37

TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

  • Upload
    others

  • View
    5

  • Download
    0

Embed Size (px)

Citation preview

Page 1: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!
Page 2: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9!

!""#""$#%&'()'&*#'+&,&-"',%.'/(&#%&0,1')(2'''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''''32(40%5'6*#'7(2,1'7(8#$#%&'(%'910$,&#':0"2-;&0(%'

'

!"#$%&'(#)*%++,-.)

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

Page 3: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! <!

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

Page 4: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! S!

/0&-12%$&'10)

"B'!0&&($&!#.-$!>'40,./$>!/#$!2(F70*!>$F./$!.F'(/!*704./$!>0&)(2/0',T!&*0$,*$!.,>!$*','40*&@!G22',$,/&!'5!.*/0',!*7.04!/#./!/#$!&*0$,*$!0&!(,*$)/.0,!.,>!/#./!$40&&0',!)$>(*/0',&!B077!#.)4!/#$!$*','4?!.,>!>$&/)'?!I'F&U!2)'2',$,/&!'5!$,E.E$4$,/!.&&$)/!/#./!/#$!&*0$,*$!0&!*7$.)!.,>!/#./!.>>)$&&0,E!*704./$!>0&)(2/0',!B077!F$!E''>!5')!/#$!$*','4?!.,>!*)$./$!I'F&@!!60&&0,E!5)'4!/#$&$!5).4$&!0&!/#$!4').7!>04$,&0',&!'5!/#$!0&&($@;!M-$,!05!/#$!&*0$,*$!0,*7(>$&!&'4$!(,*$)/.0,/0$&8!/#$!)0&C&!'5!.22.770,E!7$-$7&!'5!#(4.,!&(55$)0,E!.,>!>$./#8!$V/)$4$!&'*0.7!0,$A(.70/0$&8!.,>!0))$-$)&0F7$!>0&)(2/0',!/'!/#$!$.)/#J&!*704./$!/#./!&(22')/&!.77!705$!.)$!5.)!/''!E)$./!/'!>$7.?!.*/0',@!M-$,!05!/#$!(25)',/!*'&/&!.)$!#0E#8!B$!#.-$!.!4').7!'F70E./0',!/'!>'!B#./$-$)!0&!,$*$&&.)?!/'!2)$-$,/!)(,.B.?!*704./$!>0&)(2/0',@!"#$&$!2'0,/&!(,>$)&*')$!/#$!5.*/!/#./!*704./$!>0&)(2/0',!0&!.!>$$27?!4').7!0&&($U!B#$,!/#0&!2'0,/!0&!0,*7(>$>8!/#$!2(F70*!>0.7'E($!',!*704./$!>0&)(2/0',!/.C$&!',!.!-$)?!>055$)$,/!2$)&2$*/0-$@9!!!"#0&!)$2')/!2)'-0>$&!.,!.&&$&&4$,/!'5!')E.,0H./0',&!.*)'&&!/#$!,./0',!4.C0,E!.!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',@!+/&!2()2'&$!0&!/'!2)'-0>$!.!27./5')4!5')!>0.7'E($!.F'(/!#'B!/'!F$&/!0,*)$.&$!/#$!$55$*/0-$,$&&!'5!/#./!*.77!.,>!#'B!/'!$V2.,>!/#$!4').7!4'-$4$,/!',!*704./$!>0&)(2/0',@!W./.!5')!/#0&!.&&$&&4$,/!B.&!E./#$)$>!/#)'(E#!.!&()-$?!/#./!B.&!*'427$/$>!F?!;<P!)$2)$&$,/./0-$&!'5!')E.,0H./0',&!.*)'&&!/#$!,./0',!/#./!(&$!.!4').7!')!-.7($&DF.&$>!*.77!/'!.*/0',!/'!.>>)$&&!*704./$!>0&)(2/0',@!"#$!,(4F$)!'5!')E.,0H./0',&!0&!(,C,'B,8!.&!4.,?!)$&2',>$,/&!*#'&$!/'!)$4.0,!.,',?4'(&@!"#$!&()-$?&!B$)$!5'77'B$>!(2!B0/#!0,/$)-0$B&!B0/#!0,>0-0>(.7&!5)'4!&$7$*/!')E.,0H./0',&@!"#$!&/(>?!0&!.!2)'I$*/!'5!/#$!L./0',.7!=704./$!M/#0*&!=.42.0E,8!B#0*#!0&!*'')>0,./$>!F?!"#$!%$&'()*$!+,,'-./0',!1)'(2!N"%+1O8!0,!2.)/,$)&#02!B0/#!.!;PD2$)&',!,./0',.7!.>-0&')?!*'440//$$!.,>!.!50-$D2$)&',!&'*0.7D&*0$,*$!*'440//$$@!"'!'()!C,'B7$>E$!.,!.&&$&&4$,/!'5!/#$!4').7!4'-$4$,/!',!*704./$!>0&)(2/0',!0,!/#$!X,0/$>!Y/./$&!#.>!,'/!F$$,!*'427$/$>!2)0')!/'!/#0&!&/(>?@!!Z.&$>!',!)$&(7/&!5)'4!/#$!&()-$?!.,>!0,/$)-0$B&8!/#0&!)$2')/!0>$,/050$&!/#$!>055$)$,/!B.?&!0,!B#0*#!')E.,0H./0',&!.)$!4.C0,E!.!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',8!.7',E!B0/#!/#$0)!)$7./$>!&/)$,E/#&8!7040/./0',&8!'22')/(,0/0$&8!.,>!,$$>&@!"#0&!0,5')4./0',!5')4&!/#$!F.&0&!'5!.!&(0/$!'5!)$*'44$,>./0',&!5'(,>!./!/#$!$,>!'5!/#0&!>'*(4$,/!5')!0,*)$.&0,E!/#$!&0H$!.,>!$55$*/0-$,$&&!'5!/#$!4').7!4'-$4$,/!',!*704./$!>0&)(2/0',@!

<*,&'0"','7(2,1'9,11'&('!=&0(%'(%'910$,&#':0"2-;&0(%>''

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

!

Page 5: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! P!

2)'*7.04&!/#./!0,>0-0>(.77?!.,>!*'77$*/0-$7?!B$!#.-$!.!4').7!'F70E./0',!/'!)$>(*$!E)$$,#'(&$!E.&!$40&&0',&!/'!2)'/$*/!/#$!*704./$!0,!')>$)!/'T!!!

;@ `)$-$,/!(,I(&/050.F7$!#(4.,!&(55$)0,E!.,>!>$./#!>($!/'!/#$!042.*/&!'5!*704./$!>0&)(2/0',!.,>]')!!

9@ 1$,$)./$!.,>]')!$,&()$!5.0),$&&!.,>!I(&/0*$!5')!.77!2$'27$!,'B!.,>!0,!/#$!5(/()$!E7'F.77?!.,>]')!!

<@ Y(&/.0,!/#$!M.)/#J&!,./().7!&?&/$4&!5')!0/&!'B,!&.C$!.,>]')!F$*.(&$!0/!0&!/#$!&'()*$!'5!.77!705$@!!

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

Page 6: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! a!

*%-(#.)345#$&'(#6)

"#0&!.&&$&&4$,/!0&!0,/$,>$>!/'!2)'-0>$!.!27./5')4!/'!#$72!F'/#!&$*(7.)!.,>!5.0/#DF.&$>!')E.,0H./0',&8!.&!B$77!.&!5(,>$)&8!(,>$)&/.,>!/#$!2'/$,/0.7!'5!.!4').7!4'-$4$,/!/'!E$,$)./$!&0E,050*.,/!0,>0-0>(.78!')E.,0H./0',.78!.,>!&'*0.7!*#.,E$!',!*704./$!>0&)(2/0',@!+/!.7&'!'55$)&!)$*'44$,>./0',&!5')!#'B!/#$!4'-$4$,/!*.,!&0E,050*.,/7?!042)'-$!.,>!$V2.,>8!F$//$)!/.)E$/!0/&!$,$)E0$&!.,>!)$&'()*$&8!.,>!F$//$)!4$.&()$!&(**$&&@!!!Y2$*050*!'FI$*/0-$&!'5!/#$!)$&$.)*#!0,*7(>$T!!

;@ X,>$)&/.,>!/#$!*'44',.70/0$&!.,>!-.)0./0',&!.4',E!')E.,0H./0',&!*())$,/7?!$,E.E$>!0,!4.C0,E!.!4').7!*.77!5')!.*/0',!',!*704./$!>0&)(2/0',@!

9@ +>$,/05?!/#$!&/)./$E0$&!.,>!/.*/0*&!/#./!')E.,0H./0',&!(&$!/'!4.C$!.!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',@!

<@ W0&*(&&!/#$!&(**$&&$&!.,>!5.07()$&!'5!/#$!4'-$4$,/8!.,>!$V27')$!/#$0)!*.(&.7!5.*/')&@!S@ %$*'E,0H$!'22')/(,0/0$&!5')!$,#.,*0,E!/#$!$55$*/0-$,$&&!.,>!042.*/&!'5!$V0&/0,E!

')E.,0H./0',&!.,>!5')!$V2.,>0,E!/#$!&0H$!.,>!>0-$)&0/?!'5!E)'(2&!0,-'7-$>!0,!/#$!4'-$4$,/@!!

P@ `)'-0>$!E(0>.,*$!',!B#$)$!5(,>$)&!*.,!4.C$!0,-$&/4$,/&!/'!0,*)$.&$!/#$!$55$*/0-$,$&&!'5!')E.,0H./0',&!$,E.E$>!0,!/#$!4'-$4$,/@!!!

Page 7: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! \!

7#&8126)

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b.,(.)?!9:;<@!!!3!/$.4!5)'4!"%+1!/#./!0,*7(>$&!&'*0.7!&*0$,*$!.>-0&')?!*'440//$$!4$4F$)!.,>!"%+1!%$&$.)*#!W0)$*/')8!W)@!b$.,!Y/'*C.)>8!`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

Page 8: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ^!

9#6%:&6)

"#$!&()-$?!.&C$>!.F'(/!/#$!&/)./$E0*!5'*(&!'5!/#$!')E.,0H./0',&8!/#$!B.?&!0,!B#0*#!/#$?!4$.&()$>!.,>!$-.7(./$>!/#$0)!2)'E).4&8!.,>!)$&2',>$,/&J!2$)*$2/0',&!'5!/#$0)!')E.,0H./0',&J!')!2)'E).4&J!&(**$&&$&!.,>!5.07()$&!.&!B$77!.&!&/)$,E/#&8!7040/./0',&8!.,>!,$$>&@!%$&(7/&!5')!$.*#!'5!/#$&$!.)$.&!.)$!&(44.)0H$>!F$7'B!.,>!*'427$/$!>$/.07&!.)$!E0-$,!0,!322$,>0V!3!!c$!F$E0,!F?!>$&*)0F0,E!/#$!')E.,0H./0',&J!*#.).*/$)0&/0*&!.,>!>04$,&0',&!/#./!.22$.)!/'!>055$)$,/0./$!/#$!E)'(2&@!!

9*,2,=&#20"&0="'()'?25,%0@,&0(%"'

• +0@#A'B-.5#&A',%.'C(=-"'+-55#"&'64(':($0%,%&'91-"&#2"D!374'&/!/#)$$D5'()/#&!'5!/#$!)$&2',>$,/&!0,>0*./$>!/#./!/#$0)!')E.,0H./0',!B.&!.55070./$>!B0/#!/#$!)$70E0'(&!&$*/')@!3F'(/!#.75!#.>!.,,(.7!F(>E$/&!'5!7$&&!/#.,!d;::8:::8!.,>!.!70//7$!4')$!/#.,!#.75!#.>!F$$,!$&/.F70&#$>!5')!./!7$.&/!50-$!?$.)&@!!G,$!5'()/#!'5!/#$&$!E)'(2&!&.0>!/#./!.!e4').7!')!-.7($&DF.&$>!*.77f!B.&!/#$!',7?!B.?!/#$0)!')E.,0H./0',!')!2)'E).4!()E$>!.*/0',8!.,>!'-$)!#.75!&.0>!0/!B.&!/#$0)!2)04.)?8!F(/!,'/!',7?!.22)'.*#@!"#$!)$4.0,>$)!N.!505/#O!&.0>!/#./!0/!B.&!',$!'5!4.,?!.22)'.*#$&!/#./!/#$?!(&$>!$A(.77?@!G)E.,0H./0',&!0,!/#$!)$70E0'(&!&$*/')!/$,>$>!/'!#.-$!&4.77$)!F(>E$/&8!(&$!.!4').7!')!-.7($&!F.&$>!*.77!.&!/#$0)!2)04.)?!')!&'7$!5'*(&8!.,>!/'!#.-$!F$$,!$&/.F70&#$>!7',E$)!/#.,!,',D)$70E0'(&!')E.,0H./0',&@!+,!*',/).&/8!&$*(7.)!')E.,0H./0',&!/$,>$>!/'!#.-$!7.)E$)!F(>E$/&8!(&$!.!4').7!')!-.7($&DF.&$>!*.77!.&!',7?!',$!'5!4.,?!.22)'.*#$&8!.,>!/'!F$!4')$!)$*$,/7?!$&/.F70&#$>@!"#$!>0&/0,*/0',!F$/B$$,!/#$&$!/B'!*7(&/$)&!'5!')E.,0H./0',&!0&!#0E#70E#/$>!/#)'(E#'(/!/#$!)$4.0,>$)!'5!/#0&!>0&*(&&0',@!37/#'(E#!&0407.)!0,!4.,?!)$&2$*/&8!/#$)$!.22$.)!/'!F$!042')/.,/!.,>!&/./0&/0*.77?!&0E,050*.,/!>055$)$,*$&!F$/B$$,!/#$!/B'!*7(&/$)&!0,*7(>0,E!>055$)$,/!&0H$&!.,>!F(>E$/&8!.&!B$77!.&!2)04.)?!5'*(&$&8!&/)./$E0$&!.,>!/.*/0*&@!

'• +&,))0%5',%.'+E011':#8#1(;$#%&D'"B'D/#0)>&!'5!/#$!)$&2',>$,/&!)$2)$&$,/0,E!F'/#!

*7(&/$)&!0,>0*./$>!/#$?!B$)$!2.0>!&/.558!B#07$!/#$!'/#$)&!B$)$!-'7(,/$$)&@!Q'()D505/#&!'5!/#$!)$&2',>$,/&!B$)$!2)'E).4!>0)$*/')&!)./#$)!/#.,!&/.55@!c#$,!.&C$>!#'B!/#$!2$'27$!B#'!>0)$*/!/#$!>.07?!'2$)./0',&!'5!/#$0)!')E.,0H./0',!')!2)'E).4!$V2.,>!/#$0)!&C077&8!/#$!-.&/!4.I')0/?!N^SgO8!*(//0,E!.*)'&&!F'/#!*7(&/$)!/?2$&8!)$270$>!/#./!0&!B.&!e/#)'(E#!-'7(,/.)?!$>(*./0',!.,>!/).0,0,E!2)'E).4&@f!G,7?!50-$!2$)*$,/!&.0>!/#./!/#$?!#.>!)$A(0)$>!$>(*./0',!.,>!/).0,0,E!.,>!.77!'5!/#$&$!B$)$!0,!/#$!&$*',>!*7(&/$)!'5!7.)E$)8!#0E#$)!F(>E$/8!,',D)$70E0'(&!')E.,0H./0',&@!G)E.,0H./0',&!0,!/#$!50)&/!*7(&/$)!'5!&4.77$)8!7'B$)!F(>E$/8!&0,E7$D5'*(&$>8!)$70E0'(&!E)'(2&!B$)$!&0E,050*.,/7?!4')$!70C$7?!/'!>$2$,>!(2',!-'7(,/$$)&!.,>!/'!)$2')/!/#./!/#$0)!&/.55!#.>!,'!5')4.7!/).0,0,E@!

!• C-%.0%5D'"#$!4'&/!*'44',7?!4$,/0',$>!&'()*$!'5!5(,>0,E!B.&!&4.77!>',./0',&8!5'77'B$>!

F?!5'(,>./0',!E).,/&@!=')2')./$!>',./0',&!.,>!$.),$>!0,*'4$!B$)$!7$.&/!'5/$,!4$,/0',$>@!G)E.,0H./0',&!0,!/#$!&4.77$)8!7'B$)!F(>E$/8!&0,E7$!5'*(&$>!)$70E0'(&!E)'(2!*7(&/$)!B$)$!&0E,050*.,/7?!4')$!70C$7?!/'!)$*$0-$!5(,>0,E!5)'4!)$70E0'(&!')E.,0H./0',&@!G)E.,0H./0',&!B0/#0,!/#$!7.)E$)8!#0E#$)!F(>E$/8!4(7/0D5'*(&$>8!&$*(7.)!E)'(2!*7(&/$)!B$)$!&0E,050*.,/7?!4')$!70C$7?!/'!)$*$0-$!7.)E$!2)0-./$!>',')!5(,>0,E@!'

!

Page 9: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! h!

•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

+&2,&#50='C(=-"'

"'!(,>$)&/.,>!/#$!&/)./$E0*!5'*(&!'5!/#$!E)'(2&!B$!.&C$>!/#$4!/'!>$&*)0F$!/#$!5).4$&!'5!)$5$)$,*$!/#./!/#$?!(&$>8!/#$0)!E'.7&8!/.)E$/!.(>0$,*$&8!&/)./$E0$&8!.,>!/.*/0*&@!L'/$!.E.0,!/#./!.7/#'(E#!B$!#.-$!5'(,>!&'4$!&/./0&/0*.77?!&0E,050*.,/!>055$)$,*$&!F$/B$$,!/#$!/B'!*7(&/$)&!/#$)$!0&!.!E''>!>$.7!'5!'-$)7.2!B0/#8!.&!>$&*)0F$>!F$7'B8!.!,(4F$)!'5!')E.,0H./0',&!(&0,E!&0407.)!5).4$&!.,>!&/)./$E0$&@!!

!• 9($$-%0=,&0(%"'C2,$#"D!"#$!)$&2',>$,/&!)$2')/$>!

(&0,E!.!B0>$!-.)0$/?!'5!*'44(,0*./0',&!5).4$&!B#$,!4.C0,E!/#$0)!4').7!')!-.7($&DF.&$>!*.77!/'!.*/0',@!6'&/!*'44',!B.&!.!e5(/()$!E$,$)./0',f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

2)'F7$4O!/#./!/#'&$!0,!/#$!7.)E$)8!4(7/0D5'*(&$>!&$*(7.)!E)'(2!*7(&/$)@!!!• 3(,1"',%.'G(;#"D'c#$,!.&C$>!B#./!/#$?!#'2$>!/'!.*#0$-$!/#)'(E#!/#$0)!4').7!')!-.7($&D

F.&$>!*.77!/'!.*/0',8!/#$!)$&2',>$,/&!E.-$!4(7/027$!)$&2',&$&8!B0/#!.74'&/!.77!'5!/#$!0/$4&!70&/$>!4.)C$>!F?!./!7$.&/!/#)$$D505/#&!'5!/#$!&.427$@!"#$!4'&/!*'44',7?!$,>')&$>!0/$4&!B$)$!)$5).40,E!/#$!2(F70*!>0&*'()&$!.F'(/!*704./$!>0&)(2/0',8!$,*'().E0,E!$7$*/$>!'550*0.7&!/'!0,/)'>(*$!.,>]')!&(22')/!*704./$!2)'/$*/0',!2'70*0$&8!.,>!4'/0-./0,E!/#$!.*/0-$7?!$,E.E$>!2(F70*!/'!.>'2/!4')$!&(&/.0,.F7$!F$#.-0')&@!i$.&/!'5/$,!4$,/0',$>!B$)$!$V2.,>0,E!4$4F$)&#02!.,>!E$,$)./0,E!E)$./$)!50,.,*0.78!/04$8!')!'/#$)!*'440/4$,/&!5)'4!4$4F$)&!.,>!*',&/0/($,/&@!G)E.,0H./0',&!0,!/#$!&4.77$)8!7'B$)DF(>E$/8!&0,E7$D5'*(&$>8!)$70E0'(&!E)'(2!*7(&/$)!B$)$!4')$!70C$7?!/'!)$2')/!E'.7&!)$E.)>0,E!4'/0-./0,E!/#$!2(F70*!.,>!/#$0)!4$4F$)&!/'!.>'2/!4')$!&(&/.0,.F7$!F$#.-0')&@'

!

eG()!?'(/#!&2'C$&2$)&',&8!2.)/0*(7.)7?!5'(,>$)!37$*!i'')H8!#.&!F$$,!.F7$!/'!F)0>E$!2.)/0&.,!2'70/0*&!F?!&2$.C0,E!B0/#!.(/#$,/0*!4').7!.(/#')0/?!.F'(/!/#$!0&&($!/#./!042.*/&!#0&!E$,$)./0',!/#$!4'&/@!K'(/#!0,#$)$,/7?!)$&',./$!.,>!.)$!.F7$!/'!/$77!/#$0)!'B,!&/')0$&!0,!$A(.77?!*'42$770,E!.,>!.(/#$,/0*!B.?&8!B0/#!40,04.7!j/).0,0,Ej@!c$!#.>!.!E7'F.7!4.)*#!0,!9:;;!/#./!$,E.E$>!P:8:::k!?'(/#!0,!9::!*0/0$&!.,>!S<!*'(,/)0$&@f!!Dl0*/')0.!i'')H8!m0>&!-&@!17'F.7!c.)40,E!!

Page 10: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;:!

• 6,25#&'!-.0#%=#"D!"#$!)$&2',>$,/&!)$2')/$>!.!B0>$!-.)0$/?!'5!/.)E$/!.(>0$,*$&@!"#$!4'&/!*'44',!/.)E$/&8!4$,/0',$>!F?!.F'(/!/#)$$!505/#&!'5!/#$!)$&2',>$,/&8!B$)$!)$70E0'(&!7$.>$)&8!')E.,0H./0',.7!4$4F$)&8!.,>!7.?!7$.>$)&!0,!5.0/#!*'44(,0/0$&!NB#0*#!0&!$V2$*/$>!E0-$,!/#$!#0E#$)!2$)*$,/.E$!'5!)$70E0'(&!')E.,0H./0',&!/#./!*'427$/$>!/#$!&()-$?O8!.&!B$77!.&!0,>0-0>(.7&!B#'!.**$2/!/#$!)$.70/?!'5!*704./$!>0&)(2/0',@!i$.&/!*'44',7?!4$,/0',$>!B$)$!70C$7?!-'/$)&8!F(&0,$&&!$V$*(/0-$&8!/#0,C!/.,C&!.,>!.*.>$40*&8!4$,/0',$>!F?!.!A(.)/$)!')!7$&&@!G)E.,0H./0',&!B0/#0,!/#$!&4.77$)8!7'B$)!F(>E$/8!&0,E7$!5'*(&$>8!)$70E0'(&!E)'(2!*7(&/$)!B$)$!4')$!70C$7?!/'!)$2')/!/.)E$/0,E!)$70E0'(&!7$.>$)&8!/#$!X@Y@!=',E)$&&8!.,>!&/./$!$7$*/$>!'550*0.7&!')!.E$,*0$&@!"#0&!&$$4&!*',/).>0*/')?8!E0-$,!/#./!/#0&!*7(&/$)!'5!')E.,0H./0',&!5'*(&$&!2)04.)07?!',!0,*)$.&0,E!2$)&',.7!.B.)$,$&&!.,>!)$&2',&0F070/?!)./#$)!/#.,!2'70*?!*#.,E$@!!3!2'&&0F7$!$V27.,./0',!*'(7>!F$!/#./!/#0&!*7(&/$)!'5!E)'(2&!70&/$>!.!7.)E$)!&(0/$!'5!/.)E$/!.(>0$,*$&8!B#07$!/#$!')E.,0H./0',&!B0/#0,!/#$!4')$!&$*(7.)!*7(&/$)!/$,>!/'!F$!4')$!&$7$*/0-$!0,!/#$0)!/.)E$/!.(>0$,*$&@!G)E.,0H./0',&!B0/#0,!/#$!7.)E$)8!#0E#$)!F(>E$/8!4(7/0D5'*(&$>8!&$*(7.)!E)'(2!*7(&/$)!4')$!'5/$,!)$2')/$>!/.)E$/0,E!'/#$)!*704./$!.*/0',!E)'(2&8!/#0,C!/.,C&!.,>!)$&$.)*#!')E.,0H./0',&8!.*.>$40*&!.,>!*704./$!&*0$,/0&/&8!.,>!/#$!4.&&!4$>0.@'

!• +&2,&#50#"D!"#$!4'&/!*'44',7?!4$,/0',$>!&/)./$E0$&!B$)$!2)'-0>0,E!0,5')4./0',!',!B#?!

042.*/&!'5!*704./$!>0&)(2/0',!.)$!4').77?!B)',E8!*'77.F')./0,E!B0/#!'/#$)!')E.,0H./0',&8!2)'-0>0,E!0,5')4./0',!',!4').77?!)0E#/!.,>!I(&/!&'7(/0',&8!$>(*./0,E!2$'27$!.F'(/!/#$!&*0$,*$!'5!*704./$!>0&)(2/0',8!4'F070H0,E!E).&&)''/&!$,E.E$4$,/8!.,>!$,*'().E0,E!2$'27$!/'!.7/$)!F$#.-0')!F?!$42#.&0H0,E!4').7!'F70E./0',&!/'!/#$!,./().7!$,-0)',4$,/@!3F'(/!/B'D/#0)>&!')!4')$!'5!/#$!')E.,0H./0',&!4$,/0',$>!.77!'5!/#$&$@!i$.&/!*'44',!B.&!(&$!'5!/#$!.)/&!')!'/#$)!*(7/().7!.*/0-0/0$&@!G)E.,0H./0',&!B0/#0,!/#$!&4.77$)8!7'B$)!F(>E$/8!&0,E7$!5'*(&$>!)$70E0'(&!E)'(2!*7(&/$)!B$)$!4')$!70C$7?!/'!)$2')/!4'/0-./0,E!&$,0')!7$.>$)&#02!/'!0,57($,*$!'/#$)&8!(&0,E!4').7!.,>!$/#0*.7!2)$*$2/&!/'!4'/0-./$!F$#.-0').7!*#.,E$&8!#.,>&D',!2)'I$*/&8!.,>!$,*'().E0,E!)$>(*$>!*',&(42/0',!'5!$,$)E?!.,>!4./$)0.7!E''>&@!!

'• 6,=&0="D'"#$!4'&/!5)$A($,/7?!(&$>!/.*/0*&!B$)$!$>(*./0',.7!0,!,./()$8!0,*7(>0,E!

*',5$)$,*$&!.,>!B')C&#'2&!N(&$>!F?!.F'(/!/#)$$D5'()/#&!'5!/#$!)$&2',>$,/&O8!,$B&7$//$)&!.,>!2'&/$)&8!&'*0.7!4$>0.!*.42.0E,&8!.,>!'20,0',!$>0/')0.7&!.,>!,$B&!*'-$).E$!N)$2')/$>!F?!#.75!')!4')$!'5!/#$!')E.,0H./0',&O@!%.)$7?!(&$>!/.*/0*&!N)$2')/$>!F?!;:g!')!5$B$)O!B$)$!4')$!.*/0-0&/!0,!,./()$8!0,*7(>0,E!*0-07!>0&'F$>0$,*$8!F'?*'//&8!eE$/!'(/!/#$!-'/$f!$-$,/&8!*.,-.&&0,E8!.,>!&/)0C$&!')!B.7C'(/&@!G)E.,0H./0',&!B0/#0,!/#$!&4.77$)8!)$70E0'(&!E)'(2!*7(&/$)!B$)$!&0E,050*.,/7?!4')$!70C$7?!/'!)$2')/!(&0,E!)$70E0'(&!')!&20)0/(.7!-0E07&!.&!B$77!.&!,$B&7$//$)&!.,>!2'&/$)&8!B#07$!/#$!')E.,0H./0',&!B0/#0,!/#$!7.)E$)8!&$*(7.)!E)'(2!*7(&/$)!4')$!'5/$,!)$2')/$>!(&0,E!2'70*?!)$2')/&@!!

e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f!!D!6.)?!60,$//$8!M-.,E$70*.7!i(/#$).,!=#()*#!0,!34$)0*.!

Page 11: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;;!

'• 9*,%5#"'0%'+&2,&#50='C(=-"T!374'&/!/B'D/#0)>&!'5!/#$!)$&2',>$,/&!)$2')/$>!/#./!/#$0)!

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

!

7#,"-2#$#%&',%.'H8,1-,&0(%'

"'!(,>$)&/.,>!/#$!')E.,0H./0',&J!4$/#'>&!'5!4$.&()$4$,/!.,>!$-.7(./0',!B$!.&C$>!.F'(/!#'B!/#$?!>$50,$!&(**$&&8!/#$!B.?&!0,!B#0*#!/#$?!4$.&()$!&(**$&&8!.,>!/#$!$55$*/0-$,$&&!'5!/#$&$!4$/#'>&@!!• :#)0%0%5'+-==#""D!c#$,!.&C$>!#'B!/#$?!>$50,$!&(**$&&8!

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

• 7#,"-20%5'+-==#""D'"#)$$!5'()/#&!'5!/#$!)$&2',>$,/&!&.0>!/#./!/#$?!4$.&()$>!/#$!&(**$&&!'5!/#$0)!4').7!')!-.7($&DF.&$>!*.77!/'!.*/0',!0,5')4.77?8!&(*#!.&!/#)'(E#!.,$*>'/$&@!Y(F&/.,/0.77?!5$B$)!N.F'(/!',$!/#0)>O!)$2')/$>!.7&'!(&0,E!A(.70/./0-$!4$.&()$&8!&(*#!.&!/#)'(E#!0,/$)-0$B&!')!*.&$!&/(>0$&8!.,>]')!A(.,/0/./0-$!/$*#,0A($&@!374'&/!.!505/#!)$2')/$>!#.-0,E!,'!4$.&()$4$,/!/''7&@!!c#$,!)./0,E!/#$!$55$*/0-$,$&&!'5!/#$0)!')E.,0H./0',J&!4$.&()$4$,/!.,>!$-.7(./0',!*)0/$)0.!.,>!4$/#'>&8!-$)?!5$B!)$&2',>$,/&!.,&B$)$>!e$V*$77$,/8f!B#07$!.F'(/!/B'D/#0)>&!E.-$!/#$!)./0,E!.&!e4$>0(4f!.,>!',$D/#0)>!)./$>!/#$!

“In testifying for stronger regulations on permits at San Juan Power Plant in the Four Corners Region, PNM officials met with us later to ask for clarification on our moral statement, because they sincerely were questioning how their actions were perceived within the context of morality.”

Db'.,!Z)'B,8!L$B!6$V0*'!+,/$)5.0/#!`'B$)!.,>!i0E#/! !

Page 12: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;9!

.)$.!e2'')@f!%$&2',&$&!B$)$!&0407.)!5')!)$2)$&$,/./0-$&!'5!/#$!/B'!*7(&/$)&!'5!')E.,0H./0',&@!'

+&2#%5&*"A'<#,E%#""#"A'?F"&,=1#"A',%.'I##."D'

"'!(,>$)&/.,>!/#$!)$&2',>$,/&J!2$)*$2/0',&!'5!/#$0)!')E.,0H./0',&J!')!2)'E).4&J!&/)$,E/#&8!B$.C,$&&$&8!'F&/.*7$&!.,>!,$$>&!B$!.&C$>!5')!&/')0$&!'5!/#$0)!&(**$&&8!5.*/')&!/#./!/#$?!/#'(E#/!*',/)0F(/$>!/'!/#$0)!&(**$&&8!.&!B$77!.&!.F'(/!5.*/')&!/#./!4.?!#.-$!*',/)0F(/$>!/'!>0550*(7/0$&!.,>!5.07()$&8!.,>!5.*/')&!/#./!*'(7>!0,*)$.&$!/#$0)!$55$*/0-$,$&&!0,!/#$!5(/()$@!'• HJ,$;1#"'()'+-==#""D'"#$!&()-$?!)$&2',>$,/&!>$&*)0F$>!4.,?!&(**$&&$&8!.,>!/#$!70&/!

F$7'B!0&!I(&/!.!&4.77!&.427$!'5!/#$0)!.*#0$-$4$,/&@!3!5(77!70&/0,E!'5!'2$,D$,>$>!)$&2',&$&!/'!/#0&!.,>!'/#$)!A($&/0',&!0&!.-.07.F7$!(2',!)$A($&/!5)'4!"%+1@!!

!" l'0*$&!5')!M.)/#!b(&/0*$!#$72$>!7'*.7!*',E)$E./0',&!

$&/.F70&#!j1)$$,!"$.4&@j!" ='7').>'!+,/$)5.0/#!`'B$)!.,>!i0E#/!#$7>!ha!$,$)E?!

&.-$)!B')C&#'2&!B0/#!'-$)!;S::!.//$,>$$&8!B#'!/#$,!)$>(*$>!/#$0)!=G9!(&$!F?!^@^!/',&@!

" m0>&!-&@!17'F.7!c.)40,E!')E.,0H$>!.!E7'F.7!4.)*#!0,!9:;;!/#./!$,E.E$>!4')$!/#.,!P:8:::!?'(/#!0,!9::!*0/0$&!.,>!S<!*'(,/)0$&8!B0/#!?'(/#!7$.>$)&!2)$&$,/0,E!/#$!(,050$>!4$&&.E$!/#./!/#$0)!5(/()$!4.//$)&@!!

" "'42C0,&!='(,/?!=704./$!`)'/$*/0',!+,0/0./0-$!0,!L$B!K')C!&2())$>!/#$0)!*'(,/?!7$E0&7./()$!/'!.22)'-$!.!/.)E$/!'5!^:g!)$>(*/0',!0,!E)$$,#'(&$!E.&!$40&&0',&!F?!9:P:@!

" Q.0/#!0,!`7.*$!#$72$>!.!*',E)$E./0',!/'!*',-$)/!.!50$7>!5)'4!*',-$,/0',.7!*'),!2)'>(*/0',!/'!.!='44(,0/?!Y(22')/$>!3E)0*(7/()$!N=Y3O!/#./!2)'-0>$&!&#.)$&!/'!/#$!7'*.7!5''>!F.,C@!

" 1)$./$)!c.&#0,E/',!+,/$)5.0/#!`'B$)!n!i0E#/!')E.,0H$>!.!e1)$$,!K'()!=',E)$E./0',f!B')C&#'2!.//$,>$>!F?!'-$)!;::!2$'27$!5)'4!7'*.7!*',E)$E./0',&@!

" `$,,&?7-.,0.!+,/$)5.0/#!`'B$)!n!i0E#/!).0&$>!5(,>&!/#)'(E#!.,!.B.)$,$&&!E$,$)./0,E!F0C$!)0>$@!

" +,!=.705'),0.8!/#$!Q)$4',/!=',E)$E./0',.7!=#()*#8!X,0/$>!=#()*#!'5!=#)0&/8!#$7>!.!l.*./0',!Z0F7$!Y*#''7!B0/#!.!e1)$$,f!/#$4$@!

" c$&/!R.)7$4!M,-0)',4$,/.7!3*/0',!NcM!3="O!#'&/$>!/#$!50)&/!,./0',.7!*',5$)$,*$!',!=704./$!b(&/0*$8!F)0,E0,E!/#$!$,-0)',4$,/.7!I(&/0*$!4'-$4$,/!/'E$/#$)!B0/#!4.0,&/)$.4!$,-0)',4$,/.70&/&!/'!&#.)$!2$)&2$*/0-$&@!

" 1)$$,Q.0/#!7.(,*#$>!.!*$)/050*./0',!2)'E).4!5')!#'(&$&!'5!B')&#028!B#0*#!#.&!7$>!/'!*'42)$#$,&0-$!F$#.-0')!*#.,E$!.,>!.>-'*.*?!B0/#0,!5.0/#DF.&$>!E)'(2&@!

'• K#,"(%"')(2'H))#=&08#%#""D'c#$,!.&C$>!/'!)./$!.!-.)0$/?!'5!5.*/')&!',!/#$0)!042')/.,*$!/'!

/#$0)!')E.,0H./0',J&!')!2)'E).4J&!&(**$&&$&8!/#$!#0E#$&/!)./$>!5.*/')&!B$)$!*7.)0/?!'5!2()2'&$8!*.)$5(77?!>$&0E,$>!&/)./$E?!.,>!/.*/0*&8!$55$*/0-$!5).40,E!.,>!4$&&.E0,E8!.F070/?!/'!/'(*#!2$'27$!./!/#$!$4'/0',.7!7$-$78!$55$*/0-$!7$.>$)&#028!.,>!2.)/,$)&#02&!B0/#!70C$D

ec$!27.?$>!.!4.I')!)'7$!0,!/#$!*.42.0E,!/'!&#(/!>'B,!c.&#0,E/',!Y/./$o&!',7?!*'.7!50)$>!2'B$)!27.,/@@@@!c$!5'*(&$>!',!*'44',!-.7($&!'5!*7$.,!.0)8!#$.7/#?!5.4070$&8!&/)',E!*'44(,0/0$&8!.,>!.!E''>!$*','4?!B#07$!(&0,E!.!4').7!.,>!$/#0*.7!5).4$!5')!4$&&.E0,E@f!D!i$$3,,$!Z$)$&8!M.)/#!60,0&/)?]c.&#0,E/',!+,/$)5.0/#!`'B$)!n!i0E#/! !

Page 13: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;<!

40,>$>!')E.,0H./0',&@!G)E.,0H./0',&!0,!/#$!7.)E$)8!#0E#$)!F(>E$/8!4(7/0D5'*(&$>8!&$*(7.)!E)'(2!*7(&/$)!B$)$!&0E,050*.,/7?!4')$!70C$7?!/#.,!/#$!')E.,0H./0',&!0,!/#$!'/#$)!*7(&/$)!/'!*0/$!$55$*/0-$!5).40,E!.,>!4$&&.E0,E8!2.)/,$)&#02&!B0/#!70C$D40,>$>!')E.,0H./0',&8!.,>!/.C0,E!.!2.)/0&.,!.22)'.*#!.&!042')/.,/!/'!/#$0)!&(**$&&@!!'

'• K#,"(%"')(2':0))0=-1&0#"LC,01-2#"D'3F'(/!/B'D/#0)>&!'5!)$&2',>$,/&!&.0>!/#./!/#$0)!

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

'• <,M"'&('N%=2#,"#'H))#=&08#%#""D'%$&2',>$,/&!)./$>!.!-.)0$/?!'5!5.*/')&!',!/#$0)!

042')/.,*$!/'!0,*)$.&0,E!/#$!$55$*/0-$,$&&!'5!/#$0)!')E.,0H./0',!')!2)'E).4J&!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',@!6'&/!042')/.,/!B$)$!.>>0/0',.7!&/.550,E!.,>!5(,>0,E8!5'77'B$>!F?!.&&0&/.,*$!B0/#!.)$.&!&(*#!.&!*'44(,0*./0',&!5).40,E!.,>!4$&&.E0,E8!&/)./$E?!>$-$7'24$,/8!.,>!$-.7(./0',!.,>!4$.&()$4$,/@!3&&0&/.,*$!B0/#!2.)/,$)&#02!>$-$7'24$,/!B.&!)./$>!&0E,050*.,/7?!4')$!#0E#7?!F?!')E.,0H./0',&!0,!/#$!7.)E$)8!#0E#$)!F(>E$/8!4(7/0D5'*(&$>!&$*(7.)!E)'(2!*7(&/$)@!'

)

Page 14: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;S!

*%++,-.)1;)<#.)='02'0>6))

;@ 3!B0>$!-.)0$/?!'5!&4.77!.,>!7.)E$!5.0/#!.,>!&$*(7.)!')E.,0H./0',&!7'*./$>!.*)'&&!/#$!,./0',!.)$!4.C0,E!.!4').7!*.77!/'!.*/0',!',!*704./$@!Q')!&'4$!/#$!4').7!*.77!/'!.*/0',!0&!/#$0)!2)04.)?!5'*(&!.,>!5')!'/#$)&!0/!0&!',$!'5!.!,(4F$)!'5!.22)'.*#$&!(&$>!/'!.*#0$-$!/#$0)!E'.7&@!

9@ "#$)$!B$)$!4.,?!*'44',.70/0$&!.4',E&/!/#$!')E.,0H./0',&8!0,*7(>0,E!(&$!'5!.!e5(/()$!E$,$)./0',&f!5).4$!.,>!.!5'*(&!',!$>(*./0',.7!&/)./$E0$&!.,>!/.*/0*&!70C$!*',5$)$,*$&!.,>!B')C&#'2&!.,>!&'*0.7!4$>0.!*.42.0E,&8!B0/#!4.,?!.7&'!$,E.E0,E!0,!2'70*?D*#.,E$!5'*(&$>!.*/0-0/0$&!70C$!7$//$)DB)0/0,E!*.42.0E,&@!".F7$!;!0,!322$,>0V!3!&#'B&!/#$!>0&/)0F(/0',!5')!A($&/0',&!/#./!077(&/)./$!C$?!*#.).*/$)0&/0*&!'5!/#$!)$&2',>$,/&J!')E.,0H./0',&8!B#07$!".F7$!;a!70&/&!*#.).*/$)0&/0*&!.,>!)$&2',&$&!E0-$,!F?!./!7$.&/!/B'D/#0)>&!'5!/#$!')E.,0H./0',.7!)$2)$&$,/./0-$&@!

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

S@ c0/#0,!F'/#!*7(&/$)&8!0,>0-0>(.7&!.//)0F(/$!/#$0)!')E.,0H./0',&J!$55$*/0-$,$&&!/'!*7.)0/?!'5!2()2'&$8!$55$*/0-$!5).40,E!.,>!4$&&.E0,E8!2.)/,$)&#02&!B0/#!70C$D40,>$>!')E.,0H./0',&8!$55$*/0-$!7$.>$)&#028!.,>!/'(*#0,E!2$'27$!',!.,!$4'/0',.7!7$-$7@!

P@ c0/#0,!F'/#!*7(&/$)&!/#$!4'&/!*'44',!)$.&',&!5')!>0550*(7/0$&!')!5.07()$&!B$)$!7.*C!'5!5(,>0,E8!0,$55$*/0-$!4$&&.E0,E8!.,>!7.*C!'5!*7$.)!2()2'&$!.,>!E'.7&@!

a@ G)E.,0H./0',&!B0/#0,!F'/#!*7(&/$)&!.22$.)!/'!7.*C!)$A(0)$4$,/&!5')!')!4$/#'>&!5')!&/.55!/).0,0,E8!.7/#'(E#!/#'&$!0,!/#$!)$70E0'(&!E)'(2!*7(&/$)!#.-$!/#$!7$.&/!5'*(&!',!2)'5$&&0',.7!>$-$7'24$,/@!!

\@ G)E.,0H./0',&!B0/#0,!F'/#!*7(&/$)&!/$,>!/'!0,*7(>$!4$4F$)&!')!*',&/0/($,/&!*',&0>$)$>!/'!F$!2'70/0*.77?!p70F$).7J!.,>!&$$4!/'!27.*$!7$&&!$42#.&0&!',!*',&$)-./0-$&!')!2$'27$!B#'!40E#/!F$!*',&0>$)$>!&C$2/0*.7!'5!/#$!)$.70/?!'5!*704./$!>0&)(2/0',@!R'B$-$)8!/#$!*7(&/$)!'5!&4.77$)8!)$70E0'(&!E)'(2&!0&!4')$!5'*(&$>!',!4'/0-./0,E!/#$!(,$,E.E$>!2(F70*!/'!.>'2/!4')$!&(&/.0,.F7$!F$#.-0')&@!

^@ c0/#0,!F'/#!*7(&/$)&!/#$!4'&/!042')/.,/!5.*/')&!,$$>$>!/'!0,*)$.&$!/#$0)!')E.,0H./0',&J!$55$*/0-$,$&&!0,*7(>$!.>>0/0',.7!&/.550,E!.,>!5(,>0,E8!5'77'B$>!F?!.&&0&/.,*$!B0/#!5).40,E!.,>!4$&&.E0,E8!&/)./$E?!>$-$7'24$,/8!.,>!$-.7(./0',!.,>!4$.&()$4$,/@!

h@ +/!0&!>0550*(7/!5')!4'&/!')E.,0H./0',&!0,!F'/#!*7(&/$)&!/'!>$/$)40,$!/#$!$55$*/0-$,$&&!'5!/#$0)!&/)./$E0$&!F$*.(&$!/#)$$!A(.)/$)&!'5!/#$!)$&2',>$,/&!&.0>!/#$?!$427'?!',7?!0,5')4.7!.,>!.,$*>'/.7!4$.&()$&!'5!&(**$&&8!',$!505/#!#.>!,'!4$.&()$4$,/!2)'*$>()$&8!/B'!/#0)>&!&.0>!/#$0)!4$.&()$4$,/!/''7&!B$)$!4$>0'*)$8!.,>!',$!/#0)>!&.0>!/#$?!B$)$!2'')@!!!!

;:@ 3&!0,>0*./$>!F?!/#$!,(4F$)!'5!)$&2',>$,/&!/#./!5077$>!'(/!/#$!&()-$?8!/#$)$!&$$4&!/'!F$!*7$.)!>$&0)$!/'!0,*)$.&$!/#$!$55$*/0-$,$&&!'5!')E.,0H./0',&!4.C0,E!.!4').7!*.77!/'!.*/0',!',!*704./$!*#.,E$@!"#$)$!0&!.7&'!.22$.)&!/'!F$!.!>$&0)$!5')!/#$!4'-$4$,/!/'!E)'B!.,>!$V2.,>8!.&!077(&/)./$>!F?!/#$!5.*/!/#./!'5!/#$!99!)$&2',>$,/&!/#./!&.0>!/#$?!B$)$!"#$!*())$,/7?!4.C0,E!.!4').7!*.77!/'!.*/0',8!^!&/./$>!/#./!/#$?!B.,/$>!/'!7$.),!#'B!/'!>'!&'@!'

Page 15: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;P!

?'6$%66'10)

K#";(%"#"'/,0%&'!'/(2&2,0&'?)'!':08#2"#'7(8#$#%&'

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e5(/()$!E$,$)./0',&f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`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

Page 16: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;a!

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c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

Page 17: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;\!

9#$1++#02,&'106)

K#=($$#%.,&0(%"')(2'?25,%0@,&0(%"'N%&#2#"&#.'0%'32(40%5'&*#02'H))#=&08#%#""'''

"#$!5'77'B0,E!)$*'44$,>./0',&!.)$!'55$)$>!/'!')E.,0H./0',&!/#./!B0&#!/'!042)'-$!/#$!$55$*/0-$,$&&!'5!/#$0)!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',@!"#$?!.)$!F.&$>!',!/#$!,$$>&!'5!/#$!')E.,0H./0',&!0>$,/050$>!F?!/#$!&()-$?!)$&2',>$,/&8!.&!B$77!.&!/#$!5'77'BD(2!0,/$)-0$B&@!!!!• :#8#1(;'32#,&#2'91,20&M'?%'6*#'3(,1"A'+&2,&#50#"'!%.'6,=&0="'H$;1(M#.'6('7,E#'!'

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

!• :#8#1(;'B#&&#2'7#&*(."'()'+&,))'62,0%0%5',%.'/2()#""0(%,1':#8#1(;$#%&D'"#$!7.)E$!

,(4F$)!'5!')E.,0H./0',&!0,!F'/#!*7(&/$)&!/#./!&.0>!/#$?!#.>!',7?!0,5')4.7!.22)'.*#$&!/'!&/.55!>$-$7'24$,/8!')!,'!4$/#'>!./!.778!&(EE$&/&!/#./!4')$!)0E')'(&!$>(*./0',!.,>!/).0,0,E!2)'E).4&!40E#/!F$!-$)?!F$,$50*0.7@!%./#$)!/#.,!*)$./0,E!B#'7$!,$B!/).0,0,E!2)'E).4&8!',$!.22)'.*#!40E#/!F$!/'!70,C!B0/#!')E.,0H./0',&!/#./!2)'-0>$!/).0,0,E!5')!,',D2)'50/!&/.55@!!M>(*./0',8!,$/B')C0,E8!.,>!2)'F7$4!&'7-0,E!B0/#!'/#$)&!0,!/#$!50$7>!-0.!B$F0,.)&8!/$7$*',5$)$,*$&!.,>!'/#$)!4$/#'>&!B'(7>!.7&'!#$72@!3,!$>(*./0',!.,>!/).0,0,E!2)'E).4!&2$*050*.77?!5')!')E.,0H./0',&!&/)0-0,E!/'!4.C$!.!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',!40E#/!F$!.,!.>>0/0',.7!.,>!2'B$)5(7!B.?!/'!0,*)$.&$!&/.55!&C077&!.,>!*.2.*0/0$&@!!!!!

!• :#8#1(;'7(2#'K#)0%#.'+#&'()'6,25#&'!-.0#%=#"D'G)E.,0H./0',&!B0/#0,!$.*#!*7(&/$)!

&/./$>!/#./!/#$?!&/)0-$!/'!)$.*#!.!B0>$!-.)0$/?!'5!/.)E$/!.(>0$,*$&@!G)E.,0H./0',&!B0/#0,!/#$!&$*(7.)!E)'(2!*7(&/$)!&$$4$>!/'!F$!&'4$B#./!F$//$)!0,!&$7$*/0,E!5$B$)!2)04.)?!.(>0$,*$&@!R'B$-$)8!B#$,!.&C$>!/'!0>$,/05?!/#$0)!/.)E$/&8!')E.,0H./0',&!0,!F'/#!*7(&/$)&!*#$*C$>!.!7',E!70&/!'5!.(>0$,*$&@!"#0&!&(EE$&/&!/#./!')E.,0H./0',&!40E#/!F$!&2)$.>0,E!/#$0)!$55')/&!/''!/#0,7?!.,>!/#./!4')$!&$7$*/0-$!/.)E$/0,E!40E#/!7$.>!/'!F$//$)!)$&(7/&@!

'• K#,=*'?-&'B#M(%.'O0F#2,1"D'M-$,!.&!')E.,0H./0',&!4')$!*.)$5(77?!&$7$*/!/#$0)!/.)E$/!

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

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!<!Q$0,F$)E8!6@!n!6077$)8!%@!N9:;<O@!"#$!4').7!)''/&!'5!$,-0)',4$,/.7!.//0/(>$&@!`&?*#'7'E0*.7!Y*0$,*$!b.,(.)?!9:;<-'7@!9S!,'@!;!PaDa9!>'0T!;:@;;\\]:hPa\h\a;9SSh;\\@!M2(F!9:;9!W$*!;:@!

Page 18: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;^!

.F&/).*/!0&&($@!l0'7./0,E!/#$!2()0/?!.,>!&.,*/0/?!'5!,./()$!/$,>!/'!2)'-'C$!$4'/0',.7!.,>!-0&*$).7!5$$70,E&!'5!>0&E(&/!0,!F'/#!*',&$)-./0-$&!.,>!70F$).7&@!"#0&!&(EE$&/&!/#./!')E.,0H./0',&!4.C0,E!.!4').7!*.77!/'!.*/0',!',!*704./$!>0&)(2/0',!#.-$!.!E)$./!'22')/(,0/?!/'!*#.,E$!/#$!2'70/0*&!'5!/#$!0&&($!F?!)$.*#0,E!'(/!/'!*',&$)-./0-$&@!!

!• 9(%"0.#2'<,M"'&('N%=2#,"#'!.8(=,=MD!6'&/!'5!/#$!')E.,0H./0',&!/#./!)$&2',>$>!/'!/#$!

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c.&#0,E/',!W@=@O@!!!

!• :#8#1(;'B#&&#2'7#,"-2#$#%&',%.'H8,1-,&0(%'7#&*(."D!G,$!'5!/#$!4'&/!*',&0&/$,/!

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

!• Grow the Movement by Developing Stronger Linkages Between Increasing Personal

Engagement and Achieving Policy Change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

'

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Page 19: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! ;h!

K#=($$#%.,&0(%"')(2'C-%.#2"'N%&#2#"&#.'0%'32(40%5'&*#'7(2,1'7(8#$#%&'(%'910$,&#'

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• !F"&2,=&'8"P'9(%=2#&#'3(,1"D!%$&2',&$&!&(EE$&/!/#./!')E.,0H./0',&!*'(7>!(&$!#$72!4.C0,E!

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

!• N$;,=&"'8"P'+(1-&0(%"T!6.,?!')E.,0H./0',&!/$,>!/'!5'*(&!/#$0)!*.77!/'!.*/0',!&'7$7?!',!/#$!

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

!• Staff Training and Development: Given the lack of formal professional development by

leaders of organizations within both of the clusters, funders might consider providing resources to support professional development on a range of topics. A special emphasis might be on education and training programs for volunteers. In addition, funders might consider funding the development of education and training programs specifically focused on effective messaging on and communication of the moral call to action on climate disruption. This communication could be both around the moral impacts of climate change, as well around the decision-making process that necessarily involves moral questions of how we prioritize our values.

!• +-;;(2&'H.-=,&0(%'N%'H8,1-,&0(%',%.'7#,"-2#$#%&D!Q(,>$)&!&#'(7>!*',&0&/$,/7?!.&C!

#'B!.,!')E.,0H./0',!4$.&()$&!&(**$&&@!3!&4.77!&$/!'5!/#$!')E.,0H./0',&!&$$4!/'!#.-$!E''>!4$.&()$4$,/!/''7&8!F(/!.!7.)E$!2$)*$,/.E$!,$$>!#$72!&$//0,E!*',*)$/$8!2).*/0*.7!E'.7&!/'!4'-$!/#$4!/'B.)>&!/#$0)!7.)E$)!40&&0',!.,>!2()2'&$@!"#$?!.7&'!,$$>!#$72!0,!>$-$7'20,E!0,>0*./')&!'5!&(**$&&8!.,>!4$/#'>&!5')!4$.&()0,E!.,>!$-.7(./0,E!&(**$&&@!!

!

Page 20: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9:!

!"#$%&#'(&)&*#+%'

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

!

Page 21: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9;!

'!;;#%.0J'!D':#&,01#.'K#"-1&"'

"#0&!.22$,>0V!2)'-0>$&!/.F7$&!B0/#!&/./0&/0*.7!>$/.07&!)$7./$>!/'!/#$!4./$)0.7!E0-$,!0,!/#$!F'>?!'5!/#$!2.2$)@!!"#$!4.I')!&$*/0',&!5'77'B!/#'&$!(&$>!0,!/#$!>$&*)02/0',!'5!)$&(7/&@!".F7$&!;a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q9aO8!.,,(.7!F(>E$/!Nq9\O8!$V2$)0$,*$!'5!>0550*(7/0$&!Nq9;O8!2)04.)?!5'*(&!Nq\O8!.,>!#'B!7',E!/#$!')E.,0H./0',!#.>!F$$,!$,E.E$>!0,!.!4').7!')!-.7($&DF.&$>!*.77!/'!.*/0',!Nq^O@!!!Table 1 -- Frequency Distributions, Sector, Budget, Experiencing Difficulties, Focus, and Time Using the Moral or Values-Based Frame What sector is your organization affiliated with? (Check all that apply.) (Question 26)

Sector % Religious 74 Business 3 Educational 29 Youth 15 Environmental or wildlife conservation 33 Social Justice 33 Sustainable Development 25 Media and communications 8 What is the annual operating budget of the organization or program that is making a moral call to action on climate disruption? (Question 27) Amount % $0 to $999 15 $1,000 to $49,999 27 $50,000 to $99,999 9 $100,000 to $249,000 15 $250,000 to $999,000 12 $1 million or more 20

In the past 1-3 years has your organization or program experienced any difficulties or failures in making its moral or values-based call to action on climate disruption? (Question 21)

% Yes 68 No 32

Page 22: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 99!

TABLE 1 CONTINUED Is a moral or values-based call to action the only way your organization or program urges action on climate disruption or is it just one of a number of ways? (Question 7) Responses % Yes, it is our only approach 23 It is our primary, but not the only approach 56 It is one of many approaches equally used 21 Approximately how many years ago did your organization or program begin to make a moral or values-based call to action on climate disruption? (Question 8) Responses % Within the last year 4 1 - 2 years ago 16 3 - 4 years ago 27 5 or more years ago 52 There were 101 responses to the question on sector, 99 to the question on budget, 108 to the question on difficulties, 126 to the question on the sole focus of the organization, and 122 responses to how long the organization had been using a values-based call. !

Page 23: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9<!

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rhaO@!%$&(7/&!B0/#!/#$!/'/.7!E)'(2!N)$&2',&$&!-.)?0,E!5)'4!',$!A($&/0',!/'!/#$!,$V/O!.)$!&(F&/.,/0-$7?!0>$,/0*.7!/'!/#'&$!2)$&$,/$>!#$)$!.,>!.)$!.-.07.F7$!(2',!)$A($&/@!!!!Table 2--Association of Sector (Religious/Non) with Budget, Focus, and Age of Organization and Groupings by Defining Factors Religious Sector No (%) Yes (5) Total (%) Chi. Sq. Prob. Budget of $100 K or greater 70 39 48 7.5 0.006 Values/Moral-Based Call Primary or Only Focus 63 87 79 9.44 0.002 Established 5 or More Years 38 60 52 5.34 0.02 Experienced Difficulties 78 64 31 1.95 0.16 Groupings Distinguished in the Analysis

Gp 1 (%)

Gp 2 (%)

Total (%)

Chi. Sq. Prob.

Religious sector 97 31 73 48.01 <.001 Budget > = 100K 28 86 49 29.78 <.001 Values/Moral-Based Call Primary or Only Focus 89 66 80 7.29 0.007 Established 5 or more years 72 31 57 15.06 <.001 Experienced Difficulties 62 74 67 1.44 0.23 To determine the percentages associated with the missing category (e.g. budgets of less than $100K or multiple focus), subtract the given percentage from 100. Degrees of freedom were equal to 1 for all analyses. !

Page 24: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9S!

!".F7$!<!)$2')/&!5)$A($,*0$&!',!$.*#!'5!/#$!'/#$)!-.)0.F7$&!>$&*)0F$>!0,!/#$!F.*CE)'(,>!&$*/0',!'5!/#$!)$&(7/&T!/#$!(&$!'5!2.0>!')!-'7(,/$$)!&/.558!$>(*./0',!.,>!/).0,0,E!)$A(0)$4$,/&8!&'()*$&!'5!5(,>0,E8!.,>!4$4F$)&#02!*#.).*/$)0&/0*&@!W./.!.)$!E0-$,!5')!$.*#!'5!/#$!/B'!*7(&/$)&!.,>!/#$!/'/.7!&.427$!.,>!/$&/&!'5!&0E,050*.,*$8!*'42.)0,E!/#$!/B'!E)'(2&!.)$!0,*7(>$>@!L'/$!/#./!.E.0,8!/'!2)$&$)-$!>$E)$$&!'5!5)$$>'48!4.,?!'5!/#$!)$&2',&$&!B$)$!*'77.2&$>!/'!>0*#'/'40$&@!+,!4'&/!*.&$&!/#$!>$*0&0',&!/'!*'77.2&$!)$57$*/$>!/#$!4$>0.,!)$&2',&$!E0-$,@!"'!>$/$)40,$!/#$!2$)*$,/ages associated with the missing category (e.g. budgets of less than $100K or multiple focus), subtract the given percentage from 100. Degrees of freedom for the reported chi-square values were equal to 1 for all analyses. Table 3-- Staff Characteristics, Funding Sources, and Membership Characteristics by Analysis Group Respondent Paid or Volunteer (Question 26) Gp 1 (%) Gp 2 (%) Total Chi. Sq. Prob. Respondent director rather than staff 85 76 82 1.11 0.29 Respondent in Paid Position 58 86 69 6.55 0.01 How do people who direct the daily operations of your organization or program expand their skills? (Check all that apply) (Question 30)

Gp 1 (%) Gp 2 (%) Total Chi. Sq. Prob. Through voluntarily chosen education and training programs 81 88 84 0.75 0.38 Through required education and training programs 0 12 4 7.25 0.007 No Voluntary or Required Training of Staff 25 9 19 3.81 0.05 What are the primary sources of your organization or program's funding? (Question 26) Gp 1 (%) Gp 2 (%) Total Chi-sq Prob. Foundation grants from secular environmental organizations 37 42 38 0.18 0.67 Foundation grants from religious organizations 35 13 27 4.92 0.03 Other foundation grants 24 29 26 0.31 0.58 Large private donors 12 35 21 6.61 0.01 Membership dues 25 23 26 0.09 0.77 Small donations from members of constituents 63 45 56 2.42 0.12 Earned income from services 24 10 17 2.48 0.12 Corporate donations 4 10 6 1.12 0.30 What is the approximate size of your organization or program's membership, defined as people who may dues or regularly participate in activities? (Question 31)

Gp 1 (%) Gp 2 (%) Total Chi-sq prob. Membership Larger than 100 62 87 70 6.33 0.01 How would you describe the overall political orientation of your members or constituents? (Question 34)

Gp. 1 Gp. 2 Total Percentage of members who are political liberal (Mean) 62.2 74.7 66.8 Standard Deviation 20.4 16.3 19.9 T-ratio 2.86 Probability p = .01

Page 25: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9P!

!".F7$&!S!/'!^!E0-$!/#$!>./.!(&$>!/'!>$&*)0F$!/#$!')E.,0H./0',&J!&/)./$E0*!5'*(&@!".F7$!S!>$&*)0F$&!/#$!*'44(,0*./0',!5).4$&!/#./!B$)$!(&$>!NqaOU!".F7$!P!>$&*)0F$&!/#$0)!E'.7&!.,>!#'2$&!NqhO8!".F7$!a!>$&*)0F$&!/.)E$/!.(>0$,*$&!!Nq;:O8!".F7$!\!>$&*)0F$&!&/)./$E0$&!Nq!;;O8!.,>!".F7$!^!>$&*)0F$&!/.*/0*&!Nq;9O@!".F7$&!h!.,>!;:!)$2')/!)$&(7/&!5')!/#$!A($&/0',&!.F'(/!*#.,E$&!0,!/.)E$/!.(>0$,*$&8!&/)./$E?!')!/.*/0*&!Nq;<O!.,>!*#.,E$&!0,!*'44(,0*./0',!5).40,E!Nq;SO@!3E.0,!>./.!.)$!E0-$,!5')!/#$!/'/.7!E)'(28!/#$!/B'!*'42.)0&',!*7(&/$)&8!.,>!/#$!)$&(7/&!'5!/$&/&!'5!&0E,050*.,*$!.)$!0,*7(>$>@!"'!>$/$)40,$!/#$!2$)*$,/ages associated with the missing category (e.g. non-religious sector), subtract the given percentage from 100. Degrees of freedom were equal to 1 for all analyses.!Table 4--Frames of Reference: Organizations may use a variety of frames of reference when making a moral or values-based call to action on climate disruption. What frames of reference does your organization or program use? Check all that apply. (Question # 6) Frames of Reference Gp 1 (%) Gp 2 (%) Total Chi-sq Prob. Religious 97 31 73 48.01 <.001 Climate justice 79 66 74 1.95 0.16 Social equity 75 66 72 1.03 0.31 Future generation 87 80 84 0.80 0.37 Human rights 62 63 62 0.003 0.96 Human health 67 51 61 2.34 0.13 Ecological health 69 71 70 0.07 0.79 Personal responsibility 66 43 57 4.69 0.03 Jobs/economic growth 48 54 50 0.40 0.52 Economic benefits 56 57 56 0.02 0.89 Table 5--Hopes and Goals: What does your organization or program hope to achieve through its moral or values-based call to action on climate disruption? (Check all that apply.) (Question 9)

Hopes and Goals Gp 1 (%)

Gp 2 (%) Total

Chi-sq

Prob.

Reframe the political/public discourse about climate disruption 85 80 83 0.39 0.53 Encourage elected officials to introduce and/or support climate protection policies 85 69 79 3.59 0.06 Motivate the actively engaged public to press elected officials to enact more or stronger climate protection policies 70 71 71 0.02 0.88 Motivate the actively engaged public to press government officials to oppose/prevent/stop climate damaging actions or policies (e.g. coal-fired power plants) 72 69 71 0.10 0.75 Motivate the actively engaged public to adopt more sustainable behaviors 82 60 74 5.35 0.02 Motivate the unengaged public to support public policies that protect the climate 73 57 67 2.64 0.10 Motivate the unengaged public to adopt more sustainable behaviors 72 51 64 3.94 0.05 Expand our membership or constituency base 55 40 49 1.99 0.16 Generate greater financial, time or other commitments from our members or constituents 43 26 37 2.95 0.09 Motivate our members or constituents to adopt more sustainable behaviors 82 49 69 11.42 0.001 Motivate our members or constituents to actively urge other people to support climate protection actions and policies 75 66 72 0.94 0.33

Page 26: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9a!

Table 6--Target Audiences: What are the target audiences of your organization or program's moral or values-based call to action on climate disruption? (Check all that apply.) (Question 10)

Target Audiences Gp 1 (%)

Gp 2 (%) Total Chi-sq Prob.

U.S. Congress 67 44 59 4.81 0.03 U.S. president or federal agencies 62 50 58 1.35 0.24 State elected officials or agencies 67 41 58 6.07 0.01 Local elected officials or agencies 54 38 48 2.2 0.14 Business executives 15 26 19 1.95 0.16 Religious leaders 92 47 76 23.82 <.001 Lay leaders in faith communities 90 32 69 34.4 <.001 Other climate action groups 20 44 28 6.41 0.01 Think tanks/research organizations 7 21 12 4.2 0.04 Academics/climate scientists 16 32 22 3.23 0.07 Economically disadvantaged communities 34 29 33 0.25 0.62 Communities of color 38 41 39 0.11 0.74 Youth 44 44 44 0.0002 0.99 Mass media 28 50 36 4.65 0.03 Likely voters 21 32 25 1.41 0.24 Your members 74 62 69 1.48 0.22 Individuals sympathetic to, but not yet members 61 41 54 3.33 0.07 People who do not accept reality of climate change 36 32 35 0.13 0.72 People who accept reality of human induced climate disruption 66 62 64 0.14 0.71 !!

Page 27: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9\!

!

Table 7--Strategies: What strategies are used by your organization or program to make its moral or values-based call to action on climate disruption? (Check all that apply.) (Question 11)

Strategies Used: Gp 1 (%)

Gp 2 (%) Total Chi-sq Prob.

Educating people about science re climate change 72 71 72 0.03 0.87 Providing information on why impacts are morally wrong or unjust 87 74 82 2.65 0.10 Providing information on morally right and just solutions to climate disruption 82 68 77 2.52 0.11 Using moral and ethical principles to build common ground with opponents of climate protection 52 41 48 1.11 0.29 Expanding our impact by collaborating with organizations with similar moral or ethical views 84 76 81 0.72 0.40 Motivating senior leadership to influence others by understanding their moral and ethical duties 64 38 55 5.82 0.02

Mobilizing grassroots engagement in morally and ethically just climate protection activities 84 68 78 3.23 0.07 Using moral and ethical precepts to motivate simple and then more difficult behavioral changes 85 35 67 24.78 <.001 Helping people live out their moral and ethical values by engaging them in hands-on projects 61 24 47 12.07 0.001 Using the arts or other cultural activities to spark interest in climate protection 23 29 25 0.48 0.49 Capturing the attention of the mass media 39 56 45 2.41 0.12 Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to the natural environment 92 47 76 23.82 <.001 Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to other people 84 38 67 20.44 <.001 Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to the natural environment or other people 74 41 62 9.85 0.002 !

Page 28: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9^!

!Table 8--Tactics: What tactics does your organization or program use to make a moral or values-based call to action on climate disruption? (Check all that apply.) (Question 12) Tactics Used: Gp 1 (%) Gp 2 (%) Total Chi-sq Prob. Social media campaigns 61 72 65 1.15 0.28 Religious or spiritual vigils 57 22 45 10.68 0.001 Mass petitions 44 34 41 0.85 0.36 Newsletters and posters 75 53 68 4.77 0.03 Direct mail solicitations 26 31 28 0.26 0.61 Letter writing campaigns 52 41 48 1.18 0.28 Opinion editorials 48 59 52 1.18 0.28 News coverage 45 62 51 2.56 0.11 Press briefings 32 44 36 1.32 0.25 Letters to govt. officials 59 59 59 0.001 0.97 Policy reports 15 47 26 11.00 0.001 Boycotts 5 9 7 0.66 0.42 Organized protests or marches 32 41 35 0.74 0.39 Civil disobedience 8 19 12 2.24 0.13 Strikes and/or walkouts 0 6 2 3.90 0.05 Small group meetings in homes 28 22 26 0.39 0.53 Private meetings with key leaders 46 44 45 0.04 0.84 Conferences and workshops 75 72 74 0.14 0.71 Fundraising 30 28 29 0.02 0.89 Canvassing, door knocking 0 9 3 5.91 0.02 Get out the vote events 2 12 5 4.87 0.03 Teach-ins 30 31 30 0.03 0.84 Social Events 31 16 26 2.64 0.10 Table 9--If your target audiences, strategy, or tactics have changed over the past 1-3 years, what led your organization or program to shift its focus? (Check all that apply) (Question 13)

Causes of Change in Tactics/Strategies: Gp 1 (%)

Gp 2 (%) Total

Chi-sq Prob.

Lack of success in reaching target audience 21 19 20 0.03 0.85 Feedback from our members 24 15 20 0.70 0.40 Changing political circumstance 36 65 49 4.90 0.03 Greater clarity on or change in our mission and goals 36 46 41 0.58 0.45 Greater clarity on or change in our strategy and tactics 61 73 66 1.01 0.32 Fear of political backlash 3 0 2 0.80 0.37 Concerns about jeopardizing 501 (c) 3 status 0 4 2 1.29 0.26 Note: 61% of the respondents responded to this question, indicating that their target audiences, strategy or tactics had changed in the last 1 to 3 years.

Page 29: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!! 9h!

Table 10--Does your organization or program alter its communication framing in response to the frames used by opponents and why does it alter its communications framing?

Frame/Scope Altering: Gp 1 (%)

Gp 2 (%) Total Chi-sq Prob.

Alters framing (% yes) 37 47 41 0.85 0.36 Lack of success in reaching target audience 32 20 27 0.63 0.43 Feedback from our members 36 20 30 1.14 0.28 Changing political circumstance 68 67 68 0.01 0.92 Greater clarity on or change in our mission and goals 32 40 35 0.26 0.61 Greater clarity on or change in our strategy and tactics 41 67 51 2.37 0.12 Fear of political backlash 9 7 8 0.07 0.79 Concerns about jeopardizing 501 (c) 3 status 9 0 5 1.44 0.23

Page 30: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<:!

!".F7$&!;;!.,>!;9!&(44.)0H$!/#$!)$&2',&$&!/'!/#$!A($&/0',&!',!4$.&()$4$,/!.,>!$-.7(./0',@!".F7$!;;!)$2')/&!/#$!B.?&!0,!B#0*#!/#$?!>$50,$!&(**$&&8!.,>!".F7$!;9!)$2')/&!/#$!B.?&!0,!B#0*#!/#$?!4$.&()$!&(**$&&!.,>!#'B!$55$*/0-$!/#$?!*',&0>$)!/#$0)!$-.7(./0',!4$/#'>&!/'!F$@!!

Table 11--Defining Success: How does your organization or program define success of its moral or values-based call to action on climate disruption? (Check all that apply) (Question 16)

Defining Success: Gp 1 (%)

Gp 2 (%) Total Chi-sq Prob.

Positive feedback from members 75 52 67 5.53 0.02 Greater understandings by target audience 79 70 76 0.94 0.33 Growth in membership base 54 48 52 0.27 0.60 Visible personal behavioral changes 64 30 52 9.71 0.002 Changes in way climate disruption is publicly described 43 55 47 1.22 0.27 Elected officials who support climate protection policies 28 55 37 6.52 0.01 Elected officials who publicly state that climate disruption is moral and ethical issue 31 42 35 1.20 0.27 New climate protection policies adopted 43 67 51 4.95 0.03 Table 12--Measuring Success How does your organization or program measure the success of its moral or values-based call to action on climate disruption? (Check all that apply) (Question 17)

Measures: Gp 1 (%)

Gp 2 (%) Total Chi-sq Prob.

Qualitatively (through formally gathered interviews, case studies etc.) 31 38 34 0.49 0.48 Quantitatively (through formally gathered numerical data) 36 41 38 0.24 0.62 Informally (through anecdotes, etc.) 79 68 75 1.41 0.24 No measurement tools 20 18 19 0.06 0.81

How effective do you consider your measurement and evaluation criteria and methods to be? (Choose one) (Question 18)

Effectiveness: Gp 1 (%)

Gp 2 (%) Total - -

Excellent 5 9 7 Medium 63 55 60 Poor 32 36 34 Chi-square 0.87 Prob. 0.65 !!!

Page 31: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<;!

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able 13--How important have each of the factors listed below been to your organization or program's successes? (1 to 5 rating, 1 = unimportant, 5 = very important) (Question 20)

Factors Leading To Success: Gp 1 (M)

Gp 2 (M) Total

t-ratio Prob.

Clarity of purpose 4.6 4.9 4.7 1.94 0.06 Carefully designed strategy and tactics 4.0 4.3 4.2 1.81 0.07 Ability to touch people at emotional level 4.3 4.4 4.3 0.36 0.72 Effective framing and messaging 4.4 4.7 4.5 2.46 0.02 Effective leadership 4.4 4.5 4.5 0.48 0.63 Effective fundraising 3.2 3.5 3.3 1.05 0.30 Non-partisan approach 3.8 3.5 3.7 1.12 0.26 Very partisan approach 1.6 2.3 1.8 2.72 0.01 Development of partnerships with like-minded orgs 4.2 4.6 4.4 2.32 0.02 Development of common ground with skeptics 2.6 2.8 2.7 0.45 0.65 Table 14--How important have each of the factors listed below been to your organization or program's difficulties or failures? (1 = unimportant, 5 = very important)

Factors Leading to Difficulties/Failure: Gp 1 (M)

Gp 2 (M) Total

t-ratio Prob.

Lack of funding 3.9 3.9 3.9 0.74 0.59

Lack of clear purpose and goals 2.9 3.1 3.0 0.66 0.51 Discomfort with using the terms or talking about morality and ethics 1.6 2.4 1.9 2.64 0.01 Lack of clarity on our target audiences 2.6 3.2 2.8 1.61 0.11 Inability to touch people at the emotional level 2.7 3 2.8 1.05 0.3 Ineffective communications framing and messaging 3.2 3.5 3.3 0.65 0.52 Ineffective leadership 2.8 3.3 3.0 1.24 0.22 Too partisan an approach 1.9 2.5 2.1 1.84 0.07 Not aggressive enough 2.9 3 2.9 0.46 0.65 Lack of partnerships with like-minded organizations 2.2 2.6 2.3 1.06 0.29 Inability to develop common ground with skeptics 2.7 2.7 2.7 0.02 0.49

Page 32: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<9!

Table 15--How important are the factors below in increasing the effectiveness of your organization or program's moral call to action on climate disruption? (1 = unimportant, 5 = very important) (Question 23)

Factors Leading to an Effective Climate Program: Gp 1 (M)

Gp 2 (M) Total

t-ratio Prob.

Additional funding 4.0 4.2 4.1 0.61 0.55

Additional staffing 4.1 4.2 4.1 0.19 0.85

Assistance with strategy development 3.6 3.6 3.6 0.24 0.81

Assistance with communication framing and messaging 3.9 3.9 3.9 0.18 0.85

Assistance with partnership development 3.2 3.7 3.4 2.32 0.

02 Greater links with regional and/or national groups 3.4 3.6 3.5 0.94 0.35 Assistance with program evaluation and measurement 3.7 3.7 3.7 0.12 0.91 !".F7$!;a!&(44.)0H$&!/#$!)$&(7/&8!70&/0,E!/#$!*#.).*/$)0&/0*&!.,>!5.*/')&!,'/$>!F?!/B'D/#0)>&!')!4')$!'5!/#$!')E.,0H./0',!')!2)'E).4J&!)$2)$&$,/./0-$&@!".F7$!;\!&(44.)0H$&!/#$!>0&/0,*/0',&!F$/B$$,!/#$!/B'!*7(&/$)!E)'(2&!'5!')E.,0H./0',&@!!!!Table 16 -- A Summary Picture of the Total Group Organizational Characteristics: Religious sector || Respondent in Paid Position || Membership Larger than 100 Values/Moral-Based Call Primary or Only Focus of the Organization || Members are politically liberal Experienced difficulties or failures in last 1-3 years || Respondent director rather than staff Program directors expand skills through voluntarily chosen education and training programs Frames of Reference Used When Making a Moral or Values-Based Call to Action: Religious (e.g. we are stewards of God's creation) Climate justice (e.g. treat all people equally and fairly in new policies and projects) Social equity (e.g. prevent climate impacts on those who emitted the least) Future generation (e.g. protect future options for our children) Ecological health (e.g. protect ecosystems and biodiversity from climate impacts) What They Hope to Achieve: Reframe the political/public discourse about climate disruption Encourage elected officials to introduce and/or support climate protection policies Motivate the actively engaged public to press elected officials to enact more or stronger climate protection policies

Motivate the actively engaged public to press government officials to oppose/prevent/stop climate damaging actions or policies (e.g. coal-fired power plants) Motivate the actively engaged public to adopt more sustainable behaviors Motivate the unengaged public to support public policies that protect the climate Motivate our members or constituents to adopt more sustainable behaviors Target Audiences: Lay leaders in faith communities & Your members

Page 33: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<<!

TABLE 16 CONTINUED Strategies Educating people about science re cc Providing information on why impacts are morally wrong or unjust Providing information on morally right and just solutions to climate disruption Expanding our impact by collaborating with organizations with similar moral or ethical views Mobilizing grassroots engagement in morally and ethically just climate protection activities Using moral and ethical precepts to motivate simple and then more difficult behavioral changes Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to other people & environment Tactics Newsletters and posters Conferences and workshops Why changed framing: Greater clarity on or change in our strategy and tactics Why Alter Communications Framing in Response to Opponents: Changing political circumstance How Define Success: Positive feedback from members Greater understandings by target audience New climate protection policies adopted How Measure Success: Informally (through anecdotes, etc.) Factors Influencing Organization or Program's Success: Clarity of purpose Carefully designed strategy and tactics Ability to touch people at emotional level Effective framing and messaging Effective leadership Development of partnerships with like-minded orgs Factors that Would Increase Organization or Program's Effectiveness: Additional funding Additional staffing For the queries regarding factors that influence success or the program's effectiveness items that received an average score of 4.0 or higher on a five point scale (indicating important or greater) were listed. For all other items those endorsed by two-thirds or more of the organizations' representatives were listed. !

Page 34: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<S!

!Table 17 - Defining Features of Both Clusters* Defining Features of the Behavioral Change Focused Programs and Organizations

Defining Features of the Policy Change Focused Programs and Organizations

Characteristics: Characteristics: Religious Sector Non-religious sector Annual budget less than $100K Annual budget greater than $100K Established 5 or more years Established less than 5 years Volunteer staff Paid staff No voluntary or required training of staff Larger paid membership Smaller paid membership Members more liberal political orientation More varied political views of members Financial support from private donors Financial support from religious foundations Frames Frames Values/ethics primary or sole frame Values/ethics one of many frames used Religious frame Personal responsibility frame Hopes Hopes More members, constituents, and engaged public to adopt more sustainable behaviors - Targets: Targets: Congress Other climate groups State elected officials Think tanks Religious leaders Academics and climate scientists Media Strategies Strategies Motivating senior leadership to influence others by understanding their moral and ethical duties - Using moral and ethical precepts to motivate simple and then more difficult behavioral changes Helping people live out their moral and ethical values by engaging them in hands-on projects Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to the natural environment Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to other people Encouraging people to reduce their consumption of energy by emphasizing their moral and ethical obligations to the natural environment or other people Encourage reduced consumption via ethical motives Tactics: Tactics: Religious vigils Policy reports Newsletters and posters Get out the vote events Influences on changing focus: Influences on changing focus:

- Changing political circumstance

Page 35: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<P!

TABLE 17 CONTINUED Defining Features of the Behavioral Change Focused Programs and Organizations

Defining Features of the Policy Change Focused Programs and Organizations

How Success is Defined: How Success is Defined:

Positive feedback from members Number of elected officials who support climate protection policies

Visible personal behavioral changes to reduce energy use or emissions by our members

Number of new climate protection policies adopted

Influences on success: Influences on success: - Effective framing and messaging Very partisan approach

Development of partnerships with like-minded orgs

Influences on difficulties: Influences on difficulties:

- Discomfort with using the terms or talking about morality and ethics

Factors that are important in increasing effectiveness of the organization or program:

Factors that are important in increasing effectiveness of the organization or program:

- Assistance with partnership development * Note: Areas are listed only if the difference between scores of the two groups was significant at the .05 level or less. !!!!

Page 36: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<a!

!;;#%.0J'BD'7#$F#2"'()'+(=0,1'+=0#%=#'!.80"(2M'9($$0&&##'!W0,.!Z0&*'//0!i$*/()$)8!W$2.)/4$,/!'5!Y'*0'7'E?!.,>!`'&/>'*/').7!Y*#'7.)8!!X@=@!W.-0&!M,$)E?!M550*0$,*?!=$,/$)!!X,0-$)&0/?!'5!=.705'),0.8!W.-0&!!!!R07.)?!Y*#.55$)!Z'(>$/!3&&0&/.,/!`)'5$&&')8!=704./$!=#.,E$!.,>!M,$)E?!Y*#''7!'5!`(F70*!`'70*?!D!Y'*0'7'E?!!G)$E',!Y/./$!X,0-$)&0/?!!60*#.$7!L$7&',!%(/#!R@!Y2.,0'7!=#.0)!'5!L./().7!%$&'()*$&!.,>!`)'5$&&')!'5!M,-0)',4$,/.7!`#07'&'2#?!.,>!M/#0*&!W$2.)/4$,/!'5!Q')$&/!M*'&?&/$4&!.,>!Y'*0$/?!G)$E',!Y/./$!X,0-$)&0/?!!b$.,!Y/'*C.)>!`)'5$&&')!M4$)0/.!X,0-$)&0/?!'5!G)$E',!W$2.)/4$,/!'5!`7.,,0,E8!`(F70*!`'70*?!.,>!6.,.E$4$,/!!

Page 37: TTFTTNFOU PG UIF 4UBUVT BOE 1PUFOUJBM GPS (SPXJOH UIF ... · *#.,e$&@!!!! • ' ' •!!

!

"#$!%$&'()*$!+,,'-./0',!1)'(2!!!!!3&&$&&4$,/!'5!/#$!6').7!6'-$4$,/!!!!!32)078!9:;<!!

!

<\!

!;;#%.0J'9D'7#$F#2"'()'/2(Q#=&'+&##20%5'9($$0&&##'

b.*A(0!`.//$)&',8!L33=`!

b'&$!3E(/'8!Q)0$,>&!='440//$$!',!L./0',.7!i$E0&7./0',!!

b`!i$'(&8!XY!=704./$!3*/0',!L$/B')C!!!

Z077!Z).>7$$8!+,/$)5.0/#!`'B$)!.,>!i0E#/8!"#$!%$E$,$)./0',!`)'I$*/!!

Q.,H!6./,$)8!L%W=!

3>)0.,,.!q(0,/$)'8!L%W=!!

%0*#.)>!=0H0C8!L$B!M-.,E$70*.7!`.)/,$)&#02!5')!/#$!='44',!1''>!!

b$,,?!R'74$&8!G)$E',!+,/$)5.0/#!`'B$)!.,>!i0E#/!!!

i0&$!l.,!Y(&/$),8!+,/$)5.0/#!6').7!3*/0',!',!=704./$!!!

W.-$!c.&C'B8!GV5.4!

=./#$)0,$!c''>0B0&&8!=$,/$)!5')!34$)0*.,!`)'E)$&&!!

l.7$)0$!Y$))$7&8!m0>&!3E.0,&/!17'F.7!c.)40,E]+!6.//$)!=.42.0E,!

Y.).#!i$-0,&',]b',./#.,!i.,$8!='.70/0',!',!/#$!M,-0)',4$,/!0,!!b$B0&#!i05$!

37$V0&!=#.&$8!1$')E0.!+,/$)5.0/#!`'B$)!.,>!i0E#/!!

!!