Item D5(
CM
ounty of onroe
BOARD OF COUNTY COMMISSIONERS
Mayor Heather Carruthers, District 3
Mayor Pro Tem George Neugent, District 2
TheFloridaKeys
Danny L. Kolhage, District 1
David Rice, District 4
Sylvia J. Murphy, District 5
County Commission Meeting
August 17, 2016
Agenda Item Number: D.5
Agenda Item Summary #1908
BULK ITEM: DEPARTMENT:
Yes Tourist Development Council
TIME APPROXIMATE:STAFF CONTACT:
Ammie Machan (305) 296-1552
None
AGENDA ITEM WORDING:
Approval of the 2016-2017 Monroe County Tourist Development
Council Marketing Plan
ITEM BACKGROUND:
TDC approved same at their meeting of July 26, 2016
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT/AGREEMENT CHANGES:
N/A
STAFF RECOMMENDATION:
Approval
DOCUMENTATION:
Complete 2016-2017 Marketing Plan
FINANCIAL IMPACT:
Effective Date:
Expiration Date:
Total Dollar Value of Contract: No Cost
Total Cost to County: No Cost to County
Current Year Portion:
Budgeted:
Source of Funds: TDC
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
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Revenue Producing: No If yes, amount:
Grant:
County Match
:
Insurance Required:
No
Additional Details:
REVIEWED BY:
Maxine Pacini Completed 07/28/2016 3:02 PM
Cynthia Hall Completed 07/28/2016 3:07 PM
Kathy Peters Completed 07/28/2016 3:12 PM
Board of County Commissioners Pending 08/17/2016 9:00 AM
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More visually appealing and eye-catching
Better organized, easily navigated, and top navigation is detailed without being
overwhelming
Mega Menus and intro videos differentiated the five locations
The new design caters to first-time travelers, particularly with the introductory
videos in the Mega Menus
The web cams lend credibility to the destination, as well as the 248,000
Facebook likes
EXXLIXMQISJXLIWXYH]
The Mega Menu is great even for people who are not tech savvy because all
one has to do is ‘hover’
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-RXIVQWSJWIEVGLXVEJJMGSVKERMGXVEJJMGMWJVIIEWSTTSWIHXSTEMHWIEVGLMR[LMGL
IZIV]GPMGOMRGYVWEGSWX;MXLXLIGSWXWXSEHZIVXMWISRXLIWIEVGLIRKMRIWMRGVIEWMRK
IZIV]]IEVMXMWMQTSVXERXXSEGLMIZIGSRXMRYIHWYGGIWWSVKERMGEPP]
-R[I[MPPGSRXMRYIEKVIEXIVWGLIQESVKMRXIKVEXMSRSRJPEOI]WGSQ;I
[MPPEPWSQSRMXSVXLIIJJIGXMZIRIWWSJSYVGSRXIRXQEVOIXMRKERHWSGMEPQIHMEQEVOIXMRK
JSVXLITYVTSWISJ7)3
7SGMEP1IHME1EREKIQIRX
8LIKSEPSJSYVWSGMEPQIHMEIJJSVXWJSVXLI*PSVMHE/I]W
/I];IWXMWXSIRKEKI
ZMWMXSVW[MXLXLIHIWXMREXMSR8VEZIPIVWMRGVIEWMRKP]XYVRXSWSGMEPQIHMEJSVERW[IVWERH
VIGSQQIRHEXMSRWEFSYXZEGEXMSRMRK
-RXLITEWX]IEVXLIKVS[XLSJSYV*EGIFSSOJERFEWILEWMRGVIEWIH ERHXLIXSXEP
per post
-QTVIWWMSRWSJXLIGSRXIRXMRGVIEWIHF] ;LMPIXLI%ZIVEKI6IEGL
HIGVIEWIHF] XLMWMWMROIITMRK[MXLXLII\TIGXEXMSRWSJPEWX]IEVvWJSVIGEWXMR
PMKLXSJXLIMRGVIEWIHIQTLEWMWF]*EGIFSSOSRTEMH
SVw&SSWXIHx
TSWXW(IWTMXI
QER]FVERHWRS[FIMRKVIPMERXSR4EMHWSGMEPQIHMEXLI*PSVMHE/I]W
/I];IWX
WSGMEPQIHMETVIWIRGIVIQEMRWWXVSRKERHEGXMZI[MXL3VKERMGERH:MVEP-QTVIWWMSRWXS
XLIXYRISJE MRGVIEWIMR-QTVIWWMSRW[MXLMRXLIXEVKIXEKIKVSYT8LMW
MRHMGEXIWEWXVSRKWLEVMRKGYPXYVIEQSRKXLIJERFEWIEW[IEPWSI\TIVMIRGIHER
MRGVIEWIMRXLIRYQFIVSJ:MWMXSV4SWXW
JERWQIRXMSRMRKXLITEKISVGSQMRKHMVIGXP]XS
XLITEKIXSTSWXXLIMVXLSYKLXWERHTLSXSW
%WXLIuZSMGIvSJXLI*PSVMHE/I]WXLI
WSGMEPQIHMEGLERRIPWWIVZIEWI\XIRWMSRWSJXLI[IFWMXIERHEVIEFPIXSHIPMZIVXMQIP]
VIPIZERXERHIRKEKMRKMRJSVQEXMSRXSXLIJERWMR[E]WXLEXXLI]EVIEPVIEH]YWMRKXS
GSQQYRMGEXISREHEMP]FEWMW
2S[MRXLIXLMVH]IEVSJYWMRK7TVSYX7SGMEPJSVVITSVXMRKERHEREP]XMGW[IEVIJMRHMRK
RI[[E]WXSIRGSYVEKITEVXMGMTEXMSRMR*PSVMHE/I]WVIPEXIHGSRZIVWEXMSRW%WEVIWYPX
XLI)RKEKIQIRX6EXISR8[MXXIVJSVI\EQTPILEWMRGVIEWIHEREWXSYRHMRK
8LMWXSSPIREFPIWYWXSVIEGLSYXHMVIGXP]XSMRHMZMHYEPW[LSLEZIUYIWXMSRWERH
GSQQIRXWSVXSWMQTP]XLEROXLIQJSVFIMRKEGXMZIJSPPS[IVW8LMWwLYQERIPIQIRXx
KMZIWJERWEHIITIVPIZIPSJGSRRIGXMSR[MXLXLIHIWXMREXMSRVIWYPXMRKMREREYHMIRGI
XLEXMWIZIRQSVI[MPPMRKXSWLEVISYVWXSVMIWTLSXSWERHJYVXLIVIRLERGIXLITSWMXMZI
TIVGITXMSRSJXLI*PSVMHE/I]W
8LI7TVSYX7SGMEPTPEXJSVQEPWSYRGSZIVIHSTXMQEPEGXMZMX]SRSYVTEKIERH[ILEZI
WIIRXLIMHIEPTSWXMRKXMQIWWLMJXJVSQXLIQMHPEXI[IIOHE]WXSXLI[IIOIRH
[LMGL
MRXIVIWXMRKP]MWE HIKVIIJPMTJVSQXLITVIZMSYW]IEVMR[LMGLSTXMQEPTSWXMRK
C-8
4EGOIX4K
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QSZIHJVSQ[IIOIRHXSQMH[IIOHE]W
&IMRKEGXMZI[LIRXLIJERWEVISRPMRIMW
MQTSVXERXHYIXSXLIWLSVXPMJIWTERSJWSGMEPQIHMEGSRXIRX8LI'SQTIXMXMSR
'SQTEVMWSRQIXVMG[MXLMR7TVSYX7SGMEPEPWSLEWEPPS[IHYWXSKEYKISYVIJJIGXMZIRIWW
ERHMRJPYIRGIEQSRKSXLIVHIWXMREXMSRW-RXLIJMWGEP]IEV[I[MPPGSRXMRYIXS
YWIXLMWERHXLISXLIVTS[IVJYPQEREKIQIRXXSSPW
9WMRK7LSVX7XEGOE7EE7
7SJX[EVIEWE7IVZMGI
XSSPXLEXIREFPIWXLIFYMPHMRKSJ%TTW
ERHGSRXIWXW[ILEZIVIZEQTIHWIZIVEPSJXLIGYWXSQ8EFWYWIHSRXLITEKI
Keys Traveler Magazine
MRGPYHMRK-RWXEKVEQMRXIKVEXMSRJIEXYVIWXLIERHQSWX
VIGIRXP]XLI8VYI&PYI-RWXEKVEQ4VSQSXMSR-RXLIJMWGEP]IEV[I[MPP
YXMPM^IXLMWXSSPXSWIIORI[ERHMRRSZEXMZI[E]WXSI\GMXIERHIRKEKISYVJERW;MXL
XLIGLERKIMR*EGIFSSOXIVQWHMWEPPS[MRKw*ER+EXIWxEWEQIERWSJVYRRMRKGSRXIWXW
SYVIJJSVXWLEZIWLMJXIHXSMRGVIEWMRKXLIWYFWGVMTXMSRXSXLI*PSVMHE/I]WIQEMPPMWXERH
IRGSYVEKMRKTEVXMGMTEXMSRMRXLISXLIVWSGMEPQIHMEGLERRIPWWYGLEW-RWXEKVEQ+SSKPI
4PYWERH8[MXXIV
3R8[MXXIVXLIQSRXLP]*POI]W8[MXXIVGLEXGSRXMRYIWXSFIEWYGGIWWSTIRMRKYTXLI
JPSSVJSVJERWFPSKKIVWFYWMRIWWS[RIVWERHER]SRIMRXIVIWXIHMRXLI*PSVMHE/I]WXS
HMWGYWWXSTMGWSJMRXIVIWX;ILEZIFIIRKVEHYEPP]EMHMRKMRXLIEHHMXMSRSJGLEX
WTSRWSVWKMZMRKPSGEPFYWMRIWWIWXLISTTSVXYRMX]XSWLS[GEWIXLIMVWIVZMGIW ERHXLI
TVM^IWGSRXVMFYXIHEVIEKVIEXFSRYWJSVTEVXMGMTERXWXSWLEVIXLIMVTLSXSWERHWXSVMIW
EFSYXXLIMVXVMTWFSXLTEWXERHJYXYVI[MXLYW8LIGLEXVIKYPEVP]VIEGLIWQSVIXLER
8[MXXIVYWIVWvWSGMEPJIIHWERHSJXIRWYVTEWWIWXLIERH
QEVOW;I[MPPGSRXMRYIXSKIRIVEXIMRXIVIWXMRKXSTMGWERHIRGSYVEKITEVXMGMTEXMSRJVSQ
PSGEPFYWMRIWWIWMRXLMWI\GMXMRKQSRXLP]STTSVXYRMX]
1EOMRKWSGMEPQIHMEEQSVIMRXIKVEXIHTEVXSJXLI[IFWMXIERHFPSKMWETVMSVMX]MR
;LIVIEWWSGMEPQIHME[EWSRGIEWITEVEXISRPMRII\TIVMIRGIMXMW
FIGSQMRKMRGVIEWMRKP]QSVIMRXIVX[MRIH[MXLLS[YWIVWZMI[ERHMRXIVEGX[MXLXLI
MRJSVQEXMSRXLI]IRGSYRXIVSRXLI;IF6IEHMRKEREVXMGPIGSYPHGSRGPYHI[MXLE
GSQQIRXXLEXXLIRTSWXWXSXLIYWIVvW*EGIFSSOTVSJMPI:MI[MRKMRJSVQEXMSREFSYX
XLMRKWXSHSMRXLIHIWXMREXMSRGERFIWYTTPIQIRXIHF]ERMRGSQMRKJIIHSJ-RWXEKVEQ
TLSXSWXEKKIH[MXLXLI$8LI*PSVMHE/I]WwLERHPIx8LIWIEHHMXMSRWKMZIQSVIGSRXI\X
XSXLIMRJSVQEXMSRERHEPWSFVMRKXLI*PSVMHE/I]W
WXMRXSXLIQSHIVRwWLEVMRK
GYPXYVIx[LMGLI\TIGXWEZIV]XVERWTEVIRXZMI[SJEFVERHERHZEPYIWEGIVXEMRPIZIPSJ
EGGIWWXSERW[IVWERHHIITIVI\TPSVEXMSR
-RXLIJMWGEP]IEV[I[MPPQEMRXEMRSVPEYRGLEREGXMZITVIWIRGISRXLI
JSPPS[MRKWSGMEPQIHMESYXPIXW
*EGIFSSO
8[MXXIV
-RWXEKVEQ
+SSKPI
4MRXIVIWX
C-9
4EGOIX4K
(E
*SYV7UYEVI
8VMT%HZMWSV
8LIWLEVMRKSJMRJSVQEXMSREFSYXXLIHIWXMREXMSRSRWSGMEPQIHMEMRGVIEWIWE[EVIRIWW
ERHFVERHMRK'SRXIRXXSFIWLEVIHZMEWSGMEPQIHMEWLEPPQIIXXLIJSPPS[MRKKIRIVEP
KYMHIPMRIW
'SRXIRXMWRI[W[SVXL]MRJSVQEXMZIFIRIJMGMEPZEPYEFPISVVIPIZERXXSJERWSJXLI
*PSVMHE/I]W
/I];IWX
1IWWEKMRKMQEKIWSVZMHISWKIRIVEXIMRXIVIWXMRXLI*PSVMHE/I]WEWEXVEZIP
HIWXMREXMSR
'SRXIRXTSVXVE]WXLIHIWXMREXMSRMRXLIQSWXTSWMXMZIPMKLX
'SRXIRXEMQWXSFYMPHXLIJERFEWIIRKEKIJERWERHMRGVIEWIEJJMRMX]36HVMZI
XVEJJMGTVMQEVMP]XSXLIJPEOI]WGSQWMXISVEVIPIZERXGVIHMFPIWSYVGI
;IF%REP]XMGW8VEGOMRK
6ITSVXMRK
-RXLIJMWGEP]IEVMREHHMXMSRXSWXERHEVHXVEGOMRKERHVITSVXMRK[I[MPPFI
QIEWYVMRKXLIVIWYPXWERHWYGGIWWSJXLIRI[[IFWMXIHIWMKR;I[MPPFIEREP]^MRK
ZMWMXEXMSRERHEGXMZMX]SRXLI[IFWMXIEWGSQTEVIH[MXLXLITVIZMSYWHIWMKR;I[MPP
I\EQMRIXVEJJMGTEXXIVRWERHYWEKISRHIWOXSTQSFMPIERHXEFPIXHIZMGIW(EXE
KEXLIVIH[MPPEPPS[YWXSEREP]^IXLIIJJIGXMZIRIWWSJGLERKIWMRHIWMKRREZMKEXMSRERH
JYRGXMSREPMX]
;I[MPPPIZIVEKIRI[XVEGOMRKGETEFMPMXMIWXSFIXXIVYRHIVWXERHXLIEGXMZMXMIWSJYWIVWSR
SYV[IFWMXI2I[QIXVMGWERHJIEXYVIWMRGPYHI
(IQSKVETLMGWHEXEPMOIEKIKIRHIVERHMRXIVIWXW
%YXSQEXMGRSXMJMGEXMSRWMJEFRSVQEPXVEJJMGTEXXIVRWHIZIPST
9WEKITEXXIVRWJSVXLIZEVMSYWWMXIJIEXYVIWPMOI0MZI'LEX
*SVXLIJPEOI]WGSQWMXI[IIZEPYEXIHEXEGSPPIGXIHXLVSYKL+SSKPI%REP]XMGWFIGEYWI
SJMXWLMKLPIZIPSJEGGYVEG]ERH[MHIVERKISJQIEWYVIHHMQIRWMSRWERHQIXVMGW8LI
MRJSVQEXMSRMWXLIREREP]^IHTVMQEVMP][MXLMR+SSKPI%REP]XMGW1SVIGSQTPMGEXIHXEWOW
VIUYMVIXLIYWISJXLIEHZERGIHWXEXMWXMGEPTPEXJSVQORS[REW68LITVSKVEQQMRK
PERKYEKI6[EWWTIGMJMGEPP]HIZIPSTIHJSVWXEXMWXMGEPEREP]WMWERHHEXEZMWYEPM^EXMSR
%R]L]TSXLIWMWVIKEVHMRKGLERKIWXSXLI[IFWMXIGERXLIRFI%&XIWXIHSREREVFMXVEV]
TSVXMSRSJEGXYEPYWIVWXSHIXIVQMRIXLIZEVMERXFIWXWYMXIHXSSYVKSEPW
*SVIEGL8('ERH(%'QIIXMRK[I[MPPGSRXMRYIXSTVSZMHIHIXEMPIHVITSVXMRKSJSYV
[IFWMXIERHMRHMZMHYEPHMWXVMGXW;I[MPPTVSZMHIWXEXMWXMGWZME+SSKPI%REP]XMGW
*EGIFSSO-RWMKLXWERH7SGMEP1IHME6ITSVXMRK
C-10
4EGOIX4K
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7XERHEVH[IFWMXIQIXVMGWXLEX[I[MPPGSRXMRYIXSXVEGOMRGPYHI
9RMUYIZMWMXW
:MWMXSVPSGEXMSR
%ZIVEKIXMQISRWMXI
1SFMPIHIZMGIYWEKI
7MXIWTIIH
8VEJJMGWSYVGIW
7)3TIVJSVQERGI
7SGMEP1IHMETIVJSVQERGI
0ERHMRKTEKITIVJSVQERGI
1SWXTSTYPEVTEKIW
;MXLMRXIVTVIXEXMSRF]SYV+SSKPI%REP]XMGW5YEPMJMIH-RHMZMHYEPW[I[MPPLEZIEHIITIV
YRHIVWXERHMRKSJXLIFILEZMSVSJYWIVW[LSZMWMXIHSYVWMXI-XMWRIGIWWEV]XLEX[I
YRHIVWXERHLS[XLIWMXIMWTIVJSVQMRKERHLS[HMJJIVIRXKVSYTWSJTISTPIMRXIVEGX[MXL
XLIWMXI8LIR[I[MPPI\TIVMQIRX[MXLL]TSXLIWIWWSXLEX[IQE]GSRXMRYEPP]VIJMRIXLI
GSVISJSYVQEVOIXMRKIJJSVXW
C-11
4EGOIX4K
(E
III. Prospect Analysis
8LI1SRVSI'SYRX]8SYVMWX(IZIPSTQIRX'SYRGMPMWGLEVKIH[MXLXLIVIWTSRWMFMPMX]SJ
MHIRXMJ]MRKXEVKIXQEVOIXW[LMGLTVMQEVMP]FEWIHSRVIWIEVGLLEZIKIRIVEXIHXLI
LMKLIWXVIXYVRJSVMRZIWXQIRXJSVXLIHIWXMREXMSR7XVEXIKMGTVSKVEQWMQTPIQIRXIHF]
XLI8('XSXEVKIXXLIWIQEVOIXWEVISYXPMRIHMRXLMWHSGYQIRXJVSQ7IGXMSR8LVII
1EVOIXMRK7XVEXIKMIWERH-QTPIQIRXEXMSR
(SQIWXMG1EVOIXW
Primary
*PSVMHE
1MEQM(EHI&VS[EVH4EPQ&IEGL4MRIPPEW
,MPPWFSVSYKL0II'SPPMIV3VERKI(YZEP7EVEWSXE
2I[=SVO;EWLMRKXSR('-PPMRSMW4IRRW]PZERME1MGLMKER
3LMS2I[.IVWI]+ISVKME1EWWEGLYWIXXW8I\EW2SVXL
'EVSPMRE'EPMJSVRME:MVKMRME1EV]PERH1MRRIWSXE
Secondary
-RHMERE%PEFEQE7SYXL'EVSPMRE'SRRIGXMGYX1MWWSYVM
8IRRIWWII;MWGSRWMR'SPSVEHS;EWLMRKXSR-S[E
-RXIVREXMSREP1EVOIXW
Primary
'EREHE+IVQER]9RMXIH/MRKHSQ7GERHMREZMERGSYRXVMIW
7[IHIR2SV[E](IRQEVO*MRPERH
Secondary
*VERGI-XEP]&IRIPY\
&IPKMYQ2IXLIVPERHW0Y\IQFYVK
7[MX^IVPERH&VE^MP%VKIRXMRE%YWXVME.ETERERH'LMRE
1EVOIX7IKQIRXW
%,MWXSVMG'YPXYVEP1EVOIX
&7SJX%HZIRXYVI1EVOIX
')GSXSYVMWQ+VIIR8VEZIP
(+ISXSYVMWQ)\TIVMIRXMEP:SPYRXIIVMWQ
)*MWLMRK1EVOIX
*(MZMRK7RSVOIPMRK1EVOIX
++E]0IWFMER1EVOIX
,7IRMSV&EF]&SSQIV1EVOIX
-1MPPIRRMEPW
.;IHHMRKW,SRI]QSSR1EVOIXW
/&SEXMRK1EVOIX
01YPXM)XLRMG1EVOIXW
1'YPMREV]*SSHMIW
D-1
4EGOIX4K
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38VEZIPIVW[MXL(MWEFMPMXMIW
4+IXE[E]8VEZIPIV
58VEZIP8VEHI-RHYWXV]
8VEZIP%KIRXW
8SYV3TIVEXSVW
;LSPIWEPIVW
1SXSV'SEGL3TIVEXSVW
1IIXMRK4PERRIV
7SYVGI4IVWSREW 1EVOIXW
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JSPPS[IHF]EJJPYIRX1MPPIRRMEPW+IR<vIVWXLEXLMKLP]GSRZIVXEVIXLSWIXLEXEVI
LMKLP]EJJPYIRX[MXLRSOMHW
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8ST4IVWSREW/I]WTIVR7MKLXJSV8VEZIP
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PSRKIVPIEHXMQIPSXWSJVIWIEVGL IRKEKIHMRLSFFMIW
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,,-$/ XVMTWTIV]IEVXVMTWEVSYRHEYXLIRXMG
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MRXIVIWXW
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XVMTWTIV]IEVRSXLMKLP]IRKEKIHMRWSGMEPQIHMEPS]EPXS
EWWSGMEXMSRW
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o
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o
D-2
4EGOIX4K
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IV. Promotional Analysis
4VSQSXMSREP)ZIRXW
8LITVSQSXMSRSJWTIGMEPIZIRXWMWEZIV]MQTSVXERXTEVXSJSYVSZIVEPPQEVOIXMRK
TVSKVEQ)ZIRXWRSXSRP]HVE[ZMWMXSVWXSSYVHIWXMREXMSRFYXEPWSKMZIWZMWMXSVW
[LSQE]RSXLEZIFIIRE[EVISJEGIVXEMRIZIRXXLISTTSVXYRMX]XSI\TIVMIRGI
HMJJIVIRXEGXMZMXMIW[LMPISRZEGEXMSRERHXIPPSXLIVWEFSYXXLII\TIVMIRGI8LMW
HIZIPSTWVIXYVRZMWMXWERHEHHWRI[E[EVIRIWWSJXLMRKWXSHSJSVTSXIRXMEP
ZMWMXSVW
;ILEZIQEVOIXMRKJYRHWEZEMPEFPIJSVWTSRWSVIHIZIRXWMRIEGLSJSYVHMWXVMGXW
8LI8('IWXEFPMWLIWE6IUYIWXJSV4VSTSWEPERHXLI(MWXVMGX%HZMWSV]
'SQQMXXII
(%'
EPPSGEXIWJYRHMRKJSVXLEXHMWXVMGXHIWXMREXMSRIZIRXW1SWX
IZIRXJYRHMRKMWJSVEHZIVXMWMRKSRP]LS[IZIVMRWSQIGEWIWXLEXMRZSPZIXLI
LMKLIWXPIZIPSJIGSRSQMGMQTEGXXSXLIMVHMWXVMGXWYGLEWELMKLZSPYQISJVSSQ
RMKLXWERHZMWMXSVI\TIRHMXYVIWEXYVROI]STIVEXMSRMWGSRWMHIVIH
8LIVIEVIEPWSGYPXYVEPIZIRXWTVSQSXIHXLVSYKLXLI8(''YPXYVEP9QFVIPPEERH
JMWLMRKXSYVREQIRXWTVSQSXIHF]XLI8('*MWLMRK9QFVIPPE
%PPIZIRXJYRHMRKVIGSQQIRHEXMSRWF]XLI(MWXVMGX%HZMWSV]'SQQMXXIIW
'YPXYVEP9QFVIPPEERH*MWLMRK9QFVIPPE'SQQMXXIIWEVIVIZMI[IHERHVIUYMVI
ETTVSZEPF]XLI8('8LIWIIZIRXWEVIIZEPYEXIHF]XLIMVEFMPMX]XSHVE[
ZMWMXSVW SJJIVMRKSJEGXMZMXMIWJSVZMWMXSVW ERHXLIQEVOIXMRKSJXLIE[EVIRIWWERH
MQEKISJSYVHIWXMREXMSR
*SVEPMWXSJ8('WTSRWSVIHIZIRXWERHHIWXMREXMSRIZIRXWMRGPYHMRKSXLIV
'YPXYVEPERH*MWLMRKXSYVREQIRXWKSXSSYV[IFWMXIERHGPMGOSR'EPIRHEVSJ
)ZIRXW
'ETMXEP4VSNIGXWERH-QTVSZIQIRXW
8LI8SYVMWX(IZIPSTQIRX'SYRGMPLEWVIZIRYIWSXLIVXLERJSVEHZIVXMWMRKJSV
HMWGVIXMSREV]YWIXSIRLERGIERHWYTTSVXXLIWTIGMJMGXSYVMWQHIZIPSTQIRX
IJJSVXWSJEHMWXVMGX3RISJXLIYWIWMWGETMXEPTVSNIGXW8LIEXXVEGXMSRSJXSYVMWXW
XSXLIEVIEQYWXFISRISJXLIGETMXEPTVSNIGXvWQEMRTYVTSWIW8LIGETMXEP
TVSNIGXQYWXFIETYFPMGP]S[RIHERHSTIVEXIHJEGMPMX]SVS[RIHERHSTIVEXIH
F]ERSXJSVTVSJMXSVKERM^EXMSRERHSTIRXSXLITYFPMG
'ETMXEPMQTVSZIQIRXWGERMRGPYHIFIEGLMQTVSZIQIRXWFIEGLQEMRXIRERGI
VIRSYVMWLQIRXIRLERGIQIRXWERHGPIERYT[LIVIXLIVIMWTYFPMGEGGIWWXSXLI
FIEGLSVFIEGLTEVOEVIE
E-1
4EGOIX4K
(E
4VSQSXMSREP%REP]WMW
GSRXMRYIH
'ETMXEPTVSNIGXWEVIZIV]WMKRMJMGERXXSXLIQEVOIXMRKSJXLIE[EVIRIWWERH
MQEKISJEHIWXMREXMSR-XMWMQTSVXERX[MXLMRXLIHIWGVMTXMZITVSJMPISJSYV
TVSHYGXXLEX[ILEZITYFPMGJEGMPMXMIWWYGLEWQYWIYQWEYHMXSVMYQWXLIEXIVW
VIGVIEXMSREPEVIEWREXYVIGIRXIVWFIEGLIWERHSXLIVLMWXSVMGERHGYPXYVEP
EXXVEGXMSRWJSVSYVZMWMXSVW
%PXLSYKLXLIWITVSNIGXWEVITVMQEVMP]XSTVSQSXIXSYVMWQERSXLIVMQTSVXERX
EWTIGXXSJYRHMRKTYFPMGJEGMPMXMIWERHEVIEWMWXLEXXLIWITVSNIGXWERH
MQTVSZIQIRXWEVIRSXSRP]FIRIJMGMEPXSSYVZMWMXSVWFYXEPWSXSXLIVIWMHIRXWSJ
1SRVSI'SYRX]8LIGETMXEPTVSNIGXWTVSKVEQLIPTWTVIWIVZIREXYVIERH
LMWXSVMGWMXIWMRXLI/I]W-XEPWSIRLERGIWXLIPSGEPGYPXYVIERHWYTTSVXWXLI
QMWWMSRSVZMWMSRWXEXIQIRXSJXLI8SYVMWX(IZIPSTQIRX'SYRGMPEWMXVIPEXIWXS
XLIUYEPMX]SJPMJISJSYVVIWMHIRXW
8LI(MWXVMGX%HZMWSV]'SQQMXXIIW[MXLMRTYXJVSQ1SRVSI'SYRX]PSGEP
QYRMGMTEPMXMIWGLEQFIVWSJGSQQIVGIERHKIRIVEPTYFPMGJSVQYPEXIEZMWMSRSJ
[LEXIEGLGSQQYRMX][SYPHPMOIXSWIIHIZIPSTIHSVQEMRXEMRIHF]XLIGSYRX]
MRXLITVSQSXMSRSJXSYVMWQ
E-2
4EGOIX4K
(E
4VSKVEQ4PERRMRK
Section Three
I. Program Development
4VSKVEQ1EVOIXMRK+SEPW
M
E(IZIPST]IEVVSYRHXSYVMWQJSVXLI*PSVMHE/I]W
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K
FY2016/2017TDCFOURPENNYBUDGET
$55,110,791
Promotional
Emergency$4,100,000
Resources$664,129
7.44%
1.21%
Film$300,0000.54%
websiterelated
FloridaKeysCouncilof
Expenses$260,800
theArts$72,500
0.47%
0.13%
Resources$435,769
0.79%
Cty.CostAllocation
$246,6840.45%
Capital$13,283,826
Advertising
24.10%
$21,288,73238.63%
VIS/Fulfillment
$1,039,7771.89%
Public
Relations/Ameruop
$2,043,7413.71%
Umbrellas/Events
$6,416,72211.64%
Sales/Mkt.
Research
$2,299,5974.17%
Finance/Attorney
Admin/Overhead
$708,500
$189,4050.34%
$1,760,6093.19%
1.29%
FY2016/2017TDCFOURPENNYBREAKDOWN
$55,110,791
EmergencyFund
7.44%
BalanceBrought
ProjectedFY2017
Forward(estimated
AnnualFourPenny
unexpended
Revenue
capital/event
65.32%
contracts&resources)
BalanceBrought
16.20%
Forward(rev/expend
Lessstatereserves
variances)
(F.S.129.01)(5%)
14.30%
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FY2017TDCTWOPENNYBUDGET
'Events'(35%)Portion
$10,585,417
CountyCost
Allocation,$58,182,
0.55%
Research,$708,500,
6.69%
FloridaKeysCouncil
SpecialProjects
oftheArts,$72,500,
Commission&Fees
(Destination/Turnkey
0.68%
FilmCommission,
(Finance),$42,585,
Events),$1,429,864,
$300,000,2.83%
0.40%
13.51%
Public
relations/Stringers
/Ameurop,
$2,043,741,19.31%
Fulfillment,$59,156,
0.56%
Resources,$279,329,
2.64%
Emergency,
Cultural/Fishing
$1,827,833,17.27%
/DivingUmbrellas,
$3,763,727,35.56%
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FY2017TWOPENNYBUDGET
Administrative(7%)Portion
$1,748,400
VISSoftware,
OfficeSupplies,
0.09%,$1,500
0.97%,$17,000
Capital
Dues/Subscriptions,
,
Expenditure/Operating
0.69%,$12,000
0.40%,$7,000
Emergency,24.42%,
Admin/Operating,
$426,982
45.76%,$800,000
VisitFLA,
0.69%,
$12,000
Finance,0.92%,
$16,000
Resources,8.95%,
$156,440
Repairs/Maintenance
/Recycling/leases,
Administrative
0.94%,$16,500
Advertising,0.92%,
$16,000
Cleaning,
0.43%,$7,500
LegalSalaries&
BusinessLease,
Benefits,3.99%,
8.62%,$150,660
Courier,0.11%,
Travel,1.14%,
$69,818
$2,000
$20,000
Communications,
0.97%,$17,000
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FY2017TWOPENNYBUDGET
Advertising&Promotion(65%)portion
$15,015,590
Commission&Fees
WebsiteRelated
(Finance),$60,000,
*SpecialProjects
Expenses,
0.40%
(DAC's),$1,379,428,
1.10%
$165,000,
9.19%
Sales&MkgStaff&
relatedcosts,
$1,374,597,9.15%
CountyCostAllocation,
$39,610,0.26%
Advertising,
$8,102,641,53.96%
EmergencyReserves,
$1,845,185,12.29%
Resources,
$264,129,1.76%
Sales,$925,000,
6.16%
Fullfillment/Trade,
$25,000,0.17%
Collateral,$70,000,
MediaMaterials,
0.47%
Ad.Expenses,
$665,000,4.43%
$100,000,0.67%
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Advertising is the primary marketing engine for The Monroe County Tourist
'HYHORSPHQW&RXQFLO¶V)ORULGD.H\V .H\West campaign. Through our strategic
media placement & creative, we will continue to promote the brand by creating a style
and feel for the destination that sets it apart from the competition. These strategic efforts
are then distributed to an affluent audience (our current target audience is affluent
travelers, age 35-64 with a household income of at least $100,000+), creating positive
reasons to not only visit The Florida Keys & Key West year-round but, to also protect all
of our natural resources as well as recharge the human spirit.
This year, our concentration will continue to include increasing our advertising program
through various mobile efforts to drive potential visitors to our new Florida Keys & Key
:HVWPRELOHZHEVLWH0RELOHDGYHUWLVLQJ¶VJUeatest area of growth is in its ability to
provide increased viewership of video content on smart phone devices. Not only is the
millennial consumer more engaged in mobile GHYLFHVEXWDOVRLVRXUWDUJHWDXGLHQFH²
both proven to have increased mobile usage vs. other media devices. We will continue
to target these prospects with powerful imagery utilizing fifteen-second pre-roll video
and interactive swipe ads that link directly to our site. Other tablet devices such as
iPads will be utilized as part of this effort as this no-longer-new medium evolves.
The majority of our media expenditure will be on broadcast advertising (primarily
television with radio in the summer months). Television continues to rank as our #1
advertising source. Television brings our message to life with beautiful imagery through
thirty and sixty-second stories. As done in the past, utilizing this medium does not mean
we will not promote to the masses. Instead, we will continue to select specific networks
and programming where we reach the affluent traveler in both our key feeder and
emerging markets. The television campaign will continue to include a national cable buy
as well as spot market television to provide greater advertising pressure in key feeder
markets. We will also expand our national and spot market television buys to include the
fall and late spring/early summer to further promote year-round tourism; something that
has been successful for the last three years and in fact, this year, assisted in making
New York our #1 market (no longer Florida).
Strategic radio buys allow us to promote special events to targeted listeners and to give
quick-response marketing at needed times including post-hurricane and slower season
efforts. As done last year, we will investigate in-state radio promotions during the
summer season to promote to the drive-down market. We will also include radio efforts
as part of our in-state summer campaign in the Treasure Coast market of Florida (West
Palm to Vero Beach).
Digital media expenditures will continue to increase this year. Using a pre-emptive
campaign of both broadcast and print advertising with brand messages to drive these
potential visitors to seek content, viewers on this highly interactive medium can spend
as much time as they want learning about the destination. We will continue with the
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overlay and animated banners with bookends to multiple ad units on the same page.
Other Internet vehicles to be utilized will include search engine words and listings, direct
response e-mail, rich media such as weather-triggered and interactive banners and
more pre-roll video and increased co-op advertising efforts. Social marketing will be
utilized where applicable and assist with the other marketing disciplines (Sales, Public
Relations, Web Provider) to have a cohesive social marketing campaign for the
destination. These specific social efforts will include expandable banners allowing the
end user to interact with our Facebook and Twitter feeds and access our YouTube
videos. All of this on-line advertising will be geo-targeted to specific markets that have
expressed or delivered interest to the destination.
Print advertising (magazines and newspapers) will be a much smaller part of our media
efforts this year but will be more strategically targeted to niche and travel & lifestyle
publications. Magazines allow us to target our messages demographically by reaching
an affluent traveler with high-quality photo reproductions and a long shelf life. Much of
our audience still enjoys the magazine format and we will deliver our message not only
in traditional niche publications but also on tablet devices such as the iPad.
Newspapers, on the other hand, offer the ability to communicate tactical retail offers (co-
op programs/participation) and the flexibility in terms of ad position, strong local market
coverage, relatively low cost and quick response placement. It is important to note that
media expenditures in newspapers will continue to be reduced significantly. Instead, we
have aggressively replaced it with digital newspapers in key feeder markets (both local
newspaper sites and geo-targeted national news sites such as CNN.com and
NYTimes.com) and various ad networks that include news, travel and entertainment
sites that reach our target audience. Most newspaper efforts will be accomplished
The York Times
through Sunday Travel section (reaching the New York DMA as well as
the rest of the country) as well as special Visit Florida magazine supplements that are
inserted into key-market newspapers delivered in high-income zip codes.
Out-of-home advertising is focused on marketLQJWRFRQVXPHUVZKHQWKH\DUH³RQWKH
JR´LQSXEOLFVSDFHVLQWUDQVLWRULQDVSHFLILFFRPPHUFLDOORFDWLRQ)RUPDWVRIRXWGRRU
advertising include billboards, street furniture, transit and alternative efforts. We will
implement a station-domination campaign in the Philadelphia market in the month of
0DUFKDVSDUWRIRXU³2ZQ$&LW\´ZLQWHUFDPpaign. We will also do a similar effort in
WKHVSULQJDVSDUWRIRXU³2ZQ$&LW\´FDPSDLJQLQ+RXVWRQ7;
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Objectives
1.
Develop top-of-mind awareness and image of the Florida Keys & Key West as
the premier Florida destination for leisure or business travel for the domestic and
specific international markets.
2. Create and maintain a campaign that highlights all the reasons and motivations
WRYLVLWDQG³SURWHFW´RXUGHVWLQDWLRQZLWh creative executions that promote
sustaining the quality of our environment.
3. Develop a creative and flexible media plan for year-round tourism for the Florida
Keys.
4. Continue to maintain a unique marketing identity in relation to competitive
destinations.
5. Work with travel partners, umbrellas (Fish, Dive, Cultural), special event
coordinators, public relations and sales to promote the Florida Keys & Key West
as a total destination.
6. Bolster our campaign with value-added opportunities and co-op advertising within
existing media and plan future co-op in our consumer e-marketing efforts.
7. In all efforts, drive consumers to our web sites (mobile and desktop) for
immediate information, service and point of sale.
+SEPW
1. Produce a new television spot that will promote Ecotourism and protecting our
destination.
2. Increase mobile advertising media spend by 15% out of Generic and District
campaigns.
3. Increase advertising presence in the Houston market by 10% to assist with the
spring/summer travel business. This will include a multi-faceted campaign with
sales and public relations.
4. Increase advertising presence by 10% in the Philadelphia market for the late
winter/spring and summer travel business. This will include a multi-faceted
campaign with sales and public relations.
5. Increase advertising presence in the Chinese market by 10%.
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6. Increase advertising presence in the French market by 10%.
7. Increase advertising presence in the Treasure Coast market for spring and
summer travel by 10%.
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One of the essential elements in any marketing plan is that of identifying and selecting
target markets. This is called market segmentation. This is the process of pulling apart
the entire market as a whole and separating it into manageable, distinct units based on
demographics. Competition has become so sophisticated that we must identify and
carefully define our target markets to be effective in our advertising.
We can identify our market in categories such as leisure travelers, travel trade, group or
business and specialty markets. We can also target by age, gender, geography,
income or other demographics. But it is fundamental that we know and understand the
characteristics of these various market segments. Advertising must examine these
market segments through demographics, psychographics and geographic analysis.
The key is to identify who is traveling, where they are coming from and what was their
motivation for making the trip. We want to turn our target market into a captive
audience.
The overall intent is to identify groups of similar potential customers; to prioritize the
groups; to understand their behavior; and to respond with appropriate marketing
strategies,
We will continue to develop and refine our digital or Internet marketing. We will use the
Internet through search engines, search words, links, email blasts and social network
marketing to key in on specific markets, both nationally and internationally. We will also
target respondents to our web site and other travel related sites who opt-in for additional
information and promotions.
Our marketing agencies and staff will continue to work with the research arm of the
Tourist Development Council on visitor analysis to help identify new and emerging
markets.
Our marketing will promote the luxury experience by targeting an even more affluent
traveler who is willing to spend more and stay down longer. We will continue to market
to key international markets as well as closely monitor those markets that might be
stagnant or where we have seen a decrease in visitation. As a rule, international
travelers typically stay down longer, come during the slower seasons and spend more
while visiting the destination.
We will continue to target the slowest tourism periods of August, September and early
October with marketing efforts to the international and mature markets.
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&VERHMRK
A brand is a name, term, sign, symbol, design or even a slogan identifying the product
or services that differentiate it from the competition. Therefore it makes sense to
understand that brand is about getting your potential customer to realize the value of
your product.
Brand equity is the marketing term for a EUDQG¶VYDOXHLQWHUPVRIDZDUHQHVVDQG
perceived quality - in other words, its proven ability to draw and keep customers.
Branding can reflect personality and an attitude, such as our desWLQDWLRQ¶VWKHPH
³&RPHDV\RXDUH´2XU)Oorida Keys & Key West positioning has become highly
effective in creating consumer awareness of our laid-back atmosphere and lifestyle.
Branding also develops consumer loyalty, even when reasonable substitutes are offered
at lower prices. People are willing to pay more because of the perceptions they
associate with the name Florida Keys & Key West.
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+IRIVMG'SPPEXIVEP
The following collateral is available for trade shows (travel trade and consumer shows)
and are available as downloads* on the fla-keys.com web site.
(IWXMREXMSR+IRIVMG&VSGLYVI
A complete guide on every district, diving, fishing,
(IWGVMTXMSR
events, attractions, meeting planners guide. ´[ ´IRXUFRORU
(IWXMREXMSR+IRIVMG(:(
: An interactive DVD that includes a button for the new
Keys Video, a button for the Destination/Generic Brochure as a PDF File, a button &
link that connects to the official TDC web site and a button for maps and
(IWGVMTXMSR
screensavers. DVD & DVD Sleeve
'SRGL&VSGLYVI
A brochure that gives a description of each district with specific
attractions, map and Chamber information. Available in English, Italian, Japanese,
Portuguese, Spanish, Swedish, French, Dutch, Scandinavian & German.
(IWGVMTXMSR
´[ ´IRXUFRORU
1IIXMRK4PERRIVW+YMHI
A guide featuring a beauty shot of participating properties,
along with a description and room/facilities chart. Includes map and directional
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information. ´[´IROGHGIRXUFRORU
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A brochure
highlighting location sites, attractions and permit information as well as
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accommodation and film production related business listings. ´[
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(MWXVMGX9QFVIPPE%WWSGMEXMSR'SPPEXIVEP
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1RUPDO´$FRPSUHKHQVLYHSLHFHRQ.H\:HVW¶V*D\ /HVELDQDWWLWXGHOLIHVW\OH
attractions, architecture, legends, nightlife, history, culture, accommodations, dining
and a list of annual Gay & Lesbian events.
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Brochure includes the variety of fishing & timing within the
destination and includes a link to a complete list of fishing tournaments with date,
location and director information as well as fishing & boating information within the
Keys.
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Magazine featuring a complete calendar of events, articles on
cultural aspects of the Keys as well as the visual & performing arts in the destination.
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Includes information about diving and snorkeling in
the destination and highlights particular interests per district as well as a complete
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reefs and wrecks dive map. 4" x 9", 12 pages, four-color
(MZMRK;VIGO8VIO4EWWTSVX&VSGLYVI
Includes information (including a map) on
the various wrecks in the waters of The Florida Keys with a dive log for every
potential dive. This brochure is used as part of an on-going Wreck Trek promotion
where, once all wreck dives are completed, the visitor gets an opportunity to win a
Florida Keys & Key West dive vacation. 'HVFULSWLRQ ´[´SDJHVIRXUFRORU
(MZMRK6IIJ)\TPSVIV&VSGLYVI
Includes information (including a map) on the
various reefs throughout all the districts in The Florida Keys. This brochure is used
as part of a new Dive Umbrella promotion where beginner and experienced divers
can participate in a wreck trek program where, once wives are completed (one in
every district), they will receive a downloadDEOHRIILFLDO³.H\V5HHI([SORUHU´SRVWHU
suitable for framing.
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(MZMRK4SWXGEVHERH(:(
: The postcard includes a DVD that has a six-minute
video highlighting the unique wrecks and reefs in each district. Each chapter is
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district specific and includes a district spot, logo and call-to-action.
Postcard, sleeve and DVD.
8EVKIX%YHMIRGIW
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The general target audience for the Florida Keys & Key West is affluent Adults.
By targeting the affluent adult, we ensure delivery of our message to
this segment. We also achieve deliver\WRWKH³DVSLUDWLRQDO´HOHPHQWRI
a broader audience: those with less income who aspire to experience a
quality vacation and thus will be more likely to travel to the Florida
Keys & Key West.
:LWKLQWKLVJURXS³XPEUHOOD´FDPSDLJQVwill be skewed to prospects with special
interests:
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Ecotourism/Green Travel
Diving/Snorkeling
Fishing
Boating
Cultural/Historical/Art
LGBT
Mature
Epicurean
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Weddings/Honeymooners
Soft-Adventure
Romance
Family Travel
Luxury Travel
Girl or guy getaways
Travelers with disabilities
Babymooners
Millennials
Generation X
Baby Boomers
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Travel Agents/Tour Operators, both nationally and internationally.
Meeting Planners, for small to mid-size meetings
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The Keys has experienced significant growth in the number of visitors from overseas
and Canada over the past few years. Exchange rates can influence where visitors
choose to go and how much they spend. We approach the international consumer
markets based on their potential to deliver visitor volume and revenue in the near and
longer time frame. Canada, UK, Germany and the Scandinavian countries have been
leaders in visiting the Florida Keys for some time now. France, Italy, Benelux and
some Asian countries have been developing. Marketing to specific international
markets at the opportune times allows the TDC to promote year around tourism.
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Cooperative advertising was introduced to provide accommodations, tourist-related
businesses and attractions, direct access to major travel markets at a cost-effective
rate.
Due to limited availability, all co-op space and time is on a first come, first served
basis.
Space / time reservations are arranged through a media insertion order form from a
KRWHOLHU¶VDGDJHQF\DQGRUan enrollment form and check made out in the full
amount for the co-op program a particular business is participating in.
ONLY Florida Keys tourism destination messaging is allowed in any co-op ad.
Magazine: There must be at least four participants for each page. Co-op will be
offered in various formats.
Newspaper Generic: There must be a minimum of four participants in each ad.
Newspaper District: Whether the co-op is display or listing, there must be at least
four participants.
E-Marketing: There must be a minimum of four participants in each effort.
All advertising materials must be supplied in accordance with the individual co-op
offering.
The Agency of Record will have final creative control of the co-op program and its
participation.
Generic, District and Umbrella Co-op is initially for lodging properties and then
offered to other tourism related businesses within the Keys that help promote the
destination (attractions, restaurants etc.). Umbrella co-op programs are initially
offered to specific umbrella-related businesses (diving, fishing and culture) and
lodging properties.
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JYPJMPPQIRXVIUYIWXW*YPJMPPQIRX[MPPMRGPYHITMIGIWTVSZMHIHF]XLI'LEQFIVWSJ
'SQQIVGIWTIGMJMGXSXLIMVHMWXVMGXERHSXLIVXSYVMWQVIPEXIHGSPPEXIVEP8LI8SYVMWX
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The following outlines the elements for the Generic advertising media plan:
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Television will be the primary medium used to reach the core demographic of Adults 35-
64 with a Household Income of $100,000+.
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The Generic network cable buy will air during the following periods:
November 14-December 18, 2016
January 9-February 12, 2017
February 27-April 2, 2017
Advertising promoting the Florida Keys will appear on CNN, FoxNews, MSNBC,
Fox Business, HGTV, Food Network, DIY, TLC and the Travel Channel.
The Florida Keys & Key West will also have a significant presence in fishing
shows that air on cable television with significant exposure in Saltwater
([SHULHQFH*HRUJH3RYHURPR¶V:RUOGRI Saltwater Fishing, Sport Fishing
Television and Bass to Billfish. In addition to purchasing :30 spots, each fishing
program films a dedicated number of episodes in The Florida Keys & Key West
with sponsorship billboards and programming about the destination.
03'%074381%6/)88)0):-7-32
The spot television buys will air in key feeder markets throughout the year (November-
August):
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New York, Chicago, Philadelphia, Boston, Washington D.C.,
Detroit, Toronto, Atlanta, Charlotte, Columbus, Dallas and Houston.
7TVMRK7YQQIV
Miami/Ft. Lauderdale, Tampa/St. Petersburg,
Orlando/Melbourne, West Palm Beach, Ft. Myers/Naples and Jacksonville.
Advertising will be purchased in early morning and late news dayparts. These
dayparts are highly cost efficient and are HIIHFWLYHDWUHDFKLQJ7KH)ORULGD.H\V¶
target audience. Also, news is watched live which provides for greater
viewership.
'32791)646-28%2(%229%049&0-'%8-327
Full and half-page, four color magazine ads will be utilized to target the upscale traveler
both domestically and internationally. Participation in Visit-Florida sections will be
utilized where available to take advantage of significant added value at a reduced cost.
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Four color and two-page spreads with co-op opportunities for destination properties:
Coastal Living, Conde Nast Traveler, Destination Weddings & Honeymoons,
New York Magazine, New York Times T Travel Magazine, Travel + Leisure,
Undiscovered Florida (Smithsonian) and ViVLW)ORULGD¶V2IILFLDO9LVLWRU¶V
Guide.
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(IHMGEXIH&VERHMRK%HW
Atlanta Magazine, Bon Appetit, Bridal GuLGH%ULGH¶V&DPS)ORULGD)ORULGD
Reflections, Florida Travel & Lifestyles, Golf Magazine, New Mobility, Texas
Monthly, Toronto Life, Travel Guide to Florida, Florida Official State Road
Map and Virtuoso Life Magazine and Saltwater Sportsman.
-RXIVREXMSREP'SRWYQIV4VMRX%RRYEP4YFPMGEXMSRW
(IHMGEXIH&VERHMRK%HW
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Canadian Geographic Travel, Dreamscapes, Toronto Life, Zoomer
Magazine, Toronto Star, Canadian Guide to Florida, Discover America
(Eastern Insert)
+IVQER]
America Journal, Geo Saison, Die Welt newspaper and Fas/Fas
newspaper
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Adventure Travel, Conde Nast Traveller, Sunday Times
Travel Magazine, Sunday Times Newspaper, Travel Leisure Magazine (TLM)
-XEP]
Dove Magazine
*VERGI
Desirs De Voyages
7GERHEREZME
Discover America Nordic Region, N By Norwegian, Vagabond,
Scandinavian Traveler, First Magazine
7[MX^IVPERH
Swiss Magazine
7SYXL%QIVMGE
Brasil Travel News, LadeviLATam, Virtuoso Life En
Espanol, Official Visit Florida Latin American Vacation Guide 2016
%WME
Essentially America Annual (China) and Brand USA Discover America
Annual (China)
(-+-8%046-28%(:)68-7-2+'334463+6%17
The FY 2016/2017 co-op programs will utilize e-newsletters and digital banners that link
consumers to splash pages providing information on participating properties. Co-op in
limited newspaper supplements will also be placed that provide coverage in numerous
key markets. These supplements look like magazines and are distributed to upscale zip
codes. Co-op programs allow for individual properties to be promoted in a cost efficient
manner.
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Newspaper magazine style
inserts plus display & mobile banners targeting the Northeast & Midwest.
2EXMSREP4VMRX(MKMXEP2EXMSREP'SST4EGOEKI 2I[=SVO8MQIW
Half- Page
four color ads with adjoining sponsored advertorial in Sunday Travel followed up
with NYTimes.com Great Getaways dedicated e-newsletters, Shermans
Travel.com dedicated e-newsletter.
2SVXLIEWX1MH[IWX+IS8EVKIXIH1SFMPI'SSTTEGOEKIW
: New to the
Generic media plan for this year, three mobile co-op programs (Fall, Winter
and Spring) will be offered geo-targeting the New York, Chicago,
Philadelphia, Boston and Washington DC markets. Co-op participants will be
featured in a carousel unit which the user can scroll through and click directly
WRWKHKRWHO¶VVLWH
2I[=SVO(1%4VMRX(MKMXEP+IS8EVKIXIH'SST4EGOEKI
Wall Street
Journal (Greater NY edition), WSJnoted.com banner, New York Magazine
and Spot X pre-roll video with companion banners.
'LMGEKS4LMPEHIPTLME&SWXSRERH;EWLMRKXSR('(MKMXEP+IS
8EVKIXIH'SST4EGOEKIW
CNN.com pre-roll video with companion
banners, Spot X pre-roll video with companion banners, dedicated travel e-
newsletters with ChicagoTribune.com, Philly.com, Boston.com and
WashingtonPost.com.
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AJC.com e-newsletter, CharlotteObserver.com e-
newsletter, DallasNews.com e-newsletter, Chron.com e-newsletter and pre-
roll video.
*PSVMHE+IS8EVKIXIH7YQQIV(MKMXEP'SST1EKE^MRI4EGOEKIW
1MEQM
*X0EYHIVHEPI;IWX4EPQ&IEGL3VPERHS8EQTE7X4IXI*X1]IVW
2ETPIWERH.EGOWSRZMPPI
CNN.com pre-roll video with companion
banners, Spot x pre-roll with companion banners, Shermans Travel.com FL
E-Bulletins, Miami Herald Weekend Getaways & Indulge, Ft. Lauderdale Sun-
Sentinel City & Shore Destinations, Orlando Sentinel Explore Florida
Magazine, Tampa Bay Times, Explore Florida magazine, Palm Beach Post,
Jupiter Courier, Stuart News, Indian River Press Journal, St. Lucie News
Tribune, The Villages Magazine.
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: The mobile co-op
program was expanded this year offering more impressions over a longer
time period with MobileFuse. Co-op. Co-op participants are featured in a
carousel unit which the user can scroll WKURXJKDQGFOLFNGLUHFWO\WRWKHKRWHO¶V
site.
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7KH)ORULGD.H\V¶PHVVDJLQJUHDFKHVWKHWDUJHW audience by using a variety of different
platforms including ad networks, ad exchanges, programmatic buys and direct publisher
sites. By using a variety of platforms it assures maximum reach in a cost effective
manner.
1SFMPI8EFPIX%HZIVXMWMRK
Smartphone and tablet advertising will experience a
significant increase in funding for FY 2017 to coincide with the growth in usage
by target prospects. Mobile Pre-roll video, interactive banners and expandable
banners will be used on several different mobile networks ( xAd and Mobilefuse)
as well as direct sites (CNN.com, FoxNews.com, NYTimes.com).
'VSWW7GVIIR%HZIVXMWMRK
1SFMPI8EFPIX(IWOXST'SRRIGXIH8:
4-Screen
Cross Device targeting with pre-roll video will be utilized. This enables users to
be targeted with similar creative across their mobile, tablet, Connected TV and
desktop devices. 4-Screen cross device targeting campaigns will run with
Amobee, Conversant, SpotX and Google/Admob throughout the year.
4VI6SPP:MHIS
:15 pre-roll with companion banners will continue to play an
important role in the digital strategy. Advertising will appear on numerous sites
through several different partners including Adara, SpotX and Google.
7SGMEP1IHME
Facebook and Instagram sponsored video will be utilized in users
news feeds and targeted based on users interests.
4YFPMWLIV7MXIW
The Florida Keys & Key West will also have a presence via pre-
roll, banners and native advertising on WeddingWire.com, MyWedding.com,, The
Knot.com, VisitFlorida.com, TravelandLeisure.com, NewMobility.com,
CampFlorida.com, TheDailyMeal.com, CNN.com, FoxNews.com and
VirtuosoLife.com.
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: While delivered directly to television sets, Addressable
Television allows The Florida Keys to target households in specific areas with a
HHI of $150,000+.
-RXIVREXMSREP7MXIW
Direct publisher sites and programmatic buys will enable the
Florida Keys to have significant scale on mobile devices and many sites
throughout Canada, the U.K and Germany.
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A myriad of techniques will be used to assure campaigns effectively reach the target
audience:
+ISERH(IQSKVETLMG8EVKIXMRK
Advertising in specific geographic areas and
to demographic profiles (Adults 35-64, HHI $100,000+).
&ILEZMSVEP8EVKIXMRK
Utilizing first and third party data, digital advertising is
able to be served to prospects that have shown interest in a purchase related to
a potential vacation in the Florida Keys & Key West.
-R1EVOIX8EVKIXMRK
Identify prospective visitors in real time while they are in
the research phase of selecting their vacation.
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Re-targeting will serve ads to those who have either visited the
fla-keys.com home page (by placing a tracking pixel on the website) or have
viewed an ad. Building frequency in this manner allows for greater retention of
the message. This form of serving ads will run continually throughout the year.
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: Data is gathered from past campaigns and that information
identifies new prospect that closely match the profile of those who have engaged
with the Florida Keys campaigns.
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Paid Search word terms on Google, Yahoo and Bing will be utilized to capture prospects
actively looking for a Florida Keys & Key West type of vacation. Users who have also
done certain searches will be re-targeted.
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In March 2017, The Florida Keys & Key West will implement an extensive multimedia
advertising campaign in the Philadelphia, Pennsylvania. market. This will be an
integrated campaign along with sales and public relations.
7KHIRFXVRIWKH³2ZQ$&LW\FDPSDLJQ´ZLOObe a takeover of the transit system in the
Greater Philadelphia area reaching local commuters on the Southeastern Pennsylvania
Transit Authority trains (SEPTA) and Amtrak. Promotion of The Florida Keys in these
two stations will generate in excess of 2,000,000 impressions with over 200 advertising
units of varying dimensions. These efforts will be supplemented with several other
elements including advertising on suburban train platforms reaching upscale commuters
prior to boarding and exiting trains. On the trains, there will be :15 commercials playing
as commuters travel to and from Center City Philadelphia. Once commuters exit the
train stations in Philadelphia they will be welcomed by two wrapped newsstands and 10
bus shelters showing the the beauty of the Florida Keys. Advertising on bus sides will
also complete the transit program to reach target prospect in many different ways.
Overall, the transit portion of the campaign will generate 38,000,000 impressions.
Television and digital advertising will also be implemented to work in concert with the
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transit advertising. Also, The Florida Keys will have a presence at the Philadelphia
International Airport with advertising at smartphone charging stations.
7TVMRK7YQQIV3[R%'MX]'EQTEMKRz,SYWXSR8<
In April and May 2017, The Florida Keys & Key West will execute an advertising
campaign in the Houston market. Sales and Public Relations will also be integrated in
this marketing program.
A billboard campaign will EHWKHIRFXVRIWKHVSULQJ³2ZQ$&LW\´FDPSDLJQ)RXUKLJK
profile billboards will be purchased on major thoroughfares over an eight-week period in
the Greater Houston area. In total, this campaign will generate over 5,000,000
impressions. Television, digital, radio and print advertising will further leverage The
Florida Keys & Key West investment in Houston to complete the campaign.
+)2)6-'1)(-%40%')1)28
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Circulation: 71,048 Male: 38%
Page, 4C CPM: $93.17 Female: 62%
Median Age: 43
Median Household Income: $135,000
&SR%TTIXMX
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Circulation: 388,950 (Regional) Male: 38.2%
Page, 4C CPM: $66.08 Female: 61.8%
Median Age: 51
Median Household Income: $164,745
&VMHI W
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Circulation: 312,000 (National) Male: 14%
Page, 4C CPM: $117.53 Female: 86%
Median Age: 38
Median Household Income: $149,752
&VMHEP+YMHI
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Circulation: 134,376 (National) Male: 17%
Page, 4C CPM: $93.02 Female: 83%
Median Age: 30
Median Household Income: $57,380
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Circulation: 450,000 (Eastern) Male: 27%
Page, 4C CPM: $53.33 Female: 73%
Median Age: 54
Median Household Income: $96,125
'SRHI2EWX8VEZIPIV
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Circulation: 800,000 (National) Male: 52%
Page, 4C CPM: $99.32 Female: 48%
Median Age: 53.4
Median Household Income: $168,485
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Circulation: 100,000 (National) Male: 12%
Page, 4C CPM: $80.00 Female: 88%
Median Age: 34
Median Household Income: $91,600
*PSVMHE8VEZIP
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Circulation: 90,000 (National) Male: 54%
Page, 4C CPM: $55.55 Female: 46%
Median Age: 52
Median Household Income: $155,139
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Circulation: 952,788 (Regional) Male: 42%
Page, 4C CPM: $82.92 Female: 58%
Median Age: 50
Median Household Income: $163,900
+SPJ1EKE^MRI
:MWMX*PSVMHE7IGXMSR
Circulation: 717,000 (National) Male: 83%
Page, 4C CPM: $52.33 Female: 17%
Median Age: 49
Median Household Income: $121,654
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(Disabled Travelers) Male: 51%
Circulation: 24,000 (National) Female: 49%
Page, 4C CPM: $150.19 Median Age: 55
Median Household Income: $75,628
2=8MQIW88VEZIP7YRHE]1EKE^MRI
Circulation: 1,300,000 (National) Male: 47%
Page, 4C CPM: $62.50 Female: 53%
Median Age: 49
Median Household Income: $98,774
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Circulation: 300,603 (Regional) Male: 58%
Page, 4C CPM: $40.48 Female: 42%
Median Age: 48
Median Household Income: $112,500
8VEZIP
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Circulation: 945,231 (Regional) Male: 49%
Page, 4C CPM: $76.24 Female: 51%
Median Age: 53
Median Household Income: $158,000
8LI:MPPEKIW1EKE^MRI
Circulation: 39,000 (Regional) Male: 50%
Page, 4C CPM: $58.46 Female: 50%
Median Age: 60
Median Household Income: $93,800
:MVXYSWS0MJI
Circulation: 200,000 (National) Male: 41%
Page, 4C CPM: $91.24 Female: 59%
Median Age: 55
Median Household Income: $200,000
Source: MRI; Ipsos Doublebase Mendelsohn Research 2015
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a) Internet click-thrus and engagement rates will be monitored and tracked monthly
with placement of advertising.
b) Google Analytics, supplied by the web provider, includes district specific tracking
and will be monitored closely for market lift and timing.
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Department.
d) Inquiries from trade/meeting publication advertising produces leads to the sales
division and directly to lodging industry. The sales division will track these.
e) VIS call reports (area of dominant influence) will be traced to media placement.
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WKH7'&¶V0DUNHWLQJResearch Department.
g) We will track the geographic and demographics of potential visitors to see if
advertising efforts are hitting the market.
h) Social Media User Demographic Reports will be reviewed regularly.
i) Conversion studies will be developed by the TDC Marketing Research Department
to measure the effectiveness of selected media to actual visits.
j) European Agency Customer Profile and Trend Reports (supplied by Sales & PR
firms in the UK and German markets) will be reviewed by all disciplines.
k) Print ad testing administered through the Advertising Agency and the TDC Marketing
Research Department will be implemented as done in previous years.
l) Arrivalist digital ad tracking will be utilized to measure exposure to time in market
and visitors per digital medium. Tracking will be done on a quarterly basis.
Different tracking opportunities will come up during the fiscal year and the TDC
Marketing Research Department will continue to find criteria and methods to best
measure our marketing effectiveness.
I-62
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growing economy in the Europe Union for the second successive year after growth
accelerated sharply in the final three months of 2015.
Ireland’s unemployment fell to 8.6% in January 2016 — the lowest rate for more than
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OperatingBudget:
TradeEvents,Exhibits,Promotions,SpecialProjects:
Mid May
to coincide with Visit FLA lunches)
June
17 (provisional dates)
June 17 (provisional dates)
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American Society of Travel Agents (ASTA) $595
Hospitality Sales & Marketing Association International $1,785
Receptive Services Assoc. of America (RSAA) $500
Travel Industry Association of America (TIA)$2,750
International Gay and Lesbian Travel Association (IGLTA) $250
Visit USA Belgium/Luxembourg $650
Visit USA France $1,500
Visit USA Netherlands $1,000
Visit USA Nordic Region $1,500
Visit USA Germany $2,120
Visit USA Italy $1,200
Society of Govt. Travel Planners $395
Meeting Planners International $1665
Association Forum of Chicago $840
National Tour Association $725
American Bus Association $550
Adventure Travel Trade Association $2650
No. American Journeys (NAJ) $3,900
National Gay and Lesbian Chamber of Commerce $100
International Gay and Lesbian Chamber of Commerce $325
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Monthly reports from offices in UK and Germany reflecting trade and consumer inquiries,
airline policies and routes as well as economic indicators.
Post show evaluation to industry partners: Seeking feedback with regards to booking activity and
inquiries as a result of show or sales call participation.
Tour Operator Feedback: Current product selling trends within the lodging industry, inventory,
consumer behavior and forecasts.
Annual Tour Operator Inventory Reports from the UK and German speaking markets indicating
number of pages dedicated to destination, increase/decrease of product placement year on year.
Monitor visitor profile survey indicating travel trends in different market mixes.
Monitor visits to web site: meeting planners RFPs, travel agents and tour operators sections.
Industry partner sales and promotional effort participation year on year.
MICE market mix vs. leisure at participating lodging establishments.
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Promotional Activities $460,000
Travel Expenses $190,000
Postage/Phone/Xerox $35,000
Memberships $25,000
Entertainment $15,000
Axis Travel Marketing/Get It Across $419,000
Resources $200,000
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EPPS[QIRIRNS]EFPI[E]WXSFSRH[MXLXLIMVFYHHMIWHIITIRJVMIRHWLMTWGVIEXIRI[
EHZIRXYVIWSVPIEVRGLEPPIRKMRKRI[WOMPPW*SVXLIWINSYVREPMWXWXLIEKIRG][MPP
WTSXPMKLXQEPIJSGYWIHEGXMZMXMIWWYGLEWGEQTMRKFVI[IV]LSTTMRKI\XVIQI[EXIV
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[MPPGPSWIP]I\EQMRIGVIEXMRKEQYPXMJEGIXIHwQERGEXMSRxMRMXMEXMZIMR
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XSJYVXLIVJSWXIVGSQQYRMGEXMSRSJEGGYVEXIHIWXMREXMSRMRJSVQEXMSR
K-12
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8SQE\MQM^ISTTSVXYRMXMIWJSVQIHMEVIWIEVGLXVMTW[LMPIQMRMQM^MRKI\TIRWIWXLI
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NSMRXZIRXYVIQIHMEVIWIEVGLXVMTWXSEGLMIZITSWMXMZII\TSWYVIJSVXLIHIWXMREXMSR-R
EHHMXMSREWETTVSTVMEXI2I[QER46[MPPYWIMXWRIX[SVOSJGSRXEGXWXSWIGYVITVMZEXI
WIGXSVTEVXRIVWJSVWIPIGXXVMTW
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(YVMRKXLITEWXJMWGEP]IEV2I[QER46HMVIGXIHXLIIZSPYXMSRSJMXWSRPMRIRI[WVSSQ
MRXSEQSFMPIJVMIRHP]VIWSYVGIJSVNSYVREPMWXWFPSKKIVWWSGMEPQIHMEMRJPYIRGIVWERH
FVSEHGEWXSYXPIXW'SRXIRX[EWWXVIEQPMRIHXSQIIXMRJSVQEXMSREPRIIHWEGVSWWQIHME
KIRVIWERHTPEXJSVQW[MXLMQTVSZIQIRXWMRGPYHMRKIRLERGIHTLSXSERHZMHISGSRXIRX
IEW]VIKMWXVEXMSRERHEGGIWWJSVQIHMEYWIVWQYPXMTPIWSGMEPQIHMESJJIVMRKWERH677
JIIHWERHIQEMPEPIVXGETEFMPMXMIW
-REHHMXMSRIPIQIRXW[IVIVISVKERM^IHXSSTXMQM^IXLIYWIVI\TIVMIRGIERHIRWYVIXLEX
QIHMEGERMHIRXMJ]ERHEGUYMVIXLIRIGIWWEV]QEXIVMEPUYMGOP]ERHIJJIGXMZIP]
-RXLIEKIRG][MPPGSRXMRYIXSVIJMRIRI[WVSSQGSRXIRXXSSTXMQM^IMXW
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GSRZI]/I]WQIWWEKMRKXSXLIMVEYHMIRGIWMRXSHE]vWMRWXERXMRJSVQEXMSRIRZMVSRQIRX
3ZIVEPPRI[WVSSQVIWSYVGIWMRGPYHIERIPIGXVSRMGTVIWWOMXJIEXYVMRK[IPPSVKERM^IH
MRJSVQEXMSRSRIEGL/I]WHMWXVMGXERHLMKLVIWSPYXMSRTLSXSKVETL]SJIEGLHMWXVMGXERH
WIPIGXIHWTIGMEPIZIRXW[MXLIPIQIRXWJSVQEXXIHJSVHS[RPSEHF]QIHMEYWIVW-R
EHHMXMSRZMHISJSSXEKIMWEZEMPEFPIJSVWLEVMRKSVJSVQIHMEHS[RPSEHWSREHIHMGEXIH
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8LIRI[WVSSQEPWSJIEXYVIWEJVIUYIRXP]YTHEXIHGSPPIGXMSRSJEHZERGIVIPIEWIWSR
GYVVIRXIZIRXWERHLMKLPMKLXWQMVVSVMRKXLSWIHMWXVMFYXIHZMEXLIEKIRG]vWTVSTVMIXEV]
QIHMEPMWXWERHTSWXIHSRXLIJPEOI]WGSQGSRWYQIVWMXI
6IPIEWIWTLSXSWERHZMHISWIKQIRXWEFSYXWTIGMEPIZIRXWEGXMZMXMIWSJJIVMRKWERH
HIWXMREXMSRLMKLPMKLXW[MPPFIEHHIHXSXLIRI[WVSSQVIKYPEVP]XSIRWYVIMXWTSWMXMSREWE
XVYWXIHEGGYVEXIERHXMQIP]MRJSVQEXMSRVIWSYVGI
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/I]W[MHIHMKMXEPTLSXSKVETL]ERHLMKLHIJMRMXMSRZMHISJSSXEKIXLEXMWEZEMPEFPIXS
QIHMEYTSRVIUYIWX7LSXMREPPJMZI/I]WHMWXVMGXWXLIZMHISERHWXMPPMQEKIWHITMGX
EXXVMFYXIWERHEGXMZMXMIWMRGPYHMRK[EXIVWTSVXWEHZIRXYVII\TIVMIRGIWGYMWMRIGYPXYVEP
IPIQIRXW0+&8IZIRXWJIWXMZEPWIRZMVSRQIRXERHREXYVIJMWLMRKERHHMZMRKERH
WGIRMGWLSXWXLEXLEZITVSZIHXSEXXVEGXPEVKIRYQFIVWSJWSGMEPQIHMEZMI[WERH
WLEVIW%HHMXMSRWXSXLMWPMFVEV][MPPFISRKSMRKMR
K-13
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XIPIZMWMSRRIX[SVOWGEFPIXVEZIPTVSKVEQQIVWMRHITIRHIRXQEMRWXVIEQERHZIVXMGEP
QEVOIXTVSHYGXMSRGSQTERMIWERHSRPMRIERHQSFMPISYXPIXW[MXLWMKRMJMGERXEYHMIRGIW
8LIWILEZIVERKIHJVSQREXMSREPQSVRMRKWLS[WXS4&7)742XLI;IEXLIV'LERRIP
XLI*SSH2IX[SVOERHSXLIVPIEHMRKFVSEHGEWXZIRYIW
-RXLIEKIRG][MPPGETMXEPM^ISRTVIWIRXIHFVSEHGEWXSTTSVXYRMXMIW[MXLLMKL
ZEPYIERHEYHMIRGIVIEGLTVSZMHMRKQYPXMJEGIXIHWYTTSVXERHTVSHYGXMSREWWMWXERGI
[LMPITVSEGXMZIP]TMXGLMRKXEVKIXIHHIWXMREXMSRWLSSXWERHTVSKVEQQMRK
8LIEKIRG]LEWEPWSFYHKIXIHJSVWIZIVEP/I]WJSGYWIHWLS[WSRw,S[XS(S*PSVMHEx
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7YR7TSVXW2IX[SVO
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0SJXxEQMRYXI;062EVXTVSKVEQ[LMGLLEWTVSZMHIHI\XIRWMZIKYEVERXIIH
GSZIVEKISJXLI/I]WvEVXERHGYPXYVEPWGIRIERHGYPXYVEPIZIRXWMREPPHMWXVMGXWWMRGI
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VSPP:MHISSJXLI;IIOJSSXEKIWIKQIRXERHXSTMGWYKKIWXMSRWERHEWWMWXERGI
MHIRXMJ]MRKERHWIGYVMRKMRXIVZMI[WYFNIGXW%W[IPPEWVIEGLMRKE7SYXL*PSVMHE
EYHMIRGIXLIWIKQIRXWQE]ETTIEVSR4&7WXEXMSRWMRSXLIVQENSVQEVOIXWTVSZMHMRK
EHHIHZEPYIXSXLIHIWXMREXMSRERHMXWGYPXYVEPGSQQYRMX]8LI/I]WvHIHMGEXIHTEKISR
XLIw%VX0SJXx[IFWMXI[MPPFIGSRXMRYIHEW[IPP
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7TIGMEP4VSQSXMSRWXS7YTTSVX%HZIVXMWMRK4VSKVEQW
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(SQMREXMSR3[RE'MX]EHZIVXMWMRKTVSKVEQ8SKIRIVEXIEHHMXMSREPXVEHMXMSREPERH
WSGMEPQIHMEE[EVIRIWWSJXLIHIWXMREXMSR2I[QER46MWTPERRMRKXSWYTTSVXXLI
TVSKVEQ[MXL46IRHIEZSVWLMKLPMKLXIHF]Ew&IGSQIE*PSVMHE/I]W'LIJxGSSOSJJJSV
4LMPEHIPTLMEzEVIEJSSHFPSKKIVWERHWSGMEPQIHMEMRJPYIRGIVW
7MQMPEVXSXLIWYGGIWWJYP'EREHMERMRMXMEXMZILIPHMRPEXIXLIw8ST'LIJxWX]PI
TVSQSXMSR[MPPJIEXYVI/I]WVIWXEYVEXIYVGLIJ&SFF]7XSO]KYMHMRKQIHMETEVXMGMTERXWMR
ELERHWSRGSQTIXMXMSRXSTVITEVIXLIFIWXMRHMKIRSYW/I]WHMWLIW8LITVSQSXMSRMW
I\TIGXIHXSTVSHYGIWMKRMJMGERXWSGMEPQIHMEERHQSFMPIQIWWEKMRKGSQTPIQIRXMRK
EHZIVXMWMRKIJJSVXWXSJSGYWGSRWYQIVE[EVIRIWWSRXLIWYFXVSTMGEPMWPERHGLEMRHYVMRK
4LMPEHIPTLMEvWGSPH[MRXIVWIEWSR
-REHHMXMSR2I[QER46[MPPTVSZMHIWYTTSVXJSVEWYQQIVEHZIVXMWMRKFPMX^MR,SYWXSR
8LILMKLPMKLXGSQTSRIRX[MPPFIEJSSHGEVXQERRIHF]ERI\TIVX*PSVMHE/I]WGLIJ
K-14
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WIVZIJMWLXEGSWQEHI[MXLJVIWL/I]WJMWLXSGSRWYQIVWMRELMKLXVEJJMGPSGEXMSR
,SYWXSRQIHMEQIIXMRKWERHXIPIZMWMSRSVVEHMSETTIEVERGIW[MPPFIEVVERKIHJSVXLI
SRWMXI46XIEQERHGLIJXSJYVXLIVGSQQYRMGEXIQIWWEKMRKEFSYXHIWXMREXMSR
EXXVMFYXIW
1IHME6IPIEWIWERH6IPEXIH'SRXIRX
8LIJSVQEXERHWXVYGXYVISJ2I[QER46vWQIHMEVIPIEWIW[MPPGSRXMRYIXSIZSPZIXS
QIIXXLIGLERKMRKVIUYMVIQIRXWSJXLIQIHMEXLI]WIVZIERHMRJSVQ6IGIRXXVIRHWMR
GSQQYRMGEXMSRKIEVIHXSQIHME{VERKMRKJVSQXVEHMXMSREPTVMRXNSYVREPMWXWXSFPSKKIVW
XSWSGMEPQIHMEMRJPYIRGIVW{MRGPYHIXLIHIQERHJSVWLSVXIVERHQSVIGSRGMWIGST]
VIPMERGISRPMROWXSTVSZMHIEHHMXMSREPWXSV]TSMRXWERHXLIRIIHJSVEWWSGMEXIHTLSXS
ERHZMHISVIWSYVGIW8LIWIVIUYMVIQIRXWEPWSLSPHXVYIJSVGSQQYRMGEXMSRWKIEVIHXS
GSRWYQIVW
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EKIRG][MPPJSGYWSR[VMXMRKERHHMWXVMFYXMRKXVEZIPERHRI[WSVMIRXIHWXSVMIWVIPIEWIW
XSTYFPMGM^IIEGLHMWXVMGXvWPIEHMRKIZIRXWERHJIWXMZEPWEHZERGIERHVIWYPXWVIPIEWIWJSV
JMWLMRKXSYVREQIRXWERHWMKRMJMGERXWTSVXMRKGLEPPIRKIWEGGSQQSHEXMSRWYTHEXIWERH
SXLIVTMIGIWEWETTVSTVMEXI
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HIWXMREXMSRvWQEVOIXMRKSFNIGXMZIWJSVXLIGSQMRK]IEVERHXLI46MRMXMEXMZIWSYXPMRIH
IEVPMIVMRXLMWTPER8LI]MRGPYHIEWIVMIWI\TPSVMRKIPIQIRXWSJXLIw7MQTP]XLI/I]Wx
I\TIVMIRGIERHEWIVMIWJSGYWMRKSRXLIWXEXITEVOWMREPP/I]WHMWXVMGXWWTSXPMKLXMRKXLI
EXXVMFYXIWERHEXXVEGXMSRWSJIEGLTEVO
6IPIEWIWEVIHMWXVMFYXIHMRWIZIVEP[E]WMRGPYHMRKHMVIGXIQEMP677JIIHWZMEXLI
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TSWXIHMRXLIwRI[WJPEWLxWIGXMSRSJXLI8('[IFWMXIERHEVIEZEMPEFPIJSVQIHME
HS[RPSEHJVSQXLISRPMRIRI[WVSSQ7SQITMIGIWEVITVSZMHIHXSTVIWWXVMT
TEVXMGMTERXWERHYWIHXSWYTTSVXQIHMEQMWWMSRWSVTVSQSXMSRW:ILMGPIWJSVHMVIGXXS
GSRWYQIVHMWXVMFYXMSRMRGPYHIXLIQSRXLP]IRI[WPIXXIVERHXVEZIPFPSKW
u/I]W8VEZIPIVv)RI[WPIXXIV
*SVQSVIXLEREHS^IR]IEVWXLIEKIRG]LEWTVSZMHIHQSRXLP]MWWYIWSJMXWw/I]W
8VEZIPIVxIRI[WPIXXIVIZSPZMRKMXWHIWMKRERHGSRXIRXXSQIIXXLIGLERKMRKRIIHWSJ
GSRWYQIVERHQIHMEEYHMIRGIWERHYWMRKMXXSFIRIJMXXLIHIWXMREXMSRF]XEVKIXMRK
TIVXMRIRXQIWWEKMRKHMVIGXP]XSSTXMRWYFWGVMFIVWJVSQFSXLKVSYTW
-RMXWTVIWIRXHE]JSVQEXIEGLMWWYISJXLIIRI[WPIXXIVJIEXYVIWRMRIWXSVMIW8STMGW
MRGPYHIWTIGMEPIZIRXWERHJIWXMZEPWXLVSYKLSYXXLI/I]WJEQMP]JVMIRHP]LMKLPMKLXWERH
IRZMVSRQIRXEPP]TSWMXMZIIPIQIRXWEXXVEGXMSRWERHMRMXMEXMZIW)EGLMWWYIEPWSJIEXYVIWE
K-15
4EGOIX4K
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HIXEMPIHGEPIRHEVSJYTGSQMRKIZIRXWETVSJMPISJERMRXIVIWXMRK/I]WVIWMHIRXERH
JMWLMRKHMZMRKERHGYPXYVEPTMIGIWXLEXTVSQSXIXLISJJIVMRKWSJIEGL8('YQFVIPPE
7MKRMJMGERXIJJSVXMWI\TIRHIHXSIRWYVIXLEXQYPXMTPI/I]WHMWXVMGXWEVIVITVIWIRXIHMR
IEGLMWWYIFEWIHSRXLIMVWTIGMJMGEGXMZMXMIWHYVMRKXLIMWWYIvWVIEHIVWLMTTIVMSH
%PSRKWMHIMXWWXSV]GSRXIRXXLIIRI[WPIXXIVEPWSJIEXYVIWPMROWXSWIPIGXIHEKIRG]
TVSHYGIHZMHISWERHXLI/I]WvPIEHMRKWSGMEPQIHMEZILMGPIW-REHHMXMSREPXSFIMRK
HMWXVMFYXIHXSSTXMRWYFWGVMFIVWEXXLIFIKMRRMRKSJIEGLQSRXLXLIGYVVIRXMWWYIMW
LMKLPMKLXIHSRXLIHIWXMREXMSRvWGSRWYQIV[IFWMXIERHWYFWIUYIRXP]QSZIWMRXSE
TIVQERIRX[IFWMXIEVGLMZIEGGIWWMFPIF]ZMWMXSVWXSXLIWMXI
2I[QER46[MPPGSRXMRYIXSTVSHYGIQSRXLP]MWWYIWSJw/I]W8VEZIPIVxHYVMRKXLI
GSQMRKJMWGEP]IEV%WMRXLITEWXEGYPXYVEPP]XLIQIHWTIGMEPMWWYI[MPPFITVSHYGIHMR
*IFVYEV][MXLGSRXIRX[LSPP]HIHMGEXIHXSYTGSQMRKPMXIVEV]ZMWYEPERHTIVJSVQMRK
EVXWLMKLPMKLXWMREPP/I]WHMWXVMGXW
-R1E]EWTIGMEPMWWYIIRI[WPIXXIV[MPPFITVSHYGIH[MXLEPPWXSVMIWWYTTSVXMRK
EWTIGXWSJXLIw7MQTP]XLI/I]WxGSRGITXXSTVSQSXIXLI/I]WvwYRTPYKKIHxSV
MRHMKIRSYWHIWXMREXMSREGXMZMXMIWERHQIERMRKJYPQIQSV]FYMPHMRKI\TIVMIRGIWEXXLI
WXEVXSJXLIWYQQIVXVEZIPWIEWSRw7MQTP]XLI/I]WxQIHMEVIPIEWIWEPVIEH]HIWGVMFIH
QE]FIMRGSVTSVEXIHEW[IPPWYGLEWw7MQTP]6IIPxSYXPMRMRKERKPMRKSTTSVXYRMXMIWERH
w7MQTP]7EPX]xWTSXPMKLXMRKEGXMZMXMIWMRSRSVYRHIVXLI[EXIV%w7MQTP])PIKERXxTMIGI
[MPPFIGSRWMHIVIHXSTVSQSXIXLIGEWYEPWSTLMWXMGEXMSRSJRI[PY\YV]PSHKMRKTVSTIVXMIW
%W[IPPEWTVSHYGMRKUYEPMX]MWWYIW[MXLGSRXIRXXLEXIRXMGIWXVEZIPIVWXSZMWMXXLI
HIWXMREXMSRXLIEKIRG][MPPGSRXMRYI[SVOMRKXSI\TERHWYFWGVMFIVRYQFIVWEQSRK
GSRWYQIVWERHQIHME%ZIRYIWXSMRGVIEWIVIEHIVWLMT[MPPMRGPYHIWSGMEPQIHME
QIWWEKMRKTVSQSXMSRWERHE[EVIRIWWFYMPHMRKXLVSYKLI\MWXMRK/I]WSYXPIXW
u/I]W8VEZIPIVv%RRYEP1EKE^MRI
8SWYTTSVXWXEXIHQEVOIXMRKKSEPWXLVSYKLIHMXSVMEPGSRXIRXMRPEXIJEPP
XLIEKIRG][MPP[VMXIHIWMKRERHSZIVWIITVMRXMRKSRXLIERRYEPw/I]W8VEZIPIVx
QEKE^MRI7XSV]XSTMGWEVIWIPIGXIHMRGSPPEFSVEXMSR[MXL8('WEPIWVITVIWIRXEXMZIW
ERHXLIQEKE^MRIvWTVSHYGXMSRMWXMQIHJSVHMWXVMFYXMSREX;SVPH8VEZIP1EVOIXERHSXLIV
97ERHMRXIVREXMSREPZIRYIW8LIEKIRG]TPERWXSI\TERHXLIJYPPGSPSVKPSWW]
QEKE^MRIXSTEKIWJSVXLIGSQMRK]IEV8LIMWWYIvWXLIQI[MPPFIw7MQTP]XLI/I]Wx
ERHGSRXIRXEWEP[E]W[MPPTVSQSXIEPP/I]WHMWXVMGXWERHYQFVIPPEW
%W[IPPEWMXWTVMRXHMWXVMFYXMSRw/I]W8VEZIPIVxQEKE^MRIMWEZEMPEFPIJSVGSRWYQIVWERH
QIHMEXSHS[RPSEHJVSQXLIHIWXMREXMSR[IFWMXI
-REHHMXMSR2I[QER46TPERWXSTVSHYGIEXPIEWXSRIHIHMGEXIHIMKLXTEKIKPSWW]
w/I]W8VEZIPIVxQEKE^MRIJSVEWTIGMJMGZIVXMGEPQEVOIXWIKQIRX4EWXWTIGMEPMWWYI
TYFPMGEXMSRWLEZIFIIRHIHMGEXIHXSXLIJMWLMRKERHHMZIQEVOIXWERHXLIWIEVIYRHIV
GSRWMHIVEXMSRJSVEW[IPP-REPPGEWIWXLITYFPMGEXMSRvWIHMXSVMEPERH
K-16
4EGOIX4K
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TLSXSKVETL]GSRXIRX[MPPFIHIWMKRIHXSETTIEPXSVIEHIVWMRXLIXEVKIXIHGSRWYQIV
KVSYT
;IFWMXI-RMXMEXMZIW
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GSRXMRYIXSTSWXRI[GSRXIRXXSXLMWWIGXMSRWIZIVEPXMQIWTIV[IIO[LIRIZIVRIIHIH
4VSQSXMRKEPPEWTIGXWSJXLIHIWXMREXMSRXLMWGSRXIRXX]TMGEPP]MRGPYHIWEHZERGI
VIPIEWIWHIXEMPMRKYTGSQMRKWTIGMEPIZIRXWWTSXRI[WWXSVMIWSRSGGYVVIRGIWXLEX
IRLERGIXLIJEZSVEFPITIVGITXMSRSJXLI/I]WVIWYPXWVITSVXWSRQENSVJMWLMRK
XSYVREQIRXWERHERRSYRGIQIRXWSJXLIMRXVSHYGXMSRSJEXXVEGXMSRWEGXMZMXMIWSV
EGGSQQSHEXMSRW4SWXIHGST]MWTEMVIH[MXLTLSXSKVETL]ERHMRWSQIGEWIWZMHIS
IPIQIRXW
-RQSWXMRWXERGIWGSRXIRXTSWXIHSRXLI[IFWMXIQMVVSVWTVIWWVIPIEWIWHMWXVMFYXIH
HMVIGXP]XSNSYVREPMWXWFPSKKIVWERHXEVKIXIHWSGMEPQIHMEMRJPYIRGIVW9WISJXLIRI[W
WIGXMSRJSVXMQIP]GSRWYQIVQIWWEKMRKMRGVIEWIWE[EVIRIWWSJERHGSQTPIQIRXW
TMIGIWHMWXVMFYXIHXSQIHMEERHGERFITVSHYGXMZIP]PMROIHXSWSGMEPQIHMETSWXWXS
TVSZMHIHIXEMPWXLEXI\TERHSRWSGMEPSYXPIXWvRIGIWWEVMP]FVMIJGSQQYRMGEXMSR
3XLIVRI[WWIGXMSRGSRXIRXMRGPYHMRKwIZIVKVIIRxVIPIEWIWJIEXYVIWSVTIVWSREPMX]
TVSJMPIWQE]FIHIZIPSTIHWTIGMJMGEPP]JSVHMVIGXXSGSRWYQIVHMWXVMFYXMSRXSXLI
[IFWMXIvWSRPMRIERHQSFMPIEYHMIRGIW
2I[WGSRXIRXJSVXLI[IFWMXIMWHIWMKRIHXSTVSQSXIEGXMZMXMIWERHSJJIVMRKWSJIEGL
HMWXVMGXERHYQFVIPPEMREHHMXMSRXSXLIHIWXMREXMSRSZIVEPP4SWXIHTMIGIWX]TMGEPP]
IQTLEWM^IGYPXYVEPIZIRXWJIWXMZEPWIRZMVSRQIRXEPEHZIRXYVIW[EXIVWTSVXWERHIGS
EGXMZMXMIWJMWLMRKXSYVREQIRXWHMZMRKERHWRSVOIPMRK
8LIRI[WWIGXMSREPWSMWZEPYEFPIMRWMXYEXMSRWXLEXVIUYMVIIQIVKIRG]SVGVMWMW
GSQQYRMGEXMSRW
8LITYFPMGVIPEXMSRWI\TIRWIFYHKIXMRGPYHIWEREPPSGEXMSRXSTE]E[IFWMXIIHMXSV[LS
[SVOWGPSWIP][MXL*PSVMHE/I]WGSQXSTVSZMHIGSRXIRXJSVWTIGMJMGTEKIWERHWIGXMSRW
SJXLIQEMRFSH]SJJPEOI]WGSQMRGPYHMRKXLIGSQTVILIRWMZIGEPIRHEVSJIZIRXW
3XLIVNSMRXTVSNIGXWMRGPYHIGVIEXMRKERHVIKYPEVP]YTHEXMRKWTIGMEPX][IFWMXIWIGXMSRW
JSVZIVXMGEPERHRMGLIQEVOIXXVEZIPIVW
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EKIRG][MPPI\TIRHMXWTVMQEV]IJJSVXWMRWXVIEQPMRMRKERHYTHEXMRKXLIGSRXIRXYRHIVMXW
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VIEHIVWWIIOMRKRI[HIWXMREXMSRGSRXIRX
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VIEHIVWXSJIIPXLI]EVIQEOMRKXLIMVS[RHMWGSZIVMIWEFSYXXLIHIWXMREXMSR4VIWIRXMRK
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WX]PIZMHISJIEXYVIWEVITSWXIHSRXLILSQITEKISJXLIHIWXMREXMSRvW[IFWMXIERHSR
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&IGEYWIWLSVXZMHISGSRXIRXMWGYVVIRXP]I\XVIQIP]TSTYPEVERHGSVVIWTSRHMRKP]
IJJIGXMZIMRHMVIGXXSGSRWYQIVWSGMEPERHQSFMPIQIHMEGSQQYRMGEXMSRWXLI
46TPERGEPPWJSVXLIGVIEXMSRSJX[SWIVMIWSJWLSVXTMIGIWJSVTSWXMRKERHWLEVMRKSR
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3RIWIVMIW[MPPJIEXYVIZMHISZMKRIXXIWTVSHYGIHXSWYTTSVXXLIw%PP%QIVMGER6SEH8VMTx
MRMXMEXMZI(IWMKRIHJSVXLIJEQMP]QEVOIXXLI][MPPMRXVSHYGIZMI[IVWXSEGXMZMXMIWERH
EXXVEGXMSRWEPSRKXLI*PSVMHE/I]W3ZIVWIEW,MKL[E]%WRSXIHIEVPMIVMRXLMWTPERXLI
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LMKLZMWYEPMRXIVIWX8LITMIGIW[MPPLEZIEWMQTPII]IGEXGLMRKJPEZSVHIWMKRIHXS
IRKEKIQMPPIRRMEPXVEZIPIVWERHFSSWXZMI[IVWLMTERHIRKEKIQIRXSJQSFMPIYWIV
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EGXMZITVIWIRGISRRI[SYXPIXWSJRSXI{TEVXMGYPEVP]XLSWIYXMPM^IHF]QSFMPIYWIVW
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IRGSYVEKIHXSYWI/I]WLEWLXEKW2I[LEWLXEKWERHWSGMEPQIHMEZILMGPIWEVIFIMRK
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QEVOIXMRKGSQTSRIRXW8LIWIMRGPYHIXLIHMWXVMFYXMSRSJRYQIVSYWWIGSRHw7MQTP]
XLI/I]WxZMHISWEGVSWWETTVSTVMEXISYXPIXW ETIIVZSXMRKGSRXIWXXS[MREw1IMRXLI
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PSRKQYPXMTPEXJSVQWIVMIWSJTSWXWTVSQSXMRKXLIw%PP%QIVMGER6SEH8VMTxGSRGITX
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WSGMEPQIHMELEWTVSZIHYWIJYPMRGVMWMWGSQQYRMGEXMSRWWMXYEXMSRW2I[QER46[MPPFI
TVITEVIHXSIQTPS]MXMRXLEXQERRIVMJGSRHMXMSRWVIUYMVIMX
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8SGETMXEPM^ISRXLIQYWLVSSQMRKTSTYPEVMX]SJZMHISGSRXIRXMRGETXYVMRKWSGMEPQIHME
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ERH4IVMWGSTIXSHMWXVMFYXIPMZI/I]WZMHISTMIGIWHMVIGXP]XSGSRWYQIVEYHMIRGIW
%GGSVHMRKXSE.YRI;EPP7XVIIX.SYVREPEVXMGPI*EGIFSSOVITSVXIHJMRHMRKXLEXXLI
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QSWXTSTYPEV*EGIFSSO0MZIZMHISEXXLEXTSMRXLEHFIIRZMI[IHQMPPMSRXMQIW
*EGIFSSOTVSQSXIWMXWPMZIWXVIEQMRKJIEXYVI[LMGLEPWSEPPS[WMRXIVEGXMSR[MXLZMI[IVW
MRVIEPXMQIEWE[E]XSFVSEHGEWXXSwXLIPEVKIWXEYHMIRGIMRXLI[SVPHxQEOMRKMX
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7MQMPEVP]4IVMWGSTIPIXWYWIVWGVIEXIERHWLEVIPMZIZMHISFVSEHGEWXW[EXGLSXLIV
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0MZIxJSVFVSEHGEWXSR*EGIFSSO0MZIERH4IVMWGSTI8LMWJSPPS[WEWYGGIWWJYP
GSPPEFSVEXMSR[MXL7XEYJJIVSRERYQFIVSJZMHISMRXIVZMI[TVSJMPIWSJ/I]WVIWMHIRXWXLEX
IEVRIHRSXEFPIWSGMEPQIHMEZMI[IVWLMT
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GIVXEMRYRMJSVQIPIQIRXWERH7XEYJJIVvWTIVWSREPMX]XSLIPTIWXEFPMWLXLIMVFVERH4MIGIW
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HIZIPSTQIRXXLIEKIRG][MPPVIZMWMX7RETGLEXEWEWIGSRHZILMGPIJSVQIHMEFPSKKIVW
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4YFPMG6IPEXMSRWJSV7TIGMEP)ZIRXW
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WTIGMEPIZIRXWERHJIWXMZEPW8LMWMRGPYHIWZMVXYEPP]EPPIZIRXWWYTTSVXIHF]HMWXVMGXERH
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K-22
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QIWWEKMRKXLEXTVSQSXIWEPPMRGPYWMZIEGXMZMXMIWERHEGGSQQSHEXMSRW
8LI*PSVMHE/I]W
[MXLER0+&8GSQQYRMX]XLEXMW[IPPIRXVIRGLIHMRXLI
/I]WvQEMRWXVIEQGSQQYRMX]EVI[IPPTSWMXMSRIHXSTVSZMHIQIQSVEFPIZEGEXMSR
I\TIVMIRGIWJSVXLIWIQEVOIXWIKQIRXW
-RHSQIWXMG0+&8TYFPMGVIPEXMSRWEGXMZMXMIW[MPPJSGYWSRVEMWMRKE[EVIRIWWSJ
XLIHIWXMREXMSREWETPEGIXLEXMWZMFVERXERHVIPIZERXJSV0+&8QMPPIRRMEPW]SYRK
TVSJIWWMSREPWERHJEQMPMIW[LMPIEPWSTVSHYGMRKETTVSTVMEXIQIWWEKMRKXSHVE[SPHIV
XVEZIPIVW
)QTLEWMW[MPPFITPEGIHSRXLI[MHIZEVMIX]SJKE]ERHKE][IPGSQMRK
EGGSQQSHEXMSRWEGXMZMXMIWVERKMRKJVSQLMKLIRIVK]EHZIRXYVIWXSVSQERXMGERH
[IHHMRKI\TIVMIRGIWIRZMVSRQIRXEPSJJIVMRKWERHXLI/I]WvGYPXYVEPEWTIGXW3YXVIEGL
[MPPEPWSVIMRJSVGIXLI/I]WvLMWXSV]SJGSQQMXQIRXXSEXXVEGXMRKERHWIVZMRKXLIQEVOIX
4PERRIHTVSQSXMSREPWXVEXIKMIWMRGPYHIXLITVSHYGXMSRSJX[SVIPIEWIWIEGLQSRXL
[VMXXIRF]XLIEKIRG]vW0+&8QIHMEVIPEXMSRWVITVIWIRXEXMZIERHHMWXVMFYXIHXSXEVKIXIH
NSYVREPMWXWFPSKKIVWERHWSGMEPQIHMEMRJPYIRGIVW8LIWIQE]JSGYWSRWTIGMEPIZIRXW
EXXVEGXMSRWGYMWMRIGYPXYVEPSJJIVMRKWSVSZIVZMI[WSJ/I]WEXXVMFYXIWSJMRXIVIWXXS
[MHIWTVIEH0+&8GSRWYQIVW
8LIQIHMEVIPEXMSRWVITVIWIRXEXMZI[MPPEPWSGSRXMRYI[VMXMRKX[MGIQSRXLP]0+&8IRXVMIW
JSVXLI/I]W:SMGIWFPSK%WRSXIHEwXIEWIVxJSVIEGLSRIMWHMWXVMFYXIHHMVIGXP]XS
GSRWYQIVWXLVSYKLXLIJPEOI]WGSQIQEMPHEXEFEWI
8LIEKIRG]vW0+&8KVSYTJEQMPMEVM^EXMSRXSYVMWTPERRIHXSJIEXYVIEGXMZMXMIW
EGGSQQSHEXMSRWERHIPIQIRXWSJMRXIVIWXXS0+&8JEQMP]XVEZIPIVWERHFPIRHIH
KE]WXVEMKLXKVSYTW[MXLQIHMETEVXMGMTERXWGLSWIRJSVXLIMVEFMPMX]XSGEVV]/I]W
QIWWEKMRKXSXEVKIXIHGSRWYQIVW
8LIEKIRG]ERHMXW0+&8VITVIWIRXEXMZI[MPPEPWSGSSVHMREXIMRHMZMHYEPZMWMXWF]
NSYVREPMWXWFPSKKIVWERHPIEHMRKWSGMEPQIHMEMRJPYIRGIVW{WIPIGXIHJSVXLIMVEFMPMX]XS
VIEGL]SYRK0+&8GSRWYQIVW{[LS[MPPFIIRGSYVEKIHXSGSQQYRMGEXIXLIMV/I]W
I\TIVMIRGIWMRVIEPXMQIXSXLIMVJSPPS[IVW8LIEKIRG][MPPEVVERKIMR/I]WQIIXMRKW
ERHTVSZMHIPSKMWXMGEPERHSXLIVWYTTSVXEWRIIHIHEW[IPPEWGVIEXMRKMXMRIVEVMIWXLEX
WLS[GEWIEGXMZMXMIWI\TIVMIRXMEPEHZIRXYVIWERHIPIQIRXWWIPIGXIHXSETTIEPXS]SYRK
0+&8XVEZIPIVW
3XLIVMRMXMEXMZIWMRGPYHIVITVIWIRXMRKXLIHIWXMREXMSREXXLI2EXMSREP+E]ERH0IWFMER
.SYVREPMWXWv%WWSGMEXMSRERRYEPGSRZIRXMSRERHQIHMEWYQQMXGYVVIRXP]TPERRIHJSV
7ITXIQFIVMR4LMPEHIPTLME
K-23
4EGOIX4K
(E
-RXLI0+&8WIGXMSRSJJPEOI]WGSQ[EWI\TERHIHERHYTHEXIHXSVIJPIGX
GYVVIRXSJJIVMRKWERHEHHVIWWIQIVKMRKGSRWYQIVXVIRHW0+&8TVIWWOMXIHMXSVMEP[EW
IRLERGIHERHYTHEXIHEW[IPPERHETLSXSWLSSX[EWYRHIVXEOIRXLEXVIWYPXIHMRXLI
GVIEXMSRSJEGSQTVILIRWMZI0+&8TLSXSPMFVEV]SJLMKLVIWSPYXMSRMQEKIWJSVQIHME
YWI*MREPP]WMKRMJMGERX0+&8IHMXSVMEPERHTLSXSGSRXIRX[EWEHHIHXS2I[QER46vW
SRPMRIRI[WVSSQ
-RXLIEKIRG][MPPJYVXLIVEYKQIRXI\MWXMRKGSRXIRXEHHMRKXMQIP]ERH[IPP
XEVKIXIHQEXIVMEPXSQE\MQM^IXLIWIVIWSYVGIWvIJJIGXMZIRIWWJSVXVEHMXMSREPERHWSGMEP
QIHMEERHFPSKKIVW
-REHHMXMSRXLIEKIRG][MPPGSRXMRYISJJIVMRKERHWYTTP]MRK0+&8VIPEXIHMRJSVQEXMSR
ERHMRTYXXSQEMRWXVIEQQIHME[LIRIZIVETTVSTVMEXIERHQEMRXEMRZMKSVSYWSYXVIEGL
XSFYMPHERHWXVIRKXLIRVIPEXMSRWLMTW[MXLWSGMEPQIHMEGSRXIRXTVSZMHIVW
8LIEKIRG]EPWS[MPPGSRXMRYIGEVV]MRKXLI/I]WvEPP[IPGSQIQIWWEKIHMVIGXP]XSXVEZIP
GSRWYQIVWZMEVIPIZERXIZIRXVIPEXIHERHWTSXRI[WTSWXMRKWSRSYXPIXWVERKMRKJVSQ
*EGIFSSO-RWXEKVEQ8[MXXIV4MRXIVIWXERH=SY8YFIXSIQIVKMRKWSGMEPQIHMEERH
QSFMPITPEXJSVQW
%HHMXMSREP4VSQSXMSREP%GXMZMXMIW
'SPPEFSVEXMZI%GXMZMXMIW 'LMRIWI'IPIFVMX]1IHME-RJPYIRGIV
-REWMRXLITEWXXLIEKIRG][MPPXEOIEHZERXEKISJGSPPEFSVEXMZIIJJSVXWXLEX
GERFII\IGYXIH[MXLXLITYFPMGVIPEXMSRWSJJMGIWSJ:MWMX97%ERH:MWMX*PSVMHE
'LMIJEQSRKXLIWIMWETPERRIHNSMRXTVSNIGX[MXL:MWMX*PSVMHEXSFVMRKE'LMRIWI
GIPIFVMX]MRJPYIRGIVSVLMKLVIEGLWSGMEPQIHMEMRJPYIRGIVXSXLI*PSVMHE/I]W
/I]
;IWXMR3GXSFIV8LMWMRMXMEXMZIMWTPERRIHXSMRGVIEWIJEZSVEFPIE[EVIRIWWSJXLI
HIWXMREXMSRERHMXWSJJIVMRKW[MXLMRXLI'LMRIWIQEVOIXX]TMGEPP]QEHIYTSJ]SYRK
XVEZIPIVW[LSVIWTSRH[IPPXSQSFMPIMRMXMEXMZIW'LMRELEWFIIRMHIRXMJMIHF]:MWE:YI
WXEXMWXMGWEWFIMRKXLIJMJXLPEVKIWXMRXIVREXMSREPGSYRXV]SJSVMKMRJSV/I]WZMWMXSVW
8LIEKIRG]EPWS[MPPI\TPSVI[E]WXS[SVO[MXL:MWMX*PSVMHEXSQSRMXSV-RHMEERH
IZEPYEXIMXWTSXIRXMEPEWERIQIVKMRKQEVOIXEW[IPP
3XLIV'SPPEFSVEXMSRW
7]RIVKMWXMGGSRRIGXMSRWEPWS[MPPFIQEHI[MXLSXLIVXSYVMWXHIZIPSTQIRXGSYRGMPWERH
XSYVMWQFSEVHWEW[IPPEWVITVIWIRXEXMZIWSJEMVPMRIWERHGVYMWIPMRIWWIVZMRKXLI/I]W
;LIRZMEFPI2I[QER46[MPPXEOIEHZERXEKISJSTTSVXYRMXMIWXSGSPPEFSVEXI[MXLTYFPMG
VIPEXMSRWVITVIWIRXEXMZIWSJMRHMZMHYEP/I]WTVSTIVXMIWERHEXXVEGXMSRW
K-24
4EGOIX4K
(E
(IWXMREXMSR6ITVIWIRXEXMSREX.SYVREPMWX'SRJIVIRGIW
2I[QER46MWSRISJEFSYXEHS^IREKIRGMIWREXMSREPP][MXLX[SQIQFIVWMRXLI
MRJPYIRXMEP7SGMIX]SJ%QIVMGER8VEZIP;VMXIVW
7%8;
8LIEKIRG][MPPVITVIWIRXXLI
/I]WEXIZIRXWMRGPYHMRKXLI7%8;REXMSREPGSRZIRXMSR8LIEKIRG]EPWSQEMRXEMRW
QIQFIVWLMTMRXLI3YXHSSV;VMXIVWSJ%QIVMGE%WWSGMEXMSRERHXLI*PSVMHE3YXHSSV
;VMXIVW%WWSGMEXMSRERH[MPPGSRXMRYIXSTVSQSXIXLIHIWXMREXMSRXSQIQFIVWSJXLSWI
SVKERM^EXMSRW
46%GXMZMX]JSV/I]W8SYVMWQ-RHYWXV]-RXIVIWXW
;LIRRIIHIHXLIEKIRG][MPPTVSHYGIERHHMWXVMFYXIXVEZIPEHZMWSVMIWIPIGXVSRMGEPP]XS
LSXIPMIVWERHSXLIVMRHYWXV]QIQFIVWXSGSQQYRMGEXIMRJSVQEXMSREFSYXWMXYEXMSRWXLEX
GSYPHMQTEGXXSYVMWQ)PIGXVSRMGEPP]HMWXVMFYXIHXSYVMWQEHZMWSVMIWEPWS[MPPFITVSHYGIH
XSEPIVXMRHYWXV]QIQFIVWEFSYXTSXIRXMEPTYFPMGVIPEXMSRWSTTSVXYRMXMIW
-REHHMXMSR[LIRVIUYIWXIH2I[QER46VITVIWIRXEXMZIW[MPPQEOITVIWIRXEXMSRWXS
/I]WXSYVMWQSVKERM^EXMSRWEFSYX[E]WXLI]GERXEOIEHZERXEKISJ8('TYFPMGVIPEXMSRW
STTSVXYRMXMIWXSQE\MQM^IXLIMVS[R46IJJIGXMZIRIWW
7IPIGXIH.SMRX1IHME&PMX^IW
8LIEKIRG][MPPGSRXMRYIXSTEVXMGMTEXI[MXL:MWMX*PSVMHEMRWIPIGXIHNSMRXQIHMEIZIRXW
ERHVIGITXMSRWMRXEVKIXIHQENSVERHIQIVKMRKQEVOIXW8LIWIEGXMZMXMIWX]TMGEPP]SJJIV
FSXLGSWXIJJIGXMZIERHXMQIIJJIGXMZISTTSVXYRMXMIWXSTVSQSXIXLIHIWXMREXMSRERHMXW
SJJIVMRKWXSWMKRMJMGERXRYQFIVWSJQIHMESYXPIXWVERKMRKJVSQPMJIWX]PIERHEMVPMRI
QEKE^MRIWXSFPSKKIVW[MXL[MHIVIEHIVWLMTW
'VMWMW1EREKIQIRXERH'SQQYRMGEXMSRW7XVEXIKMIW
3RISJXLIQSWXJYRHEQIRXEPXIWXWSJEHIWXMREXMSRvWGSQQYRMGEXMSRWTPERMWEGVMWMW
WMXYEXMSR{[LIXLIVXLIGVMWMWXLVIEXIRWSVEGXMZIP]MQTEGXWXLIHIWXMREXMSR
2I[QER46vWTEWXGVMWMWGSQQYRMGEXMSRWIJJSVXWLEZIMRGPYHIHGSRGIMZMRKERHGEVV]MRK
SYXWXVEXIKMIWXLEXLIPTIHXLI*PSVMHE/I]WVIGSZIVXSYVMWQQEVOIXWLEVIERHTSWMXMZI
MQEKIEJXIVLYVVMGERIXLVIEXWLYVVMGERIMQTEGXWERHWMXYEXMSRWWYGLEWXLI+YPJSMP
WTMPP
8LIEKIRG]EPWSLEWTVSZMHIHERH[MPPGSRXMRYIXSTVSZMHIGVMWMWQEREKIQIRXEW
RIGIWWEV]MRMRGMHIRXWMRZSPZMRKHMWIEWIWWYGLEWHIRKYIJIZIVGSRGIVRWEFSYX>MOE
QENSVXVEJJMGEGGMHIRXWERHHMWVYTXMSRWERHSXLIVWMXYEXMSRWXLEXGSYPHMQTEGXXSYVMWQ
JPS[
-RXLIGSQMRKJMWGEP]IEVXLIEKIRG][MPPVIZMI[ERHIRLERGIMXWWYGGIWWJYPGVMWMW
QEREKIQIRXWXVEXIKMIWJSVXLIHIWXMREXMSRERHYTHEXIMXWI\MWXMRK,YVVMGERI)QIVKIRG]
4PERJSVFSXLXLVIEXIRIHERHEGXYEPWXSVQW
K-25
4EGOIX4K
(E
8LIPEXXIVTPERMRXIKVEXIW/I]WXSYVMWQMRHYWXV]ERHGSQQYRMX]PIEHIVWERHWIVZIWEWE
KYMHIPMRIMRHIEPMRK[MXLWXSVQXLVIEXWSVSGGYVVIRGIWERHSXLIVEGXYEPSVTSXIRXMEP
GVMWIW-XWGSVRIVWXSRIMWEWXVSRKSRKSMRKVIPEXMSRWLMT[MXL1SRVSI'SYRX])QIVKIRG]
1EREKIQIRXFIRIJMGMEPXSXLI8('ERHXLIXSYVMWQMRHYWXV]XSWYTTSVXIJJSVXWXS
EGLMIZIIGSRSQMGVIGSZIV]EWUYMGOP]EWTSWWMFPIEJXIVEWXSVQTEWWIWSVEGVMWMWMW
VIWSPZIH
-REHHMXMSRXLIEKIRG][MPPQEMRXEMRMXWWXVSRKVIPEXMSRWLMTW[MXL1SRVSI'SYRX]PE[
IRJSVGIQIRXPSGEPJMVIVIWGYIHITEVXQIRXWQMPMXEV]SVKERM^EXMSRWERHJIHIVEPERHWXEXI
LIEPXLERHIRZMVSRQIRXEPSVKERM^EXMSRW{MRGPYHMRKXLI/I];IWX2EXMSREP;IEXLIV
7IVZMGI3JJMGIERH2EXMSREP,YVVMGERI'IRXIV{XSTVSZMHIGSRWXERXMRJSVQEXMSR
MRXIVGLERKIERHGSSVHMREXIHVIWTSRWIWXSWMXYEXMSRWXLEXQMKLXMQTEGXXSYVMWQJPS[
-RER]GVMWMWSVIQIVKIRG]WMXYEXMSRXLIEKIRG][MPPTVSZMHIMQTSVXERXMRJSVQEXMSRXS
/I]WPSHKMRKTVSTIVXMIWERHXSYVMWQMRXIVIWXWEWUYMGOP]EWTSWWMFPI;LMPIQSWX
XVERWQMWWMSRMWZMEIQEMPSVIFPEWXXLIEKIRG]WXMPPQEMRXEMRWEZSMGIGEPPEPIVXW]WXIQ
JSVYWI[LIRVIUYMVIH
-REHHMXMSR[SVOMRK[MXLXLI0SHKMRK%WWSGMEXMSRSJXLI*PSVMHE/I]W
/I];IWXXLI
EKIRG][MPPSVKERM^IETVIzLYVVMGERIWIEWSRTVITEVIHRIWW[SVOWLSTJSVXLIXSYVMWQ
MRHYWXV]SRFILEPJSJXLI8('*MREPP]EWQIRXMSRIHTVIZMSYWP]TPERWGEPPJSV
TEVXMGMTEXMRKMRXLIERRYEPLYVVMGERIVIPEXIHQIHMEFPMX^[MXLXLI1SRVSI'SYRX]
)QIVKIRG]1EREKIQIRX3JJMGIXLI1SRVSI'SYRX]EHQMRMWXVEXSVERHXLI1SRVSI
'SYRX]TYFPMGMRJSVQEXMSRSJJMGIV
:MWMXSV%WWMWXERGI0MRI
8LITYFPMGVIPEXMSRWI\TIRWIFYHKIXJYRHWELSYVXSPPJVIIZMWMXSVEWWMWXERGIWIVZMGI
XLEXWIVZIWEWEQYPXMPMRKYEPXVSYFPIWLSSXMRKJEGMPMX]JSVZMWMXSVW[LMPIXLI]EVIXVEZIPMRKMR
XLI/I]W'SSVHMREXIHF]%Q)YVSTXLITVSKVEQTVSZMHIWERMQTSVXERXVIWSYVGIXLEX
HIQSRWXVEXIWXLIHIWXMREXMSRvWGEVIERHGSRGIVRJSVMXWKYIWXW
K-26
4EGOIX4K
(E
-RXIVREXMSREP1EVOIX4YFPMG6IPEXMSRW
'EREHE
2I[QER46vW'EREHMEREJJMPMEXIEKIRG]01%'SQQYRMGEXMSRW[MPPGSRXMRYIMXWIJJSVXW
XSVEMWIE[EVIRIWWSJXLI*PSVMHE/I]W
TVMQIZEGEXMSRERHKIXE[E]
HIWXMREXMSRF]KIRIVEXMRKJEZSVEFPIERH[IPPHMVIGXIHGSZIVEKIXLVSYKLSYXXLIQIHME
ERHWSGMEPQIHMEWTIGXVYQ
8LVSYKLEZEVMIX]SJXEVKIXIHMRMXMEXMZIWXLIEKIRG][MPP[SVOXSTSWMXMSRXLI*PSVMHE
/I]WZEGEXMSREWESRGIMREPMJIXMQII\TIVMIRGIXLEXMWXVYP]HMWXMRGXQIQSVEFPIERH
XSXEPP]HMJJIVIRXXLEREX]TMGEP*PSVMHEZEGEXMSR
01%[MPPWXVMZIXSIRWYVIXLEXXLI*PSVMHE/I]WEVISRXLIVEHEVSJEPP'EREHMERXVEZIP
[VMXIVWERHWSGMEPQIHMEMRJPYIRGIVW[LSVITSVXSR*PSVMHE8LMWMRGPYHIWMRXVSHYGMRKXLI
HIWXMREXMSRXSXLSWI[LSQE]LEZIFIIRXSQEMRPERH*PSVMHEFYXRSXXLI/I]W
VIJVIWLMRKMQEKIJSVXLSWI[LSLEZIRSXZMWMXIHXLIHIWXMREXMSRMR]IEVWERHGSRXMRYMRK
IWXEFPMWLIHVIPEXMSRWLMTWXSTVSQSXIJYVXLIVGSZIVEKIJVSQXLSWI[LSLEZIVIGIRXP]
ZMWMXIHSVJIEXYVIHXLI/I]W
8LVSYKLXLIWIXVEHMXMSREPERHWSGMEPQIHMEVITVIWIRXEXMZIW01%[MPPIRLERGIXLI
*PSVMHE/I]WvTVSJMPIEWEHIWMVEFPIHIWXMREXMSR[MXLMR*PSVMHEJSVIZIV]XLMRKJVSQEVXW
ERHGYPXYVILMWXSV]JSSHERHJIWXMZEPWXSWRSVOIPMRKHMZMRKJMWLMRK[EXIVWTSVXWERHWSJX
EHZIRXYVIEGXMZMXMIW8LI/I]W[MPPFITSVXVE]IHEWEVIPE\MRKQIQSVEFPI]IEVVSYRH
HIWXMREXMSRJSV'EREHMERXVEZIPIVWVEXLIVXLEREWMRKPIWIEWSRVIKMSRJSVwWRS[FMVHx
IWGETIWJVSQ[MRXIV[IEXLIV
8EVKIX%YHMIRGIW
8LVSYKLQIHMESYXVIEGL01%[MPPTVIHSQMRERXP]XEVKIX'EREHMERXVEZIPIVWFEWIHMR
3RXEVMSJSV[LSQ*PSVMHEMWQSWXIEWMP]EGGIWWMFPI8LIQENSVLYFMWXLI8SVSRXSERH
KVIEXIV8SVSRXSEVIEMRGPYHMRK,EQMPXSR2MEKEVE3XXE[EERH7SYXL[IWXIVR3RXEVMS
%PWSMQTSVXERXMWXLI*VIRGLQEVOIXMR1SRXVIEPERH5YIFIG'MX]KMZIRMXWIEW]EGGIWW
XS1MEQMERHEREPVIEH][IPPIWXEFPMWLIH*PSVMHEXVEZIPTEXXIVR1SRXVIEPMWXLIWIGSRH
PEVKIWXQEVOIXFILMRH8SVSRXS
%W[IPPJSVXLIGSQMRK]IEVXLIEKIRG][MPPPSSOXSI\TERHE[EVIRIWWXSXLI)EWX'SEWX
%XPERXMG'EREHEVIKMSR{QSVIWTIGMJMGEPP]XLI,EPMJE\VIKMSRXLEXSJJIVWXLIPEVKIWX
%XPERXMGEMVTSVXLYFEPEVKIWRS[FMVHTSTYPEXMSRERHEKVS[MRKFPSKKIVQEVOIX
&IGEYWIXLI/I]WEVILSQIXS[MHIP]ZEV]MRKEXXVEGXMSRWXLIXEVKIXQEVOIXWIKQIRXW
[MPPZEV]EW[IPPXSMRGPYHI
%GXMZIWMRKPIWERHGSYTPIW
*EQMPMIWERHKVSYTW
(IWXMREXMSR[IHHMRKERHLSRI]QSSRXVEZIPIVW
K-27
4EGOIX4K
(E
;EXIVWTSVXWJMWLMRKERHHMZMRKIRXLYWMEWXW
7RS[FMVHWERHEGXMZIEHYPXW
1IIXMRKWGSRJIVIRGIERHGSRZIRXMSRKVSYTW
0+&8XVEZIPIVW
%HHMXMSREPWTIGMEPX]QEVOIXWWYGLEWIRXIVXEMRQIRXGYMWMRIEVXWGYPXYVEPERH
LMWXSV]
8EVKIX1IHME
01%vWTVMQEV]SFNIGXMZI[MPPFIXSJSGYWSRQIHMESYXPIXW[MXLXLIWXVSRKIWXTSXIRXMEPXS
VIWTSRHXSXLI*PSVMHE/I]WFSXLFVSEHP]ERHMRIEGLETTPMGEFPIZIVXMGEPQEVOIX
4EVXMGYPEVIQTLEWMW[MPPFITPEGIHSRMRGVIEWMRKWXVSRKGSRRIGXMSRW[MXLFPSKKIVWXS
FVSEHIRE[EVIRIWWERHVIEGL4VMSVMX]QIHMEXEVKIXW[MPPMRGPYHI
2EXMSREP)RKPMWLHEMP]RI[WTETIVW XST'EREHMERRI[WTETIVWWYGLEW+PSFI
1EMP2EXMSREP4SWX8SVSRXS7YR,EQMPXSR7TIGXEXSV0SRHSR*VII4VIWW
3XXE[E'MXM^IR;MRHWSV7XEV'EPKEV],IVEPHERH)HQSRXSR.SYVREP
2EXMSREP*VIRGLJSGYWIHHEMP]RI[WTETIVW 0I(IZSMV0E4VIWWI8LI+E^IXXI
ERH0I.SYVREPHI1SRXVIEP
-RXIVRIXWMXIWFPSKKIVW[MXLWMKRMJMGERXJSPPS[MRKWERHQSFMPIVIWSYVGIW
7SGMEPQIHMESYXPIXW
MI*EGIFSSO8[MXXIV-RWXEKVEQ4MRXIVIWX
'SQQYXIVHEMPMIW 1IXVS'EREHE
VIKMSREPSYXPIXW
,SYVW'EREHE
7TIGMJMGMRHYWXV]TYFPMGEXMSRW
HMZMRKJSSHREXYVIIGSIRXLYWMEWXW[IHHMRKW
IXG
%HHMXMSREPKIRIVEPMRXIVIWXQEKE^MRIWWYGLEWFYWMRIWWTYFPMGEXMSRW[MXLXVEZIP
SVPMJIWX]PIWIGXMSRW
&VSEHGEWXXVEZIPWLS[WERHWIKQIRXW
8:VEHMS
1ENSV4YFPMG6IPEXMSRW-RMXMEXMZIW
01%vWTYFPMGVIPEXMSRWTVSKVEQWJSVMRGPYHI
%RMRHSSV/I]W;MRXIV;EVQYT'IPIFVEXMSRJSVWIPIGX8SVSRXSFEWIHJSSHERH
XVEZIPFPSKKIVWXSFSSWXTVMQEV]QEVOIXE[EVIRIWWFIJSVIXLI[MRXIVLSPMHE]W
%'EREHMER7SGMEP7LEVMRK)GS%HZIRXYVI)\GYVWMSRXSFSSWXQIERMRKJYP
FPSKKIVERHWSGMEPQIHMEMRXIVEGXMSRXLVSYKLYRMUYIKIRYMRI/I]WI\TIVMIRGIW
%R%XPERXMG'EREHEQIHMEFVIEOJEWXERHHIWOWMHIQIIXMRKWXSTVSEGXMZIP]VIEGL
,EPMJE\QIHME
K-28
4EGOIX4K
(E
w'SQI%W=SY%VIx/I]W;MRXIV;EVQYT'IPIFVEXMSR
8SVSRXS
-RTEWX]IEVW01%LEWHIZIPSTIH46MHIEWMRGPYHMRKE/I]PMQITMIJSSHXVYGOERHE
w&IGSQIE/I]W'LIJxTVSKVEQXSFSSWX*PSVMHE/I]WE[EVIRIWWEQSRKQIHMEERH
XLIMVEYHMIRGIW8LIYRMJ]MRKGSRGITXMRIEGLMHIELEWFIIRFVMRKMRKXLIJIIPERHXEWXI
SJXLI/I]WXS'EREHE
8SGSRXMRYIXLMWXVEHMXMSR01%[MPPSVKERM^IERMRHSSV/I]W;MRXIV;EVQYT
'IPIFVEXMSRTVMSVXSXLI[MRXIVLSPMHE]8LMW[MPPFIERI\GPYWMZIIZIRXLMKLPMKLXMRKE
RYQFIVSJJYRIRKEKMRKIPIQIRXWXLEXKMZIQIHMETEVXMGMTERXWEKPMQTWISJXLI/I]W
ZEGEXMSRI\TIVMIRGI
8LIIZIRX[MPPFILIPHEXERMRHSSVIZIRXZIRYIMRGIRXVEP8SVSRXS[MXLSRWMXIWERH
WYTTSVXMRKE[EXIVJVSRXEXQSWTLIVISVEHIWMKREXIHEVIE[LIVIWERHGERFIEHHIH
7IPIGXIH8SVSRXSFEWIHJSSHERHXVEZIPQIHMEERHMRJPYIRGIVW[MPPFIMRZMXIHXSGSQI
HVIWWIHJSVEWYQQIVSGIERWMHISVFIEGLI\TIVMIRGI8SEGGIRXYEXIXLIMRHSSVWERH
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HMWLIWERHXLIQIHEPGSLSPJVIIQSGOXEMPW
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w8VSTVSGOx/I]WQYWMGTPE]IHXLVSYKLSYXXLIIZIRMRK
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WSGMEPWLEVMRK
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EQSRKXLIMVJSPPS[IVW(YVMRKXLIIZIRMRKSRI[MRRIV[MPPFIWIPIGXIHXSVIGIMZIEXVMT
XSXLI/I]WXLEXMRGPYHIWJPMKLXLSXIPERHTIVHMIQEXEXSFIHIXIVQMRIHXMQIMR
8LMW[MPPMRGVIEWIXLIGSZIVEKIJVSQXLIQIHMEEWXLI[MRRIV[MPPFIVIUYMVIHXSGSZIV
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K-29
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/I]WLMKLPMKLXXLIKIRYMRIEXXVEGXMSRWERHWMQTPITPIEWYVIWEZEMPEFPIERHIRKEKIXLI
TYFPMGXLVSYKLWSGMEPQIHMEERHXLIJSPPS[IVWSJOI]MRJPYIRGIVW
8]TMGEPP]8[MXXIVGLEXWEVIIQTPS]IHXSFSSWXWSGMEPE[EVIRIWW,S[IZIVXLIWIGLEXW
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)\TERHMRKSRXLEXGSRGITX01%[MPPLEZIOI]MRJPYIRGIVWXVEZIPXSXLI/I]WJSVJSYVSV
JMZIWXVEMKLXHE]WXSIRKEKIPSGEPP]FYXFVSEHP]SREWSGMEPPIZIP[MXLXLIMVJSPPS[IVW
)EGLHE]SRISVX[SPSGEXMSRWSVEXXVEGXMSRW[MXLMRXLI/I]W[MPPFIGLSWIRXSFI
GIRXVEPwWSGMEPWLEVIWTSXWx{[LMGL[MPPWIVZIEWXLIHMKMXEPIRKEKIQIRXXSTMGWJSV
TEVXMGMTEXMRKMRJPYIRGIVWXSWLEVIERHTYWLMRJSVQEXMSRXLVSYKL
8LMW[MPPTVSQSXIIHYGEXIERHFSSWXE[EVIRIWWSJXLI/I]W*SVI\EQTPIXLIMXMRIVEV]
GERJIEXYVIERIRZMVSRQIRXEPGIRXIVEWEWSGMEPWLEVIWTSX(YVMRKXLIMVZMWMX
TEVXMGMTEXMRKMRJPYIRGIVW[MPPX[IIXERHTSWXJYRIHYGEXMSREPXMHFMXWERHMQEKIWVIPEXMRK
XSXLIGIRXIV)EGLHE]XLIMRJPYIRGIVW[MPPTVSQSXIEWTIGMJMGXMQI[LIRXLI][MPP
I\TPSVIXLIRI\XHE]vWWSGMEPWLEVIWTSXWSXLIMVJSPPS[IVWGEREMQXSZMI[ERHVIWTSRH
XSTSWXWEXXLEXXMQI
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XSTMRJPYIRGIVW
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&IJSVIXLII\GYVWMSRTEVXMGMTERXW[MPPFIVIUYMVIHXSI\IGYXISRISVQSVITSWXWSRXLIMV
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8[MXXIV-RWXEKVEQERHSXLIVSYXPIXW{[MXLEXPIEWXXLVIITSWXWSRSRISVEPPXLIMVWSGMEP
GLERRIPWHEMP]XLVSYKLSYXXLIXVMT
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WXSVMIWSVTSWXWSRXLIMVFPSKWERHSRITSWXTVSQSXMRKXLIGSRXIRXZMEXLIMVWSGMEP
GLERRIPW-REHHMXMSRXLI][MPPFIIRGSYVEKIHXSTMXGLERHTPEGIEVXMGPIW[MXLXLMVHTEVX]
SYXPIXWWYGLEW,YJJMRKXSR4SWX'EREHE
8LI/I]WvWSGMEPQIWWEKMRK[MPPFIGSQTPIQIRXIHERHIRLERGIHF]GSRXIRXTSWXIHF]
XLIIRKEKMRKwGVIEXSVWxWIPIGXIHJSVXLII\GYVWMSR8SJYVXLIVFSSWXMRXIVEGXMSRSRI
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MRGPYHMRKJPMKLXLSXIPERHTIVHMIQ
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K-30
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SJJIVMRKW8LMW[MPPWIVZIEWXLIJMVWXSJJMGMEPIZIRXLIPHMR,EPMJE\SRFILEPJSJXLI
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IGSRSQMGGIRXIVSJ%XPERXMG'EREHE[MXLEPEVKIGSRGIRXVEXMSRSJKSZIVRQIRXWIVZMGIW
ERHTVMZEXIWIGXSVGSQTERMIW
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%MVTSVXXSZEVMSYWHIWXMREXMSRWMR*PSVMHEMRGPYHMRK3VPERHS8EQTE*SVX0EYHIVHEPIERH
7X4IXIVWFYVKEPPS[MRKJSVIEW]GSRRIGXMSRWXSXLI*PSVMHE/I]W
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VIPEXMSRWLMTWERHFYMPHRI[SRIW[MXL*VIRGLERH)RKPMWLQEMRWXVIEQERHWSGMEPQIHME
VITVIWIRXEXMZIWJVSQXLI5YIFIGVIKMSR
81%'MWXLITVIQMIVXVEZIPQIHMEEWWSGMEXMSRMR'EREHEFVMRKMRKXSKIXLIVXVEZIPQIHME
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ERHTIVGIRXEVIMRHYWXV]ERHEPPEVIMRZMXIHXSXLMWIZIRX
8LIIZIRXWIVZIWEWERSTTSVXYRMX]JSVQIQFIVWXSGSRRIGX[MXLXLIEWWSGMEXMSRvW
'EREHMERXVEZIPQIHMEERHMRHYWXV]TVSJIWWMSREPWJVSQEGVSWW'EREHE8LIGSRJIVIRGI
K-31
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8LI1IHME1EVOIXTPEGITSVXMSRSJXLIGSRJIVIRGIXEOIWTPEGISZIVX[SHE]WERH[SVOW
EWEWSVXSJwWTIIHHEXMRKxTVSGIWW[MXLTVIWGLIHYPIHQMRYXIQIIXMRKWXEOMRK
TPEGI[MXLHMJJIVIRXQIHMEQIQFIVW
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EXXIRHIIWHYVMRKSXLIVGSRJIVIRGIEGXMZMXMIW
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K-32
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TPEGIQIRXHEXI8LIEKIRG][MPPYXMPM^IMXW[SVOMRKVIPEXMSRWLMTW[MXLEMVPMRITEVXRIVWXS
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TVIZMSYW97TVIWWXVMTWMRGPYHMRKXLSWIHIWMKRIHJSVFPSKKIVWERHXSTVSQSXI[IHHMRK
ERHLSRI]QSSRXVEZIP
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MRHMZMHYEPQIHMEQIQFIVWERHLMKLPIZIPWSGMEPQIHMEMRJPYIRGIVWHIWMVMRKXSXVEZIP
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XEVKIXIHSYXVIEGLXSIHMXSVWVITVIWIRXMRKXLIXSTXMIVSJ'EREHMERXVEZIPTYFPMGEXMSRWERH
K-33
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SRPMRIWSYVGIWERHRMGLIFPSKJSVYQWSVFVSEHGEWXSYXPIXWXSMRGVIEWIHIWXMREXMSR
E[EVIRIWWEQSRKEYHMIRGIW[MXLWTIGMJMGEVIEWSJMRXIVIWXWYGLEWHMZMRKJMWLMRKSV
EHZIRXYVIXVEZIP
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XSXEVKIXQIHMEERHWSGMEPQIHMEVITVIWIRXEXMZIWXLEXGERIRLERGIXLIJEZSVEFPIMQEKI
SJXLIHIWXMREXMSREQSRKXVEZIPGSRWYQIVW
8SQE\MQM^IGSQQYRMGEXMSREFSYXXLIHIWXMREXMSRXSSYXPIXWXLEXHSRSXXEOIEHZERXEKI
SJZMWMXWSVGERRSXFIEGGSQQSHEXIHXLIEKIRG][MPPTVSZMHIEPMROJSVXLIQXSVIKMWXIV
SRXLIQIHMEVIWSYVGIGIRXIVJSVZMHISWERHRI[WVIPIEWIYTHEXIWXLEXGERFIYXMPM^IH
EXXLIMVHMWGVIXMSR
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01%[MPPGSRXMRYIXSHMWXVMFYXIEQSRXLP]I&PEWXWLS[GEWMRKXLIPEXIWXYTHEXIWRI[W
WTIGMEPIZIRXWERHSXLIVSJJIVMRKWJVSQXLI*PSVMHE/I]W8LIGST][MPPLEZIEWXVSRK
GEPPXSEGXMSRERHPMROWJSVJYVXLIVMRJSVQEXMSRJIEXYVIEPPGYVVIRX*PSVMHE/I]WWSGMEP
QIHMEPMROWERHIRXMGIVIEHIVWXSPIEVRQSVIEFSYXXLI*PSVMHE/I]WXLVSYKLXLIQIHME
GIRXIV
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TVSTVMIXEV]QIHMEHEXEFEWIXLEXMRGPYHIWQSVIXLER'EREHMERXVEZIPQIHME
GSRXEGXW8LMWPMWXMWYTHEXIHSREVIKYPEVFEWMWERHMRGPYHIWVITVIWIRXEXMZIWSJSRPMRI
TYFPMGEXMSRWERHFPSKWRI[WTETIVWERHQEKE^MRIWFVSEHGEWXERHVEHMSXVEZIPERH
XVEZIPXVEHIERHSXLIVWXLEXMRGPYHIWTIGMEPX]PMJIWX]PIGYPMREV]ERHWTSVXWSYXPIXW8LI
IPIGXVSRMGHMWXVMFYXMSRW]WXIQIQTPS]W'EQTEMKR1SRMXSV[LMGLVITSVXWXLITIVGIRXEKI
STIRIHERHTIVGIRXEKIVIEH
7XE]MRKMRVIKYPEVGSRXEGX[MXLQIHMEF]HMWXVMFYXMRKXLII&PEWXSREGSRWMWXIRXFEWMW
GVIEXIWEWXVSRKIVSZIVEPPTVIWIRGIJSVXLIHIWXMREXMSRERHWIVZIWEWEJVIUYIRX
VIQMRHIVXS'EREHMERQIHMESYXPIXWEFSYX*PSVMHE/I]WHIZIPSTQIRXW
8STMGW[MPPFIWIPIGXIHERHWYQQEVM^IHJVSQXLIVIPIEWIWMRXLI/I]WSRPMRI
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IZIRXWERHSXLIVIPIQIRXWXLEXLMKLPMKLXIEGLHMWXVMGX[LMPIETTIEPMRKXSEZEVMIX]SJ
GSRWYQIVMRXIVIWXW%PPTYFPMGVIPEXMSRWQEXIVMEPW[MPPJIEXYVIXLI/I]W[IFWMXIERHXSPP
JVIIRYQFIVEW[IPPEWXLIHIWXMREXMSRvWQYPXMTPIWSGMEPQIHMESYXPIXW
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K-34
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JIWXMZEPHE]SJXLI[IIOIRHGVIEXMRKUYEPMX]XMQIXSWLS[GEWIXLI/I]WERHXLIMV
SJJIVMRKWJSV0+&8ERHWXVEMKLXXVEZIPIVW
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XVEZIPI\TIVMIRGI
3REVVMZEPMR&VMKLXSRXLITEVX][MPPIRNS]XLI4VMHITEVEHIFIJSVIFIMRKIWGSVXIHXSE
FVERHIH/I]WWIGXMSR[MXLMRXLI:-4LSWTMXEPMX]EVIESRXLIJIWXMZEPKVSYRHWEX4VIWXSR
K-40
4EGOIX4K
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TSMRXXLIQIHMEKYIWXW[MPPKIXEJVSRXVS[ZMI[SJXLITIVJSVQERGIWSRXLIQEMRJIWXMZEP
WXEKI
&IX[IIREGXWXLIQIHMEKYIWXW[MPPFIXEOIRXSXLI/I]WWEPIWXIEQvWPSGEXMSRSRXLI
QEMRJIWXMZEPKVSYRHW[LIVIXLI][MPPFIIRGSYVEKIHXSwXV]SRxXLIKMERX7YWLMWLSI
ERHTSWXMQEKIWSJXLIQWIPZIWSRXLIMVWSGMEPQIHMEGLERRIPW
,SWXMRKLMKLGEPMFIVQIHMESRE:-4FEWMWEXXLI9/vWFIWXPSZIHHMZIVWMX]JSGYWIH
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];IWXEWETVIQMIV0+&8
HIWXMREXMSRFYMPHMRKMQTSVXERXERHPEWXMRKVIPEXMSRWLMTWXLEX[MPPPIEHXSZEPYEFPI
GSZIVEKIJSVXLIMWPERHGLEMR
7TIGMEP4VSNIGX 8EWXISJXLI/I]W1IHME0YRGL
8SWYTTPIQIRXMXWSRKSMRKSRIXSSRIQIHMESYXVIEGLXLIEKIRG]MWTPERRMRKXLIJMVWX
HIHMGEXIH/I]WQIHMEIZIRXLIPHMRXLI9/QEVOIXJSVQER]]IEVW/&'[MPPLSWXE
w8EWXISJXLI/I]WxQIHMEPYRGLMREGIRXVEP0SRHSRZIRYIJSVYTXSXSTXMIV
NSYVREPMWXWERH[MPPMRZMXIEHMZIVWIFPIRHSJXVEHIREXMSREPQEKE^MRI0+&8ERH
JVIIPERGIQIHMEJVSQMXW%PMWXQIHMEHEXEFEWI8STXMIVFPSKKIVW[MPPFIGSRWMHIVIHJSV
TEVXMGMTEXMSREW[IPP
/&'[MPPVIWIEVGLEWYMXEFPI0SRHSRZIRYIERH[MPP[SVO[MXLXLIVIWXEYVERXXSGVIEXI
EREYXLIRXMG*PSVMHE/I]WzWX]PIPYRGL[MXLQIRYGLSMGIWWYGLEWJVIWLJMWLSVWIEJSSH
/I]PMQIFIZIVEKIWERHXVEHMXMSREP/I]PMQITMI
/&'[MPPYWIXLITPEXJSVQSJXLIQIHMEPYRGLXSJSGYWEXXIRXMSRSRIPIQIRXWSJXLI/I]W
I\TIVMIRGIERHWLEVIRI[WEFSYXXLIHIWXMREXMSRYTGSQMRKIZIRXWERH
EGGSQQSHEXMSRWHIFYXW{EPP[MXLXLIEMQSJKIRIVEXMRKI\GMXIQIRXEFSYXXLIVIKMSR
MRWTMVMRKQIHMEXSZMWMXXLI/I]WERHWYFWIUYIRXP]TVSHYGILMKLUYEPMX]GSZIVEKIEFSYX
XLIMVI\TIVMIRGIW
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K-41
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7LI[MPPTVSHYGIEQMRMQYQSJX[SIHMXSVMEPWTIVHIWXMREXMSRXSFITYFPMWLIHSR
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EHHMXMSREPP]XLI[LSPIXVMT[MPPFIGYVEXIHSRXLI0MZI7LEVI8VEZIPFPSK3ZIVEPPXLI
'ETXMZEXIRIX[SVOEGLMIZIWYRMUYIQSRXLP]ZMWMXSVWERHEWSGMEPQIHME
JSPPS[MRKSJSZIV %PP'ETXMZEXIQIQFIVW[MPPWLEVI)PPEvWWXSVMIWZMEXLIMVWSGMEP
GLERRIPW
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XLI*PSVMHE/I]WMWPMOIP]XSEGLMIZIMXWWLEVIMRERI\XIRHIHVSEHXVMTWXSV][LIVISRPMRI
STTSVXYRMXMIWXSWIIEVITVSNIGXIHEXQMPPMSR[MXLEVIEGLSJYTXSQMPPMSR
8LITVSNIGXLEWXLIFEGOMRKSJ&VERH97%,IVX^ERHTSXIRXMEPP]%QIVMGER)\TVIWW
8LIMRZSPZIQIRXSJWTSRWSVWFVMRKWMRXSTPE]XLIMVS[RWSGMEPQIHMEVIEGLKVIEXP]
I\XIRHMRKXLIMQTEGXSJXLIGEQTEMKR
-REHHMXMSR)PPEvWFEGOKVSYRHEWETVMRXERHQEKE^MRINSYVREPMWXERHLIVI\XIRWMZI
GSRXEGXW[MPPIREFPILIVXSTMXGLJYVXLIVIHMXSVMEPJIEXYVIWSRXLIXVMTXSEVERKISJ9/
SYXPIXW7LILEWEPVIEH][VMXXIRJSVXLI8IPIKVETL8VEZIP;IIOP]&%,MKL0MJIERHXLI
(EMP]1EMP
8LI/I]W[MPPFIXLIJMREPWXSTSR)PPEvWNSYVRI][MXLLIVEVVMZEPWPEXIHJSVPEXI3GXSFIV
8LMWGVIEXIWXLISTTSVXYRMX]JSVEwFMKJMRMWLxXSLIVITMGVSEHXVMT[MXLSTTSVXYRMXMIWJSV
MRGSVTSVEXMRKYRMUYIHIWXMREXMSRIPIQIRXWXSSTXMQM^IEYHMIRGIIRKEKIQIRXXLVSYKL
XLI'ETXMZEXIRIX[SVO
7TIGMEP4VSNIGX -VMWL1IHME1MWWMSR
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HMVIGXP][MXLQIHMEXSJYVXLIVHIZIPSTVIPEXMSRWLMTW/&'TVSTSWIWEX[SHE]QIHME
QMWWMSRXS(YFPMRMRIEVP]
(YVMRKXLIXVMT/&'TPERWXSQIIX[MXLWIPIGXIHVITVIWIRXEXMZIWSJXVEHMXMSREPERH
RSRXVEHMXMSREPQIHMEXSTVSZMHIMRJSVQEXMSREFSYXXLISZIVEPP*PSVMHE/I]WI\TIVMIRGI
RI[HIZIPSTQIRXWERHYTGSQMRKSTTSVXYRMXMIWJSVGSPPEFSVEXMSR
8LITYVTSWISJXLIXVMTMWXSGVIEXIVIPEXMSRWLMTW[MXLQENSVQIHMESYXPIXWFSXLTVMRXERH
SRPMRIERHRI[QIHMEHIIQIHMRJPYIRXMEPMR-VIPERH8LI]QE]XLIRFIMRXIVIWXIHMR
WIRHMRKVITVIWIRXEXMZIWXSXLI*PSVMHE/I]WXSI\TIVMIRGIXLIHIWXMREXMSRJMVWXLERH
[LMGLMRXYVR[MPPMRGVIEWIHIWXMREXMSRE[EVIRIWWERHGEVV]QIERMRKJYPQIWWEKMRKXS
GSRWYQIVEYHMIRGIW/&'[MPPEPWSMHIRXMJ]ERHJSPPS[YTSRSTTSVXYRMXMIWJSV/I]W
GSZIVEKIXLEXHSIWRSXVIUYMVIEZMWMX
K-42
4EGOIX4K
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:MWE:YIERHR7MKLXHEXEMHIRXMJMIWWMKRMJMGERXKVS[XLTSXIRXMEPMR*VERGI[MXL4EVMWMR
XLIXSTJMZIMRXIVREXMSREPFSSOMRKGMXMIWJSVXLI/I]WERHERIEVJMZITIVGIRXKVS[XLMR
IWXMQEXIHZMWMXSVWSZIVEPP
-RVIGIRX]IEVW46EGXMZMX]MR*VERGISRFILEPJSJXLI/I]WLEWFIIRVIWXVMGXIHXS
HMWXVMFYXMSRSJTVIWWVIPIEWIWERHEWYGGIWWJYPQIHMEHMRRIVLIPHIEGL7ITXIQFIVSR
XLIIZISJXLI8ST6IWEXVEHIJEMVMR4EVMW8LIEKIRGMIWFIPMIZIXLEXRS[MWXLIXMQIXS
MRGVIEWIEGXMZMX]ERHIWXEFPMWLE]IEVVSYRHTVIWIRGIJSVXLI*PSVMHE/I]W
/I];IWX
MR*VERGI
8LIVIJSVIJSVJMWGEP]IEVTVIWWVIPIEWIHMWXVMFYXMSRERH8ST6IWEEGXMZMX][MPP
FIGSQTPIQIRXIHF]ERSRKSMRKQIHMESYXVIEGLTVSKVEQHIWMKRIHXSGETMXEPM^ISRE
KVIEXIVRYQFIVSJSTTSVXYRMXMIWJSVI\TSWYVI%GXMZMX][MPPFIYRHIVXEOIRF]/&'vWMR
QEVOIXJVIIPERGIV[LSLEWFIIRMRWXVYQIRXEPMRTVSKVIWWMRK8ST6IWETVSNIGXWWMRGI
-RWTVMRK/&'[MPPSVKERM^IERHLSPHEKVSYTTVIWWXVMTXSXLI*PSVMHE/I]W
WTIGMJMGEPP]JSV*VIRGLQIHMEERHFPSKKIVW8LIXVMT[MPPFIHIWMKRIHEWEJMVWXXMQIVvW
MRXVSHYGXMSRXSXLI/I]WJSGYWMRKWTIGMJMGEPP]SRI\TIVMIRGIWXLEXEVIYRMUYIXSXLI
MWPERHGLEMRERHQEOIMXE*PSVMHEHIWXMREXMSR[MXLMXWS[RHMWXMRGXMZIJPEZSVERHMHIRXMX]
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0+&8QIHME
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%GXMZMXMIWMRXLI+IVQERWTIEOMRKQEVOIXW[MPPFIMRPMRI[MXLXLIw7MQTP]XLI/I]Wx
QIWWEKMRKXSVIMRJSVGITVSQSXMSRSJE/I]WKIXE[E]XLEXFVMRKWXLIZMWMXSVFEGOXSXLI
FEWMGWSJGVIEXMRKLETT]QSQIRXWERHQIQSVMIW*SVXLI+IVQERWTIEOMRKQEVOIX
01+TVSTSWIWYWMRKXLISZIVEPPYQFVIPPETLVEWISJw*PSVMHE/I]W)MRJEGL7GLÚRx
0MXIVEPP]XVERWPEXIHXLMWQIERWw*PSVMHE/I]W7MQTPI&IEYXMJYPx,S[IZIVXLIXIVQ
w)MRJEGLWGLÚRxXS+IVQERWTIEOIVWQIERWwWMQTP]HMZMRIx
8LIWMQTPMGMX]XLIQI[MPPYRHIVTMR01+vW46EGXMZMX][LIXLIVXLVSYKLEw7MQTP]
9RJSVKIXXEFPI)\TIVMIRGIWxTVIWWVIPIEWIWIVMIWSVIRKEKMRKXLI,EQFYVKFPSKKIVERH
MRJPYIRGIV.SNS[MXLLIVTSTYPEVFPSKw1]7MQTPI0MJIxEWE/I]WEHZSGEXI-RE[SVPH
XLEXMWJYPPSJSZIVPSEHXLIWMQTPMGMX]XLIQI[MPPVMRKXVYI[LMPIEPWSIRGSQTEWWMRKXLI
HIWXMREXMSRvWHMWXMRGXMZIKIRYMRIREXYVI
3FNIGXMZIWJSVMRGPYHIWYGGIWWJYPP]GEVV]MRKXLI*PSVMHE/I]W
/I];IWXvW
w7MQTP]XLI/I]WxGSRGITXXSXLI+IVQERWTIEOMRKQEVOIX01+[MPPTPEGITEVXMGYPEV
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MRGVIEWIXLISRPMRIZMWMFMPMX]SJXLI/I]W{IWTIGMEPP]SRXLIWSGMEPQIHMETPEXJSVQW
*EGIFSSOERH-RWXEKVEQ-REHHMXMSRXLIEKIRG][MPPHIZIPSTI\TSWYVIMRXLIWQEPPFYX
KVS[MRK%YWXVMERQEVOIX[MXLEHIHMGEXIHQIHMEVIPEXMSRWIJJSVX
K-43
4EGOIX4K
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01+vWIJJSVXW[MPPMRGPYHI
7IGYVMRKEQMRMQYQSJNSYVREPMWXWMRJPYIRGIVWERHFPSKKIVWXSZMWMXXLI*PSVMHE
/I]WXSTVSHYGIHIHMGEXIHHIWXMREXMSRGSZIVEKI
(IZIPSTMRKYWMRKERHTVSEGXMZIP]TMXGLMRKLEWLXEKWJSVMRHMZMHYEPERHKVSYT
TVIWWXVMTWXSWIGYVIQIEWYVIQIRXSJWSGMEPQIHMESYXTYX
(IZIPSTMRKEw7MQTP]9RJSVKIXXEFPIxI\TIVMIRGIWTVSKVEQERHYXMPM^MRKMXXS
KIRIVEXIMRGVIEWIH*EGIFSSOERHWSGMEPQIHMEMRXIVEGXMSR[MXLGSRWYQIVW
7XVMZMRKXSEGLMIZIEQMRMQYQSJXLVIIQENSVJIEXYVIWMRXEVKIXIHTVMRXERHSRPMRI
SYXPIXWMR%YWXVME
1IHME6IPIEWIWERH:MWMXW
4VIWW6IPIEWIW
01+[MPPGSRXMRYIXS[VMXIXVERWPEXIERHHMWXVMFYXIX[STVIWWVIPIEWIWTIVQSRXLXSE
FVSEHWIPIGXMSRSJQIHMEGSRXEGXWYXMPM^MRKXLIVIPIEWIWTVSHYGIHF]/&'XLEXEVI
VIPIZERXXSXLI+IVQERWTIEOMRKQEVOIX01+[MPPEPWSHIZIPSTXEMPSVIHTVIWWVIPIEWIW
ERHTMXGLIWSRXSTMGWSJTEVXMGYPEVMRXIVIWXMR+IVQER]7[MX^IVPERHERH%YWXVME
JIEXYVMRKOI]TSMRXWSJXLI*PSVMHE/I]W
MXMSRMRKJSV[MXLXLI
KSEPSJKVS[MRKXLIHIWXMREXMSRvWTVIWIRGIMR%PMWXERHRMGLIQIHMESYXPIXW
%WERI\EQTPIXLI%YWXVMERQEVOIXMWWXVSRKP]PY\YV]HVMZIR01+[MPPHIZIPSTE
VIPIEWITSWMXMSRMRKXLI/I]WEWEPEMHFEGOPY\YV]HIWXMREXMSRXLEXSJJIVWERI[OMRHSJ
wPY\YV]xI\TIVMIRGIJSVXLIXVEHMXMSREPLMKLIRH%YWXVMERXVEZIPIV-RVIPEXMSRXSXLI/I]W
XLI[SVHPY\YV][MPPFIVIHIJMRIHXSGSRZI]XLIWIRWISJI\GPYWMZMX]MRXLIWMRKYPEVMX]SJ
I\TIVMIRGIWEZEMPEFPIXSZMWMXSVW8LIVIPIEWI[MPPJIEXYVIEGGSQQSHEXMSRWVIWXEYVERXW
ERHI\GYVWMSRWXLEXSJJIVXLMWOMRHSJPY\YV]01+[MPPVIEGLSYXXSXLI%YWXVMERQEVOIX
ERHSXLIVKPSWW]+IVQERERH7[MWWQIHMEXMXPIW
&IGEYWI+IVQERXSYVSTIVEXSVWVIGSVHIHEREPPXMQILMKLJSV6:ERHGEQTMRKFSSOMRKW
MR01+[MPPHIZIPSTEVIPIEWISRTVMQIGEQTMRKERH6:WMXIWMRXLI/I]W8LI
VIPIEWI[MPPEPWSJIEXYVIGEQTMRKSTTSVXYRMXMIWXLEXEVIGPSWIXSREXYVI[LIVIXVEZIPIVW
GERI\TIVMIRGIXLI/I]WvREXYVEPGEPQERHWMQTPIIPIQIRXW
-RHMZMHYEPERH+VSYT1IHME:MWMXW
01+[MPPWIGYVIEQMRMQYQSJNSYVREPMWXWERHFPSKKIVWWTPMXFIX[IIRKVSYTERH
MRHMZMHYEPZMWMXWXSXVEZIPXSXLI/I]WMR%XXIRXMSR[MPPJSGYWMRTEVXSRXVEHMXMSREP
ERHMRJPYIRXMEPREXMSREPQIHMESYXPIXW[MXLPEVKIGMVGYPEXMSRW8SKVS[XLIZMWMFMPMX]SJXLI
HIWXMREXMSREQSRKQMPPIRRMEPW01+[MPPIWTIGMEPP]XEVKIXQIHME[MXLTSXIRXMEPJSVSRPMRI
ERHWSGMEPQIHMEGSZIVEKI
K-44
4EGOIX4K
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8LIEKIRG][MPPMRXIRWMJ]MRJPYIRGIVVIPEXMSRWQSXMZEXMRKXLSWIMRJPYIRGIVW[MXLE
VIPIZERXWSGMEPJSSXTVMRXMRXLIXVEZIPERHPMJIWX]PIJSSHWTSVXWERHSXLIVETTVSTVMEXI
WIGXSVWXSZMWMXXLI*PSVMHE/I]W
+MZIRXLITEVXMGYPEVMRXIVIWXSJ%YWXVMERWMRXLI/I]WERHXLITIVGIRXMRGVIEWIMR
FSSOMRKWMR01+[MPPTYXEWTIGMEPJSGYWSRXLI%YWXVMERQEVOIXERHQIHME
%WMRXLITEWXXLISZIVEPPKSEPSJMRHMZMHYEPERHKVSYTTVIWWXVMTW[MPPFIXSKIRIVEXIE
WXVSRKTSVXJSPMSSJQIEWYVEFPIQENSVJIEXYVIWSRXLI/I]WMR+IVQERWTIEOMRK
TYFPMGEXMSRWERHQIHMEMRGPYHMRKSRPMRIERHWSGMEPQIHME
+VSYT4VIWW8VMT
8LI01++IVQERTVIWWXVMTJSV[MPPFIXLIQIHw7MQTP]XLI/I]Wx{SVMR
+IVQERw*PSVMHE/I]W)MRJEGL7GLÚRx8LIXVMTvWSFNIGXMZI[MPPFIXSWLS[XLEXXLI
FIEYX]SJPMJIMRXLI/I]WPMIWMRMXWWMQTPMGMX]-X[MPPTVIWIRXXLI/I]WEW8,)TPEGIXS
I\TIVMIRGIXLIPEMHFEGOPMJIWX]PIXLEXFVMRKWNS]ERHGVIEXIWQIQSVMIWXLEXPEWXJSVIZIV
+YIWXWZMWMXMRKXLI/I]WGERwGSQIEWXLI]EVIxVIPE\ERHYR[MRHIRNS]XLIGEPQ[LMPI
JMWLMRKSRXLIJPEXWSVOE]EOMRKXLVSYKLXLIWMPIRGISJXLIQERKVSZIW[EXGLXLIWYRWIX
SZIVXLISGIERSVI\TIVMIRGIXLIWMQTPITPIEWYVISJIEXMRKWRETTIVJVIWLSJJXLIKVMPP
8LIXVMT[MPPGSQQYRMGEXIEZMWMXSVI\TIVMIRGIMR[LMGLPMJIFIGSQIWPMKLXERH
YRGSQTPMGEXIHJVIISJTVIXIRWMSRSVTVIWWYVIERHJYPPSJXLIJVIIHSQJSVZMWMXSVWXSFI
[LSXLI]EVI
8LITVIWWJEQMPMEVM^EXMSRXSYV[MPPMRGPYHIEQM\SJWSJXEHZIRXYVIEGXMZMXMIWWYGLEW
OE]EOMRKWXERHYTTEHHPMRKWRSVOIPMRKEWYRWIXWEMPSVEKYMHIHFMG]GPIXSYVXLVSYKL
/I];IWX8LIMXMRIVEV]QE]EPWSMRGPYHIEw&EGOXSXLI&EWMGW'SQJSVX*SSH'SSOMRK
'PEWWx[MXLEPSGEPGLIJETEMRXMRKGPEWW[MXLEPSGEPEVXMWXEWERHWGYPTXMRKI\TIVMIRGI
JSSHWXSTWEXJEZSVMXIPSGEPVIWXEYVERXWERHWMKLXWIIMRKWXSTWEXMGSRMGPSGEXMSRW
XLVSYKLSYXXLIMWPERHGLEMR
7TIGMEP4VSNIGX w7MQTP]9RJSVKIXXEFPIx/I]W)\TIVMIRGIW
-RGSRNYRGXMSR[MXL2I[QER46ERH/&'01+[MPPHIZIPSTWITEVEXIXLIQIHPMWXW
IEGLGSRXEMRMRKw7MQTP]9RJSVKIXXEFPIxI\TIVMIRGIWEZEMPEFPIXSZMWMXSVWXSXLI
*PSVMHE/I]Ww7MQTP]9RJSVKIXXEFPIxPMWXWQMKLXMRGPYHIKVIEXPSGEXMSRWJSVTLSXS
STTSVXYRMXMIWWYGLEWXLI3PH&ELME,SRHE&VMHKII\XVESVHMREV]GYPXYVEPI\TIVMIRGIW
WYGLEWI\TPSVMRK,IQMRK[E]vWLSQISVGVYMWMRKSRXLI%JVMGER5YIIREGXMZMXMIWXLEX
TVSZMHIETIEGIJYPREXYVEPFVIEOWYGLEWOE]EOMRKEQSRKXLIQERKVSZIWLMHHIRKIQW
MRXLI*PSVMHE/I]WWYGLEW'EVH7SYRH6SEHSVXLI0S[IV/I]Wv&EX8S[IVSV
MRHMKIRSYWJSSHWXSXIQTXXLIXEWXIFYHW
7YTTSVXIHF]WYMXEFPITLSXSERH[LIRTSWWMFPIZMHISGSRXIRXXLIWIPMWXW[MPPFI
TSWXIHSRXLI/I]Wv+IVQER[IFWMXIEWEWSYVGISJMRWTMVEXMSRXSTSXIRXMEPZMWMXSVW
1SVIMQTSVXERXP]EWXLI+IVQER/I]W*EGIFSSOTEKILEWEGLMIZIHQSVIXLER
JSPPS[IVWXLIPMWXW[MPPFIYWIHEWEQIERWSJJSWXIVMRKKVIEXIVHMEPSKYIERHMRXIVEGXMSR
K-45
4EGOIX4K
(E
[MXLXLMWJERFEWI/I]WJERW[MPPFIIRGSYVEKIHZME*EGIFSSOERHSXLIVSRPMRIERH
WSGMEPQIHMETPEXJSVQWXSSJJIVXLIMVS[RWYKKIWXMSRWERHHIFEXI[LMGLI\TIVMIRGIW
XLI]PSZIFIWX)ZIRXYEPP]ERIPIZIRXLPMWXXLIw8VEZIPIVWv'LSMGIxGEXIKSV]GSYPHFI
GSQTMPIHJVSQXLMWMRXIVEGXMSR
8LI*PSVMHE/I]Ww7MQTP]9RJSVKIXXEFPIxI\TIVMIRGIWPMWXW[MPPEPWSFIYWIHJSV
XVEHMXMSREPQIHMETMXGLMRKF]01+-REHHMXMSRXLI][MPPFIYXMPM^IHF]+IX-X%GVSWWXLI
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8LITVSNIGXMWERXMGMTEXIHXSVIEGL QMPPMSRGSRWYQIVWZMEXLIXSTXLVIIMRJPYIRGIVW
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WYGLEWWIETPERIJPMKLXWTVMZEXIGLEVXIVIHWYRWIXWEMPMRKXSYVWHIITWIEJMWLMRKERH
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MRXVMKYMRKVIWXEYVERXWXSZMWMXIGSXSYVWXSI\TIVMIRGISVQYWXHSEGXMZMXMIWMRIEGL
HMWXVMGX
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HMJJIVIRXEWTIGXSJXLI/I]WvXSYVMWQTVSHYGXSJJIVMRKXS[VMXIEFSYX;LIVIZIVTSWWMFPI
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K-49
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GYPXYVEPIZIRX4VSQSXMRKXLIJVIIHSQXSPMZIPMJI[MXLSYXHMWGVMQMREXMSRXLIJIWXMZEPMW
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EPWSEXXIRH
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LMKLWTIRHQEVOIXF]HIZIPSTMRKMRXIVIWXMRKQSFMPIERHSRPMRIEGXMZMXMIWERH
GSQTIXMXMSRWJSVZMWMXSVWXSXLIWLS[;SVOMRK[MXLSRISJXLIPIEHMRKQIHMEFVERHW
IMXLIV%JXIRTSWXIRSV(EKWEZMWIR'SQZMWMSR[MPPVYREGVSWWTPEXJSVQGSQTIXMXMSR
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0+&8NSYVREPMWXWERHMRJPYIRGIVWXSWLS[GEWI[LEXXLI/I]WSJJIVJSVXLIMVEYHMIRGIW
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WLSYPHQIEREFMKWXITJSV[EVHMRXLI/I]WvTVSJMPIMRXLI2SVHMG0+&8QEVOIX
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EVIGSRWMHIVIHERMQTSVXERXIPIQIRXSJFYMPHMRKXLITVSJMPIMRXLIQEVOIX
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K-51
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K-52
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WYTTSVXXSTVSHYGXMSRWWLSSXMRKMRXLI/I]W8LIJMPQGSQQMWWMSRQE]EPWSTVSZMHI
RIGIWWEV]MRJSVQEXMSRTVSTWERHWMKREKIXSEWWMWXETVSHYGXMSRGSQTER]MRGVIEXMRKE
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FYWMRIWWIWGEXIVMRKXSXLIJMPQXIPIZMWMSRERHTVMRXMRHYWXV]3YVTVIWIRGI[MPPGSRXMRYI
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SVKERM^IQEVOIXMRKQMWWMSRWXS0SW%RKIPIWERH2I[=SVOHSQIWXMGEPP];IEVI
PSSOMRKEXRI[TSWWMFMPMXMIWJSVQEVOIXMRKMR)YVSTI
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QIQFIVWv[IFWMXIW[LMGLGVIEXIWE[EVIRIWWSJSYVWTIGMJMGPSGEPIWEW[IPPEW
MRGIRXMZIWEZEMPEFPIXLVSYKLXLIWXEXIJMPQSJJMGI
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QEOMRKWYVI[IEVIMRXLIMVQMRHWJSVJMPQMRK
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XEVKIXMRKJMPQQEOIVWERHWYTTSVXMRKER]*PSVMHEIRXVIIWMRXLIJIWXMZEP
0SGEXMSR7GSYXW
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0SGEXMSR7LSSXW
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RIIHSJXLIGSQTER]8LMWEWWMWXERGIQE]MRGPYHILIPTMRK[MXLTIVQMXXMRKJEGMPMXEXMSRSJ
HMWGYWWMSRWERHQIIXMRKW[MXLKSZIVRQIRXSJJMGMEPWPE[SJJMGIVWS[RIVWSVQEREKIVW
SJFYWMRIWWIWERHTVSTIVXMIW8LMWSJJMGIXLIREWWMWXWMRPSGEXMRKGVI[XS[SVOSRXLI
TVSNIGXIWXEFPMWLMRKGSRXEGXWJSVWTIGMJMGIUYMTQIRXSVTVSTWLSXIPVSSQERHVIWXEYVERX
TSWWMFMPMXMIWERHEQ]VMEHSJVIUYIWXWXLEXEVIYRJSVIWIIR
L-4
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TVSHYGXMSRYWMRKXLIMVTVSTIVX]8LI*MPQ0MEMWSRMRXIRHWXSJEGMPMXEXIEWYGGIWWJYP
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8LIJMPQSJJMGI[MPPFI[SVOMRK[MXL8MRWPI]%HZIVXMWMRKXSTVSHYGIUYEPMX]EHWXSTVSQSXI
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ERHLS[XSORS[[IvZIWYGGIWWJYPP]EVVMZIH%RIJJIGXYEPQEVOIXMRKVIWIEVGLTVSKVEQ
XVERWJSVQWEQYPXMXYHISJHEXEKEXLIVIHJVSQ[MHIVERKMRKWSYVGIWMRXSGPIEVMRWMKLXJYP
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&]IRKEKMRKSYVTSXIRXMEPERHEGXYEPZMWMXSVWXLVSYKLVIWIEVGL[IKEMRMRWMKLXMRXSXLIMV
FILEZMSVERHXVEZIPQSXMZEXSVW8LVSYKLGEVIJYPEREP]WMWSJTSXIRXMEPERHEGXYEPZMWMXSV
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GLERKMRKIRZMVSRQIRXMR[LMGL[ISTIVEXIHYIXSWLMJXWMRGSRWYQIVXEWXIW
XIGLRSPSKMGEPEHZERGIWGLERKIWMRIGSRSQMGGSRHMXMSRWERHSYVH]REQMGEPP]GLERKMRK
[SVPH
3FNIGXMZIW
8LISFNIGXMZIWSJXLI1EVOIX6IWIEVGLTVSKVEQEVI
8SIZEPYEXIERHQIEWYVIXLIEXXEMRQIRXSJSYVSZIVEPPQEVOIXMRKKSEPWERH
WXVEXIKMGSFNIGXMZIW
8SGSRHYGXSRKSMRKTVMQEV]HEXEGSPPIGXMSRWXYHMIWSJEGXYEPZMWMXSVWXSXLI
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8SGSRXMRYSYWP]KEXLIVERHXVEGOHEXEMRSVHIVXSMRJSVQXLIHIZIPSTQIRXERH
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IK
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.
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ERHXSYVMWQXVIRHWGSRWYQIVWIRXMQIRXERHIGSRSQMGMRHMGEXSVWERHMRXIVTVIX
XLISZIVEPPXVIRHWMRXLIGSRXI\XSJSYVHIWXMREXMSR
8SJYVXLIVXLIYRHIVWXERHMRKERHYXMPM^EXMSRSJIQIVKMRKXIGLRSPSKMIWMRXLIJMIPH
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7[IHIR
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UYIWXMSRMWMHIRXMJMIH%VIWIEVGLHIWMKRMWXLIRHIZIPSTIH6IWIEVGLHIWMKRWQE]FI
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VIWYPXWSJJSGYWKVSYTWVIJPIGXSRP]EZIV]WQEPPWIKQIRXSJXLIXEVKIXQEVOIXXLI
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STMRMSRWXLERMWSXLIV[MWISFXEMREFPIXLVSYKLUYERXMXEXMZIWYVZI]W5YEPMXEXMZIVIWIEVGL
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XEVKIXTSTYPEXMSR;LMPIUYERXMXEXMZIHEXEGSPPIGXMSRXIGLRMUYIWGERZEV]HITIRHMRKSR
XLIWEQTPMRKHIWMKRERHXLIX]TISJMRJSVQEXMSRXSFIGSPPIGXIHXLIXVEHMXMSREPIQTMVMGEP
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Research focusing on potential visitors (inquirers) to the Florida Keys & Key
West:
8IPITLSRI0MZI'LEXERHIQEMPZMWMXSVMRUYMVMIW[MPPGSRXMRYIXSFIXVEGOIHXLVSYKLXLI
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VITSVXWJSVIEGLHMWXVMGXERHXLI'SYRX]SZIVEPP8LIVITSVXWWLEPPMRGPYHIXLISVMKMRSJ
XLIMRUYMVIVEHZIVXMWMRKWSYVGIXLEXTVSQTXIHXLIMRUYMV]ERHQSVI%8
8FYWMRIWW
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0MZI'LEXVITSVXW[MPPXVEGXZSPYQISJGLEXW7SJX[EVIERHVITSVXJYRGXMSRW[MPPFI
QEMRXEMRIHERHYTKVEHIHEWRIIHIH;I[MPPGSRXMRYIXSVITSVXSRXLI[IEPXLSJHEXE
KPIERIHJVSQXLI/I];IWX&YWMRIWW+YMPHvW+E]ERH0IWFMER:-7HEXEFEWI
Research focusing on actual visitors to the Florida Keys & Key West
-RXIVGITXMRXIVZMI[W[MXLZMWMXSVWXSXLI*PSVMHE/I]W
/I];IWXGSRXMRYIXSFIXLI
GSVRIVWXSRISJSYVVIWIEVGLIJJSVXW[MXLVIWTIGXXSEGXYEPZMWMXSVW8LI:MWMXSV4VSJMPI
7YVZI][MPPGSRXMRYIXSKEXLIVHIQSKVETLMGWTEVX]GSQTSWMXMSRI\TIRHMXYVIWEGXMZMX]
PIRKXLSJWXE]VIEWSRJSVZMWMXXVMTTPERRMRKERHWEXMWJEGXMSRHEXEJVSQZMWMXSVWXSXLI
/I]Wu7TIGMEPXSTMGvUYIWXMSRW[MPPFIEHHIHSREREWRIIHIHFEWMW
7QMXL8VEZIP6IWIEVGLHEXE[MPPGSRXMRYIXSFIYXMPM^IHXSKEYKIPSHKMRKMRHYWXV]
TIVJSVQERGI8LMWMRGPYHIW EQSRXLP]SGGYTERG]EZIVEKIHEMP]VEXIERH6IZ4%6
VITSVXJSV1SRVSI'SYRX]/I];IWX/I];IWXWQEPPPSHKMRK/I]0EVKS-WPEQSVEHE
1EVEXLSRERH1SRVSI'SYRX]I\GPYHMRK/I];IWX ERH[IIOP]VITSVXWSRHEMP]
SGGYTERG]EZIVEKIHEMP]VEXIWERH6IZ4%6JSV1SRVSI'SYRX]/I];IWXERHXLI
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QIERWF][LMGLXSEWWIWWXLIMQTEGXSJWTIGMEPIZIRXWERHPSHKMRKTIVJSVQERGISZIV
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HEMP]VEXIERH6IZ4EVJSV1SRVSI'SYRX];LIVITEVXMGMTEXMSRMWWYJJMGMIRXHMWXVMGX
VITSVXW[MPPFITVSZMHIH
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TEXXIVRWSJMRXIVREXMSREPZMWMXSVWXSXLI/I]W'SQFMRMRK:MWE:YIHEXE[MXLSXLIVHEXE
WSYVGIWTVSNIGXMSRW[MPPFIQEHIEWXSXSXEPZMWMXEXMSRF]GSYRXV]SJSVMKMRERHIGSRSQMG
MQTEGX:MWE:YI(SQIWXMG8VEZIPIVHEXEVITSVXW[MPPFIYXMPM^IHXSXVEGOWTIRHMRKF]
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WIEVGLMRKERHFSSOMRKJSVSYVEGGSQQSHEXMSRWF]SVMKMRERHXVEZIPIVTVSJMPIWGEPPIH
TIVWSREW;ILEZII\TERHIHSYVWYFWGVMTXMSRXSWIKQIRXXLIHEXEF]EGGSQQSHEXMSR
TVMGIXMIVMRSVHIVXSEPPS[YWXSXVEGOHMJJIVMRKXVIRHWEQSRKFYHKIXQSHIVEXIERH
YTWGEPIEGGSQQSHEXMSRW;IEPWSEHHIHEQEVOIXWLEVIXVEGOMRKVITSVXXLEXEPPS[WYW
XSXVEGOSYVVIPEXMZIWLEVISJVSSQFSSOMRKJVSQSYVXSTSVMKMRQEVOIXWEKEMRWXSYV
GSQTIXMXSVW2I\X[IEHHIHGSQTIXMXSVQEVOIXWXSSYVHEXEWIXWS[IGERJYVXLIVXVEGO
SYVVIPEXMZITIVJSVQERGIERHPSSOJSVSXLIVTSXIRXMEPSVMKMRQEVOIXW*MREPP][IRS[
LEZIEGGIWWXSJSV[EVHPSSOMRKHEXE[MXLR7MKLXvWR'SQTEWWVITSVX;IGERGSQTEVI
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STTSVXYRMXMIWJSVYWXSYXMPM^IXLMWXSSPERHMXWI\TERWMZIHEXEFEWI
Fulfillment of 2016-2017 Research Goals:
(IWXMREXMSRWLEZIWTIRXQER]]IEVWMRZIWXMRKMRFYMPHMRKEWSGMEPQIHMETVIWIRGI
8LSYKLWSGMEPQIHMELEHPSRKFIIRSRISJXLIPIEWXGMXIHMRJPYIRXMEPWSYVGIWMR
HIWXMREXMSRVIGSQQIRHEXMSRWXLIWLIIVEYHMIRGIZSPYQISJWSGMEPQIHMEGLERRIPW
ERHTSXIRXMEPJYXYVIKVS[XLTVSTIPPIHHIWXMREXMSRWXSGSRXMRYIXSXV]XSJMRHE[E]XS
GETMXEPM^ISRXLMWTS[IVJYPXSSP8LIXMHIWLEZIXYVRIHERHXLIMRJPYIRGISJWSGMEP
QIHMESRHIWXMREXMSRGLSMGILEWFIGSQIEJSVGIXSFIVIGOSRIH[MXL%GGSVHMRKXS
XLIVIGIRX7XEXISJXLI%QIVMGER8VEZIPIVVITSVXLEPJSJ%QIVMGERXVEZIPIVWEVIRS[
YWMRKWSGMEPQIHMEEWEXVEZIPTPERRMRKXSSP)\EGXP]EWJSYRHMRXLI7XEXISJXLI
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ZMWMXSVWPEWX]IEVYWIHWSGMEPQIHMEXSTPERXLIMVXVMT4IVLETWIZIRQSVI
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GSRZIVXWXSYWIVWERH[LEXMX[EWEFSYXSYVGSRXIRXXLEXMRJPYIRGIHXLIQXSZMWMX
3YVWXYH][MPPJSGYWSRXLMWERHTVSZMHIFIWXTVEGXMGIWMRWSGMEPQIHMEJSVGSRZIVXMRK
JSPPS[IVWXSXVEZIPIVWXSXLI/I]W
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FPYITVMRXJSVIEGLQEVOIXWIKQIRX8LITVSJMPI[MPPMRGPYHIHEXEWYGLEWQIHME
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HIQERHLEZIFIGSQIXLIRSVQ%GGSVHMRKXSXLI,SPP][SSH6ITSVXIVTIVGIRX
SJ97GSRWYQIVWFMRKI[EXGLXIPIZMWMSRGSRXIRXSRHIQERHMRWSQIJSVQ8LIWI
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HMWVYTXMZIMRWXIEHSJGSLIWMZI[MXLXLIMVGSRXIRXZMI[MRK3YVWXYH][MPPI\EQMRI
FIWXTVEGXMGIWMRIJJIGXMZIEHZIVXMWIQIRXWSRWXVIEQMRKZMHISWIVZMGIWERHSR
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WXVIEQMRKWYFWGVMTXMSRWWIVZMGIWERHSRHIQERHGSRXIRX;I[MPPXIWXTVMSVEHW
ERHRI[GSRGITXWWSPMGMXMRKJIIHFEGOJVSQEXVEZIPIVGSRWYQIVTERIP
4IVMSHMGEPP][ILEZIHIZIPSTIHQEVOIXWXYHMIWSRWIPIGXMRXIVREXMSREPGSYRXVMIW
8LIWIWXYHMIWEPPS[YWXSHMZIHIITIVMRXSXLIRYERGIWSJXLIWIPIGXREXMSRvWXVEZIPIV
ERHXLIMQTPMGEXMSRWSJXLIMVTEVXMGYPEVXVEZIPFILEZMSVEWMXVIPEXIWWTIGMJMGEPP]XS
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GSPPIGXIH%HHMXMSREPP]XLI1EVOIX6IWIEVGLHITEVXQIRX[MPPTVSZMHIXLIQIERWJSV
IZEPYEXMRKXLIKSEPWERHSFNIGXMZIWSJSXLIVXLIWXEJJHITEVXQIRXWERHXLIEKIRGMIW
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