Free Essay

Wire

In:

Submitted By jacostner
Words 21591
Pages 87
2014
Annual Report

March 23, 2015
To Our Stockholders:
You are cordially invited to attend the annual meeting of stockholders to be held on Tuesday, May 5,
2015 at 9:00 a.m., central time, at the corporate office of Encore Wire Corporation located at 1329
Millwood Rd., McKinney, Texas. The purposes of the meeting are to elect directors for the ensuing year, ratify the appointment of auditors for 2015, to approve, in a non-binding advisory vote, the compensation of the Company’s named executive officers and conduct other business that may properly come before the meeting.
Net sales for the year ended December 31, 2014 were $1.167 billion, while net income for the year was
$37.1 million, with fully diluted net earnings per common share of $1.78. Unit volume, measured in copper pounds contained in the wire sold increased 3.6% in 2014 versus 2013. Our new aluminum building wire plant finished its second full year of operations, during which we sold $103.4 million of aluminum building wire. We believe that our ability to sell aluminum wire has resulted in increased copper wire sales as customers prefer to “one-stop shop” and order enough pounds to get free freight.
Aluminum demand is so strong that we are expanding the current 200,000 square foot aluminum plant with a 250,000 square foot addition. We believe that our costs are as low, or lower, than our competitors.
We believe our superior order fill rates continue to enhance our competitive position, as our electrical distributor customers are holding lean inventories in the field.
Our balance sheet is very strong, and our Board is focused on returning value to the stockholders. We have no long term debt, and our revolving line of credit is paid down to zero. In addition, we had $54.7 million in cash as of December 31, 2014.
Our strong financial position allows us to pursue product and plant expansion projects in the depths of business cycle downturns and to be poised to take advantage of upturns in business cycles when they occur. We will continue our efforts to grow the Company organically by providing our customers industry-leading order fill rates and innovative products. Although we cannot predict the future with any degree of certainty, we believe Encore is well positioned to take advantage of opportunities to grow our business and prosper in the future.
We want to thank our stockholders for their support and assure them that the management team is dedicated to increasing stockholder value. We also wish to recognize the ongoing devotion and hard work of all our employees and associates whose efforts result in our continued growth and success.

Daniel L. Jones
Chairman, President and Chief Executive Officer

6/*5&% 45"5&4
4&$63*5*&4 "/% &9$)"/(& $0..*44*0/
8BTIJOHUPO
%$ 
'03. ,
.BSL 0OF

a

"//6"- 3&1035 16346"/5 50 4&$5*0/  03  E 0' 5)& 4&$63*5*&4 &9$)"/(& "$5 0' 
'PS UIF GJTDBM ZFBS FOEFE %FDFNCFS  
PS

b

53"/4*5*0/ 3&1035 16346"/5 50 4&$5*0/  03  E 0' 5)& 4&$63*5*&4 &9$)"/(& "$5 0' 
UP
'PS UIF USBOTJUJPO QFSJPE GSPN
$PNNJTTJPO 'JMF /VNCFS 
&/$03& 8*3& $03103"5*0/
&YBDU OBNF PG SFHJTUSBOU BT TQFDJGJFE JO JUT DIBSUFS

%FMBXBSF

4UBUF PS PUIFS KVSJTEJDUJPO PG
JODPSQPSBUJPO PS PSHBOJ[BUJPO

 .JMMXPPE 3PBE

.D,JOOFZ 5FYBT
"EESFTT PG QSJODJQBM FYFDVUJWF PGGJDFT



*34 &NQMPZFS
*EFOUJGJDBUJPO /P


;JQ $PEF

3FHJTUSBOU`T UFMFQIPOF OVNCFS JODMVEJOH BSFB DPEF  
4FDVSJUJFT SFHJTUFSFE QVSTVBOU UP 4FDUJPO  C PG UIF "DU
5JUMF PG FBDI DMBTT

/BNF PG FBDI FYDIBOHF PO XIJDI SFHJTUFSFE

$PNNPO 4UPDL QBS WBMVF  QFS TIBSF

5IF /"4%"2 (MPCBM 4FMFDU .BSLFU

4FDVSJUJFT SFHJTUFSFE QVSTVBOU UP 4FDUJPO  H PG UIF "DU /POF
*OEJDBUF CZ DIFDL NBSL JG UIF SFHJTUSBOU JT B XFMMLOPXO TFBTPOFE JTTVFS BT EFGJOFE JO 3VMF  PG UIF 4FDVSJUJFT "DU b :FT a /P
*OEJDBUF CZ DIFDL NBSL JG UIF SFHJTUSBOU JT OPU SFRVJSFE UP GJMF SFQPSUT QVSTVBOU UP 4FDUJPO  PS 4FDUJPO  E PG UIF "DU b :FT a /P
/PUF a $IFDLJOH UIF CPY BCPWF XJMM OPU SFMJFWF BOZ SFHJTUSBOU SFRVJSFE UP GJMF SFQPSUT QVSTVBOU UP 4FDUJPO  PS  E PG UIF &YDIBOHF "DU GSPN
UIFJS PCMJHBUJPOT VOEFS UIPTF 4FDUJPOT
*OEJDBUF CZ DIFDL NBSL XIFUIFS UIF SFHJTUSBOU  IBT GJMFE BMM SFQPSUT SFRVJSFE UP CF GJMFE CZ 4FDUJPO  PS  E PG UIF 4FDVSJUJFT &YDIBOHF "DU
PG  EVSJOH UIF QSFDFEJOH  NPOUIT PS GPS TVDI TIPSUFS QFSJPE UIBU UIF SFHJTUSBOU XBT SFRVJSFE UP GJMF TVDI SFQPSUT

BOE  IBT CFFO TVCKFDU
UP TVDI GJMJOH SFRVJSFNFOUT GPS UIF QBTU  EBZT a :FT b /P
*OEJDBUF CZ DIFDL NBSL XIFUIFS UIF SFHJTUSBOU IBT TVCNJUUFE FMFDUSPOJDBMMZ BOE QPTUFE PO JUT DPSQPSBUF 8FCTJUF JG BOZ FWFSZ *OUFSBDUJWF %BUB 'JMF
SFRVJSFE UP CF TVCNJUUFE BOE QPTUFE QVSTVBOU UP 3VMF  PG 3FHVMBUJPO 45 b PG UIJT DIBQUFS EVSJOH UIF QSFDFEJOH  NPOUIT PS GPS
TVDI TIPSUFS QFSJPE UIBU UIF SFHJTUSBOU XBT SFRVJSFE UP TVCNJU BOE QPTU TVDI GJMFT

a :FT b /P
*OEJDBUF CZ DIFDL NBSL JG EJTDMPTVSF PG EFMJORVFOU GJMFST QVSTVBOU UP *UFN  PG 3FHVMBUJPO 4, b PG UIJT DIBQUFS JT OPU DPOUBJOFE IFSFJO
BOE XJMM OPU CF DPOUBJOFE UP UIF CFTU PG SFHJTUSBOU`T LOPXMFEHF JO EFGJOJUJWF QSPYZ PS JOGPSNBUJPO TUBUFNFOUT JODPSQPSBUFE CZ SFGFSFODF JO 1BSU
*** PG UIJT 'PSN , PS BOZ BNFOENFOU UP UIJT 'PSN , a *OEJDBUF CZ DIFDL NBSL XIFUIFS UIF SFHJTUSBOU JT B MBSHF BDDFMFSBUFE GJMFS BO BDDFMFSBUFE GJMFS B OPOBDDFMFSBUFE GJMFS PS B TNBMMFS SFQPSUJOH DPNQBOZ
4FF UIF EFGJOJUJPOT PG cMBSHF BDDFMFSBUFE GJMFS d cBDDFMFSBUFE GJMFSd BOE cTNBMMFS SFQPSUJOH DPNQBOZd JO 3VMF C PG UIF &YDIBOHF "DU
-BSHF BDDFMFSBUFE GJMF

a

"DDFMFSBUFE GJMFS

b

/POBDDFMFSBUFE GJMFS

b %P OPU DIFDL JG B TNBMMFS SFQPSUJOH DPNQBOZ

4NBMMFS 3FQPSUJOH $PNQBOZ

b

*OEJDBUF CZ DIFDL NBSL XIFUIFS UIF SFHJTUSBOU JT B TIFMM DPNQBOZ BT EFGJOFE JO 3VMF C PG UIF "DU

b :FT a /P
5IF BHHSFHBUF NBSLFU WBMVF PG UIF $PNNPO 4UPDL IFME CZ OPOBGGJMJBUFT PG UIF SFHJTUSBOU DPNQVUFE CZ SFGFSFODF UP UIF QSJDF BU XIJDI UIF $PNNPO
4UPDL XBT MBTU TPME BT PG UIF MBTU CVTJOFTT EBZ PG UIF SFHJTUSBOU`T NPTU SFDFOUMZ DPNQMFUFE TFDPOE GJTDBM RVBSUFS XBT 

 /PUF 5IF
BHHSFHBUF NBSLFU WBMVF PG $PNNPO 4UPDL IFME CZ UIF $PNQBOZ`T EJSFDUPST FYFDVUJWF PGGJDFST JNNFEJBUF GBNJMZ NFNCFST PG TVDI EJSFDUPST BOE
FYFDVUJWF PGGJDFST  PS HSFBUFS TUPDLIPMEFST BOE PUIFS TUPDLIPMEFST EFFNFE UP CF BGGJMJBUFT XBT FYDMVEFE GSPN UIF DPNQVUBUJPO PG UIF GPSFHPJOH
BNPVOU 5IF DIBSBDUFSJ[BUJPO PG TVDI QFSTPOT BT cBGGJMJBUFTd TIPVME OPU CF DPOTUSVFE BT BO BENJTTJPO UIBU BOZ TVDI QFSTPO JT BO BGGJMJBUF PG UIF
3FHJTUSBOU GPS BOZ PUIFS QVSQPTF

/VNCFS PG TIBSFT PG $PNNPO 4UPDL PVUTUBOEJOH BT PG 'FCSVBSZ   


%0$6.&/54 */$03103"5&% #: 3&'&3&/$&
-JTUFE CFMPX BSF EPDVNFOUT QBSUT PG XIJDI BSF JODPSQPSBUFE IFSFJO CZ SFGFSFODF BOE UIF QBSU PG UIJT SFQPSU JOUP XIJDI UIF EPDVNFOU JT JODPSQPSBUFE

1SPYZ TUBUFNFOU GPS UIF  BOOVBM NFFUJOH PG TUPDLIPMEFST a 1BSU ***

5BCMF PG $POUFOUT
1"35 *
*UFN  #VTJOFTT





*UFN " 3JTL 'BDUPST
*UFN # 6OSFTPMWFE 4UBGG $PNNFOUT
*UFN  1SPQFSUJFT
*UFN  -FHBM 1SPDFFEJOHT
*UFN  .JOF 4BGFUZ %JTDMPTVSFT
&9&$65*7& 0''*$&34 0' 5)& $0.1"/:
1"35 **
*UFN  .BSLFU GPS 3FHJTUSBOU`T $PNNPO &RVJUZ 3FMBUFE 4UPDLIPMEFS .BUUFST BOE *TTVFS 1VSDIBTFT
PG &RVJUZ 4FDVSJUJFT
*UFN  4FMFDUFE $POTPMJEBUFE 'JOBODJBM %BUB
*UFN  .BOBHFNFOU`T %JTDVTTJPO BOE "OBMZTJT PG 'JOBODJBM $POEJUJPO BOE 3FTVMUT PG 0QFSBUJPOT
*UFN " 2VBOUJUBUJWF BOE 2VBMJUBUJWF %JTDMPTVSFT BCPVU .BSLFU 3JTL
*UFN  'JOBODJBM 4UBUFNFOUT BOE 4VQQMFNFOUBSZ %BUB
*UFN  $IBOHFT JO BOE %JTBHSFFNFOUT 8JUI "DDPVOUBOUT PO "DDPVOUJOH BOE 'JOBODJBM %JTDMPTVSF
*UFN " $POUSPMT BOE 1SPDFEVSFT
1"35 ***
*UFN  %JSFDUPST &YFDVUJWF 0GGJDFST BOE $PSQPSBUF (PWFSOBODF
*UFN  &YFDVUJWF $PNQFOTBUJPO
*UFN  4FDVSJUZ 0XOFSTIJQ PG $FSUBJO #FOFGJDJBM 0XOFST BOE .BOBHFNFOU BOE 3FMBUFE
4UPDLIPMEFS .BUUFST
*UFN  $FSUBJO 3FMBUJPOTIJQT BOE 3FMBUFE 5SBOTBDUJPOT BOE %JSFDUPS *OEFQFOEFODF
*UFN  1SJODJQBM "DDPVOUJOH 'FFT BOE 4FSWJDFT
1"35 *7
*UFN  &YIJCJUT 'JOBODJBM 4UBUFNFOU 4DIFEVMFT
4*(/"563&4
&9)*#*54

J
























1"35 *
*UFN  #VTJOFTT
(FOFSBM
&ODPSF 8JSF $PSQPSBUJPO JT B %FMBXBSF DPSQPSBUJPO JODPSQPSBUFE JO  XJUI JUT QSJODJQBM FYFDVUJWF PGGJDF BOE NBOVGBDUVSJOH
QMBOUT MPDBUFE BU  .JMMXPPE 3PBE .D,JOOFZ 5FYBT  5IF $PNQBOZ`T UFMFQIPOF OVNCFS JT   "T VTFE
JO UIJT BOOVBM SFQPSU VOMFTT PUIFSXJTF SFRVJSFE CZ UIF DPOUFYU UIF UFSNT c$PNQBOZ d c&ODPSFd BOE c&ODPSF 8JSFd SFGFS UP &ODPSF
8JSF $PSQPSBUJPO BOE JUT DPOTPMJEBUFE FOUJUJFT
&ODPSF JT B MPXDPTU NBOVGBDUVSFS PG FMFDUSJDBM CVJMEJOH XJSF BOE DBCMF 5IF $PNQBOZ JT B TJHOJGJDBOU TVQQMJFS PG CVJMEJOH XJSF
GPS JOUFSJPS FMFDUSJDBM XJSJOH JO DPNNFSDJBM BOE JOEVTUSJBM CVJMEJOHT IPNFT BQBSUNFOUT BOE NBOVGBDUVSFE IPVTJOH
5IF QSJODJQBM DVTUPNFST GPS &ODPSF`T XJSF BSF XIPMFTBMF FMFDUSJDBM EJTUSJCVUPST XIP TFMM CVJMEJOH XJSF BOE B WBSJFUZ PG PUIFS
QSPEVDUT UP FMFDUSJDBM DPOUSBDUPST 5IF $PNQBOZ TFMMT JUT QSPEVDUT QSJNBSJMZ UISPVHI JOEFQFOEFOU NBOVGBDUVSFST` SFQSFTFOUBUJWFT
MPDBUFE UISPVHIPVU UIF 6OJUFE 4UBUFT BOE UP B MFTTFS FYUFOU UISPVHI JUT PXO EJSFDU JOIPVTF NBSLFUJOH FGGPSUT
4USBUFHZ
&ODPSF`T TUSBUFHZ JT UP GVSUIFS FYQBOE JUT TIBSF PG UIF CVJMEJOH XJSF NBSLFU QSJNBSJMZ CZ FNQIBTJ[JOH B IJHI MFWFM PG DVTUPNFS
TFSWJDF BOE UIF BEEJUJPO PG OFX QSPEVDUT UIBU DPNQMFNFOU JUT DVSSFOU QSPEVDU MJOF XIJMF NBJOUBJOJOH BOE FOIBODJOH JUT MPXDPTU
QSPEVDUJPO DBQBCJMJUJFT 5IF $PNQBOZ NBJOUBJOT QSPEVDU JOWFOUPSZ MFWFMT TVGGJDJFOU UP NFFU BOUJDJQBUFE DVTUPNFS EFNBOE BOE
CFMJFWFT UIBU UIF TQFFE BOE DPNQMFUFOFTT XJUI XIJDI JU GJMMT DVTUPNFS PSEFST BSF LFZ DPNQFUJUJWF BEWBOUBHFT DSJUJDBM UP NBSLFUJOH
JUT QSPEVDUT &ODPSF`T MPXDPTU QSPEVDUJPO DBQBCJMJUZ GFBUVSFT BO FGGJDJFOU QMBOU EFTJHO JODPSQPSBUJOH IJHIMZ BVUPNBUFE
NBOVGBDUVSJOH FRVJQNFOU BO JOUFHSBUFE QSPEVDUJPO QSPDFTT BOE B IJHIMZ NPUJWBUFE XPSL GPSDF
$VTUPNFS 4FSWJDF &ODPSF JT IJHIMZ GPDVTFE PO SFTQPOEJOH UP DVTUPNFS OFFET XJUI BO FNQIBTJT PO CVJMEJOH BOE NBJOUBJOJOH
TUSPOH DVTUPNFS SFMBUJPOTIJQT &ODPSF TFFLT UP FTUBCMJTI DVTUPNFS MPZBMUZ CZ BDIJFWJOH B IJHI PSEFS GJMM SBUF BOE SBQJEMZ IBOEMJOH
DVTUPNFS PSEFST TIJQNFOUT JORVJSJFT BOE SFUVSOT 5IF $PNQBOZ NBJOUBJOT QSPEVDU JOWFOUPSJFT TVGGJDJFOU UP NFFU BOUJDJQBUFE
DVTUPNFS EFNBOE BOE CFMJFWFT UIBU UIF TQFFE BOE DPNQMFUFOFTT XJUI XIJDI JU GJMMT PSEFST BSF LFZ DPNQFUJUJWF BEWBOUBHFT DSJUJDBM
UP NBSLFUJOH JUT QSPEVDUT
1SPEVDU *OOPWBUJPO &ODPSF IBT CFFO B MFBEFS JO CSJOHJOH OFX JEFBT UP B DPNNPEJUZ QSPEVDU &ODPSF QJPOFFSFE UIF XJEFTQSFBE
VTF PG DPMPS GFFEFS TJ[FT PG DPNNFSDJBM XJSF BOE DPMPST JO UIF SFTJEFOUJBM OPONFUBMMJD DBCMF 5IF DPMPST IBWF JNQSPWFE POUIF
KPC TBGFUZ BOE SFEVDFE JOTUBMMBUJPO UJNFT GPS DPOUSBDUPST &ODPSF 8JSF`T OFX QBUFOUFE 4NBSU$PMPS *%e TZTUFN GPS NFUBMDMBE BOE
BSNPSDMBE DBCMFT BMMPXT GPS RVJDL BOE BDDVSBUF JEFOUJGJDBUJPO PG HBVHF OVNCFS PG DPOEVDUPST XJSF BOE KBDLFU UZQF "EEJUJPOBMMZ
&ODPSF DVSSFOUMZ IBT TFWFO QBUFOUT BOE OJOFUFFO QBUFOUQFOEJOH JOOPWBUJPOT UIBU SBOHF GSPN QSPDFTT JNQSPWFNFOUT UP QBDLBHJOH
TPMVUJPOT
-PX$PTU 1SPEVDUJPO &ODPSF`T MPXDPTU QSPEVDUJPO DBQBCJMJUZ GFBUVSFT BO FGGJDJFOU QMBOU EFTJHO BOE BO JODFOUJWJ[FE XPSL GPSDF
&GGJDJFOU 1MBOU %FTJHO &ODPSF`T IJHIMZ BVUPNBUFE XJSF NBOVGBDUVSJOH FRVJQNFOU JT JOUFHSBUFE JO BO FGGJDJFOU EFTJHO UIBU SFEVDFT
NBUFSJBM IBOEMJOH MBCPS BOE JOQSPDFTT JOWFOUPSZ
*ODFOUJWJ[FE 8PSL 'PSDF 5IF $PNQBOZ IBT B TUPDL PQUJPO QMBO BOE B TUPDL BQQSFDJBUJPO SJHIUT QMBO UIBU FOIBODF UIF NPUJWBUJPO
PG JUT TBMBSJFE NBOVGBDUVSJOH TVQFSWJTPST 5IF $PNQBOZ BMTP IBT B DPNQSFIFOTJWF TBGFUZ QSPHSBN UIBU FNQIBTJ[FT FNQMPZFF
QBSUJDJQBUJPO 5IF $PNQBOZ QSPWJEFT B  L SFUJSFNFOU TBWJOHT QMBO UP BMM FNQMPZFFT
1SPEVDUT
&ODPSF PGGFST BO FMFDUSJDBM CVJMEJOH XJSF QSPEVDU MJOF UIBU DPOTJTUT QSJNBSJMZ PG /.# DBCMF 6'# DBCMF 5))/5)8/ BOE
PUIFS UZQFT PG XJSF QSPEVDUT JODMVEJOH NFUBMDMBE BOE BSNPSFE DBCMF "MM PG UIFTF QSPEVDUT BSF NBOVGBDUVSFE XJUI DPQQFS PS
BMVNJOVN BT UIF DPOEVDUPS 5IF QSJODJQBM CBTFT GPS EJGGFSFOUJBUJPO BNPOH TUPDLLFFQJOH VOJUT c4,6Td BSF QSPEVDU UZQF DPOEVDUPS
UZQF
EJBNFUFS JOTVMBUJPO DPMPS BOE QBDLBHJOH
/.# $BCMF /PONFUBMMJD TIFBUIFE DBCMF JT VTFE QSJNBSJMZ BT JOUFSJPS XJSJOH JO IPNFT BQBSUNFOUT BOE NBOVGBDUVSFE IPVTJOH
/.# DBCMF JT DPNQPTFE PG FJUIFS UXP PS UISFF JOTVMBUFE DPQQFS XJSF DPOEVDUPST XJUI BO VOJOTVMBUFE HSPVOE XJSF BMM TIFBUIFE
JO B QPMZWJOZM DIMPSJEF c17$d KBDLFU



6'# $BCMF 6OEFSHSPVOE GFFEFS DBCMF JT VTFE UP DPOEVDU QPXFS VOEFSHSPVOE UP PVUTJEF MJHIUJOH BOE PUIFS BQQMJDBUJPOT SFNPUF
GSPN CVJMEJOHT 6'# DBCMF JT DPNQPTFE PG UXP PS UISFF 17$JOTVMBUFE DPQQFS XJSF DPOEVDUPST XJUI BO VOJOTVMBUFE HSPVOE XJSF
BMM KBDLFUFE JO 17$
4& 4UZMF $BCMF 4FSWJDF &OUSBODF DBCMF JT QSJNBSJMZ VUJMJ[FE BT BO FYUFSOBM TFSWJDF ESPQ GSPN UIF NFUFS CBTF UP UIF EJTUSJCVUJPO
FRVJQNFOU 4& TUZMF DBCMF JT DPNQPTFE PG DPQQFS PS BMVNJOVN NVMUJQMF DPOEVDUPST JOTVMBUFE XJUI 17$ PS B TJOHMF MBZFS PG DSPTT
MJOLFE QPMZFUIZMFOF 9-1& JOTVMBUJPO BMM KBDLFUFE JO 17$
5))/5)8/ $BCMF 5))/5)8/ DBCMF JT VTFE QSJNBSJMZ BT GFFEFS DJSDVJU BOE CSBODI XJSJOH JO DPNNFSDJBM BOE JOEVTUSJBM
CVJMEJOHT *U JT DPNQPTFE PG B DPQQFS PS BMVNJOVN TJOHMF DPOEVDUPS FJUIFS TUSBOEFE PS TPMJE BOE JOTVMBUFE XJUI 17$ XIJDI JT
GVSUIFS DPBUFE XJUI OZMPO 6TFST UZQJDBMMZ QVMM 5))/5)8/ DBCMF UISPVHI DBCMF USBZ PS QSPUFDUJWF DPOEVJU QJQF
9))8 $BCMF 9))8 XJSF JT JOUFOEFE GPS HFOFSBM QVSQPTF BQQMJDBUJPOT VUJMJ[FE JO DPOEVJU PS PUIFS SFDPHOJ[FE SBDFXBZT GPS
TFSWJDF
GFFEFST BOE CSBODIDJSDVJU XJSJOH *U JT DPNQPTFE PG B DPQQFS PS BMVNJOVN TJOHMF DPOEVDUPS FJUIFS TUSBOEFE PS TPMJE BOE
XJUI B TJOHMF MBZFS PG DSPTTMJOLFE QPMZFUIZMFOF 9-1& JOTVMBUJPO
64& $BCMF 64& PS 3)) PS 3)8 XJSF JT JOUFOEFE GPS HFOFSBM QVSQPTF BQQMJDBUJPOT VUJMJ[FE JO DPOEVJU PS JOTUBMMFE JO
VOEFSHSPVOE BQQMJDBUJPOT PS JO SFDPHOJ[FE SBDFXBZT GPS TFSWJDF GFFEFST BOE CSBODIDJSDVJU XJSJOH *U JT DPNQPTFE PG B DPQQFS PS
BMVNJOVN TJOHMF DPOEVDUPS FJUIFS TUSBOEFE PS TPMJE BOE XJUI B TJOHMF MBZFS PG DSPTTMJOLFE QPMZFUIZMFOF 9-1& JOTVMBUJPO TVJUBCMF
GPS XFU MPDBUJPOT
.FUBM$MBE BOE "SNPSFE $BCMF .FUBMDMBE BOE BSNPSFE DBCMF JT VTFE QSJNBSJMZ BT GFFEFS DJSDVJU BOE CSBODI XJSJOH QSJNBSJMZ
JO DPNNFSDJBM BOE JOEVTUSJBM CVJMEJOHT *U JT DPNQPTFE PG NVMUJQMF DPOEVDUPST FJUIFS TUSBOEFE PS TPMJE BOE JOTVMBUFE XJUI 17$
XIJDI BSF GVSUIFS DPBUFE XJUI OZMPO BOE UIFO GVMMZ FODBTFE JO B GMFYJCMF BMVNJOVN PS TUFFM cBSNPSFEd QSPUFDUJWF TIFBUI UIBU
FMJNJOBUFT UIF OFFE UP QVMM UIF XJSF UISPVHI QJQF PS DPOEVJU
1IPUPWPMUBJD $BCMF 1IPUPWPMUBJD TUZMF DBCMFT BSF EFTJHOFE UP NFFU UIF EJGGFSFOU OFFET PG UIF FNFSHJOH 4PMBS *OEVTUSZ CZ QSPWJEJOH
DPOOFDUJPOT CFUXFFO 17 QBOFMT DPMMFDUPS CPYFT BOE JOWFSUFST BOE XIFSF BMMPXFE CZ UIF /BUJPOBM &MFDUSJD $PEF /&$

#BSF $PQQFS #BSF DPQQFS DPOEVDUPST BSF VTFE JO PWFSIFBE FMFDUSJDBM USBOTNJTTJPO BOE EJTUSJCVUJPO TZTUFNT GPS HSPVOEJOH FMFDUSJDBM
TZTUFNT
BOE XIFSF IJHI DPOEVDUJWJUZ BOE GMFYJCJMJUZ BSF SFRVJSFE GPS FRVJQNFOU BOE DJSDVJU HSPVOEJOH
.BOVGBDUVSJOH
5IF FGGJDJFODZ PG &ODPSF`T IJHIMZ BVUPNBUFE NBOVGBDUVSJOH GBDJMJUZ JT B LFZ FMFNFOU PG JUT MPXDPTU QSPEVDUJPO DBQBCJMJUZ &ODPSF`T
SFTJEFOUJBM XJSF NBOVGBDUVSJOH MJOFT IBWF CFFO JOUFHSBUFE TP UIBU UIF IBOEMJOH PG QSPEVDU JT TVCTUBOUJBMMZ SFEVDFE UISPVHIPVU UIF
QSPEVDUJPO QSPDFTT
5IF NBOVGBDUVSJOH QSPDFTT GPS UIF $PNQBOZ`T WBSJPVT QSPEVDUT JOWPMWFT NVMUJQMF TUFQT JODMVEJOH DBTUJOH ESBXJOH TUSBOEJOH
DPNQPVOEJOH
JOTVMBUJOH DBCMJOH KBDLFUJOH BOE BSNPSJOH
$BTUJOH 3PE JT QSPEVDFE CZ NFMUJOH TIFFUT PG DPQQFS DBUIPEF BOE DPQQFS TDSBQ DBTUJOH UIF NPMUFO DPQQFS JOUP B CBS BOE SPMMJOH
UIF IPU DPQQFS CBS JOUP B  JODI DPQQFS SPE UP CF ESBXO JOUP DPQQFS XJSF
%SBXJOH %SBXJOH JT UIF QSPDFTT PG SFEVDJOH  JODI DPQQFS SPE UISPVHI DPOWFSHJOH EJFT VOUJM UIF TQFDJGJFE XJSF EJBNFUFS JT
BUUBJOFE 5IF XJSF JT UIFO IFBUFE XJUI FMFDUSJDBM DVSSFOU UP TPGUFO PS cBOOFBMd UIF XJSF UP NBLF JU FBTJFS UP IBOEMF
4USBOEJOH 4USBOEJOH JT UIF QSPDFTT PG UXJTUJOH UPHFUIFS GSPN TFWFO UP TJYUZPOF JOEJWJEVBM CBSF XJSF TUSBOET UP GPSN B TJOHMF DBCMF
5IF QVSQPTF PG TUSBOEJOH JT UP JNQSPWF UIF GMFYJCJMJUZ PG XJSF XIJMF NBJOUBJOJOH JUT FMFDUSJDBM DVSSFOU DBSSZJOH DBQBDJUZ
17$ $PNQPVOEJOH 17$ DPNQPVOEJOH JT UIF QSPDFTT PG NJYJOH UIF WBSJPVT SBX NBUFSJBMT UIBU BSF SFRVJSFE UP QSPEVDF UIF 17$
OFDFTTBSZ UP NFFU TQFDJGJDBUJPOT PG 6OEFSXSJUFST -BCPSBUPSJFT *OD c6-d GPS UIF JOTVMBUJPO BOE KBDLFU SFRVJSFNFOUT GPS UIF XJSF
UIBU JT NBOVGBDUVSFE
*OTVMBUJOH *OTVMBUJOH JT UIF QSPDFTT PG FYUSVEJOH 17$ PWFS UIF TPMJE PS TUSBOEFE XJSF
$BCMJOH $BCMJOH JT UIF QSPDFTT PG UXJTUJOH UPHFUIFS UXP PS NPSF JOTVMBUFE DPOEVDUPST UP GPSN B DBCMF
+BDLFUJOH +BDLFUJOH JT UIF QSPDFTT PG FYUSVEJOH 17$ PWFS UXP PS NPSF JOTVMBUFE DPOEVDUPS XJSFT XJUI PS XJUIPVU BO VOJOTVMBUFE
HSPVOE XJSF UP GPSN B GJOJTIFE QSPEVDU 5IF $PNQBOZ`T KBDLFUJOH MJOFT BSF JOUFHSBUFE XJUI QBDLBHJOH MJOFT UIBU DVU UIF XJSF BOE
DPJM JU POUP SFFMT PS QBDLBHF JU JO CPYFT PS TISJOLXSBQ +BDLFUJOH BMTP DPNQSJTFT FYUSVEJOH B OZMPO DPWFSJOH PWFS TPNF 17$
JOTVMBUFE QSPEVDUT TVDI BT 5))/5)8/


.FUBM$MBEEJOH BOE "SNPSJOH .FUBMDMBEEJOH BOE BSNPSJOH JT UIF QSPDFTT PG DPWFSJOH UXP PS NPSF JOTVMBUFE DPOEVDUPS XJSFT
XJUI PS XJUIPVU BO VOJOTVMBUFE HSPVOE XJSF XJUI B TQJSBM JOUFSMPDLJOH DPWFS PG BMVNJOVN PS TUFFM UP GPSN B GJOJTIFE QSPEVDU
&ODPSF NBOVGBDUVSFT BOE UFTUT BMM PG JUT QSPEVDUT JO BDDPSEBODF XJUI UIF TUBOEBSET PG 6- B OBUJPOBMMZ SFDPHOJ[FE UFTUJOH BOE
TUBOEBSET BHFODZ &ODPSF`T NBDIJOF PQFSBUPST BOE RVBMJUZ DPOUSPM JOTQFDUPST DPOEVDU SPVUJOF QSPEVDU UFTUT 5IF $PNQBOZ UFTUT
GJOJTIFE QSPEVDUT GPS FMFDUSJDBM DPOUJOVJUZ UP FOTVSF DPNQMJBODF XJUI JUT PXO RVBMJUZ TUBOEBSET BOE UIPTF PG 6- &ODPSF`T
NBOVGBDUVSJOH MJOFT BSF FRVJQQFE XJUI MBTFS NJDSPNFUFST UP NFBTVSF XJSF EJBNFUFS BOE JOTVMBUJPO UIJDLOFTT XIJMF UIF MJOFT BSF JO
PQFSBUJPO %VSJOH FBDI TIJGU PQFSBUPST QFSGPSN BOE SFDPSE SPVUJOF QIZTJDBM NFBTVSFNFOUT PG QSPEVDUT BMM PG XIJDI BSF TFQBSBUFMZ
WFSJGJFE BOE BQQSPWFE CZ RVBMJUZ DPOUSPM JOTQFDUPST "MUIPVHI TVQQMJFST QSFUFTU 17$ BOE OZMPO DPNQPVOET UIF $PNQBOZ UFTUT
QSPEVDUT GPS BHJOH DSBDLJOH BOE CSJUUMFOFTT PG JOTVMBUJPO BOE KBDLFUJOH "EEJUJPOBMMZ 6- SFQSFTFOUBUJWFT SPVUJOFMZ WJTJU BOE UFTU
QSPEVDUT GSPN FBDI BSFB PG NBOVGBDUVSJOH
$VTUPNFST
&ODPSF TFMMT JUT XJSF QSJODJQBMMZ UP XIPMFTBMF FMFDUSJDBM EJTUSJCVUPST UISPVHIPVU UIF 6OJUFE 4UBUFT BOE UP B MFTTFS FYUFOU UP SFUBJM
IPNF JNQSPWFNFOU DFOUFST .PTU EJTUSJCVUPST TVQQMZ QSPEVDUT UP FMFDUSJDBM DPOUSBDUPST &ODPSF`T DVTUPNFS CBTF JT OVNFSPVT BOE
EJWFSTJGJFE &ODPSF IBT OP DVTUPNFS UIF MPTT PG XIJDI XPVME IBWF B NBUFSJBM BEWFSTF FGGFDU PO UIF $PNQBOZ
&ODPSF CFMJFWFT UIBU UIF TQFFE BOE DPNQMFUFOFTT XJUI XIJDI JU GJMMT DVTUPNFST` PSEFST JT DSVDJBM UP JUT BCJMJUZ UP FYQBOE UIF NBSLFU
TIBSF GPS JUT QSPEVDUT 5IF $PNQBOZ BMTP CFMJFWFT UIBU GPS B WBSJFUZ PG SFBTPOT NBOZ DVTUPNFST TUSJWF UP NBJOUBJO MFBO JOWFOUPSJFT
#FDBVTF PG UIJT USFOE UIF $PNQBOZ TFFLT UP NBJOUBJO TVGGJDJFOU JOWFOUPSJFT UP TBUJTGZ DVTUPNFST` QSPNQU EFMJWFSZ SFRVJSFNFOUT
.BSLFUJOH BOE %JTUSJCVUJPO
&ODPSF NBSLFUT JUT QSPEVDUT UISPVHIPVU UIF 6OJUFE 4UBUFT QSJNBSJMZ UISPVHI JOEFQFOEFOU NBOVGBDUVSFST` SFQSFTFOUBUJWFT BOE UP B
MFTTFS FYUFOU UISPVHI JUT PXO EJSFDU NBSLFUJOH FGGPSUT
&ODPSF NBJOUBJOT UIF NBKPSJUZ PG JUT GJOJTIFE QSPEVDU JOWFOUPSZ BU JUT QMBOU JO .D,JOOFZ 5FYBT *O PSEFS UP QSPWJEF GMFYJCJMJUZ JO
IBOEMJOH DVTUPNFS SFRVFTUT GPS JNNFEJBUF EFMJWFSZ BEEJUJPOBM QSPEVDU JOWFOUPSJFT BSF NBJOUBJOFE BU XBSFIPVTFT PXOFE BOE
PQFSBUFE CZ JOEFQFOEFOU NBOVGBDUVSFST` SFQSFTFOUBUJWFT MPDBUFE JO $IBUUBOPPHB 5FOOFTTFF /PSDSPTT (FPSHJB $JODJOOBUJ 0IJP
$BOUPO
.JDIJHBO &EJTPO /FX +FSTFZ -PVJTWJMMF ,FOUVDLZ (SFFOTCPSP /PSUI $BSPMJOB 1JUUTCVSHI 1FOOTZMWBOJB 4BOUB 'F
4QSJOHT
$BMJGPSOJB )BZXBSE $BMJGPSOJB BOE -BLFMBOE 'MPSJEB 4PNF PG UIFTF NBOVGBDUVSFST` SFQSFTFOUBUJWFT BT XFMM BT UIF
$PNQBOZ`T PUIFS NBOVGBDUVSFST` SFQSFTFOUBUJWFT NBJOUBJO PGGJDFT XJUIPVU XBSFIPVTFT JO OVNFSPVT MPDBUJPOT UISPVHIPVU UIF 6OJUFE
4UBUFT
'JOJTIFE HPPET BSF UZQJDBMMZ EFMJWFSFE UP XBSFIPVTFT BOE DVTUPNFST CZ USVDLT PQFSBUFE CZ DPNNPO DBSSJFST 5IF EFDJTJPO SFHBSEJOH
UIF DBSSJFS UP CF VTFE JT CBTFE QSJNBSJMZ PO BWBJMBCJMJUZ BOE DPTU
5IF $PNQBOZ JOWPJDFT JUT DVTUPNFST EJSFDUMZ GPS QSPEVDUT QVSDIBTFE BOE JG BO PSEFS IBT CFFO PCUBJOFE UISPVHI B NBOVGBDUVSFS`T
SFQSFTFOUBUJWF
QBZT UIF SFQSFTFOUBUJWF B DPNNJTTJPO CBTFE PO QSFFTUBCMJTIFE SBUFT 5IF $PNQBOZ EFUFSNJOFT DVTUPNFS DSFEJU
MJNJUT 5IF $PNQBOZ SFDPSEFE OPNJOBM CBE EFCU DIBSHFT JO   BOE  5IF NBOVGBDUVSFST` SFQSFTFOUBUJWFT IBWF OP
EJTDSFUJPO UP EFUFSNJOF QSJDFT DIBSHFE GPS UIF $PNQBOZ`T QSPEVDUT BOE BMM TBMFT BSF TVCKFDU UP $PNQBOZ BQQSPWBM &ODPSF TFMMT
BMM PG JUT QSPEVDUT XJUI B POFZFBS SFQMBDFNFOU XBSSBOUZ 8BSSBOUZ FYQFOTFT IBWF IJTUPSJDBMMZ CFFO OPNJOBM
&NQMPZFFT
&ODPSF CFMJFWFT UIBU JUT IPVSMZ FNQMPZFFT BSF IJHIMZ NPUJWBUFE BOE UIBU UIFJS NPUJWBUJPO DPOUSJCVUFT TJHOJGJDBOUMZ UP UIF QMBOU`T
FGGJDJFOU PQFSBUJPO 5IF $PNQBOZ BUUSJCVUFT UIF NPUJWBUJPO PG UIFTF FNQMPZFFT MBSHFMZ UP UIF GBDU UIBU &ODPSF PGGFST DPNQFUJUJWF
IPVSMZ DPNQFOTBUJPO UIBU JT EJSFDUMZ UJFE UP QSPEVDUJWJUZ BOE RVBMJUZ TUBOEBSET 5IF $PNQBOZ CFMJFWFT UIBU DPNQFUJUJWF IPVSMZ
DPNQFOTBUJPO DPVQMFE XJUI TPVOE NBOBHFNFOU QSBDUJDFT GPDVTFT JUT FNQMPZFFT PO NBJOUBJOJOH IJHI QSPEVDUJPO TUBOEBSET BOE
QSPEVDU RVBMJUZ
"T PG %FDFNCFS   &ODPSF IBE 
 FNQMPZFFT 
 PG XIPN XFSF QBJE IPVSMZ XBHFT BOE XFSF QSJNBSJMZ FOHBHFE JO
UIF PQFSBUJPO BOE NBJOUFOBODF PG UIF $PNQBOZ`T NBOVGBDUVSJOH BOE XBSFIPVTF GBDJMJUZ 5IF $PNQBOZ`T SFNBJOJOH FNQMPZFFT
XFSF FYFDVUJWF TVQFSWJTPSZ BENJOJTUSBUJWF TBMFT BOE DMFSJDBM QFSTPOOFM 5IF $PNQBOZ DPOTJEFST JUT SFMBUJPOT XJUI JUT FNQMPZFFT
UP CF HPPE 5IF $PNQBOZ IBT OP DPMMFDUJWF CBSHBJOJOH BHSFFNFOUT XJUI BOZ PG JUT FNQMPZFFT



3BX .BUFSJBMT
5IF QSJODJQBM SBX NBUFSJBMT VTFE CZ &ODPSF JO NBOVGBDUVSJOH JUT QSPEVDUT BSF DPQQFS DBUIPEF DPQQFS TDSBQ 17$ UIFSNPQMBTUJD
DPNQPVOET
9-1& DPNQPVOET BMVNJOVN TUFFM QBQFS BOE OZMPO BMM PG XIJDI BSF SFBEJMZ BWBJMBCMF GSPN B OVNCFS PG TVQQMJFST
$PQQFS JT UIF QSJODJQBM SBX NBUFSJBM VTFE CZ UIF $PNQBOZ JO NBOVGBDUVSJOH JUT QSPEVDUT DPOTUJUVUJOH OFBSMZ  PG UIF EPMMBS
WBMVF PG BMM SBX NBUFSJBMT VTFE CZ UIF $PNQBOZ EVSJOH  $PQQFS SFRVJSFNFOUT BSF QVSDIBTFE QSJNBSJMZ GSPN NJOFST BOE
DPNNPEJUZ CSPLFST BU QSJDFT EFUFSNJOFE FBDI NPOUI QSJNBSJMZ CBTFE PO UIF BWFSBHF EBJMZ $0.&9 DMPTJOH QSJDFT GPS DPQQFS GPS
UIBU NPOUI QMVT B OFHPUJBUFE QSFNJVN 5IF $PNQBOZ BMTP QVSDIBTFT SBX NBUFSJBMT OFDFTTBSZ UP NBOVGBDUVSF WBSJPVT 17$
UIFSNPQMBTUJD DPNQPVOET 5IFTF SBX NBUFSJBMT JODMVEF 17$ SFTJO DMBZ BOE QMBTUJDJ[FS
5IF $PNQBOZ QSPEVDFT DPQQFS SPE GSPN QVSDIBTFE DPQQFS DBUIPEF BOE DPQQFS TDSBQ JO JUT PXO SPE GBCSJDBUJPO GBDJMJUZ 5IF
$PNQBOZ SFQSPDFTTFT DPQQFS TDSBQ HFOFSBUFE CZ JUT PQFSBUJPOT BT XFMM BT DPQQFS TDSBQ QVSDIBTFE GSPN PUIFST *O  UIF
$PNQBOZ`T DPQQFS SPE GBCSJDBUJPO GBDJMJUZ NBOVGBDUVSFE UIF NBKPSJUZ PG UIF $PNQBOZ`T DPQQFS SPE SFRVJSFNFOUT 5IF $PNQBOZ
QVSDIBTFT BMVNJOVN SPE GPS BMVNJOVN XJSF QSPEVDUJPO
5IF $PNQBOZ BMTP DPNQPVOET JUT PXO XJSF KBDLFU BOE JOTVMBUJPO DPNQPVOET 5IF QSPDFTT JOWPMWFT UIF NJYUVSF PG 17$ SBX
NBUFSJBM DPNQPOFOUT UP QSPEVDF UIF 17$ VTFE UP JOTVMBUF UIF $PNQBOZ`T XJSF BOE DBCMF QSPEVDUT 5IF SBX NBUFSJBMT JODMVEF 17$
SFTJO
DMBZ BOE QMBTUJDJ[FS %VSJOH UIF MBTU ZFBS UIF $PNQBOZ`T QMBTUJD DPNQPVOEJOH GBDJMJUZ QSPEVDFE WJSUVBMMZ BMM PG UIF $PNQBOZ`T
17$ SFRVJSFNFOUT
$PNQFUJUJPO
5IF FMFDUSJDBM XJSF BOE DBCMF JOEVTUSZ JT IJHIMZ DPNQFUJUJWF 5IF $PNQBOZ DPNQFUFT XJUI TFWFSBM DPNQBOJFT XIP NBOVGBDUVSF
BOE TFMM XJSF BOE DBCMF QSPEVDUT CFZPOE UIF CVJMEJOH XJSF TFHNFOU JO XIJDI UIF $PNQBOZ DPNQFUFT 5IF $PNQBOZ`T QSJNBSZ
DPNQFUJUPST JODMVEF 4PVUIXJSF $PNQBOZ $FSSP 8JSF --$ 6OJUFE $PQQFS *OEVTUSJFT (FOFSBM $BCMF $PSQPSBUJPO BOE "'$ $BCMF
4ZTUFNT
*OD
5IF QSJODJQBM FMFNFOUT PG DPNQFUJUJPO JO UIF FMFDUSJDBM XJSF BOE DBCMF JOEVTUSZ BSF JO UIF $PNQBOZ T PQJOJPO PSEFS GJMM SBUF RVBMJUZ
QSJDJOH
BOE JO TPNF JOTUBODFT CSFBEUI PG QSPEVDU MJOF 5IF $PNQBOZ CFMJFWFT UIBU JU JT DPNQFUJUJWF XJUI SFTQFDU UP BMM PG UIFTF
GBDUPST
$PNQFUJUJPO JO UIF FMFDUSJDBM XJSF BOE DBCMF JOEVTUSZ BMUIPVHI JOUFOTF IBT CFFO QSJNBSJMZ GSPN 64 NBOVGBDUVSFST JODMVEJOH
GPSFJHOPXOFE GBDJMJUJFT MPDBUFE JO UIF 6OJUFE 4UBUFT 5IF $PNQBOZ IBT FODPVOUFSFE MJUUMF TJHOJGJDBOU DPNQFUJUJPO GSPN JNQPSUT
PG CVJMEJOH XJSF 5IF $PNQBOZ CFMJFWFT UIJT JT QSJNBSJMZ CFDBVTF EJSFDU MBCPS DPTUT HFOFSBMMZ BDDPVOU GPS B SFMBUJWFMZ TNBMM
QFSDFOUBHF PG UIF DPTU PG HPPET TPME GPS UIFTF QSPEVDUT BOE GSFJHIU DPTUT BSF SFMBUJWFMZ IJHI UP CSJOH XJSF UP UIF 6OJUFE 4UBUFT GSPN
PWFSTFBT
3FTFBSDI BOE %FWFMPQNFOU "DUJWJUJFT
5IF $PNQBOZ DMBTTJGJFT SFTFBSDI BOE EFWFMPQNFOU BDUJWJUJFT BT B DPNQPOFOU PG QSPEVDUJPO PWFSIFBE 3FTFBSDI BOE EFWFMPQNFOU
DPTUT XFSF BQQSPYJNBUFMZ  NJMMJPO  NJMMJPO BOE  NJMMJPO GPS UIF ZFBST FOEFE %FDFNCFS    BOE 
SFTQFDUJWFMZ 3FTFBSDI BOE EFWFMPQNFOU DPTUT BUUSJCVUBCMF UP DVTUPNFSTQPOTPSFE SFTFBSDI BDUJWJUJFT QFSGPSNFE CZ UIF $PNQBOZ
XFSF JOTJHOJGJDBOU
*OUFMMFDUVBM 1SPQFSUZ .BUUFST
'SPN UJNF UP UJNF UIF $PNQBOZ GJMFT QBUFOU BQQMJDBUJPOT XJUI UIF 6OJUFE 4UBUFT 1BUFOU BOE 5SBEFNBSL 0GGJDF 5IF $PNQBOZ
DVSSFOUMZ PXOT TFWFSBM QBUFOUT BOE QFOEJOH QBUFOU BQQMJDBUJPOT 5IF $PNQBOZ BMTP PXOT TFWFSBM SFHJTUFSFE USBEFNBSLT BOE QFOEJOH
USBEFNBSL BQQMJDBUJPOT XJUI UIF 64 1BUFOU BOE 5SBEFNBSL 0GGJDF 5IF DVSSFOU SFHJTUSBUJPOT GPS UIF NBSLT XJMM FYQJSF PO WBSJPVT
EBUFT CFUXFFO  BOE  CVU FBDI SFHJTUSBUJPO DBO CF SFOFXFE JOEFGJOJUFMZ BT MPOH BT UIF SFTQFDUJWF NBSL DPOUJOVFT UP CF
VTFE JO DPNNFSDF BOE UIF SFRVJTJUF QSPPG PG DPOUJOVFE VTF PS SFOFXBM BQQMJDBUJPO BT BQQMJDBCMF JT GJMFE 5IFTF USBEFNBSLT QSPWJEF
TPVSDF JEFOUJGJDBUJPO GPS UIF HPPET NBOVGBDUVSFE BOE TPME CZ UIF $PNQBOZ BOE BMMPX UIF $PNQBOZ UP BDIJFWF CSBOE SFDPHOJUJPO
XJUIJO UIF JOEVTUSZ



*OUFSOFU "EESFTT4&$ 'JMJOHT
5IF $PNQBOZ`T *OUFSOFU BEESFTT JT IUUQXXXFODPSFXJSFDPN 6OEFS UIF c*OWFTUPST *OGPd TFDUJPO PG PVS XFCTJUF UIF $PNQBOZ
QSPWJEFT B MJOL UP PVS FMFDUSPOJD 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPO c4&$d GJMJOHT JODMVEJOH PVS BOOVBM SFQPSU PO 'PSN 
,
PVS RVBSUFSMZ SFQPSUT PO 'PSN 2 PVS DVSSFOU SFQPSUT PO 'PSN , EJSFDUPS BOE PGGJDFS CFOFGJDJBM PXOFSTIJQ SFQPSUT GJMFE
QVSTVBOU UP 4FDUJPO  PG UIF 4FDVSJUJFT &YDIBOHF "DU PG  BT BNFOEFE BOE BOZ BNFOENFOUT UP UIFTF SFQPSUT "MM TVDI SFQPSUT
BSF BWBJMBCMF GSFF PG DIBSHF BOE BSF BWBJMBCMF BT TPPO BT SFBTPOBCMZ QSBDUJDBCMF BGUFS UIF $PNQBOZ GJMFT TVDI NBUFSJBM XJUI PS
GVSOJTIFT JU UP UIF 4&$
5IF QVCMJD NBZ SFBE BOE DPQZ BOZ NBUFSJBMT UIF $PNQBOZ GJMFT XJUI UIF 4&$ BU UIF 4&$`T 1VCMJD 3FGFSFODF 3PPN BU  ' 4USFFU
/&
8BTIJOHUPO %$  5IF QVCMJD NBZ PCUBJO JOGPSNBUJPO PO UIF PQFSBUJPO PG UIF 1VCMJD 3FGFSFODF 3PPN CZ DBMMJOH UIF
4&$ BU 4&$ 5IF 4&$ NBJOUBJOT BO *OUFSOFU TJUF UIBU DPOUBJOT SFQPSUT QSPYZ BOE JOGPSNBUJPO TUBUFNFOUT BOE PUIFS
JOGPSNBUJPO SFHBSEJOH JTTVFST UIBU GJMF FMFDUSPOJDBMMZ XJUI UIF 4&$ BU IUUQXXXTFDHPW
*UFN " 3JTL 'BDUPST
5IF GPMMPXJOH BSF SJTL GBDUPST UIBU DPVME BGGFDU UIF $PNQBOZ`T CVTJOFTT GJOBODJBM SFTVMUT BOE SFTVMUT PG PQFSBUJPOT 5IFTF SJTL
GBDUPST TIPVME CF DPOTJEFSFE JO DPOOFDUJPO XJUI FWBMVBUJOH UIF GPSXBSEMPPLJOH TUBUFNFOUT DPOUBJOFE JO UIJT "OOVBM 3FQPSU PO
'PSN , CFDBVTF UIFTF GBDUPST DPVME DBVTF UIF BDUVBM SFTVMUT BOE DPOEJUJPOT UP EJGGFS NBUFSJBMMZ GSPN UIPTF QSPKFDUFE JO GPSXBSE
MPPLJOH TUBUFNFOUT #FGPSF QVSDIBTJOH UIF $PNQBOZ`T TUPDL BO JOWFTUPS TIPVME LOPX UIBU NBLJOH TVDI BO JOWFTUNFOU JOWPMWFT
TPNF SJTLT JODMVEJOH UIF SJTLT EFTDSJCFE CFMPX *G BOZ PG UIF SJTLT NFOUJPOFE CFMPX PS PUIFS VOLOPXO SJTLT BDUVBMMZ PDDVS UIF
$PNQBOZ`T CVTJOFTT GJOBODJBM DPOEJUJPO PS SFTVMUT PG PQFSBUJPOT DPVME CF OFHBUJWFMZ BGGFDUFE *O UIBU DBTF UIF USBEJOH QSJDF PG JUT
TUPDL DPVME GMVDUVBUF TJHOJGJDBOUMZ
1SPEVDU 1SJDJOH BOE 7PMBUJMJUZ PG $PQQFS .BSLFU
1SJDF DPNQFUJUJPO GPS DPQQFS FMFDUSJDBM XJSF BOE DBCMF JT JOUFOTF BOE UIF $PNQBOZ TFMMT JUT QSPEVDU JO BDDPSEBODF XJUI QSFWBJMJOH
NBSLFU QSJDFT 8JSF QSJDFT DBO BOE GSFRVFOUMZ EP DIBOHF PO B EBJMZ CBTJT 5IJT DPNQFUJUJWF QSJDJOH NBSLFU GPS XJSF EPFT OPU
BMXBZT NJSSPS DIBOHFT JO DPQQFS QSJDFT NBLJOH NBSHJOT IJHIMZ WPMBUJMF $PQQFS B DPNNPEJUZ QSPEVDU JT UIF QSJODJQBM SBX NBUFSJBM
VTFE JO UIF $PNQBOZ`T NBOVGBDUVSJOH PQFSBUJPOT $PQQFS BDDPVOUFE GPS BQQSPYJNBUFMZ   BOE  PG UIF DPTUT PG
HPPET TPME EVSJOH   BOE  SFTQFDUJWFMZ BOE UIF $PNQBOZ FYQFDUT UIBU DPQQFS XJMM DPOUJOVF UP BDDPVOU GPS B TJHOJGJDBOU
QPSUJPO PG UIFTF DPTUT JO UIF GVUVSF 5IF QSJDF PG DPQQFS GMVDUVBUFT EFQFOEJOH PO HFOFSBM FDPOPNJD DPOEJUJPOT BOE JO SFMBUJPO UP
TVQQMZ BOE EFNBOE BOE PUIFS GBDUPST BOE DBVTFT NPOUIMZ WBSJBUJPOT JO UIF DPTU PG DPQQFS QVSDIBTFE CZ UIF $PNQBOZ 5IF 4&$
BMMPXT TIBSFT PG QIZTJDBMMZ CBDLFE DPQQFS FYDIBOHF USBEFE GVOET c&5'Td UP CF MJTUFE BOE QVCMJDMZ USBEFE 4VDI GVOET BOE PUIFS
DPQQFS &5'T MJLF JU IPME DPQQFS DBUIPEF BT DPMMBUFSBM BHBJOTU UIFJS TIBSFT 5IF BDRVJTJUJPO PG DPQQFS DBUIPEF CZ $PQQFS &5'T NBZ
NBUFSJBMMZ EFDSFBTF PS JOUFSSVQU UIF BWBJMBCJMJUZ PG DPQQFS GPS JNNFEJBUF EFMJWFSZ JO UIF 6OJUFE 4UBUFT XIJDI DPVME NBUFSJBMMZ
JODSFBTF UIF $PNQBOZ`T DPTU PG DPQQFS *O BEEJUJPO UP SJTJOH DPQQFS QSJDFT BOE QPUFOUJBM TVQQMZ TIPSUBHFT XF CFMJFWF UIBU &5'T
BOE TJNJMBS DPQQFSCBDLFE EFSJWBUJWF QSPEVDUT DPVME MFBE UP JODSFBTFE DPQQFS QSJDF WPMBUJMJUZ 5IF $PNQBOZ DBOOPU QSFEJDU GVUVSF
DPQQFS QSJDFT PS UIF FGGFDU PG GMVDUVBUJPOT JO UIF DPTUT PG DPQQFS PO UIF $PNQBOZ`T GVUVSF PQFSBUJOH SFTVMUT $POTFRVFOUMZ GMVDUVBUJPOT
JO DPQQFS QSJDFT DBVTFE CZ NBSLFU GPSDFT DBO TJHOJGJDBOUMZ BGGFDU UIF $PNQBOZ`T GJOBODJBM SFTVMUT 8JUI UIF WPMBUJMJUZ PG CPUI SBX
NBUFSJBM QSJDFT BOE XJSF QSJDFT JO UIF $PNQBOZ`T FOE NBSLFU IFEHJOH SBX NBUFSJBMT DBO CF SJTLZ )JTUPSJDBMMZ UIF $PNQBOZ IBT
OPU FOHBHFE JO IFEHJOH TUSBUFHJFT GPS SBX NBUFSJBM QVSDIBTFT
0QFSBUJOH 3FTVMUT .BZ 'MVDUVBUF
&ODPSF`T RVBSUFSMZ SFTVMUT PG PQFSBUJPOT NBZ GMVDUVBUF BT B SFTVMU PG B OVNCFS PG GBDUPST JODMVEJOH GMVDUVBUJPO JO UIF EFNBOE GPS
BOE TIJQNFOUT PG UIF $PNQBOZ`T QSPEVDUT 5IFSFGPSF RVBSUFSUPRVBSUFS DPNQBSJTPOT PG SFTVMUT PG PQFSBUJPOT IBWF CFFO BOE XJMM
CF JNQBDUFE CZ UIF WPMVNF PG TVDI PSEFST BOE TIJQNFOUT *O BEEJUJPO JUT PQFSBUJOH SFTVMUT DPVME CF BEWFSTFMZ BGGFDUFE CZ UIF
GPMMPXJOH GBDUPST BNPOH PUIFST TVDI BT WBSJBUJPOT JO UIF NJY PG QSPEVDU TBMFT QSJDF DIBOHFT JO SFTQPOTF UP DPNQFUJUJWF GBDUPST
JODSFBTFT JO SBX NBUFSJBM DPTUT BOE PUIFS TJHOJGJDBOU DPTUT UIF MPTT PG LFZ NBOVGBDUVSFS`T SFQSFTFOUBUJWFT XIP TFMM UIF $PNQBOZ`T
QSPEVDU MJOF JODSFBTFT JO VUJMJUZ DPTUT QBSUJDVMBSMZ FMFDUSJDJUZ BOE OBUVSBM HBT BOE WBSJPVT UZQFT PG JOTVSBODF DPWFSBHF BOE
JOUFSSVQUJPOT JO QMBOU PQFSBUJPOT SFTVMUJOH GSPN UIF JOUFSSVQUJPO PG SBX NBUFSJBM TVQQMJFT BOE PUIFS GBDUPST



3FMJBODF PO 4FOJPS .BOBHFNFOU
&ODPSF`T GVUVSF PQFSBUJOH SFTVMUT EFQFOE JO QBSU VQPO UIF DPOUJOVFE TFSWJDF PG JUT TFOJPS NBOBHFNFOU .S %BOJFM - +POFT UIF
$IBJSNBO
1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS BOE .S 'SBOL + #JMCBO UIF $PNQBOZ`T 7JDF 1SFTJEFOU BOE $IJFG 'JOBODJBM
0GGJDFS OFJUIFS PG XIPN BSF CPVOE CZ BO FNQMPZNFOU BHSFFNFOU
 5IF $PNQBOZ`T GVUVSF TVDDFTT XJMM EFQFOE VQPO JUT DPOUJOVJOH
BCJMJUZ UP BUUSBDU BOE SFUBJO IJHIMZ RVBMJGJFE NBOBHFSJBM BOE UFDIOJDBM QFSTPOOFM $PNQFUJUJPO GPS TVDI QFSTPOOFM JT JOUFOTF BOE
UIFSF DBO CF OP BTTVSBODF UIBU UIF $PNQBOZ XJMM SFUBJO JUT LFZ NBOBHFSJBM BOE UFDIOJDBM FNQMPZFFT PS UIBU JU XJMM CF TVDDFTTGVM JO
BUUSBDUJOH
BTTJNJMBUJOH PS SFUBJOJOH PUIFS IJHIMZ RVBMJGJFE QFSTPOOFM JO UIF GVUVSF
*OEVTUSZ $POEJUJPOT BOE $ZDMJDBMJUZ
5IF SFTJEFOUJBM DPNNFSDJBM BOE JOEVTUSJBM DPOTUSVDUJPO JOEVTUSZ XIJDI JT UIF FOE VTFS PG UIF $PNQBOZ`T QSPEVDUT JT DZDMJDBM BOE
JT BGGFDUFE CZ B OVNCFS PG GBDUPST JODMVEJOH UIF HFOFSBM DPOEJUJPO PG UIF FDPOPNZ NBSLFU EFNBOE BOE DIBOHFT JO JOUFSFTU SBUFT
BNPOH PUIFS GBDUPST *OEVTUSZ TBMFT PG FMFDUSJDBM XJSF BOE DBCMF QSPEVDUT UFOE UP QBSBMMFM HFOFSBM DPOTUSVDUJPO BDUJWJUZ XIJDI
JODMVEFT SFNPEFMJOH )PVTJOH DPOTUSVDUJPO BDUJWJUZ JO UIF 6OJUFE 4UBUFT EFDMJOFE TJHOJGJDBOUMZ JO  BOE DPOUJOVFE JUT EPXOXBSE
USFOE UISPVHI  JNQSPWJOH TMJHIUMZ JO  BOE  BOE UIFO DPOUJOVJOH VQXBSE NPNFOUVN JO  BOE  /BUJPOBMMZ
DPNNFSDJBM DPOTUSVDUJPO IBE CFFO TUSPOH UISPVHI  CVU TMPXFE TJHOJGJDBOUMZ JO  BOE DPOUJOVFE EPXOXBSE UISPVHI 
CFGPSF UVSOJOH BSPVOE BOE JNQSPWJOH JO  BOE 
5IF POHPJOH TMVHHJTI FDPOPNZ JO UIF 6OJUFE 4UBUFT BOE UIF PWFSIBOH PG FYDFTT IPVTJOH BOE DPNNFSDJBM BOE JOEVTUSJBM CVJMEJOHT
NBZ IBWF B OFHBUJWF JNQBDU PO UIF DPOTUSVDUJPO JOEVTUSZ GPS TPNF UJNF UP DPNF
%FUFSJPSBUJPO JO UIF GJOBODJBM DPOEJUJPO PG UIF $PNQBOZ`T DVTUPNFST EVF UP DVSSFOU JOEVTUSZ BOE FDPOPNJD DPOEJUJPOT NBZ SFTVMU
JO SFEVDFE TBMFT BO JOBCJMJUZ UP DPMMFDU SFDFJWBCMFT BOE QBZNFOU EFMBZT PS MPTTFT EVF UP B DVTUPNFS`T CBOLSVQUDZ PS JOTPMWFODZ
"MUIPVHI UIF $PNQBOZ`T CBE EFCU FYQFSJFODF IBT CFFO SFMBUJWFMZ MPX FWFO JO SFDFOU ZFBST UIF $PNQBOZ`T JOBCJMJUZ UP DPMMFDU
SFDFJWBCMFT NBZ JODSFBTF UIF BNPVOUT UIF $PNQBOZ NVTU FYQFOTF BHBJOTU JUT CBE EFCU SFTFSWF EFDSFBTJOH UIF $PNQBOZ`T
QSPGJUBCJMJUZ 5IF EPXOUVSO JO UIF SFTJEFOUJBM DPNNFSDJBM PS JOEVTUSJBM DPOTUSVDUJPO JOEVTUSJFT BOE HFOFSBM FDPOPNJD DPOEJUJPOT
BT B XIPMF NBZ DPOUJOVF UP IBWF B NBUFSJBM BEWFSTF FGGFDU PO UIF $PNQBOZ
&OWJSPONFOUBM -JBCJMJUJFT
5IF $PNQBOZ JT TVCKFDU UP GFEFSBM TUBUF BOE MPDBM FOWJSPONFOUBM QSPUFDUJPO MBXT BOE SFHVMBUJPOT HPWFSOJOH UIF $PNQBOZ`T
PQFSBUJPOT BOE UIF VTF IBOEMJOH EJTQPTBM BOE SFNFEJBUJPO PG IB[BSEPVT TVCTUBODFT DVSSFOUMZ PS GPSNFSMZ VTFE CZ UIF $PNQBOZ
" SJTL PG FOWJSPONFOUBM MJBCJMJUZ JT JOIFSFOU JO UIF $PNQBOZ`T DVSSFOU NBOVGBDUVSJOH BDUJWJUJFT JO UIF FWFOU PG B SFMFBTF PS EJTDIBSHF
PG B IB[BSEPVT TVCTUBODF HFOFSBUFE CZ UIF $PNQBOZ 6OEFS DFSUBJO FOWJSPONFOUBM MBXT UIF $PNQBOZ DPVME CF IFME KPJOUMZ BOE
TFWFSBMMZ SFTQPOTJCMF GPS UIF SFNFEJBUJPO PG BOZ IB[BSEPVT TVCTUBODF DPOUBNJOBUJPO BU UIF $PNQBOZ`T GBDJMJUJFT BOE BU UIJSE QBSUZ
XBTUF EJTQPTBM TJUFT BOE DPVME BMTP CF IFME MJBCMF GPS BOZ DPOTFRVFODFT BSJTJOH PVU PG IVNBO FYQPTVSF UP TVDI TVCTUBODFT PS PUIFS
FOWJSPONFOUBM EBNBHF 5IFSF DBO CF OP BTTVSBODF UIBU UIF DPTUT PG DPNQMZJOH XJUI FOWJSPONFOUBM IFBMUI BOE TBGFUZ MBXT BOE
SFRVJSFNFOUT JO UIF $PNQBOZ`T DVSSFOU PQFSBUJPOT PS UIF MJBCJMJUJFT BSJTJOH GSPN QBTU SFMFBTFT PG PS FYQPTVSF UP IB[BSEPVT
TVCTUBODFT
XJMM OPU SFTVMU JO GVUVSF FYQFOEJUVSFT CZ UIF $PNQBOZ UIBU DPVME NBUFSJBMMZ BOE BEWFSTFMZ BGGFDU UIF $PNQBOZ`T GJOBODJBM
SFTVMUT
DBTI GMPX PS GJOBODJBM DPOEJUJPO
$PNQFUJUJPO
5IF FMFDUSJDBM XJSF BOE DBCMF JOEVTUSZ JT IJHIMZ DPNQFUJUJWF 5IF $PNQBOZ DPNQFUFT XJUI TFWFSBM NBOVGBDUVSFST PG XJSF BOE DBCMF
QSPEVDUT UIBU IBWF TVCTUBOUJBMMZ HSFBUFS SFTPVSDFT UIBO UIF $PNQBOZ 4PNF PG UIFTF DPNQFUJUPST BSF PXOFE BOE PQFSBUFE CZ MBSHF
EJWFSTJGJFE DPNQBOJFT 5IF QSJODJQBM FMFNFOUT PG DPNQFUJUJPO JO UIF XJSF BOE DBCMF JOEVTUSZ BSF JO UIF PQJOJPO PG UIF $PNQBOZ
QSJDJOH
QSPEVDU BWBJMBCJMJUZ BOE RVBMJUZ BOE JO TPNF JOTUBODFT CSFBEUI PG QSPEVDU MJOF 5IF $PNQBOZ CFMJFWFT UIBU JU JT DPNQFUJUJWF
XJUI SFTQFDU UP BMM PG UIFTF GBDUPST 8IJMF UIF OVNCFS PG GJSNT QSPEVDJOH XJSF BOE DBCMF IBT EFDMJOFE JO UIF QBTU UIFSF DBO CF OP
BTTVSBODF UIBU OFX DPNQFUJUPST XJMM OPU FNFSHF PS UIBU FYJTUJOH QSPEVDFST XJMM OPU FNQMPZ PS JNQSPWF VQPO UIF $PNQBOZ`T
NBOVGBDUVSJOH BOE NBSLFUJOH TUSBUFHZ
1BUFOU BOE *OUFMMFDUVBM 1SPQFSUZ %JTQVUFT
%JTBHSFFNFOUT BCPVU QBUFOUT BOE JOUFMMFDUVBM QSPQFSUZ SJHIUT PDDVS JO UIF XJSF BOE DBCMF JOEVTUSZ 5IF VOGBWPSBCMF SFTPMVUJPO PG
B QBUFOU PS JOUFMMFDUVBM QSPQFSUZ EJTQVUF DPVME QSFDMVEF UIF $PNQBOZ GSPN NBOVGBDUVSJOH BOE TFMMJOH DFSUBJO QSPEVDUT PS DPVME
SFRVJSF UIF $PNQBOZ UP QBZ B SPZBMUZ PO UIF TBMF PG DFSUBJO QSPEVDUT 1BUFOU BOE JOUFMMFDUVBM QSPQFSUZ EJTQVUFT DPVME BMTP SFTVMU JO
TVCTUBOUJBM MFHBM GFFT BOE PUIFS DPTUT



$PNNPO 4UPDL 1SJDF .BZ 'MVDUVBUF
'VUVSF BOOPVODFNFOUT DPODFSOJOH &ODPSF PS JUT DPNQFUJUPST PS DVTUPNFST RVBSUFSMZ WBSJBUJPOT JO PQFSBUJOH SFTVMUT BOOPVODFNFOUT
PG UFDIOPMPHJDBM JOOPWBUJPOT UIF JOUSPEVDUJPO PG OFX QSPEVDUT PS DIBOHFT JO QSPEVDU QSJDJOH QPMJDJFT CZ UIF $PNQBOZ PS JUT
DPNQFUJUPST
EFWFMPQNFOUT SFHBSEJOH QSPQSJFUBSZ SJHIUT DIBOHFT JO FBSOJOHT FTUJNBUFT CZ BOBMZTUT PS SFQPSUT SFHBSEJOH UIF $PNQBOZ
PS JUT JOEVTUSZ JO UIF GJOBODJBM QSFTT PS JOWFTUNFOU BEWJTPSZ QVCMJDBUJPOT BNPOH PUIFS GBDUPST DPVME DBVTF UIF NBSLFU QSJDF PG UIF
$PNNPO 4UPDL UP GMVDUVBUF TVCTUBOUJBMMZ 5IFTF GMVDUVBUJPOT BT XFMM BT HFOFSBM FDPOPNJD QPMJUJDBM BOE NBSLFU DPOEJUJPOT TVDI
BT SFDFTTJPOT XPSME FWFOUT NJMJUBSZ DPOGMJDUT PS NBSLFU PS NBSLFUTFDUPS EFDMJOFT NBZ NBUFSJBMMZ BOE BEWFSTFMZ BGGFDU UIF NBSLFU
QSJDF PG UIF $PNNPO 4UPDL
#FOFGJDJBM 0XOFSTIJQ PG UIF $PNQBOZ`T $PNNPO 4UPDL CZ B 4NBMM /VNCFS PG 4UPDLIPMEFST
" TNBMM OVNCFS PG TJHOJGJDBOU TUPDLIPMEFST CFOFGJDJBMMZ PXO HSFBUFS UIBO  PG UIF PVUTUBOEJOH DPNNPO TUPDL PG UIF $PNQBOZ
%FQFOEJOH PO TUPDLIPMEFS UVSOPVU GPS B TUPDLIPMEFS WPUF UIFTF TUPDLIPMEFST BDUJOH UPHFUIFS DPVME CF BCMF UP DPOUSPM UIF FMFDUJPO
PG EJSFDUPST BOE DFSUBJO NBUUFST SFRVJSJOH NBKPSJUZ BQQSPWBM CZ UIF $PNQBOZ`T TUPDLIPMEFST 5IF JOUFSFTUT PG UIJT HSPVQ PG
TUPDLIPMEFST NBZ OPU BMXBZT DPJODJEF XJUI UIF $PNQBOZ`T JOUFSFTUT PS UIF JOUFSFTUT PG PUIFS TUPDLIPMEFST
*O UIF GVUVSF UIFTF TUPDLIPMEFST DPVME TFMM MBSHF BNPVOUT PG DPNNPO TUPDL PWFS SFMBUJWFMZ TIPSU QFSJPET PG UJNF 5IF
$PNQBOZ DBOOPU QSFEJDU JG XIFO PS JO XIBU BNPVOUT TUPDLIPMEFST NBZ TFMM BOZ PG UIFJS TIBSFT 4BMFT PG TVCTUBOUJBM BNPVOUT PG
UIF $PNQBOZ`T DPNNPO TUPDL JO UIF QVCMJD NBSLFU CZ FYJTUJOH TUPDLIPMEFST PS UIF QFSDFQUJPO UIBU UIFTF TBMFT DPVME PDDVS NBZ
BEWFSTFMZ BGGFDU UIF NBSLFU QSJDF PG PVS DPNNPO TUPDL CZ DSFBUJOH B QVCMJD QFSDFQUJPO PG EJGGJDVMUJFT PS QSPCMFNT XJUI UIF $PNQBOZ`T
CVTJOFTT
'VUVSF 4BMFT PG $PNNPO 4UPDL $PVME "GGFDU UIF 1SJDF PG UIF $PNNPO 4UPDL
/P QSFEJDUJPO DBO CF NBEF BT UP UIF FGGFDU JG BOZ UIBU GVUVSF TBMFT PG TIBSFT PS UIF BWBJMBCJMJUZ PG TIBSFT GPS TBMF XJMM IBWF PO UIF
NBSLFU QSJDF PG UIF $PNNPO 4UPDL QSFWBJMJOH GSPN UJNF UP UJNF 4BMFT PG TVCTUBOUJBM BNPVOUT PG $PNNPO 4UPDL PS UIF QFSDFQUJPO
UIBU TVDI TBMFT NJHIU PDDVS DPVME BEWFSTFMZ BGGFDU QSFWBJMJOH NBSLFU QSJDFT PG UIF $PNNPO 4UPDL
$ZCFSTFDVSJUZ #SFBDIFT BOE PUIFS %JTSVQUJPOT UP PVS *OGPSNBUJPO 5FDIOPMPHZ 4ZTUFNT
5IF FGGJDJFOU PQFSBUJPO PG PVS CVTJOFTT JT EFQFOEFOU PO PVS JOGPSNBUJPO UFDIOPMPHZ TZTUFNT UP QSPDFTT USBOTNJU BOE TUPSF TFOTJUJWF
FMFDUSPOJD EBUB JODMVEJOH FNQMPZFF EJTUSJCVUPS BOE DVTUPNFS SFDPSET BOE UP NBOBHF BOE TVQQPSU PVS CVTJOFTT PQFSBUJPOT BOE
NBOVGBDUVSJOH QSPDFTTFT 5IF TFDVSF NBJOUFOBODF PG UIJT JOGPSNBUJPO JT DSJUJDBM UP PVS PQFSBUJPOT %FTQJUF PVS TFDVSJUZ NFBTVSFT
PVS JOGPSNBUJPO UFDIOPMPHZ TZTUFN NBZ CF WVMOFSBCMF UP BUUBDLT CZ IBDLFST PS CSFBDIFT EVF UP FSSPST PS NBMGFBTBODF CZ FNQMPZFFT
BOE PUIFST XIP IBWF BDDFTT UP PVS TZTUFN PS PUIFS EJTSVQUJPOT EVSJOH UIF QSPDFTT PG VQHSBEJOH PS SFQMBDJOH DPNQVUFS TPGUXBSF
PS IBSEXBSF QPXFS PVUBHFT DPNQVUFS WJSVTFT UFMFDPNNVOJDBUJPO PS VUJMJUZ GBJMVSFT PS OBUVSBM EJTBTUFST "OZ TVDI FWFOU DPVME
DPNQSPNJTF PVS JOGPSNBUJPO UFDIOPMPHZ TZTUFN FYQPTF PVS DVTUPNFST EJTUSJCVUPST BOE FNQMPZFFT UP SJTLT PG NJTVTF PG DPOGJEFOUJBM
JOGPSNBUJPO
JNQBJS PVS BCJMJUZ UP FGGFDUJWFMZ BOE UJNFMZ PQFSBUF PVS CVTJOFTT BOE NBOVGBDUVSJOH QSPDFTTFT BOE DBVTF PUIFS
EJTSVQUJPOT
XIJDI DPVME SFTVMU JO MFHBM DMBJNT PS QSPDFFEJOHT EJTSVQU PVS PQFSBUJPOT BOE UIF TFSWJDFT XF QSPWJEF UP DVTUPNFST
EBNBHF PVS SFQVUBUJPO BOE DBVTF B MPTT PG DPOGJEFODF JO PVS QSPEVDUT BOE TFSWJDFT BOZ PG XIJDI DPVME BEWFSTFMZ BGGFDU PVS SFTVMUT
PG PQFSBUJPOT BOE DPNQFUJUJWF QPTJUJPO
*UFN # 6OSFTPMWFE 4UBGG $PNNFOUT
/POF
*UFN  1SPQFSUJFT
&ODPSF NBJOUBJOT JUT DPSQPSBUF PGGJDF BOE NBOVGBDUVSJOH QMBOUT JO .D,JOOFZ 5FYBT BQQSPYJNBUFMZ  NJMFT OPSUI PG %BMMBT 5IF
$PNQBOZ`T GBDJMJUJFT BSF MPDBUFE PO B DPNCJOFE TJUF PG BQQSPYJNBUFMZ  BDSFT BOE DPOTJTU PG CVJMEJOHT DPOUBJOJOH BQQSPYJNBUFMZ
 NJMMJPO TRVBSF GFFU PG GMPPS TQBDF 5IF QMBOU BOE FRVJQNFOU BSF PXOFE CZ UIF $PNQBOZ BOE BSF OPU NPSUHBHFE UP TFDVSF BOZ
PG UIF $PNQBOZ`T FYJTUJOH JOEFCUFEOFTT &ODPSF CFMJFWFT UIBU JUT QMBOU BOE FRVJQNFOU BSF TVJUFE UP JUT QSFTFOU OFFET DPNQMZ XJUI
BQQMJDBCMF GFEFSBM TUBUF BOE MPDBM MBXT BOE SFHVMBUJPOT BOE BSF QSPQFSMZ NBJOUBJOFE BOE BEFRVBUFMZ JOTVSFE
*UFN  -FHBM 1SPDFFEJOHT
" EFTDSJQUJPO PG UIF $PNQBOZ`T MFHBM QSPDFFEJOHT JT DPOUBJOFE JO /PUF  UP UIF $PNQBOZ`T DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT
JODMVEFE JO *UFN  UP UIJT SFQPSU BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF


*UFN  .JOF 4BGFUZ %JTDMPTVSFT
/PU BQQMJDBCMF
&9&$65*7& 0''*$&34 0' 5)& $0.1"/:
*OGPSNBUJPO SFHBSEJOH &ODPSF`T FYFDVUJWF PGGJDFST JODMVEJOH UIFJS SFTQFDUJWF BHFT BT PG 'FCSVBSZ   JT TFU GPSUI CFMPX
/BNF

"HF

1PTJUJPO XJUI $PNQBOZ

%BOJFM - +POFT



'SBOL + #JMCBO



$IBJSNBO PG UIF #PBSE PG %JSFDUPST 1SFTJEFOU BOE $IJFG
&YFDVUJWF 0GGJDFS
7JDF 1SFTJEFOU a 'JOBODF 5SFBTVSFS 4FDSFUBSZ BOE $IJFG
'JOBODJBM 0GGJDFS

.S +POFT IBT IFME UIF PGGJDF PG 1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS PG UIF $PNQBOZ TJODF 'FCSVBSZ  )F QFSGPSNFE UIF
EVUJFT PG UIF $IJFG &YFDVUJWF 0GGJDFS JO BO JOUFSJN DBQBDJUZ GSPN .BZ  UP 'FCSVBSZ  'SPN .BZ  VOUJM 'FCSVBSZ

.S +POFT XBT 1SFTJEFOU BOE $IJFG 0QFSBUJOH 0GGJDFS PG UIF $PNQBOZ )F QSFWJPVTMZ IFME UIF QPTJUJPOT PG $IJFG 0QFSBUJOH
0GGJDFS GSPN 0DUPCFS  VOUJM .BZ  &YFDVUJWF 7JDF 1SFTJEFOU GSPN .BZ  UP 0DUPCFS  7JDF 1SFTJEFOU4BMFT BOE
.BSLFUJOH GSPN  UP .BZ  BGUFS TFSWJOH BT %JSFDUPS PG 4BMFT TJODF KPJOJOH UIF $PNQBOZ JO /PWFNCFS  )F IBT BMTP
TFSWFE BT B NFNCFS PG UIF #PBSE PG %JSFDUPST TJODF .BZ  BOE XBT OBNFE $IBJSNBO PG UIF #PBSE JO 
.S #JMCBO IBT TFSWFE BT 7JDF 1SFTJEFOU'JOBODF 5SFBTVSFS 4FDSFUBSZ BOE $IJFG 'JOBODJBM 0GGJDFS PG &ODPSF TJODF +VOF 
'SPN  VOUJM KPJOJOH UIF $PNQBOZ JO +VOF  .S #JMCBO XBT &YFDVUJWF 7JDF 1SFTJEFOU BOE $IJFG 'JOBODJBM 0GGJDFS PG "MQIB
)PMEJOHT
*OD B QMBTUJDT NBOVGBDUVSJOH DPOHMPNFSBUF 'SPN  VOUJM  .S #JMCBO XBT 7JDF 1SFTJEFOU BOE $IJFG 'JOBODJBM
0GGJDFS PG 8FEHF %JB-PH *OD BO PJM GJFME TFSWJDFT DPNQBOZ
"MM FYFDVUJWF PGGJDFST BSF FMFDUFE BOOVBMMZ CZ UIF #PBSE PG %JSFDUPST UP TFSWF VOUJM UIF OFYU BOOVBM NFFUJOH PG UIF #PBSE PS VOUJM
UIFJS SFTQFDUJWF TVDDFTTPST BSF DIPTFO BOE RVBMJGJFE



1"35 **
*UFN  .BSLFU GPS 3FHJTUSBOU`T $PNNPO &RVJUZ 3FMBUFE 4UPDLIPMEFS .BUUFST BOE *TTVFS 1VSDIBTFT PG &RVJUZ 4FDVSJUJFT
5IF $PNQBOZ`T $PNNPO 4UPDL JT USBEFE BOE RVPUFE PO UIF /"4%"2 4UPDL .BSLFU`T (MPCBM 4FMFDU .BSLFU VOEFS UIF TZNCPM c8*3&d 5IF GPMMPXJOH UBCMF TFUT GPSUI UIF IJHI BOE MPX JOUSBEBZ TBMFT QSJDFT QFS TIBSF GPS UIF $PNNPO 4UPDL BT SFQPSUFE CZ
/"4%"2 GPS UIF QFSJPET JOEJDBUFE
)JHI

-PX


'JSTU 2VBSUFS
4FDPOE 2VBSUFS
5IJSE 2VBSUFS
'PVSUI 2VBSUFS












'JSTU 2VBSUFS
4FDPOE 2VBSUFS
5IJSE 2VBSUFS
'PVSUI 2VBSUFS











"T PG 'FCSVBSZ   UIFSF XFSF  IPMEFST PG SFDPSE PG UIF $PNQBOZ`T $PNNPO 4UPDL
5IF $PNQBOZ QBJE JUT GJSTU DBTI EJWJEFOE JO +BOVBSZ  BOE IBT DPOUJOVFE QBZJOH RVBSUFSMZ EJWJEFOET PG UXP DFOUT QFS TIBSF
UISPVHI  "TJEF GSPN QFSJPEJD EJWJEFOET NBOBHFNFOU JOUFOET UP SFUBJO UIF NBKPSJUZ PG GVUVSF FBSOJOHT GPS UIF PQFSBUJPO BOE
FYQBOTJPO PG UIF $PNQBOZ`T CVTJOFTT
*TTVFS 1VSDIBTFT PG &RVJUZ 4FDVSJUJFT
0O /PWFNCFS   UIF #PBSE PG %JSFDUPST BQQSPWFE B TUPDL SFQVSDIBTF QSPHSBN BVUIPSJ[JOH UIF $PNQBOZ UP SFQVSDIBTF VQ
UP BO BVUIPSJ[FE BNPVOU PG TIBSFT PG JUT DPNNPO TUPDL PO UIF PQFO NBSLFU PS UISPVHI QSJWBUFMZ OFHPUJBUFE USBOTBDUJPOT BU QSJDFT
EFUFSNJOFE CZ UIF 1SFTJEFOU PG UIF $PNQBOZ EVSJOH UIF UFSN PG UIF QSPHSBN 5IF $PNQBOZ`T #PBSE PG %JSFDUPST IBT BVUIPSJ[FE
TFWFSBM JODSFBTFT BOE BOOVBM FYUFOTJPOT PG UIJT TUPDL SFQVSDIBTF QSPHSBN "T PG %FDFNCFS   UIF SFQVSDIBTF BVUIPSJ[BUJPO
IBE 

 TIBSFT SFNBJOJOH BVUIPSJ[FE UISPVHI .BSDI   5IF $PNQBOZ NBEF OP SFQVSDIBTFT PG TUPDL JO  PS 
0UIFS UIBO UIF $PNQBOZ`T SFQVSDIBTF PG 

 TIBSFT PG DPNNPO TUPDL PXOFE CZ $BQJUBM 4PVUIXFTU 7FOUVSF $PSQPSBUJPO PO
.BZ   BMM TIBSFT QVSDIBTFE VOEFS UIF QSPHSBN XFSF QVSDIBTFE PO UIF PQFO NBSLFU CZ UIF $PNQBOZ`T CSPLFS QVSTVBOU UP
B 3VMF C QMBO BOOPVODFE PO /PWFNCFS  
&RVJUZ $PNQFOTBUJPO 1MBO *OGPSNBUJPO
5IF GPMMPXJOH UBCMF QSPWJEFT JOGPSNBUJPO BCPVU UIF $PNQBOZ`T FRVJUZ DPNQFOTBUJPO QMBOT BT PG %FDFNCFS  

1-"/ $"5&(03:
&RVJUZ DPNQFOTBUJPO QMBOT
BQQSPWFE CZ TFDVSJUZ IPMEFST
&RVJUZ DPNQFOTBUJPO QMBOT OPU
BQQSPWFE CZ TFDVSJUZ IPMEFST
505"-

8FJHIUFEBWFSBHF FYFSDJTF
QSJDF PG PVUTUBOEJOH
PQUJPOT
XBSSBOUT BOE SJHIUT
C

/VNCFS PG TFDVSJUJFT
SFNBJOJOH BWBJMBCMF GPS
GVUVSF JTTVBODF VOEFS
FRVJUZ DPNQFOTBUJPO QMBOT
FYDMVEJOH TFDVSJUJFT
SFGMFDUFE JO DPMVNO B

D









f



f


f



/VNCFS PG TFDVSJUJFT UP CF
JTTVFE VQPO FYFSDJTF PG
PVUTUBOEJOH PQUJPOT
XBSSBOUT BOE SJHIUT
B



1FSGPSNBODF (SBQI
5IF GPMMPXJOH HSBQI JT OPU cTPMJDJUJOH NBUFSJBM d JT OPU EFFNFE GJMFE XJUI UIF 4&$ BOE JT OPU UP CF JODPSQPSBUFE CZ SFGFSFODF JOUP
BOZ PG UIF $PNQBOZ`T GJMJOHT VOEFS UIF 4FDVSJUJFT "DU PG  PS UIF 4FDVSJUJFT &YDIBOHF "DU PG  BT BNFOEFE SFTQFDUJWFMZ
5IF HSBQI CFMPX TFUT GPSUI UIF DVNVMBUJWF UPUBM TUPDLIPMEFS SFUVSO XIJDI BTTVNFT SFJOWFTUNFOU PG EJWJEFOET PG B  JOWFTUNFOU
JO UIF $PNQBOZ`T $PNNPO 4UPDL UIF $PNQBOZ`T TFMGEFUFSNJOFE QFFS HSPVQ GPS UIF ZFBS FOEFE %FDFNCFS   BOE UIF
3VTTFMM  *OEFY

$PNQBSJTPO PG  :FBS $VNVMBUJWF 5PUBM 3FUVSO
"TTVNFT *OJUJBM *OWFTUNFOU PG 










































&ODPSF 8JSF $PSQPSBUJPO

4ZNCPM

c
P
`
4ZNCPM

c
P
`
4ZNCPM

c
P
`

5PUBM 3FUVSO 'PS

&ODPSF 8JSF $PSQPSBUJPO
3VTTFMM  *OEFY
1FFS (SPVQ
5PUBM 3FUVSO 'PS

&ODPSF 8JSF $PSQPSBUJPO
3VTTFMM  *OEFY
1FFS (SPVQ
5PUBM 3FUVSO 'PS

&ODPSF 8JSF $PSQPSBUJPO
3VTTFMM  *OEFY
1FFS (SPVQ



































3VTTFMM  *OEFY




























1FFS (SPVQ

































































































































/PUFT


%BUB QSFTFOUFE JO UIF QFSGPSNBODF HSBQI JT DPNQMFUF UISPVHI %FDFNCFS  



5IF 1FFS (SPVQ JT TFMGEFUFSNJOFE BOE DPOTJTUT PG UIF GPMMPXJOH DPNQBOJFT (FOFSBM $BCMF $PSQPSBUJPO BOE
#FMEFO
*OD



5IF QFFS HSPVQ JOEFY VTFT POMZ TVDI QFFS HSPVQ`T QFSGPSNBODF BOE FYDMVEFT UIF QFSGPSNBODF PG UIF $PNQBOZ
5IF QFFS HSPVQ JOEFY VTFT CFHJOOJOH PG QFSJPE NBSLFU DBQJUBMJ[BUJPO XFJHIUJOH



&BDI EBUB MJOF SFQSFTFOUT RVBSUFSMZ JOEFY MFWFMT EFSJWFE GSPN DPNQPVOEFE EBJMZ SFUVSOT UIBU JODMVEF BMM EJWJEFOET



5IF JOEFY MFWFM GPS BMM EBUB MJOFT XBT TFU UP  PO %FDFNCFS  

*UFN  4FMFDUFE $POTPMJEBUFE 'JOBODJBM %BUB
5IF GPMMPXJOH GJOBODJBM EBUB TIPVME CF SFBE JO DPOKVODUJPO XJUI *UFN  c.BOBHFNFOU`T %JTDVTTJPO BOE "OBMZTJT PG 'JOBODJBM
$POEJUJPO BOE 3FTVMUT PG 0QFSBUJPOTd BOE *UFN  c'JOBODJBM 4UBUFNFOUT BOE 4VQQMFNFOUBSZ %BUBd 5IF UBCMF CFMPX QSFTFOUT BT
PG BOE GPS UIF EBUFT JOEJDBUFE TFMFDUFE IJTUPSJDBM GJOBODJBM JOGPSNBUJPO GPS UIF $PNQBOZ



4UBUFNFOU PG *ODPNF %BUB
/FU TBMFT
$PTU PG HPPET TPME
(SPTT QSPGJU
4FMMJOH
HFOFSBM BOE BENJOJTUSBUJWF FYQFOTFT























0QFSBUJOH JODPNF
*OUFSFTU BOE PUIFS JODPNF FYQFOTF
*OUFSFTU FYQFOTF
*ODPNF CFGPSF JODPNF UBYFT
1SPWJTJPO GPS JODPNF UBYFT
/FU JODPNF
/FU JODPNF QFS DPNNPO BOE DPNNPO FRVJWBMFOU TIBSFT a
CBTJD
8FJHIUFE BWFSBHF DPNNPO BOE DPNNPO FRVJWBMFOU TIBSFT a CBTJD
/FU JODPNF QFS DPNNPO BOE DPNNPO FRVJWBMFOU TIBSFT a
EJMVUFE

:FBS &OEFE %FDFNCFS 



JO UIPVTBOET FYDFQU QFS TIBSF EBUB
































































































































8FJHIUFE BWFSBHF DPNNPO BOE DPNNPO FRVJWBMFOU TIBSFT a EJMVUFE

















#BMBODF 4IFFU %BUB
8PSLJOH DBQJUBM
5PUBM BTTFUT
-POHUFSN EFCU OFU PG DVSSFOU QPSUJPO
4UPDLIPMEFST` FRVJUZ
"OOVBM EJWJEFOET QBJE
"OOVBM EJWJEFOET QBJE QFS DPNNPO TIBSF





f






"T PG %FDFNCFS 



JO UIPVTBOET FYDFQU QFS TIBSF EBUB





f










f










f












f






*UFN  .BOBHFNFOU`T %JTDVTTJPO BOE "OBMZTJT PG 'JOBODJBM $POEJUJPO BOE 3FTVMUT PG 0QFSBUJPOT
*OUSPEVDUJPO
5IF GPMMPXJOH NBOBHFNFOU`T EJTDVTTJPO BOE BOBMZTJT JT JOUFOEFE UP QSPWJEF B CFUUFS VOEFSTUBOEJOH PG LFZ GBDUPST ESJWFST BOE SJTLT
SFHBSEJOH UIF $PNQBOZ BOE UIF CVJMEJOH XJSF JOEVTUSZ
&YFDVUJWF 0WFSWJFX
&ODPSF 8JSF TFMMT B DPNNPEJUZ QSPEVDU JO B IJHIMZ DPNQFUJUJWF NBSLFU .BOBHFNFOU TUSPOHMZ CFMJFWFT UIBU UIF IJTUPSJDBM TUSFOHUI
PG UIF $PNQBOZ`T HSPXUI BOE FBSOJOHT JT BUUSJCVUBCMF UP UIF GPMMPXJOH NBJO GBDUPST g JOEVTUSZ MFBEJOH PSEFS GJMM SBUFT BOE SFTQPOTJWF DVTUPNFS TFSWJDF

g

QSPEVDU JOOPWBUJPOT BOE QSPEVDU MJOF FYQBOTJPOT CBTFE PO MJTUFOJOH UP BOE VOEFSTUBOEJOH DVTUPNFS OFFET BOE NBSLFU
USFOET

g

MPX DPTU NBOVGBDUVSJOH PQFSBUJPOT SFTVMUJOH GSPN B TUBUFPGUIFBSU NBOVGBDUVSJOH DPNQMFY

g

MPX EJTUSJCVUJPO BOE GSFJHIU DPTUT EVF JO MBSHF QBSU UP UIF cPOF DBNQVTd CVTJOFTT NPEFM

g

B GPDVTFE NBOBHFNFOU UFBN MFBEJOH BO JODFOUJWJ[FE XPSL GPSDF

g

MPX HFOFSBM BOE BENJOJTUSBUJWF PWFSIFBE DPTUT BOE

g

B UFBN PG FYQFSJFODFE JOEFQFOEFOU NBOVGBDUVSFST` SFQSFTFOUBUJWFT XJUI TUSPOH DVTUPNFS SFMBUJPOTIJQT BDSPTT UIF 6OJUFE
4UBUFT

5IFTF GBDUPST BOE PUIFST IBWF BMMPXFE &ODPSF 8JSF UP HSPX GSPN B TUBSUVQ JO  UP XIBU NBOBHFNFOU CFMJFWFT JT POF PG UIF
MBSHFTU DPQQFS FMFDUSJD CVJMEJOH XJSF DPNQBOJFT JO UIF 6OJUFE 4UBUFT PG "NFSJDB &ODPSF IBT CVJMU B MPZBM GPMMPXJOH PG DVTUPNFST
UISPVHIPVU UIF 6OJUFE 4UBUFT 5IFTF DVTUPNFST IBWF EFWFMPQFE B CSBOE QSFGFSFODF GPS &ODPSF 8JSF JO B DPNNPEJUZ QSPEVDU MJOF
EVF UP UIF SFBTPOT OPUFE BCPWF BNPOH PUIFST 5IF $PNQBOZ QSJEFT JUTFMG PO TUSJWJOH UP HSPX TBMFT CZ FYQBOEJOH JUT QSPEVDU
PGGFSJOHT XIFSF QSPGJU NBSHJOT BSF BDDFQUBCMF 4FOJPS NBOBHFNFOU NPOJUPST HSPTT NBSHJOT EBJMZ GSFRVFOUMZ FYUFOEJOH EPXO UP
UIF JOEJWJEVBM PSEFS MFWFM .BOBHFNFOU TUSPOHMZ CFMJFWFT UIBU UIJT cIBOETPOd GPDVTFE BQQSPBDI UP UIF CVJMEJOH XJSF CVTJOFTT IBT
CFFO BO JNQPSUBOU GBDUPS JO UIF $PNQBOZ T TVDDFTT BOE XJMM MFBE UP DPOUJOVFE TVDDFTT
5IF DPOTUSVDUJPO BOE SFNPEFMJOH JOEVTUSJFT ESJWF EFNBOE GPS CVJMEJOH XJSF )PVTJOH DPOTUSVDUJPO BDUJWJUZ JO UIF 6OJUFE 4UBUFT
EFDMJOFE TJHOJGJDBOUMZ JO  BOE DPOUJOVFE JUT EPXOXBSE USFOE UISPVHI  JNQSPWJOH TMJHIUMZ JO  BOE  BOE UIFO
DPOUJOVJOH VQXBSE NPNFOUVN JO  BOE  /BUJPOBMMZ DPNNFSDJBM DPOTUSVDUJPO IBE CFFO TUSPOH UISPVHI  CVU TMPXFE
TJHOJGJDBOUMZ JO  BOE DPOUJOVFE EPXOXBSE UISPVHI  CFGPSF UVSOJOH BSPVOE BOE JNQSPWJOH JO  BOE  5IF
$PNQBOZ`T VOJU TBMFT WPMVNF BT NFBTVSFE JO QPVOET PG DPQQFS XJSF TPME EFDMJOFE  JO  WFSTVT  BOE EFDMJOFE
BOPUIFS  JO  WFSTVT  *O  UIF $PNQBOZ`T VOJU TBMFT WPMVNF JODSFBTFE  DPNQBSFE UP  *O  DPQQFS
VOJU TBMFT EFDMJOFE  WFSTVT  5PUBM VOJU TBMFT JODMVEJOH QPVOET PG BMVNJOVN XJSF TPME JODSFBTFE  JO  WFSTVT

BT UIF $PNQBOZ DPOUJOVFE UP FYQBOE JUT CVJMEJOH XJSF QSPEVDU MJOF BT EJTDVTTFE UISPVHIPVU UIJT SFQPSU 5PUBM VOJU TBMFT
JODMVEJOH QPVOET PG BMVNJOVN XJSF TPME JODSFBTFE  JO  WFSTVT  *O  DPQQFS VOJU TBMFT JODSFBTFE  WFSTVT

XIJMF BMVNJOVN VOJU TBMFT JODSFBTFE  WFSTVT   XBT UIF GJSTU GVMM ZFBS PG TBMFT BOE QSPEVDUJPO GSPN UIF
$PNQBOZ`T OFX BMVNJOVN XJSF QMBOU 5IF $PNQBOZ CFMJFWFT UIBU UIF FYQBOTJPO JOUP CVJMEJOH XJSF QSPEVDU PGGFSJOHT XJUI BMVNJOVN


DPOEVDUPST IFMQFE UIF JODSFBTF JO DPQQFS VOJU TBMFT JO  BT DVTUPNFST QSFGFS UP EP cPOF TUPQ TIPQQJOHd BOE PSEFS GSPN GVMM
MJOF QSPEVDFST 5IF $PNQBOZ CFMJFWFT UIBU UIF PWFSBMM EFDMJOF PG VOJU WPMVNFT TPME TJODF  JT QSJNBSJMZ UIF SFTVMU PG UIF
TMPXEPXO JO DPOTUSVDUJPO UISPVHIPVU UIF 6OJUFE 4UBUFT 5IF $PNQBOZ BMTP CFMJFWFT UIBU UIF SFEVDFE QFSDFOUBHF EFDMJOF JO UIF
$PNQBOZ`T VOJU TBMFT WPMVNF JO  BOE UIF JODSFBTF JO  XBT DBVTFE JO MBSHF QBSU CZ UIF FYJU PG B GPSNFS DPNQFUJUPS GSPN
UIF JOEVTUSZ JO UIF GJSTU RVBSUFS PG  *O  VOJU TBMFT XFSF VQ  JO DPQQFS XJSF BOE  JO BMVNJOVN XJSF WFSTVT 
"DDPSEJOH UP WBSJPVT JOEVTUSZ BOE OBUJPOBM FDPOPNJD GPSFDBTUT UIF GVUVSF JT VODMFBS GPS UIF OFYU GFX ZFBST %BUB PO SFNPEFMJOH
JT OPU BT SFBEJMZ BWBJMBCMF IPXFWFS SFNPEFMJOH BDUJWJUZ IJTUPSJDBMMZ USFOET VQ XIFO OFX DPOTUSVDUJPO TMPXT EPXO
(FOFSBM
5IF $PNQBOZ`T PQFSBUJOH SFTVMUT BSF ESJWFO CZ TFWFSBM LFZ GBDUPST JODMVEJOH UIF WPMVNF PG QSPEVDU QSPEVDFE BOE TIJQQFE UIF
DPTU PG DPQQFS BOE PUIFS SBX NBUFSJBMT UIF DPNQFUJUJWF QSJDJOH FOWJSPONFOU JO UIF XJSF JOEVTUSZ BOE UIF SFTVMUJOH JOGMVFODF PO
HSPTT NBSHJOT BOE UIF FGGJDJFODZ XJUI XIJDI UIF $PNQBOZ`T QMBOUT PQFSBUF EVSJOH UIF QFSJPE BNPOH PUIFST 1SJDF DPNQFUJUJPO GPS
FMFDUSJDBM XJSF BOE DBCMF JT JOUFOTF BOE UIF $PNQBOZ TFMMT JUT QSPEVDUT JO BDDPSEBODF XJUI QSFWBJMJOH NBSLFU QSJDFT $PQQFS B
DPNNPEJUZ QSPEVDU JT UIF QSJODJQBM SBX NBUFSJBM VTFE CZ UIF $PNQBOZ JO NBOVGBDUVSJOH JUT QSPEVDUT $PQQFS BDDPVOUFE GPS
BQQSPYJNBUFMZ   BOE  PG UIF $PNQBOZ`T DPTU PG HPPET TPME EVSJOH   BOE  SFTQFDUJWFMZ 5IF
QSJDF PG DPQQFS GMVDUVBUFT EFQFOEJOH PO HFOFSBM FDPOPNJD DPOEJUJPOT BOE JO SFMBUJPO UP TVQQMZ BOE EFNBOE BOE PUIFS GBDUPST
XIJDI DBVTFT NPOUIMZ WBSJBUJPOT JO UIF DPTU PG DPQQFS QVSDIBTFE CZ UIF $PNQBOZ "EEJUJPOBMMZ UIF 4&$ BMMPXT TIBSFT PG QIZTJDBMMZ
CBDLFE DPQQFS FYDIBOHF USBEFE GVOET c&5'Td UP CF MJTUFE BOE QVCMJDMZ USBEFE 4VDI GVOET BOE PUIFS DPQQFS &5'T MJLF JU IPME
DPQQFS DBUIPEF BT DPMMBUFSBM BHBJOTU UIFJS TIBSFT 5IF BDRVJTJUJPO PG DPQQFS DBUIPEF CZ $PQQFS &5'T NBZ NBUFSJBMMZ EFDSFBTF PS
JOUFSSVQU UIF BWBJMBCJMJUZ PG DPQQFS GPS JNNFEJBUF EFMJWFSZ JO UIF 6OJUFE 4UBUFT XIJDI DPVME NBUFSJBMMZ JODSFBTF UIF $PNQBOZ`T
DPTU PG DPQQFS *O BEEJUJPO UP SJTJOH DPQQFS QSJDFT BOE QPUFOUJBM TVQQMZ TIPSUBHFT XF CFMJFWF UIBU &5'T BOE TJNJMBS DPQQFSCBDLFE
EFSJWBUJWF QSPEVDUT DPVME MFBE UP JODSFBTFE QSJDF WPMBUJMJUZ GPS DPQQFS 5IF $PNQBOZ DBOOPU QSFEJDU DPQQFS QSJDFT JO UIF GVUVSF PS
UIF FGGFDU PG GMVDUVBUJPOT JO UIF DPTU PG DPQQFS PO UIF $PNQBOZ`T GVUVSF PQFSBUJOH SFTVMUT 8JSF QSJDFT DBO BOE GSFRVFOUMZ EP DIBOHF
PO B EBJMZ CBTJT 5IJT DPNQFUJUJWF QSJDJOH NBSLFU GPS XJSF EPFT OPU BMXBZT NJSSPS DIBOHFT JO DPQQFS QSJDFT NBLJOH NBSHJOT IJHIMZ
WPMBUJMF 8JUI UIF $PNQBOZ`T FYQBOTJPO JOUP BMVNJOVN DPOEVDUPST JO TPNF PG JUT CVJMEJOH XJSF QSPEVDUT BMVNJOVN XJMM TMPXMZ
HSPX JUT QFSDFOUBHF TIBSF PG UIF SBX NBUFSJBMT DPTU GPS UIF $PNQBOZ 5IF $PNQBOZ CVJMU B QMBOU UP FYQBOE UIF QSPEVDUJPO PG
BMVNJOVN CVJMEJOH XJSF CFHJOOJOH JO MBUF  5IF QMBOU XBT GVMMZ PQFSBUJPOBM CZ NJEZFBS  *O  BMVNJOVN XJSF TBMFT
DPOTUJUVUFE  PG OFU TBMFT HSPXJOH UP  PG OFU TBMFT JO  BOE  JO  5IJT HSPXUI PG BMVNJOVN TBMFT UP PWFS
 NJMMJPO JO  QSPWJEFE UIF JNQFUVT GPS UIF $PNQBOZ UP DPOTUSVDU B 
 TRVBSF GPPU FYQBOTJPO UP UIF BMVNJOVN QMBOU
UP BMMPX GPS UIF DPOUJOVFE HSPXUI PG UIJT CVTJOFTT 5IF DPOTUSVDUJPO PG UIF CVJMEJOH FYQBOTJPO XBT DPNQMFUFE JO UIF GPVSUI RVBSUFS
PG  .BDIJOFSZ BOE FRVJQNFOU TIPVME CF JOTUBMMFE PWFS UIF GJSTU UXP RVBSUFST PG  )JTUPSJDBMMZ UIF DPTU PG BMVNJOVN IBT
CFFO NVDI MPXFS UIBO DPQQFS BOE MFTT WPMBUJMF 8JUI UIF WPMBUJMJUZ PG CPUI SBX NBUFSJBM QSJDFT BOE XJSF QSJDFT JO UIF $PNQBOZ`T
FOE NBSLFU IFEHJOH SBX NBUFSJBMT DBO CF SJTLZ )JTUPSJDBMMZ UIF $PNQBOZ IBT OPU FOHBHFE JO IFEHJOH TUSBUFHJFT GPS SBX NBUFSJBM
QVSDIBTFT 5IF UBCMFT CFMPX IJHIMJHIU UIF SBOHF PG DMPTJOH QSJDFT PG DPQQFS PO UIF $PNFY FYDIBOHF GPS UIF QFSJPET TIPXO
$0.&9 $011&3 $-04*/( 13*$& 
0DUPCFS


%FDFNCFS


2VBSUFS &OEFE
%FD  

:FBSUP%BUF
%FD  





















0DUPCFS


)JHI
-PX
"WFSBHF

/PWFNCFS


/PWFNCFS


%FDFNCFS


2VBSUFS &OEFE
%FD  

:FBSUP%BUF
%FD  





















$0.&9 $011&3 $-04*/( 13*$& 

)JHI
-PX
"WFSBHF



$0.&9 $011&3 $-04*/( 13*$& 
0DUPCFS

)JHI
-PX
"WFSBHF

/PWFNCFS


%FDFNCFS


2VBSUFS &OEFE
%FD  

:FBSUP%BUF
%FD  





















3FTVMUT PG 0QFSBUJPOT
5IF GPMMPXJOH UBCMF QSFTFOUT DFSUBJO JUFNT PG JODPNF BOE FYQFOTF BT B QFSDFOUBHF PG OFU TBMFT GPS UIF QFSJPET JOEJDBUFE
:FBS &OEFE %FDFNCFS 



/FU TBMFT
$PTU PG HPPET TPME
$PQQFS
0UIFS SBX NBUFSJBMT
%FQSFDJBUJPO
-BCPS BOE PWFSIFBE
-*'0 BEKVTUNFOU
-PXFS DPTU PS NBSLFU BEKVTUNFOU













f








f






 f 



 f 

 f 

 f *ODPNF CFGPSF JODPNF UBYFT
1SPWJTJPO GPS JODPNF UBYFT










/FU JODPNF







(SPTT QSPGJU
4FMMJOH
HFOFSBM BOE BENJOJTUSBUJWF FYQFOTFT
0QFSBUJOH JODPNF
*OUFSFTU BOE PUIFS JODPNF FYQFOTF

5IF GPMMPXJOH EJTDVTTJPO BOE BOBMZTJT SFMBUFT UP GBDUPST UIBU IBWF BGGFDUFE UIF PQFSBUJOH SFTVMUT PG UIF $PNQBOZ GPS UIF ZFBST FOEFE
%FDFNCFS    BOE  3FGFSFODF TIPVME BMTP CF NBEF UP UIF $POTPMJEBUFE 'JOBODJBM 4UBUFNFOUT BOE UIF SFMBUFE OPUFT
JODMVEFE VOEFS c*UFN  'JOBODJBM 4UBUFNFOUT BOE 4VQQMFNFOUBSZ %BUBd PG UIJT "OOVBM 3FQPSU
/FU TBMFT XFSF  CJMMJPO JO  DPNQBSFE UP  CJMMJPO JO  BOE  CJMMJPO JO  5IF  JODSFBTF JO OFU
TBMFT JO  WFSTVT  JT QSJNBSJMZ UIF SFTVMU PG B  EFDSFBTF JO DPQQFS XJSF TBMFT ESJWFO CZ B  JODSFBTF JO DPQQFS XJSF
QPVOET TIJQQFE BOE B  JODSFBTF JO BMVNJOVN XJSF TBMFT ESJWFO CZ B  JODSFBTF JO BMVNJOVN XJSF QPVOET TIJQQFE PGGTFU
CZ EFDSFBTFT JO BWFSBHF TFMMJOH QSJDFT PG  BOE  PG DPQQFS BOE BMVNJOVN XJSF SFTQFDUJWFMZ "MVNJOVN XJSF DPOTUJUVUFE
 PG UPUBM OFU TBMFT JO  DPNQBSFE UP  PG OFU TBMFT JO  5IF BWFSBHF QSJDF PG B QPVOE PG DPQQFS QVSDIBTFE EFDSFBTFE
 JO  WFSTVT  XIJMF BMVNJOVN QVSDIBTF QSJDFT JODSFBTFE  EVSJOH UIF TBNF UJNF QFSJPE *O UIF GPVSUI RVBSUFS PG

OFU TBMFT EFDSFBTFE  WFSTVT UIF GPVSUI RVBSUFS PG  5IF EFDSFBTF JO OFU TBMFT XBT EVF MBSHFMZ UP UIF  EFDSFBTF
JO DPQQFS OFU TBMFT PGGTFU TPNFXIBU CZ B  JODSFBTF JO BMVNJOVN OFU TBMFT ESJWFO CZ BO BMVNJOVN VOJU WPMVNF JODSFBTF PG
 JO UIF GPVSUI RVBSUFS PG  WFSTVT UIF GPVSUI RVBSUFS PG  "MVNJOVN OFU TBMFT DPNQSJTFE  PG OFU TBMFT JO UIF
GPVSUI RVBSUFS PG  DPNQBSFE UP  JO UIF GPVSUI RVBSUFS PG  $PQQFS VOJU WPMVNF XBT VQ  JO UIF GPVSUI RVBSUFS PG
 DPNQBSFE UP UIF GPVSUI RVBSUFS PG  XIJMF UIF BWFSBHF TFMMJOH QSJDF QFS DPQQFS QPVOE TPME XBT EPXO  CFUXFFO UIF
TBNF QFSJPET 0O B TFRVFOUJBM RVBSUFS DPNQBSJTPO OFU TBMFT JO UIF GPVSUI RVBSUFS PG  EFDSFBTFE  WFSTVT UIF UIJSE RVBSUFS
PG  EVF QSJNBSJMZ UP B  JODSFBTF JO DPQQFS XJSF VOJU TBMFT NPSF UIBO PGGTFU CZ B  EFDSFBTF JO BWFSBHF TFMMJOH QSJDFT


.BSHJOT JO UIF GPVSUI RVBSUFS PG  XFSF EPXO WFSTVT UIPTF PG UIF UIJSE RVBSUFS PG  QSPEVDJOH  NJMMJPO PG OFU JODPNF
JO UIF GPVSUI RVBSUFS PG  WFSTVT  NJMMJPO JO UIF UIJSE RVBSUFS PG 
$PNQBSJOH UIF GVMM ZFBST PG  UP  UIF BWFSBHF TBMFT QSJDF PG XJSF UIBU DPOUBJOFE B QPVOE PG DPQQFS EFDSFBTFE NPSF UIBO
UIF BWFSBHF QSJDF PG B QPVOE PG DPQQFS QVSDIBTFE EVSJOH UIF QFSJPE 5IFSFGPSF NBSHJOT DPOUSBDUFE BT UIF TQSFBE CFUXFFO UIF QSJDF
PG XJSF TPME BOE UIF DPTU PG SBX DPQQFS QVSDIBTFE EFDSFBTFE CZ  EVF QSJNBSJMZ UP TMJHIUMZ EFDSFBTFE JOEVTUSZ QSJDJOH EJTDJQMJOF
"MVNJOVN XJSF NBSHJOT BMTP EFDSFBTFE GSPN  UP  XJUI UIF TQSFBE CFUXFFO UIF QSJDF PG XJSF TPME BOE UIF DPTU PG SBX
BMVNJOVN QVSDIBTFE EFDSFBTJOH CZ   'MVDUVBUJPOT JO TBMFT QSJDFT BSF QSJNBSJMZ B SFTVMU PG DIBOHJOH DPQQFS BOE PUIFS SBX
NBUFSJBM QSJDFT BOE QSPEVDU QSJDF DPNQFUJUJPO
5IF  JODSFBTF JO OFU TBMFT JO  WFSTVT  JT QSJNBSJMZ UIF SFTVMU PG B  JODSFBTF JO DPQQFS XJSF TBMFT ESJWFO CZ B 
JODSFBTF JO DPQQFS XJSF QPVOET TIJQQFE BOE B  JODSFBTF JO BMVNJOVN XJSF TBMFT ESJWFO CZ B  JODSFBTF JO BMVNJOVN
XJSF QPVOET TIJQQFE PGGTFU TPNFXIBU CZ EFDSFBTFT JO BWFSBHF TFMMJOH QSJDFT PG  BOE  PG DPQQFS BOE BMVNJOVN XJSF
SFTQFDUJWFMZ"MVNJOVN XJSF DPOTUJUVUFE  PG UPUBM OFU TBMFT JO  5IF BWFSBHF QSJDF PG B QPVOE PG DPQQFS QVSDIBTFE EFDSFBTFE
 JO  WFSTVT  XIJMF BMVNJOVN QVSDIBTF QSJDFT EFDSFBTFE  EVSJOH UIF TBNF UJNF QFSJPE *O UIF GPVSUI RVBSUFS PG

OFU TBMFT JODSFBTFE  WFSTVT UIF GPVSUI RVBSUFS PG  5IF JODSFBTF JO OFU TBMFT XBT EVF MBSHFMZ UP UIF  JODSFBTF
JO DPQQFS OFU TBMFT BOE B  JODSFBTF JO BMVNJOVN OFU TBMFT ESJWFO CZ BO BMVNJOVN VOJU WPMVNF JODSFBTF PG  JO UIF
GPVSUI RVBSUFS PG  WFSTVT UIF GPVSUI RVBSUFS PG  "MVNJOVN OFU TBMFT DPNQSJTFE  PG OFU TBMFT JO UIF GPVSUI RVBSUFS PG
 $PQQFS VOJU WPMVNF XBT VQ  JO UIF GPVSUI RVBSUFS PG  DPNQBSFE UP UIF GPVSUI RVBSUFS PG  XIJMF UIF BWFSBHF
TFMMJOH QSJDF QFS DPQQFS QPVOE TPME XBT EPXO  CFUXFFO UIF TBNF QFSJPET 0O B TFRVFOUJBM RVBSUFS DPNQBSJTPO OFU TBMFT JO
UIF GPVSUI RVBSUFS PG  EFDSFBTFE  WFSTVT UIF UIJSE RVBSUFS PG  EVF QSJNBSJMZ UP B  EFDSFBTF JO DPQQFS XJSF VOJU
TBMFT PGGTFU TPNFXIBU CZ B  JODSFBTF JO BWFSBHF TFMMJOH QSJDFT .BSHJOT JO UIF GPVSUI RVBSUFS PG  XFSF EPXO TMJHIUMZ
WFSTVT UIPTF PG UIF UIJSE RVBSUFS PG  QSPEVDJOH  NJMMJPO PG OFU JODPNF JO UIF GPVSUI RVBSUFS WFSTVT  NJMMJPO JO UIF
UIJSE RVBSUFS
$PNQBSJOH UIF GVMM ZFBST PG  UP  UIF BWFSBHF TBMFT QSJDF PG XJSF UIBU DPOUBJOFE B QPVOE PG DPQQFS EFDSFBTFE MFTT UIBO
UIF BWFSBHF QSJDF PG B QPVOE PG DPQQFS QVSDIBTFE EVSJOH UIF QFSJPE 5IFSFGPSF NBSHJOT FYQBOEFE BT UIF TQSFBE CFUXFFO UIF QSJDF
PG XJSF TPME BOE UIF DPTU PG SBX DPQQFS QVSDIBTFE JODSFBTFE CZ  EVF QSJNBSJMZ UP JNQSPWFE JOEVTUSZ QSJDJOH EJTDJQMJOF
'MVDUVBUJPOT JO TBMFT QSJDFT BSF QSJNBSJMZ B SFTVMU PG DIBOHJOH DPQQFS BOE PUIFS SBX NBUFSJBM QSJDFT BOE QSPEVDU QSJDF DPNQFUJUJPO
.BSHJOT XFSF TUSPOHFS JO BMM GPVS RVBSUFST PG  WFSTVT 
$PTU PG HPPET TPME XBT  CJMMJPO JO  DPNQBSFE UP  CJMMJPO JO  BOE  NJMMJPO JO  5IF DPQQFS DPTUT
JODMVEFE JO DPTU PG HPPET TPME XFSF  NJMMJPO JO  DPNQBSFE UP  NJMMJPO JO  BOE  NJMMJPO JO  $PQQFS
DPTUT BT B QFSDFOUBHF PG OFU TBMFT EFDSFBTFE UP  JO  DPNQBSFE UP  JO  BOE  JO  5IF EFDSFBTF GSPN
 UP  PG DPQQFS DPTUT BT B QFSDFOUBHF PG OFU TBMFT XBT EVF UP DPQQFS DPTUT EFDSFBTJOH XIJMF PUIFS DPNQPOFOUT PG DPTU PG
TBMFT JODSFBTFE "T OPUFE BCPWF DPQQFS DPTUT BSF UIF MBSHFTU DPNQPOFOU PG DPTUT BOE UIFSFGPSF UIF NPTU TJHOJGJDBOU ESJWFS PG TBMFT
QSJDFT PG XJSF "DDPSEJOHMZ UIF EFDSFBTF JO DPQQFS QSJDFT JO  BOE  DBVTFE NPTU PG UIF PUIFS DPTUT UP HSPX JO UFSNT PG
UIFJS QFSDFOUBHF PG OFU TBMFT EPMMBST 5IF DPTU PG PUIFS SBX NBUFSJBMT BT B QFSDFOUBHF PG OFU TBMFT SPTF GSPN  JO  BOE 
JO  UP  JO  5IF DPOTJTUFOU JODSFBTF PWFS UIF UISFF ZFBS QFSJPE JT QSJNBSJMZ EVF UP UIF $PNQBOZ T JODSFBTJOH QSPEVDUJPO
PG BMVNJOVN XJSF "MUIPVHI BMVNJOVN JT NVDI DIFBQFS UIBO DPQQFS UIF JODSFBTFE BMVNJOVN QSPEVDUJPO ESPWF UIF PUIFS NBUFSJBMT
DBUFHPSZ VQ BT B QFSDFOUBHF PG OFU TBMFT CFDBVTF BMVNJOVN JT IJHIFS JO DPTU UIBO NPTU PG UIF JUFNT JO UIJT DBUFHPSZ 0UIFS MPXFS
DPTU NBUFSJBMT TVDI BT QMBTUJD BMTP SPTF NBSHJOBMMZ JO QSJDF JO  .BUFSJBM DPTU QFSDFOUBHFT JO  EFDSFBTFE EVF UP B 
-*'0 DSFEJU JODPNF BOE JO  EFDSFBTFE EVF UP B  -*'0 DSFEJU JODPNF BOE JO  XFSF JODSFBTFE CZ B  -*'0
EFCJU FYQFOTF
 "EEJOH -*'0 UP UIF DPTU PG DPQQFS BOE PUIFS NBUFSJBMT UIF UPUBM NBUFSJBMT DPTU JODMVEJOH -*'0 JO  XBT 
PG OFU TBMFT WFSTVT  JO  BOE  JO 
5IF EFDSFBTF GSPN  UP  PG DPQQFS DPTUT BT B QFSDFOUBHF PG OFU TBMFT XBT EVF UP DPQQFS DPTUT EFDSFBTJOH NPSF UIBO PS
PQQPTFE UP PUIFS DPTUT "DDPSEJOHMZ UIF EFDSFBTF JO DPQQFS QSJDFT JO  BOE  DBVTFE NPTU PG UIF PUIFS DPTUT UP HSPX JO
UFSNT PG UIFJS QFSDFOUBHF PG OFU TBMFT EPMMBST 5IF DPTU PG PUIFS SBX NBUFSJBMT SPTF GSPN  JO  UP  JO  QSJNBSJMZ
EVF UP UIF GBDU UIF $PNQBOZ JODSFBTFE QSPEVDUJPO PG BMVNJOVN XJSF JO UIF TFDPOE IBMG PG  BOE UISPVHIPVU  8IJMF NVDI
DIFBQFS UIBO DPQQFS BMVNJOVN JT IJHIFS JO DPTU UIBO UIF NBKPSJUZ PG UIF SFTU PG UIF QSPEVDUT JO UIF PUIFS NBUFSJBMT DBUFHPSZ XIJDI
JO UVSO DPOUSJCVUFE UP UIF SJTF JO UIF PUIFS NBUFSJBMT DBUFHPSZ QFSDFOUBHF 0UIFS MPXFS DPTU NBUFSJBMT TVDI BT QMBTUJD BMTP SPTF
NBSHJOBMMZ JO QSJDF JO  .BUFSJBM DPTU QFSDFOUBHFT JO  XFSF EFDSFBTFE CZ B  -*'0 DSFEJU JODPNF BOE JO  XFSF
JODSFBTFE CZ B  -*'0 EFCJU FYQFOTF
 "EEJOH -*'0 UP UIF DPTU PG DPQQFS BOE PUIFS NBUFSJBMT UIF UPUBM NBUFSJBMT DPTU JODMVEJOH
-*'0 JO  XBT  PG OFU TBMFT WFSTVT  JO 
%FQSFDJBUJPO
MBCPS BOE PWFSIFBE DPTUT BT B QFSDFOUBHF PG OFU TBMFT XFSF  JO  DPNQBSFE UP  JO  BOE  JO
 5IF QFSDFOUBHF JODSFBTF PG EFQSFDJBUJPO MBCPS BOE PWFSIFBE DPTUT JO  BOE  WFSTVT  XBT EVF QSJNBSJMZ UP UIF
EFDSFBTF JO DPQQFS ESJWFO TBMFT EPMMBST QFS QPVOE PG TBMFT USFOEJOH UIF PQQPTJUF EJSFDUJPO PG UIF TNBMM QFSDFOUBHF JODSFBTFT JO



EFQSFDJBUJPO MBCPS BOE PWFSIFBE DPTUT 5IJT EJTQBSJUZ JT TPNFXIBU EVF UP UIF GBDU UIBU EFQSFDJBUJPO MBCPS BOE PWFSIFBE DPTUT IBWF
GJYFE PS TFNJGJYFE DPNQPOFOUT BOE EP OPU WBSZ EJSFDUMZ XJUI TBMFT EPMMBST PS VOJU WPMVNFT
*OWFOUPSJFT DPOTJTU PG UIF GPMMPXJOH BU %FDFNCFS  JO UIPVTBOET
















f



3BX NBUFSJBMT
8PSLJOQSPDFTT
'JOJTIFE HPPET
5PUBM
"EKVTU UP -*'0 DPTU
-PXFS PG DPTU PS NBSLFU BEKVTUNFOU
*OWFOUPSZ
OFU













f














f



*O  DPQQFS USBEFE JO B SBOHF TJNJMBS UP  XIJMF TUJMM FYIJCJUJOH TPNF WPMBUJMJUZ BT TIPXO JO UIF DPQQFS UBCMF BCPWF $PQQFS
QSJDFT JO  GJOJTIFE MPXFS UIBO BU UIF FOE PG  *O BEEJUJPO UIF RVBOUJUZ PG UPUBM DPQQFS JOWFOUPSZ PO IBOE EFDMJOFE TMJHIUMZ
JO  DPNQBSFE UP  5IF PUIFS NBUFSJBMT DBUFHPSZ XIJDI JODMVEFT B MBSHF OVNCFS PG SBX NBUFSJBMT IBE RVBOUJUZ DIBOHFT
UIBU JODMVEFE JODSFBTFT BOE EFDSFBTFT JO WBSJPVT PUIFS NBUFSJBMT 5IFTF GBDUPST SFTVMUFE JO UIF  ZFBSFOE JOWFOUPSZ WBMVF PG
BMM JOWFOUPSJFT VTJOH UIF -*'0 NFUIPE CFJOH  NJMMJPO MFTT UIBO UIF '*'0 WBMVF BOE UIF  ZFBS FOE -*'0 SFTFSWF CBMBODF
CFJOH  NJMMJPO MPXFS UIBO BU UIF FOE PG  5IJT SFTVMUFE JO B -*'0 BEKVTUNFOU EFDSFBTJOH DPTU PG TBMFT CZ  NJMMJPO JO

*O  DPQQFS USBEFE JO B GBJSMZ OBSSPX SBOHF TJNJMBS UP  XIJMF TUJMM FYIJCJUJOH TPNF WPMBUJMJUZ BT TIPXO JO UIF DPQQFS UBCMF
BCPWF $PQQFS QSJDFT JO  GJOJTIFE MPXFS UIBO BU UIF FOE PG  *O BEEJUJPO UIF RVBOUJUZ PG UPUBM DPQQFS JOWFOUPSZ PO IBOE
EFDMJOFE TMJHIUMZ JO  5IF PUIFS NBUFSJBMT DBUFHPSZ XIJDI JODMVEFT B MBSHF OVNCFS PG SBX NBUFSJBMT IBE RVBOUJUZ DIBOHFT UIBU
JODMVEFE JODSFBTFT QSJNBSJMZ JO BMVNJOVN 5IFTF GBDUPST SFTVMUFE JO UIF  ZFBSFOE JOWFOUPSZ WBMVF PG BMM JOWFOUPSJFT VTJOH UIF
-*'0 NFUIPE CFJOH  NJMMJPO MFTT UIBO UIF '*'0 WBMVF BOE UIF  ZFBS FOE -*'0 SFTFSWF CBMBODF CFJOH  NJMMJPO MPXFS
UIBO BU UIF FOE PG  5IJT SFTVMUFE JO B -*'0 BEKVTUNFOU EFDSFBTJOH DPTU PG TBMFT CZ  NJMMJPO JO 
#BTFE PO UIF DVSSFOU DPQQFS BOE PUIFS SBX NBUFSJBM QSJDFT UIFSF JT OP -$. BEKVTUNFOU OFDFTTBSZ 'VUVSF SFEVDUJPOT JO UIF QSJDF
PG DPQQFS BOE PUIFS SBX NBUFSJBMT DPVME SFRVJSF UIF $PNQBOZ UP SFDPSE BO -$. BEKVTUNFOU BHBJOTU UIF SFMBUFE JOWFOUPSZ CBMBODF
XIJDI XPVME SFTVMU JO B OFHBUJWF JNQBDU PO OFU JODPNF
(SPTT QSPGJU XBT  NJMMJPO PS  PG OFU TBMFT JO  DPNQBSFE UP  NJMMJPO PS  PG OFU TBMFT JO  BOE
 NJMMJPO PS  PG OFU TBMFT JO  5IF DIBOHFT JO HSPTT QSPGJU XFSF EVF UP UIF GBDUPST EJTDVTTFE BCPWF
4FMMJOH FYQFOTFT XIJDI JODMVEF GSFJHIU BOE TBMFT DPNNJTTJPOT XFSF  NJMMJPO JO   NJMMJPO JO  BOE 
NJMMJPO JO  "T B QFSDFOUBHF PG OFU TBMFT TFMMJOH FYQFOTFT JODSFBTFE UP  JO  WFSTVT  JO  BOE  JO 
5IF TMJHIU QFSDFOUBHF JODSFBTF JO  JT EVF QSJNBSJMZ UP GSFJHIU DPTUT SJTJOH   (FOFSBM BOE BENJOJTUSBUJWF FYQFOTFT BT B
QFSDFOUBHF PG OFU TBMFT SFNBJOFE TUFBEZ BU  JO   JO  BOE  JO  "DDPVOUT SFDFJWBCMF XSJUFPGGT XFSF
[FSP JO   BOE  5IF $PNQBOZ EJE OPU JODSFBTF UIF CBE EFCU SFTFSWF JO   BOE  UP QSPWJEF GPS QPUFOUJBM
CBE EFCU FYQFOTFT
*OUFSFTU FYQFOTFT XFSF  NJMMJPO JO   NJMMJPO JO  BOE  NJMMJPO JO  5IF $PNQBOZ DBQJUBMJ[FE [FSP JOUFSFTU
FYQFOTF SFMBUJOH UP UIF DPOTUSVDUJPO PG BTTFUT JO   BOE 
5IF $PNQBOZ`T FGGFDUJWF UBY SBUF XBT  JO   JO  BOE  JO  DPNNFOTVSBUF XJUI UIF $PNQBOZ`T UBY
MJBCJMJUJFT 5IF "NFSJDBO +PCT $SFBUJPO "DU PG  QSPWJEFT B EFEVDUJPO GSPN JODPNF GPS RVBMJGJFE EPNFTUJD QSPEVDUJPO BDUJWJUJFT
"DDPSEJOHMZ
UIF JNQBDU PG BOZ EFEVDUJPO JT CFJOH SFQPSUFE JO UIF QFSJPE GPS XIJDI UIF EFEVDUJPO XJMM CF DMBJNFE PO UIF $PNQBOZ`T
UBY SFUVSO 5IF EPNFTUJD QSPEVDUJPO BDUJWJUZ EFEVDUJPO SFEVDFE UIF  FGGFDUJWF UBY SBUF BQQSPYJNBUFMZ  
"T B SFTVMU PG UIF GPSFHPJOH GBDUPST UIF $PNQBOZ`T OFU JODPNF XBT  NJMMJPO JO   NJMMJPO JO  BOE  NJMMJPO
JO 



0GG#BMBODF 4IFFU "SSBOHFNFOUT
5IF $PNQBOZ EPFT OPU DVSSFOUMZ IBWF BOZ PGGCBMBODF TIFFU BSSBOHFNFOUT UIBU IBWF PS BSF SFBTPOBCMZ MJLFMZ UP IBWF B DVSSFOU PS
GVUVSF FGGFDU PO UIF $PNQBOZ`T GJOBODJBM DPOEJUJPO SFWFOVFT PS FYQFOTFT SFTVMUT PG PQFSBUJPOT MJRVJEJUZ DBQJUBM FYQFOEJUVSFT PS
DBQJUBM SFTPVSDFT UIBU BSF NBUFSJBM UP JOWFTUPST
-JRVJEJUZ BOE $BQJUBM 3FTPVSDFT
5IF GPMMPXJOH UBCMF TVNNBSJ[FT UIF $PNQBOZ`T DBTI GMPX BDUJWJUJFT JO UIPVTBOET

:FBS &OEFE %FDFNCFS 



/FU DBTI QSPWJEFE CZ PQFSBUJOH BDUJWJUJFT
/FU DBTI VTFE JO JOWFTUJOH BDUJWJUJFT
/FU DBTI VTFE JO GJOBODJOH BDUJWJUJFT
/FU JODSFBTF EFDSFBTF JO DBTI BOE DBTI FRVJWBMFOUT

































5IF $PNQBOZ NBJOUBJOT B TVCTUBOUJBM JOWFOUPSZ PG GJOJTIFE QSPEVDUT UP TBUJTGZ DVTUPNFST` QSPNQU EFMJWFSZ SFRVJSFNFOUT "T JT
DVTUPNBSZ JO UIF JOEVTUSZ UIF $PNQBOZ QSPWJEFT QBZNFOU UFSNT UP NPTU PG JUT DVTUPNFST UIBU FYDFFE UFSNT UIBU JU SFDFJWFT GSPN
JUT TVQQMJFST *O HFOFSBM UIF $PNQBOZ`T TUBOEBSE QBZNFOU UFSNT SFTVMU JO UIF DPMMFDUJPO PG B TJHOJGJDBOU NBKPSJUZ PG OFU TBMFT XJUIJO
BQQSPYJNBUFMZ  EBZT PG UIF EBUF PG UIF JOWPJDF 5IFSFGPSF UIF $PNQBOZ`T MJRVJEJUZ OFFET IBWF HFOFSBMMZ DPOTJTUFE PG XPSLJOH
DBQJUBM OFDFTTBSZ UP GJOBODF SFDFJWBCMFT BOE JOWFOUPSZ $BQJUBM FYQFOEJUVSFT IBWF IJTUPSJDBMMZ CFFO OFDFTTBSZ UP FYQBOE BOE VQEBUF
UIF QSPEVDUJPO DBQBDJUZ PG UIF $PNQBOZ`T NBOVGBDUVSJOH PQFSBUJPOT 5IF $PNQBOZ IBT IJTUPSJDBMMZ TBUJTGJFE JUT MJRVJEJUZ BOE
DBQJUBM FYQFOEJUVSF OFFET XJUI DBTI HFOFSBUFE GSPN PQFSBUJPOT CPSSPXJOHT VOEFS JUT WBSJPVT EFCU BSSBOHFNFOUT BOE TBMFT PG JUT
DPNNPO TUPDL
"U %FDFNCFS   BOE %FDFNCFS   UIF $PNQBOZ IBE OP EFCU PVUTUBOEJOH
5IF $PNQBOZ JT QBSUZ UP B $SFEJU "HSFFNFOU XJUI UXP CBOLT #BOL PG "NFSJDB /" BT BENJOJTUSBUJWF BHFOU BOE MFUUFS PG DSFEJU
JTTVFS
BOE 8FMMT 'BSHP #BOL /BUJPOBM "TTPDJBUJPO BT TZOEJDBUJPO BHFOU BT BNFOEFE UIF c$SFEJU "HSFFNFOUd
 5IF $SFEJU
"HSFFNFOU FYUFOET UISPVHI 0DUPCFS   BOE QSPWJEFT GPS NBYJNVN CPSSPXJOHT PG UIF MFTTFS PG  NJMMJPO PS UIF BNPVOU
PG FMJHJCMF BDDPVOUT SFDFJWBCMF QMVT UIF BNPVOU PG FMJHJCMF GJOJTIFE HPPET BOE SBX NBUFSJBMT MFTT BOZ SFTFSWFT FTUBCMJTIFE CZ UIF
CBOLT "EEJUJPOBMMZ BU PVS SFRVFTU BOE TVCKFDU UP DFSUBJO DPOEJUJPOT UIF DPNNJUNFOUT VOEFS UIF $SFEJU "HSFFNFOU NBZ CF JODSFBTFE
CZ B NBYJNVN PG VQ UP  NJMMJPO BT MPOH BT FYJTUJOH PS OFX MFOEFST BHSFF UP QSPWJEF TVDI BEEJUJPOBM DPNNJUNFOUT 5IF
DBMDVMBUFE NBYJNVN CPSSPXJOH BNPVOU BWBJMBCMF BU %FDFNCFS   BT DPNQVUFE VOEFS UIF $SFEJU "HSFFNFOU XBT 
NJMMJPO #PSSPXJOHT VOEFS UIF MJOF PG DSFEJU CFBS JOUFSFTU BU UIF $PNQBOZ`T PQUJPO BU FJUIFS  -*#03 QMVT B NBSHJO UIBU WBSJFT
GSPN  UP  EFQFOEJOH VQPO UIF -FWFSBHF 3BUJP BT EFGJOFE JO UIF $SFEJU "HSFFNFOU

PS  UIF CBTF SBUF XIJDI JT
UIF IJHIFTU PG UIF GFEFSBM GVOET SBUF QMVT  UIF QSJNF SBUF PS -*#03 QMVT  QMVT  UP  EFQFOEJOH VQPO UIF
-FWFSBHF 3BUJP
 " DPNNJUNFOU GFF SBOHJOH GSPN  UP  EFQFOEJOH VQPO UIF -FWFSBHF 3BUJP JT QBZBCMF PO UIF VOVTFE
MJOF PG DSFEJU "U %FDFNCFS   UIFSF XFSF OP CPSSPXJOHT PVUTUBOEJOH VOEFS UIF $SFEJU "HSFFNFOU 0CMJHBUJPOT VOEFS UIF
$SFEJU "HSFFNFOU BSF UIF POMZ DPOUSBDUVBM CPSSPXJOH PCMJHBUJPOT PS DPNNFSDJBM CPSSPXJOH DPNNJUNFOUT PG UIF $PNQBOZ
0CMJHBUJPOT VOEFS UIF $SFEJU "HSFFNFOU BSF VOTFDVSFE BOE DPOUBJO DVTUPNBSZ DPWFOBOUT BOE FWFOUT PG EFGBVMU 5IF $PNQBOZ XBT
JO DPNQMJBODF XJUI UIF DPWFOBOUT BT PG %FDFNCFS  
5IF $PNQBOZ QBJE JOUFSFTU UPUBMJOH 


 BOE 
 JO   BOE  SFTQFDUJWFMZ 5IF $PNQBOZ EJE
OPU DBQJUBMJ[F BOZ JOUFSFTU JO   BOE 
0O /PWFNCFS   UIF #PBSE PG %JSFDUPST BQQSPWFE B TUPDL SFQVSDIBTF QSPHSBN BVUIPSJ[JOH UIF $PNQBOZ UP SFQVSDIBTF VQ
UP BO BVUIPSJ[FE BNPVOU PG TIBSFT PG JUT DPNNPO TUPDL PO UIF PQFO NBSLFU PS UISPVHI QSJWBUFMZ OFHPUJBUFE USBOTBDUJPOT BU QSJDFT
EFUFSNJOFE CZ UIF 1SFTJEFOU PG UIF $PNQBOZ EVSJOH UIF UFSN PG UIF QSPHSBN 5IF $PNQBOZ`T #PBSE PG %JSFDUPST IBT BVUIPSJ[FE
TFWFSBM JODSFBTFT BOE BOOVBM FYUFOTJPOT PG UIJT TUPDL SFQVSDIBTF QSPHSBN "T PG %FDFNCFS   UIF SFQVSDIBTF BVUIPSJ[BUJPO
IBE 

 TIBSFT SFNBJOJOH BVUIPSJ[FE UISPVHI .BSDI   5IF $PNQBOZ NBEF OP SFQVSDIBTFT PG TUPDL JO  PS 
0UIFS UIBO UIF $PNQBOZ`T SFQVSDIBTF PG 

 TIBSFT PG DPNNPO TUPDL PXOFE CZ $BQJUBM 4PVUIXFTU 7FOUVSF $PSQPSBUJPO PO
.BZ   BMM TIBSFT QVSDIBTFE VOEFS UIF QSPHSBN XFSF QVSDIBTFE PO UIF PQFO NBSLFU CZ UIF $PNQBOZ`T CSPLFS QVSTVBOU UP
B 3VMF C QMBO BOOPVODFE PO /PWFNCFS  



/FU DBTI QSPWJEFE CZ PQFSBUJPOT XBT  NJMMJPO JO  DPNQBSFE UP  NJMMJPO JO  BOE  NJMMJPO JO  5IF
JODSFBTF JO DBTI QSPWJEFE CZ PQFSBUJPOT PG  JO  WFSTVT  XBT EVF UP TFWFSBM GBDUPST 5IF $PNQBOZ IBE EFDSFBTFE OFU
JODPNF PG  NJMMJPO JO  WFSTVT  NJMMJPO PG OFU JODPNF JO  "DDPVOUT SFDFJWBCMF EFDSFBTFE JO  SFTVMUJOH JO
DBTI QSPWJEFE PG  NJMMJPO WFSTVT DBTI VTFE PG  NJMMJPO JO  SFTVMUJOH JO B QPTJUJWF TXJOH JO PQFSBUJOH DBTI GMPX PG
 NJMMJPO JO  WFSTVT  "DDPVOUT SFDFJWBCMF HFOFSBMMZ GMVDUVBUF JO QSPQPSUJPO UP EPMMBS TBMFT BOE UP B MFTTFS FYUFOU BSF
BGGFDUFE CZ UIF UJNJOH PG XIFO TBMFT PDDVS EVSJOH B HJWFO RVBSUFS "EEJUJPOBMMZ BDDPVOUT SFDFJWBCMF DBO GMVDUVBUF CBTFE VQPO UIF
QBZNFOU UJNJOH QBUUFSOT PG DFSUBJO MBSHF DVTUPNFST BMUIPVHI JODSFBTFT JO BDDPVOUT SFDFJWBCMF BU UIF FOE PG RVBSUFSMZ SFQPSUJOH
QFSJPET GPS UIJT SFBTPO IBWF OPU IJTUPSJDBMMZ SBJTFE DPMMFDUBCJMJUZ JTTVFT $IBOHFT JO DVSSFOU BOE EFGFSSFE UBYFT SFTVMUFE JO 
NJMMJPO DBTI VTFE JO  WFSTVT DBTI QSPWJEFE PG  NJMMJPO JO  B OFHBUJWF TXJOH PG  NJMMJPO JO  WFSTVT 
$IBOHFT JO 5SBEF "DDPVOUT 1BZBCMF BOE "DDSVFE -JBCJMJUJFT SFTVMUFE JO DBTI QSPWJEFE PG  NJMMJPO JO  WFSTVT DBTI QSPWJEFE
PG  NJMMJPO JO  B QPTJUJWF TXJOH PG  NJMMJPO JO  WFSTVT  5IFTF DIBOHFT JO DBTI GMPX XFSF UIF QSJNBSZ ESJWFST
PG UIF  NJMMJPO JODSFBTF JO OFU DBTI GMPX QSPWJEFE CZ PQFSBUJPOT JO  WFSTVT 
5IF JODSFBTF JO DBTI QSPWJEFE CZ PQFSBUJPOT PG  NJMMJPO JO  WFSTVT  XBT EVF UP TFWFSBM GBDUPST 5IF $PNQBOZ IBE
JODSFBTFE OFU JODPNF PG  NJMMJPO JO  WFSTVT  NJMMJPO PG OFU JODPNF JO  *OWFOUPSZ JODSFBTFE JO  SFTVMUJOH
JO B  NJMMJPO VTF PG DBTI XIJMF JOWFOUPSZ XBT SFMBUJWFMZ VODIBOHFE JO  DPNQBSFE UP  SFTVMUJOH JO B EFDSFBTF PG DBTI
QSPWJEFE PG  NJMMJPO JO  WFSTVT  "DDPVOUT SFDFJWBCMF JODSFBTFE JO  SFTVMUJOH JO B VTF PG DBTI PG  NJMMJPO
WFSTVT B EFDSFBTF PG  NJMMJPO JO  SFTVMUJOH JO B OFHBUJWF TXJOH JO PQFSBUJOH DBTI GMPX PG  NJMMJPO JO  WFSTVT
 "DDPVOUT SFDFJWBCMF HFOFSBMMZ GMVDUVBUF JO QSPQPSUJPO UP EPMMBS TBMFT BOE UP B MFTTFS FYUFOU BSF BGGFDUFE CZ UIF UJNJOH PG XIFO
TBMFT PDDVS EVSJOH B HJWFO RVBSUFS "EEJUJPOBMMZ BDDPVOUT SFDFJWBCMF DBO GMVDUVBUF CBTFE VQPO UIF QBZNFOU UJNJOH QBUUFSOT PG
DFSUBJO MBSHF DVTUPNFST BMUIPVHI JODSFBTFT JO BDDPVOUT SFDFJWBCMF BU UIF FOE PG RVBSUFSMZ SFQPSUJOH QFSJPET GPS UIJT SFBTPO IBWF
OPU IJTUPSJDBMMZ SBJTFE DPMMFDUBCJMJUZ JTTVFT $IBOHFT JO DVSSFOU BOE EFGFSSFE UBYFT QSPWJEFE  NJMMJPO JO DBTI JO  WFSTVT
DBTI VTFE PG  NJMMJPO JO  B QPTJUJWF TXJOH PG  NJMMJPO JO  WFSTVT  5IFTF DIBOHFT JO DBTI GMPX XFSF UIF
QSJNBSZ ESJWFST PG UIF  NJMMJPO JODSFBTF JO OFU DBTI GMPX QSPWJEFE CZ PQFSBUJPOT JO  WFSTVT 
/FU DBTI VTFE JO JOWFTUJOH BDUJWJUJFT JODSFBTFE UP  NJMMJPO JO  WFSTVT  NJMMJPO JO  BOE  NJMMJPO JO 
*O  DBQJUBM FYQFOEJUVSFT XFSF VTFE QSJNBSJMZ GPS UIF DPOTUSVDUJPO PG UIF OFX BMVNJOVN XJSF QMBOU FYQBOTJPO QSPKFDU BOE UIF
QVSDIBTF BOE JOTUBMMBUJPO PG NBDIJOFSZ BOE FRVJQNFOU JO UIBU QMBOU *O  DBQJUBM FYQFOEJUVSFT XFSF VTFE QSJNBSJMZ UP QVSDIBTF
 BDSFT PG MBOE BEKBDFOU UP UIF $PNQBOZ`T FYJTUJOH DBNQVT JO .D,JOOFZ 5FYBT GPS  NJMMJPO *O  DBQJUBM FYQFOEJUVSFT
XFSF VTFE QSJNBSJMZ GPS UIF DPOTUSVDUJPO PG UIF OFX BMVNJOVN XJSF QMBOU BOE UIF QVSDIBTF BOE JOTUBMMBUJPO PG NBDIJOFSZ BOE
FRVJQNFOU JO UIBU QMBOU
5IF OFU DBTI VTFE JO GJOBODJOH BDUJWJUJFT PG  NJMMJPO JO  DPOTJTUFE QSJNBSJMZ PG  NJMMJPO JO EJWJEFOE QBZNFOUT PGGTFU
CZ  NJMMJPO QSPDFFET GSPN JTTVBODF PG $PNQBOZ TUPDL SFMBUFE UP FNQMPZFFT FYFSDJTJOH TUPDL PQUJPOT 5IF DBTI VTFE PG 
NJMMJPO JO  DPOTJTUFE QSJNBSJMZ PG  NJMMJPO JO EJWJEFOE QBZNFOUT PGGTFU CZ  NJMMJPO QSPDFFET GSPN JTTVBODF PG $PNQBOZ
TUPDL SFMBUFE UP FNQMPZFFT FYFSDJTJOH TUPDL PQUJPOT 5IF DBTI VTFE JO GJOBODJOH BDUJWJUJFT PG  NJMMJPO JO  DPOTJTUFE
QSJNBSJMZ PG  NJMMJPO VTFE UP SFQVSDIBTF 

 TIBSFT PG JUT DPNNPO TUPDL GSPN $BQJUBM 4PVUIXFTU 7FOUVSF $PSQPSBUJPO
JO .BZ PG  BMPOH XJUI EJWJEFOE QBZNFOUT PG  NJMMJPO
%VSJOH  UIF $PNQBOZ FYQFDUT JUT DBQJUBM FYQFOEJUVSFT XJMM DPOTJTU QSJNBSJMZ PG NBDIJOFSZ BOE FRVJQNFOU GPS JUT NBOVGBDUVSJOH
PQFSBUJPOT 5IF $PNQBOZ BMTP FYQFDUT JUT GVUVSF XPSLJOH DBQJUBM SFRVJSFNFOUT NBZ GMVDUVBUF BT B SFTVMU PG DIBOHFT JO VOJU TBMFT
WPMVNFT BOE UIF QSJDF PG DPQQFS BOE PUIFS SBX NBUFSJBMT 5IF $PNQBOZ CFMJFWFT UIBU JUT DBTI CBMBODF DBTI GMPX GSPN PQFSBUJPOT
BOE UIF GJOBODJOH BWBJMBCMF GSPN JUT SFWPMWJOH DSFEJU GBDJMJUZ XJMM TBUJTGZ XPSLJOH DBQJUBM BOE DBQJUBM FYQFOEJUVSF SFRVJSFNFOUT GPS
UIF OFYU UXFMWF NPOUIT



$POUSBDUVBM 0CMJHBUJPOT
"T TIPXO CFMPX UIF $PNQBOZ IBE UIF GPMMPXJOH DPOUSBDUVBM PCMJHBUJPOT BT PG %FDFNCFS  
1BZNFOUT %VF #Z 1FSJPE
$POUSBDUVBM 0CMJHBUJPOT

5PUBM

-FTT 5IBO
 :FBS

 :FBST

JO 5IPVTBOET

 :FBST

.PSF 5IBO
 :FBST

-POH5FSN %FCU 0CMJHBUJPOT
$BQJUBM -FBTF 0CMJHBUJPOT
0QFSBUJOH -FBTF 0CMJHBUJPOT
1VSDIBTF 0CMJHBUJPOT

f f f



f f f



f f f f f f f f f f f f 5PUBM







f

f

f

/PUF

"NPVOUT MJTUFE BT QVSDIBTF PCMJHBUJPOT DPOTJTU PG PQFO QVSDIBTF PSEFST GPS NBKPS SBX NBUFSJBM QVSDIBTFT BOE 
NJMMJPO PG DBQJUBM FRVJQNFOU BOE DPOTUSVDUJPO QVSDIBTF PSEFST PQFO BT PG %FDFNCFS  

$SJUJDBM "DDPVOUJOH 1PMJDJFT BOE &TUJNBUFT
.BOBHFNFOU`T EJTDVTTJPO BOE BOBMZTJT PG JUT GJOBODJBM DPOEJUJPO BOE SFTVMUT PG PQFSBUJPOT BSF CBTFE VQPO UIF $PNQBOZ`T
DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT XIJDI IBWF CFFO QSFQBSFE JO BDDPSEBODF XJUI BDDPVOUJOH QSJODJQMFT HFOFSBMMZ BDDFQUFE JO UIF
64 5IF QSFQBSBUJPO PG UIFTF GJOBODJBM TUBUFNFOUT SFRVJSFT NBOBHFNFOU UP NBLF FTUJNBUFT BOE BTTVNQUJPOT UIBU BGGFDU UIF BNPVOUT
SFQPSUFE JO UIF GJOBODJBM TUBUFNFOUT BOE BDDPNQBOZJOH OPUFT "DUVBM SFTVMUT DPVME EJGGFS GSPN UIPTF FTUJNBUFT 4FF /PUF  UP UIF
$POTPMJEBUFE 'JOBODJBM 4UBUFNFOUT .BOBHFNFOU CFMJFWFT UIF GPMMPXJOH DSJUJDBM BDDPVOUJOH QPMJDJFT BGGFDU JUT NPSF TJHOJGJDBOU
FTUJNBUFT BOE BTTVNQUJPOT VTFE JO UIF QSFQBSBUJPO PG JUT DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT
*OWFOUPSJFT BSF TUBUFE BU UIF MPXFS PG DPTU VTJOH UIF MBTUJO GJSTU PVU -*'0 NFUIPE PS NBSLFU 5IF $PNQBOZ NBJOUBJOT UXP
JOWFOUPSZ QPPMT GPS -*'0 QVSQPTFT "T QFSNJUUFE CZ 64 HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT UIF $PNQBOZ NBJOUBJOT JUT
JOWFOUPSZ DPTUT BOE DPTU PG HPPET TPME PO B GJSTUJO GJSTUPVU '*'0 CBTJT BOE NBLFT B NPOUIMZ BEKVTUNFOU UP BEKVTU UPUBM JOWFOUPSZ
BOE DPTU PG HPPET TPME GSPN '*'0 UP -*'0 5IF $PNQBOZ BQQMJFT UIF MPXFS PG DPTU PS NBSLFU -$. UFTU CZ DPNQBSJOH UIF -*'0
DPTU PG JUT SBX NBUFSJBMT XPSLJOQSPDFTT BOE GJOJTIFE HPPET JOWFOUPSJFT UP FTUJNBUFE NBSLFU WBMVFT XIJDI BSF CBTFE QSJNBSJMZ
VQPO UIF NPTU SFDFOU RVPUFE NBSLFU QSJDF PG DPQQFS BMVNJOVN BOE GJOJTIFE XJSF QSJDFT BT PG UIF FOE PG FBDI SFQPSUJOH QFSJPE
5IF $PNQBOZ QFSGPSNT B MPXFS PG DPTU PS NBSLFU DBMDVMBUJPO RVBSUFSMZ "T PG %FDFNCFS   OP -$. BEKVTUNFOU XBT
SFRVJSFE )PXFWFS EFDSFBTFT JO DPQQFS BOE PUIFS NBUFSJBM QSJDFT DPVME OFDFTTJUBUF FTUBCMJTIJOH BO -$. SFTFSWF JO GVUVSF QFSJPET
"EEJUJPOBMMZ
GVUVSF SFEVDUJPOT JO UIF RVBOUJUZ PG JOWFOUPSZ PO IBOE DPVME DBVTF DPQQFS PS PUIFS SBX NBUFSJBMT UIBU BSF DBSSJFE JO
JOWFOUPSZ BU DPTUT EJGGFSFOU GSPN UIF DPTU PG DPQQFS BOE PUIFS SBX NBUFSJBMT JO UIF QFSJPE JO XIJDI UIF SFEVDUJPO PDDVST UP CF
JODMVEFE JO DPTUT PG HPPET TPME GPS UIBU QFSJPE BU UIF EJGGFSFOU QSJDF
3FWFOVF GSPN UIF TBMF PG UIF $PNQBOZ`T QSPEVDUT JT SFDPHOJ[FE XIFO HPPET BSF TIJQQFE UP UIF DVTUPNFS UJUMF BOE SJTL PG MPTT BSF
USBOTGFSSFE
QSJDJOH JT GJYFE PS EFUFSNJOBCMF BOE DPMMFDUJPO JT SFBTPOBCMZ BTTVSFE " QSPWJTJPO GPS QBZNFOU EJTDPVOUT BOE DVTUPNFS
SFCBUFT JT FTUJNBUFE CBTFE VQPO IJTUPSJDBM FYQFSJFODF BOE PUIFS SFMFWBOU GBDUPST BOE JT SFDPSEFE XJUIJO UIF TBNF QFSJPE UIBU UIF
SFWFOVF JT SFDPHOJ[FE
5IF $PNQBOZ IBT QSPWJEFE BO BMMPXBODF GPS MPTTFT PO DVTUPNFS SFDFJWBCMFT CBTFE VQPO FTUJNBUFT PG UIPTF DVTUPNFST` JOBCJMJUZ
UP NBLF SFRVJSFE QBZNFOUT 4VDI BMMPXBODF JT FTUBCMJTIFE BOE BEKVTUFE CBTFE VQPO UIF NBLFVQ PG UIF DVSSFOU SFDFJWBCMF QPSUGPMJP
QBTU CBE EFCU FYQFSJFODF BOE DVSSFOU NBSLFU DPOEJUJPOT *G UIF GJOBODJBM DPOEJUJPO PG PVS DVTUPNFST XBT UP EFUFSJPSBUF BOE JNQBJS
UIFJS BCJMJUZ UP NBLF QBZNFOUT UP UIF $PNQBOZ BEEJUJPOBM BMMPXBODFT GPS MPTTFT NJHIU CF SFRVJSFE JO GVUVSF QFSJPET



3FDFOU "DDPVOUJOH 1SPOPVODFNFOUT
*O .BZ  UIF 'JOBODJBM "DDPVOUJOH 4UBOEBSET #PBSE '"4# JTTVFE B DPNQSFIFOTJWF OFX SFWFOVF SFDPHOJUJPO TUBOEBSE UIBU
XJMM TVQFSTFEF WJSUVBMMZ BMM FYJTUJOH SFWFOVF SFDPHOJUJPO HVJEBODF VOEFS HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT JO UIF 6OJUFE
4UBUFT 6OEFS UIF OFX TUBOEBSE B DPNQBOZ XJMM SFDPHOJ[F SFWFOVF XIFO JU USBOTGFST QSPNJTFE HPPET PS TFSWJDFT UP DVTUPNFST JO
BO BNPVOU UIBU SFGMFDUT UIF DPOTJEFSBUJPO UP XIJDI UIF DPNQBOZ FYQFDUT UP CF FOUJUMFE JO FYDIBOHF GPS UIPTF HPPET PS TFSWJDFT *O
EPJOH TP DPNQBOJFT XJMM OFFE UP VTF NPSF KVEHNFOU BOE NBLF NPSF FTUJNBUFT UIBO VOEFS DVSSFOU HVJEBODF 5IF OFX TUBOEBSE
XJMM CFDPNF FGGFDUJWF GPS VT CFHJOOJOH PO +BOVBSZ   BOE DBO CF BQQMJFE FJUIFS SFUSPTQFDUJWFMZ UP FBDI QFSJPE QSFTFOUFE PS
BT B DVNVMBUJWFFGGFDU BEKVTUNFOU BT PG UIF EBUF PG BEPQUJPO 8F BSF DVSSFOUMZ FWBMVBUJOH UIF JNQBDU UIJT TUBOEBSE NBZ IBWF PO
PVS GJOBODJBM QPTJUJPO SFTVMUT PG PQFSBUJPOT BOE DBTI GMPXT
*OGPSNBUJPO 3FHBSEJOH 'PSXBSE-PPLJOH 4UBUFNFOUT
5IJT SFQPSU DPOUBJOT WBSJPVT GPSXBSEMPPLJOH TUBUFNFOUT BOE JOGPSNBUJPO UIBU BSF CBTFE PO NBOBHFNFOU`T CFMJFG BT XFMM BT
BTTVNQUJPOT NBEF CZ BOE JOGPSNBUJPO DVSSFOUMZ BWBJMBCMF UP NBOBHFNFOU "MUIPVHI UIF $PNQBOZ CFMJFWFT UIBU UIF FYQFDUBUJPOT
SFGMFDUFE JO TVDI GPSXBSEMPPLJOH TUBUFNFOUT BSF SFBTPOBCMF JU DBO HJWF OP BTTVSBODF UIBU TVDI FYQFDUBUJPOT XJMM QSPWF UP IBWF
CFFO DPSSFDU 4VDI TUBUFNFOUT BSF TVCKFDU UP DFSUBJO SJTLT VODFSUBJOUJFT BOE BTTVNQUJPOT 4IPVME POF PS NPSF PG UIFTF SJTLT PS
VODFSUBJOUJFT NBUFSJBMJ[F PS TIPVME VOEFSMZJOH BTTVNQUJPOT QSPWF JODPSSFDU BDUVBM SFTVMUT NBZ WBSZ NBUFSJBMMZ GSPN UIPTF FYQFDUFE
"NPOH UIF LFZ GBDUPST UIBU NBZ IBWF B EJSFDU CFBSJOH PO UIF $PNQBOZ`T PQFSBUJOH SFTVMUT BOE TUPDL QSJDF BSF g GMVDUVBUJPOT JO UIF HMPCBM BOE OBUJPOBM FDPOPNZ

g

GMVDUVBUJPOT JO UIF MFWFM PG BDUJWJUZ JO UIF DPOTUSVDUJPO JOEVTUSZ JODMVEJOH SFNPEFMJOH

g

EFNBOE GPS UIF $PNQBOZ`T QSPEVDUT

g

UIF JNQBDU PG QSJDF DPNQFUJUJPO PO UIF $PNQBOZ`T NBSHJOT

g

GMVDUVBUJPOT JO UIF QSJDF PG DPQQFS BOE PUIFS LFZ SBX NBUFSJBMT

g

UIF MPTT PG LFZ NBOVGBDUVSFST` SFQSFTFOUBUJWFT XIP TFMM UIF $PNQBOZ`T QSPEVDU MJOF

g

GMVDUVBUJPOT JO VUJMJUZ DPTUT FTQFDJBMMZ FMFDUSJDJUZ BOE OBUVSBM HBT

g

GMVDUVBUJPOT JO JOTVSBODF DPTUT BOE DPWFSBHF PG WBSJPVT UZQFT

g

XFBUIFS SFMBUFE EJTBTUFST BU UIF $PNQBOZ`T BOEPS LFZ WFOEPS`T PQFSBUJOH GBDJMJUJFT

g

TUPDL QSJDF GMVDUVBUJPOT EVF UP cTUPDL NBSLFU FYQFDUBUJPOTd BOE PUIFS FYUFSOBM WBSJBCMFT

g

VOGPSFTFFO GVUVSF MFHBM JTTVFT BOEPS HPWFSONFOU SFHVMBUPSZ DIBOHFT

g

QBUFOU BOE JOUFMMFDUVBM QSPQFSUZ EJTQVUFT BOE

g

GMVDUVBUJPOT JO UIF $PNQBOZ`T GJOBODJBM QPTJUJPO PS OBUJPOBM CBOLJOH JTTVFT UIBU JNQFEF UIF $PNQBOZ`T BCJMJUZ
UP PCUBJO SFBTPOBCMF BOE BEFRVBUF GJOBODJOH

5IJT MJTU IJHIMJHIUT TPNF PG UIF NBKPS GBDUPST UIBU DPVME BGGFDU UIF $PNQBOZ`T PQFSBUJPOT PS TUPDL QSJDF CVU DBOOPU FOVNFSBUF BMM
UIF QPUFOUJBM JTTVFT UIBU NBOBHFNFOU GBDFT PO B EBJMZ CBTJT NBOZ PG XIJDI BSF UPUBMMZ PVU PG NBOBHFNFOU`T DPOUSPM 'PS GVSUIFS
EJTDVTTJPO PG UIF GBDUPST EFTDSJCFE IFSFJO BOE UIFJS QPUFOUJBM FGGFDUT PO UIF $PNQBOZ TFF c*UFN  #VTJOFTT d c*UFN " 3JTL
'BDUPST
d c*UFN  .BOBHFNFOU`T %JTDVTTJPO BOE "OBMZTJT PG 'JOBODJBM $POEJUJPO BOE 3FTVMUT PG 0QFSBUJPOTd BOE c*UFN "
2VBOUJUBUJWF BOE 2VBMJUBUJWF %JTDMPTVSFT "CPVU .BSLFU 3JTLd
*UFN " 2VBOUJUBUJWF BOE 2VBMJUBUJWF %JTDMPTVSFT BCPVU .BSLFU 3JTL
5IF $PNQBOZ EPFT OPU FOHBHF JO NFUBM GVUVSFT USBEJOH PS IFEHJOH BDUJWJUJFT BOE EPFT OPU FOUFS JOUP EFSJWBUJWF GJOBODJBM JOTUSVNFOU
USBOTBDUJPOT GPS USBEJOH PS PUIFS TQFDVMBUJWF QVSQPTFT )PXFWFS UIF $PNQBOZ JT HFOFSBMMZ FYQPTFE UP DPNNPEJUZ QSJDF BOE JOUFSFTU
SBUF SJTLT
5IF $PNQBOZ QVSDIBTFT DPQQFS DBUIPEF QSJNBSJMZ GSPN NJOFST BOE DPNNPEJUZ CSPLFST BU QSJDFT EFUFSNJOFE FBDI NPOUI CBTFE
PO UIF BWFSBHF EBJMZ $0.&9 DMPTJOH QSJDFT GPS DPQQFS GPS UIBU NPOUI QMVT B OFHPUJBUFE QSFNJVN "T B SFTVMU GMVDUVBUJPOT JO
DPQQFS QSJDFT DBVTFE CZ NBSLFU GPSDFT DBO TJHOJGJDBOUMZ BGGFDU UIF $PNQBOZ`T GJOBODJBM SFTVMUT *OUFSFTU SBUF SJTL JT BUUSJCVUBCMF UP


UIF $PNQBOZ`T MPOHUFSN EFCU "T PG %FDFNCFS   UIF $PNQBOZ XBT B QBSUZ UP UIF $SFEJU "HSFFNFOU "NPVOUT PVUTUBOEJOH
VOEFS UIF $SFEJU "HSFFNFOU BT BNFOEFE BSF QBZBCMF PO 0DUPCFS   XJUI JOUFSFTU QBZNFOUT EVF RVBSUFSMZ "U %FDFNCFS 

UIF CBMBODF PVUTUBOEJOH VOEFS UIF $SFEJU "HSFFNFOU XBT [FSP
5IFSF JT JOIFSFOU SPMMPWFS SJTL GPS CPSSPXJOHT VOEFS UIF $SFEJU "HSFFNFOU BT TVDI CPSSPXJOHT NBUVSF BOE BSF SFOFXFE BU DVSSFOU
NBSLFU SBUFT 5IF FYUFOU PG UIJT SJTL JT OPU RVBOUJGJBCMF PS QSFEJDUBCMF CFDBVTF PG UIF WBSJBCJMJUZ PG GVUVSF JOUFSFTU SBUFT BOE UIF
$PNQBOZ`T GVUVSF GJOBODJOH SFRVJSFNFOUT "TTVNJOH UIBU UIF $PNQBOZ IBE  NJMMJPO PG PVUTUBOEJOH EFCU BO BWFSBHF 
JOUFSFTU SBUF JODSFBTF JO  XPVME JODSFBTF UIF $PNQBOZ`T JOUFSFTU FYQFOTF CZ  NJMMJPO
'PS GVSUIFS JOGPSNBUJPO TFF c*UFN  .BOBHFNFOU`T %JTDVTTJPO BOE "OBMZTJT PG 'JOBODJBM $POEJUJPO BOE 3FTVMUT PG 0QFSBUJPOT d BOE c*UFN " 3JTL 'BDUPSTd



*UFN  'JOBODJBM 4UBUFNFOUT BOE 4VQQMFNFOUBSZ %BUB
5IF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT PG UIF $PNQBOZ BOE UIF OPUFT UIFSFUP BQQFBS PO UIF GPMMPXJOH QBHFT
3FQPSU PG *OEFQFOEFOU 3FHJTUFSFE 1VCMJD "DDPVOUJOH 'JSN
#PBSE PG %JSFDUPST BOE 4UPDLIPMEFST
&ODPSF 8JSF $PSQPSBUJPO
8F IBWF BVEJUFE UIF BDDPNQBOZJOH DPOTPMJEBUFE CBMBODF TIFFUT PG &ODPSF 8JSF $PSQPSBUJPO UIF $PNQBOZ BT PG %FDFNCFS 
 BOE  BOE UIF SFMBUFE DPOTPMJEBUFE TUBUFNFOUT PG JODPNF TUPDLIPMEFST` FRVJUZ BOE DBTI GMPXT GPS FBDI PG UIF UISFF ZFBST
JO UIF QFSJPE FOEFE %FDFNCFS   5IFTF GJOBODJBM TUBUFNFOUT BSF UIF SFTQPOTJCJMJUZ PG UIF $PNQBOZ`T NBOBHFNFOU 0VS
SFTQPOTJCJMJUZ JT UP FYQSFTT BO PQJOJPO PO UIFTF GJOBODJBM TUBUFNFOUT CBTFE PO PVS BVEJUT
8F DPOEVDUFE PVS BVEJUT JO BDDPSEBODF XJUI UIF TUBOEBSET PG UIF 1VCMJD $PNQBOZ "DDPVOUJOH 0WFSTJHIU #PBSE 6OJUFE 4UBUFT

5IPTF TUBOEBSET SFRVJSF UIBU XF QMBO BOE QFSGPSN UIF BVEJU UP PCUBJO SFBTPOBCMF BTTVSBODF BCPVU XIFUIFS UIF GJOBODJBM TUBUFNFOUT
BSF GSFF PG NBUFSJBM NJTTUBUFNFOU "O BVEJU JODMVEFT FYBNJOJOH PO B UFTU CBTJT FWJEFODF TVQQPSUJOH UIF BNPVOUT BOE EJTDMPTVSFT
JO UIF GJOBODJBM TUBUFNFOUT "O BVEJU BMTP JODMVEFT BTTFTTJOH UIF BDDPVOUJOH QSJODJQMFT VTFE BOE TJHOJGJDBOU FTUJNBUFT NBEF CZ
NBOBHFNFOU
BT XFMM BT FWBMVBUJOH UIF PWFSBMM GJOBODJBM TUBUFNFOU QSFTFOUBUJPO 8F CFMJFWF UIBU PVS BVEJUT QSPWJEF B SFBTPOBCMF
CBTJT GPS PVS PQJOJPO
*O PVS PQJOJPO UIF GJOBODJBM TUBUFNFOUT SFGFSSFE UP BCPWF QSFTFOU GBJSMZ JO BMM NBUFSJBM SFTQFDUT UIF DPOTPMJEBUFE GJOBODJBM QPTJUJPO
PG &ODPSF 8JSF $PSQPSBUJPO BU %FDFNCFS   BOE  BOE UIF DPOTPMJEBUFE SFTVMUT PG JUT PQFSBUJPOT BOE JUT DBTI GMPXT GPS
FBDI PG UIF UISFF ZFBST JO UIF QFSJPE FOEFE %FDFNCFS   JO DPOGPSNJUZ XJUI 64 HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT
8F IBWF BMTP BVEJUFE JO BDDPSEBODF XJUI UIF TUBOEBSET PG UIF 1VCMJD $PNQBOZ "DDPVOUJOH 0WFSTJHIU #PBSE 6OJUFE 4UBUFT

&ODPSF 8JSF $PSQPSBUJPO`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BT PG %FDFNCFS   CBTFE PO DSJUFSJB FTUBCMJTIFE JO
*OUFSOBM $POUSPM*OUFHSBUFE 'SBNFXPSL JTTVFE CZ UIF $PNNJUUFF PG 4QPOTPSJOH 0SHBOJ[BUJPOT PG UIF 5SFBEXBZ $PNNJTTJPO 
'SBNFXPSL
BOE PVS SFQPSU EBUFE 'FCSVBSZ   FYQSFTTFE BO VORVBMJGJFE PQJOJPO UIFSFPO
T &SOTU
%BMMBT
5FYBT
'FCSVBSZ  



:PVOH --1

&ODPSF 8JSF $PSQPSBUJPO
$POTPMJEBUFE #BMBODF 4IFFUT
"T PG %FDFNCFS   BOE 
*O UIPVTBOET FYDFQU TIBSF BOE QFS TIBSF EBUB





"TTFUT
$VSSFOU BTTFUT
$BTI BOE DBTI FRVJWBMFOUT
"DDPVOUT SFDFJWBCMF OFU PG BMMPXBODF PG 
 BOE 

*OWFOUPSJFT
*ODPNF UBYFT SFDFJWBCMF
%FGFSSFE JODPNF UBYFT
1SFQBJE FYQFOTFT BOE PUIFS
5PUBM DVSSFOU BTTFUT






















f







1SPQFSUZ QMBOU BOE FRVJQNFOU a BU DPTU
-BOE BOE MBOE JNQSPWFNFOUT
$POTUSVDUJPOJOQSPHSFTT
#VJMEJOHT BOE JNQSPWFNFOUT
.BDIJOFSZ BOE FRVJQNFOU
'VSOJUVSF BOE GJYUVSFT
5PUBM QSPQFSUZ QMBOU BOE FRVJQNFOU
















































-JBCJMJUJFT BOE 4UPDLIPMEFST` &RVJUZ
$VSSFOU MJBCJMJUJFT
5SBEF BDDPVOUT QBZBCMF
"DDSVFE MJBCJMJUJFT
*ODPNF UBYFT QBZBCMF
%FGFSSFE JODPNF UBYFT
5PUBM DVSSFOU MJBCJMJUJFT





f f 








f



/PODVSSFOU EFGFSSFE JODPNF UBYFT







f

f

"DDVNVMBUFE EFQSFDJBUJPO
1SPQFSUZ
QMBOU BOE FRVJQNFOU a OFU
0UIFS BTTFUT
5PUBM BTTFUT

$PNNJUNFOUT BOE DPOUJOHFODJFT
4UPDLIPMEFST` FRVJUZ
1SFGFSSFE TUPDL  QBS WBMVF
"VUIPSJ[FE TIBSFT a 

 OPOF JTTVFE
$PNNPO TUPDL  QBS WBMVF
"VUIPSJ[FE TIBSFT a 


*TTVFE TIBSFT a 

 BOE 


"EEJUJPOBM QBJEJO DBQJUBM
5SFBTVSZ TUPDL BU DPTU a 

 BOE 

 TIBSFT
3FUBJOFE FBSOJOHT
5PUBM TUPDLIPMEFST` FRVJUZ
5PUBM MJBCJMJUJFT BOE TUPDLIPMEFST` FRVJUZ














4FF BDDPNQBOZJOH OPUFT















&ODPSF 8JSF $PSQPSBUJPO
$POTPMJEBUFE 4UBUFNFOUT PG *ODPNF
'PS UIF :FBST &OEFE %FDFNCFS    BOE 
*O UIPVTBOET FYDFQU QFS TIBSF EBUB

































4FMMJOH HFOFSBM BOE BENJOJTUSBUJWF FYQFOTFT
0QFSBUJOH JODPNF
















0UIFS JODPNF FYQFOTF
*OUFSFTU BOE PUIFS JODPNF
*OUFSFTU FYQFOTF
*ODPNF CFGPSF JODPNF UBYFT



















1SPWJTJPO GPS JODPNF UBYFT
/FU JODPNF




















































/FU TBMFT
$PTU PG HPPET TPME
(SPTT QSPGJU

/FU JODPNF QFS DPNNPO BOE DPNNPO
FRVJWBMFOU TIBSF a CBTJD
8FJHIUFE BWFSBHF DPNNPO BOE DPNNPO
FRVJWBMFOU TIBSFT PVUTUBOEJOH a CBTJD
/FU JODPNF QFS DPNNPO BOE DPNNPO
FRVJWBMFOU TIBSF a EJMVUFE
8FJHIUFE BWFSBHF DPNNPO BOE DPNNPO
FRVJWBMFOU TIBSFT PVUTUBOEJOH a EJMVUFE
$BTI EJWJEFOET EFDMBSFE QFS TIBSF
4FF BDDPNQBOZJOH OPUFT



&ODPSF 8JSF $PSQPSBUJPO
$POTPMJEBUFE 4UBUFNFOUT PG 4UPDLIPMEFST &RVJUZ
'PS UIF :FBST &OEFE %FDFNCFS    BOE 
*O UIPVTBOET FYDFQU QFS TIBSF EBUB

$PNNPO 4UPDL
4IBSFT
#BMBODF BU %FDFNCFS  
/FU JODPNF
1SPDFFET GSPN FYFSDJTF PG TUPDL PQUJPOT
5BY CFOFGJU PO FYFSDJTF PG TUPDL PQUJPOT
4UPDLCBTFE DPNQFOTBUJPO
%JWJEFOE EFDMBSFEf  QFS TIBSF
1VSDIBTF PG USFBTVSZ TUPDL
#BMBODF BU %FDFNCFS  
/FU JODPNF
1SPDFFET GSPN FYFSDJTF PG TUPDL PQUJPOT
5BY CFOFGJU PO FYFSDJTF PG TUPDL PQUJPOT
4UPDLCBTFE DPNQFOTBUJPO
%JWJEFOE EFDMBSFEf  QFS TIBSF
1VSDIBTF PG USFBTVSZ TUPDL
#BMBODF BU %FDFNCFS  
/FU JODPNF
1SPDFFET GSPN FYFSDJTF PG TUPDL PQUJPOT
5BY CFOFGJU PO FYFSDJTF PG TUPDL PQUJPOT
4UPDLCBTFE DPNQFOTBUJPO
%JWJEFOE EFDMBSFEf  QFS TIBSF
1VSDIBTF PG USFBTVSZ TUPDL
#BMBODF BU %FDFNCFS  

"NPVOU

"EEJUJPOBM
1BJE*O
$BQJUBM

5SFBTVSZ
4UPDL

3FUBJOFE
&BSOJOHT

5PUBM



f

f f f f 

f

f f f f  f f f f f f

f f f f f f 

f



f f 

f



f f 


f f f f f






f f f f f f 



f f f



f



 f f f 


f
























f



f

f f f f 


 f  f f f f




f



f f 





f f f f f f 






f f f



f













f



4FF BDDPNQBOZJOH OPUFT



&ODPSF 8JSF $PSQPSBUJPO
$POTPMJEBUFE 4UBUFNFOUT PG $BTI 'MPX
'PS UIF :FBST &OEFE %FDFNCFS    BOE 
*O UIPVTBOET


0QFSBUJOH "DUJWJUJFT
/FU JODPNF
"EKVTUNFOUT UP SFDPODJMF OFU JODPNF UP OFU DBTI
QSPWJEFE CZ VTFE JO PQFSBUJOH BDUJWJUJFT
%FQSFDJBUJPO BOE BNPSUJ[BUJPO
%FGFSSFE JODPNF UBYFT
&YDFTT UBY CFOFGJUT PG PQUJPOT FYFSDJTFE
4UPDLCBTFE DPNQFOTBUJPO
0UIFS
$IBOHFT JO PQFSBUJOH BTTFUT BOE MJBCJMJUJFT
"DDPVOUT SFDFJWBCMF
*OWFOUPSJFT
5SBEF BDDPVOUT QBZBCMF BOE BDDSVFE MJBCJMJUJFT
0UIFS BTTFUT BOE MJBCJMJUJFT
$VSSFOU JODPNF UBYFT SFDFJWBCMF  QBZBCMF
/FU DBTI QSPWJEFE CZ VTFE JO PQFSBUJOH BDUJWJUJFT




















































































*OWFTUJOH "DUJWJUJFT
1VSDIBTFT PG QSPQFSUZ QMBOU BOE FRVJQNFOU
1SPDFFET GSPN TBMF PG BTTFUT
0UIFS
/FU DBTI QSPWJEFE CZ VTFE JO JOWFTUJOH BDUJWJUJFT















f






 f 


'JOBODJOH "DUJWJUJFT
1VSDIBTF PG USFBTVSZ TUPDL
1SPDFFET GSPN JTTVBODF PG DPNNPO TUPDL OFU
%JWJEFOET QBJE
&YDFTT UBY CFOFGJUT PG PQUJPOT FYFSDJTFE
/FU DBTI QSPWJEFE CZ VTFE JO GJOBODJOH BDUJWJUJFT

f








f
















/FU JODSFBTF EFDSFBTF JO DBTI BOE DBTI FRVJWBMFOUT
$BTI BOE DBTI FRVJWBMFOUT BU CFHJOOJOH PG ZFBS
$BTI BOE DBTI FRVJWBMFOUT BU FOE PG ZFBS








4FF BDDPNQBOZJOH OPUFT





















&ODPSF 8JSF $PSQPSBUJPO
/PUFT UP $POTPMJEBUFE 'JOBODJBM 4UBUFNFOUT
%FDFNCFS  
 4JHOJGJDBOU "DDPVOUJOH 1PMJDJFT
#VTJOFTT
5IF $PNQBOZ DPOEVDUT JUT CVTJOFTT JO POF TFHNFOU a UIF NBOVGBDUVSF PG FMFDUSJD CVJMEJOH XJSF QSJODJQBMMZ /.# DBCMF GPS VTF
QSJNBSJMZ BT JOUFSJPS XJSJOH JO IPNFT BQBSUNFOUT BOE NBOVGBDUVSFE IPVTJOH BOE 5))/5)8/ DBCMF BOE NFUBMDMBE BOE
BSNPSFE DBCMF GPS VTF QSJNBSJMZ BT XJSJOH JO DPNNFSDJBM BOE JOEVTUSJBM CVJMEJOHT 5IF $PNQBOZ TFMMT JUT QSPEVDUT QSJNBSJMZ UISPVHI
 NBOVGBDUVSFST` SFQSFTFOUBUJWFT MPDBUFE UISPVHIPVU UIF 6OJUFE 4UBUFT BOE UP B MFTTFS FYUFOU UISPVHI JUT PXO EJSFDU NBSLFUJOH
FGGPSUT 5IF QSJODJQBM DVTUPNFST GPS &ODPSF`T CVJMEJOH XJSF BSF XIPMFTBMF FMFDUSJDBM EJTUSJCVUPST
$PQQFS
B DPNNPEJUZ QSPEVDU JT UIF QSJODJQBM SBX NBUFSJBM VTFE JO UIF $PNQBOZ`T NBOVGBDUVSJOH PQFSBUJPOT $PQQFS BDDPVOUFE
GPS   BOE  PG UIF DPTU PG HPPET TPME EVSJOH   BOE  SFTQFDUJWFMZ 5IF QSJDF PG DPQQFS GMVDUVBUFT
EFQFOEJOH PO HFOFSBM FDPOPNJD DPOEJUJPOT BOE JO SFMBUJPO UP TVQQMZ BOE EFNBOE BOE PUIFS GBDUPST BOE IBT DBVTFE NPOUIMZ
WBSJBUJPOT JO UIF DPTU PG DPQQFS QVSDIBTFE CZ UIF $PNQBOZ 5IF $PNQBOZ DBOOPU QSFEJDU GVUVSF DPQQFS QSJDFT PS UIF FGGFDU PG
GMVDUVBUJPOT JO UIF DPTU PG DPQQFS PO UIF $PNQBOZ`T GVUVSF PQFSBUJOH SFTVMUT "T UIF $PNQBOZ DPOUJOVFT UP FYQBOE JUT QSPEVDU
PGGFSJOHT XJUI BMVNJOVN XJSF UIF DPTU PG BMVNJOVN XJMM JNQBDU UIF SBX NBUFSJBMT EJTDVTTJPO UISPVHIPVU UIJT SFQPSU %VSJOH 
BMVNJOVN SPE VTFE UP ESBX JOUP BMVNJOVN XJSF DPOTUJUVUFE  PG DPTU PG HPPET TPME
1SJODJQMFT PG $POTPMJEBUJPO
5IF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT JODMVEF UIF BDDPVOUT PG UIF $PNQBOZ BOE JUT XIPMMZ PXOFE TVCTJEJBSZ *OUFSDPNQBOZ BDDPVOUT
BOE USBOTBDUJPOT IBWF CFFO FMJNJOBUFE VQPO DPOTPMJEBUJPO
6TF PG &TUJNBUFT
5IF QSFQBSBUJPO PG GJOBODJBM TUBUFNFOUT JO DPOGPSNJUZ XJUI 64 HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT SFRVJSFT NBOBHFNFOU
UP NBLF FTUJNBUFT BOE BTTVNQUJPOT UIBU BGGFDU UIF BNPVOUT SFQPSUFE JO UIF GJOBODJBM TUBUFNFOUT BOE BDDPNQBOZJOH OPUFT "DUVBM
SFTVMUT DPVME EJGGFS GSPN UIPTF FTUJNBUFT
3FWFOVF 3FDPHOJUJPO
3FWFOVF GSPN UIF TBMF PG UIF $PNQBOZ`T QSPEVDUT JT SFDPHOJ[FE XIFO HPPET BSF TIJQQFE UP UIF DVTUPNFS UJUMF BOE SJTL PG MPTT BSF
USBOTGFSSFE
QSJDJOH JT GJYFE PS EFUFSNJOBCMF BOE DPMMFDUJPO JT SFBTPOBCMZ BTTVSFE " QSPWJTJPO GPS QBZNFOU EJTDPVOUT BOE DVTUPNFS
SFCBUFT JT FTUJNBUFE CBTFE VQPO IJTUPSJDBM FYQFSJFODF BOE PUIFS SFMFWBOU GBDUPST BOE JT SFDPSEFE XJUIJO UIF TBNF QFSJPE UIBU UIF
SFWFOVF JT SFDPHOJ[FE
'SFJHIU &YQFOTFT
5IF $PNQBOZ DMBTTJGJFT TIJQQJOH BOE IBOEMJOH DPTUT BT B DPNQPOFOU PG TFMMJOH HFOFSBM BOE BENJOJTUSBUJWF FYQFOTFT 4IJQQJOH
BOE IBOEMJOH DPTUT XFSF BQQSPYJNBUFMZ  NJMMJPO  NJMMJPO BOE  NJMMJPO GPS UIF ZFBST FOEFE %FDFNCFS  
 BOE  SFTQFDUJWFMZ
'BJS 7BMVF PG 'JOBODJBM *OTUSVNFOUT
$FSUBJO JUFNT BSF SFRVJSFE UP CF NFBTVSFE BU GBJS WBMVF PO B SFDVSSJOH CBTJT 'BJS WBMVF JT EFGJOFE BT UIF QSJDF UIBU XPVME CF SFDFJWFE
UP TFMM BO BTTFU PS QBJE UP USBOTGFS B MJBCJMJUZ BO FYJU QSJDF JO UIF QSJODJQBM PS NPTU BEWBOUBHFPVT NBSLFU GPS UIF BTTFU PS MJBCJMJUZ
JO BO PSEFSMZ USBOTBDUJPO CFUXFFO NBSLFU QBSUJDJQBOUT PO UIF NFBTVSFNFOU EBUF " UISFFMFWFM IJFSBSDIZ JT GPMMPXFE GPS EJTDMPTVSF
UP TIPX UIF FYUFOU BOE MFWFM PG KVEHNFOU VTFE UP FTUJNBUF GBJS WBMVF NFBTVSFNFOUT
-FWFM  a *OQVUT VTFE UP NFBTVSF GBJS WBMVF BSF VOBEKVTUFE RVPUFE QSJDFT UIBU BSF BWBJMBCMF JO BDUJWF NBSLFUT GPS UIF JEFOUJDBM BTTFUT
PS MJBCJMJUJFT BT PG UIF SFQPSUJOH EBUF



-FWFM  a *OQVUT VTFE UP NFBTVSF GBJS WBMVF PUIFS UIBO RVPUFE QSJDFT JODMVEFE JO -FWFM  BSF FJUIFS EJSFDUMZ PS JOEJSFDUMZ PCTFSWBCMF
BT PG UIF SFQPSUJOH EBUF UISPVHI DPSSFMBUJPO XJUI NBSLFU EBUB JODMVEJOH RVPUFE QSJDFT GPS TJNJMBS BTTFUT BOE MJBCJMJUJFT JO BDUJWF
NBSLFUT BOE RVPUFE QSJDFT JO NBSLFUT UIBU BSF OPU BDUJWF -FWFM  BMTP JODMVEFT BTTFUT BOE MJBCJMJUJFT UIBU BSF WBMVFE VTJOH NPEFMT
PS PUIFS QSJDJOH NFUIPEPMPHJFT UIBU EP OPU SFRVJSF TJHOJGJDBOU KVEHNFOU TJODF UIF JOQVU BTTVNQUJPOT VTFE JO UIF NPEFMT TVDI BT
JOUFSFTU SBUFT BOE WPMBUJMJUZ GBDUPST BSF DPSSPCPSBUFE CZ SFBEJMZ PCTFSWBCMF EBUB GSPN BDUJWFMZ RVPUFE NBSLFUT GPS TVCTUBOUJBMMZ UIF
GVMM UFSN PG UIF GJOBODJBM JOTUSVNFOU
-FWFM  a *OQVUT VTFE UP NFBTVSF GBJS WBMVF BSF VOPCTFSWBCMF JOQVUT UIBU BSF TVQQPSUFE CZ MJUUMF PS OP NBSLFU BDUJWJUZ BOE SFGMFDU
UIF VTF PG TJHOJGJDBOU NBOBHFNFOU KVEHNFOU 5IFTF WBMVFT BSF HFOFSBMMZ EFUFSNJOFE VTJOH QSJDJOH NPEFMT GPS XIJDI UIF BTTVNQUJPOT
VUJMJ[F NBOBHFNFOU`T FTUJNBUFT PG NBSLFU QBSUJDJQBOU BTTVNQUJPOT
"U %FDFNCFS   BOE  UIF DBSSZJOH WBMVFT PG DBTI BOE DBTI FRVJWBMFOUT BDDPVOUT SFDFJWBCMF USBEF BDDPVOUT QBZBCMF
BOE BDDSVFE MJBCJMJUJFT BQQSPYJNBUF GBJS WBMVFT EVF UP UIF TIPSUUFSN OBUVSF PG UIFTF GJOBODJBM JOTUSVNFOUT
"U %FDFNCFS   BOE  UIF $PNQBOZ IBE OP GJOBODJBM JOTUSVNFOUT UIBU XFSF SFRVJSFE UP CF NFBTVSFE BU GBJS WBMVF PO B
SFDVSSJOH CBTJT
$PODFOUSBUJPOT PG $SFEJU 3JTL BOE "DDPVOUT 3FDFJWBCMF
"DDPVOUT SFDFJWBCMF SFQSFTFOU BNPVOUT EVF GSPN DVTUPNFST QSJNBSJMZ XIPMFTBMF FMFDUSJDBM EJTUSJCVUPST NBOVGBDUVSFE IPVTJOH
TVQQMJFST BOE SFUBJM IPNF JNQSPWFNFOU DFOUFST SFMBUFE UP UIF TBMF PG UIF $PNQBOZ`T QSPEVDUT 4VDI SFDFJWBCMFT BSF VODPMMBUFSBMJ[FE
BOE BSF HFOFSBMMZ EVF GSPN B EJWFSTF HSPVQ PG DVTUPNFST MPDBUFE UISPVHIPVU UIF 6OJUFE 4UBUFT 5IF $PNQBOZ FTUBCMJTIFT BO
BMMPXBODF GPS MPTTFT CBTFE VQPO UIF NBLFVQ PG UIF DVSSFOU QPSUGPMJP QBTU CBE EFCU FYQFSJFODF BOE DVSSFOU NBSLFU DPOEJUJPOT
"MMPXBODF GPS -PTTFT 1SPHSFTTJPO *O 5IPVTBOET



#FHJOOJOH CBMBODF +BOVBSZ 
8SJUF PGGT PG CBE EFCUT OFU PG DPMMFDUJPOT PG QSFWJPVT XSJUF PGGT
#BE EFCU QSPWJTJPO
&OEJOH CBMBODF BU %FDFNCFS 



f f 






f








f



$BTI BOE $BTI &RVJWBMFOUT
5IF $PNQBOZ DPOTJEFST BMM IJHIMZ MJRVJE EFCU JOTUSVNFOUT QVSDIBTFE XJUI B NBUVSJUZ PG UISFF NPOUIT PS MFTT UP CF DBTI FRVJWBMFOUT
"U %FDFNCFS   BOE  UIF $PNQBOZ`T DBTI FRVJWBMFOUT DPOTJTUFE PG JOWFTUNFOUT JO NPOFZ NBSLFU BDDPVOUT XJUI UIF
$PNQBOZ`T CBOLT
*OWFOUPSJFT
*OWFOUPSJFT BSF TUBUFE BU UIF MPXFS PG DPTU VTJOH UIF MBTUJO GJSTUPVU -*'0 NFUIPE PS NBSLFU 5IF $PNQBOZ FWBMVBUFT UIF NBSLFU
WBMVF PG JUT SBX NBUFSJBMT XPSLJOQSPDFTT BOE GJOJTIFE HPPET JOWFOUPSZ QSJNBSJMZ CBTFE VQPO DVSSFOU SBX NBUFSJBM BOE GJOJTIFE
HPPET QSJDFT BU UIF FOE PG FBDI QFSJPE
1SPQFSUZ
1MBOU BOE &RVJQNFOU
%FQSFDJBUJPO PG QSPQFSUZ QMBOU BOE FRVJQNFOU GPS GJOBODJBM SFQPSUJOH JT QSPWJEFE PO UIF TUSBJHIUMJOF NFUIPE PWFS UIF FTUJNBUFE
VTFGVM MJWFT PG UIF SFTQFDUJWF BTTFUT BT GPMMPXT CVJMEJOHT BOE JNQSPWFNFOUT  UP  ZFBST NBDIJOFSZ BOE FRVJQNFOU  UP 
ZFBST BOE GVSOJUVSF BOE GJYUVSFT  UP  ZFBST "DDFMFSBUFE DPTU SFDPWFSZ NFUIPET BSF VTFE GPS UBY QVSQPTFT 3FQBJST BOE
NBJOUFOBODF DPTUT BSF FYQFOTFE BT JODVSSFE
4UPDL#BTFE $PNQFOTBUJPO
5IF $PNQBOZ GPMMPXT UIF GBJS WBMVF CBTFE NFUIPE JO BDDPVOUJOH GPS FRVJUZCBTFE DPNQFOTBUJPO 6OEFS UIF GBJS WBMVF CBTFE
NFUIPE
DPNQFOTBUJPO DPTU JT NFBTVSFE BU UIF HSBOU EBUF CBTFE PO UIF GBJS WBMVF PG UIF BXBSE BOE JT SFDPHOJ[FE PO B TUSBJHIUMJOF
CBTJT PWFS UIF SFMBUFE TFSWJDF QFSJPE &YDFTT UBY CFOFGJUT PO TUPDLCBTFE DPNQFOTBUJPO BSF SFDPHOJ[FE BT BO JODSFBTF UP BEEJUJPOBM
QBJEJO DBQJUBM BOE BT B QBSU PG DBTI GMPXT GSPN GJOBODJOH BDUJWJUJFT



&BSOJOHT 1FS 4IBSF
&BSOJOHT QFS DPNNPO BOE DPNNPO FRVJWBMFOU TIBSF JT DPNQVUFE VTJOH UIF XFJHIUFE BWFSBHF OVNCFS PG TIBSFT PG DPNNPO TUPDL
BOE DPNNPO TUPDL FRVJWBMFOUT PVUTUBOEJOH EVSJOH FBDI QFSJPE 5IF EJMVUJWF FGGFDUT PG TUPDL PQUJPOT XIJDI BSF DPNNPO TUPDL
FRVJWBMFOUT
BSF DBMDVMBUFE VTJOH UIF USFBTVSZ TUPDL NFUIPE
*ODPNF 5BYFT
*ODPNF UBYFT BSF QSPWJEFE GPS CBTFE PO UIF MJBCJMJUZ NFUIPE SFTVMUJOH JO EFGFSSFE JODPNF UBY BTTFUT BOE MJBCJMJUJFT BSJTJOH EVF UP
UFNQPSBSZ EJGGFSFODFT 5FNQPSBSZ EJGGFSFODFT BSF EJGGFSFODFT CFUXFFO UIF UBY CBTJT PG BTTFUT BOE MJBCJMJUJFT BOE UIFJS SFQPSUFE
BNPVOUT JO UIF GJOBODJBM TUBUFNFOUT UIBU XJMM SFTVMU JO UBYBCMF PS EFEVDUJCMF BNPVOUT JO GVUVSF ZFBST
$PNQSFIFOTJWF *ODPNF
$PNQSFIFOTJWF JODPNF JT EFGJOFE BT UIF DIBOHF JO FRVJUZ PG B CVTJOFTT FOUFSQSJTF EVSJOH B QFSJPE GSPN USBOTBDUJPOT BOE PUIFS
FWFOUT BOE DJSDVNTUBODFT GSPN OPOPXOFS TPVSDFT 5IFSF XFSF OP EJGGFSFODFT CFUXFFO DPNQSFIFOTJWF JODPNF BOE SFQPSUFE JODPNF
JO UIF QFSJPET QSFTFOUFE
 *OWFOUPSJFT
*OWFOUPSJFT DPOTJTU PG UIF GPMMPXJOH BT PG %FDFNCFS 
*O 5IPVTBOET





3BX NBUFSJBMT
8PSLJOQSPDFTT
'JOJTIFE HPPET
5PUBM
"EKVTU UP -*'0 DPTU
-PXFS PG DPTU PS NBSLFU BEKVTUNFOU
*OWFOUPSZ
OFU












f














f



%VSJOH  BOE  UIF $PNQBOZ EJE OPU MJRVJEBUF BOZ -*'0 JOWFOUPSZ MBZFST FTUBCMJTIFE JO QSJPS ZFBST
 "DDSVFE -JBCJMJUJFT
"DDSVFE MJBCJMJUJFT DPOTJTU PG UIF GPMMPXJOH BT PG %FDFNCFS 
*O 5IPVTBOET



4BMFT WPMVNF EJTDPVOUT QBZBCMF
1SPQFSUZ UBYFT QBZBCMF
$PNNJTTJPOT QBZBCMF
"DDSVFE TBMBSJFT
0UIFS BDDSVFE MJBCJMJUJFT
5PUBM BDDSVFE MJBCJMJUJFT



























 %FCU
"U %FDFNCFS   BOE %FDFNCFS   UIF $PNQBOZ IBE OP EFCU PVUTUBOEJOH
5IF $PNQBOZ JT QBSUZ UP B $SFEJU "HSFFNFOU XJUI UXP CBOLT #BOL PG "NFSJDB /" BT BENJOJTUSBUJWF BHFOU BOE MFUUFS PG DSFEJU
JTTVFS
BOE 8FMMT 'BSHP #BOL /BUJPOBM "TTPDJBUJPO BT TZOEJDBUJPO BHFOU BT BNFOEFE UIF c$SFEJU "HSFFNFOUd
 5IF $SFEJU
"HSFFNFOU FYUFOET UISPVHI 0DUPCFS   BOE QSPWJEFT GPS NBYJNVN CPSSPXJOHT PG UIF MFTTFS PG  NJMMJPO PS UIF BNPVOU
PG FMJHJCMF BDDPVOUT SFDFJWBCMF QMVT UIF BNPVOU PG FMJHJCMF GJOJTIFE HPPET BOE SBX NBUFSJBMT MFTT BOZ SFTFSWFT FTUBCMJTIFE CZ UIF


CBOLT "EEJUJPOBMMZ BU PVS SFRVFTU BOE TVCKFDU UP DFSUBJO DPOEJUJPOT UIF DPNNJUNFOUT VOEFS UIF $SFEJU "HSFFNFOU NBZ CF JODSFBTFE
CZ B NBYJNVN PG VQ UP  NJMMJPO BT MPOH BT FYJTUJOH PS OFX MFOEFST BHSFF UP QSPWJEF TVDI BEEJUJPOBM DPNNJUNFOUT 5IF
DBMDVMBUFE NBYJNVN CPSSPXJOH BNPVOU BWBJMBCMF BU %FDFNCFS   BT DPNQVUFE VOEFS UIF $SFEJU "HSFFNFOU XBT 
NJMMJPO #PSSPXJOHT VOEFS UIF MJOF PG DSFEJU CFBS JOUFSFTU BU UIF $PNQBOZ`T PQUJPO BU FJUIFS  -*#03 QMVT B NBSHJO UIBU WBSJFT
GSPN  UP  EFQFOEJOH VQPO UIF -FWFSBHF 3BUJP BT EFGJOFE JO UIF $SFEJU "HSFFNFOU

PS  UIF CBTF SBUF XIJDI JT
UIF IJHIFTU PG UIF GFEFSBM GVOET SBUF QMVT  UIF QSJNF SBUF PS -*#03 QMVT  QMVT  UP  EFQFOEJOH VQPO UIF
-FWFSBHF 3BUJP
 " DPNNJUNFOU GFF SBOHJOH GSPN  UP  EFQFOEJOH VQPO UIF -FWFSBHF 3BUJP JT QBZBCMF PO UIF VOVTFE
MJOF PG DSFEJU "U %FDFNCFS   UIFSF XFSF OP CPSSPXJOHT PVUTUBOEJOH VOEFS UIF $SFEJU "HSFFNFOU 0CMJHBUJPOT VOEFS UIF
$SFEJU "HSFFNFOU BSF UIF POMZ DPOUSBDUVBM CPSSPXJOH PCMJHBUJPOT PS DPNNFSDJBM CPSSPXJOH DPNNJUNFOUT PG UIF $PNQBOZ
0CMJHBUJPOT VOEFS UIF $SFEJU "HSFFNFOU BSF VOTFDVSFE BOE DPOUBJO DVTUPNBSZ DPWFOBOUT BOE FWFOUT PG EFGBVMU 5IF $PNQBOZ XBT
JO DPNQMJBODF XJUI UIF DPWFOBOUT BT PG %FDFNCFS  
5IF $PNQBOZ QBJE JOUFSFTU UPUBMJOH 


 BOE 
 JO   BOE  SFTQFDUJWFMZ 5IF $PNQBOZ EJE
OPU DBQJUBMJ[F BOZ JOUFSFTU JO   BOE 
 *ODPNF 5BYFT
5IF QSPWJTJPOT GPS JODPNF UBY FYQFOTF BSF TVNNBSJ[FE BT GPMMPXT GPS UIF ZFBST FOEFE %FDFNCFS 
*O 5IPVTBOET



$VSSFOU
'FEFSBM
4UBUF
%FGFSSFE
5PUBM *ODPNF 5BY &YQFOTF
































5IF EJGGFSFODFT CFUXFFO UIF QSPWJTJPO GPS JODPNF UBYFT BOE JODPNF UBYFT DPNQVUFE VTJOH UIF GFEFSBM JODPNF UBY SBUF BSF BT GPMMPXT
GPS UIF ZFBST FOEFE %FDFNCFS 
*O 5IPVTBOET



"NPVOU DPNQVUFE VTJOH UIF TUBUVUPSZ SBUF
4UBUF JODPNF UBYFT OFU PG GFEFSBM UBY CFOFGJU
2VBMJGJFE EPNFTUJD QSPEVDUJPO BDUJWJUZ EFEVDUJPO
0UIFS JUFNT
5PUBM *ODPNF 5BY &YQFOTF



































*O 0DUPCFS  UIF "NFSJDBO +PCT $SFBUJPO "DU PG  cUIF "DUd XBT QBTTFE XIJDI QSPWJEFT B EFEVDUJPO GPS JODPNF GSPN
RVBMJGJFE EPNFTUJD QSPEVDUJPO BDUJWJUJFT 5IJT EFEVDUJPO MPXFSFE UIF $PNQBOZ`T FGGFDUJWF UBY SBUF CZ BQQSPYJNBUFMZ  
BOE  GPS   BOE  SFTQFDUJWFMZ



5IF UBY FGGFDU PG FBDI UZQF PG UFNQPSBSZ EJGGFSFODF HJWJOH SJTF UP UIF OFU EFGFSSFE UBY MJBCJMJUZ BU %FDFNCFS   BOE  JT
BT GPMMPXT
%FGFSSFE 5BY "TTFU -JBCJMJUZ



$VSSFOU
/PODVSSFOU
$VSSFOU
/PODVSSFOU

*O 5IPVTBOET
%FQSFDJBUJPO
*OWFOUPSZ
"MMPXBODF GPS EPVCUGVM BDDPVOUT
6OJGPSN DBQJUBMJ[BUJPO SVMFT
0UIFS
%FGFSSFE JODPNF UBY BTTFU MJBCJMJUZ

f











f f f f 


f











f f f f 


5IF $PNQBOZ NBEF JODPNF UBY QBZNFOUT PG  NJMMJPO JO   NJMMJPO JO  BOE  NJMMJPO JO 
5IF $PNQBOZ`T GFEFSBM JODPNF UBY SFUVSOT GPS UIF ZFBST TVCTFRVFOU UP %FDFNCFS   SFNBJO TVCKFDU UP FYBNJOBUJPO 5IF
$PNQBOZ`T JODPNF UBY SFUVSOT JO NBKPS TUBUF JODPNF UBY KVSJTEJDUJPOT SFNBJO TVCKFDU UP FYBNJOBUJPO GPS WBSJPVT QFSJPET TVCTFRVFOU
UP %FDFNCFS   5IF $PNQBOZ IBT OP SFTFSWFT GPS VODFSUBJO UBY QPTJUJPOT BT PG %FDFNCFS   *OUFSFTU BOE QFOBMUJFT
SFTVMUJOH GSPN BVEJUT CZ UBY BVUIPSJUJFT IBWF CFFO JNNBUFSJBM BOE BSF JODMVEFE JO UIF QSPWJTJPO GPS JODPNF UBYFT JO UIF DPOTPMJEBUFE
TUBUFNFOUT PG JODPNF
 4UPDL#BTFE $PNQFOTBUJPO
5PUBM TUPDLCBTFE DPNQFOTBUJPO FYQFOTF CZ UZQF PG BXBSE XBT BT GPMMPXT GPS UIF ZFBST FOEFE %FDFNCFS 
*O 5IPVTBOET







4UPDL PQUJPOT
4UPDL BQQSFDJBUJPO SJHIUT c4"3Td

5PUBM TUPDLCBTFE DPNQFOTBUJPO FYQFOTF





 f 

 f 

5BY CFOFGJU PO FYFSDJTF PG TUPDL PQUJPOT







4UPDL 0QUJPOT
*O  UIF #PBSE PG %JSFDUPST BEPQUFE B OFX TUPDL PQUJPO QMBO DBMMFE UIF &ODPSF 8JSF  4UPDL 0QUJPO 1MBO UIF c 4UPDL
0QUJPO 1MBOd XIJDI XBT BQQSPWFE CZ UIF $PNQBOZ`T TUPDLIPMEFST BU UIF  "OOVBM .FFUJOH PG 4UPDLIPMEFST 4JNJMBS UP UIF c 4UPDL 0QUJPO 1MBOd XIJDI FYQJSFE PO +VOF   UIF  4UPDL 0QUJPO 1MBO QFSNJUT UIF HSBOU PG TUPDL PQUJPOT UP
EJSFDUPST
PGGJDFST BOE FNQMPZFFT PG UIF $PNQBOZ 5IF $PNQBOZ HSBOUFE TUPDL PQUJPO BXBSET JO  BOE  XJUI FYFSDJTF
QSJDFT FRVBM UP UIF GBJS NBSLFU WBMVF PG JUT TUPDL PO UIF EBUF PG HSBOU PG UIF PQUJPOT 5IFTF PQUJPOT WFTU SBUBCMZ PWFS B QFSJPE PG
GJWF ZFBST GSPN UIF UJNF UIF PQUJPOT XFSF HSBOUFE /P PQUJPOT XFSF HSBOUFE JO  5IF NBYJNVN UFSN PG BOZ PQUJPO HSBOUFE
VOEFS UIF  PS  4UPDL 0QUJPO 1MBO JT UFO ZFBST "T PG %FDFNCFS   
 PQUJPOT XFSF BWBJMBCMF UP CF HSBOUFE
JO UIF GVUVSF VOEFS UIF  4UPDL 0QUJPO 1MBO



5IF GPMMPXJOH QSFTFOUT B TVNNBSZ PG TUPDL PQUJPO BDUJWJUZ GPS UIF ZFBS FOEFE %FDFNCFS  

/VNCFS
PG
4IBSFT

8FJHIUFE
"WFSBHF
&YFSDJTF
1SJDF

8FJHIUFE
"WFSBHF
3FNBJOJOH
$POUSBDUVBM
5FSN

"HHSFHBUF
*OUSJOTJD 7BMVF
*O 5IPVTBOET

0VUTUBOEJOH BU +BOVBSZ  
(SBOUFE
&YFSDJTFE
'PSGFJUFE$BODFMMFE
0VUTUBOEJOH BU %FDFNCFS  

























7FTUFE BOE FYFSDJTBCMF BU %FDFNCFS  











5IF GBJS WBMVF PG TUPDL PQUJPOT HSBOUFE EVSJOH UIF ZFBST FOEFE %FDFNCFS    BOE  XBT FTUJNBUFE PO UIF EBUF PG
HSBOU VTJOH B #MBDL4DIPMFT PQUJPO QSJDJOH NPEFM BOE UIF GPMMPXJOH XFJHIUFE BWFSBHF BTTVNQUJPOT
:FBS &OEFE %FDFNCFS 



3JTLGSFF JOUFSFTU SBUF
&YQFDUFE EJWJEFOE ZJFME
&YQFDUFE WPMBUJMJUZ
&YQFDUFE MJWFT




 ZFBST

OB
OB
OB
OB




 ZFBST

8F CBTF FYQFDUFE WPMBUJMJUJFT PO IJTUPSJDBM WPMBUJMJUJFT PG PVS DPNNPO TUPDL 5IF FYQFDUFE MJGF SFQSFTFOUT UIF XFJHIUFE BWFSBHF
QFSJPE PG UJNF UIBU PQUJPOT HSBOUFE BSF FYQFDUFE UP CF PVUTUBOEJOH HJWJOH DPOTJEFSBUJPO UP WFTUJOH QFSJPET BOE NBOBHFNFOU`T
DPOTJEFSBUJPO PG IJTUPSJDBM FYFSDJTF QBUUFSOT 5IF SJTL GSFF SBUF JT CBTFE PO UIF 64 5SFBTVSZ ZJFME DVSWF JO FGGFDU BU UIF UJNF PG
HSBOU GPS QFSJPET DPSSFTQPOEJOH UP UIF FYQFDUFE MJGF PG UIF PQUJPO 5IF FYQFDUFE EJWJEFOE ZJFME JT CBTFE PO UIF BOOVBMJ[FE EJWJEFOE
QBZNFOU QBJE PO DPNNPO TIBSFT
"4$  SFRVJSFT UIF FTUJNBUJPO PG GPSGFJUVSFT XIFO SFDPHOJ[JOH DPNQFOTBUJPO FYQFOTF BOE BEKVTUNFOU PG UIF FTUJNBUFE GPSGFJUVSF
SBUF PWFS UIF SFRVJTJUF TFSWJDF QFSJPE TIPVME BDUVBM GPSGFJUVSFT EJGGFS GSPN TVDI FTUJNBUFT $IBOHFT JO FTUJNBUFE GPSGFJUVSFT BSF
SFDPHOJ[FE UISPVHI B DVNVMBUJWF DBUDIVQ BEKVTUNFOU XIJDI JT SFDPHOJ[FE JO UIF QFSJPE PG DIBOHF BOE JNQBDUT UIF BNPVOU PG VO
SFDPHOJ[FE DPNQFOTBUJPO FYQFOTF UP CF SFDPSEFE JO GVUVSF QFSJPET
%VSJOH UIF ZFBST FOEFE %FDFNCFS    BOE  UIF XFJHIUFE BWFSBHF HSBOU EBUF GBJS WBMVF PG PQUJPOT HSBOUFE XBT

OB BOE  SFTQFDUJWFMZ BOE UIF UPUBM JOUSJOTJD WBMVF PG PQUJPOT FYFSDJTFE XBT  NJMMJPO  NJMMJPO BOE 
NJMMJPO
SFTQFDUJWFMZ "T PG %FDFNCFS   UPUBM VOSFDPHOJ[FE DPNQFOTBUJPO DPTU SFMBUFE UP OPOWFTUFE TUPDL PQUJPOT PG 
NJMMJPO XBT FYQFDUFE UP CF SFDPHOJ[FE PWFS B XFJHIUFE BWFSBHF QFSJPE PG  ZFBST
4UPDL "QQSFDJBUJPO 3JHIUT
*O  UIF #PBSE PG %JSFDUPST BEPQUFE B OFX TUPDL BQQSFDJBUJPO SJHIUT QMBO DBMMFE UIF &ODPSF 8JSF  4UPDL "QQSFDJBUJPO
3JHIUT 1MBO UIF c 4"3T 1MBOd
 5IF  4"3T 1MBO QFSNJUT UIF HSBOU PG TUPDL BQQSFDJBUJPO SJHIUT 4"3T UIBU NBZ POMZ
CF TFUUMFE JO DBTI UP OPOFYFDVUJWF PGGJDFST BOE FNQMPZFFT PG UIF $PNQBOZ 5IF $PNQBOZ HSBOUFE 4"3T GPS UIF GJSTU UJNF JO 
GPS B OPNJOBM BNPVOU 4"3T HSBOUFE UP FNQMPZFFT WFTU SBUBCMZ PWFS B QFSJPE PG GJWF ZFBST GSPN UIF UJNF UIF 4"3T XFSF HSBOUFE
5IF NBYJNVN UFSN PG BOZ 4"3T HSBOUFE VOEFS UIF  4"3T 1MBO JT UFO ZFBST 5IFTF BXBSET BSF DMBTTJGJFE BT MJBCJMJUZ BXBSET
$PNQFOTBUJPO DPTU GPS UIFTF BXBSET JT EFUFSNJOFE VTJOH B GBJS WBMVF NFUIPE BOE SFNFBTVSFE BU FBDI SFQPSUJOH EBUF VOUJM UIF EBUF
PG TFUUMFNFOU 4UPDLCBTFE DPNQFOTBUJPO FYQFOTF SFDPHOJ[FE JT CBTFE PO 4"3T VMUJNBUFMZ FYQFDUFE UP WFTU BOE UIFSFGPSF JU IBT
CFFO SFEVDFE GPS FTUJNBUFE GPSGFJUVSFT "T PG %FDFNCFS   B UPUBM PG 
 4"3T XFSF PVUTUBOEJOH VOEFS UIF  4"3T
1MBO



 &BSOJOHT 1FS 4IBSF
5IF GPMMPXJOH UBCMF TFUT GPSUI DFSUBJO DPNQPOFOUT PG UIF DPNQVUBUJPO PG CBTJD BOE EJMVUFE FBSOJOHT QFS TIBSF GPS UIF ZFBS FOEFE
%FDFNCFS 
*O 5IPVTBOET







/VNFSBUPS
/FU JODPNF










%FOPNJOBUPS
%FOPNJOBUPS GPS CBTJD FBSOJOHT QFS TIBSF a XFJHIUFE BWFSBHF TIBSFT

























&GGFDU PG EJMVUJWF TFDVSJUJFT
&NQMPZFF TUPDL PQUJPOT
%FOPNJOBUPS GPS EJMVUFE FBSOJOHT QFS TIBSF a XFJHIUFE BWFSBHF TIBSFT

4UPDL PQUJPOT UP QVSDIBTF DPNNPO TUPDL BU FYFSDJTF QSJDFT JO FYDFTT PG UIF BWFSBHF BDUVBM TUPDL QSJDF GPS UIF QFSJPE UIBU XFSF
BOUJEJMVUJWF BOE UIBU XFSF FYDMVEFE GSPN UIF EFUFSNJOBUJPO PG EJMVUFE FBSOJOHT QFS TIBSF BSF BT GPMMPXT
*O 5IPVTBOET &YDFQU 1FS 4IBSF %BUB



8FJHIUFE BWFSBHF BOUJEJMVUJWF TUPDL PQUJPOT











8FJHIUFE BWFSBHF FYFSDJTF QSJDF QFS TIBSF






 4UPDLIPMEFST` &RVJUZ
0O /PWFNCFS   UIF #PBSE PG %JSFDUPST BQQSPWFE B TUPDL SFQVSDIBTF QSPHSBN BVUIPSJ[JOH UIF $PNQBOZ UP SFQVSDIBTF VQ
UP BO BVUIPSJ[FE BNPVOU PG TIBSFT PG JUT DPNNPO TUPDL PO UIF PQFO NBSLFU PS UISPVHI QSJWBUFMZ OFHPUJBUFE USBOTBDUJPOT BU QSJDFT
EFUFSNJOFE CZ UIF 1SFTJEFOU PG UIF $PNQBOZ EVSJOH UIF UFSN PG UIF QSPHSBN 5IF $PNQBOZ`T #PBSE PG %JSFDUPST IBT BVUIPSJ[FE
TFWFSBM JODSFBTFT BOE BOOVBM FYUFOTJPOT PG UIJT TUPDL SFQVSDIBTF QSPHSBN "T PG %FDFNCFS   UIF SFQVSDIBTF BVUIPSJ[BUJPO
IBE 

 TIBSFT SFNBJOJOH BVUIPSJ[FE UISPVHI .BSDI   5IF $PNQBOZ NBEF OP SFQVSDIBTFT PG TUPDL JO  PS 
0UIFS UIBO UIF $PNQBOZ`T SFQVSDIBTF PG 

 TIBSFT PG DPNNPO TUPDL PXOFE CZ $BQJUBM 4PVUIXFTU 7FOUVSF $PSQPSBUJPO PO
.BZ   BMM TIBSFT QVSDIBTFE VOEFS UIF QSPHSBN XFSF QVSDIBTFE PO UIF PQFO NBSLFU CZ UIF $PNQBOZ`T CSPLFS QVSTVBOU UP
B 3VMF C QMBO BOOPVODFE PO /PWFNCFS  
 $POUJOHFODJFT
0O +VMZ   4PVUIXJSF $PNQBOZ B %FMBXBSF DPSQPSBUJPO c4PVUIXJSFd

GJMFE B DPNQMBJOU GPS QBUFOU JOGSJOHFNFOU BHBJOTU
UIF $PNQBOZ BOE $FSSP 8JSF *OD c$FSSPd JO UIF 6OJUFE 4UBUFT %JTUSJDU $PVSU GPS UIF &BTUFSO %JTUSJDU PG 5FYBT *O UIF DPNQMBJOU
4PVUIXJSF BMMFHFE UIBU UIF $PNQBOZ JOGSJOHFE POF PS NPSF DMBJNT PG 6OJUFE 4UBUFT 1BUFOU /P 

 UIF ch QBUFOUd

FOUJUMFE c.FUIPE PG .BOVGBDUVSJOH &MFDUSJDBM $BCMF )BWJOH 3FEVDFE 3FRVJSFE 'PSDF GPS *OTUBMMBUJPO d CZ NBLJOH BOE TFMMJOH
FMFDUSJDBM DBCMFT JODMVEJOH UIF $PNQBOZ`T 4VQFS 4MJDL DBCMFT 5IF DBTF IBT CFFO USBOTGFSSFE UP UIF /PSUIFSO %JTUSJDU PG (FPSHJB
BOE UIF QBSUJFT IBWF BHSFFE UP TUBZ JU QFOEJOH SFFYBNJOBUJPO PG UIF h QBUFOU CZ UIF 6OJUFE 4UBUFT 1BUFOU BOE 5SBEFNBSL 0GGJDF
UIF c64150d
 0O +VOF   UIF 64150 JTTVFE BO PGGJDF BDUJPO JO UIF SFFYBNJOBUJPO GJOBMMZ SFKFDUJOH BMM UIF DMBJNT PG UIF h QBUFOU 4PVUIXJSF SFTQPOEFE UP UIFTF GJOBM SFKFDUJPOT PO "VHVTU   CZ TVCNJUUJOH TVCTUBOUJBMMZ BNFOEFE DMBJNT 5IF
FYBNJOFS EFUFSNJOFE UIBU UIF BNFOEFE DMBJNT DBQUVSFE QBUFOUBCMF TVCKFDU NBUUFS BOE PO 4FQUFNCFS   JTTVFE B OPUJDF UIBU
B SFFYBNJOBUJPO DFSUJGJDBUF XPVME CF JTTVFE FWJEFODJOH UIF QBUFOUBCJMJUZ PG UIF BNFOEFE DMBJNT 5IF SFFYBNJOBUJPO DFSUJGJDBUF XBT
JTTVFE PO UIF h QBUFOU PO %FDFNCFS   4VCTFRVFOU UP UIF JTTVBODF PG UIF h SFFYBNJOBUJPO DFSUJGJDBUF B OFX JOUFS
QBSUFT SFFYBNJOBUJPO QSPDFFEJOH XBT JOTUJUVUFE CZ $FSSP 8JSF BHBJOTU UIF SFFYBNJOFE h QBUFOU "U UIJT UJNF BMM PG UIF DMBJNT
PG UIF SFFYBNJOFE h QBUFOU IBWF CFFO SFKFDUFE CZ UIF 64150 5IJT EFDJTJPO JT OPU GJOBM


0O +VMZ   UIF $PNQBOZ GJMFE B DPNQMBJOU BHBJOTU 4PVUIXJSF JO UIF /PSUIFSO %JTUSJDU PG (FPSHJB 5IF DPNQMBJOU BMMFHFE UIBU
4PVUIXJSF XBT VTJOH B EFDFQUJWFMZ NJTEFTDSJQUJWF USBEFNBSL PO JUT 4JN1VMM QSPEVDUT BOE UIBU 4PVUIXJSF IBE NBEF GBMTF TUBUFNFOUT
BCPVU UIF $PNQBOZ`T 4MJDL 8JSF QSPEVDUT 4PVUIXJSF`T 6OJUFE 4UBUFT 1BUFOU /P 

 cUIF h QBUFOUd JTTVFE PO +VMZ 
 5IF NPSOJOH UIF QBUFOU JTTVFE UIF $PNQBOZ BNFOEFE JUT DPNQMBJOU UP TFFL B EFDMBSBUPSZ KVEHNFOU UIBU UIF $PNQBOZ`T
4MJDL 8JSF QSPEVDUT EP OPU JOGSJOHF UIF h QBUFOU -BUFS UIBU TBNF EBZ 4PVUIXJSF GJMFE B TFQBSBUF DPNQMBJOU BHBJOTU UIF $PNQBOZ
BOE $FSSP 8JSF JO UIF &BTUFSO %JTUSJDU PG 5FYBT BMMFHJOH JOGSJOHFNFOU PG UIF h QBUFOU 5IF $PNQBOZ`T DPNQMBJOU BHBJOTU
4PVUIXJSF XBT TUBZFE CZ BHSFFNFOU PO "QSJM   5IF DBTF XJMM SFNBJO TUBZFE VOUJM UIF 64150 JTTVFT B DFSUJGJDBUF PG
SFFYBNJOBUJPO PG UIF h QBUFOU 5IF DPNQMBJOU GJMFE CZ 4PVUIXJSF JO UIF &BTUFSO %JTUSJDU PG 5FYBT IBT CFFO WPMVOUBSJMZ EJTNJTTFE
BOE 4PVUIXJSF XJMM IBWF UIF PQUJPO UP QVSTVF JUT DMBJNT BHBJOTU UIF $PNQBOZ JO UIF /PSUIFSO %JTUSJDU PG (FPSHJB PODF UIF
SFFYBNJOBUJPO JT DPNQMFUFE 0O 0DUPCFS   UIF $PNQBOZ GJMFE B SFRVFTU XJUI UIF 64150 GPS BO JOUFS QBSUFT SFFYBNJOBUJPO
PG UIF h QBUFOU 0O /PWFNCFS   UIF 64150 PSEFSFE UIF SFFYBNJOBUJPO PG UIF h QBUFOU *O PSEFSJOH SFFYBNJOBUJPO PG
4PVUIXJSF`T h QBUFOU UIF 64150 EFUFSNJOFE UIBU UIF $PNQBOZ`T TVCNJTTJPO PG QSJPS BSU SBJTFE B TVCTUBOUJBM OFX RVFTUJPO PG
QBUFOUBCJMJUZ PG UIF DMBJNT PG UIF h QBUFOU 0O %FDFNCFS   UIF 64150 JTTVFE B OPOGJOBM PGGJDF BDUJPO SFKFDUJOH BMM PG
UIF DMBJNT PG UIF h 1BUFOU 4PVUIXJSF GJMFE B SFTQPOTF UP UIF OPOGJOBM PGGJDF BDUJPO PO 'FCSVBSZ   XIJDI JODMVEFE MFHBM
BSHVNFOUT BOE TVQQPSUJOH UFDIOJDBM EFDMBSBUJPOT 5IF $PNQBOZ GJMFE JUT DPNNFOUT UP UIF 4PVUIXJSF SFTQPOTF PO .BSDI  
JODMVEJOH QPJOUT BOE BVUIPSJUJFT MFHBM BSHVNFOUT BOE TVQQPSUJOH UFDIOJDBM EFDMBSBUJPOT 0O +VMZ   UIF &YBNJOFS JTTVFE BO
"DUJPO $MPTJOH 1SPTFDVUJPO c"$1d GJOBMMZ SFKFDUJOH QBUFOU DMBJNT  BOE  JO UIF SFFYBNJOBUJPO PG UIF h QBUFOU 0O
"VHVTU   4PVUIXJSF GJMFE B SFTQPOTF UP UIF "$1 XIJDI JODMVEFE FYUFOTJWF QSPQPTFE DMBJN BNFOENFOUT BOE BSHVNFOUT
TVQQPSUJOH UIF QBUFOUBCJMJUZ PG UIF QSPQPTFE BNFOEFE DMBJNT 5IF $PNQBOZ GJMFE JUT DPNNFOUT UP UIF 4PVUIXJSF SFTQPOTF UP UIF
"$1 PO 4FQUFNCFS   JODMVEJOH QPJOUT BOE BVUIPSJUJFT MFHBM BSHVNFOUT BOE B TVQQPSUJOH UFDIOJDBM EFDMBSBUJPO 5IF
&YBNJOFS SFGVTFE FOUSZ PG 4PVUIXJSF`T QSPQPTFE BNFOENFOUT BOE NBJOUBJOFE UIF SFKFDUJPO PG BMM UIF DMBJNT VOEFS SFFYBNJOBUJPO
JO B 3JHIU PG "QQFBM /PUJDF NBJMFE 4FQUFNCFS   0O 0DUPCFS   4PVUIXJSF GJMFE UXP QFUJUJPOT SFRVFTUJOH UIBU UIF
SFFYBNJOBUJPO CF SFPQFOFE PS JO UIF BMUFSOBUJWF UIBU UIF QSPQPTFE BNFOENFOUT QSFTFOUFE JO JUT 4FQUFNCFS   SFTQPOTF UP
"$1 CF FOUFSFE JOUP UIF SFDPSE 4PVUIXJSF GJMFE B /PUJDF PG "QQFBM PO 0DUPCFS   BOE JUT "QQFMMBOU`T #SJFG PO %FDFNCFS 

GPMMPXFE CZ UIF $PNQBOZ GJMJOH JUT 3FTQPOEFOU`T #SJFG PO +BOVBSZ   5IF QFUJUJPOT GJMFE CZ 4PVUIXJSF PO 0DUPCFS

 XFSF EFOJFE CZ UIF 64150 JO B EFDJTJPO NBJMFE "QSJM   5IF &YBNJOFS`T #SJFG XBT NBJMFE PO +VMZ  
4PVUIXJSF GJMFE JUT 3FCVUUBM #SJFG PO "VHVTU  
0O .BSDI   UIF 1BUFOU 5SJBM BOE "QQFBM #PBSE c15"#d JTTVFE JUT %FDJTJPO PO "QQFBM *O JUT PQJOJPO UIF 15"# GVMMZ
BEESFTTFE POF PG OJOF HSPVOET PG SFKFDUJPO PG UIF DMBJNT VOEFS SFFYBNJOBUJPO BT PCWJPVT JO WJFX PG UIF QSJPS BSU TVTUBJOJOH UIF
SFKFDUJPOT PG TPNF PG UIF DMBJNT CVU SFWFSTJOH UIF SFKFDUJPOT PG PUIFS DMBJNT *O MJHIU PG UIF 15"#`T GBJMVSF UP BEESFTT UIF SFNBJOJOH
FJHIU HSPVOET PG SFKFDUJPO XJUI SFHBSET UP UIFTF OBSSPXFS DMBJNT UIF $PNQBOZ GJMFE B 3FRVFTU GPS 3FIFBSJOH PO "QSJM  
5IF 15"# JTTVFE JUT %FDJTJPO PO UIF 3FRVFTU GPS 3FIFBSJOH PO /PWFNCFS   CVU TUJMM SFWFSTFE UIF &YBNJOFS`T SFKFDUJPO PG
TPNF PG UIF DMBJNT 4PVUIXJSF BOE UIF $PNQBOZ IBWF FBDI BQQFBMFE UIF 15"#`T %FDJTJPO UP UIF 'FEFSBM $JSDVJU BOE 0QFOJOH
#SJFGT BSF EVF PO .BSDI  
5IF QBSUJFT DPOWFOFE PO .BSDI   BOE "VHVTU   GPS TFUUMFNFOU DPOGFSFODFT SFHBSEJOH UIF h QBUFOU MBXTVJU 4VDI
TFUUMFNFOU DPOGFSFODFT EJE OPU SFTVMU JO BOZ OFHPUJBUJPO BHSFFNFOU EFDJTJPO PS PUIFS EFWFMPQNFOU UIBU UIF $PNQBOZ CFMJFWFE JT
NBUFSJBM UP TVDI MBXTVJU 4FUUMFNFOU EJTDVTTJPOT DPOUJOVF CFUXFFO UIF QBSUJFT 5IF QPUFOUJBMMZ BQQMJDBCMF GBDUVBM BOE MFHBM JTTVFT
SFMBUFE UP UIF BCPWF DMBJNT BTTFSUFE BHBJOTU UIF $PNQBOZ IBWF OPU CFFO SFTPMWFE 5IF $PNQBOZ EJTQVUFT BMM PG 4PVUIXJSF`T DMBJNT
BOE BMMFHFE EBNBHFT BOE JOUFOET UP WJHPSPVTMZ EFGFOE UIF MBXTVJUT BOE WJHPSPVTMZ QVSTVF JUT PXO DMBJNT BHBJOTU 4PVUIXJSF JG BOE
XIFO UIF MJUJHBUJPO SFTVNFT 5IF $PNQBOZ JT GSPN UJNF UP UJNF JOWPMWFE JO MJUJHBUJPO DFSUBJO PUIFS DMBJNT BOE BSCJUSBUJPO NBUUFST
BSJTJOH JO UIF PSEJOBSZ DPVSTF PG JUT CVTJOFTT 5IF $PNQBOZ BDDSVFT GPS B MJBCJMJUZ XIFO JU JT CPUI QSPCBCMF UIBU B MJBCJMJUZ IBT CFFO
JODVSSFE BOE UIF BNPVOU PG UIF MPTT DBO CF SFBTPOBCMZ FTUJNBUFE 4JHOJGJDBOU KVEHNFOU JT SFRVJSFE JO CPUI UIF EFUFSNJOBUJPO PG UIF
QSPCBCJMJUZ PG B MPTT BOE UIF EFUFSNJOBUJPO BT UP XIFUIFS B MPTT JT SFBTPOBCMZ FTUJNBCMF "OZ TVDI BDDSVBMT BSF SFWJFXFE BU MFBTU
RVBSUFSMZ BOE BEKVTUFE UP SFGMFDU UIF FGGFDUT PG OFHPUJBUJPOT TFUUMFNFOUT SVMJOHT BEWJDF PG MFHBM DPVOTFM BOE UFDIOJDBM FYQFSUT BOE
PUIFS JOGPSNBUJPO BOE FWFOUT QFSUBJOJOH UP B QBSUJDVMBS NBUUFS 5P UIF FYUFOU UIFSF JT B SFBTPOBCMF QPTTJCJMJUZ XJUIJO UIF NFBOJOH
PG "4$  UIBU QSPCBCMF MPTTFT DPVME FYDFFE BNPVOUT BMSFBEZ BDDSVFE JG BOZ BOE UIF BEEJUJPOBM MPTT PS SBOHF PG MPTT JT BCMF UP
CF FTUJNBUFE NBOBHFNFOU EJTDMPTFT UIF BEEJUJPOBM MPTT PS SBOHF PG MPTT
'PS NBUUFST XIFSF UIF $PNQBOZ IBT FWBMVBUFE UIBU B MPTT JT OPU QSPCBCMF CVU JT SFBTPOBCMZ QPTTJCMF UIF $PNQBOZ XJMM EJTDMPTF
BO FTUJNBUF PG UIF QPTTJCMF MPTT PS SBOHF PG MPTT PS NBLF B TUBUFNFOU UIBU TVDI BO FTUJNBUF DBOOPU CF NBEF *O TPNF JOTUBODFT GPS
SFBTPOBCMZ QPTTJCMF MPTTFT UIF $PNQBOZ DBOOPU FTUJNBUF UIF QPTTJCMF MPTT PS SBOHF PG MPTT 5IF OBUVSF BOE QSPHSFTTJPO PG MJUJHBUJPO
DBO NBLF JU EJGGJDVMU UP QSFEJDU UIF JNQBDU B QBSUJDVMBS MBXTVJU XJMM IBWF PO UIF $PNQBOZ 5IFSF BSF NBOZ SFBTPOT UIBU UIF $PNQBOZ
DBOOPU NBLF UIFTF BTTFTTNFOUT JODMVEJOH BNPOH PUIFST POF PS NPSF PG UIF GPMMPXJOH UIF FBSMZ TUBHFT PG B QSPDFFEJOH EBNBHFT
TPVHIU UIBU BSF VOTQFDJGJFE VOTVQQPSUBCMF VOFYQMBJOFE PS VODFSUBJO EJTDPWFSZ JT JODPNQMFUF UIF DPNQMFYJUZ PG UIF GBDUT UIBU BSF
JO EJTQVUF UIF EJGGJDVMUZ PG BTTFTTJOH OPWFM DMBJNT UIF QBSUJFT OPU IBWJOH FOHBHFE JO BOZ NFBOJOHGVM TFUUMFNFOU EJTDVTTJPOT UIF
QPTTJCJMJUZ UIBU PUIFS QBSUJFT NBZ TIBSF JO BOZ VMUJNBUF MJBCJMJUZ BOEPS UIF PGUFO TMPX QBDF PG MJUJHBUJPO



"U UIJT UJNF HJWFO UIF TUBUVT PG UIF QSPDFFEJOHT UIF DPNQMFYJUJFT PG UIF GBDUT JO EJTQVUF BOE UIF NVMUJQMF DMBJNT JOWPMWFE UIF
$PNQBOZ IBT OPU DPODMVEFE UIBU B QSPCBCMF MPTT FYJTUT XJUI SFTQFDU UP UIF 4PVUIXJSF MJUJHBUJPO "DDPSEJOHMZ OP BDDSVBM IBT CFFO
NBEF "EEJUJPOBMMZ HJWFO UIF BGPSFNFOUJPOFE VODFSUBJOUJFT XIJMF JU JT SFBTPOBCMZ QPTTJCMF XF NBZ JODVS B MPTT UIF $PNQBOZ JT
VOBCMF UP FTUJNBUF BOZ QPTTJCMF MPTT PS SBOHF PG MPTTFT
 &ODPSF 8JSF $PSQPSBUJPO  L 1SPGJU 4IBSJOH 1MBO
5IF $PNQBOZ TQPOTPST B UBY RVBMJGJFE  L QSPGJU TIBSJOH QMBO LOPXO BT UIF &ODPSF 8JSF $PSQPSBUJPO  L 1SPGJU 4IBSJOH
1MBO UIF c L 1MBOd UIBU JT JOUFOEFE UP QSPWJEF QBSUJDJQBUJOH FNQMPZFFT BO PQQPSUVOJUZ UP TBWF NPOFZ GPS SFUJSFNFOU &GGFDUJWF
+BOVBSZ   FNQMPZFFT BSF JNNFEJBUFMZ FMJHJCMF UP QBSUJDJQBUF JO UIF  L 1MBO BOE UP SFDFJWF NBUDIJOH DPOUSJCVUJPOT BGUFS
BUUBJOJOH BHF  &NQMPZFFT XIP EP OPU UBLF BDUJPO UP FJUIFS FOSPMM PS EFDMJOF UP FOSPMM JO UIF  L 1MBO XJUIJO B  EBZ OPUJGJDBUJPO
QFSJPE
BSF BVUPNBUJDBMMZ FOSPMMFE JO UIF 1MBO XJUI B QSFUBY DPOUSJCVUJPO SBUF FRVBM UP  PG UIFJS FMJHJCMF DPNQFOTBUJPO BT EFGJOFE
JO UIF  L 1MBO
 1SJPS UP +BOVBSZ   UIF  L 1MBO EJE OPU QSPWJEF GPS BVUPNBUJD FOSPMMNFOU BOE FNQMPZFFT XFSF FMJHJCMF
UP QBSUJDJQBUF JO UIF  L 1MBO BOE UP SFDFJWF NBUDIJOH DPOUSJCVUJPOT BGUFS BUUBJOJOH BHF  BOE DPNQMFUJOH POF ZFBS PG TFSWJDF
BT EFGJOFE JO UIF  L 1MBO

&MJHJCMF FNQMPZFFT NBZ FMFDU UP DPOUSJCVUF CFUXFFO  BOE  PG FMJHJCMF DPNQFOTBUJPO UP UIF  L 1MBO PO B QSFUBY CBTJT
VQ UP *34 MJNJUT 5IFTF FNQMPZFF DPOUSJCVUJPOT BSF DBMMFE FMFDUJWF EFGFSSBM DPOUSJCVUJPOT 5IF $PNQBOZ NBUDIFT B QPSUJPO PG UIF
FMFDUJWF EFGFSSBM DPOUSJCVUJPOT NBEF UP UIF  L 1MBO CZ FMJHJCMF FNQMPZFFT 5IF  L 1MBO QSPWJEFT GPS B TBGFIBSCPS NBUDIJOH
DPOUSJCVUJPO FRVBM UP  PG UIF GJSTU  PG BO FNQMPZFF`T FMJHJCMF DPNQFOTBUJPO DPOUSJCVUFE UP UIF  L 1MBO BOE  PG UIF
OFYU  PG FMJHJCMF DPNQFOTBUJPO DPOUSJCVUFE CZ TVDI FNQMPZFF UP UIF  L 1MBO GPS UIF ZFBS &NQMPZFS TBGF IBSCPS NBUDIJOH
DPOUSJCVUJPOT NBEF UP UIF  L 1MBO GPS FMJHJCMF QBSUJDJQBOUT BSF  WFTUFE
5IF $PNQBOZ`T NBUDIJOH DPOUSJCVUJPOT XFSF  NJMMJPO  NJMMJPO BOE  NJMMJPO JO ZFBST   BOE  SFTQFDUJWFMZ
"U UIF EJTDSFUJPO PG JUT #PBSE PG %JSFDUPST UIF $PNQBOZ NBZ CVU JT OPU SFRVJSFE UP NBLF QSPGJUTIBSJOH DPOUSJCVUJPOT UP UIF 
L
1MBO PO CFIBMG PG JUT FNQMPZFFT 5IF $PNQBOZ NBEF OP QSPGJUTIBSJOH DPOUSJCVUJPOT GPS   PS  &GGFDUJWF +BOVBSZ

 BOZ QSPGJUTIBSJOH DPOUSJCVUJPOT UIBU BSF NBEF UP UIF  L 1MBO XJMM CF  WFTUFE
1BSUJDJQBOUT BSF QFSNJUUFE UP DIPPTF IPX DPOUSJCVUJPOT NBEF UP UIF  L 1MBO CZ PS GPS UIFN BSF JOWFTUFE *G B QBSUJDJQBOU EPFT
OPU NBLF BO JOWFTUNFOU FMFDUJPO UIF DPOUSJCVUJPOT XJMM CF JOWFTUFE JO UIF NPEFSBUF SJTL UPMFSBODF CBTFE CBMBODFE QPSUGPMJP XIJDI
TFSWFT BT UIF  L 1MBO T RVBMJGJFE EFGBVMU JOWFTUNFOU BMUFSOBUJWF
 3FMBUFE 1BSUZ 5SBOTBDUJPOT
5IF $PNQBOZ QVSDIBTFT DFSUBJO GJOJTIFE HPPET JOWFOUPSZ DPNQPOFOUT GSPN B DPNQBOZ UIBU JT QBSUJBMMZ PXOFE CZ B GBNJMZ NFNCFS
PG BO JOEJWJEVBM TFSWJOH PO JUT #PBSE PG %JSFDUPST 5IF $PNQBOZ QVSDIBTFT UIFTF QSPEVDUT GSPN UIJT DPNQBOZ XIJDI UPUBMFE
BQQSPYJNBUFMZ  NJMMJPO  NJMMJPO BOE  NJMMJPO JO   BOE  SFTQFDUJWFMZ BU QSJDFT UIBU XF CFMJFWF BSF
OP MFTT GBWPSBCMF UIBO QSJDFT BWBJMBCMF GSPN OPOBGGJMJBUFE QBSUJFT "EEJUJPOBMMZ GPS B NJOPS QPSUJPO PG JUT GSFJHIU SFRVJSFNFOUT
UIF $PNQBOZ VTFT B GSFJHIU DBSSJFS UIBU JT PXOFE CZ B GBNJMZ NFNCFS PG POF PG UIF $PNQBOZ`T FYFDVUJWF PGGJDFST %VSJOH GJTDBM
ZFBST   BOE  BNPVOUT QBJE UP UIF BGGJMJBUFE GSFJHIU DBSSJFS XFSF OPU TJHOJGJDBOU 5IF $PNQBOZ PCUBJOT RVPUFT BOE
QVSDIBTFT UIFTF JUFNT GSPN PUIFS WFOEPST BU QSJDFT UIBU DPOGJSN UIBU UIF $PNQBOZ JT PCUBJOJOH QSJDFT UIBU BSF OP MFTT GBWPSBCMF
UIBO QSJDFT BWBJMBCMF GSPN OPOBGGJMJBUFE QBSUJFT &BDI PG UIFTF USBOTBDUJPOT XBT BQQSPWFE CZ UIF "VEJU $PNNJUUFF QVSTVBOU UP
&ODPSF 8JSF $PSQPSBUJPO`T 3FMBUFE 1BSUZ 5SBOTBDUJPOT 1PMJDZ
*O 'FCSVBSZ  UIF $PNQBOZ FOUFSFE JOUP B 3FHJTUSBUJPO 3JHIUT "HSFFNFOU XJUI $BQJUBM 4PVUIXFTU $PSQPSBUJPO BOE $BQJUBM
4PVUIXFTU 7FOUVSF $PSQPSBUJPO UPHFUIFS c$BQJUBM 4PVUIXFTUd

QVSTVBOU UP XIJDI UIF $PNQBOZ BHSFFE UP SFHJTUFS UIF PGGFS BOE
TBMF PG 

 TIBSFT PG DPNNPO TUPDL PG UIF $PNQBOZ IFME CZ $BQJUBM 4PVUIXFTU PO B SFHJTUSBUJPO TUBUFNFOU PO 'PSN 4
UIF c3FHJTUSBUJPO 4UBUFNFOUd
 *O FYDIBOHF GPS SFHJTUSBUJPO PG UIF PGGFS BOE TBMF PG TVDI TIBSFT $BQJUBM 4PVUIXFTU BHSFFE UP
SFJNCVSTF UIF $PNQBOZ GPS BMM DPTUT GFFT BOE FYQFOTFT JODVSSFE CZ UIF $PNQBOZ JO DPOOFDUJPO XJUI TVDI SFHJTUSBUJPO VOMFTT UIF
3FHJTUSBUJPO 4UBUFNFOU EJE OPU CFDPNF FGGFDUJWF TPMFMZ EVF UP UIF BDUJPOT PS PNJTTJPOT PG UIF $PNQBOZ BOE XJUIPVU GBVMU PG $BQJUBM
4PVUIXFTU 5IF EJTJOUFSFTUFE NFNCFST PG UIF CPBSE PG EJSFDUPST PG UIF $PNQBOZ BQQSPWFE UIF $PNQBOZ FOUFSJOH JOUP UIF
3FHJTUSBUJPO 3JHIUT "HSFFNFOU
0O .BZ   UIF $PNQBOZ SFQVSDIBTFE 

 TIBSFT PG DPNNPO TUPDL PXOFE CZ $BQJUBM 4PVUIXFTU 7FOUVSF $PSQPSBUJPO
BU BO BHHSFHBUF QVSDIBTF QSJDF PG 

 CBTFE PO B QSJDF PG  QFS TIBSF " TQFDJBM DPNNJUUFF PG UIF CPBSE PG EJSFDUPST
DPNQSJTFE PG EJTJOUFSFTUFE NFNCFST PG UIF CPBSE BQQSPWFE UIF $PNQBOZ SFQVSDIBTJOH TVDI TIBSFT 0O /PWFNCFS  
$BQJUBM 4PVUIXFTU JTTVFE B QSFTT SFMFBTF BOOPVODJOH UIBU JU IBE FYJUFE JUT JOWFTUNFOU JO UIF $PNQBOZ "DDPSEJOHMZ UIF $PNQBOZ
CFMJFWFT JU IBT OP GVSUIFS PCMJHBUJPOT VOEFS UIF 3FHJTUSBUJPO 3JHIUT "HSFFNFOU


 2VBSUFSMZ 'JOBODJBM *OGPSNBUJPO 6OBVEJUFE

5IF GPMMPXJOH JT B TVNNBSZ PG UIF VOBVEJUFE RVBSUFSMZ GJOBODJBM JOGPSNBUJPO GPS UIF UXP ZFBST FOEFE %FDFNCFS   BOE 
JO UIPVTBOET FYDFQU QFS TIBSF EBUB



/FU TBMFT
(SPTT QSPGJU
/FU JODPNF MPTT

/FU JODPNF MPTT QFS DPNNPO TIBSF a CBTJD
/FU JODPNF MPTT QFS DPNNPO TIBSF a EJMVUFE


/FU TBMFT
(SPTT QSPGJU
/FU JODPNF MPTT

/FU JODPNF MPTT QFS DPNNPO TIBSF a CBTJD
/FU JODPNF MPTT QFS DPNNPO TIBSF a EJMVUFE

.BSDI 









.BSDI 









5ISFF .POUIT &OEFE
+VOF 
4FQUFNCFS 


















5ISFF .POUIT &OEFE
+VOF 
4FQUFNCFS 


















*UFN  $IBOHFT JO BOE %JTBHSFFNFOUT 8JUI "DDPVOUBOUT PO "DDPVOUJOH BOE 'JOBODJBM %JTDMPTVSF
/PU BQQMJDBCMF



%FDFNCFS 









%FDFNCFS 









*UFN " $POUSPMT BOE 1SPDFEVSFT
%JTDMPTVSF $POUSPMT BOE 1SPDFEVSFT
5IF $PNQBOZ NBJOUBJOT DPOUSPMT BOE QSPDFEVSFT EFTJHOFE UP FOTVSF UIBU JOGPSNBUJPO SFRVJSFE UP CF EJTDMPTFE CZ JU JO UIF SFQPSUT
JU GJMFT XJUI PS TVCNJUT UP UIF 4FDVSJUJFT BOE &YDIBOHF $PNNJTTJPO UIF c4&$d JT SFDPSEFE QSPDFTTFE TVNNBSJ[FE BOE SFQPSUFE
XJUIJO UIF UJNF QFSJPET TQFDJGJFE JO UIF 4&$`T SVMFT BOE GPSNT BOE UP FOTVSF UIBU JOGPSNBUJPO SFRVJSFE UP CF EJTDMPTFE CZ UIF
$PNQBOZ JO TVDI SFQPSUT JT BDDVNVMBUFE BOE DPNNVOJDBUFE UP UIF $PNQBOZ`T NBOBHFNFOU JODMVEJOH UIF $IJFG &YFDVUJWF BOE
$IJFG 'JOBODJBM 0GGJDFST BT BQQSPQSJBUF UP BMMPX UJNFMZ EFDJTJPOT SFHBSEJOH SFRVJSFE EJTDMPTVSF #BTFE PO BO FWBMVBUJPO PG UIF
$PNQBOZ`T EJTDMPTVSF DPOUSPMT BOE QSPDFEVSFT BT TVDI UFSN JT EFGJOFE JO 3VMFT B F BOE E F VOEFS UIF 4FDVSJUJFT
&YDIBOHF "DU PG  BT BNFOEFE BT PG UIF FOE PG UIF QFSJPE DPWFSFE CZ UIJT SFQPSU DPOEVDUFE CZ UIF $PNQBOZ`T NBOBHFNFOU
XJUI UIF QBSUJDJQBUJPO PG UIF $IJFG &YFDVUJWF BOE $IJFG 'JOBODJBM 0GGJDFST UIF $IJFG &YFDVUJWF BOE $IJFG 'JOBODJBM 0GGJDFST
DPODMVEFE UIBU UIF $PNQBOZ`T EJTDMPTVSF DPOUSPMT BOE QSPDFEVSFT XFSF FGGFDUJWF UP FOTVSF UIBU JOGPSNBUJPO SFRVJSFE UP CF EJTDMPTFE
CZ UIF $PNQBOZ JO UIF SFQPSUT JU GJMFT XJUI PS TVCNJUT UP UIF 4&$ JT SFDPSEFE QSPDFTTFE TVNNBSJ[FE BOE SFQPSUFE XJUIJO UIF
UJNF QFSJPET TQFDJGJFE JO UIF 4&$`T SVMFT BOE GPSNT BOE UP FOTVSF UIBU JOGPSNBUJPO SFRVJSFE UP CF EJTDMPTFE CZ UIF $PNQBOZ JO
TVDI SFQPSUT JT BDDVNVMBUFE BOE DPNNVOJDBUFE UP UIF $PNQBOZ`T NBOBHFNFOU JODMVEJOH UIF $IJFG &YFDVUJWF BOE $IJFG 'JOBODJBM
0GGJDFST
BT BQQSPQSJBUF UP BMMPX UJNFMZ EFDJTJPOT SFHBSEJOH SFRVJSFE EJTDMPTVSF
.BOBHFNFOU`T 3FQPSU PO *OUFSOBM $POUSPM PWFS 'JOBODJBM 3FQPSUJOH
.BOBHFNFOU PG UIF $PNQBOZ JT SFTQPOTJCMF GPS FTUBCMJTIJOH BOE NBJOUBJOJOH BEFRVBUF JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH
BT EFGJOFE JO 3VMF B G VOEFS UIF 4FDVSJUJFT &YDIBOHF "DU PG  BT BNFOEFE GPS UIF $PNQBOZ
#FDBVTF PG JUT JOIFSFOU MJNJUBUJPOT JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH NBZ OPU QSFWFOU PS EFUFDU NJTTUBUFNFOUT 1SPKFDUJPOT
PG BOZ FWBMVBUJPO PG FGGFDUJWFOFTT UP GVUVSF QFSJPET BSF TVCKFDU UP UIF SJTL UIBU DPOUSPMT NBZ CFDPNF JOBEFRVBUF CFDBVTF PG DIBOHFT
JO DPOEJUJPOT PS UIBU UIF EFHSFF PG DPNQMJBODF XJUI UIF QPMJDJFT PS QSPDFEVSFT NBZ EFUFSJPSBUF "MM JOUFSOBM DPOUSPM TZTUFNT OP
NBUUFS IPX XFMM EFTJHOFE IBWF JOIFSFOU MJNJUBUJPOT 5IFSFGPSF FWFO UIPTF TZTUFNT EFUFSNJOFE UP CF FGGFDUJWF DBO QSPWJEF POMZ
SFBTPOBCMF BTTVSBODF XJUI SFTQFDU UP GJOBODJBM TUBUFNFOU QSFQBSBUJPO BOE QSFTFOUBUJPO
.BOBHFNFOU BTTFTTFE UIF FGGFDUJWFOFTT PG UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BT PG %FDFNCFS   *O
NBLJOH UIJT BTTFTTNFOU NBOBHFNFOU VTFE UIF DSJUFSJB TFU GPSUI CZ UIF $PNNJUUFF PG 4QPOTPSJOH 0SHBOJ[BUJPOT PG UIF 5SFBEXBZ
$PNNJTTJPO $040 JO *OUFSOBM $POUSPM `*OUFHSBUFE 'SBNFXPSL  'SBNFXPSL
 #BTFE PO PVS BTTFTTNFOU XF DPODMVEFE
UIBU
BT PG %FDFNCFS   UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH JT FGGFDUJWF CBTFE PO UIPTF DSJUFSJB
&SOTU :PVOH --1 UIF JOEFQFOEFOU SFHJTUFSFE QVCMJD BDDPVOUJOH GJSN UIBU BVEJUFE UIF $PNQBOZ`T DPOTPMJEBUFE GJOBODJBM
TUBUFNFOUT
IBT BMTP BVEJUFE UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BT PG %FDFNCFS   &SOTU :PVOH
--1`T BUUFTUBUJPO SFQPSU PO UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BQQFBST EJSFDUMZ CFMPX
5IFSF IBWF CFFO OP DIBOHFT JO UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH PS JO PUIFS GBDUPST UIBU IBWF NBUFSJBMMZ
BGGFDUFE
PS BSF SFBTPOBCMZ MJLFMZ UP NBUFSJBMMZ BGGFDU UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH EVSJOH UIF $PNQBOZ`T
MBTU GJTDBM RVBSUFS



3FQPSU PG *OEFQFOEFOU 3FHJTUFSFE 1VCMJD "DDPVOUJOH 'JSN
#PBSE PG %JSFDUPST BOE 4UPDLIPMEFST
&ODPSF 8JSF $PSQPSBUJPO
8F IBWF BVEJUFE &ODPSF 8JSF $PSQPSBUJPO`T UIF $PNQBOZ JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BT PG %FDFNCFS  
CBTFE PO DSJUFSJB FTUBCMJTIFE JO *OUFSOBM $POUSPMf*OUFHSBUFE 'SBNFXPSL JTTVFE CZ UIF $PNNJUUFF PG 4QPOTPSJOH 0SHBOJ[BUJPOT
PG UIF 5SFBEXBZ $PNNJTTJPO  'SBNFXPSL UIF $040 DSJUFSJB
 5IF $PNQBOZ`T NBOBHFNFOU JT SFTQPOTJCMF GPS NBJOUBJOJOH
FGGFDUJWF JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BOE GPS JUT BTTFTTNFOU PG UIF FGGFDUJWFOFTT PG JOUFSOBM DPOUSPM PWFS GJOBODJBM
SFQPSUJOH JODMVEFE JO UIF BDDPNQBOZJOH .BOBHFNFOU`T 3FQPSU PO *OUFSOBM $POUSPM PWFS 'JOBODJBM 3FQPSUJOH 0VS SFTQPOTJCJMJUZ
JT UP FYQSFTT BO PQJOJPO PO UIF $PNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH CBTFE PO PVS BVEJU
8F DPOEVDUFE PVS BVEJU JO BDDPSEBODF XJUI UIF TUBOEBSET PG UIF 1VCMJD $PNQBOZ "DDPVOUJOH 0WFSTJHIU #PBSE 6OJUFE 4UBUFT

5IPTF TUBOEBSET SFRVJSF UIBU XF QMBO BOE QFSGPSN UIF BVEJU UP PCUBJO SFBTPOBCMF BTTVSBODF BCPVU XIFUIFS FGGFDUJWF JOUFSOBM DPOUSPM
PWFS GJOBODJBM SFQPSUJOH XBT NBJOUBJOFE JO BMM NBUFSJBM SFTQFDUT 0VS BVEJU JODMVEFE PCUBJOJOH BO VOEFSTUBOEJOH PG JOUFSOBM DPOUSPM
PWFS GJOBODJBM SFQPSUJOH BTTFTTJOH UIF SJTL UIBU B NBUFSJBM XFBLOFTT FYJTUT UFTUJOH BOE FWBMVBUJOH UIF EFTJHO BOE PQFSBUJOH
FGGFDUJWFOFTT PG JOUFSOBM DPOUSPM CBTFE PO UIF BTTFTTFE SJTL BOE QFSGPSNJOH TVDI PUIFS QSPDFEVSFT BT XF DPOTJEFSFE OFDFTTBSZ JO
UIF DJSDVNTUBODFT 8F CFMJFWF UIBU PVS BVEJU QSPWJEFT B SFBTPOBCMF CBTJT GPS PVS PQJOJPO
" DPNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH JT B QSPDFTT EFTJHOFE UP QSPWJEF SFBTPOBCMF BTTVSBODF SFHBSEJOH UIF SFMJBCJMJUZ
PG GJOBODJBM SFQPSUJOH BOE UIF QSFQBSBUJPO PG GJOBODJBM TUBUFNFOUT GPS FYUFSOBM QVSQPTFT JO BDDPSEBODF XJUI HFOFSBMMZ BDDFQUFE
BDDPVOUJOH QSJODJQMFT " DPNQBOZ`T JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH JODMVEFT UIPTF QPMJDJFT BOE QSPDFEVSFT UIBU  QFSUBJO
UP UIF NBJOUFOBODF PG SFDPSET UIBU JO SFBTPOBCMF EFUBJM BDDVSBUFMZ BOE GBJSMZ SFGMFDU UIF USBOTBDUJPOT BOE EJTQPTJUJPOT PG UIF BTTFUT
PG UIF DPNQBOZ  QSPWJEF SFBTPOBCMF BTTVSBODF UIBU USBOTBDUJPOT BSF SFDPSEFE BT OFDFTTBSZ UP QFSNJU QSFQBSBUJPO PG GJOBODJBM
TUBUFNFOUT JO BDDPSEBODF XJUI HFOFSBMMZ BDDFQUFE BDDPVOUJOH QSJODJQMFT BOE UIBU SFDFJQUT BOE FYQFOEJUVSFT PG UIF DPNQBOZ BSF
CFJOH NBEF POMZ JO BDDPSEBODF XJUI BVUIPSJ[BUJPOT PG NBOBHFNFOU BOE EJSFDUPST PG UIF DPNQBOZ BOE  QSPWJEF SFBTPOBCMF
BTTVSBODF SFHBSEJOH QSFWFOUJPO PS UJNFMZ EFUFDUJPO PG VOBVUIPSJ[FE BDRVJTJUJPO VTF PS EJTQPTJUJPO PG UIF DPNQBOZ`T BTTFUT UIBU
DPVME IBWF B NBUFSJBM FGGFDU PO UIF GJOBODJBM TUBUFNFOUT
#FDBVTF PG JUT JOIFSFOU MJNJUBUJPOT JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH NBZ OPU QSFWFOU PS EFUFDU NJTTUBUFNFOUT "MTP
QSPKFDUJPOT PG BOZ FWBMVBUJPO PG FGGFDUJWFOFTT UP GVUVSF QFSJPET BSF TVCKFDU UP UIF SJTL UIBU DPOUSPMT NBZ CFDPNF JOBEFRVBUF CFDBVTF
PG DIBOHFT JO DPOEJUJPOT PS UIBU UIF EFHSFF PG DPNQMJBODF XJUI UIF QPMJDJFT PS QSPDFEVSFT NBZ EFUFSJPSBUF
*O PVS PQJOJPO &ODPSF 8JSF $PSQPSBUJPO NBJOUBJOFE JO BMM NBUFSJBM SFTQFDUT FGGFDUJWF JOUFSOBM DPOUSPM PWFS GJOBODJBM SFQPSUJOH BT
PG %FDFNCFS   CBTFE PO UIF $040 DSJUFSJB
8F BMTP IBWF BVEJUFE JO BDDPSEBODF XJUI UIF TUBOEBSET PG UIF 1VCMJD $PNQBOZ "DDPVOUJOH 0WFSTJHIU #PBSE 6OJUFE 4UBUFT

UIF
DPOTPMJEBUFE CBMBODF TIFFUT PG &ODPSF 8JSF $PSQPSBUJPO BT PG %FDFNCFS   BOE  BOE UIF SFMBUFE DPOTPMJEBUFE TUBUFNFOUT
PG JODPNF TUPDLIPMEFST` FRVJUZ BOE DBTI GMPXT GPS FBDI PG UIF UISFF ZFBST JO UIF QFSJPE FOEFE %FDFNCFS   BOE PVS SFQPSU
EBUFE 'FCSVBSZ   FYQSFTTFE BO VORVBMJGJFE PQJOJPO UIFSFPO
T &SOTU
%BMMBT
5FYBT
'FCSVBSZ  



:PVOH --1

1"35 ***
*UFN  %JSFDUPST &YFDVUJWF 0GGJDFST BOE $PSQPSBUF (PWFSOBODF
5IF TFDUJPOT FOUJUMFE c&MFDUJPO PG %JSFDUPSTd c$PSQPSBUF (PWFSOBODF BOE 0UIFS #PBSE .BUUFSTd BOE c4FDUJPO  B #FOFGJDJBM
0XOFSTIJQ 3FQPSUJOH $PNQMJBODFd BQQFBSJOH JO UIF $PNQBOZ`T QSPYZ TUBUFNFOU GPS UIF BOOVBM NFFUJOH PG TUPDLIPMEFST UP CF IFME
PO .BZ   TFUUJOH GPSUI DFSUBJO JOGPSNBUJPO XJUI SFTQFDU UP UIF EJSFDUPST PG UIF $PNQBOZ 4FDUJPO  B SFQPSUJOH PCMJHBUJPOT
PG EJSFDUPST BOE PGGJDFST UIF $PNQBOZ`T BVEJU DPNNJUUFF UIF $PNQBOZ`T BVEJU DPNNJUUFF GJOBODJBM FYQFSU BOE UIF QSPDFEVSFT CZ
XIJDI TFDVSJUZ IPMEFST NBZ SFDPNNFOE OPNJOFFT UP UIF #PBSE PG %JSFDUPST BSF JODPSQPSBUFE IFSFJO CZ SFGFSFODF $FSUBJO
JOGPSNBUJPO XJUI SFTQFDU UP QFSTPOT XIP BSF PS NBZ CF EFFNFE UP CF FYFDVUJWF PGGJDFST PG UIF $PNQBOZ JT TFU GPSUI VOEFS UIF
DBQUJPO c&YFDVUJWF 0GGJDFST PG UIF $PNQBOZd JO 1BSU * PG UIJT SFQPSU
*O DPOOFDUJPO XJUI $PNQBOZ`T MPOHTUBOEJOH DPNNJUNFOU UP DPOEVDU JUT CVTJOFTT JO DPNQMJBODF XJUI BQQMJDBCMF MBXT BOE
SFHVMBUJPOT BOE JO BDDPSEBODF XJUI JUT FUIJDBM QSJODJQMFT UIF #PBSE PG %JSFDUPST IBT BEPQUFE B $PEF PG #VTJOFTT $POEVDU BOE
&UIJDT BQQMJDBCMF UP BMM FNQMPZFFT PGGJDFST EJSFDUPST BOE BEWJTPST PG UIF $PNQBOZ 5IF $PEF PG #VTJOFTT $POEVDU BOE &UIJDT
PG UIF $PNQBOZ JT BWBJMBCMF VOEFS UIF c*OWFTUPS *OGPd TFDUJPO PG UIF $PNQBOZ`T XFCTJUF BU IUUQXXXFODPSFXJSFDPN BOE JT
JODPSQPSBUFE IFSFJO CZ SFGFSFODF 5IF $PNQBOZ JOUFOET UP QPTU BNFOENFOUT UP PS XBJWFST PG JUT $PEF PG #VTJOFTT $POEVDU BOE
&UIJDT UP UIF FYUFOU BQQMJDBCMF UP BOZ PGGJDFS PS EJSFDUPS PG UIF $PNQBOZ BU TVDI MPDBUJPO PO JUT XFCTJUF
*UFN  &YFDVUJWF $PNQFOTBUJPO
5IF TFDUJPO FOUJUMFE c&YFDVUJWF $PNQFOTBUJPOd BQQFBSJOH JO UIF $PNQBOZ`T QSPYZ TUBUFNFOU GPS UIF BOOVBM NFFUJOH PG TUPDLIPMEFST
UP CF IFME PO .BZ   TFUT GPSUI DFSUBJO JOGPSNBUJPO XJUI SFTQFDU UP UIF DPNQFOTBUJPO PG NBOBHFNFOU PG UIF $PNQBOZ BOE
DPNQFOTBUJPO DPNNJUUFF JOUFSMPDLT BOE JOTJEFS QBSUJDJQBUJPO BOE JT JODPSQPSBUFE IFSFJO CZ SFGFSFODF
*UFN  4FDVSJUZ 0XOFSTIJQ PG $FSUBJO #FOFGJDJBM 0XOFST BOE .BOBHFNFOU BOE 3FMBUFE 4UPDLIPMEFS .BUUFST
5IF TFDUJPO FOUJUMFE c4FDVSJUZ 0XOFSTIJQ PG $FSUBJO #FOFGJDJBM 0XOFST %JSFDUPST BOE &YFDVUJWF 0GGJDFSTd BQQFBSJOH JO UIF
$PNQBOZ`T QSPYZ TUBUFNFOU GPS UIF BOOVBM NFFUJOH PG TUPDLIPMEFST UP CF IFME PO .BZ   TFUT GPSUI DFSUBJO JOGPSNBUJPO XJUI
SFTQFDU UP UIF PXOFSTIJQ PG UIF $PNQBOZ`T DPNNPO TUPDL BOE JT JODPSQPSBUFE IFSFJO CZ SFGFSFODF $FSUBJO JOGPSNBUJPO XJUI
SFTQFDU UP UIF $PNQBOZ`T FRVJUZ DPNQFOTBUJPO QMBOT UIBU JT SFRVJSFE UP CF TFU GPSUI JO UIJT *UFN  JT TFU GPSUI VOEFS UIF DBQUJPO c&RVJUZ $PNQFOTBUJPO 1MBO *OGPSNBUJPOd DPOUBJOFE JO c*UFN  .BSLFU GPS 3FHJTUSBOU`T $PNNPO &RVJUZ 3FMBUFE 4UPDLIPMEFS
.BUUFST BOE *TTVFS 1VSDIBTFT PG &RVJUZ 4FDVSJUJFTd PG UIJT 'PSN , BOE JT JODPSQPSBUFE IFSFJO CZ SFGFSFODF
*UFN  $FSUBJO 3FMBUJPOTIJQT BOE 3FMBUFE 5SBOTBDUJPOT BOE %JSFDUPS *OEFQFOEFODF
5IF TFDUJPOT FOUJUMFE c&YFDVUJWF $PNQFOTBUJPO f $FSUBJO 3FMBUJPOTIJQT BOE 3FMBUFE 5SBOTBDUJPOTd BOE c$PSQPSBUF (PWFSOBODF
BOE 0UIFS #PBSE .BUUFST f #PBSE *OEFQFOEFODFd BQQFBSJOH JO UIF $PNQBOZ`T QSPYZ TUBUFNFOU GPS UIF BOOVBM NFFUJOH PG
TUPDLIPMEFST UP CF IFME PO .BZ   TFU GPSUI DFSUBJO JOGPSNBUJPO XJUI SFTQFDU UP DFSUBJO SFMBUJPOTIJQT BOE SFMBUFE USBOTBDUJPOT
BOE EJSFDUPS JOEFQFOEFODF BOE BSF JODPSQPSBUFE IFSFJO CZ SFGFSFODF
*UFN  1SJODJQBM "DDPVOUJOH 'FFT BOE 4FSWJDFT
5IF 4FDUJPO FOUJUMFE c1SPQPTBM 5ISFF f 3BUJGJDBUJPO PG"QQPJOUNFOU PG *OEFQFOEFOU 3FHJTUFSFE 1VCMJD"DDPVOUJOH 'JSNd BQQFBSJOH
JO UIF $PNQBOZ`T QSPYZ TUBUFNFOU GPS UIF BOOVBM NFFUJOH PG TUPDLIPMEFST UP CF IFME PO .BZ   TFUT GPSUI DFSUBJO JOGPSNBUJPO
XJUI SFTQFDU UP DFSUBJO GFFT QBJE UP BDDPVOUBOUT BOE JT JODPSQPSBUFE IFSFJO CZ SFGFSFODF



1"35 *7
*UFN  &YIJCJUT 'JOBODJBM 4UBUFNFOU 4DIFEVMFT
5IF GPMMPXJOH EPDVNFOUT BSF GJMFE BT B QBSU PG UIJT SFQPSU


$POTPMJEBUFE 'JOBODJBM 4UBUFNFOUT JODMVEFE JO *UFN  PG UIJT "OOVBM 3FQPSU PO 'PSN , BOE



'JOBODJBM TUBUFNFOU TDIFEVMFT IBWF CFFO PNJUUFE CFDBVTF UIFZ BSF OPU BQQMJDBCMF PS UIF JOGPSNBUJPO SFRVJSFE
UIFSFJO JT JODMVEFE JO UIF GJOBODJBM TUBUFNFOUT PS OPUFT UIFSFUP JO *UFN  PG UIJT "OOVBM 3FQPSU PO 'PSN ,



5IF FYIJCJUT SFRVJSFE CZ *UFN  PG 3FHVMBUJPO 4, BT TFU GPSUI JO UIF *OEFY UP &YIJCJUT BDDPNQBOZJOH UIJT
"OOVBM 3FQPSU PO 'PSN ,



4*(/"563&4
1VSTVBOU UP UIF SFRVJSFNFOUT PG 4FDUJPO  PS  E PG UIF 4FDVSJUJFT &YDIBOHF "DU PG  UIF SFHJTUSBOU IBT EVMZ DBVTFE UIJT
SFQPSU UP CF TJHOFE PO JUT CFIBMG CZ UIF VOEFSTJHOFE UIFSFVOUP EVMZ BVUIPSJ[FE
&/$03& 8*3& $03103"5*0/

%BUF 'FCSVBSZ  

#Z

T %BOJFM - +POFT
%BOJFM - +POFT
$IBJSNBO
1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS

1VSTVBOU UP UIF SFRVJSFNFOUT PG UIF 4FDVSJUJFT &YDIBOHF "DU PG  UIJT SFQPSU IBT CFFO TJHOFE CFMPX CZ UIF GPMMPXJOH QFSTPOT
PO CFIBMG PG UIF SFHJTUSBOU BOE JO UIF DBQBDJUJFT BOE PO UIF EBUFT JOEJDBUFE

4JHOBUVSF

5JUMF

%BUF

T %"/*&- - +0/&4
%BOJFM - +POFT

$IBJSNBO 1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS
1SJODJQBM &YFDVUJWF 0GGJDFS

'FCSVBSZ  

T '3"/, + #*-#"/
'SBOL + #JMCBO

7JDF 1SFTJEFOU'JOBODF 5SFBTVSFS
4FDSFUBSZ BOE $IJFG 'JOBODJBM 0GGJDFS
1SJODJQBM 'JOBODJBM BOE "DDPVOUJOH 0GGJDFS

'FCSVBSZ  

T %0/"-% & $0635/&:
%POBME & $PVSUOFZ

%JSFDUPS

'FCSVBSZ  

T (3&(03: + '*4)&3
(SFHPSZ + 'JTIFS

%JSFDUPS

'FCSVBSZ  

T 8*--*". 3 5)0."4 ***
8JMMJBN 3 5IPNBT ***

%JSFDUPS

'FCSVBSZ  

T 4$055 % 8&"7&3
4DPUU % 8FBWFS

%JSFDUPS

'FCSVBSZ  

-FBE *OEFQFOEFOU %JSFDUPS

'FCSVBSZ  

T +0)/ ) 8*-40/
+PIO ) 8JMTPO



*/%&9 50 &9)*#*54
&YIJCJU /VNCFS

%FTDSJQUJPO



$FSUJGJDBUF PG *ODPSQPSBUJPO PG &ODPSF 8JSF $PSQPSBUJPO BOE BMM BNFOENFOUT UIFSFUP GJMFE BT &YIJCJU 
UP UIF $PNQBOZ`T 2VBSUFSMZ 3FQPSU PO 'PSN 2 GPS UIF RVBSUFS FOEFE .BSDI   BOE JODPSQPSBUFE
IFSFJO CZ SFGFSFODF




5IJSE "NFOEFE BOE 3FTUBUFE #ZMBXT PG &ODPSF 8JSF $PSQPSBUJPO BT BNFOEFE UISPVHI 'FCSVBSZ  
GJMFE BT &YIJCJU  UP UIF $PNQBOZ`T "OOVBM 3FQPSU PO 'PSN , GPS UIF ZFBS FOEFE %FDFNCFS  
BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




'PSN PG DFSUJGJDBUF GPS $PNNPO 4UPDL GJMFE BT &YIJCJU  UP UIF $PNQBOZ`T SFHJTUSBUJPO TUBUFNFOU PO 'PSN
"
GJMFE XJUI UIF 4&$ PO +VOF   BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




 4UPDL 0QUJPO 1MBO BT BNFOEFE BOE SFTUBUFE FGGFDUJWF BT PG 'FCSVBSZ   GJMFE BT &YIJCJU 
UP UIF $PNQBOZ`T 3FHJTUSBUJPO 4UBUFNFOU PO 'PSN 4 /P  BOE JODPSQPSBUFE IFSFJO CZ
SFGFSFODF




 4UPDL 0QUJPO 1MBO GJMFE BT "OOFY " UP UIF $PNQBOZ`T 1SPYZ 4UBUFNFOU GJMFE XJUI UIF 4&$ PO .BSDI

 BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




'PSN PG *OEFNOJGJDBUJPO "HSFFNFOU GJMFE BT &YIJCJU  UP UIF $PNQBOZ`T 2VBSUFSMZ 3FQPSU PO 'PSN
2 GPS UIF RVBSUFS FOEFE .BSDI   BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




'PSN PG 4UPDL 0QUJPO"HSFFNFOU VOEFS UIF  4UPDL 0QUJPO 1MBO GJMFE BT &YIJCJU  UP UIF $PNQBOZ`T
2VBSUFSMZ 3FQPSU PO 'PSN 2 GPS UIF RVBSUFS FOEFE +VOF   BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




'PSN PG *ODFOUJWF 4UPDL 0QUJPO "HSFFNFOU VOEFS UIF  4UPDL 0QUJPO 1MBO GJMFE BT &YIJCJU  UP
UIF $PNQBOZ`T "OOVBM 3FQPSU PO 'PSN , GPS UIF ZFBS FOEFE %FDFNCFS   BOE JODPSQPSBUFE
IFSFJO CZ SFGFSFODF




'PSN PG /PO2VBMJGJFE 4UPDL 0QUJPO "HSFFNFOU VOEFS UIF  4UPDL 0QUJPO 1MBO GJMFE BT &YIJCJU 
UP UIF $PNQBOZ`T "OOVBM 3FQPSU PO 'PSN , GPS UIF ZFBS FOEFE %FDFNCFS   BOE JODPSQPSBUFE
IFSF CZ SFGFSFODF




$SFEJU "HSFFNFOU EBUFE 4FQUFNCFS   CZ BOE BNPOH UIF $PNQBOZ #BOL PG "NFSJDB /" BT
BENJOJTUSBUJWF BHFOU BOE MFUUFS PG DSFEJU JTTVFS 8FMMT 'BSHP #BOL /BUJPOBM "TTPDJBUJPO BT TZOEJDBUJPO
BHFOU BOE UIF PUIFS MFOEFS QBSUJFT UIFSFUP GJMFE BT &YIJCJU  UP UIF $PNQBOZ`T 2VBSUFSMZ 3FQPSU PO 'PSN
2 GJMFE XJUI UIF 4&$ PO /PWFNCFS   BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




$PNNFSDJBM $POUSBDU PG 4BMF EBUFE +VOF   CZ BOE BNPOH UIF $PNQBOZ 75$3 -1 ."%.5 -1
BOE 1SBJSJF 'MJHIU -1 GJMFE BT &YIJCJU  UP UIF $PNQBOZ`T 2VBSUFSMZ 3FQPSU PO 'PSN 2 GJMFE XJUI
UIF 4&$ PO "VHVTU   BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




'JSTU "NFOENFOU UP $SFEJU "HSFFNFOU EBUFE BT PG %FDFNCFS   CZ BOE BNPOH UIF $PNQBOZ #BOL
PG "NFSJDB /" BT MFOEFS BOE BENJOJTUSBUJWF BHFOU BOE 8FMMT 'BSHP #BOL /BUJPOBM "TTPDJBUJPO BT MFOEFS
GJMFE BT &YIJCJU  UP UIF $PNQBOZ T 2VBSUFSMZ 3FQPSU PO 'PSN 2 GJMFE XJUI UIF 4&$ PO .BZ  
BOE JODPSQPSBUFE IFSFJO CZ SFGFSFODF




4FDPOE "NFOENFOU UP $SFEJU "HSFFNFOU EBUFE BT PG %FDFNCFS   CZ BOE BNPOH UIF $PNQBOZ
#BOL PG "NFSJDB /" BT MFOEFS BOE BENJOJTUSBUJWF BHFOU BOE 8FMMT 'BSHP #BOL /BUJPOBM "TTPDJBUJPO
BT MFOEFS



&ODPSF 8JSF $PSQPSBUJPO  4UPDL "QQSFDJBUJPO 3JHIUT 1MBO



4VCTJEJBSJFT



$POTFOU PG &SOTU



$FSUJGJDBUJPO CZ %BOJFM - +POFT $IBJSNBO 1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS PG UIF $PNQBOZ EBUFE
'FCSVBSZ   BOE TVCNJUUFE QVSTVBOU UP 3VMF B B
E B BOE QVSTVBOU UP 4FDUJPO  PG UIF
4BSCBOFT0YMFZ "DU PG 



$FSUJGJDBUJPO CZ 'SBOL + #JMCBO 7JDF 1SFTJEFOU f 'JOBODF 5SFBTVSFS 4FDSFUBSZ BOE $IJFG 'JOBODJBM 0GGJDFS
PG UIF $PNQBOZ EBUFE 'FCSVBSZ   BOE TVCNJUUFE QVSTVBOU UP 3VMF B B
E B BOE QVSTVBOU
UP 4FDUJPO  PG UIF 4BSCBOFT0YMFZ "DU PG 



$FSUJGJDBUJPO CZ %BOJFM - +POFT $IBJSNBO 1SFTJEFOU BOE $IJFG &YFDVUJWF 0GGJDFS PG UIF $PNQBOZ EBUFE
'FCSVBSZ   BT SFRVJSFE CZ  64$ 4FDUJPO  BT BEPQUFE QVSTVBOU UP 4FDUJPO  PG UIF
4BSCBOFT0YMFZ "DU PG 



$FSUJGJDBUJPO CZ 'SBOL + #JMCBO 7JDF 1SFTJEFOU f 'JOBODF 5SFBTVSFS 4FDSFUBSZ BOE $IJFG 'JOBODJBM 0GGJDFS
EBUFE 'FCSVBSZ   BT SFRVJSFE CZ  64$ 4FDUJPO  BT BEPQUFE QVSTVBOU UP 4FDUJPO  PG UIF
4BSCBOFT0YMFZ "DU PG 

*/4

9#3- *OTUBODF %PDVNFOU

4$)

9#3- 5BYPOPNZ &YUFOTJPO 4DIFNB %PDVNFOU

$"-

9#3- 5BYPOPNZ &YUFOTJPO $BMDVMBUJPO -JOLCBTF %PDVNFOU

%&'

9#3- 5BYPOPNZ &YUFOTJPO %FGJOJUJPO %PDVNFOU

-"#

9#3- 5BYPOPNZ &YUFOTJPO -BCFM -JOLCBTF %PDVNFOU

13&

9#3- 5BYPOPNZ &YUFOTJPO 1SFTFOUBUJPO -JOLCBTF %PDVNFOU

:PVOH --1

.BOBHFNFOU DPOUSBDU PS DPNQFOTBUPSZ QMBO

______________________________________________________________________________________________
CORPORATE INFORMATION

BOARD OF DIRECTORS:
Donald E. Courtney
Director
Gregory J. Fisher
Director
Daniel L. Jones
Chairman
William R. Thomas III
Director
Scott D. Weaver
Director
John H. Wilson
Lead Independent Director

COMPANY OFFICERS:
Daniel L. Jones
President & Chief Executive Officer
Frank J. Bilban
Vice President-Finance, Treasurer, Secretary &
Chief Financial Officer
William T. Bigbee
Vice President-Product and Research Development
Services
Gary W. Bliss
Vice President-New Product Development
Joseph Todd Clayton
Vice President-Facilities Engineering
Matthew D. Ford
Controller, Assistant Secretary
Joseph E. Gibson
Assistant Vice President-Operations
Kevin M. Kieffer
Vice President-Sales and Marketing
Kenneth G. Knuth
Vice President-Administration
Janet K. Sander
Vice President-Purchasing
David K. Smith
Vice President-Operations
Donald M. Spurgin
Vice President-Sales Development
Gary L. Spence
Vice President-Non-Ferrous Metals

LOCATION OF PLANT:
McKinney, Texas
LEGAL COUNSEL:
Thompson & Knight LLP
Dallas, Texas
INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM:
Ernst & Young LLP
Dallas, Texas
COMMON STOCK LISTED:
NASDAQ GLOBAL SELECT MARKET
Symbol “WIRE”
TRANSFER AGENT AND REGISTRAR:
American Stock Transfer & Trust Co.
New York, New York
FORM 10-K:
The Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the Securities Exchange Commission, is included herein. Additional copies of the
Annual Report may be obtained without charge upon written request to Encore Wire
Corporation, 1329 Millwood Road, McKinney,
Texas 75069, Attention: Vice President-Finance,
Treasurer, Secretary & CFO, or via the internet at http://www.proxydocs.com/WIRE or the
Securities and Exchange Commission’s website at http://www.sec.gov.
CORPORATE HEADQUARTERS:
1329 Millwood Road
McKinney, Texas 75069
972-562-9473

1329 Millwood Road
McKinney, Texas 75069
972-562-9473
www.encorewire.com

Similar Documents

Free Essay

Wire Extraction

...WIRE DRAWING Objective To know how copper and aluminum drawing is done, and also to understand the machine setting and how the machine operates. Introduction Wire drawing is the process by which a metal rod is forced through a series of varying cross section die(s) and hence the metal rod cross sectional area is varied so as to obtain the desired shape and size. In Kenwest cables company their are 3 wire drawing machines namely:- 1. M55 2. H20 3. M85 1.M55 This is the main copper drawing machine and the one which can handle the 1st drawing process which is hard drawing. The raw material used is usually copper rod of 7.9mm thickness as the hard drawing material. The M55 can also handle further copper drawing like the H20. Operation procedure The M55 has several units namely:- a) stand b) block c) drawing basin d) annealer e) spooler a) stand It is responsible in guiding the copper rod being fed to the block or drawing basin. If its hard drawing its fed to the block but when its further drawing its directly fed into the drawing basin. This is because at the block section the die obtained may have a larger diameter than the copper rod in the case of further drawing hence the block is not required. b) Block It is functional when hard drawing takes place. The 1st die is usually located in this section (the block section) hence drawing process begins at the block section. The copper rod being fed is usually about 7.9mm in diameter which is the diameter...

Words: 3959 - Pages: 16

Free Essay

Wire Diagram

...Contractor Requirements The successful contractor will have a certified electrician on site whenever work is being done on or near electrical wiring. The successful contractor will be a certified installer of the infrastructure components being provided. All work must meet local, state, and federal regulation codes. The successful contractor will have a Registered Communications Distribution Designer (RCDD) onsite and supervising all work. Purpose of this RFP The purpose of this RFP is to detail the work that is to be done, from the beginning to end stages in order for various contractors to bid on this project. Any contractors bidding on this project must give technical and commercial proposals in accordance with the terms and conditions mentioned in this document. Cables, network equipment, and other infrastructure components that meet customer requirements will be purchased through outside vendors by the contractors. The source company reserves the right to negotiate the prices for the hardware and/or any software needed to complete this project. The bidder will furnish all labor, tools, and any other equipment needed to successfully complete this contract. Work Included The scope of this RFP covers the deployment of the following technology and service components, hardware/ storage infrastructure solution supply, installation & configuration of racks, switches and other devices. Any and all overtime or off-hours work required to complete the scope of work within...

Words: 299 - Pages: 2

Free Essay

Mexicana Wire Works

...Managing Operations is Sound Prioritization: The Mexicana Wire Works Case A case report presented to the faculty of the Master of Business Administration Far Eastern University In partial fulfilment of the requirements In Quantitative Analysis Submitted To: Professor Willy Cuason Submitted By: Jeancy Dela Rosa Joan Eclipse Gerra Lanuza Mark Nimeno Timmyleh Pocong Jerome Tumambing June 03, 2014 I. Case Background Mexicana Wire Winding, Inc. is a subsidiary of Westover Wire Works based in Texas which is a medium-sized producer of wire windings of electrical transformers. Ron Garcia is the new management trainee, who studied operations management in his MBA program but lacks any technical knowledge about the manufacturing process. He is tasked to help the company in solving the increase in booking orders for April.There will be new equipments coming in the next several months but these won‘t help them fill the April orders. (Render & Stair, 2012) To better understand the case the group researched on the sequence on how to produce wire windings as discussed in the case: 1. “Wire Winding- the metalworking process used to reduce the cross-section of a wire by pulling the wire through a single, or series of, drawing die(s). There are many applications for wire drawing, including electrical wiring, cables, tension-loaded structural components, springs, paper clips...

Words: 1406 - Pages: 6

Free Essay

Mexicana Wire Works

...Case Study Mexicana Wire Works Ron Garcia felt good about his first week as a management trainee at Mexicana Wire Winding, Inc. He had not yet developed any technical knowledge about the manufacturing process, but he had toured the entire facility, located in the suburbs of Mexico City, and had met many people in various areas of the operation. Mexicana, a subsidiary of Westover Wire Works, a Texas firm, is a medium-sized producer of wire windings used in making electrical transformers. Carlos Alverez, the production control manager, described the windings to Garcia as being of standardized design. Garcia’s tour of the plant, laid out by process type (see Figure 7.20), followed the manufacturing sequence for the windings: drawing, extrusion, winding, inspection, and packaging. After inspection, good product is packaged and sent to finished product storage; defective product is stored separately until it can be reworked. On March 8, Vivian Espania, Mexicana’s general manager, stopped by Garcia’s office and asked him to attend a staff meeting at 1:00 P.M. “Let’s get started with the business at hand,” Vivian said, opening the meeting. “You all have met Ron Garcia, our new management trainee. Ron studied operations management in his MBA program in southern California, so I think he is competent to help us with a problem we have been discussing for a long time without resolution. I’m sure that each of you on my staff will give Ron your full cooperation.” Vivian turned...

Words: 704 - Pages: 3

Free Essay

Investigation of the Resistance of a Wire

... In this investigation I am going to investigate what affect the resistance of a wire. Electricity flows in metals. Metal wires are made of millions of tiny metal crystals. Each crystal’s atoms are arranged in a regular pattern. The metal is full of ‘free’ electrons that do not stick to any particular atom. They fill the space between atoms in a metal. When these electrons move they create an electric current. Conductors have resistance, but some are worse than others. The free electrons keep bumping into atoms. A wires resistance depends on four main factors which are: Resistivity The length of the wire Cross sectional area The temperature of the wire I am going to investigate how the length of the wire affects the resistance. I have done a preliminary experiment to help me decide the best way to do my investigation. The results should also help me make a prediction. Preliminary Investigation Below are my results from the preliminary experiment (see table 1). I have taken three readings each from the Volts and current to make sure it is as accurate as possible Table 1 From the results I can see that as the length of the wire increases, the resistance increases as well. Furthermore I have noticed that if you double the length of the wire, the resistance is roughly doubled. E.g. when the length of the wire is 20cm the resistance is 3.14 ohms, when the length of the wire is 40cm the resistance is 6.18 ohms which is roughly double 3.14 ohms. In my main investigation...

Words: 1588 - Pages: 7

Free Essay

Sample Cmultiple Choice About Wire Splicing

...INSTALLATION: WIRE SPLICING AND JOINTS Name: __________________________ Date:_________ Yr/Sec:_________________________ Score/Remarks:_______ I. MULTIPLE CHOICE(10PTS) DIRECTION: Read the statement carefully. Encircle the correct answer. 1. It is a type of wire splice and joints in which it is used as a temporary tap, usually done in construction sites. a. Rat tail or Pig Tail b. Knotted Tap c. Plain tap joint d. Aerial Tap 2. When connecting a two skinned wires this tools can be use EXCEPT: a. Long nose plier b. Flat nose plier c. Wire stripper plier d. Linesman plier 3. This joint is used on a large solid conductors where it is difficult to wrap the heavy wire around the main wire. a. Wrapped Tap or Tee joint b. Cross joint c. Duplex cross joint d. Plain tap joint 4. This is the proper sequence in making a rat tail or pig tail splice accordingly. I. Tightened the twisted end using a plier. II. Twist the wires about 5-6 turns. III. Unskinned one end of the wire. IV. Place the two wires in cross position. a. I,II,III, and IV b. III,IV,II, and I c. II,I,III, and IV d. III,IV,II, and I 5. This is the most commonly used size of wire in splices and joints. a. Size 14 solid wire b. Size 16 solid wire c. Size 18 solid wire d. Size 20 solid wire 6. It is the connection of the end of one wire to some point along the run of another wire. a....

Words: 444 - Pages: 2

Free Essay

The Wire

...All of Us Are Sexual Why is sexuality so important? All of us are sexual. Our sexuality includes our body and how our body works our biological sex our gender — our biological, social, and legal status as girls and boys, women and men our gender identity — our feelings about our gender our sexual orientation — straight, gay, or bisexual our values about life, love, and the people in our lives And sexuality influences how we feel about all of these things and how we experience the world. When we think of sexuality, we might just think about our bodies. We might just think about our sex organs. But our sexuality has as much to do with how we think and feel as it does with how we behave. Sexuality is a basic part of our physical, mental, emotional, and spiritual lives. Our sexuality should be enjoyed and celebrated. It is not something to be ashamed of or embarrassed about. Healthy sexuality allows us to be open, flexible, creative, safe, and responsible as we explore our sexual thoughts, feelings, and desires. It lets us recognize that sex can be fun and can also fulfill many emotional needs. Sex also has risks. Having a healthy attitude about sexuality means knowing our values, beliefs, attitudes, limits, and boundaries, and respecting that knowledge by being responsible. It allows us to feel attractive, regardless of our age, gender, sexual orientation, race, religion, height, weight, or physical or mental ability. It lets us be ourselves. Knowing as...

Words: 2946 - Pages: 12

Free Essay

The Wire

...The f ine l ine between evil manipulator and self-centered attention seeker - A look at the actions of Livia Soprano in Season 1 of The Sopranos Critics see the character of Livia Soprano as that of “an evil manipulator” . However, what we don’t see is an old woman, forced to live in a nursing home, trying hard not to be forgotten by her loved ones . She may be self-centered, and attention seeking, but she only acts the way and says the things she does to make everyone around her love and respect her. Katz describes Livia as a “usual grande dame - as a lower-class, paranoid woman whose only joy is inflicting her own misery on others” When we are first introduced to Livia in Season 1, Episode 1 of The Sopranos , we see an old lady, living by herself, afraid to answer the door even to her own son. When she finally lets him in, and tells her about his friend, Artie, she replies by saying “he calls her [Artie’s mother] everyday”. Through this, she implies that she wants him to call her, just like his friend calls his mother. There is no sign of any malignant feelings she might have toward Tony. We simply see her as a mother, trying to get some attention from her son. She does not seem like someone, who by the end of the season would “take a “contract” out on her son” . Joseph Walker says , “Livia’s every utterance, however casual, has the potential to disrupt Tony’s precarious sense of his selfhood. Her barbed “look who calls his mother,” or “oh, he knows everything,”...

Words: 1099 - Pages: 5

Premium Essay

Nt 1310 Unit 3

...rating Unshielded Twisted-Pair is copper wire that is used in a twisted pair. Which is two conductors of a single circuit that are twisted together to prevent crosstalk UTP typically have only one outer covering or jacket for one or more of the twisted pairs. Shielded Twisted-Pair is copper wire that is almost the same but also with the outer covering each twisted pair is also shielded separately and then shielded again before the outer jacket Fiber-Optic Cable bandwidth is dramatically higher than with copper speeds and it uses a strand of glass or plastic to transmit data using light pulses transmission distances are much further away it is not susceptible to outside EMI or crosstalk interference. It is more secure than copper wire it very hard to tap in to unlike copper wire. Dark Fiber is just a term used for unused or unneeded strands of installed fiber because you always want to install more than you need cause networks always grow. Coaxial Cable is widely used for cable tv it has solid copper core with a Teflon insulation around that either a foil sleeve of a braided wire mesh and then the outer jacket Plenum is the space between the deck ant the false ceiling when it is used for HVAC Riser is a vertical shaft that allows you to run wires between two floors Rip Cord is installed in some wire it is also called the slitting cord it is meant to make it easier to split the jacket on the cable when more than 2” of the wire needs to be exposed. Core in cabling is what...

Words: 569 - Pages: 3

Free Essay

Unit 6 Assignment 1

...signal loss and check for equipment that may cause interference and degrade network performance. The following paragraphs describe three (3) cable testers and how they work and which cable system(s) they are most suitable for. The first tester is the wire-mapper. Wire-mappers are used primarily with copper twisted-pair cable installations. These devices, according to Oliviero and Woodward (2011, p.422, 441) “Transmit signals through each pair in a twisted-pair cable to determine if it is connected correctly to the correct pin at each end.” The second tool is the tone generator. A tone generator is a two-piece unit that consists of a tone generator and a probe. This type of tester's primary function, amongst installers, is to identify specific locations in a punch-down block then label accordingly. According to Oliviero and Woodward (2011, p.442-443), these testers “Transmit[s] a signal, or, with an alligator clip, you connect the unit to an individual wire. The other unit is an inductive amplifier, which is a pen-like probe that emits an audible tone when touched to the other end of the conductor.” Primary functions are identify a particular cable within a bundle and to test for opens, shorts, and miswires of individual wires. Unfortunately, there is a disadvantage to using this device; time consuming. The third and final tester to be discussed are Multifunction Cable Scanners (commonly referred to as a certification tool). Alarmingly, these devices are highly expensive...

Words: 399 - Pages: 2

Free Essay

Issc341 Week 2 Assignment Lesson 1 Review

...beginning with Layer 7. Application, Presentation, Session, Transport, Network, Data Link, and Physical. 6. Why is it important for operating system venders to consider the OSI/RM when developing networking software? The OSI/RM allows systems from various venders to communicate with one another. Significant deviance from the OSI/RM will result in communication failures. 7. What is the difference between routable and non-routable protocols? Routable protocols can pass through a router and can travel through LANs and WANs. Non-routable protocols use predefined routes that cannot be changed. 8. Name the two types of twisted-pair cable, and the two varieties of wire available for each. Shielded twisted-pair cable (STP) and unshielded twisted-pair cable (UTP). They both come in either stranded wire or solid wire. 9. What are the two major types of fiber-optic cables? Single mode and Multi Mode 10. A network administrator suspects a security problem on a wireless network, and has changed...

Words: 394 - Pages: 2

Premium Essay

Student

...Armco Inc. Armco Inc is a steel manufacturer that used to be the sixth largest in its industry in United States in 1990. The Kansas City Works within its Midwestern Steel Division was hit by the decline in the business in the US steel industry. The firm produces grinding media and carbon wire rod. The first on has been successful in the industry with its great durability compared to the competitors. Carbon wire rods on the other hand were non profitable and covered only some of its fixed costs through its production volume. The old performance measurement system used by Armco Inc did not work properly because it had some problems. First, it did not provide information on the product mix being produced while it provided data on total tonnage produced but didn’t breakdown what was produced. Second the measurement system compared actual to objective but didn’t provide data on what factors exactly caused variance. Third, the costs were not broken down by fixed costs, variable costs and relevant range. Also the reports were generated on the 15th day following every month ending so I think managers could not take immediate corrective actions which would have been sometimes very necessary. In my opinion, also the fact that the system did not measure Key Performance Index for each department such as the new system, is one important reason why the old system was inadequate. there was inconsistency with organization’s current strategy. The objective of Armco Inc. is maximizing profits...

Words: 316 - Pages: 2

Free Essay

Instruction Set

...Set of Instructions Author Author Affiliation Abstract Instructions are set of guidelines that helps to perform a process or procedure. Making an USB fan is an easy “Do It Yourself” project. Anybody with access to a computer USB port can run a small fan. This paper describes instructions to be followed in order to make a USB fan. Title of Paper Equipment required: 1. Small 5 Volt dc Motor. 2. An adhesive glue, 3. A (exhausted) round shaped marker pen, 4. An USB cable, 5. Cutting tool like scissors or knife, 6. Wire stripper, 7. Tape, 8. Plastic gear available from any small toy car. 9. A circular piece of plastic of diameter 3” Instructions: 1. Firstly cut the USB cable at one end (it should be the end with female jack), 2. Locate red and black cables. Leave the rest. 3. Stripe out the copper wires using cable stripper, 4. Connect the red and black cable to that of the motor, 5. Attach the gear to the shaft of the motor, 6. Now make 8 cut to the center of the circular plastic. It would take small triangular shapes. Twist the triangular shaped wings of the fan slightly inwards, 7. Attach the circular plastic to the gear using glue, 8. Put the motor with the plastic on top of the marker and stick with the glue, 9. Now fix the other part of the marker on top of the cd vertically. 10. Connect the male USB jack to the USB port of a computer. The fan should move perfectly. Figure 1: Completed...

Words: 318 - Pages: 2

Free Essay

Unit 5 Assignment 1 Cabling Factors and Tolls Discussion

...to meet those demands of mobility, and also for the life of the wire so that it does not crack, break, fray or short. We had a job at a university where we moved flat panels on a track system to create different screen sizes, and for that we had to make sure the cable would meet the demand. Capacitance Cat 6 is not always better than Cat 5. If a video extender is made for Cat 5e, using Cat 6 may cause you a problem. The electrical properties are different, and the circuitry inside may not be able to reconcile the increased capacitance. You should confirm with the manufacturer before making a substitute in a Category cable. Jacket What type of jacket does your cable need? You have plenum, riser, PVC/non-plenum and direct burial. Plenum cable is often required in commercial work, especially in buildings where there are open-air returns; it is essential to meeting code. Integrators will often use riser grade at the riser, and then transfer to plenum in the plenum space. This saves some cost, but I recommend you second-guess saving that few cents per foot in most cases. The chances of mixing up a box of cable and pulling riser in the plenum space may increase your liability as a company or cause you to re-pull cable when the inspector fails your install. If you only send plenum to site, you eliminate this possibility. A tennis ball would be a good makeshift tool because you can cut a hole in it to place wires...

Words: 318 - Pages: 2

Free Essay

Cable vs. Fiber

...types of cables and their abilities. The capabilities of these types of wires, prices, availability, and future uses are important factors to take into consideration when designing a layout for a building. Some other important variables to consider are how many people are trained to install the cabling and how durable that cabling is and how it can withstand long term use. Copper cabling is the widely used standard of today. It has been used as a communications line since the first telegraphs. Over the years it has developed into thin multi lined cables that can send an abundant amount of data. Since it has been around so long it is widely understood and taught to professionals as well as your average Joe. Category 5e and 6 are both capable of sending signal speeds much faster than we are able to produce at bandwidths that we haven’t reached yet. So at least for the near future copper cabling can still sustain Moore’s law. This law states that technology will double in capacity and for half of the price every two years. While copper is inexpensive now it becomes more expensive with its wide use. Also its abundance will degrade over time as it is used commercially worldwide. Some more of the flaws that are involved with copper are EMI, unnoticeable tampering, and potential. Electromagnetic interference can cause signal delay and corruption as it effects copper wiring. Tampering is easy to do since these wires are easily penetrated and will continue the signal down the trunk line...

Words: 643 - Pages: 3