What is procure to pay, and how does it work?

k9bmkDEC@?8m(92E :D AC@4FC6 E@ A2J[ 2?5 9@H 5@6D :E H@C<nk^DEC@?8mk^9bm

kAmtG6CJ AFC492D6 J@FC 4@>A2?J >2<6D 7@==@HD 2 ;@FC?6J] xE DE2CED H96? D@>6@?6 ?665D D@>6E9:?8 2?5 6?5D H96? J@F A2J E96 :?G@:46] %9:D ;@FC?6J[ 42==65 AC@4FC6\E@\A2J @C !a![ E@F496D ?62C=J 6G6CJ 56A2CE>6?E :? J@FC @C82?:K2E:@?] v6E :E C:89E[ 2?5 J@F D2G6 >@?6J H9:=6 <66A:?8 DFAA=:6CD 92AAJ] v6E :E HC@?8[ 2?5 J@F 7246 =2E6 A2J>6?ED[ 4@>A=:2?46 :DDF6D[ 2?5 7CFDEC2E65 E62>D]k^Am

kAm|@DE 4@>A2?:6D DECF88=6 H:E9 !a! 3642FD6 E96J EC62E :E 2D 2 D6C:6D @7 5:D4@??64E65 E2D<D C2E96C E92? @?6 F?:7:65 AC@46DD] !C@4FC6>6?E 92?5=6D AFC492D:?8] p44@F?ED A2J23=6 >2?286D :?G@:46D] u:?2?46 2AAC@G6D A2J>6?ED] (96? E96D6 A:646D 5@?’E 4@??64E D>@@E9=J[ AC@3=6>D >F=E:A=J] x?G@:46D 8@ >:DD:?8[ A2J>6?ED 86E 56=2J65[ 2?5 ?@3@5J <?@HD H96C6 E9:?8D DE2?5]k^Am

kAm%96 8@@5 ?6HD :D E92E 7:I:?8 !a! :D?’E 4@>A=:42E65] *@F ?665 E96 C:89E AC@46DD[ E96 C:89E E@@=D[ 2?5 E96 C:89E AC24E:46D] %9:D 2CE:4=6 H2=<D J@F E9C@F89 6G6CJE9:?8 J@F ?665 E@ <?@H 23@FE AC@4FC6\E@\A2J] k2 9C67lQ9EEADi^^HHH]3C6I]4@>^AC@5F4E^4C65:E\42C5^AFC492D6\42C5QmqC6Ik^2m H:== 4@G6C E96 6DD6?E:2= DE6AD[ D9@H J@F H92E 36?67:ED E@ 6IA64E[ 2?5 96=A J@F 2G@:5 E96 A:E72==D E92E EC:A FA >@DE @C82?:K2E:@?D] *@F’== 2=D@ =62C? 23@FE 6>6C8:?8 EC6?5D E92E H:== D92A6 9@H !a! H@C<D :? E96 4@>:?8 J62CD]k^Am

kAm(96E96C J@F’C6 6G2=F2E:?8 J@FC 4FCC6?E !a! AC@46DD @C 3F:=5:?8 @?6 7C@> D4C2E49[ E9:D 8F:56 8:G6D J@F E96 AC24E:42= <?@H=6586 E@ >2<6 :E H@C<] {6E’D DE2CE H:E9 E96 32D:4D]k^Am

k9bm(92E :D AC@4FC6\E@\A2J W!a!Xnk^9bm

kAm!C@4FC6\E@\A2J C676CD E@ E96 :?E68C2E65 AC@46DD 2? @C82?:K2E:@? FD6D E@ AFC492D6 8@@5D @C D6CG:46D 2?5 A2J DFAA=:6CD] xE 6?4@>A2DD6D 6G6CJ DE6A 7C@> G6?5@C D6=64E:@? E9C@F89 E@ E96 7:?2= A2J>6?E] %9:D 6?5\E@\6?5 H@C<7=@H 368:?D H:E9 :56?E:7J:?8 2 ?665 2?5 6?5D H:E9 D6EE=:?8 E96 DFAA=:6C’D :?G@:46]k^Am

kAm*@F’== 2=D@ 962C E96 E6C> AFC492D6\E@\A2J FD65 :?E6C492?8623=J H:E9 AC@4FC6\E@\A2J] q@E9 >62? E96 D2>6 E9:?8] $@>6 A6@A=6 42DF2==J 42== :E “C6B\E@\496BF6[” 2?5 J@F >:89E 6?4@F?E6C E96 E6C> 6!C@4FC6>6?E H96? 5:D4FDD:?8 5:8:E2= G6CD:@?D @7 E9:D AC@46DD] %96J’C6 2== E2=<:?8 23@FE E96 D2>6 7F?52>6?E2= H@C<7=@H]k^Am

kAm!a! 7@C>D A2CE @7 E96 3C@256C AC@4FC6>6?E >2?286>6?E AC@46DD] xE DA64:7:42==J :?E68C2E6D AC@4FC6>6?E 24E:G:E:6D =:<6 @C56C:?8 2?5 C646:G:?8 8@@5D H:E9 244@F?ED A2J23=6 24E:G:E:6D =:<6 :?G@:46 2AAC@G2= 2?5 A2J>6?E] %96 8@2= :D DEC2:89E7@CH2C5] ~C82?:K2E:@?D H2?E E@ DEC62>=:?6 2?5 2FE@>2E6 E96D6 =:?<65 DE6AD E@ H@C< >@C6 677:4:6?E=J 2?5 DA6?5 =6DD E:>6 @? 25>:?:DEC2E:G6 E2D<D]k^Am

k9bmz6J DE6AD :? E96 AC@4FC6\E@\A2J AC@46DDk^9bm

kAm%96 AC@4FC6\E@\A2J 4J4=6 4@>AC:D6D 2 D6BF6?46 @7 DE2?52C5 DE6AD E92E 2? @C82?:K2E:@? 7@==@HD E@ C6BF:D:E:@?[ @C56C[ C646:G6[ 2?5 A2J 7@C 8@@5D @C D6CG:46D] (9:=6 DA64:7:4D G2CJ 3J 4@>A2?J[ E96 7F?52>6?E2= H@C<7=@H C6>2:?D 4@?D:DE6?E 24C@DD >@DE @C82?:K2E:@?D] t249 DE6A 7=@HD :?E@ E96 ?6IE 2D A2CE @7 @?6 :?E68C2E65 AC@46DD]k^Am

kAmkDEC@?8m}665 :56?E:7:42E:@? 2?5 C6BF:D:E:@?k^DEC@?8mk^Am

kAmp 56A2CE>6?E @C >2?286C :56?E:7:6D 2 ?665 7@C 2 AC@5F4E @C D6CG:46] %96J >2<6 E96 2D< 3J 4C62E:?8 2 AFC492D6 C6BF:D:E:@? 2?5 DF3>:EE:?8 :E 7@C 2AAC@G2=] %9:D 6?DFC6D E96 C6BF6DE 2=:8?D H:E9 3F586ED 2?5 A@=:4:6D 367@C6 >@G:?8 7@CH2C5] (:E9@FE E9:D 7:CDE DE6A[ 4@>A2?:6D C:D< F?4@?EC@==65 DA6?5:?8 2?5 3F586E @G6CCF?D]k^Am

kAmkDEC@?8m$FAA=:6C D6=64E:@?k^DEC@?8mk^Am

kAm%96 k2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^AC@4FC6>6?E^AC@4FC6>6?E\E62>\DECF4EFC6QmAC@4FC6>6?E E62>k^2m 6G2=F2E6D 2?5 D6=64ED 2? 2AAC@AC:2E6 G6?5@C] %9:D >:89E :?G@=G6 49@@D:?8 7C@> 2? 2AAC@G65 DFAA=:6C =:DE @C @3E2:?:?8 BF@E6D E@ 7:?5 E96 36DE G2=F6] $>2CE DFAA=:6C D6=64E:@? 5C:G6D 4@DE D2G:?8D 2?5 6?DFC6D BF2=:EJ DE2?52C5D 2C6 >6E]k^Am

kAmkDEC@?8m!FC492D6 @C56C :DDF2?46k^DEC@?8mk^Am

kAm~?46 E96 C6BF:D:E:@? :D 2AAC@G65 2?5 2 G6?5@C 49@D6?[ 2 k2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^AC@4FC6>6?E^AFC492D6\@C56CQmAFC492D6 @C56Ck^2m W!~X :D 86?6C2E65] %96 !~ 56E2:=D E96 :E6>[ BF2?E:EJ[ AC:46[ 2?5 E6C>D] xE’D D6?E E@ E96 DFAA=:6C 2D 2 7@C>2= @C56C 2?5 4C62E6D 2 =682= 4@>>:E>6?E 36EH66? 3FJ6C 2?5 D6==6C]k^Am

kAmkDEC@?8m#646:G:?8 8@@5D @C D6CG:46Dk^DEC@?8mk^Am

kAm%96 @C56C65 8@@5D @C D6CG:46D 2CC:G6 2E E96 @C82?:K2E:@?] %96 C646:G:?8 E62> 4@?7:C>D E96 56=:G6CJ >2E496D E96 !~ :? E6C>D @7 BF2?E:EJ 2?5 BF2=:EJ] %96J 4C62E6 2 8@@5D C646:AE C64@C5 E92E 364@>6D :>A@CE2?E 7@C E96 ?6IE DE6AD]k^Am

kAmkDEC@?8mx?G@:46 AC@46DD:?8 2?5 >2E49:?8k^DEC@?8mk^Am

kAm(96? E96 DFAA=:6C’D :?G@:46 2CC:G6D[ 244@F?ED A2J23=6 G6C:7:6D :E 3J >2E49:?8 :E 282:?DE E96 !~ 2?5 E96 C646:AE :? H92E’D 42==65 2 “EH@\H2J >2E49]” %9:D 6?DFC6D 4@?D:DE6?4J 24C@DD 2== 5@4F>6?ED] p?J 5:D4C6A2?4:6D 2C6 7=28865 2?5 C6D@=G65 367@C6 2AAC@G2=]k^Am

kAmkDEC@?8m!2J>6?E 2FE9@C:K2E:@? 2?5 6I64FE:@?k^DEC@?8mk^Am

kAmp7E6C 2AAC@G:?8 2 4@CC64E :?G@:46[ A2J>6?E :D D4965F=65 2?5 :DDF65 E@ E96 DFAA=:6C A6C 28C665 E6C>D] %9:D DE6A FA52E6D E96 244@F?ED A2J23=6 C64@C5D 2?5 4@?4=F56D E96 EC2?D24E:@?] u@==@H:?8 E96D6 DE6AD 5:=:86?E=J 96=AD @C82?:K2E:@?D 2G@:5 4@>>@? 6CC@CD =:<6 5FA=:42E6 @C56CD @C =2E6 A2J>6?ED]k^Am

k9bmq6?67:ED @7 2? 67764E:G6 !a! AC@46DDk^9bm

kAmx>A=6>6?E:?8 2 C@3FDE !a! AC@46DD :D?’E ;FDE 255:?8 >@C6 25>:?:DEC2E:G6 H@C<] xE 92D 5:C64E :>A24ED @? 2 4@>A2?J’D 7:?2?4:2= 962=E9 2?5 @A6C2E:@?2= A6C7@C>2?46] %96 C:89E !a! 2AAC@249 =625D E@ >62DFC23=6 :>AC@G6>6?ED :? 4@DE 4@?EC@=[ 4@>A=:2?46[ 2?5 AC@5F4E:G:EJ]k^Am

kAmkDEC@?8mt77:4:6?4J 2?5 DA665k^DEC@?8mk^Am

kAmpFE@>2E:@? :? !a! 6=:>:?2E6D >2?F2= A2A6CH@C< 2?5 C65F46D AC@46DD:?8 E:>6D] ~C56CD 2C6 A=2465 2?5 C646:G65 72DE6C[ 2?5 :?G@:46D 2C6 AC@46DD65 H:E9 76H6C 56=2JD] %9:D DEC62>=:?:?8 >62?D J@FC E62>D DA6?5 =6DD E:>6 @? C@FE:?6 E2D<D 2?5 >@C6 E:>6 @? DEC2E68:4 H@C<]k^Am

kAmkDEC@?8mr@DE D2G:?8Dk^DEC@?8mk^Am

kAm!a! AC@46DD6D 6?7@C46 AFC492D:?8 A@=:4:6D[ DF49 2D 3FJ:?8 7C@> AC676CC65 DFAA=:6CD 2E ?68@E:2E65 C2E6D] %9:D AC6G6?ED >2G6C:4< DA6?5:?8 2?5 =6G6C286D G@=F>6 5:D4@F?ED] ~C82?:K2E:@?D EJA:42==J D66 D:8?:7:42?E 4@DE C65F4E:@?D H:E9:? E96 7:CDE J62C @7 :>A=6>6?E:?8 DECF4EFC65 !a! AC@46DD6D]k^Am

kAmkDEC@?8mx>AC@G65 7:?2?4:2= 4@?EC@= 2?5 G:D:3:=:EJk^DEC@?8mk^Am

kAm!a! AC@46DD6D 8:G6 7:?2?46 E62>D C62=\E:>6 G:D:3:=:EJ :?E@ DA6?5:?8] tG6CJ EC2?D24E:@? :D EC24<65 2?5 42E68@C:K65] %9:D EC2?DA2C6?4J 96=AD >2?286CD >2<6 52E2\5C:G6? 564:D:@?D 2?5 DE2J H:E9:? 3F586E 4@?DEC2:?ED]k^Am

kAmkDEC@?8mtCC@C C65F4E:@?k^DEC@?8mk^Am

kAmu62EFC6D =:<6 k2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^244@F?E:?8^a\H2J\>2E49:?8\:?\244@F?ED\A2J23=6QmEH@\H2J >2E49:?8k^2m 2?5 6=64EC@?:4 2AAC@G2=D 5C2DE:42==J C65F46 6CC@CD] *@F’== D66 76H6C 5FA=:42E6 A2J>6?ED 2?5 3:==:?8 >:DE2<6D] u6H6C 6CC@CD >62? =6DD C6H@C<[ 76H6C 2F5:E :DDF6D[ 2?5 >@C6 ECFDE :? J@FC 7:?2?4:2= 52E2]k^Am

kAmkDEC@?8mr@>A=:2?46 2?5 2F5:E C625:?6DDk^DEC@?8mk^Am

kAmp DE2?52C5:K65 !a! AC@46DD 6?7@C46D 4@>A=:2?46 H:E9 :?E6C?2= AC@4FC6>6?E A@=:4:6D 2?5 6IE6C?2= C68F=2E:@?D] xE 4C62E6D 2? 2F5:E EC2:= 7@C 6249 AFC492D6] (96? 2F5:E D62D@? 2CC:G6D[ J@F 92G6 2== E96 5@4F>6?E2E:@? C625J 2?5 @C82?:K65]k^Am

kAmkDEC@?8m$FAA=:6C C6=2E:@?D9:A >2?286>6?Ek^DEC@?8mk^Am

kAm(96? E96 !a! 4J4=6 CF?D D>@@E9=J[ DFAA=:6CD 86E A2:5 @? E:>6 2?5 5:D4C6A2?4:6D 2C6 >:?:>:K65] '6?5@CD ECFDE E96J’== 36 A2:5 4@CC64E=J 2?5 AC@>AE=J] %9:D C6=:23:=:EJ :>AC@G6D 8@@5H:== 2?5 @7E6? =625D E@ 36EE6C D6CG:46 @C AC676C6?E:2= E6C>D]k^Am

kAmp DEC@?8 !a! AC@46DD 96=AD @C82?:K2E:@?D D2G6 >@?6J[ 2G@:5 C:D<D[ 2?5 3F:=5 >@C6 DEC2E68:4 DFAA=:6C A2CE?6CD9:AD] xE <66AD AC@4FC6>6?E 24E:G:E:6D 2=:8?65 H:E9 4@>A2?J 8@2=D H9:=6 C65F4:?8 25>:?:DEC2E:G6 3FC56?]k^Am

k9bmr@>>@? 492==6?86D AC@4FC6>6?E E62>D 7246 :? !a!k^9bm

kAms6DA:E6 :ED 4=62C DECF4EFC6[ E96 !a! AC@46DD 42? 7246 @3DE24=6D :7 ?@E >2?2865 H6==] |2?J @C82?:K2E:@?D 6?4@F?E6C D:>:=2C A:E72==D E92E F?56C>:?6 !a! 677:4:6?4J 2?5 4@?EC@=] &?56CDE2?5:?8 E96D6 492==6?86D 96=AD J@F AC6G6?E E96> 367@C6 E96J 364@>6 4@DE=J AC@3=6>D]k^Am

kAmkDEC@?8m|2?F2= AC@46DD6D 2?5 7C28>6?E2E:@?k^DEC@?8mk^Am

kAm~G6C\C6=:2?46 @? >2?F2= H@C<7=@HD =:<6 A2A6C :?G@:46D 2?5 DAC625D966ED =625D E@ 6CC@CD 2?5 56=2JD] s:776C6?E 56A2CE>6?ED @7E6? FD6 5:776C6?E E@@=D @C AC@46DD6D] %9:D =24< @7 DE2?52C5:K2E:@? 4C62E6D 3@EE=6?64<D 2?5 :?4@?D:DE6?E 52E2 E92E >2<6 C6A@CE:?8 ?62C=J :>A@DD:3=6]k^Am

kAmkDEC@?8m!@=:4J ?@?\4@>A=:2?46k^DEC@?8mk^Am

kAmt>A=@J66D D@>6E:>6D 3JA2DD AC@4FC6>6?E CF=6D] %96J >:89E 49@@D6 F?2AAC@G65 DFAA=:6CD @C CFD9 AFC492D6D H:E9@FE AC@A6C 2AAC@G2=D] %96D6 >2G6C:4< DA6?5:?8 :?DE2?46D G:@=2E6 :?E6C?2= 4@?EC@=D 2?5 42? C6DF=E :? 9:896C 4@DED @C 6G6? 7C2F5] t?7@C4:?8 4@>A=:2?46 2E 6249 DE6A C6>2:?D 2 4@?DE2?E 492==6?86]k^Am

kAmkDEC@?8m{24< @7 G:D:3:=:EJk^DEC@?8mk^Am

kAmx? 4@>A=6I @C82?:K2E:@?D[ E96 6?5\E@\6?5 !a! 4J4=6 42? 364@>6 @A2BF6] $:=@65 AC@46DD6D >2<6 :E 92C5 E@ EC24< H96C6 2? @C56C @C :?G@:46 DE2?5D] {:>:E65 G:D:3:=:EJ >62?D >2?286>6?E >:89E ?@E 42E49 :DDF6D F?E:= E96J 364@>6 4@DE=J AC@3=6>D]k^Am

kAmkDEC@?8mx?G@:46 2?5 52E2 6CC@CDk^DEC@?8mk^Am

kAm|:DD:?8 @C :?4@CC64E 52E2 42FD6D :?G@:46 >:D>2E496D 2?5 A2J>6?E 6CC@CD] p >:D<6J65 7:8FC6 @C =@DE A2A6CH@C< 42? 56=2J 2? 6?E:C6 A2J>6?E 4J4=6] %96D6 6CC@CD D=@H E96 AC@46DD 2?5 DEC2:? DFAA=:6C C6=2E:@?D H96? A2J>6?ED 2C6 56=2J65]k^Am

kAmkDEC@?8muC2F5 C:D<Dk^DEC@?8mk^Am

kAmx7 ?@E AC@A6C=J D64FC65[ E96 !a! 4J4=6 :D GF=?6C23=6 E@ G6?5@C 7C2F5 D496>6D] $42>>6CD >:89E :>A6CD@?2E6 DFAA=:6CD 2?5 DF3>:E 72<6 32?< 56E2:=D E@ 5:G6CE A2J>6?ED] (:E9@FE AC@A6C 4@?EC@=D[ DF49 2D G6C:7:42E:@? @7 DFAA=:6C :?7@C>2E:@? 2?5 5F2= 2AAC@G2=D[ 4@>A2?:6D C:D< A2J:?8 E96 HC@?8 A2CEJ]k^Am

kAmkDEC@?8m!2J>6?E 56=2JDk^DEC@?8mk^Am

kAmx?677:4:6?E 2AAC@G2= H@C<7=@HD =625 E@ =2E6 A2J>6?ED[ :?4FCC:?8 766D 2?5 D@FC:?8 G6?5@C C6=2E:@?D9:AD] s6=2JD @7E6? DE6> 7C@> E@@ >2?J 2AAC@G2= =2J6CD @C A@@C 4@>>F?:42E:@? 36EH66? AC@4FC6>6?E 2?5 7:?2?46] {2E6 A2J>6?ED 52>286 J@FC C6AFE2E:@? 2?5 ?68@E:2E:?8 A@H6C H:E9 DFAA=:6CD]k^Am

kAm%96D6 :DDF6D 6C@56 E96 36?67:ED @7 !a![ :?4C62D6 4@DED[ 2?5 :?EC@5F46 F??646DD2CJ C:D<D] %96J 2=D@ C65F46 ECFDE :? E96 AC@46DD 2?5 >2<6 :E 92C56C E@ 249:6G6 AC@4FC6>6?E 8@2=D]k^Am

k9bmq6DE AC24E:46D 7@C 2? 67764E:G6 !a! 4J4=6k^9bm

kAm!C@4FC6>6?E 6IA6CED C64@>>6?5 D6G6C2= AC@G6? AC24E:46D E@ DEC62>=:?6 E96 AC@4FC6\E@\A2J 4J4=6 2?5 >:E:82E6 4@>>@? :DDF6D] ~C82?:K2E:@?D E92E 25@AE E96D6 DEC2E68:6D EJA:42==J D66 :>>65:2E6 :>AC@G6>6?ED :? E96:C !a! @FE4@>6D]k^Am

kAmkDEC@?8mt>3C246 2FE@>2E:@? 2?5 :?E68C2E:@?k^DEC@?8mk^Am

kAmx>A=6>6?E 2 565:42E65 !a! D@7EH2C6 @C A=2E7@C> E@ 2FE@>2E6 C6A6E:E:G6 E2D<D =:<6 k2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^244@F?E:?8^:?G@:46\>2E49:?8Qm:?G@:46 >2E49:?8k^2m 2?5 2AAC@G2= H@C<7=@HD] pFE@>2E:@? C65F46D 9F>2? 6CC@C[ DA665D FA 4J4=6 E:>6D[ 2?5 AC@G:56D 2 46?EC2=:K65 52E232D6 7@C 2== !a! 52E2] t?DFC6 E96 !a! DJDE6> :?E68C2E6D H:E9 J@FC t#! 2?5 7:?2?4:2= D@7EH2C6 7@C 6?5\E@\6?5 G:D:3:=:EJ]k^Am

kAmkDEC@?8m$E2?52C5:K6 AC@46DD6D 2?5 A@=:4:6Dk^DEC@?8mk^Am

kAms6G6=@A 2 4=62C[ DE2?52C5:K65 !a! A@=:4J E92E :?4=F56D C6BF:D:E:@? 2AAC@G2= 9:6C2C49J[ AC676CC65 DFAA=:6C =:DED[ 2?5 DA6?5:?8 =:>:ED] t?7@C46 :E 24C@DD 2== 56A2CE>6?ED] $E2?52C5:K2E:@? 6=:>:?2E6D 4@?7FD:@? 2?5 4=@D6D E96 =@@A9@=6D E92E =625 E@ >2G6C:4< DA6?5:?8] #68F=2C EC2:?:?8 2?5 4@>>F?:42E:@? 96=A 6?DFC6 6G6CJ@?6 7@==@HD E96 AC@465FC6D]k^Am

kAmkDEC@?8m$EC6?8E96? DFAA=:6C C6=2E:@?D9:ADk^DEC@?8mk^Am

kAm%C62E DFAA=:6CD 2D A2CE?6CD] |2:?E2:? 2? 2AAC@G65 DFAA=:6C 52E232D6 2?5 4@?5F4E A6C:@5:4 A6C7@C>2?46 C6G:6HD] ~A6? 4@>>F?:42E:@? 492??6=D >62? :DDF6D =:<6 56=:G6CJ AC@3=6>D @C :?G@:46 5:D4C6A2?4:6D 86E C6D@=G65 4@==23@C2E:G6=J] $EC@?8 C6=2E:@?D9:AD =625 E@ 36EE6C E6C>D 2?5 AC:@C:EJ D6CG:46 7C@> G6?5@CD]k^Am

kAmkDEC@?8m&D6 EH@\H2J >2E49:?8k^DEC@?8mk^Am

kAm|2<6 :E DE2?52C5 AC24E:46 E@ >2E49 AFC492D6 @C56CD 2?5 :?G@:46D 367@C6 A2J>6?E] %9:D 4@?EC@= >6492?:D> 42E496D :?4@?D:DE6?4:6D 2?5 AC6G6?ED @G6CA2J>6?E @C 7C2F5] *@F @?=J A2J 7@C H92E H2D 24EF2==J @C56C65 244@C5:?8 E@ E96 28C665 E6C>D]k^Am

kAmkDEC@?8m|@?:E@C 2?5 2?2=JK6 !a! >6EC:4Dk^DEC@?8mk^Am

kAm{6G6C286 C6A@CE:?8 E@@=D E@ EC24< <6J >6EC:4D =:<6 2G6C286 4J4=6 E:>6 A6C AFC492D6[ ?F>36C @7 :?G@:46 6I46AE:@?D[ 2?5 DA6?5 3J DFAA=:6C] s2E2 2?2=JD:D :56?E:7:6D 3@EE=6?64<D 2?5 F?FDF2= DA6?5:?8 A2EE6C?D] x7 2 A2CE:4F=2C 2AAC@G2= DE6A 4@?D:DE6?E=J 42FD6D 56=2JD[ :E ?665D AC@46DD C6\6?8:?66C:?8] r@?E:?F@FD >@?:E@C:?8 DFAA@CED 4@?E:?F@FD :>AC@G6>6?E]k^Am

kAmkDEC@?8mrC@DD\7F?4E:@?2= 4@==23@C2E:@?k^DEC@?8mk^Am

kAmt?4@FC286 C68F=2C 4@>>F?:42E:@? 36EH66? AC@4FC6>6?E[ 244@F?ED A2J23=6[ 2?5 @E96C DE2<69@=56CD] p 4@==23@C2E:G6 4F=EFC6 6?DFC6D :DDF6D 86E :56?E:7:65 62C=J 2?5 C6D@=G65 ;@:?E=J] !C@4FC6>6?E 42? 96=A p! 3J AC@G:5:?8 E:>6=J 8@@5D C646:AE 4@?7:C>2E:@?D] u:?2?46 42? 25G:D6 AC@4FC6>6?E @? 3F586E 4@?DEC2:?ED] q@E9 D:56D H@C< :? DJ?4]k^Am

kAmr@>A2?:6D E92E :>A=6>6?E E96D6 AC24E:46D 249:6G6 2 >@C6 EC2?DA2C6?E 2?5 4@?EC@=\@C:6?E65 !a! AC@46DD] %9:D >62?D 76H6C 56=2JD[ 76H6C DFCAC:D6D[ 2?5 2 9:896C =:<6=:9@@5 @7 7F==J C62=:K:?8 ?68@E:2E65 D2G:?8D 2?5 3F586ED]k^Am

k9bmt>6C8:?8 AC@4FC6\E@\A2J EC6?5Dk^9bm

kAm%96 !a! AC@46DD 4@?E:?F6D E@ 492?86 2D ?6H E649?@=@8:6D 2?5 3FD:?6DD AC:@C:E:6D 6>6C86] !C@4FC6>6?E >2?286CD D9@F=5 36 2H2C6 @7 E96 7@==@H:?8 <6J EC6?5D D92A:?8 E96 7FEFC6 @7 AC@4FC6\E@\A2J]k^Am

kAmkDEC@?8mp5G2?465 2FE@>2E:@? H:E9 pxk^DEC@?8mk^Am

kAm%96 ?6IE 86?6C2E:@? @7 !a! D@=FE:@?D =6G6C286D 2CE:7:4:2= :?E6==:86?46 2?5 >249:?6 =62C?:?8 E@ 7FCE96C 2FE@>2E6 <6J AC@46DD6D] px 42? AC65:4E AFC492D:?8 ?665D @C 7=28 F?FDF2= :?G@:46D 7@C 7C2F5] %9:D >2<6D E96 !a! 4J4=6 72DE6C 2?5 D>2CE6C H9:=6 C65F4:?8 E96 >2?F2= @G6CD:89E C6BF:C65]k^Am

kAmkDEC@?8mq=@4<492:? 7@C EC2?DA2C6?4Jk^DEC@?8mk^Am

kAmq=@4<492:? E649?@=@8J 6?92?46D D64FC:EJ 2?5 EC2?DA2C6?4J :? E96 DFAA=J 492:?] x? !a![ 3=@4<492:? 4@F=5 4C62E6 E2>A6C\AC@@7 C64@C5D @7 EC2?D24E:@?D 2?5 6?23=6 D>2CE 4@?EC24ED E92E k2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^42D9\7=@H\>2?286>6?E^A2J>6?E\2FE@>2E:@?Qm2FE@>2E6 A2J>6?EDk^2m @?46 4@?5:E:@?D 2C6 >6E] %9:D C65F46D 7C2F5 2?5 :?4C62D6D ECFDE 36EH66? A2CE:6D]k^Am

kAmkDEC@?8mr=@F5 A=2E7@C>D 2?5 >@3:=:EJk^DEC@?8mk^Am

kAmr=@F5\32D65 k2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^AC@4FC6>6?E^AC@4FC6>6?E\D@7EH2C6QmAC@4FC6>6?E D@7EH2C6k^2m 2==@HD C62=\E:>6 2446DD E@ !a! DJDE6>D 7C@> 2?JH96C6] |@3:=6\7C:6?5=J !a! 2AAD >62? 2AAC@G2=D 2?5 @C56CD 42? 92AA6? @? E96 8@[ DA665:?8 FA E96 AC@46DD 2?5 :>AC@G:?8 FD6C 25@AE:@?] tIA64E E@ D66 >@C6 >@3:=6 2?5 4=@F5 :?E68C2E:@? 7@C !a! H@C<7=@HD]k^Am

kAmkDEC@?8ms2E2 2?2=JE:4D 2?5 :?E6==:86?46k^DEC@?8mk^Am

kAmr@>A2?:6D FD6 25G2?465 2?2=JE:4D E@ 8=62? :?D:89ED 7C@> !a! 52E2] qJ 2?2=JK:?8 DA6?5:?8 A2EE6C?D 2?5 DFAA=:6C A6C7@C>2?46[ @C82?:K2E:@?D :56?E:7J ?6H D2G:?8D @AA@CEF?:E:6D 2?5 >2<6 >@C6 DEC2E68:4 D@FC4:?8 564:D:@?D] p?2=JE:4D 2=D@ 96=A :? C:D< >2?286>6?E 3J DA@EE:?8 2?@>2=:6D @C 4@>A=:2?46 :DDF6D 62C=J]k^Am

kAmkDEC@?8m$FDE2:?23:=:EJ 2?5 6E9:42= AC@4FC6>6?Ek^DEC@?8mk^Am

kAm%96C6’D C:D:?8 6>A92D:D @? 2=:8?:?8 !a! AC@46DD6D H:E9 DFDE2:?23:=:EJ 8@2=D 2?5 t$v 4C:E6C:2] uFEFC6 !a! AC24E:46D >2J :?G@=G6 G6EE:?8 DFAA=:6CD 7@C DFDE2:?23:=:EJ[ EC24<:?8 E96 42C3@? 7@@EAC:?E @7 AFC492D6D[ @C 6?DFC:?8 6E9:42= D@FC4:?8 2D A2CE @7 DE2?52C5 AC@4FC6>6?E 4C:E6C:2]k^Am

kAmkDEC@?8mt?92?465 DFAA=:6C 4@==23@C2E:@?k^DEC@?8mk^Am

kAm%@@=D 7@C DFAA=:6C C6=2E:@?D9:A >2?286>6?E W$#|X 2C6 364@>:?8 >@C6 D@A9:DE:42E65] %9:D EC6?5 7@4FD6D @? 566A6C 4@==23@C2E:@? E9C@F89 D92C65 7@C642DED[ 4@@C5:?2E65 :?G6?E@CJ >2?286>6?E[ 2?5 :??@G2E:@? H:E9 <6J DFAA=:6CD] p== :?E68C2E65 E9C@F89 E96 !a! A=2E7@C>] $F49 4@==23@C2E:@? =625D E@ >@C6 C6D:=:6?E DFAA=J 492:?D 2?5 >FEF2= =@?8\E6C> 36?67:ED]k^Am

kAmz66A:?8 23C62DE @7 E96D6 EC6?5D 96=AD AC@4FC6>6?E >2?286CD 7FEFC6\AC@@7 E96:C !a! AC@46DD] qJ 252AE:?8 E@ ?6H E649?@=@8:6D 2?5 AC24E:46D[ 4@>A2?:6D 6?DFC6 E96:C AC@4FC6\E@\A2J AC@46DD C6>2:?D 677:4:6?E 2?5 4@>A6E:E:G6 :? E96 492?8:?8 3FD:?6DD 6?G:C@?>6?E]k^Am

k9bm|2<6 J@FC !a! AC@46DD D:>A=6Ck^9bm

kAm(96? @AE:>:K65[ AC@4FC6\E@\A2J 42? DEC6?8E96? J@FC 4@>A2?J’D 7:?2?4:2= A6C7@C>2?46 2?5 DFAA=:6C ?6EH@C<] uC@> E96 >@>6?E 2 ?665 :D :56?E:7:65 E@ E96 7:?2= :?G@:46 A2J>6?E[ 6249 DE6A :? !a! A=2JD 2 G:E2= C@=6 :? 4@?EC@==:?8 4@DED 2?5 6?DFC:?8 @A6C2E:@?2= 4@?E:?F:EJ]k^Am

kAm%9:D DE@CJ 92D 4@G6C65 9@H !a! 6?4@>A2DD6D 2== DE6AD 7C@> AC@4FC6>6?E E9C@F89 A2J>6?E] s@:?8 :E H6== J:6=5D 677:4:6?4J 2?5 D2G:?8D[ 3FE 4@>>@? A:E72==D >FDE 36 24E:G6=J >2?2865] %96 AC@46DD H@C<D 36DE H96? @C82?:K2E:@?D 4@>3:?6 2FE@>2E:@? H:E9 DEC@?8 A@=:4:6D 2?5 DFAA=:6C C6=2E:@?D9:AD]k^Am

kAm~C82?:K2E:@?D E92E :?G6DE :? C67:?:?8 E96:C AC@4FC6\E@\A2J AC@46DD A@D:E:@? E96>D6=G6D 7@C D>@@E96C @A6C2E:@?D 2?5 DEC@?86C 7:?2?4:2= @G6CD:89E :? E96 =@?8 CF?] %9:D >62?D 25@AE:?8 2FE@>2E:@?[ :>A=6>6?E:?8 36DE AC24E:46D[ 2?5 DE2J:?8 2EEF?65 E@ ?6H EC6?5D] x>AC@G:?8 !a! :D 2? @?8@:?8 677@CE H:E9 9:89 C6H2C5D] %96 4@>A2?:6D E92E 86E :E C:89E DA6?5 =6DD E:>6 @? 25>:?:DEC2E:@? 2?5 >@C6 E:>6 @? DEC2E68:4 :?:E:2E:G6D E92E 5C:G6 8C@HE9]k^Am

kAmk2 9C67lQ9EEADi^^HHH]3C6I]4@>^DA6?5\EC6?5D^AC@4FC6>6?E^AC@4FC6\E@\A2JQmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]3C6I]4@>Qmk6>mqC6Ik^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2m]k^Am