HomeMy WebLinkAbout2013-01-15 PC Packet
AGENDA
MAPLEWOOD PLANNING COMMISSION
Tuesday,January 15, 2013
7:00PM
City Hall Council Chambers
1830 County Road B East
1. Call to Order
2. Roll Call
3. Approval of Agenda
4. Approval of Minutes
a.December 18,2012
5.Public Hearings
6.New Business
a.Parks and Recreation Committee, Planning Commission Volunteer Requested. Jim Taylor,
Parks Manager Presenting
b.EAW for proposed 3M Research and Development Building
c.Gateway Corridor Presentation by the Washington County Planning Department
7.Unfinished Business
8.Visitor Presentations
9.Commission Presentations
a.Commission report for the city council meeting of January 14, 2012.CommissionerDurand
was scheduled to attend but there were no PC items to discuss.
b.Commission representation for the city council meeting of January 28, 2013.Commissioner
Bierbaum is scheduled to attend.Theitem scheduled for review is the conditional use permit
for the Woodland Hills Church food shelf.
10.Staff Presentations
11.Adjournment
DRAFT
MINUTESOF THE MAPLEWOOD PLANNING COMMISSION
1830 COUNTY ROAD B EAST, MAPLEWOOD, MINNESOTA
TUESDAY, DECEMBER 18, 2012
1.CALL TO ORDER
A meeting of the Commissionwas held in the City Hall Council Chambers and was called to order
at 7:05p.m.by Chairperson Fischer.
2.ROLL CALL
Paul Arbuckle, CommissionerPresent
Al Bierbaum, CommissionerPresent
Absent
Joseph Boeser, Commissioner
Tushar Desai,CommissionerPresent
Larry Durand, CommissionerPresent
Lorraine Fischer, ChairpersonPresent
Dale Trippler, CommissionerPresent
Absent
Stephen Wensman, Commissioner
Staff Present:
Tom Ekstrand, Senior Planner
3.APPROVAL OF AGENDA
CommissionerTripplermoved to approve the agenda as submitted.
Seconded by CommissionerTushar.Ayes –All
The motion passed.
4.APPROVAL OF MINUTES
CommissionerTripplermoved to approve theNovember 20, 2012 PCminutes as amended.
Seconded by CommissionerBierbaum.Ayes –Chairperson Fischer,
Commissioner’s Bierbaum,
Durand & Trippler
Abstention –Commissioner Desai
The motion passed.
5.PUBLIC HEARING
a.Conditional Use Permit Revision for Woodland Hills Church to operate a Food Shelf at
1740 Van Dyke Street
i.Senior Planner, Tom Ekstrand gave the report and answered questions of the
commission.
December 18, 2012 1
Planning CommissionMeetingMinutes
Chairperson Fischer opened the public hearing.
1.Courtney Rosser, Supervisor atMCS, addressed and answered questions of the commission.
2.Mary Vidas, representing MCS, addressed and answered questions of the commission.
3.Mary Anderson, Associate Pastor, Woodland Hills Church, 1740 Van Dyke Street,
Maplewood, addressed the commission.
4.Anita Barton, Maplewood resident was in favor of the proposal.
Chairperson Fischer closed the hearing.
Commissioner Tripplermovedto approve theresolution approving a conditional use permit
revision for Woodland Hills Church, located at 1740 Van Dyke Street, to operate a food shelf.
Approval is based on the findings required by ordinance and subject to the following conditions
(additions are underlined):
1.All construction shall follow the site plan approved by the city. Staff may approve minor
changes.
2.The proposed use must be substantially started within one year of council approval or the
permit shall become null and void. The council may extend this deadline for one year.
3.The city council shall review this permit in one year.
4.The temporary homeless shelter shall be limited to a period of two months each year. The
number of residents sheltered shall not exceed 20 persons at atime as proposed.
5.Woodland Hills Church shall provide constant supervision when the temporary shelter is in
operation.
6.Woodland Hills Church shall comply with all requirements of the Maplewood Building Official,
Fire Marshal and Health Officer prior to beginning the operation of the temporary shelter.
7.Any changes in use or the operation of the temporary shelter or expansion of the church shall
require review by the city council.
8.Any plans for changes to the building exterior, other than painting or repairs, shall be
submitted to the community design review board, for review and approval.
9.The applicant shall notify city staff prior to operating the temporary shelter so the city can
assure compliance with the allowed two months per year operation of the homeless shelter.
10.The food shelf shall be limited to the following days and times: from 3:00 p.m. to 7:00 p.m.
Mondays and from 10:00 a.m. to 2:00 p.m. on Wednesdays. Staff may approve revisions
when the food shelf is open to the public.
Seconded by Commissioner Desai.Ayes –All
The motion passed.
This goes to the city council January 23, 2013.
6.NEW BUSINESS
None.
December 18, 2012 2
Planning CommissionMeetingMinutes
7.UNFINISHEDBUSINESS
None.
8.VISITOR PRESENTATIONS
None.
9.COMMISSION PRESENTATIONS
a.Commission report for the city council meetingof November 26, 2012. Commissioner
Trippler attended. The items reviewed were the Azure Properties Senior Housing Proposal
which was tabled, the Cornerstone Church CUP, which passedand the first reading of the
HRA & BEDC Combinationwhich passed.
b.Commission report for the city council meeting of December 10, 2012. Commissioner Desai
was scheduled to attend but staff presented the report to the commission. The items
scheduled for review were the Buffalo Wild Wings PUD revision for their expansionwhichwas
passed, the second reading of the BEDC/HRA ordinance amendmentwhich was passed, the
reinforced-turf parking lot discussion for multiple-family applicationshad no action, the Azure
Properties Senior Housing Proposalwas denied by the city council, and the PC/CDRB
combination discussionhad no action and the city council will review again in one year.
c.Commission representation for the city council meeting of January 14, 2013. Commissioner
Durand is scheduled to attend. There will be no items on this agenda for PC representation.
10.STAFFPRESENTATIONS
a.The January 1, 2013, PC meeting has been cancelled due to the holiday.
b.Staff update on the matter of combining the planning commission with the community design
review board.The city council decidedto take no action on combining these two commissions
and to revisit this issue in one year.
11.ADJOURNMENT
Chairperson Fischer adjourned the meeting at7:42p.m.
December 18, 2012 3
Planning CommissionMeetingMinutes
MEMORANDUM
TO:James Antonen, City Manager
FROM:Tom Ekstrand, Senior Planner
Chuck Ahl, Assistant City Manager
SUBJECT:Environmental Assessment Worksheet (EAW) for a
Proposed 3M Company Research and Development
Building
DATE:January 2, 2013
INTRODUCTION
Request
3M Company is requesting comments from the planning commission regarding the
Environmental Assessment Worksheet (EAW) required for the proposed 3M
Company Research and Development building at the northeast corner of McKnight
Road and Conway Avenue. The environmental and natural resources commission
will also review the draft EAW at their meeting on January 17, 2013. Refer to the
EAW and attachments.
The applicant will revisethe draft based on the comments receivedfrom the city.
Thenext steps in the process will include mailing the draft EAW to federal, state and
local agencies for commentwith a 30-day public comment period. Staff will schedule
apublic hearing at the March 19, 2013 planning commission meeting to receive
comments.
After the conclusion of the EAW review process, the city council will make the final
determination as whether the EAW would pose any significant environmental
concerns that would require an Environmental Impact Statement (EIS) or if there is a
negative declarationand no EIS is required.
Reason for the EAW
Minnesota Rules 4410.4300, subpart 14(B) EAW,requires the completion of an EAW
fortheconstruction of a new or expansion of an existing industrial, commercial or
institutional facility other than a warehousing or light industrial facility, equal to or in
excess of 300,000 square feet in a city of the second class. This proposed building
would be approximately 400,000 square feetin size.
BACKGROUND
On December 10, 2012, the city council adopted a resolution establishing them as
the responsible governmental unit (RGU) for the approval of the EAW.
RECOMMENDATION
The planning commission should take the following actions:
1.Review and comment on the draftEnvironmental Assessment Worksheet for the
proposed 3M Company research and development building at the northeast
corner of McKnight Road and Conway Avenue;
2.Recommend to the city council that the council review the draft Environmental
Assessment Worksheet and release the draft for the 30-day public and agency
comment period.
p:36\3M Building Proposal NE McKnight and Conway\3M EAW Review at PC on 1 15 13te
Attachment:
1.EAW for the proposed 3M Company building
2.
EAW supporting documents
)%;
2:-6321)28%077)771)2836/7,))8
2SXIXSTVITEVIVW8LMWJSVQERH)%;+YMHIPMRIWEVIEZEMPEFPIEXXLI)RZMVSRQIRXEP5YEPMX]
&SEVHvW[IFWMXIEX
LXXT[[[IUFWXEXIQRYW)RZ6IZ+YMHERGI(SGYQIRXWLXQ [[2007,549,2437,606][12][,,][Arial]]8LI)RZMVSRQIRXEP
%WWIWWQIRX;SVOWLIIXTVSZMHIWMRJSVQEXMSREFSYXETVSNIGXXLEXQE]LEZIXLITSXIRXMEPJSVWMKRMJMGERX
IRZMVSRQIRXEPIJJIGXW8LI)%;MWTVITEVIHF]XLI6IWTSRWMFPI+SZIVRQIRXEP9RMXSVMXWEKIRXWXS
HIXIVQMRI[LIXLIVER)RZMVSRQIRXEP-QTEGX7XEXIQIRXWLSYPHFITVITEVIH8LITVSNIGXTVSTSWIVQYWX
WYTTP]ER]VIEWSREFP]EGGIWWMFPIHEXEJSV{FYXWLSYPHRSXGSQTPIXI{XLIJMREP[SVOWLIIX8LI
GSQTPIXIUYIWXMSREW[IPPEWXLIERW[IVQYWXFIMRGPYHIHMJXLI)%;MWTVITEVIHIPIGXVSRMGEPP]
2SXIXSVIZMI[IVW
'SQQIRXWQYWXFIWYFQMXXIHXSXLI6+9HYVMRKXLIHE]GSQQIRXTIVMSH
JSPPS[MRKRSXMGISJXLI)%;MRXLI)5&1SRMXSV'SQQIRXWWLSYPHEHHVIWWXLIEGGYVEG]ERH
GSQTPIXIRIWWSJMRJSVQEXMSRTSXIRXMEPMQTEGXWXLEX[EVVERXJYVXLIVMRZIWXMKEXMSRERHXLIRIIHJSVER
)-7
4VSNIGXXMXPI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK
4VSTSWIV6+9
6SKIV*7TMRRIV8SQ)OWXVERH
4VMRGMTEP4VSNIGX)RKMRIIV7IRMSV4PERRIV
1'SQTER]'MX]SJ1ETPI[SSH
1'IRXIV&YMPHMRK7'SYRX]6SEH&)EWX
7EMRX4EYP121ETPI[SSH12
VJWTMRRIV$QQQGSQXSQIOWXVERH$GMQETPI[SSHQRYW
6IEWSRJSV)%;TVITEVEXMSR
GLIGOSRI
CCC)-7WGSTMRKC<C1ERHEXSV])%;CCC'MXM^IRTIXMXMSRCCC6+9HMWGVIXMSRCCC4VSTSWIV
ZSPYRXIIVIH
-J)%;SV)-7MWQERHEXSV]KMZI)5&VYPIGEXIKSV]WYFTEVXRYQFIVERHWYFTEVXREQI
6IWTSRWI1MRRIWSXE6YPIWWYFTEVX
&
)%;1EREHEXSV]JSVGSRWXVYGXMSRSJE
RI[SVI\TERWMSRSJERI\MWXMRKMRHYWXVMEPGSQQIVGMEPSVMRWXMXYXMSREPJEGMPXM]SXLIVXLERE
[EVILSYWMRKSVPMKLXMRHYWXVMEPJEGMPMX]IUYEPXSSVMRI\GIWWSJWUYEVIJIIXMREGMX]SJXLI
WIGSRHGPEWW8LMWTVSNIGXMWERXMGMTEXIHXSFIEVIWIEVGLERHHIZIPSTQIRXFYMPHMRKSJ
ETTVS\MQEXIP]WUYEVIJIIXMR1ETPI[SSHEGMX]SJXLIWIGSRHGPEWW
4VSNIGXPSGEXMSR
'SYRX]6EQWI]'MX]8S[RWLMT1ETPI[SSH
7IGXMSR8S[RWLMT26ERKI;7IGXMSR
+47'SSVHMREXIW2;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8E\4EVGIP2YQFIV
%XXEGLIEGLSJXLIJSPPS[MRKXSXLI)%;
'SYRX]QETWLS[MRKXLIKIRIVEPPSGEXMSRSJXLITVSNIGX
*MKYVIz4VSNIGX0SGEXMSR1ET%XXEGLIH
97+ISPSKMGEP7YVZI]QMRYXIWGEPIQETMRHMGEXMRKTVSNIGXFSYRHEVMIW
TLSXSGST]EGGITXEFPI
*MKYVIz4VSNIGX&SYRHEV]1ET%XXEGLIH
7MXITPERWLS[MRKEPPWMKRMJMGERXTVSNIGXERHREXYVEPJIEXYVIW
*MKYVIz7MXI4PER%XXEGLIH
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
*-+96)16)7)%6',%2(():)0341)28&9-0(-2+7-8)40%2
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
(IWGVMTXMSR
E4VSZMHIETVSNIGXWYQQEV]SJ[SVHWSVPIWWXSFITYFPMWLIHMRXLI)5&1SRMXSV
6IWTSRWI1'SQTER]MWTVSTSWMRKXSFYMPHERI[VIWIEVGLERHHIZIPSTQIRXFYMPHMRKERH
TEVOMRKPSXSRMXW1ETPI[SSHGEQTYW8LIFYMPHMRK[MPPFIPSGEXIHSREZEGERXWMXIEX
1G/RMKLX6SEHERH'SR[E]%ZIRYI8LITVSNIGX[MPPMRGPYHIETTVS\MQEXIP]WUYEVI
JIIXMRJSYVWXSVMIWERHTEVOMRKWTEGIW
F+MZIEGSQTPIXIHIWGVMTXMSRSJXLITVSTSWIHTVSNIGXERHVIPEXIHRI[GSRWXVYGXMSR%XXEGL
EHHMXMSREPWLIIXWEWRIGIWWEV])QTLEWM^IGSRWXVYGXMSRSTIVEXMSRQIXLSHWERHJIEXYVIWXLEX
[MPPGEYWITL]WMGEPQERMTYPEXMSRSJXLIIRZMVSRQIRXSV[MPPTVSHYGI[EWXIW-RGPYHI
QSHMJMGEXMSRWXSI\MWXMRKIUYMTQIRXSVMRHYWXVMEPTVSGIWWIWERHWMKRMJMGERXHIQSPMXMSRVIQSZEP
SVVIQSHIPMRKSJI\MWXMRKWXVYGXYVIW-RHMGEXIXLIXMQMRKERHHYVEXMSRSJGSRWXVYGXMSREGXMZMXMIW
6IWTSRWI8LITVSTSWIHVIWIEVGLERHHIZIPSTQIRXFYMPHMRK[MPPFIGSRWXVYGXIHSRERI\MWXMRK
WMXI[MXLRSI\MWXMRKFYMPHMRKW8LIWMXIMWVIPEXMZIP]JPEXERHMRGPYHIWERI\MWXMRKTEVOMRKPSX
XLEX[MPPFIVIQSZIHXSEPPS[GSRWXVYGXMSRSJXLI6IWIEVGLERH(IZIPSTQIRX&YMPHMRK
'SRWXVYGXMSR[MPPMRGPYHIGPIEVMRKXLITEVOMRKPSXERHI\MWXMRKZIKIXEXMSRERHI\GEZEXMSRJSV
GSRWXVYGXMSRSJXLITVSTSWIHFYMPHMRK8LIWMXI[MPPFIKVEHIHXSEGGSQQSHEXIXLIFYMPHMRK
TEVOMRKPSXERHTVSTSWIHWXSVQ[EXIVJEGMPMXMIWERHXSQEMRXEMRTSWMXMZIHVEMREKIJVSQXLIRI[
FYMPHMRK
2SHIQSPMXMSRVIQSZEPSVVIQSHIPMRKSJI\MWXMRKWXVYGXYVIW[MPPFIMRGPYHIHMRXLI
GSRWXVYGXMSREGXMZMXMIW%PPGSRWXVYGXMSREGXMZMXMIW[MPPSGGYVSRXLIEGVIWMXIWLS[RSR
*MKYVIWERH
8LITVSNIGX[MPPFIGSRWXVYGXIHHYVMRK
G)\TPEMRXLITVSNIGXTYVTSWIMJXLITVSNIGX[MPPFIGEVVMIHSYXF]EKSZIVRQIRXEPYRMXI\TPEMR
XLIRIIHJSVXLITVSNIGXERHMHIRXMJ]MXWFIRIJMGMEVMIW
6IWTSRWI1'SQTER]RIIHWXSI\TERHMXWVIWIEVGLERHHIZIPSTQIRXJEGMPMXMXMIWSRMXWQEMR
GSVTSVEXIGEQTYWMR1ETPI[SSH%TTVS\MQEXIP]IQTPS]IIW[MPPFILSYWIHMRXLIRI[
FYMPHMRK2IEVP]EPPSJXLIIQTPS]IIW[MPPFIXVERWJIVVMRKXSXLIRI[FYMPHMRKJVSQSXLIV
FYMPHMRKWSRXLIGEQTYW8LITVSNIGX[MPPTVSZMHIRI[SJJMGIERHPEFWTEGIERHTEVOMRK
JEGMPMXMIWJSVXLI1IQTPS]IIW
H%VIJYXYVIWXEKIWSJXLMWHIZIPSTQIRXMRGPYHMRKHIZIPSTQIRXSRER]SXLIVTVSTIVX]TPERRIHSV
PMOIP]XSLETTIR#CC=IWC<C2S
-J]IWFVMIJP]HIWGVMFIJYXYVIWXEKIWVIPEXMSRWLMTXSTVIWIRXTVSNIGXXMQIPMRIERHTPERWJSV
IRZMVSRQIRXEPVIZMI[
I-WXLMWTVSNIGXEWYFWIUYIRXWXEKISJERIEVPMIVTVSNIGX#CC=IWC<C2S
-J]IWFVMIJP]HIWGVMFIXLITEWXHIZIPSTQIRXXMQIPMRIERHER]TEWXIRZMVSRQIRXEPVIZMI[
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4VSNIGXQEKRMXYHIHEXE
8SXEPTVSNIGXEGVIEKI%GVIW
2YQFIVSJVIWMHIRXMEPYRMXWYREXXEGLIH2%EXXEGLIH2%
'SQQIVGMEPMRHYWXVMEPSVMRWXMXYXMSREPFYMPHMRKEVIE
KVSWWJPSSVWTEGI
XSXEPWUYEVIJIIX
%TTVS\MQEXIP]XSXEPWUYEVIJIIX
-RHMGEXIEVIEWSJWTIGMJMGYWIW
MRWUYEVIJIIX
3JJMGI6
%TTVS\MQEXIP]WUYEVIJIIX1ERYJEGXYVMRK
6IXEMP3XLIVMRHYWXVMEP
;EVILSYWI-RWXMXYXMSREP
0MKLXMRHYWXVMEP%KVMGYPXYVEP
3XLIVGSQQIVGMEP
WTIGMJ]
&YMPHMRKLIMKLXWXSVMIW
-JSZIVWXSVMIWGSQTEVIXSLIMKLXWSJRIEVF]FYMPHMRKW
6IWTSRWI8LIRI[6IWIEVGLERH(IZIPSQIRX&YMPHMRKMWTPERRIHXSFIWXSVMIWMRLIMKLX1ER]
SJXLII\MWXMRKFYMPHMRKWXLVSYKLSYXXLI1GEQTYWEVIWXSVMIWMRLIMKLX&YMPHMRKWERH
MQQIHMEXIP]XSXLIWSYXLSJXLITVSTSWIH6IWEVGLERH(IZIPSTQIRX&YMPHMRKEVIERH
WXSVMIWMRLIMKLXVIWTIGXMZIP]8LIXEPPIWXFYMPHMRKSRXLIGEQTYWMWWXSVMIWMRLIMKLX
4IVQMXWERHETTVSZEPWVIUYMVIH
0MWXEPPORS[RPSGEPWXEXIERHJIHIVEPTIVQMXWETTVSZEPWERH
JMRERGMEPEWWMWXERGIJSVXLITVSNIGX-RGPYHIQSHMJMGEXMSRWSJER]I\MWXMRKTIVQMXWKSZIVRQIRXEP
VIZMI[SJTPERWERHEPPHMVIGXERHMRHMVIGXJSVQWSJTYFPMGJMRERGMEPEWWMWXERGIMRGPYHMRKFSRH
KYEVERXIIW8E\-RGVIQIRX*MRERGMRKERHMRJVEWXVYGXYVI%PPSJXLIWIJMREPHIGMWMSRWEVITVSLMFMXIH
YRXMPEPPETTVSTVMEXIIRZMVSRQIRXEPVIZMI[LEWFIIRGSQTPIXIH7II1MRRIWSXE6YPIW'LETXIV
8EFPI4IVQMXWERH%TTVSZEPW6IUYMVIH
9RMXSJ+SZIVRQIRX8]TISJ%TTPMGEXMSR7XEXYW
7XEXI
1MRRIWSXE4SPPYXMSR'SRXVSP2EXMSREP4SPPYXERX(MWGLEVKI8SFIETTPMIHJSV
%KIRG])PMQMREXMSR7]WXIQ'SRWXVYGXMSR
7XSVQ[EXIV4IVQMX
7IGXMSR;EXIV5YEPMX]8SFIETTPMIHJSV
'IVXMJMGEXMSR
MJRIIHIH
1MRRIWSXE&SEVHSJ;EXIVERH;IXPERH'SRWIVZEXMSR%GXz%TTVSZEPXSFI
7SMP6IWSYVGIW;IXPERH6ITPEGIQIRX4PERVIUYIWXIH
1R(387MKREP.YWXMJMGEXMSR6ITSVXSV%TTVSZEPXSFI
-RXIVWIGXMSR'SRXVSP)ZEPYEXMSRVIUYIWXIH
0SGEP
6EQWI];EWLMRKXSR1IXVS4IVQMXJSV'SRWXVYGXMSR8SFIETTPMIHJSV
;EXIVLWIH(MWXVMGX
;IXPERH'SRWIVZEXMSR%GXz%TTVSZEPXSFI
;IXPERH6ITPEGIQIRX4PERVIUYIWXIH
6EQWI]'SYRX]8VEJJMGWMKREPM^EXMSR%TTVSZEPXSFI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
VIUYIWXIH
'MX]SJ1ETPI[SSH&YMPHMRK4IVQMX%TTVSZEPXSFI
'SQQYRMX](IWMKR6IZMI[VIUYIWXIH
%TTVSZEP
7LSVIPERH&YJJIV:EVMERGI
4SXIRXMEPWXVIIXZEGEXMSR
0ERHYWI
(IWGVMFIGYVVIRXERHVIGIRXTEWXPERHYWIERHHIZIPSTQIRXSRXLIWMXIERHSREHNEGIRX
PERHW(MWGYWWTVSNIGXGSQTEXMFMPMX][MXLEHNEGIRXERHRIEVF]PERHYWIW-RHMGEXI[LIXLIVER]
TSXIRXMEPGSRJPMGXWMRZSPZIIRZMVSRQIRXEPQEXXIVW-HIRXMJ]ER]TSXIRXMEPIRZMVSRQIRXEPLE^EVHWHYI
XSTEWXWMXIYWIWWYGLEWWSMPGSRXEQMREXMSRSVEFERHSRIHWXSVEKIXEROWSVTVS\MQMX]XSRIEVF]
LE^EVHSYWPMUYMHSVKEWTMTIPMRIW
6IWTSRWI0ERH9WI
8LIWMXIMWPSGEXIHSRXLI1'EQTYWRIEVXLIGSVRIVSJ1G/RMKLX6SEHERH'SR[E]%ZIRYI
)EWXMRXLI'MX]SJ1ETPI[SSH8LIIRXMVI1'EQTYWMWMHIRXMJMIHEWEWEVIESJ-RHYWXVMEPPERH
YWISRXLII\MWXMRKERHJYXYVIPERHYWIQETWMRGPYHIHMRXLI'MX]vW'SQTVILIRWMZI4PER0ERH
YWIXSXLI[IWXSJXLIWMXIEGVSWW1G/RMKLX6SEH2SVXLMWI\MWXMRKWMRKPIJEQMP]VIWMHIRXMEPYWI
PSGEXIH[MXLMRXLI'MX]SJ7X4EYP0ERHYWIWEVSYRHXLI1GEQTYWMRGPYHIEQM\XYVISJ
GSQQIVGMEPVIWMHIRXMEPMRWXMXYXMSREPERHTEVOYWIW
8LITVSNIGXWMXIMWWYVVSYRHIHF]SXLIVHIZIPSTIHTSVXMSRWSJXLI1GEQTYW8LITVSNIGXMW
GSQTEXMFPI[MXLERHWMQMPEVXSI\MWXMRKYWIWSRXLI1'EQTYW1G/RMKLX6SEHWITEVEXIWXLIWMXI
JVSQXLIVIWMHIRXMEPEVIEWXSXLI[IWX8LIWYVVSYRHMRKYWIWERH1'EQTYWLEZIGSI\MWXIHMR
XLMWPSGEXMSRJSVHIGEHIW8VEJJMGXSERHJVSQXLIRI[FYMPHMRK[MPPYXMPM^I1G/RMKLX6SEH2SVXL
-RXIVWXEXIERHVSEH[E]W[MXLMRXLI1'EQTYWERH[MPPRSXXVEZIPXLVSYKLXLIWMRKPIJEQMP]
RIMKLFSVLSSHW7XSVQ[EXIV[MPPFIQEREKIH[MXLMRXLIGEQTYWSVYWMRKI\MWXMRKMRJVEWXVYGXYVI
8LMWEREP]WMWMHIRXMJMIHRSRI[MQTEGXWXSWYVVSYRHMRKRIMKLFSVLSSHWEWEVIWYPXSJGSRWXVYGXMSR
SJXLIRI[6IWIEVGLERH(IZIPSTQIRX&YMPHMRKERHEWWSGMEXIHTEVOMRK
8LI'MX]MRHMGEXIHXLEXWIZIVEPPERHYWITIVQMXWERHETTVSZEPWQE]FIRIIHIHJSVXLITVSNIGX
FEWIHSRXLI'SRGITX7MXI4PER
*MKYVI
8LIFYMPHMRKHIWMKRQE]GLERKIEWXLIGSRGITXMW
HIZIPSTIHJYVXLIV8LI'SRGITX7MXI4PERWLS[WXLIQE\MQYQTVSTSWIHFYMPHMRKERHTEVOMRKPSX
WM^IXSMHIRXMJ]XLIQE\MQYQTSXIRXMEPMQTEGXWJSVXLMWEREP]WMW8LIRIIHJSVXLIZEVMERGIWERH
SXLIV^SRMRKTIVQMXW[MPPFIHIXIVQMRIHFEWIHSRXLIJMREPTVSNIGXTPERW8LIFYMPHMRKQE]VIUYMVI
XLIJSPPS[MRKPERHYWITIVQMXWERHETTVSZEPW
4VSNIGXVIZMI[ERHETTVSZEPF]XLI'SQQYRMX](IWMKR6IZMI[&SEVH
7LSVIPERHFYJJIVZEVMERGI
HMWGYWWIHYRHIV-XIQFIPS[
4EVOMRK[EMZIV8LIGSHIVIUYMVIWSRITEVOMRKWTEGIJSVIEGLWUYEVIJIIXSJJPSSV
EVIE8LIGSRGITXTPERWLS[WETTVS\MQEXIP]WUYEVIJIIX[LMGL[SYPHVIUYMVI
TEVOMRKWTEGIW8LIGSRGITXTPERWLS[WWTEGIW
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
6IWTSRWI4SXIRXMEP)RZMVSRQIRXEP,E^EVHW'SRXEQMREXIH7MXIW
%RIRZMVSRQIRXEPVIGSVHWWIEVGLGSRHYGXIHF])RZMVSRQIRXEP(EXE6IWSYVGIW
)(6
.YRI
1MRRIWSXE4SPPYXMSR'SRXVSP%KIRG]
14'%
HEXEERHHEXEERHQETWJVSQXLI6EQWI]
'SYRX]+VSYRH[EXIV4VSXIGXMSR4PER[IVIYWIHXSEWWIWWTSXIRXMEPIRZMVSRQIRXEPLE^EVHW
RIEVXLITVSNIGXWMXIHYIXSTEWXPERHYWIW
8LI)(6VITSVX[EWYWIHXSEWWIWWXLITVIWIRGISJVIKMWXIVIHYRHIVKVSYRHERHEFSZIKVSYRH
WXSVEKIXEROWLE^EVHSYW[EWXIKIRIVEXSVWGYVVIRXP]STIVEXMRKMRXLIEVIETEWXWTMPPWERHXLI
TVIWIRGISJER]TMTIPMRIW8LIVITSVXMHIRXMJMIHWMXIW[MXLMRELEPJQMPISRIQMPIX[SQMPIERH
JSYVQMPIVEHMYWEWQIEWYVIHJVSQXLIGIRXIVTSMRXSJXLITVSNIGXEVIEERHWIEVGLIHEZEMPEFPI
KSZIVRQIRXVIGSVHWXLEXMHIRXMJ]ER]TEWXLE^EVHSVGSRXEQMREXMSR
8LI)(6VITSVXMRHMGEXIHXLEXXLITVSNIGXWMXI[EWRSXPMWXIHEWEPSGEXMSRSJLE^EVHSYWQEXIVMEPW
WTMPPWSVTMTIPMRIWMRER]SJXLIHEXEFEWIWWIEVGLIH2SQETTIHWMXIW[IVIJSYRHMR)(6vWWIEVGL
SJEZEMPEFPIKSZIVRQIRXVIGSVHWIMXLIVSRXLIXEVKIXTVSTIVX]SV[MXLMRXLIWIEVGLVEHMYWEVSYRH
XLIXEVKIXTVSTIVX]
8LI)(6VITSVXMHIRXMJMIHWM\0IEOMRK9RHIVKVSYRH7XSVEKI8ERO
0978
MRGMHIRXVITSVXW
ETTVS\MQEXIP]¡QMPIJVSQXLIWMXIERHSRI0IEOMRK%FSZIKVSYRH7XSVEKI8ERO
0%78
ETTVS\MQEXIP]¡QMPIJVSQXLIWMXI3RISJXLIWM\0978WMXIW[EWE1XEROXLEXLEWFIIR
VIQIHMEXIHXLISXLIVJMZI0978WMXIWERHXLI0%78WMXIEVIRSX1WMXIW8LI14'%w;LEXvWMR
Q]RIMKLFSVLSSH#xHEXEFEWIMHIRXMJMIHETTVS\MQEXIP]WMXIW[MXLVIGSVHWSJEMVUYEPMX]
GSRGIVRWLE^EVHSYW[EWXIWVIQIHMEXMSRWSPMH[EWXIERHXEROWERHPIEOWEPPQMPIWSVJYVXLIV
JVSQXLITVSNIGXWMXI
8LIWMXIWMHIRXMJMIHMRXLI)(6ERH14'%VIGSVHWWIEVGLEVIPMWXIHMRXLI)(6VITSVX)\IGYXMZI
7YQQEV]MRGPYHIHMRXLI%XXEGLQIRXW8LI)\IGYXMZI7YQQEV]EPWSMRGPYHIWQETWMRHMGEXMRKXLEX
RSRISJXLIWMXIEVISRXLIWMXITVSTSWIHJSVXLI6IWIEVGLERH(IZIPSTQIRXFYMPHMRK
8LI6EQWI]'SYRX]+VSYRH[EXIV4VSXIGXMSR4PER{MRHMGEXIWXLEXXLI[IWXIVRIHKISJXLI
14IVJPYSYSGLIQMGEPW
4*'
KVSYRH[EXIVTPYQII\MWXWETTVS\MQEXIP]¡QMPIXSXLIIEWXSJXLI
TVSNIGXWMXI8LITPYQII\XIRHWXSXLIRSVXLERHIEWXERHHSIWRSXMRGPYHIXLITVSNIGXWMXI
8LITVSNIGX[MPPRSXMRZSPZIHMWXYVFMRKWSMPWSVWMXIWSYXWMHIXLITVSNIGXWMXI8LIVIJSVIXLIVIEVI
RSTSXIRXMEPIRZMVSRQIRXEPLE^EVHWSVGSRXEQMREXIHWMXIWXLEX[MPPFIHMWXYVFIHSVGSYPHFI
MQTEGXIHF]XLITVSTSWIHTVSNIGX
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
'SZIVX]TIW
)WXMQEXIXLIEGVIEKISJXLIWMXI[MXLIEGLSJXLIJSPPS[MRKGSZIVX]TIWFIJSVIERH
EJXIVHIZIPSTQIRX
&IJSVI%JXIV
8]TIW[IXPERHW
;SSHIHJSVIWX
-QTIVZMSYWWYVJEGIWEGVIWEGVIW
&VYWL+VEWWPERHEGVIWEGVIW
0E[RPERHWGETMRKEGVIW
7XSVQ[EXIV4SRH
'VSTPERH
3XLIV
HIWGVMFI
838%0
EGVIWEGVIW
&IJSVI%JXIV
-JERHXSXEPWEVIRSXIUYEPI\TPEMR[L]2%
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
*MWL[MPHPMJIERHIGSPSKMGEPP]WIRWMXMZIVIWSYVGIW
E-HIRXMJ]JMWLERH[MPHPMJIVIWSYVGIWERHLEFMXEXWSRSVRIEVXLIWMXIERHHIWGVMFILS[XLI]
[SYPHFIEJJIGXIHF]XLITVSNIGX(IWGVMFIER]QIEWYVIWXSFIXEOIRXSQMRMQM^ISVEZSMH
MQTEGXW
6IWTSRWI*MWL;MPHPMJIERH)GSPSKMGEPP]7IRWMXMZI6IWSYVGIW%REP]WMW
8LIVIEVIRSJIHIVEPP]TVSXIGXIHSVIRHERKIVIHWTIGMIWMRXLITVSNIGXEVIE*MWLERH[MPHPMJI
WTIGMIWEVIPMOIP]XSMRGPYHIXLSWIWTIGMIWGSQQSRXSPS[HIRWMX]YVFERHIZIPSTQIRXWYGLEW
VEFFMXWQMGIERHSXLIVGSQQSRVSHIRXWKIIWIHYGOWVETXSVWWSRKFMVHWEZEVMIX]SJSXLIV
GSQQSRFMVHWTIGMIWERHWQEPPVITXMPIWERHEQTLMFMERW8LIWMXI[MPPFIHMWXYVFIHHYVMRK
GSRWXVYGXMSRFYXEHNEGIRX[IXPERHWERHYRHIZIPSTIHEVIEW[MPPTVSZMHILEFMXEXXLEXXLIWI
WTIGMIWGERIEWMP]EGGIWW7IEWSREPEGXMZMXMIWWYGLEWRIWXMRKQMKVEXMSRSVLMFIVREXMSRQE]FI
HMWVYTXIHHITIRHMRKSRXLIGSRWXVYGXMSRWIEWSR
3RI(26TYFPMG[EXIVI\MWXWRSVXLSJXLITVSNIGXPMQMXW410EOI%TSVXMSRSJXLI
WXSVQ[EXIVVYRSJJJVSQXLITVSNIGX[MPPHVEMRXSXLIPEOIFYX[MPPFIXVIEXIHTVMSVXS
HMWGLEVKMRKMRXSXLI[IXPERHW4SXIRXMEPMQTEGXWERHWXSVQ[EXIVQEREKIQIRXXSEZSMHERH
QMRMQM^IMQTEGXWEVIHMWGYWWIHMRHIXEMPYRHIV-XIQ7YVJEGI;EXIV6YRSJJ
8LI24()7TIVQMXERH6EQWI];EWLMRKXSR1IXVS;EXIVWLIH(MWXVMGXTIVQMXVIUYMVIHJSV
WXSVQ[EXIVXVIEXQIRXERHIVSWMSRGSRXVSPQIXLSHW[MPPFIMQTPIQIRXIHXSQMRMQM^IERH
QEREKIWYVJEGI[EXIVVYRSJJERHIVSWMSRTVMSVXSHMWGLEVKIMRXSRIEVF][EXIVFSHMIW
2S1R(26;MPHPMJI1EREKIQIRX%VIEW7XEXI2EXYVEP%VIEW97*;72EXMSREP;MPHPMJI
6IJYKIW;EXIVJS[P4VSHYGXMSR%VIEWSVSXLIVTYFPMGP]QEREKIH[MPHPMJILEFMXEXWEVI[MXLMRSV
EHNEGIRXXSXLITVSNIGXPMQMXW
F%VIER]WXEXIPMWXIH
IRHERKIVIHXLVIEXIRIHSVWTIGMEPGSRGIVR
WTIGMIWVEVITPERX
GSQQYRMXMIWSVSXLIVWIRWMXMZIIGSPSKMGEPVIWSYVGIWSRSVRIEVXLIWMXI#C<C=IWCC2S
-J]IWHIWGVMFIXLIVIWSYVGIERHLS[MX[SYPHFIEJJIGXIHF]XLITVSNIGX(IWGVMFIER]
QIEWYVIWXLEX[MPPFIXEOIRXSQMRMQM^ISVEZSMHEHZIVWIMQTEGXW4VSZMHIXLI(MZMWMSRSJ
)6(&
)GSPSKMGEP6IWSYVGIWGSRXEGXRYQFIV
JVSQ[LMGLXLIHEXE[IVISFXEMRIH
ERHEXXEGLXLIVIWTSRWIPIXXIVJVSQXLI(26(MZMWMSRSJ)GSPSKMGEP6IWSYVGIW
0SGEXIHMRXLI
%XXEGLQIRXW
-RHMGEXIMJER]EHHMXMSREPWYVZI][SVOLEWFIIRGSRHYGXIH[MXLMRXLIWMXIERH
HIWGVMFIXLIVIWYPXW
6IWTSRWI6EVIERH)RHERKIVIH7TIGMIW%REP]WMW
8LI1MRRIWSXE2EXYVEP,IVMXEKI-RJSVQEXMSR7]WXIQVITSVXIH&PERHMRKvWXYVXPIW
)Q]HSMHIE
FPERHMRKMM
EWXEXIPMWXIHXLVIEXIRIHWTIGMIWLEZIFIIRVITSVXMRXLIZMGMRMX]SJXLITVSNIGXEVIE
1ERHMXWGSRXVEGXSVW[MPPJSPPS[XLIVIGSQQIRHEXMSRWJSVEZSMHMRKERHQMRMQM^MRKMQTEGXW
XS&PERHMRKvW8YVXPIEWTVSZMHIHF]XLI(26vWJEGXWLIIX
0MWX
HYVMRKERHEJXIV
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
GSRWXVYGXMSR8LI(26vW&PERHMRKvW8YVXPIJP]IV[MPPFIYXMPM^IHXSMRJSVQ[SVOIVWXLEXXLI
XYVXPIQE]FIIRGSYRXIVIHMRXLIEVIE8LIMXIQWMRGPYHIHMR0MWXMRGPYHIXLIJSPPS[MRK
4VSZMHIXLI(26JP]IVMRGPYHMRKERMPPYWXVEXMSRSJE&PERHMRKvWXYVXPIXSEPP
GSRXVEGXSVW[SVOMRKMRXLIEVIE
2SLSQIS[RIVWEVIPSGEXIHMRXLIGSRWXVYGXMSR
EVIE
-J&PERHMRKvWXYVXPIWEVIWIIRMRXLITVSNIGXEVIEXLI][MPPFIQSZIHF]LERHMJMR
HERKIVJVSQGSRWXVYGXMSREGXMZMXIW8YVXPIWRSXMRHERKIV[MPPFIPIJXYRHMWXYVFIH
&PERHMRKvWXYVXPIWRIWXW[MPPRSXFIHMWXYVFIH
7MPXJIRGMRK[MPPFIYWIHEVSYRHXLIGSRWXVYGXMSREVIEERH[MPPFIVIQSZIHEJXIVXLI
EVIELEWFIIRVIZIKIXEXIH
8IQTSVEV][IXPERHWEVIRSXPSGEXIH[MXLMRXLITVSNIGXEVIEERH[MPPRSXFIMQTEGXIH
F]XLITVSNIGX
1[MPPQEREKIWXSVQ[EXIVVYRSJJERHIVSWMSRERHWIHMQIRXEXMSRJVSQXLITVSNIGXXS
EZSMH[IXPERHMQTEGXW1[MPPSFXEMRXLIVIUYMVIH24()7WXSVQ[EXIVTIVQMXWERH
[EXIVWLIHHMWXVMGXTIVQMXWJSVXLMWTVSNIGX
8LITVSNIGXHSIWRSXMRGPYHIVSEH[E]GSRWXVYGXMSRSVQENSVYXMPMX]GSRWXVYGXMSRWS
XLSWIMXIQWJSVEZSMHMRKERHQMRMQM^MRKMQTEGXWEVIRSXETTPMGEFPI
)\MWXMRKREXMZIZIKIXEXMSREVSYRH[IXPERHWRIEVXLIWMXI[MPPFIQEMRXEMRIH
4L]WMGEPMQTEGXWSR[EXIVVIWSYVGIW
;MPPXLITVSNIGXMRZSPZIXLITL]WMGEPSVL]HVSPSKMG
EPXIVEXMSR{HVIHKMRKJMPPMRKWXVIEQHMZIVWMSRSYXJEPPWXVYGXYVIHMOMRKERHMQTSYRHQIRX{SJ
ER]WYVJEGI[EXIVWWYGLEWEPEOITSRH[IXPERHWXVIEQSVHVEMREKIHMXGL#C<C=IWCC2S
-J]IWMHIRXMJ][EXIVVIWSYVGIEJJIGXIHERHKMZIXLI(264YFPMG;EXIVW-RZIRXSV]RYQFIV
W
MJXLI
410EOI
[EXIVVIWSYVGIWEJJIGXIHEVISRXLI4;-(IWGVMFIEPXIVREXMZIWGSRWMHIVIH
ERHTVSTSWIHQMXMKEXMSRQIEWYVIWXSQMRMQM^IMQTEGXW
6IWTSRWI10EOI[MPPFIXLIVIGIMZMRK[EXIVFSH]JSVWXSVQ[EXIVVYRSJJXLEXMWKIRIVEXIHF]
XLIHIZIPSTIHWMXI8LIEHHMXMSREPMQTIVZMSYWWYVJEGIWSRXLIWMXI[MPPVIWYPXMRERMRGVIEWIMR
WXSVQ[EXIVVYRSJJZSPYQISZIVGYVVIRXGSRHMXMSRW
,]HVSPSKMGGLERKIWXS10EOI[MPPFIQMRMQM^IHF]GSQTPMERGI[MXLXLI'MX]SJ1ETPI[SSHERH
6EQWI];EWLMRKXSR1IXVS;EXIVWLIH(MWXVMGXTIVQMXVIUYMVIQIRXW(MWGYWWMSRW[MXLXLI'MX]
ERH;EXIVWLIH(MWXVMGXLEZIIQTLEWM^IHYWMRKEZEVMIX]SJJMPXVEXMSRERHSVMRJMPXVEXMSRQIXLSHWXS
QEREKIWXSVQ[EXIVSRXLIWMXIERHQMRMQM^IMQTEGXWXSHS[RWXVIEQ[EXIVFSHMIW7XSVQ[EXIV
QEREKIQIRXMWPMOIP]XSMRGPYHIFMSVIXIRXMSRW[EPIWYRHIVKVSYRHWXSVEKIERHMRJMPXVEXMSRERH
MRGSVTSVEXMSRSJTIVZMSYWTEZIVWMRTEVOMRKPSXHIWMKRSVWMQMPEVQIEWYVIWXSJMPXIVERHMRJMPXVEXI
WXSVQ[EXIVXSQIIXXLI'MX]ERH;EXIVWLIH(MWXVMGXVIUYMVIQIRXW%REPXIVREXMZIXSETL]WMGEP
EPXIVEXMSRSJXLI[IXPERHERHFYJJIVJVSQXLITVSNIGXvWWXSVQ[EXIVQIEWYVIHMWGLEVKIQE]FIXLI
YWISJXLII\MWXMRKWXSVQWI[IVMRJVEWXVYGXYVITVIZMSYWP]MRWXEPPIHJSVXLIWMXIvWJYXYVIHIZIPSTQIRX
8LI'MX]VIUYMVIWEJSSX[IXPERHFYJJIVEVSYRH10EOI,S[IZIV'MX]WXEJJRSXIHXLEXXLI
TVSNIGX[MPPRSXMQTEGXXLIVIUYMVIHFYJJIVFIGEYWIXLI[IXPERHMWSRXLISTTSWMXIWMHISJ1
'IRXIV6SEHJVSQXLITVSNIGXWMXI
*MKYVI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
[IXPERH
4
*MKYVI4YFPMG;EXIVWERH;IXPERHW
7SYVGI'MX]SJ1ETPI[SSH
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
;EXIVYWI
;MPPXLITVSNIGXMRZSPZIMRWXEPPEXMSRSVEFERHSRQIRXSJER][EXIV[IPPWGSRRIGXMSRXS
SVGLERKIWMRER]TYFPMG[EXIVWYTTP]SVETTVSTVMEXMSRSJER]KVSYRHSVWYVJEGI[EXIV
MRGPYHMRK
HI[EXIVMRK
#CC=IWC<C2S
-J]IWEWETTPMGEFPIKMZIPSGEXMSRERHTYVTSWISJER]RI[[IPPWTYFPMGWYTTP]EJJIGXIHGLERKIWXS
FIQEHIERH[EXIVUYERXMXMIWXSFIYWIHXLIWSYVGIHYVEXMSRUYERXMX]ERHTYVTSWISJER]
ETTVSTVMEXMSRWERHYRMUYI[IPPRYQFIVWERH(26ETTVSTVMEXMSRTIVQMXRYQFIVWMJORS[R
-HIRXMJ]ER]I\MWXMRKERHRI[[IPPWSRXLIWMXIQET-JXLIVIEVIRS[IPPWORS[RSRWMXII\TPEMR
QIXLSHSPSK]YWIHXSHIXIVQMRI
6IWTSRWI&EWIHSRXLIVIZMI[SJ1MRRIWSXE,IEPXL(ITEVXQIRXHEXEERHQETWXLIVIEVIRS
ORS[R[IPPWSRXLIWMXI
;EXIVVIPEXIHPERHYWIQEREKIQIRXHMWXVMGX
(SIWER]TEVXSJXLITVSNIGXMRZSPZIEWLSVIPERH
^SRMRKHMWXVMGXEHIPMRIEXIH]IEVJPSSHTPEMRSVEWXEXISVJIHIVEPP]HIWMKREXIH[MPHSVWGIRMG
VMZIVPERHYWIHMWXVMGX#C<C=IWCCC2S
-J]IWMHIRXMJ]XLIHMWXVMGXERHHMWGYWWTVSNIGXGSQTEXMFMPMX][MXLHMWXVMGXPERHYWIVIWXVMGXMSRW
6IWTSRWI8LITVSNIGXMW[MXLMRXLIWLSVIPERH^SRISJ10EOI8LIPSGEXMSRSJXLITVSTSWIH
FYMPHMRK[MPPVIUYMVIEWLSVIPERHFYJJIVZEVMERGIJSVPERHGSZIVEKI8LI'MX]vWGSHIPMQMXWPERH
GSZIVEKIXS SRPERHW[MXLMRXLI10EOI7LSVIPERHEVIE
8LITVSNIGXMWRSX[MXLMREJPSSHTPEMR^SRI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
*MKYVI7LSVIPERH(MWXVMGX
7SYVGI'MX]SJ1ETPI[SSH
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
;EXIVWYVJEGIYWI
;MPPXLITVSNIGXGLERKIXLIRYQFIVSVX]TISJ[EXIVGVEJXSRER][EXIVFSH]#
CC=IWC<C2S
-J]IWMRHMGEXIXLIGYVVIRXERHTVSNIGXIH[EXIVGVEJXYWEKIERHHMWGYWWER]TSXIRXMEPSZIVGVS[HMRK
SVGSRJPMGXW[MXLSXLIVYWIW
)VSWMSRERHWIHMQIRXEXMSR
+MZIXLIEGVIEKIXSFIKVEHIHSVI\GEZEXIHERHXLIGYFMG]EVHWSJ
WSMPXSFIQSZIH
%GVIWEGVIWGYFMG]EVHWGYFMG]EVHWSJWSMPXSFIVIQSZIH(IWGVMFIER]WXIITWPSTIW
SVLMKLP]IVSHMFPIWSMPWERHMHIRXMJ]XLIQSRXLIWMXIQET(IWGVMFIER]IVSWMSRERHWIHMQIRXEXMSR
GSRXVSPQIEWYVIWXSFIYWIHHYVMRKERHEJXIVTVSNIGXGSRWXVYGXMSR
6IWTSRWI8LITVSNIGX[MPPHMWXYVFETTVS\MQEXIP]EGVIWSJPERH8LIVIEVIRSWXIITWPSTIWSV
LMKLP]IVSHMFPIWSMPWSRXLIWMXI
%TSVXMSRSJXLIHMWXYVFIHEVIEMWTEZIHTEVOMRKERHVSEH[E]WFYXXLIQENSVMX]SJXLIHMWXYVFIH
EVIEMWRSRREXMZIKVEWWPERHERH[SSHPERH8LIEVIELEWLMWXSVMGEPP]FIIRKVEHIHERHJSYRHEXMSRW
GSRWXVYGXIHJSVERERXMGMTEXIHFYMPHMRKGSRWXVYGXMSRXLIRWYFWIUYIRXP]EFERHSRIHGSZIVIHERH
SZIVJMPPIH[MXL]IEVWSJI\GIWWWMXIWSMPWERHWIEWSREPWRS[WXSGOTMPIW8LITVSNIGX[MPPKVEHI
XLITVSTSWIHFYMPHMRKERHTEVOMRKJSSXTVMRXXSTVSTSWIHIPIZEXMSRWERHXLIHMWXYVFIHEVIEW[MPPFI
VIWXSVIHGSRWMWXIRX[MXLXLITVSNIGXvWTEZMRKERHPERHWGETMRKTPERW
8LITVSNIGX[MPPVIUYMVIE24()7+IRIVEP'SRWXVYGXMSR4IVQMXJSVGSRWXVYGXMSREGXMZMX]WMRGIXLI
TVSNIGX[MPPHMWXYVFQSVIXLERSRIEGVISJPERH8LMWTIVQMX[MPPVIUYMVIXIQTSVEV]ERHTIVQERIRX
IVSWMSRERHWIHMQIRXGSRXVSPQIEWYVIWXSVIHYGIIVSWMSRERHQMRMQM^IWIHMQIRXXVERWTSVXHYVMRK
ERHEJXIVGSRWXVYGXMSR%7XSVQ[EXIV4SPPYXMSR4VIZIRXMSR4PER
7;444
MWVIUYMVIHEWTEVXSJ
XLITIVQMX8LI7;444[MPPEHHVIWWFIWXQEREKIQIRXTVEGXMGIWJSVXLITVSNIGXGSRWXVYGXMSRJVSQ
QSFMPM^EXMSRXLVSYKLJMREPWXEFMPM^EXMSR
+ISXIGLRMGEP&SVMRKWTIVJSVQIHMREXERHEHNEGIRXXSXLITVSNIGXWMXIMRHMGEXIvzvSJJMPP
SZIVQSWXP]KVERYPEVEPPYZMYQMRGPYHMRKPE]IVWSJPIERGPE]EPPYZMYQERHGPE]I]WERHJMPP8LI
KVEHMRKSJXLIWMXIvWIVSHMFPIQEXIVMEPERHXLITVS\MQMX]XSXLITVSXIGXIH[EXIV[MPPVIUYMVI
IRLERGIHERHVIHYRHERXIVSWMSRERHWIHMQIRXGSRXVSPQIXLSHW[LMGL[MPPFIMRGPYHIHMRXLI
7;444
;EXIVUYEPMX]WYVJEGI[EXIVVYRSJJ
E'SQTEVIXLIUYERXMX]ERHUYEPMX]SJWMXIVYRSJJFIJSVIERHEJXIVXLITVSNIGX(IWGVMFI
TIVQERIRXGSRXVSPWXSQEREKISVXVIEXVYRSJJ(IWGVMFIER]WXSVQ[EXIVTSPPYXMSRTVIZIRXMSR
TPERW
6IWTSRWI8LITVSNIGX[MPPMRGVIEWIXLIWXSVQ[EXIVVYRSJJZSPYQIXSXLIVIGIMZMRK[EXIVFSH]
10EOI8IQTSVEV]IVSWMSRERHWIHMQIRXGSRXVSPQIEWYVIW[MPPFIIQTPS]IHXSGSRXVSPIVSWMSR
ERHQMXMKEXIWIHMQIRXXVERWTSVXGSRWMWXIRX[MXLXLI'MX]vW;EXIVWLIH(MWXVMGXvWERH24()7
VIUYMVIQIRXWERHTIVQMXGSRHMXMSRW%7XSVQ[EXIV4SPPYXMSR4VIZIRXMSR4PER
7;444
MWVIUYMVIH
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
EWEGSRHMXMSRSJXLI24()7TIVQMXERH[MPPFITVITEVIHXSEHHVIWWIVSWMSRERHWIHMQIRXGSRXVSP
ERHVIWIXSVEXMSRXLVSYKLGSRWXVYGXMSR
4IVQERIRXWXSVQ[EXIVQEREKIQIRXQIEWYVIWMRGPYHMRKMRJMPXVEXMSRERHJMPXVEXMSR[MPPFIHIWMKRIH
XSQMRMQM^IXLIMRGVIEWIMRVYRSJJZSPYQIXS10EOIEW[IPPEWHIXIRXMSRJEGMPMXMIWHIWMKRIHXS
QEMRXEMRXLITVITVSNIGXHMWGLEVKIVEXIXSXLIPEOI(MWGYWWMSRW[MXLXLI'MX]ERH6EQWI]
;EWLMRKXSR1IXVS;EXIVWLIH(MWXVMGXVIKEVHMRKXLIHIZIPSTQIRXSJXLIWMXILEZIMRGPYHIH
MRGSVTSVEXMSRSJJMPXVEXMSRERHMRJMPXVEXMSRTVEGXMGIWWYGLEWFMSVIXIRXMSRW[EPIWYRHIVKVSYRH
WXSVEKIERHTSVSYWTEZIQIRXWXSQEREKIWXSVQ[EXIVVYRSJJJVSQXLIWMXI
;MXLXLIMRGSVTSVEXMSRSJXLITVSTSWIHJMPVEXMSRERHMRJMPXVEXMSRTVEGXMGIWERH&14vWXSQIIX'MX]
ERH;EXIVWLIH(MWXVMGXVIUYMVIQIRXWTSWXHIZIPSTQIRXVYRSJJ[EXIVUYEPMX]WLSYPHFIGSQTEVEFPI
XSXLITVIWIRX[MXLXLIIPMQMREXMSRSJERI\MWXMRKWRS[WXSVEKIEVIEERHMRLIVIRXLIEZ]
GSRGIRXVEXMSRWSJVSEHWEPXERHGVIEXMSRSJXLIEHHMXMSREPTEZIHTEVOMRKPSXW
F-HIRXMJ]VSYXIWERHVIGIMZMRK[EXIVFSHMIWJSVVYRSJJJVSQXLIWMXIMRGPYHIQENSVHS[RWXVIEQ
[EXIVFSHMIWEW[IPPEWXLIMQQIHMEXIVIGIMZMRK[EXIVW)WXMQEXIMQTEGXVYRSJJSRXLIUYEPMX]
SJVIGIMZMRK[EXIVW
6IWTSRWI7XSVQ[EXIVVYRSJJJVSQXLITVSNIGXEVIEMWHMVIGXIHXS10EOIZMEETMTIHHMWGLEVKI
YRHIVXLII\MWXMRKWMXIVSEHEWWLS[RSR*MKYVI8LITVSTSWIHWXSVQ[EXIVVYRSJJW]WXIQMW
WLS[RSR*MKYVI(MWGLEVKIJVSQ10EOIMWSZIVERSYXPIX[IMVXSEPEVKIHMEQIXIVWXSVQ
WI[IVGSPPIGXMRKQSWXSJXLIGEQTYWVYRSJJERHGSRZI]MRKMXXS&EXXPI'VIIOERHXLIRXSXLI
1MWWMWWMTTM6MZIV
-QTEGXWXSXLIPEOIXLIWXSVQWI[IV&EXXPI'VIIOERHXLI1MWWMWWMTTM6MZIVWLSYPHFIQMRMQEP
JSPPS[MRKXLITIVQERIRXWXSVQ[EXIVERHZSPYQIVIHYGXMSRQIEWYVIWVIUYMVIHF]TIVQMXJVSQXLI
'MX]ERH;EXIVWLIH(MWXVMGXFYXQE]MRGPYHII\XIRHIHVYRSJJHMWGLEVKIHYIXSMRGVIEWIHVYRSJJ
ZSPYQIERHEWPMKLXMRGVIEWIMRHMWGLEVKIWEPMRMX]HYIXSXLIEHHIHWYVJEGITEVOMRKPSXWJSVXLMW
TEVXMGYPEVTEVGIPHVEMRMRKXS10EOI3ZIVEPPXLI10EOIGSRXVMFYXMRKWYFHVEMREKIEVIEMW
ETTVS\MQEXIP]EGVIWERHLEWERETTVS\MQEXIZSPYQISJEGVIJIIX8LITVSNIGXHMWXYVFIH
EVIEMWETTVS\MQEXIP]EGVIWSJXLIXSXEPWYFHVEMREKIEVIE
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
;EXIVUYEPMX][EWXI[EXIVW
E(IWGVMFIWSYVGIWGSQTSWMXMSRERHUYERXMXMIWSJEPPWERMXEV]QYRMGMTEPERHMRHYWXVMEP
[EWXI[EXIVTVSHYGIHSVXVIEXIHEXXLIWMXI
6IWTSRWI;EWXI[EXIVJVSQXLITVSNIGXMWERXMGMTEXIHXSGSRWMWXSJRSVQEPHSQIWXMGWI[EKIEW
[IPPEWWI[EKIJVSQXLIPEFSVEXSV]ERHGSQQIVGMEPEVIEWTVSTSWIHMRXLIFYMPHMRK8LIWI
GSQTSWMXMSRWEVIERXMGMTEXIHXSFI[MXLMRXLIVIWXVMGXMSRWSJXLI1IXVS;;84*SVYWIWXLEX
ERXMGMTEXIHMWGLEVKMRK[EWXI[EXIVXLEXHSIWRSXQIIXXLIVIWXVMGXMSRWSJXLI;;84SRWMXI
TVIXVIEXQIRXSVSRWMXIGSPPIGXMSRERHHMWTSWEPEXEPXIVREXIXVIEXQIRXJEGMPMXMIW[SYPHPMOIP]FI
IQTPS]IH
F(IWGVMFI[EWXIXVIEXQIRXQIXLSHWSVTSPPYXMSRTVIZIRXMSRIJJSVXWERHKMZIIWXMQEXIWSJ
GSQTSWMXMSREJXIVXVIEXQIRX-HIRXMJ]VIGIMZMRK[EXIVWMRGPYHMRKQENSVHS[RWXVIEQ[EXIV
FSHMIW
MHIRXMJ]MRKER]MQTEMVIH[EXIVW
ERHIWXMQEXIXLIHMWGLEVKIMQTEGXSRXLIUYEPMX]SJ
VIGIMZMRK[EXIVW-JXLITVSNIGXMRZSPZIWSRWMXIWI[EKIW]WXIQWHMWGYWWXLIWYMXEFMPMX]SJWMXI
GSRHMXMSRWJSVWYGLW]WXIQW
6IWTSRWI2%
G-J[EWXIW[MPPFIHMWGLEVKIHMRXSETYFPMGP]S[RIHXVIEXQIRXJEGMPMX]MHIRXMJ]XLIJEGMPMX]
HIWGVMFIER]TVIXVIEXQIRXTVSZMWMSRWERHHMWGYWWXLIJEGMPMX]WEFMPMX]XSLERHPIXLIZSPYQIERH
GSQTSWMXMSRSJ[EWXIWMHIRXMJ]MRKER]MQTVSZIQIRXWRIGIWWEV]
6IWTSRWI8LIWI[EKI[MPPFIXVIEXIHF]XLI1IXVS;;84EX4MKvW)]I0EOIMR7X4EYP8LI
EZIVEKIHEMP]JPS[EXXLI1IXVS;;84MW1+(ERHEGETEGMX]SJ1+(
8LIEHHMXMSREP[EWXI[EXIVWI[EKIHMWGLEVKIJVSQXLI6IWIEVGLERH(IZIPSTQIRX&YMPHMRKMW
PMOIP]XSFISJJWIXF]EVIPSGEXMSRSJGYVVIRXPEFSVEXSV]JEGMPMXMIWERHI\MWXMRKIQTPS]IIWJVSQ
SXLIVGEQTYWPSGEXMSRWXSXLIRI[JEGMPMX]8LIVIJSVIXLIVI[MPPFIRSWMKRMJMGERXGLERKIWMR
XLIEQSYRXSJJPS[WHMVIGXIHXSXLI1IXVS;;84ERHER]RIXMRGVIEWIXSXLIJPS[WMW[IPP
[MXLMRXLI;;84GETEGMX]
+ISPSKMGLE^EVHWERHWSMPGSRHMXMSRW
E%TTVS\MQEXIHITXL
MRJIIX
XSKVSYRH[EXIVQMRMQYQJXEZIVEKIJX
XSFIHVSGOQMRMQYQJXEZIVEKIJX
(IWGVMFIER]SJXLIJSPPS[MRKKISPSKMGWMXILE^EVHWXSKVSYRH[EXIVERHEPWSMHIRXMJ]XLIQSR
XLIWMXIQETWMROLSPIWWLEPPS[PMQIWXSRIJSVQEXMSRWSVOEVWXGSRHMXMSRW(IWGVMFIQIEWYVIWXS
EZSMHSVQMRMQM^IIRZMVSRQIRXEPTVSFPIQWHYIXSER]SJXLIWILE^EVHW
2SKISPSKMGWMXILE^EVHWEVIMHIRXMJMIHSRXLIWMXIFEWIHSRVIZMI[SJXLI6EQWI]'SYRX]
+VSYRH[EXIV4VSXIGXMSR4PER{8LIYTTIVQSWXFIHVSGOPE]IVMRXLIEVIEMW4PEXXIZMPPI
0MQIWXSRIEXQSVIXLERJIIXFIPS[XLIWYVJEGI8LIVIEVIRSORS[RSVQETTIHWMROLSPIW
SVOEVWXGSRHMXMSRWSRXLIWMXISVMRXLIMQQIHMEXIEVIE
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
F(IWGVMFIXLIWSMPWSRXLIWMXIKMZMRK26'7
7'7
GPEWWMJMGEXMSRWMJORS[R(MWGYWWWSMPXI\XYVI
ERHTSXIRXMEPJSVKVSYRH[EXIVGSRXEQMREXMSRJVSQ[EWXIWSVGLIQMGEPWWTVIEHSVWTMPPIHSRXS
XLIWSMPW(MWGYWWER]QMXMKEXMSRQIEWYVIWXSTVIZIRXWYGLGSRXEQMREXMSR
6IWTSRWI8LI6EQWI]'SYRX]7SMP7YVZI]MRHMGEXIWXLEXXLIWSMPWSRXLIWMXIEVIGPEWWMJMIHEW
{9HSVXLIRXW[IXWYFWXVEXMYQ8LIWIWSMPWEVILIXIVSKIRSYWIEVXL]JMPPQEXIVMEPWXLEX
LEZFIIRTPEGIHSRTSSVP]HVEMRIHQMRIVEPSVSVKERMGWSMPW8LI7YVZI]MRHMGEXIWXLEXXLIWSMPW
EVIWYMXEFPIWMXIWJSVFYMPHMRKWVSEHWVIGVIEXMSREVIEWERHWMQMPEVYWIW4IVQIEFMPMX]SJXLI
WSMPWMWZEVMEFPI4SXIRXMEPJSVGSRXEQMREXMSRJVSQ[EWXIWSVGLIQMGEPWMWQSHIVEXI
%PPVIWIEVGLEGXMZMXMIWSRXLIWMXI[MPPSGGYV[MXLMRXLIWMXIFYMPHMRKW0EFSVEXSV][EWXIW[MPPFI
LERHPIHXLVSYKLSRWMXITVIXVIEXQIRXSVSRWMXIGSPPIGXMSRERHHMWTSWEPEXEPXIVREXIXVIEXQIRX
JEGMPMXMIW%R]JIVXMPM^IVWSVGLIQMGEPWYWIHSRPERHWGETIHEVIEW[MPPFIQEREKIHEGGSVHMRKXS
QERYJEGXYVIVvWHMVIGXMSRWERH[MPPRSXFIWXSVIHSRXLMWWMXI
7SPMH[EWXIWLE^EVHSYW[EWXIWWXSVEKIXEROW
E(IWGVMFIX]TIWEQSYRXWERHGSQTSWMXMSRWSJWSPMHSVLE^EVHSYW[EWXIWMRGPYHMRKWSPMHERMQEP
QERYVIWPYHKIERHEWLTVSHYGIHHYVMRKGSRWXVYGXMSRERHSTIVEXMSR-HIRXMJ]QIXLSHERH
PSGEXMSRSJHMWTSWEP*SVTVSNIGXWKIRIVEXMRKQYRMGMTEPWSPMH[EWXIMRHMGEXIMJXLIVIMWEWSYVGI
WITEVEXMSRTPERHIWGVMFILS[XLITVSNIGX[MPPFIQSHMJMIHJSVVIG]GPMRK-JLE^EVHSYW[EWXIMW
KIRIVEXIHMRHMGEXIMJXLIVIMWELE^EVHSYW[EWXIQMRMQM^EXMSRTPERERHVSYXMRILE^EVHSYW[EWXI
VIHYGXMSREWWIWWQIRXW
6IWTSRWI7SQIWSPMH[EWXI[MPPFIKIRIVEXIHHYVMRKGSRWXVYGXMSREGXMZMXMIWSRXLIWMXI1
[MPPYWIEPMGIRWIH[EWXILEYPIVXSVIQSZIERHVIG]GPIGSRWXVYGXMSRHIFVMWJVSQXLI
GSRWXVYGXMSRWMXITIV1TSPMGMIW6IWIEVGLERHHIZIPSTQIRXEGXMZMXMIWMRXLIRI[FYMPHMRK[MPP
YWIWSQIWSPZIRXWERHTSXIRXMEPP]XS\MGQEXIVMEPW1[MPPQEREKIERHHMWTSWISJXLSWI
QEXIVMEPWMRGSQTPMERGI[MXLMXW14'%ETTVSZIHTIVQMX
F-HIRXMJ]ER]XS\MGSVLE^EVHSYWQEXIVMEPWXSFIYWIHSVTVIWIRXEXXLIWMXIERHMHIRXMJ]QIEWYVIW
XSFIYWIHXSTVIZIRXXLIQJVSQGSRXEQMREXMRKKVSYRH[EXIV-JXLIYWISJXS\MGSVLE^EVHSYW
QEXIVMEPW[MPPPIEHXSEVIKYPEXIH[EWXIHMWGLEVKISVIQMWWMSRHMWGYWWER]EPXIVREXMZIW
GSRWMHIVIHXSQMRMQM^ISVIPMQMREXIXLI[EWXIHMWGLEVKISVIQMWWMSR
6IWTSRWI6IWIEVGLERHHIZIPSTQIRXEGXMZMXMIWMRXLIRI[FYMPHMRK[MPPYWIWSQIWSPZIRXWERH
TSXIRXMEPP]XS\MGQEXIVMEPW1[MPPWXSVIERHQEREKIXLIQEXIVMEPWYWIHEXXLIWMXIMR
GSQTPMERGI[MXLMXW14'%ETTVSZIHTIVQMX
G-RHMGEXIXLIRYQFIVPSGEXMSRWM^IERHYWISJER]EFSZISVFIPS[KVSYRHXEROWXSWXSVI
TIXVSPIYQTVSHYGXWSVSXLIVQEXIVMEPWI\GITX[EXIV(IWGVMFIER]IQIVKIRG]VIWTSRWI
GSRXEMRQIRXTPERW
6IWTSRWI1[MPPRSXMRWXEPPER]YRHIVKVSYRHXEROWXSWXSVITIXVSPIYQSVSXLIVLE^EVHSYW
QEXIVMEPW8LIRI[FYMPHMRK[MPPLSYWIEREFSZIKVSYRHPMUYMHRMXVSKIRXERO1[MPPGSQTP]
[MXLEPP14'%VIUYMVIQIRXWJSVXLIEFSZIKVSYRHXERO
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8VEJJMG
4EVOMRKWTEGIWEHHIH
)\MWXMRKWTEGIW
MJTVSNIGXMRZSPZIWI\TERWMSR
2%{I\MWXMRKTEVOMRKEVIESRXLIWMXI[MPPFI
VIQSZIHXSEPPS[JSVGSRWXVYGXMSRSJTVSTSWIH6IWIEVGLERH(IZIPSTQIRX&YMPHMRK
)WXMQEXIHXSXEPEZIVEKIHEMP]XVEJJMGKIRIVEXIH:ILMGPIW8LITVSTSWIHHIZIPSTQIRX[MPP
RSXVITVIWIRXERMRGVIEWIMRXVEJJMGZSPYQIWMRXLIWYVVSYRHMRKEVIE-RWXIEHMRXIVREPXVEJJMGEPVIEH]
XVEZIPMRKXSERHJVSQXLI1GEQTYW[MPPFIVIHMVIGXIHXSXLIRI[FYMPHMRK
)WXMQEXIHQE\MQYQTIEOLSYVXVEJJMGKIRIVEXIHERHXMQISJSGGYVVIRGI
EQZILMGPIW8LITVSTSWIHHIZIPSTQIRX[MPPRSXVITVIWIRXERMRGVIEWIMRXVEJJMG
ZSPYQIWMRXLIWYVVSYRHMRKEVIE-RWXIEHMRXIVREPXVEJJMGEPVIEH]XVEZIPMRKXSERHJVSQXLI1
GEQTYW[MPPFIVIHMVIGXIHXSXLIRI[FYMPHMRK
XL
-RHMGEXIWSYVGISJXVMTKIRIVEXMSRVEXIWYWIHMRXLIIWXMQEXIW-8)8VMT+IRIVEXMSR)HMXMSRz
+IRIVEP3JJMGI&YMPHMRK
-JXLITIEOLSYVXVEJJMGKIRIVEXIHI\GIIHWZILMGPIWSVXLIXSXEPHEMP]XVMTWI\GIIHWE
XVEJJMGMQTEGXWXYH]QYWXFITVITEVIHEWTEVXSJXLI)%;9WMRKXLIJSVQEXERHTVSGIHYVIW
HIWGVMFIHMRXLI1R(38%GGIWW1EREKIQIRX1ERYEP
LXXT[[[HSXWXEXIQRYWEGGIWWQEREKIQIRXTHJGLETXIVWGLETXIVTHJ
SVEWMQMPEVPSGEP
KYMHERGITVSZMHIERIWXMQEXISJXLIMQTEGXSRXVEJJMGGSRKIWXMSRSREJJIGXIHVSEHWERHHIWGVMFI
ER]XVEJJMGMQTVSZIQIRXWRIGIWWEV]8LIEREP]WMWQYWXHMWGYWWXLITVSNIGXvWMQTEGXSRXLIVIKMSREP
XVERWTSVXEXMSRW]WXIQ
6IWTSRWI
6IKMSREP8VERWTSVXEXMSR7]WXIQ-QTEGX
8LITVSTSWIHFYMPHMRK[MPPRSXVITVIWIRXERMRGVIEWIMRXVEJJMGZSPYQIWMRXLIWYVVSYRHMRKEVIE
-RWXIEHMRXIVREPXVEJJMGEPVIEH]XVEZIPMRKXSERHJVSQXLI1GEQTYW[MPPFIVIHMVIGXIHXSXLIRI[
FYMPHMRK%WWYGLXLIVIMWRSRIXMRGVIEWIMRXVEJJMGSRXLIVIKMSREPXVERWTSVXEXMSRW]WXIQ%WXVEJJMG
MWERXMGMTEXIHXSVIQEMRXLIWEQI[MXLSV[MXLSYXXLITVSTSWIHHIZIPSTQIRXXLIVI[MPPFIRS
MQTEGXXSXLIVIKMSREPXVERWTSVXEXMSRW]WXIQ
)\MWXMRK'SRHMXMSRW
8LITVSTSWIHHIZIPSTQIRXMWWYVVSYRHIHF]JSYVVSEH[E]W1G/RMKLX6SEH'SR[E]%ZIRYI
XL7XVIIXERH1'IRXIV6SEH8LIGYVVIRXVSEH[E]GLEVEGXIVMWXMGWEVIEWJSPPS[W
1G/RMKLX6SEHRSVXLWSYXLPERIHMZMHIHQMRSVEVXIVMEPTSWXIHWTIIHMWQTL
'SR[E]%ZIRYIIEWX[IWXPERIHMZMHIHQENSVGSPPIGXSVTSWXIHWTIIHMWQTL
XL7XVIIXRSVXLWSYXLPERIHMZMHIHPSGEPVSEH[E]
1'IRXIV6SEHIEWX[IWXPERIYRHMZMHIHPSGEPVSEH[E]
*MKYVIWLS[WXLII\MWXMRKKISQIXV]ERHETTVSEGLPERIWEXXLIWXYH]MRXIVWIGXMSRW
*MKYVIW
XLVSYKLEVIMRGPYHIHMRXLI%XXEGLQIRXW
8VEJJMGGSYRXW[IVIGSPPIGXIHSR.YRIZMEZMHISXIGLRSPSK]8LIXYVRMRKQSZIQIRXWEX
IEGLWXYH]MRXIVWIGXMSR[IVIVIGSVHIHJSVLSYVWJVSQEQXSTQ8LIWIXYVRMRK
QSZIQIRXZSPYQIWWLS[XLEXXLITIEOLSYVWJSVXLIEVIEEVIXSEQERHXS
TQ*MKYVIEPWSWLS[WXLITIEOLSYVXYVRMRKQSZIQIRXZSPYQIWJSVIEGLWXYH]MRXIVWIGXMSR
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
)\MWXMRK8VEJJMG3TIVEXMSRW
%RMRXIVWIGXMSRGETEGMX]EREP]WMW[EWTIVJSVQIHJSVXLII\MWXMRKMRXIVWIGXMSRWYWMRKXLI
7]RGLVS7MQ8VEJJMGWSJX[EVITEGOEKI8LMWWSJX[EVITVSZMHIWPIZIPSJWIVZMGI
037
HIPE]ERH
ZILMGPIUYIYIWEWQIEWYVIWSJIJJIGXMZIRIWW037MWEUYEPMXEXMZIQIEWYVIQIRXTVIWIRXIHMRXIVQW
SJ037%XLVSYKL*037%VITVIWIRXWXLIFIWXSTIVEXMSRW[MXLPMXXPIXSRSHIPE][LMPI037*
VITVIWIRXWXLI[SVWXSTIVEXMSRW[MXLI\GIWWMZIGSRKIWXMSR+IRIVEPP]ERMRXIVWIGXMSR037(MW
GSRWMHIVIHEGGITXEFPIF]QSWXEKIRGMIW(IPE]ERH037EVIHMVIGXP]VIPEXIHEPXLSYKLMXWLSYPHFI
RSXIHXLEXXLIVIPEXMSRWLMTMWHMJJIVIRXHITIRHMRKYTSR[LIXLIVXLIMRXIVWIGXMSRMWWMKREPM^IHSV
YRWMKREPM^IH-RKIRIVEPXLITYFPMGXSPIVEXIWPSRKIVHIPE]WEXWMKREPM^IHMRXIVWIGXMSRWVIWYPXMRKMRE
FIXXIV037GSQTEVIH[MXLEWMQMPEVHIPE]EXERYRWMKREPM^IHMRXIVWIGXMSR5YIYMRKSVZILMGPI
WXEGOMRKMWMQTSVXERXMRHIXIVQMRMRKMJXYVRPERIWEVIEREGGITXEFPIPIRKXLERHJSVHIXIVQMRMRK
TSXIRXMEPMQTEGXWSREHNEGIRXMRXIVWIGXMSRW
8EFPIWLS[WXLISZIVEPP037ERHHIPE]VIWYPXWJSVXLITIEOLSYVWEXIEGLWXYH]MRXIVWIGXMSR
8EFPI037ERH(IPE]6IWYPXWz)\MWXMRK
-RXIVWIGXMSR8]TISJ;SVWX-RXIVWIGXMSR%TTVSEGL8SXEP-RXIVWIGXMSR
4IEO4IVMSH'SRXVSP
(MVIGXMSR037(IPE]037(IPE]
1G/RMKLXERH)XL1'IRXIV
%14IEO,SYV7MHI7XVIIX)&8LVY'%
414IEO,SYV7XST)&0IJX'%
1G/RMKLXERH'SR[E]
%14IEO,SYV8VEJJMG2&0IJX'&
414IEO,SYV7MKREP2&0IJX(&
2SVXLWMXIEGGIWWERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&6MKLX%%
414IEO,SYV7XST2&0IJX%%
XL7XVIIXERH'SR[E]
%14IEO,SYV7MHI7XVIIX2&0IJX'%
414IEO,SYV7XST2&0IJX&%
XL7XVIIXERH2%ZIRYI
%14IEO,SYV7MHI7XVIIX7&0IJX%%
414IEO,SYV7XST7&0IJX%%
XL7XVIIXERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&0IJX%%
414IEO,SYV7XST2&0IJX%%
%WWLS[RXLIWXYH]MRXIVWIGXMSRWEVIGYVVIRXP]STIVEXMRKEGGITXEFP]8LIRSVXLFSYRHPIJXXYVR
QSZIQIRXEXXLIWMKREPM^IHMRXIVWIGXMSRSJ1G/RMKLX6SEHERH'SR[E]%ZIRYIWLS[WE037(
HYVMRKXLITQTIEOLSYV[LMGLMWWXMPPEGGITXEFPI8LMW037ERHHIPE]EVIPEVKIP]XLIVIWYPXSJ
XLIPS[TIVGIRXEKISJKVIIRXMQIJSVXLMWQSZIQIRXERHXLIPS[EQSYRXSJZSPYQIJSVXLMWXYVRMRK
QSZIQIRXGSQTEVIH[MXLXLIXLVSYKLQSZIQIRXW8LIVIJSVIXLMWMWRSXGSRWMHIVIHEGETEGMX]
MWWYIFYXVEXLIVEJYRGXMSRSJXLIXVEJJMGWMKREPXMQMRKXSTVSZMHIXLIQSWXKVIIRXMQIXSXLILMKLIWX
ZSPYQIQSZIQIRXW
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8VEJJMG4VSNIGXMSRW
7XYH]EVIEXVEJJMGZSPYQIWJSVXLIEQERHTQTIEOLSYVW[IVITVSNIGXIHJSV-RXLMWGEWI
JYXYVIZSPYQIWEVIXLIVIWYPXSJKIRIVEPKVS[XLJVSQRSRWTIGMJMGWMXIWERHGLERKIWJVSQXLI
TVSTSWIHHIZIPSTQIRX8LII\MWXMRKXVEJJMGZSPYQIWTPYWXLIRSRWTIGMJMGWMXIKVS[XLMWXLI
2S&YMPH7GIREVMS8LI&YMPH7GIREVMSMWXLITVSTSWIHHIZIPSTQIRXXVEJJMGEHHIHXSXLI2S&YMPH
7GIREVMSXVEJJMG
8LIRSRWTIGMJMGKVS[XLJSVXLI2S&YMPH7GIREVMSGSRWMHIVIHXLVIIWSYVGIWXLI'MX]vW
'SQTVILIRWMZI4PER,MWXSVMGEP+VS[XLERHXLI7XEXI%MH*EGXSV%JXIVEVIZMI[SJXLIWIWSYVGIW
1G/RMKLX6SEHXVEJJMG[EWEWWMKRIHESRITIVGIRXTIV]IEVKVS[XLVEXI8VEJJMGSRSXLIVVSEH[E]W
[EWEWWMKRIHETIVGIRXTIV]IEVKVS[XLVEXI*MKYVIWLS[WXLITVSNIGXIH2S&YMPH
:SPYQI
%WQIRXMSRIHXLITVSTSWIHHIZIPSTQIRX[MPPRSXVITVIWIRXERMRGVIEWIMRXVEJJMGZSPYQIWMRXLI
WYVVSYRHMRKEVIE-RWXIEHMRXIVREPXVEJJMGEPVIEH]XVEZIPMRKXSERHJVSQXLI1GEQTYW[MPPFI
VIHMVIGXIHXSXLIRI[FYMPHMRK8SHIXIVQMRIXLIEQSYRXSJHMZIVXIHXVEJJMGXLIXVMTKIRIVEXMSR
VEXIWJSVEKIRIVEPSJJMGIFYMPHMRKJVSQXLI-8)8VMT+IRIVEXMSRXL)HMXMSR[IVIYWIH8EFPI
WLS[WXLII\TIGXIHXVMTKIRIVEXMSRJSVXLITVSTSWIHHIZIPSTQIRX
8EFPI4VSTSWIH(IZIPSTQIRX8VMT+IRIVEXMSR(MZIVXIH8VEJJMG
)RXIVMRK8VMTW)\MXMRK8VMTW
4IVGIRXEKI%QSYRX4IVGIRXEKI%QSYRX
%14IEO,SYV
414IEOLSYV
8LIERXMGMTEXIHXVEJJMGJSVXLITVSTSWIHHIZIPSTQIRX[EWWTPMXMRXSXLVIIKVSYTWERHEWWMKRIHXS
SXLIVEVIEWSJXLI1GEQTYW8LMWXVEJJMG[EWXLIRHMWXVMFYXIHXSXLIVSEH[E]RIX[SVOXVEZIPMRK
XSERHJVSQIEGLEWWMKRIHEVIE8LEXWEQIXVEJJMG[EWXLIREHNYWXIHXSVIJPIGXRI[VSYXIWXSERH
JVSQXLITVSTSWIHHIZIPSTQIRX8LYWMRHMZMHYEPXYVRMRKQSZIQIRXWSJIEGLWXYH]MRXIVWIGXMSR
[IRXYTSVHS[RHITIRHMRKYTSRLS[XVEJJMG[EWVIVSYXIH*MKYVIWLS[WXLII\TIGXIHGLERKIW
MRXVEJJMGZSPYQIWEXIEGLWXYH]MRXIVWIGXMSRHYIXSXLITVSTSWIHHIZIPSTQIRX-XWLSYPHFIRSXIH
XLEXERI[EGGIWWSRXLIWSYXLWMHISJXLIWMXIMWI\TIGXIHXSFISTIRIH[MXLXLIFYMPHMRK
'SRRIGXMRKHMVIGXP]XS'SR[E]%ZIRYIXLMWEGGIWWMWTVSTSWIHXSEPPS[VMKLXMRVMKLXSYXXVEJJMG
SRP]
;MXLXLII\TIGXIHRI[VSYXIWSJXVEJJMGJSVXLITVSTSWIHHIZIPSTQIRXHIXIVQMRIHXLIGLERKIWEX
IEGLWXYH]MRXIVWIGXMSR[IVIEHHIHXSXLI2S&YMPHZSPYQIW8LIVIWYPXMWXLII\TIGXIH
&YMPHZSPYQIWERHMWWLS[RMR*MKYVI
8VEJJMG%REP]WMW
8LIWXYH]MRXIVWIGXMSRW[IVIVIIZEPYEXIH[MXLXLI2S&YMPH:SPYQIWXSHIXIVQMRIXLI
I\TIGXIHJYXYVIXVEJJMGSTIVEXMSRW7]RGLVS7MQ8VEJJMG[EWEKEMRYWIHJSVXLMWIZEPYEXMSR[MXLXLI
WEQIQIEWYVIWSJIJJIGXMZIRIWW8EFPIWLS[WEWYQQEV]SJXLIVIWYPXW
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8EFPI037ERH(IPE]6IWYPXWz2S&YMPH
-RXIVWIGXMSR8]TISJ;SVWX-RXIVWIGXMSR%TTVSEGL8SXEP-RXIVWIGXMSR
4IEO4IVMSH'SRXVSP
(MVIGXMSR037(IPE]037(IPE]
1G/RMKLXERH)XL1'IRXIV
%14IEO,SYV7MHI7XVIIX)&8LVY'%
414IEO,SYV7XST)&8LVY'%
1G/RMKLXERH'SR[E]
%14IEO,SYV8VEJJMG2&0IJX'&
414IEO,SYV7MKREP2&0IJX(&
2SVXLWMXIEGGIWWERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&6MKLX%%
414IEO,SYV7XST2&0IJX%%
XL7XVIIXERH'SR[E]
%14IEO,SYV7MHI7XVIIX2&0IJX'%
414IEO,SYV7XST2&0IJX&%
XL7XVIIXERH2%ZIRYI
%14IEO,SYV7MHI7XVIIX7&0IJX%%
414IEO,SYV7XST7&0IJX%%
XL
7X
%14IEO,SYV7MHI7XVIIX2&0IJX%%
414IEO,SYV7XST2&0IJX%%
%WWLS[RHIPE]XMQIWKIRIVEPP]MRGVIEWIGSQTEVIH[MXLXLII\MWXMRKGSRHMXMSRWEWI\TIGXIH[MXL
MRGVIEWIHXVEJJMG,S[IZIVXLI037VIWYPXWEVIMHIRXMGEPERHXLISTIVEXMSRWEXIEGLWXYH]
MRXIVWIGXMSREVII\TIGXIHXSVIQEMREGGITXEFPI%W[MXLXLII\MWXMRKGSRHMXMSRWXLIRSVXLFSYRH
PIJXXYVRQSZIQIRXEXXLIWMKREPM^IHMRXIVWIGXMSRSJ1G/RMKLX6SEHERH'SR[E]%ZIRYIWXMPP
WLS[WXLIPS[IWX037EPXLSYKLWXMPPEGGITXEFPI%WI\TPEMRIHIEVPMIVXLMWVIWYPXMWEJYRGXMSRSJ
XLIVIPEXMZIP]PS[ZSPYQIERHXLIXVEJJMGWMKREPXMQMRKJEZSVMRKLMKLIVZSPYQIQSZIQIRXW
&EWIHSRXLIWIVIWYPXWRSQMXMKEXMSRMWRIIHIH,S[IZIVEWWLSYPHFIHSRI[MXLEPPXVEJJMGWMKREPW
XLIXMQMRKWLSYPHFIVIZMI[IHIZIV]XLVIIXSJMZI]IEVWXSIRWYVIXLIXVEJJMGWMKREPMWSTIVEXMRKEW
I\TIGXIHERHQEOIEHNYWXQIRXWXSXLIXMQMRKTPERXSVIJPIGXXLIGYVVIRXXVEJJMGTEXXIVRWMJ
RIGIWWEV]
8LI&YMPH:SPYQIW[IVIXLIREREP]^IHXSHIXIVQMRIMJXLIEHNEGIRXXVERWTSVXEXMSRW]WXIQMW
EFPIXSEGGSQQSHEXIXLIWLMJXMRKZSPYQIWHYIXSXLITVSTSWIHHIZIPSTQIRX8EFPIWLS[WXLI
WYQQEV]SJXLIVIWYPXW-XWLSYPHFIRSXIHXLEXXLIEHHMXMSREPWSYXLEGGIWWXS'SR[E]%ZIRYIMW
MRGPYHIHMRXLMWEREP]WMW
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8EFPI037ERH(IPE]6IWYPXWz&YMPH
-RXIVWIGXMSR8]TISJ;SVWX-RXIVWIGXMSR%TTVSEGL8SXEP-RXIVWIGXMSR
4IEO4IVMSH'SRXVSP
(MVIGXMSR037(IPE]037(IPE]
1G/RMKLXERH)XL1'IRXIV
%14IEO,SYV7MHI7XVIIX)&8LVY(%
414IEO,SYV7XST)&0IJX'%
1G/RMKLXERH'SR[E]
%14IEO,SYV8VEJJMG2&0IJX'&
414IEO,SYV7MKREP;&0IJX)(
2SVXLWMXIEGGIWWERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&0IJX%%
414IEO,SYV7XST2&0IJX%%
7SYXLWMXIEGGIWWERH'SR[E]
%14IEO,SYV7MHI7XVIIX)&8LVY%%
414IEO,SYV7XST7&6MKLX(&
XL7XVIIXERH'SR[E]
%14IEO,SYV7MHI7XVIIX7&0IJX'%
414IEO,SYV7XST2&8LVY&%
XL7XVIIXERH2%ZIRYI
%14IEO,SYV7MHI7XVIIX7&0IJX%%
414IEO,SYV7XST7&0IJX%%
XL7XVIIXERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&0IJX%%
414IEO,SYV7XST2&0IJX%%
%WWLS[RXLIVIWYPXWMRHMGEXIXLEXXLIWXYH]MRXIVWIGXMSRWSZIVEPPSTIVEXIEGGITXEFP],S[IZIVXLI
XVEJJMGWMKREPEXXLI1G/RMKLX6SEHERH'SR[E]%ZIRYIMRXIVWIGXMSRLEWMRHMZMHYEPQSZIQIRXW
XLEXEVIEX037)-REHHMXMSRXLIMRXIVWIGXMSRSJXLIWSYXLWMXIEGGIWWERH'SR[E]%ZIRYILEW
VIWYPXW[SVWIXLER[SYPHRSVQEPP]FII\TIGXIHEXEVMKLXMRVMKLXSYXSRP]MRXIVWIGXMSR8LIGEYWI
SJFSXLMWWYIWMWXLIMRGVIEWIMR[IWXFSYRHPIJXXYVRXVEJJMGEWEVIWYPXSJXLIHMZIVXIHXVEJJMGHYIXS
XLITVSTSWIHHIZIPSTQIRX8LITVSNIGXIHXVEJJMGJSVXLMWQSZIQIRXMWHYVMRKXLITQTIEO
LSYV8LIGYVVIRXWMKREPXMQMRKVIWYPXWMRPSRKUYIYIWJSVXLI[IWXFSYRHHMVIGXMSR[LMGLWXVIXGL
FEGOXSXLIWSYXLEGGIWWMRXIVWIGXMSRSR'SR[E]%ZIRYIERHEJJIGXXLI037ERHHIPE]VIWYPXW
%KIRIVEPP]YWIHXLVIWLSPHJSVGSRWMHIVEXMSRSJHYEPPIJXXYVRPERIWMWZILMGPIWMRERLSYV8LI
EQSYRXSJXVEJJMGJSVXLI[IWXFSYRHPIJXXYVRQSZIQIRXMWEFSZIXLEXXLVIWLSPH,S[IZIVXLI
IEWXFSYRHQSZIQIRXHSIWRSXLEZIQYGLGSRJPMGXMRKXVEJJMGMRXLMWGEWI8LIVIJSVIXLIJMVWX
QMXMKEXMSRGSRWMHIVIH[EWRSXHYEPPIJXXYVRPERIWFYXMRWXIEHEREHNYWXQIRXSJXLIWMKREPXMQMRK
%WWMKRMRKQSVIKVIIRXMQIXSXLIIEWXFSYRHERH[IWXFSYRHHMVIGXMSRW[MPPVIHYGIXLIUYIYIWERH
HIPE]XMQIWFYXQYWXFIFEPERGIH[MXLXLIRIIHWSJXLIRSVXLFSYRHERHWSYXLFSYRHHMVIGXMSRW
8LI&YMPHZSPYQIW[IVIVIIZEPYEXIHEWWYQMRKXLMWX]TISJGLERKIMRWMKREPXMQMRK8EFPI
WLS[WEWYQQEV]SJXLIVIWYPXW
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8EFPI037ERH(IPE]6IWYPXWz&YMPH;MXL1MXMKEXMSR
-RXIVWIGXMSR8]TISJ;SVWX-RXIVWIGXMSR%TTVSEGL8SXEP-RXIVWIGXMSR
4IEO4IVMSH'SRXVSP
(MVIGXMSR037(IPE]037(IPE]
1G/RMKLXERH)XL1'IRXIV
%14IEO,SYV7MHI7XVIIX)&8LVY'%
414IEO,SYV7XST)&0IJX'%
1G/RMKLXERH'SR[E]
%14IEO,SYV8VEJJMG2&0IJX(&
414IEO,SYV7MKREP;&0IJX('
2SVXLWMXIEGGIWWERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&0IJX%%
414IEO,SYV7XST2&0IJX%%
7SYXLWMXIEGGIWWERH'SR[E]
%14IEO,SYV7MHI7XVIIX)&8LVY%%
414IEO,SYV7XST7&6MKLX&%
XL7XVIIXERH'SR[E]
%14IEO,SYV7MHI7XVIIX7&0IJX'%
414IEO,SYV7XST7&0IJX&%
XL7XVIIXERH2%ZIRYI
%14IEO,SYV7MHI7XVIIX7&0IJX%%
414IEO,SYV7XST7&0IJX%%
XL7XVIIXERH1'IRXIV
%14IEO,SYV7MHI7XVIIX2&0IJX%%
414IEO,SYV7XST2&0IJX%%
%WWLS[REHNYWXQIRXXSXLIWMKREPXMQMRKMWEFPIXSMQTVSZIXLII\TIGXIH037ERHHIPE]VIWYPXW
8LII\TIGXIHZILMGPIUYIYIJSVXLI1G/RMKLX6SEHERH'SR[E]%ZIRYIMRXIVWIGXMSRMWEPWS
I\TIGXIHXSMQTVSZI%XXLIWEQIXMQIXLIRSVXLFSYRHERHWSYXLFSYRHQSZIQIRXWEVIWXMPP
TVSZMHIH[MXLWYJJMGMIRXKVIIRXMQIXSRSXHMWVYTXXLIMVVIWYPXW
8LIWXYH]MRXIVWIGXMSRWERHMRHMZMHYEPQSZIQIRXWEVIEPPI\TIGXIHXSSTIVEXIEGGITXEFP][MXLXLI
WMKREPXMQMRKQMXMKEXMSRWSRSJYVXLIVMQTVSZIQIRXW[IVII\EQMRIHSVHIXIVQMRIHXSFIRIIHIH
%PXLSYKLRSXRIGIWWEV]WMRGIXLIEHNEGIRXTYFPMGXVERWTSVXEXMSRW]WXIQGEREGGSQQSHEXIXLI
I\TIGXIHGLERKIWMRXVEJJMGGSRWMHIVEXMSRWLSYPHFIKMZIRXSQIXLSHWXSVIHYGITIEOTIVMSH
ZSPYQIW6IHYGMRKXLITIEOTIVMSHZSPYQIW[SYPHLIPTQEMRXEMRXLIVSEH[E]GETEGMX][MXLSYX
EHHMXMSREPPERIWERHMQTVSZIXLIHVMZIXMQIWJSVEPPQSXSVMWXW1IXLSHWXLEXGSYPHFIGSRWMHIVIHXS
VIHYGIXLITIEOTIVMSHZSPYQIWMRGPYHI
%PPS[MRKJPI\MFPI[SVOLSYVW
%PPS[MRKVIQSXI[SVO
)RGSYVEKMRKMRGIRXMZM^MRKGEVTSSPMRK
)RGSYVEKMRKMRGIRXMZM^MRKXVERWMXYWI
)RGSYVEKMRKMRGIRXMZM^MRKFMG]GPMRK[EPOMRK
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8LIVIEVIQER]HMJJIVIRXQIXLSHWERHXIGLRMUYIWXLEXGSYPHFIYWIHXSVIHYGIXLITIEOTIVMSHERH
SZIVEPPXVEJJMGZSPYQIW1MWVIGSQQIRHIHXSGSRWMHIVIHXLIWIERHSXLIVQIXLSHWJSVXLI
TVSTSWIHWMXIERHJSVXLIIRXMVIGEQTYW
7MXI6IZMI[
%PXLSYKLXLIWMXITPERMWNYWXEGSRGITXEXXLMWTSMRXMX[EWVIZMI[IHMRXIVQWSJEGGIWWTSMRXW
XVYGOQSZIQIRXWTEVOMRKERHTIHIWXVMERFMG]GPIEGGSQQSHEXMSRW)EGLMWVIZMI[IHWITEVEXIP]
FIPS[
'YVVIRXP]X[SEGGIWWIWTSMRXWTVSZMHIJSVXVEZIPMRERHSYXSJXLIWMXISRISRXLIRSVXLWMHI
GSRRIGXMRKXS1'IRXIV6SEHERHSRISRIEWXWMHI
2%ZIRYI
GSRRIGXMRKXSXL7XVIIX%XLMVH
EGGIWWMWTVSTSWIHXSGSRRIGXXS'SR[E]%ZIRYI8LIWIXLVIIEGGIWWTSMRXW[MPPEPPS[JSV[MHI
HMWXVMFYXMSRSJXVEJJMGXSERHJVSQXLITVSTSWIHHIZIPSTQIRX[LMGLMWKIRIVEPP]HIWMVEFPI%W
WLS[RMRXLIXVEJJMGSTIVEXMSREREP]WIWXLII\MWXMRKEGGIWWIWERHTPERRIHVMKLXMRVMKLXSYXEGGIWW
EVIEPPI\TIGXIHXSSTIVEXIEGGITXEFP]8LIVIJSVIXLIRYQFIVSJEGGIWWIWMWWYMXEFPIJSVXLI
TVSTSWIHWMXI
,S[IZIVXLITPERRIHEGGIWWXS'SR[E]%ZIRYIMWTVSTSWIHXSFIPSGEXIHSRXLI[IWXWMHISJXLI
GYVVIRXFYWTYPPSYXERHWXST%WWYQMRKXLIFYWWXSTVIQEMRW
ERHMXMWVIGSQQIRHIHXLEXMXHSIW
ETSXIRXMEPWEJIX]MWWYIIQIVKIWJVSQXLIRI[GSRJPMGXTSMRXW8LIFYWWXSTTYPPSYX[SYPHEPWS
STIVEXIEWEVMKLXXYVRPERIVIWYPXMRKMRGSRJPMGXWFIX[IIRXLIIRXIVMRKXVEJJMGERHETSXIRXMEPP]
WXSTTIHFYW%FYWWMXXMRKEXXLEXPSGEXMSRGSYPHEPWSMQTEGXXLIWMKLXHMWXERGIJSVWSYXLFSYRH
I\MXMRKXVEJJMG8SEPPIZMEXIXLMWTSXIRXMEPWEJIX]MWWYIMXMWVIGSQQIRHIHXLEXXLIFYWWXSTFIWLMJXIH
XSXLI[IWXWMHISJXLIVMKLXMRVMKLXSYXEGGIWWSVXLEXXLIEGGIWWFIWLMJXIHXSXLIIEWXSJXLIFYW
WXST8LIWPMKLXEHNYWXQIRXMRIMXLIVGEWIMWRSXI\TIGXIHXSMQTEGXSZIVEPPXVEJJMGSTIVEXMSRW
8LIGYVVIRXGSRGITXWMXITPERWLS[WTSXIRXMEPPSEHMRKHSGOWSRXLIRSVXLERHIEWXWMHIWSJXLI
FYMPHMRKWITEVEXIHJVSQXLITEVOMRKPSXW8LMWWITEVEXMSRMWKIRIVEPP]TVIJIVVIHXSOIITGSRJPMGXW
FIX[IIRLIEZ]XVYGOWERHTEWWIRKIVZILMGPIWXSEQMRMQYQ8LIXYVRMRKQSZIQIRXSJXLIXVYGOW
WLSYPHFII\EQMRIHXSIRWYVIWEJIQSZIQIRXWMRXSERHSYXSJXLITVSTSWIHPSGEXMSRW
8LITEVOMRKPSXJSVXLITVSTSWIHFYMPHMRKMWI\TIGXIHXSLEZITEVOMRKWXEPPW8LIWXEPPWEVI
PSGEXIHE[E]JVSQXLIEGGIWWHVMZI[E]WEPPS[MRKJSVI\MXMRKZILMGPIUYIYIW[LMGLMWTVIJIVVIH%
HVSTSJJTMGOYTWMXIMWPSGEXIHF]XLIQEMRIRXVERGIERHMXWPE]SYXMRXLIGSRGITXGSYPHGVIEXI
MWWYIW(ITIRHMRKYTSR[LIXLIVXLIHVSTSJJTMGOYTMWSRI[E]SVX[S[E]ERHXLII\EGXWMKRMRK
ERHWXVMTMRKXLITEXLJSVQSXSVMWXWGSYPHFIGSRJYWMRKGEYWMRKGSRJPMGXMWWYIW8LIJMREPHIWMKRSJ
XLMWHVSTSJJTMGOYTVSEHWLSYPHFII\EQMRIHGEVIJYPP]XSQMRMQM^ITSXIRXMEPGSRJYWMSR6EXLIV
XLEREWITEVEXIVSEHETYPPSYXFE]QE]FIQSVIETTVSTVMEXI*MREPP]XLIXVEJJMGGSRXVSPJSVER]
MRXIVREPGMVGYPEXMSRMRXIVWIGXMSRWWLSYPHFIGSRWMHIVIH(ITIRHMRKYTSRXLIJMREPPE]SYXWXST
GSRXVSPJSVSRISVIZIV]ETTVSEGL[SYPHPMOIP]FIETTVSTVMEXIERHWLSYPHFIWMKRIH
4IHIWXVMERFMG]GPIEGGSQQSHEXMSRWEVIEZIV]MQTSVXERXEWTIGXSJGSRRIGXMZMX][MXLMRXLI1
GEQTYW1EOMRKWYVITIHIWXVMERWLEZIEWEJITEXLXSXVEZIPJVSQXLIFYMPHMRKWXSXLITEVOMRKPSXW
ERHFYWWXSTW[MPPQEOIEWEJIVERHQSVIEGGSQQSHEXMRKGEQTYW-RXLIGSRGITXPE]SYX
WMHI[EPOWETTIEVXSFITVSZMHIHEVSYRHXLITVSTSWIHFYMPHMRKERHEHNEGIRXXSXLITEVOMRKEVIE
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
,S[IZIVEWMHI[EPOMWRSXWLS[RGSRRIGXMRKXSXLIFYWWXSTPSGEXMSR8LMWGSRRIGXMSRWLSYPHFIE
TVMSVMX]XSIRGSYVEKIXVERWMXYWI-REHHMXMSRFMG]GPITEVOMRKWLSYPHFIGSRWMHIVIHRIEVXLI
FYMPHMRKIRXVERGIW
'SRGPYWMSRWERH6IGSQQIRHEXMSR
&EWIHYTSRXLIEREP]WMWERHVIWYPXWTVIWIRXIHXLIJSPPS[MRKGSRGPYWMSRWEVIHVE[R
8VEJJMGSTIVEXMSRWEXXLIMRXIVWIGXMSRWWYVVSYRHMRKXLITVSTSWIHHIZIPSTQIRXGYVVIRXP]
STIVEXIEGGITXEFP]ERHEVII\TIGXIHXSGSRXMRYIXSSTIVEXIEGGITXEFP]MRXSXLIRIEV
JYXYVI
8LITVSTSWIHHIZIPSTQIRX[MPPRSXKIRIVEXIRI[XVEJJMGFYX[MPPGEYWIEVIHMWXVMFYXMSRSV
HMZIVWMSRSJXVEJJMGJVSQSXLIVEVIEWSJXLI1GEQTYWXSXLIRI[WMXI
;MXLEREHNYWXQIRXSJWMKREPXMQMRKEXXLI1G/RMKLX6SEHERH'SR[E]%ZIRYI
MRXIVWIGXMSRXLIWYVVSYRHMRKWXYH]MRXIVWIGXMSRWEVII\TIGXIHXSSTIVEXIEGGITXEFP][MXL
XLITVSTSWIHHIZIPSTQIRX
8LIGYVVIRXPSGEXMSRSJXLIFYWWXSTSR'SR[E]%ZIRYIMWMRGSRJPMGX[MXLXLITVSTSWIH
HVMZI[E]
8LIXVYGOPSEHMRKHSGOWEVIEGGITXEFP]TPERRIHWITEVEXIHJVSQTEVOMRKEVIEW
4IHIWXVMERFMG]GPIEGGSQQSHEXMSRWEVITPERRIHEWTEVXSJXLMWTVSTSWIHHIZIPSTQIRX
8LIVIJSVIXLIVIGSQQIRHEXMSRWJSVXLITVSTSWIHHIZIPSTQIRXMRVIKEVHXSXVEJJMGSTIVEXMSRWEVI
%HNYWXXLIWMKREPXMQMRKSJXLI1G/RMKLX6SEHERH'SR[E]%ZIRYIXVEJJMGWMKREPHYIXS
XLIHMZIVXIHXVEJJMGSJXLITVSTSWIHHIZIPSTQIRX7TIGMJMGEPP]QSVIKVIIRXMQI[MPPRIIH
XSFIHIZSXIHXSXLI[IWXFSYRHETTVSEGL
6IPSGEXIXLIFYWWXSTSR'SR[E]%ZIRYIXSXLI[IWXSJXLITPERRIHEGGIWWSVVIPSGEXI
XLIEGGIWWXSXLIIEWXSJXLII\MWXMRKFYWWXST
6IZMI[XVYGOQSZIQIRXWMRERHSYXSJXLIPSEHMRKEVIEWXSIRWYVIEGGITXEFPIQSZIQIRXW
XLEX[MPPRSXMQTEGXXLIEHNEGIRXVSEH[E]STIVEXMSRW
6IZMI[TEVOMRKPSXGMVGYPEXMSRVSYXIWERHMRTEVXMGYPEVXLIHIWMKRSJXLIHVSTSJJTMGO
YTVSEHEWWLS[RMRXLIGSRGITXPE]SYX%TYPPSYXFE]VEXLIVXLEREWITEVEXIGMVGYPEXMSR
VSEHQE]FIQSVIETTVSTVMEXIJSVHVSTSJJWTMGOYTW7MKRMRKERHWXVMTMRKWLSYPHFI
TVSZMHIHXSQMRMQM^IGSRJYWMSRTEVXMGYPEVP]EXMRXIVREPGMVGYPEXMSRMRXIVWIGXMSRW
4VSZMHIETIHIWXVMERTEXL[E]FIX[IIRXLITVSTSWIHFYMPHMRKERHXLII\MWXMRKFYWWXST
4VSZMHIFMG]GPITEVOMRKEVIEWRIEVTVSTSWIHFYMPHMRKIRXVERGIW
:ILMGPIVIPEXIHEMVIQMWWMSRW
)WXMQEXIXLIIJJIGXSJXLITVSNIGXWXVEJJMGKIRIVEXMSRSREMVUYEPMX]
MRGPYHMRKGEVFSRQSRS\MHIPIZIPW(MWGYWWXLIIJJIGXSJXVEJJMGMQTVSZIQIRXWSVSXLIVQMXMKEXMSR
QIEWYVIWSREMVUYEPMX]MQTEGXW
6IWTSRWI
8LMWVITSVXIZEPYEXIWXLIEMVUYEPMX]ERHRSMWIMQTEGXWSJXVEJJMGVIPEXIHXSXLITVSTSWIH1SJJMGI
FYMPHMRKMR1ETPI[SSH1MRRIWSXE8LITVSTSWIHWMXIMWSRXLI1GEQTYWERHMWFSVHIVIHF]
XL
1G/RMKLX6SEHSRXLI[IWX'SR[E]%ZIRYISRXLIWSYXL7XVIIXSRXLIIEWXERH1'IRXIV
6SEHSRXLIRSVXL
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8LIVIMWEVIWMHIRXMEPEVIEEHNEGIRXXSERH[IWXSJ1G/RMKLX6SEH7&4IZEPYEXIHTIEOHE]XMQI
LSYVRSMWIMQTEGXWSJXLMW1G/RMKLX6SEHXVEJJMGYRHIVI\MWXMRKRSFYMPHERHFYMPH
XVEJJMGGSRHMXMSRW
%HHMXMSREPP]7&4HIXIVQMRIHRSMWIPIZIPWSRXLITVSTSWIHTVSNIGXWMXIERHGSQTEVIHXLIQXS
1MRRIWSXE2SMWI7XERHEVHWJSVGSQQIVGMEPPERHYWIW
1MRRIWSXE2SMWI7XERHEVHW
1MRRIWSXELEWRSMWIWXERHEVHWXLEXEVIHIWMKRIHXSFIGSRWMWXIRX[MXLWPIITWTIIGLERRS]ERGI
ERHLIEVMRKGSRWIVZEXMSRVIUYMVIQIRXWJSVVIGIMZIVW[MXLMREVIEWKVSYTIHEGGSVHMRKXSPERHYWI
EGXMZMXMIW8LI1MRRIWSXEWXERHEVHWEVIEWJSPPS[W
%1XS4141XS%1
0000
2%'
6IWMHIRXMEP
2%'
'SQQIVGMEP
2%'
-RHYWXVMEP
0QIERWXLIWSYRHPIZIP[LMGLMWI\GIIHIHJSVTIVGIRXSJXLIXMQIJSVESRILSYVTIVMSH0
QIERWXLIWSYRHPIZIP[LMGLMWI\GIIHIHTIVGIRXSJXLIXMQIJSVESRILSYVTIVMSH7SYRH
PIZIPWEVII\TVIWWIHMRH&%%H&%MWEYRMXSJWSYRHPIZIPI\TVIWWIHMRHIGMFIPWERH[IMKLXIHJSV
XLITYVTSWISJETTVS\MQEXMRKXLILYQERVIWTSRWIXSWSYRH
1MRRIWSXE7XEXYXIW7IGXMSR7YFHEI\IQTXRSMWIJVSQGSYRX]ERHPSGEPVSEHWJVSQXLI
VIUYMVIQIRXWSJXLIWIRSMWIVYPIWYRPIWWJYPPGSRXVSPSJEGGIWWXSXLIVSEHLEWFIIREGUYMVIH
2SMWI1SRMXSVMRK
-RSVHIVXSLIPTHIJMRII\MWXMRKTVSNIGXEVIERSMWIPIZIPWERHXSZEPMHEXIXLIRSMWIQSHIPMRKVIWYPXW
7&4GSRHYGXIHQSRMXSVMRKEXEPSGEXMSRVITVIWIRXMRKXLIVIWMHIRXMEPEVIE[IWXSJ1G/RMKLX6SEH
8LIQSRMXSVMRKVIWYPXW[IVIGSQTEVIHXSXLIQSHIPMRKVIWYPXWYWMRKXLIXVEJJMGGSYRXGSRHYGXIH
HYVMRKXLIQSRMXSVMRK8LIQSRMXSVMRKPSGEXMSR
1
MWWLS[RMR*MKYVI8LIJSPPS[MRKXEFPI
GSQTEVIWXLIRSMWIQSRMXSVMRKVIWYPXW[MXLXLIRSMWIQSHIPMRKVIWYPXW
6IWYPXWSJXLIQSRMXSVMRKEVIEWJSPPS[W
8EFPI
2SMWI1SRMXSVMRKERH1SHIPMRK6IWYPXW'SQTEVMWSR
1SRMXSVMRK1SHIPMRK
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
6IWYPXW6IWYPXW
H&%
H&%
1SRMXSVMRK0SGEXMSR(EXI7XEVX8MQI0000
1TQ
8LIQSRMXSVMRKVIWYPXWWLS[KSSHEKVIIQIRX
[MXLMRH&%
[MXLXLIQSHIPMRKVIWYPXW
ZEPMHEXMRKXLIQSHIP
2SMWI1SHIPMRK-QTEGX%WWIWWQIRX
8LMWEREP]WMWYWIHXLI1-223-7):XVEJJMGRSMWIQSHIPXSHIXIVQMRII\MWXMRK2SFYMPH
ERH&YMPHXVEJJMGRSMWIMQTEGXWEXXLVIIWIPIGXIHVIWMHIRXMEPRSMWIVIGITXSVPSGEXMSRWEPSRK
1G/RMKLX6SEH8LIVIGITXSVPSGEXMSRWEVIWLS[RMR*MKYVI
%HHMXMSREPP]XLIEREP]WMWYWIHXLI1-223-7):XVEJJMGRSMWIQSHIPXSHIXIVQMRIXLI
&YMPHXVEJJMGRSMWIPIZIPWSRXLITVSTSWIHTVSNIGXWMXI8LIVIGITXSVPSGEXMSRMWWLS[RMR*MKYVI
8LI1-223-7):QSHIPMWEQSHMJMIH
QSHMJMIHF]XLI1MRRIWSXE(ITEVXQIRXSJ
8VERWTSVXEXMSR
ZIVWMSRSJXLI*IHIVEP,MKL[E]%HQMRMWXVEXMSRvW3TXMQE7XEQMREQSHIPXLEXMW
YWIHXSTVIHMGXRSMWIPIZIPWJVSQLMKL[E]TVSNIGXWERHXSEWWMWX[MXLXLIHIZIPSTQIRXSJRSMWI
FEVVMIVW
2SMWI1SHIPMRK6IWYPXWJSV1G/RMKLX6SEH6IGITXSVW
8LIJSPPS[MRKXEFPITVSZMHIWXLIQSHIPMRKVIWYPXWEXIEGLSJXLIQSHIPIHPSGEXMSRW
8EFPI
8VEJJMG-QTEGXEX1G/RMKLX6SEH6IWMHIRXMEP%VIE
)\MWXMRK2SMWI2S&YMPH&YMPH2SMWI'LERKI(YIXS
0IZIPW
H&%
2SMWI0IZIPW0IZIPW4VSNIGX8VEJJMG
6IGITXS00000000
V
6
6
6
%PPVIGITXSVPSGEXMSRWLEZII\MWXMRKERHRSMWIPIZIPWEFSZIHE]XMQIWXERHEVHWJSVVIWMHIRXMEP
PSGEXMSRW8LIQSHIPVIWYPXWWLS[XLILMKLIWXQSHIPIHRSMWIMQTEGXSJXLITVSNIGXVIPEXIHXVEJJMG
GLERKIWXSFIH&%
8LI14'%GSRWMHIVWIRZMVSRQIRXEPRSMWIGLERKIWSJPIWWXLERH&%XSFIMQTIVGITXMFPI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
2SMWI1SHIPMRK6IWYPXWJSV4VSNIGX7MXI
8LIRSMWIQSHIPTVIHMGXWETIEOLSYV0RSMWIPIZIPSJH&%ERHETIEOLSYV0RSMWI
PIZIPSJH&%JSVXLIXVEJJMGGSRHMXMSRW8LIWIRSMWIPIZIPWEVI[IPP[MXLMRXLI
1MRRIWSXE7XEXI2SMWI7XERHEVHWJSVEGSQQIVGMEPPERHYWI
'SRGPYWMSRW
%PPQSHIPIHRSMWIVIGITXSVPSGEXMSRWJSVXLIVIWMHIRXMEPEVIESRXLI[IWXWMHISJ1G/RMKLX6SEH
LEZII\MWXMRKERHRSMWIPIZIPWEFSZIHE]XMQIWXERHEVHWJSVVIWMHIRXMEPPSGEXMSRW8LIQSHIP
VIWYPXWWLS[XLILMKLIWXQSHIPIHRSMWIMQTEGXSJXLITVSNIGXVIPEXIHXVEJJMGGLERKIWXSFI
H&%8LI14'%GSRWMHIVWIRZMVSRQIRXEPRSMWIGLERKIWSJPIWWXLERH&%XSFIMQTIVGITXMFPI
8LIRSMWIQSHIPTVIHMGXWETIEOLSYV0RSMWIPIZIPSJH&%ERHETIEOLSYV0RSMWI
PIZIPSJH&%JSVXLIXVEJJMGGSRHMXMSRW8LIWIRSMWIPIZIPWEVI[IPP[MXLMRXLI
1MRRIWSXE7XEXI2SMWI7XERHEVHWJSVEGSQQIVGMEPPERHYWI
'EVFSRQSRS\MHIIQMWWMSRWJVSQZILMGPIWGERGEYWIIPIZEXIHEQFMIRXPIZIPWSJGEVFSRQSRS\MHI
RIEVVSEH[E]MRXIVWIGXMSRW-RWSQIGEWIWRIEVMRXIVWIGXMSRW[LIVIXVEJJMGZSPYQIMWZIV]LMKL
ERHGSRKIWXMSRMWFEHIQMWWMSRWGERGEYWIZMSPEXMSRWSJ*IHIVEPERHSV7XEXIWXERHEVHWJSV
EQFMIRXGSRGIRXVEXMSRPIZIPWSJGEVFSRQSRS\MHI
*SVLMKL[E]TVSNIGXWXLI8[MR'MXMIWEVIELEWER)4%ETTVSZIHWGVIIRMRKQIXLSH[LIVIXVEJJMG
GSRHMXMSRWEXETSXIRXMEPGEVFSRQSRS\MHILSXWTSXEVIGSQTEVIHXSEWIXSJXLI[SVWX
MRXIVWIGXMSRW
LMKLIWX%RRYEP%ZIVEKI(EMP]8VEJJMG
%%(8
ERH[SVWX0IZIPSJ7IVZMGI
037
037%MWXLIFIWXXVEJJMGJPS[GSRHMXMSRWERH037*MWXLI[SVWXXVEJJMGJPS[GSRHMXMSRW
-JXLI
TVSNIGXHSIWRSXQIIXXLI%%(8FIRGLQEVOGVMXIVMEERHHSIWRSXEJJIGXSRISJXLIXSTXIR
QSHIPIHMRXIVWIGXMSRWXLIRMXGERFIGSRGPYHIHMX[MPPRSXGEYWIER]'EVFSR1SRS\MHI
'3
ZMSPEXMSRW
WMRGIXLI[SVWXHMHRX
9WMRKXLMWWGVIIRMRKQIXLSHXLIMRXIVWIGXMSRWRIEVXLITVSTSWIH1WMXIQYWXLEZIELMKLIWX
ERRYEPEZIVEKIHEMP]XVEJJMGZSPYQISJKVIEXIVXLERERHE037SJ(SV[SVWIXSFI
GSRWMHIVIHETSXIRXMEPGEVFSRQSRS\MHIwLSXWTSXx2SRISJXLIEJJIGXIHMRXIVWIGXMSRWLEZI
LMKLIWXERRYEPEZIVEKIXVEJJMGZSPYQIWI\GIIHMRKXLIXLVIWLSPHERHRSRISJXLI
MRXIVWIGXMSRWLEZIER037SJ(SV[SVWI8LIVIJSVIXLIXVEJJMGEXXLIWIMRXIVWIGXMSRW[MPPRSX
GEYWIEZMSPEXMSRSJXLIEQFMIRXGEVFSRQSRS\MHIWXERHEVHW
8LIJSPPS[MRKXEFPIWLS[WXLI0IZIPSJ7IVZMGIJSVXLI%1ERH41JSVXLITVSNIGXEVIE
MRXIVWIGXMSRW
8EFPI
1&YMPHMRK
0376IWYPXWz&YMPH[MXL1MXMKEXMSR
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
-RXIVWIGXMSR8SXEP
4IEO4IVMSH-RXIVWIGXMSR
037
XL
1G/RMKLX
1'IRXIV
%14IEO,SYV
414IEO,SYV%
%
1G/RMKLX
%14IEO,SYV&
414IEO,SYV'
2SVXLWMXIEGGIWW
'IRXIV
%14IEO,SYV%
414IEO,SYV%
7SYXLWMXIEGGIWW
%14IEO,SYV%
414IEO,SYV%
XL
7X
%14IEO,SYV%
414IEO,SYV%
XL
7X
%14IEO,SYV%
414IEO,SYV%
XL
7X
%14IEO,SYV%
414IEO,SYV%
7XEXMSREV]WSYVGIEMVIQMWWMSRW
(IWGVMFIXLIX]TIWSYVGIWUYERXMXMIWERHGSQTSWMXMSRWSJER]
IQMWWMSRWJVSQWXEXMSREV]WSYVGIWSJEMVIQMWWMSRWWYGLEWFSMPIVWI\LEYWXWXEGOWSVJYKMXMZIHYWX
WSYVGIW-RGPYHIER]LE^EVHSYWEMVTSPPYXERXW
GSRWYPX)%;+YMHIPMRIWJSVEPMWXMRK
ERHER]
KVIIRLSYWIKEWIW
WYGLEWGEVFSRHMS\MHIQIXLERIRMXVSYWS\MHI
ERHS^SRIHITPIXMRKGLIQMGEPW
GLPSVSJPYSVSGEVFSRWL]HVSJPYSVSGEVFSRWTIVJPYSVSGEVFSRWSVWYPJYVLI\EJPYSVMHI
%PWSHIWGVMFI
ER]TVSTSWIHTSPPYXMSRTVIZIRXMSRXIGLRMUYIWERHTVSTSWIHEMVTSPPYXMSRGSRXVSPHIZMGIW(IWGVMFI
XLIMQTEGXWSREMVUYEPMX]
6IWTSRWI8LITVSNIGX[MPPRSXKIRIVEXIWXEXMSREV]WSYVGIEMVIQMWWMSRWEFSZIXLSWII\MWXMRKMRXLI
EVIESJXLITVSNIGXSVGLERKIEMVUYEPMX]JVSQXLII\MWXMRKGSRHMXMSRW
3HSVWRSMWIERHHYWX
;MPPXLITVSNIGXKIRIVEXISHSVWRSMWISVHYWXHYVMRKGSRWXVYGXMSRSV
HYVMRKSTIVEXMSR#C<C=IWCC2S
-J]IWHIWGVMFIWSYVGIWGLEVEGXIVMWXMGWHYVEXMSRUYERXMXMIWSVMRXIRWMX]ERHER]TVSTSWIH
QIEWYVIWXSQMXMKEXIEHZIVWIMQTEGXW%PWSMHIRXMJ]PSGEXMSRWSJRIEVF]WIRWMXMZIVIGITXSVWERH
IWXMQEXIMQTEGXWSRXLIQ(MWGYWWTSXIRXMEPMQTEGXWSRLYQERLIEPXLSVUYEPMX]SJPMJI
2SXI
JYKMXMZIHYWXKIRIVEXIHF]STIVEXMSRWQE]FIHMWGYWWIHEXMXIQMRWXIEHSJLIVI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
6IWTSRWI{2SMWI2SMWIJVSQGSRWXVYGXMSREGXMZMX][MPPFIXIQTSVEV]8LILSYVWSJGSRWXVYGXMSR
[MPPGSRJSVQXSXLI'MX]vWSVHMRERGIVIUYMVIQIRXW
6IWTSRWI{(YWX(YVMRKGSRWXVYGXMSRTEVXMGYPEXIIQMWWMSRWQE]XIQTSVEVMP]MRGVIEWIHYIXSXLI
KIRIVEXMSRSJJYKMXMZIHYWX8LIJSPPS[MRKHYWXGSRXVSPQIEWYVIW[MPPFIMQTPIQIRXIHXSGSRXVSP
HYWXHYVMRKGSRWXVYGXMSR
1MRMQM^IXLITIVMSHERHI\XIRXSJEVIEWFIMRKI\TSWIHSVKVEHIH
7TVE]GSRWXVYGXMSREVIEWERHLEYPVSEHW[MXL[EXIVIWTIGMEPP]HYVMRKTIVMSHWSJLMKL[MRH
SVLMKLPIZIPWSJGSRWXVYGXMSREGXMZMX]
1MRMQM^IXLIYWISJZILMGPIWSRYRTEZIHWYVJEGIW
'SZIVSVWTVE]QEXIVMEPWXSGOTMPIWERHXVYGOPSEHW
6IWTSRWI{3HSVW8LIGSRWXVYGXMSRERHSTIVEXMSRSJXLIFYMPHMRKMWRSXERXMGMTEXIHXSMRZSPZIER
TVSGIWWIWSVQEXIVMEPWXLEX[SYPHKIRIVEXISHSVW
2IEVF]VIWSYVGIW
%VIER]SJXLIJSPPS[MRKVIWSYVGIWSRSVMRTVS\MQMX]XSXLIWMXI#
%VGLEISPSKMGEPLMWXSVMGEPSVEVGLMXIGXYVEPVIWSYVGIW#C<C=IWCC2S
4VMQISVYRMUYIJEVQPERHWSVPERH[MXLMREREKVMGYPXYVEPTVIWIVZI#CC=IWC<C2S
(IWMKREXIHTEVOWVIGVIEXMSREVIEWSVXVEMPW#C<C=IWCC2S
7GIRMGZMI[WERHZMWXEW#CC=IWC<C2S
3XLIVYRMUYIVIWSYVGIW#CC=IWC<C2S
-J]IWHIWGVMFIXLIVIWSYVGIERHMHIRXMJ]ER]TVSNIGXVIPEXIHMQTEGXWSRXLIVIWSYVGI(IWGVMFIER]
QIEWYVIWXSQMRMQM^ISVEZSMHEHZIVWIMQTEGXW
6IWTSRWI%VGLEISPSKMGEPLMWXSVMGEPSVEVGLMXIGXYVEPVIWSYVGIW8LI1MRRIWSXE7XEXI,MWXSVMG
4VIWIVZEXMSR3JJMGI
7,43
VIWTSRHIHXSEVIUYIWXXSWIEVGLXLIMVHEXEFEWIJSVEVGLEISPSKMGEP
LMWXSVMGEPERHEVGLMXIGXYVEPVIWSYVGIWRIEVXLIWMXI7,43VIWTSRHIHXLEXRSEVGLEISPSKMGEPWMXIW
[IVIMHIRXJMMIHMRXLIWIEVGLSJXLIMVMRZIRXSVMIW8LIWIEVGLMHIRXJMIHERYQFIVSJLMWXSVMG
WXVYGXYVIWXLEXEVI[MXLMREJI[QMPIWSJXLITVSNIGXWMXI8LIPMWXMWMRGPYHIHMRXLIEXXEGLQIRXW
2SRISJXLIWMXIWMW[MXLMRXLI1GEQTYWERHRSRISJXLIMHIRXMJMIHWXVYGXYVIW[SYPHFIEJJIGXIH
F]XLITVSTSWIHTVSNIGX-JEVGLEISPSKMGEPLMWXSVMGEPSVEVGLMXIGXYVEPVIWSYVGIW[IVIMHIRXMJMIH
HYVMRKGSRWXVYGXMSREGXMZMX]EXXLIWMXI[SVO[MPPFIWXSTTIHYRXMPXLIEVIEGERFIMRZIWXMKEXIH
6IWTSRWI4EVOW6IGVIEXMSR%VIEWERH8VEMPW8LITVSNIGXWMXIMWRIEVERI\MWXMRKXVEMPXLIJSPPS[W
1G/RMKLX6SEHXLVSYKLXLI'MX]SJ1ETP[SSH7MHI[EPOWEPSRK'SR[E]%ZIRYIERH[MXLMRXLI
WMXI[MPPGSRRIGXXLI6IWIEVGLERH(IZIPSTQIRX&YMPHMRKXSPSGEPXVEMPW
8LIWMXIMWEPWSETTVS\MQEXIP]¡QMPIRSVXLSJ&EXXPI'VIIO6IKMSREP4EVO
XLITEVOMWWSYXLSJ
-RXIVWXEXI
ERHETTS\MQEXIP]SRIQMPIWSYXLERH[IWXSJ&IEZIV0EOI4EVO'SRWXVYGXMSRSJ
XLI6IWIEVGLERH(IZIPSTQIRX&YMPHMRK[MPPRSXMQTEGXPSGEPTEVOW
:MWYEPMQTEGXW
;MPPXLITVSNIGXGVIEXIEHZIVWIZMWYEPMQTEGXWHYVMRKGSRWXVYGXMSRSVSTIVEXMSR#
7YGLEWKPEVIJVSQMRXIRWIPMKLXWPMKLXWZMWMFPIMR[MPHIVRIWWEVIEWERHPEVKIZMWMFPITPYQIWJVSQ
GSSPMRKXS[IVWSVI\LEYWXWXEGOW#CC=IWC<C2S
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
-J]IWI\TPEMR
'SQTEXMFMPMX][MXLTPERWERHPERHYWIVIKYPEXMSRW
-WXLITVSNIGXWYFNIGXXSEREHSTXIHPSGEP
GSQTVILIRWMZITPERPERHYWITPERSVVIKYPEXMSRSVSXLIVETTPMGEFPIPERHYWI[EXIVSVVIWSYVGI
QEREKIQIRXTPERSJEPSGEPVIKMSREPWXEXISVJIHIVEPEKIRG]#C<C=IWCC2S
-J]IWHIWGVMFIXLITPERHMWGYWWMXWGSQTEXMFMPMX][MXLXLITVSNIGXERHI\TPEMRLS[ER]GSRJPMGXW
[MPPFIVIWSPZIH-JRSI\TPEMR
8LITVSNIGXMWWYFNIGXXSXLI'MX]SJ1ETPI[SSHvW'SQTVILIRWMZI4PERERHXSXLI'MX]vW
EHSTXIH^SRMRKVIKYPEXMSRW8LIIRXMVI1'EQTYWMRGPYHMRKXLIWMXIJSVXLITVSTSWIH6IWIEVGL
ERH(IZIPSTQIRX&YMPHMRKMWHIWMKREXIHMRXLI-RHYWXVMEPPERHYWIGEXIKSV]MRXLI
'SQTVILIRWMZI4PER8LIYWIMWGSRWMWXIRX[MXLXLI'SQTVILIRWMZI4PER
8LITVSNIGXMWKIRIVEPP]GSRWMWXIRX[MXLXLI'MX]vW^SRMRKVIKYPEXMSRW-X[MPPVIUYMVIXLIJSPPS[MRK
'MX]ETTVSZEPW
'SQQYRMX](IWMKR6IZMI[&SEVHETTVSZEPSJEVGLMXIGXYVIWMXIHIWMKRERHPERHWGETITPER
%7LSVIPERHFYJJIVZEVMERGIJSVPERHGSZIVEKI8LIWMXIMW[MXLMRXLI7LSVIPERH>SRIEVSYRH
10EOI8L'SHIVIUYMVIW QE\MQYQGSZIVEKIJSVPERHW[MXLMRXLI17LSVIPERH
EVIEERHXLITVSTSWIHTVSNIGXI\GIIHWXLEXGSZIVEKI
%[EMZIVJVSQTEVOMRKVIUYMVIQIRXW8LI'MX]'SHIVIUYMVIWSRITEVOMRKWTEGIJSVIEGL
WUYEVIJIIXSJJPSSVEVIE;MXLERIWXMQEXIHWUYEVIJIIXSJFYMPHMRKWTEGI
TEVOMRKWTEGIW[SYPHFIVIUYMVIH1MWTVSTSWMRKRI[TEVOMRKWTEGIWXSWIVZIXLI
FYMPHMRK7MRGIXLIIQTPS]IIWXLEX[SYPHFI[SVOMRKMRXLIFYMPHMRKEVIXVEWJIVVMRKJVSQ
SXLIVI\MWXMRKFYMPHMRKWSRXLIGEQTYWXLI]EPVIEH]LEZITEVOMRKWTEGIWEZEMPEFPIERHWSE
QMRMQYQRYQFIVSJRI[WTEGIWMWRIIHIHJSVXLIFYMPHMRK7LYXXPIWXVERWTSVXIQTPS]IIW
JVSQTEVOMRKWTEGIWXS[SVOWTEGIW[MXLMRXLIGEQTYW
8LITVSNIGXMWEPWSWYFNIGXXSXLI6EQWI];EWLMRKXSR1IXVS;EXIVWLIH(MWXVMGX;EXIV
1EREKIQIRX4PERERH(MWXVMGXVYPIW8LITVSNIGX[MPPSFXEMRXLIVIUYMVIH(MWXVMGXTIVQMXWJSV
WXSVQ[EXIVQEREKIQIRXERH[MPPGSQTP][MXL(MWXVMGXVYPIW
-QTEGXSRMRJVEWXVYGXYVIERHTYFPMGWIVZMGIW
;MPPRI[SVI\TERHIHYXMPMXMIWVSEHWSXLIV
MRJVEWXVYGXYVISVTYFPMGWIVZMGIWFIVIUYMVIHXSWIVZIXLITVSNIGX#CC=IWC<C2S
-J]IWHIWGVMFIXLIRI[SVEHHMXMSREPMRJVEWXVYGXYVISVWIVZMGIWRIIHIH
2SXIER]MRJVEWXVYGXYVI
XLEXMWEGSRRIGXIHEGXMSR[MXLVIWTIGXXSXLITVSNIGXQYWXFIEWWIWWIHMRXLI)%;WII)%;
+YMHIPMRIWJSVHIXEMPW
6IWTSRWI8LITVSNIGX[MPPRSXVIUYMVIRI[MRJVEWXVYGXYVISVTYFPMGWIVZMGIW)\MWXMRKWXEXI
VIKMSREPERHGMX]MRJVEWXVYGXYVIERHWIVZMGIWLEZIXLIGETEGMX]XSWIVZIXLIRI[FYMPHMRK
'YQYPEXMZITSXIRXMEPIJJIGXW
1MRRIWSXE6YPITEVXWYFTEVXMXIQ&VIUYMVIWXLEXXLI
6+9GSRWMHIVXLIGYQYPEXMZITSXIRXMEPIJJIGXWSJVIPEXIHSVERXMGMTEXIHJYXYVITVSNIGXW[LIR
HIXIVQMRMRKXLIRIIHJSVERIRZMVSRQIRXEPMQTEGXWXEXIQIRX
-HIRXMJ]ER]TEWXTVIWIRXSVVIEWSREFP]JSVIWIIEFPIJYXYVITVSNIGXWXLEXQE]MRXIVEGX[MXLXLI
TVSNIGXHIWGVMFIHMRXLMW)%;MRWYGLE[E]EWXSGEYWIGYQYPEXMZITSXIRXMEPIJJIGXW
7YGLJYXYVI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
TVSNIGXW[SYPHFIXLSWIXLEXEVIEGXYEPP]TPERRIHSVJSV[LMGLEFEWMWSJI\TIGXEXMSRLEWFIIRPEMH
(IWGVMFIXLIREXYVISJXLIGYQYPEXMZITSXIRXMEPIJJIGXWERHWYQQEVM^IER]SXLIVEZEMPEFPI
MRJSVQEXMSRVIPIZERXXSHIXIVQMRMRK[LIXLIVXLIVIMWTSXIRXMEPJSVWMKRMJMGERXIRZMVSRQIRXEPIJJIGXW
HYIXSXLIWIGYQYPEXMZIIJJIGXW
SVHMWGYWWIEGLGYQYPEXMZITSXIRXMEPIJJIGXYRHIVETTVSTVMEXI
MXIQ
W
IPWI[LIVISRXLMWJSVQ
6IWTSRWI1ERHXLI'MX]EVIRSXE[EVISJER]TEWXGYVVIRXSVJYXYVITVSNIGXWMRXLIEVIESJXLMW
TVSNIGXXLEXQE]MRXIVEGX[MXLMXXSGEYWIGYQYPEXMZITSXIRXMEPIJJIGXW
3XLIVTSXIRXMEPIRZMVSRQIRXEPMQTEGXW
-JXLITVSNIGXQE]GEYWIER]EHZIVWIIRZMVSRQIRXEP
MQTEGXWRSXEHHVIWWIHF]MXIQWXSMHIRXMJ]ERHHMWGYWWXLIQLIVIEPSRK[MXLER]TVSTSWIH
QMXMKEXMSR
6IWTSRWI%PPSJXLITSXIRXMEPIRZMVSRQIRXEPMQTEGXWVIPEXIHXSXLITVSTSWIH6IWIEVGLERH
(IZIPSTQIRX&YMPHMRKEVIMHIRXMJMIHMRMXIQWXS
7YQQEV]SJMWWYIW
(SRSXGSQTPIXIXLMWWIGXMSRMJXLI)%;MWFIMRKHSRIJSV)-7WGSTMRK
MRWXIEHEHHVIWWVIPIZERXMWWYIWMRXLIHVEJX7GSTMRK(IGMWMSRHSGYQIRX[LMGLQYWXEGGSQTER]
XLI)%;
0MWXER]MQTEGXWERHMWWYIWMHIRXMJMIHEFSZIXLEXQE]VIUYMVIJYVXLIVMRZIWXMKEXMSRFIJSVIXLI
TVSNIGXMWFIKYR(MWGYWWER]EPXIVREXMZIWSVQMXMKEXMZIQIEWYVIWXLEXLEZIFIIRSVQE]FI
GSRWMHIVIHJSVXLIWIMQTEGXWERHMWWYIWMRGPYHMRKXLSWIXLEXLEZIFIIRSVQE]FISVHIVIHEW
TIVQMXGSRHMXMSRW
6IWTSRWI2SRIMHIRXMJMIH
6+9')68-*-'%8-327-+2)(
8LI)RZMVSRQIRXEP5YEPMX]&SEVH[MPPSRP]EGGITX
)RZMVSRQIRXEP%WWIWWQIRX;SVOWLIIXWJSVTYFPMGRSXMGIMRXLI)5&1SRMXSV
-LIVIF]GIVXMJ]XLEX
8LIMRJSVQEXMSRGSRXEMRIHMRXLMWHSGYQIRXMWEGGYVEXIERHGSQTPIXIXSXLIFIWXSJQ]
ORS[PIHKI
8LI)%;HIWGVMFIWXLIGSQTPIXITVSNIGXXLIVIEVIRSSXLIVTVSNIGXWWXEKIWSVGSQTSRIRXW
SXLIVXLERXLSWIHIWGVMFIHMRXLMWHSGYQIRX[LMGLEVIVIPEXIHXSXLITVSNIGXEWGSRRIGXIH
EGXMSRWSVTLEWIHEGXMSRWEWHIJMRIHEX1MRRIWSXE6YPIWTEVXWWYFTEVXWFERH
VIWTIGXMZIP]
'STMIWSJXLMW)%;EVIFIMRKWIRXXSXLIIRXMVI)5&HMWXVMFYXMSRPMWX
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
7MKREXYVI(EXI
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
8MXPI
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
8LI)RZMVSRQIRXEP%WWIWWQIRX;SVOWLIIX
JSVQEX[EWTVITEVIHF]XLIWXEJJSJXLI)RZMVSRQIRXEP
5YEPMX]&SEVHEXXLI1MRRIWSXE(ITEVXQIRXSJ%HQMRMWXVEXMSR3JJMGISJ+ISKVETLMGERH(IQSKVETLMG
%REP]WMW*SVEHHMXMSREPMRJSVQEXMSR[SVOWLIIXWSVJSV)%;+YMHIPMRIWGSRXEGX)RZMVSRQIRXEP
LXXT[[[IUFWXEXIQRYW
5YEPMX]&SEVH'IHEV7X7X4EYP12SV
4EKI
16IWIEVGLERH(IZIPSTQIRX&YMPHMRK)%;
MEMORANDUM
TO:James Antonen, City Manager
FROM:Michael Martin, AICP, Planner
Gateway Corridor
SUBJECT:
DATE:January 8, 2013
INTRODUCTION
At the January 15,2013 planning commission meeting, representative from Washington
Countywill be in attendance to present the findings and alternatives for the Gateway
Corridor. Washington County staff serves as the project managers and staff liaisons for
the Gateway Corridor Commission.
In the fall of 2010, the Gateway Corridor Commission beganleading an Alternatives
Analysis Study todetermine the best mode of transit. Options included light-rail transit,
commuter rail and bus-rapid transit. In addition the Commission needed to determine
estimatedridership, potential routes and estimated costs for construction and operation
of the transit line.
The Gateway Corridor is a proposed transit linethat would run mainly within the
Interstate 94 corridor from Woodburyto downtown St. Paul.The line would have a
potentialwalk up transit stop at or near the 3M Center. Originally, the corridor study
considered transit opportunities from St. Paul to Eau Claire, Wisconsin.
DISCUSSION
On January 28, 2013, the city council will consider adopting a resolution supporting the
Gateway Corridor Commission’s Alternatives Analysis Study. After reviewing numerous
options to improve transit connectivity of the east metro to downtowns St. Paul and
Minneapolis, the Gateway Corridor Commission identified a dedicated Bus Rapid Transit
(BRT) line or Light Rail Transit (LRT) line along Hudson Road from St. Paul to Woodbury
as the best option for the region. The Hudson Road decision was the best option after
extensive analysis and public involvement campaign spanning nearly two years. More
information on the decision making process and the preferred alternatives can be found
at the corridor’s website –www.thegatewaycorridor.com.
The Gateway Corridor Commission released the draftfinal reportfor the Alternatives
Analysis Study in early November2012. Public comments are being sought on the
report and the recommendation by the Commission to advance the Hudson Road
alignment into the Draft Environmental Impact Statement (DEIS). The draft final report
can also be found at the website given above.
The next phase of the study, preparation of a Draft Environmental Impact Statement
(DEIS), is expected to start in early 2013. The Commission advanced the BRT and LRT
options along Hudson Road. Both options have the same route, station stops and similar
service plans.
RECOMMENDATION
The planning commission is being asked to listen to Washington County’s presentation
on January 15, 2013 and give feedback regarding the chosen mode oftransit and line
alignment. The planning commission is encouraged to visited
www.thegatewaycorridor.comfor additional information.
Attachments:
1. October 2012 Gateway Corridor Newsletter
2
Alternatives Analysis Newsletter
Gateway Corridor Commission Narrows List of Transit Alternatives
Bus Rapid Transit (BRT) along Hudson Road is the Top Option
On October 11, the Gateway Corridor Commission recommended that two alternatives along one route
advance into the next phase of study which will involve the preparation of a Draft Environmental State-
ment (DEIS). Alternative 3 - Bus Rapid Transit (BRT) and Alternative 5 - Light Rail Transit (LRT) are
recommended for further study. The final Alternatives Analysis (AA) report will be released for public
comment at the end of October. Public comments will be taken until January 3, 2012 (see page 4).
The preferred alignment runs from Union Depot in downtown St. Paul east along Kellogg Boulevard, then
southeast along Mounds Boulevard and then runs generally along Hudson Road east to Manning Avenue.
The ten proposed station stops will provide connections to key destinations throughout the Corridor in-
cluding Union Depot, Metro State University, SunRay Shopping Center, 3M and multiple commercial and
This “optimized” alignment was selected following additional analysis
job centers in the eastern suburbs.
focused on finding ways to increase the benefits and decrease the impacts and costs of all of the alterna-
tives evaluated during the AA process.
Gateway Corridor Alternatives 3 (BRT) and 5 (LRT)
1
Overall Evaluation of Alternatives after Optimization
The purpose of the optimization work was to look at ways to reduce the impacts and costs and increase
the benefits associated with each alternative. The additional analysis provided better data for selecting
recommended alternatives. The optimization process included several refinements to the alternatives.
The most significant of these refinements included:
Adjusting the alignment of Alternatives 3 and 5 to run along Hudson Rd east of I-494/I-694 rather than
in the median of I-94.
Shortening all alternatives to end at Manning Ave with express bus serving Hudson.
Adding bus bypass lanes at BRT stations to allow express buses to use the transitway.
Evaluating reductions in transitway and/or street widths on St. Paul streets for Alternatives 4 and 6
(it was found that these changes did not significantly reduce property impacts along East 7th Street,
White Bear Avenue or Hudson Road).
The optimization process resulted in the following notable improvements:
Ridership increased for all optimized alternatives.
Capital costs and operating and maintenance costs decreased for all optimized alternatives.
Economic development opportunities increased for exclusive guideway BRT and LRT alternatives.
Based on the new technical data, the alternatives were reevaluated against project goals and ranked
based on their overall performance in relation to those goals.
Alternative Ranking after Optimization
AlternativeAlternative DescriptionRevised RankingCarry Forward
3BRT along Hudson Rd/I-94 - OPTIMIZED
HIGHYes
5LRT along Hudson Rd/I-94 - OPTIMIZED
MEDIUM Yes
8BRT Managed Lane (I-94) - OPTIMIZED
MEDIUM No
2TSM - - OPTIMIZED
LOW No
6LRT along St. Paul streets/Hudson Road
LOW No
4BRT along St. Paul streets/Hudson Road
LOW No
7Commuter Rail Dismissed by Gateway Corridor
Commission on March 15, 2012
2
All alternatives were given serious consideration before the decision was made to recommend only Alter-
natives 3 and 5 for further study in the DEIS.
The commission removed BRT and LRT alternatives that traveled along White Bear Avenue and East 7th
Street, Alternatives 4 and 6, due to the significant number of properties impacted and slower overall trav-
el times compared to alternatives along Hudson Road.
BRT Managed Lane, Alternative 8, was removed because its limited number of stations and location in the
median of I-94 provided less opportunity for economic development compared to the other alternatives.
Advancing Alternatives
Alternative 3: BRT Along Hudson Road
Alternative 3 was ranked the highest after the optimization pro-
cess. The alternative best meets the Commission’s established
goals of improving mobility; providing a cost-effective, economi-
cally viable solution that promotes economic development; pro-
tects the natural environment; and preserves community quality
of life and overall safety.
Alternative 5: LRT Along Hudson Road
Alternative 5 was ranked second due to its higher capital costs
for generating the same amount of riders as Alternative 3. Both
alternatives have the same route, station stops and similar ser-
vice plans. Advancing this LRT option forward provides an op-
portunity for a more detailed side-by-side comparison of the two
transit technologies.
Comparison of Recommended Alternatives
Criteria Alternative 3 - Alternative 5 -
BRT along Hudson Rd LRT along Hudson Rd
Daily Ridership 8,800-9,300 9,300
Capital Cost $400 million $920 million
Annual Operating &
$11.5 million
Maintenance Cost $9.6 million
Travel Time 17 minutes from Oaks Business Park 15 minutes from Oaks Business Park
to Union Depot to Union Depot
3
Next Steps
January, 2013 Gateway Corridor Commission approves final AA report
Early 2013 Draft Environmental Impact Statement Begins
Process to select final alternative for the Gateway Corridor, known as the
Late 2013
Locally Preferred Alternative (LPA)
Further detailed evaluation on environmental impacts, capital and operat-
2013-2014
ing costs, ridership and station locations and design.
Ongoing Public Involvement and Outreach
Public Comment Sought on Recommended Alternatives
and Final AA Report
The Commission is seeking public comment on the alternatives recommended for study in the DEIS and on
the final AA report, which will be available for review at www.thegatewaycorridor.com by the end of Octo-
ber. All comments should be submitted in writing prior to January 3 to:
Gateway Corridor
Washington County Regional Railroad Authority
11660 Myeron Road North
Stillwater, MN 55082
gatewaycorridor@co.washington.mn.us
Additional Opportunities for Input
The Gateway Corridor Project Team can present more information about the Gateway Corridor, the recom-
mended alternatives, and the next steps in the project development process. Contact us if your neighbor-
hood association, educational institution, community organization or business group is interested in learning
more. Your feedback will provide the Gateway Corridor Commission with valuable insights about your com-
munity needs and desires.
www.thegatewaycorridor.com
GatewayCorridor@co.washington.mn.us
651-430-4300
4