06.25.14 EAB Packet
CITY OF BOULDER
ENVIRONMENTAL ADVISORY BOARD MEETING AGENDA
DATE:
June 25, 2014
TIME:
6 p.m.
st
PLACE:
1777 Broadway, 1 floor, 1777 W. Conference Room
1.CALL TO ORDER
2.APPROVAL OF MINUTES
June 4, 2014
A.The Environmental Advisory Board minutes are scheduled for approval.
3.PUBLIC PARTICIPATION
4.DISCUSSION ITEMS
A.Local Food (Lauren Kolb, OSMP)
5.PUBLIC HEARING ITEMS
A.Transportation: TMP Update (Randall Rutsch, Transportation)
6.OLD BUSINESS/UPDATES
A.Environmental effects of the flood (L. Read)
7.MATTERS FROM THE ENVIRONMENTAL ADVISORY BOARD, CITY MANAGER, AND
CITY ATTORNEY
8.DEBRIEF MEETING/CALENDAR CHECK
9.ADJOURNMENT
For more information call (303) 441-1880. Board packets are available after 4 p.m. Friday prior to the meeting, online at www.bouldercolorado.gov, at the Boulder
Public Main Library’s Reference Desk, or at the Planning and Development Services Center, located at 1739 Broadway, third floor.
CITY OF BOULDER ENVIRONMENTAL ADVISORY BOARD
MEETING GUIDELINES
CALL TO ORDER
The board must have a quorum (three members present) before the meeting can be called to order.
AGENDA
The board may rearrange the order of the agenda or delete items for good cause. The board may not add items requiring public notice.
PUBLIC PARTICIPATION
The public is welcome to address the board (three minutes* maximum per speaker) during the Public Participation portion of the meeting regarding any
item not scheduled for a public hearing. The only items scheduled for a public hearing are those listed under the category PUBLIC HEARING ITEMS on
the agenda. Any exhibits introduced into the record at this time must be provided in quantities of eight to the Board Secretary for distribution to the board
and admission into the record.
DISCUSSION AND STUDY SESSION ITEMS
Discussion and study session items do not require motions of approval or recommendation.
PUBLIC HEARING ITEMS
A Public Hearing item requires a motion and a vote. The general format for hearing of an action item is as follows:
1. Presentations
Staff presentation (15 minutes maximum*) Any exhibits introduced into the record at this time must be provided in quantities of eight to
the Board Secretary for distribution to the board and admission into the record.
Environmental Advisory Board questioning of staff for information only.
2. Public Hearing
Each speaker will be allowed an oral presentation (three minutes maximum*). All speakers wishing to pool their time must be present, and time
allotted will be determined by the Chair. Two minutes will be added to the pooled speaker for each such speaker’s allotted time up to a
maximum of 10 minutes total.
Time remaining is presented by a green blinking light that means one minute remains, a yellow light means 30 seconds remain, and a red
light and beep means time has expired.
Speakers should introduce themselves, giving name and address. If officially representing a group please state that for the record as well.
Speakers are requested not to repeat items addressed by previous speakers other than to express points of agreement or disagreement.
Refrain from reading long documents, and summarize comments wherever possible. Long documents may be submitted and will become a
part of the official record.
Any exhibits introduced into the record at the hearing must be provided in quantities of eight to the Board Secretary for distribution to the
board and admission into the record.
Interested persons can send a letter to the Community Planning and Sustainability staff at 1739 Broadway, Boulder, CO 80302, two weeks
before the Environmental Advisory Board meeting, to be included in the board packet. Correspondence received after this time will be
distributed at the board meeting.
3. Board Action
Board motion. Motions may take any number of forms. Motions are generally used to approve (with or without conditions), deny, or continue
agenda item to a later date (generally in order to obtain additional information).
Board discussion. This is undertaken entirely by members of the board. Members of the public or city staff participate only if called upon
by the Chair.
Board action (the vote). An affirmative vote of at least three members of the board is required to pass a motion approving any action.
MATTERS FROM THE ENVIRONMENTAL ADVISORYBOARD, CITY MANAGER, AND CITY ATTORNEY
Any Environmental Advisory Board member, City Manager, or the City Attorney may introduce before the board matters which are not included in the
formal agenda.
ADJOURNMENT
The board's goal is that regular meetings adjourn by 8 p.m. Agenda items will not be commenced after 8 p.m. except by majority vote of board members
present.
*The Chair may lengthen or shorten the time allotted as appropriate. If the allotted time is exceeded, the Chair may request that the speaker conclude his or her comments.
CITY OF BOULDER, COLORADO
BOARDS AND COMMISSIONS MEETING SUMMARY
NAME OF BOARD/COMMISSION:
Environmental Advisory Board
DATE OF MEETING:
June 4, 2014
NAME/TELEPHONE OF PERSON PREPARING SUMMARY:
Juliet Bonnell,
303-441-1931
NAMES OF MEMBERS, STAFF AND INVITED GUESTS PRESENT:
Environmental Advisory Board Members Present:
Mara Abbott, Tim Hillman, Larissa Read,
Stephen Morgan, and Morgan Lommele.
Staff Members Present:
Brett KenCairn and Juliet Bonnell
MEETING SUMMARY:
The board appreciated being informed about upcoming agenda topics ahead of time and
agreed to ask specific questions on topics prior to board meetings so that staff can arrive
prepared with answers.
The board agreed to follow up with other boards regarding old business whenever there
are relevant topics to discuss.
The board agreed to stay on top of things and bring items up to board members and staff
as necessary.
EAB members agreed to forward emails with relevant topic information to keep each
other apprised of current activities.
The board emphasized the importance of public involvement and feedback and ensuring
that feedback is heard.
S. Morgan
felt more public involvement is needed from the business community while
considering whether and how to mandate commercial recycling. He thought this should
be encouraged through incentives and not regressive.
1. CALL TO ORDER
M. Abbott
The Environmental Advisory Board Chair declared a quorum and the meeting was
called to order at 6:07 p.m.
2. APPROVAL OF MINUTES
T. Hillman, L. Read
On a motion byseconded by, the Environmental Advisory Board approved
(5-0) the May 14, 2014 meeting minutes.
3. PUBLIC PARTICIPATION
Hillary Collins
of Boulder County’s Sustainability Office introduced herself to the board. She
will be attending EAB meetings moving forward and can act as a link to the county’s Resource
Conservation Advisory Board. She’s currently working with LEAD and providing input on the
ZWSP. She supported the city’s approach to meeting zero waste goals so far. She noted that the
commercial recycling recommendation makes sense and relates to the county’s desire to expand
its recycling center.
4. DISCUSSION ITEMS
A. Mid-year check in
The board reviewed their original 2014 Focus areas and reflected on how the first half of the year
has gone and discussed how they would like the remainder of the year to progress.
Board coordination
EAB agreed that relevant topics are important for them to track as well as how these topics might
correlate with other boards’ agendas. It was mentioned that while tracking local food board
members might want to look at Planning Board, OSMP, and Water Resource Advisory Board
agendas.
S. Morgan
noted that he supports green energy, but he feels that regressive taxes are preventing
homes from being affordable. He asked how to ensure that this interdisciplinary issue be
addressed and asked for help determining what the appropriate venue for discussing this issue
would be so it can be heard by a group that has the authority to effect change.
B. KenCairnS. Morgan
responded that this would be a good topic for to bring up to City
Council at a meeting.
The board agreed that they should make full use of the Old Business/Updates section of their
agenda to check in and ensure that the board is aware of relevant issues and informed on how
they are being addressed.
Waste Reduction
The board felt this topic was being handled very well by staff and appreciated Eco-Cycle’s
presentations to the board on this topic.
Business and corporate recycling
S. Morgan
felt that the business community (Chamber of Commerce) hasn’t been involved in
this conversation and process enough. He supports requiring commercial recycling, but does not
support the proposed approach.
Staff is beginning outreach to the community including the business community over the
S. Morgan
summer. An update will be provided to the board in September. In the meantime,
will draft specific questions about this issue for staff to respond to prior to their July Study
Session with City Council. EAB will be sent the ZWSP CC SS memo when it is available in
July.
The board discussed the importance of tracking issues that are important to them and following
whether their recommendations have been implemented. If their recommendations have not been
implemented, then the board should begin tracking the effectiveness of the strategy that has been
implemented.
B. KenCairn
Any additional requests for information from the board can be given to who will
follow up with appropriate staff to gather the information requested.
Climate Commitment
The board felt they’ve been well informed on this topic.
B. KenCairn
responded that the board has been providing valuable feedback on this issue. The
strategy that should be employed will be different depending on whether or not Boulder
municipalizes, so it’s difficult to plan ahead too far with a climate strategy. He noted that there
hasn’t been enough clarity internally and alignment to gather substantial feedback yet. Energy
Future has begun to merge with Climate Commitment again and because climate is an energy
issue this shift in direction will help.
Environmental Effects from the Flood
L. Read
The board requested an update on this topic which has been scheduled for November 5.
will put together some questions for the flood staff experts to help them prepare for the meeting.
Public understanding and engagement in meeting emissions targets:
This is such a nebulous topic and staff is not sure whether it will still be discussed in terms of
emissions. Staff needs to better clarify the correct measurements for our new energy system. The
metric of success could shift to the amount of energy coming from renewable energy sources.
Low-carbon economic development needs to be a focus.
The board can provide valuable feedback on the focus of the message to the community and
B. KenCairn
determining what people are really looking for. noted that once we are internally
aligned this will be a social and technological change that needs to move forward quickly and
significantly. He requested that the board remain engaged in this issue and be thinking about
public engagement strategies.
5. PUBLIC HEARING ITEMS
6. OLD BUSINESS/UPDATES
A. Recap of Camera Op-Ed process
M. Lommele
noted that it was an easy process and the board should consider writing Op-Eds
more often.
L. Read
liked that the Op-Ed included lots of facts as well as information about the board.
7. MATTERS FROM THE ENVIRONMENTAL ADVISORY BOARD, CITY
MANAGER, AND CITY ATTORNEY
Regarding the ash trees that were cut down on near West Pearl, EAB suggested that staff better
inform the public that tree removals are planned and the reasons why in order to minimize
uninformed public outcry.
M. LommeleK. Alexander
recommended write a letter to the editor in response to public
outcry about the removal of ash trees to highlight the research that is being done on this in a very
succinct, effective way. The board suggested that staff emphasize that there will be mortality in
these trees but they’re being managed in a way designed to keep the aesthetic qualities of our
community’s street trees. The goal is to restore natural balance and make our trees less
vulnerable and more resilient.
L. Read
mentioned that the city’s Emerald Ash Borer website is a helpful resource. She also
suggested that the fall leaf and mulch drop event could be used as an opportunity to increase
public awareness of Emerald Ash Borer.
8. DEBRIEF MEETING/CALENDAR CHECK
9. ADJOURNMENT
Environmental Advisory Board adjourned at 7:32 p.m.
Approved:
_________________________________________________________
Chair Date
MEMORANDUM
To:EnvironmentalAdvisoryBoard
From:OpenSpaceandMountainParksDepartment
LaurenKolb,AgriculturalResourceSpecialist
Date:June25,2014
Subject:LocalFoods
ThepurposeofthisagendaitemistoupdatetheEnvironmentalAdvisoryBoardonlocalfoodsefforts
takingplacewithintheCityofŽƵůĚĞƌ͛ƐOpenSpaceandMountainDepartment.Theseeffortsare
focusedinthreemainsareas:
1.Identifyingparcelssuitablefordiversifiedvegetableproductionandgettingthemreadyfor
lease;
2.Workingwithourexistingtenantstoincreaselocalsaleandconsumptionofmeatandgrains
producedonOpenSpace;and
3.ImprovingeducationandoutreacheffortssurroundingagricultureandOpenSpace.
BACKGROUND
and
Aspartofitschartermissiontopreservelandagriculturaluse,theCityofŽƵůĚĞƌ͛ƐOpenSpace
MountainParks(OSMP)Departmentisleasing15,000acrestolocalfarmersandranchersfor
agriculturalproduction.Thislandispredominantlyusedinsupportofcowcalfoperations,as80%of
theOSMPlandbaseissuitableonlyforseasonalgrazing,duetorestrictionsinsoiltypeandwater
availability.In2011,OSMPstartedleasinga7acrepropertyfordiversifiedorganicvegetable
productiontoCureOrganicFarm.In2012,BlackCatFarmbecameournextdiversifiedvegetable
tenant,leasingthe48acreLousbergproperty,wheretheygrazesheepandhavebegungrowing
asparagusforwholesale,theĨĂƌŵĞƌƐ͛market,theirrestaurants,andtheirCSAmembers.In2014,38
acresoftheMcKenziepropertywasleasedtoDewFarmsfor8acresofdiversifiedorganicvegetable
production,withperennialfruits,haying,andgrazingontheremainder.
ANALYSIS
AswelookforwardtoconvertingmoreOpenSpacepropertytodiversifiedvegetableproduction,
selectingappropriatepropertiesisoftheutmostimportancetoensuringthesuccessofnewtenants.
Notonlywillthesepotentialpropertiesneedappropriatesoiltypesandadequateseasonlongwater
rights,wearealsolookingforpropertiesthathaveexistingbuildingenvelopes.Theabilitytowash
andrefrigeratevegetablesimmediatelyafterharvestisnecessaryfortheseoperations,asisaccessto
outbuildingstohouseequipment,supplies,andanimals.Currentvegetableproducingtenantseither
haveadjacentprivatelyownedparcelswiththisinfrastructure,oraredrivingtheirproduceofffarm
significantdistancesforwashing,cooling,andsale.Livingonfarmorclosetothefarmingoperation
wouldbeidealforthesetenants,especiallywhenlivestockarepresent,toimmediatelyaddress
concernsrelatingtoirrigation,weather,andanimalhusbandry.
Wehaveidentifiedtwopromisingparcelsthatfit
allofthecriteriawearelookingforinproperties
appropriatefordiversifiedvegetableproduction;
however,thehousesonthesepropertiesare
currentlynotsuitableforhabitation.
Ourfirststeptowardsconvertingtheseproperties
istocompleteanhistoricstructureassessment
(HSA).TheHunterKolbhouse,locatedonthe
th
northeastcornerofArapahoeand75,wasbuilt
in1910.TheHSAforthishomewascompletedin
MaybytheUniversityofColoradoĞŶǀĞƌ͛Ɛ
CenterofPreservationResearch.The
preservationplanidentified$300,000worthof
fixesandupgradestobringthehouseuptocode
andmakeithabitableagain.TheHartnagle
house,locatedonthenorthsideofValmontRoad
thth
between75and95,shouldhaveitsHSA
completedthirdquarter2014.
Theinformationfromtheseassessmentswill
allowstafftoprioritizerehabilitationbasedon
urgencyoftherenovationsneededandallowstafftobudgetinourworkplansforthetotal
renovationamount.Whenthesetwobuildingsarecompleted,eachpropertywillhaveafarmhouse,
surroundingacreage,andoutbuildingsforleaseasapackage.
OSMPAgriculturalResourceandPlanningstaffisworkingonanAgriculturalPlan,tobecompletedby
theendoffirstquarter2015.TheAgriculturalPlanwillformalizetheidentificationprocessfor
asidentifyareasthatshouldbe
parcelsappropriatefordiversifiedvegetableproduction,aswell
prioritizedforacquisitionforthesamepurpose.
Oureffortshavealsobeenfocusedonhavingexistingtenantsshiftmoreoftheirsalestolocal
markets.Whilemanyofourtenantssellafewheadofcattletofriendsandfamilyandmarkettheir
haylocally,mostofthecattleandgrainsproducedonOpenSpacearesoldtobefinishedand
processedelsewhere.SomeofthemeatandgrainsmakeitbacktoBoulder,butithasinevitablylost
thedistinctionofbeingproducedinBoulderandspecificallyonOpenSpace.Toaddressthisproblem,
OSMPpartneredwithBoulderCountyParksandOpenSpacetosubmitaproposaltotheh^͛ƐRural
BusinessEnterpriseGrantprogramtoperformafeasibilitystudyofaBoulderCountyMeatMarketing
Cooperative.SeveralofourproducersareontheSteeringCommitteeforthisgrantandhavebegun
reachingouttolocalnichesupermarketstoselltheirbeef.
Simultaneously,weareworkingwithindividualproducerstofindbuyersandmarketsfortheirlocal
grains,eitherwithprocessorsthatareinterestedinalocalproductorintheGMOfreestatusofthe
grains.Wewillcontinuetopartnerwithothergovernmentalagencies,processors,nonprofits,and
tradeorganizationstolookforwaystoincreasethecapacityofourgrowerstofindlocalmarketsand
realizealargershareofthefooddollar.
OpenSpaceandMountainParksagriculturalresource
staffarealsoworkingwithoutreachstafftoimprove
educationabouttheagriculturalactivitiestakingplaceon
OpenSpaceandconnectthepublicwiththisfacetofland
use.Theseeffortshavetakenavarietyofforms,from
establishinganediblelandscapeattheRangerCottageat
Chautauquatohostingvolunteerprojectsonthe
vegetablefarmsthatletvolunteersgettheirhandsdirty
plantingandharvesting.Thesevolunteerprojectshave
beenadeparturefromthetypicalfencemendingand
ditchcleaningprojectsheldinthepast.However,they
havebeenimmenselypopularwithboththevolunteers
andthefarmersthemselves,providinganopportunityfor
thecommunitytoconnectwithlocalgrowersandtosee
thechallengesoffarmingfirsthand.
OSMPagriculturalstaffhascreatedanewsetof
educationalmaterialsfortheOSMPtentattheĨĂƌŵĞƌƐ͛
markettoletattendeesknowthatOpenSpacepreserves
landnotonlyforwildlife
habitatandrecreation,butalsoforagriculture.Aseriesofsignswere
createdtoinformthepublicaboutwhichfarmersareproducingonCity
ofBoulderOpenSpace.
OSMPstaffpartneredwith
BlackCatFarmtobringfour
lambstoaSaturday
marketattheend
ĨĂƌŵĞƌƐ͛
ofMaytohelpillustratethis
point.Thedaywasahuge
success,withwellover1,200peoplestoppingbythe
OpenSpacetenttopetandfeedthelambsandtalkwith
EducationandOutreachstaffaboutagricultureandOpen
Space.Basedonthepopularityofthisevent,wewill
continueworkingtofindwaystotalkaboutlocalfoods,
agriculture,andOpenSpaceinwaysthatareboth
informativeandinteractive.
CITY OF BOULDER
ENVIRONMENTAL ADVISORY BOARD
MEMORANDUM
MEETING DATE:
June 25, 2014
From
: Tracy Winfree, Director of Public Works for Transportation
Michael Gardner-Sweeney, Transportation Planning and Operations Coordinator
Kathleen Bracke, GO Boulder Manager
Chris Hagelin, Senior Transportation Planner
Micki Kaplan, Senior Transportation Planner
Marni Ratzel, Senior Transportation Planner
Randall Rutsch, Senior Transportation Planner
Subject
: Board Review and Comment on the draft TMP Update Plan document
EXECUTIVE SUMMARY
This agenda item brings to the Environmental Advisory Board the draft of the Transportation Master
Plan (TMP), reflecting the technical work, input from boards and advisory committees, and the public
Attachment A
engagement process of the last 18 months. The draft TMP is included in .
The TMP update process started with a Policy Review Phase showing the policy foundation of the 2008
TMP is sound, though there is need for refinement and for the community to accelerate the rate of
change to achieve mode shift targets. The Climate Commitment increases the challenge to meet
community goals and increases the need for mode shift and for reducing vehicle miles of travel (VMT).
So while the policy direction of the TMP remains sound and has shown significant results, refinements
in the five Council identified Focus Areas will help meet the TMP and Climate Commitment goals as
well as the city-wide Sustainability Framework goals. This work has been supported by a robust public
outreach effort, including traditional approaches as well as a strong push in social media and digital
formats. Significant changes reflected in this draft TMP include:
Integrating the living lab approach to test Walk and Bike Innovations to enhance safety and
comfort for people of all ages and stages of life;
Presenting the Renewed Vision for Transit, including service, capital and programmatic
elements as well as implementation components and policies for transit investment;
Continuing to strengthen and build regional partnerships to complete the US36 Bus Rapid
Transit (BRT) and bikeway system as well as to advance the regional arterial BRT corridors
Northwest Area Mobility Study (NAMS);
Continuing collaboration with Boulder County and RTD to explore opportunities for
community-wide Eco Pass program;
Integrating the Transportation Demand Management (TDM) Toolkit with the Access
Management and Parking Strategy (AMPS) work;
Developing new Neighborhood Accessibility (a.k.a. 15 minute neighborhood) and Low Stress
Bike Network GIS tools for on-going assessment and continuous improvement of walking and
biking systems throughout Boulder;
Integrating the TMP update with city-wide planning initiatives such as Envision East Arapahoe,
Civic Area, Comprehensive Housing Strategy, North Boulder Subcommunity Plan update, and
AMPS; and,
Incorporating the Climate Commitment Travel Wise greenhouse gas analysis into the
measureable objectives of the TMP with corresponding reductions in the targets for VMT and
reduction in single occupant vehicle (SOV) mode share.
As with all city master plans, the Transportation Master Plan takes its overall policy direction from the
Boulder Valley Comprehensive Plan (BVCP) and with this update is responding to the BVCP
Sustainability Framework and the Climate Commitment. The Environmental Advisory Board has been a
participant in shaping this plan through the multi board workshops that have been part of the integrated
planning process.
Staff continues to move forward with the TMP update process and an expanded public outreach process
on the draft plan. Social media continues to be a significant engagement tool and a public open house
was held on Wed., May 28 at the Boulder Museum of Contemporary Art during the Boulder Farmers
Market. In addition, staff continues to actively work on a number of other efforts in collaboration with
city-wide planning and sustainability initiatives.
ENVIRONMENTAL ADVISORY BOARD ACTION REQUESTED
Staff requests review and input on the draft TMP update document and comments, and/or
recommendations on the draft TMP document to City Council. As this is a draft document, the
opportunity remains for modifications to the TMP update document as it moves to Council on July 22,
2014.
COMMUNITY SUSTAINABILITY ASSESSMENTS AND IMPACTS
Economic:
Transportation costs are a significant portion of household expenses and important to
business competitiveness and employee retention. Enhancing the travel options available to residents
and employees supports more sustainable travel behavior, the movement of goods and people essential
to the local economy and retains wealth in the community. Providing regional transit and bike options is
a particularly important option for in-commuters as it provides alternatives to long distance single-
occupant vehicle (SOV) travel and increases access to jobs for low and moderate income families.
Completing the walk, bike and transit systems and supporting their use with effective TDM programs
economy.
Environmental:
Achieving the TMP objectives of reducing single occupant vehicle (SOV) travel,
reducing congestion and air pollution emissions including greenhouse gases have direct environmental
benefits. Transit has the potential to replace mid and long distance SOV trips and lead to significant
greenhouse gas (GHG) emission reductions. Biking and walking are zero emission transportation
options reducing GHG pollution, with TDM programs key to reducing the number of trips made by cars.
Social:
Enhanced travel options improve access for all community members. Improved transit access is
particularly important to seniors, people with low incomes and people with disabilities. Recent research
shows that transit riders tend to walk more and be healthier than auto commuters while neighborhood
accessibility is an increasing focus related to public health for both children and adults. Increased
walking and biking by all segments of the community will contribute to a healthier population. The
increased focus on transit, accessibility and TDM will have multiple benefits to the community,
including expanding modal choice for those with low-income, older adults and children.
OTHER IMPACTS
2013-14 budgets.
Staff time: Staff resources for this project have been funded and included in the 2013-14 budgets.
BACKGROUND
The TMP exists within the broader context of the Boulder Valley Comprehensive Plan (BVCP), the
. The resulting transportation system is
expected to support the sustainability and quality of life goals set by the community. The TMP was first
adopted in 1989 as the city's long-range blueprint for travel and mobility throughout Boulder. As a
mature plan, the TMP reflects more than 20 years of consistent policy direction and documented results.
This update was initiated with a Policy Review based on the 2012 Transportation Report on Progress
(https://www-static.bouldercolorado.gov/docs/transportation-report-on-progress-2012-1-
201305291118.pdf ), a public phone transportation survey, employee survey, cross departmental
interviews, Transportation Advisory Board (TAB) and expert panel input. Based on this review, the
o produce positive results and has strong community support but
could benefit from refinement. The Policy Review phase results were presented to council in August and
September 2012. City Council agreed with these results and directed that the work program be guided
by the following:
Maintain the existing four TMP Focus Areas with the following emphasis:
Complete Streets, (formerly Multimodal Corridors): rename, address transit system
R
planning, explore bike and pedestrian innovations;
Regional Travel: continue the existing approach with a focus on US 36, the Northwest
R
Area Mobility Study and other regional connections;
Transportation Demand Management (TDM): explore community-wide Eco Pass and
R
develop TDM packages for development review;
Funding: diversify transportation funding options and explore opportunities for
R
additional funding to support on-going basic operations and maintenance needs as well as
capital funding to achieve TMP goals.
cus Area.
Add three new measurable objectives of Safety, Neighborhood Accessibility, and Vehicle Miles
Traveled (VMT) Per Capita for residents and in-commuters.
The resulting work program was approved and supported by City Council in 2013-14 and this direction
has been carried through in the work done in the update on the five Focus Areas.
Council received an Information Packet item on progress with the TMP update and other city
sustainability efforts on Feb. 18, 2014 and held a study session on the major building blocks of the TMP
update on April 29, 2014. The Study Session memo can be found at
https://documents.bouldercolorado.gov/WebLink8/0/doc/125299/Electronic.aspx and the Study Session
summary is on the Council agenda for June 17, 2014 and can be viewed at
https://www-static.bouldercolorado.gov/docs/20140617_Final_Packet_Electronic-1-201406121544.pdf .
STAFF ANALYSIS
The draft TMP document represents the summary results of technical work since the beginning of 2013
and continuing through June 2014. The draft TMP document maintains some material from the existing
document as well as reflecting all the work done in the update. It has been extensively reorganized to
reflect more of an action based plan format, highlighting the five Focus Areas and with the measurable
objectives having a more prominent role. Data, funding forecasts and the project costs have been
updated to reflect current information.
The TMP document is supported by an extensive set of appendices and supporting materials
documenting varying aspects of the technical work and process. These appendices are available on the
TMP Web site at www.BoulderTMP.net and include the following:
2012 Transportation Master Plan Policy Review
Transit State of the System Report
Renewed Vision for Transit: Transit Analysis Report
Transit Modal Plan
Communitywide Eco Pass Feasibility Study
Complete Streets Open House - December 9, 2013
BMOCA Public Open House April 28, 2014
2014 Walk Bike Summit Summary
Transportation Master Plan: Summary of Community Engagement
In addition, an updated version of the Map It application will allow users to view and query the existing
transportation system, the proposed modal systems and all the individual projects contained in the
investment programs of the TMP. As described in the Apr. 29, 2014 Study Session memo, these have
been reviewed and updated as part of the update process.
TMP UPDATE - COMMUNITY OUTREACH
The TMP update community engagement process began in March 2013 with the formation of transit and
bike/walk advisory committees made up of community members and agency partners; as well as the
Mar. 9, 2013 open house held in conjunction with the Smart Growth America Cool Planning workshop.
Numerous events integrating the city-wide planning initiatives have been conducted throughout the
TMP update process emphasizing the inter-connections of transportation, land use, urban design,
housing, parking/access management, and climate. These events include several public open houses and
joint board workshops with TAB, Planning Board, Environmental Advisory Board, and District Boards.
Attachment B
The draft summary of the April Joint Board workshop is included at . The TAB has been
the host for the TMP update process and has been engaged with the technical material on a monthly
basis for the duration of the process.
For the first time, this planning effort included an extensive social medial presence and the use of new
Web based tools such as Inspire Boulder and the Design Your Transit System Tool. The survey
associated with Design Your Transit System Tool had more than 1,500 responses. Over 400 community
members agreed to be part of the TMP community feedback panel and over 15,000 persons have visited
the Inspire Boulder site. These tools have the advantage of reaching different and more diverse
populations when combined with the traditional approaches of print media, open houses and board
meetings. T
plans. As was noted in the April 29, 2014 council study session memo, a reinvigorated public outreach
effort is underway to share the draft outcomes of the TMP update with the community, including a series
of new topics on the Inspire Boulder website. Update materials and the TMP video -
http://vimeo.com/65935689, are on the TMP update Web page and featured in the Public Outreach
Summary Report -https://www-static.bouldercolorado.gov/docs/transportation-master-plan-summary-
community-engagement-1-201404241141.pdf.
BOARD ACTION REQUESTED
The Environmental Advisory Board is asked to review and comment on the draft TMP update document
and BVCP TMP summary, and make a formal recommendation to City Council relative to acceptance of
the draft TMP.
NEXT STEPS
The TMP update is still a draft document with opportunity for modification and will be refined based on
comments from the Board. The TMP update is scheduled for consideration for acceptance by Council on
July 22, 2014.
Attachments:
A.2014 Draft Transportation Master Pan
B.April Joint Board Workshop Meeting Summary
Attachment A
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Approved by City Council Month ##, 2014
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VIWYPXMRKXVERWTSVXEXMSRW]WXIQI\TIGXIHXSWYTTSVX
VIWYPXMRKXVERWTSVXEXMSRW]WXIQI\TIGXIHXSWYTTSVXVIWYPXMRKXVERWTSVXEXMSRW]WXIQI\TIGXIHXSWYTTSVX
XVEGOWXLIHIWMVIH
8LIZMWMSRTVSKVEQ
XLIWYWXEMREFMPMX]ERHUYEPMX]SJPMJIKSEPWWIXF]XLI
XLIWYWXEMREFMPMX]ERHUYEPMX]SJPMJIKSEPWWIXF]XLIXLIWYWXEMREFMPMX]ERHUYEPMX]SJPMJIKSEPWWIXF]XLI
FYMPHSYXSJXLIGSQTPIXIQYPXMQSHEP
FYMPHSYXSJXLIGSQTPIXIQYPXMQSHEPFYMPHSYXSJXLIGSQTPIXIQYPXMQSHEP
XLIGSQQYRMX]vWGYVVIRX'PMQEXI'SQQMXQIRXKSEP
XLIGSQQYRMX]vWGYVVIRX'PMQEXI'SQQMXQIRXKSEPXLIGSQQYRMX]vWGYVVIRX'PMQEXI'SQQMXQIRXKSEP
8LI 'SQTPIXI7XVIIXWMRZIWXQIRXTVSKVEQ
8LI 'SQTPIXI7XVIIXWMRZIWXQIRXTVSKVEQ8LI 'SQTPIXI7XVIIXWMRZIWXQIRXTVSKVEQ
SJER VIHYGXMSRMRKVIIRLSYWIKEWIQMWWMSRW
8LI 'SQTPIXI7XVIIXWMRZIWXQIRXTVSKVEQ8LI 'SQTPIXI7XVIIXWMRZIWXQIRXTVSKVEQ
HIZIPSTIHXSMQTVSZIGSRRIGXMSRWXLVSYKLSYXXLI
HIZIPSTIHXSMQTVSZIGSRRIGXMSRWXLVSYKLSYXXLIHIZIPSTIHXSMQTVSZIGSRRIGXMSRWXLVSYKLSYXXLIHIZIPSTIHXSMQTVSZIGSRRIGXMSRWXLVSYKLSYXXLIHIZIPSTIHXSMQTVSZIGSRRIGXMSRWXLVSYKLSYXXLI
F]8LI7YWXEMREFMPMX]*VEQI[SVOSJXLI
GSQQYRMX]MRVIWTSRWIXSXLI6IKMSREP8VERWTSVXE
GSQQYRMX]MRVIWTSRWIXSXLI6IKMSREP8VERWTSVXEGSQQYRMX]MRVIWTSRWIXSXLI6IKMSREP8VERWTSVXE
&:'4LEWFIIRYWIHXSIZEPYEXISTXMSRWJSVXLITPER
XMSR(MWXVMGX
68(
*EW8VEGOW4VSKVEQJSVVIKMSREP
XMSR(MWXVMGX
68(
*EW8VEGOW4VSKVEQJSVVIKMSREPXMSR(MWXVMGX
68(
*EW8VEGOW4VSKVEQJSVVIKMSREP
ERHXSMRXIKVEXI814EGXMSRW[MXLSXLIVGMX]WYWXEMR
XVERWMXMQTVSZIQIRXWLEWFIIRMRXIKVEXIHMRXSXLI
XVERWMXMQTVSZIQIRXWLEWFIIRMRXIKVEXIHMRXSXLIXVERWMXMQTVSZIQIRXWLEWFIIRMRXIKVEXIHMRXSXLI
XVERWMXMQTVSZIQIRXWLEWFIIRMRXIKVEXIHMRXSXLIXVERWMXMQTVSZIQIRXWLEWFIIRMRXIKVEXIHMRXSXLI
XLVIIWXERHEVHMRZIWXQIRXTVSKVEQW
XLVIIWXERHEVHMRZIWXQIRXTVSKVEQWXLVIIWXERHEVHMRZIWXQIRXTVSKVEQWXLVIIWXERHEVHMRZIWXQIRXTVSKVEQW
814
8VERWTSVXEXMSR1EWXIV4PER
1ENSVXVERWTSVXEXMSRJYRHMRKMQTVSZIQIRXW
MRGPYHMRKEPPQSHIW{
[MPPFYMPHGSQTPIXIWXVIIXW
TIHIWXVMERFMG]GPIXVERWMXERHEYXSQSFMPI
ERH
MQTPIQIRXIHF]TVMSVMXM^IHQYPXMQSHEPGSVVMHSV
[MXLXLIGLEPPIRKIXSEGGSQTPMWL
WIKQIRX;MXLMRGVIEWMRKP]PMQMXIHVIZIRYIWXLI
E QSHIWLMJXE[E]JVSQXLI
GMX][MPPQEOIWXVEXIKMGMQTVSZIQIRXWGSRWMWXIRX
WMRKPISGGYTERXZILMGPI8LI
[MXLXLITVMSVMXMIWSJXLIMRZIWXQIRXTVSKVEQW
&SYPHIVGSQQYRMX]LEWEHZERGIH
%GSQTPIXIERHWEJIFMG]GPIW]WXIQ[MPPGSR
XLEXKSEP[MXLQSVIXLER]IEVW
RIGXHIWXMREXMSRW[MXLMRXLIGSQQYRMX]ERHXLI
SJGSRWMWXIRXTSPMG]HMVIGXMSRERH
8LMWW]WXIQ[MPPFIIRLERGIHXS
VIKMSREPW]WXIQ
IRGSYVEKIYWIF]EPPX]TIWSJVMHIVWJSVEZEVMIX]
SJXVMTTYVTSWIW
8LI8VERWTSVXEXMSR(IQERH1EREKIQIRX8LI8VERWTSVXEXMSR(IQERH1EREKIQIRX8LI8VERWTSVXEXMSR(IQERH1EREKIQIRX
8144SPMG])ZSPYXMSR
FYMPHWSRI\MWXMRKGMX][MHI
8(1
TVSKVEQ
8(1
TVSKVEQ
8LMWZIVWMSRSJXLI814FYMPHWSRXLITSPMGMIWERH
HMVIGXMSRWGSRXEMRIHMRXLI ERH
8VERWTSVXEXMSR1EREKIQIRX3VKERM^EXMSRW
8VERWTSVXEXMSR1EREKIQIRX3VKERM^EXMSRW8VERWTSVXEXMSR1EREKIQIRX3VKERM^EXMSRW
ZIVWMSRWSJXLI814/I]GSRGITXWHIZIPSTIHXLVSYKL
XLIWIYTHEXIWEVI
WLSYPHTVSHYGIGSRXMRYSYWMQTVSZIQIRXMREPP
WLSYPHTVSHYGIGSRXMRYSYWMQTVSZIQIRXMREPPWLSYPHTVSHYGIGSRXMRYSYWMQTVSZIQIRXMREPP
TEVXWSJXLIGSQQYRMX]XS[EVHXLIGMX]vWXVERW
TEVXWSJXLIGSQQYRMX]XS[EVHXLIGMX]vWXVERWTEVXWSJXLIGSQQYRMX]XS[EVHXLIGMX]vWXVERW
ERH
;EPOMRKMWXLIJYRHEQIRXEP[E]XSXVEZIP
TEVXWSJXLIGSQQYRMX]XS[EVHXLIGMX]vWXVERWTEVXWSJXLIGSQQYRMX]XS[EVHXLIGMX]vWXVERW
TSVXEXMSRERH'PMQEXI'SQQMXQIRXKSEPW
TSVXEXMSRERH'PMQEXI'SQQMXQIRXKSEPWTSVXEXMSRERH'PMQEXI'SQQMXQIRXKSEPWTSVXEXMSRERH'PMQEXI'SQQMXQIRXKSEPW
GSRRIGXWXVEZIPF]EPPSXLIVQSHIW8LIGMX][MPP
TVMSVMXM^IERHWYTTSVXTIHIWXVMERXVEZIPEWXLI
MWEQSHIP
8LI8VERWMX:MPPEKI%VIE4PER
8:%4
8LI8VERWMX:MPPEKI%VIE4PER
8:%4
8LI8VERWMX:MPPEKI%VIE4PER
8:%4
8LI8VERWMX:MPPEKI%VIE4PER
8:%4
TVMQEV]QSHIXLVSYKLSYXXLIGSQQYRMX]ERH
JSVGSQTVILIRWMZI8(1ERHTEVOMRKQEREKI
JSVGSQTVILIRWMZI8(1ERHTEVOMRKQEREKIJSVGSQTVILIRWMZI8(1ERHTEVOMRKQEREKI
IRWYVIEHIUYEXIGSRRIGXMSRWXSTYFPMGXVERWMX
[LMPIEPPS[MRKVIHIZIPSTQIRXXSGVIEXIRI[
[LMPIEPPS[MRKVIHIZIPSTQIRXXSGVIEXIRI[
8LIWXVIIXRIX[SVOMWXLITVMQEV]MRJVEWXVYG
RIMKLFSVLSSHWXLEXQIIXXLIRIIHWERHHIWMVIW
RIMKLFSVLSSHWXLEXQIIXXLIRIIHWERHHIWMVIW
-XMWE
XYVIYRMXMRKXLIJEFVMGSJXLIGSQQYRMX]
SJXLIGSQQYRMX]
OI]TYFPMGWTEGIERHGVMXMGEPEWWIXXSGSQQYRMX]
TPEGIQEOMRK-X[MPPFI[IPPQEMRXEMRIHERH
8VERWTSVXEXMSRMQTVSZIQIRXW[MPPIQTLEWM^I
IRHSVWIHF]'MX]
XLII\MWXMRKW]WXIQJSVEPPQSHIWSJXVEZIP
'SQTPIXI7XVIIXW6IKMSREP'SRRIGXMSRW
8LIGMX][MPPQEMRXEMRERHWYTTSVXXLIGYV
8VERWTSVXEXMSR(IQERH1EREKIQIRX*YRHMRK
ERH
VIRX'SQQYRMX]8VERWMX2IX[SVO
'82
ERH-RXIKVEXMSR[MXL7YWXEMREFMPMX]-RMXMEXMZIW
MRGVIQIRXEPP]I\TERHXLIFYWW]WXIQ8LIFYW
W]WXIQ[MPPFIWYTTSVXIHF]WXVEXIKMGMRZIWXQIRX
8LI814[MPPGSRXEMRTVMSVMXM^IHMRZIWXQIRX
MRQSFMPMX]STXMSRWJSVSPHIVEHYPXWERHXLSWI
TVSKVEQWERHEPMWXSJTVSNIGXWXSGSQTPIXIEPP
[MXLHMWEFMPMXMIWXLIXEVKIXIHI\TERWMSRSJXVERWMX
'SWXIWXMQEXIW[MPPFITIVMSHM
QSHEPW]WXIQW
TEWWTVSKVEQWPERHYWIGLERKIWERHTIHIWXVMER
SVMIRXIHHIWMKRWIEQPIWWGSRRIGXMSRWXSSXLIV
GSWXSJGSRWXVYGXMSRQEXIVMEPW
JSVQWSJXVEZIPERHLMKLUYEPMX]XVERWMXWXSTW
814
8VERWTSVXEXMSR1EWXIV4PER
8LIGMX] W7YWXEMREFMPMX]*VEQI[SVOYWIWWIZIRFVSEHGEXIKSVMIWEWHIWMVIHGSQQYRMX]SYXGSQIWRIGIWWEV]
JSV&SYPHIVvWZMWMSRSJEKVIEXGSQQYRMX]8LIWIGEXIKSVMIWLIPTXLIGMX]TVSZMHIWIVZMGII\GIPPIRGIEGVSWW
HITEVXQIRXWERHFYMPHXS[EVHERMRWTMVIHJYXYVI
+SSH
+SZIVRERGI
)GSRSQMGEPP]0MZEFPI
:MXEP'SQQYRMX]'SQQYRMXMIW
814
7EJI%GGIWWMFPI
'SQQYRMX]'SRRIGXIH
'SQQYRMX]
)RZMVSRQIRXEPP],IEPXL]ERH
7YWXEMREFPI7SGMEPP]8LVMZMRK
'SQQYRMX]'SQQYRMX]
'SRXI\XSJXLMW814
8LMW814WXEVXIH[MXLETSPMG]VIZMI[TLEWI[LMGLEWWIWWIHTVSKVIWWYRHIVXLITPERWMRGIERHTVSZMHIH
8LMW814WXEVXIH[MXLETSPMG]VIZMI[TLEWI[LMGLEWWIWWIHTVSKVIWWYRHIVXLITPERWMRGIERHTVSZMHIH
'MX]'SYRGMPHMVIGXMSRSRXLI[SVOEVIEWJSVXLITPER'SYRGMPWYTTSVXIHVIXEMRMRKXLITVIZMSYWJSYV*SGYW
'MX]'SYRGMPHMVIGXMSRSRXLI[SVOEVIEWJSVXLITPER'SYRGMPWYTTSVXIHVIXEMRMRKXLITVIZMSYWJSYV*SGYW
%VIEW
'SQTPIXI7XVIIXW6IKMSREP8VEZIP8VERWTSVXEXMSR(IQERH1EREKIQIRXERH*YRHMRK
[LMPIEHHMRKE
%VIEW
'SQTPIXI7XVIIXW6IKMSREP8VEZIP8VERWTSVXEXMSR(IQERH1EREKIQIRXERH*YRHMRK
[LMPIEHHMRKE
RI[SRIJSV7YWXEMREFMPMX]2I[XSXLIGSRXI\XSJXLMWTPERMWXLI7YWXEMREFMPMX]*VEQI[SVOJSGYWSJXLI
&SYPHIV:EPPI]'SQTVILIRWMZI4PER
&:'4
'SYRGMPTVSZMHIHHMVIGXMSRXSMRXIKVEXIERHGSSVHMREXITPERRMRK
SVKERM^MRKERHIZEPYEXMSRWXVYGXYVIJSVXLMW[SVO
8LMW814EPWSVIGSKRM^IWXLIGMX]vWGYVVIRX'PMQEXI'SQQMXQIRXSJER VIHYGXMSRMRKVIIRLSYWIKEW
WIGXSVXS[EVHXLMWKSEP
LIMKLXSJXLIWXSVQERHWSQIVIWMHIRXWSJ&SYPHIV'SYRX][IVIMWSPEXIHJSVI\XIRHIHTIVMSHW4PERRMRKJSV
VIWMPMIRG]FSXLMRXLIVIWTSRWIERHVIGSZIV]XSMRGVIEWIWEJIX]QMRMQM^IHEQEKIERHTVSZMHIXVEZIPSTXMSRWMW
EVIRI[IHJSGYWJSVXLIGMX]
814
8VERWTSVXEXMSR1EWXIV4PER
6IKMSREPJSVIGEWXW
WYKKIWXTSTYPEXMSR
[MPPMRGVIEWI F]
PIEHMRKXSE
MRRSRVIWMHIRX
IQTPS]IIW
8LI68(2SVXL[IWX%VIE1SFMPMX]7XYH]
2%17
;LEXMWE0MZMRK4PER#
;LEXMWE0MZMRK4PER#
MWXLIMRMXMEPWXITMRTSXIRXMEPEVXIVMEPFYWVETMH
7MRGIXLI814LEWFIIRZMI[IHEWEPMZMRK
7MRGIXLI814LEWFIIRZMI[IHEWEPMZMRK7MRGIXLI814LEWFIIRZMI[IHEWEPMZMRK
7MRGIXLI814LEWFIIRZMI[IHEWEPMZMRK7MRGIXLI814LEWFIIRZMI[IHEWEPMZMRK
XVERWMXWIVZMGIMR&SYPHIV'SYRX]%HHMXMSREP
TPERXLEXWLSYPHFIYTHEXIHXSVIQEMRVIPIZERXERH
TPERXLEXWLSYPHFIYTHEXIHXSVIQEMRVIPIZERXERHTPERXLEXWLSYPHFIYTHEXIHXSVIQEMRVIPIZERXERHTPERXLEXWLSYPHFIYTHEXIHXSVIQEMRVIPIZERXERH
WXYHMIWERHJYRHMRKEVIRIIHIHXSQEOIXLIWI
TVSGIWW[EWETTVSZIHF]'SYRGMPMR[MXLWSQI
TVSGIWW[EWETTVSZIHF]'SYRGMPMR[MXLWSQITVSGIWW[EWETTVSZIHF]'SYRGMPMR[MXLWSQI
EGGIWWVIWLETISYVGSQQYRMX]ERHMRGVIEWINSF
EQIRHQIRXWEPPS[IHEHQMRMWXVEXMZIP]ERHSXLIVW
EQIRHQIRXWEPPS[IHEHQMRMWXVEXMZIP]ERHSXLIVWEQIRHQIRXWEPPS[IHEHQMRMWXVEXMZIP]ERHSXLIVW
EGGIWW
VIUYMVMRK'SYRGMPETTVSZEP8LMWEPPS[WXLITPERXS
VIUYMVMRK'SYRGMPETTVSZEP8LMWEPPS[WXLITPERXSVIUYMVMRK'SYRGMPETTVSZEP8LMWEPPS[WXLITPERXS
VIQEMRGSRWMWXIRX[MXLSXLIVGMX]EGXMSRWERHXSQSWX
VIQEMRGSRWMWXIRX[MXLSXLIVGMX]EGXMSRWERHXSQSWXVIQEMRGSRWMWXIRX[MXLSXLIVGMX]EGXMSRWERHXSQSWX
VIQEMRGSRWMWXIRX[MXLSXLIVGMX]EGXMSRWERHXSQSWX
8LIVIWYPXWSJIZEPYEXMRKSYVXVERWTSVXEXMSRTSPM
8LIVIWYPXWSJIZEPYEXMRKSYVXVERWTSVXEXMSRTSPM8LIVIWYPXWSJIZEPYEXMRKSYVXVERWTSVXEXMSRTSPM
GMIWXSMHIRXMJ]EVIEWXLEXEVIRSX[SVOMRKSVRIIH
GMIWXSMHIRXMJ]EVIEWXLEXEVIRSX[SVOMRKSVRIIH
-XIQWXLEXGERFIEGGSQQSHEXIHXLVSYKLXLIEQIRH
-XIQWXLEXGERFIEGGSQQSHEXIHXLVSYKLXLIEQIRH-XIQWXLEXGERFIEGGSQQSHEXIHXLVSYKLXLIEQIRH
QIRXTVSGIWWEVI
4STYPEXMSRERH4STYPEXMSRERH4STYPEXMSRERH
WYGLEWEVIETPERWGSVVMHSVWXYHMIWSVSXLIV
)QTPS]QIRX+VS[XL)QTPS]QIRX+VS[XL)QTPS]QIRX+VS[XL
'SYRGMPHIGMWMSRWXLEXQSHMJ]ERHIRLERGIXLI
)QTPS]QIRX+VS[XL)QTPS]QIRX+VS[XL
GMX]vWQYPXMQSHEPXVERWTSVXEXMSRW]WXIQ8LI814
+VS[XLMRTSTYPEXMSRERHIQTPS]QIRXMRXLI+VS[XLMRTSTYPEXMSRERHIQTPS]QIRXMRXLI+VS[XLMRTSTYPEXMSRERHIQTPS]QIRXMRXLI+VS[XLMRTSTYPEXMSRERHIQTPS]QIRXMRXLI
EQIRHQIRXTVSGIWWIRWYVIWXLEXGMX]TPERWJSV
&SYPHIV:EPPI]LEWFIIRWMKRMJMGERXP]PIWWXLERXLEX&SYPHIV:EPPI]LEWFIIRWMKRMJMGERXP]PIWWXLERXLEX&SYPHIV:EPPI]LEWFIIRWMKRMJMGERXP]PIWWXLERXLEX
JSVIGEWXIHJSVXLI8VERWTSVXEXMSR1EWXIV4PERJSVIGEWXIHJSVXLI8VERWTSVXEXMSR1EWXIV4PERJSVIGEWXIHJSVXLI8VERWTSVXEXMSR1EWXIV4PER
XVERWTSVXEXMSRMQTVSZIQIRXWEVIGSSVHMREXIH
%XXLEXXMQIXLIGMX][EWGLEPPIRKMRKXLI%XXLEXXMQIXLIGMX][EWGLEPPIRKMRKXLI%XXLEXXMQIXLIGMX][EWGLEPPIRKMRKXLI
[MXLPERHYWIERHTEVOMRKTSPMGMIWGSRWMWXIRXERH
'IRWYWGSYRXWERHGMX]JSVIGEWXWGEPPIHJSVE'IRWYWGSYRXWERHGMX]JSVIGEWXWGEPPIHJSVE
YTXSHEXI
TSTYPEXMSRSJEFSYX ERHIQTPS]QIRX
'MX]JYRHMRKJSVXVERWTSVXEXMSRMWPEVKIP]HITIR
SJJSVXLI&SYPHIV:EPPI]8[SWMKRMJMGERX
VIGIWWMSRWMRXLIWVIHYGIHFSXLFYWMRIWW
[MXLXLIIGSRSQMGG]GPI4IVMSHMGEHNYWXQIRXW
KVS[XLERHVIPSGEXMSREGXMZMXMIW'YVVIRXIWXMQEXIW
XSVIZIRYIWERHGSWXWTVSZMHIEVIEPMWXMGFEWMWJSV
EVIE&SYPHIV:EPPI]TSTYPEXMSRSJERH
IQTPS]QIRXSJ &EWIHSRGYVVIRX^SRMRKXLI
TVSKVEQQMRKTPERMQTVSZIQIRXW
GMX]JSVIGEWXWXLI&SYPHIV:EPPI]TSTYPEXMSRXS
FIERHIQTPS]QIRXXSFI(YVMRK
2IX[SVO
'82
[LMGLMRGPYHIWXLI,347/-4
XLMWWEQIXMQITIVMSH7XEXIJSVIGEWXWI\TIGXXLI
.914&392((%7,78%14)()ERH&308
VIKMSREPTSTYPEXMSRXSMRGVIEWIEPQSWX %W
EPWSZEVMIW[MXLWEPIWXE\VIZIRYIERHWLSYPHFI
IQTPS]QIRXMRXLI&SYPHIV:EPPI]MWI\TIGXIHXS
MRGVIEWIEXQSVIXLERX[MGIXLIVEXISJVIWMHIRXMEP
KVS[XLXLIWIJSVIGEWXWWYKKIWXEWMKRMJMGERX
+VS[XLMRTSTYPEXMSRERHIQTPS]QIRXZEVMIW
MRGVIEWIMRRSRVIWMHIRXIQTPS]IIW
ERHGMX]KVS[XLJSVIGEWXW
814
8VERWTSVXEXMSR1EWXIV4PER
8LI&SYPHIVGSQQYRMX]LEWEGLMIZIH
XLI814LIEHPMRISFNIGXMZISJ
*MKYVI
73:1SHI7LEVI
wRSPSRKXIVQKVS[XLMRZILMGPIXVEZIPx
&SYPHIV6IWMHIRX8VMTW
RIIHXSEGGIPIVEXIQSHIWLMJXXSQIIX
%PP8VMTW73:1SHI7LEVI6IHYGXMSR2IIHIH
GSQQYRMX]KSEPW'SYRGMPTVSZMHIH
HMVIGXMSRSRXLIEVIEWJSV[SVOERH
8VIRH0MRI
4SPMG]6IZMI[4LEWIERH*MRHMRKW
8LITSPMG]VIZMI[MRGPYHIHETYFPMGTLSRIXVERWTSVXE
XMSRWYVZI]IQTPS]IIWYVZI]GVSWWHITEVXQIRXEP
814+SEPSJ 73:1SHI7LEVI
MRXIVZMI[W8VERWTSVXEXMSR%HZMWSV]&SEVH
8%&
GSQQIRXWERHI\TIVXTERIPMRTYX-XGSRGPYHIHXLEX
XLIGMX]vWXVERWTSVXEXMSRTSPMG]GSRXMRYIWXSTVSHYGI
XLIGMX]vWXVERWTSVXEXMSRTSPMG]GSRXMRYIWXSTVSHYGIXLIGMX]vWXVERWTSVXEXMSRTSPMG]GSRXMRYIWXSTVSHYGI
TSWMXMZIVIWYPXWERHLEWWXVSRKGSQQYRMX]WYTTSVX
TSWMXMZIVIWYPXWERHLEWWXVSRKGSQQYRMX]WYTTSVXTSWMXMZIVIWYPXWERHLEWWXVSRKGSQQYRMX]WYTTSVX
VIWYPXW[IVITVIWIRXIHXS'SYRGMPMR%YKYWXERH
7SYVGI 'MX]SJ&SYPHIV1SHEP7LMJX6ITSVXW
8VEZIP(MEV]SJ&SYPHIV6IWMHIRXW
VIWYPXW[IVITVIWIRXIHXS'SYRGMPMR%YKYWXERHVIWYPXW[IVITVIWIRXIHXS'SYRGMPMR%YKYWXERH
7ITXIQFIV'SYRGMPEKVIIH[MXLXLIWIGSRGPY
7ITXIQFIV'SYRGMPEKVIIH[MXLXLIWIGSRGPY7ITXIQFIV'SYRGMPEKVIIH[MXLXLIWIGSRGPY
7ITXIQFIV'SYRGMPEKVIIH[MXLXLIWIGSRGPY7ITXIQFIV'SYRGMPEKVIIH[MXLXLIWIGSRGPY
WMSRWERHHMVIGXIHXLEXXLI[SVOTVSKVEQFIKYMHIH
WMSRWERHHMVIGXIHXLEXXLI[SVOTVSKVEQFIKYMHIHWMSRWERHHMVIGXIHXLEXXLI[SVOTVSKVEQFIKYMHIHWMSRWERHHMVIGXIHXLEXXLI[SVOTVSKVEQFIKYMHIHWMSRWERHHMVIGXIHXLEXXLI[SVOTVSKVEQFIKY
MHIH
F]XLIJSPPS[MRK
–
HMZIVWMJ]XVERWTSVXEXMSRJYRHMRK
*YRHMRK
STXMSRWERHI\TPSVISTTSVXYRMXMIWJSVEHHMXMSREP
1EMRXEMRXLII\MWXMRKJSYV814*SGYW%VIEW[MXL
1EMRXEMRXLII\MWXMRKJSYV814*SGYW%VIEW[MXL1EMRXEMRXLII\MWXMRKJSYV814*SGYW%VIEW[MXL
JYRHMRKXSWYTTSVXSRKSMRKFEWMGSTIVEXMSRW
XLIJSPPS[MRKIQTLEWMW
ERHQEMRXIRERGIRIIHWEW[IPPEWGETMXEPJYRH
MRKXSEGLMIZI814KSEPW
–
JSVQIVP]1YPXMQSHEP
'SQTPIXI7XVIIXW
JSVQIVP]1YPXMQSHEP
JSVQIVP]1YPXMQSHEP
'SVVMHSVW
VIREQIEHHVIWWXVERWMXW]WXIQTPER
'SVVMHSVW
VIREQIEHHVIWWXVERWMXW]WXIQTPER
%HHw-RXIKVEXI[MXL7YWXEMREFMPMX]-RMXMEXMZIWxEWE
'SVVMHSVW
VIREQIEHHVIWWXVERWMXW]WXIQTPER
%HHw-RXIKVEXI[MXL7YWXEMREFMPMX]-RMXMEXMZIWxEWE
RMRKI\TPSVIFMOIERHTIHIWXVMERMRRSZEXMSRW
RMRKI\TPSVIFMOIERHTIHIWXVMERMRRSZEXMSRWRMRKI\TPSVIFMOIERHTIHIWXVMERMRRSZEXMSRWRI[*SGYW%VIE
RI[*SGYW%VIE
–
GSRXMRYIXLII\MWXMRKETTVSEGL
6IKMSREP8VEZIP%HHXLVIIRI[QIEWYVEFPISFNIGXMZIW 7EJIX]
%HHXLVIIRI[QIEWYVEFPISFNIGXMZIW 7EJIX]%HHXLVIIRI[QIEWYVEFPISFNIGXMZIW 7EJIX]
[MXLEJSGYWSR97XLI2SVXL[IWX%VIE
2IMKLFSVLSSH%GGIWWMFMPMX]ERH:ILMGPI1MPIW
2IMKLFSVLSSH%GGIWWMFMPMX]ERH:ILMGPI1MPIW2IMKLFSVLSSH%GGIWWMFMPMX]ERH:ILMGPI1MPIW
1SFMPMX]7XYH]ERHSXLIVVIKMSREPGSRRIGXMSRW
8VEZIPIH
:18
TIV'ETMXEJSVVIWMHIRXWERH
8VEZIPIH
:18
TIV'ETMXEJSVVIWMHIRXWERH8VEZIPIH
:18
TIV'ETMXEJSVVIWMHIRXWERH
RSRVIWMHIRXIQTPS]IIW
RSRVIWMHIRXIQTPS]IIWRSRVIWMHIRXIQTPS]IIW
–
8VERWTSVXEXMSR(IQERH1EREKIQIRX
8(1
RSRVIWMHIRXIQTPS]IIWRSRVIWMHIRXIQTPS]IIW
I\TPSVIGSQQYRMX][MHI)GS4EWWTVSKVEQ
%7XVSRK*SYRHEXMSR&YMPXSR7YGGIWW
%7XVSRK*SYRHEXMSR&YMPXSR7YGGIWW%7XVSRK*SYRHEXMSR&YMPXSR7YGGIWW
ERHMQTVSZI8(14PERTVSGIWWERHXSSPOMXJSV
8LI&SYPHIVGSQQYRMX]LEWEGLMIZIHXLI814
HIZIPSTQIRXVIZMI[8LI&SYPHIVGSQQYRMX]LEWEGLMIZIHXLI8148LI&SYPHIVGSQQYRMX]LEWEGLMIZIHXLI814
LIEHPMRISFNIGXMZISJwRSPSRKXIVQKVS[XLMRZILMGPI
LIEHPMRISFNIGXMZISJwRSPSRKXIVQKVS[XLMRZILMGPILIEHPMRISFNIGXMZISJwRSPSRKXIVQKVS[XLMRZILMGPI
*MKYVI
:ILMGPI1MPIW8VEZIPIH
:EPPI]ZILMGPIQMPIWSJXVEZIP
:18
WLS[RMR*MKYVI
:EPPI]ZILMGPIQMPIWSJXVEZIP
:18
WLS[RMR*MKYVI
GSQTEVIHXSXLIXVIRHSJXLIVIKMSR
VIZMI[[EWXLIRIIHXSEGGIPIVEXIXLIVEXISJGLERKI
MRQSHIWLMJXMJXLIGMX]MWXSQIIXXLII\MWXMRK814
4VSNIGXIH:18EX6IKMSREP6EXI
SFNIGXMZIW*MKYVIWLS[WXLIXVIRHPMRIQSZMRK
MRXLIVMKLXHMVIGXMSRFYXEXEVEXIQMWWMRKXLI
XEVKIXSJ WMRKPISGGYTERXZILMGPI
73:
QSHI
WLEVI
8148EVKIX
:18SJ1MPIW
8LIGMX]vW'PMQEXI'SQQMXQIRXKSEP[MPPVIUYMVI
)WXMQEXIH:18YRHIVXLI814
XLIRIIHJSVEHHMXMSREPQSHIWLMJXERHVIHYGXMSRMR
ZILMGPIQMPIWXVEZIPIHEW[IPPEWQSZMRKXSGPIERIV
JYIPWJSVXVERWTSVXEXMSR
=IEV
814
8VERWTSVXEXMSR1EWXIV4PER
;EPO&MOI7YQQMX
XSQIIXMRK
4EVOMRKQEREKIQIRXMWOI]
8LMW814MWFEWIHSRERI\XIRWMZI
814KSEPW4EVOMRKWXVEXIKMIWEVIIWWIRXMEP
wPMWXIRMRKERHPIEVRMRKxTLEWI[MXL
JSVGSQTEGXQYPXMQSHEPQM\IHYWIGIRXIVW
XLIGSQQYRMX]'SQQIRXWERHMHIEW
[IVIGSPPIGXIHJVSQGSQQYRMX]
*SGYWSRGSRRIGXMRKXSXLIVIKMSREPXVERWTSV
IZIRXWEHZMWSV]TERIPWMRWGLSSPWERH
;MXLEKVS[MRKWLEVISJRSR
XEXMSRW]WXIQ
JVSQEZEVMIX]SJSRPMRIERHWSGMEP
VIWMHIRX[SVOIVW[SVO[MXLVIKMSREPTEVXRIVWERH
XVERWMXJSVGSQQYXIVW%REWWIVXMZIWXERGIJVSQ
;LEX(MHXLI'SQQYRMX]7E]#
&SYPHIVERH&SYPHIV'SYRX]WXVSRKTEVXRIVWLMTW
RI[JEVIXSSPWIRLERGIHTEVXRIVWLMTW[MXL
8LMW814WXEVXIH[MXLERI\XIRWMZIPMWXIRMRKERH
8LMW814WXEVXIH[MXLERI\XIRWMZIPMWXIRMRKERH8LMW814WXEVXIH[MXLERI\XIRWMZIPMWXIRMRKERH
RI[JEVIXSSPWIRLERGIHTEVXRIVWLMTW[MXLRI[JEVIXSSPWIRLERGIHTEVXRIVWLMTW[MXL
68(ERHRI[JYRHMRKEVIVIUYMVIHXSMQTVSZI
68(ERHRI[JYRHMRKEVIVIUYMVIHXSMQTVSZI
PIEVRMRKTLEWIFEWIHMRXLIGSQQYRMX]3YXVIEGL
PIEVRMRKTLEWIFEWIHMRXLIGSQQYRMX]3YXVIEGL
PIEVRMRKTLEWIFEWIHMRXLIGSQQYRMX]3YXVIEGL
XVERWMXEHHVMHIWLEVMRKWIVZMGIWERHIRKEKI
MRGPYHIHEHZMWSV]GSQQMXXIIW8VERWTSVXEXMSRXVERWMXEHHVMHIWLEVMRKWIVZMGIWERHIRKEKI
RSRVIWMHIRXIQTPS]IIW
%HZMWSV]&SEVHQIIXMRKWXLI;EPO&MOI7YQQMX
%HZMWSV]&SEVHQIIXMRKWXLI;EPO&MOI7YQQMX
RSRVIWMHIRXIQTPS]IIWRSRVIWMHIRXIQTPS]IIW
STIRLSYWIWWXSVIJVSRX[SVOWLSTWERHEREGXMZI
8LIMRXVSHYGXMSRSJwJYPP]JIEXYVIHx97&688LIMRXVSHYGXMSRSJwJYPP]JIEXYVIHx97&688LIMRXVSHYGXMSRSJwJYPP]JIEXYVIHx97&68
XSKIRIVEXIQSQIR
WIVZMGIMWERSTTSVXYRMX]WIVZMGIMWERSTTSVXYRMX]WIVZMGIMWERSTTSVXYRMX]
XLIGSQQYRMX]%PPSJXLIWISYXVIEGLEGXMZMXMIWEVI
XYQJSVI\XIRHMRKXLI&68XVERWMXPERIIRLERGI
XYQJSVI\XIRHMRKXLI&68XVERWMXPERIIRLERGIXYQJSVI\XIRHMRKXLI&68XVERWMXPERIIRLERGI
HSGYQIRXIHMRXLI7YQQEV]SJ'SQQYRMX])RKEKI
XYQJSVI\XIRHMRKXLI&68XVERWMXPERIIRLERGIXYQJSVI\XIRHMRKXLI&68XVERWMXPERIIRLERGI
QIRXWMRXSXLIGMX]
IKSR&VSEH[E]
ERHEPSRK
QIRXWMRXSXLIGMX]
IKSR&VSEH[E]
ERHEPSRKQIRXWMRXSXLIGMX]
IKSR&VSEH[E]
ERHEPSRKQIRXWMRXSXLIGMX]
IKSR&VSEH[E]
ERHEPSRK
QIRXHSGYQIRX
SXLIVMQTSVXERXVIKMSREPGSVVMHSVW
SXLIVMQTSVXERXVIKMSREPGSVVMHSVWSXLIVMQTSVXERXVIKMSREPGSVVMHSVWSXLIVMQTSVXERXVIKMSREPGSVVMHSVW
8LIJSPPS[MRKXLIQIW[IVILIEVHHYVMRKXLIPMWXIRMRK
814SYXGSQIWRIIHXSEPMKR[MXLXLIHIZIP814SYXGSQIWRIIHXSEPMKR[MXLXLIHIZIP814SYXGSQIWRIIHXSEPMKR[MXLXLIHIZIP
ERHPIEVRMRKTLEWI
XSVIEGLE
STMRK'PMQEXI'SQQMXQIRXKSEPSTMRK'PMQEXI'SQQMXQIRXKSEPSTMRK'PMQEXI'SQQMXQIRXKSEP
,IEPXLWTIEOWXS
1EOILIEPXLEGIRXVEPQIWWEKI
QMRMQYQSJ VIHYGXMSRMRKVIIRLSYWIKEW
QMRMQYQSJ VIHYGXMSRMRKVIIRLSYWIKEW
QSXMZEXMRKTISTPIXSGLSSWIFMOMRKERH[EPOMRK
IQMWWMSRWFIPS[ PIZIPWF]7YGGIWW
0SSOLSPMWXMGEPP]EXFMOIERH[EPOQSHIWLEVI
[MPPVIUYMVIQYGLKVIEXIVMRXIKVEXMSRSJXVERW
TSVXEXMSRERHPERHYWITSPMGMIWEW[IPPEWXLI
TYFPMGLIEPXLPERHYWIERHVIGVIEXMSR
HIZIPSTQIRXSJRI[MRMXMEXMZIWXSGLERKIFSXL
MRGPYHMRK
'SPPEFSVEXI[MXLGSQQYRMX]TEVXRIVW
GEVFSRIRIVK]WSYVGIW
&SYPHIV'SYRX]4YFPMG,IEPXLERH8VERWTSVXEXMSR
(ITEVXQIRXW'9&SYPHIV&SYPHIV:EPPI]7GLSSP
+MZMRKQSVI[SVOIVWXLISTTSVXYRMX]XSPMZI
(MWXVMGXERHGMX]HITEVXQIRXWWYGLEW4EVOW
ERH[SVOMRGSQTEGX[EPOEFPIRIMKLFSVLSSHW
6IGVIEXMSRXSTVSQSXI[EPOMRKERHFMOMRK
ERHQM\IHYWIHMWXVMGXWMWERIUYEPP]IWWIRXMEP
SYXGSQIXSMQTVSZMRKVIKMSREPXVERWMX8LMW
[MXLSTXMSRW
-QTVSZIRSVXLWSYXLFMOIGSVVMHSVW
XLIQIMWTEVXMGYPEVP]VIPIZERXXSXLIGSRGYV
)\TERHXLI'SQQYRMX]8VERWMX2IX[SVO
'82
7XVEXIK]7YWXEMREFPI7XVIIXWERH'IRXIVWERH
+MZMRKTVMSVMX]JSVXVERWMXERHXVERWMX
X]TIWIVZMGI
XLI2IMKLFSVLSSH%GGIWWEREP]WMW
WIVZMGII\TERWMSREPSRKOI]PSGEPERHVIKMSREP
GSVVMHSVWMWMQTSVXERXXSEHZERGMRKXLI'82
814
8VERWTSVXEXMSR1EWXIV4PER
XS
&SYPHIVvWPERHYWITSPMGMIWERHTEXXIVRWEVIOI]-QTPIQIRXRI[PSGEPXVERWMXGSRRIGXMSRW
VIHYGIXLIRIIHJSVXVERWJIVWMQTVSZIJVIUYIRG]
JEGXSVW
FMOI[EPOERHEGGIWWXVERWMXQSVI-QTVSZIQIRXWERHMRGVIEWIWIVZMGIWTER
MRXLIWIEVIEWQYWXFIMRXIKVEXIH[MXLXLI814
XSVIHYGI
-QTVSZIXVERWMXEGGIWWXSWGLSSPW
KSEPWXSWYTTSVXGLERKIWMRXVEZIPFILEZMSV
ZILMGPIQMPIWXVEZIPIH
:18
ERHGSRKIWXMSRMR
WGLSSPEVIEW3TIRIRVSPPQIRXEX&SYPHIV:EPPI]
&SYPHIVRIIHWXSTPERJSVGLERKMRKHIQSKVETL
ERHHIPMZIVEwKSPHIRQIRYxSJSTXMSRWXS7GLSSP(MWXVMGXTSWIWETEVXMGYPEVP]HEYRXMRK
MGW
QIIXXLIHIQERHWSJEGSQQYRMX]XLEXMWKVS[GLEPPIRKIEWTEVIRXWEVIGLSSWMRKXSHVMZIJEVXLIV
XSIRWYVIXLIMVGLMPHVIRLEZIEGGIWWXSHIWMVIH
MRKSPHIV[LMPIVIGSKRM^MRKE]SYRKIVKIRIVEXMSR
SJTISTPIXLEXEVIFIGSQMRKPIWWMRGPMRIHXSVIP]IHYGEXMSREPSTTSVXYRMXMIW
SREYXSQSFMPIW
ERHMQTVSZIH
6IEPXMQIEVVMZEPMRJSVQEXMSR
TEWWIRKIVMRJSVQEXMSREVIXLIQSWXVI
UYIWXIHMQTVSZIQIRXWERHEVIRIIHIHXSQIIX
UYIWXIHMQTVSZIQIRXWERHEVIRIIHIHXSQIIXUYIWXIHMQTVSZIQIRXWERHEVIRIIHIHXSQIIX
;LMXXMIV)PIQIRXEV]+VIEX2IMKLFSVLSSHW4VIWIRXEXMSR +VS[MRK9T&SYPHIV
4LSXS'VIHMX0]RR10MGOXIMK
814
8VERWTSVXEXMSR1EWXIV4PER
8VERWTSVXEXMSR(IQERH
1EREKIQIRX
8(1
&SYPHIVMWEHIZIPSTIH
EWEVIEWLEZMRKSTTSVXYRMXMIWJSVGSQQYRMX]ERH[MPPRSX
KVS[SYX[EVHHYIXSMXW
STIRWTEGITSPMGMIWTPEGMRK
XSLIPTXLIGSQQYRMX]EGLMIZI
QSVITIVWSRXVEZIPSRXLI
MXW8VERWTSVXEXMSRERH'PMQEXI
I\MWXMRKVSEH[E]W-QTVSZIH
'SQQMXQIRXKSEPW8LIWIEVIEW
QEREKIQIRXERHYXMPM^E
EVIMRXIVVIPEXIHERHRIIHXSFI
XMSRSJXLII\MWXMRKW]WXIQMWETVMQEV]WXVEXIK]JSV
QYXYEPP]WYTTSVXMRKXSLEZIXLITVSZMHMRKXVEZIPSTXMSRWHYIXSXLIPMQMXIHEFMPMX]XS
EHHVSEH[E]WERHXLIRIIHXSPMQMXGSQQYRMX]ERH
IRZMVSRQIRXEPMQTEGXW8(1XSKIXLIV[MXLTEVOMRK
QEMRXEMRMRKXLIJYRGXMSRSJXLIXVERWTSVXEXMSRW]WXIQ
*MZI*SGYW%VIEW
ERHTVSZMHIWEZEVMIX]SJTVSKVEQWWYGLEW68(vW)GS
'SQTPIXI7XVIIXW
4EWWVMHIWLEVISTXMSRWXIPI[SVOFMOIWLEVIGEVWLEVI
ERHXVEZIPIVMRJSVQEXMSRW]WXIQW
1YPXMQSHEPGSVVMHSVWEVI
1YPXMQSHEPGSVVMHSVWEVI1YPXMQSHEPGSVVMHSVWEVI
XLIQENSVXVERWTSVXEXMSR
XLIQENSVXVERWTSVXEXMSRXLIQENSVXVERWTSVXEXMSR
*YRHMRK
JEGMPMXMIWXLEXTVSZMHI
MRXVEGMX]EGGIWWERHGSRRIGX
4VSZMHMRKXVERWTSVXEXMSR
XSXLIVIKMSREPXVERWTSVXE
JEGMPMXMIWERHTVSKVEQW
XMSRW]WXIQ8LI 814
VIUYMVIWTYFPMGJYRHMRK
]IXIZIV]814LEWSRP]
]IXIZIV]814LEWSRP]
ERHGEPPIHJSVMQTVSZMRKEPP
FIIRTEVXMEPP]JYRHIH
FIIRTEVXMEPP]JYRHIH
FIIRTEVXMEPP]JYRHIH
QSHIWSJXVEZIPEPSRKXLIQEGSRGITXRS[[MHIP]
QSHIWSJXVEZIPEPSRKXLIQEGSRGITXRS[[MHIP]QSHIWSJXVEZIPEPSRKXLIQEGSRGITXRS[[MHIP]
7MRGIHIGPMRIWMR
7MRGIHIGPMRIWMR7MRGIHIGPMRIWMR
ORS[REW'SQTPIXI7XVIIXW8LIWIGSVVMHSVWGEVV]
GMX]WEPIWXE\VIZIRYIERH
ORS[REW'SQTPIXI7XVIIXW8LIWIGSVVMHSVWGEVV]GMX]WEPIWXE\VIZIRYIERHGMX]WEPIWXE\VIZIRYIERH
ORS[REW'SQTPIXI7XVIIXW8LIWIGSVVMHSVWGEVV]
EQENSVMX]SJXLIXVMTWMRXLIGSQQYRMX]ERHPMRO
YRTVIGIHIRXIHMRGVIEWIWMR
YRTVIGIHIRXIHMRGVIEWIWMRYRTVIGIHIRXIHMRGVIEWIWMR
MQTSVXERXEGXMZMX]IQTPS]QIRXERHGSQQIVGMEP
XLIGSWXSJGSRWXVYGXMSRQEXIVMEPWLEZIMRGVIEWIHXLI
XLIGSWXSJGSRWXVYGXMSRQEXIVMEPWLEZIMRGVIEWIHXLIXLIGSWXSJGSRWXVYGXMSRQEXIVMEPWLEZIMRGVIEWIHXLIXLIGSWXSJGSRWXVYGXMSRQEXIVMEPWLEZIMRGVIEWIHXLIXLIGSWXSJGSRWXVYGXMSRQEXIVMEPWLE
ZIMRGVIEWIHXLI
TSVXMSRSJXLITPERXLEXMWYRJYRHIH*SVXYREXIP]E
TSVXMSRSJXLITPERXLEXMWYRJYRHIH*SVXYREXIP]ETSVXMSRSJXLITPERXLEXMWYRJYRHIH*SVXYREXIP]ETSVXMSRSJXLITPERXLEXMWYRJYRHIH*SVXYREXIP]E
GETEGMX]VIUYMVIWMQTVSZMRKXLIVIPEXMSRWLMTFIX[IIR
]IEVMRGVIEWIMRVIZIRYI[EWETTVSZIHF]XLIZSXIVW
]IEVMRGVIEWIMRVIZIRYI[EWETTVSZIHF]XLIZSXIVW]IEVMRGVIEWIMRVIZIRYI[EWETTVSZIHF]XLIZSXIVW
XLIQYPXMQSHEPXVERWTSVXEXMSRW]WXIQPERHYWIERH
MRXSPEVKIP]WYTTSVXQEMRXIRERGISJXLII\MWXMRK
MRXSPEVKIP]WYTTSVXQEMRXIRERGISJXLII\MWXMRKMRXSPEVKIP]WYTTSVXQEMRXIRERGISJXLII\MWXMRK
MRXSPEVKIP]WYTTSVXQEMRXIRERGISJXLII\MWXMRKMRXSPEVKIP]WYTTSVXQEMRXIRERGISJXLII\MWXMRK
YVFERHIWMKR'SQTPIXIWXVIIXWEVIHIZIPSTIHEW
W]WXIQ&YXNSFERHTSTYPEXMSRKVS[XLMRGVIEWIWXLI
W]WXIQ&YXNSFERHTSTYPEXMSRKVS[XLMRGVIEWIWXLIW]WXIQ&YXNSFERHTSTYPEXMSRKVS[XLMRGVIEWIWXLIW]WXIQ&YXNSFERHTSTYPEXMSRKVS[XLMRGVIEWIWXLI
GSQQYRMX]EWWIXWXLEXFVMRKTISTPIXSKIXLIV
HIQERHJSVXVEZIPERHVIUYMVIWEHHMXMSREPMRZIWXQIRX
HIQERHJSVXVEZIPERHVIUYMVIWEHHMXMSREPMRZIWXQIRXHIQERHJSVXVEZIPERHVIUYMVIWEHHMXMSREPMRZIWXQIRXHIQERHJSVXVEZIPERHVIUYMVIWEHHMXMSREPMRZIWXQIRX
MRTVSZMHMRKTIVWSRXVEZIPSTXMSRW[LMPIQEMRXEMRMRK
MRTVSZMHMRKTIVWSRXVEZIPSTXMSRW[LMPIQEMRXEMRMRKMRTVSZMHMRKTIVWSRXVEZIPSTXMSRW[LMPIQEMRXEMRMRK
6IKMSREP8VEZIP
XLIGSQQYRMX]vWUYEPMX]SJ
XLIGSQQYRMX]vWUYEPMX]SJXLIGSQQYRMX]vWUYEPMX]SJ
PMJI
-QTVSZIHVIKMSREPGSRRIG
XMSRWEVIRIIHIHXSWYTTSVX
-RXIKVEXI[MXL
XLIKVS[MRKTSTYPEXMSR
SJIQTPS]IIW[SVOMRKMR
7YWXEMREFMPMX]-RMXMEXMZIW
&SYPHIVFYXPMZMRKIPWI[LIVI
8LI&:'47YWXEMREFMP
7YGLMQTVSZIQIRXWHITIRH
MX]*VEQI[SVOMWRS[XLI
SVKERM^MRKWXVYGXYVIJSVEPP
[MXLSXLIVGSQQYRMXMIWERH
EKIRGMIWXSFVMRKTPERRMRK
UYIRXP]MRXIKVEXMSRERHGSPPEFSVEXMSREGVSWWXLIGMX]
ERHJYRHMRKVIWSYVGIWXS
SVKERM^EXMSRMWXLII\TIGXEXMSRSJXLI8148LIIRXMVI
IEGLVIKMSREPGSVVMHSV
GMX]SVKERM^EXMSRMWI\TIGXIHXSMQTPIQIRXXLIKSEPW
ERHTSPMGMIWSJXLI814[LMPIXLI814MQTPIQIRXW
SXLIVEWTIGXWSJGMX]KSEPWPMOI'PMQEXI'SQQMXQIRX
ERHIGSRSQMGZMXEPMX]8LI7YWXEMREFMPMX]*VEQI[SVO
TVSZMHIHXLIIZEPYEXMSRQEXVM\XSEWWIWWTVSTSWEPWJSV
XLI814
814
8VERWTSVXEXMSR1EWXIV4PER
`*-:)*3'97%6)%7
'SYRGMPJSVIRLERGIQIRXXSQSZIXLI
GSQQYRMX]XS[EVHMXW8VERWTSVXEXMSR
ERH'PMQEXI%GXMSRKSEPW
'SQTPIXI7XVIIXW
'SQTPIXI7XVIIXW
EGGSQQSHEXIEPPQSHIWSJ
XVERWTSVXEXMSRF]TPERRMRK
w+VIEXWXVIIXWEVIER
HIWMKRMRKERHFYMPHMRK
JEGMPMXMIWJSVTIHIWXVMERW
MQTSVXERXIPIQIRXSJ
FMG]GPMWXWXVERWMXVMHIVWERH
MQTSVXERXIPIQIRXSJ
GVIEXMRKGSQQYRMX]
GVIEXMRKGSQQYRMX]
8LI'SQTPIXI7XVIIXWJSGYWMRXLMWTPER
ERHRIIHXSFIWLETIH
ERHRIIHXSFIWLETIH
MWSR4IHIWXVMERERH&MG]GPI-RRSZEXMSRWERHE
6IRI[IH:MWMSRJSV8VERWMX
GSQJSVXEFPIGSRRIGXIHGSQJSVXEFPIGSRRIGXIHGSQJSVXEFPIGSRRIGXIH
&MG]GPIERH4IHIWXVMER-RRSZEXMSRW
WEJIERHQIQSVEFPIxWEJIERHQIQSVEFPIx
8LMWWIGXMSRWIIOWXS
:MGXSV(SZIV FVSEHIRXLIWEJIX]ERHET
:MGXSV(SZIV
FVSEHIRXLIWEJIX]ERHET
TIEPSJFMG]GPMRKERH[EPOMRK
TIEPSJFMG]GPMRKERH[EPOMRK
TIEPSJFMG]GPMRKERH[EPOMRK
MR&SYPHIV%RIQTLEWMWMW
MR&SYPHIV%RIQTLEWMWMWMR&SYPHIV%RIQTLEWMWMW
I\MWXMRKW]WXIQXLVSYKL
I\MWXMRKW]WXIQXLVSYKLI\MWXMRKW]WXIQXLVSYKL
XEVKIXIHIRLERGIQIRXW
XEVKIXIHIRLERGIQIRXWXEVKIXIHIRLERGIQIRXWXEVKIXIHIRLERGIQIRXWXEVKIXIHIRLERGIQIRXW
XSWYTTSVXG]GPMWXWERH
XSWYTTSVXG]GPMWXWERHXSWYTTSVXG]GPMWXWERHXSWYTTSVXG]GPMWXWERH
TIHIWXVMERWSJEPPEKIWERH
TIHIWXVMERWSJEPPEKIWERHTIHIWXVMERWSJEPPEKIWERH
EFMPMXMIW;SQIRSPHIV
EFMPMXMIW;SQIRSPHIVEFMPMXMIW;SQIRSPHIV
EHYPXWERHGLMPHVIREVIXLIXEVKIXIHEYHMIRGIJSV
EHYPXWERHGLMPHVIREVIXLIXEVKIXIHEYHMIRGIJSVEHYPXWERHGLMPHVIREVIXLIXEVKIXIHEYHMIRGIJSVEHYPXWERHGLMPHVIREVIXLIXEVKIXIHEYHMIRGIJSV
XLIWIIRLERGIQIRXW)RKMRIIVMRKMQTVSZIQIRXW
XLIWIIRLERGIQIRXW)RKMRIIVMRKMQTVSZIQIRXWXLIWIIRLERGIQIRXW)RKMRIIVMRKMQTVSZIQIRXWXLIWIIRLERGIQIRXW)RKMRIIVMRKMQTVSZIQIRXW
GSYTPIH[MXLWXVEXIKMIWXSIRGSYVEKIIHYGEXI
GSYTPIH[MXLWXVEXIKMIWXSIRGSYVEKIIHYGEXIGSYTPIH[MXLWXVEXIKMIWXSIRGSYVEKIIHYGEXI
IRJSVGIERHIZEPYEXIFMG]GPMRKERH[EPOMRKEVI
IRJSVGIERHIZEPYEXIFMG]GPMRKERH[EPOMRKEVIIRJSVGIERHIZEPYEXIFMG]GPMRKERH[EPOMRKEVI
XLIw*MZI)vWxXLEXGSQTVMWIEGSQTVILIRWMZI
XLIw*MZI)vWxXLEXGSQTVMWIEGSQTVILIRWMZIXLIw*MZI)vWxXLEXGSQTVMWIEGSQTVILIRWMZI
ETTVSEGLXSMRGVIEWMRKXLI[EPOERHFMOIQSHI
ETTVSEGLXSMRGVIEWMRKXLI[EPOERHFMOIQSHI
WLEVI
&SYPHIVvWGSQTEGXWM^IERHXLIGMX]vWPSRKWXERHMRK
PIEHIVWLMTMRSJJIVMRKXVEZIPGLSMGIWQIERWEPEVKI
WLEVISJTISTPIMR&SYPHIVGSQQYXIXS[SVOF]
[EPOMRKFMOMRKERHXVERWMX&SYPHIVVIWMHIRXWYWI
XLIWIQSHIWEXLMKLIVVEXIWXLERXLIVIWXSJXLI
(IRZIV1IXVS6IKMSRERHXLIREXMSR&SYPHIVEPWS
GSQTEVIW[IPPXSTIIVGSQQYRMXMIWMRXLI97
814
8VERWTSVXEXMSR1EWXIV4PER
*MKYVI*MKYVI
;SVO1SHI7LEVI &SYPHIV;EPO&MOI
1SHI7LEVI'SQTEVMWSR
=IEV%ZIVEKI`
%QIVMGER'SQQYRMX]7YVZI]
=IEV%ZIVEKI`
%QIVMGER'SQQYRMX]7YVZI]
;EPO
&MOI
7MRGI &SYPHIVLEWFIIR[SVOMRKXSFYMPHEKVIEX
7MRGI &SYPHIVLEWFIIR[SVOMRKXSFYMPHEKVIEX7MRGI &SYPHIVLEWFIIR[SVOMRKXSFYMPHEKVIEX
XVERWTSVXEXMSRW]WXIQXLEXWYTTSVXW[EPOMRKERHFMO
XVERWTSVXEXMSRW]WXIQXLEXWYTTSVXW[EPOMRKERHFMOXVERWTSVXEXMSRW]WXIQXLEXWYTTSVXW[EPOMRKERHFMO
%RR%VFSV7IEXXPI1EHMWSR
(EZMW&SYPHIV(IRZIV*X'SPPMRW4SVXPERH
WEJIYWISJXLIW]WXIQLEZIIEVRIHXLIGSQQYRMX]
WEJIYWISJXLIW]WXIQLEZIIEVRIHXLIGSQQYRMX]WEJIYWISJXLIW]WXIQLEZIIEVRIHXLIGSQQYRMX]
0MZMRK0EF-RRSZEXMSRW
REXMSREPVIGSKRMXMSRJSV[EPOMRKERHFMOMRK%GLMIZMRK
REXMSREPVIGSKRMXMSRJSV[EPOMRKERHFMOMRK%GLMIZMRKREXMSREPVIGSKRMXMSRJSV[EPOMRKERHFMOMRK%GLMIZMRK
%WTEVXSJXLMW814YTHEXIXLIGMX]MRXVSHYGIHRI[
REXMSREPVIGSKRMXMSRJSV[EPOMRKERHFMOMRK%GLMIZMRKREXMSREPVIGSKRMXMSRJSV[EPOMRKERHFMOMRK%GLMIZMRK
SYV814ERH'PMQEXI'SQQMXQIRXKSEPWVIUYMVIW
SYV814ERH'PMQEXI'SQQMXQIRXKSEPWVIUYMVIWSYV814ERH'PMQEXI'SQQMXQIRXKSEPWVIUYMVIWSYV814ERH'PMQEXI'SQQMXQIRXKSEPWVIUYMVIW
FMG]GPIJEGMPMX]XVIEXQIRXWEVSYRHXS[RXLVSYKL
MRGVIEWMRK[EPOMRKERHFMOMRKXVMTWIZIRQSVI
MRGVIEWMRK[EPOMRKERHFMOMRKXVMTWIZIRQSVIMRGVIEWMRK[EPOMRKERHFMOMRKXVMTWIZIRQSVIMRGVIEWMRK[EPOMRKERHFMOMRKXVMTWIZIRQSVI
E0MZMRK0EFWTVSKVEQ8LIWIEVIXIQTSVEV]
&MOIQIERWEGGSQQSHEXMRK
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VMHIVWJVSQ XS ]IEVWSJ
QIRXWERHHIXIVQMRIMJXLI]EVIETTVSTVMEXI
EKI{IWTIGMEPP][SQIRSPHIV
JSV&SYPHIV8LIEMQMWXSIRLERGIXLI
EHYPXWERHJEQMPMIW[MXLGLMPHVIR
SRWXVIIXFMOIW]WXIQERHMQTVSZIGSQJSVX
&SYPHIVVIWMHIRXWEVIQSVIPMOIP]XSVMHIEFMOI
XLERMRSXLIV97GMXMIW FMOMRKXS[SVOEXEVEXI
YWIHEPS[WXVIWWFMOIRIX[SVOEREP]WMWXSSPXSMHIRXMJ]
YWIHEPS[WXVIWWFMOIRIX[SVOEREP]WMWXSSPXSMHIRXMJ]YWIHEPS[WXVIWWFMOIRIX[SVOEREP]WMWXSSPXSMHIRXMJ]
XMQIWXLIREXMSREPEZIVEKI,S[IZIVXLSWIGYVVIRXP]
EVIEW[LIVIRI[XVIEXQIRXWQE]EHHVIWWXLIGSRGIVRWSJ
EVIEW[LIVIRI[XVIEXQIRXWQE]EHHVIWWXLIGSRGIVRWSJEVIEW[LIVIRI[XVIEXQIRXWQE]EHHVIWWXLIGSRGIVRWSJ
VMHMRKJSPPS[REXMSREPXVIRHW8LI&SYPHIV8VEZIP
EVIEW[LIVIRI[XVIEXQIRXWQE]EHHVIWWXLIGSRGIVRWSJEVIEW[LIVIRI[XVIEXQIRXWQE]EHHVIWWXLIGSRGIVRWSJ
XLIWITSXIRXMEPFMG]GPMWXW
XLIWITSXIRXMEPFMG]GPMWXWXLIWITSXIRXMEPFMG]GPMWXWXLIWITSXIRXMEPFMG]GPMWXW
(MEV]WLS[WXLIVIEVIX[MGIEWQER]QIREW[SQIR
GSQQYXMRKF]FMOI[LMPILEPJSJEPPXVMTWGSQTPIXIH
F][SQIREVIQEHIF]73:SVXSXVERWTSVXGLMPHVIR
MRGPYHIW[EPOEYHMXWERH[EPOEFSYXW[MXLRIMKLFSVLSSH
MRGPYHIW[EPOEYHMXWERH[EPOEFSYXW[MXLRIMKLFSVLSSHMRGPYHIW[EPOEYHMXWERH[EPOEFSYXW[MXLRIMKLFSVLSSH
GSQTEVIHXSNYWXSRIXLMVHSJXVMTWF]QIR8LIVIJSVI
ETVMQEV]KSEPSJXLMW814MWXSMRGVIEWIXVMTWF]SPHIV
EWWIWWXLIUYEPMXEXMZIEWTIGXWSJ[EPOMRKERHXSMHIRXMJ]
EWWIWWXLIUYEPMXEXMZIEWTIGXWSJ[EPOMRKERHXSMHIRXMJ]
EHYPXW[SQIRERHJEQMPMIW[MXLGLMPHVIR1ER]EVI
HIWMKRIPIQIRXWXLEXWYTTSVXE[EPOJVMIRHP]GSQQYRMX]
PMOIP]wMRXIVIWXIHFYXGSRGIVRIHxVMHIVW[LSPMOIVMHMRK
;EPOEFSYXWEVIMRXIRHIHXSLIPTVIWMHIRXWMHIRXMJ]YRMUYI
ERHMRXIVIWXMRKTIHIWXVMEREWTIGXWSJXLIMVRIMKLFSVLSSH
XLIVSEH[E][MXLQSXSVZILMGPIW
ERHVIWYPXMR[EPOMRKQETWGSRXEMRMRKXLIWIXSIRGSYVEKI
[EPOMRK%2IMKLFSVLSSH%GGIWWXSSPLEWFIIRYWIHXS
8LVSYKLSYXXLIPMWXIRMRKERHPIEVRMRKTLEWISJ
QETXLI[EPOMRKEGGIWWTISTPILEZIXSPSGEXMSRWERH
FYWMRIWWIWRIIHIHXSQIIXHEMP]RIIHW
MWRIIHIHXSGVIEXIEFMOIGYPXYVIMR&SYPHIVXLEX
KSIWFI]SRHWTSVXG]GPMRK8LIGMX]EPWSPIEVRIHXLI
GSQQYRMX]HIWMVIWXSWXVIRKXLIRXLIGSEPMXMSRSJ
0MZMRK0EFSVEXSV]4VSNIGX ']GPI8VEGO&EWIPMRI6SEH
GSQQYRMX]FEWIHSVKERM^EXMSRWMRWYTTSVXSJ[EPO
JVMIRHP]GSQQYRMX]HIWMKR
814
8VERWTSVXEXMSR1EWXIV4PER
8VERWMX
6IRI[IH:MWMSRJSV8VERWMX
7MRGIXLIGSQQYRMX]HIWMKRIH,34WIVZMGIWXEVXIH
*MKYVI
&SYPHIV0SGEP8VERWMX7IVZMGI
MR &SYPHIVLEW[SVOIHXSMRXIKVEXILMKLUYEPMX]
XVERWMXWIVZMGIEWEXVEZIPGLSMGIJSVEPPQIQFIVWSJ
3TIVEXMRK'SWXERH7IVZMGI,SYVW
XLIGSQQYRMX]-RGVIEWMRKXLIIEWIERHEXXVEGXMZIRIWW
SJXVERWMXYWIMWOI]XSPSRKXIVQWYWXEMREFMPMX]ERH
3TIVEXMRK'SWXERH7IVZMGI,SYVW
QSFMPMX]
;L]E6IRI[IH:MWMSRJSV8VERWMX#
WIVZMGIMRXLI WXLEXTVSKVIWWWXEPPIHMRXLI
W8VERWMXVMHIVWLMTLEWWXEKREXIHSZIVXLI
TEWXHIGEHIPMOIP]HYIXSXLIHIGPMRIMRJYRHMRKJSV
PSGEPXVERWMXWIVZMGIMR&SYPHIV(YVMRKXLMWXMQI
PSGEPXVERWMXWIVZMGIMR&SYPHIV(YVMRKXLMWXMQIPSGEPXVERWMXWIVZMGIMR&SYPHIV(YVMRKXLMWXMQI
68(LEWGYXWIVZMGIMR&SYPHIVF]LSYVWXLI
68(LEWGYXWIVZMGIMR&SYPHIVF]LSYVWXLI68(LEWGYXWIVZMGIMR&SYPHIVF]LSYVWXLI
0SGEP7IVZMGI
68(7IVZMGI
IUYMZEPIRXSJXLI(%7,VSYXI=IXEHHMXMSREPWIVZMGIMW
IUYMZEPIRXSJXLI(%7,VSYXI=IXEHHMXMSREPWIVZMGIMWIUYMZEPIRXSJXLI(%7,VSYXI=IXEHHMXMSREPWIVZMGIMW
7SYVGI 'MX]SJ&SYPHIV
RIIHIHXSMRGVIEWIVMHIVWLMTERHEHHVIWWXLI SJ
RIIHIHXSMRGVIEWIVMHIVWLMTERHEHHVIWWXLI SJRIIHIHXSMRGVIEWIVMHIVWLMTERHEHHVIWWXLI SJ
RSRVIWMHIRX&SYPHIVIQTPS]IIWXLEXHVMZIEPSRIXS
RSRVIWMHIRX&SYPHIVIQTPS]IIWXLEXHVMZIEPSRIXSRSRVIWMHIRX&SYPHIVIQTPS]IIWXLEXHVMZIEPSRIXS
RSRVIWMHIRX&SYPHIVIQTPS]IIWXLEXHVMZIEPSRIXSRSRVIWMHIRX&SYPHIVIQTPS]IIWXLEXHVMZIEPSRIXS
[SVO'ETXYVMRKXLMWQEVOIXMWGVMXMGEPXSQIIXMRKXLI
[SVO'ETXYVMRKXLMWQEVOIXMWGVMXMGEPXSQIIXMRKXLI[SVO'ETXYVMRKXLMWQEVOIXMWGVMXMGEPXSQIIXMRKXLI[SVO'ETXYVMRKXLMWQEVOIXMWGVMXMGEPXSQIIXMRKXLI[SVO'ETXYVMRKXLMWQEVOIXMWGVM
XMGEPXSQIIXMRKXLI
GSQQYRMX]vWWYWXEMREFMPMX]GPMQEXIERHQSHIWLEVI
GSQQYRMX]vWWYWXEMREFMPMX]GPMQEXIERHQSHIWLEVIGSQQYRMX]vWWYWXEMREFMPMX]GPMQEXIERHQSHIWLEVIGSQQYRMX]vWWYWXEMREFMPMX]GPMQEXIERHQSHIWLEVI
KSEPW8LI8VERWMX7XEXISJXLI7]WXIQ6ITSVX
7S7
7XEXISJXLI7]WXIQ6ITSVX
7S7
7S7
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GSQTPIXIHEWTEVXSJXLIXVERWMXTPERRMRKIPIQIRX
GSQTPIXIHEWTEVXSJXLIXVERWMXTPERRMRKIPIQIRXGSQTPIXIHEWTEVXSJXLIXVERWMXTPERRMRKIPIQIRX
'MX]SJ&SYPHIV
'MX]SJ&SYPHIV
MQTVSZIEGGIWWERHGSRRIGXMSRWXSXVERWMXWIVZI
8VERWMX*YRHMRK'SRXVMFYXMSRW
MQTVSZIEGGIWWERHGSRRIGXMSRWXSXVERWMXWIVZIMQTVSZIEGGIWWERHGSRRIGXMSRWXSXVERWMXWIVZI
8VERWMX*YRHMRK'SRXVMFYXMSRW'MX]SJ&SYPHIV
8VERWMX*YRHMRK'SRXVMFYXMSRW
)EWX&SYPHIVERHSXLIVXVERWMXMSREVIEWWYGLEW)EWX
)EWX&SYPHIVERHSXLIVXVERWMXMSREVIEWWYGLEW)EWX
%VETELSIEWXLI]VIHIZIPSTERHWIVZIXLIKVS[MRK
%VETELSIEWXLI]VIHIZIPSTERHWIVZIXLIKVS[MRK%VETELSIEWXLI]VIHIZIPSTERHWIVZIXLIKVS[MRK
'SWX'EXIKSV]*=&YHKIX
EVIEWSJ&SYPHIV.YRGXMSRERH'9)EWX'EQTYW
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,34
8LIGMX]TPE]WEREGXMZIVSPIMRIRWYVMRKMXWVIWMHIRXW
.914
.914
.914
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ERH[SVOIVWLEZIEGGIWWXSUYEPMX]TYFPMGXVERWMX8LI
4EVEXVERWMX
4EVEXVERWMX4EVEXVERWMX
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ERHwFY]WYTxWIVZMGILSYVWJVSQ68(XSMRGVIEWI
3ZIVLIEH%HZIVXMWMRK1MWG'ETMXEP
3ZIVLIEH%HZIVXMWMRK1MWG'ETMXEP3ZIVLIEH%HZIVXMWMRK1MWG'ETMXEP3ZIVLIEH%HZIVXMWMRK1MWG'ETMXEP
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4IVWSRRIP
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8SXEP
RIVWLMTWXSIRLERGIVIKMSREPXVERWMX*MKYVIWLS[W
XLIHMWXVMFYXMSRSJXLIQMPPMSRXLIGMX]WTIRXSR
7SYVGI 'MX]SJ&SYPHIV
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8VERWMX2IX[SVOVSYXI-XMWEGSQQYRMX]
WGEPIHFYW[MXLPEVKI[MRHS[WYRMUYI
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c
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6MHIVWLMTMWETTVSEGLMRKE]IEVLMKLIZIREWWIVZMGILSYVWSR
c
PSGEPVSYXIWLEZIJEPPIRF] WMRGI
8LIVIMWEKVS[MRKKETMRJYRHMRKJSVXVERWMXHYIXSE HIGPMRI
c
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HIZIPSTMRKXLI6IRI[IH:MWMSRJSV8VERWMXMR&SYPHIV
XLITEWXXIR]IEVW
-QEKIJVSQ2IPWSR@2]KEEVH
8LIGMX]vWXVERWTSVXEXMSRHIQERHQEREKIQIRXW]WXIQ[SVOW
c
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8LIMRGSQQYXIMWKVS[MRKHYIXSLMKLLSYWMRKGSWXWERHPMQMXIHEZEMPEFMPMX]SJLSYWMRKMR&SYPHIVGSQFMRIH[MXLE
c
WXVSRKERHKVS[MRKNSFFEWI
4PERRIHHIZIPSTQIRXMR)EWX&SYPHIVSJJIVWWMKRMJMGERXSTTSVXYRMX]JSVXVERWMXMRZIWXQIRXMRGPYHMRK&SYPHIV.YRGXMSR
c
&SYPHIV'SQQYRMX],IEPXL*SSXLMPPW'EQTYW'9)EWX'EQTYWERH+YRFEVVIP
&SYPHIV'SQQYRMX],IEPXL*SSXLMPPW'EQTYW'9)EWX'EQTYWERH+YRFEVVIP&SYPHIV'SQQYRMX],IEPXL*SSXLMPPW'EQTYW'9)EWX'EQTYWERH+YRFEVVIP
7MKRMJMGERXMRZIWXQIRXW[MPPFIRIIHIHXSHIZIPSTERMRXIVGSRRIGXIHQYPXMQSHEPWXVIIXRIX[SVOMR)EWX&SYPHIV7MKRMJMGERXMRZIWXQIRXW[MPPFIRIIHIHXSHIZIPSTERMRXIVGSRRIGXIHQYPXMQSHEPWXVIIXRI
X[SVOMR)EWX&SYPHIV7MKRMJMGERXMRZIWXQIRXW[MPPFIRIIHIHXSHIZIPSTERMRXIVGSRRIGXIHQYPXMQSHEPWXVIIXRIX[SVOMR)EWX&SYPHIV
c
XLEXIREFPIWWEJIERHIJJMGMIRXEGGIWWXSXVERWMXJSVTIHIWXVMERWERHFMG]GPMWXWXLEXIREFPIWWEJIERHIJJMGMIRXEGGIWWXSXVERWMXJSVTIHIWXVMERWERHFMG]GPMWXWXLEXIREFPIWWEJIERHIJJMGMIRXEGG
IWWXSXVERWMXJSVTIHIWXVMERWERHFMG]GPMWXW
'LERKMRKHIQSKVETLMGWEVIWLETMRKXVERWMXRIIHW'LERKMRKHIQSKVETLMGWEVIWLETMRKXVERWMXRIIHW'LERKMRKHIQSKVETLMGWEVIWLETMRKXVERWMXRIIHWMRGPYHMRK1MPPIRRMEPW+IRIVEXMSR<ERHEKMRK&EF]&SSQ
IVW
c
97&68MWERSTTSVXYRMX]XSMQTVSZIVIKMSREPQSFMPMX]97&68MWERSTTSVXYRMX]XSMQTVSZIVIKMSREPQSFMPMX]97&68MWERSTTSVXYRMX]XSMQTVSZIVIKMSREPQSFMPMX]8LI2SVXL[IWX%VIE1SFMPMX]
7XYH]
2%17
LEWTVMSVMXM^IH
c
XLVIIEHHMXMSREPEVXIVMEP&68GSVVMHSVWGSRRIGXMRK&SYPHIV[MXLWYVVSYRHMRKGSQQYRMXMIWXLVIIEHHMXMSREPEVXIVMEP&68GSVVMHSVWGSRRIGXMRK&SYPHIV[MXLWYVVSYRHMRKGSQQYRMXMIWXLVIIEHHMXMSREPEVXI
VMEP&68GSVVMHSVWGSRRIGXMRK&SYPHIV[MXLWYVVSYRHMRKGSQQYRMXMIWXLVIIEHHMXMSREPEVXIVMEP&68GSVVMHSVWGSRRIGXMRK&SYPHIV[MXLWYVVSYRHMRKGSQQYRMXMIWXLVIIEHHMXMSREPEVXIVMEP&68GSVVMHSVWGS
RRIGXMRK&SYPHIV[MXLWYVVSYRHMRKGSQQYRMXMIW
4EVXRIVWLMTW[MPPFIGVMXMGEPXSEGGSQTPMWLMRKXLI6IRI[IH:MWMSRJSV8VERWMX4EVXRIVWLMTW[MPPFIGVMXMGEPXSEGGSQTPMWLMRKXLI6IRI[IH:MWMSRJSV8VERWMX4EVXRIVWLMTW[MPPFIGVMXMGEPXSEGGSQTPMWLMR
KXLI6IRI[IH:MWMSRJSV8VERWMX4EVXRIVWLMTW[MPPFIGVMXMGEPXSEGGSQTPMWLMRKXLI6IRI[IH:MWMSRJSV8VERWMXMRGPYHMRK&SYPHIV'SYRX]68('9
c
&SYPHIVVIWMHIRXWVMHIXVERWMXQSVIXLERX[MGIXLIREXMSREPEZIVEKI&SYPHIVVIWMHIRXWVMHIXVERWMXQSVIXLERX[MGIXLIREXMSREPEZIVEKI&SYPHIVVIWMHIRXWVMHIXVERWMXQSVIXLERX[MGIXLIREXMSREP
EZIVEKI
8VERWMXVMHIVWLMTMRGVIEWIHEFSYX [MXLXLIMQTPIQIRXEXMSRSJXLILMKLJVIUYIRG]'SQQYRMX]8VERWMX
8VERWMXVMHIVWLMTMRGVIEWIHEFSYX [MXLXLIMQTPIQIRXEXMSRSJXLILMKLJVIUYIRG]'SQQYRMX]8VERWMX8VERWMXVMHIVWLMTMRGVIEWIHEFSYX [MXLXLIMQTPIQIRXEXMSRSJXLILMKLJVIUYIRG]'SQQYRMX]8
VERWMX
8VERWMXVMHIVWLMTMRGVIEWIHEFSYX [MXLXLIMQTPIQIRXEXMSRSJXLILMKLJVIUYIRG]'SQQYRMX]8VERWMX8VERWMXVMHIVWLMTMRGVIEWIHEFSYX [MXLXLIMQTPIQIRXEXMSRSJXLILMKLJVIUYIRG]'SQQYRMX]8
VERWMX
2IX[SVO,S[IZIVJYRHMRKVIHYGXMSRWXLVIEXIRXLMWTVSKVIWW8LMVX]PSGEPERHVIKMSREPVSYXIWTVSZMHI
2IX[SVO,S[IZIVJYRHMRKVIHYGXMSRWXLVIEXIRXLMWTVSKVIWW8LMVX]PSGEPERHVIKMSREPVSYXIWTVSZMHI2IX[SVO,S[IZIVJYRHMRKVIHYGXMSRWXLVIEXIRXLMWTVSKVIWW8LMVX]PSGEPERHVIKMSREPVSY
XIWTVSZMHI2IX[SVO,S[IZIVJYRHMRKVIHYGXMSRWXLVIEXIRXLMWTVSKVIWW8LMVX]PSGEPERHVIKMSREPVSYXIWTVSZMHI2IX[SVO,S[IZIVJYRHMRKVIHYGXMSRWXLVIEXIRXLMWTVSKVIWW8LMVX]PSG
EPERHVIKMSREPVSYXIWTVSZMHI
HEMP]XVERWMXXVMTWMRXSERHJVSQ&SYPHIV&SYPHIVvW'SQQYRMX]8VERWMX2IX[SVOVSYXIWMRGPYHMRKXLI,34ERHXLI
HEMP]XVERWMXXVMTWMRXSERHJVSQ&SYPHIV&SYPHIVvW'SQQYRMX]8VERWMX2IX[SVOVSYXIWMRGPYHMRKXLI,34ERHXLIHEMP]XVERWMXXVMTWMRXSERHJVSQ&SYPHIV&SYPHIVvW'SQQYRMX]8VERWMX2IX[SVOVSYXIW
MRGPYHMRKXLI,34ERHXLIHEMP]XVERWMXXVMTWMRXSERHJVSQ&SYPHIV&SYPHIVvW'SQQYRMX]8VERWMX2IX[SVOVSYXIWMRGPYHMRKXLI,34ERHXLIHEMP]XVERWMXXVMTWMRXSERHJVSQ&SYPHIV&SYPHIVvW'SQQYR
MX]8VERWMX2IX[SVOVSYXIWMRGPYHMRKXLI,34ERHXLI
ERH[SVOIVW[SYPHHVMZIETTVS\MQEXIP]QSVIQMPIWIEGLHE]ERHGVIEXISZIVEHHMXMSREPQIXVMGXSRW
ERH[SVOIVW[SYPHHVMZIETTVS\MQEXIP]QSVIQMPIWIEGLHE]ERHGVIEXISZIVEHHMXMSREPQIXVMGXSRWERH[SVOIVW[SYPHHVMZIETTVS\MQEXIP]QSVIQMPIWIEGLHE]ERHGVIEXISZIVEHHM
XMSREPQIXVMGXSRW
ERH[SVOIVW[SYPHHVMZIETTVS\MQEXIP]QSVIQMPIWIEGLHE]ERHGVIEXISZIVEHHMXMSREPQIXVMGXSRWERH[SVOIVW[SYPHHVMZIETTVS\MQEXIP]QSVIQMPIWIEGLHE]ERHGVIEXISZIVEHHM
XMSREPQIXVMGXSRW
VIXEMRWETTVS\MQEXIP]QMPPMSRERRYEPP]XLEXGERFIWTIRXPSGEPP]
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+VIIRMRKXLI
&SYPHIV8VERWMX9WI
8VERWMX*PIIX
-REHHMXMSRXSI\TERHMRK
0SKSWVITVIWIRXHIZIPSTQIRXWMR&SYPHIVXVERWMX
XLIYWISJXVERWMXXLI
XVERWMXJPIIX[MPPEPWS
0SGEP6IKMSREP
RIIHXSFIKVEHYEPP]
YTKVEHIHXSVIHYGIXLI
KVIIRLSYWIKEW
IQMWWMSRWJVSQ[LEX
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HMIWIPTS[IVIHFYWIW
8SEGLMIZIXLIGMX]vW
GPMQEXIKSEPWXLI
QENSVMX]SJXVERWMX[MPP
RIIHXSXEOITPEGI[MXL
PS[GEVFSRIRIVK]
ZILMGPIWF][MXL
EPPXVERWMXZILMGPIWYWMRK
GPIERIRIVK]XIGLRSPSK]
7SYVGI 68(%RRYEP6MHIVWLMT(EXE
F]
814
8VERWTSVXEXMSR1EWXIV4PER
6IKMSREP8VEZIP
TSTYPEXMSRKVS[XL
I\TIGXIHXSXLIIEWX
ERHIQTPS]QIRX
KVS[XLMR&SYPHIV
VIKMSREPXVEZIPMW
TVSNIGXIHXSWLS[
XLIPEVKIWXMRGVIEWI
SZIVXLIRI\X]IEVW
4STYPEXMSRKVS[XLXSXLIIEWXERHRI[IQTPS]
QIRXIHYGEXMSRERHIRXIVXEMRQIRXSTTSVXYRMXMIW
MR&SYPHIV[MPPMRGVIEWIXLIVIKMSREPXVEZIPXSERH
XLVSYKL&SYPHIV-JSYVFYWMRIWWIWEVIXSWYGGIWWJYPP]
EXXVEGXERHVIXEMRIQTPS]IIWERHGYWXSQIVW[IQYWX
TVSZMHIEVERKISJVIKMSREPXVEZIPSTXMSRWXSEHHVIWW
GSRKIWXMSRERHQSFMPMX]RIIHW
8VERWTSVXEXMSRQSHIPMRKF]&SYPHIV'SYRX]WLS[W
6IGIRX4VSKVIWWMR
XLIKVIEXIWXMRGVIEWIMRJYXYVIGSRKIWXMSRSGGYVVMRK
SRXLIPMQMXIHRYQFIVSJVIKMSREPJEGMPMXMIWGSRRIGXMRK
6IKMSREP4EVXRIVWLMTW
&SYPHIV[MXLRIMKLFSVMRKGSQQYRMXMIW;LMPIXLI
&SYPHIV[MXLRIMKLFSVMRKGSQQYRMXMIW;LMPIXLI
GMX]LEWERMRZIWXQIRXTVSKVEQXSJYRHJEGMPMXMIW
GMX]LEWERMRZIWXQIRXTVSKVEQXSJYRHJEGMPMXMIW
c
GMX]LEWERMRZIWXQIRXTVSKVEQXSJYRHJEGMPMXMIW
ERHTVSKVEQW[MXLMRXLIGMX]ZIV]PMXXPIEHHMXMSREP
ERHTVSKVEQW[MXLMRXLIGMX]ZIV]PMXXPIEHHMXMSREPERHTVSKVEQW[MXLMRXLIGMX]ZIV]PMXXPIEHHMXMSREP
GSRWMWXIRX[SVOF]XLIGMX]WMRGIXLIQMH WXS
MRZIWXQIRXMWTVSKVEQQIHJSVXLIVIKMSREPJEGMPMXMIW
MRZIWXQIRXMWTVSKVEQQIHJSVXLIVIKMSREPJEGMPMXMIWMRZIWXQIRXMWTVSKVEQQIHJSVXLIVIKMSREPJEGMPMXMIW
TVSZMHIEGXMZIP]QEREKIH,MKL3GGYTERG]8SPP
,38
FI]SRHXLI97MQTVSZIQIRXW;MXLSYXWSQI
PERIWJSVXVERWMXERHEGSRXMRYSYWVIKMSREPFMOIJEGMPMX]
FI]SRHXLI97MQTVSZIQIRXW;MXLSYXWSQIFI]SRHXLI97MQTVSZIQIRXW;MXLSYXWSQI
8LITVSNIGXMRGPYHIWEHIHMGEXIHPERITVMSVMXM^IHJSV
FYWVETMHXVERWMX
&68
TVSZMHMRKKVIEXP]IRLERGIH
SGGYVSRJEGMPMXMIWXLEXPSSOQYGLPMOIXLI]EVIXSHE]
SGGYVSRJEGMPMXMIWXLEXPSSOQYGLPMOIXLI]EVIXSHE]SGGYVSRJEGMPMXMIWXLEXPSSOQYGLPMOIXLI]EVIXSHE]SGGYVSRJEGMPMXMIWXLEXPSSOQYGLPMOIXLI]EVIXSHE]
XVEZIPXMQIWERHER QMPIVIKMSREPGSQQYXIVFMOI
;LMPIXVEZIPF]&SYPHIVVIWMHIRXW[MXLMRXLIGMX]
;LMPIXVEZIPF]&SYPHIVVIWMHIRXW[MXLMRXLIGMX];LMPIXVEZIPF]&SYPHIVVIWMHIRXW[MXLMRXLIGMX]
JEGMPMX]EPSRKXLIGSVVMHSV
MWFVSEHP]QYPXMQSHEPVIKMSREPXVEZIPMWWXMPPLMKLP]
MWFVSEHP]QYPXMQSHEPVIKMSREPXVEZIPMWWXMPPLMKLP]MWFVSEHP]QYPXMQSHEPVIKMSREPXVEZIPMWWXMPPLMKLP]
HITIRHIRXSRWMRKPISGGYTERXZILMGPIW
73:W
-J
HITIRHIRXSRWMRKPISGGYTERXZILMGPIW
73:W
-JHITIRHIRXSRWMRKPISGGYTERXZILMGPIW
73:W
-JHITIRHIRXSRWMRKPISGGYTERXZILMGPIW
73:W
-J
c;MXLWYTTSVXJVSQXLIGMX]&SYPHIV'SYRX]LEWLEH
JYXYVIVIKMSREPXVEZIPHITIRHWSR73:WXLIVIKMSREP
JYXYVIVIKMSREPXVEZIPHITIRHWSR73:WXLIVIKMSREPJYXYVIVIKMSREPXVEZIPHITIRHWSR73:WXLIVIKMSREPJYXYVIVIKMSREPXVEZIPHITIRHWSR73:WXLIVIKMSREP
JEGMPMXMIW[MPPLEZIMRGVIEWMRKGSRKIWXMSR&EWIHSRXLI
JEGMPMXMIW[MPPLEZIMRGVIEWMRKGSRKIWXMSR&EWIHSRXLIJEGMPMXMIW[MPPLEZIMRGVIEWMRKGSRKIWXMSR&EWIHSRXLI
MRGPYHIXLI&308ERH(%7,XVERWMXWIVZMGIWERHXLI
GSPPEFSVEXMZIQSHIPSJ97XLI'MX]SJ&SYPHIVGER
GSPPEFSVEXMZIQSHIPSJ97XLI'MX]SJ&SYPHIVGERGSPPEFSVEXMZIQSHIPSJ97XLI'MX]SJ&SYPHIVGER
GSQQYRMX])GS4EWWTVSKVEQWJSV2IHIVPERH0]SRW
TPE]ERMQTSVXERXVSPIMRJEGMPMXEXMRKVIKMSREPEGXMSR
TPE]ERMQTSVXERXVSPIMRJEGMPMXEXMRKVIKMSREPEGXMSRTPE]ERMQTSVXERXVSPIMRJEGMPMXEXMRKVIKMSREPEGXMSR
ERH0SRKQSRX
XSTVSZMHIERHJYRHGSRZIRMIRXXVEZIPGLSMGIW(YI
XSTVSZMHIERHJYRHGSRZIRMIRXXVEZIPGLSMGIW(YI
XSXLIHMWXERGIWSJVIKMSREPXVMTWJYXYVIXVEZIP[MPP
c'SPSVEHS(ITEVXQIRXSJ8VERWTSVXEXMSR
'(38
MQTVSZIQIRXWSRIEWX%VETELSI
7,
ERHXLI
RIIHXSFIFEPERGIHEQSRKEYXSQSFMPIWXVERWMXERH
(MEKSREP
7,
LEZIFIIRQYPXMQSHEPERHMRGPYHI
FYWTVMSVMX]XVIEXQIRXWXSMQTVSZIXVERWMXXVEZIPXMQI
97GSVVMHSVVIKMSREPGSVVMHSVW[MPPVIUYMVIPSRK
c8LIGMX]ERHMXWVIKMSREPTEVXRIVWLEZIEPWSGSQTPIXIH
XIVQVIKMSREPTEVXRIVWLMTWXSTVSHYGIWSPYXMSRWXLEX
QENSVMQTVSZIQIRXWEXXLI&VSEH[E])YGPMH
MRXIVWIGXMSRMRGPYHMRKERI[YRHIVTEWWERHXVERWMX
MRGPYHIERHMRXIKVEXIQYPXMTPIXVEZIPSTXMSRW
TEVXRIVW
c8LI&SYPHIV.YRGXMSR
&SYPHIV8VERWMX:MPPEKI
XVERWMXJEGMPMX]GEPPIHJSVMRXLI814MWYRHIV
GSRWXVYGXMSREWETEVXRIVWLMTFIX[IIRXLIGMX]68(
ERHTVMZEXIHIZIPSTIVW
c8LIGMX]ERHSXLIV&SYPHIV'SYRX]GSQQYRMXMIWLEZI
EKVIIHSRXLIVIWYPXWSJXLI68(2SVXL[IWX%VIE
RI\XWXITWSJ[SVOXS[EVHMQTPIQIRXMRKEVXIVMEP&68
8LIGSVVMHSVWGSRRIGXMRKXS&SYPHIVEVIXLI(MEKSREP
814
8VERWTSVXEXMSR1EWXIV4PER
*MKYVI
[MXLMR&SYPHIV'SYRX]
814
8VERWTSVXEXMSR1EWXIV4PER
*MKYVI
[MXLMR&SYPHIV'SYRX]
814
8VERWTSVXEXMSR1EWXIV4PER
8VERWTSVXEXMSR(IQERH
1EREKIQIRX
8VERWTSVXEXMSR
(IQERH1EREKIQIRX
8(1
WXVEXIKMIW
GLSMGIWERHSTXMSRW
[LMPIMQTVSZMRKXLI
&SYPHIVvWXVERWTSVXEXMSRWYWXEMREFMPMX]ERH+L+
VIHYGXMSRSFNIGXMZIW3ZIVXLITEWXJI[]IEVWXLI
FYWMRIWWGSQQYRMX]LEWFIGSQIQSVITVSEGXMZIMR
TVSZMHMRKXVEZIPGLSMGIWJSVXLIMVIQTPS]IIWXLVSYKL
TVSKVEQWPMOI68(vW)GS4EWWIQTPS]IVWLYXXPIW
&MOI7LEVIERHFMOIEQIRMXMIW8(1MRGPYHIWXLI
-QTVSZIHEGGIWWERHQSFMPMX]JSVXLIGSQQYRMX]
)RLERGIHIQTPS]IVEGGIWWXSIQTPS]IIW
-RGVIEWIHGYWXSQIVTEVOMRKEZEMPEFMPMX]EX
-RGVIEWIHGYWXSQIVTEVOMRKEZEMPEFMPMX]EX-RGVIEWIHGYWXSQIVTEVOMRKEZEMPEFMPMX]EX
'SWXWEZMRKWXSIQTPS]IVWERHIQTPS]IIW
'SWXWEZMRKWXSIQTPS]IVWERHIQTPS]IIW'SWXWEZMRKWXSIQTPS]IVWERHIQTPS]IIW
(IGVIEWIHGSRKIWXMSR+L+IQMWWMSRWERH
(IGVIEWIHGSRKIWXMSR+L+IQMWWMSRWERH(IGVIEWIHGSRKIWXMSR+L+IQMWWMSRWERH
(IGVIEWIHGSRKIWXMSR+L+IQMWWMSRWERH(IGVIEWIHGSRKIWXMSR+L+IQMWWMSRWERH
8LIGMX]QYWXFYMPHSRMXWTEVXRIVWLMTW[MXL
8LIGMX]QYWXFYMPHSRMXWTEVXRIVWLMTW[MXL8LIGMX]QYWXFYMPHSRMXWTEVXRIVWLMTW[MXL
XVERWTSVXEXMSRSFNIGXMZIWERHXSGSRXMRYIEWER
XVERWTSVXEXMSRSFNIGXMZIWERHXSGSRXMRYIEWERXVERWTSVXEXMSRSFNIGXMZIWERHXSGSRXMRYIEWER
EXXVEGXMZIERHZMXEPIQTPS]QIRXERHGSQQIVGMEP
EXXVEGXMZIERHZMXEPIQTPS]QIRXERHGSQQIVGMEP
GIRXIV*SVI\EQTPI&SYPHIV8VERWTSVXEXMSR'SR
RIGXMSRW
&8'
MWEPSGEPXVERWTSVXEXMSRQEREKIQIRX
SVKERM^EXMSRXLEX[SVOWMRTEVXRIVWLMT[MXLXLIGMX]
XSTVSZMHIXEVKIXIHIQTPS]IVSYXVIEGL8(1TVSKVEQ
MQTPIQIRXEXMSRERHIZEPYEXMSRSJ8(1TPERW&8'MW
EPWSVIWTSRWMFPIMQTPIQIRXMRK(6'3+vWVIKMSREP;E]
XS+3QEVOIXMRKERHSYXVIEGLTVSKVEQJSGYWMRK
SRVMHIWLEVMRKXIPI[SVOERHZERTSSPMRK3XLIVOI]
PSGEPERHVIKMSREPTEVXRIVWMRGPYHI'SQQYXMRK
7SPYXMSRW&SYPHIV&']GPII+S'EVWLEVMRKERH
'SQQYRMX]']GPIW
814
8VERWTSVXEXMSR1EWXIV4PER
;LEXMW8VERWTSVXEXMSR(IQERH1EREKIQIRX#
XVMT8(1WXVEXIKMIWMRGVIEWIXVEZIPGLSMGIW[MXLXLIEMQSJFEPERGMRK
c
c4VSZMHMRKETTVSTVMEXITVMGIWMKREPWWYGLEWYRFYRHPIHQEREKIHERH
TEMHTEVOMRK
c1SHEPWXVEXIKMIWWYGLEWVMHIWLEVMRKGEVWLEVMRKZERTSSPW
c*MVWXERH*MREP1MPIWSPYXMSRWWYGLEWFMOIWLEVMRK
*MVWXERH*MREP1MPIWSPYXMSRWWYGLEWFMOIWLEVMRK
c(IWMKRMQTVSZIQIRXWWYGLEWPSRKXIVQFMG]GPITEVOMRKERH
(IWMKRMQTVSZIQIRXWWYGLEWPSRKXIVQFMG]GPITEVOMRKERH
TVIJIVIRXMEPTEVOMRKJSVVMHIWLEVMRK
TVIJIVIRXMEPTEVOMRKJSVVMHIWLEVMRKTVIJIVIRXMEPTEVOMRKJSVVMHIWLEVMRK
HIWMKRMRXIKVEXIH[MXLXVERWTSVXEXMSRERHQYPXMTPIERHWIEQPIWWGLSMGIW
HIWMKRMRXIKVEXIH[MXLXVERWTSVXEXMSRERHQYPXMTPIERHWIEQPIWWGLSMGIW
FIX[IIRQSHIWSJXVEZIP&SYPHIVvWHS[RXS[RERH&SYPHIV.YRGXMSR
FIX[IIRQSHIWSJXVEZIP&SYPHIVvWHS[RXS[RERH&SYPHIV.YRGXMSR
FIX[IIRQSHIWSJXVEZIP&SYPHIVvWHS[RXS[RERH&SYPHIV.YRGXMSR
EVIQSHIPWSJLS[MRXIKVEXIHPERHYWITEVOMRKQEREKIQIRXEGGIWW
EVIQSHIPWSJLS[MRXIKVEXIHPERHYWITEVOMRKQEREKIQIRXEGGIWW
XSXVERWTSVXEXMSRSTXMSRWERH8(1WXVEXIKMIWGERPMQMXXLIMRGVIEWIMR
XSXVERWTSVXEXMSRSTXMSRWERH8(1WXVEXIKMIWGERPMQMXXLIMRGVIEWIMR
ZILMGPIXVMTWJVSQHIZIPSTQIRX
*SVRI[VIWMHIRXMEPERHGSQQIVGMEPHIZIPSTQIRXW8(1TPERWEVIYWIH
*SVRI[VIWMHIRXMEPERHGSQQIVGMEPHIZIPSTQIRXW8(1TPERWEVIYWIH
XSQMXMKEXIMQTEGXWSRXLIXVERWTSVXEXMSRW]WXIQF]MQTPIQIRXMRK
XSQMXMKEXIMQTEGXWSRXLIXVERWTSVXEXMSRW]WXIQF]MQTPIQIRXMRK
WXVEXIKMIWXSVIHYGIZILMGPIXVMTWERHMRGVIEWIQYPXMQSHEPEGGIWW-R
WXVEXIKMIWXSVIHYGIZILMGPIXVMTWERHMRGVIEWIQYPXMQSHEPEGGIWW-R
GSRNYRGXMSR[MXLXLI%GGIWW1EREKIQIRXERH4EVOMRK7XVEXIK]
%147
E
GSRNYRGXMSR[MXLXLI%GGIWW1EREKIQIRXERH4EVOMRK7XVEXIK]
%147
E
VIZMWIH8VERWTSVXEXMSR3TXMSRW8SSPOMXMWFIMRKHIZIPSTIHXSMQTVSZIXLI
VIZMWIH8VERWTSVXEXMSR3TXMSRW8SSPOMXMWFIMRKHIZIPSTIHXSMQTVSZIXLI
814
8VERWTSVXEXMSR1EWXIV4PER
;LIVI(SIW8(1
;SVO&IWX#
8LVIIMRKVIHMIRXW[SVOXSKIXLIVXS
TVSZMHIXLIJIVXMPIKVSYRHRIGIWWEV]JSVE
8VERWTSVXEXMSR(IQERH1EREKIQIRXTPER
XVERWTSVXEXMSRGLSMGIW8LIWIMRKVIHMIRXW
ERHHIRWMX]SJPERHYWIWMRXLIVMKLXTPEGIW
TPEGIQEOMRKERHEXXVEGXMZIYVFERHIWMKR
[LMGLMRXIKVEXIW[MXLSYVXVERWTSVXEXMSR
W]WXIQERH
EGSQTVILIRWMZI
XVERWTSVXEXMSRW]WXIQXLEXTVSZMHIW
QYPXMTPIGLSMGIWERHMWWIEQPIWWFIX[IIR
QSHIWSJXVEZIP8LI8VERWMX:MPPEKI%VIE
4PER[LMGLKYMHIWHIZIPSTQIRXEX&SYPHIV
.YRGXMSRWLS[WXLEXMRXIKVEXIHPERHYWI
XVERWTSVXEXMSRERH8(1TPERRMRKFYMPXSR
XLIFEWISJQEREKIHTEVOMRKGEREPPS[
XLIFEWISJQEREKIHTEVOMRKGEREPPS[
XLIMRGVIEWIMREYXSXVMTW
XLIMRGVIEWIMREYXSXVMTW
-R&SYPHIV.YRGXMSRX[SSZIVPETTMRKXE\MRK
-R&SYPHIV.YRGXMSRX[SSZIVPETTMRKXE\MRK-R&SYPHIV.YRGXMSRX[SSZIVPETTMRKXE\MRK
HMWXVMGXWTVSZMHIWYWXEMREFPIJYRHMRKXS
HMWXVMGXWTVSZMHIWYWXEMREFPIJYRHMRKXS
MQTPIQIRXTEVOMRKQEREKIQIRXERH8(1
MQTPIQIRXTEVOMRKQEREKIQIRXERH8(1
MQTPIQIRXTEVOMRKQEREKIQIRXERH8(1
TVSKVEQWXSQIIXXLIEVIEvW8VMT+IRIVEXMSR
TVSKVEQWXSQIIXXLIEVIEvW8VMT+IRIVEXMSR
%PPS[ERGI;MXLMR&SYPHIV.YRGXMSR
%PPS[ERGI;MXLMR&SYPHIV.YRGXMSR
SJEPPXVMTWQYWXFIQEHI[MXLSYXYWISJ
SJEPPXVMTWQYWXFIQEHI[MXLSYXYWISJ
XLIWMRKPISGGYTERXZILMGPI8SQIIXXLMW
XLIWMRKPISGGYTERXZILMGPI8SQIIXXLMW
VIUYMVIQIRXXLI4EVOMRK%GGIWWHMWXVMGX
TVSZMHIWXLIQIERWXSQEREKITEVOMRK
ERHFYMPHWLEVIHWXVYGXYVIHTEVOMRKSZIV
XMQI8LI8(1%GGIWWHMWXVMGXJYRHW[MPP
TVSZMHIEPPVIWMHIRXWERHIQTPS]IIWSJ
&SYPHIV.YRGXMSR[MXL68()GS4EWWIW
JVIIGEVWLEVIQIQFIVWLMTWERHHMWGSYRXIH
ERRYEP&SYPHIV&']GPIQIQFIVWLMTW
&SYPHIV8VERWTSVXEXMSR'SRRIGXMSRW
[MPP[SVO[MXLXLIGMX]XSMQTPIQIRXERH
QSRMXSVXLI%GGIWW(MWXVMGXERHMHIRXMJ]
[E]WXSVITPMGEXIXLMWQSHIPMRI\MWXMRKERH
RI[HMWXVMGXW
814
8VERWTSVXEXMSR1EWXIV4PER
*YRHMRK
8LIGMX]vW
XVERWTSVXEXMSR
FYHKIXMWJSVQYPEXIH
[MXLMRXLITSPMG]
GSRXI\XSJXLI
814ERHMWFEWIH
SRMQTPIQIRXMRKE
FEPERGIHWYWXEMREFPIQYPXMQSHEP
XVERWTSVXEXMSRW]WXIQ
*SVJYRHMRKXLIXVERWTSVXEXMSRW]WXIQXLI814
VIGSQQIRHWXLEXXLIGMX]
%HIUYEXIP]TVIWIVZIXLII\MWXMRKMRJVEWXVYGXYVI
7XVMZIXSMRGVIEWIWEJIX]
VSEH[E]XVERWMXFMG]GPIERHTIHIWXVMER
)RLERGIQSFMPMX]XLVSYKLMRZIWXQIRXWMRXLI
GSQTPIXMSRSJXLIQYPXMQSHEPW]WXIQ
TIHIWXVMER
FMG]GPIERHXVERWMX
SRQEMRXEMRMRKXLII\MWXMRKMRJVEWXVYGXYVI[MXL
SRQEMRXEMRMRKXLII\MWXMRKMRJVEWXVYGXYVI[MXLSRQEMRXEMRMRKXLII\MWXMRKMRJVEWXVYGXYVI[MXL
VIQEMRMRKVIWSYVGIWEPPSGEXIHXSIRLERGIQIRXW8LI
VIQEMRMRKVIWSYVGIWEPPSGEXIHXSIRLERGIQIRXW8LIVIQEMRMRKVIWSYVGIWEPPSGEXIHXSIRLERGIQIRXW8LI
814GSRXEMRWEGSQTPIXIWXVIIXWMRZIWXQIRXWXVEXIK]
814GSRXEMRWEGSQTPIXIWXVIIXWMRZIWXQIRXWXVEXIK]814GSRXEMRWEGSQTPIXIWXVIIXWMRZIWXQIRXWXVEXIK]
JSGYWIHSRXLIW]WXIQSJXIRGSVVMHSVWXLEXGSRWXMXYXI
JSGYWIHSRXLIW]WXIQSJXIRGSVVMHSVWXLEXGSRWXMXYXIJSGYWIHSRXLIW]WXIQSJXIRGSVVMHSVWXLEXGSRWXMXYXIJSGYWIHSRXLIW]WXIQSJXIRGSVVMHSVWXLEXGSRWXMXYXIJSGYWIHSRXLIW]WXIQSJXIRGSVVM
HSVWXLEXGSRWXMXYXI
XLIHIWMKREXIHQYPXMQSHEPGSVVMHSVKVMH8LI814
XLIHIWMKREXIHQYPXMQSHEPGSVVMHSVKVMH8LI814XLIHIWMKREXIHQYPXMQSHEPGSVVMHSVKVMH8LI814XLIHIWMKREXIHQYPXMQSHEPGSVVMHSVKVMH8LI814
EPPSGEXIWMRZIWXQIRXJSVIRLERGIQIRXWMRXLIQSHEP
EPPSGEXIWMRZIWXQIRXJSVIRLERGIQIRXWMRXLIQSHEPEPPSGEXIWMRZIWXQIRXJSVIRLERGIQIRXWMRXLIQSHEP
W]WXIQWFEWIHSRTVMSVMXM^IHQYPXMQSHEPGSVVMHSV
W]WXIQWFEWIHSRTVMSVMXM^IHQYPXMQSHEPGSVVMHSVW]WXIQWFEWIHSRTVMSVMXM^IHQYPXMQSHEPGSVVMHSV
W]WXIQWFEWIHSRTVMSVMXM^IHQYPXMQSHEPGSVVMHSVW]WXIQWFEWIHSRTVMSVMXM^IHQYPXMQSHEPGSVVMHSV
WIKQIRXW
WIKQIRXW
9RHIVXLIIWXEFPMWLIHJYRHMRKTVMSVMXMIWERHMRZIWX
9RHIVXLIIWXEFPMWLIHJYRHMRKTVMSVMXMIWERHMRZIWX9RHIVXLIIWXEFPMWLIHJYRHMRKTVMSVMXMIWERHMRZIWX9RHIVXLIIWXEFPMWLIHJYRHMRKTVMSVMXMIWERHMRZIWX
QIRXTVSKVEQWQEMRXIRERGISTIVEXMSRWERHWEJIX]
*MKYVI
QIRXTVSKVEQWQEMRXIRERGISTIVEXMSRWERHWEJIX]QIRXTVSKVEQWQEMRXIRERGISTIVEXMSRWERHWEJIX]
(IGPMRMRK4YVGLEWMRK4S[IV
EGXMZMXMIWVIGIMZIXLIQENSVMX]SJXVERWTSVXEXMSRJYRHW
EGXMZMXMIWVIGIMZIXLIQENSVMX]SJXVERWTSVXEXMSRJYRHWEGXMZMXMIWVIGIMZIXLIQENSVMX]SJXVERWTSVXEXMSRJYRHW
%WXLIVSEH[E]W]WXIQMWXLIPEVKIWXERHQSWXGSQ
%WXLIVSEH[E]W]WXIQMWXLIPEVKIWXERHQSWXGSQ
TPIXISJXLIQSHEPW]WXIQWMXVIUYMVIWXLIQENSVMX]SJ
QEMRXIRERGIERHSTIVEXMSRJYRHWMRIEGLMRZIWXQIRX
TVSKVEQ8LIRI\XJYRHMRKTVMSVMX]EJXIVQEMRXIRERGI
ERHWEJIX]MWMQTVSZMRKQSFMPMX]XLVSYKLGSQTPIXI
7MRGI XLITVSNIGXWRIIHIHXSGSQTPIXIIEGL
WXVIIXW]WXIQPEVKIP]I\MWXWXSHE]SXLIVW]WXIQWWYGL
(IGPMRIMR
EWXVERWMXERHFMG]GPIEVISRP]TEVXMEPP]HIZIPSTIHERH
TYVGLEWMRKTS[IV
WMRGI
GSRWIUYIRXP]VIUYMVIKVIEXIVMRZIWXQIRXXSVIEGL
GSQTPIXMSR7]WXIQGSQTPIXMSRMRGPYHIWEKVMHFEWIH
LMKLJVIUYIRG]XVERWMXW]WXIQERHEKVMHFEWIH
FMG]GPIW]WXIQSJTVMQEV]ERHWIGSRHEV]GSVVMHSVW
MRXIRHIHXSEGGSQQSHEXIEPPPIZIPWSJYWIVW
814
8VERWTSVXEXMSR1EWXIV4PER
&VSEH[E])YGPMH'SQTPIXI
7XVIIXW'ETMXEP4VSNIGX
7MRGIXLI 814XLITPERLEWVIGSQQIRHIH
7MRGIXLI 814XLITPERLEWVIGSQQIRHIH7MRGIXLI 814XLITPERLEWVIGSQQIRHIH-RZIWXQIRX4SPMGMIW
XLEXXLIGMX]QSZIXS[EVHETVIJIVVIHQEMRXIRERGI
XLEXXLIGMX]QSZIXS[EVHETVIJIVVIHQEMRXIRERGIXLEXXLIGMX]QSZIXS[EVHETVIJIVVIHQEMRXIRERGI
TVEGXMGISJPMJIG]GPIVITPEGIQIRX-RJSPPS[
TVEGXMGISJPMJIG]GPIVITPEGIQIRX-RJSPPS[TVEGXMGISJPMJIG]GPIVITPEGIQIRX-RJSPPS[
8LIGMX]WLEPPKIRIVEPP]KMZITVMSVMX]XS
MRKWIZIVEP]IEVWSJ[SVO[MXLXLIGSQQYRMX]ERH
MRKWIZIVEP]IEVWSJ[SVO[MXLXLIGSQQYRMX]ERHMRKWIZIVEP]IEVWSJ[SVO[MXLXLIGSQQYRMX]ERH
XVERWTSVXEXMSRMRZIWXQIRXWEWJSPPS[W
XIGLRMGEPIZEPYEXMSRSJTSXIRXMEPJYRHMRKWSYVGIW
'SYRGMPTPEGIHX[SWEPIWXE\QIEWYVIWJSVXVERWTSVXE
W]WXIQSTIVEXMSRWQEMRXIRERGIERH
'SYRGMPTPEGIHX[SWEPIWXE\QIEWYVIWJSVXVERWTSVXE'SYRGMPTPEGIHX[SWEPIWXE\QIEWYVIWJSVXVERWTSVXE
c,MKLIWXTVMSVMX]
XMSRSRXLI2SZIQFIVFEPPSX8LIWIQIEWYVIW
XVEZIPWEJIX]
XVEZIPWEJIX]
[IVIETTVSZIHF]&SYPHIVZSXIVWVIHMVIGXMRKX[S
c2I\XTVMSVMX]2I\XTVMSVMX]
c
ERHIRLERGIQIRXSJXLIXVERWMXTIHIWXVMERERHFMG]GPI
XVERWTSVXEXMSRTVSZMHMRKEXSXEPSJ]IEVWSJEH
ERHIRLERGIQIRXSJXLIXVERWMXTIHIWXVMERERHFMG]GPI
W]WXIQ
HMXMSREPJYRHMRK;MXLXLITEWWEKISJFSXLQIEWYVIWE
W]WXIQ
QENSVMX]SJXLIJYRHMRKSZIVXLI]IEVW[MPPFIYWIH
UYEPMX]SJPMJIWYGLEWWSYRH
c2I\XPS[IWXTVMSVMX]2I\XPS[IWXTVMSVMX]
XSEHHVIWWXLIQEMRXIRERGIFEGOPSKSJXLIW
UYEPMX]SJPMJIWYGLEWWSYRH
8LMWJYRHMRK[MPP
*YRHXLIFEGOPSKSJSTIVEXMSRWERHQEMRXIRERGI
EYXSGETEGMX]EHHMXMSRW
RI[PERIW
c0S[IWXTVMSVMX]0S[IWXTVMSVMX]
ERHMRXIVGLERKIW
TVSNIGXWJSVXLIGMX]vWXVERWTSVXEXMSRW]WXIQ
3TIVEXIERHQEMRXEMRFEWMGWIVZMGIPIZIPWJSV
;MXLMRIEGLTVMSVMX]PIZIPEPPMXIQWEVIKMZIRIUYEP[IMKLX
-RZIWXQIRXMRQSHEPIRLERGIQIRXW[MPPFIMRXIKVEXIH
WXVIIXTEXLWWRS[VIQSZEPERHWXVIIXW[IITMRK
FIX[IIREPPQSHIWJSGYWIHMRXLIHIWMKREXIHQYPXMQSHEP
4VSZMHIGSVIW]WXIQIRLERGIQIRXWERHQEMRXEMR
GSVVMHSVWERHTVMSVMXM^IHF]XLIVEROIHQYPXMQSHEPGSVVMHSV
XVERWMXWIVZMGILSYVW
WIKQIRXW
%WXLIWXVIIXRIX[SVOMWXLITVMQEV]MRJVEWXVYGXYVIJSVEPP
QSHIWMX[MPPFIQEREKIHERHI\TERHIHXSFEPERGIMXWYWI
F]EPPXLIQSHIW6SEH[E]GETEGMX][MPPRSXFIEHHIHEXXLI
I\TIRWISJXLIRSREYXSQSHIW
8LIGMX]vWXVERWTSVXEXMSRW]WXIQMRGPYHIWEPPXLIQSHIWERH
XLIVIWSYVGIWRIIHIHJSVXLIWYWXEMREFPISTIVEXMSRSJXLI
W]WXIQ
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814
8VERWTSVXEXMSR1EWXIV4PER
8VERWTSVXEXMSR
6IZIRYIWERHXLI
2I[*MWGEP6IEPMX]
6IZIRYIWXSWYTTSVXXLIGMX]vWXVERWTSVXEXMSR
TVSKVEQWERHMRZIWXQIRXWGSQIJVSQ
EZEVMIX]SJWSYVGIW[MXLF]JEVXLI
PEVKIWXWLEVIGSQMRKJVSQXLIHIHMGEXIH
XVERWTSVXEXMSRWEPIWXE\SJWM\XIRXLWSJ
EGIRXSREHSPPEV8LMWXE\[EWETTVSZIH
F]XLIZSXIVWMR ERHTVSZMHIWEFSYX
SJJYRHMRKJSVXVERWTSVXEXMSR7MRGI
GMX]WEPIWXE\VIZIRYIWLEZILEH
GMX]WEPIWXE\VIZIRYIWLEZILEH
X[STIVMSHWSJHIGPMRI8LIWIVIHYGXMSRW
X[STIVMSHWSJHIGPMRI8LIWIVIHYGXMSRW
ERHMRGVIEWIWMRGSRWXVYGXMSRQEXIVMEP
ERHMRGVIEWIWMRGSRWXVYGXMSRQEXIVMEP
GSWXWQIERWXLIGMX]PSWXEFSYX SJMXW
GSWXWQIERWXLIGMX]PSWXEFSYX SJMXW
TYVGLEWMRKTS[IVMRVIEPHSPPEVXIVQW8LI
TYVGLEWMRKTS[IVMRVIEPHSPPEVXIVQW8LI
2SZXIRXLWSJEGIRXMRGVIEWIXS
2SZXIRXLWSJEGIRXMRGVIEWIXS
2SZXIRXLWSJEGIRXMRGVIEWIXS
XLIWEPIWERHYWIXE\ETTVSZIHF]ZSXIVW
XLIWEPIWERHYWIXE\ETTVSZIHF]ZSXIVW
TVSZMHIW]IEVWSJJYRHMRK{TVMQEVMP]
TVSZMHIW]IEVWSJJYRHMRK{TVMQEVMP]
STIVEXMSRERHQEMRXIRERGISJXLII\MWXMRK
STIVEXMSRERHQEMRXIRERGISJXLII\MWXMRK
QYPXMQSHEPW]WXIQ[MXLPMQMXIHGETEGMX]XS
QYPXMQSHEPW]WXIQ[MXLPMQMXIHGETEGMX]XS
MQTVSZIXLIW]WXIQ'SYRGMPLEWWXEXIHE
MQTVSZIXLIW]WXIQ'SYRGMPLEWWXEXIHE
HIWMVIXSIZIRXYEPP]XVERWMXMSRXVERWTSVXEXMSR
HIWMVIXSIZIRXYEPP]XVERWMXMSRXVERWTSVXEXMSR
JYRHMRKXSQSVIYWIVJIIFEWIHWSYVGIWERH
XLIGMX][MPPGSRXMRYIXSI\TPSVITSXIRXMEP
YWIVJIIFEWIHXVERWTSVXEXMSRJYRHMRK
QIGLERMWQW;MXLSYXEHHMXMSREPPSRKXIVQ
JYRHMRKMRGVIEWMRKGSWXWMRQEXIVMEPW
ERHIRIVK]WYKKIWXXLEXSTIVEXMSRWERH
QEMRXIRERGIGSYPHGSRWYQIXLIIRXMVI
*MKYVI
8VERWTSVXEXMSR&YHKIX
3TIVEXMRKZW'ETMXEP
'ETMXEP'ETMXEP
3TIVEXMRK3TIVEXMRK
814
8VERWTSVXEXMSR1EWXIV4PER
-RXIKVEXI[MXL
8LMWRI[JSGYWEVIEIQTLEWM^IW
GMX][MHIMRXIKVEXMSRYRHIVXLI
GMX]vW7YWXEMREFMPMX]*VEQI[SVO
XSFYMPHVIWMPMIRG]ERHPSRKXIVQ
8LI'SSP4PERRMRK[SVOWLSTF]7QEVX+VS[XL%QIVMGEEXXLIWXEVX
SJXLITPERRMRKTVSGIWWTVSZMHIHEYRMUYIJSVYQJSVMRXIVHITEVXQIRX
GVIEXMZIGSPPEFSVEXMSR8LIVIWYPXWSJXLI[SVOWLSTERHSRKSMRKGVSWW
%RMRXIKVEXIHQEREKIQIRXWXVYGXYVIJSVXLI814ERHSXLIVTPERRMRK
)EWX%VETELSI-RXIVHITEVXQIRXEP;EPOMRK8SYV
%VETELSITVSNIGX%GGIWW1EREKIQIRXERH4EVOMRK7XVEXIK]
%147
XLI
2SVXL&SYPHIV'SQQYRMX]4PERERHXLI'SQTVILIRWMZI,SYWMRK7XVEXIK]
8VERWTSVXEXMSRMWEQENSVGSQTSRIRXMRQIIXMRKXLIGMX]vW'PMQEXI'SQ
8VERWTSVXEXMSRMWEQENSVGSQTSRIRXMRQIIXMRKXLIGMX]vW'PMQEXI'SQ8VERWTSVXEXMSRMWEQENSVGSQTSRIRXMRQIIXMRKXLIGMX]vW'PMQEXI'SQ
[SVOHIZIPSTIHEGSQTVILIRWMZIMRZIRXSV]SJXVERWTSVXEXMSRIQMWWMSRW
[SVOHIZIPSTIHEGSQTVILIRWMZIMRZIRXSV]SJXVERWTSVXEXMSRIQMWWMSRW[SVOHIZIPSTIHEGSQTVILIRWMZIMRZIRXSV]SJXVERWTSVXEXMSRIQMWWMSRW
ERHEREP]^IHXLITSXIRXMEPJSVKVIIRLSYWIKEWIQMWWMSRVIHYGXMSRW8LI
ERHEREP]^IHXLITSXIRXMEPJSVKVIIRLSYWIKEWIQMWWMSRVIHYGXMSRW8LIERHEREP]^IHXLITSXIRXMEPJSVKVIIRLSYWIKEWIQMWWMSRVIHYGXMSRW8LI
RIIHJSVEQYPXMJEGIXIHWXVEXIK]MRKVIIRLSYWIKEW
+L+
VIHYGXMSR8LI
RIIHJSVEQYPXMJEGIXIHWXVEXIK]MRKVIIRLSYWIKEW
+L+
VIHYGXMSR8LIRIIHJSVEQYPXMJEGIXIHWXVEXIK]MRKVIIRLSYWIKEW
+L+
VIHYGXMSR8LI
GLEPPIRKISJXLI VIHYGXMSRKSEPVIUYMVIWXLEXXLIGSQQYRMX]MRGVIEW
GLEPPIRKISJXLI VIHYGXMSRKSEPVIUYMVIWXLEXXLIGSQQYRMX]MRGVIEWGLEPPIRKISJXLI VIHYGXMSRKSEPVIUYMVIWXLEXXLIGSQQYRMX]MRGVIEW
IWQSHIWLMJXXVERWMXMSRWXSGPIERIVJYIPWSYVGIWJSVFSXLXLITIVWSREP
IWQSHIWLMJXXVERWMXMSRWXSGPIERIVJYIPWSYVGIWJSVFSXLXLITIVWSREPIWQSHIWLMJXXVERWMXMSRWXSGPIERIVJYIPWSYVGIWJSVFSXLXLITIVWSREP
IWQSHIWLMJXXVERWMXMSRWXSGPIERIVJYIPWSYVGIWJSVFSXLXLITIVWSREPIWQSHIWLMJXXVERWMXMSRWXSGPIERIVJYIPWSYVGIWJSVFSXLXLITIVWSREP
YWIRIMKLFSVLSSHW[LIVIQSVIHIWXMREXMSRWEVIGPSWIVXSKIXLIVERHGER
YWIRIMKLFSVLSSHW[LIVIQSVIHIWXMREXMSRWEVIGPSWIVXSKIXLIVERHGERYWIRIMKLFSVLSSHW[LIVIQSVIHIWXMREXMSRWEVIGPSWIVXSKIXLIVERHGERYWIRIMKLFSVLSSHW[LIVIQSVIHIWXMREXMSRWEVIGPSWIVXSKIXL
IVERHGERYWIRIMKLFSVLSSHW[LIVIQSVIHIWXMREXMSRWEVIGPSWIVXSKIXLIVERHGER
FIVIEGLIHF][EPOMRK-REHHMXMSRXS+L+VIHYGXMSRWXLIWIWXVEXIKMIW[MPP
FIVIEGLIHF][EPOMRK-REHHMXMSRXS+L+VIHYGXMSRWXLIWIWXVEXIKMIW[MPPFIVIEGLIHF][EPOMRK-REHHMXMSRXS+L+VIHYGXMSRWXLIWIWXVEXIKMIW[MPP
2SVXL&SYPHIVz:MGXSV(SZIV-RXIVHITEVXQIRXEP;EPOMRK8SYV
W]WXIQXSXLIGSQQYRMX]-RHMZMHYEPWERHTSVXMSRWSJ&SYPHIV'SYRX][IVI
W]WXIQXSXLIGSQQYRMX]-RHMZMHYEPWERHTSVXMSRWSJ&SYPHIV'SYRX][IVIW]WXIQXSXLIGSQQYRMX]-RHMZMHYEPWERHTSVXMSRWSJ&SYPHIV'SYRX][IVI
MWSPEXIHJSVI\XIRHIHTIVMSHWERHIZEGYIIW[MXLSYXGEVWRIIHIHXSVIP]SR
MWSPEXIHJSVI\XIRHIHTIVMSHWERHIZEGYIIW[MXLSYXGEVWRIIHIHXSVIP]SRMWSPEXIHJSVI\XIRHIHTIVMSHWERHIZEGYIIW[MXLSYXGEVWRIIHIHXSVIP]SR
SXLIVQSHIWJSVQSZMRKEVSYRH&SYPHIV8LIEGGIWWMFMPMX]SJQENSVHIWXM
SXLIVQSHIWJSVQSZMRKEVSYRH&SYPHIV8LIEGGIWWMFMPMX]SJQENSVHIWXMSXLIVQSHIWJSVQSZMRKEVSYRH&SYPHIV8LIEGGIWWMFMPMX]SJQENSVHIWXM
REXMSRWMR&SYPHIVF]XLI'SQQYRMX]8VERWMX2IX[SVOERHXVERWMXTEWWIW
REXMSRWMR&SYPHIVF]XLI'SQQYRMX]8VERWMX2IX[SVOERHXVERWMXTEWWIW
GPSWIH8LIQYPXMQSHEPXVERWTSVXEXMSRW]WXIQMWSRIEWTIGXSJVIWMPMIRGI
%RSXLIVEWTIGXSJVIGIRXVIWIEVGLERHMRXIVHITEVXQIRXEPGSPPEFSVEXMSRMW
XLIRIIHJSVMRGVIEWIHMRXIKVEXMSRSJPERHYWIERHXVERWTSVXEXMSRTPERRMRK
WXVEXIKMIWXSWYTTSVXGMX]KSEPWMR8VERWTSVXEXMSRGPMQEXIERHGSQQYRMX]
TPEGIQEOMRK8LMWVIWYPXWMRERMXIVEXMZIG]GPIJSVGSRXMRYSYWMQTVSZIQIRX
ERHGSSVHMREXMSREQSRKXVERWTSVXEXMSRERHPERHYWITPERRMRKIGSRSQMG
ZMXEPMX]IRZMVSRQIRXEPERHTYFPMGLIEPXLERHE[MHIEVVE]SJGSQQYRMX]
PMZEFMPMX]KSEPW
814
8VERWTSVXEXMSR1EWXIV4PER
`*3'97324)6*361%2')
8LI814KSEPWTSPMGMIWERHQIEWYVEFPISFNIGXMZIW
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'SQTVILIRWMZI4PERERHXLIGSQQYRMX]vWZMWMSRJSV
WYWXEMREFPIXVERWTSVXEXMSRMR&SYPHIV
8LMWGLETXIVGSRXEMRWXLI814KSEPWERHXLIQIEWYV
:MWMSR7XEXIQIRX
EFPISFNIGXMZIWJSVXLI]IEV;LMPIXLISFNIGXMZIW
;LMPIXLI814LEWPSRKGSRXEMRIHKSEPWERHTVMR
GMTPIWXLIVILEWRSXFIIREGSRGMWIZMWMSRWXEXIQIRX
MQTSVXERXXSVIGSKRM^IXLEXRSWIXSJSFNIGXMZIW
JSVXLIXVERWTSVXEXMSRW]WXIQHIWMVIHF]XLIGSQQY
GSQTPIXIP]VITVIWIRXWXLIYPXMQEXIKSEPWSJXLI814
RMX]8LIJSPPS[MRKWXEXIQIRX[EWHIZIPSTIHXLVSYKL
MRFYMPHMRKXLIWYWXEMREFPIGSQQYRMX]HIWGVMFIHMRXLI
MRFYMPHMRKXLIWYWXEMREFPIGSQQYRMX]HIWGVMFIHMRXLIMRFYMPHMRKXLIWYWXEMREFPIGSQQYRMX]HIWGVMFIHMRXLI
&:'4ERHMXW7YWXEMREFMPMX]*VEQI[SVO8LIQIEWYV
&:'4ERHMXW7YWXEMREFMPMX]*VEQI[SVO8LIQIEWYV&:'4ERHMXW7YWXEMREFMPMX]*VEQI[SVO8LIQIEWYV
EFPISFNIGXMZIWHMWGYWWIHFIPS[[SYPHQIIXEWTIGXW
EFPISFNIGXMZIWHMWGYWWIHFIPS[[SYPHQIIXEWTIGXWEFPISFNIGXMZIWHMWGYWWIHFIPS[[SYPHQIIXEWTIGXW
WMRKPISGGYTERXEYXSXVMTW
SJXLIWIFVSEHGSQQYRMX]KSEPW,S[IZIVXLI]GER
SJXLIWIFVSEHGSQQYRMX]KSEPW,S[IZIVXLI]GERSJXLIWIFVSEHGSQQYRMX]KSEPW,S[IZIVXLI]GER
:-7-32
TSPMG]EGXMSRWSRXLITEVXSJXLIGMX]MXWGMXM^IRWERH
TSPMG]EGXMSRWSRXLITEVXSJXLIGMX]MXWGMXM^IRWERHTSPMG]EGXMSRWSRXLITEVXSJXLIGMX]MXWGMXM^IRWERHTSPMG]EGXMSRWSRXLITEVXSJXLIGMX]MXWGMXM^IRWERHTSPMG]EGXMSRWSRXLITEV
XSJXLIGMX]MXWGMXM^IRWERH
TVMZEXIWIGXSVERHEKIRG]TEVXRIVW8LIGMX]ERHMXW
TVMZEXIWIGXSVERHEKIRG]TEVXRIVW8LIGMX]ERHMXWTVMZEXIWIGXSVERHEKIRG]TEVXRIVW8LIGMX]ERHMXWTVMZEXIWIGXSVERHEKIRG]TEVXRIVW8LIGMX]ERHMXW
GSQQYRMX]TEVXRIVW[MPPGSRXMRYIXSXVEGOTVSKVIWW
GSQQYRMX]TEVXRIVW[MPPGSRXMRYIXSXVEGOTVSKVIWWGSQQYRMX]TEVXRIVW[MPPGSRXMRYIXSXVEGOTVSKVIWW
JSVEPPSJXLIWISFNIGXMZIWERHYWIXLIVIWYPXWXSEHNYWX
JSVEPPSJXLIWISFNIGXMZIWERHYWIXLIVIWYPXWXSEHNYWXJSVEPPSJXLIWISFNIGXMZIWERHYWIXLIVIWYPXWXSEHNYWX
XVERWTSVXEXMSRW]WXIQQIIXMRKXLI
EJSGYWSRGSRXMRYSYWMQTVSZIQIRX8LIGMX]MRXIRHW
EJSGYWSRGSRXMRYSYWMQTVSZIQIRX8LIGMX]MRXIRHWEJSGYWSRGSRXMRYSYWMQTVSZIQIRX8LIGMX]MRXIRHW
XVERWTSVXEXMSRW]WXIQQIIXMRKXLI
EJSGYWSRGSRXMRYSYWMQTVSZIQIRX8LIGMX]MRXIRHW
XSTYFPMWLXLI8VERWTSVXEXMSR6ITSVXSR4VSKVIWW
WYWXEMREFMPMX]KSEPWSJXLIGSQQYRMX]XSWYWXEMREFMPMX]KSEPWSJXLIGSQQYRMX]XS
IZIV]X[S]IEVWEWSRI[E]XSQSRMXSVTVSKVIWWMR
IZIV]X[S]IEVWEWSRI[E]XSQSRMXSVTVSKVIWWMRIZIV]X[S]IEVWEWSRI[E]XSQSRMXSVTVSKVIWWMR
EGGSQQSHEXIMRGVIEWIHTIVWSRXVMTWF]EGGSQQSHEXIMRGVIEWIHTIVWSRXVMTWF]
QIIXMRKXLIGSQQYRMX]vWZMWMSRJSVXVERWTSVXEXMSRERH
QIIXMRKXLIGSQQYRMX]vWZMWMSRJSVXVERWTSVXEXMSRERH
EGGSQQSHEXIMRGVIEWIHTIVWSRXVMTWF]EGGSQQSHEXIMRGVIEWIHTIVWSRXVMTWF]
LIPTKYMHIXLIGSYVWIJSVEXVERWTSVXEXMSRW]WXIQXS
TVSZMHMRKXVEZIPGLSMGIWERHVIHYGMRKXLITVSZMHMRKXVEZIPGLSMGIWERHVIHYGMRKXLITVSZMHMRKXVEZIPGLSMGIWERHVIHYGMRKXLI
WIVZITISTPISJXSHE]EW[IPPEWJYXYVIKIRIVEXMSRW
WLEVISJWMRKPISGGYTERXEYXSXVMTWxWLEVISJWMRKPISGGYTERXEYXSXVMTWxWLEVISJWMRKPISGGYTERXEYXSXVMTWx
8LI814VIXEMRWXLIKSEPW
7YTTSVXMRK7EJI
-RJSVQIH'SRJMHIRX
8VEZIPIVW
MRXIKVEXIHQYPXMQSHEPXVERWTSVXEXMSRW]WXIQIQTLEWM^MRK
%R
c
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WYTTSVXMZISJGSQQYRMX]KSEPW
%XVERWTSVXEXMSRW]WXIQ
c
7YJJMGMIRXXMQIP]ERHIUYMXEFPIJMRERGMRKQIGLERMWQWJSV
c
&YMPHMRKE
XVERWTSVXEXMSR
-QTVSZMRK
'SRRIGXIH
%GGIWW
4YFPMGTEVXMGMTEXMSRERHVIKMSREPGSSVHMREXMSR
MRXVERWTSVXEXMSR
c
'SQQYRMX]
TPERRMRK
WYTTSVXMZISJHIWMVIHPERHYWITEXXIVRW
%XVERWTSVXEXMSRW]WXIQ
c
ERHJYRGXMSREPEXXVEGXMZIYVFERHIWMKR
8LI814SFNIGXMZIWHIWGVMFIHSRXLIJSPPS[MRKTEKIWEVI
IRLERGIHXSFIXXIVVIJPIGXXLITSPMG]HMVIGXMSRSJXLIGMX]TEVXMGYPEVP]
*SGYWSR4IVJSVQERGI
XLI'PMQEXI'SQQMXQIRXVIHYGXMSRSJKVIIRLSYWIKEWIQMWWMSRW
814
8VERWTSVXEXMSR1EWXIV4PER
8144IVJSVQERGI1IEWYVIWERH%MV5YEPMX]+L+6IHYGXMSR
4EVXSJXLMWTPERMRZSPZIWGSPPEFSVEXMSR[MXL
MRKERHEGGIWWQEREKIQIRX
ERHXVEZIP
XLIGMX]vW'PMQEXI'SQQMXQIRXEREP]WMWXS
QSHIGLERKIEGXMSRW
FMOI[EPOTVSQSXMSR
UYERXMJ]XLI+L+IQMWWMSRWKIRIVEXIHXLVSYKL
XVERWMXW]WXIQHIZIPSTQIRXSXLIVXVEZIP
XLIXVERWTSVXEXMSRWIGXSVERHMHIRXMJ]WXVEXIKMIW
WLEVITVSKVEQW
)ZEPYEXILIEZ]ZILMGPIMRGPYHMRKXVERWMX
+L+VIHYGXMSRXEVKIX8LIGSVISFNIGXMZIMW
XSIWXEFPMWLEREQFMXMSYWFYXEGLMIZEFPISFNIGXMZI
STXMSRW
JSVXVERWTSVXEXMSR+L+VIHYGXMSR
5YERXMJ]XLIERXMGMTEXIH+L+VIHYGXMSRWGVI
%QYPXMHITEVXQIRXEPERHGSRWYPXERXXIEQ
EXIHF]JIHIVEPP]QERHEXIHMQTVSZIQIRXWMR
GSRHYGXIHXLMWEREP]WMWERHXLIWXVEXIK]HIZIPST
PMKLXHYX]ZILMGPIW
'%*WXERHEVHW
QIRXTVSGIWWFEWIHSRXLIKSEPSJER
VIHYGXMSRMR+L+IQMWWMSRWF]8LIWXITWSJ
VIHYGXMSRMR+L+IQMWWMSRWF]8LIWXITWSJ
-HIRXMJ]XLIEHHMXMSREPVIHYGXMSRWRIIHIH
XLIEREP]WMWTVSGIWW[IVI
XLIEREP]WMWTVSGIWW[IVI
WSYVGIW[MXGLMRKPERHYWIGLERKIERHEH
5YERXMJ]:18ERH+L+IQMWWMSRWJVSQWIZIR
5YERXMJ]:18ERH+L+IQMWWMSRWJVSQWIZIR
HMXMSREP8(1TVSKVEQWPMOII\TERHIHTEVOMRK
PIEHMRKXVERWTSVXEXMSRWIGXSVW
PIEHMRKXVERWTSVXEXMSRWIGXSVW
QEREKIQIRX
*EGXSVYTXVEZIPI\TIGXEXMSRWXSFEWIH
*EGXSVYTXVEZIPI\TIGXEXMSRWXSFEWIH
8LIMRZIRXSV]VIWYPXWSJXLMWEREP]WMWEVIWLS[RMR
SRTSTYPEXMSRERHIQTPS]QIRXJSVIGEWXW
SRTSTYPEXMSRERHIQTPS]QIRXJSVIGEWXW
*MKYVI
4VSNIGXXLI:18VIHYGXMSRTSXIRXMEPSJXLI
4VSNIGXXLI:18VIHYGXMSRTSXIRXMEPSJXLI
VERKISJXVEZIPHIQERHQEREKIQIRX
TEVO
VERKISJXVEZIPHIQERHQEREKIQIRX
TEVO
*MKYVI
'PMQEXI'SQQMXQIRX-RZIRXSV]SJ:18ERH+L+)QMWWMSRW
'PMQEXI'SQQMXQIRX-RZIRXSV]SJ:18ERH+L+)QMWWMSRW
8VERWTSVXEXMSR7IGXSV%RRYEP:18 :18%RRYEP+L+
18
+L+
%RRYEP+L+
18
:18
6IWMHIRX
2SR6IWMHIRX)QTPS]II
7XYHIRX
:MWMXSV
8VERWMX
*VIMKLX
&SYPHIV4IVWSREP%MVGVEJX
%RRYEP+L+
1IXVMG8SRW
7SYVGI 'PMQEXI'SQQMXQIRX%REP]WMW
*MRHMRKWSJXLMWEREP]WMWWLS[XLEX&SYPHIVVIWMHIRXWEVIVIWTSRWMFPIJSVXLIQENSVMX]SJXVERWTSVXEXMSR
VIPEXIH+L+IQMWWMSRWIMXLIVJVSQEYXSZILMGPIYWISVJVSQJVIMKLXHIPMZIVMIW%ZIVEKIZILMGPIIQMW
RYQFIVSJ79:W*VIMKLXERHXVERWMXEPWSLEZIEHMWTVSTSVXMSREPWLEVISJ+L+IQMWWMSRWVIPEXMZIXSXLIMV
:18HYIXSXLIMVHMIWIPIRKMRIWERHLIEZ][IMKLX
814
8VERWTSVXEXMSR1EWXIV4PER
8LIVIWYPXWSJXLI'PMQEXI'SQQMXQIRXEREP]WMW
TVSZMHIHMRXLIGLEVXFIPS[%KVS[MRKRYQFIVSJ
GPIERIVJYIPSTXMSRWEVIEZEMPEFPIJSVXLIXVERWMX
JSVVIHYGXMSRWJVSQXLIWISTXMSRWLEWFIIR
EREP]^IH)PIGXVMGTIVWSREPZILMGPIWEVIEQSRK
XLISTXMSRWEZEMPEFPIJSVXLIMRRSZEXMSRW[IHKI
[LMGLEPWSMRGPYHIWPERHYWIGLERKIWXSQEOIPSRK
XVMTWMRXSWLSVXSRIWXLEXGERFI[EPOIHSVFMOIH
XSXLIGSQQYRMX]YRHIVXLIGEXIKSVMIWSJXLI
7YWXEMREFMPMX]*VEQI[SVOMRGPYHMRKGSQQYRMX]
7YWXEMREFMPMX]*VEQI[SVOMRGPYHMRKGSQQYRMX]
PMZEFMPMX]IGSRSQMGZMXEPMX]ERHE[MHIEVVE]SJ
PMZEFMPMX]IGSRSQMGZMXEPMX]ERHE[MHIEVVE]SJ
XLI'PMQEXI'SQQMXQIRXEREP]WMWERHERI\XIRWMZI
XLI'PMQEXI'SQQMXQIRXEREP]WMWERHERI\XIRWMZIXLI'PMQEXI'SQQMXQIRXEREP]WMWERHERI\XIRWMZI
WIXSJTSPMG]STXMSRWJSVTVSQSXMRKJYIPWSYVGI
WIXSJTSPMG]STXMSRWJSVTVSQSXMRKJYIPWSYVGI
MRXLI'PMQEXI'SQQMXQIRXXIGLRMGEPETTIRHM\%
MRXLI'PMQEXI'SQQMXQIRXXIGLRMGEPETTIRHM\%
VIPEXIHWIRWMXMZMX]EREP]WMWGSRHYGXIHEWTEVXSJXLI
VIPEXIHWIRWMXMZMX]EREP]WMWGSRHYGXIHEWTEVXSJXLI
XVERWMXTPERRMRKWLS[WXLEXFSXLXLIGSQQYRMX]
XVERWMXTPERRMRKWLS[WXLEXFSXLXLIGSQQYRMX]
)GS4EWWERHI\TERHIHQEREKIHTEVOMRKLEZIXLI
ERHHIGVIEWI:18
*MKYVI
8VERWTSVXEXMSR7IGXSV:18
ERH+L+)QMWWMSRW
'EJI7XERHEVHW 1SHI7LMJX
:18VIHYGXMSRW
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-RRSZEXMSRW
814
7SYVGI 'PMQEXI'SQQMXQIRX%REP]WMW
8VERWTSVXEXMSR1EWXIV4PER
814+3%07%2(3&.)'8-:)7
6IHYGIWMRKPISGGYTERXZILMGPIXVEZIPXS
4VIZMSYWZIVWMSRWSJXLI814
SJEPPXVMTWJSVVIWMHIRXWERHXS SJ[SVO
GSRXEMRIHKSEPWSFNIGXMZIWERHER
XVMTWJSVRSRVIWMHIRXW
I\XIRWMZIWIXSJTSPMG]WXEXIQIRXW
%WQER]SJXLITSPMGMIWJVSQTVIZMSYW
%WHMWGYWWIHJSVXLITVIZMSYWSFNIGXMZIEVIHYGXMSR
TPERWLEZIFIIRMRGSVTSVEXIHMRXS
MRERXMGMTEXIH:18VIUYMVIWERMRGVIEWIMRRSRWMRKPI
GMX]HIWMKRWXERHEVHWERHTVEGXMGIW
SGGYTERXEYXS
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XVEZIP&SYPHIVVIWMHIRXWEPVIEH]
XLIWITSPMGMIWGSRXMRYIEWEKMZIRJSV
LEZILMKLRSR73:QSHIWLEVIW]IXVIWMHIRXW[SYPH
XLIGMX]8LIWQEPPIVWIXSJTSPMGMIW
RIIHXSMRGVIEWIYWISJ[EPOFMOIQYPXMTPISGGYTERX
GSRXEMRIHMRXLMWTPERJSGYWIWSREVIEW
ZILMGPIWERHXVERWMXQSHIW8LI'PMQEXI'SQQMXQIRX
EREP]WMWERXMGMTEXIWVIHYGMRKVIWMHIRX73:QSHI
[LIVIGSRXMRYIHTVSKVIWWMWRIIHIH
WLEVIXS SJEPPXVMTWERHRSRVIWMHIRXIQTPS]II
73:QSHIWLEVIXS SJEPPXVMTWF]*SVXLI
'LETXIV
QENSVMX]SJRSRVIWMHIRXIQTPS]IIWXLMW[MPPVIUYMVI
MRGVIEWIHYWISJXVERWMXGEVTSSPWERHZERTSSPW
3FNIGXMZIWEVIXLSWIQIEWYVEFPI3FNIGXMZIWEVIXLSWIQIEWYVEFPI3FNIGXMZIWEVIXLSWIQIEWYVEFPI
-RGVIQIRXEPXEVKIXW[MPPFIIWXEFPMWLIHJSVMRXIVQIHM
EXI]IEVWJSVWSQISJXLIRSR73:QSHIWLEVIWWYGL
SFNIGXMZIWEVII\TERHIHXSQSVIJYPP]SFNIGXMZIWEVII\TERHIHXSQSVIJYPP]SFNIGXMZIWEVII\TERHIHXSQSVIJYPP]
EWFMOMRK[EPOMRKERHXVERWMXXSLIPTXVEGOTVSKVIWW
SFNIGXMZIWEVII\TERHIHXSQSVIJYPP]SFNIGXMZIWEVII\TERHIHXSQSVIJYPP]
XS[EVHXLIXEVKIXW
W]WXIQ[MXLXLIPEWXXLVIISFNIGXMZIWW]WXIQ[MXLXLIPEWXXLVIISFNIGXMZIWW]WXIQ[MXLXLIPEWXXLVIISFNIGXMZIW
%HHMXMSREPWXVEXIKMIWERHMRZIWXQIRXWMRXVERWMXWIV
FIMRKRI[XSXLMWTPER8LIWIFIMRKRI[XSXLMWTPER8LIWIFIMRKRI[XSXLMWTPER8LIWI
SFNIGXMZIWVITVIWIRXXEVKIXWJSVSFNIGXMZIWVITVIWIRXXEVKIXWJSVSFNIGXMZIWVITVIWIRXXEVKIXWJSV
ERHFMOIGSRRIGXMSRWXSXVERWMXERH8(1WXVEXIKMIW
ERHFMOIGSRRIGXMSRWXSXVERWMXERH8(1WXVEXIKMIW
MRGPYHMRKTEVOMRKQEREKIQIRX[MPPEPWSFIRIIHIHXS
MRGPYHMRKTEVOMRKQEREKIQIRX[MPPEPWSFIRIIHIHXSMRGPYHMRKTEVOMRKQEREKIQIRX[MPPEPWSFIRIIHIHXS
GMX]vW'PMQEXI'SQQMXQIRXXEVKIXSJ
WYTTSVXXLIWIWLMJXW
WYTTSVXXLIWIWLMJXWWYTTSVXXLIWIWLMJXW
GMX]vW'PMQEXI'SQQMXQIRXXEVKIXSJ
GMX]vW'PMQEXI'SQQMXQIRXXEVKIXSJ
ER VIHYGXMSRMR+L+IQMWWMSRWF]
ER VIHYGXMSRMR+L+IQMWWMSRWF]ER VIHYGXMSRMR+L+IQMWWMSRWF]
8LIWXVEXIKMIWERHTVSKVEQWXS
%GLMIZIE VIHYGXMSRMR+L+IQMWWMSRW
EGLMIZIXLMWSFNIGXMZIEVIWYQQEVM^IH
ERHGSRXMRYIHVIHYGXMSRMRQSFMPI
MR'LETXIVERHEVIGSRXEMRIHMRXLI
WSYVGIIQMWWMSRWSJSXLIVEMVTSPPYXERXW
HIXEMPIHEGXMSRTPERWTVSZMHIHMRXLI
6IHYGIZILMGPIQMPIWSJXVEZIP
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MRXLI
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)4%
YRHIVXLI
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)4%
YRHIVXLIXLI)RZMVSRQIRXEP4VSXIGXMSR%KIRG]
)4%
YRHIVXLI
&SYPHIV:EPPI]F] F]
*IHIVEP'PIER%MV%GXLEWGEYWIHGEVWXSFIGSQI
*IHIVEP'PIER%MV%GXLEWGEYWIHGEVWXSFIGSQI
GPIERIV[MXLXIGLRSPSKMGEPGLERKIFIMRKXLIFMKKIWX
1SHIPMRKSJGLERKIWMRXVEZIPFILEZMSVERHVIWIEVGL
HVMZIVSJIQMWWMSRVIHYGXMSRW=IXXLIVIKMSRVIQEMRW
GSRHYGXIHMRSXLIVGSQQYRMXMIWWYKKIWXWXLEX
MRZMSPEXMSRSJREXMSREPS^SRIWXERHEVHW;LMPIXLIGMX]
WXVEXIKMIWMRXLIXVERWTSVXEXMSRWIGXSVGERTVSHYGIE
HSIWRSXLEZIEVIKYPEXSV]VSPIMRVIHYGMRKZILMGPI
XS VIHYGXMSRMR:18[MXLXLIGSVVIWTSRHMRK
IQMWWMSRWVIHYGXMSRWMR:18ERHWLMJXWXSRSREYXS
VIHYGXMSRMR+L+IQMWWMSRW+MZIR&SYPHIVVIWMHIRXW
XVMTWEPWSTVSHYGIEHMVIGXVIHYGXMSRMRTSPPYXMSR8LI
GMX]vWRI['PMQEXI'SQQMXQIRX+L+VIHYGXMSRKSEP
EHHWERI[HMQIRWMSRXSXLMWSFNIGXMZIERH[MPPFI
SGGYTERXEYXSXLI'PMQEXI'SQQMXQIRXEREP]WMW
QSRMXSVIHXLVSYKLXLI'PMQEXI'SQQMXQIRXMRZIR
WYKKIWXWXLEXEREKKVIWWMZITVSKVEQEMQIHEXQSHI
XSV]TVSGIWW
WLMJXGSYPHVIHYGIXSXEP:18F]ETTVS\MQEXIP]
814
8VERWTSVXEXMSR1EWXIV4PER
2SQSVIXLER SJVSEH[E]WGSRKIWXIH
EX0IZIPSJ7IVZMGI
037
*
8LMWSFNIGXMZIVIGSKRM^IWXLEXXLIVSEH[E]W]WXIQMW
-RGVIEWIXVERWTSVXEXMSREPXIVREXMZIW
MRKSJXLIVSEH[E]W]WXIQMWMRIZIV]SRIvWFIWX
GSQQIRWYVEXI[MXLXLIVEXISJ
MRXIVIWX)ZEPYEXMRKGSRKIWXMSREGVSWWEPPQSHIWERH
EGVSWWXLIXVERWTSVXEXMSRW]WXIQEPPS[WJSVMRJSVQIH
8LIGMX]MRXIRHWXSI\TERHXVERWTSVXEXMSRSTXMSRWXS
W]WXIQ[LIVIXLIKSEPMWXSQMRMQM^IXLISZIVEPP
SJXLIGMX]vWIQTPS]QIRXGIRXIVWEVIMRXLIIEWX
HIPE]JSVEPPYWIVWSJWMKREPM^IHMRXIVWIGXMSRW[LMPI
ERHLEZIEREYXSJSGYWIHHIZIPSTQIRXTEXXIVR
QEMRXEMRMRKEGGITXEFPIWIVZMGIERHWEJIGSRHMXMSRW
6IHIZIPSTQIRXSJXLIWIEVIEWERHXLIGSQTPIXMSRSJ
JSVEPPQSHIWERHQSZIQIRXW8LMWETTVSEGLVIHYGIW
JSVEPPQSHIWERHQSZIQIRXW8LMWETTVSEGLVIHYGIWJSVEPPQSHIWERHQSZIQIRXW8LMWETTVSEGLVIHYGIW
XLIMVQSHEPGSRRIGXMSRWMWSRISJXLIGLEPPIRKIWERH
HIPE]XSXLITIHIWXVMERMRWIVZMGISJQE\MQM^MRK
HIPE]XSXLITIHIWXVMERMRWIVZMGISJQE\MQM^MRKHIPE]XSXLITIHIWXVMERMRWIVZMGISJQE\MQM^MRK
STTSVXYRMXMIWXSVIEGLMRKXLIGMX]vWXVERWTSVXEXMSRERH
ZILMGPIQSZIQIRXWERHEPPS[WJSVXLIGSRWMHIVEXMSR
ZILMGPIQSZIQIRXWERHEPPS[WJSVXLIGSRWMHIVEXMSRZILMGPIQSZIQIRXWERHEPPS[WJSVXLIGSRWMHIVEXMSR
+L+KSEPW
SJXVERWMXTVMSVMX]8LMWSFNIGXMZIMWIZEPYEXIHSRXLI
SJXVERWMXTVMSVMX]8LMWSFNIGXMZIMWIZEPYEXIHSRXLISJXVERWMXTVMSVMX]8LMWSFNIGXMZIMWIZEPYEXIHSRXLI
FEWMWSJGSYRXWERHQSHIPMRKJSVXLIGMX]vWWMKREPM^IH
FEWMWSJGSYRXWERHQSHIPMRKJSVXLIGMX]vWWMKREPM^IHFEWMWSJGSYRXWERHQSHIPMRKJSVXLIGMX]vWWMKREPM^IH
8LMWQIEWYVILEWFIIRVITSVXIHEWXLIGLERKI
MRXIVWIGXMSRW8LIEREP]WMW[MPPRS[MRGPYHITIVWSR
MRXIVWIGXMSRW8LIEREP]WMW[MPPRS[MRGPYHITIVWSRMRXIVWIGXMSRW8LIEREP]WMW[MPPRS[MRGPYHITIVWSR
MRXIVWIGXMSRW8LIEREP]WMW[MPPRS[MRGPYHITIVWSRMRXIVWIGXMSRW8LIEREP]WMW[MPPRS[MRGPYHITIVWSR
MRXVERWMXWIVZMGILSYVWERHQMPIWSJFMOIJEGMPMXMIW
HIPE]EXXLIWIMRXIVWIGXMSRW%QYPXMQSHEPPIZIPSJ
HIPE]EXXLIWIMRXIVWIGXMSRW%QYPXMQSHEPPIZIPSJHIPE]EXXLIWIMRXIVWIGXMSRW%QYPXMQSHEPPIZIPSJHIPE]EXXLIWIMRXIVWIGXMSRW%QYPXMQSHEPPIZIPSJ
VIPEXMZIXSIQTPS]QIRXGLERKI,S[IZIVYWMRKXLI
WIVZMGI[MPPFIEHHIHEWXIGLRSPSK]MQTVSZIQIRXW
WIVZMGI[MPPFIEHHIHEWXIGLRSPSK]MQTVSZIQIRXWWIVZMGI[MPPFIEHHIHEWXIGLRSPSK]MQTVSZIQIRXW
2IMKLFSVLSSH%GGIWW8SSPERHXVERWMXWIVZMGIPIZIPW
EPPS[JSVVIEWSREFPIHEXEGSPPIGXMSR
XLITSVXMSRSJIQTPS]IIWLEZMRKEGGIWWXSLMKLUYEPMX]
XLITSVXMSRSJIQTPS]IIWLEZMRKEGGIWWXSLMKLUYEPMX]
XVERWMXGERFIIZEPYEXIH3XLIVQIEWYVIWXLEXGERFI
XVERWMXGERFIIZEPYEXIH3XLIVQIEWYVIWXLEXGERFI
QETTIHERHVITSVXIH[SYPHFI
W]WXIQJSVEPPYWIVW{TIHIWXVMERWFMG]GPMWXWXVERWMX
QETTIHERHVITSVXIH[SYPHFI QETTIHERHVITSVXIH[SYPHFI
W]WXIQJSVEPPYWIVW{TIHIWXVMERWFMG]GPMWXWXVERWMXW]WXIQJSVEPPYWIVW{TIHIWXVMERWFMG]GPMWXWXVERWMX
ERHEYXSW{[LMPIRSXEHHMRKZILMGPIGETEGMX]MWE
GSRXMRYMRKTVMSVMX]SJXLI814
0ERHYWIERH^SRMRKGLERKIJVSQWMRKPIXSQM\IH
0ERHYWIERH^SRMRKGLERKIJVSQWMRKPIXSQM\IH0ERHYWIERH^SRMRKGLERKIJVSQWMRKPIXSQM\IH
YWI
EPXIVREXMZIWJSVEPP&SYPHIVVIWMHIRXW
YWIYWI
ERHIQTPS]IIWMRGPYHMRKXLIIPHIVP]ERH
%VIEW[MXL8(1TVSKVEQWERH[MXLQER
%VIEW[MXL8(1TVSKVEQWERH[MXLQER%VIEW[MXL8(1TVSKVEQWERH[MXLQER
%VIEW[MXL8(1TVSKVEQWERH[MXLQER%VIEW[MXL8(1TVSKVEQWERH[MXLQER
XLSWI[MXLHMWEFMPMXMIW
8LMWSFNIGXMZIVIGSKRM^IWXLIEKMRKSJXLITSTYPEXMSR
'SRXMRYSYWMQTVSZIQIRXMRWEJIX]JSV
ERHXLIMRGVIEWMRKHMZIVWMX]SJXVERWTSVXEXMSRRIIHW
EPPQSHIWSJXVEZIP
'PSWIXSEXLMVHSJXLITSTYPEXMSRHSIWRSXHVMZIHYI
7EJIX]LEWEP[E]WFIIRETVMSVMX]YRHIVXLI814[MXL
SJQSFMPMX]JSVXLMWTSTYPEXMSR)\TERHMRKEGGIWWXS
XVERWMXERHWTIGMEPXVERWMXWIVZMGIWMWXLIFIWXQIEWYVI
7EJI7XVIIXW&SYPHIV6ITSVX[EWXLIVIWYPXSJWIZIVEP
JSVXLMWSFNIGXMZI8LMWSFNIGXMZILEWFIIRXVEGOIH
FEWIHSRXLIGMX]vWGSRXVMFYXMSRWXS:MEXLIEVIEvW
SJTIHIWXVMERERHG]GPMRKGVEWLIWJVSQXLIGMX]vWGSQ
TVSZMHIVSJWTIGMEPM^IHXVERWMXWIVZMGIERHXLIRYQFIV
TVILIRWMZIHEXEFEWISJGVEWLIW&MOIERHTIHIWXVMER
SJ)GS4EWWIWEZEMPEFPIXSXLIGSQQYRMX]8LIGMX]
EGGMHIRXWMRZSPZIELMKLVEXISJMRNYV]WSTVIZIRXMRK
WLSYPHGSRXMRYIXSI\TERHJYRHMRKXS:MEXSOIIT
TEGI[MXLXLIKVS[MRKTSTYPEXMSRSJSPHIVEHYPXWERH
TIVWSRW[MXLHMWEFMPMXMIWMR&SYPHIV[LMPIWYTTSVXMRK
8LIJIHIVEPKSZIVRQIRXLEWVIGIRXP]IWXEFPMWLIHE
KSEPSJIPMQMREXMRKJEXEPMXMIWSRXLILMKL[E]W]WXIQ
IRLERGIQIRXWXSXLIIPHIVP]ERHHMWEFPIHGSQQYRMX]
8LIGMX][MPPGSRXMRYIXSVITSVXXLITIVGIRXSJXS[EVH^IVSWIVMSYWMRNYV]ERHJEXEPEGGMHIRXW(VEJX
&SYPHIVvWTSTYPEXMSRXLEXLEWEGGIWWXSLMKLUYEPMX]QIEWYVIWXSXVEGOTVSKVIWWMRGPYHIXSXEPGVEWLIW
XVERWMXWIVZMGIIRLERGIHF]YWMRKXLIEGXYEP[EPOMRNYV]GVEWLIWERHJEXEPGVEWLIWF]QSHII\TVIWWIH
HMWXERGIXSXLIWXSTERHXLIUYEPMX]SJXLIEZEMPEFPI
XVERWMXWIVZMGIPSGEPVIKMSREPERHREXMSREPGMXMIW
814
8VERWTSVXEXMSR1EWXIV4PER
w
8SHE]
SJ&SYPHIVvWTSTYPEXMSRPMZIWMRQMRYXI
[EPOMRKRIMKLFSVLSSHW&]&SYPHIVEMQWXS
MRGVIEWIXLIRYQFIVSJRIMKLFSVLSSHWXLEXLEZI
[EPOMRKEGGIWWXSEKVSGIV]WXSVIVIWXEYVERXXVERWMX
WXSTERHSXLIVHEMP]EQIRMXMIWx
-RGVIEWIXLIWLEVISJVIWMHIRXWPMZMRKMR
GSQTPIXIRIMKLFSVLSSHWXS
8LI+-7FEWIH2IMKLFSVLSSH%GGIWW8SSPTVSHYGIW
6IHYGIHEMP]VIWMHIRX:18XSQMPIW
[EPOWLIHWFEWIHSREQMRYXI[EPOXSKIXXSE
[EPOWLIHWFEWIHSREQMRYXI[EPOXSKIXXSE[EPOWLIHWFEWIHSREQMRYXI[EPOXSKIXXSE
TIVGETMXEERHRSRVIWMHIRXSRI[E]
ZEVMIX]SJHIWXMREXMSRW8LIRYQFIVSJHIWXMREXMSRW
ZEVMIX]SJHIWXMREXMSRW8LIRYQFIVSJHIWXMREXMSRWZEVMIX]SJHIWXMREXMSRW8LIRYQFIVSJHIWXMREXMSRW
GSQQYXI:18XSQMPIWTIVGETMXE
EZEMPEFPIF][EPOMRKHIXIVQMRIWXLIEGGIWWWGSVI
EZEMPEFPIF][EPOMRKHIXIVQMRIWXLIEGGIWWWGSVIEZEMPEFPIF][EPOMRKHIXIVQMRIWXLIEGGIWWWGSVI
%FSYX SJ&SYPHIVvWTSTYPEXMSRPMZIWMRERIMKLFSV
%FSYX SJ&SYPHIVvWTSTYPEXMSRPMZIWMRERIMKLFSV%FSYX SJ&SYPHIVvWTSTYPEXMSRPMZIWMRERIMKLFSV
LSSH[MXLER%GGIWWWGSVIKVIEXIVXLER QIERMRK
LSSH[MXLER%GGIWWWGSVIKVIEXIVXLER QIERMRKLSSH[MXLER%GGIWWWGSVIKVIEXIVXLER QIERMRK
(IZIPSTMRKERSFNIGXMZIJSV:18SRETIVGETMXEFEWMW
LSSH[MXLER%GGIWWWGSVIKVIEXIVXLER QIERMRKLSSH[MXLER%GGIWWWGSVIKVIEXIVXLER QIERMRK
XLI]GER[EPOXSEKVSGIV]WXSVITEVOVIWXEYVERX
XLI]GER[EPOXSEKVSGIV]WXSVITEVOVIWXEYVERXXLI]GER[EPOXSEKVSGIV]WXSVITEVOVIWXEYVERXXLI]GER[EPOXSEKVSGIV]WXSVITEVOVIWXEYVERXXLI]GER[EPOXSEKVSGIV]WXSVITEVOVIW
XEYVERX
TVSZMHIWTISTPI[MXLEKSEPSVXEVKIXXLEXVIWSREXIW
ERHXVERWMXWXST-RGVIEWMRKXLIRYQFIVSJGSQTPIXI
ERHXVERWMXWXST-RGVIEWMRKXLIRYQFIVSJGSQTPIXIERHXVERWMXWXST-RGVIEWMRKXLIRYQFIVSJGSQTPIXIERHXVERWMXWXST-RGVIEWMRKXLIRYQFIVSJGSQTPIXI
SRETIVWSREPPIZIPERHEPPS[WEGSRRIGXMSRFIX[IIR
RIMKLFSVLSSHW[MPPLIPTGLERKIPSRKXVMTWMRXSWLSVX
RIMKLFSVLSSHW[MPPLIPTGLERKIPSRKXVMTWMRXSWLSVXRIMKLFSVLSSHW[MPPLIPTGLERKIPSRKXVMTWMRXSWLSVX
XLIMVHE]XSHE]XVEZIPGLSMGIWERHSZIVEPPGSQQYRMX]
SRIWQEOMRK[EPOMRKEVIEWSREFPISTXMSRJSVE
SRIWQEOMRK[EPOMRKEVIEWSREFPISTXMSRJSVESRIWQEOMRK[EPOMRKEVIEWSREFPISTXMSRJSVE
KSEPW'VIEXMRKE:18TIVGETMXESFNIGXMZIJSVFSXL
KSEPW'VIEXMRKE:18TIVGETMXESFNIGXMZIJSVFSXL
KVIEXIVWLEVISJXVMTW-XMWXLIPEGOSJHIWXMREXMSRWMR
KVIEXIVWLEVISJXVMTW-XMWXLIPEGOSJHIWXMREXMSRWMRKVIEXIVWLEVISJXVMTW-XMWXLIPEGOSJHIWXMREXMSRWMR
VIWMHIRXW
EPPXVMTW
ERHRSRVIWMHIRXIQTPS]IIW
VIWMHIRXW
EPPXVMTW
ERHRSRVIWMHIRXIQTPS]IIW
QER]EVIEWXLEXKIRIVEXIWXLIGYVVIRXPS[%GGIWW
QER]EVIEWXLEXKIRIVEXIWXLIGYVVIRXPS[%GGIWWQER]EVIEWXLEXKIRIVEXIWXLIGYVVIRXPS[%GGIWW
[SVOXVMTWSRP]
[MPPLIPTTISTPIFIXXIVYRHIVWXERH
[SVOXVMTWSRP]
[MPPLIPTTISTPIFIXXIVYRHIVWXERH
[SVOXVMTWSRP]
[MPPLIPTTISTPIFIXXIVYRHIVWXERH
WGSVI
ERHGSQTEVIXLIMVXVEZIPGLSMGIW8SEGLMIZIE
ERHGSQTEVIXLIMVXVEZIPGLSMGIW8SEGLMIZIE ERHGSQTEVIXLIMVXVEZIPGLSMGIW8SEGLMIZIE
VIHYGXMSRMR:18JVSQGYVVIRXPIZIPWHEMP]:18ERH
VIHYGXMSRMR:18JVSQGYVVIRXPIZIPWHEMP]:18ERHVIHYGXMSRMR:18JVSQGYVVIRXPIZIPWHEMP]:18ERH
XLI73:QSHIWLEVIF]VIWMHIRXWERHRSRVIWMHIRX
XLI73:QSHIWLEVIF]VIWMHIRXWERHRSRVIWMHIRXXLI73:QSHIWLEVIF]VIWMHIRXWERHRSRVIWMHIRX
XLI73:QSHIWLEVIF]VIWMHIRXWERHRSRVIWMHIRXXLI73:QSHIWLEVIF]VIWMHIRXWERHRSRVIWMHIRX
IQTPS]IIW[MPPRIIHXSFIVIHYGIHJVSQXLIGYVVIRX
IQTPS]IIW[MPPRIIHXSFIVIHYGIHJVSQXLIGYVVIRXIQTPS]IIW[MPPRIIHXSFIVIHYGIHJVSQXLIGYVVIRXIQTPS]IIW[MPPRIIHXSFIVIHYGIHJVSQXLIGYVVIRXIQTPS]IIW[MPPRIIHXSFIVIHYGIHJVSQXLIGYV
VIRX
QMPIWTIVGETMXEJSVVIWMHIRXWERHQMPIWTIV
QMPIWTIVGETMXEJSVVIWMHIRXWERHQMPIWTIVQMPIWTIVGETMXEJSVVIWMHIRXWERHQMPIWTIV
GETMXE
SRI[E][SVOXVMTHMWXERGI
JSVRSRVIWMHIRX
GETMXE
SRI[E][SVOXVMTHMWXERGI
JSVRSRVIWMHIRXGETMXE
SRI[E][SVOXVMTHMWXERGI
JSVRSRVIWMHIRX
*MKYVI
IQTPS]IIW
IQTPS]IIWIQTPS]IIW
;EPO&MOI7YQQMX7YQQEV]+VETLMG
;EPO&MOI7YQQMX:MWMSR+VETLMG
814
8VERWTSVXEXMSR1EWXIV4PER
-RGVIEWI4IHIWXVMER&MOIERH&YW1SHI7LEVI
6IHYGMRKWMRKPISGGYTERXZILMGPIXVEZIP
73:
XS SJ
EPPXVMTWJSV&SYPHIVVIWMHIRXWVIUYMVIWEGSVVIWTSRHMRK
MRGVIEWIMR[EPOMRKFMOMRKERHXVERWMX8LIMRHMZMHYEP
GETEGMXMIWERHWXVEXIKMIWI\TIGXIHJSVIEGLQSHI
*MKYVI
4VSTSWIH1SHI7LEVI8EVKIXW
'YVVIRXQSHIWLEVI4VSTSWIHQSHIWLEVI
*MKYVI
4VSTSWIH1SHEP8EVKIXWJSV
&SYPHIVvW'YVVIRX2I[4VSTSWIH
8EVKIXW
1SHI7LEVI1SHI7LEVI8EVKIXW
)WXEFPMWLIHJSV
6IWMHIRX8VMTWMR
6IWMHIRX2SR6IWMHIRX6IWMHIRX2SR6IWMHIRX
XLI4VIZMSYW814
8VMTW8VMTW8VMTW8VMTW
4IH
&MOI
8VERWMX
73:
13:
'YVVIRX1SHI7LEVIIWXMQEXIWEVIHIVMZIHJVSQXLI8VEZIP(MEV]7YVZI]8LI&SYPHIV:EPPI])QTPS]II7YVZI][EWEPWSYWIH
XSIWXEFPMWLGYVVIRXQSHIWLEVI
814
8VERWTSVXEXMSR1EWXIV4PER
`4)340)*-678
7944368-2+7%*)-2*361)('32*-()2886%:)0)67
8VEHMXMSREPXVERWTSVXEXMSREGXMZMXMIW
*MKYVI
JSGYWSRXLIHIWMKRERHGSRWXVYGXMSR
8LI*MZI)W
SJJEGMPMXMIWz]IXXVEZIPFILEZMSVERH
)RGSYVEKIQIRX
QSHIGLSMGIEVIHIXIVQMRIHF]
EFVSEHIVWIXSJJEGXSVW8LI'MX]
SJ&SYPHIVIRLERGIWXLIWEJIX]
)HYGEXMSR
;EPOJVMIRHP]
)RKMRIIVMRK
ERHETTIEPSJRSREYXSQSXMZI
[SVPHGPEWW
XVERWTSVXEXMSRSTXMSRWF]IQFVEGMRK
FMOIGMX]
EGSQTVILIRWMZIETTVSEGLYXMPM^MRK
EGSQTVILIRWMZIETTVSEGLYXMPM^MRK
XLI*MZI)vWMPPYWXVEXIHMRXLIXLI*MZI)vWMPPYWXVEXIHMRXLI
)RJSVGIQIRX)ZEPYEXMSR
4VSZMHMRKTPEGIWJSVTISTPIXS[EPOFMOIERHEGGIWW
4VSZMHMRKTPEGIWJSVTISTPIXS[EPOFMOIERHEGGIWW4VSZMHMRKTPEGIWJSVTISTPIXS[EPOFMOIERHEGGIWW
4VSZMHMRKTPEGIWJSVTISTPIXS[EPOFMOIERHEGGIWW4VSZMHMRKTPEGIWJSVTISTPIXS[EPOFMOIERHEGGIWW
XVERWMXXLVSYKLIRKMRIIVMRKXVIEXQIRXWMWMQTSVXERXERH
XVERWMXXLVSYKLIRKMRIIVMRKXVIEXQIRXWMWMQTSVXERXERHXVERWMXXLVSYKLIRKMRIIVMRKXVIEXQIRXWMWMQTSVXERXERHXVERWMXXLVSYKLIRKMRIIVMRKXVIEXQIRXWMWMQTSVXERXERHXVERWMXXLVSYKLIRKMRIIVMRKXVI
EXQIRXWMWMQTSVXERXERH
;MRXIV&MOIXS;SVO(E]
PIEZIXLIMVGEVEXLSQIERHGLSSWI[EPOMRKFMOMRKERH
XLIWIEGGIWWMQTVSZIQIRXWEVIHIXEMPIHMR'LETXIV
XLIWIEGGIWWMQTVSZIQIRXWEVIHIXEMPIHMR'LETXIVXLIWIEGGIWWMQTVSZIQIRXWEVIHIXEMPIHMR'LETXIVXLIWIEGGIWWMQTVSZIQIRXWEVIHIXEMPIHMR'LETXIV
XVERWMXQIERWGLERKMRKMRKVEMRIHLEFMXW)RLERGMRK
&YX[IORS[XLEXKIXXMRKTISTPISRFMOIWERH[EPOMRK
4LSXS'VIHMX 8ER]E(YIVM
&YX[IORS[XLEXKIXXMRKTISTPISRFMOIWERH[EPOMRK&YX[IORS[XLEXKIXXMRKTISTPISRFMOIWERH[EPOMRK
EPWSVIUYMVIWEWSGMEPERHGYPXYVEPWLMJX4ISTPIRIIHXS
EPWSVIUYMVIWEWSGMEPERHGYPXYVEPWLMJX4ISTPIRIIHXSEPWSVIUYMVIWEWSGMEPERHGYPXYVEPWLMJX4ISTPIRIIHXS
[EPOMRKEWWYWXEMREFPIXVEZIPSTXMSRWJSVKIXXMRKEVSYRH
FIWYTTSVXIHXLVSYKLIRGSYVEKIQIRXIHYGEXMSRERH
FIWYTTSVXIHXLVSYKLIRGSYVEKIQIRXIHYGEXMSRERHFIWYTTSVXIHXLVSYKLIRGSYVEKIQIRXIHYGEXMSRERH
[EPOMRKEWWYWXEMREFPIXVEZIPSTXMSRWJSVKIXXMRKEVSYRH
XS[RF]TISTPISJEPPEKIWMREPPWXEKIWSJXLIMVPMJIMW
XS[RF]TISTPISJEPPEKIWMREPPWXEKIWSJXLIMVPMJIMW
IRJSVGIQIRXTVSKVEQW%RHGSRXMRYIHMQTVSZIQIRX
XS[RF]TISTPISJEPPEKIWMREPPWXEKIWSJXLIMVPMJIMW
IRJSVGIQIRXTVSKVEQW%RHGSRXMRYIHMQTVSZIQIRXIRJSVGIQIRXTVSKVEQW%RHGSRXMRYIHMQTVSZIQIRX
IRJSVGIQIRXTVSKVEQW%RHGSRXMRYIHMQTVSZIQIRX
ETVMSVMX]JSVQIIXMRKSYVXVERWTSVXEXMSRERH'PMQEXI
ETVMSVMX]JSVQIIXMRKSYVXVERWTSVXEXMSRERH'PMQEXIETVMSVMX]JSVQIIXMRKSYVXVERWTSVXEXMSRERH'PMQEXI
ERHWYGGIWWMREGLMIZMRKSYVKSEPWVIUYMVIWQSRMXSVMRK
ERHWYGGIWWMREGLMIZMRKSYVKSEPWVIUYMVIWQSRMXSVMRK
ERHWYGGIWWMREGLMIZMRKSYVKSEPWVIUYMVIWQSRMXSVMRK
'SQQMXQIRXKSEPW8LMWWIGXMSRSJXLITPERWLEVIW
'SQQMXQIRXKSEPW8LMWWIGXMSRSJXLITPERWLEVIW'SQQMXQIRXKSEPW8LMWWIGXMSRSJXLITPERWLEVIW
ERHIZEPYEXMSR
MRJSVQEXMSREFSYXLS[&SYPHIVMRJSVQWMRGIRXMZM^IW
MRJSVQEXMSREFSYXLS[&SYPHIVMRJSVQWMRGIRXMZM^IWMRJSVQEXMSREFSYXLS[&SYPHIVMRJSVQWMRGIRXMZM^IW
MRJSVQEXMSREFSYXLS[&SYPHIVMRJSVQWMRGIRXMZM^IWMRJSVQEXMSREFSYXLS[&SYPHIVMRJSVQWMRGIRXMZM^IW
7YTTSVXMRK'YPXYVI'LERKI
XMSRW
4ISTPIFMOIERH[EPOEPSRKVSYXIWXLEXEVIIRNS]EFPI
%WHIWGVMFIHMR'LETXIV8VERWTSVXEXMSR(IQERH
%WHIWGVMFIHMR'LETXIV8VERWTSVXEXMSR(IQERH%WHIWGVMFIHMR'LETXIV8VERWTSVXEXMSR(IQERH
JIIPWEJIERHGSRRIGXXSXLITPEGIWXLI][ERXXSKSMR
1EREKIQIRXMWXLI*SGYW%VIEXLEXMRGPYHIWEPPXLI)vW
1EREKIQIRXMWXLI*SGYW%VIEXLEXMRGPYHIWEPPXLI)vW1EREKIQIRXMWXLI*SGYW%VIEXLEXMRGPYHIWEPPXLI)vW1EREKIQIRXMWXLI*SGYW%VIEXLEXMRGPYHIWEPPXLI)vW
EVIEWSREFPIHMWXERGI&YXEGSQQYRMX][LIVITISTPI
I\GITXJSV)RKMRIIVMRK
I\GITXJSV)RKMRIIVMRKI\GITXJSV)RKMRIIVMRK
;MRXIV&MOIXS;SVO(E]
-QEKIJVSQ8ER]E(YIVM
814
8VERWTSVXEXMSR1EWXIV4PER
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RGSYVEKIQIRX
4VSQSXMRKEGXMZIXVERWTSVXEXMSR
GVIEXIWE[EVIRIWWSJXVEZIPSTXMSRW
8LIGMX]TVSQSXIW[EPOMRKFMG]GPMRKERHXVERWMX
XLVSYKLEZEVMIX]SJIRGSYVEKIQIRXERH8(1
TVSKVEQW)RGSYVEKIQIRXTVSKVEQWEVIHIWMKRIHXS
HMWWIQMREXIMRJSVQEXMSRSRRSREYXSSTXMSRWMRGPYH
WIGXMSRLMKLPMKLXWGYVVIRXERHRI[MRMXMEXMZIWXLEX
IRGSYVEKI[EPOMRKFMG]GPMRKXVERWMXERHVMHIWLEVMRK
;EPOMRK
8LIGMX]MRXVSHYGIHXLI&SYPHIV;EPOWTVSKVEQXS
GIPIFVEXI[EPOMRKLMKLPMKLXLMWXSVMGERHGYPXYVEP
GIPIFVEXI[EPOMRKLMKLPMKLXLMWXSVMGERHGYPXYVEPGIPIFVEXI[EPOMRKLMKLPMKLXLMWXSVMGERHGYPXYVEP
VIWSYVGIWERHIQTLEWM^IXLILIEPXLERHGSQQYRMX]
VIWSYVGIWERHIQTLEWM^IXLILIEPXLERHGSQQYRMX]VIWSYVGIWERHIQTLEWM^IXLILIEPXLERHGSQQYRMX]
QYRMX]QIQFIVWXSTVSQSXI[EPOMRKEWEKVIEXSTXMSR
QYRMX]QIQFIVWXSTVSQSXI[EPOMRKEWEKVIEXSTXMSRQYRMX]QIQFIVWXSTVSQSXI[EPOMRKEWEKVIEXSTXMSR
JSVXVERWTSVXEXMSR;EPOMRKVSYXIQETWEVIHIZIPSTIH
JSVXVERWTSVXEXMSR;EPOMRKVSYXIQETWEVIHIZIPSTIHJSVXVERWTSVXEXMSR;EPOMRKVSYXIQETWEVIHIZIPSTIH
XSIRGSYVEKIZMWMXSVWERHPSGEPWXSI\TPSVI&SYPHIVvW
XSIRGSYVEKIZMWMXSVWERHPSGEPWXSI\TPSVI&SYPHIVvWXSIRGSYVEKIZMWMXSVWERHPSGEPWXSI\TPSVI&SYPHIVvW
XSIRGSYVEKIZMWMXSVWERHPSGEPWXSI\TPSVI&SYPHIVvWXSIRGSYVEKIZMWMXSVWERHPSGEPWXSI\TPSVI&SYPHIVvW
8VERWMX
YRMUYIRIMKLFSVLSSHW
8LI'82W]WXIQvWZMWYEPP]EXXVEGXMZIFYWIWERH
&MOMRK
JVMIRHP]ERHLIPTJYPHVMZIVWLIPTQEOIYWMRKXVERWMX
MR&SYPHIVETSWMXMZII\TIVMIRGI814GSQQYRMX]
&SYPHIVGIPIFVEXIW&MOI1SRXL&MOIXS;SVO(E]WMR
&SYPHIVGIPIFVEXIW&MOI1SRXL&MOIXS;SVO(E]WMR&SYPHIVGIPIFVEXIW&MOI1SRXL&MOIXS;SVO(E]WMR
MR&SYPHIVETSWMXMZII\TIVMIRGI814GSQQYRMX]
XLIWYQQIVERH[MRXIVERH&MOIXS7GLSSP(E][MXL
XLIWYQQIVERH[MRXIVERH&MOIXS7GLSSP(E][MXLXLIWYQQIVERH[MRXIVERH&MOIXS7GLSSP(E][MXL
=SYV8VERWMX7]WXIQXSSPWSPMGMXIHGSQQYRMX]MRTYX
=SYV8VERWMX7]WXIQXSSPWSPMGMXIHGSQQYRMX]MRTYX=SYV8VERWMX7]WXIQXSSPWSPMGMXIHGSQQYRMX]MRTYX
SRIRLERGIQIRXWXLEX[SYPHIRGSYVEKI&SYPHIV
SRIRLERGIQIRXWXLEX[SYPHIRGSYVEKI&SYPHIVSRIRLERGIQIRXWXLEX[SYPHIRGSYVEKI&SYPHIV
814MRMXMEXMZIWMRGPYHI
VIWMHIRXWERHIQTPS]IIWXSYWIXVERWMXQSVISJXIR
VIWMHIRXWERHIQTPS]IIWXSYWIXVERWMXQSVISJXIRVIWMHIRXWERHIQTPS]IIWXSYWIXVERWMXQSVISJXIR
6IWYPXMRK814TVMSVMXMIWMRGPYHI
6IWYPXMRK814TVMSVMXMIWMRGPYHI 6IWYPXMRK814TVMSVMXMIWMRGPYHI
'SRXMRYII\TERHMRKXLIGMX][MHIFMOIWLEVMRK
6IWYPXMRK814TVMSVMXMIWMRGPYHI 6IWYPXMRK814TVMSVMXMIWMRGPYHI
XLEXXLI'MX]SJ&SYPHIVERHXLIRSR
W]WXIQ
4VSZMHIEGGIWWXSVIEPXMQIXVERWMXMRJSVQEXMSR4VSZMHIEGGIWWXSVIEPXMQIXVERWMXMRJSVQEXMSR4VSZMHIEGGIWWXSVIEPXMQIXVERWMXMRJSVQEXMSR
XSVIHYGIXMQIWTIRX[EMXMRKXMQIJSVXLIFYW
XSVIHYGIXMQIWTIRX[EMXMRKXMQIJSVXLIFYWXSVIHYGIXMQIWTIRX[EMXMRKXMQIJSVXLIFYW
VIWMHIRXWIQTPS]IIWERHZMWMXSVW
8LIGMX][MPPXEOIEPIEHIVWLMTVSPI[SVOMRK[MXL
8LIGMX][MPPXEOIEPIEHIVWLMTVSPI[SVOMRK[MXL
8LIGMX][MPPXEOIEPIEHIVWLMTVSPI[SVOMRK[MXL8LIGMX][MPPXEOIEPIEHIVWLMTVSPI[SVOMRK[MXL
4VSQSXIERHWYTTSVXGSQQYRMX]FEWIHWSGMEP
TEVXRIVWERH68(XSTVSZMHIVIEPXMQIMRJSVQE
TEVXRIVWERH68(XSTVSZMHIVIEPXMQIMRJSVQETEVXRIVWERH68(XSTVSZMHIVIEPXMQIMRJSVQETEVXRIVWERH68(XSTVSZMHIVIEPXMQIMRJSVQE
XSFVSEHIRXLIETTIEPSJG]GPMRK
VMHIWERHIZIRXW
XMSRHMWTPE]WEXXVERWMXGIRXIVWERHLMKLVMHIVWLMT
XMSRHMWTPE]WEXXVERWMXGIRXIVWERHLMKLVMHIVWLMTXMSRHMWTPE]WEXXVERWMXGIRXIVWERHLMKLVMHIVWLMT
EWEJYRZMEFPIXVERWTSVXEXMSRSTXMSRJSVTISTPI
WXSTWERHW]WXIQ[MHISRTLSRIWERHQSFMPI
WXSTWERHW]WXIQ[MHISRTLSRIWERHQSFMPIWXSTWERHW]WXIQ[MHISRTLSRIWERHQSFMPI
SJEPPEKIWERHEFMPMXMIW8LI&MOIJSGYWMWXS
HIZMGIETTPMGEXMSRWF]QEOMRKFYWPSGEXMSRHEXE
HIZMGIETTPMGEXMSRWF]QEOMRKFYWPSGEXMSRHEXEHIZMGIETTPMGEXMSRWF]QEOMRKFYWPSGEXMSRHEXE
IRGSYVEKIQSVI[SQIRSPHIVEHYPXWERHJEQM
EZEMPEFPIXSETTPMGEXMSRHIZIPSTIVW
EZEMPEFPIXSETTPMGEXMSRHIZIPSTIVW
PMIW[MXLGLMPHVIRXSFMG]GPIQSVISJXIR
XSIREFPI
)\TERHXVERWMXFMG]GPI-RXIKVEXMSR
XMSRWSRIMXLIVSVFSXLIRHWSJEXVERWMXXVMT
8LIGMX]WLSYPHTEVXRIV[MXL&SYPHIV'SYRX]XS
I\TERHFMOIXVERWMXGSQQYXMRKSTXMSRWMRGPYHMRK
WIGYVIFMOITEVOMRKJEGMPMXMIWERHMRGVIEWIHSR
6MHIWLEVMRKERH:ERTSSPMRK
8LIWMRKPISGGYTERXEYXSVITVIWIRXWXLIQSWX
YRHIVYXMPM^IHEWTIGXSJXLIXVERWTSVXEXMSRW]WXIQ
[MXLXLVIISYXSJJSYVWIEXWKIRIVEPP]IQTX]'EVTSSP
&SYPHIV;EPOXS7GLSSP(E]
TVSKVEQWERHZEVMSYWRI[VMHIWLEVMRKETTPMGE
TVSQSXIWVIKMSREPERHWGLSSPHMWXVMGXGEVTSSPERH
ZERTSSPTVSKVEQW
814
8VERWTSVXEXMSR1EWXIV4PER
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HYGEXMSR
GVIEXMRKWEJIVERHQSVIGSYVXISYW
JSVIQTPS]IIW
WLEVIHVSEHWERHTEXL[E]WERH
ERHSXLIVWF]
XSMRGVIEWIXLIGSQJSVXSJYWMRK
WYTTSVXMRK97
'SQQYXMRK7SPY
XMSRWERH&SYPHIV
8LIGMX][SVOW[MXLGSQQYRMX]TEVXRIVWXSIHYGEXI
8VERWTSVXEXMSR
8LI,IEHW9TTVSKVEQEMQWXS
YWIVWSRXLIMVVMKLXWERHVIWTSRWMFMPMXMIW[LIRXVEZIP
'SRRIGXMSRW
VIHYGIGSPPMWMSRWFIX[IIRQSXSVZI
MRKXLVSYKLSYX&SYPHIV7EJIX]IHYGEXMSRQEXIVMEPW
LMGPIWERHFMG]GPMWXWERHTIHIWXVMERW
'ETXYVMRKPSRKHMW
SRXLIVYPIWSJXLIVSEHERHTEXLWMRGPYHMRKQETWSJ
XERGIVIKMSREPXVMTW
[LIVIG]GPMWXWGERRSXVMHIEVIEZEMPEFPIXSXLIGSQ
SRXVERWMXMWEOI]
QYRMX]ERHHMWXVMFYXIHHYVMRK'9&SYPHIVSVMIRXEXMSR
WXVEXIK]MRQIIXMRK
XLIGMX]vW'PMQEXI
IPIQIRXEV]ERHQMHHPIWGLSSPW7IZIVEPGSQQYRMX]
'SQQMXQIRX
KSEPJSVVIHYGMRK
]SYXLSTTSVXYRMXMIWXSPIEVRG]GPMRKWOMPPWSYXWMHISJ
]SYXLSTTSVXYRMXMIWXSPIEVRG]GPMRKWOMPPWSYXWMHISJ]SYXLSTTSVXYRMXMIWXSPIEVRG]GPMRKWOMPPWSYXWMHISJ
+L+IQMWWMSRW
WGLSSP1SVIVIGIRXP]XLI,IEHW9T&SYPHIVGEQ
WGLSSP1SVIVIGIRXP]XLI,IEHW9T&SYPHIVGEQWGLSSP1SVIVIGIRXP]XLI,IEHW9T&SYPHIVGEQ
%XXVEGXMRKTSXIRXMEP
TEMKRIHYGEXIWYWIVWSRGVSWW[EPOWEJIX]ERHVYPIWSJ
TEMKRIHYGEXIWYWIVWSRGVSWW[EPOWEJIX]ERHVYPIWSJTEMKRIHYGEXIWYWIVWSRGVSWW[EPOWEJIX]ERHVYPIWSJ
GYWXSQIVWXS
XVERWMX[MPPVIUYMVI
FSXLKIRIVEPERH
XEVKIXIHIHYGEXMSR
4IHIWXVMER
ERHSYXVIEGL
'SRGIVRJSVTIHIWXVMERWEJIX]EPSRKQYPXMYWITEXLW
'SRGIVRJSVTIHIWXVMERWEJIX]EPSRKQYPXMYWITEXLW'SRGIVRJSVTIHIWXVMERWEJIX]EPSRKQYPXMYWITEXLW
TVSKVEQW
=7-EJXIVWGLSSP
TVSKVEQ
+IRIVEP
TLEWISJXLMWTPER8LIGMX]MWPEYRGLMRKER
TLEWISJXLMWTPER8LIGMX]MWPEYRGLMRKERIXMUYIXXIIXMUYIXXIIXMUYIXXI
WLSYPHLMKLPMKLX
XSVEMWIE[EVIRIWWSJQYPXMYWITEXLVMKLXW
TYFPMGMRJSVQEXMSRGEQTEMKRW
GEQTEMKRXSVEMWIE[EVIRIWWSJQYPXMYWITEXLVMKLXWXSVEMWIE[EVIRIWWSJQYPXMYWITEXLVMKLXW
TYFPMGMRJSVQEXMSRGEQTEMKRWTYFPMGMRJSVQEXMSRGEQTEMKRW
XSVEMWIE[EVIRIWWSJQYPXMYWITEXLVMKLXW
ERHVIWTSRWMFMPMXMIW
%HHMXMSREPGVSWW[EPOWEJIX]
TVSKVEQWEVITPERRIHJSVQMHHPIWGLSSP
IHYGEXMSRTVSKVEQWEVITPERRIHJSVQMHHPIWGLSSPTVSKVEQWEVITPERRIHJSVQMHHPIWGLSSPMRGPYHMRKIRZMVSRQIRXEPLIEPXLERHIGSRSQMG
MRGPYHMRKIRZMVSRQIRXEPLIEPXLERHIGSRSQMG
WXYHIRXWERHXLIGMX]MW[SVOMRKGSPPEFSVEXMZIP][MXL
-RHMZMHYEPM^IHQEVOIXMRKTVSKVEQWJSVXEVKIXIH-RHMZMHYEPM^IHQEVOIXMRKTVSKVEQWJSVXEVKIXIH-RHMZMHYEPM^IHQEVOIXMRKTVSKVEQWJSVXEVKIXIH
'9XSMQTVSZITIHIWXVMERWEJIX]SRGEQTYWERH
WYGLEWGSQQYXIVWWXYHIRXWERHSPHIV
KVSYTWWYGLEWGSQQYXIVWWXYHIRXWERHSPHIVWYGLEWGSQQYXIVWWXYHIRXWERHSPHIV
KVSYTWKVSYTW
XLVSYKLSYXXLIGMX]
EHYPXWLEZIFIIRWYGGIWWJYPEXFSXLXLIRIMKLFSV
EHYPXWLEZIFIIRWYGGIWWJYPEXFSXLXLIRIMKLFSVEHYPXWLEZIFIIRWYGGIWWJYPEXFSXLXLIRIMKLFSV
LSSHERHFYWMRIWWWGEPI&SYPHIVWLSYPHJSGYW
LSSHERHFYWMRIWWWGEPI&SYPHIVWLSYPHJSGYWLSSHERHFYWMRIWWWGEPI&SYPHIVWLSYPHJSGYW
&MOI
LSSHERHFYWMRIWWWGEPI&SYPHIVWLSYPHJSGYWLSSHERHFYWMRIWWWGEPI&SYPHIVWLSYPHJSGYW
VIWSYVGIWMRXLMWEVIESRXEVKIXMRKRI[VIWMHIRXW
VIWSYVGIWMRXLMWEVIESRXEVKIXMRKRI[VIWMHIRXWVIWSYVGIWMRXLMWEVIESRXEVKIXMRKRI[VIWMHIRXWVIWSYVGIWMRXLMWEVIESRXEVKIXMRKRI[VIWMHIRXW
ERHIQTPS]IIWMRGPYHMRKRI[RSRVIWMHIRXIQ
ERHIQTPS]IIWMRGPYHMRKRI[RSRVIWMHIRXIQERHIQTPS]IIWMRGPYHMRKRI[RSRVIWMHIRXIQERHIQTPS]IIWMRGPYHMRKRI[RSRVIWMHIRXIQ
TPS]IIWERHQEVOIXMRKRI[WIVZMGIWWYGLEW97
TPS]IIWERHQEVOIXMRKRI[WIVZMGIWWYGLEW97TPS]IIWERHQEVOIXMRKRI[WIVZMGIWWYGLEW97
SVHMRERGIVIZMWMSRWXLEXGPEVMJ]XLIVMKLXWERHVI
&YW6ETMH8VERWMX
&YW6ETMH8VERWMX&YW6ETMH8VERWMX
WTSRWMFMPMXMIWSJVMKLXXYVRMRKQSXSVMWXWSRVSEH[E]W
[MXLSRWXVIIXFMG]GPIPERIW3YXVIEGLXLVSYKL
%YXS
EKIRG]TEVXRIVWERHPSGEPFMOIWLSTW[MPPLIPTG]GPMWXW
(IZIPSTMRKXIGLRSPSK]MWVETMHP]PIEHMRKXS[EVHER
YRHIVWXERHXLIMVVMKLXWERHVIWTSRWMFMPMXMIW8LIGMX]
-RXIPPMKIRX8VERWTSVXEXMSR7]WXIQ
-87
8LIGMX]
[MPPLSWXE&MG]GPI)HYGEXMSR'SEPMXMSRXSIWXEFPMWLE
EPVIEH]HITPS]WVIEPXMQIGEQIVEQSRMXSVMRKSJQENSV
GSRWSVXMYQSJEKIRG]TEVXRIVWERHPSGEPSVKERM^EXMSRW
GSRWXVYGXMSRTVSNIGXWERHSTIVEXIWXLI'SRI>SRI
XSKYMHIERHMHIRXMJ]JYXYVITVMSVMX]MRMXMEXMZIW-RMXMEP
LSXPMRIERH;IFWMXIJSVGSRWXVYGXMSRHIPE]MRJSVQE
MRMXMEXMZIWMRGPYHILSWXMRKFMG]GPIGSQQYXMRKERH
XMSR8LIGMX]MRXIRHWXSI\TERHVIEPXMQIQSRMXSVMRK
wXVEMRXLIXVEMRIVxG]GPMRKMRWXVYGXSVGSYVWIW8LI
ERHXVEZIPIVMRJSVQEXMSREWXLIGSQQYRMGEXMSR
GMX]EPWSWYTTSVXWE&MG]GPI%QFEWWEHSVTVSKVEQ
XIGLRSPSK]EPPS[W
ERHXLIJEPP0MKLXIR9T&SYPHIVFMOIPMKLXGEQTEMKR
XSLMKLPMKLXXLIHERKIVSJVMHMRKEXRMKLX[MXLSYX
8VERWMX
8LIGMX]ERH&SYPHIV'SYRX]GYVVIRXP]TYFPMWLE&SYP
HIV'SYRX]XVERWMXQET-REHHMXMSRXLIGMX]TYFPMWLIW
814
8VERWTSVXEXMSR1EWXIV4PER
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RJSVGIQIRX
)RJSVGIQIRXMWEGVMXMGEPIPIQIRXMR
GLERKMRKFILEZMSV[LIVIWEJIX]MWE
TVMQEV]GSRGIVR
)RJSVGIQIRXMWEGVMXMGEPIPIQIRXMRGLERKMRKFILEZMSV
EWWEJIX]MWETVMQEV]GSRGIVR8LI7EJI7XVIIXW&SYPHIV
MRZSPZMRKEFMG]GPMWXSVTIHIWXVMERSGGYVQSWXJVIUYIRXP]
8LMWEREP]WMWKYMHIWXEVKIXIHIRJSVGIQIRXEXXLIWI
TIVMSHMGEPP]PEYRGLIWXEVKIXIHIRJSVGIQIRXGEQTEMKRW
EXOI]MRXIVWIGXMSRWERHGVSWWMRKW8LIWIEVIXMQIHXS
JSPPS[XLIVSPPSYXSJXLI,IEHW9T&SYPHIVERHSXLIV
-QTVSZI4IHIWXVMERERH&MG]GPI7EJIX]
-QTVSZI4IHIWXVMERERH&MG]GPI7EJIX]-QTVSZI4IHIWXVMERERH&MG]GPI7EJIX]
8LI8VERWTSVXEXMSR(MZMWMSRERH&SYPHIV4SPMGI(ITEVX
8LI8VERWTSVXEXMSR(MZMWMSRERH&SYPHIV4SPMGI(ITEVX8LI8VERWTSVXEXMSR(MZMWMSRERH&SYPHIV4SPMGI(ITEVX8LI8VERWTSVXEXMSR(MZMWMSRERH&SYPHIV4SPMGI(ITEVX
QIRX[MPPGSRXMRYIXSGSRHYGXXEVKIXIHIRJSVGIQIRXSJ
QIRX[MPPGSRXMRYIXSGSRHYGXXEVKIXIHIRJSVGIQIRXSJQIRX[MPPGSRXMRYIXSGSRHYGXXEVKIXIHIRJSVGIQIRXSJ
GVSWW[EPOVIPEXIHSVHMRERGIWERHEXXLIPSGEXMSRW[MXL
GVSWW[EPOVIPEXIHSVHMRERGIWERHEXXLIPSGEXMSRW[MXLGVSWW[EPOVIPEXIHSVHMRERGIWERHEXXLIPSGEXMSRW[MXL
XLIQSWXGVEWLIWERHGPSWIGEPPWMRZSPZMRKEFMG]GPMWXSV
XLIQSWXGVEWLIWERHGPSWIGEPPWMRZSPZMRKEFMG]GPMWXSVXLIQSWXGVEWLIWERHGPSWIGEPPWMRZSPZMRKEFMG]GPMWXSV
TIHIWXVMER%TVMSVMX]MWXSWXVIRKXLIRSYVTEVXRIVWLMT
TIHIWXVMER%TVMSVMX]MWXSWXVIRKXLIRSYVTEVXRIVWLMTTIHIWXVMER%TVMSVMX]MWXSWXVIRKXLIRSYVTEVXRIVWLMT
[MXL'9&SYPHIV8VERWTSVXEXMSRERH4SPMGIXLVSYKLTVS
[MXL'9&SYPHIV8VERWTSVXEXMSRERH4SPMGIXLVSYKLTVS[MXL'9&SYPHIV8VERWTSVXEXMSRERH4SPMGIXLVSYKLTVS[MXL'9&SYPHIV8VERWTSVXEXMSRERH4SPMGIXLVSYKLTVS
[MXL'9&SYPHIV8VERWTSVXEXMSRERH4SPMGIXLVSYKLTVS
-QEKIJVSQ'MX]SJ&SYPHIV4SPMGI(ITEVXQIRX
814
8VERWTSVXEXMSR1EWXIV4PER
)
ZEPYEXMSR
8LIGMX]vWIZEPYEXMSRTVSKVEQGSPPIGXW
XVEZIPHEXEJVSQERYQFIVSJPSGEP
ERHREXMSREPWSYVGIW8LMWHEXEMW
4EVXMGMTERXWMRXLI8VEZIP(MEV]7XYH]EVIEWOIH
IZEPYEXIHMRERMRXIKVEXIH[E]XS
XSOIITEPSKSVwHMEV]xSJXLIMVXVEZIPJSVSRI
VERHSQP]EWWMKRIHHE]HYVMRKXLIXLMVH[IIOSJ
MHIRXMJ]XVIRHWSZIVXMQIERHFIX[IIR
HEXEWSYVGIW
wSRI[E]XVEZIPJVSQSRITSMRXXSERSXLIVXLEX
XEOIW]SYJEVXLIVXLERSRIGMX]FPSGO
EFSYX
]EVHW
JVSQXLISVMKMREPPSGEXMSRx
WYVZI]WJSGYWIHSRQSHIWLEVIERHJSPPS[MRKXLI
8LIMW
&SYPHIV:EPPI])QTPS]II7YVZI]
&:)7
814XLIGMX]LEWQEMRXEMRIHE8VERWTSVXEXMSR
YWIHXSYRHIVWXERHXLIXVEZIPFILEZMSVSJ&SYPHIV
1IXVMGWTVSKVEQXSQSRMXSVERHEWWIWWTVSKVIWW
IQTPS]IIWMRGPYHMRKFSXLVIWMHIRXWERHRSR
YRHIVXLI814TSPMG]HMVIGXMSR8LMWTVSKVEQMRGPYHIW
VIWMHIRXW8LIWYVZI]GSPPIGXWHEXESRXLI[SVO
ERYQFIVSJWYVZI]WGSYRXEGXMZMXMIWJSVZILMGPIW
GSQQYXIXVMTXVMTWXEOIRHYVMRKXLIHE]ERH
FMG]GPIWERHTIHIWXVMERWERHXVEZIPXMQIWYVZI]W3RI
TVSHYGXSJXLMWTVSKVEQMWXLI8VERWTSVXEXMSR6ITSVX
8VERWTSVXEXMSR6ITSVX8VERWTSVXEXMSR6ITSVX
8VERWTSVXEXMSR6ITSVX
&:)7[SVOXVMTHEXEJSVVIWMHIRXWLEWFIIRZIV]
SR4VSKVIWW[LMGLGSQTMPIWXLIVIWYPXWJVSQEPPXLIWI
[LMGLGSQTMPIWXLIVIWYPXWJVSQEPPXLIWI[LMGLGSQTMPIWXLIVIWYPXWJVSQEPPXLIWI
HEXEWSYVGIW8LIQENSVWYVZI]WMRGPYHIHMRXLMW
HEXEWSYVGIW8LIQENSVWYVZI]WMRGPYHIHMRXLMWHEXEWSYVGIW8LIQENSVWYVZI]WMRGPYHIHMRXLMW
VITSVXEVIHIWGVMFIHFIPS[
VITSVXEVIHIWGVMFIHFIPS[VITSVXEVIHIWGVMFIHFIPS[
8LIGMX]MWGSRXMRYSYWP]PSSOMRKJSV[E]WXSMQTVSZI
XLIWIWYVZI]WERHSXLIVHEXEGSPPIGXMSRQIXLSHWERH
8LIMW
%QIVMGER'SQQYRMX]7YVZI]
%'7
%QIVMGER'SQQYRMX]7YVZI]
%'7
%QIVMGER'SQQYRMX]7YVZI]
%'7
MWMW
%QIVMGER'SQQYRMX]7YVZI]
%'7
%QIVMGER'SQQYRMX]7YVZI]
%'7
MWVIWIEVGLMRKRI[[E]WXSGSPPIGXXVEZIPFILEZMSVHEXE
GSRHYGXIHF]XLI97'IRWYW&YVIEYIZIV]]IEV
GSRHYGXIHF]XLI97'IRWYW&YVIEYIZIV]]IEVGSRHYGXIHF]XLI97'IRWYW&YVIEYIZIV]]IEVGSRHYGXIHF]XLI97'IRWYW&YVIEYIZIV]]IEV
JVSQVIWMHIRXWWXYHIRXWIQTPS]IIWERHRSRVIWMHIRX
XSTVSHYGIERRYEPIWXMQEXIWSRTSTYPEXMSR
XSTVSHYGIERRYEPIWXMQEXIWSRTSTYPEXMSRXSTVSHYGIERRYEPIWXMQEXIWSRTSTYPEXMSR
IQTPS]IIW3RITSXIRXMEPWXITMWXSXEOIEHZERXEKISJ
LSYWMRKNSYVRI]XS[SVOERHEZEVMIX]SJSXLIV
LSYWMRKNSYVRI]XS[SVOERHEZEVMIX]SJSXLIVLSYWMRKNSYVRI]XS[SVOERHEZEVMIX]SJSXLIV
XLIHEXEGSPPIGXIHF]+47HIZMGIWERHWQEVXTLSRIW
HIQSKVETLMGHEXE8LIWYVZI]EWOWw,S[HMH
HIQSKVETLMGHEXE8LIWYVZI]EWOWw,S[HMHHIQSKVETLMGHEXE8LIWYVZI]EWOWw,S[HMH
XSXVEGOXLISVMKMRERHHIWXMREXMSRSJXVMTW1ER]SJ
XSXVEGOXLISVMKMRERHHIWXMREXMSRSJXVMTW1ER]SJ
XLMWTIVWSRYWYEPP]KIXXS[SVOMRXLIPEWX[IIO#x
XLMWTIVWSRYWYEPP]KIXXS[SVOMRXLIPEWX[IIO#xXLMWTIVWSRYWYEPP]KIXXS[SVOMRXLIPEWX[IIO#x
XLMWTIVWSRYWYEPP]KIXXS[SVOMRXLIPEWX[IIO#x
7MRGIXLI%'7QIXLSHSPSK]MWGSRWMWXIRXEGVSWW
WYTTP]EVMGLHEXEWIXSJXVEZIPERHTSXIRXMEPP]GER
7MRGIXLI%'7QIXLSHSPSK]MWGSRWMWXIRXEGVSWW
WYTTP]EVMGLHEXEWIXSJXVEZIPERHTSXIRXMEPP]GERWYTTP]EVMGLHEXEWIXSJXVEZIPERHTSXIRXMEPP]GER
7MRGIXLI%'7QIXLSHSPSK]MWGSRWMWXIRXEGVSWW
XLIGSYRXV]XLMWHEXEMWYWIHXSGSQTEVI&SYPHIV
XLIGSYRXV]XLMWHEXEMWYWIHXSGSQTEVI&SYPHIVXLIGSYRXV]XLMWHEXEMWYWIHXSGSQTEVI&SYPHIV
EW[IPP8LI8VERWTSVXEXMSR1IXVMGWTVSKVEQ[MPP
EW[IPP8LI8VERWTSVXEXMSR1IXVMGWTVSKVEQ[MPPEW[IPP8LI8VERWTSVXEXMSR1IXVMGWTVSKVEQ[MPP
XSSXLIVTIIVGMXMIWXLIVIKMSRERHXLIREXMSR
EW[IPP8LI8VERWTSVXEXMSR1IXVMGWTVSKVEQ[MPPEW[IPP8LI8VERWTSVXEXMSR1IXVMGWTVSKVEQ[MPP
GSRXMRYIXSIZSPZIXSMRJSVQXLIGMX]vWXVERWTSVXEXMSR
GSRXMRYIXSIZSPZIXSMRJSVQXLIGMX]vWXVERWTSVXEXMSRGSRXMRYIXSIZSPZIXSMRJSVQXLIGMX]vWXVERWTSVXEXMSRGSRXMRYIXSIZSPZIXSMRJSVQXLIGMX]vWXVERWTSVXEXMSRGSRXMRYIXSIZSPZIXSMRJSVQXLIG
MX]vWXVERWTSVXEXMSR
8LIMWYWIHXSI\EQMRIPSRKXIVQ
8VEZIP(MEV]
XVIRHWMRVIWMHIRXXVEZIPFILEZMSV8LI8VEZIP(M
XLIGSQQYRMX]vWKSEPWERHSFNIGXMZIW
XLIGSQQYRMX]vWKSEPWERHSFNIGXMZIWXLIGSQQYRMX]vWKSEPWERHSFNIGXMZIW
EV]LEWFIIRGSRHYGXIHWMRGI ERHPSSOWEX
EPPXVMTWXEOIRF]VIWTSRHIRXWHYVMRKEKMZIRHE]
0MZMRK0EFSVEXSV]4VI)ZEPYEXMSR 9RMZIVWMX]%ZI
814
8VERWTSVXEXMSR1EWXIV4PER
8VERWTSVXEXMSR(IQERH1EREKIQIRX
8(1
-REHHMXMSRXSMRGPYHMRKIRGSYVEKIQIRXERHIHYGEXMSR
WXYHIRXWIQTPS]IIWVIWMHIRXWSJTEVXMGMTEXMRK
TVSKVEQWJSGYWSRXLIHIQERHWMHISJXVEZIPERHFYWMRIWWIWSVRIMKLFSVLSSHWFYXXLIVIEVIWXMPPEPQSWX
ERRYEPXVERWMXTEWWIWMRXLIGSQQYRMX]8LI
WYFWMHMIWJSVEYXSYWI'SRWIUYIRXP]XLIWITVSKVEQWGMX][MPPGSRXMRYIXLIGYVVIRX[SVO[MXL&SYPHIV
'SYRX]ERH68(XSI\TERHXLI)GS4EWWTVSKVEQ
(MWMRGIRXMZIW +IXXLITVMGIVMKLX
SRXVEZIPFILEZMSV
XLIQENSVMX]SJI\MWXMRKTVMGIWMKREPWIRGSYVEKIXLI
73:XVMT7XYHMIWLEZIGEPGYPEXIHXLEXXLIEYXSHVMZIV
-RGIRXMZIW 1EOIMX)EW]
-RGIRXMZIW 1EOIMX)EW]
SRP]TE]WJSVXS SJXLIXVYIGSWXSJEREYXS
8LIGMX]LEWEPSRKLMWXSV]SJTVSZMHMRKMRGIRXMZIWXSXVMT3RISJXLIPEVKIWXLMHHIRGSWXWMWwJVIITEVOMRKx
8LIGMX]LEWEPSRKLMWXSV]SJTVSZMHMRKMRGIRXMZIWXS8LIGMX]LEWEPSRKLMWXSV]SJTVSZMHMRKMRGIRXMZIWXS
8LIGMX]LEWEPSRKLMWXSV]SJTVSZMHMRKMRGIRXMZIWXS8LIGMX]LEWEPSRKLMWXSV]SJTVSZMHMRKMRGIRXMZIWXS
ERHTE]MRKJSVTEVOMRKMWSRISJXLIFMKKIWXJEGXSVW
MRGIRXMZIHIZIPSTIHF]XLIGMX]ERH68(MWXLI)GSMRQSHIGLSMGI8LIGMX]LEWHIZIPSTIHXLIw7914x
MRGIRXMZIHIZIPSTIHF]XLIGMX]ERH68(MWXLI)GSMRGIRXMZIHIZIPSTIHF]XLIGMX]ERH68(MWXLI)GS
4EWW{ERERRYEPYRMZIVWEPXVERWMXTEWW2SXSRP]MWTVMRGMTPIW{WLEVIHYRFYRHPIHQEREKIHERHTEMH
4EWW{ERERRYEPYRMZIVWEPXVERWMXTEWW2SXSRP]MW4EWW{ERERRYEPYRMZIVWEPXVERWMXTEWW2SXSRP]MW
XLI)GS4EWWHIITP]HMWGSYRXIH[LIRERIQTPS]IVTEVOMRK{XSQMRMQM^IXLIEQSYRXSJVIUYMVIHTEVO
XLI)GS4EWWHIITP]HMWGSYRXIH[LIRERIQTPS]IVXLI)GS4EWWHIITP]HMWGSYRXIH[LIRERIQTPS]IV
TEVOMRK{XSQMRMQM^IXLIEQSYRXSJVIUYMVIHTEVO
FY]WMXJSVEPPIQTPS]IIWSVEKVSYTSJRIMKLFSVWNSMR
FY]WMXJSVEPPIQTPS]IIWSVEKVSYTSJRIMKLFSVWNSMRFY]WMXJSVEPPIQTPS]IIWSVEKVSYTSJRIMKLFSVWNSMR
WLMJX1MRMQM^MRKVIUYMVIHTEVOMRKTVSQSXIWLMKL
WLMJX1MRMQM^MRKVIUYMVIHTEVOMRKTVSQSXIWLMKLWLMJX1MRMQM^MRKVIUYMVIHTEVOMRKTVSQSXIWLMKL
XMQIGSQQIVGMEPTEVXMGMTERXWERHERSRKSMRKWYFWMH]UYEPMX]YVFERHIWMKRTPEGIQEOMRKERHXLITIHIWXVMER
XMQIGSQQIVGMEPTEVXMGMTERXWERHERSRKSMRKWYFWMH]UYEPMX]YVFERHIWMKRTPEGIQEOMRKERHXLITIHIWXVMERUYEPMX]YVFERHIWMKRTPEGIQEOMRKERHXLITIHIWXVMER
XMQIGSQQIVGMEPTEVXMGMTERXWERHERSRKSMRKWYFWMH]
XSRIMKLFSVLSSHTVSKVEQW8LMWX]TISJTEWWEPWSSVMIRXIHTPEGIXLEXWYTTSVXGSQQYRMX]
SVMIRXIHTPEGIXLEXWYTTSVXGSQQYRMX]SVMIRXIHTPEGIXLEXWYTTSVXGSQQYRMX]
VIQSZIWXLISYXSJTSGOIXGSWXSJYWMRKXVERWMXERH
;MHIVETTPMGEXMSRSJXLI7914TVMRGMTPIW[MPPLIPT
;MHIVETTPMGEXMSRSJXLI7914TVMRGMTPIW[MPPLIPT;MHIVETTPMGEXMSRSJXLI7914TVMRGMTPIW[MPPLIPT;MHIVETTPMGEXMSRSJXLI7914TVMRGMTPIW[MPPLIPT;MHIVETTPMGEXMSRSJXLI7914TVMRGMTPIW[MPP
LIPT
XLILEWWPISJTE]MRKGEWLJEVIW%WIRWMXMZMX]EREP]WMW
VIQSZIERMRGIRXMZIXSEYXSYWIERH[MPPWYTTSVXE
VIQSZIERMRGIRXMZIXSEYXSYWIERH[MPPWYTTSVXEVIQSZIERMRGIRXMZIXSEYXSYWIERH[MPPWYTTSVXE
[MHIZEVMIX]SJGSQQYRMX]WYWXEMREFMPMX]FYMPXJSVQ
[MHIZEVMIX]SJGSQQYRMX]WYWXEMREFMPMX]FYMPXJSVQ[MHIZEVMIX]SJGSQQYRMX]WYWXEMREFMPMX]FYMPXJSVQ
ERHXVERWTSVXEXMSRKSEPW
ERHXVERWTSVXEXMSRKSEPWERHXVERWTSVXEXMSRKSEPW
XSSPWJSVMRGVIEWMRKXVERWMXVMHIVWLMT )GS4EWWLSPHIVW
ERHXVERWTSVXEXMSRKSEPWERHXVERWTSVXEXMSRKSEPW
EPWS[EPOERHFMG]GPIQSVI
%RI\TERHIHGSQQYRMX][MHI)GS4EWWTVSKVEQ
GSYPHQEOIHMWGSYRXIHXVERWMXTEWWIWEZEMPEFPIXS
VIWMHIRXWERHSVIQTPS]IIWGMX]SVGSYRX][MHI
%VIGIRXP]GSQTPIXIHJIEWMFMPMX]WXYH]I\EQMRIH
STXMSRWJSVI\XIRHMRKXLITVSKVEQXSVIWMHIRXW
ERHSVIQTPS]IIW[MXLMRXLI'MX]SJ&SYPHIVSV
'SYRX][MHI8LIWXYH]WLS[IHXLEXQYGLSJXLI
GSWXSJEGSQQYRMX])GS4EWWMWEPVIEH]FIMRK
8LI8VM1IXQSFMPIXMGOIXMRKETTPMGEXMSRMR
4SVXPERH
36
QEOIWMXIEWMIVJSVVIKYPEVERH
-QEKIJVSQ&SYPHIV'SYRX]
SGGEWMSREPVMHIVWXSTE]JSVXVERWMXERHMW
MRXIKVEXIH[MXLXVMTTPERRMRKXSSPWMRGPYHMRK
VIEPXMQIEVVMZEPMRJSVQEXMSR
814
8VERWTSVXEXMSR1EWXIV4PER
`&9-0(-2+-1463:)(%'')77
-RZIWXMRKXSQEMRXEMRERHGSQTPIXI
*YRHMRK6IHYGXMSR4VMSVMXMIW
XLI[EPOMRKFMOMRKXVERWMXERH
;LMPIXLI'YVVIRX*YRHMRKMRZIWXQIRXTVSKVEQMWFEWIHSR
VSEH[E]W]WXIQWMWEOI]WXVEXIK]JSV
XLIFIWXEZEMPEFPIJSVIGEWXSJVIZIRYIWXSI\TIVMIRGI
EGGSQQSHEXMRKMRGVIEWMRKXVMTWERH
WMRGIWLS[WXLEXVIZIRYIQE]RSXQIIXXLMWJSVIGEWX
TVSZMHMRKXVEZIPGLSMGIWMR&SYPHIV
XE\VIZIRYIVIWYPXMRKMREWXVEXIK]JSVVIHYGMRKXVERWTSVXEXMSR
WTIRHMRK[LMPIQEMRXEMRMRKMRXIKVMX][MXLTVSKVEQSFNIGXMZIW
8LITVMRGMTPIWSJXLMWWXVEXIK]LEZIFIIRETTPMIHXSXLI
XLVSYKL XVERWTSVXEXMSRFYHKIXWERH[MPPFIYWIHMRXLI
*YRHMRK4PERW
IZIRXSJJYVXLIVVIZIRYIVIHYGXMSRW8LIWITVMRGMTPIWEVI
)RLERGMRKXLI7]WXIQ
1EMRXEMRXLIMRXIKVMX]SJXLI8VERWTSVXEXMSR4VMSVMXM^E
TVIZMSYWP]HIZIPSTIHF]'MX]'SYRGMPMR
XMSRETTVSEGL
QEMRXEMRMRKERHSTIVEXMRKXLII\MWXMRKXVERWTSVXEXMSR
QEMRXEMRMRKERHSTIVEXMRKXLII\MWXMRKXVERWTSVXEXMSRQEMRXEMRMRKERHSTIVEXMRKXLII\MWXMRKXVERWTSVXEXMSR
MRTVMSVMX]SVHIV
W]WXIQXLIVIQEMRMRKJYRHWEVIYWIHJSVGETMXEP
W]WXIQXLIVIQEMRMRKJYRHWEVIYWIHJSVGETMXEPW]WXIQXLIVIQEMRMRKJYRHWEVIYWIHJSVGETMXEPW]WXIQXLIVIQEMRMRKJYRHWEVIYWIHJSVGETMXEPW]WXIQXLIVIQEMRMRKJYRHWEVIYWIHJSVGETMXEP
{PMQMXIH
1EMRXIRERGIERH3TIVEXMSRW
MQTVSZIQIRXWSVIRLERGIQIRXWXSFYMPHXS[EVHXLI
MQTVSZIQIRXWSVIRLERGIQIRXWXSFYMPHXS[EVHXLIMQTVSZIQIRXWSVIRLERGIQIRXWXSFYMPHXS[EVHXLIMQTVSZIQIRXWSVIRLERGIQIRXWXSFYMPHXS[EVHXLI
GSQTPIXIWXVIIXWZMWMSR9WMRKXLITSPMG]HMVIGXMSRERH
GSQTPIXIWXVIIXWZMWMSR9WMRKXLITSPMG]HMVIGXMSRERHGSQTPIXIWXVIIXWZMWMSR9WMRKXLITSPMG]HMVIGXMSRERH
MRZIWXQIRXTVMSVMXMIWSJXLI814IZIV]]IEVXLIGMX]
MRZIWXQIRXTVMSVMXMIWSJXLI814IZIV]]IEVXLIGMX]MRZIWXQIRXTVMSVMXMIWSJXLI814IZIV]]IEVXLIGMX]
7GEPIFEGOI\TERWMSRSJXLIQYPXMQSHEPW]W
TVITEVIWEGETMXEPMQTVSZIQIRXWTVSKVEQ
'-4
EWXLI
TVITEVIWEGETMXEPMQTVSZIQIRXWTVSKVEQ
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EWXLITVITEVIWEGETMXEPMQTVSZIQIRXWTVSKVEQ
'-4
EWXLI
{JSGYWVIHYGXMSRWSRTVSNIGXW[LMGLMRGVIEWI
XIQ
RIEVXIVQMRZIWXQIRXTVSKVEQSJXLIGMX]8LI'-4MW
RIEVXIVQMRZIWXQIRXTVSKVEQSJXLIGMX]8LI'-4MWRIEVXIVQMRZIWXQIRXTVSKVEQSJXLIGMX]8LI'-4MW
VIZMI[IHF]FSEVHWERHEHSTXIHF]GSYRGMPERRYEPP]
VIZMI[IHF]FSEVHWERHEHSTXIHF]GSYRGMPERRYEPP]VIZMI[IHF]FSEVHWERHEHSTXIHF]GSYRGMPERRYEPP]
VIZMI[IHF]FSEVHWERHEHSTXIHF]GSYRGMPERRYEPP]
{HIJIVEHHMXMSREP
2IMKLFSVLSSHIRLERGIQIRXW2IMKLFSVLSSHIRLERGIQIRXW
F]GSYRGMPJSVXLIGSQMRK]IEV8LIVIQEMRMRKJSYV
]IEVWSJXLI'-4VITVIWIRXXLIERXMGMTEXIHMRZIWXQIRX
SZIVXMQIVEXLIVXLER
]IEVWSJXLI'-4VITVIWIRXXLIERXMGMTEXIHMRZIWXQIRX
%GLMIZIWYWXEMREFPIVIHYGXMSRW%GLMIZIWYWXEMREFPIVIHYGXMSRW%GLMIZIWYWXEMREFPIVIHYGXMSRW
TVSKVEQXSEPPS[JSVTVSNIGXTPERRMRKERHGSSVHMRE
SRIXMQIVIHYGXMSRW
SRIXMQIVIHYGXMSRWSRIXMQIVIHYGXMSRW
XMSR)EGLWYFWIUYIRX]IEV[MPPFIETTVSZIHERH
WYGLEWVIHYGMRK
EHSTXIHMRXSXLIGMX]vWFYHKIXF]'MX]'SYRGMPERHXLI
WIVZMGIMRXIGLRMGEPWYTTSVXGEXIKSVMIW[LIVIETTVSTVMEXI
WIVZMGIMRXIGLRMGEPWYTTSVXGEXIKSVMIW[LIVIETTVSTVMEXI
WIVZMGIMRXIGLRMGEPWYTTSVXGEXIKSVMIW[LIVIETTVSTVMEXIWIVZMGIMRXIGLRMGEPWYTTSVXGEXIKSVMIW[LIVIETTVSTVMEXI
'-4I\XIRHIHXSGSZIVXLIMRZIWXQIRXTVSKVEQJSVXLI
1EMRXEMRPIZIVEKIHJYRHIHTVSNIGXW1EMRXEMRPIZIVEKIHJYRHIHTVSNIGXW1EMRXEMRPIZIVEKIHJYRHIHTVSNIGXW1EMRXEMRPIZIVEKIHJYRHIHTVSNIGXW
Investment Policies
8LIGMX]WLEPPKIRIVEPP]KMZITVMSVMX]XSXVERWTSVXEXMSRMRZIWXQIRXWEWJSPPS[W
{W]WXIQSTIVEXMSRWQEMRXIRERGIERHXVEZIPWEJIX]
c,MKLIWXTVMSVMX]
c2I\XTVMSVMX]
FMG]GPIW]WXIQ
c2I\XPS[IWXTVMSVMX]
{EYXSGETEGMX]EHHMXMSRW
RI[PERIWERHMRXIVGLERKIW
c0S[IWXTVMSVMX]
2SXIXLEX[MXLMRIEGLTVMSVMX]PIZIPEPPMXIQWEVIKMZIRIUYEP[IMKLX
-RZIWXQIRXMRQSHEPIRLERGIQIRXW[MPPFIMRXIKVEXIHFIX[IIREPPQSHIWJSGYWIHMRXLIHIWMKREXIH
QYPXMQSHEPGSVVMHSVWERHTVMSVMXM^IHF]XLIVEROIHQYPXMQSHEPGSVVMHSVWIKQIRXW
%WXLIWXVIIXRIX[SVOMWXLITVMQEV]MRJVEWXVYGXYVIJSVEPPQSHIWMX[MPPFIQEREKIHERHI\TERHIHXSFEPERGI
MXWYWIF]EPPXLIQSHIW6SEH[E]GETEGMX][MPPRSXFIEHHIHEXXLII\TIRWISJXLIRSREYXSQSHIW
8LIGMX]vWXVERWTSVXEXMSRW]WXIQMRGPYHIWEPPXLIQSHIWERHXLIVIWSYVGIWRIIHIHJSVXLIWYWXEMREFPISTIVEXMSR
SJXLIW]WXIQ%R]GSRWMHIVEXMSRSJXLIWLEVISJW]WXIQJYRHMRKEPPSGEXIHXSJYXYVIKVS[XL[MPPFIFEWIHSR
814
XLMWW]WXIQ
8VERWTSVXEXMSR1EWXIV4PER
'YVVIRX*YRHMRK
MRZIWXQIRXWPMQMXIHXSXLIJYRHWI\TIGXIHJVSQ
I\MWXMRKVIZIRYIWSYVGIW-RGPYHMRKXLI]IEVWSJ
WEPIWXE\MRGVIEWIJSVXVERWTSVXEXMSRETTVSZIHMR
3ZIV SJXLIWIJYRHWEVIJSVQEMRXIRERGI
SJXLII\MWXMRKXVERWTSVXEXMSRW]WXIQ8LI'YVVIRX
*YRHMRKMRZIWXQIRXTVSKVEQ[MPP
4VMSVMXM^IWEJIX]ERHQEMRXIRERGISTIVEXMSRW
JSVXLIXVERWTSVXEXMSRW]WXIQ;MXLXLIEH
HMXMSREPWEPIWXE\VIZIRYI[IEVIEFPIXS
8LI814MRZIWXQIRXTVSKVEQWEVI
vWERHVIXYVRWXVIIXTEZIQIRXGSRHMXMSRW
XSVIGSQQIRHIHPIZIPWEW[IPPEWTVMSVMXM^I
FEWIHSRXLVIIPIZIPWSJJYRHMRK
'YVVIRX*YRHMRK%GXMSRERH:MWMSR
%R]MRZIWXQIRXEFSZI'YVVIRX
)RLERGITVSKVEQQEXMGWYTTSVXJSVEPPQSHIW
*YRHMRK[SYPHHITIRHSREHHMXMSREP
WYGLEWXLIWMHI[EPOQMWWMRKPMROWTVSKVEQWQEPP
FMOIGSRRIGXMSRW8VERWTSVXEXMSR(IQERH1ER
JYRHMRKXLSYKLXLIWIJYRHWEVIRSX
PMQMXIHXSXLIGMX]vW8VERWTSVXEXMSR
*YRH4EVXRIVWLMTWVIWYPXMRKJVSQ
4VSZMHITVSKVEQQEXMGWYTTSVXJSVXLI&MOI
ERHKVERXTVSKVEQWEVITSXIRXMEP
%HHJYRHMRKJSVQENSVVIGSRWXVYGXMSRVIGSKRM^MRK
%HHJYRHMRKJSVQENSVVIGSRWXVYGXMSRVIGSKRM^MRK%HHJYRHMRKJSVQENSVVIGSRWXVYGXMSRVIGSKRM^MRK
XLEXEWGMX]JEGMPMXMIWEKIXLIVI[MPPFIXLIRIIHJSV
XLEXEWGMX]JEGMPMXMIWEKIXLIVI[MPPFIXLIRIIHJSV
MRGVIEWIHVIGSRWXVYGXMSREGXMZMX]
MRGVIEWIHVIGSRWXVYGXMSREGXMZMX]
-RGVIEWIJYRHMRKSJ:MEXSTVSZMHIRIIHIHXVERW
-RGVIEWIJYRHMRKSJ:MEXSTVSZMHIRIIHIHXVERW-RGVIEWIJYRHMRKSJ:MEXSTVSZMHIRIIHIHXVERW
8LIJSPPS[MRKMRZIWXQIRXTVSKVEQWMQTPIQIRXXLI
TSVXEXMSRWIVZMGIJSVXLIKVS[MRKTSTYPEXMSRSJ
TSVXEXMSRWIVZMGIJSVXLIKVS[MRKTSTYPEXMSRSJTSVXEXMSRWIVZMGIJSVXLIKVS[MRKTSTYPEXMSRSJ
TSPMG]HMVIGXMSRSJXLI814EXIEGLJYRHMRKPIZIP
SPHIVEHYPXWERHTIVWSRW[MXLHMWEFMPMXMIW
SPHIVEHYPXWERHTIVWSRW[MXLHMWEFMPMXMIWSPHIVEHYPXWERHTIVWSRW[MXLHMWEFMPMXMIW
;LMPIXLI 814SYXPMRIHXLIGSQTPIXIQYPXMQSH
-RGPYHIJYRHWXLEXGERFIPIZIVEKIHEWQEXGL
-RGPYHIJYRHWXLEXGERFIPIZIVEKIHEWQEXGL-RGPYHIJYRHWXLEXGERFIPIZIVEKIHEWQEXGL
-RGPYHIJYRHWXLEXGERFIPIZIVEKIHEWQEXGL-RGPYHIJYRHWXLEXGERFIPIZIVEKIHEWQEXGL
ERHXLIGLERKMRKVIZIRYITMGXYVIVIWYPXIHMRXLIRIIH
EQSYRXWJSVZEVMSYWKVERXTVSKVEQW
EQSYRXWJSVZEVMSYWKVERXTVSKVEQWEQSYRXWJSVZEVMSYWKVERXTVSKVEQWEQSYRXWJSVZEVMSYWKVERXTVSKVEQW
XSTVMSVMXM^IXVERWTSVXEXMSRWTIRHMRKMR7XEVXMRK
4VSZMHIJYRHMRKJSVGSVVMHSVWXYHMIWJSVMRXIKVEX
4VSZMHIJYRHMRKJSVGSVVMHSVWXYHMIWJSVMRXIKVEX4VSZMHIJYRHMRKJSVGSVVMHSVWXYHMIWJSVMRXIKVEX
[MXLXLITPERXVERWTSVXEXMSRMRZIWXQIRXLEW
IHPERHYWIXVERWTSVXEXMSRERH8(1TPERRMRK
IHPERHYWIXVERWTSVXEXMSRERH8(1TPERRMRKIHPERHYWIXVERWTSVXEXMSRERH8(1TPERRMRK
FIIRTVMSVMXM^IHXLVSYKLXLVIIMRZIWXQIRXTVSKVEQW
-RIEGLSJXLIWITVSKVEQWJYRHMRKSJXVERWTSVXEXMSR
*MKYVI
STIVEXMSRWQEMRXIRERGIERHWEJIX]MWXLILMKLIWX
'YVVIRX*YRHMRK
SVHIV8LITVMSVMX]SJMRZIWXQIRX[EWIWXEFPMWLIHMR
XLI 814ERHLEWEPPS[IH&SYPHIVXSQEMRXEMR
ERHSTIVEXIMXWXVERWTSVXEXMSRW]WXIQEXELMKLPIZIP
SJWIVZMGI
MRGVIEWIWWMRGIERHMRGPYHIXLIIRLERGIH
QEMRXIRERGIWYTTSVXIHF]XLIWEPIWXE\
SJYRHIVWXERHMRKSJTEZIQIRXGSRHMXMSREWIZIV]
WXVIIXLEWFIIRIZEPYEXIHERHMRGPYHIHMRETEZIQIRX
QEREKIQIRXW]WXIQ8LIPIZIPSJGETMXEPMQTVSZI
QIRXMRZIWXQIRXMWHITIRHIRXSRXLIJYRHWVIQEMRMRK
EJXIVXLIWIQEMRXIRERGITVMSVMXMIWEVIJYRHIH
814
8VERWTSVXEXMSR1EWXIV4PER
4VMSVMXM^IXLIPMQMXIHGETMXEPMQTVSZIQIRXJYRHWEHHMXMSREPJYRHWEVIXEVKIXIHXS[EVHXVERWMXI\TERWMSR
ERHXLIRIIHIHGETMXEPMQTVSZIQIRXWXSWYTTSVX
MRLMKLHIQERHGMX]ERHVIKMSREPXVEZIPGSVVMHSVW
[EPOERHFMOIEGGIWWXSXVERWMXMRXLSWIQYPXMQSHEP
4VSZMHIJYRHMRKJSVWIVZMGIFY]YTWSRXLIGYV
XVERWTSVXEXMSRGSVVMHSVW-REHHMXMSRXSXLIMXIQWMR
VIRXLMKLJVIUYIRG]'82FYWWIVZMGI
XLI'YVVIRX*YRHMRKTVSKVEQXLI%GXMSRMRZIWXQIRX
TVSKVEQ[SYPH
-RGVIEWIXVERWMXMRZIWXQIRXXSMQTPIQIRXWSQI
SJXLILMKLTVMSVMX]TVSKVEQQEXMGMXIQWMRXLI
)\TERHXLI)GS4EWWTVSKVEQXSEGSQQYRMX]
6IRI[IH:MWMSRJSV8VERWMX
[MHITVSKVEQGSZIVMRK&SYPHIVVIWMHIRXW
4VIWIVZIXLII\MWXMRK)GS4EWWTVSKVEQ
68(vW
1EOIQYPXMQSHEPMRZIWXQIRXWF]TVMSVMX]GSVVMHSV
ERHIRGSYVEKIEPXIVREXMZIWXSHVMZMRKEPSRI
WIKQIRXMREHHMXMSREPGSVVMHSVWGSQTEVIHXSXLI
'YVVIRX*YRHMRKTVSKVEQ
%GXMSR-RZIWXQIRX4VSKVEQ
%HZERGIXLIZMWMSRJVSQXLIQMRYXIRIMKLFSV
8LI%GXMSRMRZIWXQIRXTVSKVEQVITVIWIRXWXLIRI\X
LSSHEREP]WMWERH&SYPHIV;EPOWTVSKVEQJSVTI
WXVEXIKMGWIXSJMRZIWXQIRXWXS[EVHVIEGLMRKXLI
WXVEXIKMGWIXSJMRZIWXQIRXWXS[EVHVIEGLMRKXLIWXVEXIKMGWIXSJMRZIWXQIRXWXS[EVHVIEGLMRKXLI
HIWXVMERIRZMVSRQIRXTSPMGMIWERHIRLERGIQIRXW
GSQQYRMX]vWXVERWTSVXEXMSRKSEPWMJEHHMXMSREPJYRHMRK
GSQQYRMX]vWXVERWTSVXEXMSRKSEPWMJEHHMXMSREPJYRHMRKGSQQYRMX]vWXVERWTSVXEXMSRKSEPWMJEHHMXMSREPJYRHMRK
FIGSQIWEZEMPEFPI4YVWYMRKERHJYRHMRKXLI%GXMSR
FIGSQIWEZEMPEFPI4YVWYMRKERHJYRHMRKXLI%GXMSRFIGSQIWEZEMPEFPI4YVWYMRKERHJYRHMRKXLI%GXMSR
-QTPIQIRXFMG]GPIRIX[SVOTVMSVMX]GSVVMHSV
MRZIWXQIRXTVSKVEQ[SYPHEHHETTVS\MQEXIP]X[S
MRZIWXQIRXTVSKVEQ[SYPHEHHETTVS\MQEXIP]X[SMRZIWXQIRXTVSKVEQ[SYPHEHHETTVS\MQEXIP]X[S
GSVVMHSVWIKQIRXWXLEX[SYPHFIHIZIPSTIHMRXS
GSVVMHSVWIKQIRXWXLEX[SYPHFIHIZIPSTIHMRXSGSVVMHSVWIKQIRXWXLEX[SYPHFIHIZIPSTIHMRXS
EQSVIGSQTPIXIMRXIKVEXIHERHGSRRIGXIHPS[
QYPXMQSHEPIRZMVSRQIRXW8LIWIMQTVSZIQIRXW[MPP
QYPXMQSHEPIRZMVSRQIRXW8LIWIMQTVSZIQIRXW[MPPQYPXMQSHEPIRZMVSRQIRXW8LIWIMQTVSZIQIRXW[MPPQYPXMQSHEPIRZMVSRQIRXW8LIWIMQTVSZIQIRXW[MPPQYPXMQSHEPIRZMVSRQIRXW8LIWIMQTVSZIQIRXW[MPP
WXVIWWFMG]GPIRIX[SVO
EPPQSHIW-RXIVWIGXMSRMQTVSZIQIRXW[MPPVIHYGI
EPPQSHIW-RXIVWIGXMSRMQTVSZIQIRXW[MPPVIHYGIEPPQSHIW-RXIVWIGXMSRMQTVSZIQIRXW[MPPVIHYGI
%HHEHHMXMSREP'82X]TIWIVZMGISRTVMSVMX]GSV
GSRKIWXMSREXXLIWIPSGEXMSRWTIHIWXVMERWERH
GSRKIWXMSREXXLIWIPSGEXMSRWTIHIWXVMERWERHGSRKIWXMSREXXLIWIPSGEXMSRWTIHIWXVMERWERH
VMHSVWTIVXLI6IRI[IH:MWMSRJSV8VERWMX
FMG]GPMWXW[MPPLEZIEGGIWWXSGSQTPIXIHJEGMPMXMIWERH
FMG]GPMWXW[MPPLEZIEGGIWWXSGSQTPIXIHJEGMPMXMIWERHFMG]GPMWXW[MPPLEZIEGGIWWXSGSQTPIXIHJEGMPMXMIWERH
7YTTSVXTEVXRIVWLMTWJSVUYMIX^SRIMQTVSZI
XVERWMXERHXVERWMXWIVZMGIMWI\TERHIHMRPMRI[MXL
XVERWMXERHXVERWMXWIVZMGIMWI\TERHIHMRPMRI[MXLXVERWMXERHXVERWMXWIVZMGIMWI\TERHIHMRPMRI[MXL
QIRXWEXVEMPVSEHGVSWWMRKWMRXLI&SYPHIV:EPPI]
QIRXWEXVEMPVSEHGVSWWMRKWMRXLI&SYPHIV:EPPI]QIRXWEXVEMPVSEHGVSWWMRKWMRXLI&SYPHIV:EPPI]
XLI6IRI[IH:MWMSRJSV8VERWMX8LIGSQFMREXMSRSJ
XLI6IRI[IH:MWMSRJSV8VERWMX8LIGSQFMREXMSRSJXLI6IRI[IH:MWMSRJSV8VERWMX8LIGSQFMREXMSRSJ
XLI6IRI[IH:MWMSRJSV8VERWMX8LIGSQFMREXMSRSJ
QYPXMQSHEPXVERWTSVXEXMSRMRZIWXQIRXERHI\TIGXIH
QYPXMQSHEPXVERWTSVXEXMSRMRZIWXQIRXERHI\TIGXIHQYPXMQSHEPXVERWTSVXEXMSRMRZIWXQIRXERHI\TIGXIH
-RGVIEWIVIKMSREPIQTLEWMWF]I\TERHMRKEG
-RGVIEWIVIKMSREPIQTLEWMWF]I\TERHMRKEG
PERHYWIGLERKIWLEZIXLITSXIRXMEPXSGVIEXIMR
XMSRWXSWYTTSVXXLI6IRI[IH:MWMSRJSV8VERWMX
XMSRWXSWYTTSVXXLI6IRI[IH:MWMSRJSV8VERWMX
XMSRWXSWYTTSVXXLI6IRI[IH:MWMSRJSV8VERWMXXMSRWXSWYTTSVXXLI6IRI[IH:MWMSRJSV8VERWMX
SXLIVTEVXWSJXLIGSQQYRMX]XLIOMRHSJZMFVERX
WYTTSVXMRKLMKLZEPYIXVERWMXWIVZMGII\TERWMSR
WYTTSVXMRKLMKLZEPYIXVERWMXWIVZMGII\TERWMSRWYTTSVXMRKLMKLZEPYIXVERWMXWIVZMGII\TERWMSR
MRXIVIWXMRKERHTIHIWXVMERJVMIRHP]IRZMVSRQIRXWXLEX
ERHJEGMPMXMIWFSXL[MXLMR&SYPHIVERHSR7,
ERHJEGMPMXMIWFSXL[MXLMR&SYPHIVERHSR7, ERHJEGMPMXMIWFSXL[MXLMR&SYPHIVERHSR7,
GLEVEGXIVM^IXLIHS[RXS[R
8LI%GXMSRTVSKVEQEWWYQIWXLEXEREHHMXMSREP
)\TERHWYTTSVXJSVTYFPMGTVMZEXITEVXRIVWLMTW
)\TERHWYTTSVXJSVTYFPMGTVMZEXITEVXRIVWLMTW)\TERHWYTTSVXJSVTYFPMGTVMZEXITEVXRIVWLMTW)\TERHWYTTSVXJSVTYFPMGTVMZEXITEVXRIVWLMTW
QMPPMSRFIGSQIWEZEMPEFPIXLVSYKLZEVMSYWJYRHMRK
WYGLEW&YWMRIWW-QTVSZIQIRX(MWXVMGXW
&-(W
WYGLEW&YWMRIWW-QTVSZIQIRX(MWXVMGXW
&-(W
WYGLEW&YWMRIWW-QTVSZIQIRX(MWXVMGXW
&-(W
WYGLEW&YWMRIWW-QTVSZIQIRX(MWXVMGXW
&-(W
WSYVGIWSZIVXLIPMJISJXLITPER;LMPIMRGVIEWIWEVI
ERH8VERWTSVXEXMSR1EREKIQIRX3VKERM^EXMSRW
ERH8VERWTSVXEXMSR1EREKIQIRX3VKERM^EXMSRWERH8VERWTSVXEXMSR1EREKIQIRX3VKERM^EXMSRW
TVSTSWIHJSVXLII\TERWMSRSJXLIFYWTEWWTVSKVEQ
813W
XSTVSZMHI8(1WIVZMGIW
813W
XSTVSZMHI8(1WIVZMGIW
813W
XSTVSZMHI8(1WIVZMGIW
4VSZMHIEHHMXMSREPJYRHMRKJSV:MEXSI\TERH
4VSZMHIEHHMXMSREPJYRHMRKJSV:MEXSI\TERH
*MKYVI
RIIHIHXVERWTSVXEXMSRSTTSVXYRMXMIWJSVSPHIV
%GXMSR4PER*YRHMRK
EHYPXWERHTISTPI[MXLHMWEFMPMXMIW
-RGVIEWISTIVEXMSRWERHQEMRXIRERGIJYRHMRK
TVSTSVXMSREPXSXLIGSRWXVYGXMSRSJRI[TVSNIGXW
4VSZMHIVIEPXMQIVSEH[E]W]WXIQXVERWMXERH
VMHIWLEVIMRJSVQEXMSRERHWIVZMGIW
Enhancements,
$24
QSFMPMX]LYFW
Transit &
Program
Additions,
$61
Amounts in Millions
814
8VERWTSVXEXMSR1EWXIV4PER
:MWMSR*YRHMRKJSV-RZIWXQIRXW
&I]SRHXLI'YVVIRX*YRHMRK4VSKVEQ
814MRVITVIWIRXMRKXLIGSQTPIXIQYPXMQSHEPW]WXIQ
8SEGGSQTPMWLXLIEHHMXMSREPMRZIWXQIRXWFI]SRHXLI
'YVVIRX*YRHMRKMRZIWXQIRXTVSKVEQEHHMXMSREPJYRH
MRK[MPPFIVIUYMVIH8LI%GXMSRMRZIWXQIRXTVSKVEQ
EWMXLEWEREHHMXMSREPIWXMQEXIHTVSNIGXGSWXSJ
EQSYRXIUYEPWETTVS\MQEXIP]QMPPMSRSJEHHM
QMPPMSRQSVIXLERQMPPMSRSZIVVIZIRYIW
I\TIGXIHXSFIEZEMPEFPIJSVIRLERGIQIRXWF]
[MPPGSRXMRYIXSTYVWYIMWJIHIVEPERHWXEXIKVERXW
,MWXSVMGEPP]XLIGMX]LEWFIIREFPIXSVIGIMZIEFSYX
QMPPMSRTIV]IEVMRXLIWIKVERXW,S[IZIVXLIWIJYRHW
F]JYXYVIHIZIPSTQIRX8LMWTVSKVEQMRGPYHIWXLI
EVIFIGSQMRKQSVIPMQMXIHERHEVIYRPMOIP]XSGSRXVMF
WXVEXIKMGMRMXMEXMZIWSJXLI'YVVIRX*YRHMRKERH%GXMSR
MRZIWXQIRXTVSKVEQWERHEPWS[SYPH
-RGVIEWIQEMRXIRERGIERHSTIVEXMSRWJYRHMRK
GSRXMRYIXSI\TPSVII\TERHIHJYRHMRKWSYVGIW
XSEPMJIG]GPIVITPEGIQIRXPIZIP[LIVI[IJYPP]
XSEPMJIG]GPIVITPEGIQIRXPIZIP[LIVI[IJYPP]XSEPMJIG]GPIVITPEGIQIRXPIZIP[LIVI[IJYPP]
TEVXMGYPEVSRIWXLEXQSVIGPSWIP]VIPEXIXVERWTSVXEXMSR
QEMRXEMRERHVIGSRWXVYGXSYVJEGMPMXMIW
QEMRXEMRERHVIGSRWXVYGXSYVJEGMPMXMIWQEMRXEMRERHVIGSRWXVYGXSYVJEGMPMXMIW
YWIERHGSWX)\EQTPIWSJJYRHMRKWSYVGIWXLEXQMKLX
FIGSRWMHIVIHXSLIPTJYRHXLI%GXMSRMRZIWXQIRX
'SQTPIXIXLIQSHEPIRLERGIQIRXMRZIWXQIRXWMR
'SQTPIXIXLIQSHEPIRLERGIQIRXMRZIWXQIRXWMR'SQTPIXIXLIQSHEPIRLERGIQIRXMRZIWXQIRXWMR
TVSKVEQMRGPYHI
EPPXLIQYPXMQSHEPGSVVMHSVW
EPPXLIQYPXMQSHEPGSVVMHSVWEPPXLIQYPXMQSHEPGSVVMHSVW
1EMRXEMRGMX]JYRHMRKJSVLMKLJVIUYIRG]PSGEP%RMRGVIEWIMRWEPIWXE\
1EMRXEMRGMX]JYRHMRKJSVLMKLJVIUYIRG]PSGEP1EMRXEMRGMX]JYRHMRKJSVLMKLJVIUYIRG]PSGEP1EMRXEMRGMX]JYRHMRKJSVLMKLJVIUYIRG]PSGEP1EMRXEMRGMX]JYRHMRKJSVLMKLJVIUYIRG]PSGEP
%RIQTPS]IILIEHXE\
'SQTPIXIXLI6IRI[IH:MWMSRJSV8VERWMXTVSZMH
'SQTPIXIXLI6IRI[IH:MWMSRJSV8VERWMXTVSZMH'SQTPIXIXLI6IRI[IH:MWMSRJSV8VERWMXTVSZMH
%XE\SRKVIIRLSYWIKEWIQMWWMSRWTIVQIXVMGXSR
MRKEHHMXMSREPWIVZMGIWMRGPYHMRKIRLERGIHERH
MRKEHHMXMSREPWIVZMGIWMRGPYHMRKIRLERGIHERHMRKEHHMXMSREPWIVZMGIWMRGPYHMRKIRLERGIHERH
SJ'3IUYMZEPIRX
&68VSYXIWMR&SYPHIV
%:18JIIJSV&SYPHIVVIWMHIRXWERH
%:18JIIJSV&SYPHIVVIWMHIRXWERH%:18JIIJSV&SYPHIVVIWMHIRXWERH
'SQTPIXIXLIQSFMPMX]LYFWERHXVERWMXGIRXIVMQ
'SQTPIXIXLIQSFMPMX]LYFWERHXVERWMXGIRXIVMQ
'SQTPIXIXLIQSFMPMX]LYFWERHXVERWMXGIRXIVMQ
TVSZIQIRXWJVSQXLI6IRI[IH:MWMSRJSV8VERWMX
TVSZIQIRXWJVSQXLI6IRI[IH:MWMSRJSV8VERWMXTVSZIQIRXWJVSQXLI6IRI[IH:MWMSRJSV8VERWMX
7SQIGSQFMREXMSRSJXLIWISVSXLIVWSYVGIWWYGL
7SQIGSQFMREXMSRSJXLIWISVSXLIVWSYVGIWWYGL
'SQTPIXIXLIVIKMSREP&68SR7SYXL&SYPHIV
EWE8VERWTSVXEXMSR9XMPMX]*II
EWE8VERWTSVXEXMSR9XMPMX]*IIEWE8VERWTSVXEXMSR9XMPMX]*II
6SEHEWIRZMWMSRIHMRXLI68(2%17[SVO
8LIHIGPMRMRKEFMPMX]SJXLIGMX]XSJYRHIRLERGIQIRXW
8LIHIGPMRMRKEFMPMX]SJXLIGMX]XSJYRHIRLERGIQIRXW8LIHIGPMRMRKEFMPMX]SJXLIGMX]XSJYRHIRLERGIQIRXW
'SQTPIXIVIQEMRMRKFMG]GPIERHTIHIWXVMER
XSXLIXVERWTSVXEXMSRW]WXIQMWHIQSRWXVEXIHF]XLI
XSXLIXVERWTSVXEXMSRW]WXIQMWHIQSRWXVEXIHF]XLIXSXLIXVERWTSVXEXMSRW]WXIQMWHIQSRWXVEXIHF]XLI
W]WXIQIRLERGIQIRXWMRWYTTSVXSJEFMOI
GLERKIWMRXLI8VERWTSVXEXMSRFYHKIX*VSQ
GLERKIWMRXLI8VERWTSVXEXMSRFYHKIX*VSQ GLERKIWMRXLI8VERWTSVXEXMSRFYHKIX*VSQ GLERKIWMRXLI8VERWTSVXEXMSRFYHKIX*VSQ
RIX[SVOSJPS[WXVIWWFMG]GPIVSYXIWERH[EPO
XSXLITVSTSWIHFYHKIXXLITSVXMSRSJJYRHMRK
XSXLITVSTSWIHFYHKIXXLITSVXMSRSJJYRHMRKXSXLITVSTSWIHFYHKIXXLITSVXMSRSJJYRHMRKXSXLITVSTSWIHFYHKIXXLITSVXMSRSJJYRHMRK
EZEMPEFPIJSVIRLERGIQIRXWLEWHIGVIEWIHJVSQFIMRK
JVMIRHP]FYMPXIRZMVSRQIRX
EZEMPEFPIJSVIRLERGIQIRXWLEWHIGVIEWIHJVSQFIMRKEZEMPEFPIJSVIRLERGIQIRXWLEWHIGVIEWIHJVSQFIMRK
QSVIXLERLEPJSJXLIXVERWTSVXEXMSRFYHKIXXS
QSVIXLERLEPJSJXLIXVERWTSVXEXMSRFYHKIXXSQSVIXLERLEPJSJXLIXVERWTSVXEXMSRFYHKIXXS
)\TERHTEVOMRKQEREKIQIRXXSSXLIVEVIEWSJ
TIVGIRX7SQISJXLMWGLERKIMWHYIXSXLIMRGVIEWIH
TIVGIRX7SQISJXLMWGLERKIMWHYIXSXLIMRGVIEWIHTIVGIRX7SQISJXLMWGLERKIMWHYIXSXLIMRGVIEWIH
XLIGSQQYRMX]
QEMRXIRERGIRIIHIHSREPEVKIVW]WXIQERHVIHYG
QEMRXIRERGIRIIHIHSREPEVKIVW]WXIQERHVIHYG
XMSRWMRIRLERGIQIRXWGSRWMWXIRX[MXLXLI814TVMSV
'SQTPIXIEPPVSEH[E]MQTVSZIQIRXW
MX]XSQEMRXEMRXLIW]WXIQ6SEH[E]QEMRXIRERGIMW
*MKYVI
F]JEVXLIPEVKIWXI\TIRWI)ZIRXLIEHHMXMSREPJYRHMRK
:MWMSR4PER*YRHMRK
JVSQXLIWEPIWXE\ETTVSZEPXLIEFMPMX]XSQEOI
GETMXEPMRZIWXQIRXMRXLIXVERWTSVXEXMSRW]WXIQLEW
Transit Capital,
GPIEVP]JEPPIRWLSVXSJXLIEQSYRXRIIHIHXSEGLMIZI
$38
SYVXVERWTSVXEXMSRKSEPWERHSFNIGXMZIW8LIXVIRH
SJHMQMRMWLMRKGETMXEPMRZIWXQIRX[MPPPMOIP]GSRXMRYI
;SVOTVITEVIHJSVXLI&PYI6MFFSR'SQQMWWMSRMR
WLS[WXLEX[MXLMRGVIEWMRKGSWXWJSVSTIVEXMSRW
ERHQEMRXIRERGIXLIWIJYRGXMSRWGSYPHGSRWYQIXLI
IRXMVIXVERWTSVXEXMSRFYHKIX[MXLMREJI[]IEVW8LI
Enhancements,
WEPIWXE\MRGVIEWIJSVXVERWTSVXEXMSR[MPPLIPT
$415
HIPE]XLMWIZIRXFYX[MXLSYXERI[PSRKXIVQERH
WXEFPIVIZIRYIWSYVGIXLIEFMPMX]XSMRZIWXMRIRLERGI
QIRXW[MPPHIGPMRISZIVXMQI
Amounts in Millions
814
8VERWTSVXEXMSR1EWXIV4PER
8VERWTSVXEXMSR4PER1SHEP)PIQIRXW
ZMWMSRJSVXLIFYMPHSYXSJ&SYPHIVvWXVERWTSVXEXMSR
TVEGXMGEPETTPMGEXMSRSJXLI814MRZIWXQIRXTLMPSWS
W]WXIQ8LMWZMWMSRGSRXMRYIWXSEHHVIWWEPPQSHIWSJ
TL]MWXLIHIZIPSTQIRXSJGSQTPIXIWXVIIXW8LMW
XVERWTSVXEXMSRMRGPYHMRKTIHIWXVMERFMG]GPIXVERWMX
GSRGITXMW[MHIP]YWIHXSHIWGVMFIWXVIIXWXLEXEVI
ERHEYXSQSFMPI8LVSYKLEVIZMI[SJXLIMQTVSZI
HIWMKRIHJSVXLIWEJIX]ERHGSQJSVXSJEPPVSEHYWIVW
QIRXWGSQTPIXIHWMRGIERHEREREP]WMWSJXLI
ERHEGGSQQSHEXIXVEZIPF]EYXSQSFMPIJSSXFMG]GPI
QSHEPMQTVSZIQIRXTPERWXLI814QSHEPIPIQIRXW
ERHXVERWMXVIKEVHPIWWSJEKIERHEFMPMX]7YGLWXVIIXW
EVI[IPGSQMRKXSTISTPIMR[LIIPGLEMVWSVTYWLMRKE
GSWXWYTHEXIHJSVXLMWTPER%PPTVSTSWIHTVSNIGXW
WXVSPPIVERHGSRWIUYIRXP]JSVIZIV]SRIIPWI8LI]EPWS
GERFIZMI[IHYWMRKEKISKVETLMGHEXEFEWIEZEMPEFPI
TVSZMHIWEJIERHIEW]GSRRIGXMSRWFIX[IIREPPQSHIW
XLVSYKLXLI814[IFWMXI1ETWMPPYWXVEXMRKXLIQSHEP
IPIQIRXWEVIEPWSTVSZMHIHXLVSYKLXLI814[IFWMXI
QSHIERH[EPOMRKMWERIPIQIRXSJQSWXXVMTW7SMR
TVEGXMGIMRER]GETMXEPGSRWXVYGXMSRTVSNIGXXLIGMX]
EMQWXSGSQTPIXIERHIRLERGIEPPXLIQSHEPW]WXIQW
EMQWXSGSQTPIXIERHIRLERGIEPPXLIQSHEPW]WXIQWEMQWXSGSQTPIXIERHIRLERGIEPPXLIQSHEPW]WXIQW
ERHMQTVSZIXLIGSRRIGXMSRWFIX[IIRXLIQ)EGL
ERHMQTVSZIXLIGSRRIGXMSRWFIX[IIRXLIQ)EGLERHMQTVSZIXLIGSRRIGXMSRWFIX[IIRXLIQ)EGL
SJXLIQSHEPIPIQIRXWERHTPERWEVIMRGPYHIHMRXLMW
SJXLIQSHEPIPIQIRXWERHTPERWEVIMRGPYHIHMRXLMWSJXLIQSHEPIPIQIRXWERHTPERWEVIMRGPYHIHMRXLMW
TVSGIWW
8LI814GSRXEMRWTSPMGMIWERHHIXEMPIHTPERWJSVIEGL
8LI814GSRXEMRWTSPMGMIWERHHIXEMPIHTPERWJSVIEGL8LI814GSRXEMRWTSPMGMIWERHHIXEMPIHTPERWJSVIEGL
8LI814GSRXEMRWTSPMGMIWERHHIXEMPIHTPERWJSVIEGL8LI814GSRXEMRWTSPMGMIWERHHIXEMPIHTPERWJSVIEGL
GSQTPIXIHXVERWTSVXEXMSRW]WXIQ8LIIPIQIRXWSJ
GSQTPIXIHXVERWTSVXEXMSRW]WXIQ8LIIPIQIRXWSJGSQTPIXIHXVERWTSVXEXMSRW]WXIQ8LIIPIQIRXWSJGSQTPIXIHXVERWTSVXEXMSRW]WXIQ8LIIPIQIRXWSJ
IEGLQSHEPTPEREVIMRGPYHIHMREKISKVETLMGMRJSVQE
IEGLQSHEPTPEREVIMRGPYHIHMREKISKVETLMGMRJSVQEIEGLQSHEPTPEREVIMRGPYHIHMREKISKVETLMGMRJSVQE
XMSRW]WXIQGSRXEMRMRKMRJSVQEXMSRSRIEGLMRHMZMHYEP
XMSRW]WXIQGSRXEMRMRKMRJSVQEXMSRSRIEGLMRHMZMHYEPXMSRW]WXIQGSRXEMRMRKMRJSVQEXMSRSRIEGLMRHMZMHYEP
TVSNIGX
&VSEH[E])YGPMH'SQTPIXI7XVIIXW4VSNIGX
814
8VERWTSVXEXMSR1EWXIV4PER
4IHIWXVMER1SHEP)PIQIRX
4IHIWXVMERXVEZIPMWXLIVIEP
QIEWYVISJXLIEGGIWWMFMPMX]SJXLI
XVERWTSVXEXMSRW]WXIQ;EPOMRKMW
XLISVMKMREPQSHISJXVEZIPERHMW
&SYPHIV;EPO 4IEVP7XVIIX;EPO%YHMX
IWWIRXMEPXSEPPSXLIVQSHIW
;LIXLIVSRIMW[EPOMRKJVSQETEVOIHGEVXSXLIJVSRX
;LIXLIVSRIMW[EPOMRKJVSQETEVOIHGEVXSXLIJVSRX;LIXLIVSRIMW[EPOMRKJVSQETEVOIHGEVXSXLIJVSRX
HSSVSJEFYWMRIWWSVJVSQEXVERWMXWXSTXSLSQIXLI
HSSVSJEFYWMRIWWSVJVSQEXVERWMXWXSTXSLSQIXLIHSSVSJEFYWMRIWWSVJVSQEXVERWMXWXSTXSLSQIXLI
TIHIWXVMERTSVXMSRSJIZIV]XVMTLIPTWHIXIVQMRIXLI
TIHIWXVMERTSVXMSRSJIZIV]XVMTLIPTWHIXIVQMRIXLITIHIWXVMERTSVXMSRSJIZIV]XVMTLIPTWHIXIVQMRIXLI
TIHIWXVMERTSVXMSRSJIZIV]XVMTLIPTWHIXIVQMRIXLITIHIWXVMERTSVXMSRSJIZIV]XVMTLIPTWHIXIVQMRIXLI
IRNS]QIRXWEJIX]ERHGSRZIRMIRGISJXLEXXVMT8LI
IRNS]QIRXWEJIX]ERHGSRZIRMIRGISJXLEXXVMT8LIIRNS]QIRXWEJIX]ERHGSRZIRMIRGISJXLEXXVMT8LIIRNS]QIRXWEJIX]ERHGSRZIRMIRGISJXLEXXVMT8LI
TIHIWXVMERW]WXIQTVSZMHIWXLIGSRRIGXMSRWFIX[IIR
TIHIWXVMERW]WXIQTVSZMHIWXLIGSRRIGXMSRWFIX[IIRTIHIWXVMERW]WXIQTVSZMHIWXLIGSRRIGXMSRWFIX[IIR
4IHIWXVMER4SPMGMIW
XVERWMXW]WXIQ8LIPEGOSJETIHIWXVMERW]WXIQMWEPWS
8LIGMX][MPP
XVERWMXW]WXIQ8LIPEGOSJETIHIWXVMERW]WXIQMWEPWSXVERWMXW]WXIQ8LIPEGOSJETIHIWXVMERW]WXIQMWEPWS
(IZIPSTELMKLUYEPMX]TIHIWXVMERIRZMVSR
c
VIWYPXMRKMRGVIEWIMRSFIWMX]ERHVIPEXIHLIEPXLMWWYIW
EWXLIJSYRHEXMSRJSVXLIHIWMVIH
VIWYPXMRKMRGVIEWIMRSFIWMX]ERHVIPEXIHLIEPXLMWWYIWVIWYPXMRKMRGVIEWIMRSFIWMX]ERHVIPEXIHLIEPXLMWWYIW
QIRX
VIWYPXMRKMRGVIEWIMRSFIWMX]ERHVIPEXIHLIEPXLMWWYIW
REXMSR[MHI
QYPXMQSHEPXVERWTSVXEXMSRW]WXIQ
9TLSPHXLIWXERHEVHJSVTIHIWXVMERQSFMP
c
8SIRGSYVEKIQSVI[EPOMRKXLITIHIWXVMERIPIQIRX
8SIRGSYVEKIQSVI[EPOMRKXLITIHIWXVMERIPIQIRX
WSXLEXE[LIIPGLEMVYWIV
MX]ERHEGGIWWMFMPMX]
MX]ERHEGGIWWMFMPMX]MX]ERHEGGIWWMFMPMX]
GERQSZIWEJIP]ERHGSRZIRMIRXP]XLVSYKLXLIGERQSZIWEJIP]ERHGSRZIRMIRXP]XLVSYKLXLIGERQSZIWEJIP]ERHGSRZIRMIRXP]XLVSYKLXLI
WSXLEXTIHIWXVMERW
WSXLEXTIHIWXVMERW
4VSZMHIWEGSRXMRYSYWRIX[SVO
XVERWTSVXEXMSRW]WXIQXVERWTSVXEXMSRW]WXIQXVERWTSVXEXMSRW]WXIQ
EVIRSXWXVERHIHWLSVXSJXLIMVHIWXMREXMSRSVJSVGIH
7YTTSVXELMKLUYEPMX]TIHIWXVMERIRZMVSR7YTTSVXELMKLUYEPMX]TIHIWXVMERIRZMVSR7YTTSVXELMKLUYEPMX]TIHIWXVMERIRZMVSR
c
MRGPYHMRKXLIEFMPMX]XSXVEZIPWEJIP]
MRGPYHMRKXLIEFMPMX]XSXVEZIPWEJIP]MRGPYHMRKXLIEFMPMX]XSXVEZIPWEJIP]
QIRXQIRX
XLVSYKL
)RWYVIWEWEJI[EPOMRKIRZMVSRQIRX
ERHGSRZIRMIRXP]EPSRKXLIWXVIIXERHXSERHGSRZIRMIRXP]EPSRKXLIWXVIIXERHXSERHGSRZIRMIRXP]EPSRKXLIWXVIIXERHXSERHGSRZIRMIRXP]EPSRKXLIWXVIIXERHXS
EHIUYEXIQEMRXIRERGIWRS[VIQSZEPZIKIXEXMSR
LEZIVIEWSREFPIGVSWWMRKSTTSVXYRMXMIW XSLEZIVIEWSREFPIGVSWWMRKSTTSVXYRMXMIW XSLEZIVIEWSREFPIGVSWWMRKSTTSVXYRMXMIW XS
XVEZIPXLVSYKLEGSQJSVXEFPIERHMRXIVIWXMRKXVEZIPXLVSYKLEGSQJSVXEFPIERHMRXIVIWXMRKXVEZIPXLVSYKLEGSQJSVXEFPIERHMRXIVIWXMRK
XVMQQMRKERHPMKLXMRK
IRZMVSRQIRXTVSZMHIHF]LMKLUYEPMX]YVFERIRZMVSRQIRXTVSZMHIHF]LMKLUYEPMX]YVFERIRZMVSRQIRXTVSZMHIHF]LMKLUYEPMX]YVFER
'VIEXIWETIHIWXVMERSVMIRXIHIRZMVSRQIRX
HIWMKR ERHXSLEZIETTVSTVMEXITIHIWXVMERHIWMKR ERHXSLEZIETTVSTVMEXITIHIWXVMER
XLVSYKLLMKLUYEPMX]YVFERHIWMKRERHTIHIWXVMER
EQIRMXMIWWYGLEWFIRGLIWWLEHIERH[EXIV
EQIRMXMIW
JSYRXEMRW
-HIRXMJ]EPXIVREXMZIQIERWSJQIIXMRK
SR
4VSZMHIWVSYXMRIIHYGEXMSRERHIRJSVGIQIRX
c
HIJMRIHTIHIWXVMERRIIHW[LIVIETTPMGEFPI
XLIVMKLXWERHVIWTSRWMFMPMXMIWSJTIHIWXVMERWFMG]
MJXLIRIIHGERFIQIXWEJIP][MXLMRXLI
GPMWXWERHZILMGPIHVMZIVW
{
XVEZIPIH[E]SJEVYVEPVIWMHIRXMEPWXVIIXSV
8LITIHIWXVMERIPIQIRXEHHVIWWOI]MQTVSZIQIRXW
EGGIWWPERIXLIRWMHI[EPOWQE]RSXRIIHXS
RIIHIHXSGSQTPIXIXLIQMWWMRKPMROWGSRRIGXMRK
FIHIZIPSTIH
TSTYPEVHIWXMREXMSRWERHTVSZMHMRKPMROEKIWFIX[IIR
LSQIWLSTTMRK[SVOERHXVERWMXGVIEXMRKEGSQTPIXI
RIMKLFSVLSSH;MXLXLITVSTSWIHTIHIWXVMERMQTVSZI
QIRXW<<RI[YRHIVTEWWIW<<IRLERGIHTIHIWXVMER
GVSWWMRKWERHEREHHMXMSREP<<QMPIWSJRI[TIHIWXVMER
JEGMPMXMIW[MPPFIEHHIHXSGSQTPIXIXLITIHIWXVMER
RSXMRGPYHIQYPXMYWITEXLW[LMGLLEZIFIIRMRGPYHIHMR
XLIGSYRXSJFMG]GPIJEGMPMX]QMPIW
814
8VERWTSVXEXMSR1EWXIV4PER
&SYPHIV.SYVRI]7GLSSP
;EPOMRK
8VERWMX*MIPH8VMT
;EPO%YHMXW
;EPOEFSYXW
%WTEVXSJXLI0MZMRK0EFSVEXSV]XLI&SYPHIV;EPO[EPOJVMIRHP]GSQQYRMX]-RTEVXMGYPEVXLIVIPEXMSRWLMT
TVSKVEQ[EWIWXEFPMWLIHXSIRKEKIRIMKLFSVLSSHWFIX[IIRXLIXVERWTSVXEXMSRRIX[SVOXLIPERHYWIMX
ERHI\TPSVI[LEXQEOIWEKSSHTIHIWXVMERIRZMVSRWIVZIWERHXLIWXVIIXWGETIMRXIVJEGISJXLIX[SEVI
QIRX'SQQYRMX];EPOFSYXWERH;EPO%YHMXW
EVIYWIHXSMHIRXMJ]HIWMKRIPIQIRXWWYTTSVXMRKE
EVIYWIHXSMHIRXMJ]HIWMKRIPIQIRXWWYTTSVXMRKEEVIYWIHXSMHIRXMJ]HIWMKRIPIQIRXWWYTTSVXMRKE
2IMKLFSVLSSH%GGIWW8SSP
2IMKLFSVLSSH%GGIWW8SSP
8LI2IMKLFSVLSSH%GGIWW8SSPGLEVEGXIVM^IWXLIXSHMWTPE]XLIRYQFIVSJEXXVEGXSVWEZEMPEFPIJVSQE
8LI2IMKLFSVLSSH%GGIWW8SSPGLEVEGXIVM^IWXLI8LI2IMKLFSVLSSH%GGIWW8SSPGLEVEGXIVM^IWXLI
TISTPIvWEFMPMX]XS[EPOXSPSGEXMSRWERHFYWMRIWWIWXSKMZIRPSGEXMSR8LIHMWXERGIXLEXSRIGER[EPOMRE
TISTPIvWEFMPMX]XS[EPOXSPSGEXMSRWERHFYWMRIWWIWXSTISTPIvWEFMPMX]XS[EPOXSPSGEXMSRWERHFYWMRIWWIWXS
TISTPIvWEFMPMX]XS[EPOXSPSGEXMSRWERHFYWMRIWWIWXSTISTPIvWEFMPMX]XS[EPOXSPSGEXMSRWERHFYWMRIWWIWXS
QIIXHEMP]RIIHW-XMWERI[XSSPXLEXMPPYWXVEXIWEWKMZIRXMQIHITIRHWSRXLIUYEPMX]SJEZEMPEFPITIHIW
QIIXHEMP]RIIHW-XMWERI[XSSPXLEXMPPYWXVEXIWEWQIIXHEMP]RIIHW-XMWERI[XSSPXLEXMPPYWXVEXIWEWQIIXHEMP]RIIHW-XMWERI[XSSPXLEXMPPYWXVEXIWEWQIIXHEMP]RIIHW-XMWERI[XSSPXL
EXMPPYWXVEXIWEW
TIGXWSJXLIQMRYXIRIMKLFSVLSSHF]HMWTPE]MRKXLIXVMERJEGMPMXMIW-RJSVQEXMSRJVSQXLI;EPO%YHMXWGER
TIGXWSJXLIQMRYXIRIMKLFSVLSSHF]HMWTPE]MRKXLITIGXWSJXLIQMRYXIRIMKLFSVLSSHF]HMWTPE]MRKXLITIGXWSJXLIQMRYXIRIMKLFSVLSSHF]HMWTPE]MRKXLI
EVIEXLEXGERVIEGLEKMZIREXXVEGXSVMREQMRYXIFIMRGSVTSVEXIHMRXSXLI2IMKLFSVLSSH%GGIWW8SSP
EVIEXLEXGERVIEGLEKMZIREXXVEGXSVMREQMRYXIEVIEXLEXGERVIEGLEKMZIREXXVEGXSVMREQMRYXI
[EPO
[EPOWLIH
8LIWI[EPOWLIHWEVIEKKVIKEXIH
[EPO
[EPOWLIH
8LIWI[EPOWLIHWEVIEKKVIKEXIH[EPO
[EPOWLIH
8LIWI[EPOWLIHWEVIEKKVIKEXIH
*MKYVI
2IMKLFSVLSSH%GGIWW8SSP
2IMKLFSVLSSH%GGIWW8SSP
814
8VERWTSVXEXMSR1EWXIV4PER
&MG]GPI1SHEP)PIQIRX 0MZMRK0EF-RRSZEXMSRW
&MG]GPMRKMWEW]QFSPSJXLILIEPXL]
XLIGSQQYRMX]XLISTTSVXYRMX]XSXIWXRI[FMOI
ERHEGXMZIGSQQYRMX]ERHPMJIWX]PI
XVIEXQIRXWERHHIXIVQMRIMJXLI]EVIETTVSTVMEXI
JSYRHMR&SYPHIV&SYPHIVEPVIEH]LEW
JSV&SYPHIV8LIEMQMWXSIRLERGIXLISRWXVIIXFMOI
LMKLFMG]GPIYWIGSQTEVIHXSQSWX
;MXLKVS[MRKTYFPMGLIEPXLGSRGIVRWEFSYXSFIWMX]
;MXLKVS[MRKTYFPMGLIEPXLGSRGIVRWEFSYXSFIWMX];MXLKVS[MRKTYFPMGLIEPXLGSRGIVRWEFSYXSFIWMX]
&MG]GPI4SPMGMIW
ERHEMVUYEPMX]MRGVIEWIHFMG]GPMRKVIQEMRWSRISJXLI
ERHEMVUYEPMX]MRGVIEWIHFMG]GPMRKVIQEMRWSRISJXLIERHEMVUYEPMX]MRGVIEWIHFMG]GPMRKVIQEMRWSRISJXLI
&MG]GPI4SPMGMIW&MG]GPI4SPMGMIW
8LIGMX][MPP 8LIGMX][MPP
SJTVMQEV]ERH
'SQTPIXIEKVMHFEWIHW]WXIQ
c
PIRKXLSJEFSYXJSYVQMPIWQER]SJXLIXVMTWQEHIF]
PIRKXLSJEFSYXJSYVQMPIWQER]SJXLIXVMTWQEHIF]
WIGSRHEV]FMG]GPIGSVVMHSVWXSTVSZMHIFMG]GPI
WIGSRHEV]FMG]GPIGSVVMHSVWXSTVSZMHIFMG]GPIWIGSRHEV]FMG]GPIGSVVMHSVWXSTVSZMHIFMG]GPI
&SYPHIVVIWMHIRXWGSYPHFIEGGSQTPMWLIHF]FMOI
EGGIWWXSEPPQENSVHIWXMREXMSRWERHEPPTEVXWSJEGGIWWXSEPPQENSVHIWXMREXMSRWERHEPPTEVXWSJEGGIWWXSEPPQENSVHIWXMREXMSRWERHEPPTEVXWSJ
XLIGSQQYRMX]XLIGSQQYRMX]XLIGSQQYRMX]
8LIFMG]GPIIPIQIRXMWFEWIHSRHIZIPSTMRKEGSRXMRY
'SSVHMREXI'SSVHMREXI[MXL&SYPHIV'SYRX]'9XLI[MXL&SYPHIV'SYRX]'9XLI
SYWFMG]GPIRIX[SVOSJGVSWWXS[RGSVVMHSVWEPPS[MRK
cc
'SSVHMREXI
&SYPHIV9VFER6IRI[EP%YXLSVMX]RIMKLFSV&SYPHIV9VFER6IRI[EP%YXLSVMX]RIMKLFSV&SYPHIV9VFER6IRI[EP%YXLSVMX]RIMKLFSV
JSVWEJIERHGSRZIRMIRXFMG]GPIXVEZIPJSVEPPQIQFIVW
&SYPHIV9VFER6IRI[EP%YXLSVMX]RIMKLFSV&SYPHIV9VFER6IRI[EP%YXLSVMX]RIMKLFSV
LSSHTPERWXLIGMX]4EVOWERH6IGVIEXMSRLSSHTPERWXLIGMX]4EVOWERH6IGVIEXMSRLSSHTPERWXLIGMX]4EVOWERH6IGVIEXMSRLSSHTPERWXLIGMX]4EVOWERH6IGVIEXMSR
SJXLIGSQQYRMX];LMPIXLIWIGSVVMHSVWQE]FI
(ITEVXQIRXXLI3TIR7TEGIERH1SYRXEMR(ITEVXQIRXXLI3TIR7TEGIERH1SYRXEMR(ITEVXQIRXXLI3TIR7TEGIERH1SYRXEMR(ITEVXQIRXXLI3TIR7TEGIERH1SYRXEMR
GSQTSWIHSJEZEVMIX]SJJEGMPMX]X]TIWGSRXMRYSYW
4EVOW(ITEVXQIRXERHSXLIVKSZIVRQIRXIRXM4EVOW(ITEVXQIRXERHSXLIVKSZIVRQIRXIRXM4EVOW(ITEVXQIRXERHSXLIVKSZIVRQIRXIRXM
GSVVMHSVWEZSMHXLIQMWWMRKPMROWXLEXHMWVYTXFMG]GPI
XMIWERHTPERWXSIRWYVIXLEXEPPGMX]ERHGSYRX]XMIWERHTPERWXSIRWYVIXLEXEPPGMX]ERHGSYRX]XMIWERHTPERWXSIRWYVIXLEXEPPGMX]ERHGSYRX]
TVSNIGXWGSRRIGX[MXLERHSVLIPTXSGSQTPIXITVSNIGXWGSRRIGX[MXLERHSVLIPTXSGSQTPIXITVSNIGXWGSRRIGX[MXLERHSVLIPTXSGSQTPIXI
TSXIRXMEPP]HERKIVSYWWMXYEXMSRW8LIFMG]GPIIPIQIRX
XLIGSVVMHSVRIX[SVOXLIGSVVMHSVRIX[SVO
EPWSVIGSKRM^IWXLEXFMG]GPIYWIVWVERKIJVSQXLI
;SVO[MXLTVSTIVX]S[RIVWHIZIPSTIVWXLI
c
&SYPHIV:EPPI]7GLSSP(MWXVMGXXLIGMX]4EVOW
XSGLMPHVIR[LSGERRSXWEJIP]YWIEFYW]WXVIIX
ERH6IGVIEXMSR(ITEVXQIRXERH'9
XSIRWYVI
XLEXGSQQIVGMEPTYFPMGERHQM\IHYWIERH
TVSZMHIWEREPXIVREXMZIXSXLIWXVIIXW]WXIQERHXLI
QYPXMYRMXVIWMHIRXMEPWMXIWTVSZMHIHMVIGXWEJI
ERHGSRZIRMIRXMRXIVREPFMG]GPIGMVGYPEXMSRERH
W]WXIQETTIEPMRKXSEPPYWIVW
TEVOMRKSVMIRXIHEPSRKXLIPMRISJWMKLXJVSQ
8LIPSRKVERKIFMG]GPIRIX[SVOJSVXLIGMX]SJ&SYPHIV
I\XIVREPGSRRIGXMSRWXSEVIEWRIEVFYMPHMRK
MWGSQTVILIRWMZIERH[MPPTVSZMHIFSXLSRERH
IRXVERGIWERHSXLIVSRWMXIHIWXMREXMSRW
'SQFMRIIHYGEXMSRERHIRJSVGIQIRXIJJSVXW
c
XLIGSQTPIXMSRSJXLIFMG]GPIIPIQIRXEREHHMXMSREP
XSLIPTMRWXMPPWEJIERHGSYVXISYWYWISJXLI
QMPIWSJFMG]GPIPERIWVSYXIWERHWLSYPHIVW[MPP
WLEVIHTYFPMGVSEH[E][MXLEJSGYWSRFIXXIV
FIEHHIH-REHHMXMSR IRLERGIHGVSWWMRKWERH
IHYGEXMRKWXYHIRXWSRLS[XSTVSTIVP]WLEVI
YRHIVTEWWIW[MPPFIEHHIHXSXLIFMG]GPIRIX[SVO
XLIVSEH[MXLFMG]GPMWXWTIHIWXVMERWERH
8LIWIJEGMPMXMIW[MPPTVSZMHIWEJIGSRRIGXMSRWERHXLI
STTSVXYRMX]JSVFMOIXVEZIPXLVSYKLSYXXLIGMX]JSVEPP
PIZIPWSJVMHIVW
814
8VERWTSVXEXMSR1EWXIV4PER
A ‘Try-It’ approach
XSMRXIVEGX[MXLXIQTSVEV]MRWXEPPEXMSRWTVSZMHIMRTYXERHIRZMWMSRSXLIVPSGEXMSRWJSVXLIWI
XVIEXQIRXW&IJSVIHYVMRKERHEJXIVWXYHMIWSJXLIMQTEGXWXSXVEZIPFILEZMSVEVITEVXSJ
XLIIZEPYEXMSRTVSGIWW8LIMRXIVEGXMZIJSVQEXSJXLI0MZMRK0EFSVEXSV]EPPS[WG]GPMWXWERH
TIHIWXVMERWXSI\TIVMIRGIERHGSQQIRXSRLS[FMOI[E]XVIEXQIRXWERHXLIFYMPXIRZMVSRQIRX
EHHVIWWXLIMVRIIHJSVMQTVSZIHQSFMPMX]GSQJSVXERHWEJIX][MXLXLIEMQSJMRGVIEWMRKXLIYWI
SJXLIWIW]WXIQW
0S[7XVIWW&MG]GPI2IX[SVO
3RIEWTIGXSJXLI0MZMRK0EFSVEXSV]ETTVSEGLMWJSVEQSVIGSQTPIXIPS[WXVIWWFMG]GPIRIX[SVO8LI
HIZIPSTMRKERMRXIKVEXIHERHGSRRIGXIHPS[WXVIWWGMX][MPPHIZIPST&MG]GPI*EGMPMX]-RWXEPPEXMSR+YMHIPMRIW
RIX[SVOSJTVSXIGXIHFMOIPERIWERHSXLIVMRRSZEXMZIXSGVIEXIEwFMG]GPIRIX[SVOxSJEGSQTPIXIERH
FMG]GPIXVIEXQIRXW8LIPS[WXVIWWEREP]WMWIZEPYEXIWGSRRIGXIHPS[WXVIWWRIX[SVO8LI+YMHIPMRIW[MPPFI
XLIWXVIWWPIZIPSJXLIGMX]vWI\MWXMRKFMG]GPIRIX[SVOMRJSVQIHF]XLIIZEPYEXMSRSJXLIMRWXEPPIHXVIEXQIRXW
XSMHIRXMJ]FEVVMIVWERHSTTSVXYRMXMIWJSVW]WXIQERHFIWMQMPEVXSXLIGMX]vW4IHIWXVMER'VSWWMRK8VIEX
IRLERGIQIRXWQIRX-RWXEPPEXMSR+YMHIPMRIW8LIFMG]GPIRIX[SVO
SJTPERRIHMQTVSZIQIRXW[MPPEXXVEGXEFVSEHIV
XLIRIX[SVOERHMHIRXMJ]MQTVSZIHFMG]GPIJEGMPMXMIW
XLIRIX[SVOERHMHIRXMJ]MQTVSZIHFMG]GPIJEGMPMXMIWXLIRIX[SVOERHMHIRXMJ]MQTVSZIHFMG]GPIJEGMPMXMIW
G]GPMWXW
*MKYVI
0S[7XVIWW&MG]GPI2IX[SVO
)\GIVTX
0S[7XVIWW&MG]GPI2IX[SVO
)\GIVTX
0S[7XVIWW&MG]GPI2IX[SVO
)\GIVTX
0S[7XVIWW&MG]GPI2IX[SVO
)\GIVTX
814
8VERWTSVXEXMSR1EWXIV4PER
8VERWMX1SHEP)PIQIRX
%6IRI[IH:MWMSRJSV8VERWMX
8LI6IRI[IH:MWMSRJSV8VERWMX
'SQQYRMX]8VERWMX2IX[SVO
'82
GSRWMWXWSJJSYVIPIQIRXW{7IVZMGI
'ETMXEP4SPMGMIWERH4VSKVEQWERH
8LI'SQQYRMX]8VERWMX2IX[SVO
'82
MRGPYHIWWIZIR
-QTPIQIRXEXMSR{XLEXVIWTSRHXS
FYWVSYXIW[LMGLEVIEQSRKXLIQSWXGSWXIJJIGXMZI
ERHTVSHYGXMZIXVERWMXVSYXIWMR&SYPHIV'SYRX]/I]
XLIOI]XVIRHWERHSTTSVXYRMXMIW
'82HIWMKRTVMRGMTPIWMRGPYHI
JEGMRKXVERWMXMR&SYPHIV8LMWWIGXMSR
*VIUYIRXWIVZMGI
c
JSGYWIWSRXLIWIVZMGIERHGETMXEP
IZIV]QMRYXIW
IPIQIRXW[LMPIXLITSPMGMIWERH
WSXLEXRSWGLIH
TVSKVEQIPIQIRXWEVIMRXIKVEXIHMRXS
YPIMWRIIHIH
XLISZIVEPP814ERHETTIRHMGIW
'SQQYRMX]SVM
c
IRXIHFYWIW[MXL
PEVKI[MRHS[WERH
7IVZMGI
YRMUYIFVERHMRK
&SYPHIVvW'SQQYRMX]8VERWMX2IX[SVO
'82
TVSZMHIW
4IVMQIXIVWIEXMRK
c
'YVVIRX'82VSYXIWEVIXLI,34
XVERWMXWIVZMGI[MXLFVSEHETTIEPERHLMKLPIZIPWSJ
XSIRGSYVEKI
7/-4.914&392(78%14)()
VMHIVWLMT8LIWSPMHFPYIPMRIWMRXLI6IRI[IH8VERWMX
VMHIVWLMT8LIWSPMHFPYIPMRIWMRXLI6IRI[IH8VERWMXVMHIVWLMT8LIWSPMHFPYIPMRIWMRXLI6IRI[IH8VERWMX
WSGMEPMRXIVEGXMSR
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Attachment B
City of Boulder
Joint Board Workshop
April 23, 2014
Transportation Advisory Board, Planning Board, Environmental Advisory Board, and District Boards
Event Summary Meeting Notes
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brackek@bouldercolorado.govǣȋ͵Ͳ͵ȌͶͶͳ-4155.
JOINT BOARD WORKSHOP
HIGHLIGHTS FROM TABLE TOP DISCUSSIONS
April 23, 2014
Workshop participants participated in table top discussions to respond to the following questions:
1. Are we on the right track with the proposed elements of the Transportation Master Plan (TMP) Update?
Is anything missing?
2. Are we on the right track with the proposed work program for Access Management and Parking Strategy
(AMPS)? Is anything missing?
3.
as the broader sustainability goals, we need to reduce vehicle miles traveled (VMT) in Boulder by as
much as 20%.
a. How can the work of Boards support, contribute, and advance these efforts?
b. What resources, support or information do you need?
Table Notes:
Question #1: Are we on the right track with the proposed elements of the Transportation Master Plan (TMP)
Update? Is anything missing?
Table 1
Good:
1)Creates programs
2)Builds facilities
Missing:
1)More bold in user fee
2)Land use reform
3)Bold plan for road diet / traffic calming
Missing:
1)Regional connections
2)Safety (Homeless on walk/bike path at night)
Missing (interested/concerned):
1)Mileage based fees- (Need to clarify what we want to deter. More discussion of infrastructure
for low carbon transport).
Concern:
1)Economic pinch strategies may aggravate gentrification
Missing:
1)Density Need greater density to support many objectives.
-
critical role of land use (fewer
and shorter trips)
-
-
How to work with pre-developed suburban neighborhoods
-
Need to work on regional transportation funding
Good:
1)Addressing diversity
2)Transit high quality
3)Tools for assessing progress
a.Accessibility
4)Pursuit of city-wide ecopass
a.Power of the herd
5)Normalize bike & transit
6)B-Cycle program consider more promotion
More of:
1)Community partnerships, e.g. Community Cycles
2)
3)More granularity on bike data
4)Connections for regional transit
5)Especially south bound Express for Fed & employees
6)
a. Buy ups for certain routes
Table 2
Missing:
1)Ensure TMP addresses elderly, disabled persons & children
2)Congestion around schools with cars & parents
3)Consider additional: Performance metrics system
It could be better. For example, look at total commute time/commute cost.
a.Capable of incorporating l.vge/multimodal & more comprehensive than our current
metrics
b.20 minute neighborhood, good
4) making it safe for walking & biking is the right approach
& transportation network.
5)Ensure way finding systems are intuitive Universal symbology / icons
6)Better intersection control for bikes
7)Safety as a priority with transportation system
8)Wants more bold action on reducing demands of road network/ reduce road capacity
th
9)Consider some non-auto/bike/ped corridors (ie 19 St.)
10)Conceptually TMP heading in right direction
11)
12)The City is challenged in making the tough choices not bold enough. Show leadership.
13)
14)
15)Demand destruction (both parking / road capacity)
Table 3
1)Does it address changing lifestyle?
a.pture sales tax for transit?
2)Little or no land use component, i.e. zoning for walkability
3)
4)Use more examples of successful programs in other cities implementation & test programs
5)More examples on our community less about regional transit (Uni Hill, Downtown, Boulder
Junction)
6)Walkability Look at 5 minute neighborhoods
Table 4
1)Data collection & analysis in general on mode share splits explain & refine methodologies
2)The way we collect, qualify & share data
3)TMP not on track to meet 25% _____ goal not phrased/messaged with this as key
4)Living lab should include transit too
5)Need to work with RTD
6)Better integration with land use/ Change land use with transit connection
7)Where people live and work influence transit
8)Possible land use changes should go hand in hand with possible transit service change
investments.
9)Community driven planning that reflects values is important & necessary to make hard choices
moving forward.
10)Community wide ecopass is intergral
11)Explore zoning requirements for parking spaces- move toward innovations that reduce parking in
favor of car/bike share & other TDM.
Table 5
1)Bigger push for B-cycle citywide
2)Building Blocks
a.Eco Pass Community wide
b.TDM Tool kit for new development
c.Walk/Bike innovations approach
d.Transit service Regional/Local balance
3)Bike lane improvements on track
4)Mass Transit missing mark on getting around town locally 45 minutes for local trips
5)Street car along Pearl St. innovations
6)Making it harder to drive is a solution people will still drive & sit in traffic
7)Parking data on inventory & utilization needs work concern for including private parking
spaces in data surveys
8)Wi-fi on buses would encourage this commute option useful time
9)Parking
leased due to services (not enough parking)
10)Boulder compared to much higher density cities versus peer cities of our size & density
Table 6
1)Open enrollment
2)Incentivize local
3)Data?
4)Identify problems to local travel
5)Spatial & demographic
a.Integrate urban design and land use into TMP update
b.Aging population
c.Map the gaps, thru work to fill them
6)Beyond roads & bike paths
a.Showers at work
b.Errands
c.B-Cycle, eGo
d.
7)Holistic community vision development & neighborhoods
a.Comprehensive plan
8)Invert process: workshops then TMP update
a.Keep watching model cities & technologies
Question #2: Are we on the right track with the proposed work program for AMPS? Is anything
missing?
Table 1
1.Look at pricing structure for parking
2.Downtown may be well poised for increased parking prices but other areas are more challenging.
3.Ramp up period in Boulder Junction is paradigm shift in parking pricing; ramp up over time.
4.Metered parking options need more innovations including validated parking option.
5.How does AMPS support creating new areas and the businesses?
6.Create new districts in North Boulder Business District with shared parking - west side has
potential; East Arapahoe with new nodes and parking districts.
7.Make Neighborhood parking permit expansion more easy/flexible for residents to help facilitate
8.Raise price of NPP
Table 2
1.Look at EV Infrastructure (or other alt fuels)
2.More proactive about neighborhood parking to address concerns over spillover
3.Ramp up code enforcement
4.What is good:
a.Convert parking minimum to maximum
b.Target places that support:
+ Density
+ Mixed use
+ Transit
c.District Concept : expand to Boulder Junction and East Arapahoe
5.More of:
a.Unbundling
b.Shared
c.Priced parking
6.Technology more info on parking availability
7.
AccessibilityMobility
8.TMP should be about not
9.Accessibility comes from better proximity
10.More lower speed roads
Table 3
1.
Need to consider aging population and their parking needs
2.
Large surface lots not owned by the city
- incentivize developers to change for community good
3.
Apply technology and market innovations to whole city; pay attention to innovations; social
media
4.
Maximizing existing resources, i.e. sharing of parking lots
5.
Parking beyond cars bike trailers, strollers, electric cars
Table 4
1.
Unclear to me what we are trying to do with AMPS
2.
Consider parking pricing and unbundling
3.
Political spine is missing to make changes
4.
Consider constraining and reducing convenience of parking
5.
Study and plan for location of electric vehicle charging stations
6.
Ensure AMPS work program influences land use code; need overlay districts
7.
Be bold with AMPS
8.
The integration between departments is good. (ie. Transportation, CP&S and Parking Services)
Table 5
1.Need more public/private parking arrangements like St. Julien
2.Parking supply/demand within CAGID District and new developments like Walnut need better
analysis to see if requirement balance works.
3.Out of downtown parking to support future re/developments?
4.Risky for developers to minimize parking?
5.Will traffic congestion result in less people traveling / visiting / spending money in Boulder?
6.Access overall - improve marketing of parking options
7.Need shift in mentality from suburban to urban
8.nver, parking in garage is norm and expected but in Boulder, I will circle for a space on
Table 6
1.last mile
2.Use parking structures more effectively
3.Institute flexible pricing
4.Add more variety to provide alternative mode access and link affordability with life style
5.Consider economic issues related to below grade parking
- ground water issues
- city incentives
6.
Question #3:
as well as the broader sustainability goals, we need to reduce vehicle miles traveled (VMT) in Boulder by as
much as 20%.
a. How can the work of Boards support, contribute, and advance these efforts?
b. What resources, support or information do you need?
Group 1
1.More timely communication
2.Higher density to more amenities, business and residential closer together. Mixed-use infill
development
3.Safer bike routes
4.Incentivize employers to encourage Eco-passes. Dis-incentivize employer purchased parking for
employee
5.Neighborhood focused solutions with community buy in
6.Education: Residents need more information about options
7.Reduce opportunities for open enrollment (schools)
Group 2
1.Per person (not city wide) metric of GHG is key measurement
R
2.Demonstrating how a city can make a difference to achieve GHG reductions as a model to follow
is important
3.If you get new people mov
a.Looking at areas in town and analyzing/tracking the reduction trends we seek use as
model/pilot to guide future developments
b.Data collection/analysis on/development basis as well as per capita and citywide
4.10-15% of our population is living/achieving our 2050 goals in terms of their foot print
5.Technology may not be the limiting factor
6.Aggressive policies to guide the market to run in standards that will achieve a new status quo and
create the behaviors we want to achieve
Group 3
GOOD
Boulder Junction putting in place parking management
R
REFORM:
TMP include Land Use
R
TAB needs permission to talk about Land Use reform
R
Need more information on environmental impacts of the transportation choices (not just
R
GHG)
Need to incorpor
R
managing Land Use)
NEED:
Increase housing and accessory units/micro units
R
to see the inter relationships that maximize low GHG
R
development
Placemaking vs. traditional zoning
R
More priced parking
R
Price or toll roads (requires state authority)
R
Look to European cities
R
R
Group 4
1.Look at other peer cities bolder goal for Boulder (see Freiburg, Germany)
2.Boards can help Council and staff
a.Support council/push council
b.Advocate roll/advise council
3.One-to-one meetings with council
a.Personal advocacy with council and legislative agenda
4.Go to council with consistent, coherent and concrete changes
5.Boards can lead
6.Joint board meetings are great
a.Helps advance understanding and integration
7.Would like more information on demographics by transportation choices (bus, bike, walk)
Group 5
Education and policy to influence change
$0.10 bag fee = 70% reduction in bag use
R
Incentivize behavior to make change
R
Adding services where people live (20 minute neighborhood)
Build up nodes to increase services/density
Incentivize grocery businesses to open small neighborhood markets
Missed opportunity to not capitalize on property value increases with transfer tax fees that are
invested back into community services
Stamford, CT Housing sale =5% tax
Group 6
Bring more basic services to the neighborhood (20 minute neighborhood)
Ask neighborhoods what they need
Redevelopment and infill for density
Block parties to get messaging about 20% reduction in GHG
Community Planning and Sustainability/Planning and Development Services Department Calendar
June 2014
Amended:June20, 2014
LastPlanning Board Meeting: June5, 2014
SunMonTueWedThuFriSat
23456
DMC Mtg, 5:30CC Meeting, 6 p.m. in CCBJAD, 9 am., CCPB Meeting, 6pm in CC
p.m., CC
*1st reading Ordinance for
LB, 6 p.m. in CCB. Bowen absent
Individual Landmark at 2104 Bluff
St. (James H)
Monthly Planner
EAB 6-8pm, 1777 West*SE Corner of 30th & Pearl
Conference RoomConcept Plan (McLaughlin)
*2nd reading Ordinance for
Landmark Lofts Phase II Deed of
*Mid-year check in (B. KenCairn)*AMPS near term strategies
Vacation (Elaine M)
and new TDMtoolkit
(Bracke/Winter)
*2nd reading Trinity Commons
Ordinance (Elaine M)
910111213
CC SS, 6 p.m. in CCBDAB, 4 p.m. in 1777 WestBOZA Meeting,5 p.m. in CC
Conference Room
1617181920
CC Meeting, 6 p.m. in CCUHCAMC, 9am, CCPB Meeting, 6pm in CC
*Overview of Civic Area Budget
Begin CC RecessL.Payton absent
(Paul L)
*TMP Draft Plan and
*2nd reading Ordinance for
Recommendation for Adoption
Individual Landmark at 2104 Bluff
(Rutsch)
St. (James H)
*IP: Potential Call-up for easement
vacation at 800 28th Street
(Jonathan W)
*IP: Potential Call-up for vacation of
drainage and utility easement for
Wonderland Creek Townhomes
(Chandler V)
2324252627
CC RecessEAB 6-8pm, 1777 WestPB Recess
Conference Room
*Local Food (L.Kolb)
*TMP Update (R. Rutsch)
30
May 2014Jul 2014
SMTWTFSSMTWTFS
12312345
456789106789101112
1112131415161713141516171819
1819202122232420212223242526
252627282930312728293031
July 2014
SunMonTueWedThuFriSat
1234
Jun 2014
CC RecessBJAD, 9 am., CCPB RecessCity
SMTWTFS
Holiday
LB, 6 p.m. in CC
1234567
Monthly Planner
891011121314
15161718192021
22232425262728
2930
7891011
DMC Mtg, 5:30CC RecessBDAB, 4 p.m. in 1777 WestBOZA Meeting,5 p.m. in CC
p.m., CCConference Room
1415161718
CC Meeting CancelledUHCAMC, 9am, CCPB Meeting, 5pm in CC
*Bike Parking changes (M.
Ratzel)
*Short term parking code
changes (K. Guiler)
*2550 Canyon Site Review
(McLaughlin)
*Flood Related Emergency
Annexations (C. Meschuk)
2122232425
CC Meeting, 6 p.m. in CC
*Study Session Summary for
Envision East Arapahoe Project
(Lesli E)
28293031
Aug 2014
CC SS, 6 p.m. in CCCIP Tour, 5 - 8 p.m.PB Meeting, 6pm in CC
SMTWTFS
*2015-2010 CIP
*Zero Waste StrategicPlan
12
(Jamie H.)
*Concept Plan CityCouncil review
3456789
process & special occupancy
standards for seniors (Guiler)
10111213141516
17181920212223
*East Arapahoe/SS&cDraft Vision
24252627282930
and Scenarios
31
*9th and Canyon Urban Renewal
Plan
August 2014
SunMonTueWedThuFriSat
1
Jul 2014Sep 2014
SMTWTFSSMTWTFS
12345123456
678910111278910111213
Monthly Planner
1314151617181914151617181920
2021222324252621222324252627
2728293031282930
45678
DMC Mtg, 5:30CC Meeting, 6 p.m. in CCBJAD, 9 am.,CCPB Meeting, 6pm in CC
p.m., CC
LB, 6 p.m. in CC
*1st reading Short-term Parking B. Bowen absent
Code Changes & Bike Parking (Karl
EAB 6-8pm, 1777 West Conference
G)*Density/ROW Rehearing (K.
Room
Guiler)
*1st reading Flood Related
*IPM/neonicotinoids/EAB (Abernathy,
Emergency Annexations (Chris M)
*Table Mesa Cooking School
Alexander)
*Boulder Energy Challenge (Harkins)(Ferro)
*EnergyFuture (Koehn)
*Sust. survey, Boulder Up, Climate
*3601 Arapahoe- Peloton
Commitment outreach update (Huntley)
Neighborhood Business
Center (Van Schaack)
1112131415
CC SS, 6 p.m. in CCBDAB, 4 p.m. in 1777 WestBOZA Meeting,5 p.m. in CC
Conference Room
CU/City Oversight Group
Meeting, 4 - 5:30 p.m., ATLAS
Building CU Campus - Executive
Board Room#229, 1125 18th St.
1819202122
CC Meeting, 6 p.m. in CCUHCAMC, 9am, Grace LutheranPB Meeting, 6pm in CC
Church
*1st reading Housing Strategies *NoBo Subcommunity Plan
Ordinance (Karl G)
Update
*2nd reading Flood Related
Emergency Annexations (Chris M)
2526272829
CC SS, 6 p.m. in CC
*Climate Commitment (Brett
K/Lesli E)
September 2014
SunMonTueWedThuFriSat
12345
City HolidayCC Meeting, 6 p.m. in CCBJAD, 9 am.,CCPB Meeting, 6pm in CC
LB, 6 p.m. in CC
*2nd reading Short-term
Parking Code Changes &
EAB 6-8pm, 1777 West Conference
Monthly Planner
Bike Parking (Karl G)
Room
*ZWSP Work Plan, Community
*2nd reading Density
Engagement, Action Plan& ZW program
ROW/Valuation Code
enhancements (Mertz, Harkins)
Changes (Karl G)
*Intro to Kendra, Comm. Industrial Strategic
Plan (Vasatka, Tupper)
*2nd reading Housing Strategies
*Climate Commitment (B.KenCairn)
Ordinance (Karl G)
89101112
DMC Mtg, 5:30CC SS, 6 p.m. in CCBDAB, 4 p.m. in 1777 WestBOZA Meeting,5 p.m. in CC
p.m., 1777 WestConference Room
ConfRm
1516171819
CC Meeting, 6 p.m. in CCUHCAMC, 9am, CCPB Meeting, 6pm in CC
*Climate Commitment Update
2223242526
CC SS, 6 p.m. in CC
2930
Aug2014Oct 2014
CC SS, 6 p.m. in CC
SMTWTFSSMTWTFS
*BVCP Scoping and
121234
Resilience(Lesli E)
3456789567891011
1011121314151612131415161718
1718192021222319202122232425
24252627282930262728293031
31