2017 For the Year Ending December 31,

(Dollars in thousands, except per share data) 2017 2016 % Change INCOME DATA Net Interest Income $808,846 $649,238 25% Net Interest Income (TE) (1) 819,107 658,439 24% Net Income 142,413 186,777 (24%) Earnings Available to Common Shareholders—Basic 133,318 178,800 (25%) Earnings Allocated to Common Shareholders 132,108 176,928 (25%)

PER SHARE DATA Earnings Per Common Share—Basic $2.61 $4.32 (40%) Earnings Per Common Share—Diluted 2.59 4.30 (40%) Book Value Per Common Share 66.17 62.68 6% Tangible Book Value Per Common Share (Non-GAAP) (2) (5) 42.56 45.80 (7%) Cash Dividends 1.46 1.40 4%

NUMBER OF SHARES OUTSTANDING

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

KEY RATIOS

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

(1) Fully taxable equivalent (TE) calculations include the tax benefit associated with related income sources that are tax-exempt using a rate of 35%, which approximates the marginal tax rate. (2) Tangible calculations eliminate the effect of goodwill and acquisition-related intangible assets and the corresponding amortization expense on a tax-effected basis where applicable. (3) The efficiency ratio represents non-interest expense as a percentage of total revenues. Total revenues are the sum of net interest income and non-interest income. (4) Non-performing assets consist of non-accruing loans, accruing loans 90 days or more past due and other real estate owned, including repossessed assets. Past due and non-accrual loan amounts exclude acquired impaired loans, even if contractually past due or if the Company does not expect to receive payment in full, as the Company is currently accreting interest income over the expected life of the loans. (5) See Table 29 of Management's Discussion and Analysis of Financial Condition and Results of Operations for GAAP to Non-GAAP reconciliations.

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

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

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

CONTENTS

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

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

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

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

3 CHAIRMAN’S LETTER TO THE SHAREHOLDERS

Dear Shareholders,

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

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

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

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

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

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

4 "PRODUCTIVITY IS NEVER AN ACCIDENT. IT IS ALWAYS THE RESULT OF A COMMITMENT TO EXCELLENCE, INTELLIGENT PLANNING, AND FOCUSED EFFORT." - Paul J. Meyer

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

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

Total Compound Shareholder Annual Return % Growth %

IBERIABANK 112% 8% $20 - $50 Billion Peer Group 147% 8% KBW Regional Bank Index 85% 6% Nasdaq Bank Index 88% 6% S&P Regional Bank Index 101% 7%

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

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

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

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

Sincerely,

William H. Fenstermaker Chairman of the Board

4 5 SIGNIFICANT INVESTMENTS

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

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

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

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

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

"THERE ARE NO SHORTCUTS TO TRUE EXCELLENCE." - Angela Duckworth

6 LOANS BY STATE DEPOSITS BY STATE

Other: 4%

GA: 4% Otther: 6%

GAA: 5%

FL: 40% FL: 39%

TX: 8%

TXX: 11% AL: 6% TN:: 2%

AL: 8% AR: 5%

TNN: 3%

AR: 6% LA: 31%

LAA: 22%

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

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

7 GROWTH THAT IS CONSISTENT WITH HIGH PERFORMANCE

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

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

As of March 31, 2018

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

8 MARKET GROWTH PROJECTIONS

Lake Charles Orlando Dallas Houston Ft. Lauderdale Tampa Atlanta Miami

Greensboro

Greensville Jonesboro Memphis Birmingham

New Orleans

Employment Growth Ranking Employment Growth Little Rock Baton Rouge Monroe

Low Projected GDP Growth 2016 - 2021 in Metropolitan Markets High

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

EFFICIENCY

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

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

"EXCELLENCE IS TO DO A COMMON THING IN AN UNCOMMON WAY." - Booker T. Washington

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

OPERATING LEVERAGE

Operating Margin P/T Operating Leverage

EFFICIENCY TRENDING

Efficiency Ratio

Core Tangible Efficiency Ratio

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

CORE AND REPORTED PERFORMANCE EARNINGS PER SHARE

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

11 CORE OPERATING RETURN ON ASSETS

Reported ROA Core Operating Adjustment

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

CORE OPERATING RETURN ON TANGIBLE EQUITY

Reported ROE Core Operating Adjustment

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

LOANS DEPOSITS

Interest Bearing Non-Interest Bearing

$ in Billions $ in Billions

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

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

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

12 13 SHAREHOLDER FOCUSED

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

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

IBERIABANK COMMON STOCK PRICE Past Five Years On A Quarterly Basis

$100.00

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

$80.00

$75.75 $72.41 $71.94 $71.21 $74.70 $70.58 $70.00 $69.99 $69.93 $70.00 $71.30 $70.65 $65.45 $65.38 $63.98 $63.73

$59.81 $62.40 $62.66 $60.00 $60.96 $61.13 $59.20 $60.53 $54.27 $54.60 $52.78 $56.28 $56.63 $54.34 $50.00 $51.54 $51.55 $52.27 $48.73 $47.87

$44.91 $40.00 $42.20

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

Close

Source: Bloomberg

14 PROVIDE EXCEPTIONAL VALUE-BASED CLIENT SERVICE

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

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

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

TRANSACTION VOLUME THROUGH BRANCH AND ALTERNATIVE DELIVERY

%%B Branch %%N Non-B ranch

15 PRODUCTS AND SERVICES

MORTGAGE After many years of successfully operating the Company’s residential mortgage business, 2017 proved more diffi cult for our mortgage operations. Mortgage revenues were impacted by increased market volatility as a result of lower refi nance volumes, industry-wide reduced gain on sales margins, and a high, fi xed-cost operating base. For 2017, mortgage loan origination volume was $1.8 billion, a 25% decline from 2016, and our sales volume was $1.9 billion, or 24% lower than 2016. A combination of these factors led to a decline in the Company’s mortgage profi tability for the year.

The Company is well on the way to improving mortgage operations and performance results in 2018. The addition of Sabadell and Gibraltar has already strengthened our mortgage business. The Company has engaged a new leadership team to help retool the business delivering a strategy that relies more on high-growth markets, enhanced digital capabilities, and more effi cient operations. IBERIABANK Mortgage has begun implementing new front-end technology to simplify the review and approval process, along with back-offi ce technology to streamline our operating practices, reduce costs, and enhance profi tability.

In 2017, IBERIABANK Mortgage launched a customer relationship management system for loan offi cers called Vantage Production. The system provides content, technology, and services supporting the residential mortgage product set. In addition, the Company implemented a new web-based platform called Blend that gives clients more control over their mortgage application process with enhanced transparency and ease of use.

PRIVATE BANKING AND WEALTH As the Company works to provide more robust products and better services for clients, enhancing wealth management and advisory capabilities is a priority. We are in the process of extending the mortgage business to include a full suite of private banking mortgage products as well as expanding deposit and wealth management services to continue to broaden and deepen client relationships.

In 2017, IBERIA Wealth Advisors (“IWA”) grew total assets under management/administration over $0.9 billion, or 35%, to a total of $3.6 billion. This growth came as a result of both organic growth of $0.3 billion and the acquisition and integration of Sabadell, which brought $0.6 billion in assets under management to IWA. Already in 2018, Gibraltar has contributed an additional $0.6 billion in assets under management.

Wealth management is an important part of IBERIABANK’s strategy and the Company’s wealth advisors continue to work closely with the private client segment to grow this business while ensuring the highest level of customer service and focusing on building strong client relationships. Recent growth in assets and retention of outstanding talent from our most recent acquisitions afford IWA an excellent opportunity for continued growth.

TREASURY MANAGEMENT We provide access to coordinated treasury management tools for business owners including business checking products, wire transfers, cash management, remote and online deposits, and bill pay. Treasury management continues to be a focus for the Company as a means of providing best-in-class service to our commercial and small-business clients while generating additional fee income for our business. In 2017, treasury management revenues climbed to $23 million from $19 million in 2016, a 23% increase.

"At turnerboone, we thrive on transforming commercial and educational spaces into unique, stylish environments. That’s why we found our comfort zone at IBERIABANK. We liked their style of approaching our needs. They are knowledgeable, creative and hard-working people like us. It’s refreshing to have a banking partner that’s a perfect fi t."

Laura Boone & Ellen Turner turnerboone www.turnerboone.com

16 17 TITLE BUSINESS During 2017, Lenders Title Company (“Lenders Title”) contributed $22 million in revenues, relatively even with the prior year. The number of transactions was slightly lower in 2017 than in 2016, while revenues per closing were slightly higher. In early 2018, Lenders Title expanded into the Nashville, Tennessee, market with eight new offices.

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

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

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

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

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

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

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

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

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

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

17 GREAT PLACE TO WORK

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

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

"Immediately following this devastating storm, our Company was devoted to doing anything possible to assist our associates. We are so grateful to everyone who gave time and energy to help us stay safe and to access much needed supplies. I will personally never forget the tremendous kindness."

- Donna Davidek, Director of IBERIABANK BSA/AML Compliance

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

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

18 STRONG SENSE OF COMMUNITY

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

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

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

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

The Company remains committed and deeply engaged in helping to drive economic growth in the diverse communities it serves. Worth noting in 2017: • The Company completed the highest level of community development lending in its history; • Associates contributed a record high number of service hours across the franchise - over 11,300 hours; • $2.6 million in tax credit donations were given for scholarships in the state of Florida; and • We opened a new branch in a low-to-moderate income (“LMI”) area located in downtown Baton Rouge.

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

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

19 2017

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

26 Selected Consolidated Financial and Other Data

62 Management Report on Internal Control Over Financial Reporting

63 Report of Independent Registered Public Accounting Firm

65 Financial Statements

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JO
XIJDI
UIF
$PNQBOZbT
BOUJDJQBUFE BOE
BDUVBM
MJBCJMJUZ
DPVME
TJHOJGJDBOUMZ
WBSZ
CBTFE
VQPO
UIF
UBYJOH
BVUIPSJUZbT
JOUFSQSFUBUJPO
"EKVTUNFOUT
UP
DVSSFOU
BDDSVFE PS
EFGFSSFE
UBYFT
NBZ
PDDVS
EVF
UP
NPEJGJDBUJPOT
JO
UBY
SBUFT
OFXMZ
FOBDUFE
MBXT
SFTPMVUJPO
PG
JUFNT
XJUI
UBYJOH
BVUIPSJUJFT BMUFSBUJPOT
UP
JOUFSQSFUBUJWF
TUBUVUPSZ
KVEJDJBM
BOE
SFHVMBUPSZ
HVJEBODF
UIBU
BGGFDUT
UIF
$PNQBOZbT
UBY
QPTJUJPOT
NFUIPET
PS FMFDUJPOT
DIBOHFT
PS
PUIFS
GBDUT
BOE
DJSDVNTUBODFT

5IF

5BY
$VUT
BOE
+PCT
"DU
UIF
5BY
"DU
FOBDUFE
PO
%FDFNCFS


SFTVMUFE
JO
UIF
$PNQBOZ
BQQMZJOH
B
OFX MPXFS
GFEFSBM
JODPNF
UBY
SBUF

UP
UIF
$PNQBOZbT
EFGFSSFE
UBY
BTTFUT
BOE
MJBCJMJUJFT
SFDPSEFE
BT
PG
%FDFNCFS

 5IF
$PNQBOZ
FTUJNBUFE
UIF
SFNFBTVSFNFOU
PG
UIF
EFGFSSFE
UBY
BTTFUT
BOE
MJBCJMJUJFT
UP
SFTVMU
JO
BO
BEEJUJPOBM

NJMMJPO
PG 
JODPNF
UBY
FYQFOTF
IPXFWFS
UIF
GJOBM
JNQBDU
NBZ
EJGGFS
EVF
UP
BTTVNQUJPOT
NBEF
BOE
BDUJPOT
UBLFO
CZ
UIF
$PNQBOZ BT
B
SFTVMU
PG
UIF
5BY
"DU

29 3&46-54
0'
01&3"5*0/4

5IF
$PNQBOZ
SFQPSUFE
OFU
JODPNF
BWBJMBCMF
UP
DPNNPO
TIBSFIPMEFST
PG

NJMMJPO

NJMMJPO
BOE

NJMMJPO
GPS UIF
ZFBST
FOEFE
%FDFNCFS



BOE

SFTQFDUJWFMZ
&14
PO
B
EJMVUFE
CBTJT
XBT

GPS


GPS
 BOE

GPS


5IF
GPMMPXJOH
EJTDVTTJPO
QSPWJEFT
BEEJUJPOBM
JOGPSNBUJPO
PO
UIF
$PNQBOZbT
PQFSBUJOH
SFTVMUT
GPS
UIF
ZFBST
FOEFE
%FDFNCFS
 

BOE

TFHSFHBUFE
CZ
NBKPS
JODPNF
TUBUFNFOU
DBQUJPOT

/FU
*OUFSFTU
*ODPNF/FU
*OUFSFTU
NBSHJO

/FU
JOUFSFTU
JODPNF
JT
UIF
EJGGFSFODF
CFUXFFO
JOUFSFTU
SFBMJ[FE
PO
FBSOJOH
BTTFUT
BOE
JOUFSFTU
QBJE
PO
JOUFSFTUCFBSJOH
MJBCJMJUJFT BOE
JT
BMTP
UIF
MBSHFTU
ESJWFS
PG
FBSOJOHT
"T
TVDI
JU
JT
TVCKFDU
UP
DPOTUBOU
TDSVUJOZ
CZ
NBOBHFNFOU
5IF
SBUF
PG
SFUVSO
BOE SFMBUJWF
SJTL
BTTPDJBUFE
XJUI
FBSOJOH
BTTFUT
BSF
XFJHIFE
UP
EFUFSNJOF
UIF
BQQSPQSJBUFOFTT
BOE
NJY
PG
FBSOJOH
BTTFUT "EEJUJPOBMMZ
UIF
OFFE
GPS
MPXFS
DPTU
GVOEJOH
TPVSDFT
JT
XFJHIFE
BHBJOTU
SFMBUJPOTIJQT
XJUI
DMJFOUT
BOE
GVUVSF
HSPXUI PQQPSUVOJUJFT
5IF
$PNQBOZbT
OFU
JOUFSFTU
TQSFBE
XIJDI
JT
UIF
EJGGFSFODF
CFUXFFO
UIF
ZJFMET
FBSOFE
PO
BWFSBHF
FBSOJOH
BTTFUT BOE
UIF
SBUFT
QBJE
PO
BWFSBHF
JOUFSFTUCFBSJOH
MJBCJMJUJFT
XBT


BOE

EVSJOH
UIF
ZFBST
FOEFE
%FDFNCFS
 

BOE

SFTQFDUJWFMZ
5IF
$PNQBOZbT
OFU
JOUFSFTU
NBSHJO
PO
B
UBYBCMF
FRVJWBMFOU
`5&a
CBTJT
XIJDI
JT
OFU JOUFSFTU
JODPNF
5&
BT
B
QFSDFOUBHF
PG
BWFSBHF
FBSOJOH
BTTFUT
XBT


BOE

SFTQFDUJWFMZ
GPS
UIF
TBNF QFSJPET

30 5IF
GPMMPXJOH
UBCMF
TFUT
GPSUI
JOGPSNBUJPO
SFHBSEJOH
J
UIF
UPUBM
EPMMBS
BNPVOU
PG
JOUFSFTU
JODPNF
GSPN
FBSOJOH
BTTFUT
BOE
UIF SFTVMUBOU
BWFSBHF
ZJFMET
JJ
UIF
UPUBM
EPMMBS
BNPVOU
PG
JOUFSFTU
FYQFOTF
PO
JOUFSFTUCFBSJOH
MJBCJMJUJFT
BOE
UIF
SFTVMUBOU
BWFSBHF SBUFT
JJJ
OFU
JOUFSFTU
JODPNF
JW
OFU
JOUFSFTU
TQSFBE
BOE
W
OFU
JOUFSFTU
NBSHJO
*OGPSNBUJPO
JT
CBTFE
PO
BWFSBHF
EBJMZ CBMBODFT
EVSJOH
UIF
JOEJDBUFE
QFSJPET
*OWFTUNFOU
TFDVSJUZ
NBSLFU
WBMVF
BEKVTUNFOUT
BOE
USBEFEBUF
BDDPVOUJOH
BEKVTUNFOUT
BSF OPU
DPOTJEFSFE
UP
CF
FBSOJOH
BTTFUT
BOE
BT
TVDI
UIF
OFU
FGGFDU
PG
UIFTF
BEKVTUNFOUT
JT
JODMVEFE
JO
OPOFBSOJOH
BTTFUT

5"#-&
a"7&3"(&
#"-"/$&4
/&5
*/5&3&45
*/$0.&
"/%
*/5&3&45
:*&-%4

3"5&4

   *OUFSFTU :JFME *OUFSFTU :JFME *OUFSFTU :JFME "WFSBHF *ODPNF 3BUF "WFSBHF *ODPNF 3BUF "WFSBHF *ODPNF 3BUF %PMMBST
JO
UIPVTBOET #BMBODF &YQFOTF
 5&  #BMBODF &YQFOTF  5&  #BMBODF &YQFOTF
 5&  &BSOJOH
"TTFUT -PBOT   $PNNFSDJBM
MPBOT                       3FTJEFOUJBM
NPSUHBHF
MPBOT                     $POTVNFS
BOE
PUIFS
MPBOT                     5PUBM
MPBOT                     .PSUHBHF
MPBOT
IFME
GPS
TBMF                  *OWFTUNFOU
TFDVSJUJFT                      '%*$
MPTT
TIBSF
SFDFJWBCMF   d d             0UIFS
FBSOJOH
BTTFUT                  5PUBM
FBSOJOH
BTTFUT                     "MMPXBODF
GPS
MPBO
MPTTFT       /POFBSOJOH
BTTFUT          5PUBM
BTTFUT             *OUFSFTUCFBSJOH
MJBCJMJUJFT %FQPTJUT /08
BDDPVOUT                       4BWJOHT
BOE
NPOFZ
NBSLFU BDDPVOUT                     $FSUJGJDBUFT
PG
EFQPTJU                     5PUBM
JOUFSFTUCFBSJOH EFQPTJUT                      4IPSUUFSN
CPSSPXJOHT                 -POHUFSN
EFCU                  5PUBM
JOUFSFTUCFBSJOH MJBCJMJUJFT                     /POJOUFSFTUCFBSJOH
EFNBOE EFQPTJUT          /POJOUFSFTUCFBSJOH
MJBCJMJUJFT       5PUBM
MJBCJMJUJFT          4IBSFIPMEFSTb
FRVJUZ          5PUBM
MJBCJMJUJFT
BOE TIBSFIPMEFSTb
FRVJUZ             /FU
FBSOJOH
BTTFUT             /FU
JOUFSFTU
JODPNF /FU
JOUFSFTU
TQSFBE           /FU
JOUFSFTU
JODPNF
5&
 /FU
JOUFSFTU
NBSHJO
5&
          

 5PUBM
MPBOT
JODMVEF
OPOBDDSVBM
MPBOT
GPS
BMM
QFSJPET
QSFTFOUFE
*OUFSFTU
JODPNF
JO
5BCMF

BCPWF
FYDMVEFT
BQQSPYJNBUFMZ 
NJMMJPO

NJMMJPO
BOE

NJMMJPO
JO
JOUFSFTU
JODPNF
UIBU
XPVME
IBWF
CFFO
SFDPSEFE
JO


BOE
 SFTQFDUJWFMZ
JG
OPOBDDSVBM
MPBOT
FYDMVEJOH
BDRVJSFE
JNQBJSFE
MPBOT
IBE
CFFO
DVSSFOU
JO
BDDPSEBODF
XJUI
UIFJS DPOUSBDUVBM
UFSNT  *OUFSFTU
JODPNF
JODMVEFT
MPBO
GFFT
PG

NJMMJPO

NJMMJPO
BOE

NJMMJPO
GPS
UIF
ZFBST
FOEFE
%FDFNCFS

 
BOE

SFTQFDUJWFMZ  5BYBCMF
FRVJWBMFOU
ZJFMET
BSF
DBMDVMBUFE
VTJOH
B
SBUF
PG

XIJDI
BQQSPYJNBUFT
UIF
NBSHJOBM
UBY
SBUF  #BMBODFT
FYDMVEF
VOSFBMJ[FE
HBJO
PS
MPTT
PO
TFDVSJUJFT
BWBJMBCMF
GPS
TBMF
BOE
UIF
JNQBDU
PG
USBEF
EBUF
BDDPVOUJOH  5PUBM
EFQPTJU
DPTUT
GPS
UIF
ZFBST
FOEFE
%FDFNCFS



BOE

XFSF


BOE

SFTQFDUJWFMZ

31 /FU
JOUFSFTU
JODPNF
JODSFBTFE

NJMMJPO
PS

UP

NJMMJPO
JO

5IF
QSJNBSJMZ
WPMVNFESJWFO
JODSFBTF
JO
OFU JOUFSFTU
JODPNF
JO

JT
UIF
SFTVMU
PG
B

CJMMJPO
PS

JODSFBTF
JO
BWFSBHF
FBSOJOH
BTTFUT
QSJNBSJMZ
EVF
UP
UIF
4BCBEFMM 6OJUFE
BDRVJTJUJPO
BOE
BO

CBTJT
QPJOU
JODSFBTF
JO
FBSOJOH
BTTFU
ZJFME
"WFSBHF
MPBOT
JODSFBTFE

CJMMJPO
PS

BOE
UIF BTTPDJBUFE
UBYBCMFFRVJWBMFOU
ZJFME
JODSFBTFE

CBTJT
QPJOUT
5IJT
XBT
QBSUJBMMZ
PGGTFU
CZ
JODSFBTFT
JO
BWFSBHF
JOUFSFTUCFBSJOH MJBCJMJUJFT
BOE
DPTUT
PG
EFQPTJUT
"WFSBHF
JOUFSFTUCFBSJOH
MJBCJMJUJFT
JODSFBTFE

CJMMJPO
PS

BOE
UIF
BWFSBHF
DPTU
PG JOUFSFTUCFBSJOH
EFQPTJUT
SPTF

CBTJT
QPJOUT
/FU
JOUFSFTU
NBSHJO
PO
B
UBYFRVJWBMFOU
CBTJT
JODSFBTFE
FJHIU
CBTJT
QPJOUT
UP 
GSPN

XIFO
DPNQBSJOH
UIF
QFSJPET

5IF
GPMMPXJOH
UBCMF
TFUT
GPSUI
JOGPSNBUJPO
SFHBSEJOH
BWFSBHF
MPBO
CBMBODFT
BOE
BWFSBHF
ZJFMET
TFHSFHBUFE
JOUP
UIF
MFHBDZ
BOE BDRVJSFE
QPSUGPMJPT
GPS
UIF
QFSJPET
JOEJDBUFE

5IF
GPMMPXJOH
UBCMF
EJTQMBZT
UIF
EPMMBS
BNPVOU
PG
DIBOHFT
JO
JOUFSFTU
JODPNF
BOE
JOUFSFTU
FYQFOTF
GPS
NBKPS
DPNQPOFOUT
PG FBSOJOH
BTTFUT
BOE
JOUFSFTUCFBSJOH
MJBCJMJUJFT
5IF
UBCMF
EJTUJOHVJTIFT
CFUXFFO
J
DIBOHFT
BUUSJCVUBCMF
UP
WPMVNF
DIBOHFT
JO BWFSBHF
WPMVNF
CFUXFFO
QFSJPET
UJNFT
UIF
BWFSBHF
ZJFMESBUF
GPS
UIF
UXP
QFSJPET
JJ
DIBOHFT
BUUSJCVUBCMF
UP
SBUF
DIBOHFT
JO BWFSBHF
SBUF
CFUXFFO
QFSJPET
UJNFT
UIF
BWFSBHF
WPMVNF
GPS
UIF
UXP
QFSJPET
BOE
JJJ
UPUBM
JODSFBTF
EFDSFBTF 
$IBOHFT BUUSJCVUBCMF
UP
CPUI
WPMVNF
BOE
SBUF
BSF
BMMPDBUFE
SBUBCMZ
CFUXFFO
UIF
WPMVNF
BOE
SBUF
DBUFHPSJFT

5"#-&
a46.."3:
0'
$)"/(&4
*/
/&5
*/5&3&45
*/$0.&


$PNQBSFE
UP
 
$PNQBSFE
UP
 $IBOHF
"UUSJCVUBCMF
5P $IBOHF
"UUSJCVUBCMF
5P

/FU
*ODSFBTF /FU
*ODSFBTF %PMMBST
JO
UIPVTBOET 7PMVNF 3BUF %FDSFBTF 7PMVNF 3BUF %FDSFBTF &BSOJOH
BTTFUT -PBOT $PNNFSDJBM
MPBOT                   3FTJEFOUJBM
NPSUHBHF
MPBOT            $POTVNFS
BOE
PUIFS
MPBOT            -PBOT
IFME
GPS
TBMF         *OWFTUNFOU
TFDVSJUJFT             '%*$
MPTT
TIBSF
SFDFJWBCMF             0UIFS
FBSOJOH
BTTFUT          /FU
DIBOHF
JO
JODPNF
PO
FBSOJOH BTTFUT             *OUFSFTUCFBSJOH
MJBCJMJUJFT %FQPTJUT /08
BDDPVOUT            4BWJOHT
BOE
NPOFZ
NBSLFU BDDPVOUT             $FSUJGJDBUFT
PG
EFQPTJU           #PSSPXJOHT             /FU
DIBOHF
JO
FYQFOTF
PO JOUFSFTUCFBSJOH
MJBCJMJUJFT             $IBOHF
JO
OFU
JOUFSFTU
TQSFBE                 


WT


*OUFSFTU
JODPNF
JODSFBTFE

NJMMJPO
JO

XIFO
DPNQBSFE
UP

5IJT
JODSFBTF
XBT
QSJNBSJMZ
WPMVNFSFMBUFE
BT
B SFTVMU
PG
UIF
4BCBEFMM
6OJUFE
BDRVJTJUJPO
"WFSBHF
MPBOT
JODSFBTFE

CJMMJPO
BOE
BWFSBHF
JOWFTUNFOU
TFDVSJUJFT
JODSFBTFE
 CJMMJPO
XIFO
DPNQBSFE
UP

5IF
EFDMJOJOH
CBMBODF
PG
UIF
'%*$
MPTT
TIBSF
SFDFJWBCMF
BOE
UIF
FMJNJOBUJPO
PG
UIF
OFHBUJWF ZJFME
SFMBUFE
UP
UIF
BNPSUJ[BUJPO
FYQFOTF
BMTP
DPOUSJCVUFE
UP
B

NJMMJPO
JODSFBTF
JO
JOUFSFTU
JODPNF
5IF
$PNQBOZ UFSNJOBUFE
BMM
'%*$
MPTT
TIBSF
SFDFJWBCMFT
JO
%FDFNCFS
PG

CFGPSF
BDRVJSJOH
BO
JOTJHOJGJDBOU
BNPVOU
GSPN
4BCBEFMM
6OJUFE PO
+VMZ


5IF
ZJFME
PO
BWFSBHF
FBSOJOH
BTTFUT
XBT

CBTJT
QPJOUT
IJHIFS
BU

DPNQBSFE
UP

JO
UIF
QSJPS
ZFBS

32 *OUFSFTU
FYQFOTF
PO
BWFSBHF
JOUFSFTUCFBSJOH
MJBCJMJUJFT
JODSFBTFE

NJMMJPO
JO

QSJNBSJMZ
EVF
UP
B

NJMMJPO
JODSFBTF JO
JOUFSFTU
FYQFOTF
PO
BWFSBHF
JOUFSFTUCFBSJOH
EFQPTJUT
(SPXUI
PG

CJMMJPO
JO
UIF
BWFSBHF
CBMBODF
PG
JOUFSFTUCFBSJOH EFQPTJUT
QSJNBSJMZ
SFMBUFE
UP
UIF
4BCBEFMM
6OJUFE
BDRVJTJUJPO
BOE
B
GJGUFFO
CBTJT
QPJOU
JODSFBTF
JO
UIF
SBUF
QBJE
EVSJOH
 ESPWF
UIF
JODSFBTF
JO
JOUFSFTU
FYQFOTF
PO
BWFSBHF
JOUFSFTUCFBSJOH
EFQPTJUT
*O
BEEJUJPO
JOUFSFTU
FYQFOTF
PO
UIF
$PNQBOZbT CPSSPXJOHT
JODSFBTFE

NJMMJPO
JO

BT
B
SFTVMU
PG
BO
JODSFBTF
JO
BWFSBHF
TIPSUUFSN
CPSSPXJOHT
PG

NJMMJPO
BOE
BO JODSFBTF
JO
BWFSBHF
MPOHUFSN
EFCU
PG

NJMMJPO
5IF
DPTU
PG
BWFSBHF
JOUFSFTUCFBSJOH
MJBCJMJUJFT
SPTF

CBTJT
QPJOUT
UP
 CBTJT
QPJOUT
DPNQBSFE
UP

CBTJT
QPJOUT
JO
UIF
QSJPS
ZFBS


WT


5IF

NJMMJPO
JODSFBTF
JO
JOUFSFTU
JODPNF
JO

XBT
MBSHFMZ
ESJWFO
CZ
BO
JODSFBTF
JO
FBSOJOH
BTTFU
WPMVNF
DPNQBSFE
UP 
"WFSBHF
MPBO
CBMBODFT
JODSFBTFE

CJMMJPO
PS

MBSHFMZ
ESJWFO
CZ
MFHBDZ
DPNNFSDJBM
MPBO
HSPXUI
5IF
EFDMJOJOH CBMBODF
PG
UIF
'%*$
MPTT
TIBSF
SFDFJWBCMF
BOE
SFMBUFE
BNPSUJ[BUJPO
BMTP
DPOUSJCVUFE
UP
B

NJMMJPO
JODSFBTF
JO
JOUFSFTU JODPNF

%VSJOH

JOUFSFTU
FYQFOTF
PO
BWFSBHF
JOUFSFTUCFBSJOH
MJBCJMJUJFT
JODSFBTFE

NJMMJPO
PS

QBSUJBMMZ
EVF
UP
B
 NJMMJPO
PS

JODSFBTF
JO
JOUFSFTU
FYQFOTF
PO
BWFSBHF
JOUFSFTUCFBSJOH
EFQPTJUT
(SPXUI
PG

NJMMJPO
JO
UIF
BWFSBHF CBMBODF
PG
JOUFSFTUCFBSJOH
EFQPTJUT
BOE
B
UXP
CBTJT
QPJOU
JODSFBTF
JO
UIF
SBUF
QBJE
EVSJOH

ESPWF
UIF
JODSFBTF
JO
JOUFSFTU FYQFOTF
PO
JOUFSFTUCFBSJOH
EFQPTJUT
*O
BEEJUJPO
JOUFSFTU
FYQFOTF
PO
UIF
$PNQBOZbT
CPSSPXJOHT
JODSFBTFE

NJMMJPO
JO
 BT
B
SFTVMU
PG
BO
JODSFBTF
JO
BWFSBHF
MPOHUFSN
EFCU
PG

NJMMJPO
BOE
BO
JODSFBTF
JO
BWFSBHF
TIPSUUFSN
CPSSPXJOHT
PG 
NJMMJPO

1SPWJTJPO
GPS
-PBO
-PTTFT

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


WT


5IF
$PNQBOZ
SFDPSEFE
B
QSPWJTJPO
GPS
MPBO
MPTTFT
PG

NJMMJPO
GPS
UIF
ZFBS
FOEFE
%FDFNCFS


B

NJMMJPO JODSFBTF
GSPN
UIF
QSPWJTJPO
SFDPSEFE
GPS
UIF
TBNF
QFSJPE
PG

5IF
$PNQBOZ
BMTP
SFDPSEFE
B
QSPWJTJPO
GPS
VOGVOEFE MFOEJOH
DPNNJUNFOUT
PG

NJMMJPO
EVSJOH
UIF
DVSSFOU
ZFBS
XIJDI
JT
SFDPSEFE
JO
DSFEJU
BOE
PUIFS
MPBOSFMBUFE
FYQFOTF
JO UIF
$PNQBOZT
DPOTPMJEBUFE
TUBUFNFOUT
PG
DPNQSFIFOTJWF
JODPNF
"T
B
SFTVMU
UIF
$PNQBOZbT
UPUBM
QSPWJTJPO
GPS
DSFEJU
MPTTFT XBT

NJMMJPO
JO

XIJDI
JT

NJMMJPO
PS

BCPWF
UIF
QSPWJTJPO
SFDPSEFE
JO

5IF
JODSFBTF
JO
UIF $PNQBOZbT
QSPWJTJPO
GPS
MPBO
MPTTFT
JO

XBT
MBSHFMZ
EVF
UP
FMFWBUFE
DIBSHFPGGT
QSJNBSJMZ
GSPN
FOFSHZSFMBUFE
DSFEJUT
BT XFMM
BT
MFHBDZ
MPBO
HSPXUI
CVU
XBT
GBWPSBCMZ
JNQBDUFE
CZ
MPXFS
SFTFSWFT
PO
JNQBJSFE
MPBOT
/FU
DIBSHFPGGT
XFSF
 NJMMJPO
JO


NJMMJPO
IJHIFS
UIBO
JO

5IF
$PNQBOZT
QSPWJTJPO
GPS
MPBO
MPTTFT
DPWFSFE

PG
OFU
DIBSHFPGGT
JO 
DPNQBSFE
UP

DPWFSBHF
JO



WT


5IF
$PNQBOZ
SFDPSEFE
B
QSPWJTJPO
GPS
MPBO
MPTTFT
PG

NJMMJPO
GPS
UIF
ZFBS
FOEFE
%FDFNCFS


B

NJMMJPO JODSFBTF
GSPN
UIF
QSPWJTJPO
SFDPSEFE
GPS
UIF
TBNF
QFSJPE
PG

5IF
$PNQBOZ
BMTP
SFDPSEFE
B
SFWFSTBM
PG
QSPWJTJPO
GPS VOGVOEFE
MFOEJOH
DPNNJUNFOUT
PG

NJMMJPO
EVSJOH

SFTVMUJOH
JO
B
UPUBM
QSPWJTJPO
GPS
DSFEJU
MPTTFT
PG

NJMMJPO
JO 
XIJDI
XBT

NJMMJPO
PS

BCPWF
UIF
QSPWJTJPO
SFDPSEFE
JO

5IF
$PNQBOZbT
QSPWJTJPO
GPS
MPBO
MPTTFT
JO
 XBT
MBSHFMZ
EVF
UP
B

NJMMJPO
QSPWJTJPO
SFDPSEFE
PO
MFHBDZ
MPBOT
SFTVMUJOH
QSJNBSJMZ
GSPN
UIF
EPXOXBSE
NJHSBUJPO
PG FOFSHZSFMBUFE
DSFEJUT
EVF
UP
HFOFSBM
FOFSHZ
TFDUPS
XFBLOFTT
BT
XFMM
BT
MFHBDZ
MPBO
HSPXUI
PG

CJMMJPO
PS


3FGFS
UP
UIF
"TTFU
2VBMJUZ
TFDUJPO
PG
.%"
BOE
/PUF

"MMPXBODF
GPS
$SFEJU
-PTTFT
UP
UIF
DPOTPMJEBUFE
GJOBODJBM TUBUFNFOUT
GPS
BEEJUJPOBM
JOGPSNBUJPO

/POJOUFSFTU
*ODPNF

5IF
$PNQBOZbT
PQFSBUJOH
SFTVMUT
GPS
UIF
ZFBS
FOEFE
%FDFNCFS


JODMVEFE
OPOJOUFSFTU
JODPNF
PG

NJMMJPO DPNQBSFE
UP

NJMMJPO
BOE

NJMMJPO
GPS
UIF
ZFBST
FOEFE
%FDFNCFS


BOE

SFTQFDUJWFMZ
5IF
EFDSFBTF
JO OPOJOUFSFTU
JODPNF
JO

XBT
QSJNBSJMZ
ESJWFO
CZ
B
EFDSFBTF
JO
NPSUHBHF
JODPNF
/POJOUFSFTU
JODPNF
BT
B
QFSDFOUBHF
PG UPUBM
HSPTT
SFWFOVF
EFGJOFE
BT
UPUBM
JOUFSFTU
BOE
OPOJOUFSFTU
JODPNF
XBT

JO

BOE

JO
CPUI

BOE


33 5IF
GPMMPXJOH
UBCMF
JMMVTUSBUFT
UIF
QSJNBSZ
DPNQPOFOUT
PG
OPOJOUFSFTU
JODPNF

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


WT
 
WT
 %PMMBST
JO
UIPVTBOET    
$IBOHF 
$IBOHF 
$IBOHF 
$IBOHF .PSUHBHF
JODPNF                4FSWJDF
DIBSHFT
PO
EFQPTJU
BDDPVOUT             5JUMF
SFWFOVF           #SPLFS
DPNNJTTJPOT             "5.EFCJU
DBSE
GFF
JODPNF           $SFEJU
DBSE
BOE
NFSDIBOUSFMBUFE
JODPNF             -PTT
HBJO
PO
TBMF
PG
BWBJMBCMF
GPS
TBMF TFDVSJUJFT           5SVTU
JODPNF            0UIFS
OPOJOUFSFTU
JODPNF                        


WT


/POJOUFSFTU
JODPNF
EFDSFBTFE

NJMMJPO
JO

XIFO
DPNQBSFE
UP

5IJT
EFDSFBTF
XBT
QSJNBSJMZ
ESJWFO
CZ
B
 NJMMJPO
EFDSFBTF
JO
NPSUHBHF
JODPNF
5IF
NBKPSJUZ
PG
UIF
EFDMJOF
JO
NPSUHBHF
JODPNF
XBT
WPMVNFSFMBUFE
JODMVEJOH
B
 NJMMJPO
EFDSFBTF
JO
NPSUHBHF
MPBO
PSJHJOBUJPOT
BOE
B

NJMMJPO
EFDSFBTF
JO
TBMFT
WPMVNF
XIJMF
SFEVDFE
NBSHJOT
JO
UIF TFDPOEBSZ
NBSLFU
DPOUSJCVUFE
UP
B
TNBMMFS
QPSUJPO
PG
UIF
EFDMJOF

5IF
WPMVNFSFMBUFE
EFDSFBTFT
XFSF
EVF
UP
UIF
MPTT
PG NPSUHBHF
QSPEVDUJPO
PGGJDFT
UISPVHIPVU
UIF
NPSUHBHF
GPPUQSJOU
DPVQMFE
XJUI
SFEVDFE
BDUJWJUZ
EVF
UP
IJHIFS
JOUFSFTU
SBUFT -PDLFE
QJQFMJOF
WPMVNF
BMTP
EFDSFBTFE

NJMMJPO
DPNQBSFE
UP


/POJOUFSFTU
JODPNF
JO

XBT
BMTP
JNQBDUFE
CZ
B

NJMMJPO
EFDSFBTF
JO
CSPLFS
DPNNJTTJPOT
UIF
SFTVMU
PG
MPXFS JOWFTUNFOU
CBOLJOH
JODPNF
BOE
USBEJOH
BOE
SFTFBSDI
JODPNF
5SBEJOH
BOE
SFTFBSDI
JODPNF
EFDMJOFE
EVF
UP
*CFSJB
$BQJUBM 1BSUOFST
USBEJOH
BOE
SFTFBSDI
EFTL
CFJOH
DMPTFE
JO

0UIFS
OPOJOUFSFTU
JODPNF
EFDSFBTFE
CZ

NJMMJPO
QSJNBSJMZ
EVF
UP B

NJMMJPO
EFDSFBTF
JO
DVTUPNFS
TXBQ
DPNNJTTJPO
JODPNF

5IF
EFDSFBTFT
JO

XIFO
DPNQBSFE
UP

XFSF
QBSUJBMMZ
PGGTFU
CZ
JODSFBTFT
JO
TFSWJDF
DIBSHFT
PO
EFQPTJU
BDDPVOUT
DSFEJU DBSE
BOE
NFSDIBOUSFMBUFE
JODPNF
BOE
USVTU
JODPNF


WT


"GUFS
SFDPSE
MFWFMT
PG
NPSUHBHF
QSPEVDUJPO
JO

NPSUHBHF
JODPNF
JODSFBTFE
CZ

NJMMJPO
JO

5IF
JODSFBTF
JO NPSUHBHF
JODPNF
XBT
QSJNBSJMZ
BUUSJCVUBCMF
UP
B

NJMMJPO
JODSFBTF
JO
HBJOT
PO
TBMFT
BOE
JODSFBTFT
JO
TFSWJDJOH
BOE
PUIFS JODPNF
PGGTFU
CZ
B
NPSF
VOGBWPSBCMF
EFSJWBUJWF
WBMVBUJPO
BEKVTUNFOU
PG

NJMMJPO
5IF
$PNQBOZ
PSJHJOBUFE

CJMMJPO
JO NPSUHBHF
MPBOT
JO

DPOTJTUFOU
XJUI

5IF
$PNQBOZ
TPME

CJMMJPO
JO
NPSUHBHF
MPBOT
JO

VQ

NJMMJPO
GSPN 
*O
BEEJUJPO
UP
UIF
TMJHIU
JODSFBTF
JO
TBMFT
WPMVNF
NBSHJO
PO
TBMFT
XBT
VQ

CBTJT
QPJOUT
JO

PWFS


0UIFS
OPOJOUFSFTU
JODPNF
JODSFBTFE

NJMMJPO
JO

XIJDI
JODMVEFE
JODSFBTFT
JO
DVTUPNFS
TXBQ
DPNNJTTJPO
JODPNF
BOE CVTJOFTT
CBOLJOH
MPBO
JODPNF
5IFTF
JODSFBTFT
XFSF
QBSUJBMMZ
PGGTFU
CZ
B
EFDSFBTF
JO
CSPLFS
DPNNJTTJPOT

/POJOUFSFTU
&YQFOTF

5IF
$PNQBOZbT
SFTVMUT
GPS

JODMVEFE
OPOJOUFSFTU
FYQFOTF
PG

NJMMJPO
BO
JODSFBTF
PG

NJMMJPO
XIFO
DPNQBSFE UP

5IJT
JODSFBTF
JT
QSJNBSJMZ
EVF
UP
4BCBEFMM
6OJUFESFMBUFE
NFSHFS
DPOWFSTJPO
DPNQFOTBUJPO
BOE
QSPGFTTJPOBM
TFSWJDFT FYQFOTFT
BT
XFMM
BT
MJUJHBUJPOSFMBUFE
QSPGFTTJPOBM
TFSWJDFT
FYQFOTFT
SFTVMUJOH
GSPN
UIF
QSFWJPVTMZ
EJTDMPTFE
)6%
MBXTVJU
'PS UIF
ZFBS
UIF
$PNQBOZbT
FGGJDJFODZ
SBUJP
XBT

DPNQBSFE
UP

JO


34 5IF
GPMMPXJOH
UBCMF
JMMVTUSBUFT
UIF
QSJNBSZ
DPNQPOFOUT
PG
OPOJOUFSFTU
FYQFOTF

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


WT
 
WT
 %PMMBST
JO
UIPVTBOET    
$IBOHF 
$IBOHF 
$IBOHF 
$IBOHF 4BMBSJFT
BOE
FNQMPZFF
CFOFGJUT                /FU
PDDVQBODZ
BOE
FRVJQNFOU             $PNNVOJDBUJPO
BOE
EFMJWFSZ             .BSLFUJOH
BOE
CVTJOFTT
EFWFMPQNFOU            %BUB
QSPDFTTJOH             "NPSUJ[BUJPO
PG
BDRVJTJUJPO
JOUBOHJCMFT            1SPGFTTJPOBM
TFSWJDFT             $SFEJU
BOE
PUIFS
MPBOSFMBUFE
FYQFOTF             *OTVSBODF            -PTT
PO
FBSMZ
UFSNJOBUJPO
PG
MPTT
TIBSF BHSFFNFOUT d   d       5SBWFM
BOE
FOUFSUBJONFOU             0UIFS
OPOJOUFSFTU
FYQFOTF                           


WT


4BMBSJFT
BOE
FNQMPZFF
CFOFGJUT
JODSFBTFE

NJMMJPO
JO

XIFO
DPNQBSFE
UP

5IJT
JODSFBTF
XBT
ESJWFO
CZ
B
 NJMMJPO
JODSFBTF
JO
DPNQFOTBUJPO
FYQFOTF
SFMBUFE
UP
BDRVJSFE
BTTPDJBUFT
GSPN
4BCBEFMM
6OJUFE
B

NJMMJPO
JODSFBTF
JO
GSJOHF CFOFGJUT
JODMVEJOH
BO
JODSFBTF
JO
UIF
$PNQBOZT
 L
NBUDI
JODSFBTFT
JO
MFHBDZ
IFBEDPVOU
NFSJU
SBJTFT
PGGDZDMF
JODSFBTFT BOE
SFTUSJDUFE
TUPDL
HSBOUT
5IF
$PNQBOZ
IBE
 
GVMMUJNF
FRVJWBMFOU
FNQMPZFFT
BU
UIF
FOE
PG

BO
JODSFBTF
PG

PS 
GSPN

1SPGFTTJPOBM
TFSWJDFT
JODSFBTFE

NJMMJPO
GSPN

QSJNBSJMZ
EVF
UP
UIF
4BCBEFMM
6OJUFE
BDRVJTJUJPO
BT XFMM
BT
UIF
)6%
MFHBM
NBUUFS
XIJDI
XBT
TFUUMFE
PO
%FDFNCFS


JO
UIF
BNPVOU
PG

NJMMJPO
QSFWJPVTMZ
QSPWJEFE GPS
JO
UIF
TFDPOE

NJMMJPO
BOE
UIJSE

NJMMJPO
RVBSUFST
PG


%BUB
QSPDFTTJOH
JODSFBTFE
CZ

NJMMJPO
XIFO
DPNQBSFE
UP

EVF
UP
BDRVJTJUJPOSFMBUFE
DPNQVUFS
TFSWJDF
FYQFOTFT
BT XFMM
BT
UIF
JNQMFNFOUBUJPO
PG
OFX
TPGUXBSF
JODMVEJOH
NPSF
DMPVECBTFE
BQQMJDBUJPOT
$SFEJU
BOE
PUIFS
MPBOSFMBUFE
FYQFOTFT JODSFBTFE

NJMMJPO
JO

BT
B
SFTVMU
PG
IJHIFS
QSPWJTJPO
GPS
VOGVOEFE
MFOEJOH
DPNNJUNFOUT
MPBO
FYQFOTFT
BOE
MPBO BQQSBJTBM
BOE
JOTQFDUJPO
FYQFOTFT

5IF
JODSFBTFT
JO

XIFO
DPNQBSFE
UP

XFSF
TMJHIUMZ
PGGTFU
CZ
UIF

NJMMJPO
MPTT
JODVSSFE
JO
%FDFNCFS
PG

UP UFSNJOBUF
MPTT
TIBSF
BHSFFNFOUT
XJUI
UIF
'%*$
BIFBE
PG
UIFJS
DPOUSBDUVBM
NBUVSJUJFT


WT


%BUB
QSPDFTTJOH
EFDSFBTFE

NJMMJPO
GSPN

MBSHFMZ
EVF
UP
NFSHFSSFMBUFE
DPOWFSTJPO
FYQFOTFT
GSPN
UIF
$PNQBOZT UISFF

BDRVJTJUJPOT
$SFEJU
BOE
PUIFS
MPBOSFMBUFE
FYQFOTF
EFDSFBTFE

NJMMJPO
GSPN

QSJNBSJMZ
BT
B
SFTVMU
PG
B EFDSFBTF
JO
UIF
SFTFSWF
GPS
VOGVOEFE
MFOEJOH
DPNNJUNFOUT
EVF
UP
B
SJTL
TIJGU
GSPN
IJHIFSSJTL
FOFSHZSFMBUFE
DPNNJUNFOUT XIJDI
EFDSFBTFE
BT
UIPTF
MJOFT
GVOEFE
PS
XFSF
DVSUBJMFE
UP
MPXFSSJTL
VOGVOEFE
DPNNJUNFOUT
/FU
PDDVQBODZ
BOE
FRVJQNFOU FYQFOTF
EFDSFBTFE

NJMMJPO
DPNQBSFE
UP

NPTUMZ
EVF
UP
EFDSFBTFT
JO
EFQSFDJBUJPO
FYQFOTF
FRVJQNFOU
SFOUBM JOTVSBODF
BOE
VUJMJUJFT
FYQFOTFT
GSPN
CSBODI
DMPTVSF
BOE
DPOTPMJEBUJPO
JOJUJBUJWFT
0UIFS
GMVDUVBUJPOT
BSF
MBSHFMZ
EVF
UP BDRVJTJUJPO
BOE
NFSHFSSFMBUFE
FYQFOTFT
JODVSSFE
JO

UIFSF
XFSF
OP
BDRVJTJUJPOT
JO
 

5IF
EFDSFBTFT
JO

XFSF
PGGTFU
CZ
B
QSFUBY
MPTT
PG

NJMMJPO
JODVSSFE
UP
UFSNJOBUF
UIF
$PNQBOZT
MPTT
TIBSF
BHSFFNFOUT XJUI
UIF
'%*$
5IF
EFDSFBTFT
JO

XFSF
BMTP
PGGTFU
CZ
B

NJMMJPO
JODSFBTF
JO
TBMBSJFT
BOE
FNQMPZFF
CFOFGJUT
FYQFOTF NPTUMZ
EVF
UP
B

NJMMJPO
JODSFBTF
JO
DPNNJTTJPOT
BOE
JODFOUJWFT
5IF
$PNQBOZ
IBE
 
GVMMUJNF
FRVJWBMFOU
FNQMPZFFT BU
UIF
FOE
PG

B
EFDSFBTF
PG

PS

GSPN


35 *ODPNF
5BYFT

'PS
UIF
ZFBST
FOEFE
%FDFNCFS



BOE

UIF
$PNQBOZ
SFDPSEFE
JODPNF
UBY
FYQFOTF
PG

NJMMJPO
 NJMMJPO
BOE

NJMMJPO
SFTQFDUJWFMZ
XIJDI
SFTVMUFE
JO
BO
FGGFDUJWF
JODPNF
UBY
SBUF
PG

JO


JO

BOE 
JO

*ODPNF
UBY
FYQFOTF
JO

JODMVEFE

NJMMJPO
SFMBUFE
UP
UIF
FTUJNBUFE
OFU
JNQBDU
GSPN
UIF
SFNFBTVSFNFOU PG
PVS
EFGFSSFE
UBY
BTTFUT
BOE
MJBCJMJUJFT
BT
B
SFTVMU
PG
UIF
QBTTBHF
PG
UIF
5BY
"DU
JO
%FDFNCFS

&YDMVEJOH
UIBU
DIBSHF
PVS FGGFDUJWF
UBY
SBUF
GPS

XPVME
IBWF
CFFO



WT


5IF
EJGGFSFODF
CFUXFFO
UIF
FGGFDUJWF
UBY
SBUF
BOE
UIF
TUBUVUPSZ
GFEFSBM
BOE
TUBUF
UBY
SBUFT
SFMBUFT
UP
JUFNT
UIBU
BSF
OPOUBYBCMF
PS OPOEFEVDUJCMF
QSJNBSJMZ
UIF
FGGFDU
PG
UBYFYFNQU
JODPNF
BOE
WBSJPVT
UBY
DSFEJUT
"T
EJTDVTTFE
QSFWJPVTMZ
UIF
FGGFDUJWF
UBY SBUF
JO

XBT
TJHOJGJDBOUMZ
JNQBDUFE
CZ
UBY
SFGPSN
5IF
FGGFDUJWF
UBY
SBUF
JO

XBT
BMTP
JNQBDUFE
CZ
UIF
BDDSVBM
GPS
UIF )6%
NBUUFS
BT
XFMM
BT
UIF
OPOEFEVDUJCMF
QPSUJPO
PG
NFSHFSSFMBUFE
FYQFOTFT
SFMBUFE
UP
UIF
4BCBEFMM
6OJUFE
BDRVJTJUJPO
*O BEEJUJPO
UIF
FGGFDUJWF
UBY
SBUF
JO

XBT
JNQBDUFE
CZ
PVS
MFWFM
PG
JOWFTUNFOU
JO
UBY
DSFEJUT
BOE
UIF
JODSFBTF
JO
EFEVDUJPOT GSPN
UBYBCMF
JODPNF
GPS
DFSUBJO
JODFOUJWFCBTFE
FYQFOTFT
SFTUSJDUFE
TUPDL
BOE
DFSUBJO
TUPDL
PQUJPOT
BT
B
SFTVMU
PG
UIF JNQMFNFOUBUJPO
PG
"46
/P

EVSJOH
UIF
GJSTU
RVBSUFS
PG

5IJT
"46
SFRVJSFT
UIF
$PNQBOZ
UP
SFDPHOJ[F
UIF
FYDFTT UBY
CFOFGJUT TIPSUGBMMT
PG
FYFSDJTFE
PS
WFTUFE
BXBSET
BT
JODPNF
UBY
CFOFGJU FYQFOTF
UISPVHI
UIF
JODPNF
TUBUFNFOU
XIFSFBT UIFTF
FYDFTT
UBY
CFOFGJUT TIPSUGBMMT
XFSF
QSFWJPVTMZ
SFDPHOJ[FE
JO
BEEJUJPOBM
QBJEJODBQJUBM
PO
UIF
CBMBODF
TIFFU


WT


5IF
FGGFDUJWF
UBY
SBUF
JO

JODSFBTFE
QSJNBSJMZ
EVF
UP
UIF
OFHBUJWF
JNQBDU
PG
UIF
QPTUNFSHFS
FGGFDU
PG
UIF

BDRVJTJUJPOT XIJDI
DPOUSJCVUFE
UP
UIF
JODSFBTF
JO
UIF
$PNQBOZT
TUBUF
FGGFDUJWF
UBY
SBUF
HJWFO
UIF
IJHIFS
TUBUVUPSZ
UBY
SBUFT
JO
'MPSJEB
BOE (FPSHJB
*O
BEEJUJPO
UP
IJHIFS
TUBUF
JODPNF
UBY
FYQFOTF
GSPN
PVS
SFDFOU
BDRVJTJUJPOT
UIF
FGGFDUJWF
UBY
SBUF
JODSFBTFE
GSPN
 UP

BT
B
SFTVMU
PG
BO
JODSFBTF
JO
QSFUBY
JODPNF
XJUIPVU
B
DPSSFTQPOEJOH
QSPQPSUJPOBM
JODSFBTF
JO
UBY
DSFEJUT
EVF
UP
UIF FYQJSBUJPO
PG
UBY
DSFEJUT

'*/"/$*"-
$0/%*5*0/

&"3/*/(
"44&54

5IF
GPMMPXJOH
EJTDVTTJPO
IJHIMJHIUT
UIF
$PNQBOZbT
NBKPS
DBUFHPSJFT
PG
FBSOJOH
BTTFUT

-PBOT

5IF
$PNQBOZ
IBE
UPUBM
MPBOT
PG
BQQSPYJNBUFMZ

CJMMJPO
BU
%FDFNCFS


BO
JODSFBTF
PG

CJMMJPO
PS

GSPN %FDFNCFS


-PBO
HSPXUI
XBT
ESJWFO
CZ
UIF
BDRVJTJUJPO
PG

CJMMJPO
JO
MPBOT
GSPN
4BCBEFMM
6OJUFE
BOE
TVQQMFNFOUFE CZ
MFHBDZ
MPBO
HSPXUI
PG

CJMMJPO
PS

5IF
HSPXUI
JO
UIF
MFHBDZ
QPSUGPMJP
JODMVEFE
DPNNFSDJBM
MPBO
HSPXUI
PG
 CJMMJPO
PS

BOE
NPSUHBHF
MPBO
HSPXUI
PG

NJMMJPO
PS

BT
XFMM
BT
DPOTVNFS
MPBO
HSPXUI
PG

NJMMJPO
PS
 *O
UIF
BDRVJSFE
MPBO
QPSUGPMJP
QBZEPXOT
BOE
QBZPGGT
PO
MPBOT
GSPN
QSJPS
QFSJPE
BDRVJTJUJPOT
QBSUJBMMZ
PGGTFU
UIF
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UP SFUVSO
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GPS GVSUIFS
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40 *OWFTUNFOU
4FDVSJUJFT *OWFTUNFOU
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UP

CJMMJPO
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PG
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BDRVJSFE
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5"#-&
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PG
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UP NBUVSJUZ 64
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41 'VOET
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PG
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PG
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PG
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PG
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PUIFS
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PG
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PG
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BT
03&0
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PG
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GPS
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MFTT DPTUT
UP
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BMTP
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BT
03&0
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BU
UIF
MPXFS
PG
DPTU
PS
NBSLFU
WBMVF

42 6OEFS
(""1
DFSUBJO
MPBO
NPEJGJDBUJPOT
PS
SFTUSVDUVSJOHT
BSF
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BT
5%3T
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B
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PG
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GVSUIFS
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EBZT
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BOE GPSFDMPTFE
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5IF
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PG
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4FF
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4JHOJGJDBOU
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GJOBODJBM
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UP
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PG
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JO DFSUBJO
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PS
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PS
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UP
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MPBO
MFWFM
DIBSHFPGGT
SFMBUFE
UP
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JNQBJSFE
MPBOT
BSF
OPU
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UIF GJOBODJBM
TUBUFNFOUT
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UIF
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PO
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DIBSHFPGG
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BDRVJSFE
JNQBJSFE
MPBOT
JT
OPU
DPOTJTUFOU
XJUI
UIF
OFU
DIBSHFPGG
SBUJP
GPS
PUIFS
MPBO
QPSUGPMJPT
5IF
JODMVTJPO
PG
UIFTF
MPBOT JO
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DPVME
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JO
B
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PG
DPNQBSBCJMJUZ
BDSPTT
RVBSUFST
PS
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BOE
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JNQBDU
DPNQBSBCJMJUZ XJUI
PUIFS
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XFSF
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CZ
BDRVJSFE
JNQBJSFE
MPBO
BDDPVOUJOH
5IF
$PNQBOZ
CFMJFWFT
UIBU
UIF
QSFTFOUBUJPO PG
DFSUBJO
BTTFU
RVBMJUZ
NFBTVSFT
FYDMVEJOH
BDRVJSFE
JNQBJSFE
MPBOT
BT
JOEJDBUFE
CFMPX
QSPWJEFT
CFUUFS
QFSTQFDUJWF
JOUP VOEFSMZJOH
USFOET
SFMBUFE
UP
UIF
RVBMJUZ
PG
JUT
MPBO
QPSUGPMJP
"DDPSEJOHMZ
UIF
BTTFU
RVBMJUZ
NFBTVSFT
JO
UIF
UBCMFT
CFMPX
QSFTFOU BTTFU
RVBMJUZ
JOGPSNBUJPO
FYDMVEJOH
BDRVJSFE
JNQBJSFE
MPBOT
BT
JOEJDBUFE
XJUIJO
FBDI
UBCMF
BOE
SFMBUFE
BNPVOUT

43 5IF
GPMMPXJOH
UBCMF
TFUT
GPSUI
UIF
DPNQPTJUJPO
PG
UIF
$PNQBOZbT
OPOQFSGPSNJOH
BTTFUT
JODMVEJOH
BDDSVJOH
MPBOT
QBTU
EVF
 PS
NPSF
EBZT
BOE
5%3T
BT
PG
%FDFNCFS


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


WT


%PMMBST
JO
UIPVTBOET      
$IBOHF 
$IBOHF /POBDDSVBM
MPBOT $PNNFSDJBM                   .PSUHBHF              $POTVNFS              5PUBM
OPOBDDSVBM
MPBOT              "DDSVJOH
MPBOT

EBZT
PS
NPSF
QBTU
EVF            

5PUBM
OPOQFSGPSNJOH
MPBOT
              03&0
BOE
GPSFDMPTFE
QSPQFSUZ
              5PUBM
OPOQFSGPSNJOH
BTTFUT
              1FSGPSNJOH
USPVCMFE
EFCU
SFTUSVDUVSJOHT
              5PUBM
OPOQFSGPSNJOH
BTTFUT
BOE QFSGPSNJOH
USPVCMFE
EFCU
SFTUSVDUVSJOHT
                   /POQFSGPSNJOH
MPBOT
UP
UPUBM
MPBOT

      /POQFSGPSNJOH
BTTFUT
UP
UPUBM
BTTFUT

      /POQFSGPSNJOH
BTTFUT
BOE
QFSGPSNJOH
USPVCMFE

 EFCU
SFTUSVDUVSJOHT
UP
UPUBM
BTTFUT      "MMPXBODF
GPS
DSFEJU
MPTTFT
UP
OPOQFSGPSNJOH
 MPBOT      "MMPXBODF
GPS
DSFEJU
MPTTFT
UP
UPUBM
MPBOT
     

 /POQFSGPSNJOH
MPBOT
BOE
BTTFUT
JODMVEF
BDDSVJOH
MPBOT

EBZT
PS
NPSF
QBTU
EVF  03&0
BOE
GPSFDMPTFE
QSPQFSUZ
BU
%FDFNCFS





BOE

JODMVEF

NJMMJPO

NJMMJPO 
NJMMJPO

NJMMJPO
BOE

NJMMJPO
SFTQFDUJWFMZ
PG
GPSNFS
CBOL
QSPQFSUJFT
IFME
GPS
EFWFMPQNFOU
PS
SFTBMF  1FSGPSNJOH
USPVCMFE
EFCU
SFTUSVDUVSJOHT
GPS
%FDFNCFS





BOE

FYDMVEF

NJMMJPO 
NJMMJPO

NJMMJPO

NJMMJPO
BOE

NJMMJPO
SFTQFDUJWFMZ
JO
USPVCMFE
EFCU
SFTUSVDUVSJOHT
UIBU
NFFU
OPO QFSGPSNJOH
BTTFU
DSJUFSJB  /POQFSGPSNJOH
MPBOT
FYDMVEF
BDRVJSFE
JNQBJSFE
MPBOT
FWFO
JG
DPOUSBDUVBMMZ
QBTU
EVF
PS
JG
UIF
$PNQBOZ
EPFT
OPU
FYQFDU UP
SFDFJWF
QBZNFOU
JO
GVMM
BT
UIF
$PNQBOZ
JT
DVSSFOUMZ
BDDSFUJOH
JOUFSFTU
JODPNF
PWFS
UIF
FYQFDUFE
MJGF
PG
UIF
MPBOT

5PUBM
OPOQFSGPSNJOH
BTTFUT
EFDSFBTFE

NJMMJPO
PS

DPNQBSFE
UP
%FDFNCFS


ESJWFO
CZ
B
EFDSFBTF
JO
OPO QFSGPSNJOH
MPBOT
PG

NJMMJPO
PS

&OFSHZSFMBUFE
OPOQFSGPSNJOH
MPBOT
EFDSFBTFE

NJMMJPO
PS

GSPN QBZNFOUT
BOE
DIBSHFPGGT
JO

1FSGPSNJOH
5%3T
BMTP
EFDSFBTFE

NJMMJPO
PS

BMTP
UIF
SFTVMU
PG
B
EFDSFBTF
JO FOFSHZSFMBUFE
5%3T

%VSJOH

NBOZ
PG
UIF
$PNQBOZT
QSFWJPVTMZ
DSJUJDJ[FE
EFGJOFE
BT
TQFDJBM
NFOUJPO
PS
XPSTF
FOFSHZ SFMBUFE
DSFEJUT
DZDMFE
UISPVHI
SFTPMVUJPO
"T
B
SFTVMU
UPUBM
OPOQFSGPSNJOH
BTTFUT
BT
B
QFSDFOUBHF
PG
UPUBM
BTTFUT
EFDSFBTFE
 CBTJT
QPJOUT
GSPN
%FDFNCFS


XIJMF
UIF
BMMPXBODF
GPS
DSFEJU
MPTTFT
DPWFSFE

PG
OPOQFSGPSNJOH
MPBOT
BU %FDFNCFS



5IF
$PNQBOZ
IBT
DPOTJEFSFE
UIF
DPMMBUFSBM
TVQQPSU
PO
UIFTF
OPOQFSGPSNJOH
BTTFUT
JO
EFUFSNJOJOH
UIF BMMPXBODF
GPS
DSFEJU
MPTTFT

"U
%FDFNCFS


UIF
$PNQBOZ
IBE

NJMMJPO
PG
DPNNFSDJBM
BTTFUT
DMBTTJGJFE
BT
TVCTUBOEBSE

NJMMJPO
PG DPNNFSDJBM
BTTFUT
DMBTTJGJFE
BT
EPVCUGVM
BOE

NJMMJPO
PG
DPNNFSDJBM
BTTFUT
DMBTTJGJFE
BT
MPTT
"DDPSEJOHMZ
UIF
BHHSFHBUF
PG UIF
$PNQBOZbT
DMBTTJGJFE
DPNNFSDJBM
BTTFUT
XBT

PG
UPUBM
BTTFUT
BOE

PG
UPUBM
DPNNFSDJBM
MPBOT
"U
%FDFNCFS
 
DMBTTJGJFE
DPNNFSDJBM
BTTFUT
UPUBMFE

NJMMJPO
PS

PG
UPUBM
BTTFUT
BOE

PG
UPUBM
DPNNFSDJBM
MPBOT

*O
BEEJUJPO
UP
UIF
QSPCMFN
MPBOT
EFTDSJCFE
BCPWF
UIFSF
XFSF

NJMMJPO
PG
DPNNFSDJBM
MPBOT
DMBTTJGJFE
BT
TQFDJBM
NFOUJPO BU
%FDFNCFS


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

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


JODSFBTFE

NJMMJPO
PS 
GSPN
%FDFNCFS


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

BU
UIF
FOE
PG


1BTU
%VF
BOE
/POBDDSVBM
-PBOT

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


UPUBM
MPBOT
QBTU
EVF
JODMVEJOH
OPOBDDSVBM MPBOT
XFSF

PG
UPUBM
MPBOT
B
EFDSFBTF
PG

CBTJT
QPJOUT
GSPN
%FDFNCFS


"EEJUJPOBM
JOGPSNBUJPO
PO
QBTU
EVF MPBOT
JT
QSFTFOUFE
JO
UIF
GPMMPXJOH
UBCMF

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


%FDFNCFS

 %FDFNCFS




PG 
PG 0VUTUBOEJOH 0VUTUBOEJOH %PMMBST
JO
UIPVTBOET "NPVOU #BMBODF "NPVOU #BMBODF 
$IBOHF 
$IBOHF "DDSVJOH
MPBOT 
EBZT
QBTU
EVF              
EBZT
QBTU
EVF          
EBZT
QBTU
EVF          
EBZT
QBTU
EVF
PS
NPSF    d            /POBDDSVBM
MPBOT          5PUBM
QBTU
EVF
BOE
OPOBDDSVBM
MPBOT          

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

5PUBM
QBTU
EVF
BOE
OPOBDDSVBM
MPBOT
EFDSFBTFE

NJMMJPO
GSPN
%FDFNCFS


UP

NJMMJPO
BU
%FDFNCFS
 
5IF
DIBOHF
XBT
QSJNBSJMZ
EVF
UP
B
EFDSFBTF
JO
FOFSHZSFMBUFE
OPOBDDSVBM
MPBOT
1BSUJBMMZ
PGGTFUUJOH
UIBU
EFDSFBTF
XBT
BO JODSFBTF
JO
BDDSVJOH
MPBOT
QBTU
EVF
QSJNBSJMZ
B
SFTVMU
PG
B
MJNJUFE
OVNCFS
PG
DPNNFSDJBM
DSFEJUT

PG
BDDSVJOH
MPBOT
QBTU EVF
XFSF
QBTU
EVF
MFTT
UIBO

EBZT
XJUI

QBTU
EVF
MFTT
UIBO

EBZT

"MMPXBODF
GPS
$SFEJU
-PTTFT 5IF
BMMPXBODF
GPS
DSFEJU
MPTTFT
SFQSFTFOUT
NBOBHFNFOUbT
CFTU
FTUJNBUF
PG
QSPCBCMF
DSFEJU
MPTTFT
JOIFSFOU
BU
UIF
CBMBODF
TIFFU EBUF
%FUFSNJOBUJPO
PG
UIF
BMMPXBODF
GPS
DSFEJU
MPTTFT
JOWPMWFT
B
IJHI
EFHSFF
PG
DPNQMFYJUZ
BOE
SFRVJSFT
TJHOJGJDBOU
KVEHNFOU 4FWFSBM
GBDUPST
BSF
UBLFO
JOUP
DPOTJEFSBUJPO
JO
UIF
EFUFSNJOBUJPO
PG
UIF
PWFSBMM
BMMPXBODF
GPS
DSFEJU
MPTTFT
#BTFE
PO
GBDUT
BOE DJSDVNTUBODFT
BWBJMBCMF
NBOBHFNFOU
PG
UIF
$PNQBOZ
CFMJFWFT
UIBU
UIF
BMMPXBODF
GPS
DSFEJU
MPTTFT
XBT
BQQSPQSJBUF
BU %FDFNCFS


UP
DPWFS
QSPCBCMF
MPTTFT
JO
UIF
$PNQBOZbT
MPBO
QPSUGPMJP
)PXFWFS
GVUVSF
BEKVTUNFOUT
UP
UIF
BMMPXBODF NBZ
CF
OFDFTTBSZ
BOE
UIF
SFTVMUT
PG
PQFSBUJPOT
DPVME
CF
BEWFSTFMZ
BGGFDUFE
JG
DJSDVNTUBODFT
EJGGFS
TVCTUBOUJBMMZ
GSPN
UIF BTTVNQUJPOT
VTFE
CZ
NBOBHFNFOU
JO
EFUFSNJOJOH
UIF
BMMPXBODF
GPS
DSFEJU
MPTTFT
4FF
UIF
`"QQMJDBUJPO
PG
$SJUJDBM
"DDPVOUJOH 1PMJDJFT
BOE
&TUJNBUFTa
TFDUJPO
PG
UIJT
.%"
BOE
/PUF

4VNNBSZ
PG
4JHOJGJDBOU
"DDPVOUJOH
1PMJDJFT
UP
UIF
DPOTPMJEBUFE GJOBODJBM
TUBUFNFOUT
GPS
NPSF
JOGPSNBUJPO

45 5IF
GPMMPXJOH
UBCMFT
TFU
GPSUI
UIF
BDUJWJUZ
JO
UIF
$PNQBOZbT
BMMPXBODF
GPS
DSFEJU
MPTTFT

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

%PMMBST
JO
UIPVTBOET      "MMPXBODF
GPS
MPBO
MPTTFT
BU
CFHJOOJOH
PG
QFSJPE           1SPWJTJPO
DIBSHFE
UP
PQFSBUJPOT           5SBOTGFS
PG
CBMBODF
UP
03&0
BOE
PUIFS          "EKVTUNFOU
BUUSJCVUBCMF
UP
'%*$
MPTT
TIBSF BSSBOHFNFOUT d         5SBOTGFS
PG
CBMBODF
UP
UIF
SFTFSWF
GPS
VOGVOEFE DPNNJUNFOUT dddd   $IBSHFPGGT $PNNFSDJBM           3FTJEFOUJBM
NPSUHBHF      $POTVNFS                     3FDPWFSJFT $PNNFSDJBM           3FTJEFOUJBM
NPSUHBHF      $POTVNFS                     /FU
DIBSHFPGGT           "MMPXBODF
GPS
MPBO
MPTTFT
BU
FOE
PG
QFSJPE          

3FTFSWF
GPS
VOGVOEFE
MFOEJOH
DPNNJUNFOUT
BU
CFHJOOJOH
PG QFSJPE         d #BMBODF
DSFBUFE
JO
BDRVJTJUJPO
BDDPVOUJOH  dddd 5SBOTGFS
PG
CBMBODF
GSPN
UIF
BMMPXBODF
GPS
MPBO
MPTTFT dddd  1SPWJTJPO
GPS
3FWFSTBM
PG
VOGVOEFE
MFOEJOH
DPNNJUNFOUT         3FTFSWF
GPS
VOGVOEFE
MFOEJOH
DPNNJUNFOUT
BU
FOE
PG QFSJPE           "MMPXBODF
GPS
DSFEJU
MPTTFT
BU
FOE
PG
QFSJPE          

"MMPXBODF
GPS
MPBO
MPTTFT
UP
OPOQFSGPSNJOH
BTTFUT
      "MMPXBODF
GPS
MPBO
MPTTFT
UP
UPUBM
MPBOT
BU
FOE
PG
QFSJPE      /FU
DIBSHFPGGT
UP
BWFSBHF
MPBOT     

 /POQFSGPSNJOH
BTTFUT
JODMVEF
BDDSVJOH
MPBOT

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

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

     3FTFSWF 
PG 3FTFSWF 
PG 3FTFSWF 
PG 3FTFSWF 
PG 3FTFSWF 
PG  -PBOT  -PBOT  -PBOT  -PBOT  -PBOT $PNNFSDJBM                     3FTJEFOUJBM
NPSUHBHF                     $POTVNFS                     5PUBM
BMMPXBODF
GPS
DSFEJU
MPTTFT          

46 5IF
BMMPXBODF
GPS
DSFEJU
MPTTFT
XBT

NJMMJPO
BU
%FDFNCFS


PS

PG
UPUBM
MPBOT

NJMMJPO
MPXFS
UIBO
BU %FDFNCFS


5IF
BMMPXBODF
GPS
DSFEJU
MPTTFT
BT
B
QFSDFOUBHF
PG
MPBOT
XBT

BU
%FDFNCFS


5IF
EFDSFBTF
JO UIF
BMMPXBODF
GPS
DSFEJU
MPTTFT
BT
B
QFSDFOUBHF
PG
MPBOT
XBT
QSJNBSJMZ
UIF
SFTVMU
PG
UIF
BDRVJSFE
4BCBEFMM
6OJUFE
MPBOT
BT
UIPTF BDRVJSFE
MPBOT
BSF
SFDPSEFE
BU
FTUJNBUFE
GBJS
WBMVF
BT
PG
UIF
BDRVJTJUJPO
EBUF
XIJDI
JODMVEFT
BO
FTUJNBUF
PG
FYQFDUFE
MPTTFT
JO UIJT
QPSUGPMJP
BOE
BT
B
SFTVMU
OP
BMMPXBODF
GPS
MPBO
MPTTFT
JT
FTUBCMJTIFE
BT
PG
UIF
BDRVJTJUJPO
EBUF
"MTP
DPOUSJCVUJOH
UP
UIF EFDSFBTF
JO
UIF
BMMPXBODF
GPS
DSFEJU
MPTTFT
XBT
BO
PWFSBMM
JNQSPWFNFOU
JO
BTTFU
RVBMJUZ
NPTU
OPUBCMZ
JO
UIF
$PNQBOZT
FOFSHZ SFMBUFE
MPBO
QPSUGPMJP
BT
QSPCMFN
DSFEJUT
DZDMFE
UISPVHI
SFTPMVUJPO
JO


/FU
DIBSHFPGGT
EVSJOH

UPUBMFE

NJMMJPO
PS

PG
BWFSBHF
MPBOT
BT
DPNQBSFE
UP

NJMMJPO
PS

PG BWFSBHF
MPBOT
GPS

5IF
JODSFBTF
JO
OFU
DIBSHFPGGT
XBT
B
SFTVMU
PG
FOFSHZSFMBUFE
DIBSHFPGGT
PG

NJMMJPO
PO
GPVS SFMBUJPOTIJQT
JO


"U
%FDFNCFS


BOE

UIF
BMMPXBODF
GPS
MPBO
MPTTFT
DPWFSFE

BOE

PG
UPUBM
OPOQFSGPSNJOH
MPBOT SFTQFDUJWFMZ

'%*$
-PTT
4IBSF
3FDFJWBCMF

"T
QBSU
PG
'%*$BTTJTUFE
BDRVJTJUJPOT
JO

BOE

UIF
$PNQBOZ
SFDPSEFE
B
SFDFJWBCMF
GSPN
UIF
'%*$
XIJDI
SFQSFTFOUFE UIF
GBJS
WBMVF
PG
UIF
FYQFDUFE
SFJNCVSTBCMF
MPTTFT
DPWFSFE
CZ
UIF
MPTT
TIBSF
BHSFFNFOUT
BT
PG
UIF
BDRVJTJUJPO
EBUFT
5IF
'%*$ MPTT
TIBSF
SFDFJWBCMF
SFMBUFE
UP
UIF

BOE

BDRVJTJUJPOT
XBT
XSJUUFOPGG
JO
%FDFNCFS
PG

XIFO
UIF
$PNQBOZ FOUFSFE
JOUP
BO
BHSFFNFOU
XJUI
UIF
'%*$
UP
UFSNJOBUF
UIF
$PNQBOZT
MPTT
TIBSF
BHSFFNFOUT
QSJPS
UP
UIFJS
DPOUSBDUVBM
NBUVSJUJFT 5IF
$PNQBOZ
SFDFJWFE
B
OFU
QBZNFOU
PG

NJMMJPO
GSPN
UIF
'%*$
BT
DPOTJEFSBUJPO
GPS
UIJT
UFSNJOBUJPO
BOE
TVCTFRVFOUMZ EFSFDPHOJ[FE
UIF
SFNBJOJOH
'%*$
JOEFNOJGJDBUJPO
BTTFU
BOE
BTTPDJBUFE
BTTFUT
BOE
MJBCJMJUJFT
SFTVMUJOH
JO
B
QSFUBY
MPTT
PG
 NJMMJPO
5IF
$PNQBOZ
XJMM
CFOFGJU
GSPN
BMM
GVUVSF
SFDPWFSJFT
BOE
CF
SFTQPOTJCMF
GPS
BMM
GVUVSF
MPTTFT
BOE
FYQFOTFT
SFMBUFE
UP UIF
BTTFUT
QSFWJPVTMZ
TVCKFDU
UP
UIF
BGPSFNFOUJPOFE
MPTT
TIBSF
BHSFFNFOUT

*O
UIF
UIJSE
RVBSUFS
PG

UIF
$PNQBOZ
BDRVJSFE
4BCBEFMM
6OJUFE
$FSUBJO
MPBOT
UIBU
XFSF
BDRVJSFE
JO
UIJT
USBOTBDUJPO
BSF DPWFSFE
CZ
MPTT
TIBSF
BHSFFNFOUT
XJUI
UIF
'%*$
$PWFSFE
MPBOT
XFSF

NJMMJPO
BU
%FDFNCFS



$BTI
BOE
DBTI
FRVJWBMFOUT

$BTI
BOE
DBTI
FRVJWBMFOUT
UPUBMFE

NJMMJPO
BU
%FDFNCFS


B
EFDSFBTF
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PGG          3FDPWFSJFT          "MMPXBODF
GPS
MPBO
MPTTFT
BU
FOE
PG
QFSJPE               

3FTFSWF
GPS
VOGVOEFE
DPNNJUNFOUT
BU CFHJOOJOH
PG
QFSJPE               #BMBODF
DSFBUFE
JO
BDRVJTJUJPO BDDPVOUJOH       1SPWJTJPO
GPS
3FWFSTBM
PG
VOGVOEFE DPNNJUNFOUT       3FTFSWF
GPS
VOGVOEFE
DPNNJUNFOUT
BU
FOE PG
QFSJPE              

"MMPXBODF
PO
MPBOT
JOEJWJEVBMMZ
FWBMVBUFE GPS
JNQBJSNFOU               "MMPXBODF
PO
MPBOT
DPMMFDUJWFMZ
FWBMVBUFE GPS
JNQBJSNFOU           "MMPXBODF
PO
MPBOT
BDRVJSFE
XJUI EFUFSJPSBUFE
DSFEJU
RVBMJUZ          

-PBOT
OFU
PG
VOFBSOFE
JODPNF #BMBODF
BU
FOE
PG
QFSJPE                     #BMBODF
BU
FOE
PG
QFSJPE
JOEJWJEVBMMZ FWBMVBUFE
GPS
JNQBJSNFOU           #BMBODF
BU
FOE
PG
QFSJPE
DPMMFDUJWFMZ FWBMVBUFE
GPS
JNQBJSNFOU                #BMBODF
BU
FOE
PG
QFSJPE
BDRVJSFE
XJUI EFUFSJPSBUFE
DSFEJU
RVBMJUZ          

98 

$PNNFSDJBM $PNNFSDJBM 3FTJEFOUJBM %PMMBST
JO
UIPVTBOET 3FBM
&TUBUF BOE
*OEVTUSJBM .PSUHBHF $POTVNFS 5PUBM "MMPXBODF
GPS
MPBO
MPTTFT
BU
CFHJOOJOH
PG QFSJPE                1SPWJTJPO
GPS
MPBO
MPTTFT          %FDSFBTF
JO
'%*$
MPTT
TIBSF
SFDFJWBCMF        5SBOTGFS
PG
CBMBODF
UP
03&0
BOE
PUIFS        -PBOT
DIBSHFE
PGG          3FDPWFSJFT          "MMPXBODF
GPS
MPBO
MPTTFT
BU
FOE
PG
QFSJPE               

3FTFSWF
GPS
VOGVOEFE
DPNNJUNFOUT
BU CFHJOOJOH
PG
QFSJPE               3FWFSTBM
PG
QSPWJTJPO
GPS
VOGVOEFE DPNNJUNFOUT        3FTFSWF
GPS
VOGVOEFE
DPNNJUNFOUT
BU
FOE PG
QFSJPE              

"MMPXBODF
PO
MPBOT
JOEJWJEVBMMZ
FWBMVBUFE GPS
JNQBJSNFOU               "MMPXBODF
PO
MPBOT
DPMMFDUJWFMZ
FWBMVBUFE GPS
JNQBJSNFOU           "MMPXBODF
PO
MPBOT
BDRVJSFE
XJUI EFUFSJPSBUFE
DSFEJU
RVBMJUZ          

-PBOT
OFU
PG
VOFBSOFE
JODPNF #BMBODF
BU
FOE
PG
QFSJPE                     #BMBODF
BU
FOE
PG
QFSJPE
JOEJWJEVBMMZ FWBMVBUFE
GPS
JNQBJSNFOU           #BMBODF
BU
FOE
PG
QFSJPE
DPMMFDUJWFMZ FWBMVBUFE
GPS
JNQBJSNFOU                #BMBODF
BU
FOE
PG
QFSJPE
BDRVJSFE
XJUI EFUFSJPSBUFE
DSFEJU
RVBMJUZ          

99 

$PNNFSDJBM $PNNFSDJBM 3FTJEFOUJBM %PMMBST
JO
UIPVTBOET 3FBM
&TUBUF BOE
*OEVTUSJBM .PSUHBHF $POTVNFS 5PUBM "MMPXBODF
GPS
MPBO
MPTTFT
BU
CFHJOOJOH
PG QFSJPE                1SPWJTJPO
GPS
MPBO
MPTTFT           *ODSFBTF
%FDSFBTF
JO
'%*$
MPTT
TIBSF SFDFJWBCMF        5SBOTGFS
PG
CBMBODF
UP
03&0
BOE
PUIFS         -PBOT
DIBSHFE
PGG          3FDPWFSJFT         "MMPXBODF
GPS
MPBO
MPTTFT
BU
FOE
PG
QFSJPE               

3FTFSWF
GPS
VOGVOEFE
DPNNJUNFOUT
BU CFHJOOJOH
PG
QFSJPE               1SPWJTJPO
GPS
VOGVOEFE
DPNNJUNFOUT       3FTFSWF
GPS
VOGVOEFE
DPNNJUNFOUT
BU
FOE PG
QFSJPE              

"MMPXBODF
PO
MPBOT
JOEJWJEVBMMZ
FWBMVBUFE GPS
JNQBJSNFOU              "MMPXBODF
PO
MPBOT
DPMMFDUJWFMZ
FWBMVBUFE GPS
JNQBJSNFOU           "MMPXBODF
PO
MPBOT
BDRVJSFE
XJUI EFUFSJPSBUFE
DSFEJU
RVBMJUZ          

-PBOT
OFU
PG
VOFBSOFE
JODPNF #BMBODF
BU
FOE
PG
QFSJPE                     #BMBODF
BU
FOE
PG
QFSJPE
JOEJWJEVBMMZ FWBMVBUFE
GPS
JNQBJSNFOU          #BMBODF
BU
FOE
PG
QFSJPE
DPMMFDUJWFMZ FWBMVBUFE
GPS
JNQBJSNFOU                #BMBODF
BU
FOE
PG
QFSJPE
BDRVJSFE
XJUI EFUFSJPSBUFE
DSFEJU
RVBMJUZ          

1PSUGPMJP
4FHNFOU
3JTL
'BDUPST

$PNNFSDJBM
SFBM
FTUBUF
MPBOT
JODMVEF
MPBOT
UP
DPNNFSDJBM
DVTUPNFST
GPS
MPOHUFSN
GJOBODJOH
PG
MBOE
BOE
CVJMEJOHT
PS
GPS
MBOE EFWFMPQNFOU
PS
DPOTUSVDUJPO
PG
B
CVJMEJOH
5IFTF
MPBOT
BSF
SFQBJE
UISPVHI
SFWFOVFT
GSPN
PQFSBUJPOT
PG
UIF
CVTJOFTTFT
SFOUT
PG QSPQFSUJFT
TBMFT
PG
QSPQFSUJFT
BOE
SFGJOBODFT
$PNNFSDJBM
BOE
JOEVTUSJBM
MPBOT
SFQSFTFOU
MPBOT
UP
DPNNFSDJBM
DVTUPNFST
UP GJOBODF
HFOFSBM
XPSLJOH
DBQJUBM
OFFET
FRVJQNFOU
QVSDIBTFT
BOE
PUIFS
QSPKFDUT
XIFSF
SFQBZNFOU
JT
EFSJWFE
GSPN
DBTI
GMPXT SFTVMUJOH
GSPN
CVTJOFTT
PQFSBUJPOT
5IF
$PNQBOZ
PSJHJOBUFT
DPNNFSDJBM
CVTJOFTT
MPBOT
PO
B
TFDVSFE
BOE
UP
B
MFTTFS
FYUFOU VOTFDVSFE
CBTJT

3FTJEFOUJBM
NPSUHBHF
MPBOT
DPOTJTU
PG
MPBOT
UP
DPOTVNFST
UP
GJOBODF
B
QSJNBSZ
SFTJEFODF
5IF
WBTU
NBKPSJUZ
PG
UIF
SFTJEFOUJBM NPSUHBHF
MPBO
QPSUGPMJP
JT
DPNQSJTFE
PG
OPODPOGPSNJOH

GBNJMZ
NPSUHBHF
MPBOT
TFDVSFE
CZ
QSPQFSUJFT
MPDBUFE
JO
UIF $PNQBOZT
NBSLFU
BSFBT
BOE
PSJHJOBUFE
VOEFS
UFSNT
BOE
EPDVNFOUBUJPO
UIBU
QFSNJU
UIFJS
TBMF
JO
B
TFDPOEBSZ
NBSLFU

$POTVNFS
MPBOT
BSF
PGGFSFE
CZ
UIF
$PNQBOZ
JO
PSEFS
UP
QSPWJEF
B
GVMM
SBOHF
PG
SFUBJM
GJOBODJBM
TFSWJDFT
UP
JUT
DVTUPNFST
BOE JODMVEF
IPNF
FRVJUZ
DSFEJU
DBSE
BOE
PUIFS
EJSFDU
DPOTVNFS
JOTUBMMNFOU
MPBOT
5IF
$PNQBOZ
PSJHJOBUFT
TVCTUBOUJBMMZ
BMM
PG
JUT DPOTVNFS
MPBOT
JO
JUT
QSJNBSZ
NBSLFU
BSFBT
-PBOT
JO
UIF
DPOTVNFS
TFHNFOU
BSF
TFOTJUJWF
UP
VOFNQMPZNFOU
BOE
PUIFS
LFZ DPOTVNFS
FDPOPNJD
NFBTVSFT

100 $SFEJU
2VBMJUZ 5IF
$PNQBOZ
VUJMJ[FT
BO
BTTFU
SJTL
DMBTTJGJDBUJPO
TZTUFN
JO
BDDPSEBODF
XJUI
HVJEFMJOFT
FTUBCMJTIFE
CZ
UIF
'FEFSBM
3FTFSWF #PBSE
BT
QBSU
PG
JUT
FGGPSUT
UP
NPOJUPS
DPNNFSDJBM
BTTFU
RVBMJUZ
`4QFDJBM
NFOUJPOa
MPBOT
BSF
EFGJOFE
BT
MPBOT
XIFSF
LOPXO JOGPSNBUJPO
BCPVU
QPTTJCMF
DSFEJU
QSPCMFNT
PG
UIF
CPSSPXFS
DBVTF
NBOBHFNFOU
UP
IBWF
TPNF
EPVCU
BT
UP
UIF
BCJMJUZ
PG
UIFTF CPSSPXFST
UP
DPNQMZ
XJUI
UIF
QSFTFOU
MPBO
SFQBZNFOU
UFSNT
BOE
XIJDI
NBZ
SFTVMU
JO
GVUVSF
EJTDMPTVSF
PG
UIFTF
MPBOT
BT
OPO QFSGPSNJOH
'PS
BTTFUT
XJUI
JEFOUJGJFE
DSFEJU
JTTVFT
UIF
$PNQBOZ
IBT
UXP
QSJNBSZ
DMBTTJGJDBUJPOT
GPS
QSPCMFN
BTTFUT `TVCTUBOEBSEa
BOE
`EPVCUGVMa
4VCTUBOEBSE
BTTFUT
IBWF
POF
PS
NPSF
EFGJOFE
XFBLOFTTFT
BOE
BSF
DIBSBDUFSJ[FE
CZ
UIF
EJTUJODU
QPTTJCJMJUZ
UIBU
UIF
$PNQBOZ
XJMM TVTUBJO
TPNF
MPTT
JG
UIF
EFGJDJFODJFT
BSF
OPU
DPSSFDUFE
%PVCUGVM
BTTFUT
IBWF
UIF
XFBLOFTTFT
PG
TVCTUBOEBSE
BTTFUT
XJUI
UIF BEEJUJPOBM
DIBSBDUFSJTUJD
UIBU
UIF
XFBLOFTTFT
NBLF
DPMMFDUJPO
PS
MJRVJEBUJPO
JO
GVMM
TBUJTGBDUJPO
PG
UIF
MPBO
CBMBODF
PVUTUBOEJOH RVFTUJPOBCMF
XIJDI
NBLFT
QSPCBCJMJUZ
PG
MPTT
CBTFE
PO
DVSSFOUMZ
FYJTUJOH
GBDUT
DPOEJUJPOT
BOE
WBMVFT
IJHIFS
-PBOT
DMBTTJGJFE BT
-PTT
IBWF
CFFO
JEFOUJGJFE
BT
VODPMMFDUJCMF
BOE
JO
NPTU
DBTFT
UIFTF
MPBOT
XJMM
CF
DIBSHFE
PGG
JO
UIF
TVCTFRVFOU
SFQPSUJOH QFSJPE
-PBOT
DMBTTJGJFE
BT
`1BTTa
EP
OPU
NFFU
UIF
DSJUFSJB
TFU
GPSUI
GPS
TQFDJBM
NFOUJPO
TVCTUBOEBSE
EPVCUGVM
PS
MPTT DMBTTJGJDBUJPO
BOE
BSF
OPU
DPOTJEFSFE
DSJUJDJ[FE
"TTFU
SJTL
DMBTTJGJDBUJPOT
BSF
EFUFSNJOFE
BU
PSJHJOBUJPO
PS
BDRVJTJUJPO
BOE SFWJFXFE
PO
BO
POHPJOH
CBTJT
3JTL
DMBTTJGJDBUJPOT
BSF
DIBOHFE
JG
JO
UIF
PQJOJPO
PG
NBOBHFNFOU
UIF
SJTL
QSPGJMF
PG
UIF DVTUPNFS
IBT
DIBOHFE
TJODF
UIF
MBTU
SFWJFX
PG
UIF
MPBO
SFMBUJPOTIJQ 5IF
$PNQBOZbT
JOWFTUNFOU
JO
MPBOT
CZ
DSFEJU
RVBMJUZ
JOEJDBUPS
JT
QSFTFOUFE
JO
UIF
GPMMPXJOH
UBCMFT
"TTFU
SJTL
DMBTTJGJDBUJPOT
GPS DPNNFSDJBM
MPBOT
SFGMFDU
UIF
DMBTTJGJDBUJPO
BT
PG
%FDFNCFS


BOE

SFTQFDUJWFMZ
$SFEJU
RVBMJUZ
JOGPSNBUJPO
JO
UIF UBCMFT
CFMPX
JODMVEFT
UPUBM
MPBOT
BDRVJSFE
JODMVEJOH
BDRVJSFE
JNQBJSFE
MPBOT
BU
UIF
OFU
MPBO
CBMBODF
BGUFS
UIF
BQQMJDBUJPO
PG QSFNJVNTEJTDPVOUT
BU
%FDFNCFS


BOE

-PBO
QSFNJVNTEJTDPVOUT
SFQSFTFOU
UIF
BEKVTUNFOU
PG
BDRVJSFE
MPBOT
UP GBJS
WBMVF
BU
UIF
BDRVJTJUJPO
EBUF
BT
BEKVTUFE
GPS
JODPNF
BDDSFUJPO
BOE
DIBOHFT
JO
DBTI
GMPX
FTUJNBUFT
JO
TVCTFRVFOU
QFSJPET
-PBO
EFMJORVFODZ
JT
UIF
QSJNBSZ
DSFEJU
RVBMJUZ
JOEJDBUPS
UIBU
UIF
$PNQBOZ
VUJMJ[FT
UP
NPOJUPS
DPOTVNFS
BTTFU
RVBMJUZ

%FDFNCFS

 %FDFNCFS

 %PMMBST
JO 4QFDJBM 4VC 4QFDJBM 4VC UIPVTBOET 1BTT .FOUJPO TUBOEBSE %PVCUGVM -PTT 5PUBM 1BTT .FOUJPO TUBOEBSE %PVCUGVM -PTT 5PUBM $PNNFSDJBM SFBM
FTUBUF
 DPOTUSVDUJPO              d                  d    $PNNFSDJBM SFBM
FTUBUF
 PXOFS PDDVQJFE          d                 $PNNFSDJBM SFBM
FTUBUF
 OPOPXOFS PDDVQJFE                      d    $PNNFSDJBM BOE
JOEVTUSJBM          d             d    5PUBM                                 

%FDFNCFS

 %FDFNCFS

 
%BZT 
%BZT %PMMBST
JO
UIPVTBOET $VSSFOU 1BTU
%VF 5PUBM $VSSFOU 1BTU
%VF 5PUBM 3FTJEFOUJBM
NPSUHBHF                   $POTVNFS

IPNF
FRVJUZ                 $POTVNFS

JOEJSFDU
BVUPNPCJMF             $POTVNFS

DSFEJU
DBSE            $POTVNFS

PUIFS             5PUBM                  

101 *NQBJSFE
-PBOT

*OGPSNBUJPO
PO
UIF
$PNQBOZbT
JOWFTUNFOU
JO
JNQBJSFE
MPBOT
XIJDI
JODMVEF
BMM
5%3T
BOE
BMM
PUIFS
OPOBDDSVBM
MPBOT
FWBMVBUFE PS
NFBTVSFE
JOEJWJEVBMMZ
GPS
JNQBJSNFOU
GPS
QVSQPTFT
PG
EFUFSNJOJOH
UIF
BMMPXBODF
GPS
MPBO
MPTTFT
JT
QSFTFOUFE
JO
UIF GPMMPXJOH
UBCMFT
BT
PG
BOE
GPS
UIF
QFSJPET
JOEJDBUFE

%FDFNCFS

 6OQBJE "WFSBHF *OUFSFTU 1SJODJQBM 3FDPSEFE 3FMBUFE 3FDPSEFE *ODPNF %PMMBST
JO
UIPVTBOET #BMBODF *OWFTUNFOU "MMPXBODF *OWFTUNFOU 3FDPHOJ[FE 8JUI
OP
SFMBUFE
BMMPXBODF
SFDPSEFE $PNNFSDJBM
SFBM
FTUBUF

DPOTUSVDUJPO        d      $PNNFSDJBM
SFBM
FTUBUF

PXOFSPDDVQJFE     d     $PNNFSDJBM
SFBM
FTUBUF

OPOPXOFSPDDVQJFE     d    $PNNFSDJBM
BOE
JOEVTUSJBM     d     3FTJEFOUJBM
NPSUHBHF     d    $POTVNFS

IPNF
FRVJUZ     d    $POTVNFS

PUIFS   d   8JUI
BO
BMMPXBODF
SFDPSEFE $PNNFSDJBM
SFBM
FTUBUF

DPOTUSVDUJPO      $PNNFSDJBM
SFBM
FTUBUF

PXOFSPDDVQJFE         $PNNFSDJBM
SFBM
FTUBUF

OPOPXOFSPDDVQJFE         $PNNFSDJBM
BOE
JOEVTUSJBM           3FTJEFOUJBM
NPSUHBHF         $POTVNFS

IPNF
FRVJUZ           $POTVNFS

JOEJSFDU
BVUPNPCJMF       $POTVNFS

PUIFS         5PUBM               5PUBM
DPNNFSDJBM
MPBOT               5PUBM
NPSUHBHF
MPBOT         5PUBM
DPOTVNFS
MPBOT          

102 %FDFNCFS

 6OQBJE "WFSBHF *OUFSFTU 1SJODJQBM 3FDPSEFE 3FMBUFE 3FDPSEFE *ODPNF %PMMBST
JO
UIPVTBOET #BMBODF *OWFTUNFOU "MMPXBODF *OWFTUNFOU 3FDPHOJ[FE 8JUI
OP
SFMBUFE
BMMPXBODF
SFDPSEFE $PNNFSDJBM
SFBM
FTUBUF

DPOTUSVDUJPO      d    d $PNNFSDJBM
SFBM
FTUBUF

PXOFSPDDVQJFE     d    $PNNFSDJBM
SFBM
FTUBUF

OPOPXOFSPDDVQJFE     d    $PNNFSDJBM
BOE
JOEVTUSJBM     d     $POTVNFS

IPNF
FRVJUZ ddddd $POTVNFS

PUIFS ddddd 8JUI
BO
BMMPXBODF
SFDPSEFE $PNNFSDJBM
SFBM
FTUBUF

DPOTUSVDUJPO         $PNNFSDJBM
SFBM
FTUBUF

PXOFSPDDVQJFE         $PNNFSDJBM
SFBM
FTUBUF

OPOPXOFSPDDVQJFE         $PNNFSDJBM
BOE
JOEVTUSJBM           3FTJEFOUJBM
NPSUHBHF         $POTVNFS

IPNF
FRVJUZ         $POTVNFS

JOEJSFDU
BVUPNPCJMF       $POTVNFS

PUIFS         5PUBM               5PUBM
DPNNFSDJBM
MPBOT               5PUBM
NPSUHBHF
MPBOT         5PUBM
DPOTVNFS
MPBOT         

%FDFNCFS

 6OQBJE "WFSBHF *OUFSFTU 1SJODJQBM 3FDPSEFE 3FMBUFE 3FDPSEFE *ODPNF %PMMBST
JO
UIPVTBOET #BMBODF *OWFTUNFOU "MMPXBODF *OWFTUNFOU 3FDPHOJ[FE 8JUI
OP
SFMBUFE
BMMPXBODF
SFDPSEFE $PNNFSDJBM
SFBM
FTUBUF

DPOTUSVDUJPO      d     $PNNFSDJBM
SFBM
FTUBUF

PXOFSPDDVQJFE     d    $PNNFSDJBM
SFBM
FTUBUF

OPOPXOFSPDDVQJFE     d    $PNNFSDJBM
BOE
JOEVTUSJBM     d     $POTVNFS

IPNF
FRVJUZ   d   $POTVNFS

PUIFS   d   8JUI
BO
BMMPXBODF
SFDPSEFE $PNNFSDJBM
SFBM
FTUBUF

DPOTUSVDUJPO     $PNNFSDJBM
SFBM
FTUBUF

PXOFSPDDVQJFE          $PNNFSDJBM
SFBM
FTUBUF

OPOPXOFSPDDVQJFE       $PNNFSDJBM
BOE
JOEVTUSJBM          3FTJEFOUJBM
NPSUHBHF      $POTVNFS

IPNF
FRVJUZ         $POTVNFS

PUIFS      5PUBM                5PUBM
DPNNFSDJBM
MPBOT                5PUBM
NPSUHBHF
MPBOT      5PUBM
DPOTVNFS
MPBOT        

103 "T
PG
%FDFNCFS


BOE

UIF
$PNQBOZ
XBT
OPU
DPNNJUUFE
UP
MFOE
B
NBUFSJBM
BNPVOU
PG
BEEJUJPOBM
GVOET
UP
BOZ DVTUPNFS
XIPTF
MPBO
XBT
DMBTTJGJFE
BT
JNQBJSFE
PS
BT
B
USPVCMFE
EFCU
SFTUSVDUVSJOH

/05&

b53"/4'&34
"/%
4&37*$*/(
0'
'*/"/$*"-
"44&54
*/$-6%*/(
.035("(&
#"/,*/( "$5*7*5: $PNNFSDJBM
#BOLJOH
"DUJWJUZ 5IF
VOQBJE
QSJODJQBM
CBMBODFT
PG
MPBOT
TFSWJDFE
GPS
PUIFST
XFSF

CJMMJPO
BOE

CJMMJPO
BU
%FDFNCFS


BOE
 SFTQFDUJWFMZ
$VTUPEJBM
FTDSPX
CBMBODFT
NBJOUBJOFE
JO
DPOOFDUJPO
XJUI
UIF
GPSFHPJOH
QPSUGPMJP
PG
MPBOT
TFSWJDFE
GPS
PUIFST
BOE JODMVEFE
JO
EFNBOE
EFQPTJUT
XFSF
OPU
TJHOJGJDBOU
BU
%FDFNCFS


BOE
 .PSUHBHF
#BOLJOH
"DUJWJUZ *#&3*"#"/,
UISPVHI
POF
PG
JUT
SFQPSUBCMF
TFHNFOUT
.PSUHBHF
PSJHJOBUFT
NPSUHBHF
MPBOT
GPS
TBMF
JOUP
UIF
TFDPOEBSZ
NBSLFU 5IF
MPBOT
PSJHJOBUFE
QSJNBSJMZ
DPOTJTU
PG
SFTJEFOUJBM
GJSTU
NPSUHBHFT
UIBU
DPOGPSN
UP
TUBOEBSET
FTUBCMJTIFE
CZ
UIF
(4&T
CVU
DBO BMTP
DPOTJTU
PG
KVOJPS
MJFO
MPBOT
TFDVSFE
CZ
SFTJEFOUJBM
QSPQFSUZ
5IFTF
TBMFT
BSF
QSJNBSJMZ
UP
QSJWBUF
DPNQBOJFT
UIBU
BSF VOBGGJMJBUFE
XJUI
UIF
(4&T
PO
B
TFSWJDJOHSFMFBTFE
CBTJT
$IBOHFT
UP
UIF
DBSSZJOH
BNPVOU
PG
NPSUHBHF
MPBOT
IFME
GPS
TBMF
BU %FDFNCFS

BSF
QSFTFOUFE
JO
UIF
GPMMPXJOH
UBCMF

%PMMBST
JO
UIPVTBOET    #BMBODF
BU
CFHJOOJOH
PG
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104 /05&

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107 5IF
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130 This page intentionally left blank This page intentionally left blank 134 Directors and Executive Officers

135 Presidents

136 Advisory Board Members

138 Corporate Information

139 Stock Information

133 DIRECTORS AND EXECUTIVE OFFICERS

BOARD OF DIRECTORS EXECUTIVE OFFICERS

William H. Fenstermaker Daryl G. Byrd Chairman of the Board, IBERIABANK Corporation; President and Chief Executive Officer Chairman and Chief Executive Officer, C.H. Fenstermaker and Associates, Inc., Michael J. Brown A Surveying, Mapping, Engineering and Vice Chairman, Environmental Consulting Company Chief Operating Officer E. Stewart Shea III Jefferson G. Parker Vice Chairman of the Board, IBERIABANK Corporation; Vice Chairman, Private Investor Director of Capital Markets and Investor Relations Elaine D. Abell Fernando Perez-Hickman Attorney-at-Law; Vice Chairman, President, Fountain Memorial Funeral Home and Cemetery Director of Corporate Strategy Harry V. Barton, Jr. Anthony J. Restel Owner of Barton Advisory Services, LLC Vice Chairman, and Harry V. Barton CPA, LLC; Chief Financial Officer Registered Investment Advisor and Certified Public Accountant Terry L. Akins Ernest P. Breaux, Jr. Senior Executive Vice President, Retired Chief Risk Officer Daryl G. Byrd Elizabeth A. Ardoin President and Chief Executive Officer, Senior Executive Vice President, IBERIABANK Corporation and IBERIABANK Director of Communications, Corporate Real Estate, Human Resources, and Chief of Staff to the CEO John N. Casbon Executive Vice President, Robert M. Kottler First American Title Insurance Company Executive Vice President, Director of Retail, Angus R. Cooper II Small Business and Mortgage Chairman and Chief Executive Officer, Cooper/T. Smith Corporation, H. Spurgeon Mackie, Jr. A Stevedoring and Maritime Company Executive Vice President, Retiring Chief Credit Officer John E. Koerner III Managing Member, M. Scott Price Koerner Capital, L.L.C., Executive Vice President, A Private Investment Company Chief Accounting Officer Rick E. Maples Monica R. Sylvain, PhD Senior Advisor, Executive Vice President, Stifel Financial Corporation, Chief Diversity Officer A Brokerage and Investment Banking Company Robert B. Worley, Jr. David H. Welch, Ph.D. Executive Vice President, Chairman, Corporate Secretary and General Counsel Regenerative Medical Services, Amicus Oil and Gas, Nicolas Young National Oceans Industries Association, Executive Vice President, Welch Energy, Chief Credit Officer Welch Capital

134 PRESIDENTS

STATE PRESIDENTS MARKET PRESIDENTS

Samuel L. Erwin R. Brandon Box Michael P. King North Carolina Fort Myers and Sarasota, Florida New York, New York South Carolina Ken R. Brown Daryl S. Kirkham Karl E. Hoefer Mobile, Alabama Dallas, Texas Louisiana W. Bryan Chapman Ben Marmande Gregory A. King Energy Lending Baton Rouge, Louisiana Alabama Philip C. Earhart Alex Morton Susan A. Martinez Southwest Louisiana Birmingham, Alabama North, West and Central Florida Samuel L. Erwin Rick Pullum Greg K. Smithers Greenville, South Carolina Central Florida Arkansas Tennessee David C. Gordley Nathan W. Raines Naples, Florida Memphis, Tennessee Mark W. Tipton Georgia Rodney L. Hall Orlando Roche Atlanta, Georgia Miami-Dade County, Florida Mario Trueba South Florida Abel Harding Michael J. Roth North Florida Tampa Bay, Florida Pete M. Yuan Texas Jay Harris Eric E. Sanders Greensboro, North Carolina Huntsville, Alabama Dwight L. Hill N. Jerome Vascocu, Jr. Florida Keys Acadiana Region, Louisiana Hunter G. Hill Debra L. Vasilopoulos New Orleans, Louisiana Palm Beach and Broward Counties, Florida Paul E. Hutcheson, Jr. Northeast Arkansas Rotcher H. Watkins III Charlotte, North Carolina James Phillip Jett, Jr. Central Arkansas and Frank Anthony Yonish Northwest Arkansas Houston, Texas Greg E. Kahmann Northeast Louisiana and Shreveport, Louisiana

IBERIABANK MORTGAGE COMPANY LENDERS TITLE COMPANY Robert "Bob" M. Kottler Beau J. Fast Executive Vice President and Division President President and Chief Executive Officer

Ryan M. Atkins IBERIA CAPITAL PARTNERS Executive Vice President and Director of Mortgage Production Jefferson G. Parker Nathan P. Vogt Vice Chairman Executive Vice President and Chief Operating Officer Director of Capital Markets and Investor Relations

134 135 ADVISORY BOARD MEMBERS

ALABAMA FLORIDA Richard “Rich” S. Novack Gregory “Greg” S. Pope Birmingham Central Florida Donal Ratigan W. Charles Mayer III, Chairman Randy O. Burden, Chairman Mark C. West George W. Bradford Dennis L. Buhring Anthony L.“Lee” Wood, Jr. J. David Brown John O. Burden, Sr. Philip A. Currie James P. Caruso LOUISIANA J. Michael “Mike” Kemp, Sr. Steven R. Castino Sandra “Sandy” R. Killion Tracy S. Forrest Baton Rouge Tricia Kirk Leigh Ann Horton John H. Bateman Steven “Steve” K. Mote Jack Prevost Beau J. Box Michael A. Mouron Jason W. Searl Teri G. Fontenot Margaret Ann Pyburn Douglas E. Starcher John Paul Funes Ed D. Robinson Craig T. Ustler Rhaoul Guillaume, Sr. David L. Silverstein John C. Hamilton Fort Myers G. Michael Hollingsworth Mobile Jay A. Brett Robert B. McCall III Angus R. Cooper II, Chairman Wayne R. Kirkwood C. Brent McCoy Scott Hall Cooper F. John Reingardt Julio A. Melara Robert T. Cunningham III Trudi K. Williams Matthew L. Mullins Brooks C. DeLaney Eugene H. Owen Michael L. Lapeyrouse Jacksonville Stanley E. Peters, Jr., M.D. Charles Hamilton “Ham” McGuire Thomas “Tom” E. Gibbs, Chairman Michael A. Polito S. Wesley Pipes V Dane Grey O. Miles Pollard, Jr. Paige B. Plash William “Tripp” Guilliford III Matthew C. Saurage Haymes S. Snedeker Gina M. Hill William S. Slaughter III Marty McCoy J. Shawn Usher ARKANSAS Michael R. Munz W. Hamilton Traylor Lafayette Central Arkansas Elaine D. Abell, Chairperson Albert B. Braunfisch South Florida Bennett Boyd Anderson, Jr. Byron M. Eiseman, Jr. Paul L. Maddock, Jr. Charles Theodore “Ted” Beaullieu, Sr. Robert M. Head Juan Carlos Mas Edward F. Breaux, M.D. David E. Snowden, Jr. Victor H. Mendelson James A. Caillier, Ed.D. Mark V. Williamson Mario Murgado Richard D. Chappuis, Jr. Aaron S. Podhurst Todd G. Citron Northeast Arkansas Rosa Sugrañes Thomas J. Cox Ralph P. Baltz Blake R. David N. Ray Campbell Tampa Bay James “Jim” M. Doyle Jack N. Harrington N. Troy Fowler Lester J. “Joey” Durel, Jr. Kaneaster Hodges, Jr. Lewis S. Lee, Jr. Bryan Evans Jennifer H. James Robert Rothman Charles T. Goodson John M. Minor W. J. “Tony” Gordon III Louise Runyan GEORGIA Edward J. “E.J.” Krampe III Brad F. Snider Frank X. Neuner, Jr. Atlanta Dwight “Bo” S. Ramsay Mark B. Chandler Gail S. Romero John C. Gordon Robert L. Wolfe, Jr. H. C. “Buddy” Henry, Jr. Peter F. Lauer

136 ADVISORY BOARD MEMBERS

New Iberia James J. Reiss, Jr. Marshall J. Simien, Jr. Cecil C. Broussard, Co-Chairman William Henry Shane William Gray Stream E. Stewart Shea III, Co-Chairman J. Benton Smallpage, Jr. Philip C. “Corey” Tarver Taylor Barras Robert M. Steeg John L. Beyt III, D.D.S. John “Jack” F. Stumpf, Jr. TENNESSEE Caroline C. Boudreaux Carroll W. Suggs Martha B. Brown Phyllis M. Taylor Memphis Donelson “Don” T. Caffery, Jr. Ben B. Tiller James W. Gibson II J. L. Chauvin Steven W. Usdin Sally Jones Heinz George B. Cousin, M.D. R. Michael Kiser David D. Daly Northeast Louisiana Philip H. Trenary J. David Duplantis Malcolm E. Maddox, Chairman Henry L. Friedman Mary C. Biggs TEXAS Cecil A. Hymel II Danny R. Graham Thomas “Tom” F. Kramer, M.D. W. Bruce Hanks Dallas Edward P. Landry Linda Singler Holyfield Daniel H. Chapman, Chairman Thomas R. Leblanc, Sr. Tex R. Kilpatrick Terry Kelley Patrick O. Little Charles Marsala, Jr. John W. Peavy III, Ph.D. John Jeffrey “Jeff” Simon Joe E. Mitcham, Jr. Ana L. Rodriguez Virgil Orr, Ph.D. New Orleans Cindy J. Rogers Houston John N. Casbon, Co-Chairman Jerry W. Thomas James “Jim” Lykes, Chairman John E. Koerner III, Co-Chairman Bethany Andell Coleman E. Adler II Shreveport Margaret Barradas W. Thomas Allen Carlton Murray, Chairman Dan Braun John D’Arcy Becker Harry L. Avant David L. Ducote Darryl D. Berger Chris Campbell Michael R. Dumas Scott M. Bohn Michael O. Fleming, M.D. Joseph Edmonds, M.D. Christian T. Brown Frank Hood Goldsberry Stuart Goldman John D. Charbonnet Raymond J. Lasseigne Russell “Rusty” Hardin David T. Darragh Kevin O’Brien Long David Holt Cindy Brennan Davis C. Scott Massey Kennard McGuire James P. Favrot Robert M. Mills H. Benjamin “Ben” Samuels Paul H. Flower Roland B. Ricou Scott Sanders Ruth “Ruthie” J. Frierson W. Harrison Smith Fredrick “Rick” Smith Howard C. Gaines David Y. Stutts William F. Grace, Jr. Southwest Louisiana Todd P. Sullivan Gordon H. Kolb, Jr. Kay C. Barnett Jerold “Jerry” Winograd John “Jack” P. Laborde Kendall “Ken” Broussard Ken Yang William H. Langenstein III Keith F. DeSonier, M.D. Segev Zadok Patricia “Pat” S. LeBlanc Julio R. Galan E. Archie Manning III Douglas “Doug” B. Gehrig Frank M. Maselli Thomas "Tom" G. Henning Michael J. McNulty III Mary Shaddock Jones William M. Metcalf, Jr. Jonathan “Jon” P. Manns Jefferson G. Parker Benjamin “Ben” E. Marriner R. Hunter Pierson, Jr. William “Bill” B. Monk Patrick J. Quinlan, M.D. Oliver G. “Rick” Richard III Anthony Recasner, Ph.D. Thomas “Tom” B. Shearman III

136 137 CORPORATE INFORMATION

CORPORATE HEADQUARTERS INTERNET ADDRESSES IBERIABANK Corporation www.iberiabank.com 200 West Congress Street www.iberiabankmortgage.com Lafayette, LA 70501 www.lenderstitle.com 337.521.4012 www.lenderstitlegroup.com www.utla.com CORPORATE MAILING ADDRESS www.virtualbank.com P.O. Box 52747 Lafayette, LA 70505-2747

ANNUAL MEETING IBERIABANK Corporation Annual Meeting of Shareholders will be held on Wednesday, May 9, 2018 at 4:00 p.m., local time, at the Windsor Court Hotel, located at 300 Gravier Street, New Orleans, Louisiana.

SHAREHOLDER ASSISTANCE Shareholders requesting a change of address, records, or information about the Dividend Reinvestment Plan or lost certificates should contact:

Computershare P.O. Box 505000 Louisville, KY 40233 800.368.5948 www.computershare.com/investor

DIVIDEND REINVESTMENT PLAN IBERIABANK Corporation common shareholders may take advantage of our Dividend Reinvestment Plan. This program provides a convenient, economical way for common shareholders to increase their holdings of the Company’s common stock. The shareholder pays no brokerage commissions or service charges while participating in the plan.

Shareholders may enroll in IBERIABANK Corporation's common stock Dividend Reinvestment Plan through the Investor Center at www.computershare.com, or by completing an enrollment form. A summary of the plan and enrollment forms are available from Computershare by calling 800.368.5948.

FOR INFORMATION Copies of the Company’s Annual Report on Form 10-K, including financial statements and financial statement schedules, will be furnished to Shareholders without cost by sending a written request to Robert B. Worley, Jr., Secretary, IBERIABANK Corporation, 601 Poydras Street, 21st Floor, New Orleans, Louisiana 70130. This and other information regarding IBERIABANK Corporation and its subsidiaries may be accessed from our websites.

In addition, shareholders may contact:

Daryl G. Byrd, President and CEO 337.521.4003 Jefferson G. Parker, Vice Chairman, Director of Capital Markets and Investor Relations 504.310.7314

138 STOCK INFORMATION

As of January 31, 2018, IBERIABANK Corporation had approximately 2,605 shareholders of record. This total does not reflect shares Market Price held in nominee or “street name” accounts through various firms. Dividends

The tables to the right are a summary of regular quarterly cash High Low Closing Declared dividends and market prices for the Company’s common stock in First Quarter $86.40 $73.60 $79.10 $0.36 the last two years. These market prices do not reflect retail markups, Second Quarter $84.20 $74.40 $81.50 $0.36 markdowns, or commissions. Third Quarter $83.30 $69.60 $82.15 $0.37 Fourth Quarter $83.75 $68.55 $77.50 $0.37 SECURITIES LISTING IBERIABANK Corporation’s common stock trades on the NASDAQ Global Select Market under the symbol “IBKC.” In local and national newspapers, the Company is listed under “IBERIABANK.” The Company's Series B Preferred Stock and Series C Preferred Stock trade on the NASDAQ Global Select marker under the Market Price symbols "IBKCP" and "IBKCO," respectively. Dividends High Low Closing Declared First Quarter $54.60 $42.20 $51.27 $0.34 DIVIDEND RESTRICTIONS Second Quarter $63.73 $47.87 $59.73 $0.34 The majority of the Company’s revenue is from dividends declared Third Quarter $69.93 $56.28 $67.12 $0.36 and paid to the Company by its subsidiary, IBERIABANK, which is Fourth Quarter $91.10 $62.66 $83.75 $0.36 subject to laws and regulations that limit the amount of dividends and other distributions it can pay. In addition, the Company and IBERIABANK are required to maintain capital at or above regulatory minimums and IBERIABANK must remain “well-capitalized” under prompt corrective action regulations. The declaration and payment of dividends on the Company’s capital stock also is subject to contractual restrictions. While the Company has Series B preferred stock and Series C preferred stock outstanding, the Company may not declare and pay a dividend on its common stock unless dividends on all such outstanding preferred stock have been declared and paid in full or declared and a sum sufficient for the payment of those dividends has been set aside. See also Note 13—Long-Term Debt; Note 15—Shareholders Equity; Capital Ratios and Other Regulatory Matters; and Management’s Discussion and Analysis - Funding Sources - Long-term Debt.

TOTAL RETURN PERFORMANCE STOCK PERFORMANCE GRAPH The following graph and table, which were prepared by SNL Financial LC (“SNL”), compares the cumulative total return on our Common Stock over a measurement period beginning December 31, 2012 with (i) the cumulative total return on the stocks included in the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) Composite Index and (ii) the cumulative total return on the stocks included in the SNL > $10 Billion Bank Index. All of these cumulative returns are computed assuming the quarterly reinvestment of dividends paid during the applicable period.

Source : SNL Financial, an offering of S&P Global Market Intelligence ©2018

139 200 West Congress Street Lafayette, Louisiana 70501 337.521.4012 www.iberiabank.com