Santa Monica City Council
July 14, 2026

SMTMD Annual Report Page 1 of 7 April 1, 2026
2026 SMTMD Annual Report
Santa Monica Travel & Tourism
April 1, 2026
Introduction
This report outlines the annual Tourism Marketing District plan from Santa Monica Travel & Tourism, a not-for-profit organization that works to strengthen our local economy by enhancing and promoting our community as a distinctive, compelling and welcoming travel destination.

Background
Pursuant to Section 36650 of the Property and Business Improvement District Law of 1994, Streets and Highways Code Division 18, Santa Monica Travel and Tourism submits annual reports outlining the improvements and activities to be provided for the calendar year.

Submitted to:

Jennifer Taylor, Economic Development Manager, City of Santa Monica Oscar Santiago, Director of Finance, City of Santa Monica Prepared by:

Misti Kerns, President/CEO of Santa Monica Travel & Tourism For the Period of:

Fiscal Year 2026-2027
Submitted on April 1, 2026: ________
Enclosures:

Attachment A. 2026-2027 Budget
Attachment B. TMD ADR Assessment for 2025
Attachment C. Tourism Marketing District Plan
Attachment D. 2026-2027 Operating Plan
SMTMD Annual Report Page 2 of 7 April 1, 2026
Santa Monica Travel and Tourism
TMD Report Plan for Fiscal Year 2026-2027
Section One – Proposed Boundary Changes
Definition: Per section 36650 Report by Owners Association; Approval or modification by city council section (b)(1): Any proposed changes in the boundaries of the improvement district or in any benefit zones or classification of businesses within the district.

Response: In the fiscal year 2026-2027, there will be no changes in the boundaries of the improvement district.

SMTMD Annual Report Page 3 of 7 April 1, 2026
Section Two – Programs and Services for Fiscal Year 2026-27 Definition: Per section 36650 Report by Owners Association; Approval or modification by city council section (b)(2): The improvements and activities to be provided for that fiscal year.

Programs and Services:

See Attachment D: 2026-2027 Operating Plan.

SMTMD Annual Report Page 4 of 7 April 1, 2026
Section Three – Approved Budget for Fiscal Year 2026-2027 Definition: Per section 36650 Report by Owners Association; Approval or modification by city council section (b)(3): An estimate of the cost of providing the improvements and the activities for that fiscal year.

Response: See Attachment A. 2026-2027 Budget. The 2026-2027 Budget was presented to the SMTT Board of Directors on March 18, 2026, where the Board of Directors approved the budget as presented unanimously. Minutes from the March 18, 2026, Board of Directors Meeting adopting the 2026-2027 budget will be presented at the June 10, 2026, Joint Annual Board and TMD Committee Meeting. Following the June 10, 2026 meeting, SMTT will forward the final minutes within 48 hours to the Economic Development Department.

SMTMD Annual Report Page 5 of 7 April 1, 2026
Section Four – Assessment Rates
Definition: Per section 36650 Report by Owners Association; Approval or modification by city council section (b)(4): The method and basis of levying the assessment in sufficient detail to allow each business owner to estimate the amount of the assessment to be levied against his or her business for that fiscal year.

Response:

Pursuant to Section V(B) of the Management District Plan, assessment rates may be increased annually by a maximum of $0.25 for Tier 1 and 2 lodging businesses and a maximum of $0.10 for Tier 3 lodging businesses. Assessment rates are based on the assessed lodging businesses’ average daily rate, based on the previous year’s performance. Lodging businesses with an average daily rate less than $100 will not be included in the district or assessed.

The TMD Hotel Committee held a special quarterly meeting on March 17, 2026, voting unanimously to move the July 1, 2026, assessment start date to January 1, 2027, and unanimously voting to increase the TMD collection rates for calendar year 2027, the rates for calendar year 2027 are listed below:

Average Daily Rate Assessment Per Occupied Room Per Night for January 1, 2025
Tier 3: $100-$199.99 $2.40
Tier 2: $200-$300 $6.50
Tier 1: Over $300 $7.50
See Attachment B. TMD ADR Assessment for 2025.

SMTMD Annual Report Page 6 of 7 April 1, 2026
Section Five – Carryover Dollars from Fiscal Year 2025-2026 Definition: Per section 36650 Report by Owners Association; Approval or modification by city council section (b)(5): The estimated amount of any surplus or deficit revenues to be carried over from a previous fiscal year.

Response: There are estimated to be no carryover dollars from previous fiscal year.

The contingency balance for fiscal year ending June 30, 2025, was $274,121.17 (4.23% of the annual funds per the SMTMD plan).

SMTMD Annual Report Page 7 of 7 April 1, 2026
Section Six – Estimated In-Kind Contributions for Fiscal Year 2026- 2027
Definition: Per section 36650 Report by Owners Association; Approval or modification by city council section (b)(6): The estimated amount of any contributions to be made from sources other than assessments levied pursuant to this part.

Response: The projected in-kind contributions for the year 2026-2027 are $365,000.

These are additional contributions from local businesses (in-kind) towards programs and services.





















!


"




$


 $$#
5$"21(3$

2++!/6

,$

*!,
4-
2,#(,&

-2/"$0 
2,#(,&

-2/"$0 

/-&/!+0


$/3("$0 
!,$

/(3$
!*!,"$
$+!,#
%-/
1'$
$01(,!1(-, 

/!3$*
/!#$
7 -+$01("

,1$/,!1(-,!*
!/)$10 

!,1!
-,("!
$$1
!,$

,'!,"$
1'$
/!,#
!,#

1$4!/#
1'$
$01(,!1(-,
5.$/($,"$

5.$/($,"$
!,!&$+$,1

*!,



-2/(0+
+./-3$+$,1
(01/("1
 
/!,#
!+.!(&, 

!(#
$#(! 
-,1$,1
!,#

-"(!*
$#(! 
0!,1!+-,("!"-+

$#(!

$*!1(-,0

/(0(0
-++2,("!1(-,0

!,$


'!+.(-,
1'$
!*2$
-%
-2/(0+

-!/#
,&!&$+$,1

-++2,(16

(3("

$*!1(-,0


!,1!
-,(



-2/(0+
,#201/6
$!#$/0'(.


+

!,1!
-,("!

!,$



1/$,&1'$,

1/!1$&("

!/1,$/0'(.0


1/!1$&("

!/1,$/0'(.0

!,$


,02/$
.$/!1(-,!*
5"$**$,"$

.$/!1(-,!*
5"$**$,"$

+$/&$,"6

/$.!/$#,$00

$01(,!1(-,
!/)$1(,&
""/$#(1!1(-,

/-&/!+



*-0(,&


(%$&
#%

")

95F
-5BH5
'CB=75

CAAIB=HM
5B8
.CIF=GA

IG=B9GG
*5FHB9FG

)B
69<5@:
C:
H<9
9BH=F9

C5F8
C:

=F97HCFG
5B8
-5BH5
'CB=75
.F5J9@

.CIF=GA
-'..

GH5::
A9A69FG

K9
5F9
D@95G98
HC
DF9G9BH
CIF
DFC;F5A
5B8
G9FJ=79G
CD9F5H=B;
D@5B 7CJ9F=B;
$I@M



H<FCI;<
$IB9




)J9F
H<9
D5GH
:=J9
M95FG

-5BH5
'CB=75
<5G
A589
G=;B=:=75BH
DFC;F9GG

5B8
CIF

89GH=B5H=CB
7CBH=BI9G
HC
89ACBGHF5H9
F9G=@=9B79
5B8
;FCKH<
"CK9J9F

H<9
7IFF9BH

;9CDC@=H=75@
7@=A5H9
DF9G9BHG
F95@
<958K=B8G
H<5H
K=@@
G@CK
CIF
DFC;F9GG
HC
5
:I@@
5B8
GIGH5=B98
F97CJ9FM
!@C65@
=BGH56=@=HM

9JC@J=B;
HF5J9@
DC@=7=9G
5B8
G<=:HG
=B
HF5J9@9F

G9BH=A9BH
<5J9
7F95H98
5B
9BJ=FCBA9BH
H<5H
F9EI=F9G
H<CI;<H:I@
D@5BB=B;
GHF5H9;=7

=BJ9GHA9BH
5B8
IB=:=98
7CAAIB=HM
@9589FG<=D

"=GHCF=75@@M

DF=CF
HC


5DDFCL=A5H9@M

C: -5BH5
'CB=75UG
J=G=H5H=CB
CF=;=B5H98
:FCA
?9M
=BH9FB5H=CB5@
A5F?9HG

CF
897589G

5HHF57H=B;
H<=G
J=G=HCF
65G9
<5G
699B
5
7CF9

GHF5H9;=7
DF=CF=HM

#BH9FB5H=CB5@
J=G=HCFG
GH5M
@CB;9F =B
H<9
89GH=B5H=CB
IH=@=N9
DI6@=7

HF5BGDCFH5H=CB

5B8
GD9B8
ACF9
D9F
HF=D

89@=J9F=B;
5
8=GDFCDCFH=CB5H9@M
<=;<
97CBCA=7

=AD57H
HC
CIF
<CH9@G

F9GH5IF5BHG

F9H5=@

K9@@B9GG
9LD9F=9B79G
5B8
7I@HIF5@
=BGH=HIH=CBG
K<=@9
=B7F95G=B;
9AD@CMA9BH

HF5BG=9BH
C77ID5B7M
H5L9G
.).
F9H5=@
G5@9G
H5L9G
5B8
DFCJ=8=B;
A5BM
@=:9GHM@9
7<C=79G
:CF
CIF
F9G=89BHG

#B


H<9
/B=H98
-H5H9G
9LD9F=9B798
5


897@=B9
=B
=BH9FB5H=CB5@
J=G=H5H=CB
Q H<9

:=FGH
8CKBHIFB
G=B79
H<9
D5B89A=7
F97CJ9FM
69;5B

@H<CI;<

F5B8
/-
K5G

F95IH<CF=N98
6M
H<9
:989F5@
58A=B=GHF5H=CB
H<FCI;<

=H
=G
CD9F5H=B;
K=H<
5B


6I8;9H
7IH
=B
BCB
:989F5@
:IB8=B;

G=;B=:=75BH@M
F98I7=B;
H<9
/B=H98
-H5H9GU
F957<
5B8

J=G=6=@=HM
56FC58
5G
5
HF5J9@
89GH=B5H=CB
#B8IGHFM
5B5@MGHG
5HHF=6IH9
H<=G
897@=B9
HC

9LD5B898
=AA=;F5H=CB
9B:CF79A9BH

=B7F95G98
6CF89F
G7FIH=BM
5B8
;@C65@
H5F=::

H9BG=CBG

5@@
C:
K<=7<
<5J9
7CBHF=6IH98
HC
5
;FCK=B;
D9F79DH=CB
H<5H
H<9
/ -

=G
5
@9GG

K9@7CA=B;
89GH=B5H=CB
)B;C=B;
KCF@8K=89 7CB:@=7HG
<5J9
8=GFIDH98
A5>CF
=BH9FB5H=CB5@
5=F
7CFF=8CFG

;FCIB8=B;
DCFH=CBG
C:
5=FGD579
5B8
=B7F95G=B;
HF5J9@9F
<9G=H5H=CB
=B
G9J9F5@
?9M
@CB;
<5I@
A5F?9HG

!CJ9FBA9BH
G<IH8CKBG
H<9
D5IG9
CB
!@C65@
BHFM
DFC;F5A 5B8

.-
GH5::=B;
7<5@@9B;9G

5@@
7CA6=B98
H<9G9
89J9@CDA9BHG
<5J9
A589
HF5J9@
D@5BB=B;
ACF9
7CAD@9L
5B8

=B
GCA9
75G9G

8=G7CIF5;98
=BH9FB5H=CB5@
5B8
8CA9GH=7
J=G=H5H=CB

IFH<9F
7CADCIB8=B;
H<9G9
7<5@@9B;9G

H<9
/
-

.F5J9@
GGC7=5H=CB
=G
ACB=HCF=B;
5
/
-

IGHCAG
5B8

CF89F
*FCH97H=CB


*
DFCDCG5@
A5B85H=B;
:=J9
M95F
<=GHCFM
C:
GC7=5@

A98=5
85H5
7C@@97H=CB
:CF
0=G5
15=J9F
*FC;F5A
HF5J9@9FG
H<FCI;<
7<5B;9G
HC
H<9
@97HFCB=7
-MGH9A
:CF
.F5J9@
IH<CF=N5H=CB
-. 5DD@=75H=CB :CF
9J9FMCB9
K<C
D@5BG
HC
5FF=J9 =B
H<9
/
-

K<=7< A5M
=B7@I89
HCIF=GH :FCA

J=G5
:F99
7CIBHF=9G

.<9
1CF@8

.F5J9@
5B8
.CIF=GA

CIB7=@
1..

9GH=A5H9G
H<9
DFCDCG5@
7CI@8
7CGH
H<9
/
-


97CBCAM


6=@@=CB
=B
@CGH
=BH9FB5H=CB5@
J=G=HCF
GD9B8=B;


0=G5
#BH9;F=HM
5B8

CF89F
-97IF=HM
99
G=;B98
=BHC
@5K
CB
$I@M


 588G
5
A5B85HCFM
:99
CB
HCD
C:
H<9

9L=GH=B;
:99
C:

:CF
J=FHI5@@M
9J9FM
BCB=AA=;F5BH
J=G5
75H9;CFM
*C@=7=9G
H<5H
7F95H9


588=H=CB5@
7CGH
5B8
:F=7H=CB
=B
H<9
HF5J9@
9LD9F=9B79 Q K<9H<9F
F95@
CF
D9F79=J98 Q 75B
<5J9
5B
CIHG=N98
=AD57H
CB
89GH=B5H=CB
7CAD9H=H=J9B9GG
5B8
HF5J9@9F
897=G=CB A5?=B;

!=J9B
-5BH5
'CB=75UG
<=GHCF=75@
F9@=5B79
CB
Q 5B8
GI779GG
K=H< Q =BH9FB5H=CB5@
HF5J9@9FG

H<9G9
B5H=CB5@
HF9B8G
8=F97H@M
=AD57H
CIF
@C75@
F97CJ9FM
HF5>97HCFM
-HF5H9;=7

=BJ9GHA9BH
5B8
DFC57H=J9
8CA9GH=7
5B8
;@C65@
A9GG5;=B;
K=@@
69
7F=H=75@
HC
DFCH97H=B;
A5F?9H
G<5F9
5B8
9BGIF=B;
K9
F9A5=B
7CAD9H=H=J9
=B
5B
=B7F95G=B;@M
IB79FH5=B
9BJ=FCBA9BH
-HF9B;H<9B=B;
F9;=CB5@
5B8
8CA9GH=7
J=G=H5H=CB K=@@
69
9EI5@@M
=ADCFH5BH
HC
CIF
A5F?9H=B;
GHF5H9;=9G

5G
H<=G
A5F?9H
<5G
89ACBGHF5H98
F9G=@=9B79
5B8
;FCKH< K<=@9
DFCJ=8=B; 5
7F=H=75@
GH56=@=N=B;
:CF79
:CF
H<9
@C75@
HCIF=GA
97CBCAM
8IF=B;
D9F=C8G
C:
;@C65@
8=GFIDH=CB

B7CIF5;=B;@M

H<9F9
=G
75IH=CIG
CDH=A=GA
CB
H<9
<CF=NCB
89GD=H9
H<9
5:CF9A9BH=CB98
7<5@@9B;9G

!@C65@
A9;5
9J9BHG
=B7@I8=B;
H<9

# 
1CF@8

ID

H<9

-ID9F

CK@

5B8
H<9

-IAA9F
)@MAD=7
5B8
*5F5@MAD=7
!5A9G
K=@@
D@579
&CG
B;9@9G
5H
H<9
79BH9F C:
=BH9FB5H=CB5@
5HH9BH=CB

-5BH5
'CB=75
=G
IB=EI9@M
DCG=H=CB98
HC
69B9:=H
:FCA

H<=G
IBDF97989BH98
J=G=6=@=HM
;=J9B
CIF
DFCL=A=HM

;@C65@
6F5B8
F97C;B=H=CB
5B8

9GH56@=G<98
J=G=HCF
=B:F5GHFI7HIF9
#B
DF9D5F5H=CB
:CF
H<9G9 <=GHCF=7
ACA9BHG

H<9

=HM
C:

-5BH5
'CB=75
5B8
7CAAIB=HM
D5FHB9FG
5F9
A5?=B;
A95B=B;:I@
=BJ9GHA9BHG
HC
9B<5B79
H<9
J=G=HCF
5B8
F9G=89BH
9LD9F=9B79 Q =B7@I8=B;
695IH=:=75H=CB
9::CFHG
9LD5B898
7@95B=B;

5B8
G5:9HM
=B=H=5H=J9G

=B:F5GHFI7HIF9
ID;F589G
5B8
DI6@=7
F95@A
=ADFCJ9A9BHG
Q 5@@
C:
K<=7<
5F9 89G=;B98
HC
9BGIF9
CIF
89GH=B5H=CB
=G
F958M
:CF
DF=A9
H=A9
CB
H<9
KCF@8
GH5;9

19
F9A5=B
@5G9F
:C7IG98
CB
?99D=B;
-5BH5
'CB=75
=B
H<9
7CBJ9FG5H=CB Q 5G
5
;CC8
B9KG
9B;=B9 5B8 6F5B8
GH9K5F8

K<=@9
:57=@=H5H=B; A98=5
5B8
=B:@I9B79F
<CGH=B;


6FC5875GH
=BH9;F5H=CBG
5B8
6F5B8
D5FHB9FG<=DG



0=G=6=@=HM
5@CB9
8C9G
BCH
;I5F5BH99
J=G=H5H=CB


CBH=BI98
B9;5H=J9
D9F79DH=CBG
5B8

G9BH=A9BH
56CIH
HF5J9@
HC
H<9
/B=H98
-H5H9G
K=H<=B
?9M
=BH9FB5H=CB5@
A5F?9HG
H<F95H9BG
HC
85AD9B
H<9
:I@@
97CBCA=7
DCH9BH=5@
C:
H<9G9
9J9BHG
Q ACGH
BCH56@M K=H<
H<9
ID7CA=B;
1CF@8
ID


CBJ9FH=B; ;@C65@
5HH9BH=CB
=BHC
7CB:=FA98
6CC?=B;G
5B8
J=G=HG
K=@@
F9EI=F9
GIGH5=B98
A5F?9H=B;
=BJ9GHA9BH

GHFCB;
=BH9FB5H=CB5@
D5FHB9FG<=DG
5B8
5
7@95F
A9GG5;9
H<5H
-5BH5
'CB=75
=G
K9@7CA=B; HC
5@@

=G
5779GG=6@9
5B8
7CAD9H=H=J9
19
K=@@
GIGH5=B
@CB;

H9FA
=BJ9GHA9BH
HC
89:9B8
6F5B8
<95@H<
5B8
F95779@9F5H9
J=G=H5H=CB
.<9G9
8MB5A=7G

8=F97H@M
=AD57H
H<9
97CBCA=7
<95@H<
C:
-5BH5
'CB=75UG
<CH9@G
F9GH5IF5BHG
5HHF57H=CBG


F9H5=@
9GH56@=G<A9BHG

7=HM
F9J9BI9G
5B8
I@H=A5H9@M
CIF
F9G=89BHG
5B8
KCF?:CF79

.C
9BGIF9
5
GHFCB;

F9G=@=9BH

5B8
J=6F5BH
-5BH5
'CB=75

CIF
CD9F5H=CB5@ GHF5H9;M
=G

9EI5@@M
5G
=ADCFH5BH
5G
CIF
9LH9FB5@
A5F?9H=B;
9::CFHG

)J9F
H<9
B9LH
M95F
-'..
K=@@

7CBH=BI9
HC
DFC8I79
CIF
5BBI5@
97CBCA=7
=AD57H
GHI8M
5B8
@9J9F5;9
@958=B;
=B8IGHFM
D5FHB9FG
K=H<
FC6IGH
F9G95F7<
HCC@G
HC
=89BH=:M
HF9B8G

A95GIF9
D9F:CFA5B79
5B8
=B:CFA

GHF5H9;=7
897=G=CB
A5?=B;

.<9G9
=BG=;<HG
K=@@
;I=89
H5F;9H98
=BJ9GHA9BHG
=B
6CH<
=BH9FB5H=CB5@
5B8
8CA9GH=7
A5F?9HG

5@@CK=B;
IG
HC
89D@CM
F9GCIF79G
K<9F9
H<9M
K=@@

<5J9
H<9
;F95H9GH
97CBCA=7
=AD57H


-5BH5
'CB=75UG
HCIF=GA
=B8IGHFM
=G
5
7F=H=75@
GCIF79
C:
>C6G
5B8
F9J9BI9
H<5H
7CBHF=6IH9G
HC
5
H<F=J=B;
5B8
GIGH5=B56@9
@C75@
97CBCAM

*F9
D5B89A=7

J=G=HCF
GD9B8=B;
K5G
B95F@M


6=@@=CB
K=H<
.F5BG=9BH
)77ID5B7M
.5L
.).
;9B9F5H=B;
CJ9F

A=@@=CB
=BHC
H<9
=HM

C:
-5BH5
'CB=75UG
;9B9F5@
:IB8
B 9GH=A5H98

C:
H<9
7=HMG
;9B9F5@
:IB8
F9J9BI9
=G
8=F97H@M
5HHF=6IH56@9
HC
HCIF=GA 5B8 DFCJ=89G :CF
9GG9BH=5@
7=HM
G9FJ=79G
=B7@I8=B;
DC@=79

5B8
:=F9

D5F?G

@=6F5F=9G

98I75H=CB 5B8
FC58
=ADFCJ9A9BHG

@CG9
7C@@56CF5H=CB
K=H<
H<9

=HM
C:
-5BH5
'CB=75UG '5MCF
7=HM
A5B5;9F

7CIB7=@

A9A69FG
5B8
89D5FHA9BHG

CIF
@C75@
6IG=B9GG9G
5B8
F9G=89BHG
K=@@
F9A5=B
79BHF5@
HC
CIF
5DDFC57<

19
K=@@
:IFH<9F
GIDDCFH
H<9
7=HMUG
,95@=;BA9BH
*@5B
@=;BA9BH
)IF

HF5BGD5F9B7M
5B8
85H5
8F=J9B
D@5BB=B;
K=@@
9B56@9
IG
HC
F9A5=B
B=A6@9
5B8 F9GDCB8
9::97H=J9@M
HC
A5F?9H
G<=:HG
K<=@9
A5L=A=N=B;
H<9
97CBCA=7
69B9:=HG
C:
HCIF=GA
:CF
H<9
9BH=F9
7CAAIB=HM
G
K9
DF9D5F9
:CF
H<9
;@C65@
GDCH@=;<H
5<958

GHF9B;H<9B=B;

D5FHB9FG<=DG
57FCGG
H<9
DI6@=7
5B8
DF=J5H9
G97HCFG
K=@@
69
7F=H=75@
HC
89@=J9F=B;
5
G95A@9GG
5B8
K9@7CA=B;
9LD9F=9B79
:CF
9J9FM
J=G=HCF
)IF
;@C65@
F9DIH5H=CB
5G
5

DF9A=9F
HF5J9@
89GH=B5H=CB
75BBCH
69
H5?9B
:CF
;F5BH98
=H
F9EI=F9G
CB;C=B;
=BJ9GHA9BH

GHF5H9;=7
GHCFMH9@@=B;
5B8
5
7C@@97H=J9
7CAA=HA9BH
HC
9L79@@9B79

J9B
5G
K9
F9:@97H
CB
H<9
CB;C=B;
9::97HG
C:
H<=G
A5>CF
;@C65@
8=GFIDH=CB K9
@CC?
HC
:IHIF9

DFCC:=B;
-5BH5
'CB=75UG
A5F?9H
G<5F9
5B8
:I@@M
F9GHCF=B;
J=G=H5H=CB &=J9
9J9BHG
K=@@
?99D

IG
=B
H<9
7CBJ9FG5H=CB
5B8
7@95B
5B8
G5:9
9LD9F=9B79G K=@@
89J9@CD
DCG=H=J9
6F5B8
5::=B=HM 5B8
;9B9F5H9 F9HIFB
7IGHCA9FG
19
AIGH
:C7IG
CB
=BJ9GHA9BHG

D5FHB9FG<=DG

=BBCJ5H=CB

5B8
7C@@56CF5H=CB
K=H<
5@@
G97HCFG 5B8
7F95H9
CDDCFHIB=H=9G
HC
K=B
.<=G
K=@@
<9@D
GHF9B;H<9B

CIF
6IG=B9GG9G

?99D
>C6G
=B
CIF
5F95
5B8
GIGH5=B
H<9
J=H5@
HCIF=GA
F9J9BI9G
H<5H
GIDDCFH
9GG9BH=5@
7=HM
G9FJ=79G
:CF
CIF
F9G=89BHG

6IG=B9GG9G

9AD@CM99G
5B8
J=G=HCFG

.<9F9
=G
AI7<
HC
79@96F5H9
=B
H<9
M95F
5<958

-5BH5
'CB=75
7CBH=BI9G
HC
7I@H=J5H9
5

J=6F5BH
75@9B85F
C:
7I@HIF5@
DFC;F5AA=B;
5B8
G=;B5HIF9
9J9BHG
H<5H
5HHF57H
6CH<
J=G=HCFG
5B8
F9G=89BHG
5@=?9

LD9F=9B79G
GI7<
5G
H<9
!C@89BJC=79
'IG=7
9GH=J5@

H<9
-5BH5

'CB=75
#BH9FB5H=CB5@
$5NN
9GH=J5@
5B8
H<9
,CIH9


9BH9BB=5@
57H=J=H=9G
5B8
-CB;

CBH9GH
57H=J5H=CBG
5B8
9J9BHG
K=@@
:IFH<9F
9@9J5H9
-5BH5
'CB=75UG
DFC:=@9
5G
5
8MB5A=7
7I@HIF5@
89GH=B5H=CB
K<=@9
8F=J=B;
A95B=B;:I@
@C75@
F9;=CB5@
T85MU J=G=H5H=CB Q 5B8
=B7F95G9
H<9
CJ9F5@@
@9B;H<
C:
GH5M

-=B79
=BH9FB5H=CB5@
HF5J9@
F9A5=BG
5
@CB;
H9FA DF=CF=HM
K9
K=@@
A5=BH5=B
A5F?9H
7CJ9F5;9

K<=@9
CDH=A=N=B; CIF
=BJ9GHA9BH

.<=G
=B7@I89G DF=CF=H=N=B; 8CA9GH=7
5B8
8F=J9
A5F?9H

J=G=H5H=CB
5B8
@95B=B; :IFH<9F
=BHC
'#

A99H=B;G

=B79BH=J9G

7CBJ9BH=CBG

5B8
9J9BHG

5G
H<9M
D@5M
5B
=B7F95G=B;@M
=ADCFH5BH
FC@9
=B
GIGH5=B=B;
B95F H9FA
;FCKH<

-5BH5

'CB=75UG
=7CB=7
6F5B8

KCF@8
7@5GG
7C5GH@=B9

K5@?56@9
B9=;<6CF<CC8G
5B8
8=J9FG9

7I@=B5FM
5B8
7I@HIF5@
C::9F=B;G
7CBH=BI9
HC
F9GCB5H9
GHFCB;@M
K=H<
HF5J9@9FG
G99?=B;
5IH<9BH=7

5@=:CFB=5
9LD9F=9B79G



-5BH5
'CB=75
=G
GHFCB;
7CAAIB=HM K=H< 5
@CH
C:
GD=F=H

5B8
K<9B
K9
7CA9
HC;9H<9F
5G
CB9


K9
75BUH
69
GHCDD98
G
DC9H
A=@M

=7?=BGCB
G5=8
R#
8K9@@
=B
DCGG=6=@=HM
S
#B
;F5H=HI89

'=GH=
%9FBG


'*

'
*F9G=89BH

)
-5BH5
'CB=75
.F5J9@

.CIF=GA


!

$'
%
# %"#
-5BH5
'CB=75
7CBH=BI9G
HC
F97CJ9F
K=H<
AC89F5H9
;FCKH<
=B
HF5J9@
5B8
DFC;F9GG
A95B=B;:I@
97CBCA=7
F97CJ9FM

H
H<9
G5A9
H=A9

K9
F9A5=B
J=;=@5BH
5B8
F9GDCBG=J9
HC

G<=:HG
=B
IB79FH5=BHM
=B
H<9
HF5J9@
=B8IGHFM

;9CDC@=H=75@
7CB8=H=CBG

5B8
7CAAIB=HM

DF=CF=H=9G

1<=@9
-5BH5
'CB=75
.F5J9@

.CIF=GA
-'..
=G
GIDDCFH98
H<FCI;<
HKC
8=GH=B7H
:IB8=B;
GCIF79G

H<9
CF;5B=N5H=CB
CD9F5H9G
IB89F
CB9
7C<9G=J9
GHF5H9;=7
D@5B
)IF
HKC
M95F

FC@@=B;
GHF5H9;=7
D@5B
9BGIF9G
5@=;BA9BH
57FCGG
DFC;F5AG
89D5FHA9BHG

5B8
=BJ9GHA9BHG

HC
A5L=A=N9
=AD57H
5B8
9::=7=9B7M
1<=@9
DFC;F5AG
5B8
A5F?9H
GHF5H9;=9G
9JC@J9
HC
A99H

7IFF9BH
F95@=H=9G

CIF
:=J9
7CF9
GHF5H9;=7
:C7IG
5F95G
F9A5=B
7CBGH5BH
• 











• 















• 









• 









• 







.<=G
KCF?
D@5B
CIH@=B9G
CIF
=B=H=5H=J9G
5B8
DFC;F5AG
K=H<=B
957<
C:
H<9G9
GHF5H9;=7
D=@@5FG

.<9
:C@@CK=B;
G97H=CB
DFCJ=89G
5B
CJ9FJ=9K
C:
CIF
:IB8=B;
GCIF79G
5B8
9LD9B8=HIF9G
5@=;B98
57FCGG
89D5FHA9BHG

K=H<
588=H=CB5@
89H5=@G
CB
7=HM
:IB898
DFC;F5AG
=B7@I898
:CF

F9:9F9B79

*FCACH=B;
-5BH5
'CB=75
5B8
H<9
IB=EI9
9LD9F=9B79G
=H
C::9FG
G9FJ9G
5G
5
75H5@MGH
:CF
97CBCA=7
89J9@CDA9BH

-'..UG
DIFDCG9
=G
HC
6I=@8

DFCH97H

5B8
DFCACH9
-5BH5
'CB=75UG

6F5B8
5B8
=BH9FB5H=CB5@
F9DIH5H=CB
5HHF57H
897=G=CB
A5?9FG
5B8
B9K
=BJ9GHA9BH
5B8
<9@D

@C75@
J=G=HCF
G9FJ=79G 6IG=B9GG9G
9LD5B8
H<9=F
;@C65@
F957<

9GH=B5H=CB
DFCACH=CB

GIGH5=BG
5B8 7F95H9G
@C75@
>C6G

;9B9F5H9G
H5L
F9J9BI9

5B8
9B<5B79G
H<9
EI5@=HM
C:
@=:9

:CF
F9G=89BHG

.<9
-5BH5
'CB=75
.CIF=GA
'5F?9H=B;

=GHF=7H
-'.'

K5G
9GH56@=G<98
=B


5B8
=HG

=BH9BH K5G
BCH
=BH9B898
HC
F9D@579
7=HM
:IB8=B;

,5H<9F

=H
K5G
89G=;B98
HC
89ACBGHF5H9
5

DI6@=7
DF=J5H9
D5FHB9FG<=D
69HK99B
H<9

=HM
C:
-5BH5
'CB=75
5B8
H<9
<CH9@
7CAAIB=HM
5

7C@@56CF5H=J9
AC89@
HC
8F=J9
9AD@CMA9BH

=B7F95G9
H5L
F9J9BI9G

5B8
GHF9B;H<9B
H<9
@C75@

97CBCAM

.<=G
D5FHB9FG<=D
<5G
DFCJ9B
GI779GG:I@

9MCB8
CIF
<CH9@G

<IB8F98G
C:
6IG=B9GG9G
=B
-5BH5
'CB=75 8=F97H@M
69B9:=H
:FCA
5
GHFCB;
J=G=HCF
97CBCAM


=HM
:IB8=B;
9BGIF9G
H<9G9
@C75@
6IG=B9GG9G
5F9
DFCACH98
5B8
7CBB97H98
HC
J=G=HCF
89A5B8

-A5@@
6IG=B9GG9G
F9@M
CB
H<=G
GIDDCFH

5G
A5BM
@57?
H<9

G75@9
5B8
F9GCIF79G
HC
=B89D9B89BH@M
F957<
<=;<
J5@I9
8CA9GH=7
5B8
=BH9FB5H=CB5@

HF5J9@9FG

.<=G
GIDDCFH
F9A5=BG
9GD97=5@@M
7F=H=75@
5G
CIF
7CAAIB=HM
7CBH=BI9G
F96I=@8=B;
:FCA
F979BH
97CBCA=7
8=GFIDH=CBG

=HM
:IB8=B;
5@GC
9B56@9G
-'..
HC
DFCJ=89
9GG9BH=5@
J=G=HCF
G9FJ=79G
HC
ACF9
H<5B
9=;<H
A=@@=CB
5BBI5@
J=G=HCFG
CB79
H<9M
5FF=J9
=B
CIF
7CAAIB=HM
.<9G9
G9FJ=79G
<9@D
8=F97H

J=G=HCFG
HC
6IG=B9GG9G
57FCGG
5@@
B9=;<6CF<CC8G

9B7CIF5;=B;
5
@CB;9F @9B;H<
C:
GH5M

H<9

CDDCFHIB=HM
HC
7CAAIB=75H9
@C75@
CF8=B5B79G

DFCACH9
F9GDCBG=6@9
HF5J9@
69<5J=CF

5B8

GIDDCFH
DI6@=7
G5:9HM
5K5F9B9GG
F9GDCBG=6=@=H=9G
H<5H
K=@@
F9EI=F9
=B7F95G98
5HH9BH=CB
5G
J=G=H5H=CB
;FCKG

'5=BH5=B=B;
5
65G9
C:
7=HM
:IB8=B;
5@@CKG
-'..
HC
GHF5H9;=75@@M
89D@CM
.'
F9GCIF79G

HCK5F8
GIGH5=B98

7CAD9H=H=J9
A5F?9H=B;
9::CFHG
=B
HCD
D9F:CFA=B;
8CA9GH=7
5B8

=BH9FB5H=CB5@
A5F?9HG H<5H
7CI@8
BCH
69
57<=9J98
CH<9FK=G9

$)
%
%#
)
!"$
$
*FC;F5AG
5B8
G9FJ=79G
IH=@=N=B;
7=HM
:IB8=B;
5F9
CIH@=B98
69@CK
6M
89D5FHA9BH

+;5/=381
O *FC8I79
H<9
.CIF=GA
7CBCA=7
#AD57H
,9DCFH
ACBH<@M

EI5FH9F@M
5B8
5BBI5@@M

O
CAAIB=HM
GDCBGCFG<=DG
6I8;9H
D9FA=HH=B;
=B7@I898
6IH
BCH
@=A=H98
HC
#
5H

-5BH5
'CB=75

,CIH9


9BH9BB=5@

-5'C
*F=89

*=9F



IM
&C75@UG
'CGH

&CJ98
7CBH9GH

H<
C:
$I@M
*5F589

-=GH9F

=HM
GGC7=5H=CB

-5BH5
'CB=75
*C@=79

7H=J=H=9G
&95;I9


<FMG5@=G

@C75@
MCIH<
AIG=7
;FCIDG

-5BH5
'CB=75

CBG9FJ5B7M

-5BH5
'CB=75
"=GHCFM
'IG9IA


IG=B9GG
#ADFCJ9A9BH

=GHF=7H


#

58J9FH=G=B;
D5FHB9FG<=DG
5B8
-'
*UG
T.=G
H<9
-95GCB
;I=89


O -IGH5=B
CB;C=B;
GDCBGCFG<=D
7CAA=HA9BHG
:CF
B9K@M
9GH56@=G<98
9J9BHG
GI7< 5G

H<9
-5BH5
'CB=75
#BH9FB5H=CB5@
$5NN
9GH=J5@

&
1=B9

CC8
9GH=J5@

.97<
199?

5B8
F=9N9
&CG
B;9@9G

O /D85H9

ACB=HCF
5B8
:57=@=H5H9
H<9
9L97IH=CB
C:
H<9
-5BH5
'CB=75
LD9F=9B79
'5B5;9A9BH
*@5B
'* HC
=B7CFDCF5H9
H<9

=HM
C:
-5BH5
'CB=75UG
,95@=;BA9BH

*@5B

O *9F:CFA
HF5J9@9F
5B8
F9G=89BH
CIHF957<
H<FCI;<
@C75@
98I75H=CB
5B8
58J9FH=G=B;
75AD5=;BG
DFCACH=B;
0=G=HCF
#B:CFA5H=CB

9BH9FG

75F
:F99
A9GG5;=B;


F9GDCBG=6@9
HF5J9@
69<5J=CF

GIGH5=B56=@=HM

F9=B:CF7=B;
5B8
G<5F=B;
@C75@

CF8=B5B79G

DI6@=7
G5:9HM

7F=G=G
7CAAIB=75H=CBG
5G
B99898
5B8
97CBCA=7

=AD57H
F9G95F7< =BH9F79DHG

O !5H<9F
97CBCA=7
=AD57H
85H5
:FCA
.CIF=GA
7CBCA=7G
5B8
CH<9F
F9G95F7<
D5FHB9FG
HC
6I=@8
5
85G<6C5F8
K=H<
?9M
=BG=;<HG
CB
HF5J9@
89A5B8
5B8
CIH@CC?

O -9B8
B9KG@9HH9FG
HC
-5BH5
'CB=75
7CAAIB=HM
5B8
F9G=89BHG
8IF=B;
6CH<
9A9F;9B7=9G
5B8
CB
5
F9;I@5F
7589B79
HC
?99D
H<9A
=B:CFA98
5B8
9B7CIF5;9
H<9A
HC
GD9B8
@C75@
5B8
=BJ=H9
:F=9B8G
5B8
:5A=@M
HC
J=G=H

O -IDDCFH

=HM
C:
-5BH5
'CB=75
DFC;F5AG
5B8
CH<9F
D5FHB9FG
K=H<
F9;I@5F
GC7=5@
A98=5 DCGHG
5B8
9B;5;9A9BH


O -<5F9
ID85H9G
K=H<
H<9
@C75@
-5BH5
'CB=75
7CAAIB=HM
H<FCI;<
H<9
8=;=H5@
?=CG?G
Q =B7@I8=B;
ID7CA=B;
9J9BHG
5B8
6IG=B9GG
GD97=5@G



O
F95H9
5B8
CF
DFCACH9
:F99
DFC;F5AG
:CF
@C75@
6IG=B9GG9G
5B8
F9G=89BHG
GI7<
5G

#
A
-5BH5
'CB=75


=B9
&
,9GH5IF5BH
199?

#
1=G<
#
"58
5B
LHF5

98FCCA

75AD5=;B

GDF=B;
GH5M75H=CB 75AD5=;B
5B8
CH<9F IB=EI9
9LD9F=9B79G
5B8
C::9FG

O *FCJ=89
5
:F99
*5FHB9F
*CFH5@
H<5H
5@@CKG
6IG=B9GG9G
HC
7IGHCA=N9
ID85H9
5B8

G<CK75G9 H<9=F
6IG=B9GG
@5B8=B;
D5;9
CB
G5BH5ACB=75
7CA


O /H=@=N9
G95F7<
9B;=B9
CDH=A=N5H=CB
-)
HC
8F=J9
CF;5B=7
HF5::=7
HC
G5BH5ACB=75
7CA

O 7H
5G
H<9
79BHF5@
GCIF79
C:
=B:CFA5H=CB
HC
98I75H9
5B8
58J=G9
J=G=HCFG
HF5J9@
5B8

HF589
DFC:9GG=CB5@G
5B8
A98=5
56CIH
-5BH5
'CB=75G
CJ9F5@@
J=G=HCF
9LD9F=9B79

O
I=@8
5K5F9B9GG
C:
-5BH5
'CB=75
5G
5
8=GH=B7H=J9
6F5B8
5B8
7CAD9@@=B;
HF5J9@
89GH=B5H=CB

O *FCJ=89 7CB:9F9B79
;FCIDG
5B8
@C75@
F9G=89BH
DFC;F5AG
K=H<
7@=9BH
G9FJ=79G
F9GCIF79G

=B:CFA5H=CB
5B8
A5H9F=5@G
HC
9B7CIF5;9
5HH9B85B79

O -IDD@M
J=FHI5@
5B8
DF=BH98
7C@@5H9F5@
D=979G
=B7@I8=B;
6IH
BCH
@=A=H98
HC

H<9
)::=7=5@

*FC8I79
5B8
8=GHF=6IH9
B9K
98=H=CBG
C:
H<9
-5BH5
'CB=75
0=G=HCF
!I=89

'5D HC
G<CK75G9
H<9
89GH=B5H=CB
5B8
6IG=B9GG9G
:CF
8CA9GH=7
5B8
=BH9FB5H=CB5@
HF5J9@9FG

O
F95H9
588=H=CB5@
7C@@5H9F5@
HC
GIDDCFH
5@@
=B=H=5H=J9G
5B8
5I8=9B79G
=B7@I8=B;
H<9

=@A
-5BH5
'CB=75
!I=89

'99H=B;
*@5BB9F
!I=89
5B8
&ILIFM
.F5J9@9F
!I=89


O *5FHB9F
K=H<
H<9
7=HM
HC
:I@@M
=BJ9BHCFM
5B8
IH=@=N9
=HG
:57=@=H=9G
K<9B
:95G=6@9

O *FCADH@M
5BGK9F
5@@
7CFF9GDCB89B79
F9@5H98
HC
7CBJ9BH=CB
5B8
J=G=HCFG
:57=@=H=9G
=B
-5BH5
'CB=75
5B8
8=GG9A=B5H9
=B:CFA5H=CB
H<FCI;<
7CFF9GDCB89B79
A98=5

DI6@=7=HM
5B8
D9FGCB5@
7CBH57HG
H<5H
:5JCF56@M
58J9FH=G9G
58J5BH5;9G
5B8
CDDCFHIB=H=9G

O *FCACH9
HF5J9@
5B8
HCIF=GA
57H=J=H=9G
5B8
G9FJ=79G
H<5H
K=@@
6F=B;
588=H=CB5@
F9J9BI9
HC
H<9
7=HM
5B8
@C75@
6IG=B9GG9G

O "CGH
5B8
9L97IH9
:5A=@=5F=N5H=CB
HCIFG
 'G
:CF
@958=B;
8CA9GH=7
5B8
=BH9FB5H=CB5@
HF5J9@
=B8IGHFM
6IM9FG

>CIFB5@=GHG

98=HCFG

=B:@I9B79FG
5B8

6FC5875GH9FG

O *FC57H=J9@M
G97IF9
6FC5875GH
G9;A9BHG
H<5H
G<CK75G9
H<9
-5BH5
'CB=75
J=G=HCF
9LD9F=9B79


O HH9B8
;@C65@
5B8
8CA9GH=7
A98=5
B9HKCF?=B;
9J9BHG
H<5H
7CBB97H
H<9
HF5J9@
=B8IGHFM
K=H<
HCD
H=9F >CIFB5@=GHG

98=HCFG

=B:@I9B79FG
5B8
6FC5875GH9FG

O
=F97H
9::CFHG
HCK5F8
7I@H=J5H=B;
5
8MB5A=7
5B8
7CBH9ADCF5FM
6F5B8
DF9G9B79
5=A98
5H
:CGH9F=B;
J=G=HCF
9B;5;9A9BH
5B8
GH=AI@5H=B;
97CBCA=7
;FCKH<

O
F=J9
5K5F9B9GG
5B8
D5FH=7=D5H=CB
=B
7CAAIB=HM
65G98
7<5F=H56@9
=B=H=5H=J9G

IH=@=N=B;
H<9
-5BH5
'CB=
,-
K96G=H9

7C@@5H9F5@
A5H9F=5@G
5B8
58J9FH=G=B;

7<5BB9@G

O *FCJ=89
7CAD@=A9BH5FM
DFCACH=CB5@
CDDCFHIB=H=9G
HC
@C75@
D5FHB9FG
9B7CAD5GG=B;


89;F99
J=89C
75DHIF9

GC7=5@
A98=5
DFCACH=CB

89GH=B5H=CB
G=;B5;9
5B8

9LDCGIF9
CB
G5BH5ACB=75
7CA


O LD5B8
-5BH5
'CB=75G
7CAD9H=H=J9B9GG
:CF
;FCIDG
6M
58J=G=B;
5B8
GIDDCFH=B;
;FCID
A5F?9H9FG

O GG=GH
5B8
9LD@CF9
CDDCFHIB=H=9G
HC
9LD5B8
5B8
=ADFCJ9
9L=GH=B;
DFC8I7HG
G9FJ=79G

5B8
9LD9F=9B79G

O *9F=C8=75@@M
F9J=9K
DI6@=7
5B8
DF=J5H9
:57=@=H=9G
5B8
G9FJ=79G
=B
-5BH5
'CB=75
B979GG5FM
:CF
HF5J9@
5B8
HCIF=GA
57H=J=H=9G

K=H<
H<9
;C5@
HC
58J=G9
H<9
7=HM
5B8

6IG=B9GG
7CAAIB=HM
C:
7CB79FBG
5B8
B99898
=ADFCJ9A9BHG
H<5H
5@=;B
K=H<
H<9
LD9F=9B79
'5B5;9A9BH
*@5B
'* 5B8
H<9
7=HMUG
,95@=;BA9BH
*@5B

O 57=@=H5H9
FCIB8H56@9
98I75H=CB5@
G9GG=CBG
:CF
@C75@
6IG=B9GG9G

O *I6@=G<
5B8
=B:CFA
HCIF
7CAD5B=9G
5B8
8F=J9FG
C:
5@@
6IG
@C58=B;
NCB9G
=B
H<9
89GH=B5H=CB

O *IFGI9
=BH9;F5H98
A5F?9H=B;
75AD5=;BG
5B8
9LD9F=9BH=5@
6F5B8
57H=J5H=CBG
=B
89G=;B5H98
H5F;9H
A5F?9HG

O
F95H9
DFCACH=CB5@
J=89CG
:CF
?9M
D=@@5FG

GI7<
5G
7I@=B5FM

<95@H<

K9@@B9GG
5B8

CIH8CCF
57H=J=H=9G

.<9G9
J=89CG
K=@@
DFCJ=89
IG
K=H<
9L7=H=B;
7CBH9BH
HC
<CIG9
CB
CIF
K96G=H9
5B8
G<5F9
H<FCI;<
GC7=5@
A98=5
5B8
B9KG@9HH9FG
5B8
IG9
5G
D=H7<=B;
A5H9F=5@G
HC
G97IF9
A98=5
7CJ9F5;9


O -97IF9
588=H=CB5@
:=@A=B;
CDDCFHIB=H=9G
K=H<=B
H<9
=HM
C:
-5BH5
'CB=75
H<FCI;<

9::CFHG
C:
=@A
-5BH5
'CB=75


O *FCJ=89
0=FHI5@
,95@=HM
0,
HCIFG
C:
89GH=B5H=CB
9LD9F=9B79G
5B8
6IG=B9GG9G


O -97IF9
89J9@CDA9BH
C:
G<CFH
5B8
@CB;
F5B;9
GDCBGCFG<=D
5B8
D5FHB9FG<=D

DFC;F5AG
:CF
-'..

=B7@I8=B;
O ,CIH9


9BH9BB=5@
=B

O -5BH5
'CB=75
#BH9FB5H=CB5@
$5NN
9GH=J5@
O 
/
-

1CA9BUG
)D9B
!C@:

<5AD=CBG<=D

O 
# 
1CF@8

ID



-ID9F

CK@
&2#
O 
)@MAD=7

*5F5@MAD=7
!5A9G
O
CBH=BI9
HC
9@9J5H9
CIF
89GH=B5H=CB
6F5B8
5B8
588F9GG
B9K
@ILIFM
<CH9@
5B8
6IG=B9GG
588=H=CBG
=B
7C@@5H9F5@

O /D85H9
89GH=B5H=CB
D<CHC;F5D<M
5B8
J=89C;F5D<M
5G
B99898
HC
9JC@J9
H<9
6F5B8

O LD5B8
5B8
F9
9B;5;9
A98=5
=B
#B8=5
HC
9BGIF9
-5BH5
'CB=75
=G
:95HIF98
=B
HF5J9@
CIH@9HG
5B8
9A9F;=B;
:=@AG
DCG=H=CB=B;
H<9
7=HM
5G
5
AIGH J=G=H
89GH=B5H=CB

O
CBH=BI9
HC
9@9J5H9
6F5B8
7C@@5H9F5@
:CF
@ILIFM
A5F?9HG
5B8
'#

O -I6A=H
-5BH5
'CB=75
.F5J9@

.CIF=GA
HC
6F5B8
89G=;B
HF5J9@

<CGD=H5@=HM
5B8

;FCID

'#

=B8IGHFM
DI6@=75H=CB
5K5F8G
:CF
F97C;B=H=CB


O LD5B8
'5H58CF
#
7<5H6CH
:95HIF9G
CB
G5BH5ACB=75
7CA


O #B7F95G9
8MB5A=7
=H=B9F5F=9G
CB
CIF
K96G=H9
HC
8F=J9
HF5::=7
=B7F95G9
-)
5B8

<=;<@=;<H
B9K
@ILIFM
C::9F=B; HC
9LH9B8
@9B;H<
C:
GH5M
=B
-5BH5
'CB=75
:FCA
6CH<
8CA9GH=7
5B8
=BH9FB5H=CB5@
A5F?9HG

.F5BG@5H9
K96G=H9
HC
@5B;I5;9G
=B
HCD
J=G=HCF
A5F?9HG


O *IFGI9
CDDCFHIB=H=9G
:CF
HF589
5B8
HF5J9@
G<CKG
=B
9A9F;=B;
A5F?9HG

O LD5B8
CDDCFHIB=H=9G
HC
7C@@56CF5H9
CB
GC7=5@
A98=5
K=H<
D5FHB9FG
@C75@

6IG=B9GG9G
5B8
=B:@I9B79FG
K<=@9
G<5F=B;
ACF9
8MB5A=7
J=89CG
5B8
9JC@J=B;
K=H<
GC7=5@
A98=5
HF9B8G

O
9J9@CD
9B;5;=B;
75AD5=;BG
:CF
F9G=89BHG
HC
69
5
D5FH
C:
HC
DFCACH9
CIF
J5@I9

O '5?9
CIF
,CIH9

@5B8=B;
D5;9
ACF9
FC6IGH
K=H<
9J9BHG
5B8
GD97=5@G
K<=@9

G99?=B;
CIH
:IFH<9F
D5FHB9F
=BJC@J9A9BH
CDDCFHIB=H=9G

=B7@I8=B;
H<9
,CIH9

GCB;

7CBH9GH

O
C@@56CF5H9
K=H<
0=G=H

5@=:CFB=5
CB
7I@=B5FM
C::9F=B;G

H<FCI;<
D5FH=7=D5H=CB
=B
H<9

0=G=H

5@=:CFB=5

I@=B5FM

CAA=HH99

O LD5B8
F9H5=@
A9F7<5B8=G9
@=B9
H<FCI;<
7IGHCA
A9F7<5B8=G9
7F95H=CB
5B8
6F5B8
D5FHB9FG<=DG

O .<FCI;<
:=@A
-5BH5
'CB=75

C::9F
5
7CB7=9F;9
GHM@9
5B8
<5B8
<9@8
G9FJ=79
H<FCI;<

H<9
:=@A
D9FA=HH=B;
DFC79GG
HC
9B7CIF5;9
ACF9
:=@A=B; HC
H5?9
D@579
=B
-5BH5
'CB=75

'5F?9H=B;
9::CFHG
C:
=@A
-5BH5
'CB=75
=B7@I89
8=;=H5@
58G
HF589
G<CK

5HH9B85B79

D5B9@
DF9G9BH5H=CBG
5B8
57H=J=H=9G
K=H<
H<9

5@=:CFB=5
=@A

CAA=GG=CB

HC
6C@GH9F
:=@A=B;
=B
H<9
GH5H9




!;91;+7< ..3=398<

O *@5B
B9K
CDDCFHIB=H=9G
:CF
D5FHB9FG
5B8
@C75@
6IG=B9GG9G
HC
KCF?
K=H<
IG
5B8
69
:95HIF98
CB
CIF
K96G=H9
GI7<
5G
5
ACF9
FC6IGH
R&=?9
5
&C75@S
G97H=CB
A5F?9H98
HC F9G=89BHG


O &5IB7<
5
;=:H
75F8 DFC;F5A
HC
:IFH<9F
8F=J9
J=G=H5H=CB
HC
@C75@
6IG=B9GG9G
=B
H<9
7CAAIB=HM


O
IF5H9
G95GCB5@
@5B8=B;
D5;9G
5B8
CIF
.F=D
*@5BB9F
ACF9
FC6IGH
K=H<
D5FHB9F
GI;;9GH=CBG
5B8
GD97=5@G

O -99?
CIH
CDDCFHIB=H=9G
:CF
5
B9K
.5GH9
C:
-5BH5
'CB=75
7I@=B5FM
9J9BH
K=H<
@C75@
7<9:G
5B8
DI6@=G<
5
-5BH5
'CB=75
7CC?6CC?
CB
5
F9;I@5F
65G=G
HC
9LD5B8
IDCB
-5BH5
'CB=75
5G
5
7I@=B5FM
89GH=B5H=CB


O CFA
5
B9K
A5F?9H=B;
7CAA=HH99
HC
G99?
CIH
6IG=B9GG
7CAAIB=HM
=BJC@J9A9BH
=B
A5F?9H=B;
CDDCFHIB=H=9G
5B8
B998G



O CFA
5
F9;=CB5@
7CAA=HH99
HC
69HH9F
G9FJ=79
K9@7CA=B;
@5F;9
9J9BHG
HC
-CIH<9FB

5@=:CFB=5


O LD5B8
#
A
-5BH5
'CB=75
DFC;F5A
HC
G9FJ=79
5
<=;<9F
BIA69F
C:
<CGD=H5@=HM
9AD@CM99G


O LD5B8
G5@9G
5B8
*,
A5F?9HG
=B
9A9F;=B;
;@C65@
A5F?9HG
=B7@I8=B;
#B8=5

O LD5B8
IDCB
@ILIFM
6F5B8
D<CHC;F5D<M
5B8
C::9F=B;G
HC
F9:@97H
-5BH5
'CB=75UG
B9K
6IG=B9GG
;FCKH<

O #B7F95G9
K96
HF5::=7
HC
G95GCB5@
@5B8=B;
D5;9G
5B8
D5FHB9F
GD97=5@G
M95F
CJ9F
M95F
3)3

O ,95@=;B '*
7CAA=HH99G
=B
GIDDCFH
C:

=HM
C:
-5BH5
'CB=75UG
F9
5@=;BA9BH
D@5B


&3<3=9;
#/;?3-/<
O )D9F5H9
H<F99
0=G=HCF
#B:CFA5H=CB

9BH9F
@C75H=CBG

D@IG
5
AC6=@9
0=G=HCF

9BH9F

H<5H
G9FJ9G
7CAAIB=HM
9J9BHG

0=G=HCF

9BH9F
GH5::
G9FJ9
K<9B
B99898
5G

8=GHF=6IH=CB
DC=BHG
:CF
7=HM
DFC;F5AG
5B8
8IF=B;
9A9F;9B7=9G
.<9M
G9FJ9
5G

5A65GG58CFG
=B
DFCJ=8=B;
=B:CFA5H=CB
5B8
G9FJ=79G
HC
F9G=89BHG
5B8
A5BM
C:
-5BH5
'CB=75UG


A=@@=CB
5BBI5@
J=G=HCFG


85MG
5
M95F

K<9H<9F
J=5
D<CB9

H9LH

#

CF
=B
D9FGCB

O -IDDCFH
@C75@
7CAAIB=HM
9J9BHG
CB
G=H9
=B7@I8=B;

6IH
BCH
@=A=H98
HC
(5H=CB5@ (=;<H

)IH

*=9F


@C75@

#

<C@=85M
9J9BHG


IM
&C75@

'#(CDC@M

-IAA9F

-)/&GH=79

#

-5BH5
'CB=75

BBI5@

<F=GHA5G
.F99
&=;<H=B;
5H
-5BH5
'CB=75

*@579

'99H
'9
/B89F
H<9
=;
.F99

&C75@UG
(=;<H
5H
H<9
*=9F

BB9B69F;

CAAIB=HM

957<
"CIG9
-IBG9H
*=7B=7

5B8
'5?9
'IG=7

5M

O .<9A98
@=;<H=B;
CB
@C75H=CBG
HC
:IFH<9F
K9@7CA9
J=G=HCFG
79@96F5H9
<C@=85MG
5B8

<=;<@=;<H
7=HM
K=89
9J9BHG

O
CBH=BI9
HC
G9FJ9
5G
5
7=HM
K=89
8=GHF=6IH=CB
DC=BH
:CF
F9GCIF79G
5B8
=B:CFA5H=CB
:CF
-5BH5
'CB=75
6IG=B9GG9G

F9G=89BHG
5B8
J=G=HCFG

O ,9GDCB8
HC
H9LH
CB
89A5B8
F9EI9GHG
G9J9B
85MG
5
K99?
8IF=B;
CD9F5H=B;
<CIFG
5H
0=G=HCF
#B:CFA5H=CB

9BH9FG

O *FCJ=89
,CIH9

79FH=:=75H9
C:
7CAD@9H=CB
:CF
HF5J9@9FG
K<C
7CAD@9H9
H<9
FCIH9

O '95GIF9
CJ9F5@@
BIA69F
C:
J=G=HCFG
G9FJ98






!;91;+7< ..3=398<
O G
6I8;9H
D9FA=HG
@5IB7<
0=G=HCF
-9FJ=79
@C75H=CBG
ID;F589G
6CH<
D<MG=75@@M
5B8

H97<BC@C;=75@@M

O ,9:F9G<
0=G=HCF

9BH9F
DFC8I7H
5B8
G=;B5;9

=B7@I8=B;
-'..G
AC6=@9
J9<=7@9

=B

@=B9
K=H<
H<9
6F5B8
F9:F9G<
7F95H=J9

O *F9D5F9
:CF
6I@?
CF89F
F9H5=@
DFC;F5A
:CF
F9H5=@
HC
7=HM
5B8
@C75@
6IG=B9GG9G

O .CI7<
G7F99B
?=CG?G
CF
H56@9H
5H
5@@
0

@C75H=CBG
H<5H
75B
6F=8;9
H<9
@5B;I5;9

65FF=9F
69HK99B
CIF
GH5::
5B8
=BH9FB5H=CB5@
;I9GHG

O
9GH=B5H=CB
DFC;F5AA=B;
@ILIFM
=H=B9F5FM
6CC?@9HG
5H
5@@
@C75H=CBG
:CF
-5BH5
'CB=75
5B8
GIFFCIB8=B;
5HHF57H=CBG

5G
K9@@
5G
A5DG

0=G=HCF
!I=89G
5B8
@C75@
6IG=B9GG

=B:CFA5H=CB

O '9F7<5B8=G9
DCD
IDG
G<CK75G=B;
CIF
A9F7<5B8=G9
5FCIB8
H<9
7=HM

O -IDDCFH
H<9
,CIH9

GH5AD
6CC?@9H
75AD5=;B
:CF
79BH9BB=5@



#$"$

#

' "

-'..UG
:=J9
GHF5H9;=7
5F95G
C:
:C7IG
5F9
H<9
:CIB85H=CB
C:
CIF
KCF?
D@5B
"9F9
K9
CIH@=B9

H<9
DFC;F5AG

=B=H=5H=J9G
5B8
GH5::
9::CFHG
H<5H
<9@D
DFCD9@
CIF
GHF5H9;=9G
HC
GI779GG
:CF
H<9
89GH=B5H=CB




"&




 "
$
#$$
,4/-=3?/<
O #B7F95G9
M95F
CJ9F
M95F
3)3
HF5BG=9BH
C77ID5B7M
H5L
.).
5B8
5J9F5;9
85=@M
F5H9

,
#B7F95G9
8CA9GH=7
HF5J9@
@9J9@G
:FCA
H5F;9H
A5F?9HG

O #B7F95G9
=BH9FB5H=CB5@
J=G=H5H=CB
:FCA
?9M
H5F;9H
A5F?9HG

O !FCK
5J9F5;9
@9B;H<
C: GH5M
:FCA


HC


B=;<HG

/@H=A5H9
H5F;9H
57<=9J9
5B

5J9F5;9
@9B;H<
C:
GH5M
C:


B=;<HG
=B
-5BH5
'CB=75

O #B7F95G9
CJ9FB=;<H
J=G=H5H=CB
HC
GIDDCFH
?9M
F9;=CB5@
5B8
@C75@
9J9BHG 5B8
DCG=H=CB
-5BH5
'CB=75
5G
H<9
DF9A=9F
CJ9FB=;<H
65G9
:CF
F9;=CB5@
5B8
@C75@
9J9BHG

O #B7F95G9
5K5F9B9GG
C:
H<9
89GH=B5H=CB
K=H<
<=;<
B9H
KCFH<
=B8=J=8I5@G


O #B7F95G9
G=H9
=BGD97H=CBG
HC
<CH9@G
5B8
J9BI9G
6M


O IFH<9F
89J9@CD
H<9
-5BH5
'CB=75
#BG=89F
DI6@=G<98
;I=89
K=H<
B9K
@ILIFM
89GH=B5H=CB
C::9F=B;G
5B8
9LD9F=9B79G

#H
=G
=ADCFH5BH
HC
9AD<5G=N9
H<5H
G9J9F5@
A5>CF
GDCFH=B;
9J9BHG
5F9
H5?=B;
D@579
=B
&CG
B;9@9G
=B7@I8=B;
H<9
O 
(

@@
-H5F

O 
/
-

1CA9BG
)D9B
!C@:

<5AD=CBG<=D

O 
# 
1CF@8

ID

O 
-ID9F

CK@
&2#

O 
)@MAD=7

*5F5@MAD=7
!5A9G

G
GI7<

=H
=G
7FI7=5@
:CF
-'..
HC
IH=@=N9
5B8
KCF?
CB
H<9G9
F9@5H=CBG<=DG
:CF
:IHIF9
6CC?=B;G
5B8
D5FHB9FG<=D
DFC;F5AG
#B
588=H=CB

K9
K=@@
GIDDCFH
K=H<
A5F?9H=B;
H<9
7=HM
5G
5
HCD

65G9
:CF
# 
1CF@8

ID
HF5J9@9FG


-'..
K=@@
;5I;9
GI779GG
=B
=HG
9::CFHG
577CF8=B;
HC
H<9G9
?9M
D9F:CFA5B79
=B8=75HCFG /<=38+=398
!/;09;7+8-/
O ,9H5=@
5B8
G5@9G
H5L9G
;9B9F5H98

O "CH9@
)77ID5B7M

O J9F5;9

5=@M
,5H9

,

O ,9J9BI9
D9F
5J5=@56@9
FCCA

O 0=G=HCF
A5?9ID

8CA9GH=7
JG

=BH9FB5H=CB5@

O .F5BG=9BH
)77ID5B7M
.5L
.).
;9B9F5H98


O .CIF=GA
'5F?9H=B;

=GHF=7H
.'

7C@@97H=CBG 5B8
@9B;H<
C:
GH5M
G<CKB

O AD@CMA9BH
GIGH5=B98
=B
CIF
=B8IGHFM

#
$$
!;91;+7<
!/;09;7+8-/
O ,CCA
B=;<HG
6CC?98
8IF=B;
75AD5=;BG

O 196G=H9
HF5::=7 5B8
@=B?G
CIH
HC
D5FHB9F
K96G=H9G

O #B7F95G9
=B
GC7=5@
A98=5
57H=J=HM

O #B79BH=J9
5B8
A99H=B;G
6IG=B9GG
6CC?98

O .F5J9@
HF589
6CC?=B;G

O )J9F5@@
97CBCA=7
;FCKH<
M95F
CJ9F
M95F

$"&

$"
C 
#$

$"$ 


"
$#
G A9BH=CB98 =B H<9 9L97IH=J9 GIAA5FM
G=;B=:=75BH 7<5@@9B;9G F9A5=B :CF =BH9FB5H=CB5@ =
== HF5J9@ HC H<9 /B=H98 -H5H9G
,979BH 85H5 :FCA H<9 /
-
.F5J9@ GGC7=5H=CB G<CKG H<5H =B
H9FB5H=CB5@ J=G=H5H=CB HC H<9 /
-
<5G K95?9B98 F5H<9F H<5B GIF;98
#B6CIB8 =BH9FB5H=CB5@
J=G=HG 5F9 DFC>97H98 HC 897@=B9 6M 5DDFCL=A5H9@M


 =B
A5F?=B; H<9 :=FGH 5BBI5@ 8FCD G=B79 H<9 D5B89A=7 F97CJ9FM 69;5B

9GD=H9 GHFCB; ;@C65@ HF5J9@ 89A5B8
H<9 /B=H98 -H5H9G =G 7IFF9BH@M IB89FD9F:CFA=B; F9@5
H=J9 HC 7CAD9H=B; 89GH=B5H=CBG
#BH9FB5H=CB5@ J=G=H5H=CB F9A5=BG 69@CK DF9

D5B89A=7 @9J9@G 5B8 7CBH=BI9G HC :579 <958K=B8G =B7@I8=B; J=G5 K5=H H=A9G 9BHFM :F=7H=C
B
5B8 DC@=7M 65FF=9FG H<5H 8=G7CIF5;9 HF5J9@9FG :FCA 7<CCG=B; H<9 /B=H98 -H5H9G

H H<9 G5A9 H=A9
H<9 7CA=B; 897589 DF9G9BHG 5 <=GHCF=7 CDDCFHIB=HM :CF H<9 / -
HF5J9@ =
B8IGHFM
'5>CF ;@C65@ 9J9BHG
=B7@I8=B;
H<9

# 
1CF@8

ID

H<9
/
-



5BB=J9FG5FM
5B8 H<9
 -IAA9F )@MAD=7G =B &CG B;9@9G
<5J9
H<9
DCH9BH=5@
HC
8F=J9

F9B9K98 =BH9F9GH
=B
H<9
HF5J9@
HC
H<9
/B=H98
-H5H9G

"CK9J9F

=B8IGHFM
@9589FG

9AD<5G=N9
H<5H
K=H<CIH
F9:CFAG
HC
H<9
HF5J9@
GMGH9A

H<9
/
-

F=G?G
A=GG=B;
H<9
:I@@

97CBCA=7
69B9:=H
C:
H<9G9
9J9BHG


.<9 /
-
.F5J9@ GGC7=5H=CB 5B8 H<9
CAA=GG=CB CB -95A@9GG 5B8 -97IF9 .F5J9@ 5F9 7
5@@=B; :CF :989F5@ 57H=CB HC AC89FB=N9 H<9 HF5J9@ GMGH9A 5B8 F98I79 65FF=9FG :CF =BH9FB5H=C B5@ J=G=HCFG
%9M F97CAA9B85H=CBG =B7@I89 =ADFCJ=B; J=G5 DFC79GG=B; 75D57=HM GHF95A@=
B=B; 7IGHCAG DFC798IF9G
5B8 9LD5B8=B; H<9 IG9 C: 58J5B798 G7F99B=B; 5B8 6=CA9HF=7 H97<BC@C;M 5H 5=FDCFHG
.<9G9 7<5B;9G KCI@8 <9@D F98I79 HF5J9@9F :F=7H=CB
GHF9B;H<9B G9
7IF=HM
5B8 =ADFCJ9 H<9 CJ9F5@@ J=G=HCF 9LD9F=9B79 K<=@9 DCG=H=CB=B; H<9 /B=H98 -H5H9G HC 6 9HH9F 7CAD9H9 :CF ;@C65@ HF5J9@9FG =B H<9 M95FG 5<958

)IH@=B98
69@CK
5F9 CIF
DFCDCG98
D@5B
5B8
:F5A9KCF?
HC
9BGIF9
-5BH5
'CB=75
F9A5=BG
HCD
C:

A=B8
5ACB;
8CA9GH=7
HF5J9@
58J=GCFG

HCIF
CD9F5HCFG

5B8
A99H=B;
D@5BB9FG
8IF=B;

H<=G
7F=H=75@
D9F=C8

19
K=@@
GHF5H9;=75@@M
9LD5B8
=BH9FB5H=CB5@
DFC;F5AA=B;
=B
<=GHCF=75@@M
GHFCB;
GCIF79
A5F?9HG
H<5H
5F9
DFC>97H98
HC
F97CJ9F
ACGH
F5D=8@M 5B8
G<=:H
HC
5
8CA9GH=7
9AD<5G=G

H
H<9
G5A9
H=A9

K9
K=@@
7CBH=BI9
GHF9B;H<9B=B;
H<9
8CA9GH=7
DFC;F5AG
5B8

D5FHB9FG<=DG
89J9@CD98
CJ9F
H<9
D5GH
:=J9
M95FG
HC
A5=BH5=B
5
8=J9FG=:=98
5B8
65@5B798
5DDFC57<

.<=G
8I5@
:C7IG
9BGIF9G
-5BH5
'CB=75
F9A5=BG
7CAD9H=H=J9
57FCGG
?9M
;@C65@
5B8
8CA9GH=7
G9;A9BHG
K<=@9
DCG=H=CB=B;
H<9
89GH=B5H=CB
:CF
GIGH5=B98
F97CJ9FM
5B8
@CB; H9FA

;FCKH< C:
=BH9FB5H=CB5@
G9;A9BHG

#H
=G
=ADCFH5BH
HC
BCH9
H<5H
5@@
5F95G
69@CK
5F9
65G98
CB
5J5=@56@9
6I8;9HG
5B8
H<5H
H<=G
D@5B
=G
GI6>97H
HC
7<5B;9

#:
K9
<5J9
@95FB98
5BMH<=B;
:FCA
H<9
D5GH
:9K
M95FG

=H
=G
H<5H

K9
AIGH
69
56@9
HC
585DH
5B8
D=JCH
5G
7CB8=H=CBG
7CBH=BI9
HC
9JC@J9

!;37+;B

+;5/=<
O /B=H98
-H5H9G

O /B=H98
%=B;8CA
#F9@5B8

O IGHF5@=5
(9K
495@5B8

O
5B585

O F5B79

O !9FA5BM

O #B8=5

A:69;+=9;B

+;5/=<
O '9L=7C

O
F5N=@

O !



5<F5=B

%IK5=H

+5H5F

-5I8=
F56=5

/ 
9D9B89BH
CB
9JC@J=B;
G=HI5H=CB

K=H<
K5F
O $5D5B


7CBH=BI98
=BJ9GHA9BH
=B
H<9
@ILIFM
G9;A9BH
K=@@
F9A5=B
5
:C75@
DC=BH
:CF
CIF
8CA9GH=7
5B8
=BH9FB5H=CB5@
GHF5H9;=9G

#B


-'..
F9B9K98
A5F?9H=B;
D5FHB9FG<=DG
K=H<
:CIF
C:

H<9
@958=B;
@ILIFM
HF5J9@
B9HKCF?G
0=FHICGC

-9F5B8=D=5BG
#BH9FBCJ5 5B8
-=;B5HIF9

.F5J9@
(9HKCF?

.<9G9
D5FHB9FG<=DG
DFCJ=89
9L7@IG=J9
5779GG
HC
@ILIFM
58J=GCFG
5B8
7@=9BHG
=B
(CFH<
A9F=75
5B8
56FC58
5B8
<5J9
GI779GG:I@@M
DFCJ=898
IG
K=H<
IB=EI9
CDDCFHIB=H=9G
:CF
>C=BH
A5F?9H=B;

K96=B5FG

HF589G<CKG
5B8
=B
D9FGCB
9J9BHG


19
K=@@
DF=CF=H=N9
CDDCFHIB=H=9G
=B
'9L=7C

CIF
B9=;<6CF=B;
=BH9FB5H=CB5@
A5F?9H

HC
;FCK

J=G=H5H=CB
;=J9B
=HG
DFCL=A=HM

5779GG=6=@=HM

5B8
GHFCB;
F97CJ9FM
DCH9BH=5@

G
6I8;9H

D9FA=HG

K9
K=@@
5@GC
9LD5B8
9::CFHG
K=H<=B
H<9
588=H=CB5@
DF=CF=HM
A5F?9HG
CIH@=B98
56CJ9

)B9
C:
H<9
:=FGH
=B=H=5H=J9G
C:

K=@@
69
D5FH=7=D5H=CB
=B
5
0=G=H
5@=:CFB=5
A=GG=CB
HC

'9L=7C

DFCJ=8=B;
8=F97H
9B;5;9A9BH
K=H<
HCD
HF5J9@
58J=GCFG
5B8
HCIF
CD9F5HCFG
HC
GHF9B;H<9B
F9@5H=CBG<=DG
5B8
8F=J9
=B7F9A9BH5@
89A5B8
:CF
-5BH5 'CB=75



)J9FG95G

K9
K=@@
69
:C7IG98
CB
GHF9B;H<9B=B;
CIF
F9@5H=CBG<=DG
5B8
8F=J=B;
FCCA
B=;<HG
K=H<
H<9
HF5J9@
HF589
=B
?9M
A5F?9HG
GI7<
5G
H<9
/B=H98
%=B;8CA #F9@5B8

IGHF5@=5
(9K

495@5B8

F5B79
5B8
!9FA5BM K<=@9
A5=BH5=B=B;
F9@5H=CBG<=DG
=B
5B585

%83=/.
#=+=/<
$;+?/6
/=@9;5 98<9;=3+
!+;=8/;<23:<
O 0=FHICGC
O -=;B5HIF9
O -9F5B8=D=5BG
O #BH9FBCJ5
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O #*1

O #&.'
(CFH<
A9F=75
•
F5B8
/-
.F5J9@
199?
O !C
19GH
-IAA=H
O 0=FHICGC
.F5J9@
199?
• !@C65@
.F5J9@

C@@97H=CB
FF=J9
• -=;B5HIF9
.F5J9@
(9HKCF?

CB:9F9B79
O 0=G=H

5@=:CFB=5

CBB97H=CBG
&ILIFM
CFIA
O .F5=B=B;
*FC;F5AG
o 0=FHICGC
.F5=B=B;
196=B5F

o 0=G=H

5@=:CFB=5
-.,
HC
@5IB7<
ID85H98
7CBH9BH

O ,CIH9

DFC;F5AG
HC
=B7F95G9
<CH9@
6CC?=B;G
8IF=B;
H<9
79BH9BB=5@ 5@CB;
K=H<
5K5F9B9GG
5B8
A5F?9H=B;
CB
,CIH9

79BH9BB=5@
9LD9F=9B79G
5B8
D57?5;9G

%83=/.

381.97 ;/6+8.
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O -5BH5
'CB=75
-5@9G
'=GG=CB
O 0=G=H

5@=:CFB=5
*5B
IFC
'98=5
,C58G<CK
O 0=FHICGC
CFIA
/%
#F9@5B8
O 0=FHICGC
)B
.CIF
/%
#F9@5B8
O
F5B8
/-
.F5J9@
199?
IFCD9
O 0=G=H
/-
-IAA9F
::5=F
O 9F
&=B;IG
,C58G<CK
O /B=H9
/-
J9BH

+7:+318<
O "CH9@698G
L
0=G=H

5@=:CFB=5


O -C
5@
.F=5B;@9
$C=BH
*FCACH=CB
K=H<
!F95H9F
*5@A
-DF=B;G

-5B
=9;C
O .CIF
)D9F5HCF


F5B8
/-
5B8
0=G=H

5@=:CFB=5

C
)DG
O LD98=5

"CH9@G
7CA
8=;=H5@



75AD5=;B
O
CBCH9@
A5F?9H=B;
75AD5=;B
O "CH9@698G
G=L
ACBH<
A5F?9H=B;
75AD5=;B
+8+.+
O .F5J9@
(9HKCF?

CBGCFH=5
*5FHB9FG<=DG

O 0=FHICGC
CFIA

5B585
O 0=FHICGC
)B
.CIF

5B585
O .F5J9@
&9589FG
,C58G<CK
O BG9A6@9
.F5J9@
!FCID
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O -5BH5
'CB=75
-5@9G

'98=5
'=GG=CB
O 0=G=H

5@=:CFB=5
-5@9G

'98=5
'=GG=CB

'9L=7C
O 0=G=H

5@=:CFB=5

CBB97H=CBG
&ILIFM
CFIA
O BG9A6@9
-?M@=B9
O
=G7CJ9FM
A9F=75
!'
O .F9J9@@C
.F589G<CK
5B8
.F5=B=B;G
+7:+318<
O =F

5B585
0575H=CBG

O LD98=5

5B585

O .F9J9@@C
.F5J9@
!FCID

O .CIF
)D9F5HCF


F5B8
/-

0=FHICGC
5B8
0=G=H

5@=:CFB=5

C
)DG

O .<9
.F5J9@
;9BH
(9LH

CCF
..(




O -DC=@98;9BH
7CA

O &5IF=9F

I
05@@CB
O *CFH9F
=F@=B9G
&ILIFM
.F5J9@
8J=GCF
'

O -95GCB5@
.CFCBHC
57H=J5H=CB
G<CK75G=B;
-5BH5
'CB=75

;+8-/
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O # .'
.CD
,9G5
O 0=G=H
/-
1CF?G<CDG
O
F5B8
/-
.F5J9@
199?
IFCD9
O 0=G=H

5@=:CFB=5
,C58G<CK
O 0=G=H

5@=:CFB=5

CBB97H=CBG
&ILIFM
CFIA
O #&.'

5BB9G

O 0=FHICGC
CFIA

CBH=B9BH5@
IFCD9
O 0=G=H

5@=:CFB=5
*5B
IFC
'98=5
,C58G<CK
O
F9A9
89
@5

F9A9
+7:+318<
O .CIF
)D9F5HCF

C
)DG
O "5J5G
0CM5;9G
A5F?9H=B;
75AD5=;B
O "CH9@698G

ACBH<
A5F?9H=B;
75AD5=;B
O B;9@9

5AD5=;B
O 3CB89F

5AD5=;B
/;7+8B
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O 0=G=H
/-
!9FA5BM
,C58G<CK
O 0=G=H
/-

CBGIA9F
-<CKG
O
F5B8
/-
.F5J9@
199?
IFCD9
+7:+318<
O
(/-
.CIF=GH=?
O
,

K=H<
!F95H9F
*5@A
-DF=B;G

-5B

=9;C
O .#
O A9F=75
/B@=A=H98
9=BF9=G9B
O -C
5@
.F=5B;@9
$C=BH
*FCACH=CB
K=H<
!F95H9F
*5@A
-DF=B;G

-5B
=9;C
O )DC8C
5B8
0=G=H

5@=:CFB=5

C
)D
O "CH9@*@5B
K=H<
!F95H9F
*5@A
-DF=B;G

-5B

=9;C
O .<9
!9FA5B

957<
0C@@9M65@@
GGC7=5H=CB
O "CH9@698G

ACBH<
A5F?9H=B;
75AD5=;B
O 0=FHICGC
CFIA

CBH=B9BH5@
IFCD9
O 0=G=H

5@=:CFB=5
*5B
IFC
'98=5
,C58G<CK
><=;+63+ /@
*/+6+8.
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O IGHF5@=5
-5@9G

'98=5
'=GG=CB
O 0=G=H

5@=:CFB=5
-5@9G

'98=5
'=GG=CB
O 0=G=H
/-
LDCG
5B8

F5B8
/-




5M
O 0=G=H

5@=:CFB=5

CBB97H=CBG
&ILIFM
CFIA
O #&.'
G=5
*57=:=7
O
F5B8
/-
.F5J9@
;9BH
LDC
O 0=FHICGC

CBB97HG

.F5J9@
199?
5B8
)B
.CIF

+7:+318<
O @=;<H

9BHF9
L
0=G=H

5@=:CFB=5
O -2-1
-M8B9M

F5B8
/-UG
R/-
"CIG9S
57H=J5H=CB
O "9@@CKCF@8
O &ILIFM
G75D9G
O '.
.F5J9@
O
<F=GHA5G
,C58
-5@9G
'=GG=CB
O .CIF
)D9F5HCF


F5B8
/-
5B8
0=G=H

5@=:CFB=5

C
)DG
O &CG
B;9@9G
.CIF=GA


CBJ9BH=CB

C5F8
,C58G<CK
O +5BH5G

9GH
C:
(CFH<
A9F=75
.F5=B=B;

5M
O -5BH5
'CB=75
-5@9G

'98=5
'=GG=CB
O .F5=B=B;
*FC;F5AG
o 0=FHICGC
196
o 0=G=H

5@=:CFB=5
-.,
'C8I@9
ID85H9
5BBI5@@M
69,+6
$;+./
#29@< ?/8=< 38-6>.381
,>=
89=
6373=/.
=9
O #&.'

5BB9G
O #&.'
G=5
*57=:=7
O #&.'
&5H=B
A9F=75

F5N=@
O #&.'
(CFH<
A9F=75
O 0=G=H

5@=:CFB=5

CBB97H=CBG
&ILIFM
CFIA
O 0=FHICGC
.F5J9@
199?
O 0=FHICGC
CFIA

CBH=B9BH5@
IFCD9
O #*1
(9K
)F@95BG
O !C
19GH
O
F5B8
/-
.F5J9@
199?
IFCD9
O
F5B8
/-
'5F?9HD@579
O *F=J5H9
&ILIFM
J9BHG
*FC;F5A
O . 9GH
&ILIFM
.F589
-<CK
+7:+318<
O
CBCH9@
O "CH9@698G
O 0=G=H

5@=:CFB=5

C
)DG
O
F5B8
/-

C
)DG
O =F@=B9

C
)DG

#$



$
-'..UG
;FCID
G5@9G
H95A
-5BH5
'CB=75
'99H
<5G
7CBH=BI98
=B=H=5H=J9G
HC
F9DF9G9BH
CIF
89GH=B5H=CB
5G
5
HCD
7<C=79
:CF
'#

'99H=B;G

#B79BH=J9G


CB:9F9B79G
5B8
L<=6=H=CBG
6CH<
8CA9GH=75@@M
5B8
=BH9FB5H=CB5@@M
,979BH@M

-5BH5
'CB=75
'99H
@5IB7<98
=HG
CKB

K96G=H9
D5;9
&CC?=B;
5<958

-5BH5
'CB=75
'99H
K=@@
7CBH=BI9
HC
8C
H<=G
6M
:CFH=:M=B;
5B8
6I=@8=B;
GHF5H9;=7
D5FHB9FG<=DG
K=H<
A99H=B;G
:C7IG98
=B8IGHFM
D5FHB9FG

5G
K9@@
5G

5HH9B8=B;
9J9BHG
HC
G<CK75G9
CIF
6957<
7=HM
HC
A99H=B;
5B8
9J9BH
DFC:9GG=CB5@G
1=H<

BIA9FCIG
A5>CF
GDCFH=B;
9J9BHG
7CA=B;
HC
H<9
F9;=CB
=B
H<9
B9LH
 
M95FG

=HUG
=ADCFH5BH

HC
7CBH=BI9
9B;5;=B;
K=H<
D@5BB9FG
K<C
5@GC
G99?
CH<9F
7I@HIF5@
9LD9F=9B79G
@=?9
!9B9G=G
#BJ=H5H=CB5@

F=9N9
&
5B8
CH<9F
9J9BHG
=B
-5BH5
'CB=75
5B8
H<9
GIFFCIB8=B;
F9;=CB
:CF
:IHIF9
9J9BHG

G
5
F9GI@H
C:
H<9
&
1=@8:=F9G

!9B9G=G
#BJ=H5H=CB5@
<58
HC
ACJ9
H<9=F


HCIFB5A9BH
:FCA
*57=:=7
*5@=G589G
HC
.CFF9M
*=B9G

@958=B;
HC
5
A5>CF
@CGG
C:
7CBHF57H98

FCCA
F9J9BI9
:CF
A5BM
-5BH5
'CB=75
<CH9@G

88=H=CB5@@M

H<9
@CGG
C:
H<9
A9F=75B
=@A

'5F?9H
 '
5:H9F

M95FG
K=@@
H5?9
H=A9
HC
F9D@579
5B8
5@H<CI;<
5B
5HH9ADH
K5G
A589
HC
K=B
 '
657?
=B


I@H=A5H9@M
-5BH5
'CB=75
K5G
BCH
G9@97H98
:CF
H<9
ID7CA=B;
A5F?9H

-'..UG
;FCID
G5@9G
H95A
<5G
GIDDCFH98
=HM
GH5:: K=H<
G=H9
J=G=HG
:CF
A99H=B;G


H<9
ID7CA=B;
)@MAD=7G

5B8
69MCB8

-'..

=B
D5FHB9FG<=D
K=H<
H<9

=HM
C:
-5BH5
'CB=75

K=@@
7CBH=BI9
HC
G<CK75G9
H<9
89GH=B5H=CB

CIF
<CH9@G

J9BI9G

9LD9F=9B79G

5B8
B9K

J9BI9G
HC
?99D
-5BH5
'CB=75
HCD
C:
A=B8

.<9
:IHIF9
7CBH=BI9G
HC
@CC?
6F=;<H9F
K=H<
H<9
B9KG
C:
G9J9F5@
A5>CF
GDCFH=B;
9J9BHG
7CA=B;
HC
H<9
;F95H9F
&CG
B;9@9G
F9;=CB
=B
H<9
B9LH
:=J9
M95FG
G
GH5H98
56CJ9

GCA9

C:
H<9G9
=B7@I89
H<9

# 
1CF@8

ID


/
-

1CA9BG
)D9B

<5AD=CBG<=D



(

@@
-H5F

-ID9F

CK@
&2#

5B8

-IAA9F
)@MAD=7

*5F5@MAD=7
!5A9G

-5BH5
'CB=75
<CH9@G
5F9
@CC?=B;
HC
F9H5=B
@9;57M
;FCIDG
5B8
G97IF9
B9K
;FCID
6IG=B9GG
=B
H<9
7CFDCF5H9

9BH9FH5=BA9BH

=B79BH=J9

GDCFHG
5B8
5GGC7=5H=CB
G9;A9BHG

FCA
H<9

;FCK=B;
@=GH
C:
A5>CF
GDCFHG
9J9BHG HC
H<9
9B<5B79A9BHG
7IFF9BH@M
69=B;
KCF?98
CB
5H
&CG
B;9@9G
#BH9FB5H=CB5@
=FDCFH
&2
5B8
K9@7CA=B;
657?
7I@HIF5@
9J9BHG
@=?9
F=9N9
&CG
B;9@9G

&
CC8

1=B9
9GH=J5@

5B8
&
.97<
199?
5G
K9@@
5G
@5IB7<=B;
B9K
9J9BHG

GI7< 5G
H<9
-5BH5
'CB=75
#BH9FB5H=CB5@
$5NN
9GH=J5@
5B8
9J9BHG
GIFFCIB8=B;
H<9
,CIH9


9BH9BB=5@
HC
-5BH5
'CB=75

1=H<
5@@
H<5H
=B
A=B8

-5BH5
'CB=75
G<CI@8
F9A5=B
5
HCD

7<C=79
:CF
A99H=B;
D@5BB9FG
5B8
;FCIDG
@CC?=B;
HC
GH5M
=B
&CG
B;9@9G
:CF
I@H=A5H9
0#*
9LD9F=9B79G
5B8
9J9BHG

19
7CBH=BI9
HC
G99
5B
=B7F95G9
=B
F9EI9GH
:CF
DFCDCG5@G
, *
JC@IA9
5B8
<CH9@G
7CBH=BI9
HC
F979=J9
G<CFH
H9FA
@958G
5G
GCCB
5G
=B
H<9
ACBH<

:CF
H<9
ACBH<

5G
K9@@
5G

, *G
:CF
5G
:5F
CIH
5G

5B8
69MCB8

CF
H<9
8CA9GH=7
5B8
=BH9FB5H=CB5@
'#

A5F?9H


:57HCFG
GI7<
5G
H<9
DFCDCG98
7<5B;9G
HC
H<9
@97HFCB=7
-MGH9A
:CF
.F5J9@
IH<CF=N5H=CB
-.
5DD@=75H=CB

H5F=::G

DC@=H=7G

=B:@5H=CB
5B8
B9;5H=J9
A98=5
A9GG5;=B;

A5BM

7CFDCF5H=CBG
5F9
H5?=B;
588=H=CB5@
A95GIF9G
HC
9BGIF9
A99H=B;G
5B8
9J9BHG
5F9
69=B;
7CBG=89F98
=B
GI=H56@9
89GH=B5H=CBG





/B
0+-=9;<
=2+=
@366
-98=;3,>=/
=9
=2/
<>--/<<
90
1;9>:
<+6/<
/009;=<
O #B7F95G=B;
D5FHB9F
D5FH=7=D5H=CB
5H
HF589
G<CKG
5B8
G5@9G
A=GG=CBG "CH9@G

HHF57H=CBG

,9H5=@

9H7


O 7H=J9@M
D5FHB9F=B;
K=H<
0=G=H

5@=:CFB=5UG
*FC:9GG=CB5@
'99H=B;G

J9BHG
*'

.5G?:CF79
K<=7<
-'..
G9FJ9G
CB
5B8
DFC;F5AA=B;

O ,9H5=B=B;
-'..UG

@=9BH
8J=GCFM

C5F8
5B8
=B7F95G=B;
H<9
BIA69F
C:
A9A69FG

3)3

O -97IF9
B9K
'#

'G
=B
D5FHB9FG<=D
K=H<
<CH9@G
HC
G<CK75G9
89GH=B5H=CB

9LD9F=9B79G
5B8
ACF9
HC
A99H=B;
5B8
9J9BH
DFC:9GG=CB5@G

O /D85H=B;
7@=9BH
B9HKCF?
CB
B9K
5B8
ID85H98
<CH9@
DCFH:C@=C
=B7@I8=B;
<CH9@
F96F5B8G

F9BCJ5H=CBG
5B8
IB=EI9
9J9BH
GD579
ID85H9G

O -=H9
=BGD97H=CB
5GG=GH5B79
:CF
EI5@=:=98
A99H=B;
D@5BB9FG

O (9K
J=89C
5B8
D<CHC;F5D<M
5GG9HG
J=FHI5@
HCIFG

ID85H98
A99H=B;
GD579
=A5;9G


<CH9@
J=89CG

9H7


O
F95H=B;
5
'#

GD97=:=7
<CH9@
5B8
J9BI9G
F9GCIF79G
:CF
9J9BH
DFC:9GG=CB5@G

O -<CK75G=B;
B9K
9LD9F=9B79G
@=?9
&
.97<
199?UG
#BBCJ5H=CB
"I6 F=9N9
&


-5BH5
'CB=75
#BH9FB5H=CB5@
$5NN
9GH=J5@ 5B8
ACF9
:CF
IB=EI9
=B79BH=J9
;FCID
9LD9F=9B79G

O C7IG=B;
CB
=895@
;FCID
G=N9G
65G98
CB
G95GCB5@=HM :CF 5@@ -5BH5
'CB=75
<CH9@G
=
9 

FCCAG
CB
D95?

GA5@@9F
;FCIDG
8IF=B;
D95?
@9=GIF9
G95GCB

G
CIH@=B98
69@CK

-5BH5
'CB=75
'99H
K=@@
9L<=6=H
5H
?9M
HF589
G<CKG
5B8
9J9BHG
HC
9B;5;9
A99H=B;
DFC:9GG=CB5@G

+38=+38381
"/6+=398<23:<
O '99H=B;
*FC:9GG=CB5@G
#BH9FB5H=CB5@
-CIH<9FB

5@=:CFB=5

<5DH9F
P 7CAA=HH99

A9A69F
DF9:9FF98
5BBI5@
GDCBGCF

O -C7=9HM
:CF
#B79BH=J9
.F5J9@
L79@@9B79
-CIH<9FB
5@=:CFB=5

<5DH9F
P 57H=J9

GDCBGCF
A9A69F

O 19GH

C5GH

')
@@=5B79
*FC;F5AA=B;
5B8 J9BHG

O !
.
&CG
B;9@9G

<5DH9F
P 57H=J9
A9A69F

O GH56@=G<=B;
5B8
BIFHIF=B;
F9@5H=CBG<=DG
K=H<
?9M
=BH9FA98=5FM
7CAD5B=9G
GI7<
5G

CB:9F9B79
=F97H

"9@AG
F=G7C9

"*(

A9F=75B
LDF9GG
!
.

'99H=B;G
'589

5GM

*F9GH=;9

'5F=HN
5B8
ACF9

#+6/<

3<<398<
38
/B
$+;1/=

+;5/=<
38-6>.381
,>=
89=
6373=/.
=9
O *<C9B=L
'9HFC
O -5@H
&5?9

=HM
O (CFH<9FB

5@=:CFB=5
O (9K
3CF?

=HM
$;+./
#29@<
+8.
"9+.<29@<
38-6>.381
,>=
89=
6373=/.
=9 
O #'2
A9F=75
O #'2
F5B?:IFH

O *F9GH=;9
!@C65@
O '2
=BH9F
.#)(

O 0=G=H

5@=:CFB=5
*FC:9GG=CB5@
'99H=B;G

J9BHG
,C58G<CKG
O ,9HF95H
,9GCIF79G
,C58G<CKG
O (CFH<GH5F
&ILIFM
'99H=B;G

O "9@AG
F=G7C9
BBI5@

IG=B9GG

CB:9F9B79
O #
.'
A9F=75
O *<C9B=L
-5@9G
'=GG=CB
O 5GH

C5GH
-5@9G
'=GG=CB
O (CFH<GH5F
-DCFHG
&9589FG<=D
CFIA




!;91;+7< ..3=398<
O #
.'
1CF@8

O .<9
'99H=B;G
-<CK

O '2
#BH9F57H=CB
P '
'5F?9H

-5BH5
'CB=75
'99H
K=@@
F9B9K
=HG
D5FHB9FG<=D
K=H<

J9BH
5G
H<9
=B8IGHFM
@9589F
=B
@958

;9B9F5H=CB

-'..
K=@@
5@GC
G99?
B9K
K5MG
HC
G97IF9
6IG=B9GG
J=5
B9K
CF
5@H9FB5H=J9
7<5BB9@G

D5FHB9F=B; K=H<
B9K
=B8IGHFM
;FCIDG

<CGH=B;
ACF9
'#

'G

5B8
5HH9B8=B;

B9K
=B8IGHFM
9J9BHG
@=?9
*@5BB9F"9FC
FC58G<CKG
5B8
#'2
F5B?:IFH
"CK9J9F

H<9

:CIB85H=CB
C:
CIF
;FCID
G5@9G
9::CFHG
K=@@
7CBH=BI9
HC
69
FCCH98
=B
F9DF9G9BH=B;
CIF
6957<
7=HM
5G
5
HCD
89GH=B5H=CB
:CF
A9ACF56@9
5B8
=AD57H:I@
9J9BHG
5B8
G97IF=B;
B9K
5B8
F9D95H
6IG=B9GG
:CF
H<9
:IHIF9







$
"

#$'"
$
#$$ 
(!" ,4/-=3?/<
O '5=BH5=B
DCG=H=J9
GC7=5@
G9BH=A9BH
57FCGG
:579HG
577CAAC85H=CBG
8=B=B;

F9H5=@


K9@@B9GG

7@95B@=B9GG
5B8
G5:9HM

F9HIFB=B;
HC
DF9
D5B89A=7
@9J9@G

O )DH=A=N9
6F5B8=B;

A9F7<5B8=G9

K96G=H9G

GC7=5@
A98=5
D5;9G
5B8
5GG9HG
HC

9BGIF9
7C<9G=J9
7C@@5H9F5@

O LD5B8
6F5B8
D<CHC;F5D<M

J=89C;F5D<M 5B8
7C@@5H9F5@
:CF
IG9
=B
;9B9F5@

75AD5=;BG

@ILIFM
A5F?9HG
5B8
'#







O #B7F95G9
K96
D9F:CFA5B79 )DH=A=N9
-) 5B8
ACB=HCF 6F5B8
G9BH=A9BH
CB
;9B9F5H=J9
7<5H
D@5H:CFAG

HC
9BGIF9
CB;C=B;
CDH=A=N5H=CB
C:
K96
7CBH9BH
H<5H
=BGD=F9G
HF5J9@
HC
H<9
89GH=B5H=CB

O #B7F95G9
D5FHB9F
F9:9FF5@G
M95F
CJ9F
M95F
6M




O CGH9F
F9@5H=CBG<=DG
K=H<
7CAAIB=HM
A5F?9H=B;
9LD9FHG
HC
9BGIF9
5
FC6IGH
5B8

8=J9FG9
A5F?9H=B;
D9FGD97H=J9

O LD@CF9
5B8
9LD5B8
=B8IGHFM
F97C;B=H=CB
CDDCFHIB=H=9G

O #B7F95G9
D5FHB9F
F9:9FF5@G
M95F
CJ9F
M95F
6M



O #B7F95G9
DCG=H=J9
DF9GG
7CJ9F5;9
C:
H<9
89GH=B5H=CB
M95F
CJ9F
M95F
6M
 =B
H<9
/B=H98
-H5H9G
#B8=5
A5F?9H
6M

3
'9L=7C
A5F?9H
6M

3
'=88@9 5GH
A5F?9H

3
5B8
3

F5N=@ A5F?9H
6M

3

O #B7F95G9
-C7=5@
'98=5
C@@CK9FG
M95F
CJ9F
M95F
6M

P 
89D9B89BH
CB
D@5H:CFA

K<=@9
5@GC
9J5@I5H=B;
9A9F;=B;
7<5BB9@G
O

#BGH5;F5A
?
3

%
3

%
3
%
3

%
3
O

5796CC?
%
3

%
3

%
3

%
3

%
3
O

2
.K=HH9F
%
3


%
3


%
3


%
3


%
3
O
F95H9
5
75AD5=;B
HC
7CAA9ACF5H9
H<9
,CIH9

79BH9BB=5@
HC
69
IG98
=B
89GH=B5H=CB
DFC;F5AA=B;
5B8
6F5B8=B;

P 3

3

O -H9K5F8
H<9
LD9F=9B79
'5B5;9A9BH
*@5B
'*

HC
9BGIF9
;C5@G
5F9
5@=;B98

K=H<
H<9

=HM
,95@=;BA9BH
*@5B

/B
83=3+=3?/< #=;+=/13/<
O *@5B
6CH<
J=G=HCF
5B8
@C75@
:C7IG98
7CBH9BH
5B8
A5F?9H=B;
=B=H=5H=J9G

O -<5F9
ID85H9G
K=H<
H<9
@C75@
-5BH5
'CB=75
7CAAIB=HM
H<FCI;<
H<9
8=;=H5@
?=CG?G
Q =B7@I8=B;
ID7CA=B;
9J9BHG
5B8
6IG=B9GG
GD97=5@G



O @9J5H9
6F5B8
7C@@5H9F5@
:CF
@ILIFM
A5F?9HG
5B8
'#

O
CBH=BICIG@M
9J5@I5H9
5B8
ID85H9
H<9
K96G=H9
65G98
CB
69GH
/2 /#
DF=B7=D@9G

HC

9BGIF9
J=9K9FG
F979=J9
=BGD=F5H=CB5@
5B8
H57H=75@
HF=D
D@5BB=B;
F9GCIF79G

O LD5B8
D5FHB9F
F9:9FF5@
CDDCFHIB=H=9G
CB
H<9
K96G=H9
6M
588=B;
ACF9
=BH9;F5H98
F9G95F7<
HCC@G
5B8
5GG=GH=B;
6IG=B9GG9G
K=H<
@=GH=B;
ID85H9G

O -I6A=H -'..
HC
6F5B8
89G=;B

HF5J9@

<CGD=H5@=HM

5B8
;FCID
'#

=B8IGHFM

DI6@=75H=CB
5K5F8G

O *@5B
B9K
CDDCFHIB=H=9G
:CF
D5FHB9FG

@C75@
6IG=B9GG9G
HC
KCF?
K=H<
IG
5B8
69

:95HIF98
CB
CIF
K96G=H9


O )::9F
G95GCB5@
@5B8=B;
D5;9G
K=H<
FC6IGH
D5FHB9F
GI;;9GH=CBG GD97=5@G
5B8
IB=EI9

9LD9F=9B79G

O *IFGI9
CDDCFHIB=H=9G
:CF
HF589
5B8
HF5J9@
G<CKG
=B
9A9F;=B;
A5F?9HG
D9B8=B;

6I8;9H

O #89BH=:M 588=H=CB5@ CDDCFHIB=H=9G
HC
7C@@56CF5H9
K=H<
D5FHB9FG
H<9
7=HM

@C75@

6IG=B9GG9G
5B8
=B:@I9B79FG
CB
GC7=5@
A98=5

G<5F9
ACF9
8MB5A=7
J=89CG

O /D85H9
,CIH9

@5B8=B;
D5;9
K=H<
9J9BHG

D5FHB9F
=BJC@J9A9BH
CDDCFHIB=H=9G


6IG=B9GG
GD97=5@G

5B8
GCB;
7CBH9GH
=B:CFA5H=CB



O
C@@56CF5H9
K=H<
0=G=H

5@=:CFB=5
CB
7I@=B5FM
C::9F=B;G

H<FCI;<
D5FH=7=D5H=CB
=B
H<9

0=G=H

5@=:CFB=5

I@=B5FM

CAA=HH99

O LD5B8
F9H5=@
A9F7<5B8=G9
@=B9
H<FCI;<
7IGHCA
A9F7<5B8=G9
7F95H=CB
5B8
6F5B8
D5FHB9FG<=DG

O BGIF9
5@@
-5BH5
'CB=75
6IG=B9GG9G
5F9
IH=@=N=B;
D5FHB9F
DCFH5@
G9FJ=79G
5B8
5F9
G7<98I@98
:CF
.<F9G<C@8

G9FJ=79G

O #B7F95G9
K96
HF5::=7
HC
G95GCB5@
@5B8=B;
D5;9G
5B8
D5FHB9F
GD97=5@G
M95F
CJ9F
M95F
3

3

O -IDDCFH
7IFF9BH
'*
7CAA=HH99G
5B8
588
588=H=CB5@
7CAA=HH99G
=B
@=B9
K=H<
B9LH

;C5@G
3


#$


(!"


$
!


!
.<9
'*
*@5B
K=@@
69
:IFH<9F
ID85H98
HC
F9:@97H
H<9

=HM
C:
-5BH5
'CB=75UG
,95@=;BA9BH

*@5B

.<9G9
ID85H9G
K=@@
F9GI@H
=B
ACJ=B;
HC
H<9
DFC79GG
C:
=AD@9A9BH5H=CB
K<=7<
K=@@

7CBH=BI9
HC
IB:C@8
CJ9F
H<9
7CA=B;
M95FG
H<FCI;<


.<9F9
=G
AI7<
HC
8C
5G
K9
9A65F?

CB
H<=G
=ADCFH5BH
>CIFB9M


CF
H<9
:=FGH
:9K
M95FG
C:
H<9
D@5B

K9
K=@@
:C7IG
CB
=AD@9A9BH=B;
DFC;F5AG
:CF
:CIF
C:
CIF
B=B9
?9M
GHF5H9;=9G
=B
6C@8
69@CK


7CAA=HH99
<5G
699B
7F95H98
:CF
957<
C:
H<9G9
GHF5H9;=9G
7CBG=GH=B;
C:
5
7FCGG
G97H=CB
C:
?9M
A9A69FG
C:
H<9
7CAAIB=HM
57<

7CAA=HH99
<5G
699B
5DDC=BH98
5B
-'..
:57=@=H5HCF
HC
9BGIF9
CD9B
7CAAIB=75H=CBG
69HK99B
5@@
GH5?9<C@89FG
=B
H<9
'*
DFC79GG
O BGIF9
-5BH5
'CB=75
7CBH=BI9G
HC
69
5
G5:9
5B8
7@95B
D@579

O -IDDCFH
@=J56=@=HM
:CF
-5BH5
'CB=75
F9G=89BHG

O "=;<@=;<H
5B8
@9J9F5;9
7I@HIF5@
5B8
<=GHCF=7
9LD9F=9B79G

O *FCACH9
5
8=J9FG=HM
C:
F9H5=@

8=B=B;
5B8
9J9B=B;
9LD9F=9B79G

O CGH9F A9ACF56@9 577CAAC85H=CB
9LD9F=9B79G
H<5H
9B<5B79
H<9
J5@I9
DFCDCG=H=CB

O 57=@=H5H9
H<9
J=56=@=HM
C:
GA5@@
5B8
IB=EI9
6IG=B9GG9G

O -IGH5=B56@M
=BJ9GH
=B
A5?=B;
-5BH5
'CB=75
H<9
;F99B9GH
6957<
7=HM
=B
H<9
/ -

O -IDDCFH
5B8
9B<5B79
-5BH5
'CB=75UG
ACGH
=ADCFH5BH
5GG9HG

O B<5B79
AC6=@=HM
:CF
-5BH5
'CB=75
J=G=HCFG

F9G=89BHG
5B8
KCF?:CF79


;CJ9FB5B79
7CAA=HH99
<5G
5@GC
699B
7F95H98
HC
9BGIF9
H<5H
DFC;F9GG
=G
A589
CB 957<
GHF5H9;M
5B8
HC
DF=CF=H=N9
G<CFH
5B8
@CB;
H9FA
;C5@G

1<=@9
-'..
=G
GD95F<958=B;
H<=G


DFC79GG

K9
8C
BCH
=B89D9B89BH@M
7CBHFC@
CF
CKB
H<9
*@5B

BCF
5@@
H<9
=B=H=5H=J9G
H<5H
K=@@

69
DIFGI98


7CBGI@H5BH
<5G
699B
F9H5=B98
HC
:57=@=H5H9
H<9
:=FGH
M95FG
C:
H<9
=AD@9A9BH5H=CB
D<5G9
5B8
;I=89
H<9
DFC79GG
7=HM
K=89

!C=B;
:CFK5F8

H<=G
D@5B
K=@@
69
585DH98
HC
F9:@97H
H<9

=HM
C:
-5BH5
'CB=75
,95@=;BA9BH

*@5B

5@@CK=B; :CF
=AD@9A9BH5H=CB
C:
5F95G
5B8
=895G
H<5H
<5J9
699B
CIH@=B98
=B
H<9
'*
K<=@9
:IFH<9F
6I=@8=B;
CIH
H<9
D@5B
:CF
:IHIF9
M95FG
HC
6I=@8
IDCB
H<9
9LD9F=9B79G
C::9F98

$ %"#


!" &
$
#$"$
$
#B

-'..
7F95H98
H<9
.#

5B8
KCF?G
K=H<
D5FH=7=D5H=B;
<CH9@G
HC
7F95H9
5
JC@IBH5FM
HCIF=GA
G9FJ=79G
8=GHF=7H
HC
GIDDCFH
GIDD@9A9BH5@
7@95B 5B8
G5:9
G9FJ=79G
5@CB;
)795B
FCBH
15@?
5B8
H<9
58>C=B=B;
DI6@=7
F=;<H
C:
K5M

.<=G
DFC;F5A
<5G
DFCJ9B
GI779GG:I@
HC

H<9
9BJ=FCBA9BH
5B8
-'..
<5G
5B
5;F99A9BH
K=H<

<FMG5@=G
HC
GH5::
5B8
9L97IH9
H<=G

DFC;F5A

K=H<
D=@CH
DFC;F5A
:IB8=B;
:FCA
-'..
5B8
7CBH=BI=B;
:IB8=B;
:FCA
D5FH=7=D5H=B;
<CH9@G
H<FCI;<
5
JC@IBH5FM
5GG9GGA9BH

.<=G
DFC;F5A
K=@@
69
F99J5@I5H98
5B8
DF9G9BH98

:CF
:IHIF9
B998G


"

!
-5BH5
'CB=75
.F5J9@

.CIF=GA
K=@@
7CBH=BI9
58J5B7=B;
5
AC89FB
585DH56@9
6F5B8

GHF5H9;M
89G=;B98
HC F9GDCB8
HC
9JC@J=B;
HF5J9@9F
G9BH=A9BH
7CAD9H=H=J9
DF9GGIF9G

5B8

F95@
H=A9
A5F?9H
7CB8=H=CBG

-'..
F9A5=BG
:C7IG98
CB
89@=J9F=B;
=BH9;F5H98
6F5B8
75AD5=;BG
H<5H
F9=B:CF79
-5BH5
'CB=75UG
8=GH=B7H
7C5GH5@
=89BH=HM

7I@HIF5@
F9@9J5B79

5B8
97CBCA=7
J=H5@=HM

)IF
7F95H=J9

5DDFC57<
K=@@
F9A5=B
:@9L=6@9
5B8
F9GDCBG=J9

5@@CK=B;
IG
HC
588F9GG
9A9F;=B;

CDDCFHIB=H=9G

G<=:H=B;
HF5J9@
69<5J=CFG

5B8
9LH9FB5@
:57HCFG
=AD57H=B;
J=G=H5H=CB

5AD5=;B
=B=H=5H=J9G
K=@@
9AD<5G=N9
7CAD9@@=B;
GHCFMH9@@=B; <=;<
=AD57H
J=GI5@
7CBH9BH


5B8
H5F;9H98
A98=5
D@579A9BHG
89G=;B98
HC
8F=J9
7CBG=89F5H=CB
5B8
7CBJ9FG=CB
57FCGG
DF=CF=HM
A5F?9HG

19
K=@@
7CBH=BI9
@9J9F5;=B;
J=89C

8=;=H5@

GC7=5@

5B8
7CBH9BH
8F=J9B

GHF5H9;=9G
HC
DCG=H=CB
-5BH5
'CB=75
5G
K9@7CA=B;

J=6F5BH

5B8
F958M
HC
F979=J9
J=G=HCFG

'5F?9H=B;
9::CFHG
K=@@
DF=CF=H=N9
HCD
D9F:CFA=B;
8CA9GH=7
:9989F
A5F?9HG
=B7@I8=B;
-5B

F5B7=G7C

*<C9B=L

(9K
3CF?

=HM

&5G
09;5G


<=75;C

-95HH@9

5B8
15G<=B;HCB

K<=@9
A5=BH5=B=B;
GHF5H9;=7
9B;5;9A9BH
=B
?9M
=BH9FB5H=CB5@
A5F?9HG
DF9J=CIG@M
=89BH=:=98
5G
GHFCB;
7CBHF=6IHCFG
HC
J=G=H5H=CB
5B8
97CBCA=7
=AD57H

.<FCI;<
8=G7=D@=B98
6F5B8
GH9K5F8G<=D
5B8
85H5
=B:CFA98
A98=5
=BJ9GHA9BHG

-'..
K=@@

9BGIF9
-5BH5
'CB=75
F9A5=BG
7CAD9H=H=J9

7I@HIF5@@M
F9@9J5BH

5B8
HCD
C:

A=B8



!


"=GHCF=75@@M

D5=8
A98=5
9::CFHG
K9F9
7CB79BHF5H98
=B
H<9
:5@@

K=BH9F

5B8
GDF=B;
G<CI@89F

G95GCBG

K=H<
@=A=H98
57H=J=HM
8IF=B;
H<9
GIAA9F
ACBH<G

.C
9BGIF9
-5BH5
'CB=75

F9A5=BG
HCD
C:

A=B8
M95F
FCIB8

K9
<5J9
HF5BG=H=CB98
HC
5B
5@K5MG
CB

9J9F;F99B

75AD5=;B
AC89@
H<5H
585DHG
HC
G95GCB5@=HM
5B8
H5F;9H98
6CC?=B;
K=B8CKG

.<=G
5DDFC57<
5@@CKG
IG
HC
F9A5=B
J=G=6@9
=B
7CAD9H=H=J9
A5F?9HG
K<=@9
GHF5H9;=75@@M
G<=:H=B;
A9GG5;=B;
5B8
A98=5
K9=;<H
65G98
CB
89A5B8
D5HH9FBG

)IF
C6>97H=J9
=G
HC
:CGH9F
9ACH=CB5@
7CBB97H=CBG
HC
-5BH5
'CB=75
H<5H
9LH9B8
69MCB8
=7CB=7
@5B8A5F?G
=BGD=F=B;
@CB;9F
GH5MG

=B7F95G=B;
CJ9FB=;<H
5B8
A=8K99?
J=G=H5H=CB
:FCA

7CF9
5I8=9B79
G9;A9BHG

5B8
9B7CIF5;=B;
J=G=HCFG
HC
9LH9B8
H<9=F
HF=DG
6M
HKC B=;<HG
CF
ACF9

.<9
75AD5=;BG
5F9
:C7IG98
CB
5B8
K=@@
89@=J9F
CB
H<9
:C@@CK=B;
?9M
D9F:CFA5B79
=B8=75HCFG
%*#G 6M
=B7F95G=B;
O
=F97H
6CC?=B;G
HC
<CH9@G
5B8
=B7F95G=B; .).
F9J9BI9G

O 199?85M
<CH9@
GH5MG
5B8
6IG=B9GG
HF5J9@

O &9B;H<
C:
GH5M
5B8
CJ9F5@@
GD9B8
C:
J=G=HCFG

O ,9:9FF5@G
HC
-5BH5
'CB=75
6IG=B9GG9G
J=5
H<9
*5FHB9F
*CFH5@

O .F5::=7
HC
G5BH5ACB=75
7CA
75AD5=;B
@5B8=B;
D5;9

O
CC?=B;G
H<FCI;<
CB@=B9
HF5J9@
5;9B7=9G

O -C7=5@
A98=5
DF9G9B79
5B8
8F=J=B;
HF5::=7
HC
G5BH5ACB=75 7CA


 $$

# 



-'..
K=@@
7CBH=BI9
HC
7IF5H9
5B8
5AD@=:M
7CBH9BH
:FCA
-5BH5
'CB=75
6IG=B9GG9G
57FCGG
GC7=5@
A98=5
7<5BB9@G

G5BH5ACB=75
7CA

5B8
9A5=@
A5F?9H=B;
D@5H:CFAG

#B
H<9
7CA=B;
M95F

-'..UG
GC7=5@
A98=5
GHF5H9;M
K=@@
:C7IG
CB
=B7F95G=B;
9B;5;9A9BH
5B8
;FCK=B;
:C@@CK9FG
CIHG=89
C:
H<9
;F95H9F
&CG
B;9@9G
5F95
DF=CF=H=N=B;
HCD
8CA9GH=7

:9989F
5B8
?9M
=BH9FB5H=CB5@
A5F?9HG

::CFHG
K=@@
79BH9F
CB
:CGH9F=B;
CF;5B=7
7CAAIB=HM

9B;5;9A9BH
5B8
DFC8I7=B;
7CAD9@@=B;
7CBH9BH
H<5H
<=;<@=;<HG
-5BH5
'CB=75UG
DF9A=9F
5HHF57H=CBG

=B7@I8=B;
CIH8CCF
8=B=B;

5FHG
5B8
7I@HIF9

F97F95H=CB5@
57H=J=H=9G

5B8
7C5GH5@

9LD9F=9B79G

-'..
K=@@
5@GC
9LD5B8
=HG
GC7=5@
A98=5
DF9G9B79
6M
9LD@CF=B;
9A9F;=B;
5B8
IB89FIH=@=N98
D@5H:CFAG
5B8
7C@@56CF5H=B;
K=H<
HF5J9@
=B8IGHFM
=B:@I9B79FG
K<CG9
5I8=9B79G
5B8
J5@I9G
5@=;B
K=H<
H<9
-5BH5
'CB=75
6F5B8



9+;.
90
3;/-=9;<
/@<6/==/;
O I8=9B79
-'..

C5F8
C:

=F97HCF
'9A69FG

O
589B79

CBH=BI98
7CAAIB=75H=CBG
CB
-'..
DFC;F5AG
5B8
G9FJ=79G

O
CBH9BH
-HF5H9;=7
D@5B
=B=H=5H=J9G

G5@9G
5B8
A5F?9H=B;
DFC;F5A
ID85H9G

ID85H9G

:FCA
H<9

<5=F
C:
H<9

C5F8
C:

=F97HCFG

977>83=B
/@<6/==/;
O I8=9B79
&C75@

IG=B9GG9G

"CH9@
!9B9F5@
'5B5;9FG
!'G
5B8
-5@9G


'5F?9H=B;
GH5::

;I9GH
G9FJ=B;
9AD@CM99G

F9GH5IF5BHG

F9H5=@


#
G

-'..

C5F8

=HM
*5FHB9FG

-'..
*5FHB9F
;9B7=9G

O
589B79
'CBH<@M

O
CBH9BH
-5BH5
'CB=75
=B
H<9
B9KG

B9K
6IG=B9GG9G

-'..
ID85H9G
5B8

DFC;F5AG

ID7CA=B;
9J9BHG

98<>7/;
/@<6/==/;
O I8=9B79

CBGIA9FG

-5BH5
'CB=75
,9G=89BHG

-5BH5
'CB=75
0=G=HCFG

H<CG9
K<C

CDH
=B
5H
G5BH5ACB=75
7CA

O
589B79
'CBH<@M

O
CBH9BH
(9KG
56CIH
<CH9@G

7I@HIF5@
<5DD9B=B;G

G<CDD=B;

:CC8

8F=B?

H<=B;G
HC

8C

GD97=5@
C::9FG 5B8
9A9F;9B7M
=B:CFA5H=CB
5G
B99898

#/+
=2/
99.
/@<6/==/;
C </8=
98
,/2+60
90
#+8=+

983"#
O I8=9B79

CAAIB=HM
(9KG@9HH9F
8=GHF=6IH=CB
@=GH

-5BH5
'CB=75
,9G=89BHG

CH<9F

BCB
DFC:=HG
=B
H<9
7CAAIB=HM

-5BH5
'CB=75
0=G=HCFG

H<CG9
K<C
CDH
=B
5H

-5BH5'CB=
,-
CF;

O
589B79
+I5FH9F@M

O
CBH9BH
B9KG@9HH9F
<=;<@=;<H=B;
=BGD=F=B;
5B8
58A=F56@9
B9KG
GHCF=9G

$;+?/6
+8.
$;+./
/@<6/==/;
O I8=9B79
.F5J9@
;9BHG

)D9F5HCFG
5B8
'99H=B;
*@5BB9FG

O
589B79
+I5FH9F@M

O
CBH9BH
"CH9@
ID85H9G

B9K
6IG=B9GG
CD9B=B;G

ID7CA=B;
9J9BHG

K<5HUG
B9K

8=/;8+=398+6
/@<6/==/;<
O I8=9B79
'5F?9HG
K=H<
-'..
F9DF9G9BH5H=CB
F979=J9
5
B9KG@9HH9F
75H9F=B;
HC
HF5J9@

HF589
5B8
7CBGIA9FG

O
IFF9BH
A5F?9HG

5B585

/B=H98
%=B;8CA
#F9@5B8

F5B79

!9FA5BM
5B8

IGHF5@=5
(9K
495@5B8

O
589B79
'CBH<@M
+I5FH9F@M


O
CBH9BH
"CH9@
ID85H9G

B9K
6IG=B9GG9G
CD9B=B;G

ID7CA=B;
9J9BHG

K<5HUG
B9K

5B8
H<=B;G
HC
8C
=B
-5BH5
'CB=75

-'..
K=@@
7CBH=BI9
HC
KCF?
K=H<
?9M
H5F;9H98
DI6@=75H=CBG
5B8
:F99@5B79
>CIFB5@=GHG
HC
89J9@CD
H=A9@M
5FH=7@9G
5B8
6@C;
DCGHG
HC
9BGIF9
7CBH9BH
5B8
9J9BHG
CB
G5BH5ACB=75 7CA

5F9
5HHF57H=B;
CF;5B=7
HF5::=7
588F9GG=B;
J=G=HCF
B998G
5B8
<=;<@=;<H=B;
<CK
H<9
89GH=B5H=CB
=G
CB
H<9
7IHH=B;
98;9
C:
HF5J9@

7I@=B5FM

<95@H<
5B8
K9@@B9GG

7I@HIF5@

9LD9F=9B79G

G<CDD=B;
5B8
GIGH5=B56=@=HM
HF9B8G

#$


-5BH5ACB=75
7CA
7CBH=BI9G
HC
9JC@J9
5G
5
<=;<
D9F:CFA=B;

7CBH9BH
F=7<
D@5H:CFA

89G=;B98
HC
=BGD=F9

7CBJ9FH

5B8
G9FJ9
J=G=HCFG
5H
9J9FM
GH5;9
C:
H<9
HF5J9@
>CIFB9M
,5H<9F

H<5B
J=9K=B;
H<9
K96G=H9
5G
GH5H=7
=B:F5GHFI7HIF9

-'..
5DDFC57<9G
=H
5G
5
8MB5A=7
8=;=H5@

97CGMGH9A
H<5H
585DHG
=B
F95@
H=A9
HC
HF5J9@9F
69<5J=CF
G95F7<
HF9B8G

5B8
6CC?=B;
=BH9BH

#B


9B<5B79A9BHG
K=@@
:C7IG
CB
D9FGCB5@=N5H=CB

D9F:CFA5B79

5B8
7CBJ9FG=CB


*@5BB98
ID85H9G
=B7@I89
H<9
=AD@9A9BH5H=CB
C:
5
 
#
DCK9F98
7<5H6CH
HC
89@=J9F

=BGH5BH
J=G=HCF
5GG=GH5B79

9LD5B898
8MB5A=7
=H=B9F5FM
HCC@G

=ADFCJ98

CC?

=F97H

=BH9;F5H=CBG

5B8
CB;C=B;
-)
CDH=A=N5H=CB
5@=;B98
K=H<
G<=:H=B;
G95F7<
D5HH9FBG
5B8
#

8F=J9B
8=G7CJ9FM
D@5H:CFAG

CBH9BH
GHF5H9;M
K=@@
9AD<5G=N9
=AA9FG=J9
GHCFMH9@@=B;
G<CFH
:CFA
J=89C
=BH9;F5H=CB


@ILIFM
5B8
B=7<9
HF5J9@
@5B8=B;
D5;9G

5B8
H=A9@M
9J9BH
8F=J9B
7CBH9BH
89G=;B98
HC

=B7F95G9
9B;5;9A9BH
5B8
9LH9B8
G9GG=CB
8IF5H=CB


CBH=BICIG
K96
D9F:CFA5B79

=ADFCJ9A9BHG
K=@@
9BGIF9
:5GH
@C58
GD998G

AC6=@9
:=FGH
:IB7H=CB5@=HM

5B8
:F=7H=CB@9GG

B5J=;5H=CB
57FCGG
89J=79G

-5BH5ACB=75
7CA
K=@@
7CBH=BI9
G9FJ=B;
5G
5
7CBGIA9F
=BGD=F5H=CB
<I6
GCIF79
:CF
@C75@G
5B8
5
HF589
F9GCIF79
79BH9F

.<9
A99H=B;
D@5BB9F
G97H=CB
K=@@
69
9B<5B798
HC
GHF95A@=B9
9J9BH
GCIF7=B;
5B8
GIDDCFH
7C@@56CF5H=CB
K=H<
@C75@
<CH9@G
5B8
J9BI9G
.<9
D@5H:CFA
K=@@

5@GC
DFCJ=89
GHF5H9;=7
58J9FH=G=B;
5B8
D5FHB9FG<=D
CDDCFHIB=H=9G
:CF
6IG=B9GG9G
G99?=B;
J=G=6=@=HM
5ACB;
<=;<
=BH9BH
HF5J9@9FG
57H=J9@M
6I=@8=B;
=H=B9F5F=9G

M
DF=CF=H=N=B;
IG9F
9LD9F=9B79

85H5
8F=J9B
CDH=A=N5H=CB

5B8
7CBJ9FG=CB
:C7IG98

7CBH9BH

-'..
K=@@
9BGIF9
G5BH5ACB=75
7CA
F9A5=BG
5
7CAD9H=H=J9
8=;=H5@
;5H9K5M
:CF

H<9
89GH=B5H=CB
5B8
5
A95GIF56@9
8F=J9F
C:
@C75@
97CBCA=7
=AD57H

#+8=+7983-+-97
#=;+=/13-
!;39;3=3/<
98<>7/;
O ,9=BHFC8I79
-5BH5
'CB=75
5G
5
R<CA9
65G9S
89GH=B5H=CB
HC
9LD@CF9
H<9
6FC589F
F9;=CB
5B8
8=::9F9BH=5H9
=H
:FCA
&CG
B;9@9G
5B8
CH<9F
-C 5@
89GH=B5H=CBG

O -H56=@=N9
C77ID5B7M
5B8
G9FJ9
H<9
@C75@
6IG=B9GG
7CAAIB=HM

O "=;<@=;<H
9LD9F=9B79G
=B
-5BH5
'CB=75


O
F=J9
CJ9FB=;<H
J=G=H5H=CB
K=H<
5
:C7IG
CB
G<CI@89F
G95GCBG

O #B7F95G9
8=B=B;
5B8
G<CDD=B;
GD9B8=B;
=B
H<9
89GH=B5H=CB

O 57=@=H5H9
D5FHB9FG<=DG
69HK99B
-5BH5
'CB=75
6IG=B9GG9G
H<FCI;<
6CH<
7CAD@=A9BH5FM
5B8
D5=8
DFCACH=CB5@
CDDCFHIB=H=9G

=B7@I8=B;
:F99
5779GG
HC
H<9

*5FHB9F
*CFH5@

898=75H98
6IG=B9GG
@=GH=B;
D5;9G
5B8
7CAD@=A9BH5FM
DFCACH=CB
C:
GD97=5@G

8=G7CIBHG
5B8
8=GH=B7H=J9
C::9F=B;G

$;+./
O HHF57H
9J9BHG
5B8
A99H=B;G
HC
-5BH5
'CB=75
<CH9@G
5B8
J9BI9G
:CF
CJ9FB=;<H
9LD9F=9B79G

O 8I75H9
A99H=B;
5B8
9J9BH
D@5BB9FG
CB
H<9
5J5=@56@9
<CH9@G
J9BI9G 5B8

89GH=B5H=CB
8=::9F9BH=5HCFG
H<5H
A5?9
=H
H<9
I@H=A5H9
A99H=B;
@C75H=CB

O -<CK
C::
H<9
CIHG=89
H<9
6C5F8FCCA
57H=J=H=9G
:CF
5HH9B899G
HC
9B>CM

O
F=J9
'#

@958G
5B8
6CC?=B;G
6M
<=;<@=;<H=B;
H<9
89GH=B5H=CBG
5DD95@
:CF
A99H=B;G

=B79BH=J9G

7CB:9F9B79G
5B8
9J9BHG


"
$ #
-'..
K=@@
7CBH=BI9
DCG=H=CB=B;
-5BH5
'CB=75
5G
5
DF9A=9F
7C5GH5@
89GH=B5H=CB
89@=J9F=B;
5B
=7CB=7
-CIH<9FB

5@=:CFB=5
6957<
9LD9F=9B79
H<FCI;<
GHF5H9;=7
A98=5
F9@5H=CBG

)IHF957<
K=@@
DF=CF=H=N9
<=;<
=AD57H
GHCFM
5B;@9G
H<5H
5@=;B
K=H<
9JC@J=B;
HF5J9@9F
=BH9F9GHG
5B8
F9GCB5H9
57FCGG
HCD
H=9F
DI6@=75H=CBG

6FC5875GH
CIH@9HG

GI7<
5G
-*(
5B8

#BH9FB5H=CB5@
)@MAD=7

CAA=HH99
'98=5

8=;=H5@
D@5H:CFAG

5B8
GC7=5@
7<5BB9@G
H<5H
F957<

CIF
7CF9
5I8=9B79G

-IGH5=B56=@=HM
F9A5=BG
5
89:=B=B;
GHF9B;H<
C:
H<9
-5BH5
'CB=75
6F5B8
G
HF5J9@9F

9LD97H5H=CBG
G<=:H
HCK5F8
F9GDCBG=6@9
5B8
J5@I9G
8F=J9B
HF5J9@

-'..
K=@@
57H=J9@M
5AD@=:M

H<9
7CAAIB=HMUG
@CB;GH5B8=B;
@9589FG<=D
=B
9BJ=FCBA9BH5@
GH9K5F8G<=D
.<9

=HMUG
95F@M

58CDH=CB
C:
:CFK5F8
H<=B?=B;
GIGH5=B56=@=HM
=B=H=5H=J9G
69;=BB=B;
K=H<
H<9
-IGH5=B56@9
=HM

*@5B
=B

DFCJ=89G
5
GHFCB;
:CIB85H=CB
:CF
7CBH=BI98
GHCFMH9@@=B;
5FCIB8
7@=A5H9
57H=CB

AC6=@=HM

K5GH9
F98I7H=CB

5B8
F9GDCBG=6@9
HCIF=GA
DF57H=79G

-'..
K=@@
:IFH<9F
9B7CIF5;9
@C75@
6IG=B9GG9G
HC
D5FH=7=D5H9
=B
F97C;B=N98
DFC;F5AG
GI7<
5G
H<9
!F99B

IG=B9GG

9FH=:=75H=CB
*FC;F5A
5B8
-IGH5=B56@9
+I5@=HM
K5F8G

<9@D=B;

9@9J5H9
7CAAIB=HM
K=89
9::CFHG
5B8
89ACBGHF5H9
<CK
J=G=HCFG
75B
9LD9F=9B79
-5BH5
'CB=75
F9GDCBG=6@M
5B8
GIGH5=B56@M


-'..
=G
5@GC
:C7IG=B;
GHCFMH9@@=B;
CDDCFHIB=H=9G
CB
CIF
7CAAIB=HM
5G
5
<=;<@M
89G=F56@9
89GH=B5H=CB
:CF
7I@=B5FM
9BH<IG=5GHG

5G
K9
G<CK75G9
CIF
:CIF
K99?@M
:5FA9FG
A5F?9HG

5B8
8=J9FG9
8=B=B;
CDH=CBG

=B7@I8=B;

'=7<9@=B
F97CAA9B898
F9GH5IF5BHG

-'..
K=@@

7CBH=BI9
HC
=89BH=:M
CDDCFHIB=H=9G
:CF
H<9A98
DF9GG
J=G=HG
C::9F=B;
=H=B9F5F=9G
H<5H

G<CK75G9
H<9
6F958H<
C:
CIF
6CIBHM

.<9G9
K=@@
:C7IG
CB
H<9
7CAAIB=HMUG
7I@=B5FM

9LD9FH=G9

5G
K9@@
5G
H<9
B9K
9LD9F=9BH=5@
DFC8I7H
=B
A5F?9H

5B8
K=@@
9AD<5G=N9
ACF9

5HH9B85B79
5H
@C75@
9J9BHG

.<=G
K=@@
<9@D
G<CK75G9
<CK
AI7<
=G
<5DD9B=B;
=B
CIF

7CAAIB=HM
H<5H
F9G=89BHG
5B8
J=G=HCFG
75B
9B>CM 5B8
F9:@97H
-5BH5
'CB=75UG
=ADCFH5B79
5G
5
65G9
:CF
F9;=CB5@
9J9BHG

"95@H<
5B8
K9@@B9GG
5F9 5B
588=H=CB5@
5F95
C:
CIHF957<
HC
HF5J9@
>CIFB5@=GHG

K<C
7CBH=BI9
HC
G<CK
=BH9F9GH
=B
H<9
56IB85B79
C:
CDDCFHIB=H=9G
=B7@I8=B;
6957<
MC;5

6=?9
HCIFG

6957<
JC@@9M65@@

D=7?@965@@

A=B8:I@B9GG
7@5GG9G

GD5

9LD9F=9B79G
5B8
<95@H<M
95H=B;

.<9
,CIH9


9BH9BB=5@
=B

5@GC
DF9G9BHG
5B

9L79@@9BH
CDDCFHIB=HM
:CF
GHCFMH9@@=B;

-'..
K=@@
9B;5;9
>CIFB5@=GHG
:FCA
H<9
F9;=CB
5B8
B5H=CB
K=H<
5
GD97=5@
:C7IG
CB
=BH9FB5H=CB5@
5G
HF5J9@
7CBH=BI9G
HC
F96CIB8

19
K=@@
G99?
:F9G<
CDDCFHIB=H=9G
HC
<CGH

>CIFB5@=GHG
:FCA
IGHF5@=5
(9K
495@5B8

IFCD9
5B8
(CFH<
A9F=75


B9K
D5FHB9FG<=D

K=H<
5
*,
:=FA
=B
=B
#B8=5
K=@@
:CGH9F
9B;5;9A9BH
K=H<
HCD
KF=H9FG
=B
H<=G
9A9F;=B;
A5F?9H
5B8
:57=@=H5H9
DFC>97HG
=B
H<9
F9;=CBG
CB
5B
58
<C7
65G=G

-'..
K=@@
@9J9F5;9
CDDCFHIB=H=9G
HC
7CBB97H
K=H<
>CIFB5@=GHG
CB
A98=5
A=GG=CBG
5B8
=BH9FB5H=CB5@
57H=J5H=CBG
K=H<
CH<9F
D5FHB9FG
=B
H<9
:C@@CK=B;
A5F?9HG O IGHF5@=5
(9K
495@5B8
O
5B585
O F5B79
O !9FA5BM
O #B8=5
O '9L=7C
O /B=H98
%=B;8CA
#F9@5B8
19
K=@@
7CBH=BI9
KCF?=B;
K=H<
5
A98=5
ACB=HCF=B;
5B8
8=GHF=6IH=CB
D@5H:CFA
HC
=B7F95G9
8CA9GH=7
5B8
;@C65@
F957<
HC
>CIFB5@=GHG

6@C;;9FG
5B8
=B:@I9B79FG
5B8
A95GIF9
H<9

9::97H=J9B9GG
C:
CIF
DI6@=7
F9@5H=CBG
CIHDIH

-'..
K=@@
5@GC
GIDDCFH
5B8
KCF?
K=H<
H<9
7=HM
=B
;9HH=B;
H<9
KCF8
CIH
56CIH
7=HM
G9FJ=79
=ADFCJ9A9BHG

<CH9@G
5B8
6IG=B9GG9G
H<5H
5F9
IB89F;C=B;
F9BCJ5H=CBG

F9AC89@=B;
5B8

ID85H9G
HC
G<CK75G9
H<9
=B7F98=6@9
97CBCA=7
=AD57H
H<9G9
DFC>97HG
K=@@
C::9F
-5BH5
'CB=75

"##


%$ #
.<9
7F=G=G
7CAAIB=75H=CBG
D@5B
7CBH=BI9G
HC
69
ID85H98
HC
F9:@97H
@CB;GH5B8=B;
5B8
9A9F;9BH
=GGI9G
5B8
9BGIF9
5@=;B98
A9GG5;=B;
B998G

/D85H9G
=B7@I89
H<9
588=H=CB
C:

<95H
5B8
K95H<9F
58J=GCF=9G

;9CDC@=H=75@
=GGI9G
H<5H
=AD57H
HCIF=GA
5G
K9@@
5G
7CBH=BI98 5A9B8A9BHG
65G98
C::
H<9
@9GGCBG
@95FB98
5B8
69GH
DF57H=79G
:FCA
H<9
D5B89A=7
19

7CBH=BI9
HC
7F95H9
B9K
A98=5
<C@8=B;
GH5H9A9BHG
5B8
F9:=B9
9L=GH=B;
CB9G
HC
9BGIF9
K9
5F9
F958M
HC
F9GDCB8
HC
7F=G=G
G=HI5H=CBG
K<9B
5DDFCDF=5H9

)IF
H95A
<5G
5@GC
:C7IG98
CB
F9@5H=CBG<=DG
K=H<
H<9

=HM
C:
-5BH5
'CB=75

-5BH5
'CB=75

*C@=79

9D5FHA9BH

-5BH5
'CB=75
=F9UG

CAAIB=75H=CBG

9D5FHA9BH
*I6@=7
#B:CFA5H=CB

)::=79FG
5B8
H<9
7CAAIB=75H=CBG
H95AG
=B

5@=:CFB=5
89GH=B5H=CB
A5F?9H=B;
CF;5B=N5H=CBG



.<=G
=G
HC
9BGIF9
CIF
F9@5H=CBG<=DG
7CBH=BI9
HC
;FCK
5B8
9A9F;9B7M
7CBH57H
=B:CFA5H=CB
=G
G<5F98

GC
K9
75B
GK=:H@M
F9GDCB8
HC
7F=G9G
5B8
GIDDCFH
957<
CH<9FUG
9::CFHG
19

7CBH=BI9
HC
G<5F9
=B:CFA5H=CB
=B
7CB>IB7H=CB
K=H<
H<9
=HM
C:
-5BH5
'CB=75
HC
DFCJ=89

C::=7=5@
A9GG5;9G
HC
CIF
6IG=B9GG
7CAAIB=HM

J=G=HCFG
5B8
-5BH5
'CB=75
F9G=89BHG
CB

G5BH5ACB=75
7CA

GC7=5@
A98=5
7<5BB9@G

7CAAIB=HM
B9KG@9HH9FG
5B8
B9KG
ID85H9G

.<=G
K5G
ACGH
F979BH@M
9J=89B798
6M
CIF
KCF?
8IF=B;
H<9
&CG
B;9@9G
K=@8:=F9G


"
$ #
!" "
# $ #
O
9GH=B5H=CB
6F5B8
7CAAIB=75H=CB

O /D85H9
9L=GH=B;

F=G=G

CAAIB=75H=CBG
*@5B
K=H<
@95FB=B;G
:FCA
DCGH
D5B89A=7

9::CFHG

&
K=@8:=F9
7CAAIB=75H=CBG
9::CFHG

#

7CAAIB=75H=CB
9::CFHG 5B8
5BM

7CAAIB=75H=CBG
B998G
F9@5H98
HC
;9CDC@=H=75@
H9BG=CBG
H<5H
=AD57H
HCIF=GA

O 1CF?
K=H<
'5F?9H=B;
HC
7F95H9
DFCACH=CB5@
J=89CG
:CF
?9M
D=@@5FG
GI7<
5G
7I@=B5FM

<95@H<
5B8
K9@@B9GG

CIH8CCF
57H=J=H=9G

:5A=@M
HF5J9@
5B8
-5BH5
'CB=
,-


.<9G9
J=89CG
K=@@
DFCJ=89
IG
K=H<
9L7=H=B;
7CBH9BH
HC
<CIG9
CB
CIF
K96G=H9
5B8
G<5F9
57FCGG
GC7=5@
A98=5
5B8
=B
B9KG@9HH9FG

K<=@9
DFCJ=8=B;
7CBH9BH
HC
G<5F9
K=H<

B9KG
A98=5
HC
5HHF57H
7CJ9F5;9

O GG9GG
DFC;F9GG
CB
H<9
LD9F=9B79
'5B5;9A9BH
*@5B
'*
5B8
DCH9BH=5@@M
9LD5B8
HC
GHF5H9;=9G
69MCB8
H<9
HCD
:CIF HC
5@=;B
K=H<
7=HM
,95@=;BA9BH
*@5B

O ,9@5IB7<
H<9
K96G=H9
K=H<
6F5B8
F9:F9G<
7F95H=J9

O -97IF=B;
5B8
GDF958=B;
5K5F9B9GG
C:
6F5B8
D5FHB9FG<=DG
:CF
ID7CA=B;
A5>CF
9J9BHG
=B7@I8=B;

(

@@
-H5F
!5A9


# 
1CF@8

ID


,CIH9


9BH9BB=5@

-ID9F

CK@
&2#


5B8
H<9
&
)@MAD=7G
O LD5B8
A98=5
9::CFHG
=BHC
=89BH=:=98
?9M
=BH9FB5H=CB5@
A5F?9HG

O *FCJ=89
9LH9BG=J9
A98=5
HF5=B=B;
:CF
;F95H9F

CAAIB=75H=CBG
H95A
5B8
-'..

@9589FG<=D

O
CBH=BI9
HC
9@9J5H9
6F5B8
7C@@5H9F5@
:CF
@ILIFM
A5F?9HG
5B8
'#

O -I6A=H
-5BH5
'CB=75
.F5J9@

.CIF=GA
HC
6F5B8
89G=;B
HF5J9@

<CGD=H5@=HM
5B8

;FCID

'#

=B8IGHFM
DI6@=75H=CB
5K5F8G
:CF
F97C;B=H=CB


O *@5B
B9K
CDDCFHIB=H=9G
:CF
D5FHB9FG
5B8
@C75@
6IG=B9GG9G
HC
KCF?
K=H<
IG
5B8
69
:95HIF98
CB
CIF
K96G=H9
GI7<
5G
5
ACF9
FC6IGH
R&=?9
5
&C75@S
G97H=CB
A5F?9H98
HCK5F8
F9G=89BHG


O LD5B8
G95GCB5@
@5B8=B;
D5;9G
ACF9
FC6IGH
K=H<
D5FHB9F
GI;;9GH=CBG
5B8
GD97=5@G

O *IFGI9
CDDCFHIB=H=9G
:CF
HF589
5B8
HF5J9@
G<CKG
=B
9A9F;=B;
A5F?9HG
D9B8=B;

6I8;9H

O =B8
ACF9
CDDCFHIB=H=9G
HC
7C@@56CF5H9
CB
GC7=5@
A98=5
=B7@I8=B;
3CI.I69
K=H<
D5FHB9FG

@C75@
6IG=B9GG9G
5B8
=B:@I9B79FG
K<=@9
G<5F=B;
ACF9
8MB5A=7
J=89CG
5B8
9JC@J=B;
K=H<
GC7=5@
A98=5
HF9B8G

O
9J9@CD
9B;5;=B;
75AD5=;BG
:CF
F9G=89BHG

HC
DFCACH9
CIF
J5@I9

O /D;F589
,CIH9

@5B8=B;
D5;9
ACF9
FC6IGH
K=H<
9J9BHG
5B8
GD97=5@G
K<=@9

G99?=B;
CIH
:IFH<9F
D5FHB9F
=BJC@J9A9BH
CDDCFHIB=H=9G


O
C@@56CF5H9
K=H<
0=G=H

5@=:CFB=5
CB
7I@=B5FM
C::9F=B;G
H<FCI;<
D5FH=7=D5H=CB
=B
H<9
0=G=H

5@=:CFB=5

I@=B5FM

CAA=HH99 5B8
:CFA
5
B9K
7I@=B5FM
7CAA=HH99
:CF -5BH5

'CB=75

O LD5B8
F9H5=@
A9F7<5B8=G9
@=B9
H<FCI;<
7IGHCA
A9F7<5B8=G9
7F95H=CB
5B8
6F5B8
D5FHB9FG<=DG

O BGIF9
5@@
-5BH5
'CB=75
6IG=B9GG9G
5F9
IH=@=N=B;
D5FHB9F
DCFH5@
G9FJ=79G
5B8
5F9
G7<98I@98
:CF
.<F9G<C@8

G9FJ=79G


O LD5B8
@ILIFM
DFC;F5A C::9F=B;G
HC
F9:@97H
-5BH5
'CB=75UG
B9K
6IG=B9GG
;FCKH<

O #B7F95G9
K96
HF5::=7
HC
G95GCB5@
@5B8=B;
D5;9G
5B8
D5FHB9F
GD97=5@G
M95F
CJ9F
M95F

O -IDDCFH
7IFF9BH
'*
7CAA=HH99G
5B8
588
588=H=CB5@
7CAA=HH99G
=B
@=B9
K=H<
;C5@G

O -<5F9
=B:CFA5H=CB
5B8
79@96F5H9
H<9
DCG=H=J9
=AD57HG
C:
HCIF=GA
:CF
H<9
7CAAIB=HM
5H
H<9
BBI5@
.CIF=GA
-IAA=H

K<=7<
=G
5
;5H<9F=B;
C:
6IG=B9GG

7=J=7
5B8
BCBDFC:=H

CF;5B=N5H=CBG


O
=GHF=6IH9
G9J9F5@
9
B9KG@9HH9FG
H5F;9H=B;
8=::9F9BH
5I8=9B79
G9;A9BHG
HC
9BGIF9
H<9
@C75@
6IG=B9GG
7CAAIB=HM

J=G=HCFG

F9G=89BHG
5B8
HF5J9@
5B8
HF589
D5FHB9FG
5F9

5K5F9
C:
H<9
@5H9GH
B9KG
5B8
<5DD9B=B;G
H<FCI;<CIH
-5BH5
'CB=75

O BGIF9
-5BH5
'CB=75
<5DD9B=B;G
5F9
=B7@I8=B;
=B
@C75@
F58=C
DFC;F5AA=B;







! 
$
&
%

$ %"#

,4/-=3?/<
O 7<=9J9
DCG=H=J9
HCIF=GA
97CBCA=7
CIH7CA9G
5G
=B8=75H98
=B
H<9
.CIF=GA
7CBCA=7
#AD57H
,9DCFH

O GH56@=G<
65G9@=B9
:CF
5B8
9BGIF9
M95F
CJ9F
M95F
=B7F95G9
=B
DCG=H=J9
F9G=89BH
G9BH=A9BH

O #B7F95G9
-'..
G9FJ=79G
5B8
DFC;F5AG
IH=@=N98
6M
-5BH5
'CB=75
F9G=89BHG

O )F=9BH
B9K
7=HM
7CIB7=@
5B8
7=HM
@9589FG<=D
HC
H<9
KCF?
5B8
;C5@G
C:
-'..

O BGIF9
H<5H
F9;=CB5@
9J9BHG
<5J9
DCG=H=J9
=AD57HG
:CF
-5BH5
'CB=75

O /D<C@8
=B:@I9BH=5@
9B;5;9A9BH
@9J9@
K=H<
6C5F8G
5B8
CF;5B=N5H=CBG
K=H<
?9M
=B=H=5H=J9G
5=A98
5H
58J5B7=B;
HCIF=GA
5B8
H<9
69B9:=HG
=H
DFCJ=89G
HC
CIF
7CAAIB=HM
K9@@
69=B;

O '5=BH5=B
57H=J9
6C5F8
5B8
7CAA=HH99
9B;5;9A9BH
=B
9::97H=J9
=B8IGHFM
CF;5B=N5H=CBG

O 7<=9J9
5
A=B=AIA
C:
%
3

%
3
5B8
%
3
=B

7<5F=H56@9
8CB5H98
=B
?=B8
J5@I9
H<FCI;<
H<9
-5BH5
'CB=
,-
CIB85H=CB


'5=BH5=B
A=B

%
3

3

O 0=G=HCF

9BH9F
@C75H=CBG
F9
89G=;B
HC
69HH9F
G9FJ9
J=G=HCFG
5B8
F9G=89BHG

O 8I75H9
5B8
GIDDCFH
<CH9@G
K=H<
7=HM
F9EI=F98
<CIG9?99D=B;
HF5=B=B;G

O LD5B8
CB
CDDCFHIB=H=9G
HC
=B79BH=J=N9
F957<
F9G=89BHG
HC
IG9
CIF
G9FJ=79G

/B
83=3+=3?/< #=;+=/13/<
O
CB8I7H
EI5FH9F@M
=BH9F79DH
GIFJ9MG
HC
A95GIF9
97CBCA=7
=AD57HG
C:
HCIF=GA

O GH56@=G<
F9G=89BH=5@
6=5BBI5@
GIFJ9MG
CB
HCIF=GA
=B
-5BH5
'CB=75

O B;5;9
K=H<
H<9

IM
&C75@

CAA=HH99
O
CBH=BI9
5::=@=5H=CB
K=H<
@C75@

IG=B9GG
#ADFCJ9A9BH

=GHF=7H
@9589FG<=D

7=HM

97CBCA=7
A5B5;9F

5B8
7I@H=J5H9
B9K
CDDCFHIB=H=9G
HC
9B<5B79
HCIF=GA
A9GG5;=B;
5B8
9B;5;9A9BH

O ,9H5=B
DCG=H=CB
CB
-'
,

-'

5M
,9GHCF5H=CB

CAA=GG=CB

JCH=B;
6C5F8

A9A69F

HCIF=GA
F9DF9G9BH5H=J9

O '5=BH5=B
9B;5;9A9BH
5B8
6C5F8
G9FJ=79
C:
-'..
GH5::
CB
?9M
=B8IGHFM
GD97=:=7
6C5F8G

/
-

.F5J9@


5@=:CFB=5
.F5J9@
GGC7=5H=CB


F5B8
/-
5B8
CH<9FG
HC

GIDDCFH
:989F5@

GH5H9
5B8
@C75@
HCIF=GA
98I75H=CB
CB
H<9
69B9:=HG
C:
HCIF=GA

O -<5F9
5B8
98I75H9
CB
!@C65@
BHFM
*FC;F5A
=ADCFH5B79
5B8
F98I7=B;
J=G5
K5=H
H=A9G

 'CB=HCF
5
/
-


IGHCAG
5B8

CF89F
*FCH97H=CB


*
DFCDCG5@
A5B85H=B;
GC7=5@

A98=5
85H5
7C@@97H=CB
:CF
0=G5
15=J9F
*FC;F5A
HF5J9@9FG
H<FCI;<
7<5B;9G
HC
H<9
@97HFCB=7
-MGH9A
:CF
.F5J9@
IH<CF=N5H=CB
-.
5DD@=75H=CB
:CF
9J9FMCB9
5FF=J=B;
=B
H<9
/
-


O "C@8
:IB8F5=G=B;
D5FHB9FG<=DG
5B8
9J9BHG
:CF
-5BH5
'CB= 5F9G

0C@@9M199B

9H7


H<5H
9B7CIF5;9
D5FH=7=D5H=CB
:FCA
H<9
=B8IGHFM
5B8
7CAAIB=HM
K<C
K=G<
HC
;=J9
657?


O AD<5G=N9
@C75@
9A9F;9B7M
C77IFF9B79G
K=H<
-5BH5
'CB= 5F9G
HC
=B7F95G9

7<5F=H56@9
8CB5H=CBG
5B8
=B
?=B8
9L5AD@9
&
1=@8:=F9
,9@=9:

O *FCJ=89
7IF6G=89
8FCD
C::
G9FJ=79
:CF
-5BH5
'CB=
,- 8CB5H=CB
7C@@97H=CBG

69B9:=H=B;
-5BH5
'CB=75
65G98
BCBDFC:=HG

O #89BH=:M
B9K
CDDCFHIB=H=9G
:CF
-'..
6C5F8
A9A69F
9B;5;9A9BH
5B8
89J9@CDA9BH

O ,989G=;B
J=G=HCF
79BH9F
@C75H=CBG
5B8
AC6=@9
J9<=7@9
HC
577CAAC85H9
;FCK=B;
B998G
C:
@C75H=CBG

9A9F;9B7M
5B8
J=G=HCF
G9FJ=B;
B998G
5B8
F9H5=@
;FCKH<

O 1CF?
K=H<
'*
7CAA=HH99
A9A69FG
HC
=89BH=:M
B9LH
DF=CF=H=9G
:CF
H<9
 
M95F
5B8

P
M95F H=A9
D9F=C8G

O ,99GH56@=G<
CB;C=B;
=BHFC8I7H=CBG
5B8
6F=9:=B;
:CF
7=HM
7CIB7=@
5B8
B9K
7=HM
@9589FG

O
F95H9
5
DFC;F5A
HC
7CAD@=A9BH H<9
#
5A
-5BH5
'CB=75
A65GG58CF
DFC;F5A
K=H<
5
75AD5=;B
5BBI5@@M
HC
G<CK
R'M
-5BH5
'CB=75S
HC
8F=J9
F9G=89BHG
HC
DFC;F5AG

57H=J5H=CBG
5B8
G5BH5ACB=75
7CA
HC
GIDDCFH
H<9
6F5B8
5B8
9LD9F=9B79
=B
CIF
7CAAIB=HM

O GG=GH
5G
B99898
K=H<
F9EI=F98
7=HMK=89
"CIG9?99D9F
HF5=B=B;
K=H<
7CAAIB=HM
D5FHB9FG

 "

$
.<9
-'..

C5F8
C:

=F97HCFG
5F9
57H=J9
D5FH=7=D5BHG
=B
H<9
=AD@9A9BH5H=CB
5B8
9L97IH=CB
C:
H<9
-5BH5
'CB=75
LD9F=9B79
'5B5;9A9BH
*@5B
'*

C5F8
A9A69FG
5F9

F9DF9G9BH98
=B
H<9
!CJ9FB5B79

CAA=HH99
5B8
957<
C:
H<9
:CIF
GHF5H9;=7
=B=H=5H=J9
7CAA=HH99G
H<5H
<5J9
699B
A99H=B;
G=B79


.<9
-'..

C5F8

5@CB;
K=H<
J5F=CIG
7=HM

GH5::
5B8
7CAAIB=HM
GH5?9<C@89FG

F9G=89BHG
5B8
@C75@
6IG=B9GG9G
K=@@
KCF?
5G
D5FHB9FG

CJ9F
H<9
B9LH
H9B
M95FG
HCK5F8
5
G<5F98
J=G=CB
5B8
7CAACB
;C5@G
.<9
'*
K=@@
69

ID85H98
HC
F9:@97H
H<9

=HM
,95@=;BA9BH
*@5B

.<=G
K=@@
F9GI@H
=B
9B<5B798
EI5@=HM
C:
@=:9
:CF
5@@
-5BH5
'CB=75
F9G=89BHG

5
F9A5F?56@9
J=G=HCF
9LD9F=9B79
H<5H
GH5B8G
H<9
H9GH
C:
H=A9
5B8
5
GHFCB;9F

ACF9
F9G=@=9BH
@C75@
97CBCAM

-'..
K=@@
7CBH=BI9
HC
=89BH=:M
CDDCFHIB=H=9G
:CF
A9A69FG
C:
=HG
C5F8
C:

=F97HCFG
HC

588F9GG
5BM
A=G7CB79DH=CBG
56CIH H<9
=B8IGHFM
5B8
HC
7<5AD=CB
H<9
J5@I9
C:
HCIF=GA
=B
GD95?=B;
9B;5;9A9BHG
=B
:FCBH
C:
7CAAIB=HM
GH5?9<C@89F
;FCIDG
GI7<
5G
B9=;<6CF<CC8

5GGC7=5H=CBG

=B8IGHFM
9J9BHG
5B8
G9FJ=79
CF;5B=N5H=CBG

-'..
K=@@
5@GC
:C7IG
CB
7CBH=BI98
6C5F8
89J9@CDA9BH
CDDCFHIB=H=9G
=B7@I8=B;

D5FH=7=D5H=CB
5H
=B8IGHFM
7CB:9F9B79G

:5A=@=5F=N5H=CB
HCIFG

GH5?9<C@89F
A99H=B;G

7I@HIF5@

9L7<5B;9G

7CAAIB=HM
9J9BHG
5B8
A98=5
=BH9FJ=9KG

-'..
@9589FG<=D
K=@@
7CBH=BI9
HC
KCF?
=B
7C@@56CF5H=CB
K=H<
H<9
-'..
C5F8
C:

=F97HCFG

5B8
.'

CAA=HH99
A9A69FG
HC
9BGIF9
9B;5;9A9BH
5H
F9;I@5F@M
G7<98I@98
A99H=B;G
K=H<
5;9B85G
:C7IG98
CB
F5=G=B;
5K5F9B9GG
C:
=ADCFH5BH
DFC>97HG
8F=J=B;
8=G7IGG=CB
5B8

C6H5=B=B;
:998657?

-'..
K=@@
7CBH=BI9
HC
8=GHF=6IH9
9@97HFCB=7
6C5F8
B9KG@9HH9FG
=B
ACBH<G
K<9B H<9F9
=G
BCH
5
F9;I@5F@M
G7<98I@98
6C5F8
A99H=B;




%$)

&
"
$ #
-'..
K=@@
7CBH=BI9
HC
69
5
JC75@
7<5AD=CB
CB
69<5@:
C:
H<9
HCIF=GA
=B8IGHFM
K<9B
F9EI=F98

K<=@9
89ACBGHF5H=B;
H<9
=ADCFH5B79
5B8
DCG=H=J9
97CBCA=7
=AD57HG
C:
HCIF=GA
HC
H<9
7CAAIB=HM
IH=@=N=B;
H<9
:C@@CK=B;
7<5BB9@G
5G
9L5AD@9G O ,CIH9


9BH9BB=5@
J9BHG

O BBI5@
.CIF=GA
-IAA=H

O (5H=CB5@
.F5J9@
5B8
.CIF=GA
199?

O
CAAIB=HM
9J9BH
DF9G9B79
5B8
7C@@5H9F5@
8=GHF=6IH=CB

O
IM
&C75@UG
'CGH
&CJ98
7CBH9GH

O
CKBHCKB
-5BH5
'CB=75
<C@=85M
9J9BHG
#

-5BH5
'CB=75
,C@@

-5BH5

'CB=75

O
<5A69F
C:

CAA9F79
9J9BHG

O '5=B
-HF99H
CD9B
GHF99H
5B8
<C@=85M
9J9BHG

O '5FH=B
&IH<9F
%=B;

$F

9J9BH

O 0C@@9M
199B

O (5H=CB5@
(=;<H
)IH

O H<
C:
$I@M
*5F589

O *C@=79
7H=J=H=9G
&95;I9
9J9BHG
5B8
8F=J9G

O -5BH5
'CB=75
*=9F


O -5BH5
'CB=75


BB=J9FG5FM
79@96F5H=CBG

O -5'C
*,#

O -H5H9
C:
H<9

=HM

O -IGH5=B56@9
+I5@=HM
K5F8G

O #
1=G<
#
"58
5B
LHF5

98FCCA
*FC;F5A

5BBI5@@M
C::9F=B;
<CH9@
8=G7CIBHG
HC

F9G=89BHG
CJ9F
H<9
<C@=85M
G95GCB

O *=H7<=B;
98=HCFG
5H
@C75@
DI6@=75H=CBG

=B7@I8=B;
-5BH5
'CB=75

5=@M
*F9GG
5B8

ACF9

O -D95?=B;
CDDCFHIB=H=9G
5H

=HM

CIB7=@

%=K5B=G

@I6

,CH5FM

@I6


<5A69F
C:

CAA9F79
5B8
-5BH5
'CB=75
"=;<
-7<CC@

5F99F

5M

O -IDDCFH=B;
@C75@
9J9BHG
5B8
CF;5B=N5H=CBG

#$

"#
-5BH5
'CB=
,- AC6=@=N9G
H<9
<CGD=H5@=HM
7CAAIB=HM
HC
GIDDCFH
@C75@
BCBDFC:=HG
5B8
GHF9B;H<9B
-5BH5
'CB=75
H<FCI;<
H5F;9H98
:IB8F5=G=B;
JC@IBH99F=GA

5B8
7CAAIB=HM

D5FHB9FG<=DG
#B
H<9
M95F



-5BH5
'CB=
5F9G
7C@@97H98



=B

8CB5H=CBG
5B8



=B =B
?=B8
8CB5H=CBG


#B
H<9
7CA=B;
M95F

-5BH5
'CB=
,-
K=@@
9LD5B8
GIDDCFH
:CF
@C75@
BCBDFC:=HG
H<FCI;<

GHF5H9;=7
GDCBGCFG<=DG

:IB8F5=G=B;
9J9BHG

5B8
=B8IGHFM
7C@@56CF5H=CBG

.<9
:CIB85H=CB

K=@@
7CBH=BI9
@9J9F5;=B;
HCIF=GA
G9FJ=B;
6IG=B9GG9G
HC
8F=J9
A95B=B;:I@
@C75@
=AD57H



B<5B798
8=;=H5@
HCC@G
K=@@
A5?9
=H
95G=9F
:CF
F9G=89BHG
5B8
BCBDFC:=HG
HC
9B;5;9
8CB5H9


5B8
8=F97H
:IB8G
HCK5F8
H<9
75IG9G
H<9M
75F9
56CIH
ACGH

-5BH5
'CB=
,-
F9A5=BG
5
J=G=6@9
9LDF9GG=CB
C:
H<9
HCIF=GA
=B8IGHFMUG
7CAA=HA9BH
HC
H<9
7CAAIB=HM

F9=B:CF7=B;
H<5H
5
GHFCB;
J=G=HCF
97CBCAM
5@GC
GIDDCFHG
5
GHFCB;
-5BH5
'CB=75

$ %"#

%#$")

"#!
-'..
K=@@
7CBH=BI9
HC
69
5
DFC57H=J9
A9A69F
C:
H<9
HCIF=GA
=B8IGHFM
5B8
G<5F9
69GH
DF57H=79G
6M
@9J9F5;=B;
A9A69FG<=DG
K=H<
H<9
:C@@CK=B;
=B8IGHFM
5GGC7=5H=CBG
5B8
H5?=B;
CDDCFHIB=H=9G
HC
G9FJ9
CB
@9589FG<=D
7CAA=HH99G

6C5F8G
C:
8=F97HCFG
5B8
5HH9B8=B;
CF

GD95?=B;
5H
H<9=F
5BBI5@
7CB:9F9B79G
O
F5B8
/-

O
5@=:CFB=5
.F5J9@
GGC7=5H=CB

[email protected]@

O
9GH=B5H=CBG
#BH9FB5H=CB5@

O 9.CIF=GA
-IAA=H

O '99H=B;
*FC:9GG=CB5@G
#BH9FB5H=CB5@
'*# 5B8
-C
5@
7<5DH9F

O
9FH=:=98
'99H=B;G
*FC:9GG=CB5@

'*
GH5HIG

O -C7=9HM
:CF
#B79BH=J9
.F5J9@
L79@@9B79
-#.

O /
-

.F5J9@
GGC7=5H=CBUG

C5F8
C:

=F97HCFG
/-.

O -CIH<9FB

5@=:CFB=5
GGC7=5H=CB
!CJ9FBA9BHG

!&/

CIB7=@

.CIF=GA

,9DF9G9BH5H=J9

O
5@=:CFB=5

CA9657?
.5G?:CF79

O -5BH5
'CB=75

5M
,9GHCF5H=CB

CAA=GG=CB
-'
,

P .CIF=GA
,9DF9G9BH5H=J9
O -5BH5
'CB=75
*=9F

CFDCF5H=CB

C5F8
C:

=F97HCFG

O 0=G=H

5@=:CFB=5
0

@9589FG<=D
5B8
7CAA=HH99
FC@9G

O -'..
K=@@
:IFH<9F
@9J9F5;9
H<9
GHF9B;H<
C:
0=G=H

5@=:CFB=5
6M
5@=;B=B;
GH5::
HC
0=G=H

5@=:CFB=5
@98
7CAA=HH99G
F9@9J5BH
HC
H<9=F
DCG=H=CBG
o
')

)

CIB7=@
*F9G=89BH

)
o #BH9FB5H=CB5@

=F97HCF
C:
!@C65@

IG=B9GG

9J9@CDA9BH
o '5F?9H=B;
P 0=79
*F9G=89BH
C:
'5F?9H=B;
o *I6@=7
,9@5H=CBG

F=G=G
P 0=79
*F9G=89BH
C:

CAAIB=75H=CBG



#$


R#
A
-5BH5
'CB=75
=G
5 :F99 =BH9F57H=J9
6IG=B9GG
KCF?G<CD
89G=;B98
HC
98I75H9
-5BH5
'CB=75
F9G=89BHG

6IG=B9GG9G
5B8
9AD@CM99G
56CIH
-5BH5
'CB=75UG
C::9F=B;G
.<9

DFC;F5A
=G
89G=;B98
GD97=:=75@@M
HC
=B:CFA
5B8
98I75H9
HCIF=GA G9FJ=B;
9AD@CM99G
C:

6IG=B9GG9G

F9G=89BHG
5B8
H<CG9
=BH9F9GH98
=B
5
DCH9BH=5@
9AD@CMA9BH
=B
H<9
HCIF=GA
=B8IGHFM
=B
-5BH5
'CB=75
56CIH
H<9
89GH=B5H=CB

K=H<
5
:C7IG CB
7IGHCA9F
G9FJ=79
5B8

<CGD=H5@=HM
HF5=B=B;

.<=G
:F99

HKC
<CIF

=BH9F57H=J9
@95FB=B;
KCF?G<CD
=B7@I89G
5
6IG
HCIF

C:
-5BH5
'CB=75
5B8
9B8G
K=H<
5
7@5GGFCCA
G9GG=CB
F9J=9K=B;
89H5=@98
H5?9 <CA9

A5H9F=5@G

.F5=B98
=B8=J=8I5@G
697CA9
R)::=7=5@
-5BH5
'CB=75
#B:CFA5H=CB
A65GG58CFGS
5B8
5F9
9EI=DD98
K=H<
5
85H565G9
C:
:57HG

:=;IF9G
5B8
R8=8
MCI
?BCKS
5B978CH9G
56CIH



-5BH5
'CB=75
:CF
IG9
=B
7IGHCA9F
=BH9F57H=CBG

57<
R)::=7=5@
-5BH5
'CB=75
#B:CFA5H=CB

A65GG58CFS
F979=J9G
5
79FH=:=75H9
5B8
H5?9
<CA9
A5H9F=5@G
=B7@I8=B;
5
+,
7C89
HC

=B:CFA5H=CB
5B8
F9GCIF79G

.<9F9
=G
5@GC
5
8=;=H5@
J9FG=CB
HC
C::9F
H<9
J5@I56@9
7@5GGFCCA
F9GCIF79G
HC
GHI89BHG
K<C
5F9
IB56@9
HC
D5FH=7=D5H9
5H
=B D9FGCB
G9GG=CBG

.<9
7@5GG
75B

BCK
69
7IF5H98
HC
5
6IG=B9GGU
=B8=J=8I5@
B998G
5B8 DF=J5H9
7IGHCA
7@5GG9G
5F9
5J5=@56@9



85H565G9
=G
69=B;
6I=@H
HC
7CAAIB=75H9
K=H<
5HH9B899G
CB
:IHIF9
<5DD9B=B;G 5B8
ID85H9G =B
H<9
89GH=B5H=CB





#$"$
#$"$
!"$"#!#
)6>97H=J9G
O !9B9F5H9
5
A=B=AIA
C:
%


5B8
%


=B
?=B8
CF
:5=F

G<5F9
J5@I9
5B8
;FCK
5BBI5@@M

O -97IF9
5
A=B=AIA
C:
%
=B
CIHG=89
GDCBGCFG<=D
8C@@5FG
HC
C::G9H
DFC;F5A
7CGHG



5B8
;FCKH<
C:

5BBI5@@M

O #B7F95G9
M95F
CJ9F
M95F
7C
CD
CDDCFHIB=H=9G
=B7@I8=B;
6IH
BCH
@=A=H98
HC
'
HCIFG

58J9FH=G=B;

GC7=5@
5B8
A98=5
F9@5H=CBG
K=H<
0=G=H

5@=:CFB=5
5B8

F5B8
/-

O #B7F95G9
A98=5
F957<
K=H<
),
5B8
=B
?=B8

="95FH
,58=C

%
,1

O AD@=:M
DFCACH=CB5@
CDDCFHIB=H=9G K=H<
F9;=CB5@
5B8
@C75@
9J9BHG
= 9 F=9N9
&CG

B;9@9G

#B89D9B89BH
-D=F=H
K5F8G

96

5BBI5@

&
.97<
199?
)7HC69F



,CIH9


9BH9BB=5@


/
-

1CA9BUG
)D9B

<5AD=CBG<=D
$IB9


# 
1CF@8

ID
$IB9
$I@M


-ID9F

CK@
&2#
$IB9


-IAA9F
)@MAD=7
!5A9G


/B
83=3+=3?/< #=;+=/13/<
• IFH<9F
@9J9F5;9
-'..
GH5::
A9A69FGU
6C5F8
CF
@=5=GCB
FC@9
CB
#
-

6C5F8G
5B8

7CAA=GG=CBG


• #B7F95G9
GDCBGCFG<=DG
6M
C::9F=B;
0=G=HCF
#B:CFA5H=CB
9BH9FG

AC6=@9
J9<=7@9
:CF

H5?9CJ9FG
5B8
57H=J5H=CBG


• )IHF957<
5B8
=B7F95G9
@C75@
6IG=B9GG
D5FH=7=D5H=CB
=B
F9;=CB5@
9J9BHG
J=5
7C CDG

• LD5B8
D5FHB9F
CDDCFHIB=H=9G
'
HCIFG

HF589G<CKG
5B8
A98=5


• #89BH=:M
F9H5=@
6F5B8
D5FHB9FG<=DG




•
CAD@9H9
.'

,9B9K5@




• 8>IGH
'*
HC
F9:@97H
,95@=;BA9BH
*@5B
5B8
=B7F95G9
M95F
CJ9F
M95F
9B;5;9A9BH
5B8
D5FH=7=D5H=CB
C:
7CAAIB=HM
A9A69FG


• #B7F95G9
D5FH=7=D5H=CB
=B
#
A
-5BH5
'CB=75
6M

 
5B8

5BBI5@@M

H<9F95:H9F


• ,96F5B8
5B8
=B7F95G9
G5@9G
C:
H<9
#
A
3CIF

9GH=B5H=CB
DFC;F5A



• -HF9B;H<9B
F9;=CB5@
F9@5H=CBG<=DG
5G
K9
DF9D5F9
:CF
A9;5
9J9BHG
57FCGG
-CIH<9FB

5@=:CFB=5


• !=:H

5F8
DFC;F5A
HC
GIDDCFH
-5BH5
'CB=75
6IG=B9GG9G
5B8
=B7F95G9
GD9B8=B;

#$"$
!"$"#!#
*FCJ=8=B;
7CGH
9::97H=J9
5B8
J5@I56@9
DFC;F5AG
:CF
CIF
D5FHB9FG
=G
C:
7F=H=75@
=ADCFH5B79

)IF
HCIF=GA
6IG=B9GG
D5FHB9FG
@CC?
HC
-'..
HC
69GH
F9DF9G9BH
H<9
6F5B8
C:
-5BH5
'CB=75
5B8
H<5HUG
K<M
=B

 -5BH5
'CB=75
.F5J9@

.CIF=GA
;9B9F5H98
CJ9F




C:

=B
?=B8
GIDDCFH
5B8




=B
:5=F
G<5F9
D5FH=7=D5H=CB
:99G
:FCA
HCIF=GA
G9FJ=B;

6IG=B9GG9G
HC
:IFH<9F
GIDDCFH
-'..
DFC;F5AG

.<9G9
J5@I56@9
7CBHF=6IH=CBG
8C
BCH
7CA9

5IHCA5H=75@@M

.<9M
5F9
89F=J98
:FCA
CIF
H95A
A9A69FGU
CB;C=B;
8=5@C;I9
5B8
98I75H=CB
K=H<
CIF
HCIF=GA
6IG=B9GG
D5FHB9FG
5B8
H<FCI;<
89ACBGHF5H=B;
5
<=;<
GH5B85F8
C:
9L79@@9B79

9B;5;9A9BH
5B8
,)#
K=H<
CIF
DFC;F5AG


.C
9BGIF9
CIF
D5FHB9FG
5F9
5K5F9
C:
5@@
H<9
K5MG
H<9M
75B
KCF?
K=H<
-'..
CIF

CF;5B=N5H=CB
K=@@
7CBH=BI9
HC
IH=@=N9
H<9
:C@@CK=B;
7<5BB9@G • +I5FH9F@M
!9B9F5@
'5B5;9FG
A99H=B;G

• +I5FH9F@M

=F97HCF
C:
-5@9G
A99H=B;G

• .'


CAA=HH99
A99H=B;G

• ,CIB8H56@9
HF5=B=B;G
5B8
8=G7IGG=CBG

• *5FHB9F
*CFH5@

• G5BH5ACB=75
7CA

•
#


C5F8
'99H=B;G

• -5BH5
'CB=75

<5A69F
C:

CAA9F79
GIDDCFH
5B8
GDCBGCFG<=D
C:
9J9BHG
H<5H

7<5AD=CB
6IG=B9GG
=B
-5BH5
'CB=75

5B8
H<9
5DDC=BHA9BH
C:

C5F8
C:

=F97HCFUG

G95HG


• "CGD=H5@=HM
B9HKCF?=B;
9J9BHG
G<CK75G=B;
B9K
J9BI9G
5B8
CDDCFHIB=H=9G
HC
KCF?
K=H<
-'..

• (9K
6IG=B9GG
=BHFC
DFC;F5A

• 'CBH<@M
7CAAIB=HM
B9KG@9HH9F

• BBI5@
.CIF=GA
-IAA=H

-'..
5@GC
FCIH=B9@M
GDCBGCFG
=ADCFH5BH
9J9BHG
5B8
57H=J=H=9G
=B
H<9
89GH=B5H=CB
=B7@I8=B;

6IH
BCH
@=A=H98
HC
H<9
:C@@CK=B;
CF;5B=N5H=CBG
5@@
K=H<
H<9
;C5@
C:
7<5AD=CB=B;
6IG=B9GG9G
=B
-5BH5
'CB=75
• 









• 






 






-'..
K=@@
7CBH=BI9
HC
GC@=7=H
GDCBGCFG<=DG
5B8
=B
?=B8
:CF
=HG
BBI5@
.CIF=GA
-IAA=H
5B8

CH<9F
G=;B5HIF9
9J9BHG
HC
C::G9H
DFC;F5A
7CGHG





#%"
!"$ 

(


,4/-=3?/<
O -HF9B;H<9B
5I8=H
7CAD@=5B79

5BBI5@
O &5IB7<98
5 7IGHCA=N98
F95@
H=A9
-'..
85G<6C5F8




O
CAD@9H9
.'

F9B9K5@
DFC79GG



O ,9
9J5@I5H9
.#
5B8
8F5:H
B9LH
GH9DG


O #ADFCJ9
-'..

#
=B=H=5H=J9G

CB;C=B;

O #B7F95G9
-'..
GH5::
D5FH=7=D5H=CB
=B
7CAAIB=HM
9J9BHG
H<5H
5@=;B
K=H<
CIF
A=GG=CB

J=G=CB
5B8
J5@I9G

5BBI5@

O
CB8I7H
5B
5BBI5@
6C5F8
5B8
@9589FG<=D
GIAA=H

5BBI5@

O
9GH=B5H=CB
'5F?9H=B;
77F98=H5H=CB
*FC;F5A

'*
F9B9K5@




O &CK9F
9AD@CM99
F9H9BH=CB
F5H9
HC


O /D85H9
7F=G=G
D@5B
HC
F9:@97H
7@=A5H9
7<5B;9
H<F95HG




O LD5B8=B;
9AD@CM99
G5:9HM
HF5=B=B;

=AD@9A9BH5H=CB

5BBI5@

O '5L=A=N9
CF;5B=N5H=CB5@
9::=7=9B7M
A9H<C8G
GI7<
5G
DFC>97H
A5B5;9A9BH
GC:HK5F9
5B8
NCCA
D<CB9




5BBI5@

/B
83=3+=3?/< #=;+=/13/<
O #ADFCJ98
=BH9FB5@
5I8=H
7CBHFC@G

7@95F
-)*G

F9DCFHG

=B
<CIG9
HF5=B=B;
:CF

577CIBH=B;
GH5::
5B8
5I8=H
HF5=@G

"5B8G
CB
6I8;9H
A5B5;9A9BH
:CF
5@@

89D5FHA9BHG

#ADFCJ98
577CIBH=B;
HF5=B=B;
DFC798IF9G

,9;I@5F
GD9B8=B;

5B5@MG=G
HC
=89BH=:M
7CGH
G5J=B;G


9J9@CD
EI5FH9F@M
577CIBH56=@=HM
G7CF975F8G
:CF

=B8=J=8I5@
89D5FHA9BHG

O &5IB7<
CIF
=ADFCJ98
5B8
7IGHCA=N98
F95@
H=A9
-'..
85G<6C5F8


DCK9F98

6M
-MAD<CBM


5H5:M

5B8
=BH9FB5@
89D5FHA9BH
F9DCFHG

.<=G
K=@@
=ADFCJ9
F9DCFH=B;

DFC79GG9G
HC
5GG=GH
=B
ACF9
577IF5H9
:CF975GH=B;

O
9J9@CD
7CAD@9H9 5B8
=AD@9A9BH5H=CB
9B;5;9A9BH C:
5
H<=F8
D5FHM
J9B8CF
HC

5GG9GG
H<9
7IFF9BH
.'

D9F:CFA5B79

5
.'

=AD57H
GHI8M

9B;5;9
CIF
@C75@

GH5?9<C@89FG
95F@M
=B
H<9
DFC79GG

89:=B9
CIF
DFCDCG98
.'

GHFI7HIF9

D9H=H=CB

<CH9@
GIDDCFH

DF9G9BH
HC
7=HM
7CIB7=@

58CDH=CB
5B8
H<9B
9L97IH=CB

O J5@I5H9
.#

5B8
5GG9GG
B9LH
GH9DG
6M
9B;5;=B;
5
H<=F8
D5FHM
J9B8CF
HC
5GG9GG

H<9
7IFF9BH
.#

D9F:CFA5B79

5
.#

=AD57H
GHI8M

9B;5;9
CIF
@C75@
GH5?9<C@89FG

95F@M
=B
H<9
DFC79GG
9LD5B8
G9FJ=79G

89:=B9
CIF
DFCDCG98
.#

GHFI7HIF9

D9H=H=CB

:CF
GIDDCFH

DF9G9BH
HC
7=HM
7CIB7=@

58CDH=CB
5B8
H<9B
9L97IH=CB

O #ADFCJ9
IDCB
89H5=@98
HF5=B=B;
5B8
89J9@CDA9BH
D@5BG
:CF
5@@
GH5::

@5IB7<

9AD@CM99
F97C;B=H=CB
D@5BG

GHF9B;H<9B
CIF
@9589FG
6M
HF5=B=B;
H<9
HF5=B9FG

=ADFCJ=B;
CIF

#
=B=H=5H=J9G
5B8
:CGH9F=B;
5
DCG=H=J9
KCF?
@=:9
65@5B79

O
M
=89BH=:M=B;
9J9BHG
H<5H
GIDDCFH
HCIF=GA

GIGH5=B56=@=HM

7I@HIF9
5B8
H<9

7CAAIB=HM
GI7<
5G
6957<
7@95BIDG

GA5@@
6IG=B9GG9G

:9GH=J5@G
5B8
K9@@
69=B;

9J9BHG

&5IB7<
5
7CAAIB=HM
9B;5;9A9BH
7CAA=HH99
FIB
6M
9AD@CM99G
K<=7<
:CGH9FG
D99F
HC
D99F
9B;5;9A9BH



O #B7@I89
HF5=B=B;
CB

*,
=B=H=5H=J9

(5F75B
5H
@C75H=CBG

89
9G75@5H=CB
HF5=B=B;
5B8


@9589FG
HC
5HH9B8

CAAIB=HM
A9F;9B7M
,9GDCBG9
.95A

,.
HF5=B=B;

CB8I7H
5BBI5@
8F=@@G
K=H<
GH5::

O *FCACH9
HC
GH5::
A9A69FG
CIF
CD9B
8CCF
DC@=7M

=BJ9GH
=B
588=H=CB5@
H95A
6I=@8=B;

57H=J=H=9G
5B8
:5A=@=5F=N=B;
K=H<
H<9
89GH=B5H=CB

5@@CK
ACF9
5IHCBCAM
:CF

9AD@CM99G
HC
A5?9
H<9=F
CKB
897=G=CBG
5B8
:99@
5
G9BG9
C:
CKB9FG<=D

O /D85H9
CIF
7F=G=G
D@5B
HC
5@=;B
K=H<
7@=A5H9
7<5B;9
5B8
H<9
DCH9BH=5@
=AD57HG
HC
HCIF=GA


!"$ 

(


-'..
A5=BH5=BG
5
GHFI7HIF98

:CFK5F8
@CC?=B;
D9F:CFA5B79
A5B5;9A9BH
:F5A9KCF?

89G=;B98
HC
GIDDCFH
9AD@CM99
;FCKH<

577CIBH56=@=HM

5B8
F9H9BH=CB

.95A
A9A69FG

7CAD@9H9
5B
5BBI5@
G9@:
9J5@I5H=CB
5@=;B98
K=H<
H<9=F
<=F9
85H9
5G
K9@@
5G
5B
9J5@I5H=CB

:FCA
H<9
@9589FG<=D
H95A
:C@@CK98
6M
EI5FH9F@M
7<97?
=BG
:C7IG98
CB
D9F:CFA5B79


DFC:9GG=CB5@
89J9@CDA9BH

5B8
9JC@J=B;
CF;5B=N5H=CB5@
DF=CF=H=9G

@95F
FC@9
69B7<A5F?G
5B8
58J5B79A9BH
D5H<K5MG
<5J9
699B
9GH56@=G<98
HC
GIDDCFH
75F99F
DFC;F9GG=CB
K=H<=B
H<9
CF;5B=N5H=CB

-'..
F9;I@5F@M
9J5@I5H9G
7CAD9BG5H=CB
5B8

69B9:=HG
HC
9BGIF9
7CAD9H=H=J9B9GG
K=H<=B
H<9
=B8IGHFM
5B8
F9;=CB
F9=B:CF7=B;
CIF

7CAA=HA9BH
HC
5HHF57H=B;
5B8
F9H5=B=B;
HCD
H5@9BH

)B;C=B;
H95A
6I=@8=B;
=B=H=5H=J9G
:IFH<9F

GIDDCFH
5
7C@@56CF5H=J9
5B8
<=;<
D9F:CFA=B;
7I@HIF9

,97FI=HA9BH
5B8
CB6C5F8=B;
F9A5=B
GHF5H9;=7
DF=CF=H=9G

7CADF9<9BG=J9
CB6C5F8=B;

DFC79GG
9BGIF9G
B9K
H95A
A9A69FG
IB89FGH5B8
-'..UG
A=GG=CB
J5@I9G

5B8

CD9F5H=CB5@
GH5B85F8G
:FCA
85M
CB9

-'..
D5FHB9FG
K=H<
5
@C75@
6FC?9F
HC
DFCJ=89
5
7CAD9H=H=J9
5B8
5::CF856@9
69B9:=HG
D57?5;9

)D9F5H=CB5@@M

-'..
7CBH=BI9G
HC
=BJ9GH
=B
H97<BC@C;M

GIGH5=B56=@=HM

5B8
F9GDCBG=6@9

5GG9H
A5B5;9A9BH


97CAA=GG=CB98
89J=79G
5F9
G97IF9@M
K=D98
HC

9D5FHA9BH
C:

9:9BG9
GH5B85F8G
5B8
9=H<9F
8CB5H98
HC
@C75@
MCIH<
G9FJ=B;
BCBDFC:=HG

F97M7@98
H<FCI;<

79FH=:=98
DFC;F5AG

CF
HF5898
=B
HC
C::G9H
:IHIF9
H97<BC@C;M
=BJ9GHA9BHG


")
!"!"##
19
K=@@
F9J=9K
CIF
9A9F;9B7M
DF9D5F98B9GG
D@5B
:CF
 
5B8
ID85H9
5G
B99898


19
D@5B
CB
79FH=:M=B;
588=H=CB5@
9AD@CM99G
J=5
H<9

=HM
C:
-5BH5
'CB=75UG

CAAIB=HM

A9F;9B7M
,9GDCBG9
.95A

,.
HF5=B=B;
5B8
K=@@
DFCJ=89
5@@
9AD@CM99G
H<9
CDDCFHIB=HM
HC
5HH9B8
5
7@5GG
HC
C6H5=B

*,
79FH=:=75H=CB

D@IG
:C@@CK
GH5H9
5B8
@C75@

F9;I@5H=CBG
:CF
1CF?D@579
0=C@9B79
HF5=B=B;

.<9
'*
K=@@
<9@D
89@=J9F
5
:I@@
7=HM
K=89

7F=G=G
D@5B
HC
KCF?
=B
H5B89A
K=H<
957<
CF;5B=N5H=CB
5B8
H<9 7=HMUG
7IFF9BH
7F=G=G
D@5BG

-'..
K=@@
7CBH=BI9
HC
9BGIF9
5@@
:FCBH@=B9
J=G=HCF
GH5::
F979=J9
89 9G75@5H=CB
HF5=B=B;
=B
75G9

C:
5B
9A9F;9BH
G=HI5H=CB


-'..
K=@@
7CBH=BI9
HC
7=F7I@5H9
=B:CFA5H=CB
CB
H<9

=HMUG
B9K
J=G=HCF
9A9F;9B7M
H9LH
5@9FH

GMGH9A
HC
CIF
<CH9@
;9B9F5@
A5B5;9FG

GC
H<9M
75B
G<5F9
H<9
G9FJ=79
K=H<
H<9=F
;I9GHG
=B

H<9
9J9BH
C:
5
@5F;9
G75@9
7CAAIB=HM
7CB79FB
CF
=B7=89BH

#$$ 

"
$
"$$ 
!" "


!
-5BH5
'CB=75
.F5J9@

.CIF=GA
<5G
@CB;
699B
DFCI8
C:
=HG D5FH=7=D5H=CB
=B
H<9
9GH=B5H=CB

'5F?9H=B;
77F98=H5H=CB
*FC;F5A

'*
H<FCI;<

9GH=B5H=CBG
#BH9FB5H=CB5@

.<=G

;@C65@@M
F97C;B=N98
DFC;F5A
G9FJ9G
5G
5
J=G=6@9
=B8IGHFM
8=GH=B7H=CB
H<5H
89:=B9G
EI5@=HM
5B8
D9F:CFA5B79
GH5B85F8G
=B
89GH=B5H=CB
A5F?9H=B;
5B8
A5B5;9A9BH
.<9
DFC79GG

=B7@I89G
GI6A=HH=B;
8C7IA9BH5H=CB
C:
CJ9F

F=;CFCIG
GH5B85F8G
=B7@I8=B;
5B
5BBI5@

CD9F5H=CBG
D@5B

",
DC@=7=9G

H97<BC@C;M
D@5B

5B
ID85H98
7F=G=G
7CAAIB=75H=CBG
D@5B

5

7CAA=HA9BH
HC
7CBGIA9F
F9G95F7<

58CDH=CB
C:
H<9

'*
7C89
C:
9H<=7G
5B8
A5BM
CH<9F

GH5B85F8G

-'..
GI6A=HH98
5B
5BBI5@
DFC;F9GG
F9DCFH
=B

5B8
K5G
F9 79FH=:=98
5G
5B

5DDFCJ98

'*

9GH=B5H=CB



#
-5BH5
'CB=75
.F5J9@

.CIF=GA
5DDF97=5H9G
H<9

=HM
C:
-5BH5
'CB=75UG
7CBH=BI98

D5FHB9FG<=D
5B8
GIDDCFH
=B
GIGH5=B=B;
5B8
;FCK=B;
5
J=G=HCF
97CBCAM
H<5H
7CBHF=6IH9G
A95B=B;:I@@M
HC
H<9
7CAAIB=HMUG
J=H5@=HM
5B8
97CBCA=7
<95@H<

1<=@9
H<9
D5GH
G9J9F5@
M95FG
DF9G9BH98
G=;B=:=75BH
7<5@@9B;9G
5B8
IB79FH5=BHM
F9A5=BG
=B
H<9
6FC589F
HF5J9@
@5B8G75D9
CIF
G<5F98
7CAA=HA9BH
5@=;B98
GHF5H9;=9G

5B8
GHFCB;

7C@@56CF5H=CB
K=H<

=HM
@9589FG<=D

@C75@
6IG=B9GG9G

5B8
F9G=89BHG
DCG=H=CB
-5BH5
'CB=75

:CF
7CBH=BI98
F9G=@=9B79
5B8
;FCKH<

.C;9H<9F

K9
K=@@
F9A5=B
:C7IG98
CB
DFCH97H=B;
H<9
89GH=B5H=CBUG
;@C65@
F9DIH5H=CB

GHF9B;H<9B=B;
97CBCA=7
=AD57H

5B8
9BGIF=B;
HCIF=GA
G9FJ9G
H<9
@CB;
H9FA
=BH9F9GHG
C:

CIF
7CAAIB=HM


!



#

"

 
























#
"
%-0
*)-+
-
"/")." 










 

















  














,-%(
-"!


"/")."  

















 

































)&
)-"+",-
 














 














 
























-$"+
) *("  













 

















   


















 
"-
%'
"/")."

 













 

















 

 



















+-)"+
"", 
 

























 


!
#
" 










 

 






  













!





+
/"'
)!.,-+0

'",  

















 







 
 
 














+&"-%)#
 










 







  

 














%,%-*+
"+/% ", 

 









  

















  

 















  

















 




 

















'%")-
"+/% ", 
  










  
  
















.'%
"'
-%*),   










  





 


















!

!



 









 

 


































 !!# 












 

 
 

 

















! 











 
































!

%

"
 

















  




























!
$

 










 

 






  
 










!

 
  

















   




















  

























 



!%


!! 
 
!
"!
MEMO
February 25, 2026
To: Misti Kerns, Evan Edwards, SMTT
Re: TMD Reconciliation, YE 2025 for TMD Year 2026 - Review and Findings As per our agreement I have reviewed your provided TMD Excel Spreadsheet, received mid-February with data entered through December 2025.

My review included checking each property’s monthly and year-to-date rooms available, rooms sold, ADR calculation and compared the entered data to the City TOT forms submitted, per hotel.

My findings for proposed 2026 Tiers are as follows. Note, my review found no properties changing tiers, in dispute or very close to entering another tier, either up or down.

If you have any comments, or find anything that needs to be addressed or changed please let me know.

Thank you for the opportunity to assist you with this important evaluation. 1041 S. Gramercy Drive l Los Angeles CA 90019
[email protected]
www.lsconsult.com
Tier 1 ($300+ ADR)

1. Ambrose

2. Casa del Mar

3. Cottage

4. Fairmont Miramar

5. Georgian

6. Huntley Hotel

7. Sandbourne

8. Regent

9. Oceana

10. Palihouse

11. Santa Monica Proper

12. Eden (former SonderBeacon)

13. Shutters on the Beach

14. Viceroy
Tier 2 ($199-299 ADR)

1. Bayside

2. Cal Mar

3. Courtyard Inn

4. Hampton Inn

5. Hilton Hotel & Suites

6. Hyatt Centric

7. Ocean Lodge

8. Ocean View

9. Pierside

10. Sea Blue

11. Shore Hotel

12. Sovereign
Tier 3 ($100 – 199 ADR)

1. Comfort Inn

2. Days Inn

3. Gateway

4. Hotel Carmel

5. Ocean Park Inn

6. Rest Haven Motel

7. Santa Monica
Hotel

8. Sea Shore

9. SureStay

2018-2027
September 29, 2016 Prepared pursuant to the Property and Business Improvement District Law of 1994, Streets and Highways Code section 36600 et seq.
($)
#%$
)%*'(#

#'!)$

()')

#$
#$)
()')
&"$


#
#"

%+'+,

%#&"(
#$)(



!
'%*$


+
%*$'.


+
*
)
$
('+(


A. Annual Service Plan ............................................................................................................ 8 B. Annual Budget .................................................................................................................... 9 C. California Constitutional Compliance .............................................................................. 10 D. Assessment ........................................................................................................................ 13 E. Penalties and Interest ........................................................................................................ 13 F. Time and Manner for Collecting Assessments ................................................................. 14 +

%+'$$


A. Owners’ Association ......................................................................................................... 15 B. Brown Act and California Public Records Act Compliance ............................................ 15 C. Annual Report ................................................................................................................... 15 D. Milestone Report ............................................................................................................... 15 &&$-


–
",


&&$-


–
((((
*($(((


&&$-

–
$
)
()*.


&&$-

–
)'
$
)(



Prepared by
Civitas
(800)999-7781
www.civitasadvisors.com
SMTMD Management District Plan 2
September 29, 2016
 %!%&

3D3:=>32
0G
(/<B/
#=<71/
)@/D3:

)=C@7A;
(#))
B63
(/<B/
#=<71/
)=C@7A;
#/@93B7<5
7AB@71B
(#)#
7A
/<
/AA3AA;3<B
27AB@71B
>@=>=A32
B=
>@=D723
A>317471
03<347BA
B=
>/G=@A
0G
4C<27<5
;/@93B7<5
/<2
A/:3A
>@=;=B7=<
344=@BA
4=@
/AA3AA32
0CA7<3AA3A

)63
(#)#
E/A
4=@;32
7<

4=@

/
47D3

G3/@
B3@;
:=257<5
0CA7<3AA3A
<=E
E7A6
B=
@3<3E
7B
4=@
/<
/227B7=</:
<7<3
/<2
=<3 6/:4
 

G3/@A

Location:
)63
@3<3E32
(#)#
7<1:C23A
/::
:=257<5
0CA7<3AA3A
:=1/B32
E7B67<
B63
0=C<2/@73A
=4
B63
7BG
=4
(/<B/
#=<71/
E7B6
/<
/D3@/53
2/7:G
@/B3
=4


=@
;=@3
/A
A6=E<
=<

B63
;/>
7<
A31B7=<
+




Services:
)63
(#)#
7A
23A75<32
B=
>@=D723
A>317471
03<347BA
27@31B:G
B=
>/G=@A
0G
7<1@3/A7<5
@==;
<756B
A/:3A


#/@93B7<5
/<2
A/:3A
>@=;=B7=<A
E7::
7<1@3/A3
=D3@<756B
B=C@7A;
/<2
;/@93B
>/G=@A
/A
B=C@7AB
;33B7<5
/<2
3D3<B
23AB7</B7=<A
B63@30G
7<1@3/A7<5
@==;
<756B
A/:3A




Budget:
)63
B=B/:
(#)#
/<<C/:
0C253B
4=@
3/16
4C::
G3/@
=4
=>3@/B7=<
7A
/<B717>/B32
B=
03
/>>@=F7;/B3:G




)63
7<7B7/:
“G3/@”
=4
=>3@/B7=<
E7::
03
/
>/@B7/:
G3/@
1=<A7AB7<5
=4
A7F
;=<B6A
4=@
E6716
B63
/<B717>/B32
0C253B
7A
 


)67A
0C253B

7A
3F>31B32
B=
4:C1BC/B3
/A
@==;
A/:3A
/<2
B63
/AA3AA;3<B
@/B3
2=
/A
23B/7:32
7<
(31B7=<
+




Cost:
)63
/AA3AA;3<B
7A
/
47F32
/;=C<B
>3@
=11C>732
@==;
>3@
<756B

)63
/AA3AA;3<B
7A

based on the businesses’ average daily rate, based on the previous year’s performance.


D3@/53
2/7:G
@/B3
475C@3A
A6/::
03
C>2/B32
/<<C/::G


/A32
=<
B63
03<347B
@3137D32

/AA3AA;3<BA
E7::
<=B
03
1=::31B32
=<
AB/GA
=4
;=@3
B6/<
B67@BG
 
1=<A31CB7D3
2/GA

/<2
AB/GA
>/72
0G
/<G

323@/:
(B/B3
=4
/:74=@<7/
=@
7BG
=4
(/<B/
#=<71/
=44717/:
=@
3;>:=G33
E63<
=<
=44717/:
0CA7<3AA
>@=D7232
B6/B
/<
3F3;>B
13@B7471/B3
7A
3F31CB32
/B
B63
B7;3
=4
@357AB@/B7=<


"=257<5
0CA7<3AA3A
E7B6
/<
/D3@/53
2/7:G
@/B3
:3AA
B6/<


E7::
<=B
03
7<1:C232
7<
B63
27AB@71B
=@
/AA3AA32


AA3AA;3<B
@/B3A
/@3





#0,7
;,7(.,
(02>

!(9,

88,883,49
,7
**:60,+
!553

,7

0./9



/<2
/0=D3
























AA3AA;3<B
@/B3A
;/G
03
AC0831B
B=
/<
/<<C/:
7<1@3/A3
=4
<=
;=@3
B6/<
BE3<BG 47D3
13<BA



>3@
G3/@
4=@
)73@


/<2
)73@


:=257<5
0CA7<3AA3A
/<2
<=
;=@3
B6/<
B3<

13<BA



>3@
G3/@
4=@
)73@

:=257<5
0CA7<3AA3A


)63
B/0:3
03:=E
23;=<AB@/B3A
B63

;/F7;C;
E7B6
B63
/AAC;>B7=<
B6/B
B63
@/B3A
E7::
03
7<1@3/A32
0G
B63
;/F7;C;
/;=C<BA
for each category in each year of the SMTMD’s nine and one 6/:4
 
G3/@

B3@;
/A
7B
7A
/
@3?C7@32
27A1:=AC@3
7B
7A
<=B
B63
/<B717>/B32
1=C@A3
=4
/1B7=<

)63

;/F7;C;
/AA3AA;3<B
@/B3
4=@
3/16
1/B35=@G
7A




SMTMD Management District Plan 3
September 29, 2016
',(7
 

 







(4+
)5;,









































































































*The initial “year” is January 1, 2018 through June 30, 2018 Collection:
)63
7BG
E7::
03
@3A>=<A70:3
4=@
1=::31B7<5
B63
/AA3AA;3<B
=<
/
;=<B6:G
0/A7A
7<1:C27<5
/<G
23:7<?C3<173A
>3</:B73A
/<2
7<B3@3AB
4@=;
3/16
:=257<5
0CA7<3AA
:=1/B32
7<
B63
0=C<2/@73A
=4
B63
(#)#


)63
7BG
A6/::
B/93
/::
@3/A=</0:3
344=@BA
B=
1=::31B
B63
/AA3AA;3<BA
4@=;
3/16
:=257<5
0CA7<3AA


Duration:
)63
@3<3E32
(#)#
E7::
6/D3
/
<7<3
/<2
=<3 6/:4
 
G3/@
:743
0357<<7<5
/<C/@G




B6@=C56
C<3






%<13
>3@
G3/@
0357<<7<5
=<
B63
/<<7D3@A/@G
=4
27AB@71B
@3<3E/:
B63@3
7A
/

2/G
>3@7=2
7<
E6716
=E<3@A
>/G7<5
;=@3
B6/<
474BG
>3@13<B
 

=4
B63
/AA3AA;3<B
;/G
>@=B3AB
/<2
7<7B7/B3
/
7BG
=C<17:
63/@7<5
=<
27AB@71B
27A3AB/0:7A6;3<B




Management: (/<B/
#=<71/
)@/D3:

)=C@7A;
E7::
1=<B7<C3
B=
A3@D3
/A
B63
(#)#’s Owners’ Association. The Owners’ Association is charged with managing funds and 7;>:3;3<B7<5
>@=5@/;A
7<
/11=@2/<13
E7B6
B67A
&:/<
/<2
;CAB
>@=D723
/<<C/:
@3>=@BA
B=
B63
7BG
=C<17:

SMTMD Management District Plan 4
September 29, 2016
 

"

#"

)63
(#)#
7A
037<5
@3<3E32
4=@
B63
4=::=E7<5
@3/A=<A

 #/,
"
#

/(8
-:4+,+
,=*,22,49
3(71,904.
675.7(38
(4+
897(9,.0,8
<
B63
47@AB
47D3

G3/@
B3@;
=4
B63
(#)#
B63
7AB@71B
6/A
4C<232
x @3/B7=<
=4
 G3/@
AB@/B3571
>:/<
4=@
B63
23AB7</B7=<
E7B6
7<>CB
>@=D7232
0G
B63
)#
=B3:

=;;7BB33

x
=1CA

@=C>A
1=<2C1B32
7<
A3D3<

2=;3AB71
/<2
7<B3@</B7=</:
B/@53B
;/@93BA
B=
/AA3AA
>3@13>B7=<A
=4
B63
23AB7</B7=<
0@/<2

x <B35@/B32
/2D3@B7A7<5
1/;>/75<A
B/@53B32
B=
2=;3AB71
B/@53B
;/@93BA
B=
2@7D3
B@/D3:
2C@7<5
Santa Monica’s soft season (paid search, beh/D7=@/:
@3B/@53B7<5
27A>:/G
>/72
A=17/:
3$3EA:3BB3@
A>=<A=@A67>A


x <B7@3:G
@323A75<32
(/<B/#=<71/
1=;
7<1:C27<5
<3E
E67B3
:/03:32
0==97<5
A7B3
B=
2@7D3
bookings directly to assessed lodging businesses’ websites. New website recognized with 7<2CAB@G
23A75<
/E/@2A
4=@
AB@C1BC@3
1=<13>B
/<2
4C<1B7=</:7BG
x '323A75<32
:=5=
0@/<2
ABG:3
5C723
23AB7</B7=<
>6=B=5@/>6G
/<2
D723=
/<2
x $3E
/<2
7;>@=D32
%44717/:
+7A7B=@

C723
/<2
#/>
E7B6
/E/@2 E7<<7<5
>C0:7A67<5
>/@B<3@

 #/,
"
#

/(8
-:4+,+
,4/(4*,+
):804,88
+,;,2563,49
675.7(38
-57
1,>
049,74(9054(2
9(7.,9
3(71,98

x *<7B32
!7<52=;
CAB@/:7/
/<2
@/H7:



C::
B7;3
@3>@3A3<B/B7=<
7<
/::
B6@33
;/@93BA


<6/<132
>C0:71
@3:/B7=<A
AC>>=@B




/<2


7<B35@/B32
1/;>/75<A
E7B6
>3@4=@;/<13
;3B@71A
/<2
A/:3A
/</:GA7A

@/<2
3<6/<17<5
>/@B<3@A67>A
E7B6
B@/D3:
B@/23
1:73<B3:3
+7A7B
/:74=@<7/
/<2
@/<2
*(


(/:3A
/<2
;327/
;7AA7=<A
7<1:C27<5
93G
6=B3:
>/@B<3@A
4=@
B/@53B32
;/@93BA

)@/23A6=E
>/@B717>/B7=<
/<2


%<5=7<5
B@/23
@3:/B7=<A67>
23D3:=>;3<B
/<2
B@/7<7<5A


x
@/<13
/<2

3@;/<G


&/@B B7;3
@3>@3A3<B/B7=<




1/;>/75<A
E7B6
A/:3A
/<2
A=17/:
;327/
>3@4=@;/<13
;3B@71A

)@/23A6=E
>/@B717>/B7=<
/<2


%<5=7<5
B@/23
@3:/B7=<A67>
23D3:=>;3<B
/<2
B@/7<7<5A


#/,
"
#

/(8
-:4+,+
04090(90;,8
95
04*7,(8,
9/,
3,,904.8
(4+
04*,490;,8
3(71,9
(/<B/
#=<71/
)@/D3:
/<2
)=C@7A;
6/A
3F31CB32
=D3@
BE3<BG
;33B7<5A
/<2
7<13<B7D3
#
>@=5@/;A
E7B6
B63
=0831B7D3
=4
7<1@3/A7<5
?C/:74732
;33B7<5A
/<2
7<13<B7D3A
0CA7<3AA
B=
B63
23AB7</B7=<

x (/:3A
;7AA7=<A
E3@3
1=<2C1B32
7<
$3E
.=@9
)=@=<B=
,/A67<5B=<

671/5=
#7<<3/>=:7A
(/<

@/<17A1=
%@/<53
=C<BG
/<2
(/<
735=

x (#))
3F6707B32
/B
#-
;3@71/
<13<B7D3,=@9A
/<2
<13<B7D3
)@/D3:
F16/<53
1=<2C1B7<5
=D3@


;33B7<5A
E7B6
93G
0CG3@A

x (#))
6=AB32
<3/@:G
B67@BG


;33B7<5
>:/<<3@A
B=
B63
23AB7</B7=<
B=
3F>3@73<13
47@AB
6/<2
E6/B
B637@
1:73<BA
E=C:2
03
0==97<5
/<2

SMTMD Management District Plan 5
September 29, 2016
x (#))
3<5/532
/
B67@2
>/@BG
1=<AC:B/<B
B=
1=<2C1B
4=1CA
5@=C>A
E7B6
B63A3
;33B7<5
>:/<<3@A
B=
03BB3@
C<23@AB/<2
4CBC@3
;33B7<5A
/<2
7<13<B7D3A
0CA7<3AA
=>>=@BC<7BG
4=@
B63
23AB7</B7=<

SMTMD Management District Plan 6
September 29, 2016
 !$


)#A
/@3
/<
3D=:CB7=<
=4
B63
B@/27B7=</:
CA7<3AA
;>@=D3;3<B
7AB@71B

)63
47@AB
)#
E/A
4=@;32

7<
,3AB

=::GE==2
/:74=@<7/
7<




(7<13
B63<
<7<3BG 47D3

/:74=@<7/
23AB7</B7=<A
6/D3
4=::=E32
AC7B


<
@313<B
G3/@A
=B63@
AB/B3A
6/D3
035C<
/2=>B7<5
B63
/:74=@<7/
;=23:
–
#=<B/</
(=CB6
/9=B/
,/A67<5B=<
=:=@/2=
)3F/A
/<2
"=C7A7/</
6/D3
/2=>B32
)#
:/EA

(3D3@/:
=B63@

AB/B3A
/@3
7<
B63
>@=13AA
=4
/2=>B7<5
B637@
=E<
:357A:/B7=<

)63
17B73A
=4
,7167B/
!/<A/A
/<2
$3E/@9

$3E
3@A3G
CA32
/<
3F7AB7<5
0CA7<3AA
7;>@=D3;3<B
27AB@71B
:/E
B=
4=@;
/
)

<2
A=;3
17B73A

:793
&=@B:/<2
%@35=<
/<2
#3;>67A
)3<<3AA33
6/D3
CB7:7H32
B637@
6=;3
@C:3
>=E3@A
B=
1@3/B3
)#A
E7B6=CB
/
AB/B3
:/E




California’s )#A
1=::31B7D3:G
@/7A3

=D3@


;7::7=<
4=@
:=1/:

23AB7</B7=<
;/@93B7<5


,7B6

1=;>3B7B=@A
@/7A7<5
B637@
0C253BA

/<2
7<1@3/A7<5
@7D/:@G
4=@
D7A7B=@

2=::/@A
7B
7A
7;>=@B/<B
B6/B
(/<B/

#=<71/
:=257<5
0CA7<3AA3A

1=<B7<C3
B=
7<D3AB
7<
AB/0:3

:=257<5 A>317471
;/@93B7<5

>@=5@/;A




)#A
CB7:7H3
B63
3447173<173A
=4

>@7D/B3
A31B=@
=>3@/B7=<
7<
B63

;/@93B 0/A32
>@=;=B7=<
=4

B=C@7A;
27AB@71BA

)#A
/::=E

:=257<5
0CA7<3AA
=E<3@A
B=

=@5/<7H3
B637@
344=@BA
B=
7<1@3/A3
@==;
<756B
A/:3A


"=257<5
0CA7<3AA
=E<3@A
E7B67<
B63
)#
>/G
/<

/AA3AA;3<B
/<2
B6=A3
4C<2A
/@3
CA32
B=
>@=D723
A3@D713A
B6/B
7<1@3/A3
@==;
<756B
A/:3A


<
/:74=@<7/
)#A
/@3
4=@;32
>C@AC/<B
B=
B63
&@=>3@BG
/<2
CA7<3AA
;>@=D3;3<B
7AB@71B
"/E
=4




)67A
:/E
/::=EA
4=@
B63
1@3/B7=<
=4
/
03<347B
/AA3AA;3<B
27AB@71B
B=
@/7A3
4C<2A
E7B67<
/
A>317471
53=5@/>671
/@3/





,

%!
'*!
&
!
"'
%
!
'
&&&& !'

&'%
'&

&
'
'
(!&
%
&
%

%'(%!
'"
'

#%
)'
!"!#%"
'
"%#"%'
"!
")%!
!
'


&'%
'


)63@3
/@3
;/<G
03<347BA
B=
)#A

x
C<2A
;CAB
03
A>3<B
=<
A3@D713A
/<2
7;>@=D3;3<BA
B6/B
>@=D723
/
A>317471
03<347B
=<:G
B=
B6=A3
E6=
>/G


x
C<2A
1/<<=B
03
27D3@B32
B=
53<3@/:
5=D3@<;3<B
>@=5@/;A
x )63G
/@3
1CAB=;7H32
B=
47B
B63
<332A
=4
>/G=@A
7<
3/16
23AB7</B7=<
x )63G
/::=E
4=@
/
E723
@/<53
=4
A3@D713A

x )63G
/@3
+,80.4,+
*7,(9,+
(4+
.5;,74,+
)>
9/58,
</5
<022
6(>
B63
/AA3AA;3<B
/<2
x )63G
>@=D723
/
AB/0:3
:=<5 B3@;
4C<27<5
A=C@13
4=@
B=C@7A;
>@=;=B7=<

3 4 6 8 ; 34
3;
46 4: 53
59 67
82 85
94 :2
::
;7
2 32
42 52
62 72
82 92
:2
;2
322
3;:;3;;742224223422442254226422742284229422:422;423242334234423542364237 Number of Districts Operating Per Year
SMTMD Management District Plan 7
September 29, 2016
% $
!'

)63
(#)#
E7::
7<1:C23
/::
:=257<5
0CA7<3AA3A
3F7AB7<5
/<2
7<
B63
4CBC@3
/D/7:/0:3
4=@
>C0:71
=11C>/<1G
E7B67<
B63
0=C<2/@73A
=4
B63
7BG
=4
(/<B/
#=<71/
E7B6
/<
/D3@/53
2/7:G
@/B3
=4


=@

;=@3


"=257<5
0CA7<3AA3A
E6=A3
/D3@/53
2/7:G
@/B3
7<1@3/A3A
B=


E7::
03
/AA3AA32
C>=<

23B3@;7</B7=<
=4
B63
7<1@3/A3
:793E7A3
:=257<5
0CA7<3AA3A
E6=A3
/D3@/53
2/7:G
@/B3
231@3/A3A
B=
03:=E


E7::
<=B
03
/AA3AA32
C>=<
23B3@;7</B7=<
=4
B63
231@3/A3

D3@/53
2/7:G
@/B3
475C@3A
A6/::
03

C>2/B32
/<<C/::G


"=257<5
0CA7<3AA
;3/<A

<G
>C0:71
=@
>@7D/B3
6=B3:
7<<
6=AB3:@G
B=C@7AB
6=;3
=@
6=CA3
;=B3:
@==;7<5
6=CA3
=@
=B63@
:=257<5
>:/13
E7B67<
B63
7BG
=4
(/<B/
#=<71/
=443@7<5
:=257<5
E63@37<
B63
=E<3@
/<2
=>3@/B=@
B63@3=4
4=@
1=;>3<A/B7=<
4C@<7A63A
:=257<5
B=
/<G
B@/<A73<B

)63
0=C<2/@G
/A
A6=E<
7<
B63
;/>
03:=E
1C@@3<B:G
7<1:C23A
B67@BG BE=
 
:=257<5
0CA7<3AA3A




1=;>:3B3
:7AB7<5
=4
:=257<5
0CA7<3AA3A
E7B67<
B63
@3<3E32
(#)#
1/<
03
4=C<2
7<
>>3<27F



SMTMD Management District Plan 8
September 29, 2016
% $#


"!%"

A. Annual Service Plan
AA3AA;3<B
4C<2A
E7::
03
A>3<B
B=
>@=D723
A>317471
03<347BA
1=<43@@32
=@
>@7D7:353A
5@/<B32
27@31B:G
B=
B63
>/G=@A
B6/B
/@3
<=B
>@=D7232
B=
B6=A3
<=B
16/@532
/<2
E6716
2=
<=B
3F1332
B63
@3/A=</0:3
1=AB
B=
B63
7BG
=4
1=<43@@7<5
B63
03<347BA
=@
5@/<B7<5
B63
>@7D7:353A

)63
>@7D7:353A
/<2
A3@D713A
>@=D7232

E7B6
B63
(#)#
4C<2A
/@3
A/:3A
/<2
;/@93B7<5
>@=5@/;A
/D/7:/0:3
=<:G
B=
/AA3AA32
0CA7<3AA3A

)63

/AA3AA;3<B
@/B3
4=@
3/16
)73@
E7::
03
1=;;3<AC@/B3
E7B6
>@7D7:353A
/<2
A3@D713A
>@=D7232
B=
/AA3AA32
0CA7<3AA3A
7<
3/16
)73@
/A
23B/7:32
7<
>>3<27F




A3@D713
>:/<
0C253B
6/A
033<
23D3:=>32
B=
23:7D3@
A3@D713A
B6/B
03<347B
B63
/AA3AA32
0CA7<3AA3A



23B/7:32
/<<C/:
0C253B
E7::
03
23D3:=>32
/<2
/>>@=D32
0G
B63
(#))
)#
=;;7BB33
/<2
B63
(#))
=/@2


)63
B/0:3
03:=E
7::CAB@/B3A
B63
7<7B7/:
/<<C/:
0C253B
/::=1/B7=<A
4=@
B63
47@AB
>/@B7/:
47A1/:
G3/@


)63
B=B/:
(#)#
/<<C/:
0C253B
4=@
3/16
4C::
G3/@
=4
=>3@/B7=<
7A
/<B717>/B32
B=
03
/>>@=F7;/B3:G


,000. The initial “year”
=4
=>3@/B7<5
E7::
03
/
>/@B7/:
G3/@
1=<A7AB7<5
=4
A7F
;=<B6A
4=@
E6716
B63
/<B717>/B32
0C253B
7A




:B6=C56
/1BC/:
@3D3<C3A
E7::
4:C1BC/B3
2C3
B=
;/@93B
1=<27B7=<A
/<2
/AA3AA;3<B
@/B3
7<1@3/A3A
B63
>@=>=@B7=</:
/::=1/B7=<A
=4
B63
0C253B
A6/::
@3;/7<
B63
A/;3


=E3D3@
B63
7BG
/<2
B63
(#))
0=/@2

A6/::
6/D3
B63
/CB6=@7BG
B=
/28CAB
0C253B
/::=1/B7=<A
03BE33<
B63
1/B35=@73A
0G
<=
;=@3
B6/<
474B33<
>3@13<B


=4
B63
B=B/:
0C253B
>3@
G3/@



23A1@7>B7=<
=4
B63
>@=>=A32
7;>@=D3;3<BA
/<2
/1B7D7B73A
4=@
B63
7<7B7/:
G3/@
=4
=>3@/B7=<
7A
03:=E


)63
A/;3
/1B7D7B73A
/@3
>@=>=A32
4=@
AC0A3?C3<B
G3/@A

<

B63
3D3<B
=4
/
:35/:
16/::3<53
/5/7<AB
B63
(#)#
/<G
/<2
/::
/AA3AA;3<B
4C<2A
;/G
03
CA32
4=@
B63
1=ABA
=4
2343<27<5
B63
(#)#




/16
0C253B
1/B35=@G
7<1:C23A
/::
1=ABA
@3:/B32
B=
>@=D727<5
B6/B
A3@D713
7<
/11=@2/<13
E7B6
3<3@/::G

113>B32
11=C<B7<5
&@=132C@3A

&


=@
3F/;>:3
B63
A/:3A
/<2
;/@93B7<5
0C253B
7<1:C23A
B63
1=AB
=4
AB/44
B7;3
23271/B32
B=
=D3@A337<5
/<2
7;>:3;3<B7<5
B63
A/:3A
/<2
;/@93B7<5
>@=5@/;
(B/44

B7;3
23271/B32
>C@3:G
B=
/2;7<7AB@/B7D3
B/A9A
7A
/::=1/B32
B=
B63
/2;7<7AB@/B7D3
>=@B7=<
=4
B63
0C253B

)63
1=ABA
=4
/<
7<27D72C/:
AB/44
;3;03@
;/G
03
/::=1/B32
B=
;C:B7>:3
0C253B
1/B35=@73A
/A
/>>@=>@7/B3

$
-

#
%
*

/3*977*472
*
:7>


$%#%
! *

/428*722
*
32>
! %
 )+$#'*
/325*472
*
7>

$"#'



 

 $"&%"""
SMTMD Management District Plan 9
September 29, 2016
7<
/11=@2/<13
E7B6

&

)63
AB/447<5
:3D3:A
<313AA/@G
B=
>@=D723
B63
A3@D713A
03:=E
E7::
03
23B3@;7<32
0G
(#))
=<
/<
/A <33232
0/A7A


(B/44
1=ABA
E7::
03
/::=1/B32
0/A32
=<
E=@9
>3@4=@;32

"(2,8
(4+

(71,904.



A/:3A
/<2
;/@93B7<5
>@=5@/;
E7::
>@=;=B3
/AA3AA32
0CA7<3AA3A
/A
B=C@7AB
;33B7<5
/<2
3D3<B
23AB7</B7=<A


)63
A/:3A
/<2
;/@93B7<5
>@=5@/;
E7::
6/D3
/
13<B@/:
B63;3
=4
>@=;=B7<5
(/<B/
#=<71/
/A
/
23A7@/0:3
>:/13
4=@
=D3@<756B
D7A7BA


)63
>@=5@/;
E7::
6/D3
B63
5=/:
=4
7<1@3/A7<5
=D3@<756B
D7A7B/B7=<
/<2
@==;
<756B
A/:3A
/B
/AA3AA32
0CA7<3AA3A
/<2
;/G
7<1:C23
B63
4=::=E7<5
/1B7D7B73A

x <B3@<3B
;/@93B7<5
344=@BA
B=
7<1@3/A3
/E/@3<3AA
/<2
=>B7;7H3
7<B3@<3B
>@3A3<13
B=
2@7D3
=D3@<756B
D7A7B/B7=<
/<2
@==;
A/:3A
B=
/AA3AA32
0CA7<3AA3A

x &@7<B
/2A
7<
;/5/H7<3A
/<2
<3EA>/>3@A
B3:3D7A7=<
/2A
/<2
@/27=
/2A
B/@53B32
/B
>=B3<B7/:
D7A7B=@A
B=
2@7D3
=D3@<756B
D7A7B/B7=<
/<2
@==;
A/:3A
B=
/AA3AA32
0CA7<3AA3A

x BB3<2/<13
=4
B@/23
A6=EA
B=
>@=;=B3
/AA3AA32
0CA7<3AA3A

x (/:3A
0:7BH3A
4=@
/AA3AA32
0CA7<3AA3A


x
/;7:7/@7H/B7=<
B=C@A
=4
/AA3AA32
0CA7<3AA3A

x '3A3/@16
/<2
/</:GB71A
B=
>@=;=B3
/AA3AA32
0CA7<3AA3A
x )@/<A:/B7=<
A3@D713A
23A75<32
B=
2@7D3
=D3@<756B
D7A7B/B7=<
/<2
@==;
A/:3A
B=
/AA3AA32
0CA7<3AA3A

x (B/44
B=
7;>:3;3<B
/<2
AC>>=@B
3F>/<232
;/@93B7<5
/<2
>@=;=B7=<
344=@BA
B=
>@=;=B3
/AA3AA32
0CA7<3AA3A

x FB3@</:
>C0:71
@3:/B7=<A
47@;A
B=
>@=;=B3
/AA3AA32
0CA7<3AA3A x &@3>/@/B7=<
/<2
>@=2C1B7=<
=4
1=::/B3@/:
>@=;=B7=</:
;/B3@7/:A
AC16
/A
0@=16C@3A
4:G3@A
/<2
;/>A
43/BC@7<5
/AA3AA32
0CA7<3AA3A


x BB3<2/<13
=4
>@=43AA7=</:
7<2CAB@G
1=<43@3<13A
/<2
/447:7/B7=<
3D3<BA
B=
>@=;=B3
/AA3AA32
0CA7<3AA3A


x "3/2
53<3@/B7=<
/1B7D7B73A
23A75<32
B=
/BB@/1B
B=C@7ABA
/<2
5@=C>
3D3<BA
B=
/AA3AA32
0CA7<3AA3A

x 7@31B=@
=4
(/:3A
/<2

3<3@/:
#/</53@
;33B7<5A
B=
>:/<
/<2
1==@27</B3
B=C@7A;
>@=;=B7=<
344=@BA
4=@
/AA3AA32
0CA7<3AA3A
/<2

x 3D3:=>;3<B
/<2
;/7<B3</<13
=4
/
E30A7B3
23A75<32
B=
>@=;=B3
/AA3AA32
0CA7<3AA3A


+3040897(9054
(4+
6,7(90548

)63
/2;7<7AB@/B7=<
/<2
=>3@/B7=<A
>=@B7=<
=4
B63
0C253B
A6/::
03
CB7:7H32
4=@
/2;7<7AB@/B7D3
AB/447<5
1=ABA
=44713
1=ABA
/<2
=B63@
53<3@/:
/2;7<7AB@/B7D3
1=ABA
AC16
/A
7<AC@/<13
:35/:
/<2
/11=C<B7<5
433A



54904.,4*>!,8,7;,

)63
0C253B
7<1:C23A
/
1=<B7<53<1G
:7<3
7B3;
B=
/11=C<B
4=@
C<1=::31B32
/AA3AA;3<BA
74
/<G

4
B63@3

/@3
1=<B7<53<1G
4C<2A
1=::31B32
B63G
;/G
03
63:2
7<
/
@3A3@D3
4C<2
=@
CB7:7H32
4=@
=B63@
>@=5@/;
/2;7<7AB@/B7=<
=@
@3<3E/:
1=ABA
/B
B63
27A1@3B7=<
=4
B6e Owners’ Association. Policies relating to 1=<B@70CB7=<A
B=
B63
@3A3@D3
4C<2
B63
B/@53B
/;=C<B
=4
B63
@3A3@D3
4C<2
/<2
3F>3<27BC@3
=4
;=<73A
4@=;
B63
@3A3@D3
4C<2
A6/::
03
A3B
0G
B63
(#))
)#
=;;7BB33
/<2
B63
(#))
=/@2
=4
7@31B=@A


)63
@3A3@D3
4C<2
;/G
03
CA32
4=@
B63
1=ABA
=4
@3<3E7<5
B63
7AB@71B

B. Annual Budget
)63
B=B/:
<7<3
/<2
=<3 6/:4


G3/@
7;>@=D3;3<B
/<2
A3@D713
>:/<
0C253B
7A
>@=831B32
/B
/>>@=F7;/B3:G




/<<C/::G
=@



B6@=C56


74
B63
;/F7;C;
/AA3AA;3<B
@/B3

7<1@3/A3A
/@3
/2=>B32



7A1/:
G3/@


1=D3@A
B63
A7F
;=<B6
>3@7=2
4@=;
/<C/@G
B=
C<3



@3AC:B7<5
7<
/
:=E3@
0C253B
4=@
B63
47@AB
A7F
;=<B6A
=4
27AB@71B
=>3@/B7=<

)67A
0C253B
7A
3F>31B32
B=

4:C1BC/B3
/A
@==;
A/:3A
16/<53
/<2
74
B63
/AA3AA;3<B
@/B3
7A
7<1@3/A32

)63
7<7B7/:
/AA3AA;3<B
@/B3
7A

SMTMD Management District Plan 10
September 29, 2016
#0,7
;,7(.,
(02>
!(9,
88,883,49
,7
**:60,+
!553
,7

0./9



/<2
/0=D3
























)63
(#))
;/G
7<1@3/A3
B63
/AA3AA;3<B
@/B3
0G
/
;/F7;C;
=4



>3@
G3/@
4=@
)73@


/<2
)73@



:=257<5
0CA7<3AA3A
/<2
<=
;=@3
B6/<
B3<
13<B



>3@
G3/@
4=@
)73@

:=257<5
0CA7<3AA3A


)63

/AA3AA;3<B
@/B3
;756B
<=B
7<1@3/A3
AB/@B7<5
7<
47A1/:
G3/@



B63
7<1@3/A3A
;/G
03
7;>:3;3<B32

in later years at the discretion of the Owners’ Association. The table below demonstrates the ;/F7;C;
E7B6
B63
/AAC;>B7=<
B6/B
B63
@/B3A
E7::
03
7<1@3/A32
0G
B63
;/F7;C;
/;=C<BA
4=@
3/16
1/B35=@G
7<
3/16
G3/@
=4
B63
(#TMD’s <7<3
/<2
=<3 6/:4
 
G3/@
B3@;
/A
7B
7A
/
@3?C7@32
27A1:=AC@3

7B
7A
<=B
B63
/<B717>/B32
1=C@A3
=4
/1B7=<


227B7=</::G
/
B6@33
>3@13<B

/<<C/:
7<1@3/A3
7<
B63
B=B/:
0C253B
7A
A6=E<
B=
/11=C<B
4=@
3AB7;/B32
7<1@3/A32
@==;
<756B
A/:3A
/A
/
@3AC:B
=4
(#)#
344=@BA


)67A
B6@33
>3@13<B

/<<C/:
7<1@3/A3
7A
/
1=<A3@D/B7D3
3AB7;/B3
0/A32
=<
B63
34431BA
=4
A7;7:/@:G
A7H32
)#
0C253BA


4
B63
;/F7;C;
/<<C/:
/AA3AA;3<B
7<1@3/A3A
/@3
/2=>B32
0G
B63
(#))
=/@2
B63
3AB7;/B32
/<<C/:
0C253B
E7::
7<1@3/A3
/A
A6=E<
7<
B63
B/0:3
03:=E



8903(9,+
44:(2
:+.,9
-

(=03:3
88,883,49
!(9,8
7,
+569,+

 



'
"(2,8


(71,904.
+3040897(9054
54904.,4*>!,8,7;,
#59(2




























































































































































































#59(2

 























&
,%

 
"!,
")%&



"!'

#%
"
!(%,
–
(!



&'
'
"%
'


%&'
,%
"
"#%'
"!
"
'



&'%
'

&



*



'%!&'&
'"
##%"+
',






#%
"!'




&(&$(!'
,%&

!
'

'

")
(&
'





(%
&

&
!( %
"%

('
"!&

C. California Constitutional Compliance
)63
(#)#
/AA3AA;3<B
7A
<=B
/
>@=>3@BG 0/A32
/AA3AA;3<B
AC0831B
B=
B63
@3?C7@3;3<BA
=4
&@=>=A7B7=<



)63
=C@B
has found, “Proposition 218 limited the term ‘assessments’ to levies on real property.”

'/B63@
B63
(#)#
/AA3AA;3<B
7A
/
0CA7<3AA 0/A32
/AA3AA;3<B
/<2
7A
AC0831B
B=
&@=>=A7B7=<




&C@AC/<B
B=
&@=>=A7B7=<


/::
:3D73A
/@3
/
B/F
C<:3AA
B63G
47B
=<3
=4
A3D3<
3F13>B7=<A

)E=
=4
B63A3
3F13>B7=<A
/>>:G
B=
B63
(#)#, a “specific benefit” and a “specific government A3@D713
” Both require that the costs of benefits or services do not exceed the reasonable costs to the 7BG
=4
1=<43@@7<5
B63
03<347BA
=@
>@=D727<5
B63
A3@D713A

1 Jarvis v. the City of San Diego 72 Cal App. 4th 230
SMTMD Management District Plan 11
September 29, 2016

1. Specific Benefit
&@=>=A7B7=<


@3?C7@3A
B6/B
/AA3AA;3<B
4C<2A
03
3F>3nded on, “/
A>317471
03<347B
1=<43@@32
=@
>@7D7:353
5@/<B32
27@31B:G
B=
B63
>/G=@
B6/B
7A
<=B
>@=D7232
B=
B6=A3
<=B
16/@532
/<2
E6716
2=3A
<=B
3F1332
B63
@3/A=</0:3
1=ABA
B=
B63
:=1/:
5=D3@<;3<B
=4
1=<43@@7<5
B63
03<347B
=@
5@/<B7<5
B63
>@7D7:353.”2


)63
A3@D713A
7<
B67A
&:/<
/@3
23A75<32
B=
>@=D723
B/@53B32
03<347BA
27@31B:G
B=
/AA3AA32
:=257<5
0CA7<3AA3A
/<2
/@3
7<B3<232
=<:G
B=
>@=D723
03<347BA
/<2
A3@D713A
27@31B:G
B=
B6=A3
0CA7<3AA3A
>/G7<5
B63
/AA3AA;3<B


)63A3
A3@D713A
/@3
B/7:=@32
<=B
B=
A3@D3
B63
53<3@/:
>C0:71
0CA7<3AA3A
7<
53<3@/:
=@
>/@13:A
=4
:/<2
0CB
@/B63@
B=
A3@D3
B63
A>317471
:=257<5
0CA7<3AA3A
E7B67<
B63
7AB@71B
)63

/1B7D7B73A
23A1@7032
7<
B67A
&:/<
/@3
A>317471/::G
B/@53B32
B=
7<1@3/A3
@==;
<756B
A/:3A
4=@
/AA3AA32
:=257<5
0CA7<3AA3A
E7B67<
B63
0=C<2/@73A
=4
B63
7AB@71B
/<2
/@3
</@@=E:G
B/7:=@32

(#)#
4C<2A

E7::
03
CA32
3F1:CA7D3:G
B=
>@=D723
B63
A>317471
03<347B
=4
7<1@3/A32
@==;
<756B
A/:3A
27@31B:G
B=
B63
/AA3AA33A


AA3AA;3<B
4C<2A
A6/::
<=B
03
CA32
B=
43/BC@3
<=< /AA3AA32
:=257<5
0CA7<3AA3A
7<
(#)#
>@=5@/;A
=@
B=
27@31B:G
53<3@/B3
A/:3A
4=@
<=< /AA3AA32
0CA7<3AA3A

)63
/1B7D7B73A
>/72
4=@
4@=;

/AA3AA;3<B
@3D3<C3A
/@3
0CA7<3AA
A3@D713A
1=<AB7BCB7<5
/<2
>@=D727<5
A>317471
03<347BA
B=
B63
/AA3AA32
0CA7<3AA3A




)63
/AA3AA;3<B
7;>=A32
0G
B67A
7AB@71B
7A
4=@
/
A>317471
03<347B
1=<43@@32
27@31B:G
B=
B63
>/G=@A
B6/B
7A
<=B
>@=D7232
B=
B6=A3
<=B
16/@532


)63
A>317471
03<347B
1=<43@@32
27@31B:G
B=
B63
>/G=@A
7A
/<
7<1@3/A3
7<
@==;
<756B
A/:3A


)63
A>317471
03<347B
=4
/<
7<1@3/A3
7<
@==;
<756B
A/:3A
4=@
/AA3AA32
:=257<5
0CA7<3AA3A
E7::
03
>@=D7232
=<:G
B=
:=257<5
0CA7<3AA3A
>/G7<5
B63
27AB@71B
/AA3AA;3<B
E7B6
;/@93B7<5
/<2
A/:3A
>@=5@/;A
>@=;=B7<5
:=257<5
0CA7<3AA3A
>/G7<5
B63
27AB@71B
/AA3AA;3<B
)63

;/@93B7<5
/<2
A/:3A
>@=5@/;A
E7::
03
23A75<32
B=
7<1@3/A3
@==;
<756B
A/:3A
/B
3/16
/AA3AA32
:=257<5
0CA7<3AA3A


31/CA3
B63G
/@3
<313AA/@G
B=
>@=D723
B63
;/@93B7<5
/<2
A/:3A
>@=5@/;A
B6/B
A>317471/::G
03<347B
B63
/AA3AA32
:=257<5
0CA7<3AA3A
B63
/2;7<7AB@/B7=<
/<2
1=<B7<53<1G
A3@D713A
/:A=
>@=D723
B63
A>317471
03<347B
=4
7<1@3/A32
@==;
<756B
A/:3A
B=
B63
/AA3AA32
:=257<5
0CA7<3AA3A

:B6=C56
B63
7AB@71B
7<
>@=D727<5
A>317471
03<347BA
B=
>/G=@A
;/G
>@=2C13
7<1723<B/:
03<347BA
B=
<=< >/G7<5
0CA7<3AA3A
B63
7<1723<B/:
03<347B
2=3A
<=B
>@31:C23
B63
A3@D713A
4@=;
037<5
1=<A723@32
/
A>317471
03<347B


The legislature has found that, “A specific benefit is not excluded from classification /A
/
‘specific benefit’
;3@3:G
031/CA3
/<
7<27@31B
03<347B
B=
/
<=<>/G=@
=11C@A
7<1723<B/::G
/<2
E7B6=CB
1=AB
B=
B63
>/G=@
/A
a consequence of providing the specific benefit to the payor.”

 Specific Government Service
)63
/AA3AA;3<B
;/G
/:A=
03
CB7:7H32
B=
>@=D723
“/
A>317471
5=D3@<;3<B
A3@D713
=@
>@=2C1B
>@=D7232
27@31B:G
B=
B63
>/G=@
B6/B
7A
<=B
>@=D7232
B=
B6=A3
<=B
16/@532
/<2
E6716
2=3A
<=B
3F1332
B63
@3/A=</0:3
1=ABA
B=
B63
:=1/:
5=D3@<;3<B
=4
>@=D727<5
B63
A3@D713
=@
>@=2C1B ”


)63
:357A:/BC@3
6/A

@31=5<7H32
B6/B
;/@93B7<5
/<2
>@=;=B7=<A
A3@D713A
:793
B6=A3
B=
03
>@=D7232
0G
B63
(#)#
/@3
5=D3@<;3<B
A3@D713A
E7B67<
B63
;3/<7<5
=4
&@=>=A7B7=<


3AB7</B7=<
;/@93B7<5
A3@D713A
/@3

4@3?C3<B:G
4C<232
/<2
>@=D7232
0G
:=1/:
5=D3@<;3<BA


<
B63
1/A3
=4
B63
(#)#
B63
27AB@71B
7A

4=@;32
/<2
A3@D713A
/@3
=D3@A33<
0G
B63
(/<B/
#=<71/
7BG
=C<17:



C@B63@
B63
:357A:/BC@3
6/A

determined that “a specific government service is not excluded from classification as a ‘specific government service’ merely because an indirect benefit to a nonpayor occurs incidentally and without 1=AB
B=
B63
>/G=@
/A
/
1=<A3?C3<13
=4
>@=D727<5
B63
Apecific government service to the payor.”

2 Cal. Const. art XIII C § 1(e)(1)
3 Government Code § 53758(a)
4 Cal. Const. art XIII C § 1(e)(2)
5 Government Code § 53758(b)
6 Government Code § 53758(b)
SMTMD Management District Plan 12
September 29, 2016

3. Reasonable Cost
7AB@71B
A3@D713A
E7::
03
7;>:3;3<B32
1/@34C::G
B=
3<AC@3
B63G
2=
<=B
3F1332
B63
@3/A=</0:3
1=AB
=4
AC16
A3@D713A


)63
4C::
/;=C<B
/AA3AA32
E7::
03
CA32
B=
>@=D723
B63
A3@D713A
23A1@7032
63@37<


C<2A

E7::
03
;/</532
0G
(#))
/<2
@3>=@BA
AC0;7BB32
=<
/<
/<<C/:
0/A7A
B=
B63
7BG

%<:G
/AA3AA32

:=257<5
0CA7<3AA3A
E7::
03
43/BC@32
7<
;/@93B7<5
;/B3@7/:A
@3137D3
A/:3A
:3/2A
53<3@/B32
4@=;
27AB@71B 4C<232
/1B7D7B73A
03
43/BC@32
7<
/2D3@B7A7<5
1/;>/75<A
/<2
03<347B
4@=;
=B63@
27AB@71B 4C<232
A3@D713A


$=< /AA3AA32
:=257<5
0CA7<3AA3A
E7::
<=B
@3137D3
B63A3
<=@
/<G
=B63@
27AB@71B 4C<232
A3@D713A
/<2
03<347BA




)63
7AB@71B 4C<232
>@=5@/;A
/@3
/::
B/@53B32
27@31B:G
/B
/<2
43/BC@3
=<:G
/AA3AA32
0CA7<3AA3A

B
7A

6=E3D3@
>=AA70:3
B6/B
B63@3
E7::
03
/
A>7::
=D3@
03<347B
B=
<=< /AA3AA32
0CA7<3AA3A

4
<=< /AA3AA32

:=257<5
0CA7<3AA3A
@3137D3
7<1@3;3<B/:
@==;
<756BA
B6/B
>=@B7=<
=4
B63
>@=;=B7=<
=@
>@=5@/;
53<3@/B7<5
B6=A3
@==;
<756BA
A6/::
03
>/72
E7B6
<=< 7AB@71B
4C<2A

(#)#
4C<2A
A6/::
=<:G
03

A>3<B
B=
03<347B
B63
/AA3AA32
0CA7<3AA3A
/<2
A6/::
<=B
03
A>3<B
=<
B6/B
>=@B7=<
=4
/<G
>@=5@/;
E6716
27@31B:G
53<3@/B3A
7<1723<B/:
@==;
<756BA
4=@
<=< /AA3AA32
0CA7<3AA3A

4. Benefit to NonPayors
)63
A>317471
03<347BA
>@=D7232
0G
B63
(#)#
E7::
=<:G
03
27@31B:G
>@=D7232
B=
B63
/AA3AA32
0CA7<3AA3A
B63G
E7::
<=B
03
27@31B:G
>@=D7232
B=
<=< /AA3AA32
0CA7<3AA3A
&=AA70:3
7<27@31B
03<347B

2=3A
<=B
>@31:C23
B63
(#)#
A3@D713A
4@=;
037<5
1=<A723@32
/
A>317471
03<347B

)63
:357A:/BC@3
6/A

27@31B:G
7<271/B32
7<
B63
1=<B3FB
=4
B=C@7A;
;/@93B7<5
27AB@71BA
B6/B
A3@D713A
/@3
<=B
>@31:C232
4@=;
1:/AA7471/B7=<
/A
/
A>317471
03<347B
;3@3:G
031/CA3
/<
7<27@31B
03<347B
B=
/
<=<>/G=@
=11C@A
/A
/
1=<A3?C3<13
=4
>@=D727<5
B63
A3@D713
/<2
E7B6=CB
1=AB
B=
B63
>/G=@ 




:B6=C56
B63
:357A:/BC@3
2=3A
<=B
@3?C7@3
B63
1=AB
=4
/<G
7<1723<B/:
03<347B
B=
<=< >/G=@A
03
A3>/@/B32
4@=;
B63
/AA3AA;3<B
=CB
=4
/<
/0C<2/<13
=4
1/CB7=<
/
ABC2G
E/A
1=<2C1B32
=<
03<347B
53<3@/B32
0G
B63
(#)#
>@=5@/;A

)63
ABC2G
7A
/BB/1632
/A
>>3<27F



)63
ABC2G
4=C<2
B6/B


=4
;/@93B7<5

>@=5@/;A
53<3@/B3
7<1723<B/:
@==;
<756B
A/:3A
/B
<=< /AA3AA32
:=257<5
0CA7<3AA3A

:B6=C56
7B
7A
<=B

@3?C7@32
B63
>=@B7=<
=4
>@=5@/;A
B6/B
53<3@/B3
B67A
03<347B
E7::
03
>/72
4=@
E7B6
<=< /AA3AA;3<B
4C<2A


AA3AA;3<B
4C<2A
E7::
=<:G
4C<2
B6/B
>=@B7=<
=4
B63
>@=5@/;A
 
E6716
@3>@3A3<BA
/

A>317471
03<347B
B=
B63
/AA3AA32
0CA7<3AA3A



=@
3F/;>:3
74
/
>@=5@/;
1=ABA




B=B/:
B63

(#)#
E7::
4C<2


/<2
B63
@3;/7<7<5


E7::
03
A=C@132
4@=;
<=< /AA3AA;3<B
4C<2A




)63
/;=C<B
=4
B63
/AA3AA;3<B
7A
<=
;=@3
B6/<
<313AA/@G
B=
1=D3@
B63
@3/A=</0:3
1=ABA
=4
B63
>@=>=A32
/1B7D7B73A
/<2
B63
;/<<3@
7<
E6716
B63
1=ABA
/@3
/::=1/B32
B=
/
0CA7<3AA
=E<3@
03/@
/
4/7@
A6/@3
=@
reasonable relationship to the businesses’ benefits received fro;
B63
>@=>=A32
/1B7D7B73A
)63
03<347B

ABC2G
7<
>>3<27F

4=C<2
B6/B
B63
03<347BA
>@=D7232
0G
B63
(#)#
2=
<=B
3F1332
B63
@3/A=</0:3
1=AB


)63
>@=5@/;A
>@=D7232
E7B6
7AB@71B
4C<27<5
@3137D3
/227B7=</:
<=< /AA3AA;3<B
4C<27<5
7<
B63
4=@;
=4
5@/<BA
1=@>=@/B3
A>=<A=@A67>A
3D3<B
7<1=;3
B@/<A73<B
=11C>/<1G
B/F
/<2
=B63@
4C<2A

)63A3

4C<27<5
A=C@13A
A6/::
03
3?C/:
B=
=@
3F1332
B63
/;=C<B
=4
03<347B
1=<43@@32
B=
<=< >/G=@A
/<<C/::G
by the District’s services.

)63A3
<=< /AA3AA;3<B
4C<2A
E7::
03
CA32
B=
>/G
4=@
B63
03<347B
B=
<=< >/G=@A
>@=D7232
0G
B63
>@=>=A32
A3@D713A
3<AC@7<5
B6/B
/AA3AA;3<BA
E7::
=<:G
03
CA32
B=
>@=D723
03<347BA
B=
/AA3AA32
0CA7<3AA3A

7 AB 483 Ting (2014)
SMTMD Management District Plan 13
September 29, 2016
D. Assessment
)63
/AA3AA;3<B
7A
/
47F32
/;=C<B
>3@
=11C>732
@==;
>3@
<756B

)63
/AA3AA;3<B
7A
0/A32
=<
B63

businesses’ average daily rate, based on the previous year’s performance. D3@/53
2/7:G
@/B3
475C@3A
A6/::
03
C>2/B32
/<<C/::G


/A32
=<
B63
03<347B
@3137D32
/AA3AA;3<BA
E7::
<=B
03
1=::31B32
=<
AB/GA
=4
;=@3
B6/<
B67@BG


1=<A31CB7D3
2/GA
/<2
AB/GA
>/72
0G
/<G

323@/:
(B/B3
=4
/:74=@<7/
=@
7BG
=4

(/<B/
#=<71/
=44717/:
=@
3;>:=G33
E63<
=<
=44717/:
0CA7<3AA
>@=D7232
B6/B
/<
3F3;>B
13@B7471/B3
7A
3F31CB32
/B
B63
B7;3
=4
@357AB@/B7=<


"=257<5
0CA7<3AA3A
E7B6
/<
/D3@/53
2/7:G
@/B3
:3AA
B6/<


E7::

<=B
03
7<1:C232
7<
B63
27AB@71B
=@
/AA3AA32


AA3AA;3<B
@/B3A
/@3





#0,7
;,7(.,
(02>
!(9,
88,883,49
,7
**:60,+
!553
,7

0./9



/<2
/0=D3
























AA3AA;3<B
@/B3A
;/G
03
AC0831B
B=
/<
/<<C/:
7<1@3/A3
=4
<=
;=@3
B6/<
BE3<BG 47D3
13<BA



>3@

G3/@
4=@
)73@


/<2
)73@


:=257<5
0CA7<3AA3A
/<2
<=
;=@3
B6/<
B3<
13<B



>3@
G3/@
4=@
)73@


:=257<5
0CA7<3AA3A


)63
B/0:3
03:=E
23;=<AB@/B3A
B63
;/F7;C;
E7B6
B63
/AAC;>B7=<
B6/B
B63
@/B3A
E7::
03
7<1@3/A32
0G
B63
;/F7;C;
/;=C<B
for each category in each year of the SMTMD’s nine and =<3 6/:4


G3/@
B3@;
/A
7B
7A
/
@3?C7@32
27A1:=AC@3
7B
7A
<=B
B63
/<B717>/B32
1=C@A3
=4
/1B7=<

)63

;/F7;C;
/AA3AA;3<B
@/B3
4=@
3/16
1/B35=@G
7A

FY $100 - $199.99 $200 - $299.99 $300 and Above
2018* $1.50 $4.25 $5.25
2018-19 $1.60 $4.50 $5.50
2019-20 $1.70 $4.75 $5.75
2020-21 $1.80 $5.00 $6.00
2021-22 $1.90 $5.25 $6.25
2022-23 $2.00 $5.50 $6.50
2023-24 $2.10 $5.75 $6.75
2024-25 $2.20 $6.00 $7.00
2025-26 $2.30 $6.25 $7.25
2026-27 $2.40 $6.50 $7.50

&
,%

 
"!,
")%&



"!'

#%
"
!(%,
–
(!


)63
/AA3AA;3<B
7A
:3D732
C>=<
/<2
/
27@31B
=0:75/B7=<
=4
B63
/AA3AA32
:=257<5
0CA7<3AA


=E3D3@
B63

/AA3AA32
:=257<5
0CA7<3AA
;/G
/B
7BA
27A1@3B7=<
>/AA
B63
/AA3AA;3<B
=<
B=
B@/<A73<BA

)63
/;=C<B
=4

/AA3AA;3<B
74
>/AA32
=<
B=
3/16
B@/<A73<B
A6/::
03
27A1:=A32
7<
/2D/<13
/<2
A3>/@/B3:G
AB/B32
4@=;
B63
/;=C<B
=4
@3<B
16/@532
/<2
/<G
=B63@
/>>:71/0:3
B/F3A
/<2
3/16
B@/<A73<B
A6/::
@3137D3
/
@3137>B
4=@
>/G;3<B
4@=;
B63
0CA7<3AA


The assessment shall be disclosed as the “)#
Assessment.” )63
/AA3AA;3<B
7A
7;>=A32
A=:3:G
C>=<
/<2
7A
B63
A=:3
=0:75/B7=<
=4
B63
/AA3AA32
:=257<5
0CA7<3AA
3D3<
74
7B
7A
>/AA32
=<
B=
B@/<A73<BA


)63
/AA3AA;3<B
A6/::
<=B
03
1=<A723@32
@3D3<C3
4=@
/<G
>C@>=A3A
7<1:C27<5
1/:1C:/B7=<
=4
B@/<A73<B
=11C>/<1G
B/F3A


=<2A
A6/::
<=B
03
7AAC32


E. Penalties and Interest
4
/<G
0CA7<3AA
A6/::
4/7:
=@
@34CA3
B=
@3;7B
B=
B63
7BG
B63
/AA3AA;3<B
2C3
=<
=@
034=@3
B63
:/AB
2/G
=4
B63
;=<B6
7<
E6716
B63
/AA3AA;3<B
031=;3A
2C3
B63@3
A6/::
03
/2232
B=
B63
/AA3AA;3<B
/
>3</:BG
=4
B3<
>3@13<B



=4
B63
/;=C<B
=4
B63
/AA3AA;3<B


4
B63
/AA3AA;3<B
@3;/7<A
23:7<?C3<B
/<2

SMTMD Management District Plan 14
September 29, 2016
C<>/72
B63@3/4B3@
4=@
/
>3@7=2
=4
B67@BG


2/GA
B63@3
A6/::
03
/<
/227B7=</:
>3</:BG
=4
B3<
>3@13<B





F. Time and Manner for Collecting Assessments
)63
(#)#
/AA3AA;3<B
E7::
03
7;>:3;3<B32
0357<<7<5
/<C/@G



/<2
E7::
1=<B7<C3
4=@
<7<3

/<2
=<3 6/:4


G3/@A
B6@=C56
C<3






)63
7BG
E7::
03
@3A>=<A70:3
4=@
1=::31B7<5
B63
/AA3AA;3<B
=<
/
;=<B6:G
0/A7A
7<1:C27<5
/<G
23:7<?C3<173A
>3</:B73A
/<2
7<B3@3AB
4@=;
3/16
:=257<5
E7B6
/<
/D3@/53
2/7:G
@/B3
=4


=@
;=@3


)63
7BG
A6/::
B/93
/::
@3/A=</0:3
344=@BA
B=
1=::31B
B63
/AA3AA;3<BA
4@=;
3/16
:=257<5
0CA7<3AA


)63
7BG
A6/::
4=@E/@2
B63
/AA3AA;3<BA
1=::31B32
B=
B63
Owners’ Association





SMTMD Management District Plan 15
September 29, 2016
% %!



A. Owners’ Association
)63
7BG
=C<17:
B6@=C56
/2=>B7=<
=4
B67A
#/</53;3<B
7AB@71B
&:/<
6/A
B63
@756B
>C@AC/<B
B=
(B@33BA
/<2

756E/GA
=23
§

B=
723<B74G
B63
0=2G
B6/B
A6/::
7;>:3;3<B
B63
>@=>=A32
>@=5@/;
E6716
A6/::
03
B63
%wners’ AA=17/B7=<
=4
B63
(#)#
/A
2347<32
7<
(B@33BA
/<2
756E/GA
=23

§

)63
7BG
=C<17:
6/A
23B3@;7<32
B6/B
(/<B/
#=<71/
)@/D3:

)=C@7A;
E7::
A3@D3
/A
B63
Owners’
AA=17/B7=<
4=@
B63
(#)#




)63
(#))
AB/<27<5
/2D7A=@G
1=;;7BB33
9<=E<
as the “TMD Hotel Committee”
A6/::
1=<B7<C3
B=
03
@3A>=<A70:3
4=@
;/97<5
@31=;;3<2/B7=<A
B=
B63
(#))
=/@2
@35/@27<5
(#)#
4C<2A
/<2
>@=5@/;A


)63
)#

=B3:
=;;7BB33
A6/::
6/D3
03BE33<
4=C@

/<2
<7<3

;3;03@A
=4
E6716
/B
:3/AB
4=C@

E7::
03
@3>@3A3<B/B7D3A
=4
/AA3AA32
:=257<5
0CA7<3AA3A



<<C/::G
(#))
A6/::
6=:2
/
8=7<B
(#))
0=/@2
/<2
)#

=B3:
=;;7BB33
;33B7<5
E6716
E7::
03

=>3<
B=
B63
>C0:71


)63
>C@>=A3
=4
B63
/<<C/:
;33B7<5
E7::
03
;CBC/:
/>>@=D/:
=4
B63
0C253B
/<2
>@=5@/;A
4=@
(#)#
4C<2A
4=@
B63
C>1=;7<5
47A1/:
G3/@

B. Brown Act and California Public Records Act Compliance An Owners’ AAA=17/B7=<
7A
/
>@7D/B3
3<B7BG
/<2
;/G
<=B
03
1=<A723@32
/
>C0:71
3<B7BG
4=@
/<G
>C@>=A3
<=@
;/G
7BA
0=/@2
;3;03@A
=@
AB/44
03
1=<A723@32
B=
03
>C0:71
=44717/:A
4=@
/<G
>C@>=A3
)63
%E<3@A’
AA=17/B7=<
7A
6=E3D3@
AC0831B
B=
5=D3@<;3<B
@35C:/B7=<A
@3:/B7<5
B=
B@/<A>/@3<1G
</;3:G
B63
'/:>6
#

@=E<
1B
/<2
B63
/:74=@<7/
&C0:71
'31=@2A
1B


)63A3
@35C:/B7=<A
/@3
23A75<32
B=
>@=;=B3

>C0:71
/11=C<B/07:7BG


The Owners’ Association
/1BA
/A
/
:357A:/B7D3
0=2G
C<23@
B63
'/:>6
#
@=E<

1B

=D3@<;3<B
=23
I

3B
A3?



)6CA
;33B7<5A
=4
B63
(#))
0=/@2
/<2
13@B/7<
1=;;7BB33A
;CAB
03
63:2
7<
1=;>:7/<13
E7B6
B63
>C0:71
<=B713
/<2
=B63@
@3?C7@3;3<BA
=4
B63
@=E<
1B

)63

%E<3@A’
AA=17/B7=<
7A
/:A=
AC0831B
B=
B63
@31=@2
933>7<5
/<2
27A1:=AC@3
@3?C7@3;3<BA
=4
B63
/:74=@<7/
&C0:71
'31=@2A
1B


Accordingly, the Owners’ Association shall publicly report any action taken /<2
B63
D=B3
=@
/0AB3<B7=<
=<
B6/B
/1B7=<
=4
3/16
;3;03@
>@3A3<B
4=@
B63
/1B7=<


C. Annual Report
(#))
A6/::
>@3A3<B
/<
/<<C/:
@3>=@B
/B
B63
3<2
=4
3/16
G3/@
=4
=>3@/B7=<
B=
B63
7BG
=C<17:
>C@AC/<B
B=
(B@33BA
/<2

756E/GA
=23
I

A33
>>3<27F




)63
/<<C/:
@3>=@B
A6/::
7<1:C23

x <G
>@=>=A32
16/<53A
7<
B63
0=C<2/@73A
=4
B63
7;>@=D3;3<B
27AB@71B
=@
7<
/<G
03<347B
H=<3A
=@
1:/AA7471/B7=<
=4
0CA7<3AA3A
E7B67<
B63
27AB@71B


x )63
7;>@=D3;3<BA
/<2
/1B7D7B73A
B=
03
>@=D7232
4=@
B6/B
47A1/:
G3/@

x <
3AB7;/B3
=4
B63
1=AB
=4
>@=D727<5
B63
7;>@=D3;3<BA
/<2
B63
/1B7D7B73A
4=@
B6/B
47A1/:
G3/@

x )63
;3B6=2
/<2
0/A7A
=4
:3DG7<5
B63
/AA3AA;3<B
7<
AC447173<B
23B/7:
B=
/::=E
3/16
0CA7<3AA
=E<3@
B=
3AB7;/B3
B63
/;=C<B
=4
B63
/AA3AA;3<B
B=
03
:3D732
/5/7<AB
67A
=@
63@
0CA7<3AA
4=@
B6/B
47A1/:
G3/@


x )63
3AB7;/B32
/;=C<B
=4
/<G
AC@>:CA
=@
234717B
@3D3<C3A
B=
03
1/@@732
=D3@
4@=;
/
>@3D7=CA
47A1/:
G3/@


x )63
3AB7;/B32
/;=C<B
=4
/<G
1=<B@70CB7=<A
B=
03
;/23
4@=;
A=C@13A
=B63@
B6/<
/AA3AA;3<BA
:3D732
>C@AC/<B
B=
B67A
>/@B


D. Milestone Report
(#))
A6/::
>@3>/@3
/
47D3 G3/@
#7:3AB=<3
'3>=@B
E6716
E7::
03
2C3
in May 2022 prior to the City’s />>@=D/:
=4
B63
/<<C/:
@3>=@B
4=@

7A1/:
.3/@




)63
#7:3AB=<3
'3>=@B
A6/::
03
AC0;7BB32
B=

SMTMD Management District Plan 16
September 29, 2016
B63
7BG
/<2
/::
/AA3AA32
0CA7<3AA3A


B
A6/::
7<1:C23
/::
7<4=@;/B7=<
@3?C7@32
7<
B63
/<<C/:
@3>=@B
/A
E3::
/A
67AB=@71/:
>@=5@/;
/<2
>3@4=@;/<13
2/B/
7<1:C27<5
93G
>3@4=@;/<13
7<271/B=@A
4=@
:=257<5
0CA7<3AA3A
AC16
/A
/D3@/53
2/7:G
@/B3
@3D3<C3
>3@
/D/7:/0:3
@==;
/<2
=11C>/<1G
@/B3A

)63
#7:3AB=<3

'3>=@B
;/G
A3@D3
/A
B63
/<<C/:
@3>=@B
4=@

7A1/:
.3/@




4
:=257<5
0CA7<3AA3A
/@3
<=B

A/B7A4732
E7B6
B63
@3AC:BA
=4
B63
#7:3AB=<3
'3>=@B
B63G
;/G
>3B7B7=<
B63
7BG
B=
27A3AB/0:7A6
B63
7AB@71B
>C@AC/<B
B=
(B@33BA
/<2

756E/GA
=23
A31B7=<


SMTMD Management District Plan 17
September 29, 2016
APPENDIX 1 – LAW

STREETS AND HIGHWAYS CODE
Division 18. Parking
Part 7. Property and Business Improvement District Law of 1994 Cal Sts & Hy Code Div. 18, Pt. 7 Note (2015)
*** This document is current through the 2015 Supplement *** (All 2014 legislation)
36600. Citation of part
This part shall be known and may be cited as the “Property and Business Improvement District Law of 1994.” 36601. Legislative findings and declarations
The Legislature finds and declares all of the following:
(a) Businesses located and operating within business districts in some of this state’s communities are economically disadvantaged, are underutilized, and are unable to attract customers due to inadequate facilities, services, and activities in the business districts.
(b) It is in the public interest to promote the economic revitalization and physical maintenance of business districts in order to create jobs, attract new businesses, and prevent the erosion of the business districts. (c) It is of particular local benefit to allow business districts to fund business related improvements, maintenance, and activities through the levy of assessments upon the businesses or real property that receive benefits from those improvements.
(d) Assessments levied for the purpose of conferring special benefit upon the real property or businesses in a business district are not taxes for the general benefit of a city, even if property or persons not assessed receive incidental or collateral effects that benefit them.
(e) Property and business improvement districts formed throughout this state have conferred special benefits upon properties and businesses within their districts and have made those properties and businesses more useful by providing the following benefits:
(1) Crime reduction. A study by the Rand Corporation has confirmed a 12-percent reduction in the incidence of robbery and an 8-percent reduction in the total incidence of violent crimes within the 30 districts studied.
(2) Job creation.
(3) Business attraction.
(4) Business retention.
(5) Economic growth.
(6) New investments.
(f) With the dissolution of redevelopment agencies throughout the state, property and business improvement districts have become even more important tools with which communities can combat blight, promote economic opportunities, and create a clean and safe environment. (g) Since the enactment of this act, the people of California have adopted Proposition 218, which added Article XIII D to the Constitution in order to place certain requirements and restrictions on the formation of, and activities, expenditures, and assessments by property-based districts. Article XIII D of the Constitution provides that propertybased districts may only levy assessments for special benefits. (h) The act amending this section is intended to provide the Legislature’s guidance with regard to this act, its interaction with the provisions of Article XIII D of the Constitution, and the determination of special benefits in property-based districts.
(1) The lack of legislative guidance has resulted in uncertainty and inconsistent application of this act, which discourages the use of assessments to fund needed improvements, maintenance, and activities in propertybased districts, contributing to blight and other underutilization of property. (2) Activities undertaken for the purpose of conferring special benefits upon property to be assessed inherently produce incidental or collateral effects that benefit property or persons not assessed. Therefore, for special SMTMD Management District Plan 18
September 29, 2016
benefits to exist as a separate and distinct category from general benefits, the incidental or collateral effects of those special benefits are inherently part of those special benefits. The mere fact that special benefits produce incidental or collateral effects that benefit property or persons not assessed does not convert any portion of those special benefits or their incidental or collateral effects into general benefits. (3) It is of the utmost importance that property-based districts created under this act have clarity regarding restrictions on assessments they may levy and the proper determination of special benefits. Legislative clarity with regard to this act will provide districts with clear instructions and courts with legislative intent regarding restrictions on property-based assessments, and the manner in which special benefits should be determined. 36602. Purpose of part
The purpose of this part is to supplement previously enacted provisions of law that authorize cities to levy assessments within property and business improvement districts, to ensure that those assessments conform to all constitutional requirements and are determined and assessed in accordance with the guidance set forth in this act.

This part does not affect or limit any other provisions of law authorizing or providing for the furnishing of improvements or activities or the raising of revenue for these purposes. 36603. Preemption of authority or charter city to adopt ordinances levying assessments Nothing in this part is intended to preempt the authority of a charter city to adopt ordinances providing for a different method of levying assessments for similar or additional purposes from those set forth in this part. A property and business improvement district created pursuant to this part is expressly exempt from the provisions of the Special Assessment Investigation, Limitation and Majority Protest Act of 1931 (Division 4 (commencing with Section 2800)).
36603.5. Part prevails over conflicting provisions
Any provision of this part that conflicts with any other provision of law shall prevail over the other provision of law, as to districts created under this part.
36604. Severability
This part is intended to be construed liberally and, if any provision is held invalid, the remaining provisions shall remain in full force and effect. Assessments levied under this part are not special taxes. 36606. “Activities”
“Activities” means, but is not limited to, all of the following that benefit businesses or real property in the district:
(a) Promotion of public events.
(b) Furnishing of music in any public place.
(c) Promotion of tourism within the district.
(d) Marketing and economic development, including retail retention and recruitment. (e) Providing security, sanitation, graffiti removal, street and sidewalk cleaning, and other municipal services supplemental to those normally provided by the municipality. (f) Other services provided for the purpose of conferring special benefit upon assessed businesses and real property located in the district.
36606.5. “Assessment”
“Assessment” means a levy for the purpose of acquiring, constructing, installing, or maintaining improvements and providing activities that will provide certain benefits to properties or businesses located within a property and business improvement district.
36607. “Business”
SMTMD Management District Plan 19
September 29, 2016
“Business” means all types of businesses and includes financial institutions and professions. 36608. “City”
“City” means a city, county, city and county, or an agency or entity created pursuant to Article 1 (commencing with Section 6500) of Chapter 5 of Division 7 of Title 1 of the Government Code, the public member agencies of which includes only cities, counties, or a city and county, or the State of California. 36609. “City council”
“City council” means the city council of a city or the board of supervisors of a county, or the agency, commission, or board created pursuant to a joint powers agreement and which is a city within the meaning of this part. 36609.4. “Clerk”
“Clerk” means the clerk of the legislative body.
36609.5. “General benefit”
“General benefit” means, for purposes of a property-based district, any benefit that is not a “special benefit” as defined in Section 36615.5.
36610. “Improvement”
“Improvement” means the acquisition, construction, installation, or maintenance of any tangible property with an estimated useful life of five years or more including, but not limited to, the following:
(a) Parking facilities.
(b) Benches, booths, kiosks, display cases, pedestrian shelters and signs. (c) Trash receptacles and public restrooms.
(d) Lighting and heating facilities.
(e) Decorations.
(f) Parks.
(g) Fountains.
(h) Planting areas.
(i) Closing, opening, widening, or narrowing of existing streets. (j) Facilities or equipment, or both, to enhance security of persons and property within the area. (k) Ramps, sidewalks, plazas, and pedestrian malls.
(l) Rehabilitation or removal of existing structures.
36611. “Management district plan”; “Plan”
“Management district plan” or “plan” means a proposal as defined in Section 36622. 36612. “Owners’ Association”
“Owners’ association” means a private nonprofit entity that is under contract with a city to administer or implement improvements, maintenance, and activities specified in the management district plan. An owners’ association may be an existing nonprofit entity or a newly formed nonprofit entity. An owners’ association is a private entity and may not be considered a public entity for any purpose, nor may its board members or staff be considered to be public officials for any purpose. Notwithstanding this section, an owners’ association shall comply with the Ralph M. Brown Act (Chapter 9 (commencing with Section 54950) of Part 1 of Division 2 of Title 5 of the Government Code), at all times when matters within the subject matter of the district are heard, discussed, or deliberated, and with the California Public Records Act (Chapter 3.5 (commencing with Section 6250) of Division 7 of Title 1 of the Government Code), for all records relating to activities of the district.

SMTMD Management District Plan 20
September 29, 2016
36614. “Property”
“Property” means real property situated within a district. 36614.5. “Property and business improvement district”; “District” “Property and business improvement district,” or “district,” means a property and business improvement district established pursuant to this part.
36614.6. “Property-based assessment”
“Property-based assessment” means any assessment made pursuant to this part upon real property. 36614.7. “Property-based district”
“Property-based district” means any district in which a city levies a property-based assessment. 36615. “Property owner”; “Business owner”; “Owner”
“Property owner” means any person shown as the owner of land on the last equalized assessment roll or otherwise known to be the owner of land by the city council. “Business owner” means any person recognized by the city as the owner of the business. “Owner” means either a business owner or a property owner. The city council has no obligation to obtain other information as to the ownership of land or businesses, and its determination of ownership shall be final and conclusive for the purposes of this part. Wherever this part requires the signature of the property owner, the signature of the authorized agent of the property owner shall be sufficient. Wherever this part requires the signature of the business owner, the signature of the authorized agent of the business owner shall be sufficient. 36615.5. “Special benefit”
“Special benefit” means, for purposes of a property-based district, a particular and distinct benefit over and above general benefits conferred on real property located in a district or to the public at large. Special benefit includes incidental or collateral effects that arise from the improvements, maintenance, or activities of property-based districts even if those incidental or collateral effects benefit property or persons not assessed. Special benefit excludes general enhancement of property value.
36616. “Tenant”
“Tenant” means an occupant pursuant to a lease of commercial space or a dwelling unit, other than an owner. 36617. Alternative method of financing certain improvements and activities; Effect on other provisions This part provides an alternative method of financing certain improvements and activities. The provisions of this part shall not affect or limit any other provisions of law authorizing or providing for the furnishing of improvements or activities or the raising of revenue for these purposes. Every improvement area established pursuant to the Parking and Business Improvement Area Law of 1989 (Part 6 (commencing with Section 36500) of this division) is valid and effective and is unaffected by this part.
36620. Establishment of property and business improvement district A property and business improvement district may be established as provided in this chapter. 36620.5. Requirement of consent of city council
SMTMD Management District Plan 21
September 29, 2016
A county may not form a district within the territorial jurisdiction of a city without the consent of the city council of that city. A city may not form a district within the unincorporated territory of a county without the consent of the board of supervisors of that county. A city may not form a district within the territorial jurisdiction of another city without the consent of the city council of the other city. 36621. Initiation of proceedings; Petition of property or business owners in proposed district (a) Upon the submission of a written petition, signed by the property or business owners in the proposed district who will pay more than 50 percent of the assessments proposed to be levied, the city council may initiate proceedings to form a district by the adoption of a resolution expressing its intention to form a district. The amount of assessment attributable to property or a business owned by the same property or business owner that is in excess of 40 percent of the amount of all assessments proposed to be levied, shall not be included in determining whether the petition is signed by property or business owners who will pay more than 50 percent of the total amount of assessments proposed to be levied.
(b) The petition of property or business owners required under subdivision (a) shall include a summary of the management district plan. That summary shall include all of the following:
(1) A map showing the boundaries of the district.
(2) Information specifying where the complete management district plan can be obtained. (3) Information specifying that the complete management district plan shall be furnished upon request. (c) The resolution of intention described in subdivision (a) shall contain all of the following:
(1) A brief description of the proposed improvements, maintenance, and activities, the amount of the proposed assessment, a statement as to whether the assessment will be levied on property or businesses within the district, a statement as to whether bonds will be issued, and a description of the exterior boundaries of the proposed district, which may be made by reference to any plan or map that is on file with the clerk. The descriptions and statements do not need to be detailed and shall be sufficient if they enable an owner to generally identify the nature and extent of the improvements, maintenance, and activities, and the location and extent of the proposed district. (2) A time and place for a public hearing on the establishment of the property and business improvement district and the levy of assessments, which shall be consistent with the requirements of Section 36623. 36622. Contents of management district plan
The management district plan shall include, but is not limited to, all of the following:
(a) If the assessment will be levied on property, a map of the district in sufficient detail to locate each parcel of property and, if businesses are to be assessed, each business within the district. If the assessment will be levied on businesses, a map that identifies the district boundaries in sufficient detail to allow a business owner to reasonably determine whether a business is located within the district boundaries. If the assessment will be levied on property and businesses, a map of the district in sufficient detail to locate each parcel of property and to allow a business owner to reasonably determine whether a business is located within the district boundaries. (b) The name of the proposed district.
(c) A description of the boundaries of the district, including the boundaries of benefit zones, proposed for establishment or extension in a manner sufficient to identify the affected property and businesses included, which may be made by reference to any plan or map that is on file with the clerk. The boundaries of a proposed property assessment district shall not overlap with the boundaries of another existing property assessment district created pursuant to this part. This part does not prohibit the boundaries of a district created pursuant to this part to overlap with other assessment districts established pursuant to other provisions of law, including, but not limited to, the Parking and Business Improvement Area Law of 1989 (Part 6 (commencing with Section 36500)). This part does not prohibit the boundaries of a business assessment district created pursuant to this part to overlap with another business assessment district created pursuant to this part. This part does not prohibit the boundaries of a business assessment district created pursuant to this part to overlap with a property assessment district created pursuant to this part.
(d) The improvements, maintenance, and activities proposed for each year of operation of the district and the maximum cost thereof. If the improvements, maintenance, and activities proposed for each year of operation are the same, a description of the first year’s proposed improvements, maintenance, and activities and a statement that the same improvements, maintenance, and activities are proposed for subsequent years shall satisfy the requirements of this subdivision.
(e) The total annual amount proposed to be expended for improvements, maintenance, or activities, and debt service in each year of operation of the district. If the assessment is levied on businesses, this amount may be estimated SMTMD Management District Plan 22
September 29, 2016
based upon the assessment rate. If the total annual amount proposed to be expended in each year of operation of the district is not significantly different, the amount proposed to be expended in the initial year and a statement that a similar amount applies to subsequent years shall satisfy the requirements of this subdivision. (f) The proposed source or sources of financing, including the proposed method and basis of levying the assessment in sufficient detail to allow each property or business owner to calculate the amount of the assessment to be levied against his or her property or business. The plan also shall state whether bonds will be issued to finance improvements.
(g) The time and manner of collecting the assessments.
(h) The specific number of years in which assessments will be levied. In a new district, the maximum number of years shall be five. Upon renewal, a district shall have a term not to exceed 10 years. Notwithstanding these limitations, a district created pursuant to this part to finance capital improvements with bonds may levy assessments until the maximum maturity of the bonds. The management district plan may set forth specific increases in assessments for each year of operation of the district. (i) The proposed time for implementation and completion of the management district plan. (j) Any proposed rules and regulations to be applicable to the district. (k) (1) A list of the properties or businesses to be assessed, including the assessor’s parcel numbers for properties to be assessed, and a statement of the method or methods by which the expenses of a district will be imposed upon benefited real property or businesses, in proportion to the benefit received by the property or business, to defray the cost thereof.
(2) In a property-based district, the proportionate special benefit derived by each identified parcel shall be determined exclusively in relationship to the entirety of the capital cost of a public improvement, the maintenance and operation expenses of a public improvement, or the cost of the activities. An assessment shall not be imposed on any parcel that exceeds the reasonable cost of the proportional special benefit conferred on that parcel. Only special benefits are assessable, and a property-based district shall separate the general benefits, if any, from the special benefits conferred on a parcel. Parcels within a property-based district that are owned or used by any city, public agency, the State of California, or the United States shall not be exempt from assessment unless the governmental entity can demonstrate by clear and convincing evidence that those publicly owned parcels in fact receive no special benefit. The value of any incidental, secondary, or collateral effects that arise from the improvements, maintenance, or activities of a property-based district and that benefit property or persons not assessed shall not be deducted from the entirety of the cost of any special benefit or affect the proportionate special benefit derived by each identified parcel.
(l) In a property-based district, the total amount of all special benefits to be conferred upon the properties located within the property-based district.
(m) In a property-based district, the total amount of general benefits, if any. (n) In a property-based district, a detailed engineer’s report prepared by a registered professional engineer certified by the State of California supporting all assessments contemplated by the management district plan. (o) Any other item or matter required to be incorporated therein by the city council. 36623. Procedure to levy assessment
(a) If a city council proposes to levy a new or increased property assessment, the notice and protest and hearing procedure shall comply with Section 53753 of the Government Code. (b) If a city council proposes to levy a new or increased business assessment, the notice and protest and hearing procedure shall comply with Section 54954.6 of the Government Code, except that notice shall be mailed to the owners of the businesses proposed to be assessed. A protest may be made orally or in writing by any interested person. Every written protest shall be filed with the clerk at or before the time fixed for the public hearing. The city council may waive any irregularity in the form or content of any written protest. A written protest may be withdrawn in writing at any time before the conclusion of the public hearing. Each written protest shall contain a description of the business in which the person subscribing the protest is interested sufficient to identify the business and, if a person subscribing is not shown on the official records of the city as the owner of the business, the protest shall contain or be accompanied by written evidence that the person subscribing is the owner of the business or the authorized representative. A written protest that does not comply with this section shall not be counted in determining a majority protest. If written protests are received from the owners or authorized representatives of businesses in the proposed district that will pay 50 percent or more of the assessments proposed to be levied and protests are not withdrawn so as to reduce the protests to less than 50 percent, no further proceedings to levy the proposed assessment against such businesses, as contained in the resolution of intention, shall be taken for a period of one year from the date of the finding of a majority protest by the city council.

SMTMD Management District Plan 23
September 29, 2016
(c) If a city council proposes to conduct a single proceeding to levy both a new or increased property assessment and a new or increased business assessment, the notice and protest and hearing procedure for the property assessment shall comply with subdivision (a), and the notice and protest and hearing procedure for the business assessment shall comply with subdivision (b). If a majority protest is received from either the property or business owners, that respective portion of the assessment shall not be levied. The remaining portion of the assessment may be levied unless the improvement or other special benefit was proposed to be funded by assessing both property and business owners.
36624. Changes to proposed assessments
At the conclusion of the public hearing to establish the district, the city council may adopt, revise, change, reduce, or modify the proposed assessment or the type or types of improvements, maintenance, and activities to be funded with the revenues from the assessments. Proposed assessments may only be revised by reducing any or all of them. At the public hearing, the city council may only make changes in, to, or from the boundaries of the proposed property and business improvement district that will exclude territory that will not benefit from the proposed improvements, maintenance, and activities. Any modifications, revisions, reductions, or changes to the proposed assessment district shall be reflected in the notice and map recorded pursuant to Section 36627. 36625. Resolution of formation
(a) If the city council, following the public hearing, decides to establish a proposed property and business improvement district, the city council shall adopt a resolution of formation that shall include, but is not limited to, all of the following:
(1) A brief description of the proposed improvements, maintenance, and activities, the amount of the proposed assessment, a statement as to whether the assessment will be levied on property, businesses, or both within the district, a statement on whether bonds will be issued, and a description of the exterior boundaries of the proposed district, which may be made by reference to any plan or map that is on file with the clerk. The descriptions and statements need not be detailed and shall be sufficient if they enable an owner to generally identify the nature and extent of the improvements, maintenance, and activities and the location and extent of the proposed district. (2) The number, date of adoption, and title of the resolution of intention. (3) The time and place where the public hearing was held concerning the establishment of the district. (4) A determination regarding any protests received. The city shall not establish the district or levy assessments if a majority protest was received.
(5) A statement that the properties, businesses, or properties and businesses in the district established by the resolution shall be subject to any amendments to this part. (6) A statement that the improvements, maintenance, and activities to be conferred on businesses and properties in the district will be funded by the levy of the assessments. The revenue from the levy of assessments within a district shall not be used to provide improvements, maintenance, or activities outside the district or for any purpose other than the purposes specified in the resolution of intention, as modified by the city council at the hearing concerning establishment of the district.
(7) A finding that the property or businesses within the area of the property and business improvement district will be benefited by the improvements, maintenance, and activities funded by the proposed assessments, and, for a property-based district, that property within the district will receive a special benefit. (8) In a property-based district, the total amount of all special benefits to be conferred on the properties within the property-based district.
(b) The adoption of the resolution of formation and, if required, recordation of the notice and map pursuant to Section 36627 shall constitute the levy of an assessment in each of the fiscal years referred to in the management district plan.
36626. Resolution establishing district
If the city council, following the public hearing, desires to establish the proposed property and business improvement district, and the city council has not made changes pursuant to Section 36624, or has made changes that do not substantially change the proposed assessment, the city council shall adopt a resolution establishing the district. The resolution shall contain all of the information specified in Section 36625. 36627. Notice and assessment diagram
SMTMD Management District Plan 24
September 29, 2016
Following adoption of the resolution establishing district assessments on properties pursuant to Section 36625 or Section 36626, the clerk of the city shall record a notice and an assessment diagram pursuant to Section 3114. No other provision of Division 4.5 (commencing with Section 3100) applies to an assessment district created pursuant to this part.
36628. Establishment of separate benefit zones within district; Categories of businesses The city council may establish one or more separate benefit zones within the district based upon the degree of benefit derived from the improvements or activities to be provided within the benefit zone and may impose a different assessment within each benefit zone. If the assessment is to be levied on businesses, the city council may also define categories of businesses based upon the degree of benefit that each will derive from the improvements or activities to be provided within the district and may impose a different assessment or rate of assessment on each category of business, or on each category of business within each zone. 36628.5. Assessments on businesses or property owners
The city council may levy assessments on businesses or on property owners, or a combination of the two, pursuant to this part. The city council shall structure the assessments in whatever manner it determines corresponds with the distribution of benefits from the proposed improvements, maintenance, and activities, provided that any propertybased assessment conforms with the requirements set forth in paragraph (2) of subdivision (k) of Section 36622. 36629. Provisions and procedures applicable to benefit zones and business categories All provisions of this part applicable to the establishment, modification, or disestablishment of a property and business improvement district apply to the establishment, modification, or disestablishment of benefit zones or categories of business. The city council shall, to establish, modify, or disestablish a benefit zone or category of business, follow the procedure to establish, modify, or disestablish a property and business improvement district. 36630. Expiration of district; Creation of new district If a property and business improvement district expires due to the time limit set pursuant to subdivision (h) of Section 36622, a new management district plan may be created and the district may be renewed pursuant to this part. 36631. Time and manner of collection of assessment; Delinquent payments The collection of the assessments levied pursuant to this part shall be made at the time and in the manner set forth by the city council in the resolution levying the assessment. Assessments levied on real property may be collected at the same time and in the same manner as for the ad valorem property tax, and may provide for the same lien priority and penalties for delinquent payment. All delinquent payments for assessments levied pursuant to this part may be charged interest and penalties.
36632. Assessments to be based on estimated benefit; Classification of real property and businesses; Exclusion of residential and agricultural property
(a) The assessments levied on real property pursuant to this part shall be levied on the basis of the estimated benefit to the real property within the property and business improvement district. The city council may classify properties for purposes of determining the benefit to property of the improvements and activities provided pursuant to this part. (b) Assessments levied on businesses pursuant to this part shall be levied on the basis of the estimated benefit to the businesses within the property and business improvement district. The city council may classify businesses for purposes of determining the benefit to the businesses of the improvements and activities provided pursuant to this part.
(c) Properties zoned solely for residential use, or that are zoned for agricultural use, are conclusively presumed not to benefit from the improvements and service funded through these assessments, and shall not be subject to any assessment pursuant to this part.

SMTMD Management District Plan 25
September 29, 2016
36633. Time for contesting validity of assessment
The validity of an assessment levied under this part shall not be contested in any action or proceeding unless the action or proceeding is commenced within 30 days after the resolution levying the assessment is adopted pursuant to Section 36626. Any appeal from a final judgment in an action or proceeding shall be perfected within 30 days after the entry of judgment.
36634. Service contracts authorized to establish levels of city services The city council may execute baseline service contracts that would establish levels of city services that would continue after a property and business improvement district has been formed. 36635. Request to modify management district plan
The owners’ association may, at any time, request that the city council modify the management district plan. Any modification of the management district plan shall be made pursuant to this chapter. 36636. Modification of plan by resolution after public hearing; Adoption of resolution of intention; Modification of improvements and activities by adoption of resolution after public hearing (a) Upon the written request of the owners’ association, the city council may modify the management district plan after conducting one public hearing on the proposed modifications. The city council may modify the improvements and activities to be funded with the revenue derived from the levy of the assessments by adopting a resolution determining to make the modifications after holding a public hearing on the proposed modifications. If the modification includes the levy of a new or increased assessment, the city council shall comply with Section 36623.

Notice of all other public hearings pursuant to this section shall comply with both of the following:
(1) The resolution of intention shall be published in a newspaper of general circulation in the city once at least seven days before the public hearing.
(2) A complete copy of the resolution of intention shall be mailed by first class mail, at least 10 days before the public hearing, to each business owner or property owner affected by the proposed modification. (b) The city council shall adopt a resolution of intention which states the proposed modification prior to the public hearing required by this section. The public hearing shall be held not more than 90 days after the adoption of the resolution of intention.
36637. Reflection of modification in notices recorded and maps Any subsequent modification of the resolution shall be reflected in subsequent notices and maps recorded pursuant to Division 4.5 (commencing with Section 3100), in a manner consistent with the provisions of Section 36627. 36640. Bonds authorized; Procedure; Restriction on reduction or termination of assessments (a) The city council may, by resolution, determine and declare that bonds shall be issued to finance the estimated cost of some or all of the proposed improvements described in the resolution of formation adopted pursuant to Section 36625, if the resolution of formation adopted pursuant to that section provides for the issuance of bonds, under the Improvement Bond Act of 1915 (Division 10 (commencing with Section 8500)) or in conjunction with Marks-Roos Local Bond Pooling Act of 1985 (Article 4 (commencing with Section 6584) of Chapter 5 of Division 7 of Title 1 of the Government Code). Either act, as the case may be, shall govern the proceedings relating to the issuance of bonds, although proceedings under the Bond Act of 1915 may be modified by the city council as necessary to accommodate assessments levied upon business pursuant to this part. (b) The resolution adopted pursuant to subdivision (a) shall generally describe the proposed improvements specified in the resolution of formation adopted pursuant to Section 36625, set forth the estimated cost of those improvements, specify the number of annual installments and the fiscal years during which they are to be collected. The amount of debt service to retire the bonds shall not exceed the amount of revenue estimated to be raised from assessments over 30 years.

SMTMD Management District Plan 26
September 29, 2016
(c) Notwithstanding any other provision of this part, assessments levied to pay the principal and interest on any bond issued pursuant to this section shall not be reduced or terminated if doing so would interfere with the timely retirement of the debt.
36650. Report by owners’ association; Approval or modification by city council (a) The owners’ association shall cause to be prepared a report for each fiscal year, except the first year, for which assessments are to be levied and collected to pay the costs of the improvements, maintenance, and activities described in the report. The owners’ association’s first report shall be due after the first year of operation of the district. The report may propose changes, including, but not limited to, the boundaries of the property and business improvement district or any benefit zones within the district, the basis and method of levying the assessments, and any changes in the classification of property, including any categories of business, if a classification is used. (b) The report shall be filed with the clerk and shall refer to the property and business improvement district by name, specify the fiscal year to which the report applies, and, with respect to that fiscal year, shall contain all of the following information:
(1) Any proposed changes in the boundaries of the property and business improvement district or in any benefit zones or classification of property or businesses within the district. (2) The improvements, maintenance, and activities to be provided for that fiscal year. (3) An estimate of the cost of providing the improvements, maintenance, and activities for that fiscal year. (4) The method and basis of levying the assessment in sufficient detail to allow each real property or business owner, as appropriate, to estimate the amount of the assessment to be levied against his or her property or business for that fiscal year.
(5) The estimated amount of any surplus or deficit revenues to be carried over from a previous fiscal year. (6) The estimated amount of any contributions to be made from sources other than assessments levied pursuant to this part.
(c) The city council may approve the report as filed by the owners’ association or may modify any particular contained in the report and approve it as modified. Any modification shall be made pursuant to Sections 36635 and 36636.

The city council shall not approve a change in the basis and method of levying assessments that would impair an authorized or executed contract to be paid from the revenues derived from the levy of assessments, including any commitment to pay principal and interest on any bonds issued on behalf of the district. 36651. Designation of owners’ association to provide improvements and activitites The management district plan may, but is not required to, state that an owners’ association will provide the improvements, maintenance, and activities described in the management district plan. If the management district plan designates an owners’ association, the city shall contract with the designated nonprofit corporation to provide services.
36660. Renewal of district; Transfer or refund of remaining revenues; District term limit (a) Any district previously established whose term has expired, or will expire, may be renewed by following the procedures for establishment as provided in this chapter. (b) Upon renewal, any remaining revenues derived from the levy of assessments, or any revenues derived from the sale of assets acquired with the revenues, shall be transferred to the renewed district. If the renewed district includes additional parcels or businesses not included in the prior district, the remaining revenues shall be spent to benefit only the parcels or businesses in the prior district. If the renewed district does not include parcels or businesses included in the prior district, the remaining revenues attributable to these parcels shall be refunded to the owners of these parcels or businesses.
(c) Upon renewal, a district shall have a term not to exceed 10 years, or, if the district is authorized to issue bonds, until the maximum maturity of those bonds. There is no requirement that the boundaries, assessments, improvements, or activities of a renewed district be the same as the original or prior district. 36670. Circumstances permitting disestablishment of district; Procedure SMTMD Management District Plan 27
September 29, 2016
(a) Any district established or extended pursuant to the provisions of this part, where there is no indebtedness, outstanding and unpaid, incurred to accomplish any of the purposes of the district, may be disestablished by resolution by the city council in either of the following circumstances:
(1) If the city council finds there has been misappropriation of funds, malfeasance, or a violation of law in connection with the management of the district, it shall notice a hearing on disestablishment. (2) During the operation of the district, there shall be a 30-day period each year in which assessees may request disestablishment of the district. The first such period shall begin one year after the date of establishment of the district and shall continue for 30 days. The next such 30-day period shall begin two years after the date of the establishment of the district. Each successive year of operation of the district shall have such a 30-day period. Upon the written petition of the owners or authorized representatives of real property or the owners or authorized representatives of businesses in the area who pay 50 percent or more of the assessments levied, the city council shall pass a resolution of intention to disestablish the district. The city council shall notice a hearing on disestablishment. (b) The city council shall adopt a resolution of intention to disestablish the district prior to the public hearing required by this section. The resolution shall state the reason for the disestablishment, shall state the time and place of the public hearing, and shall contain a proposal to dispose of any assets acquired with the revenues of the assessments levied within the property and business improvement district. The notice of the hearing on disestablishment required by this section shall be given by mail to the property owner of each parcel or to the owner of each business subject to assessment in the district, as appropriate. The city shall conduct the public hearing not less than 30 days after mailing the notice to the property or business owners. The public hearing shall be held not more than 60 days after the adoption of the resolution of intention. 36671. Refund of remaining revenues upon disestablishment or expiration without renewal of district; Calculation of refund; Use of outstanding revenue collected after disestab-lishment of district (a) Upon the disestablishment or expiration without renewal of a district, any remaining revenues, after all outstanding debts are paid, derived from the levy of assessments, or derived from the sale of assets acquired with the revenues, or from bond reserve or construction funds, shall be refunded to the owners of the property or businesses then located and operating within the district in which assessments were levied by applying the same method and basis that was used to calculate the assessments levied in the fiscal year in which the district is disestablished or expires. All outstanding assessment revenue collected after disestablishment shall be spent on improvements and activities specified in the management district plan.
(b) If the disestablishment occurs before an assessment is levied for the fiscal year, the method and basis that was used to calculate the assessments levied in the immediate prior fiscal year shall be used to calculate the amount of any refund.



SMTMD Management District Plan 28
September 29, 2016
APPENDIX 2 – ASSESSED BUSINESSES














)$

!%

4223


' &*
 %

!
*

;2627


$%
$%#

&$
%()
!%


 %

!


3;42
 %

!

!&
'#*
 %

!
*


;2626




#
!%

&
%$
442


!#

' &*
 %

!
*

;2625

!!#%

 %

!
,$%

!$

 
$

4:37
 %

!

!&
'#*
 %

!
*


;2626

)$

 %

!
+
!$
 
$
5229
 %

!

!&
'#*
 %

!
*


;2626

!&
#
&
%$
)


%!
!%


 %

!


3929
!&#%
%#%*
 %

!
*

;2623


#! %

##
!%

-
& 
!($
323


$
#
!&
'#*
 %

!
*

;2623

!%

#

423
#!()*
 %

!
*

;2623

!%

$$



#
3;32


)*
 %

!
*

;2627

!%

 #
,

%
%


3523


' &*
 %

!
*

;2623

& %
)
 %

!


3333
! 
%#%*
 %

!
*

;2625



##
!%%
 %

!




#
!%
3962


' &*
 %

!
*

;2623



#





 %

!

752

!
!&
'#*
 %

!
*

;2627

!($
 %

!


!%

3922


' &*
 %

!
*

;2623



!
!%

!#"!#%
!
3889


' &*
 %

!
*

;2623


#


4674

!

!&
'#*
 %

!
*

;2627



(
!%

3669


' &*
 %

!
*

;2623

 


&
!%

33988


$
#
!&
'#*

!$
 
$*

;2247



!&$
 %

!

3223

#
%#%*
 %

!
*

;2625

$%
'

!%

:37
# %
%#%*
 %

!
*

;2627

 %

!


!%

4324

!

!&
'#*
 %

!
*

;2627

 %

!


!
#'
!
5324

!
!&
'#*
 %

!
*

;2627


!#

!%

4859



%#%*
 %

!
*

;2627

'
(
!%

3982


' &*
 %

!
*

;2623

!#
!%

3737


' &*
 %

!
*

;2623

&%%#$
!
%

!%




!
!&
'#*
 %

!
*

;2627


#!$
!%

3477
42%
%#%*
 %

!
*

;2626


!%%
 %

!

443;


' &*
 %

!
*

;2627


!#

!%

3637


' &*
 %

!
*

;2623


!%



!#

3892


' &*
 %

!
*

;2623


#!)
 %

!

3:3;


' &*
 %

!
*

;2623

) 
 %

!

–
%


#
342
!
!#!
' &*
 %

!
*

;2623

SMTMD Management District Plan 29
September 29, 2016
APPENDIX 3 – BENEFIT STUDY