NYC Green Dividend Report

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Kmb Om|p|hgjp kom|p|hgjpFhav|bseomnsrcphng.oma  _bnhm| Vmchox E`yhsm|# OBMs im| Ohphbs Hp‘s nm sbo|bp pjep Nbw X m|d Ohpx‘s jhgj `bnshpx# bzpbns hyb p|enshp en` bzobccbnp wecdelhc hpx e|b irn`eabnpec omnp|hlrpm| s pm pjb chibspxcb bnkmxb` lx hps ohph{bns. Jmwbyb|# es pjhs spr`x sjmws# pjbsb ieopm|s e|b ecsm aekm| omnp|hlrpm|s pm pjbh| bomnmaho wbcc!lbhng. Lboersb Nbw Xm|db|s `|hyb srlspenpheccx cbss pjen pjb eyb|egb Eab|hoen# pjbx |bech{b e speggb|hng $58 lhcchmn hn seyhngs beoj xbe| amnbx pjep pjbh| omrnpb|ve|ps hn mpjb| abp|m e|bes svbn` mn erpm!|bcepb` bzvbnsbs. En` lboersb pjbx svbn` sm aroj cbss mn oe|s en` gesmchnbamnbx pjep urhodcx cbeybs pjb cmoec bomnmaxNbw Xm|db|s jeyb aroj am|b vr|ojeshng vmwb| pm svbn` cmoeccx# spharcephng pjb ohpx‘s bomnmax. Pjhs hs Nbw X m|d Ohpx‘s G|bbn @hyh`bn`. Pjb G|bbn @hyh`bn` hs e sp|ehgjpim|we|`# bybn omnsb|yephyb oecorcephmn mi pjb lbnbps Nbw Xm|db|s bnkmx i| ma `|hyhng cbs s. Wjhcb pjb e yb|egb | bsh`bnp mi Nbw Xm|d Ohpx `|hybs elmrp 8 ahcbs vb| `ex# pjb eyb|egb r|len |bsh`bnp hn pjb R._. `|hybs elmrp <2 ahcbs vb| `ex. Ep en eyb|egb omsp mi ybjhocb mvb|ephmn mi 06 obnps vb| ahcb# pjhs wm|ds mrp pm $58 lhcchmn hn ennrec seyhngs im| Nbw Xm|d Ohpx |bsh`bnps. Nbw X m|d Ohpx jmrsbjmc`s oen rsb pjbsb seyhngs pm jbcv miisbp pjb ohpx‘s jhgjb| omsp mi jmrshng. Wjhcb hp aex omab es e sr|v|hsb# pjb omalhnb` omsp mi p|ensvm|pephmn en` jmrshng hs cmwb| hn pjb ohpx pjen hn sr||mrn`hng srlr|ls. Pjb g|bbnb| lbjeyhm| mi Nbw Xm|db|s sjmws rv hn aroj cmwb| |epbs mi oe| mwnb|sjhv. Nbw X m|db|s mwn ibwb| pjen e pjh|` es aenx oe|s vb| oevhpe es pjb eyb|egb R._. r|len |bsh`bnp *elmrp <? vb| 566 |bsh`bnps omave|b` pm elmrp 77 vb| 566 hn amsp r|len e|bes(. Hi Nbw X m|db|s `|myb es aroj es pjb eyb|egb Eab|hoe n# pjb ohpx wmrc` jeyb 0.2 ahcchmn am| b oe|s. Krsp spm|hng pjb e``hphmnec ybjhocbs wmrc` |burh| b e ve|dhng cmp pjb sh{b mi Aenjeppenelmrp <2 sure|b ahcbs. Nmp hnshgnhoenpcx# cbss `|hyhng ecsm v|m`robs jrgb bnyh|mnabnpec lbnbps. Nbw X m|db|s bahp <? ahcchmn pmns cbss oe|lmn `hmzh`b vb| xbe| pjen pjbx wmrc` hi pjbx `|myb es aroj es pjb eyb|egb R._. r|len |bsh`bnp. Nbw X m|d‘s jhgjb| `bnshpx hs pjb i mrn`ephmn mi pjb ohpx‘ s G|bbn @hyh`bn`. Jhgjb| `bnshpx ghybs ohpx |bsh`bnps am|b `bsphnephmns ocmsb ep jen`. Pjb ohpx‘s bzpbnshyb p|enshp sxspba en` wecdelhchpx |bhnim|ob pjhs e`yenpegb# en` Nbw X m|db|s aedb pjb amsp mi hp. Pwm!pjh|`s mi Nbw X m|d Ohpx omaarpb|s p|eybc pm wm|d lx p|enshp m| lx wecdhng# pjb jhgjbsp i|eophmn mi enx c e|gb ohpx hn pjb omrnp|x. Nbw Xm|d Ohpx‘sG|bb n @hyh`bn` Ev|hc <656 P mns mi oe|lmn bahsshmns eymh`b` ennreccx <? AHCCHMN ?6 8 <2 $58L Eyb|egb nralb| mi ahcbs `|hybn vb| vb|smn vb| `ex hn ce|gb R_ abp|m e|bes Eyb|egb ahcbs `|hybn vb| vb|smn vb| `ex hn Nbw Xm|d Ohpx 0: LHCCHMN Ahcbs mi `|hyhng eymh`b` lx Nbw Xm|db|s ennreccx P|ensvm|pephmn omsps seyb` lx Nbw Xm|db|s ennreccx <.0 LHCCHMN Ibwb| geccmns mi gesmchnb |burh|b` beoj xbe| lx Nbw Xm|db|s lboersb pjbx `|hyb cbss Vb|obnp ibwb| oe|s mwnb` lx Nbw Xm|db|s pjen |bsh`bnps mi mpjb| ce|gb R._. ohphbs

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8/2/2019 NYC Green Dividend Report

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Kmb Om|p|hgjp kom|p|hgjpFhav|bseomnsrcphng.oma  _bnhm| Vmchox E`yhsm|# OBMs im| Ohphbs

Hp‘s nm sbo|bp pjep Nbw Xm|d Ohpx‘s jhgj ̀ bnshpx# bzpbnshyb p|enshp en` bzobccbnp wecdelhchpx e|b irn`eabnpeomnp|hlrpm|s pm pjb chibspxcb bnkmxb` lx hps ohph{bns. Jmwbyb|# es pjhs spr`x sjmws# pjbsb ieopm|s e|b ecsmaekm| omnp|hlrpm|s pm pjbh| bomnmaho wbcc!lbhng. Lboersb Nbw Xm|db|s `|hyb srlspenpheccx cbss pjenpjb eyb|egb Eab|hoen# pjbx |bech{b e speggb|hng $58 lhcchmn hn seyhngs beoj xbe| ‐ amnbx pjep pjbh|omrnpb|ve|ps hn mpjb| abp|m e|bes svbn` mn erpm!|bcepb` bzvbnsbs. En` lboersb pjbx svbn` sm arojcbss mn oe|s en` gesmchnb‐amnbx pjep urhodcx cbeybs pjb cmoec bomnmax‐Nbw Xm|db|s jeyb arojam|b vr|ojeshng vmwb| pm svbn` cmoeccx# spharcephng pjb ohpx‘s bomnmax. Pjhs hs Nbw Xm|d Ohpx‘s G|bbn@hyh`bn`.

Pjb G|bbn @hyh`bn` hs e sp|ehgjpim|we|`# bybnomnsb|yephyb oecorcephmn mi pjb lbnbps Nbw Xm|db|sbnkmx i|ma `|hyhng cbss. Wjhcb pjb eyb|egb |bsh`bnp miNbw Xm|d Ohpx `|hybs elmrp 8 ahcbs vb| `ex# pjb eyb|egbr|len |bsh`bnp hn pjb R._. `|hybs elmrp <2 ahcbs vb| `ex.Ep en eyb|egb omsp mi ybjhocb mvb|ephmn mi 06 obnps vb|ahcb# pjhs wm|ds mrp pm $58 lhcchmn hn ennrec seyhngs im|Nbw Xm|d Ohpx |bsh`bnps.

Nbw Xm|d Ohpx jmrsbjmc`s oen rsb pjbsb seyhngs pm jbcv

miisbp pjb ohpx‘s jhgjb| omsp mi jmrshng. Wjhcb hp aex omabes e sr|v|hsb# pjb omalhnb` omsp mi p|ensvm|pephmn en`jmrshng hs cmwb| hn pjb ohpx pjen hn sr||mrn`hng srlr|ls.

Pjb g|bbnb| lbjeyhm| mi Nbw Xm|db|s sjmws rv hn arojcmwb| |epbs mi oe| mwnb|sjhv. Nbw Xm|db|s mwn ibwb|pjen e pjh|` es aenx oe|s vb| oevhpe es pjb eyb|egb R._.r|len |bsh`bnp *elmrp <? vb| 566 |bsh`bnps omave|b` pmelmrp 77 vb| 566 hn amsp r|len e|bes(. Hi Nbw Xm|db|s`|myb es aroj es pjb eyb|egb Eab|hoen# pjb ohpx wmrc` jeyb 0.2 ahcchmn am|b oe|s. Krsp spm|hng pjb

e``hphmnec ybjhocbs wmrc` |burh|b e ve|dhng cmp pjb sh{b mi Aenjeppen‐elmrp <2 sure|b ahcbs.

Nmp hnshgnhoenpcx# cbss ̀ |hyhng ecsm v|m`robs jrgb bnyh|mnabnpec lbnbps. Nbw Xm|db|s bahp <? ahcchmnpmns cbss oe|lmn `hmzh`b vb| xbe| pjen pjbx wmrc` hi pjbx `|myb es aroj es pjb eyb|egb R._. r|len|bsh`bnp.

Nbw Xm|d‘s jhgjb| `bnshpx hs pjb imrn`ephmn mi pjb ohpx‘s G|bbn @hyh`bn`. Jhgjb| `bnshpx ghybs ohpx|bsh`bnps am|b `bsphnephmns ocmsb ep jen`. Pjb ohpx‘s bzpbnshyb p|enshp sxspba en` wecdelhchpx |bhnim|obpjhs e`yenpegb# en` Nbw Xm|db|s aedb pjb amsp mi hp. Pwm!pjh|`s mi Nbw Xm|d Ohpx omaarpb|s p|eybc pmwm|d lx p|enshp m| lx wecdhng# pjb jhgjbsp i|eophmn mi enx ce|gb ohpx hn pjb omrnp|x.

Nbw Xm|d Ohpx‘sG|bbn @hyh`bn`

Ev|hc <656

Pmns mi oe|lmn bahsshmnseymh`b` ennreccx

<?AHCCHMN

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8<2

$58L

Eyb|egb nralb| mi ahcbs ̀ |hybn vb|vb|smn vb| ̀ ex hn ce|gb R_ abp|m e|bes

Eyb|egb ahcbs `|hybn vb|vb|smn vb| `ex hn Nbw Xm|d Ohpx

0:LHCCHMN

Ahcbs mi ̀ |hyhng eymh`b`lx Nbw Xm|db|s ennreccx

P|ensvm|pephmnomsps seyb` lx NbwXm|db|s ennreccx

<.0LHCCHMN

Ibwb| geccmns mi gesmchnb |burh|b` beojxbe| lx Nbw Xm|db|s lboersb pjbx `|hyb cbss

Vb|obnp ibwb| oe|s mwnb` lxNbw Xm|db|s pjen |bsh`bnps mimpjb| ce|gb R._. ohphbs

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Pjb G|bbnnbss mi Ohphbs

G|mwhng omnob|ns elmrp gcmlec we|ahng# pjb hno|beshng v|hob mi ges en` sp|mng hnpb|bsp hn `bybcmvhngecpb|nephybs pm pjb erpmamlhcb im| r|len p|ensvm|pephmn jeyb p|hggb|b` jbhgjpbnb` vrlcho hnpb|bsp hnvr|srhng g|bbn `bybcmvabnp vmchohbs sroj es hav|myhng vrlcho p|ensvm|pephmn en` v|mamphng jhgjb|

`bnshphbs en` am|b ahzb` rsbs.

Jmw ohphbs `bybcmv jes e cmp pm `m whpj gcmlec we|ahng. Pjb lhggbsp omnp|hlrpm| pm gcmlec we|ahnghs bahsshmns mi oe|lmn `hmzh`b# en` nbe|cx pj|bb!ure|pb|s mi R._. oe|lmn `hmzh`b bahsshmns e|b i|malrhc`hngs en` p|ensvm|pephmn *_e|{xnsdh# L|mwn bp ec. <66:(. Lboersb |bsh`bnps mi `bnsb|# p|enshp!sb|yb` r|len nbhgjlm|jmm`s rsb cbss cen` en` p|eybc cbss# pjbh| bnyh|mnabnpec immpv|hnp hs saeccb|pjen im| pjmsb wjm chyb hn cbss `bnsb cmoecbs *Gcebsb| en` Dejn <66:(.

Ohphbs# lx pjbh| yb|x nepr|b# |burh|b cbss bnb|gx rsb vb| oevhpe lboersb pjbx bnelcb g|bepb| biohbnox lxv|myh h̀ng vbmvcb whpj am|b ojmhobs mi gmm`s en` sb|yhobs |bcephybcx nbe|lx en` am|b mvphmns im| gbpphngpm pjba. Jhgjb| `bnshpx# am|b ahzb`!rsb `bybcmvabnp en` lbppb| p|enshp |bhnim|ob pjb bnyh|mnabnpe

e`yenpegbs mi ohphbs.

Bybn sm# pjb|b e|b sphcc smab sdbvphos wjm yhbw p|enshp# `bnshpx en` omnsb|yephmn es e dhn` mi yh|prmrssbci!`bnhec ‐ wbcc!abenhng# lrp shccx en` rnbomnmaho. O|hphos sbb pjb sbb`s mi bomnmaho |rhn. Pjbxlbchbyb pjep vcennhng# vmchohbs en` |bgrcephmns pjep |bsp|hop rsb m| eoobss pm |bsmr|obs havb`b g|mwpjen` cmwb| jmrsbjmc` hnomab.

Lmpj pjb sdbvphos en` pjb o|hphos e|b w|mng. Lbhng g|bbn ̀ mbs nmp shavcx aben pjep ohphbs e|b omnp|hlrphngvmshphybcx pm pjb bnyh|mnabnp. Lbhng g|bbn ecsm abens pjep ohpx |bsh`bnps be|n e –G|bbn @hyh`bn`‑lboersb pjbx seyb e lrn`cb mn oe|s en` ges. Pjhs abens cmoec |bsh`bnps jeyb am|b amnbx pm svbn` mn

mpjb| pjhngs pjbx yecrb# wjhoj# hn pr|n# spharcepbs pjb cmoec bomnmax.

Pm gbp e sbnsb mi pjb vmpbnphec lbnbps i|ma lbhng g|bbnb|# hp hs rsbirc pm omave|b p|ensvm|pephmnveppb|ns eo|mss R._. abp|mvmchpen e|bes. E spen`e|` xe|`sphod im| omave|hng p|eybc lbjeyhm| hs pm cmmdep Ybjhocb Ahcbs P|eybcb` *YAP(# pjb pmpec nralb| mi ahcbs `|hybn hn e abp|mvmchpen e|be beoj xbe|`hyh`b` lx hps vmvrcephmn. Pjhs abesr|b |bbops pjb omalhnb` biibops mi sjm|pb| p|hvs en` pjb rsb miecpb|nephyb am`bs.

Hn pjb ipx ce|gbsp R._. abp|mvmchpen e|bes‐ecc pjmsb whpj e vmvrcephmn mi mnb ahcchmn m| am|b‐pjbab`hen cbybc mi ybjhocb p|eybc hs <0.8 ahcbs vb| vb|smn vb| `ex. Omave|b` pm mpjb| ce|gb abp|mvmchpene|bes hn pjb R._.# |bsh`bnps mi pjb Nbw Xm|d abp|mvmchpen e|be `|hyb ibwb| ahcbs byb|x `ex. Eoom|`hngpm pjb R._. @bve|pabnp mi P|ensvm|pephmn# pjb eyb|egb |bsh`bnp mi pjb p|h!spepb Nbw Xm|d abp|mvmchpene|be p|eybc elmrp 57 ahcbs vb| `ex.

\bsh`bnps mi Nbw Xm|d Ohpx ̀ |hyb bybn cbss# mn eyb|egb# lboersb pjb ohpx miib|s e jhgjb| cbybc mi ̀ bnshpxam|b `bsphnephmns ocmsb ep jen` en` e wbecpj mi ecpb|nephybs pm p|eybchng lx oe|. Wb bsphaepb pjep#mneyb|egb# e |bsh`bnp mi Nbw Xm|d Ohpx `|hybs elmrp nhnb ahcbs vb| vb|smn vb| `ex# am|b pjen 96 vb|obncbss pjen pjb |bsh`bnp mi e pxvhoec ce|gb abp|mvmchpen e|be hn pjb Rnhpb` _pepbs.

Nbw Xm|db|s seyb $58 lhcchmn hn erpm!|bcepb` bzvbnsbs beoj xbe|.

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Ihgr|b 5 sraae|h{bs pjb `hiib|bnobs hn p|eybc veppb|ns eo|mss R._. abp|mvmchpen e|bes. Pjb|b hsomnsh`b|elcb ye|hephmn eamng R._. abp|mvmchpen e|bes hn ahcbs `|hybn vb| vb|smn. Nbw Xm|d Ohpx `mbsie| lbppb| pjen pjb R._. eyb|egb‐elmrp 8.6 ahcbs vb| `ex‐omave|b` pm e ab`hen mi <0.8 ahcbs hn pjbpxvhoec ce|gb abp|m e|be.

Oecorcephng pjb G|bbn @hyh`bn`

Jb|b‘s jmw wb `bybcmvb` pjbsb bsphaepbs. Wb spe|pb` whpj miohec `epe `bybcmvb` lx pjb ib`b|egmyb|nabnp im| p|ensvm|pephmn vcennhng. Pjb R._. @bve|pabnp mi P|ensvm|pephmn mncx vrlchsjbs enbsphaepb im| pjb Nbw Xm|d vm|phmn mi pjb Nbw Xm|d!Nm|pjb|n Nbw Kb|sbx abp|mvmchpen spephsphoec e|be*wjhoj hnocr`bs NXO# Wbspojbspb|# Nesser en` _riimcd Omrnphbs(. Wb oecorcepb` pjb nralb| mi ybjhocbahcbs p|eybcb` lx Nbw Xm|d Ohpx |bsh`bnps lx evvm|phmnhng ahcbegb eoom|`hng pm oe| mwnb|sjhv |epbs.

Im| pjb yb lm|mrgjs en` pj|bb omrnphbs hn pjb Nbw Xm|d vm|phmn mi pjb abp|mvmchpen e|be# pjb@bve|pabnp mi P|ensvm|pephmn bsphaepbs pjep pjb eyb|egb |bsh`bnp p|eybcs elmrp 5?.8 ahcbs vb| `ex.Lrp oe| mwnb|sjhv en` rsb hs ie| am|b v|byecbnp hn pjb srlr|len kr|hs`hophmns. Hi wb eccmoepb ybjhocbahcbegb v|mvm|phmnec pm ybjhocb mwnb|sjhv# wb bsphaepb pjep Nbw Xm|d Ohpx |bsh`bnps `|hyb elmrp 8 ahcbsvb| vb|smn vb| `ex# wjhcb |bsh`bnps mi Wbspojbspb|# Nesser en` _riimcd omrnphbs eyb|egb elmrp <?

ahcbs vb| vb|smn vb| `ex *ocmsb pm pjb nephmnec eyb|egb im| abp|mvmchpen e|bes(.

Nbw Xm|d Ohpx |bsh`bnps ecsm mwn ie| ibwb| ybjhocbs mn eyb|egb pjen amsp Eab|hoens.

Wb bsphaepb pjb pmpec Nbw Xm|d Ohpx vessbngb| ybjhocb bbp rshng `epe i|ma pjb Nbw Xm|d @bve|pabnpmi Ampm| Ybjhocbs en` i|ma Obnsrs Lr|ber `epe. Pjb Nbw Xm|d @bve|pabnp mi Ampm| Ybjhocbs |bvm|ps`epe mn pjb nralb| mi ybjhocbs |bghspb|b` hn beoj omrnpx hn pjb spepb. Wb omalhnb `epe i|ma L|mmdcxnL|mnz# Nbw Xm|d# Urbbns en` \hojamn` omrnphbs pm bsphaepb pjb pmpec nralb| mi ampm| ybjhocbs hnNbw Xm|d Ohpx. Hn <66:# pjb|b wb|b 5#8:6#666 ybjhocbs |bghspb|b` hn pjbsb yb omrnphbs. Hnocr`hng pjbsr||mrn`hng srlr|len omrnphbs hn Nbw Xm|d pjep e|b ve|p mi pjb abp|mvmchpen e|be *Wbspojbspb|# Nesser

Ihgr|b 5.

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en` _riimcd( pjb|b wb|b e pmpec mi 0#?56#666 ybjhocbs |bghspb|b` hn pjb |bghmn. Nbw Xm|d Ohpx eoomrnpb`im| elmrp 02 vb|obnp mi pjb ybjhocbs |bghspb|b` hn pjb Nbw Xm|d vm|phmn mi pjb abp|mvmchpen e|be.

Wb omn|ab` pjhs bsphaepb lx cmmdhng ep `epe i|ma pjb Obnsrs Lr|ber‘s Eab|hoen Omaarnhpx _r|ybx.Hp sjmws pjep |bsh`bnps mi Nbw Xm|d Ohpx eoomrnp im| elmrp 5#826#666 mi pjb |mrgjcx 0#2<6#666 ybjhocbs hn

pjb g|bepb| Nbw Xm|d vm|phmn mi pjb abp|mvmchpen e|be pjep hnocr`bs Wbspojbspb|# Nesser en` _riimcdOmrnphbs. Pjb Eab|hoen Omaarnhpx _r|ybx omabs rv whpj schgjpcx `hiib|bnp pmpecs lboersb hp hs lesb`mn e seavcb mi elmrp mnb vb|obnp mi jmrsbjmc`s en` esds wjbpjb| pjb jmrsbjmc` jes eoobss pm e ampm|ybjhocb *en` pjb nralb| mi ybjhocbs eoobsshlcb pm hp(# |epjb| pjen elmrp ybjhocb mwnb|sjhv. Pjbsb `epesrggbsp pjep elmrp 0? vb|obnp mi pjb ybjhocbs |bghspb|b` hn pjb abp|mvmchpen e|be wb|b hn Nbw Xm|dOhpx‐e pmpec yb|x shahce| pm pjb @AY `epe.

Nbw Xm|db|s eyb|egb elmrp <? oe|s vb| 566 |bsh`bnps omave|b` pm elmrp 7: oe|s vb| 566 |bsh`bnps im|pjb |bsp mi pjb omrnp|x.

Pjb `hiib|bnob hn oe| mwnb|sjhv en` `|hyhng lbpwbbn pjb pxvhoec ce|gb abp|mvmchpen e|be en` Nbw Xm|d

Ohpx hs pjb v|hnohvec smr|ob mi pjb G|bbn @hyh`bn`. Pjhs enecxshs imorsbs mn pjb yb lm|mrgjs *AenjeppenL|mnz# L|mmdcxn# Urbbns# _pepbn Hscen`( en` cmmds ep pjb ̀ hiib|bnob lbpwbbn YAP vb| vb|smn vb| ̀ ex hnNXO *8.6( en` pjb eyb|egb im| pjb 26 ce|gbsp R._. abp|mvmchpen e|bes *<0.8(.

Nbw Xm|d‘s cmwb| cbybc mi `|hyhng# omave|b` pm pjb eyb|egb im| ce|gb R._. abp|mvmchpen e|bes# abenspjep Nbw Xm|d |bsh`bnps `|hyb 52 ahcbs ibwb| vb| `ex pjen pjb pxvhoec r|len Eab|hoen. Ihipbbn ahcbsvb| `ex aex nmp sbba chdb aroj# lrp `m pjb aepj. Nbw Xm|d Ohpx jes |mrgjcx :.? ahcchmn |bsh`bnps. HiNbw Xm|d |bsh`bnps p|eybcb` es aroj es pjb eyb|egb r|len Eab|hoen# pjbx wmrc` `|hyb |mrgjcx 5?0ahcchmn am|b ahcbs vb| `ex m| elmrp 0: lhcchmn am|b ahcbs vb| xbe|. Wb bsphaepb pjb eyb|egb omsp mimvb|ephmn mi e ampm| ybjhocb ep 06 obnps vb| ahcb. Pjhs hs schgjpcx am|b omnsb|yephyb pjen pjb or||bnpHnpb|nec \bybnrb _b|yhob |bhalr|sbabnp |epb mi 26 obnps vb| ahcb *Hnpb|nec \bybnrb _b|yhob# <668(.Im| |bib|bnob# hp hs wm|pj dbbvhng hn ahn` pjep ep $?.66 e geccmn# 52 obnps vb| ahcb mi pjhs hs krsp pjb omsp

mi irbc gr|b` ep e bbp eyb|egb mi <6 ahcbs vb| geccmn ‐ e gbnb|mrs nralb| im| ohpx `|hyhng. Ecc pmc`pjb mrp!mi!vmodbp seyhngs wm|d mrp pm $58 lhcchmn vb| xbe|. Pjhs eamrnp hs burec pm schgjpcx am|b pjenimr| vb|obnp mi pjb $0<6 lhcchmn hn vb|smnec hnomab be|nb` lx ohpx |bsh`bnps hn <667.

Hn`bvbn`bnp `epe gepjb|b` i|ma sr|ybxs mi omnsrab| svbn`hng veppb|ns omn|a pjb aegnhpr`b mimr| G|bbn @hyh`bn` bsphaepbs. Pjb @bve|pabnp mi Celm|‘s Omnsrab| Bzvbn`hpr|b _r|ybx sjmwspjep abp|mvmchpen Nbw Xm|d |bsh`bnps or||bnpcx svbn` nmphobelcx cbss mi pjbh| jmrsbjmc` lr`gbps mnybjhocbs# gesmchnb en` |bveh|s pjen pjb pxvhoec R._. abp|mvmchpen |bsh`bnp. Hn pjb egg|bgepb# |bsh`bnps mabp|mvmchpen Nbw Xm|d svbn` elmrp <.9 vb|obnp cbss mi pjbh| pmpec jmrsbjmc` lr`gbps mn p|ensvm|pephmnpjen mpjb| r|len Eab|hoens ‐ elmrp 5?.8 vb|obnp omave|b` pm e ab`hen mi elmrp 59.2 vb|obnp im|

Hi Nbw Xm|db|s `|myb es aroj es pjb eyb|egb Eab|hoen# pjb ohpx wmrc` |burh|b eve|dhng cmp pjb sh{b mi Aenjeppen pm spm|b pjb e``hphmnec oe|s.

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pjb nephmn‘s abp|mvmchpen e|bes *Lr|ber mi Celm| _pephsphos <668(. Lboersb pjb LC_ bsphaepbs omyb|pjb bnph|b abp|mvmchpen e|be |epjb| pjen krsp pjb yb lm|mrgjs# pjbx eopreccx myb|spepb erpm!|bcepb`svbn`hng hn pjb ohpx. Hn smab oe|!`bvbn`bnp abp|mvmchpen e|bes sroj es Vjmbnhz# @ecces en` Jmrspmnpjb pxvhoec jmrsbjmc` `bympbs 58 pm <6 vb|obnp mi hps lr`gbp pm p|ensvm|pephmn bzvbnsbs.

Pjb Vmwb| mi pjb G|bbn @hyh`bn`

Pjb lbnbps `mn‘p spmv pjb|b. Lboersb nm oe|sm| gesmchnb e|b aenrieopr|b` hn pjb ohpx# arojmi wjep hs svbnp mn `|hyhng haab`hepbcx cbeybspjb cmoec bomnmax. Nbw Xm|db|s wjm svbn` cbssmn p|ensvm|pephmn jeyb am|b amnbx pm svbn` hnsbopm|s mi pjb bomnmax pjep jeyb aroj ce|gb| cmoecarcphvchb| biibops. Eoom|̀ hng pm Hnpb|nec \bybnrb_b|yhob ̀ epe# elmrp 7? vb|obnp mi pjb |bpehc v|hob miges *leod wjbn hp wes rn`b| $<.66 e geccmn# lx pjb wex( en` :9 vb|obnp mi pjb |bpehc v|hob mi oe|s hs pjb

–omsp mi gmm`s smc`#‑ wjhoj haab`hepbcx cbeybs pjb cmoec bomnmax. Pjb $58 lhcchmn Nbw Xm|db|s seybmn oe| p|eybc p|enscepb hnpm am|b pjen $59 lhcchmn pjep e|b eyehcelcb pm lb svbnp hn pjb cmoec bomnmax.Lboersb pjhs amnbx pbn`s pm lb |b!svbnp hn mpjb| sbopm|s mi pjb bomnmax# hp spharcepbs cmoec lrshnbssbs

Wb ecsm dnmw pjep pjb seyhngs lbnbp pjb nephmnec bomnmax. Pwm!pjh|`s mi pjb vbp|mcbra wb rsb hshavm|pb`. E aekm|hpx mi pjb oe|s en` p|rods smc` hn pjb Rnhpb` _pepbs e|b ecsm havm|pb`. Amnbx svbnmn erpm p|ensvm|pephmn nmp mncx cbeybs pjb cmoec bomnmax# lrp hp ecsm e``s pm pjb nephmn‘s p|e`b `bohp.

_m wjb|b `mbs pjb amnbx seyb` mn p|eybchng ibwb| ahcbs gbp svbnp= Wb `mn‘p dnmw bzeopcx# lrp wbjeyb smab ocrbs. Nephmnec ̀ epe sjmw pjep

pjb|b hs en hnyb|sb |bcephmnsjhv lbpwbbnjmrsbjmc` svbn`hng mn p|ensvm|pephmnen` jmrshng; jmrsbjmc`s pjep svbn` am|bmn p|ensvm|pephmn svbn` cbss mn jmrshngen` yhob yb|se *Lb|nspbhn# Aede|bwho{ bpec. <662(.

Pjb seyhngs hn erpmamlhcb omsps jbcveabchm|epb pjb lr|`bn mi jmrshngeiim|`elhchpx.

Pjb omalhnb` omsp mi jmrshng en`p|ensvm|pephmn# es e vb|obnpegb mihnomab# hs cmwb| hn ocmsb!hn cmoephmnshn pjb yb lm|mrgjs. Ihgr|b < sjmwsjhgjchgjpb` nbhgjlm|jmm`s *ojhbx hnocmsb!hn r|len nbhgjlm|jmm`s( jeyb eomsp mi jmrshng vcrs p|ensvm|pephmn pjep hscbss pjen 02 vb|obnp mi vb|smnec hnomab`e|d sje`b` nbhgjlm|jmm`s *mrpb|lm|mrgjs en` srlr|ls( jeyb jmrshng vcrs

Ihgr|b <. _je|b mi Hnomab _vbnp mn Jmrshng en` P|ensvm|pephmn

_mr|ob; Obnpb| im| Nbhgjlm|jmm` Pbojnmcmgx# <656

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p|ensvm|pephmn omsps pjep e|b am|b pjen 02 vb|obnp mi pxvhoec jmrsbjmc` hnomabs.

Pjb|b e|b mi omr|sb jrgb bnyh|mnabnpec lbnbps mi cmwb| ybjhocb ahcbs mi p|eybc. Pm gergb pjbh|aegnhpr`b# wb rsb pjb essravphmn pjep ybjhocb bahsshmns e|b v|mvm|phmnec pm pmpec ahcbs p|eybcb`. Pjhshs e |besmnelcb essravphmn im| g|bbnjmrsb gesbs chdb oe|lmn ̀ hmzh`b en` e lhp ir{{hb| im| jx`|moe|lmns

wjb|b bahsshmns e|b ecsm eoobnprepb` lx spe|phng en` spmvvhng en bnghnb. Eymh`hng e shngcb sjm|p p|hvwhcc |b`rob aroj am|b vmccrphmn pjen sjeyhng pjep seab `hspenob mii e cmngb| mnb.

Egehn# whpj e ohpx vmvrcephmn mi |mrgjcx :.? ahcchmn# `|hyhng 52 ahcbs vb| `ex ibwb| abens pjep NbwXm|d Ohpx |bsh`bnps `|hyb 5?? ahcchmn ahcbs cbss vb| `ex pjen pjbx wmrc` hi pjbx p|eybcb` es aroj es pjbeyb|egb Eab|hoen. Beoj xbe|# pjhs wm|ds mrp pm 0: lhcchmn ibwb| ahcbs mi oe| p|eybc. Ep e bbp eyb|egbmi <6 ahcbs vb| geccmn# pjep abens Nbw Xm|d e|be |bsh`bnps lr|n <.0 lhcchmn ibwb| geccmns mi ges vb|xbe|. Ep 58.0 vmrn`s mi oe|lmn `hmzh`b bahppb` vb| geccmn lr|nb`# pjhs cmwb| cbybc mi bahsshmns eymh`sg|bbnjmrsb ges bahsshmns mi <? ahcchmn pmns vb| xbe|.

@|hyhng cbss jes aekm| havchoephmns im| cen` rsb. \hgjp nmw# pjb |bsh`bnps mi Nbw Xm|d Ohpx mwn elmrp <

ahcchmn oe|s. Hi Nbw Xm|db|s `|myb es aroj es pjb pxvhoec Eab|hoen# pjbx wmrc` nbb` smab 0.2 ahcchmne``hphmnec oe|s. Krsp pjb ve|dhng sveob im| pjbsb e``hphmnec oe|s *ep 526 sure|b ibbp# pjb ahnhara sh{bmi e shngcb ve|dhng sveob(# wmrc` |burh|b en e|be pjb sh{b mi Aenjeppen. Pjhs bsphaepb `mbsn‘p hnocr`benx e``hphmnec sp|bbp oeveohpx im| `|hyhng pjbsb oe|s# nm| `mbs hp e``|bss pjb ieop pjep beoj oe| |burh|bsam|b pjen mnb ve|dhng sveob# lboersbpjbh| jes pm lb ve|dhng oeveohpx ep`bsphnephmns.

Jmw Nbw Xm|d Be|ns Hps

G|bbn @hyh`bn`

Nbw Xm|d‘s G|bbn @hyh`bn` hs epp|hlrpelcbpm pjb ohpx‘s lrhcp bnyh|mnabnp# hpsp|ensvm|pephmn sxspba en` pjb ojmhobsmi hps ohph{bns.

Nbw Xm|d Ohpx hs pjb nephmn‘s v|bahb|r|len obnpb| whpj jhgjb| `bnshphbspjen enx mpjb| ohpx hn Nm|pj Eab|hoe.Myb|ecc# whpj e vmvrcephmn `bnshpx

mi elmrp <7#666 vb|smns vb| sure|bahcb# Nbw Xm|d Ohpx hs |mrgjcx pwhobes `bnsb es pjb nbzp amsp `bnsbcxsbppcb` R._. ohpx. Lrp amsp mi pjb ohpx‘svmvrcephmn chybs hn nbhgjlm|jmm`s whpjaroj jhgjb| `bnshphbs *sbb Ihgr|b?(. Pxvhoec Aenjeppen nbhgjlm|jmm`sjeyb `bnshphbs mi am|b pjen 566#666vb|smns vb| sure|b ahcb# en` smabnbhgjlm|jmm`s hn L|mmdcxn# Urbbns

Ihgr|b ?. Vmvrcephmn @bnshpx hn Nbw Xm|d Ohpx# <666

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en` pjb L|mnz jeyb shahce| `bnshphbs. Hn e``hphmn pm jhgjb|`bnshphbs# Nbw Xm|d‘s r|len iel|ho wbeybs aenx `hsve|epbrsbs hnpm ocmsb v|mzhahpx hn amsp nbhgjlm|jmm`s. Pjbomalhnephmn mi jhgj `bnshpx en` ahzb` rsbs p|enscepbshn e sp|ehgjpim|we|` wex pm am|b ojmhobs ocmsb ep jen`.

Lboersb pjbh| amsp omaamn `bsphnephmns e|b nbe|lx#Nbw Xm|db|s e|b am|b chdbcx pm wecd pm pjba pjen mpjb|Eab|hoens. En` bybn pjmsb wjm `|hyb pbn` pm `|hyb ibwb|ahcbs.

@bnshpx wm|ds# hn ce|gb ve|p# lboersb mi pjb ohpx‘s bzpbnshybp|enshp sxspba. Nbw Xm|d jes am|b p|enshp sb|yhob en`jhgjb| p|enshp rsegb pjen enx mpjb| abp|mvmchpen e|be hn pjb omrnp|x. Pjb eyb|egb |bsh`bnp mi pjbabp|mvmchpen e|be p|eybcs am|b pjen 5#<66 ahcbs vb| xbe| yhe p|enshp *Chpaen <668(. Nbw Xm|d‘s p|enshpsxspba vcexs e dbx |mcb hn bnelchng |bsh`bnps pm p|eybc ibwb| ybjhocb ahcbs. P|enshp srvvm|ps jhgjb|cbybcs mi |bsh`bnphec `bnshpx. Jhgjb| `bnshpx nbhgjlm|jmm`s jeyb am|b kmls# sjmvvhng mvvm|prnhphbs

ohyho en` |bo|bephmnec eophyhphbs en` vb|smnec sb|yhobs ocmsb ep jen`# bnelchng sjm|pb| p|hvs.

E aekm|hpx mi Nbw Xm|d Ohpx‘s wm|db|s pedb p|enshp pm wm|d beoj ̀ ex. Eoom|`hng pm ̀ epe i|ma pjb Eab|hoenOmaarnhpx _r|ybx# ecamsp 27 vb|obnp mi pjb ohpx‘s |bsh`bnps |bvm|pb` omaarphng v|hnohveccx lx srlwex#p|ehn# lrs m| ib||x.

Eo|mss ohphbs# pjb v|bsbnob mi e wbcc!`bybcmvb` p|enshp sxspba hs om||bcepb` whpj ibwb| ybjhocb ahcbs mip|eybc *sbb Ihgr|b 0(. Ohphbs whpj am|b jbeyhcx rphch{b` p|enshp sxspbas jeyb# mn eyb|egb# ibwb| ybjhocbahcbs mi p|eybc vb| vb|smn pjen ohphbs whpj cbss jbeyhcx rphch{b` p|enshp sxspbas.

Wjhcb hn amsp vceobs pjb|b hse sp|mng nbgephyb |bcephmnsjhvlbpwbbn hnomab en` p|enshp rsbNbw Xm|d |ends |sp eamng pjbnephmn‘s 26 ce|gbsp abp|mvmchpene|bes hn pjb vb|obnpegb mi pjbnmn!vmm| vmvrcephmn pjep |bvm|ps|bgrce| p|enshp rsb. Elmrp 02vb|obnp mi nmn!vmm| Nbw Xm|dabp|mvmchpen e|be |bsh`bnps rsb`p|enshp# omave|b` pm 56.2 vb|obnp

hn Epcenpe# :.7 vb|obnp hn Jmrspmnen` 9.7 vb|obnp hn @ecces *Om|p|hgjp<669(. P|enshp rsb hs bybn jhgjb| hnNbw Xm|d Ohpx. Elmrp 72 vb|obnp mijmrsbjmc`s |bvm|p rshng p|enshp mnep cbesp e wbbdcx leshs.

@bnshpx en` e gmm` p|enshp sxspbasbp pjb vcepb# lrp hn`hyh`rec Nbw Xm|db|s ojmmsb jmw pm gbp e|mrn`. En` omave|b` pm amsp r|lenEab|hoens# pjbx ojmmsb |bgrce|cx pm wecd en` oxocb im| e shgnhoenp i|eophmn mi pjbh| p|hvs. Rnim|prnepbcx

Wecdhng

?5.7"

Nbw Xm|d Ohpx Omaarphng Am`bs

Erpmalhcb-Pezh

29.:"56.?"

5.<"

P|enshp

<662 ! <667

Lhdhng-Mpjb|

Ihgr|b 0.

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wecdhng eophyhpx hsn‘p wbcc abesr|b .̀ Gmyb|nabnp `epe gbnb|eccx `mn‘p gepjb| hnim|aephmn mn wecdhngim| nmn!wm|d p|hvs# en` kmr|nbx pm wm|d `epe im| p|enshp hgnm|b pjb ieop pjep amsp p|enshp p|hvs ecsmhnymcyb e srlspenphec wecdhng omavmnbnp. Hn <662!67# 56 vb|obnp mi Nbw Xm|d Ohpx |bsh`bnps wecdb` pmwm|d en` 6.9 vb|obnp |m`b lhoxocbs hn e``hphmn pm pjb 27 vb|obnp wjm pmmd smab im|a mi p|enshp.

Nbw Xm|d |bsh`bnps jeyb am|b omaamn`bsphnephmns whpjhn besx wecdhng `hspenobmi pjbh| jmabs pjen amsp Eab|hoens.Eoom|`hng pm Wecd_om|b.oma wjhojomavrpbs pjb wecdelhchpx mi byb|x|bsh`bnob hn pjb Rnhpb` _pepbs# Nbw Xm|dOhpx som|bs bzp|babcx jhgj mn wecdelhchpx*sbb Ihgr|b 2(. Wecd_om|b.oma |epbs byb|xv|mvb|px mn e soecb mi {b|m pm 566# whpj 566lbhng amsp wecdelcb# en` enxpjhng myb| :6lbhng |bge|`b` es –e wecdb|‘s ve|e`hsb.‑

Bhgjpx!shz vb|obnp mi Nbw Xm|d |bsh`bnpsjeyb e Wecd _om|b mi 76 m| elmyb. Nhnbpx!bhgjp vb|obnp jeyb e Wecd_om|b.oma miep cbesp 26. Mncx < vb|obnp chyb hn oe|!`bvbn`bnp nbhgjlm|jmm`s.

Jeyhng e wh`b |engb mi ojmhobs mi eophyhphbsocmsb ep jen` hs mnb mi pjb hnp|hnshoe`yenpegbs mi ce|gb ohphbs *Gcebsb| <666(.Nbw Xm|d Ohpx |bsh`bnps jeyb en bomnmaho e`yenpegb hn omnsravphmn lboersb mi pjb ye|hbpx mi gmm`s#sb|yhobs en` bzvb|hbnobs i|ma wjhoj pjbx oen ojmmsb# pjb |bcephyb omnybnhbnob mi |beojhng pjba en`pjbh| elhchpx pm `hsomyb| nbw pjhngs *Om|p|hgjp <667(

Ihgr|b 2. \ephngs i|ma Wecd_om|b.oma im| Nbw Xm|d Ohpx

Kmb Om|p|hgjp hs en bomnmahsp whpj Hav|bse# Hno. en` _bnhm| Vmchox E`yhsm| pm OBMs im| Ohphbs.

\bib|bnobs;

Obnpb| im| Nbhgjlm|jmm` Pbojnmcmgx <656. Jmrshng P|ensvm|pephmn Eiim|`elhchpx Hn`bz. jppv;--jpehn`bz.onp.m|g-aevvhng]pmmc.vjv *Eoobss `epb;Kenre|x <8# <656(Chpaen# Pm`` *<668( R|len P|ensvm|p Vb|im|aenob _v|be`sjbbp# Yhopm|he P|ensvm|p Vmchox Hnsphprpb *www.ypvh.m|g(._ecchs# Keabs I.# bp ec.# –Nbhgjlm|jmm` lrhcp bnyh|mnabnp en` hnomab; Bzeahnhng arcphvcb jbecpj mrpomabs#‑ _mohec _ohbnob ) Ab`hohnb 9:# nm. 7 *Ev|hc<668(; 5<:2!5<8?Lb|nspbhn# _.# O. Aede|bwho{# bp ec. *<662(. @|hybn pm _vbn`; Vravhng @mcce|s mrp mi Mr| Jmrsbjmc`s en` Omaarnhphbs. Wesjhngpmn# @O# Obnpb| im|Nbhgjlm|jmm` Pbojnmcmgx# _r|ieob P|ensvm|pephmn Vmchox V|mkbop#; <?.Lr|ber mi Celm| _pephsphos *<668(. Omnsrab| Bzvbn`hpr|b _r|ybx# <667!<66:. Wesjhngpmn# @O# Lr|ber mi Celm| _pephsphos.Om|p|hgjp# K. *<669(. Ohpx Yhpecs. Ojhoegm# OBMs im| Ohphbs.Om|p|hgjp# K. *<667(. Ohpx E`yenpegb. Ojhoegm# OBMs im| Ohphbs; ?:.Gcebsb|# B. C. en` A. Dejn *<66:(. Pjb G|bbnnbss mi Ohphbs. Oeal|h`gb# AE# \evvevm|p Hnsphprpb im| G|bepb| Lmspmn; 5<.Hnpb|nec \bybnrb _b|yhob *<668(. H\_ Ennmrnobs <656 _pen`e|` Ahcbegb \epbs. Wesjhngpmn# @bve|pabnp mi pjb P|besr|x.Dejnbaen# @. en` E. L. D|rbgb| *<669(. –@bybcmvabnps hn pjb Abesr|babnpmi _rlkbophyb Wbcc!Lbhng.‑ Kmr|nec mi Bomnmaho Vb|svbophybs <6*5(; ?!<0._e|{xnsdh# E.# A. E. L|mwn# bp ec. *<66:(. _j|hndhng pjb Oe|lmn Immpv|hnp mi Abp|mvmchpen Eab|hoe. Wesjhngpmn# L|mmdhngs Hnsphprphmn._prp{b|# E. en` L. _. I|bx *<660(. _p|bss Pjep @mbsn‘p Vex; Pjb Omaarphng Ve|e`mz. Lmnn *Gb|aenx(# Hnsphprpb im| pjb _pr`x mi Celm|.

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Elmrp OBMs im| Ohphbs

OBMs im| Ohphbs hs e nephmnec nbpwm|d mi r|len cbe`b|s wjm e|b lrhc`hng en` srspehnhng pjb nbzp gbnb|ephmnmi g|bep Eab|hoen ohphbs.

OBMs im| Ohphbs jes e |mlrsp vm|pimchm mi wm|d pjep imorsbs mn pjb vmshphyb |mcb yhl|enp r|len obnpb|svcex hn abbphng o|hphoec nephmnec gmecs. V|byhmrs |bvm|ps jeyb jhgjchgjpb` pjb omnp|hlrphmn pjep ohphbsaedb pm |b`rohng imsshc irbc omnsravphmn en` g|bbnjmrsb ges bahsshmns# hnocr`hng Ohpx @hyh`bn`swjhoj `bso|hlbs jmw |b`rohng Ybjhocb Ahcbs P|eybcb` hn pjb nephmn‘s 26 ce|gbsp ohphbs lx krsp mnb ahcbvb| vb|smn vb| `ex wmrc` v|m`rob seyhngs mi $<8 lhcchmn ennreccx. @|hybn pm pjb L|hnd oj|mnhocb`jmw jhgj en` ymcephcb ges v|hobs jeyb lbbn |bbopb` hn `hsv|mvm|phmnepb `bochnbs hn jmrshng v|hobshn mrpcxhng srlr|ls e|mrn` pjb nephmn. En` Wecdhng pjb Wecd sjmwb` jmw omnsrab|s eppeoj jhgjb|yecrbs pm jmrshng pjep miib|s aenx nbe|lx wecdelcb `bsphnephmns.

Omnpeop;

OBMs im| Ohphbs577 Nm|pj _pepb _p|bbp_rhpb 266Ojhoegm HC 96965pbc 5 ?5< 22? 2527

OBMs im| Ohphbs5665 Omnnbophorp Eyb NW_rhpb 5<?2Wesjhngpmn @O <6?9

pbc 5 <6< 2<2 29<7

Vcbesb yhshp obmsim|ohphbs.m|g im| e``hphmnec hnim|aephmn.