$PNNFSDJBM )PUFM 57
8&--"7 NPEVMBS IFBEFOE QMBUGPSN QSPWJEFT FYJCJMJUZ GPS VTFST UP JOUFHSBUF BOZ LJOE PG TJHOBM TPVSDF JOUP POF TJOHMF DIBTTJT %7# TJHOBM )% 4% WJEFP PS FWFO MJWF *OUFSOFU WJEFP TUSFBN /P NBUUFS XIBU ZPV BSF VTJOH JO ZPVS HVFTU SPPNT USBEJUJPOBM DBCMF 57 PS TNBSU *157 8&--"7 BMM JO POF IFBEFOE QMBUGPSN BOE *157 TPMVUJPO DBO IFMQ ZPV SF DPOTUSVDU DPOUFOU SBQJEMZ *OTFSUJOH MPHP 04% BOE FWFO MJWF WJEFP BET BMMPXT IPUFM PXOFST UP NPOFUJ[F JOGSBTUSVDUVSF BOE HFOFSBUF OFX JODPNF
3FNPUF &EVDBUJPO
5P CSJEHF UIF HBQ CFUXFFO SVSBM BOE VSCBO BSFBT B DPNQBDU IFBEFOE VOJU DBO CF JOTUBMMFE JO FBDI SVSBM TDIPPM UP EFMJWFS IJHI RVBMJUZ FEVDBUJPO DPOUFOU GSPN UIF DBQJUBM DJUZ 3FMJBCMF %7# CBTFE SFDFJWJOH FOTVSFT UIF TUBCMFOFTT BOE TNPPUIOFTT PG MJWF DPVSTF BOE BWPJET UIF CBE JOVFODF PG QPPS *OUFSOFU JOGSBTUSVDUVSF " DFOUSBMJ[FE DPOUSPM TFSWFS DBO DPOHVSF BOE NPOJUPS BMM IFBEFOET BU POF TJUF FBTJOH UIF QBJO PG UFDIOJDBM TVQQPSU BOE USPVCMFTIPPUJOH
$SVJTF -JOF
)JHI EFOTJUZ NPEVMBS IFBEFOE QMBUGPSN IFMQT TBWF TQBDF PO DSVJTF TIJQT POF TJOHMF VOJU DBO QSPWJEF VQ UP )%.* JOQVU QPSUT PS %7# 4 UVOFST 3FMJBCMF BOE IJHI RVBMJUZ EFTJHO QSFWFOUT PQFSBUJPO JTTVFT GSPN IBQQFOJOH XIFO USBWFMJOH *U HVBSBOUFFT B TBUJTGZJOH KPVSOFZ
$PNNVOJUZ $BNQVT 7JEFP 4PMVUJPO
'MFYJCMF NPEVMBS EFTJHO IFMQT UIF VOJU DPMMFDU BOZ LJOE PG TJHOBM TPVSDF 8JUI QPXFSGVM QSPDFTTJOH DBQBCJMJUZ JU DBO FBTJMZ FODPEF FYJTUJOH WJEFP PS SF NVMUJQMFY EJFSFOU WJEFP TUSFBNT $.1 QMBUGPSN DBO EFMJWFS BWJEFP TUSFBN UP CPUI 3' PVUQVU BOE *1 PVUQVU DPWFSJOH DBCMF OFUXPSL MFHBDZ JO PME CVJMEJOHT BOE GFFEJOH *157 JO OFX CVJMEJOHT BU UIF TBNF UJNF 8JUI UIF IFMQ PG IPU TXBQQBCMF NPEVMBS EFTJHO JUT FBTZ UP BEE SFNPWF PQUJPOBM NPEVMFT XJUIPVU JOUFSSVQUJOH BOZ TFSWJDFT BOE VQHSBEF DBQBDJUZ JO UIF GVUVSF DPOWFOJFOUMZ
#SPBEDBTUJOH 7JEFP 'JSFXBMM (BUFXBZ
8JUI QPXFSGVM 1*% MFWFMNVMUJQMFYJOH 8&--"7 QSPGFTTJPOBM %.1 IFBEFOE QMBUGPSN DBO XPSL BT B QFSGFDU WJEFP SFXBMM JU SFDFJWFT BMM LJOET PG TJHOBM TPVSDFT BOE GVMMZ SF DPOTUSVDUT WJEFP TUSFBN UP FOTVSF TBGFUZ BOE TUBCJMJUZ PG UIF EPXO TUSFBN OFUXPSL 8JUI GVMM GVODUJPO EJHJUBM UVSO BSPVOE BOE QPXFSGVM *1 QSPDFTTJOH DBQBCJMJUZ %.1 DBO XPSL BT B QFSGFDU "4* *1 %7# *1 HBUFXBZ UP CSJEHF MFHBDZ BTTFUT BOE OFX *1 CBTFE JOGSBTUSVDUVSF
$POUFOU 3F EJTUSJCVUJPO
8&--"7 NPEVMBS EFTJHOFE BOE QMBUGPSN CBTFE QSPGFTTJPOBM IFBEFOE DBO IFMQ PQFSBUPST DPQF XJUI BMM EJDVMUJFT JO DPOUFOU SF EJTUSJCVUJPO 8JUI JUT CSPBEDBTU MFWFM * 0 NPEVMFT BOE TDSBNCMJOH DBQBCJMJUZ PQFSBUPST DBO FBTJMZ IBOEMF BOE FODSZQU TFSWJDFT JO POF TJOHMF DIBTTJT
*O SFNPUF UPXOT WJMMBHFT -$0 DBO VTF B QSF DPOHVSFE QMVH BOE QMBZ JOUFHSBUFE USBOT NPEVMBUPS UPEFMJWFS TFSWJDFT SBQJEMZ .PEVMBS EFTJHO DIBTTJT FOBCMFT PQFSBUPSTUP VQHSBEF FYQBOE TFSWJDFT CZ TJNQMZ JOTFSUJOH OFX NPEVMFT XJUIPVU QBJOGVM VOJU SFQMBDFNFOU TP JU TBWFT DPTUT
3FBMUJNF &ODPEJOH 5SBOT DPEJOH
8&--"7 QSPWJEFT EJFSFOU CSPBEDBTU MFWFM IBSEXBSF TPGUXBSF CBTFE FODPEFST UP IFMQ PQFSBUPST NFFU EJFSFOU OFUXPSL SFRVJSFNFOUT BOE BEBQU UP WBSJPVT DJSDVNTUBODFT 8&--"7 TPGUXBSF CBTFE USBOTDPEFST BTTJTU PQFSBUPST JO GBDJOH DIBMMFOHFT PG DPEFD VQHSBEF BOE PFS BOZ SFMJBCMF BOE DPTU FFDUJWF DPEFD SFTPMVUJPO USBOTDPEJOH FWFO SFBM UJNF 055 NVMUJTDSFFO USBOTDPEJOH
)JHI $BQBDJUZ &EHF 2".
5IF DBQBDJUZ PG MBTU NJMF DBCMF OFUXPSL JT BMXBZT B QBJO QPJOU GPS PQFSBUPST 8&--"7 IJHI DBQBDJUZ &EHF 2". JT B TPMVUJPO UP UIJT QSPCMFN &RVJQQFE XJUI VQ UP 2". DBSSJFS NPEVMBUJPO PVUQVUT BOE VQ UP (CQT *1 SFDFJWJOH DBQBDJUZ JO B TJOHMF 36 DIBTTJT JU TVQQPSUT -$0 UP DPOGSPOU BMM DIBMMFOHFTJO MBTU NJMF NPEVMBUJPO
$.1 $.1 %.1 )JHI %FOTJUZ
'MFYJCMF
6Q UP GSFRVFODJFT SFDFJWJOH CZ %7# $ %5.# %7# 4 4 %7# 5 5 74# *4%# 5 6Q UP )%.* )% FODPEJOH 6Q UP $7#4 4% FODPEJOH 6Q UP 2". NPEVMBUFE GSFRVFODZ PVUQVUT 36 DIBTTJT XJUI TMPUT 6Q UP TFSWJDFT QSPDFTTJOH DBQBCJMJUZ
.PSF 
)PU TXBQQBCMF NPEVMFT BEE OFX NPEVMFT JO B TVCTDSJCFS JNQFSDFQUJCMF XBZ 7BSJPVT GVODUJPO NPEVMF PQUJPOT QBDL ZPVS TZTUFN JO POF CPY 1BZ BT ZPV HP VQHSBEF ZPVS TZTUFN HSBEVBMMZ
$.1
3FMJBCMF
%VBM SFEVOEBOU QPXFS TVQQMJFT .5#' .FBO 5JNF #FUXFFO 'BJMVSF  IPVST 4FSWJDF MFWFM NPOJUPSJOH
$PTU FFDUJWF
&OFSHZ TBWJOH MPX QPXFS DPOTVNQUJPO 3BDL TQBDF TBWJOH 36 PS 36 DIBTTJT
$.1
%.1
 
6TFS GSJFOEMZ
&BTZ UP VTF 8FC (6* GPS CFHJOOFST 4JNQMF BOE CVML DPOHVSBUJPO HFU ZPVS TFSWJDFT POMJOF RVJDLMZ
'VUVSF QSPPG
/FX GFBUVSFT BMXBZT BDDFTTJCMF CZ TPGUXBSF VQEBUF 4DBMBCMF UP BOZ OFX GVODUJPOT CZ TJNQMZ BEEJOH OFX NPEVMFT
6.) 3 *'2
0.1 0.1 )JHI %FOTJUZ
6Q UP $) ) )% PS $) ) 4% FODPEJOH USBOTDPEJOH 6Q UP $) ) )% PS $) ) 4% FODPEJOH USBOTDPEJOH
6.) 3
#FZPOE B 1SPGFTTJPOBM *3%
0.1
1PXFSGVM &YUFOTJCMF
'MFYJCMF
7BSJPVT * 0 JOUFSGBDFT BDRVJSF TFSWJDFT GSPN BMM DPNNPO TPVSDFT (FU BOZ LJOE PG EFDPEFE WJEFP BVEJP TJHOBM 0QUJPOBM NVMUJQMFYJOH USBOTDPEJOH NPEVMBUJPO BOE (FOMPDL NPEVMF
1PXFSGVM 3FMJBCMF
4VQQPSU NVMUJQMFYJOH BOE USBOTDPEJOH 4VQQPSUT SFEVOEBOU CBDLVQ GPS JOQVU BOE PVUQVU 0QUJPOBM EVBM QPXFS TVQQMJFT
&BTZ UP VTF
5PUBMMZ PQFSBCMF WJB GSPOU QBOFM 4USBJHIUGPSXBSE 8FC (6*
7BSJPVT * 0 1$* F DBSET FBTZ UP FYQBOE JOQVU PVUQVU DBQBCJMJUZ "#3 TUSFBNJOH XJUI NVMUJ SFTPMVUJPO NVMUJ CJUSBUF GPS BOZ TDSFFO $PNQBUJCMF XJUI 6%1 )551 54 '-7 35.1 )-4 FUD QVCMJTI ZPVS TFSWJDFT UP BOZ QPQVMBS WJEFP QMBUGPSN
)BSEXBSF JOEFQFOEFOU TPGUXBSF CBTFE TZTUFN TVQQPSUT BOZ $054 TFSWFST 1FSGPSNBODF DBO CF FOIBODFE CZ TJNQMZ VTJOH B OFX IBSEXBSF
4NBSU
1PSUBCMF TNBMM GPSN GBDUPS DIBTTJT 4PGUXBSF CBTFE FBTZ UP FYQBOE OFX GFBUVSFT 4BWJOH QPXFS BOE TQBDF
1PXFSGVM
0.1 .
*'2
$POWFSTJPO PG WBSJPVT TUSFBNJOH QSPUPDPMT TVDI BT 6%1 351 3541 35.1 )-4 5SBOTDPEJOH USBOTSBUJOH PG VQ UP $) PG )&7$ ) .1&( )% 4% UP ) )% 4%
1PXFSGVM
1PXFSGVM
'MFYJCMF DPOHVSBUJPO XJUI TUSFBN QBTTUISPVHI PS NVMUJQMFYJOH PQUJPOT 4PQIJTUJDBUFE 14* 4* BOE 14*1 UBCMF QSPDFTTJOH 6Q UP $"4 TJNVMDSZQU TDSBNCMJOH /PO BEKBDFOU GSFRVFODZ TFUUJOHT
-JWF TUSFBNJOH PG VQ UP 4% )% QSPHSBNT GPS *157 6%1 NVMUJDBTU VOJDBTU JOQVU BOE 6%1 )-4 PVUQVU
-BSHF $BQBDJUZ
7BMVF BEEFE
6Q UP 54 *1 TUSFBNT JOQVU (CQT JOQVU BOE $)2". PVUQVU
0.1
$VTUPNJ[FE QJDUVSFT MPHPT JOUSPEVDUJPO PO XFMDPNF QBHF &BTZ JOTFSUJPO PG UFYU QJDUVSF WJEFP BEWFSUJTFNFOU $BQBCMF PG JOUFHSBUJOH XJUI IPUFM 1.4 SE QBSUZ 70% BOE "11