Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
AP Survey 2022-23
AP Survey 2022-23
(FOFSBM3FWJFX
$0/5&/54
.BDSP&DPOPNJD"HHSFHBUFT
1VCMJD'JOBODF
"HSJDVMUVSFBOE"MMJFE"DUJWJUJFT
"OOFYVSFT
$)"15&3
(&/&3"-
3&7*&8
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
(&/&3"-3&7*&8
1VCMJD'JOBODF 1VCMJD%JTUSJCVUJPO
5IF SFWFOVF DPNQPTJUJPO PG UIF TUBUF JO ': (PWFSONFOUIBWFPSEFSFEUPTVQQMZTPSUFYRVBMJUZ3JDF
JOEJDBUFUIBU3TDSPSFTXBTBDDSVFEGSPN0XO5BY BOEPUIFS&TTFOUJBM$PNNPEJUJFTBUUIFEPPSTUFQPG#1-
TPVSDFT
3TDSPSFTGSPN0XO/PO5BYTPVSDFTBOE IPVTFIPMET UISPVHI .PCJMF %JTQFOTJOH 6OJUT
3TDSPSFTPG$FOUSBM5SBOTGFST XIJDI BSF QSPWJEFE UP ZPVUI PG 4DIFEVMFE 5SJCFT
"TQFSUIF3FWJTFE&TUJNBUFTPG':
UIFUPUBM0XO 4DIFEVMFE $BTUFT
#BDLXBSE $MBTTFT
.JOPSJUJFT BOE
5BY3FWFOVFJT3TDSPSFT5IF4UBUFhT0XO/PO5BY &DPOPNJDBMMZ #BDLXBSE $MBTTFT PG UIF TPDJFUZ UPXBSET
3FWFOVFJO': 3&
JT3TDSPSFBOE3FTPVSDF TVTUBJOBCMFMJWFMJIPPEBOEFDPOPNJDVQMJGUNFOU
GMPXGSPNUIF$FOUSFJT3TDSPSFTJO': "UQSFTFOU
'BJSQSJDFTIPQTBSFGVODUJPOJOHJOUIF
3&
4UBUF 0O BO BWFSBHF
FBDI '1 4IPQ TFSWFT DBSET
5IF5PUBM&YQFOEJUVSFCZUIF4UBUF FYDMVEJOHQVCMJDEFCU GBNJMJFT5IFSFJTPOFTIPQGPSFWFSZQFSTPOTJOUIF
SFQBZNFOUT
IBTJODSFBTFEGSPN3TDSPSFTJOUIF TUBUF
':UP3TDSPSFTJO': 3&
5IF "UQSFTFOUMBLI.5TPG3JDF -BLI.5TUP1SJPSJUZ
SFWFOVFFYQFOEJUVSFJOUIF':XBT3T )PVTFIPMET
-BLI.5TGPS"OUZPEBZB"OOB:PKBOB
$SPSFTBOE3TDSPSFTJO': 3&
GBNJMJFT
JTCFJOHBMMPUUFEFWFSZNPOUIBTQFS/BUJPOBM
5IF5PUBM%FCUPGUIF4UBUFBUUIFFOEPGUIF': 'PPE 4FDVSJUZ "DU
GPS EJTUSJCVUJPO BU TVCTJEJ[FE
XBT3TDSPSFTBOEJODSFBTFEUP3TDSPSFT SBUFT ! 3T QFS LH UP DBUFS UIF OFFET PG DSPSF
BUUIFFOEPG': 3&
*OUIF':
"OEISB #FMPX1PWFSUZ-JOFGBNJMJFT
1SBEFTIGBDFEB3FWFOVF%FGJDJUPG3T
DSPSFTBOEB *O,IBSJGBTPO
BRVBOUJUZPG
'JTDBM%FGJDJUPG3T
DSPSFT*O 3&
UIF -BLI .5T PG 1BEEZ
WBMVFE 3T DSPSFT XBT
3FWFOVF%FGJDJUJT3T
DSPSFTBOE'JTDBM%FGJDJUJT QSPDVSFEFOTVSJOH.41UP
GBSNFST
3T
DSPSFT
4FBTPOBMDPOEJUJPOT
1SJDFT 5IF4UBUFSFDFJWFESBJOGBMMPGNNEVSJOHUIF4PVUI
$POTVNFS 1SJDF *OEJDFT GPS *OEVTUSJBM8PSLFST HSFX CZ 8FTU.POTPPOQFSJPEGPSBTBHBJOTUUIFOPSNBM
JOUIFTUBUFBOEJO"MM*OEJBMFWFMEVSJOHUIF SBJOGBMM PG NN
JOEJDBUJOH BO FYDFTT PG
QFSJPE "QSJM
UP 0DUPCFS
PWFS UIF ,BLJOBEB
#BQBUMB
"OBOUBQVSBNV BOE 4SJ 4BUZBTBJ
DPSSFTQPOEJOH QFSJPE PG QSFWJPVT ZFBS5IF $POTVNFS EJTUSJDUTSFDFJWFEFYDFTTSBJOGBMMBOESFNBJOJOHEJTUSJDUT
1SJDF*OEFY/VNCFSTGPS"HSJDVMUVSBM-BCPVSJODSFBTFECZ JO UIF TUBUF SFDFJWFE OPSNBM SBJOGBMM %VSJOH UIF /PSUI
JOUIF4UBUF $PNCJOFE"1
BOEBU"MM*OEJB &BTUNPOTPPOQFSJPEPG 0DUPCFSUP%FDFNCFS
EVSJOH UIF QFSJPE "QSJM
UP /PWFNCFS
FYDFTTSBJOGBMMPGXBTSFDPSEFE5IFSBJOGBMMSFDFJWFE
DPNQBSFEUPUIFDPSSFTQPOEJOHQFSJPEJOUIFQSFWJPVT EVSJOHUIFQFSJPEXBTNNBTBHBJOTUUIFOPSNBM
ZFBS SBJOGBMMPGNN
8IPMFTBMF 1SJDF *OEFY
GPS "MM $PNNPEJUJFT
EFDSFBTFE GSPN JO "QSJM
UP JO
"HSJDVMUVSF
/PWFNCFS
'PS NBOVGBDUVSFE QSPEVDUT
JU 5IF OE "EWBODF &TUJNBUFT PG UIF BSFB BT XFMM BT
EFDSFBTFEGSPNUPXIFSFBTGPS'VFM1PXFS QSPEVDUJPO PG GPPE HSBJOT GPS UIF ZFBS BSF
HSPVQJUJODSFBTFEGSPNUPEVSJOHUIFTBNF FTUJNBUFE BOE DPNQBSFE XJUI UIF QSFWJPVT ZFBS
QFSJPE BDIJFWFNFOUTWJ[
5IFBSFBVOEFSGPPEHSBJOTJT
5IF "WFSBHF %BJMZ8BHFT PG "SUJTBOT BOE 'JFME -BCPVS MBLI IFDUBSFT JO BT BHBJOTU MBLI
CPUI NFO BOE XPNFO
IBWF JODSFBTFE EVSJOH UIF IFDUBSFT JO
TIPXJOH B EFDSFBTF PG 5IF
QFSJPEGSPN"QSJMUP0DUPCFSXIFODPNQBSFEUPUIF UPUBMQSPEVDUJPOPGGPPEHSBJOTJOJTMBLI
DPSSFTQPOEJOHQFSJPEPGQSFWJPVTZFBS UPOOFT XIJMF JU XBT MBLI UPOOFT JO
TIPXJOHBOJODSFBTFPG%FTQJUFSFEVDUJPOJOBSFB
JODSFBTF JO QSPEVDUJPO JOEJDBUFT QSPEVDUJWJUZ
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
(&/&3"-3&7*&8
QMBOUBUJPOGSPNPUIFSUSBEJUJPOBMDSPQTBTQBSUPG$SPQ -JWFTUPDLBOE'JTIFSJFT
%JWFSTJGJDBUJPO
"OEISB1SBEFTIUBLFTQSJEFJOIBWJOHGBNPVTBOEXPSME
5IF HPWFSONFOU JT FODPVSBHJOH FYQBOTJPO PG OVNCFS SFOPXOFE-JWFTUPDLCSFFETMJLF0OHPMFBOE1VOHBOVSJO
BOE OFUXPSL PG '10T UP FOBCMF GBSNFST UP SFEVDF DBUUMF
(PEBWBSJ#VGGBMPFT
/FMMPSFJO4IFFQBOE"TFFMJO
USBOTBDUJPO DPTUT
BDDFTT UFDIOPMPHZ
BOE SBJTF 1PVMUSZ%VSJOH
"OEISB1SBEFTITUPPETUJO
CBSHBJOJOHQPXFSBOEJOUFHSBUFXJUIWBMVFDIBJOT 5IF &HH 1SPEVDUJPO -BLI JO /PT
OE JO .FBU
(PWFSONFOU IBT TVQQPSUFE '10T XJUI GJOBODJBM QSPEVDUJPO -BLI.5T
BOEUIJO.JMLQSPEVDUJPO
BDIJFWFNFOUPG3T$SPSFT -BLI.5T
(PWFSONFOU PG "1 IBT SFMFBTFE 3T $SPSF UP "TQFSUIFMBUFTU-JWFTUPDL$FOTVT
UIF-JWFTUPDL
IPSUJDVMUVSF GBSNFST UPXBSET JOQVU TVCTJEZ PG SFTPVSDFT JO UIF 4UBUF JODMVEF MBLI $BUUMF
IPSUJDVMUVSF DSPQT EBNBHFE EVF UP WBSJPVT /BUVSBM MBLI#VGGBMPFT
MBLI4IFFQ
MBLI(PBUT
$BMBNJUJFT UISPVHI %#5 3FDFOUMZ
3T $SPSF IBT MBLI QJHT
MBLI UPUBM -JWFTUPDL MBLI
CFFO SFMFBTFE BT BEEJUJPOBM DPNQFOTBUJPO UP
QPVMUSZ
IPSUJDVMUVSF GBSNFST GPS $PDPOVU BOE $BTIFX DSPQT
EBNBHFEEVFUP5JUMJ$ZDMPOF 5ISPVHI 3#,T
(PWFSONFOU EJTUSJCVUFE .5T PG
DFSUJGJFE GPEEFS TFFE UP OFBSMZ GBSNFST PO
1PTU)BSWFTU *OGSBTUSVDUVSF JT OFXMZ DSFBUFE OPX TVCTJEZ BOE .5T PG RVBMJUZ UFTUFE 5.3 UP
JODMVEFT4PMBS1PMZ%SJFSTXJUIBDBQBDJUZPG.5T
GBSNFSTPOTVCTJEZ6OEFS:431BTV/BTIUB1BSJIBSB
4PMBS$PME3PPN$IBNCFSTXJUIBDBQBDJUZPG.5T 1BEIBLBN
%VSJOH VQUP%FD
DPNQFO
BOE$PDPOVUQBDLIPVTFTXJUITUPSBHFDBQBDJUZPG TBUJPODMBJNFEGPSEFBUIT
MBLIOVUT
6OEFS+BHBOBOOB1BBMBWFMMVWB :43$IFZVUIB
TDIFNF
4P GBS
GBSNFST XFSF SFHJTUFSFE GPS .JDSP VQUP%FDFNCFS
VOJUTTBODUJPOFEUPUIF
*SSJHBUJPOTZTUFNTUPBOFYUFOUPG
IB
UISPVHI CFOFGJDJBSJFT
VOJUT HSPVOEFE BOE VOEFS
3#,TJO +BHBOBOOB+FFWBLSBOUIJ :43$IFZVUIB
TDIFNF
DSPQ TQFDJGJD 5IPUBCBEJ QSPHSBNNFT BSF TUBSUFE VOJUT TBODUJPOFE UP UIF CFOFGJDJBSJFT
VOJUT BSF
BOE POHPJOH DPWFSJOH
GBSNFST GPS QSPEVDUJWJUZ HSPVOEFE
BOE RVBMJUZ FOIBODFNFOU JO )PSUJDVMUVSF DSPQT EVSJOH "1JTDPOUSJCVUJOHBCPVUPG/BUJPOBMGJTIQSPEVDUJPO
UIFZFBS BOEJTBNBKPSFYQPSUFSPG4ISJNQJO*OEJBXJUITIBSFPG
"OEISB1SBEFTIJTUIF4FDPOEMBSHFTUQSPEVDFSPG4JMLJO JO UPUBM WBMVF PG TFB GPPE FYQPSUT PG UIF DPVOUSZ
*OEJB OFYU UP ,BSOBUBLB *O UIF TUBUF
GBSNFST EVSJOH *O UIF TUBUF
-BLI5POOFT PG GJTI
SBJTFE.VMCFSSZQMBOUBUJPOJOBOFYUFOUPG
BDSFT BOEQSBXOJTQSPEVDFE6OEFS:43.BUTZBLBSB#IBSPTB
BOEIFDUTPG5BTBS4JMLTQMBOUBUJPOJOUSJCBMBSFBTCZ BO BNPVOU PG 3T DSPSFT SFMJFG JT QSPWJEFE UP
USJCBMGBSNFST"OBSFBPG"DSFTIBTCFFOOFXMZ öTIFSNFOEVSJOHöTIJOHCBOQFSJPE
CSPVHIU VOEFS .VMCFSSZ DVMUJWBUJPO EVSJOH UIF ZFBS (PWFSONFOUQSPWJEFE)4%PJMTVCTJEZ!3TQFSMJUFS
UPCFOFöU
CPBUTXJUI3TDSPSFTEVSJOH
%VSJOH VQ UP %FDFNCFS
.5T VQ UP %FDFNCFS
&OIBODFE UIF öOBODJBM
*OUFSOBUJPOBM 2VBMJUZ #JWPMUJOF DPDPPOT
.5T PG CFOFöUUPEFDFBTFEöTIFSNFO XIJMFöTIJOH
GBNJMZUP
"BCPWF(SBEF3BX4JMLBOE
.5TPG3FFMJOH 3T MBLIT GSPN 3T -BLIT
DMBJNT XFSF
$PDPPOT #7$#
QSPEVDFEJOUIFTUBUF1SPEVDUJWJUZPG SFQPSUFE 1PXFS UBSJGG DPODFTTJPO XBT QSPWJEFE UP
DPDPPO JODSFBTF GSPN UP ,HT QFS %'-4 OFU BRVBDVMUVSF ! 3T UP CFOFGJU
BRVB GBSNFST
JODPNFUP4FSJDVMUVSFGBSNFST&YUFOEJOHUIF4FSJDVMUVSF XJUITVCTJEZDPNQPOFOUPG3T$SQFSBOOVN
BDUJWJUZ
OFX 4JMLXPSN 3FBSJOH 4IFET IBWF CFFO
HSPVOEFEJO 'PSFTUT
"TQFS*OEJBO4UBUF'PSFTU3FQPSU
"OEISB1SBEFTI
TUBUF GPSFTU DPWFST BO BSFB PG 4R ,NT
XIJDI
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
BNPVOUUPPGUIFUPUBMHFPHSBQIJDBMBSFB0VUPG "1 JT UIF GJSTU TUBUF JO UIF DPVOUSZ UP FTUBCMJTI BO F
UIJT
7FSZ %FOTF 'PSFTU JT 4R ,NT
.PEFSBUF NBSLFUJOHQMBUGPSNDBMMFEhF'BSNBSLFUhUPDPOOFDUUIF
%FOTF 'PSFTU JT 4R ,NT
0QFO 'PSFTU JT GBSNFSTPG"1UPUIFUSBEFSTJOUIFDPVOUSZF'BSNBSLFU
4R,NTBOE4DSVC'PSFTUJT,NT QMBUGPSNXJMMQSPWJEFUIFFOEUPFOETPMVUJPOTGPS#VZFST
5PFOTVSFXIPMFTPNFMJWJOHFOWJSPONFOUUPUIFVSCBO BOE 4FMMFST PG BHSJDVMUVSF BOE IPSUJDVMUVSF QSPEVDF
DJUJ[FOT
TPGBS
/BHBSBWBOBNTIBWFCFFODPNQMFUFE USBEFE JO UIF TUBUF PG "OEISB 1SBEFTI 5PUBM USBEF
BOEPQFOUPUIFQVCMJD
5FNQMF&DPQBSLTBSFCFJOH QSPHSFTT UISPVHI F'BSNBSLFU BQQMJDBUJPO JOEJDBUFT
EFWFMPQFE JO UIF TUBUF 5IF TUBUF IBT XJMEMJGF OVNCFSPGUSBEFSTBOEGBSNFSTBSFCFOFGJUFE
TBODUVBSJFT BOE OBUJPOBM QBSLT DPWFSJOH BO BSFB PO GPSUIFGJOBODJBMZFBSJF
VQUP%FDFNCFS
TRLN
XIJDIJTPGUIF4UBUFhT'PSFTUBSFB 5IFUPUBMUSBOTBDUJPOJTXPSUI3TDSPSFT
BOEPGUIF4UBUFhTHFPHSBQIJDBMBSFB 5IF HPWFSONFOU IBT JOUFSWFOFE UP QSPWJEF SFNVOF
5IF JODPNF BDDSVFE GSPN GPSFTUSZ TFDUPS JO UIF 4UBUF SBUJWF QSJDF UP UIF GBSNFST BOE BGGPSEBCMF QSJDF UP
EVSJOH VQ UP %FDFNCFS
JT 3T DPOTVNFST QSPDVSFE .5T PG 5PNBUP XPSUI
DSPSF 3TDSPSFT
"HSJDVMUVSF.BSLFUJOH *OEVTUSJBM%FWFMPQNFOU
5IFSF BSF HPEPXOT XJUI B TUPSBHF DBQBDJUZ PG 5ISPVHIJUT*OEVTUSJBM1PMJDZ
UIFTUBUFIBTQVU
.5TFYJTUJOHJOUIFTUBUF
PGXIJDIHPEPXOT JO QMBDF WBSJPVT JOJUJBUJWFT GPS EFWFMPQJOH EJGGFSFOU
XJUIBTUPSBHFDBQBDJUZPG
.5TBSFJOVUJMJ[BUJPO TFHNFOUTMJLF"HSPBOE'PPEQSPDFTTJOH
#JPUFDIOPMPHZ
5IF .BSLFU $PNNJUUFFT IBWF DPMMFDUFE .BSLFU 'FF PG #VML ESVHT BOE 1IBSNBDFVUJDBMT
*5 BOE *5F4
5FYUJMF
3TDSPSFT VQUP%FD
JO -BLI.5 "VUPNPUJWF BOE "VUP DPNQPOFOUT BOE 5PVSJTN BOE
RVBOUJUZXJUIBUSBEFWBMVFPG3T$SPSFTUSBEFEJO UIFSFCZ DSFBUF PQQPSUVOJUJFT GPS FOUSFQSFOFVST BOE
F/". JNQMFNFOUFE JO .BSLFUT JO UIF 4UBUF HFOFSBUFFNQMPZNFOU
"TTBZJOH MBCT XFSF FTUBCMJTIFE JO .BSLFU :BSET JO (PWFSONFOU JOUSPEVDFE h:43 "1 0OFh
B NVMUJGBDFUFE
.PEFM .BSLFU :BSET F/". NBSLFUT JO UIF 4UBUF CVTJOFTTFOBCMFNFOUDFOUSFXIJDIBDUTBTBPOFTUPQ
MPUT XFSF BTTBZFE *OUFS .BOEJ USBOTBDUJPOT SFTPVSDFBOETVQQPSUDFOUSFGPSJOEVTUSJFTh:43"10OFh
USBEFE CFUXFFO "1.$T BDDPVOU GPS B WBMVF PG 3T XPVME QSPWJEF IBOEIPMEJOH TVQQPSU UP JOWFTUPST
DSPSFTBOEGPSBRVBOUJUZPG.5PGDPNNPEJUJFT EVSJOHQSFFTUBCMJTINFOUBOETFUVQPGJOEVTUSJBMVOJUT
5IF (PWFSONFOU PG "1 IBT BOOPVODFE .41 GPS DSPQT 6OEFSUIFOFXQPMJDZ
UIFNBKPSJODFOUJWFBQSPTQFDUJWF
HSPXO JO "1 GPS XIJDI (0* IBT OPU BOOPVODFE o5IF JOWFTUPS HFUT
JT SFJNCVSTFNFOU PG 4UBUF (PPET BOE
DSPQTGPSXIJDI.41JTOPXBOOPVODFEJODMVEF$IJMMJFT 4FSWJDFT 5BY GPS GJWF ZFBST DBQQFE UP 'JYFE $BQJUBM
o3T QFS RVJOUBM
5VSNFSJD3T QFS RVJOUBM
*OWFTUNFOU
GPS NFEJVN
MBSHF BOE NFHB JOEVTUSJFT
0OJPO3T QFS RVJOUBM
.JOPS .JMMFUT3T QFS MJOLFE UP FNQMPZNFOU DSFBUJPO5IF DVSSFOU MFBTF BOE
RVJOUBM
#BOBOB3T QFS RVJOUBM
4XFFU 0SBOHF CVZNPEFMTGPSMBOEBMMPUNFOUBSFCFJOHSFQMBDFEXJUIB
o3TQFSRVJOUBM DPNQPTJUFMFBTFCVZNPEFM
XIFSFBOJOEVTUSJBMJTUHFUT
UPQVSDIBTFUIFMBOEBGUFSTVDDFTTGVMMZSVOOJOHUIFVOJU
"1JTUIFPOMZTUBUFJOUIFDPVOUSZXIJDIDPMMFDUTGBSN GPSZFBST
QSJDFT GSPN FBDI 3#, PO B EBJMZ CBTJT UISPVHI BO "QQ
h$POUJOVPVT .POJUPSJOH PG "HSJDVMUVSF QSJDFT BOE 5IF4UBUF*OWFTUNFOU1SPNPUJPO#PBSE 4*1#
VOEFSUIF
1SPDVSFNFOU $."11
EFWFMPQFEGPSQSPWJEJOHFOEUP $IBJSNBOTIJQ PG )POhCMF $IJFG .JOJTUFS
JT TBODUJPOJOH
FOE TPMVUJPOT
GSPN UBLJOH EBJMZ QSJDF BMFSUT GSPN FBDI UBJMPSNBEFJODFOUJWFTUPOFX.FHBQSPKFDUT
PODBTFUP
3#,UPVOEFSUBLJOHQSPDVSFNFOUXIFSFWFSOFDFTTBSZ DBTFCBTJT
(&/&3"-3&7*&8
BOE GSPN $PSQPSBUF HJBOUT QBSUJDJQBUFE XIJDI UIF DPVOUSZ XJUI TPVUIFSO QBSUT 6OEFS )#*$
0SWBLBM
JODMVEFE TFWFSBM *OUFSOBUJPOBM*OUFSOBUJPOBM CVTJOFTT OPEF JO "OEISB 1SBEFTI IBT CFFO JEFOUJGJFE GPS
UZDPPOT *O BMM
.FNPSBOEVNT PG 6OEFSTUBOEJOH EFWFMPQNFOU JO JOJUJBM QIBTF BENFBTVSJOH BO BSFB PG
.P6T
XFSF TJHOFE EVSJOH UIF 4VNNJU XJUI B UPUBM
BDSFTBOEQSPKFDUEFWFMPQNFOUBDUJWJUJFTBSFCFJOH
DPNNJUNFOU PG 3T MBLI DSPSF BOE HFOFSBUJPOPG JOJUJBUFE
PWFSMBLIKPCTBDSPTTLFZTFDUPST 7JTBLIBQBUOBN$IFOOBJ*OEVTUSJBM$PSSJEPS 7$*$
IPTUT
"OEISB1SBEFTIJTDBUFHPSJ[FEBTh5PQ"DIJFWFSwJO&BTF UISFFJOEVTUSJBMOPEFTBU7J[BH
$IJUUPPSBOE,PQQBSUIZ
PG%PJOH#VTJOFTTVOEFSUIF#VTJOFTT3FGPSN"DUJPO1MBO XIJDIBSFQMBOOFEPWFSBOFYUFOUPG_
BDSFPVUPG
#3"1
SFMFBTFE CZ %1**5
(PWU PG *OEJB GPS UIF ZFBS XIJDIFYUFOUJTQSFTFOUMZCFJOHEFWFMPQFEBTh4UBSU
VQh "SFB7BSJPVT JOEVTUSJBM JOGSBTUSVDUVSF QSPKFDUT XJUI
-BSHF BOE .FHB QSPKFDUT DPNNFODFE QSPEVDUJPO BO FTUJNBUFE JOWFTUNFOU PG _*/3
$S IBWF CFFO
XJUIBOJOWFTUNFOUPG*/3
$SPSFBOEQSPWJEFE FOWJTBHFEJOUIJTDPSSJEPS
FNQMPZNFOU UP
QFSTPOT EVSJOH VQ UP
%FDFNCFS
5IFSF BSF QSPKFDUT VOEFS BDUJWF
*OEVTUSJBM*OGSBTUSVDUVSF
JNQMFNFOUBUJPO XJUI UPUBM JOWFTUNFOU PG */3 "1**$ CFJOH UIF /PEBM "HFODZ GPS BMM *OEVTUSJBM
$SPSFXJUIBQPUFOUJBMUPDSFBUFFNQMPZNFOU *OGSBTUSVDUVSF 1SPKFDUT JODMVEJOH *5
#JPUFDI
"QQBSFM
UP
QFPQMF 1BSLT BOE 4&; JO UIF 4UBUF
IBT BMMPUUFE BDSF PG
.4.& XFSF FTUBCMJTIFE XJUI BO JOWFTUNFOU PG *OEVTUSJBM -BOE UP VOJUT XJUI BO FNQMPZNFOU
3T DSPSFT BOE QSPWJEFE FNQMPZNFOU UP QPUFOUJBM PG
BOE QSPQPTFE JOWFTUNFOU PG 3T
QFSTPOT%VSJOHUIFZFBS VQUPUI+BO
$SPSFT 5IF"1**$IBTBMBOECBOLPG
BDSFGPS
BMMPUNFOU
(&/&3"-3&7*&8
(&/&3"-3&7*&8
(&/&3"-3&7*&8
3PBET 6OEFS :43 7BIBOB .JUISB TDIFNF
BO BNPVOU PG 3T
FBDI XBT TBODUJPOFE
FMJHJCMF
5IF UPUBM 3# 3PBE /FUXPSL FYDMVEJOH /BUJPOBM CFOFGJDJBSJFTJO
)JHIXBZT
JOUIF4UBUFBTPO%FDFNCFSJT
,N DPNQSJTJOH PG 4UBUF )JHIXBZT
"JSQPSUT4FB1PSUT
.BKPS%JTU3PBETBOE3VSBM3PBET5IFMFOHUIPG/BUJPOBM
)JHIXBZTJOUIF4UBUFJT,N $VSSFOUMZ UIFSF BSF JOUFSOBUJPOBM BOE EPNFTUJD
PQFSBUJPOBM"JSQPSUTJO"OEISB1SBEFTIXIJDIDPOOFDU
5IFEFOTJUZPG/BUJPOBM)JHIXBZTJT,NQFSMBLI XJUINBKPSDJUJFT
QPQVMBUJPO
JOUIF4UBUFBTBHBJOTUBMM*OEJBBWFSBHF
PGLNBOEJOUFSNTPGBSFBDPWFSBHF
BMFOHUIPG (PWFSONFOUIBTBDRVJSFEPGUIFMBOEUPEFWFMPQ
LNJTBWBJMBCMFGPSFWFSZ
4RLNJOUIF4UBUFBT B OFX (SFFOGJFME *OUFSOBUJPOBM "JSQPSU BU #IPHBQVSBN
BHBJOTUBMM*OEJBBWFSBHFPGLN
4RLN PO 111 CBTJT JO BDSFT &TUJNBUFE DPTU PG UIF
1SPKFDUGPS1IBTF*JT3TDSPSFT
6OEFS "1 .BOEBM $POOFDUJWJUZ BOE 3VSBM $POOFDUJWJUZ
*NQSPWFNFOU 1SPKFDU "1.$3$*1
(PWFSONFOU "CPVU PG UIF MBOE IBT CFFO BDRVJSFE TP GBS UP
QSPQPTFEUPJNQSPWF3PBETBOE#SJEHFTPG.BKPS%JTUSJDU EFWFMPQBJSQPSUBU%BHBEBSUIJJO/FMMPSFEJTUSJDUJO
3PBET0UIFS %JTUSJDU 3PBET GPS B MFOHUI PG ,N BDSFT "O BNPVOU PG 3T $SPSFT IBT CFFO TQFOU PO
XJUI3T$S BDRVJTJUJPOPGMBOEBOEQSFEFWFMPQNFOUBDUJWJUJFT
6OEFS.BKPS%JTUSJDU3PBET .%3
SPBEXPSLTXJUIB (PWFSONFOUOBNFEUIF,VSOPPM"JSQPSUBT6ZZBMBXBEB
MFOHUI PG ,N BOE CSJEHF XPSLT IBWF CFFO /BSBTJNIB3FEEZ"JSQPSU5IF%FWFMPQNFOUPG"JSQPSU
DPNQMFUFE GPS BO BNPVOU PG 3T $ST CSJEHF $JUZJO"DSFTJTVOEFSQSPHSFTT
XPSLTXJUIBMFOHUIPGLNBOECSJEHFXPSLT 5IF 4UBUF PG "OEISB 1SBEFTI IBT POF .BKPS 1PSU BU
UBLFOVQGPSBOBNPVOUPG3T$STBSFJOQSPHSFTT 7JTBLIBQBUOBN VOEFS UIF BENJOJTUSBUJWF DPOUSPM PG
5IF5PUBMMFOHUIPGUIFSVSBMSPBETVOEFS1BODIBZBU3BK (PWFSONFOU PG *OEJB BOE /PUJGJFE 1PSUT VOEFS UIF
&OHJOFFSJOH%FQBSUNFOUJT,NJOUIFTUBUFBTPO DPOUSPMPG(PWFSONFOUPG"OEISB1SBEFTI
PVUPGXIJDI
%VSJOH UIF ZFBS 6Q UP %FDFNCFS BSF$BQUJWF1PSUT0VUPGEJTUSJDUTPG"OEISB1SBEFTI
,N MFOHUI PG SPBE JT DPNQMFUFE EVMZ BSF$PBTUBMEJTUSJDUT
JODVSSJOHBOFYQFOEJUVSFPG3TDSPSFT (PWFSONFOUIBWFBDDPSEFE"ENJOJTUSBUJWFTBODUJPOGPS
3BNBZBQBUOBN1PSU 1IBTF* XPSLT XJUI B UPUBM 1SPKFDU
5SBOTQPSU DPTUPG3T$SPSFTXJUIBDPNQMFUJPOQFSJPEPG
*O"14UBUF
$SPSF.PUPS7FIJDMFTBSFSFHJTUFSFEPG NPOUIT BOE UIF "HSFFNFOU 7BMVF JT BO BNPVOU PG
XIJDI $S OPOUSBOTQPSU WFIJDMFT BSF VTFE GPS 3T$SPSFT
QFSTPOBMJ[FE QVSQPTFT BOE -BLIT 5SBOTQPSU
7FIJDMFT 5PVSJTN
5IF #VEHFU &TUJNBUFT PG 5SBOTQPSU %FQBSUNFOU GPS 5PBUUBJOTVTUBJOBCMFFDPOPNJDHSPXUIJOBOEBSPVOEUIF
3FWFOVF3FDFJQUT JOUIF': JT3T$SPSFT 5PVSJTN EFTUJOBUJPO JO UIF TUBUF
(PWFSONFOU IBT
BOE UIF SFWFOVF SFBMJ[FE VQ UP %FDFNCFS JT 3T JOUSPEVDFE UIFi"OEISB 1SBEFTI 5PVSJTN 1PMJDZ
$SPSFT
BHSPXUISBUFPG w XIJDI XJMM CF JO GPSDF UJMM TU .BSDI
5IF
1PMJDZNBKPSMZGPDVTFTPOUIFNFCBTFEEFWFMPQNFOUPG
5IF"1435$IBTSFBMJ[FE3TDSPSFTPGDPNNFSDJBM MVYVSZSFTPSUTIPUFMT
BNVTFNFOUQBSLT
.*$&$FOUFST
SFWFOVF EVSJOH UIF ZFBS VQ UP %FD
BOEPUIFSUPVSJTNQSPKFDUTUPQSPNPUFTPDJPFDPOPNJD
DPNQBSFE UP 3T DSPSFT VQUP %FD
BO EFWFMPQNFOUJOUIFTUBUF"15%$IBTSFBMJ[FEBSFWFOVF
JODSFBTFPG'MFFUVUJMJ[BUJPOPGJTBDIJFWFE PG 3T $SPSFT EVSJOH UIF ': VQUP
VQUP%FD5IF$PSQPSBUJPO0DDVQBODZ3BUJP 03
JT %FDFNCFS
JODSFBTFECZQPJOUTUPJO%FDGSPNJO
%FD
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
(&/&3"-3&7*&8
5IF(PWFSONFOUPG"1IBTTFUVQUIF5PJMFU.BJOUFOBODF *OUFSNFEJBUF&EVDBUJPO
'VOE 5.'
GPS NBJOUBJOJOH DMFBOMJOFTT PG UIF 5PJMFUT
6SJOBMT
ESFTT DIBOHF SPPN
XBTI CBTJOT FUD 5.' JT 5IFSF BSF (PWFSONFOU BOE 7PDBUJPOBM +VOJPS
DSFBUFE JO
(PWFSONFOU TDIPPMT BOE +VOJPS $PMMFHFT BOE "JEFE +VOJPS $PMMFHFT
1SJWBUF
$PMMFHFT XJUI B GVOE PG 3T $SPSF
XIJDI XBT VOBJEFE BOE PUIFS +VOJPS DPMMFHFT GVODUJPOJOH JO
DPOUSJCVUFE GSPN UIF "NNBWPEJ TDIFNF ! PG 3T UIF TUBUF 6OEFS "NNBWPEJ
-BLI CFOFGJDJBSJFT
GSPNFBDIQBSFOU DPWFSFEJO*OUFSNFEJBUF&EVDBUJPO"MM(PWU+S$PMMFHFT
BSFTFUGPSNPEFSOJ[BUJPOBOEUSBOTGPSNBUJPOVOEFSUIF
5IF(PWUIBTSFWJTFEUIFNFOVPG.%.GSPN .BOB#BEJ/BEV/FEVQSPHSBNNFJOQIBTF**
EVMZ FOIBODJOH UIF DPPLJOH DPTU "O BNPVOU PG 3T
DS JT CFJOH TQFOU CZ UIF (PWU GPS FGGFDUJWF $PMMFHJBUF&EVDBUJPO
JNQMFNFOUBUJPOPG.%.
5IFSFBSF(PWFSONFOU%FHSFF$PMMFHFT EFHSFF
5IF "1 .PEFM 4DIPPMT BSF FTUBCMJTIFE PO QBS XJUI DMVTUFS 6OJWFSTJUZ $POTUJUVFOU DPMMFHFT
BOE
,FOESJZB 7JEZBMBZB 5FNQMBUF UP QSPWJEF RVBMJUZ 1SJWBUFBJEFE$PMMFHFTFYJTUJOHJOUIFTUBUFDBUFSJOHUPUIF
FEVDBUJPOJO&EVDBUJPOBMMZ#BDLXBSE#MPDLT &##
BOE FEVDBUJPOBMOFFETPG-BLITUVEFOUTPGGFSJOH6(
BU QSFTFOU .PEFM TDIPPMT BSF GVODUJPOJOH VOEFS 1(DPVSTFT 0VUPGUIFTF
BSF"VUPOPNPVTDPMMFHFT
"OEISB1SBEFTI.PEFM4DIPPM4PDJFUZ "1.44
XJUIBO (%$T"JEFE$MVTUFS6OJWFSTJUZDPOTUJUVFOU
JOJUJBMFOSPMNFOUPG 4PDJBM8FMGBSF(PWU3FTJEFOUJBM%FHSFF$PMMFHFTBOE
$PMMFHFXJUI1PUFOUJBMGPS&YDFMMFODF $1&
$PMMFHFTBOE
4BNBHSB4IJLTIB
POF(PWU%FHSFF$PMMFHFXJUI%#54UBS$PMMFHFTUBUVT
6OEFSi+BHBOBOOB7JEZB ,BOVLBw EVSJOH UIF "DBEFNJD
%FQBSUNFOU JT JNQBSUJOH FNQMPZBCMF TLJMMT UISPVHI
:FBS
(PWFSONFOUIBWFTVQQMJFE4UVEFOUT,JUT
+BXBIBS ,OPXMFEHF $FOUSFT +,$
FTUBCMJTIFE JO
UP-BLITUVEFOUTXJUIBCVEHFUPG3T$SPSFT
(PWFSONFOU%FHSFF$PMMFHFT
6OJGPSNT BMTP TVQQMJFE UP MBLI TUVEFOUT XJUI B
CVEHFUKPG3TDS (PWFSONFOUDPMMFHFTBOE1SJWBUF"JEFEDPMMFHFT
BSFIBWJOHWBMJEHSBEFBOEUIFEFQBSUNFOUJTQSFQBSJOH
6OEFS.BOB#BEJ/BEV/FEV
JO1IBTF*
4DIPPM
DPMMFHFTGPS/""$"TTFTTNFOUJO
QSPKFDUTXFSFDPNQMFUFEPVUPG
TDIPPMTQSPKFDUT
"OEISB1SBEFTITUBUFIBTB(SPTT&OSPMNFOU3BUJP (&3
5IF (PWU
VOEFS i4XFDIIBw 1SPHSBNNF EJTUSJCVUFT
PGJO)JHIFS&EVDBUJPOBOE(FOEFS1BSJUZ*OEFYPG
TBOJUBSZ QBET UP BMM HJSM DIJMESFO JO (PWU 4DIPPMT "O
BT QFS "*4)&
5P FOIBODF (&3 (1*
BNPVOU PG 3T -BLIT XBT TBODUJPOFE GPS
4UBOEBSE 0QFSBUJOH 1SPDFEVSFT IBWF CFFO JTTVFE PO
4DIPPMTUPXBSETJNQMFNFOUBUJPOPGUIFQSPHSBNNF
TUSBUFHJFT GPS FOIBODJOH BDDFTT UP )& UP 4PDJP
WPDBUJPOBM JOTUJUVUJPOT BSF OFXMZ TBODUJPOFE JO UIF &DPOPNJDBMMZ %JTBEWBOUBHFE (SPVQT 4&%(T
BOE
1"# BOE B CVEHFU PG 3T MBLIT XBT 8PNFO&TUBCMJTINFOUPGOFX(PWFSONFOU%FHSFF
TBODUJPOFEGPSTDIPPMT $PMMFHFTBGUFSBOE)FMQ%FTLTFTUBCMJTIFEJOBMM
*O1"#
6OEFSUIF$BSFFS(VJEBODF1SPHSBNNF
DPMMFHFT
BOBNPVOUPG3T-BLITXBTTBODUJPOFEUP (PWFSONFOU QSPQPTFE UP USBOTGPSN (PWU %FHSFF
4DIPPMT ! 3T UP FBDI UP EFWFMPQGPTUFS $PMMFHFT
POFJOFBDIEJTUSJDUUPCFHSPPNFEBT$FOUSFTPG
LOPXMFEHF
TLJMMT BUUJUVEF OFDFTTBSZ GPS 1FSTPOBM &YDFMMFODF JO UIF TUBUF PG "OEISB1SBEFTI BOE OVSUVSF
%FWFMPQNFOU BOE $BSFFS 3FBEJOFTT JO TUVEFOUT PG UIFNBTRVBMJUZFEVDBUJPOJOTUJUVUFTJO)JHIFS&EVDBUJPO
4FDPOEBSZBOE4FOJPS4FDPOEBSZTUBHF BOEUPQSFQBSFGPSCFUUFS/""$HSBEFBOE/*3'SBOLJOH
"TVSWFZXBTDPOEVDUFEJOUIFTUBUFUPJEFOUJGZUIF0VUPG
4DIPPM$IJMESFODIJMESFOBSFJEFOUJGJFEGPSEJSFDU 5FDIOJDBM&EVDBUJPO
FOSPMNFOU JO UIF BHF BQQSPQSJBUF DMBTTFT BOE 5IFSF BSF (PWFSONFOU BOE "JEFE BOE 1SJWBUF
DIJMESFO BSF JEFOUJGJFE GPS TQFDJBM USBJOJOH VOEFS QPMZUFDIOJDTGVODUJPOJOHJOUIFTUBUFXJUIBTBODUJPOFE
3FTJEFOUJBMBOE/POSFTJEFOUJBM4QFDJBM5SBJOJOH TUSFOHUIPGTUVEFOUT%JHJUBM$MBTTSPPNTBSF
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
FTUBCMJTIFE JO (PWFSONFOU 1PMZUFDIOJDT BOE %VSJOH VQ UP %FDFNCFS
'VMM
GBDJMJUBUFE VOJOUFSSVQUFE BDDFTT UP -FBSOJOH *NNVOJ[BUJPO $IJMESFOCFMPXZS
DPWFSBHFJT
.BOBHFNFOU4ZTUFN -.4
BOEBDDFTTUPPUIFSPOMJOF BOE $PNQMFUF *NNVOJ[BUJPO $IJMESFO UP :ST
JT
DPVSTFTMJLF48":"..00$4 6OEFS UIF &NFSHFODZ )FBMUI 5SBOTQPSUBUJPO
5IF SFWJTFE DVSSJDVMVN $ BT QFS *OEVTUSZ OFFET UP 4DIFNF
MBLIQBUJFOUTBOEMBLIQSFHOBOU
LFFQ QBDF XJUI DIBOHJOH GBDF PG *OEVTUSZ JT XPNFOXFSFUSBOTQPSUFE
JNQMFNFOUFE JO 1PMZUFDIOJDT GSPN UIF BDBEFNJD ZFBS 6OEFS +BOBOJ 4VSBLTIB :PKBOB
-BLI QSFHOBOU
POXBSET XPNFOXFSFCFOFGJUUFEXJUIJODFOUJWFTBWBJMFE
$*4$0BDBEFNJFTXFSFFTUBCMJTIFEJOBMM(PWFSONFOU ESPQCBDLTFSWJDFTQSFHOBOUXPNFOTDSFFOFE
1PMZUFDIOJDT 4P GBS
TUVEFOUTBUUFOEFE DFSUJGJFE VOEFS1.4."BOEJEFOUJGJFEIJHISJTLNPUIFST
DPVSTFTJO$*4$0"DBEFNJFTUJMMUIF"DBEFNJD:FBS 5IF (P"1 JOJUJBUFE B VOJRVF 4QFDJBM JOOPWBUJWF
3T MBLIT IBT CFFO TBODUJPOFE GPS HFUUJOH 1SPHSBNNFi%S:43,BOUJ7FMVHVw.BTT&ZF4DSFFOJOHUP
/BUJPOBM#PBSEPG"DDSFEJUBUJPO /#"
GPS(PWFSONFOU QSPWJEFDPNQSFIFOTJWF1SJNBSZ
4FDPOEBSZBOE5FSUJBSZ
1PMZUFDIOJDTJOUIFZFBS &ZFDBSFTFSWJDFTUPUIFQPQVMBUJPOBUGSFFPGDPTU
UPCF
JNQMFNFOUFEJO1IBTFTPWFSBQFSJPEPGZFBSTPOB
)FBMUIBOE'BNJMZ8FMGBSF NJTTJPONPEFGSPN
5IF4UBUF(PWFSONFOUQSPWJEFTLFZIFBMUITFSWJDFTTVDI 6OEFS 1IBTF* ** 4DSFFOFE
BT .BUFSOBM )FBMUI $BSF
$IJME )FBMUI $BSF BOE 'BNJMZ $IJMESFODPWFSJOH
4DIPPMTBOE1SPWJEFE
8FMGBSF4FSWJDFTUISPVHI4VCDFOUFST
3VSBM
'SFF 4QFDUBDMFT UP BMM $IJMESFO BOE
1SJNBSZ )FBMUI $FOUFST
6SCBO 1SJNBSZ )FBMUI $POEVDUFE TVSHFSJFT GPS UIF JEFOUJGJFE
$FOUFST $PNNVOJUZ )FBMUI $FOUFST
"SFB 4DIPPM$IJMESFO
)PTQJUBMT
%JTUSJDU )PTQJUBMT .$) $FOUFST BOE 6OEFS 1IBTF*** QSPHSBNNF &ZF 4DSFFOJOH
5FBDIJOHIPTQJUBMTJOUIFTUBUF i"WWB5BUBwGPS ZFBSTBOEBCPWFQPQVMBUJPO
6OEFS UIF 61)$T
-BLIT 01%
-BLIT 5FMF -BLI 0ME "HF QFPQMF XFSF TDSFFOFE
DPOTVMUBUJPO
-BLIT -BC JOWFTUJHBUJPOT
-BLIT TQFDUBDMFT EFMJWFSFE UP -BLI BOE
*NNVOJ[BUJPOBOE-BLIT"/$1/$XFSFQFSGPSNFE -BLI $BUBSBDU 4VSHFSJFT EPOF EVSJOH
EVSJOHUIFZFBSVQUP%FDFNCFS
BT PO
"WWB5BUB &ZF 4DSFFOJOH JT
6OEFS/BUJPOBM6SCBO)FBMUI.JTTJPO
6SCBO1SJNBSZ TUJMM CFJOH DPOEVDUFE JO BMM
EJTUSJDUT5IF UPUBM
)FBMUI $FOUSFT 61)$T
JO 6-#T IBWF CFFO FYQFOEJUVSFJODVSSFETPGBSGPSJNQMFNFOUBUJPO
FTUBCMJTIFE&BDIVSCBOIFBMUIDFOUSFDPWFST
UP PGUIFQSPHSBNNFJT3T$SPSFT
QPQVMBUJPOJOTMVNBSFB (PWU*OTUJUVUJPOTBOE%#$4TBSFTUSFOHUIFOFEXJUI
)FBMUIQBSBNFUFST&OTVSJOHBDDFTTUPIFBMUIGBDJMJUJFTJT 0QIUIBMNJD &RVJQNFOU 5IF 4UBUF JT DPOEVDUJOH
POFPGUIFUPQBHFOEBJUFNGPSUIFTUBUF0WFSUIFZFBST
QPQVMBUJPO CBTFE TVSWFZ GPS OPO DPNNVOJDBCMF
UIFSF IBT CFFO B TJHOJGJDBOU JNQSPWFNFOU JO WBSJPVT EJTFBTFTUPUIFFOUJSFQPQVMBUJPOPGUIFTUBUF*O/$%$%
IFBMUIQBSBNFUFST5IFFTUJNBUFE$SVEF#JSUISBUF
$SVEF TVSWFZQPQVMBUJPOIBTCFFOTDSFFOFETPGBS
%FBUISBUFBOE*OGBOU.PSUBMJUZ3BUFTJOUIFTUBUFTUBOEBU 5IF4UBUFIBTMBVODIFEUIF'BNJMZ1IZTJDJBO$PODFQUUP
BOESFTQFDUJWFMZBTDPNQBSFEUP
BOE FYUFOE UIF IFBMUI TFSWJDFT BU UIF EPPSTUFQT PG UIF
GPS"MM*OEJB BTQFS434#VMMFUJO
DPNNVOJUZ UISPVHI UIF .FEJDBM PGGJDFST GPS DSFBUJOH
5IF NBMF BOE GFNBMF FYQFDUFE MJGF BU CJSUI GPS UIF DPOGJEFODFBNPOHQVCMJDBOEUPEFMJWFSDVSBUJWFDBSFJO
DPNCJOFETUBUFPG"1TUBUFBSFBOESFTQFDUJWFMZ BEEJUJPOUPQSFWFOUJPOBOEQSPNPUJPOMBLIDBTFT
BTBHBJOTUUIF"MM*OEJBGJHVSFTPGBOEJO WJTJUFEGPSGPMMPXVQGPS)ZQFSUFOTJPOBOEMBLIDBTFT
.BUFSOBM.PSUBMJUZ3BUJP ..3
TUBOETBUGPS"1 WJTJUFEGPSGPMMPXVQGPS%JBCFUFT
NVDI MPXFS UIBO "MM*OEJBhT
BT QFS UIF MBUFTU 434 %S:43"BSPHZBTSJ4DIFNFQSPWJEFFOEUPFOEDBTIMFTT
IFBMUIDBSFTFSWJDFTUPUIF#1-GBNJMJFTJEFOUJGJFECZUIF
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
(&/&3"-3&7*&8
5SJCBM8FMGBSF 6OEFSUIF4DIFEVMFE5SJCFTBOEPUIFS5SBEJUJPOBM'PSFTU
%XFMMFST 3FDPHOJUJPO PG 'PSFTU 3JHIUT
"DU
5IF USJCBM QPQVMBUJPO PG "OEISB 1SBEFTI BDDPSEJOH UP
*OEJWJEVBM 5JUMFT BQQSPWFE GPS BO FYUFOU PG
DFOTVTJTMBLITDPOTUJUVUJOHPGUIFUPUBM
"DSFTBOE
$PNNVOJUZ5JUMFEFFETGPSBO
QPQVMBUJPO PG UIF 4UBUF5IF 45 MJUFSBDZ SBUF JT FYUFOUPG
"DSFTXFSFEJTUSJCVUFEUJMMOPX
'FNBMF
.BMF
(PWFSONFOU BDDPSEFE
IJHIQSJPSJUZGPSEFWFMPQNFOUPG5SJCBMT.BKPSGPDVTJTPO 4PDJBM8FMGBSF
&EVDBUJPO
)FBMUI
4LJMM %FWFMPQNFOU BOE DSFBUJPO PG
TPDJBM JOGSBTUSVDUVSF JODMVEJOH SPBE DPOOFDUJWJUZ BOE "TQFSUIF$FOTVT
4DIFEVMFE$BTUFTQPQVMBUJPOJT
TVQQMZPGESJOLJOHXBUFSJOUSJCBMBSFBT -BLIT XIJDI GPSNT QFSDFOU PG UIF UPUBM
QPQVMBUJPO PG "OEISB 1SBEFTI BOE PG UIF
"T B NFBTVSF PG 2VBMJUZ &OIBODFNFOU GPS 45T VOEFS 4DIFEVMFE $BTUF 1FPQMF MJWF JO SVSBMBSFBT5IF MJUFSBDZ
&EVDBUJPO
"TISBN 4DIPPMT
)PTUFMT
1PTU SBUFBNPOH4$TJT
MPXFSUIBOUIF4UBUFhT-JUFSBDZ
NBUSJD )PTUFMT BOE (PWU 1SJNBSZ 4DIPPMT BSF SBUFPG
GVODUJPOJOH JO UIF 4UBUF XJUI BO FOSPMMFE TUSFOHUI PG
TUVEFOUT 5IF 4$ FOSPMMNFOU SBUJP JT BOE ESPQPVU SBUF JT
BTBHBJOTUUIFHFOFSBMSBUFPG5PJNQSPWF
4DIFNFXJTFCFOFGJUTEVSJOH (&3JOIJHIFSFEVDBUJPOBOESFEVDFESPQPVUSBUFBNPOH
r +BHBOBOOB 7JEZB %FFWFOB 35'
45 4$T
(PWFSONFOU JT JNQMFNFOUJOH +BHBOBOOB 7JEZB
TUVEFOUTCFOFGJUFEXJUI3T$SPSFT %FFWFOB 35'
BOE +BHBOBOOB 7BTBUIJ %FFWFOB .5'
r +BHBOBOOB 7BTBUIJ %FFWFOB .5'
45 VOEFS/BWBSBUOBMVTDIFNF
4UVEFOUTCFOFGJUFEXJUI3T$SPSFT 'JOBODJBM "TTJTUBODF QSPWJEFE CZ HPWFSONFOU UP 4$T
r :431FOTJPO,BOVLB
45TCFOFGJUUFEXJUI EVSJOH VQUP%FDFNCFS
BOBNPVOUPG3T$S r :431FOTJPO,BOVLB3T
$STSFMFBTFEUP
r :437BIBOBNJUSB
45T CFOFGJUFE XJUI BO MBLI4$1FOTJPOFST
BNPVOUPG3T$S r :43 "BTSB TDIFNF 3T $ST CVEHFU
r :43 $IFZVUIB
45 XPNFO XFSF BMMPDBUFEGPSUIFZFBSBOEUIFBNPVOUJT
CFOFGJUFEXJUI3T$S ZFUUPCFSFMFBTFEGPSUIFZFBS
r 6OEFSi+BHKFFWBO +ZPUIJ 4DIFNF GSFF 1PXFS PG r :43 7BIBOB.JUSB "O BNPVOU PG 3T $ST
VOJUT
BMMPDBUFE 3T $ST CFOFGJUJOH SFMFBTFE UP
BVUP
UBYJT BOE NBYJDBC
)PVTFIPMET ESJWFSTPG4$DPNNVOJUZ
(&/&3"-3&7*&8
#$8FMGBSF
r :43 7BIBO .JUISB #$T BSF CFOFGJUUFE 'JOBODJBM "TTJTUBODF QSPWJEFE CZ HPWFSONFOU UP &#$T
XJUIBOFYQFOEJUVSFPG3T$S EVSJOH
r :43 .BUTZBLBSB #IBSPTB #$T BSF r +BHBOBOOB "NNB WPEJ
&#$T BSF
CFOFGJUUFE XJUI BO FYQFOEJUVSF PG 3T $S CFOFGJUUFE XJUI BO FYQFOEJUVSF PG 3T
EVSJOH UIF GJTIJOH IPMJEBZ QFSJPE ! 3T
$SPSFT
QFSZFBS r +BHBOBOOB7JEZB%FFWFOB 35'
"OBNPVOUPG3T
r :43/FUIBOOB/FTUIBN
#$8FBWFSTBSF $SPSF XBT SFJNCVSTFE UP
&#$
CFOFGJUUFEXJUI3T$S 4UVEFOUCFOFGJDJBSJFTTPGBS
(&/&3"-3&7*&8
r +BHBOBOOB7JEZB%FFWFOB 35'
"OBNPVOUPG3T $-"1 QSPHSBNNF XBT MBVODIFE JO 6-#T
DSPSFT SFMFBTFE UP
.JOPSJUZ $PSQPSBUJPOT
4FMFDUJPO(SBEF
4QFDJBM(SBEFBOE'JSTU
4UVEFOUT (SBEF.VOJDJQBMJUJFT
BOEJOSFNBJOJOH6-#T 4FDPOE
HSBEF
5IJSEHSBEFBOE/BHBSBQBODIBZBUT
XJMMCFUBLFO
r +BHBOBOOB7BTBUJ%FFWFOB .5'
"OBNPVOUPG VQJOTFDPOEQIBTF
3TDSPSFTSFMFBTFEUP
CFOFGJDJBSJFT
8BSE 4FDSFUBSJFT BSF EJTDIBSHJOH UIFJS EVUJFT JO
r +BHBOBOOB "NNB WPJE "O BNPVOU PG 3T EFMJWFSJOHUIFXFMGBSFTDIFNFTJODPPSEJOBUJPOXJUIUIF
DSPSFTSFMFBTFEUPUIF
CFOFGJDJBSJFT MJOFEFQBSUNFOUT
8BSE7PMVOUFFSTBSFXPSLJOHJO
r :437BIBOB.JUISB"OBNPVOUPG3T$SPSFT BMMUIF6-#TBDSPTTUIF4UBUF
8BSE4FDSFUBSJBUTJOBMM
SFMFBTFEUP
CFOFGJDJBSJFT UIF 6-#T IBWF CFFO FTUBCMJTIFE BOE
8BSE
4FDSFUBSJFTJO."6%8JOHIBWFCFFOSFDSVJUFEBOEBSF
r :43 1FOTJPO ,BOVLB "O BNPVOU PG 3T
QSPWJEJOH4FSWJDFTQFSUBJOJOHBMM%FQBSUNFOUT
DSPSFTSFMFBTFEUP
CFOFGJDJBSJFT
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
6OEFS".3651IBTF**
8BUFS4VQQMZQSPKFDUTIBWFCFFO 6OEFS :43 "BTBSB
-BLI NFNCFST TIBMM CF
UBLFOVQJO6-#TBUBDPTUPG3TDSPSFTPGUIFN CFOFGJUFEXJUIBOFMJHJCMFBNPVOUPG3T$S"O
QSPKFDUT IBWF CFFO DPNQMFUFE BOE PG XPSL BNPVOU PG 3T $S IBT CFFO SFMFBTFE BT TU
DPNQMFUFE JO CBMBODF XPSLT BSF FYQFDUFE UP CF JOTUBMNFOU BOE BO BNPVOU PG 3T $S IBT CFFO
DPNQMFUFECZ.BSDI SFMFBTFEBTOEJOTUBMNFOU
(&/&3"-3&7*&8
(&/&3"-3&7*&8
"T QFS UIF MBUFTU BWBJMBCMF FTUJNBUFT PG UIF 1MBOOJOH 5IFVOFNQMPZNFOUSBUFJTTMJHIUMZMPXFSJO"1
BT
$PNNJTTJPOSFMFBTFEJO+VMZGPSUIFZFBS
DPNQBSFEUP*OEJB
6OFNQMPZNFOUJTIJHIFTUJO
UIF QPWFSUZ SBUJPT GPS SVSBM BOE VSCBO BSFBT PG VOJUFE QFPQMFBHFECFUXFFOZFBSTBOEBTBHFBEWBODFT
"OEISB 1SBEFTI XFSF BOE SFTQFDUJWFMZ UIFQSPCMFNBQQFBSTUPDFBTF
BOEDPNCJOFESBUJPTUBOETBU5IFDPSSFTQPOEJOH
öHVSFTGPS"MM*OEJBEVSJOHUIFTBNFQFSJPEXFSF
4LJMM %FWFMPQNFOU &NQMPZNFOU BOE
GPSSVSBMBOEVSCBOBSFBTBOEUIFDPNCJOFEXBT 5SBJOJOH
4LJMM)VCTBSFFTUBCMJTIFEJO(PWU*5*TXJUIUIF
"TQFSUIF#BTFMJOF3FQPSUPO/BUJPOBM.VMUJEJNFOTJPOBM DPMMBCPSBUJPO PG JOEVTUSJFT UP USBJO VOFNQMPZFE ZPVUI
1PWFSUZ*OEFYSFMFBTFECZ/*5*"BZPHPOUI/PW
BOEDPMMFHFESPQPVUTUPNFFUUIFMPDBMJOEVTUSZEFNBOE
UIF.VMUJEJNFOTJPOBM1PWFSUZ*OEFY .1*
TDPSFPG"1JT BOEBMTPUPVQMJGUMJWFMJIPPE
5IF*OUFOTJUZPG1PWFSUZJO"1JTBOEUIF "144%$IBTUSBJOFENPSFUIBOMBLIDBOEJEBUFTJO
)FBE$PVOU3BUJPJT UIFMBTUUISFFZFBS TJODF
VOEFSXIJDI-BLIBSF
5IF.1*VTFTJOGPSNBUJPOGSPNJOEJDBUPSTXIJDIBSF TUVEFOUT IBWF CFFO QSPWJEFE JOEVTUSZ BMJHOFE
HSPVQFEJOUPFRVBMMZXFJHIFEEJNFOTJPOToIFBMUI DFSUJGJDBUJPOBOEMBLIBSFVOFNQMPZFEZPVUIXJUI
JOEJDBUPST
&EVDBUJPO JOEJDBUPST
BOE 4UBOEBSE PG TVTUBJOBCMFFNQMPZNFOU
-JWJOH JOEJDBUPST
%VSJOHUIFZFBS VQUP%FDFNCFS
+PC
"1 4UBUF QFSGPSNFE EFDFOUMZ XFMM JO TPNF PG UIF .FMBT XFSF DPOEVDUFE VOEFS /$4 TDIFNF
JOEJDBUPSTTVDIBT)PVTJOH
&MFDUSJDJUZ
NBUFSOBMIFBMUI
DBOEJEBUFT BSF FNQMPZFE JO WBSJPVT 1WU 4FDUPST BOE
DPPLJOHGVFM
TDIPPMBUUFOEBODFBOECBOLBDDPVOUTCVU "144%$ IBT USBJOFE BCPVU
DBOEJEBUFT UISPVHI
SFRVJSF TPNF TQFDJBM BUUFOUJPO JO SFTQFDU PG UIF WBSJPVTTLJMMJOHJOJUJBUJWFT
JOEJDBUPST MJLF %SJOLJOH XBUFS
:FBST PG TDIPPMJOH
4BOJUBUJPO
$IJMEBEPMFTDFOUNPSUBMJUZBOE/VUSJUJPO 4VTUBJOBCMF%FWFMPQNFOU(PBMT
6QPO DPNQMFUJPO PG UIF QFSJPE FBSNBSLFE GPS .%(T
&NQMPZNFOUBOE6OFNQMPZNFOU 4VTUBJOBCMF%FWFMPQNFOU(PBMT 4%(T
DBNFJOUPCFJOH
"T QFS 1FSJPEJD -BCPVS 'PSDF 4VSWFZ 1-'4
XJUI B OFX TFU PG 4%(T UP CF BDIJFWFE CZ UIF ZFBS
OFBSMZ PG UIF "1 4UBUFhT QPQVMBUJPO "MM BHF 5IFTF4%(TDPNQSJTFBXJEFSBOHFPGUBSHFUT
HSPVQT
JTJOMBCPVSGPSDFBHBJOTUPG"MM*OEJB*O"1
SFMBUFE UP TPDJBM
FDPOPNJD BOE FOWJSPONFOUBM JTTVFT
UIF-'13JOSVSBMBSFBTJTXIJDIJTCFUUFSDPNQBSFE UBSHFUT BOE JOEJDBUPST XFSF DPOUFNQMBUFE UP
UPJOVSCBOBSFBT5IFMFTTFSMBCPVSGPSDFJO4UBUF NPOJUPSQSPHSFTTUPXBSETUIFBDIJFWFNFOUPGUIF4%(T
XBTQSJNBSJMZEVFUPMPXFS-'13GPSGFNBMFT
XIJDIXBT 5IF .JOJTUS Z PG 4UBUJTUJDT BOE 1SPHSBNNF
POMZ *NQMFNFOUBUJPO QSFQBSFE /BUJPOBM *OEJDBUPS 'SBNF
5IF1-'4TVSWFZSFWFBMFEDMFBSDVUHFOEFSEJòFSFODFTJO XPSL /*'
UISPVHI B QBSUJDJQBUPSZ QSPDFTT "OEISB
8PSL1BSUJDJQBUJPO3BUFT 813
CPUIJO"OEISB1SBEFTI 1SBEFTI
BMPOHXJUIUIFOBUJPOBEPQUFEUIF4%(T
BOE "MM *OEJB MFWFM813 BNPOH ZPVOH ZFBST
JT BOEUBSHFUTUPEJSFDUBOEESJWFUIFTPDJBMBOEFDPOPNJD
MPXFTUCPUIJO"OEISB1SBEFTIBOEBMM*OEJBMFWFMBOEUIJT EFWFMPQNFOUQPMJDJFT
JT HFOFSBMMZ USVF GPS SVSBM BOE VSCBO BSFBT CVU NPSF 0OUIFMJOFTPGUIF/*'
"1IBTEFWFMPQFE4UBUF*OEJDBUPS
QSPNJOFOUMZ JO DBTF PG VSCBO GFNBMFT BT 'SBNFXPSL 4*'
DPOTJTUT PG JOEJDBUPST GPS USBDLJOH
DPNQBSFEUPJOSVSBMBSFBT
5IFSFMBUJWFMZIJHIFS UIFQSPHSFTTPGUIF4%(T
EFWJTFE%*'GPS%JTUSJDUTBOE
XPSLQBSUJDJQBUJPOSBUFTPGGFNBMFTJOSVSBMBSFBTDPVMECF GVSUIFSESJMMFEEPXOUPHSBTTSPPUMFWFM"MMUIF$FOUSBM
EVF UIF MJWFMJIPPE BOE FNQMPZNFOU HFOFSBUJOH XPSLT 4UBUF HPWFSONFOU TDIFNFT JODMVEJOHi/BWBSBUOBMVw
MJLF.(/3&(40OFTPMBDFJOUIJTSFHBSEGPSUIF"1TUBUFJT QSPHSBNNFBSFNBQQFEXJUI4%(TBOEBMTPBMJHOFE
UIBUUIF8PSL'PSDF1BSUJDJQBUJPO 813
GPSGFNBMFTJOBMM UIF"OOVBM4UBUF#VEHFUXJUIUIF4%(T
BHF HSPVQT
JT IJHI JO 3VSBM BSFBT UIBO PG UIF
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
4%(JOJUJBUJWFTJO"OEISB1SBEFTI (PPE(PWFSOBODF*OJUJBUJWFT
5IF4UBUF4%(GSBNFXPSLJODMVEFT"TQJSBUJPOBM%JTUSJDUT 7JMMBHFBOE8BSE4FDSFUBSJBUT
1SPHSBN
.VMUJEJNFOTJPOBM 1PWFSUZ *OEFY
&BTF PG
-JWJOH 6SCBO
BOE (PPE (PWFSOBODF *OEFY 5IF 4%( 5IF DPODFQU PG /"7"3"5)/"-6 JT UIF DPSF UIFNF PG
UBSHFUT IBWF CFFO ESJJMFE EPXO UP 7JMMBHF BOE 8BSE HPWFSOBODF JNQMFNFOUFE UISPVHI (SBNB 8BSE
MFWFM MPDBMJ[BUJPO
BOE QMBOOFE JNQMFNFOUBUJPO BOE 4BDIJWBMBZBT *O PSEFS UP JNQMFNFOU /BWBSBUOBMV
NPOJUPSJOH UISPVHI UIF OPWFM GFBUVSF PG 7JMMBHF BOE (PWFSONFOUEFQMPZFE(SBNB8BSE7PMVOUFFSTJO3VSBM
8BSE4FDSFUBSJBUT 6SCBO "SFBT GPS EFMJWFSJOH HPWFSONFOU TFSWJDFT BOE
XFMGBSF TDIFNFT BU UIF EPPS TUFQT PG BMM FMJHJCMF
4%(.POJUPSJOH IPVTFIPMET FOTVSJOH UJNFMZ BOE USBOTQBSFOU TFSWJDFT
"TQBSUPGUIF-PDBMJ[BUJPOPG4%(T
JOEJDBUPSTBUTUBUF FMJNJOBUJOHDPSSVQUJPOBUBMMMFWFMTPGBENJOJTUSBUJPO
MFWFM
BUEJTUSJDUMFWFM
BUWJMMBHFMFWFM.VOJDJQBM r (PWFSONFOU QPTJUJPOFE MBLI WPMVOUFFST JO
$PSQPSBUJPO MFWFM BSF CFJOH NPOJUPSFE BOE 1SJPSJUZ UIF 4UBUF ! 0OF (SBNB WPMVOUFFS QFS
JOEJDBUPST XFSF JEFOUJGJFE
JODMVEJOH DPSF JOEJDBUPST IPVTFIPMETJOSVSBM"SFBTBOEPOFXBSEWPMVOUFFS
DPOTJEFSFEUPCFNPTUJNQPSUBOUQFSUBJOJOHUP"OBFNJB
QFSIPVTFIPMETJO6SCBO"SFBTXJUIFGGFDU
.BMOPVSJTINFOUBOE%SPQPVUTBUIJHIFTUMFWFM GSPNUI"VHVTU
5PNPOJUPSUIFTFJOEJDBUPST
BQPSUBMIBTCFFOEFWFMPQFE r &TUBCMJTIFE 7JMMBHF 8BSE 4FDSFUBSJBUT UP
CZ UIF 1MBOOJOH %FQBSUNFOU XIJDI QSPWJEFT EBUB EFMJWFS UIF XFMGBSF TDIFNFT BOE TFSWJDFT GSPN
FOUSZVQEBUJOHBOENPOJUPSJOHUIFQSPHSFTTGPS4%( OE 0DUPCFS BOE SFDSVJUFE
JOEJDBUPSTJOUIF4%(QPSUBMIUUQTBQTEHBQHPWJO GVODUJPOBSJFT
"1 4UBUF
PO UIF MJOFT PG UIF /BUJPO IBT QVU JO QMBDF B r 4P GBS
$ST 4FSWJDFT IBWF CFFO EFMJWFSFE
TUSPOHJOTUJUVUJPOBMNFDIBOJTNUPDBSFUBLFPGEJGGFSFOU UISPVHI 7JMMBHF 8BSE 4FDSFUBSJBUT
TJODF
BTQFDUTPG4%(BDUJWJUJFT UI+BOVBSZUPUI%FDFNCFS
4%(*OEJB*OEFYo#FTUQFSGPSNJOHBSFBTPG r 1SPCBUJPO PG
784 GVODUJPOBSJFT PG
"OEISB1SBEFTI -JOF %FQBSUNFOUT XFSF EFDMBSFE EVSJOH +VOF
"OEISB1SBEFTI4UBUFIBTSFUBJOFEUISBOLJOUIF4%( +VMZBOESFHVMBSJ[FE3FWJTFE1BZ4DBMFTPG
*OEJB*OEFY3FQPSUBOEFNFSHFEBTPOFPGUIF 314
&YUFOEFE 5IF 1BZ 4DBMF PG
UPQQFSGPSNJOH4UBUFTJOUIFDPVOUSZJOBDIJFWJOHUIF 3T
o 3T
JT HJWFO UP 1BODIBZBU
4VTUBJOBCMF %FWFMPQNFOU (PBMT 4%(
GPS
4FDSFUBSZ (SBEF 7
8BSE "ENJOJTUSBUJWF
BOE 4FDSFUBSZBOEUIF1BZ4DBMFPG3T
o
UP BMM UIF PUIFS 7JMMBHF 8BSE 4FDSFUBSJBU
"TQFSUIF4%(*OEJB*OEFYoSFQPSU
"14UBUFIBT FNQMPZFFT
EPOFWFSZXFMMJOUIFGPMMPXJOHBSFBTHPBMT
r "T QFS UIF QSFTDSJCFE HVJEFMJOFT
1VCMJD
r "1 4UBUF B TUPPE JO /P QPTJUJPO JO 4%( 3FQSFTFOUBUJWFT IBWF WJTJUFE
4FDSFUBSJBUT
"GGPSEBCMFBOE$MFBO&OFSHZ PVUPG
TFDSFUBSJBUT
r 5IF4UBUFTUPPEJOOEQPTJUJPOJO4%(-JGF r "OEISB 1SBEFTI IBT UBLFO VQ UIF QSPHSBNNF
CFMPXXBUFS (BEBQB (BEBQBLV .BOB 1SBCIVUWBN ((.1
r 5IF 4UBUF TFDVSFE UI QMBDF JO 4%( $MFBO GSPN UI .BZ POXBSET JO XIJDI UIF
XBUFSBOETBOJUBUJPO )POhCMF.-"TDPODFSOFEXPVMENBLFWJTJUTUPBMM
IPVTFIPMET UP DSFBUF BXBSFOFTT BNPOH UIF
r 5IF4UBUFTUPPEJOUIQMBDFJO4%(BOE4%(
QVCMJDBCPVUUIFTDIFNFTBOEQSPHSBNT1VCMJD
/PQPWFSUZBOEHFOEFSFRVBMJUZ
3FQSFTFOUBUJWFT IBWF WJTJUFE 4FDSFUBSJBUT
PVUPG
TFDSFUBSJBUT
40$*0&$0/0.*$4637&:
(&/&3"-3&7*&8
$)"15&3
."$30&$0/0.*$
"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
5BCMF#SPBETFDUPSXJTF(4%1FTUJNBUFTBU$POTUBOU
1SJDFT
"OEISB1SBEFTI 3TJODSPSFT
#SPBE4FDUPS(SPXUI
3BUF
53&
43&
'3&
"&
"HSJDVMUVSF"MMJFE
(SPXUI3BUF
*OEVTUSZ
(SPXUI3BUF
4FSWJDFT
(SPXUI3BUF
(4%1
(SPXUI3BUF
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
$IBSU
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
"HSJDVMUVSFCSPBETFDUPS -JWFTUPDL 4FDUPS (7" GPS "& JT FTUJNBUFE BU
3T
$S XJUI B HSPXUI SBUF PG BT BHBJOTU
"HSJDVMUVSF CSPBE TFDUPS DPNQSJTFT PG "HSJDVMUVSF
3T
$SBOEHSPXUISBUFJO '3&
)PSUJDVMUVSF
-JWFTUPDL
'PSFTUSZ-PHHJOHBOE'JTIJOH
"RVBDVMUVSF TFDUPST 5IF "HSJDVMUVSF "MMJFE 4FDUPST 'PSFTUSZ -PHHJOH 4FDUPS (7" GPS "&
JT
(7"JT3T
DSPSFTGPS "&
XJUIHSPXUI FTUJNBUFEBU3T$SBTBHBJOTU3T$SPG
SBUFPG '3&XJUIBHSPXUISBUFPG
"HSJDVMUVSF 4FDUPS (7" GPS "& JT FTUJNBUFE BU 'JTIJOHBOE"RVB$VMUVSF4FDUPS(7"GPS "&
JT
3T
$SBTBHBJOTU3T
$SPG'3&XJUI FTUJNBUFE BU 3T
$S BT BHBJOTU 3T
$S JO
BHSPXUISBUFPG '3&XJUIBHSPXUISBUFPG
$IBSU
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
$IBSU
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
4FSWJDFT4FDUPS 5IF"EWBODF&TUJNBUFTGPSUIFZFBSBU$POTUBOU
QSJDFT GPS 4FSWJDFT 4FDUPS JT FTUJNBUFE BU
5IJT CSPBE TFDUPS DPNQSJTFT PG 5SBEF
)PUFMT 3T
$SBTBHBJOTU3T
$SJO '3&
3FTUBVSBOUT
5SBOTQPSUCZ0UIFS.FBOT4UPSBHF
4VQSB XJUIBHSPXUISBUFPGPWFSMBTUZFBS5SBEF
)PUFMT
3FHJPOBM TFDUPST 3BJMXBZT
$PNNVOJDBUJPOT BOE 3FTUBVSBOUT
5SBOTQPSU CZ PUIFS .FBOT 4UPSBHF
#BOLJOH *OTVSBODF
3FBM &TUBUF
0XOFSTIJQ PG $PNNVOJDBUJPOT
#BOLJOH
3FBM &TUBUF 0XOFSTIJQ PG
%XFMMJOHT 1SPG 4FSWJDFT
1VCMJD "ENJOJTUSBUJPO BOE %XFMMJOHTBOE1VCMJD"ENJOJTUSBUJPOSFHJTUFSFEBHSPXUI
0UIFS4FSWJDFTTFDUPST SBUFPG
SFTQFDUJWFMZ(7"FTUJNBUFTPG4FSWJDFTFDUPSBUDPOTUBOU
QSJDFTBSFTIPXOJO$IBSU
$IBSU
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
&TUJNBUFTPG(4%1BU$VSSFOU1SJDFT 1FS$BQJUB*ODPNF
/PNJOBM (4%1 PS (4%1 BU $VSSFOU 1SJDFT GPS UIF ZFBS 5IF1FS$BQJUB*ODPNFPG"OEISB1SBEFTIEVSJOH
"&
JTFTUJNBUFEBU3T
$SBTBHBJOTU "&
BU DVSSFOU QSJDFT JT FTUJNBUFE BU 3T
BT
3T
$S GPS UIF ZFBS '3&
TIPXJOH B BHBJOTU 3T
JO '3&
5IF (4%1(%1
HSPXUI PG EVSJOH #SPBE TFDUPS XJTF 1$* PG "OEISB 1SBEFTI BOE "MM *OEJB BU $VSSFOU
(4%1FTUJNBUFTBU$VSSFOU1SJDFTBSFTIPXOJO5BCMF $POTUBOU
QSJDFT BSF TIPXO JO 5BCMF BOE
BOE$IBSUT
BOE4FDUPSXJTF$POUSJCVUJPOPG(7" $IBSU
BU$VSSFOU1SJDFT "&
JTTIPXOJO$IBSU
5BCMF#SPBETFDUPSXJTF(4%1FTUJNBUFTBU$VSSFOU1SJDFT
#SPBE4FDUPS(SPXUI
53&
3BUF 43&
'3&
"&
"HSJDVMUVSF"MMJFE
(SPXUI3BUF
*OEVTUSZ
(SPXUI3BUF
4FSWJDFT
(SPXUI3BUF
(4%1
(SPXUI3BUF
1$* *O3T
(SPXUI3BUF
(7"
(4%1JO3T$SPSFBOE(SPXUI3BUFJOQFSDFOU
$IBSU
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
$IBSU
4FDUPSBM$POUSJCVUJPO 4IBSF
PGUIF4UBUF&DPOPNZ
$IBSU
4FDUPSXJTF$POUSJCVUJPOPG(7"BU$VSSFOU1SJDFT "&
5IFUJNFTFSJFTTIPXJOHUIFWBMVFTPGWBSJPVTFDPOPNJD "OOFYVSFToUPBOEGPS"MM*OEJBUIFFTUJNBUFTBSF
BHHSFHBUFT GPS "OEISB 1SBEFTI TUBUF BSF HJWFO BU TIPXOBU"OOFYVSFTUP
$)"15&3
16#-*$
'*/"/$&
40$*0&$0/0.*$4637&:
16#-*$'*/"/$&
&KDUW6WDWH¶V5HYHQXHVIRU)<WR)<5(
&RPSDULVRQRI6WDWH
V5HYHQXH
5VLQ&URUHV
ϭϬϬϬϬϬ
ϴϵϴϯϱ
ϵϬϬϬϬ ϴϰϯϴϵ
ϳϴϮϬϬ
ϴϬϬϬϬ
ϳϭϬϭϴ
ϳϬϬϬϬ
ϱϳϰϮϳ ϱϵϳϬϯ
ϲϬϬϬϬ
ϱϬϬϬϬ
ϰϬϬϬϬ
ϯϬϬϬϬ
ϮϬϬϬϬ
ϭϬϬϬϬ ϱϬϭϴ ϲϱϭϭ
ϯϯϵϱ
Ϭ
KǁŶdĂdž EŽŶdĂdž &ůŽǁĨƌŽŵĞŶƚƌĞ
16#-*$'*/"/$&
4UBUFhT0XO5BY3FWFOVF OPUFUIBU4BMFT5BYBDDPVOUFEGPSQFSDFOUBOE(45BU
QFSDFOUPGUIF4UBUFhT0XO5BY3FWFOVFGPS':
5IFUPUBM0XO5BY3FWFOVFXBT3T
$SPSFTJO': 3&5IF4UBUFhTPXOUBYSFWFOVFGPSUIF':UP':
BOE 3T
$SPSFT JO ': 3&
5IF 3&
IBWFCFFOEFUBJMFEJO"OOFYVSF
DPNQPTJUJPO PG JOEJWJEVBM DPNQPOFOUT PG 0XO 5BY
3FWFOVFGPS': 3&
JTTIPXOBT$IBSU*UJTUP
&KDUW&RPSRVLWLRQRI6WDWH¶V2ZQ7D[5HYHQXH
)<5(
ϲй
Ϯϰй
ϯϰй
ϭϵй
ϲй
ϭϭй
^ĂůĞƐdĂdž ^ƚĂƚĞdžĐŝƐĞ ^ƚĂŵƉƐĂŶĚZĞŐŝƐƚƌĂƟŽŶ
DŽƚŽƌsĞŚŝĐůĞdĂdž '^d KƚŚĞƌƐ
4UBUFhT0XO/PO5BY3FWFOVF PGUIFTFSFWFOVFTPVSDFTBSFHJWFOJO$IBSU.JOFT
BOE.JOFSBMTDPOUSJCVUFEUPXBSETUIF4UBUFhT0XO
4UBUFhT0XO/PO5BY3FWFOVFXBT3T
$SPSFTJOUIF /PO5BY3FWFOVFJOUIF':3&5IFPUIFSNBKPS
':BOEXBT3T
$SPSFTJO': 3&
SFDFJQUT BSF 3VSBM %FWFMPQNFOU $FTT
'PSFTU
.FEJDBM
5IFNBJODPOUSJCVUJPOUPXBSETUIF4UBUFhT0XO/PO5BY BOE)FBMUIFUD5IFEFUBJMTPGUIFPXOOPOUBYSFWFOVF
3FWFOVF JODMVEFE UIF .JOFT BOE .JOFSBM
'PSFTUT
GPS UIF ': UP ': 3&
BSF HJWFO JO
&EVDBUJPOBOE0UIFSSFWFOVFTPVSDFT5IFDPNQPTJUJPO "OOFYVSF
40$*0&$0/0.*$4637&:
16#-*$'*/"/$&
&KDUW&RPSRVLWLRQRI6WDWH¶V2ZQ1RQ7D[5HYHQXH
±)<5(
ϯϮй
DŝŶĞƐĂŶĚDŝŶĞƌĂůƐ
&ŽƌĞƐƚƐ
DĞĚŝĐĂůĂŶĚ,ĞĂůƚŚ
ϲϬй ĚƵĐĂƟŽŶ
ϰй KƚŚĞƌƐ
ϯй
ϭй
$FOUSBM5SBOTGFST $SPSFT JO UIF ': BOE 3T
$SPSFT JO ':
3&
5IFDFOUSBMUSBOTGFSTGPSUIF':
3FTPVSDFGMPXGSPNUIF$FOUSFXBT3T
$SPSFTJO BOE': 3&
BSFFMBCPSBUFEJO$IBSU
UIF':BOEXBT3T
$SPSFTJO': 5IFEFUBJMTPGUIFTBNFGPSUIF':UP':
3&
'JOBODF$PNNJTTJPOBMMPDBUJPODPOTUJUVUFEBNBKPS 3&
BSFHJWFOJO"OOFYVSF
QPSUJPO PG UIJT $FOUSBM 5SBOTGFST
XIJDI XBT 3T
40$*0&$0/0.*$4637&:
16#-*$'*/"/$&
&KDUW&HQWUDO7UDQVIHUVIRU)<WR)<5(
5V,Q&URUHV
ϲϬϬϬϬ ϱϲϯϯϴ
ϱϯϵϰϯ
ϱϬϬϬϬ
ϰϬϬϬϬ ϯϲϬϭϳ
ϯϭϲϬϱ
ϯϬϬϬϬ
ϮϬϮϵϲ
ϮϬϬϬϬ ϭϴϭϳϵ
ϭϬϬϬϬ
ϰϱϲϯ ϰϴϵϲ ϱϱϬϬ
Ϭ
&'ƌĂŶƚƐ 'ƌĂŶƚƐͲŝŶͲĂŝĚ;KƚŚĞƌƚŚĂŶ W ^ŵĂůů^ĂǀŝŶŐƐ;EĞƚͿ
&ĂŶĚW
ͲϭϬϬϬϬ ͲϭϮϭϯ
Ͳϭϭϳϯ ͲϭϮϭϯ
ϮϬϮϬͲϮϭ ϮϬϮϭͲϮϮ ϮϬϮϮͲϮϯ;ZͿ
&KDUW6WDWH([SHQGLWXUHIRU)<WR)<5(
5V,Q&URUHV
ϮϱϬϬϬϬ
ϮϬϱϱϱϲ
ϮϬϬϬϬϬ
ϭϱϮϲϳϳ
ϭϱϵϭϲϯ
ϭϱϬϬϬϬ
ϭϬϬϬϬϬ
ϱϬϬϬϬ
ϭϴϵϳϱ ϭϲϯϳϯ ϭϲϴϰϳ
ϭϳϭϱ Ϯϭϯϴ ϭϴϭϲ
Ϭ
ZĞǀĞŶƵĞdžƉĞŶĚŝƚƵƌĞ ĂƉŝƚĂůKƵƚůĂLJ >ŽĂŶƐΘĚǀĂŶĐĞƐ
16#-*$'*/"/$&
&KDUW&RPSRVLWLRQRI6WDWH¶V'HEWV±)<5(
ŽŵƉŽƐŝƟŽŶŽĨ^ƚĂƚĞĞďƚƐͲ ϮϬϮϮͲϮϯZ
ϱй
ϭϯй
ϳй
ĞŶƚƌĂů>ŽĂŶƐ
Ϯй DĂƌŬĞƚůŽĂŶƐ
^ŵĂůů^ĂǀŝŶŐ>ŽĂŶƐ
WƌŽǀŝĚĞŶƚ&ƵŶĚ
ϳϯй KƚŚĞƌƐ
3FWFOVFBOE'JTDBM%FGJDJUT $SPSFT "OE JO 3& UIF 3FWFOVF %FGJDJU JT
3T
DSPSFTBOE'JTDBM%FGJDJUJT3T
DSPSFT5IF
*O UIF ':
"OEISB 1SBEFTI GBDFE B 3FWFOVF EFUBJMTBSFHJWFOJO"OOFYVSF
%FGJDJUPG3T
$SPSFTBOEB'JTDBM%FGJDJUPG3T
$)"15&3
13*$&4
8"(&4
"/%16#-*$
%*453*#65*0/
40$*0&$0/0.*$4637&:
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
5BCMF4UBUF"WFSBHF%BJMZ3FUBJM1SJDFTPG&TTFOUJBM$PNNPEJUJFT 3T,H
$PNNPEJUZ PG7BSJBUJPO
"QSUP%FD
"QSUP%FD
3JDF **TPSU
3FEHSBNEBM **TPSU
4VOGMPXFS0JM
$PNNPO5BNBSJOE XJUIPVUTFFE
3FE$IJMMJFT%SZ (S**
0OJPOT (S**
4PVSDF%JSFDUPSBUFPG&DPOPNJDTBOE4UBUJTUJDT
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
$IBSU"WFSBHFEBJMZSFUBJMQSJDFT 3T,H
ϮϲϬ͘ϬϬ ǀĞƌĂŐĞ
ĂŝůLJZĞƚĂŝůWƌŝĐĞƐ
ϮϰϬ͘ϬϬ
ϮϮϬ͘ϬϬ ϮϬϭϵͲϮϬ
ϮϬϬ͘ϬϬ
ϭϴϬ͘ϬϬ ϮϬϮϬͲϮϭ
ϭϲϬ͘ϬϬ
ϭϰϬ͘ϬϬ ϮϬϮϭͲϮϮ
ϭϮϬ͘ϬϬ
ϭϬϬ͘ϬϬ
ϮϬϮϮͲϮϯ
ϴϬ͘ϬϬ ;ƉƌƚŽĞĐ
ϲϬ͘ϬϬ ϮϮͿ
ϰϬ͘ϬϬ
ϮϬ͘ϬϬ
Ϭ͘ϬϬ
5LFH 5HGJUDP *URXQG 6XQ 7DPDULQG 5HG 2QLRQV
,,VRUW 'DO QXW2LO IORZHU ZLWKRXW &KLOOLHV *U,,
,,VRUW 2LO VHHG *U,,
4PVSDF%JSFDUPSBUFPG&DPOPNJDTBOE4UBUJTUJDT
$POTVNFS 1SJDF *OEJDFT GPS *OEVTUSJBM IBWF CFFO UBLFO JOUP DPOTJEFSBUJPO GPS DPNQJMBUJPO PG
8PSLFST $1**8GPSOFXCBTFZFBSJF EVMZESPQQJOH
$POTVNFS1SJDF*OEFYJTVTFEBTBEFWJDFGPSNFBTVSJOH 7JKBZBXBEBDFOUSFPG,SJTIOB%JTUSJDUJOUIFPMECBTFZFBS
DIBOHFTJOUIFMFWFMPGSFUBJMQSJDFTPGHPPETBOETFSWJDFT JF
0OQBSXJUI$FOUSBM4FSJFTUIF%&4
"1JTBMTPDPNQJM
DPOTVNFE CZ EJGGFSFOU QPQVMBUJPO TFHNFOUT 5IFTF
JOH UIF $1**8 XJUI CBTF ZFBS GSPN UIF
JOEJDFT NFBTVSF SFMBUJWF DIBOHFT JO QSJDFT PG TFMFDUFE
DPNQMFYDFOUSFTWJ[
7J[JBOBHBSBN$IJUUJWBMBTB
HPPET BOE TFSWJDFT DPOTVNFE CZ QPQVMBUJPO PWFS B
,BLJOBEB3BKBINVOESZ +BHHBJBIQFU 5JSVQBUJ
QFSJPEPGUJNF
5IF-BCPVS#VSFBV
4IJNMBIBTSFMFBTFE$POTVNFS1SJDF 3FOJHVOUB VOEFS 4UBUF 4FSJFT CBTFE PO *OEVTUSJBM
*OEFY GPS *OEVTUSJBM 8PSLFST $1**8
XJUI /FX #BTF XPSLGPSDF
%FUBJMT PG UIF $POTVNFS 1SJDF *OEJDFT GPS *OEVTUSJBM
EVMZ SFQMBDJOH UIF FYJTUJOH CBTF ZFBS
8PSLFSTGSPNUP "QSJMUP0DUPCFS
JF GSPN 4FQUFNCFS (VOUVS
7JTBLIB
BSFTIPXOJO5BCMF
QBUOBNBOE/FMMPSFDFOUSFTGSPN"OEISB1SBEFTITUBUF
40$*0&$0/0.*$4637&:
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
5BCMF$POTVNFS1SJDF*OEFY/VNCFSTGPS*OEVTUSJBMXPSLFST #BTF
"OEISB1SBEFTI "MM*OEJB
#BTF #BTF
:FBS :FBS
*OEFY *OEFY
$SU$XJ
%DVH
6HS$SU
$SUWR2FW $SUWR2FW
$SUWR2FW $SUWR2FW
*URZWKUDWH *URZWKUDWH
RYHU RYHU
$SUWR2FW $SUWR2FW
4PVSDF-BCPVS#VSFBV 4IJNMBGPS"MM*OEJBBOE%&4GPS"1
5IF $POTVNFS 1SJDF *OEFY /VNCFST GPS "HSJDVMUVSBM :FBS "OEISB1SBEFTI "MM*OEJB
-BCPVS $1*"-
XJUI BT CBTF ZFBS BSF CFJOH
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
$IBSU$POTVNFS1SJDF*OEJDFT
PGBSUJTBOTBOEGJFMEMBCPVS
8IPMFTBMF 1SJDF *OEFY
TFSWFT BT BO
JNQPSUBOUEFUFSNJOBOUJOGPSNVMBUJPOPGUSBEF
GJTDBMBOE $BUFHPSZ "QSUP0DU
"QSUP0DU
&DUSHQWHU
PUIFS FDPOPNJD QPMJDJFT CZ UIF (PWFSONFOU *U JT BMTP
%ODFNVPLWK
VTFECZ#BOLT
*OEVTUSZBOE#VTJOFTTDJSDMFT5IF0GGJDF
&REEOHU
PG UIF &DPOPNJD "EWJTFS
.JOJTUSZ PG $PNNFSDF )LHOG/DERXU0HQ
*OEVTUSJFT
(0*SFMFBTFTUIJTBOEDPWFSTDPNNPEJUJFT )LHOG/DERXU:RPHQ
BTCFMPX 4PVSDF%JSFDUPSBUFPG&DPOPNJDTBOE4UBUJTUJDT
tBSFGSPNh1SJNBSZ"SUJDMFThHSPVQ
5IF "WFSBHF %BJMZ8BHFT PG "SUJTBOT BOE 'JFME -BCPVS
tGSPNh.BOVGBDUVSFE1SPEVDUThHSPVQBOE CPUI NFO BOE XPNFO
IBWF JODSFBTFE EVSJOH UIF
tGSPNh'VFMBOE1PXFShHSPVQ QFSJPEGSPN"QSJMUP0DUPCFSXIFODPNQBSFEUPUIF
DPSSFTQPOEJOHQFSJPEPGQSFWJPVTZFBS
5IF 81* GPS BMM DPNNPEJUJFT XIJDI XBT JO "QSJM
$IBSU"WFSBHFEBJMZXBHFT 3T
PG
EFDSFBTFEUPJO/PWFNCFSUIF81*PG
BSUJTBOTBOEGJFMEMBCPVS
.BOVGBDUVSFE 1SPEVDUT EFDSFBTFE GSPN UP
^ƚĂƚĞǀĞƌĂŐĞĂŝůLJtĂŐĞƐŽĨƌƟƐĂŶƐĂŶĚ&ŝĞůĚ>ĂďŽƵƌ
BOE GPS 'VFM 1PXFS HSPVQ JT JODSFBTFE GSPN UP ϳϬϬ ƉƌƚŽKĐƚ͕ϮϬϮϭ
ϱϳϰ
ƉƌƚŽKĐƚ͕ϮϬϮϮ
EVSJOHUIFTBNFQFSJPE ϲϬϬ
ϱϬϬ
ϰϵϬ
ϰϴϰ
tĂŐĞZĂƚĞ;ŝŶZƐ͘Ϳ
ϰϲϭ
ϱϬϬ
ϰϬϰ
ϯϱϱ
8BHFT
ϯϯϵ
ϯϯϵ
ϯϯϮ
ϰϬϬ
ϯϬϬ
"HSJDVMUVSBM MBCPVS BOE "SUJTBOT JO UIF SVSBM BSFBT BSF ϮϬϬ
DPOTJEFSFE UP CF UIF XFBLFTU TFHNFOU PG SVSBM MBCPVS ϭϬϬ
Ϭ
GPSDFJOUIF6OPSHBOJTFE4FDUPS5IF8BHFEBUBJTCFJOH ĂƌƉĞŶƚĞƌ ůĂĐŬƐŵŝƚŚ ŽďďůĞƌ &ŝĞůĚ>ĂďŽƵƌͲ &ŝĞůĚ>ĂďŽƵƌͲ
DĞŶ tŽŵĞŶ
DPMMFDUFEGSPNTFMFDUFEDFOUFSTTQSFBEPWFSUIF4UBUF
DPWFSJOHEJWJTJPOTGPSPDDVQBUJPOT"WFSBHFEBJMZ 1VCMJD%JTUSJCVUJPO4ZTUFN
XBHFT PG "SUJTBOT BOE 'JFME MBCPVS JO UIF 4UBUF BSF "OEISB1SBEFTIIBTCFFOJNQMFNFOUJOHUIFFMFDUSPOJD
QSFTFOUFE JO 5BCMF BOE EFQJDUFE JO UIF $IBSU NPEVMFTJO1%4TVDIBT
MJOLBHFPG"BEIBBSXJUISBUJPO
CFMPX DBSEEBUBCBTF
BMMPUNFOUPGDPNNPEJUJFTVOEFSF1%4
BOEEJTUSJCVUJPOPGDPNNPEJUJFTUISPVHIFMFDUSPOJD
40$*0&$0/0.*$4637&:
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
QPJOUPGTBMF F1P4
DVNFXFJHIJOHEFWJDFTBUUIFEPPS 'BJS1SJDF4IPQT3BUJPO$BSET
TUFQ PG CFOFGJDJBSJFT UISPVHI NPCJMF EJTQFOTJOH VOJUT
*O"OEISB1SBEFTIBUQSFTFOU
'BJSQSJDFTIPQTBSF
.%6T
UISPVHIPVU UIF TUBUF &OEUPoFOE DPNQVUFSJ
GVODUJPOJOH
PO BO BWFSBHF
FBDI '1 4IPQ TFSWFT
[BUJPOJTFOBCMFEJOUIF1VCMJD%JTUSJCVUJPO4ZTUFN 1%4
DBSETGBNJMJFTXIJDIUSBOTMBUFJOUPPOFTIPQGPSFWFSZ
1PSUBCJMJUZXBTBMTPQSPWJEFEUPESBXUIFJSDPNNPEJUJFT
QFSTPOT JO UIF TUBUF 5IF EFUBJMT BSF TIPXO JO
GSPNBOZPGUIFNPCJMFEJTQFOTJOHVOJUT%VF UPUIFTF
5BCMF
SFGPSNT
UIF TUBUF IBT FOTVSFE EFMJWFSZ PG FTTFOUJBM
5BCMF3BUJPO4IPQT$BSET1PTJUJPO
DPNNPEJUJFTUPUIFFOUJUMFEIPVTFIPMETBTQFSUIFTDBMFT
)DLU3ULFH6KRSV
JOEJDBUFEVOEFSUIF/BUJPOBM'PPE4FDVSJUZ"DU
7\SHVRI5DWLRQ&DUGV /DNK1R
D:KLWH5DWLRQ&DUGVNJVSHUXQLW
E$QWK\RGD\D$QQ<RMDQD&DUGVNJVSHUFDUG
.PCJMF%JTQFOTJOH6OJUT .%6T
7RWDO&DUGV
5IF 4UBUF HPWFSONFOU IBT JOUSPEVDFE EJTUSJCVUJPO PG 'LVWULEXWLRQRI5LFHWR:KLWH5DWLRQ
&DUGVSHUPRQWKLQ/DNK07
4PSUFYSJDFBOEPUIFSDPNNPEJUJFTBUUIFEPPSTUFQPG
CFOFGJDJBSJFTUISPVHI.PCJMF%JTQFOTJOH6OJUT .%6T
*U
5IF %JTUSJDU XJTF 3BUJPO TIPQT
DBUFHPSZ XJTF 3BUJPO
JT BO JOOPWBUJWF TFMGFNQMPZNFOU TDIFNF UP ZPVUI PG
DBSET BOE UIF 3JDF EJTUSJCVUFE QFS NPOUI VQ UP
4$45#$.JOPSJUZ TFDUJPOT UISPVHI (PWFSONFOU
%FDFNCFS
JTTIPXOJO"OOFYVSF
8FMGBSF$PSQPSBUJPOTUPFOTVSFTVTUBJOBCMFHSPXUIBOE
FDPOPNJD VQMJGUNFOU CZ PQFSBUJOH UIF .%6T 3JDF4VCTJEZ4DIFNFT
.%6T XFSF FOHBHFE CZ UIF "1 4UBUF $JWJM 4VQQMJFT
"TQFSUIF/BUJPOBM'PPE4FDVSJUZ"DU
BRVBOUJUZPG
$PSQPSBUJPO -JNJUFE GPS EJTUSJCVUJPO PG TDIFEVMFE
-BLI.5TPG4PSUFY3JDF'PSUJGJFE3JDFJF-BLI
DPNNPEJUJFT GSPN GBJS QSJDF TIPQT UP UIF EPPSTUFQT PG
.5T UP 1SJPSJUZ )PVTFIPMET BOE -BLI .5T GPS
UIFSBUJPODBSEIPMEFST
"OUZPEBZB"OOB:PKBOBGBNJMJFTJTCFJOHBMMPUUFEFWFSZ
.PCJMF%JTQFOTJOH6OJUTXFSFFOHBHFEFYDMVTJWFMZ NPOUI UP DSPSF #FMPX 1PWFSUZ -JOF GBNJMJFT GPS
CZUIF "14UBUF$JWJM4VQQMJFT$PSQPSBUJPO-JNJUFEGPS EJTUSJCVUJPOBUTVCTJEJ[FESBUFTPG3TQFSLH
EJTUSJCVUJPO PG TDIFEVMFE DPNNPEJUJFT GSPN GBJS QSJDF
4VHBS!LHQFS"":DBSE
,HQFS"/11))DBSETBOE
TIPQTUPUIFEPPSTUFQPGUIFSBUJPODBSEIPMEFSTVOEFS
3FEHSBN EBM ! LH BSF BMTP EJTUSJCVUFE UP #1- DBSE
51%4
IPMEFSTBUTVCTJEJTFESBUFT5IFEFUBJMTTIPXOJOCFMPX
5BCMF
5BCMF%FUBJMTPGEJTUSJCVUJPOPGDPNNPEJUJFTBU'14
$PTUPG$PNNPEJUZ
'14%FBMFS
/BNFPGUIF4DIFEVMFE UPCFSFNJUUFECZ &OE$POTVNFS 1SJDF
4M DPNNJTTJPOQFSLH
/P
$PNNPEJUZ
4DBMFPGEJTUSJCVUJPO UIF'14EFBMFS
JO3T
QFS,H JO3T
QFS,H JO3T
4PSUFY'PSUJGJFE3JDFUP LHTQFSVOJUJOUIF3JDF
1SJPSJUZIPVTFIPME$BSET DBSE
4PSUFY'PSUJGJFE3JDFUP"": 'SFFPGDPTU
$BSET LHTQFSDBSE
LHQFS"":DBSE
4VHBS
LHQFS"/1
8"11))
DBSEIPMEFST
LH
3(%BM
LHQFS#1-DBSE
40$*0&$0/0.*$4637&:
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
13*$&4 8"(&4"/%16#-*$%*453*#65*0/
$)"15&3
"(3*$6-563&
"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
4PJM5ZQFT MBOEIPMEJOHTBOEBSFBBDDPSEJOHUPTJ[FDMBTTHSPVQTBSF
HJWFOJO"OOFYVSF
5IFSFBSFWBSJPVTUZQFTPGTPJMTBOEUIFGPSNBUJPOPGBTPJM
JT QSJNBSJMZ JOGMVFODFE CZ GBDUPST MJLF DMJNBUF
BMUJUVEF 3BJOGBMMTDFOBSJP
BOE DPNQPTJUJPO PG CFESPDL FUD %JTQSPQPSUJPO JO UIF
EJTUSJCVUJPOPGSBJOGBMMJOUIFDPVOUSZBOEFYDFTTJWFIFBU 5IF4UBUFSFDFJWFESBJOGBMMPGNNEVSJOHUIF4PVUI
DPOUSJCVUFTQFDJBMDIBSBDUFSTUPUIFTPJMT.PTUPGTPJMTJO 8FTU.POTPPOQFSJPEJOBTBHBJOTUUIFOPSNBM
UIF4UBUFBSFNBEFVQPGBDPNCJOBUJPOPGUISFFCBTJD SBJOGBMM PG NN
JOEJDBUJOH BO FYDFTT PG
UZQFT
OBNFMZ
TBOE
TJMU
BOEDMBZ$BUFHPSZXJTFTPJMTBSF /PSNBM
,BLJOBEB
#BQBUMB
"OBOUBQVSBNV BOE 4SJ
HJWFO JO "OOFYVSF 0G UIF DBUFHPSJFT PG TPJMT 4BUZBTBJEJTUSJDUTSFDFJWFEFYDFTTSBJOGBMMBOESFNBJOJOH
BEEJOH UP UIF UPUBM HFPHSBQIJDBM BSFB PG UIF TUBUF
UFO EJTUSJDUTJOUIFTUBUFSFDFJWFEOPSNBMSBJOGBMM
UZQFT BSF QSFEPNJOBOU BOE UPHFUIFS BDDPVOU GPS PWFS %VSJOH UIF /PSUI &BTU NPOTPPO QFSJPE PG
PGUIFBSFB 0DUPCFS UP %FDFNCFS
BO FYDFTT SBJOGBMM PG
/PSNBM
XBTSFDPSEFE5IFSBJOGBMMSFDFJWFEEVSJOHUIJT
"HSP$MJNBUJD;POFT QFSJPEJTNNBTBHBJOTUUIFOPSNBMSBJOGBMMPG
5BCMF5IFGPMMPXJOHBSFUIF4JY"HSPDMJNBUJD[POFTJO NN
UIF4UBUF .POTPPOXJTFSBJOGBMMTIPXOJO5BCMF
4FBTPOXJTF
^ů͘EŽ͘ EĂŵĞŽĨƚŚĞnjŽŶĞ ŝƐƚƌŝĐƚƐ SBJOGBMMEFUBJMTBSFHJWFOJOUIF"OOFYVSFBOE%JTUSJDU
XJTFBOE3FHJPOXJTFSBJOGBMMJTHJWFOJO"OOFYVSF
^ƌŝŬĂŬƵůĂŵ͕sŝnjŝĂŶĂŐĂƌĂŵ͕
ϭ EŽƌƚŚĐŽĂƐƚĂůnjŽŶĞ
sŝƐĂŬŚĂƉĂƚŶĂŵ 3BJOGBMM USFOE PWFS UIF QBTU ZFBST JT EFQJDUFE JO
Ϯ 'ŽĚĂǀĂƌŝnjŽŶĞ
ĂƐƚ'ŽĚĂǀĂƌŝ͕tĞƐƚ'ŽĚĂǀĂƌŝ DIBSU
ϯ <ƌŝƐŚŶĂnjŽŶĞ <ƌŝƐŚŶĂ͕'ƵŶƚƵƌ͕WƌĂŬĂƐĂŵ
ϰ ^ŽƵƚŚĞƌŶnjŽŶĞ ŚŝƚƚŽŽƌ͕z^Z͕^W^ EĞůůŽƌĞ
$IBSU3BJOGBMMEVSJOH4PVUI8FTU
.POTPPOBOE/PSUI&BTUNPOTPPO
ϱ ^ĐĂƌĐĞƌĂŝŶĨĂůůnjŽŶĞ <ƵƌŶŽŽů͕ŶĂŶƚĂƉƵƌĂŵƵ
,ŝŐŚůƚŝƚƵĚĞΘƚƌŝďĂůĂƌĞĂƐŽĨ
ϲ ,ŝŐŚĂůƚŝƚƵĚĞΘƚƌŝďĂůĂƌĞĂƐnjŽŶĞ ^ƌŝŬĂŬƵůĂŵ͕sŝƐĂŬŚĂƉĂƚŶĂŵ͕
ĂƐƚ'ŽĚĂǀĂƌŝĚŝƐƚƌŝĐƚƐ
-BOE)PMEJOHT
%BUBPO MBOEIPMEJOHT JT CFJOH DPMMFDUFE TJODF
UISPVHIBRVJORVFOOJBM$FOTVTPGMBOEIPMEJOHTBOEUIF
MBUFTUBWBJMBCMFEBUBSFMBUFTUP5IFBWFSBHFTJ[F
PG-BOEIPMEJOHTJOUIFTUBUFNBSHJOBMMZEFDMJOFEUP
IFDUBSFT EVSJOH GSPN IFDUBSFT JO
5IF OVNCFS PG IPMEJOHT IBT JODSFBTFE GSPN
MBLITJOUPMBLITJO%JTUSJCVUJPOPG
MBOEIPMEJOHTBOEBSFBBDDPSEJOHUPTJ[FDMBTTHSPVQTBSF
HJWFOJO"OOFYVSFBOEUIF%JTUSJDUXJTFEJTUSJCVUJPOPG
5BCMF3BJOGBMMJONN
^ŽƵƚŚtĞƐƚ0RQVRRQ EŽƌƚŚĂƐƚ0RQVRRQ
dŽƚĂů;:ƵŶĞƚŽDĂLJͿ
zĞĂƌ йŽĨ
йŽĨ EŽƌ йŽĨ
EŽƌŵĂů ĐƚƵĂů
ĚĞǀŝĂƚŝŽŶ
EŽƌŵĂů ĐƚƵĂů ĚĞǀŝĂƚĞ
ŵĂů
ĐƚƵĂů
ĚĞǀŝĂƚŝŽŶ
ŽŶ
ϵϲϲ͘
ϮϬϮϭͲϮϮ ϱϱϲ͘Ϭ ϲϬϳ͘ϯ ϵ͘Ϯ Ϯϵϲ͘Ϭ ϯϲϴ͘Ϯ Ϯϰ͘ϰ ϭϭϬϱ͘ϭ ϭϰ͘ϰ
Ϭ
ϮϬϮϮͲϮϯ
ϴϲϬ͘
;:ƵŶĞ ƚŽĞĐ͘ ϱϳϰ͘ϴ ϱϴϯ͘Ϯ ϭ͘ϱ Ϯϴϱ͘ϱ ϯϭϬ͘ϰ ϴ͘ϳ ϴϵϯ͘ϲ ϯ͘ϵ
ϯ
ϮϬϮϮͿ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
ϮϬϮϭ Ͳ ϮϮ Ϯϭ͘Ϯϳ Ϯϭ͘ϰϭ ϰϭ͘ϯϰ ϳϲ͘ϰϰ ϳϴ͘ϰϭ ϭϱϰ͘ϴϱ ϭϲ͘ϯϭ ϳ͘ϴϭ Ϯϰ͘ϭϮ ϳϬ͘ϭϵ ϱϭ͘ϱϳ ϭϮϭ͘ϳϲ
ϮϬϮϮ ͲϮϯ ϭϵ͘ϭϯ ϭϵ͘Ϯϲ ϯϵ͘ϱϵ ϴϲ͘Ϭϱ ϴϯ͘Ϯϱ ϭϲϵ͘ϯϬ ϭϰ͘ϰϭ ϴ͘Ϭϵ ϮϮ͘ϱϬ ϳϳ͘ϰϳ ϱϲ͘ϭϴ ϭϯϯ͘ϲϱ
й Ͳ
ŚĂŶŐĞ
ͲϭϬ͘ϭ ϭ͘ϵ Ͳϰ͘Ϯ ϭϮ͘ϲ ϲ͘Ϯ ϵ͘ϯ Ͳϭϭ͘ϲ ϯ͘ϲ Ͳ ϲ͘ϳ ϭϬ͘ϰ ϴ͘ϵ ϵ͘ϴ
,IBSJG 5IF UJNF TFSJFT USFOET JO BSFB BOE QSPEVDUJPO PG GPPE
HSBJOT BOE UIF 4FBTPO XJTF BSFB
QSPEVDUJPO BOE
5IFBSFBVOEFSGPPEHSBJOTJO,IBSJGJTMBLI QSPEVDUJWJUZ PG TFMFDUFE DSPQT BSF QSFTFOUFE JO
IFDUBSFT XIJMF JU XBT MBLI IFDUBSFT JO "OOFYVSFT
BOESFTQFDUJWFMZ
TIPXJOHBEFDSFBTFPG8IFSFBTUIFQSPEVDUJPOPG
GPPEHSBJOTJO,IBSJGJTMBLIUPOOFTXIJMFJU $IBSU"SFBBOE1SPEVDUJPOVOEFSGPPEHSBJOT
XBTMBLIUPOOFTJO
TIPXJOHBOJODSFBTFPG
5IF BSFB VOEFS 1BEEZ JO ,IBSJG JT MBLI
IFDUBSFT XIJMF JU XBT MBLI IFDUBSFT JO
TIPXJOHBEFDSFBTFPG5IFQSPEVDUJPOPG1BEEZJO
,IBSJGJTMBLIUPOOFTXIJMFJUXBTMBLI
UPOOFTJO
TIPXJOHBOJODSFBTFPG
3BCJ
5IFFTUJNBUFEBSFBVOEFSGPPEHSBJOTJO3BCJJT
MBLIIFDUBSFTXIJMFJUXBTMBLIIFDUBSFTJO
TIPXJOH BO JODSFBTF PG 4JNJMBSMZ
UIF $SPQQJOH*OUFOTJUZ
QSPEVDUJPOPGGPPEHSBJOTJO3BCJJTMBLI 5IFDSPQQJOHJOUFOTJUZ
UIFSBUJPPGHSPTTDSPQQFEBSFBUP
UPOOFTXIJMFJUXBTMBLIUPOOFTJOTIPXJOH OFU DSPQQFE BSFB
POF PG UIF JOEJDBUPST PG BTTFTTJOH
BOJODSFBTFPG FGGJDJFODZPGBHSJDVMUVSFTFDUPSIBTOPUVOEFSHPOFNVDI
5IF BSFB VOEFS 1BEEZ JO 3BCJ JT MBLI DIBOHF JO UIF SFDFOU QBTU5IF DSPQQJOH JOUFOTJUZ UIF
IFDUBSFT XIJMF JU XBT MBLI IFDUBSFT JO
SBUJPPGHSPTTDSPQQFEBSFBUPOFUDSPQQFEBSFB
JTPOFPG
TIPXJOHBOJODSFBTFPG 4JNJMBSMZ
UIFQSPEVDUJPO UIFJOEJDFTPGBTTFTTJOHFGGJDJFODZPGBHSJDVMUVSFTFDUPS
VOEFS1BEEZJO3BCJJTMBLIUPOOFTXIJMFJU 5IFDSPQQJOHJOUFOTJUZGPSUIFZFBSJT
XBTMBLIUPOOFTJOTIPXJOHBOJODSFBTFPG
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
t &YUFOEJOH GJOBODJBM BTTJTUBODF PG 3T
QFS t 1SPWJEJOHFYHSBUJBUPUIFGBSNFSGBNJMJFTJOUIFFWFOU
GBSNFSGBNJMZQFSZFBS JODMVEJOH3TGSPN1. PGEFBUICZTVJDJEFT "HSBSJBO3FBTPOT
"DDJEFOUT!
,*4"/
VOEFS%S:433ZUIV#IBSPTB1.,*4"/BTBO 3TMBLITQFSGBNJMZ
JOWFTUNFOUTVQQPSUUPUIFGBSNFSTTUBSUFEGSPN3BCJ
t i"OEISB 1SBEFTI 4UBUF "HSJDVMUVSF .JTTJPOw
FTUBCMJTIFEBTBQPMJDZNBLJOHBEWJTPSZCPEZUP
t 5IF UFOBOU GBSNFST BSF BMTP NBEF FMJHJCMF GPS BEESFTT UIF DIBMMFOHFT JO EFMJWFSJOH RVBMJUZ BOE
/BWBSBUOBMV
JF
$SPQ*OTVSBODF
*OUFSFTU'SFF-PBOT
UJNFMZTFSWJDFTUPUIFGBSNJOHDPNNVOJUZBOEBMTP
)PVSTGSFFQPXFS
HVBSBOUFFETVQQPSUQSJDFUPUIF UPMPPLJOUPBMMBTQFDUTPGQSPEVDUJPO
NBSLFUJOHBOE
QSPEVDF BOE BMTP BO BNPVOU PG 3T MBLIT UP UIF QSJDJOH PG "HSJDVMUVSF BOE )PS UJDVMUVSBM
4VJDJEFWJDUJNGBSNFSGBNJMJFTBTFYHSBUJBJOBEEJUJPO DPNNPEJUJFTUPNJUJHBUFUIFBHSBSJBOJTTVFTXJUIBO
UP:433ZUIV#IBSPTB PCKFDUJWF UP QSPWJEF B QPMJDZ MFWFM QMBUGPSN UIBU
XPSLTUPXBSETQSPWJEJOHSFTJMJFODFBNPOHGBSNFST
t (PWFSONFOU PG "OEISB 1SBEFTI IBT FTUBCMJTIFE
BOEUIFJSFNQPXFSNFOU
%S:433ZUIV#IBSPTB,FOESBMV %S:433#,T
)VCT
BOJOUFHSBUJPOPG"HSJ*OQVU4IPQBOE t 0SHBOJ[BUJPO PG %S:43 1PMBNCBEJ 'BSNFS 'JFME
'BSNFS ,OPXMFEHF $FOUSF JO DPUFSNJOPVT XJUI 4DIPPMT
UP FNQPXFS UIF GBSNFST UP UBLF
7JMMBHF4FDSFUBSJBUT(SBN1BODIBZBUTGPSSFOEFSJOH FDPOPNJDBMMZ WJBCMF EFDJTJPOT CZ BEPQUJOH FDP
BMMTFSWJDFTPG"HSJDVMUVSFBOE"MMJFETFDUPSTBUWJMMBHF GSJFOEMZQSBDUJDFTPG*OUFHSBUFE$SPQ.BOBHFNFOUJO
JUTFMG 5IFTF 3#,T BSF UIF POF TUPQ TIPQ GPS UIF B TDJFOUJGJD NBOOFS BOE BMTP UP SFEVDF UIF DPTU PG
GBSNFSTNFFUJOHBMMUIFJSSFRVJSFNFOUT DVMUJWBUJPOBOEFOIBODFUIFQSPEVDUJWJUZ
t "HSJ *OQVU 4IPQ FOTVSFT TVQQMZ PG QSFUFTUFE t %S:43"HSJ5FTUJOH-BCTBSFCFJOHFTUBCMJTIFEUPUFTU
$FSUJGJFE RVBMJUZ NVMUJCSBOEFE "HSJ JOQVUT UP UIF BHSJ JOQVUT MJLF TFFE
GFSUJMJ[FS QFTUJDJEFT UP
GBSNFSTBUUIFJSWJMMBHF FOTVSFUIFBWBJMBCJMJUZPGRVBMJUZBHSJDVMUVSBMJOQVUT
UPUIFGBSNFSTBU3#,MFWFMBUUIFJSWJMMBHFT
t 'BSNFS ,OPXMFEHF $FOUSF GPS EFMJWFSZ PG TFSWJDFT
DBQBDJUZCVJMEJOHBOELOPXMFEHFEJTTFNJOBUJPO t %JTDPVSBHJOH UIF GBSNFST GSPN HSPXJOH QBEEZ
VOEFS CPSF XFMMT CZ QSPNPUJOH BMUFSOBUF DSPQT
t 1SPDVSFNFOU$FOUFSTUPQSPDVSFBMMUIFBHSJDVMUVSBM
1SPNPUJPO PG NJMMFUT UP JNQSPWF OVUSJUJPOBM TUBUVT
DPNNPEJUJFTGSPNUIFGBSNFSTBU.41UPDPNCBUUIF
BNPOHQVCMJD4FOTJUJ[JOHGBSNFSTPOTPJMUFTUCBTFE
FYQMPJUBUJPOPGGBSNFSTGSPNNJEEMFNFO
GFSUJMJ[FSBQQMJDBUJPO
t 'BSN "EWJTPSJFT BOE *OUFHSBUFE $BMM $FOUSF UP
t 4VQQMZPG/FFN$PBUFE6SFBUPGBSNFSTBOE
QSPWJEF UFDIOJDBM TDJFOUJGJD VQHSBEBUJPO CPUI UP
DFSUJGJFE TFFE PO TVCTJEZ 4FOTJUJ[JOH GBSNFST PO
UIFGJFMEMFWFMGVODUJPOBSJFTBTXFMMBTUPGBSNFST
DVTUPNJ[FEGFSUJMJ[FST
XIJDIBSFDSPQTQFDJGJD
DSPQ
t F$SPQCPPLJOHJTEPOFUPDSFBUFGBSNFShTEBUBCBTF TUBHFTQFDJGJDMPDBUJPOTQFDJGJDXIJDIBSFFGGJDJFOU
UISPVHIF$SPQ"QQMJDBUJPO5IJTEBUBCBTFJTNBEF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
BOE QSPWJEF SFRVJSFE OVUSJFOUT JO PQUJNVN BTTJTUBODF UP GBSNFST BOE NBLJOH GBSNJOH B
RVBOUJUJFT BOE BU SJHIU TUBHF UP UIF DSPQT 5IJT SFNVOFSBUJWFQSPGFTTJPO5IFTDIFNFXBTMBVODIFEPO
SFEVDFTFYDFTTJWFVTBHFPGGFSUJMJ[FST UI0DUPCFS
t &ODPVSBHF GBSNFST UP VTF .JDSPOVUSJFOUT GPS 6OEFSUIFTDIFNF
GJOBODJBMBTTJTUBODFJTCFJOHQSPWJEFE
DPSSFDUJPOPG.JDSPOVUSJFOUEFGJDJFODJFTBOEBMTP4PJM UPMBOEPXOJOHGBSNFSGBNJMJFT!3T
QFSZFBSQFS
"NFOENFOUT GPS DPSSFDUJPO PG 4PJM 4BMJOJUZ BOE GBNJMZJODMVEJOH3TGSPNUIF(0*VOEFS1.,*4"/
"MLBMJOJUZ JO JOTUBMNFOUT 'JOBODJBM BTTJTUBODF JT BMTP CFJOH
t &ODPVSBHF GBSNFST UP HP GPS .JDSP *SSJHBUJPO BOE QSPWJEFEUP4$
45
#$
.JOPSJUZDBUFHPSZ-BOEMFTTUFOBOU
'FSUJHBUJPO
0SHBOJD GBSNJOH "1 $PNNVOJUZ GBSNFST 30'3 DVMUJWBUPST ! 3T
QFS ZFBS QFS
NBOBHFE/BUVSBM'BSNJOH GBNJMZ GSPN UIF CVEHFU PG UIF 4UBUF (PWU PG "1 JO
JOTUBMMNFOUTBTEFUBJMFECFMPX3T
JOGPVSBOOVBM
t )JHI DPTU GBSN JNQMFNFOUT BSF NBEF BWBJMBCMF UP JOTUBMNFOUTPG3T
FBDI
BOEOPXUIFBNPVOUJT
GBSNFSTUISPVHIDVTUPNIJSJOHDFOUFST JODSFBTFEUP3T
QFSZFBSBOEUPCFQBJEGPSGJWF
t 1SPNPUJPO PG JOUFSDSPQQJOH
QPMZ DSPQQJOH BOE ZFBST
CSJOHJOHUIFUPUBMVQUP3T
NJYFEDSPQQJOH
EJWFSTJGJFEGBSNJOHTZTUFNT tTUJOTUBMMNFOU!3T
EVSJOHUIFNPOUIPG
t &YUFOEJOH DSPQ MPBOT UP NBYJNVN OP PG UFOBOU .BZ JODMVEJOH3TGSPN1.,*4"/
-JBCJMJUZ(SPVQT +-(T
t SE *OTUBMMNFOU ! 3T
EVSJOH UIF +BOVBSZ
t 1SPNPUJPOPGJOUFHSBUJOHGBSNJOHTZTUFNTJOSBJOGFE NPOUI &YDMVTJWFMZPG1.,*4"/TDIFNF
BSFBTBOETUSFOHUIFOJOHUIFJSSFTJMJFODFUPESPVHIU
UISPVHITPJMBOEXBUFSDPOTFSWBUJPONFUIPET %VSJOHVQUPTFDPOEJOTUBMMNFOUT
BOBNPVOUPG
3T $S XBT BMMPDBUFE JO UIF #VEHFU &TUJNBUFT
t $POEVDUJOH GJFME EJBHOPTUJD WJTJUT BOE IVNBO 3T $S TUBUF TIBSF BOE 3T $S DFOUSBM TIBSF
SFTPVSDF EFWFMPQNFOU JO UIF GPSN PG USBJOJOH BHBJOTUXIJDIBOBNPVOUPG$SXBTQBJEUP
QSPHSBNNFTUPUIF7""TBTXFMMBTGBSNFSTUISPVHI MBLI GBSNFS GBNJMJFT JODMVEJOH MBLI UFOBOU3P'3
%JTUSJDU 3FTPVSDF $FOUSFT FTUBCMJTIFE JO FBDI BOE GBSNFSGBNJMJFT
FWFSZEJTUSJDU
4PDJBM "VEJU IBT BMTP CFFO UBLFO GPS UIF TDIFNF EVMZ
t *OUFHSBUFE $BMM $FOUSF o TUSFOHUIFOFE XJUI EJTQMBZJOH :43 3# CFOFGJDJBSZ MJTUT JO BMM UIF WJMMBHFT
UFDIOJDBMMZ RVBMJGJFE QFSTPOT EVMZ IBWJOH B .06 JODMVEJOHSFKFDUFEGBSNFSTMJTUXJUIEVFSFBTPOT
XJUIUIFTDJFOUJTUTGSPN"/(3"6
%S:43)6BOE477
6OJWFSTJUZGPSBOTXFSJOHUIFDBMMTSFDFJWFEUISPVHI
5PMMGSFFOVNCFS/P
t 1FTU DPOUSPM CZ NPOJUPSJOH QFTU GPSFDBTU BOE
BEPQUJOHBQQSPQSJBUFDPOUSPMNFBTVSFT
t 4QFDJBMGPDVTPOQSPNPUJPOPG(SFFO.BOVSFDSPQT
BOE0SHBOJD'FSUJMJ[FST
t 1FSJPEJDBMDSPQBEWJTPSJFTUPUIFGBSNFSTUISPVHI*5
BQQMJDBUJPOT
:433ZUIV#IBSPTB1.,*4"/ %S:433ZUIV#IBSPTB,FOESBMV
:43 3ZUIV #IBSPTB TDIFNF JT POF PG UIF QSFTUJHJPVT "HSJDVMUVSF JT POF PG UIF QBSBNPVOUTFDUPST JO "OEISB
(PWFSONFOU 'MBHTIJQ QSPHSBNNFT BOE BMTP B LFZ 1SBEFTIBOEGBSNFSTTUSJWJOHIBSEUPFOTVSFGPPETFDVSJUZ
QSPNJTF BNPOH UIF QSPNJTFT PG UIF /BWBSBUOBMV GPS UIF FOUJSF OBUJPO TJODF BHFT %FTQJUF UFDIOPMPHZ
EFTJHOFE GPS GBSNFST XFMGBSF CZ QSPWJEJOH GJOBODJBM HBJOFEXJEFQVCMJDJUZ
FYUFOEFEUPWJMMBHFMFWFMNBEF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
*OUFHSBUFE$BMM$FOUSF
5P GBDJMJUBUF JOTUBOUSFNFEJFT JNNFEJBUF SFESFTTBM PG
GBSNFS HSJFWBODFT
BO *OUFHSBUFE $BMM $FOUFS XBT
FTUBCMJTIFE PO TIJGU CBTJT XJUI FYFDVUJWFT PG UP
ZFBSTGJFMEFYQFSJFODFBOE4DJFOUJTUT5FMFQIPOFCBTFE
BEWJTPSZ TFSWJDFT BSF CFJOH QSPWJEFE OPU POMZ PO
5IF3#,TBSFQSPWJEFEXJUIBNFOJUJFTWJ[
,JPTLT4NBSU BHSPOPNJDNBOBHFNFOUQSBDUJDFTPGWBSJPVTDSPQTCVU
57TFUDBUWJMMBHFMFWFM.BJOPCKFDUJWFTBSFUPFOTVSFUIF BMTPPOWBSJPVTXFMGBSFTDIFNFTPG(PWUPWFS5PMM'SFF
BWBJMBCJMJUZ PG RVBMJUZ JOQVUT PG "HSJ BMMJFE TFDUPST BU /VNCFS7JSUVBMEJBHOPTJTUISPVHIXIBUTBQQJT
DPNQFUJUJWFQSJDFBOELOPXMFEHFEJTTFNJOBUJPO*UJTGJSTU BMTP GBDJMJUBUFE 'BSNFST TIBSF JNBHFT GPS BEWJTF
EVMZ
PGJUTLJOEJOUIFFOUJSFOBUJPOBOESFOEFSJOHJODFTTBOU QFSDPMBUJOHUIFUFDIOPMPHZUPUIFGBSNFSGJFMET
TFSWJDFT i7JUUIBOBN /VOEJ 7JLSBZBN 7BSBLVw 4FFE UP
4BMF
PG "HSJ "MMJFE TFDUPST JO USBOTQBSFOU NBOOFS BU
WJMMBHF MFWFM 6UNPTU JOUFOUJPO PG 3#,T JT UP BVHNFOU
GBSNFSJODPNFMJWFMJIPPE
*NQMFNFOUBUJPO4USBUFHZ*OGSBTUSVDUVSF
5PFOTVSFIBTTMFGSFFPQFSBUJPOTBU%S:433#,T)VCT
UIF(PWUPG"1IBTGBDJMJUBUFEUIFSFRVJSFEJOGSBTUSVDUVSF
JOFBDIEJTUSJDU
%JTUSJDU3FTPVSDF$FOUFST 3ZUIV#IBSPTB3BUIBN
'5$TBOE"5."PGGJDFTJOUIFEJTUSJDUTBSFJOUFHSBUFEUP 3ZUIV #IBSPTB 3BUIBN JT B OFX JOOPWBUJPO XIJDI JT B
FGGFDUJWFMZVUJMJ[FUIFSFTPVSDFTNBOQPXFSUPBDIJFWF NPCJMF DBNQBJHO WFIJDMF1MBZJOH PG TIPSU WJEFPT BU
UIF DPNNPO PCKFDUJWF PG 'BNFST FNQPXFSNFOU NBKPS DFOUFST PG B WJMMBHF PO QFTU BOE EJTFBTF
UISPVHI5SBJOJOHT5IF *OUFHSBUFE EJTUSJDU MFWFM USBJOJOH NBOBHFNFOU QSBDUJDFT PG WBSJPVT DSPQT
MBUFTU
DFOUSFJTOBNFEBT3#,T%JTUSJDU3FTPVSDF$FOUSF %3$
UFDIOPMPHJFT TFSWJDFT SFOEFSFE BU 3#, UISPVHI
5IF%JTUSJDU3FTPVSDF$FOUFSJTDPOTUJUVUFEXJUIPGGJDJBMT FNCPEJFE -&% XBMM CBDLMJU QPTUFST 7JEFP DBMMJOH
PG "5." '5$ UP SFBDI NPSF OVNCFS PG GBSNFST GBDJMJUZ JT BMTP FNCPEJFE UP IBWF MJWF JOUFSBDUJPO XJUI
4DJFOUJTUTPG,7,
%""5$FUD
BSFXPSLJOHJOUBOEFNXJUI DPODFSOFEPOTQFDJGJDJTTVFT
%3$T UP DPOEVDU GJFME EJBHOPTUJD WJTJUT DBUFS UIF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"XBSET
t3#,TCBHHFE4,0$)(PME"XBSEGPSUIFZFBS
BTUVQFOEPVTBDIJFWFNFOU
t 3#, $IBOOFM BDIJFWFE 4JMWFS CVUUPO BXBSE GSPN
:PVUVCFGPSDSPTTJOHLTVCTDSJQUJPOT
t 3#,T SFDFJWFE *40 $FSUJGJDBUJPO GPS FYDFMMJOH
NVMUJGBSJPVTTFSWJDFTUPGBSNFSTBUWJMMBHFMFWFM
'VODUJPOJOHPG3#,T t3#,TBSFOPNJOBUFEGPS*OUFSOBUJPOBMMZQSFTUJHJPVT
6/o'"0i$IBNQJPOw"XBSECZ$FOUSBM(PWFSONFOU
3#,TBSFCFJOHPQFSBUFEUISPVHIWFSUJDBMTCZRVBMJGJFE
POCFIBMGPG*OEJB
TUBGG WJ[
7JMMBHF "HSJDVMUVSF "TTJTUBOUT 7JMMBHF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
t (PWFSONFOU IBT TFUUMFE UIF 3T $S PG "MM UIF OPUJGJFE DSPQT XIJDI XFSF DBQUVSFE UISPVHI F
JOUFSFTUTVCTJEZUPMBLITGBSNFSTVOEFS4VOOB DSPQXJMMBVUPNBUJDBMMZCFQSPWJEFEJOTVSBODFQSPUFDUJPO
7BEEJ1BOUB3VOBMVGPSUIFDSPQMPBOTUBLFOEVSJOH BOE UIF 4UBUF (PWU JT TIPVMEFSJOH UIF FOUJSF DMBJN
3BCJ BOE ,IBSJG TFBTPOT EVSJOH TFUUMFNFOU SFTQPOTJCJMJUZ UP UIF FMJHJCMF GBSNFST 5IF
BT PO
'SPN UP %FQBSUNFOU PG "HSJDVMUVSF JT UIF OPEBM BHFODZ GPS
%FDFNCFS BO BNPVOU PG 3T $S PG JNQMFNFOUBUJPO PG 4UBUF TQPOTPSFE %S :43 'SFF $SPQ
JOUFSFTUTVCTJEZXBTTFUUMFEUPMBLITGBSNFST *OTVSBODFTDIFNF'SFF$SPQ*OTVSBODFJTJNQMFNFOUJOH
VOEFS4VOOB7BEEJ1BOUB3VOBMV XJUIPVU BOZ TFQBSBUF SFHJTUSBUJPO BOE UIF DMBJNT BSF
t 5IF(PWFSONFOUIBTBMTPTFUUMFEUIF3T$S TFUUMFE EJSFDUMZ CZ UIF 4UBUF (PWFSONFOU XJUIPVU
PG7BEEJ -FOJ 3VOBMV 7-3
QFOEJOH DMBJNT GSPN JOWPMWFNFOUPGBOZ*OTVSBODFDPNQBOJFT
XIJDIJTWFSZ
UPUP-BLITGBSNFSTEVSJOH VOJRVFPGJUTLJOEJOUIF$PVOUSZ
BOE 4JODFJNQMFNFOUBUJPOPG'SFFDSPQJOTVSBODFJTCBTFEPO
t 5IF(PWFSONFOUIBTTFUUMFEBUPUBMBNPVOUPG3T FDSPQ
FOUJSF OPUJGJFE BSFB IBT CFFO DPWFSFE BOE UIF
$S PG JOUFSFTU TVCTJEZ UP MBLIT DMBJNTIBWFCFFODBMDVMBUFECBTFEPOUIFSFTVMUTPGUIF
GBSNFSTVOEFS4713BOE7-3GSPNUPUJMMEBUF $SPQ$VUUJOH&YQFSJNFOUTBOE8FBUIFSEBUB
'PS
(PWFSONFOU SFMFBTFE DMBJN BNPVOU PG
7JMMBHF4FDSFUBSJBU'VODUJPOBSJFT 3T$SEJSFDUMZUPUIF"BEIBSMJOLFECBOLBDDPVOUT
5IF (PWFSONFOU JT DPNNJUUFE UP SFWBNQ EFMJWFSZ PG UIF MBLIT GBSNFST EVSJOH UIF NPOUI PG
TZTUFN JO UIF 4UBUF XJUI BO BJN UP JNQSPWF MJWJOH +VOF
TUBOEBSET PG UIF QFPQMF UISPVHI UIF DPODFQU PG "OEISB 1SBEFTI JT UIF GJSTU TUBUF UP BDIJFWF VOJWFSTBM
/"7"3"5)/"-6 BT DPSF UIFNF PG (PWFSOBODF 5P DPWFSBHF PG GBSNFST JO B WFSZ USBOTQBSFOU BOE VOJRVF
BDIJFWFUIJT
UIF(PWFSONFOUIBTFTUBCMJTIFEBTZTUFNPG XBZ"TSFRVFTUFECZUIF(PWUPG*OEJB
4UBUFBHSFFEUP
7JMMBHF 4FDSFUBSJBUT DPOTJTUJOH
'VODUJPOBM JNQMFNFOU%S:43'SFF$SPQJOTVSBODFKPJOUMZXJUIUIF
"TTJTUBOUTGSPN"HSJDVMUVSFUPTUSFOHUIFOUIF&YUFOTJPO 1.'#:JOJUTDVSSFOUGPSNEVSJOH5IFTDIFNFJT
TFSWJDFT BU WJMMBHF TFDSFUBSJBU MFWFM "DDPSEJOHMZ
UIF CFJOHJNQMFNFOUJOHJOBTBUVSBUJPONPEFXJUIPVUBOZ
(PWFSONFOU IBT TP GBS BQQPJOUFE 7JMMBHF QSFNJVN CVSEFO PO UIF GBSNFS )FODF
UIF 'BSNFShT
"HSJDVMUVSF"TTJTUBOUT"UQSFTFOUQPTUTBSFWBDBOUGPS TIBSFPGQSFNJVNGPSBMMGBSNFSTXJMMBMTPCFCPSOFCZUIF
XIJDI(PWUPG"1IBTSFRVFTUFEUIF"114$UPJTTVFSE 4UBUF (PWU VOEFS :JFME CBTFE TDIFNF &DSPQ JT UIF
OPUJGJDBUJPO GPS SFDSVJUJOH UIF 7""T QPTUT EVMZ TPVSDFEBUBGPSZJFMEBOEXFBUIFSCBTJTTDIFNFT38#$*4
FYDMVEJOHUIF7""QPTUTUPXBSETUIFQFOEJOHDPVSU TDIFNF JT JNQMFNFOUJOH CZ UIF 4UBUF (PWU XJUI UIF
DBTFT5IFSFDSVJUNFOUJTVOEFSQSPDFTT FYJTUJOHNPEBMJUJFTPG%S:43'$*
:43'SFF$SPQ*OTVSBODF4DIFNF %S:431PMBNCBEJ
5IF 4UBUF HPWFSONFOU IBT MBVODIFE 'SFF $SPQ 5IF FYDFTT VTF PG DIFNJDBM QFTUJDJEFT GPS DPOUSPMMJOH
JOTVSBODF TDIFNF PO VOEFS /BWBSBUOBMV WBSJPVT QFTUT BOE EJTFBTFT JO DSPQT QPTFT NBOZ
QSPHSBNNF GSPN ,IBSJG POXBSET %VSJOH ,IBSJG DIBMMFOHFT UP "HSJDVMUVSF MJLF JODSFBTF JO DPTU PG
UIFGBSNFSTIBWFJOTVSFEUIFJSDSPQTKVTUCZQBZJOH DVMUJWBUJPO
JOTFDU QFTUT EFWFMPQJOH SFTJTUBODF UP
UPLFOBNPVOUPG3TBOEUIFSFNBJOJOHGBSNFSTIBSFPG DIFNJDBM QFTUJDJEFT
SFTVSHFODF PG TFDPOEBSZ QFTUT
QSFNJVNXBTBMTPUSBOTGFSSFEUPUIF4UBUF(PWUMJBCJMJUZ TVSHFJOFOWJSPONFOUBMQPMMVUJPO
IVNBOIFBMUIIB[BSET
4UBUF (PWU QBJE BO BNPVOU PG 3T $S UP UIF FUD
OPXBEBZT 5IF %FQBSUNFOU PG "HSJDVMUVSF IBT
*OTVSBODFDPNQBOJFT 3T$SQBJEPOCFIBMGPGUIF BEBQUFEUIFDPODFQUPG1PMBNCBEJ 'BSNFS'JFME4DIPPM
GBSNFSTTIBSFBOE3T$SSFHVMBSTUBUFTIBSF
UP DPVOUFSBDU UIFTF BEWFSTF JNQBDUT BOE UP USBOTGPSN
8JUI B WJFX UP DPWFS FBDI BOE FWFSZ BDSF VOEFS $SPQ BHSJDVMUVSF JOUP B NPSF QSPTQFSPVT PDDVQBUJPO
*OTVSBODFTDIFNF
UIF4UBUF(PWUJNQMFNFOUFE%S:43 $POTFRVFOUMZ
UIF QSPHSBN PG h%S:43 1PMBNCBEJh XBT
'SFF$SPQ*OTVSBODF GSPN,IBSJG
BNCJUJPVTMZMBVODIFEJOUPPSHBOJ[FUIFQSPHSBNJO
UIFWJDJOJUZPGFWFSZ3#,GVODUJPOJOHJOUIF4UBUF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
DPNQBSFEXJUI'BSNFSTQSBDUJDFJOUIFBCPWFDSPQT 4PJM4BNQMJOHBOE4PJMUFTUJOHQSPHSBNNFJTPSHBOJ[FEJO
BTZTUFNBUJDNBOOFSUPFWBMVBUFUIFGFSUJMJUZTUBUVTBOEUP
JEFOUJGZUIFQSPCMFNT "MLBMJOJUZ4BMJOJUZ
BOEEFGJDJFODZ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
NFSHFEXJUI3BTIUSJZB,SJTIJ7JLBT:PKBOB 3,7:
XFG 5IF 4FFE 7JMMBHF TDIFNF FOTVSFT TVQQMZ PG RVBMJUZ
GJOBODJBMZFBSBOETDIFNFXBTJOEJDBUFEBT4PJM DFSUJGJFETFFEPGOPUJGJFEWBSJFUJFTUPUIFGBSNFSTJOUJNF
)FBMUIDPNQPOFOUPG3,7:4DIFNF5IF"OOVBM"DUJPO BUUIFJSQMBDFTBUBGGPSEBCMFQSJDFTCFTJEFTFOTVSJOHRVJDL
1MBO QSPQPTBMT GPS UIF ZFBS VOEFS TPJM IFBMUI NVMUJQMJDBUJPOPGOFXTFFEWBSJFUJFTJOBTIPSUFSUJNFJO
DPNQPOFOUPG3,7:4DIFNFXJUIBOPVUMBZPG3T UIBU NBOEBM EJTUSJDU CBTFE PO UIF DSPQ TJUVBUJPO
MBLITTVCNJUUFEUP(0* $PNQBDUBSFBBQQSPBDIOFFETUPCFGPMMPXFEVOEFSUIJT
B $PNQPOFOUT PG "OOVBM "DUJPO QMBO VQUP TDIFNF 5IF OVNCFS PG GBSNFST GPS B VOJU PG )B JT
GPSUIFZFBSBQQSPWFECZUIF NJOJNVNBOETVCKFDUUPBNBYJNVNPG'VOEJOH
"EEM 4FDSFUBSZ */.
(0* 1IZTJDBM UBSHFU PG TPJM 1BUUFSOJT$FOUSBMTIBSFBOE4UBUFTIBSF
TBNQMFTVOEFS4PJM)FBMUI$PNQPOFOUGPSUIFZFBS *O471
'PVOEBUJPOTFFEXJMMCFTVQQMJFEPOTVCTJEZ
JTBOE'VOETPG3TMBLIT GPS DFSFBMT BOE TVCTJEZ GPS PJMTFFET BOE QVMTFT
3TMBLIT4UBUF T I B S F 3 T 6OEFS$FSUJGJFE4FFE1SPEVDUJPO $41
'PVOEBUJPOTFFE
MBLIT
BSF CFJOH SFMFBTFE CZ (0* BT QFS BQQSPWFE PG PJMTFFET
1VMTFT BOE (SFFO NBOVSF XJMM CF TVQQMJFE
DPNQPOFOUTPGBOOVBMBDUJPOQMBO VOEFS TVCTJEZ UISPVHI 4FFE 7JMMBHFT POF EBZ
C5IF "OOVBM "DUJPO 1MBO QSPQPTBM XFG USBJOJOHT XJMM CF DPOEVDUFE UP UIF GBSNFST PO TFFE
XBT BMTP TVCNJUUFE UP (P* GPS CBMBODF QSPEVDUJPO UFDIOPMPHZ BOE DFSUJGJDBUJPO DIBSHFT
GVOET JF
GPS BO BNPVOU PG 3T MBLIT !IB PS IBMG PG UIF BDUVBM DFSUJGJDBUJPO DIBSHFT
3TMBLITDFOUSBMTIBSF3TMBLIT4UBUF XIJDIFWFSJTMFTTXJMMCFQBJE
TIBSF
EVMZQSPQPTJOHOPPGGBSNFSTUSBJOJOHT %VSJOH ,IBSJG
VOEFS 471 $41
2UMT PG
BOE%FNPOTUSBUJPOTJOGBSNFSTGJFMEDPWFSJOH 'PVOEBUJPO TFFE XBT EJTUSJCVUFE CFOFGJUUJOH
3#,WJMMBHFT GBSNFST DPWFSJOH IB XJUI B DFSUJGJFE TFFE
QSPEVDUJPOPGMBLI2UMT%VSJOH3BCJ
BTPO
4VCTJEZ4FFE%JTUSJCVUJPO EBUF
2UMTPGTFFEXBTEJTUSJCVUFECFOFGJUUJOH
%VSJOH,IBSJG
BRVBOUJUZPG
2UMPGWBSJPVT GBSNFSTDPWFSJOHIBXJUIBOFYQFDUFEDFSUJGJFETFFE
DSPQTTFFEXBTEJTUSJCVUFEUP-BLIGBSNFSTXJUIB QSPEVDUJPOPG2UMT
TVCTJEZ WBMVF PG 3T
MBLIT *O &MVSV
,BLJOBEB
,POBTFFNB8FTU(PEBWBSJEJTUSJDUT2UMTPG1BEEZ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
'FSUJMJ[FST BUUSJCVUFE EVF UP JODSFBTF JO OFU TPXO BSFB PWFS UIF
QSFWJPVTZFBSBOEBMTPEVFUPQFSJPEJDBMEJTUSJCVUJPOPG
'FSUJMJ[FS1PMJDZ*OJUJBUJWFT5IF'FSUJMJ[FSDPOTVNQUJPO BEFRVBUF SBJOGBMM 'BSNFST BSF BMTP TFOTJUJ[FE CZ UIF
EVSJOH,IBSJGBOE3BCJ
JOUFSNTPGQSPEVDUXBT "HSJDVMUVSF%FQBSUNFOUCZQSPNPUJOHUIFBDUJWJUJFTMJLF
-.5BOEJOUFSNPG/VUSJFOU /1,
XBT-.5 *OUFHSBUFE1FTU.BOBHFNFOUQSBDUJDFT
PSHBOJ[BUJPOPG
'FSUJMJ[FS DPOTVNQUJPO EVSJOH JT -.5T 1PMBNCBEJQSPHSBNNFT
VTBHFPGCJPQFTUJDJEFT
DIBOHF
"QSJMhUP%FDh
JO DSPQQJOH QBUUFSO
0SHBOJD 'BSNJOH FUD UISPVHI UIF
/VUSJFOU#BTFE4VCTJEZ /#4
1PMJDZ6OEFSUIF/#4 FYUFOTJPOGVODUJPOBSJFTGPSSFEVDUJPOJODPOTVNQUJPOPG
1PMJDZ
B GJYFE SBUF PG TVCTJEZ JO 3T 1FS ,H CBTJT
JT QFTUJDJEFT
BOOPVODFE PO OVUSJFOUT OBNFMZ /JUSPHFO /
5IF QFTUJDJEF DPOTVNQUJPO IBT CFFO TIPXJOH EFGJOJUF
1IPTQIBUF 1
1PUBTI ,
BOE 4VMQIVS 4
CZ UIF EFDMJOF EVSJOH UIF SFDFOU QBTU XJUI UIF DPOTVNQUJPO
(PWFSONFOUPOBOOVBMCBTJT5IFQFSLHTVCTJEZGJYFECZ GBMMJOHGSPN.5TJOUP.5TJO
UIF $FOUSBM (PWFSONFOU PO OVUSJFOUT EVSJOH UIF ZFBS
JTNFOUJPOFEJO5BCMFBOEZFBSXJTFGFSUJMJ[FS
DPOTVNQUJPOJTTIPXOJO5BCMF 4USBUFHJFTGPSOFYUZFBSBDUJPOQMBO
5BCMF /VUSJFOU #BTFE 4VCTJEZ /#4
3T 1FS ,H PG *O"OEISB1SBEFTI
NBKPSJUZPGUIFGBSNFSTBSFVTJOH"HSP
/VUSJFOU
*OQVUT MJLF 4FFET
.JDSP OVUSJFOUT
'FSUJMJ[FST BOE
^͘EŽ EƵƚƌŝĞŶƚƐ
<ŚĂƌŝĨϮϬϮϮ
ZĂďŝϮϬϮϮͲϮϯ 1FTUJDJEFTUPHFUIJHIFSZJFMET5PQSPUFDUUIFDSPQGSPN
ϭ E ϵϭ͘ϵϲ ϵϴ͘ϬϮ QFTUTEJTFBTFT
GBSNFSTBSFBQQMZJOHJOTFDUJDJEFTBTQFS
Ϯ W ϳϮ͘ϳϰ
ϲϲ͘ϵϯ UIF SFDPNNFOEBUJPOT PG UIF "HSJDVMUVSBM &YUFOTJPO
ϯ < Ϯϱ͘ϯϭ Ϯϯ͘ϲϱ 'VODUJPOBSJFT $IFNJDBM 1FTUJDJEFT BSF DPOUSJCVUJOH
ϰ ^ ϲ͘ϵϰ ϲ͘ϭϮ
UPXBSETUIFJODSFBTFJODPTUPGDVMUJWBUJPOJOBEEJUJPOUP
IJEEFO IB[BSET UP IVNBO CFJOHT BOE BOJNBMT 5IF
5BCMF'FSUJMJ[FS$POTVNQUJPO (PWFSONFOUPG"OEISB1SBEFTIIBTCFFOFEVDBUJOHUIF
zĞĂƌ &Ğƌƚ͘ŽŶƐƵŵƉƚŝŽŶŝŶ>DdƐ GBSNFST UP BEPQU (PPE "HSJDVMUVSBM 1SBDUJDFT UP HFU
ϮϬϭϯͲϭϰ ϯϴ͘ϭϭ
IJHIFSSFUVSOTXJUINJOJNVNDPTUPGDVMUJWBUJPO
ϮϬϭϰͲϭϱ ϯϳ͘Ϯϱ
5IF GPMMPXJOH (PPE "HSJDVMUVSBM 1SBDUJDFT
ϮϬϭϱͲϭϲ ϯϱ͘ϴϴ
IBWFCFFOBEPQUFECZUIFGBSNFSTUPXBSET
ϮϬϭϲͲϭϳ ϯϱ͘ϯϭ
SFEVDUJPOPG1FTUJDJEF6TBHF
ϮϬϭϳͲϭϴ ϯϮ͘ϵϭ
ϮϬϭϴͲϭϵ ϯϯ͘Ϯϰ $VMUJWBUJPO PG TVJUBCMF DSPQT WBSJFUJFT XIJDI BSF
ϮϬϭϵͲϮϬ ϯϱ͘ϯϴ
SFTJTUBOUUP1FTUTBOE%JTFBTFT
ϮϬϮϬͲϮϭ ϰϮ͘Ϯϲ 1SBDUJTJOH$SPQSPUBUJPOUPQSFWFOUUIFPDDVSSFODFPG
ϮϬϮϭͲϮϮ ϯϲ͘Ϯϰ FOEFNJDQFTUBOEEJTFBTFT
1SFWFOUJPO PG TFFE CPSOF EJTFBTFT CZ TFFE
ϮϬϮϮͲϮϯ;Ɖƌŝů͛ϮϮƚŽĞĐ͛ϮϮͿ Ϯϱ͘ϰϲ
U SF B U N F O U X J U I SF DP N N F O E F E G V O HJ D J E F
*OTFDUJDJEF CJPDPOUSPMBHFOUT
1FTUJDJEFT 5JNFMZXFFENBOBHFNFOU
*O "OEISB 1SBEFTI
UIFSF XBT .5 "DUJWF *EFOUJGJDBUJPOPGQFTUTEJTFBTFTBUFBSMZDSPQTUBHFT
*OHSFEJFOU
IJHIFS1FTUJDJEF$POTVNQUJPOEVSJOH,IBSJG BOE BEPQUJOH BQQSPQSJBUF NFUIPET MJLF QIZTJDBM
.5TPG"DUJWF*OHSFEJFOU
DPNQBSFE NFDIBOJDBM
CJPMPHJDBM BOE DIFNJDBM DPOUSPM
UPUIFMBTUZFBS,IBSJGPG.5T PG"DUJWF NFUIPETBTQFSUIFQFTUTVSWFJMMBODFBOEGPSFDBTUJOH
*OHSFEJFOU
%S:431PMBNCBEJBOE$MVTUFS%FNPTVOEFS/'4.
5IFJODSFBTFJODPOTVNQUJPOPGDIFNJDBMQFTUJDJEFTXBT
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
&EVDBUJOH UIF GBSNFST BCPVU UIF BQQMJDBUJPO PG XJUI BO PCKFDUJWF PG FOIBODJOH BHSJDVMUVSBM
SFDPNNFOEFE QFTUJDJEF BU SJHIU UJNF
SJHIU QSPEVDUJWJUZ JO SBJOGFE BSFBT GPDVTJOH PO *OUFHSBUFE
DIFNJDBM EPTF
SJHIU NFUIPE BOE SJHIU TQSBZJOH 'BSNJOH
8BUFSVTFFGGJDJFODZ
TPJMIFBMUINBOBHFNFOU
FRVJQNFOUUPCSJOHEPXOQFTUQPQVMBUJPO BOETZOFSHJ[JOHSFTPVSDFDPOTFSWBUJPO
"QQMJDBUJPO PG QFTUJDJEFT JO SPUBUJPO UP BWPJE QFTU *OUIF4UBUF
3BJOGFEBHSJDVMUVSFJTNPSFQSFWBMFOUJO
SFTJTUBODFBOESFTVSHFODF EJTUSJDUT WJ[
3BZBMBTFFNB EJTUSJDUT ,VSOPPM
/BOEZBM
$SFBUJOH BXBSFOFTT PO JOUFHSBUFE QFTU "OBOUBQVSBN
4SJ 4BUIZB 4BJ
,BEBQB
"OOBNBZZB
NBOBHFNFOUBDUJWJUZUISPVHIBDUJWJUJFT $IJUUPPS
5JSVQBUJ BOE 1SBLBTBN /.4"3"% TDIFNF JT
CFJOHJNQMFNFOUFEXJUITIBSFPG(0*4UBUF*UJT
t 'BSNFST 'JFME 4DIPPM ''4
1PMBNCBEJ QSPQPTFEUPJNQMFNFOUUIFTDIFNFJOUIFTFEJTUSJDUT
1SPHSBNNF0SHBOJ[JOH'BSNFS'JFME4DIPPMTBOE XJUIGPDVTUISPVHI4PJM$POTFSWBUJPOGVODUJPOBSJFT
GPMMPXJOH UIF *1. UFDIOPMPHJFT JO DSPQ
QSPEVDUJPO
"EWFSUJTJOH UIF DVMUVSBM
#JPMPHJDBM 6OEFS UIJT NJTTJPO
3BJO'FE "SFB %FWFMPQNFOU 3"%
BQQSPBDIFTUPQFTUDPOUSPM
DPNQPOFOUJTCFJOHUBLFOVQJODPOWFSHFODFXJUIPUIFS
TDIFNFTUPQSPNPUFJOUFHSBUFEGBSNJOHTZTUFNBOEUP
t 1SPNPUJOH QSPEVDUJPO PG #JPBHFOUT MJLF QSPWJEF WBMVF BEEFE EFWFMPQNFOUBM BDUJWJUJFT UP UIF
USJDIPHSBNB UISPVHI TUBUF #JP DPOUSPM 3BJO'FE GBSNFST UP JNQSPWF UIFJS FDPOPNJD TUBUVT
-BCPSBUPSJFT
&EVDBUJOHUIF'BSNJOHDPNNVOJUZ EFTQJUF GBJMVSF PG DSPQ EVF UP JOTVGGJDJFOU SBJOT PS
BCPVUCFTU"HSJDVMUVSBMQSBDUJDFTUPSFEVDFVTFPG ESPVHIU
$IFNJDBM QFTUJDJEFT UISPVHI ,7,T
%"55$
"HSJDVMUVSBM 6OJWFSTJUJFT
$*1.$T
4UBUF 5IF*NQMFNFOUBUJPO4USBUFHZJTUPJEFOUJGZDMVTUFSBSFBT
"HSJDVMUVSBM%FQBSUNFOU JO SBJOGFE BSFBT UP QSPNPUF "HSJDVMUVSF CBTFE
)PSUJDVMUVSF #BTFE
-JWFTUPDL CBTFE BOE "HSP
t $POEVDUJOH SFHVMBS GJFME EJBHOPTUJD WJTJUT BOE 'PSFTUSZCBTFE'BSNJOHTZTUFNTBOEWBMVFBEEJUJPOBOE
DSFBUJOH BXBSFOFTT BNPOH GBSNFST PO *1. BOE EFWFMPQNFOUBMBDUJWJUJFT
PSHBOJDGBSNJOH
t 5IFFYUFOTJPOTFSWJDFTXJMMCFFYUFOEFEUISPVHI
1SPQPTFE"DUJWJUJFTVOEFS3"%
3#, DFOUSJD DBQBDJUZ CVJMEJOH BOE UISPVHI *$$ * *OUFHSBUFE'BSNJOH 4ZTUFN$PBSTF $FSFBM #BTFE
*OUFHSBUFE$BMM$FOUFS
XJUIUPMMGSFFBOEXIBUUhT 'BSNJOH4ZTUFN
)PSUJDVMUVSF#BTFE'BSNJOH4ZTUFN
BQQOVNCFST JO )B
-JWFTUPDL CBTFE 'BSNJOH 4ZTUFN .JMDI
8JEFQVCMJDJUZUISPVHI1SJOUBOE&MFDUSPOJD.FEJB BOJNBMT !3T -BLI QFS VOJU 4NBMM SVNJOBOUT
!3T-BLIQFSVOJU1PVMUSZ3T-BLI
*5 CBTFE 1FTU BOE %JTFBTF EJBHOPTJT BOE
TVSWFJMMBODF UISPVHI 1MBOUJY
(BUIFSJY BQQT BOE ** "HSPGPSFTUSZ#BTFE'BSNJOH4ZTUFN
*OUFHSBUFE$BMM$FOUFS *$$
*** 7BMVF "EEJUJPO BOE 3FTPVSDF $POTFSWBUJPO
$SFBUJPO PG WJBCMF BOE 4VTUBJOBCMF 'BSN "QJDVMUVSF #FF ,FFQJOH
*OTJUV .PJTUVSF $POTFS
-JWFMJIPPETCZ1SPNPUJOH0SHBOJD'BSNJOH/BUVSBM WBUJPO
DPOTUSVDUJPOPGCPSFXFMMT
MPXFSSFBDIHVMMZ
'BSNJOH DPOUSPM XPSLT
SFUBJOJOH XBMMT
WFHFUBUJWF CBSSJFST
(SFFO IPVTF BOE MPX UVOOFM QPMZ IPVTF
1PTU
(PWFSONFOU JT DPNNJUUFE UP BDIJFWF UIF HPBM PG )BSWFTU4UPSBHF OP
3FDMBNBUJPOPGTBMJOFTPJMT
SFEVDJOHUIFVTBHFBOEDPTUPGQFTUJDJEFTGPSOFYUGJWF
ZFBSTPONJTTJPONPEFCZFGGFDUJWFVUJMJ[BUJPOPGTFSWJDFT *O
JU JT QMBOOFE UP JNQMFNFOU UIF QSPQPTFE
UISPVHI &YUFOTJPO GVODUJPOBSJFT BOE 3FTFBSDI BDUJWJUJFTCZUIF'10TGPSNFECZUIF"1%.1JOEJTUSJDUT
*OTUJUVUJPOT JF ,VSOPPM
/BOEZBM
"OBOUBQVSBN
4SJ 4BUIZB 4BJ
,BEBQB
"OOBNBZZB
$IJUUPPS
5JSVQBUJ BOE 1SBLBTBN
/BUJPOBM.JTTJPOGPS4VTUBJOBCMF"HSJDVMUVSF "DUJWJUZ XJTF BDUJPO QMBO VOEFS *OUFHSBUFE 'BSNJOH
/.4"
3BJOGFE"SFB%FWFMPQNFOU 3"%
4ZTUFNBOE7BMVF"EEJUJPOTBOE3FTPVSDF$POTFSWBUJPO
GPSTZTUFNTVOJUTIBTCFFOQSFQBSFEGPSUIFZFBS
5IF /.4"3"% DPNQPOFOU JT JOJUJBUFE CZ (0* TJODF BOE BQQSPWFE JO 4-4$ (PWU PG *OEJB IBT
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
SFMFBTFEUIFDFOUSBMTIBSF
&TUBCMJTIFE $)$T BU 3#, MFWFM BOE $)$T BU
'BSN.FDIBOJ[BUJPO $MVTUFS MFWFM CZ JODVSSJOH 3T $SPSFT UPXBSET
5JNFMZ BOE QSFDJTF GJFME XPSL JT OFDFTTBSZ UP JODSFBTF QSPDVSFNFOUPG.BDIJOFSZXJUIBTVCTJEZ PG3T
QSPEVDUJWJUZ "HSJDVMUVSBM NBDIJOFT UBLF BO JNQPSUBOU $SPSFT
SPMF UP NBLF JU QPTTJCMF 7BSJPVT TDIFNFT BSF CFJOH $PNNVOJUZ)JSJOH$FOUFST $)$T
%VSJOHUIF
JNQMFNFOUFEJOUIFTUBUFUPQSPNPUFUIFVTBHFPGGBSN TDIFNFJTCFJOHJNQMFNFOUFEXJUIBUPUBMBMMPDBUJPOPG
NFDIBOJ[BUJPOBOEJODSFBTFUIFSBUJPPGGBSNQPXFSUP 3T$S5IF(PWFSONFOUJTTVFEPSEFSTUPFTUBCMJTI
DVMUJWBCMF VOJU BSFB VQ UP L8IB (PWFSONFOU $PNNVOJUZ)JSJOH$FOUFST $)$T
BU3#,MFWFMPQFSBUFE
QSPWJEFTGJOBODJBMBTTJTUBODFUPFTUBCMJTIGBSNNBDIJOFSZ CZGBSNFSTHSPVQTXJUIGBSNNBDIJOFSZXPSUI3TUP
IJSJOH DFOUSFT XJUI NBDIJOFSZ BOE JNQMFNFOUT VOEFS -BLITJO3#,WJMMBHFT MFGUPWFSPG
VOEFS
WBSJPVT TDIFNFT BT QFS UIF (PWFSONFOU OPSNT 4.". BOE UP FTUBCMJTI $MVTUFS $)$T XJUI $PNCJOF
QSFWBJMJOHBUUIFUJNFPGTBODUJPOPGGJOBODJBMBTTJTUBODF )BSWFTUFST XPSUI 3T -BLIT ! VOJUT JO TFMFDUFE
UPJODSFBTFUIFSFBDIPGGBSNNFDIBOJ[BUJPOUPTNBMMBOE NBKPSQBEEZEJTUSJDUTWJ[4SJLBLVMBN
&BTU(PEBWBSJ
8FTU
NBSHJOBMGBSNFSTBOEUPUIFSFHJPOTXIFSFBWBJMBCJMJUZPG (PEBWBSJ
,SJTIOB
(VOUVS
/FMMPSF
,BEBQBBOE,VSOPPM
GBSN QPXFS JT MPX QSPNPUF FTUBCMJTINFOU PG EJTUSJDUT*UJTBMTPGPDVTFEPOFTUBCMJTINFOUPG/PT
h$PNNVOJUZ)JSJOH$FOUSFTh $)$
UPPGGTFUUIFBEWFSTF ,JTBO%SPOF$)$TBDSPTTUIFTUBUFBU3#,MFWFM!QFS
FDPOPNJFT PG TDBMF BSJTJOH EVF UP TNBMM MBOE IPMEJOHT NBOEBM XJUI B VOJU DPTU PG 3T MBLIT BOE TVCTJEZ
BOEIJHIDPTUPGJOEJWJEVBMPXOFSTIJQ BMMPXFEJTMJNJUFEUP3TMBLITQFSQSPKFDU
*NQMFNFOUBUJPOPG'BSN.FDIBOJ[BUJPO4DIFNF #BOLMPBOJTNBOEBUFEUPBTTJTUUIFHSPVQTBOEBHFODJFT
t "1 4UBUF USBOTBDUT UIF TVQQMJFT PG GBSN BOEUPBDIJFWFUSBOTQBSFODZJOHSPVOEJOHUIFVOJUT%FQU
FRVJQNFOU UISPVHI %#5 NPEF XIFSF JO PG "HSJDVMUVSF FOUFSFE JOUP .P6 XJUI "1$0# GPS
GBSNFSTGBSNFS HSPVQT XJMM CF QSPWJEFE XJUI FYUFOEJOH MPBO UP UIF JEFOUJGJFE 'BSNFS (SPVQT BOE
SBOHF PG FRVJQNFOU
NBOVGBDUVSFST BOE "HFODJFTGPSFTUBCMJTIJOH$)$TBOE)VCTSFTQFDUJWFMZ
GSFFEPN GPS DIPJDF JO TFMFDUJPO PG FRVJQNFOU 5IFGJOBODJBMQBUUFSOGPSHSPVOEJOHUIF$)$TBOE$MVTUFS
NBOVGBDUVSFSEFBMFS MFWFM$)$T0VUPGUIFUPUBMVOJUDPTUTIBMMCFCPSOF
t 7BSJPVT UZQFTPGGBSN FRVJQNFOUGPSEJGGFSFOU CZ HSPVQ DPOUSJCVUJPO
NBOEBUPSZ UISPVHI CBOL
GBSN PQFSBUJPOT GSPN -BOE 1SFQBSBUJPO MPBOBOEGJOBODJBMBTTJTUBODFUISPVHI(PWUTVCTJEZ
1SJNBSZ UJMMBHF UP )BSWFTUJOH $SPQ SFTJEVF %FQBSUNFOUPG"HSJDVMUVSF
NBOBHFNFOU
1PTU IBSWFTU BOE 1SPDFTTJOH
QSJNBSZ
TFDPOEBSZ QSPDFTTJOH BOE 7BMVF 3BTIUSJZB ,SJTIJ 7JLBT :PKBOB 3,7:
BEEJUJPO
PG UIF QSPEVDF BSF CFJOH PGGFSFE BT 3"'5""3
"(3*$6-563&"--*&%"$5*7*5*&4
'PS UIF ZFBS (P* BMMPDBUFE BO BNPVOU PG 3T /BUJPOBM'PPE4FDVSJUZ.JTTJPO /'4.
5BCMF'VOETBMMPDBUJPOEVSJOHVOEFS/'4.TDIFNF
3TJO-BLIT
^ů͘
^ĐŚĞŵĞ ĞŶƚƌĂů^ŚĂƌĞ ^ƚĂƚĞ^ŚĂƌĞ dŽƚĂů
EŽ͘
ϭ͘ E&^D ͲZŝĐĞ ϯϴϳ͘ϰϮ Ϯϱϴ͘Ϯϴ ϲϰϱ͘ϳ
Ϯ͘ E&^D ͲWƵůƐĞƐ ϮϬϵϯ͘ϱϲ ϭϯϵϱ͘ϳϭ ϯϰϴϵ͘Ϯϳ
ϯ͘ E&^D Ͳ;DĂŝnjĞͿ ϴϴ͘ϮϬ ϱϴ͘ϴϬ ϭϰϳ͘ϬϬ
ϰ͘ E&^D ͲEƵƚƌŝĐĞƌĞĂůƐ ϴϳϬ͘ϬϬ ϱϴϬ͘ϬϬ ϭϰϱϬ͘ϬϬ
ϱ͘ E&^D Ͳ ŽŵŵĞƌĐŝĂůĐƌŽƉƐ ϭϬϱ͘ϵϲ ϳϬ͘ϲϰ ϭϳϲ͘ϲϬ
ϲ͘ EDK ͲK^ ϵϵϲ͘ϬϬ ϲϲϰ͘ϬϬ ϭϲϲϬ͘ϬϬ
^ƉĞĐŝĂů ƉƌŽŐƌĂŵŵĞ ŽĨ ƉƵƌĐŚĂƐĞ
ϲĂ͘ ϮϬϰ͘ϬϬ Ϭ͘ϬϬ ϮϬϰ͘ϬϬ
ŽĨƌĞĞĚĞƌ^ĞĞĚ;ϭϬϬй'Ž/^ŚĂƌĞͿ
ϳ͘ dZ& ͲK^ ϳϳϱ͘ϯϵ ϱϭϲ͘ϵϮ ϭϮϵϮ͘ϯϭ
dŽƚĂů ϱϱϮϬ͘ϱϯ ϯϱϰϰ͘ϯϱ ϵϬϲϰ͘ϴϴ
'VOEJOH1BUUFSO'VOEJOH1BUUFSOJTQFSDFOUTIBSJOHCFUXFFO$FOUSBM(PWUBOE4UBUF(PWUSFTQFDUJWFMZ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
*OUFSWFOUJPOT 0CKFDUJWFTPGUIFQSPHSBNNF
t %VSJOH UIF ZFBS
NBJO FNQIBTJT XBT t 5P EFWFMPQ BO FGGJDJFOU
FGGFDUJWF
EFNBOE
HJWFOPOPSHBOJ[BUJPOPG$MVTUFS%FNPT $%T
JO ESJWFO
SFTFBSDI JOUFHSBUFE BOE GJOBODJBMMZ
WBSJPVT DSPQTXJUIBDPOUJHVPVTBSFBPG)B TVTUBJOBCMFQVCMJDFYUFOTJPOTZTUFN3FWJUBMJ[F
BU3#,MFWFM UIF"HSJDVMUVSBM 5FDIOPMPHZ (FOFSBUJPO
"TTFTTNFOU SFGJOFNFOU BOE %JTTFNJOBUJPO
t *OUIFDMVTUFSEFNPTBMMDSJUJDBMJOQVUTMJLFTFFE
4ZTUFNT
CJPGFSUJMJ[FST
11DIFNJDBMT
BSFEJTUSJCVUFEUP
UIF GBSNFST PO TVCTJEZ BOE OFFE CBTFE t 3FGPSNJOH1VCMJD4FDUPS&YUFOTJPO1SPNPUJOH
GBSNJNQMFNFOUTBSFEJTUSJCVUFEUPUIFGBSNFST QSJWBUF TFDUPS UP FGGFDUJWFMZ DPNQMFNFOU
PO TVCTJEZ UISPVHI %#5 NPEF 11 TVQQMFNFOU BOE XIFSFWFS QPTTJCMF UP
$IFNJDBMT BSF EJTUSJCVUFE UISPVHI ,JPTLT PG TVCTUJUVUF QVCMJD FYUFOTJPO .BJO TUSFBNJOH
3#,T (FOEFS$PODFSOTJO&YUFOTJPO
t $MVTUFS %FNPT VOEFS /'4. BOE t $BQBDJUZ#VJMEJOH4LJMMVQHSBEBUJPOPGGBSNFST
$MVTUFS %FNPT VOEFS /.&004 53'"04 BOEFYUFOTJPOGVODUJPOBSJFT
UPHFUIFSXFSF QMBOOFE UP PSHBOJ[F EVSJOH t *ODSFBTFUIF2VBMJUZBOE5ZQFPG5FDIOPMPHJFT
CFJOH EJTTFNJOBUFE CZ UIF &YUFOTJPO 4ZTUFN
t /P PG %S:43 1PMBNCBEJ 1SPHSBNNFT 4USFOHUIFO 3FTFBSDI&YUFOTJPO'BSNFS 3&'
VOEFS /'4. /P PG %S:43 1PMBNCBEJ -JOLBHFT
VOEFS/.&004 IBWF CFFO PSHBOJ[FE UP #FOFGJUTPGUIFQSPHSBNNF
FNQPXFS UIF GBSNFST JO UIFJS PXO GJFME GSPN
t 8FMM*OUFHSBUFEUFDIOPMPHZEFWFMPQNFOUBOE
TFFEUPTFFEUISPVHIQSBDUJDBMMFBSOJOH
USBOTGFS TZTUFN %FDFOUSBMJ[FE EFDJTJPO
t 5SBJOJOHT PSHBOJ[FE GPS BEPQUJPO PG OFX NBLJOH'JOBODJBMMZ TVTUBJOBCMF FYUFOTJPO
UFDIOPMPHJFTPOWBSJPVTDSPQTJOBMMUIFEJTUSJDUT TZTUFN
UISPVHI %JTUSJDU 3FTPVSDF $FOUFST %3$
EVMZ
t #PUUPNVQ 1MBOOJOH XJUI *ODSFBTFE 6TF PG
VUJMJ[JOH UIF GVOET PG /'4. /.&004
*OGPSNBUJPO5FDIOPMPHZUISPVHIFNQIBTJTPO
TDIFNFT
*O4FSWJDF5SBJOJOH
t 0SHBOJ[BUJPOPG&YQPTVSFWJTJUTUPUIFGBSNFST
t %FWFMPQJOH /FX 1VCMJD o1SJWBUF 1BSUOFSTIJQT
UPDSFBUFBXBSFOFTTPOJOOPWBUJWFUFDIOPMPHJFT
BOE4USFOHUIFOJOH,FZ*OTUJUVUJPOTXJUI#SPBE
BEPQUJOHCZPUIFSGBSNFST
CBTFE&YUFOTJPO%FMJWFSZ
t " 4QFDJBM 1SPHSBNNF PG 1VSDIBTF PG #SFFEFS
"5." JT B EJTUSJDU MFWFM BVUPOPNPVT *OTUJUVUJPO IBWJOH
4FFEXJUI(P*BTTJTUBODFJTBMTPQMBOOFE
NFNCFSTIJQ PG BMM LFZ TUBLFIPMEFST JOWPMWFE JO
VOEFS/.&004XJUIBUPUBMPVUMBZPG3T
BHSJDVMUVSBMBDUJWJUJFT*UIBTUIFGMFYJCJMJUZUPSFDFJWFGVOET
MBLIT
EJSFDUMZ*UIBTUIFLFZSFTQPOTJCJMJUZPGEJTTFNJOBUJOHBMM
UFDIOPMPHZBDUJWJUJFTBUUIFEJTUSJDUMFWFM*UIBTMJOLBHFT
4VC.JTTJPOPO"HSJDVMUVSBM&YUFOTJPO
XJUI BMM UIF MJOF EFQBSUNFOUT
SFTFBSDI PSHBOJ[BUJPOT
"HSJDVMUVSF5FDIOPMPHZ.BOBHFNFOU OPOHPWFSONFOUBM PSHBOJ[BUJPOT BOE BHFODJFT
"HFODZ"5."
BTTPDJBUFEXJUIBHSJDVMUVSBMEFWFMPQNFOUJOUIFEJTUSJDU
6OEFS UIF TDIFNF PG i4VQQPSU UP 4UBUF &YUFOTJPO BOEGBSNFSPSHBOJ[BUJPOT3FTFBSDIBOEFYUFOTJPOVOJUT
1SPHSBNNFT GPS &YUFOTJPO 3FGPSNThh "5."
UIF FOUJSF XJUIJO UIF EJTUSJDU
TVDI BT ,7,T
%FQBSUNFOU PG
TUBUF PG "OEISB 1SBEFTI EJTUSJDUT
JT DPWFSFE XJUI "HSJDVMUVSF
)PSUJDVMUVSF
"OJNBM )VTCBOESZ
'JTIFSJFT
DFOUSBM BOE TUBUF TIBSF 5IF &YUFOTJPO 3FGPSNT 4FSJDVMUVSF
.BSLFUJOH
FUDBSFJUTDPOTUJUVFOUNFNCFST
"5."
IBT CFFO JODMVEFE JO UIF /BUJPOBM .JTTJPO PO "5." JT TVQQPSUFE CZ B (PWFSOJOH #PBSE (#
BOE B
"HSJDVMUVSBM &YUFOTJPO 5FDIOPMPHZ /."&5
BT 4VC .BOBHFNFOU$PNNJUUFF .$
BOE"HSJDVMUVSBM"EWJTPSZ
.JTTJPOPO"HSJDVMUVSBM&YUFOTJPO 4."&
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
1SPEVDJOHNPSFGPPE
TBGFBOEOVUSJUJPVTGPPEUIBUJT
*OJUJTJNQMFNFOUFEJOEJTUSJDUTPG"1FYDFQUJO GSFFPGDIFNJDBMT
FYDFQUJO8FTU(PEBWBSJ
,BLJOBEB
,POBTFFNB
,SJTIOB
&OIBODJOH TPJM IFBMUI
XBUFS DPOTFSWBUJPO
,VSOPPM5IJTQSPKFDUJTJNQMFNFOUJOHJOBQQSPWFE
SFHFOFSBUJOH DPBTUBM FDPTZTUFNT BOE CJPEJWFSTJUZ
JSSJHBUJPOUBOLWJMMBHFT
&OIBODJOHIVNBOIFBMUIBOEOVUSJUJPO
*O
JU XBT QMBOOFE UP GPSN 7''T 5IF
3FEVDJOHUIFNJHSBUJPOPGZPVUIGSPNWJMMBHFTBOE
BXBSFOFTT USBJOJOHT BSF JO QSPHSFTT UP GPSN 7''4
SFBUJOHSFWFSTFNJHSBUJPOUPWJMMBHFT
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
NPOTPPO%SZ4PXJOH 1.%4
BOE%SZTPXJOH
t 1MBOU NBUFSJBM GPS QSFQBSBUJPO PG CPUBOJDBM
t "1$/' 7JEFP EJTTFNJOBUJPO UISPVHI 1JDP
FYUSBDUTJTMFTTBWBJMBCMF
QSPKFDUPST
'BSNFS GSJFOEMZ DPOUFOU BOE
t ,OPDLEPXO FGGFDU JO DPOUSPMMJOH QFTUT BOE 1BDLBHFPGQSBDUJDFT
EJTFBTFTJTIJHIJODIFNJDBMTXIFODPNQBSFEUP
t %JTTFNJOBUJPOPG"1$/'BDUJWJUJFTBOETVDDFTT
"1$/';#/'JOQVUT
UPSJFTJO3#,TBOEQSPWJTJPOPG"1$/'JOQVUTBU
"DUJPOQMBOGPS 3#,T
1BEIBUJ #1,1
$44 4DIFNFT PG (0* JO (SBN t "1$/'QSPHSBNIBTCFFOJNQMFNFOUFEJO
1BODIBZBUTBOEFYQBOTJPOPGUIFQSPHSBNNFXJUIMPBO NBOEBMT
(SBN 1BODIBZBUIT CSJOHJOH
BTTJTUBODF GSPN ,'8
B (FSNBO (PWFSONFOU %FWFMPQ
GBSNFST JO
IB BSFB VOEFS
NFOU#BOL &"1
1SPKFDUJO(SBN1BODIBZBUT /BUVSBM'BSNJOH
t 5BSHFUFE UP DPWFS MBLI GBSNFST VOEFS t
GBSNFST QSBDUJDFE 1SF .POTPPO %SZ
"1$/'XJUIMBLIIBBSFB 4PXJOH%SZTPXJOHNFUIPETJO
IB
t 1MBOOFEUPFTUBCMJTIMBLI,JUDIFO(BSEFOT t
8PNFO 4)(T IBWF QBSUOFSFE JO UIF
CZUIF8PNFO4FMG)FMQ(SPVQT $PNNVOJUZ NBOBHFE /BUVSBM 'BSNJOH
t 1MBOOFEUPDPWFSMBLIGBSNFSTUPQSBDUJDF QSPHSBNNFNBOBHFNFOUBOEFYUFOTJPO
1.%4NFUIPE t
1PPSFTU PG 1PPS IPVTFIPMET SBJTFE
t ,OPXMFEHF EJTTFNJOBUJPO BOE IBOEIPMEJOH IPNF TUFBE LJUDIFO HBSEFOT JO "1$/'
TVQQPSUJTDPOTUBOUMZQSPWJEFEUISPVHIGBSNFS NFUIPET
GBSNGBNJMJFTIBWFHSPVOEFE
ESJWFO FYUFOTJPO BSDIJUFDUVSF MFE CZ IPNFTUFBELJUDIFOHBSEFOT
$PNNVOJUZ3FTPVSDF1FSTPOT t
4)(T IBWF QVSDIBTFE DPXT UP UBLF VQ
t .PCJMJ[BUJPO
1MBOOJOH
.POJUPSJOH
JOQVU /BUVSBM'BSNJOH
QSFQBSBUJPOCZ8PNFO4FMG)FMQ(SPVQT t
CJP*OQVUTIPQTIBWFCFFOFTUBCMJTIFEJO
t 'PDVTTJOH$PNNVOJUZ3FTPVSDF1FSTPOT
4)( W JMMBHFT XJUI UIF TVQQPSU GSPN 7JMMBHF
MFBEFST
-FBE GBSNFST 70"T GPS UBLJOH VQ 0SHBOJ[BUJPOT 70T
1.%4
t 5IFJOEFQFOEFOUBTTFTTNFOUPG$$&TEBUBPO
t $POEVDUJOH4UBUFMFWFM505T
%JTUSJDUMFWFM505T ZJFMET
DPTUTBOEOFUJODPNFTJONBKPSDSPQTCZ
BOE7JMMBHFMFWFMBXBSFOFTTDBNQBJHOT UIF *OTUJUVUF GPS %FWFMPQNFOUBM 4UVEJFT *%4
t $BQBDJUZCVJMEJOHPGGJFMEGVODUJPOBSJFT "1 QSPWFE UIBU /BUVSBM GBSNJOH JNQSPWFT UIF
OFU JODPNFT PG UIF GBSNFST
BT UIF DPTUT BSF
t .PEFM QMPUT GPS FBDI *$31 UP TIPXDBTF
SFEVDFETJHOJGJDBOUMZBOE UIFSF JT OP TJHOJGJ
QSBDUJDFT
t %PDVNFOUBUJPOPGCFTUDBTFTUVEJFT
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
DBOUDIBOHF JO ZJFMET UIFSFCZ JNQSPWJOH UIF QSPQFSUZ SBOHFMBOET GPS MJWFTUPDL
TVQQMZ PG TFFET
OFUJODPNFTPGGBSNFST GFSUJMJ[FS BOE $PNNVOJUZ NBOBHFNFOU TFFE TZTUFN
t
GBSNFSTBSFQSBDUJDJOH/'DPNQMFUFMZ .BDIJOFSZIJSJOHDFOUFST
NBSLFUMJOLBHFT
OFUXPSLJOH
JO44 NPEFJOBOFYUFOUPG
IB GJOBODJBM BOE UFDIOJDBM BEWJDFT FUD 5IF '10 XJMM
JOUFSWFOF JO UIF BSFBT PG TVQQPSU GPS (SPVOE 8BUFS
t
4)(TBOEDPSSFTQPOEJOH70TBSF (PWFSOBODF
4FSWJDF UP 1SPEVDFS
"HSJDVMUVSF BOE
TZTUFNBUJDBMMZ QSBDUJDJOH /' 4BQUBTVUSB o -JWFTUPDL
BOE$SFEJU-JOLBHFT
*NQMFNFOUBUJPOPG/'%JTDVTTJPOT
/''PPE
/'
,JUDIFO (BSEFOT
/' 1SBDUJDFT
/' *OQVUT
/' 4'"$
/"#"3%
/$%$ /"'&% BSF JNQMFNFOUJOH
'VOET BOE/'3FDPSET BHFODJFTGPSGPSNBUJPOPG
OFX'10TBDSPTTBMMUIF
TUBUFT BOE UP QSPWJEF BEFRVBUF IBOEIPMEJOH BOE
3ZUIV#IBSPTB,FOESBNT QSPGFTTJPOBM TVQQPSU GPS NBLJOH UIFN FDPOPNJDBMMZ
TVTUBJOBCMFEVMZGBDJMJUBUJOHBEFRVBUFNBSLFUBOEDSFEJU
t "1$/'JTBMSFBEZXPSLJOHXJUI
3#,TPVU MJOLBHFT
PG
3#,TJOUIFTUBUF7""T7)"TBSFUIF
QPJOU QFSTPOTPG3#,TBOEUIFZIBWFCFFO 4UBUF (PWFSONFOU IBT TVCNJUUFE QSPQPTBM UP (0* GPS
USBJOFEPO/'" D P N N V O J U Z D B E S F J T EFTJHOBUJOH "1%.1 BT JNQMFNFOUJOH BHFODZ BOE
EFEJDBUFEUPXPSLXJUIFBDI3#,5IF"1$/' SFRVFTUFEGPSBMMPDBUJPOPG'10T%VSJOH
QSPHSBNNF TIBMM CF JNQMFNFOUFE JO '10TBSFSFHJTUFSFEVOEFS$PNQBOJFT"DUPVUPG
DPOWFSHFODFXJUIBCPVU
3#,TCZFOEPG (PWFSONFOUIBTJTTVFE0SEFSTGPSDPOTUJUVUJOHUIF4UBUF
MFWFM $POTVMUBUJWF $PNNJUUFF 4-$$
BOE %JTUSJDU MFWFM
t 3#,T BSF CFDPNJOH /BUVSBM 'BSNJOH )VCT GPS .POJUPSJOH $PNNJUUFFT %.$T
%JTUSJDU -FWFM
LOPXMFEHF EJTTFNJOBUJPO
USBDFBCJMJUZ
.POJUPSJOH$PPSEJOBUJPO$PNNJUUFF %.$
IBTCFFO
DFSUJGJDBUJPO
JEFOUJGJDBUJPO
&$SPQ CPPLJOH
GPSNFEJOBMMUIFEJTUSJDUT5IF'PVSUINFFUJOHPG4-$$
'BSNFS 'JFME 4DIPPM
*OQVUPVUQVU TUBMMT
XBTIFMEPOUI+VOF
$PNNVOJUZ)JSJOH$FOUSFT $)$T
4PJM BOE 5IFJNQMFNFOUJOHBHFODZXJTFOPPG$##0TFOHBHFE
TFFEUFTUJOH
FUD '10T SFHJTUFSFE GPS UIF ZFBS BSF TIPXO JO
5BCMF
'BSNFST1SPEVDF0SHBOJTBUJPO
'BSNFS1SPEVDFS0SHBOJTBUJPO '10
JTCVJMUPOUIFCBTJT
PGTPDJBMDBQJUBMDPNNVOJUJFT
QBSUJDJQBUJPOJOXBUFSBOE
TPJM DPOTFSWBUJPO BDUJWJUJFT
NBOBHFNFOU PG DPNNPO
5BCMF*NQMFNFOUJOHBHFODZXJTF/PPG$##0TFOHBHFE '10TSFHJTUFSFEGPSUIFZFBS
EŽ͘ŽĨ EŽ͘ŽĨ&WKƐ
/ŵƉůĞŵĞŶƚŝŶŐ EŽ͘ŽĨ EŽ͘ŽĨ&WKƐ
^ů͘EŽ͘ ĂŐĞŶĐLJ
KƐ ůƵƐƚĞƌƐ
ƌĞŐŝƐƚĞƌĞĚ
ĂůůŽƚƚĞĚ
ĞŶŐĂŐĞĚ
ϭ EZ ϭϬ ϲϭ ϲϭ Ϭϯ
Ϯ E ϬϮ ϭϮ ϭϮ
ϬϬ
ϯ ^& ϯ ϭϯ ϭϯ
ϬϮ
ϰ E& ϭ Ϭϱ Ϭϱ
ϬϬ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
*OUFHSBUFE $PPQFSBUJWF %FWFMPQNFOU $S XJUI UIF 1SPKFDU QFSJPE PG GJWF
ZFBST /$%$
1SPKFDUT *$%1
SFMFBTFE 3T $SPSFT JODMVEJOH 4UBUF NBUDIJOH
TIBSF PG 1*5 $PNQPOFOU PG 3T DSPSFT
UP UIF 4UBUF
*OUFHSBUFE $PPQFSBUJWF %FWFMPQNFOU 1SPKFDU *$%1
JT 1SPKFDU.POJUPSJOH$FMM
CFJOH JNQMFNFOUFE CZ UIF %FQBSUNFOU XJUI UIF
%VSJOHUIFZFBS
3T$STMPBODPNQPOFOU
GJOBODJBM BTTJTUBODF PG /BUJPOBM $PPQFSBUJWF
XBTSFMFBTFECZUIF/$%$UPUIF4UBUF(PWFSONFOU
%FWFMPQNFOU$PSQPSBUJPO /$%$
XJUIBDPSFPCKFDUJWF
PGJNQSPWJOHJOGSBTUSVDUVSFGBDJMJUJFTPGTPDJFUJFTBOEUP %VSJOHVOEFS
*$%1**1SPKFDUTUIFBDUJWJUJFT
QSPWJEF.BSHJO.POFZBTTJTUBODFUPTPDJFUJFTJODMVEJOH TVDIBTDPOTUSVDUJPOPGHPEPXOTUP1"$4BOESFQBJSPG
UIF GVODUJPOBM TPDJFUJFT MJLF 'JTIFSJFT
%BJSJFT BOE PME HPEPXOT XFSF UBLFO VQ UISPVHI FUFOEFS
)BOEMPPNFUD6OEFSUIJTTDIFNF
BTTJTUBODFJTQSPWJEFE QSPDFTT (PEPXOTDVNPGGJDFCVJMEJOHTGPSUIF1"$4
GPS EFWFMPQNFOU PG "HSJDVMUVSBM QSPEVDUJPO
TVQQMZ PG VOEFS *$%1** &BTU (PEBWBSJ BSF DPNQMFUFE BOE CFJOH
"HSJDVMUVSF JOQVUT
.BSLFUJOH
4UPSBHF BOE QSPDFTTJOH VUJMJ[FE 5IF/$%$IBTSFMFBTFE3T$STUPXBSET
BDUJWJUZ OE ZFBS JOTUBMMNFOU 0O JNQMFNFOUBUJPO PG UIF
QSPKFDUTPWFSBQFSJPEPG
ZFBST
1"$4TBOEPUIFS
*$%1 4DIFNF VOEFS 1IBTF*
XBT
UZQF PG TPDJFUJFT BOE
NFNCFST PG UIPTF
JNQMFNFOUFEJOBMMEJTUSJDUTJOUIF4UBUFXJUIBOPVUMBZPG
TPDJFUJFTXJMMCFCFOFGJUFEBOEJNQSPWFUIFJSMJWFMJIPPET
3T $SPSFT 6OEFS 1IBTF**
UIF /$%$ IBT
TIPXOJOUIF5BCMF
TBODUJPOFE *$% 1SPKFDUT GPS
%JTUSJDUT JF $IJUUPPS
,VSOPPMBOE&BTU(PEBWBSJXJUIUPUBMPVUMBZPG3T
5BCMF4FDUPSTDPWFSFEBOEHFUCFOFGJUUFEVOEFSUIFTDIFNF
Ϯ͘ WƌŝŵĂƌLJŐƌŝĐƵůƚƵƌĞ ŽŶƐƚƌƵĐƚŝŽŶŽĨ'ŽĚŽǁŶƐ͕'ŽĚŽǁŶƐĐƵŵKĨĨŝĐĞƵŝůĚŝŶŐƐ͕ZĞƉĂŝƌƐŽĨ
ŽŽƉĞƌĂƚŝǀĞ^ŽĐŝĞƚŝĞƐ ĞdžŝƐƚŝŶŐ'ŽĚŽǁŶƐĂŶĚ/ŶĨƌĂƐƚƌƵĐƚƵƌĞĂŶĚ^ŚĂƌĞĂƉŝƚĂůĂƐƐŝƐƚĂŶĐĞĨŽƌ
ƵƐŝŶĞƐƐĚĞǀĞůŽƉŵĞŶƚ͘
ϯ͘ ŽŽƉĞƌĂƚŝǀĞ:ŽŝŶƚ&ĂƌŵŝŶŐ ^ŚĂƌĞĂƉŝƚĂůΘ>ŽĂŶĂƐƐŝƐƚĂŶĐĞĨŽƌůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚŐƌŝĐƵůƚƵƌĞ
^ŽĐŝĞƚŝĞƐ ŝŶƉƵƚƐ͘
ϰ͘ tĞĂǀĞƌƐŽŽƉĞƌĂƚŝǀĞ ^ŚĂƌĞĂƉŝƚĂůΘ>ŽĂŶĂƐƐŝƐƚĂŶĐĞĨŽƌǁŽƌŬŝŶŐĐĂƉŝƚĂůĨŽƌƉƌŽĚƵĐƚŝŽŶΘ
^ŽĐŝĞƚŝĞƐ DĂƌŬĞƚŝŶŐǀĞŚŝĐůĞƐĞƚĐ͕͘
ϱ͘ &ŝƐŚĞƌŝĞƐŽŽƉĞƌĂƚŝǀĞ ^ŚĂƌĞĂƉŝƚĂůΘ>ŽĂŶĂƐƐŝƐƚĂŶĐĞ ĨŽƌƉƵƌĐŚĂƐĞŽĨEĞƚƐĂŶĚŽĂƚΘ
^ŽĐŝĞƚŝĞƐ DĂƌŬĞƚŝŶŐ͘
ϲ͘ ĂŝƌLJ ^ŚĂƌĞĂƉŝƚĂůΘ>ŽĂŶĂƐƐŝƐƚĂŶĐĞĨŽƌƉƵƌĐŚĂƐĞŽĨŵŝůŬĂŶŝŵĂůƐĂŶĚ
ŝŶƐƚĂůůĂƚŝŽŶŽĨDŝůŬĐŽůůĞĐƚŝŽŶĐĞŶƚĞƌƐĂŶĚŽƚŚĞƌŝŶĨƌĂƐƚƌƵĐƚƵƌĞĞƚĐ͕͘
ϳ͘ DĂŶĚĂůDĂŚŝůĂŽŽƉĞƌĂƚŝǀĞ ^ŚĂƌĞĂƉŝƚĂůΘ>ŽĂŶĂƐƐŝƐƚĂŶĐĞƚŽ^ĞůĨ,ĞůƉ'ƌŽƵƉƐ ;^,'͛ƐͿƚŚƌŽƵŐŚƚŚĞ
^ĂŵĂŬŚLJĂƐ ŝůůĂ ΘDĂŶĚĂů^ĂŵĂŝŬLJĂƐƚŽǁĂƌĚƐ/ŶĐŽŵĞ'ĞŶĞƌĂƚŝŶŐĐƚŝǀŝƚŝĞƐŝŶ ZƵƌĂů
ĂƌĞĂƐ͘
ϴ͘ dŚĞDŝƐƐŝŽŶĨŽƌůŝŵŝŶĂƚŝŽŶ ^ŚĂƌĞĂƉŝƚĂůΘ>ŽĂŶĂƐƐŝƐƚĂŶĐĞƚŽ^ĞůĨ,ĞůƉ'ƌŽƵƉƐ;^,'͛ƐͿƚŚƌŽƵŐŚƚŚĞ
ŽĨWŽǀĞƌƚLJŝŶDƵŶŝĐŝƉĂů DWDƐƚŽǁĂƌĚƐ/ŶĐŽŵĞ'ĞŶĞƌĂƚŝŶŐĐƚŝǀŝƚŝĞƐŝŶhƌďĂŶĂƌĞĂƐ͘
ƌĞĂƐ;DWDͿ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
5BCMF5IFQFSGPSNBODFTUBUVTPG%$.4
4M/P
1BSUJDVMBST 'PSUIFZFBSUP
4IBSF$BQJUBM$POUSJCVUJPO
#VTJOFTT5VSOPWFS
1SPGJU
-PTT
"DDVNVMBUFEMPTTFT
"TTFUT
-JBCJMJUJFT
"1."3,'&% GPSDPOTUSVDUJPOPG(PEPXOTCZUIF1SJNBSZ"HSJDVMUVSBM
$PPQFSBUJWF 4PDJFUZ VOEFS TVQFSWJTJPO PG $PPQFSBUJPO
"1."3,'&%JTBOBQFYPSHBOJ[BUJPOGPSUIF$PPQFSBUJWF
%FQBSUNFOU
.BSLFUJOH 4PDJFUJFT $.4
JO UIF 4UBUF TVQQMZJOH
BHSJDVMUVSBM JOQVUT
$BUUMF 'FFE
GFSUJMJ[FST
HZQTVN
-BCPVS$POUSBDU$PPQFSBUJWF4PDJFUJFT
QSPWJTJPO BOE PUIFS SFRVJSFNFOU UP QSJWBUF SVO
JOTUJUVUJPOT BOE (PWFSONFOU )PTUFMT 4VCTFRVFOU UP -BCPVS $POUSBDU $PPQFSBUJWF 4PDJFUJFT GVODUJPO JO B
JOUFSEJDUJPOPGTJOHMFXJOEPXTZTUFNJOUIF4UBUFJO
UJFS TUSVDUVSF JF
1SJNBSZ -FWFM -$$4 JO UIF 4UBUF
."3,'&%PGGFSTJUTTFSWJDFTUPUISPVHI3#,T
1"$4TBUUIF BOE BMM %JTUSJDU 'FEFSBUJPOT PG -BCPVS $POUSBDU
QSJNBSZMFWFM $PPQFSBUJWF4PDJFUJFT4UBUF-FWFMo"14UBUF$PPQFSBUJWF
-BCPVS $POUSBDU $PPQFSBUJWF 4PDJFUJFT 'FEFSBUJPO -UE
"1 ."3,'&% QMBZFE B LFZ SPMF JO DSFBUJPO PG 1SJDF
/PX BMM UIF %JTUSJDU -FWFM 'FEFSBUJPO BOE 4UBUF -FWFM
4UBCJMJ[BUJPO'VOEXJUI3T$SPSFTUPQSPUFDUGBSNFS
'FEFSBUJPOBSFVOEFS-JRVJEBUJPO
JOUFSFTU BOE .41 GPS DFSUBJO DSPQT MJLF5VSNFSJD .JOPS
.JMMFUT
4XFFU 0SBOHFT
#BOBOB
0OJPO &UD
BOE UBLFT
$PPQFSBUJWF+PJOU'BSNJOH4PDJFUJFT
VOEFS QSPDVSFNFOU PG PUIFS DPNNPEJUJFT VOEFS
DPNNFSDJBM BDDPVOU FWFSZ ZFBS EFQFOEJOH VQPO UIF +PJOU'BSNJOH$PPQFSBUJWFTBSFJOUIFUISFFUJFSTUSVDUVSF
NBSLFUTJUVBUJPO JF
1SJNBSZ-FWFM$+'4BOE%JTUSJDU-FWFM%JTUSJDU
'FEFSBUJPO PG $PPQFSBUJWF +PJOU 'BSNJOH 4PDJFUJFT BOE
3BTIUSJZB ,SJTIJ 7JLBT :PKBOB 3,7: 4UBUF -FWFM "OEISB 1SBEFTI 4UBUF $PPQFSBUJWF +PJOU
3"'5""3
'BSNJOH 4PDJFUJFT 'FEFSBUJPO -UE 5IF (PWFSONFOU
JTTVFE PSEFST GPS XJOEJOH VQ PG EFGVODU $PPQFSBUJWF
5IF 3BTIUSJZB ,SJTIJ 7JLBT :PKBOB 3FNVOFSBUJWF
+PJOU 'BSNJOH 4PDJFUJFT $+'4T
BOE PUIFS $PPQFSBUJWF
"QQSPBDIFT GPS "HSJDVMUVSF BOE "MMJFE 4FDUPS
+PJOU 'BSNJOH 4PDJFUJFT PO UIF SFQSFTFOUBUJPO PG UIF
3FKVWFOBUJPO 3,7:3"'5""3
JTBGMBHTIJQQSPHSBNNF
NFNCFSTPGUIFTPDJFUJFT
PGUIF(PWFSONFOUPG*OEJBXJUIHSBOUCZUIF$FOUSBM
(PWFSONFOUBOEHSBOUTCZUIF4UBUF1MBO4DIFNF $POTVNFS$PPQFSBUJWF4UPSFT
GPSDPOTUSVDUJPOPG(PEPXOTCZUIF1SJNBSZ"HSJDVMUVSBM
$PPQFSBUJWF 4PDJFUZ VOEFS TVQFSWJTJPO PG $PPQFSBUJPO $POTVNFS $PPQFSBUJWF 4UPSFT IBWF CFFO BTTJHOFE BO
%FQBSUNFOU JNQPSUBOUSPMFJOEJTUSJCVUJPOPGHPPERVBMJUZDPOTVNFS
BSUJDMFTBUDPNQFUJUJWFQSJDFTUPDPOUSPMQSJDFMJOFJOCPUI
-BCPVS$POUSBDU$PPQFSBUJWF4PDJFUJFT VSCBOBOESVSBMBSFBT"CPVU$POTVNFS$PPQFSBUJWF
4UPSFT BSF GVODUJPOJOH JO UIF 4UBUF $POTVNFS
5IF 3BTIUSJZB ,SJTIJ 7JLBT :PKBOB 3FNVOFSBUJWF
$PPQFSBUJWF4UPSFTBSFBMTPVOEFSUBLJOHEJTUSJCVUJPOPG
"QQSPBDIFT GPS "HSJDVMUVSF BOE "MMJFE 4FDUPS
UFYUCPPLT
OPUFCPPLT
DMPUI
DSBDLFST BOE TVQQMZ PG
3FKVWFOBUJPO 3,7:3"'5""3
JTBGMBHTIJQQSPHSBNNF
WBSJPVTTUBUJPOBSZJUFNTBOEQSPWJTJPOTUP(PWFSONFOU
PGUIF(PWFSONFOUPG*OEJBXJUIHSBOUCZUIF$FOUSBM
IPTUFMTFUD
(PWFSONFOUBOEHSBOUTCZUIF4UBUF1MBO4DIFNF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"14UBUF$P0QFSBUJWF6OJPO 3VSBM&MFDUSJD$PPQFSBUJWF4PDJFUJFT
"1 4UBUF $P0QFSBUJWF 6OJPO JT BO "QFY $PPQFSBUJWF 5IF LFZ PCKFDUJWF PG UIF 3VSBM &MFDUSJD $PPQFSBUJWF
JOTUJUVUJPO JO UIF GJFME PG $PPQFSBUJWF &EVDBUJPO BOE 4PDJFUJFTJTUPQVSDIBTFFMFDUSJDJUZJOCVMLGSPNOFBSFTU
5SBJOJOH BOE JT GVODUJPOJOH XJUI 7JKBZBXBEB BT %*4$0. BOE EJTUSJCVUF GPS EPNFTUJD
JOEVTUSJBM BOE
)FBERVBSUFST 5IFSF BSF GPVS $PPQFSBUJWF USBJOJOH BHSJDVMUVSBM QVSQPTF
GVODUJPOJOH VOEFS UIF DPOUSPM PG
$FOUSFT $5$T
MPDBUFE BU 7JKBZBXBEB
3BKBNVOESZ
$PPQFSBUJWF %FQBSUNFOU5IFSF BSF 3&$T
,VQQBN
"OBOUIBQVS BOE :43,BEBQB EJTUSJDUT JO UIF 4UBUF 3&$4 -UE
$IJUUPPS %JTUSJDU
"OBLBQBMMJ 3&$4 -UE
XPSLJOHVOEFS"14$65IF"14$6JTPGGFSJOH%JQMPNBJO ,BTJNLPUB7JTBLIBQBUOBN%JTUSJDU
$IFFQVSVQBMMJ3&$4
$PPQFSBUJWF.BOBHFNFOUBOE$PNQVUFS"QQMJDBUJPOT -UE
$IFFQVSVQBMMJ
7J[JBOBHBSBNEJTUSJDU
BOE BMTP QVCMJTIJOH B $PPQFSBUJWF NPOUIMZ NBHB[JOF
UJUMFE BT i4BIBLBBSB 4BNBBDIBBSBNw GPS BXBSFOFTT "OEISB1SBEFTI$PPQFSBUJWF5SJCVOBM
CVJMEJOHBOEQSPQBHBUJPOPG$PPQFSBUJWF1SJODJQMFTBOE "T QFS UIF QSPWJTJPOT PG 4FDUJPO PG "1 $PPQFSBUJWF
$PPQFSBUJWF.PWFNFOUJOUIF4UBUF*UXBTJODMVEFEJO 4PDJFUJFT "1$4
"DU
UIF"1$PPQFSBUJWF5SJCVOBM
UIF9TDIFEVMFPG"13FPSHBOJ[BUJPO"DU "1$5
XBT DPOTUJUVUFE JO UIF 4UBUF BOE JT MPDBUFE BU
8JUI SFHBSE UP UIF EJTUSJCVUJPO PG GVOET BO BNPVOU PG 7JKBZBXBEB5IF"1$4"DU
QSPWJEFTUXPEJGGFSFOU
3T
SFDFJWFE GSPN UIF 5FMBOHBOB 4UBUF GPSVNPGBQQFBMPOEFDJTJPOTPSPSEFST
BXBSETQBTTFECZ
$PPQFSBUJWF6OJPO-UE
)ZEFSBCBEPOBTQFS UIF2VBTJ+VEJDJBM0GGJDFSTPGUIFEFQBSUNFOU0OFJTUIF
UIF CBMBODFT BT PO #VU
5IF "1 4UBUF "1$5 CFJOH BO BQQFMMBUF GPSVN JO SFTQFDU PG DFSUBJO
$PPQFSBUJWF 6OJPO XBT CJGVSDBUFE PO 'FCSVBSZ 4FDUJPOTTQFDJGJFEVOEFS4FDUJPOPGUIF"DUBOEBTQFS
'SPN UP 'FCSVBSZ $PPQFSBUJWF 4FDUJPOPGUIF"DUUIFPUIFSCFJOHUIF(PWFSONFOU
&EVDBUJPO'VOEDPMMFDUFEGSPNCPUITUBUFTJF
5FMBOHBOB BOE UIF 3FHJTUSBS PG $PPQFSBUJWF 4PDJFUJFT BSF UIF
BOE "OEISB 1SBEFTI BOE UIF GVOET BSF IFME XJUI UIF BQQFMMBUF BVUIPSJUJFT JO SFTQFDU PG PUIFS PSEFST PS
5FMBOHBOB4UBUF$PPQFSBUJWF6OJPOPOMZ)FODFXFIBWF EFDJTJPOT XIJDI BSF OPU DPWFSFE VOEFS UIF QVSWJFX PG
SFRVFTUFE UIF 5FMBOHBOB 4UBUF $PPQFSBUJWF 6OJPO UP "1$5"DU
5IF"1$5
7JKBZBXBEBBMTPIBTPSJHJOBM
EJTUSJCVUFUIFGVOETBTQFSUIFCBMBODFTBTPO'FCSVBSZ KVSJTEJDUJPO PWFS UIF EJTQVUFT GJMFE VOEFS "1 .VUVBMMZ
JODMVEJOHJOUFSFTUGSPN'FCSVBSZUPVQUPEBUF "JEFE$PPQFSBUJWF4PDJFUJFT"DU
"(3*$6-563&"--*&%"$5*7*5*&4
'PSUIFZFBS
$PPQFSBUJWF4PDJFUJFTXFSF 1SPEVDUJWJUZFOIBODFNFOUBOEFYQPSUQPUFOUJBM
QSPHSBNNFEGPSBVEJU
PGXIJDI
BSFVOEFSBJEFE "OEISB 1SBEFTI SBOLT GJSTU JO QSPEVDUJWJUZ PG 0JM 1BMN
DBUFHPSZBOESFNBJOJOH
VOBJEFEDBUFHPSZBOE 1BQBZB
-JNF
$PDPB
5PNBUP
$PDPOVUBOE$IJMMJFT"SFB
UIFBVEJUJTVOEFSQSPHSFTT VOEFS )PSUJDVMUVSF DSPQT JT -BLI )FDUBSFT BOE
)PSUJDVMUVSF QSPEVDUJPO JT -BLI .5 "OEISB 1SBEFTI JT UIF
MBSHFTU QSPEVDFS PG GSVJUT JO UIF DPVOUSZ DPOUSJCVUJOH
0WFS UIF ZFBST
UIFSF IBT CFFO B TUSVDUVSBMTIJGU JO UIF
PGUIFUPUBMDPVOUSZhTGSVJUQSPEVDUJPO%JTUSJDUXJTF
DSPQQJOHQBUUFSOJOUIFTUBUFBOEIPSUJDVMUVSFTFDUPSJT
1SPEVDUJWJUZ PG (SPXUI &OHJOF DSPQT BSF HJWFO JO
HSPXJOHBUBGBTUFSQBDFUIBOBHSJDVMUVSFUPXBSETNBLJOH
"OOFYVSFEVSJOH
"OEISB1SBEFTIBNBKPSIPSUJDVMUVSFIVC5IFBHSBSJBO
TUBUF PG "OEISB 1SBEFTI JT IFBEJOH UPXBSET B WBMVF (PBM
BEEJUJPO QMBUGPSN GSPN UIF DPOWFOUJPOBM QSPEVDUJPO
t $SPQ%JWFSTJGJDBUJPOGSPNUSBEJUJPOBMBHSJDVMUVSF
BQQSPBDI5IFSFUVSOTGSPN)PSUJDVMUVSFQFSVOJUPGMBOE
DSPQT UP DPNNFSDJBM IPSUJDVMUVSF DSPQT UP BO
BSFIJHIFSBTDPNQBSFEUP"HSJDVMUVSF)PSUJDVMUVSF
BTB
FYUFOUPG)B
DMJNBUF SFTJMJFOU BMUFSOBUJWF JOWPMWJOH MFTT SJTL
BTTVSFT
IJHIFSJODPNFUPGBSNFST)PSUJDVMUVSFTFDUPSUVSOFEPVU t #SJOHJOH BEEJUJPOBM BSFB -BLI )B
VOEFS
UP CF BO FTTFOUJBM DPNQPOFOU GPS GPPE BOE OVUSJUJPOBM .JDSP*SSJHBUJPO
TFDVSJUZ JO UIF TUBUF BOE JT JOUFHSBM GPS GPPE BOE t *ODSFBTJOH1SPEVDUJPO
1SPEVDUJWJUZ2VBMJUZPG
OVUSJUJPOBMTFDVSJUZJOUIF4UBUF)PSUJDVMUVSFDPNQSJTFT )PSUJDVMUVSF QSPEVDF CZ BEPQUJPO PG .VMUJ
PGGSVJUT
WFHFUBCMFT
GMPXFST
TQJDFTBOEQMBOUBUJPODSPQT 4UPSJFE $SPQQJOH
*OUFSDSPQQJOH
h)PSUJDVMUVSFh4FDUPSJTJOUFHSBMGPSGPPEBOEOVUSJUJPOBM
TFDVSJUZ JO UIF 4UBUF )PSUJDVMUVSF DPNQSJTFT PG GSVJUT
4USBUFHZGPS%FWFMPQNFOU
WFHFUBCMFT
GMPXFST
TQJDFT BOE QMBOUBUJPO DSPQT 8JEF t 1SPNPUJPO PG .VMUJ$SPQQJOH UP FOIBODF
SBOHFPGBHSPDMJNBUJDDPOEJUJPOTPG"OEISB1SBEFTIJT QSPEVDUJWJUZQFSVOJUBSFBGPSBEEJUJPOBMJODPNF
DPOEVDJWFGPSHSPXJOHBMBSHFWBSJFUZPG'SVJUT
7FHFUBCMF UPGBSNFST
$SPQTJODMVEJOH3PPUBOE5VCFSDSPQT
0SOBNFOUBMDSPQT
t &ODPVSBHJOH FGGJDJFOU BOE FGGFDUJWF VUJMJ[BUJPO
4QJDFT
QMBOUBUJPODSPQTMJLF$PDPOVU
$BTIFXBOE$PDPB
PGXBUFSBOEGFSUJMJ[FSTUISPVHI.JDSP*SSJHBUJPO
FUD
t 1SPNPUJOH "HSJ *OGSBTUSVDUVSF MJLF $PMMFDUJPO
5IF (PWFSONFOU PG "OEISB 1SBEFTI JT DPNNJUUFE UP
$FOUSFTBOE4PMBS$PME3PPNTVOEFS.*%)
GBSNFSDFOUSJDQSPHSBNNFTBOEJEFOUJGJFE)PSUJDVMUVSF
TFDUPS BT POF PG UIF HSPXUI FOHJOFT JO FDPOPNJD t .PCJMJ[BUJPOPGGBSNFSTJOUP'BSNFST1SPEVDFST
EFWFMPQNFOUPGUIF4UBUF*O"OEISB1SBEFTI
UIFBSFB 0SHBOJ[BUJPOT '10T
GPSDSFBUJOHGPSXBSEBOE
VOEFS)PSUJDVMUVSFDSPQTJT-BLI)FDUBSFTXJUIB CBDLXBSE MJOLBHFT GPS CFUUFS SFUVSOT BOE
QSPEVDUJPOPG-BLI.5T 'JOBMFTUJNBUFT
EVSJOH EPVCMJOHGBSNFShTJODPNF
5IFDSPQXJTF"SFBBOE1SPEVDUJPOQBSUJDVMBST t 1SPNPUJPO PG )JHI %FOTJUZ
#MPDL QMBOUBUJPO
PG)PSUJDVMUVSFDSPQTGPSBSFHJWFOJO"OOFYVSF CPVOEBSZQMBOUBUJPOJOBOFYUFOUPG)B
BOEUIFEFUBJMTJOCSJFGBSFTIPXOJO5BCMF VOEFS/BUJPOBM#BNCPP.JTTJPO
5BCMF"SFBBOE1SPEVDUJPO4UBUVT t "EPQUJOH NPEFSO UFDIOPMPHJFT TVDI BT
'JOBM
4M
/P
$SPQ$BUFHPSZ "SFBJO 1SPEVDUJPOJO 1SPUFDUFE$VMUJWBUJPO 1PMZIPVTFT4IBEFOFU
-BLI)B -BLI.5T
IPVTFT
GPS DVMUJWBUJPO PG )JHI WBMVF GMPXFST
'SVJUT
7FHFUBCMFT BOEWFHFUBCMFTGPSIJHIFSSFUVSOT
'MPXFST
t 'PDVT PO 1PTU)BSWFTU *OGSBTUSVDUVSF MJLF 1SF
1MBOUBUJPO$SPQT
$PPMJOH
$PME 4UPSBHFT
3JQFOJOH $IBNCFST
4QJDFT
.FEJDJOBM"SPNBUJD1MBOUT 3FGFS 7BOT
'BSN 'SFTI 7FHFUBCMFT
7FOEJOH
5 PUBM 7BOTFUD
4PVSDF)PSUJDVMUVSF%FQBSUNFOU
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
IBTCFFODSFBUFEBU,VQQBNJO$IJUUPPSEJTUSJDU
"DIJFWFNFOUTPG -BLI HSBGUFE BOE -BLI OPOHSBGUFE
WFHFUBCMF TFFEMJOHT BSF QSPEVDFE BOE
t "OEISB1SBEFTITUBOETJOGJSTUQPTJUJPOJO"SFB
EJTUSJCVUFEJO
1SPEVDUJPOBOE1SPEVDUJWJUZPG0JM1BMNXJUIBO
BSFB PG MBLI IB XIJDI JT MBLI t 5IF (PWFSONFOU IBT QSPQPTFE GPS &TUBCMJTI
'BSNFST
BSFBJOUIF$PVOUSZ NFOUPG$FOUSFPG&YDFMMFODFGPS7FHFUBCMFT
4QJDFT JO (VOEMBQBMMJ 7
PG 1BMOBEV %
BOE
t )PSUJDVMUVSF 4FDUPS IBT SFDPSEFE $FOUSFPG&YDFMMFODFGPS#BOBOBJO1VMJWFOEVMB
HSPXUI PWFS UIF QSFWJPVT ZFBS BOE DPOUSJ $POTUJUVFODZPG:43%JTUSJDU
CVUFE3T
$SPSFEVSJOH "&
UP
(7"PG"OEISB1SBEFTI t 5IF (PWFSONFOU PG "OEISB 1SBEFTI IBT
GPDVTFE JO FODPVSBHJOH GPSNBUJPO PG 'BSNFS
t "OBSFBPG
"DSFTIBTCFFOCSPVHIUVOEFS 1SPEVDFS 0SHBOJ[BUJPOT '10T
GPS NBLJOH
0JMQBMNDVMUJWBUJPOEVSJOHJOUIF4UBUF GBSNFST FBTFJOUIFJSPQFSBUJPOTMJLFBHHSFHB
XIJDIJTIJHIFTUJOUIF$PVOUSZGPSBOZPOFZFBS UJPO
DPMMFDUJPOPGQSPEVDFBOEGPSNBSLFUJOHUP
%VSJOH DVSSFOU ZFBS
BO BEEJUJPOBM BSFB PG HFU SFNVOFSBUJWF QSJDF CZ BWPJEJOH NJEEMF
"DSFT XBT CSPVHIU VOEFS 0JM QBMN NBO
QMBOUBUJPOGSPN PUIFS USBEJUJPOBM DSPQT BT
QBSUPG$SPQ%JWFSTJGJDBUJPO t 5IF%FQBSUNFOUPG)PSUJDVMUVSFIBTTVQQPSUFE
'10T XJUI GJOBODJBM BDIJFWFNFOU PG
t %VSJOH
'JWF '10hT IBWF SFDFJWFE %S:43 3T $SPSFT UPXBSET 1SPNPUJPOBM DPTU
-JGF5JNF"DIJFWFNFOU"XBSET *OUFHSBUFE1BDL)PVTFT
$PMMFDUJPO $FOUSFT
t "OEISB 1SBEFTI IBT FNFSHFE BT UIF CJHHFTU 5SBOTQPSU WFIJDMFT
PUIFS JOGSBTUSVDUVSF
FYQPSUFSPG#BOBOBBOEXBTBXBSEFECZ*$"3 GBDJMJUJFTBOENBSLFUJOH
/3$
#BOBOB
5JSVDIJSBQBMMJ
5BNJMOBEV GPS t (PWFSONFOUPG"1JTGPDVTFEUPFTUBCMJTI
FYQPSU QSPNPUJPO "CPVU
.5 PG $PMMFDUJPO $FOUSFT BOE
$PME 3PPNT JO
#BOBOB IBWF CFFO FYQPSUFE EVSJOH UIF MBTU DMVTUFS NPEFBU3#,TUPDPOOFDUBMMUIF'10T
UISFFZFBSTUPEJGGFSFOU $ P V O U S J F T G S P N XJUIUIFUSBEFSTJOBMM
EJTUSJDUT0VUPGXIJDI
"OEISB1SBEFTI
$PMMFDUJPO$FOUSFTBOE
$PME3PPNT
t "CPVU.5TPG.BOHPIBTCFFOFYQPSUFE XFSFTBODUJPOFETPGBS
UPEJGGFSFOUDPVOUSJFTGSPN"OEISB1SBEFTI t (PWFSONFOUPG"OEISB1SBEFTIJTUIFGJSTU4UBUF
t
BGUFS TBMFT TFSWJDF DBNQBJHOT XFSF UP BOOPVODF .41 GPS )PSUJDVMUVSF DSPQT JF
PSHBOJ[FE DPWFSJOH
GBSNFST GPS #BOBOB 3T2
5VSNFSJD 3T2
NBJOUFOBODFPG.JDSP*SSJHBUJPOTZTUFNTBOEJUT 0OJPO 3T2
4XFFU 0SBOHF 3T2
PQUJNBM VUJMJ[BUJPO VOEFS :43 5IPUBCBEJ $IJMMJFT 3T2
XIJDI BSF OPU DPWFSFE CZ
1SPHSBNNF (0*
t DSPQTQFDJGJD5IPUBCBEJQSPHSBNNFTXFSF t 5PFOTVSFTVQQMZPGRVBMJUZQMBOUNBUFSJBMUPUIF
PSHBOJ[FE JO WBSJPVT IPSUJDVMUVSF DSPQT GBSNFST
BCPVU OVSTFSJFT IBWF BMSFBEZ
DPWFSJOH
GBSNFSTGPSQSPEVDUJWJUZ BOE CFFO SFHJTUFSFE VOEFS h"OEISB 1SBEFTI
RVBMJUZFOIBODFNFOUJO)PSUJDVMUVSFDSPQT 3FHJTUSBUJPO PG )PS UJDVMUVSF /VSTFSJFT
3FHVMBUJPO
"DU
h
t %VSJOH
TP GBS
GBSNFST
SFHJTUFSFE GPS .JDSP *SSJHBUJPO TZTUFNT UP BO t "O BNPVOU PG 3T $SPSF IBT CFFO
FYUFOUPG
IB
UISPVHI3#,T SFMFBTFE UP UIF
IPSUJDVMUVSF GBSNFST
UPXBSET JOQVU TVCTJEZ PG IPSUJDVMUVSF DSPQT
t 6OEFS.JTTJPOGPS*OUFHSBUFE%FWFMPQNFOUPG
EBNBHFEEVFUP WBSJPVT /BUVSBM $BMBNJUJFT
)PSUJDVMUVSF .*%)
$FOUSF PG &YDFMMFODF GPS
UISPVHI%#5"OBNPVOUPG3T$SPSFIBT
WFHFUBCMFTBOEGMPXFSTXJUITUBUFPGBSUGBDJMJUZ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
CFFOSFMFBTFESFDFOUMZBT BEEJUJPOBMDPNQFO 1SBEFTI "1.*1 XBT MBVODIFE XJUI BO PCKFDUJWF PG
TBUJPO GPS
IPSUJDVMUVSF GBSNFST GPS FOIBODJOH UIF DSPQ QSPEVDUJWJUZ CZ JNQSPWJOH UIF
$PDPOVU BOE $BTIFX DSPQT EBNBHFE EVF UP XBUFSVTFFGGJDJFODZUISPVHI.JDSP*SSJHBUJPOTZTUFNT
5JUMJ$ZDMPOFCZUIF(PWFSONFOUPG"1 GPS UIF CFOFGJU PG UIF GBSNFST *O WJFX PG EFGJDJU
3BJOGBMM
3BJO TIBEPX SFHJPOT
VOQSFEJDUBCMF SBJOT
t "OBSFBPGNPSFUIBO
"DSFTIBTCFFO
BOEDPOTJEFSBCMFEFQMFUJPOPGHSPVOEXBUFS
GBSNFST
CSPVHIUVOEFSSFNVOFSBUJWFIPSUJDVMUVSFDSPQT
IBWFPQUFEGPS%SJQ*SSJHBUJPO5PBDIJFWFUIFDPODFQU
JO UIF MBTU ZFBST EVMZ SFQMBDJOH MFTT
PGh1FS%SPQ.PSF$SPQh
.JDSPJSSJHBUJPOJTUBLFOVQ
SFNVOFSBUJWFDSPQTMJLFVQMBOE1BEEZ
5PCBDDP
QBSUJDVMBSMZ JO UIF EJTUSJDUT PG 3BZBMBTFFNB
BQBSU
4VHBSDBOF
$BTVBSJOB
&VDBMZQUVTFUD
GSPNPUIFSCBDLXBSEBSFBTJO"OEISB1SBEFTI
t 4JODF
UIF %FQBSUNFOU IBT TQFOU
*UJTBOPOHPJOHQSPKFDUBOETPGBSMBLIIFDUBSFT
BCPVU 3T $S
UISPVHI UIF TDIFNFT
IBT CFFO DPWFSFE VOEFS .JDSP *SSJHBUJPO JO
CFJOH JNQMFNFOUFE CZ UIF EFQBSUNFOU BOE
%JTUSJDUT JO UIF 4UBUF GSPN UP
BCPVU
GBSNFST BSF CFOFGJUUFE JO
CFOFGJUJOHMBLIGBSNFST5PFODPVSBHFGBSNFST
)PSUJDVMUVSF4FDUPS
GPSBEPQUJOH.JDSP*SSJHBUJPOUIF4UBUF(PWFSONFOUJT
1PTU)BSWFTU*OGSBTUSVDUVSF HJWJOHUPQVQTVCTJEZ
5IF FYJTUJOH JOGSBTUSVDUVSF JO UIF TUBUF DPWFS $PME *NQBDUPG.JDSP*SSJHBUJPO
4UPSBHFTXJUIBDBQBDJUZPG-BLI.5T
3JQFOJOH 5IF DPNQPOFOU XJTF JNQBDU PG .JDSP *SSJHBUJPO JT
$IBNCFST XJUI B DBQBDJUZ PG .5T
1BDL TIPXOJO5BCMF
IPVTFT XJUI B DBQBDJUZ PG
.5T
*OUFHSBUFE
1BDL IPVTF XJUI B DBQBDJUZ PG .5T
.BOHP 5BCMF*NQBDUPG.JDSP*SSJHBUJPO
4M
1SPDFTTJOH6OJUTXJUIBDBQBDJUZPG
.5TBOE /P $PNQPOFOU -BLI)B -BLI)B
8BUFSTBWJOH 5.$ 5.$
$BTIFX1SPDFTTJOH6OJUTXJUIBDBQBDJUZPG
.5T 1PXFSTBWJOH MBLIL8I
MBLIL8I
L8I)B
5IFTUBUFIBTOFXMZDSFBUFE1PTU)BSWFTU*OGSBTUSVDUVSFT 8PSUI!VOJU
3T$SPSF 3T$SPSF
XIJDI JODMVEF 4PMBS 1PMZ %SJFST XJUI B DBQBDJUZ PG -BCPVSTBWJOH MBLI
MBLI
.BOEBZT)B .BOEBZT
.BOEBZT
.5T
4PMBS$PME3PPN$IBNCFSTXJUIBDBQBDJUZ 8PSUI!EBZ 3T$SPSF
3T$SPSF
PG .5T BOE $PDPOVU QBDL IPVTFT XJUI TUPSBHF
'FSUJMJ[FSTBWJOH
5POT
5POT
,H)B
DBQBDJUZPGMBLIOVUT
3FEVDUJPOJODPTUPGDVMUJWBUJPO
3T$SPSF
3T$SPSF
3T
)B
"EEJUJPOBM/FU*ODPNF
3T$SPSF
3T
$SPSF
1SPHSBNNFT JNQMFNFOUFE GPS IPMJTUJD 3T
)B
3FGFSFODF3FQPSUSEQBSUZSFQPSUCZ/"#$0/4
EFWFMPQNFOUPG)PSUJDVMUVSF
)JHIMJHIUTPG"1.*1
4FWFSBMGBSNFSPSJFOUFEBDUJWJUJFTBSFCFJOHUBLFOVQUP
FODPVSBHFBEPQUJPOPGNPEFSOUFDIOPMPHJFT
FWPMWJOH 5IFBOOVBMBDUJPOQMBOGPSPG1FS%SPQ.PSF
TVTUBJOBCMFGBSNJOHQSBDUJDFT
QSPWJTJPOPG1PTU)BSWFTU $SPQ 1%.$
VOEFS 3BTIUSJZB ,SJTIJ 7JLBT :PKBOB o
JOGSBTUSVDUVSF GBDJMJUJFT BOE EJTTFNJOBUJPO PG MBUFTU 3FNVOFSBUJWF"QQSPBDIFTGPS"HSJDVMUVSFBOE"MMJFE
LOPXMFEHF UP UIF GBSNJOH DPNNVOJUZ 'VSUIFS
JO BO 4FDUPST 3FKVWFOBUJPO 3,7: o 3"'5""3
XJUI B
BUUFNQU UPXBSET EFWFMPQJOH BO PSHBOJ[FE QSPEVDUJPO QSPKFDUPVUMBZPG3T$SPSFUPDPWFSBOBSFBPG
TZTUFN BOE JOUFHSBUFE WBMVF DIBJO EFWFMPQNFOU
MBLI)BIBTCFFOBQQSPWFECZ(PWFSONFOUUISPVHI
GBSNFST BSF CFJOH PSHBOJ[FE JOUP 'BSNFS 1SPEVDFS (0.T/P
EU PG "HSJDVMUVSF BOE
0SHBOJ[BUJPO '10T
BOE TFWFO QSPGFTTJPOBM BHFODJFT $PPQFSBUJPO )4
%FQBSUNFOU
FOHBHFE UP NFOUPS BOE TUSFOHUIFO UIF '10T JOUP 'BSNFShT #JPNFUSJD SFHJTUSBUJPO JT UISPVHI NPCJMF
TVTUBJOBCMFCVTJOFTTFOUJUJFT BQQ JO 3ZUIV #IBSPTB ,FOESBT "MM SFHJTUSBUJPOT BSF
"BEIBSCBTFEBOE#JP.FUSJDFOBCMFE3FHJTUSBUJPOT
1SBEIBOB.BOUSJ,SJTIJ4JODIBZFF:PKBOB QSFMJNJOBSZ JOTQFDUJPOT XJMM CF EPOF CZ UIF
1.,4: "1.*1 JT UIF VOJRVF BOE GJSTU DPNQSFIFOTJWF DPODFSOFEJOUIFJSSFTQFDUJWFMPHJOT"ENJOJTUSBUJWF
QSPKFDU CFJOH JNQMFNFOUFE JO B CJH XBZ JO "OEISB
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
,FZ&YQFDUFE0VUDPNFT *ODMVTJWF(SPXUIUISPVHI-JWFTUPDL
t #SJOHJOH"EEJUJPOBMBSFBPG
)B
VOEFS .PTU PG UIF BOJNBM GBSNJOH BDUJWJUJFT TVDI BT GPEEFS
.JDSP*SSJHBUJPO DPMMFDUJPO
GFFEJOH
XBUFSJOH BOE IFBMUIDBSF
NBOBHFNFOU
NJMLJOHBOEIPVTFIPMEMFWFMQSPDFTTJOH
t #SJOHJOH "EEJUJPOBM BSFB PG )B
VOEFS
WBMVFBEEJUJPOBOENBSLFUJOHBSFQFSGPSNFECZXPNFO
'SVJUT1MBOUBUJPO$SPQT
5IF HSPXUI JO MJWFTUPDL TFDUPS JT EFNBOEESJWFO
t 1SPEVDUJPOBOETVQQMZPGRVBMJUZQMBOUNBUFSJBM JODMVTJWFBOEQSPQPPS5IFSBUFPGSFUVSOPOJOWFTUNFOU
PG
JOIPSUJDVMUVSFGBSNT GSPN -JWFTUPDL TFDUPS JT DPNQBSBUJWFMZ WFSZ IJHI
-JWFTUPDL TFDUPS BQBSU GSPN DPOUSJCVUJOH UP UIF TUBUF
t $SFBUJPO PG 1PTUIBSWFTU JOGSBTUSVDUVSF MJLF
FDPOPNZ JO HFOFSBM BOE UP BHSJDVMUVSBM FDPOPNZ JO
3JQFOJOH$IBNCFST
$PME4UPSBHFT
1BDLIPVTFT
QBSUJDVMBS
BMTP QSPWJEFT FNQMPZNFOU HFOFSBUJPO
BOE $PNNPO GBDJMJUZ $FOUSFT MJLF $PMMFDUJPO
PQQPSUVOJUJFT
BTTFUDSFBUJPO
DPQJOHNFDIBOJTNBHBJOTU
$FOUSFT
$PME 3PPNT GPS HSBEJOH
TPSUJOH
DSPQGBJMVSFBOETPDJBMBOEGJOBODJBMTFDVSJUZ-JWFTUPDLJT
QBDLJOHUPSFEVDF1PTU)BSWFTUMPTTFT UIF NBJO TPVSDF PG BOJNBM QSPUFJO GPS UIF QPQVMBUJPO
t 'PSNBUJPOBOE4USFOHUIFOJOHPG'10TUISPVHI %FNBOE GPS BOJNBM GPPE QSPEVDUT JT SFTQPOTJWF UP
QSPGFTTJPOBMBHFODJFTBOEMJOLJOH)PSUJDVMUVSF JODPNFDIBOHFT
BOEJTFYQFDUFEUPJODSFBTFJOGVUVSF
QSPEVDFUPNBSLFUTDPSQPSBUFT
.JML
.FBUBOE&HHo,FZ(SPXUIESJWFST
t %FWFMPQNFOUPG$MVTUFST
JOUSPEVDUJPOPGIJHI
ZJFMEJOH WBSJFUJFT
JNQSPWJOH QSPEVDUJPO
5IF "OJNBM )VTCBOESZ
GSPN B IVNCMF CFHJOOJOH PG
QSPEVDUJWJUZ
RVBMJUZBOE1SPNPUJPOPG&YQPSUPG CBDLZBSE QPVMUSZ
IBT HSPXO JOUP B EZOBNJD JOEVTUSZ
)PSUJDVMUVSFQSPEVDF .JML BOE .FBU QSPEVDUJPO IBWF BMTP NBEF B RVBOUVN
MFBQ XJUI UIF QSPEVDUJPO JODSFBTJOH TVCTUBOUJBMMZ
"OEISB 1SBEFTI IBT TPNF PG UIF SJDIFTU MJWFTUPDL
"OJNBM)VTCBOESZ SFTPVSDFTJOUIFDPVOUSZBOEJTPOFPGUIFNPTUBEWBODFE
-JWFTUPDLTFDUPSQMBZTBLFZSPMFJOUIFFDPOPNZXIFSF TUBUFTJO-JWFTUPDLTFDUPS5IF4UBUFBUUBJOFEBQSPNJOFOU
QPTJUJPOJOUIFDPVOUSZJO-JWFTUPDL4FDUPSPWFSUIFZFBST
UIFQPPSDPOUSJCVUFUPHSPXUIEJSFDUMZ#FJOHBTPVSDFPG
CFDBVTF PG JUT JODSFBTJOH MJWFTUPDL SFTPVSDFT
MJWFMJIPPEBOEQSPWJEFSPGESBVHIUQPXFS
NBOVSFBOE
FOMJHIUFOFE BOE IBSE XPSLJOH OBUVSF PG GBSNFST BOE
FOFSHZ
MJWFTUPDL GPSNT BO FTTFOUJBM QBSU PG UIF TPDJP
EFEJDBUFEBOETVTUBJOFEFGGPSUTPGUIF(PWFSONFOU.JML
FDPOPNJDTUSVDUVSFPGSVSBMGBSNFST5IFQSPHSFTTJOUIF
JT UIF TJOHMF MBSHFTU DPNNPEJUZ DPOUSJCVUJOH IJHIFTU
TFDUPS JT JODMVTJWF JO OBUVSF BT JU SFTVMUT JO CBMBODFE FDPOPNZUPUIF4UBUF
EFWFMPQNFOU PG UIF SVSBM FDPOPNZ QBSUJDVMBSMZ JO
SFEVDJOH QPWFSUZ BNPOHTU UIF XFBLFS TFDUJPOT BOE &GGFDUJWF7FUFSJOBSZBOE"OJNBM)VTCBOESZTFSWJDFTBSF
QSPWJEJOH TUBCJMJUZ UP GBNJMZ JODPNF 5IF -JWFTUPDL DSJUJDBM JO BDIJFWJOH UIF TJHOJGJDBOU QSPEVDUJPO MFWFMT
BTTVSFT ESPVHIU QSPPG NFDIBOJTN CZ QSPWJEJOH 8FMGBSF TDIFNFT JNQMFNFOUFE CZ UIF (PWFSONFOU GPS
SFDVSSJOHBOETVTUBJOBCMFJODPNFUPFOIBODFUIF4PDJP EBJSZ
TIFFQBOEQPVMUSZVOJUTJOBEEJUJPOUPQSPWJEJOH
FDPOPNJDDPOEJUJPOTPGUIFSVSBMGBSNFST GPSXBSE BOE CBDLXBSE MJOLBHFT BOE PSHBOJ[FE
NBSLFUJOHDIBOOFMTIFMQFEUIFSVSBMNBTTFTFOPSNPVTMZ
5ISPVHIQSPWJEJOHOVUSJFOUSJDIGPPEQSPEVDUT
ESBVHIU JO CSJEHJOH JODPNF HBQT 5IJT
CFTJEFT DPOTFSWJOH
QPXFS
EVOHBTPSHBOJDNBOVSFBOEEPNFTUJDGVFM
IJEFT EPNFTUJDCJPEJWFSTJUZIBTCFDPNFBNFBOTPGQSPEVDJOH
BOETLJO
BOJNBMTBTBSFHVMBSTPVSDFPGDBTIJODPNFBSF GPPE JO ESZ MBOET XJUIPVU EFQMFUJOH HSPVOE XBUFS
CBDLCPOF GPS SVSBM IPVTFIPMET -JWFTUPDL JT B OBUVSBM SFTPVSDFT " TJ[BCMF OVNCFS PG GBNJMJFT PXOJOH TIFFQ
DBQJUBM
XIJDIDBOCFFBTJMZSFQSPEVDFEUPBDUBTBMJWJOH BOE HPBU IBWF BMSFBEZ CFFO DPWFSFE XJUI MJWFTUPDL
CBOL XJUI PGGTQSJOH BT JOUFSFTU BOE UIF CFTU JOTVSBODF JOTVSBODF
BHBJOTUUIFWBHBSJFTPGOBUVSF
%VSJOH
"OEISB 1SBEFTI TUPPE TU JO &HH
1SPEVDUJPO -BLI/PT
OEJO.FBUQSPEVDUJPO
-BLI.5T
BOEUIJO.JMLQSPEVDUJPO -BLI
.5T
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
:FBS XJTF 1SPEVDUJPO FTUJNBUFT PG .JML
&HH BOE .FBU 3ZUIV#IBSPTB,FOESBMV 3#,T
GSPN UP VQ UP %FDFNCFS
JT
"OOFYFE JO BOE %JTU XJTF QSPEVDUJPO FTUJNBUFT 5IF (PWFSONFOU PG "1 IBT FTUBCMJTIFE
3ZUIV
EVSJOHJTTIPXOJO"OOFYVSF #IBSPTB ,FOESBMV 3#,T
JO BMM (SBN 1BODIBZBUT JO UIF
4UBUFBTBh0OF4UPQ4IPQhGPSLOPXMFEHFEJTTFNJOBUJPO
-JWFTUPDL 1PQVMBUJPO 4UBUVT BT QFS MBUFTU BOETVQQMZPGRVBMJUZJOQVUTUPUIFGBSNFSTCZCSJOHJOHBMM
UIFTUBLFIPMEFSTPG"HSJDVMUVSF"MMJFETFDUPSTJOUPPOF
-JWFTUPDL$FOTVT
TJOHMF QMBUGPSN PGGFSJOH BMM UIF TFSWJDFT UP GBSNFST CZ
"OEISB1SBEFTIUBLFTQSJEFJOIBWJOHGBNPVTBOEXPSME FOTVSJOH ZFBS SPVOE QSPEVDUJWJUZ
QSPGJUBCJMJUZ BOE
SFOPXOFE-JWFTUPDLCSFFETMJLF0OHPMFBOE1VOHBOVSJO TVTUBJOBCJMJUZ
DBUUMF
(PEBWBSJ#VGGBMPFT
/FMMPSFJO4IFFQBOE"TFFMJO
5IF "OJNBM )VTCBOESZ %FQBSUNFOU JT SFOEFSJOH UIF
1PVMUSZ "T QFS UIF MBUFTU -JWFTUPDL $FOTVT
UIF
GPMMPXJOHTFSWJDFTBUFBDI3#, J
1SJNBSZ)FBMUIDBSF
-JWFTUPDL SFTPVSDFT JO UIF 4UBUF DPOTJTU PG MBLI
TFSWJDFT
JJ
*OQVUTVQQMJFT
JJJ
"EWJTPSZTFSWJDFT
JW
0UIFS
UPUBM -JWFTUPDL MBLI QPVMUSZ 5IF -JWFTUPDL
TFSWJDFBDUJWJUJFT"CPVU3#,TXFSFPQFSBUJPOBMJO
QPQVMBUJPO BT QFS -BUFTU -JWFTUPDL $FOTVT BT
UIF 4UBUF QFSNJUUFE UP SFDSVJU "OJNBM )VTCBOESZ
DPNQBSFEUP$FOTVTJTTIPXOJO5BCMFCFMPX
"TTJTUBOUT ")"T
PVUPGXIJDI")"TXFSFSFDSVJUFE
%JTUSJDUXJTF-JWFTUPDLQPQVMBUJPOBTQFS$FOTVTJT
UJMMEBUF"QBSUGSPN")"T
1BSBWFUT
XFSFNBQQFE
HJWFOJOUIF"OOFYVSF
XJUI3#,TUPQSPWJEF"OJNBM)VTCBOESZ4FSWJDFT
5BCMF-JWFTUPDLQPQVMBUJPOJO"1 /PJOMBLI
"TQFS "TQFS
$BUFHPSZ
DFOTVT
DFOTVT
$BUUMF
#VGGBMPFT
4IFFQ
(PBU
1JHT
1PVMUSZ
4PVSDF%JSFDUPSBUFPG"OJNBM)VTCBOESZ
5IF")"TJOUIF3#,TBSFQSPWJEJOHTFSWJDFTMJLF'JSTU"JE
#FUXFFO UIF UXP $FOTVT QFSJPET
UIPVHI UIFSF JT 5SFBUNFOUUPUIFTJDLBOJNBMTBOEGPMMPXVQVOEFSUIF
SFEVDUJPO JO UIF UPUBM $BUUMF BOE #VGGBMP 1PQVMBUJPO
HVJEBODF PG DPODFSOFE 7FUFSJOBSJBO $POEVDU
UIFSF IBT CFFO BO JODSFBTF JO UIF QSPEVDUJPO BOE 1SPQIZMBDUJD 7BDDJOBUJPOT
1SFWFOUJWF "OJNBM )FBMUI
BWBJMBCJMJUZPGOVUSJUJPVTGPPEBOETVQQMFNFOUBMJODPNF $BSF JODMVEJOH %F XPSNJOH BOE %FUJDLJOH
"SUJGJDJBM
UP GBSNFST EVF UP B QFSDFQUJCMF JODSFBTF JO $SPTTCSFE *OTFNJOBUJPOT
4QFDJNFOT DPMMFDUJPO
IFBMUI DBSET
$BUUMFBOE(SBEFE.VSSBI#VGGBMPFQPQVMBUJPOFTQFDJBMMZ EJTUSJCVUJPO
"*DBMWFTWFSJGJDBUJPO
'PEEFSQSPNPUJPOFUD
GFNBMF.JMDI BOJNBMT BT QFS UIF -JWFTUPDL $FOTVT
'BDJMJUBUF GPS JTTVF PG 1BODIBOBNB SFQPSU JOWPMWJOH
5IFQSPEVDUJPOPG.JML
&HHTBOE.FBUJTTIPXOJO DPNNJUUFF NFNCFST JO DBTF PG -JWFTUPDL -PTT
UIFGPMMPXJOH5BCMF $PNQFOTBUJPO 4DIFNF BOE GPMMPX VQ %#5 XJUIJO
5BCMF1SPEVDUJPOPG.JML
.FBU&HHT
IPVST
(SPXUI&OHJOF 6OJU:FBS
-BLI.5T
$FSUJGJFEBOERVBMJUZUFTUFEJOQVUTMJLFGPEEFSTFFE
5.3
.JML
DBUUMF GFFE
DIBGG DVUUFST
NJOFSBM NJYUVSFT
MJWFS UPOJDT
(SPXUI
FUD
BSFCFJOHTVQQMJFEUPUIFFMJHJCMFGBSNFSTPOTVCTJEZ
.FBU -BLI.5T
(SPXUI
GVMMDPTUCBTJTUISPVHI3ZUIV#IBSPTB,FOESBT 3#,T
&HH $SPSF/PT
(SPXUI
4PVSDF%JSFDUPSBUFPG"OJNBM)VTCBOESZ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
1SJNBSZIFBMUIDBSFTFSWJDFT%VSJOHUIFZFBS 'FFE'PEEFS%FWFMPQNFOUBMBDUJWJUJFT
5IF%FQBSUNFOUJTTVQQMZJOH'PEEFSTFFE
$IBGGDVUUFST
t
'JSTU"JEDBTFTXFSFUSFBUFE
5.3
PO4VCTJEZCZQSPDVSJOHGSPNSBUFDPOUSBDUGJSNT
%FXPSNJOHT
7BDDJOBUJPOT
BOE$BUUMF'FFE
.JOFSBM.JYUVSFPOGVMMDPTUCBTJTUPUIF
BSUJGJDJBM *OTFNJOBUJPOT
4QFDJNFOT MJWFTUPDLGBSNFSTGPSJNQSPWJOH-JWFTUPDLQSPEVDUJWJUZ
DPMMFDUFE
"*$BMWFTWFSJGJFEBOE
"OJNBMIFBMUIDBSETEJTUSJCVUFE 'FFEJOH*OQVUT
t"TBQBSUPG'PEEFS'FFEEFWFMPQNFOUJOJUJBUJWFTUP
*OQVUTVQQMJFT JODSFBTFQSPEVDUJWJUZBOEGPSTVTUBJOQSPEVDUJPOPG
r $FSUJGJFEBOERVBMJUZUFTUFEJOQVUTMJLFGPEEFS BOJNBMT .JOFSBM .JYUVSF XBT EJTUSJCVUFE UISPVHI
TFFE
5.3
DBUUMF GFFE
DIBGG DVUUFST
NJOFSBM 3#,TUPMJWFTUPDLGBSNFST
NJYUVSFT
MJWFSUPOJDTFUD
BSFCFJOHTVQQMJFEUP t5PUBM .JYFE 3BUJPO 5.3
JT B XPSMEXJEF BDDFQUFE
UIFFMJHJCMFGBSNFSTPOTVCTJEZGVMMDPTUCBTJT CFTUQSBDUJDFJOGFFEJOH5IFQSBDUJDFPGESZGPEEFS
UISPVHI3ZUIV#IBSPTB ,FOESBT 3#,T
BOE DPODFOUSBUFT BMPOH XJUI BMM PUIFS OVUSJFOUT
t .5T PG DFSUJGJFE GPEEFS TFFE IBT CFFO FOBCMFTBDPNQMFUFSBUJPOUIBUJODSFBTFTEJHFTUJCJMJUZ
EJTUSJCVUFE UP UIF GBSNFST PO TVCTJEZ BOEFOBCMFVUJMJ[BUJPOPGOVUSJFOUTBUPQUJNVNMFWFM
CFOFGJUUJOHOFBSMZ
GBSNFST " 1BMBUBCMFBOE CBMBODFE JO UIF GPSN PG DPNQMFUF
GFFEXIJDISFEVDFTDPTUPGQSPEVDUJPOBT5.3IFMQT
t
.5T PG RVBMJUZ UFTUFE 5.3 5PUBM
JOEFWFMPQJOHMPXDPTUGFFEVTJOHDSPQSFTJEVFT
.JYFE 3BUJPO
IBT CFFO EJTUSJCVUFE UP
GBSNFSTPO TVCTJEZ t'PEEFSTFFEJTTVQQMJFEJOUIF4UBUFGPSHSFFOGPEEFS
QSPEVDUJPOJOPSEFSUPNFFUUIFGPEEFSSFRVJSFNFOU
t
/P PG $IBGG DVUUFST XFSF TVQQMJFE UP
PGBOJNBMTBOEUPNJUJHBUFGPEEFSEFGJDJU.5PG
GBSNFSTPOTVCTJEZ
$4).'BOEPG.BJ[F"5PGDFSUJGJFEGPEEFS
TFFE XBT TVQQMJFE BOE EJTUSJCVUFE GSPN /BUJPOBM
"EWJTPSZTFSWJDFT
4FFET $PSQPSBUJPO -UE (P* VOEFSUBLJOH
UP UIF
1BTV 7JHOBOB #BEJ PSHBOJ[FE UP EFWFMPQ TLJMMT BOE GBSNFSTUISPVHI3#,TPOTVCTJEZ
LOPXMFEHFPGMJWFTUPDLQSPEVDFSTPOFWFSZXFFL/FBSMZ
t5PSFEVDFUIFGPEEFSXBTUBHF
)1$IBGGDVUUFSTBSF
-BLIGBSNFSTXFSFQBSUJDJQBUFETPGBS3#,$IBOOFM
TVQQMJFE UP GBSNFST PO TVCTJEJTFE SBUFT UISPVHI
QSPWJEFTSFRVJSFEJOGPSNBUJPOBOERVBMJUZTFSWJDFTUPUIF
3#,TUPNJOJNJTFUIFDPTUPGGFFEUPFOTVSFJODSFBTF
GBSNJOHDPNNVOJUZJOWJSUVBMNPEF
JOQSPGJU
0UIFSTFSWJDFBDUJWJUJFTBSFNBJOMZJTTVFPG)FBMUIDBSET
t'BSNFSTXFSFEJTUSJCVUFE$BUUMFGFFE*UJTQBMBUBCMF
5BHHJOHBOESFUBHHJOHPGBOJNBMT
SFQPSUJOHPGEFBUIT
BOEHPPETPVSDFPGOVUSJFOUTGPSHSPXJOH
BEVMU
ESZ
VOEFS--$4
VQEBUJPOPG-JWFTUPDLDFOTVTFWFSZNPOUI
NJMLQSPEVDJOHBOEQSFHOBOUBOJNBMT
BTTFTTNFOUPGGPEEFSBWBJMBCJMJUZTUBUVTPODFJOBTFBTPO
BOE *TTVF PG 1BTV,JTTBO $SFEJU DBSET 1BTV,JTTBO
1BTV,JTBO$SFEJU$BSET 1,$$
$SFEJUDBSETXFSFJTTVFEUPUIFGBSNFSTCZUIFCBOLFST
5IF%FQBSUNFOUIBTQSPQPTFEUPJTTVF1BTV,JTBO$SFEJU
$VTUPN)JSJOH$FOUFST $)$T
$BSE 1,$$
wUP:43$IFZVUIB"BTBSBCFOFGJDJBSJFTXIP
IBWFHSPVOEFEMJWFTUPDLVOJUTUPIFMQUIFNUPNFFUUIFJS
5IF $VTUPN )JSJOH $FOUSF DPNQSJTFT PG B TFU PG GBSN
XPSLJOH DBQJUBM SFRVJSFNFOUT GPS GFFEJOH
CSFFEJOH
NBDIJOFSZUPCFVUJMJTFECZUIFGBSNFSTPOIJSFCBTJT5IF
IFBMUIDBSFGPEEFSDPOTFSWBUJPOBDUJWJUJFT1BTV,JTBO
BQQSPYJNBUFVOJUDPTUPGFBDI$)$JT3T
5IF
$SFEJU $BSE 4DIFNF JT CFJOH JNQMFNFOUFE XJUI BDUJWF
CFOFGJDJBSJFT JODMVEFT +-(4)('105SVTU /(0T BOE
TVQQPSUPG4-#$5IF.BYJNVN1FSNJTTJCMF-JNJU .1-
PUIFST$)$TXFSFFTUBCMJTIFEJOEJWJTJPOTJOUIF
PG3TMBLITDBOCFUSFBUFEBTUIF1BTV,JTBO$SFEJU
4UBUFUISPVHIXIJDI3T-BLITSFWFOVFHFOFSBUFE
$BSE MJNJU GPMMPXJOH UIF JOUFSFTU TVCWFOUJPO TDIFNFT
TPGBSVQUP%FDFNCFS
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
$SFEJU$BSETTBODUJPOFEUP
BQQMJDBOUT
VOJUT VOEFS +BHBOBOOB 1BBMB 7FMMVWB
:43$IFZVUIB BOE
VOJUTVOEFS+BHBOBOOB+FFWB,SBOUIJ
XFSF TBODUJPOFE PG XIJDI HSPVOEJOH PG VOJUT XFSF
:43$IFZVUIBTDIFNFJTPOFPGUIFGMBHTIJQQSPHSBNNFT DPNQMFUFE JO
BOE
PGUIFTUBUFXIFSFJO
XPNFOCFOFGJDJBSJFTCFMPOHJOHUP SFTQFDUJWFMZ
4$
45
#$BOE.JOPSJUZDPNNVOJUJFTJOUIFBHFHSPVQPG
ZFBST BSF CFJOH TBODUJPOFE 3T
QFS -JWFTUPDL-PTT$PNQFOTBUJPO4DIFNF --$4
CFOFGJDJBSZPWFSBQFSJPEPGZFBST
-JWFTUPDL -PTT $PNQFOTBUJPO 4DIFNF IBT CFFO VOEFS
JNQMFNFOUBUJPO TJODF XIFSF JO
DPNQFOTBUJPO TIBMM CF QBJE UP UIF GBSNFST
JO DBTF PG
EFBUIPG$BUUMF#VGGBMPFTBOE4IFFQ(PBUJOUIF4UBUF
*O UIF FWFOU PG EFBUI PG $BUUMF #VGGBMPFT
UIF
DPNQFOTBUJPO PG 3T
QFS IFBE GPS JNQSPWFE
:43$IFZVUIB1IBTF*
JOEJHFOPVT CSFFE BOE 3T
QFS IFBE GPS /PO
%FTDSJQUCSFFETIBMMCFQBJEBTQFSUIFFMJHJCJMJUZUPUIF
0VU PG MBLIT $IFZVUIB CFOFGJDJBSJFT
MBLIT
GBSNFSTBOEDPNQFOTBUJPOPG3T
QFS4IFFQ(PBU
CFOFGJDJBSJFTIBWFPQUFEGPS.JMDI"OJNBMTBOEMBLIT
NPOUITBOEBCPWFBHF
TIBMMCFQBZBCMFUPUIFPXOFS
IBWFPQUFEGPS4IFFQBOE(PBUVOJUT
PGBOEBCPWF4IFFQ(PBUBUBUJNF"OJOUFHSBUFE$BMM
4BODUJPOTVOEFS+BHBOBOOB1BBMB7FMMVWBBOE+BHBOBOOB $FOUSF IBT CFFO FTUBCMJTIFE XJUI 5PMM GSFF /VNCFS
+FFWB,SBOUIJXFSFBDDPSEFEGPS
BOE GPSEFBUIJOUJNBUJPO$PNQFOTBUJPODMBJNFEGPS
VOJUTSFTQFDUJWFMZBOEHSPVOEJOHTPGBMM EFBUITEVSJOH VQUP%FDFNCFS
VOJUTXFSFDPNQMFUFE
:431BTV#IJNB1BEIBLBN
:43$IFZVUIB1IBTF**
"(3*$6-563&"--*&%"$5*7*5*&4
"OEISB 1SBEFTI "OJNBM 'FFE "DU UIF 4UBUF "OJNBM %JTFBTF %JBHOPTUJD *OTUJUVUF BMM UIFTF
3FHVMBUJPOPG.BOVGBDUVSF
2VBMJUZ$POUSPM
IPVTFIPMETHFUCFOFGJUUFE7#3*
7JKBZBXBEBJTMPPLJOH
BGUFSEJTFBTFJOWFTUJHBUJPOJGUIFSFBSFBOZPVUCSFBLTJO
4BMFBOE%JTUSJCVUJPO
BOE3VMFT
UIFGJFMEBOEBTTJTUUIFGJFMETUBGGUPUBLFVQBQQSPQSJBUF
(PWFSONFOUIBWFFOBDUFE5IF"OEISB1SBEFTI"OJNBM USFBUNFOUCZTXJGUEJBHOPTJTBOEDPOUSPMPGUIF%JTFBTF
'FFE"DUBOE3VMFT*OPSEFSUPJNQMFNFOUUIF
*OWFTUJHBUJPO PG FWFSZ SFQPSUFE JODJEFODF $PMMFDU
"OEISB 1SBEFTI "OJNBM 'FFE "DU BOE 3VMFT
USBJOJOHT
FQJEFNJPMPHJDBMEBUBGPSUSBDLJOHUIFTPVSDFPGJOGFDUJPO
XFSFHJWFOCZUIF4.*-&BOE7#3*UPBMMUIFTUBLFIPMEFST
2VBOUJGZ'.%BOUJCPEJFTCFGPSFBOEBGUFSWBDDJOBUJPOJO
JO EJGGFSFOU QIBTFT GPS JEFOUJGJDBUJPO PG 'FFE
UFO TFMFDUFE WJMMBHFT PG FBDI EJTUSJDU CZ -1# &-*4" BOE
.BOVGBDUVSFST
%JTUSJCVUPST
4VQQMJFST BOE 3FUBJMFST JO
BTTFTTNFOUPG)FSE*NNVOJUZJOUIFMJWFTUPDLQPQVMBUJPO
UIFJSKVSJTEJDUJPO
PGPVSTUBUFBOEBUSBOEPNGSPNBMMUIFEJTUSJDUTPODFJOB
5PUBM BOJNBM GFFE CVTJOFTT PQFSBUPST JTTVFE ZFBS5IF7JSPMPHZ TFDUJPO BT UIF SFGFSSBM MBCPSBUPSZ GPS
MJDFOTFT VOEFS "1"OJNBM 'FFE "DU 3VMFT EJBHOPTJTPGFYJTUJOHFNFSHJOHWJSBMEJTFBTFT
EJBHOPTF
BOEBNPVOUDPMMFDUFEUPXBSETGFFTJT3T$ST BOEJOUFSQSFUUIFWJSBMEJTFBTFTPGMJWFTUPDLPDDVSSJOHJO
UIFGJFME
-JWFTUPDL)FBMUI$BSF"DUJWJUJFT
5IF UBSHFUT "DIJFWFNFOUT PO WBSJPVT JOEJDBUPST
5IF 4DIFNF h-JWFTUPDL )FBMUI BOE %JTFBTF $POUSPM NFOUJPOFEVQUPJT"OOFYFEJO
-)%$
h IBWF DPNQPOFOUT
"TTJTUBODF UP 4UBUFT GPS
%JBHOPTJTPGWJSBMEJTFBTFTJTEPOFCBTFEPO$POWFOUJPOBM
$POUSPMPG"OJNBM%JTFBTFT "4$"%
/BUJPOBM"OJNBM
UFDIOJRVFT BOE "EWBODFE EJBHOPTUJD UFDIOJRVFT
%JTFBTF $POUSPM 1SPHSBN /"%$1
GPS '.% BOE
BWBJMBCMFGPS EJTFBTFT PG GJFME JNQPSUBODF %JBHOPTJT PG
#SVDFMMPTJT BOE
1FTUFT %FT 1FUJUT 3VNJOBOUT
EJTFBTFTMJLF#7%
113
#MVFUPOHVF
$MBTTJDBM4XJOFGFWFS
&SBEJDBUJPO1SPHSBNNF 113&1
*OGFDUJPVT#SPODIJUJT*OGFDUJPVT#VSTBM%JTFBTFIBTUPCF
DBSSJFEPVUCZ&-*4"NFUIPE
-VNQZ4LJO%JTFBTF -4%
5IJT EJTFBTF XBT SFQPSUFE JO EJTUSJDUT PG "1 %S:43$"%%-T
BOJNBMT XFSF BGGFDUFE
EFBUIT BSF SFQPSUFE
%JTFBTF %JBHOPTUJD -BCPSBUPSJFT QMBZ B QJWPUBM SPMF UP
DBUUMF XFSF WBDDJOBUFE BT PO
NBJOUBJO BOJNBM IFBMUI BOE QSPEVDUJWJUZ 5PXBSET UIJT
BHBJOTU-4%BTPOJO"1
BOEOPXUIFEJTFBTFJT
EJSFDUJPO
(PWFSONFOU TBODUJPOFE $POTUJUVFODZ -FWFM
VOEFSDPOUSPMJOUIFTUBUFXJUIPVUGVSUIFSJODJEFODFT
"OJNBM%JTFBTF%JBHOPTUJD-BCT $"%%-
DPWFSJOHBMM
DPOTUJUVFODJFT MBCT DPUFSNJOVT XJUI "HSJMBCT
7FUFSJOBSZ#JPMPHJDBM3FTFBSDI*OTUJUVUF
"1
-BCT BSF XJUI ")% BOE SFNBJOJOH DPOTUJUVFODJFT
7JKBZBXBEB DPWFSFECZ%JTUSJDU-BCT0OFMBCUFDIOJDJBOBOEPOF
5IF7FUFSJOBSZ#JPMPHJDBM3FTFBSDI*OTUJUVUF 7#3*
IBT -BCBUUFOEBOUGPSFBDI$"%%-BSFSFDSVJUFEUPDBSSZPVU
UBLFO VQ UIF EJTFBTF EJBHOPTJT BOE EJTFBTF DPOUSPM CBTJD EJTFBTF EJBHOPTUJD QSPDFEVSFT UISPVHI $"%%-T
QSPHSBNNFT PG WBSJPVT EJTFBTFT 5JNFMZ EJTFBTF "TPOEBUF
$"%%-TXFSFBMSFBEZJOBVHVSBUFEZFU
EJBHOPTJT IFMQT UIF GBSNFST JO BEWPDBUJOH QSPNQU UP CF JOBVHVSBUFE BOE $"%%-T BSF SFBEZ GPS
USFBUNFOU
SFEVDJOHUIFDBTFGBUBMJUJFT
UIFSFCZSFEVDFT JOBVHVSBUJPO 3FRVJSFE -BCPSBUPSZ FRVJQNFOU
LJUT
UIF EJSFDU JOEJSFDU MPTTFT UP UIF GBSNFST 5IF SFBHFOUTXFSFTVQQMJFEUPBMM$"%%-hT
DPOUSJCVUJPOPGMJWFTUPDLTFDUPSUP(4%1JT5IJTDBO 5IF0CKFDUJWFTBSFUPUFTUUIFTBNQMFTDPMMFDUFEBU3#,T
CFFOIBODFECZQSPWJEJOHQSPQFSEJTFBTFEJBHOPTJTBOE GPSQSFMJNJOBSZUFTUT
IFMQUIFGJFMEWFUFSJOBSJBOGPSUBLJOH
EJTFBTFDPOUSPMQSPHSBNNFTGPSXIJDIBMBCPSBUPSZXJUI VQ JNNFEJBUF MJOF PG USFBUNFOU
BOE SFTUSJDU
TUBUFPGBSUGBDJMJUJFTJTSFRVJSFE JOEJTDSJNJOBUF VTBHF PG "OUJCJPUJDT BOE UP NJOJNJ[F
1SFTFOUMZMBLIIPVTFIPMETBSFFOHBHFEJOMJWFTUPDL SFTJEVBM "OUJCJPUJDT JO GPPE DIBJO XIJDI JT PG HSFBUFS
SFBSJOH BDUJWJUJFT GPS UIFJS MJWFMJIPPE PS HFUUJOH JNQPSUBODFVOEFSPOFIFBMUIDPODFQU
TVQQMFNFOUBSZJODPNFGSPNUIJTTFDUPS#ZFTUBCMJTIJOH
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
5IF(PWFSONFOUIBTQSPQPTFEUPMBVODIUIFTFSWJDFTPG "OEISB1SBEFTI#PWJOF#SFFEJOH3FHVMBUJPO
i.PCJMF "NCVMBUPSZ7FUFSJOBSZ $MJOJDT ."7$T
w BU BOE"SUJGJDJBM*OTFNJOBUJPO4FSWJDFT"DU
MPDBUJPOT ! GPS FBDI DPOTUJUVFODZ *O UIF TU QIBTF
(PWFSONFOU IBWF TBODUJPOFE .PCJMF "NCVMBUPSZ "OBDUUPSFHVMBUF#PWJOF#SFFEJOH"DUJWJUJFTJODMVEJOH
7FUFSJOBSZ $MJOJDT ."7$
JO UIF TUBUF BOE XFSF VTF PG CPWJOF CSFFEJOH CVMMT GPS QSPEVDUJPO PG CPWJOF
JOBVHVSBUFE PO UI .BZ CZ )POhCMF $IJFG TFNFO
QSPEVDUJPO
QSPDFTTJOH
TUPSBHF
TBMF BOE
.JOJTUFS
"OEISB1SBEFTIXJUIBOPVUMBZPG3T$S EJTUSJCVUJPOPGCPWJOFTFNFOBOEBSUJGJDJBMJOTFNJOBUJPO
*O UIF OE QIBTF
(PWFSONFOU IBWF TBODUJPOFE TFSWJDFT JO CPWJOFT GPS JNQSPWJOH UIF QSPEVDUJWJUZ PG
."7$JOUIFTUBUFXJUIBOPVUMBZPG3T$SXIJDI CPWJOFTJOUIF$PVOUSZBOE"DUXIJDIDBNFJOUPGPSDF
BSFUPCFPQFSBUJPOBMJ[FE XJUIFGGFDUGSPN
%S :43 4BODIBSB 1BTV "SPHZB 4FWB 0CKFDUJWFT BSF UP "DDFMFSBUFE 'FNBMF )FSE .VMUJQMJDBUJPO
QSPWJEF UIF7FUFSJOBSZ TFSWJDFT BU UIF EPPSTUFQ PG UIF
UISPVHIi4FY4PSUFE4FNFOw
GBSNFST BOE TFSWF UIF OFFEZ GBSNFST GPS USFBUNFOU PG
UIFJSTJDLBOJNBMT
BWBJMJOHUIFTFSWJDFTPGGFSUJMJUZDBTFT 4FY 4PSUFE 4FNFO JT B IBOEZ UPPM UP JODSFBTF NJML
USFBUNFOU BOE GPMMPX VQ
4VSHJDBM JOUFSWFOUJPOT 4JDL QSPEVDUJPO JO TIPSU UJNF "DDFMFSBUFE 'FNBMF )FSE
BOJNBMUSBOTQPSUBUJPOUPOFBSFTU7FUFSJOBSZ%JTQFOTBSZ .VMUJQMJDBUJPO
EVFUIFPQUJPOPGDIPPTJOHUIFQSPHFOZ
BOECBDLUPUIFGBSNFShTEPPSTUFQ UP CF BMM GFNBMFT "T B SFTVMU
UIF QPQVMBUJPO PG NJML
QSPEVDJOH DPXT BOE CVGGBMPFT SJTFT JO TIPSU UJNF
-PDBM #SFFE $POTFSWBUJPO $PX 'BSNT FOIBODJOH UIF RVBOUJUZ PG NJML QSPEVDFE (0* IBT
-#$$'hT
SFMFBTFE 3T MBLIT EVSJOH .BSDI GPS
JNQMFNFOUBUJPO i"DDFMFSBUFE #SFFE *NQSPWFNFOU
5IFBHFPMEQSBDUJTFPGi0SHBOJD%FTJ$PX'BSNJOHwIBT 1SPHSBNNFw "#*1
#PWJOF#SFFEJOH"VUIPSJUZXJMMFOUFS
CFFO SFKVWFOBUFE CZ UIF (PWFSONFOU UISPVHI i-PDBM JOUP DPOUSBDU XJUI UIF GBSNFS GPS HFUUJOH BTTVSFE
#SFFE$POTFSWBUJPO$PX'BSNT -#$$'
wJOPSEFSUPNBLF QSFHOBODZVTJOHi444w
BWBJMBCMF iUIF CFTU CVU UIF IFBMUIZw .JML BOE .JML
QSPEVDUT UP UIF DPOTVNFST BU BGGPSEBCMF QSJDF 5IF /BUJPOBM-JWFTUPDL.JTTJPO /-.
"(3*$6-563&"--*&%"$5*7*5*&4
BQQSPWFE PG XIJDI MPBOT XFSF TBODUJPOFE UP 5IF /BUJPO XJEF "SUJGJDJBM *OTFNJOBUJPO 1SPHSBNNF
BQQMJDBOUT /"*1
*
**BOE***IBWFCFFODPNQMFUFETUBSUJOHGSPNUI
4FQUFNCFS
UPTU +VMZ
EVSJOH UIFQFSJPE
3,7:3"'5""3TDIFNF "SUJGJDJBM *OTFNJOBUJPOTIBWFCFFOEPOFUP-BLI
6OEFS 3,7: 3"'5""3 TDIFNF
GPS UIF ZFBS BOJNBMTBOE-BLIDBMGCJSUIT6OEFS/"*1o*7 EVSJOH
QSPQPTBMT XFSF TVCNJUUFE GPS SFMFBTF PG 3T UIFQFSJPEGSPNTU"VHUPTU .BZ
TPGBS
-BLITGPSUIFGPMMPXJOHQSPQPTFEBDUJWJUJFT "SUJGJDJBM *OTFNJOBUJPO IBT CFFO EPOF UP -BLI
BOJNBMTSFTVMUJOH$BMGCJSUIT
* *NQMFNFOUBUJPOPG.PCJMF"NCVMBUPSZ7FUFSJOBSZ
$MJOJDT #3BTIUSJZB(PLVM.JTTJPO
JJ 1SPNPUJPO PG 7JMMBHF MFWFM -JWFTUPDL 'FFE BOE 5IF .JTTJPO JT TBODUJPOFE CZ (0* XJUI BO PVUMBZ PG
'PEEFS$FOUSFT -'$T
3TMBLITGPSTVQQMZPGWBSJPVTJOQVUTSFRVJSFEUP
DPOEVDU "SUJGJDJBM *OTFNJOBUJPO BU EPPS TUFQ PG UIF
JJJ 3FOPWBUJPOPG$POTUJUVFODZ-FWFM"OJNBM%JTFBTF
GBSNFST
GPSNBUJPO PG CSFFEFST BTTPDJBUJPOT
%JBHOPTUJD-BCT $"%%-hT
QSPDVSFNFOUPGCVMMDBMWFT
UPJNQBSUUSBJOJOHUP(PQBM
JW 4USFOHUIFOJOHPG7BDDJOFQSPEVDUJPO6OJUBU7#3*
.JUSBT
TUSFOHUIFOJOH PG CVMM NPUIFS GBSNT
UP
4BNBMLPU TUSFOHUIFOJOGSBTUSVDUVSFGPSUSBJOJOH
UPDPOEVDUGFSUJMJUZ
W 'FSUJMJUZNBOBHFNFOU$BNQT DBNQT
3FQMBDFNFOU PG "SUJGJDJBM *OTFNJOBUJPO LJUT
UP
PSHBOJ[FWBSJPVTUSBJOJOHQSPHSBNNFTGPSQVCMJDJUZBOE
4-4$BQQSPWFEBNPVOUPG3T-BLITXBTTDBMF
FYUFOTJPOPOWBSJPVTEFQBSUNFOUBMBDUJWJUJFT
EPXOBTQFS(P*BMMPDBUJPOUP3T-BLITBOEBO
BNPVOU PG 3T
-BLIT XBT BEKVTUFE 3,7: 4/" $/BUJPOBM,BNBEIFOV#SFFEJOH$FOUSF
BDDPVOUPGUIFEFQBSUNFOU
,FFQJOH JO WJFX PG UIF BEWBOUBHFT PG SFBSJOH PG
5IFGPMMPXJOHBNPVOUTXFSFSFMFBTFE *OEJHFOPVTCSFFET(PWUPG*OEJBIBTJOJUJBUFEUPUBLFVQ
B $POTUJUVFODZ -FWFM "OJNBM %JTFBTF %JBHOPTUJD *OEJHFOPVT #SFFET DPOTFSWBUJPO BOE %FWFMPQNFOU
-BCT $"%%-
3T
VOEFS3BTIUSJZB(PLVM.JTTJPO*OUIJTDPOUFYU
(PWUPG
*OEJB IBT TBODUJPOFE /BUJPOBM ,BNBEIFOV #SFFEJOH
C .PCJMF"NCVMBUPSZ7FUFSJOBSZ$MJOJDT ."7$T
$FOUSF UP UIF 4UBUF PG "OEISB 1SBEFTI GPS 4PVUIFSO
3T
3FHJPOXJUIUIFGJOBODJBMPVUMBZPG3TDSPSF
D'FSUJMJUZ.BOBHFNFOU$BNQT3T
CSFFE BOJNBMT MJLF .VSSBI
(JS
3BUIJ BOE KBGGBSCBEJ
E 5PUBM.JYFE3BUJPO 5.3
3T
XFSF TVQQMJFE UP OFFEZ GBSNFST UP DBUFS UIF OFFET PG
F "ENJOJTUSBUJPO$PTU3T
/BUVSBM#SFFEJOH4FSWJDFTPGUIFJSDBUUMFUPVQHSBEFUIF
HFOFUJDDPOTUJUVUJPOPGUIFMPDBMBOJNBMTBOEUPQSPEVDF
"OEISB 1SBEFTI -JWFTUPDL %FWFMPQNFOU )(.BOJNBMT
"HFODZ %(PLVM(SBN1SPKFDU
" /BUJPO XJEF "SUJGJDJBM *OTFNJOBUJPO 1SPHSBNNF (PLVM(SBNJTFTUBCMJTIFEVOEFS3BTIUSJZB(PLVM.JTTJPO
/"*1
XJUIBOPCKFDUJWFUPDPOTFSWBUJPOBOEEFWFMPQNFOUPG
5IF PCKFDUJWFT BSF 1SPWJEJOH EPPS TUFQ "* EFMJWFSZ JOEJHFOPVTCPWJOFCSFFETJOUIFDPVOUSZ5IF1SPKFDUJT
TZTUFN JO EJTUSJDUT XJUI MFTT UIBO "* DPWFSBHF
FTUBCMJTIFE BU $BUUMF #SFFEJOH 'BSN
$IBEBMBXBEB
1SPNPUJOH CJSUI PG HFOFUJDBMMZ TVQFSJPS NBMF GFNBMF 1SBLBTBNEJTUSJDU
CPWJOF CSFFET
*ODSFBTF NJML QSPEVDUJPO CZ NPSF 5IF0CKFDUJWFTPG(PLVM(SBNBSF
DBMWJOHT"EPQUJPOPG"*5FDIOPMPHZCZMBSHFOVNCFSPG
t 1SPNPUJOH JOEJHFOPVT DBUUMF SFBSJOH BOE
GBSNFSTBOEJODSFBTFUIFGBSNFSTJODPNFUISPVHICFUUFS
DPOTFSWBUJPOJOBTDJFOUJGJDNBOOFS
QSPHFOZ
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
4SJ 7FOLBUFTXBSB 7FUFSJOBSZ 6OJWFSTJUZ
t $POTFSWBUJPO PG 0OHPMF BOE 1VOHBOVS DBUUMF
5JSVQBUJ CSFFETUISPVHI*7'5FDIOPMPHZJTDPOUJOVJOHBU
-34
-".
(VOUVSBOE-341BMBNBOFS
5IF"DUJWJUJFTBSF
t 4VQFSJPS HFSNQMBTN PG DBUUMF
TIFFQ BOE QJHT
t 4776
5JSVQBUJXBTBDDSFEJUFECZ*$"3
/FX%FMIJ GPEEFSTMJQTXFSFTVQQMJFEUPGBSNFSTBU-34
-".
GPSZFBSTJF
GSPNUP (VOUVS
-34
4JEEJSBNBQVSBN
-34
1BMBNBOFS
t 5IF 6OJWFSTJUZ IBT FOUFSFE JOUP .06 XJUI BOEPUIFSSFTFBSDITUBUJPOTPGUIF6OJWFSTJUZ
1FOOTZMWBOJB 4UBUF 6OJWFSTJUZ
64" BOE BT B t 4SJ 7FOLBUFTXBSB 7FUFSJOBSZ 6OJWFSTJUZ
5JSVQBUJ
SFTVMU
SFDFJWFE3TDPSFSTBT3FTFBSDIHSBOU SFDFJWFE *$"3 #SFFE $POTFSWBUJPO "XBSE GPS
GPSFWBMVBUJOHSJTLBTTFTTNFOUPG"OUISBYEJTFBTF DPOTFSWJOH1VOHBOVS$BUUMFJO%FDFNCFS
BOE BMTP B SFTFBSDI HSBOU 3T MBLIT XBT
t %JTUSJCVUFE 7BOBSBKB CJSET UP 4$ BOE 45
SFDFJWFE GSPN %#5
/FX %FMIJ GPS FWBMVBUJPO PG
CFOFGJDJBSJFTEVSJOH
3BQJEEJBHOPTUJDLJUTPG"OUISBY%JTFBTFGPSFBSMZ
BOE BDDVSBUF EJBHOPTJT XJUI JOUFOUJPO PG #VEHFUPG3T$PSFSTVOEFSDBQJUBM
3TDPSFST
TBGFHVBSEJOHUIFJOUFSFTUTPG'BSNFSTPG"1 VOEFSSFWFOVF 5PUBMPVUMBZPG3TDPSFST
IBTCFFO
BMMPDBUFE UP 4776
5JSVQBUJ EVSJOH UIF GJOBODJBM ZFBS
t 5IF 6OJWFSTJUZ VOEFS BO .06 XJUI 5JSVNBMB
UPXBSET DPOUJOHFODJFT
QBZ BOE BMMPXBODFT
5JSVQBUJ%FWBTUBOBN
5JSVQBUJSFDFJWFEBSFTFBSDI
PGTUBGGGPSQSPDVSFNFOUPGFRVJQNFOUTBOEDSFBUJPOPG
HSBOU PG 3T DSPSFT GPS DPOTFSWBUJPO PG
*OGSBTUSVDUVSFGBDJMJUJFTUPWBSJPVTSFTFBSDITUBUJPOTBOE
JOEJHFOPVTDBUUMF CSFFET (JS
1VOHBOVS
DPMMFHFT
0OHPMF
CZ JOWJUSP GFSUJMJ[BUJPO
&NCSZP USBOTGFS
BOE 0WVN QJDLVQ NFUIPET GPS UIFJS HFOFUJD
"OEISB1SBEFTI7FUFSJOBSZ$PVODJM "17$
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
8PSLJOH$BQJUBMPGVQUP3T
QFSIFBEBTTIPSU JT UP JNQSPWF BOJNBM IFBMUI BOE QSPEVDUJWJUZ GPS UIF
UFSN-PBOUPNFFUUIFGJOBODFTSFRVJSFEGPSNBJOUFOBODF CFOFGJUPGGBSNFST
PGBOJNBMT5IFNJMLQPVSFSTBSFBMTPBCMFUPHFUNJMDI
5IFNBJOPCKFDUJWFTBSFUPDPOTFSWFJOEJHFOPVTHFSN
BOJNBMT JG UIFZ BSF XJMMJOH UP QVSDIBTF NJMDI BOJNBMT
QMBTN
TUVEZJOUSPEVDUJPOPGHFOFTGPSCFUUFSQSPEVDUJPO
VOEFS$IFZVUIB4DIFNF
SFQSPEVDUJPO
EJTFBTF SFTJTUBODF BOE BEPQUJPO
UP
EFWFMPQGFFEBOEGPEEFSSFTPVSDFTUPNJUJHBUFESPVHIU
4VQQPSUUPUIF8PNFO4PDJFUZ
BOE DZDMPOFT
JNQSPWF BOJNBM SFQSPEVDUJPO UISPVHI
5IF 4UBUF (PWFSONFOU IBT CFFO BMMPUUJOH DFOUT PG OFX UFDIOPMPHJFT
TUVEZ EJTFBTF NPOJUPSJOH
(PWFSONFOU MBOE GPS DPOTUSVDUJPO PG #.$6 CVJMEJOHT TVSWFJMMBODF BOE NBQQJOH
EFWFMPQ DPTUFGGFDUJWF
BOEDFOUTPG(PWFSONFOUMBOEGPSDPOTUSVDUJPOPG WBDDJOFT BOE EJTFBTF EJBHOPTUJD UPPMT BOE UP DSFBUF
".$6CVJMEJOHUPTVQQPSUUIF.%44BUWJMMBHFMFWFM BEFRVBUF USBJOFE QFSTPOOFM JO UIF DPVOUSZ JO UIF
TQFDJBMJ[FE BSFBT PG WFUFSJOBSZ TDJFODFT TVDI BT OBOP
4VDDFTT4UPSJFT CJPMPHZ
*O DPOUSJCVUJOH UP UIF FDPOPNJD FNQPXFSNFOU PG "1$"3- JT BTTPDJBUJOH XJUI WBSJPVT BHFODJFT BOE
XPNFO
UIF GPSNBUJPO PG .BIJMB %BJSZ 4BIBLBSB QBSUOFST GPS JNQSPWJOH UIF MJWFMJIPPE TUBUVT PG UIF
4BOHIBMV 8PNFO NBOBHFE %BJSZ $P0QFSBUJWF GBSNJOH DPNNVOJUZ CZ FOIBODJOH UIF QSPEVDUJWJUZ
4PDJFUJFT
JO PVS TUBUF UISPVHI UIF +BHBOBOOB 1BBMB UISPVHIEFTJHOJOHJOOPWBUJWFCSFFEJOHBOEOVUSJUJPOBM
7FMMVWB1SPKFDUJTVTIFSJOHJOBTJHOJGJDBOUDIBOHFJOUIF QSBDUJDFT 5XP QSJWBUF QBSUOFST PG UIF "1$"3-
NJMLTFDUPS 1VMJWFOEVMB .T(MPCBM7FUNFE$PODFQUT*OEJB1WU-UE
/BUJPOBM $PPQFSBUJWF %FWFMPQNFOU $PSQPSBUJPO BOE(FOPNJDT$"3-*OEJB1WU-UE
BSFXPSLJOHPOEBJSZ
.JOJTUSZPG$PPQFSBUJWF
(PWFSONFOUPG*OEJB
OPUJGJFE QSPEVDUJPOTZTUFNTBOEEJBHOPTUJDTGPSJNQSPWJOHEBJSZ
UIF 3FHJPOBM "XBSET GPS UIF ZFBS BOE SFDFJWFE B QSPEVDUJPO BOE BOJNBM IFBMUI JO UIF TUBUF .T
DBTI SFXBSE PG 3T
GPS 3FHJPOBM $PPQFSBUJWF *H:*NNVOPMPHJY *OEJB 1WU -UE FYFDVUFE DPMMBCPSBUJPO
&YDFMMFODF"XBSEBOE.BIJMB%BJSZ"TTPDJBUJPO$FOUSFT BOE MFBTF BHSFFNFOUT BOE GMPBUFE KPJOU WFOUVSF
.%"$
JOUIFTUBUFSFDFJWFE3T
GPS.FSJU"XBSE DPNQBOZXJUI"1$"3-DBMMFE&YDFM*NNVOPMPHJY*OEJB
1WU -UE UP NBOVGBDUVSF BOJNBM EJTFBTF WBDDJOFT TJODF
.BSLFUJOH*OUFSWFOUJPOT UIFSF JT OP WBDDJOF NBOVGBDUVSJOH PSHBOJ[BUJPO JO "1
4UBUFFJUIFSJOQVCMJDPSQSJWBUFTFDUPS
"1%%$' JT BMTP QSPWJEJOH MBLI MJUSFT PG 7JUBNJO
GPSUJGJFE 6)5 NJML FWFSZ NPOUI UP "OHBOXBEJ $FOUSFT (PWFSONFOU PG "1 IBT JTTVFE PSEFST UP FTUBCMJTI
EJSFDUMZ UISPVHI 8PNFO $IJME XFMGBSF %FQBSUNFOU 1VOHBOVS $BUUMF #SFFEJOH $FOUSF
.VSSBI #VGGBMP
VOEFS :43 4BNQPPSOB 1PTIBOB BOE :43 4BNQPPSOB #SFFEJOH$FOUFSBOEBMTPSFMPDBUFE7FUFSJOBSZ#JPMPHJDBM
1PTIBOB 1MVT TDIFNFT VTJOH B8FC BOE .PCJMF CBTFE 3FTFBSDI *OTUJUVUF 7#3*
PG "1 4UBUF UP "1$"3-
"QQMJDBUJPO EFWFMPQFE XJUI FOEUPFOE FODSZQUJPO UP 1VMJWFOEVMB UP CFUUFS TFSWF UIF GBSNFST BOE MJWFTUPDL
NPOJUPSNJMLTVQQMJFTSJHIUGSPNUIFQPJOUPGMPBEJOHPG IFBMUI "1$"3- FYFDVUFE .P6 XJUI BO 64 CBTFE
NJMLUPUIFEPPSTUFQTPG"8$T4VQQMZDIBJOXBTDSFBUFE DPNQBOZ i/V5FDI #JPTDJFODFTw UP FTUBCMJTI GFFE
BOE BMM OFDFTTBSZ PGGJDJBMT XFSF SFHJTUFSFE UISPVHI UIF TVQQMFNFOUNBOVGBDUVSJOHVOJUTPBTUPTVQQMZUPUIF
"QQ MJWFTUPDL
QPVMUSZ BOE BRVB JOEVTUSZ BT XFMM BT UP UIF
MJWFTUPDL GBSNFST UP FOIBODF BOJNBM TPVSDFE GPPE
"OEISB 1SBEFTI $FOUSF GPS "EWBODFE QSPEVDUJPO
3FTFBSDIPO-JWFTUPDL "1$"3-
1VMJWFOEVMB #VEHFU QSPWJEFE CZ UIF "1 4UBUF (PWFSONFOU EVSJOH
UIFGJOBODJBMZFBSJOHSBOUGPSNJT3TMBLI
"1$"3-XBTFTUBCMJTIFEXJUIBWJTJPOUPCFBXPSMEDMBTT
UPXBSETTBMBSJFT
XBHFT
PGGJDFFYQFOEJUVSFBOESFQBJST
DFOUSFPGFYDFMMFODFGPSBEWBODFESFTFBSDIPO-JWFTUPDL
BOESFOPWBUJPOPGUIFCVJMEJOHT
CFTJEFTBMMPDBUJOHUIF
*UT NJTTJPO JT UP GJOE TPMVUJPOT UP UIF QSPCMFNT PG
CVEHFU GPS FTUBCMJTINFOU PG .VSSBI CVGGBMP CSFFEJOH
-JWFTUPDL JO UIF GJFME PG )FBMUI BOE 1SPEVDUJPO BOE
DFOUFS
USBOTGFSUIFMBUFTUUFDIOPMPHJFTUPFOEVTFSTBOEUIFHPBM
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
0SHBOJ[BUJPO PG 'JTIFSNFO $PPQFSBUJWF DBSCPOEJPYJEF GSPN UIF BUNPTQIFSF FUD
BSF OPU
4PDJFUJFT RVBOUJGJFECVUBSFPGHSFBUTJHOJGJDBODF
'PSFTUDPWFSIBTCFFOSFDPHOJ[FEBTDSJUJDBMGPSBMJWJOH
5IF'JTIFSJFT$PPQFSBUJWF4PDJFUJFT '$4
BSFGPSNFEGPS
FOWJSPONFOUBTJUJOGMVFODFTUIFRVBMJUZBOERVBOUJUZPG
UIFQSPNPUJPOPGUISJGU
TFMGIFMQBOENVUVBMBTTJTUBODF
BJSBOEXBUFS5IFSPMFPGGPSFTUTBTDBSCPOTJOLTFOEPXT
PG UIF NFNCFST (PWFSONFOU IBT HJWFO HSFBU
UIFNBEEFESFDPHOJUJPOBTBOJNQPSUBOUFOWJSPONFOUBM
JNQPSUBODFUPDPPQFSBUJWFTPDJFUJFTJOGJTIFSJFTTFDUPSUP
GBDUPS8JUIUIFSFTQPOTJCJMJUZPGNBOBHFNFOUPGGPSFTUT
FNQPXFS GJTIFSNFO UP NBOBHF BRVB SFTPVSDFT
WFTUFEXJUIUIF4UBUF'PSFTUBENJOJTUSBUJPO
UIF$FOUSBM
%FQBSUNFOUBMUBOLT .*UBOLT
BSFHJWFOPOMFBTFUPUIFTF
JOUFSWFOUJPOT BSF EJSFDUFE FTTFOUJBMMZ UPXBSET
DPPQFSBUJWF TPDJFUJFT GPS FYQMPJUBUJPO PG GJTIFSZ XFBMUI
SFJOGPSDJOH UIF DBQBDJUZ PG 4UBUFT UP VOEFSUBLF UIF
GPS CFUUFS MJWFMJIPPET "TTJTUBODF JT BMTP QSPWJEFE GPS
/BUJPOBM 1PMJDZ NBOEBUFT UPXBSET DPOTFSWBUJPO BOE
JOQVUTMJLFGJTITFFETUPDLJOH
CPBUT
OFUTFUDPOTVCTJEZ
TVTUBJOBCMFVTFPGSFTPVSDFT5IFDPSFPCKFDUJWFPGGPSFTU
4P GBS
MBLI GJTIFSNFO IBWF CFFO PSHBOJ[FE JOUP
TFDUPSEFWFMPQNFOUTUSBUFHZJTUPFOIBODFHSFFODPWFS
TPDJFUJFT5IFSFJTBOFFEUPJOGVTFQSPGFTTJPOBMJTN
CZJOUFHSBUJOHJUXJUIMJWFMJIPPEPQQPSUVOJUJFT
BOE HPPE HPWFSOBODF TP UIBU UIFTF $PPQFSBUJWFT DBO
EFWFMPQPOUIFJSJOUSJOTJDTUSFOHUI%FUBJMTPG'$4TJOUIF "TQFS*OEJBO4UBUF'PSFTU3FQPSU
"OEISB1SBEFTI
4UBUFBSFTIPXOJO5BCMF TUBUF GPSFTU DPWFST BO BSFB PG 4R ,NT
XIJDI
BNPVOUUPPGUIFUPUBMHFPHSBQIJDBMBSFB0VUPG
5BCMF'JTIFSNFO$PPQFSBUJWF4PDJFUJFT '$4
UIJT
7FSZ %FOTF 'PSFTU JT 4R ,NT
.PEFSBUF
4 /P5ZQFTPG4PDJFUZ
/P PG4PDJFUJFT
/P PG.FNCFST %FOTF 'PSFTU JT 4R ,NT
0QFO 'PSFTU JT
B *OMBOE'JTIFSNFO$PPQ4PDJFUJFT
C .BSJOF'JTIFSNFO$PPQ4PDJFUJFT
4R,NT BOE 4DSVC 'PSFTU JT ,NT
D 'JTIFSXPNFO$PPQ4PDJFUJFT %JTUSJDUXJTFGPSFTUBSFBJTTIPXOJO"OOFYVSF
E 0UIFST
505"- 4UBUF'PSFTU%FWFMPQNFOU"HFODZ
4PVSDF$PNNJTTJPOFSPG'JTIFSJFT
4UBUF 'PSFTU %FWFMPQNFOU "HFODZ 4'%"
JT B TPDJFUZ
'PSFTU SFHJTUFSFEBTBGFEFSBUJPOPG'%"TJOUIF4UBUF'%"T
IBWF CFFO TBODUJPOFE CZ (PWFSONFOU PG *OEJB GPS
"OEISB1SBEFTI4UBUFJTCFTUPXFEXJUIUXPNJHIUZSJWFS JNQMFNFOUJOH/BUJPOBM"GGPSFTUBUJPO1SPHSBNNF /"1
TZTUFNTPG,SJTIOBBOE(PEBWBSJ5IF4UBUFIBTXJEFBOE XIJDI JT B $FOUSBMMZ 4QPOTPSFE 4DIFNF $44
XJUI B
WBSJFEWFHFUBUJPOUZQFTFOSJDIFECZBWBSJFUZPGGMPSBBOE GVOEJOHQBUUFSOPG(SBOUGSPN(P*VQUP
GBVOB"OEISB1SBEFTIMPDBUFETUSBUFHJDBMMZJOUIFDFOUSBM BOEGSPN
UIFQBUUFSODIBOHFEUPTIBSF
SFHJPOPGUIF*OEJBOTVCDPOUJOFOUIBTSFQSFTFOUBUJWFTPG CFUXFFO UIF $FOUSF BOE 4UBUF 7BSJPVT 1MBOUBUJPO
UIFNBHOJGJDFOU*OEJBOQMBOUBOEBOJNBMMJGF*UTWBSJFE BDUJWJUJFT
4.$ XPSLT
BXBSFOFTT DBNQT GPS DBQBDJUZ
UPQPHSBQIZSBOHJOHGSPNUIFIJMMTPG&BTUFSO(IBUTBOE CVJMEJOHBSFCFJOHUBLFOVQCZ'%"TUISPVHIUIF7BOB
/BMMBNBMBhT UP UIF TIPSFT PG #BZ PG #FOHBM TVQQPSUT 4BNSBLTIOB 4BNJUIJFT 744
$FOUSBMMZ 4QPOTPSFE
WBSJFEFDPUZQFT
XIJDIJOUVSOTVQQPSUBSJDIEJWFSTJUZPG 4DIFNFTMJLF/BUJPOBM"GGPSFTUBUJPO1SPHSBNNF /"1
GMPSBGBVOB /BUJPOBM .JTTJPO GPS B (SFFO *OEJB (*.
BOE /BUJPOBM
5IF GPSFTUT JO "OEISB 1SBEFTI NBLF GPS IJHIMZ .FEJDJOBM 1MBOUT #PBSE /.1#
4DIFNFT BSF CFJOH
SFKVWFOBUJOHHBUFXBZ5PVSJTUTPGUFOIFBEUPUIFGPSFTUT JNQMFNFOUFEUISPVHI'%"T
OFBS"OEISB1SBEFTIUPFYQFSJFODFKVOHMFTTBGBSJT5IF 5IF (P*
XJUI UIF PCKFDUJWF UP BDIJFWF JOUFHSBUJPO PG
GBNFE XJMEMJGF JO "OEISB 1SBEFTI JT NBJOMZ TDBUUFSFE WBSJPVT BGGPSFTUBUJPO QSPHSBNNFT TDIFNFT PG UIF
BDSPTT UIFTF GPSFTUT 8IJMF UIF CFOFGJUT GSPN EFOTF .JOJTUSZ IBT NFSHFE UIF /BUJPOBM "GGPSFTUBUJPO
GPSFTUTBSFOVNFSPVT
UIFUBOHJCMFCFOFGJUTMJLF5JNCFS
1SPHSBNNF /"1
BOE/BUJPOBM.JTTJPOGPSB(SFFO*OEJB
#BNCPP
'VFMXPPE
'PEEFS
/PO5JNCFS'PSFTU1SPEVDUT (*.
JOUPBTJOHMFTDIFNFGSPNPOXBSET5IF
FUD
BSF RVBOUJGJBCMF *OUBOHJCMF CFOFGJUT MJLF TUBUFIBTTVCNJUUFE"OOVBM1MBOPG0QFSBUJPOT "10
GPS
NBJOUFOBODFPGFDPMPHJDBMCBMBODF
DPOTFSWBUJPOPGTPJM 3TDSPSFUP(P*VOEFS/BUJPOBM.JTTJPOGPSB(SFFO
BOE NPJTUVSF
SFHVMBUJOH UIF XBUFS GMPX
TFRVFTUFSJOH *OEJB (*.
GPS
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"/BHBSBWBOBNT CBNCPPTGSPNCBNCPPDPVQFTBTQFSQSFTDSJQUJPOTPG
UIFXPSLJOHQMBOPGSFTQFDUJWFEJWJTJPOT
5IFQSJNBSZPCKFDUJWFPGUIF/BHBSBWBOBNT $JUZ'PSFTUT
JTUPFOTVSFXIPMFTPNFMJWJOHFOWJSPONFOUUPUIFVSCBO 'PSFTU3FWFOVF
DJUJ[FOTCFTJEFTDPOUSJCVUJOHUPEFWFMPQNFOUPG4NBSU
$MFBO
(SFFOBOE)FBMUIZDJUJFT4PGBS
/BHBSBWBOBNT 5IF JODPNF BDDSVFE GSPN GPSFTUSZ TFDUPS JO UIF 4UBUF
IBWFCFFODPNQMFUFEBOEPQFOUPUIFQVCMJD EVSJOH VQ UP %FDFNCFS
JT 3T
DSPSF 5IF EFUBJMT PG &YUSBDUJPO PG 'PSFTU 1SPEVDF PG
*OBEEJUJPOUPUIF/BHBSBWBOBNT
5FNQMF&DPQBSLTBSF 5JNCFS
'VFM
1PMFTBOE#BNCPPTBSFHJWFOJO5BCMF
CFJOH EFWFMPQFE JO UIF TUBUF UP DSFBUF BXBSFOFTT PO
WBSJPVT FOWJSPONFOUBM JTTVFT CFTJEFT DPOUSJCVUJOH UP 5BCMF'PSFTU1SPEVDUJPOFYUSBDUJPOEVSJOH
EFWFMPQNFOUPGBFTUIFUJDFOWJSPONFOUGPSUIFQJMHSJNT VQUP%FDFNCFS
'VSUIFS
EJGGFSFOUUIFNFQBSLTBSFBMTPCFJOHEFWFMPQFE
4QFDJFT 6Q UP%FD
UPIJHIMJHIUUIFIJTUPSJDBMTJHOJGJDBODFPGUIFUFNQMF'PS
UIFGJOBODJBMZFBS
BOBNPVOUPG3TMBLI 5BSHFU "DIJFWFNFOU
JT BMMPDBUFE GPS FTUBCMJTINFOU BOE NBJOUFOBODF PG 5JNCFS $NU
/BHBSBWBOBNTBOE5FNQMFFDPQBSLTBDSPTTUIF4UBUF
'VFM $NU
&DP5PVSJTN 1PMFT OP
(PWFSONFOU IBT TUBSUFE &DP5PVSJTN JOJUJBUJWFT CZ #BNCPP -BLIOPT
UBLJOHVQDSFBUJPOPGOFXDPNNVOJUZCBTFE&DP5PVSJTN
$FOUFST BOE TUSFOHUIFOJOH UIF FYJTUJOH &DP5PVSJTN
DFOUFSTCZUIF'PSFTU%FQBSUNFOUJOWPMWJOHMPDBMUSJCFTJO 4PDJBM'PSFTUSZ
JNQMFNFOUBUJPOBOENBOBHFNFOUCZ$#&5T&%$TEVMZ 5IF4UBUF(PWFSONFOUIBTMBVODIFEBNBTTJWFQFPQMFhT
FNQPXFSJOHUIFJSFDPOPNJDTUBUVT NPWFNFOUJOWPMWJOHQVCMJDBOEGBSNFSTJOBCJHXBZUP
JODSFBTF USFF DPWFS PVUTJEF SFTFSWF GPSFTUT UP JNQSPWF
#7BOB7JIBSJ &DP5PVSJTN
FOWJSPONFOU BOE UP QSPWJEF HBJOGVM FNQMPZNFOU UP
5IF 4UBUF IBT TUBSUFE UIF TDIFNF GPS DSFBUJPO PG OFX UIPVTBOET PG VOFNQMPZFE ZPVUI %JTUSJCVUJPO PG
DP N N V O J U Z C B T F E & DP 5P V S J T N DF O U SF T B O E TFFEMJOHT UP UIF QVCMJD
SBJTJOH DPNNVOJUZ MBOE
TUSFOHUIFOJOH UIF FYJTUJOH FDPUPVSJTN DFOUSFT JOTJEF QMBOUBUJPOTBWFOVFTIFMUFSCFMUQMBOUBUJPOTBOESBJTJOH
UIF GPSFTU BSFB BOE BMTP UP EFWFMPQ $PUUBHFT JOTUJUVUJPOBMQMBOUBUJPOTFUDIBWFCFFOEPOFVOEFS4PDJBM
%PSNJUPSJFT
OBUVSF$BNQT
OBUVSFUSBJMT
#PBUJOH
8BUDI 'PSFTUSZQSPHSBNNF
UPXFST
JOUFSQSFUBUJPO$FOUFSTFUD
BDSPTTUIF4UBUF
7BOBNBIPTUBWBN
%S:43BKBTFLIBSB3FEEZ4NSVUIJ7BOBN .BTTJWF BGGPSFTUBUJPO QSPHSBNNF IBT CFFO DBSSJFE
%S:43BKBTFLIBSB 3FEEZ 4NSVUIJ7BOBN QSPKFDU XBT EVSJOH
CZ JOWPMWJOH BMM MJOF EFQBSUNFOUT
EFWFMPQFEJOBOFYUFOUPG)BJO/BMMBLBMWB7JMMBHFPG QFPQMF GSPN BMM XBMLT PG MJGF BOE CZ DPOWFSHJOH GVOET
"UNBLVS.BOEBMBOEUPNBJOUBJOUIFQSPKFDU GSPN $".1"
.(/3&(4
4UBUF EFWFMPQNFOU TDIFNFT
BOE$FOUSBM4QPOTPSFETDIFNFTBOETPGBSDSPSFTPG
'PSFTU1SPEVDF 1SPEVDUJPO
TFFEMJOHXJUIGPDVTPOJOEJHFOPVTOBUJWFTQFDJFTIBWF
CFFOQMBOUFE
5IF %FQBSUNFOUBM &YUSBDUJPO PG5JNCFS
'VFM BOE 1VMQ
8PPE
'BHHPU 8PPE
-POH #BNCPP BOE #BNCPP
"GGPSFTUBUJPO
*OEVTUSJBM $VUT #*$
GSPN OBUVSBM GPSFTUT BT XFMM BT
QMBOUBUJPOT XFSF JOUSPEVDFE GSPN UIF ZFBS 5P JNQSPWF HSFFO DPWFS
"1'% IBT CFFO SBJTJOH
EJTCBOEJOH DPOUSBDUPS TZTUFN 5IF NBKPS BDUJWJUZ QMBOUBUJPOT MJLF BTTJTUFE OBUVSBM SFHFOFSBUJPO
DPNQSJTFT IBSWFTUJOH UJNCFS BOE QPMFT GSPN NBUVSFE QMBOUBUJPOT
CMPDL QMBOUBUJPOT
BWFOVF QMBOUBUJPOT
QMBOUBUJPOTPG5FBL
&VDBMZQUVT
$BTVBSJOBTFUDBOEMPOH #BSSFO IJMM BGGPSFTUBUJPO
NBOHSPPWF QMBOUBUJPOT BOE
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
.BO o "OJNBM $POGMJDU 4USBUFHJFT UP UBDLMF 5P EFWFMPQ LOPXMFEHF PO JNQBDUT BOE
EZOBNJDT PGGPSFTUGJSF
.BO"OJNBM$POGMJDU
"OOVBMQMBOPGPQFSBUJPOTGPSUIFZFBSXFSF
*O"OEISB1SBEFTI4UBUF
BIFSEBSPVOEFMFQIBOUTBSF
TVCNJUUFEUPUIF(P*UISPVHI4UBUF(PWFSONFOUXJUI
XBOEFSJOHJO'PSFTUBSFBTJOBOEBSPVOE3BNBLVQQBN
BGJOBODJBMPVUMBZPG3TMBLI UPUIFFYUFOUPG
NBOEBM PG $IJUUPPS %JTUSJDU 5IFTF &MFQIBOUT BSF WFSZ
#&BQQSPWFECZUIF4UBUF(PWFSONFOU
JF
GSFRVFOUMZDPNJOHPVUPGGPSFTUJOTFBSDIPGGPEEFSBOE
BNPVOUSFRVFTUFEGPSSFWBMJEBUJPOEVSJOHUIFZFBSJT
XBUFS TPNFUJNFT DBVTJOH EBNBHF UP UIF BHSJDVMUVSF
3TMBLI $FOUSBMTIBSF3TMBLI4UBUF
DSPQTBEKPJOJOHUIFGPSFTUBSFBT*OBEEJUJPOUPFMFQIBOUT
TIBSF3TMBLI
BOECBMBODFUPCFTBODUJPOFE
PUIFSXJMEBOJNBMTMJLFTMPUICFBS
CMBDL#VDLBOEXJME
EVSJOH JT 3T MBLI $FOUSBM TIBSF
CFBSBSFBMTPDBVTJOHEBNBHFUPUIFDSPQTBOE4MPUICFBS
3T MBLI 4UBUF TIBSF 3T MBLI
"O
BUUBDLTPOIVNBOT(PWFSONFOUIBTUBLFOBMMQPTTJCMF
BNPVOU PG 3T MBLI SFWBMJEBUJPO PG $FOUSBM
NFBTVSFTJONJUJHBUJOH.BO"OJNBM &MFQIBOU
$POGMJDU
4IBSFXBTDSFEJUFEJOUP4/"BDDPVOU
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
3FETBOEFST1SPUFDUJPO4DIFNF BOE$MJNBUF$IBOHFIBTDPOTUJUVUFEBOBVUIPSJUZLOPXO
BT$PNQFOTBUPSZ"GGPSFTUBUJPO'VOE.BOBHFNFOUBOE
5IFTDIFNFJTNFBOUGPSQSPUFDUJPOPG3FETBOEFSUSFFTJO 1MBOOJOH "VUIPSJUZ $".1"
GPS DPOTFSWBUJPO
4FTIBDIBMBN
7FMJHPOEB
-BOLBNBMB BOE 5BMBLPOB )JMM QSPUFDUJPO
SFHFOFSBUJPO BOE NBOBHFNFOU PG FYJTUJOH
3BOHFTPG"OEISB1SBEFTIEJTUSJCVUFEJOUIFEJTUSJDUTPG OBUVSBM GPSFTUT BOE XJMEMJGF JUT IBCJUBU JODMVEJOH
,BEBQB
$IJUUPPS
/FMMPSF
1SBLBTBNBOE,VSOPPMPWFSBO FOWJSPONFOUBMTFSWJDFT
SFTFBSDI
USBJOJOHBOEDBQBDJUZ
BSFBPG4R,N CVJMEJOH
%VSJOH UIF ZFBS UIF (PWFSONFOU BMMPUUFE BO 5IF"OOVBM1MBOPG0QFSBUJPO "10
JTCFJOHQSFQBSFE
BNPVOUPG3T
MBLI5IF4DIFNFJTJNQMFNFOUFE FWFSZ ZFBS VOEFS $".1" GPS QSPUFDUJPO PG GPSFTUT BOE
BTQFSBQQSPWFEBDUJWJUJFTBOEUIFFYQFOEJUVSFJODVSSFE XJMEMJGF5IFUXPNBJODPNQPOFOUTUBLFOVQVOEFS"1
JT 3T MBLI GPS UIF ZFBS UPXBSET 3FE 4UBUF$".1"
4BOEFST1SPUFDUJPOBDUJWJUJFT
$PNQFOTBUPSZ "GGPSFTUBUJPO $"
1MBOUBUJPO XPSLT BSF
'PSUIFZFBS
CVEHFUQSPQPTBMTGPS3FE4BOEFS UBLFOVQJO$"MBOETUBLFOJOMJFVPGGPSFTUBSFBTEJWFSUFE
1SPUFDUJPO 4DIFNF TVCNJUUFE UP (PWFSONFOU XJUI B *U BMTP FOWJTBHFT QSPQFS EFNBSDBUJPO PG UIF
GJOBODJBM PVUMBZ PG 3T MBLI 5IF (PWFSONFOU $PNQFOTBUPSZ"GGPSFTUBUJPOBSFBTCZFSFDUJOHCPVOEBSZ
BMMPUUFE BO BNPVOU PG 3T
MBLI5IF TDIFNF JT QJMMBST
JNQMFNFOUBUJPO PG TPJM BOE NPJTUVSF
JNQMFNFOUFEJOUIFZFBSBOEUIFFYQFOEJUVSF DPOTFSWBUJPO XPSLT BT QFS TJUF SFRVJSFNFOUT
SBJTJOH
JODVSSFEUJMM%FDFNCFS
JT3TMBLIUPXBSET SFRVJSFE QMBOOJOH TUPDL
NBJOUFOBODF PG QSFWJPVTMZ
3FE4BOEFSTQSPUFDUJPOBDUJWJUJFT SBJTFE$"QMBOUBUJPOTFUD
'PSFTU $POTFSWBUJPO "DU
$PNQFOTBUPSZ 5IFBDUJWJUJFTVOEFSUIJTIFBEJF
$""EEM$"1FOBM$"
"GGPSFTUBUJPO 4BGFUZ ;POF $BUDINFOU "SFB 5SFBUNFOU *8.1
0UIFST BSF UBLFO VQ BT QFS UIF BQQSPWFE QSPKFDU
'PSFTUT XIFUIFS (PWFSONFOU
WJMMBHF PS QSJWBUF TVC
DPNNVOJDBUFECZ(P*BTTUJQVMBUJPOTXIJMFHSBOUJOHUIF
TFSWFUIFFOUJSFDPNNVOJUZBOESFQSFTFOUBDPNNVOJUZ
4UBHFo***DMFBSBODFTPG$"QSPQPTBMT
SFTPVSDFUIBUNFFUTUIFOFFEPGNJMMJPOTPGSVSBMQFPQMF
FTQFDJBMMZUIF5SJCBMT /FU 1SFTFOU 7BMVF /17
5IJT DPNQPOFOU JODMVEFT
BDUJWJUJFTQFSUBJOJOHUPQSPUFDUJPOBOEJNQSPWFNFOUPG
'PSFTU$POTFSWBUJPO"DU
EFBMTXJUITVDIEJWFSTJPO
UIF GPSFTU UISPVHI OBUVSBM GPSFTU NBOBHFNFOU
GPSFTU
PG GPSFTU MBOET GPS OPOGPSFTU QVSQPTFT TP UIBU POMZ
QSPUFDUJPO
QSFWFOUJPO DPOUSPM PG GPSFTU GJSF
NJOJNVNBOEFTTFOUJBMQSPKFDUTBSFUBLFOVQPOGPSFTU
DPOTFSWBUJPO PG CJPEJWFSTJUZ
QSPEVDUJPO PG RVBMJUZ
MBOET %FUBJMT PG QSPHSFTT PO $PNQFOTBUPS Z
TFFEMJOHT BOE DMPOBM NBUFSJBM
BQQMJDBUJPO PG (*4
"GGPSFTUBUJPO VOEFS 'PSFTU $POTFSWBUJPO
"DU
JO
UFDIOPMPHZ GPS CFUUFS NBOBHFNFOU PG GPSFTUT BOE
UIFTUBUFGPSUIFZFBSTUP UP
FOIBODJOH UIF TLJMMT PG UIF DVUUJOH FEHF TUBGG UISPVHI
BSFTIPXOJO5BCMF
USBJOJOH BOE DBQBDJUZ CVJMEJOH GPS FGGFDUJWF QSPUFDUJPO
5BCMF /P %FUBJMT PG QSPHSFTT PO $PNQFOTBUPSZ BOENBOBHFNFOUPGGPSFTUTFUD5IFZFBSXJTFEFUBJMTPG
"GGPSFTUBUJPO VOEFS 'PSFTU $POTFSWBUJPO
"DU
JO QMBOUBUJPOT SBJTFE BOE FYQFOEJUVSF JODVSSFE VOEFS
UIF TUBUF GPS UIF ZFBST UP VQUP $".1"BSFBTGPMMPXTJO5BCMF
"(3*$6-563&"--*&%"$5*7*5*&4
5BCMF1MBOUBUJPOTSBJTFEBOEFYQFOEJUVSFJODVSSFEVOEFS$".1"
4M 3FMFBTFT"EPD 5PUBM 1MBOUBUJPOT
"QQSPWFE"10
/P : FBS JO$".1" &YQFOEJUVSF SBJTFEEVSJOH
3TJO$SPSF
3T*O
$SPSF 3T*O$SPSF
UIFZFBSJOIB
#&
#&
#&
#JMMTDSFEJUFEVQUP
"OEISB1SBEFTI4UBUF#JPEJWFSTJUZ#PBSE "DUJWJUJFT
#JPEJWFSTJUZ JODMVEFT UIF WBSJBCJMJUZ BNPOH MJWJOH t $POTUJUVUJPO PG #JPEJWFSTJUZ .BOBHFNFOU
PSHBOJTNTGSPNBMMTPVSDFTBOEUIFFDPMPHJDBMDPNQMFYFT $PNNJUUFFT #.$T
PG XIJDI UIFZ BSF QBSU BOE JODMVEFT EJWFSTJUZ XJUIJO t 1SFQBSBUJPO PG 1FPQMFhT #JPEJWFSTJUZ 3FHJTUFST
TQFDJFTPSCFUXFFOTQFDJFTBOEPGFDPTZTUFN5IF"1 1#3T
BOE&TUBCMJTINFOU0G-PDBM#JPEJWFSTJUZ'VOE
TUBUF SFQSFTFOUT POF PG UIF SJDIFTU SFQPTJUPSJFT PG -#'
CJPEJWFSTJUZ JO UIF XIPMF PG TPVUI BOE TPVUI &BTU "TJB
t *EFOUJGJDBUJPOPG#JPMPHJDBM)FSJUBHF4JUFT #)4
BOE
EVFUPWBSJFEUPQPHSBQIZGSPNUIFIJMMZSBOHFTPG&BTUFSO
*EFOUJGJDBUJPO0G&OEBOHFSFE5ISFBUFOFE4QFDJFT
(IBUT
UIF /BMMBNBMB JT UP UIF TIPSFT PG #BZ PG #FOHBM
&OEPXFE XJUI WBSJFE FDPTZTUFN
IBCJUBUT BOE SJDI t 1SFQBSBUJPOPG"14UBUFCJPEJWFSTJUZTUSBUFHJFTBOE
IFSJUBHF PG #JPEJWFSTJUZ UIF TUBUF CFDPNFT UIF TUPSF BDUJPO QMBO
%PDVNFOUBUJPO PG 5SBEBCMF #JP
IPVTFPGSJDIGMPSBBOEGBVOB*UIBTUIF4FDPOEMBSHFTU 3FTPVSDFT 5#3T
BOE %PDVNFOUBUJPO BOE
.BOHSPWFFDPTZTUFNJOUIF&BTUDPBTUPG*OEJB#FTJEFT
QVCMJDBUJPOT
"1 JT SJDI JO "HSJDVMUVSF #JPEJWFSTJUZ BOE JT IPNF UP t 1SPDFTTJOH PG "#4 BQQMJDBUJPOT BHSFFNFOUTXJUI
TFWFSBMWBSJFUJFTPGDSPQQMBOUT-BOESBDFT
'PPEDSPQT
VTFST
$VMUJWBST
)PSUJDVMUVSFDSPQT
-JWFTUPDL
'JTIFSJFTFUD
t "XBSFOFTTBOE$BQBDJUZ#VJMEJOH1SPHSBNNFT
5IF 4UBUF #JPEJWFSTJUZ #PBSE "14#%#
JT NBOEBUFE
UPXBSET DPOTFSWJOH BOE SFTUPSJOH CJPEJWFSTJUZ BOE "DIJFWFNFOUT
FDPTZTUFNUPEFMJWFSCFOFGJUTFTTFOUJBMGPSBMMTFDUPSTPG $POEVDUFE UXP XPSLTIPQT i&YQFSUT PO UIF NBUJD
UIFTPDJFUZJOBTVTUBJOBCMFNBOOFSBMTPBJNTUPBDIJFWF QMBOOJOH GPS BRVBUJD #JPEJWFSTJUZ BOE
[FSPMPTTPGCJPEJWFSTJUZBOEFDPTZTUFNTTFSWJDFTCZUIF DPOTFSWBUJPOPG3&5TQFDJFTJO"1BU7JKBZBXBEBPO
ZFBS BOE &YQFSUT UIFNBUJD "DUJPO QMBOOJOH
5IFNBJOPCKFDUJWFTPGUIF"14UBUF#JPEJWFSTJUZ#PBSE GPS 'PSFTU
"HSP
"RVBUJD #JPEJWFSTJUFT
BSF
$POTFSWBUJPOPG#JPMPHJDBM%JWFSTJUZ
4VTUBJOBCMF #JPEJWFSTJUZ)FSJUBHF4JUFTFUDPOBU477
VUJMJ[BUJPO PG UIF #JPMPHJDBM SFTPVSDFT BOE
'BJS BOE 6OJWFSTJUZ
5JSVQBUJ
FRVJUBCMFTIBSJOHPGCJPMPHJDBMSFTPVSDFTBNPOHBMMTUBLF 1SPEVDFEBOESFMFBTFEBO&OHMJTIUSBOTMBUFEWFSTJPO
IPMEFST PG BCPVU NJOVUFT EVSBUJPO PO "1 #JPEJWFSTJUZ
"XBSEFFT GPS XJEF QVCMJDJUZ PG DPOTFSWBUJPO
JOJUJBUJWFTCZ"14##GPSOPO5FMVHVQFPQMF
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
$POEVDUFE 4UBUF MFWFM PSJFOUBUJPO USBJOJOH $SFBUFE NBTTJWF QVCMJDJUZ BOE BXBSFOFTT PO
QSPHSBNNFPO JNQMFNFOUBUJPOPG *OUFOTJWF $""1 #JPEJWFSTJUZUISPVHIEFWFMPQJOHWJEFPTPOWBSJPVT
GPS"14##/(01BSUOFSTPO BTQFDUTPG#JPEJWFSTJUZPG"OEISB1SBEFTIBOEBMTP
$ P O E V D U F E W J S U V B M S F W J F X N F F U J O H P O QVCMJDBUJPOT
QPTUFST
,OPXMFEHF NBUFSJBMT
CPPLT
*NQMFNFOUBUJPO PG JOUFOTJWF DPSF BDUJWJUJFT "DUJPO FUD
XFSF EJTUSJCVUFE VQ UP UIF (SBNB 1BODIBZBUJ
1MBOJOTFMFDUFENBOEBMTPGUIFTUBUFXJUI.1%0T
MFWFM
/(0TBOE3FHJPOBM$PPSEJOBUPSTPO .BTTJWF QMBOUBUJPO QSPHSBNNFT IBWF CFFO
5IF/#"UFBNWJTJUFEUP6QQBMBQBEV#JSETBODUVBSZ DPOEVDUFEPOTQFDJBMEBZT
BOEUIF/#"UFBNWJTJUFEUIF-".
(VOUVSPCTFSWFE "14## IBWF CFFO DPOEVDUJOH WBSJPVT BXBSFOFTT
UIF0OHPMFBOE1VOHBOVSCSFFET5IF/#"4FDSFUBSZ QSPHSBNNFT
IBT WFSZ NVDI JNQSFTTFE BCPVU UIF DPOTFSWBUJPO
BDUJWJUJFT UBLFO VQ CZ "14## WJ[
$""1 "DUJPO1MBO
JNQMFNFOUBUJPO QSPHSBNNF
%FWFMPQNFOU PG
"14##IBTCFFOQSFQBSJOHUIFTUSBUFHJFTBOEBDUJPO1MBO
#JPEJWFSTJUZ 1BSLT
BOE BQQSFDJBUFE UIF "14##
BDSPTT BMM TFDUPST DPOOFDUFE UP UIF #JPEJWFSTJUZ
0GGJDJBMTBOETUBGGNFNCFST
$POTFSWBUJPO LFZ TFDUPST XJUI NBJO TUSBUFHZ PO
$POEVDUFE WJSUVBM USBJOJOH QSPHSBNNF UP BMM .BJOTUSFBNJOH PG UIF #JPEJWFSTJUZ DPODFSOT BOE
UIF #.$ NFNCFST
WPMVOUFFST
"DBEFNJD TVTUBJOBCJMJUZ JO BMM TUSFBNT PG EFWFMPQNFOU TFDUPST
JOTUJUVUJPOT FUD
GPS QBSUJDJQBUJPO JO "TJBO XBUFS 'PSFTUT 8JMEMJGF
"HSJDVMUVSF
'JTIFSJFT
)PSUJDVMUVSF
CJSE DFOTVT BU UIFJS MPDBM BSFBT BT QFS UIF /#" "OJNBM )VTCBOESZ
*OEVTUSJFT
1PSU 4IJQQJOH
0JM
JOTUSVDUJPOT /BUVSBM (BT BOE PUIFS EFWFMPQNFOU "HFODJFT GPS
$POEVDUFE UIF *OUFSOBUJPOBM %BZ GPS #JPMPHJDBM BDIJFWJOH UIF WJTJPO TFU GPS UI'PS FGGFD UJWF
%JWFSTJUZ QSPHSBNNF BU :PHJ 7FNBOB JNQMFNFOUBUJPO PG UIF #% "DU
UIFSF JT OFFE GPS
6OJWFSTJUZ :76
,BEBQB
:43EJTUSJDUCBTFEPOUIF FTUBCMJTINFOU PG 3FHJPOBM PGGJDFT UP "1 4UBUF
UIFNFPGUIJTZFBSi#VJMEJOHBTIBSFEGVUVSFGPSBMM #JPEJWFSTJUZ#PBSE
MJGFw
*OOPWBUJWFBQQSPBDIFTUBLFOCZUIF"14##
$POEVDUFE 8PSME &OWJSPONFOU %BZ PO
JOBMMEJTUSJDUTUISPVHIQBSUOFS/(0T 5IF "14## IBT UBLFO UIF GPMMPXJOH *OOPWBUJWF
$POEVDUFE BXBSFOFTT QSPHSBNNF UP UIF BQQSPBDIFT
TUBLFIPMEFSTPO#JPEJWFSTJUZ$POTFSWBUJPOBU&MVSV 'PSNBUJPO PG .BOEBM #JPEJWFSTJUZ $PPSEJOBUPST
EJTUSJDU PO 8PSLTIPQ PO $SFBUJPO PG .#$T
BUJOUFSNFEJBUFMFWFMGPSBTTJTUJOHUIF"14##
MJWFMJIPPET BOE WBMVF BEEJUJPO UISPVHI #JP JOJNQMFNFOUBUJPOPG$PSFBDUJWJUJFT
SFTPVSDFTw XBT DPOEVDUFE PO UP
&TUBCMJTINFOU PG #JPEJWFSTJUZ QBSLT BOE %JHJUBM
TUBLFIPMEFST
#.$ NFNCFST
/(0T
5, IPMEFST
.VTFVNTJOTFWFOMPDBUJPOTPG"1TUBUF
BOE PUIFST
%FWFMPQNFOU PG $PSF "DUJWJUJFT "DUJPO 1MBO
$POEVDUFE NBTTJWF USFF QMBOUBUJPO QSPHSBNNF
$""1
BOE *OUFOTJWF $PSF "DUJWJUJFT "DUJPO 1MBO
UISPVHI QBSUOFS /(0T
"DBEFNJD JOTUJUVUJPOT
MJOF
*$""1
1SPHSBNNFT GPS PQFSBUJPOBMJ[BUJPO PG
EFQBSUNFOUTFUD
JOBMMEJTUSJDUTPG"1
#JPEJWFSTJUZ .BOBHFNFOU $PNNJUUFFT GPS
6OEFS1FFSUPQFFSMFBSOJOHFYDIBOHF
"14##UFBN DPOTFSWBUJPOPG#JPEJWFSTJUZJOBTZTUFNBUJDNBOOFS
BOE#.$NFNCFSTWJTJUFE1BMBLLBEEJTUSJDU
,FSBMB
*OJUJBUFEUIF))(QSPHSBNNF)PNF)FSCBM(BSEFOT
TUBUF
))(
BOE /VSTFSJFT EFWFMPQNFOUQSPHSBNNFTJO
1MBOUBUJPO QSPHSBNNF XBT DPOEVDUFE CZ "14## UIF TUBUF UP TQSFBE BXBSFOFTT PO #JPEJWFSTJUZ
UFBN $POTFSWBUJPOBOENFEJDJOBMQMBOUT
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
NVTFVNT
1MBOUBUJPO"DUJWJUJFT
%FWFMPQNFOU PG "1 #JPEJWFSTJUZ 8FC "QQMJDBUJPO
PO QBSUOFSTIJQ CBTJT XJUI "1 (PWUhT *5&4 &VDBMZQUVT 1MBOUBUJPOT 5IF "1'%$ IBT CFFO SBJTJOH
PSHBOJ[BUJPO iF1SBHBUIJw GPS POMJOF EBUB CBTF &VDBMZQUVT $MPOBM QMBOUBUJPOT8JUI )B
JU JT UIF
DSFBUJPO BOE DBQUVSF PG 1#3T BOE VQEBUJPOT
$PSF TJOHMF MBSHFTU HSPXFS BNPOH 146T JO *OEJB 5IFSF BSF
BDUJWJUJFTBDUJPOQMBOT
TBODUJPOPSEFST
-#'BDDPVOUT QSPQPTBMTUPSBJTFBOPUIFS)BJOUIFOFYUUP
FUD
XIJDIJTUIFNBKPSJOJUJBUJWFPG"14## ZFBST%VFUPJNQSPWFETJUFQSFQBSBUJPO
VTFPGRVBMJUZ
QMBOUJOHNBUFSJBMBOENBOBHFNFOUQSBDUJDFT
PQUJNVN
"OEISB 1SBEFTI 'PSFTU %FWFMPQNFOU ZJFMETBSFPCUBJOFEGSPNUIFQMBOUBUJPOT
$PSQPSBUJPO
#BNCPP 1MBOUBUJPOT#BNCPP QMBOUBUJPOTBSF SBJTFE JO
5IF PCKFDUJWFT PG UIF $PSQPSBUJPO BSF
5P SBJTF MBSHF BO BSFB PG )B 5IF $PSQPSBUJPO JT JOUFOEJOH UP
TDBMFQMBOUBUJPOTUPNFFUUIFEFNBOETPGGPSFTUCBTFE FYQBOEUIF#BNCPPQMBOUBUJPOTPWFSBOBSFBPG)BJO
JOEVTUSJFT XJUI TQFDJFT TVDI BT &VDBMZQUVT
#BNCPP
UIF OFYU UP ZFBST UP FOTVSF NPSF TVQQMZ PG SBX
5SPQJDBMQJOFT
$PGGFF
$BTIFX
$BTVBSJOBFUD
(FOFSBUF NBUFSJBMQFSBOOVNUPUIF1BQFS*OEVTUSJFTCFTJEFTSBX
HBJOGVMFNQMPZNFOUUPUIFMBOEMFTTQPPS
QBSUJDVMBSMZJO NBUFSJBMUPUIFBSUJTBOT
SFNPUFBOEBHFODZBSFBTBOE
6OEFSUBLFDPOTVMUBODZ
TFSWJDFT UP UIF JOEVTUSJFT UP SBJTF BOE NBJOUBJO $PGGFF1MBOUBUJPOT5IF$PSQPSBUJPOJTNBJOUBJOJOHBCPVU
QMBOUBUJPOTJOUIFJSWJDJOJUZ
)B PG FYJTUJOH $PGGFF QMBOUBUJPOT JO UIF BHFODZ
BSFBTPG7JTBLIBQBUOBNBOE&BTU(PEBWBSJ%JTUSJDUTXJUI
%FUBJMTPGQMBOUBUJPOTSBJTFECZ"1'%$VQUP%FDFNCFS
JOUFOTJWF DVMUJWBUJPO QSBDUJDFT
CZ GPMMPXJOH TDJFOUJGJD
BSF TIPXO JO 5BCMF BOE BDIJFWFNFOUT BSF NFUIPET5IFTF QMBOUBUJPOT BSF HFOFSBUJOH BCPVU
TIPXOJO5BCMF MBLINBOEBZTPGFNQMPZNFOUUPUIFUSJCBMTBMMSPVOEUIF
ZFBS
5BCMF1MBOUBUJPOTSBJTFECZ"1'%$VQUP%FDFNCFS
1FQQFS $VMUJWBUJPO "1'%$ IBT MBLI 1FQQFS
4MOP 4QFDJFT "SFB IB
TUBOEBSET JO JUT $PGGFF &TUBUFT JO UIF BHFODZ BSFBT PG
&VDBMZQUVT 4FFEPSJHJO
7JTBLIBQBUOBNBOE &BTU (PEBWBSJ %JTUSJDUT DPNQSJTJOH
&VDBMZQUVT $MPOBM
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
t $SFBUJOH EFNBOE GPS UIF $PDPPOT UISPVHI t 6OEFS 4UBUF %FWFMPQNFOU 4DIFNFT
TBODUJPOT
FTUBCMJTINFOU PG .VMUJ&OE 3FFMJOH 6OJUT XFSFPCUBJOFEGPS3T$SPSFTGPS
.&36T
t 4FSJDVMUVSF BDUJWJUZ JT QSPWJEJOH FNQMPZNFOU UP
t &TUBCMJTINFOU PG "VUPNBUJD 3FFMJOH .BDIJOFT
QFSTPOTJOSVSBMBSFBTJO"1
"3.T
VOEFS1SJWBUFTFDUPS t .BIBUNB (BOEIJ /BUJPOBM 3VSBM &NQMPZNFOU
t *OUFHSBUJPO PG 3FFMJOH BOE UXJTUJOH BDUJWJUJFT UP (VBSBOUFF4DIFNF .(/3&(4
JTJNQMFNFOUFE
JODSFBTF QSPGJU NBSHJO UP UIF FOUSFQSFOFVST JO VOEFS DPOWFSHFODF BDUJWJUJFT GPS BDSFT
QSPEVDUJPO PG 3BX 4JML UP NFFU JOEJHFOPVT .VMCFSSZ QMBOUBUJPOT BOE OFX TJML XPSN
EFNBOE SFBSJOHTIFETXJUI/3&(4TIBSFPG3T-BLI
t *NQMFNFOUBUJPO PG FNBSLFUJOH JO DPDPPO JTVOEFSQSPDFTTGPSUIFZFBS
USBOTBDUJPOTBU(PWFSONFOU$PDPPO.BSLFUT t 5BTBS $PDPPO 1SPEVDUJPO -BLI 5BTBS
SFFMJOH $PDPPOT XFSF QSPEVDFE CZ UIF 5SJCBM
5IF $VSSFOU 4UBUVT PG 4FSJDVMUVSF JO "OEISB 1SBEFTI
GBSNFSTJOUIFTVCQMBOBSFBTPGFSTUXIJMF&BTU
EVSJOHUIFZFBSJTTIPXOJO5BCMF
(PEBWBSJ
"MMVSJ 4JUBSBNBSBKV
EJTUSJDU BOE
5BCMF 1SFTFOU 4UBUVT PG 4FSJDVMUVSF JO "OEISB FBSOFEJODPNFPG3TMBLIEVSJOHUIFZFBS
1SBEFTIEVSJOHUIFZFBSVQUP%FDFNCFS
4M
*UFN 6OJU 1SFTFOU4UBUVT 5IF %JTUSJDU XJTF BDIJFWFNFOUT VOEFS 4FSJDVMUVSF BSF
/P VQUP%FDFNCFS
HJWFOJO"OOFYVSF
.VMCFSSZ1MBOUBUJPO "DSFT
4DIFNFTCFJOHJNQMFNFOUFE
4FSJDVMUVSFGBSNFST /PT
.VMCFSSZ$PDPPO1SPEVDUJPO .5T
%JGGFSFOU TDIFNFT JODMVEJOH 4UBUF %FWFMPQNFOU
3BX4JML1SPEVDUJPO .5T
4DIFNFT 4%4
$FOUSBMMZ4QPOTPSFE4DIFNFTMJLF4*-,
1SPEVDUJWJUZ ,HT%GMT 4"."(3"
3BTUSJZB ,SJTIJ 7JLBT :PKBOB 3,7:
BOE
5BTBS$PDPPO1SPEVDUJPO *O-BLI/PT
$POWFSHFODF TDIFNFT MJLF .BIBUNB (BOEIJ /BUJPOBM
"VUPNBUJD3FFMJOH /PPG
.BDIJOFT &TUBCMJTIFE FOETVOJUT
FOET
VOJUT
3VSBM &NQMPZNFOU (VBSBOUFF .(/3&(
QSPHSBNNF
"3.
BSF CFJOH JNQMFNFOUFE 5IF 1BUUFSO PG "TTJTUBODF
(7"3FBMJ[FE 3TJO$SPSFT TIPXOJO5BCMF
t .VMCFSSZ 1MBOUBUJPO"OBSFB PG "DSFT IBT 5BCMF5IF1BUUFSOPG"TTJTUBODF
CFFOOFXMZCSPVHIUVOEFS.VMCFSSZDVMUJWBUJPO
$BUFHPSZ (PWU"TTJTUBODF #FOFGJDJBSZ$POUSJCVUJPO
EVSJOH UIF ZFBS 5IF UPUBM .VMCFSSZ
(FOFSBM
FYUFOUJOUIF4UBUFJT
"DSFT
4$41
t #JWPMUJOF $PDPPO 1SPEVDUJPO .5T
*OUFSOBUJPOBM 2VBMJUZ #JWPMUJOF DPDPPOT 541
QSPEVDFEEVSJOHUIFZFBS
*OOPWBUFTPG4FSJDVMUVSF1SBDUJDFT
t #JWPMUJOF3BX4JML1SPEVDUJPO.5TPG"
B
4VQQMZPG$IBXLJFXPSNTUPGBSNFST5ISPVHI
BCPWF (SBEF 3BX 4JML QSPEVDFE JO UIF 4UBUF
$IBXLJF3FBSJOHUFDIOPMPHZGBSNFSDBOHFUHPPE
EVSJOHUIFZFBS
VOJGPSNMZ HSPXO
IFBMUIZ TJMLXPSNT BOE UIF
t
.5T PG 3FFMJOH $PDPPOT #7 $#
XFSF EVSBUJPOPGUIFTJMLXPSNDSPQXJUIUIFGBSNFShTMFWFM
QSPEVDFECZUIF4FSJDVMUVSFGBSNFSTJOUIF4UBUF JTUPEBZTPOMZXIJDIJNQBDUTUIFRVBMJUBUJWF
VQUP%FDFNCFS
BOERVBOUJUBUJWFDPDPPOZJFME
t OFX 4JMLXPSN 3FBSJOH 4IFET IBWF CFFO C
*OTUBMMBUJPOPG5VSCP7FOUJMBUPST$PPMJOHTZTUFNTJO
HSPVOEFEEVSJOHFYUFOEJOH4FSJDVMUVSF UIF 3FBSJOH 4IFET GPS NBJOUFOBODF PG SFRVJSFE
BDUJWJUZJOUIF4UBUF UFNQFSBUVSFBOEIVNJEJUZEVSJOH4JMLXPSN3FBSJOH
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
F/BUJPOBM"HSJDVMUVSF.BSLFU
/BUJPOBM "HSJDVMUVSF .BSLFU F/".
JT BO FMFDUSPOJD
DPNNPOQMBUGPSNQSPNPUFECZ(PWFSONFOUPG*OEJBUP
JOUFHSBUF BMM QSJNBSZ NBSLFUT BDSPTT UIF DPVOUSZ GPS
POMJOFQBSUJDJQBUJPOJOBHSJDVMUVSBMUSBEFGPSBTTVSJOHUSVF
QSJDFUPUIFQSPEVDFPGUIFGBSNFST
40$*0&$0/0.*$4637&:
"(3*$6-563&"--*&%"$5*7*5*&4
"(3*$6-563&"--*&%"$5*7*5*&4
r F'BSNBSLFU1MBO:FBS*UJTQMBOOFEUPBDIJFWF
.VMUJ 1VSQPTF 'BDJMJUBUJPO $FOUSFT .1'$T
BSF
SFWJTFE(57PG$STJOUIFGJSTUZFBSBGUFSMBVODI
FTUBCMJTIFE GPS EFWFMPQNFOU PG "HS JDVMUVSF
CZ POCPBSEJOH
USBEFST BOE
*OGSBTUSVDUVSF'BDJMJUZBUFBDI3#,DFOUSF*OQIBTF*
GBSNFSTJOPVSQMBUGPSN
OVNCFS PG HPEPXOT
ESZJOH QMBUGPSNT BOE PUIFS
JOGSBTUSVDUVSFBSFVOEFSDPOTUSVDUJPOTGPSBOBNPVOUPG r .VMUJ1VSQPTF'BDJMJUBUJPO$FOUSFT .1'$T
*O
3TDSPSFT 1IBTF**
OVNCFS PG HPEPXOT
ESZJOH
QMBUGPSNT BOE PUIFS JOGSBTUSVDUVSF UP CF
*NQMFNFOUBUJPOPG4DIFNFT DPOTUSVDUFEGPSBOBNPVOUPG3TDSPSFT
$)"15&3
*/%6453*&4
40$*0&$0/0.*$4637&:
*/%6453*&4
*OEVTUSJFT NBLF.4.&TBDFOUSBMQBSUJOUIFHMPCBMWBMVFDIBJOBOE
CFDPNJOHUIFGMBHCFBSFSPG#SBOE"OEISB1SBEFTI
"OEISB1SBEFTIJTDPNNJUUFEUPJOEVTUSJBMJ[BUJPOBOEUP 5IF (PWFSONFOU JT QMBOOJOH UP MBZ FNQIBTJT PO UIF
DSFBUFKPCTGPSUIFZPVUI%FTQJUFCFJOHQSFEPNJOBOUMZ NBOVGBDUVSJOH TFDUPS EVMZ JEFOUJGZJOH WBMVF DSFBUJPO
BHSBSJBO
UIF HPWFSONFOU JO UIF SFDFOU QBTU IBT BOE FOIBODFNFOU PQQPSUVOJUJFT
NBLJOH UIF 7J[BH
VOEFSUBLFOTUSVDUVSBMSFGPSNTJOUIFTUBUFUPBDDFMFSBUF $IFOOBJ *OEVTUSJBM $PSSJEPS 7$*$
BOE $IFOOBJ
JOEVTUSJBMJ[BUJPO CZ DSFBUJOH B HPPE FDPTZTUFN GPS #BOHBMPSF *OEVTUSJBM $PSSJEPS BT WJBCMF PQUJPOT UP
JOWFTUNFOUT5ISPVHIJUT*OEVTUSJBM1PMJDZ
UIF QSPNPUFHSPXUIBOEFOIBODFUIFFNQMPZNFOUBWFOVFT
TUBUFIBTQVUJOQMBDFWBSJPVTJOJUJBUJWFTGPSEFWFMPQJOH 5IF HPWFSONFOU JT EFUFSNJOFE UP QVSTVF SFMFOUMFTTMZ
EJGGFSFOU TFHNFOUT MJLF "HSP BOE 'PPE QSPDFTTJOH
XJUI UIF (PWFSONFOU PG *OEJB JO SFHBSE UP 4QFDJBM
#JPUFDIOPMPHZ
#VMLESVHTBOE1IBSNBDFVUJDBMT
*5BOE $BUFHPSZ4UBUVT 4$4
GPS"OEISB1SBEFTI
BTUIJTXJMMOPU
*5F4
5FYUJMF
"VUPNPUJWF BOE "VUP DPNQPOFOUT BOE POMZ BUUSBDU CFUUFS JOEVTUSJBM JODFOUJWFT CVU BMTP DSFBUF
5PVSJTN BOE UIFSFCZ DSFBUF PQQPSUVOJUJFT GPS BEEJUJPOBMKPCPQQPSUVOJUJFT
FOUSFQSFOFVSTBOEHFOFSBUFFNQMPZNFOU
%JTUSJDU*OEVTUSJFT$FOUSFT
.BOVGBDUVSJOHTFDUPS
BDDPVOUJOHGPSBCPVUPGUIF
(4%1
SFNBJOTUIFIJHIGPDVTBSFBJOUIFTUBUF1PTU4UBUF %JTUSJDU*OEVTUSJFT$FOUSFTXFSFFTUBCMJTIFEUPTFSWFBT
CJGVSDBUJPO
UIF.4.&QSPGJMFPGUIF4UBUFIBTDIBOHFE OPEBMBHFODJFTJOUIFEJTUSJDUUPBTTJTUFOUSFQSFOFVSTGPS
TJHOJGJDBOUMZ UPXBSET DBQJUBM JOUFOTJWF JOEVTUSZ 5IF FTUBCMJTINFOU PG *OEVTUSJFT 5IFTF DFOUSFT QSPWJEF BMM
HPWFSONFOU IBT JEFOUJGJFE DPNQFUJUJWF .4.&T BT B SFRVJSFEBQQSPWBMTDMFBSBODFTGPSTFUUJOHVQ*OEVTUSJFT
DFOUSBM UIFNF GPS EFWFMPQJOH UIF .4.& TFDUPS BOE UP VOEFS B 4JOHMF8JOEPX5IF %JTUSJDU *OEVTUSJFT $FOUSFT
(MPCBM*OWFTUPST4VNNJU
(PWFSONFOUPG"OEISB1SBEFTIIBTTVDDFTTGVMMZ -FBEJOHUIFMJTUPGJOWFTUNFOUTJO"OEISB1SBEFTI
P S H B O J [ F E ( M P C B M * OWF T U P S T 4 V N N J U B U XBT B QBDL PG SFOFXBCMF FOFSHZ DPNQBOJFT
7JTBLIBQBUOBN PO SEUI .BSDI 5IF /"4%"2MJTUFE 3F/FX MFE UIF XBZ XJUI BO
*OUFSOBUJPOBM DPOHSFHBUJPO IBT IJHIMJHIUFE UIF JOWFTUNFOUPG3T
DSPSFUPXBSETTFUUJOHVQ
CFTU FòPSUT PG UIF HPWFSONFOU UP BUUSBDU UIF HSFFO FOFSHZ QSPKFDUT JO UIF TUBUF
UIVT "OEISB
JOWFTUPST5IF UXPEBZ FWFOUEFNPOTUSBUFE OPU 1SBEFTI XJMM BDDPVOU GPS 3F/FXT MBSHFTUFWFS
POMZ UIF DSFEJCJMJUZ PG UIF HPWFSONFOU CZ JOWFTUNFOU JO B TJOHMF TUBUF0UIFS SFOFXBCMF
OBUJPOBMJOUFSOBUJPOBMJOWFTUPSTBDSPTTUIFHMPCF FOFSHZ DPNQBOJFT MJLF *OEPTPM BOE (SFFOLP
CVUUIFGBJUISFQPTFEJOUIF4UBUFMFBEFSTIJQ5IF BOOPVODFE JOWFTUNFOUTPG3T
DSPSFBOE
VOBTTVNJOH BOE VOBOUJDJQBUFE SFTQPOTF PG UIF 3T
DSPSF
SFTQFDUJWFMZ
JOWFTUPST GSPN $PVOUSJFT BOE GSPN
5IFHPWFSONFOUJTDPNNJUUFEUPDBQJUBMJ[FPOUIF
$PSQPSBUF HJBOUT QBSUJDJQBUFE JO UIF TVNNJU
OBUVSBM BOE IVNBO SFTPVSDFT BWBJMBCMF JO UIF
XIJDI JODMVEFE TFWFSBM *OUFSOBUJPOBM *OUFSOBU
4UBUF BOE NBLJOH UIF DJUZ PG 7JTBLIBQBUOBN BT
JPOBMCVTJOFTTUZDPPOT
JOEVTUSJBM IVC PG UIF 4UBUF 5IF BEWBOUBHF UIBU
*O BMM
.FNPSBOEVNT PG 6OEFSTUBOEJOH "OEISB 1SBEFTI JT TIPXDBTJOH BU UIF (MPCBM
.P6T
XFSF TJHOFE EVSJOH UIF 4VNNJU XJUI B *OWFTUPST 4VNNJU JT JUT LN DPBTUMJOF o UIF
UPUBM DPNNJUNFOU PG 3T MBLI DSPSF BOE TFDPOE MPOHFTU JO UIF DPVOUSZ8JUI TJY FYJTUJOH
HFOFSBUJPO PG PWFS MBLI KPCT BDSPTT LFZ QPSUT BOE GPVS NPSF VOEFS DPOTUSVDUJPO
TJY
TFDUPST " TJHOJöDBOU JOWFTUNFOU DPNNJUNFOU PQFSBUJOHBJSQPSUT
"OEISB1SBEFTITUBUFFOKPZT
XBTJOUIFBSFBPGSFOFXBCMFFOFSHZTFDUPSXJUIB *OEVTUSJBM$PSSJEPSTQBTTJOHUISPVHIJUPVUPGUIF
DPNNJUNFOU PG 3T
DSPSF BOE XJUI B UPUBMJOUIFDPVOUSZTQFBLTDPOEVDJWFOFTTGPS
QPUFOUJBM FNQMPZNFOU HFOFSBUJPO UP MBLI TFUUJOHVQCJHUJDLFUJOEVTUSJFT
QFSTPOT 5IF PUIFS NBKPS QSPNJTJOH TFDUPST
JODMVEF1FUSPDIFNJDBMT
*5&4
.JOJOH*OEVTUSJFT
BOEPUIFST
40$*0&$0/0.*$4637&:
*/%6453*&4
*/%6453*&4
*/%6453*&4
*/%6453*&4
*/%6453*&4
r 3FJNCVSTFNFOU PG PG OFU 4(45 GPS .JDSP (PWFSONFOU IBWF QSPWJEFE BO BNPVOU PG 3T
BOETNBMM
BDDSVFEUPTUBUFGPSBQFSJPEPGZFBST DSPSFT JO UIF CVEHFU GPS UIF ZFBS UP NFFU UIF
40$*0&$0/0.*$4637&:
*/%6453*&4
*/%6453*&4
QMBDFECFGPSF4-4$NFFUJOHGPSSFDPNNFOEJOH %JTUSJDUBT&YQPSU)VCT
UP /BUJPOBM 1SPKFDU "QQSPWBM $PNNJUUFF GPS
TBODUJPOEVSJOHUIFZFBS &YQPSU)VCTEFWFMPQFEJOEJTUSJDUTUPBUUSBDUJOWFTUNFOU
JOUIF%JTUSJDUUPCPPTUNBOVGBDUVSJOHBOEFYQPSUTBOE
(PWFSONFOU-BOE"MMPUNFOU1PMJDZ QSPWJEFFDPTZTUFNGPS*OOPWBUJPOVTFPG5FDIOPMPHZBU
EJTUSJDU MFWFM UP NBLF UIF FYQPSUFST DPNQFUJUJWF *U
(PWFSONFOU PG "1 IBWF JTTVFEi6OJGPSN HVJEFMJOFTw TIPVMEBMTPIFMQSFEVDFUSBOTBDUJPODPTUGPSUIFFYQPSUFS
XJUISFHBSEUP(PWFSONFOUMBOEUPCFBMMPUUFEGPSWBSJPVT BU WBSJPVT TUBHFT PG FYQPSU DZDMF JO UIF %JTUSJDU BOE
QVSQPTFT UP EJGGFSFOU (PWFSONFOU EFQBSUNFOUT BOE HFOFSBUF FNQMPZNFOU 5IF GPDVT PO UIF %JTUSJDUT
QSJWBUFPSHBOJ[BUJPOTCPUIJOUFSNTPGFYUFOUBOESBUF TIPVME BMTP QSPWJEF GPS XJEF BOE HMPCBM SFBDI PG
5IF"1-BOE.BOBHFNFOU"VUIPSJUZTIBMMTDSVUJOJTFUIF QSPEVDUT BOE TFSWJDFT QMBUGPSNT GSPN UIF EJTUSJDU
BQQMJDBUJPOQSPQPTBMBOENBLFUIFJSSFDPNNFOEBUJPO UISPVHIF$PNNFSDFBOE%JHJUBMNBSLFUJOH
UP UIF (PWFSONFOU 5IF (PWFSONFOU TIBMM JTTVF GJOBM
PSEFSTPOUIFBQQMJDBUJPO'PSUIFZFBS 6QUP "OEISB1SBEFTIIBTBUPUBMPGEJTUSJDUTBOEBCPVUPG
%FDFNCFS
QSPQPTBMTXFSFSFDPNNFOEFEUPUIF UIFN IBWF CFFO DPWFSFE JO UIF %&) JOJUJBUJWF 4UBUF
(PWFSONFOUUPBOFYUFOUPGBDSFT XJTFEJTUSJDUXJTF MJTU PG QSPEVDUT JEFOUJGJFE VOEFS
h%JTUSJDUBT&YQPSU)VChJOJUJBUJWF
JODMVEJOHQSPEVDUTGSPN
$PNNFSDFBOE&YQPSU1SPNPUJPO WBSJPVT EJTUSJDUT PG "OEISB 1SBEFTI 5IF %JTUSJDU XJTF
1SPEVDUTIBWJOHFYQPSUQPUFOUJBMJUZJT"OOFYFE
"OEISB 1SBEFTI JT B SFTPVSDF SJDI TUBUF XJUI BDDFTT UP
TFBQPSUT
BOE UIVT IBT IVHF QPUFOUJBM UP QSPNPUF 6OEFSUIFTDIFNF%JTUSJDUBT&YQPSU)VCT
(PWUPG*OEJB
FYQPSUTGSPNUIF4UBUF"OEISB1SBEFTIJTPOFPGUIFUPQ IBWF JEFOUJGJFE EJTUSJDUT BOE QSPEVDUT WJ[
GJWF FYQPSUJOH TUBUFT PG *OEJB *U PDDVQJFT B MFBEJOH 7JTBLIBQBUOBN o .BSJOF 1SPEVDUT
&OHJOFFSJOH XPSLT
QPTJUJPOBNPOH*OEJBOTUBUFTJOQSPEVDUJPOBOEFYQPSU BOE)FBMUI4FSWJDF
&BTU(PEBWBSJo$PJS$PJS1SPEVDUT
PG NBSJOF QSPEVDUT
BHSJDVMUVSBM DPNNPEJUJFT BOE $BTIFX BOE /VSTFSZ 1MBOUT BOE (VOUVS o $IJMMJFT
UFYUJMFT
%SVHT BOE 1IBSNBDFVUJDBMT
0SHBOJD BOE 5VSNFSJDBOE$PUUPO:BSO UPJNQMFNFOUUIFTDIFNFJO
*OPSHBOJD$IFNJDBMT
1FUSPMFVN1SPEVDUT5IFFNQIBTJT TUQIBTF
DPOOFDUT UP UIF TUBUFhT PWFSBMM TUSBUFHZ PG DPBTUMFE
JOEVTUSJBM EFWFMPQNFOU CZ VUJMJ[JOH JUT OBUVSBM
/BUJPOBM *OWFTUNFOU BOE .BOVGBDUVSJOH
FOEPXNFOU PG UIF MPOHFTU DPBTUMJOF JO *OEJB "1 IBT ;POFT /*.;
*/%6453*&4
*OEVTUSJBM$PSSJEPST JOUFHSBUFUIF*OEJBOFDPOPNZXJUIUIFEZOBNJDHMPCBM
QSPEVDUJPOOFUXPSLTPG&BTUBOE4PVUI&BTU"TJB(SFBUFS
(PWFSONFOU PG "OEISB 1SBEFTI JT XPSLJOH PO DPOOFDUJWJUZBOEFDPOPNJDJOUFHSBUJPOCFUXFFO4PVUI
JNQMFNFOUBUJPO PG UIF UISFF JOEVTUSJBM DPSSJEPST 5IF BOE4PVUI&BTU"TJBJTMJLFMZUPDPOUSJCVUFUPTJHOJGJDBOU
NBKPS JOEVTUSJBM DPSSJEPS QSPKFDUT MJLF 7JTBLIBQBUOBN CFOFGJUT GPS CPUI TVCSFHJPOT BOE GPTUFS SFHJPOBM
$IFOOBJ *OEVTUSJBM $PSSJEPS 7$*$
$IFOOBJ#BOHBMPSF DPPQFSBUJPO5IFLFZPCKFDUJWFTPG7$*$BSF
*OEVTUSJBM $PSSJEPS $#*$
BOE )ZEFSBCBE #FOHBMVSV
*OEVTUSJBM$PSSJEPS )#*$
5IFTFDPSSJEPSTXJMMOPUPOMZ r *ODSFBTFUIFNBOVGBDUVSJOHTFDUPShTDPOUSJCVUJPO
QSPNPUF JOEVTUSJFT CVU BMTP DSFBUF TVCTUBOUJBM VSCBO UPTUBUFBOEOBUJPOBMPVUQVU
JOGSBTUSVDUVSF BOE DPOUSJCVUF GPS UIF PWFSBMM FDPOPNJD r *ODSFBTF FNQMPZNFOU PQQPSUVOJUJFT JO GPSNBM
EFWFMPQNFOUPGUIF4UBUF TFDUPS
5IF 7$*$ BUUSBDUT BCPVU 3T
$SPSFT BEEJUJPOBM r *ODSFBTFMBCPVSQSPEVDUJWJUZXBHFT
JOWFTUNFOUT BOE HFOFSBUFT BEEJUJPOBM FNQMPZNFOU UP
r 1SPNPUJOHEZOBNJD4.&T
UIFUVOFPG-BLIQFSTPOT5IFDPSSJEPSDPOUSJCVUFTUP
PGOBUJPOBM(%1BOEIBTQPUFOUJBMUPJODSFBTF(%1JO r *OUFHSBUJOH *OEJB BOE UIF 7$*$ SFHJPO XJUI UIF
UIF$PSSJEPSCZUJNFT HMPCBMQSPEVDUJPOOFUXPSLT
QBSUJDVMBSMZ&BTUBOE
4PVUI&BTU"TJB
* 7J[BH $IFOOBJ *OEVTUSJBM $PSSJEPS
*OUSBEJUJPOBMGSBNFXPSL
BOFDPOPNJDDPSSJEPSIBTUISFF
%FWFMPQNFOU1SPHSBN DPNQMFNFOUBSZDPNQPOFOUT J
BUSBEFBOEUSBOTQPSU
7JTBLIBQBUOBN$IFOOBJ*OEVTUSJBM$PSSJEPS 7$*$
QBSU DPSSJEPS
JJ
QSPEVDUJPO DMVTUFST QSPEVDJOH HPPET GPS
PG &BTU $PBTU &DPOPNJD $PSSJEPS
JT UIF GJSTU DPBTUBM CPUIDPOTVNQUJPOJOTVSSPVOEJOHSFHJPOBOEGPSHMPCBM
FDPOPNJDDPSSJEPSJOUIFDPVOUSZ*UJTBMJHOFEXJUIUIF USBEF
BOE JJJ
VSCBO DFOUFST BMPOH UIF DPSSJEPS 7$*$
HPMEFORVBESJMBUFSBMBOEDPWFSTNPSFUIBOLNPGUIF DPSSJEPShTMPOHDPBTUMJOFBOETUSBUFHJDBMMZMPDBUFEQPSUT
TUBUFPG"OEISB1SBEFTIhTDPBTUMJOF7$*$JTQPJTFEUPQMBZ QSPWJEF JU XJUI BO PQQPSUVOJUZ UP DSFBUF NVMUJQMF
BDSJUJDBMSPMFJOESJWJOH*OEJBhTFDPOPNZBOEUPGVSUIFS
BDSJUJDBMSPMFJOESJWJOH*OEJBhTFDPOPNZ BOEUP GVSUIFS F DPOOFDU *OEJB XJUI WJC
JOUFSOBUJPOBM HBUFXBZT UP DPOOFDU WJCSBOU
40$*0&$0/0.*$4637&:
*/%6453*&4
HMPCBMQSPEVDUJPOOFUXPSLTPG4PVUIFBTUBOE&BTU"TJB 1PMJDZ#BTFE-PBO
UIBUGPSNTUIFCFESPDLPGHMPCBMNBOVGBDUVSJOHUPEBZ
5IF 7$*$ JT QSPQPTFE BT B OPEF DFOUSJD EFWFMPQNFOU 4VQQPSUT UIF (PWFSONFOU JO QPMJDZ
JOTUJUVUJPOBM
BOE
QMBUGPSNXJUIGJWFOPEFT J
7JTIBLIBQBUOBN/PEF
JJ
HPWFSOBODF SFGPSNT UP QSPNPUF BDDFMFSBUFE JOEVTUSJBM
.BDIJMJQBUOBN/PEF
JJJ
%POBLPOEB/PEF
JW
:FSQFEV EFWFMPQNFOU
o4SJLBMBIBTUJ/PEFBOE W
,PQQBSUIJPG,BEBQB/PEF r *OWFTUNFOUDMJNBUFh&BTFPGEPJOH#VTJOFTTh
4PNF PG UIF DSJUJDBM JOEVTUSJBM TFDUPST TIPSUMJTUFE GPS r 4USFOHUIFOJOH PG JOTUJUVUJPOBM TUSVDUVSFT GPS
BDIJFWJOH UIF UBSHFUFE PVUDPNFT BSF UFYUJMFT
GPPE DPSSJEPSNBOBHFNFOU
QSPDFTTJOH
NFUBMMVSHZ
DIFNJDBMT BOE QFUSPDIFNJDBMT
FMFDUSPOJDT
QIBSNBDFVUJDBMT
BOEBVUPNPCJMFT r $BQBDJUZCVJMEJOHBOETLJMMEFWFMPQNFOU
QSPKFDUTBQQSPWFECZUIF(PWFSONFOU
GPVSQSPKFDUTBSF
(PWFSONFOUPG"OEISB1SBEFTI
BXBSEFEBOEXPSLUPDPNNFODFJO2
BOEGPSUIF
CBMBODFUISFFTVCQSPKFDUT
UIFQSPDVSFNFOUJTJOQSPDFTT
5PUBM
5IF5SBODIF**MPBOOFHPUJBUJPOTBSFUPCFJOJUJBUFEJO2
6OEFS5SBODIF*PG.''-PBO
64%.OTIBWF
CFFOEJTCVSTFECZUIF"%#VOEFS5SBODIF*
40$*0&$0/0.*$4637&:
*/%6453*&4
4PDJP&DPOPNJD*NQBDUPGUIF1SPKFDUT .-%#VMLXBUFSTVQQMZUPQSJPSJUJ[FEJOEVTUSJBM
&TUBCMJTINFOUPG.-%$PNNPO&GGMVFOU5SFBUNFOU DMVTUFSTJOTPVUIFSO"OEISB1SBEFTI
1MBOU $&51
BU/BJEVQFUB*OEVTUSJBM$MVTUFS 5IFTVCQSPKFDUJTBJNFEUPTVQQMZXBUFSUPUIFJOEVTUSJBM
5IF QMBOU IBT CFFO DPNQMFUFE BOE DPNNJTTJPOFE UP DMVTUFSTPG,SJTIOBQBUOBN/PEF $&;
$#*$
/BJEVQFUB
TFSWF NPSF UIBO FYJTUJOH JOEVTUSJBM VOJUT BOE UIF :FSQFEV 4SJLBMBIBTUJ $MVTUFS
*1 .BNCBUUV
$IJOOB
GVUVSF JOWFTUNFOUT JO BOE BSPVOE *OEVTUSJBM 1BSL
QBOEVSV BOE 43* $JUZ GPS WBSJPVT TFDUPST TVDI BT
/BJEVQFUB5IFFGGMVFOUTHFOFSBUFEGSPNUIFJOEVTUSJFT BVUPNPCJMF
UFYUJMFT
DIFNJDBM
QIBSNBDFVUJDBM
GPPE
BSFQMBOOFEUPCFUSFBUFEBUBDPNNPO5SFBUNFOU1MBOU CFWFSBHFTBOEPUIFSNJTDFMMBOFPVT5IFQSPKFDUXPVME
XIJDI XJMM QSFWFOU UIF EFHSBEBUJPO PG TVSGBDF BOE CFOFGJU
BDSFTPGJOEVTUSJBMBSFBUPNFFU.-%
HSPVOE XBUFS
TPJM UP SFEVDF UIF JNQBDUT PO DSPQT
XBUFSEFNBOE5IFQSPKFDUXPVMEBDDFMFSBUFJOEVTUSJBM
JOTFDUT
QFTUT
BOJNBMBOEIVNBOMJWFT5IF$&51XJMMIBWF EFWFMPQNFOUJOUIFCBDLXBSEBSFBTUISPVHITBWJOHTJO
MPOHUFSN TPDJPFDPOPNJD JNQBDUT UISPVHI FGGFDUJWF EJTUSJCVUJPO
PQFSBUJPOBOENBJOUFOBODFDPTUTPGXBUFS
USFBUNFOUQSPDFTTFTBOEQSPUFDUJPOPGQVCMJDIFBMUIBOE XIJDI JODSFBTFT EJSFDU BOE JOEJSFDU FNQMPZNFOU BOE
UIF FOWJSPONFOU5IF FTUBCMJTINFOU JT BJNFE UP BMMVSF FOIBODFTUIFTPDJPFDPOPNJDDPOEJUJPOTPGIBCJUBOUTPG
DBQJUBMJOWFTUNFOUTJOUIFWJDJOJUZPGUIFQSPKFDUBSFB UIFTVCQSPKFDUBSFB
*/%6453*&4
*OEVTUSJBM $MVTUFSXJUI BO BEEJUJPOBM MPBE PG BCPVU %JTUSJCVUJPO /FUXPSL JNQSPWFNFOUT GPS /38
.8 XJUI FTUBCMJTINFOU PG ,7 TVC SFEVDUJPO BOE Y TVQQMZ JO (7.$ BSFB5IF TVC
TUBUJPO BU 3BDIHVOOFSJ BOE UIF 7PMUBHF QSPGJMF PG QSPKFDU JOUFOET UP TVQQMZ 9 XBUFS TVQQMZ UP
/BJEVQFUB*OEVTUSJBM$MVTUFSXJUIBOBEEJUJPOBMMPBEPG
))T JO /PSUI8FTU ;POF PG 7JTBLIBQBUOBN CZ
BCPVU .8 XJUI FTUBCMJTINFOU PG ,7 TVC DPOTUSVDUJOH &-43T
(-43T
POF QVNQ IPVTF
BOE
TUBUJPO BU /BJEVQFUB 5IJT TVCQSPKFDU GBDJMJUBUFT NPSF MBZJOH ,.T QVNQJOH NBJO
,.T HSBWJUZ NBJO
UIBOFYJTUJOHJOEVTUSJFTJOEVTUSJFTBOENBOZNPSF ,.T USBOTNJTTJPO NBJO
,.T EJTUSJCVUJPO
OFXJOWFTUNFOUTJOUIFQSPKFDUBSFB5IJTBVHNFOUBUJPO OFUXPSL 8PNFO
HJSMT
BOE DIJMESFO GSPN QPPS BOE
PG QPXFS JNQSPWFT UIF JOEVTUSJBM QSPEVDUJWJUZ PG UIF WVMOFSBCMFIPVTFIPMETXPVMECFJNNFOTFMZCFOFGJUUFE
SFHJPOBOEUIFGBDJMJUZPGVOJOUFSSVQUFEQPXFSTVQQMZJT GSPN DPOUJOVPVT XBUFS TVQQMZ 8BUFS JT BO FTTFOUJBM
QPJTFEUPBUUSBDUOFXJOWFTUNFOUTXIJDIJNQSPWFTEJSFDU DPNQPOFOU UP FOTVSF FRVJUBCMF
TVTUBJOBCMF BOE
BOE JOEJSFDU FNQMPZNFOU UP UIF SFHJPO BOE FOIBODFT QSPEVDUJWFFDPOPNJFTYXBUFSTVQQMZFTUBCMJTIFT
UIFTPDJPFDPOPNJDEFWFMPQNFOUPGUIFQPQVMBUJPO HVBSBOUFFEGPPETFDVSJUZ
IFBMUIBOEQFSTPOBMIZHJFOF
5IJT TVCQSPKFDU UBSHFUT UP BDIJFWF TVTUBJOBCMF XBUFS
NBOBHFNFOU
TVGGJDJFOUXBUFSJOGSBTUSVDUVSFBOEBDDFTT
UP TBGF
SFMJBCMF BOE BGGPSEBCMF TVQQMZ PG XBUFS BOE
BEFRVBUFTBOJUBUJPOTFSWJDFTXIJDIBSFLFZUPJNQSPWJOH
UIF MJWFMJIPPE CZ FYQBOEJOH UIF MPDBM FDPOPNJFT
DSFBUJOH EFDFOU KPC PQQPSUVOJUJFT BOE NBJOUBJOJOH B
IFBMUIZ BOE QSPEVDUJWF XPSLGPSDF 5IJT TVCQSPKFDU JT
JOUFOEFEUPQSFWFOUXBTUBHFPGXBUFS
SFEVDFIPVTFIPME
DPTUTFUD5IFDMPVECBTFE4$"%"TZTUFNJTFTUJNBUFEUP
SFEVDFXBTUBHFPGXBUFSGSPNUPMFBEJOHUP
TBWJOHTGPS(SFBU7JTBLIBQBUOBN.VOJDJQBM$PSQPSBUJPO
8JEFOJOH BOE TUSFOHUIFOJOH PG 4BNBSMBLPUB (7.$
SFEVDUJPOPGMPBEPOXBUFSCPEJFTBOEUJHIUFS
3BKBOBHBSBN3PBE DPOUSPMPWFSMFBLBHFTPSQJMGFSBHF
5IFTVCQSPKFDUJOUFOETUPXJEFOJOHBOETUSFOHUIFOJOH
PG,.TTUSFUDIPG4BNBSMBLPUB3BKBOBHBSBNTFDUJPOPG
DPOOFDUJWJUZ PG ,BLJOBEB 1PSU GSPN UIF /BUJPOBM
)JHIXBZ 5IF FYJTUJOH UXPMBOF SPBE JT CFJOH
XJEFOFEUPGPVSMBOFXIJDIQBTTFTUISPVHIWJMMBHFT
5IJT TVCQSPKFDU FOWJTJPOFE UP QVTI GPSXBSE UIF
JODMVTJWF BOE TVTUBJOBCMF FDPOPNJD HSPXUI UISPVHI
EFWFMPQNFOU PG QIZTJDBM JOGSBTUSVD UVSF 5IF
EFWFMPQNFOUPG UIJT SPBE DSFBUFT B QPTJUJWF JNQBDU PO
UIFTPDJPFDPOPNJDTUBUVTPGUIFIBCJUBOUTPGUIFWJMMBHFT
UISPVHI XIJDI JU QBTTFT *U JNQSPWFT UIF QIZTJDBM
DPOOFDUJWJUZ
FOIBODFTUIFFNQMPZNFOUPQQPSUVOJUJFT
&TUBCMJTINFOU PG .8 4PMBS &OFSHZ 1BSL XJUI
IFMQTJOXFMGBSFJNQSPWFNFOU
DBUBMZTFTUIFDIBOHFTJO GMPBUJOHQBOFMTPO.FHIBESJHFEEB3FTFSWPJS
BHSJDVMUVSBM BOE DSPQ QBUUFSOT
FOIBODFT UIF WBMVF PG
5IJT TVCQSPKFDU JT DPNQMFUFE BOE DPNNJTTJPOFE UP
MBOET
QSPWJEFT JNQFUVT UP TIJGU PG MJWFMJIPPE QSBDUJDFT
QSPNPUF DMJNBUF SFTJMJFOU NFBTVSFT JO 7JTBLIBQBUOBN
BOE QBWFT NPSF PQQPSUVOJUJFT JO OPOGBSN TFDUPS
DJUZ *U IBT NBKPS QPTJUJWF FOWJSPONFOUBM BOE UFDIOJDBM
FNQMPZNFOU
JNQBDUT GPS 7JTBLIBQBUOBN DJUZ BOE BMTP HMPCBMMZ 5IF
TPMBSQBSLEPFTOPUPDDVQZBOZIBCJUBCMFBOEQSPEVDUJWF
40$*0&$0/0.*$4637&:
*/%6453*&4
*/%6453*&4
"XBSFOFTT QSPHSBNT GPS QVCMJD
ZPVUI
XPNFO t -BCPVS 1SPEVDUJWJUZ PG ,FZ *OEVTUSJFT JO 7$*$
HSPVQT
DPOTUSVDUJPOXPSLFST KVSJTEJDUJPO JODSFBTFE UP 3T .JMMJPOT QFS
FNQMPZFF #BTF -JOF 3T .JMMJPOT QFS
*NQMFNFOUBUJPO PG BOZ MBSHF TDBMF JOEVTUSJBM
FNQMPZFF
JOGSBTUSVDUVSFQSPKFDUMFBETUPJOGMVYPGNJHSBOUT
NBLJOH
BXBSFOFTT TFTTJPOT PO IVNBO USBGGJDLJOH
)*7"*%T
40$*0&$0/0.*$4637&:
*/%6453*&4
"HSFFNFOU 44"
FYFDVUFE PO UI /PWFNCFS
t )PVS1PXFS4VQQMZNBEFBWBJMBCMFUPPG CFUXFFO/*$%*5"1**$
.BOVGBDUVSJOH*OEVTUSJFTJO7$*$KVSJTEJDUJPO
r "1**$JTUIF/PEBM"VUIPSJUZ
BQQPJOUFECZ(P"1
t $BQBDJUZ EFWFMPQNFOU UISPVHI 4LJMM %FWFMPQ BOESFTQPOTJCMFGPSQSPDVSFNFOUPGMBOE
NFOU 5SBJOJOHT UP BU MFBTU
XPNFO BOE
r -BOEJTUPCFIBOEPWFSUP417GPSEFWFMPQNFOUPG
PUIFSTJO7$*$KVSJTEJDUJPO
*OEVTUSJBM5PXOTIJQ
** $IFOOBJ #BOHBMPSF *OEVTUSJBM $PSSJEPS r 1SPKFDU TQFDJGJD 417 JO UIF OBNF PG h/*$%*5
$#*$
,SJTIOBQBUOBN *OEVTUSJBM $JUZh IBT CFFO
5IF $#*$ QSPQPTFT UP BEESFTT UIF JOGSBTUSVDUVSF JODPSQPSBUFE
CPUUMFOFDLTUISPVHIBIPMJTUJDBQQSPBDIXIJMFCFOFGJUJOH r %FMIJ.VNCBJ*OEVTUSJBM$PSSJEPS%FWFMPQNFOU
GSPNUIFJOIFSFOUTUSFOHUITBOEDPNQFUJUJWFOFTTPGFBDI $PSQPSBUJPO %.*$%$
BDPNQBOZTFUVQCZ(P*
PG UIF $#*$ TUBUFT "DDPSEJOHMZ
IJHI JNQBDU NBSLFU JT UIF 1SPKFDU %FWFMPQNFOU BOE ,OPXMFEHF
ESJWFOOPEFTBSFQSPQPTFEUPCFEFWFMPQFE
BUTUSBUFHJD 1BSUOFSUPUIFQSPQPTFEOPEF
MPDBUJPOTXJUIJOUIFDPSSJEPSUPQSPWJEFUSBOTQBSFOUBOE r 1SPDFTT PG PCUBJOJOH &OWJSPONFOUBM $MFBSBODF
JOWFTUNFOU GSJFOEMZ GBDJMJUZ SFHJNFT 5IFTF SFHJPOT BSF XBTUBLFOVQCZ%.*$%$
QSPQPTFE UP CF TFMGTVTUBJOFE OPEFT XJUI XPSMEDMBTT
r %FUBJMFE&OHJOFFSJOHTUVEJFTBOEQSFQBSBUJPOPG
JOGSBTUSVDUVSF
SPBE BOE SBJM DPOOFDUJWJUZ GPS GSFJHIU
%13IBTCFFOFOUSVTUFEUPUIFDPOTVMUBOUhT.T
NPWFNFOUUPBOEGSPNQPSUTBOEMPHJTUJDTIVCT
TFSWFE
$).-
CZ%.*$%$1SFMJNJOBSZ%FTJHO3FQPSUJT
CZ SFMJBCMF QPXFS
RVBMJUZ TPDJBM JOGSBTUSVDUVSF
BOE
GJOBMJ[FE
QSPWJEFBHMPCBMMZDPNQFUJUJWFFOWJSPONFOUDPOEVDJWF
GPS TFUUJOH VQ CVTJOFTTFT $#*$ 3FHJPO DPWFST QBSUT PG r "O FYUFOU PG
BDSFT JT QSPQPTFE GPS
UISFF 4UBUFT
SFGFSSFE BT $#*$ TUBUFT
WJ[ 5BNJM /BEV
EFWFMPQNFOU BT 4UBSUVQ "SFB -BOET BSF UP CF
,BSOBUBLB
"OEISB1SBEFTI
$#*$3FHJPODPNQSJTFTPGB UBLFOPWFSCZQBZJOHDPNQFOTBUJPO5IF$FOUSBM
DPNCJOFEQPQVMBUJPOPGBCPVU.JMMJPODPOTUJUVUJOH (PWFSONFOUXJMMCFBQQSPWJOHUIFQSPQPTBMBOE
BQQSPYJNBUFMZPGUPUBMQPQVMBUJPOPGUIFDPVOUSZ NBLJOH CVEHFUBS Z BMMPDBUJPO GPS UIF
EFWFMPQNFOU PG ,SJTIOBQBUOBN *OEVTUSJBM "SF
$VSSFOU4UBUVT
/PEF
JO/FMMPSFEJTUSJDU
r ,SJTIOBQBUOBN
4143 /FMMPSF %JTUSJDU IBT CFFO
r 5IF ,SJTIOBQBUOBN OPEF EFWFMPQNFOU
TFMFDUFEGPS%FWFMPQNFOUVOEFS1IBTF*CZ%1**5
DPNNFODF TPPO XJUI UIF $FOUSBM (PWFSONFOU
BMPOH XJUI UXP OPEFT FBDI JO 5BNJMOBEV BOE
BQQSPWBM5IF(SFFOGJFME*OEVTUSJBMDJUJFTXJMMCF
,BSOBUBLBTUBUFT
TFMG TVTUBJOFE XJUI XPSME DMBTT JOGSBTUSVDUVSF
r "O FYUFOU PG
"DSFT JT QSPQPTFE GPS 3PBEBOESBJMDPOOFDUJWJUZGPSGSFJHIUNPWFNFOU
EFWFMPQNFOUVOEFS,SJTIOBQBUOBN/PEFJOUXP UP QPSUT BOE MPHJTUJD IVCT BMPOH SFMJBCMF QPXFS
#MPDLTBTGPMMPXT BOE RVBMJUZ TPDJBM JOGSBTUSVDUVSF JO
J ,SJTIOBQBUOBN
4143 /FMMPSF %JTUSJDU ,SJTIOBQBUOBN /PEF JT FYQFDUFE UP HFOFSBUF
"DSFT
FNQMPZNFOU UP BSPVOE
QFPQMF PO
JJ 5IBUJQBSUIJ 7
4SJ ,BMBIBTUJ .
$IJUUPPS DPNQMFUJPOPGUIF'JSTU1IBTF
%JTUSJDU
BDSFT r 5IF $BCJOFU $PNNJUUFF PG &DPOPNJD BGGBJST
VOEFS UIF $IBJSNBOTIJQ PG 1SJNF .JOJTUFS
BQQSPWFE UIF QSPQPTBMT PG %FQBSUNFOU PG
1SPNPUJPOPG*OEVTUSZBOE*OUFSOBM5SBEF %1*5
40$*0&$0/0.*$4637&:
*/%6453*&4
***)ZEFSBCBE#FOHBMVSV*OEVTUSJBM$PSSJEPS
5IF)ZEFSBCBE#BOHBMVSV*OEVTUSJBM$PSSJEPS )#*$
XJMM
IBWF BO *OGMVFODF "SFB TQSFBE BDSPTT UIF TUBUFT PG
5FMBOHBOB
"OEISB1SBEFTIBOE,BSOBUBLB
DPOOFDUJOH
UIF DFOUSBM QBSUT PG UIF DPVOUSZ XJUI TPVUIFSO
QBSUT6OEFS)#*$
0SWBLBMOPEFJO"OEISB1SBEFTIIBT
CFFO JEFOUJGJFE GPS EFWFMPQNFOU JO JOJUJBM QIBTF
BENFBTVSJOH BO BSFB PG
BDSFT BOE QSPKFDU
*OEVTUSJBM-BOE"MMPUNFOUTGSPNTU+BOVBSZ
EFWFMPQNFOUBDUJWJUJFTBSFCFJOHJOJUJBUFE
UPTU%FDFNCFS
"1**$BUB(MBODF "1**$JTUIF/PEBM"HFODZGPSBMM*OEVTUSJBM*OGSBTUSVDUVSF
1SPKFDUTJODMVEJOH*5
#JPUFDI
"QQBSFM1BSLTBOE4&;JO
"OEISB 1SBEFTI *OEVTUSJBM *OGSBTUSVDUVSF $PSQPSBUJPO UIF 4UBUF
JUT DPSF GVODUJPOT JODMVEF "DRVJTJUJPO
-UE "1**$
BOVOEFSUBLJOHPG(PWUPG"OEISB1SBEFTI
JT "MJFOBUJPO PG (PWFSONFOU MBOET GPS *OEVTUSJBM 1BSLT
BQSFNJFSPSHBOJ[BUJPOJOUIFTUBUF
NBOEBUFEXJUIUIF *EFOUJGJDBUJPO PG TJUFT GPS *OEVTUSJBM "SFBT BOE
PCKFDUJWFPGQSPWJEJOHJOEVTUSJBMJOGSBTUSVDUVSFUISPVHI EFWFMPQNFOUPGMBZPVUT"1**$IBTBMMPUUFEBDSFPG
UIFEFWFMPQNFOUPGJOEVTUSJBMQBSLTBDSPTTUIFTUBUF"T *OEVTUSJBM -BOE UP VOJUT XJUI BO FNQMPZNFOU
QBSU PG UIF PWFSBMM PCKFDUJWF PG HSPXUI PG JOEVTUSJFT JO QPUFOUJBM PG
BOE QSPQPTFE JOWFTUNFOU PG
"OEISB 1SBEFTI
"1**$ JOUFOET UP EFWFMPQ *OEVTUSJBM 3T
$SPSFT'VSUIFS"1**$IBTBMBOECBOLPG
$MVTUFST GPS QIBSNBDFVUJDBM JOEVTUSJFT BDSPTT UIF TUBUF BDSFGPSBMMPUNFOU
*OEVTUSJBM &TUBUFT BDSPTT UIF TUBUF BSF NFOUJPOFE JO
5BCMF /FX*OJUJBUJWFT
5BCMF*OEVTUSJBM&TUBUFTBDSPTTUIFTUBUF .4& o $MVTUFS %FWFMPQNFOU 1SPHSBNNF 6OEFS .4&
*OEVTUSJBM&TUBUFTBDSPTTUIFTUBUF $MVTUFS %FWFMPQNFOU 1SPHSBN PG (PWU PG *OEJB
UIF
GPMMPXJOHOFX*OEVTUSJBM1BSLTBQBSUGSPN6QHSBEBUJPOPG
*OEVTUSJBMQBSLT
FYJTUJOH JOEVTUSJBM QBSLT IBWF CFFO UBLFO VQ JO "1 BT
"VUP/BHBST
TIPXOJOCFMPX5BCMF
.VMUJ1SPEVDU4&;T
5BCMF0OHPJOH1SPKFDUTVOEFS.4&$%14DIFNF
*54&;
(SPTTFYUFOU 1MPUUFE 1SPKFDU
(SPXUIDFOUFST 4M/P 1SPKFDU-PDBUJPO
"DSFT
BSFB "DSFT
$PTU*/3-BLIT
#6-, 'PSNBUJPOPGJOUFSOBMSPBETJODMVEJOH
5PUBM TUPSNXBUFSESBJOTJO($
)JOEVQVSJO
1VUUBQBSUIZEJTUSJDU
"1**$BMTPGBDJMJUBUFT1SPWJTJPOPG*OGSBTUSVDUVSFGBDJMJUJFT
6QHSBEBUJPOPG *OEVTUSJBM1BSLBU
JO EFWFMPQFE BOE FYJTUJOH MBZPVUT
"MMPUNFOU PG
.BDIJMJQBUOBN
EFWFMPQFE QMPUT
*OEVTUSJBM *OWFTUNFOU
1MBOOJOH BOE
6QHSBEBUJPOPG*OEVTUSJBM1BSLBU
%FWFMPQNFOU PG 1SPKFD UT BOE 1SPNPUJPO PG
(VOUVS
40$*0&$0/0.*$4637&:
*/%6453*&4
*/%6453*&4
*OEVTUSJBM$PSSJEPST QSPQPTFEUPCFEFWFMPQFEXJUIBQSPKFDUDPTUPG
*/3
$S5IFQSPKFDUJTCFJOHJNQMFNFOUFE
6OEFS UIF i/BUJPOBM *OEVTUSJBM $PSSJEPS %FWFMPQNFOU
XJUIGJOBODJBMBTTJTUBODFGSPN/*$%*5
1SPHSBNNFw "1**$ JT EFWFMPQJOH JOEVTUSJBM IVCT VOEFS
UISFFJOEVTUSJBMDPSSJEPST
7JTBLIBQBUOBNo$IFOOBJ t $IFOOBJ o #FOHBMVSV *OEVTUSJBM $PSSJEPS
*OEVTUSJBM $PSSJEPS 7$*$
$IFOOBJ o #FOHBMVSV $#*$
5IF(PWFSONFOUPG*OEJBIBTFOWJTBHFE
*OEVTUSJBM$PSSJEPS $#*$
BOE
)ZEFSBCBE#BOHBMPSF UIF EFWFMPQNFOU PG $IFOOBJ #FOHBMVSV
*OEVTUSJBM $PSSJEPS )#*$
5IFTF DPSSJEPST BSF CFJOH *OEVTUSJBM $PSSJEPS $#*$
BMPOH UIF QSPQPTFE
JNQMFNFOUFE XJUI GJOBODJBM BTTJTUBODF GSPN "TJBO $PSSJEPS CFUXFFO $IFOOBJ
#FOHBMVSV BOE
%FWFMPQNFOU#BOL "%#
BTXFMMBT/BUJPOBM*OEVTUSJBM $IJUSBEVSHBDPWFSJOHBMFOHUIPGBCPVU,NT
$PSSJEPS %FWFMPQNFOU BOE *NQMFNFOUBUJPO 5SVTU XJMM IBWF BO JOGMVFODF BSFB TQSFBE BDSPTT UIF
/*$%*5
UISFF TUBUFT "OEISB1SBEFTI
5BNJM /BEV BOE
,BSOBUBLB "OEISB 1SBEFTI IPTUT BO JOEVTUSJBM
t 7JTBLIBQBUOBN$IFOOBJ *OEVTUSJBM $PSSJEPS
OPEFBU,SJTIOBQBUOBN/PSUIOPEFTQSFBEPWFS
7$*$
IPTUT UISFF JOEVTUSJBM OPEFT BU 7J[BH
BO FYUFOU PG BDSF " TUBSUVQ BSFB PG
$IJUUPPSBOE,PQQBSUIZ5IFTFBSFQMBOOFEPWFS
BDSF JT DVSSFOUMZ QSPQPTFE UP CF
BOFYUFOUPG_
BDSFPVUPGXIJDIFYUFOU
EFWFMPQFEXJUIFTUJNBUFEDPTUPG*/3
$S
JT QSFTFOUMZ CFJOH EFWFMPQFE BT h4UBSUVQh "SFB
5IFQSPKFDUJTCFJOHJNQMFNFOUFEXJUIGJOBODJBM
7BSJPVTJOEVTUSJBMJOGSBTUSVDUVSFQSPKFDUTXJUIBO
BTTJTUBODFGSPN/*$%*5
FTUJNBUFEJOWFTUNFOUPG_*/3
$SIBWFCFFO
FOWJTBHFEJOUIJTDPSSJEPSXJUI_*/3
$SMPBO t )ZEFSBCBE #FOHBMVSV *OEVTUSJBM $PSSJEPS
GSPN"%#VOEFSUXPUSBODIFT1SPKFDUTQMBOOFE )#*$
XJMM IBWF BO *OGMVFODF "SFB TQSFBE
VOEFS5SBODIF*
XJUIBOFTUJNBUFEJOWFTUNFOUPG BDSPTT UIF TUBUFT PG5FMBOHBOB
"OEISB 1SBEFTI
_*/3
$S
BSF CFJOH FYFDVUFE BU GVMM UISPUUMF BOE ,BSOBUBLB
DPOOFDUJOH UIF DFOUSBM QBSUT PG
BOE BSF BU BEWBODFE TUBHFT PG JNQMFNFOUBUJPO
UIFDPVOUSZXJUITPVUIFSOQBSUT0SWBLBMOPEFJO
XIFSF TPNF PG UIF QSPKFDUT BSF UBSHFUFE UP "OEISB 1SBEFTI IBT CFFO JEFOUJGJFE GPS
BDIJFWFDPNQMFUJPOJOUIFVQDPNJOHRVBSUFS EFWFMPQNFOUVOEFS)#*$5IF0SWBLBMOPEFIBT
CFFO BQQSPWFE CZ /*$%*5 BOE QSPKFDU
EFWFMPQNFOU BDUJWJUJFT BSF CFJOH JOJUJBUFE UP
7J[BH/PEF6OEFSUIJTOPEF
"1**$QSPQPTFE DSFBUF BO JOEVTUSJBM OPEF BU 0SWBLBM PWFS BO
UPEFWFMPQDMVTUFST FYUFOU PG
BDSFT 1SPKFDU FTUJNBUF GPS */3
" "UDIVUIBQVSBN3BNCJMMJ $MVTUFS $S XBT TVCNJUUFE UP /*$%$ GPS UIF
%FWFMPQNFOU PG NBKPS JOGSBTUSVDUVSF BOE EFWFMPQNFOUPG1IBTFJOBSFBPG
"DSFT
VUJMJUZTFSWJDFTJO4UBSUVQBSFBPGBDSFT
"OEISB1SBEFTI(BT*OGSBTUSVDUVSF$PSQPSBUJPO
XJUIBOFTUJNBUFEDPTUPG3TDSPSFT
"OEISB1SBEFTI(BT*OGSBTUSVDUVSF$PSQPSBUJPO "1(*$
# /BLLBQBMMJ $MVTUFS %FWFMPQNFOU PG NBKPS
XBT JODPSQPSBUFE PO OE 4FQUFNCFS
VOEFS UIF
JOGSBTUSVDUVSF BOE VUJMJUZ TFSWJDFT JO 4UBSU
QSPWJTJPOT PG $PNQBOJFT "DU BT B 4UBUF (PWFSONFOU
VQ BSFB PG BDSFT XJUI BO FTUJNBUFE
$PNQBOZ 5IF PCKFDUJWFT PG UIF DPSQPSBUJPO BSF
DPTUPG3TDSPSFT
&YQMPSBUJPO BOE 1SPEVDUJPO "DUJWJUJFT QBSUJDVMBSMZ JO
$IJUUPPS /PEF 4SJLBMBIBTIJ:FSQFEV $MVTUFS ,SJTIOB(PEBWBSJ #BTJO ,( #BTJO
BOE .BLF "OEISB
%FWFMPQNFOUPGNBKPSJOGSBTUSVDUVSFBOEVUJMJUZ 1SBEFTIBHBTCBTFEFDPOPNZ
TFSWJDFT JO 4UBSUVQ BSFB PG BDSFT XJUI BO
"1(*$ QBSUJDJQBUFE JO UIF /FX &YQMPSBUJPO -JDFOTJOH
FTUJNBUFEDPTUPG3TDSPSFT
1PMJDZ /&-1
7*** SPVOE CJEEJOH DPOEVDUFE CZ
,PQQBSUZ /PEF 4QSFBE PWFS BO FYUFOUPG
%JSFDUPSBUF (FOFSBM PG )ZESPDBSCPOT
(PWFSONFOU PG
"DSFT*O QIBTF
BOFYUFOUPG
BDSFTJT *OEJBJOUIFZFBS"1(*$HPUGPVSCMPDLTPVUPGUIF
40$*0&$0/0.*$4637&:
*/%6453*&4
*/%6453*&4
r 4ZTUFNBUJDTUVEZPGUIFTUSVDUVSFPGUIF*OEVTUSZ 5VSOPWFS
BTBXIPMFBOEFBDIUZQFPG*OEVTUSZ
5IFUPUBM5VSOPWFS JODMVEJOHPUIFSJODPNF
NBEFCZBMM
r "OBMZTJTPGWBSJPVTGBDUPSTJOøVFODJOH*OEVTUSJFT
UIF4-1&TXBT3T
$SPSFT5IFUPQGJWF4-1&TXJUI
JOUIF4UBUF
IJHIFTU 5VSOPWFS BSF "1(&/$0
"11%$-
"11'$-
r 1SPWJTJPO PG DPNQSFIFOTJWF
GBDUVBM BOE "14'$
"148$BOEUIF5VSOPWFSBDIJFWFECZUIFTFUPQ
TZTUFNBUJDCBTJTGPSGPSNVMBUJPOPG1PMJDZ GJWF4-1&TUPUPUBM5VSOPWFSXPSLTPVUUP
5IFEBUBGPSQSJODJQBMDIBSBDUFSJTUJDTCBTFEPO"OOVBM
4VSWFZ PG *OEVTUSJFT GSPN UP 1SPGJU
1SPWJTJPOBM
JTHJWFOJO"OOFYVSF 5IF UPUBM QSPGJU NBEF CZ BMM UIF 4-1&T XBT 3T
$SPSFTEVSJOHUIFZFBS0GUIFTF
UIFGPMMPXJOH
*OEFYPG*OEVTUSJBM1SPEVDUJPO
UPQ GJWF 4-1&T NBEF QSPGJU PG 3T $SPSFT
5IF*OEFYPG*OEVTUSJBM1SPEVDUJPO **1
JTBZBSETUJDLGPS BDDPVOUJOHGPSBCPVUPGUIFUPUBMQSPGJUNBEFCZ
NFBTVSJOH JOEVTUSJBM HSPXUI *U JODMVEFT UIF SFMBUJWF BMMUIFQSPGJUNBLJOH4-1&T
DIBOHF PG QIZTJDBM QSPEVDUJPO JO UIF GJFME PG *OEVTUSZ
"11%$-3T$S
EVSJOH TQFDJGJD QFSJPE BT DPNQBSFE UP UIF QSFWJPVT
QFSJPE 5IF **1 JT FTUJNBUFE NPOUIMZ GPS UIF "11'$-3T$S
.BOVGBDUVSJOH
.JOJOH 2VBSSZJOH BOE &MFDUSJDJUZ "14'$3T$S
TFDUPST 5IF NBJO PCKFDUJWF JT UP FTUJNBUF UIF
"148$3T$S
DPOUSJCVUJPO PG *OEVTUSJBM TFDUPS UP UIF (SPTT 4UBUF
%PNFTUJD1SPEVDU**1JOUIF4UBUFJTCFJOHDPNQJMFEXJUI "1(&/$03T$S
CBTF ZFBS GPS JOEVTUSJBM DMBTTJGJDBUJPOT BU
EJHJUMFWFMVOEFSNBOVGBDUVSJOHTFDUPS .JOFTBOE(FPMPHZ
"TQFS2VJDLFTUJNBUFTPG**1
UIF.JOJOHBOE2VBSSZJOH
.JOFSBMT BSF POF PG UIF NBJO TPVSDFT PG SFWFOVF UP
.BOVGBDUVSJOH
&MFDUSJDJUZ TFDUPST BOE (FOFSBM *OEFY "OEISB 1SBEFTI BOE BMTP B NBKPS DPOUSJCVUPS GPS UIF
SFHJTUFSFEHSPXUISBUFPG
BOE FDPOPNJD HSPXUI PG UIF 4UBUF "OEISB 1SBEFTI JT XFMM
SFTQFDUJWFMZEVSJOHPWFS5IFJOEJDFTPG LOPXO HMPCBMMZ GPS WBSJFUZ PG SPDLT NJOFSBMT BOE
**1PG4UBUFBSFHJWFOJO"OOFYVSF QPQVMBSMZ DBMMFE h3BUOB(BSCIBh "OEISB 1SBEFTI JT B
NJOFSBM SJDI TUBUF DPOUBJOJOH B WBTU WBSJFUZ PG NJOFSBM
45"5&-&7&-16#-*$&/5&313*4&4 XFBMUI QBSUJDVMBSMZ JOEVTUSJBM NJOFSBMT 5IF 4UBUF JT B
5IFSF BSF 4UBUF -FWFM 1VCMJD &OUFSQSJTFT 4-1&T
IPVTF GPS WBSJPVT NJOFSBMT TQFDJöDBMMZ $SVEF 0JM
GVODUJPOJOH JO UIF 4UBUF "T QFS UIF XPSLJOH SFTVMUT PG /BUVSBM (BT
#BSZUFT
)FBWZ .JOFSBM #FBDI 4BOE
UIFTF4-1&T
UIFQFSGPSNBODFEVSJOHUIFZFBSJT .BOHBOFTF
-JNFTUPOF
%PMPNJUF
2VBSU[
'FMETQBS
TVNNBSJTFEIFSFVOEFSBT 4JMJDB4BOE
4FNJQSFDJPVT4UPOFT
#BMM$MBZ
-BUFSJUF
*SPO
0SF
(PME%JBNPOET
.JDB
"TCFTUPT
$BMDJUF
6SBOJVN
$BQJUBM&NQMPZFE -FBE
;JOD
4IBMF
1ZSPQIZMMJUF
4UFBUJUF
4FSQFOUJOF
(SBQIJUF
,ZBOJUF
7FSNJDVMJUF
$MBZT
0DISF
#MBDL
5IF $BQJUBM FNQMPZFE CZ BMM UIF 4-1&T XBT 3T
$PMPVS(SBOJUFT
-JNFTUPOF4MBCT
'VMMFST&BSUI
.BSCMF
$SPSFT 5IF UPQ GJWF 4-1&T XJUI UIF IJHIFTU $BQJUBM
3PBE.FUBM#VJMEJOH4UPOF#BMMBTU
(SBWFM&BSUI
.PTBJD
&NQMPZFE BSF "1(&/$0
"11%$-
"15*%$0
"14'$
$IJQTBOE0SEJOBSZ4BOE
,BLJOBEB4NBSU$JUZ$PSQPSBUJPO ,4$$
BOEUIF$BQJUBM
&NQMPZFECZUIFTFGJWF4-1&TDPOTUJUVUFUPPGUIF 5IF4UBUFJTGPDVTJOHPOJOWFOUPSZPGNJOFSBMSFTPVSDFT
$BQJUBM&NQMPZFECZBMMUIF4-1&TJOUIF4UBUF LFZJTTVFTPGMFHJTMBUJPO
PCKFDUJWFBOETUSBUFHJFTJOUVOF
XJUIUIF/BUJPOBM.JOFSBM1PMJDZGPSBDDFMFSBUJOHHSPXUI
MFBEJOHUPPWFSBMMEFWFMPQNFOUPGUIFNJOJOHTFDUPS5IF
NBJOBJNPG4UBUF.JOFSBM1PMJDZJTUPTFSWFBTBHVJEJOH
40$*0&$0/0.*$4637&:
*/%6453*&4
.JOFSBM3FTPVSDFT -FBTFTBOE.JOJOH
t 5IF BSFBT PG "HOJHVOEBMB
#POEBMBNPUUV JO 5IFSF BSF NJOJOH MFBTFT GPS NBKPS NJOFSBMT
(VOUVSEJTUSJDUBSFGBNPVTGPSNJOJOHPG$PQQFS
RVBSSZ MFBTFT GPS PUIFS .JOPS .JOFSBMT $POTUSVDUJPO
;JOD
4JMWFSBOEPUIFSCBTFNFUBMT .JOFSBMT
.JOJOHGPS-JNFTUPOF
#BSZUFTBOE/BUVSBM(BT
t 5IF BMLBMJOF BOE VMUSBCBTJD SPDL GPSNBUJPOT JO GBMMTVOEFSMBSHFTDBMFNFDIBOJ[FETFDUPS
XIJMF(SBOJUF
(VOUVS BOE 1SBLBTBN EJTUSJDUT BSF FOSJDIFE JO %PMPNJUF
2VBSU[
'FMETQBS
$MBZT FUD GBMM VOEFS TFNJ
/FQIFMJOF4ZFOJUF NFDIBOJ[FENFEJVNTFDUPSBOEUIFPUIFSNJOFSBMTGBMM
VOEFSTFNJNFDIBOJ[FETNBMMTFDUPS/FBSMZPGUIF
t 5IF 4UBUF DPOUBJOT IVHF 6SBOJVN EFQPTJUT JO
NJOFTGBMMVOEFSTNBMMTFDUPSBOESFNBJOJOHVOEFS
5IVNNBMBQBMMJ
:43 ,BEBQB EJTUSJDU 5IF
NFEJVNBOEMBSHFTFDUPST
%FQBSUNFOU PG "UPNJD &OFSHZ
(P* BMSFBEZ
TUBSUFEFYQMPJUBUJPOPGUIFSFTPVSDFTUISPVHI.T .JOFSBM#BTFE*OEVTUSJFT
6SBOJVN $PSQPSBUJPO *OEJB -UE
B 1VCMJD 4FDUPS
#PUI 1VCMJD 1SJWBUF 4FDUPST FTUBCMJTIFE MBSHF BOE
6OEFSUBLJOH
NFEJVNTDBMFNJOFSBMCBTFEJOEVTUSJFTGPSNBOVGBDUVSF
t 5IF %IBSXBS 4VQFS (SPVQ .FUB TFEJNFOUT PG $FNFOU
4UFFM
4QPOHF *SPO
'FSSPBMMPZT
(MBTT
DPOUBJO SJDI EFQPTJUT PG *SPO 0SF DPOöOJOH UP $FSBNJDT
3FGSBDUPSJFT
$IFNJDBMT
(SBOJUF
.BSCMF
#FMMBSZ3FTFSWF'PSFTUBOETVSSPVOEJOHBSFBTJO -JNFTUPOFDVUUJOHQPMJTIJOHVOJUT
4MBUFDVUUJOHVOJUT
"OBOUIBQVSBNV%JTUSJDU (FN $VUUJOH GBDFUJOH VOJUT
(SBOJUF NPOVNFOUT
t .BOZ MPXHSBEF JSPO PSF EFQPTJUT BSF JO NBOVGBDUVSJOH VOJUT
1VMWFSJ[JOH VOJUT
TUPOF DSVTIFST
1SBLBTBN
,SJTIOB
,VSOPPM BOE :43 ,BEBQB .PTBJD $FSBNJD UJMF VOJUT
-JNF ,JMOT
BOE
EJTUSJDUT .BOVGBDUVSFE3PDLTBOEVOJUTJOUIF4UBUF
t 5IF4UBUFJTLOPXOGPSFYDMVTJWF(SBOJUFWBSJFUJFT 5IF .JOJOH 4FDUPS JT JEFOUJöFE BT POF PG UIF HSPXUI
$IJNBLVSUIZ #MBDL (BMBYZ
4UFFM (SFZ
0DFBO FOHJOFT BOE DFSUBJO NJOFSBMT IBWF CFFO JEFOUJöFE BT
#MVF
#MBDL1FBSMJO1SBLBTBN
4SJLBLVMBN#MVFJO GPDVTNJOFSBMTWJ[.BOHBOFTF
*SPOPSF
)FBWZNJOFSBMT
4SJLBLVMBN
7J[JBOBHBSBN(SFFOJO7J[JBOBHBSBN
#FBDI4BOET
-JNFTUPOF
(PME
%JBNPOE
%PMPNJUF
0JM
3JWFS 8IJUF
,BTINJS 8IJUF .PPO 8IJUF JO /BUVSBMHBT
6SBOJVN
(BSOFU
(SBOJUF
5JUBOJVN
FUDGPS
7JTBLIBQBUOBN
:FMMPX(SBOJUF
JO&BTU(PEBWBSJ
FTUBCMJTINFOUPG$FNFOU
(BTCBTFE5IFSNBM1MBOUT
0JM
4JMWFS 1FBSM
*OEJBO -BCSBEPS
#MVS 1BSBEJTF
3FöOFSZ
$VUUJOH'BDFUJOH
.JOJOH3FöOFSZ
4UFFM
$PQQFS (SFFO
1MBUJOVN #MVS
JO (VOUVS
7JTDPO 4QPOHF
"MVNJOB4NFMUFSBOE"MVNJOJVN3FöOFSZFUD
8IJUF
5JHFS#MBDL
,VQQBN(SFFO&OHMJTI5FBL
JO BTGPDVTJOEVTUSZGPSPWFSBMMEFWFMPQNFOUPGUIF.JOJOH
$IJUUPPS
1JTUB(SFFO
JO:43,BEBQB%JTU$IJMMJ3FE 4FDUPSJOUIF4UBUF
JO "OBOUIBQVSBNV BOE $IPDPMBUF #SPXO JO
,VSOPPM%JTUSJDU 7JHJMBODF
*OBEEJUJPOUPUIFSFHVMBSWJHJMBODF
UIJSUFFO
i%JTUSJDU
%FQBSUNFOUBM'VODUJPOT"DUJWJUJFT 7JHJMBODF4RVBETwBSFDSFBUFEJOUIF4UBUFUPDVSCJMMFHBM
5IF%FQBSUNFOUPG.JOFTBOE(FPMPHZMPPLTBGUFSPWFSBMM NJOJOHUSBOTQPSUBUJPOPGNJOFSBMT5IFEFQBSUNFOUIBT
EFWFMPQNFOUPGNJOFSBMTFDUPSBOEDPMMFDUJPOPGNJOFSBM CPPLFE DBTFT BOE MFWJFE 3T DSPSFT BT
SFWFOVF GPS UIF TUBUF FYDIFRVFS 5IF EFQBSUNFOU JT QFOBMUZJO': VQUP%FDFNCFS
40$*0&$0/0.*$4637&:
*/%6453*&4
5BCMF.JOFSBM3FWFOVF"DIJFWFNFOU 3T*O$SPSFT
:FBS
5BSHFU "DIJFWFNFOU
ZPZ(SPXUI
.JOFSBM1SPEVDUJPOBOE7BMVF 0UIFS"DIJFWFNFOUT
.JOFSBMDPOTVNQUJPOJTJODSFBTJOHEVFUPQSPNPUJPOPG %VSJOH UIF ZFBS VQ UP %FDFNCFS
BCPVU
WBSJPVT JOEVTUSJFT BOE NBOVGBDUVSF PG NJOFSBM CBTFE -FUUFSPG*OUFOUT -P*T
IBWFCFFOJTTVFEBOEBCPVU
QSPEVDUT 5IF 4UBUF QSPEVDFE JOEVTUSJBM NJOFSBMT
2VBSSZMFBTFTIBWFCFFOHSBOUFE-BLIUSBOTJU
EJNFOTJPOBMTUPOFTBOECVJMEJOHNBUFSJBMTXJUIBWBMVF GPSNT IBWF CFFO HFOFSBUFE CZ UIF MFBTFIPMEFST GPS
PG3TDSPSFT NJOFSBM USBOTQPSUBUJPO
EJTQBUDI QFSNJUT IBWF
CFFOJTTVFE
&YQMPSBUJPOPG.JOFSBM#MPDLT
.JOFSBM &YQMPSBUJPO 3FTFBSDI BOE *OOPWBUJPO 5SVTU 0OMJOF TZTUFN GPS SFHVMBUJPO PG CVZJOH
.&3*5
JTDPOEVDUJOHFYQMPSBUJPOPGGPVS
-JNFTUPOF TUPSJOH
USBOTQPSUBUJPOPGNJOFSBMT
BOE GPVS
.BOHBOFTF NJOFSBM CFBSJOH BSFBT BDSPTT
5P DVSC MBSHF TDBMF FWBTJPO PG NJOFSBM SFWFOVF UP UIF
WBSJPVT EJTUSJDUT JO UIF TUBUF 5IFTF FJHIU
NJOFSBM
TUBUFHPWFSONFOU
UIF4UBUFIBTEFWFMPQFEUIF0OMJOF
CFBSJOH BSFBT DPWFS BO FYUFOU PG
)B JO
TZTUFNGPSSFHVMBUJPOPGCVZJOH
TUPSJOH
USBOTQPSUBUJPO
7J[JBOBHBSBN BOE (VOUVS EJTUSJDUT 5IF FYQMPSBUJPO
PGNJOFSBMTUPDIFDLUIFSBXNBUFSJBMSFDFJQUTBUFBDIBOE
BDUJWJUZJTGVOEFECZ/BUJPOBM.JOFSBM&YQMPSBUJPO5SVTU
FWFSZ NJOFSBM CBTFE JOEVTUSZ JO UIF 4UBUF CFGPSF UIF
BOE .&3*5 5IF 4UBUF (PWFSONFOU UISPVHI .&3*5 IBT
NJOFSBM JT QSPDFTTFE 5IJT TZTUFN IBWF FOE UP FOE *5
FOUFSFEJOUPBO.P6XJUI(FPMPHJDBM4VSWFZPG*OEJB (4*
CBTFESFHVMBUPSZNFDIBOJTNPWFSNJOFSBMNPWFNFOUUP
GPSFYQMPSBUJPOPGTRLNGPS*SPO0SFNJOFSBMCFBSJOH
FOTVSF QSPQFS BDDPVOUBCJMJUZ
UIFSFCZ DVSC JMMFHBM
BSFBJO"OBUIBQVSBNEJTUSJDU
USBOTQPSUBUJPO USBEJOH PG NJOFSBMT XIJDI QSFWFOU
MFBLBHF PG SFWFOVF BOE TZTUFNBUJD DPOTFSWBUJPO PG
NJOFSBM XFBMUI 5IJT TZTUFN FOBCMFT EFBMFS UP GJMF BO
40$*0&$0/0.*$4637&:
*/%6453*&4
"1.JOFSBM7FIJDMF5SBDLJOH4ZTUFN 4JMJDB4BOE1PMJDZ
"1.754
4JMJDB TBOE CFBSJOH BSFBT XFSF JEFOUJGJFE JO UIF MBOET
BMMPUUFEUP"1**$GPS4&;JO$IJMMBLVSBOE,PUBNBOEBMTJO
8JUI UIF BTTJTUBODF PG "14"$ EFWFMPQFE BO 0OMJOF
/FMMPSF EJTUSJDU BOE SFTFSWFE UP .T "1.%$ -UE GPS
1MBUGPSN GPS SFBM UJNF TVSWFJMMBODF PG NJOFSBM DBSSZJOH
FYDBWBUJPOBOEEJTQPTBMPGTBOE.T"1.%$-UEGJMFE
WFIJDMFT
NPOJUPSJOH PG NJOFSBM USBOTQPSUBUJPO BOE UP
BQQMJDBUJPOT GPS BSFBT BOE SFDFJWFE /0$T GSPN
DVSC JMMFHBM USBOTQPSU *U JT B OPWFM BOE JOOPWBUJWF
3FWFOVF%FQBSUNFOUGPSBSFBTDPWFSJOHBOFYUFOUPG
QMBUGPSN XJUI TUBUFPGUIFBSU UFDIOPMPHZ UIBU IBT OP
)BXJUISFTFSWFTPGMBLIUPOTPG4JMJDBTBOE
EFQFOEFODZ PO UIF WFIJDMF ESJWFST PG UIF NJOFSBM
"QQSPYJNBUFSFWFOVFUPCFHFOFSBUFEJT3T$SPSFT!
DBSSZJOHWFIJDMFT5IFQMBUGPSNIBTIFMQFEJOUIFFGGJDJFOU
3TQFS.5PG4JMJDBTBOE"1.%$BQQMJFEGPS&$TBOE
SPMMPVUPGUIF/FX4BOE1PMJDZBOEUSBOTQBSFODZPG
$'& GSPN "11$# GPS BSFBT IBWJOH SFTFSWFT PG
NJOFSBMUSBOTQPSUBUJPOJOUIFTUBUF
MBLIUPOT
40$*0&$0/0.*$4637&:
*/%6453*&4
*/%6453*&4
t (PWFSONFOU PG "OEISB 1SBEFTI JTTVFE .JOFSBM 'PVOEBUJPO 3VMFT UP JNQMFNFOU WBSJPVT
BNFOENFOUT UP UIF "OEISB 1SBEFTI 1VCMJD EFWFMPQNFOUBM BOE XFMGBSF QSPKFDUT QSPHSBNNFT JO
4FSWJDFT %FMJWFSZ (VBSBOUFF 3VMFT
NJOJOHBGGFDUFEBSFBTUPNJOJNJ[FNJUJHBUFUIFBEWFSTF
QSFTDSJCJOH UIF 4FSWJDF %FMJWFSZ 5JNFMJOFT GPS JNQBDUT EVSJOH BOE BGUFS NJOJOH PO UIF FOWJSPONFOU
QSPDFTTJOHPG.$BQQMJDBUJPOT IFBMUIBOETPDJPFDPOPNJDPGQFPQMFJONJOJOHEJTUSJDUT
t 7PMVNFUSJD FTUJNBUJPO PG NJOFSBM FYDBWBUFE JT BOEUPFOTVSFMPOHUFSNTVTUBJOBCMFMJWFMJIPPETGPSUIF
BTTFTTFEUISPVHI%SPOFTVSWFZPOQJMPUCBTJTJO BGGFDUFEQFPQMFJONJOJOHBSFBT'VODUJPOJOHPGUIF
,SJTIOBBOE(VOUVSEJTUSJDUT OFXMZFTUBCMJTIFE%.'5TJTZFUUPCFDPNNFODFE
t %(144VSWFZJTCFJOHDPOEVDUFEGPSBMMFYJTUJOH r 4P GBS
3T $SPSFT XPSUI PG XPSLT IBWF
MFBTFTUPBDDVSBUFMZFBSNBSLMFBTFCPVOEBSJFTUP CFFO TBODUJPOFE VOEFS UIJT QSPHSBN GPS PWFS
DVSUBJMFODSPBDINFOUT1PTUDPNQMFUJPOPG%(14
QSPKFDUTTDIFNFT
TVSWFZ
.JOFT4VSWFJMMBODF4ZTUFN .44
XJMMCF r 5JMMEBUF
3T$SPSFTIBWFCFFOTQFOUPOUIF
JOUSPEVDFE GPS NJOPS NJOFSBMT JO MJOF XJUI UIF QSPKFDUTIFMQJOHMBLICFOFGJDJBSJFT
TZTUFNQSFWBJMJOHGPSNBKPSNJOFSBMT r "MMPDBUJPOTIBWFCFFONBEFUPQSPKFDUTGPDVTJOH
t (14CBTFE7FIJDMF5SBDLJOHTZTUFN "1.754
GPS PO %SJOLJOH 8BUFS 1IZTJDBM *OGSBTUSVDUVSF
SFBM UJNF USBDLJOH PG 4BOE DBSSZJOH WFIJDMFT UP BNPVOU PG 3T $S BOE 3T $S
DVSCJMMFHBMUSBOTQPSUBUJPO SFTQFDUJWFMZUJMM%FDh
$)"15&3
&$0/0.*$
*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5BCMF4FDUPS8JTF*SSJHBUJPO1PUFOUJBMDSFBUFE
&DPOPNJD*OGSBTUSVDUVSF VQUP%FDFNCFS
"ZBDVU
4FDUPS -BLIBDSFT
*SSJHBUJPO .BKPS*SSJHBUJPO
1MBOOFE JOWFTUNFOUT JO QIZTJDBM JOGSBTUSVDUVSF TVDI BT .FEJVN*SSJHBUJPO
JSSJHBUJPOQSPKFDUT
EBNT
SPBET
CSJEHFT
QPSUT
BJSQPSUT
.JOPS*SSJHBUJPO
BOE PUIFS MPHJTUJDT SFMBUJOH UP DPOOFDUJWJUZ BOE "14*%$
DPNNVOJDBUJPOT EJSFDUMZ DPOUSJCVUF UP FDPOPNJD 5PUBM
HSPXUI PO B TVTUBJOFE CBTJT 5IF TUBUF HPWFSONFOU JT
DPNNJUUFEUPUBLFDPHOJ[BODFPGUIFDIBOHJOHQBUUFSOT "WBJMBCJMJUZPG8BUFSJOJOUFSTUBUFSJWFST
PGHPWFSONFOUSFHVMBUJPOHMPCBMMZBOEUSBOTGPSNJUTFMG #FTJEFTQSPNJOFOUSJWFSTMJLF(PEBWBSJ
,SJTIOB
1FOOBS
JOUPBTUSBUFHJDBOEWBMVFFOIBODJOHGBDJMJUBUPS 7BNTBEIBSBBOE/BHBWBMJ
UIFSFBSFNBKPS
NFEJVN
5IFSF BSF NBKPS
NFEJVN BOE NJOPS SJWFST JO "OEISB BOENJOPSSJWFSTJOUIFTUBUFPG"OEISB1SBEFTI0GUIF
1SBEFTIPGXIJDI(PEBWBSJ
,SJTIOB
1FOOBS
7BNTBEIBSB SJWFST
BSFJOUFSTUBUFSJWFSTXIJDIBSF#BIVEB3JWFS
BOE /BHBWBMJ BSF QSPNJOFOU SJWFST JO QFOJOTVMBS *OEJB "1 0SJTTB
.BIFOESB 5BOBZB 3JWFS "1 0SJTTB
5IF BWBJMBCJMJUZ BOE VUJMJ[BUJPO PG TVSGBDF BOE 1PPOEJ.JOPS%SBJOBHFT "10SJTTB
7BNTBEIBSB
HSPVOEXBUFS JT VOFWFO BOE TIPXT DPOTJEFSBCMF 3JWFS "1 0SJTTB
/BHBWBMJ 3JWFS "1 0SJTTB
WBSJBUJPOGSPNQMBDFUPQMBDF5PQSPWJEFXBUFSTFDVSJUZ
(PEBWBSJ "1
.BIBSBTIUSB
0SJTTB
,BSOBUBLB
UIFTUBUFHPWFSONFOUJTHPJOHGPSXBSEXJUIBTUSBUFHZGPS $IBUUJTHBSI .BEIZB 1SBEFTI
,SJTIOB "1
TDJFOUJGJD NBOBHFNFOU PG XBUFS SFTPVSDF CZ BEPQUJOH .BIBSBTIUSB ,BSOBUBLB
1FOOBS 3JWFS "1
DPNCJOBUJPOPGTVQQMZTJEFBOEEFNBOETJEFNFBTVSFT ,BSOBUBLB
"SBOJBS3JWFS "15BNJMOBEV
,PSUBMJBS
EFQFOEJOHPOUIFMPDBMDPOEJUJPOTCZVUJMJ[JOHBEWBODFE 3JWFS "15BNJMOBEV
1BMBS 3JWFS "1
,BSOBUBLB
UFDIOPMPHJDBM UPPMT 5IF PCKFDUJWF JT UP NBLF XBUFS 5BNJMOBEV
1POOJBS 3JWFS "1
,BSOBUBLB
BWBJMBCMFUPBMMCZFTUBCMJTIJOHTNBSUXBUFSHSJE 5B N J M O B E V
# V E B N F S V " 1
5F M B O H B O B
"QBSUGSPNDPNQMFUJPOPGQSJPSJUZQSPKFDUT
SFTUPSBUJPOPG &SSBLBMBWB "1
5FMBOHBOB
5BNNJMFSV "1
XBUFS CPEJFT
UBOL DBTDBEFT EFWFMPQNFOU
NJDSP
5FMBOHBOB
0GUIFTF
,SJTIOBBOE(PEBWBSJSJWFSXBUFST
JSSJHBUJPO XPSLT BSF CFJOH UBLFO VQ PO QSJPSJUZ VOEFS BSF DPWFSFE CZ UIF 5SJCVOBM "XBSET 5IF #BIVEIB
NJTTJPO NPEF GPS TVTUBJOBCMF EFWFMPQNFOU BOE 7BNTBEIBSB
/BHBWBMJ
1FOOBS
1BMBS
1POOJBS 3JWFS
PQUJNVN VUJMJ[BUJPO PG XBUFS SFTPVSDFT "VUPNBUJD XBUFSTBSFDPWFSFECZ"HSFFNFOUTBNPOHCBTJOTUBUFT
XFBUIFS TUBUJPOT
SBJO HBVHFT
SFTFSWPJS XBUFS MFWFM 1SPKFDUTVOEFS+BMBZBHOBN
TFOTPST
TPJM NPJTUVSF TFOTPST
BVUPNBUJD HSPVOEXBUFS
5IF *SSJHBUJPO 1SPKFDUT UBLFO VQ VOEFS +BMBZBHOBN BSF
MFWFMSFDPSEFSTXJUIUFMFNFUSZTZTUFNXFSFJOTUBMMFEBOE
VOEFS QSPHSFTT BOE QSPHSBNNFE UP CF DPNQMFUFE PO
UIF EBUB HFOFSBUFE JT EJTTFNJOBUFE PO SFBM UJNF CBTJT
QSJPSJUZ GPS QSPWJEJOH JSSJHBUJPO UP DVMUJWBCMF MBOET
UISPVHIXFCCBTFEEJHJUBMTZTUFN
ESJOLJOH XBUFS BOE JOEVTUSJBM XBUFS
QBSUJDVMBSMZ JO UIF
*SSJHBUJPO1PUFOUJBMDSFBUFE ESPVHIUQSPOF3BZBMBTFFNBBOE1SBLBTBN%JTUSJDUTBOE
$SFBUJPOPG*SSJHBUJPO1PUFOUJBMDPOUJOVFEUPCFUIFNPTU CBDL XBSE EJTUSJDUT PG 4SJLBLVMBN
7J[JBOBHBSBN BOE
QSJPSJUJ[FE BSFB 4P GBS MBLI BDSFT PG JSSJHBUJPO 7JTBLIBQBUOBNBOEJODMVEFEJUBTPOFPGUIFJUFNTVOEFS
QPUFOUJBMIBTCFFODSFBUFEVQUP%FDFNCFSVOEFS /BWBSBUOBMV
NBKPS BOJDVUT PO ,SJTIOB
(PEBWBSJ BOE 1FOOBS SJWFST
5IFXPSLTPG1PMBWBSBN
#BCV+BHKJWBO3BN6UUBSBOEISB
1SPKFDUT MJLF /BHBSKVOB4BHBS
5FMVHV (BOHB
4PNBTJMB
4VKBMB4SBWBOUIJ
1PPMB4VCCBJBI7FMJHPOEBQSPKFDUT
4SJ
43#$
7BNTBEIBSB
.FEJVN *SSJHBUJPO QSPKFDUT BOE ,SJTIOB %FWBSBZB (BMFSV /BHBSJ 4VKBMB 4SBWBOUIJ
.JOPS *SSJHBUJPO TDIFNFT 5IF EFUBJMT PG TFDUPS XJTF (/44
BOE )BOESJ /FFWB 4VKBMB 4SBWBOUIJ )/44
JSSJHBUJPO QPUFOUJBMDSFBUFEBSFTIPXOJO5BCMFBOE QSPKFDUTBSFVOEFSCSJTLQSPHSFTT
UIFEJTUSJDUXJTF
TPVSDFXJTFJSSJHBUJPOQPUFOUJBMDSFBUFE r 0VU PG +BMBZBHOBN *SSJHBUJPO 1SPKFDUT JO UIF
JTTIPXOJO"OOFYVSF EJWJEFETUBUFPG"OEISB1SBEFTI
1SPKFDUTBSF
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5BCMF%FUBJMTPG0OHPJOH+BMBZBHOBN1SPKFDUT
"ZBDVUUPCFDSFBUFE
4M /BNFPGUIF PG8PSL 5BSHFUGPS
/P 1SPKFDU %POF $PNQMFUJPO /FX"ZBDVU 4UBCJMJ[FE"ZBDVU
"DSFT
"DSFT
.BKPS*SSJHBUJPO1SPKFDUT
#337BNTBEIBSB
1SPKFDU1IBTF**PG
4UBHF**
"
4(-5IPUBQBMMJ
#BSSBHF1SPKFDU
#
(BKBQBUIJOBHBSBN
#SBODI$BOBM
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
7FOLBUBOBHBSBN
1VNQJOH4DIFNF
#+36UUBSBOEISB
4VKBMB4SBWBOUIJ
1SPKFDU
$IJOUBMBQVEJMJGU
*SSJHBUJPO4DIFNF
1SFDMPTFEBOE
,BOEVMB0CVM3FEEZ CBMBODFXPSLTBSF
(VOEMBLBNNB UBLFOVOEFS
3FTFSWPJS1SPKFDU $"%8.BOEJUJTJO
QSPHSFTT
1PPMB4VCCBJBI
7FMJHPOEB1SPKFDU
4PNBTJMB)JHIMFWFM
DBOBM1IBTF*
4PNBTJMB)JHIMFWFM
DBOBM1IBTF**
4PNBTJMB4XBSOB
.VLIJ-JOL$BOBM
"
)/441SPKFU
1IBTF*
#
)/441SPKFU
1IBTF**
"
(/441IBTF*
#
(/441IBTF**
(,-*4JODMVEJOH.JDSP
*SSJHBUJPO
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
-JGU*UP7
$PNQMFUFE
(BOEJLPUB$#3-*'54
-JGU7*
.ZMBWBSBN.PEFSOJ[BUJPN
$POUSBDU1SFDMPTFE
1#$.JDSP*SSJHBUJPOJT
.PEFSOJ[BUJPOPG1#$
UBLFOVQVOEFS
4ZTUFN
3BZBMBTFFNB%SPVHIU
.JUJHBUJPO4DIFNF
5IFXPSLTBSFQSF
1"#34UBHF** DMPTFEEVFUP-"
QSPCMFN
.FEJVN*SSJHBUJPO1SPKFDUT
8PSLT1SFDMPTFE
0ò4IPSF3FTFSWPJSPO
3FWJTFE&TUJNBUF
3JWFS.BIFOESBUBOBZB
TVCNJUUFEUP(PWU
5BSBLB3BNB5IFFSUIB
4BHBS1SPKFDU
4SJ(PSMF4SJSBNVMV
"ENJOJTUSBUJWF
/BJEV.BEEVWBMBTB
4BODUJPOBDDPSEFEGPS
3FTFSWPJS1SPKFDU
3T$ST
4UBHF**
7,./+BOKIBWBUIJ
3FTFSWPJS1SPKFDU
41$1BMFSV3FTFSWPJS
$POUSBDU1SFDMPTFE
1SPKFDU
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
.PEFSOJ[BUJPO
.PEFSOJ[BUJPOPG
/BHBWBMJ4ZTUFN
.PEFSOJTBUJPOPG
4BEBS(PXUIV
-BDIBOOB5IPUBQBMMJ
0ME$BOBMTZTUFN
.PEFSOJTBUJPOPG
:FMFSV%FMUB
4ZTUFN 1IBTF*
.PEFOJTBUJPOPG
(PEBWBSJ%FMUB4ZTUFN
.PEFSOJTBUJPOPG
,SJTIOB%FMUB4ZTUFN
.PEFSOJTBUJPOPG1FOOB%FMUB4ZTUFN
*OBVHVSBUFECZ
"
/FMMPSF#BSSBHF )POCMF$.PO
*OBVHVSBUFECZ
#
4BOHBN#BSSBHF )POCMF$.PO
$POUSBDU1SFDMPTFE
FYDFQUQBDLBHFOP
$
.PEFSOJTBUJPOPG 'PSQBDLBHFQSF
,BOQVS$BOBM4ZTUFN DMPTFSQSPQPTBMTBSF
TVCNJUUFEUPUIF
(PWFSONFOU
%
.PEFSOJTBUJPOPG
1FOOBS%FMUB$BOBM $POUSBDU1SFDMPTFE
4ZTUFN
.PEFSOJTBUJPOPG
$POUSBDU1SFDMPTFE
5#1)-$
.PEFSOJ[BUJPOPG
8PSLTBSF1SFDMPTFE
5#1--$
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
'MPPECBOLT
'MPPE#BOLTPG
7BNTBEIBSB 8PSLTBSFQSFDMPTFE
/BHBWBMJ
'MPPE#BOLTPG,SJTIOB3JWFS
,SJTIOB-FGU'MPPE
8PSLTBSF$PNQMFUFE
#BOL
,SJTIOB3JHIU'MPPE
8PSLTBSF1SFDMPTFE
#BOL
3BNBMJOHFTXBSB
/BHBS'MPPE
1SPUFDUJPO8BMM
'MPPE#BOLTJO
" 8PSLTBSF1SFDMPTFE
,VSOPPM
'MPPE#BOLTJO
# 8PSLTBSF1SFDMPTFE
/BOEZBM
'MPPE#BOLTJO/FMMPSF%JTU
'MPPE#BOLTPG
4XBSOBNVLIJ 8PSLTBSF1SFDMPTFE
5TBMMBLBMWB
8PSLTBSF1SFDMPTFE
'MPPE#BOLTPG GPS,BOEBMFSV3JWFS
,BOEBMFSV,BMBOHJ &051SPQPTBMTBSF
3JWFS TVCNJUUFEGPS,BMBOHJ
3JWFS
&$0/0.*$*/'3"4536$563&
5BCMF"OEISB1SBEFTI3BZBMBTFFNB%SPVHIU.JUJHBUJPO1SPKFDUT%FWFMPQNFOU$PSQPSBUJPO-JNJUFE "13%.1%$-
4M
/BNFPG1SPKFDU #FOFöUTPGUIF1SPKFDU 4UBUVTPG1SPKFDU
/P
3BZBMBTFFNB -JGU 4DIFNF UP 4UBCJMJ[BUJPOPGBZBDVUPG PG8PSL
ESBXBOEVUJMJ[F5.$QFSEBZ 5(1
"DSFT $PNQMFUFEBOE
GSPN4BOHBNFTXBSBNUP43.$ 43#$
"DSFT 1SPHSBNNFEUPCF
BU ,N GSPN 1PUIJSFEEZ QBEV (/44
"DST DPNQMFUFECZ
)FBE3FHVMBUPS /JQQVMBWBHV PS ,$ $BOBM
"DSFT
5PUBM
"DSFT
6QHSBEBUJPO PG DBOBM TZTUFN 'PS VUJMJ[BUJPO PG
DVTFDT PG 8PSLJT(SPVOEFE
GSPN 1PUIJSFEEZQBEV )FBE øPPE XBUFS ESBXO GSPN CPUI PME BOE1SPHSBNNFEUPCF
3FHVMBUPS BOE #$3 $PNQMFY BOE OFX 1PUIJSFEEZ QBEV )FBE DPNQMFUFECZ
GSPN 'PSFTIPSF PG 4SJTBJMBN 3FHVMBUPST
"U #$3 $PNQMFY
3FTFSWPJS
UISPVHI SFHVMBUPST UP EJòFSFOU
TDIFNFT JO 3BZBMBTFFNB 3FHJPO
JF
5(1 3FHVMBUPS
&TDBQF
3FHVMBUPSBOE(/443FHVMBUPS
-JOJOH PG &YJTUJOH 43#$ (/44 4UBCJMJTBUJPO PG (/44 BZBDVU EVMZ PGöOBODJBMXPSLJT
$BOBMVQUP#FSN-FWFMUPESBX JODSFBTJOHUIFDBSSZJOHDBQBDJUZPG DPNQMFUFE8PSLJT
DT VQ UP (PSVLBMMV 43#$(/44DBOBMUP
$VTFDT (SPVOEFEBOE
#BMBODJOH3FTFSWPJS
CZMJOJOHPGDBOBM 1SPHSBNNFEUPCF
DPNQMFUFECZ
-JOJOH PG &YJTUJOH 43#$ (/44 5IF QSPKFDU JG DPNQMFUFE XJMM PG8PSL
$BOBM VQUP#FSN-FWFMUPESBX TUBCJMJTF UIF BZBDVU PG UIF WBSJPVT $PNQMFUFEBOE
DT JO CFUXFFO QSPKFDUT JO 3BZBMBTFFNB 3FHJPO 1SPHSBNNFEUPCF
(PSVLBMMV 3FTFSWPJS UP 0XL JODMVEJOH QSPWJEJOH ESJOLJOH
DPNQMFUFECZ
3FTFSWPJS
JODMVEJOH XBUFS UP UIF ESPVHIU QSPOF
"EEJUJPOBM 5VOOFM *** UP 0XL SFHJPO
SFTFSWPJS
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&SSBCBMJ -JGU *SSJHBUJPO -JGUJOH PG 5.$ PG XBUFS BOE *OWFTUJHBUJPOXPSL
-BOE
4DIFNF UP TVQQMFNFOU UP TUBCJMJ[F BO BZBDVU PG
BDRVJTJUJPO
EFTJHOTBOE
6$*- BGGFDUFE WJMMBHFT "DTJO:43,BEBQB%JTU ESBXJOHTPG1SFTTVSF
JODMVEJOH 'PSNBUJPO NBJOT
3FTFSWPJSBSF
3FTFSWPJS BU VOEFSQSPHSFTT
(JEEBOHJWBSJQBMMJ PGXPSLJTDPNQMFUFE
5IFXPSLJTQSPHSBNNFE
UPCFDPNQMFUFECZ
,VOEV -JGU *SSJHBUJPO 5(1 TZTUFN BZBDVU TUBCJMJ[BUJPO 5IFQSFTTVSFNBJO
TDIFNF GPSBOFYUFOUPG-BLIT"DSFT EFTJHOJTBQQSPWFEGPS
-BLIT BDSFT VOEFS 5(1 ,.
EFTJHOTBOE
-BLI"DSFTVOEFS.*UBOLT
ESBXJOHTUPUIF&MFDUSP
.FDIBOJDBMXPSLTBOE
4VCTUBUJPOESBXJOHT
TVCNJUUFEUP"1(&/$0
GPSWFUUJOHBOE
1SPHSBNNFEUPCF
DPNQMFUFECZ
6QHSBEBUJPO PG 5IJT QSPKFDU JT QSPQPTFE UP *OWFTUJHBUJPO8PSLBOE
(BOEJLPUB $#3 -JGUT TUBCJMJ[F
"DSFT VOEFS "EJUUVOOFMXPSLTBSFJO
(BOEJLPUB UP 1BJEJQBMFN (,-* "DSFT
1#$ QSPHSFTTBOEPG
-JGU4DIFNF "DSFT
-JOHBMBSJHIUDBOBM XPSLJTDPNQMFUFE
"DSFT
BOEBDSFTPGBZBDVU 1SPHSBNNFEUPCF
VOEFS.*UBOLT DPNQMFUFECZ
%FWFMPQNFOU PG .JDSP %FWFMPQNFOU PG .JDSP *SSJHBUJPO XPSLJTDPNQMFUFE
*SSJHBUJPOVOEFS 1#$
$#3 PG
"DSFT JO 1#$ 4ZTUFN
4VNQXPSLTJO1#$
3JHIU $BOBM BOE (-*
"DSFT JO $#3 3JHIU $BOBM TZTUFNBSFJOQSPHSFTT
4ZTUFNT BOE
"DSFT JO (,-* TZTUFN BOEQSPHSBNNFEUPCF
UPUBMJOHUP
BDSFT DPNQMFUFECZ
(/44 UP )/44 -JGU 4UBCJMJ[BUJPO PG
"DT BOE PGXPSLJT
*SSJHBUJPO 4DIFNF DSFBUJOH OFX BZBDVU PG
DPNQMFUFE1VNQ
$IBLSBZBQFUB -JGU "DT JO :43 ,BEBQB BOE $IJUUPPS IPVTFT
1SFTTVSFNBJOT
*SSJHBUJPO4DIFNF
%JTUSJDU 3FTFSWPJSEFTJHOT
BMJHONFOUBSFVOEFS
QSPHSFTT
"OE 1SPHSBNNFE UP CF
DPNQMFUFE CZ
*NQSPWFNFOUT UP (/44 (BMFSV /BHBSJ 4VKBMB 4SBWBOUIJ PGXPSLJT
$BOBM GSPN ,N UP NBJO DBOBM JT QSPQPTFE GPS DPNQMFUFE1SPHSBNNFE
,N *NQSPWFNFOUT
8JEFOJOH BOE UPCFDPNQMFUFECZ
MJOJOH GPS FOIBODJOH UIF
EJTDIBSHFGSPNUIFFYJTUJOH
DVTFDT UP DVTFDT GSPN
,N UP ,N BOE GSPN
DVTFDTUPDVTFDTJOUIF
SFBDI,NUP,N
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
5BCMF"OEISB1SBEFTI1BMOBEV%SPVHIU.JUJHBUJPO1SPKFDUT$PSQPSBUJPO-JNJUFE "11"%.1$-
4M/P /BNFPG1SPKFDU #FOFöUTPGUIF1SPKFDU 4UBUVTPG1SPKFDU
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5BCMF6UUBSBOEISB*SSJHBUJPO1SPKFDUT%FWFMPQNFOU$PSQPSBUJPO-JNJUFE 6*1%$-
4M/P /BNFPG1SPKFDU #FOFöUTPGUIF1SPKFDU 4UBUVTPG1SPKFDU
6UUBSBOEISB 4VKBMB 4SBWBOUIJ " EJWFSTJPO PG 5.$ PG XBUFS
1IBTF 1BDLBHF 'PSNBUJPO
GSPN1PMBWBSBN*SSJHBUJPO1SPKFDU
PG 1FEBQVEJ SFTFSWPJS BOE -FGU .BJO $BOBM GSPN ,N PGXPSLTBSF
HSBWJUZDBOBM VQ UP 1FEBQVEJ 3FTFSWPJS GPS B DPNQMFUFEBOE
DPOUFNQMBUFE BZBDVU PG 1SPHSSBNNFEUPCF
-BLI"DSFT DPNQMFUFECZ
'PSNBUJPO PG MJOL DIBOOFM BOEIFODF
+BNNVMMBQBMFN 5IFFEBQVNQ &05JTSFRVFTUFEVQUP
IPVTF
MFBEJOHDIBOOFMBOEDBOBM
6UUBSBOEISB 4VKBMB 4SBWBOUIJ EJTUSJCVUPSJFT3 3 BT QFS
1IBTF1BDLBHF QJQFEOFUXPSL
3
-
)-$PQFO
DBOBM
5IJT QSPKFDU TUBCJMJTFT MBLI *OWFTUJHBUJPOXPSLJTJO
6UUBSBOEISB 4VKBMB 4SBWBOUIJ BDSFT JO 7JTBLIBQBUOBN EJTUSJDU 1SPHSFTT
1BDLBHF 1IBTF**
BOE MBLI BDSFT JO
7J[JBOBHBSBN EJTUSJDU
SFTQFDUJWFMZ*OBEEJUJPOUPUIJTJU *OWFTUJHBUJPOXPSLJTJO
6UUBSBOEISB 4VKBMB 4SBWBOUIJ BMTP GBDJMJUBUFT UIF TVQQMZ PG 1SPHSFTT
1BDLBHF 1IBTF**
ESJOLJOH XBUFS UP FOSPVUF
WJMMBHFT
4UBCJMJ[BUJPO PG BCPVU
8PSLJTJO1SPHSFTTBOE
5BOEBWB-JGU*SSJHBUJPO4DIFNF BDSFT PG BZBDVU VOEFS 5BOEBWB UIFXPSLJT
:FMFSVo5BOEBWB-JOL1SPKFDU
3FTFSWPJS1SPKFDU QSPHSBNNFEUPCF
DPNQMFUFECZ+VOF
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
F "OEISB (PEBWBSJ ,SJTIOB 4BMJOJUZ .JUJHBUJPOBOE8BUFS 4FDVSJUZ *SSJHBUJPO 1SPKFDUT %FWFMPQNFOU$PSQPSBUJPO
-JNJUFE 4.84*1%$-
4/P /BNFPG1SPKFDU #FOFöUTPGUIF1SPKFDU 4UBUVTPG1SPKFDU
&$0/0.*$*/'3"4536$563&
i-JGUJOHPG5.$PGXBUFSGSPNUIFEFBE 5IF1SFMJNJOBSZXPSLJTJO
TUPSBHF PG 1PMBWBSBN *SSJHBUJPO 1SPKFDU 1SPHSFTT
GPSN&-
.DBQBDJUZDPOUPVSUP
&-
. DBQBDJUZ DPOUPVS CZ
-JGUUPESBX5.$PGXBUFS DPOTUSVDUJPOPG-JGU4ZTUFNOFBS)FBE 1
CFMPX.%%- 3FHVMBUPS PG 1PMBWBSBN 3FTFSWPJS BOE
ESPQQJOH JOUP 3JHIU 4JEF $POOFDUJWJUZ PG
1PMBWBSBN *SSJHBUJPO 1SPKFDU JO OPO
NPOTPPO TFBTPO GPS EPNFTUJD XBUFS
TVQQMZ UP UIF WJMMBHFT JO VQMBOE BOE
ESPVHIU QSPOF BSFBT PG 8FTU (PEBWBSJ
,SJTIOB%JTUSJDUFOSPVUFPG1*13JHIU.BJO
$BOBMEVSJOHUIFNPOUITGSPN+BOVBSZUP
"QSJM5IF 4DIFNF XJMM CF PQFSBUFE POMZ
EVSJOHESPVHIQFSJPE
'PSEJWFSTJPOPG5.$PG3JWFS(PEBWBSJ 5IF1SPQPTBMJTJO
XBUFS UP SJWFS ,SJTIOB EVSJOH ,IBSJò %JTDVTTJPOTUBHFBUIJHIFS
&OIBODJOH DBSSZJOH TFBTPO 5PGBDJMJUBUF ESBXMPGNPSF XBUFS MFWFM
JO MFTT OVNCFS PG øPPE EBZT
JU JT
DBQBDJUZ PG 1*1 3.$
,NT
$T
QSPQPTFE UP JODSFBTF UIF DBSSZJOH
DBQBDJUZPG1*13.$UP
DVTFDT
5IF4DIFNFXJTFBZBDVUNPEFSOJ[BUJPOEFUBJMTPG%FMUBT $SPSFTJTBQQSPWFECZ.P83"OOVBMXPSLQMBOGPSUIF':
BOE/BHBSKVOB4BHBS
:FMFSV$BOBMTDIFNFTBSFTIPXOJO IBT CFFO BQQSPWFE CZ .JOJTUSZ PG 8BUFS
5BCMF 3FTPVSDFT
3JWFS %FWFMPQNFOU (BOHB 3FKVWFOBUJPO
.P83
3%(3
GPSBOBNPVOUPG3TMBLIT
5BCMF"ZBDVUVOEFS%FMUBTZTUFNT
5IF (PWFSONFOU IBT DPOTUJUVUFE 4UBUF -FWFM 4UFFSJOH
/BNFPGUIF4DIFNF "ZBDVU JOMBLIBDSFT
$PNNJUUFF 4-4$
UP QSPWJEF QPMJDZ EJSFDUJPO UP
(PEBWBSJ%FMUB
,SJTIOB%FMUB
*NQMFNFOUJOH BHFODJFT PG 1SPKFDU
UP FYFSDJTF PWFSBMM
BENJOJTUSBUJWF
NBOBHFNFOUBOEGJOBODJBMDPOUSPMPGUIF
1FOOBS%FMUB
QSPKFDUBOE4UBUF-FWFM1SPDVSFNFOU$PNNJUUFF 4-1$
/BHBSKVOB4BHBSQSPKFDU
5#1)-$--$ GPSFGGFDUJWFJNQMFNFOUBUJPOPG/)1JOCPUI48(8
TFDUPSUPBEWJTFPOUIFQSPDVSFNFOUPGEJGGFSFOUJUFNT
:FMFSV3FTFSWPJS4DIFNF
JODMVEFEJO/)14-1$NFFUJOHTXBTDPOEVDUFETPGBS
)ZESPMPHZ1SPKFDU 5IFBHSFFNFOUTGPSTVQQMZPGHPPETBOEQSPDVSFNFOUPG
FRVJQNFOU BSF DPODMVEFE BOE UIF TVQQMZ JO VOEFS
/BUJPOBM )ZESPMPHZ 1SPKFDU /)1
JT B $FOUSBM TFDUPS QSPHSFTT*$5 FRVJQNFOU JF $PNQVUFST
1SJOUFST 'BY
TDIFNF XJUI HSBOU UP UIF TUBUF$FOUSBM NBDIJOFTXBTQSPDVSFEGPSFGGFDUJWFJNQMFNFOUBUJPOPG
*NQMFNFOUJOHBHFODJFTGPSBQFSJPEPGZFBSTGSPN /)1 8*.4 8BUFS *OGPSNBUJPO .BOBHFNFOU 4ZTUFN
5IFPCKFDUJWFJTUPJNQSPWFUIFFYUFOU
RVBMJUZBOE X B T J N Q M F N F O UF E UP WB M J E B UF
4 UP S B H F B O E
BDDFTTJCJMJUZ PG XBUFS SFTPVSDFT JOGPSNBUJPO BOE UP %JTTFNJOBUJPO PG )ZESPMPHJDBM BOE )ZESP
TUSFOHUIFOUIFDBQBDJUZPGXBUFSSFTPVSDFTNBOBHFNFOU NFUFPSPMPHJDBM EBUB 8*.4 JT VOEFS EFWFMPQNFOU CZ
JOTUJUVUJPOT EFQBSUNFOUT JO *OEJB 5IF QSPKFDU $8$
JNQMFNFOUBUJPO QMBO GPS B UPUBM BNPVOU PG 3T
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
"1 *OUFHSBUFE *SSJHBUJPO "HSJDVMUVSF FYQFOEJUVSF JODVSSFE BT PO TU %FDFNCFS
JT 3T
5SBOTGPSNBUJPO1SPKFDU $SPSFTUBOLTVOEFS"1*-*1BSFQSPQPTFEGSPN
EPXOTJ[JOHPGQSPKFDU
5IF "OEISB 1SBEFTI *OUFHSBUFE *SSJHBUJPO BOE
"HSJDVMUVSF 5SBOTGPSNBUJPO 1SPKFDU "1**"51
JT CFJOH 3FTUPSBUJPO PG .JOPS *SSJHBUJPO 5BOLT
JNQMFNFOUFEXJUI8PSME#BOLBTTJTUBODFXJUIBDPTUPG /"7"3"5)/"-6
3T$SPSFTXJUIEVSBUJPOPGZFBST UP
5IF BDUJWJUJFT QSPQPTFE VOEFS /"7"3"5)/"-6 JO
5IF8PSME #BOL4IBSFJT3T$SPSFT
BOE
SFTQFDUPG.JOPSJSSJHBUJPOBSF
(PWU PG "1 4IBSF JT 3T $SPSFT
5IF -PBO JT
FGGFDUVBUFEGSPN5PUBMFYQFOEJUVSFJODVSSFE r 3FTUPSJOHUIFFYJTUJOH.JOPS*SSJHBUJPO5BOLTCZ
TP GBS JT 3T $SPSFT 5IF 1SPKFDU %FWFMPQNFOU UBLJOH VQ EFTJMUJOH PG UBOLT
BSSFTUJOH UIF
PCKFDUJWF JT UP FOIBODF BHSJDVMUVSBM QSPEVDUJWJUZ
MFBLBHFTGSPNCVOE
#SFBDISFTUPSBUJPO
3FQBJST
QSPGJUBCJMJUZ BOE DMJNBUF SFTJMJFODF PG TNBMM IPMEFS BOE3FDPOTUSVDUJPOPGXFJSTTMVJDFT
GBSNFST JO TFMFDUFE UBOLT TUBCJMJ[JOH BO BZBDVUPG r 3FTUPSJOH JSSJHBUJPO DIBOOFMT
GJMFE DIBOOFMT
"DSFTJOEJTUSJDUT FYDFQU(VOUVS
PG"OEISB DBOBM TUSVDUVSFT UP PSJHJOBM TUBOEBSET BOE
1SBEFTI *NQSPWFXBUFSVTFFGGJDJFODZCZMJOJOHPGDBOBMT
5IF PCKFDUJWF JT UP NJOJNJ[F UIF HBQ BZBDVU BSFB CZ VQUPGJFMEDIBOOFMT
JNQSPWJOHUIFJSSJHBUJPOFGGJDJFODZPGUIFFYJTUJOHUBOLTJO r 3FQBJST 3FOPWBUJPO UP XBUFS IBSWFTUJOH
UIF DBTDBEFT BOE JOEJWJEVBM UBOLT DJWJM XPSLT TUSVDUVSFT
DPOTUSVDUJPO PG XBUFS IBSWFTUJOH
DPWFSJOHUBOLTUPXBSETTUBCJMJTBUJPOPG"DT TUSVDUVSFT BOE JEFOUJGJDBUJPO PG DBTDBEFT BOE
XJUIBDPTUPG3T$SPSFTXFSFQSPQPTFE5PUBM JNQSPWFNFOUT
XPSLT UBOLT
BSFTBODUJPOFEGPS3T$SPSFT
7BMVFPG8PSLEPOFBTPOJT3T$SPSFT "OEISB1SBEFTI4UBUF*SSJHBUJPO
5IFFYQFOEJUVSFJODVSSFEBTPOTU%FDFNCFS
JT %FWFMPQNFOU$PSQPSBUJPO "14*%$
3T$SPSFT
5IF "14*%$ -UE IBT CFFO FTUBCMJTIFE BT B 4UBUF
/FBSMZ UBOLT VOEFS "1**"51 BSF QSPQPTFE GPS
(PWFSONFOU VOEFSUBLJOH GPS JNQMFNFOUBUJPO PG -JGU
%PXOTJ[JOHPG1SPKFDU
*SSJHBUJPO4DIFNFTUPQSPWJEFJSSJHBUJPOGBDJMJUZUPVQMBOE
3FTUPSBUJPOPG.*4DIFNFTQSPQPTFEVOEFS BSFBT PG TNBMM BOE NBSHJOBM GBSNFST BOE PUIFS XFBLFS
TFDUJPOT PG UIF TPDJFUZ XJUI UIF GVOET QSPWJEFE CZ
"1*-*11IBTF**XJUI+*$""TTJTUBODF
(PWFSONFOU VOEFS WBSJPVT QSPHSBNTFJUIFS EJSFDUMZ PS
(PWFSONFOUPG"OEISB1SBEFTIIBTTVCNJUUFE"1*-*1** UISPVHI %JTUSJDU BENJOJTUSBUJPO BOE IBOEJOH PWFS UIF
QSPQPTBM XJUI +*$" BTTJTUBODF UP (PWFSONFOU PG *OEJB TBNF UP CFOFGJDJBSJFT BHFODJFT GPS PQFSBUJPO BOE
XJUIBOPVUMBZPG3T$SPSFTPVUPGXIJDI+*$"TIBSF NBJOUFOBODF
JT3T$SPSFTBOE(PWUPG"1TIBSFJT3T$SPSFT
5IF (PWFSONFOU IBT DPNF PVU XJUI JNQPSUBOU 1PMJDZ
5IFQSPKFDUQSPQPTBMNBJOMZDPOTJTUTPGNPEFSOJ[BUJPOPG
*OUFSWFOUJPOT PO -JGU *SSJHBUJPO TDIFNFT WJ[
*ODSFBTFE
*SSJHBUJPO 4ZTUFNT 3T $S
BOE "HSJDVMUVSF
UIFMJNJUBUJPOPGBZBDVUPG"14*%$VQUP
BDSFTGSPN
)PSUJDVMUVSF
"OJNBM)VTCBOESZ
GJTIFSJFT
"HSJCVTJOFTT
BDSFT
'SFFQPXFSTVQQMZ
IPVST1PXFS4VQQMZ
BOE NBSLFUJOH TVQQPSU TFSWJDFT DPNQPOFOU 3T
UP )5 TVQQMZ -*4DIFNFT XJUI EFEJDBUFE QPXFS MJOFT
$SPSFT
+*$"BQQPJOUFEUIFTVSWFZUFBNUPDPOEVDUUIF
3FWJWBMPGEFGVODU-*TDIFNFTBOELFFQUIFNGVODUJPOBM
QSFQBSBUPSZTVSWFZPOUIFDBQUJPOFE1SPKFDU
6OEFSUIJTQSPDFTTSFWJWBMPGTDIFNFTJO1IBTFo***
5IF(PWFSONFOUPG"1IBTQSPQPTFESFTUPSBUJPOPG BSF DPNQMFUFE *NQMFNFOUJOH 4PDJBM &OHJOFFSJOH JT
.*TDIFNFTBOENPEFSOJ[BUJPOPG.FEJVN*SSJHBUJPO CFJOH DPOTJEFSFE GPS JNQSPWJOH GBSNFST QBSUJDJQBUJPO
1SPKFDUTVOEFS+*$"1IBTF**5PUBMOPPG5BOLTUBLFOVQGPS 5IF(PWFSONFOUIBTJTTVFEJOTUSVDUJPOTUPBCPMJTIBMMUIF
SFTUPSBUJPO VOEFS 1BDLBHFT UIFUPUBM $PTU PG CFOFGJDJBSZDPNNJUUFFTPGUIF-*4DIFNFTQFSUBJOJOHUP
.JOPS*SSJHBUJPOUBOLTJT3T$SPSFT7BMVFPGXPSL "14*%$BOEUPBQQPJOU4QFDJBM0GGJDFSTJOUIFJSQMBDF5IF
EPOF BT PO JT 3T $SPSFT 5IF GPSNBUJPO PG 'BSNFSTh 0SHBOJ[BUJPO JO "14*%$ BT QFS
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
"1'.*4 "DU
JT VOEFS QSPDFTT "14*%$ IBT TP GBS DPOTFSWBUJPO TUSVDUVSFT GPS WBSJPVT PSHBOJ[BUJPOT BOE
JNQMFNFOUFE
-JGU*SSJHBUJPO4DIFNFTBOEDSFBUFE VTFT
NPOJUPSJOHHSPVOEXBUFSSFHJNFPOSFBMUJNFCBTJT
*1PG-BLIBDSFT TP BT UP GBDJMJUBUF FGGFDUJWF DPOTFSWBUJPO
NBOBHFNFOU
%VSJOH VQUP
3T $SPSFT PG BOEVUJMJ[BUJPOPGUIFHSPVOEXBUFS%VSJOHTUBUF
CVEHFU XBT BMMPDBUFE VOEFS 3*%' BOE 4UBUF 1MBO IBTSFDFJWFEFYDFTTSBJOGBMMPWFSOPSNBMSBJOGBMMVQ
/PSNBM
4$
45 $PNQPOFOUT $$ DIBSHFT 5IF UP %FDFNCFS
5IF (SPVOEXBUFS MFWFMT BSF
FYQFOEJUVSF VQUP JT 3T $SPSFT TVTUBJOFE JO UIF TUBUF EVF UP CFUUFS DPOTFSWBUJPO BOE
-*4DIFNFT BSF DPNNJTTJPOFE BOE DSFBUFE JSSJHBUJPO NBOBHFNFOUQSBDUJDFTBMPOHXJUIHPPESBJOGBMM
QPUFOUJBM PG
BDSFT EVSJOH VQUP
5IFSF BSF POHPJOH TDIFNFT XJUI BO
(SPVOE8BUFS3FTPVSDFT4UBUVT
FTUJNBUFEDPTUPG3T$SPSFTUPDSFBUF
BDSFT 5IFTUBUFJTEJWJEFEJOUPXBUFSTIFET (SPVOEXBUFS
PG BZBDVU -*4DIFNFT GPS XIJDI )ZESPMPHJDBM #BTJOT PS "TTFTTNFOU 6OJUT
GPS FTUJNBUJPO PG
$MFBSBODFSFDFJWFEUPDSFBUF/FX*SSJHBUJPO1PUFOUJBMPG HSPVOEXBUFS SFTPVSDFT $BUFHPSJ[BUJPO PG CBTJOT
-BLI BDSFT XJMM CF JNQMFNFOUFE EVMZ PCUBJOJOH NBOEBMT WJMMBHFT JT NBEF CBTFE PO TUBHF PG HSPVOE
BENJOJTUSBUJWFBQQSPWBMGSPN(PWFSONFOU XBUFSEFWFMPQNFOU$BUFHPSZXJTFOVNCFSPG#BTJOTBOE
NBOEBMTBSFTIPXOJO5BCMFBOEBMTPJOUIF$IBSU
(306/%8"5&3
5BCMF$BUFHPSZXJTF8BUFSTIFETBOE.BOEBMT
(SPVOEXBUFSIBTCFFOPDDVQZJOHBEPNJOBOUQMBDFJO
$BUFHPSZ 8BUFSTIFET /P
.BOEBMT /P
"OEISB1SBEFTIBHSJDVMUVSFBOEBDDPVOUTGPSQFSDFOU
PGUIFHSPTTJSSJHBUFEBSFBJOUIF4UBUFXJUIBCPVUMBLIT 0WFS&YQMPJUFE
BHSJDVMUVSF CPSF XFMMT 5IF (SPVOE 8BUFS BOE 8BUFS $SJUJDBM
"VEJU%FQBSUNFOUJTJOWPMWFEJO5FDIOJDBMBTTFTTNFOUPG 4FNJDSJUJDBM
HSPVOEXBUFS SFTPVSDFT QFSJPEJDBMMZ
DPOEVDUJOH
4BGF
JOWFTUJHBUJPOT GPS DPOTUSVDUJPO PG CPSF XFMMT
XBUFS
5PUBM
0WFSFYQMPJUFEWJMMBHFTOPUJöFEVOEFS"18"-5"WJMMBHFT BTQFS(&$
4PVSDF(SPVOE8BUFS%FQBSUNFOU
$IBSU$BUFHPSZXJTFOVNCFSPG#BTJOTBOENBOEBMT
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
BWBJMBCJMJUZ PG (SPVOE XBUFS BOE VUJMJ[BUJPO FUD BSF $BUFHPSZ 4BGF 4BGF 4BGF
TIPXOJOCFMPX5BCMFBOEBMTPJO$IBSU
.$..JMMJPO$VCJD.FUFST
$IBSU(SPVOE8BUFS3FTPVSDFTJO"1(&$
(SPVOEXBUFS%FWFMPQNFOU *OWFTUJHBUJPOT
"UQSFTFOU
BCPVUMBLITBDSFTPGHSPTTBSFBJTCFJOH 5IF %FQBSUNFOU JT DPOEVDUJOH )ZESP HFPMPHJDBM
JSSJHBUFEVOEFS(SPVOE8BUFS0OBOBWFSBHF
UP (FPQIZTJDBM)ZESPMPHJDBMJOWFTUJHBUJPOVOEFSEJGGFSFOU
OFX XFMMT BSF DPNNJTTJPOFE QFS ZFBS EVF UP QSPHSBNNFTEVMZGPMMPXJOH"18"-5"GPSTFMFDUJPO
XIJDI UIF BWFSBHF VOJU BSFB JSSJHBUFE QFS XFMM JT PG TJUFT GPS #PSF 8FMMT
"SUJGJDJBM 3FDIBSHF 4USVDUVSFT
EFDSFBTJOH5IF OFU BSFB JSSJHBUFE VOEFS (SPVOEXBUFS )ZESPMPHJDBM &OWJSPONFOUBM DMFBSBODFT FUD %VSJOH UIF
EVSJOH JT MBLI BDSFT BOE HSPTT BSFB ZFBS
UIF (SPVOE 8BUFS %FQBSUNFOU IBT
JSSJHBUFE VOEFS (SPVOEXBUFS JT MBLI BDSFT XJUI JOWFTUJHBUFETJUFTGPSDPOTUSVDUJPOPGEJGGFSFOUUZQFT
BCPVUMBLICPSFXFMMT*GNJDSPJSSJHBUJPOQSBDUJDFTBSF PG XFMMT VOEFS 4DIFEVMFE $BTUFT 4VCQMBO
4DIFEVMFE
BEPQUFE PO TBUVSBUJPO NPEF
OFU JSSJHBUJPO QPUFOUJBM 5SJCF4VCQMBO
8"-5"
-JGU*SSJHBUJPO
"SUJGJDJBM3FDIBSHF
UISPVHIHSPVOEXBUFSDBOSFBDIUPBMFWFMPGMBLIBDSFT 4USVDUVSFT
*OEVTUSJFT
4BOE.JOJOH
%SJOLJOHXBUFSBOE
BMPOH XJUI BEEJUJPOBM SFDIBSHF UP HSPVOE XBUFS CZ :43+BMB,BMBFUD
UBLJOHVQXBUFSDPOTFSWBUJPOXPSLTJOMBSHFTDBMFT
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
%SJMMJOH "XBSFOFTT5SBJOJOHT$POEVDUFE5P'BSNFST
6OEFS 4DIFEVMFE $BTUFT 4VCQMBO CPSFUVCF XFMMT $SPQXBUFSCVEHFUJOHUSBJOJOHTXBSFDPOEVDUFEUP
ESJMMFE
PVUPGUIFBOOVBMUBSHFUPGXFMMTGPS
GBSNFST "XBSFOFTT DSFBUFE UP BCPVU GBSNFST PO
BOE CPSFXFMMTUVCFXFMMTESJMMFEVOEFS5SJCBM4VC DSPQ XBUFS CVEHFUJOH 1BSUJDJQBUPSZ )ZESPMPHJDBM
QMBO 6OEFS "OEISB 1SBEFTI *OUFHSBUFE *SSJHBUJPO BOE .POJUPSJOH 1).
8FMMTXFSFJEFOUJGJFEJOUBOLTBOE
"HSJDVMUVSBM 5SBOTGPSNBUJPO 1SPKFDU "1**"51
CPSF 1BSUJDJQBUPSZ (SPVOEXBUFS .BOBHFNFOU 1(.
XFMMTUVCFXFMMT1JF[PNFUFSTXFSFESJMMFE0VUPGUIF HSPVQTXBSFGPSNFEJOUBOLTVOEFS"1**"51
BOOVBMUBSHFUPGXFMMT
CPSFXFMMTUVCFXFMMT
1JF[PNFUFST ESJMMFE VOEFS /BUJPOBM )ZESPMPHZ 1SPKFDU
/)1
.POJUPSJOH PG (SPVOE 8BUFS -FWFMT BOE BNPVOUPGXBUFSBUUIF3JHIUUJNFUPBMMUIFDVMUJWBCMF
8BUFS2VBMJUZ MBOEPGUXPDSPSFTBDSFTJOUIF4UBUFCZVTJOHJOOPWBUJWF
XPSME DMBTT UFDIOPMPHJFT 5PXBSET UIJT HPBM
BT B
%FQBSUNFOUJTNPOJUPSJOHHSPVOEXBUFSMFWFMTBOEXBUFS UFDIOPMPHJDBM JOUFS WFOUJPO
"OEISB 1SBEFTI
RVBMJUZ GSPN B OFUXPSL PG PCTFSWBUJPO XFMMT (PWFSONFOU FOUFSFE JO UP B .P6 XJUI /34$
BO *430
JODMVEJOHQJF[PNFUFSTJOTUBMMFEXJUI%JHJUBM8BUFS VOJU
UP EFWFMPQ B GVMMGMFEHFE "OEISB 1SBEFTI 8BUFS
-FWFM3FDPSEFSTXJUIUFMFNFUSZVOEFS3FBM5JNF(SPVOE 3FTPVSDFT *OGPSNBUJPO BOE .BOBHFNFOU TZTUFN
8BUFS -FWFM .POJUPSJOH 4ZTUFN JO BMM CBTJOT BOE "183*.4
CZ JOUFHSBUJOH UIF (FP4QBUJBM MBZFST
DPWFSJOHBMMIZESPHFPMPHJDBMFOWJSPONFOUTJOUIF4UBUF 4BUFMMJUFEBUB
)ZESPMPHZNPEFMTBOEBMTPUPEFWFMPQB
5IF EFQBSUNFOU DPMMFDUT XBUFS TBNQMFT EVSJOH QSF (FP1PSUBM
NPOTPPO .BZ
BOEQPTUNPOTPPO /PWFNCFS
GSPNBMM
5IJT CSJOHT UPHFUIFS BMM XBUFS SFTPVSDFT SFMBUFE
NPOJUPSJOHXFMMTBOEBMTPEVSJOHJOWFTUJHBUJPOT5IFTF
JOGPSNBUJPODPNJOHGSPNTBUFMMJUFEBUB
NPEFMEBUB
IJHI
XBUFS TBNQMFT BSF CFJOH BOBMZ[FE JO UIF $IFNJDBM
EFOTJUZ SFBM UJNF TFOTPST EBUB
GJFME EBUB
NPCJMF BQQ
-BCPSBUPSJFT PG UIF EFQBSUNFOU XBUFS TBNQMFT
JOQVUTFUDPOUPPOFJOUFSBDUJWFVOJGJFEQMBUGPSN5PNBLF
XFSF DPMMFDUFE BOBMZ[FE BHBJOTU UIF BOOVBM UBSHFU PG
EFDJTJPOTPOUSBOTGFSPGXBUFSCFUXFFOTVSQMVTUPEFGJDJU
EVSJOH VQUP%FDFNCFS
CBTJOT UIF (PWFSONFOU EFWFMPQFE POF TUPQ TPMVUJPO
"OEISB 1SBEFTI 8BUFS 3FTPVSDFT *OGPSNBUJPO DBMMFE"OEISB1SBEFTI8BUFS3FTPVSDFT*OGPSNBUJPOBOE
"OE.BOBHFNFOU4ZTUFN "183*.4
.BOBHFNFOU 4ZTUFN "183*.4
GPS BMM XBUFS SFMBUFE
JTTVFTGPSCFUUFSXBUFSDPOTFSWBUJPO
NBOBHFNFOUBOE
5IF 4UBUF (PWFSONFOU JT DPNNJUUFE UP JNQSPWJOH UIF HSPVOEXBUFSSFDIBSHF XXXBQXSJNTBQHPWJO
FDPOPNJDTUBUVTPGUIFGBSNFSTCZQSPWJEJOHUIF3JHIU
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
"UBM#IVKBM:PKBOB "5"-+"-
UIF *NQMFNFOUJOH "HFODZ BNPOH UIF 4UBUF BOE
/BUJPOBM BHFODJFT *U JT B $FOUSBM 4FDUPS 4DIFNF XJUI
3FDPHOJ[JOH UIF BDIJFWFNFOUT PG UIF TUBUF BU HSBOU "1 (SPVOE 8BUFS BOE 8BUFS "VEJU
HSP V O E X B UF S N B O B H F N F O U X J U I DP N N V O J U Z %FQBSUNFOUTUPPEJO'JSTU3BOLJOUIFDPVOUSZGSPNMBTU
QBSUJDJQBUJPO
UIF (PWFSONFOU PG *OEJB FYUFOEFE "UBM NPOUITBNPOHBMMTUBUFT
#IVKBM :PKBOB TDIFNF UP UIF TUBUF VOEFS XIJDI GVOET
TIBMMCFQSPWJEFEUPUIFTUBUFBTHSBOUTJOBJE5IFHPBMPG 6OEFSUIJTQSPKFDUFTUBCMJTIFE3FBM5JNF(SPVOE8BUFS
UIF TDIFNF JT UP EFNPOTUSBUF DPNNVOJUZ MFE .POJUPSJOH4ZTUFN
DSFBUJOHJOGSBTUSVDUVSF
DPOTUSVDUJOH
TVTUBJOBCMF HSPVOEXBUFS NBOBHFNFOU XIJDI DBO CF TUBUFPGBSU4UBUF%BUB$FOUSF$POEVDUJOH8BUFS"VEJU
UBLFOUPTDBMF5IFTDIFNFXJMMCFJNQMFNFOUFEPWFSB VOEFS TVC CBTJO BQQSPBDI BOE BMTP DPOEVDUJOH NBOZ
QFSJPEPGGJWFZFBSTBOEXJMMDPNNFODFGSPN"QSJM
TDJFOUJGJDTUVEJFTSFMBUFEUP"RVJGFSTUVEJFT
HSPVOEXBUFS
EFWFMPQNFOU
DPOTFSWBUJPO BOE NBOBHFNFOU PG UIJT
/BUJPOBM)ZESPMPHZ1SPKFDU QSFDJPVTSFTPVSDF
"1(SPVOE8BUFSBOE8BUFS"VEJU%FQBSUNFOUJTPOFPG
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
1PXFS B
4JOHBSFOJ DPBM NJOFT UP 5FMBOBHBOB BGUFS
CJGVSDBUJPOPGUIFTUBUFBOEGPSNBUJPOPGUIFOFX
1PXFSTFDUPSJTBDSJUJDBMJOGSBTUSVDUVSFFMFNFOUSFRVJSFE TUBUFPG"OEISB1SBEFTIXIJDIMFEUPJODSFBTFJO
GPS QSPQFMMJOH UIF HSPXUI BOE GPS UIF TNPPUI QPXFS QVSDIBTF DPTU QSJNBSJMZ EVF UP DPBM
GVODUJPOJOHPGUIFTUBUFFDPOPNZ"OFGGJDJFOU
SFTJMJFOU USBOTQPSUBUJPODPTU
BOE GJOBODJBMMZ SPCVTU QPXFS TFDUPS JT FTTFOUJBM GPS
C
)JHI $FOUSBM5SBOTNJTTJPO 6UJMJUZ $56
DIBSHFT
HSPXUI BOE QPWFSUZ SFEVDUJPO 5IF BWBJMBCJMJUZ PG
MFWJFECZ1($*-PO"OEISB1SBEFTIJTBQQSPY3T
SFMJBCMF
RVBMJUZBOEBGGPSEBCMFQPXFSIFMQTJOUIFSBQJE
MBLIT.8NPOUI
"HSJDVMUVSFBOE*OEVTUSJBMEFWFMPQNFOUBOEUIFPWFSBMM
FDPOPNZPGUIFTUBUF1PXFSTFDUPSJTPOFTFDUPSUIBUIBT %*4$0.4'JOBODJBMMPTTFT
SFDPSEFETJHOJGJDBOUQFSGPSNBODFJOUFSNTPGHFOFSBUJPO
USBOTNJTTJPOBOEEJTUSJCVUJPO7BSJPVT&OFSHZ&GGJDJFODZ 5IFGJOBODJBMMPTTFTPG%*4$0.4JODSFBTFEGSPN3T
BOE &OFSHZ $POTFSWBUJPO &&&$
QSPHSBNT BSF VOEFS $SJO':UP3T$SJO':5IFMPBOT
JNQMFNFOUBUJPOJOUIFTUBUFXIJDIJTFYQFDUFEUPJNQBDU PGQPXFSTFDUPSJODSFBTFEGSPN3T$SCZFOE':
UIFFOEDPOTVNFSTBOEGBDJMJUBUFJOEVTUSJBMHSPXUI UP3T
$SCZ':0GUIFTFMPBOT
3T
$SBSFXPSLJOHDBQJUBMMPBOTJO':
5IFTUBUFHPWFSONFOU
JODPPSEJOBUJPOXJUI#&& #VSFBV
PG &OFSHZ &GGJDJFODZ
(P* &&4- &OFSHZ &GGJDJFODZ #BMMPPOJOH4VCTJEZ5IFHPWFSONFOUTVCTJEJFTUPXBSET
4FSWJDFT -JNJUFE
(P*
JT JNQMFNFOUJOH TFWFSBM &&&$ BHSJDVMUVSFPUIFSBMMJFETVCTJEJFTJODSFBTFEGSPNZFBSUP
BDUJWJUJFT UP FOTVSF PQUJNBM VUJMJ[BUJPO PG BWBJMBCMF ZFBS 5IJT IBT QVU FOPSNPVT QSFTTVSF PO UIF TUBUF
SFTPVSDFTBOESFBMJ[FUIFIVHFTDPQFPGFOFSHZTBWJOH GJOBODFT
QPUFOUJBMJOBMMTFDUPSTUPUIFUVOFPGBSPVOE
.6
QFSBOOVN 4USFOHUIT
4PMBSBOE8JOEQPXFSXJMMCFUIFGPDVTBSFBT"TBDSJUJDBM )VHF73&QPUFOUJBM"1IBTBCPVU(8PGXJOEBOE
(8PGTPMBSQPUFOUJBM5IFDVNVMBUJWF3FOFXBCMF&OFSHZ
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
DBQBDJUZ JOTUBMMFE JO UIF 4UBUF GPS UIF ': JT 5IF%JTDPNTIBWFCFFOBHHSFTTJWFMZQVSTVJOHUIFQBUI
.8 0G UIJT
.8 GSPN 4PMBS 1PXFS PGQVSDIBTFPGDIFBQFTUQPXFSTJODF':"MMUIF
1SPKFDUT
GSPN8JOE1PXFS1SPKFDUT
.8 IJHIDPTUFYQJSJOHDPOUSBDUTBSFOPUCFJOHSFOFXFEBOE
GSPN4NBMM)ZESP1PXFS1SPKFDUTBOE.8GSPN FGGPSUTBSFPOUPSFRVFTU(P*UPQFSNJUTVSSFOEFSPGDPTUMZ
#JP.BTT
#BHBTTF
.VOJDJQBM *OEVTUSJBM 8BTUF 1PXFS $(4QPXFS
1SPKFDUT "33"$4 HBQ (PWU IBT BMSFBEZ OPUJGJFE B ZFBS
)VHFSFWFSTFQVNQFEIZESPQPUFOUJBM*OUIFTUBUF
UIFSF USBKFDUPSZGPSSFMFBTFPGCPUITVCTJEZBOEEFQBSUNFOUBM
JT (8 PG IZESPSFWFSTFQVNQFE IZESP QPUFOUJBM FMFDUSJDJUZSFDFJWBCMFT(PWUJTBMTPDPNNJUUFEUPUJNFMZ
TJUFT BSF JEFOUJGJFE CZ /3&%$"1 UFDIOP DPNNFSDJBM SFMFBTF PG TVCTJEZ BOE EFQBSUNFOUBM DIBSHFT "MM UIF
GFBTJCJMJUZ SFQPSUT GPS MPDBUJPOT XFSF QSFQBSFE BOE HPWU PGGJDFT BSF NBOEBUFE UP JOTUBMM QSFQBJE TNBSU
QPUFOUJBMJTFTUJNBUFEBT
.8 NFUFST5IFTFNFBTVSFTXJMMSFEVDFUIF"33"$4HBQ
t 'FBTJCJMJUZ 3FQPSUT IBWF CFFO QSFQBSFE GPS
MPDBUJPOT XJUI BO BHHSFHBUF DBQBDJUZ PG
1SFDBVUJPOT UBLFO UP SFEVDF UIF UIFSNBM
.8%13TBSFVOEFSQSFQBSBUJPO'FBTJCJMJUZ HFOFSBUJPODPTU
3FQPSUTBSFVOEFSQSFQBSBUJPOGPS M P D BU J P O T r *NQSPWFNFOU PG $PBM 2VBMJUZ .BUFSJBMJ
XJUIBOBHHSFHBUFDBQBDJUZPG
.8 [BUJPO5PBWPJEUIFHSBEFTMJQQBHFPGDPBMGPS
t (FPUFDIOJDBM JOWFTUJHBUJPOT BSF DPNQMFUFE BU JNQSPWJOH UIF DPBM NBUFSJBMJ[BUJPO
B UFBN PG
$IJUSBWBUIJ .8
BOE(BOEJLPUB .8
&OHJOFFST IFBEFE CZ 4VQFSJOUFOEJOH &OHJOFFS
BMPOHXJUI$IFNJTUTXFSFEFQMPZFEUPUIFDPBM
t 5P QSPNPUF UIF 1VNQFE )ZESP 4UPSBHF 1PXFS
NJOFT BU .T .$- .T 4$$- GPS QVSTVJOH UIF
1SPKFDUTJOUIFTUBUF
(PWUPG"1IBTOPUJGJFEi"1
TBNQMJOHUFTUJOH
1VNQFE4UPSBHF1SPNPUJPO1PMJDZwWJEF(0
.T/P%BUFE r 4XBQQJOH PG MJOLBHF RVBOUJUZ GSPN .$- UP
4$$- "1(&/$0 IBT USBOTGFSSFE ..51"
-PX "5$ MPTTFT5IF "5$ MPTTFT XFSF SFEVDFE GSPN
MJOLBHF RVBOUJUZ QFSUBJOJOH UP %S /5514 GSPN
JO':UPJO':
.$-UP4$$-FGGFDUJWFGSPN5IJTSFTVMU
r 5IF BNPVOU SFDFJWFE GSPN UIF (PWFSONFOU JOTBWJOHJOSBJMXBZGSFJHIUDIBSHFTBOETNPPUI
UPXBSET TVCTJEZ JT 3T
$ST BHBJOTU UIF USBOTQPSUBUJPO PG DPBM UP %S /5514 %VF UP UIF
%FNBOESBJTFEGPS3T
$STBOEUPXBSET BCPWF BSSBOHFNFOU XJUI 4$$-
"1(&/$0
%FQBSUNFOU$$$IBSHFT3T
$STSFDFJWFE BWPJEFE QSPDVSFNFOU PG BEEJUJPOBM DPBM VOEFS
GSPNUIF(PWFSONFOUBHBJOTUUIF%FNBOESBJTFE .06GSPN4$$-BUIJHIFSQSJDF
GPS3T
$ST
r "1(&/$0IBTFOUFSFE'4"GPSPGOPSNBUJWF
r 5IFUPUBMBNPVOUSFDFJWFEGSPNUIF(PWFSONFOU
SFRVJSFNFOU GPS 3511*7 EVMZ SFWJTJOH UIF "$2
UPXBSETTVCTJEZBOE%FQBSUNFOU$$$IBSHFTJT
GSPN ..51" UP ..51" FGGFDUJWF
3T
$STBHBJOTUUIF%FNBOESBJTFEGPS3T
GSPN
$ST
r 5PNJUJHBUFUIFDPBMTIPSUBHFBUQPXFSQMBOUTBOE
r *OBEEJUJPO(PWFSONFOUIBTSFMFBTFEBOBNPVOU
UP JODSFBTF QPXFS HFOFSBUJPO
"1(&/$0 IBT
PG 3T
$ST UISPVHI (PWFSONFOU
QSPDVSFE BEEJUJPOBM DPBM GSPN .$- BU OPSNBM
TFSWJDJOHMPBOT
QSJDFBTQFS'4"EVSJOHUIF':UISPVHI
r 5IF UPUBM (PWFSONFOU SFMFBTFT BSF 3T 3PBE$VN3BJM 3$3
NPEF
$ST 3T
$ST3T
$ST
r .JOJNJ[BUJPOPGUIFQFOBMDIBSHFTUP3BJMXBZT
8BZ'PSXBSE BOEUIFUSBOTJUMPTT"TVQFSWJTJPODPOUSBDUXBT
GJYFEUPDVSUBJMUIFPWFSMPBEJOHVOEFSMPBEJOHPG
3FEVDUJPOPGQPXFSQVSDIBTFDPTU*OPSEFSUPSFEVDFUIF UIF XBHPOT BU NJOFT UIFSFCZ NJOJNJTJOH UIF
DPTU PG TFSWJDF
UIF CJHHFTU DPNQPOFOU JF QPXFS QFOBMDIBSHFTUP3BJMXBZTBOEUIFUSBOTJUMPTT
QVSDIBTFDPTUXIJDIDPOTUJUVUFTIBTUPCFUBSHFUFE
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
r .JOJNJ[BUJPO PG EFNVSSBHF DIBSHFT "O )POhCMF $IJFG .JOJTUFS PO XIJDI JT
BHFODZXBTGJYFEGPSFYQFEJUJOHUIFVOMPBEJOHPG SFBEZGPSDPNNFSDJBMPQFSBUJPO
SBLFT TVQFSWJTJPO PG DPBM SBLFT UP BWPJE t %S/5514.8 6OJU
BU7JKBZBXBEBUIFSNBM
CVODIJOH PG SBLFT BOE UIFSFCZ NJOJNJ[JOH UIF QSPKFDUJTTDIFEVMFEUPCFBEEFEJO':
EFNVSSBHFDIBSHFT
t 1PMBWBSBN )ZESP&MFDUSJD .8 Y.8
r -JNJUJOH BDUVBM 0QFSBUJPO .BJOUFOBODF 1SPKFDU'JSTU5ISFF6OJUTBSFUPCFDPNNJTTJPOFE
0.
DPTUUPOPSNBUJWF0.DPTU"1(&/$0 CZ+VMZBOEUIFSFBGUFSGPSFWFSZUXPNPOUIT
JTXPSLJOHJOUIJTEJSFDUJPOUPSBUJPOBMJ[FUIF.BO POFOFXVOJUIBTUPCFDPNNJTTJPOFEBOEBMMUIF
.8SBUJPBOEBMTPNBYJNVNFGGPSUTBSFCFJOHQVU VOJUT CZ +BOVBSZ 5VSCJOF NPEFM UFTU
GPSUI UP NJOJNJ[F UIF 0. DPOUSBDU XPSLT 1PXFS IPVTF QJU FYDBWBUJPO BOE 5VOOFM
3FQBJST.BJOUFOBODF
UPCSJOHUIFBDUVBM0. FYDBWBUJPO XPSLT XFSF DPNQMFUFE BOE PUIFS
DPTUUPOPSNBUJWFDPTU SFMBUFE XPSLT BSF VOEFS QSPHSFTT %FUBJMFE
&OHJOFFSJOH
NBOVGBDUVSJOH BOE TVQQMZ PG
/FX1SPKFDUT FRVJQNFOUJTVOEFSQSPHSFTT
t 5IF -PXFS 4JMFSV )ZESP&MFDUSJD 1SPKFDU
Y.8
6QQFS 4JMFSV 1VNQFE 4UPSBHF 1SPHSFTT
1SPKFDU Y.8
$IJUSBLPOEB #BMJNFMB
%BN
(FOFSBUJPO*OTUBMMFE$BQBDJUZ
5PF1PXFS)PVTF Y.8
BSFBUWBSJPVTTUBHFT
PG EFWFMPQNFOU MJLF HFUUJOH DMFBSBODFT
5IFJOTUBMMFEDBQBDJUZJOUIF"OEISB1SBEFTITUBUFVQUP
TUBOETBU.85IF5SBOTNJTTJPO
BQQSPWBMTFUD
MPTTFT EFDSFBTFE UP 1SPWJTJPOBM
EVSJOH UIF ZFBS
t 4%4514 .8 6OJU
,SJTIOBQBUOBN
VQUP/PW
GSPNJO4PVSDFXJTFJOTUBMMFE
UIFSNBMQSPKFDUT6OJUEFEJDBUFEUPOBUJPOCZ
DBQBDJUJFTBSFTIPXOCFMPXJO5BCMF
5BCMF4PVSDFXJTFJOTUBMMFEDBQBDJUJFT
4PVSDFPG
.8
(FOFSBUJPO VQUP/PW
.8
)ZEFM(FODP
5IFSNBM(FODP
$(4
(BT
5IFSNBM*11
8JOE
3FOFXBCMF
4PMBS
TPVSDFT 0UIFS
5PUBM
8JOEBOE4PMBSWBMVFTBSFSFDPODJMFE
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5SBOTNJTTJPO &OFSHZ NFU JT .6 BOE UIF QFS DBQJUB
DPOTVNQUJPOPGFMFDUSJDJUZJT
VOJUT 1SPW
EVSJOHUIF
5IF5SBOTNJTTJPOMPTTFTEFDSFBTFEUP 1SPWJTJPOBM
QFSJPE1BSBNFUFSXJTFEFUBJMTPG5SBOTNJTTJPOBSFHJWFO
EVSJOH UIF ZFBS VQUP /PW
GSPN JO JO5BCMF
%VSJOHUIF:FBS VQUP/PWFNCFS
UIFUPUBM
5BCMF1BSBNFUFSXJTFEFUBJMTPG5SBOTNJTTJPOEVSJOH VQUP/PWFNCFS
4M/P 1BSBNFUFST
6OJU
VQUP/PW
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
4UBS3BUJOH4ZTUFNJO"1&$#$
" 4UBS 3BUJOH 4ZTUFN IBT CFFO JODPSQPSBUFE JO UIF
&OFSHZ$POTFSWBUJPO#VJMEJOH$PEFJO"OEISB1SBEFTI
5IFNBYJNVNTUBSSBUJOHBMMPUUFEUPUIFCVJMEJOHTJT"1
TUBS
XJUI FYFNQMBSZ QFSGPSNBODF BOE
NJOJNVNTUBSSBUJOHJT"1 TUBS
XIJDIJTNBOEBUPSZGPS
BMM DPNNFSDJBM CVJMEJOHT 'PS CVJMEJOHT SBUFE "1 BOE
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
r 5IF 4UBUF (PWU JTTVFE PSEFST GPS DPOTUJUVUJOH t "153"/4$0 XPO &/&35*" BXBSE BT UIF i#FTU
&OFSHZ $POTFSWBUJPO &$
DFMMT JO BMM UIF (PWU 5SBOTNJTTJPO6UJMJUZw
EFQUT"VUPOPNPVTCPEJFT4PDJFUJFTXJUIOPEBM t "OEISB 1SBEFTI 4UBUF &OFSHZ $POTFSWBUJPO
BOEUFDIOJDBMPGGJDFST .JTTJPO
4UBUF EFTJHOBUFE "HFODZ PG "OEISB
r 5IFSPMFPG&$$FMMTJTUPJOUSPEVDFDPTUFGGFDUJWF
1SBEFTI IBT CBHHFE iTU QSJ[F JO UIF /BUJPOBM
FOFSHZFGGJDJFOU UFDIOPMPHJFT JO UIF 4UBUF (PWU &OFSHZ $POTFSWBUJPO "XBSET JO UIF 4UBUF
EFQUT UP BEESFTT FTDBMBUFE FOFSHZ VTBHF BOE %FTJHOBUFE "HFODZ 4%"
4FDUPShh GPS JUT
FMFDUSJDJUZCJMMT FYFNQMBSZ QFSGPSNBODF JO QSPNPUJOH BOE
JNQMFNFOUJOH FOFSHZ FGGJDJFODZ BOE
r 4UBUFHPWFSONFOUJTQMBOOJOHUPQSPWJEFMBLIT DPOTFSWBUJPONFBTVSFT
IPVTFT VOEFS 1SJNF .JOJTUFS "BWBT :PKBOB
1.":
XJUI UIF XPSME DMBTT h*OEP4XJTT FOFSHZ t 5IF BXBSE XBT QSFTFOUFE CBTFE PO UIF 4UBUF
FGGJDJFOU CVJMEJOH UFDIOPMPHZh XIJDI IFMQT UP &OFSHZ &GGJDJFODZ *OEFY 4&&*
TDPSF5IF
FOIBODF UIFSNBM DPNGPSU DPPMJOH
UISPVHI TUBUFSFDFJWFEQPJOUTJO4&&*5IFTUBUF
BEFRVBUF OBUVSBM WFOUJMBUJPO BOE EBZ MJHIUJOH JNQSPWFECZDPNQBSFEUPJUT4&&*TDPSF
QPUFOUJBM XIJDI FOTVSFT NJOJNVN FOFSHZ PG
TBWJOHTBOEBMTPBTBGFIFBMUIJFSFOWJSPONFOUJO t 5IF NBKPS BDDPNQMJTINFOUT PG UIF TUBUF UP
CVJMEJOHT BDIJFWFBIJHIFS4&&*TDPSFBSF
r 3FQMBDFNFOUPG/PhTPMEPCTPMFUF1VNQ4FUT t *NQMFNFOUBUJPONFBTVSFTPGBTQFSOPUJGJDBUJPO
XJUI &OFSHZ &GGJDJFOU 1VNQ 4FUT JO 384 %FQU PG&OFSHZ$POTFSWBUJPO#VJMEJOH$PEF &$#$
BOE
VOEFS UIF DPNQPOFOU PG EFNPOTUSBUJPO BNFOENFOUT UP CVJMEJOH CZFMBXT JO 6SCBO
1SPKFDU UP&OFSHZ4BWJOHT&OEPSTFECZ -PDBM #PEJFT 6-#T
BT XFMM BT UIF &DP/JXBT
384%FQBSUNFOU
4BNIJUIB &/4
USBJOJOHTJOUIFCVJMEJOHTFDUPS
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5BCMF*OTUBMMFE$BQBDJUZPG"1(&/$0"11%$-BTPO
"1BTPO "TPO
4M/P *UFN 6OJU
5IFSNBM .8
)ZEFM .8
8JOE .8
4PMBS .8
"11PXFS%FWFMPQNFOU$PSQ-UE .8
"1(&/$0"11%$-5PUBM .8
&$0/0.*$*/'3"4536$563&
t 4UBUJPO5SBOTGPSNFSDIBSHFEPO 1SPKFDUTVOEFS%FWFMPQNFOU
t 6"54"5
,7,7#PBSETDIBSHFE
"EEJUJPOBM UXP VOJUT Y.8
BU -PXFS
t /PO ESBJOBCMF )ZESBVMJD 5FTU DPNQMFUFE PO
4JMFSV1PXFS)PVTF
t #PJMFSMJHIUVQXBTDPNQMFUFEPO $POTFOU JTTVFE CZ "11$$ EUE *OQSJODJQMF
BQQSPWBMT BDDPSEFE CZ (PWU PG "1 5IF 5FSNT PG
t 6OJU 4ZODISPOJ[FE XJUI PJM GJSJOH PO 3FGFSFODF 503
JTTVFE CZ .0&' $$ PO
!)ST 5FOEFS GMPBUFE JO "1(&/$0 FQSPDVSFNFOU
4UBUVT PG #5( 8PSLT 5IF #5( $POUSBDUPS
.T #)&- QMBUGPSN PO &3FWFSTF BVDUJPO XBT
TVQQMJFE PG NBUFSJBM PG #5( XPSLT
&41 DPOEVDUFE PO BOE .T 4IJSEJ 4BJ &MFDUSJDBM
FSFDUJPO XPSLT BOE PG 5( 1BDLBHF FSFDUJPO -UEo.T1&4&OHJOFFST1WU-UE$POTPSUJVNIBTRVPUFE
DPNQMFUFE5%#'1"#DPNNJTTJPOJOHVOEFSQSPHSFTT MPXFTU CJE -0* JTTVFE UP .T 44&-1&4 $POTPSUJVN PO
&SFDUJPOPG3)4NJMMTGFFEFSTJTUPCFUBLFOVQ 5IF5FSN-PBOXBTTBODUJPOFECZ.T3&$
-UEPO$POUSBDU"HSFFNFOUDPODMVEFEXJUI
4UBUVT PG #018PSLT5IF #01 $POUSBDUPS .T #(3&4-
.T 44&-1&4 $POTPSUJVN PO 0CUBJOJOH
$IFOOBJ DPNQMFUFE TZTUFNT SFRVJSFE GPS PJM
&OWJSPONFOUBM DMFBSBODF GSPN .0&'$$ JT JO QSPDFTT
TZODISPOJ[BUJPO 3)4 NJMM CVOLFS TUSVDUVSF FSFDUJPO
0CUBJOJOHPGDPOTFOUGSPN"1&3$JTJOQSPDFTT
$)1 &RVJQNFOU FSFDUJPO JO KVODUJPO UPXFST BOE
DPOWFZPSTBSFJOQSPHSFTT
6QQFS 4JMFSV 1VNQFE 4UPSBHF 1SPKFDU
$)1 -)4 5SJQQFST FSFDUJPO DPNQMFUFE &RVJQNFOU Y.8
&$0/0.*$*/'3"4536$563&
(PEBWBSJBU"OHVMVSVWJMMBHFJO%FWJQBUOBN.BOEBMPG
&BTU(PEBWBSJEJTUSJDUUPVUJMJ[FUIFNPOTPPOGMPXTBOE 4BMJFOUGFBUVSFTPGUIF1SPKFDU
GMPXTPG(PEBWBSJ%FMUBGPS)ZEFM1PXFSHFOFSBUJPO8JUI
UIFVUJMJ[BUJPOPGUIFTVSQMVTGMPXT
QPXFSHFOFSBUJPOJT 3&$ IBT TBODUJPOFE UIF MPBO GJOBODJBM BTTJTUBODF UP
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
3PBET BSF POF PG UIF CBTJD NPEFT PG USBOTQPSUBUJPO BOE FOTVSFT IJHIFS HSPXUI USFOET
DPOOFDUJWJUZ
TPDJBM
TZTUFN BOE BMTP BO JNQPSUBOU TFDUPS PG *OGSBTUSVDUVSF JOUFHSJUZBOEXFMMCFJOHPGUIFTPDJFUZ5IFQSPEVDUJWJUZ
4ZTUFNBUJDEFWFMPQNFOUPGSPBEJTPOFPGUIFJNQPSUBOU BOEFGGJDJFODZPGSPBEUSBOTQPSUJTEJSFDUMZMJOLFEXJUIUIF
QSFSFRVJTJUFT GPS EFWFMPQNFOU BOE BDDFMFSBUJPO PG BWBJMBCJMJUZBOERVBMJUZPGSPBEOFUXPSL*OWJFXPGUIF
HSPXUIJOUIFFDPOPNZ"NPOHUIFEJGGFSFOUNPEFTPG IJHI QPUFOUJBM JO "HSJDVMUVSBM BDUJWJUZ
UIFSF IBT CFFO
EPNFTUJD USBOTQPSUBUJPO TZTUFN
SPBE USBOTQPSU DBSSJFT IVHF JODSFBTF JO 3PBE OFUXPSL 5IF UPUBM 3# 3PBE
NPSFUIBOQFSDFOUPGUIF(PPETBOE1BTTFOHFSUSBGGJD /FUXPSL FYDMVEJOH/BUJPOBM)JHIXBZT
JOUIF4UBUFBTPO
5IF OFUXPSL PG SPBET QBSUJDVMBSMZ GSPN 3VSBM UP 6SCBO %FDFNCFSXBT,N5IFMFOHUIPG/BUJPOBM
GBDJMJUBUFT TQFFEJOH NPWFNFOU PG HPPET BOE TFSWJDFT )JHIXBZT JO UIF 4UBUF BSF ,N5IF EFUBJMT BSF
TIPXOJOUIF5BCMF
-FOHUI -FOHUI
4M -FOHUIPG
-BOF 4VSGBDF PG3PBE 5ZQF PG3PBE
/P 3PBE LN
LN
LN
$FNFOU /BUJPOBM
4JOHMF-BOF
$PODSFUF )JHI8BZT
4UBUF)JHI
*OUFSNFEJBUF-BOF #MBDL5PQ
8BZT
.BKPS
-BOF .FUBMMFE %JTUSJDU
3PBET
0UIFS
-BOFXJUI1BWFE
6ONFUUBMFE %JTUSJDU
4IPVMEFST
3PBET
""&YQSFTTXBZ
-BOF /FX'PSNBUJPO
6O4VSGBDF
-BOF
""&YQSFTTXBZ
/FX'PSNBUJPO
6O4VSGBDF
5PUBM
*NQPSUBOU4DIFNFTJNQMFNFOUFE GPSUIFZFBSBOEFYQFOEJUVSFBTPOJT
3T $SPSFT $BQJUBM8PSLT DPNQSJTF XJEFOJOH BOE
$POTUSVDUJPOBOENBJOUFOBODFPGSPBETBOECSJEHFTPO TUSFOHUIFOJOHPGSPBETGSPN4JOHMF-BOFUP%PVCMF-BOF
.BKPS %JTUSJDU 3PBET .%3
BOE 0UIFS %JTUSJDU 3PBET %PVCMF MBOF UP NVMUJQMF MBOFT
DPOTUSVDUJPO PG SPBET
0%3
BSF UBLFO VQ CZ .%3T 8JOH 5IF .%3 XJOH CSJEHFTFUDSPBEXPSLTXJUIBMFOHUIPG,N
NBJOUBJOT B UPUBM PG ,N PG SPBET DPNQSJTJOH BOECSJEHFXPSLTIBWFCFFODPNQMFUFEGPSBOBNPVOU
,NPG.BKPS%JTUSJDU3PBETBOE,NPG PG3T$STCSJEHFXPSLTXJUIBMFOHUIPG
%JTUSJDU0UIFS3PBET5IFXPSLTBSFUBLFOVQVOEFSUIF LN BOE CSJEHF XPSLT UBLFO VQ GPS BO BNPVOU PG
GPMMPXJOHTDIFNFTJO.%38JOH 3T$STBSFJOQSPHSFTT5IFSFNBJOJOHXPSLTBSFBU
(PWFSONFOU TBODUJPOFE BO BNPVOU PG 3T $SPSFT EJGGFSFOUTUBHFT 3PBE8PSLTGPSMFOHUIPG,N
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
BOE #SJEHF 8PSLT BSF BU UFOEFS TUBHF BOE 3PBE JODMVEJOH3*"%1IBTF*UP7
TPGBS
JOBMMSPBEBOE
8PSLTGPSMFOHUIPG,NBOE#SJEHF8PSLTBSF CSJEHFXPSLTGPS3TDSPSFTXFSFUBLFOVQ
BUFTUJNBUFTUBHF
-FGU8JOH&YUSFNJTUT8PSLT
6OEFS5SJCBM4VC1MBO
XJEFOJOHPGSPBETGSPN4JOHMF
-BOFUP%PVCMF-BOF
GPSNBUJPOPGSPBETDPOTUSVDUJPO *OPSEFSUPQSPWJEFTFBNMFTTDPOOFDUJWJUZUPUIFEJGGJDVMU
PGCSJEHFTBSFUBLFOVQJO5SJCBM"SFBTSPBEXPSLTXJUI BOESFNPUFBSFBTXIJDIBSFBMTPBGGFDUFECZ-FGU8JOH
BMFOHUIPG,NBOECSJEHFXPSLBSFJOQSPHSFTT &YUSFNJTUT -8&
WJPMFODF
UIF$FOUSBM(PWFSONFOUIBT
GPSBOBNPVOUPG3T$ST(PWFSONFOUTBODUJPOFE TUBSUFE B TQFDJBM QSPKFDU LOPXO BTi3PBE $POOFDUJWJUZ
BOBNPVOUPG3T$SPSFTGPSUIFZFBS 1SPKFDU GPS -FGU 8JOH &YUSFNJTN "GGFDUFE "SFBT
3$1-8&"
XJUIGVOEJOHPG$FOUSBMBOE4UBUFTJO
6OEFS4DIFEVMF$BTUF4VC1MBO
XPSLTDPNQSJTFMBZJOH
SBUJP6OEFSUIJTQSPHSBNNF
SPBETCSJEHFT
PG $$ QBWFNFOUT JO 4$ $PMPOJFT
GPSNJOH PG BQQSPBDI
XPSLTGPSBOBNPVOUPG3TDSPSFTXFSFTBODUJPOFE
SPBETUP4$$PMPOJFTXFSFUBLFOVQSPBEXPSLTXJUIB
JO "1 DPWFSJOH GPVS EJTUSJDUT JF
4SJLBLVMBN
MFOHUIPG,NIBWFCFFODPNQMFUFEGPSBOBNPVOU
7J[JBOBHBSBN
7JTBLIBQBUOBN &BTU (PEBWBSJ 0VU PG
PG3T$STSPBEXPSLTXJUIBMFOHUIPGLNBSF
UIFTBODUJPOFEXPSLT
SPBEXPSLT
CSJEHFT BSF
JOQSPHSFTT5IFSFNBJOJOHXPSLTBSFBUEJGGFSFOUTUBHFT
DPNQMFUFE6OEFSUIJTQSPHSBNNFVQUPEBUF,N
3PBE 8PSLT GPS MFOHUI PG ,N BSF BU UFOEFS
SPBEMFOHUIJTVQHSBEFEBUBDPTUPG3T$SBOEJOUIF
TUBHF
(PWFSONFOU TBODUJPOFE BO BNPVOU PG 3T
ZFBSo
,NMFOHUIPGUIFSPBEJTVQHSBEFEBUB
$SPSFTGPSUIFZFBS
DPTUPG3T$S
6OEFS 3PBE 4BGFUZ &OHJOFFSJOH TDIFNF
XPSLT
DPNQSJTF QSPWJEJOH 3PBE 4BGFUZ *OUFSWFOUJPOT
3VSBM3PBE1MBO8PSLT
SFDPOTUSVDUJPOPG$VMWFSUT
*NQSPWFNFOUPG#MBDL4QPUT
LNT PG 1BODIBZBU 3BK SPBET BSF USBOTGFSSFE UP
POSPBETFUDBSFUBLFOVQSPBEXPSLTGPSBOBNPVOUPG
3PBET #VJMEJOHT %FQBSUNFOU JO XIJDI BSPVOE
3T$SPSFTXBTUBLFOVQ
PVUPGXIJDISPBEXPSLTGPS
LNTBSFIBWJOHOPO#5TVSGBDF6OEFS3VSBM3PBET1MBO
JU
BOBNPVOUPG3T$STXFSFDPNQMFUFEBOESFNBJOJOH
JTQSPQPTFEUPTBODUJPOXPSLTGPSDPOWFSTJPOPGOPO#5
XPSL GPS 3T $SPSFT JT JO QSPHSFTT (PWFSONFOU
SPBETUP#5SPBETJOBQIBTFENBOOFS
TBODUJPOFE BO BNPVOU PG 3T $SPSFT GPS UIF ZFBS
BOE FYQFOEJUVSF BT PO JT 3T %VSJOH UP
XPSLT DPTUJOH 3T
$SPSFT DSPSFT XFSF TBODUJPOFE 6OEFS UIJT TDIFNF ,.T
MFOHUIPGSPBEJTJNQSPWFEBUBDPTUPG3TDSPSFT
4QFDJBM 3FQBJS 8PSLT 5IF (PWFSONFOU BDDPSEFE
,NMFOHUIPGSPBEJTVQHSBEFEUP#5TUBOEBSETEVSJOH
BENJOJTUSBUJWF TBODUJPO GPS 3T $SPSFT GPS
BUBDPTUPG3T$S
JNQSPWFNFOUPGSJEJOH TVSGBDFTPG4UBUFIJHIXBZTBOE
NBKPS%JTUSJDU3PBETGPSMFOHUIPGLNT"DDPSEJOHMZ &YUFSOBM "JEFE 1SPKFDU &"1
XJUI /FX
XPSLTPO.BKPS%JTUSJDU3PBETXFSFTBODUJPOFEGPS %FWFMPQNFOU#BOL /%#
'VOEJOH
3T$SPSFTGPSJNQSPWFNFOUPG,NT
3#%FQBSUNFOUIBTUBLFOVQUIFGPMMPXJOHUXPQSPKFDUT
/"#"3%8PSLT XJUIUIFGJOBODJBMBTTJTUBODFPG/FX%FWFMPQNFOU#BOL
/%#
GPS BO BNPVOU PG 3T DSPSFT FBDI 5PUBM 3T
5IF 4UBUF (PWFSONFOU IBT UBLFO VQ JOGSBTUSVDUVSF
$S
XJUI TIBSJOH /%# 4IBSF 4UBUF
EFWFMPQNFOUJOSVSBMBSFBTUISPVHIGJOBODJBMBTTJTUBODF
4IBSF
PG/"#"3%XJUIUIFGVOETQSPWJEFEVOEFS3*%' 3VSBM
*OGSBTUSVDUVSFBOE%FWFMPQNFOU'VOE
3*"% 3FNPUF r "1 3PBET BOE #SJEHFT 3FDPOTUSVDUJPO 1SPKFDU
BOE *OUFSJPS "SFB %FWFMPQNFOU
4JODF JODFQUJPO PG "13#31
/"#"3%
XJUI JUT GVOEJOH UP SVSBM BSFB JOGSBTUSVDUVSF
r "1 .BOEBM $POOFDUJWJUZ BOE 3VSBM$POOFDUJWJUZ
OFBSMZ LN PG SVSBM SPBET IBWF CFFO CSPVHIU UP *NQSPWFNFOU1SPKFDU "1.$3$*1
SJEJOHTVSGBDFXJUI#5BOEDPOOFDUFEUPOFBSCZUPXOT
6OEFS "1 3PBET BOE #SJEHFT 3FDPOTUSVDUJPO 1SPKFDU
4JODF
JO USBODIFT JF
3*%' ** UP 3*%' 997**
"13#31
JUJTQSPQPTFEUP*NQSPWF4UBUF)JHIXBZTBOE
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
#SJEHFT'PSUIFGJSTUQIBTF
BENJOJTUSBUJWFTBODUJPOXBT FDPOPNJD HSPXUI PG UIF TUBUF BOE JO UVSO UIF
BDDPSEFE GPS LN XJUI 3T $S
DPVOUSZ
QSPDVSFNFOUQSPDFTTIBTCFFODPNQMFUFEBOEUIFXPSLT
BSF VOEFS WBSJPVT TUBHFT PG QSPHSFTT *O UIF TFDPOE 3PBE 0WFS #SJEHFT VOEFS 4FUIV#IBSBUIBN
QIBTF
JU JT QSPQPTFE UP JNQSPWF 4UBUF )JHIXBZT GPS B PO/BUJPOBM)JHIXBZT
MFOHUIPG,NXJUI3T$S
6OEFS UIJT TDIFNF
3PBE 0WFS #SJEHFT 3P#T
XFSF
6OEFS "1 .BOEBM $POOFDUJWJUZ BOE 3VSBM $POOFDUJWJUZ TBODUJPOFEPVUPGXIJDI
3P#TXFSFBXBSEFE%13TGPS
*NQSPWFNFOU 1SPKFDU "1.$3$*1
JU JT QSPQPTFE UP 30#TXFSFTVCNJUUFEUP.JOJTUSZXPSLTPVUUIF
JNQSPWF 3PBET BOE #SJEHFT PG .BKPS %JTUSJDU HSPVOEFE XPSLT XFSF DPNQMFUFE BOE SFNBJOJOH
3PBET0UIFS %JTUSJDU 3PBET GPS B MFOHUI PG ,N XPSLTBSFUBSHFUFEGPSDPNQMFUJPOCZ.BSDI5IF
XJUI3T$S5IFBENJOJTUSBUJWFTBODUJPOJTVOEFS SFNBJOJOH30#TBSFUBSHFUFEGPSDPNQMFUJPOCZUIFFOE
QSPDFTTBU(PWFSONFOU PG%FDFNCFS
$FOUSBMMZ4QPOTPSFE1SPHSBNNFT /BUJPOBM)JHIXBZT
r 5IF $FOUSBM (PWFSONFOU
TBODUJPOT XPSLT PG 5IFSFBSF/BUJPOBM)JHIXBZTJOUIFTUBUFPG"OEISB
&DPOPNJD * NQPS UBODF BOE * OUFS 4UBUF 1SBEFTI DPWFSJOH B MFOHUI PG ,N PG XIJDI
$POOFDUJWJUZ VOEFS $3'
BMMPDBUFT UIF GVOE JO ,NJTGPVSMBOFBOEBCPWF
,NUXPMBOF
SBUJPJF
PGUIFDFTTPO)JHI4QFFE XJUIQBWFETIPVMEFS
,NUXPMBOF
,N
%JFTFM )4%
0JM GPS UIF 3VSBM 3PBET BOE
JOUFSNFEJBUF MBOF
,N BSF PG 4JOHMF MBOF BOE
CBMBODFPGDFTTPO)JHI4QFFE%JFTFM )4%
,N PG QSPQPTFE GPSNBUJPO "OBOUIBQVS UP
0JMBOEUIFFOUJSFDFTTPGQFUSPMJTEJTUSJCVUFEBT "NBSBWBUIJ &YQSFTTXBZ BT PO .BSDI
0VU PG
QFSOPSNTGPSEFWFMPQNFOUBOENBJOUFOBODFPG ,N
LN JT CJUVNJOPVT TVSGBDF
SPBET LNJTOFXGPSNBUJPOBOE,NJTDFNFOUDPODSFUF
r 5IF(PWFSONFOUPG"1IBTQSPWJEFE3T QBWFNFOU *O BEEJUJPO
JOQSJODJQMF EFDMBSFE /)T GPS B
DSPSFTJO#&GPSUIFZFBSBOEFYQFOEJUVSF MFOHUIPGLNGPSXIJDI%13TVOEFSQSFQBSBUJPO
JODVSSFE3TDSPSFVQUP GPS UXP MBOF XJUI QBWFE TIPVMEFST BOE BEEJUJPOBM JO
QSJODJQMF QSPQPTBMT GPS LN XFSF TVCNJUUFE UP
r %VSJOH UIF ZFBS
XPSLT XFSF
.P35)GPSBQQSPWBM
TBODUJPOFEGPSBOBNPVOUPG3TDSPSFTGPSB
MFOHUIPGLN"MMXPSLTBSFJOQSPHSFTT
5IFEFOTJUZPG/BUJPOBM)JHIXBZTJT,NQFSMBLI
QPQVMBUJPO
JOUIF4UBUFBTBHBJOTUBMM*OEJBBWFSBHF
r (P*IBTBDDPSEFEBENJOJTUSBUJWFBQQSPWBMGPS
PGLNBOEJOUFSNTPGBSFBDPWFSBHF
BMFOHUIPG
XPSLT DPTUJOH 3T $SPSFT GPS XIJDI UIF
LNJTBWBJMBCMFGPSFWFSZ
4RLNJOUIF4UBUFBT
(PWFSONFOUPG"1IBWFBDDPSEFEBENJOJTUSBUJWF
BHBJOTU BMM *OEJB BWFSBHF PG LN
4RLN 0VU PG
TBODUJPO"MMXPSLTBSFUFOEFSTUBHF
,N/BUJPOBM)JHIXBZTJOUIFTUBUF
BUPUBMMFOHUI
r 'VSUIFS
(P* IBT BDDPSEFE BENJOJTUSBUJWF PG,NBSFVOEFSUIFDPOUSPMPG/)"*
,N
BQQSPWBMGPSXPSLTDPTUJOH3T$SPSFTBOE XJUI.P35)
1*6BOE,NVOEFSUIFDPOUSPMPG
UIF (PWFSONFOU PG "1 IBWF BMTP BDDPSEFE 4UBUF 18% ,N PG /)T JT JNQSPWFE BT UXPMBOF
BENJOJTUSBUJWF TBODUJPO GPS BMM XPSLT GPS QBWFE TIPVMEFST -BOF BOE TUSFOHUIFOJOH XJUI BO
3T DSPSFT %FUBJMFE &TUJNBUFT DBMMFE GPS BNPVOUPG3T$SEVSJOHUIFZFBS
GSPN4&T #SJFGPVUMJOFPOUIF/)TBOEUIFBDUJWJUJFT
r 5IFBCPWFXPSLTBSFJOUFOEFEGPSJNQSPWJOHUIF "T PO
/BUJPOBM )JHIXBZT JO UIF TUBUF PG
DPOEJUJPO PG UIF SPBET XIJDI CFOFGJU MBSHF "OEISB 1SBEFTI DPWFSJOH B MFOHUI PG ,N
OVNCFS PG QPQVMBUJPO UP USBOTQPSU UIFJS DSJTTDSPTTJOH UIF TUBUF 0VU PG ,NT /BUJPOBM
"HSJDVMUVSBMQSPEVDFBOEPUIFSJOEVTUSJBMHPPET )JHIXBZT JO UIF TUBUF
B UPUBM MFOHUI PG ,N JT
UP UIF OFBSCZ NBSLFU ZBSET
UPXOT
DJUJFT FUD VOEFS UIF KVSJTEJDUJPO PG UIF /)$3' 8JOH
3#
XIJDI EJSFDUMZJOEJSFDUMZ IFMQ UIF TPDJP
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
GPMMPXT
0QFSBUJPOBM 3PBE 4BGFUZ &OHJOFFSJOH "VEJUT BOE TIPSU
UFSN JNQSPWFNFOUT BSF UBLFO VQ XIFSF FYFDVUJPO PG 5IF QSPKFDU DPNQSJTFT PG GPMMPXJOH GPVS
NBKPSEFWFMPQNFOUQSPKFDUPOUIFTFMFDUFETUSFUDIFTJT DPNQPOFOUT
FYQFDUFE UP DPNNFODF BU MFBTU BGUFS ZFBS PG
B
6QHSBEBUJPO$PNQPOFOU6OEFSUIJTDPNQPOFOU
JNQMFNFOUBUJPO PG TIPSU UFSN NFBTVSFT CBTFE PO
JEFOUJGJFE 4UBUF )JHIXBZT PG ,N IBWF CFFO
PQFSBUJPOBMBVEJUT4USFUDIFTXIFSFEFWFMPQNFOUXPSLT
VQHSBEFEUPMBOFMBOF
MJLFUXPMBOJOHGPVSMBOJOHBSFOFJUIFSJOQSPHSFTTOPSJO
QJQFMJOFT BSF UP CF JEFOUJGJFE BOE HPU BQQSPWFE JO C
-POH5FSN 1FSGPSNBODF #BTFE 3PBE $POUSBDUT
QSJODJQMFGPSUBLJOHVQ%FUBJMFE3PBE4BGFUZ"VEJU $PNQPOFOU6OEFSUIJTDPNQPOFOU
QBDLBHFTXFSF
.PTUPGUIF8PSLTPO/BUJPOBM)JHIXBZTXJUI4UBUF18% UBLFOVQGPSZFBSNBJOUFOBODFBUBDPTUPG3T$S
JT UBLFO VQ VOEFS &OHJOFFSJOH 1SPDVSFNFOU DPWFSJOH,N"MMUIFQBDLBHFTBSFDPNQMFUFE
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
111 GBDJMJUBUJPO DPNQPOFOU5IJT DPNQPOFOU JT UP XBT UBLFO GSPN /"#"3% VOEFS /*%" TDIFNF GPS 3T
TVQQPSU(P"1JOJNQMFNFOUBUJPOPG111QSPKFDUTWJBUPMM $S-PBO"HSFFNFOUDPODMVEFEXJUI/"#"3%PO
SFWFOVFT BOE WJBCJMJUZ HBQ TVQQPSU 6OEFS UIJT GPS3T$SGPSDPNQMFUJPOPGPOHPJOH
DPNQPOFOU
POF QSPKFDU
JF
/BSLFUQBMMZ o "EEBOLJ o XPSLT
UFOVSFPGZFBSTJODMVEJOHZFBSTNPSBUPSJVN
.FEBSBNFUMB SPBE XBT UBLFO VQ XIJDI JT JO PQFSBUJPO PVUPG4)XPSLTIBWFCFFODPNQMFUFEBOEPVU
TUBHF PG OP PG .%3T BOE 0%3T IBWF CFFO DPNQMFUFE
*OTUJUVUJPOBM 4USFOHUIFOJOH $PNQPOFOU 5IF 3FNBJOJOH XPSLT BSF UBSHFUFE UP CF DPNQMFUFE CZ
DPNQPOFOU JT QSPQPTFE UP TUSFOHUIFO UIF "13%$ GPS 'FCSVBSZ
4PGBSBOBNPVOUPGBCPVU3T$SPSFT
TFMGTVTUBJOBCJMJUZ BOE UP FOIBODF UIF GVODUJPOBM
XBTSFMFBTFE
PSHBOJ[BUJPOBM
TUBGGJOH
GJOBODJBM
BENJOJTUSBUJWF BOE
MFHBMDBQBDJUJFT/FDFTTBSZTUVEJFTXFSFDPOEVDUFEBOE $FTTMPBOXPSLT
QSPQPTBMTSFHBSEJOHTUSFOHUIFOJOHUIF"13%$EVMZ B
5IF(PWFSONFOUIBTBDDPSEFEBENJOJTUSBUJWFTBODUJPO
3FTUSVDUVSJOHPG0SHBOJ[BUJPO C
"NFOENFOUUP"13%$ GPSSFOFXBMTGPSBMFOHUIPGLNTXJUIBOBNPVOUPG
"DU
BOE D
$SFBUJPOPGEFEJDBUFE3PBE'VOE
XFSF 3T $SPSFT OP PG XPSLT
GPS JNQSPWFNFOU PG
TVCNJUUFEUPUIF(PWFSONFOUGPSBQQSPWBM*OBEEJUJPO 3JEJOHTVSGBDFTPG4UBUF)JHIXBZT.BKPS%JTUSJDU3PBET
3PBE .BOBHFNFOU 4ZTUFN BOE .BOBHFNFOU JO3#%FQU"UQSFTFOUOPPGXPSLTDPTUJOH3T
*OGPSNBUJPO 4ZTUFN XFSF FTUBCMJTIFE VOEFS UIJT $SPSFT XFSF DPNQMFUFE BOE SFNBJOJOH XPSLT BSF
DPNQPOFOUBOEUIFTBNFBSFVOEFSPQFSBUJPO UBSHFUFE UP CF DPNQMFUFE CZ 'FCSVBSZ 4P GBS BO
3PBE 4BGFUZ $PNQPOFOU %FNPOTUSBUJPO $PSSJEPS
BNPVOUPG3T$SPSFTXBTQBJE
JF
3FOJHVOUBo,BEBQB3PBEXBTUBLFOVQXJUINVMUJ 3PBE TBGFUZ "VEJU JT CFJOH DPOEVDUFE GPS B MFOHUI PG
TFDUPS &OHJOFFSJOH
5SBOTQPSU
1PMJDF BOE .FEJDBM
,NDPNQMZJOHUPUIFEJSFDUJPOTPGUIF$PNNJUUFF
BQQSPBDI *NQSPWFNFOUT UP JEFOUJGJFE CMBDLTQPUT BOE PO3PBETBGFUZBQQPJOUFECZUIF)POhCMF4VQSFNF$PVSU
'JOBMJ[BUJPO PG 3PBE 4BGFUZ 1PMJDZ XFSF BMTP UBLFO VQ
VOEFSUIJTDPNQPOFOU 3PBE0WFS6OEFS#SJEHFT 30#T36#T
&$0/0.*$*/'3"4536$563&
5SBOTQPSU (SPXUI
3PBE5SBOTQPSUQMBZTBQSPNJOFOUSPMFJOUIFFDPOPNJD
EFWFMPQNFOU PG UIF 4UBUF 5IF5SBOTQPSU %FQBSUNFOU
QMBZT B LFZ SPMF JO HSBOUJOH %SJWJOH MJDFOTFT UP .PUPS
7FIJDMF ESJWFST
SFHJTUSBUJPO PG NPUPS WFIJDMFT
JTTVF PG
USBOTQPSUQFSNJUT
MFWZBOEDPMMFDUJPOPGNPUPSWFIJDMF
UBYBOEFOGPSDFNFOUPGQSPWJTJPOTPG.PUPS7FIJDMFT"DU
BOE3VMFTNBEFUIFSFVOEFS5IFEFQBSUNFOUBMTPBDUTBT
OPEBMBHFODZPOSPBETBGFUZBOEQPMMVUJPODPOUSPM"TPO VQUP%FDFNCFS
UIFSF BSF $SPSF .PUPS 7FIJDMFT
SFHJTUFSFEJOUIF4UBUFPGXIJDI$SBSFOPOUSBOTQPSU
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
FOGPSDFNFOU EFQBSUNFOUT 5IF (PWFSONFOU PG " %SJWJOH 5SBJOJOH *OTUJUVUF JT CFJOH DPOTUSVDUFE OFBS
"OEISB1SBEFTIIBTSFMFBTFEBCVEHFUPG3T %BSTJ
1SBLBTBNEJTUSJDUVOEFSUIF(PWUPG*OEJB4DIFNF
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
*%53BUBDPTUPG3T$STPVUPGXIJDI3T$STJT DPNNJUUFFPO3PBE4BGFUZ'VOETBODUJPOFE3TDSPSF
CFJOHGJOBODFECZ(PWUPG*OEJBBOE3T$STXPSUIPG JOFYDFTTPG$FOUSBMHSBOUPG3TDSPSF
UPCFTQFOUGSPN
FRVJQNFOUCFJOHBSSBOHFECZ.T.BSVUJ4V[VLJ*OEJB 3PBE 4BGFUZ 'VOE GPS DPNQMJDBUJPO PG BVUPNBUJPO PG
-JNJUFE5IF*OTUJUVUFXJMMCFSVOCZ.T.BSVUJ4V[VLJ %SJWJOH5FTU5SBDLT5IF"VUPNBUJPOXBTBMSFBEZTUBSUFE
*OEJB -JNJUFE PO B hOPU GPS QSPGJUh CBTJT 5IF 3# EFQU BU$IJUUPPSBOE"OBOUIBQVSBN5IFSFNBJOJOHUSBDLTBSF
XIJDIJTFYFDVUJOHUIFQSPKFDUIBEBMSFBEZBXBSEFEUIF BMTPVOEFSQSPDFTTBOEFYQFDUFEUPDPNQMFUFCZ
UFOEFS BOE UIF XPSL JT HPJOH PO5IF (P* IBE BMSFBEZ
SFMFBTFE3T$STJOGJSTUJOTUBMNFOUBOE3TDSJO
OEJOTUBMNFOU5IFDPOTUSVDUJPOXPSLGPSUIFQSPKFDUJT JW
*$$FOUSF
VOEFSQSPHSFTT "U QSFTFOU 'JUOFTT $FSUJGJDBUJPO PG5SBOTQPSU7FIJDMFT JT
(P* IBT TBODUJPOFE *OTUJUVUF PG %SJWJOH 5SBJOJOH CFJOH EPOF NBJOMZ CZ WJTVBM JOTQFDUJPO 'PS TDJFOUJGJD
3FTFBSDI *%53
QSPKFDUBU%IPOFJO,VSOPPMEJTUSJDUXJUI JOTQFDUJPO PG 5SBOTQPSU WFIJDMFT JO UIF "VUPNBUFE
BDPTUPG3T$SPSFT5IF4UBUFHPWFSONFOUBMMPUUFE 7FIJDMF*OTQFDUJPO$FSUJGJDBUJPO$FOUSF *$$FOUSF
B
"DSFTPGMBOEBU,PUIBLPUBWJMMBHFGPSFTUBCMJTINFOU QSPQPTBM XBT TVCNJUUFE UP (PWFSONFOU PG *OEJB
UP
PG *%53 QSPKFDU BOE IBOEFE PWFS UP 5SBOTQPSU FTUBCMJTIPOF*$$FOUSFBU7JTIBLIBQBUOBNJOUIFHPWU
%FQBSUNFOU 5IJT QSPKFDU JT UBLFO VQ JO DPMMBCPSBUJPO MBOE BMSFBEZ JO QPTTFTTJPO PG 5SBOTQPSU %FQBSUNFOU
XJUI.T"TIPL-FZMBOE-UE
$IFOOBJUPHJWFHVJEBODF
.P35)
(P*TBODUJPOFEGPSTFUUJOHVQPGBO*OTQFDUJPO
BTTJTUBODF LOPXIPX JO SFMBUJPO UP FTUBCMJTIJOH BOE BOE$FSUJGJDBUJPO$FOUFS *$$FOUFS
XJUIUPUBMDPTUPG3T
DBSSZJOHPQFSBUJPOTPG*%53QSPKFDU $SPSFT5IF"3"*
1VOFXJMMXPSLBTBO&YFDVUJOH
5IF DPOTUSVDUJPO XPSL XBT FOUSVTUFE UP UIF 3# BHFODZJOUIJTQSPKFDU5SJQBSUJUF.P6IBTCFFOTJHOFEVQ
EFQBSUNFOUBOEBDPQZPGGJOBMEFTJHOTQSFQBSFECZ3# CFUXFFO "3"*
.P35) BOE (P"1 5IF 7FOEPS XBT
EFQBSUNFOU XBT BMTP TVCNJUUFE UP .P35) "T QFS UIF JEFOUJGJFE CZ "3"* UISPVHI HMPCBM UFOEFS QSPDFTT BOE
FTUJNBUFTQSFQBSFECZ3#
UIFSFJTBOBEEJUJPOBMDPTUPG "SDIJUFDU TUSVDUVSBM DPOTVMUBOU XBT BQQPJOUFE $JWJM
3T $ST UP CF CPSOF CZ UIF 4UBUF (PWFSONFOU PO XPSLTBSFJOQSPHSFTT
DPOTUSVDUJPO QBSU 5IF 3# IBE GJOBMJ[FE UIF WFOEPS
UISPVHI5FOEFS1SPDFTT r "TUIF.P35)OPUJGJDBUJPO
'JUOFTTUFTUJOHTIBMMCF
5IF )POhCMF 'JOBODF .JOJTUFS IBE MBJE UIF GPVOEBUJPO EPOF POMZ UISPVHI BVUPNBUFE UFTUJOH TUBUJPOT
TUPOF GPS UIF QSPKFDU PO .P6 XBT NBEF XJUI FGGFDU GSPN "QSJM
GPS )FBWZ WFIJDMFT
CFUXFFO (P"1 BOE .T "TIPL -FZMBOE -UE PO BOEGSPN+VOF
GPSBMMWFIJDMFT
FGGPSUTOFFE
BOE .P" JT JO QSPDFTT5IF DJWJM XPSLT BSF VOEFS UP CF NBEF CZ UIF 4UBUF (PWFSONFOU UP DSFBUF
QSPHSFTT JOGSBTUSVDUVSFGPSTVDIBVUPNBUFEUFTUJOHBDSPTT
UIF4UBUFJO111NPEF
JJJ
"VUPNBUJPOPG%SJWJOH5FTU5SBDLT r 5IF *OUFSOBUJPOBM $FOUSF GPS "VUPNPUJWF
5IF5SBOTQPSU%FQBSUNFOUJTIBWJOH%SJWJOH5FTU5SBDLT 5FDIOPMPHZ *$"5
.BOFTBS
)BSZBOBXBTBTLFE
JO BMM UIF EJTUSJDU IFBERVBSUFST
XIFSF UFTUJOH JT CFJOH UPQSFQBSFB%13GPSFTUBCMJTIJOH"54BDSPTTUIF
EPOFNBOVBMMZ5IFQSPQPTBMPGUIF4UBUF(PWUUPGVOE 4UBUF
UIF BVUPNBUJPO PG TVDI ESJWJOH UFTU USBDLT BU r 5IFEFUBJMTPGOPPGWFIJDMFTDPNJOHGPSGJUOFTTJO
$ I J U U P P S
" O B O U I B Q V S B N V
7 J T B L I B Q B U O B N FBDI%JTUSJDUBSFHJWFOUP*$"5BOECBTJOHPOUIF
(BNCIFFSBN
(BOOBWBSBN
(VOUVS
/FMMPSF
,VSOPPM
QPUFOUJBMJOFBDI%JTUSJDU
UIF*$"5QSFQBSFEUIF
5JSVQBUJ
BOE 1SPEEVUVS XJUI BO BNPVOUPG 3T DSPSF MBOF SFRVJSFNFOU BOE BDDPSEJOHMZ B %13 GPS
XBT BDDFQUFE CZ (P* BOE IBMG PG UIF BNPVOU XBT BMTP JOWJUJOHQSPQPTBMTGSPNWFOEPSTUPFTUBCMJTI"54
SFMFBTFECZUIF(P* JTQSFQBSFECZUIFN
" WFOEFS .T /JQVO /FU 4PMVUJPOT 1WU -UE IBT CFFO r "TQFSUIF*$"5DBMDVMBUJPOUIFSFJTBSFRVJSFNFOU
JEFOUJGJFEUISPVHIBUFOEFSQSPDFTTBOEUIFMPXFTUCJE PGMBOFTGPS-$7BOEMBOFTGPS)$7UFTUJOH
XBT GPS 3T DSPSF GPS EFWFMPQJOH UIF DFOUFST5IF BDSPTT UIF 4UBUF CBTFE PO UIF OP PG BOOVBM
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
GJUOFTT UFTUJOHT GPS MBLI -$7 BOE MBLI JNQSPWFNFOUTJOUIFRVBMJUZPGUSBWFMJOSVSBMBOEVSCBO
)$7
BSFBT CZ QSPWJEJOH OFXMZ EFTJHOFE PSEJOBSZ DPBDIFT
r *$"5TVCNJUUFEBESBGUUFOEFSEPDVNFOUGPSDJWJM i1BMMFWFMVHVw
6MUSB1BMMFWFMVHV
&YQSFTT6MUSB%FMVYF
DPOTUSVDUJPO
FRVJQNFOU TVQQMZ JOTUBMMBUJPO GPS SVSBM QBTTFOHFST
i7FOOFMB "$ 4MFFQFS
/JHIU 3JEFS
DPNNJTTJPOJOHBOEPQFSBUJPOPG"54JO"15IF "NBSBWBUJ
%PMQIJO DSVJTFS
(BSVEB 1MVT
(BSVEB
*OESB
WFOEPS XIP RVPUFT MFTTFS GFFT GPS UFTUJOH UIF 4VQFS -VYVSZ "$ BOE 4VQFS -VYVSZ CVTFT GPS MPOH
WFIJDMFTXJMMCFGJOBMJ[FEBTUIFTVDDFTTGVMCJEEFS EJTUBODF QBTTFOHFST
.FUSP -VYVSZ "$
i.FUSP %FMVYFw
i.FUSP &YQSFTTw BOE $JUZ 0SEJOBSZ CVTFT GPS VSCBO
r 5IFGJOBM%13XJMMCFTVCNJUUFEUP(PWFSONFOU QBTTFOHFST
BOE(SFFOi4BQUBHJSJ&YQSFTTwGPSHIBUSPBE
GPSBQQSPWBM QBTTFOHFSTGSPN5JSVQBUIJUP5JSVNBMB
5IF $PSQPSBUJPO IBT JOUSPEVDFE USFOE TFUUJOH r &WFSZ ESJWFS JT CFJOH TFOTJUJ[FE CZ UIF 5SBGGJD
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
TVQFSWJTPST CFGPSF HPJOH UP EVUZ BOE TFOJPS 3T DSPSFT VQUP .BS 5IF DPSQPSBUJPO IBT
ESJWFSTCPPLFEGPSTQFDJBMUZQFTFSWJDFT SFBMJ[FE3TDSPSFTPGDPNNFSDJBM3FWFOVFEVSJOH
UIFZFBSVQUP%FDDPNQBSFEUP3T
r 5IFBDDJEFOUTSBUFEVSJOHUIFZFBSVQUP
DSPSFTPGVQUP%FD
%FDFNCFS XBT OPPG BDDJEFOUT QFS
MBLIPQFSBUFE,NT*UJTUIFMPXFTUBDDJEFOUSBUF 4QFDJBM"DIJFWFNFOUT
XIFO DPNQBSFE UP PUIFS TUBUF 5SBOTQPSU
6OEFSUBLJOHTPGTJNJMBSTJ[F5IFSBUFPGBDDJEFOU 5P QSPNPUF (SFFO FOFSHZ
"1435$ JOEVDUFE
VQUP.BSDIJTQFSPOFMBLI,.TPQFSBUFEJO FMFDUSJD"$CVTFTJOBOENPSFCVTFT
UIFZFBSBOEJOUIFZFBS BSFMJLFMZUPJOEVDUCZ'FC
.&% EFQU SFDFJWFEi4,0$) "8"3%w VOEFS UIF
$FOUSBM$PNQMJBOU$FMM DBUFHPSZPGJOTUBMMBUJPOPG3PPG5PQ4PMBS1BOFMTBU
"1435$IBTFTUBCMJTIFEBY$FOUSBM$PNQMJBOU$FMMBU ,BLJOBEB
.BEBOBQBMMZ
/BOEZBM
$IJUUPPS #VT
1/#4 7JKBZBXBEBXJUIUPMMOVNCFSGSPN 4UBUJPOTGPSUIFZFBS
+VOF UP SFDFJWF BOE BUUFOE UP UIF FORVJSJFT BOE *5 EFQU SFDFJWFE *OEJBO &YQSFTT DPNQVUFST
DPNQMBJOUT PG JUT DVTUPNFST CZ FOHBHJOH USBJOFE i%JHJUBM 5FDIOPMPHZ 4BCIB "XBSEw VOEFS
QFSTPOOFM%BJMZPOBOBWFSBHFDBMMTBOEF.BJMT DBUFHPSZPGi*OUFSOFUPG5IJOHT *05
GPSPGGFSJOH
BSFBOTXFSFEUPUIFQVCMJDJOBTTJTUJOHUSBWFMMJOHQVCMJD $BTIMFTT USBOTBDUJPOT BOE QBQFSMFTT UJDLFUJOH
BOESFOEFSJOHJNNFEJBUFSFDUJGJDBUJPOPGQSPCMFNGBDFE GBDJMJUZwGPSGPVSZFBST
BOE
CZUIFNUPNBLFUIFJSKPVSOFZIBTTMFGSFFBOEUIFSFCZ BOE i4,0$) "8"3%w VOEFS UIF DBUFHPSZ PG
CVJMEJOHDPOGJEFODFPO"1435$'VSUIFS
DVTUPNFSDBMMT iJNQMFNFOUBUJPOPGEJHJUBMQBZNFOUTQMBUGPSNGPS
BOEBMFSUNFTTBHFTPOCSFBLEPXOT
BDDJEFOUT
NFEJDBM $JUJ[FO TFSWJDFT
BEWBODFE BOE DVSSFOU UJDLFU
FNFSHFODZ BOE XPNBO TBGFUZ SFDFJWFE UISPVHI CPPLJOHBOEQBZNFOUTUPWFOEPSTBOETVQQMJFSTw
BQTSUDMJWFUSBDLDPNBSFCFJOHNPOJUPSFEGPSJNNFEJBUF GPSUIFZFBS
OFDFTTBSZBTTJTUBODFUPPVSDVTUPNFST
5IFZFBSXJTFQFSGPSNBODFPG"1435$GSPNUP
%VSJOHUIF$PSQPSBUJPOIBTSFBMJ[FE3T JTHJWFOJO5BCMFCFMPX
DSPSFTPGDPNNFSDJBMSFWFOVFVQUP.BSDPNQBSFEUP
5BCMF0QFSBUJPOBM1FSGPSNBODFGPSUIFQBTU:FBSTGSPNUP 6QUP%FDFNCFS
1BSBNFUFS
6QUP
%FD
0QUE,NT
*O$ST
&1# *O3T
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
5BCMF"JSDSBGUBOEQBTTFOHFSTIBOEMFEGPSUIFMBTU4FWFOZFBST
&$0/0.*$*/'3"4536$563&
5BCMF:FBSXJTF%PNFTUJDBOE*OUFSOBUJPOBM"SSJWBMTBOEEFQBSUVSFTGSPNUP VQUPTU%FD
TU %FD
,BEBQB BJSQPSU JT UIF GJSTU BJSQPSU DPOOFDUFE VOEFS r $PNQMFUF MJHIUJOH PG UIF CPVOEBSZ XBMM BOE
)POPSBCMF 1SJNF .JOJTUFShT QSFTUJHJPVT QSPHSBNNF
DPOTUSVDUJPOPGTFDVSJUZIVUTDPNQMFUFE
i6EF%FTI,F"BN/BHBSJLw
POUI"QSJM
.T5SVKFU ,BEBQB"JSQPSUJTPOFPGUIFTFMFDUFEBJSQPSUTJO*OEJB
DPNNFODFEUIFGJSTUEBJMZGMJHIUPQFSBUJPOUP)ZEFSBCBE GPS '50 'MZJOH 5SBJOJOH 0QFSBUJPOT
BOE JT JO QSPDFTT
VOEFSUIF3$4BOEUIFSFBGUFSUP$IFOOBJ
7JKBZBXBEBBOE *OEJHP JT HPJOH UP TUBSU JUT TDIFEVMFE GMJHIU PQFSBUJPOT
UP#FMHBVNPO GSPN$IFOOBJo,BEBQBo7JKBZBXBEBo,BEBQBo$IFOOBJ
1SPKFDU 8PSL $PNNFODFE BU ,BEBQB "JSQPSU 5IF VOEFS TUBUF 3$4 XJUI UIF TVQQPSU PG "OEISB 1SBEFTI
GPMMPXJOHQSPKFDUXPSLUPGBDJMJUBUF"PQFSBUJPOT 4UBUF(PWFSONFOUTIPSUMZ%VSJOHSFDPSEFE
TFBUBJSDSBGU
IBTDPNNFODFEBU,BEBQBBJSQPSU BJSDSBGU NPWFNFOUT BOE UIF UPUBM QBTTFOHFST
NPWFNFOUTJT:FBSXJTF 1BTTFOHFS "SSJWBMTBOE
r 3VOXBZFYQBOTJPOBOETUSFOHUIFOJOHPGFYJTUJOH EFQBSUVSFTBSFHJWFOJO5BCMF
SVOXBZ N¨N
DPNQMFUFE
r &YUFOTJPO PG SVOXBZ MFOHUI GSPN N UP
N DPNQMFUFE 'JMF QSPDFTTFE UP %($" GPS
DPNNJTTJPOJOHUIFGBDJMJUZ
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5BCMF:FBSXJTF1BTTFOHFS"SSJWBMTBOEEFQBSUVSFTGSPNUP
"SSJWBM %FQBSUVSF 5PUBM 5PUBM"JSDSBGU
:&"3
1BTTFOHFS 1BTTFOHFS 1BTTFOHFST .PWFNFOUT
1SPQPTFE"DUJPO1MBO 4&"10354
r #IPHBQVSBN *OUFSOBUJPOBM "JSQPS U 5IF (PWFSONFOUJTFOWJTBHJOH1PSUMFEEFWFMPQNFOUPGUIF
DPODFTTJPO BHSFFNFOU XBT TJHOFE BOE UIF 4UBUF"OEISB1SBEFTIXIJDIIBTBMPOHDPBTUMJOFPG
DPODFTTJPOBJSFJTJOQSPDFTTPGGJOBODJBMDMPTVSF ,. BOE UIJT DPBTU MJOF XPVME USJHHFS UIF FDPOPNJD
5IF(PWUPG"1JTQSPQPTJOHUIF&YQSFTTXBZ EFWFMPQNFOUPGUIF4UBUF*UJTQMBOOFEUPEFWFMPQ"1BT
MBOFGSPNUIFDJUZUP#IFFNJMJCFBDIDPSSJEPSUP MPHJTUJD IVC BOE HBUFXBZ UP 4PVUI &BTU "TJB 5IF
DPOOFDUUIF*OUFSOBUJPOBM"JSQPSU (PWFSONFOUPG"1IBTFTUBCMJTIFEUIF"OEISB1SBEFTI
r %BHBEBSUIJ "JSQPSU 1SPKFDU5IF (PWFSONFOU PG .BSJUJNF #PBSE XJUI BO BJN UP FOTVSF SBQJE
"1JTXPSLJOHPOUPEFWFMPQB$BSHP)VCUPDBUFS EFWFMPQNFOU PG UIF QPSU TFDUPS BOE UIF PWFSBMM
UIF OFBSCZ EJTUSJDUT UP CPPTU UIF JOUFSOBUJPOBM EFWFMPQNFOU PG IJOUFSMBOE BOE PGGTIPSF BSFBT
USBEF0ODFUIFTUVEZJTNBEF
UIF"JSQPSUXJMMCF DPOOFDUFEUPQPSUVTFBOEJOEVTUSJBMJ[BUJPOJOQPSUBSFBT
EFWFMPQFE UP DBUFS CPUI QBTTFOHFST BOE UIF 0VU PG EJTUSJDUT PG "OEISB 1SBEFTI
BSF $PBTUBM
DBSHPCVTJOFTT EJTUSJDUT
r 0SWBLBMMV "JSQPSU 5IF "JSQPSU HPU CPUI %($" 5IF 4UBUF PG "OEISB 1SBEFTI IBT 0OF .BKPS 1PSU BU
MJDFOTFBOE#$"4BQQSPWBMGPSQVCMJDVTFBOEUIF 7JTBLIBQBUOBN VOEFS UIF BENJOJTUSBUJWF DPOUSPM PG
"1"%$-XPSLJOHUPXBSETCSJOHUIFDPNNFSDJBM (PWFSONFOU PG *OEJB BOE /PUJGJFE 1PSUT VOEFS UIF
"JSMJOFTUPTUBSUUIFPQFSBUJPOTBOEBMTPBDUJWFMZ DPOUSPMPG(PWFSONFOUPG"OEISB1SBEFTI
PVUPGXIJDI
QVSTVJOH UP CSJOH UIF 'MJHIU 5SBJOJOH BSF$BQUJWF1PSUT
0SHBOJ[BUJPO 5IF "1"%$- BMTP XPSLJOH UP
EFWFMPQBO"FSPUSPQPMJT "JSQPSUDJUZ
UIFDJUZPG 5IF&DPOPNZPG"OEISB1SBEFTIJTHSFBUMZEFQFOEFOUPO
UIF "JSQPSU XIJDI DPOTJTUT PG 3FTJEFOUJBM
EFWFMPQNFOUPG$PBTUBM%JTUSJDUTo#MVF&DPOPNZBOE
)PTQJUBMJUZ
)FBMUI DBSF BOE $PNNFSDJBM0GGJDF
DBO CF GVSUIFS FOIBODFE CZ EFWFMPQJOH QPSU CBTFE
8IPMFTBMF3FUBJM TIPQQJOH $BSHP #VTJOFTT
*OEVTUSJBM DMVTUFST (SFBUFTU BEWBOUBHF PG "1 $PBTU JT
TDIPPMT
$POWFOUJPO$FOUFSTBOE&OUFSUBJONFOU 5SBORVJM XBUFST %FFQ %FQUIT PG NFUFSFT BSF
SFDSFBUJPOBMUIFNFQBSLFUD BWBJMBCMFOFBSTIPSFJONBOZQMBDFTBOECPUI3BJMBOE
)JHIXBZTJUVBUFEOFBSBOEBMPOHUIFDPBTU
r 8BUFS"FSPESPNFBU1SBLBTBN#BSSBHF5PPCUBJO
DMFBSBODFT TJUF DMFBSBODF
JOQSJODJQMF BQQSPWBM /PO.BKPS1PSUTJO0QFSBUJPOJO"1
BOE FOWJSPONFOUBM DMFBSBODF
GSPN UIF
SFHVMBUPSZ BVUIPSJUJFT WJ[
.JOJTUSZ PG $JWJM ,BLJOBEB1PSU
"WJBUJPO
.JOJTUSZ PG &OWJSPONFOU
'PSFTUT
$MJNBUF$IBOHF ,BLJOBEB 1PSU JODMVEFT ,BLJOBEB "ODIPSBHF 1PSU BOE
,BLJOBEB%FFQ8BUFS1PSU,BLJOBEB"ODIPSBHF1PSUJT
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
5IF 5PUBM $PTU PG 1SPKFDU JT 3T $SPSFT XIJDI .BDIJMJQBUOBN1PSU
JODMVEFT%SFEHJOH
#SFBLXBUFS3FWFUNFOU
DPOTUSVDUJPO
PG #FSUIT POF GPS $PBM IBOEMJOH BOE PUIFS UXP UP 5IF1PSUJTCFJOHEFWFMPQFEVOEFS-BOE-PSE.PEFM5IF
IBOEMF (FOFSBM $BSHP
1PSU #VJMEJOHT
3PBE XPSLT
1PSUJTMPDBUFEJO,SJTIOB%JTUSJDU
3BJMXBZMJOF
1PSU$SBGUCFSUI
.JTDFMMBOFPVTFUD3FWFOVF (PWFSONFOU PG "OEISB 1SBEFTI IBT FTUBCMJTIFE
TIBSFPGJTUPCFQSPWJEFEUPUIF(PWFSONFOUGPSUIF .BDIJMJQBUOBN1PSU%FWFMPQNFOU$PSQPSBUJPO-JNJUFE
$PODFTTJPO QFSJPE PG ZFBST GSPN UIF $PNNFSDJBM GPS UIF EFWFMPQNFOU PG .BDIJMJQBUOBN 1PS U
0QFSBUJPOT%BUF
XIJDIJTFYUFOEBCMFCZQFSJPETPG (PWFSONFOU IBT BDDPSEFE 3FWJTFE "ENJOJTUSBUJWF
ZFBSTFBDI TBODUJPO GPS .BDIJMJQBUOBN 1PSU 1IBTF * XPSLT XJUI B
5IF%FWFMPQNFOUPGUIF1SPKFDUJTFOWJTBHFEPOBUPUBM UPUBM1SPKFDUDPTUPG3T$SPSFTXJUIBDPNQMFUJPO
MBOE BSFB PG
"DT PVU PG XIJDI "DT PG TFB QFSJPEPGNPOUIT
BDDSFUFE MBOE PXOFE CZ (PWFSONFOU TIBMM CF NBEF "OFYUFOUPG"DSFTPGMBOEJTFBSNBSLFEGPSUIFQPSU
BWBJMBCMFUPUIF$PODFTTJPOBJSFPOMFBTF&OWJSPONFOUBM 5IFQSPKFDUFEUSBGGJDJT.JMMJPO5POOFTCZXJUI
$MFBSBODF BOE MBOE GPS UIF 1SPKFDU JT JO QMBDF BDBQBDJUZPG.JMMJPO5POOFTJO1IBTF*5IFOPPGCFSUIT
$PODFTTJPOBJSF SFDFOUMZ BDIJFWFE GJOBODJBM DMPTVSF GPS BSF (FOFSBM
DPBM
UIF 1SPKFDU %FWFMPQNFOU XPSLT PG UIF 1PSU IBWF
DPNNFODFE .T.FHIB &OHJOFFSJOH BOE *OGSBTUSVDUVSFT -UE
)ZEFSBCBE IBT FNFSHFE BT TVDDFTTGVM CJEEFS GPS
3BNBZBQBUOBN EFWFMPQNFOU PG .BDIJMJQBUOBN 1PSU PO &1$ CBTJT
"HSFFNFOU IBT CFFO DPODMVEFE XJUI .T .FHIB
5IF1PSUJTCFJOHEFWFMPQFEVOEFS-BOE-PSE.PEFM5IF &OHJOFFSJOH BOE *OGSBTUSVDUVSFT -UE
)ZEFSBCBE PO
1PSUJTMPDBUFEJOQSFTFOU/FMMPSF%JTUSJDU(PWFSONFOUPG 1SFDPOTUSVDUJPO BDUJWJUZ XPSLT MJLF
"OEISB 1SBEFTI IBT FTUBCMJTIFE 3BNBZBQBUOBN 1PSU #BUIZNFUSZ TVSWFZ
5PQPHSBQIZ 4VSWFZ
(FPUFDIOJDBM
%FWFMPQNFOU $PSQPSBUJPO -JNJUFE GPS EFWFMPQNFOU PG *OWFTUJHBUJPOPGUIF1SPKFDUTJUFBSFVOEFSQSPHSFTT
3BNBZBQBUOBN 1PSU (PWFSONFOU IBWF BDDPSEFE
"ENJOJTUSBUJWF 4BODUJPO GPS 3T $SPSFT GPS #IBWBOBQBEV1PSU
EFWFMPQNFOU PG UIF 1PSU .T "&$0. $POTVMUJOH
&OHJOFFSTIBWFCFFOBQQPJOUFEBT1SPKFDU.BOBHFNFOU 5IF 1PSU JT MPDBUFE JO 4SJLBLVMBN %JTUSJDU BOE JT CFJOH
$POTVMUBOUTGPSUIF1SPKFDU EFWFMPQFE VOEFS -BOE -PSE .PEFM (PWFSONFOU PG
"OEISB 1SBEFTI IBT FTUBCMJTIFE #IBWBOBQBEV 1PSU
.T /BWBZVHB &OHJOFFSJOH $PNQBOZ -JNJUFE BOE %FWFMPQNFOU $PSQPSBUJPO -JNJUFE GPS EFWFMPQNFOU PG
"VSPCJOEP3FBMJUZ*OGSBTUSVDUVSF1SJWBUF-JNJUFE +7
JT #IBWOBQBEV 1PSU 5IF MBOE FBSNBSLFE GPS UIF 1PSU JT
UIF TVDDFTTGVM CJEEFS GPS %FWFMPQNFOU PG "DT "DT 4BMU MBOET
(PWFSONFOU BDDPSEFE
3BNBZBQBUOBN1PSUPO&1$CBTJT"HSFFNFOUIBTCFFO 3FWJTFE "ENJOJTUSBUJWF TBODUJPO GPS #IBWBOBQBEV 1PSU
DPODMVEFEXJUIUIFNPO1SPKFDUDPNQMFUJPO 1IBTF*GPS3T$SPSFTXJUIDBQBDJUZPG.5TJO
QFSJPEJTNPOUITGSPNUIFEBUFPGBHSFFNFOU&$IBT QIBTF*BOECFSUIT HFOFSBMCFSUITBOEDPBMCFSUI
CFFOPCUBJOFE$POTUSVDUJPOXPSLTBSFJOQSPHSFTT
5IF 1SPKFDUFE USBGGJD JT .JMMJPO UPOOFT CZ
"OFYUFOUPG"DSFTPGMBOEJTFBSNBSLFEGPSQPSUJT .T 7JTIXB4BNVESB 1PSUT +7
)ZEFSBCBE JT UIF
#BDLVQ BDSFT
1SPKFDUFE5SBGGJD XJMM CF .JMMJPO TVDDFTTGVMCJEEFSGPS%FWFMPQNFOUPG#IBWBOBQBEV1PSU
UPOOFTCZBOEXJUIDBQBDJUZPG.O5POTJO PO&1$CBTJT"HSFFNFOUIBTCFFODPODMVEFEXJUIUIFN
1IBTF*/PPG#FSUITBSF $PBM
DPOUBJOFSBOE.VMUJ PO1SPKFDUDPNQMFUJPOQFSJPEJTNPOUIT
Q V S Q P T F C F S U I
( P WF S O N F O U I B WF B D D P SE F E GSPN UIF EBUF PG BHSFFNFOU -BOE BDRVJTJUJPO BOE
"ENJOJTUSBUJWFTBODUJPOGPS3BNBZBQBUOBN1PSU1IBTF* QSPDFTTPGPCUBJOJOH&OWJSPONFOUBMDMFBSBODFBSFVOEFS
XPSLTXJUIBUPUBM1SPKFDUDPTUPG3T$SPSFTXJUIB QSPHSFTT
DPNQMFUJPO QFSJPE PG NPOUIT BOE UIF "HSFFNFOU
7BMVFJTBOBNPVOUPG3T$SPSFT
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
UIFSNBM DPBM FUD 5IF DBSHP IBOEMJOH DBQBDJUZ PG UIF *O "OEISB 1SBEFTI 4UBUF
UIFSF BSF 5FMFQIPOF
QSPKFDU JT .-5 QFS BOOVN 4P GBS .T"OSBL IBT OPU FYDIBOHFTIBWJOHMBLIMBOEMJOFDPOOFDUJPOT
UBLFOVQBOZEFWFMPQNFOU QVCMJDUFMFQIPOFDPOOFDUJPOT -PDBM45%
XJUI
MBLI XJSFMFTT TVCTDSJCFST QSF QPTU
%JTUSJDU XJTF
/J[BNQBUOBNBOE7PEBSFWV1PSUT UFMFQIPOFDPOOFDUJPOTBSFHJWFOJO"OOFYVSF
5IF 4UBUF (PWFSONFOU IBWF QSPQPTFE UP EFWFMPQ #BOLJOH
7PEBSFWV1PSUJO1SBLBTIBN%JTUSJDU/J[BNQBUOBN1PSU
JO #BQBUMB %JTUSJDU VOEFS 1VCMJD 1SJWBUF 1BSUJDJQBUJPO 5IFSF XFSF TDIFEVMFE CBOL PGGJDFT BU UIF FOE PG
.PEFPO#VJME
0XO
0QFSBUFBOE5SBOTGFS #005
CBTJT 4FQUFNCFS JO UIF TUBUF 5IF BHHSFHBUF EFQPTJUT
1SPKFDU EJE OPU UBLF PGG BT UIF NBUUFS JT CFJOH BNPVOUFEUP3T
DSPSFTBOEUPUBMCBOLDSFEJU
JOWFTUJHBUFECZ$#* FYUFOEFEXBTUPUIFPSEFSPG3T
DSPSFTVQUP
4FQUFNCFS5IFDSFEJUEFQPTJUSBUJPPGUIFCBOLTJO
*NQSPWFNFOUPGJOGSBTUSVDUVSFBUFYJTUJOH1PSU UIFTUBUFJTBTBHBJOTU3#*OPSNPG
%FWFMPQNFOU PG ,BLJOBEB "ODIPSBHF 1PSU 'BDJMJUJFT 5IFUPUBMQSJPSJUZTFDUPSBEWBODFTUP"EKVTUFE/FU#BOL
VOEFS4BHBSNBMB1SPHSBNNF $SFEJU "/#$
XBT3T
DSPSF
BHBJOTU3#*
OPSNPG"HSJDVMUVSBMBEWBODFTUP"EKVTUFE/FU#BOL
,BLJOBEB"ODIPSBHF1PSU ,"1
BUQSFTFOUIBOEMFTBCPVU
$SFEJUXFSF3T
DSPSFT
BHBJOTU3#*OPSN
.51"PGFYQPSU$BSHPXJUIFYJTUJOHNJOJNVNGBDJMJUJFT
PG/POGBSNTFDUPSBEWBODFTXFSF3T
*OPSEFSUPFOIBODFUIFDBQBDJUZPG,"1
"1.#
(PWUPG
DSPSFT XIJDI BDDPVOUFE GPS PG "/#$ 0UIFS
"1IBTUBLFOVQUIFXPSLPGi*NQSPWFNFOUPG,BLJOBEB
QSJPSJUZ TFDUPS BEWBODFT JODMVEJOH FYQPSU DSFEJU BSF BU
"ODIPSBHF1PSU'BDJMJUJFTwVOEFS4BHBSNBMB1SPHSBNNF
3T
DSPSFT GPSNJOH PG "/#$ 1SPGJMF PG
XJUI TVQQPSU PG 4BHBSNBMB %FWFMPQNFOU $PSQPSBUJPO
CBOLJOHJOTUJUVUJPOTJO"OEISB1SBEFTIBTPO
-JNJUFE 4%$-
JTHJWFOJO"OOFYVSF
"HSFFNFOU DPODMVEFE XJUI .T7JTIXB4BNVESB
)PMEJOHT 1WU -UE
)ZEFSBCBE PO XJUI
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
UFNQMFT5IFTUBUFIBTSJDIDVMUVSBMIFSJUBHFBOEJTLOPXO
5063*4. GPS JUT SJDI IJTUPSZ
BSDIJUFDUVSF BOE DVMUVSF "OEISB
5PVSJTN JT B USBWFM GPS QSFEPNJOBOUMZ SFDSFBUJPOBM PS 1SBEFTI JT UIF UPQ UPVSJTU EFTUJOBUJPO JO *OEJB 5IF
MFJTVSFQVSQPTFTPSUIFQSPWJTJPOPGTFSWJDFTUPTVQQPSU HPWFSONFOU IBT CFFO XPSLJOH UPXBSET EFWFMPQJOH
UIJTMFJTVSFUSBWFM5PVSJTNJTWJUBMGPSNBOZDPVOUSJFT
EVF "OEISB 1SBEFTI BT B QSFGFSSFE EFTUJOBUJPO GPS CPUI
UPUIFJODPNFHFOFSBUFECZUIFDPOTVNQUJPOPGHPPET JOUFSOBUJPOBMBOEEPNFTUJDUPVSJTUT
BOETFSWJDFTCZUPVSJTUT
UIFUBYFTMFWJFEPOCVTJOFTTFTJO
UIF UPVSJTN JOEVTUSZ
BOE UIF PQQPSUVOJUZ GPS "OEISB1SBEFTI5PVSJTN"VUIPSJUZ
FNQMPZNFOU JO UIF TFSWJDF JOEVTUSJFT BTTPDJBUFE XJUI 5IF "OEISB 1SBEFTI 5PVSJTN "VUIPSJUZ "15"
JT
UPVSJTN FNQIBTJ[JOH UIF QSPNPUJPO PG UPVSJTN XJUI B WJFX UP
5PVSJTNJO*OEJBIBTHSPXOCZMFBQTBOECPVOETPWFSUIF IBSOFTTJUTNVMUJQMJFSFGGFDUPOFNQMPZNFOU
FDPOPNJD
ZFBST
XJUIFBDISFHJPOPG*OEJBDPOUSJCVUJOHTPNFUIJOH HSPXUI BOE QPWFSUZ BMMFWJBUJPO JO BO FOWJSPONFOUBMMZ
UP JUT TQMFOEPVS BOE FYVCFSBODF5IF h*ODSFEJCMF *OEJBh TVTUBJOBCMFNBOOFS'PSGJSTUUJNFJOUIFTUBUF
JODFOUJWFT
DBNQBJHO XIJDI TIPXDBTFT UIF CFTU UIBU *OEJB IBT UP TVDI BT JOWFTUNFOU TVCTJEZ
TBMFT UBY
SPBE UBY
PGGFSUPUPVSJTUT
OPXDPNNBOETXPSMEXJEFBUUFOUJPO DPODFTTJPOFUD BSFQSPQPTFEGPSJOWFTUNFOUJO5PVSJTN
TFDUPS5IFTUBUFBMTPQSPBDUJWFMZJOJUJBUFETFWFSBMUPVSJTN
"OEISB 1SBEFTI IBT UIF EJTUJODUJPO PG CFJOH B MFBEJOH
QSPKFDUT
BTBSFTVMUTFWFSBMJNQPSUBOUUPVSJTNQSPKFDUT
UPVSJTN EFTUJOBUJPO JO *OEJB BOE JT QSFTFOUMZ
UIF UIJSE
TVDIBTCFBDIEFWFMPQNFOU
DJSDVJUUPVSJTN BDSPTTUIF
NPTU WJTJUFE 4UBUF JO UFSNT PG EPNFTUJD UPVSJTN 5IF
4UBUF
UPVSJTNSFTPSUTJO"SBLV
)PSTFMZIJMMT
EFTUJOBUJPO
(PWFSONFOUPG"OEISB1SBEFTIIBTBDDPSEFEQSJPSJUZUP
EFWFMPQNFOU BOE TFWFSBM PUIFS QSPKFDUT IBWF CFFO
5PVSJTN BOE IBT SFDPHOJ[FE JUT QPUFOUJBM BT B HSPXUI
VOEFSUBLFO
FOHJOFUIBUDBOBJEPWFSBMMFDPOPNJDEFWFMPQNFOUPGUIF
TUBUF"OEISB1SBEFTIJTBNPOHUIFWFSZGFXTUBUFTUIBU "EPQUFE )VC BOE TQPLF NPEFM GPS DPNQSFIFOTJWF
IBWF B EFGJOJUF QPMJDZ GPS UPVSJTN XJUI TFU HPBMT BOE B EFWFMPQNFOU PG UPVSJTN 5IF TUBUF JT EJWJEFE JOUP
NJOE TFU UP BDIJFWF UIFN 5IF TUBUF IBT B WBSJFUZ PG UPVSJTN EJWJTJPOT GPS DPODFOUSBUFE HSPXUI JO UPVSJTN
BUUSBDUJPOTJODMVEJOHCFBDIFT
IJMMTXJMEMJGF
GPSFTUTBOE TFDUPS
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
5IF(PWFSONFOUPG"1JTDPNNJUUFEUPXBSETUIFTPDJP TIBMMFOEFBWPVSUPQSPNPUFUIFTF"SUT$SBGUTUIBUGPSN
FDPOPNJD EFWFMPQNFOU PG UIF TUBUF BOE SFHBSET UIF VOJRVFJEFOUJUZGPSUIFTUBUFBOEDSFBUFBWFOVFTGPSUIFN
5PVSJTNTFDUPSBTPOFPGUIFLFZHSPXUIFOHJOFTGPSUIF UPUISJWF0OFPGUIFJOJUJBMTUFQTTIBMMCFUPJOUFHSBUFUIF
FDPOPNZ PG UIF TUBUF BOE DSVDJBM GPS FNQMPZNFOU MPDBM "SUT
$SBGUT DVJTJOF XJUI BMM JNQPSUBOU UPVSJTN
HFOFSBUJPO 5IF (PWFSONFOU PG "1 JOUFOET UP CVJME BDUJWJUJFTJOUIF4UBUF
XPSMEDMBTT UPVSJTN JOGSBTUSVDUVSF
BUUSBDU MBSHF TDBMF "15"XJMMFOEFBWPVSUPFTUBCMJTIFYQFSJFODFDFOUSFTBU
JOWFTUNFOUT
EFWFMPQVOJRVFQSPEVDUTBOEQPTJUJPOUIF FBDIPGUIFTFMPDBUJPOTUIBUTIBMMTFSWFBTUIFGPDBMQPJOU
TUBUFBTBQSFGFSSFEUPVSJTNEFTUJOBUJPO GPS DSFBUJPO PG FYQFSJFODFT BSPVOE UIF BSU DSBGU 5IF
DFOUSFTXJMMIBWFEJTQMBZBSFBTXJUIIJTUPSZPGUIFDSBGU
5IFNFCBTFE%FWFMPQNFOU FYQFSJFOUJBMBDUJWJUZBSFBTGPSUIFWJTJUPSTUPUSZUIFJSIBOE
(PWFSONFOU PG "OEISB 1SBEFTI DPOTJEFSJOH UIF BUUIFDSBGU
TPVWFOJSTIPQTBOECBTJDBNFOJUJFT
BCVOEBOU 5PVSJTN QPUFOUJBM JO UIF 4UBUF BOE BT UIF
"HSJ 5PVSJTN'BSNTUBZT "15" TIBMM FODPVSBHF GBSN
UPVSJTNJTBMBCPVSJOUFOTJWFTFDUPSBOEIBTTJHOJGJDBOU
PXOFSTUPDPOTUSVDUBDDPNNPEBUJPOJOUIFJSGBSNMBOET
NVMUJQMJFSFGGFDUPOFNQMPZNFOUJOSFMBUFETFDUPSTBOEBT
GPS UPVSJTUT UP FYQFSJFODF WJMMBHF MJGF BOE GBSNJOH5IF
JUFNQMPZFFTNPSFXPNFOBOEZPVUIUIBONPTUPGUIF
'BSNTUBZTXJMMCFMJTUFEPOEJHJUBMDIBOOFMTPG"15PVSJTN
PUIFS TFDUPST BQQSPWFE UIF i"OEISB 1SBEFTI 5PVSJTN
BOE QSPNPUFE 5IF IFMQFST HVJEFT TIBMM CF HJWFO
1PMJDZ
w UP BUUBJO TVTUBJOBCMF FDPOPNJD
USBJOJOHPOIPTQJUBMJUZBOEUPVSJTN
HSPXUIJOBOEBSPVOEUIF5PVSJTNEFTUJOBUJPO5IF1PMJDZ
XJMMCFJOGPSDFUJMMTU.BSDI
)FSJUBHF5PVSJTN
5IF5PVSJTN1PMJDZNBKPSMZGPDVTFTPOUIFNF .PEFSOJ[BUJPO3FOPWBUJPO5IFNPEFSOJ[BUJPOBOE
CBTFE EFWFMPQNFOU PG MVYVSZ SFTPSUT IPUFMT
SFOPWBUJPOFGGPSUTBU,POEBQBMMJ'PSUBOE#BQV.VTFVN
BNVTFNFOU QBSLT
.*$& $FOUFST BOE PUIFS UPVSJTN BSF QSJNF FYBNQMFT PG UIF QPUFOUJBM UIFTF IJTUPSJDBM
QSPKFDUTUPQSPNPUFTPDJPFDPOPNJDEFWFMPQNFOUJOUIF NPOVNFOUTIBWFUPQSFTFSWFUIFDVMUVSFBOEIFSJUBHFPG
TUBUF XIJMF QSBDUJDJOH BOE SFTQPOTJCMF UPVSJTN CZ UIF4UBUFBOEBMTPEFWFMPQJOUPNBKPSUPVSJTUBUUSBDUJPOT
DSFBUJOHFNQMPZNFOUJOSFMBUFETFDUPSTGPSXPNFOBOE
)FSJUBHF 4UBZT %FQU PG 5PVSJTN TIBMM FYQMPSF UIF
ZPVUI 5IF QPMJDZ IBT CFFO DSFBUFE BGUFS FYUFOTJWF
QPTTJCJMJUZPGDPOWFSTJPOPGUIFTFIFSJUBHFCVJMEJOHTJOUP
TUBLFIPMEFSJOUFSBDUJPOTXJUIUIFJOEVTUSZ
FYQFSUT
BOE
BDDPNNPEBUJPOVOJUTXIJMFFOTVSJOHQSFTFSWBUJPOBOE
MPDBM DPNNVOJUJFT UP JEFOUJGZ BOE BEESFTT BOZ
DPOTFSWBUJPOPGUIFTFNPOVNFOUT
TIPSUDPNJOHTPGUIFFBSMJFSQPMJDZ
)FSJUBHF8BMLT5PVST)FSJUBHFXBMLPS)FSJUBHF5PVSJT
5IF 1PMJDZ JEFOUJGJFE QPUFOUJBM OJDIF UPVSJTN
B DPODFQU UIBU IFMQT UP FYQMPSF UIF VOFYQMPSFE BOE
TFHNFOUTJOXIJDIBSFBTUIFUPVSJTNDBOCFEFWFMPQFE
OFHMFDUFESJDIOFTTPGBQMBDFBOEIFMQTJOEFWFMPQNFOU
5IFZ BSF 3VSBM 5PVSJTN
)FSJUBHF 5PVSJTN
#VEEIJTU
PGIJTUPSZ"15"TIBMMTFFLUPDPOEVDUIFSJUBHFXBMLTBOE
5PVSJTN
&DP 5PVSJTN
#FBDI 8BUFS CBTFE 5PVSJTN
UPVSTGPSTUVEFOUT
FOUIVTJBTUTBOEPUIFSTUBLFIPMEFSTCZ
"EWFOUVSF 3FDSFBUJPO 5PVSJTN
3FMJHJPVT 5PVSJTN
DPMMBCPSBUJOH XJUI FYQFSUT 4QFDJBM FNQIBTJT TIBMM CF
$VJTJOF 5PVSJTN
8FMMOFTT 5PVSJTN
.*$& 5PVSJTN "/%
HJWFOUPTLJMMEFWFMPQNFOUBDUJWJUJFTGPSUIFHVJEFTBUUIF
.FEJDBM5PVSJTN
NPOVNFOUTBOETJUFT
3VSBM5PVSJTN "DUJPO1MBO
"SUTBOE$SBGUT5IFTUBUFJTCMFTTFEXJUIVOJRVF"SUT r 1SPNPUF IFSJUBHF XBMLT
IFSJUBHF IPUFMT BOE
$SBGUT JO FBDI PG JUT EJTUSJDUT
QSPWJEJOH MJWFMJIPPET UP DVMUVSBMUPVSJTN
TFWFSBM UIPVTBOE DPNNVOJUJFT
TPNF PG XIJDI IBWF r %FWFMPQNVTFVNTJODPPSEJOBUJPOXJUI"4*BOE
CFFO QSBDUJDJOH UIFTF BSU GPSNT DSBGUT GPS TFWFSBM "SDIBFPMPHZ EFQBSUNFOU UISPVHI VQHSBEBUJPO
DFOUVSJFT5IFTFBSFUIFUSVFUFTUJNPOZUPUIFSJDIBODJFOU PG JOGSBTUSVDUVSF
BQQMJDBUJPO PG BVHNFOUFE
DVMUVSBMIFSJUBHFPGUIF4UBUF SFBMJUZ BOE WJSUVBM SFBMJUZ UP FOIBODF UPVSJTU
5ISPVHI EFWFMPQNFOU PG UPVSJTN QSPEVDUT
UIF TUBUF FYQFSJFODF
EFWFMPQNFOUPGTIPSUGJMNTUPEFQJDU
IJTUPSJDBMDVMUVSBMTJHOJGJDBODFFUD
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&DP5PVSJTN 3FMJHJPVT5PVSJTN
"OEISB 1SBEFTI JT CMFTTFE XJUI 5JHFS 3FTFSWF
*O"1NBOZJNQPSUBOUSFMJHJPVTTJUFTBSFGBNPVTBDSPTT
&MFQIBOU3FTFSWF
#JPTQIFSF3FTFSWF
/BUJPOBM1BSLT UIFXPSMEPUIFSTBSFQSPNJOFOUPOMZJO"OEISB1SBEFTI
BOE 8JMEMJGF 4BODUVBSJFT &DP 5PVSJTN TIBMM CF BOEOFBSCZTUBUFT5IFUPVSJTNFDPTZTUFNBSPVOEUIFTF
EFWFMPQFECZDSFBUJPOPGFYQFSJFODFTXIJDIIBWFMPX TJUFT JT XFMM EFWFMPQFE 5IF TJUFT TIBMM CF QSPNPUFE
JNQBDU PO FOWJSPONFOU BOE IJHIJOWPMWFNFOU PG UIF UISPVHI EPDVNFOUBUJPO BOE EJTTFNJOBUJPO PG IJTUPSZ
MPDBM DPNNVOJUJFT 5IF GPDVT TIBMM CF PO SFTQPOTJCMF BOE GBJUI TVSSPVOEJOH UIFTF TJUFT BOE DSFBUJPO PG UPVS
UPVSJTNUPFOTVSFUIFCFOFGJUTBSFDBTDBEFEEPXOUPIPTU QBDLBHFTUPUIFTFTJUFT
GSPNBDSPTTUIFDPVOUSZ3PBE
DPNNVOJUJFT UP GPTUFS JODMVTJWF EFWFMPQNFOU 4BGF TIPXTTIBMMCFDPOEVDUFEJOBMMUIFQSPNJOFOUDJUJFTPG
USFLLJOH SPVUFT TIBMM CF DSFBUFE BOE EPDVNFOUFE5IF UIF DPVOUSZ UP FNQBOFM UPVS PQFSBUPST BOE QSPNPUF
SPVUFT TIBMM IBWF TUFQT
NBSLJOHT
BNFOJUZ DFOUSFT BT SFMJHJPVTUPVSJTNQBDLBHFT
OFDFTTBSZ 'PSFTU SFHJPOT PG 47 /BUJPOBM 1BSL
1BQJLPOEBMV 8JMEMJGF 4BODUVBSZ
/BMMBNBMB 8JMEMJGF $VJTJOF5PVSJTN
4BODUVBSZ BOE "SBLV TIBMM CF GPDVT BSFBT $BQBDJUZ "OEISB 1SBEFTI 5PVSJTN TIBMM TFFL UP EFWFMPQ BOE
CVJMEJOH BDUJWJUJFT TIBMM CF VOEFSUBLFO GPS USBJOJOH PG QSPNPUF UPVSJTU DJSDVJUT UIBU TIPXDBTF UIF VOJRVF
MPDBMZPVUIBTHVJEFT DVJTJOF PG UIF 4UBUF BOE TIBMM BMTP FOEFBWPVS UP
DPMMBCPSBUFXJUI$PGGFF#PBSEPG*OEJBUPEFWFMPQ"OEISB
#FBDIBOE8BUFS#BTFE5PVSJTN 1SBEFTI BT *OEJBhT MFBEJOH $PGGFF 5PVSJTN EFTUJOBUJPO
"OEISB1SBEFTIIBT,NTMPOHDPBTUMJOFUIBUIPTUT UISPVHIEFWFMPQNFOUPGDPGGFFUPVSJTNQBDLBHFT
TPNF PG UIF NPTU CFBVUJGVM CFBDIFT JO UIF XPSME
3VTIJLPOEB #FBDI XBT SFDFOUMZ BXBSEFE UIF NVDI 8FMMOFTT5PVSJTN
DPWFUFE #MVF GMBH DFSUJGJDBUJPO#FBDI BOE XBUFSCBTFE 8FMMOFTT UPVSJTN JT POF PG UIF GBTUHSPXJOH GPSNT PG
UPVSJTNJTPOFPGUIFNPTUQSFGFSSFEGPSNTPGUPVSJTNJO UPVSJTN UIBU BUUSBDUT EPNFTUJD BOE GPSFJHO UPVSJTU
UIF4UBUF(P"1TIBMMTUSJWFUPGVSUIFSEFWFMPQCFBDIBOE TFFLJOH TQJSJUVBM TPMBDF *OEJB
CFJOH UIF MBOE PG:PHB
XBUFSCBTFEUPVSJTNJOUIF4UBUFUISPVHITFWFSBMBDUJWF
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
&BTFPG%PJOH#VTJOFTT &P%#
XIJDIIBWFCFFOTIPSUMJTUFE
5IF 5PVSJTN %FQBSUNFOU IBT SFEFTJHOFE UIF QPSUBM "OEISB 1SBEFTI 5PVSJTN %FWFMPQNFOU
FOBCMJOHUIF*OWFTUPSTUPBDDFTTUIFh4JOHMF%FTL1PSUBMh
PGUIF*OEVTUSJFT%FQBSUNFOU5IF*OWFTUPSTDBOSFHJTUFS
$PSQPSBUJPO "15%$
&$0/0.*$*/'3"4536$563&
*OPSEFSUPJNQMFNFOUUIF5PVSJTN.JTTJPOTUSBUFHZBOE JOUIFTUBUF"15%$CVJMETUIFTFIPUFMTGSPNUIFGVOET
UIFOJOFNBKPS5PVSJTNUIFNFTPGGFSFEBTQFS"15PVSJTN HFOFSBUFE UISPVHI JUT PXO PQFSBUJPOT BOE UIF GVOET
1PMJDZ
UIFGPMMPXJOHIBTCFFOMBJEEPXOBTUIFLFZ SFDFJWFEGSPNDFOUSBMBOETUBUFHPWFSONFOU
HVJEJOHQSJODJQMFT
r &OBCMJOHBDPOEVDJWFFOWJSPONFOUGPSTFUUJOHVQ
5PVS1BDLBHFT
BOE PQFSBUJOH UPVSJTN JOGSBTUSVDUVSF QSPKFDUT "15%$ SVOT B DIBJO PG IPUFMT BOE SFTUBVSBOUT BOE
BOETFSWJDF QSPWJEJOH RVBMJUZ BDDPNNPEBUJPOBOE GPPE UPVSJTUT BU
r *ODFOUJWF UP FODPVSBHF BOE QSPNPUF QSJWBUF JNQPSUBOU MPDBUJPOT IPUFMT XJUI BSPVOE SPPNT
JOWFTUNFOUT BOE CFE TUSFOHUI JO QSJNF MPDBUJPOT GPTUFSJOH
IPNFMZ BNCJFODF QBDLBHFT5IF DPSQPSBUJPO PQFSBUFT
r *OEVTUSZTUBUVTGPS5PVSJTN*OGSBTUSVDUVSF1SPKFDUT BOJNQSFTTJWFGMFFUPGCVTFTUIBUDPOOFDUJNQPSUBOU
GPSTQFDJGJFEQVSQPTFT UPVSJTN MPDBUJPOT XJUIJO BOE PVUTJEF UIF TUBUF "15%$
r $PNQSFIFOTJWFTLJMMTEFWFMPQNFOUBOEDBQBDJUZ IBT TUBSUFE B 3FTUBVSBOU XJUI TFBUJOH DBQBDJUZ BU
CVJMEJOHJOUIF5PVSJTN4FDUPS 5JSVNBMBBOE/FXCBSTBUWBSJPVTMPDBUJPOBDSPTTUIF
r .BSLFUJOHBOE#SBOEJOHPGUIFTUBUFBTBHMPCBMMZ TUBUFPG"15IF$PSQPSBUJPOSVOTUPVSQBDLBHFTGSPN
SFDPHOJTFE UPVSJTN EFTUJOBUJPO BOE GBDJMJUBUJOH WBSJPVTMPDBUJPOT
JOWFTUNFOUT UISPVHI B EFEJDBUFE JOWFTUNFOU
QSPNPUJPOUFBN
#PBUJOH 8BUFS 'MFFU #PBUJOH $POUSPM
30.4
0QFSBUJPOTPG"15%$ "OEISB1SBEFTIIBTCFFOCMFTTFEXJUIIVOESFETPGLNT
"15%$ PQFSBUJPOT BSF NBJOMZ )PUFMT BOE 3FTPSUT
PGSJWFSBOEDPBTUMJOF5PDBUFSUPUIFUPVSJTUTXIPTFFL
$BUFSJOH
#BS BOE SFTUBVSBOUT
5PVS 1BDLBHFT 0O MFJTVSF SJEFT PO CPBUT BOE WFTTFMT
"15%$ PXOT BOE
EFNBOE UPVST
#PBUJOH 8BUFS 'MFFU
"EWFOUVSF PQFSBUFT B XBUFS GMFFU 5IF XBUFS GMFFUT BWBJMBCMF XJUI
BDUJWJUJFT
4PVOE
-JHIU
-BTFS 4IPX BOE 3PQFXBZ "15%$ BSF MPDBUFE BU 3VTIJLPOEB
3BKBINVOESZ
1VCMJD 1SJWBUF 1BSUOFSTIJQ CBTFE 1SPKFDUT5IF 4JOHBOBQBMMJ
1FSOUBMBQBMMJ
1PMBWBSBN
(BOEJQPDIBN
EFQBSUNFOUIBTCVJMUIPUFMTBOESFTPSUTBUWBSJPVTQMBDFT 7JKBZBXBEB
/BHBSKVOB4BHBSBOE4SJTBJMBN
&$0/0.*$*/'3"4536$563&
UFOEFSTGPSUIFQSPKFDU
#IBWBOJ*TMBOEJTBMBSHFSJWFSJTMBOEOFBS7JKBZBXBEBJO
*OBEEJUJPO
UIFQSPQFSUJFTCVJMUCZUIFDPSQPSBUJPOXIJDI ,SJTIOB3JWFS5IJTJTMBOEJTBVOJRVFHJGUPGOBUVSFBOEJT
BSFOPUHJWJOHBHPPESFUVSOBSFBMTPQSJWBUJ[FEBOEHJWFO NPTU BQQSPQSJBUF UP CF EFWFMPQFE BT B NBKPS UPVSJTU
UPUIFJOUFSFTUFEQBSUJFTGPSBMFBTFSFWFOVFTIBSF5IJT EFTUJOBUJPOBOETPGPSNFEB4QFDJBM1VSQPTF7FIJDMFUIF
BEETUPUIFDBTIGMPXTPGUIFEFQBSUNFOUMBOEMFBTF i#IBWBOJ*TMBOE5PVSJTN$PSQPSBUJPO #*5$
w
QSPKFDUTBSFJOFYJTUFODF
5IF BDUJWJUJFT XFSF QSPWJEFE BT QBSU PG DSFBUJPO PG
*OGPSNBUJPO3FTFSWBUJPO4ZTUFN JOGSBTUSVDUVSF BOE PUIFS EFWFMPQNFOUBM BDUJWJUJFT UP
NBLF UIF #IBWBOJ*TMBOE B NBKPS UPVSJTU EFTUJOBUJPOJO
"15%$FTUBCMJTIFE*OGPSNBUJPO3FTFSWBUJPO0GGJDFTJO
7JKBZBXBEB
BOE PVUTJEF UIF 4UBUF GPS UIF DPOWFOJFODF PG UPVSJTUT
WJTJUJOH "OEISB 1SBEFTI UP QSPNPUF "1 5PVSJTN "DIJFWFNFOUT
BDUJWJUJFT5IF$FOUSBM3FTFSWBUJPO0GGJDFTBSFMPDBUFEBU "HSFFNFOUTBSFDPNQMFUFEGPSEFWFMPQNFOUPG0CFSPJ
7JTBLIBQBUOBN
7JKBZBXBEB BOE 5JSVQBUIJ 5IF 4UBS)PUFMTVOEFS111BUEJGGFSFOUMPDBUJPOTXJUIBO
*OGPSNBUJPO 3FTFSWBUJPO PGGJDFT BSF MPDBUFE BU FTUJNBUFEDPTUPG3T$SXIJDIXJMMHFOFSBUFUPUBM
3BKBNBIFOESBWBSBN
1BSZBUBL #IBWBO
)ZEFSBCBE
FNQMPZNFOUGPSBCPVU
130+&$51FSVSV 7
5JSVQBUJ130+&$5"OOBWBSBN 7
#IFFNJMJ
130+&$5(BOEJLPUB 7
130+&$5)PSTFMZ)JMMT 7
#,PUUBLPUB
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
*/'03."5*0/5&$)/0-0(:
$PNNVOJDBUJPOT*OGSBTUSVDUVSFXJOH
&-&$530/*$4$0..6/*$"5*0/4
B
"14PGUXBSF%FGJOFE8JEF"SFB/FUXPSL
5IF4UBUFPG"OEISB1SBEFTIQSPWJEFTSJHIUDMJNBUFGPS
"14%8"/
UIFHSPXUIPG*5CVTJOFTTBOEJTEFWFMPQJOHPOFPGUIF
NPTUQSFGFSSFEEFTUJOBUJPOTJOUIF$PVOUSZ5IF4UBUFPG "OEISB1SBEFTI4UBUF8JEF"SFB/FUXPSL "148"/
JT
"OEISB1SBEFTIJTQPJTFEUPXBSETDSFBUJOHBCFODINBSL UIF CBDL CPOF OFU XPSL GPS EBUB
BOE WJEFP
JO *OGPSNBUJPO $PNNVOJDBUJPO 5FDIOPMPHZ *$5
DPNNVOJDBUJPOT UISPVHIPVU UIF 4UBUF DPOOFDUJOH UIF
FOEPXFEXJUIBIJHIRVBMJUZTUBUFPGUIFBSUQIZTJDBM 4FDSFUBSJBU
%JTUSJDU $PMMFDUPSBUFT
BOE .BOEBM
DPNNVOJDBUJPO JOGSBTUSVDUVSF PG JOUFSOBUJPOBM )FBERVBSUFST5IF(P-JWFPGUIFQSPKFDUXBTEFDMBSFE
TUBOEBSET
IBSOFTTFE IVNBO SFTPVSDFT
BOE QSPBDUJWF GSPN *O UIF WFSUJDBM DPOOFDUJWJUZ
UIF
CVTJOFTTGSJFOEMZQPMJDJFTPGUIF(PWFSONFOU5IFTUBUF "148"/IBTSFEVOEBOUQPJOUUPQPJOUMJOLT .CQT
(PWFSONFOU DPNNJUUFE GPS *5 FDPTZTUFN *5 4FSWJDFT
GSPN#4/-BOE/,/VQUP%)2"MM%JTUSJDU)FBE2VBSUFST
&MFDUSPOJD .BOVGBDUVSJOH "TTFNCMJOH IBT %)2T
BSFDPOOFDUFEXJUIDPSSFTQPOEJOH.BOEBM)FBE
TUSFOHUIFOFE UIF "1 &MFDUSPOJDT BOE *OGPSNBUJPO 2VBSUFST .)2T
XJUI.CQT1SFTFOUMZUIFSFBSFNPSF
5FDIOPMPHZ"HFODZ "1&*5"
GPSQSPNPUJOHUIFTUBUFBTB UIBOIPSJ[POUBMPGGJDFTDPOOFDUFEUP48"/BDSPTT
QSFGFSSFE EFTUJOBUJPO "OEISB 1SBEFTI HPWFSONFOU UIF4UBUF"MTP
/,/(CQTJOUFSOFUMJOLJTUFSNJOBUFEBU
GJSNMZ CFMJFWFT UIBU UFDIOPMPHZ GPDVT XJMM DBSWF B XBZ "148"/4)25PQSPWJEFCFUUFSOFUXPSLBWBJMBCJMJUZBOE
GPSXBSEGPSUIF4UBUFPG"OEISB1SBEFTI DPOOFDUJWJUZ
*5
&$ %FQBSUNFOU QSPQPTFE UP VQHSBEF
UIF"148"/UP"14PGUXBSF%FGJOFE8"/ "14%8"/
'VODUJPOTPGUIF%FQBSUNFOU
BOE CBOEXJEUIT BU 4)2
4%$
%)2T
.)2T BOE )P%T
r 1PMJDZEFWFMPQNFOUoSFMFBTFCFTUJODMBTTQPMJDZ MPDBUJPOT
GSBNFXPSL
"14%8"/ $POOFDUJWJUZ
UIF "14%8"/ CBOEXJEUI JT
r *OWFTUNFOU QSPNPUJPO JO *5 BOE &MFDUSPOJDT VQHSBEFE UIF QSJNBSZ CBOEXJEUI .1-4
PG (CQT BU
TFDUPST UP BUUSBDU JOWFTUNFOUT BOE HFOFSBUF 4)2BOE4%$
.CQTBU%)2T
.CQTBU)P%T
FNQMPZNFOU .CQTBU.)2
r F(PWFSOBODF DPODFQUVBMJ[F BOE JNQMFNFOU
WBSJPVT FHPWFSOBODF JOJUJBUJWFT UP NBLF C
7JEFP$POGFSFODF'BDJMJUZ 7$'
&$0/0.*$*/'3"4536$563&
D
"OEISB1SBEFTI4FDSFUBSJBU$BNQVT"SFB F1SPDVSFNFOU
/FUXPSL "14$"/
XXXBQFQSPDVSFNFOUHPWJO
"OEISB 1SBEFTI 4FDSFUBSJBU $BNQVT "SFB /FUXPSL 5IF QSPKFDU IBT EFMJWFSFE EFNPOTUSBCMF JNQBDU JO
"14$"/
JT UIF TUBUF PG BSU UFDIOPMPHZ QSPKFDU PG "1 JNQSPWJOH UIF FGGJDJFODZ PG (PWFSONFOU FOUJUJFT JO
(PWFSONFOU DPOOFDUJOH 4JY
CVJMEJOHT BU *($
EFBMJOH QSPDVSFNFOU USBOTBDUJPOT
FMJNJOBUFE
7FMBHBQVEJ DPOTJTUJOH PG (SPVOE GMPPS JO FBDI TVCKFDUJWJUZJOFWBMVBUJPO
EFMJWFSFERVBOUJGJBCMFDPTU
CVJMEJOH "14$"/ JT POF PG UIF MBSHF DBNQVT BSFB UJNF TBWJOHT
BOE TJHOJGJDBOUMZ JNQSPWFE UIF
OFUXPSLT
XIJDIDPOOFDUNPSFUIBOOPEFTPOUIF USBOTQBSFODZ5IF(P"1JTJNQMFNFOUJOHF1SPDVSFNFOU
OFUXPSLGPSEBUB5IFSFBSFUXP
IVCSPPNTJOFBDI QSPKFDU BT B DPSF F (PWFSOBODF JOJUJBUJWF BOE JT
GMPPS DPOTJTUJOH PG BDDFTT TXJUDIFT JO TUBDL5IF FOUJSF TVDDFTTGVMMZ JO PQFSBUJPO TJODF 4P GBS
DBNQVT JT 8J'J FOBCMFE XJUI DFOUSBMJ[FE XJSFMFTT UFOEFST BSF GMPBUFE XJUI UPUBM WBMVF PG 3T
DPOUSPMMFST BOE """ TPMVUJPO(CQT TIBSFE JOUFSOFU JT DSPSFTPOUIJTFQSPDVSFNFOUQPSUBMVQGSPN
BWBJMBCMF GPS UIF TFSWFST BOE VTFST UISPVHI XJSFE BOE UP+BOVSBZJOUIF':
XJSFMFTT EFWJDFT 5IFSF JT B /FUXPSL 0QFSBUJOH $FOUSF
/0$
MPDBUFEBU#VJMEJOH "VDUJPO4ZTUFN
5IF(PWFSONFOUIBTJTTVFEPSEFSTUPJNQMFNFOUPGUIF
E
"14UBUF%BUB$FOUFS "14%$
h,POVHPMVhQPSUBMGPSQSPWJEJOHF"VDUJPOTFSWJDFTUP"MM
"14UBUF%BUB$FOUFSXBTCVJMUVOEFS/F(14DIFNF (P*
(PWFSONFOU%FQBSUNFOUT
146T
4PDJFUJFT
-PDBM#PEJFT
BU (BDIJCPXMJ
)ZEFSBCBE GPS UIF *5 OFFET PG BMM UIF BOE PUIFS *OTUJUVUJPOT PG "OEISB 1SBEFTI JO QMBDF PG
EFQBSUNFOUT PG UIF 4UBUF (PWFSONFOU DPNQMZJOH UP FYJTUJOH QMBUGPSN PG .T .45$ XJUI 'PSXBSE BVDUJPO
5JFS ** 4UBOEBSET VQUJNF
"14%$ JT CFJOH DIBSHFTBU QFSDFOU
NBYJNVN3T
QMVT
TIBSFE CZ CPUI UIF "OEISB 1SBEFTI BOE 5FMBOHBOB TFSWJDF UBY BOE PUIFS UBYFT
BOE 3FWFSTF BVDUJPO
4UBUFT*UQSPWJEFTTVQQPSU*OGSBTUSVDUVSFGPS1PXFS
"$
USBOTBDUJPO GFF BU NBY 3T
QFS MPU QMVT
614
BOE (FOFSBUPST FUD
/FUXPSL *OGSBTUSVDUVSF
TFSWJDFUBYBOEPUIFSUBYFT
5IFEPNBJOPGh,POVHPMVh
4FDVSJUZ *OGSBTUSVDUVSF
.BOBHFNFOU *OGSBTUSVDUVSF
QPSUBMJThLPOVHPMVBQHPWJOh
%JTBTUFS 3FDPWFSZ 4FUVQ
$PNQVUFS *OGSBTUSVDUVSF BOE
"VDUJPOT JODMVEJOH 3FWFSTF "VDUJPOT IBWF CFFO
4UPSBHF*OGSBTUSVDUVSF
QVCMJTIFEEVSJOH VQUP+BOVBSZ
'SPN
*5&$%FQBSUNFOUFTUBCMJTIFE"14%$
"NBSBWBUJBU1J UP
TP GBS UPUBM BVDUJPOT IBWF CFFO
%BUB $FOUFST "U QSFTFOU SBDLT BSF CFJOH VTFE GPS QVCMJTIFEPGXIJDIBSFSFWFSTFBVDUJPOT
"14%$
5IF*5JOGSBTUSVDUVSFIPTUFEUIFBQQMJDBUJPOTGPSGMBHTIJQ 3FWFSTF5FOEFSJOH
QSPHSBNT MBVODIFE CZ UIF (PWFSONFOU BOE SVOOJOH 5IF(PWFSONFOUJTTVFE(0.T/P
83%FQBSUNFOU
TVDDFTTGVMMZBU"14UBUF%BUB$FOUFS "14%$
WJ[(SBNB %U UP JNQMFNFOU 5FOEFSDVNSFWFSTF
8BSE 4BDIJWBMBZBN
(SBNB 7PMVOUFFS
:43 3ZUIV BVDUJPOJOH QSPDFTT PS 3FWFSTF UFOEFSJOH QSPDFTT GPS
#IBSPTB
:431FMMJ,BOVLB
:43,BOUJ7FMVHV
4QBOEBOB
UIF POHPJOH XPSLT BOE UFOEFSJOH QSPDFTT GPS GSFTI
/BWBTBLBN
+BHBOBOOB "NNBWPEJ
+BHBOBOOB XPSLT 3FWFSTF 5FOEFSJOH JOJUJBUJWF PG UIF TUBUF
(PSVNVEEB
/BWBSBUOBMV )PVTF TJUFT
4BOE 4BMF HPWFSONFOU IBT TBWFE 3T
$SPSFT
UISPVHI
NBOBHFNFOU .POJUPSJOH 4ZTUFN 44..4
4BOE
7FIJDMF5SBDLJOH4PMVUJPO 4754
4DIPPM5SBOTGPSNBUJPO
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
WBSJPVT TUSBUFHJFT BOE NFUIPEPMPHJFT BEPQUFE VOEFS (PWFSOBODFh 5IF EFQBSUNFOU JT ESJWJOH UIF GPMMPXJOH
UIJTJOJUJBUJWFXJUIBOPWFSBMM1FSDFOU4BWJOHT5JNFMZ FYJTUJOHVQDPNJOHQSPKFDUT
$PEF3FWJFX"VEJUTCZ"154BOE3FHVMBS4FDVSJUZ"VEJUT F0GGJDF "T QFS %JTUSJDU SFPSHBOJ[BUJPO UIF OFX
CZ"1$40$JTBTUBOEBSEGFBUVSFPGF(PWFSONFOUJOUIF EJTUSJDUTF0GGJDFJOTUBODFTBSFDSFBUFEBOENBQQFEUIF
TUBUF FNQMPZFFT GSPN PME EJTUSJDU UP OFX EJTUSJDU $VSSFOUMZ
UIFSF BSF F0GGJDF JOTUBODFT %JTUSJDUT 4UBUF
1SPNPUJPOXJOH
JOTUBODF
5IF (PWFSONFOU PG "OEISB 1SBEFTI (P"1
IBT
F4JHO F4JHO JT CFJOH JNQMFNFOUFE JO BMM %JTUSJDU
JEFOUJGJFE *OGPSNBUJPO 5FDIOPMPHZ *5
BOE *5 FOBCMFE
JOTUBODFT %JHJ -PDLFS QMBUGPSN JT JNQMFNFOUFE JO UIF
4FSWJDFT *5F4
BTXFMMBT&4%.TFDUPSTBTQSJPSJUZBSFBT
EFQBS UNFOUT WJ[ %JSFDUPSBUF PG (PWFSONFOU
GPS HFOFSBUJOH MPDBM FNQMPZNFOU GPS UIF DJUJ[FOT PG
&YBNJOBUJPOT 44$ # PBSE
UI $FS UJGJDBUF
"OEISB 1SBEFTI 5P UIJT FYUFOU
UIF EFQBSUNFOU IBT
(7877484
$JWJM 4VQQMJFT %FQBSUNFOU
/BUJPOBM
VOEFSUBLFOTFWFSBMJOJUJBUJWFTGPSQSPNPUJOHUIF4UBUFBT
"DBEFNJD %FQPTJUPSZ /"%
GPS 6OJWFSTJUJFT
BOE
BQSFGFSSFEJOWFTUNFOUEFTUJOBUJPOGPSUIF*5*5F4BOE
."6%
&MFDUSPOJDTNBOVGBDUVSJOHTFDUPST
5IFPUIFSNBKPSF(PWFSONFOUJOJUJBUJWFTBSF
5IF*5&$EFQBSUNFOUIBTJTTVFEUIF"1*51PMJDZ
BOEUIF"1&MFDUSPOJDT1PMJDZUPQSPNPUFUIF B 6OJGJFE .PCJMF "QQMJDBUJPO GPS /FXBHF
JOWFTUNFOUBOEJODFOUJWJ[FUIFNUPTFUVQPQFSBUJPOTGPS (PWFSOBODF 6."/(
*OUFHSBUFE ."6%
FDPOPNJD EFWFMPQNFOU BOE FNQMPZNFOU BOE 1SPQFSUZ 5BY
7BDBOU -BOE 5BY
5SBEF -JDFOTF
TVTUBJOBCMFXPSLJOH TFSWJDFT
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
*ODVCBUJPO $FOUFST5P QSPNPUF 4UBSUVQ &DP4ZTUFN JO $BTFT XJUI *OEJBO *OTUJUVUF PG *OGPSNBUJPO5FDIOPMPHZ
"1
TFWFSBMXPSLTIPQTXFSFDPOEVDUFE BMPOHXJUI %FTJHO
BOE .BOVGBDUVSJOH
,VSOPPM
$P& PO 'BCMBC
JODVCBUPST BU "1 *OOPWBUJPO 4PDJFUZ "1*4 JOJUJBUFE XIJDIJTCFJOHTVQQPSUFECZ**55JSVQBUJ *OEJBO*OTUJUVUF
*ODVCBUPST*OEVTUSJFT$POOFDUXPSLTIPQJO.P6T PG5FDIOPMPHZ
5JSVQBUJ
FYDIBOHFE CFUXFFO *ODVCBUPST BOE "1*4 UP QSPNPUF 4DIFNFT
BDUJWJUJFT PG UIF 4UBSUVQ &DPTZTUFN BDSPTT "OEISB
1SBEFTI 5IF 4UBSUVQT XJMM CF FODPVSBHFE UP BQQMZ GPS UIF
GPMMPXJOH$FOUSBM(PWU4DIFNFT
%FWFMPQ*ODVCBUJPO&OBCMFST0VSQSJNBSZFOBCMFSBOE
r 5*%& &YFDVUFE BOE $PIPSU IBT CFFO 0O
"5"-*ODVCBUJPO$FOUFSo4,6
"OBOUBQVSBNIBTCFFOJO
CPBSE
UIF BDUJWJUZ PG /VSUVSJOH TUBSUVQT VOEFS "1*4 7JTJPO
&YUFOEJOH UIF .JTTJPO UP NFOUPS BOE DSFBUF FOBCMFST r "QQMJFEGPS4UBSUVQ*OEJB4UBSUVQT*OEJB4FFEGVOE
4,6"*$BOE"1*4JOJUJBUFEBQSPHSBNOBNFE*(/*5&5IF 4DIFNF 4*4'
"1*4+PJOUMZ$PMMBCPSBUFEQBSUOFSFEXJUI r 5FMFDPN5FDIOPMPHZ%FWFMPQNFOU'VOE
r *OEJBO*OTUJUVUFPG1FUSPMFVNBOE&OFSHZ **1&
UP r "OEISB 1SBEFTI *OOPWBUJPO 4PDJFUZ IBT CFFO
DPOEVDU$PIPSU.BTUFS$MBTTPO&OFSHZXJUI TFMFDUFEBTBQBSUOFSJODVCBUPSXJUI*OOPWBUJPOT
TUBSUVQTBOE*ODVCBUPST GPS%FGFODF&YDFMMFODF J%&9
r :FQQ"3 IBE B TFTTJPO PO $PIPSU BOE B NBTUFS 'PDVTFE7FSUJDBMT%FGFOTF*OEVTUSZ5FDIOPMPHJFT
DMBTT PO"3 73 .FUB
BMPOH XJUI4UBSUVQT "HSJ5FDI .FE5FDI "OJNBUJPO (BNJOH BOE
BOE*ODVCBUPST 'JO5FDI
r 7*5"1VOJWFSTJUZGPSDPMMBCPSBUJPOPOJOOPWBUJPO &WFOUT
BOEJODVCBUJPOQSPNPUJPO$PMMBCPSBUFEXJUI,-
"DBEFNJD &YIJCJUJPO PO *OOPWBUJPOIFME BU4UBUF -FWFM
6OJWFSTJUZ 5FDIOPMPHZ *ODVCBUJPO 'PVOEBUJPO
FWFOUDPOEVDUFEJOUIFDBNQVTPG"/6(VOUVS4UBSUVQ
5*'
GPS QSPNPUJOH B DVMUVSF PG JOOPWBUJPO BOE
*OEJB 4UBUF 4IPXDBTF
"MM *OEJB FWFOU DPOEVDUFE CZ
FOUSFQSFOFVSTIJQ
4UBSUVQ*OEJBUPIPXDBTF(PWFSONFOU0SHBOJ[BUJPOTPG
&TUBCMJTINFOUPG$FOUFSTPG&YDFMMFODF $P&T
TUBUF XPSLJOH PO 3% BOE *OOPWBUJPOT %&4*
/"44$0. $P& PO *OEVTUSZ XBT JOBVHVSBUFE JO $PODMBWF IFME CZ UIF EFQBSUNFOU UP FYQMPSF
/PWFNCFS
XIJDI/VSUVSFTTUBSUVQTJOSFMBUFEWFSUJDBMT PQQPSUVOJUJFT JO EFGFOTF BOE DPMMBCPSBUJWF QBSUOFST UP
XJUI3%BOE.FOUPSTIJQ$POTJEFSJOHUIFEFNBOEPG OVSUVSF UIF FDPTZTUFN 'JOUFDI JOOPWBUJPO $IBMMFOHF
*OEVTUSZBOPUIFS$P&XJUI451*IBTBMTPCFFOJOJUJBUFE 4UBSUVQT*ODVCBUFE BDSPTT*ODVCBUPSTJO"1"1*4
BU 3*/- "1*4 IBT CFFO EJSFDUFE UP GPSN $FOUFS PG HPU TFMFDUFE BT J%&9 1BSUOFS *ODVCBUPS POF PG UIF
&YDFMMFODF $P&T
JOUIFTFDUPSTPG4VTUBJOBCMF&OFSHZ *ODVCBUPSTUPQSPNPUFEFGFOTFTUBSUVQTJOUIFDPVOUSZ
&OFSHZ4UPSBHF5FDIOPMPHJFTXJUI**1& *OEJBO*OTUJUVUFPG 1SPQPTFE$P&T
1FUSPMFVNBOE&OFSHZ
7JTBLIBQBUOBN
"VUPOPNPVTo
r 6OEFS5*%&"1*4XBTBXBSEFEBHSBOUPG3T
%SPOFT
&7
3PCPUJDT
"3 73 .FUB
( 6TFT $BTFT
$S UP OVSUVSF 4UBSUVQT JO "1 5IF GJSTU
4UBDL%FWFMPQNFOU
'BCMBC
USBODIF PG 3T
IBT CFFO SFDFJWFE CZ
"1*4 TVQQPSUFE $P&T XIJDI BSF TFUVQ CZ 451* "1*4BOEVUJMJ[FEGPSOVSUVSJOHTUBSUVQT4FDPOE
,"-1"5"36 *OEVTUSZ
$P& ".5; .FEUFDI
USBODIF GVOE PG 3T
XJMM CF SFDFJWFE
&TUBCMJTIFE 3VSBM JNQBDU $P& XJUI 4,6 "*$ 3VSBM TIPSUMZ
*ODVCBUJPO $FOUSF
GPS 3VSBM JNQBDU 4UBSUVQT "1*4
r *OQBSUOFSTIJQXJUI"$*$,-4UBSUVQT'PVOEBUJPO
QSPQPTFE$P&XJUI.JDSPTPGUPO"373 .&5"
$P&PO
DPOEVDUFE *%&"5)0/ PO .BSDI
"VUPOPNPVT TVQQPSUFE CZ B)6# "OEISB 6OJWFSTJUZ
8JOOFSTBSFOVSUVSFEXJUIBQSFJODVCBUJPO
*ODVCBUJPO $FOUFS
7JTBLIBQBUOBN /BTTDPN
QSPHSBNPG.POUIT
7JTBLIBQBUOBN
$P&PO(4UBDL%FWFMPQNFOU6TF
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
*O DPMMBCPSBUJPO XJUI "14$)& DPOEVDUJOH PVUSFBDI &OHJOFFSJOH $PMMFHFT BOE %FHSFF $PMMFHFT BSF
XPSLTIPQT BDSPTT "OEISB 1SBEFTI JT JO UIF QSPDFTT UP SFHJTUFSFEGPSUIFZFBS
QSPNPUF UIF FTUBCMJTINFOU PG &OUSFQSFOFVSTIJQ *OPSEFSUPBUUSBDUNBKPSDPNQBOJFTUPUIF4UBUFUIFSFCZ
%FWFMPQNFOU $FMMT &%$
JO $PMMFHFT BOE 6OJWFSTJUJFT UPHFOFSBUFMPDBMFNQMPZNFOU
(PWFSONFOUPG"OEISB
(PWFSONFOU PG "OEISB 1SBEFTI (P"1
FOWJTBHFT 1SBEFTIEFDJEFEUPDSFBUFBOJOEVTUSZSFBEZUBMFOUQPPM
FTUBCMJTIJOHBO"DDFMFSBUPSDVN*ODVCBUPSJO&NFSHJOH JO UIF 4UBUF 'PS UIJT QVSQPTF
"OEISB 1SBEFTI
5FDI "*&5
UPTVQQPSUUIF&NFSHJOH%FFQ5FDI4UBSU *OGPSNBUJPO5FDIOPMPHZ"DBEFNZ "1*5"
*OTUJUVUFGPS
VQTFOUSFQSFOFVST BT B 4FDUJPO /PO1SPGJU &MFDUSPOJD(PWFSOBODF +BXBIBS,OPXMFEHF$FOUFST
BSF
0SHBOJ[BUJPO XJUI UIF TVQQPSU GSPN .FJU: (0* FTUBCMJTIFEUPCSJEHFUIFTLJMMTFUHBQCFUXFFOJOEVTUSZ
*OEVTUSZ*ODVCBUPS1BSUOFSTIJQ BOE BDBEFNJB "1*5" IBT USBJOFE NPSF UIBO
QFPQMFBOEFOBCMFEKPCTGPSPGUIPTFJO
"1*OGPSNBUJPO5FDIOPMPHZ"DBEFNZ
"1*OGPSNBUJPO5FDIOPMPHZ"DBEFNZ "1*5"
IBTCFFO "OEISB1SBEFTI4QBDF"QQMJDBUJPOT$FOUSF
FTUBCMJTIFE PO JO QMBDF PG *OTUJUVUF GPS "OEISB1SBEFTI4QBDF"QQMJDBUJPOT$FOUSF "14"$
JTBO
&MFDUSPOJD (PWFSOBODF *&( o FTUBCMJTIFE JO UIF ZFBS BVUPOPNPVT TDJFOUJGJD PSHBOJ[BUJPO VOEFS *5&$
B 4DIFEVMF9 *OTUJUVUJPO PG "1 3FPSHBOJ[BUJPO %FQBSUNFOU
(PWFSONFOUPG"OEISB1SBEFTI
SFHJTUFSFE
"DU
5IF BDBEFNJD BDUJWJUJFT PG UIF 4PDJFUZ IBWF VOEFS"14PDJFUJFT3FHJTUSBUJPO"DU
BOEJTBOPEBM
CFFO QMBOOFE UP SVO JO UIF OBNF PG +BXBIBS BHFODZ GPS 3FNPUF 4FOTJOH
1IPUPHSBNNFUSZ
6"7
,OPXMFEHF$FOUFST 3FNPUF 4FOTJOH
(*4 BOE (14 BQQMJDBUJPOT JO "OEISB
5IF NBKPS PCKFDUJWFT PG "1*5" BSF 4VQQPSU DBQBDJUZ 1SBEFTI 5IF DFOUSF BJNT BU QSPWJEJOH TDJFOUJGJD BOE
CVJMEJOH JOJUJBUJWFT PG *5&$ %FQBSUNFOU %FWFMPQ BOE UFDIOJDBMTVQQPSUUPUIFHPWFSONFOUMJOFEFQBSUNFOUT
PGGFS DPVSTFT JO *5 &MFDUSPOJDT BOE $PNNVOJDBUJPOT JO GPS UIF EFWFMPQNFOU PG 4UBUF "14"$ IBT CFFO
DPMMBCPSBUJPO XJUI JOEVTUSZ #SJEHF UIF VSCBO SVSBM JNQMFNFOUJOH DFSUBJO QSPKFDUT XJUI MJOF EFQBSUNFOUT
EJWJEF JO QSPEVDJOH SFBEJMZ FNQMPZBCMF HSBEVBUFT TPNFPGUIFTFQSPKFDUTBSFMJTUFECFMPX
1SPWJEF DPOEVDJWF FOWJSPONFOU GPS MFBSOJOH UISPVHI
WBMVFBEEJUJPOQSPHSBNT1SPNPUFBDVMUVSFPG3FTFBSDI B 'PSFDBTUJOH "HSJDVMUVSF PVUQVU VTJOH
B O E % F W F M P Q N F O U J O * 5
& M F D U S P O J D T B O E 4QBDF
"HSP .FUFPSPMPHZ BOE -BOE CBTFE
$PNNVOJDBUJPOT 'BDJMJUBUF FHPWFSOBODF UISPVHI 0CTFSWBUJPOT '"4"-
&$0/0.*$*/'3"4536$563&
DSPQQJOHZFBSBOESFTVMUTEJTTFNJOBUFEUPDPODFSOFE 5IF NBJO BQQMJDBUJPO PG "1.754 GPDVT PO 3FBM UJNF
EFQBSUNFOUT5IF TBUFMMJUF EBUB BOE HSPVOE USVUI EBUB .POJUPSJOH BOE USBDLJOH UIF SPVUF PG NJOFSBM DBSSZJOH
IBWF CFFO VTFE GPS UIF BTTFTTNFOU PG DSPQ BDSFBHF WFIJDMFTVTJOH"*475%GSPN4PVSDFUP%FTUJOBUJPO
6OEFS UIJT QSPHSBN
0QUJNJ[BUJPO PG $SPQ $VUUJOH 5ISPVHI UIJT BQQMJDBUJPO UIF JMMFHBM USBOTQPSU BOE
&YQFSJNFOU VTJOH SFNPUF TFOTJOH EBUB IBT CFFO BMTP NJOFSBMNPWFNFOUDBOCFEFUFSSFEBOEBWFSUFE
JOJUJBMJ[FE JO GFX EJTUSJDUT PG "OEISB 1SBEFTI BT BO "*4 75% NBOVGBDUVSFST BSF FNQBOFMMFE /PT
FYQFSJNFOU XJUI "14"$ GPS TVQQMZ BOE JOTUBMMBUJPO PG 75%T GPS
"1.754QSPKFDU"SPVOEOPTPGNJOFSBMDBSSZJOH
C"HSJDVMUVSBM%SPVHIU.POJUPSJOH
WFIJDMFT BSF GJUUFE XJUI "*4 75%T BOE CFJOH
"14"$ JT DBSSZJOH PVU OFBS SFBM UJNF BTTFTTNFOU PG TVDDFTTGVMMZJOUFHSBUFEXJUI"1.754TPMVUJPO"$FOUSBM
"HSJDVMUVSBM ESPVHIU NPOJUPSJOH VTJOH TQBDF $PNNBOE$POUSPM $$$
IBTCFFOFTUBCMJTIFEBU%.(
UFDIOPMPHZ
HFOFSBUJOH SFNPUF TFOTJOH CBTFE GPS QSPWJEJOH 9 TVQQPSUT UP EJGGFSFOU VTFST BOE
WFHFUBUJPO JOEJDFT OBNFMZ
/PSNBMJ[FE %JGGFSFODF TUBLFIPMEFST 8FFLMZ SFQPSU JT HFUUJOH QVCMJTIFE CZ
7FHFUBUJPO *OEFY /%7*
BOE /PSNBM %JGGFSFODF 8BUFS "14"$ 1SPKFDU 5FBN 5IF WJUBM QBSBNFUFST BSF CFJOH
*OEFY /%8*
BOE7FHFUBUJPO$POEJUJPO*OEFY 7$M
GSPN NPOJUPSFE BOE BMFSUT BSF CFJOH TFOU UP VTFST UISPVHI
TBUFMMJUF EBUB 5IF BOBMZTJT PO ESPVHIU NPOJUPSJOH JT 4.4HBUFXBZ
CFJOH QSPWJEFE UP "OEISB 1SBEFTI 4UBUF %JTBTUFS
5IF "1 4BOE 7FIJDMF 5SBDLJOH 4ZTUFN "1 4754
XBT
.BOBHFNFOU"VUIPSJUZ "14%."
3FWFOVF %.
%FQU
EFWFMPQFECZ"14"$5IF"OEISB1SBEFTI4BOE.JOFSBM
(PWUPG"1GPSESPVHIUBTTFTTNFOUBUNBOEBMMFWFM
$BSSZJOH 7FIJDMF 5SBDLJOH 4PMVUJPO 4754
JT BO POMJOF
"14"$JTDBSSZJOHPVUUIFQSPKFDUDBMMFEi(FOFSBUJPOPG BQQMJDBUJPOXIPTFPCKFDUJWFJTUPUSBDLUIF4BOE.JOFSBM
3FNPUFTFOTJOHCBTFE*OEJDFTGPS%SPVHIU.POJUPSJOHw $BSSZJOH7FIJDMFTGSPNUIF4BOE4PVSDFUPUIF$VTUPNFS
BU .BOEBM MFWFM JO "OEISB 1SBEFTI 5IF GPSUOJHIUMZ MPDBUJPO5IF"JNPGUIF4754JTUPDSFBUFUSBOTQBSFODZJO
NBOEBM XJTF SFQPSU GPS ,IBSJG IBT CFFO 4BOE .JOFSBM EFMJWFSZ UP MBTU NJMF XJUI UIF VTF PG *P5
TVCNJUUFE UP "OEISB 1SBEFTI 4UBUF %JTBTUFS CBTFETPMVUJPOBOEIFMQ(PWUPG"OEISB1SBEFTI
.BOBHFNFOU "VUIPSJUZ "14%."
3FWFOVF %.
%FQBSUNFOU
(PWU PG "1 GPS EFDMBSBUJPO PG ESPVHIU JO E
4*4%1 6QEBUJPO
1IBTF**
TQPOTPSFECZ
"OEISB1SBEFTI /34$
%FQU
PG4QBDF
*430
D"OEISB1SBEFTI.JOFSBM5SBDLJOH4ZTUFN 4QBDF CBTFE *OGPSNBUJPO 4VQQPSU GPS %FDFOUSBMJ[FE
1MBOOJOH BU 1BODIBZBUIJ MFWFM 4*4%1
JT B OBUJPOBM
5IJTQSPKFDUIBTCFFOTQPOTPSFECZ%FQBSUNFOUPG.JOFT JOJUJBUJWF PG QSFQBSJOH CBTJD TQBUJBM MBZFST VTFGVM JO
(FPMPHZXJUIBCSPBEPCKFDUJWFPG3FBM5JNFUSBDLJOHPG QMBOOJOHQSPDFTTBUHSBTTSPPUMFWFMTBTQFSSE
UI
NJOFSBM DBSSZJOH WFIJDMFT UISPVHI B TPMVUJPO OBNFE DPOTUJUVUJPOBMBNFOENFOUPGMPDBMTFMGHPWFSOBODF34$
i"OEISB 1SBEFTI 7FIJDMF 5SBDLJOH .POJUPSJOH 4ZTUFN *430 JT FYFDVUJOH UIF QSPKFDU JO DPMMBCPSBUJPO XJUI
"175.4
GSPN .JOFT UP DVTUPNFShT MPDBUJPOT BOE WBSJPVT4UBUF3FNPUF4FOTJOH$FOUFST'PSUIFGJSTUUJNF
.JOJOH-FBTFTJOGPSNBUJPOTZTUFN5IFQVSQPTFPGUIJT BOBMM*OEJBNPTBJDPGIJHISFTPMVUJPO0SUIPQSPEVDUTBOE
TPMVUJPO JT UP VTF NPEFSO UPPMTUFDIOPMPHJFT DPVQMFE %&. GSPN $BSUPTBU BOE 3FTPVSDFT BU EBUB XBT
XJUI (FPTQBUJBM QMBUGPSNT UP FOBCMF GJFME PGGJDFST UP QSFQBSFE BOE CBTJD UIFNBUJD MBZFST BU , TDBMF WJ[
FTUBCMJTI CFUUFS DPOUSPM PO NJOJOH BDUJWJUJFT BOE JUT -6-$
ESBJOBHF
TFUUMFNFOUT
USBOTQPSUBUJPO OFUXPSL
USBOTQPSUBUJPO *U JT JNQMFNFOUFE UISPVHIPVU "OEISB TMPQFBOEBTQFDUXFSFQSFQBSFEBOESFMFWBOUDPMMBUFSBM
1SBEFTICZJOTUBMMBUJPOPGBOBEWBODFE7FIJDMF5SBDLJOH EBUBVTFGVMJOQMBOOJOHFYFSDJTFXBTBMTPJOUFHSBUFE
%FWJDF 75%
o "*4
XIJDI JT FOBCMFE XJUI *3/44
/BWJDDPOTUFMMBUJPOBMPOHXJUI(14
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
6OEFS UIF DBQBDJUZ CVJMEJOH QSPHSBNNF
"14"$ IBT "XBSET "DIJFWFNFOUT EVSJOH "14"$
DPOEVDUFE 8FFL 5SBJOJOH 1SPHSBNNF UP "1**$ BDIJFWFE &YDFMMFODF BXBSE JO /PWFNCFS
GPS
FOHJOFFSTPO(FPHSBQIJDBM*OGPSNBUJPO4ZTUFNBOEJUT QSPWJEJOHHFPTQBUJBMTPMVUJPOTGPS7PMVNF&TUJNBUJPOPG
"QQMJDBUJPOTUISPVHIXFCJOBS 4PMJEXBTUFJO7JKBZBXBEB.VOJDJQBMJUZJOSE"1"$*OEJB
%JHJUBM&NQPXFSNFOU.FFU
"14"$ IBT BMTP DPOEVDUFE XFCJOBS USBJOJOH UP
FOHJOFFST PO *EFOUJGJDBUJPO PG (SPVOE 8BUFS QPUFOUJBM
"154 -UE "OEISB 1SBEFTI 5FDIOPMPHZ
[POFTVTJOH3FNPUF4FOTJOHBOE(*45FDIOJRVFTUPUIF
FOHJOFFSTPG384"CPVUFOHJOFFSTGSPNEJTUSJDUT 4FSWJDFT-JNJUFE
PG"1QBSUJDJQBUFEJOUIFEFMJCFSBUJPOT 5IF"154XBTJODPSQPSBUFEJOBTBDPNQBOZVOEFS
"14"$JTQSPWJEJOHUSBJOJOHJO(FPTQBUJBM5FDIOPMPHZUP BENJOJTUSBUJWF DPOUSPM PG *5&$ EFQU "154 JT TFMG
HSBEVBUFTBOEQPTUHSBEVBUFTPGWBSJPVTVOJWFSTJUJFTJO TVTUBJOJOH XJUIPVU BOZ CVEHFUBSZ TVQQPSU GSPN
"OEISB 1SBEFTI
BMTP QSPWJEJOH GBDJMJUJFT UP DBSSZPVU HPWFSONFOU 5IF "154 FBSOT JO UIF GPSN PG 4FSWJDF
SFTFBSDIGPSTUVEFOUTPGWBSJPVTOBUJPOBMVOJWFSTJUJFTBOE DIBSHFT CZ QSPWJEJOH TFSWJDFT JO *5
*5&4 BOE
JOUFSOTIJQ UP SFTFBSDI TDIPMBST BOE TUVEFOUT GSPN QSPDVSFNFOU
WBSJPVT VOJWFSTJUJFT JO UFSNT PG TQBUJBM EBUB
UFDIOJDBM 1SPDVSFNFOUPG*5BOE)BSEXBSFJUFNT1SPDVSFNFOU
HVJEBODF
TPGUXBSF BOE PUIFS GBDJMJUJFT GPS UIFJS DBSFFS PG )BSEXBSF
4PGUXBSF
/FUXPSLJOH QSPEVDUT BOE
EFWFMPQNFOU TFSWJDFT XIFSF UIF WBMVF PG QSPDVSFNFOU JO FBDI DBTF
FYDFFET*/3MBLIT
TIBMMNBOEBUPSJMZCFJNQMFNFOUFE
G
1.(BUJ4IBLUJ"OEISB1SBEFTI UISPVHI "154 "154 XJMM FTUBCMJTI SBUF DPOUSBDU GPS
5IF (PWFSONFOU PG *OEJB IBT JOJUJBUFE 1. (BUJ 4IBLUJ DPNNPOMZQSPDVSFE*5IBSEXBSFEFWJDFTBOETPGUXBSF
QSPKFDU UP QMBO BOE EFTJHO UIF QSPKFDUT SFMBUFE UP TFSWJDFT UP FOBCMF EFQBSUNFOUT UP QSPDVSF UIF TBNF
JOGSBTUSVDUVSF TDIFNFT PG WBSJPVT NJOJTUSJFT BOE TUBUF EJSFDUMZ GSPN UIF SBUF DPOUSBDU QPSUBM NBJOUBJOFE CZ
HPWFSONFOUT JO B IPMJTUJD NBOOFS XJUI B DPMMBCPSBUJWF "154
"154 IBT QSPWJEFE TFSWJDFT JO NBKPS
JOTUJUVUJPOBM NFDIBOJTN CFUXFFO BMM TUBLFIPMEFST QSPDVSFNFOUT
JODMVEJOH $FOUSBM BOE 4UBUF65 (PWFSONFOU T
-PDBM "154 IBT SFDPSEFE B UVSOPWFS PG 3T$S GSPN *5 TLJMM
CPEJFT
BOE 4FSWJDF 1SPWJEFST 5IF 1. (BUJ 4IBLUJ FOIBODFNFOU QSPHSBNT JO "SUJGJDJBM *OUFMMJHFODF
/BUJPOBM .BTUFS 1MBO JT QSPWJEJOH NVMUJNPEBM .BDIJOF -FBSOJOH
%BUB 4DJFODF
$ZCFS 4FDVSJUZ BOE
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
WBSJPVT PUIFS UFDIOPMPHJFT UP TUVEFOUT GSPN "OEISB POCPBSE BMM (PWFSONFOU XFC BQQMJDBUJPOT UISPVHI
1SBEFTI "1$40$"TPOEBUFEFWJDFTBMM4%$BQQMJDBUJPOTBSF
%VSJOH UIF ZFBS
"154 IBT VOEFSUBLFO POCPBSEFE
QSPDVSFNFOUT GSPN NBKPS VTFS EFQBSUNFOUT BU B UPUBM *5&$%FQBSUNFOUJTNBOEBUJOHBMM$SJUJDBM*OGPSNBUJPO
WBMVFPG3TDSPSFTJF1SPDVSFNFOUPG
/PTPG *OGSBTUSVDUVSF UP VOEFSHP .BOEBUPSZ "VEJUT CZ BMM
5BCMFU1$TGPS4DIPPM&EVDBUJPO%FQBSUNFOUGPSJTTVJOH 4FDSFUBSJBU %FQBSUNFOUT )P%T 146T 4PDJFUJFT BOE
UP7*** $MBTT 4UVEFOUT
/PT PG 4NBSU QIPOFT GPS *OTUJUVUJPOT CZ UIF OPEBM BHFODZ JF "154 "154
8PNFO %FWFMPQNFOU $IJME8FMGBSF %FQBSUNFOU GPS DPOEVDUFE UIF $ZCFS TFDVSJUZ BVEJUT GPS (P"1
UIF VTF CZ "OHBOXBEJ 8PSLFST BOE -BQUPQT
BQQMJDBUJPOT
$ZCFSTFDVSJUZBVEJU$FSUJGJDBUFTJTTVFE
-BTFS 1SJOUFST BOE 4DBOOFST UP 4UBUF "VEJU BVEJUTDPOEVDUFEGPSPUIFSTUBUFTBOE3FEUFBN
%FQBSUNFOU*OBEEJUJPO
"154IBTSFDPSEFEBUVSOPWFS "VEJUTDPOEVDUFEGPS(P"1BQQMJDBUJPOT
PG 3T $S GSPN *5 TLJMM FOIBODFNFOU QSPHSBNT JO "154IBTFNQBOFMMFEXJUI*OEJBO$PNQVUFS&NFSHFODZ
"SUJGJDJBM *OUFMMJHFODF
.BDIJOF -FBSOJOH
%BUB 4DJFODF
3FTQPOTF 5FBN $&35*/
BT BO *OGPSNBUJPO 4FDVSJUZ
$ZCFS 4FDVSJUZ BOE WBSJPVT PUIFS UFDIOPMPHJFT UP "VEJUJOH 0SHBOJ[BUJPO GPS QSPWJEJOH UIF *OGPSNBUJPO
TUVEFOUT 4FDVSJUZ "VEJUJOH 4FSWJDFT "154 JT UIF GJSTU $&35*/
&NQBOFMMFEPSHBOJ[BUJPOJOUIFTUBUFPG"OEISB1SBEFTI
*NQMFNFOUBUJPO PG "OEISB 1SBEFTI $ZCFS
5PDPOEVDUUIFTFDVSJUZ"VEJU
UIFNBOVBMUPPMTUPCF
4FDVSJUZ1PMJDZ
VTFE
"154DSFBUFE"VEJUQSPGFTTJPOBMTSFTPVSDFQPPMCZ
5IF(PWFSONFOUPG"OEISB1SBEFTIIBTJEFOUJGJFE"154 IJSJOHGSPNUIFNBSLFUBOEUSBJOJOHJOUFSOBMSFTPVSDFT
BT/PEBM"HFODZGPSJNQMFNFOUBUJPOPG"OEISB1SBEFTI 5IF UZQFT PG "VEJUT CFJOH DPOEVDUFE CZ "154 PO *5
$ZCFS 4FDVSJUZ 1PMJDZ "1$41
5IF "1 $ZCFS 4FDVSJUZ *OGSBTUSVDUVSF %FQBSUNFOUT BSF 8FC "QQMJDBUJPOT
1PMJDZ FOWJTBHFT TZTUFNBUJD BOE DPPSEJOBUFE FGGPSU JO "VEJU
/FUXPSL "VEJU
.PCJMF "QQMJDBUJPOT "VEJU BOE
GPVSNBKPSWFSUJDBMT
4FDVSJOHUIF$SJUJDBM(PWFSONFOU 1SPDFTT"VEJU
*OGSBTUSVDUVSF
$BQBDJUZ #VJMEJOH
$ZCFS 'PSFOTJDT
BOE
1SPNPUJPOT 4FSWJDFT
5IF GJSTU WFSUJDBM i4FDVSJOH UIF $SJUJDBM (PWFSONFOU "6",6" TFSWJDFT "OEISB 1SBEFTI 5FDIOPMPHZ
*OGSBTUSVDUVSF $(*
w XBT BDIJFWFE UISPVHI DPOUJOVPVT 4FSWJDFT "154
JTUIFOPEBM"HFODZPOCFIBMGPG*5&$
NPOJUPSJOH PG DSJUJDBM (PWFSONFOU *OGSBTUSVDUVSF %FQBSUNFOU
(P"1 GPS NBJOUFOBODF PG "6",6"
UISPVHI"1$ZCFS4FDVSJUZ0QFSBUJPO$FOUSF "1$40$
4FSWJDFTJOUIF6*%"*FDPTZTUFNUPQSPWJEFUIFh"BEIBBS
5IF TFSWJDFT QSPWJTJPOFE JO "1$40$ BSF 5ISFBU 6TFS"VUIFOUJDBUJPO4FSWJDFThUPUIFEFQBSUNFOUTGPSUIF
.POJUPSJOH
"OBMZUJDT *ODJEFOU .BOBHFNFOU JNQMFNFOUBUJPO PG UIF DJUJ[FO DFOUSJD TFSWJDFT
XFMGBSF
$PNQPOFOU
4FDVSJUZ *OGSBTUSVDUVSF %FWJDF TDIFNFT BOE GMBHTIJQ QSPHSBNNFT PG UIF 4UBUF PG
.BOBHFNFOU
5ISFBU4VSGBDF.BOBHFNFOU4FSWJDFTBOE "OEISB1SBEFTI"154BMTPJNQMFNFOUFEh"BEIBBS%BUB
#SBOE.POJUPSJOH1SPUFDUJPO4FSWJDFT 7BVMU 4FSWJDFTh BT QFS 6*%"* SFHVMBUJPO GPS TUPSBHF PG
"BEIBBS /VNCFST %VSJOH VQUP %FDFNCFS
"OEISB1SBEFTI$ZCFS4FDVSJUZ0QFSBUJPOBM
"154 IBT QSPWJEFE DJUJ[FO DFOUSJD TFSWJDFT UP
$FOUSF EFQBSUNFOUT GPS $SPSF "BEIBS USBOTBDUJPOT PG
XFMGBSF TDIFNFT BOE GMBHTIJQ QSPHSBNNFT JNQMFNFO
"OEISB 1SBEFTI $ZCFS 4FDVSJUZ 0QFSBUJOH $FOUSF
UFECZ(PWFSONFOUPG"OEISB1SBEFTI
"1$40$
XBTFTUBCMJTIFEJOBU"154
7JKBZBXBEB
5IF "1$40$ NPOJUPST GPS BMM UIF DSJUJDBM *5 *OGSB
TUSVDUVSFPG(P"1CZHJWJOHBEWBODFBMFSUTPOUIF$ZCFS
BUUBDLTPOUIF"1*5*OGSBTUSVDUVSF(PWFSONFOUNBEFJU
NBOEBUPSZUPDPNQMFUFUIFTFDVSJUZBVEJUBOEOFFEUP
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
1SPWJTJPO PG 7JEFP $POGFSFODF FRVJQNFOU
4%8"/ 3P81SPKFDU (PWFSONFOU PG "1 IBT CFFO NBLJOH
FRVJQNFOU 4FSWFST GPS F0GGJDF BOE PUIFS *5 FGGPSUT UP DSFBUF B SPCVTU UFMFDPNNVOJDBUJPO
*OGSBTUSVDUVSF UPOFXMZGPSNFE%JTUSJDUTXFSFEPOF JOGSBTUSVDUVSF XJUI BEFRVBUF CBOEXJEUI BDSPTT UIF
EVSJOH UIF ZFBS 1SPWJEFE J
.CQT
MFOHUIBOECSFBEUIPGUIF4UBUF
.CQT
.CQT .1-4 DPOOFDUJWJUZ
JJ
.CQT #SPBE 4UBUF3P8%BTICPBSE5IF4UBUF3P8%BTICPBSEJTB
CBOEBOEJJJ
.CQT*--UPOFXMZGPSNFE%JTUSJDUT VOJGJFE3JHIUPG8BZ 3P8
QFSNJTTJPOTQPSUBM JODMVEFT
1SPKFDUJOUIF4UBUF POFUJNF SFHJTUSBUJPO PG -JDFOTFF 541T
BQQMJDBUJPO
(PWFSONFOUPG"1JTVTJOH%JHJUBM4JHOJOH$FSUJGJDBUFTJO TVCNJTTJPO
WFSJGJDBUJPOBOEBQQSPWBMCZUIFDPODFSOFE
WBSJPVT *5 QSPKFDUT JODMVEJOH 5SFBTVSZ "QQMJDBUJPO
F EFQBSUNFOU
UPCFEFWFMPQFEXIJDIDBOGBDJMJUBUFBTB
PGGJDF
F1SPDVSFNFOUQMBUGPSNGPSQSPDVSFNFOUUISPVHI TJOHMFXJOEPX QPSUBM CFUXFFO BMM TUBLF IPMEJOH
QPSUBM "15FDIOPMPHZ 4FSWJDFT "154
JTTVFT SFRVJSFE EFQBSUNFOUTGPSCFUUFSUSBOTQBSFODZ
BDDPVOUBCJMJUZBOE
%JHJUBM 4JHOJOH $FSUJGJDBUFT UP UIF (PWFSONFOU BDUBTBTJOHMFJOUFSGBDFUPUIFMJDFOTFF541TGPSBQQMZJOH
%FQBSUNFOUTGPSPOMJOFTJHOJOH'PSPOMJOFBQQSPWBMT
BT HFUUJOHDMFBSBODFT
QFS*5"DU
%4$TBSFSFRVJSFE "154BTBTVC$" 4LJMM )VCT$PMMFHFT "1 4UBUF 4LJMM %FWFMPQNFOU
QSPWJEFT%4$UPHPWFSONFOUEFQBSUNFOUT
%4$T $PSQPSBUJPO
4LJMM)VCTJTUPJEFOUJGZUIFSFRVJSFNFOUT
XJUI4JHOJOHZFBSWBMJEJUZJTTVFEBOE
%4$T PGUIFJOEVTUSJFTDPNQBOJFTJOUIBUDPOTUJUVFODZBOE
XJUI 4JHOJOH &ODSZQUJPO ZFBS WBMJEJUZ JTTVFE NBQUIFDBOEJEBUFT TUVEFOUTPSVOFNQMPZFEZPVUI
UP
EVSJOHUIFZFBS
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
PVUGJU UIF OFFET PG CPUI UIF TFHNFOUT CBTFE PO UIF 3# 6%1 "HSJ 5FL %JHJUBM 1MBUGPSN %FQBSUNFOU PG
FEVDBUJPORVBMJGJDBUJPOPGUIFDBOEJEBUFTBDSPTTBMMUIF "HSJDVMUVSF
"HSJDVMUVSF %FQBSUNFOU PG (P"1 IBT
EJTDJQMJOFT JO UIF 4UBUF PG "OEISB 1SBEFTI 'PS UIJT
F FOWJTJPOFE UP JNQMFNFOU JOUFHSBUFE BQQMJDBUJPOT
EBUB
1SBHBUJIBT EFWFMPQFE B NPCJMF BQQMJDBUJPOUP SFHJTUFS BOE TFSWJDFT BSDIJUFDUVSF JO PSEFS UP CSJOH TFWFSBM
UIFJOUFSFTUPGUIFDBOEJEBUFTUISPVHIWBSJPVTDIBOOFMT QSPDFTTFT PG "HSJDVMUVSF %FQBSUNFOU POUP B 6OJGJFE
4FMG
"144%$TUBGG
(484
BOEJOUFHSBUFEXJUIFYJTUJOH %JHJUBM1MBUGPSNUPTVQQPSU3ZUIV#IBSPTB,FOESBMVBOE
"144%$ XFC QPSUBM GPS FOSPMNFOU
USBJOJOHT
BTTPDJBUFETFDUPST
GBSNFSTBSFQSPWJEFE$SPQ
DFSUJGJDBUJPOT
BUUFOEBODF BOE QMBDFNFOU *OTVSBODFXJUIBOBNPVOUPG3T$ST5IF4FSWJDFT
BDUJWJUJFTTUVEFOUTSFHJTUFSFEJOXFCQPSUBMGPSTLJMM QSPWJEFEBSFTIPXOJO5BCMF
USBJOJOHT
FOSPMMFEBOEUSBJOFE
5BCMF4FSWJDFTQSPWJEFEUISPVHI3#6%1"HSJ5FL
4""1"QQMJDBUJPO4QPSUT"VUIPSJUZPG"OEISB1SBEFTI
%JHJUBM1MBUGPSN
F1SBHBUJ JT DVSSFOUMZ EFWFMPQJOH B QSPKFDU XJUI
NPEVMFT GPS UIF 1VCMJD BOE 4""1 TUBGG UP VUJMJ[F UIF 5ZQFPGTFSWJDFQSPDFTT ,IBSJG 3BCJ
TFSWJDFT PG 4""1 %FQBSUNFOU 0OF NPEVMF JT GPS 'BSNFST3FHJTUFSFEJO6%1
3FHJTUSBUJPO PG EJGGFSFOU UZQFT PG VTFST XIJDI JODMVEFT $SPQ#PPLJOHEPOFJO"DSFT ,IBSJG
$JUJ[FOT
1MBZFS.FNCFS
$PBDI
4""14UBGGBOE5FOBOUT
/P$SPQWFSJUJFTCPPLFE ,IBSJG
BOEUIFTFDPOENPEVMFOBNFE1BZ1MBZJTGPSSFWFOVF
%JTBTUFS&OVNFSBUJPOEPOFJO"DSFT ,IBSJG
HFOFSBUJPOUPUIF4""1%FQBSUNFOUEFWFMPQJOHJOCPUI
1BEEZ1SPDVSFNFOUEPOFJO"DSFT ,IBSJG
8FCBQQMJDBUJPOBOENPCJMFBQQMJDBUJPO
$SPQ*OTVSBODFQSPWJEFEUPGBSNFST
"14## 1#3 1SPKFDU "OEISB 1SBEFTI 4UBUF
"NPVOUEJTCVSTFEJO$SPQ*OTVSBODF
*/3
&$0/0.*$*/'3"4536$563&
&$0/0.*$*/'3"4536$563&
1SJWBUF-JNJUFE *$$*OEJB
#PUIQSPHSBNTPGGFSGSFFPG *$MPVE5FDIOPMPHJFT
$PSQPSBUJPO 64"
*OUFSOBUJPOBM
DPTU UP BMM DPMMFHF TUVEFOUT BDSPTT UIF TUBUF PG "OEISB $BNQVT $POOFDU 1SJWBUF -JNJUFE *OEJB
.BOB 57 MJWF
1SBEFTI 5SBJOJOH1SPHSBN0GGFSJOH)PVSTPGGSFF.BOB57
4"1/&5 XJMM QSPWJEF FWFSZ ZFBS POF MBLI USBJOJOH UP MJWF5SBJOJOHUPUIF4UVEFOUTPO#BTJD&OHMJTIo)PVST
TUVEFOUTXJUIUIFIFMQPG5"1"DBEFNZ 4PGU4LJMMTo)PVST
*&-54o)PVST(3&o)PVST
4"1/&5 XJMM QSPWJEF FWFSZ ZFBS POF MBLI USBJOJOH UP
.BOB57MJWFUFMFDBTUTUIFQSPHSBNTPOBTGPSTUVEFOUT
TUVEFOUT XJUI UIF IFMQ PG *$MPVE 5FDIOPMPHJFT
MJWF DMBTTFT
*5 *OEVTUSZ BXBSFOFTT TFTTJPOT BU GJYFE
$PSQPSBUJPO 64"
*OUFSOBUJPOBM $BNQVT $POOFDU
UJNJOHT PO TDIFEVMFT EBZT 5"1 "DBEFNZ FOTVSFT UP
1SJWBUF-JNJUFE *OEJB
QSPWJEFQMBDFNFOUESJWFTXJUIIFMQPG4"1/&5BOE
UIF TUVEFOUT XIP XBUDIFE UIF .BOB57 MJWF USBJOJOH *$MPVE 5FDIOPMPHJFT
$PSQPSBUJPO 64"
*OUFSOBUJPOBM
QSPHSBN
DPNQMFUFE UIF -.4 GSFF QSPHSBN XJUIJO UIF $BNQVT $POOFDU 1SJWBUF -JNJUFE *OEJB
XJMM QSPWJEF
TUJQVMBUFEUJNFBSFPOMZFMJHJCMFUPBUUFOEUIFQMBDFNFOU DBSFFSQMBDFNFOUBEWJTPSZTFSWJDFTUPUIFTUVEFOUTVQPO
ESJWFTKPJOUMZDPOEVDUFECZ5"1"DBEFNZ4"1/&55IJT UIF TVDDFTTGVM DPNQMFUJPO PG UIFJS (SBEVBUF TUVEJFT JO
.06JTWBMJEGPSBQFSJPEPGZFBST UIF64"5IJT.06JTWBMJEGPSBQFSJPEPGZFBST
$)"15&3
40$*"-
*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
%FNPHSBQIJDQSPGJMFPG
"OEISB1SBEFTI
$IBSU"11PQVMBUJPO MBLIT
(MPCBMMZ
UIFFNQIBTJTJTTIJGUJOHUPXBSETXFMMCFJOHPG
QFPQMF BOE FBTF PG MJWJOH
UIF JNQPSUBODF PG CVJMEJOH
FGGFDUJWFTPDJBMJOGSBTUSVDUVSFIBTCFDPNFJNQFSBUJWFGPS
SFHJTUFSJOHTVCTUBOUJBMQSPHSFTTJOIVNBOEFWFMPQNFOU
JOEJDFT&GGPSUTBSFNBEFUPCSJOHJNQSPWFNFOUJOTPDJBM
TFDUPSQBSBNFUFSTMJLFFEVDBUJPO
IFBMUIDBSF
OVUSJUJPO
XBUFSTVQQMZ
IPVTJOH
TPDJBMTFDVSJUZBOEPUIFSTFSWJDFT
XIJDI SFTVMUT JO B IFBMUIZ BNCJFODF BOE IBQQZ MJWJOH
5IJTDBMMTGPSBEESFTTJOHUIFOFFETBOEQSJPSJUJFTPGUIF
QPPS
EJTBEWBOUBHFE BOE WVMOFSBCMF HSPVQT XJUI B
IPMJTUJD TUSBUFHZ UIBU JT BMJHOFE XJUI UIF HPWFSONFOUhT
PWFSBMMEFWFMPQNFOUTUSBUFHZUBLJOHJOUPDPOTJEFSBUJPO
UIF IVNBO EFWFMPQNFOU BQQSPBDI BOE UIF FNFSHJOH
QSJPSJUJFT XJUI SFTQFDU UP 4VTUBJOBCMF %FWFMPQNFOU 5IF EFDBEBM HSPXUI PG QPQVMBUJPO SPTF GSPN
(PBMT 4%(T
QFSDFOUEVSJOHUPQFSDFOUEVSJOH
"OEISB 1SBEFTI EFTQJUF TIPXJOH EFDFOU FDPOPNJD 4VCTFRVFOUMZBTJHOJGJDBOUEFDMJOFXBTPCTFSWFEJOUIF
QSPHSFTT JO DFSUBJO TPDJBM QBSBNFUFST MBHT CFIJOE JUT SBUFPGHSPXUIPGQPQVMBUJPOBOEEFDMJOFJTFWFONPSF
TPVUIFSO DPVOUFSQBSUT 3FEVDUJPO PG *.3 BOE ..3 QSPNJOFOUBUQFSDFOUEVSJOHMPXFSUIBOUIF
SFNBJODSJUJDBM4UBUFJTNBLJOHBMMPVUFGGPSUTUPDPNQFUF "MM*OEJBhTHSPXUISBUFPGQFSDFOU
XJUI BEWBODFE TUBUFT 2VBMJUZ FEVDBUJPO UISPVHI
JNQSPWFEMFBSOJOHPVUDPNFTJTSFDPHOJ[FEBTUIFOFFE 4FY3BUJP
PG UIF IPVS *TTVFT SFMBUJOH UP ESJOLJOH XBUFS BOE 4FY SBUJP
UIF OVNCFS PG GFNBMFT QFS
NBMFT IBT
TBOJUBUJPO BSF CFJOH BEESFTTFE PO QSJPSJUZ *ODMVTJWF TIPXO B EFDMJOJOH USFOE JO UIF 4UBUF UJMM 5IF TFY
HSPXUI JT CFJOH BDIJFWFE UISPVHI JNQMFNFOUBUJPO PG SBUJPJOUIF4UBUFXBTVQGSPNJOUPJO
TDIFNFTGPDVTJOHPOEFWFMPQNFOUPG4$T
45T
#$TBOE BOEJTIJHIFSUIBOBMM*OEJBGJHVSFTPGJO4FYSBUJP
.JOPSJUJFT"OEISB1SBEFTIJTDPNNJUUFEUPIBSOFTTUIF DPOUJOVFT UP CF GBWPVSBCMF JO 7J[JBOBHSBN BOE
TUSFOHUI PG UIF 4FMG )FMQ (SPVQT BOE UP HFOFSBUF 4SJLBLVMBN EJTUSJDUT 5IF %JTUSJDUT PG &BTU (PEBWBSJ
FNQMPZNFOU
DSFBUF BXBSFOFTT
JNQSPWF XBUFSVTF 7JTBLIBQBUOBN
8FTU (PEBWBSJ BOE (VOUVS IBWF
FGGJDJFODZBOEJODVMDBUFDMFBOMJOFTTBNPOHDJUJ[FOT SFHJTUFSFEBQSPHSFTTJWFTFYSBUJPNPWJOHGSPNMFTTUIBO
DBUFHPSZUPNPSFUIBO
GSPNUP
1PQVMBUJPO %JTUSJDUXJTFQPQVMBUJPO EFDBEBMWBSJBUJPO
BOETFYSBUJP
"OEISB1SBEFTIJTUIFUFOUIMBSHFTUTUBUFJOUIF$PVOUSZ
JTHJWFOJO"OOFYVSF
JOUFSNTPGQPQVMBUJPO"TQFSUIF$FOTVT
UIF4UBUF
BDDPVOUTGPSQFSDFOUPGUIFUPUBMQPQVMBUJPOPGUIF %FOTJUZPG1PQVMBUJPO
DPVOUSZ5IF QPQVMBUJPOPG "OEISB1SBEFTINPSF UIBO
%FOTJUZPGQPQVMBUJPO
BOPUIFSJNQPSUBOUEFNPHSBQIJD
EPVCMFEJOUIFMBTUIBMGDFOUVSZGSPN-BLITJOUP
JOEJDBUPS
JTEFGJOFEBTUIFOVNCFSPGQFSTPOTMJWJOHQFS
-BLITJO0GUIJT
-BLITBSFNBMFTBOE
TR,N5IFEFOTJUZPGQPQVMBUJPOGPS"OEISB1SBEFTIJT
-BLIT BSF GFNBMFT %FUBJMT PG UPUBM QPQVMBUJPO JO
QFSTPOTQFSTRVBSFLJMPNFUSF
BTBHBJOTUQFSTPOT
3VSBM6SCBOBOE5PUBMBSFTIPXOJO$IBSU"NPOHUIF
QFS TRVBSF LJMPNFUSF BU BMM *OEJB MFWFM JO ,SJTIOB
EJTUSJDUT
&BTU (PEBWBSJ EJTUSJDU JT UIF NPTU QPQVMPVT
EJTUSJDU IBT UIF IJHIFTU EFOTJUZ BU XIJMF :43 BOE
EJTUSJDUJOUIF4UBUFXIFSFBT7J[JBOBHBSBNBDDPVOUTGPS
1SBLBTBN EJTUSJDUT IBWF UIF MPXFTU QPQVMBUJPO EFOTJUZ
UIF MPXFTU QPQVMBUJPO %JTUSJDUXJTF QPQVMBUJPO GSPN
XJUIMFTTUIBO
UPDFOTVTJTHJWFOJO"OOFYVSF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
1SJNBSZ 4DIPPMT XJMM CF QSF )JHI 4DIPPMT
11
11
XJUIPVUEJTUVSCJOHUIFNJOPSNFEJB
4FDPOEBSZ(SBEF
$MBTTFT PG SFTQFDUJWF 6QQFS 1SJNBSZ 4DIPPMT XJMM 5FBDIFST 4(5T
XIPBSFIBWJOH#&ERVBMJGJDBUJPOXJMMCF
GVODUJPOBT'PVOEBUJPOBM4DIPPMGSPNDMBTTFTUPXJMM SFEFQMPZFEGSPNUIFFYJTUJOHQSJNBSZTDIPPMTUPDMBTT
GVODUJPO BT 1SF )JHI 4DIPPM BT UXP TFQBSBUF VOJUT UP
8IFSFWFSQPUFOUJBM
DMBTT7***XJMMCFJOUSPEVDFE4UVEFOUT
PGBMM
DMBTTFTXJMMCFUBVHIUCZTVCKFDUUFBDIFST G
)JHI4DIPPM1MVT $MBTTFTUP
)JHI4DIPPMTXJUI
BMMBNFOJUJFTBOEIJHIFOSPMNFOUXJMMCFUSBOTGPSNFEBT
F
)JHI 4DIPPM $MBTTFT UP
$MBTTFT
BOE )JHI 4DIPPM QMVT CZ JOUSPEVDJOH BOE DMBTTFT JO
NBQQFEGSPNOFBSFTUQSJNBSZTDIPPMTBMPOHXJUIDMBTTFT
NBOEBMTXIFSFUIFSFBSFOP(PWU+VOJPSDPMMFHFT
UPXJMMGVODUJPOBTB)JHI4DIPPM4UVEFOUTPGBMM
%FUBJMT PG UZQF PG TDIPPMT XJUI OVNCFS PG UFBDIFST
DMBTTFT XJMM CF UBVHIU CZ TVCKFDU UFBDIFST -JCSBSZ
XPSLJOHBSFTIPXOJO5BCMFBOENBOBHFNFOUXJTF
MBCPSBUPSZBOEQMBZHSPVOEXJMMCFEFWFMPQFEBOETVDI
OVNCFSPGTDIPPMTBOEUFBDIFSTJOBSFTIPXOJO
TDIPPMT XJMM CF BGGJMJBUFE UP $#4& JO TJOHMF NFEJVN
5BCMF
5BCMF5ZQFPG4DIPPMTBOE5FBDIFST
5BCMF.BOBHFNFOUXJTF4DIPPMT5FBDIFST
4M/P $BUFHPSZ /PPG4DIPPMT /PPG5FBDIFST
$FOUSBM(PWU
4UBUF(PWUBOE4UBUF(PWUTFDUPS
1WU"JEFE
1WU6O"JEFE
5PUBM
4PVSDF%JSFDUPSPG4DIPPM&EVDBUJPO $IJME*OGP6%*4&QMVT
&OSPMNFOU
5IFSFBSF
TDIPPMTJOUIFTUBUFXJUIBOFOSPMNFOU 4UFQT BSF CFJOH UBLFO VQ GPS FOTVSJOH BDDFTT JO
PG
$IJMESFOBOE
5FBDIFST
PVUPGXIJDI &EVDBUJPO 4PNF PG UIF TUSBUFHJFT JNQMFNFOUFE GPS
TDIPPMT BSF (PWFSONFOU "JEFE 4DIPPMT BOE 6OJWFSTBMJ[BUJPO PG &MFNFOUBSZ &EVDBUJPO BSF
BSFQSJWBUFTDIPPMT TUSFOHUIFOJOH FYJTUJOH TDIPPMT
JNQMFNFOUJOH UIF
+BHBOBOOB "NNBWPEJ
4VQQMZ PG 4UVEFOU ,JUT VOEFS
+BHBOBOOB7JEZB,BOVLB
/BBEV/FEVBOEPUIFSUZQFTPG
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
&EVDBUJPOBMGBDJMJUJFTJOTNBMMBOEVOTFSWFEIBCJUBUJPOT 5FBDIFSTBOE5FBDIFS1VQJM3BUJP
5IFFOSPMNFOUJOBMMUZQFTPGTDIPPMTEVSJOHJO "UFBDIFSJTBQFSTPOXIPIFMQTUPBDRVJSFLOPXMFEHF
UIFTUBUFJT-BLITPGXIJDI-BLIT
BSF DPNQFUFODFPSWJSUVF
TLJMMT
BUUJUVEFTBOEWBMVFTBNPOH
JO1SJNBSZ4DIPPMT
-BLIT
6QQFS1SJNBSZ DIJMESFO BU BMM TUBHFT PG &EVDBUJPO *U JT FTTFOUJBM UP
4DIPPMT
JO )JHI TDIPPMT %FUBJMT PG NBJOUBJOBOPQUJNVNUFBDIFSQVQJMSBUJPUPBDIJFWFUIF
FOSPMNFOUBSFHJWFOJOUIF"OOFYVSF HPBMPGVOJWFSTBMFOSPMNFOU
SFUFOUJPOBOEJNQSPWFUIF
&EVDBUJPOPGDIJMESFO
%SPQPVUT
8JUIBWJFXUPNBJOUBJOBOPQUJNVNUFBDIFSQVQJMSBUJP
%VSJOH
UIF"OOVBM"WFSBHF%SPQPVU3BUFTBSF TVTUBJOFEFGGPSUTBSFCFJOHNBEFCZUIF(PWFSONFOUUP
/PESPQPVUT
BU*7DMBTTFT 1SJNBSZ-FWFM
SFDSVJU UFBDIFST JO BMM UZQFT PG TDIPPMT UP NBJOUBJO B
JO7*7***DMBTTFT 6QQFS1SJNBSZ-FWFM
BOEBU*99 SFBTPOBCMF 5FBDIFS1VQJM 3 BUJP 3 BUJPOBMJ[FE
4FDPOEBSZ -FWFM
/FDFTTBSZ NFBTVSFT TVDI BT JF
EFQMPZNFOU PG UFBDIFST
DSFBUJPO PG OFX QPTUT BOE
+BHBOBOOB"NNB7PEJ
TVQQMZPG2VBMJUZ.JE%BZ.FBM NBTTJWF SFDSVJUNFOU PG UFBDIFST IFMQFE UP PWFSDPNF
XJUI OFX .FOV
/BEV/FEV
TVQQMZ PG 4UVEFOU ,JUT JNCBMBODFTJOEFNBOEBOETVQQMZPGUFBDIFST
VOEFS +BHBOBOOB7JEZB,BOVLB 4DIFNF FUD IBWF CFFO
UBLFOUPSFUBJODIJMESFOJOTDIPPMT5IFEFUBJMTPGTDIPPM %VSJOH UIFSF BSF UFBDIFST JO 1SJNBSZ
ESPQPVUSBUFTBSFHJWFOJO"OOFYVSF TDIPPMT
JO 1SJNBSZ XJUI 6QQFS 1SJNBSZ TDIPPMT
*7**7***
JO)JHITDIPPMT5IFEFUBJMTPG5FBDIFS
1VQJMSBUJPJOTDIPPMTJTTIPXOJO5BCMF
5BCMF5FBDIFS1VQJM3BUJPJOTDIPPMT JO/PT
:FBS 1SJNBSZ
6QQFS1SJNBSZ
)JHI4DIPPMT
4PVSDF%JSFDUPSPG4DIPPM&EVDBUJPO $IJME*OGP5*4EBUB
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
+BHBOBOOB"NNBWPEJ *EFOUJGJDBUJPOPG6OJRVF.PUIFST
5PFOTVSFUIBUQPWFSUZPGUIFQBSFOUTEPFTOPUDPNFJO (PWFSONFOU IBWF EFDJEFE UP MBVODI UIF i+BHBOBOOB
UIFXBZPGFEVDBUJOHUIFJSDIJMESFO
UIF(PWFSONFOUPG "NNB7PEJwTDIFNFPOGPSUIFBDBEFNJDZFBS
"OEISB1SBEFTIIBTMBVODIFEBVOJRVFBOEJOOPWBUJWF XJUIGPMMPXJOHSFWJTFEDSJUFSJB
TDIFNF i+BHBOBOOB"NNBWPEJw 6OEFS UIF TDIFNF
r 5IFNPUIFSTXIPTFDIJMESFOXFSFTUVEZJOHGSPN
HPWFSONFOU JT QSPWJEJOH GJOBODJBM BTTJTUBODF PG 3T $MBTT*UP9**EVSJOHCVUOPUDPWFSFEJOUIF
QFS BOOVN UP FBDI NPUIFS PS SFDPHOJ[FE MJTU PG BSF JEFOUJGJFE GPS FYUFOEJOH UIF
HVBSEJBOGSPN#FMPX1PWFSUZ-JOF #1-
GBNJMJFTXIPBSF CFOFGJU
TFOEJOHUIFJSDIJMESFOUPTDIPPMTPSDPMMFHFTGSPN$MBTT*
r 5I F T U V E F O U T P G U I D M B T T P Q U J O H GP S
UP 9** *OUFSNFEJBUF &EVDBUJPO
JO BMM HPWFSONFOU BOE
**51PMZUFDIOJD***5BOEPUIFSDPVSTFTFMJHJCMFUP
1SJWBUFSFDPHOJ[FENBOBHFNFOUTDIPPMTDPMMFHFTJOUIF
BDDFTT +BHBOBOOB 7JEZB %FFWFOB +BHBOBOOB
4UBUF0VUPGUIJT
3TGSPNFBDICFOFGJDJBSZTIBMMCF
7BTBUIJ%FFWFOBXJMMCFFYDMVEFE
EFEVDUFE BU TPVSDF BOE SFMFBTFE UP 4DIPPM$PMMFHF
DPNNJUUFF BDDPVOUT PG (PWFSONFOU BOE (PWFSONFOU r 5PUBM GBNJMZ JODPNF TIPVME CF 3T
QFS
"JEFE4DIPPMT$PMMFHFT!3TGPS5PJMFU.BJOUFOBODF NPOUIJOSVSBMBOE3T
1FSNPOUIJO6SCBO
'VOE 5.'
BOE ! 3T GPS 4DIPPM .BJOUFOBODF BSFBT
'VOE 4.'
r &MFDUSJDJUZ DPOTVNQUJPO TIBMM OPU FYDFFE
VOJUTQFSNPOUI NPOUITBWFSBHF
r 5IFUPUBMGBNJMZIPMEJOHTIPVMECFMFTTUIBO
"$T JO8FU PS -FTT UIBO "$T %SZ GPS CPUI
UPHFUIFS.BY"$T
r $IJMESFO PG (PWFSONFOU FNQMPZFF 1FOTJPOFS
GPVSXIFFMFSPXOFS FYDMVEJOHTBOJUBSZXPSLFST
*ODPNF UBY QBZFF BOE TGU JO .VOJDJQBM
QSPQFSUZBSFJOFMJHJCMF
5IFEJTUSJDUXJTFTUBUVTVOEFS+BHBOBOOB"NNBWPEJ
EVSJOHUIFBDBEFNJDZFBSJTTIPXOJO5BCMF
5BCMF%FUBJMTPG+BHBOBOOB"NNBWPEJ
/VNCFSPG "NPVOU
4M/P +BHBOBOOB"NNBWPEJ4UBUVT
CFOFöDJBSJFT 3TJO$SPSFT
5PUBMCFOFöDJBSJFT
5PUBMQBZNFOUTQSPDFTTFE
1BZNFOUTTVDDFTT
1BZNFOUTGBJMVSF
(SJFWBODFT UP CF QBJE "QQMJDBUJPOT JOFMJHJCMF BU
UIFUJNFPGTDIFNFMBVODICVUBSFFMJHJCMFOPX
5PUBM QBZNFOUT UP CF NBEF EVSJOH CJBOOVBMT
SPXT%&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
+BHBOBOOB(PSVNVEEB 1.104)"/
JO (PWFSONFOU TDIPPMT BOE BMM (PWFSONFOU +VOJPS
$PMMFHFT JO UIF CFTU QPTTJCMF IZHJFOJD DPOEJUJPOT JO B
*OPSEFSUPFOTVSFRVBMJUBUJWF
UBTUZBOEOVUSJUJPVTGPPEUP TDJFOUJGJDBOEQSPGFTTJPOBMXBZ4PGBS
BZBITIBWF
UIFDIJMESFO
HPWFSONFOUIBWFSFWBNQFEUIF.JE%BZ CFFOQMBDFEJOTDIPPMT3TQFSNPOUIJTCFJOHQBJE
NFBMQSPHSBNBOEMBVODIFEJOUIFOBNFPG+BHBOBOOB BT IPOPSBSJVN GPS FBDI BZBI $MFBOJOH $IFNJDBMT
(PSVNVEEB TJODF 5IF (PWFSONFOU IBT $MFBOJOH 5PPMT XFSF TVQQMJFE UP BMM TDIPPMT 5IF
SFWJTFEUIFNFOVGSPNEVMZFOIBODJOHUIF NBJOUFOBODFPG5PJMFUTJTCFJOHNPOJUPSFECZBNPCJMF
DPPLJOH DPTU 'JWF FHHT QFS XFFL BOE 5ISFF QFBOVU BQQMJDBUJPO *..4 XJUI BO BSUJGJDJBM *OUFMMJHFODF
KBHHFSZ DIJLLJ
BSF BMTP CFJOH TFSWFE UP UIF DIJMESFO UFDIOPMPHZGPSFWBMVBUJPOPG$BQUVSJOHQJDUVSFTSFMBUFE
BMPOHXJUINFBMT"OBNPVOUPG3T$SJTCFJOH UPTBOJUBUJPO 5PJMFUT
8BTICBTJOFUD
UIFSFQPSUTXFSF
TQFOUCZUIF(PWUGPSFGGFDUJWFJNQMFNFOUBUJPOPG.%. HFOFSBUFE BVUPNBUJDBMMZ XJUIPVU BOZ IVNBO
5IFQSPHSBNJTCFJOHNPOJUPSFEJOSFBMUJNFUISPVHIB JOUFSGFSFODF/FDFTTBSZ5SBJOJOHJO5PJMFU.BJOUFOBODFJT
NPCJMF BQQMJDBUJPO JF *OUFHSBUFE .%. .POJUPSJOH QSPWJEFEUPBMMTUBLFIPMEFST
4ZTUFN *..4
XJUI GPVS UJFS TUSVDUVSF 4DIPPM
7JMMBHF
5IJSEQBSUZBOE4UBUFMFWFM
5IF/PEBM0GGJDFSTJO(784
"OEISB1SBEFTI.PEFM4DIPPM4PDJFUZ
"1.TPG4&31
.&1."NPOJUPSJOHUIFQSPHSFTTEBJMZCZ
JOTQFDUJPOT PG TUBLFIPMEFST VOEFS UIFJS %FQBSUNFOUT "1 .PEFM 4DIPPMT BSF FTUBCMJTIFE PO QBS XJUI
.POJUPSJOH JT EPOF UISPVHI EBTICPBSE3FDFOUMZ
,FOESJZB7JEZBMBZB 5FNQMBUF UP QSPWJEF RVBMJUZ
JOTUSVDUJPOT IBWF CFFO JTTVFE CZ UIF $JWJM 4VQQMJFT FEVDBUJPO JO &EVDBUJPOBMMZ #BDLXBSE #MPDLT &##
JO
%FQBSUNFOUUIBU%FMJWFSZPGSJDFBOEPUIFSDPNNPEJUJFT "U QSFTFOU .PEFM TDIPPMT BSF GVODUJPOJOH
UP4DIPPMTDPWFSFEVOEFS+BHBOBOOB(PSVNVEEBXJMMCF VOEFS "OEISB 1SBEFTI .PEFM 4DIPPM 4PDJFUZ "1.44
EPOF UISPVHI .PCJMF %JTQFOTJOH 6OJUT .%6T
XFG XJUI BO JOJUJBM FOSPMNFOUPG .PEFM 4DIPPMT
IBWFVQUPUIDMBTTBOE.PEFM4DIPPMTIBWJOHVQ
UP*OUFSNFEJBUF
5IF EFUBJMFE 401 IBT CFFO QSFQBSFE 5SBJOJOHT UP UIF
TUBLFIPMEFSTJODMVEJOHDPPLTIBWFCFFOJNQBSUFE5IF 5IFSFBSFQSJODJQBMTBHBJOTUTBODUJPOFEQPTUT
(PWFSONFOUPG"OEISB1SBEFTIEFDJEFEUPJNQSPWFUIF 1(5TPVUPGTBODUJPOFEBOE5(5TPVUPG
RVBMJUZ PG .JE%BZ .FBMT CZ JOUSPEVDJOH BO "* CBTFE TBODUJPOFE BSF XPSLJOH JO UIF 4DIPPMT 5ISPVHI
TPMVUJPOGPSUIFGJSTUUJNFJOUIFDPVOUSZ5IFQSPKFDUTIBMM %4$1SJODJQBM
1(5BOE5(5QPTUTBSF
DPWFS BMM TDIPPMT JO "OEISB 1SBEFTI 'PS UIJT 5$4 IBT GJMMFE
EFWFMPQFE"*CBTFETPMVUJPOTUPJEFOUJGZUIF(PPEBOE 5IF"1.PEFM4DIPPMTIBWFTFDVSFETFBUTJO***5T
#BERVBMJUZGPPE"5PMM'SFF/VNCFSFTUBCMJTIFE TFBUTJO/&&5.FEJDJOF
TFBUTJO/*5**5
TUVEFOUT
BMPOHXJUIDBMMDFOUSFUPSFDFJWFDPNQMBJOUT HPU /BUJPOBM .FBOT .FSJU 4DIPMBSTIJQ /..4
BOE
CFDBNFUIFMBOENBSLGPSSVSBMUBMFOU
5PJMFU.BJOUFOBODF'VOE 5.'
&OSPMMNFOUJO"1.4
5IF(PWFSONFOUPG"OEISB1SBEFTIIBTTFUVQUIF5PJMFU
5IFSFBSF
TFBUTBWBJMBCMFJO4FDPOEBSZ&EVDBUJPO
.BJOUFOBODF'VOE 5.'
GPSNBJOUBJOJOHDMFBOMJOFTTPG
BOE
TFBUTGPS*OUFSNFEJBUF$PVSTFTDPOTJTUJOHPG
UIF5PJMFUT
6SJOBMT
ESFTTDIBOHFSPPN
XBTICBTJOTBOE
HSPVQT .1$
#J1$
.&$
$&$
JO UPUBM
TFBUTBSF
PUIFSBTTPDJBUFEJUFNTPGUIFUPJMFUDPNQMFYFTJOBMMUIF
BWBJMBCMF JO .PEFM 4DIPPMT .PEFM 4DIPPMT BSF
HPWFSONFOU TDIPPMT BOE BMM UIF (PWFSONFOU +VOJPS
GVODUJPOJOH XJUI PDDVQBODZ SBUF 5IF TDIPPMT
$PMMFHFTJO3VSBMBOE6SCBOBSFBT5IFDSFBUJPOPG5.'JTB
SFDPSEFEQBTTQFSDFOUBHFJO44$BOE*OUFSNFEJBUF
SFWPMVUJPOBSZ DPODFQU BOE GJSTU PG JUT LJOE JO *OEJB BOE
FYBNJOBUJPOTEVSJOH
QSPCBCMZ UIF MBSHFTU GVOE DSFBUFE FYDMVTJWFMZ GPS
NBJOUFOBODF PG UPJMFUT JO
(PWFSONFOU TDIPPMT
#FTU5FBDIFS"XBSET
BOE+VOJPS$PMMFHFT 5.'JTBGVOEPG3T$SPSF
XIJDIXBTDPOUSJCVUFEGSPNUIF"NNBWPEJTDIFNF! 4UBUF"XBSETBSFCFJOHHJWFOFWFSZZFBSCZ(PWFSONFOU
3T GSPN FBDI QBSFOU JO WJFX PG TBGFHVBSEJOH UIF PG"1UPUIF#FTU5FBDIFSTTFMFDUFEGPSUIFQVSQPTFPO
IFBMUIPGUIFBMMUIFTUVEFOUTUISPVHINBJOUBJOJOHUPJMFUT UIF PDDBTJPO PG 5FBDIFST %BZ PO UI 4FQUFNCFS GPS
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
BXBSEJOH5IJTZFBSUFBDIFSTBSFTFMFDUFEGPS4UBUF#FTU MFBSOJOHPVUDPNFTBOEWBSJPVTQFSGPSNBODFJOEJDBUPST
5FBDIFS"XBSET5IF"XBSEFFTXPVMECFIPOPVSFE 5IF'VOE4IBSJOH1BUUFSOPGUIF4DIFNFJT$FOUSBM
XJUIB(PME$PBUFE4JMWFS.FEBM
B4IBXM
$BTI"XBSEPG BOE4UBUF
3T
.FSJU$FSUJGJDBUFBOEB.FNFOUP
/BUJPOBM "XBSET BSF CFJOH HJWFO FWFSZ ZFBS CZ
0CKFDUJWFT
(PWFSONFOUPG*OEJBUPUIF#FTU5FBDIFSTTFMFDUFEPOUIF r 1SPWJTJPO PG RVBMJUZ FEVDBUJPO BOE FOIBODJOH
PDDBTJPO PG 5FBDIFST %BZ 'PS UIF ZFBS
UIF (P* MFBSOJOH PVUDPNFT PG TUVEFOUT CSJEHJOH TPDJBM
"XBSEFEUIF/BUJPOBM.FSJUPSJPVT5FBDIFSBXBSEUP%S BOE HFOEFS HBQT JO TDIPPM FEVDBUJPO FOTVSJOH
3BWJ "SVOB
5FBDIFS
"4/3" ;JMMBQBSJTIBE )JHI 4DIPPM FRVJUZ BOE JODMVTJPO BU BMM MFWFMT PG TDIPPM
,BOVSV
1FOBNBMVSV,SJTIOBEJTUSJDU
"OEISB1SBEFTI FEVDBUJPO FOTVSJOH NJOJNVN TUBOEBSET JO
TDIPPMJOHQSPWJTJPOTBOEQSPNPUJOHWPDBUJPOBMJ
4BNBHSB4IJLTIB 44
TBUJPOPGFEVDBUJPO
5IF6OJPO#VEHFUIBTQSPQPTFEUPUSFBU4DIPPM r 1SPWJEF CVJMEJOH BOE JOGSBTUSVDUVSF GBDJMJUZ BOE
&EVDBUJPO IPMJTUJDBMMZ XJUIPVU TFHNFOUBUJPO GSPN QSF PUIFSBNFOJUJFTUPBMMUIF(PWFSONFOUBOE-PDBM
OVSTFSZ UP $MBTT9** 4BNBHSB 4IJLTIB BO PWFSBSDIJOH #PEZ
1SJNBSZ
6QQFS1SJNBSZBOE)JHI4DIPPMT
QSPHSBNNFGPSUIF4DIPPM&EVDBUJPOTFDUPSFYUFOEJOH 4FOJPS 4FDPOEBSZ 4DIPPMT NFBOU GPS JNQBSUJOH
GSPNQSFTDIPPMUP$MBTT9**IBTUIFSFGPSFCFFOQSFQBSFE FEVDBUJPO
XJUIUIFCSPBEFSHPBMPGJNQSPWJOHTDIPPMFGGFDUJWFOFTT r *NQMFNFOUBUJPOPG3JHIUPG$IJMESFOUP'SFFBOE
NFBTVSFEJOUFSNTPGFRVBMPQQPSUVOJUJFTGPSTDIPPMJOH $PNQVMTPSZ&EVDBUJPO 35&
"DU
UPQSPWJEF
BOEFRVJUBCMFMFBSOJOHPVUDPNFT*UJTJNQMFNFOUFEBTB BDDFTTUPGSFFFEVDBUJPOUPBMMDIJMESFOVQUP
DFOUSBMMZ 4QPOTPSFE TDIFNF CZ UIF %FQBSUNFOU PG ZFBSTBTTUJQVMBUFEJOUIF"DU
4DIPPM&EVDBUJPOMJUFSBDZ
(PWUPG*OEJBUISPVHITJOHMF
TUBUFJNQMFNFOUBUJPO4PDJFUZ 4*4
BUUIF4UBUFMFWFM r 4USFOHUIFOJOHBOEVQHSBEBUJPOPG4$&35T4UBUF
*OTUJUVUFT PG &EVDBUJPO BOE %*&5 BT OPEBM
5IF (PWU PG "OEISB 1SBEFTI IBT DSFBUFE 4BNBHSB BHFODJFTGPSUFBDIFSUSBJOJOH
4IJLTIBCZJOUFHSBUJOHUIFTDIFNFTJF
4BSWB4IJLTIB
"CIJZBO 44"
3BTIUSJZB .BEIZBNJL 4IJLTIB "CIJZBO 'PDVTFE*OUFSWFOUJPOTPGUIF4DIFNF
3.4"
BOE 5FBDIFS &EVDBUJPO 5&
5IF *OUFHSBUFE
4DIFNF i4BNBHSB 4IJLTIBw FOWJTBHFT QSPWJEJOH BO 5IF NBKPS JOUFSWFOUJPOT
BDSPTT BMM MFWFMT PG TDIPPM
FRVJUBCMF BOE JODMVTJWF RVBMJUZ PG FEVDBUJPO 4BNBHSB FEVDBUJPO
VOEFSUIFTDIFNFBSF
4IJLTIB4DIFNFIBTCFFOFYUFOEFEVQUPXJUI 6OJWFSTBM"DDFTTJODMVEJOH*OGSBTUSVDUVSF%FWFMPQNFOU
TFWFSBM OFX GFBUVSFT QBSBT PG /&1 3FUFOUJPO (FOEFS BOE &RVJUZ *ODMVTJWF &EVDBUJPO
SFDPNNFOEBUJPOTIBWFCFFOJODMVEFEVOEFS4BNBHSB 2VBMJUZ 'JOBODJBM TVQQPSU GPS 5FBDIFS 4BMBSZ %JHJUBM
4IJLTIB JOJUJBUJWFT 35& &OUJUMFNFOUT JODMVEJOH VOJGPSNT
5IF WJTJPO PG UIF 4DIFNF JT UP FOTVSF JODMVTJWF BOE UFYUCPPLT FUD 1SFOVSTFSZ &EVDBUJPO 7PDBUJPOBM
FRVJUBCMF RVBMJUZ FEVDBUJPO GSPN QSFTDIPPM UP TFOJPS &EVDBUJPO4QPSUTBOE1IZTJDBM&EVDBUJPO4USFOHUIFOJOH
TFDPOEBSZ TUBHF JO BDDPSEBODF XJUI UIF 4VTUBJOBCMF PG 5FBDIFS &EVDBUJPO BOE 5SBJOJOH .POJUPSJOH
%FWFMPQNFOU(PBM 4%(
GPS&EVDBUJPO 1SPHSBNNF.BOBHFNFOU
5IF NBJO FNQIBTJT PG UIF 4DIFNF JT PO JNQSPWJOH (FOEFSBOE&RVJUZ
RVBMJUZPGTDIPPMFEVDBUJPOCZGPDVTJOHPOUIFUXP5hTo
5FBDIFSBOE5FDIOPMPHZ5IFTDIFNFQSPQPTFTUPHJWF 5P QSPNPUF HFOEFS FRVBMJUZ
TVQQPSUJWF FEVDBUJPOBM
GMFYJCJMJUZUPUIF4UBUFTBOE65TUPQMBOBOEQSJPSJUJ[FUIFJS JOUFSWFOUJPOTBSFJNQMFNFOUJOHJOUIFTDIPPMTWJ[
3BOJ
JOUFSWFOUJPOTXJUIJOUIFTDIFNFOPSNTBOEUIFPWFSBMM -BLTINJCBJ"UNB3BLTIB1SBTIJLTIBO 4FMG%FGFOTF
GPS
SFTPVSDF FOWFMPQF BWBJMBCMF UP UIFN 'VOET BSF &MFNFOUBSZ BOE 4FDPOEBSZ 4DIPPM TUVEFOUT
4BOJUBSZ
QSPQPTFEUPCFBMMPDBUFECBTFEPOBOPCKFDUJWFDSJUFSJB QBE7FOEJOH*ODJOFSBUPSNBDIJOFTGPSFMFNFOUBSZBOE
CBTFE PO FOSPMNFOU PG TUVEFOUT
DPNNJUUFE MJBCJMJUJFT
TFDPOEBSZ TDIPPM TUVEFOUT
"EPMFTDFOU BXBSFOFTT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
MFWFM GSPN DMBTTFT UI UP UI BOE TFDPOEBSZ MFWFM GSPN
DMBTTFTUIUPUI*O1"#
GPS4DIPPMTBO ,(#7TDIFNFXBTMBVODIFEJO"VHVTUGPSTFUUJOH
BNPVOUPG3T-BLITXBTTBODUJPOFE!3T VQ SFTJEFOUJBM TDIPPMT BU VQQFS QSJNBSZ MFWFM GPS HJSMT
UPXBSETJNQMFNFOUBUJPOPGUIFQSPHSBNNF CFMPOHJOHUPUIF4$
45
0#$BOENJOPSJUZDPNNVOJUJFT
JO EJGGJDVMU BSFBT5IF TDIFNF JT CFJOH JNQMFNFOUFE JO
"EPMFTDFOU1SPHSBNNF &EVDBUJPOBMMZ#BDLXBSE#MPDLT &##T
PGUIFDPVOUSZ5IF
TDIFNF QSPWJEFT NJOJNVN SFTFSWBUJPO PG PG UIF
"EPMFTDFOU BXBSFOFTT QSPHSBNNF GPS HJSM TUVEFOUT JT TFBUT GPS HJSMT CFMPOHJOH UP 4$
45
0#$ BOE .JOPSJUZ
DSVDJBM BT TIF XJMM CF UIF NPUIFS PG UPNPSSPX BOE JU $PNNVOJUJFTBOEUIFSFNBJOJOHJTBDDPSEFEUPHJSMT
TUJNVMBUFTFEVDBUJPOBMDPOTDJPVTOFTTDJWJDTFOTF5IF GSPN#1-GBNJMJFTPOQSJPSJUZ
QSPHSBNNFTJTGPSHJSMTTUVEFOUTTUVEZJOHJO$MBTFTTUI
UP UI 4UVEFOUT UP FEVDBUF BOE QSPWJEF BXBSFOFTT 5IFSFBSF 5ZQF***
,(#7TGVODUJPOJOHJOEJTUSJDUT
BNPOH UIF BEPMFTDFOU HJSMT JO UIF BSFBT MJLF HFOEFS PG "1 XJUI UIF FOSPMNFOU PG
XIJDI JODMVEFT
BXBSFOFTT
NFOTUSVBM IFBMUI BOE IZHJFOF
DIJME ,(#7TGPS.JOPSJUJFTBOE 5ZQF*7
,(#7(JSMT)PTUFMT
NBSSJBHFT
DIJME BCVTF
OVUSJUJPO
SFMBUJPOTIJQT
DIJME "UUBDIFE UP .PEFM 4DIPPMT
GVODUJPOJOH XJUI UIF
USBGGJDLJOH
HPBM TFUUJOH BOE DBSFFS HVJEBODF 5IJT XJMM FOSPMNFOUPG
JOUIFTUBUF
EFWFMPQTFMGSFTQFDU
DBSFFSCVJMEJOH
MJGFTLJMMTBNPOHUIF 5IFSFBSF,(#7T GSPN$MBTT7*UP9**
GVODUJPOJOHJO
(JSMDIJMESFO*O1"#
GPS4DIPPMTBOBNPVOU UIF4UBUF*O
UIF44$1BTTQFSDFOUBHFPG
PG3T-BLITXBTTBODUJPOFE!3TUPXBSET ,(#7T JT BOE *OUFSNFEJBUF QBTT
JNQMFNFOUBUJPOPGUIFQSPHSBNNF QFSDFOUBHFJT,(#7TBSFVQHSBEFEUP
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
*OUFSNFEJBUF MFWFM GPS XIJDI OFX CVJMEJOHT 7PDBUJPOBM &EVDBUJPO JT JNQMFNFOUFE UP FOIBODF UIF
XBT TBODUJPOFE JO BEEJUJPO UP UIF FYJTUJOH FNQMPZBCJMJUZ TLJMMT PG TUVEFOUT JO DMBTTFT UIUP UI
CVJMEJOHT "MM UIF *OUFSNFEJBUF ,(#7T BSF GVMMZ ZPVUI
PONPEVMBSWPDBUJPOBMDPVSTFTBOEUPNBJOUBJO
FRVJQQFE XJUI SFTJEFOUJBM GBDJMJUJFT
CFEEJOH UIFJSDPNQFUJUJWFOFTTUISPVHIQSPWJTJPOTPGNVMUJFOUSZ
NBUFSJBM
UFYU CPPLT
OPUF CPPLT
FUD 'PS NVMUJFYJUMFBSOJOHPQQPSUVOJUJFT5IFQSPHSBNNFIBT
QSPWJEJOH OVUSJUJPOBM GPPE UP UIF (JSM DIJME
UIF CFFO PQFSBUFE XJUI UIF TVQQPSU PG 751T JO
EJFU DIBSHFT XFSF FOIBODFE GSPN 3T
UP 4DIPPMTJOUIF4UBUFGPSUIFBDBEFNJDZFBS
3T
JO"TUJQFOEPG3TJTHJWFO 7PDBUJPOBM$PPSEJOBUPSTBSFFOHBHFECZUIF7 51TXJUI
GPSFBDIHJSMTUVEFOUGPSQVSDIBTJOHPGUPJMFUSZLJU UIF IPOPSBSJVN PG 3T
QFS NPOUI XFG
5IF FYBNJOBUJPO GFF GPS UIF *OUFSNFEJBUF 'PSUIFZFBS
UPUBMFYJTUJOHUSBEFT
TUVEFOUT PG ,(#7T JT CPSOF CZ UIF 4BNBHSB JF
*5*5&4
"HSJDVMUVSF
"QQBSFM.BEFVQTBOE
4IJLTIB 7PDBUJPOBM &EVDBUJPO JT CFJOH
&MFDUSPOJDTIBWFCFFODPOUJOVFEGSPNXJUI
JNQMFNFOUFEJO,(#7TUISPVHIPVUUIFTUBUF UIF TVQQPSU PG 751T 5IF (PWFSONFOU PG "1 IBT
r TUVEFOUT XFSF CFOFGJUUFE UISPVHI QFSNJUUFE UP JNQMFNFOU UIF UISFF OFX BEEJUJPOBM
+BHBOBOOB"NNBWPEJ1SPHSBNNF USBEFT J
#FBVUZBOE8FMMOFTT
JJ
'PPE1SPDFTTJOHBOE
r TUVEFOUT XFSF CFOFGJUUFE UISPVHI JJJ
"VUPNPUJWF JO OFXMZ TBODUJPOFE (JSMT 4DIPPMT
+BHBOBOOB7JEZB,BOVLB1SPHSBNNF BOEFYJTUJOHTDIPPMTJOUIF4UBUF
4UVEFOUTBSF
CFOFGJUUFEUISPVHIWPDBUJPOBMFEVDBUJPO
r 4UBUF-FWFM#FTUUFBDIFSBXBSETXFSFSFDFJWFE
,(#7TUFBDIFST *ODMVTJWF&EVDBUJPO
r HJSMTTUVEFOUTTUVEZJOHJO,(#7TBDIJFWFE***5
TFBUT *ODMVTJWF &EVDBUJPO 3FTPVSDF $FOUSFT
#IBWJUIB$FOUSFT
7PDBUJPOBM&EVDBUJPO
*ODMVTJWF FEVDBUJPO 3FTPVSDF $FOUSFT
#IBWJUIB$FOUSFT
IBWFCFFOQSPWJEJOHEJGGFSFOUTFSWJDFT
0CKFDUJWFT
UP$IJMESFOXJUI4QFDJBM/FFET $X4/
TVDIBTBVEJUPSZ
B
5PFOIBODFUIFFNQMPZBCJMJUZPGZPVUIUISPVHI USBJOJOH
WJTJPO TUJNVMBUJPO
PSJFOUBUJPO BOE NPCJMJUZ
EFNBOE ESJWFO DPNQFUFODZ CBTFE NPEVMBS #SBJMMF TLJMMT
FBSMZ DIJME JOUFSWFOUJPO
QBSFOUBM
WPDBUJPOBMDPVSTFT DPVOTFMMJOH
QIZTJPUIFSBQZ BOE TDIPPM SFBEJOFTT
C
5P NBJOUBJO UIFJS DPNQFUJUJWFOFTT UISPVHI QSPHSBNNF
$X4/ XFSF CFOFGJUUFE CZ UIF
QSPWJTJPOT PG NVMUJFOUSZ NVMUJFYJU MFBSOJOH UIFSBQFVUJDTFSWJDFT
PQQPSUVOJUJFT BOE WFSUJDBM NPCJMJUZ JOUFS 4QFDJBM USBJOJOH JT HJWFO UP $X4/ PO EBJMZ MJWJOH TLJMMT
DIBOHFBCJMJUZJORVBMJGJDBUJPOT GVODUJPOBM BDBEFNJDT UP DIJMESFO XJUI $FSFCSBM 1BMTZ
D
5PGJMMUIFHBQCFUXFFOFEVDBUFEBOEFNQMPZBCMF "VUJTN
7JTVBM *NQBJSNFOU
)FBSJOH JNQBJSNFOU BOE
.FOUBM3FUBSEBUJPOFUDDBUFHPSJFTCZSFTPVSDFQFSTPOTBU
E
5PSFEVDFUIFESPQPVUSBUFBUUIFTFDPOEBSZMFWFM UIFSFTPVSDFDFOUFST4QFDJBM&EVDBUPSTIBWFCFFO
*NQMFNFOUBUJPO .FDIBOJTN 6OEFS UIF TDIFNF
XPSLJOH BU )JHI TDIPPMT VOEFS *&%44 GPS UFBDIJOH
7PDBUJPOBM$PVSTFTCBTFEPOUIF+PCSPMFTXIJDIIBWF BDBEFNJD TLJMMT UP UI BOE UI $IJMESFO XJUI 4QFDJBM
CFFO BQQSPWFE CZ /BUJPOBM 4LJMM 2VBMJGJDBUJPO /FFETJOBMMEJTUSJDUTPG"OEISB1SBEFTI
$PNNJUUFF /42$
BSF PGGFSFE JO UIF TDIPPMT 5IF %PPSUPEPPSDBNQBJHODPOEVDUFECZ4QFDJBM&EVDBUPST
7PDBUJPOBM &EVDBUJPO JT UP CF UBVHIU BT BO BEEJUJPOBM *&31T
BOE$31TGPSFOSPMMJOH0VUPGTDIPPM$IJMESFOXJUI
TVCKFDU JO $MBTT UI BOE UI BT B DPNQVMTPSZ BOE 4QFDJBM /FFET JO (PWFSONFOU BOE (PWFSONFOU BJEFE
FMFDUJWF JO $MBTT UI BOE UI 5IF QPMJDZ PG TDIPPMTJOBMM.BOEBMTJO"OEISB1SBEFTI5FBDIJOH
JNQMFNFOUBUJPO PG DPVSTFT GJOBMJ[FE CZ /42' BOE -FBSOJOH.BUFSJBMLJUTIBWFCFFOEJTUSJCVUFEUP$IJMESFO
BQQSPWFECZ.P&BSFJNQMFNFOUJOHJO"OEISB1SBEFTI XJUI*OUFMMFDUVBMEJTBCJMJUJFTVOEFS"%*1TDIFNF
5IFGVOEJOHSBUJPPG(P*BOE(P"1JT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
5SBOTQPSUBMMPXBODFJTQSPWJEFEGPSUIFDIJMESFOXIPBSF
5ISPVHI /345$T DIJMESFO XFSF HJWFO 4QFDJBM 5SBJOJOH SFTJEJOH JO IJMMZ4QBSTFMZ QPQVMBUFE BSFBT BOE BMTP UP
VOEFS /PO3FTJEFOUJBM .PEF ! DIJMESFO QFS FBDI DIJMESFOXIPBSFSFTJEJOHJOBEJTUBODFPGNPSFUIBO,.
DFOUSF
FWFSZ ZFBS UP NBJOTUSFBN UIFN JO UIFJS BHF GPSQSJNBSZTDIPPMT
NPSFUIBO,.GPS6QQFS1SJNBSZ
BQQSPQSJBUFDMBTTFTCZUIFFOEPG"QSJMFWFSZZFBS5IF 4DIPPMTBOE,.EJTUBODFGPS)JHI4DIPPMT
DIJMESFO XIP BSF OFWFS FOSPMMFE PS ESPQQFE PVU GSPN
TDIPPM GPS NPOUIT UP NPOUIT BSF FMJHJCMF GPS UIJT 5IFHPWFSONFOUQSPWJEJOHGSFFUSBOTQPSU&TDPSUGBDJMJUZ
USBJOJOHh0VUPG4DIPPMDIJMESFOhBSFJEFOUJGJFEJO GPSDIJMESFODMBTTFTTUVEZJOH*UP7***GSPNTQBSTFMZ
/345DFOUSFTJO "UQSFTFOUDIJMESFO QPQVMBUFE BSFBTVSCBO BSFBT XIFSF TDIPPMT BSF OPU
BSFFOSPMMFEJO/345DFOUFST BWBJMBCMF BOE 4FDPOEBSZ TDIPPM TUVEFOUT XJUI
EJTUBODF PG ,.T OFJHICPVSIPPE BSFB TDIPPMT EVSJOH
3FTJEFOUJBM4QFDJBM5SBJOJOH$FOUFST 345$T
UIFBDBEFNJDZFBSBTQFS35&"DUOPSNT
DIJMESFOBSFJEFOUJGJFEJO345$FOUSFTGPS4QFDJBM 0QFO4DIPPMJOH4ZTUFN
USBJOJOH UISPVHI 3FTJEFOUJBM .PEF ! DIJMESFO QFS
FBDIDFOUSF
5IFDIJMESFOXFSFHJWFO4QFDJBM5SBJOJOHGPS DIJMESFO XFSF JEFOUJGJFE GPS 0QFO 4DIPPMJOH
UIPTF XIP BSF SFTJEJOH JO )JMMZ UPQTBHFODZ 4ZTUFN JT QSPWJEJOH 3T QFS DIJME UP TVQQPSU
USBDLTTQBSTFMZ QPQVMBUFE BSFBTTQFOU BOE NPSF UIBO TPDJBMMZBOEFDPOPNJDBMMZEJTBEWBOUBHFEHSPVQTTVDIBT
POF BOE IBMG ZFBST BT 0VU PG 4DIPPM $IJMESFO/FWFS DIJMESFO CFMPOHJOH UP 4$
45
$84/
.JOPSJUZ FUD
BOE
&OSPMMFE XFSF HJWFO 4QFDJBM 5SBJOJOH VOEFS 345$ "U HJSMT JO UP ZFBST PG BHF HSPVQ UISPVHI UIF 0QFO
QSFTFOU DIJMESFO BSF FOSPMMFE JO 345 $FOUSFT JO 4DIPPM4ZTUFN /*044*04
GPSUIFVTFPGTUVEZNBUFSJBMT
,SJTIOBEJTUSJDU BOEDFSUJGJDBUJPO
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
2VBMJUZ*OJUJBUJWFT4*&."5 CVEHFUPG3T$S
r *NQMFNFOUJOH $$& UP BTTFTT UIF TUVEFOUTh
'PDVTPO2VBMJUZ QFSGPSNBODFUISPVHIGPSNBUJWFBOETVNNBUJWF
5IF1FEBHPHZBDUJWJUJFTMFBEUPJNQSPWFUIF2VBMJUZPG BTTFTTNFOUT$MBTTSPPNCBTFEBTTFTTNFOUTXFSF
FEVDBUJPO JO UFSNT PG $IJMESFO
5FBDIFST
4DIPPMT
JOUSPEVDFE:FBSMPOHSFBEJOHDBNQBJHOh8F-PWF
5FBDIJOH-FBSOJOH1SPDFTT
5FBDIJOH-FBSOJOH.BUFSJBM
3FBEJOHh JOJUJBUFE BU TDIPPM MFWFM UP JNQSPWF
$PNNVOJUZ1BSUJDJQBUJPO
5FYUCPPLT
6OJGPSNT
-FBSOJOH GPVOEBUJPOBMMJUFSBDZPGDIJMESFO
&OIBODFNFOU 1SPHSBNNF
4QPSUT
-JCSBSJFT BOE r &YUFOTJWF USBJOJOH QSPHSBNNF GPS
MBLI
"TTFTTNFOU QSJNBSZUFBDIFSTPOQFEBHPHZXBTEPOFJOUISFF
5IF *OTFSWJDF 4VCKFDU UFBDIFSTh USBJOJOH NBUFSJBM BOE TQFMMT/*4)5)" POMJOF DPVSTFT JO CPUI &OHMJTI
NPEVMFTBSFCFJOHEFWFMPQFECBTFEPOUIFBOBMZTJTPG BOE 5FMVHV NFEJB BSF CFJOH TVDDFTTGVMMZ
UIFTUVEFOUThBDIJFWFNFOUTJOWBSJPVTBTTFTTNFOUT
BOE JNQMFNFOUFE
UIFHBQTJOUIFJSBDBEFNJDTUBOEBSET5IJTJTFYQFDUFEUP r *OJUJBUFE .BOB #BEJ /BBEV /FEV 1SPHSBNNF
JNQSPWF UIF PWFSBMM RVBMJUZ PG FEVDBUJPO JO TFDPOEBSZ *OGSBTUSVDUVSF %FWFMPQNFOU
UP TUSFOHUIFO UIF
TDIPPMT 7BSJPVT JOTFS WJDF USBJOJOHXPSLTIPQ
JOGSBTUSVDUVSBM DPNQPOFOUT JO TDIPPMT JO B
QSPHSBNNFT BSF PSHBOJ[FE GPS EFWFMPQJOH DBQBDJUZ QIBTFE NBOOFS TDIPPMT BSF
CVJMEJOHPGUFBDIFST
DPNNVOJUZ
BOETDIPPMMFBEFSTIJQ UBLFO VOEFS QIBTF
XJUI UIF CVEHFU PG UPUBM
GPS).TBOEBENJOJTUSBUPSTJOUIFTUBUF 3T
$SGPSBMMQIBTFT
r 4UBUF IBT UBLFO VQ SFTUSVDUVSJOH PG 4DIPPM
2VBMJUZ*OJUJBUJWFT
$PNQMFYFTJOUVOFXJUI/&1(VJEFMJOFTJTVOEFS
"OEISB 1SBEFTI IBT VTFE UFDIOPMPHZ PO JNQSPWJOH QSPDFTT %FWFMPQNFOU PG #BMBTBIJUZBN
TUVEFOU MFBSOJOH PVUDPNFT
GBDJMJUBUJOH UFBDIFSTh $IJMESFOhT-JUFSBUVSF
POEJTUSJDUXJTFDVMUVSBMBOE
QSPGFTTJPOBMEFWFMPQNFOU
DPOTPMJEBUJPOPGHPWFSONFOU IJTUPSJDBM TUPSJFT JT JOJUJBUFE GPS DVMUVSBM
TDIPPMT
BOE JNQSPWJOH HPWFSOBODF CZ QMBDJOH FOSJDINFOU .PUIFS5POHVF CBTFE .VMUJMJOHVBM
USBOTQBSFOU BOE BDDPVOUBCMF BENJOJTUSBUJWF QSPDFTTFT &EVDBUJPO .5.-&
UFYU CPPLT EFWFMPQFE JO
5FDIOPMPHZ XBT MFWFSBHFE FGGFDUJWFMZ BOE QJMPUT USJCBM MBOHVBHFT 4BWBSB
,POEB
,VWJ
"EJWBTJ
DPOEVDUFEBOETDBMFEVQGPSHSFBUFSJNQBDU 0SJZB
,PZBBOE4VHBMJ
/BUJPOBM&EVDBUJPO1PMJDZ /&1
/BUJPOBM*OJUJBUJWFGPS1SPGJDJFODZJO3FBEJOH
XJUI6OEFSTUBOEJOHBOE1SPGJDJFODZ /*16/
"DUJPO5BLFOJO"OEISB1SBEFTI #IBSBU
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
1.4)3*TDIPPMT5IFTFTDIPPMTTIBMMTFUFYBNQMFTGPSUIF 0OMJOF$PVSTFTJO%*,4)"/FXDPVSTFTBSFNBEF
CFTU JO DMBTT JO UIF DPVOUSZ 5IF FEVDBUJPO JO UIFTF BOE TUJUDIFE JO %*,4)"
DPVSTFT BSF USBOTMBUFE BOE
TDIPPMTXJMMCFTVDI
UIBUJUXJMMOVSUVSFMJGFMPOHMFBSOFST I P T UF E J O % * , 4 ) "
P O M J O F 2 V J [ [F T $ # 4 &
XIPDBSSZUIFBDVNFOBOEEFTJSFUPMFBSO
VOMFBSOBOE "SZBCIBUUBHBOJUIDIBMMFOHF
$POTUJUVUJPO
DPOEVDUFE
SFMFBSO BU BMM TQFDUSVNT PG MJGF UP CFDPNF FOHBHFE
%BJMZ F$POUFOU 1SPHSBNNF 7JEZB%BBO 1SPKFDUT
QSPEVDUJWF
BOE DPOUSJCVUJOH DJUJ[FOT GPS CVJMEJOH BO
XFSFPQFOFEQSPKFDUTPGDMBTTFTGSPNTUUPUIBSF
FRVJUBCMF
JODMVTJWF
BOEQMVSBMTPDJFUZBTFOWJTBHFECZ
PQFOFEBOEDPOUFOUJTBDDFQUFEGSPNUFBDIFST
UIF/BUJPOBM&EVDBUJPO1PMJDZ
&OHMJTIMBCo7JEFPT$PMMFDUFEWJEFPTGPS&OHMJTI
1. 4)3* TDIPPMT BJN UP QSFQBSF NPSF UIBO
BOE TVQQMJFE UP TDIPPMT 5SBJOJOH XBT HJWFO UP
TDIPPMT PG FYDFMMFODF JO XIJDI FWFSZ TUVEFOU GFFMT
UFBDIFSTPOIPXUPVTFUIFNJODMBTTSPPNUSBOTBDUJPO
XFMDPNFEBOEDBSFEGPS
XIFSFBTBGFBOETUJNVMBUJOH
MFBSOJOH FOWJSPONFOU FYJTUT
XIFSF B XJEF SBOHF PG
/*4)5)"oUP
MFBSOJOH FYQFSJFODFT BSF PGGFSFE
BOE XIFSF HPPE
QIZTJDBM JOGSBTUSVDUVSF BOE BQQSPQSJBUF SFTPVSDFT t *UJTBGMBHTIJQQSPHSBNPG.)3%BOEBOBUJPOBM
DPOEVDJWFUPMFBSOJOHBSFBWBJMBCMFUPBMMTUVEFOUT JOJUJBUJWF GPS TDIPPM IFBET BOE UFBDIFST GPS
TDIPPMT
IBWFTFMGBQQMJFEUISPVHIPOMJOFJO1. IPMJTUJDBEWBODFNFOUPGFMFNFOUBSZTUBHFVOEFS
4)3* QPSUBM GPS BQQSPWBM PG 1.4)3* 4DIPPMT PG XIJDI 4BNBHSB4IJLTIB
TDIPPMT QBTTFE GSPN UIF TDIPPM MFWFM5IF %JTUSJDU t "OEISB 1SBEFTI JT UIF QJPOFFSJOH TUBUF JO UIF
/PEBM0GGJDFSTWFSJGJFETDIPPMTBUUIFEJTUSJDUMFWFM DPVOUSZ JO DPOEVDUJOH UIF POMJOF USBJOJOH GSPN
/$&35 UISPVHI /*4)5)" QPSUBM /PX /*4)5)"
#FTU1SBDUJDFT USBJOJOHJTCFJOHDPOEVDUFEJO%*,4)"QMBUGPSN
% * , 4 ) " o % J HJ U B M J O G S B T U S V D U V SF GP S t /*4)5)"$PVSTFTBSFDPOEVDUFEJO&OHMJTI
5FMVHV BOE 6SEV -BOHVBHFT GPS &MFNFOUBSZ
,OPXMFEHF 4IBSJOH 4BNBHSB 4IJLTIB
5FBDIFST
5FBDIFST XFSF FOSPMMFE BOE
"OEISB1SBEFTI
5FBDIFST DPNQMFUFE DPVSTFT
DPOEVDUFE
$MBTTOFXUFYUCPPL&OFSHJ[FE
t /*4)5)"$PVSTFTBSFDPOEVDUFEJO&OHMJTI
r "MMOFXUFYUCPPLTPG7**DMBTT &OHMJTINFEJVN 5FMVHVBOE6SEV-BOHVBHFTGPS4FDPOEBSZBOE4S
5FMVHV .FEJVN NJOPS NFEJB BOE #JMJOHVBM 4FDPOEBSZ 5FBDIFST 5FBDIFST FOSPMMFE
5FYUCPPLT BSF 23 $PEFE BOE UBHHFE XJUI F BOE
DPNQMFUFE (FOFSJD DPVSTF 5PUBM
$POUFOUBOEBTTFTTNFOUT DPVSTFTBSFBOEUIFQSFTFOUDPVSTFJTBOE
r "DBEFNJDDBMFOEBSXBTFOFSHJ[FE UIFDPVSTFJTNBEFSFSVO
r 1JDUPSJBM%JDUJPOBSZXBTHJWFO23$PEFT t /*4)5)"$PVSTFTBSFDPOEVDUFEJO&OHMJTI
5FMVHV BOE 6SEV -BOHVBHFT GPS 1SJNBSZ BOE
r 11BOE11UFYUCPPLTXFSFXJUI23$PEFT
"OHBOXBEJUFBDIFST5FBDIFSTBOE
-*7&4FTTJPOTUISPVHI%*,4)"&YDMVTJWFMJWFTFTTJPOT "OHBOXBEJ UFBDIFST FOSPMMFE5PUBM DPVSTFT BSF
BSF DPOEVDUFE CZ VTJOH:PV5VCF TUSFBNJOH JO %*,4)" BOEUIF1SFTFOUDPVSTFJT
QMBUGPSNCZVTJOHUIF0#4TPGUXBSFoJUJTTIBSFEBTCFTU
QSBDUJDF UP /$&35 o -JWF TFTTJPOT
IST PG MJWF %JHJUBM5SBJOJOH
DMBTTFT
4JHOMBOHVBHFTVQQPSUMJWFDMBTTFT
5IFGPMMPXJOHBSFUIFGFXUIFNFTPGEJHJUBMUSBJOJOHT
$MJDLBCMF1%'5FYUCPPLT"MMOFXUFYUCPPLTBSFNBEF
r 5SBJOJOHPO5SBOTBDUJPOPGOFX&OHMJTINFEJVN
BTDMJDLBCMF23$PEFTTPUIBUF$POUFOUQPQVQJOTUBOUMZ
UFYUCPPLTUPQSJNBSZUFBDIFST
"TTFTTNFOUTBOE
BT BOE XIFO DMJDLFE PO 23 $PEF "MM UIF UFYUCPPL
QFEBHPHZPG$#4&QBUUFSOUP1SJNBSZUFBDIFST
DPOUFOU$PODFQUXJTFGSPNDMBTTUIUPUIJTTVQQMJFE
UPTUVEFOUT r 0OF EBZ PSJFOUBUJPO PO /&8 UFYUCPPLT BGUFS
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
:PV5VCF$IBOOFMT .BKPSGMBHTIJQ1SPHSBNNF
'JU*OEJB1SPHSBNNFT
i%*,4)" "1w IUUQT XXXZPVUVCFDPN DIBOOFM
6$$@88P1H#;3L;QC2&HY2
BO PGGJDJBM :PV5VCF r 1SPWJEFE 5SBJOJOH PG FLIFM1BUIBTBM 1&5T BOE
DIBOOFM PG "OEISB 1SBEFTI %*,4)" XJOH XJUI
DPNNVOJUZ DPBDIJOH QSPHSBNNF UP DPOUSJCVUF
TVCTDSJCFST IBT CFFO VUJMJ[FE FYUFOTJWFMZ GPS UFBDIFS JOQSPGFTTJPOBMEFWFMPQNFOUPG1&5TBDSPTT*OEJB
USBJOJOHT %VSJOH UIF UFOVSF MJWF TFTTJPOT XFSF r 5PDPOEVDUTUSVDUVSFEBHFBQQSPQSJBUFQIZTJDBM
DPOEVDUFE BMPOH XJUI UVUPSJBM WJEFPT XFSF BMTP FEVDBUJPOQSPHSBNNF
VQMPBEFE
r 5PJNQMFNFOU,IFMP*/%*"'JU*OEJB1SPHSBNNFT
0OMJOFMFBSOJOHUISPVHIXIBUT"QQHSPVQT 8IBUhT JOUIFTDIPPMT
"QQHSPVQTXFSFDSFBUFE$MBTTXJTFFTQFDJBMMZGPSDMBTT
UIBOEUIBDSPTT"OEISB1SBEFTI5IF&$POUFOUXBT 'JU*OEJB2VJ[
TVQQMJFEUPUIFHSPVQTFTQFDJBMMZJOUIFMJOLTPG%*,4)"
r 5P DSFBUF BXBSFOFTT BCPVU GJUOFTT BOE TQPSUT
:PV5VCF
/30&3BOEPUIFSVTFGVMXFCTJUFT BNPOHTDIPPMDIJMESFO
$POUFOUGPS%JWZBOHDIJMESFO"WJEFPXBTEFWFMPQFE r TDIPPMTBOEDIJMESFOBSFQBSUJDJQBUFEJO
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
(PWFSONFOUXJMMCFGPMMPXFETUSJDUMZBOEJUJTQMBOOFEUP *OUFSNFEJBUF&EVDBUJPO
DPNQMFUFUIFTVQQMZQSPDFTTCZ.BSDIBOEUIFLJUT
XJMMSFBDIUPUIFTDIPPMQPJOUCZ"QSJM 5IF QMVT UXP TUBHF *OUFSNFEJBUF
FEVDBUJPO XBT
JOUSPEVDFE JO "OEISB 1SBEFTI VOEFS QBUUFSO
.BOB#BEJ/BEV/FEV .#//
GSPN5IF%JSFDUPSBUFPG)JHIFS&EVDBUJPOIBT
CFFO CJGVSDBUFE JOUP UXP
%JSFDUPSBUF PG *OUFSNFEJBUF
5IF(PWFSONFOUPG"OEISB1SBEFTIDPOTJEFSTUIFTDIPPM &EVDBUJPOBOE%JSFDUPSBUFPG$PMMFHJBUF&EVDBUJPOGSPN
BTBEJWJOFQMBDFBOEXBOUTUPQSPNPUFUIFTDIPPMBTB 5IFSF BSF (PWFSONFOU BOE 7PDBUJPOBM
USVF MFBSOJOH DFOUSF UP UIF DIJMESFO BOE JOUSPEVDFE +VOJPS $PMMFHFT BOE "JEFE +VOJPS $PMMFHFT
h.BOB#BEJo/BEV/FEVhQSPHSBNJOUPGVMGJMUIF GVODUJPOJOH VOEFS UIF BENJOJTUSBUJWF DPOUSPM PG UIF
OFFETPG /JOF
$PNQPOFOUTJOUIFTDIPPMTPONJTTJPO #PBSEPG*OUFSNFEJBUF&EVDBUJPO
NPEFJOQIBTFENBOOFS J
5PJMFUTXJUISVOOJOHXBUFS JJ
%SJOLJOHXBUFSTVQQMZ JJJ
.BKPSBOENJOPSSFQBJST JW
$POWFOUJPOBMDPVSTFTJOTDJFODF
BSUTBOEDPNNFSDFBSF
&MFDUSJGJDBUJPOXJUIGBOTBOEUVCFMJHIUT W
'VSOJUVSFGPS PGGFSFEBU*OUFSNFEJBUFJOQMVT&EVDBUJPO7PDBUJPOBM
TUVEFOUTBOETUBGG WJ
(SFFODIBMLCPBSET WJJ
1BJOUJOH DPVSTFTBSFBMTPCFJOHPGGFSFEJOUIFGJFMETPG&OHJOFFSJOH
WJJJ
&OHMJTIMBCBOE JY
$PNQPVOEXBMM,JUDIFOTIFET 5FDIOPMPHZ
"HSJDVMUVSF
)PNF4DJFODF
1BSB.FEJDBM
BOE#VTJOFTT.BOBHFNFOU5IFDBUFHPSZXJTF+VOJPS
6OEFS TU 1IBTF .#//
TDIPPMT PVU PG
DPMMFHFT GVODUJPOJOH VOEFS (PWFSONFOU
BJEFE BOE
TDIPPMTJOUIFTUBUFXFSFDPWFSFEBOEUIFXPSLTUBLFOVQ PUIFSTBSFTIPXOJO5BCMFBOEUIFEJTUSJDUXJTFBOE
VOEFS1IBTFBSFJOQSPHSFTTBUWBSJPVTTUBHFT DBUFHPSZXJTFEFUBJMTPG+VOJPSDPMMFHFTGVODUJPOJOHGPS
UIFZFBSBSFHJWFOJO"OOFYVSF
5BCMF$BUFHPSZXJTF+VOJPSDPMMFHFTGVODUJPOJOHJOUIFTUBUF
4M/P $BUFHPSZPG$PMMFHF /PPGDPMMFHFT
(PWFSONFOU7PDBUJPOBM
1SJWBUF"JEFE
1SJWBUF6OBJEFE
0UIFST
5PUBM
&OSPMNFOUPG4UVEFOUT TUVEJFE JO UIF DPODFSOFE (PWFSONFOU +VOJPS DPMMFHF
5IF (PWFSONFOU IBT GJYFE NJOJNVN UBSHFU PG
$POUBDU"XBSFOFTT1SPHSBNNFJTDPOEVDUFEBU4DIPPM JODSFBTFJOFOSPMNFOUPGTUVEFOUTJO(PWFSONFOU+VOJPS
MFWFMNBOEBMMFWFMGPSJEFOUJGJDBUJPOPG44$TUVEFOUTBOE DPMMFHFTPWFSMBTUZFBS5IFFOSPMNFOUPGTUVEFOUTEVSJOH
ESPQPVUT UP JNQSPWF FOSPMNFOU JO (PWFSONFOU +VOJPS JTTIPXOJOUIF5BCMFCFMPX
DPMMFHFT GPS UIF BDBEFNJD ZFBS CZ QSFQBSJOH
QBNQIMFU
IJHIMJHIUJOH TVDDFTT TUPSJFT PG UIF TUVEFOUT
5BCMF&OSPMNFOUPGTUVEFOUTJODPMMFHFTJOUIFZFBS
TUZFBS
OE:FBS
4PVSDF#PBSEPG*OUFSNFEJBUF&EVDBUJPO
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
5BCMF3FTVMUTPG4UVEFOUTBQQFBSFEGPS(FOFSBMBOE7PDBUJPOBM$PVSTFTTUBOEOEZFBSPG*1&BOE*1"4&
4M/P %FTDSJQUJPO TUZFBS OEZFBS
"QQFBSFE 1BTTFE 1BTT "QQFBSFE 1BTTFE 1BTT
*1&
*1"4&
505"-
0VUPGUIFTBODUJPOFE+VOJPS-FDUVSFSQPTUT
IBTUBLFOFBDIBOEFWFSZTUFQUPVQHSBEFJONFSHJOHPG
+VOJPS-FDUVSFSTJOEJGGFSFOUDBUFHPSJFTJF3FHVMBS
$PNNFSDF DPVSTFT JF *OTVSBODF BOE .BSLFUJOH *.
.54
)PVSMZ#BTJT
$POUSBDU'BDVMUZ
BOE BOE 3FUBJM BOE .BSLFUJOH 3.
BOE #BOLJOH BOE
(VFTU 'BDVMUZ
BSF XPSLJOH JO /PO TBODUJPOFE 'JOBODF 4FSWJDFT #'4
$PVSTFT BT #BOLJOH BOE 3FUBJM
QPTUT+VOJPS-FDUVSFSTXFSFFOHBHFEPODPOUSBDU .BOBHFNFOU #3.
BT OFX DPVSTF GSPN UIF BDBEFNJD
CBTJT(PWFSONFOUIBTBDDPSEFEQFSNJTTJPOXJUIDFSUBJO
ZFBS
DPOEJUJPOTGPSSFOFXBMPGUIFDPOUSBDUGBDVMUZGSPNUIF
BDBEFNJDZFBSXJUISFNVOFSBUJPO!3T
QN $MJOJDBM5SBJOJOH
5IF7PDBUJPOBM 1BSBNFEJDBM $PVSTFT JF
.VMUJQVSQPTF
4UBUF*OTUJUVUFPG7PDBUJPOBM&EVDBUJPO )FBMUI8PSLFS .1)8
'
.FEJDBM-BC5FDIOJDJBO .-5
4UBUF *OTUJUVUF PG 7PDBUJPOBM &EVDBUJPO 4*7&
XBT 1IZTJPUIFSBQZ 15
BOE0QIUIBMNJD5FDIOJDJBO 05
BSF
FTUBCMJTIFE BT BQFY CPEZ JO UIF %JSFDUPSBUF PG GVODUJPOJOH BOE "OEISB 1SBEFTI 7BJEZB 7JEIBOB
*OUFSNFEJBUF &EVDBUJPO "U QSFTFOU 7PDBUJPOBM 1BSJTIBE "1771
JOGPSNFE UP GBDJMJUBUF $MJOJDBM
DPVSTFTXJUIUXPZFBSTEVSBUJPOBSFCFJOHPGGFSFE5IF "UUBDINFOU$MJOJDBM5SBJOJOH GSPNUIFBDBEFNJDZFBS
(PWFSONFOU IBT TBODUJPOFE 7PDBUJPOBM TFDUJPOT
5IFSF BSF (PWFSONFOU +VOJPS $PMMFHFT XJUI
WPDBUJPOBM DPVSTFT BOE FYDMVTJWF (PWFSONFOU 3FHJPOBM %JSFDUPSBUF PG 4LJMM %FWFMPQNFOU
WPDBUJPOBMKVOJPSDPMMFHFTGVODUJPOJOHJOUIF4UBUFBOE BOE&OUSFQSFOFVSTIJQ 3%4%&
40$*"-*/'3"4536$563&
"144%$ +BHBOBOOB"NNBWPEJ
(PWFSONFOUPG"OEISB1SBEFTIVOEFSUIFHVJEBODFPG (PWFSONFOU JT QSPWJEJOH GJOBODJBM BTTJTUBODF !
UIF)POhCMF$.QMBOOFEUPFTUBCMJTIDBTDBEJOHTLJMMFDP 3T QFS BOOVN UP FBDI NPUIFS PS SFDPHOJ[FE
TZTUFN "T B QBSU PG UIF TLJMM FDPTZTUFN
TLJMM IVCT BSF HVBSEJBOPG#FMPX1PWFSUZ-JOFIPVTFIPMETFOEJOHUIFJS
CFJOHFTUBCMJTIFEJO(PWFSONFOU+VOJPS$PMMFHFTVOEFS DIJMESFO UP UIF +VOJPS DPMMFHFT 6OEFS UIF TDIFNF
QIBTFo**JO"TTFNCMZDPOTUJUVFODJFTXJUITVQQPSU
TUVEFOUTBSFCFOFGJUUFEEVSJOH
BOEDPPQFSBUJPOPG"144%$
5PJMFUT.BJOUBJOFODF'VOE 5.'
4BNBHSB4IJLTIB (PWFSONFOUIBTEFEVDUFEBOBNPVOUPG3TGPS
6OEFS2VBMJUZ*OUFSWFOUJPO
BMMUIF(PWU+VOJPS$PMMFHFT UIFZFBSBOEBOBNPVOUPG3TGPSUIFZFBS
BSFHFUUJOH$PMMFHF(SBOUT
4DIPPM4BGFUZ(SBOUT
5BMFOU GSPN UIF "NNBWPEJ CFOFGJDJBSJFT JO UIF 4UBUF
4FBSDI (SBOUT
-JCSBSZ (SBOUT BOE 4QPSUT (SBOUT 5IF BOE LFQU XJUI UIF %JSFDUPS .%. 4BOJUBUJPO GPS
EFQBSUNFOU HFUT UIF OFDFTTBSZ GVOET UP *OUFSNFEJBUF NBJOUFOBODFPGUPJMFUTJOUIF4DIPPMTBOE(PWFSONFOU
&EVDBUJPOGSPNUIF4BNBHSB4IJLTIB +VOJPS$PMMFHFTCZFOHBHJOHUIF"ZBITPOIPOPSBSJVN
CBTJT
4USFOHUIFOJOHPG7PDBUJPOBM&EVDBUJPO
"ZBIT XFSF FOHBHFE JO BMM (PWFSONFOU +VOJPS
B
"TQFS/&1OPSNTSFGPSNBUJPOBOEUPUBMSFWJTJPO $PMMFHFTJOUIF4UBUFBOEUIFZXFSFQBJEIPOPSBSJVN"O
PG7PDBUJPOBMDPVSTFTVQMJOLJOHUIFNXJUI#7PD BNPVOUPG3T
QBJEVQUPUIFNPOUI"VHVTU
$PVSTFT BOE UIF QBZNFOUGPS NPOUITPG 4FQUFNCFS BOE
C
1SFQBSBUJPO PG CMVF QSJOU
RVFTUJPO QBQFST
0DUPCFS JT VOEFS QSPDFTT 'SPN /PWFNCFS UIF
UFBDIFSNBOVBMT
MBCNBOVBMT
MBCFRVJQNFOUJO QBZNFOU QSPDFTT XBT USBOTGFSSFE UP UIF %&0T VOEFS
UIFSFWJTFETZMMBCVTCZ/$&355FBN 4DIPPM&EVDBUJPO%FQBSUNFOU
D
1SFQBSBUJPOPGBTQFDJBMMZEFTJHOFE&OHMJTIUFYU .BOB#BEJ/BEV/FEV
CPPL XJUI DPNNVOJDBUJPO TLJMMT
CVTJOFTT TLJMMT
FOUSFQSFOFVSTIJQTLJMMT (PWFSONFOUIBTJOUSPEVDFE/BEV/FEVQSPHSBNNFGPS
NPEFSOJTBUJPO BOE USBOTGPSNBUJPO PG 4DIPPMT CZ
E
1SFQBSBUJPO PG SFWJTFE BOE VQEBUFE HFOFSBM
QSPWJEJOHCBTJDJOGSBTUSVDUVSFXPSLTXJUIDPNQPOFOUT
GPVOEBUJPO DPVSTF UFYU CPPL XJUI SFTPVSDF
"MM(PWU+VOJPS$PMMFHFTBSFTFUGPSNPEFSOJ[BUJPOBOE
NBOVBM
TUVEFOU XPSL CPPL
XJUI MFBEFSTIJQ
USBOTGPSNBUJPOJOUIFQIBTF**VOEFSUIF.BOB#BEJ/BEV
RVBMJUJFT
FOUSFQSFOFVSTIJQRVBMJUJFT
OFHPUJBUJPO
/FEVQSPHSBNNF
BCJMJUJFTUPFOBCMFUIFTUVEFOUTUPEFWFMPQBTBO
FOUSFQSFOFVS "T QBSU PG JNQMFNFOUBUJPO
UIF %JTUSJDU $PMMFDUPS BOE
.BHJTUSBUF
,SJTIOB %JTUSJDU BDDPSEFE BENJOJTUSBUJWF
F
'PDVT PO QSF FNQMPZNFOU USBJOJOH
MJGFMPOH
TBODUJPOGPSQSPWJEJOHJOGSBTUSVDUVSF'BDJMJUJFTUP433BOE
MFBSOJOHBOEQMBDFNFOUTBGUFSUSBJOJOH
$73 (PWU +S DPMMFHF
7JKBZBXBEB XJUI BO &TUJNBUFE
G
"QQMJDBUJPO PG 1.,7: 1SBEIBO .BOUSJ ,BVTIBM BNPVOU PG 3T $ST5IF XPSL XBT FOUSVTUFE UP UIF
7JLBT:PKBOB
GPSUSBJOJOHUIFTUVEFOUTEVSJOH0+5 "1&8*%$EFQBSUNFOUGPS&YFDVUJPOBOEEFDJEFEUPUBLF
H
6QMJOLJOHPGBMMUIFWPDBUJPOBMDPVSTFTXJUIUIF VQUIFXPSL BT%FNP8PSL GPS(PWU+S$PMMFHFTVOEFS
SFMBUFEBHFODJFT
JOTUJUVUJPOT
JOEVTUSJFTBOEGJSNT .BOB #BEJ /BEV /FEV CMPDLT PVU PG CMPDLT JO UIF
GPSJOUFSOTIJQBOEQMBDFNFOUT DPMMFHFBSFCFJOHSFQBJSFE4PGBSBOBNPVOUPG3T
I
4USFOHUIFOJOH PG BMM WPDBUJPOBM MBCT JO BMM UIF $SPSFTFYQFOEJUVSFJODVSSFE
(PWFSONFOU 7PDBUJPOBM +VOJPS $PMMFHFT BOE /PX
UIF (PWFSONFOU IBT JOUSPEVDFE /BEV/FEV
(PWFSONFOU $PMMFHFT (FOFSBM
XJUI WPDBUJPOBM QIBTF** QSPHSBNNF GPS NPEFSOJ[BUJPO BOE USBOTGPS
DPVSTFTJOBQIBTFENBOOFS NBUJPO PG (PWFSONFOU +VOJPS $PMMFHFT CZ QSPWJEJOH
J
*OEVTUSZ&EVDBUJPO DPOTVMUBUJPO UP JNQSPWF CBTJD JOGSBTUSVDUVSF XPSLT XJUI UIF GPMMPXJOH
TUVEFOUPVUDPNFT DPNQPOFOUT BSF5PJMFUT
&MFDUSJGJDBUJPO
%SJOLJOH8BUFS
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
1BJOUJOH PG FOUJSF $BNQVT
(SFFO $IBML CPBSET
.JOPS "DDFTT UP NFBOJOHGVM MFBSOJOH BOE JO QBSUJDVMBS UP
.BKPSSFQBJSTBOEDPNQPVOEXBMMT TUVEFOUT IBJMJOH GSPN NBSHJOBMJ[FE TFDUJPOT PG UIF
(PWFSONFOUIBTTBODUJPOFEBOBNPVOUPG3T$SPSFT TPDJFUZJTUIFNJTTJPOTUBUFNFOU)JHIFS&EVDBUJPOQMBZT
GPS JNQMFNFOUBUJPO PG /BEV /FEV QSPHSBNNF JO BOJNQPSUBOUSPMFJOFDPOPNJDHSPXUIBOEEFWFMPQNFOU
(+$TGPSNPEFSOJ[BUJPOBOEUSBOTGPSNBUJPOJO1IBTF** PGBOBUJPO)JHIFSFEVDBUJPO
JOUFSNTPGJUTSFMFWBODF
"MM UIF XPSLT BSF TUBSUFE 5IF UFBN PG 0GGJDFST IBWF BOE JNQPSUBODF
FOKPZT B TJHOJGJDBOU QPTJUJPO JO UIF
DPOEVDUFE SFWJFX NFFUJOHT JO DPOOFDUJPO XJUI UIF FEVDBUJPOTZTUFNBTJUFRVJQTQFPQMFXJUIBQQSPQSJBUF
QSPHSFTTPG.BOB#BEJ/BEV/FEV1IBTF**XPSLTUBLFO LOPXMFEHFBOETLJMMT
VQJO(+$hTBOETVCNJUUFEUIFSFQPSU4PGBSBOBNPVOUPG 5IF TUBUF (PWFSONFOU IBT QSJPSJUJ[FE FEVDBUJPO BT BO
3T $ST XBT TBODUJPOFE BT SFWPMWJOH GVOE JO TU FTTFOUJBMDPNQPOFOUPG)VNBO%FWFMPQNFOU5IFTUBUF
JOTUBMNFOU
PG XIJDI BO BNPVOU PG 3T $ST IBWF JTXPSLJOHUPXBSETCVJMEJOHBTZTUFNXIJDIFOTVSFTUIBU
CFFO JODVSSFE UPXBSET /BEV/FEV XPSLT UBLFO VQ JO FEVDBUJPO QSPHSBNNFT BSF NBEF BDDFTTJCMF
JODMVTJWF
(+$TJOUIF4UBUF BOESFTQPOTJWFUPUIFOFFETPGEJWFSTFHSPVQTPGZPVOH
QFPQMF XJUI B TQFDJBM GPDVT PO TUVEFOUT GSPN
#FTU5FBDIFS"XBSET EJTBEWBOUBHFEQPQVMBUJPOHSPVQT
(PWFSONFOUIBTJOUSPEVDFEUIFTDIFNFPG#FTU5FBDIFST 5IFTUBUF(PWFSONFOUDBUFSJOHUPUIFFEVDBUJPOBMOFFET
"XBSETUP+VOJPS$PMMFHFQSJODJQBMTBOEKVOJPSMFDUVSFST PG-BLITUVEFOUTJO6(1(DPVSTFT0VUPGUIFTF
UP FODPVSBHFUP JNQSPWJOH UIFJS FGGJDJFODZ JO UFBDIJOH BSF"VUPOPNPVTDPMMFHFT (%$T"JEFE$MVTUFS
NFUIPET (PWFSONFOU IBT CFFO IPOPVSJOH UIF CFTU 6OJWFSTJUZ DPOTUJUVFOU DPMMFHFT
4PDJBM8FMGBSF (PWU
UFBDIFSTBUQMVTUXPTUBHFT
XJUICFTUUFBDIFSBXBSE
PO 3FTJEFOUJBM %FHSFF $PMMFHFT BOE $PMMFHFT XJUI
UI 4FQUFNCFS FWFSZ ZFBS
JO DPNNFNPSBUJPO PG UIF 1PUFOUJBM GPS &YDFMMFODF $1&
BOE POF (PWU %FHSFF
CJSUIEBZ PG %S 4BSWFQBMMJ 3BEIBLSJTIOBO
'PSNFS $PMMFHF XJUI %#5 4UBS $PMMFHF TUBUVT (PWFSONFOU
1SFTJEFOU PG *OEJB 5IJT ZFBS +VOJPS -FDUVSFST %FHSFF $PMMFHFT %FHSFF PSJFOUBM $MVTUFS
1SJODJQBMTXFSFIPOPVSFEXJUI#FTU5FBDIFS"XBSE 6OJWFSTJUZ DPOTUJUVFOU DPMMFHFT
BOE 1SJWBUF "JEFE
3*%'8PSLT $ P M M F H F T 1" $ 4
B S F G V O D U J P O J O H Q S P W J E J O H
VOEFSHSBEVBUF 6(
QPTUHSBEVBUF 1(
FEVDBUJPO
(PWU IBT TBODUJPOFE XPSLT1SPKFDUT VOEFS 3*%' UBSHFUJOHUIFBHFHSPVQPGZFBST5IF$$&IBTUBLFO
BOEXJUIBOFTUJNBUFEDPTUPG3T VQWBSJPVTJOJUJBUJWFTBOESFGPSNTUPFOIBODFh"$$&44UP
-BLIT VOEFS 3*%' /"#"3% "TTJTUBODF UP UIF IJHIFSFEVDBUJPO
26"-*5:BOEGPS'6563&3&"%*/&44
*OUFSNFEJBUF&EVDBUJPOXPSLTXFSFDPNQMFUFE
BTNBOEBUFECZh/BUJPOBM&EVDBUJPOBM1PMJDZBOEUP
XPSLTBSFJOQSPHSFTT
XPSLTBSFOPUTUBSUFEBOE BDIJFWFUIFPCKFDUJWFTPGUIF4UBUF(PWFSONFOUhTQPMJDZ
XPSLTBSFDBODFMMFE PG 3FBDIJOH UIF VOSFBDIFE UISPVHI EFWFMPQNFOU PG
TLJMMT BOE DSFBUJPO PG PQQPSUVOJUJFT 5IF EFUBJMT PG
$PMMFHJBUF&EVDBUJPO
OVNCFS PG %FHSFF $PMMFHFT BOE UIFJS TUSFOHUI EVSJOH
)JHIFS &EVDBUJPO 4FDUPS GPDVTFT PO QSPWJEJOH RVBMJUZ oJTTIPXOCFMPXJO5BCMF
FEVDBUJPOUPUSBOTGPSNUIFTUBUFJOUPBLOPXMFEHFIVC
5BCMF%FUBJMTPG%FHSFF$PMMFHFTBOETUVEFOUT 6(1(
JOo
$BUFHPSZ $PMMFHFT 4UVEFOUT
(PWFSONFOU$PMMFHFT $MVTUFS6OJWFSTJUZ
DPOTUJUVFOUDPMMFHFT
1SJWBUF"JEFE$PMMFHFT
"JEFEo
6OBJEFEo
5PUBM
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
"OOFYVSFBOE"OOFYVSFSFTQFDUJWFMZ t 401TJTTVFEPOTUSBUFHJFTGPSFOIBODJOHBDDFTTUP
"TQBSUPGFOIBODJOHUIFh"$$&44hUPIJHIFSFEVDBUJPOGPS )&UP4PDJP&DPOPNJDBMMZ%JTBEWBOUBHFE(SPVQT
ZPVUI
UIF h(SPTT &OSPMNFOU 3BUJP (&3
DSPTT DVUUJOH 4&%(T
BOE8PNFO
JTTVFTMJLFh(FOEFS1BSJUZ*OEFY (1*
hBSFCFJOHBEESFTTFE t &TUBCMJTINFOU PG OFX (PWFSONFOU %FHSFF
UISPVHIPOMJOFBENJTTJPOT
FTUBCMJTINFOUPGOFX(PWU $PMMFHFTBGUFSo
EFHSFF DPMMFHFT
XPNFOhT DPMMFHFT
NPEFM EFHSFF
DPMMFHFT
FUD t &TUBCMJTINFOUPG)FMQ%FTLJOBMMDPMMFHFT
FOBCMJOHPOMJOF-FBSOJOH.BOBHFNFOU4ZTUFN -.4
GPSBMMUIFTUVEFOUT .PCJMF"QQTGPSNPOJUPSJOHBOE r DPMMFHFT EVSJOH o BU "MMBHBEEB JO
SFTPMWJOHJTTVFTJOUIFDPOEVDUPGSFHVMBSDMBTTXPSL $ ,VSOPPM %JTU
1VMJWFOEVMB JO ,BEBQB
."1
JOUFSOTIJQT ."1
BTTFTTNFOU "."1
%PSOBMBJO1SBLBTBN
BOE1BOZBNJO/BOEZBM
BUUFOEBODF '3".4
HSJFWBODFT (."1
.BOBHFNFOU %JTU
BOE
PG JOGPSNBUJPO UP TUVEFOUT 4*.4
FTUBCMJTINFOU PG
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
DPVSTFTJEFOUJGJFE -4$TBOE4%$T)JHIMJHIUFE
"T QFS UIF 6($ HVJEFMJOFT
HPWFSONFOU NBOEBUFE BMM POFT
JOQIBTF*BOEQSFQBSFEUFYUCPPLTBOEPSHBOJ[FE
$PMMFHFT UP HFU BDDSFEJUFE CZ /""$5IF BDDSFEJUBUJPO .BTUFS5SBJOJOH1SPHSBNNFTGPSGBDVMUZBOE'BDVMUZ
BOETVCTFRVFOU(SBEJOHCZ/""$JTBDSFEJCMFJOEJDBUPS 5SBJOJOH 1SPHSBNNFT GPS GBDVMUZ JO DPMMBCPSBUJPO
PGRVBMJUZPGFEVDBUJPOJNQBSUFECZUIFJOTUJUVUJPOT0VU XJUI77,*
"SUPG-JWJOH1SJOUJOHPG5FYUCPPLTGPS-4$T
PG (PWFSONFOU %FHSFF $PMMFHFT
DPMMFHFT BOE 4%$T JT JO 1SPHSFTT 5IF TVCKFDU FYQFSUTDPOUFOU
IBWJOH /""$ FMJHJCJMJUZ XIFSF BT DPMMFHFT IBWJOH HFOFSBUPSTBSFTVQQPTFEUPQSFQBSFUIFFDPOUFOUJOGPVS
WBMJEHSBEFBTPOUPEBZBOEUIFEFQBSUNFOUJTQSFQBSJOH RVBESBOUT GPS QMBDJOH UIFN PO $$&@-.4 QPSUBM 5IF
DPMMFHFTGPSTVCNJTTJPOPG**2"JO%FDFNCFS
EFQBSUNFOU QSPQPTFT UP BDLOPXMFEHFSFDPHOJTF UIF
DPMMFHFTBSFUPCFBDDSFEJUFE $PMMFHFTTVCNJUUFE** TFSWJDFTPGUIFTVCKFDUFYQFSUTDPOUFOUHFOFSBUPSTEVMZ
2"CZ/PWFNCFS QSPWJEJOH XFJHIUBHF UP UIFN JO UIF "OOVBM 4FMG
"QQSBJTBMSFQPSU "4"3
*NQMFNFOUBUJPO PG 3FWJTFE $IPJDF #BTFE
5P USBJO $PNNFSDF GBDVMUZ BOE $PNNFSDF TUVEFOUT JO
$SFEJU4ZTUFN $#$4
4LJMM %FWFMPQNFOU $PVSTFT DPMMBCPSBUFE XJUI /4&
*OUSPEVDFE3FWJTFE$IPJDF#BTFE$SFEJU4ZTUFN $#$4
/BUJPOBM4UPDL&YDIBOHF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
*OTUJUVUJPOBM*OGSBTUSVDUVSF%FWFMPQNFOU VOJOUFSSVQUFEBDDFTTUP-FBSOJOH.BOBHFNFOU4ZTUFN
BOE UP PUIFS POMJOF DPVSTFT MJLF 48":". .00$4
(PWFSONFOU 1PMZUFDIOJDT BSF SVOOJOH XJUIPVU #JPNFUSJD BUUFOEBODF TZTUFN JT BSSBOHFE JO
QFSNBOFOU CVJMEJOHT $POTUSVDUJPO PG CVJMEJOHT GPS (PWFSONFOU1PMZUFDIOJDT
1PMZUFDIOJDTUBLFOVQXJUI/"#"3%3*%'GVOETJTVOEFS
QSPHSFTT 6OEFS /"#"3% o 3*%' 99 UP 99*7
XPSLT -FBSOJOH.BOBHFNFOU4ZTUFN -.4
*UJTBO"OZXIFSF
TBODUJPOFEXJUIBOFTUJNBUFEDPTUPG3TDSPSFTPG "OZUJNF-FBSOJOH1SPHSBNNF-.4JTBEJHJUBMWFSTJPOPG
XIJDIXPSLTDPNQMFUFE
XPSLTBSFJOQSPHSFTTBOE DPOUFOUPG&OHJOFFSJOH 5IFPSZBOE1SBDUJDBMT
TVCKFDUT
XPSLT BSF OPU ZFU TUBSUFE 5PUBM &YQFOEJUVSF VOEFS UIBUUIFTUVEFOUDBOBDDFTT
CSPXTFBOEDBOXPSLBUPXO
UIFTF3*%'JT3TDSPSFT6OEFS4UBUF%FWFMPQNFOU QMBDFBOZUJNFBOEBOZXIFSF
FWFOPONPCJMFPSQFSTPOBM
1SPHSBNNF 4UBUF 1MBO
#VEHFU
XPSLT XFSF DPNQVUFS
TBODUJPOFEXJUIBOFTUJNBUFEDPTUPG3TDSPSFTPG F"ENJOJTUSBUJPO F0GGJDF
1BQFSMFTT BENJOJTUSBUJPO
XIJDIXPSLTXFSFDPNQMFUFEBOEPUIFSXPSLTBSFJO BDIJFWFE UISPVHI FGGFDUJWF JNQMFNFOUBUJPO PG FPGGJDF
QSPHSFTT 5IF UPUBM &YQFOEJUVSF JT 3T DSPSFT CPUIBU)0%
3FHJPOBMBOE(PWFSONFOU1PMZUFDIOJDT
(PWFSONFOU IBT BMTP JTTVFE BENJOJTUSBUJWF TBODUJPO
PSEFST GPS DPOTUSVDUJPO PG
/FX IPTUFM CVJMEJOHT 8FC$PVOTFMMJOH5IFBENJTTJPOTJOUP1PMZUFDIOJDTBSF
FYDMVTJWFMZGPS4$TUVEFOUTJO(PWFSONFOU1PMZUFDIOJDT QFS GPSNFE CZ XFC DPVOTFMMJOH VTJOH
BOE
IPTUFM CVJMEJOHT JO (.3 1PMZUFDIOJDT JO (PWFSONFOU1SJWBUF "JEFE 1PMZUFDIOJDT BT )FMQ -JOF
3BKBINVOESZBOE.BEBOBQBMMF0VUPGBCPWF
IPTUFM DFOUSFT
CVJMEJOHT
BSFDPNQMFUFEBOE
BSFVOEFSQSPHSFTT
*OTUJUVUJPOBM 8FCTJUFT BOE 0OMJOF (SJFWBODF 3FESFTTBM
4ZTUFN "MM UIF (PWFSONFOU 1PMZUFDIOJDT BSF
* O GP S N B U J P O 5F D I O P M P H Z 3 F M B UF E
FRVJQQFE XJUI JOTUJUVUJPOBM XFCTJUFT BOE NBOEBUPSZ
*OGSBTUSVDUVSF 0OMJOF (SJFWBODF 3FESFTTBM 4ZTUFN IBT CFFO
5IFWJSUVBMDMBTTSPPNTBSFQSPWJEFEJO(PWFSONFOU JODPSQPSBUFEBUUIFJOTUJUVUJPOBMMFWFM
1PMZUFDIOJDT UP DPOEVDU POMJOF DMBTTXPSL WJEFP
DPOGFSFODJOH 4FNJOBST 8PSLTIPQT FUD )JHI 4QFFE $VSSJDVMVN%FWFMPQNFOU
*OUFSOFU $POOFDUJWJUZ JT FTUBCMJTIFE JO (PWU $VSSJDVMVN JT 3FWJTJOH
BT QFS *OEVTUSZ OFFET UP LFFQ
1PMZUFDIOJDT%JHJUBM$MBTTSPPNTBSFFTUBCMJTIFEJO QBDFXJUIDIBOHJOHGBDFPG*OEVTUSZ"TQFSUIFSFWJTFE
(PWFSONFOU 1PMZUFDIOJDT BOE GBDJMJUBUFE $VSSJDVMVN
*OEVTUSJBM 5SBJOJOH GPS NPOUIT JT NBEF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
NBOEBUPSZ5ISVTU GPS HSPVQ XPSL BOE QSPKFDU XPSL JT 10-:$&5 &OUSBODF &YBNJOBUJPO5IF %FQBSUNFOU
FNQIBTJ[FE 5IF SFWJTFE DVSSJDVMVN $ JT PG 5FDIOJDBM &EVDBUJPO IBT DPOEVDUFE 10-:$&5
JNQMFNFOUFEGSPNUIFBDBEFNJDZFBSPOXBSET &OUSBODF &YBNJOBUJPO PO 0VU PG
DBOEJEBUFT BQQFBSFE
DBOEJEBUFT BSF RVBMJGJFE
4LJMM%FWFMPQNFOU"DUJWJUJFT 1FSDFOUBHF
(PWFSONFOU JT FTUBCMJTIJOH UIF 4LJMM )VCT JO BMM 4QFDJBM $PNQPOFOU 1MBO GPS 4DIFEVMFE
"TTFNCMZ$POTUJUVFODJFTUPFOIBODFUIFFNQMPZBCJMJUZ $BTUFT
PQQPSUVOJUJFTPGZPVUIPG"14UBUF(PWFSONFOUPG"1
FTUBCMJTIFE4LJMM)VCTJO(PWFSONFOU1PMZUFDIOJDTJO (PWFSONFOUTBODUJPOFECVEHFUUPXBSETJOGSBTUSVDUVSF
1IBTF*&BDI4LJMM)VCSVOOJOHXJUIUXPDPVSTFTPGFBDI GBDJMJUJFT JO (.3 1PMZUFDIOJDT BT XFMGBSF UP UIF 4$
JOUBLF TUVEFOUT 6OEFS 1IBTFo**
4LJMM )VCT JO QVSTVJOH %JQMPNB DPVSTFT JO UXP (PWFSONFOU .PEFM
(PWFSONFOU1PMZUFDIOJDTUPCFFTUBCMJTIFE 3FTJEFOUJBM1PMZUFDIOJDT GPS4$TUVEFOUT
"OBNPVOUPG
3TDSPSFTXBTTBODUJPOFEJOUIF':UPXBSET
*OEVTUSJBM5SBJOJOH XFMGBSFBNFOJUJFTGPS4$TUVEFOUTPG(.31PMZUFDIOJDT
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
*.BUFSOBM)FBMUI$BSF4FSWJDFT t "OPUIFSJOUFSWFOUJPOUPQSPWJEFRVBMJUZ"/$BOE
BMTPEFUFDUJPO
SFGFSSBM
USFBUNFOUGPMMPXVQPG
.BUFSOBM)FBMUI$BSF4FSWJDFTBSFCFJOHQSPWJEFEUPUIF IJHISJTL QSFHOBODJFT BOE XPNFO IBWJOH
QSFHOBOUBOEMBDUBUJOHXPNFOCZJNQMFNFOUJOHWBSJPVT DPNQMJDBUJPOT
(P* IBT CFFO JNQMFNFOUJOH
TDIFNFT CPUI $FOUSBM BOE 4UBUF
MJLF +BOBOJ 1SBEIBO.BOUSJ4VSBLTIJU.BUISVUWB"CIJZBO
4VSLTIB:PKBOB
+BOBOJ 4IJTV 4VSBLTIB ,BSZBLSBN
1.4."
1SPHSBNNF VOEFS XIJDI BU MFBTU POF
1SBEIBO.BOUSJ4VSBLTIJU.BUISVUWB"CIJZBO 1.4."
BOUFOBUBM DIFDLVQ XJMM CF QSPWJEFE UP UIF
1SPHSBNNF
1SBEIBO .BOUSJ.BUSV7BOEBOB:PKBOB
QSFHOBOU XPNBO CZ B EPDUPS HZOFDPMPHJTU
4VSBLTIJU.BUSJUWB"TXBTBO 46."/
-B2TIZBBOEJTTVF EVSJOHUIFOESEUSJNFTUFSPGQSFHOBODZPO
PG.PUIFSBOE$IJME)FBMUI$BSET .$1
&BDIPGUIFTF UIF UI EBZ PG FWFSZ NPOUI UP FOTVSF UIBU OP
IBTBEFGJOJUFPCKFDUJWFBOEXIJMFQSPWJEJOHOFDFTTBSZ )JHI3JTLQSFHOBODZHPFTVOEFUFDUFE5IJTJTJO
NBUFSOBM TFSWJDFT
IFMQT JO EFDMJOJOH UIF .BUFSOBM BEEJUJPO UP UIF UISFF
"/$ DIFDLVQT CFJOH
.PSUBMJUZ3BUJP DPOEVDUFE CZ "/.T 4UBGG /VSTFT " UPUBM PG
t 6OEFS UIF TDIFNF +BOBOJ 4VSBLTIB :PKBOB
QSFHOBOU XPNFO TDSFFOFE VOEFS
JODFOUJWFTBSFCFJOHQBJEUPUIFQSFHOBOUXPNFO 1.4."EVSJOHUIFZFBS
VQUP%FDFNCFS
BUUIFUJNFPGEFMJWFSZUPFODPVSBHFJOTUJUVUJPOBM BOEJEFOUJGJFE
IJHISJTLNPUIFST
EFMJWFSJFT BU 1VCMJD )FBMUI *OTUJUVUFT -BLI t "TBTUFQUPGVSUIFSFODPVSBHFFBSMZSFHJTUSBUJPO
QSFHOBOUXPNFOXFSFCFOFGJUUFEEVSJOH PGQSFHOBODZBOESFDFJWJOHBUMFBTUPOFBOUFOBUBM
VQUP%FDFNCFS DIFDLVQ
UIF(0*TDIFNF1SBEIBO.BOUSJ.BUSV
t 6OEFS UIF (PWFSONFOU PG *OEJBhT OFX QPMJDZ UP 7BOEBOB :PKBOB 1..7:
B .BUFSOJUZ #FOFGJU
HVBSBOUFF GSFF DBTIMFTT EFMJWFSJFT JODMVEJOH 4DIFNFJTCFJOHJNQMFNFOUFEJOUIFTUBUF6OEFS
DBFTBSFBO PQFSBUJPOT JO BMM QVCMJD IFBMUI UIJT TDIFNF
DBTI JODFOUJWF PG 3T XJMM CF
JOTUJUVUJPOT
QSFHOBOU XPNFO BWBJMFE QBJE UP UIF QSFHOBOU XPNBO BOE MBDUBUJOH
ESVHT BOE DPOTVNBCMFT
BWBJMFE GSFF NPUIFSTGPSTUMJWFCJSUIJOUISFFJOTUBMMNFOUTBU
EJFU
BWBJMFEGSFFEJBHOPTUJDTBOE
3T GPS FBSMZ SFHJTUSBUJPO PG QSFHOBODZ
BWBJMFE ESPQ CBDL TFSWJDFT VOEFSi+BOBOJ 4IJTV 3T GPS SFDFJWJOH BU MFBTU POF BOUFOBUBM
4VSBLTIB,BSZBLSBNwTDIFNFXIJDIXBTJOJUJBUFE DIFDLVQ BGUFS NPOUIT PG QSFHOBODZ BOE
VOEFS/3).XJUIPVUBOZVTFSDIBSHFTBOEBOZ 3TGPSSFHJTUSBUJPOPGDIJMECJSUIBOEGJSTU
PVUPGQPDLFUFYQFOEJUVSFEVSJOH VQ DZDMFPGWBDDJOBUJPO%VSJOH
VOEFSUIF
UP%FDFNCFS
TDIFNF
CFOFGJDJBSJFTBSFDPWFSFEVQUP
%FDFNCFS
t
.PUIFS BOE $IJME )FBMUI $BSET BSF
JTTVFE UP FWFSZ SFHJTUFSFE QSFHOBOU XPNBO UP 5IF 1SPHSFTT VOEFS ,FZ 1FSGPSNBODF *OEJDBUPST VOEFS
IBWF POIBOE SFDPSE PG IFBMUI TFSWJDFT CFJOH .PUIFS$BSF4FSWJDFTJTTIPXOJOUIF
5BCMFCFMPX
QSPWJEFE #JSUI DFSUJGJDBUFT BSF BMTP JODMVEFE JO
UIJTDBSE
5BCMF1SPHSFTTVOEFS,FZ1FSGPSNBODF*OEJDBUPSTVOEFS.PUIFS$BSF4FSWJDFT *O/PT
4M/P *OEJDBUPS
VQUP%FD
VQUP%FD
"/$3FHJTUSBUJPOT
)JHI3JTL18
"/$$IFDLVQT
(PWU*OTUJUVUJPOBM%FMJWFSJFT
-PX#JSUI8FJHIU ,HT
#SFBTU'FFEJOHXJUIJO)S
1PTU/BUBM$IFDLVQT
4PVSDF'BNJMZ8FMGBSF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
**$IJME)FBMUI$BSF4FSWJDFT 4UBUF JT CFJOH DBSSJFE PVU BT QFS UIF 6OJWFSTBM
*NNVOJ[BUJPO 1SPHSBNNF 6*1
TUBSUJOH GSPN
(PWFSONFOU PG "OEISB 1SBEFTI JT UBLJOH BMM QPTTJCMF #JSUIVQUPZFBSTPGBHF5IFDVSSFOUSPVUJOF
TUFQTGPSQSFWFOUJPOPG/FPOBUBM
*OGBOUBOE6OEFSGJWF JNNVOJ[BUJPO TDIFEVMF IBT EJGGFSFOU UZQFT PG
%FBUITCZQSPWJEJOHDBSFEVSJOHMBCPVSBOEDIJMECJSUI
WBDDJOFT QSPWJEJOH QSPUFDUJPO BHBJOTU NBKPS
JNNFEJBUF OFXCPSO DBSF
DBSF PG IFBMUIZ OFXCPSO
EJTFBTFT )FQo#
1PMJP
5#
1OFVNPOJB1FSUVTTJT
TNBMM
TJDLOFXCPSOBOE$BSFCFZPOEOFXCPSOTVSWJWBM EJQIUIFSJB
5FUBOVT
.FBTMFT
3VCFMMB
%JBSSIPFB
JOUIFTUBUFUISPVHIWBSJPVTGVODUJPOBMVOJUTDPWFSJOH DBVTFECZ3PUBWJSVT
BOE+BQBOFTF&ODFQIBMJUJT
4QFDJBM /FX #PSO $BSF 6OJUT 4/$6T
/VUSJUJPO JOEJTUSJDUTUPUIFJOGBOUTBOEDIJMESFO1SFTFOU
3FIBCJMJUBUJPO$FOUSFT
/FXCPSO4UBCJMJ[BUJPO6OJUT QSBDUJDFBTQFS/BUJPOBM*NNVOJ[BUJPO4DIFEVMF
/#46T
JOUIFTUBUFXJUITQFDJBMJ[FEDBSFTFSWJDFTGPSUIF VOEFS 6*1 *OEJB
UXP EPTFT PG G*17 JT
MPXCJSUIXFJHIUQSFNBUVSFIJHISJTL/FXCPSOT BENJOJTUFSFEJOUSBEFSNBMBUBOEXFFLT
BT
QFS3FWJTFETDIFEVMFXPVMEJODMVEFBOBEEJUJPOBM
1SPNPUJOH &BSMZ JOJUJBUJPO BOE FYDMVTJWF CSFBTUGFFEJOH
EPTF SEEPTF
BUNPOUIT
OFXTDIFEVMFG*17
VOEFS .PUIFST "CTPMVUF "GGFDUJPO .""
QSPHSBNNF
XJMMCFBENJOJTUFSFEBHFBUXFFLT
XFFLT
QSPWJEJOH *SPO 'PMJD BDJE TZSVQ TVQQMFNFOUBUJPO UP
NPOUIT
DIJMESFO BHF NPOUIT VOEFS "OBFNJB .VLUB
#IBSBUI ".#
QSPHSBNPOCJXFFLMZBUIPVTFIPMEMFWFM r 4UBUF JT QFSGPSNJOH TQFDJBM JNNVOJ[BUJPO
&WFSZ ZFBS 034 BOE [JOD JT QSPWJEJOH UISPVHI *%$' DBNQBJHOT MJLF 1VMTF 1PMJP *NNVOJ[BUJPO
1SPHSBNNFUPQSFWFOU%JBSSIPFBMEFBUITJOVOEFSGJWF DPOEVDUJOH.JTTJPO*OESB%IBOVTI4DIFEVMFBT
DIJMESFO6OEFS4""/41SPHSBN
BXBSFOFTTJTDSFBUJOH QFSUIF(P*HVJEFMJOFTUPDPWFSUIFMFGUPVUBOE
UISPVHI DBNQBJHOT UP JOUFOTJGZ BDUJPO GPS SFEVDJOH ESPQ PVU DIJMESFO *U JT BO POHPJOH QSPHSBNNF
NPSUBMJUZ EVF UP DIJMEIPPE 1OFVNPOJB GSPN UI XJUI UJNFUPUJNF SFWJFXT
SFPSJFOUBUJPO
/PWFNCFS
oUI'FCSVBSZ
USBJOJOHTBOEJOUSPEVDUJPOPGOFXWBDDJOFT
40$*"-*/'3"4536$563&
5BCMF"DIJFWFNFOUTPG3BTIUSJZB#BM4XBTUIZB,BSZBLSBN1SPHSBNNF
^ů͘EŽ /ŶƚĞƌǀĞŶƚŝŽŶ ϮϬϮϭͲϮϮ ϮϬϮϮͲϮϯ
;hƉƚŽĞĐϮϬϮϮͿ
ϭ ^ĐŚŽŽůƐΘtƐ^ĐƌĞĞŶŝŶŐ;ŝŶEŽ͛Ɛ͘Ϳ Ϭ ϳϳϯϵϮ
Ϯ ^ĐƌĞĞŶŝŶŐŚŝůĚƌĞŶ;ŝŶůĂŬŚEŽƐͿ Ϭ ϱϮ͘Ϭϵ
ŚŝůĚƌĞŶƚƌĞĂƚĞĚďLJW,ͬh,DKƐƚĞĂŵ Ϭ͘ϰϱ
ϯ Ϭ
;ŝŶ>ĂŬŚEŽƐ͘Ϳ
ϰ ZĞĨĞƌƌĂůƚŽŚŝŐŚĞƌĞŶƚƌĞƐ;ŝŶEŽƐ͘Ϳ Ϭ ϱϬϭ
dƌĞĂƚĞĚĂƚŚŝŐŚĞƌŚŽƐƉŝƚĂůƐʹ Ϯϭϯ
ϱ Ϭ
ĂƌŽŐLJĂ^ƌĞĞΘEŽŶĂƌŽŐLJĂ^ƌĞĞ;ŝŶEŽƐ͘Ϳ
ϲ LJĞ^ĐƌĞĞŶŝŶŐ;ŝŶ>ĂŬŚEŽƐ͘Ϳ Ϭ ϯϭ͘ϳϯ
ϳ ^ƉĞĐƚĂĐůĞƐŝƐƚƌŝďƵƚĞĚ;ŝŶEŽƐ͘Ϳ Ϭ ϭϵϵϴϭ
ůďĞŶĚĂnjŽůĞdĂďůĞƚƐĚŝƐƚƌŝďƵƚĞĚ ϭ͘Ϭϭ
ϴ ϭ͘Ϭϰ
;ŝŶĐƌŽƌĞEŽƐͿ
/ƌŽŶ&ŽůŝĐĐŝĚƚĂďƐ;ŝŐн^ŵĂůůͿ;ŝŶ ϭϰ͘Ϯ
ϵ ϭϮ͘ϴϱ
ƌŽƌĞEŽƐͿ
ϭϬ Z^<dĂƌŐĞƚ;ŝŶ>ĂŬŚEŽƐͿ ϳϰ͘ϱϬ ϴϭ͘ϵ
ϭϭ DŽďŝůĞ,ĞĂůƚŚdĞĂŵƐ;ŝŶEŽƐ͘Ϳ Ϭ ϲϬϬ
ϭϮ ŝƐƚƌŝĐƚĂƌůLJ/ŶƚĞƌǀĞŶƟŽŶĞŶƚƌĞƐ;ŝŶEŽƐ͘Ϳ ϯϰ ϯϰ
4PVSDF'BNJMZ8FMGBSF
40$*"-*/'3"4536$563&
%FDFNCFS
EFBUIT
OPTUFSJMJ[BUJPODPNQMJDBUJPOT
BOEGBJMVSFDBTFTBSFSFQPSUFE 5IJTJTBQMBUGPSNUPQSPWJEFQSPWJTJPOPGQSFWFOUJWFBOE
EFWFMPQNFOUTFSWJDFTUPUIFDPNNVOJUZUISPVHITFWFSBM
1SFDPODFQUJPO BOE 1SFOBUBM %JBHOPTUJD GMBHTIJQ QSPHSBNNFT JOUSPEVDFE CZ (PWFSONFOU
5FDIOJRVFT 1$1/%5
"DU 7)4/% BDUJWJUJFT BSF VQEBUFE BT QFS UIF 4FQUFNCFS
HVJEFMJOFTIFODFGPSUI7)/%BSFDBMMFEBT7)4/%
5IF1$1/%5 1SPIJCJUJPOPG4FY4FMFDUJPO
"DU &WFSZ****'SJEBZ
7)4/%XJMMCFDPOEVDUFEJOBMM"8$hT
BOE3VMFTBSFJNQMFNFOUFEJOUIFTUBUFUPQSFWFOU BTBTUBUFTQFDJGJDJOJUJBUJWF
UIFGFNBMFGFUJDJEFTBOEUPJNQSPWFUIFGFNBMFTFYSBUJP
7)4/%JTBOJOUFSTFDUPSBMDPMMBCPSBUJPOPGGPMMPXJOHGPVS
.VMUJ .FNCFS "QQSPQSJBUF "VUIPSJUZ BOE "EWJTPSZ
DPNQPOFOUT
$PNNJUUFFTXFSFDPOTUJUVUFEBU4UBUF
%JTUSJDUBOE4VC
%JTUSJDU-FWFMBOESFHVMBSNFFUJOHTBSFCFJOHDPOEVDUFE )FBMUI*UJODMVEFT CBTJD IFBMUI BOEDPVOTFMJOH
CZUIFTFDPNNJUUFFTUPSFWJFXUIFJNQMFNFOUBUJPOPG1$ TFSWJDFT GPS SFQSPEVDUJWF
NBUFSOBM
OFXCPSO
1/%5"DUJOUIFTUBUF%VSJOH VQUP%FDFNCFS
DIJME BOE BEPMFTDFOU IFBMUI
$PNNVOJDBCMF
3FHJTUSBUJPOT
JOTQFDUJPOT
EFDPZ %JTFBTFTBOE/PO$PNNVOJDBCMF%JTFBTFT
PQFSBUJPOTXFSFDPOEVDUFE /VUSJUJPO *U JODMVEFT TFSWJDFT BT XFMM BT
8FC QPSUBM XBT FTUBCMJTIFE GPS POMJOF 3FHJTUSBUJPO
DPVOTFMJOHSFMBUFEUPHSPXUINPOJUPSJOH
CSFBTU
3FOFXBMT
.PEJGJDBUJPOT
1BZNFOUT
3FQPSUJOH BOE GFFEJOH BOE DPNQMFNFOUBSZ GFFEJOH
NBUFSOBM
(SJFWBODFT QDQOEUBQHPWJO
"MM 7)/$T QMBUGPSNT BSF OVUSJUJPO
NJDSPOVUSJFOUTFUD
VUJMJ[JOHUPEJTDVTTUIFJNQPSUBODFPGGFNBMFDIJMEBOE &BSMZ$IJMEIPPE%FWFMPQNFOU*UJODMVEFTBHF
JNQMFNFOUBUJPOPG1$1/%5"DU"XBSFOFTTNFFUJOHT BQQSPQSJBUF QMBZ BOE DPNNVOJDBUJPO GPS
DPOEVDUJOHJOBMM7)/%TQSPHSBNNFEBZTPO4BWFUIF DIJMESFO
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
'BNJMZ1IZTJDJBO$PODFQU UPQN$BSEJBD$BSF6OJUTBSFGVODUJPOJOHJOBMMUIF
%JTUSJDU)PTQJUBMT
(PWFSONFOU PG "1 IBT UBLFO VQ 'BNJMZ 1IZTJDJBO
$PODFQU XJUI BO PCKFDUJWF PG QSPWJEJOH IFBMUI DBSF 1016-"5*0/ #"4&% 4$3&&/*/( /$%$% TVSWFZ
TFSWJDFTUPUIFVOSFBDIFESVSBMQPQVMBUJPO5SBJMSVOXBT 6OJWFSTBMTDSFFOJOHGPS/$%$%SPMMFEPVUJOUIFTUBUF
TUBSUFE GSPN TU 0DUPCFS
JO
:43 )FBMUI PO "MM UIF "/.T BSF USBJOFE BOE
$MJOJDTJOUIFTUBUFDPWFSJOHUIFFOUJSFSVSBMQPQVMBUJPO QSPWJEFE XJUI UBCT %FEJDBUFE POMJOF BQQMJDBUJPO
5PJNQMFNFOUUIF'BNJMZ1IZTJDJBO$PODFQU
BMM1)$TBSF EFWFMPQFE GPS TDSFFOJOH 4P GBS QPQVMBUJPO IBT
QSPWJEFE XJUI UXP EPDUPST PO QFSNBOFOU SFDSVJUNFOU CFFOTDSFFOFE
UJMM OPX $"4 QPTUT JO 1)$T IBT CFFO GJMMFE
0OF
EPDUPSXJMMBUUFOE1)$BOEPUIFSEPDUPSXJMMBUUFOEUIF /PO $PNNVOJDBCMF EJTFBTFT .BOBHFNFOU
:437JMMBHF)FBMUI$MJOJDUISPVHIWFIJDMFTPOGJYFE UISPVHI'BNJMZ1IZTJDJBO$PODFQU '1$
EBZTDIFEVMFBOEQSPWJEFUIFGPMMPXJOHTFSWJDFT
4UBUF IBT MBVODIFE UIF 'BNJMZ 1IZTJDJBO $PODFQU
B
.PSOJOH4FTTJPO(FOFSBM01TFSWJDFT
"OUFOBUBMTFSWJDFT GMBHTIJQQSPHSBNNFUPFYUFOEUIFIFBMUITFSWJDFTBUUIF
UPUIFQSFHOBOUXPNFOBOE1PTUOBUBM$BSF4DSFFOJOH EPPSTUFQT PG UIF DPNNVOJUZ UISPVHI UIF .FEJDBM
BOEGPMMPXVQPG)ZQFSUFOTJPOBOEEJBCFUFTXJMMCFEPOF 0GGJDFST GPS DSFBUJOH DPOGJEFODF BNPOH QVCMJD BOE UP
'PMMPXVQTFSWJDFTUP"SPHZBTSJ#FOFGJDJBSJFT EFMJWFS DVSBUJWF DBSF JO BEEJUJPO UP QSFWFOUJPO BOE
QSPNPUJPO 6OEFS UIF '1$
.FEJDBM 0GGJDFST TIBMM WJTJU
&WFOJOH4FTTJPO7JTJUUIF"OHBOXBEJ$FOUSFUPQSPWJEF '1$ DMJOJD BU UIF )FBMUI BOE 8FMMOFTT $FOUSF7JMMBHF
OVUSJUJPOBM DPVOTFMMJOH BOE (PWFSONFOU 4DIPPMT UP TFDSFUBSJBU PODF JO B GPSUOJHIU UP EFMJWFS UIF NFEJDBM
DPOEVDU4DIPPM)FBMUI1SPHSBNNFJOUIF7JMMBHF)PNF TFSWJDFT 01 BOE /$% GPMMPXVQ DBSF FUD
BMPOH XJUI
7JTJUTXJMMCFDPOEVDUFEUPUIFCFESJEEFOBOEDISPOJDJMM $)0T
"/.
"4)" 7PMVOUFFST
XIJDI XJMM FOIBODF
QBUJFOUT IFBMUITFFLJOHCFIBWJPVS
&WFSZ :43 $MJOJDT BSF GJMMFE XJUI $PNNVOJUZ )FBMUI "MMDPOGJSNFEDBTFTPG)ZQFSUFOTJPO%JBCFUFTDBTFTPG
0GGJDFS .-)1
"/.BOE"4)"TUZQFTPGMBCPSBUPSZ /$%$% TVSWFZ EBUB XJMM CF SFGFSSFE JO UIF 'BNJMZ
UFTUTXJMMCFEPOFBTQFSUIFOFFEBOEUZQFTPGESVHT 1IZTJDJBO%PDUPSGPSQSPWJEJOHUSFBUNFOUBOEGPMMPXVQ
BSFNBEFBWBJMBCMFUPUIFQBUJFOUTBUUFOEJOHUIF'BNJMZ DBSF5IFUSFBUNFOUBOENFEJDJOFTBSFQSPWJEFEGSFFPG
1IZTJDJBO$PODFQU5JMMOPX
QFPQMFVUJMJ[FEUIF DPTUUPBMMQBUJFOUT
DBTFTBSFSFHJTUFSFE
TFSWJDFTJO'BNJMZ1IZTJDJBO$PODFQU UPUBM DBTFT WJTJUFE GPS GPMMPXVQ GPS )ZQFS UFOTJPO BOE
"UQSFTFOU..6T 7FIJDMFT
BSFCFJOHVUJMJ[FEGPS
DBTFTBSFSFHJTUFSFE
UPUBMDBTFTWJTJUFE
'BNJMZ 1IZTJDJBO DPODFQU "OPUIFS ..6T GPSGPMMPXVQGPS%JBCFUFT
WFIJDMFT
BSF HPJOH UP CF BEEFE TP BT UP DPWFS FWFSZ
7JMMBHF)FBMUI$MJOJDUXJDFJOBNPOUI 1FSGPSNBODFPG'BNJMZ1IZTJDJBODPODFQU
/PO$PNNVOJDBCMF%JTFBTFT /$%
/BUJPOBM.FOUBM)FBMUI1SPHSBNNF /NIQ
'PMMPXJOH QSPHSBNNFT BSF CFJOH JNQMFNFOUFE VOEFS 1TZDIJBUSJD XBSE BOE DMJOJDT BSF GVODUJPOJOH JO FWFSZ
/PO$PNNVOJDBCMF%JTFBTFT %JTUSJDU )PTQJUBM 4UBUF .FOUBM )FBMUI "VUIPSJUZ XBT
DPOTUJUVUFE .FOUBM )FBMUI $MJOJDT DPOEVDUJOH JO FWFSZ
/BUJPOBM 1SPHSBNNF GPS 1SFWFOUJPO BOE 1)$PODFJOBGPSUOJHIU
$POUSPM0G$BODFS
%JBCFUFT
$WETBOE4USPLF 5FMF ."/"4 $FMM 5P NBLF NFOUBM IFBMUI TFSWJDFT
1SPHSBNNF /1$%$4
BDDFTTJCMFUPQFPQMFMJWJOHJOGBSPGGQMBDFTGSPNIFBMUI
GBDJMJUJFT
4UBUF5FMF."/"4DFMMTUBSUFEGVODUJPOJOHGSPN
%JTUSJDU /$% $MJOJDT BSF GVODUJPOJOH JO BMM EJTUSJDU
XJUI Y UFMF DPVOTFMMJOH GBDJMJUJFT BU
IPTQJUBMTBOE/$%$MJOJDTBSFGVODUJPOJOH*OBMM$)$T
4JEEIBSUIB .FEJDBM $PMMFHF
7JKBZBXBEB 5PMM 'SFF /P
"U1)$MFWFM
/$%DMJOJDTBSFCFJOHDPOEVDUFEEBJMZGSPN
"MM TUBGG PG %JTUSJDU .FOUBM )FBMUI 5FBNT BSF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
QFSTPOTTUPQQFEUIFIBCJU
QBUJFOUTBWBJMFE
5$$TTFSWJDFT "QSJM/PWFNCFS
4PDJBM8PSLFSTBSF %FOUBM 6OJUT BSF FTUBCMJTIFE
BU BMM UIF "1771
WJTJUJOHXJUIUIF/.)1UFBNTBOE5VCFSDVMPTJTUFBNTJO )PTQJUBMT%FOUBMDMJOJDTTQFDJBMUZTUBSUFEJOBMM1SJNBSZ
JEFOUJGZJOH UIF 5PCBDDP VTFST BOE SFGFSSJOH UP UIF )FBMUI $FOUSFT CZ %FOUBM "TTJTUBOU 4VSHFPO PODF JO B
1TZDIPMPHJTUTJO5$$T&OGPSDFNFOU%SJWFTBSFDPOEVDUFE XFFL"MMUIF%FOUBM4VSHFPOTBSFQSPWJEFEXJUIB0SBM
JO %JTUSJDUT 0SJFOUBUJPO PO *MMJDJU 5SBEF PG 5PCBDDP )FBMUI "QQ UP VQMPBE UIF DBTFT BU %)")$)$ 5IF
DPOEVDUFEGSPNUIXFFLPG0DUPCFS0OFNPOUIESJWF .POJUPSJOH JT EPOF BU 4UBUF UFBN WFSJGZJOH UIF
PO CBO PO &DJHBSFUUFT ESJWF DPOEVDUFE GSPN UI %BTICPBSE%VSJOHBQFSJPEPG"QSJMUP0DUPCFSoB
%FDFNCFSUPUI+BOVBSZ UPUBM PG
QBUJFOUT IBWF SFDFJWFE PSBM IFBMUI
USFBUNFOU UPPUI FYUSBDUJPOT
o 3PPU DBOBM
/BUJPOBM 1SPHSBNNF 'PS 1SFWFOUJPO "OE USFBUNFOUT
o0UIFS%FOUBMQSPDFEVSFTXFSF
$POUSPMPG'MVPSPTJT DPOEVDUFE "MM UIF %FOUBM 4VSHFPOT DPOEVDUT UIF
4QFDJBMJUZ1)$WJTJUTXFFLMZPODF
5IF/BUJPOBM1SPHSBNNFGPS1SFWFOUJPO"OE$POUSPM0G
'MVPSPTJT /11$'
JTCFJOHJNQMFNFOUFEJOEJTUSJDUTJF &NFSHFODZ )FBMUI 5SBOTQPSUBUJPO 4DIFNF
4SJLBLVMBN
7JTBLIBQBUOBN
,SJTIOB
(VOUVS
1SBLBTIBN
4FSWJDFT
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
E
8PSLJOH+PVSOBMJTUT)FBMUI4DIFNF H
*ODMVTJPOPG0CTUFUSJDQSPDFEVSFT
(PWFSONFOU IBT JOUSPEVDFE UIF 8PSLJOH +PVSOBMJTUT *O PSEFS UP GVSUIFS SFEVDF UIF .BUFSOBM .PSUBMJUZ 3BUF
)FBMUI4DIFNFGPSQSPWJEJOHGSFFIFBMUIDBSFTFSWJDFTPO GSPN UP QFS POF MBLI MJWF CJSUIT
UIF (P"1 IBT
UIFMJOFTPG&)4UPUIFBDDSFEJUFEKPVSOBMJTUTJEFOUJGJFECZ JODMVEFEUIF0CTUFUSJDQSPDFEVSFTWJ[
/PSNBM%FMJWFSZ
UIF *13 EFQBSUNFOU XIJDI JT UIF OPEBM BHFODZ 5IF BOE$BFTBSFBO4FDUJPOVOEFS%S:43"BSPHZBTSJTDIFNF
TDIFNFJTCFJOHSVOCZUIF5SVTUGPSXPSLJOHKPVSOBMJTUT "T QFS (0.T/P ). '8 *
EFQBSUNFOU
PGUIFTUBUF5IFTDIFNFJTJNQMFNFOUFEXJUIUIFTBNF EBUFE
UIF QBDLBHF SBUFT BSF 3T
BOE
HVJEFMJOFT PG &)4 6OEFS UIF TDIFNF QBUJFOUT BSF 3T
SFTQFDUJWFMZ4PGBS
1SFBVUITSBJTFE
CFOFGJUUFEXJUIQSFBVUIBNPVOUJOHUP3T$STVQUP
UIFSBQJFTBQQSPWFEGPSBOBNPVOUPG3T
%FDFNCFS
DSPSFT
F
"BSPHZBSBLTIB 4FSWJDFT
5IF "1- GBNJMJFT BSF DPWFSFE VOEFS %S :43"BSPHZBTSJ B
4FWB,FOESBN)FMQEFTL )FMQMJOF
40$*"-*/'3"4536$563&
E
%JBMZTJT USFBUNFOU GPS UIF QBUJFOUT E
:43"BSPHZB"BTBSB
TVGGFSJOHGSPN$ISPOJD,JEOFZ%JTFBTF 5P DPNQFOTBUF UIF MPTT PG XBHFT EVSJOH QPTUPQ
5IF5SVTUJTQSPWJEJOHDBTIMFTTEJBMZTJTUSFBUNFOUUPUIF SFDPWFSZQFSJPE
(PWFSONFOUIBTQFSNJUUFEUPQSPWJEF
QBUJFOUT TVGGFSJOH GSPN $ISPOJD ,JEOFZ %JTFBTF JO 1PTU0QFSBUJWF 4VTUFOBODF "MMPXBODF "BSPHZB"BTBSB
JEFOUJGJFE OFUXPSL IPTQJUBMT PG CPUI (PWFSONFOU BOE UPUIFQBUJFOUTXIPVOEFSHPTVSHFSJFTVOEFS%S:43"4
1SJWBUFXJUIBQBDLBHFBNPVOUPG3T
QFSNPOUI GPS UIF QPTUPQ SFDPWFSZ QFSJPE ! 3T QFS EBZ
GPSEJBMZTFT5IFSFBSF(PWFSONFOUBOE1SJWBUF TVCKFDUUPBNBYJNVNPG3TQFSNPOUI'PSTPNF
/FUXPSL )PTQJUBMT FNQBOFMMFE GPS USFBUNFOU PG QSPDFEVSF BOZ OVNCFS PG NPOUIT CBTFE PO UIF SFTU
.BJOUFOBODFPG)FNPEJBMZTJTVOEFSBMMUIFTDIFNFTPG QFSJPETVHHFTUFECZUSFBUJOHEPDUPST'SPN%FDFNCFS
%S:43"BSPHZBTSJ)FBMUI$BSF5SVTU UP%FDFNCFS
BOBNPVOUPG3TDSPSFT
QSPWJEFE UP QPTUoPQFSBUJWF TVTUFOBODF BMMPXBODF UP
*NQMFNFOUBUJPO PG i/BWBSBUOBMVw VOEFS
QBUJFOUTVOEFS"BSPHZB"BTBSB
"BSPHZBTSJ
F
"NCVMBODFT 3FWBNQFE
B
*ODMVTJPO PG BMM UIF QSPDFEVSFT DPTUJOH 8JUIBOBJNUPQSPWJEFUJNFMZTFSWJDFTEVSJOHFNFSHFODZ
NPSFUIBO3T QJMPUQSPKFDUUPDPWFSBMM DPOEJUJPOT
UIF HPWFSONFOU IBT SFWBNQFE UIF
UIFEJTUSJDUT
"NCVMBODFT 5IFSF BSF /FX 0ME
BNCVMBODFT PG XIJDI BSF #BTJD -JGF 4VQQPSU
5P QSPWJEF DBTIMFTT IFBMUI TFSWJDF GPS UIF USFBUNFOUT
"NCVMBODFT
"EWBODFE -JGF 4VQQPSU "NCVMBODFT
DPTUJOHNPSFUIBO3T
UIF5SVTUIBTUBLFOJOJUJBUJWF
BOE /FPOBUBM "NCVMBODFT
&NFSHFODJFT
BOEJODMVEFEOFXQSPDFEVSFTUPUIFFYJTUJOH
$PWJEo
OPO$PWJE
XFSF
QSPDFEVSFT BOE JEFOUJGJFE 8FTU (PEBWBSJ EJTUSJDU UP
BUUFOEFEGSPN+VMZUP%FDFNCFS
JNQMFNFOU QSPDFEVSFT BT QJMPU QSPKFDU GSPN
1SFTFOU 4DIFNF JT FYQBOEFE GSPN G
.PCJMF .FEJDBM 6OJUT 'BNJMZ
QSPDFEVSFTUPQSPDFEVSFTWJEF(0.T/P). 1IZTJDJBO$PODFQU
'8 *
EBUFE
5IFSFBSF !0OF1FS.BOEBM
.PCJMF.FEJDBM6OJUT
C
*TTVFPG:43"BSPHZBTSJ)FBMUI$BSET *OUFHSBUFE XJUI QSJNBSZ IFBMUI DBSF TZTUFN "MM
5IF (PWFSONFOU IBT EFDJEFE UP JTTVF 4NBSU IFBMUI ..6TBSFNBQQFEXJUI7JMMBHF)FBMUI$MJOJDTBTBVOJU
DBSET
XJUIQMBTUJDNBUFSJBM
XJUI23$PEF
BOEXJUIOFX *OUFHSBUJPO XJUI %S :43 "BSPHZBTSJ IFBMUI DBSET JT
QVSQPTFTMJLFCFOFGJDJBSJFTDBOWJFXUIFJSIFBMUISFDPSE DPNQMFUFE5SJQTBSFQMBOOFEUPDPWFSBMM7JMMBHF)FBMUI
UISPVHI051TZTUFNGSPN"BSPHZBTSJNPCJMFBQQMJDBUJPO $MJOJDTUXJDFQFSNPOUI5IFBWFSBHFOVNCFSPGQBUJFOUT
'VSUIFS
IFBMUI TVSWFZ EBUB DBO BMTP CF BEEFE UP UIFJS TFSWFEQFSEBZCZFBDI..6JT*OUIF..6MBC
FYJTUJOH IFBMUI SFDPSET JO UIF "BSPHZBTSJ QPSUBM"T PO UFTUTBSFEPOFBOEWBSJFUJFTPGESVHTBSFBWBJMBCMF5IF
OFBSMZ$S%S:43"BSPHZBTSJIFBMUIDBSET .FEJDBM5FBNDPNQSJTFTPG1)$.FEJDBM0GGJDFS
.-)1
IBWF CFFO EFMJWFSFE UP UIF FMJHJCMF CFOFGJDJBSJFT "/.
"4)" XJMM DPOEVDU 01
BOE WJTJU "OHBOXBEJ
OFX "BSPHZBTSJ IFBMUI DBSET XFSF JTTVFE UJMM TDIPPMBOEIPNFTPGCFESJEEFOBOE"BSPHZBTSJQBUJFOUT
EBUF H
$PWFSBHFPG$07*%oVOEFSUIF%S:43
D
&YQBOTJPO PG %S:43 "BSPHZBTSJ 4DIFNF "BSPHZBTSJ4DIFNF
UPUIFDJUJFTPGPUIFSTUBUFT *OWJFXPGUIFTQSFBEPG$07*%1BOEFNJDBDSPTTUIF
5IF5SVTUIBTFNQBOFMMFEIPTQJUBMT )ZEFSBCBE
XPSME
UIF (PWFSONFOU PG "1 IBT EFDJEFE UP QSPWJEF
#FOHBMVSV o BOE JO $IFOOBJ o
GPS JEFOUJGJFE DBTIMFTT IFBMUI DBSF TFSWJDFT UP UIF $030/" WJSVT
4VQFS4QFDJBMUZQSPDFEVSFT
QBUJFOUTXJUI
BGGFDUFEQFPQMFJSSFTQFDUJWFPGUIFJSFDPOPNJDTUBUVTBOE
QSFBVUIPSJTBUJPOBQQSPWBMTIBWFUBLFOUSFBUNFOUGPSBO BMTP UP USFBU UIF TVTQFDUFE QBUJFOUT "DDPSEJOHMZ
UIF
BNPVOUPG3T$SGSPNTU/PWFNCFS
UPUJMM 5SVTUIBTJODMVEFENPSFQSPDFEVSFTVOEFSUIFTDIFNF
EBUF EVMZ BEEJOH UIF BEEJUJPOBM BNPVOUPG JTPMBUJPOSPPNT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
11&T
DPTU PG BEEJUJPOBM JOWFTUJHBUJPOT XIJDI BSF CFET
$JWJM %JTQFOTBSJFT $%T
XJUI CFET BSF
SFRVJSFEUPEPGPSUIF$07*%QPTJUJWFDBTFTBOE1PTU GVODUJPOJOHJOUIFTUBUF
$07*% USFBUNFOU QSPDFEVSF GPS NBOBHFNFOU PG
DPNQMJDBUJPO BGUFS SFDPWFSZ GSPN $07*%
)PTQJUBM"DUJWJUJFT
QBUJFOUT XFSF USFBUFE XJUI QSFBVUIPSJ[FE BNPVOU PG
5IF$PNNVOJUZ)FBMUI$FOUSFT $)$
XJUICFET
3TDSPSFT
QSPWJEFNBUFSOJUZ
DIJMEIFBMUITFSWJDFTBQBSUGSPNUIF
I
$PWFSBHF PG 3PBE "DDJEFOU 7JDUJNT HFOFSBM IFBMUI TFSWJDFT 5IF 4VC %JTUSJDU )PTQJUBMT
USFBUNFOU VOEFS UIF %S:43 "BSPHZBTSJ 4%)
"SFB )PTQJUBMT ")
XJUI CFET QSPWJEF
4DIFNF TFSWJDFT BOE DMJOJDBM TQFDJBMUJFT XIFSFBT UIF %JTUSJDU
)PTQJUBMT %)
XJUICFETUSFOHUISBOHJOHGSPNUP
5IF(PWFSONFOUJTTVFEPSEFSTWJEF(0.T/P
). QSPWJEF DMJOJDBM TFSWJDFT MJLF 0CTUFUSJDT (ZOFDPMPHZ
'8 *
%FQBSUNFOU %UBUFE UP QSPWJEF 1FEJBUSJDT
(FOFSBM .FEJDJOF
(FOFSBM 4VSHFSZ
DBTIMFTT USFBUNFOU GPS BMM 3PBE BDDJEFOU WJDUJNT 0SUIPQFEJDT
"OFTUIFTJB
0QIUIBMNPMPHZ
&/5
%FOUBM
JODMVEJOHUIPTFCFMPOHJOHUPPUIFSTUBUFTBOEQFSTPOT %FSNBUPMPHZ
1TZDIJBUSZ
3BEJPMPHZBOE%FOUBM$BSFFUD
OPUIBWJOH%S:43"BSPHZBTSJDBSETJOBMMUIFFNQBOFMMFE
IPTQJUBMTVOEFS"BSPHZBTSJ4DIFNF "MMUIFBCPWFIPTQJUBMTBSFQSPWJEFEXJUIQSPGFTTJPOBMT
VOEFS WBSJPVT TQFDJBMUJFT
PUIFS /VSTJOH
1BSBNFEJDBM
"OEISB1SBEFTI7BJEZB7JEIBOB1BSJTIBE TUBGG BOE NFEJDBM FRVJQNFOUT EFQFOEJOH VQPO UIFJS
TFSWJDFMFWFMTBOECFETUSFOHUI%SVHTBSFQSPWJEFEUPBMM
"OEISB1SBEFTI7BJEZB7JEIBOB1BSJTIBE "1771
JTBO
IPTQJUBMTCZUIF$FOUSBMESVHTUPSFTVOEFS"1.4*%$BT
BVUPOPNPVT PSHBOJ[BUJPO GVOEFE CZ (PWU PG "OEISB
QFSUIFSFRVJSFNFOUTBOEBMMPUNFOUTTQFDJGJFECZ"1771
1SBEFTI
UP NBOBHF TFDPOEBSZ MFWFM IPTQJUBMT 5IF
5IFTF)PTQJUBMTBMPOHXJUIUIF1SJNBSZ)FBMUI$FOUSFT
"1771 EFBMT FYDMVTJWFMZ XJUI UIF TFDPOEBSZ MFWFM
1)$T
BOE5FBDIJOH)PTQJUBMT 5FSUJBSZ)PTQJUBMT
BDUBT
)PTQJUBMT JF 'JSTU 3FGFSSBM 6OJUT '36
MJLF $PNNVOJUZ
BQMBUGPSNGPSJNQMFNFOUBUJPOPGWBSJPVT/BUJPOBM)FBMUI
)FBMUI $FOUSFT $)$
"SFB )PTQJUBMT 4VC %JTUSJDU
QSPHSBNNFT MJLF .BMBSJB
5#
-FQSPTZ
)*7T BOE 'BNJMZ
)PTQJUBMT 4%)
BOE%JTUSJDU)PTQJUBMT %)
XJUIBCFE
8FMGBSFQSPHSBNNFT
TUSFOHUI SBOHJOH GSPN UP "1771 )PTQJUBMT
QSPWJEFPVUQBUJFOUTFSWJDFT
JOQBUJFOUTFSWJDFT JODMVEJOH )PTQJUBMT 1FSGPSNBODF 5IF ZFBS XJTF $PNQBSBUJWF
FNFSHFODZ TVSHJDBM
EJBHOPTUJD TFSWJDFT BOE QFSGPSNBODFPG)PTQJUBMBDUJWJUJFTJOLFZJOEJDBUPSTJT
MBCPSBUPSZTFSWJDFT TIPXOJOUIFGPMMPXJOH5BCMF
6OEFS"1711
$)$T.$XJUI$)$T.$)CFET
4%)T ")T
XJUI CFET BOE %)T XJUI
5BCMF1FSGPSNBODFPG*OEJDBUPSTPG)PTQJUBMBDUJWJUJFT
4M /BNFPGUIF%FWFMPQNFOU
"QSJM
/P JOEJDBUPS /PW
0VU1BUJFOUT
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
5BCMF4UBUVTPG7FDUPS#PSOF%JTFBTFTJOUIF4UBUFPG"1
VQUP
%JTFBTFT 4BNQMF 4BNQMF
QPTJUJWFT %FBUIT QPTJUJWFT %FBUIT
DPMMFDUJPO DPMMFDUJPO
.BMBSJB
%FOHVF
$IJLVOHVOZB
"&+&
'JMBSJB
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
%JTFBTF$POUSPM %S:43,BOUJ7FMVHV
5IF TDIFNF DPWFST 'SFF $BUBSBDU 4VSHFSJFT CPUI JO 5IF(PWFSONFOUPG"OEISB1SBEFTIJOJUJBUFEBVOJRVF
HPWFSONFOUBOE/(0TFDUPS
SFGSBDUJWFFSSPSTEFUFDUJPO
4QFDJBM JOOPWBUJWF 1SPHSBNNF i%S:43,BOUJ7FMVHVw
TDIPPMFZFTDSFFOJOH
EJTUSJCVUJPOPGGSFFTQFDUBDMFT
FZF .BTT&ZF4DSFFOJOHUPQSPWJEFDPNQSFIFOTJWF1SJNBSZ
CBMM DPMMFDUJPO UISPVHI &ZF #BOLT BOE &ZF %POBUJPO 4FDPOEBSZ BOE 5FSUJBSZ &ZF DBSF TFSWJDFT UP UIF
$FOUFST BOE FBSMZ EFUFDUJPO PG PUIFS FZF EJTFBTFT WJ[
QPQVMBUJPOBUGSFFPGDPTU
UPCFJNQMFNFOUFEJO1IBTFT
(MBVDPNBBOE%JBCFUJDSFUJOPQBUIZ7JTJPODFOUFST PWFS B QFSJPE PG ZFBST PO B NJTTJPO NPEF GSPN
BOE 4FDPOEBSZ 7JTJPO $FOUFST BSF FTUBCMJTIFE BOE UP 5IF QSPHSBNNF IBT CFFO
MJOLFEXJUI5FMF0QIUIBMNPMPHZ MBVODIFEPOPOUIFPDDBTJPOPGi8PSME4JHIU
5PBDIJFWFUIF.BKPS.JMFTUPOFPG3FEVDFUIFQSFWBMFODF %BZw
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
1SFTJEFOUhT &NFSHFODF 1MBO GPS "*%4 3FMJFG 1&1'"3 5IF NVMUJGBSJPVT BDUJWJUJFT PG %FQBSUNFOU PG 8PNFO
*OEJB
BQSPHSBNTVQQPSUFEUISPVHI$FOUSFTGPS%JTFBTF %FWFMPQNFOUBOE$IJME8FMGBSFBSF
$POUSPM $%$
6OJUFE4UBUFT"HFODZGPS*OUFSOBUJPOBM t 5IF JNQMFNFOUBUJPO PG *OUFHSBUFE $IJME
%FWFMPQNFOU 64"*%
XJUIUIFJSQBSUOFSTJTGPDVTJOHPO %FWFMPQNFOU4FSWJDFT4DIFNF
UIF TUSFOHUIFOJOH PG )*7 1SFWFOUJPO BDUJWJUJFT BNPOH
5BCMF1IZTJDBM1FSGPSNBODFPG"14"$EVSJOH
1SPHSBNNBUJD5BSHFUT7T"DIJFWFNFOUT1IZTJDBM1FSGPSNBODF
':6QUP%FDFNCFS
$PNQPOFOU
*OEJDBUPS 5BSHFU "DIJFWFNFOU
/BNF "DIJFWFNFOU
5PUBM#MPPEVOJUT$PMMFDUJPO
#MPPE4BGFUZ 7PMVOUBSZ#MPPE6OJUT
$PMMFDUJPO
/0/"OUF/BUBM$BTFT5FTUFE
/0/"OUF/BUBM$BTFT
*OUFHSBUFE
*EFOUJöFE1PTJUJWFT
$PVOTFMMJOH
"OUF/BUBM$BTFT5FTUFE
5FTUJOH$FOUFST
"OUF/BUBM$BTFT*EFOUJöFE
1PTJUJWFT
45*DPNQPOFOU
5PUBMOVNCFSPG7JTJUT
%43$
"OUJ3FUSP7JSBM "MJWFPO"35 /"
/"
5IFSBQZ
)3($PWFSBHF
'48
DPSFDPNQPTJUF
*%6
5*o/(0
.JHSBOU
5SVDLFS
$POEPN%JTUSJCVUJPO
$MJOJD4FSWJDFTBOOVBMBWFSBHF
4PVSDF"JET$POUSPM4PDJFUZ
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
EFQBSUNFOU IBT TUBSUFE BO JOOPWBUJWF NPEFM 4VQQPSUJOH "OEISBhT -FBSOJOH 5SBOTGPSNBUJPO
DBMMFEh3FNPUF-FBSOJOHPGQSFTDIPPMBDUJWJUJFTh 4"-5
QSPHSBNGVOEFECZ8PSME#BOL5IF1.6
UP SFBDI BMM UIF DIJMESFO BOE NPUIFST PG QSF XJMM BTTJTU UIF %FQBSUNFOU JO QMBOOJOH
TDIPPM DIJMESFO SFNPUFMZ 5IF 3-.T BSF CFJOH JNQMFNFOUBUJPO
NPOJUPSJOHBOESFWJFXPG&$$&
TIBSFE XJUI BMM "88T UP IFMQ UIFN UP DPOEVDU "DUJWJUJFT
&$$&BDUJWJUJFTXJUIDIJMESFO r 5SBJOJOH PG $%10T BOE 4VQFSWJTPST PO /BUJPOBM
r .PUIFST (SPVQT i.PUIFST (SPVQTh XJUI UIF *OJUJBUJWF GPS 4DIPPM )FBET BOE 5FBDIFST PO
NPUIFST PG QSFTDIPPM DIJMESFO BSF GPSNFE BOE )PMJTUJD"EWBODFNFOU /*4)5)"0
PO&$$&XJMM
TIBSJOHUIFQSFTDIPPMBDUJWJUJFTEBJMZUPFOHBHF CFDPNQMFUFECZ.BSBOEGPS"88TTUBSUT
DIJMESFOBUIPNF GSPN.BSDIPOXBSET
r 1SPDVSFNFOU4VQQMZPG1SF4DIPPMLJU1SF r )BOETPOUSBJOJOHUPCFHJWFOUPBMM"88TVOEFS
TDIPPMLJUDPOTJTUJOHPGJUFNTJTCFJOHTVQQMJFE EBZTDFSUJGJDBUFDPVSTFPO&$$&VOEFS4"-5
UPBMM"8$TBT5-.UPFOTVSFUIFEFWFMPQNFOUT "VEJP WJTVBMT BOE EJHJUBM JOGSBTUSVDUVSF XJMM CF
BNPOHDIJMESFO%FQBSUNFOUIBTQSPWJEFEVTFS EFWFMPQFEPO&$$&BDUJWJUJFT"VEJPWJTVBMTBOE
NBOVBM XJUI BMM UIF EFUBJMT QFSUBJOJOH UP FBDI EJHJUBMJOGSBTUSVDUVSFXJMMCFEFWFMPQFEGPS&$$&
JUFNJOUIFLJUXJUIUIFBSFBTPGEFWFMPQNFOUT BDUJWJUJFT
r -&% 57T BWBJMBCMF JO DPMPDBUFE "8$T XJMM CF
4USFOHUIFOJOH PG &$$& "DUJWJUJFT JO VUJMJ[FE GPS EJHJUBM '-/ BDUJWJUJFT -&%57T UP CF
DPMMBCPSBUJPOXJUI13"5)".PSHBOJ[BUJPO QSPWJEFEUPBMM"8$TXJUIUIFTVQQPSUPG8PSME
4UBUF HPWFSONFOU JO DPMMBCPSBUJPO PG 13"5)". #BOL 'VOET UP EJTQMBZ BVEJP WJTVBM NBUFSJBM PO
PSHBOJ[BUJPO JT CVJMEJOH UIF DBQBDJUJFT PG $%10T
&$$&UPDIJMESFO
4VQFSWJTPST BOE "OHBOXBEJ XPSLFST GPS FGGFDUJWF r 5SBJOJOHUP"88TPO14&,JU.BOVBMGPSFGGFDUJWF
JNQMFNFOUBUJPO BOE NPOJUPSJOH PG &BSMZ $IJMEIPPE VTFPGLJUNBUFSJBM
&EVDBUJPOBDUJWJUJFTJOUIFTUBUF5IFGPMMPXJOHBDUJWJUJFT
r i.PUIFShT (SPVQT OFFE UP CF TUSFOHUIFOFE GPS
IBWFCFFOJNQMFNFOUFETPGBS
FGGFDUJWF JNQMFNFOUBUJPO PG &$$& BDUJWJUJFT BU
r 1SBUIBN IBT GBDJMJUBUFE B EBZT SFTJEFOUJBM IPVTFIPMEMFWFM
USBJOJOHGPS43(NFNCFST!5XPQFS%JTUSJDU
PO &$$& $VSSJDVMVN )PMJTUJD %FWFMPQNFOU :434BNQPPSOB1PTIBOB
1IZTJDBM
$PHOJUJWF
-BOHVBHF
4PDJBM
5P BEESFTT UIF QSPCMFN PG BOBFNJB BOE NBMOVUSJUJPO
&NPUJPOBM
$SFBUJWF
JOUIFNPOUIPG'FC
BNPOHMBLIQSFHOBOUBOEMBDUBUJOHNPUIFSTBOE
r 1SBUIBN8%$8%FQBSUNFOUKPJOUMZGBDJMJUBUFE DIJMESFO BHFE NPOUIT UP NPOUIT
:43
EBZT SFTJEFOUJBM USBJOJOHT GPS BMM $%10T 4BNQPPSOB1PTIBOB QMVT
JO 5SJCBM BOE TVC QMBO
4VQFSWJTPSTBDSPTTUIFTUBUFJO'FC.BSDI NBOEBMT BOE :43 4BNQPPSOB1PTIBOB JO SFNBJOJOH
*O UVSO
TVQFSWJTPST PSJFOUFE UIF "88T EVSJOH NBOEBMT PG UIF 4UBUF JT CFJOH JNQMFNFOUFE VOEFS
TFDUPS NFFUJOHT JO *5$ TVQQPSUFE EJTUSJDUT JO TVQQMFNFOUBSZOVUSJUJPOUISPVHI"OHBOXBEJDFOUFSTJO
.BSDI TVQFSTFTTJPOPGUIFFYJTUJOHTDIFNFTPGTVQQMFNFOUBSZ
r $BQBDJUBUFE $%10T ! 5ISFF QFS %JTUSJDU PO OVUSJUJPO BOE UIF TDIFNF IBT CFFO MBVODIFE PO UI
-FBEFSTIJQ EFWFMPQNFOU 1FEBHPHJDBM
4FQUFNCFS
CZ )POhCMF $IJFG .JOJTUFS PG "OEISB
*OTUJUVUJPOBM $PNNVOJUZ
JO &$$& XJUI UIF 1SBEFTI
TVQQPSUPG6/*$&'JO%FD :4 3 4 B N Q P P S O B 1P T I B O B 1 M V T T D I F N F :4 3
4BNQPPSOB1PTIBOB 1MVT 4DIFNF JT DPWFSJOH
8BZ'PSXBSE 4DIFEVMFEBOE5SJCBMTVCQMBONBOEBMTCZQSPWJEJOHPOF
r 1SPHSBN .BOBHFNFOU 6OJU 1.6
XJMM CF GVMMNFBMBUUIF"OHBOXBEJ$FOUSFBMPOHXJUIFHHBOE
FTUBCMJTIFEBU8%$8%FQUXJUIUIFTVQQPSUPG NM NJML BOE NPOUIMZ 5BLF )PNF 3BUJPO LJU !
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
EJTUSFTT &YDMVTJWF 8PNFO 4* IBT CFFO QPTUFE JO FBDI 8FMGBSFPG%JGGFSFOUMZ"CMFE
5SBOTHFOEFS
%*4)" 0OF 4UPQ $FOUSF
XPNFO BTTJTUFE EVSJOH 4FOJPS$JUJ[FOT
5IF%FQBSUNFOUJTXPSLJOHUPXBSETJNQMFNFOUBUJPOPG
8PSLJOH8PNFOhT)PTUFMT8PSLJOHXPNFOhT)PTUFMT 3JHIUTPG1FSTPOTXJUI%JTBCJMJUJFT"DU
BOE/BUJPOBM
BSF QSPWJEJOH TFDVSJUZ UP UIF NJEEMF DMBTT XPSLJOH 5SVTU"DU
UIBUFOTVSFTNVMUJTFDUPSBMDPPSEJOBUJPO
XPNFOXIPBSFSFTJEJOHGBSBXBZGSPNUIFJSGBNJMJFTGPS XJUI WBSJPVT HPWFSONFOU EFQBSUNFOUT GPS QSFWFOUJPO
FNQMPZNFOU QVSQPTFT 8PNFO CFOFGJUUFE EVSJOH FBSMZ JEFOUJGJDBUJPO BOE EFUFDUJPO
FEVDBUJPO
FNQMPZNFOU
SFIBCJMJUBUJPO
NBJOTUSFBNJOH PG
%JGGFSFOUMZ"CMFE1FSTPOT
OFUXPSLJOHBOENPOJUPSJOHPG
6KKBXBMB )PNFT 6KKBXBMB IPNFT IBWF CFFO
(PWFSONFOUPG*OEJBHSBOUJOBJEQSPKFDUTPG/(0T
FTUBCMJTIFEGPSUIFXPNFOSFTDVFEGSPNUSBGGJDLJOH
CFOFGJDJBSJFTDPWFSFEEVSJOH "TQFSUIF$FOTVT
UIFUPUBMOVNCFSPGQFPQMFXJUI
EJTBCJMJUJFTJOUIF4UBUFPG"OEISB1SBEFTIJT-BLIT
4XBEIBS(SFI 4XBEIBS(SFI GPS 8PNFO JO %JTUSFTT 0VU PG UIFN -BLIT BSF WJTVBMMZ IBOEJDBQQFE
IBWF CFFO FTUBCMJTIFE GPS SFIBCJMJUBUJPO PG XPNFO JO -BLIT IFBSJOH IBOEJDBQQFE
-BLIT PSUIPQFEJDBMMZ
%JTUSFTT %VSJOH
TFSWJDFT QSPWJEFE UP IBOEJDBQQFE
-BLIT NFOUBMMZ IBOEJDBQQFE BOE
XPNFO NVMUJQMF %JGGFSFOUMZ "CMFE BSF -BLIT "T QFS UIF
5PMM GSFF 8PNFO )FMQMJOF 5PMM GSFF OVNCFS JT DFOTVT
UIF QPQVMBUJPO PG 4FOJPS $JUJ[FOT JO UIF
PQFSBUJPOBM Y GPS TVQQPSU UP XPNFO JO EJTUSFTT 4UBUFPG"OEISB1SBEFTIJTMBLITBOEUIFQPQVMBUJPOPG
DBMMT BOTXFSFE UISPVHI UIF IFMQMJOF TJODF 5SBOTHFOEFSTJT4PGBS$FSUJGJDBUFTIBWFCFFO
JODFQUJPO
DSJUJDBM DBTFT SFGFSSFE UP MJOF JTTVFEUPUIF5SBOTHFOEFSQFSTPOTJOUIFTUBUFUISPVHI
EFQBSUNFOUTGPSBTTJTUBODF UIF/BUJPOBM1PSUBMGPSUIF5SBOTHFOEFS
7BSJPVT TDIFNFT BSF CFJOH JNQMFNFOUFE GPS UIF
*OTUJUVUJPOBM4FSWJDFT4FSWJDF)PNFT
4UBUF)PNFT
FNQPXFSNFOU BOE SFIBCJMJUBUJPO PG QFSTPOT XJUI
$PMMFHJBUF )PNFT
)PNF GPS UIF "HFE
QSPWJEFE
EJTBCJMJUJFT 5IFTF TDIFNFT BJN UP QSPNPUF QIZTJDBM
TFSWJDFTUPCFOFGJDJBSJFT
QTZDIPMPHJDBM
TPDJBM
FEVDBUJPOBM
FDPOPNJD
%7"DU6OEFSJNQMFNFOUBUJPOPG%PNFTUJD7JPMFODF"DU
SFIBCJMJUBUJPO BOE EFWFMPQNFOU PG QFSTPOT XJUI
DBTFTXFSFBEESFTTFEBDSPTTUIF4UBUF EJTBCJMJUJFT UP FOIBODF UIFJS RVBMJUZ PG MJGF BOE FOBCMF
UIFNUPMFBEUIFJSMJWFTXJUIEJHOJUZ
'PVOEBUJPOBM4DIPPMT
&EVDBUJPO
"T QFS /BUJPOBM &EVDBUJPO 1PMJDZ JO "OEISB 1SBEFTI
4UBUF
UIF (PWFSONFOU IBT EFDJEFE UP DPMPDBUF UIF )PTUFMT BSF XPSLJOH XJUI B TBODUJPOFE TUSFOHUI PG
"OHBOXBEJ$FOUFSTXJUIOFBSCZ1SJNBSZ4DIPPMT
CPBSEFSTJOUIFTUBUF
PVUPG3FTJEFOUJBMTDIPPMT
"OHBOXBEJ $FOUFST BSF BMSFBEZ DPMPDBUFE XJUI BSF GPS )FBSJOH *NQBJSFE MPDBUFE BU 7J[JBOBHBSBN
4DIPPMT"OHBOXBEJ$FOUFSTXJMMCFDPMPDBUFEJO #BQBUMB
0OHPMF BOE GPS 7JTVBMMZ *NQBJSFE BU
4DIPPMT 7J[JBOBHBSBN
7JTBLIBQBUOBN
)JOEVQVSBN XJUI B
TBODUJPOFE TUSFOHUI PG 0OF 3FTJEFOUJBM +VOJPS
"MMUIFFYJTUJOH"OHBOXBEJ$FOUFSTXJMMGVODUJPOBT:43
$PMMFHFGPS)FBSJOH*NQBJSFEBU#BQBUMB
(VOUVS%JTUSJDUJT
1SF1SJNBSZ 4DIPPMT XJUI 11 BOE 11 5IF FYJTUJOH
XPSLJOHXJUITBODUJPOFETUSFOHUIPG
QSJNBSZTDIPPMTXJMMIBWF11BOE11BMPOHXJUI$MBTT*
BOE$MBTT**BOEXJMMCFDBMMFE'PVOEBUJPO4DIPPMT"TGBS
4DIFNFT
BTQPTTJCMF
UIF"OHBOXBEJ$FOUFSTXJMMCFDPMMPDBUFEJO
UIF4DIPPMT
+BHBOBOOB7BTBUIJ%FFWFOB
(PWFSONFOU TBODUJPOT GPPE BOE IPTUFM FYQFOTFT UP
EJGGFSFOUMZBCMFETUVEFOUT!3T
UP*5*
3T
UP 1PMZUFDIOJD BOE 3T
UP %FHSFF BOE BCPWF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
#PBSE DPOTJTUT PG UXP 4PDJBM 8PSLFS .FNCFST BOE h/BEV/FEVh QSPHSBN UP TUSFOHUIFO UIF
QSFTJEFECZPOFMBEZ1SJODJQBM.BHJTUSBUF JOGSBTUSVDUVSF
$IJME 8FMGBSF $PNNJUUFFT $8$
"T QFS UIF ++ "DU
4PDJBM8FMGBSF
$IJME8FMGBSF$PNNJUUFFTBSFDPOTUJUVUFEJOBMMUIF
FSTUXIJMF EJTUSJDUTJOUIF4UBUFUPEFBMXJUIUIFDBTFTPG 5IF4DIFEVMFE$BTUFT1PQVMBUJPOJOUIFTUBUFJODSFBTFE
h$IJMESFO JO /FFE PG $BSF BOE 1SPUFDUJPOh &BDI GSPNMBLITJOUPMBLIJO
SFHJTUFSJOH
DPNNJUUFFDPOTJTUTPGB$IBJSQFSTPOBOEGPVSNFNCFST B HSPXUI PG QFSDFOU "T QFS UIF $FOTVT
"TUIFUFSNQFSJPEPGUIFQSFWJPVT#PBSET$PNNJUUFFT 4DIFEVMFE$BTUFTQPQVMBUJPOGPSNTQFSDFOUPGUIF
XBT FYQJSFE
(PWFSONFOU IBT DPOTUJUVUFE OFX ++#T UPUBMQPQVMBUJPOPG"OEISB1SBEFTIBOEQFSDFOUPG
$8$TJOUIF4UBUF UIF4DIFEVMFE$BTUF1FPQMFMJWFJOSVSBMBSFBT4FY3BUJP
BNPOH UIF 4DIFEVMFE $BTUFT JT
XIJDI JT IJHIFS
#*OTUJUVUJPOBM4FSWJDFT UIBOUIFTUBUFBWFSBHFPG4$QPQVMBUJPOSBOHFTGSPN
JO7JTBLIBQBUOBNEJTUSJDUUPJO1SBLBTBN
5ISPVHIJOTUJUVUJPOBMTFSWJDFT
(PWFSONFOUJTQSPWJEJOH
EJTUSJDU
TPDJBM TBGFUZ OFU UP UIF $IJMESFO JO OFFE PG DBSF BOE
QSPUFDUJPO BOE $IJMESFO JO DPOGMJDU XJUI MBX5IF 4UBUF 5IF MJUFSBDZ SBUF BNPOH 4$T JT
MPXFS UIBO UIF
HPWFSONFOUJTSVOOJOHEJGGFSFOUUZQFTPG)PNFTWJ[
GPVS 4UBUFhT-JUFSBDZSBUFPG5IF-JUFSBDZSBUFBNPOH4$T
(PWU$IJMESFO)PNFT
TJY(PWU0CTFSWBUJPO)PNFTGPS SBOHFTGSPNJO,VSOPPMEJTUSJDUUPJO8FTU
#PZT
GPVS &YUFOTJPO 0CTFSWBUJPO )PNFT
UXP (PWU (PEBWBSJEJTUSJDU5IF4$FOSPMMNFOUSBUJPJTBOE
4QFDJBM )PNFT GPS #PZT
UXP (PWU 4QMDVN$IJMESFO ESPQPVU SBUF JT BT BHBJOTU UIF HFOFSBM SBUF PG
)PNF 0CTFSWBUJPO )PNF GPS (JSMT
UISFF 1MBDFT PG *OPSEFSUPJNQSPWF(&3JOIJHIFSFEVDBUJPOBOE
4BGFUZBOEGJWF0QFO4IFMUFST CZ/(0T
%VSJOH SFEVDF ESPQPVU SBUF BNPOH 4$T
(PWFSONFOU JT
VQUP %FDFNCFS
DIJMESFO BSF FEVDBUJPOBMMZ JNQMFNFOUJOH EJGGFSFOU &EVDBUJPOBM QSPHSBNNFT
SFIBCJMJUBUFE BOE DIJMESFO BSF WPDBUJPOBMMZ OBNFMZ +BHBOBOOB7JEZB%FFWFOB 35'
BOE
SFIBCJMJUBUFEGSPNUIFTF)PNFT +BHBOBOOB7BTBUIJ%FFWFOB .5'
VOEFS /BWBSBUOBMV
TDIFNF
"T QFS OFX ++ "DU
%FQBSUNFOU IBT UBLFO VQ UIF
QSPDFTTPGSFHJTUSBUJPOPGBMMUIFDIJMEDBSFJOTUJUVUJPOTJO &EVDBUJPOBM1SPHSBNNFT
UIF 4UBUF $IJME $BSF *OTUJUVUJPOT $$*T
IBWF HPU
SFHJTUSBUJPOTVOEFS++ $1$
"DUJOUIF4UBUF "
+BHBOBOOB7JEZB%FFWFOB 35'
5IF EFQBSUNFOU BMTP JNQMFNFOUT UIF 1SPCBUJPO PG 6OEFS UIJT TDIFNF
HPWFSONFOU QSPWJEFT
0GGFOEFST "DU 'JSTU PGGFOEFST BSF QMBDFE PO SFJNCVSTFNFOUPGGVMMGFFUPBMMFMJHJCMFTUVEFOUTTUVEZJOH
QSPCBUJPOJOTUFBEPGDPNNJUUJOHUPUIFKBJMT *5*
1PMZUFDIOJD
%FHSFFBCPWFMFWFMDPVSTFTBTGJYFECZ
UIFDPNQFUFOUBVUIPSJUJFT5IFBNPVOUXJMMCFDSFEJUFE
$,FZBDIJFWFNFOUTEVSJOH
JOUP UIF CBOL BDDPVOU PG NPUIFS PG UIF SFTQFDUJWF
r %JTUSJDUUFBNTXFSFGPSNFEUPWJTJUBMMUIF$IJME TUVEFOUJOGPVSJOTUBMNFOUT%VSJOH
BOBNPVOU
$BSF*OTUJUVUJPOTJOUIF4UBUFUPFOTVSFUIFXFMM PG3T$STJTBMMPDBUFEPGXIJDI3T$SPSFT
CFJOH PG $IJMESFO SFTJEJOH UIFSFJO BOE BMTP UP XBTJODVSSFE VQUP%FDFNCFS
CFOFGJUJOH-BLI4$
NPOJUPSUIFGBDJMJUJFTBWBJMBCMFGPSUIF$IJMESFOJO TUVEFOUT
UIF*OTUJUVUJPOT
#
+BHBOBOOB7BTBUIJ%FFWFOB .5'
40$*"-*/'3"4536$563&
NPUIFS PG UIF SFTQFDUJWF TUVEFOU JO UXP JOTUBMNFOUT GJOBODJBM BTTJTUBODF SBOHJOH GSPN 3T
UP 3T
%VSJOH
3T $ST JT BMMPDBUFE BOE
XFG
WJEF (0.T /P
48
3T$ST XBT JODVSSFE VQUP %FDFNCFS
&%/
%FQU
EBUFE
CFOFGJUJOHMBLI4$TUVEFOUT
*NQPSUBOU4DIFNFT
$
+BHBOBOOB7JEFTIJ7JEZB%FFWFOB
r 'SFF 1PXFS 'SFF 1PXFS VQ UP VOJUT JT
(PWFSONFOU JOUSPEVDFE OFX 4DIFNF i+BHBOBOOB
QSPWJEFEUPUIFFMJHJCMF4$IPVTFIPMETMBLI
7JEFTIJ7JEZB%FFWFOBwWJEF(0.T/P
4PDJBM8FMGBSF
4$IPVTFIPMETBSFDPWFSFEFWFSZNPOUI%VSJOH
&EO
%FQBSUNFOU
EBUFEUPQSPWJEFGJOBODJBM
BOBNPVOUPG3T$STJTBMMPDBUFE
BTTJTUBODF UP FMJHJCMF TUVEFOUT CFMPOHJOH UP
BOE 3T $ST XBT JODVSSFE VQUP %FDFNCFS
4$45#$.JOPSJUZ&#$JODMVEJOH,BQVUPQVSTVFIJHIFS
TUVEJFT JO UPQ VOJWFSTJUJFT BT QFS MBUFTU 24 XPSME
VOJWFSTJUZSBOLJOHTPOMZPOTBUVSBUJPOCBTJT$BOEJEBUFT r 3FIBCJMJUBUJPO PG +PHJOT 5IF "1 %FWBEBTJT
BMMPXFEUPQVSTVFTUVEZJO1(1I%.##4DPVSTFT 1SPIJCJUJPO PG %FEJDBUJPO
"DU
JT
JNQMFNFOUFEJOUIFTUBUFGPSBCPMJTIJOHUIF+PHJO
(PWFSONFOU)PTUFMT TZTUFN JT JNQMFNFOUFE UISPVHI "14$$'$ -UE
5IFCBTJDPCKFDUJWFPGSFIBCJMJUBUJPOJTUPTFDVSF
1SFNBUSJDIPTUFMTBSFGVODUJPOJOHJOUIFTUBUFXJUIB
FDPOPNJDJOEFQFOEFODFGPSUIF+PHJOXPNFOTP
TBODUJPOFETUSFOHUIPG
JO
JODMVEJOH
UIBU UIFZ XPVME OPU CF TPDJBMMZ FYQMPJUFE BOE
*OUFHSBUFE 8FMGBSF )PTUFM $PNQMFYFT 5IF TUVEFOUT
TJNVMUBOFPVTMZUPCSJOHBCPVUTPDJBMDIBOHF5IF
TUVEZJOHGSPN$MBTT***UP9XJMMCFBENJUUFEJOUPUIFTF
TDIFNFJTJNQMFNFOUFEUISPVHI"14$$'$-UE
IPTUFMTJOUIFSBUJPJF4$
$ISJTUJBODPOWFSUTGSPN
4$T
45
#$BOEPUIFST5IFBNFOJUJFTJF r 5IF "1 4UVEZ $JSDMF 5IFTF 4UVEZ $JSDMFT
DPTNFUJD DIBSHFT
CFE TIFFUT
DBSQFUT
VOJGPSN
/PUF PSHBOJ[FT DPBDIJOH QSPHSBNNFT GPS FEVDBUFE
#PPLT
4UBUJPOBSZJUFNT
4QPSUT*UFNTBSFQSPWJEFEUPUIF VOFNQMPZFEZPVUIGPSDPNQFUJUJWFFYBNJOBUJPO
TUVEFOUTBMPOHXJUIEJFUDIBSHFT GPS CPUI $FOUSBM
4UBUF 4FSWJDFT BOE PUIFS
$PNQFUJUJWF &YBNJOBUJPOT JO UISFF DFOUFST BU
1PTU.BUSJD)PTUFMBSFGVODUJPOJOHJOUIF4UBUFXJUIB
7JTIBLIBQBUOBN
7JKBZBXBEB
5JSVQBUJXIJDIBSF
TBODUJPOFE TUSFOHUI PG
JO 5IF 4$
SFKVWFOBUFE %VSJOH
3T $ST JT
TUVEFOUTTUVEZJOHGSPN*OUFSNFEJBUFUP1(DPVSTFTXJMM
BMMPDBUFE BOE 3T $ST XBT JODVSSFE XJUI
CF BENJUUFE JOUP UIFTF IPTUFMT 5IFTF )PTUFMT BSF
CFOFGJUJOH4$TUVEFOUT
QSPWJEFEEJFUBOE$PTNFUJDDIBSHFTPOMZ
r *NQMFNFOUBUJPO PG 1SFWFOUJPO PG "USPDJUJFT
"OBOEB/JMBZBNT CPZTBOEHJSMT
BSFGVODUJPOJOH
10"
BTBNFOEFE
XJUIBTBODUJPOFETUSFOHUIPGJOUIFTUBUFJO
PGUIFTFBUTJO"OBOEB/JMBZBNTBSFGJMMFEXJUI tTQFDJBMTFTTJPODPVSUTBOE&YDMVTJWFDPVSU
PSQIBOTUVEFOUTBOEUIFSFNBJOJOHXJUIDIJMESFO BU-BLTINJQFU
4SJLBLVMBNEJTU
BSFGVODUJPOJOH
XIPTFQBSFOUTBSFFOHBHFEJOVODMFBOPDDVQBUJPOT5IF UP USBJM UIF DBTFT SFHJTUFSFE VOEFS 10" BDU
JONBUFTPG"OBOEB/JMBZBNTBSFQSPWJEFEBMMGBDJMJUJFTPO 4QFDJBM.PCJMF$PVSUTBSFGVODUJPOJOHGPSEFBMJOH
QBSXJUIUIFCPBSEFSTJO4PDJBM8FMGBSFIPTUFMT PGGFODFTVOEFS1$3"DU
JOUIFTUBUF
40$*"-*/'3"4536$563&
r 4UBUVF PG %S#3 "NCFELBS *OTUBMMBUJPO PG 4QFDJBM $FOUSBM "TTJTUBODF UP 4DIFEVMFE
GFFU 4UBUVF PG %S#BCBTBIFC #IJNSBP 3BNKJ $BTUF4VC1MBO
"NCFELBSBOEEFWFMPQNFOUPGQBSLJOBOFYUFOU
PGBDSFTBU%S#3"NCFELBS4XBSBK.BJEBO 5IF (PWFSONFOU PG *OEJB JT QSPWJEJOH 4QFDJBM $FOUSBM
BU UIF QSJNF MPDBUJPO PG 7JKBZBXBEB UPXO XBT "TTJTUBODF 4$"
FWFSZZFBSBHBJOTUUIF#VEHFUBMMPDBUJPO
TBODUJPOFE GPS 3T $ST "1**$ JT UIF UP(PWFSONFOUPG"OEISB1SBEFTI5IJT4$"JTVUJMJ[FEBT
&YFDVUJOH"HFODZ%VSJOH
3T$ST TVCTJEZGPSWBSJPVTFDPOPNJDTVQQPSUTDIFNFTVOEFS4$
XBTBMMPDBUFEBOE3T$STJTJODVSSFE "DUJPO1MBOTGPSUIF4$GBNJMJFTMJWJOHJO#FMPX1PWFSUZ
MJOF GPS UIFJS FDPOPNJD EFWFMPQNFOU5IF .JOJTUSZ PG
r 4DIFEVMFE $BTUF $PNQPOFOU 5IF 4$41 541
4PDJBM +VTUJDF BOE &NQPXFSNFOU IBT BQQSPWFE 3T
"DU
JT FOBDUFE UP FOTVSF BDDFMFSBUF
$SPSFTIBT(SBOUVOEFS1."+":4$"UP4$41GPS
EFWFMPQNFOU PG 4DIFEVMFE $BTUFT BOE
UIFZFBS
4DIFEVMFE 5SJCFT XJUI FNQIBTJT PO BDIJFWJOH
FRVBMJUZ JO UIF OFYU UFO ZFBST
GPDVTJOH PO /BWBSBUOBMV4DIFNFT
FDPOPNJD
FEVDBUJPOBMBOEIVNBOEFWFMPQNFOU
6OEFS 4DIFEVMFE $BTUF $PNQPOFOU
UP :431FOTJPO,BOVLB
JNQMFNFOU TDIFNFT JO EFQBSUNFOUT)0%T
:431FOTJPO,BOVLBTDIFNFIBTCFFOJOUSPEVDFEXJUIB
BO BNPVOU PG 3T$ST JT BMMPDBUFE BOE WJFXUPFOTVSFTFDVSFBOEEJHOJGJFEMJGFGPSBMMUIFQPPS
JODVSSFE FYQFOEJUVSF PG 3T$ST EVSJOH QFPQMF JO "1 6OEFS UIJT TDIFNF
QFOTJPOT XJMM CF
VQUP%FDFNCFS
QSPWJEFE UP 0ME BHF QFSTPOT
8JEPXT
8FBWFST
"CIBZBIBTUIBN
"SUJTUT
4JOHMF 8PNFO 5SBOTHFOEFS
"OEISB 1SBEFTI 4DIFEVMFE $BTUFT $PPQ "JET1BUJFOUT
%JBMZTJT1BUJFOUT
%JTBCMFEQFSTPOT $,%6
'JOBODF$PSQPSBUJPO-JNJUFE 'JTIFSNFO
5PEEZ 5PQQFST
5SBEJUJPOBM $PCCMFST BOE
5IFNBJOPCKFDUJWFPG"14DIFEVMF$BTUFT$PPQFSBUJWF %BQQV "SUJTUT
5IBMBTTFNJB
4JDLMF $FMM %JTFBTF
4FWFSF
'JOBODF$PSQPSBUJPOJTUPQSPWJEFGJOBODJBMBTTJTUBODFUP IBFNPQIJMJB
"35
#JMBUFSBM &MFQIBOUJBTJT
1BSBMZTJT
UIFQPPSCFMPOHJOHUP4DIFEVMFE$BTUFIPVTFIPMETGPS 4FWFSF.VTDVMBS
NVMUJEFGPSNJUZMFQSPDZ
4BJOJL8FMGBSF
DSFBUJPO PG JODPNF HFOFSBUJOH BTTFUT GPS TPDJBM BOE QFOTJPOQBUJFOUT
FDPOPNJDEFWFMPQNFOU %VSJOH
3T
$ST XBT BMMPDBUFE BOE
5IF$PSQPSBUJPONBJOMZQSFQBSFQMBOT
QSPNPUFBOEUBLF SFMFBTFE3T
$STUPCFOFGJUMBLI4$
VQ FDPOPNJD BTTJTUBODF QSPHSBNNF JO UIF GJFMET PG QFOTJPOFST VOEFS:43 1FOTJPO ,BOVLB TDIFNF
"HSJDVMUVSF
"OJNBM )VTCBOESZ
.BSLFUJOH
1SPDFTTJPO
5IF EJGGFSFOU QFOTJPOT SFMFBTFE UP 4$T EVSJOH
4VQQMZBOETUPSBHFPG"HSJDVMUVSFQSPEVDUT
4NBMM4DBMF BSF
*OEVTUSZ
$PUUBHF*OEVTUSZ
5SBEF
#VTJOFTTPSBOZPUIFS r 3T $ST SFMFBTFE BT NPOUIMZ QFOTJPO
BDUJWJUZ XIJDI FOBCMFT 4DIFEVMFE $BTUFT NFNCFST UP !3T
FBDI UP BTTJTU MBLI 4$ 0ME BHF
FBSOBCFUUFSMJWJOHBOEJNQSPWFUIFJSTUBOEBSEPGMJWJOH QFSTPOT
8JEPXT
8FBWFST
"CIBZBIBTUIBN
4QFDJBMFNQIBTJTJTPOWVMOFSBCMFTFDUJPOTMJLF#POEFE 4JOHMF8PNFO
"JET1BUJFOUT
'JTIFSNFO
5PEEZ
-BCPVS
'MBZFST5BOOFST
+PHJOT"MMUIFTFTDIFNFTBSF 5PQQFST
5SBEJUJPOBM$PCCMFST
JNQMFNFOUFEXJUIMPBOUJFVQGSPNUIFCBOLTUPXBSET
r 3T $ST SFMFBTFE BT NPOUIMZ QFOTJPO
QSPWJEJOH TLJMMT GPS FOIBODFNFOU PG PQQPSUVOJUJFT GPS
!3T
FBDI UP BTTJTU MBLI 4$ "SUJTUT
XBHFFNQMPZNFOUBOETFMGFNQMPZNFOU
5SBOTHFOEFS
%JTBCMFE QFSTPOT $,%6
%BQQV
6OEFS "OOVBM "DUJPO 1MBO BO BNPVOU PG 3T "SUJTUT
NVMUJEFGPSNJUZMFQSPTZ1BUJFOUT
DSPSFTJTBMMPDBUFEGPSUIFZFBSGPSUIFCFOFGJUPG
r 3T $ST SFMFBTFE BT NPOUIMZ QFOTJPO
4DIFEVMFE $BTUF CFOFGJDJBSJFT UP JNQMFNFOU
!3T
FBDI UP BTTJTU 4$ QFOTJPOFST
1FOTJPOTBOE4DIFNFTVOEFS/BWBSBUOBMV
VOEFS "OUJ3FUSPWJSBM 5IFSBQZ 1BUJFOUT "35
#JMBUFSBM&MFQIBOUJBTJT
1BSBMZTJT
4FWFSF.VTDVMBS
EZTUSPQIJFT
4BJOJL8FMGBSFQFOTJPOQBUJFOUT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
PWFSBMM TPDJP FDPOPNJD EFWFMPQNFOU PG TDIFEVMFE GVODUJPOJOH JO UIF 4UBUF XJUI BO FOSPMMFE TUSFOHUI PG
USJCFT JO UIF 4UBUF UISPVHI GPSNVMBUJPO PG QPMJDJFT
TUVEFOUT*OCVEHFUGPS
BOBNPVOUPG
QSPHSBNT BOE JNQMFNFOUJOH UIF DPOTUJUVUJPOBM 3T3T$STJTBMMPDBUFEUPXBSET%JFU
$PTNFUJDTBOE
TBGFHVBSET "DDPSEJOH UP $FOTVT
UIF USJCBM 0UIFS NBJOUFOBODF DIBSHFT 0VU PG XIJDI 3T
QPQVMBUJPOPG"OEISB1SBEFTIJTMBLITDPOTUJUVUJOH $SPSFT JODVSSFE *O UIF "TISBN 4DIPPMT TUVEFOUT
QFSDFOU PG UIF UPUBM QPQVMBUJPO PG UIF 4UBUF 5IF QBTTFEUIF44$&YBNJO
TDIFEVMFE BSFBT FYUFOE PWFS TR LNT
XIJDI JT
BCPVUQFSDFOUPGUPUBMBSFBPGUIF4UBUF
XJUI
+BHBOBOOB7JEZB,BOVLB,JU +7,,JU
WJMMBHFT TQSFBE JO 1BSWBUIJQVSBN .BOZBN
"MVSJ 6OEFS UIJT TDIFNF
TVQQMZJOH TUVEFOU LJUT UP UIF
4FFUIBSBNBSBKV BOE &MVSV EJTUSJDUT 5IFSF BSF 45 TUVEFOUT GSPN TU UP UI DMBTTFT 5IF ,JU DPOUBJO
DPNNVOJUJFTMJWJOHJOUIF4UBUF0GUIFMBLIUSJCBM 6OJGPSNDMPUIoQBJST
5FYUCPPLT
TFUPG/PUFCPPLT
QPQVMBUJPO
MBLIBSFGPVOEJOUIFBCPWFEJTUSJDUT 1BJS4IPF
1BJSTPGTPDLT
4DIPPMCBH
#FMU.BTLT
5IF 45 MJUFSBDZ SBUF JT 'FNBMF
.BMF 6OEFSUIJTQSPHSBNNF
TUVEFOUTBSFCFOFGJUFE
(PWFSONFOU BDDPSEFE IJHI QSJPSJUZ GPS EVSJOH
EFWFMPQNFOU PG 5SJCBMT .BKPS GPDVT JT PO &EVDBUJPO
)FBMUI
4LJMM %FWFMPQNFOU BOE DSFBUJPO PG TPDJBM "NNBWPEJ
JOGSBTUSVDUVSFJODMVEJOHSPBEDPOOFDUJWJUZBOETVQQMZPG
ESJOLJOHXBUFSJOUSJCBMBSFBT 6OEFSUIJTTDIFNF
GJOBODJBMBTTJTUBODFPG3T
QFS BOOVN JTQSPWJEFEUPFBDIFMJHJCMF#1-NPUIFSPS
*NQPSUBOU(PBMT SFDPHOJ[FE HVBSEJBO PG TUVEFOUT PG $MBTT * UP $MBTT 9**
*OUFSNFEJBUF
GPS TFOEJOH UIFJS DIJMESFOhT UP
5SJCBMEFQBSUNFOUBTTJTUUIFHPWFSONFOUJOGPSNVMBUJOH TDIPPMTDPMMFHFT GSPN UIF BDBEFNJD ZFBS
QPMJDJFTBQQMJDBCMFGPS4DIFEVMFE"SFB4DIFEVMFEUSJCFT "EEJUJPOBM BNPVOU PG 3T IBT CFFO BMMPDBUFE GPS
PG UIF 4UBUF 5IF %FQBSUNFOU DPOWFOFT UIF "1 5SJCFT %JTUSJDU 5PJMFU .BJOUFOBODF 'VOE %5.'
VOEFS UIF
"EWJTPSZ $PVODJM
FOGPSDF QSPUFDUJWF SFHVMBUJPOT JO DPOUSPM PG %JTUSJDU $PMMFDUPS 3T GPS 4DIPPM
TDIFEVMFEBSFBTBOEFOTVSFFGGFDUJWFJNQMFNFOUBUJPOPG .BJOUFOBODF 'VOE QFS BOOVN
45T BSF
UIF 3VMF PG 3FTFSWBUJPO JO GBWPVS PG 45T BOE TQFDJBM CFOFGJUFE XJUI BO BNPVOU PG 3T $SPSFT EVSJOH
SFTFSWBUJPOTGPS45TJOTDIFEVMFEBSFBT
5PXBSET UIF EFWFMPQNFOU BOE XFMGBSF PG 4DIFEVMFE
5SJCFT
UIF EFQBSUNFOU NBJOMZ QSPWJEF OFDFTTBSZ 1PTU.BUSJD4DIPMBSTIJQT
TVQQPSU UP UIF DIJMESFO PG 45 GPS UIFJS FEVDBUJPOBM
+BHBOBOOB7BTBUIJ %FFWFOB .5'
6OEFS UIJT TDIFNF
EFWFMPQNFOU
FDPOPNJDTVQQPSUUP45GBNJMJFTGPSUBLJOH
(PWFSONFOUQSPWJEFTGPPEBOEIPTUFMFYQFOTFTUPFWFSZ
VQ WBSJPVT JODPNF HFOFSBUJOH BDUJWJUJFT
CBTJD
FMJHJCMFTUVEFOU!3T
UP*5*TUVEFOU
3T
JOGSBTUSVDUVSF TVQQPSU UP UIF 45T GPS UBLJOH VQ WBSJPVT
UP1PMZUFDIOJDBOE3T
UPTUVEFOUTPG%FHSFFBOE
FDPOPNJDBDUJWJUJFT
QSPDVSF.JOPS'PSFTU1SPEVDF .'1
BCPWFDPVSTFTQFSZFBS5IFBNPVOUTIBMMCFDSFEJUFEJOUP
GSPN UIF GPSFTU EFQFOEFOU 45 GBNJMJFT UP VOEFSUBLF
UIF SFTQFDUJWF BDDPVOU PG UIF NPUIFS PG UIF FMJHJCMF
1VCMJD %JTUSJCVUJPO 4ZTUFN JO UIF SFNPUF BOE JOUFSJPS
TUVEFOU
45 4UVEFOUT BSF CFOFGJUFE XJUI BO
USJCBM BSFBT 4UVEZ
QSPUFDU
QSFTFSWF BOE EJTTFNJOBUF
BNPVOUPG3T$SPSFTEVSJOH
JOGPSNBUJPOPOUSJCBMDVMUVSFUISPVHI5$35* 5$35.
DPPSEJOBUF XJUI UIF MJOF EFQBSUNFOUT PG UIF 4UBUF +BHBOBOOB7JEZB%FFWFOB 35'
(PWFSONFOUQSPWJEFT
(PWFSONFOU BOE FOTVSF GPSNVMBUJPO BOE DPNQMFUFGFFSFJNCVSTFNFOUUPFWFSZFMJHJCMFTUVEFOU
JNQMFNFOUBUJPOPG54145$ 5IF'VMMGFFJF5VJUJPO 'FF
4QFDJBM'FFT
0UIFS'FFT
&YBN 'FFT BT GJYFE CZ UIF "'3$ "ENJTTJPO 'FF
2VBMJUZ*OJUJBUJWFVOEFS&EVDBUJPO SFHVMBUJPO $PNNJUUFF
XJMM CF SFJNCVSTFE 5IF
"T B NFBTVSF PG 2VBMJUZ &OIBODFNFOU GPS 45T VOEFS SFTQFDUJWF6OJWFSTJUJFTXJMMEFDJEFUIFGFFTUSVDUVSFGPS
&EVDBUJPO
"TISBN 4DIPPMT
)PTUFMT
1PTU UIFDPVSTFTXIJDIBSFOPUGBMMJOHVOEFS5FDIOJDBMDPVSTFT
NBUSJD )PTUFMT BOE (PWU 1SJNBSZ 4DIPPMT BSF 'VMM GFF TIBMM CF DSFEJUFE UP UIF TUVEFOU NPUIFShT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
BDDPVOUTPOCFIBMGPGTUVEFOUT
45TUVEFOUTBSF TBODUJPOFE UP XFMGBSF PG UIF USJCBM DPNNVOJUZ BOE
CFOFGJUFE XJUI BO BNPVOU PG 3T $SPSFT EVSJOH CVJMEJOHJTTBODUJPOFEUPFBDI%&*$!3T$ST3T
$SPSFT UP DPOTUSVDU5SJCBM &BSMZ *OUFSWFOUJPO $FOUFST BU
*5%"T PG 4FFUIBNQFUB
1BSWBUIJQVSBN
1BEFSV
)FBMUI 4SJTBJMBN .PSF UIBO -BLI NPTRVJUP OFUT XFSF
EJTUSJCVUFEUP5SJCBMT%&*$JTOPUIPTQJUBMCVUJUJTBVOJUPG
5SJCBM .FEJDBM $PMMFHF 5IF (PWFSONFOU PG "OEISB
SFGFSSBMNBOBHFNFOUGSPNCJSUIUPZFBST
1SBEFTIIBWFTBODUJPOFE:435SJCBM.FEJDBM$PMMFHFBU
1BEFSVXJUIBOBNPVOUPG3T$SPSFT SBUJP &SBEJDBUJPOPG%PMJ%FBUIT)BCJUBUJPOXJTFQMBOPGBDUJPO
CFUXFFO(P*BOE4UBUF(PWU
"UQSFTFOUDJWJMXPSLTBSF QSFQBSFE0VUPG
IBCJUBUJPOT
BSFJEFOUJGJFE
JOQSPHSFTT BT SFNPUF BOE XJUI OP SPBE DPOOFDUJWJUZ 5P CSJOH
QSFHOBOU XPNFO UP UIF #JSUI 8BJUJOH )PNFT GSPN
.VMUJ 4QFDJBMJUZ )PTQJUBMT 5IF (PWFSONFOU IBWF
SFNPUF IBCJUBUJPOT EBZT CFGPSF UIF EVF EBUF
OFX
TBODUJPOFE .VMUJ 4QFDJBMJUZ )PTQJUBMT JO *5%"T VOEFS
DPODFQU MJLF CJLF BNCVMBODFT BSF CFJOH EFTJHOFE JO
5SJCBM 4VC 1MBO BU 4FFUIBNQFUB PG 4SJLBLVMBN %JTUSJDU
DPMMBCPSBUJPOXJUI+/56
,BLJOBEB
1BSWBUIJQVSBN PG 7J[JBOBHBSBN %JTUSJDU
3$ 7BSBN PG
&BTU (PEBWBSJ %JTUSJDU
#VUUBJHVEFN PG 8FTU (PEBWBSJ *OGSBTUSVDUVSF
%JTUSJDUBOE%PSOBMBPG1SBLBTBN%JTUSJDUGPSBOBNPVOU
PG3T$SBOEXBTGPVOEBUJPOMBJECZ)POhCMF$IJFG 3PBE $POOFDUJWJUZ (PWFSONFOU JT QSPWJEJOH
.JOJTUFS PO 0DUPCFS
8PSL TUBSUFE BU DPOOFDUJWJUZUPVODPOOFDUFEIBCJUBUJPOTCZGPSNJOHBMM
4FFUIBNQFUBBOESFNBJOJOHXPSLTPSEFSTJTTVFE XFBUIFSSPBETUPUSJCBMIBCJUBUJPOTGPSHJWJOHBDDFTTUP
TFSWJDFT MJLF IFBMUI
FEVDBUJPO BOE EBJMZ OFFET FUD
%BZ $BSF $FOUFST "O BNPVOU PG 3T DSPSFT XBT
%VSJOH
BO BNPVOU PG 3T $SPSFT
SFMFBTFE GPS FTUBCMJTINFOU BOE NBJOUFOBODF PG %BZ
TBODUJPOFE GPS SPBE DPOOFDUJWJUZ PG ,N
PVU PG
$BSF$FOUFSTPG*5%"TBU4FFUIBNQFUB
1BSWBUIJQVSBN
XIJDI ,N XBT DPNQMFUFE XJUI BO FYQFOEJUVSF PG
1BEFSVBOE3BNQBDIPEBWBSBN
3T$SPSFTCZXIJDIIBCJUBUJPOT QFPQMF
:43 4BNQVSOB 1PTIBOB 1MVT5IF 5SJCBM 8FMGBSF XFSFCFOFGJUFE
%FQBSUNFOUJTJNQMFNFOUJOH/VUSJUJPOGPPEUPQSFHOBOU 5IF%FQBSUNFOUJTQSPWJEJOHJOGSBTUSVDUVSFGBDJMJUJFTUP
XPNFO
MBDUBUJOHNPUIFSTBOEDIJMESFOBHFENPOUIT FEVDBUJPOBM JOTUJUVUJPOT MJLF IPTUFMT
DMBTTSPPNT
XBUFS
UPNPOUIT
DIJMESFOBHFECFMPXZFBSTJONBOEBMT TVQQMZBOETBOJUBUJPO
TUBGGRVBSUFSTJOIJMMZ
SFNPUFBOE
PG *5%"T UISPVHI "OHBOXBEJT :43 4BNQPPSOB BHFODZBSFBTPOQBSXJUIEFWFMPQFEBSFBT$POTUSVDUJOH
1PTIBOB QMVT
JO 5SJCBM BOE TVC QMBO NBOEBMT ZPVUIUSBJOJOHDFOUSFTGPSJNQBSUJOHTLJMMEFWFMPQNFOU
DPWFSJOH*5%"T
*$%4QSPKFDUTBOE"OHBOXBEJ (JSJKBO #IBXBOT UP DFMFCSBUF DPNNVOJUZ GVODUJPOT
$FOUSFT DFSFNPOJFT GPS USJCBM QPQVMBUJPO BOE UBLJOH VQ
DPOTUSVDUJPOPG"OHBOXBEJDFOUSFT
(1CVJMEJOHT
IFBMUI
#JSUI8BJUJOH)PNFT#JSUI8BJUJOH)PNFT #8)
FYJTU
DFOUSFT*OGSBTUSVDUVSFGBDJMJUJFTMJLFMJOLSPBET
HPEPXOT
JOUIFUSJCBMBSFBTPGTUBUF#JSUI8BJUJOH)PNFTBSF
%3 EFQPUT FUD BSF EFWFMPQFE GPS CFUUFS NBSLFUJOH
BQQSPWFECZUIF/).
(P*5IF*5%"TSFMFBTF3T00
GBDJMJUJFT
QNUPXBSETNBJOUFOBODFPGFBDI#JSUI8BJUJOH)PNF
3TQFSQSFHOBOUXPNFOQFSEBZGPSEBZTUPXBSET %VSJOH
CVEHFUPG3T$SPSFTBMMPUUFEGPSUIF
GPPE
HMBTT PG NJML BOE TBGF ESJOLJOH XBUFS UP UIF TBODUJPOFE XPSLT XJUI 4QJMM PWFS DPNNJUNFOU PG
QSFHOBOU XPNBO BOE QBUJFOU BUUFOEBOU #8) BSF 3TDSPGXIJDIXPSLTXFSFDPNQMFUFEXJUIBO
GVODUJPOJOHBU*5%"TPG4FFUIBNQFUB
1BSWBUIJQVSBN JODVSSFEFYQFOEJUVSFPG3TDS
1BEFSV
3$7BSBN
$IJOUUPPS
,31VSBN
BOE4SJTBJMBN
&DPOPNJD4VQQPSU4DIFNFT
5SJCBM &BSMZ *OUFSWFOUJPO $FOUFST %&*$ 6OEFS /).
5IF.P5"
(P*IBTSFMFBTFEBOBNPVOUPG3TDSPSFT
%JTUSJDU &BSMZ *OUFSWFOUJPO $FOUSFT %&*$T
XFSF JO1"$NFFUJOHGPSUIFZFBSGPS(SBWJUZTDIFNFT
XJUIGJMUFSTXBUFSQVSJGJFST
4PMBS%SJOLJOHXBUFSTDIFNFT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
ESJOLJOH XBUFS GBDJMJUJFT JO 1W5( IBCJUBUJPOT
4PMBS :43$IFZVUIB6OEFSUIFTDIFNF
GJOBODJBMBTTJTUBODFJT
1VNQ TFUT VOEFS %SJOLJOH XBUFS JOGSBTUSVDUVSF
FYUFOEFE UP UIF XPNFO CFMPOHJOH UP #$
4$
45 BOE
BQQSPBDI $$ SPBET UP IBCJUBUJPOT
QSPWJEJOH #JLF .JOPSJUZ$PNNVOJUJFTXIPBSFJOUIFBHFHSPVQPG
BNCVMBODFT JO $)$hT 1)$hT JO
1W5( BSFBT VOEFS ZFBSTXJUIBTVNPG3T
JOGPVSQIBTFT JOGPVS
$POTFSWBUJWF$VN%FWFMPQNFOU1SPHSBN ZFBST
UISPVHI WBSJPVT 8FMGBSF $PSQPSBUJPOT UP DSFBUF
BDDFTT UP FOIBODFE MJWFMJIPPE PQQPSUVOJUJFT
JODPNF
/BWBSBUOBMV HFOFSBUJPOBOEXFBMUIDSFBUJPOBUUIFIPVTFIPMEMFWFM
PO B TVTUBJOBCMF CBTJT MFBEJOH UP CFUUFS TUBOEBSET PG
+BHBOBOOB "NNB 7PEJ 5IF PCKFDUJWF PG +BHBOBOOB
MJWJOH
45 XPNFO XFSF CFOFGJUFE XJUI BO
"NNB7PEJ4DIFNFJTUPQSPWJEFGJOBODJBMBTTJTUBODFPG
BNPVOUPG3T$SEVSJOH
3T
QFS BOOVN UP FBDI NPUIFS PS SFDPHOJ[FE
HVBSEJBO XIP JT CFMPX QPWFSUZ MJOF IPVTFIPME BOE +BHBOBOOB $IFEPEV 5IF TDIFNF QSPWJEFT GJOBODJBM
TFOEJOH IFS DIJMESFO UP TDIPPMT DPMMFHFT JF
GSPN BTTJTUBODF UP 3BKBLBT
/BZFF #SBINJOT BOE 5BJMPST
$MBTTFT*UP9** *OUFSNFEJBUF&EVDBUJPO
BOEBEEJUJPOBM CFMPOHJOH UP BMM DPNNVOJUJFT XIP BSF MJWJOH CFMPX
BNPVOUIBTCFFOBMMPDBUJOH3TGPS%JTUSJDU5PJMFU QPWFSUZ MJOF 5IF GJOBODJBM BTTJTUBODF XPVME CF 3T
.BJOUFOBODF'VOE %5.'
VOEFSUIFDPOUSPMPG%JTUSJDU
QFSBOOVN
453BKBLBT
/BZFF#SBINJOT
$PMMFDUPS3TGPS4DIPPM.BJOUFOBODF'VOEQFS BOE5BJMPSTXFSFCFOFGJUFEXJUIBOBNPVOUPG3T$S
BOOVN
45T BSF CFOFGJUFE XJUI BO BNPVOU PG EVSJOH
3T$SPSFTEVSJOH
:43 /FUIBOOB /FTUIBN 5IF TDIFNF QSPWJEFT 3T
+BHBOBOOB7JEZB%FFWFOB 35'
5IFPCKFDUJWFPG
QFSBOOVNUPFWFSZXFBWFSGBNJMZXIPPXOTB
+BHBOBOOB 7JEZB %FFWFOB 35'
JT UP QSPWJEF )BOEMPPN UP NPEFSOJ[F UIFJS FRVJQNFOU BOE UP
SFJNCVSTFNFOU PG UVJUJPO GFF UP FMJHJCMF 45 TUVEFOUT DPNQFUFXJUIUIFQPXFSMPPNTTFDUPS
45XBJWFST
45 TUVEFOUT BSF CFOFGJUFE XJUI BO BNPVOU PG BSFCFOFGJUFEXJUIBOBNPVOUPG3TDSEVSJOH
3T$SPSFTEVSJOH
40$*"-*/'3"4536$563&
5$35.CVJMEJOHDPOTUSVDUFEXJUIBOBNPVOUPG3TDST
3T$S.05"TIBSFBOE3T$S(0"1TIBSF
XIJDI 5IF"14DIFEVMFE"SFB-BOE5SBOTGFS3FHVMBUJPOTPG
XBTJOBVHVSBUFEJO"VHVTU
BT BNFOEFE CZ PG BSF JOUFOEFE UP QSPIJCJU UIF
USBOTGFSPGMBOETCFUXFFOUSJCBMTBOEOPOUSJCBMTBTXFMM
5SJCBM'SFFEPN'JHIUFST.VTFVN 5''.
5IFGPVOEBUJPO BNPOH UIF OPOUSJCBMT JO UIF TDIFEVMFE BSFB "T PG
TUPOFGPSUIFDPOTUSVDUJPOPGUIF5SJCBM'SFFEPN'JHIUFST %FDFNCFS
-53 DBTFT EFDJEFE JO GBWPS PG
.VTFVN XJUI BO FTUJNBUFE DPTU PG 3T DSPSF BU USJCBMTDPWFSJOHBOFYUFOUPG"DVOEFSUIF-BOE
5BKBOHJ W
$IJOUBQBMMJ .
"MMVSJ 4JUBSBNBSBKV EJTUSJDU 5SBOTGFS3FHVMBUJPOTDBTFTXFSFUBLFOVQBOEHPU
5IFHSPVOEJOHPGDPOTUSVDUJPOXPSLBTXFMMBTDVSBUJPO JNQMFNFOUFE DPWFSJOH BO FYUFOU PG "D JO UIF
XPSLIBWFCFFOJOJUJBUFE5IFDJWJMDPOTUSVDUJPOXPSLTPG TDIFEVMFEBSFBPG"1%FWFMPQJOHPGBOUFDIOJDBM"QQJTJO
UIFNVTFVNJTDPNQMFUFEXJUIBOFYQFOEJUVSFPG3T QSPHSFTT
DSPSFT
" USBJOJOH QSPHSBN XBT PSHBOJ[FE BU *5%"T PG
4FFUIBNQFU
1BSWBUIJQVSBNBOE3BNQBDIPEBWBSBN
JO
5SJCBM4VC1MBO
UIF 4DIFEVMFE "SFB DPWFSJOH UIF PGGJDFST PG CPUI
%VSJOHBOBNPVOUPG3TDSJTBMMPDBUFE SFWFOVF BOE USJCBM XFMGBSF UP CSJOH MFHBM BXBSFOFTT
PVUPGXIJDIBOBNPVOUPG3TDS
JTJODVSSFE BNPOHUIFNPOUIFJNQPSUBOUSVMJOHTPGUIF$PVSUTBOE
BTFYQFOEJUVSFVQUP5IFUPUBMCVEHFUVOEFS QMFBEJOHTUPCFUBLFOVQJO)JHI$PVSUDBTFT
45$ FBSMJFS 541
GPS UIF GJOBODJBM ZFBS JT 3T
$SPSFTXIJDIJTEJTUSJCVUFEUPMJOFEFQBSUNFOUT 1BODIBZBUT &YUFOTJPOT UP 4DIFEVMFE
"O BNPVOU PG 3T $S JT BMMPDBUFE UP
MJOF "SFBT 1&4"
"DU
"DU3VMFT
EFQBSUNFOUTJODMVEJOH58%VOEFSWBSJPVTTDIFNFTBOE
3T$SJTBMMPDBUFEGPSJNQMFNFOUBUJPOPG4QFDJBM 5PUBM
(SBN TBCIBT XFSF OPUJGJFE JO (SBN
1SPKFDUTGPS5SJCBM-JWFMJIPPET 1BODIBZBUT PG 4DIFEVMFE "SFBT VOEFS "OEISB 1SBEFTI
1BODIBZBUT&YUFOTJPOUP4DIFEVMFE"SFBT 1&4"
3VMFT
*NQMFNFOUBUJPO PG 3FDPHOJUJPO PG 'PSFTU 5IF *5%"T IBWF JEFOUJGJFE IBCJUBUJPOT GPS
3JHIUT"DU
EFDMBSBUJPOPGWJMMBHFTVOEFS"OEISB1SBEFTI1&4"3VMFT
6OEFSUIF4DIFEVMFE5SJCFTBOEPUIFS5SBEJUJPOBM'PSFTU
%XFMMFST 3FDPHOJUJPO PG 'PSFTU 3JHIUT
"DU
UIF 5SBJOJOH1SPHSBNTGPSUIFEJWJTJPO
NBOEBMBOEGJFMEMFWFM
4DIFEVMFT 5SJCFT 45T
BOE PUIFS 5SBEJUJPOBM 'PSFTU GVODUJPOBSJFT PG 7JMMBHF 4FDSFUBSJBUT JO UIF 4DIFEVMFE
%XFMMFST 05'%T
EXFMMJOH JO UIF 'PSFTU MBOE GPS ZFBST "SFBXFSFIFMEPO1&4""DUBOEPUIFSUSJCBMCFOFGJDJBM
FLJOHPVUUIFJSMJWFMJIPPEGSPNUIF'PSFTUQSPEVDFQSJPS MBXTDPWFSJOHPGGJDJBMBUUIFFOEPG%FDFNCFS
UP
BSFFMJHJCMFGPS'PSFTU3JHIUTPOUIF'PSFTU
MBOET5IF45TBOE05'%TBSFFMJHJCMFGPS'PSFTU3JHIUTPO (JSJKBO$PPQFSBUJWF$PSQPSBUJPO
UIF'PSFTUMBOET
BTBGPSFNFOUJPOFEVQUPBNBYJNVNPG
(JSJKBO $PPQFSBUJWF $PSQPSBUJPO ($$
IBT QVNQFE JO
"DSFTQFSGBNJMZ
3T$SPSFT JOUP USJCBM FDPOPNZ TP GBS VQ UP
*OEJWJEVBM$MBJNTBSFSFDFJWFEGPSBOFYUFOUPG %FDFNCFS
UISPVHIJUTDPSFBDUJWJUJFTBOEBMTPGJYFE
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
4BUZBWFEV $IJUUPPS
(PMBHBNVEJ 4143 /FMMPSF
J 4UVEFOUTXJMMCFQBJEBTUJQFOE3T
QFS
"LLVQBMMZ 4SJLBLVMBN
/FMMJNBSMB#PZT 7J[JBOBHBSBN
NPOUIGPSNPOUIT
"OOBWBSBN 7JTBLIBQBUOBN
7FNVMBEFFWJ 8FTU
(PEBWBSJ
/BLTIUISBOBHBS (VOUVS
BOE 4JOHBSBZB JJ *OTUJUVUJPOBM GFF JT QBJE UP UIF JOTUJUVUJPO
LPOEB 1SBLBTBN
BSFNFBOUGPSUIFDIJMESFOCFMPOHJOH 3T
UP'JTIFSNFO$PNNVOJUZ JJJ #$ 4UVEFOUTBSF TQPOTPSFE UP FNQBOFMMFE
JOTUJUVUJPOT
"14UVEZ$JSDMFTGPS#BDLXBSE$MBTTFT
"ENJTTJPO QBUUFSO JO #$ 3FTJEFOUJBM
4DIPPMT+VOJPS$PMMFHFT 5IFSFBSF#$4UVEZ$JSDMFTGVODUJPOJOHJOUIF4UBUFUP
QSPWJEF GSFF DPBDIJOH GBDJMJUJFT UP FMJHJCMF #$
5IFSBUJPGPSBENJTTJPOPGTUVEFOUTJOUP VOFNQMPZFE HSBEVBUFT BOE 1PTU HSBEVBUFT
XIP BSF
#$3FTJEFOUJBM4DIPPMT#$"
#$#
#$$
BQQFBSJOHGPSWBSJPVTDPNQFUJUJWFFYBNJOBUJPOTPG4UBUF
#$%
#$&
4$
45
&#$ BOE BOE $FOUSBM (PWFSONFOU MJLF $JWJM 4FSWJDFT
(SPVQ*
0SQIBOT (SPVQ**
+-T
1PMJDF
%FGFOTF
#BOLJOH
3BJMXBZ+PCTFUD
"MMUIFTF4UVEZ$JSDMFTIBWFBOBENJTTJPOQBUUFSOPG
*O 'JTIFSNFO 4DIPPMT 'JTIFSNFO DIJMESFO
#$" UP#BDLXBSE$MBTTFT
UP4DIFEVMFE$BTUFTBOE
#$#
#$$
#$%
#$&
4$
45 UP4DIFEVMFE5SJCFTGPSUIFQVSQPTFPG4PDJBM*OUFHSBUJPO
&#$
0SQIBOT "OBNPVOUPG3T$SJTBMMPDBUFEJOGPS
4UVEZ$JSDMFTBOEJODVSSFEFYQFOEJUVSFPG3TDSPSF
#VJMEJOHT "U QSFTFOU
#PZT BOE (JSMT 3FTJEFOUJBM
4DIPPMT BSF MPDBUFE JO (PWFSONFOU CVJMEJOHT BOE UIF
1FMMJ,BOVLB
SFNBJOJOH TDIPPMT BSF CFJOH NBJOUBJOFE JO 0UIFS
(PWFSONFOU1SJWBUFCVJMEJOHT i:43 ,BMZBOB,BOVLBw BT BO JODFOUJWF UP UIF FMJHJCMF
#FMPX1PWFSUZ-JOFHJSMTBUUIFUJNFPGUIFJSNBSSJBHFUP
7JEFTJ7JEIZBEIBSBOB BMMFWJBUF GJOBODJBM EJGGJDVMUJFT UP DFMFCSBUF NBSSJBHFT JO
UIF GBNJMJFT PG #BDLXBSE $MBTTFT JO UIF 4UBUF (PWU
5IFTDIFNF7JEFTIJ7JEZBEBSBOBJTCFJOHJNQMFNFOUFE
FOIBODFEUIFNBSSJBHFJODFOUJWFGSPN3T
UP3T
JOUIFTUBUFGPSTBODUJPOPG'JOBODJBM"TTJTUBODFUP#$BOE
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
UP#$#SJEFTBOE*OUFS$BTUF.BSSJBHFJODFOUJWF ! 3T PVU PG 3T QFS ZFBS %VSJOH UIF ZFBS
IBT CFFO FOIBODFE GSPN 3T
UP 3T
5IF
BO3T$SPSFIBTCFFOJODVSSFEUPXBSET
JODFOUJWF XJMM CF QBJE JO UXP JOTUBMNFOUT
CFGPSF FYQFOEJUVSFGPS
CFOFGJDJBSJFT
NBSSJBHF BOE UIF SFTU JNNFEJBUFMZ BGUFS UIF
+BHBOBOOB7JEZB%FFWFOB 35'
%VSJOHUIFZFBS
NBSSJBHF
BOBNPVOUPG3T$SPSFIBTCFFOJODVSSFEGPS
$PSQPSBUJPOTVOEFS#BDLXBSE$MBTTFT QSPWJEJOHGFFSFJNCVSTFNFOUBTTJTUBODFUP
#$
CFOFGJDJBSJFT
"1 #BDLXBSE $MBTTFT $PPQFSBUJWF 'JOBODF +BHOBOOB7BTBUJ%FFWFOB .5'
'JOBODJBMBTTJTUBODFUP
$PSQPSBUJPO FMJHJCMF TUVEFOUT XIP BSF TUVEZJOH *5* ! 3T
1PMZUFDIOJD ! 3T
BOE PUIFS $PVSTFT !
5IF "1 #BDLXBSE $MBTTFT $PPQFSBUJWF 'JOBODF
3T
JOUXPJOTUBMNFOUT%VSJOHUIFZFBS
$PSQPSBUJPO-UE
XBTFTUBCMJTIFEJOGPS&DPOPNJD
BO BNPVOU PG 3T $SPSF FYQFOEJUVSF IBT CFFO
VQMJGUNFOUPG#BDLXBSE$MBTTFTJOUIF4UBUF5IFQSJNBSZ
JODVSSFEGPSUIFCFOFGJUPG
#$CFOFGJDJBSJFT
PCKFDUJWFTPGUIF$PSQPSBUJPOBSFUPVOEFSUBLFUIFUBTLT
PG FDPOPNJD VQMJGUNFOU PG UIF NFNCFST PG UIF +BHBOBOOB$IFEPEV
#BDLXBSE $MBTTFT JO UIF TUBUF BOE UP QSPWJEF GJOBODJBM
BTTJTUBODFGPSDSFBUJPOPGJODPNFHFOFSBUJOHBTTFUT 5IJT TDIFNF JT NFBOU GPS 3BKBLBT XBTIFSNFO
/BZFF
#SBINJOT #BSCFST
BOE 5BJMPST !3T
QFS ZFBS
:43/BWBSBUOBMV4DIFNFT EVSJOH UIF ZFBS BO BNPVOU PG 3T $SPSF
FYQFOEJUVSF IBT CFFO JODVSSFE DPWFSJOH
:437BIBOB.JUSBGPS#$T CFOFGJDJBSJFT
i:437BIBOB.JUSBwJTCBTJDBMMZBXFMGBSFVOJRVFTDIFNF +BHBOBOOB5IPEV
JO"1
XIJDIJTBJNFEUPJNQSPWFUIFRVBMJUZPGMJGFPGUIF
4FMGPXOFEUBYJ
"VUPBOENBYJDBCESJWFSTJOUIFTUBUF 6OEFS UIF +BHBOBOOB 5IPEVw 'JOBODJBM "TTJTUBOU UP
'JOBODJBM BTTJTUBODF PG 3T
QFS BOOVN QFS )BXLFST
(PWFSONFOUJTQSPWJEJOHGJOBODJBMBTTJTUBODF
CFOFGJDJBSZ IBT CFFO QSPWJEFE DPWFSJOH #$ BU UIF SBUF PG 3T
XJUI ;FSPJOUFSFTU UP #$
CFOFGJDJBSJFTEVSJOHXJUIBOFYQFOEJUVSFPG3T "SUJTBOT
TUSFFU 7FOEPST BOE 1FUUZ 5SBEFST %VSJOH UIF
$SPSFT ZFBS
BO BNPVOU PG 3T $SPSF FYQFOEJUVSF
IBT CFFO JODVSSFE GPS
CFOFGJDJBSJFT UISPVHI
:43.BUTZBLBSB#IBSPTB 6OJPO#BOLPG*OEJB
40$*"-*/'3"4536$563&
1FOTJPO,BOVLB BOE.JOPSJUJFTo4$o45o
t 1SPWJEJOH 3FTFSWBUJPO UP 8PNFO JO
5IFTDIFNFJTSFMBUFEUPBMMDBUFHPSJFTPGTPDJBMTFDVSJUZ
/PNJOBUFE 8PSLT $POUSBDUT BOE 4FSWJDF
QFOTJPOTGPS#$TSFMFBTJOHUPUIFFMJHJCMFCFOFGJDJBSJFT
$POUSBDUTGPSUIFJS&DPOPNJD6QMJGUNFOU"O"DU
FWFSZ NPOUI EJSFDUMZ UP UIF #BOL BDDPVOUT PG UIF
IBTCFFONBEF "DU/PPG
GPSUIJT
CFOFGJDJBSJFT 6OEFS UIF :43 1FOTJPO ,BOVLB BO
3FTFSWBUJPO BT FOWJTBHFE VOEFS UIF "DU JT
BNPVOU PG 3T $SPSF IBT CFFO SFMFBTFE BOE
QSPWJEFE UP 8PNFO DVUUJOH BDSPTT BMM
JODVSSFEGPS
CFOFGJDJBSJFTEVSJOH
DPNNVOJUJFT JODMVEJOH 0$T
BT B NFBTVSF PG
IPSJ[POUBMSFTFSWBUJPO
#$$PSQPSBUJPOT
5IF1BODIBZBU3BK%FQBSUNFOUJTUIF/PEBM%FQBSUNFOU
5IF #$ DPSQPSBUJPOT IBWF CFFO FTUBCMJTIFE EVSJOH
UPJNQMFNFOUJUJOSFTQFDUPGXPSLTDPOUSBDUT
UIF(FOFSBM
0OFDPSQPSBUJPOGPSFWFSZ#$DPNNVOJUZXJUIB
"ENJOJTUSBUJPO %FQBSUNFOU JT /PEBM %FQBSUNFOU UP
QPQVMBUJPOPGNPSFUIBO
IBWFCFFOTFUVQGPSUIF
JNQMFNFOUBOEFOTVSFJUJOSFTQFDUPGTFSWJDFDPOUSBDUT"
VQMJGUNFOUPG#BDLXBSE$MBTTFT #$T
BOEGPSUIFPWFSBMM
4QFDJBM%SJWFJTUPCFVOEFSUBLFOUPGBDJMJUBUFSFHJTUSBUJPO
EFWFMPQNFOU PG TNBMM BOE NBSHJOBM TFDUJPOT
PGDPOUSBDUPSTGSPNBNPOH8PNFOPGBMM$PNNVOJUJFT
(PWFSONFOUFNQIBTJTFTUPBMMFWJBUFUIFMJWJOHTUBOEBSET
&YFNQUJPOJTHJWFOJOSFTQFDUPG4PMWFODZ$FSUJöDBUFBOE
PG #$ $PNNVOJUJFT CZ QSPWJEJOH IPVTFT
SBUJPO DBSET
&YQFSJFODF$FSUJöDBUFGPSSFHJTUSBUJPOQVSQPTF
QFOTJPOT BOE GJOBODJBM BTTJTUBODF FUD UISPVHI UIF
$PSQPSBUJPOT
&DPOPNJDBMMZ#BDLXBSE$MBTTFT8FMGBSF
#$4VC1MBO "1 4UBUF &DPOPNJDBMMZ #BDLXBSE $MBTTFT 8FMGBSF
%FWFMPQNFOU $PSQPSBUJPO XBT FTUBCMJTIFE JO UIF ZFBS
"O"DUIBTCFFONBEFQSPWJEJOHTUBUVUPSZCBTJTUP#$
UP QSPWJEF TVQQPSU TDIFNFT UP QPPS &#$
4VC1MBOBOEOPUJöFEJO"1(B[FUUFPO"T
DPNNVOJUJFT PUIFS UIBO 4$45#$ ,BQV
QFS UIF "DU
SE PG UIF GVOET GSPN PVUMBZT TIBMM CF
.JOPSJUZ$ISJTUJBO#SBINJODPNNVOJUJFT
JOUIFTUBUFPG
FBSNBSLFEGPSUIF#BDLXBSE$MBTTFT
"1 5IF &DPOPNJDBMMZ #BDLXBSE $MBTTFT &#$T
JT B
"DUT DBUFHPSZ PG #FMPX 1PWFSUZ -JOF QFPQMF XJUI BOOVBM
t 1SPWJEJOH 3FTFSWBUJPO UP #$
4$
45 BOE JODPNF MFTT UIBO 3T
JO SVSBM BSFBT BOE
.JOPSJUJFT JO /PNJOBUFE 1PTUT GPS UIFJS 1PMJUJDBM 3T
JO VSCBO BSFBT
XIP EP OPU CFMPOH UP BOZ
6QMJGUNFOU3FTFSWBUJPOBTFOWJTBHFEVOEFS EJTBEWBOUBHFETPDJBMDBUFHPSZTVDIBT4$45#$
UIF "DU JT BQQPSUJPOFE BNPOH EJGGFSFOU 5IF (PWFSONFOU IBWF JOUSPEVDFE TFWFSBM OFX
DPNNVOJUJFTEVMZGPMMPXJOHUIFSFTFSWBUJPOPG#$ TDIFNFT GPS UIF XFMGBSF PG &#$ $PNNVOJUJFTBOE
BOE.JOPSJUJFTo4$o45o JNQMFNFOUJOH UIFN PO TBUVSBUJPO CBTJT XJUIPVU BOZ
t 1SPWJEJOH 3FTFSWBUJPO UP 8PNFO JO EJTDSJNJOBUJPOPGDBTUF
DSFFE
SFHJPOPSSFMJHJPOVOEFS
/PNJOBUFE1PTUTGPSUIFJS1PMJUJDBM6QMJGUNFOU"DU i/BWBSBUOBMVi QSPHSBNNF MJLF :43 1FOTJPO ,BOVLB
IBTCFFONBEF "DU/PPG
GPSUIJT +BHBOBOOB "NNBWPEJ
:43.BUITZBLBSB#IBSPTB
:43
3FTFSWBUJPO BT FOWJTBHFE VOEFS UIF "DU JT &#$ /FTUIBN
:43 /FUIBOOB /FTUIBN
+BHBOBOOB
QSPWJEFE UP 8PNFO DVUUJOH BDSPTT BMM $IFEPEV (PWFSONFOU JT BMTP JNQMFNFOUJOH TFWFSBM
$PNNVOJUJFT JODMVEJOH 0$T
BT B NFBTVSF PG PUIFS TDIFNFT GPS &#$ DPNNVOJUJFT BMPOH XJUI PUIFS
IPSJ[POUBM3FTFSWBUJPO DPNNVOJUJFTMJLF+BHBOBOOB7JEZB%FFWFOB
+BHBOBOOB
t 1SPWJEJOH 3FTFSWBUJPO UP #$
4$
45 BOE 7JEFTIJ 7JEZB %FFWFOB
:43 7BIBOBNJUISB BOE :43
.JOPSJUJFT JO /PNJOBUFE 8PSLT $POUSBDUT BOE "TBSB
+BHBOBOOB 7BTBUIJ %FFWFOB
+BHBOBOOB 7JEZB
4FSWJDF$POUSBDUTGPSUIFJS&DPOPNJD6QMJGUNFOU ,BOVLBFUD
"O"DUIBTCFFONBEF "DU/PPG
GPSUIJT 6OEFSUIFTFTDIFNFT
CFOFGJDJBSJFTBSFTFMFDUFECZUIF
3FTFSWBUJPO BT FOWJTBHFE VOEFS UIF "DU JT 7JMMBHF8BSE7PMVOUFFSTJOBUSBOTQBSFOUNBOOFS5IFSFJT
BQQPSUJPOFEBNPOHEJGGFSFOUDPNNVOJUJFTBT#$
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
OP TDPQF GPS DPSSVQUJPO BOE SFE UBQJTN FJUIFS JO 4DIPPMT+S$PMMFHFTJOUIF4UBUF%VSJOHUIFMBTU:FBST
TFMFDUJPOPGCFOFGJDJBSJFTPSQBZNFOUBTUIFBNPVOUJT BO BNPVOU PG 3T $S IBWF CFFO JODVSSFE BT
EJSFDUMZ EFQPTJUFE JOUP UIF CBOL BDDPVOU PG UIF FYQFOEJUVSFUPCFOFGJU
&#$TUVEFOUT3T
CFOFGJDJBSZUISPVHI%JSFDU#FOFGJU5SBOTGFS %#5
XIJDI $SJTJODVSSFETPGBSGPS
CFOFGJDJBSJFTEVSJOHUIF
IBTDSFBUFEIJTUPSZJOUIFDPVOUSZ/PPUIFSTUBUFJOUIF ':
DPVOUSZ JT JNQMFNFOUJOHTP NBOZ TDIFNFT VOEFS %#5
NPEF GPS UIF XFMGBSF PG &84 $PNNVOJUJFT BT JT CFJOH +BHBOBOOB7JEZB%FFWFOB 35'
EPOFJOPVSTUBUF
6OEFSUIFTDIFNF
(PWFSONFOUSFJNCVSTFTUIFUVJUJPO
.JMFTUPOFT UPXBSET UIF 8FMGBSF PG &#$T GFFT 35'
BOE EFQPTJU BNPVOU EJSFDUMZ JOUP UIF #BOL
"DDPVOUPGTUVEFOUhT.PUIFSPS(VBSEJBO5IJTTDIFNFJT
$PNNVOJUJFT
CFJOHJNQMFNFOUFEPOTBUVSBUJPOCBTJTBOENBKPSJUZPG
(PWFSONFOUPG"OEISB1SBEFTIIBTDSFBUFE%FQBSUNFOU &844UVEFOUTQVSTVJOHTUVEJFTJOUFDIOJDBMDPVSTFTMJLF
PG &DPOPNJDBMMZ 8FBLFS 4FDUJPO 8FMGBSF WJEF (0 .T &OHJOFFSJOH
.FEJDJOFBOE1($PVSTFT"TNPUIFSTBSF
/P
(FOFSBM "ENJOJTUSBUJPO $BCJOFU**
EU BVUPNBUJDBMMZJOWPMWFEJOUIFFEVDBUJPOPGUIFJSDIJMESFO
JO PSEFS UP JNQSPWF UIF MJWFMJIPPE PG UIFTF UIFSF TIBMM CF JODSFBTFE TVQFSWJTJPO PG QBSFOUT PO
DPNNVOJUJFT
MBZJOH FNQIBTJT PO FEVDBUJPO
TLJMM GBDJMJUJFTJODPMMFHFTBOENPSFBDDPVOUBCJMJUZFOTVSFECZ
EFWFMPQNFOUUSBJOJOH
FUDTPBTUPSFEVDFEJTQBSJUJFT
EFQPTJUJOHUIFBNPVOUJOUPUIFNPUIFSThBDDPVOUT
(PWFSONFOU IBWF DSFBUFE B OFX %FQBSUNFOU JF
i%FQBSUNFOU PG &DPOPNJDBMMZ 8FBLFS 4FDUJPOT &84
(PWFSONFOUIBTJODVSSFEFYQFOEJUVSFBOBNPVOUPG3T
8FMGBSFwXJUIUIFGPMMPXJOHDPSQPSBUJPOT $SGPS
&#$CFOFGJDJBSJFTXJUIJOBQFSJPE
PGZFBST%VSJOHUIF':BOBNPVOUPG3T
" 1 3 F E E Z 8F M G B SF B O E % F WF M P Q N F O U $SIBTCFFOVUJMJTFEGPS
TUVEFOUTTPGBS
$PSQPSBUJPO
"1 , BNNB 8FMGBSF BOE %FWFMPQNFOU +BHBOBOOB7BTBUIJ%FFWFOB .5'
$PSQPSBUJPO
5IF BJN PG +BHBOBOOB 7BTBUIJ %FFWFOB 4DIFNF JT UP
"1 #SBINJO 8FMGBSF BOE %FWFMPQNFOU QSPWJEF GJOBODJBM BTTJTUBODF UP UIF FMJHJCMF TUVEFOUT
$PSQPSBUJPO UPXBSET GPPE BOE BDDPNNPEBUJPO (PWFSONFOU
"1 ,TIBUSJZB 8FMGBSF BOE %FWFMPQNFOU QSPWJEFT3T
QFSTUVEFOUUPBMMFMJHJCMFTUVEFOUT
$PSQPSBUJPO TUVEZJOH %FHSFF BOE BCPWF MFWFM DPVSTFT 3T
QFSTUVEFOUQFSZFBSGPS*5*TUVEFOUTBOE3T
QFS
"1,BQV8FMGBSFBOE%FWFMPQNFOU$PSQPSBUJPO
TUVEFOUQFSZFBSGPSQPMZUFDIOJDTUVEFOUT5IFBNPVOU
"1 4UBUF "SZB7ZTZB8FMGBSF BOE %FWFMPQNFOU XJMMCFDSFEJUFEJOUPUIFCBOLBDDPVOUPGNPUIFSPGUIF
$PSQPSBUJPO SFTQFDUJWFTUVEFOUJOUXPJOTUBMNFOUT(PWFSONFOUIBT
"1&#$8FMGBSFBOE%FWFMPQNFOU$PSQPSBUJPO JODVSSFEBOBNPVOUPG3T$SGPSBQFSJPEPGZFBST
UP
GPS
&#$ TUVEFOUT %VSJOH UIF
&EVDBUJPO4DIFNFT ': BO BNPVOU PG 3T $S SFMFBTFE BOE
VUJMJTFETPGBSGPS&#$TUVEFOUT
+BHBOBOOB"NNBWPEJ
+BHBOBOOB7JEFTJ7JEZBEFFWFOB4DIFNF
*OPSEFSUPQSPWJEFFEVDBUJPOGPSEFWFMPQNFOUPG&84
$PNNVOJUJFTXIFSFQPWFSUZCFDBNFBIVSEMFJOUIFXBZ (PWU PG "OEISB 1SBEFTI WJEF (0 .T /P 48 &%/
PG FEVDBUJOH UIFJS DIJMESFO
(PWFSONFOU QSPWJEF %FQU
EUIBWFJOUSPEVDFE+BHBOBOOB7JEFTIJ
GJOBODJBM BTTJTUBODF PG 3T
QFS BOOVN UP UIF 7JEZB %FFWFOB TDIFNF UP &#$T 6OEFS UIF TDIFNF
NPUIFST PG DIJMESFO TUVEZJOH JO DMBTT * UP 9** JO BMM UIF GJOBODJBMBTTJTUBODFJTQSPWJEFEUPFMJHJCMFTUVEFOUTPGBMM
(PWFSONFOU SFDPHOJ[FE 1SJWBUF "JEFE BOE 1SJWBUF DPNNVOJUJFTJODMVEJOH#$TUPQVSTVFIJHIFSTUVEJFTJO
6OBJEFE TDIPPMT +S $PMMFHFT JODMVEJOH 3FTJEFOUJBM GPSFJHODPVOUSJFTUPDPNQMFUF1(1I%
.##4BOEPUIFS
QSPGFTTJPOBMDPVSTFTGSPNUIFZFBSPOXBSET
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
5IF GJOBODJBM BTTJTUBODF XJMM CF TBODUJPOFE UP UIPTF CPUI SVSBM BOE VSCBO BSFBT BOE UP JNQSPWF UIF
TUVEFOUT XIP HFU BENJTTJPO JO BOZ PG UIF UPQ QSPEVDUJWJUZ
UIF:43 "BTBSB TDIFNF XBT MBVODIFE PO
6OJWFSTJUJFT BT QFS UIF MBUFTU 24 8PSME 6OJWFSTJUZ
SBOLJOHT5IFDBOEJEBUFXIPTFGBNJMZJODPNFJTMFTTUIBO
5IF (PWFSONFOU IBT EFDJEFE UP SFJNCVSTF UIF FOUJSF
3T MBLI QFS BOOVN JT FMJHJCMF VOEFS UIJT TDIFNF
4)( MPBO PVUTUBOEJOH BNPVOUT PG 3T $S
*ODPNF $FSUJGJDBUF NVTU CF DFSUJGJFE CZ UIF %JTUSJDU
QFSUBJOJOH UP
XPNFO CFOFGJDJBSJFT PG &84
$PMMFDUPS DPODFSOFE 5IF TDIFNF JT JNQMFNFOUFE PO
DPNNVOJUJFTUPTUSFOHUIFOUIFFDPOPNJDEFWFMPQNFOU
TBUVSBUJPO CBTJT 5IF BHF PG UIF DBOEJEBUF TIBMM OPU
PGQPPS4)(#BDLXBSE$MBTTFTXPNFOJOCPUISVSBMBOE
FYDFFE ZFBST 0OF UJNF BXBSE JT EPOF UP POMZ POF
VSCBO BSFBT "O BNPVOU PG 3T $S IBWF CFFO
DBOEJEBUFJOBGBNJMZVOEFSUIJTTDIFNF5IFBNPVOUJT
JODVSSFEBTFYQFOEJUVSFGPSUIFMBTU:FBSTGPS
QBZBCMFJOFRVBMJOTUBMNFOUT
&#$CFOFGJDJBSJFT"OBNPVOUPG3T$SJTBMMPDBUFE
5IFTFMFDUFEDBOEJEBUFT
XIPHFUBENJTTJPOJOUIFGJSTU EVSJOHUIF':BOETDIFEVMFEUPCFMBVODIFE
UPQ *OTUJUVUJPOT6OJWFSTJUJFT TIBMM CF FMJHJCMF GPS
GJOBODJBM BTTJTUBODF PG PG UVJUJPO GFF BOE GPS :431FOTJPO,BOVLB
BENJTTJPO JO UIF OFYU *OTUJUVUJPOT6OJWFSTJUJFT JF
5PBNFMJPSBUFUIFIBSETIJQTPGUIFQPPSBOEWVMOFSBCMF
UPSBOLFE*OTUJUVUJPOT6OJWFSTJUJFT
UIFTFMFDUFE
TFDUJPOT PG UIF TPDJFUZ QBSUJDVMBSMZ UIF PME BOE JOGJSN
TUVEFOUHFUGJOBODJBMBTTJTUBODFPGPG5VJUJPO'FFPS
XJEPXT BOE QFSTPOT XJUI EJTBCJMJUZ (PWFSONFOU
3TMBLIXIJDIFWFSJTMFTT
JOUSPEVDFE:431FOTJPO,BOVLBUPTFDVSFBEJHOJGJFEMJGF
/PUJGJDBUJPO JTTVFE CZ UIF /PEBM BVUIPSJUZ PG 4PDJBM 5IF(PWFSONFOUIBTSFEVDFEFMJHJCMFBHFDSJUFSJBGSPN
8FMGBSF %FQBSUNFOU PO GPS 3FHJTUSBUJPO PG ZFBST UP BOE TBODUJPO QFOTJPOT JO EBZT PO
"QQMJDBUJPOT 5IF BQQMJDBUJPOT IBWF UP CF GJMFE POMJOF TBUVSBUJPOCBTJT
IUUQTKOBOBCIVNJBQHPWJO5IF$PNNJTTJPOFS
4PDJBM 5IF (PWFSONFOU JT EJTUSJCVUJOH QFOTJPOT UP PME BHF
8FMGBSF%FQBSUNFOUJTUIF/PEBM"VUIPSJUZ%VSJOHUIF QFSTPOT BOE QFPQMF TVGGFSJOH GSPN WBSJPVT EJTFBTFT BU
':BOBNPVOUPG3T$SIBTCFFOVUJMJTFEGPS UIFJSIPNFT)PTQJUBMT8PSLJOH1MBDFTCZ7JMMBHF8BSE
TUVEFOUTTPGBS 7PMVOUFFST1BUJFOUTTVGGFSJOHGSPNWBSJPVTEFDFBTFTBSF
VOBCMF UP FBSO UIFJS MJWFMZ IPPE 5P NBLF B CFUUFS
&DPOPNJD4DIFNFT MJWFMJIPPE
(PWFSONFOU JOUSPEVDFE DBUFHPSJFT PG
IFBMUI QFOTJPOT UP QBUJFOUT TVGGFSJOH XJUI WBSJPVT
:43&#$/FTUIBN EFDFBTFTBOETBODUJPOJOHNPOUIMZQFOTJPOPG3T
5IFTDIFNFXBTPGGJDJBMMZMBVODIFECZUIF)POhCMF$IJFG UP 3T
CBTFE PO UIF DBUFHPSZ PG UIFJS EJTFBTF
.JOJTUFS PO UI +BOVBSZ
:43 &#$ /FTUIBN JT B 1FOTJPOTPGBMMUZQFTUPBOBNPVOUPG3T$SBSF
VOJRVF XFMGBSF QSPHSBN VOEFS XIJDI GJOBODJBM CFJOH EFMJWFSFE UP BCPVU
QFOTJPOFST
BTTJTUBODFPG3T
PWFSUIFZFBST
JTQSPWJEFEUPBMM CFMPOHJOHUP&84DPNNVOJUJFTPOUIFGJSTUEBZPGFWFSZ
#1-&DPOPNJDBMMZ8FBLFS4FDUJPOTXPNFOCFUXFFOUIF NPOUICZUIFWJMMBHF8BSE7PMVOUFFSTBUUIFEPPSTUFQT
BHFHSPVQPGZFBSTXPNFOCFOFGJDJBSJFTUPXBSET PGUIFCFOFGJDJBSJFTXJUIPVUBOZEJTDSJNJOBUJPOPGDBTUF
TPDJBMBOEFDPOPNJDFNQPXFSNFOUGPSBDIJFWFNFOUPG DSFFEBOEQPMJUJDBMBGGJMJBUJPO
TFMGTVTUFOBODF "O BNPVOU PG 3T $S IBT CFFO "O BNPVOU PG 3T $S *T JODVSSFE GPS
SFMFBTFE UP
XPNFO CFOFGJDJBSJFT PG &84 CFOFGJDJBSJFTEVSJOHUIF':
$PNNVOJUJFT "O BNPVOU PG 3T $S JT BMMPDBUFE
EVSJOHUIF':BOEUIFTDIFNFJTTDIFEVMFEUPCF :43/FUIBOOB/FTUIBN
MBVODIFE
5IF (PWFSONFOU IBT EFDJEFE UP JNQMFNFOU h:43
/FUIBOOB/FTUIBNTDIFNFCZQSPWJEJOH3T
QFS
:43"BTBSB
BOOVN UP FWFSZ #1- XFBWFS GBNJMZ XIP PXOT B
"T B QBSU PG JNQMFNFOUBUJPO PG /BWB 3BUOBMV
UIF )BOEMPPNTPBTUPNPEFSOJ[FUIFJSFRVJQNFOUBOEJO
(PWFSONFOU JT DPNNJUUFE UP BMMFWJBUF UIF QPWFSUZ JO UVSODPNQFUFXJUIUIFQPXFSMPPNTTFDUPS%VSJOHUIF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
CFOFGJDJBSJFT
(PWFSONFOU IBWF JNQMFNFOUFE /PWFM 8FMGBSF 4FMG
:43.BUTZBLBSB#IBSPTB FNQMPZNFOUTDIFNFUP&#$CFOFGJDJBSJFTCZQSPWJEJOH
GPVSXIFFMFSNJOJUSVDL.PCJMF%JTQFOTJOH6OJUTGPSEPPS
5IF (PWFSONFOU IBWF BOOPVODFE UIF OFX TDIFNF JO EFMJWFSZPG1%45IFNBJOPCKFDUJWFJTUPQSPWJEFGJOBODJBM
UIFZFBS
GPSUIFCFOFGJUPGUIFGJTIFSNFO6OEFS BTTJTUBODFGPSDSFBUJPOPGJODPNFHFOFSBUJOHBTTFUTUPUIF
UIJT TDIFNF
UIF (PWFSONFOU QSPWJEF GJOBODJBM QPPS &DPOPNJDBMMZ #BDLXBSE $MBTTFT CFOFGJDJBSJFT
BTTJTUBODFPG3T
UPUIFGJTIFSNFOGPSNFDIBOJ[FE
UPXBSET TVTUBJOBCMF MJWFMJIPPE BOE FDPOPNJD
NPUPSJ[FE BOE OPONPUPSJ[FE CPBUT BOE GJTIJOH OFUT VQMJGUNFOU"OBNPVOUPG3T$SCVEHFUJTJODVSSFE
EVSJOHUIFGJTIJOHCBOOFEQFSJPECFUXFFOUI"QSJMUP BT FYQFOEJUVSF GPS &84 CFOFGJDJBSJFT GPS UIF ZFBS
UI +VOF 5IF CFOFGJDJBSJFT XJMM HFU JODSFBTFE EJFTFM "OBNPVOUPG3T$SJTBMMPDBUFEEVSJOHUIF
TVCTJEZPG3TQFSMJUSF5IFGBNJMJFTPGGJTIFSNBOXIP ':
EJFE XIJMF IVOUJOH XJMM BMTP HFU BO FY HSBUJB PG 3T
-BLIT%VSJOHUIF':TPGBS3T$SJTJODVSSFE .JOPSJUJFT8FMGBSF
GPSCFOFGJDJBSJFT
"T B TFDVMBS DPVOUSZ
UIF (PWFSONFOUhT FOEFBWPS IBT
:437BIBOB.JUISB BMXBZT CFFO UP FOTVSF QSPHSFTT UP BMM QPQVMBUJPO
JODMVEJOH UIF .JOPSJUJFT 4FWFSBM TDIFNFT BOE QPMJDJFT
5IJTTDIFNFJTNFBOUGPSGJOBODJBMBTTJTUBODFUPUIF5BYJ
IBWF CFFO QVU JO QMBDF UP FOTVSF VQMJGUNFOU PG
$BC BOE "VUP ESJWFS DVN PXOFST CFMPOHJOH UP &#$ NJOPSJUJFT VOEFS UIF BFHJT PG UIF .JOPSJUJFT 'JOBODF
$PNNVOJUJFT 5IF GJOBODJBM BTTJTUBODF JT NFBOU GPS $PSQPSBUJPO %FWFMPQNFOU PG .JOPSJUJFT SFRVJSFT
JOTVSBODF
SFQBJSTBOEPUIFSNBJOUFOBODFDIBSHFTUP&#$ BUUFOUJPOGSPNTFWFSBMBOHMFT5IFNJOPSJUZQPQVMBUJPOJT
DPNNVOJUJFT%SJWFST"OBNPVOUPG3T$SCVEHFU NPTUMZ VSCBOCBTFE " MBSHF TFHNFOU PG UIF NJOPSJUZ
JT JODVSSFE BT FYQFOEJUVSF GPS &#$ DPNNVOJUJFT QPQVMBUJPOJT#FMPX1PWFSUZ-JOF5IFTIBSFPG.JOPSJUJFT
CFOFGJDJBSJFTGPSUIFZFBST
BOE JO EJGGFSFOU FDPOPNJD TVQQPSU TDIFNFT IBT BMTP CFFO
%VSJOH UIF ':
BO BNPVOU PG 3T $S JT WFSZ MPX 5IF QSJNBSZ PCKFDUJWF PG UIF EFQBSUNFOU JT
JODVSSFEGPSCFOFGJDJBSJFTTPGBS TPDJP FDPOPNJD EFWFMPQNFOU BOE FEVDBUJPOBM
BEWBODFNFOUPGNJOPSJUJFTJOUIFTUBUF5IFEFQBSUNFOU
+BHBOBOOB$IFEPEV IBT UBLFO VQ WBSJPVT TDIFNFT GPS JNQSPWFNFOU JO
5IF (PWFSONFOU IBT JOUSPEVDFE B OFX TDIFNF UP MJWFMJIPPET
FEVDBUJPOBM VQMJGUNFOU BOE JNQBSUJOH
QSPWJEFGJOBODJBMBTTJTUBODFUP5BJMPSTCFMPOHJOHUP&#$ USBJOJOH GPS FOIBODJOH FNQMPZNFOU PQQPSUVOJUJFT GPS
DPNNVOJUJFT5IFGJOBODJBMBTTJTUBODFPG3T
QFS UIFNJOPSJUJFT
BOOVN XIP BSF MJWJOH PO UIF QSPGFTTJPO PG 5BJMPSJOH
%VSJOH UIF ':
BO BNPVOU PG 3T $S JT .JOPSJUJFT8FMGBSF)PTUFMT
JODVSSFEGPSCFOFGJDJBSJFTTPGBS 5IFSF BSF 1SF .BUSJD .JOPSJUJFT IPTUFMT BOE 1PTU
.BUSJD IPTUFMT GVODUJPOJOH JO UIF TUBUF BJNJOH
+BHBOBOOB5IPEV FEVDBUJPOBM BOE TPDJBM EFWFMPQNFOU PG UIF QPPSFTU PG
6OEFS UIF +BHBOBOOB 5IPEVw 'JOBODJBM "TTJTUBOU UP UIF QPPS NJOPSJUZ TUVEFOUT %VSJOH UIF GJOBODJBM ZFBS
)BXLFST
(PWFSONFOU JT QSPWJEJOH GJOBODJBM MPBO PG
BOBNPVOUPG3T$SPSFTIBTCFFOSFMFBTFE
3T
XJUI;FSPJOUFSFTUUISPVHICBOLTUP)BXLFST UPUIFEJTUSJDUT 6OJUFE
GPSNBJOUFOBODFPGNJOPSJUJFT
PG&#$DPNNVOJUJFTXIPBSFFOHBHFEJOSPBETJEFQFUUJ 8FMGBSFIPTUFMT
CVTJOFTTMJLFTFMMJOHGSVJUT7FHFUBCMFT
TUSFFU7FOEPST
1FUUZ5SBEFSTFUD
"OBNPVOUPG3T$SCVEHFUJT 3FTJEFOUJBM4DIPPMT
JODVSSFEBTFYQFOEJUVSFGPS&84CFOFGJDJBSJFTGPS 5IFSF BSF SFTJEFOUJBM TDIPPMT JO UIF TUBUF BJNJOH
UIFZFBSBOEJOBOBNPVOU3T$S UPXBSETFEVDBUJPOBMBOETPDJBMEFWFMPQNFOUPGNJOPSJUZ
JODVSSFEBTFYQFOEJUVSFGPSCFOFGJDJBSJFT TUVEFOUTXJUISFTJEFOUJBMBNFOJUZ%VSJOHUIFZFBS
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
$PNNJUUFF 4-$
XJMM OFFE UP DFSUJGZ UIF TBNF GPS UIF 5IJTTDIFNFJTCFJOHJNQMFNFOUFEUPXBSETVQMJGUNFOU
QSPKFDUTQSPQPTFEJOUIFJEFOUJGJFEBSFBT PGQPPSBOEWVMOFSBCMFTFDUJPOTPGUIFTUBUFPOTBUVSBUJPO
NPEF UP BMM FMJHJCMF TUVEFOUT CFMPOHJOH UP .JOPSJUZ
"14UBUF .JOPSJUJFT 'JOBODF $PSQPSBUJPO $BUFHPSZ GSPN UIF BDBEFNJD ZFBS 6OEFS UIJT
-UE TDIFNF
(PWFSONFOUXJMMQSPWJEFSFJNCVSTFNFOUPG'VMM
'FF
4QFDJBM'FFT
0UIFS'FFT&YBNBTQFSHVJEFMJOFTUP
(PWFSONFOUPG"OEISB1SBEFTIIBTCFFOJNQMFNFOUJOH
BMMFMJHJCMF.JOPSJUZTUVEFOUT5IF'VMMGFFBNPVOUXJMMCF
XFMGBSFTDIFNFTGPSUIF.JOPSJUJFT.BOZJOJUJBUJWFTTVDI
DSFEJUFE JOUP UIF BDDPVOUT PG UIF NPUIFST PG UIF
BT/BWBSBUOBMVTDIFNFT:437BIBOB.JUISB
+BHBOBOOB
TUVEFOUT5IFBNPVOUTIBMMCFQBJEJOGPVSJOTUBMMNFOUTJO
"NNB7PEJ
+BHBOBOOB7JEZBEFFWFOB 35'
+BHBOBOOB
BDBEFNJDZFBS
RVBSUFSXJTF%VSJOHBOBNPVOU
7BTBUIJ %FFWFOB .5'
+BHBOBOOB $IFEPEV
:43
PG3TDSPSFTSFMFBTFEVOEFSUIJTTDIFNFUP
/FUIBOOB /FTUIBN
:43 $IFZVUIB
:43 1FOTJPO
CFOFGJDJBSJFT
,BOVLB
+BHBOBOOB 5IPEV )BXLFST
:43
.BUTZBLBSB#IBSPTB4DIFNFXFSFJNQMFNFOUFEEVSJOH
+BHBOBOOB$IFEPEV
UIFZFBS
5IF(PWFSONFOUPG"1QSPWJEFFDPOPNJDVQMJGUNFOUUP
:437BIBOB.JUISB4DIFNF UIF#$$PNNVOJUJFTXIPBSFMJWJOHCFMPXQPWFSUZMJOF
UP
:43 7BIBOB .JUSB TDIFNF JT JNQMFNFOUFE CZ UIF TBODUJPOGJOBODJBM"TTJTUBODFPG3T
QFSBOOVNUP
5SBOTQPSU%FQBSUNFOUQSPWJEJOHGJOBODJBMBTTJTUBODF! UIF GBNJMJFT PG 3BKBL BT 8BTIFSNFO
/BZFF
3T
QFSBOOVNUPTFMGPXOFE"VUP5BYJ.BYJDBC #SBINJOT #BSCFST
BOE 5BJMPST XIP BSF MJWJOH PO UIF
%SJWFST UP NFFU FYQFOEJUVSF GPS *OTVSBODF
'JUOFTT QSPGFTTJPO PG 8BTIJOH PG $MPUIFT
#BSCFS TIPQT BOE
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
%JTUSJDU-FWFM:PVUIGFTUJWBMTXFSFDPOEVDUFEJOBMMUIF 4DPQFPGXPSL
EJTUSJDUT PO UIF MJOFT PG /BUJPOBM :PVUI GFTUJWBM JO UIF
NPOUITPG0DUPCFSBOE/PWFNCFS
BOE4UBUF:PVUI (PWUPG"1JTDPNNJUUFEUPQSPWJEFQFSNBOFOUIPVTFT
GFTUJWBMXBTDPOEVDUFEJOUIFNPOUIPG%FDFNCFS
UP BMM UIF FMJHJCMF IPVTFIPMET JO UIF 4UBUF CZ JO
JO B DPMPVSGVM NBOOFS PO UIF MJOFT PG /BUJPOBM :PVUI TBUVSBUJPONPEFEVMZQSPWJEJOHIPVTFTJUFTBOE)PVTJOH
'FTUJWBMJOBMMUIFEJTUSJDUT 5IFTUQSJ[FXJOOFSTXJMMCF
JOUIFOBNFPGi1FEBMBOEBSJLJ*MMVwXIJDIJTJODMVEFEJOUIF
TFOUUPQBSUJDJQBUFJO/BUJPOBM:PVUI'FTUJWBMUPCFIFME
(PWUGMBHTIJQQSPHSBNNFPGi/BWBSBUOBMVw
GSPNUI+BOVBSZ
BU)VCCMJ%IBSXBE
"DUJPO1MBOGPS -BLIIPVTFTJUFQBUUBTXFSFEJTUSJCVUFEBUGSFFPG
DPTUXJUIBOFYUFOUPGDFOUTJO3VSBMBSFBTBOE
r $POEVDU 1FSTPOBMJUZ %FWFMPQNFOU $BSFFS
DFOUJO6SCBOBSFBTUPXPNFOCFOFGJDJBSJFTJOUIFFYUFOU
$PVOTFMMJOH $MBTTFT JO BMM UIF FEVDBUJPOBM
PGBSPVOE
"DSFTXJUIBNBSLFUWBMVFPG3T
JOTUJUVUJPOTUPUIFTUVEFOUTPGUI
UI
*OUFSBOE
$SPSFT
%FHSFFDMBTTFTUPFOMJHIUFOUIFTUVEFOUTBCPVU
UIFIJHIFSFEVDBUJPOBMBOEDBSFFSPQQPSUVOJUJFT )PVTF TJUFT XFSF EJTUSJCVUFE JO
-BZPVUT BOE
r $POEVDU BXBSFOFTT DBNQT JOWPMWJOH UIF ZPVUI OBNFEBT:43+BHBOBOOB$PMPOJFT(PWU
IBWFEFDJEFE
CFUXFFOUIFBHFHSPVQPGBOEZFBSTJOBMM UPDPOTUSVDU-BLIIPVTFTJO
1IBTFTPVUPGXIJDI
UIF DPNNVOJUZ XFMGBSF BDUJWJUJFT JO BMM UIF -BLI )PVTFT JO 1IBTF* BOE -BLI )PVTFT JO
WJMMBHFT 1IBTF** -BLI)PVTFTVOEFS1."::436SCBO#-$
7JTBLIBQBUOBN
-BLI )PVTFT VOEFS 1.": :43
r 'PSNBUJPO 3FKVWFOBUJPO PG :PVUI $MVCT (SBNJO
QVUUPHFUIFSBUPUBMPGMBLI)PVTFTXJUIB
"TTPDJBUJPOT &ODPVSBHF ZPVUI UP GPSN JOUP 6OJUDPTUPG3TMBLIQFSFBDI)PVTFBNPVOUJOHUPB
HSPVQT UP UBLF VQ DPNNVOJUZ EFWFMPQNFOU 1SPKFDUDPTUPG3T
$SPSFTIBWFCFFOUBLFOVQTPGBS
QSPHSBNNFTBOEEFWFMPQMFBEFSTIJQRVBMJUJFT
5IFGPMMPXJOHBSFUIF
TDIFNFTVOEFSJNQMFNFOUBUJPO
r $POEVDUPG:PVUIGFTUJWBMTJOBMMUIFEJTUSJDUTBOE
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
B
5Z Q F E F T J H O I B T C F F O G J O B M J [ F E X J U I J
"O BEEJUJPOBM BNPVOU PG 3T
JT CFJOH
BDDPNNPEBUJPO PG B #FE SPPN
-JWJOH SPPN
GBDJMJUBUFE BT MPBO ! JOUFSFTU SBUF UP UIF
,JUDIFO
#BUI DVN UPJMFU BOE7FSBOEBIJO FWFSZ CFOFGJDJBSJFT GSPN UIF #BOLT'JOBODJBM
IPVTFXJUIBQMJOUIBSFBPG4GU#FTJEFTUIJTJU *OTUJUVUJPOTUPDPNQMFUFUIFJS)PVTFTFBSMZ4PGBS
JTEFDJEFEUPQSPWJEF
GBOT
UVCFMJHIUTBOE MPBOT XFSF TBODUJPOFE UP
CFOFGJDJBSJFT
-&%CVMCTUPFBDICFOFGJDJBSZ BNPVOUJOHUP3T$ST
C
5PTVQQMZ.5TPG$FNFOUUPFBDICFOFGJDJBSZ K
3FHJTUFSJOH BQQMJDBUJPOT
TBODUJPO PG )PVTFT
BUMFTTFSQSJDFUIBOUIFNBSLFU4PGBSMBLI 1SPHSFTT NPOJUPSJOH
(FPUBHHJOH
4UBHF
.5TPGDFNFOUXBTTVQQMJFEUPEJTUSJDUT VQEBUJPO
3FMFBTF PG QBZNFOUT FUD
BSF EPOF
UISPVHIPOMJOFQPSUBMJOUSBOTQBSFOUNBOOFS
D
4UFFMJTTVQQMJFEBUMFTTFSQSJDFUIBOUIFNBSLFU
4P GBS .5T PG 4UFFM XBT TVQQMJFE UP L
"MM1BZNFOUTBSFSFMFBTFEJO%#5TZTUFNUISPVHI
EJTUSJDUT 1'.4QPSUBM
E
1SPWJEF .5T PG TBOE BU GSFF PG DPTU UP UIF M
1SPQFS RVBMJUZ DPOUSPM IBT CFFO FOWJTBHFE
CFOFGJDJBSZ#FOFGJDJBSZXJMMUSBOTQPSUTBOEJODBTF UISPVHI UIF 2VBMJUZ DPOUSPM UFBNT PG UIF
MFTTUIBO,.GSPNSFBDI%FQPU4UPDLZBSEUP %FQBSUNFOU
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
N
2VBMJUZ UFTUJOH -BCPSBUPSJFT BSF CFJOH 4FXFSBHF4FDUPS
FTUBCMJTIFEJOCJH-BZPVUTUPBTDFSUBJOUIFRVBMJUZ
PGWBSJPVTCVJMEJOHNBUFSJBMT "U QSFTFOU UPUBM RVBOUJUZ PG 4FXBHF HFOFSBUJPO JT
.-% JO UIF 4UBUF *O 6-#hT
4FXBHF
O
1SPQPTFEUPDPNQMFUFMBLIIPVTFTUBLFOVQ 5SFBUNFOU 1MBOUT BSF USFBUJOH .-% PG TFXBHF
CZ "14)$- VOEFS /1* QSPHSBNNF BOE .-% DBQBDJUZ PG 451T GPS B DPNCJOFE
JOBVHVSBUF BMM UIFTF )PVTFT PO VHBEJ JF
USFBUNFOU BSF VOEFS DPOTUSVDUJPO JO 6-#hT VOEFS
JOBCJHXBZ WBSJPVT TDIFNFT 5IF 4UBUF HPWFSONFOU IBT UBLFO
EFDJTJPOUPQSPWJEF6(%GBDJMJUJFTBOE5SFBUNFOUQMBOUT
16#-*$)&"-5).6/*$*1"-&/(*/&&3*/( JO BMM 6-#T EVMZ DPNQMZJOH XJUI UIF EJSFDUJPOT PG UIF
)POhCMF/BUJPOBM(SFFO5SJCVOBM
6SCBO8BUFS4VQQMZBOE4BOJUBUJPO
8BUFS4VQQMZ*NQSPWFNFOU4DIFNFTBSFCFJOHUBLFOVQ 4UPSN8BUFS%SBJOT
JO 6SCBO -PDBM #PEJFT 6-#T
GSPN UJNF UP UJNF UP "U QSFTFOU
,NT PG 4UPSN XBUFS %SBJOT BSF
JNQSPWF QFS DBQJUB XBUFS TVQQMZ PO QBS XJUI /BUJPOBM GVODUJPOJOHJO6-#hTPGUIFTUBUF,NTPGTUPSN
4UBOEBSET *O BEEJUJPO
UIF UFDIOJDBM DPOUSPM PWFS BMM XBUFSESBJOBHFOFUXPSLIBTCFFOBEEFEUPUIFFYJTUJOH
FOHJOFFSJOHXPSLTJO6SCBO-PDBM#PEJFTJODMVEJOH OFUXPSL EVSJOH (PWFSONFOU JT UBLJOH
.VOJDJQBM$PSQPSBUJPOTPGUIFTUBUFJTCFJOHFYFSDJTFE OFDFTTBSZTUFQTUPQSPWJEF4UPSNXBUFSESBJOTJO6-#TUP
CZ &OHJOFFSJO$IJFG 1)
5IF PQFSBUJPO BOE BWPJEJOVOEBUJPOBOEGMZOVJTBODF*OUIJTTFDUPSESBJOT
NBJOUFOBODFPG8BUFS4VQQMZ4DIFNFTJTCFJOHBUUFOEFE IBWFCFFOQSPWJEFEJOWBSJPVT6-#TXJUIHSBOUGVOETBOE
CZUIF6-#T"MM6-#TBSFTVQQMZJOHQPUBCMFXBUFSUP HFOFSBMGVOET
UIF QVCMJD BOE TFSWJDF MFWFM JT TBUJTGBDUPSZ JO UFSNT PG
2VBMJUZ
2VBOUJUZ BOE GSFRVFODZ 5IF EFQBSUNFOU JT )6%$0
EFBMJOH XJUI JOWFTUJHBUJPO
EFTJHO
QSFQBSBUJPO PG
r 8BUFS TVQQMZ QSPKFDU JO /FMMPSF .VOJDJQBM
FTUJNBUFT BOE QMBOT GPS XBUFS TVQQMZ
TFXFSBHF
SPBET
$PSQPSBUJPOXJUIBOFTUJNBUFEDPTUPG3T
BOETUPSNXBUFSESBJOBHFTDIFNFTJOBMM6SCBO-PDBM
$S IBE CFFO UBLFO VQ *O UIJT QSPKFDU 8BUFS
#PEJFT JODMVEJOH .VOJDJQBM $PSQPSBUJPOT BOE
5SFBUNFOU1MBOUXJUIBDBQBDJUZPG.-%
)%1&
FYFDVUJPOPGUIFTBNF
%*%JTUSJCVUJPOMJOFTGPSMFOHUI,NT
8BUFS4VQQMZ )PVTFTFSWJDFDPOOFDUJPOTIBWFCFFODPNQMFUFE
BOEDPNNJTTJPOFE
"TQFSUIFTUBOEBSETTUJQVMBUFEJO$FOUSBM1VCMJD)FBMUI
&OHJOFFSJOH &OWJSPONFOUBM 0SHBOJ[BUJPO $1)&&0
r 4FXFSBHF 4FQUBHF .BOBHFNFOU QSPKFDU BU B
NBOVBM
UIF SBUF PG ESJOLJOH XBUFS TVQQMZ IBT UP CF DPTUPG3T$SIBTCFFOUBLFOVQJO/FMMPSF
NBJOUBJOFEJO6-#TJTBTGPMMPXT .VOJDJQBM$PSQPSBUJPOBOEOFBSJOHDPNQMFUJPO
5IF QSPKFDU XJMM CFOFGJU 4FWFO MBLI QFPQMF JO
5PXO XJUI 6OEFSHSPVOE ESBJOBHF -1$%
/FMMPSF .VOJDJQBM $PSQPSBUJPO XJUI TFXFSBHF
6-#hT
GBDJMJUJFTUPBMM
5PXOXJUIPVU6OEFSHSPVOEESBJOBHF -1$%
r 0VUPGUIFQSPQPTFE451TPG.-%DBQBDJUZ
6-#hT
.-%IBTBMSFBEZCFFODPNNJTTJPOFEBOECFJOH
5IF4UBUF(PWFSONFOUJTHJWJOHUPQQSJPSJUZUPQSPWJEF VUJMJTFE5IFSFNBJOJOH451TPG.-%DBQBDJUZJT
QSPUFDUFE ESJOLJOH XBUFS UP BMM VSCBO MPDBM CPEJFT CZ JOQSPHSFTTBOE4FXFSMJOFTPG,NTMFOHUI
TUSFOHUIFOJOH FYJTUJOH JOGSBTUSVDUVSF BOE JNQSPWJOH XFSFMBJEBTQBSUPGUIJTQSPKFDU
TFSWJDFMFWFMT5IFTPVSDFTPGXBUFSSBOHFGSPN4VSGBDF
0OF5JNF4QFDJBM'JOBODJBM"TTJTUBODF
4VC4VSGBDF(SPVOEXBUFS%VSJOHUIJTZFBS
.-%
PG ESJOLJOH XBUFS JT CFJOH TVQQMJFE JO 6-#hT 5IF r 4UPSN8BUFSESBJOBHFTDIFNFJO7JKBZBXBEBIBE
GSFRVFODZPGTVQQMZJTUXJDFJOBEBZJO6-#T
PODFJOB CFFOUBLFOVQXJUIBOFTUJNBUFEDPTUPG3T
EBZJO6-#TBOEJOBMUFSOBUFEBZTJO6-#T $ST BOE ,NT MFOHUI PG ESBJOT XFSF
DPNQMFUFEBDIJFWJOHPWFSBMMQSPHSFTTPGPG
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
UIF XPSL BOE GVSUIFS XPSL JT JO QSPHSFTT "GUFS /BSTBQVSBN
"NBMBQVSBN BOE 5BEFQBMMJHVEFN
DPNQMFUJPO PG UIF QSPKFDU
,. PG TUPSN 6-#T EVSJOH UIF ZFBS BOE XPSL JT JO
XBUFS ESBJOBHF OFUXPSL XJMM CF DSFBUFE JO QSPHSFTT"GUFSDPNQMFUJPOPGUIFBCPWFTDIFNFT
7JKBZBXBEB.VOJDJQBM$PSQPSBUJPO OFX XBUFS USFBUNFOU DBQBDJUZ PG .-%
r 4FXFSBHF 4DIFNF JO (VOUVS .VOJDJQBM EJTUSJCVUJPOOFUXPSLPG,.
BOE
OP
$PSQPSBUJPO IBE CFFO UBLFO VQ XJUI BO PG )4$T XJMM CF BEEFE UP UIF FYJTUJOH
FTUJNBUFEDPTUPG3T$STBDIJFWJOHPWFSBMM JOGSBTUSVDUVSF
QSPHSFTTPGPGUIFXPSLBOEGVSUIFSXPSLJTJO
QSPHSFTT
6OEFS(SPVOE%SBJOBHF1SPKFDUT
r 0VU PG ,.T PG QSPQPTFE 4FXFS -JOFT
r 4FXBHF5SFBUNFOU1MBOUPG.-%*O1VMJWFOEVMB
,NT BSF MBJE "GUFS DPNQMFUJPO PG UIF .VOJDJQBMJUZ
.-% JO :FNNJHBOVS
QSPKFDU
451T PG .-% DBQBDJUZ XJMM CFDPNF .VOJDJQBMJUZ IBWF CFFO BEEFE UP FYJTUJOH
PQFSBUJPOBMJO7JKBZBXBEB.VOJDJQBM$PSQPSBUJPO JOGSBTUSVDUVSF 6OEFS (SPVOE %SBJOBHF QSPKFDU
XJUI BO FTUJNBUFE DPTU PG 3T DSPSFT JT
8BUFS4VQQMZ1SPKFDUT UBLFOVQBOEPGUIFXPSLJTDPNQMFUFE5IF
r 6OEFS$43(SBOU
8BUFS5SFBUNFOU1MBOUPG NBJO DPNQPOFOUT UBLFO VQ BSF .-%
.-%IBTCFFODPNQMFUFEBOEDPNNJTTJPOFEJO DBQBDJUZ 451T
BOE ,N PG 6(% OFUXPSL
1BMBLPMMV.VOJDJQBMJUZ ,.T IBWF CFFO DPNQMFUFE TP GBS
PVU PG
XIJDI,NTMFOHUIJTDPNQMFUFEEVSJOHUIF
r *O ,BWBMJ .VOJDJQBMJUZ
8BUFS TVQQMZ QSPKFDU IBT
ZFBS
GVSUIFSXPSLJTJOQSPHSFTTBOEJTTDIFEVMFE
CFFOUBLFOVQSFDFOUMZXJUIBOFTUJNBUFEDPTUPG
GPSDPNNJTTJPOJOHCZ.BZ
3TDSPSFTBOEJTJOQSPHSFTT,NTPG
QJQFMJOFT XFSF DPNQMFUFE
PWFSBMM PG UIF r *O 3BZBDIPUZ .VOJDJQBMJUZ
6OEFS (SPVOE
XPSLJTDPNQMFUFE %SBJOBHFQSPKFDUBUBDPTUPG3TDSPSFTJT
UBLFOVQBOEPGXPSLJTDPNQMFUFE5IFNBJO
r *O1VMJWFOEVMB.VOJDJQBMJUZ
8BUFSTVQQMZQSPKFDU
DPNQPOFOUT VOEFS $POTUSVDUJPO BSF .-%
IBT CFFO UBLFO VQ SFDFOUMZ XJUI BO FTUJNBUFE
4FXBHFUSFBUNFOU1MBOUBOE6(%OFUXPSLPG
DPTUPG3TDSPSFTBOEJTVOEFSQSPHSFTT0VU
,. 6(% OFUXPSL PG ,. IBT CFFO
PG JOUFOEFE ,JMPNFUSFT PG EJTUSJCVUJPO
DPNQMFUFE4PGBS
,.IBTCFFODPNQMFUFE
OFUXPSL
,NTPG%JTUSJCVUJPOQJQFMJOFTIBWF
EVSJOHUIFZFBS5IFXPSLTBSFTDIFEVMFE
CFFO MBJE
BOE PWFSBMM PG UIF XPSL JT
GPSDPNNJTTJPOJOHCZ"VHVTU
DPNQMFUFE PG XPSL JT DPNQMFUFE EVSJOH
GVSUIFS XPSL JT JO QSPHSFTT BOE JT r /FXQSPKFDUTXJUIBOFTUJNBUFEDPTUPG3T
TDIFEVMFEUPCFDPNNJTTJPOFECZ.BZ DSPSFT IBWF CFFO UBLFO VQ JO .ZEVLVS
,BNBMBQVSBN
5BEFQBMMJ .BOHBMBHJSJ BOE
r *O3BZBDIPUZ.VOJDJQBMJUZ
8BUFSTVQQMZQSPKFDU
/BSTBQVSBN 6-#T XIJDI BSF JO *OWFTUJHBUJPO
IBTCFFOUBLFOVQXJUIBOFTUJNBUFEDPTUPG3T
4VSWFZ TUBHF
UFOEFST XJMM CF DPODMVEFE CZ UIF
DSPSFTBOEJTVOEFSQSPHSFTT
JOXIJDINBJO
FOEPG+BOVBSZ
DPNQPOFOUT JODMVEFT DPOTUSVDUJPO PG .-%
8BUFSUSFBUNFOUQMBOU
BOE,NTMFOHUIPG
4UPSN8BUFS%SBJOBHF%JTQPTBM1SPKFDUT
QJQFMJOFT BSF QSPQPTFE ,NT MFOHUI PG
QJQFMJOFIBTCFFODPNQMFUFEBOEPWFSBMMPG r /FX QSPKFDUT IBWF CFFO UBLFO VQ JO .ZEVLVS
UIFXPSLJTDPNQMFUFEEVSJOHUIFZFBS ,BNBMBQVSBN
1SPEEVUVS
5BEFQBMMJHVEFN6-#T
'VSUIFSXPSLJTJOQSPHSFTTBOETDIFEVMFEUPCF XJUIBOFTUJNBUFEDPTUPG3TDSPSFT"GUFS
DPNNJTTJPOFECZ4FQUFNCFS DPNQMFUJPOPGUIFBCPWFQSPKFDUT
LNTPG
OFXTUPSNXBUFSESBJOTXJMMCFBEEFEUPFYJTUJOH
r /FXQSPKFDUTXJUIBOFTUJNBUFEDPTUPG3T
JOGSBTUSVDUVSF
DSPSFT IBWF CFFO UBLFO VQ JO .BDIJMJQBUOBN
.BSL BQVSBN
1SPEEVUVS
, BNBMBQVSBN
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
SFNBJOJOH (54T JO 6-#T XPSL XJMM CF HSPVOEFE "OEISB 1SBEFTI 6SCBO *OGSBTUSVDUVSF BOE "TTFUT
TPPO .BOBHFNFOU -JNJUFE "16*".-
7JKBZBXBEB 5IF
5P UBLF VQ 4PMJE 8BTUF .BOBHFNFOU "DUJWJUJFT JO UIF BNPVOU XJMM CF VUJMJTFE GPS %FWFMPQNFOU XPSLT JO
6-#TBOEUPNFFUUIF0.DPTUPGUIFWFIJDMFTEFQMPZFE .BOHBMBHJSJ
(VOUVS%JTUSJDU
GPS%PPSUP%PPS(BSCBHFDPMMFDUJPO "MMUIF6-#TIBWF %FWFMPQNFOUBM 8PSLT JO 1VMJWFOEVMB .VOJDJQBMJUZ
PCUBJOFE$PVODJM3FTPMVUJPOTGPSDPMMFDUJPOPG6TFSGFF 'PS%FWFMPQNFOUBM8PSLTJO1VMJWFOEVMB.VOJDJQBMJUZBO
GSPNFWFSZIPVTFIPME"MM6-#4IBWFOPUJGJFEUIFSBUFTPG BNPVOU PG 3T MBLIT IBT CFFO QSPWJEFE JO UIF
6TFS'FFSBOHJOHGSPN3FUPQFSEBZBOEDPMMFDUJOH ZFBS 5IF BNPVOU XJMM CF VUJMJTFE GPS
UIF TBNF GSPN SFTJEFOUJBM BOE DPNNFSDJBM QSFNJTFT %FWFMPQNFOUBM8PSLTJO1VMJWFOEVMB.VOJDJQBMJUZ
$PMMFDUJPO PG 6TFS 'FF IBT CFFO DPNNFODFE GSPN
/PWFNCFS
POXBSET 8BSE7PMVOUFFST
4PGBSBOBNPVOUPG3T$STIBWFCFFODPMMFDUFECZ "MMUIFXBSEWPMVOUFFSTBSFQSPWJEFEXJUI.PCJMFQIPOFT
6-#TUPXBSET6TFS'FF"OBNPVOUPG3T$STQBJE UISPVHIXIJDITFSWJDFSFRVFTUTNBEFCZUIFQVCMJDBSF
UPUIF4FSWJDF1SPWJEFSTUPXBSETUIF0.$IBSHFT 5P CFJOH SFESFTTFE " UPUBM PG
NPCJMFT QIPOFT
NPOJUPSUIFBDUJWJUJFTPG$-"1BTFQBSBUF%BTICPBSEIBT 3FENJ"
XFSFTVQQMJFE%VSJOH UIFZFBS
8BSE
CFFOEFWFMPQFESFHVMBSMZSFWJFXJOHUIFQFSGPSNBODF WPMVOUFFSTQMBZFEBOJOTUSVNFOUBMSPMFJOEFMJWFSJOHUIF
PG UIF .VOJDJQBM $PNNJTTJPOFST PO JNQMFNFOUBUJPO (PWFSONFOUhT GMBHTIJQ 8FMGBSF TDIFNFT UP FBDI BOE
$-"1QSPHSBNNFJOUIF6-# FWFSZIPVTFIPMEJODMVEJOHEJTUSJCVUJPOPG4PDJBM4FDVSJUZ
QFOTJPOT
:43 $IFZVUIB
+BHBOBOOB "NNBWPEJ
UI'JOBODF$PNNJTTJPO(SBOUT +BHBOBOOB 5IPEV
+BHBOBOOB 7JEZB %FFWFOB
"TTJTUBODF UP /FX .VOJDJQBMJUJFT$PSQPSBUJPOT GPS +BHBOBOOB 7BTBUIJ %FFWFOB
:43 $IFEPEV
:43
%FWFMPQNFOUBM 8PSLT 5P JNQSPWF JOGSBTUSVDUVSBM "SPHZBTSFF
:43"BTBSBFUD
GBDJMJUJFT JO .VOJDJQBMJUJFT$PSQPSBUJPOT
BO BNPVOU PG
3T-BLITXBTQSPWJEFEJO#VEHFU&TUJNBUFT
8BSE4FDSFUBSJBUT8BSE4FDSFUBSJFT
'VSUIFS
EVSJOH UIF ZFBS
BO BNPVOU PG "UPUBMPGXBSETFDSFUBSJFTBSFEJTDIBSHJOHUIFJS
3T-BLITXBTSFMFBTFEUP
6-#TBTBEEJUJPOBM EVUJFTJOEFMJWFSJOHUIFXFMGBSFTDIFNFTJODPPSEJOBUJPO
GVOETBOEUIFTBNFXBTJODVSSFEBTFYQFOEJUVSFCZUIF XJUI UIF MJOF EFQBSUNFOUT WJ[ SFWFOVF
DJWJM TVQQMJFT
6-#T NVOJDJQBM
QVCMJD IFBMUI
FOHJOFFSJOH
UPXO QMBOOJOH
"TTJTUBODFUP.VOJDJQBMJUJFTGPSQSPWJEJOHCBTJDGBDJMJUJFT FEVDBUJPO
IPNF
IFBMUINFEJDBMBOEGBNJMZXFMGBSFFUD
JO.VOJDJQBM4DIPPMT'PSJNQMFNFOUBUJPOPGUIF4DIFNF 'MPPETIBWFIJUNPTUPGUIFTUBUFEVFUPIFBWZSBJOGBMM
PG5SBOTGPSNBUJPOPG.VOJDJQBM4DIPPMT1SPKFDU 50.4
JO BOEUXPDZDMPOFTOBNFMZi.BOEPVTwBMTPIJUUIFQVCMJD
6-#4
BOBNPVOUPG3TMBLITIBTCFFOQSPWJEFE MJGFEVSJOH*UJTUIFXBSETFDSFUBSJFTXJUIUIFIFMQPG
EVSJOHUIFZFBS5IFBNPVOUXJMMCFVUJMJTFEGPS XBSEWPMVOUFFSTXIPCSPVHIUOPSNBMDZUPUIFGMPPEBOE
UIFJNQMFNFOUBUJPOPG50.4QSPKFDU DZDMPOF BGGFDUFE VSCBO BSFBT PG UIF TUBUF 3JHIU GSPN
4PMJE 8BTUF .BOBHFNFOU JO /BHBS 1BODIBZUT BSSBOHJOH UFNQPSBSZ GMPPE SFMJFG DFOUFST JODMVEJOH
.VOJDJQBMJUJFT $PSQPSBUJPOT 'PS UIF 4DJFOUJGJD TVQQMZPGEBJMZOFFET
GPPE
NJML
SBUJPOBOENBJOUFOBODF
1SPDFTTJOHBOEEJTQPTBMPG.VOJDJQBM4PMJE8BTUFJOBMM PGTBOJUBUJPOFBDIBOEFWFSZXPSLJTEPOFJOBOPSHBOJ[FE
6SCBO-PDBM#PEJFTJOUIF4UBUF
BOBNPVOUPG3T XBZ JO DPPSEJOBUJPO XJUI 4UBUF %JTBTUFS .BOBHFNFOU
MBLIT IBT CFFO QSPWJEFE JO UIF ZFBS BOE UIF "HFODZ
TBNFXBTSFMFBTFEUP
6-#TJOUIF4UBUFBTQFSUIF $PWJE IBT CFFO UBLFO VQ XJUI UIF IFMQ PG 8BSE
SFRVJSFNFOUTGVSOJTIFECZUIF6-#T 7PMVOUFFST BOE IBE DPNQMFUFE UIF QSPHSBNNF
%FWFMPQNFOU8PSLTJO.BOHBMBHJSJ
(VOUVS%JTUSJDU'PS TVDDFTTGVMMZ5PTUSFOHUIFOUIF8BSE4FDSFUBSJBUTZTUFN
%FWFMPQNFOU PG .BOHBMBHJSJ BOE 5BEFQBMMJ BT .PEFM (PWFSONFOU JT HPJOH UP GJMM VQ UIF WBDBODJFT JO XBSE
5PXOT
BOBNPVOUPG3TMBLITIBTCFFOQSPWJEFE TFDSFUBSJBUTCZJTTVJOHBGSFTIOPUJGJDBUJPOUPGJMMBSPVOE
JOUIFZFBS5IFQSPKFDUIBTCFFOIBOEFEPWFSUP WBDBOUXBSETFDSFUBSJFThQPTUT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
5BCMFQSPHSFTTPGDPOTUSVDUJPOPGUIF%3:436SCBO$MJOJDT
$PNQPOFOU 5BSHFU $PNQMFUFE
$PNQMFUJPO
)BOEFEPWFS
3FOPWBUJPOT
/FX$POTUSVDUJPO
QSPNPUJOH(SFFO)VNBO*OUFSBDUJPOXJUIUIF4USFFUT 1IPUP&YIJCJUJPOTXFSFDPOEVDUFEJOUIF6-#TPO3PBE
(PWFSONFOU IBWF JTTVFE PSEFST PO 1BSBNFUFST 3FQBJS8PSLTUBLFOVQXJUI/"%6/&%61IPUPT
NPEBMJUJFTUJNFMJOFT&WBMVBUJPO $PNNJUUFF GPS "TBQPTU.POTPPO"DUJWJUZ
3PBE4VSWFZXBTDPOEVDUFE
$POEVDUJOHPG(SFFOBOE#FBVUJGJDBUJPO$JUZ$IBMMFOHF JOBMM6-#T6OEFSQIBTF**
1PUIPMFTJEFOUJGJFE
$PNQFUJUJPO VOEFS +BHBOBOOB )BSJUIB /BHBSBMV BOE PO UIF .VOJDJQBM 3PBET XJUI BO FTUJNBUFE BNPVOU PG
*OUFS$JUZ$PNQFUJUJPOT PO UIF (SFFOJOH BOE 3TDSPSFT
#FBVUJGJDBUJPO $JUZ $IBMMFOHF BNPOH UIF 6-#T XJUI B
3FBM5JNF.POJUPSJOH4ZTUFN'PSNPOJUPSJOHUIFSPBET
SFXBSEPG3T$SPSFFBDIUP5PQ6-#T
XIJDI BSF
,.T JO MFOHUI JO 6SCBO BSFBT
3PBE
+BHBOBOOB/BHBSB#BUBMV /FUXPSL .BTUFS %BUB JT BWBJMBCMF XJUI 8BSE "NFOJUZ
4FDSFUBSJFT XBSET
UISPVHI"1$..4"QQMPHJOT
" IPMJTUJD 6SCBO 3PBE *OGSBTUSVDUVSF .BOBHFNFOU h"1$0/4*45&/5.0/*503*/(0'.6/*$*1"-4&37*$&4h
1SPHSBNGPS1PUIPMFGSFF6SCBO3PBET"TB1SF.POTPPO "1$..4
"QQ
"DUJWJUZ
3PBE3FQBJS8PSLTXFSFUBLFOVQJOUIFNPOUIT
&WFSZ EBZ BN o OPPO
BMM8BSE "NFOJUJFT
PG .BZ +VOF "MM 6-#T IBWF DPNQMFUFE 3PBE
4FDSFUBSJFTTIBMMTVSWFZFWFSZTUSFFUXJUIJOIJTIFSXBSE
3FQBJS 8PSLT CZ BOE 1PUIPMFT BSF
BOE DBQUVSF 1PUIPMFT PUIFS HSJFWBODFT SFHBSEJOH
SFQBJSFE BOE 3T DSPSFT JODVSSFE GPS SPBE SFQBJST
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
:43i4VOOBw7BEEJ
5IJT QSPHSBNNF GPDVTFT PO QSPWJEJOH BTTJTUBODF UP
(PWFSONFOUJTJNQMFNFOUJOHUIJTTDIFNFUPSFEVDFUIF
JOEJWJEVBMVSCBOQPPSCFOFGJDJBSJFTGPSTFUUJOHVQHBJOGVM
JOUFSFTUCVSEFOPGUIF6SCBOQPPSPO4)(#BOLMPBOT
TFMGFNQMPZNFOUWFOUVSFTBOENJDSPFOUFSQSJTFT%VSJOH
4)(TDPWFSFEBOESFMFBTFE3T$SEVSJOH
VOEFS#BOL-JOLBHFUP4)(T
3T$SIBT
UIFZFBS
CFFONPCJMJ[FEPVUPGBUBSHFUPG3T$SBOE
JOEJWJEVBMTBSFBTTJTUFEVOEFS4FMG&NQMPZNFOU1SPHSBN
:43"BTBSB
JOEJWJEVBM
HSPVQTBTTJTUFEVOEFS4&1 (
"TQBSUPGi/BWB3BUOBMVw
UIFPVUTUBOEJOH#BOLMPBOPG
4)(T BT PO TIBMM CF SFJNCVSTFE JO GPVS D
&NQMPZNFOU UISPVHI 4LJMM USBJOJOH
JOTUBMNFOUTMBLI4)(TBSFFMJHJCMFBOE-BLI 1MBDFNFOU &451
NFNCFSTTIBMMCFCFOFGJUFEXJUIBOFMJHJCMFBNPVOUPG
5IF NBJO PCKFDUJWF PG UIF QSPHSBNNF JT QSPWJEJOH BO
3T $S "O BNPVOU PG 3T $S IBT CFFO
BTTFU UP UIF VSCBO QPPS JO UIF GPSN PG TLJMMT GPS
SFMFBTFEBTTUJOTUBMNFOUBOEBOBNPVOUPG3T
TVTUBJOBCMFMJWFMJIPPE
$SIBTCFFOSFMFBTFEBTOEJOTUBMNFOU
:43$IFZVUIB E
4VQQPSUUP6SCBO4USFFU7FOEPST 4647
4USFOHUIFOJOHBOETVTUBJOBCJMJUZPGMJWFMJIPPETPG4USFFU
'JOBODJBMBTTJTUBODFPG3T
PWFSUIFZFBST
XJMMCF
7FOEPST 47T
IBTCFFOQSPQPTFEUPCFJNQMFNFOUFEJO
QSPWJEFEUPUIFXPNFOJOUIFBHFHSPVQPGZFBST
BMM6-#TJOUIFTUBUFBTBQBSUPGUIF/BUJPOBM1PMJDZPO
CFMPOHJOHUP4$
45
#$BOE.JOPSJUZDPNNVOJUJFT"O
VSCBOTUSFFUWFOEPST(PWFSONFOUPG*OEJBIBTMBVODIFE
BNPVOU PG 3T
IBT CFFO SFMFBTFE BT
i1.4USFFU7FOEPShT"UNB/JSCIBS/JEIJ 1.47"/*%)*
w
SEJOTUBMNFOUUPMBLICFOFGJDJBSJFTVOEFS$IFZVUIB
POUI.BZ
B$FOUSBM4FDUPS4DIFNFUPVQMJGUUIF
5IFTIPQTBSFCFJOHTFUVQCZUZJOHVQXJUISFOPXOFE
TUSFFU WFOEPST BEWFSTFMZ BGGFDUFE CZ $07*%
DPNQBOJFT )6-
*5$
1( BOE 3FMJBODF UP QSPWJEF
QBOEFNJD BOE DPOTFRVFOU MPDLEPXOT 4USFFU WFOEPST
TVTUBJOBCMFMJWFMJIPPETUPUIFEPXOUSPEEFOXPNFO
BSFFOUJUMFEUPBWBJMXPSLJOHDBQJUBMMPBO 8$
VQUP3T
CFOFGJDJBSJFT BSF TVQQPSUFE XJUI MJWFMJIPPE
XJUI UFOVSF PG ZFBS UP CF SFQBJE JO NPOUIMZ
BDUJWJUJFTCZQSPWJEJOHMPBOTPG3T$SUP
JOTUBMMNFOUT(P*XJMMSFJNCVSTFJOUFSFTU!QFSBOOVN
CFOFGJDJBSJFT UPUIF#BOL"DDPVOUTPG#FOFGJDJBSJFTPORVBSUFSMZCBTJT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
GPS UIF SFHVMBS SFQBZNFOU *O BEEJUJPO
JODFOUJWFT PO NFOU 1SPHSBNNFT
BOE :43 +BMBLBMB VOEFS 3ZUIV
EJHJUBMUSBOTBDUJPOTUPBNBYPG3TQFSNPOUIGPS #IBSPTBGPSUIFBMMFWJBUJOHQPWFSUZBOEEFWFMPQJOHUIF
PSNPSFUSBOTBDUJPOT SVSBMBSFBT
6OEFS 1. 47"/*%)*
4USFFU 7FOEPST 5IF NVMUJQSPOHFE TUSBUFHZ BEPQUFE CZ 3VSBM
3FHJTUFSFE
-PBOT GPS BO BNPVOU PG 3T $S XBT %FWFMPQNFOU %FQBSUNFOU UISPVHI UIF BCPWF
TBODUJPOFEUP
PGXIJDI
3T$SEJTCVSTFE QSPHSBNNFTBSFOPUPOMZBEESFTTJOHUIFSVSBMQPWFSUZ
UP
CFOFGJDJBSJFT CVUBMTPIFMQJOHUIFDSFBUJPOPGWJUBMSVSBMJOGSBTUSVDUVSF
5IF .(/3&(4 QSPHSBN JT POF PG UIF CJHHFTU XBHF
F
4IFMUFSTGPS6SCBO)PNFMFTT 46)
FNQMPZNFOU QSPHSBN BOE QSPWJEFT FNQMPZNFOU UP
5IFNBJOPCKFDUJWFPG46)JTi1SPWJEJOH4IFMUFSUP BCPVU MBLI XBHF TFFLFST GSPN MBLI IPVTFIPMET
6SCBO )PNFMFTT XJUI BMM BNFOJUJFT )PNFT "CPVU$SQFSTPOEBZTBSFCFJOHHFOFSBUFEBOOVBMMZ
TBODUJPOFEBOEBSFPQFSBUJPOBM VOEFS.(/3&(4BTTVSJOHBTFDVSFEMJGFUPSVSBMQPPS
5IF XBUFSTIFE QSPHSBN PO UIF PUIFS IBOE JT
/BUJPOBM6SCBO)FBMUI.JTTJPO /6).
DPOUSJCVUJOHBMPUUPBEESFTTUIFMBOEEFHSBEBUJPOBOE
.&1."
JO DPOWFSHFODF XJUI /BUJPOBM 6SCBO )FBMUI QSPEVDUJWJUZ FOIBODFNFOU PG GBSN MBOET *O UIF TUBUF
.JTTJPO /6).
JT JNQMFNFOUJOH EJGGFSFOU IFBMUI MBOETBSFEFHSBEFEBOEOFBSMZQFPQMFBSFQPPS
JOJUJBUJWFTGPSDSFBUJPOPGBXBSFOFTTUPUIFVSCBOQPPSPO CFMPX QPWFSUZ MJOF
8JUI QSPQFS QMBOOJOH
TDJFOUJGJD
QSFWFOUJPO PG DPNNVOJDBCMF BOE OPODPNNVOJDBCMF BQQSPBDI BOE FGGJDJFOU NBOBHFNFOU
JU JT QPTTJCMF UP
EJTFBTFT
XBUFS
TBOJUBUJPO BOE )ZHJFOF .&1." IBT JODSFBTF UIF QSPEVDUJWJUZ PG EFHSBEFE MBOET
SFEVDF
GPSNFE BOE TUSFOHUIFOFE
.BIJMB"BSPHZB QPWFSUZCZDSFBUJOHIVHFFNQMPZNFOUPQQPSUVOJUJFTGPS
4BNJUIJFT ."4
XJUI
NFNCFSTUPBDUBTCSJEHF UIF QPPS *U JT GJSNMZ CFMJFWFE UIBU UIF EFWFMPQNFOU PG
CFUXFFOVSCBOQPPSBOEIFBMUITFSWJDFQSPWJEFST
MJOF EFHSBEFE MBOET JT BO JNQPSUBOU JOQVU SFRVJSFE GPS
EFQBSUNFOUT
/(0TGPSPQUJNVNVUJMJ[BUJPOPGTFSWJDFTUP FSBEJDBUJPOPGQPWFSUZ
SFEVDFPVUPGQPDLFUFYQFOEJUVSF.&1."JTPSHBOJ[JOH 5IF :43 +BMBLBMB 1SPHSBN BJNT UP QSPWJEF JSSJHBUJPO
)FBMUI DBNQT
IFBMUI DIFDLVQT GPS UIF VSCBO QPPS JO XBUFSTFDVSJUZUPTNBMMBOENBSHJOBMGBSNFSTCZTJOLJOH
DPPSEJOBUJPOXJUIMJOFEFQBSUNFOUT CPSFXFMMT JO UIF BHSJDVMUVSF GJFMET XJUI
HPWFSONFOU GVOET :43 +BMBLBMB
UIF 'SFF #PSFXFMMT
+BHBOBOOB.BIJMB.BSU TDIFNFJTBJNFEBUVUJMJTJOHUIFBWBJMBCMFHSPVOEXBUFS
t "TQBSUPGUIF)POPSBCMF$.hTWJTJPOUPQSPNPUF SFTPVSDFT GPS UIF JNQSPWFNFOU PG MJWFMJIPPET PG UIF
TVTUBJOBCMFMJWFMJIPPETBNPOHUIFVSCBOQPPS
JU GBSNFSTBOEUIFSFCZJNQSPWFTUIF(4%1VOEFSQSJNBSZ
JT QSPQPTFE UP GBDJMJUBUF 4)( XPNFO UP TFU VQ TFDUPS
+BHBOBOOB .BIJMB .BSU JO BMM 6-#T JO B QIBTFE "MM UIF QSPHSBNNFT BSF CFJOH JNQMFNFOUFE BOE
NBOOFSXJUIBPOFUJNFDPOUSJCVUJPOPG3T NPOJUPSFEUISPVHISPCVTU.*4GPSBDIJFWJOHUIFEFTJSFE
QFSNFNCFS PVUDPNFT5IFTDIFNFSFMBUFEEBUBJTBWBJMBCMFJO1VCMJD
t "TBQJMPUQSPKFDU
+..FTUBCMJTIFEBU1VMJWFOEVMB EPNBJOGPSQVCMJDBDDFTTFOTVSJOH USBOTQBSFODZJOUIF
PO SE +BOVBSZ BOE EVSJOH UIF TU ZFBS JNQMFNFOUBUJPOPGUIFTFTDIFNFT
BDIJFWFEBOOVBMUVSOPWFSPG3T$S
t "OPUIFS +..T FTUBCMJTIFE BU 3BZBDIPUJ
* . BIBUNB ( BOEIJ /BUJPOBM 3VSBM
"EEBOLJ
$IJUUPPS
5JSVQBUIJBOE1VOHBOVSV &NQMPZNFOU(VBSBOUFF4DIFNF
5IF .BIBUNB (BOEIJ /BUJPOBM 3VSBM &NQMPZNFOU
3VSBM%FWFMPQNFOU (VBSBOUFF "DU /3&("
XBT OPUJGJFE PO 4FQUFNCFS
5IF"DUQSPWJEFTBMFHBMHVBSBOUFFPGEBZTPG
5IF 3VSBM %FWFMPQNFOU %FQBSUNFOU IBT UISFF NBKPS XBHF FNQMPZNFOU JO B GJOBODJBM ZFBS UP FWFSZ SVSBM
XJOHT OBNFMZ .BIBUNB (BOEIJ /BUJPOBM 3VSBM IPVTFIPME XIPTF BEVMU NFNCFST WPMVOUFFS UP EP
&NQMPZNFOU (VBSBOUFF 4DIFNF
8BUFSTIFE %FWFMPQ VOTLJMMFENBOVBMXPSL
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
5IF PCKFDUJWF JT QSPWJEJOH OPU MFTT UIBO POF IVOESFE XFSF TBODUJPOFE PG XIJDI 3#, CVJMEJOHT
EBZT PG VOTLJMMFE NBOVBM XPSL BT B HVBSBOUFFE XFSFDPNQMFUFEBOECBMBODFXPSLTBSFJO
FNQMPZNFOUJOBGJOBODJBMZFBSUPFWFSZIPVTFIPMEJO QSPHSFTT
SVSBM BSFBT BT QFS EFNBOE
SFTVMUJOH JO DSFBUJPO PG t :43 )FBMUI $MJOJDT :43 )FBMUI $MJOJD
QSPEVDUJWF BTTFUT PG QSFTDSJCFE RVBMJUZ BOE EVSBCJMJUZ CVJMEJOHT XFSF TBODUJPOFE 0VU PG XIJDI
5IFMJWFMJIPPESFTPVSDFCBTFPGUIFQPPSJTTUSFOHUIFOFE
)FBMUI $MJOJD CVJMEJOHT XFSF DPNQMFUFE BOE
QSPBDUJWFMZ FOTVSJOH TPDJBM JODMVTJPO BOE BMTP CBMBODFXPSLTBSFJOQSPHSFTT
TUSFOHUIFOJOH 1BODIBZBU 3BK *OTUJUVUJPOT .(/3&(4 JT
JNQMFNFOUFEJOBMMEJTUSJDUTPGUIF4UBUF t #VML.JML$PPMJOH$FOUSFT#.$6".$6
CVJMEJOHT XFSF TBODUJPOFE 0VU PG XIJDI
"MM UIF XPSLT FYFDVUFE DBO CF DBUFHPSJ[FE JOUP GPVS
CVJMEJOHT XFSF DPNQMFUFE BOE CBMBODF
OBNFMZ 1VCMJD XPSLT SFMBUJOH UP /BUVSBM 3FTPVSDFT XPSLTBSFJOQSPHSFTT
.BOBHFNFOU
*OEJWJEVBMBTTFUTGPSWVMOFSBCMFTFDUJPOT
$PNNPO JOGSBTUSVDUVSF GPS /3-. DPNQMJBOU 4FMG)FMQ t %JHJUBM-JCSBSJFT0VUPG(SBN1BODIBZBUT
(SPVQTBOE3VSBM*OGSBTUSVDUVSF5IFTDIFNFJTBDFOUSBMMZ %JHJUBM-JCSBSZCVJMEJOHTXFSFTBODUJPOFE
TQPOTPSFE TDIFNF XJUI DFOUSBM BOE TUBUF %JHJUBM -JCSBSJFT XFSF DPNQMFUFE BOE CBMBODF
TIBSFT5IFDFOUSBMHPWFSONFOUSFMFBTFTUIFBNPVOUGPS XPSLTBSFJOQSPHSFTT
PG UIF XBHF QBZNFOUT
PG UIF NBUFSJBM
QBZNFOUBOEBENJOJTUSBUJWFFYQFOEJUVSF5IF4UBUF 1MBOUBUJPOBDUJWJUJFTVOEFS.(/3&(4
(PWFSONFOU SFMFBTFT BNPVOU GPS PG UIF NBUFSJBM 4UBUF HPWFSONFOU JT QSPNPUJOH )PSUJDVMUVSF
"WFOVF
QBZNFOUT
VOFNQMPZNFOUBMMPXBODFBOE.(/3&(4"1 1MBOUBUJPOT 0UIFS 1MBOUBUJPO 1SPHSBNNFT VOEFS
4UBUF$PVODJMFYQFOEJUVSF .(/3&(4
BTBNFBOTPGQSPWJEJOHDSFBUJOHQSPEVDUJWF
BTTFUT GPS UIF QPPS XBHF TFFLFST TP UIBU UIFSF JT B
1FSGPSNBODFPG.(/3&(4 TVTUBJOBCMF TPVSDF PG JODPNF 5IF NBJO PCKFDU PG UIF
t "OEISB1SBEFTIPDDVQJFTUIQMBDFJOUIFDPVOUSZ JNQMFNFOUBUJPO PG UIF 1MBOUBUJPO 1SPHSBNNFT VOEFS
JOHFOFSBUJOHPG-BLIQFSTPOEBZTBHBJOTU .(/3&(4 JT UP JNQSPWF MJWFMJIPPET UP UIF 4NBMM
BQQSPWFE -BCPVS #VEHFU PG -BLI QFSTPO .FEJVN'BSNFST4$
45SVSBMQPPS
EBZTCZ(P*0VUPGUIFTF1FSTPOEBZTHFOFSBUFE $SFBUJPO PG (SFFO "TTFUT QMBOUBUJPO
JT UIF MBSHFTU
CZ4$TJT-BLIT
45To-BLIT1%T BDUJWJUZOFYUUPXBHFFNQMPZNFOUVOEFS.(/3&(4XJUI
BOE8PNFOo-BLIT1%T
BO PCKFDUJWF UP JNQSPWF HSFFO DPWFS UP QSPWJEF
XFSFHFOFSBUFEEVSJOH': TVTUBJOBCMFMJWFMJIPPEUPUIFSVSBMQPPS
t %VSJOH
UPUBM FYQFOEJUVSF VOEFS .(
/3&(4JT3T$SPSFTPGXIJDI3T$SPSFT )PSUJDVMUVSF1MBOUBUJPO
JT UPXBSET VOTLJMMFE XBHFT BOE 3T $SPSFT )PSUJDVMUVSF 1MBOUBUJPO JT QSPNPUFE JO SVSBM BSFBT
UPXBSETTLJMMFEXBHFTNBUFSJBMDPNQPOFOU DPWFSJOH TNBMM BOE NBSHJOBM GBSNFST CZ QSPWJEJOH
BTTJTUBODF VOEFS .(/3&(4 GPS SBJTJOH EJGGFSFOU GSVJU
1SJPSJUZ8PSLT DSPQT MJLF .BOHP
$BTIFX
4XFFU PSBOHF
"DJE MJNF
$POTUSVDUJPO PG (SBNB 4BDIJWBMBZBN #VJMEJOHT
3ZUIV (VBWB
FUD "O FYUFOU PG
BDSFT PG IPSUJDVMUVSF
#IBSPTB,FOESBMV
:43)FBMUI$MJOJDT
#VML.JML$PPMJOH QMBOUBUJPOXBTUBLFOVQCFOFGJUJOH
IPVTFIPMET
6OJUT
%JHJUBM-JCSBSJFTFUDBSFUIFLFZ1SPKFDUTUBLFOVQ EVSJOHUIFZFBS
5IFQSPHSFTTPGXPSLTUBLFOVQJTHJWFOCFMPX 1SPNPUJPO PG .PSJOHB 5P BEESFTT UIF QSPCMFN PG
t (SBNB 4BDIJWBMBZBN #VJMEJOHT
(SBNB NBMOVUSJUJPOJOSVSBMQPPS
.PSJOHB1MBOUBUJPOBDUJWJUZJT
4BDIJWBMBZBN CVJMEJOHT XFSF TBODUJPOFE PG QSPNPUFEVOEFS.(/3&("JODPPSEJOBUJPOXJUI/3-.
XIJDI CVJMEJOHT DPNQMFUFE BOE CBMBODF 4&31
JOUIF4UBUFJOUIFMBOETPGJOEJWJEVBMIPVTFIPMET
XPSLTBSFJOQSPHSFTT BOEBMTPDPNNVOJUZMBOET
t 3ZUIV#IBSPTB,FOESBMV
3#,CVJMEJOHT
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
"NSJU4BSPWBS
0OUIFPDDBTJPOPG"[BEJ,J"NSJU.BIPUTBW
NBSLJOH
ZFBST PG *OEFQFOEFODF GSPN DPMPOJBM SVMF
BOE DSFBUF
TVTUBJOBCMF MPOH UFSN QSPEVDUJWF BTTFUT
QSPQPTFE
$POTUSVDUJPO%FWFMPQNFOUPGBUMFBTU"NSJU4BSPWBS
QPOET
JO FWFSZ EJTUSJDU PG UIF DPVOUSZ &BDI "NSJU
4BSPWBSXJMMIBWFQPOEBHFBSFBPGNJOJNVNPGBDSF
IFDUBSF
XJUI XBUFS IPMEJOH DBQBDJUZ PG BCPVU
DVCJD NFUFS *O "OEISB 1SBEFTI
$POTUSVDUJPO
EFWFMPQNFOU PG FYJTUJOH UBOLT XBT UBLFO VQ UP DPWFS
"NSJU 4BSPWBS 5BOLT "MM "NSJU 4BSPWBST UP CF
DPNQMFUFECZFOEPG"NSJU7BSTIJFUI"VHVTU
40$*"-*/'3"4536$563&
BOBNPVOUPG3T$STXBTTQFOUBHBJOTUSFMFBTFPG
3T$STBOE-BLIIFDUBSFTPGEFHSBEFEMBOE
XBTUSFBUFEPVUPG-BLI)FDUBSFT8%$1.,4:
TBODUJPOFE XBUFSTIFE QSPKFDUT #BUDI * o 7
XFSF
DPNQMFUFEPO
8%$1.,4:
(P* IBWF TBODUJPOFE /FX (FOFSBUJPO 8BUFSTIFE
1SPKFDUT VOEFS 8%$1.,4: UP USFBU BO BSFB PG * :43+BMB,BMB
)B XJUI UIF QSPQPTFE QSPKFDU DPTU PG
6OEFS |/"7"3"5/"-6
UIF TUBUF HPWFSONFOU IBT
3TMBLITJOEJTUSJDUTPG"OEISB1SBEFTIJF
MBVODIFEi:43 +BMB ,BMBw QSPHSBNNF PO UP
"OBOUBQVSBNV
4SJ 4BUIZB 4BJ
$IJUUPPS
ESJMMCPSFXFMMTBUGSFFPGDPTUUPUIFOFFEZBOEFMJHJCMF
"OOBNBZZB
:43
,VSOPPM
/BOEZBM
GBSNFST5IFHPWFSONFOUIBTQMBOOFEUPESJMM-BLIGSFF
1SBLBTBN
7JTBLIBQBUOBN
"OBLBQBMMJ
"43
#PSFXFMMTUPUIFOFFEZFMJHJCMFGBSNFSTJOUIFTUBUFJO
7J[JBOBHBSBN
1BSWBUIJQVSBN.BOZBN
%FUBJMT
ZFBST GSPN UP XJUI B UPUBM GJOBODJBM
TIPXOJO"OOFYVSF
PVUMBZ3T
DSPSFT(PWFSONFOUBMTPQSPWJEFTQVNQ
5IFNBJOPCKFDUJWFTPGUIF1.,4:8BUFSTIFETBSFUP TFUTUPTNBMMBOENBSHJOBMGBSNFSTBUGSFFPGDPTUUPUIF
JNQSPWF UIF QSPEVDUJWF QPUFOUJBM PG SBJOGFE BOE CPSFXFMMTESJMMFEVOEFSUIJTQSPHSBNNF
EFHSBEFE MBOE
TUSFOHUIFO DPNNVOJUZ CBTFE MPDBM
5IF TPMF PCKFDUJWF PG UIF 1SPHSBN JT UP QSPWJEF UIF
JOTUJUVUJPOT GPS QSPNPUJPO PG MJWFMJIPPET XBUFSTIFE
JSSJHBUJPOXBUFSUPUIFFWFSZBDSFPGBSBCMFMBOEPGOFFEZ
TVTUBJOBCJMJUZBOEFOIBODJOHFDPOPNJDHSPXUIPGWJMMBHF
TNBMM BOE NBSHJOBM GBSNFST JO BMM UIF EJTUSJDUT CZ
DPNNVOJUJFT EFQFOEFOU PO 8BUFSTIFE &DPMPHJDBM
ESJMMJOH PG BHSJDVMUVSBM CPSF XFMMT BOE QSPWJEJOH XJUI
SFTUPSJOH BOE TVTUBJOBCMF NBOBHFNFOU PG OBUVSBM
.PUPST1VNQ4FUTBOEFOFSHJ[BUJPOPGESJMMFECPSFXFMM
SFTPVSDFT BDSPTT UIF QSPKFDU BSFB BOE *NQSPWJOH UIF
GSFFPGDPTU
GPSJNQSPWJOHMJWFMJIPPETPGUIFGBSNFSTBOE
FDPOPNJD BOE TPDJBM DPOEJUJPOT PG UIF SFTPVSDF QPPS
UIFSFCZJNQSPWFUIF(4%1VOEFSQSJNBSZTFDUPS
BTTFUMFTT
EJGGFSFOUMZBCMFEBOEXPNFOJOQBSUJDVMBS
4JODF JODFQUJPO PG UIF QSPHSBNNF
CPSF XFMMT
5IF )B PG DMVTUFS BSFB USFBUFE VOEFS
XFSF ESJMMFE DPWFSJOH
CFOFGJDJBSJFT XJUI BO
XBUFSTIFEBQQSPBDI5IFQSFTFOUGVOEJOHQBUUFSOPGUIF
BNPVOUPG3T$SPSFTUISPVHIXIJDI
BDSFT
QSPHSBNNFT JT BT $FOUSBM TUBUF TIBSFT 5IF
PGMBOECSPVHIUVOEFSDVMUJWBUJPO%VSJOHUIF':
1SPKFDUQFSJPEJTZFBSBOEUIFVOJUDPTUJT3T
CPSF XFMMT XFSF ESJMMFE DPWFSJOH
QFS)BJOQMBJOBSFBBOE3T
QFS)BGPS)JMMBSFB
CFOFGJDJBSJFT XJUI BO BNPVOU PG 3T $SPSFT BOE
5IF 1BZNFOU TIBMM CF NBEF UISPVHI 4/" BOE 5IF
BDSFTCSPVHIUVOEFSDVMUJWBUJPO
FYQFOEJUVSFTIBMMCFNPOJUPSFEUISPVHI1'.4BOE.*4
%VSJOH
BOBNPVOUPG3T$SPSFTIBTCFFO 4PDJFUZ GPS &MJNJOBUJPO PG 3VSBM
SFMFBTFE VOEFS 8%$1.,4: 1SPKFDU 5IF UPUBM
FYQFOEJUVSFJODVSSFEVQUP%FDFNCFS
JT3TDS 1PWFSUZ 4&31
40$*"-*/'3"4536$563&
QPWFSUZSFEVDUJPOBOETPDJBMDBQJUBMDSFBUJPOUISPVHIB 5IFTUBUFHPWFSONFOUIBTFYUFOEFEGJOBODJBMBTTJTUBODF
IPMJTUJD BQQSPBDI GBDJMJUBUJOH BOE QSPNPUJOH JO UIF GPSN PG QFOTJPOT UP UIF QFPQMF TVGGFSJOH GSPN
FNQPXFSNFOU
DSFBUJOH PQQPSUVOJUJFT
QSPWJEJOH 5IBMBTTFNJB NBKPS DBTFT
4JDLMF DFMM EJTFBTFT
TFWFSF
NFDIBOJTNGPSTPDJBMTFDVSJUZBOEXPSLJOHGPSFRVJUZ )BFNPQIJMJB
#JMBUFSBM &MFQIBOUJBTJT
1BSBMZTJT
TFWFSF
.VTDVMBS EZTUSPQIZ
$ISPOJD ,JEOFZ EJTFBTF QBUJFOUT
*OTUJUVUJPO#VJMEJOH$BQBDJUZ#VJMEJOH .VMUJ %FGPSNJUZ -FQSPTZ BOE ,JEOFZ-JWFS)FBSU
$PNNVOJUZ #BTFE 0SHBOJTBUJPOT $#0T
IBWF CVJMU VQ 5SBOTQMBOU5IFQFOTJPOBNPVOUSBOHFTGSPN3T
UP
FOPSNPVTGJOBODJBMDBQJUBMCBTFUISPVHITBWJOHTDPSQVT 3T
QFS NPOUI XIJDI XJMM CF VUJMJ[FE GPS UIFJS
#FTJEFT UIJT
UIF IVNBO DBQJUBM BTQFDU PG UIF 4)( NFEJDJOF TVQQMFNFOUT 6OEFS :43 1FOTJPOT TDIFNF
NFNCFST IBT CFFO CVJMU PWFS UIF ZFBST BOE JT MBLI BSF CFOFGJUUFE FWFSZ NPOUI BOE MFBEJOH
DPOUJOVPVTMZ JO UIF QSPDFTT PG CFJOH TUSFOHUIFOFE EJHOJGJFEMJGFJOUIFTPDJFUZ
UISPVHIWBSJPVTQSPHSBNTBOEJOJUJBUJWFTMBLISVSBM 5IF 4UBUF HPWFSONFOU IBT SFTUSVDUVSFE UIF EFMJWFSZ
XPNFOIBWFCFFOJOTUJUVUJPOBMJ[FEJOUPMBLI4)(T
TZTUFNT UP GVODUJPO BT BO FGGFDUJWF NFDIBOJTN GPS
JOUIBU
18%NFNCFSTGPSNFE
18%4)(T EFMJWFSJOH HPWFSONFOU TFSWJDFT BU EPPS TUFQ PG BMM
"UPUBMPG
7JMMBHF0SHBOJTBUJPOT 70T
.BOEBM FMJHJCMFIPVTFIPMETh1FOTJPOTBUEPPSEFMJWFSZTZTUFNhJT
4BNBLIZBT .4
BOE;JMMB4BNBLIZBTIBWFDPNFJOUP GJSTUPGJUTLJOEJO*OEJB
XIJDIIBTCFFODPNNFODFEGSPN
FYJTUFODF BDSPTT UIF TUBUF 5IF UPUBM TBWJOHT CZ UIF TU'FCSVBSZ
JOUIFTUBUF 3FNBSLBCMZMBLIT
NFNCFSTJT3T
$SBOEUIFDPSQVTBWBJMBCMFXJUI 7JMMBHF BOE 8BSE 7PMVOUFFST BSF QBSUJDJQBUFE JO
4)(NFNCFSTJTDMPTFUP3T
$ST0VUPG EJTCVSTFNFOUPGQFOTJPOFWFSZNPOUI "OBNPVOUPG
MBLISVSBM4)(NFNCFST
BSPVOEPGUIFNFNCFST 3T DSPSFT SFMFBTFE UP MBLI QFOTJPOFST JO
IBWFUIFJSJOEJWJEVBMNFNCFS4#BDDPVOUTJOCBOLT %FDFNCFS
GPS +BOVBSZ
QBZNFOUT %VSJOH
6OEFS DBQBDJUZ CVJMEJOH BMM 4)( NFNCFST
7JMMBHF
BO BNPVOU PG 3T
DSPSFT IBWF CFFO
PSHBOJTBUJPOT BOE .BOEBM TBNBLIZBT 0# BOE &$ BMMPUUFEGPSQFOTJPOTBOEUIFFYQFOEJUVSFJTFTUJNBUFEUP
NFNCFSTUSBJOFEPO401T
'JOBODJBM.BOBHFNFOU '.
3T
$SPSFT%VSJOH
JUJTFTUJNBUFEBT3T
-JWFMJIPPE BDUJWJUJFT BOE HJWFO BXBSFOFTT PO (FOEFS
$SPSFTGPSQFOTJPOT
'PPEBOE/VUSJUJPOBOE(1%17131 $BUFHPSZXJTF%JTUSJDUXJTFSFMFBTFPGQFOTJPOTGPSUIF
NPOUIPG%FDFNCFS
QBZBCMFJO+BOVBSZBSF
:43 1FOTJPO ,BOVLB 4PDJBM 4BGFUZ /FU GPS TIPXOJO"OOFYVSFT
1PPSBOE7VMOFSBCMF
#BOL-JOLBHF
'PSUIFXFMGBSFBOEEFWFMPQNFOUPGBMMTFHNFOUTPGUIF
TPDJFUZ
(PWFSONFOU BOOPVODFE /BWBSBUIOBMV 4)(#BOL-JOLBHFQSPHSBNNFBJNTUPFOBCMFUIFQPPS
DPNQSJTJOH PG WBSJPVT XFMGBSF BOE EFWFMPQNFOUBM IPVTFIPMETJOBDDFTTJOHBEFRVBUFGPSNBMDSFEJUBUUIFJS
QSPHSBNNFT"TQBSUPGUIF/BWBSBUIOBMV
&OIBODFNFOU EPPSTUFQT UISPVHI UIFJS NFNCFSTIJQ JO 4)(T XJUI B
PGQFOTJPOBNPVOUBOESFEVDUJPOJOUIFBHFDSJUFSJBGPS DIFBQFSSBUFPGJOUFSFTU
PMEBHFQFOTJPOJTBNBKPSXFMGBSFNFBTVSFUPBNFMJPSBUF 5IF HSPXUI PG 4)( CBOLMJOLBHF JO UIF TUBUF JT
UIFIBSETIJQTPGUIFQPPSBOEWVMOFSBCMFTFDUJPOTPGUIF QIFOPNFOBM "1 TUBUF TUPPE JO GJSTU QPTJUJPO JO UIF
TPDJFUZ QBSUJDVMBSMZ UIF PME BOE JOGJSN
XJEPXT BOE DPVOUSZXJUIPG/BUJPOBMTIBSFXJUISFDPWFSZ
QFSTPOTXJUIEJTBCJMJUZUPTFDVSFBEJHOJGJFEMJGF VOEFS4)(#BOL-JOLBHFQSPHSBNNFXJUIZFBSMZCBOL
5IFTUBUFHPWFSONFOUIBTFOIBODFEUIFTPDJBMTFDVSJUZ MJOLBHFEJTCVSTFNFOUPGBSPVOE3T
$SPSFTJOCPUI
QFOTJPO BNPVOU GPS 0ME "HF 1FSTPOT
8JEPX
5PEEZ 3VSBMBOEVSCBOBSFBT
5BQQFST
8FBWFST
4JOHMF XPNFO
'JTIFSNFO
"35 %VSJOH UIF GJOBODJBM :FBS
BO BNPVOU PG 3T
1-)*7
1FSTPOT
5SBEJUJPOBM$PCCMFST UP 3T
QFS
$SPSFTXBTEJTCVSTFEUP
3VSBM4)(T
NPOUI
XFG
BOE %JTBCMFE QFSTPOT UP 3T VQUP /PWFNCFS
BHBJOTU UIF UBSHFU BNPVOU PG
QFSNPOUI 3T
$SPSFTUP
3VSBM4)(T
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
6OEFS UIF TDIFNF
UIF HPWFSONFOU IBT FOUFSFE JOUP CFOFGJDJBSJFT BSF DPWFSFE XJUI BEEJUJPOBM MPBO PG 3T
QBSUOFSTIJQT XJUI NVMUJOBUJPOBM DPNQBOJFT TVDI BT $S
"NVM
)6-
*5$-UE
1(
/**/&
3FMJBODFSFUBJM
BOE"+*0
CVTJOFTT UP TVQQPSU UIF JEFOUJGJFE CFOFGJDJBSJFT BDSPTT 4USFF/JEIJ
EBJSZ
SFUBJMCVTJOFTT4PGBS
3FUBJMTUPSFTXFSF 4USFFOJEIJ $SFEJU $PPQFSBUJWF 'FEFSBUJPO -JNJUFE
FTUBCMJTIFE "OEISB1SBEFTIPQFSBUFTJOSVSBMBTXFMMBTVSCBOBSFBT
6OEFSUIF:43$IFZVUIBTDIFNF
GJOBODJBMBTTJTUBODFPG XJUIBOPCKFDUJWFPGQSPWJEJOHMJWFMJIPPEMPBOTUPQPPS
3T DSPSFT XBT SFMFBTFE UP PWFS MBLI 4)(XPNFOJOUSBOTQBSFOUBOEFBTJMZBDDFTTJCMFNBOOFS
CFOFGJDJBSJFT JO JO UIF GJSTU USFODI
3T UISPVHI 4)( GFEFSBUJPOT JF 704-'T BOE .45-'T *O
$SPSFTIBTCFFOSFMFBTFEUPPWFS-BLICFOFGJDJBSJFT BEEJUJPO UP UIF MPBO TFSWJDFT
4USFFOJEIJ BMTP QSPWJEFT
JOJOUIFTFDPOEUSFODIBOEJOSE5SFODIEVSJOH EFQPTJU TFSWJDFT GPS SFTPVSDF NPCJMJ[BUJPO
MPBO
GJOBODJBM BTTJTUBODF PG 3T $SPSFT IBT JOTVSBODF
XPSLTBT#VTJOFTT$PSSFTQPOEFOUUPBMM#BOLT
CFFO SFMFBTFE UP PWFS -BLI CFOFGJDJBSJFT PO BOE BMTP BT B $IBOOFMJ[JOH "HFODZ GPS GJOBODJOH
MJWFMJIPPE BDUJWJUJFT VOEFS 4$5SJCBM 4VC 1MBOT
*8.1
/3-.FUD
BOEJTFNFSHJOHBTBHBUFXBZGPSUSBOTGFSSJOH
-JWFMJIPPET XFSF QSPNPUFE DPWFSJOH MBLI GVOETUPUIFUBSHFUHSPVQVOEFSEJGGFSFOUQSPHSBNNFT
CFOFGJDJBSJFT XJUI BO BEEJUJPOBM MPBO PG 3T$S
EVSJOHUIF':BOEMBLICFOFGJDJBSJFTXJUIBO 4USFFOJEIJ FYUFOE -) MPBOT UP 4)( XPNFO VQ UP 3T
BEEJUJPOBMMPBOPG3T$SJOUIF':3FUBJM MBLI
SFQBZBCMFJO UP &.*T XJUI JOUFSFTU /P
#VTJOFTT
5FYUJMFT "QQBSFMT
-JWF 4UPDL *ODMVEJOH QSPDFTTJOH GFF
OP QFOBM JOUFSFTU XJUI MPBO QSPUFDUJPO
"BTBSB
#BDL:BSE1PVMUSZ
/PO'BSN-JWFMJIPPETBOE DPWFSFEVOEFS4VSBLTIBTDIFNF
'BSN-JWFMJIPPETDPNFTVOEFSUIFMJWFMJIPPETBDUJWJUJFT
BOE JO UIF ': JU JT UBSHFUFE UP QSPNPUF UIF
MJWFMJIPPET UP MBLI CFOFGJDJBSJFT BT PG OPX
JT3T$SPSFT5IFSFDPWFSZSBUFEVSJOH
$SFEJU%JTCVSTFNFOU
DVSSFOUGJOBODJBMZFBSTUBOETBUBTPO
4USFFOJEIJIBTQSPWJEFEMPBOTUPBOFYUFOUPG3T 4USFFOJEIJ IBT FOTVSFE UIF BTTFU RVBMJUZ CZ SFTUSJDUJOH
$SPSFTUP4)(NFNCFSTBHBJOTUUIFUBSHFUVOEFS /1"T UP PG UPUBM MPBO BNPVOU PVUTUBOEJOH PG
1SPKFDUFE"OOVBM$SFEJU1MBO "$1
PG3T$SPSFTUP 3T$SPSFTBTPO
4)( .FNCFST GPS UIF GJOBODJBM ZFBS
4USFFOJEIJ IBWF BDIJFWFE QSPKFDUFE DSFEJU
EJTCVSTBMTVQUP5IFMPBOPVUTUBOEJOHBTPO
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
40$*"-*/'3"4536$563&
G(PWFSONFOUF.BSLFUQMBDF (F.
VQMPBEFETPGBSXIJDIJTIJHIFTUJOUIFDPVOUSZ
5BSHFU
GSPNFBDIEJTUSJDUJT
4)(QSPEVDUT
5IF 4BSBT (BMMFSZ TQFDJBM NBSLFU TQBDF GPS TFMGIFMQ
QSPEVDUTXBTKPJOUMZMBVODIFECZUIF(PWUPG*OEJB
.P3%
(P"1 BU UIF (PWFSONFOU o F .BSLFU QMBDF (F.
GBDJMJUBUFTPOMJOFQSPDVSFNFOUPGDPNNPOVTF(PPET
4FSWJDFTSFRVJSFECZWBSJPVT(PWFSONFOU%FQBSUNFOUT
0SHBOJTBUJPOT146T4PGBS4)(NFNCFSTBOE4)(T
IBWFCFFOSFHJTUFSFEJO/3-.QPSUBM 3FDFOUMZ.P3%
(P*FOUFSFEBO.06XJUI'MJQLBSUBOE"NB[POBOE4)(T
BSFUPCFSFHJTUFSFEJOFNBSLFUJOH
$)"15&3
107&35:
&.1-0:.&/5"/%
6/&.1-0:.&/5
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
1PWFSUZ -FWFMTPGQPWFSUZJO"OEISB1SBEFTI%SPQJO
/VNCFSPGQPPSJO*OEJB
%FTQJUF *OEJB CFJOH SBUFE BT B EFWFMPQJOH OBUJPOBOE
*OEJBIBTBMPOHIJTUPSZPGTUVEJFTPONFBTVSFNFOUPG
BDIJFWJOH TVCTUBOUJBM HSPXUI JO JUT FDPOPNZ
QPWFSUZ
QPWFSUZ5IF FSTUXIJMF 1MBOOJOH $PNNJTTJPO XBT UIF
DPOUJOVFTUPCFBNBKPSDIBMMFOHF)PXFWFS
QPWFSUZJT
OPEBMBHFODZJO*OEJBGPSFTUJNBUJPOPGQPWFSUZ#BTFEPO
PO UIF EFDMJOF JO *OEJB &WFS TJODF *OEJB CFDBNF BO
UIF NFUIPEPMPHZ TVHHFTUFE CZ UIF &YQFSU (SPVQT
JOEFQFOEFOU /BUJPO
QPWFSUZ BMMFWJBUJPO SFNBJOFE UIF
$PNNJUUFFT TFU VQ CZ UIF 1MBOOJOH $PNNJTTJPO GSPN
QSJODJQBM DPNQPOFOU PG UIF 4UBUF BOE $FOUSBM
UJNFUPUJNF
*OEJBIBTVOEFSUBLFOQFSJPEJDBTTFTTNFOUT
HPWFSONFOU JOJUJBUJWFT 0WFS UIF EFDBEFT
QPWFSUZ IBT
PGUIFJODJEFODFPGQPWFSUZTJODFT
CFFO JOUFSQSFUFE BOE NFBTVSFE CZ FYQFSUT JO TFWFSBM
NFUIPET )PXFWFS
EJTDVTTJPOT DFOUFSJOH BSPVOE 5IFFYQFSUHSPVQVOEFSUIF$IBJSNBOTIJQPG1SPG4VSFTI
EJòFSFOU EJNFOTJPOT PG QPWFSUZ SFNBJOFE UIF DPSF %5FOEVMLBS SFDPNNFOEFE VTJOH QPWFSUZ MJOFT XIJDI
XFMGBSF BHFOEB JO BMNPTU BMM UIF OBUJPOBM BOE BSF TVCTUBOUJBMMZ IJHIFS UIBO FBSMJFS POFT5IF PóDJBM
JOUFSOBUJPOBMGPSVNT FTUJNBUFTPGQPWFSUZGPSUIFQFSJPEUP
BSFQMBDFEJO"OOFYVSF
1PWFSUZ JT UIF TUBUF PG OPU IBWJOH FOPVHI NBUFSJBM
QPTTFTTJPOTPSJODPNFGPSBQFSTPOCBTJDOFFE1PWFSUZ "T QFS UIF MBUFTU BWBJMBCMF FTUJNBUFT PG UIF 1MBOOJOH
NBZ JODMVEF TPDJBM
FDPOPNJD BOE QPMJUJDBM FMFNFOUT $PNNJTTJPOSFMFBTFEJO+VMZGPSUIFZFBS
"CTPMVUF QPWFSUZ JT UIF DPNQMFUF MBDL PG UIF NFBOT UIF QPWFSUZ SBUJPT GPS SVSBM BOE VSCBO BSFBT PG VOJUFE
OFDFTTBSZ UP NFFU CBTJD QFSTPOBM OFFET
TVDI BT GPPE
"OEISB 1SBEFTI XFSF BOE SFTQFDUJWFMZ
DMPUIJOH
BOE TIFMUFS 8PSME #BOL EFGJOFT FYUSFNF BOEDPNCJOFESBUJPTUBOETBU5IFDPSSFTQPOEJOH
QPWFSUZBTMJWJOHPO64PSMFTTJOQVSDIBTJOHQPXFS öHVSFTGPS"MM*OEJBEVSJOHUIFTBNFQFSJPEXFSF
QBSJUZ 111
UFSNT*O*OEJB
JUXBTBTMPXBTJO GPSSVSBMBOEVSCBOBSFBTBOEUIFDPNCJOFEXBT
BOEUIFDPVOUSZNBOBHFEUPLFFQJUBUUIBUMFWFMJO "OOFYVSFEFQJDUTUIFQFSDFOUBHFPGQFPQMF
EFTQJUFUIFVOQSFDFEFOUFE$07*%PVUCSFBL CFMPXUIFQPWFSUZMJOFJOVOJUFE"OEISB1SBEFTIBOEBU
"MM*OEJBMFWFMGPSEJòFSFOUUJNFQFSJPET)PXFWFS
UIFSF
5IF DFOUSBM UIFNF PG UIF (PBM PG UIF 4%(T h/P
IBTCFFOXJEFTQSFBEDSJUJDJTNUIBUHPWFSONFOUHSPTTMZ
1PWFSUZhBJNT UP FOE QPWFSUZ FWFSZXIFSF BOE JO BMM JUT
VOEFSFTUJNBUFE UIF OVNCFS PG QPPS JO UIF DPVOUSZ
GPSNT
UISPVHIBDIPJDFPGVOSFBMJTUJDQPWFSUZMJOFT
$PODFQU BOE NFBTVSFNFOU PG QPWFSUZ 5IF (MPCBM .VMUJEJNFOTJPOBM 1PWFSUZ *OEFY SFQPSU IBT
JODPNFFYQFOEJUVSFCBTFE
SFWFBMFE UIBU UIF OVNCFS PG QPPS QFPQMF JO *OEJB
ESPQQFE CZ BCPVU NJMMJPO PWFS UIF MBTU ZFBST
"T JO NBOZ DPVOUSJFT QPWFSUZ XBT IJTUPSJDBMMZ EFGJOFE )PXFWFS
UIF DPVOUSZ TUJMM IBT UIF IJHIFTU OVNCFS PG
BOEFTUJNBUFEJO*OEJBVTJOHBTVTUFOBODFGPPETUBOEBSE QPPS QFPQMF BOE DIJMESFO XPSMEXJEF *OEJB JT BNPOH
5IJT NFUIPEPMPHZ IBT CFFO SFWJTFE *OEJBhT DVSSFOU NBOZDPVOUSJFTUIBUIBWFSFEVDFEQPWFSUZTJHOJGJDBOUMZ
PGGJDJBM QPWFSUZ SBUFT BSF CBTFE PO UIF 1MBOOJOH GBTUFS5IFTUVEZXBTSFMFBTFECZSFTFBSDIDFOUSF0YGPSE
$PNNJTTJPOhT EBUB EFSJWFE GSPN UIF 5FOEVMLBS 1PWFSUZBOE)VNBO%FWFMPQNFOU*OJUJBUJWF 01)*
BOE
NFUIPEPMPHZ*UEFGJOFTQPWFSUZOPUJOUFSNTPGBOOVBM 6OJUFE/BUJPOT%FWFMPQNFOU1SPHSBNNF 6/%1
JODPNF
CVU JO UFSNT PG DPOTVNQUJPO PS TQFOEJOH QFS
JOEJWJEVBMPWFSBDFSUBJOQFSJPEGPSBCBTLFUPGFTTFOUJBM 1PWFSUZBNPOHDIJMESFOGFMMGBTUFS
JUJOEJDBUFE)PXFWFS
HPPET5IJT FYQFOEJUVSF JT DBMMFE UIF QPWFSUZ MJOF5IF *OEJBIBTUIFXPSMEhTIJHIFTUOVNCFSPGQPPSDIJMESFO
CBTLFUPGHPPETBOETFSWJDFTOFDFTTBSZUPTBUJTGZCBTJD BNPVOUJOHUPBUPUBMPGNJMMJPOPSBCPVUQFSDFOU
IVNBOOFFETJTUIF1PWFSUZ-JOF#BTLFU 1-#
PG UIF *OEJBO DIJMESFO QPQVMBUJPO CFUXFFO UIF BHFT
BOEZFBST
1PWFSUZ DBO CF NFBTVSFE JO UFSNT PG UIF OVNCFS PG
QFPQMF MJWJOH CFMPX UIJT MJOF XJUI UIF JODJEFODF PG "OEISB1SBEFTIoIVCPGJOOPWBUJWFQPWFSUZ
QPWFSUZFYQSFTTFEBTUIFIFBEDPVOUSBUJP )$3
PSUIF
BMMFWJBUJPOQSPHSBNNFT
QPWFSUZSBUJP OVNCFSPGQPPSUPUIFUPUBMQPQVMBUJPO
FYQSFTTFEBTQFSDFOUBHF
"OEISB 1SBEFTI FOKPZT UIF MFHBDZ GPS JOUSPEVDJOH BOE
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
JNQMFNFOUJOH JOOPWBUJWF QPWFS UZ BMMFWJBUJPO IPVTJOH
FNQMPZNFOU
BTTFUT
ESJOLJOHXBUFS
TBOJUBUJPO
QSPHSBNNFT "QBSU GSPN HFOFSBM FDPOPNJD QPMJDJFT
FUD
5IVT .VMUJEJNFOTJPOBM 1PWFSUZ *OEFY .1*
BT B
UBSHFUFE QPWFSUZ BMMFWJBUJPO QSPHSBNNFT GPS XPNFOhT NFBTVSF XIJDI FYQMPSFT QPWFSUZ CFZPOE JODPNF
FNQPXFSNFOU
QSPWJEJOH IPVTJOH BOE PUIFS EFQSJWBUJPOTJTBUPPMGPSQPMJDZNBLFSTXPSLJOHGPS4%(
JOGSBTUSVDUVSFMJLFQFOTJPOT
MBOEEJTUSJCVUJPOBOEIFBMUI BHFOEB
JOTVSBODF BSFIFMQJOH UIF QPPS JO WBSJPVT EJNFOTJPOT 5IF /*5* "BZPH IBT SFMFBTFE UIF #BTFMJOF 3FQPSU PO
*ODSFBTJOH CVEHFUBSZ BMMPDBUJPOT
JNQSPWJOH EFMJWFSZ /BUJPOBM.VMUJEJNFOTJPOBM1PWFSUZ*OEFYPOUI/PW
TZTUFNT JO QPWFSUZ BMMFWJBUJPO QSPHSBNT BOE FGGFDUJWF 5IFSFQPSUQSFTFOUFEUIFTUBUVTPGUIF)FBEDPVOU
NPOJUPSJOHDBOIFMQUPSFEVDFQPWFSUZ 3BUJPT
*OUFOTJUZ PG 1PWFSUZ BOE UIF .VMUJEJNFOTJPOBM
1PWFSUZ*OEFY .1*
WBMVFGPS*OEJBBOEBMMUIF4UBUFT65T
.VMUJEJNFOTJPOBM1PWFSUZ*OEFY .1*
BOEEJTUSJDUT
5IF1PWFSUZSBUJPNFBTVSFEIJUIFSUPIBTPOFEJNFOTJPO 5IF )FBEDPVOU SBUJP /P PG .1* QPPS IPVTFIPMET
o *ODPNF$POTVNQUJPO5IF QFPQMF XIP EP OPU IBWF *OUFOTJUZ PG 1PWFSUZ BOE .1* WBMVFT
XJUI hh
TVGGJDJFOUJODPNFUPDPWFSUIFEFGJOFECBTLFUPGHPPET JOEJDBUJOH IJHIFTU .1*
IBWF CFFO DPNQJMFE JO UIJT
BOETFSWJDFTXFSFDPOTJEFSFEQPPS)PXFWFS
1PWFSUZ
BT SFQPSUGPS*OEJB
BMMTUBUFTBOEEJTUSJDUTXJUIJOUIF4UBUF
EFGJOFE CZ UIPTF XIP BSF QPPS JODMVEF UIF MBDL PG
FEVDBUJPO
IFBMUIBOETUBOEBSEPGMJWJOH BTNFBTVSFECZ
"OEISB
5ZQF "MM*OEJB
1SBEFTI
)FBEDPVOU3BUJP
"MM
*OUFOTJUZ
.1*
)FBEDPVOU3BUJP
3VSBM
*OUFOTJUZ
.1*
*OUFOTJUZ
.1*
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
DW/&ŝŶĚŝŶŐƐ͗ŶĚŚƌĂWƌĂĚĞƐŚ^ŶĂƉƐŚŽƚ;E/d/ĂLJŽŐͿ
03,6FRUH $35DQN
+HDGFRXQW ,QWHQVLW\RI
5DWLR 3RYHUW\
%JTUSJDUXJTF%JTUSJCVUJPOPG1PWFSUZ
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
.1*4UBUF3BOLJOHT5IF.1*4DPSF)FBEDPVOU3BUJPY*OUFOTJUZPG1PWFSUZ
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
"OEISB 3FMBUJWF
4M/P *OEJDBUPS 1SBEFTI *OEJB
#FTU4UBUF
QPTJUJPO
PG"1
/VUSJUJPO 4JLLJN
$IJME"EPMFTDFOU.PSUBMJUZ ,FSBMB
.BUFSOBM)FBM ,FSBMB
:FBSTPGTDIPPMJOH ,FSBMB
4DIPPM"UUFOEBODF ,FSBMB
$PPLJOH'VFM (PB
4BOJUBUJPO ,FSBMB
%SJOLJOH8BUFS 1VOKBC
&MFDUSJDJUZ (PB
)PVTJOH (PB
"TTFUT 1VOKBC
)JNBDIBM
#BOL"DDPVOU
1SBEFTI
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
%JTUSJDUXJTFSFTVMUT
7BMVFT
4M/P %JTUSJDU )FBE$PVOU
3BUJP *OUFOTJUZ .1*
6TFTPG.1*JO1PMJDZSFGPSN &NQMPZNFOUBOE6OFNQMPZNFOU
r $PNQMFNFOUNPOFUBSZQPWFSUZTUBUJTUJDT 5IF TVSWFZT PG /BUJPOBM 4BNQMF 4VSWFZ /44
PO UIF
r 5SBDLQPWFSUZPWFSUJNF FNQMPZNFOU BOE VOFNQMPZNFOU BSF UIF QSJNBSZ
TPVSDFT PG EBUB GPS WBSJPVT JOEJDBUPST PG MBCPVS GPSDF
r "MMPDBUFSFTPVSDFTCZTFDUPS
SFHJPO
QPQVMBUJPO 5IFEBUBJTVTFEGPSQMBOOJOH
QPMJDZGPSNVMBUJPO
EFDJTJPO
TVCHSPVQT
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
NBLJOH BOE BDUBT BO JOQVU GPS GVSUIFS TUBUJTUJDBM BOE QFSUBJOJOH UP WBSJPVT BTQFDUT PG FNQMPZNFOU BOE
Q M B O O J O H F YF S D J T F T C Z W B S J P V T H P W F S O N F O U VOFNQMPZNFOU BU /BUJPOBM BT XFMM BT 4UBUF MFWFM 5IF
PSHBOJ[BUJPOT
BDBEFNJDJBOT
SFTFBSDIFST BOE TDIPMBST MBUFTUSFQPSUCZ1-'4JTGPSUIFZFBS
/44TVSWFZTPOFNQMPZNFOUBOEVOFNQMPZNFOUXJUI
MBSHFTBNQMFTJ[FPGIPVTFIPMETIBWFCFFODPOEVDUFE -BCPVS'PSDF
RVJORVFOOJBMMZ TJODF UI SPVOE POXBSET /JOF TVDI t -BCPVSGPSDFPSJOPUIFSXPSET
UIFiFDPOPNJDBMMZ
DPNQSFIFOTJWF TVS WFZT PO FNQMPZNFOU BOE BDUJWFQPQVMBUJPOw
SFGFSTUPUIFQPQVMBUJPOXIJDI
VOFNQMPZNFOU XFSF DPOEVDUFE TP GBS CZ /440
UIF TVQQMJFTPSTFFLTUPTVQQMZMBCPVSGPSQSPEVDUJPO
MBUFTUCFJOHUIFPOFDPOEVDUFEEVSJOH/44UISPVOE BOE
UIFSFGPSF JODMVEFT CPUI FNQMPZFE BOE
+VMZ+VOF
VOFNQMPZFEQFSTPOT
$POTJEFSJOH UIF JNQPSUBODF PG BWBJMBCJMJUZ PG MBCPVS t 5IF -BCPVS 'PSDF 1BSUJDJQBUJPO 3BUF -'13
JT
GPSDF EBUB BU NPSF GSFRVFOU JOUFSWBMT
UIF .JOJTUSZ PG EFöOFEBTUIFOVNCFSPGQFSTPOTJOUIFMBCPVS
4UBUJTUJDT BOE 1SPHSBNNF *NQMFNFOUBUJPO
PO UIF GPSDFQFSQFSTPOT
SFDPNNFOEBUJPOTPGUIF/BUJPOBM4UBUJTUJDBM$PNNJUUFF
/4$
DPOTUJUVUFEB4UBOEJOH$PNNJUUFFPO-BCPVS'PSDF t -'13 /P PG FNQMPZFE QFSTPOT /P PG
4UBUJTUJDT 4$-'4
VOFNQMPZFEQFSTPOT
5PUBMQPQVMBUJPOY
5IF 4$-'4 SFDPNNFOEFE 4DIFEVMF PG &ORVJSZ BOE 5IF -BCPVS 'PSDF 1BSUJDJQBUJPO 3BUF -'13
o 1-'4
4BNQMJOH %FTJHO GPS UIF 1FSJPEJD -BCPVS 'PSDF 4VSWFZ BDDPSEJOH UP VTVBM TUBUVT QTTT
CZ BHF HSPVQ
1-'4
UPQSPEVDFBOOVBMFTUJNBUFTPGFNQMPZNFOUBOE BSFQSFTFOUFEJOUIFCFMPX5BCMF
VOFNQMPZNFOUDIBSBDUFSJTUJDTGPSCPUISVSBMBOEVSCBO
BSFBTBMPOHXJUIRVBSUFSMZFTUJNBUFTGPSVSCBOBSFBT*O
.BZ
UIF'JSTU"OOVBM3FQPSUXBTQSFQBSFECBTFE
PO UIF EBUB DPMMFDUFE BOE JU QSFTFOUT UIF FTUJNBUFT
5BCMF-BCPVS'PSDF1BSUJDJQBUJPO3BUF -'13
JOQFSDFOU
oBDDPSEJOHUPVTVBMTUBUVT QTTT
CZBHFHSPVQo1-'4
"OEISB1SBEFTI "MM*OEJB
"HFHSPVQT "HFHSPVQT
*UFN ZFBST ZFBST
BOE "MM BOE "MM
ZFBS :FBST ZFBS ZFBST
BCPWF BCPWF
3VSBM
.BMF
'FNBMF
1FSTPO
6SCBO
.BMF
'FNBMF
1FSTPO
3VSBM6SCBO
.BMF
'FNBMF
1FSTPO
4PVSDF1FSJPEJD-BCPVS'PSDF4VSWFZ 1-'4
.P41*
(P*
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
5BCMF8PSLFS1PQVMBUJPO3BUJP 813
JOQFSDFOU
BDDPSEJOHUPVTVBMTUBUVT QTTT
CZBHFHSPVQo1-'4
"OEISB1SBEFTI "MM*OEJB
"HFHSPVQT "HFHSPVQT
*UFN ZFBST ZFBST
BOE "MM BOE "MM
ZFBST ZFBST ZFBST ZFBST
BCPWF BCPWF
3VSBM
.BMF
'FNBMF
1FSTPO
6SCBO
.BMF
'FNBMF
1FSTPO
3VSBM6SCBO
.BMF
'FNBMF
1FSTPO
4PVSDF1FSJPEJD-BCPVS'PSDF4VSWFZ 1-'4
.P41*
(P*
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
UIBUUIF8PSL'PSDF1BSUJDJQBUJPO 813
GPSGFNBMFTJOBMM
%FUBJMTBCPVUUIFVOFNQMPZNFOUSBUFTPOVTVBMTUBUVT
BHF HSPVQT
JT IJHI JO 3VSBM BSFBT UIBO PG UIF
QTTT
PG1-'4GPS"OEISB1SBEFTIBOE"MM*OEJB
$PVOUSZ
5IF EJTUSJCVUJPO PG XPSLFST JO 6TVBM
BSFQSFTFOUFEJOUIFCFMPX5BCMF
4UBUVT 1444
CZCSPBETUBUVTJTTIPXOJO"OOFYVSF
6OFNQMPZNFOU3BUF
5BCMF6OFNQMPZNFOU3BUF 63
JO
BDDPSEJOHUPVTVBMTUBUVT QTTT
CZBHFHSPVQ1-'4
"OEISB1SBEFTI "MM*OEJB
"HFHSPVQT "HFHSPVQT
*UFN
ZFBST ZFBST
BOE "MM BOE "MM
ZFBST ZFBST ZFBST ZFBST
BCPWF BCPWF
ZƵƌĂů
DĂůĞ ϭϲ͘ϴ ϱ͘ϭ ϰ͘ϳ ϰ͘ϳ ϭϭ͘ϲ ϰ͘ϯ ϯ͘ϴ ϯ͘ϵ
&ĞŵĂůĞ ϱ͘ϲ ϭ͘ϯ ϭ͘ϰ ϭ͘ϯ ϴ͘Ϯ Ϯ͘Ϯ
Ϯ͘ϭ
Ϯ͘ϭ
WĞƌƐŽŶ ϭϯ͘ϭ ϯ͘ϲ ϯ͘ϯ ϯ͘ϯ ϭϬ͘ϳ ϯ͘ϲ ϯ͘ϯ ϯ͘ϯ
hƌďĂŶ
DĂůĞ ϭϴ͘ϰ
ϱ͘ϴ ϱ͘ϰ ϱ͘ϱ ϭϲ͘ϲ ϲ͘ϰ
ϲ͘ϭ
ϲ͘ϭ
&ĞŵĂůĞ Ϯϲ͘ϭ ϳ͘ϱ ϳ͘Ϯ ϳ͘Ϯ Ϯϰ͘ϵ ϵ͘ϭ ϴ͘ϲ ϴ͘ϲ
WĞƌƐŽŶ ϮϬ͘ϳ ϲ͘ϯ ϲ͘Ϭ ϲ͘Ϭ ϭϴ͘ϱ ϳ͘ϭ ϲ͘ϳ ϲ͘ϳ
ZƵƌĂůнhƌďĂŶ
DĂůĞ ϭϳ͘ϯ ϱ͘ϯ ϰ͘ϵ ϰ͘ϵ ϭϯ͘Ϭ ϰ͘ϵ ϰ͘ϱ ϰ͘ϱ
&ĞŵĂůĞ ϭϭ͘ϭ Ϯ͘ϴ Ϯ͘ϳ Ϯ͘ϳ ϭϮ͘ϱ ϯ͘ϳ ϯ͘ϱ ϯ͘ϱ
WĞƌƐŽŶ ϭϱ͘ϯ ϰ͘ϰ ϰ͘ϭ ϰ͘ϭ ϭϮ͘ϵ ϰ͘ϲ ϰ͘Ϯ ϰ͘Ϯ
4PVSDF1FSJPEJD-BCPVS'PSDF4VSWFZ 1-'4
.P41*
(P*
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
5IFVOFNQMPZNFOUSBUFJTTMJHIUMZMPXFSJO"1
BT +BHBOBOOB7JEZB%FFWFOB BOE 7BTBUIJ
DPNQBSFEUP*OEJB
6OFNQMPZNFOUJTIJHIFTUJO %FFWFOB
QFPQMFBHFECFUXFFOZFBSTBOEBTBHFBEWBODFT
UIFQSPCMFNBQQFBSTUPDFBTF0OFSFBTPOUIBUDPVMECF *5* TUVEFOUT BSF DPWFSFE VOEFS 4UBUF (PWU TDIFNF
BUUSJCVUFE JT UIF JODMJOBUJPO BNPOH UIF ZPVOH BEVMUT i+BHBOOB7BTBUIJ%FFWFOBiJOXIJDI TUVEFOUT PG4$
45
UPXBSET FEVDBUJPO *U NBZ BMTP TPVOE SFBTPOBCMF UP #$
.JOPSJUJFT
,BQV
&#$ BOE %JGGFSFOUMZBCMFE
QSFTVNFUIBUIJHIFSMFWFMTPGVOFNQMPZNFOUSBUFJOUIJT DBUFHPSJFTXIPBSFTUVEZJOH*5* #PUI(PWUBOE1SJWBUF
BHFHSPVQBSFQSPCBCMZTQFOEJOHUJNFVOFNQMPZFEJO *5*T
XJMMCFQBJEBOBNPVOUPG3T
QFSZFBSXIJDI
XBJU PG UIFJS EFTJSFE KPC DPNNFOTVSBUF XJUI UIF XJMMCFEFQPTJUFEJOUIFTUVEFOU.PUIFS#BOL"DDPVOU
FEVDBUJPOBM RVBMJöDBUJPOT BOE QBZ FYQFDUBUJPOT 5IF "O BNPVOU PG 3T DSPSFT XBT QBJE UP
SFMBUJWFMZMPXFSMFWFMTPGVOFNQMPZNFOUBNPOHGFNBMFT CFOFGJDJBSJFT
JOSVSBMBSFBTBGUFSUIFZPVOHBHF ZFBST
DPVMECF
UIBUUIFZIBWFPQUFEGPSFNQMPZNFOUPGUIFJSDIPJDFUP 4LJMM)VCT
BVHNFOU UIFJS GBNJMZ JODPNF
IBWJOH XBJUFE UJMM TVDI 4LJMM )VCT BSF FTUBCMJTIFE JO (PWU *5*T XJUI UIF
UJNFBGUFSDPNQMFUJOHCBTJDFEVDBUJPO
HFUUJOHNBSSJFE DPMMBCPSBUJPOPGJOEVTUSJFT5IFPCKFDUJWFPGTLJMMIVCJTUP
BOEHJWJOHCJSUI USBJOVOFNQMPZFEZPVUIBOEDPMMFHFESPQPVUTUPNFFU
%FUBJMTPG6OFNQMPZNFOU3BUFBDDPSEJOHUPVTVBMTUBUVT UIFMPDBMJOEVTUSZEFNBOEBOEUPVQMJGUMJWFMJIPPEBOE
QTTT
JTTIPXOJO"OOFYVSF NBJOTUSFBNJOH CBDL UP FEVDBUJPO BOE FNQMPZNFOU PS
FOUSFQSFOFVSTIJQUSBJOFFTIBWFDPNQMFUFEUSBJOJOH
&NQMPZNFOUBOE5SBJOJOH BOEBSFVOEFSHPJOHUSBJOJOH
5IF%FQBSUNFOUPG&NQMPZNFOUBOE5SBJOJOHUSBJOTUIF &TUBCMJTINFOUPGOFX(PWU*5*TGPS.JOPSJUJFT
VOTLJMMFEJOUPTLJMMFEUSBJOFFTTPBTUPNFFUUIFEFNBOE
PGUIF*OEVTUSZ4FWFSBMTDIFNFT
CPUIPGUIF4UBUFBOE (PWUPG"1IBTBDDPSEFEBENJOJTUSBUJWFTBODUJPOGPSUIF
6OJPOHPWFSONFOUBSFCFJOHJNQMFNFOUFEGPSWBSJPVT FTUBCMJTINFOU PG UXP *5*T GPS .JOPSJUJFT BU "EPOJ BOE
USBJOJOH QSPHSBNNFT GPS TUVEFOUT PG *5*T BOE 3BZBDIPUJBUGJSTUJOTUBODF
XJUIBOFTUJNBUFEBNPVOUPG
1PMZUFDIOJDTBOEUSBJOJOHPGBQQSFOUJDFTJOUIFJOEVTUSZ 3TMBLITUPNFFUUIFSFDVSSJOHBOEOPOSFDVSSJOH
CZVUJMJ[JOHUIFGBDJMJUJFTBWBJMBCMFUIFSFJO5IFGPMMPXJOH FYQFOEJUVSF
BSFTPNFPGUIFJNQPSUBOUTDIFNFT
"QQSFOUJDFTIJQ5SBJOJOH4DIFNF
$SBGUTNFO5SBJOJOH4DIFNF 5IF.JOJTUSZPG4LJMM%FWFMPQNFOUBOE&OUSFQSFOFVSTIJQ
5IF$SBGUTNFO5SBJOJOH4DIFNFBJNTUPFOTVSFBTUFBEZ JTSFTQPOTJCMFGPSJNQMFNFOUBUJPOPGUIF"QQSFOUJDFT"DU
GMPX PG TLJMMFE XPSLFST JO WBSJPVT WPDBUJPOBM USBEFT UP
XIJDIXBTFOBDUFEXJUIUIFPCKFDUJWFPGSFHVMBUJOH
NFFUUIFNBOQPXFSSFRVJSFNFOUTJOJOEVTUSJFTUPSBJTF UIFQSPHSBNPGUSBJOJOHPGBQQSFOUJDFTJOUIFJOEVTUSZCZ
UIFJOEVTUSJBMQSPEVDUJPORVBOUJUBUJWFMZBOERVBMJUBUJWFMZ VUJMJ[JOHUIFGBDJMJUJFTBWBJMBCMFUIFSFJOGPSJNQBSUJOHPO
CZ TZTUFNBUJD USBJOJOH PG XPSLFST 5IFSF BSF UIF KPC USBJOJOH 6OEFS UIF TDIFNF
PG UIF
(PWFSONFOUBOEQSJWBUF*5*TGVODUJPOJOHJOUIFTUBUF QSFTDSJCFE TUJQFOE TVCKFDU UP B NBYJNVN PG 3T
5IFBENJUUFEUSBJOFFTXJMMCFJNQBSUFEUFDIOJDBMUSBJOJOH QFS NPOUI QFS BQQSFOUJDF UP BMM BQQSFOUJDFT JT TIBSFE
JOWBSJPVTUSBEFTBTQFSUIF%JSFDUPS(FOFSBMPG5SBJOJOH XJUIUIFFNQMPZFSTBOEUIFDPTUPGCBTJDUSBJOJOHXJUI
%(5
/FX %FMIJ OPSNT BOE TZMMBCVT XJUI PG #BTJD5SBJOJOH1SPWJEFST #51
JTTIBSFEVQUPBNBYJNVN
QSBDUJDBMUSBJOJOHBOEUIFPSZ
TUVEFOUTXFSF PG3TQFSUSBJOFF
BENJUUFEJO*5*PGUIFN
JOHPWFSONFOUJOTUJUVUFT FTUBCMJTINFOUT BSF SFHJTUFSFE JO 1PSUBM BOE
BOE
JOQSJWBUFJOTUJUVUFT DBOEJEBUFT BSF SFHJTUFSFE BQQSFOUJDFT IBWF
"DIJFWFE5PQ3BOLTJO"*55&YBNT4UVEFOUTHPU"MM DPNQMFUFE USBJOJOH DBOEJEBUFT BSF VOEFSHPJOH
*OEJB UPQ SBOLT JO *5* FYBNJOBUJPO SFTVMUT EFDMBSFE CZ USBJOJOH %FQBSUNFOU JT DPOEVDUJOH "QQSFOUJDFTIJQ
(PWU PG *OEJB 4UVEFOUT HPU "MM *OEJB 'JSTU SBOL JO .FMBTFWFSZNPOUIUPQSPNPUFBQQSFOUJDFTIJQBDUBOE
WBSJPVTUSBEFT JODSFBTF BQQSFOUJDFT DBOEJEBUFT XFSF QMBDFE JO
40$*0&$0/0.*$4637&:
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
107&35: &.1-0:.&/5"/%6/&.1-0:.&/5
/BUJPOBM'JTIFSJFT%FWFMPQNFOU#PBSE /'%#
8JUI C 5P FOHBHF JO BDUJWJUJFT GPS UIF QSPNPUJPO PG
BO PCKFDUJWF UP QSPNPUF VQMJGUNFOU PG GJTIFSNFO &EVDBUJPO
5SBJOJOH
3FTFBSDI
1SPGFTTJPOBMJTN
DPNNVOJUZ
/'%#
(0* IBT JTTVFE USBJOJOH UBSHFU BOE 4LJMM 'PSNBUJPO BU BMM MFWFMT PG UIF
"144%$UPDPOEVDUBEBZTLJMMEFWFMPQNFOUQSPHSBN $POTUSVDUJPOBOE"MMJFEJOEVTUSJFT
GPSGJTIGBSNFSTGJTIFSGJTIFSXPNFO D 5P DPOUSJCVUF UP UIF EFWFMPQNFOU PG UIF
5SBJOJOHT UP VOEFS QSJWJMFHFE %FNBOE ESJWFO TLJMM $POTUSVDUJPO *OEVTUSZ UP FOBCMF UIF JOEVTUSZ
USBJOJOHTXFSFPGGFSFEUP4$ZPVUIXJUIBOPCKFDUJWFUP NFFU UIF DIBMMFOHFT PG FDPOPNJD BOE TPDJBM
VQMJGU UIFJS MJWJOH TUBOEBSET UISPVHI TVTUBJOBCMF HSPXUI
FNQMPZNFOU E *OJUJBUFQSPNPUFIVNBOSFTPVSDFEFWFMPQNFOU
+PCT'BDJMJUBUJPO"144%$PSHBOJ[FTWBSJPVTLJOEPGKPC BU BMM MFWFMT PG DPOTUSVDUJPO JOEVTUSZ 1SPNPUF
ESJWFTCZCSJOHJOHCPUIJOEVTUSJFTBOEDBOEJEBUFTPOUIF UFDIOJDBMDPNQFUFODFNBOBHFSJBMDBQBCJMJUJFT
TBNF QMBUGPSN UP FOBCMF UIFN UP DIPPTF SJHIU PGDPOTUSVDUJPODPOUSBDUPSTBOEUIFJSQFSTPOOFM
DBOEJEBUFTKPCTBTQFSUIFJSOFFETBTQJSBUJPOT F 5P DBVTF QSPNPUJPO PG OFX NBUFSJBMT
DPTU
FGGFDUJWFBOEQSPEVDUJWFUFDIOPMPHJFT
1SPHSFTTEVSJOH': 5JMM%FD
G 1SPNPUFUIFEFTJHOBOEQSPEVDUJPODBQBCJMJUJFT
t *O UIF ':
"144%$ IBT USBJOFE BCPVU PG*OEJBOFRVJQNFOUNBOVGBDUVSJOHJOEVTUSJFTUP
DBOEJEBUFT VOEFS XIJDI
BSF NFFUUIFDIBMMFOHFT
TUVEFOUT BOE
BSF VOFNQMPZFE ZPVUI
H 1SPNPUFUIFQPUFOUJBMPGUIF*OEJBO$POTUSVDUJPO
UISPVHI WBSJPVT TLJMMJOH JOJUJBUJWFT EVSJOH
BOESFMBUFEJOQVUJOEVTUSJFT
"QSJMhUP%FDh
I *NQSPWF RVBMJUZ TUBOEBSET BOE QSPNPUF
5BSHFUTGPS': BDDFMFSBUFEDPNQMFUJPOPGDPOTUSVDUJPOBDUJWJUJFT
BOEQSPKFDUT
t 5P USBJO
ZPVUI VOEFS TUBUF TQPOTPSFE
TDIFNFT XJUI BO FTUJNBUFE CVEHFU PG 3T
DSPSFT
1MBDFNFOU -JOLFE 6OFNQMPZFE :PVUI
5SBJOJOH1SPHSBNT
t 5P USBJO
ZPVUI VOEFS DFOUSBM TQPOTPSFE
TDIFNF o 1SBEIBO .BOUSJ ,BVTIBM 7JLBT:PKBOB 5IF 0CKFDUJWF PG UIJT i1MBDFNFOU -JOLFE 4LJMM
XJUIBOFTUJNBUFECVEHFUPG3TDSPSFT %FWFMPQNFOU 5SBJOJOHw QSPHSBNNF JT UP JODVMDBUF UIF
CFOFGJDJBSJFTDBOEJEBUFTXJUITVGGJDJFOULOPXMFEHFPO
/BUJPOBM"DBEFNZPG$POTUSVDUJPO 5FDIOJDBMLOPXIPX
XJUISFHBSEUPUIFUPPMTUBDLMFT
QSPDFEVSFTNFUIPETPGNPEFSOUFDIOJDBMBTQFDUTCZ
/BUJPOBM "DBEFNZ PG $POTUSVDUJPO XBT FTUBCMJTIFE JO
JODVMDBUJOH TPVOE LOPXMFEHF PG UIF $PVSTF UIFZ IBWF
CZ UIF (PWFSONFOU PG "OEISB 1SBEFTI
BT B
PQUFE GPS BOE QSPWJEJOH FNQMPZNFOU BTTJTUBODF GPS
4PDJFUZ*UJTNBOBHFECZ#PBSEPG(PWFSOPSTDPOTJTUJOH
CFUUFSNFOUPGUIFJSMJWFMJIPPEVOEFSUIFTQPOTPSTIJQPG
PG4FDSFUBSJFTUP(PWFSONFOUPG"OEISB1SBEFTI
)FBET
"144%$BOE4&(&%JO"OEISB1SBEFTIGPSVOFNQMPZFE
PG 3FTFBSDI *OTUJUVUJPOT BOE .FNCFST PG "DBEFNJD
ZPVUIJOUIFTUBUFPG"OEISB1SBEFTI
JOTUJUVUJPOTBOEUIF#VJMEFST"TTPDJBUJPOPG*OEJB
3FDPHOJ[FE1SJPS-FBSOJOH1SPHSBNNF 31-
0CKFDUJWFT
+BM+FFWBO.JTTJPO5IFPCKFDUJWFPGUIJTQSPHSBNNFJT
B 'PS UIF TFSWJDF BOE UIF CFOFGJU PG UIF
UPFOIBODFUIFTLJMMTPGUIFXPSLFSTXJUIMBUFTU4LJMMTPG
$POTUSVDUJPO BOE "MMJFE JOEVTUSJFT $SFBUJOH
UIF DPNQFUJUJWF XPSME BOE NBLF UIFN SFBEZ GPS
BXBSFOFTT
JNQBSUJOH USBJOJOH UP JODSFBTF JUT
IBOEMJOHOFXUFDIOJRVFTNFUIPETCZPQUJNJ[JOHUIFJS
SFMFWBODF UP UIF /BUJPOBM HPPE BOE UP BDIJFWF
XPSL IPVST GPS UIF XPSL GPSDF PG 3844 %FQBSUNFOU
RVBMJUZUPUIF*OUFSOBUJPOBM4UBOEBSET
VOEFSUIFTQPOTPSTIJQPG"144%$
$)"15&3
4645"*/"#-&
%&7&-01.&/5(0"-4
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4 4%(T
4VTUBJOBCMF%FWFMPQNFOU 4%(T*OEJB
*OEJB BT B NFNCFS DPVOUSZ PG UIF 6OJUFE /BUJPOT BOE
(PBMT 4%(T
TJHOBUPSZUPUIF6/4VTUBJOBCMF%FWFMPQNFOU4VNNJUJO
4FQUFNCFS
IBT BMTP BEPQUFE UIF 4VTUBJOBCMF
0SJHJOPG4VTUBJOBCMF%FWFMPQNFOU %FWFMPQNFOU (PBM 4%(
BT UIF HVJEJOH
GSBNFXPSL GPS JUT /BUJPOBM %FWFMPQNFOU "HFOEB UJMM
5P BEESFTT UIF NBKPS JTTVFT PG QPWFSUZ
IVOHFS
IFBMUI
SJTLT
HFOEFS JOFRVBMJUJFT
JMMJUFSBDZ
EFHSBEBUJPO PG
FDPTZTUFNT BOE CJPEJWFSTJUZ XPSMEXJEF GSPN B HMPCBM
4%(*OEJDBUPSGSBNFXPSLT
QBSUOFSTIJQ QFSTQFDUJWF GPS TVTUBJOBCMF EFWFMPQNFOU
UIF 6OJUFE /BUJPOT FTUBCMJTIFE BO JOEFQFOEFOU "U UIF OBUJPOBM MFWFM
POF PG UIF GJSTU JOJUJBUJWFT
DPNNJTTJPOPOhEFWFMPQNFOUBOEFOWJSPONFOUh
IFBEFE VOEFSUBLFO XBT UP NBQ UIF TDIFNFT
QPMJDJFT
BOE
CZ #SVOUMBOE
/PSXFHJBO 1SJNF .JOJTUFS *O
UIF QSPHSBNNFT PG UIF $FOUSBM (PWFSONFOU XJUI
6OJUFE /BUJPOT #SVOUMBOE $PNNJTTJPO EFGJOFE DPSSFTQPOEJOH4%(UBSHFUT5PNPOJUPSUIFQSPHSFTTPG
TVTUBJOBCJMJUZ BT hNFFUJOH UIF OFFET PG UIF QSFTFOU 4%(TJOUPPOHPJOHOBUJPOBMQPMJDJFT
QSPHSBNNFT
BOE
XJUIPVU DPNQSPNJTJOH XJUI UIF BCJMJUZ PG GVUVSF TUSBUFHJD BDUJPO QMBOT UP BEESFTT UIF EFWFMPQNFOUBM
HFOFSBUJPOTUPNFFUUIFJSPXOOFFETh
'JHVSF-FBWF/P0OF#FIJOE6OFRVJWPDBM
6/hT EFWFMPQNFOU BHFOEB o .JMMFOOJVN DPNNJUNFOUPG6OJUFE/BUJPOT
%FWFMPQNFOU(PBMT .%(T
4645"*/"#-&%&7&-01.&/5(0"-4
'JHVSF4%(TJO"OEISB1SBEFTIo4UBUF4USBUFHZVOEFSJNQMFNFOUBUJPO
6 ' * V LQ $ Q G K UD 3 UD G H V K ± 6 WD WH 6 WUD WH J \
0 D S S LQ J R I
,G H Q WLILF D WLR Q R I
' H S WV D Q G
,Q G LF D WR UV
6 F K H P H V LQ
V \ Q F Z LWK
1 D WLR Q D O6 WD WH
3 H UIR UP D Q F H G H Y H OR S P H Q W
$ S S UD LV D OR I$ OO DJHQGD
,Q G LD 6 H UY LF H
2 IILF H UV 6 WD WH
6 WUD WH J \IR U
$ F K LH Y LQ J ,P S OH P H Q WD WLR Q
6'*V R IV F K H P H V
Z LWK 6 ' *
WD UJ H WV
3 UR J U H V V
0 R Q LWR U LQ J WK U R X J K
G D VK E R D UG
/ D UJ H 6 F D OH
' LV D J J UH J D WH G WR
& D S D F LW\ E X LOG LQ J
9 LOOD J H D Q G : D UG
OH Y H O
4UBUF*OEJDBUPS'SBNFXPSL 4*'
7JMMBHF.VOJDJQBM8BSE4FDSFUBSJBUMFWFM"1JTPOFPGUIF
GFX TUBUFT XIJDI IBT EPDVNFOUFE UIF QSPDFTTFT
0OUIFMJOFTPGUIF/BUJPOBM*OEJDBUPS'SBNFXPSL /*'
QSPDFEVSFT BOE JTTVFE (PWFSONFOU 0SEFST CZ XBZ PG
GPSNVMBUFECZUIF/*5*"BZPHBOEXJUITJNJMBSPCKFDUJWFT
4UBOEBSE 0QFSBUJOH 1SPDFEVSFT GPS FGGFDUJWF
"1IBTEFWFMPQFE4UBUF*OEJDBUPS'SBNFXPSL 4*'
JO JNQMFNFOUBUJPO
NPOJUPSJOH UBSHFU TFUUJOH BOE QPMJDZ
DPOTJTUTPGJOEJDBUPSTGPSUSBDLJOHUIFQSPHSFTT DPSSFDUJPO
PGUIF4%(T,FFQJOHJOWJFXPGUIFDIBOHJOHQSJPSJUJFT
OFX JOEJDBUPST NBZ CF BEEFE UP UIF GSBNF 4JNJMBS 4VTUBJOBCMF %FWFMPQNFOU (PBMTo4%(
GSBNFXPSLIBTBMTPCFFOEFWJTFEGPS%JTUSJDUT %JTUSJDU JOJUJBUJWFTJO"OEISB1SBEFTI
*OEJDBUPS 'SBNFXPSL %*'
BOE TIBSFE XJUI EJTUSJDUT
t 5IF 4UBUF 4%( GSBNFXPSL DPOTJTUJOH PG
BOEGVSUIFSESJMMFEEPXOUPHSBTTSPPUMFWFM
JOEJDBUPST CFTJEFT 4%(T
TVCTVNFT BMM UIFNFT
"MM UIF $FOUSBM 4UBUF HPWFSONFOU TDIFNFT JODMVEJOH BOE SFMBUFE NPOJUPSBCMF JOEJDBUPST PG
T U B U F H PWF S O N F O U h T Q SF T U J H J P V T Q SP H S B N N F "TQJSBUJPOBM%JTUSJDUT1SPHSBN
.VMUJEJNFOTJPOBM
i/BWBSBUOBMVwBSFNBQQFEXJUI4%(TBOEBMTPBMJHOFE 1PWFSUZ *OEFY
&BTF PG -JWJOH 6SCBO
BOE (PPE
UIF"OOVBM4UBUF#VEHFUXJUIUIF4%(T"OBQQSPQSJBUF (PWFSOBODF*OEFY
DSJUFSJPOIBTCFFOGPMMPXFEXIJMFNBQQJOHUIFTDIFNFT t .BYJNVN HSBOVMBSJUZ IBT CFFO QMBOOFE JO
CBTFEPOUIFJOUFOEFEPVUDPNF T
PGBTDIFNF JNQMFNFOUBUJPO BOE NPOJUPSJOH PG 4%(T JO
"OEISB 1SBEFTI UISPVHI UIF OPWFM GFBUVSF PG
-PDBMJ[BUJPOPG4%(T 7JMMBHFBOE8BSE4FDSFUBSJBUTXBTMFWFSBHFEPO
"OEISB 1SBEFTI 4UBUF JT XBZ BIFBE PG PUIFS 4UBUFT JO "1JTPOFPGUIF4UBUFTXIFSF4%(UBSHFUTIBWF
FOTVSJOH MPDBMJ[BUJPO PG 4%(T EPXO UP UIF CFFO ESJMMFE EPXO UP 7JMMBHF BOE 8BSE MFWFM
MPDBMJ[BUJPO
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
t "1(PWFSONFOUIBWFJTTVFETFSJFTPGPSEFST (0T
t 5SBJOJOHT BSF HJWFO UP EJGGFSFOU 1BODIBZBU 3BK
XJUI HVJEFMJOFT GPS EFWFMPQJOH 4P1T
-PDBMJ[JOH *OTUJUVUJPOGVODUJPOBSJFTPO4%(SFMBUFEUIFNFT
4%(TBOEFTTFOUJBMMZJOWPMWF
CZ UIF JOTUJUVUFT PG )VNBO 3FTPVSDF
t .BQQJOHPG4%(TXJUIQSPHSBNNFTBOETDIFNFT %FWFMPQNFOU*OTUJUVUF )3%
BOE4UBUF*OTUJUVUF
BOE JEFOUJGZJOH UIF MFWFMT FH 4UBUF
%JTUSJDU PG 3VSBM %FWFMPQNFOU 4*3%
5SBJOJOHT UP
7JMMBHFT
MBLI 1BODIBZBU 3BK *OTUJUVUJPOT IBWF CFFO
DPNQMFUFEGPS'PVSUIFNFTBOEJUJTQMBOOFEUP
t .POJUPSJOH 4%( JOEJDBUPST UISPVHI UIF 4%( DPWFSUIFSFNBJOJOHUIFNFTJOBQIBTFENBOOFS
QPSUBM
t $BQBDJUZCVJMEJOHPGGVODUJPOBSJFTBUBMMMFWFMTJO 4%(.POJUPSJOH"OEISB1SBEFTI.PEFM
UIF4UBUF
5IF(PWFSONFOUIBTQVUJOQMBDFBSFMFWBOUNPOJUPSJOH
t $POTUJUVUJPO PG 4UBUF MFWFM BOE %JTUSJDU MFWFM TZTUFN DPWFSJOH UIF HPBMT
UIFNFT
UBSHFUT BOE
.POJUPSJOH$PNNJUUFFT JOEJDBUPST UP QFSJPEJDBMMZ USBDL UIF 4UBUFhT BDUJPOT JO
t *ODMVTJPO JO 1FSGPSNBODF "QQSBJTBM PG "MM*OEJB UFSNT PG JUT QSPHSFTT UPXBSET BDIJFWJOH UIF 4%(T5IF
4FSWJDF0GGJDFST 4UBUFIBTTFUBSPVOEUBSHFUTSFMFWBOUUPJUTDPOUFYU
BOE GVSUIFS EFGJOFE JOEJDBUPST GPS NPOJUPSJOH
t "MM %FQBSUNFOUT BOE SFMBUFE TDIFNFT BOE UIF
QSPHSFTT BDSPTT 4%(T5IF GSBNFXPSL PG HPBMT
UBSHFUT
"OOVBM #VEHFU BMJHOFE XJUI 4%(T 5IF
BOE JOEJDBUPST BSF NBQQFE XJUI UIF TUSBUFHJFT BOE
EFQBSUNFOUT IBWF NBQQFE SFMBUFE TDIFNFT
TDIFNFT PG UIF HPWFSONFOU GPS FBTF PG NPOJUPSJOH
/BWBSBUOBMV BOE PUIFST
XJUI FWFSZ JOEJDBUPS
SFRVJSFEBDIJFWJOHFBDIPGUIFHPBMT'VSUIFS
BTQBSUPG
VOEFSBMM4%(T
UIF -PDBMJ[BUJPO PG 4%(T SFMFWBOU JOEJDBUPST BSF CFJOH
t 4UBOEBSE0QFSBUJOH1SPDFEVSFT 4P1T
IBWFCFFO NPOJUPSJOHBUUIF7JMMBHFBOE8BSE4FDSFUBSJBUMFWFM
EFWFMPQFE CZ UIF SFTQFDUJWF EFQBSUNFOUT GPS
t 4UBUFMFWFMo
FBDI PG UIF JOEJDBUPST BOE NFNPT IBWF CFFO
JTTVFECZUIF4FDSFUBSJFTDPODFSOFEEJSFDUJOHUIF t %JTUSJDUMFWFMo
)P%T UP GPMMPX UIF HVJEFMJOFT PVUMJOFE JO UIF t 7JMMBHFMFWFMo
4P1T
t 6SCBO .VOJDJQBM$PSQPSBUJPOT
$ Q HP LD 0 D OQ R X ULVK P H Q W ' UR S R X WV
3H UF H Q WD JH R I D G R OH VF H Q W 3 H UF H Q WD J H R I F K LOG UH Q $ G MX V WH G 1 HW( Q UR OP HQ W5 D WLR
$ 1 ( 5 LQ H OH P HQ WD U \ HG X F D WLR Q
IH P D OH V D JH G \H D UV X Q G H U \ H D UVZ K R D UH
F OD VV
Z K R D UH $ Q D H P LF V WX Q WH G
* UR V V ( Q UR OP H Q W5 D WLR * ( 5 LQ
3H UF H Q WD JH R I S UH J Q D Q W 3 H UF H Q WD J H R I F K LOG UH Q K LJ K HUV HF R Q G D U \ F OD V V
Z R P H Q D J H G \ H D UV X Q G H U \ H D UVZ K R D UH 3H UF H Q WD JH R I VF K R R OV Z LWK D F F HV V
Z K R D UH $ Q D H P LF X Q G H UZ H LJ K W WR E D VLF LQ IUD V WUX F WX UHHOHF WULF LW\
G ULQ N LQ J Z D WH U
3H UF H Q WD JH R I VF K R R OV Z LWK
IX Q F WLR Q D OJ LUOV WR LOHW
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
1FSDFOUBHFPGDIJMESFOVOEFSöWFZFBSTXIPBSFVOEFSXFJHIU
8PNFO
$IJMESFO
%JTBCMFE
BOE4FOJPS$JUJ[FOT
)VNBO3FTPVSDFT 4DIPPM "EKVTUFE/FU&OSPMNFOU3BUJP "/&3
JOFMFNFOUBSZFEVDBUJPO
&EVDBUJPO
DMBTT
)VNBO3FTPVSDFT 4DIPPM
(SPTT&OSPMNFOU3BUJP (&3
JOIJHIFSTFDPOEBSZ DMBTT
&EVDBUJPO
)VNBO3FTPVSDFT 4DIPPM
1FSDFOUBHFPGTDIPPMTXJUIGVODUJPOBMHJSMTUPJMFU
&EVDBUJPO
4%(8FC1PSUBM "OEISB1SBEFTIIBTFNFSHFEBTPOFPGUIFUPQ
QFSGPSNJOH 4UBUFT JO UIF DPVOUSZ JO BDIJFWJOH UIF
*OPSEFSUPNPOJUPSUIFTFJOEJDBUPST
BQPSUBMIBTCFFO 4VTUBJOBCMF %FWFMPQNFOU (PBMT 4%(
GPS
EFWFMPQFECZUIF1MBOOJOH%FQBSUNFOUPG(PWFSONFOU BOE
PG"OEISB1SBEFTI5IFQPSUBMQSPWJEFTGPSEBUBFOUSZGPS
4%( JOEJDBUPST JODMVEJOH UIF JOEJDBUPST "TQFSUIFSFQPSU
"14UBUFIBTEPOFWFSZXFMM
NPOJUPSFECZUIF/*5*"BZPH%BUBFOUSZVQEBUJOHBOE
JOUIFGPMMPXJOHBSFBTHPBMT
NPOJUPSJOHUIFQSPHSFTTXJMMCFEPOFJOUIF4%(QPSUBM
IUUQTBQTEHBQHPWJO r "1 4UBUF B TUPPE JO /P QPTJUJPO JO 4%(
"GGPSEBCMFBOE$MFBO&OFSHZ
4%(*OEJB*OEFYo#FTUQFSGPSNJOH r 5IF 4UBUF TUPPE JO OE QPTJUJPO JO 4%( -JGF
BSFBTPG"OEISB1SBEFTI CFMPXXBUFS
/*5*"":0(o(PWFSONFOUPG*OEJBEFWFMPQT4%(*OEJB r 5IF4UBUFTFDVSFEUIQMBDFJO4%($MFBOXBUFS
*OEFY UP CFODINBSL BOE SBOL TUBUFT WJTËWJT UIFJS BOETBOJUBUJPO
SFTQFDUJWFQFSGPSNBODFTJO4%(T"OEISB1SBEFTI4UBUF
r 5IF4UBUFTUPPEJOUIQMBDFJO4%(BOE4%(
IBT SFUBJOFE UI SBOL JO UIF 4%( *OEJB *OEFY 3FQPSU
/PQPWFSUZBOEHFOEFSFRVBMJUZ
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
$PNQPTJUF4%(
$PNQPTJUF4%(*/%*"
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
'JHVSF*OTUJUVUJPOBM"SSBOHFNFOUTGPSBDIJFWJOH4%(T
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFENPOJUPSBCMF*OEJDBUPST
(PBM&OE1PWFSUZ
5BSHFUTFUCZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH#FTU 3FMBUFE4DIFNFT
/P 7BMVF
4UBUFWBMVF
)PVTJOHGPSBMMQPPS
1FSDFOUBHFPGIPVTFIPMETMJWJOHJO 1FEBMBOEBSJLJJMMV
LBUDIBIPVTFT
1SBEIBO.BOUSJ"XBBT
:PKBOB
1FSDFOUBHFPGIPVTFIPMETXJUIBOZ :43"BSPHZBTSJ
VTVBMNFNCFSDPWFSFECZBIFBMUI /BUJPOBM)FBMUI.JTTJPO
TDIFNFPSIFBMUIJOTVSBODF 3$)'MFYJCMF1PPM
1FSDFOUBHFPGUIFQPQVMBUJPO PVUPG
:431FOTJPO,BOVLB
UPUBMFMJHJCMFQPQVMBUJPO
SFDFJWJOH
:43"TBSB
$IFZVUIB
TPDJBMQSPUFDUJPOCFOFöUTVOEFS
1SBEIBO.BOUSJ.BUSV
1SBEIBO.BOUSJ.BUSV7BOEBOB
7BOEBOB:PKBOB
:PKBOB 1..7:
1%4
+BHBOBOOB"NNB
)FBEDPVOUSBUJPBTQFSUIF/BUJPOBM 7PEJ
"SPHZBTSJ
.VMUJEJNFOTJPOBM1PWFSUZ*OEFY
+BHBOBOOB(PSVNVEEB
:434BNQPPSOB1PTIBOB
1FSTPOTQSPWJEFEFNQMPZNFOUBTB
QFSDFOUBHFPGQFSTPOTXIP
EFNBOEFEFNQMPZNFOUVOEFS
.(/3&("
.BIBUNB(BOEIJ/BUJPOBM3VSBM
&NQMPZNFOU(VBSBOUFF"DU
.(/3&("
4%(o;FSP)VOHFS"DIJFWFGPPETFDVSJUZ NPSFTFSJPVTBOEJTFWFONPSFBMBSNJOHJODBTFPG*OEJB
BOE JNQSPWFE OVUSJUJPO BOE QSPNPUF 5IF5BCMFCFMPXTIPXTUIFDVSSFOUTJUVBUJPOPG4UVOUJOH
TVTUBJOBCMFBHSJDVMUVSF 8BTUJOH
6OEFSXFJHIUBOE"OFNJBJOUIFTUBUF
BOEXBTUJOHBNPOHDIJMESFODPOUJOVFUPESBXBUUFOUJPO "OEISB
*UFN
1SBEFTI
PG UIF HPWFSONFOUT CPUI BU 4UBUF BOE $FOUSBM MFWFMT
&OEJOH IVOHFS UISPVHI FOTVSJOH GPPE TFDVSJUZ BOE 4UVOUJOH
CSJOHJOH JNQSPWFNFOUT JO OVUSJUJPO MFWFMT UISPVHI 8BTUJOH
FGGFDUJWF QVCMJD EJTUSJCVUJPO TZTUFNT BOE TVTUBJOBCMF 6OEFSXFJHIU
BHSJDVMUVSF QSBDUJDFT SFNBJOT UIF DPSF BHFOEB PG UIF $IJMESFOBHFNPOUITXIPBSFBOBFNJD
HPWFSONFOU
"MMXPNFOBHFZFBSTXIPBSFBOBFNJD
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM;FSP)VOHFS
5BSHFUTFUCZ
4M /*5*"BZPH "14UBUF
*OEJDBUPS 3FMBUFE4DIFNFT
/P #FTU4UBUF 7BMVF
WBMVF
&OIBOTJOH$SPQ1SPEVDUJWJUZ
:43
3JDFBOEXIFBUQSPEVDFE 3ZUIV#IBSPTB
/JOF)PVS'SFF1PXFS
BOOVBMMZQFSVOJUBSFB ,H)B
UP"HSJDVMUVSF
:43+BMBLBMB
.JMMFUTBOEPJMTFFETQSPEVDFE
BOOVBMMZQFSVOJUBSFB ,H)B
1FSDFOUBHFPGCFOFöDJBSJFT
.FF*OUJLJ.FF3BUJPO
/BUJPOBM'PPE
DPWFSFEVOEFS/BUJPOBM'PPE "TPO
4FDVSJUZ"DU
4FDVSJUZ"DU /'4"
.BSDI
1FSDFOUBHFPGQSFHOBOU :434BNQPPSOB1PTIBOB
:43
XPNFOBHFEZFBSTXIP 4BNQPPSOB1PTIBOB1MVT
/BUJPOBM
BSFBOBFNJD /VUSJUJPO.JTTJPO
1FSDFOUBHFPGBEPMFTDFOU :434BNQPPSOB1PTIBOB
:43
GFNBMFTBHFEoZFBSTXIP 4BNQPPSOB1PTIBOB1MVT
/BUJPOBM
BSFBOBFNJD /VUSJUJPO.JTTJPO
1FSDFOUBHFPGXPNFO BHFE
XIPTF#PEZ.BTT*OEFY
JTCFMPX
(SPTT7BMVF"EEFE DPOTUBOU :433#,T
3ZUIV#IBSPTB
"NVM
QSJDFT
JOBHSJDVMUVSFQFS
1BBMBWFMMVWB
:43.BUTZLBSB
XPSLFS JO-BLITXPSLFS
#IBSPTB
.JDSP*SSJHBUJPO
:434BNQPPSOB1PTIBOB
:43
1FSDFOUBHFPGDIJMESFOVOEFS 4BNQPPSOB1PTIBOB1MVT
+BHBOBOOB
öWFZFBSTXIPBSFVOEFSXFJHIU
(PSVNVEEB
/BUJPOBM/VUSJUJPO
.JTTJPO
:434BNQPPSOB1PTIBOB
:43
1FSDFOUBHFPGDIJMESFOVOEFS 4BNQPPSOB1PTIBOB1MVT
+BHBOBOOB
GJWFZFBSTXIPBSFTUVOUFE
(PSVNVEEB
/BUJPOBM/VUSJUJPO
.JTTJPO
5IF 4UBUF IBT B WJTJPO PG FOTVSJOH [FSP NBMOVUSJUJPO WBDDJOFT
BOE NJOJNJ[JOH TVCTUBODF BEEJDUJPO
SPBE
BNPOHTU DIJMESFO XIJMF QSPWJEJOH BEFRVBUF
TBGF BOE USBGGJDJOKVSJFTBOEEFBUIT
BOEQPMMVUJPOSFMBUFEJMMOFTTFT
OVUSJUJPVT GPPE GPS BMM SFTJEFOUT PG "OEISB 1SBEFTI
"OEISB1SBEFTIIBTTIPXOCFUUFSQFSGPSNBODFJOUFSNT
QBSUJDVMBSMZ XPNFO PG SFQSPEVDUJWF BHF
DIJMESFO BOE PG.PSUBMJUZSBUFTBTDPNQBSFEUP*OEJBBUBMMMFWFMTJOUIF
WVMOFSBCMF QPQVMBUJPOT *U JT QMBOOFE UP BDIJFWF UIJT SFDFOUQFSJPE4JHOJGJDBOUSFEVDUJPOJOOVNCFSPGCJSUIT
UBSHFUCZNBLJOHGBSNJOHFGGJDJFOU
FDPOPNJDBMMZWJBCMF BUUFOEFECZTLJMMFEIFBMUIQFSTPOOFMBTSFGMFDUFEJOIVHF
BOETVTUBJOBCMFBOEDMJNBUFSFTJMJFOU TVSHF JO JOTUJUVUJPOBM EFMJWFSJFT MBSHFMZ DPOUSJCVUFE UP
MPOHFWJUZPGOFXCPSODIJMESFO"TBSFTVMUPGJNQMFNFOU
4%((PPE)FBMUIBOEXFMMCFJOHo&OTVSF BUJPO PG WBSJPVT QSPHSBNNFT
UIF TUBUF IBT NBEF
)FBMUIZMJWFTBOEQSPNPUFXFMMCFJOHGPSBMM JNQSPWFNFOUJOWBSJPVTIFBMUIQBSBNFUFST
BUBMMBHFT
*OGBOU.PSUBMJUZ3BUF5IF*OGBOU.PSUBMJUZ3BUFJO"OEISB
5IFGPDVTBSFBTVOEFSUIFHPBMBSFNBUFSOBM BOEDIJME 1SBEFTI JT BT DPNQBSF UP "MM *OEJB BT QFS 434
IFBMUI
SFEVDJOH DPNNVOJDBCMF BOE OPODPNNVOJ CVMMFUJO
&TUBCMJTINFOU PG MBLI 8FMMOFTT
DBCMF EJTFBTFT
VOJWFSTBM BDDFTT UP NFEJDJOFT BOE DFOUSFT BOE CSJOHJOH DSPSF GBNJMJFT JO UIF DPVOUSZ
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
VOEFS UIF OBUJPOBM IFBMUI JOTVSBODF VOEFS UIF HBNF DPWFSBHF PG TVQQMFNFOUBSZ OVUSJUJPO QSPHSBNNF
DIBOHJOH "ZVTINBO #IBSBU IFMQFE UIF TUBUF UP FYQBOTJPO PG QVCMJD IFBMUI GBDJMJUJFT FUD
UIF TIBSF PG
TVQQMFNFOUUIF4UBUFhTPXOIFBMUIJOJUJBUJWFTJOSFEVDJOH DPNNVOJDBCMF
OFPOBUBM
NBUFSOBM BOE OVUSJUJPOBM
*.3BOE..3 EJTFBTFT $/./%T
JO UIF UPUBM EJTFBTF CVSEFO DBNF
.BUFSOBM.PSUBMJUZ3BUJP5IF.BUFSOBM.PSUBMJUZ3BUJP EPXO UP GSPN *U JT GVSUIFS SFEVDFE CZ
..3 UIFOVNCFSPGNPUIFSTEZJOHQFSMBLIMJWFCJSUIT
JOUSPEVDUJPOPGNPUIFSBOEDIJMEIFBMUIDBSFTDIFNFTCZ
IBTTIPXOBTJHOJGJDBOUQSPHSFTTEVSJOHUIFMBTUZFBST CPUI4UBUFBOE$FOUSF
8IJMFUIFSFJTBEFDMJOFPGJO..3JOTFWFOZFBSTQBO "OEISB1SBEFTI7JMMBHF8BSE4FDSFUBSJBUBOE7PMVOUFFS
GPS DPVOUSZ
"1 SFDPSEFE B CFUUFS QSPHSFTT XJUI 4ZTUFNTIBWFJNNFOTFMZBJEFEUIFTUBUFJOUIFGJHIUXJUI
EFDMJOF UIF$PWJEQBOEFNJD5IF4UBUFIBTJOJUJBUFEXPSLJOH
JOUIJTEJSFDUJPOBOEGPDVTFEPOMPXFSJOHUIFNPSUBMJUZ
4VTUBJOFE FGGPSUT o TJHOJGJDBOU EFDMJOF JO SBUFT
$PNNVOJDBCMFEJTFBTFT
%VFUPHPWFSONFOUhTJOUFSWFOUJPOJOQSPWJTJPOPGBDDFTT
UP ESJOLJOH XBUFS
TBOJUBUJPO BOE IZHJFOF
JODSFBTFE
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM)FBMUIBOEXFMMCFJOH
5BSHFUTFUCZ
4M /*5*"BZPH "14UBUF
*OEJDBUPS 3FMBUFE4DIFNFT
/P #FTU4UBUF 7BMVF
WBMVF
4VJDJEFSBUF QFS
QPQVMBUJPO
%FBUISBUFEVFUPSPBEUSBóDBDDJEFOUT
3PBE4BGFUZ4DIFNFT
QFS
QPQVMBUJPO
.BUFSOBM.PSUBMJUZ3BUJP QFS
MJWF :43"BSPHZBTSJ
/BUJPOBM
CJSUIT
434
/VUSJUJPO.JTTJPO
6OEFSNPSUBMJUZSBUF QFS
MJWF :43"BSPHZBTSJ/BUJPOBM
CJSUIT
434
/VUSJUJPO.JTTJPO
1FSDFOUBHFPGDIJMESFOJOUIFBHFHSPVQ
/BUJPOBM)FBMUI.JTTJPO
NPOUITGVMMZJNNVOJ[FE
1FSDFOUBHFDBTFOPUJöDBUJPOSBUFPG /BUJPOBM)FBMUI.JTTJPO
5VCFSDVMPTJTBHBJOTUUBSHFU
3$)'MFYJCMF1PPM
)*7JODJEFODFQFS
VOJOGFDUFE :431FOTJPOLBOVLB
QPQVMBUJPO /BUJPOBM"*%4
1FSDFOUBHFPGJOTUJUVUJPOBMEFMJWFSJFTPVU
:43"BSPHZBTSJ
1..7:
PGUIFUPUBMEFMJWFSJFTSFQPSUFE
.POUIMZQFSDBQJUBPVUPGQPDLFU
FYQFOEJUVSFPOIFBMUIBTBTIBSFPG :43"BSPHZBTSJ
.POUIMZ1FSDBQJUB$POTVNQUJPO
&YQFOEJUVSF .1$&
4645"*/"#-&%&7&-01.&/5(0"-4
4%(2VBMJUZ&EVDBUJPO 5IF 4UBUF JT TUSJWJOH IBSE UP FOTVSF JODMVTJWF BOE
FRVJUBCMF RVBMJUZ FEVDBUJPO GSPN QSFTDIPPM UP TFOJPS
2VBMJUZPGFEVDBUJPOBMPVUDPNFTSFNBJOFEBDPODFSOJO TFDPOEBSZ TUBHF JO BDDPSEBODF XJUI UIF 4VTUBJOBCMF
UIFDPVOUSZBOEJOTUBUFTBTXFMM5IF6/DIBSUFSTUSFTTFE %FWFMPQNFOU(PBM 4%(
GPSFEVDBUJPO5IFUISVTUBSFBT
2VBMJUZ FEVDBUJPO BT UIF GPVOEBUJPO GPS TVTUBJOBCMF JODMVEF
EFWFMPQNFOU "DDFTT BOE QSPNPUJPO PG JODMVTJWF BOE
IJHI RVBMJUZ FEVDBUJPO BOE MJGFMPOH MFBSOJOH r &OTVSJOH&RVJUZ
JODMVTJWFOFTTBOERVBMJUZ
PQQPSUVOJUJFTGPSBMMBOEFMJNJOBUJOHHFOEFSEJTQBSJUJFT r &OSPMNFOUBOE%SPQPVU
BUBMMMFWFMTJOFEVDBUJPODPOUJOVFTUPHBSOFSBUUFOUJPOPG
r 4DIPPM*OGSBTUSVDUVSF
UIFHPWFSONFOU5IVT
FEVDBUJPOIBTCFDPNFBIVNBO
SJHIU BOE B GPSDF GPS TVTUBJOBCMF EFWFMPQNFOU BOE r -FBSOJOHPVUDPNFT
QFBDF4%(QSPNPUFT&OTVSFJODMVTJWFBOEFRVJUBCMF "OEISB 1SBEFTI IBT SFDPHOJ[FE UIBU FEVDBUJPO BT BO
RVBMJUZ FEVDBUJPO BOE QSPNPUF MJGFMPOH MFBSOJOH FTTFOUJBMDPNQPOFOUPG)VNBO%FWFMPQNFOU5IFTUBUF
PQQPSUVOJUJFTGPSBMM JTXPSLJOHUPXBSETCVJMEJOHBTZTUFNXIJDIFOTVSFTUIBU
4UBUVT PG 4FYXJTF
4PDJBM (SPVQXJTF -JUFSBDZ 3BUFT JO FEVDBUJPO QSPHSBNNFT BSF NBEF BDDFTTJCMF
JODMVTJWF
3VSBM6SCBO"SFBTPG"1TUBUF BOESFTQPOTJWFUPUIFOFFETPGEJWFSTFHSPVQTPGDIJMESFO
ϳϰ͘ϳϳ
ϳϵ͘ϭϳ BOEZPVOHQFPQMF
XJUIBTQFDJBMGPDVTPOTUVEFOUTGSPN
ϳϲ͘Ϭϭ
ϲϳ͘ϯϱ ϳϭ͘ϲϰ
ϲϮ͘ϯϳ ϲϯ͘ϵϵ
EJTBEWBOUBHFEQPQVMBUJPOHSPVQT
ϲϰ͘ϰϳ
ϱϵ͘ϵϲ ϲϭ͘ϱϯ
ϱϴ͘ϯϳ
ϱϳ͘ϯϲ
ϰϴ͘ϴϯ
ϯϵ͘ϰϬ
ϰϬ͘ϳϰ
V
XV
QH
&
H
UF
X
R
6
7RWDO 0DOH )HPDOH 5XUDO 8UEDQ
$OO 6& 67
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM2VBMJUZ&EVDBUJPO
5BSHFUTFUCZ
4M /*5*"BZPH "14UBUF
*OEJDBUPS 3FMBUFE4DIFNFT
/P #FTU4UBUF 7BMVF
WBMVF
(SPTT&OSPMNFOU3BUJP (&3
JOIJHIFS +BHBOBOOB7JEZB%FFWFOB
'VMM
FEVDBUJPO ZFBST
GFF3FJNCVSTFNFOU
(FOEFS1BSJUZ*OEFY (1*
GPSIJHIFS +BHBOBOOB7JEZB%FFWFOB 'VMM
FEVDBUJPO ZFBST
GFF3FJNCVSTFNFOU
+BHBOBOOB
7BTBUIJ%FFWFOB
"EKVTUFE/FU&OSPMNFOU3BUJP "/&3
+BHBOBOOB"NNB7PEJ
+BHBOBOOB
JOFMFNFOUBSZFEVDBUJPO DMBTT
7JEZBLBOVLB
4BSWB4IJLTIB
"CIJZBO
/BUJPOBM1SPHSBNNFPG
.JE%BZ.FBMJO4DIPPMT
"WFSBHFBOOVBMESPQPVUSBUFBU +BHBOBOOB"NNB7PEJ
+BHBOBOOB
TFDPOEBSZMFWFM DMBTT
7JEZBLBOVLB
4BSWB4IJLTIB
"CIJZBO
/BUJPOBM1SPHSBNNFPG
.JE%BZ.FBMJO4DIPPMT
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
(SPTT&OSPMNFOU3BUJP (&3
JOIJHIFS +BHBOBOOB"NNB7PEJ
4BSWB
TFDPOEBSZ DMBTT
4IJLTIB"CIJZBO
/BUJPOBM
1SPHSBNNFPG.JE%BZ.FBMJO
4DIPPMT
1FSDFOUBHFPGTUVEFOUTJOHSBEF7*** *NQSPWJOHMFBSOJOHPVUDPNFT
BDIJFWJOHBUMFBTUBNJOJNVN
QSPGJDJFODZMFWFMJOUFSNTPGOBUJPOBMMZ
EFGJOFEMFBSOJOHPVUDPNFTUPCF
BUUBJOFECZUIFQVQJMTBUUIFFOEPG
UIFHSBEF
1FSDFOUBHFPGQFSTPOTXJUIEJTBCJMJUZ
ZFBSTBOEBCPWF
XIPIBWF +VM%FD
DPNQMFUFEBUMFBTUTFDPOEBSZ
FEVDBUJPO
1FSDFOUBHFPGQFSTPOT ZFBSTBOE +BHBOBOOB"NNB7PEJ
KBHBOBOOB
BCPWF
XIPBSFMJUFSBUF 7JEZB%FFWFOB 'VMMGFF
3FJNCVSTFNFOU
/*4(4&/BUJPOBM
4DIFNFGPS*ODFOUJWFUP(JSM$IJME
GPS4FDPOEBSZ&EVDBUJPO
1FSDFOUBHFPGTDIPPMTXJUIBDDFTTUP .BOB#BEJ/BEV/FEV
4BNBHSB
CBTJDJOGSBTUSVDUVSF FMFDUSJDJUZ
4IJLTIB
4$&35
ESJOLJOHXBUFS
1FSDFOUBHFPGUSBJOFEUFBDIFSTBU .BOB#BEJ/BEV/FEV
4BNBHSB
TFDPOEBSZMFWFM DMBTT
4IJLTIB
4$&35
1VQJM5FBDIFS3BUJP 153
BUTFDPOEBSZ 'JMMJOHVQ5FBDIFSWBDBODJFT
MFWFM DMBTT
4%( (FOEFS &RVBMJUZ "DIJFWF HFOEFS IBWF TUSFOHUIFOFE JUT FGGPSUT PO HFOEFSSFTQPOTJWF
FRVBMJUZBOEXPNFOFNQPXFSBMMXPNFO QMBOOJOH BOE CVEHFUJOH BDSPTT TFDUPST
FMJNJOBUJOH
WJPMFODFBOEEJTDSJNJOBUJPOBHBJOTUXPNFOBOEFOTVSF
%FTQJUFQSPWJTJPOPGFRVBMSJHIUTGPSNFOBOEXPNFOCZ HFOEFSSFTQPOTJWFHPWFSOBODF
UIF$POTUJUVUJPOPG*OEJB
(FOEFSEJTQBSJUJFTDPOUJOVFUP
"OEISB1SBEFTITUBUFIBTTIPXOOPUFXPSUIZQSPHSFTTJO
FYJTU JO UIF DPVOUSZ 4PNF TVDI BSFBT JODMVEF GFNBMF
DFSUBJO BSFBT QFSUBJOJOH UP XPNFO BOE DBMMFE GPS
NBMF SBUJP
MJUFSBDZ BOE FEVDBUJPO
GPPE BOE OVUSJUJPO
BEEJUJPOBM BUUFOUJPO JO SFTQFDU PG DFSUBJO PUIFS BSFBT
IFBMUI DBSF TZTUFN
TFYVBM FYQMPJUBUJPO
EPNFTUJD
5IPVHIUIF'FNBMFMJUFSBDZSBUFIBTHPOFVQGSPN
WJPMFODF
XPSL QBSUJDJQBUJPO SBUF
PQQPSUVOJUZ UP
QFSDFOU JO UP QFSDFOU JO
JU JT
FNQMPZNFOU
UIF VOFRVBM EJWJTJPO PG VOQBJE DBSF BOE
DPOTJEFSBCMZMFTTDPNQBSFEUIBOUIFNBMFMJUFSBDZSBUFPG
EPNFTUJD XPSL BDDFTT UP FDPOPNJD SFTPVSDFT BOE UIF
QFSDFOU
NPTUJNQPSUBOUMZQPMJUJDBMQBSUJDJQBUJPO
5IFTDIFNFTBOEQPMJDJFTJNQMFNFOUFECZUIFTUBUFGPS
(FOEFS4FOTJUJWF(PWFSOBODF HJSMDIJMEFNQPXFSNFOU
GVUVSFFEVDBUJPOBOENBSSJBHF
FYQFOTFT PG GFNBMF DIJME IBWF TIPXO B NBSLFE
5IF HPWFSONFOU JO UIF SFDFOUQBTU IBT CSPVHIUBCPVU
JNQSPWFNFOUJOUIFTFYSBUJPJO"1UPJOGSPN
SFWPMVUJPOBSZSFGPSNTJOUIFFDPOPNJDBOETPDJBMTFDUPST
JOXIJDIJTIJHIFSUIBO*OEJBhT
XJUIGPDVTPOTFMGSFMJBODFPGXPNFOGPSFOTVSJOHFRVBM
SJHIUTBOEXPNFOFNQPXFSNFOU5IFTUBUFHPWFSONFOU
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
4FY3BUJP BMMBHFT
JO"OEISB1SBEFTI "SFBTPGDPODFSO
r 8PNFOJOMBCPVSGPSDF
r 8PNFOJO*OTUJUVUJPO#VJMEJOH
r 4FYVBM FYQMPJUBUJPO BOE DSJNF BHBJOTU HJSMT BOE
XPNFO
r 7JPMFODFBHBJOTUXPNFO
r "ENJOJTUSBUJWFBOEQPMJUJDBM1PXFST
&NQPXFSNFOU PG XPNFO CZ CVJMEJOH BXBSFOFTT PG
HFOEFS JTTVFT BOE QSPWJEJOH UIFN FRVBMJUZ PG
PQQPSUVOJUJFTJSSFTQFDUJWFPGTFYJOFEVDBUJPO
IFBMUIBOE
FNQMPZNFOU PQQPSUVOJUJFT JT UIF DPSOFSTUPOF PG UIF
HPWFSONFOUhTUIJOLJOH
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM(FOEFS&RVBMJUZ
5BSHFUTFUCZ
4M
*OEJDBUPS /*5*"BZPH "14UBUF7BMVF 3FMBUFE4DIFNFT
/P
#FTU4UBUFWBMVF
1FSDFOUBHFPGFWFSNBSSJFEXPNFOBHFE %JTIB"DU
ZFBSTXIPIBWFFWFSFYQFSJFODFETQPVTBM
WJPMFODF QIZTJDBMTFYVBM
4FYSBUJPBUCJSUI
DFOTVT
$43
1FSDFOUBHFPGDVSSFOUMZNBSSJFEXPNFO
BHFEZFBSTXIPIBWFUIFJSEFNBOEGPS
GBNJMZQMBOOJOHTBUJTGJFECZBOZNPEFSO
NFUIPET
1FSDFOUBHFPGDVSSFOUMZNBSSJFEXPNFO
BHFEZFBST
XIPVTVBMMZQBSUJDJQBUFJO
UISFFIPVTFIPMEEFDJTJPOT
1SPQPSUJPOPGXPNFOJONBOBHFSJBM
QPTJUJPOTJODMVEJOHXPNFOJOCPBSEPG
EJSFDUPST
JOMJTUFEDPNQBOJFT QFS
QFSTPOT
PG8PNFO BHFE
XIPPXOBNPCJMF
QIPOFUIBUUIFZUIFNTFMWFTVTF
3BUJPPGGFNBMFUPNBMFBWFSBHFXBHFTBMBSZ 8BHFTVOEFS
FBSOJOHTSFDFJWFEBNPOHSFHVMBS .(/3&("
0UIFS
XBHFTBMBSJFEFNQMPZFFT MBCPVSXBHFT
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM$MFBOXBUFSBOE4BOJUBUJPO
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
1FSDFOUBHFPGSVSBMQPQVMBUJPO :43+BMBZBHOBN
+BMB+FFWBO.JTTJPO
HFUUJOHTBGFBOEBEFRVBUFESJOLJOH 6SCBO8BUFS4VQQMZ4DIFNF
XBUFSUISPVHI1JQF8BUFS4VQQMZ
184
1FSDFOUBHFPGSVSBMQPQVMBUJPOIBWJOH :43+BMBZBHOBN
+BMB+FFWBO.JTTJPO
JNQSPWFETPVSDFPGESJOLJOHXBUFS 6SCBO8BUFS4VQQMZ4DIFNF
1FSDFOUBHFPGEJTUSJDUTWFSJGJFEUPCF $-"1
4PMJE-JRVJEXBTUF
0%' 4#. (
NBOBHFNFOU
%PPSUP%PPS(BSCBHF
$PMMFDUJPO4FHSFHBUJPO
4XBDIB
#IBSBU.JTTJPO
1FSDFOUBHFPGJOEJWJEVBMIPVTFIPME $-"1
4XBDIIB"OEISB$PSQPSBUJPO
UPJMFUTDPOTUSVDUFEBHBJOTUUBSHFU
4#. (
1FSDFOUBHFPGTDIPPMTXJUIGVODUJPOBM .BOB#BEJ/BEV/FEV
#FUJ#BDIBP
HJSMTUPJMFU
#FUJ1BEIBP
4UBHFPG(SPVOE8BUFS&YUSBDUJPO
:43+BMBZBHOBN
+BMB+FFWBO.JTTJPO
6SCBO8BUFS4VQQMZ4DIFNF
1FSDFOUBHFPGCMPDLTNBOEBMTUBMVLB :43+BMBZBHOBN
+BMB+FFWBO.JTTJPO
PWFSFYQMPJUFE
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM"òPSEBCMF$MFBO&OFSHZ
5BSHFUTFUCZ
4M /*5*"BZPH "14UBUF
*OEJDBUPS 3FMBUFE4DIFNFT
/P #FTU4UBUF 7BMVF
WBMVF
1FSDFOUBHFPG-1(1/( 1.6KXBMB:PKBOB
DPOOFDUJPOTBHBJOTU
OVNCFSPGIPVTFIPMET
1FSDFOUBHFPGIPVTFIPMET 'SFF1PXFSTVQQMZUP4$45
FMFDUSJGJFE
IPVTFIPMET
-&%-JHIUTTDIFNF
%FFO%BZBM6QBEIBZB(SBN+ZPUIJ
:PKBOB
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM%FDFOUXPSLBOE&DPOPNJD(SPXUI
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
1FSDFOUBHFPGIPVTFIPMETXJUIBOZ
NFNCFSXJUIBCBOLPSQPTUPóDF
BDDPVOU
/VNCFSPG'VODUJPOJOH#SBODIFTPG
$PNNFSDJBM#BOLTQFS
QPQVMBUJPO
"VUPNBUFE5FMMFS.BDIJOFT "5.T
QFS 3FDBQJUBMJ[BUJPOPG1VCMJD4FDUPS
QPQVMBUJPO CBOLT
1FSDFOUBHFPGXPNFOBDDPVOUIPMEFSTJO 3FDBQJUBMJ[BUJPOPG1VCMJD4FDUPS
1SBEIBO.BOUSJ+BO%IBO:PKBOB 1.+%:
CBOLT
6OFNQMPZNFOUSBUF
ZFBST
+BHBOBOOB5IPEV
4USFF/JEIJ
"1
"NVM1BBMBWFMMVWB
+BHBOBOOB
+FFWFLSBOUIJ
1SBEIBOB.BOUISJ
,BVTBM7JLBT:PKBOB
-BCPVSGPSDFQBSUJDJQBUJPOSBUF
+BHBOBOOB5IPEV
4USFF/JEIJ
"1
ZFBST
"NVM1BBMBWFMMVWB
+BHBOBOOB
+FFWFLSBOUIJ
1SBEIBOB.BOUISJ
,BVTBM7JLBT:PKBOB
1FSDFOUBHFPGSFHVMBSXBHFTBMBSJFE
FNQMPZFFTJOOPOBHSJDVMUVSFTFDUPS
XJUIPVUBOZTPDJBMTFDVSJUZCFOFöU
1SPQPSUJPOPG8BTUFSFDZDMFEWT8BTUF
HFOFSBUFE
"OOVBMSFBMHSPXUISBUFPG(%1 BEKVTUFE *NQSPWJOH"HSJDVMUVSF
UPQSJDFDIBOHFT
QFSDBQJUB QSPEVDUJWJUZ
5PVSJTN
5SBEF
)PUFMT
*54FSWJDFT
NBOVGBDUVSJOH
.4.&T
*OEVTUSJBMQSPEVDUJPO
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
4%( o #VJME 3FTJMJFOU *OGSBTUSVDUVSF
SFNBJOT UIF IJHI GPDVT BSFB JO UIF TUBUF 5IF TUBUF
HPWFSONFOUJTUBLJOHBMMNFBTVSFTUPJODSFBTFUIFTIBSF
QSPNPUF * ODMVTJWF BOE 4VTUBJOBCMF
PG JOEVTUSZ JO UIF FDPOPNZ UISPVHI JOWFTUNFOU JO
*OEVTUSJBMJ[BUJPOBOE'PTUFS*OOPWBUJPO EFWFMPQNFOUPGJOEVTUSJBMJOGSBTUSVDUVSF
5IF 4%( FODPNQBTTFT UISFF JNQPSUBOU BTQFDUT PG 5IF TUBUF IBT VOEFSUBLFO TFWFSBM SFGPSNT UP GBDJMJUBUF
TVTUBJOBCMF EFWFMPQNFOU JOGSBTUSVDUVSF
JOEVTUSJBMJ CVTJOFTT GSJFOEMZ FOWJSPONFOU CZ FOBCMJOH GBTUFS
[BUJPOBOEJOOPWBUJPOUPESJWFFDPOPNJDHSPXUI
DSFBUF QSPDFTTJOH BOE FOIBODFE USBOTQBSFODZ CZ MFWFSBHJOH
KPCPQQPSUVOJUJFTBOEGJOBMMZUPBEWBODFUIFUFDIOPMPHZ UFDIOPMPHZ
DBQBCJMJUJFT PG JOEVTUSJBM TFDUPST BOE QSPNQUT UIF
"OEISB 1SBEFTI JT UIF GJSTU 4UBUF UP UBLF NFBTVSFT UP
EFWFMPQNFOUPGOFXTLJMMT
SFWJWF UIF TNBMM BOE NFEJVN TDBMF JOEVTUSJFT IJU CZ
/*5* "BZPH
(PWFSONFOU PG *OEJB
XIJMF EFTJHOJOH UIF QBOEFNJD $PWJE XJUI B 3F45"35 QBDLBHF XIJDI
TUSBUFHZTFUBOBHFOEBJOSFTQFDUPGBDIJFWJOH*OEVTUSJBM JODMVEFTUIFQBZNFOUPGTBODUJPOFEJODFOUJWFT
XPSLJOH
UBSHFUT CZ UIF ZFBS 5IFTF JODMVEF %PVCMJOH UIF DBQJUBMMPBOT
QSFGFSFOUJBMNBSLFUBDDFTTFUD
NBOVGBDUVSJOHTFDUPSHSPXUISBUF
UBSHFUJOHBSBOLPG
"OEISB1SBEFTI*OEVTUSJBM%FWFMPQNFOU1PMJDZ
JO UIF &BTF PG %PJOH #VTJOFTT *OEFY BOE QSPNPUF
BEPQUJPOPGUIFMBUFTUUFDIOPMPHJDBMBEWBODFNFOUT 5IF(PWFSONFOUPG"OEISB1SBEFTIIBWFJOUSPEVDFEUIF
"1 *OEVTUSJBM %FWFMPQNFOU 1PMJDZ *%1
.BOVGBDUVSJOH TFDUPS
BT BO FNQMPZNFOU QSPWJEFS
JEFOUJGZJOHUISVTUBSFBTUPQSPQFMFDPOPNJDHSPXUI
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM*OEVTUSZ
*OOPWBUJPOBOE*OGSBTUSVDUVSF
5BSHFUTFUCZ
4M /*5*"BZPH "14UBUF 3FMBUFE4DIFNFT
*OEJDBUPS
/P #FTU4UBUF 7BMVF
WBMVF
.BOVGBDUVSJOHFNQMPZNFOUBTBQFSDFOUBHF *ODFOUJWFTUP.4.&T
PGUPUBMFNQMPZNFOU
*OOPWBUJPOTDPSFBTQFSUIF*OEJB*OOPWBUJPO
*OEFY
4DPSFBTQFS-PHJTUJDT&BTF"DSPTT%JòFSFOU
4UBUFT -&"%4
SFQPSU
4FSWJDFTFDUPSFNQMPZNFOUBTBQFSDFOUBHF
PGUPUBMFNQMPZNFOU
1FSDFOUBHFPGIPVTFIPMETUIBUPXOBUMFBTU
POFNPCJMFQIPOF
1FSDFOUBHFPGJOIBCJUFEWJMMBHFTXJUI(( /FX
NPCJMFJOUFSOFUDPWFSBHF
1FSDFOUBHF4IBSFPG(7"JONBOVGBDUVSJOH
UPUPUBM(7" DVSSFOUQSJDFT
1FSDFOUBHF4IBSFPG(7"JOTFSWJDFTUPUPUBM
(7" DVSSFOUQSJDFT
1FSDFOUBHFPGUBSHFUFEIBCJUBUJPOT
DPOOFDUFECZBMMXFBUIFSSPBETVOEFS
1.(4:
1SBEIBO.BOUSJ(SBN4BEBL:PKBOB 1.(4:
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFE.POJUPSBCMF*OEJDBUPST
(PBM3FEVDFE*OFRVBMJUJFT
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
1FSDFOUBHFPG4$45TFBUTJO4UBUF
-FHJTMBUJWF"TTFNCMJFT
3BUFPGUPUBMDSJNFTBHBJOTU4$T QFS %JTIB"DU
4$QPQVMBUJPO
3BUFPGUPUBMDSJNFTBHBJOTU45T QFS %JTIB"DU
45QPQVMBUJPO
3BUJPPGUSBOTHFOEFSUPNBMF-BCPVS 1FOTJPO,BOVLBUP
'PSDF1BSUJDJQBUJPO3BUF -'13
5SBOTHFOEFS
3BUJP JOQFSDFOU
PGGFNBMFXPSLFSTUP
NBMFXPSLFSTXPSLJOHBT1SPGFTTJPOBMT
BOE5FDIOJDBM8PSLFST
1FSDFOUBHFPGTFBUTIFMECZXPNFOJO
1BODIBZBUJ3BK*OTUJUVUJPOT 13*T
(JOJ$PFóDJFOU
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
HSPVQT JO UFSNT PG BDDFTT UP TFSWJDFT
FDPOPNJD 4%( (PBM 4VTUBJOBCMF $JUJFT BOE
PQQPSUVOJUJFTBOEPWFSBMMRVBMJUZPGMJGF5IFDPSFBHFOEB
$PNNVOJUJFT
PG UIF TUBUF HPWFSONFOU JT XFMGBSF BOE UIFSF JT B MPOH
UFSN BDUJPO QMBO UP TJHOJGJDBOUMZ MJGU UIF IVNBO 4VTUBJOBCMF BOE SFTJMJFOU DJUJFT IBWF CFDPNF UIF
EFWFMPQNFOU MFWFMT PG UIF TUBUF DJUJ[FOT UISPVHI CBDLCPOF JO UIF FDPOPNJD EFWFMPQNFOU PG BOZ TUBUF
NFBOJOHGVM BOE FGGFDUJWF JOUFSWFOUJPOT JO IFBMUI
5IF XPSME DJUJFT PDDVQZ MFTT UIBO PG UIF FBSUIhT
FEVDBUJPOBOETLJMMEFWFMPQNFOUBSFBT TVSGBDFCVUBDDPVOUGPSPGFOFSHZDPOTVNQUJPO
BOE PG DBSCPO FNJTTJPOT .BOZ DJUJFT BSF BMSFBEZ
1SPNJOFOU4FHNFOUTPGFYDMVTJPO TUSVHHMJOH XJUI FOWJSPONFOUBM EFHSBEBUJPO
USBGGJD
0G UIF UPUBM QPQVMBUJPO PG BCPVU DSPSF JO "OEISB DPOHFTUJPO
JOBEFRVBUFVSCBOJOGSBTUSVDUVSF
BOEBMBDL
1SBEFTI
BSF BDDPVOUFE CZ 4DIFEVMFE $BTUFT
PG CBTJD TFSWJDFT
TVDI BT XBUFS TVQQMZ
TBOJUBUJPO BOE
BOPUIFS CZ 4DIFEVMFE 5SJCFT " MJUUMF PWFS XBTUFNBOBHFNFOU
MBLIT PG4UBUFUPUBMQPQVMBUJPO
DPOTUJUVUFFMEFSMZ (PBMBJNTUPQSPNPUFJODMVTJWFOFTTBOETVTUBJOBCMF
QPQVMBUJPO 8IJMF MBLI QFPQMF BSF IBWJOH TPNF VSCBOJ[BUJPO TP UIBU UIF DJUJFT DBO CF QSPEVDUJWF
EJTBCJMJUZ
BSFUSBOTHFOEFST BDDFTTJCMF QMBDFT UIBU BUUSBDU UBMFOU
FODPVSBHF
"1HPWFSONFOUJTDPNNJUUFEUPSFEVDFJOFRVBMJUJFTBOE JOOPWBUJPOBOEDSFBUFFDPOPNJDHSPXUI
QSPUFDU UIF JOUFSFTU PG UIF WVMOFSBCMF TFDUJPOT
4VTUBJOBCMFEFWFMPQNFOUoNBOBHJOHVSCBO
NJOPSJUJFT
XPNFO
EJTBEWBOUBHFE TFDUJPOT PG UIF
TPDJFUZ JODMVEJOH UIF EJGGFSFOUMZ BCMFE QPQVMBUJPO
TQBDFT
4FWFSBMTDIFNFTQSPHSBNNFTUBSHFUJOHUIFTFTFDUJPOT 3BQJE VSCBOJ[BUJPO IBT JODSFBTFE FNQMPZNFOU
IBWFCFFOQVUJOQMBDFCZUIJTHPWFSONFOU PQQPSUVOJUJFTUPNJMMJPOTPGQFPQMF
QSPWJEFEOFXKPCT
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFENPOJUPSBCMF*OEJDBUPST
(PBM4VTUBJOBCMF$JUJFTBOE$PNNVOJUJFT
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
%FBUITEVFUPSPBEBDDJEFOUTJOVSCBO *EFOUJGZJOHBDDJEFOUQSPOFBSFBT
BSFBT QFS
QPQVMBUJPO
1FSDFOUBHFPGVSCBOIPVTFIPMETMJWJOHJO )PVTJOHGPSBMMQPPS /
LBUDIBIPVTFT
+BHBOBOOB)PVTJOH$PMPOJFT
1.":6SCBO
1FSDFOUBHFPGXBSETXJUIEPPSUP $-"1
4PMJE-JRVJEXBTUF
EPPSXBTUFDPMMFDUJPO 4#. 6
NBOBHFNFOU
4XBDIIB#IBSBU
.JTTJPO
1FSDFOUBHFPG.48QSPDFTTFEUPUIFUPUBM $-"1
4XBDIIB#IBSBU.JTTJPO
.48HFOFSBUFE 4#. 6
1FSDFOUBHFPGXBSETXJUITPVSDF $-"1
TFHSFHBUJPO 4#. 6
*OTUBMMFETFXBHFUSFBUNFOUDBQBDJUZBTB 4PMJE-JRVJE8BTUF.BOBHFNFOU
QFSDFOUBHFPGTFXBHFHFOFSBUFEJOVSCBO
BSFBT
1FSDFOUBHFPGVSCBOIPVTFIPMETXJUI $PNQSFIFOTJWF4UPSN8BUFS
ESBJOBHFGBDJMJUZ +VMZ %SBJOBHF4ZTUFN
4XBDIIB#IBSBU
.JTTJPO
1FSDFOUBHFPG*OEJWJEVBM)PVTFIPME
5PJMFUT$POTUSVDUFE"HBJOTU5BSHFU4#.
$-"1
4XBDIIB#IBSBU.JTTJPO
6
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
BOE DPOUSJCVUFE UP QPWFSUZ SFEVDUJPO BOE FDPOPNJD 4%( 3FTQPOTJCMF $POTVNQUJPO BOE
HSPXUI 5IFSFGPSF
FGGJDJFOU VSCBO QMBOOJOH BOE 1SPEVDUJPO
NBOBHFNFOUQSBDUJDFTNVTUCFQVUJOQMBDFUPEFBMXJUI
UIFFYJTUJOHBOEVQDPNJOHDIBMMFOHFTCSPVHIUBCPVUCZ 5IF HPBM FOWJTBHFT JNQMFNFOUBUJPO PG B ZFBS
VSCBOJ[BUJPO GSBNFXPSLPO4VTUBJOBCMF$POTVNQUJPOBOE1SPEVDUJPO
QBUUFSOT 5IF FOWJSPONFOUBMMZ TPVOE SFDZDMJOH PG
$VSSFOU4DFOBSJPPG6SCBOJ[BUJPOJO"1 FXBTUFJODSFBTFEBUBTMPXFSQBDF
GSPNLHQFSDBQJUB
"DDPSEJOHUPDFOTVT
BMNPTUPG"OEISB1SBEFTI UP LH QFS DBQJUB &GGJDJFOU NBOBHFNFOU PG OBUVSBM
QPQVMBUJPO MJWFT JO DJUJFT 5IF EFDBEBM VSCBOJ[BUJPO SFTPVSDFT
UIF XBZ UP EJTQPTF PG UPYJD XBTUF BOE
HSPXUI SBUF IBT CFFO "OEISB 1SBEFTI IBT UIF QPMMVUBOUT BSF JNQPSUBOU UBSHFUT UP BDIJFWF UIJT HPBM
IJHIFTU QSPQPSUJPO PG TMVN QPQVMBUJPO JO UIF &ODPVSBHJOH JOEVTUSJFT
CVTJOFTTFT BOE DPOTVNFST UP
DPVOUSZ
SFDZDMFBOESFEVDFXBTUFJTFRVBMMZJNQPSUBOU
"1TUBUFIBTQBJEBEFRVBUFGPDVTPOEFBMJOHXJUIJTTVFT
SFMBUJOHUPVSCBOBSFBTBOEIBTCFFOQBZJOHBUUFOUJPOUP
"1 4UBUFhT ESJWF UPXBSET 4VTUBJOBCMF
UIF JTTVFT PG CVJMEJOH JOGSBTUSVDUVSF UP XJUITUBOE UIF $POTVNQUJPOBOE1SPEVDUJPO
IVHF SVSBM UP VSCBO NJHSBUJPO
ESJOLJOH XBUFS BOE 5IF BHSJDVMUVSF TFDUPS JO UIF TUBUF IBT CFFO QSBDUJDJOH
TBOJUBUJPO JTTVFT
NBJOUBJOJOH HSFFOFSZ UISPVHI VSCBO VOCBMBODFEQSPEVDUJWFNFUIPETTVDIBTFYDFTTJWFVTF
GPSFTUSZBOEPUIFSBUUFOEBOUJTTVFT PG GFSUJMJ[FST
FOFSHZ BOE XBUFS UP JOTUBOU JODSFBTF JUT
,FZ TUSBUFHJD JOUFSWFOUJPO 5P QSPWJEF CFUUFS MJWJOH QSPEVDUJWJUZ 5IF XPSME TUVEJFT SFWFBM UIBU UIFTF
TUBOEBSET UP JUT DJUJ[FOT WJ[ QFSNBOFOU IPVTJOH
DMFBO QSBDUJDFTMFBEUPXBUFS
BJSQPMMVUJPOBOEFOWJSPONFOUBM
BOE TBGF ESJOLJOH XBUFS
ESBJOBHF TZTUFN
TBOJUBUJPO
EFHSBEBUJPO
SPBEDPOOFDUJWJUZBOEPUIFSTFSWJDFTGPSCFUUFSMJWJOH
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFENPOJUPSBCMF*OEJDBUPST
(PBM3FTQPOTJCMF$POTVNQUJPOBOE1SPEVDUJPO
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
1FSDFOUBHFVTFPGOJUSPHFOPVTGFSUJMJ[FS :433ZUIV#IBSPTB,FOESBMV
PVUPGUPUBM/
1
,
/JUSPHFO
1IPTQIPSPVT
1PUBTTJVN
1FSDBQJUBGPTTJMGVFMDPOTVNQUJPO JOLH
*OTUBMMFEDBQBDJUZPGCJPQPXFSQFSMBLI
QPQVMBUJPO .8
2VBOUJUZPGIB[BSEPVTXBTUF 4XBDIIB#IBSBU.JTTJPO
SFDZDMFEVUJMJ[FEUPUPUBMIB[BSEPVTXBTUF
HFOFSBUFE
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFENPOJUPSBCMF*OEJDBUPST
'ŽĂůϭϯ͗ůŝŵĂƚĞĂĐƟŽŶ
dĂƌŐĞƚƐĞƚ
ďLJ
^ů͘ W^ƚĂƚĞ
/ŶĚŝĐĂƚŽƌ E/d/ĂLJŽŐ ZĞůĂƚĞĚ^ĐŚĞŵĞƐ
EŽ͘ sĂůƵĞ
ͬĞƐƚ^ƚĂƚĞ
ǀĂůƵĞ
WĞƌĐĞŶƚĂŐĞŽĨƌĞŶĞǁĂďůĞĞŶĞƌŐLJŽƵƚŽĨ ϵϴ͘ϯ ϰϮ͘ϯϭ /ŵƉƌŽǀŝŶŐƚŚĞƐŚĂƌĞŽĨZĞŶĞǁĂďůĞ
ϭ ƚŽƚĂůŝŶƐƚĂůůĞĚŐĞŶĞƌĂƟŶŐĐĂƉĂĐŝƚLJ ;ϮϬϮϮͿ ŶĞƌŐLJ
;ŝŶĐůƵĚŝŶŐĂůůŽĐĂƚĞĚƐŚĂƌĞƐͿ
ŝƐĂďŝůŝƚLJĚũƵƐƚĞĚ>ŝĨĞzĞĂƌƐ;>zͿƌĂƚĞ ϭϰϬϴ ϯϬϬϳ
Ϯ ĂƩƌŝďƵƚĂďůĞƚŽĂŝƌƉŽůůƵƚŝŽŶ;ƉĞƌϭ͕ϬϬ͕ϬϬϬ ;ϮϬϭϲͿ
ƉŽƉƵůĂƟŽŶͿ
EƵŵďĞƌŽĨŚƵŵĂŶůŝǀĞƐůŽƐƚƉĞƌϭĐƌŽƌĞ ϭ͘Ϭϲ ϭϱ͘ϲ ŶǀŝƌŽŶŵĞŶƚWƌŽƚĞĐƟŽŶ͕
ϯ ƉŽƉƵůĂƟŽŶĚƵĞƚŽĞdžƚƌĞŵĞǁĞĂƚŚĞƌĞǀĞŶƚƐ DĂŶĂŐĞŵĞŶƚĂŶĚ^ƵƐƚĂŝŶĂďůĞ
ĞǀĞůŽƉŵĞŶƚ
ŝƐĂƐƚĞƌƉƌĞƉĂƌĞĚŶĞƐƐƐĐŽƌĞĂƐƉĞƌŝƐĂƐƚĞƌ Ϯϳ͘ϱ ϭϵ͘ϱ
ϰ
ZĞƐŝůŝĞŶĐĞ/ŶĚĞdž ;ϮϬϭϵͿ
4%(-JGFCFMPX8BUFS "OEISB1SBEFTIIBTBDPBTUBMMJOFPGBCPVU,.TPG#BZ
PG#FOHBMXJUIPOF.BKPSQPSUBU7JTBLIBQBUOBNBOE
4%(TFFLTUPBEESFTTTPNFPGUIFDIBMMFOHFTGBDFECZ OPUJGJFE1PSUTPVUPGXIJDIBSFGVODUJPOBMQPSUT
UIF MJGF VOEFS XBUFS UISFBUT PG NBSJOF BOE OVUSJFOU
QPMMVUJPO
SFTPVSDF EFQMFUJPO BOE DMJNBUF DIBOHF
5IFTDIFNFTBMJHOFEUPUIF4%(BSF:43+BMBZBHOBN
EFHSBEBUJPOBOEMPTTPGCJPEJWFSTJUZ
PDFBOBDJEJGJDBUJPO
:43+BMB,BMBBOE:43.BUTZBLBSB#IBSPTB'PSNBLJOH
BMMPGXIJDIBSFDBVTFEQSJNBSJMZCZIVNBOBDUJPOT UIF NBSJOF GJTIJOH BT TVTUBJOBCMF BOE FDPOPNJDBMMZ
WJBCMFUPDPBTUBMGJTIFSNFOBOEUPQSPUFDUPDFBOGJTIFSZ
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
SFTPVSDFTBOECJPEJWFSTJUZEVSJOHUIFCSFFEJOHTFBTPO
*OUFSWFOUJPOTPG"OEISB1SBEFTI
UIF HPWFSONFOU FOGPSDFT B CBO FWFSZ ZFBS
SFTUSJDUJOH
UIFGJTIJOHBDUJWJUJFT$BTIDPNQFOTBUJPOPG3T
JT 5PXBSET4VTUBJOBCMF-JGFPO-BOE"OEISB1SBEFTIJTUIF
QSPWJEFE JO MJFV PG UIF MPTT PG JODPNF EVSJOH UIF CBO UIMBSHFTUTUBUFJO*OEJBJOUFSNTPG(FPHBSBQIJDBMBSFB
QFSJPEUISPVHI:43.BUTZBLBSB#IBSPTB 5IFTUBUFDPNQSJTFTPG*OEJBhTHFPHSBQIJDBMBSFB
BOE BSFB VOEFS GPSFTU JT MBLI IFDUBSFT BOE
"1 JT LFFO UP HBSOFS UIF QPUFOUJBM CFOFGJUT GSPN UIF BDDPVOUFEGPSPGHFPHSBQIJDBMBSFBPGUIFTUBUF
TQFDJFT VOEFS XBUFS BOE IBT QMBOT UP CPPTU UIF
QSPEVDUJWJUZ BOE FOIBODF FYQPSU FBSOJOHT GSPN UIF $PNCBU MBOE EFHSBEBUJPO BOE GPTUFS
NBSJOFQSPEVDUT%VSJOH
4%(OPUDPOTJEF BGGPSFTUBUJPO
SFEGPS3BOLJOHCZ/*5*"BZPH
5IF4UBUF(PWFSONFOUIBTMBVODIFEBNBTTJWFQFPQMFhT
4%(-JGFPO-BOE NPWFNFOUJOWPMWJOHQVCMJDBOEGBSNFSTJOBCJHXBZUP
JODSFBTF USFF DPWFS PVUTJEF SFTFSWF GPSFTUT UP JNQSPWF
)VNBOMJGFEFQFOETPOUIFFBSUIBTNVDIBTUIFPDFBO
FOWJSPONFOU BOE UP QSPWJEF HBJOGVM FNQMPZNFOU UP
GPSPVSTVTUFOBODFBOEMJWFMJIPPET0WFSQFSDFOUPG
UIPVTBOETPGVOFNQMPZFEZPVUIT
UIF IVNBO EJFU JT QSPWJEFE CZ QMBOUT XIJMF UIF DFSFBM
DSPQT SJDF
NBJ[F BOE XIFBU QSPWJEFT PG FOFSHZ
JOUBLF 'PSFTUT DPWFS QFSDFOU PG UIF &BSUIhT TVSGBDF
QSPWJEF WJUBM IBCJUBUT GPS NJMMJPOT PG TQFDJFT BOE
JNQPSUBOUTPVSDFTGPSDMFBOBJSBOEXBUFS
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFENPOJUPSBCMF*OEJDBUPST
(PBM-JGFPO-BOE
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
'PSFTUDPWFSBTBQFSDFOUBHFPGUPUBM 7BOBNBIPTUBWBN
+BHBOBOOB
HFPHSBQIJDBMBSFB *4'3
1BDIBUIPSBOBN
/BUJPOBM.JTTJPO
GPSB(SFFO*OEJB
5SFFDPWFSBTBQFSDFOUBHFPGUPUBM 7BOBNBIPTUBWBN
+BHBOBOOB
HFPHSBQIJDBMBSFB
1BDIBUIPSBOBN
/BUJPOBM.JTTJPO
GPSB(SFFO*OEJB
1FSDFOUBHFPGBSFBDPWFSFEVOEFS /BUJPOBM.JTTJPOGPSB(SFFO*OEJB
BòPSFTUBUJPOTDIFNFTUPUIFUPUBM
HFPHSBQIJDBMBSFB
1FSDFOUBHFPGEFHSBEFEMBOEPWFSUPUBM
MBOEBSFB
4645"*/"#-&%&7&-01.&/5(0"-4
4%(4DIFNFNBQQJOHGPS/*5*"BZPHJEFOUJGJFENPOJUPSBCMF*OEJDBUPST
(PBM1FBDFBOE+VTUJDF
5BSHFUTFU
CZ
4M "14UBUF
*OEJDBUPS /*5*"BZPH 3FMBUFE4DIFNFT
/P 7BMVF
#FTU4UBUF
WBMVF
$BTFTVOEFS1SFWFOUJPOPG$PSSVQUJPO"DU
BOESFMBUFETFDUJPOTPG*1$QFSMBLI
QPQVMBUJPO
.VSEFSTQFS
QPQVMBUJPO %JTIB"DU
$PHOJ[BCMFDSJNFTBHBJOTUDIJMESFOQFS
QPQVMBUJPO
/VNCFSPGWJDUJNTPGIVNBOUSBóDLJOH %JTIB"DU
)PNFBòBJSTTDIFNF
QFSMBLIQPQVMBUJPO GPSTBGUZPGXPNFO
6NCSFMMB
*$%4
/BUJPOBM-BCPVS1SPKFDU
/VNCFSPGNJTTJOHDIJMESFOQFS
6NCSFMMB*$%4
/BUJPOBM-BCPVS
DIJMEQPQVMBUJPO 1SPKFDU
$IBSHFTIFFUJOHSBUFPG*1$$SJNF
1FSDFOUBHFPGDIJMESFOVOEFSZFBST #JSUISFHJTUSBUJPO
XIPTFCJSUIXBTSFHJTUFSFE
1FSDFOUBHFPGQPQVMBUJPODPWFSFEVOEFS
"BEIBBS
/PPGDPVSUTQFS
QPQVMBUJPO
40$*0&$0/0.*$4637&:
4645"*/"#-&%&7&-01.&/5(0"-4
4%( 4USFOHUIFO UIF NFBOT PG CF QPTTJCMF POMZ XJUI DPOUJOVFE TVQQPSU BOE
JNQMFNFOUBUJPO BOE SFWJUBMJ[F UIF HMPCBM DPPQFSBUJPOGSPNUIFEFQBSUNFOUTDPODFSOFEBOETUBLF
IPMEFST
QBSUOFSTIJQGPSTVTUBJOBCMFEFWFMPQNFOU
4VTUBJOBCMF%FWFMPQNFOU(PBMJTBCPVUQBSUOFSTIJQT ̓$POWFSHJOHFGGPSUTGPSEBUBDPOTJTUFODZ
GPSUIFHPBMT*UJTBDBMMGPSDPVOUSJFTUPBMJHOQPMJDJFT5IF
4PNF PG UIF JOEJDBUPST IBWF JOUFSEFQBSUNFOUBM
(PBMIBTUBSHFUTUPCFBDIJFWFECZ
CSPLFOEPXO
DPOOFDUJWJUZ BOE UIF PVUDPNFT SFRVJSF DPOWFSHJOH
JOUP GJWF DBUFHPSJFT GJOBODF
UFDIOPMPHZ
DBQBDJUZ
FGGPSUT.POJUPSJOHPGUIFQSPHSFTTVOEFSUIFJOEJDBUPST
CVJMEJOH
USBEF BOE TZTUFNJD JTTVFT 1SPHSFTT UPXBSET
FTQFDJBMMZ UIF )JHI QSJPSJUZ JOEJDBUPST DPWFSJOH UIF
UBSHFUTXJMMCFNFBTVSFECZJOEJDBUPST
DPODFQUTPG"OBFNJB
.BMOVUSJUJPOBOE4DIPPM%SPQPVUT
4%(JTBWJTJPOGPSJNQSPWFEBOENPSFFRVJUBCMFUSBEF
BOEJOGSBTUSVDUVSFJTCFJOHEPOFPOBGPSUOJHIUMZCBTJTBU
BTXFMMBTDPPSEJOBUFEJOWFTUNFOUJOJUJBUJWFTUPQSPNPUF UIFIJHIFTUMFWFM
TVTUBJOBCMF EFWFMPQNFOU BDSPTT CPSEFST *U JT BCPVU
*O PSEFS UP GBDJMJUBUF EBUB DPOTJTUFODZ BOE FBTZ
TUSFOHUIFOJOH BOE TUSFBNMJOJOH DPPQFSBUJPO CFUXFFO
NPOJUPSJOHBUBMMMFWFMT
BQPSUBMJTCFJOHEFWFMPQFECZ
OBUJPOTUBUFTCPUIEFWFMPQFEBOEEFWFMPQJOH
VTJOHUIF
UIF7484EFQBSUNFOU5IFQPSUBMQSPWJEFEJOUFHSBUJOH
4%(T BT B TIBSFE GSBNFXPSL BOE B TIBSFE WJTJPO GPS
UIF SFMBUFE BQQMJDBUJPOT UISPVHI BQQSPQSJBUF "1*T
EFGJOJOHUIBUDPMMBCPSBUJWFXBZGPSXBSE*ODBTFPG*OEJB
%BTICPBSET QSPWJEF EBUB WFSJGJDBUJPO QPTTJCMF BU UIF
UIF JOEJDBUPST BSF CFJOH GJOBMJ[FE BU UIF /BUJPOBM MFWFM
IPVTFIPMEMFWFM
"OEISB1SBEFTITUBUFJTZFUUPXPSLPOUIFHPBM
5IF 4UBUF HPWFSONFOU JT DPOUJOVBMMZ TUSJWJOH UP EFMJWFS
SFTVMUTUPJNQSPWFUIFMJWFTPGQFPQMFPG"OEISB1SBEFTI
BDSPTT BMM XBMLT PG MJGF5IF TUBUF JT NPWJOH GPSXBSE UP
BDIJFWFUIFUPQQPTJUJPOJOUIFDPVOUSZJO4%(TXIJDIDBO
$)"15&3
(00%(07&3/"/$&
*/*5*"5*7&4
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
*9:9 96:6'HSDUWPHQWHQYLVLRQVDGHFHQWUDOL]HGFLWL]HQFHQWULFVHUYLFHGHOLYHU\PRGHOLQWKH6WDWHE\
SURYLGLQJ³/DVW0LOH'HOLYHU\´RIZHOIDUHVFKHPHVDQGVHUYLFHVDWWKHGRRUVWHSRIWKHFLWL]HQV
9ROXQWHHUVDWWDFKHGWRaKRXVHKROGVLQ
Ϭϱ
LQXUEDQDUHDV
IXQFWLRQDULHVLQUXUDODQGIXQFWLRQDULHVLQ
Ϭϰ XUEDQDUHDV
:RUNIRUFHRIa/DNK6HFUHWDULDWIXQFWLRQDULHV
Ϭϯ
/DNKVDQGYROXQWHHUV/DNKVDQG308
WHDPPHPEHUV
'HGLFDWHG&DGUHRI-RLQW '/'2V (VWDEOLVKLQJLPSDFWIXO
&ROOHFWRU96: ' ,7 SODWIRUP
WK
:RQ$ZDUGRI([FHOOHQFHDW HOHWV /DXUHOV
2QHRIWKH $WWHPSWLQJ DSSODXGVIURP
ODUJHVW WKHODUJHVW .QRZOHGJH([FKDQJH6XPPLWV
$ZDUGVIRU7UDQVIRUPDWLRQDO *RYWRI,QGLD
*RYHUQPHQW VHUYLFH RWKHUVWDWHV
*RYHUQDQFHLQ6HUYLFH
'HSDUWPHQWV GHOLYHU\ 'HOLYHU\WR &LWL]HQV
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
*O WJMMBHF TFDSFUBSJBU
GVODUJPOBSJFT BOE JO 8BSE IBT EFDJEFE UP SFDPHOJ[F "XBSE UIF CFTU QFSGPSNJOH
4FDSFUBSJBU GVODUJPOBSJFT GSPN WBSJPVT -JOF WPMVOUFFSTPOUIFPDDBTJPOPG6HBEJ'FTUJWBM
CBTFEPO
%FQBSUNFOUT XFSF QPTUFE UP FYUFOE TFSWJDFT BOE UIFFMJHJCJMJUZEJWJEFEJOUPDBUFHPSJFT
8FMGBSF 4DIFNFT UP UIF DJUJ[FOT .BTTJWF SFDSVJUNFOU
-FWFMo4FWB.JUSBo'JOBODJBM*ODFOUJWFPG3T
XBT UBLFO VQ UP GJMM
1PTUT BOE
BOE$FSUJGJDBUF
4IBXMBOE#BEHF
GVODUJPOBSJFTXFSFSFDSVJUFE1SPCBUJPOPG
784
GVODUJPOBSJFT PG -JOF %FQBSUNFOUT XFSF EFDMBSFE -FWFMo4FWB3BUOB'JOBODJBM*ODFOUJWFPG3T
EVSJOH +VOF +VMZ BOE SFHVMBSJ[FE &NQMPZFF BOE.FEBM
$FSUJGJDBUF
4IBXMBOE#BEHF
)FBMUI4DIFNFT &)4
JTFYUFOEFEUPBMMUIF4FDSFUBSJBU -FWFMo4FWB7BKSB'JOBODJBM*ODFOUJWFPG3T
FNQMPZFFT XIPTF 1SPCBUJPO JT EFDMBSFE &YUFOEFE B BOE .FEBM
$FSUJGJDBUF
4IBXM BOE #BEHF 4P GBS UIF
3FWJTFE 1BZ 4DBMFT PG 314
1BZ 4DBMF PG QSPHSBN XBT DPOEVDUFE UJNFT JO BOE
3T
o
JTHJWFOUP1BODIBZBU4FDSFUBSZ (SBEF JODVSSFE FYQFOEJUVSF 3T $ST 3T $ST
7
8BSE"ENJOJTUSBUJWF4FDSFUBSZBOEUIF1BZ4DBMFPG SFTQFDUJWFMZ
3T
o
UP BMM UIF PUIFS 7JMMBHF 8BSE
4FDSFUBSJBU FNQMPZFFT BU QBS XJUI 314 XIP IBWF 4FSWJDFT"14&7"
TVDDFTTGVMMZ DPNQMFUFE UIFJS 1SPCBUJPO 5IFZ BSF BMTP
5IF (484 EFQBSUNFOU BJNT UP EJHJUJ[F BMM UIF
DPWFSFEVOEFS"1(-*4DIFNF
(PWFSONFOUUP$JUJ[FO ($
TFSWJDFTBOEQSPWJEFBPOF
$BQBDJUZ #VJMEJOH o "MM UIF -BLI 'VODUJPOBSJFT TUPQTPMVUJPOUPUIFDJUJ[FOTUISPVHIUIFVOJGJFETFSWJDF
/FXMZ SFDSVJUFE BOE FYJTUJOH FNQMPZFFT EFQMPZFE JO EFMJWFSZQMBUGPSN"14FWBQPSUBMJTBVOJGJFETPMVUJPOGPS
4FDSFUBSJBUT
IBWFCFFOUSBJOFEJOBMMUIFTFSWJDFT
UIFNFT BMMUIFTFSWJDFTQSPWJEFECZUIF(PWFSONFOUPG"OEISB
BOE 4VTUBJOBCMF %FWFMPQNFOU (PBMT 4%(T
JF
1SBEFTIUPJUTDJUJ[FOT4PGBS
$ST4FSWJDFTIBWFCFFO
"OBFNJB
.BMOPVSJTINFOU
4DIPPM %SPQPVUT UISPVHI EFMJWFSFE UISPVHI 7JMMBHF 8BSE 4FDSFUBSJBUT
TJODF
POMJOFGSPNUIFQMBUGPSNPG"14*3%5IF%FQBSUNFOUPG UI+BOVBSZUPUI%FDFNCFS5PQTFSWJDFT
(SBNB4BDIJWBMBZBNTBOE8BSE4BDIJWBMBZBNTIBTCFFO CZWPMVNFBSFNFOUJPOFEJOUBCMF
TUSFOHUIFOFE XJUI JOEVDUJPO PG SFHVMBS %-%0T BU
EJWJTJPOBMMFWFM5IFZJOTQFDUBOENPOJUPSUIF7JMMBHFBOE 5BCMF5PQTFSWJDFTCZWPMVNF
8BSE4FDSFUBSJBUTWJHPSPVTMZ
4M/P 4FSWJDFT /PPGUSBOTBDUJPOT
*OUFHSBUFE$FSUJGJDBUF
*OGSBTUSVDUVSF *ODPNFDFSUJöDBUF
(00%(07&3/"/$&*/*5*"5*7&4
XJUICFOFGJDJBSJFTBOEIBOEPWFSUIFMFUUFSPGUIF)POhCMF
$PNNPO 4FSWJDFT $FOUFST $4$T
BSF B TUSBUFHJD $IJFG.JOJTUFSUPUIFCFOFGJDJBSJFT
DPSOFSTUPOF PG UIF %JHJUBM *OEJB QSPHSBN $4$T BSF
FOWJTBHFE BT BTTJTUFE GSPOUFOE *$5 *OGPSNBUJPO BOE (BEBQB(BEBQBLV.BOB1SBCIVUWBN
$PNNVOJDBUJPO 5FDIOPMPHZ
FOBCMFE DFOUFST GPS
"OEISB1SBEFTI IBT UBLFO VQ UIF QSPHSBNNF (BEBQB
EFMJWFSZ PG WBSJPVT ($ (PWFSONFOU UP $JUJ[FO
BOE
(BEBQBLV .BOB 1SBCIVUWBN ((.1
GSPN UI .BZ
PUIFS#$ #VTJOFTTUP$JUJ[FO
TFSWJDFTUPUIFDJUJ[FOT5P
POXBSET JO XIJDI UIF )POhCMF .-"T DPODFSOFE
FOTVSFUIFBWBJMBCJMJUZPG$FOUSBM(PWFSONFOU($BOE
XPVME NBLF WJTJUT UP BMM IPVTFIPMET ))
7JMMBHF8BSE
#$TFSWJDFTUPBMMDJUJ[FOTUP7JMMBHF8BSE4FDSFUBSJBUT
4FDSFUBSJBUTUPDSFBUFBXBSFOFTTBNPOHUIFQVCMJDBCPVU
UIF(7877484%FQBSUNFOUIBTUBLFOUIJTJOJUJBUJWF
UIF TDIFNFT BOE QSPHSBNT (PWFSONFOU TBODUJPOFE
EVMZJOUFHSBUJOH$4$TFSWJDFTJODMVEJOHSFHJTUSBUJPOPGF
3T MBLIT UP FWFSZ TFDSFUBSJBU GPS UIF IJHI QSJPSJUZ
4ISBN /BUJPOBM %BUBCBTF PG VO PSHBOJTFE TFDUPS
XPSLTJEFOUJGJFECZ)POhCMF.-"TEVSJOH((.1WJTJUT"T
TFSWJDFT VOEFS UIF %FQBSUNFOU 5IF (787 7484
QFS UIF QSFTDSJCFE HVJEFMJOFT
1VCMJD 3FQSFTFOUBUJWFT
%FQBSUNFOU IBT FOBCMFE (P* 4FSWJDFT BOE TP GBS
IBWFWJTJUFE
4FDSFUBSJBUTPVUPG
TFDSFUBSJBUT
EFMJWFSFEMBLITFSWJDFT
4PDJBM #FIBWJPVS BOE $PNNVOJDBUJPO
3FHJTUSBUJPO4FSWJDFT
$IBOHF$FMM 4#$$
4FDSFUBSJBUFNQMPZFFTTIBMMJOUFSBDUXJUIUIFIPVTFIPMET
UPNBLFUIFDJUJ[FOTBXBSFBCPVUWBSJPVT(PWFSONFOU 5IF "OEISB 1SBEFTI JT JNQMFNFOUJOH WBSJPVT XFMGBSF
TDIFNFT BOE TFSWJDFT CFJOH EFMJWFSFE UISPVHI TDIFNFT UP BMM UIF FMJHJCMF DJUJ[FOT BOE DPNNJUUFE UP
7JMMBHF8BSE 4FDSFUBSJBUT 5IFZ TIBMM BMTP PCUBJO 3FBM BDIJFWFUIF4VTUBJOBCMF%FWFMPQNFOU(PBMT 4%(
CZ
UJNF 'FFECBDL GSPN $JUJ[FOT BOE BUUFOE UP UIF UIF :FBS 5IF SFTVMU PG HPWFSONFOU QSPHSBNNFT
HSJFWBODFT BOE TDIFNFT DPNF PVU JO UIF GPSN PG 4%( JOEJDBUPST
CBTFEPOUIFWJTJPOPGUIF)POhCMF$IJFG.JOJTUFS
#FOFGJDJBSZ0VUSFBDI$BNQBJHO #0$
*TTVFPG*ODPNF*OUFHSBUFE$FSUJGJDBUFT
5IF8FMGBSF &EVDBUJPO"TTJTUBOU 88%4 BMPOH XJUI
7PMVOUFFST PSHBOJTF #FOFGJDJBSZ 0VUSFBDI $BNQBJHO 5IF TUBUF HPWFSONFOU XPVME CF QSPWJEJOH TUVEFOUT
#0$
GPSBMM8FMGBSF4DIFNFTCZDPOEVDUJOHNFFUJOHT DPNQMFUJOH UI UI TUBOEBSET XJUI JODPNF BOE
XJUIUIFCFOFGJDJBSJFTPGSFTQFDUJWFXFMGBSFTDIFNFUXP JOUFHSBUFEDFSUJGJDBUFT
GSFFPGDPTU
JOBOFBTZBOEDJUJ[FO
EBZT CFGPSF UIF MBVODIJOH PG UIF TDIFNF JO UIFJS DFOUSJDXBZ$FSUJGJDBUFTBSFCFJOHHJWFOCZDPOEVDUJOHB
KVSJTEJDUJPO"GUFSMBVODIJOHPGUIFTDIFNF
UIF8FMGBSF TVSWFZPGUIFIPVTFIPMETJOTUFBEPGDJUJ[FOTHPJOHUPUIF
&EVDBUJPO "TTJTUBOU 88%4 TIBMM UBLF EJHJUBM 4FDSFUBSJBUTUPBQQMZGPSJODPNFPSJOUFHSBUFEDFSUJGJDBUF
5IF TVSWFZ PG TUVEFOUT XJMM CF EPOF PO #FOFGJDJBSZ
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
0VUSFBDI1SPHSBN #01
.PCJMF"QQMJDBUJPOCZ730BOE t 3FDFJQU PG (SJFWBODF BOE (SJFWBODF 3FESFTTBM
UIF DFSUJGJDBUFT XJMM CF JTTVFE JO SFHVMBS XPSLGMPX PG NFDIBOJTN
"14FWBCZ5BITJMEBSCFJOHUIFGJOBMBVUIPSJUZ5IFUBSHFU t %FMJWFSZ PG CFOFGJUT JODMVEJOH "BEIBBS FOBCMFE
GPSJTTVFPG*ODPNF*OUFHSBUFE$FSUJGJDBUFTGPSUI QBZNFOUTZTUFNUISPVHI%JSFDU#FOFGJU5SBOTGFS
*OUFSNFEJBUF4UVEFOUTJT-BLIT UP CFOFGJDJBSJFTh CBOL BDDPVOUT BOE SFEVDJOH
WFSJGJDBUJPOPGCBOLBDDPVOUTGPSFWFSZTDIFNF
"14&7"FOBCMJOH%JSFDU$JUJ[FO4FSWJDFT
t 5IF CFOFGJDJBSZ DBO UBLF %JHJUBM "DLOPXMFEHF
$JUJ[FO DBO EJSFDUMZ BQQMZ GPS TFSWJDFT MJLF *ODPNF NFOU
DFSUJGJDBUF
JOUFHSBUFE DFSUJGJDBUF
3P3# BOE
$PNQVUFSJ[FE "EBOHBM UISPVHI "1 4FWB QPSUBM CZ .POJUPSJOHBOE%FMJWFSZPG8FMGBSF4DIFNFT
DSFBUJOHBDJUJ[FOMPHJOBDDPVOUXJUIFNBJMBOE"BEIBBS
BUIUUQTWTXTPOMJOFBQHPWJOIPNF 5IF %FQBSUNFOU PG (7877484 JT WFTUFE XJUI UIF
SFTQPOTJCJMJUZ PG SPMMJOH PVU UIF WBSJPVT HPWFSONFOU
*TTVFPG.BSSJBHFDFSUJGJDBUF
#JSUIBOE%FBUIDFSUJGJDBUF
TFSWJDFTBOEXFMGBSFTDIFNFTUPUIFQVCMJD*OPSEFSUP
/FXFMFDUSJDJUZDPOOFDUJPO
8BUFSDPOOFDUJPO
/FXSJDF TUBOEBSEJ[F BOE QVU UIF TZTUFN JO QMBDF
4UBOEBSE
DBSE BOE "BSPHZBTSJ TFSWJDFT
PUIFS UPQ TFSWJDFT CZ 0QFSBUJOH1SPDFEVSFT 401
PG4DIFNFT
TFSWJDFT
WPMVNF XJMM CF FOBCMFE UISPVHI "1 4FWB JO B QIBTFE IBWFCFFOQVCMJTIFE
NBOOFSJOOFYUUXPNPOUIT
# 41"/%"/"1VCMJD(SJFWBODF
"1 $POTJTUFOU 3 IZUINT JO 4DIPPMT 3FESFTTBM4ZTUFN
"QQMJDBUJPO
4QBOEBOB JT B 1VCMJD (SJFWBODF 3FESFTTBM BOE
*OPSEFSUPCSJOH DIJMEDFOUSJDIFBMUIBOEFEVDBUJPOJO .POJUPSJOH.FDIBOJTNJO"OEISB1SBEFTI
BSFGPSNFE
TDIPPMT BMM UIF SFMFWBOU 7JMMBHF 8BSE 4FDSFUBSJBU TZTUFNGPSBMMEFQBSUNFOUTJOUIF(PWFSONFOUXIJDIJT
GVODUJPOBSJFT8&"8&%14
&"8BSE"NFOJUJFT
.BIJMB DFOUSBMJ[FE UISPVHI BO BQQMJDBUJPO *U JOUFHSBUFT
1PMJDFBOE"/.QFSGPSNUIFJSBDUJWJUJFTTJNVMUBOFPVTMZ EFQBSUNFOUTXJUI)0%TTFBNMFTTMZXIJDIJOJUJBUFT
POBEJHJUBMQMBUGPSN"O"QQDBMMFEh$POTJTUFOU3IZUINT SFFOHJOFFSJOHBOEEJHJUBMUSBOTGPSNBUJPO
JO4DIPPMTIBTCFFOMBVODIFEJOUIFTUXFFLPG+VMZ
GPS *OTQFDUJPO CZ SFMFWBOU GVODUJPOBSJFT BOE JTTVF 5IFQPSUBMXBTMBVODIFEPOTU"QSJM
XJUIJOUJNF
SFTPMVUJPO UP -JOF %FQBSUNFOUT 3FQPSUT UISPVHI BOE RVBMJUZ SFESFTTBM BT JUT NBJO PCKFDUJWFT " UPUBM PG
%BTICPBSETBSFCFJOHFOBCMFEGPS.POJUPSJOHBU%JTUSJDU
HSJFWBODFT XFSF SFDFJWFE BOE
BOE4UBUFMFWFM XFSFSFESFTTFE
BSFJOQSPHSFTTBOEBUPUBMPG
QFUJUJPOTXFSFSFPQFOFEUJMM'FCSVBSZUI
/BWBTBLBN #FOFGJDJBSZ .BOBHFNFOU
QMBUGPSN /#.
4QBOEBOB"O*OJUJBUJWFXJOOFS
5IF /#. QPSUBM XBT EFWFMPQFE CZ UIF (787 7484 4QBOEBOBBTBOJOJUJBUJWFIBTXPOBDDPMBEFTBOEBXBSET
%FQBSUNFOU
XIJDIBDUBTBOVOJGJFEQMBUGPSNGPSBMMUIF GPSJUTBQQSPBDIBCJMJUZUPUIFQVCMJD0GGJDFSTXPSLJOHJO
TDIFNFTBOECFOFGJUTQSPWJEFECZUIF(P"15IJTQPSUBM UIJT JOJUJBUJWF BSF CSJFGFE
USBJOFE BOE TFOTJUJ[FE PO
TIBMM CF B POF TUPQ TPMVUJPO GPS BMM TDIFNFT EVMZ IBOEMJOHUIFJTTVFTPSHSJFWBODFTSBJTFECZUIFDJUJ[FOT
DBQUVSJOHGPMMPXJOHTDIFNFSFMBUFEQSPDFTT 4QBOEBOB JOJUJBUJWF IBT TVDDFFEFE JO UIF VTJOH
t 0QFOBDDFTTUPDJUJ[FOUPDIFDLUIFJSFMJHJCJMJUZGPS UFDIOPMPHZUPIBWFXJEFSSFBDIUPUIF4QBOEBOBDFOUSFT
BTDIFNFBTBOOPVODFECZHPWFSONFOU BDSPTT UIF EJTUSJDUT UISPVHI WJEFP DPOGFSFODJOH CZ
GBDJMJUBUJOH JOUFSBDUJPO CFUXFFO DJUJ[FOT BOE
t &OTVSFTUBHFXJTFBQQSPWBMPGCFOFGJDJBSZMJTU
HPWFSONFOUUISPVHIDPTUFGGFDUJWFNFBOTGPSSFESFTTBM
t " TPDJBM BVEJU QSPDFTT UP FOTVSF USBOTQBSFOU
CFOFGJDJBSZ TFMFDUJPO BOE UP BWPJE JODMVTJPO
FYDMVTJPOFSSPST
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
0CKFDUJWFTPG4QBOEBOB3FESFTTBMTZTUFN *NQBDUTBOE#FOFGJUT
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
3FWJFX.POJUPSJOHPO,1*T t 8FFLMZ$4SFWJFXPO4QBOEBOB,1*T
t 'PSUOJHIU SFWJFX CZ )$. XJUI "MM %JTUSJDU t .POUIMZ$4SFWJFXEVSJOH4FDSFUBSJFTDPOGFSFODF
$PMMFDUPSTBOE41T
Ͳ 4QBOEBOB3FESFTTBM8PSLGMPX
$JUJ[FO$FOUSJD
%PPSTUFQ
'BDFMFTT4FBNMFTT
^ĂƚŝƐĮĞĚ
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
(00%(07&3/"/$&*/*5*"5*7&4
4BDIJWBMBZBNT (484
XBTJOUSPEVDFE t 5IFQPQVMBUJPOPGUIF%JTUSJDUTJTJOUIFSBOHFPG
"T QBSU PG UIJT FYFSDJTF PG DSFBUJPO PG DPNQBDU %JTUSJDU -BLI 7J[JBOBHBSBN%JTUSJDU
UP-BLI
"ENJOJTUSBUJWF 6OJUT
UIF 4FDSFUBSZ UP (PWFSONFOU
&BTU (PEBWBSJ %JTUSJDU
CFGPSF SFTUSVDUVSJOH PG
1MBOOJOH%FQBSUNFOUIBTCFFOBTTJHOFEUIJTJNQPSUBOU UIF%JTUSJDUT
BOEJNQFSBUJWFUBTLPGSFTUSVDUVSJOHPGUIFEJTUSJDUT"O t "GUFSSFTUSVDUVSJOH
UIFBWFSBHFQPQVMBUJPOPGUIF
JOEFQUI TUVEZ BOE EFUBJMFE BOBMZTJT PO UIF FYJTUJOH EJTUSJDUT IBT GBMMFO JO UIF SBOHF PG -BLI
TUSVDUVSFPGUIFEJTUSJDUTJTNBEF
LFFQJOHJOWJFXPGUIF 1BSWBUIJQVSBN NBOZBN
UP -BLI 414
WBSJPVTTPDJPFDPOPNJDBOEDVMUVSBMGBDUPSTJOWPMWFEJO /FMMPSF
UP SFEVDF UIF HBQ CFUXFFO UIF
UIF QSFTFOU DPOTUJUVUJPO PG UIF %JTUSJDUT 5IF BENJOJTUSBUJPOBOEJUTDJUJ[FOT
SFTUSVDUVSJOH PG UIF EJTUSJDUT JT FTTFOUJBMMZ JOUFOEFE GPS
CFUUFS BOE HPPE HPWFSOBODF BOE GPS CFUUFS 'BDUPST UBLFO JOUP DPOTJEFSBUJPO JO
BENJOJTUSBUJWFDPOWFOJFODF SFTUSVDUVSJOHPGUIFEJTUSJDUT
$POTUJUVUJPOPG$PNNJUUFFT 5IFGPMMPXJOHBSFTPNFPGUIFLFZDSJUJDBMTVDDFTTGBDUPST
5PXBSETSFBMJTBUJPOPGUIFUSVFFTTFODFPGBENJOJTUSBUJWF GPS XIJDI EVF DPOTJEFSBUJPO XBT HJWFO XIJMF
SFGPSNT
UIF(PWFSONFOUIBTDPOTUJUVUFEUIFGPMMPXJOH SFTUSVDUVSJOHUIFFYJTUJOHEJTUSJDUT
GPVS$PNNJUUFFTUPTUVEZUIFSFTUSVDUVSJOHPG%JTUSJDUTJO r "SFB BOE 1IZTJDBM GFBUVSFT PG FYJTUJOH %JTUSJDUT
"OEISB1SBEFTI BOEQSPQPTFEEJTUSJDUT
r 4VC $PNNJUUFF (FPHSBQIJDBM #PVOEBSJFT r %FNPHSBQIJDBM QSPGJMF PG UIF QSFTFOU EJTUSJDUT
%FNPHSBQIJD%JTUSJCVUJPOT
3FWFOVF%JWJTJPOT BOE DIBOHFT UIBU XPVME DPNF CZ XBZ
)FBE2VBSUFSTXJUIEFUBJMTIFBEFECZ4FDSFUBSZ
SFTUSVDUVSJOHPGEJTUSJDUT
1MBOOJOH BOE UIF $IJFG $PNNJTTJPOFS PG -BOE r (FPHSBQIJDBM DPOUJHVJUZ PG UIF 1BSMJBNFOUBSZ
"ENJOJTUSBUJPOGPS3VMFT1SPDFTT $POTUJUVFODJFT 1$
"TTFNCMZ $POTUJUVFODJFT
r 4VC $PNNJUUFF 4USVDUVSBM BOE 1FSTPOOFM "$
GBMMJOH JO UIF EJTUSJDUT FYJTUJOH MPDBUJPO PG
3FPSHBOJ[BUJPO IFBEFE CZ UIF 1SJODJQBM NBOEBMTJOUIF1BSMJBNFOUBSZ$POTUJUVFODZBOE
4FDSFUBSZ
("%
4FSWJDFT 3FWFOVF%JWJTJPOT
"ENJOJTUSBUJWFFBTFFUD
r 5IF EJTUBODF PG UIF MBTU NBOEBM UP UIF FYJTUJOH
r 4VC $PNNJUUFF "TTFUT *OGSBTUSVDUVSF
3FWFOVFEJWJTJPO%JTUSJDUIFBERVBSUFST
IFBEFECZUIF1SJODJQBM4FDSFUBSZ
53#
r 4PDJBM
)JTUPSJD BOE $VMUVSBM BGGJOJUJFT PG UIF
r 4VC $PNNJUUFF *OGPSNBUJPO 5FDIOPMPHZ
QFPQMFXJUIUIFBSFBTJOUIFFYJTUJOHEJTUSJDUT
*TTVFT IFBEFE CZ UIF 4FDSFUBSZ
*5
& $
%FQBSUNFOUBOE'JOBODF$'.4JTTVFTCZ 4QM r )JTUPSJDBMBTTPDJBUJPOPGUIFQFPQMFXJUIUIFBSFBT
$IJFG4FDSFUBSZUP(PWU
'JOBODF BOEQMBDFT
(00%(07&3/"/$&*/*5*"5*7&4
1SPQPTBM DPOWFSTJPOPGUIFFYJTUJOHEJTUSJDUTJOUPEJTUSJDUTCZ
XIJDIEFDFOUSBMJ[FEHPWFSOBODFXPVMECFQSPWJEFEUP
%VMZ DPOTJEFSJOH BMM UIF QSPCBCJMJUJFT BOE QPTTJCJMJUJFT UIF DJUJ[FO 5IJT USBOTGPSNBUJWF JOJUJBUJWF IBT CFFO
FNFSHJOH PVU PG UIF TUVEZ
XIFSFWFS JU JT EFFNFE DPODFQUVBMJ[FEBGUFSZFBSTPGIJTUPSZPGUIFTUBUF"MM
OFDFTTBSZGFXNBOEBMTPGB3FWFOVF%JWJTJPOBSFTIJGUFE JODMVTJWFEFWFMPQNFOUPGUIFTUBUFIBTCFFOQSJPSJUJ[FE
UP OFX QSPQPTFE EJTUSJDU 4JNJMBSMZ
BEFRVBUF DBSF IBT CZ SFEVDJOH EJTQBSJUJFT
DSFBUJOH SFQSFTFOUBUJPO PG UIF
BMTPCFFOUBLFOXIJMFQSPQPTJOHOFX3FWFOVFEJWJTJPOT $JUJ[FOBOECFJOHNJOEGVMUIFJSDPOWFOJFODF
*UJTFOTVSFEUIBUFBDIQSPQPTFEOFXEJTUSJDUTIBMMIBWFBU
MFBTU3FWFOVF%JWJTJPOT"DDPSEJOHMZ
JOBMMSFWFOVF 1PQVMBUJPOXJTF
EJWJTJPOTUPHFUIFSXJUIUIFFYJTUJOHSFWFOVFEJWJTJPOT
SFWFOVFEJWJTJPOTEVMZNFSHFE
BOEOFXSFWFOVF 5IF1PQVMBUJPOPG"OEISB1SBEFTIBTQFS$FOTVTJO
EJWJTJPOT IBWF CFFO QSPQPTFE GPS QVCMJD BOE $SPSFT BOE PO BO BWFSBHF FBDI EJTUSJDU PG UIF
BENJOJTUSBUJWFDPOWFOJFODF QSPQPTFE EJTUSJDUT JT UP HFU BSPVOE MBLIT "GUFS
GPMMPXJOH EVF QSPDFTT BOE GVMGJMMJOH UIF QFPQMFT
,FFQJOH JO WJFX PG UIF BGPSFTBJE BTQFDUT
FBDI BTQJSBUJPO UIF OFX EJTUSJDUT QSPGJMF DPNF PVU JO B
1BSMJBNFOUBSZ$POTUJUVFODZJTQSPQPTFEBTBOFXEJTUSJDU TDJFOUJGJD NBOOFS XJUI PG UIF OFX EJTUSJDUT
XJUIGFXBEBQUBCMFDIBOHFTFYDFQU"SBLV1BSMJBNFOUBSZ QPQVMBUJPOGBMMJOHJOCFUXFFOBOEMBLITXIJMFUIF
$POTUJUVFODZ XIJDI JT QSPQPTFE UP GPSN JOUP OFX UXP EJTUSJDUT GPSNFE GPS USJCBM QPQVMBUJPO BSF IBWJOH
EJTUSJDUTFYDMVTJWFMZGPS5SJCBMQPQVMBUJPO MBLITFBDI.PTUQPQVMPVTEJTUSJDUCFJOH414/FMMPSFXJUI
MBLIT GPMMPXFE CZ 1SBLBTBN XJUI MBLIT
1SPDFTT ,VSOPPM MBLIT
XIJMF #BQBUMB JT IBWJOH MPXFTU
)POhCMF$IJFG.JOJTUFSBMTPTIBSFEIJTLOPXMFEHFPOUIF QPQVMBUJPOPGBCPVUMBLITEJTUSJDUTQPQVMBUJPOJT
(FPHSBQIJDBMBOEQPQVMBUJPOTQSFBEPGUIFFOUJSFTUBUF SBOHJOHCFUXFFOBOEMBLIT
BOEHVJEFEJONBLJOHQSPQPTBMT5IFQSPQPTBMTQSFQBSFE
XFSFTIBSFEXJUIUIFSFTQFDUJWF%JTUSJDU$PMMFDUPSTJOUIF "SFBXJTF
TUBUF 5IF $PMMFDUPST TUVEJFE JO EFUBJM BOE TVCNJUUFE "SFBXJTF1SBLBTBNBU0OHPMFJTIBWJOHMBSHFTUBSFBPG
QSPQPTBMTUP$$-"XJUIUIFJSWJFXTBOESFNBSLT
TRVBSF LJMPNFUSFT GPMMPXFE CZ "MMVSJ 4JUBSBNB
#BTFE PO UIF QSPQPTBMT PG UIF $$-"
UIF 3FWFOVF 3BKVBU1BEFSV
UIF5SJCBMEJTUSJDUXJUI
TR,NBOE
%FQBSUNFOU JO (PWFSONFOU IBWF JTTVFE B ESBGU :43BU,BEBQBXJUI
4R,N7JTBLIBQBUOBN
XIJDI
OPUJGJDBUJPOTQFDJGJDPGFBDIQSPQPTFEEJTUSJDUTJO4UBUF JT UPUBMMZ BO VSCBO EJTUSJDU IBWJOH UIF TNBMMFTU BSFB PG
(B[FUUFPOUI+BOVBSZDBMMJOHGPSPCKFDUJPOTBOE
TR,NGPMMPXFECZ%S#3"NCFELBS,POBTFFNB
TVHHFTUJPOT GSPN UIF QFPQMF
/(0T
$40T
1FPQMFT BU"NBMBQVSBNXJUI
4R,NBOE8FTU(PEBWBSJBU
SFQSFTFOUBUJWFT
1PMJUJDBM1BSUJFTPOUIFQSPQPTBMXJUIJO #IJNBWBSBNXJUI
4R,N
EBZT UJNF5IF SFTQFDUJWF $PMMFDUPST IBWF UBLFO VQ 5IF%JTUSJDUXJTFBSFBBOEQPQVMBUJPOPGOFXMZGPSNFE
EFUBJMFETUVEZBOETDSVUJOZPGBMMPCKFDUJPOTVHHFTUJPO EJTUSJDUTJOUIFTUBUFJTTIPXOJO"OOFYVSF
SFDFJWFE GSPN WBSJPVT PSHBOJ[BUJPOT BOE EVMZ
DPOTJEFSJOH UIF SFQSFTFOUBUJPOTUIF %JTUSJDU $PMMFDUPST "TTFNCMZTFHNFOU8JTF
IBWF TVCNJUUFE GJOBM QSPQPTBMT EJSFDUMZ UP 4FDSFUBSZ UP
(PWFSONFOU
3FWFOVF %FQBSUNFOU 5IF (PWFSONFOU 4SJLBLVMBN
1SBLBTBNBU0OPHMFBOE4SJ1PUUJ4SJSBNVMV
UBLJOHJOUPBDDPVOUUIFBTQJSBUJPOTPGUIFQFPQMFBMMPXFE /FMMPSF BSF IBWJOH "TTFNCMZ 4FHNFOUT FBDI 8FTU
DIBOHFT JO UIF ESBGU QSPQPTBMT GPS SFTUSVDUVSJOH PG (PEBWBSJ BU #IJNBWBSBN
/BSTBQVS QBSMJBNFOUBSZ
EJTUSJDUTBOEGPSNBUJPOPGOFXEJTUSJDUT'JOBMMZEJTUSJDUT $POTUJUVFODZ
,SJTIOB BU .BDIJMJQBUOBN
/53 BU
DBNF JOUP FYJTUFODF BGUFS UIF BOOPVODFNFOU CZ UIF 7JKBZBXBEB
(VOUVS
1BMOBEV BU /BSBTBSBPQFU BSF
)POhCMF$IJFG.JOJTUFSPOUI"QSJM DPUFSNJOPVT XJUI UIFJS 1BSMJBNFOUBSZ $POTUJUVFODJFT
IBWJOH"TTFNCMZTFHNFOUT
0VUDPNF 5IF "TTFNCMZ $POTUJUVFODZ TFHNFOUT BSF IBWJOH
"O FBSNBSLFE HSFBU (PWFSOBODF USBOTGPSNBUJPO JT UIF QSFTFODFJOUXPEJTUSJDUTBSFTIPXOJO5BCMF
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
5BCMF"TTFNCMZ$POTUJUVFODZTFHNFOUTBSFIBWJOHQSFTFODFJOUXPEJTUSJDUT
"$ /BNFPGUIF"TTFNCMZ
4M/P %JTUSJDUo* %JTUSJDU**
$PEF $POTUJUVFODZ "$T
4BMVS 45
7J[JBOBHBSBN 1BSWBUIJQVSBN.BOZBN
3FWFOVF%JWJTJPOT
*O BMM SFWFOVF EJWJTJPOT XFSF CSPVHIU JO FYJTUFODF EJTUSJDUT DSFBUFE GPS USJCBM QPQVMBUJPO TIBSF TJNJMBS
XIJMFIBWJOHOFX
BSFFYJTUJOHBOEXFSFNFSHFE GFBUVSFT XIJMF UIF SFNBJOJOH QMBJO EJTUSJDUT BSF
XJUIUIFFYJTUJOHEJWJTJPOTXIJMF#BEWFMEJWJTJPOXBTUIF DPNQBSBCMFXJUITBNFVOJUT
GJSTU UP DPNF JO UIF FYJTUFODF5IF BWFSBHF OVNCFS PG
NBOEBMTQFSSFWFOVFEJWJTJPOJTXJUINBKPSJUZIBWJOH %3:5)6 #)"304" ,&/%3"-6 o 0OF
CFUXFFO BOE QFS EJWJTJPO UIFSF BSF EJWJTJPOT
4UPQ4PMVUJPO'PS"HSJDVMUVSF/FFET
IBWJOH NBOEBMT BOE GFX EJWJTJPOT BSF DSFBUFE XJUI
MFTTOVNCFSPGNBOEBMTVDIBT,VQQBN
$IJOUVSVXJUI 5IF 4UBUF (PWFSONFOU IBT QVU JO QMBDF B GBSNFS
6SCBO EJWJTJPOT 7JKBZBXBEB XJUI NBOEBMT BOE TVQQPSUJOH JOJUJBUJWF PG FTUBCMJTIJOH
3ZUIV
7JTBLIBQBUOBN XJUI NBOEBMT BSF VOEFS TQFDJBM #IBSPTB,FOESBMV 3#,T
JOFWFSZWJMMBHFXJUIBRVBMJGJFE
DJSDVNTUBODFT BHSJDVMUVSF
IPSUJDVMUVSFBOEGJTIFSJFTHSBEVBUF5IFBJN
UP QSPWJEF B POFTUPQ TPMVUJPO UP BMM UIF BHSJDVMUVSBM
5IF %JTUSJD U
XJTF OVNCFS PG "TTFNCMZ
OFFET UIBU SBOHF GSPN QSPWJEJOH RVBMJUZ DFSUJGJFE LFZ
$POTUJUVFODJFT
3FWFOVF %JWJTJPOT BOE .BOEBMT BSF
GBSNJOQVUTUPFOBCMJOHTBMFPGFOEQSPEVDF5IFTUSFOHUI
TIPXOJO"OOFYVSF
PG UIF 3#,T JT UIBU BMM (PWFSONFOU QSPHSBNNFT BSF
SPVUFEUISPVHI3#,TBOEBMMTFSWJDFTBSFBWBJMBCMFBUUIF
.BOEBM8JTF
EPPSTUFQPGUIFGBSNFST5IF3#,NPEFMJTEJGGFSFOUGSPN
1SBLBTBN%JTUSJDUBU0OHPMFBOE414/FMMPSFEJTUSJDUBSF FBSMJFS JOJUJBUJWFT BT JU IBT FGGFDUJWFMZ USBOTMBUFE
IBWJOH IJHIFTU OVNCFS PG NBOEBMT XJUI FBDI (PWFSONFOUJOUFOUJPOT
MBXTBOESFTPVSDFTUPPVUDPNFT
GPMMPXFECZ:43%JTUSJDUBU,BEBQBXJUIBOE5JSVQBUJ WBMVFECZGBSNFST'VSUIFS
UIF3#,DIBOOFMJTQSPWJEJOHB
XJUI7JTBLIBQBUOBN%JTUSJDUJTIBWJOHMPXFTUOVNCFS DPNQSFIFOTJWF TPMVUJPO UP BMM UIF BHSJDVMUVSBM OFFET
PGNBOEBMTXJUIGPMMPXFECZ(VOUVSXJUIBOECPUI BMPOHXJUIF$SPQ#PPLJOHGBDJMJUZ
&BTU 8FTU (PEBWBSJ BSF IBWJOH FBDI5IF IJMMZ
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
"OEISB 1SBEFTI (PWFSONFOU JT -FWFSBHJOH EJHJUBM & :43 +"("/"//" 4"48"5)" #)6
UFDIOPMPHJFTUISPVHIUIFVTBHFPG$."11 $POUJOVPVT
)",,6."3*:6#)63",4)"1"5)",".
.POJUPSJOHPG"HSJDVMUVSF1SJDFTBOE1SPDVSFNFOU
BOE
FOUJSF QSPDVSFNFOU QSPDFTT XBT SFFOHJOFFSFE BOE "OEISB1SBEFTIJTUIFGJSTU4UBUFJOUIFDPVOUSZXIJDIIBT
EJHJUBMJTFE XJUI BO PCKFDUJWF UP NPOJUPS UIF QSJDFT PG VOEFSUBLFO B DPNQSFIFOTJWF 3FTVSWFZ JO OFBSMZ BGUFS
DPNNPEJUJFT EBJMZ BU 3#, MFWFM BOE QSJPSJUJ[F ZFBSTVTJOHUIFNPTUNPEFSOBOEBEWBODFETVSWFZ
QSPDVSFNFOUTXIFSFWFSBOEXIFOFWFSOFDFTTBSZ UFDIOPMPHJFT GPS UIF CFTU BDDVSBDZ PG DN 5IF NBJO
PCKFDUJWFTPGUIJTTDIFNFBSFUPFOTVSFUIFMBOEPXOFSTh
'VSUIFS
FDSPQCPPLJOHJTQVUJOQMBDFBUUIF3#,MFWFM
UJUMFTFDVSJUZCZQSPWJEJOHi#IV)BLLV1BUISBNwBOEUP
JUTFMG
UP BDU BT B TJOHMF TPVSDF GPS FGGFDUJWF QPMJDZ
TFDVSF CPVOEBSJFT CZ QMBOUJOH i#IV 3BLTIB 4VSWFZ
GPSNVMBUJPOBOEJNQMFNFOUBUJPOPGQSPHSBNNFTTVDIBT
4UPOFT
wGSFFPGDPTU
'SFF $SPQ *OTVSBODF
*OQVU TVCTJEZ
*OUFSFTU GSFF DSPQ
MPBOTBOEQSPDVSFNFOUPGBHSJDVMUVSBMQSPEVDFBU.41 5IF3FTVSWFZQSPKFDUJTCFJOHUBLFOVQJO
WJMMBHFT
BMPOH XJUI BSFB TQFDJGJD HVJEBODF GPS GBSNFST 'VSUIFS
TQSFBEJOHBDSPTTDSPSFBDSFTPGBHSJDVMUVSBMMBOET
,*04,TBSFNBEFBWBJMBCMFBUUIF3#,T
UIFSFCZGBSNFST MBLI (PWFSONFOU BOE QSJWBUF MBOET JO
BSF FOBCMFE UP QMBDF PSEFST GPS GBSN JOQVUT POMJOF GPS (SBNBLBOUBNT
JODMVEJOH MBLI (PWFSONFOU BOE
EFMJWFSZBUUIFJSEPPSTUFQ"OJOUFHSBUFEDBMMDFOUFSXJUI QSJWBUF QSPQFSUJFT JO VSCBO BSFBT 5IJT GMBHTIJQ
BHSJ TDJFOUJTUTJO QMBDF JT NBEF BWBJMBCMFUP BEWJDF UIF QSPHSBNNFIBTCFFOJOJUJBUFEXJUIBOFTUJNBUFEDPTUPG
GBSNFSTPOWBSJPVTDSPQSFMBUFEJTTVFT 3T$SPSFT5IF4UBUF(PWFSONFOUJTDPNNJUUFEUP
DPNQMFUF UIF QSPKFDU CZ %FDFNCFS JO B QIBTFE
8JUIBMMUIFTFJOJUJBUJWFTBOE3#,TQMBZJOHBDFOUSBMSPMF
NBOOFS 4P GBS
4UBUF (PWFSONFOU IBT EJTUSJCVUFE
XJUI $PNNVOJUZ IJSJOH DFOUSFT DPNJOH VQ BU UIF 3#,
4BTXBUIB #IV )BLLV 1BUISBBMV UP
QSPQFSUZ
MFWFM JUTFMG
UIF NBOEBM MFWFM BOE UIF EJTUSJDU MFWFM
PXOFSTJO
WJMMBHFT
BHSJDVMUVSBM BEWJTPSZ DPNNJUUFFT BMTP JO QMBDF
WBSJPVT
JOJUJBUJWFTBOEQPMJDZJOUFSWFOUJPOTTVDIBTQSPNPUJPOPG "MMMBOESFMBUFETFSWJDFTXJMMCFJOUFHSBUFEBOEDPNFJOUP
DSPQEJWFSTJGJDBUJPO
NJHSBUJPOUPNJMMFUTQSPEVDUJPOBOE BTJOHMFEFTLTZTUFNBUUIF7JMMBHF4FDSFUBSJBU
QSPWJEJOH
TXJUDIJOH PWFS UP PSHBOJD GBSNJOH HSBEVBMMZ
IBWF BMM JOUFHSBUFETVSWFZ
SFHJTUSBUJPOBOE.VUBUJPOTFSWJDFTUP
SFTVMUFE JO UIF TFDUPS EFNPOTUSBUJOH DPNNFOEBCMF UIF7JMMBHF4FDSFUBSJBU5IFMBOESFDPSETJOCPUIQIZTJDBM
QFSGPSNBODF BOE EJHJUBM NPEF UP CF TBGFMZ LFQU JO WJMMBHFT TP BT UP
MFBWFOPTDPQFGPSUBNQFSJOH4FUUMFNFOUPGBQQFBMT
PCKFDUJPOTJTEPOFCZ.BOEBM.PCJMF.BHJTUSBUF5FBNT
"//&963&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
."$30&$0/0.*$"((3&("5&4
40$*0&$0/0.*$4637&:
16#-*$'*/"/$&
"4UBUFT0XO5BY3FWFOVF 3T$SPSFT
4M/P 5BY3FWFOVF 3&
4BMFT5BY
4UBUF&YDJTF
5BYFTPO.PUPS7FIJDMFT
4UBNQTBOE3FHJTUSBUJPO
-BOE3FWFOVF
1SPGFTTJPOBM5BY
&MFDUSJDJUZ%VUZ
/"-"
4UBUF(PPETBOE4FSWJDFT5BY 4(45
0UIFS5BYFTBOE%VUJFT
5PUBM
"4UBUFT0XO/PO5BY3FWFOVF 3T$SPSFT
4M/P 5BY3FWFOVF "DUVBMT "DUVBMT 3&
.JOFTBOE.JOFSBMT
'PSFTUT
*OUFSFTU3FDFJQUT
&EVDBUJPO
.FEJDBMBOE)FBMUI
1PMJDF
0UIFST
5PUBM
"3FTPVSDF'MPXTGSPNUIF$FOUSFUPUIF4UBUF 3T$SPSFT
4M/P
*UFN "DUVBMT "DUVBMT 3&
* 'JOBODF$PNNJTTJPO
B
5BYTIBSF %FWPMVUJPO
C
'$(SBOUT
** 0UIFS(SBOUTJOBJEGSPN(0*
JODM$"41FUD PUIFSUIBO'$
HSBOUTBOE&"1(SBOUT
16#-*$'*/"/$&
"$PNQPTJUJPOPG5PUBM&YQFOEJUVSF 3T$SPSFT
4M/P *UFN "DDPVOUT "DDPVOUT 3&
"OOFYVSF$PNQPTJUJPOPG5PUBM%FCU 3T$SPSFT
"OOFYVSF%FGJDJUTBOE*OUFSFTU1BZNFOUT 3T$SPSFT
40$*0&$0/0.*$4637&:
13*$&4
8"(&4"/%16#-*$%*453*#65*0/
40$*0&$0/0.*$4637&:
13*$&4
8"(&4"/%16#-*$%*453*#65*0/
40$*0&$0/0.*$4637&:
13*$&4
8"(&4"/%16#-*$%*453*#65*0/
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
"SFB h)B
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
5IPVTBOE)FDUBSFT
:&"3
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
VQUP%FD
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
VQUP%FDFNCFS
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
VQUP%FDFNCFS
.FBU
h.5T
h.5T
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
"1SPUFDUFEBSFBTPG8JME-JGF4BODUVBSJFTBOE/BUJPOBM1BSLTJO"OEISB1SBEFTI
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
"(3*$6-563&"/%"--*&%"$5*7*5*&4
40$*0&$0/0.*$4637&:
*/%6453*&4
40$*0&$0/0.*$4637&:
*/%6453*&4
40$*0&$0/0.*$4637&:
*/%6453*&4
40$*0&$0/0.*$4637&:
*/%6453*&4
40$*0&$0/0.*$4637&:
*/%6453*&4
"-JTUPG1SPEVDUT*EFOUJGJFEUPQSPNPUF&YQPSUT
40$*0&$0/0.*$4637&:
*/%6453*&4
""OOVBM4VSWFZPG*OEVTUSJFT
40$*0&$0/0.*$4637&:
*/%6453*&4
"*OEFYPG*OEVTUSJBM1SPEVDUJPO #BTF:FBS
40$*0&$0/0.*$4637&:
*/%6453*&4
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
"4UBUVTPG5FMFQIPOF$POOFDUJPOTVQUP
40$*0&$0/0.*$4637&:
&$0/0.*$*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
"4DIPPM%SPQPVU3BUF
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
"OUFOBUBM "OUFOBUBM
/PO"OUFOBUBM$MJFOUT /PO"/$
"OUFOBUBM$MJFOUT "/$
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
""OUJSFUSPWJSBM5IFSBQZ1SPHSBNQFSGPSNBODFBTQFS%FDFNCFS"35.13
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
40$*"-*/'3"4536$563&
40$*0&$0/0.*$4637&:
107&35:
&.1-0:.&/5"/%6/&.1-0:.&/5
40$*0&$0/0.*$4637&:
107&35:
&.1-0:.&/5"/%6/&.1-0:.&/5
40$*0&$0/0.*$4637&:
107&35:
&.1-0:.&/5"/%6/&.1-0:.&/5
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4
40$*0&$0/0.*$4637&:
(00%(07&3/"/$&*/*5*"5*7&4