HomeMy WebLinkAbout2012-10-15 ENR Packet
AGENDA
CITY OF MAPLEWOOD
ENVIRONMENTAL AND NATURAL RESOURCE COMMISSION
Monday, October 15, 2012
7 p.m.
Council Chambers - Maplewood City Hall
1830 County Road B East
1. Call to Order
2. Roll Call
3. Approval of Agenda
4. Approval of Minutes:
a. September 17, 2012
5. New Business
a. Living Streets Policy
b. Resolution of Appreciation for Bill Schreiner
6. Unfinished Business
a. Shoreland/Wetland Ordinance Amendments
7. Visitor Presentations
8. Commission Presentations
9. Staff Presentations
a. Maplewood Nature Center Programs
10. Adjourn
Agenda Item 4.a.
MINUTES
CITY OF MAPLEWOOD
ENVIRONMENTAL AND NATURAL RESOURCES COMMISSION
7:00 p.m., Monday, September 17, 2012
Council Chambers, City Hall
1830 County Road B East
1. CALL TO ORDER
A meeting of the Environmental and Natural Resources Commission was called to order at 7:03
p.m. by Chair Edmundson.
2. ROLL CALL
Randee Edmundson, Chair Present
Judith Johannessen, Vice Chair Present
Carol Mason Sherrill, Commissioner Present
Ann Palzer, Commissioner Present
Dale Trippler, Commissioner Present
Ginny Yingling, Commissioner Present
Staff Present
Shann Finwall, Environmental Planner
Virginia Gaynor, Natural Resources Coordinator
3. APPROVAL OF AGENDA
Staff added 9.c. - Update on the Maplewood Fall Clean Up
Commissioner Trippler moved to approve the agenda as amended.
Seconded by Commissioner Johannessen. . Ayes – All
The motion passed.
4. APPROVAL OF MINUTES
Commissioner Trippler moved to approve the July 16, 2012, Environmental and Natural
Resources Commission meeting minutes as submitted.
Seconded by Commissioner Palzer. Ayes – All
The motion passed.
5. NEW BUSINESS
a. Fish Creek Master Plan
i. Environmental Planner, Shann Finwall introduced the item.
ii. Natural Resource Coordinator, Ginny Gaynor gave the presentation and answered
questions of the commission regarding the Fish Creek Master Plan.
September 17, 2012 1
Environmental and Natural Resources Commission Meeting Minutes
Highlights of the Master Plan include:
- Site Use and Activities: Natural area for wildlife and a place for people to experience
and enjoy nature.
- Master Plan Process: Three public meetings in summer 2012, recommendations by
three commissions, final approval by City Council.
- Parking: Parking lot on Henry Lane, parking lot near Point Douglas Road
- Trails: Paved trail look, Fish Creek hiking trail, and additional rustic trail loop.
- Overlooks and Benches: Three vista locations with benches. Additional benches
installed along the trail as needed.
- Water and Bathroom Facilities: No running water or bathroom facilities planned.
Henry Lane parking lot should be constructed to allow for a porta-potty.
- Signage: Entry sign with the name of the preserve, rules, and a map of the trail
system.
- Target Vegetation: Transition the open grasslands to prairie and oak savanna and to
enhance the existing wooded areas by removing non-native trees and shrubs and
planting species that are native to oak woodland.
- History and Archeology: Support Maplewood Area Historical Society and Heritage
Preservation Commission to document and better understand the history of this site.
- Site Interpretation: An interpretive plan should be developed once the history of the
site is better documented.
Upcoming events regarding Fish Creek include:
- September 22, 2012 - The Gathering on Fish Creek Bluff
- October 7, 2012 - Archeology Talk at the Ramsey County Library
- October 20, 2012 – Fish Creek Fall Color Tour
- November 3, 2012 - Fish Creek Affair Fundraiser
To sign up for any of these events contact the Maplewood Nature Center 651-249-2170.
Ron Cockriel, 943 Century Avenue, Maplewood addressed the commission about the
proposed trail access along Fish Creek and how it would ensure people stay away from
the critical habitat and environmental areas of the Fish Creek area.
Commissioner Trippler moved to adopt the Fish Creek Master Plan.
Seconded by Commissioner Palzer. Ayes – All
The motion passed.
6. UNFINISHED BUSINESS
a. Shoreland/Wetland Ordinance Amendments
i. Environmental Planner, Shann Finwall introduced the item and the commission
discussed the shoreland/wetland ordinance amendments.
The Environmental and Natural Resources Commission gave the following direction on
the proposed changes:
- Move the regulations for wetlands adjacent lakes from the Wetland Ordinance to the
Shoreland Ordinance in a section called Special Overlay District.
- Change the buffers for wetlands adjacent lakes to the match the buffer requirements
for freestanding wetlands.
September 17, 2012 2
Environmental and Natural Resources Commission Meeting Minutes
- Build in flexibilities for property owners who live on lakes with wetland fringes to allow
for buffer encroachments without a variance as long as they meet certain stormwater
best management practices.
Staff will bring this back before the Commission on October 15th.
7. VISITOR PRESENTATIONS
None.
8. COMMISSION PRESENTATIONS
Maplewood Mall Stormwater Open House – September 15: Commissioner Palzer reported on
the ribbon cutting, the paver system, the new trees, and the information provided regarding the
stormwater management at the Maplewood Mall. Commissioner Trippler, Chairperson
Edmundson and Commissioner Johannessen were involved in booths this day as well. It was
informational and educational for everyone for the community.
9. STAFF PRESENTATIONS
a. Environmental and Natural Resources Commission Appointments
Dale Trippler and Randee Edmundson were reappointed until 9-30-2015. Bill Schreiner
resigned due to work and his position is vacant.
b. Maplewood Nature Center Programs
Staff reviewed the programs at the Maplewood Nature Center. For more information contact
the Nature Center at 651-249-2170 or visit their website at www.ci.maplewood.mn.us/nc.
c. Maplewood Fall Clean Up
October 13, 2012, from 8:00 a.m. – 1:00 p.m. at Aldrich Arena on White Bear Avenue in the
parking lot. Check the city website for further information regarding items being collected and
the fees www.ci.maplewood.mn.us/recycling.
d. Cart Delivery
Allied Waste Services began delivering the trash carts September 10th and will continue
through September 28th. The commission thanked Ms. Finwall for her hard work on this
process and the professionalism put into this project for the residents of Maplewood.
10. ADJOURNMENT
Chair Edmundson adjourned the meeting at 8:30 p.m.
September 17, 2012 3
Environmental and Natural Resources Commission Meeting Minutes
Agenda Item 5.a.
MEMORANDUM
TO: Environmental and Natural Resources Commission
FROM:
Shann Finwall, AICP, Environmental Planner
SUBJECT:
Living Streets Policy
DATE:
October 11, 2012 for the October 15 ENR Commission Meeting
BACKGROUND
In 2009 and 2010 the Maplewood City Council directed staff to explore various city
services that could be delivered in a more sustainable manner. A Living Street Sustainability
Work Group comprised of eight city staff met on April 28, June 29, and September 30, of
2010 to define the importance of Living Streets as it relates to sustainable street
construction and reconstruction.
To solicit feedback from Maplewood citizens, the Living Streets idea was brought forward to
several citizen volunteer commissions. The Living Streets concepts were well received.
The City Council supported the efforts and subsequently an official Task Force was created.
The Task Force was made up of representatives from the City Council, several commissions,
and staff with the goal of further refining goals and concepts for a Living Streets Policy.
DISCUSSION
In 2011 the Task Force met and identified six focus areas for the Living Streets Policy as
follows:
Improve the Quality of Stormwater Runoff
Implement Traffic Calming Techniques
Enhance Walking/Biking Conditions and Pedestrian Connections
Enhance the Urban Forest
Ensure Cost-Effective and Practicable Solutions
Private Utility Considerations
Staff took the recommendations from the Task Force and worked with Joseph R. Rhein, P.E. of
Bolton & Menk, Inc., to draft a Living Streets Policy (Attachment 1). This policy will be reviewed
by all original commissions involved and sent to the City Council for final approval in early 2013.
The policy details the stakeholder process and consensus, design guidelines, and future
implementation strategies.
RECOMMENDATION
Review the draft Living Streets Policy and be prepared to offer comment and feedback during
the October 15, 2012, Environmental and Natural Resources Commission meeting.
Attachment 1
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
&] 1MGLEIP8LSQTWSR4)
(MVIGXSVSJ4YFPMG;SVOW'MX])RKMRIIV
%HSTXIHF]XLI1ETPI[SSH'MX]'SYRGMPSR<<<<<<<<
-QEKI'SYVXIW]2740MZMRK7XVIIXW4PER
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
%'/23;0(+)1)287
-[SYPHPMOIXSXLEROXLI4PERRMRK'SQQMWWMSR'SQQYRMX](IWMKR6IZMI[&SEVH
)RZMVSRQIRXEPERH2EXYVEP6IWSYVGIW'SQQMWWMSRERH&YWMRIWWERH)GSRSQMG(IZIPSTQIRX
'SQQMWWMSRJSVTVSZMHMRKMRTYXERHHMVIGXMSRXSLIPTWLETIXLMWHSGYQIRX
-EPWS[ERXXSWTIGMJMGEPP]XLEROIEGLQIQFIVXLEXTEVXMGMTEXIHSRXLI'MX]tW0MZMRK7XVIIXW8EWO
*SVGI
/EXL].YIRIQERR'MX]'SYRGMP
.EWSR0EQIVW'SQQYRMX](IWMKR6IZMI[&SEVH
'EVSP1EWSR7LIVVMPP)RZMVSRQIRXEPERH2EXYVEP6IWSYVGIW'SQQMWWMSR
8ER]E2YWW4PERRMRK'SQQMWWMSR
.IRRMJIV0I[MW&YWMRIWWERH)GSRSQMG(IZIPSTQIRX%YXLSVMX]
:MVKMRME+E]RSV'MX]2EXYVEPMWX
7LERR*MR[EPP)RZMVSRQIRXEP4PERRIV
&V]ER2EKIP7XVIIXERH7XSVQ7I[IV7YTIVMRXIRHIRX
&YXGL+IVZEMW*MVI1EVWLEP
1MGLEIP8LSQTWSR'MX])RKMRIIV
-EPWS[ERXXSEGORS[PIHKIXLSWITISTPIXLEXWIVZIHSRXLI'MX]tW0MZMRK7XVIIXW7YWXEMREFMPMX]
;SVO+VSYT
7XIZI0SZI%WWMWXERX'MX])RKMRIIV
7XIZI/YQQIV'MZMP)RKMRIIV--
.SR.EVSWGL'MZMP)RKMRIIV-
8VS]&VMRO7XVIIXW'VI['LMIJ
%RR,YXGLMRWSR2EXYVEPMWX
:MVKMRME+E]RSV2EXYVEPMWX
1MOI1EVXMR'MX]4PERRIV
1MGLEIP8LSQTWSR'MX])RKMRIIV
-[SYPHPMOIXSEPWSVIGSKRM^IXLI6EQWI];EWLMRKXSR1IXVSTSPMXER;EXIVWLIH(MWXVMGX
6;1;(
&EVV)RKMRIIVMRK'SQTER]ERHXLI'MX]SJ2SVXL7EMRX4EYPEPPSJ[LMGL
GSPPEFSVEXIHXSGVIEXIXLI2SVXL7EMRX4EYP
274
0MZMRK7XVIIXW4PER1EXIVMEPWERHMRWMKLX
JVSQXLEXHSGYQIRX[IVIYWIHEWEFEGOKVSYRHMRJEGMPMXEXMRKHMWGYWWMSRERHLIPTMRKXSJSVQXLI
1ETPI[SSH0MZMRK7XVIIXW4SPMG]HSGYQIRX
-JYVXLIV[ERXIHXSEGORS[PIHKIXLSWITIVWSRWXLEXGSRXVMFYXIHXSXLI0SW%RKIPIW'SYRX]
1SHIP(IWMKR1ERYEPJSV0MZMRK7XVIIXW[LMGLMRMRWXERGIW[EWYWIHXSTVSZMHII\TIVXMWIERH
KYMHERGIJSVXLMWHSGYQIRX8LIWTIGMJMGREQIWERHGSRXVMFYXMSRGERFIJSYRHEWERETTIRHM\
XSXLMWHSGYQIRX
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
8%&0)3*'328)287
-2863(9'8-32<
4SPMG]+SEPW<
;LEXMWE0MZMRK7XVIIX#<
&EGOKVSYRH<
&IRIJMXWSJ0MZMRK7XVIIXW<
:MWMSRJSV1ETPI[SSH<
0-:-2+7786))87*392(%8-32<
7XEOILSPHIV4VSGIWW<
7XEOILSPHIV'SRWIRWYW<
-QTVSZIXLI5YEPMX]SJ7XSVQ[EXIV6YRSJJ<
-QTPIQIRX8VEJJMG'EPQMRK8IGLRMUYIW<
)RLERGI;EPOMRK&MOMRK'SRHMXMSRWERH4IHIWXVMER'SRRIGXMSRW<
)RLERGIXLI9VFER*SVIWX<
)RWYVI'SWX)JJIGXMZIERH4VEGXMGEP7SPYXMSRW<
'SRJSVQERGI[MXL'SQTVILIRWMZI4PER<
6IKYPEXSV](IQERHW<
-RGSVTSVEXMSRSJ1ETPI[SSHtWq6EMRKEVHIRr8VEHMXMSR<
4VMZEXI9XMPMX]'SRWMHIVEXMSRW<
()7-+2+9-()0-2)7<
+IRIVEP-RJSVQEXMSR<
0SGEP7XVIIX<
0SGEP'SRRIGXSV7XVIIX<
'SPPIGXSV<
1MRSV%VXIVMEP<
1MWGIPPERISYW<
-140)1)28%8-32<
'SQTVILIRWMZI4PER%QIRHQIRXW<
'MX]'SHI6IZMWMSRW<
)RKMRIIVMRK7TIGMJMGEXMSRWERH7XERHEVHW6IZMWMSRW<
)RZMVSRQIRXEP9XMPMX]*II4SPMG]6IZMWMSRW<
8VII4PER(IZIPSTQIRX<
7XVIIX6IGSRWXVYGXMSR4VSNIGXW<
3YXVIEGLERH)HYGEXMSR<
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
-2863(9'8-32
4SPMG]+SEPW
8LILMKLPIZIPKSEPWSJ1ETPI[SSHtW0MZMRK7XVIIXW4SPMG]EVIXS
)RGSYVEKITISTPIXSXVEZIPF][EPOMRKSVFMG]GPMRK
)RLERGIXLIWEJIX]ERHWIGYVMX]SJWXVIIXW
'VIEXIPMZEFPIRIMKLFSVLSSHW
1E\MQM^IXLIMRJMPXVEXMSRSJWXSVQ[EXIV
-QTVSZIXLIUYEPMX]SJWXSVQ[EXIVVYRSJJ
)RLERGIXLIYVFERJSVIWX
6IHYGIPMJIG]GPIGSWXW
1ETPI[SSHtW0MZMRK7XVIIXW4SPMG]JSGYWIWSRELERHJYPSJWTIGMJMGMXIQWJYVXLIVHMWGYWWIH
YRHIV7IGXMSRq7XEOILSPHIV'SRWIRWYWrXSQIIXXLIWIKSEPW[LMPIYRHIVWXERHMRKXLEXIEGL
TVSNIGXQYWXFIGSRWMHIVIHMREGSRXI\XWIRWMXMZIQERRIV
;LEXMWE0MZMRK7XVIIX#
8IVQMRSPSK]WYVVSYRHMRKXLMWXSTMGGERFIGSRJYWMRKX]TMGEPP]VIJIVWXSWXVIIX
'SQTPIXI7XVIIXW
HIWMKRXLEXTVSZMHIWJSVQYPXMTPIQSHIWSJXVERWTSVXEXMSRX]TMGEPP]VIJIVWXSWXVIIX
+VIIR7XVIIXW
HIWMKRXLEXVIHYGIWIRZMVSRQIRXEPMQTEGXWF]VIHYGMRKMQTIVZMSYWWYVJEGIQEREKMRK
WXSVQ[EXIVERHTVSZMHMRKWLEHI0MZMRK7XVIIXWJSVXLITYVTSWISJXLMWHSGYQIRXMWE
GSQFMREXMSRSJXLIX[S0MZMRK7XVIIXWGSQFMRIWXLIGSRGITXWSJGSQTPIXIWXVIIXWERHKVIIR
WXVIIXWERHEPWSTYXWEHHMXMSREPJSGYWSRUYEPMX]SJPMJIEWTIGXWJSV'MX]VIWMHIRXW
8LI7XEXISJ1MRRIWSXETEWWIH'SQTPIXI7XVIIXWPIKMWPEXMSRMR8LI'SQQMWWMSRIVSJ
8VERWTSVXEXMSRLEWGSQQMXXIH1R(38XSMQTPIQIRXEGSQTPIXIWXVIIXZMWMSRJSVXLIXVYRO
LMKL[E]W]WXIQ'MXMIWEVIIRGSYVEKIHXSEHSTXTSPMGMIWXSQIIXXLIMVYRMUYIRIIHW LS[IZIVMX
MWRSXEQERHEXI
%GGSVHMRKXS1R(38'SQTPIXI7XVIIXWHSIWRSXQIERqEPPQSHIWSREPPVSEHWr VEXLIVXLI
KSEPSJ'SQTPIXI7XVIIXWWLSYPHFIXSHIZIPSTEFEPERGIHXVERWTSVXEXMSRW]WXIQXLEXMRXIKVEXIW
EPPQSHIWZMETPERRMRKMRGPYWMZISJIEGLQSHISJXVERWTSVXEXMSR
MIXVERWMXJVIMKLXEYXSQSFMPI
FMG]GPIERHTIHIWXVMER
ERHMRGPYHIXVERWTSVXEXMSRYWIVWSJEPPX]TIWEKIWERHEFMPMXMIW
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
%JI[I\EQTPIWSJ'SQTPIXI7XVIIXWKSEPWERHTVMRGMTPIWPMWXIHMRXLI1R(38VITSVXXSXLI
PIKMWPEXYVIMRGPYHI
-QTVSZIQSFMPMX]ERHEGGIWWMFMPMX]SJEPPMRHMZMHYEPWMRGPYHMRKXLSWI[MXLHMWEFMPMXMIWMR
EGGSVHERGI[MXLXLIPIKEPVIUYMVIQIRXWSJXLI%(%
)RGSYVEKIQSHIWLMJXXSRSRQSXSVM^IHXVERWTSVXEXMSRERHXVERWMX
6IHYGIEMVERH[EXIVTSPPYXMSRERHVIHYGIRSMWIMQTEGXW
-RGVIEWIXVERWTSVXEXMSRRIX[SVOGSRRIGXMZMX]
8LI'MX]SJ1ETPI[SSHJMRHWXLI'SQTPIXI7XVIIXWVITSVXYWIHXSKYMHI1MRRIWSXEPIKMWPEXMSRMR
YWIJYPLS[IZIVXLI'MX][ERXWXSKSJYVXLIVMREHHVIWWMRKXLIIRZMVSRQIRXERHEGXMZIPMZMRK
MRWXIEHSJJSGYWMRKWSPIP]SREXVERWTSVXEXMSRZMWMSR8LYWXLMW0MZMRK7XVIIXW4SPMG]HSGYQIRX
VIJPIGXW1ETPI[SSHtWZMWMSR
&EGOKVSYRH
8LI'MX]SJ1ETPI[SSH[EWHMVIGXIHF]XLI'MX]'SYRGMPMR XSI\TPSVIZEVMSYWGMX]
WIVZMGIWXLEXGSYPHFIHIPMZIVIHMREQSVIWYWXEMREFPIQERRIV%0MZMRK7XVIIX7YWXEMREFMPMX]
;SVOKVSYTGSQTVMWIHSJIMKLXGMX]WXEJJTIVWSRWQIXSR%TVMP .YRI ERH7ITXIQFIVSJ
XSJYVXLIVHIJMRIXLIMQTSVXERGISJ0MZMRK7XVIIXWEWMXVIPEXIWXSWYWXEMREFPIWXVIIX
GSRWXVYGXMSRERHVIGSRWXVYGXMSR
8SWSPMGMXJIIHFEGOJVSQ1ETPI[SSHGMXM^IRWXLI0MZMRK7XVIIXWMHIE[EWFVSYKLXJSV[EVHXSXLI
4PERRMRK'SQQMWWMSR'SQQYRMX](IWMKR6IZMI[&SEVHERH)RZMVSRQIRXEPERH2EXYVEP
6IWSYVGIW'SQQMWWMSR8LI0MZMRK7XVIIXWGSRGITXW[IVI[IPPVIGIMZIH
8LI'MX]'SYRGMPWYTTSVXIHXLIIJJSVXWERHWYFWIUYIRXP]ERSJJMGMEP8EWO*SVGI[EWGVIEXIH
GSQTVMWIHSJXLIJSPPS[MRKXIRTIVWSRW8LI8EWO*SVGIJYVXLIVVIJMRIHKSEPWERHGSRGITXWJSV
0MZMRK7XVIIXW
-RTYX[EWXEOIRJVSQWXEOILSPHIVWXSLIPTJEGMPMXEXIXLMW0MZMRK7XVIIXW4SPMG]HSGYQIRX*YVXLIV
HIXEMPWEFSYXWXEOILSPHIVMRTYXGERFIJSYRHMR7IGXMSR
&IRIJMXWSJ0MZMRK7XVIIXW
%WUYSXIHMRXLI2740MZMRK7XVIIXW4PER
q1SWXSJYWXLMROSJ%QIVMGEEWXLIPERHSJGLSMGIW=IXMRNYWXEFSYXER]GSQQYRMX]FYMPXMRXLI
PEWX]IEVWXLIVIMWTVIXX]QYGLSRIGLSMGIJSVXVERWTSVXEXMSR XLIGEV2SVXL7X4EYPMWRtXER]
HMJJIVIRXXLERQSWX%QIVMGERGMXMIWMRXLMWVIKEVH0MZMRK7XVIIXWTVSZMHIQER]XVERWTSVXEXMSR
GLSMGIWXSXLIHMZIVWIVERKISJGMX]VIWMHIRXWERHMXFEPERGIWXLSWIGLSMGIWXSTVSZMHI
GSQQYRMX]IRZMVSRQIRXEPERHIGSRSQMGFIRIJMXWEW[IPPr
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
8LI2740MZMRK7XVIIXW4PERHMHERI\GIPPIRXNSFSJMHIRXMJ]MRKXLIRYQIVSYWFIRIJMXWVIWYPXMRK
JVSQ0MZMRK7XVIIXW%WYQQEV]SJXLIFIRIJMXWMWTVSZMHIHFIPS[[LMPIERI\GIVTXJVSQXLI
2744PERGSRXEMRMRKQSVIHIXEMPIHMRJSVQEXMSRSRXLIFIRIJMXWMWTVSZMHIHMRXLI%TTIRHM\
0MZMRK7XVIIXW
4VSZMHIIGSRSQMGFIRIJMXW PS[IVMRMXMEPGSWXW PS[IVQEMRXIRERGIGSWXW MRGVIEWIH
d
TVSTIVX]ZEPYIW IGSRSQMGVIZMXEPM^EXMSR
&YMPHGSQQYRMX] MQTVSZITYFPMGLIEPXL MRGVIEWIWEJIX] IRLERGIRIMKLFSVLSSHFIEYX]
d
WXVIRKXLIRWIRWISJGSQQYRMX] TVSZMHITSWMXMZIMQTEGXYTSRGLMPHVIR
4VSZMHIIRZMVSRQIRXEPFIRIJMXW MQTVSZI[EXIVUYEPMX] MQTVSZIEMVUYEPMX] VIHYGIXLI
d
YVFERLIEXMWPERHEJJIGX VIHYGIQEXIVMEPWERHIRIVK]YWIHMRWXVIIXGSRWXVYGXMSR
TVSQSXIXLITPERXMRKSJXVIIW
:MWMSRJSV1ETPI[SSH
8LI0MZMRK7XVIIXW4SPMG]MWVIEPP]EZMWMSRSJ[LEX1ETPI[SSH[ERXWXSPSSOPMOIMR]IEVW
]IEVWERH[IPPMRXSXLIJYXYVI8LI0MZMRK7XVIIXWGSPPEFSVEXMSRLEWLIPTIHWLETIEZMWMSRF]
TVSZMHMRKGSRWIRWYW[LIRFYMPHMRKRI[WXVIIXWERHVIGSRWXVYGXMRKI\MWXMRKSRIW
8LI'MX]SJ1ETPI[SSHLEWFIIRZMWMSREV][LIRMXGSQIWXSVEMR[EXIVKEVHIRWERHWXSVQ[EXIV
XVIEXQIRXLS[IZIV0MZMRK7XVIIXWJYVXLIVFEPERGIWXLIWGEPISJXVEHMXMSREPMRJVEWXVYGXYVIZIVWYWE
WYWXEMREFPIqKVIIRrETTVSEGL%WWIIRMRXLIJMKYVIFIPS[XLMWTSPMG]QIERWXSKMZIEHHMXMSREP
[IMKLXXSRSRXVEHMXMSREPGSQTSRIRXW
-QEKI'SYVXIW]2740MZMRK7XVIIXW4PER
8STVSZMHIEZIV]LMKLPIZIPWYQQEV]ZMWMSRSJXLIWXVIIXWMR1ETPI[SSHXLIJSPPS[MRKJMKYVIW
EVITVSZMHIH1SVIHIXEMPIHHIWMKRWXERHEVHWEVIMRGPYHIHMR7IGXMSRSJXLMWHSGYQIRX
8LIZMWMSRJSVX]TMGEPPSGEP0MZMRK7XVIIXWMWWLS[RFIPS[
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
-QEKI'SYVXIW]2740MZMRK7XVIIXW4PER
%VIRHIVMRKSJEPSGEPqTVIr0MZMRK7XVIIXZIVWYWEqTSWXr0MZMRK7XVIIXMWWLS[RFIPS[
-QEKIW'SYVXIW]2740MZMRK7XVIIXW4PER
8LIKIRIVEPZMWMSRJSVLMKLIVZSPYQIGSPPIGXSVX]TI0MZMRK7XVIIXWMWWLS[RFIPS[
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
-QEKIW'SYVXIW]2740MZMRK7XVIIXW4PER
%GVSWWWIGXMSRZMI[SJEGSPPIGXSV0MZMRK7XVIIXMWWLS[RFIPS[
-QEKI'SYVXIW]2740MZMRK7XVIIXW4PER
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKI SJ
,MKLIVZSPYQIGSPPIGXSVWXVIIXW[SYPHEPWSEPPS[JSVTEVOMRKEPSRKSRIWMHISJXLIWXVIIXWMQMPEV
XSPS[IVZSPYQIPSGEPWXVIIXWI\GITXMRWMXYEXMSRW[LIVITEVOMRKMWRSXETTVSTVMEXI
0-:-2+786))87*392(%8-32
7XEOILSPHIV4VSGIWW
%WHMWGYWWIHMR7IGXMSRERI\XIRWMZIWXEOILSPHIVTVSGIWW[EWGSRHYGXIHMRSVHIVXSEXXEMR
FY]MRERHQSZIJSV[EVH[MXLEGSRWIRWYWJSVXLI0MZMRK7XVIIXWZMWMSR
%0MZMRK7XVIIX7YWXEMREFMPMX];SVOKVSYTGSQTVMWIHSJIMKLXGMX]WXEJJTIVWSRWQIXSR%TVMP
.YRI ERH7ITXIQFIVSJXSJYVXLIVHIJMRIXLIMQTSVXERGISJ0MZMRK7XVIIXWEWMX
VIPEXIWXSWYWXEMREFPIWXVIIXGSRWXVYGXMSRERHVIGSRWXVYGXMSR8LEXJSPPS[MRK[IVITEVXSJXLI
;SVOKVSYT
7XIZI0SZI%WWMWXERX'MX])RKMRIIV
7XIZI/YQQIV'MZMP)RKMRIIV--
.SR.EVSWGL'MZMP)RKMRIIV-
8VS]&VMRO7XVIIXW'VI['LMIJ
%RR,YXGLMRWSR2EXYVEPMWX
:MVKMRME+E]RSV2EXYVEPMWX
1MOI1EVXMR'MX]4PERRIV
1MGLEIP8LSQTWSR'MX])RKMRIIV
8LI;SVOKVSYTHMWGYWWIHXLEX0MZMRK7XVIIXWWLSYPHMQTVSZIWXSVQ[EXIVUYEPMX]XLVSYKL
I\TERWMSRSJXLIVEMRKEVHIRTVSKVEQVIHYGMRKXLIMQTIVZMSYWJSSXTVMRXSJWXVIIXWERHQIIXMRK
SVI\GIIHMRKXLIrMRJMPXVEXMSRWXERHEVH%PWSMQTSVXERX[EWMQTPIQIRXXVEJJMGGEPQMRK
QIEWYVIWXLVSYKLXLIYWISJXIGLRMUYIWFIWXWYMXIHJSVWMXIGSRHMXMSRW%RSXLIVOI]EVIE
HMWGYWWIH[EWMQTVSZIHFMOMRKERH[EPOMRKGSRHMXMSRWEPSRKREXYVEPGSRRIGXSVVSYXIWERH
GSPPIGXSVWXVIIXWXLVSYKLHIWMKREXMSRSJFMOIPERIWWMHI[EPOWSVQYPXMTYVTSWIXVEMPW'VIEXMRK
FSYPIZEVHXVIIWXERHEVHWXLEXTVSZMHIIRZMVSRQIRXEPFIRIJMXW
WXSVQ[EXIVQEREKIQIRXWLEHI
XSVIHYGILIEXMRKERHGSSPMRKGSWXWJMPXIVMRKEMVTSPPYXERXWVIHYGIYVFERLIEXMWPERHIJJIGX
[EW
HMWGYWWIHEPSRK[MXLXLISZIVEPPMQTSVXERGIXLEXER]0MZMRK7XVIIXW4SPMG]WLSYPHEXXIQTXXS
QMRMQM^IGSRWXVYGXMSRVITPEGIQIRXERHJYXYVIQEMRXIRERGIGSWXWMREQERRIVXLEXMWIUYEPXS
SVPIWWXLERXLEXSJEWXERHEVHWXVIIXWIGXMSR
8SWSPMGMXJIIHFEGOJVSQGMXM^IRWXLI0MZMRK7XVIIXWMHIE[EWFVSYKLXJSV[EVHXSXLIJSPPS[MRK
&SEVHWERH'SQQMWWMSRW
4PERRMRK'SQQMWWMSRSR1EVGL
'SQQYRMX](IWMKR6IZMI[&SEVHSR1EVGL
)RZMVSRQIRXEPERH2EXYVEP6IWSYVGIW'SQQMWWMSRSR%TVMP
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKI SJ
8LI0MZMRK7XVIIXWGSRGITXW[IVI[IPPVIGIMZIHEXIEGLQIIXMRK8LI'MX])RKMRIIVTVIWIRXIH
XLI0MZMRK7XVIIXWSZIVZMI[EXXLIWIQIIXMRKW-REHHMXMSRXLI%HQMRMWXVEXSVSJXLI6EQWI]
;EWLMRKXSR1IXVS;EXIVWLIH(MWXVMGX'PMJXSR%MGLMRKIVTVIWIRXIHXSXLI4PERRMRK'SQQMWWMSR
VIKEVHMRKLMWJMVWXLERHI\TIVMIRGIMRJSVQMRKE0MZMRK7XVIIX4PERJSVXLI'MX]SJ2SVXL7EMRX
4EYP
;MXLXLIWYTTSVXJVSQFSXLEWXEJJPIZIPERHEGMXM^IRPIZIPXLI0MZMRK7XVIIXWMHIEWERHGSRGITXW
[IVITVIWIRXIHXSXLI'MX]'SYRGMP8LI'MX]'SYRGMPWYTTSVXIHXLIIJJSVXWERHWYFWIUYIRXP]
EYXLSVM^IHXLIGVIEXMSRSJERSJJMGMEP8EWO*SVGISR1E]8LI0MZMRK7XVIIXW8EWO
*SVGI[EWGSQTVMWIHSJXLIJSPPS[MRKTIVWSRW
/EXL].YIRIQERR'MX]'SYRGMP
.EWSR0EQIVW'SQQYRMX](IWMKR6IZMI[&SEVH
'EVSP1EWSR7LIVVMPP)RZMVSRQIRXEPERH2EXYVEP6IWSYVGIW'SQQMWWMSR
8ER]E2YWW4PERRMRK'SQQMWWMSR
.IRRMJIV0I[MW&YWMRIWWERH)GSRSQMG(IZIPSTQIRX%YXLSVMX]
:MVKMRME+E]RSV'MX]2EXYVEPMWX
7LERR*MR[EPP)RZMVSRQIRXEP4PERRIV
&V]ER2EKIP7XVIIXERH7XSVQ7I[IV7YTIVMRXIRHIRX
&YXGL+IVZEMW*MVI1EVWLEP
1MGLEIP8LSQTWSR'MX])RKMRIIV
8LITYVTSWISJXLMW8EWO*SVGI[EWXSJYVXLIVVIJMRIKSEPWERHGSRGITXWJSV0MZMRK7XVIIXW[MXL
XLIMRXIRXSJTVSTSWMRKERSJJMGMEP0MZMRK7XVIIXW4SPMG]XSXLI'MX]'SYRGMPJSVJSVQEPEHSTXMSR
8LI8EWO*SVGIQIX.YP]%YKYWXERH7ITXIQFIVSJ
7XEOILSPHIV'SRWIRWYW
8LI8EWO*SVGI[EWZIV]TVSHYGXMZIMRQSZMRKJSV[EVH[MXLJSGYWMXIQWJSVXLI0MZMRK7XVIIXW
4SPMG]8LIJMZIJSGYWMXIQWEVIPMWXIHFIPS[ERHXLIRHMWGYWWIHMRHMZMHYEPP]MR7IGXMSRW
XLVSYKL
-QTVSZIXLI5YEPMX]SJ7XSVQ[EXIV6YRSJJ
-QTPIQIRX8VEJJMG'EPQMRK8IGLRMUYIW
)RLERGI;EPOMRK&MOMRK'SRHMXMSRWERH4IHIWXVMER'SRRIGXMSRW
)RLERGIXLI9VFER*SVIWX
)RWYVI'SWX)JJIGXMZIERH4VEGXMGEFPI7SPYXMSRW
-QTVSZIXLI5YEPMX]SJ7XSVQ[EXIV6YRSJJ
8LI'MX]SJ1ETPI[SSHLEWEP[E]WFIIRETVSEGXMZIGSQQYRMX]JSVMQTVSZMRKWXSVQ[EXIV
VYRSJJ1ETPI[SSHMWEPIEHIVMRXLIHIWMKRERHMQTPIQIRXEXMSRSJVEMR[EXIVKEVHIRW0MZMRK
7XVIIXWMWXLIRI\XWXITJSVJYVXLIVMQTVSZIQIRXW
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
-WWYIWXLEXSGGYVJVSQWMQTP]WIRHMRKWXSVQ[EXIVHS[RXLIWXSVQWI[IVMRGPYHI
7XSVQ[EXIVTSPPYXIWPSGEP[EXIVW1SWXVYRSJJMWRSXXVIEXIH-XKSIWHMVIGXP]MRXSPSGEP
d
PEOIWERHWXVIEQWGEVV]MRKTSPPYXERXWPMOIWSMPJIVXMPM^IVWTIWXMGMHIWSMPWSETPMXXIV
SVKERMGQEXXIVERHTIXJIGIW
7XSVQ[EXIVVYRSJJMRSYVPEOIWGEYWIWXYVFMH[EXIVWIHMQIRXFYMPHYTERHGERGSRXVMFYXI
d
XSEPKEIFPSSQW-XGERMQTEGXLIEPXLSJEUYEXMGTPERXWERHERMQEPW4SSV[EXIVUYEPMX]MR
PEOIWEPWSEJJIGXWEIWXLIXMGWERHVIGVIEXMSR
7IRHMRKVYRSJJSYXSJXLIRIMKLFSVLSSHGSRXVMFYXIWXSJPSSHMRKHS[RWXVIEQ
d
6EMR[EXIVRIIHWXSWSEOMR[LIVIMXJEPPWWSMXGERLIPTVIGLEVKIKVSYRH[EXIVEUYMJIVW
d
-RSVHIVXSMQTVSZI[EXIVUYEPMX]XLI'MX]SJ1ETPI[SSHQYWXGSRXMRYIEREKKVIWWMZIVEMR[EXIV
KEVHIRMQTPIQIRXEXMSRTVSKVEQ)RGSYVEKIERHWYTTSVXXLIGSRWXVYGXMSRSJVEMR[EXIVKEVHIRW
EWVIXVSJMXWERHVIUYMVIEPPRI[GSRWXVYGXMSRERHVIGSRWXVYGXMSRTVSNIGXWMRGSVTSVEXIVEMR[EXIV
KEVHIRW0MZMRK7XVIIXWEPWSTVSQSXIGSRWXVYGXMRKXLIETTVSTVMEXI[MHXLWXVIIXJSVXLIWTIGMJMG
ETTPMGEXMSRSJXIRVIWYPXMRKMREREVVS[MRKSJXLITEZIQIRXGSQTEVIHXSGYVVIRXWXERHEVHW8LMW
VIHYGIWXLIEQSYRXSJMQTIVZMSYWWYVJEGITVSHYGMRKEHMVIGXHIGVIEWIMRXLIEQSYRXSJ
WXSVQ[EXIVVYRSJJ&SYPIZEVHXVIIWTVIWIRXEPSRK0MZMRK7XVIIXWEPWSTVSZMHIETSWMXMZI-QTEGX
YTSRWXSVQ[EXIVUYEPMX]
8LIFIRIJMXWSJXLIWIGSQTSRIRXWMRGPYHIXLIJSPPS[MRK
6EMR[EXIV+EVHIRW
d
7SEOYT QSVIVYRSJJXLERPE[RW
S
/IITVYRSJJSRWMXI
S
*MPXIVTSPPYXIHYVFERVYRSJJ
SMPKVIEWIWEPXWJIVXMPM^IVWTIWXMGMHIVIWMHYI
S
6IGLEVKIKVSYRH[EXIV
S
4VSZMHILEFMXEXERHJSSHJSVFYXXIVJPMIWERHFMVHW
S
&IEYXMJ]EPS[WTSXERH
S
7IVZIEWEREXYVEPJMPXIVVIQSZMRKWIHMQIRXTLSWTLSVSYWERHRMXVSKIRJVSQVYRSJJ
S
7XVIIX2EVVS[MRK
d
0IWWTEZIQIRXQIERWPIWWMQTIVZMSYWWYVJEGI
S
6IHYGIVYRSJJZSPYQI
S
6IHYGIWWSPEVKIRIVEXIHLIEXERH
S
0IWWTEZIQIRXLIEXQIERWGSSPIVWXSVQ[EXIVVYRSJJXIQTIVEXYVI
S
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
&SYPIZEVH8VIIW
d
-RXIVGITXVEMR[EXIV[MXLPIEZIWERHFVERGLIW
S
-QTVSZIXLIEFMPMX]SJ[EXIVXSWSEOMRXSXLIKVSYRH
S
-RGVIEWIXLIZSPYQISJ[EXIVXLEXGERIRXIVXLIKVSYRHF]EFWSVTXMSRXLVSYKLXLIMV
S
VSSXW]WXIQW
-QTVSZIXLIVIWMPMIRG]ERH[EXIVLSPHMRKGETEGMX]SJXLIEHNEGIRXWSMP
S
-QTPIQIRX8VEJJMG'EPQMRK8IGLRMUYIW
8LI'MX]SJ1ETPI[SSHHIWMVIWXSVIHYGIXLIZSPYQIERHWTIIHSJXVEJJMGSRRIMKLFSVLSSH
WXVIIXW;LMPIEPPTYFPMGWXVIIXWEVIHIWMKRIHJSVXLITYFPMGXSYWIHMJJIVIRXVSEH[E]WEVI
HIWMKRIHXSLEZIHMJJIVIRXJYRGXMSRWERHWIVZIHMJJIVIRXX]TIWSJXVEJJMG8LIZSPYQISJXVEJJMG
XLEXWLSYPHFISRIEGLWXVIIXMWHMVIGXP]VIPEXIHXSLS[EWXVIIXMWYWIHERHMXWJYRGXMSRJSVXLI
SZIVEPP1ETPI[SSHGSQQYRMX]
8VEJJMGGEPQMRKMWERMQTSVXERXIPIQIRXSJXLI0MZMRK7XVIIXW4SPMG]-XMWHIWMKRIHXSPMQMXXLI
X]TIWSJXVEJJMGXLEXYWIEWTIGMJMGVSEH[E][LMPIWMQYPXERISYWP]TVSQSXMRKXLIYWISJSXLIVRSR
QSXSVM^IHXVEJJMGQSHIW8LMWMRZSPZIWYWMRKHMJJIVIRXQIEWYVIWSVXVIEXQIRXWXSGEPQXLIXVEJJMG
ERHIRWYVIIEGLVSEH[E]WIVZIWMXWWTIGMJMIHRIIHWJSVXLIGSQQYRMX]8LIQIXLSHWJSVXVEJJMG
GEPQMRKHITIRHPEVKIP]SRXLIX]TISJVSEH[E]MXWJYRGXMSRERHXLIQSHIWSJXVEJJMGXLEXWLSYPH
FISRXLIVSEH[E]%WMKRMJMGERXJSGYWSJGEPQMRKMWYWYEPP]SRPMQMXMRKGYXXLVSYKLXVEJJMG
HIGVIEWMRKXLIWTIIHSJZILMGPIWERHTVSZMHMRKWEJIX]JSVTIHIWXVMERWERHFMG]GPIW
8VEJJMGGEPQMRKQIEWYVIWXLI'MX][MPPGSRWMHIVMQTPIQIRXMRKMRGPYHIXLIJSPPS[MRK
6IHYGMRKWXVIIX[MHXL
d
1IHMERW
d
'LMGERIW
d
6EMWIHGVSWW[EPOW
d
(]REQMG(MWTPE]*IIHFEGO7MKRW
d
6SYRHEFSYXW
d
&EVVMIVW
d
&YQTSYXW
d
(MJJIVIRXMEXIHTEZIQIRXWYVJEGIW
MRGPYHMRKTIVZMSYWTEZIQIRX
d
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
4EZIQIRXQEVOMRKW
d
7MKREKI
d
)EGLXVEJJMGGEPQMRKQIEWYVILEWFSXLTSWMXMZIERHRIKEXMZIIJJIGXWMRXIVQWSJGSWXXMQI
JIEWMFMPMX]IQIVKIRG]VIWTSRWIFMOIWEJIX]TIHIWXVMERWEJIX]TEVOMRKQEMRXIRERGIERH
EIWXLIXMGW'MX]WXEJJ[MPPIZEPYEXI[LMGLXVEJJMGGEPQMRKQIEWYVI
W
[MPPFIYXMPM^IHJSVIEGL
ETTPMGEXMSRFEWIHSRXLIGSRXI\XSJXLIWTIGMJMGTVSNIGXSVWXVIIXYRHIVGSRWMHIVEXMSR
)RLERGI;EPOMRKERH&MOMRK'SRHMXMSRWERH4IHIWXVMER'SRRIGXMSRW
8LI'MX]LEWEXVEMPERHWMHI[EPOW]WXIQHIHMGEXIHXSXLIYWISJRSRZILMGYPEVXVERWTSVXEXMSR
9WIVWEVITVMQEVMP]TIHIWXVMERWERHFMG]GPMWXWFYXEPWSMRGPYHISXLIVQYPXMQSHEPXVERWTSVXEXMSR
EGXMZMXMIWWYGLEWMRPMRIWOEXMRKERHVYRRMRK'SQTSRIRXWSJXLIXVEMPERHWMHI[EPOW]WXIQ
TVMQEVMP]MRGPYHISJJWXVIIXJEGMPMXMIWFYXEPWSMRGPYHISRWXVIIXWXVMTIHPERIWERHTEZIH
WLSYPHIVW
8LITYVTSWISJEXVEMPERHWMHI[EPOW]WXIQMWXSTVSZMHIWEJIVSYXIWJSVRSRZILMGYPEV
XVERWTSVXEXMSRI\IVGMWIVIPE\EXMSRSVGSQQYXMRKJSVYWIVWSJEPPEKIWERHEFMPMXMIW7SQISJXLI
QSWXTSTYPEVIZIV]HE]EGXMZMXMIWMRGPYHIVYRRMRK[EPOMRKFMG]GPMRKERHMRPMRIWOEXMRKJSV
I\IVGMWIERHTPIEWYVI
8LI0MZMRK7XVIIXW4SPMG][MPPEGGSQTPMWLIRLERGIH[EPOMRKERHFMOMRKGSRHMXMSRWXLVSYKL
TVSZMHMRKWEJIERHGSRZIRMIRXTIHIWXVMERVSYXIWEPSRKWXVIIXWXLEXEVI
%HNEGIRXXSWGLSSPW
d
%HNEGIRXXSTEVOWERHSTIRWTEGI
d
-RGSQQIVGMEPERHVIXEMPEVIEW
d
,MKLZSPYQIVSEH[E]W
d
2IEVXVERWMXJEGMPMXMIW
d
-RGPYHIH[MXLMRXLI'MX]tW'SQTVILIRWMZI4PER
d
1MWGIPPERISYWEVIEWMRXLIFIWXMRXIVIWXSJXLI'MX]XSMQTVSZIMXWSZIVEPPXVEMPERH
d
WMHI[EPOW]WXIQ
)RLERGIXLI9VFER*SVIWX
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
8LIYVFERJSVIWXMWHIJMRIHEWXLIGSPPIGXMSRSJXVIIWERHZIKIXEXMSRKVS[MRK[MXLMRXLI'MX]
&SYPIZEVHXVIIWEVITEVXSJXLIYVFERJSVIWXERHXLIYVFERJSVIWXGERFIIRLERGIHERH
I\TERHIHF]XLITVIWIVZEXMSRSJI\MWXMRKFSYPIZEVHXVIIWEW[IPPEWXLIWXVEXIKMGTPERXMRKSJRI[
FSYPIZEVHXVIIW8LIRYQIVSYWIRZMVSRQIRXEPWXSVQ[EXIVERHGSQQYRMX]FIRIJMXWSJ
FSYPIZEVHXVIIW[IVIWXEXIHMRXLI2740MZMRK7XVIIXW4PERERHEGST]SJXLSWIFIRIJMXWMW
TVSZMHIHMRXLI%TTIRHM\JSVVIJIVIRGI
1ETPI[SSHLEWEJMVQP]IWXEFPMWLIHTSWMXMSREWETVSTSRIRXSJXVIIW-XFIGEQIE1MRRIWSXE
q+VIIR7XIT'MX]rMRERHVIGIMZIHHIWMKREXMSREWEq8VII'MX]rMR1E]8LI'MX]LEWE
GSQTVILIRWMZIXVIISVHMRERGIEHSTXIHMRTVSZMHMRKJSVXLITVIWIVZEXMSRTVSXIGXMSRERH
VITPEGIQIRXSJXVIIW8LISVHMRERGIIWXEFPMWLIHE8VII*YRHHIWMKREXIHWTIGMJMGEPP]JSVXLI
TPERXMRKSJXVIIWSRTYFPMGTVSTIVX][LMGLMRGPYHIWFSYPIZEVHW8LIJYRHMWJMRERGIHF]
HIZIPSTIVWETTPMGERXW[LSEVIYREFPIXSTVSZMHIGSQTPIXIQMXMKEXMSRJSVMQTEGXWXSI\MWXMRK
XVIIWGEYWIHF][SVOHSRIYRHIVXLIMVETTVSZIHTIVQMX
-R XLI(ITEVXQIRXSJ*SVIWX6IWSYVGIWSJXLI9RMZIVWMX]SJ1MRRIWSXETIVJSVQIHEVITSVX
SRFSYPIZEVHXVIIWJSVXLI'MX]SJ1ETPI[SSH8LIVITSVXHMWGYWWIHXLIFIRIJMXWSJFSYPIZEVH
XVIIWERHKYMHERGIJSVHIZIPSTMRKEWYGGIWWJYPFSYPIZEVHXVIITVSKVEQMRGPYHMRKIPIQIRXW
WYGLEWWMXIGVMXIVMETPERXMRKWTIGMJMGEXMSRWERHHIWMKRGVMXIVME8LIVITSVXGSRXEMRWQER]FIWX
QEREKIQIRXTVEGXMGIW
&14W
XLEXGSYPHFIIQTPS]IHXS[EVHWXLIKSEPWSJXLI0MZMRK7XVIIXW
4SPMG]8LIVITSVX[EWTVIWIRXIHXSXLI'SQQYRMX](IWMKR6IZMI[&SEVHERHXLI
)RZMVSRQIRXEPERH2EXYVEP6IWSYVGIW'SQQMWWMSRMR JSVGSRWMHIVEXMSRSJJYXYVIEGXMSR
ERH[EWVIGIMZIHTSWMXMZIP]
1ETPI[SSHSJJIVWEWMKRMJMGERXEQSYRXSJIHYGEXMSRSRXLIWYFNIGXSJXVIIWWYGLEWMRJSVQEXMSR
TSWXIHSRMXW[IFWMXIEHZIVXMWIQIRXJSVEVIEGPEWWIWERHGYVVMGYPYQERHXLVSYKLTVSKVEQWEX
XLI2EXYVI'IRXIV8LI'MX]EPWSTVSZMHIWSTTSVXYRMX]JSVTYFPMGMRZSPZIQIRX[MXLXVIIWF]
EGXMZMXMIWMRGPYHMRKMXW8VII6IKMWXV]4VSKVEQERH%VFSV(E]TPERXMRKWEXGSQQYRMX]TEVOW
1ETPI[SSHTVSQSXIWXLITPERXMRKSJRI[XVIIWSRTVMZEXITVSTIVX]XLVSYKLMXWVIFEXITVSKVEQ
8LI0MZMRK7XVIIXW4SPMG]TVSZMHIWJSVXLITPERXMRKSJRI[FSYPIZEVHXVIIWXSIRLERGIXLIYVFER
JSVIWX4VIWIVZEXMSRSJI\MWXMRKFSYPIZEVHXVIIWXSXLIQE\MQYQI\XIRXTSWWMFPIMWEPWS
VIGSKRM^IHERH[MPPFIEGGSQTPMWLIHYRHIVXLII\MWXMRKXVIISVHMRERGI'SQTSRIRXWSJWXVIIX
TVSNIGXWWYGLEWWMHI[EPOWERHVEMR[EXIVKEVHIRW[MPPFIQSHMJMIHEWRIGIWWEV]XS
EGGSQQSHEXII\MWXMRKFSYPIZEVHXVIIW[LIVIETTVSTVMEXI
+YMHERGITVSZMHIHJSVXLITPERXMRKSJFSYPIZEVHXVIIWMRGPYHIWXLIJSPPS[MRKMWWYIW
7TIGMIWWIPIGXMSR
d
(MZIVWMJMGEXMSRMWZMXEPXSXLIWYGGIWWSJEFSYPIZEVHXVIITSTYPEXMSRHYIXSXLI
S
JSPPS[MRKVIEWSRW
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
%HMZIVWIXVIITSTYPEXMSRMWQSVIVIWMWXERXXSHMWIEWIXLEXEJJIGXWER]
MRHMZMHYEPWTIGMI
%HMZIVWIWIPIGXMSRSJFSYPIZEVHXVIIWEPPS[WJSVGLSSWMRKXLIX]TIQSWX
WYMXEFPIXSXLIWMXIGSRHMXMSRWJSVXLIWTIGMJMGETTPMGEXMSR
%HMZIVWIXVIITSTYPEXMSRTVSZMHIWZEVMIX]XSXLI'MX]IRLERGMRKXLI
EXXVEGXMZIRIWWERHEIWXLIXMGWSJXLIYVFERJSVIWX
3RP]WTIGMIWWYMXEFPIJSVXLIPSGEPGPMQEXIWLSYPHFIWTIGMJMIH
S
%PMWXSJETTVSZIHWTIGMIWJSVFSYPIZEVHXVIIWWLSYPHFIHIZIPSTIH8LIXVII
S
VIFEXITVSKVEQGSRXEMRWEPMWXSJVIGSQQIRHIHWTIGMIWXLEXGSYPHFIEHSTXIHJSV
XLMWTYVTSWISVYWIHEWEFEWMWXSHIZIPSTXLIPMWX
8VIIWTIGMJMGEXMSRW
d
1MRMQYQVIUYMVIHGEPMTIVWLSYPHFIMHIRXMJMIH-XWLSYPHEPWSFIMRHMGEXIH
S
[LIXLIVXLIYWISJWIIHPMRKW[MPPFIEPPS[IHEWEGSWXIJJIGXMZIQIEWYVI
8VIITPERXMRKHIXEMPWWLSYPHFIHIZIPSTIH
S
0SGEXMSRWJSVTPERXMRKWLSYPHFIHIJMRIHWYGLEWRSX[MXLMREGIVXEMRHMWXERGI
S
JVSQHVMZI[E]WMRXIVWIGXMSRWJMVIL]HVERXWIXG
6IGSQQIRHIHWTEGMRKJSVTPERXMRKWLSYPHFIMHIRXMJMIH
S
1EMRXIRERGI
d
&SYPIZEVHXVIIWVIUYMVMRKPS[QEMRXIRERGIWLSYPHFIGLSWIR
S
8LIVIWTSRWMFMPMX]JSVQEMRXIRERGISJXVIIWMRXLITYFPMGVMKLXSJ[E]GYVVIRXP]PMIW
S
[MXLXLI'MX]8LMWWLSYPHFIVIZMI[IHEWXLI0MZMRK7XVIIXW4SPMG]MWEHSTXIH
ERHMQTPIQIRXIHXSHIXIVQMRI[LIXLIV'MX]VIWTSRWMFMPMX]JSVFSYPIZEVHXVIIW
VIQEMRWXLIFIWXGSYVWISJEGXMSRSV[LIXLIVWSQISVEPPSJXLIVIWTSRWMFMPMX]
WLSYPHFIWLMJXIHXSXLIEHNEGIRXTVSTIVX]S[RIVW
3XLIVGSRWMHIVEXMSRW
d
,IMKLX [LIVIYXMPMX]PMRIWSVSXLIVSZIVLIEHSFWXEGPIWEVITVIWIRXWTIGMIW[MXL
S
LIMKLXWXSEZSMHMRXIVJIVIRGIWLSYPHFIWIPIGXIH
6SSXW]WXIQ EZSMHHMWXYVFERGIXSEHNEGIRXGYVFWERHWMHI[EPOW EZSMH
S
MRXIVJIVIRGI[MXLFYVMIHSFWXEGPIWWYGLEWYRHIVKVSYRHYXMPMXMIW
7EPXGLIQMGEPXSPIVERGI XLIQEMRXIRERGIEGXMZMXMIWSJXLIVSEHWLSYPHFI
S
GSRWMHIVIH[LIRWIPIGXMRKWTIGMIWSJXVIIWJSVXLIEHNEGIRXFSYPIZEVH
'ERST] WTVIEHSJXLIFSYPIZEVHXVIIWLSYPHFIGSRWMHIVIHJSVXLIWTIGMJMG
S
ETTPMGEXMSRXSEZSMHMRXIVJIVIRGI[MXLHVMZIVWMKLXPMRIWERHXVEJJMGWMKRW
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
4EVOMRKEGGIWWMFMPMX] [LIVITEVOMRKMWEPPS[IHFSYPIZEVHXVIIWWLSYPHFI
S
PSGEXIHETTVSTVMEXIP]XSEZSMHMRXIVJIVIRGI[MXLXLISTIRMRKSJZILMGPIHSSVW
7TIGMJMGVIUYMVIQIRXWJSVXLIEFSZIPMWXIHMWWYIWRIIHXSFIHIXIVQMRIHERHWYFWIUYIRXP]
ETTPMIHMRXLIMQTPIQIRXEXMSRSJ0MZMRK7XVIIXW
)RWYVI'SWX)JJIGXMZIERH4VEGXMGEP7SPYXMSRW
%WWXEXIHTVIZMSYWP]MR7IGXMSRMXMWMQTSVXERXXLEXXLI0MZMRK7XVIIXW4SPMG]QMRMQM^I
GSRWXVYGXMSRVITPEGIQIRXERHJYXYVIQEMRXIRERGIGSWXWMREQERRIVXLEXMWIUYEPXSSVPIWW
XLERXLEXSJEWXERHEVHWXVIIXWIGXMSR
8LIMQTSVXERGISJFIMRKGSWXIJJIGXMZIERHTVEGXMGEPMWXLIJSPPS[MRK
%GGITXERGIF]XLIKIRIVEPTYFPMG
d
2SXMRGVIEWIGYVVIRXJYRHMRKEPPSGEXMSRW
d
2SXMRGVIEWIGYVVIRXEWWIWWQIRXVEXIW
d
8SEWWYVIXLIGSWXSJEPMZMRKWXVIIXHSIWRSXI\GIIHXLIGSWXSJEXVEHMXMSREPWXVIIXE
GSQTEVMWSR[MPPFITIVJSVQIHERHMRGPYHIHMRXLIJIEWMFMPMX]VITSVXJSVWXVIIXMQTVSZIQIRX
TVSNIGXW'SWXWEZMRKWVIEPM^IHF]XLIREVVS[MRKSJWXVIIXWERHWYFWIUYIRXPSRKXIVQ
QEMRXIRERGIWEZMRKW[MPPFIYXMPM^IHJSVPMZMRKWXVIIXEQIRMXMIW3RRI[GSRWXVYGXMSRPMZMRK
WXVIIXWKYMHIPMRIW[MPPFIJSPPS[IH
8LI[E]WMR[LMGLGSWXIJJIGXMZIRIWWERHTVEGXMGEPMX][MPPFIEGGSQTPMWLIHMWXLVSYKLXLI
JSPPS[MRK
7IPIGXMSRSJXLIETTVSTVMEXIWXVIIXWIGXMSRJSVIEGLWTIGMJMGETTPMGEXMSR
GSRXI\X
d
WIRWMXMZI
'SRWXVYGXMSRSJWMHI[EPOWERHXVEMPW[LIVIRIIHIH
WMHI[EPOWRSXRIIHIHSRIZIV]
d
WXVIIX
6EMR[EXIVKEVHIRWWMXIH[LIVIXLI][MPPFIIJJIGXMZI
d
2EVVS[IVWXVIIXW
d
4VSTIVXVIIERHTPERXMRKWIPIGXMSRW
d
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
-REHHMXMSRXLI'MX][MPPVIEPM^IWEZMRKWMRQEMRXIRERGIERHVITEMVGSWXWJSVXLIJSPPS[MRK
TVSKVEQW
7IEPGSEXMRK
d
'VEGOJMPPMRK
d
1MPPERHSZIVPE]W
d
6IGPEQEXMSR
d
'SRJSVQERGI[MXL'SQTVILIRWMZI4PER
8LIETTVSZIH'SQTVILIRWMZI4PERMWXLISZIVEPPKYMHMRKHSGYQIRXJSVXLI'MX]SJ1ETPI[SSH
8LI0MZMRK7XVIIXW4SPMG]MWMRXIRHIHXSGSQTPMQIRXERHFYMPHYTSRXLIMRJSVQEXMSRERHKSEPW
WXEXIHMRXLI'SQTVILIRWMZI4PERERHRSXXSGVIEXIER]GSRXVEHMGXMSRSVMRGSRWMWXIRG]
8LIJSYRHEXMSRERHHIWMKRKYMHIPMRIWSJXLI0MZMRK7XVIIXW4SPMG]LEZIFIIRVIZMI[IHEKEMRWX
XLIEHSTXIH'SQTVILIRWMZI4PER;LIVIMWWYIWFIX[IIRXLIHSGYQIRXWEVIJSYRHXLI
HIGMWMSRQYWXFIQEHI[LIXLIVXSVIZMWIXLI0MZMRK7XVIIXW4SPMG]SVEQIRHXLI
'SQTVILIRWMZI4PERXSVIWSPZIXLIMWWYI(YIXSMXWVSPIEWXLISZIVEPPKYMHMRKHSGYQIRXEW
[IPPEWXLIXMQIERHIJJSVXRIGIWWEV]XSI\IGYXIEREQIRHQIRXMXMWVIGSQQIRHIHXSEZSMH
EQIRHMRKXLI'SQTVILIRWMZI4PER[LIRTSWWMFPIERHXSVIZMWIXLITSPMG]MRWXIEH
8LIWIGXMSRWSJXLIEHSTXIH'SQTVILIRWMZI4PEREKEMRWX[LMGLXLI0MZMRK7XVIIXW4SPMG]
[EWVIZMI[IHMRGPYHI 'LETXIVi7YWXEMREFMPMX] 'LETXIVi4EVOW8VEMPWERH3TIR7TEGIW
'LETXIVi2EXYVEP6IWSYVGIW 'LETXIV i8VERWTSVXEXMSR ERH'LETXIVi7YVJEGI;EXIV
%WYQQEV]SJMWWYIWJSYRH[MXLIEGLGLETXIVMWKMZIRFIPS[7IGXMSRSJXLMWHSGYQIRX
MHIRXMJMIWER]VIGSQQIRHIHEQIRHQIRXWXSXLIEHSTXIH'SQTVILIRWMZI4PER
'LETXIVi7YWXEMREFMPMX]
d
8LI0MZMRK7XVIIXW4SPMG]TVSQSXIWXLIKSEPWERHLIPTWQSZIXS[EVHJYPJMPPMRK
S
WTIGMJMGMQTPIQIRXEXMSRWXVEXIKMIWWXEXIHMRXLI7YWXEMREFMPMX]'LETXIVSJXLI
'SQTVILIRWMZI4PER
7TIGMJMGVIZMI[WSJXLIJSPPS[MRKGLETXIVWWXMPPXSFIGSQTPIXIH
'LETXIVi4EVOW8VEMPWERH3TIR7TEGI
d
'LETXIVi2EXYVEP6IWSYVGIW
d
'LETXIV i8VERWTSVXEXMSR
d
'LETXIVi7YVJEGI;EXIV
d
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
6IKYPEXSV](IQERHW
1MRRIWSXE(ITEVXQIRXSJ8VERWTSVXEXMSR
1R(38
1YRMGMTEP7XEXI%MH
17%
VSYXIW[MXLMRXLI'MX][MPPLEZIXSFIHIWMKRIHERHGSRWXVYGXIHXS
QIIX17%WXERHEVHWERHVYPIW(IWMKRIPIQIRXWSJXLI0MZMRK7XVIIXW4SPMG]XLEXQE]FI
EJJIGXIHF]XLI17%VIUYMVIQIRXWMRGPYHI
7MHI[EPOERHXVEMP[MHXL
d
:ILMGPIPERI[MHXL
d
4EVOMRKPERI[MHXL
d
&MOIPERI[MHXL
d
'PIEV^SRIW
d
1IHMER[MHXL
d
6EQWI]'SYRX]
'SYRX]7XEXI%MH,MKL[E]W
'7%,
ERH'SYRX]6SEHW[MXLMRXLI'MX][MPPLEZIXSFIHIWMKRIH
ERHGSRWXVYGXIHXSQIIX6EQWI]'SYRX]WXERHEVHWERHVYPIW(IWMKRIPIQIRXWSJXLI0MZMRK
7XVIIXW4SPMG]XLEXQE]FIEJJIGXIHF]XLIWIVIUYMVIQIRXWMRGPYHIXLIWEQIEWXLSWIEJJIGXIH
F]XLI1R(38VIUYMVIQIRXW
;EXIVWLIH(MWXVMGXW
8LI'MX]SJ1ETPI[SSHPMIW[MXLMRXLIFSYRHEVMIWSJXLVIIHMJJIVIRX[EXIVWLIHHMWXVMGXW
6EWQI];EWLMRKXSR1IXVS;EXIVWLIH(MWXVMGX:EPPI]&VERGLERH'ETMXSP6IKMSR7XSVQ[EXIV
VIKYPEXMSRW[MPPETTP]XSTVSNIGXWTIVJSVQIH[MXLMRXLIFSYRHEV]SJIEGLHMWXVMGXERHTIVQMXW
JVSQXLIHMWXVMGXW[MPPFIVIUYMVIHEWRIGIWWEV]
1MRRIWSXE4SPPYXMSR'SRXVSP%KIRG]
14'%
8LI14'%MWXLIVIKYPEXSV]FSH]XLEXEHQMRMWXIVWXLI2EXMSREP4SPPYXERX(MWGLEVKI)PMQMREXMSR
7]WXIQ
24()7
MR1MRRIWSXE9RHIVXLI24()7XLI'MX]SJ1ETPI[SSHMWVIUYMVIHXS
QEMRXEMRETIVQMXEWE1YRMGMTEP7ITEVEXI7XSVQ7I[IV7]WXIQ
17
%PP17TIVQMXLSPHIVW
EVIVIWTSRWMFPIXSTVITEVIERHMQTPIQIRXE7XSVQ;EXIV4SPPYXMSR4VIZIRXMSR4VSKVEQ
7;444
1ETPI[SSH[EWSRISJ17TIVQMXLSPHIVWHIWMKREXIHEWEq7IPIGXIH17r
VIUYMVIHXSEPWSWYFQMXEHHMXMSREPMRJSVQEXMSRXSXLI14'%8LI'MX]EGGSQTPMWLIHXLMWXLVSYKL
TVITEVEXMSRSJE0SEHMRK%WWIWWQIRXERH2SR(IKVEHEXMSR6ITSVXMR
8LI0MZMRK7XVIIXW4SPMG]MWMREPMKRQIRX[MXLXLIKSEPWSJXLI24()7TVSKVEQEW[IPPEWXLI
&IWX1EREKIQIRX4VEGXMGIW
&14W
MHIRXMJMIHMRXLI'MX]tW7;4448LI0MZMRK7XVIIXW4SPMG]
MWEPWSMREGGSVHERGI[MXLXLIGSRGPYWMSRWVIEGLIHMRXLI2SR(IKVEHEXMSR6ITSVX[LMGLWXEXIH
qXLI'MX][MPPTPE]EREGXMZIVSPIMREHSTXMRKWTIGMJMGTSPMGMIWEMQIHEXIRLERGMRKXLIWYVJEGI
[EXIVUYEPMX]r
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKI SJ
8LI'MX][MPPGSRXMRYIXSGSQTP][MXLXLIVIUYMVIQIRXWSJMXW24()7TIVQMXMRGPYHMRK
MQTPIQIRXEXMSRSJXLI&14WPMWXIHMRXLI7;4441ETPI[SSH[MPPEPWSSFXEMRMRHMZMHYEP
24()7'SRWXVYGXMSR4IVQMXWEWRIGIWWEV]JSVMRHMZMHYEPMQTVSZIQIRXTVSNIGXW[MXLMRXLI'MX]
-RGSVTSVEXMSRSJ1ETPI[SSHtWq6EMRKEVHIRr8VEHMXMSR
8LI'MX]SJ1ETPI[SSHQEHIEGSRWGMSYWHIGMWMSRXSFIJSV[EVHXLMROMRKMRVIKEVHWXS
WXSVQ[EXIVERHXLIIRZMVSRQIRXERHXSPIEHF]I\EQTPI%VIWYPXSJXLIWIHIGMWMSRW[IVI
VEMR[EXIVKEVHIRW
EPWSVIJIVVIHXSEWsVEMRKEVHIRWt
1ETPI[SSHMRWXEPPIHMXWJMVWXVEMR[EXIV
KEVHIRMR ERHWMRGIXLEXXMQILEWHIZIPSTIHERMRZIRXSV]ETTVSEGLMRKKEVHIRW8LI
'MX]LEWHIZIPSTIHEVITYXEXMSREWEPIEHIVERHMRRSZEXSVMRWXSVQ[EXIVQEREKIQIRXERHE
VEMR[EXIVKEVHIRTVSTSRIRXERHMW[IPPORS[RSYXWMHIXLIGSQQYRMX]JSVXLIWIEWTIGXW
3ZIVXLITEWX]IEVW1ETPI[SSHLEWHIZIPSTIHELMKLP]WYGGIWWJYPVEMR[EXIVKEVHIR
TVSKVEQ8LITVSKVEQTVSZMHIWJSVGVIEXMSRSJVEMR[EXIVKEVHIRWEWTEVXSJTYFPMGWXVIIX
VIGSRWXVYGXMSRTVSNIGXWERHMXEPWSIRGSYVEKIWXLIHIZIPSTQIRXSJTVMZEXIVEMR[EXIVKEVHIRWF]
LSQIS[RIVWERHFYWMRIWWIW8LI'MX]SJJIVWETPIXLSVESJMRJSVQEXMSRERHKYMHERGISRXLI
HIZIPSTQIRXSJVEMR[EXIVKEVHIRW8LI'MX]LEWIWXEFPMWLIHWXERHEVHHIWMKRWJSVTPERXMRK
PE]SYXWMRVEMR[EXIVKEVHIRWXSTVSZMHIZEV]MRKETTIEVERGIEW[IPPEWXSEGGSQQSHEXIWMXI
GSRHMXMSRWWYGLEWZEV]MRKPIZIPWSJWYRERHWLEHI
-RXLI'MX]IWXEFPMWLIHER)RZMVSRQIRXEP9XMPMX]*YRH
)9*
JSVXLITYVTSWISJJMRERGMRKMXW
7XSVQ;EXIV1EREKIQIRX4VSKVEQ8LI)9*MWJYRHIHF]EJIIGSPPIGXIHUYEVXIVP]JVSQEPP
TVSTIVXMIWMRGPYHMRKXE\I\IQTXTVSTIVXMIW8LIJIIMWFEWIHSRMQTIVZMSYWWYVJEGIGSZIVEKI
ERHVERKIWJVSQPS[IVEQSYRXWJSVWMRKPIJEQMP]VIWMHIRXMEPPSXWXSLMKLIVEQSYRXWJSV
GSQQIVGMEPERHMRHYWXVMEPWMXIW8LI)9*MWYWIHXSQEMRXEMRXLII\MWXMRKSZIVEPPWXSVQ
HVEMREKIW]WXIQEW[IPPEWXSYTKVEHIERHVITPEGIGSQTSRIRXWEWRIGIWWEV]-XMWEPWSYWIH
JSVIRLERGIQIRXSJ[IXPERHEVIEWERHMQTVSZIQIRXWXS[EXIVUYEPMX]MRSYVREXYVEPVIWSYVGIW
TVSZMHMRKIRZMVSRQIRXEPFIRIJMXWJSVXLIGSQQYRMX]ERHMRXYVRXLIVIKMSR
-RGSRNYRGXMSR[MXLXLI)9*1ETPI[SSHEPWSIWXEFPMWLIHEGVIHMXTVSKVEQXSIRGSYVEKI
TVSTIVX]S[RIVWXSYXMPM^I&IWX1EREKIQIRX4VEGXMGIW
&14W
[MXLVIKEVHXSWXSVQ[EXIV
4VSTIVX]S[RIVW[LSIWXEFPMWLERHQEMRXEMRETTVSZIH&14WVIGIMZIEGVIHMXXS[EVHWXLIMV)9*
JII6EMR[EXIVKEVHIRWEVIVIGSKRM^IHEWERETTVSZIH&14ERHJSVXLIMRWXEPPEXMSRERH
QEMRXIRERGISJEVEMR[EXIVKEVHIRXLITVSTIVX]S[RIVVIGIMZIWEGVIHMXSJ SJJXLIMV)9*
8LIPSGEXMSRHIWMKRERHMRWXEPPEXMSRSJXLIVEMR[EXIVKEVHIRQYWXQIIX1ETPI[SSH
VIUYMVIQIRXWERHQYWXFIETTVSZIHF]XLI'MX]8LI'MX]MRWTIGXWVEMR[EXIVKEVHIRWERRYEPP]
ERHEWPSRKEWXLI]VIQEMRMRGSQTPMERGI[MXLXLIVIUYMVIQIRXWERHEVIFIMRKTVSTIVP]
QEMRXEMRIHXLI)9*GVIHMXGERFIVIGIMZIHMRTIVTIXYMX]8LIYWISJ)9*JIIGVIHMXWJSV
VEMR[EXIVKEVHIRWMWERSXLIVQIERWF][LMGL1ETPI[SSHEHZERGIWVEMR[EXIVKEVHIRWF]
VIGSKRM^MRKERHVI[EVHMRKTVSTIVX]S[RIVWJSVFIMRKTVSEGXMZI
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKI SJ
8LIVEMR[EXIVKEVHIRTVSKVEQMR1ETPI[SSHMWZSPYRXEV]3ZIV SJXLIVEMR[EXIVKEVHIRW
MRXLI'MX]EVIMRPSGEXMSRW[LIVIXLIEHNEGIRXTVSTIVX]S[RIV[EWVIGITXMZIXSXLIMRWXEPPEXMSRSJ
XLIVEMR[EXIVKEVHIRERHEKVIIHXSTIVJSVQXLITPERXMRKWERHRIGIWWEV]YTOIITERH
QEMRXIRERGISJXLIKEVHIRMRVIXYVRJSVXLI GVIHMXSJJXLIMV)9*8LIVIQEMRMRKVEMR[EXIV
KEVHIRWMRXLI'MX]
PIWWXLER
EVI'MX]S[RIHKEVHIRWGSRWXVYGXIHSR'MX]S[RIHPERH
WYGLEWTEVOPERH
8LIETTVSEGLXSVEMR[EXIVKEVHIRWMWTEVXSJ1ETPI[SSHtWSZIVEPPFMKTMGXYVITSWMXMSREW
TVSQSXMRKWYWXEMREFMPMX]ERHTVSXIGXMSRSJXLIIRZMVSRQIRXEPERHREXYVEPVIWSYVGIW8LMWMW
WYQQIHYTMRXLIZMWMSRWXEXIQIRXGSRXEMRIHMRXLI7YWXEMREFMPMX]GLETXIVSJXLI'MX]tW
'SQTVILIRWMZI4PER
q8LI'MX]SJ1ETPI[SSHMRSVHIVXSIRWYVIWXI[EVHWLMTSJMXWIRZMVSRQIRX[MPPTVSQSXI
WYWXEMREFPIHIZIPSTQIRXERHTVEGXMGIWJSVXLITVIWIVZEXMSRHIWMKRERHQEMRXIRERGISJ
MXWREXYVEPERHFYMPXIRZMVSRQIRXW(IZIPSTQIRXWERHTVEGXMGIWWLSYPHQEMRXEMRSV
IRLERGIIGSRSQMGSTTSVXYRMX]ERHGSQQYRMX][IPPFIMRK[LMPITVSXIGXMRKERHVIWXSVMRK
XLIREXYVEPIRZMVSRQIRXXLEXTISTPIIGSRSQMIWERHIGSPSKMGEPW]WXIQWHITIRHSRr
8LI0MZMRK7XVIIXW4SPMG][MPPRSXVITPEGIRSVHMQMRMWLXLIVEMR[EXIVKEVHIRTVSKVEQMR
1ETPI[SSH6EXLIVXLI0MZMRK7XVIIXW4SPMG]GSQTPMQIRXXLIVEMR[EXIVKEVHIRTVSKVEQERH
MRGSVTSVEXIMXEWTEVXSJERMRXIKVEXIHETTVSEGLXSWXVIIXHIWMKR1ETPI[SSH[MPPGSRXMRYIMXW
WXVSRKXVEHMXMSRERHQEMRXEMRMXWPIEHMRKVITYXEXMSR[MXLVIKEVHXSVEMR[EXIVKEVHIRWERH
WXSVQ[EXIVQEREKIQIRX
6EMR[EXIVKEVHIRWEVIERIWWIRXMEPGSQTSRIRXSJPMZMRKWXVIIXW-RXLIGSRXI\XSJXLI0MZMRK
7XVIIXW4SPMG]XLIVEMR[EXIVKEVHIRW[MPPLEZIXLIVSPISJFSYPIZEVHJIEXYVIWSRFSXL
GSRWXVYGXMSRSJRI[WXVIIXWERHSRWXVIIXVIGSRWXVYGXMSRTVSNIGXW*SVWXVIIXVIGSRWXVYGXMSR
TVSNIGXWXLIMVHIWMKRETTPMGEXMSRMRWXEPPEXMSRERHQEMRXIRERGI[MPPFIZIV]WMQMPEVXSXLIGYVVIRX
TVSKVEQJSVFSYPIZEVHVEMR[EXIVKEVHIRW
-XMWVIGSQQIRHIHXLI0MZMRK7XVIIXW4SPMG]I\TERHXLIVEMR[EXIVKEVHIRTVSKVEQXSEPPS[XLI
VIXVSJMXXMRKSJVEMR[EXIVKEVHIRW-RSXLIV[SVHWEPPS[ERMRHMZMHYEPTVSTIVX]S[RIVXSMRWXEPPERH
QEMRXEMREVEMR[EXIVKEVHIRMRXLITYFPMGVMKLXSJ[E]EPSRKEWXVIIXXLEXLEWEPVIEH]FIIR
VIGSRWXVYGXIHSVMWRSXTVSKVEQQIHJSVMQTVSZIQIRX8LIVIXVSJMXTVSKVEQ[SYPHMRGPYHIE
PMQMXIHRYQFIVSJVEMR[EXIVKEVHIRWERRYEPP][SYPHEPPS[XLIQSRP]MRETTVSTVMEXIPSGEXMSRW
ERH[SYPHVIUYMVIETTPMGEXMSRF]XLITVSTIVX]S[RIVERHETTVSZEPF]XLI'MX]%HHMXMSREP
MRJSVQEXMSRSRXLITVSTSWIHVIXVSJMXTVSKVEQJSVVEMR[EXIVKEVHIRWMWKMZIRMRWIGXMSRSJXLMW
HSGYQIRX
4VMZEXI9XMPMX]'SRWMHIVEXMSRW
()7-+2+9-()0-2)7
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
+IRIVEP-RJSVQEXMSR
8LI8EWO*SVGIHIXIVQMRIHXLEXHIWMKRXIQTPEXIWEVIRIIHIHXSKYMHIXLIMQTPERXEXMSRSJXLI
0MZMRK7XVIIXWETTVSEGLEWTVSNIGXWEVIYRHIVXEOIR8LIXIQTPEXIW[SYPHFIHIZIPSTIH[MXL
XLIJSGYWMXIQWMHIRXMJMIHF]XLI8EWO*SVGIMRQMRH,S[IZIVXLIXIQTPEXIWEVIMRXIRHIHXSFI
JPI\MFPIVIGSKRM^MRKXLEXXLIETTPMGEXMSRJSVIEGLWTIGMJMGTVSNIGXRIMKLFSVLSSHERHWXVIIXQYWX
FIGSRXI\XWIRWMXMZI
8LI'SQTVILIRWMZI4PERJSVXLI'MX]MHIRXMJMIWXLIJSPPS[MRKWXVIIXGPEWWMJMGEXMSRLMIVEVGL]
0SGEP7XVIIXW 6SEH[E]WHIWMKRIHXSGEVV]WLSVXXVMTWEXPS[WTIIHW0SGEPWXVIIXWEVI
d
XVEZIVWIHXSVIEGLGSPPIGXSVWXVIIXWSVSXLIVLMKLIVGPEWWMJMGEXMSRVSEHW
'SPPIGXSV7XVIIXW 8LIWIVSEH[E]WEVIMRXIRHIHXSGEVV]XVEJJMGFIX[IIRXLIEVXIVMEP
d
W]WXIQERHXLIPSGEPWXVIIXW8VEJJMGZSPYQIWEVIQSHIVEXI[LMPIWTIIHWEVIQSHIVEXI
XSLMKL)\EQTPIWMRGPYHI,E^IP[SSH7XVIIXERH)RKPMWL7XVIIX
1MRSV%VXIVMEPW 8LIWIVSEH[E]WGEVV]LMKLZSPYQIWSJXVEJJMGEXQSHIVEXIXSLMKL
d
WTIIHWERHEVIXLILMKLIWXGPEWWMJMGEXMSRSJVSEH[E]YRHIVXLIQEMRXIRERGINYVMWHMGXMSR
SJ1ETPI[SSH8LIWIVSEH[E]WGERFIPSGEXIHMRQSVIVYVEPSVYVFERGSVVMHSVW
)\EQTPIWEVI0S[IV%JXSR6SEH
VYVEP
ERH;LMXI&IEV%ZIRYI
YVFER
4VMRGMTEP%VXIVMEPW 8LIWIX]TIWSJVSEH[E]WGEVV]XLILMKLIWXZSPYQIWSJXVEJJMGEXXLI
d
LMKLIWXWTIIHW)\EQTPIWSJTVMRGMTEPEVXIVMEPWMRGPYHI8VYRO,MKL[E]ERH-RXIVWXEXI
,MKL[E]W)ERH 4VMRGMTEPEVXIVMEPWEVIRSX[MXLMRXLIQEMRXIRERGINYVMWHMGXMSRSJ
XLI'MX]ERHXLIVIJSVI[MPPRSXFIMRGPYHIH[MXLMRXLI0MZMRK7XVIIXW4SPMG]
8LI0MZMRK7XVIIXW4SPMG][SYPHETTP]XSXLI0SGEP7XVIIXW'SPPIGXSVWERH1MRSV%VXIVMEPW
(IWMKRXIQTPEXIW[SYPHFIHIZIPSTIHJSVIEGLSJXLSWIX]TIW
-RQER]GEWIW6EQWI]'SYRX]LEWNYVMWHMGXMSRSZIV1MRSV%VXIVMEPW8LI0MZMRK7XVIIXW4SPMG]
VIGSKRM^IWXLMWERHGSRWMHIVW6EQWI]'SYRX]ERMQTSVXERXTEVXRIV8LIETTPMGEXMSRSJXLI
TSPMG]SRER]VSEH[E]YRHIVXLIMVNYVMWHMGXMSR[MPPVIUYMVIGPSWIGSSVHMREXMSRERHGSSTIVEXMSR
FIX[IIRXLI'MX]ERHXLI'SYRX]
%HHMXMSREPP]EPP1MRSV%VXIVMEPWEW[IPPEWEQENSVMX]SJ'SPPIGXSVWEVIHIWMKREXIHVSYXIWSRXLI
1YRMGMTEP7XEXI%MH7]WXIQ8LMWHSIWRSXTVIGPYHIXLIETTPMGEXMSRSJXLI0MZMRK7XVIIXW4SPMG]
SRXLSWIVSEHWFYXMRSVHIVXSQEMRXEMR7XEXI%MHJYRHMRKJSVXLSWIVSEHWERHYWIMXMRXLIMV
VIGSRWXVYGXMSRXLITPERW[MPPVIUYMVIVIZMI[ERHETTVSZEPF]XLI1MRRIWSXE(ITEVXQIRXSJ
8VERWTSVXEXMSR
1R(38
7XEXI%MHHIWMKRVYPIWWYGLEWJSVPERI[MHXLWGPIEV^SRIWIXG[MPP
RIIHXSFIJSPPS[IHMRXLIETTPMGEXMSRSJXLI0MZMRK7XVIIXW4SPMG]SRXLSWIHIWMKREXIH7XEXI%MH
WXVIIXW-RMRWXERGIW[LIVIXLI7XEXI%MHVYPIWEVIRSXEFPIXSFIGSQTPMIH[MXLERETTPMGEXMSR
JSVZEVMERGIJVSQXLIVYPIQE]FIWYFQMXXIHXS1R(38-JKVERXIHXLIZEVMERGI[SYPHEPPS[XLI
WXVIIXXSFIGSRWXVYGXIHEWTVSTSWIH[LMPIWXMPPYXMPM^MRK7XEXI%MHJYRHW
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
3JXIRXMQIWMRRIMKLFSVLSSHWXLIVIEVIPSGEPWXVIIXWXLEX[LMPIRSXVIEGLMRKXLIJYRGXMSREP
GPEWWMJMGEXMSRSJ'SPPIGXSVWIVZIXSGSRRIGXXLIQENSVMX]SJXVMTWJVSQSXLIVPSGEPWXVIIXWXSXLI
GSPPIGXSVWSVQMRSVEVXIVMEPW8LIWIWXVIIXWXIRHXSI\TIVMIRGIZSPYQIWERHYWEKIMRXLIYTTIV
VERKISJXLIX]TMGEPZEPYIWJSVPSGEPWXVIIXW%RI\EQTPI[SYPHFI&EVXIPQ]0ERIFIX[IIR
1MRRILELE%ZIRYIERH7XMPP[EXIV6SEH
%PXLSYKLPSGEPXLI8EWO*SVGIJIPXMXETTVSTVMEXIXSVIGSKRM^IXLIMRGVIEWIHZSPYQIWSRWYGL
WXVIIXWERHXSTVSZMHIEHIWMKRXIQTPEXIXLEXEGGSQQSHEXIHXLIMVGSRXI\XEWELMKLIVYWEKI
PSGEPWXVIIX8LI[SVOMRKXIVQKMZIRXSXLIWIWXVIIXWF]XLI8EWO*SVGI[EWq0SGEP'SRRIGXSVr
%FVMIJHMWGYWWMSRSJIEGLX]TISJVSEH[E]JSPPS[WMRGPYHMRKXLIHIWMKRXIQTPEXIWJSVIEGL*SV
IEGLX]TIXLIVIEVISTXMSRWJSVHIWMKRIPIQIRXWWYGLEWXLIRYQFIVSJXVEJJMGPERIW[LIXLIVSV
RSXXLIVIEVITEVOMRKERHSVFMOIPERIW[LIXLIVSVRSXWMHI[EPOWEVITVSZMHIHIXG8LIHIWMKR
XIQTPEXIWLEZIFIIRTVITEVIHXSEHHVIWWXLIQSWXGSQQSRGSQFMREXMSRSJSTXMSRWJSVIEGL
X]TISJVSEH[E]-REHHMXMSRXSXLIXIQTPEXIWXLIJSPPS[MRKQEXVM\LEWFIIRTVITEVIHXS
WYQQEVM^IXLISTXMSRWJSVIEGLIPIQIRXXLEXEVIEZEMPEFPISRIEGLX]TISJWXVIIX
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
0SGEP7XVIIX
*SVXLI0MZMRK7XVIIXW4SPMG]XLI0SGEP7XVIIX[MPPFIXLSWI[MXLE0SGEP7XVIIXJYRGXMSREP
GPEWWMJMGEXMSR
8LI8EWO*SVGIVIEGLIHGSRWIRWYWSRXLIJSPPS[MRKEWTIGXWVIKEVHMRK0SGEP7XVIIXW
4EVOMRKWLSYPHFITVSZMHIHEPSRKSRIWMHISJXLIWXVIIX7XYHMIWLEZIWLS[RXLEXJSVE
d
X]TMGEPVIWMHIRXMEPWXVIIXQEOMRKTVSZMWMSRWJSVTEVOMRKEPSRKFSXLWMHIWMWI\GIWWMZI
ERHXLITEVOMRKGETEGMX]MWYRHIVYXMPM^IH
7MHI[EPOWWLSYPHEXEQMRMQYQFIGSRWMHIVIHEPSRKEXPIEWXSRIWMHISJIEGLPSGEP
d
WXVIIXLS[IZIVXLIRIIH[SYPHFIHIXIVQMRIHFEWIHSREGSRXI\XWIRWMXMZIETTPMGEXMSR
-JEWMHI[EPOMWRSXTVSZMHIHXLIWXVIIXTEZIQIRX[MHXLWLSYPHFI[MHIVXSEGGSQQSHEXI
d
EWLEVIHTYVTSWISJFMOIWTIHIWXVMERWEPSRKXLIWXVIIXIHKI
*SVWXVIIXW[LIVIEWMHI[EPOMWHIIQIHETTPMGEFPISTXMSRWGSYPHFITVSZMHIHXSMRWXEPP
d
WMHI[EPOEPSRKSRISVFSXLWMHIWSJXLIWXVIIX
-JXLIWXVIIXEFYXWEWGLSSPSVTEVOMWMHIRXMJMIHMRXLI'SQTVILIRWMZI4PERSVMWTEVXSJ
d
EPEVKIVRIX[SVOSJTIHIWXVMERVSYXIWXLIRWMHI[EPOMWVIUYMVIH
(IWMKRXIQTPEXIWWLS[MRKSTXMSRWXLVSYKLEVITVSZMHIHJSV0SGEP7XVIIXW
-27)684,3837
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
'SRGVIXI'YVF
ERH+YXXIV
&MXYQMRSYW6SEH[E]
6EMR[EXIV+EVHIR
7XVIIX8VIIW
7MHI[EPO
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
t63%(;%=;-(8,
ttt
;%0/
t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI 7MHI[EPOVIUYMVIHMJXLIWXVIIXEFYXWEWGLSSPSVTEVO
'SRGVIXI'YVF
ERH+YXXIV
&MXYQMRSYW6SEH[E]
7XVIIX8VIIW
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
t63%(;%=;-(8,
tt
t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI 7MHI[EPOVIUYMVIHMJXLIWXVIIXEFYXWEWGLSSPSVTEVO
'SRGVIXI'YVF
ERH+YXXIV
&MXYQMRSYW6SEH[E]
7XVIIX8VIIW
6EMR[EXIV+EVHIR
7MHI[EPO
7MHI[EPO
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
t63%(;%=;-(8,
tttt
;%0/;%0/
t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI 7MHI[EPOVIUYMVIHMJXLIWXVIIXEFYXWEWGLSSPSVTEVO
0SGEP'SRRIGXSV7XVIIX
%0SGEP'SRRIGXSV7XVIIX[MPPFIGSRWMHIVIHXLSWI[MXLE0SGEP7XVIIXJYRGXMSREPGPEWWMJMGEXMSR
FYXXLEXLEZIETEVXMGYPEVGLEVEGXIVMWXMGWYGLEWELMKLIVXLEREZIVEKIZSPYQISJZILMGYPEV
ERHSVTIHIWXVMERXVEJJMGSVXLEXGSRRIGXREXYVEPIPIQIRXW*SVI\EQTPIEVIWMHIRXMEPWXVIIXXLEX
JYRRIPWXVEJJMGFIX[IIRXLIMRXIVMSVSJERIMKLFSVLSSHERHXLIIRXVERGII\MXXSXLIRIMKLFSVLSSH
SVXSERIEVF]WXVIIX[MXLE'SPPIGXSVSV1MRSV%VXIVMEPJYRGXMSREPGPEWWMJMGEXMSR3VEVIWMHIRXMEP
WXVIIXXLEXWTERWFIX[IIRX[SWXVIIXW[MXLWMHI[EPOWSVXVEMPWEPSRKXLIQQEOMRKMXEREXYVEPPMRO
MRXLIRIX[SVO
8LI8EWO*SVGIVIEGLIHGSRWIRWYWSRXLIJSPPS[MRKEWTIGXWVIKEVHMRK0SGEP'SRRIGXSV
7XVIIXW
4EVOMRKWLSYPHFITVSZMHIHEPSRKSRIWMHISJXLIWXVIIXJSVXLIWEQIVIEWSRWGMXIHEW
d
XLI0SGEP7XVIIX
7MHI[EPOWRIIHXSFITVSZMHIHEPSRKXLMWX]TISJWXVIIXXSTVSZMHIRIMKLFSVLSSH
d
GSRRIGXMSRWERHXSTIHIWXVMERJEGMPMXMIWEPSRKGSPPIGXSVWERHQMRSVEVXIVMEPW
3TXMSRWGSYPHFITVSZMHIHXSMRWXEPPWMHI[EPOEPSRKSRISVFSXLWMHIWSJXLIWXVIIX
d
(IWMKRXIQTPEXIWWLS[MRKSTXMSRWERHEVITVSZMHIHJSV0SGEP'SRRIGXSV7XVIIXW
-27)684,3837
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
'SRGVIXI'YVF
ERH+YXXIV
&MXYQMRSYW6SEH[E]
7XVIIX8VIIW
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
7MHI[EPO
6MKLXSJ;E]
6MKLXSJ;E]
t63%(;%=;-(8,
ttt
;%0/
t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI 4EVOMRKEPPS[IHSRFSXLWMHIWSJXLIWXVIIX
0SGEP2IMKLFSVLSSH'SPPIGXSV
7XVIIX8VIIW
&MXYQMRSYW6SEH[E]
'SRGVIXI'YVF
ERH+YXXIV
6EMR[EXIV+EVHIRW
6EMR[EXIV+EVHIR
7MHI[EPO
7MHI[EPO
6MKLXSJ;E]
6MKLXSJ;E]
t63%(;%=;-(8,
tttt
;%0/;%0/
t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI 4EVOMRKEPPS[IHSRFSXLWMHIWSJXLIWXVIIX
0SGEP2IMKLFSVLSSH'SPPIGXSV
'SPPIGXSV
%'SPPIGXSV7XVIIX[MPPFIGSRWMHIVIHXLSWI[MXLE'SPPIGXSV7XVIIXJYRGXMSREPGPEWWMJMGEXMSR7YGL
VSEH[E]WGSRZI]MRXVEGSQQYRMX]XVEJJMGFIX[IIRRIMKLFSVLSSHWFYWMRIWWGIRXIVWMRHYWXVMIW
TEVOWERHXLIPMOIERHHMVIGXEGGIWWXSEFYXXMRKTVSTIVXMIWMWX]TMGEPP]EPPS[IH7TEGMRKSJXLIWI
VSEHWX]TMGEPP]TPEGIWXLIQETTVS\MQEXIP]SRILEPJQMPIETEVX
8LI8EWO*SVGIVIEGLIHGSRWIRWYWSRXLIJSPPS[MRKEWTIGXWVIKEVHMRK'SPPIGXSVWXVIIXW
4EVOMRKWLSYPHFITVSZMHIHEPSRKSRIWMHISJXLIWXVIIXYRPIWWTVSLMFMXIH
d
%RSTXMSRWLSYPHFITVSZMHIHJSVEGIRXIVSTTSWMRKXYVRPERI
PERIHIWMKR
d
3RVSEHFMOIPERIWWLSYPHFITVSZMHIHJSVFSXLHMVIGXMSRWSJXVEJJMG
d
7MHI[EPOWRIIHXSFITVSZMHIHEPSRKXLMWX]TISJWXVIIX[MXLSTXMSRWTVSZMHIHXSMRWXEPP
d
WMHI[EPOEPSRKSRISVFSXLWMHIW
8VEMPWGSYPHFIMRWXEPPIHMRPMIYSJWMHI[EPOW
(IWMKRXIQTPEXIWWLS[MRKSTXMSRWXLVSYKLEVITVSZMHIHJSV'SPPIGXSV7XVIIXW
-27)684,3837
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
'SRGVIXI'YVF
ERH+YXXIV
4EVOMRK0ERI
&MXYQMRSYW6SEH[E]
&MOI0ERI
&MOI0ERI
7XVIIX8VIIW6EMR[EXIV+EVHIR
7MHI[EPO
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
ttttt
4%6/-2+&-/)(6-:-2+0%2)(6-:-2+0%2)&-/)
0%2)0%2)
ttt
;%0/
t63%(;%=;-(8,
t
t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
1ENSV'SPPIGXSV
7XVIIX8VIIW
&MXYQMRSYW6SEH[E]
&MOI0ERI
&MOI0ERI
'SRGVIXI'YVF
6EMR[EXIV+EVHIR
ERH+YXXIV
7MHI[EPO
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
ttt
tt
&-/)(6-:-2+0%2)4%6/-2+0%2)(6-:-2+0%2)&-/)
0%2)0%2)
t
t
t
;%0/
t63%(;%=;-(8,
t
t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
1ENSV'SPPIGXSV
7XVIIX8VIIW
&MOI0ERI
&MXYQMRSYW6SEH[E]
'SRGVIXI'YVF
&MOI0ERI
ERH+YXXIV
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
7MHI[EPO
7MHI[EPO
6MKLXSJ;E]
6MKLXSJ;E]
ttttt
&-/)(6-:-2+0%2)4%6/-2+0%2)(6-:-2+0%2)&-/)
0%2)0%2)
t
tt
t
;%0/;%0/
t63%(;%=;-(8,
t
t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
1ENSV'SPPIGXSV
7XVIIX8VIIW
&MXYQMRSYW6SEH[E]
&MOI0ERI
&MOI0ERI
'SRGVIXI'YVF
6EMR[EXIV+EVHIR
ERH+YXXIV
7MHI[EPO
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
tttt
&-/)(6-:-2+0%2)(6-:-2+0%2)&-/)
0%2)0%2)
t
tt
;%0/
t63%(;%=;-(8,
t
t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
1ENSV'SPPIGXSV
1MRSV%VXIVMEP
1MRSV%VXIVMEPWXVIIXW[MPPFIXLSWI[MXLXLEXJYRGXMSREPGPEWWMJMGEXMSR8LIWIVSEHWEVIXLI
GPSWIWXVSYXIWVYRRMRKTEVEPPIPXSXLITVMRGMTEPEVXIVMEPW]WXIQ1MRSV%VXIVMEPWWYTTPIQIRXERH
TVSZMHIVIPMIJJSVXVEJJMGXSXLITVMRGMTEPEVXIVMEPW]WXIQ(MVIGXEGGIWWJVSQXLMWX]TISJVSEH[E]
XSEFYXXMRKTVSTIVXMIWQE]SVQE]RSXFIEPPS[IHEWHIXIVQMRIHMRXLI1ETPI[SSH'MX]'SHI
'LETXIV%VXMGPI:-i(VMZI[E]W7TEGMRKSJQMRSVEVXIVMEPWMWHIXIVQMRIHF]1R(38ERH
6EQWI]'SYRX]WXERHEVHW[MXLWMXIWTIGMJMGI\GITXMSRW8LMWVSEH[E]X]TIWIVZIWMRXIVERH
MRXVEGSQQYRMX]RIIHWJSVXVMTWEW[IPPEWQIHMYQXSPSRKHMWXERGIWYFYVFXSWYFYVFXVMTW
8LI]QE]EPWSGSRRIGXQENSVXVMTKIRIVEXSVWERHSVJYRRIPXVEJJMGFIX[IIRGSPPIGXSVWERH
VIWXVMGXIHEGGIWWEVXIVMEPW
8LI8EWO*SVGIJIPXQER]STXMSRWGSYPHFITVSZMHIHJSVXLMWX]TISJVSEH[E]HYIXSQER]
HMJJIVIRXGSRXI\XWMR[LMGLXLI]GERI\MWX*SPPS[MRKMWEWYQQEV]SJWSQISJXLIKYMHERGI
TSMRXWHIXIVQMRIHF]XLI8EWO*SVGIVIKEVHMRK1MRSV%VXIVMEPWXVIIXW
4EVOMRKQE]SVQE]RSXFIEPPS[IHEPSRKXLIWIWXVIIXWHITIRHMRKYTSRXLIGSRXI\X
d
3TXMSRWWLSYPHFITVSZMHIHJSVX[SXLVIIERHJSYVPERIHIWMKRW
d
3RVSEHFMOIPERIWWLSYPHFITVSZMHIHJSVFSXLHMVIGXMSRWSJXVEJJMG
d
7MHI[EPOWRIIHXSFITVSZMHIHEPSRKFSXLWMHIWSJXLMWX]TISJWXVIIX%QMRSVEVXIVMEP
d
[MXLWMHI[EPOEPSRKNYWXSRIWMHIWLSYPHFIGSRWMHIVIHSRP]MREWMXYEXMSR[LIVIMXMWRSX
JIEWMFPISVTVEGXMGEPXSMRWXEPPWMHI[EPOEPSRKFSXLWMHIW
(IWMKRXIQTPEXIWWLS[MRKSTXMSRWXLVSYKLEVITVSZMHIHJSV1MRSV%VXIVMEPW
-27)684,3837
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
&MOI0ERI
4EVOMRK0ERI4OOMMM0
M0
&MXYQMRSYW6SEH[E]
'SRGVIXI'YVF
ERH+YXXIV
ERHHHHHH+YYYYXXXXXXXXXIIVVV
EH+YY
&MOI0ERI
7XVIIX8VIIW
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
7MHI[EPO
7MHI[EPO
6MKLXSJ;E]
6MKLXSJ;E]
ttttt
(6-:-2+(6-:-2+
4%6/-2+&-/)&-/)
0%2)0%2)
0%2)0%2)0%2)
tttt
;%0/;%0/
t63%(;%=;-(8,
t
t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
1MRSV%VXIVMEP
&MOI0ERI
&MXYQMRSYW6SEH[E]
'SRGVIXI'YVF
ERH+YXXIV
&MOI0ERI
7XVIIX8VIIW
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
XIXIVVV+E+EEVHVHIRIRIRIRRRRWWWWWWWWWW
IVVV+ERRWW
VHVHRRWWWWWWWWWWWW
VRW
RRRWWW
7MHI[EPO
7MHI[EPO
7777MHIHI[E[EPOOOOOOO
77MPPOOOOO
OO
OO
OOOO
OO
O
[EOO
O
6MKLXSJ;E]
6MKLXSJ;E]
t
tttt
&-/)8962-2+0%2)
(6-:)0%2)(6-:)0%2)
&-/)
tttt
0%2)
0%2)
;%0/;%0/
t63%(;%=;-(8,
t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
1MRSV%VXIVMEP
&MOI0ERI
&MXYQMRSYW6SEH[E]
'SRGVIXI'YVFSSXIXIX'FFF
FF
XI'F
S
S
F
SRGRGRGRVIVIVIIIIYVFFF
SSSSVIVIIYV
ERH+YXXIV
EERRHHH+Y++++XXXIIVIV
E++Y+V
&MOI0ERI
7XVIIX8VIIW
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
7MHI[EPO
7MHI[EPO
6MKLXSJ;E]
6MKLXSJ;E]
tt
t(6-:)0%2)7$t)%',t
tt
&-/)
&-/)
;%0/
;%0/
0%2)
0%2)
t63%(;%=;-(8,
t
t
&390):%6(
&390):%6(
t8=4-'%06-+,83*;%=
1MRSV%VXIVMEP
1MWGIPPERISYW
1MWGIPPERISYWWXVIIXW[MPPFIXLSWIXLEXHSRSXJMXER]SJXLIX]TIWTVIZMSYWP]HMWGYWWIH8LI
QSWXGSQQSRI\EQTPISJEQMWGIPPERISYWWXVIIXMWEGYPHIWEG
*SPPS[MRKMWEWYQQEV]SJXLIKYMHERGIJSVGYPHIWEG
8LIXLVSEXWLSYPHFIGSRWMHIVIHEWEX]TMGEP0SGEP7XVIIX
WII7IGXMSR
d
2EVVS[WXVIIX[MHXLWLSYPHFIEPPS[IHSRP][LIREFSYPIZEVHWMHI[EPOMW
S
TVSZMHIH
8LIGMVGPISJXLIGYPHIWEGWLSYPHFIWM^IHXSQIIXEGGIWWVIUYMVIQIRXWSJXLIGYVVIRX
d
ZIVWMSRSJXLI1MRRIWSXE7XEXI*MVI'SHI
8LIGMVGPISJEPPGYPHIWEGWWLSYPHFIHIWMKRIH[MXLKVIIRWTEGIMRMXWGIRXIVJSV
d
WXSVQ[EXIVXVIEXQIRXERHSVPERHWGETMRK
(IWMKRXIQTPEXIWWLS[MRKSTXMSRWERHEVITVSZMHIHJSVSJJWIXERHWXERHEVHGYPHIWEGW
8]TISJQMWGIPPERISYWWXVIIXWFIWMHIWGYPHIWEGWGSYPHMRGPYHIWTIGMEPSVYRMUYIVSEH[E]W
WYGLEWTEVO[E]WKYMHIHGSVVMHSVWSVEPPI]W*SVXLSWIWMXYEXMSRWIEGL[SYPHFIGSRWMHIVIH
SREGEWIF]GEWIFEWMW
-27)684,3837
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKI SJ
6EMR[EXIV+EVHIR
'SRGVIXI'YVF
6MKLXSJ;E]
ERH+YXXIV
&MXYQMRSYW6SEH[E]&MXYQM6
QM
&
MXYYW
RSSSSSSSSYWYWYWYWYWWWWWWSSE
SSYWY6
SSYWYY
7XVIIX8VIIW
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
tt63%(;%=;-(8,
t t t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI tEPPS[IHSRP][LIRFSYPIZEVHWMHI[EPOMWTVSZMHIH
'YP(I7EG
7XVIIX8VIIW
'SRGVIXI'YVF
&MXYQMRSYW6SEH[E]
ERH+YXXIV
6EMR[EXIV+EVHIR
6EMR[EXIV+EVHIRW
6MKLXSJ;E]
6MKLXSJ;E]
tt63%(;%=;-(8,
t t t t
&390):%6(&390):%6(
t8=4-'%06-+,83*;%=
2SXI tEPPS[IHSRP][LIRFSYPIZEVHWMHI[EPOMWTVSZMHIH
'YP(I7EG
-140)1)28%8-32
'SQTVILIRWMZI4PER%QIRHQIRXW
&EWIHSRXLIGSQTEVMWSRSJXLI0MZMRK7XVIIXW4SPMG]XSXLI'MX]SJ1ETPI[SSHEHSTXIH
'SQTVILIRWMZI4PEREWHMWGYWWIHMR7IGXMSRJSPPS[MRKMWEWYQQEV]PMWXSJXLI
VIGSQQIRHIHEQIRHQIRXWXLEXWLSYPHFIGSRWMHIVIHJSVXLI'SQTVILIRWMZI4PER
'LETXIV %QIRHXLIHIJMRMXMSRSJ1MRSV%VXIVMEPXSVIQSZIXLIWXEXIQIRXXLEXWYGLE
d
VSEHGSRXEMRWEXPIEWXX[SHVMZIPERIWMRIEGLHMVIGXMSR
1SVI8&(FEWIHSRJYVXLIVVIZMI[SJ'SQT4PERGLETXIVWg
d
'MX]'SHI6IZMWMSRW
7YFHMZMWMSR3VHMRERGI
d
49(3VHMRERGI
d
8VII3VHMRERGI
d
'SQQYRMX](IWMKR6IZMI[&SEVH
d
)RKMRIIVMRK7TIGMJMGEXMSRWERH7XERHEVHW6IZMWMSRW
<<<<<<<<<<<<<<<<<<<<<<8S&I'SQTPIXIH
)RZMVSRQIRXEP9XMPMX]*II4SPMG]6IZMWMSRW
-RGVIEWIXLI)9*GVIHMXJVSQ XS XSQEMRXEMRERHLSTIJYPP]MRGVIEWIXLIPIZIPSJ
d
ZSPYRXEV]TEVXMGMTEXMSRMRXLIVEMR[EXIVKEVHIRTVSKVEQ
'PEVMJ]XLEXGSRXMRYERGISJGVIHMXWMWRSXKYEVERXIIHJSVTIVTIXYMX]'VIHMXWEVIVIZMI[IH
d
TIVMSHMGEPP]ERHGERFIXIVQMREXIHMJXLI&14MWRSXFIMRKEHIUYEXIP]QEMRXEMRIH
)WXEFPMWLETVSKVEQXSEPPS[JSVVIXVSJMXXMRKSJVEMR[EXIVKEVHIRW
d
(IWMKREXIEREQSYRXERRYEPP]JVSQXLI)9*XSFIYWIHJSVVIXVSJMXXIHVEMR[EXIV
S
KEVHIRW6IGSQQIRHIHMRMXMEPEQSYRXMW
)WXEFPMWLERTVSGIHYVIJSVMRXIVIWXIHTVSTIVX]S[RIVWXSETTP]JSVGSRWMHIVEXMSR
S
SJLEZMRKEVIXVSJMXXIHVEMR[EXIVKEVHIRGSRWXVYGXIH
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKI SJ
%TTVSZIYTXSJMZIETTPMGEXMSRWJSVVIXVSJMXXIHVEMR[EXIVKEVHIRWTIV]IEV[MXLER
S
E[EVHSJXSFIQEHIXSXLITVSTIVX]S[RIVYTSRWYGGIWWJYP
IWXEFPMWLQIRXSJXLIVEMR[EXIVKEVHIR
'YVFGYX[SYPHFITVSZMHIHEWRIGIWWEV]F]XLI'MX]EXRSGSWXXSXLITVSTIVX]
S
S[RIVJSVETTVSZIHVIXVSJMXETTPMGEXMSRW
8VII4PER(IZIPSTQIRX
-XMWVIGSQQIRHIH1ETPI[SSHHIZIPSTERHMQTPIQIRXERMRXIKVEXIH8VII4PER
d
8LI8VII4PERWLSYPHMHIRXMJ]ERHIWXEFPMWLEGSRWMWXIRXVIPMEFPIWXEFPIWSYVGI
S
SJVIZIRYIJSVXLI8VII*YRH
8LIRIIHJSVERSZIVEPPXVIITPER[MXLMRXLI'MX]LEWFIIRMHIRXMJMIHMRWIZIVEP[E]W8LI
7YWXEMREFMPMX]'LETXIVSJXLIEHSTXIH'SQTVILIRWMZI4PERWXEXIWEKSEPSJXLI'MX]MWXS
q%HSTXERYVFERXVIITVSKVEQXLEXIRGSYVEKIELIEPXL]ERHXLVMZMRKYVFERXVIIGERST]r XLI
0MZMRK7XVIIXW8EWO*SVGIMRXLIMVHMWGYWWMSRWVIGSKRM^IHXLIRIIHJSVEXVIITSPMG]TVSKVEQ
MRGPYHMRKJYRHMRKQIGLERMWQ ERHXLI'MX]4YFPMG;SVOW(ITEVXQIRXMWTVSTSWMRKE*SVIWXV]
TVSKVEQMRMXWFYHKIXJSV*MREPP]XLMW0MZMRK7XVIIXW4SPMG]LEWIWXEFPMWLIHIRLERGMRKXLI
YVFERJSVIWXEWEJSGEPTSMRXSJWXVIIXTVSNIGXWKSMRKJSV[EVH
8LIVIEVIQER]I\MWXMRKMRHMZMHYEPMXIQWVIPEXIHXSXVIIW[MXLMR1ETPI[SSH8LIWIMRGPYHIXLI
XVIISVHMRERGIXVIISVHMRERGIWYTTPIQIRXXVIIVIFEXITVSKVEQFMKXVIIVIKMWXV]TVSKVEQERH
XLIXVIIJYRH%RSZIVEPPXVIITPER[SYPHMRXIKVEXIXLIWII\MWXMRKMXIQWGSLIWMZIP]MHIRXMJ]XLI
VIUYMVIQIRXWJSVXLIXVIIWMRXLI0MZMRK7XVIIXW4SPMG]EWHMWGYWWIHMR7IGXMSRERHEPWS
MRHIRXMJ]ERHEHHVIWWER]SXLIVKETWMRXLIETTVSEGLXSXLIYVFERJSVIWX
*YRHMRKRIIHWXSFIERMQTSVXERXGSQTSRIRXSJXLISZIVEPPXVIITPER'YVVIRXP]XLIWSPI
VIZIRYIWSYVGIJSVXLI8VII*YRHMWHIZIPSTIVGSRXVMFYXMSRWVIUYMVIHSRP][LIREHIZIPSTIVMW
RSXEFPIXSTVIWIVZIXVIIWSVTVSZMHIEHIUYEXIVITPEGIQIRXXVIIWEWTEVXSJXLIMVHIZIPSTQIRX
%WEVIWYPXXLIVIZIRYIJPS[JSVXLI8VII*YRHMWMRGSRWMWXIRXERHYRTVIHMGXEFPI(YVMRKE
TIVMSHSJWPS[HIZIPSTQIRXEGXMZMX]EWMRVIGIRX]IEVWSVMJHIZIPSTIVWEVIMQTPIQIRXKSSH
TVEGXMGIWERHQIIXMRKXLIMVXVIIVIUYMVIQIRXWXLIVIZIRYIMRXSXLI8VII*YRHMWPS[,S[IZIV
XLI'MX]MWI\TIVMIRGMRKMRGVIEWMRKERHQSVIGSRWMWXIRXI\TIRWIWVIPEXIHXSXVIIWERHXLIYVFER
JSVIWXEWI\LMFMXIHF]XLITVSTSWIHJSVIWXV]FYHKIXMRERHXLIGSQQMXQIRXXSXLI0MZMRK
7XVIIXWETTVSEGL
7XVIIX6IGSRWXVYGXMSR4VSNIGXW
9TSREHSTXMSRMXWLSYPHFIGPIEVP]MHIRXMJMIHXLI0MZMRK7XVIIXW4SPMG]MWXLIRI[WXERHEVHJSVEPP
WXVIIXTVSNIGXWFSXLRI[ERHVIGSRWXVYGXMSR[MXLMRXLI'MX]SJ1ETPI[SSH
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
3YXVIEGLERH)HYGEXMSR
3YXVIEGLERHIHYGEXMSRMWERMQTSVXERXEWTIGXSJIWXEFPMWLMRKEREHSTXIH0MZMRK7XVIIXW4SPMG]
[MXLMRXLI'MX]SJ1ETPI[SSH8LIWYGGIWWSJ0MZMRK7XVIIXW[MPPFIKVIEXP]MRGVIEWIHMJXLI
YRHIVWXERHMRKERHWYTTSVXSJXLIGSQQYRMX]GERFIEXXEMRIH
1ETPI[SSHEPVIEH]LEWERIJJIGXMZITVSKVEQJSVGSQQYRMGEXMSREWTEVXSJWXVIIXVIGSRWXVYGXMSR
TVSNIGXW8LEXTVSKVEQWLSYPHFIQEMRXEMRIHERHMRGSVTSVEXIHEWTEVXSJEPEVKIVSZIVEPP
GSQQYRMGEXMSRTPERJSV0MZMRK7XVIIXW
8LIWXERHEVHWIWXEFPMWLIHF]XLMW0MZMRK7XVIIXW4SPMG]WLSYPHFITVIWIRXIHERH
d
GSQQYRMGEXIHXSTVSTIVX]S[RIVW[MXLMRTVSNIGXEVIEWERHWLSYPHFIXLIWXEVXMRKTSMRX
JSVHMWGYWWMSRSJTVSNIGXIPIQIRXW
8LISYXVIEGLERHIHYGEXMSRJSVXLI0MZMRK7XVIIXW4SPMG]GERFIFVSOIRHS[RMRXSIPIQIRXEP
GSQTSRIRXW [LSRIIHWXSFIGSQQYRMGEXIH[MXL [LIVIXLIGSQQYRMGEXMSRWLSYPHSGGYV
LS[XLIGSQQYRMGEXMSRGERFIGSRZI]IH [LEXWLSYPHFIMRXLIQIWWEKI%RSYXPMRISJXLIWI
GSQTSRIRXWMWWLS[RFIPS[
8SSPWJSVGSQQYRMGEXMSR
'VIEXIEWTIGMJMGMQEKIXSVITVIWIRXXLI0MZMRK7XVIIXW4SPMG]
d
'VIEXIEWYQQEV]JEGXWLIIXSVFVSGLYVIWMQMPEVXSEW[EWHSRIJSVVEMRKEVHIRW
d
)PIQIRXWSJ1IWWEKI
&IRIJMXW
d
0SRKXIVQXLMROMRK
d
7YWXEMREFMPMX]ERHIRZMVSRQIRXEPWXI[EVHWLMT
d
8EVKIXKVSYTWJSVGSQQYRMGEXMSR
4EVIRXW
d
'LMPHVIR
d
7IRMSVW
d
']GPMWXW
d
4IHIWXVMERW
d
&YWMRIWWIW
d
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
)RZMVSRQIRXEPMWXW
d
+EVHIRIVW
d
4VSTIVXMIWEPSRKTVSTSWIHTVSNIGXW
d
;E]WXSGSQQYRMGEXI
'SEPMXMSRW
d
7TIGMEPIZIRXW
d
)\MWXMRKSYXPIXW
RI[WPIXXIV[IFTEKIGEFPIXZ
d
4VSNIGXTVSGIWW
WTIGMJMGTYFPMGQIIXMRKW
d
%WTIGXWSJGSQQYRMGEXMSR
)EVP]GSQQYRMGEXMSR
d
)RKEKIXLIEYHMIRGIKVSYT
d
4VSQSXIX[S[E]GSQQYRMGEXMSR
d
4EGOEKIXLIQIWWEKIETTVSTVMEXIP]JSVXLIGSRXI\X
d
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
%44)2(-')7
&IRIJMXWSJ0MZMRK7XVIIXWiI\GIVTXJVSQXLI2SVXL7X4EYP0MZMRK7XVIIXW4PER
'MX]SJ1ETPI[SSH12
0MZMRK7XVIIXW4SPMG]
'SQTPIXI+VIIR!0MZMRK
4EKISJ
7IGXMSR&EGOKVSYRH
&IRIwXWSJ0MZMRK7XVIIXW
1SWXSJYWXLMROSJ%QIVMGEEWXLIPERHSJGLSMGIW=IXMRNYWXEFSYXER]GSQQYRMX]FYMPXMRXLIPEWX
]IEVWXLIVIMWTVIXX]QYGLSRIGLSMGIJSVXVERWTSVXEXMSR XLIGEV2SVXL7X4EYPMWRtXER]HMJJIVIRX
XLERQSWX%QIVMGERGMXMIWMRXLMWVIKEVH0MZMRK7XVIIXWTVSZMHIQER]XVERWTSVXEXMSRGLSMGIWXSXLI
HMZIVWIVERKISJGMX]VIWMHIRXWERHMXFEPERGIWXLSWIGLSMGIWXSTVSZMHIGSQQYRMX]IRZMVSRQIRXEPERH
IGSRSQMGFIRIwXWEW[IPP
;EPOEFPIWXVIIXWVEMWI0MZMRK7XVIIXWLEZIIGSRSQMGFIRIwXWFIGEYWI
LSQIZEPYIW
XLI]
7XYHMIWWLS[XLEX
1EOI*MWGEP7IRWI
7QEPPIVWXVIIXWPIWWTEZIQIRXERHJI[IV
LSQIWMRQSVI[EPOEFPI
YRHIVKVSYRHWXSVQWI[IVTMTIWGSWXPIWWXSFYMPH8LIWIEVI
RIMKLFSVLSSHWLEZILMKLIV
WEZMRKWXLEXVIWMHIRXW[MPPRSXMGISRWTIGMEPEWWIWWQIRXWEWWSGMEXIH
ZEPYIWXLERWMQMPEVLSQIW
[MXLXLIMVWXVIIXVIGSRWXVYGXMSRTVSNIGX
MRPIWW[EPOEFPIEVIEW8LI
0S[IV0SRK8IVQ1EMRXIRERGI'SWXW
VITSVXq;EPOMRKXLI;EPO
7QEPPIVWXVIIXWEPWSGSWX
,S[;EPOEFMPMX]6EMWIW
PIWWXSTPS[ERHVITEMVFIRIwXMRKXLIGMX]tWERRYEPFYHKIXERH
,SYWMRK:EPYIWMR97
XE\TE]IVW
'MXMIWrF].SWITL'SVXVMKLX
-RGVIEWI4VSTIVX]:EPYIW
;EPOEFPIGSQQYRMXMIW[MXLXVIIPMRIH
EREP]^IHHEXEJVSQ
WXVIIXWERHWPS[IHXVEJwGMRGVIEWIWRIMKLFSVLSSHHIWMVEFMPMX]ERH
VIEPIWXEXIXVERWEGXMSRWMR
TVSTIVX]ZEPYIEREWWIXVIWMHIRXW[MPPVIEPM^IEXXLIXMQISJWEPI
QENSVQEVOIXWERHJSYRH
XLEXMRSJQEVOIXW
7TEVO)GSRSQMG6IZMXEPM^EXMSR
&]QEOMRKPSGEPFYWMRIWWIW
LMKLIVPIZIPWSJ[EPOEFMPMX]
QSVIEGGIWWMFPIXSFMG]GPMWXWERH[EPOIVWVIWMHIRXWEVIQSVIPMOIP]
[IVIHMVIGXP]PMROIHXSLMKLIV
XSWLSTPSGEPP]ERHIRGSYVEKMRKPSGEPFYWMRIWWMRZIWXQIRXERHNSF
LSQIZEPYIW
KVS[XL6IWIEVGLWLS[WXLEXWLSTTIVWEVIEXXVEGXIHXSFYWMRIWWIW
[MXLXVIIPMRIHWXVIIXW
+SSHFMOIERHTIHIWXVMEREGGIWWXSHS[RXS[RGSYPHLIPTFYWMRIWW
7YVZI]WMRHMGEXIXLEXWLSTTIVWWTIRH
QSVIXMQIERHQSRI]MRGSQQIVGMEP
HMWXVMGXW[MXLXVIIPMRIHWXVIIXW
7IGXMSR&EGOKVSYRH
0MZMRK7XVIIXWFYMPHGSQQYRMX]FIGEYWIXLI]
,IPT'LMPHVIR
7XVIIXWXLEXTVSZMHIVSSQJSVWEJI[EPOMRKERH
FMOMRKLIPTGLMPHVIRKIXTL]WMGEPEGXMZMX]ERHKEMRMRHITIRHIRGI
1SVIGLMPHVIR[EPOXSWGLSSP[LIVIXLIVIEVIWMHI[EPOWERH
GLMPHVIR[LSLEZIWEJI[EPOMRKERHFMG]GPMRKVSYXIWLEZIEQSVI
TSWMXMZIZMI[SJXLIMVRIMKLFSVLSSH
-QTVSZI4YFPMG,IEPXL
&]SJJIVMRKIEW]STTSVXYRMXMIWJSV
[EPOMRKERHFMG]GPMRKPMZMRKWXVIIXWIRGSYVEKIELIEPXL]PMJIWX]PI
JSVTISTPISJEPPEKIWIWTIGMEPP]XLIIPHIVP]ERHEVIERMQTSVXERX
WXVEXIK]XSGSQFEXSFIWMX]
-RGVIEWI7EJIX]
8VEJwGGEPQMRKIPIQIRXWPMOIGYVFI\XIRWMSRW
FYQTSYXWERHREVVS[IHWXVIIXWMQTVSZIWEJIX]F]VIHYGMRK
XVEJwGWTIIHW7XVIIXWEVIWEJIVJSV[EPOIVWFMG]GPMWXWGLMPHVIRXLI
IPHIVP]EW[IPPEWJSVHVMZIVW
)RLERGI2IMKLFSVLSSH&IEYX]ERH7XVIRKXLIRE7IRWI
7EJIX]JSVGLMPHVIRMWETVMQEV]
SJ'SQQYRMX]
&]QEOMRKVSSQJSVXLITPERXMRKSJXVIIWERH
GSRGIVR0MZMRK7XVIIXW[MPPTVSZMHI
WEJI[EPOMRKERHFMG]GPMRKVSYXIW
VEMR[EXIVKEVHIRWSYVRIMKLFSVLSSHWFIGSQIQSVIFIEYXMJYPERH
EXXVEGX]SYRKJEQMPMIWXLEXQEOIGSQQYRMXMIWXLVMZI
0MZMRK7XVIIXWMQTVSZIIRZMVSRQIRXEPUYEPMX]
FIGEYWIXLI]
-QTVSZI;EXIV5YEPMX]SJ0EOIWERH7XVIEQW
6EMR[EXIV
KEVHIRWEPSRKVSEHWMRXIVGITXERHwPXIVWXSVQ[EXIVVYRSJJ1YGLSJ
MXWSEOWMRXSXLIKVSYRHXS[EXIVWXVIIXXVIIW[LMPISZIVxS[[EXIV
HYVMRKFMKWXSVQWMWwPXIVIHF]TPERXWFIJSVIQEOMRKMXW[E]XS
XLIWXSVQWI[IVTMTIXLEXXEOIWMXXS/SLPQER0EOIERHYPXMQEXIP]
JYVXLIVHS[RWXVIEQXSXLI1MWWMWWMTTM6MZIV
-QTVSZI%MV5YEPMX]
&]TVSZMHMRKWTEGIJSV[EPOMRKERHFMOMRK
GSQTPIXIKVIIRWXVIIXWVIHYGIXLIIQMWWMSRWSJ'ERHSXLIV
TSPPYXERXWLEVQJYPXSXLITPERIXERHLYQERLIEPXL8VIIWEPWSwPXIV
XLIEMVXVETTMRKHYWX
6IHYGIXLI9VFER,IEX-WPERH%JJIGX
0IWWEWTLEPXERHQSVI
4IHIWXVMERWtGLERGIWSJHIEXLMJ
WXVIIXXVIIWVIHYGILIEXFYMPHYTMRTEZIQIRXERHMRXLIEQFMIRX
LMXF]EQSXSVZILMGPIEXHMJJIVIRX
EMVHYVMRKLSXWYQQIVHE]WQEOMRKSYXHSSVEGXMZMXMIWQSVI
WTIIHW
GSQJSVXEFPIERHVIHYGMRKEMVGSRHMXMSRMRKGSWXWMRSYVLSQIWERH
FYWMRIWWIW
6IHYGI6E[1EXIVMEPERH)RIVK]9WIHMR7XVIIX
'SRWXVYGXMSR
7QEPPIVWXVIIXWVIUYMVIPIWWEWTLEPXKVEZIPFIRIEXL
XLIWXVIIXERHSXLIVREXYVEPVIWSYVGIWERHVIUYMVIWPIWWIRIVK]
YWIHJSVXLIMVGSRWXVYGXMSRXLERPEVKIVGSRZIRXMSREPWXVIIXW8LMW
VIHYGIWXLITSPPYXMSRERHKVIIRLSYWIKEWIWIQMXXIHHYVMRKXLI
QERYJEGXYVMRKERHXVERWTSVXMRKSJXLIWIQEXIVMEPW
7IGXMSR&EGOKVSYRH
;LEXEVIXLIFIRIwXWSJWXVIIXXVIIW#
0MZMRK7XVIIXWTVSQSXIXLITPERXMRKSJWXVIIXXVIIW8VIIWTVSZMHIQER]FIRIwXWXSXLI
IRZMVSRQIRXERHGSQQYRMX]8LITEWXJI[HIGEHIWSJXVIIVIWIEVGLLEWJSGYWIHSR
HSGYQIRXMRKERHUYERXMJ]MRKXLIFIRIwXWSJXVIIW)EVP]SRVIWIEVGLIVW[IVIUYERXMJ]MRK
XLIEQSYRXSJKVIIRLSYWIKEWIWXVIIWVIQSZIJVSQXLIEXQSWTLIVI
EFSYX¡XSRSJ
GEVFSRHMS\MHITIVXVIITIV]IEV
ERHTSPPYXERXW
EFSYXTSYRHWSJTSPPYXERXWTIV
XVIITIV]IEV
7MRGIXLIRVIWIEVGLIVWLEZIFIKYRXSHSGYQIRXERIZIVKVS[MRKPMWXSJ
FIRIwXWXLEXQE]RSXFIWSSFZMSYW
)RZMVSRQIRXEP&IRIwXW'SQQYRMX]&IRIwXW
-REHHMXMSRXSXLIHMVIGXVIQSZEPSJ8VIIWLIPTTVSQSXITVMHIMRXLI
KVIIRLSYWIKEWIWERHTSPPYXERXWGSQQYRMX]ERHEWIRWISJTPEGIEW[IPP
QIRXMSRIHEFSZIXVIIW EWTVSZMHMRKEPSRKPMWXSJSXLIVHMVIGXERH
MRHMVIGXFIRIwXW
d6IHYGIXIQTIVEXYVIWF]WLEHMRK
WXVIIXWWMHI[EPOWERHSXLIVd7XVIIXXVIIWEVIERMQTSVXERXJEGXSVMR
LEVHWGETIWVIWYPXMRKMRVIHYGIHYWIVIHYGMRKVSEHQEMRXIRERGIGSWXWF]
SJIPIGXVMGMX]WLEHMRKXLITEZIQIRXJVSQXLIWYR
d-RGVIEWIXLIEQSYRXSJ[EXIVXLEXd8VIIwPPIHRIMKLFSVLSSHWWLS[PS[IV
VIEGLIWXLIKVSYRH[EXIVXEFPIF]PIZIPWSJHSQIWXMGZMSPIRGI
LIPTMRK[EXIVWSEOMRXSXLIKVSYRH
d7XVIIXXVIIWGERGEPQXVEJwGERHPS[IV
d-RXIVGITXVEMR[MXLPIEZIWERHXVEJwGWTIIHF]VIHYGMRKXLITIVGIMZIH
FVERGLIWVIHYGMRKXLIEQSYRXSJ[MHXLSJWXVIIX
[EXIVXLEXVIEGLIWXLIWXSVQW]WXIQ
d8VIIWLIPTVIHYGIRSMWIPIZIPW
d%HHSVKERMGQEXXIVXSXLIWSMP[LMGL
d8VIIWEVIORS[RXSWLSVXIRLSWTMXEP
JYVXLIVMQTVSZIWXLI[EXIVLSPHMRK
WXE]WERHVIHYGI[SVOTPEGIWXVIWW
GETEGMX]SJXLIWSMP
d8VIIWGERFIYWIHXSWGVIIRYRWMKLXP]
d-QTVSZIXLIVIWMPMIRG]SJWSMPXS
ZMI[W
VIWTSRHXSVEMRIZIRXW3RIQEXYVI
d,IEPXL]XVIIWMRRIMKLFSVLSSHW
XVIIGERGETXYVISZIVKEPPSRWSJ
IRLERGITVSTIVX]ZEPYIWMRGVIEWMRK
[EXIVMRE]IEV
WEPITVMGIWF] JSVIEGLPEVKIJVSRX
d-R[LSPIXVIIWGERVIHYGIWXSVQ[EXIV
]EVHXVIIERH JSVEWTIGMQIRXVII
F]EFSYX JSVIEGL MRGVIEWIMR
d8VIIWEVIEPWSKSSHJSVFYWMRIWW
XLIGSQQYRMX]tWXVIIGERST]
7YVZI]WSJWLSTTIVWMRGSQQIVGMEP
d6IHYGIWSMPIVSWMSR[MXLHIRWIVSSX
HMWXVMGXW[MXLXVIIPMRIHWXVIIXW
W]WXIQW0IWWWSMPGSRXEQMREXIHSV
VITSVXIHXLEXXLI]WLSTXLIVIQSVI
GPIERVIEGLIWXLIWXSVQ[EXIVW]WXIQ
JVIUYIRXP]WLSTPSRKIVEVI[MPPMRKXS
GVIIOWERHVMZIVW
TE]JSVTEVOMRKERHWTIRHSREZIVEKI
QSVISRKSSHW
Agenda Item 5.b.
MEMORANDUM
TO: Environmental and Natural Resources Commission
FROM: Shann Finwall, AICP, Environmental Planner
Resolution of Appreciation for Bill Schreiner
SUBJECT:
DATE: October 11, 2012 for the October 15, 2012, ENR Meeting
INTRODUCTION
Bill Schreiner served as a Commissioner on the Environmental and Natural Resources
Commission for four years and one month, from June 9, 2008 to July 1, 2012. Mr. Schreiner
resigned from the Commission due to extensive travel in his consulting business.
RECOMMENDATION
Approve the attached resolution of appreciation for Bill Schreiner.
Attachment:
Resolution of Appreciation
Attachment 1
RESOLUTION OF APPRECIATION
WHEREAS, Bill Schreiner has been a member of the Maplewood
Environmental and Natural Resources Commission for four years and one
month, June 9, 2008 to July 1, 2012. Mr. Schreiner has served faithfully in
those capacities; and
WHEREAS, the Environmental and Natural Resources Commission
has appreciated his experience, insights and good judgment; and
WHEREAS, Mr. Schreiner has freely given of her time and energy,
without compensation, for the betterment of the City of Maplewood; and
WHEREAS, Mr. Schreiner has shown dedication to her duties and
has consistently contributed her leadership and efforts for the benefit of the
City.
NOW, THEREFORE, IT IS HEREBY RESOLVED for and on
behalf of the City of Maplewood, Minnesota, and its citizens that Bill
Schreiner is hereby extended our gratitude and appreciation for her
dedicated service.
Passed by the Maplewood
City Council on October 22, 2012.
_________________________________
Will Rossbach, Mayor
Passed by the Maplewood
Environmental and Natural Resources
Commission on October 15, 2012.
_________________________________
Randee Edmundson,
Chairperson
Attest:
________________________________
Karen Guilfoile, City Clerk
Agenda Item 6.a.
MEMORANDUM
TO:Environmental and Natural Resources Commission
FROM:Shann Finwall, AICP, Environmental Planner
SUBJECT: Shoreland/Wetland Ordinance
DATE:October 11, 2012 for the October 15 ENR Commission Meeting
INTRODUCTION
The City Council adopted a wetland ordinance in December 2009. Because wetlands adjacent
lakes are used by residents differently than freestanding wetlands, the City Council included
reduced buffer requirements for these wetlands. The ordinance included a sunset clause which
has the reduced buffers expiring at the end of 2012, or when the city revises the shoreland
ordinance to include regulations for these wetlands, whichever comes first.
In September 2012 the Environmental and Natural Resources (ENR) Commission reviewed the
Shoreland and Wetland Ordinance and directed staff to make the following changes:
Move the regulations for wetlands adjacent lakes from the Wetland Ordinance to the
Shoreland Ordinance in a section called Special Overlay District.
Change the buffers for wetlands adjacent lakes to the match the buffer requirements for
freestanding wetlands.
Build in flexibilities for property owners who live on lakes with wetland fringes to allow for
buffer encroachments without a variance as long as they meet certain stormwater best
management practices.
Due to time constraints, staff has drafted a short memorandum outlining possible buffer
encroachment flexibility options for property owners who live on lakes with wetland fringes. This
memorandum is intended to gain feedback and comment from the ENR Commission for further
refinement to the Shoreland and Wetland Ordinances.
DISCUSSION
Wetland Buffer Encroachment Flexibilities
For possible wetland buffer encroachment flexibilities, the ENR Commission should review
Section 7 of the Wetland Ordinance. This section encourages practices which will minimize
negative effects of stormwater runoff on the environment and the loss of wildlife habitat when a
property owner or contractor has altered or will alter a wetland, stream, or buffer. Best practices
are as follows:
a. Restore buffer with native plantings. For large-scale projects or new development or
construction refer to Section 5.d. (Mitigation).
b. Manage weeds in buffer. Pursuant to state law, all weeds listed on the Minnesota
noxious weed list must be controlled by the property owner. Owners are encouraged to
control other weeds that are not on the noxious weed list but can threaten the health of a
wetland. Submittal of a wetland buffer management worksheet is required for
management of weeds within the native and naturalized areas of buffers, except for
selective treatment. In addition, a management plan drafted by a professional
experienced in wetland and stream restoration may be needed for large-scale projects or
new development including:
1. Target weeds.
2. Appropriate management techniques, including the use of chemical treatment if
approved by the administrator as part of the management plan.
3. Management schedule.
4. Erosion control and reseeding if management will create large areas of dead
vegetation.
5. Cash escrow or letter of credit to cover 150 percent of the required work.
c. Reduce stormwater runoff and/or improve the quality of stormwater runoff entering a
wetland or stream. This may be achieved through the following strategies or other
administrator approved best management practices for dealing with stormwater. These
practices are to be located outside of the wetland buffer.
1. Reduce amount of pavement on site (i.e. fewer parking stalls, narrower
driveways, shared parking with other businesses).
2. Use pervious pavement such as pavers or porous asphalt.
3. Use turf pavers or modified turf areas for overflow parking.
4. Install rain garden or infiltration basin.
5. Install rock trench or rock pit.
6. Install filter strip of grass or native vegetation.
7. Install surface sand filter or underground filter.
8. Install native plantings on site to reduce fertilizer use and improve infiltration.
9. Install a green roof on buildings.
10. Install grit chambers, sediment traps, or forebays.
Wetland Buffer Reductions
Following are the minimum buffers as outlined in the Wetland Ordinance:
Buffer Wetland Classes
Manage A Stormwater
& Streams Manage B Manage C Pond
Minimum Buffer Width 100 ft. 75 ft. 50 ft. 10 ft.
Structure Setback from
Edge of Buffer 0 0 0 10 ft.
2
The ENR Commission should discuss what type of wetland buffer reductions would be allowed
with each best practice.
Recommendation
Review the wetland buffer encroachment flexibilities and buffer reductions and be prepared to
discuss possible changes to the Shoreland and Wetland Ordinance.
3