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Published by IBERIABANK, 2018-04-17 10:18:49

Annual Report 2017

Annual Report 2017

Keywords: iberiabank annual report

2017


For the Year Ending December 31,

(Dollars in thousands, except per share data) 2017 2016 % Change

INCOME DATA $808,846 $649,238 25%
819,107 658,439 24%
Net Interest Income 142,413 186,777 (24%)
Net Interest Income (TE) (1) 133,318 178,800 (25%)
Net Income 132,108 176,928 (25%)
Earnings Available to Common Shareholders—Basic
Earnings Allocated to Common Shareholders $2.61 $4.32 (40%)
2.59 4.30 (40%)
PER SHARE DATA
66.17 62.68 6%
Earnings Per Common Share—Basic 42.56 45.80 (7%)
Earnings Per Common Share—Diluted 4%
Book Value Per Common Share 1.46 1.40
Tangible Book Value Per Common Share (Non-GAAP) (2) (5)
Cash Dividends

NUMBER OF SHARES OUTSTANDING 50,640 40,948 24%
50,992 41,106 24%
Basic Shares (Average) 53,872 44,795 20%
Diluted Shares (Average)
Book Value Shares (Period-End)

KEY RATIOS 0.58% 0.92%
3.95% 7.08%
Return on Average Assets 5.85% 10.44%
Return on Average Common Equity 3.64% 3.56%
Return on Average Tangible Common Equity (Non-GAAP) (2) (5) 66.3% 64.2%
Net Interest Margin (TE) (1) 64.2% 62.4%
Efficiency Ratio (3) 90.5% 90.4%
Tangible Efficiency Ratio (TE) (Non-GAAP) (1) (2) (3) (5) 0.64% 1.16%
Average Loans to Average Deposits 0.70% 0.96%
Non-performing Assets to Total Assets (4) 0.33% 0.23%
Allowance for Loan Losses to Loans 14.33% 12.98%
Net Charge-offs to Average Loans 9.35% 10.86%
Average Equity to Average Total Assets 57.5% 32.9%
Tier 1 Leverage Ratio 8.61% 9.82%
Common Stock Dividend Payout Ratio 10.20% 11.62%
Tangible Common Equity Ratio (Non-GAAP) (2) (5)
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP) (2) (5)

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate.
(2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable.
(3) The efficiency ratio represents non-interest expense as a percentage of total revenues. Total revenues are the sum of net interest income and non-interest income.
(4) Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Past due and non-accrual loan

amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest
income over the expected life of the loans.
(5) See Table 29 of Management's Discussion and Analysis of Financial Condition and Results of Operations for GAAP to Non-GAAP reconciliations.

Directors of IBERIABANK Corporation are: Elaine D. Abell; Harry V. Barton, Jr.; Ernest P. Breaux, Jr.; Daryl G. Byrd; John N. Casbon; Angus R. Cooper II;
William H. Fenstermaker; John E. Koerner III; Rick E. Maples, Jr.; E. Stewart Shea III; and David H. Welch, Ph.D.

IBERIABANK Corporation is a financial holding company with consolidated assets at December 31, 2017, of $27.9 billion. IBERIABANK Corporation and its
predecessor organizations have served clients for 131 years. The Corporation’s subsidiaries include IBERIABANK, Lenders Title Company, IBERIA Capital
Partners, 1887 Leasing, LLC, IBERIA Asset Management, Inc., 840 Denning, LLC, and IBERIA CDE, LLC.


2017

This past year was another transformational period for our Company as we
continued to make significant investments in many areas of our organization. In
2017, we significantly expanded our presence in Florida, added new depth and
talent to our team, and provided extraordinary client opportunities in existing
and new businesses. With an even stronger presence in the top Southeastern
markets, we are particularly excited about the prospects for success on the
horizon. This year’s Annual Report provides highlights of the year just completed
and our areas of focus in 2018 targeted at delivering enhanced profitability and
shareholder returns.

CONTENTS

2 President’s Letter To Shareholders
4 Chairman’s Letter To Shareholders
6 Significant Investments
8 Growth That Is Consistent With High Performance
14 Shareholder Focused
15 Provide Exceptional Value-Based Client Service
18 Great Place To Work
19 Strong Sense Of Community
20 Financials
133 Corporate Information


Dear Shareholders,

When I joined the Company 19 years ago, we embarked Our growth came from a combination of strong organic
on a journey to create a superlative regional commercial loan growth, expansion in products and services offered
financial company. One of the first decisions we made was to to our clients, and significant investments in our franchise,
create a Mission Statement designed to describe principles all of which helped to solidify our position as a leading
guiding our organization. Over time, we have evolved financial institution in our region.
from a small South Louisiana franchise to a Southeastern
regional industry leader while navigating through a period In February 2017, we announced the signing of a definitive
of unprecedented and remarkable change. Through this agreement to acquire Sabadell United Bank, N.A.
transformation, our Mission Statement has remained the (“Sabadell”), the U.S. subsidiary of Banco de Sabadell (S.A.).
same: to provide an unwavering commitment to care for In October 2017, we announced an additional transaction
each of the constituents we serve – clients, associates, in Florida, signing a definitive agreement to acquire
shareholders, and communities. Gibraltar Private Bank & Trust Co. (“Gibraltar”). The value
of Sabadell, which closed in July and converted in October,
MISSION STATEMENT and Gibraltar, which both closed and converted in March
• Provide exceptional value-based client service 2018, reaches beyond the assets and liabilities acquired. It
• Great place to work includes access to great client relationships, experienced
• Growth that is consistent with high performance associates, and a sizeable presence in the growing Miami
• Shareholder focused economy in which we see tremendous future value. In terms
• Strong sense of community of deposits, Miami is the largest MSA in Florida and 11th
largest in the U.S. with $226 billion in total market deposits.
2017 was another year of accelerated change in the
world, further enhancing the need to provide our clients The Company has extensive knowledge of both of these
predictable, innovative, and competitive banking solutions; banks, including executives and associates, clientele, and
our associates a diverse and inspiring work environment; operations in the Southeastern Florida market. We have
our shareholders the financial returns they require; and our added key players to the IBERIABANK team, combined
communities the support they need to thrive. operations, and are working to achieve consolidation
savings as we fully integrate these institutions. From
We started the year with specific financial goals in mind strategic and financial points of view, these transactions are
related to loan and deposit growth, asset quality, fee anticipated to be highly additive to our franchise.
income, operating efficiencies, and deploying excess
capital. To that end, we have worked diligently to achieve Our investment in Miami is already paying dividends,
these metrics and have made good progress. We have and we continue to focus on gaining greater operating
already taken actions to address any shortfalls and have set efficiencies in Florida in 2018 and in the coming years. The
clear priorities for the upcoming year. successful integration of these South Florida companies
was the result of tremendous hard work and an exemplary
2017 FINANCIAL HIGHLIGHTS team effort. I am proud of the talent we have assembled
For 2017, your Company earned $2.59 per common share and welcome new associates and clients to our Company.
on a GAAP basis and $4.47 per share on a core basis. At
year-end, our total assets grew to $27.9 billion, or 29% LOAN GROWTH
higher than year-end 2016. We are now operating in 11 In 2017, loan growth, excluding the Sabadell acquired loan
states in 33 MSAs, with a meaningful presence in the top portfolio, was approximately $1 billion, or 7%, achieving
five MSAs in the Southeastern United States. The total our targeted growth metric and almost doubling industry
market capitalization of our Company rose from $3.8 billion growth rates.
at the start of 2017 to almost $4.2 billion at year-end 2017,
an 11% increase.

2


DEPOSIT GROWTH COMMITMENT TO DIVERSITY
Excluding acquired deposits, 2017 growth in core deposits In March 2018, we were very pleased to announce the
was 1%. While deposit growth was lower than our target, addition of a Chief Diversity Officer to work with the
the deposit mix remained favorable with non-interest Board of Directors and our senior leadership team to
bearing deposits making up 32% of core and 29% of total implement strategies, programs, and initiatives to attract,
deposits at year-end. retain, and develop a diverse workforce at all levels of
our organization. This addition reinforces the Company’s
CREDIT QUALITY commitment to stay on top of best practices and emerging
Credit culture continues to be a strength of the Company, trends, while recruiting and retaining top talent.
and our asset-quality metrics are strong and stable.
During the year, resolution of a few energy-related credits STRATEGIC GOALS
came through earlier than we expected and required In April 2018, we plan to announce our 2020 Strategic
provision expense which put us outside of our target for Goals, highlighting the pathway to higher profitability
the year. Looking forward, we do not currently expect and increased levels of efficiency while delivering
significant additional provision relative to our existing best-in-class customer service and outstanding returns
energy exposure. for our shareholders. As we look toward the future, our
priority is to extract value from the Company’s growth
NON-INTEREST INCOME and investments. Keeping an eye on expenses, as well
We missed our non-interest income target in 2017 primarily as leveraging our investments in people, products and
due to a decline in our residential mortgage business. services, technology, and the diverse geographies in which
Non-interest income for the year was down $23 million, or we operate, are crucial to our success. We remain keenly
10%, compared to 2016. Lower origination volumes and focused on meeting the needs of our clients through a
compressing sale margins contributed to the downturn high-quality, market-centric approach to regional banking.
in mortgage revenues. We are currently retooling our
mortgage business by streamlining the origination The following pages are designed to provide a clear
process, employing technologies aimed at lowering our picture of our goals for the year and the initiatives in place
fixed cost base, improving efficiencies, and recruiting new to deliver increased earnings and enhanced profitability.
teams in growth markets. Our standards are high, and we believe we are on pace
to deliver superior earnings in the coming year with
EFFICIENCY above-market loan and deposit growth, strong asset
We successfully improved our core tangible efficiency ratio quality, containment of operating expenses, and a stable
200 basis points, from 60% in 2016 to 58% for 2017. Over net interest margin.
the past few years, we have made significant progress in
containing costs as we continue to grow the Company On behalf of the leadership team and our associates, I
and add revenue generating assets. We are pleased to thank you for your continued support of our Company.
have achieved this objective. We continue to work this As always, we are focused on generating long-term
metric, realizing that there are two sides to moving this shareholder value.
equation in the right direction – increased revenues and
lower expenses. Sincerely,

C A P I TA L Daryl G. Byrd
We continue to operate with a strong capital base, well in President and Chief Executive Officer
excess of our minimum capital requirements. In 2017, we
effectively deployed nearly $800 million in capital raised in
two common stock offerings, one in December 2016 and
the other in March 2017, for the purchase of Sabadell.

3


CHAIRMAN’S LETTER

TO THE SHAREHOLDERS

Dear Shareholders,

On behalf of your Board of Directors, I once again have the pleasure of providing our shareholders an update on your
Company. Throughout 2017, your Board was actively engaged in working with management to ensure the foundation
of our Company remains strong. As we near $30 billion in total asset size, we are now one of only 35 publicly traded
institutions between $20 billion and $50 billion in the United States and are considered a significant regional bank in the
Southeast. As we strengthen our base and extend our reach, we remain focused on all of our Company’s constituencies,
including shareholders, clients, regulators, associates, and the communities we serve.

As your Board of Directors, our focus is on ensuring your Company succeeds in the right ways. We actively engage with
both internal and external experts to fully understand our Company’s financial performance and market dynamics, as
well as the economic environment in which we operate. We combine information from all resources to best serve our
constituents by guiding appropriate expectations of risk and reward, staying attuned to industry and community trends,
and ensuring the Company’s goals are well grounded and executed. Your Board is actively engaged in setting annual
executive compensation targets, approving financial budgets and strategic plans, reviewing and assessing risk appetite,
and monitoring performance.

In 2017, your Company achieved significant growth across our markets, supplemented by significant investments in our
franchise. In February, we announced an agreement to acquire Sabadell United Bank, N.A., the U.S. subsidiary of Banco
de Sabadell, S.A., for approximately $1 billion, adding almost $6 billion in total assets, or a 25% increase to our size, at the
time of the transaction. The Board also authorized, in October, the signing of a definitive agreement to acquire Gibraltar
Private Bank & Trust Co., in Coral Gables, Florida. Adding another eight offices, with seven in Florida markets in which we
currently operate and one in New York, the acquisition of this $1.6 billion asset institution is another strategic investment
that provides additional operating leverage.

In February 2017, the Company successfully raised net proceeds of $485 million through the sale of shares of common stock
at a price of $83.00 per share. These proceeds, along with net proceeds of $279 million for the sale of common stock raised
in late 2016 at a per share price of $81.50, were effectively deployed in the purchase of Sabadell. We also issued 2.6 million
shares of IBKC common stock directly to Banco de Sabadell S.A., representing an ownership interest of approximately 4.9%
of our Company at the time of closing. Early in the fourth quarter of 2017, Banco de Sabadell sold these shares into the
public market.

During 2017, the Board declared and paid $77 million in total common stock dividends and $9 million in total dividends
on our Series B and C preferred shares. In July, we increased the annual dividend on common stock by $0.04 per share,
an increase of almost 3%, equivalent to approximately $2 million on an annual basis. This increase marks the third year
in a row we have increased our common stock dividend. The aggregate amount of cash dividends paid to common and
preferred shareholders for 2017 was $86 million, an increase of 28% compared to 2016. I am proud to note that we have
paid a quarterly dividend to common shareholders for the past 91 consecutive quarters and have not suspended or missed
any dividend, common or preferred, since our IPO and initial dividend declaration in 1995.

For the year 2017, our common share price traded in a range between a low of $70.65 and high of $86.30. Over 112 million
shares were traded throughout the year, with an average daily trading volume of almost 450,000 shares at a weighted-average
price of $79.19 per share. Our share price started the year near our all-time high after a successful capital raise in December
2016 and a strong earnings result for 2016. We ended 2017 at $77.50 per share, approximately 7% below the start of the
year and certainly not where we were aiming. Our stock price may have been impacted by certain items during the year
that seemed to come all at once: Hurricanes Harvey and Irma, final resolutions of energy-related loans, and the settlement
of a lawsuit with the U.S. Department of Housing and Urban Development.

4


" P ROD UCTI V I TY I S N EV ER A N A C C I D E N T. I T I S A LWAY S T H E R E S U LT O F A
CO M M I TM EN T TO EX CEL L EN C E , I N T E L L I G E N T PL A N N I N G , A N D F O C U S E D E F F O RT. "

- Paul J. Meyer

Our commitment to shareholders has never been stronger. Our management team has worked, and will continue to
work, to provide transparent communication and information the market needs to best understand our Company. Our
2017 fourth quarter earnings demonstrated our commitment to high-quality performance, producing the Company’s
best core earnings in history, increasing our operating leverage, reducing core expenses, and continuing to grow loans
and deposits.

Our Board of Directors has always looked at your Company as a long-term investment. Since bringing in current
management in 1999, our shares have outperformed most peers and market indices. Since 1999, total shareholder return
for common shares, including reinvestment of dividends, is 987%, or a 14% compounded annual rate of return. This
compares to a total shareholder return of 681%, or 9% compounded annual growth for a peer group of publicly-traded
banks with total assets between $20 and $50 billion. While an 18-year investment horizon may seem long, looking at
the most recent 10-year period, which includes the recent financial crisis and recession, our share performance is once
again a strength.

Total Compound

Shareholder Annual

Return % Growth %

IBERIABANK 112% 8%
$20 - $50 Billion Peer Group 147% 8%
KBW Regional Bank Index 50% 4%
Nasdaq Bank Index 85% 6%
S&P Regional Bank Index 88% 6%

Source: Bloomberg, for the period 12/13/2007 - 12/31/2017. Total Shareholder Return includes reinvestment of dividends

Every year I take this opportunity to recognize the more than 200 advisory board members who serve on our 20 advisory
boards across our franchise. The time and insight they graciously provide us is instrumental in helping us to continue to
serve our clients and communities well.

We sadly said farewell in 2017 to Harald R. Hansen from our Atlanta Advisory Board and Ernest Freyou, who served on
our New Iberia Advisory Board following a long and successful banking career. More recently, we lost Cocie Rathborne
in New Orleans who the Company considered a great advisor and dear friend.

Our shareholder performance and returns are earned through sound management practices and the application of our
unique market-centric business model. The dedication of our associates and their commitment to our markets, clients,
communities, and shareholders provide us the means to achieve these returns and has laid an excellent foundation for
creating greater value in the future. Along with the guidance from my fellow Board members, your Company continues
to strive to provide our shareholders with excellent returns.

Sincerely,

William H. Fenstermaker
Chairman of the Board

5


SIGNIFICANT INVESTMENTS

In 2017 and early 2018, IBERIABANK made significant investments through two transactions solidifying the
Company’s presence in the Miami-Dade metropolitan region of South Florida and providing greater geographic
diversity in correlated regional economies.

In February 2017, we announced the signing of a definitive agreement to acquire Sabadell United, N.A. (“Sabadell”),
the U.S. subsidiary of Banco de Sabadell (S.A.) in a cash and stock transaction valued at approximately $1.0 billion.
On July 31, 2017, we closed the transaction, and over the weekend of October 13 - 15, 2017, we successfully
completed the conversion of branch and operating systems with those of IBERIABANK.

At the time of acquisition, Sabadell added $5.5 billion in total assets, $4.0 billion in total loans, and $4.4 billion
in total deposits. We acquired 25 branches primarily in the South Florida market and over 400 associates were
added to the Company, including key executives who joined IBERIABANK’s senior leadership team. In addition, we
have been able to recruit and retain extraordinary talent in the Miami market helping to ensure both a successful
integration and prosperous future.

In October 2017, the Company announced an additional transaction in South Florida, signing a definitive agreement
to acquire Gibraltar Private Bank & Trust Co. (“Gibraltar”), whose main focus was on private banking and wealth
management clientele in the Miami market. The Gibraltar franchise includes eight locations, seven of which are
located in South Florida markets in which we already operate, and one in New York City. With total assets of
approximately $1.6 billion, total loans of $1.5 billion, and $1.1 billion in total deposits, the addition of Gibraltar
allows us to gain further efficiencies in the market and leverage future growth opportunities. On March 23, 2018,
the transaction closed, and over the weekend of March 23 - 25, a successful conversion of branch and operating
systems was completed.

The Company’s Florida presence, including the 2018 acquisition of Gibraltar, currently includes 86 branches with
$9.0 billion in total deposits in the state. Florida now represents 39% of IBERIABANK’s total loan portfolio and
40% of our total deposit portfolio. With the inclusion of both Sabadell and Gibraltar, our presence in the Miami
metropolitan market includes $5.4 billion in total deposits and provides tremendous opportunities for growth.
Miami is one of the fastest growing MSAs in the U.S. with an expected population increase of almost 7% over the
next five years. The Miami MSA Gross Metropolitan Product grew 2.5% annually, on average, over the past 5 years,
and is expected to grow at an average rate of 4% annually through 2020.

"THERE ARE NO SHORTCUTS
TO TRUE EXCELLENCE."

- Angela Duckworth

6


LOANS BY STATE DEPOSITS BY STATE

Other: 6% Other: 4%
GA: 5% GA: 4%

FL: 39% FL: 40%

TX: 11% TX: 8%
AL: 8% AL: 6%
TN: 3% TN: 2%
AR: 6% AR: 5%
LA: 22% LA: 31%

Other includes: Lenders Title, Credit Cards Other includes: Lenders Title, Credit Cards

Pro forma results include loans and deposits from Gibraltar acquisition as of 12/31/2017, excluding the impact of purchase accounting adjustments

7


GROWTH THAT IS CONSISTENT
WITH HIGH PERFORMANCE

Since the current management team arrived at IBERIABANK, the Company has grown both organically and through
acquisitions. Over the past 10 years, alongside organic growth, we have completed 22 transactions including
acquisitions of live banks, FDIC-assisted bank transactions, branches, wealth management, and title insurance
companies. In 2008, IBERIABANK was $5.6 billion in total asset size, operated in two states and seven markets,
with access to a total deposit market of $104 billion. At the end of 2017, the Company had almost $28 billion in
total assets, operated banking locations in eight states and 32 MSAs, with a total deposit market potential of over
$1.7 trillion. During that period, the Company’s total market capitalization rose from approximately $800 million at
year-end 2008 to almost $4.2 billion at year-end 2017.

EXPANSION INTO SOUTHEASTERN U.S. MARKETS
THROUGH DE NOVO AND ACQUISITIONS

As of March 31, 2018

While size is important, our strategy has never been about size. The Company recruits the best teams connected
to clients in the best markets in the Southeastern U.S. and implements IBERIABANK’s operating strategies in those
markets. Prior transactions have put the Company in dynamic markets, helped to bring high-quality people to our
team and allowed us to operate our unique operating model with great success. Our historical markets, those in which
we have operated the longest and have the deepest roots, provide a solid core with long-standing relationships and
strong brand recognition. The new metropolitan markets the Company has entered over the past few years, many of
which were entered through acquisitions, provide significant growth opportunities with fast growing populations and
robust economies. IBERIABANK’s geographic diversity provides flexibility in terms of credit and risk management,
access to strong core deposit markets for funding, and asset generation potential. We believe these high-growth
markets will provide extraordinary opportunities for success.

8


MARKET GROWTH PROJECTIONS

Lake Charles Orlando Houston Dallas

Employment Growth Ranking Atlanta Ft. Lauderdale Tampa

Miami

Greensboro Greensville

Jonesboro
Memphis

Birmingham

New Orleans
Little Rock
Monroe Baton Rouge

Low Projected GDP Growth 2016 - 2021 in Metropolitan Markets High

Note: Bubbles sized by projected population growth %.
Source: Moody's Analytics, SNL Financial

EFFICIENCY

The Company is focused on improving operating efficiencies. Banks measure operating efficiency by comparing total
revenues per dollar of operating cost; therefore, the lower the efficiency ratio, the more revenues earned per dollar
spent. Our 2017 targeted efficiency ratio goal was to be under 60% on a core tangible operating basis. For the year,
we achieved the Company’s stated goal with a core tangible efficiency ratio of 58%, as compared to 60% in 2016. On
a quarterly basis, we achieved a sub-60% core tangible efficiency during the second quarter of 2017 and remained
below that ratio for the remainder of the year.

Over the past five years, we have intensified efforts to focus on revenues, reduce costs, and improve efficiency. The
Company embarks on a series of successful cost reduction initiatives while continuing to enhance fee income revenues
through products and services offered to our clientele. As the Company’s franchise expanded and successfully
executed multiple transactions, we have been able to maintain and grow the revenue side of the business while
containing and reducing marginal costs.

"EXCELLENCE IS TO DO A COMMON THING
I N A N U N C O M M O N WAY. "

- Booker T. Washington

9


During 2017, the Company added $6.2 billion in total assets and 17 branches to our franchise, primarily through the
Sabadell acquisition. Core revenues for 2017 increased $139 million over 2016, while operating expenses increased
only $66 million, a significant increase in operating leverage and improvement in our efficiency ratio.

OPERATING LEVERAGE

Operating Margin P/T Operating Leverage

EFFICIENCY TRENDING

Efficiency Ratio
Core Tangible Efficiency Ratio

10


P R O F I TA B I L I T Y FIVE-YEAR MARGIN

Improving profitability and operating earnings is Net Interest Margin
the goal of almost all organizations and is certainly Net Interest Margin (TE)
critical to our mission. For banks, revenues are a Net Interest Margin (TE) - Cash Basis
combination of net interest income, or spread
income, earned on balance sheet assets and CORE AND REPORTED
liabilities, and non-interest income, primarily fee EARNINGS PER SHARE
revenues. In 2017, net interest income increased
$160 million, or 25%, due to a combination of Reported EPS Core Operating Adjustment
organic loan and deposit growth and the addition
of earning assets and liabilities from the Sabadell
acquisition. Net interest margin increased eight
basis points to 3.64%, as earning asset yields
increased at a rate faster than the cost of our
liabilities. Fee income decreased $23 million, or
10%, as compared to 2016, primarily a result of
a decrease in mortgage revenues. Non-interest
expense increased $109 million to $676 million for
2017, primarily due to merger and compensation-re-
lated expenses, as well as the settlement of our
lawsuit with the Department of Housing and Urban
Development (“HUD”) that we disclosed during the
year. Excluding these non-core charges, on a core
basis our non-interest expense was $612 million,
an increase of $66 million, or 12% as compared to
2016, mainly due to increased operating expenses
associated with the acquisition of Sabadell.

PERFORMANCE

For 2017, the Company earned $2.59 per common
share on a GAAP basis and $4.47 per share on a
core basis. At year-end, total assets grew to $27.9
billion, or 29% higher than year-end 2016. 2017
results were meaningfully impacted by several
non-recurring items in the year, including: $41
million in conversion and merger related charges
associated with the completion and integration of
the Sabadell acquisition; increased provision for
credit losses of $8.5 million related to the potential
impact of Hurricanes Harvey and Irma, both
occurring in the third quarter of 2017; a $12 million
settlement to resolve the previously disclosed
lawsuit with HUD; and a $51 million charge related
to the revaluation of deferred tax assets as a result
of the enactment of the 2017 Tax Cuts and Jobs
Act. These items significantly impacted reported
earnings for 2017, impacting earnings per share,
return on average assets, and return on average
tangible equity.

11


CORE OPERATING RETURN ON ASSETS

Reported ROA Core Operating Adjustment

In February of 2017, the Company announced the acquisition of Sabadell United Bank. The Company proactively
sold common equity to raise funds required for the cash component of the purchase price at the time of
announcement as a means to eliminate potential financing risk. Accordingly, the proceeds from the equity
raise were not deployed until July 2017 as the transaction closed. The Company’s return on tangible equity was
negatively affected by carrying excess capital for several months prior to closing.

CORE OPERATING RETURN ON TANGIBLE EQUITY

Reported ROE Core Operating Adjustment

12


Over the past five years, we have generated tremendous growth in loans and deposits, both through acquisitions
and organic means. Since 2012, the Company’s loan portfolio grew a total of $12 billion, or 136%, a 19% compound
annual growth rate. Over the same period, the deposit portfolio grew $11 billion, or 100%, a 15% compound
annual growth rate. In comparison, the average growth rate for all U.S. commercial banks over that period was
6% for loans and 6% for deposits.

LOANS DEPOSITS

Interest Bearing
Non-Interest Bearing

$ in Billions $ in Billions

Risk management and a laser focus on asset quality have always been of the utmost importance to our Company.
Throughout 2015, 2016, and most of 2017, the Company employed a “risk-off” strategy in terms of loan growth
at IBERIABANK. During those periods, we reduced exposure to energy-related loans, specific markets impacted
by the low price of oil, and exposure to indirect auto lending.

As the general economy picked up steam and the price of oil rebounded in 2017, we resolved many of the
outstanding energy-related issues. While the Company incurred charges on specific loans as they made their way
through resolution, we are confident that those issues are in the past. The timing of these types of charges is
often unpredictable and led to an elevated level of provision expense for the year, exceeding our stated goal by
approximately $6 million. At the end of 2017, the Company’s NPA ratio (non-performing assets to average loans)
was equal to 0.64%, and allowance for loan losses was only 0.70% of total loans. The net charge-off ratio for 2017
was 0.33%, and the level of classified assets to total loans dropped to 2.01%.

We believe the Company’s focus on excellent credit quality and risk management will continue to serve us well as
these markets regain momentum.

13


SHAREHOLDER FOCUSED

Maintaining a solid balance sheet, strong capital ratios, and a healthy capital base is a source of strength for the
Company. In March 2017, we completed a common stock offering that raised $485 million of net proceeds in
the public market as a way to pre-fund capital needs for the Sabadell acquisition. For this highly oversubscribed
offering, the Company sold approximately 6.1 million common shares at a price of $83.00 per share, a price to last
trade discount of less than 1%. In addition, 2.6 million shares were issued, $211 million in value, directly to Banco
de Sabadell, S.A., as part of the total consideration for our acquisition of Sabadell. That position was subsequently
sold into the public market early in the fourth quarter of 2017.

The market for IBERIABANK shares is highly liquid. During 2017, over 112 million common shares traded during
the year at an average daily trading volume of approximately 450,000 shares. The Company’s market capitalization
ended the year at approximately $4.2 billion, an increase of 11%, compared to $3.8 billion at the end of 2016. In
July, we increased the dividend on our common stock by $0.04 per share, or 3% on an annualized basis. Holders
of the Company’s preferred stock, both Series B and Series C issues, received dividends as expected during the
year. We have now paid dividends on common shares for 91 consecutive quarters since our IPO in 1995 and have
not missed a preferred dividend payment since issuance.

IBERIABANK COMMON STOCK PRICE
Past Five Years On A Quarterly Basis

$100.00

$90.00 $91.10
$80.00
$86.30
$83.10 $82.55 $83.35

$70.00 $72.41 $71.94 $71.21 $69.93 $75.75
$70.58 $70.00 $69.99 $63.73 $74.70
$71.30 $70.65

$63.98 $65.45 $65.38

$60.00 $59.81 $62.40 $61.13 $62.66
$50.00 $52.78 $54.27
$60.96 $59.20 $60.53

$54.60 $56.28

$54.34 $56.63

$51.54 $51.55 $52.27

$48.73 $47.87

$44.91

$40.00 $42.20

$30.00
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

Close

Source: Bloomberg

14


PROVIDE EXCEPTIONAL
VALUE-BASED CLIENT SERVICE

Understanding clients and how to best meet their needs in an ever changing operating environment is one of the
Company’s highest priorities. Clients are savvier than ever before and their expectations have never been higher.
We recognize the need to employ the best talent committed to delivering extraordinary service in every aspect of
our organization.

Over 3,500 associates deliver client services in more than 300 branch and office locations, in 11 states and 33
MSAs in the Southeastern U.S. Our market-centric business model provides market leadership autonomy to make
decisions based on distinct market characteristics and varying client needs, while corporate resources provide strong
support in a highly-efficient manner.

In today’s operating environment in which client preferences are changing and banking services can be accessed
through a variety of alternative delivery systems, including online, digital, and via smart devices, IBERIABANK
continues to operate a branch-lite strategy and prune its branch system to meet the needs of our clients and
communities. In 2017, the Company opened 28 offices, including those acquired through acquisition, and closed
11 branches. Over the past five years, we have seen a marked increase in the number of transactions through
automated and remote means. While overall deposit levels and number of transactions have increased, fewer teller
transactions are being realized in traditional branch locations. Clients are selecting alternative delivery channels, and
we continue to research, evaluate, and adapt to changes in the banking space.

TRANSACTION VOLUME THROUGH BRANCH AND ALTERNATIVE DELIVERY

% Branch % Non-Branch

15


PRODUCTS AND SERVICES
MORTGAGE
After many years of successfully operating the Company’s residential mortgage business, 2017 proved more difficult for
our mortgage operations. Mortgage revenues were impacted by increased market volatility as a result of lower refinance
volumes, industry-wide reduced gain on sales margins, and a high, fixed-cost operating base. For 2017, mortgage loan
origination volume was $1.8 billion, a 25% decline from 2016, and our sales volume was $1.9 billion, or 24% lower than
2016. A combination of these factors led to a decline in the Company’s mortgage profitability for the year.
The Company is well on the way to improving mortgage operations and performance results in 2018. The addition of
Sabadell and Gibraltar has already strengthened our mortgage business. The Company has engaged a new leadership
team to help retool the business delivering a strategy that relies more on high-growth markets, enhanced digital capabilities,
and more efficient operations. IBERIABANK Mortgage has begun implementing new front-end technology to simplify the
review and approval process, along with back-office technology to streamline our operating practices, reduce costs, and
enhance profitability.
In 2017, IBERIABANK Mortgage launched a customer relationship management system for loan officers called Vantage
Production. The system provides content, technology, and services supporting the residential mortgage product set. In
addition, the Company implemented a new web-based platform called Blend that gives clients more control over their
mortgage application process with enhanced transparency and ease of use.
PRIVATE BANKING AND WEALTH
As the Company works to provide more robust products and better services for clients, enhancing wealth management
and advisory capabilities is a priority. We are in the process of extending the mortgage business to include a full suite
of private banking mortgage products as well as expanding deposit and wealth management services to continue to
broaden and deepen client relationships.
In 2017, IBERIA Wealth Advisors (“IWA”) grew total assets under management/administration over $0.9 billion, or 35%,
to a total of $3.6 billion. This growth came as a result of both organic growth of $0.3 billion and the acquisition and
integration of Sabadell, which brought $0.6 billion in assets under management to IWA. Already in 2018, Gibraltar has
contributed an additional $0.6 billion in assets under management.
Wealth management is an important part of IBERIABANK’s strategy and the Company’s wealth advisors continue to
work closely with the private client segment to grow this business while ensuring the highest level of customer service
and focusing on building strong client relationships. Recent growth in assets and retention of outstanding talent from
our most recent acquisitions afford IWA an excellent opportunity for continued growth.
TREASURY MANAGEMENT
We provide access to coordinated treasury management tools for business owners including business checking products,
wire transfers, cash management, remote and online deposits, and bill pay. Treasury management continues to be a
focus for the Company as a means of providing best-in-class service to our commercial and small-business clients while
generating additional fee income for our business. In 2017, treasury management revenues climbed to $23 million from
$19 million in 2016, a 23% increase.

"At turnerboone, we thrive on transforming
commercial and educational spaces into

unique, stylish environments. That’s why we
found our comfort zone at IBERIABANK.

We liked their style of approaching our
needs. They are knowledgeable, creative and
hard-working people like us. It’s refreshing to
have a banking partner that’s a perfect fit."

Laura Boone & Ellen Turner
turnerboone

www.turnerboone.com

16


TITLE BUSINESS
During 2017, Lenders Title Company (“Lenders Title”) contributed $22 million in revenues, relatively even with the prior
year. The number of transactions was slightly lower in 2017 than in 2016, while revenues per closing were slightly higher.
In early 2018, Lenders Title expanded into the Nashville, Tennessee, market with eight new offices.

CLIENT DERIVATIVES
The client derivatives group, based in Atlanta, provides interest rate hedging to qualified clientele in all of our markets.
The group structures interest rate risk mitigation strategies to assist our commercial clients in managing financial risks.
These efforts help deepen client relationships while providing the Company a means to deliver high-quality service and
facilitate lending without exposing our balance sheet to additional interest rate risk.

S Y N D I C AT I O N S
The Company also provides syndication services for large commercial clients throughout its footprint. In 2017, we
arranged 13 new facilities representing a total loan volume of $595 million, a 19% increase compared to 2016.

SBA LENDING
IBERIABANK offers Small Business Administration (“SBA”) 7(a) loans to commercial clients through our traditional branch
network and SBA 504 loans through its Mercantile Capital Corporation (“MCC”) subsidiary. In 2017, total revenues for
SBA 7(a) lending were $4 million and MCC revenues were $9 million, a 51% and 16% increase over 2016, respectively.
We continue to develop both businesses and work to assist clients in gaining access to capital.

IBERIA FINANCIAL SERVICES
IBERIA Financial Services (“IFS”) provides retail brokerage products and services to our clients through our bank branches.
In 2017, assets under management at IFS increased 8.4% to $1.6 billion. New advisory assets under management
increased by $42 million and advisory fees increased by approximately $0.3 million year-over-year.

IBERIA CAPITAL PARTNERS
Due to changes in market conditions for both our energy and brokerage businesses, the Company made the strategic
decision in December 2017 to close the research, sales, and trading divisions of IBERIA Capital Partners (“ICP”). ICP will
continue to provide energy investment banking services via equity offerings, public debt offerings, and financial advisory
services.

EQUIPMENT FINANCE
IBERIABANK offers full service equipment finance and leasing products primarily in capital intensive industries including
transportation, manufacturing, construction, healthcare, and alternative energy. Equipment finance loans increased from
approximately $96 million at year-end 2016 to approximately $394 million at the end of 2017, an increase of over 300%.
Excluding $182 million in acquired balances from Sabadell, the portfolio grew $115 million, or almost 110%.

IBERIA CIVIC IMPACT PARTNERS
In 2017, IBERIA Civic Impact Partners was launched to focus on Public Welfare Investments. While headquartered in
New Orleans, the business targets the Company’s entire geographic footprint and invests in projects that generate
Low-income Housing, Historic, and New Markets Federal Tax Credits. In 2017, the business made five investments with
a total commitment of $21 million.

VIRTUAL BANK
Through the Sabadell acquisition, the Company inherited the “Virtual Bank” channel. Virtual Bank targets deposit clients
in all 50 states through a digital experience with no brick and mortar footprint. IBERIABANK recognizes the importance
of anticipating our clients’ needs and adapting operations to best serve them both now and in the future.

SPORTS AND ENTERTAINMENT
With the addition of talent through the Sabadell acquisition, the Company has expanded its expertise, products, and
services to target clients in the sports and entertainment industry. The decision to launch this specialized group was
based on the addition of in-house experts, as well as the Company’s presence in several key markets. As part of a
continuing growth strategy, this new group will leverage the expertise of IBERIABANK’s Wealth Management and Private
Banking teams and focus on adding experienced new talent.

The key areas of focus for this specialty group will include artists, songwriters, and producers in the music and music
intellectual lending space. In addition, the team will work with professional athletes, teams, and coaches to provide
private client and wealth management services and offer trust and estate planning solutions.

17


GREAT PLACE TO WORK

A hallmark of the Company is a commitment to the personal and professional well-being of associates. While
our diverse team represents a variety of geographies with unique backgrounds and a broad range of expertise
and skill sets, every associate understands the importance of teamwork.

In 2017, the IBERIABANK team rallied to help associates, clients, and the broader communities affected by
Hurricanes Harvey and Irma, both of which impacted markets in which we operate. Damaging winds and
flooding severely impacted some parts of Texas and Florida. Fortunately, the Company’s physical properties
were minimally impacted, but many others were not so lucky. The Company provided hands-on and financial
support to those in need. For instance, along the west coast of Florida where supplies were sparse, the Company
trucked in fuel, water, and other supplies to its associates in need. Associates across the franchise leaned in to
help, a testament to the value each associate places on being a member of the IBERIABANK family.

"Immediately following this
devastating storm, our Company was

devoted to doing anything possible
to assist our associates. We are so
grateful to everyone who gave time
and energy to help us stay safe and
to access much needed supplies. I

will personally never forget the
tremendous kindness."

- Donna Davidek, Director of
IBERIABANK BSA/AML Compliance

Following the passage of the Tax Cuts and Jobs Act in late 2017, the Company announced plans to invest a
portion of the projected tax savings in its workforce in two meaningful ways. A $2 per hour pay raise was given
to non-exempt, non-commissioned associates who earn $15 per hour or less, ranging from an average of 12%
to as much as a 23% increase, in base compensation. In addition, a $1,000 cash bonus was paid to all associates
who currently earn between $15 per hour and $100,000 annually in base pay. In total, these increases benefited
nearly 80% of our associates.

The Company continued to enhance associate benefits with the launch of a HRA and/or FSA debit card,
additional wellness rewards, expanded health care coverage, and the introduction of Teladoc – providing 24/7
access to a board-certified physician through mobile technology.

18


STRONG SENSE OF COMMUNITY

For the last 20 years, IBERIABANK has maintained a strong sense of community as a high-impact player in the
communities we serve. It is in the Company’s DNA to invest in strategic partnerships and opportunities that enrich
each of its communities in various ways. During the year, among other awards and recognitions, IBERIABANK was
recognized for its longstanding community support by being awarded the Leaders in Philanthropy Award 2017 by
the Community Foundation of Acadiana.

"IBERIABANK is a leader not just
in the banking industry, but also in
terms of the depth and impact of its
philanthropic investments and the
volunteer engagement of its employees.
Thank you for all that you do to make
New Orleans a stronger, safer and

heathier community."

- Melissa Sawyer, Co-founder and Executive
Director of New Orleans Youth Empowerment Project

In 2017, the Company met with the National Community Reinvestment Coalition (“NCRC”) and more than 100
nonprofit groups from four key cities to learn more about critical community needs and opportunities. As a
result, the Company committed to a Community Benefits Plan with NCRC. This 5-year plan is an extension
of the Company’s long-standing commitment to promote financial literacy, affordable housing, small business
development, underprivileged youth development, and neighborhood revitalization.

The Company remains committed and deeply engaged in helping to drive economic growth in the diverse
communities it serves. Worth noting in 2017:

• The Company completed the highest level of community development lending in its history;
• Associates contributed a record high number of service hours across the franchise - over 11,300 hours;
• $2.6 million in tax credit donations were given for scholarships in the state of Florida; and
• We opened a new branch in a low-to-moderate income (“LMI”) area located in downtown Baton Rouge.

IBERIABANK also added two new CRA products to its CRA product line:
• The First Responder Program recognizes heroes in the Bank’s communities with a down-payment grant of
up to $5,000.
• IBERIABANK Home Start Mortgage is a portfolio mortgage product designed to assist LMI individuals
with the purchase or refinance of their personal residence.

IBERIABANK also hosted affordable housing receptions in Birmingham, Alabama; Lafayette, Louisiana; Little
Rock, Arkansas; and Shreveport, Louisiana.

19


2017

22 Management’s Discussion and Analysis of
Financial Condition and Results of Operations

26 Selected Consolidated Financial
and Other Data

62 Management Report on Internal Control
Over Financial Reporting

63 Report of Independent Registered
Public Accounting Firm

65 Financial Statements

20


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22


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32


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JODSFBTF JO BWFSBHF MPOH UFSN EFCU PG NJMMJPO 5IF DPTU PG BWFSBHF JOUFSFTU CFBSJOH MJBCJMJUJFT SPTF CBTJT QPJOUT UP
CBTJT QPJOUT DPNQBSFE UP CBTJT QPJOUT JO UIF QSJPS ZFBS

WT

5IF NJMMJPO JODSFBTF JO JOUFSFTU JODPNF JO XBT MBSHFMZ ESJWFO CZ BO JODSFBTF JO FBSOJOH BTTFU WPMVNF DPNQBSFE UP
"WFSBHF MPBO CBMBODFT JODSFBTFE CJMMJPO
PS
MBSHFMZ ESJWFO CZ MFHBDZ DPNNFSDJBM MPBO HSPXUI 5IF EFDMJOJOH
CBMBODF PG UIF '%*$ MPTT TIBSF SFDFJWBCMF BOE SFMBUFE BNPSUJ[BUJPO BMTP DPOUSJCVUFE UP B NJMMJPO JODSFBTF JO JOUFSFTU
JODPNF

%VSJOH
JOUFSFTU FYQFOTF PO BWFSBHF JOUFSFTU CFBSJOH MJBCJMJUJFT JODSFBTFE NJMMJPO
PS
QBSUJBMMZ EVF UP B
NJMMJPO
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JODSFBTF JO JOUFSFTU FYQFOTF PO BWFSBHF JOUFSFTU CFBSJOH EFQPTJUT (SPXUI PG NJMMJPO JO UIF BWFSBHF
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FYQFOTF PO JOUFSFTU CFBSJOH EFQPTJUT *O BEEJUJPO
JOUFSFTU FYQFOTF PO UIF $PNQBOZbT CPSSPXJOHT JODSFBTFE NJMMJPO JO
BT B SFTVMU PG BO JODSFBTF JO BWFSBHF MPOH UFSN EFCU PG NJMMJPO BOE BO JODSFBTF JO BWFSBHF TIPSU UFSN CPSSPXJOHT PG
NJMMJPO

1SPWJTJPO GPS -PBO -PTTFT

.BOBHFNFOU PG UIF $PNQBOZ GPSNBMMZ BTTFTTFT UIF "$- RVBSUFSMZ BOE XJMM NBLF QSPWJTJPOT GPS MPBO MPTTFT BOE VOGVOEFE
MFOEJOH DPNNJUNFOUT BT OFDFTTBSZ JO PSEFS UP NBJOUBJO UIF BQQSPQSJBUFOFTT PG UIF "$- BU UIF CBMBODF TIFFU EBUF

WT

5IF $PNQBOZ SFDPSEFE B QSPWJTJPO GPS MPBO MPTTFT PG NJMMJPO GPS UIF ZFBS FOEFE %FDFNCFS

B NJMMJPO
JODSFBTF GSPN UIF QSPWJTJPO SFDPSEFE GPS UIF TBNF QFSJPE PG 5IF $PNQBOZ BMTP SFDPSEFE B QSPWJTJPO GPS VOGVOEFE
MFOEJOH DPNNJUNFOUT PG NJMMJPO EVSJOH UIF DVSSFOU ZFBS
XIJDI JT SFDPSEFE JO DSFEJU BOE PUIFS MPBO SFMBUFE FYQFOTF JO
UIF $PNQBOZ T DPOTPMJEBUFE TUBUFNFOUT PG DPNQSFIFOTJWF JODPNF "T B SFTVMU
UIF $PNQBOZbT UPUBM QSPWJTJPO GPS DSFEJU MPTTFT
XBT NJMMJPO JO
XIJDI JT NJMMJPO
PS
BCPWF UIF QSPWJTJPO SFDPSEFE JO 5IF JODSFBTF JO UIF
$PNQBOZbT QSPWJTJPO GPS MPBO MPTTFT JO XBT MBSHFMZ EVF UP FMFWBUFE DIBSHF PGGT
QSJNBSJMZ GSPN FOFSHZ SFMBUFE DSFEJUT
BT
XFMM BT MFHBDZ MPBO HSPXUI
CVU XBT GBWPSBCMZ JNQBDUFE CZ MPXFS SFTFSWFT PO JNQBJSFE MPBOT /FU DIBSHF PGGT XFSF
NJMMJPO JO
NJMMJPO IJHIFS UIBO JO 5IF $PNQBOZ T QSPWJTJPO GPS MPBO MPTTFT DPWFSFE PG OFU DIBSHF PGGT JO
DPNQBSFE UP DPWFSBHF JO

WT

5IF $PNQBOZ SFDPSEFE B QSPWJTJPO GPS MPBO MPTTFT PG NJMMJPO GPS UIF ZFBS FOEFE %FDFNCFS

B NJMMJPO
JODSFBTF GSPN UIF QSPWJTJPO SFDPSEFE GPS UIF TBNF QFSJPE PG 5IF $PNQBOZ BMTP SFDPSEFE B SFWFSTBM PG QSPWJTJPO GPS
VOGVOEFE MFOEJOH DPNNJUNFOUT PG NJMMJPO EVSJOH SFTVMUJOH JO B UPUBM QSPWJTJPO GPS DSFEJU MPTTFT PG NJMMJPO JO

XIJDI XBT NJMMJPO
PS
BCPWF UIF QSPWJTJPO SFDPSEFE JO 5IF $PNQBOZbT QSPWJTJPO GPS MPBO MPTTFT JO
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FOFSHZ SFMBUFE DSFEJUT EVF UP HFOFSBM FOFSHZ TFDUPS XFBLOFTT
BT XFMM BT MFHBDZ MPBO HSPXUI PG CJMMJPO
PS

3FGFS UP UIF "TTFU 2VBMJUZ TFDUJPO PG .% " BOE /PUF
"MMPXBODF GPS $SFEJU -PTTFT
UP UIF DPOTPMJEBUFE GJOBODJBM
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/PO JOUFSFTU *ODPNF

5IF $PNQBOZbT PQFSBUJOH SFTVMUT GPS UIF ZFBS FOEFE %FDFNCFS
JODMVEFE OPO JOUFSFTU JODPNF PG NJMMJPO
DPNQBSFE UP NJMMJPO BOE NJMMJPO GPS UIF ZFBST FOEFE %FDFNCFS
BOE
SFTQFDUJWFMZ 5IF EFDSFBTF JO
OPO JOUFSFTU JODPNF JO XBT QSJNBSJMZ ESJWFO CZ B EFDSFBTF JO NPSUHBHF JODPNF /PO JOUFSFTU JODPNF BT B QFSDFOUBHF PG
UPUBM HSPTT SFWFOVF EFGJOFE BT UPUBM JOUFSFTU BOE OPO JOUFSFTU JODPNF
XBT JO BOE JO CPUI BOE

33


5IF GPMMPXJOH UBCMF JMMVTUSBUFT UIF QSJNBSZ DPNQPOFOUT PG OPO JOUFSFTU JODPNF

5"#-& a/0/ */5&3&45 */$0.&

WT WT

%PMMBST JO UIPVTBOET
$IBOHF $IBOHF $IBOHF $IBOHF

.PSUHBHF JODPNF







4FSWJDF DIBSHFT PO EFQPTJU BDDPVOUT



5JUMF SFWFOVF





#SPLFS DPNNJTTJPOT



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-PTT
HBJO PO TBMF PG BWBJMBCMF GPS TBMF






TFDVSJUJFT
5SVTU JODPNF
0UIFS OPO JOUFSFTU JODPNF




































WT

/PO JOUFSFTU JODPNF EFDSFBTFE NJMMJPO JO XIFO DPNQBSFE UP 5IJT EFDSFBTF XBT QSJNBSJMZ ESJWFO CZ B
NJMMJPO EFDSFBTF JO NPSUHBHF JODPNF 5IF NBKPSJUZ PG UIF EFDMJOF JO NPSUHBHF JODPNF XBT WPMVNF SFMBUFE
JODMVEJOH B
NJMMJPO EFDSFBTF JO NPSUHBHF MPBO PSJHJOBUJPOT BOE B NJMMJPO EFDSFBTF JO TBMFT WPMVNF
XIJMF SFEVDFE NBSHJOT JO UIF
TFDPOEBSZ NBSLFU DPOUSJCVUFE UP B TNBMMFS QPSUJPO PG UIF EFDMJOF 5IF WPMVNF SFMBUFE EFDSFBTFT XFSF EVF UP UIF MPTT PG
NPSUHBHF QSPEVDUJPO PGGJDFT UISPVHIPVU UIF NPSUHBHF GPPUQSJOU
DPVQMFE XJUI SFEVDFE BDUJWJUZ EVF UP IJHIFS JOUFSFTU SBUFT
-PDLFE QJQFMJOF WPMVNF BMTP EFDSFBTFE NJMMJPO DPNQBSFE UP

/PO JOUFSFTU JODPNF JO XBT BMTP JNQBDUFE CZ B NJMMJPO EFDSFBTF JO CSPLFS DPNNJTTJPOT
UIF SFTVMU PG MPXFS
JOWFTUNFOU CBOLJOH JODPNF BOE USBEJOH BOE SFTFBSDI JODPNF 5SBEJOH BOE SFTFBSDI JODPNF EFDMJOFE EVF UP *CFSJB $BQJUBM
1BSUOFS T USBEJOH BOE SFTFBSDI EFTL CFJOH DMPTFE JO 0UIFS OPO JOUFSFTU JODPNF EFDSFBTFE CZ NJMMJPO QSJNBSJMZ EVF UP
B NJMMJPO EFDSFBTF JO DVTUPNFS TXBQ DPNNJTTJPO JODPNF

5IF EFDSFBTFT JO XIFO DPNQBSFE UP XFSF QBSUJBMMZ PGGTFU CZ JODSFBTFT JO TFSWJDF DIBSHFT PO EFQPTJU BDDPVOUT
DSFEJU
DBSE BOE NFSDIBOU SFMBUFE JODPNF
BOE USVTU JODPNF

WT

"GUFS SFDPSE MFWFMT PG NPSUHBHF QSPEVDUJPO JO
NPSUHBHF JODPNF JODSFBTFE CZ NJMMJPO JO 5IF JODSFBTF JO
NPSUHBHF JODPNF XBT QSJNBSJMZ BUUSJCVUBCMF UP B NJMMJPO JODSFBTF JO HBJOT PO TBMFT BOE JODSFBTFT JO TFSWJDJOH BOE PUIFS
JODPNF PGGTFU CZ B NPSF VOGBWPSBCMF EFSJWBUJWF WBMVBUJPO BEKVTUNFOU PG NJMMJPO 5IF $PNQBOZ PSJHJOBUFE CJMMJPO JO
NPSUHBHF MPBOT JO
DPOTJTUFOU XJUI 5IF $PNQBOZ TPME CJMMJPO JO NPSUHBHF MPBOT JO
VQ NJMMJPO GSPN
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NBSHJO PO TBMFT XBT VQ CBTJT QPJOUT JO PWFS

0UIFS OPO JOUFSFTU JODPNF JODSFBTFE NJMMJPO JO
XIJDI JODMVEFE JODSFBTFT JO DVTUPNFS TXBQ DPNNJTTJPO JODPNF BOE
CVTJOFTT CBOLJOH MPBO JODPNF 5IFTF JODSFBTFT XFSF QBSUJBMMZ PGGTFU CZ B EFDSFBTF JO CSPLFS DPNNJTTJPOT

/PO JOUFSFTU &YQFOTF

5IF $PNQBOZbT SFTVMUT GPS JODMVEFE OPO JOUFSFTU FYQFOTF PG NJMMJPO
BO JODSFBTF PG NJMMJPO XIFO DPNQBSFE
UP 5IJT JODSFBTF JT QSJNBSJMZ EVF UP 4BCBEFMM 6OJUFE SFMBUFE NFSHFS
DPOWFSTJPO
DPNQFOTBUJPO BOE QSPGFTTJPOBM TFSWJDFT
FYQFOTFT
BT XFMM BT MJUJHBUJPO SFMBUFE QSPGFTTJPOBM TFSWJDFT FYQFOTFT SFTVMUJOH GSPN UIF QSFWJPVTMZ EJTDMPTFE )6% MBXTVJU 'PS
UIF ZFBS
UIF $PNQBOZbT FGGJDJFODZ SBUJP XBT
DPNQBSFE UP JO

34


5IF GPMMPXJOH UBCMF JMMVTUSBUFT UIF QSJNBSZ DPNQPOFOUT PG OPO JOUFSFTU FYQFOTF

5"#-& a/0/ */5&3&45 &91&/4&

WT WT

%PMMBST JO UIPVTBOET
$IBOHF $IBOHF $IBOHF $IBOHF

4BMBSJFT BOE FNQMPZFF CFOFGJUT





/FU PDDVQBODZ BOE FRVJQNFOU



$PNNVOJDBUJPO BOE EFMJWFSZ







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%BUB QSPDFTTJOH







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1SPGFTTJPOBM TFSWJDFT






$SFEJU BOE PUIFS MPBO SFMBUFE FYQFOTF



*OTVSBODF







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BHSFFNFOUT

5SBWFM BOE FOUFSUBJONFOU
0UIFS OPO JOUFSFTU FYQFOTF














d
d






























WT

4BMBSJFT BOE FNQMPZFF CFOFGJUT JODSFBTFE NJMMJPO JO XIFO DPNQBSFE UP 5IJT JODSFBTF XBT ESJWFO CZ B
NJMMJPO JODSFBTF JO DPNQFOTBUJPO FYQFOTF SFMBUFE UP BDRVJSFE BTTPDJBUFT GSPN 4BCBEFMM 6OJUFE
B NJMMJPO JODSFBTF JO GSJOHF
CFOFGJUT JODMVEJOH BO JODSFBTF JO UIF $PNQBOZ T L
NBUDI
JODSFBTFT JO MFHBDZ IFBEDPVOU
NFSJU SBJTFT
PGG DZDMF JODSFBTFT
BOE SFTUSJDUFE TUPDL HSBOUT 5IF $PNQBOZ IBE
GVMM UJNF FRVJWBMFOU FNQMPZFFT BU UIF FOE PG
BO JODSFBTF PG
PS

GSPN 1SPGFTTJPOBM TFSWJDFT JODSFBTFE NJMMJPO GSPN
QSJNBSJMZ EVF UP UIF 4BCBEFMM 6OJUFE BDRVJTJUJPO
BT
XFMM BT UIF )6% MFHBM NBUUFS
XIJDI XBT TFUUMFE PO %FDFNCFS

JO UIF BNPVOU PG NJMMJPO
QSFWJPVTMZ QSPWJEFE
GPS JO UIF TFDPOE NJMMJPO
BOE UIJSE NJMMJPO
RVBSUFST PG

%BUB QSPDFTTJOH JODSFBTFE CZ NJMMJPO XIFO DPNQBSFE UP
EVF UP BDRVJTJUJPO SFMBUFE DPNQVUFS TFSWJDF FYQFOTFT BT
XFMM BT UIF JNQMFNFOUBUJPO PG OFX TPGUXBSF
JODMVEJOH NPSF DMPVE CBTFE BQQMJDBUJPOT $SFEJU BOE PUIFS MPBO SFMBUFE FYQFOTFT
JODSFBTFE NJMMJPO JO BT B SFTVMU PG IJHIFS QSPWJTJPO GPS VOGVOEFE MFOEJOH DPNNJUNFOUT
MPBO FYQFOTFT
BOE MPBO
BQQSBJTBM BOE JOTQFDUJPO FYQFOTFT

5IF JODSFBTFT JO XIFO DPNQBSFE UP XFSF TMJHIUMZ PGGTFU CZ UIF NJMMJPO MPTT JODVSSFE JO %FDFNCFS PG UP
UFSNJOBUF MPTT TIBSF BHSFFNFOUT XJUI UIF '%*$ BIFBE PG UIFJS DPOUSBDUVBM NBUVSJUJFT

WT

%BUB QSPDFTTJOH EFDSFBTFE NJMMJPO GSPN
MBSHFMZ EVF UP NFSHFS SFMBUFE DPOWFSTJPO FYQFOTFT GSPN UIF $PNQBOZ T
UISFF BDRVJTJUJPOT $SFEJU BOE PUIFS MPBO SFMBUFE FYQFOTF EFDSFBTFE NJMMJPO GSPN
QSJNBSJMZ BT B SFTVMU PG B
EFDSFBTF JO UIF SFTFSWF GPS VOGVOEFE MFOEJOH DPNNJUNFOUT EVF UP B SJTL TIJGU GSPN IJHIFS SJTL FOFSHZ SFMBUFE DPNNJUNFOUT

XIJDI EFDSFBTFE BT UIPTF MJOFT GVOEFE PS XFSF DVSUBJMFE
UP MPXFS SJTL VOGVOEFE DPNNJUNFOUT /FU PDDVQBODZ BOE FRVJQNFOU
FYQFOTF EFDSFBTFE NJMMJPO DPNQBSFE UP
NPTUMZ EVF UP EFDSFBTFT JO EFQSFDJBUJPO FYQFOTF
FRVJQNFOU SFOUBM

JOTVSBODF
BOE VUJMJUJFT FYQFOTFT GSPN CSBODI DMPTVSF BOE DPOTPMJEBUJPO JOJUJBUJWFT 0UIFS GMVDUVBUJPOT BSF MBSHFMZ EVF UP
BDRVJTJUJPO BOE NFSHFS SFMBUFE FYQFOTFT JODVSSFE JO UIFSF XFSF OP BDRVJTJUJPOT JO


5IF EFDSFBTFT JO XFSF PGGTFU CZ B QSF UBY MPTT PG NJMMJPO JODVSSFE UP UFSNJOBUF UIF $PNQBOZ T MPTT TIBSF BHSFFNFOUT
XJUI UIF '%*$ 5IF EFDSFBTFT JO XFSF BMTP PGGTFU CZ B NJMMJPO JODSFBTF JO TBMBSJFT BOE FNQMPZFF CFOFGJUT FYQFOTF
NPTUMZ EVF UP B NJMMJPO JODSFBTF JO DPNNJTTJPOT BOE JODFOUJWFT 5IF $PNQBOZ IBE
GVMM UJNF FRVJWBMFOU FNQMPZFFT
BU UIF FOE PG
B EFDSFBTF PG
PS
GSPN

35


*ODPNF 5BYFT
'PS UIF ZFBST FOEFE %FDFNCFS


BOE
UIF $PNQBOZ SFDPSEFE JODPNF UBY FYQFOTF PG NJMMJPO

NJMMJPO
BOE NJMMJPO
SFTQFDUJWFMZ
XIJDI SFTVMUFE JO BO FGGFDUJWF JODPNF UBY SBUF PG JO
JO
BOE
JO *ODPNF UBY FYQFOTF JO JODMVEFE NJMMJPO SFMBUFE UP UIF FTUJNBUFE OFU JNQBDU GSPN UIF SFNFBTVSFNFOU
PG PVS EFGFSSFE UBY BTTFUT BOE MJBCJMJUJFT BT B SFTVMU PG UIF QBTTBHF PG UIF 5BY "DU JO %FDFNCFS &YDMVEJOH UIBU DIBSHF
PVS
FGGFDUJWF UBY SBUF GPS XPVME IBWF CFFO
WT
5IF EJGGFSFODF CFUXFFO UIF FGGFDUJWF UBY SBUF BOE UIF TUBUVUPSZ GFEFSBM BOE TUBUF UBY SBUFT SFMBUFT UP JUFNT UIBU BSF OPO UBYBCMF PS
OPO EFEVDUJCMF
QSJNBSJMZ UIF FGGFDU PG UBY FYFNQU JODPNF BOE WBSJPVT UBY DSFEJUT "T EJTDVTTFE QSFWJPVTMZ
UIF FGGFDUJWF UBY
SBUF JO XBT TJHOJGJDBOUMZ JNQBDUFE CZ UBY SFGPSN 5IF FGGFDUJWF UBY SBUF JO XBT BMTP JNQBDUFE CZ UIF BDDSVBM GPS UIF
)6% NBUUFS
BT XFMM BT UIF OPO EFEVDUJCMF QPSUJPO PG NFSHFS SFMBUFE FYQFOTFT SFMBUFE UP UIF 4BCBEFMM 6OJUFE BDRVJTJUJPO *O
BEEJUJPO
UIF FGGFDUJWF UBY SBUF JO XBT JNQBDUFE CZ PVS MFWFM PG JOWFTUNFOU JO UBY DSFEJUT BOE UIF JODSFBTF JO EFEVDUJPOT
GSPN UBYBCMF JODPNF GPS DFSUBJO JODFOUJWF CBTFE FYQFOTFT SFTUSJDUFE TUPDL BOE DFSUBJO TUPDL PQUJPOT
BT B SFTVMU PG UIF
JNQMFNFOUBUJPO PG "46 /P EVSJOH UIF GJSTU RVBSUFS PG 5IJT "46 SFRVJSFT UIF $PNQBOZ UP SFDPHOJ[F UIF FYDFTT
UBY CFOFGJUT TIPSUGBMMT
PG FYFSDJTFE PS WFTUFE BXBSET BT JODPNF UBY CFOFGJU FYQFOTF
UISPVHI UIF JODPNF TUBUFNFOU
XIFSFBT
UIFTF FYDFTT UBY CFOFGJUT TIPSUGBMMT
XFSF QSFWJPVTMZ SFDPHOJ[FE JO BEEJUJPOBM QBJE JO DBQJUBM PO UIF CBMBODF TIFFU
WT
5IF FGGFDUJWF UBY SBUF JO JODSFBTFE QSJNBSJMZ EVF UP UIF OFHBUJWF JNQBDU PG UIF QPTU NFSHFS FGGFDU PG UIF BDRVJTJUJPOT

XIJDI DPOUSJCVUFE UP UIF JODSFBTF JO UIF $PNQBOZ T TUBUF FGGFDUJWF UBY SBUF HJWFO UIF IJHIFS TUBUVUPSZ UBY SBUFT JO 'MPSJEB BOE
(FPSHJB *O BEEJUJPO UP IJHIFS TUBUF JODPNF UBY FYQFOTF GSPN PVS SFDFOU BDRVJTJUJPOT
UIF FGGFDUJWF UBY SBUF JODSFBTFE GSPN
UP BT B SFTVMU PG BO JODSFBTF JO QSF UBY JODPNF XJUIPVU B DPSSFTQPOEJOH QSPQPSUJPOBM JODSFBTF JO UBY DSFEJUT EVF UP UIF
FYQJSBUJPO PG UBY DSFEJUT

'*/"/$*"- $0/%*5*0/
&"3/*/( "44&54
5IF GPMMPXJOH EJTDVTTJPO IJHIMJHIUT UIF $PNQBOZbT NBKPS DBUFHPSJFT PG FBSOJOH BTTFUT
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5IF $PNQBOZ IBE UPUBM MPBOT PG BQQSPYJNBUFMZ CJMMJPO BU %FDFNCFS

BO JODSFBTF PG CJMMJPO
PS
GSPN
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CZ MFHBDZ MPBO HSPXUI PG CJMMJPO
PS 5IF HSPXUI JO UIF MFHBDZ QPSUGPMJP JODMVEFE DPNNFSDJBM MPBO HSPXUI PG
CJMMJPO
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PS
BT XFMM BT DPOTVNFS MPBO HSPXUI PG NJMMJPO
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QBZ EPXOT BOE QBZ PGGT PO MPBOT GSPN QSJPS QFSJPE BDRVJTJUJPOT QBSUJBMMZ PGGTFU UIF BDRVJSFE
MPBOT GSPN 4BCBEFMM 6OJUFE *O BEEJUJPO
BDRVJSFE MPBOT BSF USBOTGFSSFE UP UIF MFHBDZ QPSUGPMJP BT UIFZ BSF SFGJOBODFE
SFOFXFE

SFTUSVDUVSFE
PS PUIFSXJTF VOEFSXSJUUFO UP UIF $PNQBOZ T TUBOEBSET

36


5IF NBKPS DBUFHPSJFT PG MPBOT PVUTUBOEJOH BU %FDFNCFS
BOE BSF QSFTFOUFE JO UIF GPMMPXJOH UBCMFT

5"#-& a46.."3: 0' -0"/4

%PMMBST JO UIPVTBOET
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3FBM FTUBUF PXOFS PDDVQJFE











3FBM FTUBUF OPO PXOFS PDDVQJFE






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5PUBM MPBOT

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5BNQB
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1BMN #FBDI #SPXBSE
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BOE MFBTFT NJMMJPO JO UIF DVSSFOU ZFBS (SPXUI XBT QBSUJBMMZ PGGTFU CZ TUSBUFHJD EFDSFBTFT JO PVS JOEJSFDU BVUPNPCJMF
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5IF $PNQBOZbT MPBO UP EFQPTJU SBUJP BU %FDFNCFS
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5"#-& a505"- -0"/4 #: -0"/ 5:1&

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JOUFSFTU JT OPU FYQFDUFE FWFO JG UIF MPBO JT DVSSFOUMZ QBZJOH BT BHSFFE
PS
XIFO QSJODJQBM PS JOUFSFTU IBT CFFO JO EFGBVMU GPS B
QFSJPE PG EBZT PS NPSF
VOMFTT UIF MPBO JT CPUI XFMM TFDVSFE BOE JO UIF QSPDFTT PG DPMMFDUJPO 'BDUPST DPOTJEFSFE JO
EFUFSNJOJOH UIF DPMMFDUJPO PG UIF GVMM DPOUSBDUVBM BNPVOU PG QSJODJQBM PS JOUFSFTU JODMVEF BTTFTTNFOU PG UIF CPSSPXFSbT DBTI GMPX

WBMVBUJPO PG VOEFSMZJOH DPMMBUFSBM
BOE UIF BCJMJUZ BOE XJMMJOHOFTT PG HVBSBOUPST UP QSPWJEF DSFEJU TVQQPSU $FSUBJO DPNNFSDJBM
MPBOT BSF BMTP QMBDFE PO OPO BDDSVBM TUBUVT XIFO QBZNFOU JT OPU QBTU EVF BOE GVMM QBZNFOU PG QSJODJQBM BOE JOUFSFTU JT FYQFDUFE

CVU XF IBWF EPVCU BCPVU UIF CPSSPXFSbT BCJMJUZ UP DPNQMZ XJUI FYJTUJOH SFQBZNFOU UFSNT $POTJEFSBUJPO XJMM CF HJWFO UP QMBDJOH
B MPBO PO OPO BDDSVBM EVF UP UIF EFUFSJPSBUJPO PG UIF EFCUPSbT SFQBZNFOU BCJMJUZ
UIF SFQBZNFOU PG UIF MPBO CFDPNJOH EFQFOEFOU
PO UIF MJRVJEBUJPO PG DPMMBUFSBM
BO FYJTUJOH DPMMBUFSBM EFGJDJFODZ
UIF MPBO CFJOH DMBTTJGJFE BT %PVCUGVM PS -PTT
UIF DMJFOU
GJMJOH GPS CBOLSVQUDZ
BOE PS GPSFDMPTVSF CFJOH JOJUJBUFE 3FHBSEJOH BMM DMBTTFT XJUIJO UIF $ * BOE $3& QPSUGPMJPT
UIF
EFUFSNJOBUJPO PG B CPSSPXFSbT BCJMJUZ UP NBLF UIF SFRVJSFE QSJODJQBM BOE JOUFSFTU QBZNFOUT JT CBTFE PO BO FYBNJOBUJPO PG UIF
CPSSPXFSbT DVSSFOU GJOBODJBM TUBUFNFOUT
JOEVTUSZ
NBOBHFNFOU DBQBCJMJUJFT
BOE PUIFS RVBMJUBUJWF GBDUPST

8IFO B MPBO JT QMBDFE PO OPO BDDSVBM TUBUVT
UIF BDDSVBM PG JOUFSFTU JODPNF DFBTFT BOE BDDSVFE CVU VOQBJE JOUFSFTU JT HFOFSBMMZ
SFWFSTFE BHBJOTU JOUFSFTU JODPNF

3FBM FTUBUF BDRVJSFE CZ UIF $PNQBOZ UISPVHI GPSFDMPTVSF PS CZ EFFE JO MJFV PG GPSFDMPTVSF JT DMBTTJGJFE BT 03&0
BOE JT
SFDPSEFE BU UIF MFTTFS PG UIF SFMBUFE MPBO CBMBODF UIF QSP SBUB DBSSZJOH WBMVF GPS BDRVJSFE MPBOT
PS FTUJNBUFE GBJS WBMVF MFTT
DPTUT UP TFMM $MPTFE CBOL CSBODIFT BSF BMTP DMBTTJGJFE BT 03&0 BOE SFDPSEFE BU UIF MPXFS PG DPTU PS NBSLFU WBMVF

42


6OEFS (""1
DFSUBJO MPBO NPEJGJDBUJPOT PS SFTUSVDUVSJOHT BSF EFTJHOBUFE BT 5%3T *O HFOFSBM
UIF NPEJGJDBUJPO PS SFTUSVDUVSJOH
PG B EFCU DPOTUJUVUFT B 5%3 JG UIF $PNQBOZ
GPS FDPOPNJD PS MFHBM SFBTPOT SFMBUFE UP UIF CPSSPXFSbT GJOBODJBM EJGGJDVMUJFT
HSBOUT
B DPODFTTJPO UP UIF CPSSPXFS UIBU UIF $PNQBOZ XPVME OPU PUIFSXJTF DPOTJEFS VOEFS DVSSFOU NBSLFU DPOEJUJPOT 4FF /PUF

4VNNBSZ PG 4JHOJGJDBOU "DDPVOUJOH 1PMJDJFT
UP UIF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT GPS GVSUIFS JOGPSNBUJPO
/PO QFSGPSNJOH "TTFUT
5IF $PNQBOZ EFGJOFT OPO QFSGPSNJOH BTTFUT BT OPO BDDSVBM MPBOT
BDDSVJOH MPBOT NPSF UIBO EBZT QBTU EVF
03&0
BOE
GPSFDMPTFE QSPQFSUZ .BOBHFNFOU DPOUJOVBMMZ NPOJUPST MPBOT BOE USBOTGFST MPBOT UP OPO BDDSVBM TUBUVT XIFO XBSSBOUFE
5IF $PNQBOZ BDDPVOUT GPS MPBOT DVSSFOUMZ PS GPSNFSMZ DPWFSFE CZ MPTT TIBSJOH BHSFFNFOUT XJUI UIF '%*$
PUIFS MPBOT BDRVJSFE
XJUI EFUFSJPSBUFE DSFEJU RVBMJUZ
BT XFMM BT BMM MPBOT BDRVJSFE XJUI TJHOJGJDBOU EJTDPVOUT UIBU EJE OPU FYIJCJU EFUFSJPSBUFE DSFEJU
RVBMJUZ BU BDRVJTJUJPO
JO BDDPSEBODF XJUI "4$ 5PQJD $PMMFDUJWFMZ
BMM MPBOT BDDPVOUFE GPS VOEFS "4$ BSF
SFGFSSFE UP BT BDRVJSFE JNQBJSFE MPBOT "QQMJDBUJPO PG "4$ 5PQJD SFTVMUT JO TJHOJGJDBOU BDDPVOUJOH EJGGFSFODFT

DPNQBSFE UP MPBOT PSJHJOBUFE PS BDRVJSFE CZ UIF $PNQBOZ UIBU BSF OPU BDDPVOUFE GPS VOEFS "4$ 4FF /PUF
4VNNBSZ
PG 4JHOJGJDBOU "DDPVOUJOH 1PMJDJFT
UP UIF DPOTPMJEBUFE GJOBODJBM TUBUFNFOUT GPS GVSUIFS EFUBJMT
%VF UP UIF TJHOJGJDBOU EJGGFSFODF JO BDDPVOUJOH GPS BDRVJSFE JNQBJSFE MPBOT
UIF $PNQBOZ CFMJFWFT JODMVTJPO PG UIFTF MPBOT JO
DFSUBJO BTTFU RVBMJUZ SBUJPT UIBU SFGMFDU OPO QFSGPSNJOH BTTFUT JO UIF OVNFSBUPS PS EFOPNJOBUPS PS CPUI
SFTVMUT JO TJHOJGJDBOU
EJTUPSUJPO UP UIFTF SBUJPT *O BEEJUJPO
CFDBVTF MPBO MFWFM DIBSHF PGGT SFMBUFE UP BDRVJSFE JNQBJSFE MPBOT BSF OPU SFDPHOJ[FE JO UIF
GJOBODJBM TUBUFNFOUT VOUJM UIF DVNVMBUJWF BNPVOUT FYDFFE UIF PSJHJOBM MPTT QSPKFDUJPOT PO B QPPM CBTJT
UIF OFU DIBSHF PGG SBUJP
GPS BDRVJSFE JNQBJSFE MPBOT JT OPU DPOTJTUFOU XJUI UIF OFU DIBSHF PGG SBUJP GPS PUIFS MPBO QPSUGPMJPT 5IF JODMVTJPO PG UIFTF MPBOT
JO DFSUBJO BTTFU RVBMJUZ SBUJPT DPVME SFTVMU JO B MBDL PG DPNQBSBCJMJUZ BDSPTT RVBSUFST PS ZFBST
BOE DPVME JNQBDU DPNQBSBCJMJUZ
XJUI PUIFS QPSUGPMJPT UIBU XFSF OPU JNQBDUFE CZ BDRVJSFE JNQBJSFE MPBO BDDPVOUJOH 5IF $PNQBOZ CFMJFWFT UIBU UIF QSFTFOUBUJPO
PG DFSUBJO BTTFU RVBMJUZ NFBTVSFT FYDMVEJOH BDRVJSFE JNQBJSFE MPBOT BT JOEJDBUFE CFMPX QSPWJEFT CFUUFS QFSTQFDUJWF JOUP
VOEFSMZJOH USFOET SFMBUFE UP UIF RVBMJUZ PG JUT MPBO QPSUGPMJP "DDPSEJOHMZ
UIF BTTFU RVBMJUZ NFBTVSFT JO UIF UBCMFT CFMPX QSFTFOU
BTTFU RVBMJUZ JOGPSNBUJPO FYDMVEJOH BDRVJSFE JNQBJSFE MPBOT
BT JOEJDBUFE XJUIJO FBDI UBCMF
BOE SFMBUFE BNPVOUT

43


5IF GPMMPXJOH UBCMF TFUT GPSUI UIF DPNQPTJUJPO PG UIF $PNQBOZbT OPO QFSGPSNJOH BTTFUT
JODMVEJOH BDDSVJOH MPBOT QBTU EVF
PS NPSF EBZT BOE 5%3T
BT PG %FDFNCFS

5"#-& a/0/ 1&3'03.*/( "44&54 "/% 5306#-&% %&#5 3&4536$563*/(4

WT

%PMMBST JO UIPVTBOET
$IBOHF $IBOHF
/PO BDDSVBM MPBOT

$PNNFSDJBM








.PSUHBHF






$POTVNFS













5PUBM OPO BDDSVBM MPBOT






"DDSVJOH MPBOT EBZT PS NPSF QBTU EVF


5PUBM OPO QFSGPSNJOH MPBOT









03&0 BOE GPSFDMPTFE QSPQFSUZ








5PUBM OPO QFSGPSNJOH BTTFUT













1FSGPSNJOH USPVCMFE EFCU SFTUSVDUVSJOHT










5PUBM OPO QFSGPSNJOH BTTFUT BOE
QFSGPSNJOH USPVCMFE EFCU SFTUSVDUVSJOHT







/PO QFSGPSNJOH MPBOT UP UPUBM MPBOT



/PO QFSGPSNJOH BTTFUT UP UPUBM BTTFUT



/PO QFSGPSNJOH BTTFUT BOE QFSGPSNJOH USPVCMFE
EFCU SFTUSVDUVSJOHT UP UPUBM BTTFUT



"MMPXBODF GPS DSFEJU MPTTFT UP OPO QFSGPSNJOH
MPBOT


"MMPXBODF GPS DSFEJU MPTTFT UP UPUBM MPBOT



/PO QFSGPSNJOH MPBOT BOE BTTFUT JODMVEF BDDSVJOH MPBOT EBZT PS NPSF QBTU EVF

03&0 BOE GPSFDMPTFE QSPQFSUZ BU %FDFNCFS




BOE JODMVEF NJMMJPO
NJMMJPO


NJMMJPO
NJMMJPO
BOE NJMMJPO
SFTQFDUJWFMZ
PG GPSNFS CBOL QSPQFSUJFT IFME GPS EFWFMPQNFOU PS SFTBMF

1FSGPSNJOH USPVCMFE EFCU SFTUSVDUVSJOHT GPS %FDFNCFS



BOE FYDMVEF NJMMJPO


NJMMJPO
NJMMJPO
NJMMJPO
BOE NJMMJPO
SFTQFDUJWFMZ
JO USPVCMFE EFCU SFTUSVDUVSJOHT UIBU NFFU OPO
QFSGPSNJOH BTTFU DSJUFSJB

/PO QFSGPSNJOH MPBOT FYDMVEF BDRVJSFE JNQBJSFE MPBOT
FWFO JG DPOUSBDUVBMMZ QBTU EVF PS JG UIF $PNQBOZ EPFT OPU FYQFDU
UP SFDFJWF QBZNFOU JO GVMM
BT UIF $PNQBOZ JT DVSSFOUMZ BDDSFUJOH JOUFSFTU JODPNF PWFS UIF FYQFDUFE MJGF PG UIF MPBOT

5PUBM OPO QFSGPSNJOH BTTFUT EFDSFBTFE NJMMJPO
PS
DPNQBSFE UP %FDFNCFS

ESJWFO CZ B EFDSFBTF JO OPO
QFSGPSNJOH MPBOT PG NJMMJPO
PS &OFSHZ SFMBUFE OPO QFSGPSNJOH MPBOT EFDSFBTFE NJMMJPO
PS
GSPN
QBZNFOUT BOE DIBSHF PGGT JO 1FSGPSNJOH 5%3T BMTP EFDSFBTFE NJMMJPO
PS
BMTP UIF SFTVMU PG B EFDSFBTF JO
FOFSHZ SFMBUFE 5%3T %VSJOH
NBOZ PG UIF $PNQBOZ T QSFWJPVTMZ DSJUJDJ[FE EFGJOFE BT TQFDJBM NFOUJPO PS XPSTF
FOFSHZ
SFMBUFE DSFEJUT DZDMFE UISPVHI SFTPMVUJPO "T B SFTVMU
UPUBM OPO QFSGPSNJOH BTTFUT BT B QFSDFOUBHF PG UPUBM BTTFUT EFDSFBTFE
CBTJT QPJOUT GSPN %FDFNCFS

XIJMF UIF BMMPXBODF GPS DSFEJU MPTTFT DPWFSFE PG OPO QFSGPSNJOH MPBOT BU
%FDFNCFS
5IF $PNQBOZ IBT DPOTJEFSFE UIF DPMMBUFSBM TVQQPSU PO UIFTF OPO QFSGPSNJOH BTTFUT JO EFUFSNJOJOH UIF
BMMPXBODF GPS DSFEJU MPTTFT

"U %FDFNCFS

UIF $PNQBOZ IBE NJMMJPO PG DPNNFSDJBM BTTFUT DMBTTJGJFE BT TVCTUBOEBSE
NJMMJPO PG
DPNNFSDJBM BTTFUT DMBTTJGJFE BT EPVCUGVM
BOE NJMMJPO PG DPNNFSDJBM BTTFUT DMBTTJGJFE BT MPTT "DDPSEJOHMZ
UIF BHHSFHBUF PG
UIF $PNQBOZbT DMBTTJGJFE DPNNFSDJBM BTTFUT XBT PG UPUBM BTTFUT BOE PG UPUBM DPNNFSDJBM MPBOT "U %FDFNCFS


DMBTTJGJFE DPNNFSDJBM BTTFUT UPUBMFE NJMMJPO
PS PG UPUBM BTTFUT
BOE PG UPUBM DPNNFSDJBM MPBOT

*O BEEJUJPO UP UIF QSPCMFN MPBOT EFTDSJCFE BCPWF
UIFSF XFSF NJMMJPO PG DPNNFSDJBM MPBOT DMBTTJGJFE BT TQFDJBM NFOUJPO
BU %FDFNCFS

XIJDI JO NBOBHFNFOUbT PQJOJPO XFSF TVCKFDU UP QPUFOUJBM GVUVSF SBUJOH EPXOHSBEFT 4QFDJBM NFOUJPO
MPBOT BSF EFGJOFE BT MPBOT XIFSF LOPXO JOGPSNBUJPO BCPVU QPTTJCMF DSFEJU QSPCMFNT PG UIF CPSSPXFST DBVTFT NBOBHFNFOU UP

44


IBWF TPNF EPVCU BT UP UIF BCJMJUZ PG UIFTF CPSSPXFST UP DPNQMZ XJUI UIF QSFTFOU MPBO SFQBZNFOU UFSNT
XIJDI NBZ SFTVMU JO
GVUVSF EJTDMPTVSF PG UIFTF MPBOT BT OPO QFSGPSNJOH 4QFDJBM NFOUJPO MPBOT BU %FDFNCFS
JODSFBTFE NJMMJPO
PS

GSPN %FDFNCFS
5IF JODSFBTF XBT BUUSJCVUBCMF UP MFHBDZ MPBO HSPXUI BOE BDRVJSFE 4BCBEFMM 6OJUFE MPBOT "T B
QFSDFOUBHF PG UPUBM DPNNFSDJBM MPBOT
TQFDJBM NFOUJPO DPNNFSDJBM MPBOT JODSFBTFE POMZ UISFF CBTJT QPJOUT GSPN %FDFNCFS

UP BU UIF FOE PG

1BTU %VF BOE /PO BDDSVBM -PBOT

1BTU EVF TUBUVT JT CBTFE PO UIF DPOUSBDUVBM UFSNT PG MPBOT "U %FDFNCFS

UPUBM MPBOT QBTU EVF
JODMVEJOH OPO BDDSVBM
MPBOT
XFSF PG UPUBM MPBOT
B EFDSFBTF PG CBTJT QPJOUT GSPN %FDFNCFS
"EEJUJPOBM JOGPSNBUJPO PO QBTU EVF
MPBOT JT QSFTFOUFE JO UIF GPMMPXJOH UBCMF

5"#-& a1"45 %6& "/% /0/ "$$36"- -0"/ 4&(3&("5*0/


%FDFNCFS
%FDFNCFS


%PMMBST JO UIPVTBOET
"NPVOU PG "NPVOU PG $IBOHF $IBOHF
0VUTUBOEJOH 0VUTUBOEJOH
"DDSVJOH MPBOT

EBZT QBTU EVF
#BMBODF #BMBODF
EBZT QBTU EVF

EBZT QBTU EVF


EBZT QBTU EVF PS NPSF






/PO BDDSVBM MPBOT

5PUBM QBTU EVF BOE OPO BDDSVBM MPBOT
d















1BTU EVF BOE OPO BDDSVBM MPBO BNPVOUT FYDMVEF BDRVJSFE JNQBJSFE MPBOT
FWFO JG DPOUSBDUVBMMZ QBTU EVF PS JG UIF $PNQBOZ
EPFT OPU FYQFDU UP SFDFJWF QBZNFOU JO GVMM
BT UIF $PNQBOZ JT DVSSFOUMZ BDDSFUJOH JOUFSFTU JODPNF PWFS UIF FYQFDUFE MJGF PG
UIF MPBOT

5PUBM QBTU EVF BOE OPO BDDSVBM MPBOT EFDSFBTFE NJMMJPO GSPN %FDFNCFS
UP NJMMJPO BU %FDFNCFS

5IF DIBOHF XBT QSJNBSJMZ EVF UP B EFDSFBTF JO FOFSHZ SFMBUFE OPO BDDSVBM MPBOT 1BSUJBMMZ PGGTFUUJOH UIBU EFDSFBTF XBT BO
JODSFBTF JO BDDSVJOH MPBOT QBTU EVF
QSJNBSJMZ B SFTVMU PG B MJNJUFE OVNCFS PG DPNNFSDJBM DSFEJUT PG BDDSVJOH MPBOT QBTU
EVF XFSF QBTU EVF MFTT UIBO EBZT
XJUI QBTU EVF MFTT UIBO EBZT

"MMPXBODF GPS $SFEJU -PTTFT

5IF BMMPXBODF GPS DSFEJU MPTTFT SFQSFTFOUT NBOBHFNFOUbT CFTU FTUJNBUF PG QSPCBCMF DSFEJU MPTTFT JOIFSFOU BU UIF CBMBODF TIFFU
EBUF %FUFSNJOBUJPO PG UIF BMMPXBODF GPS DSFEJU MPTTFT JOWPMWFT B IJHI EFHSFF PG DPNQMFYJUZ BOE SFRVJSFT TJHOJGJDBOU KVEHNFOU
4FWFSBM GBDUPST BSF UBLFO JOUP DPOTJEFSBUJPO JO UIF EFUFSNJOBUJPO PG UIF PWFSBMM BMMPXBODF GPS DSFEJU MPTTFT #BTFE PO GBDUT BOE
DJSDVNTUBODFT BWBJMBCMF
NBOBHFNFOU PG UIF $PNQBOZ CFMJFWFT UIBU UIF BMMPXBODF GPS DSFEJU MPTTFT XBT BQQSPQSJBUF BU
%FDFNCFS
UP DPWFS QSPCBCMF MPTTFT JO UIF $PNQBOZbT MPBO QPSUGPMJP )PXFWFS
GVUVSF BEKVTUNFOUT UP UIF BMMPXBODF
NBZ CF OFDFTTBSZ
BOE UIF SFTVMUT PG PQFSBUJPOT DPVME CF BEWFSTFMZ BGGFDUFE
JG DJSDVNTUBODFT EJGGFS TVCTUBOUJBMMZ GSPN UIF
BTTVNQUJPOT VTFE CZ NBOBHFNFOU JO EFUFSNJOJOH UIF BMMPXBODF GPS DSFEJU MPTTFT 4FF UIF `"QQMJDBUJPO PG $SJUJDBM "DDPVOUJOH
1PMJDJFT BOE &TUJNBUFTa TFDUJPO PG UIJT .% " BOE /PUF
4VNNBSZ PG 4JHOJGJDBOU "DDPVOUJOH 1PMJDJFT
UP UIF DPOTPMJEBUFE
GJOBODJBM TUBUFNFOUT GPS NPSF JOGPSNBUJPO

45


5IF GPMMPXJOH UBCMFT TFU GPSUI UIF BDUJWJUZ JO UIF $PNQBOZbT BMMPXBODF GPS DSFEJU MPTTFT

5"#-& a46.."3: 0' "$5*7*5: */ 5)& "--08"/$& '03 $3&%*5 -044&4

%PMMBST JO UIPVTBOET


"MMPXBODF GPS MPBO MPTTFT BU CFHJOOJOH PG QFSJPE





1SPWJTJPO DIBSHFE UP PQFSBUJPOT





5SBOTGFS PG CBMBODF UP 03&0 BOE PUIFS






"EKVTUNFOU BUUSJCVUBCMF UP '%*$ MPTT TIBSF


BSSBOHFNFOUT
5SBOTGFS PG CBMBODF UP UIF SFTFSWF GPS VOGVOEFE d








DPNNJUNFOUT
d d d d


$IBSHF PGGT
$PNNFSDJBM










3FTJEFOUJBM NPSUHBHF





$POTVNFS











3FDPWFSJFT










$PNNFSDJBM
3FTJEFOUJBM NPSUHBHF





$POTVNFS

/FU DIBSHF PGGT





"MMPXBODF GPS MPBO MPTTFT BU FOE PG QFSJPE























3FTFSWF GPS VOGVOEFE MFOEJOH DPNNJUNFOUT BU CFHJOOJOH PG
QFSJPE




d
d d d d
#BMBODF DSFBUFE JO BDRVJTJUJPO BDDPVOUJOH
d d d



5SBOTGFS PG CBMBODF GSPN UIF BMMPXBODF GPS MPBO MPTTFT d






1SPWJTJPO GPS 3FWFSTBM PG
VOGVOEFE MFOEJOH DPNNJUNFOUT



3FTFSWF GPS VOGVOEFE MFOEJOH DPNNJUNFOUT BU FOE PG



QFSJPE

"MMPXBODF GPS DSFEJU MPTTFT BU FOE PG QFSJPE




"MMPXBODF GPS MPBO MPTTFT UP OPO QFSGPSNJOH BTTFUT

"MMPXBODF GPS MPBO MPTTFT UP UPUBM MPBOT BU FOE PG QFSJPE
/FU DIBSHF PGGT UP BWFSBHF MPBOT


/PO QFSGPSNJOH BTTFUT JODMVEF BDDSVJOH MPBOT EBZT PS NPSF QBTU EVF 'PS QVSQPTFT PG UIJT UBCMF
OPO QFSGPSNJOH BTTFUT
FYDMVEF BDRVJSFE JNQBJSFE MPBOT
FWFO JG DPOUSBDUVBMMZ QBTU EVF PS JG UIF $PNQBOZ EPFT OPU FYQFDU UP SFDFJWF QBZNFOU JO
GVMM
BT UIF $PNQBOZ JT DVSSFOUMZ BDDSFUJOH JOUFSFTU JODPNF PWFS UIF FYQFDUFE MJGF PG UIF MPBOT

5"#-& a"--0$"5*0/ 0' 5)& "--08"/$& '03 $3&%*5 -044&4



3FTFSWF PG 3FTFSWF PG 3FTFSWF PG 3FTFSWF PG 3FTFSWF PG
-PBOT -PBOT -PBOT -PBOT -PBOT

$PNNFSDJBM
3FTJEFOUJBM NPSUHBHF
$POTVNFS
5PUBM BMMPXBODF GPS DSFEJU MPTTFT




46


5IF BMMPXBODF GPS DSFEJU MPTTFT XBT NJMMJPO BU %FDFNCFS

PS PG UPUBM MPBOT
NJMMJPO MPXFS UIBO BU
%FDFNCFS
5IF BMMPXBODF GPS DSFEJU MPTTFT BT B QFSDFOUBHF PG MPBOT XBT BU %FDFNCFS
5IF EFDSFBTF JO
UIF BMMPXBODF GPS DSFEJU MPTTFT BT B QFSDFOUBHF PG MPBOT XBT QSJNBSJMZ UIF SFTVMU PG UIF BDRVJSFE 4BCBEFMM 6OJUFE MPBOT
BT UIPTF
BDRVJSFE MPBOT BSF SFDPSEFE BU FTUJNBUFE GBJS WBMVF BT PG UIF BDRVJTJUJPO EBUF
XIJDI JODMVEFT BO FTUJNBUF PG FYQFDUFE MPTTFT JO
UIJT QPSUGPMJP
BOE BT B SFTVMU
OP BMMPXBODF GPS MPBO MPTTFT JT FTUBCMJTIFE BT PG UIF BDRVJTJUJPO EBUF "MTP DPOUSJCVUJOH UP UIF
EFDSFBTF JO UIF BMMPXBODF GPS DSFEJU MPTTFT XBT BO PWFSBMM JNQSPWFNFOU JO BTTFU RVBMJUZ
NPTU OPUBCMZ JO UIF $PNQBOZ T FOFSHZ
SFMBUFE MPBO QPSUGPMJP BT QSPCMFN DSFEJUT DZDMFE UISPVHI SFTPMVUJPO JO
/FU DIBSHF PGGT EVSJOH UPUBMFE NJMMJPO
PS PG BWFSBHF MPBOT
BT DPNQBSFE UP NJMMJPO
PS PG
BWFSBHF MPBOT
GPS 5IF JODSFBTF JO OFU DIBSHF PGGT XBT B SFTVMU PG FOFSHZ SFMBUFE DIBSHF PGGT PG NJMMJPO PO GPVS
SFMBUJPOTIJQT JO
"U %FDFNCFS
BOE
UIF BMMPXBODF GPS MPBO MPTTFT DPWFSFE BOE PG UPUBM OPO QFSGPSNJOH MPBOT

SFTQFDUJWFMZ
'%*$ -PTT 4IBSF 3FDFJWBCMF
"T QBSU PG '%*$ BTTJTUFE BDRVJTJUJPOT JO BOE
UIF $PNQBOZ SFDPSEFE B SFDFJWBCMF GSPN UIF '%*$
XIJDI SFQSFTFOUFE
UIF GBJS WBMVF PG UIF FYQFDUFE SFJNCVSTBCMF MPTTFT DPWFSFE CZ UIF MPTT TIBSF BHSFFNFOUT BT PG UIF BDRVJTJUJPO EBUFT 5IF '%*$
MPTT TIBSF SFDFJWBCMF SFMBUFE UP UIF BOE BDRVJTJUJPOT XBT XSJUUFO PGG JO %FDFNCFS PG XIFO UIF $PNQBOZ
FOUFSFE JOUP BO BHSFFNFOU XJUI UIF '%*$ UP UFSNJOBUF UIF $PNQBOZ T MPTT TIBSF BHSFFNFOUT QSJPS UP UIFJS DPOUSBDUVBM NBUVSJUJFT
5IF $PNQBOZ SFDFJWFE B OFU QBZNFOU PG NJMMJPO GSPN UIF '%*$ BT DPOTJEFSBUJPO GPS UIJT UFSNJOBUJPO BOE TVCTFRVFOUMZ
EFSFDPHOJ[FE UIF SFNBJOJOH '%*$ JOEFNOJGJDBUJPO BTTFU BOE BTTPDJBUFE BTTFUT BOE MJBCJMJUJFT
SFTVMUJOH JO B QSF UBY MPTT PG
NJMMJPO 5IF $PNQBOZ XJMM CFOFGJU GSPN BMM GVUVSF SFDPWFSJFT
BOE CF SFTQPOTJCMF GPS BMM GVUVSF MPTTFT BOE FYQFOTFT SFMBUFE UP
UIF BTTFUT QSFWJPVTMZ TVCKFDU UP UIF BGPSFNFOUJPOFE MPTT TIBSF BHSFFNFOUT
*O UIF UIJSE RVBSUFS PG
UIF $PNQBOZ BDRVJSFE 4BCBEFMM 6OJUFE $FSUBJO MPBOT UIBU XFSF BDRVJSFE JO UIJT USBOTBDUJPO BSF
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47


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48


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