Official Ballot June 3, 2014 Direct Primary Election San Luis Obispo County, California

OFFICIAL BALLOT JUNE 3, 2014 DIRECT PRIMARY ELECTION SAN LUIS OBISPO COUNTY, CALIFORNIA

INSTRUCTIONS TO VOTERS: BT 4 To vote, fill in the oval like this: Vote both sides of the card. To vote for the candidate of your choice, fill in the OVAL next to the candidate's name. Do not vote for more than the number of candidates allowed (i.e. vote for no more than Two). To vote for a qualified write-in candidate, write in the candidate's full name on the Write-In line and fill in the OVAL next to it. To vote on a measure, fill in the OVAL next to the word "Yes" or the word "No". If you tear, deface or wrongly mark this ballot, return it to the Elections Official and get another.

VOTER-NOMINATED AND NONPARTISAN OFFICES All voters, regardless of the party preference they disclosed upon registration, or refusal to disclose a party preference, may vote for any candidate for a voter-nominated or nonpartisan office. The party preference, if any, designated by a candidate for a voter-nominated office is selected by the candidate and is shown for the information of the voters only. It does not imply that the candidate is nominated or endorsed by the party or that the party approves of the candidate. The party preference, if any, of a candidate for a nonpartisan office does not appear on the ballot. STATE LIEUTENANT GOVERNOR CONTROLLER Vote for One Vote for One GOVERNOR Vote for One ERIC KOREVAAR DAVID EVANS Party Preference: Democratic Party Preference: Republican ANDREW BLOUNT Scientist/Businessman/Parent Chief Financial Officer Party Preference: Republican Mayor/Businessperson DAVID FENNELL ASHLEY SWEARENGIN Party Preference: Republican Party Preference: Republican RAKESH KUMAR CHRISTIAN Entrepreneur Mayor, City of Fresno Party Preference: None Small Business Owner AMOS JOHNSON BETTY T. YEE Party Preference: Peace and Freedom Party Preference: Democratic GLENN CHAMP Security Guard California State Board of Equalization Member Party Preference: Republican Business Owner/Engineer GAVIN NEWSOM LAURA WELLS Party Preference: Democratic Party Preference: Green NEEL KASHKARI Lieutenant Governor Financial Analyst Party Preference: Republican Businessman RON NEHRING TAMMY D. BLAIR Party Preference: Republican Party Preference: Democratic TIM DONNELLY Small Businessman/Educator Administrator Party Preference: Republican California State Assemblyman JENA F. GOODMAN JOHN A. PÉREZ Party Preference: Green Party Preference: Democratic "BO" BOGDAN AMBROZEWICZ Student California Assembly Speaker Party Preference: None Small Business Owner ALAN REYNOLDS Party Preference: Americans Elect AKINYEMI AGBEDE Commissioner/Engineer/Businessman Write-in Party Preference: Democratic Doctoral Student GEORGE YANG TREASURER Party Preference: Republican Vote for One RICHARD WILLIAM AGUIRRE Father/Software Developer Party Preference: Republican Real Estate Investor GREG CONLON Party Preference: Republican ROBERT NEWMAN Businessman/CPA Write-in Party Preference: None Psychologist/Farmer SECRETARY OF STATE JOHN CHIANG Vote for One Party Preference: Democratic CINDY L. SHEEHAN California State Controller Party Preference: Peace and Freedom Author/Non-Profit Director DAVID CURTIS ELLEN H. BROWN Party Preference: Green Party Preference: Green JOE LEICHT Dad/Designer Public Banking Author Party Preference: None Golf Course Operator ALEX PADILLA Party Preference: Democratic LUIS J. RODRIGUEZ California State Senator Write-in Party Preference: Green Author/Community Organizer PETE PETERSON Party Preference: Republican ALMA MARIE WINSTON Educator/Institute Director Party Preference: Republican Project Funding CEO JEFFREY H. DROBMAN Party Preference: Democratic EDMUND G. "JERRY" BROWN Computer Scientist/Engineer Party Preference: Democratic Governor of California ROY ALLMOND Party Preference: Republican JANEL HYESHIA BUYCKS California State Employee Party Preference: None Minister/Business Owner DAN SCHNUR Party Preference: None Political Involvement Educator LELAND YEE Write-in Party Preference: Democratic California State Senator DEREK CRESSMAN Party Preference: Democratic Voting Rights Advocate TURN BALLOT OVER TO CONTINUE VOTING

Write-in

FRONT Card 9 RptPct 550-10 "SL301.01" VOTER-NOMINATED AND UNITED STATES REPRESENTATIVE COUNTY CLERK-RECORDER NONPARTISAN OFFICES 24th District Vote for One All voters, regardless of the party preference Vote for One they disclosed upon registration, or refusal to CHRIS MITCHUM TOMMY GONG disclose a party preference, may vote for any Assistant Clerk-Recorder candidate for a voter-nominated or nonpartisan Party Preference: Republican Actor/Writer/Businessman AMANDA S. KING office. The party preference, if any, designated Deputy Clerk-Recorder by a candidate for a voter-nominated office is SANDRA MARSHALL ANN M. DANKO selected by the candidate and is shown for the Business Management Chief information of the voters only. It does not imply Party Preference: Democratic Publisher/Community Organizer that the candidate is nominated or endorsed by Write-in the party or that the party approves of the DISTRICT ATTORNEY candidate. The party preference, if any, of a PAUL H. COYNE, JR. Vote for One candidate for a nonpartisan office does not Party Preference: Democratic appear on the ballot. Bank Manager/Businessman ATTORNEY GENERAL LOIS CAPPS TIM COVELLO Assistant District Attorney Vote for One Party Preference: Democratic Congresswoman DAN DOW Deputy District Attorney RONALD GOLD DALE FRANCISCO Party Preference: Republican Party Preference: Republican Write-in Retired State Prosecutor Santa Barbara City Councilmember SHERIFF-CORONER Vote for One PHIL WYMAN JUSTIN DONALD FAREED Party Preference: Republican Party Preference: Republican Attorney/Rancher Cattle Rancher/Businessman IAN SCOTT PARKINSON Sheriff-Coroner DAVID KING STEVE ISAKSON Party Preference: Republican Party Preference: None Write-in Attorney/Small Businessman Electronics Engineer/Businessman MEASURES SUBMITTED TO THE VOTERS ORLY TAITZ BRADLEY ALLEN Party Preference: None Party Preference: Republican Attorney/Doctor/Businesswoman Pediatric Heart Surgeon STATE KAMALA D. HARRIS ALEXIS STUART PROPOSITION 41 Party Preference: Democratic Party Preference: Republican VETERANS HOUSING AND Attorney General of California Consultant/Author/Broker HOMELESS PREVENTION BOND JOHN HAGGERTY ACT OF 2014. Authorizes $600 million in Party Preference: Republican general obligation bonds for affordable Write-in multifamily supportive housing to relieve homelessness, affordable transitional housing, JONATHAN JAECH MEMBER OF THE STATE ASSEMBLY affordable rental housing, or related facilities for Party Preference: Libertarian 35th District Attorney Vote for One veterans and their families. Fiscal Impact: Increased state bond costs averaging about $50 KATCHO ACHADJIAN million annually over 15 years. Party Preference: Republican Assemblyman/Businessman YES NO Write-in INSURANCE COMMISSIONER HEIDI HARMON PROPOSITION 42 Vote for One Party Preference: Democratic PUBLIC RECORDS. OPEN Educator MEETINGS. STATE DAVE JONES REIMBURSEMENT TO LOCAL Party Preference: Democratic AGENCIES. LEGISLATIVE Insurance Commissioner Write-in CONSTITUTIONAL AMENDMENT. Requires local government compliance with TED GAINES SCHOOL laws providing for public access to local Party Preference: Republican Independent Insurance Agent SUPERINTENDENT OF PUBLIC government body meetings and records of INSTRUCTION government officials. Eliminates reimbursement NATHALIE HRIZI Vote for One for costs of compliance. Fiscal Impact: Party Preference: Peace and Freedom Reductions in state payments to local Public School Teacher MARSHALL TUCK Educator/Schools' Executive governments in the tens of millions of dollars LYDIA A. GUTIÉRREZ annually. Potential future costs on local Teacher/Neighborhood Councilmember governments in the tens of millions of dollars TOM TORLAKSON Write-in California Schools Superintendent annually. MEMBER, STATE BOARD OF YES NO EQUALIZATION Write-in COUNTY SUPERINTENDENT OF 2nd District Vote for One SCHOOLS Vote for One FIONA MA JAMES JOSEPH BRESCIA School Superintendent Party Preference: Democratic CPA/Taxpayer Representative Write-in JAMES E. THEIS COUNTY Party Preference: Republican Organic Foods Manager ASSESSOR Vote for One

TOM J. BORDONARO JR Write-in County Assessor

Write-in AUDITOR-CONTROLLER-TREASURER- TAX COLLECTOR-PUBLIC ADMINISTRATOR Vote for One TURN BALLOT OVER TO JAMES P. ERB CONTINUE VOTING Appointed Incumbent

Write-in

BACK Card 9 RptPct 550-10 "SL301.01" WHAT’S NEW FOR THIS ELECTION

Something Has Changed! All voters can now vote for all contests in the Primary Election, regardless of party preference.

Top Two Primary To Summarize:

There are no party-affiliated ballots in this election. Everyone votes the same ballot.

You can vote for any candidate regardless of the candidate’s party preference.

The candidates who receive the highest and second- highest votes cast during the Primary election advance to the General election, even if the two candidates have the same party preference or both have no party preference.

The Top Two Primary laws only pertain to federal, statewide, and state legislative offices: U.S. Congressional, statewide and state legislative offices. It does not affect non-partisan contests (i.e. counties, cities, school and special districts)

Write-In Candidates Write-in candidates are eligible to run in the Primary, and voters can cast their vote for that candidate by writing in the candidate’s name and filling in the oval next to the write-in line. If a qualified write-in candidate is one of the top two candidates, that candidate will advance to and have their name printed on the General election ballot. As a result, there will no longer be a Write-In line for Voter-Nominated contests during a November General election.

FP-PNW-1 N SL 002-003 Party Preference and Political Party Endorsement The term "party preference" is now used in place of "party affiliation." On the ballot, the political party preference, or no party preference, as indicated on the candidate’s voter registration will be listed next to the candidate’s name. The party designation is shown on the ballot for information to the voters only and it does not constitute or imply an endorsement by the party designated. Parties have provided a list of candidates for voter-nominated offices, who have received the official endorsement of the party for printing in this booklet.

PARTY ENDORSEMENTS FOR THE JUNE 3, 2014 ELECTION Party Contests Candidate Governor Tim Donnelly American Independent Secretary of State Pete Peterson State Controller David Evans Attorney General Ronald Gold Insurance Commissioner Ted Gaines U.S. Representative, 24th Chris Mitchum Governor Luis J. Rodriguez Green Lieutenant Governor Jena F. Goodman Secretary of State David Curtis State Controller Laura Wells State Treasurer Ellen H. Brown Governor Cindy L. Sheehan Peace and Lieutenant Governor Amos Johnson Freedom State Controller Laura Wells State Treasurer Ellen H. Brown Insurance Commissioner Nathalie Hrizi Governor Edmund G. “Jerry” Brown Democratic Lieutenant Governor Gavin Newsom State Treasurer John Chiang Attorney General Kamala D. Harris Insurance Commissioner Dave Jones Board of Equalization, 2nd Fiona Ma U.S. Representative, 24th Lois Capps Republican No Endorsements No Endorsements Provided Provided * The order of parties follows the Randomized Alphabet Drawing conducted by the County.

Contact Information on the Front Cover FP-PNW-2 N SL 002-004 927(5¶6 3$03+/(7 ,1)250$7,21 6(&7,21

7KH )ROORZLQJ 3DJHV &RQWDLQ 9RWHU ,QIRUPDWLRQ $SSOLFDEOH WR \RXU %DOORW :KLFK 0D\ ,QFOXGH $Q\$OO RI WKH )ROORZLQJ ,WHPV • &DQGLGDWHV¶ 6WDWHPHQWV

7KLV SDPSKOHW VHFWLRQ PD\ QRW FRQWDLQ D VWDWHPHQW IRU HDFK FDQGLGDWH $ FRPSOHWH OLVW RI FDQGLGDWHV DSSHDUV RQ \RXU %DOORW (DFK FDQGLGDWH¶V VWDWHPHQW LQ WKLV SDPSKOHW LV YROXQWHHUHG E\ WKH FDQGLGDWH DQG LV SULQWHG DW KLV RU KHU H[SHQVH (DFK FDQGLGDWH¶V VWDWHPHQW LV SULQWHG LQ XQLIRUP IRUPDW DV VXEPLWWHG E\ WKH FDQGLGDWH

3OHDVH QRWH WKDW DOO WKH VWDWHPHQWV SULQWHG LQ 6SDQLVK DW WKH FDQGLGDWHV¶ UHTXHVW IROORZ WKH (QJOLVK VWDWHPHQWV IRU WKDW VDPH FRQWHVW

&DPSDLJQ )LQDQFH 5HIRUP

$PRQJ DOO VWDWH OHJLVODWLYH FDQGLGDWHV DSSHDULQJ RQ WKH EDOORW LQ 6DQ /XLV 2ELVSR &RXQW\ RQO\ WKH FDQGLGDWHV OLVWHG EHORZ KDYH SOHGJHG WR DELGH E\ FDPSDLJQ VSHQGLQJ OLPLWV DV VSHFLILHG LQ WKH &DOLIRUQLD *RYHUQPHQW &RGH &DQGLGDWHV DJUHHLQJ WR WKH FDPSDLJQ VSHQGLQJ OLPLWV DOVR KDYH WKH RSSRUWXQLW\ WR KDYH D 6WDWHPHQW RI 4XDOLILFDWLRQV SULQWHG LQ WKH ORFDO VDPSOH EDOORW ERRNOHW DW WKHLU RZQ H[SHQVH

WK $VVHPEO\ 'LVWULFW &DQGLGDWHV .DWFKR $FKDGMLDQ +HLGL +DUPRQ

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

67$7(0(17 2) &$1','$7( )25 86 5(35(6(17$7,9( 7+ &21*5(66,21$/ ',675,&7 /2,6 &$336 2FFXSDWLRQ 0HPEHU RI &RQJUHVV (GXFDWLRQ DQG 4XDOLILFDWLRQV , YH EHHQ KRQRUHG WR VHUYH 6DQ /XLV 2ELVSR &RXQW\ LQ &RQJUHVV UHSUHVHQWLQJ \RXU YDOXHV DQG SULRULWLHV 0\ FRPPLWPHQW WR VHUYLQJ \RX FRPHV IURP P\ H[SHULHQFH UDLVLQJ P\ IDPLO\ KHUH RQ WKH &HQWUDO &RDVW DQG ZRUNLQJ DV D QXUVH DQG WHDFKHU LQ RXU SXEOLF VFKRROV , NQRZ ZKDW D VSHFLDO SODFH WKH &HQWUDO &RDVW LV 7KDW¶V ZK\ ,¶YH ZRUNHG LQ &RQJUHVV IRU DOO RXU FRPPXQLWLHV KHOSLQJ UHEXLOG +LJKZD\ IXQGLQJ &DO 3RO\ UHVHDUFK DQG VXSSRUWLQJ RXU DJULFXOWXUH LQGXVWU\ , DP SURXG RI P\ ZRUN WR VDIHJXDUG RXU HQYLURQPHQW SURWHFWLQJ WKH &HQWUDO &RDVW IURP WKH WKUHDW RI PRUH RIIVKRUH RLO GULOOLQJ , DP FRPPLWWHG WR JURZLQJ RXU HFRQRP\ LQ D ZD\ WKDW KHOSV PLGGOH FODVV IDPLOLHV 7KDW¶V ZK\ , VXSSRUW WDUJHWHG LQYHVWPHQWV LQ LQIUDVWUXFWXUH FOHDQ HQHUJ\ DQG KLJK WHFK UHVHDUFK DQG GHYHORSPHQW WR SXW SHRSOH WR ZRUN DQG SURPRWH QHZ EXVLQHVV $QG LW¶V ZK\ , KDYH ZRUNHG WR PDNH KLJKTXDOLW\ HGXFDWLRQ DYDLODEOH IRU RXU FKLOGUHQ DQG WR LQFUHDVH ILQDQFLDO DLG WR PDNH FROOHJH PRUH DIIRUGDEOH , ZLOO FRQWLQXH WR SURWHFW 6RFLDO 6HFXULW\ DQG 0HGLFDUH $QG , ZLOO DOZD\V EH D FKDPSLRQ IRU RXU YHWHUDQV DQG WKHLU KDUGHDUQHG EHQHILWV , VXSSRUW VHQVLEOH KHDOWKFDUH SROLFLHV WKDW LPSURYH TXDOLW\ H[SDQG DFFHVV DQG ORZHU FRVWV $QG , ZLOO DOZD\V SURWHFW ZRPHQ¶V DFFHVV WR FRPSUHKHQVLYH KHDOWKFDUH VXFK DV ELUWK FRQWURO 2Q -XQH UG , ZRXOG EH KRQRUHG WR KDYH \RXU VXSSRUW VR ZH FDQ FRQWLQXH PDNLQJ D SRVLWLYH GLIIHUHQFH LQ SHRSOH¶V OLYHV 3OHDVH YLVLW ZZZFDSSVIRUFRQJUHVVFRP RU FDOO IRU PRUH LQIRUPDWLRQ

&6 N SL 002-006 67$7(0(17 2) &$1','$7( )25 86 5(35(6(17$7,9( 7+ &21*5(66,21$/ ',675,&7 '$/( )5$1&,6&2 $JH 2FFXSDWLRQ 6DQWD %DUEDUD &LW\ &RXQFLOPHPEHU (GXFDWLRQ DQG 4XDOLILFDWLRQV 5HSUHVHQWDWLYH JRYHUQPHQW LV D ULJKW RI DOO $PHULFDQV *ULGORFN LV FRPPRQ LQ &RQJUHVV EHFDXVH PDQ\ RI RXU UHSUHVHQWDWLYHV YRWH ³WKH SDUW\ OLQH´ UDWKHU WKDQ XQGHUVWDQGLQJ WKH LVVXHV DQG FUDIWLQJ VROXWLRQV WKDW ZRUN $V D WZRWHUP 6DQWD %DUEDUD &LW\ &RXQFLOPHPEHU , KDYH H[SHULHQFH VROYLQJ UHDO SUREOHPV (QKDQFLQJ SXEOLF VDIHW\ UHEXLOGLQJ FLW\ ILQDQFHV IRVWHULQJ EXVLQHVV YLWDOLW\ PDNLQJ HVVHQWLDO LQIUDVWUXFWXUH LPSURYHPHQWV DQG ILQGLQJ KXPDQH VROXWLRQV WR WKH SUREOHP RI KRPHOHVVQHVV 2XU QDWLRQ IDFHV PDQ\ SUREOHPV $ VWDJQDQW HFRQRP\ IHZ MREV IRU \RXQJ SHRSOH DQG RXU H[SHULHQFHG ZRUNIRUFH ULVLQJ HQHUJ\ SULFHV GHFOLQLQJ UHVSHFW IRU $PHULFD LQ D GDQJHURXV ZRUOG DQG D VWDJJHULQJ EXUGHQ RI GHEW WR EH SDVVHG RQ WR RXU FKLOGUHQ DQG JUDQGFKLOGUHQ &RQJUHVV PXVW JHW WR ZRUN RQ EHKDOI RI WKH $PHULFDQ SHRSOH &XUUHQW QDWLRQDO SROLFLHV KDYH OHG WR VORZ JURZWK DQG LQFUHDVLQJ JRYHUQPHQW GHSHQGHQFH )UHH PDUNHWV KDYH DOZD\V SURYLGHG FRQVXPHUV WKH EHVW FKRLFHV ,QFUHDVLQJ WKH VL]H DQG SRZHU RI WKH IHGHUDO JRYHUQPHQW LV H[DFWO\ WKH ZURQJ VROXWLRQ 7KLV KDV EHHQ WULHG DQG FRQWLQXHV WR IDLO $PHULFDQV GHVHUYH D EHWWHU IXWXUH DQG VRZHPXVWOLYHZLWKLQ RXU PHDQV UHGXFH WKH VL]H DQG SRZHU RI JRYHUQPHQW DQG H[SDQG LQGLYLGXDO FKRLFH DQG WKHUHE\ RSSRUWXQLW\ , DVN IRU \RXU YRWH 0\ UHFRUG SURYHV , FDQ ZRUN ZLWK RWKHUV WR DFKLHYH DJUHHPHQW

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± WKHVH DUH WKUHH SLOODUV WKDW , EHOLHYH FDQ JHW XV EDFN RQ WUDFN WR D PRUH SURVSHURXV WRPRUURZ :LWK WKH ODFN RI FROODERUDWLRQ DQG FRPPRQ SXUSRVH LQ '& , UHPDLQ GHHSO\ FRQFHUQHG ZLWK RXU ILVFDO VXVWDLQDELOLW\ DQG JHQHUDWLRQDO HTXLW\ , DP FRPPLWWHG WR IXOILOOLQJ WKH SURPLVHV PDGH LQ WKH SDVW DQG WR HQVXULQJ WKH QHHGHG LQYHVWPHQWV IRU IXWXUH JHQHUDWLRQV

&6 N SL 002-007 67$7(0(17 2) &$1','$7( )25 86 5(35(6(17$7,9( 7+ &21*5(66,21$/ ',675,&7 %5$'/(< $//(1 2FFXSDWLRQ 3HGLDWULF +HDUW 6XUJHRQ (GXFDWLRQ DQG 4XDOLILFDWLRQV $V D PHGLFDO GRFWRU ,¶YH VSHQW \HDUV SUDFWLFLQJ VWXG\LQJ UHVHDUFKLQJ DQG WHDFKLQJ PHGLFLQH DOO WR KHOS SHRSOH OLYH EHWWHU OLYHV $V \RXU FRQJUHVVPDQ ,¶OO WDNH WKLV VDPH SUREOHP VROYLQJ DSSURDFK , OHDUQHG DV D GRFWRU WR :DVKLQJWRQ '& 8QIRUWXQDWHO\ FDUHHU SROLWLFLDQV LQ :DVKLQJWRQ MXVW NHHS ZRUVHQLQJ &DOLIRUQLDQ¶V GDLO\ OLYHV 7KDW LV ZK\ ,¶P UXQQLQJ IRU &RQJUHVV WR KHOS SHRSOH +HDOWKFDUH , FDQ¶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² , ZDQW WR EULQJ FRPPRQ VHQVH EDFN WR &RQJUHVV DQG IL[ WKH PHVV WKDW FDUHHU SROLWLFLDQV KDYH FUHDWHG $V \RXU &RQJUHVVPDQ , SURPLVH WR OLVWHQ WR \RXU FRQFHUQV DQG XVH WKH SUDJPDWLF DSSURDFK , OHDUQHG DV D GRFWRU WR FKDQJH WKH FXUUHQW VLWXDWLRQ LQ :DVKLQJWRQ '& , KXPEO\ DVN IRU \RXU YRWH IRU &RQJUHVV 4XHVWLRQV IHHO IUHH WR FRQWDFW PH DW ZZZGUEUDGDOOHQIRUFRQJUHVVFRP

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

&6 N SL 002-008 '(&/$5$&,Ð1 '( /$ &$1','$7$ $ ',387$'$ '( (( 88 ',675,72 '(/ &21*5(62 6$1'5$ 0$56+$// (GDG 2FXSDFLyQ (GLWRUD2UJDQL]DGRUD FRPXQLWDULD (GXFDFLyQ \ FRPSHWHQFLDV 'HVGH TXH PH PXGp D 6DQ /XLV 2ELVSR HQ KH SDUWLFLSDGR DFWLYDPHQWH HQ DVXQWRV ORFDOHV HOHFFLRQHV \ FDXVDV FRPXQLWDULDV &RPR YROXQWDULD RUJDQL]DGRUD FRPXQLWDULD \ SHUVRQD GH QHJRFLRV KH GHVDUUROODGR IXHU]D SHUVRQDO \ KH DSUHQGLGR KDELOLGDGHV GH FRPXQLFDFLyQ HIHFWLYDV $FWXDOPHQWH VLUYR FRPR SUHVLGHQWD GH OD -XQWD GHO &HQWUR $PELHQWDO GH 6DQ /XLV 2ELVSR (&26/2 'XUDQWH ORV ~OWLPRV DxRV KH FRRUGLQDGR XQD IHULD DQXDO GHO 'tD GH OD 7LHUUD SDUD HO &RQGDGR GH 6/2 \ KH SDWURFLQDGR HYHQWRV S~EOLFRV JUDWXLWRV VREUH OD VDOXG DGHPiV GH HYHQWRV \ PDUFKDV ORFDOHV SRU OD SD] (Q FRIXQGp OD $OLDQ]D $EDOORQH \ SDUWLFLSp HQ ODV RFXSDFLRQHV HQ OD SODQWD GH HQHUJtD QXFOHDU 'LDEOR &DQ\RQ (Q PLHQWUDV ODV FRUSRUDFLRQHV VH DSRGHUDEDQ GH ORV PHGLRV FUHp OD ,QIRUPDWLRQ 3UHVV XQD SXEOLFDFLyQ PHQVXDO JUDWXLWD SDUD FUHDU FRQFLHQFLD RIUHFHU VROXFLRQHV \ HPSRGHUDU DO OHFWRU &RQWLQ~R VLUYLHQGR FRPR OD HGLWRUD OD GLUHFWRUD HGLWRULDO \ OD DGPLQLVWUDGRUD GH RSHUDFLRQHV (VWR\ SURIXQGDPHQWH SUHRFXSDGD VREUH OD FRQGLFLyQ GH QXHVWUD QDFLyQ OD DWHQFLyQ PpGLFD OD HFRQRPtD ORV JDVWRV PLOLWDUHV ORV GHUHFKRV D OD SULYDFLGDG OD LJXDOGDG HO VDODULR PtQLPR ODV UHODFLRQHV H[WHULRUHV \ HO FDPELR FOLPiWLFR 1R SXHGR VHJXLU DO PDUJHQ \ YHU XQ &RQJUHVR TXH QR KDFH QDGD 0L FDUUHUD SURIHVLRQDO \ PLV DFWLYLGDGHV FRPR YROXQWDULD GHPXHVWUDQ PLV KDELOLGDGHV FRPR XQD SHUVRQD GH DFFLyQ TXH HVWi IDPLOLDUL]DGD FRQ OD SROtWLFD \ PXHVWUDQ TXH WUDEDMR ELHQ FRQ ORV GHPiV EXVFR VROXFLRQHV FUHDWLYDV \ REWHQJR UHVXOWDGRV SRVLWLYRV 6L VR\ HOHJLGD OOHYDUp HVWDV PLVPDV KDELOLGDGHV D :DVKLQJWRQ '& 3URPHWR VHUYLU DFWLYDPHQWH \ VHU XQD YR] IXHUWH FRPR VX UHSUHVHQWDQWH GHO 'LVWULWR GHO &RQJUHVR

'(&/$5$&,Ð1 '(/ &$1','$72 $ ',387$'2 '( (( 88 ',675,72 '(/ &21*5(62 '$/( )5$1&,6&2 (GDG 2FXSDFLyQ 0LHPEUR GHO &RQFHMR 0XQLFLSDO GH 6DQWD %DUEDUD (GXFDFLyQ \ FRPSHWHQFLDV 8Q JRELHUQR UHSUHVHQWDWLYR HV GHUHFKR GH WRGRV ORV HVWDGRXQLGHQVHV (O DWDVFR HV FRP~Q HQ HO &RQJUHVR SRUTXH PXFKRV GH QXHVWURV GLSXWDGRV YRWDQ SRU OD WHQGHQFLD GHO SDUWLGR HQ OXJDU GH HQWHQGHU ORV DVXQWRV \ FUHDU VROXFLRQHV TXH IXQFLRQHQ &RPR PLHPEUR GHO &RQFHMR 0XQLFLSDO GH 6DQWD %DUEDUD GXUDQWH GRV SHULRGRV WHQJR H[SHULHQFLD HQ OD UHVROXFLyQ SUREOHPDV UHDOHV OD PHMRUD GH OD VHJXULGDG S~EOLFD OD UHFRQVWUXFFLyQ GH ODV ILQDQ]DV GH OD FLXGDG HO IRPHQWR GH OD YLWDOLGDG GH ORV QHJRFLRV OD UHDOL]DFLyQ GH PHMRUDV HVHQFLDOHV HQ OD LQIUDHVWUXFWXUD \ OD E~VTXHGD GH VROXFLRQHV KXPDQDV DO SUREOHPD GH OD LQGLJHQFLD 1XHVWUD QDFLyQ VH HQIUHQWD D PXFKRV SUREOHPDV XQD HFRQRPtD HVWDQFDGD SRFRV HPSOHRV SDUD ORV MyYHQHV \ SDUD QXHVWUD IXHU]D ODERUDO FRQ H[SHULHQFLD SUHFLRV GH OD HQHUJtD TXH YDQ HQ DXPHQWR PHQRU UHVSHWR KDFLD (VWDGRV 8QLGRV HQ XQ PXQGR SHOLJURVR \ XQD FDUJD DEUXPDGRUD GH GHXGD TXH VH WUDQVIHULUi D QXHVWURV KLMRV \ QLHWRV (O &RQJUHVR GHEH SRQHUVH D WUDEDMDU SRU ORV HVWDGRXQLGHQVHV /DV SROtWLFDV QDFLRQDOHV DFWXDOHV KDQ OOHYDGR DO FUHFLPLHQWR OHQWR \ D XQ DXPHQWR HQ OD GHSHQGHQFLD GHO JRELHUQR /RV PHUFDGRV OLEUHV VLHPSUH OHV KDQ GDGR ODV PHMRUHV RSFLRQHV D ORV FRQVXPLGRUHV ,QFUHPHQWDU HO WDPDxR \ HO SRGHU GHO JRELHUQR IHGHUDO HV H[DFWDPHQWH OD VROXFLyQ HTXLYRFDGD (VWR VH KD SXHVWR D SUXHED \ VLJXH IUDFDVDQGR /RV HVWDGRXQLGHQVHV PHUHFHQ XQ PHMRU IXWXUR \ SRU HVR GHEHPRV YLYLU GHQWUR GH QXHVWURV PHGLRV UHGXFLU HO WDPDxR \ HO SRGHU GHO JRELHUQR \ H[SDQGLU ODV OLEHUWDGHV GH GHFLVLyQ LQGLYLGXDOHV \ SRU OR WDQWR OD RSRUWXQLGDG /H SLGR VX YRWR 0L KLVWRULDO SUXHED TXH SXHGR WUDEDMDU FRQ ORV GHPiV SDUD ORJUDU DFXHUGRV 3XHGH FRQWDU FRQPLJR FRPR VX FRQJUHVLVWD SDUD TXH OXFKH SRU ORV SUHVXSXHVWRV HTXLOLEUDGRV \ PHQRUHV LPSXHVWRV SDUD SURPRYHU HO LQFUHPHQWR GH HPSOHRV \ ORV SUHFLRV GH HQHUJtD PiV EDMRV \ SDUD WUDEDMDU SDUD SUHVHUYDU OD FDOLGDG GH YLGD H[FHSFLRQDO TXH GLVIUXWDPRV DTXt HQ HO 'LVWULWR

&6 N SL 002-009 67$7(0(17 2) &$1','$7( )25 &2817< &/(5.5(&25'(5 $0$1'$ 6 .,1* 2FFXSDWLRQ 'HSXW\ &OHUN5HFRUGHU DQG 3UHFLQFW :RUNHU 7UDLQHU (GXFDWLRQ DQG 4XDOLILFDWLRQV $ YRWH IRU PH $PDQGD 6 .LQJ LV D YRWH IRU FRQWLQXHG TXDOLW\ FXVWRPHU LQWHUDFWLRQ EHWZHHQ WKH SXEOLF DQG WKHLU &RXQW\ &OHUN5HFRUGHU

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¶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¶0DOOH\ 7RQ\ )HUUDUD 6KHOOH\ +LJJLQERWKDP DQG -DPLH ,URQV DQG RWKHU GLVWLQJXLVKHG HOHFWHG RIILFLDOV DQG FRPPXQLW\ OHDGHUV ZKR DUH VXSSRUWLQJ P\ FDPSDLJQ $V \RXU &OHUN5HFRUGHU , SOHGJH WR FRQWLQXH WKH \HDU OHJDF\ RI SXEOLF VHUYLFH H[FHOOHQFH LQ WKH RIILFH E\ SURWHFWLQJ FRXQW\ UHFRUGV DQG FRQGXFWLQJ IDLU LPSDUWLDO DQG WUDQVSDUHQW HOHFWLRQV , UHVSHFWIXOO\ UHTXHVW \RXU YRWH 3OHDVH YLVLW ZZZWRPP\JRQJFRP

'(&/$5$&,Ð1'(/$&$1','$7$$ 6(&5(7$5,$ < )81&,21$5,$ '(/ 5(*,6752 3Ó%/,&2 '(/ &21'$'2 $0$1'$ 6 .,1* 2FXSDFLyQ 6HFUHWDULD \ IXQFLRQDULD GHO 5HJLVWUR 3~EOLFR DGMXQWD \ FDSDFLWDGRUD GH ORV HPSOHDGRV GHO GLVWULWR HOHFWRUDO (GXFDFLyQ \ FRPSHWHQFLDV 8Q YRWR SRU Pt $PDQGD 6 .LQJ HV XQ YRWR SRU OD FRQWLQXD LQWHUDFFLyQ GH FDOLGDG FRQ ORV FOLHQWHV HQWUH HO S~EOLFR \ VX VHFUHWDULD \ IXQFLRQDULD GHO 5HJLVWUR 3~EOLFR GHO FRQGDGR

'(&/$5$&,Ð1 '(/ &$1','$72 $ 6(&5(7$5,2 < )81&,21$5,2 '(/ 5(*,6752 3Ó%/,&2 '(/ &21'$'2 7200< *21* (GDG 2FXSDFLyQ 6HFUHWDULR \ IXQFLRQDULR GHO 5HJLVWUR 3~EOLFR DVLVWHQWH (GXFDFLyQ \ FRPSHWHQFLDV +H WHQLGR HO KRQRU GH VHUYLU FRPR VX VHFUHWDULR \ IXQFLRQDULR GHO 5HJLVWUR 3~EOLFR DVLVWHQWH HO VHJXQGR SXHVWR HQ OD RILFLQD GXUDQWH QXHYH DxRV (Q HVD IXQFLyQ OOHYp D FDER WRGDV ODV HOHFFLRQHV GHO FRQGDGR \ GHVDUUROOp HO SUHVXSXHVWR DQXDO GHO GHSDUWDPHQWR 7DPELpQ WUDEDMp GH PDQHUD FHUFDQD FRQ HO VHFUHWDULR \ IXQFLRQDULR GHO 5HJLVWUR 3~EOLFR DFWXDO SDUD HVWDEOHFHU OD SROtWLFD GHSDUWDPHQWDO OR FXDO IDFLOLWD OD FDSDFLWDFLyQ GHO SHUVRQDO H LPSOHPHQWD WHFQRORJtD SDUD VHUYLU PHMRU DO S~EOLFR +H VLGR HO FRRUGLQDGRU GHO GHSDUWDPHQWR SDUD OD ELEOLRWHFD GH $WDVFDGHUR \ HO &HQWUR GH 6HUYLFLR GH 1RUWK &RXQW\ \ HVWXYH DO IUHQWH GHO XVR GHO PDSHR HOHFWUyQLFR *,6 SDUD OD UHGHILQLFLyQ GH GLVWULWRV \ ORV PDSDV GH ORV GLVWULWRV HOHFWRUDOHV 2EWXYH XQ WtWXOR GH OLFHQFLDWXUD GH OD 8& GH %HUNHOH\ XQD PDHVWUtD GH OD 8QLYHUVLGDG (VWDWDO GH 6DQ )UDQFLVFR \ HVWXYH HQWUH ODV SULPHUDV SHUVRQDV HQ UHFLELU OD &HUWLILFDFLyQ GH $GPLQLVWUDFLyQ 3URIHVLRQDO GH (OHFFLRQHV GH &DOLIRUQLD 3RU IDYRU ~QDVH D ORV VXSHUYLVRUHV GHO FRQGDGR )UDQN 0HFKDP $GDP +LOO \ 'HEELH $UQROG DO $XGLWRU GHO &RQGDGR -LP (UE DO $VHVRU 7RP %RUGRQDUR DO $OJXDFLO ,DQ 3DUNLQVRQ DO 6XSHULQWHQGHQWH GHO &RQGDGR -XOLDQ &URFNHU D ORV DOFDOGHV -DQ 0DU[ 7RP 2¶0DOOH\ 7RQ\ )HUUDUD 6KHOOH\ +LJJLQERWKDP \ -DPLH ,URQV \ D RWURV RILFLDOHV HOHFWRV GLVWLQJXLGRV \ OtGHUHV FRPXQLWDULRV TXH HVWiQ DSR\DQGR PL FDPSDxD &RPR VX VHFUHWDULR \ IXQFLRQDULR GHO 5HJLVWUR 3~EOLFR PH FRPSURPHWR D FRQWLQXDU FRQ HO OHJDGR GH DxRV GH H[FHOHQFLD HQ HO VHUYLFLR S~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

67$7(0(17 2) &$1','$7( )25 ',675,&7 $77251(< '$1,(/ / ´'$1µ '2: 2FFXSDWLRQ 'HSXW\ 'LVWULFW $WWRUQH\ (GXFDWLRQ DQG 4XDOLILFDWLRQV ,¶P UXQQLQJ WR SURYLGH VNLOOHG OHDGHUVKLS ZLWK D IUHVK SHUVSHFWLYH

&6 N SL 002-013 '(&/$5$&,Ð1 '(/ &$1','$72 $ ),6&$/ '( ',675,72 '$1,(/ / ´'$1µ '2: 2FXSDFLyQ )LVFDOGH'LVWULWR$GMXQWR (GXFDFLyQ \ FRPSHWHQFLDV 0H HVWR\ SRVWXODQGR SDUD EULQGDU XQ OLGHUD]JR FRPSHWHQWH \ FRQ XQD QXHYD SHUVSHFWLYD /RV DxRV GH H[SHULHQFLD FRPR DERJDGR MXQWR FRQ PiV GH DxRV HQ HO HMpUFLWR \ OD H[SHULHQFLD GH QHJRFLRV HQ 6LOLFRQ 9DOOH\ PH GDQ XQ HQIRTXH HTXLOLEUDGR SDUD VHUYLU D QXHVWUD FRPXQLGDG 0LV SULRULGDGHV PiV DOWDV VHUiQ FRPEDWLU D ODV SDQGLOODV PDQWHQHU D ODV GURJDV IXHUWHV IXHUD GH QXHVWUDV HVFXHODV \ UHGXFLU OD VREUHSREODFLyQ HQ ODV FiUFHOHV GH PDQHUD VHJXUD \ DVHTXLEOH (Q HO HMpUFLWR VHUYt FRPR OLQJLVWD GHO FRUHDQR HVSHFLDOLVWD HQ LQWHOLJHQFLD \ RILFLDO GH OD -$* (PSHFp FRPR VROGDGR UDVR \ DKRUD VR\ FRPDQGDQWH )XL HQWUHQDGR HQ OLGHUD]JR \ KH VHUYLGR HQ &RUHD .RVRYR H ,UDN &RPR ILVFDO GH GLVWULWR DGMXQWR HQ OD ~OWLPD GpFDGD KH SURFHVDGR PLOHV GH FDVRV FLHQWRV GH HOORV LQYROXFUDEDQ HO DEXVR VH[XDO HO DEXVR GH PHQRUHV OD YLROHQFLD GRPpVWLFD \ HO KRPLFLGLR 7XYH XQ SDSHO FODYH HQ OD FUHDFLyQ GH OD &RUWH GH 9HWHUDQRV GHO &RQGDGR GH 6DQ /XLV 2ELVSR OD FXDO LPSDUWH MXVWLFLD GH PDQHUD QHXWUDO SDUD HO YHWHUDQR QXHVWUD FRPXQLGDG \ ORV FRQWULEX\HQWHV &RPR OD RSFLyQ GH ORV RILFLDOHV GH OD OH\ KH UHFLELGR DSR\R GH PLV FRPSDxHURVILVFDOHVGH GLVWULWR DGMXQWRV \ GH WRGDV ODV RUJDQL]DFLRQHV TXH VH HQFDUJDQ GHO FXPSOLPLHQWR GH OD OH\ TXH KDQ DSR\DGR HVWD FDPSDxD (O &RQGDGR GH 6DQ /XLV 2ELVSR HV HO KRJDU GH PL IDPLOLD (VWR\ FRPSURPHWLGR FRQ PDQWHQHU VHJXUD QXHVWUD FRPXQLGDG \ WUDEDMDUp LQFDQVDEOHPHQWH FRPR VX )LVFDO GH 'LVWULWR 3DUD REWHQHU PiV LQIRUPDFLyQ YLVLWH 'DQ'RZFRP 6L WLHQH DOJXQD SUHJXQWD SRU IDYRU OODPH D PL WHOpIRQR FHOXODU DO

&6 N SL 002-014