annual report - Investors - General Growth Properties

Transcription

ANNUAL REPORT
2014
OUR MISSION
is to own and operate best-in-class retail properties that provide an
outstanding environment and experience for our communities, retailers,
employees, consumers and shareholders
1
FINANCIAL HIGHLIGHTS
2014
2013
2012
2011
$3,060
$2,978
$2,865
$2,769
$809
$816
$809
$820
Company Net Operating Income (NOI)
$2,251
$2,162
$2,056
$1,989
Company NOI Margin
73.6%
72.6%
71.8%
70.4%
$2,088
$1,991
$1,907
$1,808
$1,256
$1,148
$986
$870
$1.32
$1.16
$0.98
$0.88
$44,926
$34,142
$34,540
$31,145
Common Stock Price at Year-End
$28.13
$20.07
$19.85
$15.02
Cash Dividends Per Share
$0.63
$0.51
$0.42
$0.40
Company Total Property Revenues
Company Total Property Operating Expenses
ASSETS
Portfolio comprised predominantly of Class A regional malls
and flagship urban retail properties
Company EBITDA
Company Funds From Operations (FFO)
Company Funds From Operations Per Diluted Share
Total Enterprise Value at Year-End
SCALE
128 retail properties located throughout the U.S. with total
enterprise value of approximately $45 billion (a)
Amounts represent GGP's pro rata share, Company Net Operating Income, Company EBITDA and FFO are non-GAAP financial measures. Reconciliations to the most
comparable GAAP measure are included in the Form 10-K, included herein. Amounts in millions, except per share amounts.
TEAM
Senior leadership team with extensive experience and relationships in retail
real estate leasing, development and management
T O TA L S H A R E H O L D E R R E T U R N
300
250
200
150
100
GGP
NAREIT Index
50
0
(a) As of December 31, 2014.
S&P 500 Index
2010
2011
2012
2013
2014
3
DEAR SHAREHOLDER,
GGP is built on our people and our properties.
One does not succeed without the other. We
have formalized our mission to be a largescale owner of Class A malls and urban
retail properties in North America. Our retail
properties are the hubs, or the centers of
retail, dining, entertainment, and social
activities within their respective market.
Throughout the United States there are
approximately 1,100 shopping malls spanning
a wide range of quality. Our high-quality
malls comprise approximately 20% of the
450 high-quality malls in the U.S.
n 450 High Quality Malls
n 650 Other Malls
GGP METRICS AS OF DECEMBER 31, 2014
$33 billion of sales volume
13.4% Occupancy Cost
97.2% Leased
O M N I C H A N N E L R E TA I L
In 1994, the catalog and direct mail formats
accounted for 10% of all retail sales. Today, the
catalog, direct mail and online sales account
for approximately 10% of all retail sales. Sales
by brick-and-mortar retailers account for
approximately 95% of all retail activity.
Successful retailers understand that in order
to achieve scale and profitability they must
market, display and sell their product across
multiple channels, including physical stores,
catalogs and e-commerce. Consumers use
these channels to browse, research, purchase,
TOTAL U.S. RETAIL SALES (2013)
95%
Store
related
n 90% Brick-and-mortar store sales
n 5% Online sales by brick-and-mortar retailers
n 5% Pure-play online retailer sales
Source: A.T. Kearney
5
take delivery and return, and so must the retailer
to satisfy their customer. Removing barriers to
buying spurs customers to purchase more.
The evolution of omnichannel commerce –
seamlessly linking the physical store with the
online store - has significantly benefitted those
retailers that have embraced and implemented
the technology. For example:
· Foot Locker’s mantra is to “know who your
consumer is and understand what your brand
means to them, and then build an incredible
experience for them.” Foot Locker was early in
adopting omnichannel and now offers “Super
Stock Locator” that gives customers various
options to buy online and ship to store, or buy
on a mobile device and pick up in store. Foot
Locker has designed systems to make the entire
inventory available for purchase from anywhere
within the network.
·Macy’s “M.O.M.” strategy is key to its
continued success – it involves the My Macy’s
localization efforts, omnichannel integration
and “Magic Selling” program for associates.
·
Neiman Marcus’ iLab has developed
technology to bridge the physical and digital
channels. Neiman Marcus recently introduced
“Snap, Find, Shop” which enables consumers
to snap a photo of a handbag or pair of shoes.
This triggers a search of the website of Neiman
Marcus, which then quickly sends photos of
the same or similar products to the consumer’s
iPhone and directs them to purchase and
delivery options.
· American Eagle Outfitters rolled out “buy
online, ship from store” in roughly 500 of its
1,000 stores.
· Nordstrom is at the forefront of omnichannel
experience design through their ability to
serve customers across their social media
channels, apps, online and in-store—they are
fully intergrated.
The physical store provides consumers with
a sensory experience that allows them to
touch and feel products, immerse in brand
experiences, and engage with sales associates.
A retailer can increase profitability when
they enable buy-online / pick up at store and
buy-online / deliver from the store. The more
channel opportunities a retailer offers, the
more a customer shops and the more loyal they
become. For example:
·The average spend of a three-channel
consumer is more than twice that of a singlechannel consumer;
· Click-to-brick retailers report e-commerce
sales lifts of three to five times in a market after
opening a physical store;
· Up to 20% of consumers who return an online
purchase in store make an additional purchase;
· Two-thirds of customers purchasing online use
a physical store before or after the transaction.
Pure-play e-commerce retailers are opening
physical stores. For example:
· Athleta, a women’s apparel company, can
now be found in 100 stores throughout the U.S.
and has several planned openings, including at
Bridgewater Commons in New Jersey;
· Boston Proper, a women’s apparel company,
now has 19 stores and two more opening soon;
· Bonobos, a men’s apparel company, opened
their first store on upper floors because they
did not expect much foot traffic. The extreme
popularity of the store and the emerging brand
value led them to open street-level stores;
· Zappos, an Amazon company and reseller of
footwear, recently opened a 20,000-squarefoot store enhanced with the same technology
as its website, making shopping there as easy
as ordering from the web. CEO Tony Hsieh said,
“We’ve always been into focusing on customer
emotion and as much as technology has
developed, nothing really replaces the actual
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experience of being able to touch an item.
That’s something they can do at the new store
and see what it looks like matching with other
different items”;
·Birchbox, a cosmetics retailer, recently
opened a 4,500-square-foot store in New York
City to display its product and hold events;
· Warby Parker, an eyeglasses retailer, now
has 18 stores in the U.S;
·Rent the Runway, a lessor of high-end
women’s fashion, opened its first store in New
York City, and doubled its sales conversion
rate; and
· Tuft & Needle, a mattress company founded
in 2012 and voted #1 on Amazon, is planning to
eventually sell in physical retail outlets.
D I S T R E S S E D R E TA I L E R S
While some retailers are thriving, there are
some that are in distress, and the media
headlines can mask the growth and ongoing
innovations in the retail world. Given our
national scale, we expect to have our fair
share of store closures; however, we are not
waiting idly for the inevitable to occur. We
identify the weak retailers and develop and
execute plans to mitigate any downside.
Given the quality of our assets, little new
supply, and unmet demand for space in highquality retail properties, a store closure
often creates an opportunity to increase
a center’s productivity and achieve higher
rental revenue. Our portfolio’s occupancy
is at an all-time high and we firmly believe
GGP is strongly positioned in this everevolving retail environment.
FINANCIAL REVIEW AND OUTLOOK
We achieved, and in some cases, surpassed
our original expectations for 2014:
· We expected Company FFO per share of
$1.29 - we reported $1.32;
·We expected Company Same Store NOI
growth of 4% to 4.5% - we generated 4.5%;
· We expected Company EBITDA growth of
more than 4% - we generated 4.9%;
·We expected permanent occupancy to
increase to 93% by year-end – we achieved
our target; and
·We expected suite-to-suite lease spreads
of 8% to 10% - we generated more than 18%.
Total sales, excluding anchors, increased
2.8% on a trailing 12-month basis ending
December 2014 and increased 5.4% during
the 4th quarter.
9
COMPANY FFO PER DILUTED SHARE (a)
ANNUAL DIVIDENDS PAID (a)
14% CAGR
16% CAGR
$1.32
$1.16
$0.63
$0.98
$0.88
$0.51
‘11(b)
‘12
‘13
$0.40
$0.42
‘11
‘12
‘14
‘13
‘14
(a) Company FFO per diluted share is a non-GAAP financial measure. The most directly comparable GAAP measure is net income attributable to GGP per diluted
share. Net income (loss) attributable to GGP per diluted share for the years ended 2011, 2012, 2013, and 2014 was $(0.37), $(0.52), $0.31 and $0.69, respectively.
2011 figures exclude the FFO attributable to Rouse Properties, Inc. and the stock dividend from the spin-off.
Our outlook for 2014 was based on a strong
conviction that high-quality retail properties,
supported by a committed team of individuals,
would continue to deliver strong results. Our
results prove the premise.
low-double digits;
In 2015, we expect GGP’s earnings growth
will continue to be sourced organically from
the following:
·A portion of our $2 billion of development
activities yielding 9% to 11% on cost upon
stabilization coming online.
·Contractual rental increases of 2% to 3%
annually;
The combination of these sources, and our
progress to date, provide us comfort in our growth
expectations for 2015 and also achieving our longerterm goal of 4% to 5% annual EBITDA growth.
·Leasing spreads of high-single digit to
·Permanent occupancy stabilizing between
93.5% and 94% - we have achieved approximately 75% of our leasing target to date; and
ANNUAL EBITDA GROWTH 4% - 5%
Contractual Fixed Increase in Rents
Positive Leasing Spreads
Developments
Acquisitions
11
DEVELOPMENTS
We believe our development pipeline is
generally the best allocation of capital.
Projects totaling $400 million are open and
came in on budget and on time. Nordstrom’s
grand opening at The Woodlands Mall in
Houston, Texas, symbolized a very successful
redevelopment of a Sears store acquired in
early 2012 and further fortified a Class A mall.
An additional $1.2 billion of projects are
under construction and within budget. The
expansion and redevelopment of Ala Moana
Center in Honolulu, Hawaii, represents the
largest of the projects and is expected to be
completed in late 2015. Finally, approximately
$800 million of projects throughout the
portfolio are in the pipeline.
These development activities were sourced
from our first visits to each property in
early 2011. We intensely focus on each
asset’s operations and look for additional
redevelopment opportunities. I believe we can
identify $200 million to $400 million annually of
similar redevelopment opportunities at returns
comparable to the existing redevelopments.
C A P I TA L A L L O C AT I O N
GGP’s
balance
sheet
today
provides
the resource for us to also focus on
external growth. Since late 2013, we have
opportunistically acquired several urban
properties and a Class A mall in Bellevue,
Washington. We view each property similar to
one of our redevelopments - negligible initial
returns with a clear path to 6% unlevered
yields on cost after two to three years. With
more than $1 billion of acquisitions and
$2 billion of redevelopment activities, we
essentially have more than $3 billion yielding
future income and supporting our long-term
EBITDA growth target of 4% to 5% annually.
2010
2014
169
121
0
7
72
5
85%
99.6%
A SMALLER, HIGH-QUALITY PORTFOLIO
U.S. Malls
Urban Retail Properties
Other Properties
CREATES GREATER EARNINGS QUALITY
Mall & Urban Retail NOI - % of Company NOI
13
S U S TA I N A B I L I T Y
Sustainability is an integral component
of GGP’s long-term success. GGP’s key
sustainability goals include fostering energy
efficiency, conserving natural resources and
reducing waste.
The 2014 Global Real Estate Sustainability
Benchmark (GRESB) named GGP as the retail
property leader in North America. GRESB is
an industry-driven organization committed
to assessing the sustainability performance
of real estate portfolios (public, private and
direct) around the globe and improving
the sustainability performance of their
investment portfolio, and the global property
sector at large. Each year we publish a
comprehensive sustainability report which is
available on our website.
L E G I S L AT I O N
I am hopeful Congress will take up e-fairness this
year. Jobs and communities are at stake. Pureplay online-only retailers have enjoyed an unfair
competitive advantage over brick-and-mortar
retailers for too long by not collecting sales
tax, while financially-strapped communities
and states are losing tens of billions of dollars
every year in uncollected taxes that could pay
for much-needed life-safety and community
services and infrastructure. Brick-and-mortar
retailers often contribute large amounts
of property and sales tax revenue to local
communities, employ thousands of individuals
in each community, and serve as catalysts for
economic and social growth in our cities. There
are more than 12.5 million retail and shopping
center related jobs in the United States. One
out of every 11 jobs in the U.S. is shopping
center related and local retailers hire 3.6
employees for every $1 million in incremental
sales. Ultimately, retailers should compete
on value, experience and customer service,
regardless of the venue. When one retailer is
forced to collect a tax that another does not
have to collect, it disrupts the competitive field
and violates the spirit of a free market.
INVESTING IN MALL REITS
In 2014, A.T. Kearney published a report titled “9
Things You Should Know About Malls and Mall
REITs.” The findings are worth repeating here:
1. REITs have outperformed the S&P 500 on a
total returns basis since 1994, with retail REITs
outpacing all other REITs.
3,656
15,188
NAREIT EQUITY
REIT TOTAL
RETURN INDEX
1,561
12/31/1993
+11.4%(a)
1/30/2015
S&P 500 TOTAL
RETURN INDEX
+9.2%(a)
568
12/31/1993
1/30/2015
(a) Source: Bloomberg. Percent figure represents average
annual return over the stated time period.
15
2. Mall REITs have displayed stability in
dividends and cash-flow growth, with mall
REIT adjusted funds from operations (AFFO)
outgrowing S&P earnings by 40% over the past
10 years.
6. Digital is not a challenge, but an
opportunity to supplement the stores to
better engage today’s connected shoppers
who prefer to interact with retailers through
multiple channels.
3. REITs have generated mostly positive
returns during rising interest rate periods
over the past 20 years. Mall REITs have also
deleveraged since 2008 and have a laddered
maturity debt schedule, better positioning
them for future rising rates.
7. Mall REITs are driven more by long-term
discretionary consumer spending than the
short-term performance volatility of retailers.
4. REITs are not correlated to the S&P 500 over
the long run, making them potential candidates
for investors with investment criteria that include
broad diversification among asset classes.
5. Leasing supply and demand dynamics in the
next few years are favorable for regional malls.
8. Faltering retailers are not new for mall
REITs (for example, Montgomery Ward, JCP,
Sears, Mervyns, W.T. Grant, Phar-Mor, and
Jacobson Stores, among others). Malls have
been able to adapt in the past by releasing
vacated space and they continue to do so.
9. Published shopper traffic numbers may not
truly represent the overall shopping activity
that is occurring at malls.
CONCLUSION
The GGP team of 1,800 people from Hawaii
to Maine has embraced our mission of owning
and operating best-in-class retail properties
that provide an outstanding environment and
experience for our communities, retailers,
employees, consumers and shareholders.
Achieving our mission is possible through the
commitment and belief from each of my GGP
colleagues of our core values.
I thank each and every one of my colleagues
for a fantastic 2014 and the bar is set high for
us in 2015. Our results could not have been
achieved if the team was not one.
Sincerely,
Sandeep Mathrani
Chief Executive Officer
17
PORTFOLIO
2014
ALABAMA
INDIANA
NORTH CAROLINA
Riverchase Galleria · Hoover (Birmingham)
Glenbrook Square · Fort Wayne
ARIZONA
IOWA
Carolina Place · Pineville (Charlotte)
Four Seasons Town Centre · Greensboro
The Streets at Southpoint · Durham
Park Place · Tucson
Tucson Mall · Tucson
Coral Ridge Mall · Coralville (Iowa City)
Jordan Creek Town Center · West Des Moines
OHIO
ARKANSAS
KENTUCKY
Pinnacle Hills Promenade · Rogers
Florence Mall · Florence (Cincinnati, OH)
Greenwood Mall · Bowling Green
Mall St. Matthews · Louisville
Oxmoor Center · Louisville
Beachwood Place · Beachwood (Cleveland)
Kenwood Towne Centre · Cincinnati
The Shops at Fallen Timbers · Maumee
CALIFORNIA
Eastridge · San Jose
Galleria at Tyler · Riverside
Glendale Galleria · Glendale (Los Angeles)
Northridge Fashion Center · Northridge (Los Angeles)
Otay Ranch Town Center · Chula Vista (San Diego)
Stonestown Galleria · San Francisco
Union Square · San Francisco
Valley Plaza · Bakersfield
Visalia Mall · Visalia
Quail Springs Mall · Oklahoma City
Sooner Mall · Norman
LOUISIANA
Mall of Louisiana · Baton Rouge
Oakwood Center · Gretna (New Orleans)
Pecanland Mall · Monroe
OREGON
Clackamas Town Center · Portland
Pioneer Place · Portland
Rogue Valley Mall · Medford
MAINE
The Maine Mall · South Portland
PENNSYLVANIA
COLORADO
MARYLAND
Neshaminy Mall · Bensalem
Park City Center · Lancaster (Philadelphia)
Park Meadows · Lone Tree (Denver)
Southwest Plaza · Littleton (Denver)
The Gallery at Harborplace · Baltimore
The Mall in Columbia · Columbia
Mondawmin Mall · Baltimore
Towson Town Center · Towson
White Marsh Mall · Baltimore
CONNECTICUT
Brass Mill Center · Waterbury
The Shoppes at Buckland Hills · Manchester
MASSACHUSETTS
DELAWARE
Natick Mall · Natick (Boston)
Christiana Mall · Newark
FLORIDA
Altamonte Mall · Altamonte Springs (Orlando)
Bayside Marketplace · Miami
Coastland Center · Naples
Governor’s Square · Tallahassee
Miami Design District · Miami
Mizner Park · Boca Raton
The Oaks Mall · Gainesville
Pembroke Lakes Mall · Pembroke Pines
Village of Merrick Park · Coral Gables (Miami)
GEORGIA
Augusta Mall · Augusta
Cumberland Mall · Atlanta
North Point Mall · Alpharetta (Atlanta)
Oglethorpe Mall · Savannah
Peachtree Mall · Columbus
Perimeter Mall · Atlanta
The Shoppes at River Crossing · Macon
HAWAII
Ala Moana Center · Honolulu (Oahu)
Prince Kuhio Plaza · Hilo (Big Island)
Whalers Village · Lahaina (Maui)
IDAHO
Boise Towne Square · Boise
Grand Teton Mall · Idaho Falls
ILLINOIS
830 N. Michigan Avenue · Chicago
Market Place Shopping Center · Champaign
Northbrook Court · Northbrook (Chicago)
Oakbrook Center · Oak Brook (Chicago)
Water Tower Place · Chicago
RHODE ISLAND
Providence Place · Providence
SOUTH CAROLINA
Columbiana Centre · Columbia
TEXAS
Apache Mall · Rochester
Crossroads Center · St. Cloud
Ridgedale Center · Minnetonka
River Hills Mall · Mankato
Baybrook Mall · Friendswood (Houston)
Deerbrook Mall · Humble (Houston)
First Colony Mall · Sugar Land (Houston)
Hulen Mall · Fort Worth
North Star Mall · San Antonio
The Parks Mall at Arlington · Arlington (Dallas)
The Shops at La Cantera · San Antonio
Stonebriar Centre · Frisco (Dallas)
Town East Mall · Mesquite (Dallas)
Willowbrook Mall · Houston
The Woodlands Mall · The Woodlands (Houston)
MISSOURI
UTAH
Columbia Mall · Columbia
Plaza Frontenac · St. Louis
Saint Louis Galleria · St. Louis
Fashion Place · Murray (Salt Lake City)
Newgate Mall · Ogden (Salt Lake City)
Provo Towne Centre · Provo
Red Cliffs Mall · St. George
MICHIGAN
18
OKLAHOMA
The Crossroads · Portage (Kalamazoo)
Lakeside Mall · Sterling Heights (Detroit)
RiverTown Crossings · Grandville (Grand Rapids)
MINNESOTA
NEBRASKA
Oak View Mall · Omaha
Westroads Mall · Omaha
NEVADA
Fashion Show · Las Vegas
The Grand Canal Shoppes · Las Vegas
Meadows Mall · Las Vegas
NEW JERSEY
Bridgewater Commons · Bridgewater
Paramus Park · Paramus
Willowbrook · Wayne
Woodbridge Center · Woodbridge
NEW MEXICO
Coronado Center · Albuquerque
NEW YORK
200 Lafayette · New York
522 Fifth Avenue · New York
Staten Island Mall · Staten Island
VIRGINIA
Lynnhaven Mall · Virginia Beach
Tysons Galleria · McLean (Washington, D.C.)
WASHINGTON
Alderwood · Lynnwood (Seattle)
Bellis Fair · Bellingham
NorthTown Mall · Spokane
The Shops at The Bravern · Bellevue (Seattle)
Spokane Valley Mall · Spokane
Westlake Center · Seattle
WISCONSIN
Fox River Mall · Appleton
Mayfair · Wauwatosa (Milwaukee)
Oakwood Mall · Eau Claire
WYOMING
Eastridge Mall · Casper
19
w
DIRECTORS
AND
EXECUTIVE OFFICERS
6 8 5 F I F T H AV E N U E
N E W YO R K
DIRECTORS
J. BRUCE FLATT
MARY LOU FIALA
Chairman
Co-Chairman of LOFT Unlimited
Chief Executive Officer and
Senior Managing Partner
JOHN K. HALEY
of Brookfield Asset Management Inc.
Retired Partner of Ernst & Young LLP
BRIAN W. KINGSTON
Chief Investment Officer of
Brookfield Property Group and
Senior Managing Partner of
Brookfield Asset Management Inc.
SANDEEP MATHRANI
DANIEL B. HURWITZ
DAVID J. NEITHERCUT
Founder and Chief Executive Officer
Chief Executive Officer, President
of Raider Hill Advisors, LLC
and Trustee of Equity Residential
RICHARD B. CLARK
Chief Executive Officer of
MARK R. PATTERSON
Brookfield Property Group and
Chairman of Boomerang Systems, Inc.
Senior Managing Partner of
Brookfield Asset Management Inc.
EXECUTIVE OFFICERS
SANDEEP MATHRANI
ALAN J. BAROCAS
RICHARD S. PESIN
Senior Executive Vice President, Leasing
Executive Vice President,
MICHAEL B. BERMAN
MARVIN J. LEVINE
Executive Vice President
TARA L. MARSZEWSKI
and Chief Financial Officer
and Chief Legal Officer
Senior Vice President and
Anchors, Development and Construction
Chief Accounting Officer SHOBI KHAN
and Chief Operating Officer
AUDIT COMMITTEE
JOHN K. HALEY Chair
DAVID J. NEITHERCUT
MARK R. PATTERSON
NOMINATING AND GOVERNANCE COMMITTEE
RICHARD B. CLARK
MARY LOU FIALA
MARK R. PATTERSON Chair
COMPENSATION COMMITTEE
MARY LOU FIALA
20
J. BRUCE FLATT Chair
JOHN K. HALEY
DANIEL B. HURWITZ
21
C O R P O R AT E I N F O R M AT I O N
C O R E VA L U E S
CORPORATE OFFICE
HIGH PERFORMANCE
General Growth Properties, Inc.
110 N. Wacker Drive
Chicago, IL 60606
(312) 960-5000
www.ggp.com
INVESTOR RELATIONS
ATTITUDE
Kevin Berry, Vice President
kevin.berry@generalgrowth.com
(312) 960-5529
DO THE RIGHT THING
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6201 15th Avenue
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OWN IT
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22
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QSPDFFETGSPNUIFGPSNBUJPOPGBKPJOUWFOUVSFPGNJMMJPO/PUF
a
BDRVJTJUJPOPGPVSKPJOUWFOUVSFQBSUOFSTJOUFSFTUJO2VBJM4QSJOHTGPS
NJMMJPOOFU/PUF
a
DPOUSJCVUJPOUPBKPJOUWFOUVSFUIBUBDRVJSFEBQPSUGPMJPJO4BO'SBODJTDPT6OJPO4RVBSFBSFBGPS
NJMMJPO
a
QSPDFFETGSPNUIFTBMFPGPVSJOWFTUNFOUJO"MJBOTDF4IPQQJOH$FOUFST4"PGNJMMJPO/PUF
BOE
a
UIFBDRVJTJUJPOPGUXPSFUBJMQSPQFSUJFTGPS
NJMMJPO/PUF
a
UIFBDRVJTJUJPOPG4FBSTBODIPSQBETGPS
NJMMJPO
a
UIFBDRVJTJUJPOPGUIFSFNBJOJOHPG5IF0BLTBOE8FTUSPBETXIJDIXFSFQSFWJPVTMZPXOFEUISPVHI
BKPJOUWFOUVSFGPS
NJMMJPO
a
QSPDFFETGSPNUIFEJTQPTJUJPOPGQSPQFSUJFTBOEBQPSUJPOPGPVSPGGJDFQPSUGPMJPGPSNJMMJPO
/PUF
BOE
a
EJTUSJCVUJPOTSFDFJWFEGSPN6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFTJOFYDFTTPGJODPNFQSJNBSJMZSFMBUFE
UPEJTUSJCVUJPOTSFDFJWFEGSPNUISFFPGPVSKPJOUWFOUVSFTPGNJMMJPO
"DUJWJUZ
"DUJWJUZ
$BTI'MPXTGSPN'JOBODJOH"DUJWJUJFT
/FUDBTIVTFEJOGJOBODJOHBDUJWJUJFTXBTNJMMJPOGPSUIFZFBSFOEFE%FDFNCFSCJMMJPOGPSUIFZFBSFOEFE
%FDFNCFSBOENJMMJPOGPSUIFZFBSFOEFE%FDFNCFS4JHOJGJDBOUDPNQPOFOUTPGOFUDBTIVTFEJOGJOBODJOH
BDUJWJUJFTJODMVEF
"DUJWJUZ
a
UIFBDRVJTJUJPOPGNJMMJPOTIBSFTPGPVSDPNNPOTUPDLGPS
NJMMJPO
a
DBTIEJTUSJCVUJPOTQBJEUPDPNNPOTUPDLIPMEFSTPG
NJMMJPOBOE
a
QSPDFFETGSPNUIFSFGJOBODJOHPSJTTVBODFPGNPSUHBHFTOPUFTBOEMPBOTQBZBCMFOFUPGQSJODJQBM
QBZNFOUTPGNJMMJPO
a
OFUQSPDFFETGSPNUIFJTTVBODFPG1SFGFSSFE4UPDLPGNJMMJPO
a
QVSDIBTFPGUIF'BJSIPMNFBOE#MBDLTUPOF8BSSBOUT
NJMMJPO/PUF
a
UIFBDRVJTJUJPOPGNJMMJPOTIBSFTPGPVSDPNNPOTUPDL
NJMMJPO
a
DBTIEJTUSJCVUJPOTQBJEUPDPNNPOTUPDLIPMEFSTPG
NJMMJPOBOE
a
QSPDFFETGSPNUIFSFGJOBODJOHPSJTTVBODFPGNPSUHBHFTOPUFTBOEMPBOTQBZBCMFOFUPGQSJODJQBM
QBZNFOUTNJMMJPOOFU
"DUJWJUZ
"DUJWJUZ
a
XFNBEFCJMMJPOPGQSJODJQBMQBZNFOUTXIJDIXFSFQBSUJBMMZPGGTFUCZOFUQSPDFFETPGCJMMJPO
SFDFJWFEGSPNSFGJOBODFEPSOFXNPSUHBHFOPUFTBOE
a
DBTI EJTUSJCVUJPOT QBJE UP DPNNPO TUPDLIPMEFST NJMMJPO XIJDI XFSF PGGTFU CZ UIF DBTI
EJTUSJCVUJPOTSFJOWFTUFEJODPNNPOTUPDLWJBUIF%3*1NJMMJPO
4FBTPOBMJUZ
"MUIPVHI XF IBWF B ZFBSMPOH UFNQPSBSZ MFBTJOH QSPHSBN PDDVQBODJFT GPS TIPSUUFSN UFOBOUT BOE UIFSFGPSF SFOUBM JODPNF
SFDPHOJ[FEBSFIJHIFSEVSJOHUIFGPVSUIRVBSUFSPGUIFZFBS*OBEEJUJPOUIFNBKPSJUZPGPVSUFOBOUTIBWF%FDFNCFSPS+BOVBSZ
MFBTFZFBSTGPSQVSQPTFTPGDBMDVMBUJOHBOOVBMPWFSBHFSFOUBNPVOUT"DDPSEJOHMZPWFSBHFSFOUUISFTIPMETBSFNPTUDPNNPOMZ
BDIJFWFEJOUIFGPVSUIRVBSUFS"TBSFTVMUSFWFOVFQSPEVDUJPOJTHFOFSBMMZIJHIFTUJOUIFGPVSUIRVBSUFSPGFBDIZFBS
$SJUJDBM"DDPVOUJOH1PMJDJFT
5IFQSFQBSBUJPOPGGJOBODJBMTUBUFNFOUTJODPOGPSNJUZXJUI(""1SFRVJSFTNBOBHFNFOUUPNBLFFTUJNBUFTBOEBTTVNQUJPOTUIBU
BGGFDUUIFGJOBODJBMTUBUFNFOUTBOEEJTDMPTVSFT4PNFPGUIFTFFTUJNBUFTBOEBTTVNQUJPOTSFRVJSFBQQMJDBUJPOPGEJGGJDVMUTVCKFDUJWF
BOEPSDPNQMFYKVEHNFOUBCPVUUIFFGGFDUPGNBUUFSTUIBUBSFJOIFSFOUMZVODFSUBJOBOEUIBUNBZDIBOHFJOTVCTFRVFOUQFSJPET8F
BSFSFRVJSFEUPNBLFTVDIFTUJNBUFTBOEBTTVNQUJPOTXIFOBQQMZJOHUIFGPMMPXJOHBDDPVOUJOHQPMJDJFT
"DRVJTJUJPOTPG0QFSBUJOH1SPQFSUJFT/PUF
"DRVJTJUJPOTPGQSPQFSUJFTBSFBDDPVOUFEGPSVUJMJ[JOHUIFBDRVJTJUJPONFUIPEPGBDDPVOUJOHBOEBDDPSEJOHMZUIFSFTVMUTPGPQFSBUJPOT
PGBDRVJSFEQSPQFSUJFTXFSFJODMVEFEJOUIFSFTVMUTPGPQFSBUJPOTGSPNUIFSFTQFDUJWFEBUFTPGBDRVJTJUJPO&TUJNBUFTPGGVUVSFDBTI
GMPXTBOEPUIFSWBMVBUJPOUFDIOJRVFTBSFVTFEUPBMMPDBUFUIFQVSDIBTFQSJDFPGBDRVJSFEQSPQFSUZCFUXFFOMBOECVJMEJOHTBOE
JNQSPWFNFOUTFRVJQNFOUEFCUMJBCJMJUJFTBTTVNFEBOEJEFOUJGJBCMFJOUBOHJCMFBTTFUTBOEMJBCJMJUJFTTVDIBTBNPVOUTSFMBUFEUPJO
QMBDFUFOBOUMFBTFTBDRVJSFEBCPWFBOECFMPXNBSLFUUFOBOUBOEHSPVOEMFBTFTBOEUFOBOUSFMBUJPOTIJQT/PTJHOJGJDBOUWBMVFIBE
CFFOBTDSJCFEUPUIFUFOBOUSFMBUJPOTIJQT
5IFGBJSWBMVFTPGUBOHJCMFBTTFUTBSFEFUFSNJOFEPOBOJGWBDBOUCBTJT5IFJGWBDBOUGBJSWBMVFJTBMMPDBUFEUPMBOEXIFSF
BQQMJDBCMFCVJMEJOHTFRVJQNFOUBOEUFOBOUJNQSPWFNFOUTCBTFEPODPNQBSBCMFTBMFTBOEPUIFSSFMFWBOUJOGPSNBUJPOXJUISFTQFDU
UPUIFQSPQFSUZ4QFDJGJDBMMZUIFJGWBDBOUWBMVFPGUIFCVJMEJOHTBOEFRVJQNFOUXBTDBMDVMBUFEVTJOHBDPTUBQQSPBDIVUJMJ[JOH
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JODPNFBQQSPBDI"TTVNQUJPOTVTFEJOUIFJODPNFBQQSPBDIUPUIFWBMVFPGCVJMEJOHTJODMVEFDBQJUBMJ[BUJPOBOEEJTDPVOUSBUFT
MFBTFVQUJNFNBSLFUSFOUTNBLFSFBEZDPTUTMBOEWBMVFBOETJUFJNQSPWFNFOUWBMVF
5IFFTUJNBUFEGBJSWBMVFPGJOQMBDFUFOBOUMFBTFTJODMVEFTMFBTFPSJHJOBUJPODPTUTUIFDPTUTXFXPVMEIBWFJODVSSFEUPMFBTFUIF
QSPQFSUZUPUIFDVSSFOUPDDVQBODZMFWFMPGUIFQSPQFSUZ
BOEUIFMPTUSFWFOVFTEVSJOHUIFQFSJPEOFDFTTBSZUPMFBTFVQGSPNWBDBOU
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DPTUTUIBUXPVMECFJODVSSFEUPMFBTFUIFQSPQFSUZUPUIJTPDDVQBODZMFWFM"EEJUJPOBMMZXFFWBMVBUFUIFUJNFQFSJPEPWFSXIJDI
TVDIPDDVQBODZMFWFMXPVMECFBDIJFWFEBOEJODMVEFBOFTUJNBUFPGUIFOFUPQFSBUJOHDPTUTQSJNBSJMZSFBMFTUBUFUBYFTJOTVSBODF
BOEVUJMJUJFT
JODVSSFEEVSJOHUIFMFBTFVQQFSJPEXIJDIHFOFSBMMZSBOHFTVQUPPOFZFBS5IFGBJSWBMVFPGBDRVJSFEJOQMBDFUFOBOU
MFBTFTJTJODMVEFEJOUIFCBMBODFPGCVJMEJOHTBOEFRVJQNFOUBOEBNPSUJ[FEPWFSUIFSFNBJOJOHMFBTFUFSNGPSFBDIUFOBOU
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BSFFJUIFSUIFMFTTPSPSUIFMFTTFF5IFEJGGFSFODFCFUXFFOUIFDPOUSBDUVBMSFOUBMSBUFTBOEPVSFTUJNBUFPGNBSLFUSFOUBMSBUFTJT
NFBTVSFEPWFSBQFSJPEFRVBMUPUIFSFNBJOJOHOPODBODFMBCMFUFSNPGUIFMFBTFTJODMVEJOHTJHOJGJDBOUMZCFMPXNBSLFUSFOFXBM
PQUJPOTGPSXIJDIFYFSDJTFPGUIFSFOFXBMPQUJPOBQQFBSTUPCFSFBTPOBCMZBTTVSFE5IFSFNBJOJOHUFSNPGMFBTFTXJUISFOFXBM
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BNPSUJ[BUJPOQFSJPEXPVMEDPJODJEFXJUIUIFFYUFOEFEMFBTFUFSN5IFBCPWFNBSLFUUFOBOUMFBTFTBOECFMPXNBSLFUHSPVOEMFBTFT
BSFJODMVEFEJOQSFQBJEFYQFOTFTBOEPUIFSBTTFUT/PUF
UIFCFMPXNBSLFUUFOBOUMFBTFTBCPWFNBSLFUHSPVOEMFBTFTBOE
BCPWFNBSLFUIFBERVBSUFSTPGGJDFMFBTFBSFJODMVEFEJOBDDPVOUTQBZBCMFBOEBDDSVFEFYQFOTFT/PUF
JOPVS$POTPMJEBUFE
#BMBODF4IFFUT
*OWFTUNFOUTJO6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFT/PUF
8FBDDPVOUGPSJOWFTUNFOUTJOKPJOUWFOUVSFTXIFSFXFPXOBOPODPOUSPMMJOHKPJOUJOUFSFTUVTJOHUIFFRVJUZNFUIPE5PEFUFSNJOF
UIFNFUIPEPGBDDPVOUJOHGPSQBSUJBMMZPXOFEKPJOUWFOUVSFTXFFWBMVBUFUIFDIBSBDUFSJTUJDTPGBTTPDJBUFEFOUJUJFTBOEEFUFSNJOF
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BOEJGTPEFUFSNJOFXIJDIQBSUZJTQSJNBSZCFOFGJDJBSZCZBOBMZ[JOHXIFUIFS
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MPTTFTPSSFDFJWFQPUFOUJBMMZTJHOJGJDBOUCFOFGJUT4JHOJGJDBOUKVEHNFOUTBOEBTTVNQUJPOTJOIFSFOUJOUIJTBOBMZTJTJODMVEFUIFOBUVSF
PGUIFFOUJUZTPQFSBUJPOTGVUVSFDBTIGMPXQSPKFDUJPOTUIFFOUJUZTGJOBODJOHBOEDBQJUBMTUSVDUVSFBOEDPOUSBDUVBMSFMBUJPOTIJQBOE
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DPOTPMJEBUFEGJOBODJBMTUBUFNFOUT*OEFUFSNJOJOHJGXFIBWFBDPOUSPMMJOHGJOBODJBMJOUFSFTUXFDPOTJEFSGBDUPSTTVDIBTPXOFSTIJQ
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NFUIPE
8FDPOUJOVBMMZBOBMZ[FBOEBTTFTTSFDPOTJEFSBUJPOFWFOUTJODMVEJOHDIBOHFTJOUIFGBDUPSTNFOUJPOFEBCPWFUPEFUFSNJOFJGUIF
DPOTPMJEBUJPO USFBUNFOU SFNBJOT BQQSPQSJBUF %FDJTJPOT SFHBSEJOH DPOTPMJEBUJPO PG QBSUJBMMZ PXOFE FOUJUJFT GSFRVFOUMZ SFRVJSF
TJHOJGJDBOU KVEHNFOU CZ PVS NBOBHFNFOU &SSPST JO UIF BTTFTTNFOU PG DPOTPMJEBUJPO DPVME SFTVMU JO NBUFSJBM DIBOHFT UP PVS
DPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
3FWFOVF3FDPHOJUJPOBOE3FMBUFE.BUUFST
.JOJNVN SFOU SFWFOVFT BSF SFDPHOJ[FE PO B TUSBJHIUMJOF CBTJT PWFS UIF UFSNT PG UIF SFMBUFE PQFSBUJOH MFBTFT .JOJNVN SFOU
SFWFOVFTBMTPJODMVEFMFBTF UFSNJOBUJPO JODPNF DPMMFDUFEGSPN UFOBOUTUPBMMPXUIF UFOBOUUP WBDBUFUIFJSTQBDFQSJPS UPUIFJS
TDIFEVMFEUFSNJOBUJPOEBUFTBTXFMMBTBDDSFUJPOSFMBUFEUPBCPWFBOECFMPXNBSLFUUFOBOUMFBTFTPOBDRVJSFEQSPQFSUJFTBOE
QSPQFSUJFTUIBUXFSFGBJSWBMVFEBUFNFSHFODFGSPNCBOLSVQUDZ
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XFEFUFSNJOFXIFUIFSUIFBMMPXBODFSFQSFTFOUTGVOEJOHGPSUIFDPOTUSVDUJPOPGMFBTFIPMEJNQSPWFNFOUTBOEFWBMVBUFUIFPXOFSTIJQ
PGTVDIJNQSPWFNFOUT*GXFBSFDPOTJEFSFEUIFPXOFSPGUIFMFBTFIPMEJNQSPWFNFOUTGPSBDDPVOUJOHQVSQPTFTXFDBQJUBMJ[FUIF
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MFBTFUFSN*GUIFUFOBOUBMMPXBODFSFQSFTFOUTBQBZNFOUGPSBQVSQPTFPUIFSUIBOGVOEJOHMFBTFIPMEJNQSPWFNFOUTPSJOUIFFWFOU
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BOEJTSFDPHOJ[FEPWFSUIFMFBTFUFSNBTBSFEVDUJPOPGSFOUBMSFWFOVFPOBTUSBJHIUMJOFCBTJT
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TVCKFDUUPDIBOHFJODMVEJOH
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DPNQFUJUJPOGSPN
PUIFS TIPQQJOH DFOUFST TUPSFT DMVCT NBJMJOHT BOE UIF JOUFSOFU JODSFBTFT JO PQFSBUJOH DPTUT BOE GVUVSF SFRVJSFE DBQJUBM
FYQFOEJUVSFT
CBOLSVQUDZBOEPSPUIFSDIBOHFTJOUIFDPOEJUJPOPGUIJSEQBSUJFTJODMVEJOHBODIPSTBOEUFOBOUT
FYQFDUFE
IPMEJOHQFSJPE
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BSFHSFBUFSUIBOPGDPNCJOFESFWFOVF$PNQBOZ/0*PSDPNCJOFEBTTFUT$PNQBOZ/0*FYDMVEFTGSPN/0*DFSUBJOOPO
DBTIBOEOPODPNQBSBCMFJUFNTTVDIBTTUSBJHIUMJOFSFOUBOEJOUBOHJCMFBTTFUBOEMJBCJMJUZBNPSUJ[BUJPOXIJDIBSFBSFTVMUPGPVS
FNFSHFODFBDRVJTJUJPOBDDPVOUJOHBOEPUIFSDBQJUBMDPOUSJCVUJPOPSSFTUSVDUVSJOHFWFOUT'VSUIFSBMMNBUFSJBMPQFSBUJPOTBSFXJUIJO
UIF6OJUFE4UBUFTBOEOPDVTUPNFSPSUFOBOUDPNQSJTFTNPSFUIBOPGDPOTPMJEBUFESFWFOVFT"TBSFTVMUUIF$PNQBOZT
PQFSBUJOHQSPQFSUJFTBSFBHHSFHBUFEJOUPBTJOHMFSFQPSUBCMFTFHNFOU
3FDMBTTJGJDBUJPOT
$FSUBJOQSJPSQFSJPEBNPVOUTJODMVEFEJOUIF$POTPMJEBUFE4UBUFNFOUTPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF-PTT
BOESFMBUFE
GPPUOPUFTBTTPDJBUFEXJUIQSPQFSUJFTXFIBWFEJTQPTFEPGIBWFCFFOSFDMBTTJGJFEUPEJTDPOUJOVFEPQFSBUJPOTGPSBMMQFSJPETQSFTFOUFE
/PUF
"EEJUJPOBMMZNJMMJPOPGBDDSVFEJOUFSFTUSFMBUFEUPUIFUBYJOEFNOJGJDBUJPOMJBCJMJUZ/PUF
XBTSFDMBTTJGJFEGSPN
BDDPVOUTQBZBCMFBOEBDDSVFEFYQFOTFTUPUBYJOEFNOJGJDBUJPOMJBCJMJUZJOPVS$POTPMJEBUFE#BMBODF4IFFUTBTPG%FDFNCFS
BTQSFTFOUFEIFSFJO"MTPNJMMJPOPGOPUFTSFDFJWBCMFXBTSFDMBTTJGJFEGSPNBDRVJTJUJPOPGSFBMFTUBUFBOEQSPQFSUZ
BEEJUJPOTUPMPBOTUPKPJOUWFOUVSFQBSUOFSTJOPVS$POTPMJEBUFE4UBUFNFOUTPG$BTI'MPXTGPSUIFZFBSFOEFE%FDFNCFS
1SPQFSUJFT
3FBMFTUBUFBTTFUTBSFTUBUFEBUDPTUMFTTBOZQSPWJTJPOTGPSJNQBJSNFOUT&YQFOEJUVSFTGPSTJHOJGJDBOUCFUUFSNFOUTBOEJNQSPWFNFOUT
BSFDBQJUBMJ[FE.BJOUFOBODFBOESFQBJSTBSFDIBSHFEUPFYQFOTFXIFOJODVSSFE$POTUSVDUJPOBOEJNQSPWFNFOUDPTUTJODVSSFEJO
DPOOFDUJPOXJUIUIFEFWFMPQNFOUPGOFXQSPQFSUJFTPSUIFSFEFWFMPQNFOUPGFYJTUJOHQSPQFSUJFTBSFDBQJUBMJ[FE3FBMFTUBUFUBYFT
JOUFSFTU DPTUT BOE JOUFSOBM DPTUT BTTPDJBUFE XJUI MFBTJOH BOE EFWFMPQNFOU PWFSIFBE JODVSSFE EVSJOH DPOTUSVDUJPO QFSJPET BSF
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JOUFSOBMDPTUTBTTPDJBUFEXJUIMFBTJOHBOEEFWFMPQNFOUPWFSIFBEBSFBNPSUJ[FEPWFSMJWFTXIJDIBSFDPOTJTUFOUXJUIUIFSFMBUFE
BTTFUT
1SFEFWFMPQNFOU DPTUT XIJDI HFOFSBMMZ JODMVEF MFHBM BOE QSPGFTTJPOBM GFFT BOE PUIFS UIJSEQBSUZ DPTUT EJSFDUMZ SFMBUFE UP UIF
DPOTUSVDUJPOBTTFUTBSFDBQJUBMJ[FEBTQBSUPGUIFQSPQFSUZCFJOHEFWFMPQFE*OUIFFWFOUBEFWFMPQNFOUJTOPMPOHFSEFFNFEUPCF
QSPCBCMFPGPDDVSSJOHUIFDBQJUBMJ[FEDPTUTBSFFYQFOTFETFFBMTPPVSJNQBJSNFOUQPMJDJFTJOUIJTOPUFCFMPX
8FQFSJPEJDBMMZSFWJFXUIFFTUJNBUFEVTFGVMMJWFTPGPVSQSPQFSUJFTBOENBZBEKVTUUIFNBTOFDFTTBSZ5IFFTUJNBUFEVTFGVMMJWFT
PGPVSQSPQFSUJFTSBOHFGSPNZFBST
%FQSFDJBUJPOPSBNPSUJ[BUJPOFYQFOTFJTDPNQVUFEVTJOHUIFTUSBJHIUMJOFNFUIPECBTFEVQPOUIFGPMMPXJOHFTUJNBUFEVTFGVMMJWFT
:FBST
#VJMEJOHTBOEJNQSPWFNFOUT
&RVJQNFOUBOEGJYUVSFT
5FOBOUJNQSPWFNFOUT
4IPSUFSPGVTFGVMMJGFPSBQQMJDBCMFMFBTFUFSN
'
(&/&3"-(3085)1301&35*&4*/$
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"DRVJTJUJPOTPG0QFSBUJOH1SPQFSUJFT/PUF
"DRVJTJUJPOTPGQSPQFSUJFTBSFBDDPVOUFEGPSVUJMJ[JOHUIFBDRVJTJUJPONFUIPEPGBDDPVOUJOHBOEBDDPSEJOHMZUIFSFTVMUTPGPQFSBUJPOT
PGBDRVJSFEQSPQFSUJFTIBWFCFFOJODMVEFEJOUIFSFTVMUTPGPQFSBUJPOTGSPNUIFSFTQFDUJWFEBUFTPGBDRVJTJUJPO&TUJNBUFTPGGVUVSF
DBTIGMPXTBOEPUIFSWBMVBUJPOUFDIOJRVFTBSFVTFEUPBMMPDBUFUIFQVSDIBTFQSJDFPGBDRVJSFEQSPQFSUZCFUXFFOMBOECVJMEJOHTBOE
JNQSPWFNFOUTFRVJQNFOUBTTVNFEEFCUMJBCJMJUJFTBOEJEFOUJGJBCMFJOUBOHJCMFBTTFUTBOEMJBCJMJUJFTTVDIBTBNPVOUTSFMBUFEUPJO
QMBDFUFOBOUMFBTFTBDRVJSFEBCPWFBOECFMPXNBSLFUUFOBOUBOEHSPVOEMFBTFTBOEUFOBOUSFMBUJPOTIJQT/PTJHOJGJDBOUWBMVFIBE
CFFOBTDSJCFEUPUFOBOUSFMBUJPOTIJQT
5IFGBJSWBMVFTPGUBOHJCMFBTTFUTBSFEFUFSNJOFEPOBOJGWBDBOUCBTJT5IFJGWBDBOUGBJSWBMVFJTBMMPDBUFEUPMBOEXIFSF
BQQMJDBCMFCVJMEJOHTFRVJQNFOUBOEUFOBOUJNQSPWFNFOUTCBTFEPODPNQBSBCMFTBMFTBOEPUIFSSFMFWBOUJOGPSNBUJPOXJUISFTQFDU
UPUIFQSPQFSUZ4QFDJGJDBMMZUIFJGWBDBOUWBMVFPGUIFCVJMEJOHTBOEFRVJQNFOUXBTDBMDVMBUFEVTJOHBDPTUBQQSPBDIVUJMJ[JOH
QVCMJTIFEHVJEFMJOFTGPSDVSSFOUSFQMBDFNFOUDPTUPSBDUVBMDPOTUSVDUJPODPTUTGPSTJNJMBSSFDFOUMZEFWFMPQFEQSPQFSUJFTBOEBO
JODPNFBQQSPBDI"TTVNQUJPOTVTFEJOUIFJODPNFBQQSPBDIUPUIFWBMVFPGCVJMEJOHTJODMVEFDBQJUBMJ[BUJPOBOEEJTDPVOUSBUFT
MFBTFVQUJNFNBSLFUSFOUTNBLFSFBEZDPTUTMBOEWBMVFBOETJUFJNQSPWFNFOUWBMVF
5IFFTUJNBUFEGBJSWBMVFPGJOQMBDFUFOBOUMFBTFTJODMVEFTMFBTFPSJHJOBUJPODPTUTUIFDPTUTXFXPVMEIBWFJODVSSFEUPMFBTFUIF
QSPQFSUZUPUIFDVSSFOUPDDVQBODZMFWFMPGUIFQSPQFSUZ
BOEUIFMPTUSFWFOVFTEVSJOHUIFQFSJPEOFDFTTBSZUPMFBTFVQGSPNWBDBOU
UPUIFDVSSFOUPDDVQBODZMFWFM4VDIFTUJNBUFTJODMVEFUIFGBJSWBMVFPGMFBTJOHDPNNJTTJPOTMFHBMDPTUTBOEUFOBOUDPPSEJOBUJPO
DPTUTUIBUXPVMECFJODVSSFEUPMFBTFUIFQSPQFSUZUPUIJTPDDVQBODZMFWFM"EEJUJPOBMMZXFFWBMVBUFUIFUJNFQFSJPEPWFSXIJDI
TVDIPDDVQBODZMFWFMXPVMECFBDIJFWFEBOEJODMVEFBOFTUJNBUFPGUIFOFUPQFSBUJOHDPTUTQSJNBSJMZSFBMFTUBUFUBYFTJOTVSBODF
BOEVUJMJUJFT
JODVSSFEEVSJOHUIFMFBTFVQQFSJPEXIJDIHFOFSBMMZSBOHFTVQUPPOFZFBS5IFGBJSWBMVFPGBDRVJSFEJOQMBDFUFOBOU
MFBTFTJTJODMVEFEJOUIFCBMBODFPGCVJMEJOHTBOEFRVJQNFOUBOEBNPSUJ[FEPWFSUIFSFNBJOJOHMFBTFUFSNGPSFBDIUFOBOU
*EFOUJGJBCMFJOUBOHJCMFBTTFUTBOEMJBCJMJUJFTBSFDBMDVMBUFEGPSBCPWFNBSLFUBOECFMPXNBSLFUUFOBOUBOEHSPVOEMFBTFTXIFSFXF
BSFFJUIFSUIFMFTTPSPSUIFMFTTFF5IFEJGGFSFODFCFUXFFOUIFDPOUSBDUVBMSFOUBMSBUFTBOEPVSFTUJNBUFPGNBSLFUSFOUBMSBUFTJT
NFBTVSFEPWFSBQFSJPEFRVBMUPUIFSFNBJOJOHOPODBODFMBCMFUFSNPGUIFMFBTFTJODMVEJOHTJHOJGJDBOUMZCFMPXNBSLFUSFOFXBM
PQUJPOTGPSXIJDIFYFSDJTFPGUIFSFOFXBMPQUJPOBQQFBSTUPCFSFBTPOBCMZBTTVSFE5IFSFNBJOJOHUFSNPGMFBTFTXJUISFOFXBM
PQUJPOTBUUFSNTTJHOJGJDBOUMZCFMPXNBSLFUSFGMFDUUIFBTTVNFEFYFSDJTFPGTVDICFMPXNBSLFUSFOFXBMPQUJPOTBOEBTTVNFUIF
BNPSUJ[BUJPOQFSJPEXPVMEDPJODJEFXJUIUIFFYUFOEFEMFBTFUFSN
5IFHSPTTBTTFUCBMBODFTPGUIFJOQMBDFWBMVFPGUFOBOUMFBTFTBSFJODMVEFEJOCVJMEJOHTBOEFRVJQNFOUJOPVS$POTPMJEBUFE#BMBODF
4IFFUT
"DDVNVMBUFE
"NPSUJ[BUJPO
(SPTT"TTFU
"TPG%FDFNCFS
5FOBOUMFBTFT
*OQMBDFWBMVF
"TPG%FDFNCFS
5FOBOUMFBTFT
*OQMBDFWBMVF
/FU$BSSZJOH
"NPVOU
5IFBCPWFNBSLFUUFOBOUMFBTFTBOECFMPXNBSLFUHSPVOEMFBTFTBSFJODMVEFEJOQSFQBJEFYQFOTFTBOEPUIFSBTTFUT/PUF
UIF
CFMPXNBSLFUUFOBOUMFBTFTBCPWFNBSLFUHSPVOEMFBTFTBOEBCPWFNBSLFUIFBERVBSUFSTPGGJDFMFBTFBSFJODMVEFEJOBDDPVOUT
QBZBCMFBOEBDDSVFEFYQFOTFT/PUF
JOPVS$POTPMJEBUFE#BMBODF4IFFUT
"NPSUJ[BUJPOBDDSFUJPOPGBMMJOUBOHJCMFTJODMVEJOHUIFJOUBOHJCMFTJO/PUFBOE/PUFIBEUIFGPMMPXJOHFGGFDUTPOPVSJODPNF
MPTT
:FBS&OEFE%FDFNCFS
"NPSUJ[BUJPOBDDSFUJPOFGGFDUPODPOUJOVJOHPQFSBUJPOT
'
(&/&3"-(3085)1301&35*&4*/$
/05&450$0/40-*%"5&%'*/"/$*"-45"5&.&/54$POUJOVFE
'VUVSFBNPSUJ[BUJPOBDDSFUJPOPGUIFTFJOUBOHJCMFTJTFTUJNBUFEUPEFDSFBTFSFTVMUTGSPNDPOUJOVJOHPQFSBUJPOTBTGPMMPXT
:FBS
"NPVOU
*OWFTUNFOUTJO6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFT/PUF
8FBDDPVOUGPSJOWFTUNFOUTJOKPJOUWFOUVSFTXIFSFXFPXOBOPODPOUSPMMJOHKPJOUJOUFSFTUVTJOHUIFFRVJUZNFUIPE6OEFSUIF
FRVJUZNFUIPEUIFDPTUPGPVSJOWFTUNFOUJTBEKVTUFEGPSPVSTIBSFPGUIFFBSOJOHTPGTVDI6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFT
GSPNUIFEBUFPGBDRVJTJUJPOJODSFBTFECZPVSDPOUSJCVUJPOTBOESFEVDFECZEJTUSJCVUJPOTSFDFJWFE
5PEFUFSNJOFUIFNFUIPEPGBDDPVOUJOHGPSQBSUJBMMZPXOFEKPJOUWFOUVSFTXFFWBMVBUFUIFDIBSBDUFSJTUJDTPGBTTPDJBUFEFOUJUJFT
BOEEFUFSNJOFXIFUIFSBOFOUJUZJTBWBSJBCMFJOUFSFTUFOUJUZ7*&
BOEJGTPEFUFSNJOFXIJDIQBSUZJTQSJNBSZCFOFGJDJBSZCZ
BOBMZ[JOH XIFUIFS XF IBWF CPUI UIF QPXFS UP EJSFDU UIF FOUJUZT TJHOJGJDBOU FDPOPNJD BDUJWJUJFT BOE UIF PCMJHBUJPO UP BCTPSC
QPUFOUJBMMZTJHOJGJDBOUMPTTFTPSSFDFJWFQPUFOUJBMMZTJHOJGJDBOUCFOFGJUT4JHOJGJDBOUKVEHNFOUTBOEBTTVNQUJPOTJOIFSFOUJOUIJT
BOBMZTJTJODMVEFUIFOBUVSFPGUIFFOUJUZTPQFSBUJPOTGVUVSFDBTIGMPXQSPKFDUJPOTUIFFOUJUZTGJOBODJOHBOEDBQJUBMTUSVDUVSFBOE
DPOUSBDUVBMSFMBUJPOTIJQBOEUFSNT8FDPOTPMJEBUFB7*&XIFOXFIBWFEFUFSNJOFEUIBUXFBSFUIFQSJNBSZCFOFGJDJBSZ
1SJNBSZ SJTLT BTTPDJBUFE XJUI PVS 7*&T JODMVEF UIF QPUFOUJBM PG GVOEJOH UIF FOUJUJFT EFCU PCMJHBUJPOT PS NBLJOH BEEJUJPOBM
DPOUSJCVUJPOTUPGVOEUIFFOUJUJFTPQFSBUJPOT
(FOFSBMMZUIFPQFSBUJOHBHSFFNFOUTXJUISFTQFDUUPPVS6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFTQSPWJEFUIBUBTTFUTMJBCJMJUJFTBOE
GVOEJOHPCMJHBUJPOTBSFTIBSFEJOBDDPSEBODFXJUIPVSPXOFSTIJQQFSDFOUBHFT5IFSFGPSFXFHFOFSBMMZBMTPTIBSFJOUIFQSPGJUBOE
MPTTFT DBTI GMPXT BOE PUIFS NBUUFST SFMBUJOH UP PVS 6ODPOTPMJEBUFE 3FBM &TUBUF"GGJMJBUFT JO BDDPSEBODF XJUI PVS SFTQFDUJWF
PXOFSTIJQ QFSDFOUBHFT &YDFQU GPS 3FUBJOFE %FCU BT EFTDSJCFE JO /PUF EJGGFSFODFT CFUXFFO UIF DBSSZJOH BNPVOU PG PVS
JOWFTUNFOUJOUIF6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFTBOEPVSTIBSFPGUIFVOEFSMZJOHFRVJUZPGPVS6ODPOTPMJEBUFE3FBM&TUBUF
"GGJMJBUFTBSFUZQJDBMMZBNPSUJ[FEPWFSMJWFTSBOHJOHGSPNGJWFUPZFBST8IFODVNVMBUJWFEJTUSJCVUJPOTFYDFFEPVSJOWFTUNFOU
JOUIFKPJOUWFOUVSFUIFJOWFTUNFOUJTSFQPSUFEBTBMJBCJMJUZJOPVSDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT5IFMJBCJMJUZJTMJNJUFEUPPVS
NBYJNVNQPUFOUJBMPCMJHBUJPOUPGVOEDPOUSBDUVBMPCMJHBUJPOTJODMVEJOHSFDPVSTFSFMBUFEUPDFSUBJOEFCUPCMJHBUJPOT
1BSUJBMMZPXOFEOPOWBSJBCMFJOUFSFTUKPJOUWFOUVSFTPWFSXIJDIXFIBWFDPOUSPMMJOHGJOBODJBMJOUFSFTUBSFDPOTPMJEBUFEJOPVS
DPOTPMJEBUFEGJOBODJBMTUBUFNFOUT*OEFUFSNJOJOHJGXFIBWFBDPOUSPMMJOHGJOBODJBMJOUFSFTUXFDPOTJEFSGBDUPSTTVDIBTPXOFSTIJQ
JOUFSFTUBVUIPSJUZUPNBLFEFDJTJPOTLJDLPVUSJHIUTBOETVCTUBOUJWFQBSUJDJQBUJOHSJHIUT1BSUJBMMZPXOFEKPJOUWFOUVSFTXIFSFXF
EPOPUIBWFBDPOUSPMMJOHGJOBODJBMJOUFSFTUCVUIBWFUIFBCJMJUZUPFYFSDJTFTJHOJGJDBOUJOGMVFODFBSFBDDPVOUFEGPSVTJOHUIFFRVJUZ
NFUIPE
8FDPOUJOVBMMZBOBMZ[FBOEBTTFTTSFDPOTJEFSBUJPOFWFOUTJODMVEJOHDIBOHFTJOUIFGBDUPSTNFOUJPOFEBCPWFUPEFUFSNJOFJGUIF
DPOTPMJEBUJPO USFBUNFOU SFNBJOT BQQSPQSJBUF %FDJTJPOT SFHBSEJOH DPOTPMJEBUJPO PG QBSUJBMMZ PXOFE FOUJUJFT GSFRVFOUMZ SFRVJSF
TJHOJGJDBOUKVEHNFOUCZPVSNBOBHFNFOU
$BTIBOE$BTI&RVJWBMFOUT
)JHIMZMJRVJEJOWFTUNFOUTXJUIJOJUJBMNBUVSJUJFTPGUISFFNPOUITPSMFTTBSFDMBTTJGJFEBTDBTIFRVJWBMFOUTFYDMVEJOHBNPVOUT
SFTUSJDUFECZDFSUBJOMFOEFSBOEPUIFSBHSFFNFOUT
-FBTFT
0VSMFBTFTJOXIJDIXFBSFUIFMFTTPSPSMFTTFFBSFTVCTUBOUJBMMZBMMBDDPVOUFEGPSBTPQFSBUJOHMFBTFT-FBTFTJOXIJDIXFBSFUIF
MFTTPSUIBUUSBOTGFSTVCTUBOUJBMMZBMMUIFSJTLTBOECFOFGJUTPGPXOFSTIJQUPUFOBOUTBSFDPOTJEFSFEGJOBODFMFBTFTBOEUIFQSFTFOU
WBMVFTPGUIFNJOJNVNMFBTFQBZNFOUTBOEUIFFTUJNBUFESFTJEVBMWBMVFTPGUIFMFBTFEQSPQFSUJFTJGBOZBSFBDDPVOUFEGPSBT
'
(&/&3"-(3085)1301&35*&4*/$
/05&450$0/40-*%"5&%'*/"/$*"-45"5&.&/54$POUJOVFE
SFDFJWBCMFT-FBTFTJOXIJDIXFBSFUIFMFTTFFUIBUUSBOTGFSTVCTUBOUJBMMZBMMUIFSJTLTBOECFOFGJUTPGPXOFSTIJQUPVTBSFDPOTJEFSFE
DBQJUBMMFBTFTBOEUIFQSFTFOUWBMVFTPGUIFNJOJNVNMFBTFQBZNFOUTBSFBDDPVOUFEGPSBTBTTFUTBOEMJBCJMJUJFT
5FOBOUJNQSPWFNFOUTFJUIFSQBJEEJSFDUMZPSJOUIFGPSNPGDPOTUSVDUJPOBMMPXBODFTQBJEUPUFOBOUTBSFDBQJUBMJ[FEBT#VJMEJOHT
BOEFRVJQNFOUBOEEFQSFDJBUFEPWFSUIFTIPSUFSPGUIFVTFGVMMJGFPSUIFBQQMJDBCMFMFBTFUFSN
*OMFBTJOHUFOBOUTQBDFXFNBZQSPWJEFGVOEJOHUPUIFMFTTFFUISPVHIBUFOBOUBMMPXBODF*OBDDPVOUJOHGPSBUFOBOUBMMPXBODF
XFEFUFSNJOFXIFUIFSUIFBMMPXBODFSFQSFTFOUTGVOEJOHGPSUIFDPOTUSVDUJPOPGMFBTFIPMEJNQSPWFNFOUTBOEFWBMVBUFUIFPXOFSTIJQ
PGTVDIJNQSPWFNFOUT*GXFBSFDPOTJEFSFEUIFPXOFSPGUIFMFBTFIPMEJNQSPWFNFOUTXFDBQJUBMJ[FUIFBNPVOUPGUIFUFOBOU
BMMPXBODFBOEEFQSFDJBUFJUPWFSUIFTIPSUFSPGUIFVTFGVMMJGFPGUIFMFBTFIPMEJNQSPWFNFOUTPSUIFSFMBUFEMFBTFUFSN*GUIFUFOBOU
BMMPXBODFSFQSFTFOUTBQBZNFOUGPSBQVSQPTFPUIFSUIBOGVOEJOHMFBTFIPMEJNQSPWFNFOUTPSJOUIFFWFOUXFBSFOPUDPOTJEFSFE
UIFPXOFSPGUIFJNQSPWFNFOUTUIFBMMPXBODFJTDBQJUBMJ[FEUPEFGFSSFEFYQFOTFTBOEDPOTJEFSFEUPCFBMFBTFJODFOUJWFBOEJT
SFDPHOJ[FEPWFSUIFMFBTFUFSNBTBSFEVDUJPOPGSFOUBMSFWFOVFPOBTUSBJHIUMJOFCBTJT
%FGFSSFE&YQFOTFT
%FGFSSFEFYQFOTFTQSJNBSJMZDPOTJTUPGMFBTJOHDPNNJTTJPOTBOESFMBUFEDPTUTBOEBSFBNPSUJ[FEVTJOHUIFTUSBJHIUMJOFNFUIPE
PWFSUIFMJGFPGUIFMFBTFT%FGFSSFEFYQFOTFTBMTPJODMVEFGJOBODJOHGFFTXFJODVSSFEJOPSEFSUPPCUBJOMPOHUFSNGJOBODJOHBOE
BSFBNPSUJ[FEBTJOUFSFTUFYQFOTFPWFSUIFUFSNTPGUIFSFTQFDUJWFGJOBODJOHBHSFFNFOUTVTJOHUIFTUSBJHIUMJOFNFUIPEXIJDI
BQQSPYJNBUFTUIFFGGFDUJWFJOUFSFTUNFUIPE
3FWFOVF3FDPHOJUJPOBOE3FMBUFE.BUUFST
.JOJNVNSFOUTBSFSFDPHOJ[FEPOBTUSBJHIUMJOFCBTJTPWFSUIFUFSNTPGUIFSFMBUFEPQFSBUJOHMFBTFTJODMVEJOHUIFFGGFDUPGBOZ
GSFFSFOUQFSJPET.JOJNVNSFOUTBMTPJODMVEFMFBTFUFSNJOBUJPOJODPNFDPMMFDUFEGSPNUFOBOUTUPBMMPXGPSUIFUFOBOUUPWBDBUF
UIFJSTQBDFQSJPSUPUIFJSTDIFEVMFEUFSNJOBUJPOEBUFTBTXFMMBTBDDSFUJPOSFMBUFEUPBCPWFBOECFMPXNBSLFUUFOBOUMFBTFTPO
BDRVJSFEQSPQFSUJFTBOEQSPQFSUJFTUIBUXFSFSFDPSEFEBUGBJSWBMVFBUUIF&GGFDUJWF%BUF5IFGPMMPXJOHJTBTVNNBSZPG
BNPSUJ[BUJPOPGTUSBJHIUMJOFSFOUOFUBNPSUJ[BUJPOBDDSFUJPOSFMBUFEUPBCPWFBOECFMPXNBSLFUUFOBOUMFBTFTBOEUFSNJOBUJPO
JODPNFXIJDIJTJODMVEFEJONJOJNVNSFOUT
:FBS&OEFE%FDFNCFS
"NPSUJ[BUJPOPGTUSBJHIUMJOFSFOU
/FUBNPSUJ[BUJPOBDDSFUJPOPGBCPWFBOECFMPXNBSLFUUFOBOUMFBTFT
5IFGPMMPXJOHJTBTVNNBSZPGTUSBJHIUMJOFSFOUSFDFJWBCMFTXIJDIBSFJODMVEFEJOBDDPVOUTBOEOPUFTSFDFJWBCMFOFUJOPVS
$POTPMJEBUFE#BMBODF4IFFUTBOEBSFSFEVDFEGPSBMMPXBODFTBOEBNPVOUTEPVCUGVMPGDPMMFDUJPO
%FDFNCFS
4USBJHIUMJOFSFOUSFDFJWBCMFTOFU
%FDFNCFS
0WFSBHFSFOUJTQBJECZBUFOBOUXIFOUIFUFOBOUTTBMFTFYDFFEBOBHSFFEVQPONJOJNVNBNPVOUBOEJTSFDPHOJ[FEPOBOBDDSVBM
CBTJTPODFUFOBOUTBMFTFYDFFEDPOUSBDUVBMUFOBOUMFBTFUISFTIPMETBOEJTDBMDVMBUFECZNVMUJQMZJOHUIFTBMFTJOFYDFTTPGUIFNJOJNVN
BNPVOUCZBQFSDFOUBHFEFGJOFEJOUIFMFBTF
5FOBOUSFDPWFSJFTBSFFTUBCMJTIFEJOUIFMFBTFTPSDPNQVUFECBTFEVQPOBGPSNVMBSFMBUFEUPSFBMFTUBUFUBYFTJOTVSBODFBOEPUIFS
QSPQFSUZPQFSBUJOHFYQFOTFTBOEBSFHFOFSBMMZSFDPHOJ[FEBTSFWFOVFTJOUIFQFSJPEUIFSFMBUFEDPTUTBSFJODVSSFE
8FQSPWJEFBOBMMPXBODFGPSEPVCUGVMBDDPVOUTBHBJOTUUIFQPSUJPOPGBDDPVOUTSFDFJWBCMFJODMVEJOHTUSBJHIUMJOFSFOUTXIJDIJT
FTUJNBUFEUPCFVODPMMFDUJCMF4VDIBMMPXBODFTBSFSFWJFXFEQFSJPEJDBMMZCBTFEVQPOPVSSFDPWFSZFYQFSJFODF5IFGPMMPXJOHUBCMF
TVNNBSJ[FTUIFDIBOHFTJOBMMPXBODFGPSEPVCUGVMBDDPVOUT
'
(&/&3"-(3085)1301&35*&4*/$
/05&450$0/40-*%"5&%'*/"/$*"-45"5&.&/54$POUJOVFE
#BMBODFBTPG+BOVBSZ
1SPWJTJPOTGPSEPVCUGVMBDDPVOUTJOEJTDPOUJOVFEPQFSBUJPOT
8SJUFPGGT
#BMBODFBTPG%FDFNCFS
@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@
&YDMVEFTSFDPWFSJFTPGNJMMJPONJMMJPOBOENJMMJPOGPSUIFZFBSTFOEFE%FDFNCFSBOE
SFTQFDUJWFMZ
.BOBHFNFOU'FFTBOE0UIFS$PSQPSBUF3FWFOVFT
.BOBHFNFOUGFFTBOEPUIFSDPSQPSBUFSFWFOVFTQSJNBSJMZSFQSFTFOUNBOBHFNFOUBOEMFBTJOHGFFTEFWFMPQNFOUGFFTGJOBODJOH
GFFT BOE GFFT GPS PUIFS BODJMMBSZ TFSWJDFT QFSGPSNFE GPS UIF CFOFGJU PG DFSUBJO PG UIF 6ODPOTPMJEBUFE 3FBM &TUBUF"GGJMJBUFT
.BOBHFNFOUGFFTBSFSFQPSUFEBUPGUIFSFWFOVFFBSOFEGSPNUIFKPJOUWFOUVSFJONBOBHFNFOUGFFTBOEPUIFSDPSQPSBUF
SFWFOVFTPOPVS$POTPMJEBUFE4UBUFNFOUTPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF-PTT
0VSTIBSFPGUIFNBOBHFNFOUGFF
FYQFOTFJODVSSFECZUIF6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFTJTSFQPSUFEXJUIJOFRVJUZJOJODPNFPG6ODPOTPMJEBUFE3FBM&TUBUF
"GGJMJBUFTPOPVS$POTPMJEBUFE4UBUFNFOUTPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF-PTT
BOEJOQSPQFSUZNBOBHFNFOUBOEPUIFS
DPTUTJOUIF$POEFOTFE$PNCJOFE4UBUFNFOUTPG*ODPNFJO/PUF
5IFGPMMPXJOHUBCMFTVNNBSJ[FTUIFNBOBHFNFOUGFFTGSPNBGGJMJBUFTBOEPVSTIBSFPGUIFNBOBHFNFOUGFFFYQFOTF
:FBS&OEFE%FDFNCFS
.BOBHFNFOUGFFTGSPNBGGJMJBUFT
.BOBHFNFOUGFFFYQFOTF
/FUNBOBHFNFOUGFFTGSPNBGGJMJBUFT
*ODPNF5BYFT/PUF
8FFYQFDUUPEJTUSJCVUFPGPVSUBYBCMFDBQJUBMHBJOTBOEUBYBCMFPSEJOBSZJODPNFUPTIBSFIPMEFSTBOOVBMMZ*GXJUISFTQFDU
UPBOZUBYBCMFZFBSXFGBJMUPNBJOUBJOPVSRVBMJGJDBUJPOBTB3&*5BOEDBOOPUDPSSFDUTVDIGBJMVSFXFXPVMEOPUCFBMMPXFEUP
EFEVDUEJTUSJCVUJPOTUPTIBSFIPMEFSTJODPNQVUJOHPVSUBYBCMFJODPNFBOEGFEFSBMJODPNFUBY*GBOZPGPVS3&*5TVCTJEJBSJFTGBJM
UPRVBMJGZBTB3&*5TVDIGBJMVSFDPVMESFTVMUJOPVSMPTTPG3&*5TUBUVT*GXFMPTFPVS3&*5TUBUVTDPSQPSBUFMFWFMJODPNFUBY
XPVMEBQQMZUPPVSUBYBCMFJODPNFBUSFHVMBSDPSQPSBUFSBUFTPSXFNBZCFTVCKFDUUPBQQMJDBCMFBMUFSOBUJWFNJOJNVNUBY"TB
SFTVMUUIFBNPVOUBWBJMBCMFGPSEJTUSJCVUJPOUPIPMEFSTPGFRVJUZTFDVSJUJFTUIBUXPVMEPUIFSXJTFSFDFJWFEJWJEFOETXPVMECFSFEVDFE
GPSUIFZFBSPSZFBSTJOWPMWFEBOEXFXPVMEOPMPOHFSCFSFRVJSFEUPNBLFEJTUSJCVUJPOT*OBEEJUJPOVOMFTTXFXFSFFOUJUMFEUP
SFMJFGVOEFSUIFSFMFWBOUTUBUVUPSZQSPWJTJPOTXFXPVMECFEJTRVBMJGJFEGSPNUSFBUNFOUBTB3&*5GPSGPVSTVCTFRVFOUUBYBCMFZFBST
%FGFSSFEJODPNFUBYFTBSFBDDPVOUFEGPSVTJOHUIFBTTFUBOEMJBCJMJUZNFUIPE%FGFSSFEUBYBTTFUTBOEMJBCJMJUJFTBSFSFDPHOJ[FEGPS
UIFFYQFDUFEGVUVSFUBYDPOTFRVFODFTPGFWFOUTUIBUIBWFCFFOJODMVEFEJOUIFGJOBODJBMTUBUFNFOUTPSUBYSFUVSOTBOEBSFSFDPSEFE
QSJNBSJMZCZDFSUBJOPGPVSUBYBCMF3&*5TVCTJEJBSJFT6OEFSUIJTNFUIPEEFGFSSFEUBYBTTFUTBOEMJBCJMJUJFTBSFEFUFSNJOFECBTFE
POUIFEJGGFSFODFTCFUXFFOUIFGJOBODJBMSFQPSUJOHBOEUBYCBTFTPGBTTFUTBOEMJBCJMJUJFTVTJOHFOBDUFEUBYSBUFTJOFGGFDUGPSUIF
ZFBSJOXIJDIUIFEJGGFSFODFTBSFFYQFDUFEUPSFWFSTF%FGFSSFEJODPNFUBYFTBMTPSFGMFDUUIFJNQBDUPGPQFSBUJOHMPTTBOEUBYDSFEJU
DBSSZGPSXBSET"WBMVBUJPOBMMPXBODFJTQSPWJEFEJGXFCFMJFWFJUJTNPSFMJLFMZUIBOOPUUIBUBMMPSTPNFQPSUJPOPGUIFEFGFSSFE
UBYBTTFUXJMMOPUCFSFBMJ[FE"OJODSFBTFPSEFDSFBTFJOUIFWBMVBUJPOBMMPXBODFUIBUSFTVMUTGSPNBDIBOHFJODJSDVNTUBODFTBOE
XIJDIDBVTFTBDIBOHFJOPVSKVEHNFOUBCPVUUIFSFBMJ[BCJMJUZPGUIFSFMBUFEEFGFSSFEUBYBTTFUJTJODMVEFEJOUIFDVSSFOUUBY
QSPWJTJPO*O((1FYQFSJFODFEBDIBOHFJODPOUSPMBTBSFTVMUPGUIFUSBOTBDUJPOTVOEFSUBLFOUPFNFSHFGSPNCBOLSVQUDZ
QVSTVBOUUP4FDUJPOPGUIF*OUFSOBM3FWFOVF$PEFUIBUDPVMEMJNJUUIFCFOFGJUPGEFGFSSFEUBYBTTFUT*OBEEJUJPOXFSFDPHOJ[F
BOESFQPSUJOUFSFTUBOEQFOBMUJFTJGOFDFTTBSZSFMBUFEUPVODFSUBJOUBYQPTJUJPOTXJUIJOPVSQSPWJTJPOGPSJODPNFUBYFYQFOTF
'
(&/&3"-(3085)1301&35*&4*/$
/05&450$0/40-*%"5&%'*/"/$*"-45"5&.&/54$POUJOVFE
*NQBJSNFOU
0QFSBUJOHQSPQFSUJFT
8FSFHVMBSMZSFWJFXPVSDPOTPMJEBUFEQSPQFSUJFTGPSQPUFOUJBMJNQBJSNFOUJOEJDBUPSTXIFOFWFSFWFOUTPSDIBOHFTJODJSDVNTUBODFT
JOEJDBUFUIBUUIFDBSSZJOHBNPVOUNBZOPUCFSFDPWFSBCMF*NQBJSNFOUJOEJDBUPSTBSFBTTFTTFETFQBSBUFMZGPSFBDIQSPQFSUZBOE
JODMVEFCVUBSFOPUMJNJUFEUPTJHOJGJDBOUEFDSFBTFTJOSFBMFTUBUFQSPQFSUZOFUPQFSBUJOHJODPNFTJHOJGJDBOUEFDSFBTFTJOPDDVQBODZ
QFSDFOUBHFEFCUNBUVSJUJFTNBOBHFNFOUTJOUFOUXJUISFTQFDUUPUIFQSPQFSUJFTBOEQSFWBJMJOHNBSLFUDPOEJUJPOT
*GBOJOEJDBUPSPGQPUFOUJBMJNQBJSNFOUFYJTUTUIFQSPQFSUZJTUFTUFEGPSSFDPWFSBCJMJUZCZDPNQBSJOHJUTDBSSZJOHBNPVOUUPUIF
FTUJNBUFEGVUVSFVOEJTDPVOUFEDBTIGMPXT"MUIPVHIUIFDBSSZJOHBNPVOUNBZFYDFFEUIFFTUJNBUFEGBJSWBMVFPGDFSUBJOQSPQFSUJFT
B SFBM FTUBUF BTTFU JT POMZ DPOTJEFSFE UP CF JNQBJSFE XIFO JUTDBSSZJOH BNPVOU DBOOPU CF SFDPWFSFE UISPVHI FTUJNBUFE GVUVSF
VOEJTDPVOUFEDBTIGMPXT5PUIFFYUFOUBOJNQBJSNFOUQSPWJTJPOJTEFUFSNJOFEUPCFOFDFTTBSZUIFFYDFTTPGUIFDBSSZJOHBNPVOU
PG UIF QSPQFSUZ PWFS JUT FTUJNBUFE GBJS WBMVF JT FYQFOTFE UP PQFSBUJPOT *O BEEJUJPO UIF JNQBJSNFOU QSPWJTJPO JT BMMPDBUFE
QSPQPSUJPOBUFMZUPBEKVTUUIFDBSSZJOHBNPVOUPGUIFBTTFUHSPVQ5IFBEKVTUFEDBSSZJOHBNPVOUXIJDISFQSFTFOUTUIFOFXDPTU
CBTJTPGUIFQSPQFSUZJTEFQSFDJBUFEPWFSUIFSFNBJOJOHVTFGVMMJGFPGUIFQSPQFSUZ
"MUIPVHIXFNBZNBSLFUBQSPQFSUZGPSTBMFUIFSFDBOCFOPBTTVSBODFUIBUUIFUSBOTBDUJPOXJMMCFDPNQMFUFVOUJMUIFTBMFJT
GJOBMJ[FE )PXFWFS (""1 SFRVJSFT VT UP VUJMJ[F UIF $PNQBOZT FYQFDUFE IPMEJOH QFSJPE PG PVS QSPQFSUJFT XIFO BTTFTTJOH
SFDPWFSBCJMJUZ*GXFDBOOPUSFDPWFSUIFDBSSZJOHWBMVFPGUIFTFQSPQFSUJFTXJUIJOUIFQMBOOFEIPMEJOHQFSJPEXFXJMMFTUJNBUFUIF
GBJSWBMVFTPGUIFBTTFUTBOESFDPSEJNQBJSNFOUDIBSHFTGPSQSPQFSUJFTXIFOUIFFTUJNBUFEGBJSWBMVFJTMFTTUIBOUIFJSDBSSZJOHWBMVF
*NQBJSNFOUJOEJDBUPSTGPSQSFEFWFMPQNFOUDPTUTXIJDIBSFUZQJDBMMZDPTUTJODVSSFEEVSJOHUIFCFHJOOJOHTUBHFTPGBQPUFOUJBM
EFWFMPQNFOUBOEDPOTUSVDUJPOJOQSPHSFTTBSFBTTFTTFECZQSPKFDUBOEJODMVEFCVUBSFOPUMJNJUFEUPTJHOJGJDBOUDIBOHFTJOUIF
$PNQBOZTQMBOTXJUISFTQFDUUPUIFQSPKFDUTJHOJGJDBOUDIBOHFTJOQSPKFDUFEDPNQMFUJPOEBUFTUFOBOUEFNBOEBOUJDJQBUFESFWFOVFT
PSDBTIGMPXTEFWFMPQNFOUDPTUTNBSLFUGBDUPSTBOETVTUBJOBCJMJUZPGEFWFMPQNFOUQSPKFDUT
*NQBJSNFOU DIBSHFT BSF SFDPSEFE JO UIF $POTPMJEBUFE 4UBUFNFOUTPG 0QFSBUJPOT BOE $PNQSFIFOTJWF *ODPNF -PTT
XIFO UIF
DBSSZJOHWBMVFPGBQSPQFSUZJTOPUSFDPWFSBCMFBOEJUFYDFFETUIFFTUJNBUFEGBJSWBMVFPGUIFQSPQFSUZXIJDIDBOPDDVSJOBDDPVOUJOH
QFSJPETQSFDFEJOHEJTQPTJUJPOBOEPSJOUIFQFSJPEPGEJTQPTJUJPO
%VSJOH UIF ZFBS FOEFE %FDFNCFS XF SFDPSEFE B NJMMJPO JNQBJSNFOU DIBSHF JO DPOUJOVJOH PQFSBUJPOT PG PVS
$POTPMJEBUFE 4UBUFNFOUT PG 0QFSBUJPOT BOE $PNQSFIFOTJWF *ODPNF -PTT
5IJT JNQBJSNFOU DIBSHF SFMBUFE UP POF PQFSBUJOH
QSPQFSUZBOEXBTSFDPSEFECFDBVTFUIFFTUJNBUFEGBJSWBMVFPGUIFQSPQFSUZCBTFEPOBCPOBGJEFQVSDIBTFPGGFSXBTMFTTUIBOUIF
DBSSZJOHWBMVFPGUIFQSPQFSUJFT%VSJOHUIFZFBSFOEFE%FDFNCFSXFSFDPSEFEOPJNQBJSNFOUDIBSHFTJOEJTDPOUJOVFE
PQFSBUJPOTPGPVS$POTPMJEBUFE4UBUFNFOUPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF-PTT
%VSJOHUIFZFBSFOEFE%FDFNCFSXFSFDPSEFEOPJNQBJSNFOUDIBSHFTJODPOUJOVJOHPQFSBUJPOTPGPVS$POTPMJEBUFE
4UBUFNFOUTPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF-PTT
%VSJOHUIFZFBSFOEFE%FDFNCFSXFSFDPSEFE
NJMMJPOPGJNQBJSNFOUDIBSHFTJOEJTDPOUJOVFEPQFSBUJPOTPGPVS$POTPMJEBUFE4UBUFNFOUPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF
-PTT
XIJDISFMBUFEUPGJWFPQFSBUJOHQSPQFSUJFT8FSFDPSEFEBHBJOPOFYUJOHVJTINFOUPGEFCUJOEJTDPOUJOVFEPQFSBUJPOTPG
BQQSPYJNBUFMZNJMMJPOJOUIFGJSTURVBSUFSPGSFMBUFEUPPOFPGUIFTFJNQBJSFEQSPQFSUJFTUIBUJTJODMVEFEJOEJTDPOUJOVFE
PQFSBUJPOTPGPVS$POTPMJEBUFE4UBUFNFOUPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF-PTT
%VSJOH UIF ZFBS FOEFE %FDFNCFS XF SFDPSEFE OP JNQBJSNFOU DIBSHF JO DPOUJOVJOH PQFSBUJPOT PG PVS $POTPMJEBUFE
%VSJOHUIFZFBSFOEFE%FDFNCFSXFSFDPSEFE
NJMMJPOPGJNQBJSNFOUDIBSHFTJOEJTDPOUJOVFEPQFSBUJPOTPGPVS$POTPMJEBUFE4UBUFNFOUPG0QFSBUJPOTBOE$PNQSFIFOTJWF*ODPNF
-PTT
XIJDISFMBUFEUPFJHIUPQFSBUJOHQSPQFSUJFT
"TFSJFTPGPQFSBUJOHMPTTFTPGBOJOWFTUFFPSPUIFSGBDUPSTNBZJOEJDBUFUIBUBOPUIFSUIBOUFNQPSBSZEFDMJOFJOWBMVFPGPVS
JOWFTUNFOUJOBO6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFIBTPDDVSSFE5IFJOWFTUNFOUJOFBDIPGUIF6ODPOTPMJEBUFE3FBM&TUBUF
"GGJMJBUFT JT FWBMVBUFE GPS WBMVBUJPO EFDMJOFT CFMPX UIF DBSSZJOH BNPVOU "DDPSEJOHMZ JO BEEJUJPO UP UIF QSPQFSUZTQFDJGJD
JNQBJSNFOUBOBMZTJTUIBUXFQFSGPSNGPSTVDIKPJOUWFOUVSFTBTQBSUPGPVSPQFSBUJOHQSPQFSUZJNQBJSNFOUQSPDFTTEFTDSJCFEBCPWF
XFBMTPDPOTJEFSFEXIFUIFSUIFSFXFSFPUIFSUIBOUFNQPSBSZEFDMJOFTXJUISFTQFDUUPUIFDBSSZJOHWBMVFTPGPVS6ODPOTPMJEBUFE
'
(&/&3"-(3085)1301&35*&4*/$
/05&450$0/40-*%"5&%'*/"/$*"-45"5&.&/54$POUJOVFE
3FBM&TUBUF"GGJMJBUFT/PJNQBJSNFOUTSFMBUFEUPPVSJOWFTUNFOUTJO6ODPOTPMJEBUFE3FBM&TUBUF"GGJMJBUFTXFSFSFDPHOJ[FEGPS
UIFZFBSTFOEFE%FDFNCFSBOE
1SPQFSUZ.BOBHFNFOUBOE0UIFSBOE(FOFSBMBOE"ENJOJTUSBUJWF$PTUT
1SPQFSUZNBOBHFNFOUBOEPUIFSDPTUTSFQSFTFOUSFHJPOBMBOEIPNFPGGJDFDPTUTBOEJODMVEFJUFNTTVDIBTDPSQPSBUFQBZSPMMSFOU
GPSPGGJDFTQBDFTVQQMJFTBOEQSPGFTTJPOBMGFFTXIJDISFQSFTFOUDPSQPSBUFPWFSIFBEDPTUTOPUHFOFSBUFEBUUIFQSPQFSUJFT(FOFSBM
BOEBENJOJTUSBUJWFDPTUTSFQSFTFOUUIFDPTUTUPSVOUIFQVCMJDDPNQBOZBOEJODMVEFQBZSPMMBOEPUIFSDPTUTGPSFYFDVUJWFTBVEJU
GFFTQSPGFTTJPOBMGFFTBOEBENJOJTUSBUJWFGFFTSFMBUFEUPUIFQVCMJDDPNQBOZ
'BJS7BMVF.FBTVSFNFOUT/PUF
5IFBDDPVOUJOHQSJODJQMFTGPSGBJSWBMVFNFBTVSFNFOUTFTUBCMJTIBUISFFUJFSGBJSWBMVFIJFSBSDIZXIJDIQSJPSJUJ[FTUIFJOQVUTVTFE
JONFBTVSJOHGBJSWBMVF5IFTFUJFSTJODMVEF
a
a
a
-FWFMbEFGJOFEBTPCTFSWBCMFJOQVUTTVDIBTRVPUFEQSJDFTGPSJEFOUJDBMBTTFUTPSMJBCJMJUJFTJOBDUJWFNBSLFUT
-FWFMbEFGJOFEBTJOQVUTPUIFSUIBORVPUFEQSJDFTJOBDUJWFNBSLFUTUIBUBSFFJUIFSEJSFDUMZPSJOEJSFDUMZPCTFSWBCMF
BOE
-FWFMbEFGJOFEBTVOPCTFSWBCMFJOQVUTJOXIJDIMJUUMFPSOPNBSLFUEBUBFYJTUTUIFSFGPSFSFRVJSJOHBOFOUJUZUPEFWFMPQ
JUTPXOBTTVNQUJPOT
5IFJNQBJSNFOUTFDUJPOBCPWFJODMVEFTBEJTDVTTJPOPGBMMJNQBJSNFOUTSFDPHOJ[FEEVSJOHUIFZFBSTFOEFE%FDFNCFS
BOEXIJDIXFSFCBTFEPO-FWFMJOQVUT/PUFJODMVEFTBEJTDVTTJPOPGQSPQFSUJFTNFBTVSFEBUGBJSWBMVFPOBOPO
SFDVSSJOHCBTJTVTJOH-FWFMJOQVUTBOEUIFGBJSWBMVFPGEFCUXIJDIJTFTUJNBUFEPOBSFDVSSJOHCBTJTVTJOH-FWFMBOE-FWFM
JOQVUT/PUFJODMVEFTBEJTDVTTJPOPGPVSPVUTUBOEJOHXBSSBOUTXIJDIXFSFNFBTVSFEBUGBJSWBMVFVTJOH-FWFMJOQVUTVOUJMUIF
XBSSBOUBHSFFNFOUXBTBNFOEFEPO.BSDI/PUFJODMVEFTBEJTDVTTJPOPGDFSUBJOSFEFFNBCMFOPODPOUSPMMJOHJOUFSFTUT
UIBUBSFNFBTVSFEBUGBJSWBMVFVTJOH-FWFMJOQVUT
$PODFOUSBUJPOTPG$SFEJU3JTL
'JOBODJBMJOTUSVNFOUTUIBUQPUFOUJBMMZTVCKFDUVTUPTJHOJGJDBOUDPODFOUSBUJPOTPGDSFEJUSJTLDPOTJTUQSJODJQBMMZPGDBTIBOEDBTI
FRVJWBMFOUT8FBSFFYQPTFEUPDSFEJUSJTLXJUISFTQFDUUPDBTIIFMEBUWBSJPVTGJOBODJBMJOTUJUVUJPOTBOEBDDFTTUPPVSDSFEJUGBDJMJUZ
0VSDSFEJUSJTLFYQPTVSFXJUISFHBSEUPPVSDBTIBOEUIFCJMMJPOBWBJMBCMFVOEFSPVSDSFEJUGBDJMJUZJTTQSFBEBNPOHBEJWFSTJGJFE
HSPVQPGJOWFTUNFOUHSBEFGJOBODJBMJOTUJUVUJPOT"U%FDFNCFSXFIBWFNJMMJPOPVUTUBOEJOHVOEFSPVSDSFEJU
GBDJMJUZ
3FDFOUMZ*TTVFE"DDPVOUJOH1SPOPVODFNFOUT
&GGFDUJWF+BOVBSZXJUIFBSMZBEPQUJPOQFSNJUUFE+BOVBSZUIFEFGJOJUJPOPGEJTDPOUJOVFEPQFSBUJPOTIBTCFFOSFWJTFE
UPMJNJUXIBURVBMJGJFTGPSUIJTDMBTTJGJDBUJPOBOEQSFTFOUBUJPOUPEJTQPTBMTPGDPNQPOFOUTPGBDPNQBOZUIBUSFQSFTFOUTUSBUFHJD
TIJGUTUIBUIBWFPSXJMMIBWF
BNBKPSFGGFDUPOUIFDPNQBOZcTPQFSBUJPOTBOEGJOBODJBMSFTVMUT3FRVJSFEFYQBOEFEEJTDMPTVSFTGPS
EJTQPTBMTPSEJTQPTBMHSPVQTUIBURVBMJGZGPSEJTDPOUJOVFEPQFSBUJPOTBSFJOUFOEFEUPQSPWJEFVTFSTPGGJOBODJBMTUBUFNFOUTXJUI
FOIBODFEJOGPSNBUJPOBCPVUUIFBTTFUTMJBCJMJUJFTSFWFOVFTBOEFYQFOTFTPGTVDIEJTDPOUJOVFEPQFSBUJPOT*OBEEJUJPOJOBDDPSEBODF
XJUIUIJTQSPOPVODFNFOUDPNQBOJFTBSFSFRVJSFEUPEJTDMPTFUIFQSFUBYQSPGJUPSMPTTPGBOJOEJWJEVBMMZTJHOJGJDBOUDPNQPOFOUUIBU
EPFTOPURVBMJGZGPSEJTDPOUJOVFEPQFSBUJPOTUSFBUNFOU1VSTVBOUUPJUTUFSNTXFIBWFFMFDUFEUPBEPQUUIJTQSPOPVODFNFOUFGGFDUJWF
+BOVBSZ5IJTEFGJOJUJPOXJMMCFBQQMJFEQSPTQFDUJWFMZBGUFSUIFBEPQUJPOBOEJTBOUJDJQBUFEUPTVCTUBOUJBMMZSFEVDFUIF
OVNCFSPGUSBOTBDUJPOTHPJOHGPSXBSEUIBURVBMJGZGPSEJTDPOUJOVFEPQFSBUJPOTBTDPNQBSFEUPQSFWJPVTQFSJPET
&GGFDUJWF+BOVBSZDPNQBOJFTXJMMCFSFRVJSFEUPBQQMZBGJWFTUFQNPEFMJOBDDPVOUJOHGPSSFWFOVFBSJTJOHGSPNDPOUSBDUT
XJUIDVTUPNFST5IFDPSFQSJODJQMFPGUIFSFWFOVFNPEFMJTUIBUBDPNQBOZSFDPHOJ[FTSFWFOVFUPEFQJDUUIFUSBOTGFSPGQSPNJTFE
HPPETPSTFSWJDFTUPDVTUPNFSTJOBOBNPVOUUIBUSFGMFDUTUIFDPOTJEFSBUJPOUPXIJDIUIFFOUJUZFYQFDUTUPCFFOUJUMFEJOFYDIBOHF
GPSUIPTFHPPETPSTFSWJDFT-FBTFDPOUSBDUTXJMMCFFYDMVEFEGSPNUIJTSFWFOVFSFDPHOJUJPODSJUFSJBIPXFWFSUIFTBMFPGSFBMFTUBUF
XJMMCFSFRVJSFEUPGPMMPXUIFOFXNPEFM&YQBOEFERVBOUJUBUJWFBOERVBMJUBUJWFEJTDMPTVSFTSFHBSEJOHSFWFOVFSFDPHOJUJPOXJMM
CF SFRVJSFE GPS DPOUSBDUT UIBU BSF TVCKFDU UP UIJT QSPOPVODFNFOU 5IF $PNQBOZ JT FWBMVBUJOH UIF QPUFOUJBM JNQBDU PG UIJT
QSPOPVODFNFOUPOJUTDPOTPMJEBUFEGJOBODJBMTUBUFNFOUT
'
(&/&3"-(3085)1301&35*&4*/$
/05&450$0/40-*%"5&%'*/"/$*"-45"5&.&/54$POUJOVFE
6TFPG&TUJNBUFT
5IFQSFQBSBUJPOPGGJOBODJBMTUBUFNFOUTJODPOGPSNJUZXJUI(""1SFRVJSFTNBOBHFNFOUUPNBLFFTUJNBUFTBOEBTTVNQUJPOT5IFTF
FTUJNBUFTBOEBTTVNQUJPOTBGGFDUUIFSFQPSUFEBNPVOUTPGBTTFUTBOEMJBCJMJUJFTBOEUIFEJTDMPTVSFPGDPOUJOHFOUBTTFUTBOEMJBCJMJUJFT
BUUIFEBUFPGUIFGJOBODJBMTUBUFNFOUTBOEUIFSFQPSUFEBNPVOUTPGSFWFOVFTBOEFYQFOTFTEVSJOHUIFSFQPSUJOHQFSJPET'PSFYBNQMF
FTUJNBUFTBOEBTTVNQUJPOTIBWFCFFONBEFXJUISFTQFDUUPGBJSWBMVFTPGBTTFUTBOEMJBCJMJUJFTGPSQVSQPTFTPGBQQMZJOHUIFBDRVJTJUJPO
NFUIPEPGBDDPVOUJOHUIFVTFGVMMJWFTPGBTTFUTDBQJUBMJ[BUJPOPGEFWFMPQNFOUBOEMFBTJOHDPTUTQSPWJTJPOGPSJODPNFUBYFT
SFDPWFSBCMFBNPVOUTPGSFDFJWBCMFTBOEEFGFSSFEUBYFTJOJUJBMWBMVBUJPOTBOESFMBUFEBNPSUJ[BUJPOQFSJPETPGEFGFSSFEDPTUTBOE
JOUBOHJCMFTQBSUJDVMBSMZXJUISFTQFDUUPBDRVJTJUJPOTJNQBJSNFOUPGMPOHMJWFEBTTFUTBOEGBJSWBMVFPGEFCU"DUVBMSFTVMUTDPVME
EJGGFSGSPNUIFTFBOEPUIFSFTUJNBUFT
/05&"$26*4*5*0/4"/%+0*/57&/563&"$5*7*5:
0O%FDFNCFSXFGPSNFEBKPJOUWFOUVSFUIBUIPMETPG#BZTJEF.BSLFUQMBDFBOETPMEBQPSUJPOPGPVSJOUFSFTUUPB
UIJSEQBSUZ8FSFDFJWFENJMMJPOJODBTIOFUPGEFCUBTTVNFEPGNJMMJPOBOEUIFQBSUOFSSFDFJWFEBFDPOPNJD
JOUFSFTUJOUIFKPJOUWFOUVSF8FSFDPSEFEHBJOGSPNDIBOHFJODPOUSPMPGJOWFTUNFOUQSPQFSUZPGNJMMJPOPOPVS$POTPMJEBUFE
GPSUIFZFBSFOEFE%FDFNCFSBTBSFTVMUPGUIJTUSBOTBDUJPO
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annual report - Investors - General Growth Properties

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