OT ]NOIN ZNK_ ]U[RJ HK GVVROKJ ZU TUT JOYGHRKJ YZ[JKTZY% K^IKVZ ZNGZ YKX\OIKY TKIKYYGX_ ZU VXU\OJK 72B6]ORR HK VXU\OJKJ ZU ZNK YZ[JKTZ ]OZN G JOYGHOROZ_'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX XKW[KYZOTM GT K^VKJOZKJ J[K VXUIKYY NKGXOTM ]NKT VGXKTZY JOYGMXKK ]OZN GSGTOLKYZGZOUT JKZKXSOTGZOUT'

FNKT VGXKTZY JOYGMXKK ]OZN G SGTOLKYZGZOUT JKZKXSOTGZOUT% ZNK_ SG_ XKW[KYZ GT K^VKJOZKJ J[K VXUIKYY NKGXOTM%GTJ GXK MO\KT ZNK UVVUXZ[TOZ_ ZU IUSVRKZK ZNK !CKW[KYZ LUX 5[K BXUIKYY 9KGXOTM! LUXS GLZKX ZNK SGTOLKYZGZOUTJKZKXSOTGZOUT OY NKRJ' ENK VGXKTZ ]ORR HK GYQKJ ZU LORK G IUV_ UL ZNK CKW[KYZ LUX 5[K BXUIKYY 9KGXOTM ]OZN ZNK5OYZXOIZ GTJ ZU ZNK 5KVGXZSKTZ UL 6J[IGZOUT #5A6$ GTJ ZNK 5OYZXOIZ ]ORR LUX]GXJ ZNK XKW[KYZ ZU ZNK 5O\OYOUT UL2JSOTOYZXGZO\K 9KGXOTMY #5A29$'

,' AT ZNK JGZK G JKIOYOUT OY SGJK ZU SGQK G XKSU\GR ZNGZ IUTYZOZ[ZKY G INGTMK UL VRGIKSKTZ UL G YZ[JKTZ ]OZN GJOYGHOROZ_ HKIG[YK UL G \OURGZOUT UL G IUJK UL YZ[JKTZ IUTJ[IZ% ZNK YINUUR JOYZXOIZ ]ORR TUZOL_ ZNK VGXKTZ UL ZNKXKSU\GR JKIOYOUT GTJ VXU\OJK ZNK VGXKTZ ]OZN G IUV_ UL ZNK TUZOIK UL VXUIKJ[XGR YGLKM[GXJY'

-' 72B6 LUX YZ[JKTZY ]OZN JOYGHOROZOKY ]NU GXK Y[YVKTJKJ UX K^VKRRKJ UX VRGIKJ OT GT ;26D

G' 2 YINUUR JOYZXOIZ OY TUZ XKW[OXKJ ZU VXU\OJK YKX\OIKY ZU G YZ[JKTZ ]OZN G JOYGHOROZ_ J[XOTM XKSU\GRY ZUZGROTMZKT #)($ YINUUR JG_Y UX LK]KX OT ZNGZ YINUUR _KGX OL YKX\OIKY GXK TUZ VXU\OJKJ ZU TUTJOYGHRKJ YZ[JKTZY ]NUGXK YOSORGXR_ XKSU\KJ'

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

J' ;L ZNK XKSU\GR OY G INGTMK UL VRGIKSKTZ [TJKX C[RK .2&.'(++)*% 7'2'4'% ZNK YZ[JKTZ"Y ;6B ZKGSJKZKXSOTKY GVVXUVXOGZK YKX\OIKY [TJKX H$ GHU\K'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX VXU\OJOTM 72B6 LUX YZ[JKTZY ]OZN JOYGHOROZOKY ]NU GXK Y[YVKTJKJ UXK^VKRRKJ UX VRGIKJ OT GT ;26D'

FNORK GZZKTJOTM GT GRZKXTGZO\K KJ[IGZOUT YKZZOTM% GT 6D6 ZKGINKX VXU\OJKY 72B6 ZU YZ[JKTZY ]OZN JOYGHOROZOKY]NU ]KXK XKSU\KJ LXUS ZNK XKM[RGX YINUUR YKZZOTM J[K ZU JOYIOVROTGX_ OYY[KY'

0286 $%+ ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX VXU\OJOTM ZXGOTOTM GTJ Y[VVUXZY LUX YZGLL SKSHKXY ]NU VXU\OJK YKX\OIKY ZUYZ[JKTZY ]OZN JOYGHOROZOKY ]NU GXK Y[YVKTJKJ UX K^VKRRKJ UX VRGIKJ OT GT ;26D'

@UT \OURKTZ IXOYOY OTZKX\KTZOUT GTJ HKNG\OUXGR ZXGOTOTM GTJ Y[VVUXZY GXK VXU\OJKJ ZU YZGLL ]NU ]UXQ ]OZNYZ[JKTZY ]OZN JOYGHOROZOKY ]NU GXK XKSU\KJ LXUS ZNK XKM[RGX YINUUR YKZZOTM'

.' DVKIOGR IOXI[SYZGTIKY GTJ OTZKXOS GRZKXTGZO\K KJ[IGZOUTGR YKZZOTMY

G' DINUUR VKXYUTTKR SG_ XKSU\K G YZ[JKTZ ZU GT ;26D LUX TUZ SUXK ZNGT LUXZ_&LO\K #,-$ YINUUR JG_Y ]OZNU[ZXKMGXJ ZU ]NKZNKX ZNK HKNG\OUX OY JKZKXSOTKJ ZU HK G SGTOLKYZGZOUT UL ZNK YZ[JKTZ"Y JOYGHOROZ_% OL ZNKYZ[JKTZ0

" 4GXXOKY G ]KGVUT ZU UX VUYYKYYKY G ]KGVUT GZ YINUUR% UT YINUUR VXKSOYKY% UX ZU G YINUURL[TIZOUT [TJKX ZNK P[XOYJOIZOUT UL G D62 UX G YINUUR JOYZXOIZ1

" =TU]OTMR_ VUYYKYYKY UX [YKY ORRKMGR JX[MY UX YKRRY UX YUROIOZY ZNK YGRK UL G IUTZXURRKJ Y[HYZGTIK]NORK GZ YINUUR% UT YINUUR VXKSOYKY% UX GZ G YINUUR L[TIZOUT [TJKX ZNK P[XOYJOIZOUT UL G YZGZKKJ[IGZOUT GMKTI_ UX G YINUUR JOYZXOIZ1 UX

" 9GY OTLROIZKJ YKXOU[Y HUJOR_ OTP[X_ [VUT GTUZNKX VKXYUT ]NORK GZ YINUUR% UT YINUUR VXKSOYKY% UX GZ GYINUUR L[TIZOUT [TJKX ZNK P[XOYJOIZOUT UL G D62 UX G YINUUR JOYZXOIZ'

H' AT ZNK JGZK ZNGZ G JKIOYOUT OY SGJK ZU SGQK G XKSU\GR ZNGZ IUTYZOZ[ZKY G INGTMK UL VRGIKSKTZ HKIG[YKUL G \OURGZOUT UL G IUJK UL YZ[JKTZ IUTJ[IZ% ZNK YINUUR JOYZXOIZ ]ORR TUZOL_ ZNK VGXKTZ UL ZNGZ JKIOYOUT GTJVXU\OJK ZNK VGXKTZ ]OZN G IUV_ UL ZNK TUZOIK UL VXUIKJ[XGR YGLKM[GXJY'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX TUZOL_OTM VGXKTZY UT ZNK JGZK ZNGZ G JKIOYOUT OY SGJK ZU SGQK G XKSU\GRZNGZ IUTYZOZ[ZKY G INGTMK UL VRGIKSKTZ GTJ VXU\OJOTM VGXKTZY ]OZN G IUV_ UL ZNK TUZOIK UL VXUIKJ[XGR YGLKM[GXJYUT ZNOY JGZK'

2T ;6B SKKZOTM UX GTJ ;6B GSKTJSKTZ SKKZOTM OY IUTJ[IZKJ VXOUX ZU ZNK INGTMK UL VRGIKSKTZ' BGXKTZY GXKOT\OZKJ ZU GZZKTJ GTJ VXU\OJKJ ]OZN G ]XOZZKT TUZOIK GTJ G IUV_ UL ZNK VXUIKJ[XGR YGLKM[GXJY UT ZNGZ JGZK'

0286 $%, ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX ZXGIQOTM YZ[JKTZY" XKSU\GRY ZU GT ;26D ZU KTY[XK ZNGZ ZNK LUXZ_&LO\K #,-$YINUUR&JG_ ROSOZ OY SGOTZGOTKJ'

DZ[JKTZ"Y VRGIKSKTZY GXK SUTOZUXKJ H_ ZNK 6D6 5KVGXZSKTZ LUX IUSVROGTIK' CK&KTZX_ SKKZOTMY GXK NKRJ ZUKTY[XK G YSUUZN ZXGTYOZOUT HGIQ ZU ZNK NUSK YINUUR GZ ZNK IUSVRKZOUT UL ZNK ,- JG_ ZKXS'

/' 2VVKGR GTJ K^VKJOZKJ NKGXOTMY

G' 2T K^VKJOZKJ NKGXOTM SG_ HK XKW[KYZKJ H_0

" ENK YZ[JKTZ"Y VGXKTZ% OL ZNK VGXKTZ JOYGMXKKY ]OZN G SGTOLKYZGZOUT JKZKXSOTGZOUT UX ]OZN GT_JKIOYOUT TUZ SGJK H_ GT GJSOTOYZXGZO\K RG] P[JMK #2><$ XKMGXJOTM G INGTMK UL VRGIKSKTZ [TJKXC[RK .2&.'(++)*% 7'2'4'

" ENK YINUUR JOYZXOIZ% OL OZ HKROK\KY ZNGZ SGOTZGOTOTM ZNK I[XXKTZ VRGIKSKTZ UL ZNK YZ[JKTZ OYY[HYZGTZOGRR_ ROQKR_ ZU XKY[RZ OT OTP[X_ ZU ZNK YZ[JKTZ UX ZU UZNKXY

H' ENK YINUUR JOYZXOIZ SG_ XKVKGZ ZNK VXUIKJ[XKY LUX K^VKJOZKJ NKGXOTMY OL OZ HKROK\KY ZNGZ XKZ[XTOTM ZNKYZ[JKTZ ZU ZNK UXOMOTGR VRGIKSKTZ OY Y[HYZGTZOGRR_ ROQKR_ ZU XKY[RZ OT OTP[X_ ZU ZNK YZ[JKTZ UX ZU UZNKXY'

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

" 2 XKYUR[ZOUT SKKZOTM ]ORR UII[X ]OZNOT YK\KT #/$ JG_Y UL XKIKO\OTM TUZOIK UL ZNK XKW[KYZ LUXK^VKJOZKJ J[K VXUIKYY NKGXOTM

" ENK K^VKJOZKJ J[K VXUIKYY NKGXOTM SG_ VXUIKKJ [TRKYY ZNK SGZZKX NGY HKKT XKYUR\KJ ZU ZNKYGZOYLGIZOUT UL HUZN VGXZOKY ]OZNOT LOLZKKT #)-$ JG_Y UL ZNK XKIKOVZ UL ZNK XKW[KYZ LUX K^VKJOZKJ J[KVXUIKYY NKGXOTM

J' ENK JKIOYOUT UL ZNK 2>< XKTJKXKJ OT GT K^VKJOZKJ NKGXOTM SG_ HK GVVKGRKJ H_ HXOTMOTM G IO\OR GIZOUT OT GLKJKXGR JOYZXOIZ UX YZGZK IOXI[OZ IU[XZ% GY VXU\OJKJ OT Y' )((+'-/#)$#H$% 7'D'

5KYIXOHK ZNK JOYZXOIZ"Y VXUIKJ[XKY LUX YKZZOTM [V XKYUR[ZOUT SKKZOTMY ]OZNOT YK\KT #/$ JG_Y UL XKIKO\OTM TUZOIK ULG XKW[KYZ LUX GT K^VKJOZKJ J[K VXUIKYY NKGXOTM'

BGXKTZY GXK IUTZGIZKJ ]OZN G IKXZOLOKJ RKZZKX IUTZGOTOTM OTLUXSGZOUT GHU[Z ZNK JGZK% ZOSK GTJ RUIGZOUT UL ZNKK^VKJOZKJ J[K VXUIKYY NKGXOTM% GRUTM ]OZN G LURRU] [V ZKRKVNUTK IGRR OL TKIKYYGX_'

BGXKTZY GXK IUTZGIZKJ H_ ZNK 6D6 5OXKIZUX UX JKYOMTKK TUZOTM ZNK JGZK% ZOSK GTJ RUIGZOUT UL ZNK XKYUR[ZOUTSKKZOTM ]OZNOT / JG_Y UL XKIKO\OTM G XKW[KYZ LUX GT K^VKJOZKJ J[K VXUIKYY NKGXOTM' E]U ]XOZZKT TUZOIKY GXKYKTZ ZU VGXKTZY XKMGXJOTM ZNOY XKYUR[ZOUT SKKZOTM'

0286 $&# ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

1' 5\[OVYP[` VM HU 5?>

5U 5?> OLHYZ HUK THRLZ H KL[LYTPUH[PVU YLNHYKPUN HU HWWLHS HUK YLX\LZ[ MVY L_WLKP[LK K\L WYVJLZZ OLHYPUN\UKLY [OPZ Z\IZLJ[PVU HUK% PU THRPUN [OL KL[LYTPUH[PVU3

H' 5U 5?> TH` YL[\YU [OL Z[\KLU[ ^P[O H KPZHIPSP[` [V [OL WSHJLTLU[ MYVT ^OPJO [OL Z[\KLU[ ^HZ YLTV]LK PM[OL 5?> KL[LYTPULZ [OH[ [OL YLTV]HS ^HZ H ]PVSH[PVU VM C\SL /5&/'),,*+% ;'5'7'% VY [OH[ [OL Z[\KLU["ZILOH]PVY ^HZ H THUPMLZ[H[PVU VM [OL Z[\KLU["Z KPZHIPSP[`4 VY

I' AYKLY H JOHUNL VM WSHJLTLU[ VM [OL Z[\KLU[ ^P[O H KPZHIPSP[` [V HU HWWYVWYPH[L =59D MVY UV[ TVYL [OHUMVY[`&MP]L #-.$ ZJOVVS KH`Z PM [OL 5?> KL[LYTPULZ [OH[ THPU[HPUPUN [OL J\YYLU[ WSHJLTLU[ VM [OL Z[\KLU[ PZZ\IZ[HU[PHSS` SPRLS` [V YLZ\S[ PU PUQ\Y` [V [OL Z[\KLU[ VY [V V[OLYZ'

J' EOL WYVJLK\YLZ \UKLY [OPZ Z\IZLJ[PVU TH` IL YLWLH[LK PM H ZJOVVS KPZ[YPJ[ ILSPL]LZ [OH[ YL[\YUPUN [OLZ[\KLU[ [V [OL VYPNPUHS WSHJLTLU[ PZ Z\IZ[HU[PHSS` SPRLS` [V YLZ\S[ PU PUQ\Y` [V [OL Z[\KLU[ VY [V V[OLYZ'

2' D[\KLU["Z WSHJLTLU[ K\YPUN HWWLHSZ VY L_WLKP[LK K\L WYVJLZZ WYVJLLKPUNZ

GOLU HU HWWLHS HZ KLZJYPILK PU 0' HIV]L OHZ ILLU THKL I` LP[OLY [OL WHYLU[ VY [OL ZJOVVS KPZ[YPJ[% [OL Z[\KLU[^PSS YLTHPU PU [OL =59D KL[LYTPULK I` [OL =9B [LHT WLUKPUN [OL KLJPZPVU VM [OL 5?> VY \U[PS [OL L_WPYH[PVU VM [OL[PTL WLYPVK ZWLJPMPLK I` ZJOVVS WLYZVUULS% PUJS\KPUN L_W\SZPVU MVY H Z[\KLU[ ^OLYL UV THUPMLZ[H[PVU ^HZ MV\UK%\USLZZ [OL WHYLU[ HUK [OL 8LWHY[TLU[ VM 9K\JH[PVU VY ZJOVVS KPZ[YPJ[ HNYLL V[OLY^PZL'

*)' BYV[LJ[PVUZ MVY Z[\KLU[Z UV[ KL[LYTPULK LSPNPISL MVY ZWLJPHS LK\JH[PVU HUK YLSH[LK ZLY]PJLZ

5 YLN\SHY LK\JH[PVU Z[\KLU[ ^OV OHZ LUNHNLK PU ILOH]PVY [OH[ ]PVSH[LK H JVKL VM Z[\KLU[ JVUK\J[ TH` HZZLY[HU` VM [OL WYV[LJ[PVUZ HMMVYKLK [V H Z[\KLU[ ^P[O H KPZHIPSP[` \UKLY [OPZ Y\SL PM [OL ZJOVVS KPZ[YPJ[ OHK RUV^SLKNLVM [OL Z[\KLU["Z KPZHIPSP[` ILMVYL [OL ILOH]PVY [OH[ WYLJPWP[H[LK [OL KPZJPWSPUHY` HJ[PVU VJJ\YYLK'

H' 6HZPZ VM RUV^SLKNL

5 ZJOVVS KPZ[YPJ[ PZ KLLTLK [V OH]L RUV^SLKNL [OH[ H Z[\KLU[ PZ H Z[\KLU[ ^P[O H KPZHIPSP[` PM3

" EOL WHYLU[ OHZ L_WYLZZLK JVUJLYU PU ^YP[PUN [V Z\WLY]PZVY` VY HKTPUPZ[YH[P]L WLYZVUULS VM [OLHWWYVWYPH[L ZJOVVS KPZ[YPJ[% VY H [LHJOLY VM [OL Z[\KLU[% [OH[ [OL Z[\KLU[ ULLKZ ZWLJPHS LK\JH[PVUHUK YLSH[LK ZLY]PJLZ4 VY

" EOL WHYLU[ OHZ YLX\LZ[LK HU L]HS\H[PVU [V KL[LYTPUL ^OL[OLY [OL Z[\KLU[ PZ PU ULLK VM ZWLJPHSLK\JH[PVU HUK YLSH[LK ZLY]PJLZ4 VY

" EOL [LHJOLY VM [OL Z[\KLU[% VY V[OLY ZJOVVS KPZ[YPJ[ WLYZVUULS% L_WYLZZLK ZWLJPMPJ JVUJLYUZ HIV\[ HWH[[LYU VM ILOH]PVY KLTVUZ[YH[LK I` [OL Z[\KLU[ KPYLJ[S` [V [OL ZJOVVS KPZ[YPJ["Z ZWLJPHS LK\JH[PVUKPYLJ[VY VY [V V[OLY Z\WLY]PZVY` ZJOVVS KPZ[YPJ[ WLYZVUULS'

I' 9_JLW[PVU

5 ZJOVVS KPZ[YPJ[ ^V\SK UV[ IL KLLTLK [V OH]L RUV^SLKNL VM H KPZHIPSP[` #ZLL HIV]L$ PM3

" EOL WHYLU[ VM [OL Z[\KLU[ OHZ UV[ HSSV^LK HU L]HS\H[PVU [V KL[LYTPUL PM [OL Z[\KLU[ PZ HU LSPNPISLZ[\KLU[ ^P[O H KPZHIPSP[`4

" EOL WHYLU[ VM [OL Z[\KLU[ OHZ YLM\ZLK [V WYV]PKL JVUZLU[ MVY PUP[PHS WYV]PZPVU VM ZWLJPHS LK\JH[PVUHUK YLSH[LK ZLY]PJL4

" EOL WHYLU[ VM [OL Z[\KLU[ YL]VRLK JVUZLU[ MVY [OL Z[\KLU[ [V YLJLP]L ZWLJPHS LK\JH[PVU HUK YLSH[LKZLY]PJLZ4 VY

" EOL ZJOVVS KPZ[YPJ[ JVUK\J[LK HU L]HS\H[PVU PU HJJVYKHUJL ^P[O C\SLZ /5&/'),)** [OYV\NO/5&/'),/*% ;'5'7'% HUK KL[LYTPULK [OH[ [OL Z[\KLU[ ^HZ UV[ H Z[\KLU[ ^P[O H KPZHIPSP[`'

/175 $&$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

J' 7VUKP[PVUZ [OH[ HWWS` PM UV IHZPZ VM RUV^SLKNL

" =M [OL ZJOVVS KPZ[YPJ[ OHZ UV RUV^SLKNL [OH[ [OL Z[\KLU[ PZ H Z[\KLU[ ^P[O H KPZHIPSP[` WYPVY [VKPZJPWSPUHY` HJ[PVU% [OL Z[\KLU[ TH` IL KPZJPWSPULK PU [OL ZHTL THUULY HZ H UVUKPZHISLK Z[\KLU[^OV LUNHNLZ PU JVTWHYHISL ILOH]PVYZ'

" =M HU L]HS\H[PVU YLX\LZ[ PZ THKL MVY [OL Z[\KLU[ K\YPUN [OL [PTL WLYPVK VM [OL KPZJPWSPUHY` HJ[PVU%[OL L]HS\H[PVU ^PSS IL JVUK\J[LK PU HU L_WLKP[LK THUULY' FU[PS [OL L]HS\H[PVU PZ JVTWSL[LK% [OLZ[\KLU[ YLTHPUZ PU [OL LK\JH[PVUHS WSHJLTLU[ KL[LYTPULK I` ZJOVVS H\[OVYP[PLZ% ^OPJO JHU PUJS\KLZ\ZWLUZPVU VY L_W\SZPVU ^P[OV\[ LK\JH[PVUHS ZLY]PJLZ' =M [OL Z[\KLU[ PZ KL[LYTPULK [V IL H Z[\KLU[^P[O H KPZHIPSP[`% [HRPUN PU[V JVUZPKLYH[PVU PUMVYTH[PVU MYVT [OL L]HS\H[PVU HUK PUMVYTH[PVU WYV]PKLKI` [OL WHYLU[Z% [OL ZJOVVS KPZ[YPJ[ ^PSS WYV]PKL ZWLJPHS LK\JH[PVU HUK YLSH[LK ZLY]PJLZ JVUZPZ[LU[^P[O [OL YLX\PYLTLU[Z VM C\SL /5&/'),,*+% ;'5'7'

**' @V[OPUN PU C\SL /5&/'),,*+% ;'5'7'% WYVOPIP[Z H ZJOVVS KPZ[YPJ[ MYVT YLWVY[PUN H JYPTL JVTTP[[LK I` H Z[\KLU[^P[O H KPZHIPSP[` [V HWWYVWYPH[L H\[OVYP[PLZ VY WYL]LU[Z Z[H[L SH^ LUMVYJLTLU[ HUK Q\KPJPHS H\[OVYP[PLZ MYVTL_LYJPZPUN [OLPY YLZWVUZPIPSP[PLZ ^P[O YLNHYK [V [OL HWWSPJH[PVU VM MLKLYHS HUK Z[H[L SH^ [V JYPTLZ JVTTP[[LK I` HZ[\KLU[ ^P[O H KPZHIPSP[`'

*+' D[\KLU[ YLJVYKZ PU KPZJPWSPUHY` WYVJLK\YLZ

CLNHYKPUN [OL WLYZVU THRPUN [OL MPUHS KL[LYTPUH[PVU MVY [OL KPZJPWSPUHY` HJ[PVU% ZJOVVS KPZ[YPJ[Z ^PSS LUZ\YL [OH[[OL ZWLJPHS LK\JH[PVU HUK KPZJPWSPUHY` YLJVYKZ VM Z[\KLU[Z ^P[O KPZHIPSP[PLZ HYL [YHUZTP[[LK% JVUZPZ[LU[ ^P[O [OLWYV]PZPVUZ VM ,- 7;C d,))'.,.#I$% Z' *))+'++% ;'D'% HUK C\SL /5&*')2..% ;'5'7'3

8LZJYPIL [OL KPZ[YPJ[bZ WYVJLK\YLZ MVY LUZ\YPUN [OH[ ZWLJPHS LK\JH[PVU HUK KPZJPWSPUHY` YLJVYKZ VM Z[\KLU[Z ^P[OKPZHIPSP[PLZ HYL [YHUZTP[[LK [V [OL WLYZVU THRPUN [OL MPUHS KL[LYTPUH[PVU YLNHYKPUN [OL KPZJPWSPUHY` HJ[PVU'

=U[YHKPZ[YPJ[ [YHUZMLY VM YLJVYKZ HYL OHUK KLSP]LYLK [V [OL YLZWVUZPISL WHY[PLZ HUK [V [OL HWWYVWYPH[L H\[OVYP[PLZ[V ^OVT [OL ZJOVVS KPZ[YPJ[ YLWVY[Z JYPTLZ'

*,' 8PZJPWSPUHY` YLJVYKZ VM Z[\KLU[Z ^P[O KPZHIPSP[PLZ

DJOVVS KPZ[YPJ[Z ^PSS PUJS\KL PU [OL YLJVYKZ VM Z[\KLU[Z ^P[O KPZHIPSP[PLZ H Z[H[LTLU[ VM HU` J\YYLU[ VY WYL]PV\ZKPZJPWSPUHY` HJ[PVU [OH[ OHZ ILLU [HRLU HNHPUZ[ [OL Z[\KLU[ HUK [YHUZTP[ [OL Z[H[LTLU[ [V [OL ZHTL L_[LU[ [OH[[OL KPZJPWSPUHY` PUMVYTH[PVU PZ PUJS\KLK PU% HUK [YHUZTP[[LK ^P[O% [OL Z[\KLU[ YLJVYKZ VM UVUKPZHISLK Z[\KLU[Z'

H' EOL Z[H[LTLU[ TH` IL H KLZJYPW[PVU VM HU` ILOH]PVY LUNHNLK PU I` [OL Z[\KLU[ [OH[ YLX\PYLK KPZJPWSPUHY`HJ[PVU% H KLZJYPW[PVU VM [OL KPZJPWSPUHY` HJ[PVU [HRLU% HUK HU` V[OLY PUMVYTH[PVU [OH[ PZ YLSL]HU[ [V [OLZHML[` VM [OL Z[\KLU[ HUK V[OLY PUKP]PK\HSZ PU]VS]LK ^P[O [OL Z[\KLU['

I' =M [OL Z[\KLU[ [YHUZMLYZ MYVT VUL ZJOVVS [V HUV[OLY% [OL [YHUZTPZZPVU VM HU` VM [OL Z[\KLU["Z YLJVYKZ ^PSSPUJS\KL IV[O [OL Z[\KLU["Z J\YYLU[ =9B HUK HU` Z[H[LTLU[ VM J\YYLU[ VY WYL]PV\Z KPZJPWSPUHY` HJ[PVU [OH[OHZ ILLU [HRLU HNHPUZ[ [OL Z[\KLU['

/175 $&% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

.2BD ,,% .?<;4;6C 2>5 .B?465EB6C 7?B 0DE56>DC G;D9 *;C23;<;D;6C

064D;?> +& .2BD;4;@2D;?> ;> 0D2D6 2>5 *;CDB;4D 'CC6CC=6>DC

EOPZ ZLJ[PVU PZ UV[ HWWSPJHISL MVY [OL KPZ[YPJ['

0D2DED?BI 2>5 /68E<2D?BI );D2D;?>C

,- 7;C d,))',+)DLJ[PVUZ *)),')*% *)),'-+1% *)),'-,% *)),'-,,% *))0')+% *))1'++% *))1'+*+% *))1'+.% HUK *)**'/+% ;'D'C\SLZ /5&*')2-)*% /5&*')2-,% /5&*')2-,)% /5&/'),)+1 HUK /5&/'),,*% ;'5'7'

0D2D6G;56# 0D2>52B5;J65 'CC6CC=6>D .B?8B2=

*' B\YWVZL

EOL WYPTHY` W\YWVZLZ VM [OL Z[\KLU[ HZZLZZTLU[ WYVNYHT HYL [V WYV]PKL PUMVYTH[PVU HIV\[ Z[\KLU[ THZ[LY` VMNYHKL&SL]LS Z[H[L Z[HUKHYKZ HUK [V PUMVYT WHYLU[Z VM [OLPY JOPSK"Z LK\JH[PVUHS WYVNYLZZ'

+' D[\KLU[ WHY[PJPWH[PVU

H' 9HJO Z[\KLU[ ^P[O H KPZHIPSP[` OHZ [OL VWWVY[\UP[` [V WHY[PJPWH[L PU [OL Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[WYVNYHT HUK HU` KPZ[YPJ[&^PKL HZZLZZTLU[ VM Z[\KLU[ HJOPL]LTLU[ ^P[O HSSV^HISL HJJVTTVKH[PVUZ% PMKL[LYTPULK HWWYVWYPH[L I` [OL =9B [LHT HUK YLJVYKLK VU [OL Z[\KLU["Z =9B'

I' 5JJVTTVKH[PVUZ PKLU[PMPLK MVY [LZ[PUN ZP[\H[PVUZ HYL [OVZL PKLU[PMPLK PU [OL [LZ[ THU\HS HUK YLN\SHYS`\ZLK I` [OL Z[\KLU[ PU [OL JSHZZYVVT'

J' 5 WHYLU[ T\Z[ WYV]PKL ZPNULK JVUZLU[ MVY H Z[\KLU[ [V YLJLP]L PUZ[Y\J[PVUHS HJJVTTVKH[PVUZ UV[WLYTP[[LK VU Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[Z HUK HJRUV^SLKNL% PU ^YP[PUN% [OL PTWSPJH[PVUZ VM Z\JOHJJVTTVKH[PVUZ'

K' D[\KLU[Z ^OV HYL PKLU[PMPLK ZVSLS` HZ NPM[LK HYL UV[ LSPNPISL MVY Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[HJJVTTVKH[PVUZ'

,' 5SSV^HISL HJJVTTVKH[PVUZ

5SSV^HISL HUK HWWYVWYPH[L HJJVTTVKH[PVUZ MVY Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[Z HYL PUJS\KLK PU [OL [LZ[HKTPUPZ[YH[PVU THU\HS' 7VWPLZ VM J\YYLU[ Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[ [LZ[ HKTPUPZ[YH[PVU THU\HSZW\ISPZOLK I` [OL ;SVYPKH 8LWHY[TLU[ VM 9K\JH[PVU 6\YLH\ VM 5ZZLZZTLU[ HUK DJOVVS BLYMVYTHUJL% HUK 6\YLH\VM 9_JLW[PVUHS 9K\JH[PVU HUK D[\KLU[ DLY]PJLZ HYL H]HPSHISL I` JVU[HJ[PUN [OL 8LWHY[TLU[ VM 9K\JH[PVU H[O[[W3((^^^'MSKVL'VYN(HZW'

-' GHP]LY VM HZZLZZTLU[ YLX\PYLTLU[Z

5 Z[\KLU[ ^P[O H KPZHIPSP[`% HZ KLMPULK PU Z' *))0')+#+$% MVY ^OVT [OL PUKP]PK\HS LK\JH[PVU WSHU #=9B$ [LHTKL[LYTPULZ [OH[ [OL Z[H[L^PKL% Z[HUKHYKPaLK HZZLZZTLU[Z JHUUV[ HJJ\YH[LS` TLHZ\YL [OL Z[\KLU[bZ HIPSP[PLZ%[HRPUN PU[V JVUZPKLYH[PVU HSS HSSV^HISL HJJVTTVKH[PVUZ% ZOHSS OH]L HZZLZZTLU[ YLZ\S[Z ^HP]LK MVY [OL W\YWVZLVM YLJLP]PUN H JV\YZL NYHKL HUK H Z[HUKHYK OPNO ZJOVVS KPWSVTH' D\JO ^HP]LY ZOHSS IL KLZPNUH[LK VU [OLZ[\KLU[bZ [YHUZJYPW['

+HDB2?B5;>2BI +H6=@D;?> 7?B 0DE56>DC G;D9 *;C23;<;D;6C

=U HJJVYKHUJL ^P[O Z' *))1'+*+% ;'D'% D[\KLU[Z ^P[O KPZHIPSP[PLZ4 L_[YHVYKPUHY` L_LTW[PVU% H Z[\KLU[ ^P[O H KPZHIPSP[`TH` IL LSPNPISL MVY HU L_LTW[PVU MYVT WHY[PJPWH[PVU PU Z[H[L^PKL HZZLZZTLU['

*' 8LMPUP[PVUZ3

H' !7PYJ\TZ[HUJL! TLHUZ H ZP[\H[PVU PU ^OPJO HJJVTTVKH[PVUZ HSSV^HISL MVY \ZL VU [OL Z[H[L&^PKLZ[HUKHYKPaLK HZZLZZTLU[% H Z[H[L^PKL Z[HUKHYKPaLK LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[LHZZLZZTLU[ W\YZ\HU[ [V Z' *))1'++#,$#J$ HYL UV[ VMMLYLK [V H Z[\KLU[ K\YPUN [OL J\YYLU[ `LHY"ZHZZLZZTLU[ HKTPUPZ[YH[PVU K\L [V [LJOUVSVNPJHS SPTP[H[PVUZ PU [OL [LZ[PUN HKTPUPZ[YH[PVU WYVNYHT ^OPJO

/175 $&& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

SLHK [V YLZ\S[Z [OH[ YLMSLJ[ [OL Z[\KLU["Z PTWHPYLK ZLUZVY`% THU\HS% VY ZWLHRPUN ZRPSSZ YH[OLY [OHU [OLZ[\KLU["Z HJOPL]LTLU[ VM [OL ILUJOTHYRZ HZZLZZLK I` [OL Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[% HZ[H[L^PKL Z[HUKHYKPaLK LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[L HZZLZZTLU['

I' !7VUKP[PVU! TLHUZ HU PTWHPYTLU[% ^OL[OLY YLJLU[S` HJX\PYLK VY SVUNZ[HUKPUN% ^OPJO HMMLJ[Z H Z[\KLU["ZHIPSP[` [V JVTT\UPJH[L PU TVKLZ KLLTLK HJJLW[HISL MVY Z[H[L^PKL HZZLZZTLU[Z% L]LU PM HWWYVWYPH[LHJJVTTVKH[PVUZ HYL WYV]PKLK% HUK JYLH[LZ H ZP[\H[PVU PU ^OPJO [OL YLZ\S[Z VM HKTPUPZ[YH[PVU VM [OLZ[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[% HU LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[L HZZLZZTLU[ ^V\SKYLMSLJ[ [OL Z[\KLU["Z PTWHPYLK ZLUZVY`% THU\HS% VY ZWLHRPUN ZRPSSZ YH[OLY [OHU [OL Z[\KLU["Z HJOPL]LTLU[VM [OL ILUJOTHYRZ HZZLZZLK I` [OL Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[% H Z[H[L^PKL Z[HUKHYKPaLK LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[L HZZLZZTLU['

+' 5 Z[\KLU[ ^P[O H KPZHIPSP[` MVY ^OVT [OL PUKP]PK\HS LK\JH[PVU WSHU #=9B$ [LHT KL[LYTPULZ PZ WYL]LU[LK I` HJPYJ\TZ[HUJL VY JVUKP[PVU MYVT WO`ZPJHSS` KLTVUZ[YH[PUN [OL THZ[LY` VM ZRPSSZ [OH[ OH]L ILLU HJX\PYLK HUK HYLTLHZ\YLK I` [OL Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[% H Z[H[L^PKL Z[HUKHYKPaLK LUK&VM&JV\YZL HZZLZZTLU[% VYHU HS[LYUH[L HZZLZZTLU[ W\YZ\HU[ [V Z' *))1'++#,$#J$ ZOHSS IL NYHU[LK HU L_[YHVYKPUHY` L_LTW[PVU MYVT [OLHKTPUPZ[YH[PVU VM [OL HZZLZZTLU[' 5 SLHYUPUN% LTV[PVUHS% ILOH]PVYHS% VY ZPNUPMPJHU[ JVNUP[P]L KPZHIPSP[`% VY [OLYLJLPW[ VM ZLY]PJLZ [OYV\NO [OL OVTLIV\UK VY OVZWP[HSPaLK WYVNYHT PU HJJVYKHUJL ^P[O Y\SL /5&/'),)+)% ;SVYPKH5KTPUPZ[YH[P]L 7VKL% PZ UV[% PU HUK VM P[ZLSM% HU HKLX\H[L JYP[LYPVU MVY [OL NYHU[PUN VM HU L_[YHVYKPUHY` L_LTW[PVU'

,' EOL =9B [LHT% ^OPJO T\Z[ PUJS\KL [OL WHYLU[% TH` Z\ITP[ [V [OL KPZ[YPJ[ ZJOVVS Z\WLYPU[LUKLU[ H ^YP[[LU YLX\LZ[MVY HU L_[YHVYKPUHY` L_LTW[PVU H[ HU` [PTL K\YPUN [OL ZJOVVS `LHY% I\[ UV[ SH[LY [OHU /) KH`Z ILMVYL [OL J\YYLU[`LHY"Z HZZLZZTLU[ HKTPUPZ[YH[PVU MVY ^OPJO [OL YLX\LZ[ PZ THKL' 5 YLX\LZ[ T\Z[ PUJS\KL HSS VM [OL MVSSV^PUN3

H' 5 ^YP[[LU KLZJYPW[PVU VM [OL Z[\KLU["Z KPZHIPSP[PLZ% PUJS\KPUN H ZWLJPMPJ KLZJYPW[PVU VM [OL Z[\KLU["Z PTWHPYLKZLUZVY`% THU\HS% VY ZWLHRPUN ZRPSSZ'

I' GYP[[LU KVJ\TLU[H[PVU VM [OL TVZ[ YLJLU[ L]HS\H[PVU KH[H'

J' GYP[[LU KVJ\TLU[H[PVU% PM H]HPSHISL% VM [OL TVZ[ YLJLU[ HKTPUPZ[YH[PVU VM [OL Z[H[L^PKL Z[HUKHYKPaLKHZZLZZTLU[% HU LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[L HZZLZZTLU['

K' 5 ^YP[[LU KLZJYPW[PVU VM [OL JVUKP[PVU"Z LMMLJ[ VU [OL Z[\KLU["Z WHY[PJPWH[PVU PU [OL Z[H[L^PKL Z[HUKHYKPaLKHZZLZZTLU[% HU LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[L HZZLZZTLU['

L' GYP[[LU L]PKLUJL [OH[ [OL Z[\KLU[ OHZ OHK [OL VWWVY[\UP[` [V SLHYU [OL ZRPSSZ ILPUN [LZ[LK'

M' GYP[[LU L]PKLUJL [OH[ [OL Z[\KLU[ OHZ ILLU WYV]PKLK HWWYVWYPH[L PUZ[Y\J[PVUHS HJJVTTVKH[PVUZ'

N' GYP[[LU L]PKLUJL HZ [V ^OL[OLY [OL Z[\KLU[ OHZ OHK [OL VWWVY[\UP[` [V IL HZZLZZLK \ZPUN [OLPUZ[Y\J[PVUHS HJJVTTVKH[PVUZ VU [OL Z[\KLU["Z =9B ^OPJO HYL HSSV^HISL PU [OL HKTPUPZ[YH[PVU VM [OLZ[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[% HU LUK&VM&JV\YZL HZZLZZTLU[% VY HU HS[LYUH[L HZZLZZTLU[ PU WYPVYHZZLZZTLU[Z'

O' GYP[[LU L]PKLUJL VM [OL JPYJ\TZ[HUJL VY JVUKP[PVU HZ KLMPULK PU ZLJ[PVU #*$'

-' 6HZLK \WVU [OL KVJ\TLU[H[PVU WYV]PKLK I` [OL =9B [LHT% [OL ZJOVVS KPZ[YPJ[ Z\WLYPU[LUKLU[ ZOHSS YLJVTTLUK[V [OL 7VTTPZZPVULY VM 9K\JH[PVU ^OL[OLY HU L_[YHVYKPUHY` L_LTW[PVU MVY H NP]LU HZZLZZTLU[ HKTPUPZ[YH[PVU^PUKV^ ZOV\SK IL NYHU[LK VY KLUPLK' 5 JVW` VM [OL ZJOVVS KPZ[YPJ["Z WYVJLK\YHS ZHMLN\HYKZ HZ YLX\PYLK PU Y\SL/5&/'),,**% ;SVYPKH 5KTPUPZ[YH[P]L 7VKL% ZOHSS IL WYV]PKLK [V [OL WHYLU[' =M [OL WHYLU[ KPZHNYLLZ ^P[O [OL =9B[LHT"Z YLJVTTLUKH[PVU% [OL KPZW\[L YLZVS\[PVU TL[OVKZ KLZJYPILK PU [OL WYVJLK\YHS ZHMLN\HYKZ ZOHSS IL THKLH]HPSHISL [V [OL WHYLU[' FWVU YLJLPW[ VM [OL YLX\LZ[% KVJ\TLU[H[PVU% HUK YLJVTTLUKH[PVU% [OL JVTTPZZPVULYZOHSS ]LYPM` [OL PUMVYTH[PVU KVJ\TLU[LK% THRL H KL[LYTPUH[PVU% HUK UV[PM` [OL WHYLU[ HUK [OL KPZ[YPJ[ ZJOVVSZ\WLYPU[LUKLU[ PU ^YP[PUN ^P[OPU ,) KH`Z HM[LY [OL YLJLPW[ VM [OL YLX\LZ[ ^OL[OLY [OL L_LTW[PVU OHZ ILLUNYHU[LK VY KLUPLK' =M [OL JVTTPZZPVULY NYHU[Z [OL L_LTW[PVU% [OL Z[\KLU["Z WYVNYLZZ T\Z[ IL HZZLZZLK PUHJJVYKHUJL ^P[O [OL NVHSZ LZ[HISPZOLK PU [OL Z[\KLU["Z PUKP]PK\HS LK\JH[PVU WSHU' =M [OL JVTTPZZPVULY KLUPLZ [OLL_LTW[PVU% [OL UV[PMPJH[PVU T\Z[ Z[H[L [OL YLHZVUZ MVY [OL KLUPHS'

.' EOL WHYLU[ VM H Z[\KLU[ ^P[O H KPZHIPSP[` ^OV KPZHNYLLZ ^P[O [OL JVTTPZZPVULY"Z KLUPHS VM HU L_[YHVYKPUHY`L_LTW[PVU TH` YLX\LZ[ HU L_WLKP[LK OLHYPUN' =M [OL WHYLU[ YLX\LZ[Z [OL L_WLKP[LK OLHYPUN% [OL 8LWHY[TLU[ VM9K\JH[PVU ZOHSS PUMVYT [OL WHYLU[ VM HU` MYLL VY SV^&JVZ[ SLNHS ZLY]PJLZ HUK V[OLY YLSL]HU[ ZLY]PJLZ H]HPSHISL PU[OL HYLH' EOL 8LWHY[TLU[ VM 9K\JH[PVU ZOHSS HYYHUNL H OLHYPUN ^P[O [OL 8P]PZPVU VM 5KTPUPZ[YH[P]L <LHYPUNZ%^OPJO T\Z[ IL JVTTLUJLK ^P[OPU +) ZJOVVS KH`Z HM[LY [OL WHYLU["Z YLX\LZ[ MVY [OL L_WLKP[LK OLHYPUN' EOL

/175 $&' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

HKTPUPZ[YH[P]L SH^ Q\KNLZ H[ [OL KP]PZPVU ZOHSS THRL H KL[LYTPUH[PVU ^P[OPU *) ZJOVVS KH`Z HM[LY [OL L_WLKP[LKOLHYPUN' EOL Z[HUKHYK VM YL]PL^ MVY [OL L_WLKP[LK OLHYPUN PZ KL UV]V% HUK [OL KLWHY[TLU[ OHZ [OL I\YKLU VMWYVVM'

+H6=@D;?> 7?B 2 )9;<5 1;D9 -65;42< )?=@<6H;DI

=U HJJVYKHUJL ^P[O Z' *))1'++% ;'D'% $56()05 %44)44/)05 231+3%/ *13 26&.-' 4',11." #,-.( 7-5, /)(-'%. '1/2.)8-59! %',-.( 7-5, % /)(-'%. '1/2.)8-59 TH` IL L_LTW[ MYVT WHY[PJPWH[PUN PU Z[H[L^PKL% Z[HUKHYKPaLK HZZLZZTLU[Z% PUJS\KPUN[OL ;SVYPKH 5S[LYUH[L 5ZZLZZTLU[ #;55$% W\YZ\HU[ [V [OL MVSSV^PUN WYV]PZPVUZ'

*' 7OPSK ^P[O H TLKPJHS JVTWSL_P[`

H' 8LMPUP[PVU VM JOPSK ^P[O TLKPJHS JVTWSL_P[`' 5 JOPSK ^P[O H TLKPJHS JVTWSL_P[` TLHUZ H JOPSK ^OV% IHZLK\WVU TLKPJHS KVJ\TLU[H[PVU MYVT H WO`ZPJPHU SPJLUZLK \UKLY JOHW[LY -.1 VY -.2 PZ TLKPJHSS` MYHNPSL HUKULLKZ PU[LUZP]L JHYL K\L [V H JVUKP[PVU Z\JO HZ JVUNLUP[HS VY HJX\PYLK T\S[PZ`Z[LT KPZLHZL4 OHZ HZL]LYL UL\YVSVNPJHS VY JVNUP[P]L KPZVYKLY ^P[O THYRLK M\UJ[PVUHS PTWHPYTLU[4 VY PZ [LJOUVSVN` KLWLUKLU[MVY HJ[P]P[PLZ VM KHPS` SP]PUN4 HUK SHJRZ [OL JHWHJP[` [V [HRL VY WLYMVYT VU HU HZZLZZTLU['

I' 9_LTW[PVU VW[PVUZ' =M [OL WHYLU[ JVUZLU[Z PU ^YP[PUN% HUK [OL =9B [LHT KL[LYTPULZ [OH[ [OL JOPSK ZOV\SKUV[ IL HZZLZZLK IHZLK \WVU TLKPJHS KVJ\TLU[H[PVU [OH[ [OL JOPSK TLL[Z [OL KLMPUP[PVU VM H JOPSK ^P[OTLKPJHS JVTWSL_P[`% [OLU [OL WHYLU[ TH` JOVVZL VUL VM [OL MVSSV^PUN [OYLL HZZLZZTLU[ L_LTW[PVUVW[PVUZ'

*' AUL&`LHY L_LTW[PVU HWWYV]LK I` [OL KPZ[YPJ[ ZJOVVS Z\WLYPU[LUKLU[' =M [OL Z\WLYPU[LUKLU[ PZWYV]PKLK ^YP[[LU KVJ\TLU[H[PVU VM WHYLU[HS JVUZLU[ HUK HWWYVWYPH[L TLKPJHS KVJ\TLU[H[PVU [VZ\WWVY[ [OL =9B [LHTbZ KL[LYTPUH[PVU [OH[ [OL JOPSK PZ H JOPSK ^P[O TLKPJHS JVTWSL_P[`% [OLU [OLZ\WLYPU[LUKLU[ TH` HWWYV]L H VUL&`LHY L_LTW[PVU MYVT HSS Z[H[L^PKL% Z[HUKHYKPaLK HZZLZZTLU[Z%PUJS\KPUN [OL ;55' EOL Z\WLYPU[LUKLU[ ZOHSS YLWVY[ HUU\HSS` [V [OL KPZ[YPJ[ ZJOVVS IVHYK HUK [OL7VTTPZZPVULY VM 9K\JH[PVU [OL U\TILY VM Z[\KLU[Z ^OV HYL PKLU[PMPLK HZ H JOPSK ^P[O TLKPJHSJVTWSL_P[` ^OV HYL UV[ WHY[PJPWH[PUN PU [OL HZZLZZTLU[ WYVNYHT'

+' AUL& [V [OYLL&`LHY L_LTW[PVU HWWYV]LK I` [OL 7VTTPZZPVULY VM 9K\JH[PVU' =M [OL JVTTPZZPVULY PZWYV]PKLK ^YP[[LU KVJ\TLU[H[PVU VM WHYLU[HS JVUZLU[4 KPZ[YPJ[ ZJOVVS Z\WLYPU[LUKLU[ HWWYV]HS4 [OL=9B [LHTbZ KL[LYTPUH[PVU [OH[ [OL JOPSK PZ H JOPSK ^P[O TLKPJHS JVTWSL_P[` IHZLK \WVU HWWYVWYPH[LTLKPJHS KVJ\TLU[H[PVU4 HUK HSS TLKPJHS KVJ\TLU[H[PVU% [OLU [OL JVTTPZZPVULY TH` L_LTW[ [OLJOPSK MYVT HSS Z[H[L^PKL% Z[HUKHYKPaLK HZZLZZTLU[Z% PUJS\KPUN [OL ;55% MVY \W [V [OYLL `LHYZ' EOLD[H[L 6VHYK VM 9K\JH[PVU ZOHSS HKVW[ Y\SLZ [V HKTPUPZ[LY [OPZ Z\IWHYHNYHWO ^OPJO T\Z[ L_WLKP[L[OL WYVJLZZ I` ^OPJO L_LTW[PVUZ HYL YL]PL^LK HUK HWWYV]LK HUK ^OPJO KLTVUZ[YH[L [OL \[TVZ[JVTWHZZPVU HUK JVUZPKLYH[PVU MVY TLL[PUN [OL WHYLU[bZ HUK JOPSKbZ ULLKZ'

,' BLYTHULU[ L_LTW[PVU HWWYV]LK I` [OL 7VTTPZZPVULY VM 9K\JH[PVU' =M [OL JVTTPZZPVULY PZWYV]PKLK ^YP[[LU KVJ\TLU[H[PVU VM WHYLU[HS JVUZLU[4 KPZ[YPJ[ ZJOVVS Z\WLYPU[LUKLU[ HWWYV]HS VM HWLYTHULU[ L_LTW[PVU4 [OL =9B [LHTbZ KL[LYTPUH[PVU [OH[ [OL JOPSK PZ H JOPSK ^P[O TLKPJHSJVTWSL_P[` IHZLK \WVU HWWYVWYPH[L TLKPJHS KVJ\TLU[H[PVU HUK [OH[ H WLYTHULU[ L_LTW[PVU PZHWWYVWYPH[L4 HUK HSS TLKPJHS KVJ\TLU[H[PVU% [OLU [OL JVTTPZZPVULY TH` HWWYV]L H WLYTHULU[L_LTW[PVU MYVT HSS Z[H[L^PKL% Z[HUKHYKPaLK HZZLZZTLU[Z% PUJS\KPUN [OL ;55' EOL D[H[L 6VHYK VM9K\JH[PVU ZOHSS HKVW[ Y\SLZ [V HKTPUPZ[LY [OPZ Z\IWHYHNYHWO ^OPJO T\Z[ L_WLKP[L [OL WYVJLZZ I`^OPJO L_LTW[PVUZ HYL YL]PL^LK HUK HWWYV]LK HUK ^OPJO KLTVUZ[YH[L [OL \[TVZ[ JVTWHZZPVU HUKJVUZPKLYH[PVU MVY TLL[PUN [OL WHYLU[bZ HUK JOPSKbZ ULLKZ'

'55;D;?>2< ,>7?B=2D;?> /6AE;B65&

5U HS[LYUH[L HZZLZZTLU[ PZ YLX\PYLK MVY HU` KPZ[YPJ[&^PKL HZZLZZTLU[ VM Z[\KLU[ HJOPL]LTLU['

'<D6B>2D6 'CC6CC=6>D (2C65 ?> '<D6B>2D6 '49;6F6=6>D 0D2>52B5C !''$''0"

*' D[\KLU[Z ^P[O ZPNUPMPJHU[ JVNUP[P]L KPZHIPSP[PLZ% MVY ^OVT [OL Z[H[L^PKL Z[HUKHYKPaLK HZZLZZTLU[c L]LU ^P[OHSSV^HISL HJJVTTVKH[PVUZc PZ UV[ HWWYVWYPH[L% TH` IL LSPNPISL [V WHY[PJPWH[L PU [OL Z[H[L^PKL HZZLZZTLU[WYVNYHT [OYV\NO [OL 55&55D'

+' 9SPNPIPSP[` YLX\PYLTLU[Z

EOL KLJPZPVU [OH[ H Z[\KLU[ ^P[O H ZPNUPMPJHU[ JVNUP[P]L KPZHIPSP[` ^PSS WHY[PJPWH[L PU [OL Z[H[L^PKL HS[LYUH[LHZZLZZTLU[ PZ THKL I` [OL =9B [LHT HUK YLJVYKLK VU [OL =9B' EOL MVSSV^PUN JYP[LYPH T\Z[ IL TL[3

/175 $&( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

L' GSP ^_`OPY_ T^ `YLMWP _Z XL^_P] _SP R]LOP&WPaPW RPYP]LW ^_L_P NZY_PY_ ^_LYOL]O^ [`]^`LY_ _Z E`WP/5&*')2-)*% ;'5'7'% PaPY bT_S L[[]Z[]TL_P LYO LWWZbLMWP TY^_]`N_TZYLW LNNZXXZOL_TZY^% L^^T^_TaP_PNSYZWZRd% Z] LNNP^^TMWP TY^_]`N_TZYLW XL_P]TLW^'

M' GSP ^_`OPY_ T^ [L]_TNT[L_TYR TY L N`]]TN`W`X ML^PO ZY _SP ^_L_P ^_LYOL]O^ LNNP^^ [ZTY_^ [`]^`LY_ _Z E`WP/5&*')2-)*% ;'5'7'% QZ] LWW LNLOPXTN L]PL^'

N' GSP ^_`OPY_ ]P\`T]P^ OT]PN_ TY^_]`N_TZY TY LNLOPXTN^ ML^PO ZY LNNP^^ [ZTY_^ [`]^`LY_ _Z E`WP/5&*')2-)*% ;'5'7'% TY Z]OP] _Z LN\`T]P% RPYP]LWTeP% LYO _]LY^QP] ^VTWW^ LN]Z^^ ^P__TYR^'

,' 8T^_]TN_ LYO >9D _PLX ]P\`T]PXPY_^

>Q T_ T^ OP_P]XTYPO Md _SP >9D _PLX `^TYR _SP 5^^P^^XPY_ DL]_TNT[L_TZY 7SPNVWT^_ _SL_ _SP ^_`OPY_ bTWW [L]_TNT[L_PTY _SP ^_L_PbTOP L^^P^^XPY_ _S]Z`RS _SP 55&55F% _SP >9D bTWW NZY_LTY L ^_L_PXPY_ ZQ bSd _SP RPYP]LWL^^P^^XPY_ T^ YZ_ L[[]Z[]TL_P LYO bSd _SP 55&55F T^ L[[]Z[]TL_P' >_ LW^Z bTWW TYOTNL_P _SL_ YZ_TQTNL_TZY bL^XLOP _Z _SP [L]PY_ LYO _SL_ _SP TX[WTNL_TZY^ ZQ _SP ^_`OPY_"^ YZY[L]_TNT[L_TZY TY _SP ^_L_PbTOP% ^_LYOL]OTePOL^^P^^XPY_ []ZR]LX bP]P []ZaTOPO' GSP 5^^P^^XPY_ DL]_TNT[L_TZY 7SPNVWT^_ XLd MP LNNP^^PO L_3S__[3((TYQZ'QWOZP'Z]R(OZN`^SL]P(O^bPM(<P_(8ZN`XPY_&.1,*(O[^&+)*)&2+'[OQ'

-' 5OXTYT^_]L_TZY ZQ _SP 55&55F

GSP L^^P^^XPY_ bTWW MP LOXTYT^_P]PO TYOTaTO`LWWd Md _SP ^_`OPY_"^ ^[PNTLW PO`NL_TZY _PLNSP]' >Q _ST^ T^ YZ_[Z^^TMWP% _SP _P^_ LOXTYT^_]L_Z] bTWW MP L NP]_TQTPO _PLNSP] Z] Z_SP] WTNPY^PO []ZQP^^TZYLW bSZ SL^ bZ]VPOPc_PY^TaPWd bT_S _SP ^_`OPY_' 5WW TYOTaTO`LW^ bSZ LOXTYT^_P] _SP 55&55F X`^_ MP _]LTYPO TY LOXTYT^_]L_TZY[]ZNPO`]P^ LYO ]PNPTaP LYY`LW `[OL_P _]LTYTYR'

GSP OT^_]TN_ LOXTYT^_P]^ OT^_]TN_&bTOP L^^P^^XPY_#^$ ZQ ^_`OPY_ LNSTPaPXPY_' #>Q dZ`] OT^_]TN_ `^P^ L [Z]_QZWTZ L^ LNZ]]P^[ZYOTYR OT^_]TN_ LW_P]YL_P L^^P^^XPY_% _SP OL_L NZWWPN_PO ^SZ`WO MP ML^PO ZY R]LOP WPaPW ;WZ]TOL 5W_P]YL_P5NSTPaPXPY_ F_LYOL]O^' ;Z] [Z]_QZWTZ^% TYOTNL_P bSL_ TYQZ]XL_TZY T^ MPTYR NZWWPN_PO% SZb _SP TYQZ]XL_TZY T^ MPTYR]PNZ]OPO% bSL_ _d[P ZQ ^NZ]TYR ]`M]TN T^ MPTYR `^PO LYO SZb _SP OT^_]TN_ PY^`]P^ _SL_ LWW _PLNSP]^ L]P NZWWPN_TYR _SP^LXP TYQZ]XL_TZY LYO ^NZ]TYR _SP OL_L _SP ^LXP bLd'$

KP^

BZ

>Q N;H % TYNW`OP _SP YLXP ZQ PLNS OT^_]TN_&bTOP L^^P^^XPY_ bT_S _SP NZ]]P^[ZYOTYR LW_P]YL_P L^^P^^XPY_'

8T^_]TN_bTOP 5^^P^^XPY_;WZ]TOL 5^^P^^XPY_ QZ] >Y^_]`N_TZY TY EPLOTYR

7Z]]P^[ZYOTYR 5W_P]YL_P 5^^P^^XPY_6]TRLYNP

0286 $&) ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

06GI //$ 0DA?8?;H 6C9 0GD8;9JG;H <DG 2IJ9;CIH L?I> +?H67?A?I?;H

2;8I?DC -' ,A?=?7?A?IN *G?I;G?6 <DG 0G;@?C9;G=6GI;C *>?A9G;C L?I> +?H67?A?I?;H

GST^ ^PN_TZY T^ YZ_ L[[WTNLMWP QZ] _SP OT^_]TN_'

2I6IJIDGN 6C9 1;=JA6IDGN *?I6I?DCH

,- 7;E gg,))'+. LYO ,))'*)*FPN_TZY^ *)),')*% *)),'+*% LYO *)),'.0% ;'F'E`WP /5&/'),)+/% ;'5'7'

+;<?C?I?DC

5 []PVTYOP]RL]_PY NSTWO bT_S L OT^LMTWT_d T^ L NSTWO bSZ XPP_^ _SP QZWWZbTYR N]T_P]TL'

,A?=?7?A?IN *G?I;G?6

>Y LNNZ]OLYNP bT_S ^' *)),'+*% ;'F'% L NSTWO T^ PWTRTMWP QZ] []PVTYOP]RL]_PY []ZR]LX^ QZ] NSTWO]PY bT_S OT^LMTWT_TP^ ML^PO`[ZY XPP_TYR _SP PWTRTMTWT_d N]T_P]TL QZ] ZYP Z] XZ]P ^[PNTQTN PcNP[_TZYLWT_TP^ WT^_PO MPWZb LYO `[ZY XPP_TYR _SP LRP]P\`T]PXPY_^ ^SZbY'

*' GSP NSTWO T^ MPWZb _S]PP #,$ dPL]^ ZQ LRP LYO XPP_^ _SP N]T_P]TL QZ] PWTRTMTWT_d QZ] LYd ZQ _SP QZWWZbTYR PO`NL_TZYLW[]ZR]LX^3

L' 8PLQ Z] SL]O ZQ SPL]TYR

M' IT^`LWWd TX[LT]PO

N' C]_SZ[POTNLWWd TX[LT]PO% Z_SP] SPLW_S TX[LT]XPY_% Z] _]L`XL_TN M]LTY TYU`]d

O' >Y_PWWPN_`LW OT^LMTWT_TP^

P' 9^_LMWT^SPO NZYOT_TZY^

Q' 8PaPWZ[XPY_LWWd OPWLdPO

R' 8`LW&^PY^Z]d TX[LT]PO

S' 5`_T^X F[PN_]`X 8T^Z]OP]

+' GSP NSTWO T^ LRP _S]PP #,$ _S]Z`RS QTaP #.$ LYO XPP_^ _SP N]T_P]TL QZ] PWTRTMTWT_d L^ L NSTWO bT_S ZYP Z] XZ]P ZQ _SPQZWWZbTYR OT^LMTWT_TP^3

L' >Y_PWWPN_`LW OT^LMTWT_TP^

M' F[PPNS LYO WLYR`LRP TX[LT]PO

N' 8PLQ Z] SL]O ZQ SPL]TYR

O' IT^`LWWd TX[LT]PO

P' C]_SZ[POTNLWWd TX[LT]PO% Z_SP] SPLW_S TX[LT]XPY_% Z] _]L`XL_TN M]LTY TYU`]d

Q' 9XZ_TZYLW Z] MPSLaTZ]LW OT^LMTWT_TP^

R' F[PNTQTN WPL]YTYR OT^LMTWT_TP^

S' =ZXPMZ`YO Z] SZ^[T_LWTePO

T' 8`LW&^PY^Z]d TX[LT]PO

U' 5`_T^X F[PN_]`X 8T^Z]OP]

0286 $&* ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

V' 8PaPWZ[XPY_LWWd OPWLdPO

*>?A9 ,K6AJ6I?DC

*' 9aLW`L_TZY^ L]P NZYO`N_PO TY LNNZ]OLYNP bT_S _SP ]P\`T]PXPY_^ ZQ ]`WP^ QZ] _SP PWTRTMTWT_d L]PL^ WT^_PO TY FPN_TZY^* LYO + `YOP] "('&'$'('*+ !)'*%)'#'

+' 9cT^_TYR ^N]PPYTYR LYO PaLW`L_TZY TYQZ]XL_TZY LaLTWLMWP Q]ZX LRPYNTP^ _SL_ []PaTZ`^Wd ^P]aPO _SP NSTWO LYOQLXTWd ^SLWW MP `^PO% L^ L[[]Z[]TL_P% _Z XPP_ PaLW`L_TZY N]T_P]TL QZ] _SP ]`WP^ QZ] _SP PWTRTMTWT_d L]PL^ WT^_PO TYFPN_TZY * LYO +'

/CHIGJ8I?DC6A 0GD=G6B

>Y ]PRL]O^ _Z L NSTWO bSZ T^ PWTRTMWP QZ] LOXT^^TZY _Z [`MWTN VTYOP]RL]_PY TY LNNZ]OLYNP bT_S FPN_TZY *)),'+*% ;'F'% LYPWTRTMWP []PVTYOP]RL]_PY NSTWO bT_S L OT^LMTWT_d XLd ]PNPTaP TY^_]`N_TZY QZ] ZYP LOOT_TZYLW ^NSZZW dPL] TY L[]PVTYOP]RL]_PY NWL^^]ZZX TY LNNZ]OLYNP bT_S _SP NSTWO"^ TYOTaTO`LW PO`NL_TZYLW [WLY #>9D$ Z] TYOTaTO`LWTePO QLXTWd^`[[Z]_ [WLY #>;FD$'

GSP [L]PY_ Z] R`L]OTLY X`^_ MP TYQZ]XPO TY b]T_TYR ZQ _SP TX[WTNL_TZY^ ZQ LY LOOT_TZYLW dPL] TY _SP []PVTYOP]RL]_PYNWL^^]ZZX #T'P'% _SP LOOT_TZYLW dPL] T^ YZ_ NZY^TOP]PO L !]P_PY_TZY%! _S`^ TX[LN_TYR _SP Q`_`]P NZY^TOP]L_TZY ZQ L !RZZONL`^P PcPX[_TZY!$' >Q L [L]PY_ OT^LR]PP^ bT_S _SP >9D _PLX ]PNZXXPYOL_TZY QZ] LY LOOT_TZYLW dPL] ZQ TY^_]`N_TZY TY L[]PVTYOP]RL]_PY NWL^^]ZZX% _SP _PLX"^ ]PNZXXPYOL_TZY XLd YZ_ MP `^PO _Z OPYd L NSTWO LOXT^^TZY _Z VTYOP]RL]_PY'

3G6CH?I?DC <GDB ,6GAN 2I;EH 06GI * 2;GK?8;H ID 06GI ) 2;GK?8;H

GSP OT^_]TN_"^ []ZNP^^P^ LYO []ZNPO`]P^ ]PRL]OTYR _SP _]LY^T_TZY ZQ PWTRTMWP NSTWO]PY Q]ZX 9L]Wd F_P[^ _Z _SP DL]_ 6D]ZR]LX QZ] D]PVTYOP]RL]_PY 7STWO]PY bT_S 8T^LMTWT_TP^% TYNW`OTYR OT^_]TN_ []ZNPO`]P^ _SL_ PY^`]P _SP OT^_]TN_"^[L]_TNT[L_TZY TY _SP _]LY^T_TZY NZYQP]PYNP LYO OPaPWZ[XPY_ ZQ _SP >9D Md _SP _ST]O MT]_SOLd% L]P OP^N]TMPO TY _SP _Pc_ MZcMPWZb'

>Y LNNZ]OLYNP bT_S _SP TY_P]LRPYNd LR]PPXPY_ OPaPWZ[PO bT_S _SP WZNLW 9L]Wd F_P[^" Z]RLYTeL_TZY% _SP OT^_]TN_ T^[]ZaTOPO bT_S L WT^_ ZQ LWW PWTRTMWP DL]_ 7 ^_`OPY_^3 YLXP% OL_P ZQ MT]_S% [L]PY_^ YLXP LYO NZY_LN_ TYQZ]XL_TZY YTYPXZY_S^ TY LOaLYNP ZY L XZY_SWd ML^T^ _Z L^^T^_ TY _]LY^T_TZY [WLYYTYR(^NSPO`WTYR ' GSP^P WT^_^ L]P ]PaTPbPO MdOT^_]TN_ 9F9% 9L]Wd F_P[^" LYO ;8@EF" [P]^ZYYPW QZ] LNN`]LNd LYO _Z [WLY QZ] `[NZXTYR _]LY^T_TZY XPP_TYR^ TY L]PR`WL]Wd ^NSPO`WPO XZY_SWd XPP_TYR'G]LY^T_TZY XPP_TYR^ L]P ^NSPO`WPO Md _SP WZNLW 9L]Wd F_P[^" [P]^ZYYPW bT_S QLXTWTP^ ^Tc XZY_S^ []TZ] _Z _SP ^_`OPY_"^_ST]O MT]_SOLd TY Z]OP] QZ] _SP OT^_]TN_ _Z ZM_LTY LYd LOOT_TZYLW PaLW`L_TZY^ YPNP^^L]d QZ] 9F9 OP_P]XTYL_TZY TY L _TXPWdXLYYP]' 5 bPPV []TZ] _Z _SP ^NSPO`WPO _]LY^T_TZY XPP_TYR% _SP WZNLW 9L]Wd F_P[^" LRPYNd []ZaTOP^ _SP 9F9 OT^_]TN_ZQQTNP bT_S LYd LaLTWLMWP ]PNZ]O^ ZY _SP ^_`OPY_ LQ_P] ZM_LTYTYR b]T__PY [L]PY_LW [P]XT^^TZY' GSP _]LY^T_TZY XPP_TYR^TYNW`OP OT^_]TN_ 9F9% 9L]Wd F_P[^%LYO ;8@EF" [P]^ZYYPW% L^ bPWW L^ [L]PY_#^$ LYO ^_`OPY_ TQ L[[]Z[]TL_P' 5_ _ST^_]LY^T_TZY XPP_TYR% LWW LaLTWLMWP TYQZ]XL_TZY ZY _SP ^_`OPY_ T^ ]PaTPbPO% YPb TYQZ]XL_TZY T^ ZM_LTYPO Q]ZX _SP [L]PY_#^$% LYO L ]PQP]]LW T^ NZX[WP_PO Md _SP ;8@EF" ]P[]P^PY_L_TaP TQ LOOT_TZYLW PaLW`L_TZY T^ bL]]LY_PO' 5_ _SL_ _TXP% _SP[L]PY_#^$ L]P TYQZ]XPO ZQ _SP _TXPWTYP^ QZ] PaLW`L_TZY LYO PWTRTMTWT_d OP_P]XTYL_TZY% L^ bPWW L^ RTaPY TYQZ]XL_TZY ZY _SP]LYRP ZQ [Z^^TMWP ^P]aTNP^'5Q_P] LYd LOOT_TZYLW PaLW`L_TZY^ L]P NZYO`N_PO bT_S _SP ^_`OPY_% LY PWTRTMTWT_d ^_LQQTYR T^ ^NSPO`WPO Md _SP ^_`OPY_^_ST]O MT]_SOLd LYO [L]PY_^ L]P YZ_TQTPO LYO L^VPO _Z [L]_TNT[L_P' >Q ^_`OPY_ T^ QZ`YO PWTRTMWP QZ] ^P]aTNP^ L_ _ST^ ^_LQQTYR%_SPY LY >9D T^ OPaPWZ[PO QZ] _SP ^_`OPY_ L_ _ST^ ^LXP XPP_TYR'

4C?FJ; 0>?ADHDE>?86A# *JGG?8JA6G# DG /CHIGJ8I?DC6A *DCH?9;G6I?DCH

*' DSTWZ^Z[Sd

L' GSP []PVTYOP]RL]_PY []ZR]LX QZ] NSTWO]PY bT_S OT^LMTWT_TP^ ^`[[Z]_^ dZ`YR NSTWO]PY Md ]PNZRYTeTYR LYO]P^[PN_TYR _SPT] `YT\`P LMTWT_TP^% ^_]PYR_S^% LYO YPPO^'

M' FP]aTNP^ QZ] dZ`YR NSTWO]PY bT_S OT^LMTWT_TP^ LYO _SPT] QLXTWTP^ TYNW`OP L ]LYRP ZQ PO`NL_TZYLW%OPaPWZ[XPY_LW% LYO _SP]L[P`_TN LN_TaT_TP^ _SL_ L]P []ZaTOPO TY WPL^_ ]P^_]TN_TaP Z] YL_`]LW WPL]YTYRPYaT]ZYXPY_^ bSP]P NSTWO]PY Pc[P]TPYNP WPL]YTYR Z[[Z]_`YT_TP^ _SL_ []ZXZ_P LYO PYSLYNP MPSLaTZ]LWLYO OPaPWZ[XPY_LW NZX[P_PYNTP^'

N' ;Z] L NSTWO bT_S OT^LMTWT_TP^ LRP _S]PP #,$ _S]Z`RS QTaP #.$ dPL]^% ^[PNTLW PO`NL_TZY% bSTNS ]PQP]^ _Z^[PNTLWWd OP^TRYPO TY^_]`N_TZY LYO ]PWL_PO ^P]aTNP^% T^ []ZaTOPO _Z XPP_ _SP `YT\`P YPPO^ ZQ _SP NSTWO'F[PNTLWWd OP^TRYPO TY^_]`N_TZY XPLY^ LOL[_TYR% L^ L[[]Z[]TL_P% _SP NZY_PY_% XP_SZOZWZRd% Z] OPWTaP]d ZQTY^_]`N_TZY'

0286 $&+ ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

O' D]ZR]LX^ LYO ^P]aTNP^ QZ] []PVTYOP]RL]_PY NSTWO]PY bT_S OT^LMTWT_TP^ L]P ML^PO ZY []LN_TNP^ _SL_ L]POPaPWZ[XPY_LWWd L[[]Z[]TL_P QZ] LWW dZ`YR NSTWO]PY' GSPd LNVYZbWPORP _SP TX[Z]_LYNP ZQ NZWWLMZ]L_TZYLYO [L]_YP]^ST[^ bT_S QLXTWTP^ LYO aTPb _SP NSTWO TY _SP NZY_Pc_ ZQ _SP QLXTWd LYO NZXX`YT_d'HYOP]^_LYOTYR LYO VYZbWPORP ZQ PL]Wd NSTWOSZZO OPaPWZ[XPY_ ^P]aP^ L^ L QZ`YOL_TZY QZ] _SP^P[]LN_TNP^'

+' 7`]]TN`W`X

L' 7`]]TN`W`X NZY_PY_% XL_P]TLW^% LYO LN_TaT_TP^ L]P NZY^T^_PY_ bT_S _SP OT^_]TN_"^ []ZR]LX [STWZ^Z[Sd'

" ;Z] []PVTYOP]RL]_PY NSTWO]PY bT_S OT^LMTWT_TP^% O`]TYR _SP dPL] []TZ] _Z VTYOP]RL]_PY PY_]d% _SP;WZ]TOL IZW`Y_L]d D]PVTYOP]RL]_PY #ID?$ 9O`NL_TZY F_LYOL]O^ L]P `^PO _Z R`TOP _SP ^PWPN_TZY ZQN`]]TN`W`X #N`]]TN`WL$ TY NZYNP]_ bT_S L VYZbWPORP LYO `YOP]^_LYOTYR ZQ _SP TX[LN_ ZQ _SP OT^LMTWT_dZY _SP R]Zb_S LYO OPaPWZ[XPY_ ZQ _SP NSTWO'

" GSP ID? ^_LYOL]O^ SPW[ _Z N]PL_P L ^SL]PO Q]LXPbZ]V LYO NZXXZY WLYR`LRP MP_bPPY PL]WdNSTWOSZZO PO`NL_TZY LYO PL]Wd NSTWOSZZO ^[PNTLW PO`NL_TZY Md PX[SL^TeTYR _SP ^P\`PYNP ZQOPaPWZ[XPY_ LN]Z^^ X`W_T[WP OPaPWZ[XPY_LW OZXLTY^ LYO _SP TX[Z]_LYNP ZQ _SP NWL^^]ZZXPYaT]ZYXPY_ _Z TYNW`OP SZb N`]]TN`WL% XL_P]TLW^% LYO P\`T[XPY_ L]P ^PWPN_PO'

" ;Z] NSTWO]PY MT]_S _Z _SP LRP ZQ PWTRTMTWT_d QZ] _SP ID? []ZR]LX% ;WZ]TOL"^ 6T]_S _Z GS]PP @PL]YTYRLYO 8PaPWZ[XPY_LW F_LYOL]O^ LYO _SP FNSZZW EPLOTYP^^ DP]QZ]XLYNP F_LYOL]O^ XLd MP `^PO _ZR`TOP _SP ^PWPN_TZY ZQ N`]]TN`W`X% XL_P]TLW^% LYO P\`T[XPY_'

M' AZOTQTNL_TZY^% LOL[_L_TZY^% LYO LNNZXXZOL_TZY^ ZQ N`]]TN`WL% XL_P]TLW^% LYO LN_TaT_TP^ ^PWPN_PO XLd MPYPPOPO _Z XPP_ _SP `YT\`P YPPO^ ZQ _SP NSTWO' CYRZTYR []ZR]P^^ XZYT_Z]TYR T^ NZYO`N_PO _Z PY^`]P _SL__SP TY^_]`N_TZY Z] TY_P]aPY_TZY^ []ZaTOPO L]P PQQPN_TaP TY L__LTYTYR _SP OP^T]PO Z`_NZXP^'

,' >Y^_]`N_TZYLW ^`[[Z]_

L' KZ`YR NSTWO]PY ]PNPTaP TY^_]`N_TZYLW ^`[[Z]_ _S]Z`RS ^[PNTLWWd OP^TRYPO TY^_]`N_TZY LYO ]PWL_PO ^P]aTNP^L^ OP_P]XTYPO Md _SP >9D []ZNP^^ Z] PL]Wd TY_P]aPY_TZY ^P]aTNP^ L^ OP_P]XTYPO _S]Z`RS _SP >;FD[]ZNP^^' GSP^P ^P]aTNP^ L]P ML^PO ZY [PP]&]PaTPbPO% ]P^PL]NS&ML^PO []LN_TNP^ _Z _SP Pc_PY_ []LN_TNLMWP'

M' GPLNSP]^ LYO ]PWL_PO ^P]aTNP^ [P]^ZYYPW L]P _]LTYPO TY SZb _Z OP^TRY LYO TX[WPXPY_ TYOTaTO`LWTePO[]ZR]LX^ _Z LOO]P^^ _SP WPL]YTYR YPPO^ ZQ NSTWO]PY bT_S OT^LMTWT_TP^'

N' GPLNSP]^ LYO ]PWL_PO ^P]aTNP^ [P]^ZYYPW L]P []ZaTOPO bT_S LOXTYT^_]L_TaP ^`[[Z]_ _Z L^^`]P ]PL^ZYLMWPNWL^^ ^TeP LYO bZ]VWZLO% LOP\`L_P Q`YO^ QZ] XL_P]TLW^% LYO []ZQP^^TZYLW OPaPWZ[XPY_' GPLNSP]^ []ZaTOPTY^_]`N_TZY TY _SP OZXLTY^ ZQ OPaPWZ[XPY_% TYNW`OTYR NZRYT_TaP OPaPWZ[XPY_% XZ_Z] OPaPWZ[XPY_%WLYR`LRP LYO NZXX`YTNL_TZY% ^ZNTLW PXZ_TZYLW OPaPWZ[XPY_% LYO LOL[_TaP MPSLaTZ]' >Y^_]`N_TZY LYO]PWL_PO ^P]aTNP^ XLd MP ZQQP]PO TY L NZY_TY``X ZQ [WLNPXPY_^ LYO ^P__TYR^ _SL_ XLd TYNW`OP ]PR`WL]%]P^Z`]NP% Z] ^[PNTLW NWL^^ ^P__TYR^ TY [`MWTN% NZXX`YT_d&ML^PO% Z] SZXP&ML^PO ^P__TYR^'

O' FNSZZW OT^_]TN_^ XLd []ZaTOP ]PWL_PO ^P]aTNP^ _Z NSTWO]PY LYO []ZQP^^TZYLW OPaPWZ[XPY_ QZ] _PLNSP]^ LYO]PWL_PO ^P]aTNP^ [P]^ZYYPW TY NZZ]OTYL_TZY bT_S NZXX`YT_d LRPYNTP^% TYNW`OTYR Z_SP] PL]Wd NSTWOSZZO[L]_YP]^ ^`NS L^ 9L]Wd @PL]YTYR 7ZLWT_TZY^ LYO =PLO F_L]_' 5OOT_TZYLWWd% ^`[[Z]_ QZ] []ZQP^^TZYLWOPaPWZ[XPY_ LYO ]PWL_PO ^P]aTNP^ XLd% L^ L[[]Z[]TL_P% MP []ZaTOPO TY NZWWLMZ]L_TZY bT_S OT^N]P_TZYL]d[]ZUPN_^ Q`YOPO Md _SP 6`]PL` ZQ 9cNP[_TZYLW 9O`NL_TZY LYO F_`OPY_ FP]aTNP^% _SP ;WZ]TOL FNSZZW QZ] _SP8PLQ LYO _SP 6WTYO% LYO Z_SP] LRPYNTP^ ZQ ^_L_P LYO WZNLW RZaP]YXPY_% TYNW`OTYR% M`_ YZ_ WTXT_PO _Z% _SP8TaT^TZY ZQ 6WTYO FP]aTNP^% _SP 8P[L]_XPY_ ZQ 7STWO]PY LYO ;LXTWTP^% LYO _SP 8P[L]_XPY_ ZQ =PLW_S%7STWO]PY"^ APOTNLW FP]aTNP^'

3>; H8>DDA 9?HIG?8I >6H I>; DEI?DC ID ?C8AJ9; 699?I?DC6A ?C<DGB6I?DC G;=6G9?C= ;K6AJ6I?DCH# FJ6A?<?;9;K6AJ6IDGH# DG JC?FJ; E>?ADHDE>?86A# 8JGG?8JA6G# DG ?CHIGJ8I?DC6A 8DCH?9;G6I?DCH <DG EG;@?C9;G=6GI;C 8>?A9G;CL?I> 9?H67?A?I?;H$

CYP ZQ _SP QZWWZbTYR BJHI MP ^PWPN_PO3

GSP ^NSZZW OT^_]TN_ SL^ []ZaTOPO LOOT_TZYLW TYQZ]XL_TZY QZ] _ST^ ^PN_TZY TY (EE;C9?M ) ZQ _ST^ OZN`XPY_'

GSP]P T^ YZ LOOT_TZYLW TYQZ]XL_TZY QZ] _ST^ ^PN_TZY'

GST^ ^PN_TZY T^ YZ_ L[[WTNLMWP QZ] _SP OT^_]TN_'

0286 $&, ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

06GI //$ 0DA?8?;H 6C9 0GD8;9JG;H <DG 2IJ9;CIH L?I> +?H67?A?I?;H

2;8I?DC .' /C9?K?9J6A?O;9 -6B?AN 2JEEDGI 0A6C <DG 2IJ9;CIH L?I> +?H67?A?I?;H (=;H )?GI>I>GDJ=> -?K; !&" 5;6GH

GST^ ^PN_TZY T^ YZ_ L[[WTNLMWP QZ] _SP OT^_]TN_'

2IJ9;CIH L?I> +?H67?A?I?;H (=;H )?GI> I>GDJ=> 3LD !%" 5;6GH

2I6IJIDGN 6C9 1;=JA6IDGN *?I6I?DCH

,- 7;E g,),',-)FPN_TZY^ *)),'),% *)),'+*% LYO *)),'.0% ;'F'E`WP^ /5&/'),)+2 LYO /5&/'),,*% ;'5'7'

+;<?C?I?DC

5Y >;FD T^ L b]T__PY [WLY TOPY_TQdTYR _SP ^[PNTQTN NZYNP]Y^ LYO []TZ]T_TP^ ZQ L QLXTWd ZQ NSTWO]PY bT_S OT^LMTWT_TP^% LRP^MT]_S _S]Z`RS _bZ #+$ dPL]^% ]PWL_PO _Z PYSLYNTYR L NSTWOf^ OPaPWZ[XPY_ LYO _SP ]P^Z`]NP^ _Z []ZaTOP PL]Wd TY_P]aPY_TZY^P]aTNP^' GZ XPP_ _SP TOPY_TQTPO Z`_NZXP^ QZ] LY TYOTaTO`LW NSTWO LYO QLXTWd% L [WLYYTYR []ZNP^^ TYaZWaTYR _SP QLXTWd%[]ZQP^^TZYLW^% LYO Z_SP]^ T^ `^PO _Z []P[L]P _SP OZN`XPY_' 5Y >;FD X`^_ MP `^PO QZ] NSTWO]PY LRP^ MT]_S _S]Z`RS _bZ#+$ dPL]^'

0GD8;9JG;H

*' 7ZY_PY_ ZQ LY >;FD

GSP >;FD T^ TY b]T_TYR LYO TYNW`OP^3

L' 5 ^_L_PXPY_ ZQ _SP NSTWO"^ []P^PY_ WPaPW^ ZQ [Sd^TNLW OPaPWZ[XPY_ #TYNW`OTYR aT^TZY% SPL]TYR% LYO SPLW_S^_L_`^$% NZRYT_TaP OPaPWZ[XPY_% NZXX`YTNL_TZY OPaPWZ[XPY_% ^ZNTLW Z] PXZ_TZYLW OPaPWZ[XPY_% LYOLOL[_TaP ^VTWW^ OPaPWZ[XPY_ ML^PO ZY _SP TYQZ]XL_TZY Q]ZX _SP NSTWOf^ PaLW`L_TZY LYO ^VTWW^ L^^P^^XPY_'

M' JT_S NZYN`]]PYNP ZQ _SP QLXTWd% L ^_L_PXPY_ ZQ _SP QLXTWd"^ ]P^Z`]NP^% []TZ]T_TP^% LYO NZYNP]Y^ ]PWL_PO _ZPYSLYNTYR _SP OPaPWZ[XPY_ ZQ _SP QLXTWd"^ NSTWO L^ TOPY_TQTPO _S]Z`RS _SP L^^P^^XPY_ ZQ _SP QLXTWd'

N' 5 ^_L_PXPY_ ZQ _SP XPL^`]LMWP ]P^`W_^ Z] XPL^`]LMWP Z`_NZXP^ Pc[PN_PO _Z MP LNSTPaPO Md _SP NSTWOLYO _SP QLXTWd% TYNW`OTYR []P&WT_P]LNd LYO WLYR`LRP ^VTWW^% L^ OPaPWZ[XPY_LWWd L[[]Z[]TL_P QZ] _SP NSTWO%LYO _SP RZLW^% N]T_P]TL% []ZNPO`]P^% LYO _TXPWTYP^ `^PO _Z OP_P]XTYP _SP OPR]PP _Z bSTNS []ZR]P^^ _ZbL]OLNSTPaTYR _SP XPL^`]LMWP ]P^`W_^ Z] Z`_NZXP^ T^ MPTYR XLOP LYO bSP_SP] XZOTQTNL_TZY^ Z] ]PaT^TZY^ ZQ_SP Pc[PN_PO ]P^`W_^ Z] Z`_NZXP^ Z] ^P]aTNP^ L]P YPNP^^L]d4

O' 5 ^_L_PXPY_ ZQ _SP ^[PNTQTN PL]Wd TY_P]aPY_TZY ^P]aTNP^ ML^PO ZY [PP]&]PaTPbPO ]P^PL]NS% _Z _SP Pc_PY_[]LN_TNLMWP% Z]% QZ] NSTWO]PY LRP^ _S]PP #,$ _S]Z`RS QTaP #.$ dPL]^% _SP ^[PNTLWWd OP^TRYPO TY^_]`N_TZY LYO]PWL_PO ^P]aTNP^ YPNP^^L]d _Z XPP_ _SP `YT\`P YPPO^ ZQ _SP NSTWO LYO _SP QLXTWd% TYNW`OTYR _SP Q]P\`PYNd%TY_PY^T_d% LYO XP_SZO ZQ OPWTaP]TYR ^P]aTNP^4

P' 5 ^_L_PXPY_ ZQ _SP YL_`]LW PYaT]ZYXPY_^ TY bSTNS PL]Wd TY_P]aPY_TZY ^P]aTNP^% Z]% QZ] NSTWO]PY LRP^ _S]PP#,$ _S]Z`RS QTaP #.$ dPL]^% ^[PNTLWWd OP^TRYPO TY^_]`N_TZY LYO ]PWL_PO ^P]aTNP^ L]P _Z MP []ZaTOPO% LYO LU`^_TQTNL_TZY ZQ _SP Pc_PY_% TQ LYd% _Z bSTNS _SP ^P]aTNP^ bTWW YZ_ MP []ZaTOPO TY L YL_`]LW PYaT]ZYXPY_4

Q' 5 ^_L_PXPY_ ZQ _SP ^_]L_PRTP^ YPPOPO TY Z]OP] _Z XPP_ _SP NSTWOf^ LYO QLXTWdf^ Z`_NZXP^

GSP []ZUPN_PO OL_P^ QZ] TYT_TL_TZY ZQ ^P]aTNP^' GSP >;FD X`^_3

" >OPY_TQd LYd XPOTNLW LYO LOOT_TZYLW ^`[[Z]_^ _SL_ _SP NSTWO Z] QLXTWd YPPO^ Z] T^ ]PNPTaTYR _S]Z`RSZ_SP] ^Z`]NP^ M`_ _SL_ L]P YPT_SP] ]P\`T]PO YZ] Q`YOPO `YOP] >895% DL]_ 7 LYO

" >YNW`OP L OP^N]T[_TZY ZQ _SP ^_P[^ _SP ^P]aTNP NZZ]OTYL_Z] Z] QLXTWd XLd _LVP _Z L^^T^_ _SP NSTWO LYOQLXTWd TY ^PN`]TYR LOOT_TZYLW ^`[[Z]_^ YZ_ N`]]PY_Wd MPTYR []ZaTOPO

0286 $'# ?7 $*'/6>6A2< 1D@6AE;B;?>

#)"#+"%#$(9CC@-""366BB!74;=!?A8"4??A5;>2C?A"B@@.;BCA;4C.?40A;>C!2B@F

I& AJG PCOG QH VJG UGTXKEG EQQTFKPCVQT HTQO VJG RTQHGUUKQP OQUV KOOGFKCVGN[ TGNGXCPV VQ VJG EJKNF]U QTHCOKN[]U PGGFU QT VJG KPFKXKFWCN YJQ KU QVJGTYKUG SWCNKHKGF VQ DG TGURQPUKDNG HQT VJG KORNGOGPVCVKQP QH VJGUGTXKEGU KFGPVKHKGF QP VJG RNCP KPENWFKPI VTCPUKVKQP UGTXKEGU CPF EQQTFKPCVKQP YKVJ QVJGT CIGPEKGU CPFRGTUQPU2

J& 7COKN[ FGOQITCRJKE CPF EQPVCEV KPHQTOCVKQP2

K& 3 UVCVGOGPV QH GNKIKDKNKV[$ KPENWFKPI TGEQOOGPFCVKQPU HQT EJKNFTGP PQV HQWPF GNKIKDNG2

L& 3 FGUETKRVKQP QH GXGT[FC[ TQWVKPGU$ CEVKXKVKGU$ CPF RNCEGU KP YJKEJ VJG EJKNF NKXGU$ NGCTPU$ CPF RNC[U CPFKPFKXKFWCNU YKVJ YJQO VJG EJKNF KPVGTCEVU

M& 9FGPVKHKECVKQP QH VJG OQUV CRRTQRTKCVG 97@> VGCO OGODGT VQ UGTXG CU VJG RTKOCT[ UGTXKEG RTQXKFGT2 CPF

N& 5QEWOGPVCVKQP QH VJG PCOGU QH VJG KPFKXKFWCNU YJQ RCTVKEKRCVGF KP VJG FGXGNQROGPV QH VJG 97@>$ VJGOGVJQF QH RCTVKEKRCVKQP$ CPF VJG KPFKXKFWCN TGURQPUKDNG HQT KORNGOGPVKPI VJG 97@>&

)& 4QPVGPV QH 97@>U HQT EJKNFTGP CIGU DKTVJ VJTQWIJ VYQ ")# [GCTU

97@>U FGXGNQRGF HQT EJKNFTGP YKVJ FKUCDKNKVKGU CIGU DKTVJ VJTQWIJ VYQ ")# [GCTU OWUV CNUQ KPENWFG1

C& AJG HTGSWGPE[$ KPVGPUKV[$ CPF OGVJQF QH FGNKXGT[ QH VJG GCTN[ KPVGTXGPVKQP UGTXKEGU2

D& AJG NQECVKQP CPF NGPIVJ QH VJG GCTN[ KPVGTXGPVKQP UGTXKEGU2

E& 7WPFKPI UQWTEG QT RC[OGPV CTTCPIGOGPVU$ KH CP[2

F& 3PVKEKRCVGF FWTCVKQP QH VJG UGTXKEGU2

G& =VJGT UGTXKEGU VQ VJG GZVGPV CRRTQRTKCVG2 CPF

H& AJG UVGRU VQ DG VCMGP VQ UWRRQTV VJG VTCPUKVKQP QH VJG EJKNF$ WRQP TGCEJKPI CIG VJTGG "*#$ VQ RTGUEJQQNUGTXKEGU HQT EJKNFTGP YKVJ FKUCDKNKVKGU CIGU VJTGG "*# VJTQWIJ HKXG ",# [GCTU$ VQ VJG GZVGPV VJCV VJQUGUGTXKEGU CTG EQPUKFGTGF CRRTQRTKCVG QT QVJGT UGTXKEGU VJCV OC[ DG CXCKNCDNG$ KH CRRTQRTKCVG2 VJG UVGRUTGSWKTGF HQT VTCPUKVKQP KPENWFG1

" 5KUEWUUKQPU YKVJ CPF VTCKPKPI QH$ RCTGPV"U# TGICTFKPI HWVWTG RNCEGOGPVU CPF QVJGT OCVVGTU TGNCVGFVQ VJG EJKNF!U VTCPUKVKQP2

" >TQEGFWTGU VQ RTGRCTG VJG EJKNF HQT EJCPIGU KP UGTXKEG FGNKXGT[$ KPENWFKPI UVGRU VQ JGNR VJG EJKNFCFLWUV VQ CPF HWPEVKQP KP C PGY UGVVKPI2 CPF

" <QVKHKECVKQP KPHQTOCVKQP VQ VJG UEJQQN FKUVTKEV HQT VJG RWTRQUG QH EJKNF HKPF2

" BKVJ RCTGPVCN EQPUGPV$ VJG VTCPUOKUUKQP QH KPHQTOCVKQP CDQWV VJG EJKNF VQ VJG UEJQQN FKUVTKEV VQGPUWTG EQPVKPWKV[ QH UGTXKEGU$ KPENWFKPI C EQR[ QH VJG OQUV TGEGPV GXCNWCVKQP CPF CUUGUUOGPVU QHVJG EJKNF CPF HCOKN[ CPF C EQR[ QH VJG OQUV TGEGPV 97@> VJCV JCU DGGP FGXGNQRGF CPFKORNGOGPVGF2 CPF

" 9FGPVKHKECVKQP QH VTCPUKVKQP UGTXKEGU CPF QVJGT CEVKXKVKGU VJCV VJG 97@> VGCO FGVGTOKPGU CTGPGEGUUCT[ VQ UWRRQTV VJG VTCPUKVKQP QH VJG EJKNF&

*& AKOGNKPGU CPF TGSWKTGOGPVU HQT 97@>U

C& AKOGNKPGU HQT 97@>U FGXGNQRGF HQT EJKNFTGP CIGU DKTVJ VJTQWIJ VYQ ")# [GCTU KPENWFG1

" 3 OGGVKPI VQ FGXGNQR VJG KPKVKCN 97@> HQT C EJKNF YJQ JCU DGGP GXCNWCVGF HQT VJG HKTUV VKOG CPFFGVGTOKPGF GNKIKDNG OWUV DG EQPFWEVGF YKVJKP HQTV[%HKXG "+,# FC[U HTQO TGHGTTCN2

" 3 TGXKGY QH VJG 97@> HQT C EJKNF CPF VJG EJKNF!U HCOKN[ OWUV DG EQPFWEVGF GXGT[ UKZ "-# OQPVJUHTQO VJG FCVG QH VJG KPKVKCN QT CPPWCN GXCNWCVKQP QH VJG 97@> QT OQTG HTGSWGPVN[ KH EQPFKVKQPUYCTTCPV$ QT KH VJG HCOKN[ TGSWGUVU UWEJ C TGXKGY2 VJG TGXKGY OC[ DG ECTTKGF QWV CV C OGGVKPI QT D[CPQVJGT OGCPU VJCV KU CEEGRVCDNG VQ VJG RCTGPV"U# CPF QVJGT RCTVKEKRCPVU&

/175 $'$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

D& AJG RWTRQUG QH VJG RGTKQFKE TGXKGY KU VQ FGVGTOKPG1

" AJG FGITGG VQ YJKEJ RTQITGUU VQYCTF CEJKGXKPI VJG TGUWNVU QT VJG QWVEQOGU KFGPVKHKGF QP VJG 97@>KU DGKPI OCFG2 CPF

" BJGVJGT OQFKHKECVKQPU QT TGXKUKQP QH VJG TGUWNVU QT QWVEQOGU QT UGTXKEGU CTG PGEGUUCT[2 CPF

" BJGVJGT CFFKVKQPCN PGGFU JCXG DGGP KFGPVKHKGF DCUGF QP QPIQKPI CUUGUUOGPV QT QDUGTXCVKQP&

E& 3 HCEG%VQ%HCEG OGGVKPI KU EQPFWEVGF QP CV NGCUV CP CPPWCN DCUKU TG%FGVGTOKPG GNKIKDKNKV[ CPF TGXKGY VJG97@> CPF$ VQ TGXKUG $ EJCPIG$ QT OQFKH[ KVU RTQXKUKQPU& AJG TGUWNVU QH CP[ EWTTGPV GXCNWCVKQPU$ CPF QVJGTKPHQTOCVKQP CXCKNCDNG HTQO VJG QPIQKPI CUUGUUOGPVU QH VJG EJKNF CPF HCOKN[$ CTG WUGF VQ FGVGTOKPGEQPVKPWKPI GNKIKDKNKV[ CPF YJCV GCTN[ KPVGTXGPVKQP UGTXKEGU CTG PGGFGF CPF YKNN DG RTQXKFGF&

F& 97@> OGGVKPIU CTG JGNF KP CEEQTFCPEG YKVJ VJG HQNNQYKPI1

" 97@> OGGVKPIU CTG EQPFWEVGF KP UGVVKPIU CPF CV VKOGU VJCV CTG EQPXGPKGPV VQ HCOKNKGU2 CPF

" 9P VJG PCVKXG NCPIWCIG QH VJG HCOKN[ QT QVJGT OQFG QH EQOOWPKECVKQP WUGF D[ VJG HCOKN[$ WPNGUU KVKU ENGCTN[ PQV HGCUKDNG VQ FQ UQ&

G& ;GGVKPI CTTCPIGOGPVU CTG OCFG YKVJ CPF YTKVVGP PQVKEG RTQXKFGF VQ VJG HCOKN[ CPF QVJGT RCTVKEKRCPVUGCTN[ GPQWIJ DGHQTG VJG OGGVKPI FCVG VQ GPUWTG VJCV VJG[ YKNN DG CDNG VQ CVVGPF&

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

+& >CTVKEKRCPVU KP 97@> OGGVKPIU "CIGU DKTVJ VJTQWIJ VYQ ")# [GCTU#

>CTVKEKRCPVU KP VJG FGXGNQROGPV QH 97@>U "DQVJ KPKVKCN CPF CPPWCN# HQT EJKNFTGP YKVJ FKUCDKNKVKGU CIGU DKTVJ VJTQWIJVYQ ")# [GCTU OWUV KPENWFG1

C& AJG RCTGPV QT RCTGPV"U# QH VJG EJKNF2

D& =VJGT HCOKN[ OGODGTU CU TGSWGUVGF D[ VJG RCTGPV"U#$ KH HGCUKDNG VQ FQ UQ2

E& 3P CFXQECVG QT RGTUQP QWVUKFG QH VJG HCOKN[$ KH VJG RCTGPV"U# TGSWGUV VJCV VJG RGTUQP RCTVKEKRCVG2

F& AJG UGTXKEG EQQTFKPCVQT YJQ JCU DGGP YQTMKPI YKVJ VJG HCOKN[ UKPEG VJG KPKVKCN TGHGTTCN QH VJG EJKNF HQTGXCNWCVKQP$ QT VJG RGTUQP FGUKIPCVGF TGURQPUKDNG HQT KORNGOGPVCVKQP QH VJG 97@>2

G& 7QT KPKVKCN 97@> OGGVKPIU$ KPFKXKFWCNU YJQ CTG FKTGEVN[ KPXQNXGF KP EQPFWEVKPI VJG GXCNWCVKQP CPFCUUGUUOGPV2

H& AJG KPFKXKFWCN YJQ YKNN DG RTQXKFKPI GCTN[ KPVGTXGPVKQP UGTXKEGU VQ VJG EJKNF QT HCOKN[$ CU CRRTQRTKCVG&

,& 9H CP[ QH VJGUG RCTVKEKRCPVU CTG WPCDNG VQ CVVGPF C OGGVKPI$ CTTCPIGOGPVU OWUV DG OCFG HQT VJG KPFKXKFWCN!UKPXQNXGOGPV VJTQWIJ QVJGT OGCPU$ KPENWFKPI1

C& >CTVKEKRCVKPI KP C VGNGRJQPG QT XKFGQ EQPHGTGPEG ECNN2

D& 8CXKPI C MPQYNGFIGCDNG CWVJQTK\GF TGRTGUGPVCVKXG CVVGPF VJG OGGVKPI2 QT

E& ;CMKPI RGTVKPGPV TGEQTFU CXCKNCDNG CV VJG OGGVKPI&

-& 6CEJ RGTKQFKE TGXKGY RTQXKFGU HQT VJG RCTVKEKRCVKQP QH VJG KPFKXKFWCNU NKUVGF CDQXG& 9H EQPFKVKQPU YCTTCPV$RTQXKUKQPU OWUV DG OCFG HQT VJG RCTVKEKRCVKQP QH QVJGT TGRTGUGPVCVKXGU&

.& >CTVKEKRCPVU KP 97@> OGGVKPIU "CIGU VJTGG "*# VJTQWIJ HKXG ",# [GCTU#

/175 $'% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

6CTN[ KPVGTXGPVKQP UGTXKEGU HQT C EJKNF YKVJ FKUCDKNKVKGU CIGU DKTVJ VJTQWIJ VYQ ")# [GCTU CPF VJG EJKNF!U HCOKN[ OC[EQOOGPEG DGHQTG VJG EQORNGVKQP QH VJG GXCNWCVKQP CPF CUUGUUOGPVU KH VJG HQNNQYKPI EQPFKVKQPU CTG OGV1

C& >CTGPVCN EQPUGPV KU QDVCKPGF2

D& 3P KPVGTKO 97@> KU FGXGNQRGF VJCV KPENWFGU VJG PCOG QH VJG UGTXKEG EQQTFKPCVQT YJQ YKNN DG TGURQPUKDNGHQT VJG KORNGOGPVCVKQP QH VJG KPVGTKO 97@> CPF EQQTFKPCVKQP YKVJ QVJGT CIGPEKGU CPF KPFKXKFWCNU CPF VJGUGTXKEGU VJCV JCXG DGGP FGVGTOKPGF VQ DG PGGFGF KOOGFKCVGN[ D[ VJG EJKNF CPF VJG HCOKN[2 CPF

E& @KIPCVWTGU QH VJQUG YJQ FGXGNQRGF VJG 97@>2 CPF

F& AJG GXCNWCVKQP CPF CUUGUUOGPVU CTG EQORNGVGF CPF CP KPKVKCN 97@> FGXGNQRGF YKVJKP HQTV[%HKXG "+,# FC[UHTQO VJG TGHGTTCN FCVG&

/& 7QT EJKNFTGP CIGU DKTVJ VJTQWIJ VYQ ")# [GCTU$ VJG UEJQQN FKUVTKEV KU QPN[ HKPCPEKCNN[ TGURQPUKDNG HQT VJG GCTN[KPVGTXGPVKQP UGTXKEGU URGEKHKGF CPF CITGGF VQ VJTQWIJ VJG 97@> RTQEGUU&

,=>128=< @6=5 '6<./676=62< %42< -5;22 !#" =5;9>45 (6?2 !$"

,=.=>=9;A .81 +24>7.=9;A &6=.=698<

*+ 47? ^^*'*&*)* CPF *''&*+'@GEVKQPU (''*&)($ (''*&'*$ CPF (''*&,.$ 7&@&?WNGU -3%-&'*')0 CPF -3%-&'**($ CPF -3%-&'*')/ 7&3&4&

'23686=698

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

*;9021>;2<

(& 4QPVGPV QH CP 97@>

AJG 97@> KU KP YTKVKPI CPF KPENWFGU1

C& 3 UVCVGOGPV QH VJG EJKNF!U RTGUGPV NGXGNU QH RJ[UKECN FGXGNQROGPV "KPENWFKPI XKUKQP$ JGCTKPI$ CPF JGCNVJUVCVWU#$ EQIPKVKXG FGXGNQROGPV$ EQOOWPKECVKQP FGXGNQROGPV$ UQEKCN QT GOQVKQPCN FGXGNQROGPV$ CPFCFCRVKXG UMKNNU FGXGNQROGPV DCUGF QP VJG KPHQTOCVKQP HTQO VJG EJKNF]U GXCNWCVKQP CPF CUUGUUOGPV&

D& BKVJ EQPEWTTGPEG QH VJG HCOKN[$ C UVCVGOGPV QH VJG HCOKN[]U TGUQWTEGU$ RTKQTKVKGU$ CPF EQPEGTPU TGNCVGF VQGPJCPEKPI VJG FGXGNQROGPV QH VJG EJKNF CU KFGPVKHKGF VJTQWIJ VJG CUUGUUOGPV QH VJG HCOKN[2

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

F& 3 UVCVGOGPV QH VJG URGEKCN GFWECVKQP CPF TGNCVGF UGTXKEGU DCUGF QP RGGT%TGXKGYGF TGUGCTEJ$ VQ VJGGZVGPV RTCEVKECDNG$ QT$ PGEGUUCT[ VQ OGGV VJG WPKSWG PGGFU QH VJG EJKNF CPF VJG HCOKN[$ VQ CEJKGXG VJGTGUWNVU QT QWVEQOGU KFGPVKHKGF QP VJG 97@>2

G& 3 UVCVGOGPV QH VJG URGEKCN GFWECVKQP CPF TGNCVGF UGTXKEGU CTG VQ DG RTQXKFGF2

H& AJG RTQLGEVGF FCVGU HQT KPKVKCVKQP QH UGTXKEGU2

I& AJG PCOG QH VJG UGTXKEG EQQTFKPCVQT HTQO VJG RTQHGUUKQP OQUV KOOGFKCVGN[ TGNGXCPV VQ VJG EJKNF]U QTHCOKN[]U PGGFU QT VJG KPFKXKFWCN YJQ KU QVJGTYKUG SWCNKHKGF VQ DG TGURQPUKDNG HQT VJG KORNGOGPVCVKQP QH VJGRNCP CPF EQQTFKPCVKQP YKVJ QVJGT CIGPEKGU CPF RGTUQPU& 9P OGGVKPI VJKU TGSWKTGOGPV$ VJG FKUVTKEV OC[CUUKIP VJG UCOG UGTXKEG EQQTFKPCVQT YJQ YCU CRRQKPVGF CV VJG VKOG VJCV VJG EJKNF YCU KPKVKCNN[ TGHGTTGF HQT

/175 $'& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

GXCNWCVKQP VQ DG TGURQPUKDNG HQT KORNGOGPVKPI C EJKNF]U CPF HCOKN[]U 97@> QT OC[ CRRQKPV C PGY UGTXKEGEQQTFKPCVQT&

J& 3 UVCVGOGPV QH GNKIKDKNKV[$ KPENWFKPI TGEQOOGPFCVKQPU HQT EJKNFTGP PQV HQWPF GNKIKDNG2

K& 3 FGUETKRVKQP QH GXGT[FC[ TQWVKPGU$ CEVKXKVKGU$ CPF RNCEGU KP YJKEJ VJG EJKNF NKXGU$ NGCTPU$ CPF RNC[U CPFKPFKXKFWCNU YKVJ YJQO VJG EJKNF KPVGTCEVU2

L& 9FGPVKHKECVKQP QH VJG OQUV CRRTQRTKCVG 97@> VGCO OGODGT VQ UGTXG CU VJG RTKOCT[ UGTXKEG RTQXKFGT2 CPF

M& 5QEWOGPVCVKQP QH VJG PCOGU QH VJG KPFKXKFWCNU YJQ RCTVKEKRCVGF KP VJG FGXGNQROGPV QH VJG 97@>$ VJGOGVJQF QH RCTVKEKRCVKQP CPF VJG KPFKXKFWCN TGURQPUKDNG HQT KORNGOGPVKPI VJG 97@>&

N& AJG HTGSWGPE[$ KPVGPUKV[$ CPF OGVJQF QH FGNKXGT[ QH VJG GCTN[ KPVGTXGPVKQP UGTXKEGU2

O& AJG NQECVKQP CPF NGPIVJ QH VJG UGTXKEGU2

P& AJG RC[OGPV CTTCPIGOGPVU$ KH CP[2

Q& 3PVKEKRCVGF FWTCVKQP QH VJG UGTXKEGU2

R& =VJGT UGTXKEGU VQ VJG GZVGPV CRRTQRTKCVG2 CPF

" AJG UVGRU VQ DG VCMGP VQ UWRRQTV VJG VTCPUKVKQP QH VJG EJKNF YJGP GZKVKPI VJG 6CTN[ @VGRU RTQITCO VQRTGUEJQQN UGTXKEGU HQT EJKNFTGP YKVJ FKUCDKNKVKGU CIGU VJTGG "*# VJTQWIJ HKXG ",# [GCTU$ QT QVJGTUGTXKEGU VJCV OC[ DG CXCKNCDNG& AJG UVGRU TGSWKTGF HQT VTCPUKVKQP UJCNN KPENWFG1

" 5KUEWUUKQPU YKVJ$ CPF VTCKPKPI QH$ RCTGPV"U# TGICTFKPI HWVWTG RNCEGOGPVU CPF QVJGT OCVVGTU TGNCVGFVQ VJG EJKNF]U VTCPUKVKQP2

" >TQEGFWTGU VQ RTGRCTG VJG EJKNF HQT EJCPIGU KP UGTXKEG FGNKXGT[$ KPENWFKPI UVGRU VQ JGNR VJG EJKNFCFLWUV VQ CPF HWPEVKQP KP C PGY UGVVKPI2

" BKVJ RCTGPVCN EQPUGPV$ VJG UJCTKPI QH KPHQTOCVKQP CDQWV VJG EJKNF VQ VJG UEJQQN FKUVTKEV VQ GPUWTGEQPVKPWKV[ QH UGTXKEGU$ KPENWFKPI GXCNWCVKQP CPF CUUGUUOGPV KPHQTOCVKQP CPF EQRKGU QH 97@>U VJCVJCXG DGGP FGXGNQRGF CPF KORNGOGPVGF2 CPF

" 9FGPVKHKECVKQP QH VTCPUKVKQP UGTXKEGU CPF QVJGT CEVKXKVKGU VJCV VJG 97@> VGCO FGVGTOKPGU CTGPGEGUUCT[ VQ UWRRQTV VJG EJKNF&

)& ?GSWKTGOGPVU HQT 97@>U HQT EJKNFTGP CIGU VJTGG "*# VJTQWIJ HKXG ",# CTG KP CEEQTFCPEG YKVJ VJG TGSWKTGOGPVU KP-3%-&'*')/$ 7&3&4&

K -I E;7 E;<C6 ")C6# 4<CE;63I @8 3 5;<=6 H;@ ;3D 477? A3CE<5<A3E<?9 <? E;7 73C=I <?E7CG7?E<@? AC@9C3> 8@CKPHCPVU CPF VQFFNGTU YKVJ FKUCDKNKVKGU$ CP 96> EQPUKUVGPV YKVJ TWNG -3%-&'*')/"*#"G#$ 7&3&4&$ QT CP 97@>EQPUKUVGPV YKVJ ?WNG -3%-&'*')0$ 7&3&4&$ OWUV DG FGXGNQRGF CPF KORNGOGPVGF&

K 0@C E;7 AFCA@D7 @8 <>A=7>7?E<?9 E;7 C7BF<C7>7?ED @8 CF=7 *,%*&')'(+$ 0&,&.&$ 735; D5;@@= 6<DEC<5E H<==RCTVKEKRCVG KP VTCPUKVKQP RNCPPKPI EQPHGTGPEGU CTTCPIGF D[ VJG UVCVG NGCF CIGPE[ HQT VJG KPHCPVU CPFVQFFNGTU YKVJ FKUCDKNKVKGU GCTN[ KPVGTXGPVKQP RTQITCO&

K 18 E;7 5;<=6JD E;<C6 ")C6# 4<CE;63I @55FCD 6FC<?9 E;7 DF>>7C$ E;7 5;<=6JD 1/2 E73> D;3== 67E7C><?7 E;7 63E7YJGP UGTXKEGU WPFGT VJG 96> QT 97@> YKNN DGIKP&

*& >CTVKEKRCPVU KP 97@> OGGVKPIU HQT EJKNFTGP YKVJ FKUCDKNKVKGU "CIGU VJTGG "*# VJTQWIJ HKXG ",# [GCTU KPENWFG1

C& AJG RCTGPV"U#2

D& <QV NGUU VJCP QPG TGIWNCT GFWECVKQP VGCEJGT$ KH VJG EJKNF KU QT OC[ DG RCTVKEKRCVKPI KP VJG TGIWNCTGFWECVKQP GPXKTQPOGPV2

E& <QV NGUU VJCP QPG URGEKCN GFWECVKQP VGCEJGT2

/175 $'' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

F& 3 TGRTGUGPVCVKXG QH VJG NQECN FKUVTKEV YJQ KU SWCNKHKGF VQ RTQXKFG QT UWRGTXKUG VJG RTQXKUKQP QH URGEKCNN[FGUKIPGF KPUVTWEVKQP HQT EJKNFTGP YKVJ FKUCDKNKVKGU CPF KU MPQYNGFIGCDNG CDQWV VJG IGPGTCN EWTTKEWNWO CPFVJG CXCKNCDKNKV[ QH TGUQWTEGU QH VJG NQECN FKUVTKEV2

G& 3P KPFKXKFWCN YJQ ECP KPVGTRTGV VJG KPUVTWEVKQPCN KORNKECVKQPU QH VJG GXCNWCVKQP TGUWNVU& AJKU KPFKXKFWCN OC[DG C OGODGT QH VJG EQOOKVVGG CU FGUETKDGF KP D# VJTQWIJ F# CDQXG2

H& 3V VJG FKUETGVKQP QH VJG RCTGPV QT VJG UEJQQN FKUVTKEV$ QVJGT KPFKXKFWCNU YJQ JCXG MPQYNGFIG QT URGEKCNGZRGTVKUG TGICTFKPI VJG EJKNF$ KPENWFKPI TGNCVGF UGTXKEGU RGTUQPPGN2 ")9=21 AJG FGVGTOKPCVKQP QH VJGMPQYNGFIG QT URGEKCN GZRGTVKUG UJCNN DG OCFG D[ VJG RCTV[ YJQ KPXKVGF VJG KPFKXKFWCN VQ RCTVKEKRCVG KP VJG97@> OGGVKPI#2 CPF

I& BJGPGXGT CRRTQRTKCVG$ VJG EJKNF&

+& 7QT EJKNFTGP CIGU VJTGG "*# VJTQWIJ HKXG ",# [GCTU$ VJG UEJQQN FKUVTKEV KU QPN[ HKPCPEKCNN[ TGURQPUKDNG HQT VJGRTQXKUKQP QH URGEKCN GFWECVKQP CPF TGNCVGF UGTXKEGU PGEGUUCT[ HQT VJG EJKNF VQ DGPGHKV HTQO URGEKCN GFWECVKQP&

/175 $'( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

,1BD ***"

,?<9395C 1>4 ,B?354EB5C 6?B .DE45>DC

/175 $&( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

,1BD ***" ,?<9395C 1>4 ,B?354EB5C 6?B .DE45>DC

.53D9?> $# (H35@D9?>1< .DE45>D (4E31D9?> (<97929<9DI 6?B .DE45>DC G8? 1B5 )96D54

BKLV VHFWLRQ LV QRW DSSOLFDEOH IRU WKH GLVWULFW&

.D1DED?BI 1>4 -57E<1D?BI &9D1D9?>C

AHFWLRQV (''*&'( DQG (''*&,.$ 7&A&@XOHV -2%-&'*'(0 DQG -2%-&'*'(0($ 7&2&4&

'569>9D9?>

2 VWXGHQW ZKR LV JLIWHG LV RQH ZKR KDV VXSHULRU LQWHOOHFWXDO GHYHORSPHQW DQG LV FDSDEOH RI KLJK SHUIRUPDQFH&

(<97929<9DI &B9D5B91

2 VWXGHQW LV HOLJLEOH IRU VSHFLDO LQVWUXFWLRQDO SURJUDPV IRU WKH JLIWHG IURP NLQGHUJDUWHQ WKURXJK JUDGH WZHOYH "()# LI WKHVWXGHQW PHHWV WKH FULWHULD XQGHU (& RU )& EHORZ1

(& BKH VWXGHQW GHPRQVWUDWHV1

D& BKH QHHG IRU D VSHFLDO SURJUDP

E& 2 PDMRULW\ RI FKDUDFWHULVWLFV RI JLIWHG VWXGHQWV DFFRUGLQJ WR D VWDQGDUG VFDOH RU FKHFNOLVW

F& AXSHULRU LQWHOOHFWXDO GHYHORSPHQW DV PHDVXUHG E\ DQ LQWHOOLJHQFH TXRWLHQW RI WZR ")# VWDQGDUG GHYLDWLRQVRU PRUH DERYH WKH PHDQ RQ DQ LQGLYLGXDOO\ DGPLQLVWHUHG VWDQGDUGL]HG WHVW RI LQWHOOLJHQFH

)& BKH VWXGHQW LV D PHPEHU RI DQ XQGHUUHSUHVHQWHG JURXS DQG PHHWV WKH FULWHULD VSHFLILHG LQ DQ DSSURYHG VFKRROGLVWULFW SODQ IRU LQFUHDVLQJ WKH SDUWLFLSDWLRQ RI XQGHUUHSUHVHQWHG JURXSV LQ SURJUDPV IRU VWXGHQWV ZKR DUH JLIWHG&CQGHUUHSUHVHQWHG JURXSV DUH GHILQHG LQ @XOH -2%-&'*'(0$ 7&2&4& DV VWXGHQWV ZLWK OLPLWHG 6QJOLVK SURILFLHQF\ RUVWXGHQWV IURP ORZ VRFLR%HFRQRPLF VWDWXV IDPLOLHV&

$449D9?>1< *>6?B=1D9?> -5AE9B54

>QH RI WKH IROORZLQJ =ECD EH VHOHFWHG1

BKH VFKRRO GLVWULFW 81C D SODQ IRU LQFUHDVLQJ WKH SDUWLFLSDWLRQ RI XQGHUUHSUHVHQWHG JURXSV LQ SURJUDPV IRU JLIWHGVWXGHQWV& BKH SODQ LV SURYLGHG LQ $@@5>49H & RI WKLV GRFXPHQW&

BKH VFKRRO GLVWULFW 4?5C >?D 81F5 D SODQ IRU LQFUHDVLQJ WKH SDUWLFLSDWLRQ RI XQGHUUHSUHVHQWHG JURXSV LQ SURJUDPVIRU JLIWHG VWXGHQWV&

.DE45>D (F1<E1D9?>

(& BKH PLQLPXP HYDOXDWLRQV IRU GHWHUPLQLQJ HOLJLELOLW\ DGGUHVV WKH IROORZLQJ1

D& =HHG IRU D VSHFLDO LQVWUXFWLRQDO SURJUDP

E& 4KDUDFWHULVWLFV RI WKH JLIWHG

F& 8QWHOOHFWXDO GHYHORSPHQW

G& <D\ LQFOXGH WKRVH HYDOXDWLRQ SURFHGXUHV VSHFLILHG LQ DQ DSSURYHG GLVWULFW SODQ WR LQFUHDVH WKHSDUWLFLSDWLRQ RI VWXGHQWV IURP XQGHUUHSUHVHQWHG JURXSV LQ SURJUDPV IRU WKH JLIWHG

)& 6YDOXDWLRQV DQG TXDOLILHG HYDOXDWRUV IRU VWXGHQWV ZKR DUH JLIWHG DUH OLVWHG LQ ?DUW 8 RI WKLV GRFXPHQW&

/5=@?B1BI %B51; 9> .5BF935

BKH WHDP GHYHORSLQJ WKH 6? PD\ GHWHUPLQH WKDW D VWXGHQW!V QHHGV PD\ FXUUHQWO\ EH DSSURSULDWHO\ PHW WKURXJK RWKHUDFDGHPLF RSWLRQV& BKH SDUHQW RU VWXGHQW PD\ LQGLFDWH WKDW WKH\ GR QRW GHVLUH VHUYLFH IRU D SHULRG RI WLPH& AKRXOG WKH

/175 $&) >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

GHFLVLRQ EH PDGH WR ZDLYH WKH VHUYLFHV RIIHUHG RQ WKH FXUUHQW HGXFDWLRQDO SODQ$ WKH VWXGHQW PD\ UHVXPH VHUYLFH DWDQ\ WLPH&

0>9AE5 ,89<?C?@8931<! &EBB93E<1B! ?B *>CDBE3D9?>1< &?>C945B1D9?>C

(& ?KLORVRSK\

D& 6DFK VWXGHQW LGHQWLILHG DV EHLQJ HOLJLEOH IRU JLIWHG VHUYLFHV LV HQWLWOHG WR UHFHLYH D IUHH DSSURSULDWH SXEOLFHGXFDWLRQ ZKLFK ZLOO HQDEOH WKH VWXGHQW WR SURJUHVV LQ WKH JHQHUDO FXUULFXOXP WR WKH PD[LPXP H[WHQWDSSURSULDWH&

E& ASHFLDOO\ GHVLJQHG LQVWUXFWLRQ$ DSSURSULDWH UHODWHG VHUYLFHV$ DQG SURJUDPV IRU VWXGHQWV ZKR DUH JLIWHGVKDOO SURYLGH VLJQLILFDQW DGDSWDWLRQV LQ RQH RU PRUH RI WKH IROORZLQJ1 FXUULFXOXP$ PHWKRGRORJ\$ PDWHULDOV$HTXLSPHQW$ RU HQYLURQPHQW GHVLJQHG WR PHHW WKH LQGLYLGXDO DQG XQLTXH QHHGV DQG JRDOV RI HDFK VWXGHQWZKR LV JLIWHG&

F& 2 UDQJH RI VHUYLFH GHOLYHU\ RSWLRQV LV DYDLODEOH WR PHHW WKH VWXGHQW!V VSHFLDO QHHGV& BHDFKHUV DUH WUDLQHGWR SURYLGH WKH XQLTXH VHUYLFHV LGHQWLILHG IRU HDFK VWXGHQW DQG DUH SURYLGHG ZLWK DGPLQLVWUDWLYH VXSSRUW WRDVVXUH UHDVRQDEOH FODVV VL]H$ DGHTXDWH IXQGV IRU PDWHULDOV DQG LQVHUYLFH WUDLQLQJ&

)& 4XUULFXOXP

D& 4XUULFXOXP RSWLRQV LQFOXGH DQ HIIHFWLYH DQG GLIIHUHQWLDWHG FXUULFXOXP GHVLJQHG IRU WKH DELOLWLHV RI WKHVWXGHQW ZKR LV JLIWHG WR HQVXUH WKDW HDFK LQGLYLGXDO VWXGHQW SURJUHVVHV LQ WKH FXUULFXOXP&

E& BKH FXUULFXOXP PD\ LQFOXGH$ EXW LV QRW OLPLWHG WR$ RSSRUWXQLWLHV IRU SUREOHP VROYLQJ$ SUREOHP%EDVHGOHDUQLQJ$ DSSOLFDWLRQ RI NQRZOHGJH DQG VNLOOV$ DQG RWKHU HIIHFWLYH LQVWUXFWLRQDO VWUDWHJLHV&

F& BKH WHDFKHUV RI WKH VWXGHQWV ZKR DUH JLIWHG DUH WUDLQHG WR SURYLGH D FXUULFXOXP EDVHG RQ WKH HGXFDWLRQDOFKDUDFWHULVWLFV DQG QHHGV RI WKH OHDUQHU ZKR LV JLIWHG&

G& 4XUULFXOXP IRU HDFK VWXGHQW ZLOO EH GHWHUPLQHG E\ WKH 6? DQG ZLOO IRFXV RQ WKH SHUIRUPDQFH OHYHOV IRU WKHVWXGHQW DQG QHHGV IRU GHYHORSLQJ IXUWKHU VNLOOV DQG DELOLWLHV$ UHFRJQL]LQJ RSSRUWXQLWLHV WR H[WHQG WKHSUHVHQW SURJUDP WKURXJK DSSURSULDWH VFDIIROGLQJ IRU VWXGHQWV ZKR DUH JLIWHG&

H& BKH FXUULFXOXP IRU WKH VWXGHQW ZKR LV JLIWHG ZLOO DVVXPH DFFHVV WR WKH JHQHUDO FXUULFXOXP "AWDWHVWDQGDUGV# ZLWK HPSKDVLV RQ ZKDW WKH 6? WHDP GHWHUPLQHV ZLOO RIIHU RSSRUWXQLWLHV IRU JURZWK IRU WKHOHDUQHU ZKR LV JLIWHG EDVHG RQ WKH VWXGHQW!V VWUHQJWKV DQG SUHVHQW OHYHO RI SHUIRUPDQFH&

*& 8QVWUXFWLRQDO VXSSRUW

D& AWXGHQWV LGHQWLILHG DV HOLJLEOH IRU JLIWHG VHUYLFHV UHFHLYH LQVWUXFWLRQDO VXSSRUW WKURXJK WKH VSHFLDOO\GHVLJQHG LQVWUXFWLRQ DQG UHODWHG VHUYLFHV DV GHWHUPLQHG WKURXJK WKH GHYHORSPHQW RI WKH 6?&

E& BHDFKHUV RI WKH VWXGHQWV ZKR DUH JLIWHG SURYLGH LQVWUXFWLRQ DQG VXSSRUW WR IXUWKHU GHYHORS WKH VWXGHQW!VGHPRQVWUDWHG DELOLW\&

F& BHDFKHUV DUH SURYLGHG ZLWK DGPLQLVWUDWLYH VXSSRUW WR GHYHORS DQ LQGLYLGXDOL]HG SURJUDP WR PHHW WKHJRDOV IRU HDFK VWXGHQW DV GHWHUPLQHG E\ WKH 6?&

G& AWXGHQWV ZKR DUH JLIWHG PD\ LQGLFDWH D QHHG IRU VSHFLDO FRXQVHOLQJ DQG JXLGDQFH LQ XQGHUVWDQGLQJ WKHLUVSHFLDO FKDUDFWHULVWLFV&

H& AXSSRUW VHUYLFHV DUH SURYLGHG LQ FRRUGLQDWLRQ ZLWK ORFDO VFKRRO GLVWULFW VWXGHQW VHUYLFHV DQG FRPPXQLW\DJHQFLHV$ WKH 7ORULGD 5LDJQRVWLF DQG ;HDUQLQJ @HVRXUFHV A\VWHP 2VVRFLDWH 4HQWHUV$ VSHFLDO SURMHFWVIXQGHG E\ WKH 3XUHDX RI 6[FHSWLRQDO 6GXFDWLRQ DQG AWXGHQW AHUYLFHV$ DQG RWKHU DJHQFLHV RI VWDWH DQGORFDO JRYHUQPHQW&

I& =R VWXGHQW PD\ EH JLYHQ VSHFLDO LQVWUXFWLRQ IRU VWXGHQWV ZKR DUH JLIWHG XQWLO DIWHU KH RU VKH KDV EHHQSURSHUO\ HYDOXDWHG DQG IRXQG HOLJLEOH IRU JLIWHG VHUYLFHV&

/85 C38??< 49CDB93D 81C D85 ?@D9?> D? 9>3<E45 1449D9?>1< 9>6?B=1D9?> B571B49>7 5F1<E1D9?>C! AE1<969545F1<E1D?BC! ?B E>9AE5 @89<?C?@8931<! 3EBB93E<1B! ?B 9>CDBE3D9?>1< 3?>C945B1D9?>C 6?B CDE45>DC G8? 1B5 796D54"

>QH RI WKH IROORZLQJ =ECD EH VHOHFWHG1

/175 $&* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

BKH VFKRRO GLVWULFW KDV SURYLGHG DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ LQ $@@5>49H % RI WKLV GRFXPHQW&

BKHUH LV QR DGGLWLRQDO LQIRUPDWLRQ IRU WKLV VHFWLRQ&

/175 $&+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

,1BD ***" ,?<9395C 1>4 ,B?354EB5C 6?B .DE45>DC

.53D9?> %# (4E31D9?>1< ,<1>C 6?B .DE45>DC G8? 1B5 )96D54

.D1DED?BI 1>4 -57E<1D?BI &9D1D9?>

AHFWLRQV (''(&')$ (''*&'($ DQG (''*&,.$ 7&A&@XOH -2%-&'*'(0($ 7&2&4&

,B?354EB5C

(& BKH GLVWULFW LV UHVSRQVLEOH IRU GHYHORSLQJ 6?V IRU VWXGHQWV ZKR DUH LGHQWLILHG VROHO\ DV JLIWHG&

+?D51 86?V UDWKHU WKDQ 6?V DUH GHYHORSHG IRU WKRVH VWXGHQWV ZKR DUH JLIWHG DQG DUH DOVR LGHQWLILHG DV KDYLQJ DGLVDELOLW\&

D& BKH 6? LQFOXGHV1

" 2 VWDWHPHQW RI WKH VWXGHQW!V SUHVHQW OHYHOV RI HGXFDWLRQDO SHUIRUPDQFH WKDW PD\ LQFOXGH$ EXW LV QRWOLPLWHG WR$ WKH VWXGHQW!V VWUHQJWKV DQG LQWHUHVWV$ WKH VWXGHQW!V QHHGV EH\RQG WKH JHQHUDOFXUULFXOXP$ UHVXOWV RI WKH VWXGHQW!V SHUIRUPDQFH RQ AWDWH DQG GLVWULFW DVVHVVPHQWV$ DQG HYDOXDWLRQUHVXOWV

" 2 VWDWHPHQW RI JRDOV$ LQFOXGLQJ EHQFKPDUNV RU VKRUW%WHUP REMHFWLYHV

" 2 VWDWHPHQW RI WKH VSHFLDOO\ GHVLJQHG LQVWUXFWLRQ WR EH SURYLGHG WR WKH VWXGHQW

" 2 VWDWHPHQW RI KRZ WKH VWXGHQW!V SURJUHVV WRZDUG WKH JRDOV ZLOO EH PHDVXUHG DQG UHSRUWHG WR WKHSDUHQWV

" BKH SURMHFWHG GDWHV IRU WKH EHJLQQLQJ RI VHUYLFHV DQG WKH DQWLFLSDWHG IUHTXHQF\$ ORFDWLRQ$ DQGGXUDWLRQ RI WKHVH VHUYLFHV

E& BKH 6? WHDP FRQVLGHUV WKH IROORZLQJ GXULQJ GHYHORSPHQW$ UHYLHZ$ DQG UHYLVLRQ RI WKH 6?1

" BKH VWUHQJWKV RI WKH VWXGHQW DQG WKH QHHGV UHVXOWLQJ IURP WKH VWXGHQW!V JLIWHGQHVV

" BKH UHVXOWV RI UHFHQW HYDOXDWLRQV$ LQFOXGLQJ FODVV ZRUN DQG AWDWH RU GLVWULFW DVVHVVPHQWV

" 8Q WKH FDVH RI D VWXGHQW ZLWK OLPLWHG 6QJOLVK SURILFLHQF\$ WKH ODQJXDJH QHHGV RI WKH VWXGHQW DV WKH\UHODWH WR WKH 6?

F& BLPHOLQHV IRU GHYHORSPHQW RI WKH 6? LQFOXGH WKH IROORZLQJ1

" 2Q 6? LV LQ HIIHFW DW WKH EHJLQQLQJ RI HDFK VFKRRO \HDU IRU HDFK VWXGHQW LGHQWLILHG DV JLIWHG ZKR LVFRQWLQXLQJ LQ D VSHFLDO SURJUDP&

" 2Q 6? LV GHYHORSHG ZLWKLQ WKLUW\ "*'# FDOHQGDU GD\V IROORZLQJ WKH GHWHUPLQDWLRQ RI HOLJLELOLW\ IRUVSHFLDOO\ GHVLJQHG LQVWUXFWLRQ LQ WKH JLIWHG SURJUDP DQG LV LQ HIIHFW SULRU WR WKH SURYLVLRQ RI WKHVHVHUYLFHV&

" <HHWLQJV DUH KHOG WR GHYHORS DQG UHYLVH WKH 6? DW OHDVW RQFH HYHU\ WKUHH "*# \HDUV IRU VWXGHQWV LQJUDGHV 9^/ DQG DW OHDVW HYHU\ IRXU "+# \HDUV IRU VWXGHQWV LQ JUDGHV 0^()&

" 6?V PD\ EH UHYLHZHG PRUH IUHTXHQWO\$ DV QHHGHG$ VXFK DV ZKHQ D VWXGHQW WUDQVLWLRQV IURPHOHPHQWDU\ WR PLGGOH VFKRRO RU IURP PLGGOH WR KLJK VFKRRO&

G& 6? SDUWLFLSDQWV LQFOXGH1

" BKH SDUHQWV$ ZKRVH UROH LQFOXGHV SURYLGLQJ VWUHQJWKV RI WKH VWXGHQW$ H[SUHVVLQJ FRQFHUQV IRUHQKDQFLQJ WKH HGXFDWLRQ RI WKHLU FKLOG$ SDUWLFLSDWLQJ LQ GLVFXVVLRQV DERXW WKH FKLOG!V QHHG IRU

/175 $'# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

URGEKCNN[ FGUKIPGF KPUVTWEVKQP$ RCTVKEKRCVKPI KP FGEKFKPI JQY VJG EJKNF YKNN DG KPXQNXGF CPFRCTVKEKRCVG KP VJG IGPGTCN EWTTKEWNWO$ CPF RCTVKEKRCVKPI KP VJG FGVGTOKPCVKQP QH YJCV UGTXKEGU VJGFKUVTKEV YKNN RTQXKFG VQ VJG EJKNF CPF KP YJCV UGVVKPI

" 3V NGCUV QPG VGCEJGT QH VJG IKHVGF RTQITCO

" <PG TGIWNCT GFWECVKQP VGCEJGT QH VJG UVWFGPV YJQ$ VQ VJG GZVGPV CRRTQRTKCVG$ KU KPXQNXGF KP VJGFGXGNQROGPV QH VJG UVWFGPV!U 7=2 KPXQNXGOGPV OC[ KPENWFG VJG RTQXKUKQP QH YTKVVGP FQEWOGPVCVKQPQH C UVWFGPV!U UVTGPIVJU CPF PGGFU HQT TGXKGY CPF TGXKUKQP QH VJG UWDUGSWGPV 7=U

" 3 TGRTGUGPVCVKXG QH VJG UEJQQN FKUVTKEV YJQ KU SWCNKHKGF VQ RTQXKFG QT UWRGTXKUG VJG RTQXKUKQP QHURGEKCNN[ FGUKIPGF KPUVTWEVKQP HQT UVWFGPVU YJQ CTG IKHVGF CPF KU MPQYNGFIGCDNG CDQWV VJG IGPGTCNEWTTKEWNWO CPF VJG CXCKNCDKNKV[ QH TGUQWTEGU QH VJG UEJQQN FKUVTKEV2 CV VJG FKUETGVKQP QH VJG FKUVTKEV$QPG QH VJG UVWFGPV!U VGCEJGTU OC[ DG FGUKIPCVGF VQ UGTXG CU VJG TGRTGUGPVCVKXG QH VJG FKUVTKEV

" 3P KPFKXKFWCN YJQ ECP KPVGTRTGV VJG KPUVTWEVKQPCN KORNKECVKQPU QH VJG GXCNWCVKQP TGUWNVU2 VJKUKPFKXKFWCN OC[ DG C VGCEJGT QH VJG IKHVGF$ C TGIWNCT GFWECVKQP VGCEJGT$ QT C TGRTGUGPVCVKXG QH VJGUEJQQN FKUVTKEV CU FGUETKDGF CDQXG

" 3V VJG FKUETGVKQP QH VJG RCTGPV QT VJG UEJQQN FKUVTKEV$ QVJGT KPFKXKFWCNU YJQ JCXG MPQYNGFIG QTURGEKCN GZRGTVKUG TGICTFKPI VJG UVWFGPV$ KPENWFKPI TGNCVGF UGTXKEGU RGTUQPPGN ")9?21 @JGFGVGTOKPCVKQP QH VJG MPQYNGFIG QT URGEKCN GZRGTVKUG UJCNN DG OCFG D[ VJG RCTV[ YJQ KPXKVGF VJGKPFKXKFWCN VQ RCTVKEKRCVG KP VJG 7= OGGVKPI#

" BJGPGXGT CRRTQRTKCVG$ VJG UVWFGPV

)& =CTGPV RCTVKEKRCVKQP KP 7= OGGVKPIU

@JKU FKUVTKEV VCMGU VJG HQNNQYKPI UVGRU VQ GPUWTG VJCV QPG QT DQVJ QH VJG RCTGPVU QH C UVWFGPV KFGPVKHKGF CU IKHVGF KURTGUGPV QT RTQXKFGF VJG QRRQTVWPKV[ VQ RCTVKEKRCVG CV 7= OGGVKPIU1

C& ;QVKH[KPI RCTGPVU QH VJG OGGVKPI GCTN[ GPQWIJ VQ GPUWTG VJCV VJG[ YKNN JCXG CP QRRQTVWPKV[ VQ CVVGPF

D& ?EJGFWNKPI VJG OGGVKPI CV C OWVWCNN[ CITGGF QP VKOG CPF RNCEG

K& 3 YTKVVGP PQVKEG VQ VJG RCTGPV KPFKECVGU VJG RWTRQUG$ VKOG$ NQECVKQP QH VJG OGGVKPI$ CPF YJQ$ D[ VKVNGQT RQUKVKQP$ YKNN DG KP CVVGPFCPEG& 9V CNUQ KPENWFGU C UVCVGOGPV KPHQTOKPI VJG RCTGPVU VJCV VJG[ JCXGVJG TKIJV VQ KPXKVG CP KPFKXKFWCN YKVJ URGEKCN MPQYNGFIG QT GZRGTVKUG CDQWV VJGKT EJKNF& 9H PGKVJGTRCTGPV ECP CVVGPF$ VJG FKUVTKEV WUGU QVJGT OGVJQFU VQ GPUWTG RCTGPV RCTVKEKRCVKQP$ KPENWFKPIKPFKXKFWCN QT EQPHGTGPEG VGNGRJQPG ECNNU&

KK& 3 OGGVKPI OC[ DG EQPFWEVGF YKVJQWV C RCTGPV KP CVVGPFCPEG KH VJG FKUVTKEV KU WPCDNG VQ QDVCKP VJGCVVGPFCPEG QH VJG RCTGPVU& 9P VJKU ECUG$ VJG FKUVTKEV OCKPVCKPU C TGEQTF QH KVU CVVGORVU VQ CTTCPIG COWVWCNN[ CITGGF QP VKOG CPF RNCEG& @JGUG TGEQTFU KPENWFG UWEJ KVGOU CU1

" 6GVCKNGF TGEQTFU QH VGNGRJQPG ECNNU OCFG QT CVVGORVGF CPF VJG TGUWNVU QH VJQUG ECNNU

" 5QRKGU QH EQTTGURQPFGPEG UGPV VQ VJG RCTGPVU CPF CP[ TGURQPUGU TGEGKXGF

" 6GVCKNGF TGEQTFU QH XKUKVU OCFG VQ VJG RCTGPV!U JQOG QT RNCEG QH GORNQ[OGPV CPF VJGTGUWNVU QH VJQUG XKUKVU

KKK& @JG FKUVTKEV VCMGU YJCVGXGT CEVKQP KU PGEGUUCT[ VQ GPUWTG VJCV VJG RCTGPV WPFGTUVCPFU VJGRTQEGGFKPIU CV VJG OGGVKPI$ KPENWFKPI CTTCPIKPI HQT CP KPVGTRTGVGT HQT RCTGPVU YJQ CTG FGCH QTYJQUG PCVKXG NCPIWCIG KU QVJGT VJCP 7PINKUJ& 3 EQR[ QH VJG 7= UJCNN DG RTQXKFGF VQ VJG RCTGPV CVPQ EQUV&

*& 9ORNGOGPVCVKQP QH VJG 7=

C& 3P 7= KU KP GHHGEV DGHQTG URGEKCNN[ FGUKIPGF KPUVTWEVKQP KU RTQXKFGF VQ CP GNKIKDNG UVWFGPV CPF KUKORNGOGPVGF CU UQQP CU RQUUKDNG HQNNQYKPI VJG 7= OGGVKPI&

/175 $($ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

D& @JG 7= KU CEEGUUKDNG VQ GCEJ QH VJG UVWFGPV!U VGCEJGTU YJQ CTG TGURQPUKDNG HQT VJG KORNGOGPVCVKQP$ CPFGCEJ VGCEJGT QH VJG UVWFGPV KU KPHQTOGF QH URGEKHKE TGURQPUKDKNKVKGU TGNCVGF VQ VJG KORNGOGPVCVKQP QH VJG7=&

/175 $(% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

*.=? (-"

*976062> .81 *=9021@=2> 39= *.=28?.77C!*7.021 *=6A.?2 ,05997 ,?@128?>B6?5 &6>./676?62>

/175 $(& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

*.=? (-" *976062> .81 *=9021@=2> 39= *.=28?.77C!*7.021 *=6A.?2 ,05997 ,?@128?> B6?5&6>./676?62>

,20?698 $# *=9A6>698 93 '<@6?./72 ,2=A602> ?9 *.=28?.77C!*7.021 *=6A.?2 ,05997 ,?@128?>B6?5 &6>./676?62>

,?.?@?9=C .81 +24@7.?9=C %6?.?698>

*+ 58> ]]*''&(*'\*''&(++>WNG -3%-&'*')/($ 8&3&5&

&23686?698

=CTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU OGCPU UVWFGPVU YKVJ FKUCDKNKVKGU GPTQNNGF D[ VJGKT RCTGPVU KPRTKXCVG$ KPENWFKPI TGNKIKQWU$ 898!;=936? UEJQQNU QT HCEKNKVKGU VJCV OGGV VJG FGHKPKVKQP QH GNGOGPVCT[ UEJQQN QT UGEQPFCT[UEJQQN WPFGT >WNGU -3%-&'*'(( VJTQWIJ -3%-&'*-($ 8&3&5&$ CPF FQGU PQV KPENWFG UVWFGPVU YKVJ FKUCDKNKVKGU YJQ CTG QTJCXG DGGP RNCEGF KP QT TGHGTTGF VQ C RTKXCVG UEJQQN QT HCEKNKV[ D[ VJG UEJQQN FKUVTKEV CU C OGCPU QH RTQXKFKPI URGEKCNGFWECVKQP CPF TGNCVGF UGTXKEGU& @JKU FGHKPKVKQP FQGU PQV KPENWFG UVWFGPVU YKVJ FKUCDKNKVKGU GPTQNNGF D[ VJGKT RCTGPVU KP39=!;=936? RTKXCVG UEJQQNU&

*=9021@=2>

(& =QNKEKGU CPF RTQEGFWTGU HQT RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU

@JG UEJQQN FKUVTKEV YKNN OCKPVCKP RQNKEKGU CPF RTQEGFWTGU VQ GPUWTG VJG RTQXKUKQP QH GSWKVCDNG UGTXKEGU VQUVWFGPVU YKVJ FKUCDKNKVKGU YJQ JCXG DGGP RNCEGF KP RTKXCVG UEJQQNU D[ VJGKT RCTGPVU&

)& 5JKNF HKPF HQT RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU

@JG UEJQQN FKUVTKEV YKNN NQECVG$ KFGPVKH[$ CPF GXCNWCVG CNN UVWFGPVU YKVJ FKUCDKNKVKGU YJQ CTG GPTQNNGF D[ VJGKTRCTGPVU KP RTKXCVG$ KPENWFKPI TGNKIKQWU$ GNGOGPVCT[ CPF UGEQPFCT[ UEJQQNU NQECVGF KP VJG UEJQQN FKUVTKEV!ULWTKUFKEVKQP& @JG EJKNF HKPF RTQEGUU YKNN DG FGUKIPGF VQ GPUWTG VJG GSWKVCDNG RCTVKEKRCVKQP QH RCTGPVCNN[%RNCEGFRTKXCVG UEJQQN UVWFGPVU CPF CP CEEWTCVG EQWPV QH VJQUG UVWFGPVU&

C& 3EVKXKVKGU

9P ECTT[KPI QWV VJG TGSWKTGOGPVU QH VJKU UGEVKQP$ VJG UEJQQN FKUVTKEV YKNN WPFGTVCMG CEVKXKVKGU UKOKNCT VQ VJGCEVKXKVKGU WPFGTVCMGP HQT VJG UEJQQN FKUVTKEV!U RWDNKE UEJQQN UVWFGPVU&

D& 5QUV

@JG EQUV QH ECTT[KPI QWV VJG EJKNF HKPF TGSWKTGOGPVU$ KPENWFKPI KPFKXKFWCN GXCNWCVKQPU$ OC[ PQV DGEQPUKFGTGF KP FGVGTOKPKPI KH VJG UEJQQN FKUVTKEV JCU OGV KVU QDNKICVKQP&

E& 5QORNGVKQP RGTKQF

@JG EJKNF HKPF RTQEGUU YKNN DG EQORNGVGF KP C VKOG RGTKQF EQORCTCDNG VQ VJCV HQT QVJGT UVWFGPVU CVVGPFKPIRWDNKE UEJQQNU KP VJG UEJQQN FKUVTKEV&

F& <WV%QH%UVCVG UVWFGPVU

@JG UEJQQN FKUVTKEV KP YJKEJ RTKXCVG$ KPENWFKPI TGNKIKQWU$ GNGOGPVCT[ CPF UGEQPFCT[ UEJQQNU CTG NQECVGFYKNN$ KP ECTT[KPI QWV VJG EJKNF HKPF TGSWKTGOGPVU$ KPENWFG RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YJQTGUKFG KP C UVCVG QVJGT VJCP 8NQTKFC&

*& 5QPHKFGPVKCNKV[ QH RGTUQPCNN[ KFGPVKHKCDNG KPHQTOCVKQP

9H C UVWFGPV KU GPTQNNGF$ QT KU IQKPI VQ GPTQNN$ KP C RTKXCVG UEJQQN VJCV KU PQV NQECVGF KP VJG UEJQQN FKUVTKEV QH VJGRCTGPV!U TGUKFGPEG$ RCTGPVCN EQPUGPV YKNN DG QDVCKPGF DGHQTG CP[ RGTUQPCNN[ KFGPVKHKCDNG KPHQTOCVKQP CDQWV VJGEJKNF KU TGNGCUGF DGVYGGP QHHKEKCNU KP VJG UEJQQN FKUVTKEV YJGTG VJG RTKXCVG UEJQQN KU NQECVGF CPF QHHKEKCNU KP VJGUEJQQN FKUVTKEV QH VJG RCTGPV!U TGUKFGPEG&

+& =TQXKUKQP QH UGTXKEGU HQT RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU \ DCUKE TGSWKTGOGPV

/175 $(' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

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

C& ?GTXKEGU RNCP HQT RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU

3 UGTXKEGU RNCP YKNN DG FGXGNQRGF CPF KORNGOGPVGF HQT GCEJ RTKXCVG UEJQQN UVWFGPV YKVJ C FKUCDKNKV[ YJQJCU DGGP FGUKIPCVGF D[ VJG UEJQQN FKUVTKEV KP YJKEJ VJG RTKXCVG UEJQQN KU NQECVGF VQ TGEGKXG URGEKCNGFWECVKQP CPF TGNCVGF UGTXKEGU&

D& >GEQTF MGGRKPI

@JG UEJQQN FKUVTKEV YKNN OCKPVCKP KP KVU TGEQTFU$ CPF RTQXKFG VQ VJG 8NQTKFC 6GRCTVOGPV QH 7FWECVKQP"86<7#$ VJG HQNNQYKPI KPHQTOCVKQP TGNCVGF VQ RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU EQXGTGF1

" @JG PWODGT QH UVWFGPVU GXCNWCVGF

" @JG PWODGT QH UVWFGPVU FGVGTOKPGF VQ DG UVWFGPVU YKVJ FKUCDKNKVKGU

" @JG PWODGT QH UVWFGPVU UGTXGF

,& 7ZRGPFKVWTGU

@Q OGGV VJG TGSWKTGOGPVU$ VJG UEJQQN FKUVTKEV YKNN URGPF VJG HQNNQYKPI QP RTQXKFKPI URGEKCN GFWECVKQP CPF TGNCVGFUGTXKEGU "KPENWFKPI FKTGEV UGTXKEGU# VQ RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU1

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

D& 8QT EJKNFTGP CIGF VJTGG "*# VJTQWIJ HKXG ",#$ CP COQWPV VJCV KU VJG UCOG RTQRQTVKQP QH VJG UEJQQN FKUVTKEV!UVQVCN UWDITCPV WPFGT ?GEVKQP -(0"C# QH 9673 CU VJG PWODGT QH RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVUYKVJ FKUCDKNKVKGU CIGF VJTGG "*# VJTQWIJ ",# HKXG YJQ CTG GPTQNNGF D[ VJGKT RCTGPVU KP RTKXCVG$ KPENWFKPITGNKIKQWU$ GNGOGPVCT[ CPF UGEQPFCT[ UEJQQNU NQECVGF KP VJG UEJQQN FKUVTKEV!U LWTKUFKEVKQP$ KU VQ VJG VQVCNPWODGT QH UVWFGPVU YKVJ FKUCDKNKVKGU KP KVU LWTKUFKEVKQP CIGF VJTGG "*# VJTQWIJ HKXG ",#&

E& 5JKNFTGP CIGF VJTGG "*# VJTQWIJ HKXG ",# CTG EQPUKFGTGF VQ DG RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVUYKVJ FKUCDKNKVKGU GPTQNNGF D[ VJGKT RCTGPVU KP RTKXCVG$ KPENWFKPI TGNKIKQWU$ GNGOGPVCT[ UEJQQNU$ KH VJG[ CTGGPTQNNGF KP C RTKXCVG UEJQQN VJCV OGGVU VJG FGHKPKVKQP QH GNGOGPVCT[ UEJQQN WPFGT 8NQTKFC NCY&

F& 9H VJG UEJQQN FKUVTKEV JCU PQV GZRGPFGF HQT GSWKVCDNG UGTXKEGU CNN QH VJG HWPFU FGUETKDGF KP RCTCITCRJU C#CPF D# CDQXG D[ VJG GPF QH VJG HKUECN [GCT HQT YJKEJ 5QPITGUU CRRTQRTKCVGF VJG HWPFU$ VJG UEJQQN FKUVTKEVYKNN QDNKICVG VJG TGOCKPKPI HWPFU HQT URGEKCN GFWECVKQP CPF TGNCVGF UGTXKEGU "KPENWFKPI FKTGEV UGTXKEGU# VQRCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU FWTKPI C ECTT[%QXGT RGTKQF QH QPG CFFKVKQPCN[GCT&

-& 5CNEWNCVKPI RTQRQTVKQPCVG COQWPV

9P ECNEWNCVKPI VJG RTQRQTVKQPCVG COQWPV QH HGFGTCN HWPFU VQ DG RTQXKFGF HQT RCTGPVCNN[%RNCEGF RTKXCVG UEJQQNUVWFGPVU YKVJ FKUCDKNKVKGU$ VJG UEJQQN FKUVTKEV$ CHVGT VKOGN[ CPF OGCPKPIHWN EQPUWNVCVKQP YKVJ TGRTGUGPVCVKXGU QHRTKXCVG UEJQQNU$ YKNN EQPFWEV C VJQTQWIJ CPF EQORNGVG EJKNF HKPF RTQEGUU VQ FGVGTOKPG VJG PWODGT QH RCTGPVCNN[%RNCEGF UVWFGPVU YKVJ FKUCDKNKVKGU CVVGPFKPI RTKXCVG UEJQQNU NQECVGF KP VJG UEJQQN FKUVTKEV& "?GG 3RRGPFKZ 4 VQ9673 TGIWNCVKQPU HQT CP GZCORNG QH JQY RTQRQTVKQPCVG UJCTG KU ECNEWNCVGF#

.& 3PPWCN EQWPV QH VJG PWODGT QH RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU

@JG UEJQQN FKUVTKEV YKNN$ CHVGT VKOGN[ CPF OGCPKPIHWN EQPUWNVCVKQP YKVJ TGRTGUGPVCVKXGU QH RCTGPVCNN[%RNCEGF RTKXCVGUEJQQN UVWFGPVU YKVJ FKUCDKNKVKGU$ FGVGTOKPG VJG PWODGT QH RCTGPVCNN[%RNCEGF RTKXCVG UEJQQN UVWFGPVU YKVJFKUCDKNKVKGU CVVGPFKPI RTKXCVG UEJQQNU NQECVGF KP VJG UEJQQN FKUVTKEV CPF GPUWTG VJCV VJG EQWPV KU EQPFWEVGF QP CP[FCVG DGVYGGP <EVQDGT ( CPF 6GEGODGT ($ KPENWUKXG$ QH GCEJ [GCT& @JG EQWPV YKNN DG WUGF VQ FGVGTOKPG VJG

/175 $(( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

JUW]V\ \QJ\ \QN [LQWWT MR[\ZRL\ _RTT [XNVM WV XZW^RMRVP [XNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[ \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ RV \QN VN`\ OR[LJT aNJZ&

0& E]XXTNUNV\$ VW\ []XXTJV\

E\J\N JVM TWLJT O]VM[ UJa []XXTNUNV\ JVM RV VW LJ[N []XXTJV\ \QN XZWXWZ\RWVJ\N JUW]V\ WO ONMNZJT O]VM[ZNY]RZNM \W KN N`XNVMNM OWZ XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[&

1& 6WV[]T\J\RWV _R\Q XZR^J\N [LQWWT ZNXZN[NV\J\R^N[

FW NV[]ZN \RUNTa JVM UNJVRVPO]T LWV[]T\J\RWV$ \QN [LQWWT MR[\ZRL\ _RTT LWV[]T\ _R\Q XZR^J\N [LQWWT ZNXZN[NV\J\R^N[JVM ZNXZN[NV\J\R^N[ WO XJZNV\[ WO XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ M]ZRVP \QN MN[RPVJVM MN^NTWXUNV\ WO [XNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[ OWZ \QN [\]MNV\[ ZNPJZMRVP \QN OWTTW_RVP2

J& FQN LQRTM ORVM XZWLN[[$ RVLT]MRVP QW_ XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ [][XNL\NM WO QJ^RVP JMR[JKRTR\a LJV XJZ\RLRXJ\N NY]R\JKTa JVM QW_ XJZNV\[$ \NJLQNZ[$ JVM XZR^J\N [LQWWT WOORLRJT[ _RTT KN RVOWZUNMWO \QN XZWLN[[

K& FQN MN\NZURVJ\RWV WO \QN XZWXWZ\RWVJ\N [QJZN WO ONMNZJT O]VM[ J^JRTJKTN \W [NZ^N XJZNV\JTTa%XTJLNM XZR^J\N[LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[$ RVLT]MRVP \QN MN\NZURVJ\RWV WO QW_ \QN XZWXWZ\RWVJ\N [QJZN WO \QW[NO]VM[ _J[ LJTL]TJ\NM

L& FQN LWV[]T\J\RWV XZWLN[[ JUWVP \QN [LQWWT MR[\ZRL\$ XZR^J\N [LQWWT WOORLRJT[$ JVM ZNXZN[NV\J\R^N[ WOXJZNV\[ WO XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[$ RVLT]MRVP QW_ \QN XZWLN[[ _RTTWXNZJ\N \QZW]PQW]\ \QN [LQWWT aNJZ \W NV[]ZN \QJ\ XJZNV\JTTa%XTJLNM [\]MNV\[ _R\Q MR[JKRTR\RN[ RMNV\RORNM\QZW]PQ \QN LQRTM ORVM XZWLN[[ LJV UNJVRVPO]TTa XJZ\RLRXJ\N RV [XNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[

M& CZW^R[RWV WO [XNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[3 QW_$ _QNZN$ JVM Ka _QWU [XNLRJT NM]LJ\RWV JVMZNTJ\NM [NZ^RLN[ _RTT KN XZW^RMNM OWZ XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[$ RVLT]MRVP JMR[L][[RWV WO2

" FQN \aXN[ WO [NZ^RLN[$ RVLT]MRVP MRZNL\ [NZ^RLN[ JVM JT\NZVJ\N [NZ^RLN MNTR^NZa UNLQJVR[U[

" ;W_ [XNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[ _RTT KN JXXWZ\RWVNM RO O]VM[ JZN RV[]OORLRNV\ \W [NZ^N JTTXJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[

" ;W_ JVM _QNV \QW[N MNLR[RWV[ _RTT KN UJMN

N& ;W_$ RO \QN [LQWWT MR[\ZRL\ MR[JPZNN[ _R\Q \QN ^RN_[ WO XZR^J\N [LQWWT WOORLRJT[ WV \QN XZW^R[RWV WO [NZ^RLN[WZ \QN \aXN[ WO [NZ^RLN[ "_QN\QNZ XZW^RMNM MRZNL\Ta WZ \QZW]PQ J LWV\ZJL\#$ \QN [LQWWT MR[\ZRL\ _RTT XZW^RMN \W[]LQ XZR^J\N [LQWWT WOORLRJT[ J _ZR\\NV N`XTJVJ\RWV WO \QN ZNJ[WV[ _Qa \QN [LQWWT MR[\ZRL\ LQW[N VW\ \WXZW^RMN [NZ^RLN[ MRZNL\Ta WZ \QZW]PQ J LWV\ZJL\

)(& IZR\\NV JOORZUJ\RWV

IQNV \RUNTa JVM UNJVRVPO]T LWV[]T\J\RWV QJ[ WLL]ZZNM$ \QN [LQWWT MR[\ZRL\ _RTT WK\JRV J _ZR\\NV JOORZUJ\RWV [RPVNMKa \QN ZNXZN[NV\J\R^N[ WO XJZ\RLRXJ\RVP XZR^J\N [LQWWT[& <O \QN ZNXZN[NV\J\R^N[ MW VW\ XZW^RMN \QN JOORZUJ\RWV_R\QRV J ZNJ[WVJKTN XNZRWM WO \RUN$ \QN [LQWWT MR[\ZRL\ _RTT OWZ_JZM \QN MWL]UNV\J\RWV WO \QN LWV[]T\J\RWV XZWLN[[\W 97B8&

))& 6WUXTRJVLN

4 XZR^J\N [LQWWT WOORLRJT QJ[ \QN ZRPQ\ \W []KUR\ J LWUXTJRV\ \W \QN 97B8 \QJ\ \QN [LQWWT MR[\ZRL\ MRM VW\ NVPJPN RVLWV[]T\J\RWV \QJ\ _J[ UNJVRVPO]T JVM \RUNTa WZ MRM VW\ PR^N M]N LWV[RMNZJ\RWV \W \QN ^RN_[ WO \QN XZR^J\N [LQWWTWOORLRJT& <O \QN XZR^J\N [LQWWT WOORLRJT _R[QN[ \W []KUR\ J LWUXTJRV\$ \QN WOORLRJT _RTT XZW^RMN \W 97B8 \QN KJ[R[ WO\QN VWVLWUXTRJVLN Ka \QN [LQWWT MR[\ZRL\ _R\Q \QN JXXTRLJKTN XZR^J\N [LQWWT XZW^R[RWV[$ JVM \QN [LQWWT MR[\ZRL\ _RTTOWZ_JZM \QN JXXZWXZRJ\N MWL]UNV\J\RWV \W 97B8& <O \QN XZR^J\N [LQWWT WOORLRJT R[ MR[[J\R[ORNM _R\Q \QN MNLR[RWV WO97B8$ \QN WOORLRJT UJa []KUR\ J LWUXTJRV\ \W \QN G&E& ENLZN\JZa WO 8M]LJ\RWV Ka XZW^RMRVP \QN RVOWZUJ\RWV WVVWVLWUXTRJVLN$ JVM 97B8 _RTT OWZ_JZM \QN JXXZWXZRJ\N MWL]UNV\J\RWV \W \QN G&E& ENLZN\JZa WO 8M]LJ\RWV&

)*& 8Y]R\JKTN [NZ^RLN[ MN\NZURVNM

J& AW XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\ _R\Q J MR[JKRTR\a QJ[ JV RVMR^RM]JT ZRPQ\ \W ZNLNR^N [WUN WZ JTTWO \QN [XNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[ \QJ\ \QN [\]MNV\ _W]TM ZNLNR^N RO NVZWTTNM RV J X]KTRL [LQWWT&

K& 7NLR[RWV[ JKW]\ \QN [NZ^RLN[ \QJ\ _RTT KN XZW^RMNM \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\QMR[JKRTR\RN[ _RTT KN UJMN RV JLLWZMJVLN _R\Q \QN RVOWZUJ\RWV RV \QR[ [NL\RWV&

/175 $'( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

L& FQN [LQWWT MR[\ZRL\ _RTT UJSN \QN ORVJT MNLR[RWV[ _R\Q ZN[XNL\ \W \QN [NZ^RLN[ \W KN XZW^RMNM \W NTRPRKTNXJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[&

)+& ENZ^RLN[ XTJV OWZ NJLQ [\]MNV\ [NZ^NM

J& <O J [\]MNV\ _R\Q J MR[JKRTR\a R[ NVZWTTNM RV J ZNTRPRW][ WZ W\QNZ XZR^J\N [LQWWT Ka \QN [\]MNV\![ XJZNV\[ JVM_RTT ZNLNR^N [XNLRJT NM]LJ\RWV WZ ZNTJ\NM [NZ^RLN[ OZWU \QN [LQWWT MR[\ZRL\$ \QN [LQWWT MR[\ZRL\ _RTT RVR\RJ\NJVM LWVM]L\ UNN\RVP[ \W MN^NTWX$ ZN^RN_$ JVM ZN^R[N J [NZ^RLN[ XTJV OWZ \QN [\]MNV\ JVM NV[]ZN \QJ\ JZNXZN[NV\J\R^N WO \QN ZNTRPRW][ WZ W\QNZ XZR^J\N [LQWWT J\\NVM[ NJLQ UNN\RVP& <O \QN ZNXZN[NV\J\R^N LJVVW\J\\NVM$ \QN [LQWWT MR[\ZRL\ _RTT ][N W\QNZ UN\QWM[ \W NV[]ZN XJZ\RLRXJ\RWV Ka \QN ZNTRPRW][ WZ W\QNZ XZR^J\N[LQWWT$ RVLT]MRVP RVMR^RM]JT WZ LWVONZNVLN \NTNXQWVN LJTT[&

K& 8JLQ XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\ _R\Q J MR[JKRTR\a _QW QJ[ KNNV MN[RPVJ\NM Ka \QN [LQWWTMR[\ZRL\ \W ZNLNR^N [NZ^RLN[ _RTT QJ^N J [NZ^RLN[ XTJV \QJ\ MN[LZRKN[ \QN [XNLRORL MRZNL\ [XNLRJT NM]LJ\RWV[NZ^RLN[ \QJ\ \QN [LQWWT MR[\ZRL\ _RTT XZW^RMN \W \QN [\]MNV\ RV TRPQ\ WO \QN [NZ^RLN[ \QJ\ \QN [LQWWT MR[\ZRL\QJ[ MN\NZURVNM R\ _RTT UJSN J^JRTJKTN \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[&

L& FQN [NZ^RLN[ XTJV _RTT KN MN^NTWXNM$ ZN^RN_NM$ JVM ZN^R[NM LWV[R[\NV\ _R\Q \QN ZNY]RZNUNV\[ OWZ <8CMN^NTWXUNV\$ ZN^RN_$ JVM ZN^R[RWV&

),& 8Y]R\JKTN [NZ^RLN[ XZW^RMNM

J& FQN XZW^R[RWV WO NY]R\JKTN [NZ^RLN[ _RTT KN Ka NUXTWaNN[ WO \QN [LQWWT MR[\ZRL\ WZ \QZW]PQ LWV\ZJL\ Ka \QN[LQWWT MR[\ZRL\ _R\Q JV RVMR^RM]JT$ J[[WLRJ\RWV$ JPNVLa$ WZPJVRbJ\RWV$ WZ W\QNZ NV\R\a&

K& FQN [NZ^RLN[ XZW^RMNM \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ _RTT KN XZW^RMNM KaXNZ[WVVNT UNN\RVP \QN [JUN [\JVMJZM[ J[ XNZ[WVVNT XZW^RMRVP [NZ^RLN[ RV \QN X]KTRL [LQWWT[$ N`LNX\ \QJ\XZR^J\N NTNUNV\JZa JVM [NLWVMJZa [LQWWT \NJLQNZ[ _QW JZN XZW^RMRVP NY]R\JKTN [NZ^RLN[ \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ MW VW\ QJ^N \W UNN\ \QN QRPQTa Y]JTRORNM [XNLRJT NM]LJ\RWV\NJLQNZ ZNY]RZNUNV\[ ]VMNZ 9TWZRMJ TJ_&

L& CJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ UJa ZNLNR^N J MROONZNV\ JUW]V\ WO [NZ^RLN[ \QJV[\]MNV\[ _R\Q MR[JKRTR\RN[ RV X]KTRL [LQWWT[&

M& EXNLRJT NM]LJ\RWV JVM ZNTJ\NM [NZ^RLN[ XZW^RMNM \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\QMR[JKRTR\RN[$ RVLT]MRVP UJ\NZRJT[ JVM NY]RXUNV\$ _RTT KN [NL]TJZ$ VN]\ZJT$ JVM VWV%RMNWTWPRLJT&

)-& ?WLJ\RWV WO [NZ^RLN[ JVM \ZJV[XWZ\J\RWV

J& 8Y]R\JKTN [NZ^RLN[ \W XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ UJa KN$ K]\ JZN VW\ZNY]RZNM \W KN$ XZW^RMNM WV \QN XZNUR[N[ WO XZR^J\N$ RVLT]MRVP ZNTRPRW][$ [LQWWT[&

K& <O VNLN[[JZa OWZ \QN [\]MNV\ \W KNVNOR\ OZWU WZ XJZ\RLRXJ\N RV \QN [NZ^RLN[$ J XJZNV\JTTa%XTJLNM XZR^J\N[LQWWT [\]MNV\ _R\Q J MR[JKRTR\a _RTT KN XZW^RMNM \ZJV[XWZ\J\RWV OZWU \QN [\]MNV\![ [LQWWT WZ \QN [\]MNV\![QWUN \W J [R\N W\QNZ \QJV \QN XZR^J\N [LQWWT JVM OZWU \QN [NZ^RLN [R\N \W \QN XZR^J\N [LQWWT$ WZ \W \QN[\]MNV\![ QWUN$ MNXNVMRVP WV \QN \RURVP WO \QN [NZ^RLN[&

L& FQN [LQWWT MR[\ZRL\ R[ VW\ ZNY]RZNM \W XZW^RMN \ZJV[XWZ\J\RWV OZWU \QN [\]MNV\![ QWUN \W \QN XZR^J\N [LQWWT&

M& FQN LW[\ WO JVa \ZJV[XWZ\J\RWV XZW^RMNM ]VMNZ \QR[ [NL\RWV UJa KN RVLT]MNM RV LJTL]TJ\RVP _QN\QNZ \QN[LQWWT MR[\ZRL\ QJ[ N`XNVMNM R\[ XZWXWZ\RWVJ\N [QJZN&

).& 7]N XZWLN[[ QNJZRVP[ JVM XZWLNM]ZJT [JONP]JZM[

J& 8`LNX\ J[ XZW^RMNM QNZNRV$ \QN XZWLNM]ZN[ ZNTJ\NM \W XZWLNM]ZJT [JONP]JZM[$ UNMRJ\RWV$ JVM M]N XZWLN[[QNJZRVP[ MW VW\ JXXTa \W LWUXTJRV\[ \QJ\ \QN [LQWWT MR[\ZRL\ QJ[ OJRTNM \W UNN\ \QN ZNY]RZNUNV\[ RV \QR[[NL\RWV$ RVLT]MRVP \QN XZW^R[RWV WO [NZ^RLN[ RVMRLJ\NM WV \QN [\]MNV\![ [NZ^RLN[ XTJV& ;W_N^NZ$ []LQXZWLNM]ZN[ MW JXXTa \W LWUXTJRV\[ \QJ\ \QN [LQWWT MR[\ZRL\ QJ[ OJRTNM \W UNN\ \QN ZNY]RZNUNV\[ ZNTJ\NM \WLQRTM ORVM$ RVLT]MRVP \QN ZNY]RZNUNV\[ ZNTJ\NM \W LWVM]L\RVP JXXZWXZRJ\N N^JT]J\RWV[ WO [\]MNV\[ _R\QMR[JKRTR\RN[&

K& 4Va ZNY]N[\ OWZ J M]N XZWLN[[ QNJZRVP ZNPJZMRVP \QN LQRTM ORVM ZNY]RZNUNV\[ _RTT KN ORTNM _R\Q \QN [LQWWTMR[\ZRL\ RV _QRLQ \QN XZR^J\N [LQWWT R[ TWLJ\NM JVM J LWXa _RTT KN OWZ_JZMNM \W 7B8&

/175 $') >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

)/& E\J\N LWUXTJRV\[

J& 4Va LWUXTJRV\ \QJ\ \QN [LQWWT MR[\ZRL\ QJ[ OJRTNM \W UNN\ \QN ZNY]RZNUNV\[ ZNTJ\NM \W \QN XZW^R[RWV WONY]R\JKTN [NZ^RLN[$ [NZ^RLN[ XTJV[$ N`XNVMR\]ZN[$ LWV[]T\J\RWV _R\Q XZR^J\N [LQWWT ZNXZN[NV\J\R^N[$XNZ[WVVNT$ WZ NY]RXUNV\ JVM []XXTRN[ _RTT KN ORTNM RV JLLWZMJVLN _R\Q \QN [\J\N LWUXTJRV\ XZWLNM]ZN[MN[LZRKNM RV D]TN[ .4%.&(+()) \QZW]PQ .4%.&(+.)$ 9&4&6&

K& 4 LWUXTJRV\ ORTNM Ka J XZR^J\N [LQWWT WOORLRJT ]VMNZ \QR[ [NL\RWV _RTT KN ORTNM _R\Q 7B8 RV JLLWZMJVLN _R\QR\[ [\J\N LWUXTJRV\ XZWLNM]ZN[ J[ XZN[LZRKNM RV D]TN .4%.&(++))$ 9&4&6&

)0& DNY]RZNUNV\ \QJ\ O]VM[ VW\ KNVNOR\ J XZR^J\N [LQWWT

J& FQN [LQWWT MR[\ZRL\ _RTT VW\ ][N O]VM[ XZW^RMNM ]VMNZ <784 \W ORVJVLN \QN N`R[\RVP TN^NT WO RV[\Z]L\RWV RV JXZR^J\N [LQWWT WZ \W W\QNZ_R[N KNVNOR\ \QN XZR^J\N [LQWWT&

K& FQN [LQWWT MR[\ZRL\ _RTT ][N O]VM[ XZW^RMNM ]VMNZ CJZ\ 5 WO <784 \W UNN\ \QN [XNLRJT NM]LJ\RWV JVMZNTJ\NM [NZ^RLN[ VNNM[ WO XJZNV\JTTa%XTJLNM XZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[$ K]\ VW\ OWZ \QN VNNM[WO J XZR^J\N [LQWWT WZ \QN PNVNZJT VNNM[ WO \QN [\]MNV\[ NVZWTTNM RV \QN XZR^J\N [LQWWT&

)1& G[N WO XNZ[WVVNT

J& FQN [LQWWT MR[\ZRL\ UJa ][N O]VM[ J^JRTJKTN ]VMNZ <784 \W UJSN X]KTRL [LQWWT XNZ[WVVNT J^JRTJKTN RVW\QNZ \QJV X]KTRL OJLRTR\RN[ \W \QN N`\NV\ VNLN[[JZa \W XZW^RMN NY]R\JKTN [NZ^RLN[ OWZ XJZNV\JTTa%XTJLNMXZR^J\N [LQWWT [\]MNV\[ _R\Q MR[JKRTR\RN[ RO \QW[N [NZ^RLN[ JZN VW\ VWZUJTTa XZW^RMNM Ka \QN XZR^J\N [LQWWT&

K& FQN [LQWWT MR[\ZRL\ UJa ][N O]VM[ J^JRTJKTN ]VMNZ <784 \W XJa OWZ \QN [NZ^RLN[ WO JV NUXTWaNN WO JXZR^J\N [LQWWT \W XZW^RMN NY]R\JKTN [NZ^RLN[ RO \QN NUXTWaNN XNZOWZU[ \QN [NZ^RLN[ W]\[RMN WO QR[ WZ QNZZNP]TJZ QW]Z[ WO M]\a JVM \QN NUXTWaNN XNZOWZU[ \QN [NZ^RLN[ ]VMNZ X]KTRL []XNZ^R[RWV JVM LWV\ZWT&

*(& ENXJZJ\N LTJ[[N[ XZWQRKR\NM

FQN [LQWWT MR[\ZRL\ _RTT VW\ ][N O]VM[ J^JRTJKTN ]VMNZ <784 OWZ LTJ[[N[ \QJ\ JZN WZPJVRbNM [NXJZJ\NTa WV \QNKJ[R[ WO [LQWWT NVZWTTUNV\ WZ ZNTRPRWV WO \QN [\]MNV\[ RO \QN LTJ[[N[ JZN J\ \QN [JUN [R\N JVM \QN LTJ[[N[ RVLT]MN[\]MNV\[ NVZWTTNM RV X]KTRL [LQWWT[ JVM [\]MNV\[ NVZWTTNM RV XZR^J\N [LQWWT[&

*)& CZWXNZ\a$ NY]RXUNV\$ JVM []XXTRN[

J& FQN [LQWWT MR[\ZRL\ _RTT LWV\ZWT JVM JMURVR[\NZ \QN O]VM[ ][NM \W XZW^RMN [XNLRJT NM]LJ\RWV JVM ZNTJ\NM[NZ^RLN[ JVM QWTM \R\TN \W JVM JMURVR[\NZ UJ\NZRJT[$ NY]RXUNV\$ JVM XZWXNZ\a X]ZLQJ[NM _R\Q \QW[N O]VM[OWZ \QN ][N[ JVM X]ZXW[N[ XZW^RMNM RV \QR[ [NL\RWV&

K& FQN [LQWWT MR[\ZRL\ UJa XTJLN NY]RXUNV\ JVM []XXTRN[ RV J XZR^J\N [LQWWT OWZ \QN XNZRWM WO \RUN VNNMNMOWZ \QN XZW^R[RWV WO NY]R\JKTN [NZ^RLN[&

L& FQN [LQWWT MR[\ZRL\ _RTT NV[]ZN \QJ\ \QN NY]RXUNV\ JVM []XXTRN[ XTJLNM RV J XZR^J\N [LQWWT JZN ][NM WVTaOWZ <784 X]ZXW[N[ JVM LJV KN ZNUW^NM OZWU \QN XZR^J\N [LQWWT _R\QW]\ ZNUWMNTRVP \QN XZR^J\N [LQWWTOJLRTR\a&

M& FQN [LQWWT MR[\ZRL\ _RTT ZNUW^N NY]RXUNV\ JVM []XXTRN[ OZWU J XZR^J\N [LQWWT RO \QN NY]RXUNV\ JVM[]XXTRN[ JZN VW TWVPNZ VNNMNM OWZ <784 X]ZXW[N[ WZ ZNUW^JT R[ VNLN[[JZa \W J^WRM ]VJ]\QWZRbNM ][N WO\QN NY]RXUNV\ JVM []XXTRN[ OWZ W\QNZ \QJV <784 X]ZXW[N[&

N& AW O]VM[ ]VMNZ <784 _RTT KN ][NM OWZ ZNXJRZ[$ URVWZ ZNUWMNTRVP$ WZ LWV[\Z]L\RWV WO XZR^J\N [LQWWTOJLRTR\RN[&

/175 $'* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

.2AC (1" .?<;4;6B 2>5 .A?465DA6B 7?A .2A6>C2<<G!.<2465 .A;E2C6 049??< 0CD56>CB F;C9&;B23;<;C;6B

064C;?> $# )?9> +" +4*2G 049?<2AB9;@B 7?A 0CD56>CB F;C9 &;B23;<;C;6B .A?8A2=

0C2CDC?AG 2>5 /68D<2C?AG %;C2C;?>B

ENL\RWV[ )((*&+1$ )((*&..$ JVM )((+&*)$ 9&E&

&67;>;C;?>

FQN =WQV @& @L>Ja ELQWTJZ[QRX[ OWZ E\]MNV\[ _R\Q 7R[JKRTR\RN[ CZWPZJU XZW^RMN[ \QN WX\RWV OWZ [\]MNV\[ _R\Q JV <8CWZ JV JLLWUUWMJ\RWV XTJV R[[]NM ]VMNZ ENL\RWV -(, WO \QN DNQJKRTR\J\RWV 4L\ "N`LT]MRVP J \NUXWZJZa JLLWUUWMJ\RWVXTJV _QRLQ R[ ^JTRM [R` ".# UWV\Q[ WZ TN[[# \W J\\NVM J X]KTRL [LQWWT W\QNZ \QJV \QN WVN \W _QRLQ \QN [\]MNV\ R[ J[[RPVNMWZ \W ZNLNR^N J [LQWTJZ[QRX \W J XJZ\RLRXJ\RVP XZR^J\N [LQWWT WO LQWRLN&

'<;8;3;<;CG %A;C6A;2

)& FQN XJZNV\ WO J [\]MNV\ _R\Q J MR[JKRTR\a UJa ZNY]N[\ JVM ZNLNR^N OZWU \QN E\J\N J @L>Ja ELQWTJZ[QRX OWZ \QN[\]MNV\ \W NVZWTT RV JVM J\\NVM J XZR^J\N [LQWWT RO2

J& FQN [\]MNV\ QJ[ ZNLNR^NM [XNLRJTRbNM RV[\Z]L\RWVJT [NZ^RLN[ ]VMNZ \QN HWT]V\JZa CZNSRVMNZPJZ\NV8M]LJ\RWV CZWPZJU M]ZRVP \QN XZN^RW][ [LQWWT aNJZ JVM \QN [\]MNV\ QJ[ J L]ZZNV\ <8C MN^NTWXNM Ka \QNTWLJT [LQWWT KWJZM RV JLLWZMJVLN _R\Q Z]TN[ WO \QN E\J\N 5WJZM WO 8M]LJ\RWV OWZ \QN =WQV @& @L>JaELQWTJZ[QRX[ OWZ E\]MNV\[ _R\Q 7R[JKRTR\RN[ CZWPZJU WZ J -(, JLLWUUWMJ\RWV XTJV QJ[ KNNV R[[]NM

K& FQN [\]MNV\ QJ[ [XNV\ \QN XZRWZ [LQWWT aNJZ RV J\\NVMJVLN J\ J 9TWZRMJ X]KTRL [LQWWT WZ \QN 9E75& CZRWZ[LQWWT aNJZ RV J\\NVMJVLN UNJV[ \QJ\ \QN [\]MNV\ _J[ NVZWTTNM JVM ZNXWZ\NM Ka WVN WO \QN OWTTW_RVP2

" 4 [LQWWT MR[\ZRL\ OWZ O]VMRVP M]ZRVP \QN XZNLNMRVP BL\WKNZ JVM 9NKZ]JZa 989C []Z^Na[ RVSRVMNZPJZ\NV \QZW]PQ PZJMN )*$ _QRLQ [QJTT RVLT]MN \RUN [XNV\ RV J 7NXJZ\UNV\ WO =]^NVRTN =][\RLN"7==# LWUUR\UNV\ XZWPZJU RO O]VMNM ]VMNZ \QN 989C

" FQN 9E75 M]ZRVP \QN XZNLNMRVP BL\WKNZ JVM 9NKZ]JZa [\]MNV\ UNUKNZ[QRX []Z^Na[ RVSRVMNZPJZ\NV \QZW]PQ PZJMN )*

" 4 [LQWWT MR[\ZRL\ OWZ O]VMRVP M]ZRVP \QN XZNLNMRVP BL\WKNZ JVM 9NKZ]JZa 989C []Z^Na[$ _J[ J\TNJ[\ OW]Z ",# aNJZ[ WTM _QNV [W NVZWTTNM JVM ZNXWZ\NM$ JVM _J[ NTRPRKTN OWZ [NZ^RLN[ ]VMNZ [&)((+&*)$ 9&E&

,?C62 4 MNXNVMNV\ LQRTM WO J UNUKNZ WO \QN GVR\NM E\J\N[ 4ZUNM 9WZLN[ _QW \ZJV[ONZ[ \W J [LQWWT RV\QR[ [\J\N OZWU W]\ WO [\J\N WZ OZWU J OWZNRPV LW]V\Za X]Z[]JV\ \W J XJZNV\![ XNZUJVNV\ LQJVPN WO [\J\RWVWZMNZ[ R[ N`NUX\ OZWU \QN XZN^RW][ ZNY]RZNUNV\[ K]\ U][\ UNN\ JTT W\QNZ NTRPRKRTR\a ZNY]RZNUNV\[ \WXJZ\RLRXJ\N RV \QN XZWPZJU&

L& FQN XJZNV\ QJ[ WK\JRVNM JLLNX\JVLN OWZ JMUR[[RWV WO \QN [\]MNV\ \W J XZR^J\N [LQWWT \QJ\ R[ NTRPRKTN OWZ\QN XZWPZJU JVM QJ[ ZNY]N[\NM J [LQWTJZ[QRX OZWU \QN MNXJZ\UNV\ J\ TNJ[\ [R`\a ".(# MJa[ XZRWZ \W \QNMJ\N WO \QN ORZ[\ [LQWTJZ[QRX XJaUNV\& FQN ZNY]N[\ U][\ KN \QZW]PQ J LWUU]VRLJ\RWV MRZNL\Ta \W \QN97B8 RV J UJVVNZ \QJ\ LZNJ\N[ J _ZR\\NV WZ NTNL\ZWVRL ZNLWZM WO \QN ZNY]N[\ JVM \QN MJ\N WO ZNLNRX\ WO \QNZNY]N[\& 97B8 U][\ VW\ROa \QN MR[\ZRL\ WO \QN XJZNV\![ RV\NV\ ]XWV ZNLNRX\ WO \QN XJZNV\![ ZNY]N[\&

*& 4 [\]MNV\ R[ VW\ NTRPRKTN OWZ J =WQV @& @L>Ja ELQWTJZ[QRX _QRTN QN WZ [QN R[2

J& 8VZWTTNM RV J [LQWWT WXNZJ\RVP OWZ \QN X]ZXW[N WO XZW^RMRVP NM]LJ\RWVJT [NZ^RLN[ \W aW]\Q RV 7==LWUUR\UNV\ XZWPZJU[3

K& DNLNR^RVP JV NM]LJ\RWVJT [LQWTJZ[QRX RV JLLWZMJVLN _R\Q 6QJX\NZ )((*$ 9&E&3

L& CJZ\RLRXJ\RVP RV J QWUN NM]LJ\RWV XZWPZJU J[ MNORVNM RV [& )((*&()$ 9&E&3

/175 $'+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

M& CJZ\RLRXJ\RVP RV J ^RZ\]JT [LQWWT$ LWZZN[XWVMNVLN [LQWWT$ WZ MR[\JVLN TNJZVRVP XZWPZJU \QJ\ ZNLNR^N[ E\J\NO]VMRVP X]Z[]JV\ \W \QN [\]MNV\![ XJZ\RLRXJ\RWV$ ]VTN[[ \QN XJZ\RLRXJ\RWV R[ TRUR\NM \W VW UWZN \QJV \_W "*#LW]Z[N[ XNZ [LQWWT aNJZ3

N& CJZ\RLRXJ\RVP RV J XZR^J\N \]\WZRVP XZWPZJU RV JLLWZMJVLN _R\Q [& )((*&,+$ 9&E&3

O& 8VZWTTNM RV \QN 9E753 WZ

P& AW\ QJ^RVP ZNP]TJZ JVM MRZNL\ LWV\JL\ _R\Q QR[ WZ QNZ XZR^J\N [LQWWT \NJLQNZ[ J\ \QN [LQWWT![ XQa[RLJTTWLJ\RWV&

.A?465DA6B

)& FQN JUW]V\ WO \QN [LQWTJZ[QRX R[ LJTL]TJ\NM KJ[NM WV \QN [\]MNV\![ UJ\ZR` WO [NZ^RLN[ MWL]UNV\ WZ \QN JUW]V\WO \QN XZR^J\N [LQWWT![ \]R\RWV JVM ONN[$ _QRLQN^NZ R[ TN[[&

*& 9WZ X]ZXW[N[ WO LWV\RV]R\a WO NM]LJ\RWVJT LQWRLN$ J =WQV @& @L>Ja ELQWTJZ[QRX [QJTT ZNUJRV RV OWZLN ]V\RT \QN[\]MNV\ ZN\]ZV[ \W J X]KTRL [LQWWT$ PZJM]J\N[ OZWU QRPQ [LQWWT$ WZ ZNJLQN[ \QN JPN WO \_NV\a%\_W "**#$ _QRLQN^NZWLL]Z[ ORZ[\&

+& 4 [LQWTJZ[QRX [\]MNV\ _QW NVZWTT[ RV J X]KTRL [LQWWT WZ X]KTRL [LQWWT XZWPZJU R[ LWV[RMNZNM \W QJ^N ZN\]ZVNM \WJ X]KTRL [LQWWT OWZ \QN X]ZXW[N WO MN\NZURVRVP \QN NVM WO \QN [LQWTJZ[QRX![ \NZU& ;W_N^NZ$ RO J [\]MNV\ NV\NZ[ J7== MN\NV\RWV LNV\NZ OWZ J XNZRWM WO VW UWZN \QJV \_NV\a%WVN "*)# MJa[$ \QN [\]MNV\ R[ VW\ LWV[RMNZNM \W QJ^NZN\]ZVNM \W J X]KTRL [LQWWT OWZ \QJ\ X]ZXW[N&

,& GXWV ZNJ[WVJKTN VW\RLN \W \QN 97B8 JVM \QN [LQWWT MR[\ZRL\$ \QN [\]MNV\![ XJZNV\ UJa ZNUW^N \QN [\]MNV\ OZWU\QN XZR^J\N [LQWWT JVM XTJLN \QN [\]MNV\ RV J X]KTRL [LQWWT&

-& GXWV ZNJ[WVJKTN VW\RLN \W \QN 97B8$ \QN [\]MNV\![ XJZNV\ UJa UW^N \QN [\]MNV\ OZWU WVN XJZ\RLRXJ\RVP XZR^J\N[LQWWT \W JVW\QNZ XJZ\RLRXJ\RVP XZR^J\N [LQWWT&

049??< &;BCA;4C -3<;82C;?>B

)& BOONZRVP XJZNV\[ JV WXXWZ\]VR\a \W NVZWTT \QNRZ [\]MNV\ RV JVW\QNZ X]KTRL [LQWWT _R\QRV \QNRZ MR[\ZRL\ RO \QN XJZNV\ZNY]N[\[ RVOWZUJ\RWV WV \QN @L>Ja X]KTRL [LQWWT WX\RWV

*& AW\ROaRVP XJZNV\[ WO [\]MNV\[ _R\Q MR[JKRTR\RN[ JKW]\ \QN [LQWTJZ[QRX XZWPZJU Ka 4XZRT )[\ WO NJLQ [LQWWT aNJZJVM _R\QRV \NV ")(# MJa[ JO\NZ JV <8C \NJU UNN\RVP WZ J -(, JLLWUUWMJ\RWV XTJV R[ R[[]NM

+& <VOWZURVP XJZNV\[ WO \QN J^JRTJKRTR\a WO \QN <VOWZUJ\RWV ;W\TRVN JVM ELQWWT 6QWRLN _NK[R\N

,& >NNXRVP JTT MR[\ZRL\ LWV\JL\ RVOWZUJ\RWV ]X%\W%MJ\N _R\Q \QN 97B8$ _QRLQ LJV KN MWVN \QZW]PQ \QNQ\\X2''___&OTWZRMJ[LQWWTLQWRLN&WZP _NK[R\N _QNV TWPPNM RV J[ J MR[\ZRL\ JMURVR[\ZJ\WZ

-& E]KUR\\RVP JV JVV]JT CJZNV\JT AW\RORLJ\RWV HNZRORLJ\RWV 9WZU \W \QN 97B8 RV \QN [XZRVP WO NJLQ [LQWWT aNJZ

.& AW\ROaRVP XJZNV\[$ _R\QRV \NV ")(# MJa[ WO ORTRVP RV\NV\$ RO J UJ\ZR` QJ[ VW\ KNNV LWUXTN\NM$ JVM RVOWZURVP XJZNV\[\QJ\ \QN ZNY]RZNM UJ\ZR` LWUXTN\RWV MJ\N R[ \QRZ\a "+(# MJa[ JO\NZ J ORTNM RV\NV\

/& 9WZ J [\]MNV\ _R\Q J MR[JKRTR\a _QW MWN[ VW\ QJ^N J UJ\ZR` WO [NZ^RLN[$ LWUXTN\RVP J UJ\ZR` WO [NZ^RLN[ _R\QRV\QRZ\a "+(# MJa[ WO \QN XJZNV\![ ORTNM RV\NV\ MJ\N \QJ\ J[[RPV[ \QN [\]MNV\ \W WVN WO \QN \QZNN TN^NT[ WO [NZ^RLN

,?C62 6QJVPN[ RV J UJ\ZR` WO [NZ^RLN[ MWL]UNV\ UJa KN UJMN WVTa OWZ J \NLQVRLJT$ \aXWPZJXQRLJT$ WZ LJTL]TJ\RWVNZZWZ&

0& CZW^RMRVP TWLJ\RWV[ JVM \RUN[$ RO ZNY]N[\NM$ OWZ JVa @L>Ja ELQWTJZ[QRX [\]MNV\ J\\NVMRVP J XZR^J\N [LQWWT _R\QRV\QN MR[\ZRL\ \W \JSN [\J\N_RMN J[[N[[UNV\ N`JU[

1& CZW^RMRVP ZNN^JT]J\RWV VW\RORLJ\RWV[ \W XJZNV\[ WO [LQWTJZ[QRX [\]MNV\[ J\ TNJ[\ WVLN N^NZa \QZNN "+# aNJZ[

)(& 6WVORZURVP \QJ\ [LQWTJZ[QRX [\]MNV\[ QJ^N VW\ NVZWTTNM RV X]KTRL [LQWWT Ka LWUXTN\RVP \QN 7R[\ZRL\ 8VZWTTUNV\HNZRORLJ\RWV ORTN[ Y]JZ\NZTa XZRWZ \W [LQWTJZ[QRX

))& DNXWZ\RVP [\]MNV\[ _QW ZNLNR^N @L>Ja ELQWTJZ[QRX O]VMRVP J[ +-)0$ _QRLQ MN[RPVJ\N[ \QNU J[ @L>Ja XZR^J\N[LQWWT [\]MNV\[ WV \QN O]TT%\RUN NY]R^JTNV\ "9F8# []Z^Na

/175 $(# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

)*& >RWLI[LQJ WKH 75?6 LI D VWXGHQW HQUROOV LQ SXEOLF VFKRRO$ LV UHJLVWHUHG DV D KRPH HGXFDWLRQ VWXGHQW$ RU LVFRPPLWWHG WR D 599 FRPPLWPHQW SURJUDP IRU PRUH WKDQ WZHQW[%RQH "*)# GD[V

)+& @URYLGLQJ WUDQVSRUWDWLRQ WR WKH SXEOLF VFKRRO LI WKH SDUHQW!V FKRLFH LV FRQVLVWHQW ZLWK WKH GLVWULFW!V VFKRRO FKRLFHSODQ

),& 3FFHSWLQJ D =F;D[ VWXGHQW IURP DQ DGMDFHQW GLVWULFW LI WKHUH LV VSDFH DYDLODEOH DQG WKHUH LV D SURJUDP LQ SODFHWKDW SURYLGHV WKH VHUYLFHV DJUHHG WR LQ WKH VWXGHQW!V 86@

/175 $)$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-2AC *0# -?<;4;6B 2>5 -A?465DA6B 7?A -2A6>C2<<H"-<2465 -A;E2C6 /49??< /CD56>CB F;C9';B23;<;C;6B

/64C;?> &$ (<?A;52 -6AB?>2< +62A>;>8 /49?<2AB9;@ %44?D>CB -A?8A2=

/C2CDC?AH 2>5 .68D<2C?AH &;C2C;?>

AHFWLRQV )((*&+/-$ 7&A&

'67;>;C;?>

BKH 7ORULGD @HUVRQDO <HDUQLQJ AFKRODUVKLS DFFRXQWV SURJUDP SURYLGHV WKH RSWLRQ IRU D SDUHQW WR EHWWHU PHHW WKHLQGLYLGXDO HGXFDWLRQDO QHHGV RI KLV RU KHU HOLJLEOH FKLOG&

b BKH IROORZLQJ DUH GHILQHG DV WKH[ UHODWH WR WKH 7ORULGD @HUVRQDO <HDUQLQJ AFKRODUVKLS1

V "0KKMJQA@ KMJQE@AM" HA=IN = KMJQE@AM RDJ D=N >AAI =KKMJQA@ >T ODA 0CAI?T BJM 9AMNJIN REOD5LVDELOLWLHV$ D KHDOWK FDUH SUDFWLWLRQHU SXUVXDQW WR V& ,-.&(()",#$ RU D SURYLGHU DSSURYHG E[ WKHGHSDUWPHQW SXUVXDQW WR V& )((*&..$ 7&A&

V "1PMME?PGPH" HA=IN = ?JHKGAOA ?JPMNA JB NOP@T BJM = K=MOE?PG=M ?JIOAIO =MA= JM CM=@A&GAQAG% RDE?DLQFOXGHV DQ[ UHTXLUHG VXSSOHPHQWDO PDWHULDOV&

V "2AK=MOHAIO" HA=IN ODA 4283'

V "2EN=>EGEOT" HA=IN% BJM = NOP@AIO EI FEI@AMC=MOAI OJ CM=@A )*% =IT JB ODA BJGGJREIC.

" 3XWLVP$ DV GHILQHG LQ V& +0+&(.0"+#2

" 4HUHEUDO @DOV[$ DV GHILQHG LQ +0+&(.+ ",#2

" 5RZQ A[QGURPH$ DV GHILQHG LQ V&+0+&(.+ ")+#2

" 8QWHOOHFWXDO 5LVDELOLW[$ DV GHILQHG LQ V&+0+&(.+ "*)#2

" @UDGHU%CLOOL V[QGURPH$ DV GHILQHG LQ V& +0+&(.+ "*-#2

" ASLQD ELILGD$ DV GHILQHG LQ V& +0+&(.+ "+.#2

" 7RU D VWXGHQW LQ NLQGHUJDUWHQ$ EHLQJ D KLJK%ULVN FKLOG$ DV GHILQHG LQ +0+&(.+ "*(#2 DQG

" CLOOLDPV A[QGURPH&

V "3GECE>GA IJIKMJBEO N?DJG=MNDEK&BPI@EIC JMC=IEU=OEJI" =N @ABEIA@ EI )((*'+-,'

V "3GECE>GA KJNONA?JI@=MT EINOEOPOEJI" HA=IN =IT JB ODA BJGGJREIC.

" 7ORULGD 4ROOHJH A[VWHP LQVWLWXWLRQ2

" AWDWH XQLYHUVLW[2

" AFKRRO GLVWULFW WHFKQLFDO FHQWHU2

" AFKRRO GLVWULFW DGXOW JHQHUDO HGXFDWLRQ FHQWHU2 RU

" 3Q DFFUHGLWHG QRQSXEOLF SRVWVHFRQGDU[ HGXFDWLRQDO LQVWLWXWLRQ$ DV GHILQHG LQ V& )((-&(*$ WKDW LVOLFHQVHG WR RSHUDWH LQ WKH VWDWH SXUVXDQW WR UHTXLUHPHQWV VSHFLILHG LQ SDUW 888 RI FKDSWHU )((-&

V "3GECE>GA KMEQ=OA N?DJJG" HA=IN = KMEQ=OA N?DJJG% KPMNP=IO OJ N' )((*'()% OD=O EN GJ?=OA@ EI 4GJME@= =I@RIIHUV DQ HGXFDWLRQ WR VWXGHQWV LQ DQ[ JUDGH IURP NLQGHUJDUWHQ WR JUDGH )*&

/175 $)% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

V "539" HA=IN =I EI@EQE@P=G A@P?=OEJI KG=I'

V "9=MAIO" HA=IN = MANE@AIO JB ODEN NO=OA RDJ EN = K=MAIO% =N @ABEIA@ EI N' )((*'*)% 4'<'

V "9MJCM=H" HA=IN ODA 4GJME@= 9AMNJI=G 6A=MIEIC <?DJG=MNDEK 0??JPION 9MJCM=H'

/49??< ';BCA;4CIB ,3<;82C;?>B 2>5 -2A6>C2< ,@C;?>B

b 8QFOXGH WKH IROORZLQJ1

V ;ALPEMAHAIO BJM = @ENOME?O OJ ?JHKGAOA =I 539 =I@ H=OMES JB NAMQE?AN PKJI K=MAIO MALPANO/

V 9MJQE@A BJM NO=OA =NNANNHAION OJ NOP@AION% PKJI K=MAIO MALPANO% =I@/

V 7JOEBT K=MAION ?JI?AMIEIC =Q=EG=>EGEOT JB MAAQ=GP=OEJI AQAMT ODMAA #+$ TA=MN

/175 $)& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-2AC 0#

%@@6>5;46B

/175 $)' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

-2AC 0# %@@6>5;46B

%@@6>5;G %$ )6>6A2< -?<;4;6B 2>5 -A?465DA6B

)& -A?465DA2< /2768D2A5B 7?A /CD56>CB F;C9 ';B23;<;C;6B

?QH RI WKH IROORZLQJ =DBC EH VHOHFWHG1

BKH 5HSDUWPHQW RI 6GXFDWLRQaV %481+- 4. &64+-,96)2 ').-/9)6,7 .46 &)6-387 4. '89,-387 ;180 "17)*12181-7$DV SRVWHG RQ WKH 5HSDUWPHQWaV ZHEVLWH&

3 GLIIHUHQW QRWLFH RI SURFHGXUDO VDIHJXDUGV IRU SDUHQWV RI VWXGHQWV ZLWK GLVDELOLWLHV$ LQFOXGHG DV DQDWWDFKPHQW&

3GGLWLRQDO 3WWDFKPHQW1 >'3

*& -A?465DA2< /2768D2A5B 7?A /CD56>CB 19? %A6 );7C65

?QH RI WKH IROORZLQJ =DBC EH VHOHFWHG1

BKH 5HSDUWPHQW RI 6GXFDWLRQaV &64+-,96)2 ').-/9)6,7 .46 #<+-58143)2 '89,-387 (04 !6- $1.8-,$ DV SRVWHGRQ WKH 5HSDUWPHQWaV ZHEVLWH&

3 GLIIHUHQW QRWLFH RI SURFHGXUDO VDIHJXDUGV IRU SDUHQWV RI VWXGHQWV ZKR DUH JLIWHG$ LQFOXGHG DV DQDWWDFKPHQW&

BKLV UHTXLUHPHQW LV QRW DSSOLFDEOH IRU WKH GLVWULFW&

3GGLWLRQDO 3WWDFKPHQW1 >'3

/175 $)( >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

?FWY D& 2UUJSINHJX

2UUJSIN] 31 CSNVZJ ?MNQTXTUMNHFQ$ 4ZWWNHZQFW$ TW ;SXYWZHYNTSFQ 4TSXNIJWFYNTSX

@IF RDINNK EJRSQJDS IBR JMDKTEFE BR BM BSSBDILFMS BEEJSJNMBK JMGNQLBSJNM QFKBSFE SN FUBKTBSJNMR1 PTBKJGJFE FUBKTBSNQR1 NQOIJKNRNOIJDBK$ DTQQJDTKBQ$ NQ JMRSQTDSJNMBK DNMRJEFQBSJNMR GNQ SIF FWDFOSJNMBKJSJFR JEFMSJGJFE CFKNV0

;;&3&( 2ZYNXR AUJHYWZR 5NXTWIJW

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&) 5JFK TW 9FWI%TK%9JFWNSL

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&* 5J[JQTURJSYFQQ^ 5JQF^JI

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&+ 5ZFQ%AJSXTW^ ;RUFNWJI

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&, 6RTYNTSFQ TW 3JMF[NTWFQ 5NXFGNQNYNJX

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&- 6XYFGQNXMJI 4TSINYNTSX

5UBKTBSJNMR

/175 $(( >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&. 9TRJGTZSI TW 9TXUNYFQN_JI

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&/ ;SYJQQJHYZFQ 5NXFGNQNYNJX

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&0 >WYMTUJINH ;RUFNWRJSY

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&(' >YMJW 9JFQYM ;RUFNWRJSY

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&(( BWFZRFYNH 3WFNS ;SOZW^

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&() AUJHNKNH <JFWSNSL 5NXFGNQNYNJX

" 5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

" AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

/175 $() >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

2EEJSJNMBK 2SSBDILFMS0 ?FF 2SSBDILFMS0 *%*.%,+-

;;&3&(* AUJJHM ;RUFNWRJSYX

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&(+ <FSLZFLJ ;RUFNWRJSYX

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&(, DNXZFQQ^ ;RUFNWJI

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&(- @JQFYJI AJW[NHJX ` >HHZUFYNTSFQ BMJWFU^

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&3&(. @JQFYJI AJW[NHJX ` ?M^XNHFQ BMJWFU^

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&4& ;SIN[NIZFQ 6IZHFYNTSFQ ?QFSX

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;&7& ?WJPNSIJWLFWYJS 4MNQIWJS \NYM 5NXFGNQNYNJX

/175 $(* >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ;'2

;;;&2& 8NKYJI

5UBKTBSJNMR

>TBKJGJFE 5UBKTBSNQR

" AMJPTF =IJKNRNOIJDBK$ 4TQQJDTKBQ NQ 8MRSQTDSJNMBK 4NMRJEFQBSJNMR

2EEJSJNMBK 2SSBDILFMS0 ?FF 2SSBDILFMS0 )%*.%,,,

/175 $(+ >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

?FWY D& 2UUJSINHJX

2UUJSIN] 41 5NXYWNHY ?QFS YT ;SHWJFXJ YMJ ?FWYNHNUFYNTS TK CSIJWWJUWJXJSYJI AYZIJSYX NSYMJ ?WTLWFR KTW AYZIJSYX \MT FWJ 8NKYJI

@IJR RFDSJNM JR MNS BOOKJDBCKF GNQ SIF EJRSQJDS&

)& 4ZWWJSY AYFYZX

=QNUJEF SIF GNKKNVJMH EBSB0

BTYFQ AYZIJSY ?TUZQFYNTS

;TLCFQ NG 2KK ?STEFMSR ./-/

;TLCFQ NG 6JGSFE ?STEFMSR )(,

=FQDFMS NG 6JGSFE ?STEFMSR )&-

<NRNYJI 6SLQNXM ?WTKNHNJSY "<NRNYJI 6SLQNXM UWTKNHNJSY XYZIJSYX FWJ YMTXJ \MT FWJ HTIJI FX !<E$! !<=$!!<?$! TW !<7!#

;TLCFQ NG 2KK ?STEFMSR )).*

;TLCFQ NG 6JGSFE ?STEFMSR (

=FQDFMS NG 6JGSFE ?STEFMSR (

=FQDFMSBHF NG 95= 6JGSFE 4NLOBQFE SN @NSBK ;TLCFQ NG 6JGSFE ?STEFMSR (

#8M NQEFQ SN DBKDTKBSF SIF Z=FQDFMSBHF NG 95= 6JGSFE 4NLOBQFE SN @NSBK ;TLCFQ NG 6JGSFE?STEFMSR[$ EJUJEF SIF MTLCFQ NG 95= HJGSFE RSTEFMSR CX SIF SNSBK MTLCFQ NG HJGSFE RSTEFMSR JM SIFEJRSQJDS CX BME LNUF SIF EFDJLBK ONJMS SVN MTLCFQR SN SIF QJHIS&

<T\ ATHNT%6HTSTRNH AYFYZX 7FRNQ^

;TLCFQ NG 2KK ?STEFMSR --(,

;TLCFQ NG 6JGSFE ?STEFMSR --

=FQDFMS NG 6JGSFE ?STEFMSR )

=FQDFMSBHF NG KNV ?5? 6JGSFE 4NLOBQFE SN @NSBK ;TLCFQ NG 6JGSFE ?STEFMSR

-+

#8M NQEFQ SN DBKDTKBSF SIF Z=FQDFMSBHF NG ?5? 6JGSFE 4NLOBQFE SN @NSBK ;TLCFQ NG 6JGSFE?STEFMSR[$ EJUJEF SIF MTLCFQ NG ?5? HJGSFE RSTEFMSR CX SIF SNSBK MTLCFQ NG HJGSFE RSTEFMSR JM SIFEJRSQJDS BME LNUF SIF EFDJLBK ONJMS SVN MTLCFQR SN SIF QJHIS&

## =FQDFMSBHF NG RSTEFMSR VIN BQF HJGSFE FPTBKR SIF MTLCFQ NG RSTEFMSR VIN BQF HJGSFE VJSIJM BDBSFHNQX EJUJEFE CX SIF SNSBK MTLCFQ NG RSTEFMSR VJSIJM SIBS DBSFHNQX

*& 5NXYWNHY 8TFQ

=QNUJEF SIF EJRSQJDSYR HNBK SN JMDQFBRF SIF OBQSJDJOBSJNM NG RSTEFMSR GQNL TMEFQ%QFOQFRFMSFE HQNTOR JM OQNHQBLRGNQ RSTEFMSR VIN BQF HJGSFE$ JMDKTEJMH VIJDI DBSFHNQX!JFR" BQF SBQHFSFE0

7FMEQX 4NTMSX ?DINNKR OKBM GNQ JMDQFBRJMH SIF TMEFQQFOQFRFMSFE HQNTOR NG KNV RNDJNFDNMNLJD BME KJLJSFE5MHKJRI =QNGJDJFMS HQNTOR JR SIQNTHI NTQ =92; 3& <TQ =KBM 3 JEFMSJGJDBSJNM RSQBSFHJFR VJKK RFQUF SN OQNUJEFHQFBSFQ FPTJSX BME BDDFRR SN HJGSFE OQNHQBLR GNQ RSTEFMSR GQNL NTQ TMEFQQFOQFRFMSFE HQNTOR&

/175 $)# >6 $)&.5=5@1; 0C?5@D9A9>=

#("#*"%#$'8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

2=9 8>FGE>7GMF C?5A 588E9FF>A< 957= B; G=9 ;B??BJ>A< 5E95F >F >A7?H898 5F 5A 5GG57=@9AG% >DD 4SS@BGLDMS2+&+/&,)1

,' 17E99A>A< 5A8 09;9EE5? /EB798HE9F

; # '(3&2,14,0/ 0) 4+( 3&2((/,/* $/' 2()(22$- 120&('52(3 4+$4 7,-- %( 53(' 40 ,/&2($3( 4+( /5.%(2 0)RSTCDMSR QDEDQQDC ENQ DU@KT@SHNM

-' 1GH89AG *I5?H5G>BA /EB798HE9F

; # '(3&2,14,0/ 0) 4+( (6$-5$4,0/ 120&('52(3 $/' .($352(.(/4 ,/3425.(/43 4+$4 7,-- %( 53('

.' *?><>6>?>GL (E>G9E>5

; # '(3&2,14,0/ 0) 4+( &2,4(2,$" %$3(' 0/ 4+( 345'(/493 '(.0/342$4(' $%,-,48 02 104(/4,$- ,/ 4+( 31(&,),& $2($3NE KD@CDQRGHO% LNSHU@SHNM% @B@CDLHB ODQENQL@MBD% @MC BQD@SHUHSX% SG@S VHKK AD @OOKHDC SN CDSDQLHMD SGDRSTCDMSZR DKHFHAHKHSX3 HE @ L@SQHW HR TRDC VGDM CDSDQLHMHMF DKHFHAHKHSX% @ BNOX HR HMBKTCDC @R @M @SS@BGLDMS

/' ,AFGEH7G>BA5? /EB<E5@ .B8>;>75G>BAF BE &85CG5G>BAF

; # '(3&2,14,0/ 0) 4+( ,/3425&4,0/$- 120*2$. .0',),&$4,0/3 02 $'$14$4,0/3 4+$4 7,-- %( ,.1-(.(/4(' 40 (/352(RTBBDRRETK @MC BNMSHMTDC O@QSHBHO@SHNM NE RSTCDMSR EQNL TMCDQ&QDOQDRDMSDC FQNTOR HM SGD DWHRSHMFHMRSQTBSHNM@K OQNFQ@L ENQ RSTCDMSR VGN @QD FHESDC

0' )>FGE>7G *I5?H5G>BA /?5A

; # '(3&2,14,0/ 0) 4+( ',342,&493 1-$/ 53(' 40 (6$-5$4( ,43 120*2(33 407$2' ,/&2($3,/* 1$24,&,1$4,0/ %8RSTCDMSR EQNL TMCDQ&QDOQDRDMSDC FQNTOR HM SGD OQNFQ@L ENQ RSTCDMSR VGN @QD FHESDC

/175 $*$ >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

/5EG 4$ &CC9A8>79F

&CC9A8>K )% )>FGE>7G /B?>7>9F 09<5E8>A< G=9 &??BJ56?9 3F9 BE /EB=>6>G>BA B; /=LF>75?09FGE5>AG 5A8 197?HF>BA

" ?GHR RDBSHNM HR MNS @OOKHB@AKD ENQ SGD CHRSQHBS'

>DKDBS EQNL SGD ENKKNVHMF2

?GD RBGNNK CHRSQHBSZR ONKHBX QDF@QCHMF SGD @KKNV@AKD TRD NQ OQNGHAHSHNM NE OGXRHB@K QDRSQ@HMS NE RSTCDMSR VHSGCHR@AHKHSHDR HR HMBKTCDC @R @M @SS@BGLDMS'

6HRSQHBS CNBTLDMS@SHNM2 ;(4

?GD RBGNNK CHRSQHBSZR ONKHBX QDF@QCHMF SGD @KKNV@AKD TRD NQ OQNGHAHSHNM NE RDBKTRHNM NE RSTCDMSR VHSG CHR@AHKHSHDR HRHMBKTCDC @R @M @SS@BGLDMS'

6HRSQHBS CNBTLDMS@SHNM2 ;(4

/175 $*% >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

/5EG 4$ &CC9A8>79F

&CC9A8>K *% /B?>7>9F 5A8 /EB798HE9F 3A>DH9 GB )9I9?BC@9AG5? 09F95E7= !-56BE5GBEL"17=BB?F

" ?GHR RDBSHNM HR MNS @OOKHB@AKD ENQ SGD CHRSQHBS'

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

6DRBQHAD SGD DWBDOSHNM@K DCTB@SHNM RDQUHBDR @U@HK@AKD VHSGHM SGD K@A RBGNNK2

/175 $*& >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

/5EG 4$ &CC9A8>79F

&CC9A8>K +% '9FG /E57G>79F >A ,A7?HF>I9 *8H75G>BA !'/,*" &FF9FF@9AG

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

?GD CHRSQHBSZR BNLOKDSDC '/,* ,A8>75GBE 05G>A< 25??L 1=99G HR @SS@BGDC'

)>FGE>7GMF '/,*

;(4

?GD CHRSQHBSZR BNLOKDSDC '/,* 19EI>79F /?5A HR @SS@BGDC'

)>FGE>7GMF '/,*

;(4

/175 $*' >6 $*'.5=5@1; 0C?5@D9A9>=

#)"#+"%#$(8BB?,""255AA!639<!>@7"3>>@49=1B>@"A??-9AB@93B->3/@9=B!1A?E

6/23/15 BOARD MEETING – PERSONNEL

Termination – Non-InstructionalMelanie Byers – CMS Clerk/Typist, eff. 6/24/15

Retirement – InstructionalPaula Burton – LES Teacher, eff. 6/5/15

Resignation – InstructionalAndrea Compo – LES Guidance Counselor, eff. 6/19/15 (Relocating)Calvin Sergo – CHS Teacher, eff. 6/5/15 (Relocating)Brandi Coleman – CHS Teacher, eff. 6/20/15 (Personal)Michael Timmons – CHS Teacher, eff. 6/12/15 (Personal)Shaunna Murrhee – COES Teacher, eff. 6/5/16 (Relocating)Rhonda Kosh – LHS Guidance Counselor, eff. 6/19/15 (Personal)

Resignation – SupportJacque Drapal – Finance, Payroll Analyst, eff. 6/18/15 pm (Personal)

Resignation – Non-InstructionalSheila Sheltra – Food Service Account Clerk, eff. 6/30/15

Leave of Absence – Non-InstructionalNashenna Bivens – CMS F/S Worker, eff. 5/11/15 through 6/3/15 (Personal for

medical reasons)

Transfer – AdministrationTammy Bass – from LES Teacher to LHS Dean, eff. 7/20/15 (rep. Harris)Ryan Harris – LHS, from Dean to Teacher, (11 Mo.) eff. 7/20/15 (rep. Greenleaf)

Transfer – InstructionalJanet Hamilton – Teacher, from CHS to EES, eff. 8/3/15Jeffrey Markland – Teacher, from CMS to LMS, eff. 8/3/15Taylor Lucas – Teacher, from EES to CMS, eff. 8/3/15 (rep. Panton)Aurea Perera – from WES Teacher to CMS Reading Resource, eff. 8/3/15 (rep. Irey)Alison Sanchez – Teacher, from CMS to CHS, eff. 8/3/15 (rep. Hojnoski)Sandra Perry – Reading Resource Teacher, from EES to CMS, eff. 8/3/15 (New alloc.

board app. on 6/9/15)Chelsey Brown – Guidance Counselor, from EES to CMS, eff. 7/20/15 (New alloc, board app.

on 6/9/15)

Transfer – Non-InstructionalRosa Pleitez – LHS, from Custodian to Self-Care Ass’t, eff. 8/10/15 (New alloc. board app.

on 4/14/15)Elenda Garcia – School Nurse, from LES to ESE Districtwide, eff. 8/3/15 (New alloc. board

app. on 6/9/15)Martha Cervantes – from WES Para to County ESE Parent Assistant, 11 Mo,

eff. 7/20/15 (New alloc. board app. on 5/12/15)

6/23/15 BOARD MEETING – PERSONNEL – Page 2

Change-in-Designation – InstructionalLaura Lofton – LES, from Teacher to Reading Coach, eff. 8/3/15 (rep. Bass)Allison Shelton – CES, from Resource Teacher to 3rd Grade, eff. 8/3/15 (rep. Villa)Kimberly Ibebunjo – CES, from Tchr-on-Assignment to 3rd Grade Teacher, eff. 8/3/15

(rep. Reis)Kristine Cottrell – COES, from Reading Resource to 1st Grade Teacher, eff. 8/3/15

(rep. Charneski)

Change-in-Designation – Non-InstructionalDebbie Miller – LES Para, from ESE PK to ESE, eff. 8/10/15 (rep. Maddox)Kim Maddox – LES Para, from ESE to ESE PK, eff. 8/10/15 (rep. Miller)

Reappointment for 2015/2016Eileen Pearson – CES Teacher (PSC)Jean Liedtke – CES Teacher (AC)Alison Sanchez – CHS Teacher (AC)Jeffrey Markland – LMS Teacher, from probationary contract to annual contract

Appointment – InstructionalIris Borghese – LHS Assistant Principal, 12 Mo., eff. 7/1/15 (rep. Kelley)

Appointment – InstructionalConnie Walker – COES Teacher, eff. 8/3/15 (rep. Murrhee)Magdaline Solomonides – COES Teacher, eff. 8/3/15 (rep. Ruiz)Heather Adams – COES Teacher, eff. 8/3/15 (rep. Alaniz)Lauri Regan – CES Teacher, eff. 8/3/15 (rep. Poling)Claudia Lozano – CES Teacher, eff. 8/3/15 (rep. Richardson)Kylie Pencarinha – WES Teacher, eff. 8/3/15 (rep. Alford)Martin Crawford – CHS Teacher, eff. 8/3/15 (rep. Sergo)Olivia Billings – LMS Teacher, eff. 8/3/15 (rep. Foutch)Chelsey Ramos – LMS Teacher, eff. 8/3/15 (rep. Stevenson)Tia McClinton – WES Teacher, eff. 8/3/15 (rep. Hatcher)Holley Sweet – WES Teacher, eff. 8/3/15 (rep. Perera)Matthew Cherry – LHS Teacher, eff. 8/3/15 (New alloc. board app. on 6/9/15)

Appointment – SupportDiana Blakey – Finance, Payroll Analyst, eff. 6/24/15 (rep. Drapal)

Appointment – Non-InstructionalAnna Jasso – CES Para, ESE, eff. 8/10/15 (rep. Hart)Cindy Rodriguez – CES Para, ESE, eff. 8/3/15 (New alloc. board app. on 10/8/14)Lisa Bell – COES Para, VPK, eff. 8/10/15 (New alloc. board app. on 2/24/15)Sandra Austin – UES Para, ESE, eff. 8/10/15 (New alloc. board app. on 3/10/15)Yolanda Ford – CMS Para, iReady, eff. 8/10/15 (New alloc. board app. on 6/9/15)Susana Ledezma – WES Custodian, eff. 7/20/15 (rep. Jackson)

6/23/15 BOARD MEETING – PERSONNEL – Page 3

Appointment – Summer School Transportation Bus Drivers and AttendantsClewiston:Autherine Small Mary Fleming Regina WrightPhillis Henry Patricia Brown Katina WillinghamKathy Grimsley Denice Gary Jessica LangsCecilia Guzman Timothy Thomas Tonya WhiteheadPhillis Henry Jessica Langs Gwendolyn JohnsonLaBelle:Debra Bright Denise Brookins Anita LouxPenny McNeill Denise Wright Cruz HerreraJacqueline Crespo Maria Cruz Nora KnesplerSusan Kelly Debby Livingston Deborah SteelmanJewel Blocker Deanna Cherry Lydia FazCurtis Kitchens Robbie Smith

Appointment – Part-timePhillis Henry – Mower, eff. 6/8/15 – 8/7/15

Additional Days/HoursSummer Work Days:Michelle Zimmerly, 5 days Megan Greenleaf, 5 days Haili Marotti, 5 daysRyan Harris, 5 days Lori Perkins, 5 days Iris Borghese, 10 daysDiane Raulerson, 3 days Tammy Bass, 5 days

Jessica Vasquez – add’l support for a student with IEP attending ESY, 6/15 – 6/26/15Martin Espinoza – to be paid for completion of the ELL Book Study Action Research ProjectSarah Sanchez – 10 add’l days, 6/8 – 6/19/15 for transitionSherrie Llossas – 10 add’l days during summerCynthis De Las Salas – 10 add’l days during summerDiane Raulerson – 37.5 hours for week of 6/15 – 6/19/15 for data input for schedulingWayne Pack – 40 hours per week from 6/22 – 7/17/15, LMS floor maintenancePatricia D. Pack – 40 hours per week from 6/22 – 7/17/15, LMS floor maintenanceRobbie Smith – 12 hours on PR #25 to cover the Ft. Myers route for 2 daysLillie Mendoza – 2 hours for translating @ VPK Parent Meeting @ LES on 6/2/15Donna Sparks – hours extended from 6/3 – 7/3/15 and 7/27 – 8/7/15 due to shop renovations

and land lab

Supplements – Food Service - 2014/2015Raquel Armendariz Darlene Barber Denise BrookinsMaria Gonzalez Robin Hoffman Joycelyn HolliganTammy Landrum Sharon McCormick Kathleen McLeanFrancis Navarro Patricia Overbaugh Carmen PaniaguaMartha Rivers LaDonna Roberts Maria VargasAgnes Vela Kathy Williams

6/13/15 BOARD MEETING – PERSONNEL – Page 4

Migrant Summer OutreachPatricia HayesMelissa Luna

CPI Training on 6/4/15Leah FurmanKolisa FranklinLisa FunderburkDoris Johnson

Professional Development for CIM WorkshopLMS:Ericka Burke Lea BurnsideKara Dillman Joel ReinkingMeaghan Johnson Carole SchroederKaren Johnson Ashley CorbittCMS:Adriana Alston Gary BreakfieldAnsley Cockram Danielle JeanAurea Perera Sandra PerryAlexis Price Dena WeekleyCOES:Jacqueline Futch Elvira Garcia-RodriguezLinda Maddox Kelly RhinehartHeather Ruiz Donald SmithKristen WalkerUES:Wendy Anderson Pamela CooperEmily Figured Ana PazCrystal Rodriguez Sasha TackLori WhitedLES:Tammy Bass Pamela J. CooperRebecca Doud Sarah FavaraCathy Kirby Rachel KirklandMelissa Moore Stephanie WilliamsCHS:Cynthia De Las Salas Joshua GrovesMike Kemp Fred M. ParanthaVicki Parantha Tiffany RojasPhillip Summers Mary Thomas

6/23/15 BOARD MEETING – PERSONNEL – Page 5

Professional Development for Digital LearningClewiston Sub-Office:Gregory Zimmerly Susan SmithSandra Van Wagner Aimee SweetPamela Cooper Veronica RoquettEva Marie SprouseWestside:Melinda Krause Dace GarzaJoanna Wojton Amy HathawayHope Alston Aimee Sweet

Professional Development for School Improvement Planning @ EESJacqueline Booth Ronald DierksSherry Irey Brooke BarnesAmanda Howard Ivette PorthSarah Sanchez Marrisa HolmanDanielle Dasher

Professional Development for “Eight Step Problem Solving”CES:Monica Crawford Kimberly IbebunjoBarbara Morrell Allison SheltonWES:Lisa Cannariato Lynn CutshawBarbara Fricke Dace GarzaAmy Hathaway Renee JacksonAimee Sweet

6/23/15 BOARD MEETING

CORRESPONDENCE & REPORTS

1) Donations

a) $100.00 from B.P.O.E. 1863 Elks Lodge to Clewiston High School for the Senior Class.

b) The following donations were received by Clewiston High School for the CriminalJustice Department:

1. $250.00 – Hendry County Fair & Livestock Show, Inc.2. $100.00 – R. Nigel & Joan Miller Jr.

c) $400.00 from Southern Coastal LLC to Clewiston High School to be used for CheerCamp.

d) $5,000.00 from H.E. Hill Foundation Inc. to Clewiston High School to be used for theAVID Program.

2) Educational Trip Request

a) CHS - Approx. 7 FFA Students + 3 chaperones to travel by county vehicle to Orlando,FL 6/29-7/3/15 to attend the FFA State Convention.

FINANCIAL AFFAIRS

1) Approval of Purchases (See Attached)

2) Bills (6/23/15) (See Attached)

3) Deletion of Property Record Items from Inventory (See Attached)

4) Internal Account Purchase Request

a) LHS – Taylor Publishing Co., Dallas, TX in the amount of $8,101.92 for the seconddeposit for the 2014-15 Yearbook.

5) First Bank Line of Credit Resolution (See Attached)

6) Permission to pay the bills on 6/30/15

BOARD MEETING06/23/20152014/2015

Purchase Orders

FINANCIAL AFFAIRS –

1. 1514140, Heartland Data Systems, Inc., Naples, Fl in the amount of $25,000.00 forAnnual Technical Support (2015-2016 school year). (General)

2. 1514147, Telecommunication Conexxions of Florida, Lehigh Acres, Fl in the amountof $186,100.35 for furnish and install new phone systems. (LCIF)

3. 1514190, Special Communications, LLC, Gainesville, Fl in the amount of $13,454.50for prof & tech services for school year 2014-2015. (Federal)

4. 1514293, Crumb’s Well Drilling, Clewiston, Fl in the amount of $9,910.00 for sprinklersystem installation at front of CMS. (LCIF)

5. 1514295, Rhodes Aluminum, Labelle, Fl in the amount of $10,400.00 for coveredwalkway for UES parent pickup. (LCIF)

6. 1514296, Rhodes Aluminum, Labelle, Fl in the amount of $23,600.00 for coveredwalkway for WES. (LCIF)

7. 1514305, Central Restaurant Products, Indianapolis, In in the amount of $6,190.15 for2 door freezer at LHS. (Foodservice)

8. 1514306, Central Restaurant Products, Indianapolis, In in the amount of $6,422.31 forChrome shelving, chrome post, casters at LHS & CHS. (Foodservice)

9. 1514312, EDMENTUM, Minneapolis, Mn in the amount of $14,650.00 for edoptionsacademy over enrollment licenses. (General)

10. 1514333, CDW-Government, Inc., Vernon Hills, Il in the amount of $16,681.92 forChromebooks, supplies. (Federal)

11. 1514334, CDW-Government, Inc., Vernon Hills, Il in the amount of $16,681.92 forChromebooks, supplies. (Federal)

12. 1514335, CDW-Government, Inc., Vernon Hills, Il in the amount of $8,340.96 forChromebooks, supplies. (Federal)

13. 1514343, CenturyLink, La in the amount of $17,119.79 for smartnet renewal. (General)

HEARTLAND DATA SYSTEMS, INC. 15141406718 LONE OAK BLVDNAPLES, FL 34109-6834

06/05/15100-9350-5-000-8200-3100-000-00000-00000-00

1 Annual Technical Support (2015-2016 25,000.0000 25,000.00School Year)Invoice # 1516001

9350-Information Technology $****25,000.00

Telecommunication Conexxions of Flo 15141475485 Lee Street Unit #3lehigh acres, FL 33971

06/05/15375-0001-5-000-7400-6820-000-00000-15386-00

1 CENTRAL ELEMENTARY 25,823.7300 25,823.731 COUNTRY OAKS ELEMENTARY 27,102.7200 27,102.721 EAST/WEST ELEMENTARY 44,207.9900 44,207.991 LABELLE ELEMENTARY SCHOOL 23,348.2700 23,348.271 LABELLE HIGH SCHOOL 39,730.7700 39,730.771 UPTHEGROVE ELEMENTARY 24,086.8700 24,086.871 BACK UP UNITS 1,800.0000 1,800.00FURNISH AND INSTALL NEW PHONE SYSTEM.PRICING PIGGY BACK OFF OF LEE COUNTYCONTRACT #R127066JM PROPOSAL DATED6/4/15

PO-SHIPPING-TRANSPORTATION $***186,100.35

Special Communications, LLC 1514190Attn: PMB 161P.O. Box 357490Gainesville, FL 32635-7490

06/09/15420-9130-5-000-6300-3100-000-2635A-5CB01-00

1 PROF. & TECH SERVICES FOR SCHOOL YEAR 13,454.5000 13,454.502014-2015

9130-EXCEPTIONAL STUDENT EDUCA $****13,454.50

CRUMB'S WELL DRILLING 15142933200 HENDRY ISLES BLVD.CLEWISTON, FL 33440

06/15/15375-0001-5-000-7400-6820-000-00000-15386-00

1 Sprinkler system installation at front 9,910.0000 9,910.00of CMS

PO-SHIPPING-MAINTENANCE:LABELLE $*****9,910.00

RHODES ALUMINUM 1514295P. O. Box 2398LABELLE, FL 33975

06/15/15375-0001-5-000-7400-6820-000-00000-15386-00

1 Covered walkway for UES parent pickup 10,400.0000 10,400.00PO-SHIPPING-MAINTENANCE:LABELLE $****10,400.00

RHODES ALUMINUM 1514296P. O. Box 2398LABELLE, FL 33975

06/15/15375-0001-5-000-7400-6820-000-00000-15386-00

1 Covered walkway for WES 23,600.0000 23,600.00PO-SHIPPING-MAINTENANCE:LABELLE $****23,600.00

Central Restaurant Products 15143057750 GeorgetownIndianapolis, IN 46268-4135

06/16/15410-0181-5-000-7600-6410-000-00000-00000-00

1 2 DOOR FREEZER, PRMIUM S/S ALUM 6,190.1500 6,190.15INTERIOR, S/S EXTERHINGE LOCATION LEFT, RIGHTTRUE # STA2F-2SITEM # 675-665-LT-RTFREE SHIPPING

0181-LABELLE HIGH SCHOOL $*****6,190.15

Central Restaurant Products 15143067750 GeorgetownIndianapolis, IN 46268-4135

06/16/15Multiple

64 CHROME SHELVING, 24"WX60"L FOR DRY 28.9200 1,850.88STORAGE, ITEM # 835-117-CHR

28 CHROME SHELVING, 24"WX72"L FOR DRY 34.7300 972.44STORAGE, ITEM # 835-118-CHR

12 CHROME SHELVING, 24:WX48"L FOR DRY 23.5400 282.48STORAGE, IEM # 835-116-CHR

104 CHROME POST, 86 3/4"H FOR DRY STORAGE, 7.9100 822.64ITEM # 835-127-CHR-NO CASTERS

26 SET OF 4 CASTERS, 2 SWIVEL, 2 W/BRAKES, 45.5300 1,183.78ECONOMY SHELFING, ITEM # 835-040

1 SHIPPING 1,310.0900 1,310.09410-0181-5-000-7600-6410-000-00000-00000-00

410-0201-5-000-7600-6410-000-00000-00000-00PO-SHIPPING-WAREHOUSE $*****6,422.31

EDMENTUM 1514312Attn: GAIL BOWERSN.W. 7504, P.O. BOX 1450MINNEAPOLIS, MN 55485-7504

06/16/15100-9105-5-000-7200-6920-000-00000-00000-00 06/16/2015

1 EdOptions Academy Over Enrollment 14,650.0000 14,650.00Licenses

PO-SHIPPING:INSTRUCTION $****14,650.00

CDW-GOVERNMENT, INC. 1514333Attn: Todd Short230 N. MILWAUKEE AVENUEVERNON HILLS, IL 60061

06/17/15Multiple Vendor Notes::

DELIVER TO THE WAREHOUSE - AS PER QUOTE:FWLS820 AND GFRT720 - FOR LES

48 3331102 - ASUS CHROMEBOOK C300MA 13.3 32 289.0000 13,872.00GB 4 GB

48 2856676 - ACAD GOOGLE CHROME MANAGEMENT 30.0000 1,440.00- LIC/SUPPORT

48 3254461 - CHROME WHITE GLOVE CONFIG SVC. 14.0000 672.0048 2086051 - LOGITECH BLACK MOUSE 6.7500 324.0048 744081 - KENSINGTON HEADPHONES 7.7900 373.9248 338520 - ASSET TAG W/INSTALL 0.0000 0.00

420-0151-5-101-5100-5100-000-2125A-5CB01-00420-0151-5-101-5100-6440-000-2125A-5CB01-00420-9141-5-101-5100-6440-000-2125A-5CB01-00420-9141-5-101-5100-6920-000-2125A-5CB01-00420-9141-5-000-5100-3100-000-2125A-5CB01-00

PO-SHIPPING-WAREHOUSE $****16,681.92

CDW-GOVERNMENT, INC. 1514334Attn: Todd Short230 N. MILWAUKEE AVENUEVERNON HILLS, IL 60061

06/17/15Multiple Vendor Notes::

DELIVER TO THE WAREHOUSE - AS PER QUOTE:FWLS820 AND GFRT720 - FOR EES

48 3331102 - ASUS CHROMEBOOK C300MA 13.3 32 289.0000 13,872.00GB 4 GB

48 2856676 - ACAD GOOGLE CHROME MANAGEMENT 30.0000 1,440.00- LIC/SUPPORT

48 3254461 - CHROME WHITE GLOVE CONFIG SVC. 14.0000 672.0048 2086051 - LOGITECH BLACK MOUSE 6.7500 324.0048 744081 - KENSINGTON HEADPHONES 7.7900 373.9248 338520 - ASSET TAG W/INSTALL 0.0000 0.00

420-0162-5-101-5100-5100-000-2125A-5CB01-00420-0162-5-101-5100-6440-000-2125A-5CB01-00420-9141-5-101-5100-6440-000-2125A-5CB01-00420-9141-5-101-5100-3100-000-2125A-5CB01-00420-9141-5-101-5100-6920-000-2125A-5CB01-00

PO-SHIPPING-WAREHOUSE $****16,681.92

CDW-GOVERNMENT, INC. 1514335Attn: Todd Short230 N. MILWAUKEE AVENUEVERNON HILLS, IL 60061

06/17/15Multiple Vendor Notes::

DELIVER TO THE WAREHOUSE - AS PER QUOTE:FWLS820 AND GFRT720 - FOR UES

24 3331102 - ASUS CHROMEBOOK C300MA 13.3 32 289.0000 6,936.00GB 4 GB

24 2856676 - ACAD GOOGLE CHROME MANAGEMENT 30.0000 720.00- LIC/SUPPORT

24 3254461 - CHROME WHITE GLOVE CONFIG SVC. 14.0000 336.0024 2086051 - LOGITECH BLACK MOUSE 6.7500 162.0024 744081 - KENSINGTON HEADPHONES 7.7900 186.9624 338520 - ASSET TAG W/INSTALL 0.0000 0.00

420-0192-5-101-5100-5100-000-2125A-5CB01-00420-0192-5-101-5100-6440-000-2125A-5CB01-00420-9141-5-101-5100-6440-000-2125A-5CB01-00420-0192-5-000-5100-6920-000-2125A-5CB01-00420-9141-5-000-5100-3100-000-2125A-5CB01-00

PO-SHIPPING-WAREHOUSE $*****8,340.96

CenturyLink 1514343LISA BURKETTACCT.EXECUTIVE/ED. SPEC.e/mail:AFTER ORD., LA 71211-4786

06/17/151 Smartnet Renewal 17,119.7900 17,119.797/1/15 - 6/30/15100-9350-5-000-8200-3100-000-00000-00000-00

9350-Information Technology $****17,119.79

BOARD MEETING06/23/20152015/2016

Purchase Orders

1. 1610003, Max Davis Associates, West Palm Beach, Fl in the amount of $10,171.00 forCopiers at LMS. (LCIF)

2. 1610004, Max Davis Associates, West Palm Beach, Fl in the amount of $5,738.00 forCopier at LHS. (LCIF)

3. 1610005, Max Davis Associates, West Palm Beach, Fl in the amount of $5,738.00 forCopier at LES. (LCIF)

4. 1610008, Max Davis Associates, West Palm Beach, Fl in the amount of $6,998.00 forCopier at COE. (LCIF)

5. 1610009, Max Davis Associates, West Palm Beach, Fl in the amount of $5,738.00 forCopier at CMS. (LCIF)

6. 1610011, Max Davis Associates, West Palm Beach, Fl in the amount of $5,738.00 forCopier at CES. (LCIF)

7. 1610014, Melissa Kelley’s LLC, Clewiston, Fl in the amount of $9,000.00 forCustodial services at Sub Office. (General)

8. 1610039, Max Davis Associates, West Palm Beach, Fl in the amount of $11,431.00 forCopiers at UES. (LCIF)

9. 1610048, Office Depot, Inc., Delray Beach, Fl in the amount of $5,100.00 for open p.o.for supplies. (General)

10. 1610049, SpringBoard, New York, Ny in the amount of $10,959.30 for springboard atCHS. (General)

11. 1610128, Jay Ammon-Architect, Inc., Longwood, Fl in the amount of $16,000.00 forInspection of work orders performed. (LCIF)

MAX DAVIS ASSOCIATES 1610003Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 5,738.0000 5,738.001 Copier 4,433.0000 4,433.00

0020-LABELLE MIDDLE SCHOOL $****10,171.00

MAX DAVIS ASSOCIATES 1610004Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 5,738.0000 5,738.000181-LABELLE HIGH SCHOOL $*****5,738.00

MAX DAVIS ASSOCIATES 1610005Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 5,738.0000 5,738.000151-LABELLE ELEM SCH $*****5,738.00

MAX DAVIS ASSOCIATES 1610008Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 6,998.0000 6,998.000191-COUNTRY OAKS ELEMENTARY S $*****6,998.00

MAX DAVIS ASSOCIATES 1610009Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 5,738.0000 5,738.000061-CLEW MIDDLE SCH $*****5,738.00

MAX DAVIS ASSOCIATES 1610011Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 5,738.0000 5,738.000171-CENTRAL ELEM $*****5,738.00

Melissa Kelley's LLC 16100142050 Panama AvenueClewiston, FL 33440

06/05/15100-9205-5-000-7200-3900-000-00000-00000-00

1 Custodial Services for Clewiston 9,000.0000 9,000.00Sub-OfficeFY 2015-16

PO-SHIPPING-SUB OFFICE $*****9,000.00

MAX DAVIS ASSOCIATES 1610039Attn: Randy Crowe1101 Northpoint ParkwaySUITE BWEST PALM BEACH, FL 33407

06/05/15376-0001-5-000-7400-6410-000-00000-00000-00

1 Copier 6,998.0000 6,998.001 Copier 4,433.0000 4,433.00

0192-UPTHEGROVE ELEM. SCHOOL $****11,431.00

OFFICE DEPOT, INC 16100482200 OLD GERMANTOWN RDFILE#91587/ACCT29089697DELRAY BEACH, FL 33445

06/12/15100-9002-5-000-6400-5100-000-00000-16072-00

1 Open PO for supplies for New Teacher 5,100.0000 5,100.00Induction Program

PO-SHIPPING:INSTRUCTION $*****5,100.00

SpringBoard 161004945 Columbus AvenueNew York, NY 10023

06/12/15100-0201-5-103-5100-5250-000-00000-16011-00

1 SpringBoard order as per attached 9,963.0000 9,963.001 Shipping 996.3000 996.30Note: Textbooks exempt from quoteprocess

CLEWISTON HIGH SCHOOL $****10,959.30

JAY AMMON- ARCHITECT INC. 16101283246 LAKEVIEW OAKS DRIVELONGWOOD, FL 32779

06/17/15375-0001-5-000-7400-6820-000-00000-15386-00

1 INSPECTION OF WORK ORDERS PERFORMED 16,000.0000 16,000.007/1/14 - 6/30/15

PO-SHIPPING-TRANSPORTATION $****16,000.00

June 23, 2015

FUND BEG. ENDINGCHECK CHECKNUMBER NUMBER AMOUNT

I GENERAL OPERATING 146493 - 146659 $1,534,805.36

II & III DEBT SERV. & CAPT. OUT 006306 - 006312 $ 93,483.02

IV SPECIAL REV. – OTHER 045706 - 045760 $ 423,470.62

TOTAL: $2,051,759.00

Capital Projects 6/17/15

SCHOOLS

The modular installations are on track, concrete was poured on 6/17/15.

Acousti and MCM Paint have been working 7 days per week to complete the summerprojects in time. We are making good progress through the first two weeks of summer.

Fire alarm inspections by Fyr Fyter and EPS, Fire Safety Inspections by the County FireMarshalls and Health Inspections by the Health Department are all under way. TheHealth and Fire Inpsections always generates additional work.

The gym floor refinishing is on schedule, the Air Handler replacements at LHS is almostcomplete and the walls have been removed for the Handicap bathrooms at LHS.

We will be pouring sidewalk at UES next week ahead of the covered walkway that willtie in the two modulars that were installed last year.

BOARD MEMBER BUSINESS

1. 2015-16 Florida Diagnostic & Learning Resources System (FDLRS Heartland) Grant Application –For Informational Purposes Only (See Attached)

2. REMINDER – Financial Disclosure Forms are due by July 1, 2015.