2 0 17 A N N U A L R E P O R T

A DECADE OF GROWTH,
REACHING NEW HEIGHTS

A DECADE OF G RO WTH, REACH I NG N E W H E IG HTS

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2 0 1 7
ANNUAL
REPORT
 ABOUT THE COVER
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ur annual report cover shows a stack of interconnected triangles,

O rising in perfect and stable form, as they unfold to reveal images of our growth
journey with our customers.
The cover illustrates our story in 2017, which can best be described as a year
of “leveling up” for UCPB.
On the back of the country’s sustained economic momentum, we attained a record-high
net income, boosted our loan portfolio by double digits, and grew our business further
by embarking on bancassurance.
These strengthened our commitment to position UCPB as the preferred bank of the middle
and consumer markets by providing personal and proactive service and innovative products.
It also illustrates how we have reached new heights after a decade of steady growth,
undertaking new challenges to perform better, and aiming to offer superior banking
experience to our customers in every encounter.

CONTENTS VISION
1 About UCPB To be the bank of choice of the middle and consumer
2 At A Glance markets by providing personal and proactive service
4 Report from the President & CEO and innovative products.
8 Financial Highlights
10 Operational Highlights
16 Our People
18
26
Client Feature
UCPB in the Community
MISSION
28 Our Subsidiaries • We will continue to provide personal and proactive
30 Risk Management service that effectively responds to the diverse and
70 Corporate Governance dynamic needs of our clients.
86 Organizational Structure
• We will continually enhance the customer experience
88 Board of Directors WKURXJKHIÀFLHQWDQGFRQYHQLHQWVHUYLFHGHOLYHU\
 3URÀOHVRIWKH%RDUGRI'LUHFWRUV
92 Advisory Council • We will continue to provide relevant, innovative
 3URÀOHVRIWKH$GYLVRU\&RXQFLO0HPEHUV and value-adding products and services.
94 Management Committee
• We will maintain and promote a culture
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of professionalism, integrity and excellence,
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and social responsibility among our employees.
110 Statement of Management’s Responsibility
for Financial Statements • :HZLOOFRQVLVWHQWO\SURGXFHVXSHULRUÀQDQFLDO
111 Report of Independent Auditors returns for our stakeholders.
116 Audited Financial Statements
121 Notes to Audited Financial Statements
242 Products and Services
250 Branches and Subsidiaries
ABOUT UCPB
or nearly 55 years now, UCPB has been building a strong
F and distinctive brand that sets it apart from the rest:
personal and proactive customer service.
This is embodied in its vision and mission
statements, which were developed during a rebranding
exercise in 2009 and visually concretized through its new
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two hands clasped as a symbol of the solid partnership
between the Bank and its customers. The perpetual motion
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innovating to keep abreast of evolving needs.
Since it was established in 1963, UCPB has kept its
commitment by being at the forefront of customer service
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become a universal bank, which allowed it to expand its
range of products and services to clients. It was also among
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in the late 1980s.
More than half a century later, UCPB has maintained its
strengths, namely, superior customer service and a steadfast
focus on total customer satisfaction, an extensive service
delivery network that serves all the important and emerging
urban centers nationwide, and an intimate knowledge of the
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ÀYHGHFDGHVRISURYLGLQJEDQNLQJVHUYLFHV
In 2003, UCPB changed its business model: weaning away
from its heavy reliance on the corporate market, it made
a major shift towards the middle and consumer markets
to ride on this segment’s huge long-term growth potential.
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to cater to either market depending on demand, market
conditions, and near-term prospects. It now aims for increased
deposits as well as a balanced loan portfolio, with a 50:50 mix
of consumer and corporate accounts, allowing the Bank to
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UCPB delivers a full range of services to a highly
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government institutions, middle market companies,
small and medium-sized businesses, and individuals
in the Philippines. Its wide range of products and services
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corporate and investment banking, trust banking,
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and money market investment, cash management
and deposit services. In 2017, UCPB further expanded
its business by entering into bancassurance partnership
with United Coconut Planters Life Assurance Corporation
(COCOLIFE) and UCPB General Insurance Company, Inc.
(UCPB GEN), allowing the Bank to offer life, motor car,
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UCPB and its subsidiaries operate through various
delivery channels to enable customers to meet their needs
anywhere they are in the country, 24/7. In addition
to its consolidated network of 212 branches and
344 ATMs nationwide, UCPB’s customer touch points also
include its electronic banking facilities, namely, internet
banking, mobile phone banking, and telephone banking.
Beyond business, UCPB is also known for its long-held
principle of corporate citizenship. By serving the country’s
consumer and middle markets, UCPB not only creates
economic value, but also contributes to building a stronger
nation. Its enduring support is a vital part of what makes
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and Development Corp. and UCPB-CIIF Foundation,
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activities and scholarship grants, uplifting the quality of life
of those rural communities.
In addition, the Bank has been supporting Operation
Smile since 1986. Supporting these causes enable UCPB to
create opportunities for the less fortunate to live better lives.
 AT A GLANCE
FINANCIAL PERFORMANCE

RECORD-HIGH NET INCOME

Our net income reached a

P 4.15B record-high P4.15 billion

in 2017, 23.6% higher than
the P3.4 billion posted in 2016.

NEW PRODUCTS AND SERVICES

BANCASSURANCE BIZEASY FRANCHISE LOAN
UCPB entered into a We launched BizEasy
bancassurance partnership Franchise Loan to encourage
with COCOLIFE and UCPB GEN entrepreneurs to establish
in April 2017 to offer our their own business through
customers easier access to franchising.
insurance products.

NEW SERVICES

ATM PROTECT VISA DEBIT EMV CARD

We launched ATM Protect,
an insurance product that offers
UCPB cardholders protection
against robbery during or after
an over-the-counter or ATM
withdrawal, stolen mobile phone
banking device, and skimming.
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in the industry to complete
migration to the EMV technology
in 2017. With the built-in
EMV technology, clients can
enjoy increased security
when they shop and dine in
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ONE-DAY CHECK CLEARING TRANSACTION ALERTS

We fully implemented the We implemented
Check Image Clearing System WKH606QRWLÀFDWLRQVHUYLFH
(CICS), reducing the clearing to enhance the security
time for checks to one day. of our clients’ card
transactions.

2 A DECADE OF GROWTH, REACHING NEW HEIGHTS

PARTNERSHIPS

NATIONAL RETAIL PAYMENT BANKING ON YOUR FUTURE

SYSTEM & PESONET LAUNCH (BOYF) MOA SIGNING
In support of the Bangko Sentral Together with our subsidiary UCPB
ng Pilipinas’ (BSP) drive to increase Savings Bank, we also joined the BOYF
the usage of electronic payments Program initiated by the BSP and the
in the country, UCPB participated Bank Marketing Association of the
in the establishment of the Philippines to raise awareness on the
National Retail Payment System LPSRUWDQFHRIVDYLQJVDQGÀQDQFLDO
and PESONet. literacy among the youth.

FINANCIAL EDUCATION
CLIENT ROADSHOWS SCHOOL ROADSHOWS
PAYROLL In 2017, we conducted Financial We also mounted School
Wellness Roadshows in 10 private Roadshows in 9 public and
ROADSHOWS corporations and at the Armed private elementary schools,
Forces of the Philippines’ Mutual high schools, colleges and
%HQHÀW$VVRFLDWLRQ,QF$)30%$, universities to teach personal
to teach their employees and ÀQDQFHWRVWXGHQWVDQGKRZ
PHPEHUVKRZWRKDQGOHÀQDQFHV UCPB products and services
properly and raise awareness can help them meet their needs.
on our products and services.

CORPORATE SOCIAL RESPONSIBILITY

HARIBON TREE PLANTING UCPB-CIIF FOUNDATION

We partnered with Haribon The UCPB-CIIF Foundation produced
Foundation for a tree planting 269 more college and technical-
activity in Mount Banahaw, vocational graduates in 2017,
San Cristobal in San Pablo, all of whom were children of
Laguna. coconut farmers from 67 provinces.
It also helped fully restore
33.3 hectares of denuded forest
land inside the Marikina Watershed.

RECOGNITION
OPERATION SMILE VISA RECOGNITION
Together with our clients and our UCPB earned recognition from
associates, we raised P2.25 million VISA for obtaining the highest
for Operation Smile’s medical debit card growth in 2017.
PLVVLRQWKDWEHQHÀWHGFOHIW
patients, 50 of whom were
operated on in Davao City in 2017,
and 100 to undergo free surgery
in 2018.

U C P B 2 0 1 7 A N N U A L R E P O R T 3
4 A DECADE OF GROWTH, REACHING NEW HEIGHTS
REPORT FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER

BUILDING ON
OUR STRENGTHS
T
ransformation is never a linear, pain-free process; it takes time, collective energy,
and the resolve to make things work. Our breakthrough performance in 2017 shows
how far we have gone on our 55th year in banking, which is a testament to our
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0DNLQJ+LVWRU\
In 2003 when I joined UCPB, we were in the midst of a major crisis and staring
at a massive billion-peso net loss. Today, we are posting record growth, which we have
managed to sustain for a decade. In 2017, our net income increased by 23.6% to P4.15 billion,
the highest ever in our corporate history.
Our deposit base expanded by P13.34 billion to P278.93 billion in 2017 from its
year-ago level. When I became part of UCPB, the per capita deposit generation capacity of
our branches was less than P400 million. Now, it has grown over three times to P1.19 billion,
which speaks volumes about the growing public trust in our institution, as well as the success
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Our net loans climbed by P19.81 billion to P170.35 billion in 2017. Corporate loans
went up by 7.6% to P93.17 billion, as it remained as a key revenue source. Consumer loans
accelerated at a faster rate of 19.3% to P75.36 billion, allowing us to book on average
P2.2 billion in new consumer loans each month.
We effectively resolved a major non-performing asset and yielded an extraordinary
gain of almost P400 million in 2017. This allowed us to improve our level of earning assets,
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Our fee income increased by P13.86 million to P1.17 billion, as we aggressively pushed
the growth of this stable, yet less risky, source of revenue. In 2017, we launched two initiatives
poised to sustain our long-term fee income growth: bancassurance, in partnership with
United Coconut Planters Life Assurance Corp. (COCOLIFE) and UCPB General Insurance
&RPSDQ\,QF8&3%*(1ZKLFKJHQHUDWHG3ELOOLRQLQWRWDOSUHPLXPVIRUPRWRUÀUH
and life insurance and P60 million in revenues in just nine months since its April 2017 launch;
and the UCPB Visa Debit EMV Card, which Visa cited for posting the highest debit card growth.

U C P B 2 0 1 7 A N N U A L R E P O R T 5
 7UDQVIRUPLQJWKH%XVLQHVV
Our 188-branch network nationwide is a major driving
force in our growth. When we were formulating the
Bank’s rehabilitation plan 14 years ago, we noted that we
had a 178-branch network that was largely under-utilized
because of our focus on corporate accounts.
Today, the volume we generate from our branches
validated our decision to shift to the consumer and
middle markets, as our network has become a major
revenue source and a vehicle for cross-selling various
bank products.
Thus, over the last decade, we continued to upgrade
our branch capabilities. We expanded our network
by 10 more branches, relocated a number of them to
more accessible locations, and renovated all of them
to strengthen our brand identity. From the brighter and
more welcoming interiors to the UCPB coffee blend we
serve, we made sure our customers feel at home when
they bank with us.
Our transformation in the last decade took some
time, as we made a lot of investments and changes in
our systems, physical and organizational structures.
Essentially, there were three things that paved the way
for our successful transformation:
1. Converting UCPB branches into a powerhouse
sales organization from being mere deposit-taking
outlets. We implemented training and retraining
until cross-selling became second nature to UCPB
branch personnel. The results are no less desirable:
the average deposit-generating capacity of our
branches has grown nearly three times since 2003,
and UCPB branches are now booking an impressive
volume of trust and treasury investment products
and consumer loans, as well as account for 8% of
our total fee income.
2. Expanding the consumer lending unit within our
Corporate and Consumer Banking Group, later
spinning it off into a separate, bigger Consumer
Banking Group. From a small consumer lending
operation, we now have a 180-man strong business
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from our entire branch network. We also tied up
with third-party channels (real estate developers,
auto dealers, and direct marketing agencies),
and automated our processes to strengthen
account servicing.
6 A DECADE OF GROWTH, REACHING NEW HEIGHTS
3. Creating our Marketing Group to focus on our
product development efforts. Our goal is to create
products and services that are relevant to our
chosen customer segment. Our Marketing Group
has equipped our frontline units with products that
allow them to better address our customers’ needs.
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Our decision 14 years ago to shift towards the consumer
and middle markets has enabled us to ride on the country’s
long-term growth prospects.
The local consumer market is comprised of a young
population that is growing at a fast clip, with many keen
on buying a house or a car, traveling, and eyeing home
renovation projects. The middle market, composed of small
and medium-sized enterprises, is also embarking
on expansion and they need credit for capital,
new equipment, or additional inventory or workspace.
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they need. We bring to the table our unique competitive
edge: a level of customer relationship that is second to none.
In fact, an independent market scan reveals that what we
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want: ready access, quick turnaround, and proactive and
personalized service.
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DQG ULGH WKH WUHPHQGRXV EHQHÀWV RI WKHLU VXVWDLQHG JURZWK
Our exposure to the corporate market, however, will remain
just as strong, as shown in the 15% growth in our corporate
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this segment.
Our strategic shift simply meant that the Bank
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the consumer and middle markets or the corporate market
as dictated by demand, market conditions, and near-term
prospects.
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We celebrate 2017, not only for our achievements
in terms of pesos and centavos, but also for the indelible
mark we left in many local communities.
Through the UCPB-CIIF Finance and Development Corp.,
we delivered P600 million in livelihood loans to 10,500
coconut-farmer families in 30 provinces nationwide. Set up
in 1994, the company has since pumped in over P9 billion in
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 REPORT FROM THE PRESIDENT AND CEO
The UCPB-CIIF Foundation produced 269 more college
and technical-vocational graduates in 2017, all of whom
were children of coconut farmers from 67 provinces.
To date, the scholarship program has sent 2,857 children
of coconut farmers to college and trade school,
and 1,852 scholars or more than half have already graduated.
The Foundation also put in efforts toward reforestation,
fully restoring 33.3 hectares of denuded forest land inside
the Marikina Watershed. The site has now become a haven
for wildlife.
We also partnered with Operation Smile Philippines
and two of our valued customers, Phoenix Petroleum
Philippines, Inc. and Ulticon Builders, Inc. to raise funds
and provide free surgery to 150 children with oral cleft
in Mindanao. Our long-standing relationship with Operation
Smile since 1986 has paved the way for generous donations
and executive and employee volunteer hours that give
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We commit to sustaining this support, not only because
they make us a good corporate citizen, but also because
we consider it a business imperative to share our success.
Businesses must do their part to create opportunities for our
society’s less fortunate sectors to lead better lives and to
create a better country.
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According to consensus forecast, market conditions
in 2018 will be more challenging than in 2017. Cost of
money is estimated to go up due to the additional
documentary stamps tax on time deposits, as well as the
government’s aggressive operation in the capital markets
to fund its “Build, Build, Build” infrastructure program.
Cost of goods and services is also slated to rise, while rising
peso and dollar interest rates will affect trading of
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Having gone through our own headwinds over
the past 55 years, we stay bullish in the face of these
daunting prospects and determined to duplicate –
if not exceed – our feats in 2017. We aim to continue
to increase our deposits, CASA, fee revenue and loan
portfolio by broadening our existing relationships and
expanding our customer base. The Bangko Sentral
ng Pilipinas has recently approved our application
to sell Variable Life Insurance which we expect to expand
our product offering and further boost our revenues.
Our bancassurance partnership with COCOLIFE
and UCPB GEN offers our customers easier access
to a wide roster of insurance products which protect them
IURP ÀQDQFLDO ORVV DQG VHFXUH WKHLU IXWXUH ,W UHSUHVHQWV
a new, steady source of topline revenue that will surely grow
as our clientele expands.
We resolve to address our remaining non-performing
assets and rationalize our expenses. We continue to take
a closer look at every cost that can be cut down through
improving processes and putting greater emphasis on quality.
We cannot be swayed in our goal of investing in training,
motivating, and compensating our people; investing in areas
of business that directly drive performance and results,
from marketing to incentive programs; refreshing and
revitalizing the UCPB brand; and creating opportunities
for progress among the less privileged segments of the
communities where we operate.
We largely depend on organic growth sources to drive
the business forward. Instead of opening new branches
in 2018, we will focus on stepping up our lending activities
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we can draw fresh income from our new products as we
maintain a status quo on our expansion activities.
As we future-proof our Bank and every aspect
of its operation, we rely on IT to be a critical driver
in our ability to deliver our brand promise and take us
through the digital transformation that ease the lives of
our customers, organization, and stakeholders.
Digital transformation will also enable us to better
compete with our peer banks. The critical component of
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in our overall strategy and culture to champion customer
centricity, provide an omni-channel customer experience,
enable data-driven decisions using analytics, and attain
platform scalability through cloud computing. To succeed in
this digital journey, we must instill a culture of innovation in
our organization.
Riding the momentum from 2017 and reaping the fruits
of what we sowed through long, hard, challenging years,
we continue to have laser-sharp focus on achieving higher
OHYHOV RI SURGXFWLYLW\ HIÀFLHQF\ DQG TXDOLW\ 1RZ PRUH
than ever, we count on you, our partner in growth, to be with
us as we break new records and reach new heights.
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U C P B 2 0 1 7 A N N U A L R E P O R T 7
 FINANCIAL HIGHLIGHTS
NET INCOME ASSETS
326.5
310.9
4,147
276.6 285.4
3,536 270.4
3,356
3,139 3,300

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

LOANS AND DEPOSITS

RECEIVABLES
170,349 278.9
265.6
150,540
232.6 239.1
127,714
220.5
115,954
105,577

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

%$/$1&(6+((7
$VVHWV
Our total assets rose to a record high of P326.5 billion
versus P310.9 billion the previous year. The P15.6 billion
increase was due to the growth in loans and receivables
and investment portfolio.
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Our loans and receivables rose by 13.2% to P170.3 billion
year-on-year, with corporate and consumer lending posting
double-digit growth. Aligned with our focus on expanding our
middle market and consumer lending operations, we continue
to increase our sales force to address the growing demand for
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portfolio by 24.1% to P60.4 billion in 2017 as the market
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modest trading income despite the tough market
conditions.
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Total deposits increased by P13.3 billion to
P278.9 billion from P265.6 billion in 2016, as we
expanded our customer base and introduced product
enhancements. Demand deposits grew by 14.1%
to P48.8 billion while time deposits rose by 21%
to P79.9 billion. The Bank’s last tranche of Long Term
the Bank’s loan products. 1HJRWLDEOH&HUWLÀFDWHRI'HSRVLW/71&'RI3ELOOLRQ
matured in August 2017 thus contributing to lower
funding costs.

8 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 &2162/,'$7('
(In million pesos, except ratios)     
OPERATING RESULTS
Net Income 4,147 3,356 3,300 3,139 3,536
Net Interest Income 11,803 10,473 9,172 8,902 7,691
Return on Average Equity 22.3% 18.0% 17.3% 16.2% 17.72%
Return on Average Assets 1.3% 1.1% 1.2% 1.2% 1.43%
Net Interest Margin 4.9% 4.7% 4.5% 4.5% 4.40%

RESOURCES AT YEAR-END
Total Resources 326,512 310,927 285,351 270,391 276,594
Loans and Receivables 170,349 150,540 127,714 115,954 105,577
Gross Loan Portfolio 168,525 149,745 124,855 112,008 102,203
Deposit Liabilities 278,933 265,590 239,101 220,542 232,624
CASA 198,990 197,468 164,348 159,549 149,815
Equity 18,635 18,505 18,813 19,350 19,349
Capital Adequacy Ratio 8.8% 9.7% 10.6% 11.2% 11.82%
NPL Ratio (inclusive of Interbank Loans) 3.7% 4.3% 4.6% 4.5% 4.7%
NPL Ratio (inclusive of Interbank Loans),
Net of Allowance for Credit and Impairment Losses 2.5% 2.3% 2.2% 2.4% 2.8%

,1&20(67$7(0(17
1HW,QFRPH
Our net income posted a double-digit growth of 23.6%
to P4.1 billion from P3.4 billion in 2016.
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Our robust loan growth and investments bolstered
our interest income, which grew by 11.6% to P14.7 billion.
Interest expense increased due to a double-digit growth
in time deposits.
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Non-interest income also contributed a hefty
P2.6 billion, mainly from deposit-related fees,
disposal of non-performing assets, and revenues
from a newly launched bancassurance business.
Launched in April 2017, UCPB’s bancassurance business
will provide a new and steady income for the Bank in the
coming years. The business is in partnership with two
leading insurance companies, United Coconut Planters
Life Assurance Corporation (COCOLIFE) and UCPB General
Insurance Company, Inc. (UCPB GEN).
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Our total operating expenses, excluding provisions
for loan losses, stood at P8.3 billion, 9.9% higher than
the P7.5 billion a year ago. Compensation and fringe
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to support our growing consumer loans business.
We booked a total of P1.2 billion in provisions
for credit and impairment losses in 2017 to comply with
the regulatory requirements under BSP Circular No. 855.
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For 2018, we plan to stay the course in terms of our
strategic directions, further increasing our customer base
and cross-selling to our target market while we continue
WRLPSURYHRQRXUHIÀFLHQF\DQGSURGXFWLYLW\:HVHH
2018 as a challenging year but we are positive that
we can achieve our double-digit targets for deposits,
consumer and commercial loans portfolio.

U C P B 2 0 1 7 A N N U A L R E P O R T 9
 OPERATIONAL HIGHLIGHTS
GROWING AND GOING
THE EXTRA MILE
The pace of change in our current operating
environment has grown faster than ever before.
Financial institutions are thus faced with the challenge
of reshaping their business to respond to the evolving
competitive landscape, reinvent the customer experience,
DQGUHGHÀQHUHODWLRQVKLSVZLWKWKHLUVWDNHKROGHUV
UCPB sees this as an opportunity to build deeper and
more personal relationships with those we serve. We also
strive to enhance the way we run our business, harness
technology, and empower our associates. The future of
banking remains full of promise and potential. We are gearing
up to respond to the change and reach even greater heights.
10 A DECADE OF GROWTH, REACHING NEW HEIGHTS
6XVWDLQLQJWKH0RPHQWXP
The Philippine economy continued its expansion even
amid rising global uncertainty in 2017. Full-year average GDP
growth stood at 6.7%. This was mainly driven by more robust
consumption spending, strong export performance, a more
vibrant industry and service sectors, and sustained pickup
in government spending, particularly on infrastructure.
7KHXSVZLQJZDVUHÁHFWHGLQWKHLPSUHVVLYHJURZWK
of the Philippine stock market and the strong showing of
the banking industry. Total loan and deposits industry-wide
grew by 19% and 12%, respectively, according to the Bangko
Sentral ng Pilipinas (BSP).
This environment provided a bullish backdrop for our
business and enabled us to sustain the double-digit growth
RIRXUFRUHEXVLQHVVHV2XUQHWSURÀWURVHE\WR
a record-high P4.1 billion, anchored on the continued
expansion of our consumer and middle market lending
operations, and a greater push to increase non-interest
revenues from our other fee-based services such as
bancassurance.
 Our Corporate and Commercial Banking Group (CCBG)
stepped up its lending activities. This resulted in a higher
net income contribution of P1.7 billion or 41.5% of our
bottom line. Proactive service to corporate borrowers
and their subsidiaries enabled us to grow our corporate
loan portfolio by 9% to end 2017 at P82.8 billion versus
P76.1 billion in 2016.
CCBG managed to maintain the quality of our assets
even with the credit expansion. Our past-due ratio stood
at 3.28%, an improvement from 3.89% in 2016.

82.8B
76.1B

9%
GROWTH IN UCPB’S
CORPORATE LOAN
PORTFOLIO
IN 2017 VS. 2016
2016 2017

$GGUHVVLQJ&XVWRPHU1HHGV
Robust economic growth and record-high overseas
Filipino workers (OFW) remittances further enlarged
the middle class and unleashed more disposable income.
This bode well for our Consumer Banking Group, which
comprised half of the Bank’s overall net income in 2017.
Our consumer loans portfolio amounted to P67.2 billion
from P56.3 billion a year ago.
Auto Loans accounted for the lion’s share with a volume
of P12.1 billion, rising by P1.5 billion. Boosting demand for
Auto Loans were the record-high auto sales, which grew by
14% in anticipation of additional excise taxes under
the Tax Reform for Acceleration and Inclusion (TRAIN) Law,
and Filipinos’ rising purchasing power.
We continued to strengthen our relationships with
third-party channels such as auto dealerships, real estate
developers, and direct marketing agencies. We will also
remain proactive in pre-screening loan applications to shorten
the turnaround time for credit decisions.

U C P B 2 0 1 7 A N N U A L R E P O R T 11
 :HDOVRLQWHQVLÀHGRXUPDUNHWLQJFDPSDLJQVWR
encourage the cross-selling of our consumer loan products,
namely, the HomEasy Home Loan, BizEasy Business Loan,
and the SalarEasy Personal Loan.
With the projected sustained growth in the economy
in 2018, UCPB expects to further strengthen its foothold
in the consumer lending business.
Our card offerings grew with the launch of the
Visa Debit EMV card. The Visa-powered ATM card enables
FOLHQWVWRVKRSDQGGLQHLQ9LVDDIÀOLDWHGHVWDEOLVKPHQWV
purchase goods and services online, withdraw cash
anywhere in the world and enjoy increased security with
its built-in EMV chip, the global standard in payment card
security. UCPB earned recognition from Visa for obtaining
the highest debit card growth for the year.

67.2B

19.3%
56.3B

GROWTH IN
UCPB’S CONSUMER
LOANS PORTFOLIO
IN 2017 VS. 2016
2016 2017

To enhance client protection, we also implemented

WKHWUDQVDFWLRQQRWLÀFDWLRQVHUYLFHZKLFKSURYLGHV606
and/or email alerts to clients on their card transactions.
Our newly launched bancassurance business enabled
us to sell life and non-life insurance products of United
Coconut Planters Life Assurance Corp. (COCOLIFE) and
the UCPB General Insurance Company, Inc. (UCPB GEN)
through our branches nationwide.
Promising to be a new and steady income source
for the Bank, this new business generated P1.05 billion
in premiums in only nine months since its was launched
in April 2017. During the year, we generated fee-based
income of P60 million which was above our expectation.
We expect to double our premium production from this
business after the Bangko Sentral ng Pilipinas approved
our plan to offer variable life insurance, a hybrid life
insurance with an investment component.

12 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 OPERATIONAL HIGHLIGHTS

The bancassurance synergy also paved the way for us

to offer innovative insurance products such as ATM Protect.
This insurance product is offered to UCPB cardholders
for only P15 a month for their protection against robbery
during or after an over-the-counter or ATM withdrawal,
stolen mobile phone banking device, and skimming.
([SDQGLQJ2XU3UHVHQFH
UCPB continues to invest in strengthening our presence
nationwide through our network of 235 branches (including
those of our thrift bank subsidiary, UCPB Savings Bank).
UCPB Savings Bank further expanded its reach by opening
two branches in Alabang, Muntinlupa and Alfonso, Cavite
in 2017.
Believing in the power of human touch, our brick-and-
mortar presence enables us to directly engage our customers,
understand their needs clearly, and reinforce our brand value
of rendering personal and proactive service. The collective
efforts of our Branch Associates led to the growth of our
deposit base by P4.7% to P264.6 billion low-cost current
and savings accounts (CASA) accounted for 72.7%.
Our newly transformed branch sales teams and deeper
employee engagement helped boost our business by taking
advantage of cross-selling opportunities for our consumer
loans, trust products, cash management services,
trade services, foreign exchange products, and leasing.
P11.8B
GROWTH IN
UCPB’S DEPOSITS
IN 2017 VS. 2016
P60M
FEE BASED INCOME FROM
BANCASSURANCE IN 2017
2016 2017
%XLOGLQJ:HDOWK
:KLOH  ZDV PDUNHG E\ D UHWXUQ WR ÀQDQFLDO PDUNHW
volatility, our Treasury Banking Group continued to offer
attractive returns to our broader customer segments.
Treasury Banking Group further strengthened our risk
management tools and monitoring, particularly in the areas
of liquidity and market risks. Seizing opportunities from a
rising interest rate environment enabled Treasury to book
PRUH WKDQ 3 PLOOLRQ LQ À[HG LQFRPH WUDGLQJ JDLQV DQG
P32 million in equity gains, even outpacing the year-on-year
returns of the Philippine Stock Exchange indices.

U C P B 2 0 1 7 A N N U A L R E P O R T 13
 Trust Banking Group’s Assets Under Management (AUM)
grew by 16% or P3.0 billion. Boosting the performance was
the 35% growth in business generated from the Investment
Management Arrangement (IMA). Trust Banking Group
contributed P92.9 million to our 2017 bottom line.
(PEDUNLQJRQ'LJLWDOL]DWLRQ
Even as we keep up with the rapid changes in the
business environment, we continue to pursue initiatives
that enable us to achieve our end-game: offer better
customer experience.
Our Information Technology and Methods Group
(ITMG) transformed our system into a hyper-converged
infrastructure with the implementation of cloud
computing solutions, among others. We also enhanced
the availability of our core banking system using MIMIX
Technology and installed a new trust banking system.
8&3% ZDV DPRQJ WKH ÀUVW EDQNV LQ WKH ORFDO LQGXVWU\
to complete its migration to the EMV chip technology.
All UCPB ATMs, ATM cards and POS terminals are now
14 A DECADE OF GROWTH, REACHING NEW HEIGHTS
EMV-compliant. We also fully implemented the Check
Image Clearing System (CICS). This initiative enhances
customer experience by reducing the clearing time for
cheques from three days to one day, and making funds
available at 10 a.m. the next banking day.
We continue to support the Bangko Sentral ng
3LOLSLQDV· YLVLRQ WR SURPRWH ÀQDQFLDO LQFOXVLRQ DQG
electronic payments in the country. We participated
in the launch of the National Retail Payment System
(NRPS) and PESONet in 2017.
We also rolled out a Client Information Management
System (CIMS) for corporate clients. This helped to
enhance our Know Your Customer (KYC) capabilities by
enabling our frontliners to have access to a single view of
a wide range of client information.
ITMG also embarked on initiatives to achieve
RSHUDWLRQDO HIÀFLHQF\ VXFK DV WKH VWUHDPOLQLQJ RI
loan operations, and shifting to a paperless system of
document management.
 OPERATIONAL HIGHLIGHTS

*URZLQJ2UJDQL]DWLRQDO6WUHQJWK credit and collection processes. CMRD rolled out initiatives

To transform into becoming a more customer-centric WKDW HPSRZHU RXU RIÀFHUV WR IXUWKHU LPSURYH WXUQDURXQG
organization, our various support units continued WLPH VLPSOLÀHG WKH FROODWHUDO UHJLVWUDWLRQ SURFHVV DQG
to strengthen our internal governance system the implementation of the mortgage registration system,
and risk controls. IXOO\ LPSOHPHQWHG WKH 8&3% /5$ ([WHQVLRQ 2IÀFH .LRVN
Our Compliance Division ensures the Bank’s substantial and ensured the Bank’s compliance with BSP requirements
compliance with relevant banking laws and regulations. on loan document formats to align with the Financial
We further strengthened the Bank’s anti-money laundering Consumer Protection Framework and the Data Privacy Law,
(AML) policies, procedures and systems. The Division in coordination with our Legal Services Group.
also actively promoted continuing education on bank These initiatives contributed P112.7 million to the
compliance by conducting onsite, bank-wide training and Bank’s bottom line. This came from the collection of
forums on AML, focusing on topics relevant to particular penalties on consumer loans, income from the LRA Kiosk,
job functions; and cultivating awareness and appreciation and realized savings from service providers.
of recent regulatory directions and market developments,
particularly in consumer protection, related-party )XWXUH5HDG\
transactions, and reputational risk management. Riding on the crest of a fast-growing domestic
Our Internal Audit Division (IAD) ensures the economy, we will continue to innovate and invest in
effectiveness of the Bank’s risk management and making our people, processes, products and services
governance processes and provides reasonable assurance future-ready to meet rapidly evolving business demands
that our internal controls are effective, appropriate, and enable our customers to reach greater heights with us.
and complied with. Using a risk-based approach,
,$' SHULRGLFDOO\ DXGLWV EUDQFKHV KHDG RIÀFH OHQGLQJ
information technology, and other support units,
as well as IT application systems of the Bank. The IAD
also continues the professional and personal development
of internal auditors through training, seminars, and
SURIHVVLRQDO FHUWLÀFDWLRQV 7KHVH DUH DOVR DLPHG DW
keeping the internal auditors abreast with new laws and
regulations, and the current developments in governance,
risk, information technology and control processes.
Our Credit Management and Recovery Division (CMRD)
supports our Consumer Banking Group and Corporate and
Commercial Banking Group by developing and enhancing our

U C P B 2 0 1 7 A N N U A L R E P O R T 15
 OUR PEOPLE
INVESTING IN OUR BIGGEST RESOURCE
A
t UCPB, we believe that the intelligence, skill,
expertise, and genuine concern of our people give
the Bank its sustainable competitive advantage.
Our Human Resources Group (HRG) provides a
holistic training experience that enables our people to
develop character and skill that are aligned with the core
and brand values of the Bank. They are capable of learning,
innovating, and infusing energy and creativity into the
organization, which became 3,741-strong as of end-2017.
$WWUDFWLQJD3URPLVLQJ7HDP
We consider our people as our greatest resource.
One of our main thrusts in 2017 was to attract the most
TXDOLÀHG FDQGLGDWHV ZKRVH FRPSHWHQFLHV PDWFK WKH
needs and requirements of the Bank. We want the best
talents to be part of our team and share our successes.
7KXV ZH LQWHQVLÀHG RXU WDOHQW VRXUFLQJ DFWLYLWLHV WKURXJK
our major programs such as the Grand Career Event.
As a result of these activities, we welcomed into our
URVWHU D WRWDO RI  WDOHQWV ERWK IRU RIÀFHU DQG QRQ
RIÀFHU SRVLWLRQV WR ÀOO LQ YDFDQFLHV DQG QHZ PDQSRZHU
requirements.
We measure our progress in achieving our strategic goals
through the use of performance data. We identify the
gaps between what is required in the workforce and what
is actually delivered.
16 A DECADE OF GROWTH, REACHING NEW HEIGHTS
The competition for talent is one of the biggest
challenges the local banking industry continues to face.
To address this, we have initiated various programs such
as Welcoming and Integrating Newbies and InteGREAT:
The UCPB Onboarding Experience to ensure a smooth
integration into the organization and foster in them
a culture of loyalty and a sense of commitment.
2IIHULQJ&RPSHWLWLYH&RPSHQVDWLRQDQG%HQHÀWV
:H KDYH D VWURQJ HPSOR\HH EHQHÀWV DQG LQFHQWLYH
programs in place to retain and engage our employees.
:H RIIHU FRPSHWLWLYH FRPSHQVDWLRQ DQG EHQHÀW SDFNDJHV
that are performance-based and at par with the industry.
We continuously offer a healthy 60:40 mix of monetary
DQG QRQPRQHWDU\ EHQHÀWV
We continuously evaluate our compensation offering
to ensure that it is in compliance with local labor laws
and regulations while responding to the needs of our
HPSOR\HHV ,Q  ZH LPSURYHG RXU EHQHÀWV SDFNDJH
in the areas of car plan, car lease price limits, and car
repairs and maintenance; maternity subsidy and child
spacing incentive; and funeral assistance.
+DUQHVVLQJDQG(QJDJLQJ Talent
%H\RQG PRQHWDU\ EHQHÀWV WKH %DQN DOVR KHDYLO\
invests in various training programs to develop both the
hard and soft skills of our employees, in the local and
foreign settings. In 2017, we shelled out P50 million for
HPSOR\HH WUDLQLQJ WR GHYHORS FRPSHWHQFLHV LQ VSHFLÀF
technical areas as well as hone their interpersonal skills so
they can interact effectively and harmoniously with others.
This resulted in 28 training hours on average per employee.
We continue honing the UCPB Talent to be capable
of dealing with the present environment and prepared
for the future.
We provide opportunities for their professional growth
and development through the Management Development
Program and Accelerated Career Development Program that
WDS DQG HTXLS RXU SRWHQWLDO RIÀFHUV IRU KLJKHU UHVSRQVLELOLWLHV
:H KDYH SURGXFHG  TXDOLW\ RIÀFHUV WR VXVWDLQ RXU WDOHQW
bench for 2017. We recognize outstanding employee
performance and achievements and this led to the promotion
RI  6HQLRU 2IÀFHUV  2IÀFHUV DQG  1RQ2IÀFHUV
in 2017.
We also continue to promote a culture of gratitude
by using every opportunity to express our appreciation
to our people through events such as our annual Trainors Day,
Retirees’ Party and Loyalty Awards.
*URZLQJ(PSOR\HH(QJDJHPHQW
We invest in opportunities that develop a culture
in which our people get to grow with our business and help us
share our success with others.
Through our associates, we are able to magnify our
contributions in local communities. We actively promote
employee volunteerism in Operation Smile medical missions,
Haribon tree planting activities, as well as donations to the
survivors of the Marawi siege, among others.
/RRNLQJ$IWHU+HDOWK:HOOQHVVDQG6DIHW\
As well as looking out for others, we also ensure
that our associates remain an asset to the Bank by being
happy and healthy.
+5* DOZD\V VWULYHV WR FUHDWH D VDIH DQG IXOÀOOLQJ
workplace by raising employee engagement levels and
promoting work-life balance through wellness activities such
as the Bank’s annual sportsfest.
We continue to extend health maintenance
DQG EHQHÀWV WR RXU HPSOR\HHV DQG WKHLU TXDOLÀHG GHSHQGHQWV
through the renewed engagement with our healthcare
and insurance providers.
In compliance with the Department of Labor and
Employment’s Occupational Safety and Health Standard
requirements for all business establishments, UCPB created
the Safety and Health Committee (SHC) in 2017.
This Committee is the planning and policymaking group on all
matters related to the safety and health of UCPB associates,
among which is the creation of these various workplace
policies and programs:
• %UHDVWIHHGLQJDQG/DFWDWLRQ3ROLF\: UCPB
recognizes the importance of breastfeeding for
both mother and baby. Thus, the Bank provides the
necessary facilities and allow a reasonable break
time for an employee to breastfeed for a year after
her child’s birth.
• 6PRNH)UHH:RUNSODFHSection 6 of Republic
$FW 1R  VSHFLÀFDOO\ SURKLELWV LQGRRU VPRNLQJ
and protects people against second-hand smoke.
In compliance with this, UCPB issued this policy to
protect its associates and clients against the hazards
brought about by smoking.
• +,9$,'6Republic Act No. 8504, otherwise known
as the Philippine AIDS Prevention and Control Act
of 1998, recognizes workplace-based programs as
a potent tool in addressing HIV/AIDS. Thus, UCPB
crafted this policy for the information and guidance
of its associates in the diagnosis, treatment and
prevention of HIV/AIDS in the workplace. It also
aims to address the stigma attached to HIV/AIDS and
ensures the workers’ rights against discrimination
DQG FRQÀGHQWLDOLW\
• 7XEHUFXORVLV3UHYHQWLRQDQG&RQWUROUCPB
adopts this workplace policy and program for
the prevention and control of tuberculosis in the
workplace.
• +HSDWLWLV%In compliance with DOLE Advisory
No. 05, Series of 2010, UCPB has developed the
Workplace Policy and Program on Hepatitis B
to ensure customer satisfaction, protection of
our environment and health and safety in the
workplace.
In addition to these workplace policies and programs,
we also equip our employees with the basic knowledge
and skills to identify and control potential and existing
safety and health hazards in the workplace. We run various
programs such as Basic Occupational and Safety Health and
Occupational First Aid and Basic Life Support in partnership
with the Philippine National Red Cross. In 2017, we
GLVWULEXWHG ÀUVW DLG NLWV WR DOO RXU EUDQFKHV WR DVVLVW WKRVH
who seek immediate medical attention. We also provided
nursing covers for the security and comfort of mothers when
QXUVLQJ ZLWKLQ EUDQFK DQG KHDG RIÀFH SUHPLVHV
HRG has sustained the Bank’s success and commits to do
more by ensuring that the organization receives integrated,
deliberate, targeted learning experiences that help UCPB
talents deliver personal and proactive service.
U C P B 2 0 1 7 A N N U A L R E P O R T 17
C L I E N T F E AT U R E

CARING
BEYOND
MOVING
ROLANDO D. DE LEON
President and General Manager
First North Luzon Transit, Inc.
 y wife belongs to the third generation of the family who founded

M Victory Liner, one of the country’s largest provincial bus operators,

75 years ago. So when I was asked to join the local transport business
in 1999, I did not hesitate to help the family business even though I was
DOUHDG\&KLHI2SHUDWLQJ2IÀFHURIDSLRQHHULQJFUHGLWFDUGFRPSDQ\DWWKHWLPH
Eventually, helping people reach their destinations became part of our
corporate DNA. We established Victory Shuttle Service, which operated some
300 buses in Laguna and Batangas, mainly serving the employees of Laguna
Technopark and other economic zones in the south. We had a good run for several
\HDUVXQWLOFXWWKURDWFRPSHWLWLRQVWDUWHGDQGWKH$VLDQÀQDQFLDOFULVLVKLWWKH
WHFKQRSDUNORFDWRUVVRZHKDGWRVWUHDPOLQHDQGIRFXVRQSURÀWDEOHURXWHV
/DJXQD6WDUEXVEHFDPHRXUÀUVWIRUD\LQ0HWUR0DQLODRSHUDWLRQV
We ran 51 bus units plying the Malanday-NAIA, Malanday-Baclaran,
and Malanday-Alabang routes. My sons and I would wake up at 2 a.m. every day
to manage and check cash remittances against trip operation reports because
we couldn’t afford hiring a cashier then. In 2007, I was invited to join Bataan
Transit as President and General Manager and with sheer persistence and
a bit of luck, we were able to establish First North Luzon Transit
in 2009, both serving provinces in northern Luzon.
It was during our heyday in 2011 that we became a depositor of UCPB’s
Malanday branch. As First North Luzon Transit grew, so did our banking
relationship with UCPB. We now also use them for our payroll and they provide
“For someone in this armored car pickup of our cash collections. They don’t just treat us as a client
but also as a kapamilya (family member).
line of business, having While we also deal with other banks, our relationship with UCPB stands
out because I can still feel their personal touch without compromising their
sense of professionalism. In fact, the Branch Manager and branch personnel
that sense of malasakit KDYHEHFRPHDVWHDG\À[WXUHLQRXUFRPSDQ\DQQLYHUVDU\SDUWLHVDQGWKH\
always remember my birthday. Whenever they have new products, they also
(personal concern) make it a point to inform us and keep tabs on our needs.
For someone in this line of business, having that sense of malasakit
is very valuable.” (personal concern) is very valuable. In fact, we would not have been successful as
a bus company if we didn’t look after our passengers the same way. This is why
we make it a point to train our frontliners, drivers, and conductors to be always
helpful, courteous, and professional to passengers at all times, whether onboard
or outside. We put a premium on customer satisfaction and happiness so we
provide free WiFi, TV sets, and entertainment onboard and in our bus terminals.
We also ensure that the safety of our passengers isn’t just lip service.
We invest in top-of-the-line buses and security tools and measures. We take
SULGHLQEHLQJRQHRIWKHÀUVWEXVFRPSDQLHVWRLQVWDOO*36LQRXUEXVHVHYHQ
before this became a requirement of the Land Transportation Franchising and
Regulatory Board (LTFRB) in 2016. There has been a massive improvement in
our system since we installed the GPS in our buses as we are able to properly
monitor our drivers’ speed and location real-time. Because this is a public
XWLOLW\EXVLQHVVZHDOVRFRQVWDQWO\WUDLQRXUÁHHWRIWRGULYHUVWR
comply with government regulations.
We have always been conscious of our role in public service. This is why we
support government’s efforts to modernize and rationalize bus routes to enhance
road safety and minimize accidents and fatalities. In my capacity as president of
one of the Metro Manila bus consortiums and the vice president of the Provincial
Bus Operators Associations of the Philippines (PBOAP), I also champion reforms
that seek to uplift our service to the riding public such as providing bus drivers
DUHJXODUVDODU\LQVWHDGRIÀJKWLQJIRUFRPPLVVLRQVEDVHGRQSDVVHQJHUYROXPH
It’s not easy to remain competitive in an industry constantly beset by
changes and challenges, but I put my faith in our people to maintain our market
share in the transport sector. With solid partners like UCPB who knows how to
WDNHFDUHRIWKHIUXLWVRIRXUKDUGZRUN,DPFRQÀGHQWZHFDQKHOSSHRSOHUHDFK
their destinations safely and happily for many more years to come.

U C P B 2 0 1 7 A N N U A L R E P O R T 19
 “

C L I E N T F E AT U R E

A STEADY
HAND IN
A ROLLER
COASTER
RIDE
CESAR MARIO O. MAMON
Chairman and President
Enchanted Kingdom
“
“Throughout all of that, UCPB had been
there with us through thick and thin.
It was not just a fairweather bank.”
hen I was around 10 years old, my father sat me
W down on a table with a huge map and requested me
WRFRORUVL[VSHFLÀFDUHDVZLWKP\FUD\RQV/LWWOHGLG
I know then that I was actually “dividing” through
colors a vast sugarcane plantation in Laguna in preparation
for its distribution among its rightful heirs.
My late father, Cesar Tionko Mamon, was an agriculture
graduate who worked his entire life for the late former
House Speaker and Justice Secretary Jose Yulo Sr.
and his family from 1936 until his retirement in 1976.
His responsibilities included operating the original Yulo
plantation in Floridablanca, Pampanga, and eventually,
the vast Canlubang Sugar Estate, a 4,200-hectare plantation,
majority of which we now know as the Nuvali development
of Ayala Land.
6WDUWRID'UHDP
Following in my late father’s footsteps, I graduated
with a degree in agribusiness management from the
University of the Philippines in Los Baños. It was but a
natural course to take as we had inherited some sugarcane
lands in Laguna and operated contract farms in Batangas
and Cavite. As real estate development expanded
southwards from Metro Manila, tending to our farm lands
DQGEXVLQHVVEHFDPHWRRSULFH\DQGXQSURÀWDEOH7KLVOHG
us to go into a limited joint venture with and sale of most
of our land to Ayala Land.
Flush with new capital to diversify from agriculture,
our family looked for other business opportunities. I had a
growing family then and I remember bringing my wife and
young children to the amusement parks and attractions in
the country such as Fiesta Carnival in Cubao and Star City,
and the seasonal ones such as Big Bang sa Alabang and
Payanig sa Pasig. However, what vividly made an imprint
on me were my visits to Disneyland and Knott’s Berry Farm
in California when I was 15 years old. I remember how
everything was so magical, clean and “enchanting.”
,WKRXJKWLWZDVWLPHWKDWWKH3KLOLSSLQHVKDGLWVRZQÀ[HG
themed amusement park where families and friends can
have magical experiences in a wholesome and entertaining
environment.
There was one big challenge, though. My family and I
didn’t know anything about the amusement and attractions
industry. We discovered through a friend the International
Association of Amusement Parks & Attractions (IAAPA), a
100-year-old global association based in the U.S. whose
membership roster is a veritable “Who’s Who” such as
Disney, Universal Studios, Six Flags and Ocean Park. IAAPA
became our resource for “getting our feet wet” in the
industry and introduced us to our consultants, designers,
architects and ride manufacturers. Eventually, my deep
involvement in IAAPA led to my election to the Board of
'LUHFWRUVLQDQGWREHFRPLQJWKHÀUVW$VLDQDQG
Filipino to be elected Chairman in 2014.
5XGH$ZDNHQLQJ
Enchanted Kingdom (EK) eventually broke ground in
August 1994 and opened its gates on October 19, 1995 to
a public eager to experience the only world-class themed
amusement park in the Philippines. As the saying goes,
“Build it and they will come,” and indeed, people came
to EK. We thought everything would be as magical as our
dream. However, fate had other plans.
2YHUWKHÀUVWRQHDQGDKDOIGHFDGHRI(.·VH[LVWHQFH
we were seriously affected by external and internal factors
VXFKDVWKH$VLDQDQGJOREDOÀQDQFLDOFULVLVRIDQG
respectively, as well as our country’s political and business
challenges. Add to these were some natural calamities that
affected our facilities. These factors dampened our business
performance, prompting us to restructure our loans and even
experience corporate receivership and rehabilitation. This was
GHÀQLWHO\WKHORZHVWSRLQWRIRXUSURYHUELDOUROOHUFRDVWHUULGH
Fortunately, through all of these, there was always that
steady hand that reached out to us and never let go: UCPB.
,WZDVWKHÀUVWEDQNWRSDUWQHUZLWKXVLQSXUVXLQJRXU
dream. It had been instrumental in advising us as we
negotiated through restructuring, rehabilitation,
and receivership from 2008 to 2012, and when we were
ÀQDOO\EDFNRQÀUPHUJURXQGDQGSRLVHGIRUIXWXUHJURZWK
Throughout all of that, UCPB had been there with us through
thick and thin. It was not just a “fairweather” bank.
7XUQDURXQG6WRU\
As EK steadily grew, so did our banking relationship
with UCPB. From being a depositor of its Calamba branch
since 1994, we now maintain various banking relationships
such as cash pick-up and payroll account servicing with its
Santa Rosa, Laguna and Dela Rosa, Makati branches.
:HYDOXHWKHSHUVRQDOL]HGVHUYLFHÁH[LELOLW\DQG
reasonable terms that the Bank provides, especially when
we have to do emergency importations for spare parts for
our rides and attractions at a moment’s notice. We don’t
usually experience sleepless nights over these kinds of
transactions as we know that we can depend on UCPB
to deliver on our urgent needs.
Enchanted Kingdom will be celebrating its
25th anniversary in 2020. From a simple dream, EK has
grown from 10 hectares to almost 15 hectares with over
34 rides and attractions that thrill and create fond memories
for an average of 1.6 million park guests annually. Our plans
call for a further expansion to almost 40 hectares to be
able to welcome more than double our current annual
average attendance. Aside from adding more rides and
attractions and expanding the theme park’s footprint,
we also plan to have lodging facilities with a convention
center and a themed water park with its own hotel
facilities. A complementary lifestyle retail, dining and
entertainment complex will also be developed, gradually
transforming Enchanted Kingdom from a single-day, stand-
alone theme park into a multi-day, integrated attractions
destination that will cater not only to the domestic market
but hopefully also to the Philippines’ expanding foreign
tourist market.
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reality is not an easy task but with a steady hand like
UCPB continuing to guide us along the way, we are very
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happen, hopefully for generations to come.
U C P B 2 0 1 7 A N N U A L R E P O R T 21
C L I E N T F E AT U R E

FORGED
IN STEEL
DAVID U. ONG
Owner and Founder
Dwightsteel Building Systems, Inc.

“At a time of doubt
and uncertainty, UCPB
unwaveringly stood by me.
And for that, I am grateful.”
y business model is very basic: stick with what you know and focus on
M the long term, pay your obligations on time, operate with integrity,
and leave the rest to God.
These words molded my character — from one who started off
from scratch, and later as the owner and CEO of Dwightsteel Building
Systems, Inc., one of the country’s leading manufacturers and suppliers
RIURRÀQJDQGJDOYDQL]HGVWHHOSURGXFWV
With no business background, zero real estate asset, and a seed capital
RIRQO\3,VWDUWHGP\RZQURRÀQJGHDOHUVKLSLQ
I recall my father telling me during the initial stages of my dealership that,
“The timing is not good,” to which I replied, “If not now, when?”
Most of the time, people look at risk and ask, “What if I don’t succeed?”
I look at risk differently and ask, “What’s the worst thing that can happen
if I fail?”
When I was just starting the business, I rented a room in a two-storey
DSDUWPHQWZKLFKVHUYHGDVP\RIÀFHDQGDZDUHKRXVHRQ1DNSLO6WUHHW
in Manila for stocking of goods.
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facilities and asked if I had any asset for collateral, which was the norm
for banks.
I said I have my own business, a bunch of post-dated checks, and around
3PLOOLRQLQP\EDQNDFFRXQW7KUHHZHHNVODWHUWKH8&3%RIÀFHUFDPHEDFN
to ask, “How does a clean loan of P10 million sound to you?”
And the rest, as they say, is history.
We entered the manufacturing business, imported our own raw materials,
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The amount of P10 million secured my vision. Not only did it open the
door to new possibilities, but it also created a domino effect. It gave us the
RSSRUWXQLW\WRHOHYDWHWKHFUHGLWSURÀOHRI'ZLJKWVWHHODVDEXVLQHVV
which resulted to other banks granting us credit facilities, too.
Things, however, didn’t come easy. Our company struggled during the
$VLDQÀQDQFLDOFULVLVZKHQWKH3KLOLSSLQHHFRQRP\ZDVKLWE\FXUUHQF\
devaluation, which doubled the peso value of our debt.
It was a triple whammy of lowered credit lines, increasing debt,
and a thinning market to serve. Still, we chose to persevere during
WKLVYHU\GLIÀFXOWSHULRG$WDWLPHRIGRXEWDQGXQFHUWDLQW\
UCPB unwaveringly stood by me. And for that, I am grateful.
This mere mom-and-pop business has undoubtedly come a long way.
'ZLJKWVWHHOFXUUHQWO\KDVVDWHOOLWHRIÀFHVPDQXIDFWXULQJSODQWV
and 80 roll-forming machines nationwide. But this is just the beginning.
In the next three years, the company is targeting to reach a bigger segment
of the Filipino people by doubling the number of plants and expanding
into other allied products.
I still make strategic plans and major decisions, but I leave it to my
WZRFKLOGUHQ³ZKRDUHDWWKHKHOPRIÀQDQFHDQGRSHUDWLRQV³WRH[HFXWHDQG
implement my vision. The business environment is constantly changing, so we
make it a point to always be a step ahead of the pack, to keep on innovating,
and to do things better than they’re already being done. The competition has
become tougher. However, with our experience and commitment to excellence
and a partner in business in UCPB, we are ready to face the future head-on.
U C P B 2 0 1 7 A N N U A L R E P O R T 23
C L I E N T F E AT U R E

DRIVING IN
COMFORT
AND STYLE
DARRYL B. VIOJAN
Auto Loan client

“Thanks to banking
partners like UCPB,
our homecoming is now less
of a challenge but more of
an adventure and we get to
live like the way we drive —
in comfort and style.”
’m a Filipino by heart and blood although I just got back in the country
I in late 2017 after working in China for 11 years. I’m a senior associate
DW D 6KDQJKDLEDVHG LQWHUQDWLRQDO ÀQDQFLDO SODQQLQJ DQG ZHDOWK
management company. I started with them as a business development
coordinator and worked my way up to become an investment consultant
WR H[SDWULDWHV ZKR VHHN XQELDVHG ÀQDQFLDO DGYLFH DQG DFFHVV WR VRPH RI
the world’s top investment management groups and portfolios.
My wife and two children used to come home with me to Manila every
quarter, staying for one to two weeks. Every time we’re here, we would
just borrow a car from our relatives, and worry about bothering them
whenever we needed a vehicle. We decided to buy our own and secured
DQ DXWR ORDQ ZLWK 8&3% IRU RXU ÀUVW FDU D 7R\RWD )RUWXQHU ,W·V D JUHDW
family car for sending the kids to daycare or driving out of town to Subic,
our favorite weekend beach destination.
Last November, I toyed around with the idea of going to the
8&3% ZHEVLWH DQG ÀOOLQJ RXW WKHLU ORDQ LQTXLU\ IRUP IRU DQRWKHU $XWR /RDQ
7KH\ JRW EDFN WR PH ULJKW DZD\ DQG DIWHU D VPRRWK DQG HIÀFLHQW SURFHVV
, JRW P\ GHVLUHG ´UHZDUGµ FDU DQ $XGL 5 ,W UHÁHFWV P\ SHUVRQDOLW\ VR
well: not loud but a good start in the world of supercars. It’s simple,
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It’s a welcome deviation from many cars of its kind that are too sporty,
too fast, and too muscular for a quiet night out with my wife.
My family and I are still adjusting to life back here because it’s such a
strong contrast to the one we left in Shanghai, which was more fast-paced.
There, we did our own chores at home, walked a few steps to get groceries
or ride the subway, and just crossed the street to get to my workplace.
While we enjoy our family and friends here and have access to househelp,
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on ATMs. But for me, the Philippines still has everything, and I wouldn’t
trade it for the world. Its natural resources are unparalleled compared
to the urban jungle that is Shanghai.
One of the reasons I decided to come home is the challenge of
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HYHQWXDOO\ RIIHU )LOLSLQRV DGGLWLRQDO ÀQDQFLDO VHFXULW\ UHWLUHPHQW SHQVLRQ
and personalized services to ensure a brighter future. Compared to China,
which is an already saturated market, the Philippines still offers a lot of
potential for investing.
I’m adding this professional mission to my personal goals, which includes
EXLOGLQJ D KRXVH IRU P\ IDPLO\ LQ WKH QH[W WKUHH WR ÀYH \HDUV 0\ ZLIH DQG
I are eyeing the Alabang, Parañaque, or Santa Rosa Laguna area, and we
cannot wait to see what life has in store for us here.
Thanks to banking partners like UCPB, our homecoming is now less
of a challenge but more of an adventure and we get to live like the way
we drive — in comfort and style.
U C P B 2 0 1 7 A N N U A L R E P O R T 25
 UCPB IN THE COMMUNITY
SUSTAINING
OUR COMMITMENTS
UCPB associates shared
WKHLUWLPHDQGÀQDQFLDO
resources to help raise
funds for the surgery of
150 cleft children.
The Bagtic Masagana
Multi-Purpose Cooperative
is one of the cooperatives
ZKLFKKDVEHQHÀWHGIURP
the UCPB-CIIF Finance
and Development Corp.
Since 2005, it has availed
of funds for relending
to its 2,821 farmer-
members.
26 A DECADE OF GROWTH, REACHING NEW HEIGHTS
t UCPB, we believe that businesses should create
A opportunities for marginalized sectors in society
so they can live better lives and create better
places to live in. This has always been our corporate
social responsibility (CSR) philosophy.
For decades now, we have been supporting causes
that empower people and communities. We are doing it,
not as an investment for future gains, but purely out of
a deep sense of corporate citizenship.
In 2017, we supported various development lending,
scholarship, free reconstructive surgery, and reforestation
SURJUDPVWKDWGLUHFWO\EHQHÀWHGDWRWDORILQGLYLGXDOV
These programs aimed to help alleviate poverty,
provide access to quality education, address medical needs,
and preserve the environment. These are aligned to the
United Nations’ 17 Sustainable Development Goals,
which we continue to support.
'HYHORSPHQW/HQGLQJ)LJKWLQJ3RYHUW\ZLWK
/LYHOLKRRG2SSRUWXQLWLHV
Through the UCPB-CIIF Finance and Development
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mainly coconut farmers, among the poorest in the
agricultural sector — so they can undertake alternative
livelihood activities to augment their meager farm
income. In 2017, UCPB-CIIF Finance released a total of
P602 million in new loans to 10,499 farmers in
30 coconut provinces.
The loans, disbursed through the company’s rural
ÀQDQFLDOLQVWLWXWLRQSDUWQHUVIXQGHGVKRUWJHVWDWLRQ
projects that generated quick returns such as cash
crop cultivation, livestock raising, commodities trading,
and village-based processing of coconut by-products
like coconut sugar.
Established in 1994, UCPB-CIIF Finance aims to deliver
ÀQDQFLQJVXSSRUWWRIDUPHUVZKRXVXDOO\KDYHGLIÀFXOW\
accessing credit from formal lending institutions.
As these small farmers turn into entrepreneurs,
they develop credit discipline, are able to access less
expensive credit from other sources, and grow.
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UCPB-CIIF Finance has pumped over P9 billion in loans to
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6FKRODUVKLSV:LGHQLQJ$FFHVVWR+LJKHU(GXFDWLRQ
A record 265 UCPB-CIIF scholars, all children of
coconut farmers, completed their courses in 2017.
Of the total, 179 scholars earned college degrees from
23 state universities and colleges, and 86 scholars obtained
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 UCPB-CIIF scholar Jade
Dagatan distinguished
himself by earning the
highly coveted Leadership
Award with Highest
Distinction from DBTC-
Naga. The school took him
in as training instructor
immediately after
graduation.
UCPB-CIIF scholar Dave
Patrick Ruiz graduated
cum laude from
the Aurora State College
of Technology and at
the top of his 714 strong
graduating class.
Several of these scholars earned top distinctions:
one graduated magna cum laude, 19 others cum laude,
two emerged as the top-ranked graduates of the Aurora
State College of Technology, one was named
“Most Outstanding Trainee” by Don Bosco Training
Center-Naga, and another received the “Leadership Award
with Highest Distinction,” from Don Bosco Training Center-Mati.
A total of 58 UCPB-CIIF scholar-graduates also passed
their respective licensure examinations, obtaining a higher
passing rate than the national average. Our forestry graduates
registered a 100% passing rate; education graduates, 88%;
and agriculture graduates, 83%.
UCPB-CIIF Foundation was organized in 1987 and runs
the scholarship program together with the CIIF companies.
Since 2003, the Foundation has awarded grants to
2,906 children of coconut farmers from 63 coconut provinces,
1,736 of whom have already graduated.
Passing forward their blessing, more than 70% of the
graduate scholars are now income earners and provide
UHJXODUÀQDQFLDOVXSSRUWWRWKHLUIDPLOLHV
0HGLFDO0LVVLRQV%ULQJLQJ6DIH6XUJHU\
WR,QGLJHQW&RPPXQLWLHV
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mounted 20 medical missions in 2017, treating 1,477 children
and young adults with cleft lip and cleft palate. UCPB clients
and our associates were actively involved in one of the
missions in Davao City and raised P2.25 million for the surgery
of 150 oral cleft patients.
Operation Smile, an international children’s charity,
has been holding free surgical missions in the Philippines
to repair oral cleft among indigent children since 1982.
UCPB continues to be its long-standing partner in the country.
Since 1986, the Bank has been extending donations,
sharing executive time, employee-volunteers and
RIÀFHVSDFHLQ8&3%·V0DNDWLKHDGTXDUWHUV,WDOVR
helped organize the counterpart local foundation,
Operation Smile Philippines (OSP), and during its
early years, UCPB CEOs and senior executives concurrently
served as Chairman and Executive Director, respectively of
the OSP.
Over the past 35 years Operation Smile has provided free
VXUJHULHVWRRYHULQGLJHQWVDIÁLFWHGZLWKRUDOFOHIW
7KHFRQJHQLWDOGHIRUPLW\VHYHUHO\GLVÀJXUHVWKHIDFHVRI
WKHDIÁLFWHGDQGLPSDLUVWKHLUVSHHFK,IOHIWXQWUHDWHG
the patients may lose their self-esteem, drop out of
school, and grow into adulthood uneducated and without
any work or social skills to fend for themselves.
5HIRUHVWDWLRQ(QJDJLQJ&RPPXQLWLHVWR3URWHFW
WKH(QYLURQPHQW
For the past 15 years since we started, our
reforestation program, UCPB had no report of
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This speaks volumes of the vigilance of our forest
guardian, who patrols the perimeter every day,
and the 800 people living in the nearby Sitio Pulang Panyo
in Antipolo City who help keep watch over the site.
Our reforestation site, which lies atop a hill inside
the critical Upper Marikina River Protected Landscape
Watershed, has been a source of pride for years, not only
for UCPB, but also for our employee volunteers who actively
took part in the reforestation effort, and the people in
WKHRXWO\LQJFRPPXQLW\ZKREHQHÀWHGWUHPHQGRXVO\IURP
the program.
When the program was launched in 1990, the site
was brown, bare, and parched. Thick red mud tumbled
down the slopes after heavy rainfall. We tapped our
employees and the people in the community in preparing
the land, in growing seedlings, transplanting them, and
VHWWLQJXSÀUHOLQHV1RZWKHDUHDLVYHUGDQWDQGWHHPLQJ
with wildlife. The once-dry stream never runs out of water
even at the height of summer. Mudslides have become
a thing of the past. The grateful community has helped us
protect the forest ever since.
Aside from this program, UCPB also partnered with
Haribon Foundation and participated in a tree planting
activity in a portion of Mt. Banahaw–San Cristobal
in San Pablo, Laguna Some 42 associates joined the
activity to plant 500 seedlings donated by the Bank
to Haribon Foundation.
U C P B 2 0 1 7 A N N U A L R E P O R T 27
 OUR SUBSIDIARIES

EXPANDING UCPB
GROUP’S REACH
XUWKUHHÀQDQFLDOVXEVLGLDULHV8&3%6DYLQJV%DQN86%
O UCPB Leasing and Finance Corp. (ULFC),
and UCPB Securities, Inc. (USI), continued to
make a marked contribution to our bottom line,
JHQHUDWLQJDFRPELQHGQHWSURÀWRI3PLOOLRQ
in 2017.
USB, ULFC and USI are engaged in thrift banking,
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Their operations are essential to our thrust to enlarge our
footprint in the consumer and middle markets.
USB enables us to reach and deliver quality banking
services to the village entrepreneurs, the mom-and-pop
shops and the family businesses in the small towns and
municipalities not usually served by commercial banks.
USI gives individuals and corporations access
to investment opportunities in the stock markets.
ULFC provides small-and medium-sized companies
ÁH[LELOLW\LQÀQDQFLQJWKHDGGLWLRQDOZRUNLQJFDSLWDO
and capital equipment they need for expansion.
28 A DECADE OF GROWTH, REACHING NEW HEIGHTS
8&3%6$9,1*6%$1.
On its 55th anniversary, UCPB Savings Bank continued
to grow its loan portfolio even as it focused on house
cleaning in 2017.
Its total loans expanded by 10% to P15.13 billion from
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and consumer loan bookings from the provincial areas.
The expansion was fueled mainly by the 9% growth in
customer deposits to P14.70 billion from P13.48 billion.
As a result, interest income increased 12% to P1.47 billion
from P1.32 billion. Management deemed it prudent to provide
DKLJKHUORDQORVVSURYLVLRQZKLFKSXOOHGGRZQQHWSURÀWV
to P319 million.
USB remains optimistic about its 2018 prospects though.
The savings bank sees stronger revenues coming from the
provincial areas, especially from the agribusiness sector and
the growing market of overseas Filipino workers in the rural
communities where it operates.
It also plans to offer small business-agricultural loans,
foreign currency services, and bancassurance products.
It will also aggressively push consumer loans in areas not
served by the parent bank.
To support revenue generation, USB will target a
higher deposit growth. It will open two new branches in
4XH]RQDQG%HQJXHWDQGFRQYHUWWZRRILWVOHQGLQJRIÀFHV
into deposit-taking units to further widen its market reach.
 /($6,1*$1'),1$1&(
8&3%/($6,1*$1'),1$1&(&25325$7,21
UCPB Leasing and Finance Corporation recorded
a double-digit earnings growth in 2017. The net income
of the leasing company rose by 11% to P60.95 million from
P54.82 million, previously, despite lower loan bookings
in 2017.
Total loan bookings dipped to P5.44 billion from
P6.46 billion year-on-year, as some clients with approved
facilities deferred their capital expenditures.
7KHÀQDQFHFRPSDQ\KRZHYHUZDVDEOHWRRIIVHW
the foregone income by reducing its bank borrowings
and lowering its funding costs. It also generated
P48.31 million in revenues from the sale of receivables
and disposal of acquired assets.
ULFC aims to increase loan bookings this year by
EHHÀQJXSLWVDFFRXQWRIÀFHUFRPSOHPHQWDQGE\WDSSLQJ
branches of the parent bank and USB for referrals
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6(&85,7,(6
8&3%6(&85,7,(6,1&
UCPB Securities, Inc. successfully rode the sustained
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at the end of the year.
Net income of the stock brokering company increased
to P10.04 from P6.98 million a year ago on higher
revenues from trading gains, dividends and other income.
During the year, USI continued to enhance its customer
service, launching a number of initiatives including the
introduction of in-house research, the publication of a daily
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and analysts.
USI aims to expand its market reach this year and
introduce more clients to the stock market and the ease
of trading equities. It expects the return of volatility to
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both for the short-term and long-term investors.
U C P B 2 0 1 7 A N N U A L R E P O R T 29
 RISK MANAGEMENT
5,6.0$1$*(0(17)5$0(:25.

he Bank has put in place a risk management framework to monitor and manage the risks it faces, with particular

T attention to critical risk areas of Credit, Concentration, Market, Liquidity, Interest Rate, Operational, Legal,
Information Security, Compliance, Reputational and Strategic Risks.
The Bank’s risk management framework is anchored on educating and promoting risk consciousness
by inculcating risk awareness among the entire workforce which is critical in mitigating and controlling risks.
In addition to the conduct of risk management training programs, designated employees are involved in
ULVNLGHQWLÀFDWLRQDVVHVVPHQWDQGPRQLWRULQJ
The Board-level Risk Oversight Committee (ROC) oversees the risk management process, provides overall policy
direction and ensures that it has the appropriate infrastructure to properly monitor, identify and measure risks arising
from its day-to-day operations. This mitigates and controls risks that would adversely impact the Bank’s business
policy objectives, compliance with regulatory and legal requirements as well as contractual obligations.
The Risk Management Division (RMD) facilitates the task of identifying, monitoring, measuring and mitigating risks
through an independent, timely and effective risk monitoring framework. It also covers the relevant BSP regulations
and directives in implementing an effective Internal Capital Adequacy Assessment Process (ICAAP).
The Bank’s risk management framework is likewise adopted by the Bank’s subsidiaries and the Trust Banking Group.
7KH52&LVLQIRUPHGRIFULWLFDOULVNDUHDVLGHQWLÀHGE\WKH%DQNLWVVXEVLGLDULHVDQGWKH7UXVW%DQNLQJ*URXSWRHQVXUH
policy directions are consistent and action plans to address common risks are synchronized.

30 A DECADE OF GROWTH, REACHING NEW HEIGHTS

, 5,6.0$1$*(0(17&8/785($1'3+,/2623+<5,6.$33(7,7($1'675$7(*<*29(51$1&(6758&785(352&(66
$1'$17,021(</$81'(5,1*)5$0(:25.

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WKHIROORZLQJSROLF\VWDWHPHQWV

1. The Bank recognizes that risks are inevitable but losses are optional in its operations. It is the Bank’s
philosophy that risk is better managed and controlled if it is measured consistently and accurately.
2. The Bank recognizes that an effective risk management system is a critical component of bank management
and a foundation for the safe and sound operation of the Bank.
3. The Risk Management process is a top-down process and shall continually operate at all levels within the Bank.
It is important to emphasize that each individual within the Bank has a role and must participate
in the process.
4. The Bank shall develop a strong “control culture” and promote a culture of risk awareness and not risk
aversion based on the framework recommended by the Bankers Association of the Philippines (BAP).
5. All activities shall conform to applicable legal and regulatory provisions of the Republic of the Philippines
as well as to the Bank’s internal policies and procedure guidelines.
6. Policies and practices that generate incentives or temptations for inappropriate actions shall be avoided.
These include but are not limited to overemphasis on short-term performance results that ignore long
term risks, ineffective segregation of duties that allow for misuse of resources or concealment of poor results
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B. 5LVN$SSHWLWHDQG6WUDWHJ\

The Bank’s risk appetite is the level of risk that is deemed acceptable to the Bank in its pursuit of its vision
and business objectives. It fundamentally represents the types and degrees of risks that the Bank is willing to accept
in behalf of its shareholders. With a clear articulation of the Bank’s appetite for risk, the maximum tolerance
is established by setting quantitative and qualitative limits on risk-taking activities.
Risk appetite setting/limits is periodically reviewed and generally recommended by the business units based
on Business Strategy/Plan/Budget approved by the Board of Directors, past experience or other material information.
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and action plans.
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of the total risk weighted assets as of end of 2017.

C. %DQNZLGH5LVN*RYHUQDQFH6WUXFWXUHDQG5LVN0DQDJHPHQW3URFHVV

The Risk Oversight Committee reviews regular management reports on current risk exposures and controls on credit,
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addresses said risks, and endorses for Board review and approval the proposed risk policies, systems and procedures.

U C P B 2 0 1 7 A N N U A L R E P O R T 31
 7KH&RPPLWWHHKDVWKHDXWKRULW\WRFRQGXFWRUGLUHFWDQ\LQYHVWLJDWLRQUHTXLUHGWRIXOÀOOLWVPDQGDWHDQGKDVWKH
ability to retain, such legal, accounting or other advisers, consultants or experts as it considers necessary from time
to time in the performance of its duties. For this purpose, it may access all bank records. The Committee exercises
functional authority over the Risk Management Division (RMD). The RMD furnishes the Committee with all the reportorial
requirements to achieve its mandate. The Committee, as well as the RMD, is not directly involved in the approval
of any Bank transactions.
The Committee reviews, determines, recommends and oversees the system of limits to discretionary authority that
the Board delegates to management, ensures that the system remains effective, that the limits are observed and that
immediate corrective actions are taken whenever limits are breached.

5LVN0DQDJHPHQW&KDUW

Risk Oversight
Committee

2IÀFHRIWKH
President

Chief
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Executive
Secretary

Trust and Market Operational Credit Business

IT Risk
Subsidiaries Risk Risk Risk Continuity
Department
Department Department Department Department 2IÀFHU

Scope and nature of risk reporting and/or measurement systems are further discussed in the respective risk areas.

'$QWL0RQH\/DXQGHULQJJRYHUQDQFHDQGFXOWXUHDQGGHVFULSWLRQRIWKHRYHUDOO0RQH\/DXQGHULQJ0/
7HUURULVW)LQDQFLQJ7)ULVNPDQDJHPHQWIUDPHZRUNWRSUHYHQWWKHXVHRIWKH%DQNIRU0/7)DFWLYLWLHV

The implementation of the Anti-Money Laundering (AML) program emanates from the Board of Directors (Board)
DQGÁRZVWKURXJKD%RDUGOHYHOFRPPLWWHHDQGWKH%DQN$0/&RPPLWWHH%$0/&DPDQDJHPHQWFRPPLWWHH
in coordination with the Bank Compliance Division (BCD).
A Board-level committee exercises oversight of the implementation of the AML laws, regulatory directives and bank
policies as embodied in the UCPB Money Laundering/Terrorist Financing Prevention Program (MLPP). The Committee
supports the Board in ensuring implementation and adherence to the UCPB MLPP by recommending relevant policies,
procedures and enhancements, providing the infrastructure and manpower resource requirements, and reviewing
ÀQGLQJVE\UHJXODWRU\DJHQFLHVDQGWDNLQJWLPHO\DQGQHFHVVDU\PHDVXUHVWRDGGUHVVWKHPDQGSURPRWHDVWURQJHUDQG
more effective anti-money laundering program.

32 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
The BAMLC takes the lead in ensuring full compliance with the MLPP, recommends AML policies and enhancements
as necessary, approves BCD’s Compliance Training Program on AML, and periodically reports to the Board, the Board-
level committee and the President.
The BCD manages compliance with the MLPP in close coordination with concerned bank groups, divisions,
EUDQFKHVXQLWVRIÀFHUVDQGDVVRFLDWHVZKRDUHGLUHFWO\LQYROYHGLQWKHDGPLQLVWUDWLRQRULPSOHPHQWDWLRQRIWKH0/33
The BCD implements the UCPB Compliance Program that enables UCPB to consistently adhere with all applicable rules
DQGUHJXODWLRQVDWDOOWLPHVDQGWRHIÀFLHQWO\LGHQWLI\DQGPLQLPL]HORVVHVWKDWFRXOGUHVXOWIURPFRPSOLDQFHIDLOXUHV
The Program consists of various tools and methodologies for compliance risk monitoring, including the maintenance and
timely updating of a Compliance Library. Through the Program, all potential issues on money laundering and terrorist
ÀQDQFLQJ0/7)DUHHIIHFWLYHO\PDQDJHGWRSUHYHQWWKHXVHRIWKH%DQNDVDFRQGXLWIRU0/7)
In the UCPB ML/TF governance culture, wherein everyone is personally responsible for regulatory compliance,
DOORIÀFHUVDQGDVVRFLDWHVDUHSURYLGHGZLWKDGHTXDWHWUDLQLQJWKDWHQDEOHWKHPWRFRPSHWHQWO\SHUIRUPWKHLU
particular duties and responsibilities. The MLPP lays out the principal roles and functions of bank associates as regards
adherence to AML laws, regulations and policies. UCPB has an adequate screening and recruitment processes to ensure
WKDWRQO\TXDOLÀHGSHUVRQQHOZLWKRXWGLVFULPLQDWRU\RUFULPLQDOUHFRUGVDUHHPSOR\HG
The BCD regularly conducts compliance awareness and training sessions for new hires and management trainees,
DQGFRQWLQXLQJUHIUHVKHUFRXUVHVIRURIÀFHUVDQGDVVRFLDWHVRQFRPSOLDQFHDQGDQWLPRQH\ODXQGHULQJWRSLFV

( 6XEVLGLDULHV

The Risk analyses and discussions during the UCPB Savings Bank’s (USB) own ROC meeting are reported to the
monthly meeting of the Bank’s ROC. Risk reports of UCPB Leasing Finance Corporation (ULFC) and UCPB Securities, Inc. (USI)
are likewise reported during the monthly meeting of the Bank’s ROC.
Portfolio quality review of the subsidiaries USB and ULFC are also reported to and discussed by the ROC.
)XUWKHUPRUHWKHRQH\HDU0D[LPXP&XPXODWLYH2XWÁRZIRU86%8/)&DQG86,LVUHSRUWHGPRQWKO\WRWKH52&
Subsidiaries are part of the Bank’s ICAAP exercise.

,, &$3,7$/0$1$*(0(17

'HVSLWHVXUSDVVLQJWKH PDMRUFRPSRQHQWVRIWKHÀQDQFLDOSODQWKH%DQNKDGYHU\OLPLWHGOHHZD\LQPDQDJLQJ
its capital Adequacy Ratio (CAR) even under the Basel II standards minimum capitalization requirement for universal
banks under BSP Circular 854.
The Bank’s 10 Year rehabilitation plan is set to end by December 31, 2018 and given the delay in the privatization
of the Bank, the Board is seriously considering to request for the extension of the government reliefs until fully
recapitalized.

$ 5HJXODWRU\4XDOLI\LQJ&DSLWDO

In view of ownership issues and the sequestration status of the Bank, it has not been able to raise capital
since 1986. In 2009, to address the Bank’s capital gap and pending resolution of the ownership issue, the Bank issued
Interim Capital Notes to PDIC. The amount of 12 Billion was allowed to be considered as Tier 1 Capital by the
Bangko Sentral pursuant to BSP Circular No. 595. As of December 31, 2017, 75% of the Bank’s outstanding shares
are already in the name of the Republic of the Philippines (ROP).

U C P B 2 0 1 7 A N N U A L R E P O R T 33
 The Bank is fully dependent on the government on capital raising activities. Currently, the Bank continues to grow its
capital through its own operations and government income support. However, this is still short of the needed capital in
order to comply with the regulatory capital.

Table A
(in millions Php) &RQVROLGDWHG Parent Bank
     
Total Qualifying Capital 18,887 19,213 19,391 14,760 14,738 15,527
Risk Weighted Assets 214,968 198,326 183,595 193,381 177,938 167,295
TIER 1 Capital Ratio 8.04% 9.01% 9.89% 7.63% 8.28% 9.28%
Total Capital Ratio 8.79% 9.69% 10.56% 7.63% 8.28% 9.28%

The Consolidated and Parent Bank’s Tier 1 Capital and Total Capital Ratios are computed based on Basel and BSP
Regulations. Capital ratios involving components of regulatory capital are calculated as follows:

Table A1
&RQVROLGDWHG Parent Bank
     
Total capital ratio : Total Qualifying Capital 18,887 19,213 19,391 14,760 14,738 15,527
Risk-Weighted Assets 214,968 198,326 183,595 193,381 177,938 167,295

Tiel I capital ratio : Tier 1 Capital (net of Regulatory Deductions) 17,286 17,862 18,161 14,760 14,738 15,527
Risk-Weighted Assets 214,968 198,326 183,595 193,381 177,938 167,295

Under existing BSP regulations, the determination of the Bank’s compliance with regulatory requirements and ratios
is based on the amount of the Bank’s “unimpaired capital” (regulatory net worth) as reported to the BSP, which is
determined on the basis of regulatory accounting policies. This differs from the Philippine Financial Reporting Standards
(PFRS) in some respect.
The amount of surplus funds available for dividend declaration is also determined on the basis of regulatory net worth
after considering certain adjustments.
The BSP sets and monitors compliance to minimum capital requirements for Solo (Parent Bank) and Consolidated level
(Parent and Financial Subsidiaries). In implementing capital requirements, BSP issued Circular 538 which implemented
the Revised Risk-Based Capital Adequacy Framework under Basel II effective July 1, 2007. It requires the Bank to maintain
a prescribed risk-based capital adequacy ratio (expressed as a percentage of qualifying capital to risk-weighted assets)
of not less than 10%. The Bank is also required to maintain a minimum Tier 1 capital ratio of 6%.
The regulatory qualifying capital of the Bank consists of Tier 1 (core) and Tier 2 (supplementary) capital. Tier 1 capital
LVFRPSULVHGRIFRPPRQVWRFN,QWHULP&DSLWDO1RWHVDQGVXUSOXVGHÀFLWLQFOXGLQJFXUUHQW\HDUSURÀWDQGVXUSOXVUHVHUYHV
less required deductions such as deferred charges approved for deferral of booking up to 2018. Tier 2 is composed of upper
Tier 2 and lower Tier 2. Upper Tier 2 consists of preferred stock, revaluation increment reserve, general loan loss provision
and deposit for common stock subscription. Lower Tier 2 consists of the unsecured subordinated debt.
BSP Circular 560 dated January 31, 2007, which took effect on February 22, 2007, requires the deduction of unsecured
ORDQVRWKHUFUHGLWDFFRPPRGDWLRQVDQGJXDUDQWHHVJUDQWHGWRVXEVLGLDULHVDQGDIÀOLDWHVIURPFDSLWDODFFRXQWVIRUSXUSRVHV
of computing the CAR.
On February 26, 2009, the Monetary Board of the BSP exempted the Parent Bank from sanctions that may be imposed
for its non-compliance with the 10% CAR and all capital-based regulatory ratios for the year 2008 until December 31, 2018.
The MB also approved the Parent Bank’s request for temporary relief by reducing the Parent Bank’s CAR to 8% for a period
of three years up to 2011 or until such time that the Parent Bank is able to comply with the required 10% CAR,
ZKLFKHYHUFRPHVÀUVW$VRI'HFHPEHUWKH3DUHQW%DQNKDGDOUHDG\FRPSOLHGZLWKWKHUHTXLUHG5%&$5RI
+RZHYHUGXHWRWKHVLJQLÀFDQWJURZWKLQULVNDVVHWVWKH%DQNIHOOEHORZWKHUHTXLUHG&$5VWDUWLQJ'HFHPEHU

34 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
B. 5HJXODWRU\4XDOLI\LQJ&DSLWDODQG&DSLWDO5DWLRVRIWKH*URXSDQGWKH3DUHQW%DQN

Table B
(in millions Php)
&RQVROLGDWHG Parent Bank
2017 2016 2015 2017 2016 2015
7,(5 7,(5 7,(5 7,(5 7,(5 7,(5 7,(5 7,(5 7,(5 7,(5 7,(5 7,(5
*URVVTXDOLI\LQJFDSLWDO
Paid-up common stock & Interim 1,484.84 1,484.84 1,484.84 1,484.84 1,484.84 1,484.84
TIER 1 Capital Notes per BSP Cir 595
Interim TIER 1 Capital Notes 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
per BSP Cir 595
Retained earnings 1,486.27 1,882.03 2,559.71 1,486.27 1,882.03 2,559.71
8QGLYLGHGSURÀWV 3,731.77 3,444.49 2,817.19 3,731.77 3,444.49 2,817.19
Cumulative foreign currency translation -1.92 0.10 (0.55) -1.92 0.10 -0.55
0LQRULW\LQWHUHVWLQVXEVLGLDU\ÀQDQFLDO
allied undertakings which are less than 64.20 72.13 62.31
wholly-owned
Net unrealized gains on available for sale 17.76 17.47 20.17 17.76 17.47 20.17
equity securities purchased
General loan loss provision 1,912.47 1,661.70 1,534.59 1,741.39 1,501.39 1,416.39
Total 18,765.16 1,930.23 18,883.59 1,679.17 18,923.50 1,554.76 18,700.96 1,759.16 18,811.46 1,518.87 18,861.19 1,436.56

'HGXFWLRQVIURP*URVVTXDOLI\LQJFDSLWDO
Total outstanding unsecured credit
accommodations, both direct and indirect,
WR'265,QHWRIVSHFLÀFSURYLVLRQV
if any), and unsecured loans,
other credit accommodations and 52.73 43.44 47.31 49.29 42.01 226.84
guarantees granted to subsidiaries and
DIÀOLDWHVQHWRIVSHFLÀFSURYLVLRQVLIDQ\
referred to in Circular No. 560
Common stock treasury shares
Deferred tax assets 1,096.44 650.02 390.40 835.29 380.45
Investments in equity of unconsolidated
VXEVLGLDU\ÀQDQFLDODOOLHGXQGHUWDNLQJV 2,078.00 2,078.00 2,256.99 2,256.99 1,947.23 1,947.23
(50% from TIER 1 & 50% from TIER 2)
Investments in equity of unconsolidated
subsidiary securities dealers/brokers,
reciprocal investments in equity of other
banks/enterprises and securitization 115.06 115.06 110.44 110.44 110.08 110.08 115.06 115.06 110.44 110.44 110.08 110.08
tranches in the banking book which
are rated below investment grade/
unrated (50% from TIER 1 & 50%
from TIER 2)
Reciprocal investments in equity
of other banks/enterprises 214.54 214.54 214.54 214.54 214.54 214.54 214.54 214.54 214.54 214.54 214.54 214.54
(50% from TIER 1 & 50% from TIER 2)
Securitization tranches in the banking
book which are rated below investment 3.12 3.12 3.12 3.12
grade/unrated (50% from TIER 1 & 50%
from TIER 2)
Deductions due to negative Tier 2 Capital 648.44 (648.44) 1,066.22 (1,066.22) 835.28 (835.28)
Total 1,478.77 329.59 1,021.55 328.09 762.33 324.62 3,940.62 1,759.16 4,073.76 1,518.87 3,333.97 1,436.57
1HW7LHU  17,286.39 1,600.64 17,862.04 1,351.08 18,161.17 1,230.14 14,760.34 0.00 14,737.70 0.00 15,527.22 (0.00)
1HW7LHU  17,286.39 1,600.64 17,862.04 1,351.08 18,161.17 1,230.14 14,760.34 0.00 14,737.70 0.00 15,527.22 (0.00)
7RWDOTXDOLI\LQJFDSLWDO 18,887.03 19,213.11 19,391.31 14,760.34 14,737.70 15,527.22
5LVNZHLJKWHGDVVHWV 214,967.80 198,325.54 183,594.76 193,381.30 177,938.20 167,295.02
7LHUFDSLWDOUDWLR 8.041% 9.006% 9.892% 7.633% 8.282% 9.281%
7RWDOFDSLWDOUDWLR 8.786% 9.688% 10.562% 7.633% 8.282% 9.281%
1RWH7KH%DQNKDVQR&(7FDSLWDODQGFDSLWDOFRQVHUYDWLRQEXIIHUSHQGLQJLWVRQJRLQJUHFDSLWDOL]DWLRQSURJUDP

U C P B 2 0 1 7 A N N U A L R E P O R T 35
 Main features of TIER 1 Capital
The Bank’s TIER 1 Capital is composed of two capital instruments namely common shares and capital notes.

Common Shares
A substantial portion of the outstanding common shares of the Parent Bank were sequestered as a result of the
sequestration orders issued by the Philippine Commission for Good Governance (PCGG) on June 26, 1986
(Civil Case No. 0033-A). Court proceedings on the ownership issue have gone on since then with the Sandiganbayan
and the Supreme Court. Since then, the PCGG exercises the right to vote on the sequestered shares of the bank.
On July 11, 2003, the Sandiganbayan promulgated its Partial Summary Judgment granting the ROP’s Motions
for Partial Summary Judgment and declared that 64.98% of the Parent Bank’s shares of stock, which form part of the
72.2% charged by the Philippine Coconut Authority (PCA) to the Coconut Consumers Stabilization Fund (CCSF),
are conclusively owned by the ROP. In the same decision, the Sandiganbayan also declared 7.2% of the Parent Bank’s
shares registered in the name of Eduardo M. Cojuangco, Jr., and those of his dummies and nominees, to belong to the
523DVWKHWUXHDQGEHQHÀFLDORZQHU
On May 11, 2007, the Sandiganbayan issued a resolution denying the COCOFED’s motion to set the case for trial
DQGGHFODUHGLWV-XO\3DUWLDO6XPPDU\-XGJPHQWDVÀQDODQGDSSHDODEOHWKHUHEHLQJQRPRUHWULDEOHLVVXHVWKDW
needed to be addressed that would necessitate the presentation of evidence by the parties.
2Q0D\&2&2)('HWDOÀOHGD&ODVV$FWLRQ3HWLWLRQIRU5HYLHZRQ&HUWLRUDULSUD\LQJWKDWWKH6XSUHPH&RXUW
(i) annul and set aside the Partial Summary Judgment dated July 11, 2003; (ii) annul and set aside the Partial Summary
Judgment dated May 7, 2004 (see Note 1.5), and Resolution dated May 11, 2007, of the Sandiganbayan; (iii) dismiss with
prejudice, the two cases in so far as COCOFED, et. al., and the more than one million coconut farmers who are similarly
situated are concerned; and, (iv) lift the sequestration orders of the PCGG issued and levied over the sequestered assets.
However, in its Resolution dated June 5, 2007, the Sandiganbayan declared that “in view of its judgment declaring ownership
in favor of the government of the subject UCPB shares, the Partial Summary Judgment
LVQRZFRQVLGHUHGDÀQDODQGDSSHDODEOHMXGJPHQWµ
2Q-DQXDU\WKH6XSUHPH&RXUWGHQLHGWKHSHWLWLRQRI&2&2)('HWDODQGDIÀUPHGWKHUHVROXWLRQV
issued by the Sandiganbayan on June 5, 2007, that there is no more necessity of further trial with respect to the issue
of ownership of: (i) the sequestered UCPB shares, (ii) the CIIF block of SMC shares, and, (iii) the CIIF Companies as they
KDYHEHHQÀQDOO\DGMXGLFDWHGLQWKH3DUWLDO6XPPDU\-XGJPHQWGDWHG-XO\DQG0D\
2Q)HEUXDU\&2&2)('HWDOÀOHGD0RWLRQIRU5HFRQVLGHUDWLRQWKH0RWLRQRIWKHGHFLVLRQUHQGHUHG
by the Supreme Court on January 24, 2012, citing certain substantial and grave errors of fact. The Motion was denied
ZLWKÀQDOLW\E\WKH6XSUHPH&RXUWRQ6HSWHPEHU
On December 18, 2013, a resolution was unanimously approved and adopted at a special meeting of stockholders
to increase the Parent Bank’s authorized capital stock within the range of P14.7 billion to P37.2 billion.
7KH6XSUHPH&RXUWGHFLVLRQRQ&LYLO&DVH1R$EHFDPHÀQDODQGH[HFXWRU\DQGKDVEHHQUHFRUGHGLQWKH
Book of Entries of Judgment on December 10, 2014. A writ of execution has yet to be issued by the Sandiganbayan.
On March 18, 2015, then President Benigno S. Aquino III of the Republic of the Philippines issued Executive Orders
No. 179 and 180, together referred to as the EOs.
On June 30, 2015, however, the Supreme Court issued a Temporary Restraining Order (TRO) enjoining the
implementation of the EOs (Confederation of Coconut Farmer Organizations of the Philippines v. Aquino, et al.
G.R. No. 217965). On August 8, 2017, the Supreme Court lifted the TRO.
Pursuant to EO 179 and as instructed by the Department of Finance and PCGG, on November 3, 2017,
the Parent Bank cancelled and issued the 533,641,234 shares, which were declared as the so-called “UCPB Farmers’ Shares”
and “Cojuangco Option Shares”, representing the 35.64% of the Parent Bank’s outstanding capital stock in favor of the
ROP based on the Supreme Court decisions in COCOFED vs. Republic of the Philippines (G.R. No. 177857-58 and G.R.
No. 178193) and Cojuangco vs. Republic of the Philippines (G.R. No. 180705) and Sandiganbayan Partial Summary
Judgment in Republic of the Philippines vs. Cojuangco, et al. (Civil Case No. 0033-A).

36 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
Subsequently, on December 19, 2017, the Parent Bank cancelled and issued the 587,500,000 shares representing
the 39.42% of the Parent Bank’s outstanding capital stock in favor of the ROP based on the Supreme Court and the
Sandiganbayan Partial Summary Judgment in Republic of the Philippines vs. Cojuango, et al. (Civil Case No. 0033-F),
which declared, among others, the CIIF Companies, the 14 Holding Companies, and the converted SMC shares to be
´RZQHGE\WKH*RYHUQPHQWWREHXVHGRQO\IRUWKHEHQHÀWRIDOOFRFRQXWIDUPHUVDQGIRUWKHGHYHORSPHQWRIWKH
coconut industry, and ordered reconveyed to the Government”.
As of December 31, 2017 and 2016, the Parent Bank has 56 and 66 stockholders, respectively, owning 100 or more
shares each of the Parent Bank’s capital stock.

Capital Notes
7KH3DUHQW%DQNRULJLQDOO\REWDLQHG3ELOOLRQÀQDQFLDODVVLVWDQFHIURPWKH3KLOLSSLQH'HSRVLW,QVXUDQFH&RUSRUDWLRQ
(PDIC) on July 7, 2003 consisting of a P7.0 billion 5.0% Unsecured Subordinated debt due in 2013 and P5.0 billion proceeds
from sale of NPLs with buyback by 2013. However, on March 31, 2009, the ROP, PDIC, PCGG and the Parent Bank agreed to
FRQYHUWWKH3',&ÀQDQFLDODVVLVWDQFHLQWR&DSLWDO1RWHV2QWKHVDPHGDWHWKH3DUHQW%DQNLVVXHG3ELOOLRQ,QWHULP7LHU
Capital Notes (the “Capital Notes” or “Notes”) to PDIC which will qualify as Interim Tier 1 capital under BSP Circular 595.
The Capital Notes has no maturity date but shall become due and demandable if the Parent Bank fails to perform any of its
material obligations under the Notes; hence, the Capital Notes does not qualify as an equity instrument under PAS 32.
8QGHU3$6WKH&DSLWDO1RWHVVKRXOGQRWEHSUHVHQWHGDVDÀQDQFLDOOLDELOLW\LQWKHVWDWHPHQWVRIÀQDQFLDOSRVLWLRQ
However, as allowed by the BSP and in keeping with the objectives of the Rehabilitation Plan, the Parent Bank has
SUHVHQWHGWKH&DSLWDO1RWHVLQWKHHTXLW\VHFWLRQRIWKHVWDWHPHQWVRIÀQDQFLDOSRVLWLRQ

C. 5HFRQFLOLDWLRQRI5HJXODWRU\&DSLWDOHOHPHQWVDQGLWVDGMXVWPHQWVGHGXFWLRQVDVDSSOLFDEOH

Table C
(in millions Php)
Consolidated Parent Bank
2017 2017
Regulatory Capital/Adjustments Reconciling Regulatory Capital Reconciling
AFS AFS
*URVVTXDOLI\LQJFDSLWDO 7,(5 7,(5 Total Items* 7,(5 7,(5 Total Items*
Paid-up common stock 1,484.84 1,484.84 1,484.84 - 1,484.84 1,484.84 1,484.84 -
& Interim TIER 1 Capital Notes
per BSP Cir. 595
Interim TIER 1 Capital Notes per BSP Cir 595 12,000.00 12,000.00 12,000.00 - 12,000.00 12,000.00 12,000.00 -
Retained earnings 1,486.27 1,486.27 157.86 1,328.40 1,486.27 1,486.27 157.86 1,328.40
8QGLYLGHGSURÀWV 3,731.77 3,731.77 6,195.00 -2,463.23 3,731.77 3,731.77 5,864.59 (2,132.82)
Cumulative foreign currency translation -1.92 -1.92 -5.55 3.64 (1.92) (1.92) -5.55 3.64
Minority interest in subsidiary 64.20 64.20 109.08 -44.87 - -
ÀQDQFLDODOOLHGXQGHUWDNLQJV
which are less than wholly-owned
Net unrealized gains on available for sale 17.76 17.76 -741.50 759.26 17.76 17.76 -741.99 759.75
equity securities purchased
Remeasurement losses on retirement plan -564.22 564.22 - -559.76 559.76
Total 18,765.16 17.76 18,782.92 18,635.51 147.41 18,700.96 17.76 18,718.72 18,199.99 518.73
General loan loss provision - 1,912.47 1,912.47 1,912.47 - - 1,741.39 1,741.39 1,741.39 0.00
7RWDO*URVVTXDOLI\LQJFDSLWDO 18,765.16 1,930.23 20,695.40 20,547.98 147.41 18,700.96 1,759.16 20,460.12 19,941.39 518.73

U C P B 2 0 1 7 A N N U A L R E P O R T 37
 Consolidated Parent Bank
2017 2017
Regulatory Capital/Adjustments Reconciling Regulatory Capital Reconciling
AFS AFS
*URVVTXDOLI\LQJFDSLWDO 7,(5 7,(5 Total Items* 7,(5 7,(5 Total Items*
5HJXODWRU\$GMXVWPHQWV'HGXFWLRQV
IURP*URVVTXDOLI\LQJFDSLWDO
Total outstanding unsecured credit
accommodations, both direct and indirect,
WR'265,QHWRIVSHFLÀFSURYLVLRQVLIDQ\
and unsecured loans, other credit 52.73 - 52.73 52.73 - 49.29 49.29 49.29 -
accommodations and guarantees granted
WRVXEVLGLDULHVDQGDIÀOLDWHVQHWRIVSHFLÀF
provisions, if any) referred to in Circular No. 560
Deferred tax assets 1,096.44 - 1,096.44 1,177.76 -81.32 835.29 835.29 939.49 -104.19
Investments in equity of unconsolidated
VXEVLGLDU\ÀQDQFLDODOOLHGXQGHUWDNLQJV - - - 2,078.00 2,078.00 4,156.00 1,003.58 3,152.42
from TIER 1 & 50% from TIER 2)
Investments in equity of unconsolidated
subsidiary securities dealers/brokers,
reciprocal investments in equity of other
banks/enterprises and securitization 115.06 115.06 230.12 35.00 195.12 115.06 115.06 230.12 35.00 195.12
tranches in the banking book which
are rated below investment grade/unrated
(50% from TIER 1 & 50% from TIER 2)
Reciprocal investments in equity of other
banks/enterprises (50% from TIER 1 & 50% 214.54 214.54 429.07 112.20 316.87 214.54 214.54 429.07 112.20 316.87
from TIER 2)
Securitization tranches in the banking book
which are rated below investment grade/ - - - - - -
unrated (50% from TIER 1 & 50% from TIER 2)
Deductions due to negative Tier 2 Capital - - - - - 648.44 -648.44 - - -
Total 1,478.77 329.59 1,808.36 1,377.70 430.67 3,940.62 1,759.16 5,699.78 2,139.56 3,560.21
* Per summary of reconciling items as of December 31, 2016 as submitted to the Bangko Sentral ng Pilipinas (BSP).

,,, &5(',75,6.

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&UHGLWULVNLVWKHULVNRIÀQDQFLDOORVVLIERUURZHUFRXQWHUSDUW\IDLOVWRPHHWLWVFRQWUDFWXDOREOLJDWLRQV
We manage and control credit risk by setting limits on the amount of risk it is willing to accept for counterparties
and for geographical and industry concentrations. On a monthly basis, the Credit Risk report is discussed during
the Risk Oversight Committee meeting.

Management of Credit Risk

The Bank’s credit approval and monitoring system is intended to enable the Bank to manage and control credit risks.
Grant of credits goes through a process of evaluation and approvals. To ensure an objective evaluation of credit
DSSOLFDWLRQVDQGHQDEOHWKH%DQNWRPRQLWRULWVFUHGLWULVNSURÀOHDQGWKHH[WHQWRILWVFUHGLWULVNVWKH%DQNKDV
adopted an internal credit risk rating system for corporate borrowers to measure credit risks. The system covers
FRUSRUDWHERUURZHUVZLWKDVVHWVL]HRIDERYHPLOOLRQ7KHEDVLVIRUGHWHUPLQLQJFUHGLWULVNUDWLQJLVWKHÀQDQFLDO
statements of the borrower for the last 3 years.
The risk rating assigned by the Relationship Manager is reviewed independently and validated by the
5LVN0DQDJHPHQW'LYLVLRQWKURXJKWKH&UHGLW5HYLHZ2IÀFHUSXUVXDQWWR%63&LUFXODU1R2QDSHULRGLFEDVLV
the Corporate and Commercial Banking Group generates credit risk ratings for existing loan accounts to assess
performance and to determine which account will be retained, expanded, or phased out. A separate review of the
loan portfolio is conducted by the Risk Management Division to assess the quality of individual accounts and the
concentration of the Bank’s credit exposures.
Monitoring of payment of credit exposures is done on a continuing basis to determine risk. The Bank continuous
to internally review and validate its Internal Credit Risk Rating System (ICRRS) model, covering the minimum
requirements of qualitative and quantitative validation as stipulated under BSP Circular 855.

38 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
For consumer accounts, the Bank uses credit scoring to determine credit worthiness.
$PDNHUFKHFNHUVHWXSLVLQSODFHZKHUH3URGXFW2IÀFHUVPDNHUHFRPPHQGDWLRQVWRWKH&UHGLW5HYLHZ
and Evaluation Department (CRED) which does the evaluation and approval of credit. Score card parameters are
continuously enhanced by the Bank’s Credit Review and Evaluation Department (CRED) in collaboration with the
&RQVXPHU%DQNLQJ*URXSWRHQVXUHDQHIIHFWLYHDQGHIÀFLHQWVFRULQJV\VWHP
The Consumer credit scoring model was internally reviewed and validated to make it more responsive in terms
RIHIÀFLHQWO\LGHQWLI\LQJPHDVXULQJDQGFRQWUROOLQJULVN&UHGLWUHYLHZDQGHYDOXDWLRQUHPDLQVLQGHSHQGHQW
from the marketing function. This ensures a stronger and more independent credit risk management.
In 2017, the Bank continued to focus on consumer accounts and loans to maximize interest margins
and reduce concentration on large accounts. This helped us minimize the impact caused by the continued decline
in market interest rates.

B. &UHGLW5LVN&RQFHQWUDWLRQ

&UHGLW5LVNFRQFHQWUDWLRQDULVHVZKHQHYHUDVLJQLÀFDQWQXPEHURIERUURZHUVZLWKVLPLODUFKDUDFWHULVWLFVDUHDIIHFWHG
by changes in economic or other conditions. We analyze the credit risk concentration to an individual borrower, related/
connected group of accounts, industry, geographic, internal rating buckets/groupings, currency term and security.
)LQDQFLDODVVHWVDUHEURDGO\FDWHJRUL]HGLQWRORDQVDQGUHFHLYDEOHVWUDGLQJDQGÀQDQFLDOLQYHVWPHQWVHFXULWLHV
(3) loans and advances to banks, and (4) others. To mitigate risk concentration, we maintain a regular monitoring system
to spot breaches in regulatory and internal limits.

Table D
(in thousand Php)
An analysis of concentrations of credit risk as of reporting date is shown below:
Consolidated Parent Bank
2017 2017

Loans and Investment Advances

Loans and Loans and Investment Advances
Loans and
Others Others
Receivables Securities to Total Receivables Securities to Total
(c) (c)
(a) Banks (b) (a) Banks (b)
Real estate, renting 49,894,516 2,850,874 52,745,390 46,613,188 2,850,874 49,464,062
and business activities
Wholesale and retail trade, 24,031,791 1,750 24,033,541 20,487,603 1,750 20,489,353
repair of motor vehicles,
motorcycles, personal and
household goods
Other community, social and 51,407,336 1,332,042 52,739,378 44,863,356 1,028,282 45,891,638
personal services activities
Manufacturing 16,280,969 24,386 16,305,355 14,454,505 24,386 14,478,891
Financial intermediaries 7,558,173 5,289,126 11,698,590 24,545,889 6,850,920 5,289,126 11,553,484 2,401,279 26,094,809
Transport, storage and 11,807,320 1,085,937 12,893,257 10,986,214 1,085,937 12,072,151
communication
Government 921,615 49,533,888 48,610,096 2,401,279 101,466,878 681,589 49,533,888 47,305,809 97,521,286
Construction 9,338,358 12,120 9,350,478 8,822,318 12,120 8,834,438
Agriculture, hunting and forestry 3,614,689 3,614,689 2,416,898 2,416,898
DQGÀVKLQJ
174,854,767 60,130,123 60,308,686 2,401,279 297,694,855 156,176,591 59,826,363 58,859,293 2,401,279 277,263,526
Less: Unearned interest discount 266,062 266,062 39,108 39,108
Allowance for credit and 4,239,661 4,239,661 3,455,808 3,455,808
impairment losses
170,349,044 60,130,123 60,308,686 2,401,279 293,189,132 152,681,675 59,826,363 58,859,293 2,401,279 273,768,610

U C P B 2 0 1 7 A N N U A L R E P O R T 39
 Consolidated Parent Bank
2016 2016

Loans and Investment Advances

Loans and Loans and Investment Loans and
Others Others
Receivables Securities to Total Receivables Securities Advances Total
(c) (c)
(a) Banks (b) (a) to Banks (b)
Real estate, renting 45,467,108 2,075,995 47,543,103 41,398,405 2,075,995 43,474,400
and business activities
Wholesale and retail trade, 21,622,924 390 21,623,314 18,483,837 390 18,484,227
repair of motor vehicles,
motorcycles, personal
and household goods
Other community, social and 44,849,205 614,909 45,464,114 39,876,087 614,909 40,490,996
personal services activities
Manufacturing 14,849,459 92,046 14,941,505 13,054,144 92,046 13,146,190
Financial intermediaries 7,609,849 3,874,468 12,531,148 24,015,465 6,340,755 3,874,468 15,510,507 25,725,730
Transport, storage 11,152,551 1,123,193 12,275,744 10,242,903 1,123,193 11,366,096
and communication
Government 40,551,898 61,360,749 2,400,949 104,313,596 40,400,540 2,400,949 42,801,489
Construction 6,815,111 6,815,111 6,177,531 6,177,531
Agriculture, hunting and forestry 3,901,901 3,901,901 2,637,886 2,637,886
DQGÀVKLQJ
156,268,108 48,332,899 73,891,897 2,400,949 280,893,853 138,211,548 48,181,541 15,510,507 2,400,949 204,304,545
Less: Unearned interest discount 264,112 264,112 29,775 29,775
Allowance for credit and 5,464,483 90,532 5,555,015 4,652,042 90,352 4,742,394
impairment losses
150,539,513 48,242,367 73,891,897 2,400,949 275,074,726 133,529,731 48,091,189 15,510,507 2,400,949 199,532,376

Consolidated ParentBank
2015 2015
Loans Investment Loans and Loans Investment Loans and
Others Others
and Securities Advances Total and Securities Advances Total
(c) (c)
Receivables (a) to Banks (b) Receivables (a) to Banks (b)
Real estate, renting and business 36,002,811 2,356,931 38,359,742 34,244,975 2,356,931 36,601,906
activities
Wholesale and retail trade, 19,544,625 19,544,625 16,987,021 16,987,021
repair of motor vehicles,
motorcycles, personal
and household goods
Other community, social and 39,277,345 506,168 3,869,053 43,652,566 29,266,696 506,167 3,869,053 33,641,916
personal services activities
Manufacturing 13,576,829 223,298 13,800,127 11,994,814 223,298 12,218,112
Financial intermediaries 6,805,179 6,679,950 16,692,025 30,177,154 9,575,663 6,679,950 15,815,299 32,070,912
Transport, storage 10,045,407 1,815,658 11,861,065 6,970,721 1,815,658 8,786,379
and communication
Government 41,339,388 47,524,537 2,403,449 91,267,374 724,786 41,165,724 45,772,123 2,400,949 90,063,582
Construction 4,491,109 93,085 4,584,194 2,617,642 93,085 2,710,727
Agriculture, hunting and forestry 3,765,613 3,765,613 5,714,166 5,714,166
DQGÀVKLQJ
133,508,918 53,014,478 64,216,562 6,272,502 257,012,460 118,096,484 52,840,813 61,587,422 6,270,002 238,794,721
Less: Unearned interest discount 275,592 - - - 275,592 35,527 - - 35,527
Allowance for credit 5,519,337 872,261 - 6,391,598 5,152,665 872,186 - 6,024,851
and impairment losses
127,713,989 52,142,217 64,216,562 6,272,502 250,345,270 112,908,292 51,968,627 61,587,422 6,270,002 232,734,343

40 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
C. &UHGLW4XDOLW\SHU&ODVVRI)LQDQFLDO$VVHWV

7KHFUHGLWTXDOLW\RIÀQDQFLDODVVHWVLVDVVHVVHGDQGPDQDJHGXVLQJH[WHUQDODQGLQWHUQDOUDWLQJV

Loans and Receivables: Internal Credit Risk Rating (ICRR)

The credit quality is generally monitored using the 10-grade Internal Credit Risk Rating (ICRR) system which is
integrated in loan pricing and provision for credit losses. The model on risk ratings is assessed and updated regularly.
The following table shows the description of credit quality of commercial loans:

7DEOH(
Credit Quality ICRR System Grade Description
High grade 1 Excellent
2 Strong
3 Good
4 Satisfactory
Standard grade 5 Acceptable
6 Watchlist
7 Especially mentioned
Substandard grade 8 Substandard
9 Doubtful
Impaired 10 Loss

7KHWDEOHEHORZVKRZVFUHGLWTXDOLW\SHUFODVVRI ÀQDQFLDODVVHWVEDVHGRQWKH%DQN·VUDWLQJV\VWHP
(gross of allowance for credit losses and unearned discount):

7DEOH)
(in thousands Php)
Consolidated
2017
Neither Past Due nor Impaired
Past Due
High Standard Sub-standard
Unrated but not Impaired Total
Grade (a) Grade (b) Grade (c)
Impaired
Due from BSP 48,610,096 - - - - - 48,610,096
Due from other banks 4,567,855 - - - - - 4,567,855
Interbank loans receivable 7,130,735 - - - - - 7,130,735
and SPURA
60,308,686 - - - - - 60,308,686
Loans and receivables:
Receivables from customers:
Corporate loans 48,236,767 37,555,075 1,624,657 1,392,738 2,134,474 2,226,183 93,169,894
Consumer loans 9,045,891 270,966 59,297,726 4,843,947 1,896,746 75,355,276
Unquoted debt securities 2,550,035 2,550,035
Sales contracts receivables 60,236 1,039,611 15,716 115,503 1,231,066
Accrued interest receivables 915,457 6,771 809,447 6,052 131,485 1,869,212
Accounts receivables 359 161,306 116,608 53,552 67,676 399,501
Other receivables 4,230 275,553 279,783
Other assets 2,401,279 2,401,279
63,214,254 37,994,118 1,624,657 62,931,683 7,053,741 4,437,593 177,256,046
123,522,940 37,994,118 1,624,657 62,931,683 7,053,741 4,437,593 237,564,732

U C P B 2 0 1 7 A N N U A L R E P O R T 41
 Parent Bank
2017
Neither Past Due nor Impaired
Past Due
High Standard Sub-standard
Unrated but not Impaired Total
Grade (a) Grade (b) Grade (c)
Impaired
Due from BSP 47,305,809 - - - - - 47,305,809
Due from other banks 4,422,749 - - - - - 4,422,749
Interbank loans receivable and 7,130,735 - - - - - 7,130,735
SPURA
58,859,293 - - - - - 58,859,293
Loans and receivables:
Receivables from customers:
Corporate loans 39,272,606 36,973,278 1,624,657 1,392,738 1,818,110 1,711,329 82,792,718
Consumer loans 2,055,270 59,297,726 4,450,376 1,367,046 67,170,418
Unquoted debt securities 2,306,328 2,306,328
Sales contracts receivables 1,039,611 113,941 1,153,552
Accrued interest receivables 639,040 809,447 121,409 1,569,896
Accounts receivables 160,551 199,172 53,552 67,197 480,472
Other receivables 703,207 703,207
Other assets 2,401,279 2,401,279
46,674,523 37,133,829 1,624,657 63,441,901 6,322,038 3,380,922 158,577,870
105,533,816 37,133,829 1,624,657 63,441,901 6,322,038 3,380,922 217,437,163

Consolidated
2016
Neither Past Due nor Impaired
Past Due
High Standard Sub-standard
Unrated but not Impaired Total
Grade (a) Grade (b) Grade (c)
Impaired
Due from BSP 50,808,891 - - - - - 50,808,891
Due from other banks 7,276,653 - - - - - 7,276,653
Interbank loans receivable 15,806,353 - - - - - 15,806,353
and SPURA
73,891,897 - - - - - 73,891,897
Loans and receivables:
Receivables from customers:
Corporate loans 45,008,609 30,181,727 2,039,218 2,417,147 2,933,835 4,007,256 86,587,792
Consumer loans 6,006,806 488,822 - 52,406,140 3,040,694 1,214,318 63,156,780
Unquoted debt securities 3,198,499 - - - - - 3,198,499
Sales contracts receivables 12,044 - - 874,853 - 45,277 932,174
Accrued interest receivables 572,767 159,059 - 748,846 68,149 109,913 1,658,734
Accounts receivables 5,662 - - 170,454 - 184,690 360,806
Other receivables 211,379 - - 83,291 35,062 43,591 373,323
Other assets: 2,400,949 2,400,949
57,416,715 30,829,608 2,039,218 56,700,731 6,077,740 5,605,045 158,669,057
131,308,612 30,829,608 2,039,218 56,700,731 6,077,740 5,605,045 232,560,954

42 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
Parent Bank
2016
Neither Past Due nor Impaired
Past Due
High Standard Sub-standard
Unrated but not Impaired Total
Grade (a) Grade (b) Grade (c)
Impaired
Due from BSP 49,520,420 - - - - - 49,520,420
Due from other banks 7,193,831 - - - - - 7,193,831
Interbank loans receivable and 15,510,507 - - - - - 15,510,507
SPURA
72,224,758 - - - - - 72,224,758
Loans and receivables:
Receivables from customers:
Corporate loans 38,618,620 27,186,845 2,039,218 2,417,147 2,690,897 3,136,479 76,089,205
Consumer loans 1,145,051 - - 51,310,383 2,865,208 974,148 56,294,790
Unquoted debt securities 2,950,537 - - - - - 2,950,537
Sales contracts receivables - - - 803,824 - 28,213 832,037
Accrued interest receivables 526,987 151,252 - 737,580 56,874 109,913 1,582,606
Accounts receivables - - - 194,383 - 184,689 379,072
Other receivables - - - 83,291 - 83,291
Other assets: 2,400,949 2,400,949
45,642,144 27,338,097 2,039,218 55,546,608 5,612,979 4,433,442 140,612,487
117,866,902 27,338,097 2,039,218 55,546,608 5,612,979 4,433,442 212,837,245

Consolidated
2015
Neither Past Due nor Impaired
Past Due
High Standard Sub-standard
Unrated but not Impaired Total
Grade (a) Grade (b) Grade (c)
Impaired
Due from BSP 47,524,537 - - - - - 47,524,537
Due from other banks 7,682,039 - - - - - 7,682,039
Interbank loans receivable and 9,009,986 - - - - - 9,009,986
SPURA
64,216,562 - - - - - 64,216,562
Loans and receivables:
Receivables from customers:
Corporate loans 40,314,643 24,163,808 2,904,946 3,043,045 1,370,315 3,531,449 75,328,206
Consumer loans 47,918,545 150,190 - 12,140 194,972 1,250,785 49,526,632
Unquoted debt securities 3,707,405 - - - - - 3,707,405
Sales contracts receivables 7,448 4,495 - 1,913,827 22,889.00 138,535 2,087,194
Accrued interest receivables 481,699 214,895 30,871 1,070,929 9,323 53,997 1,861,714
Accounts receivables 40,858 312 - 252,985 - 366,502 660,657
Other receivables 292,967 - - 12,907 - 31,236 337,110
Other assets: 2,400,949 2,500 - - - - 2,403,449
95,164,514 24,536,200 2,935,817 6,305,833 1,597,499 5,372,504 135,912,367
159,381,076 24,536,200 2,935,817 6,305,833 1,597,499 5,372,504 200,128,929

U C P B 2 0 1 7 A N N U A L R E P O R T 43
 Parent Bank
2015
Neither Past Due nor Impaired
Past Due
High Standard Sub-standard
Unrated but not Impaired Total
Grade (a) Grade (b) Grade (c)
Impaired
Due from BSP 45,772,123 - - - - - 45,772,123
Due from other banks 7,505,313 - - - - - 7,505,313
Interbank loans receivable and SPURA 8,309,986 - - - - - 8,309,986
61,587,422 - - - - - 61,587,422
Loans and receivables:
Receivables from customers:
Corporate loans 33,341,613 24,119,853 1,879,402 3,042,500 1,343,013 3,472,163 67,198,544
Consumer loans 41,796,292 - - - 145,042 1,038,345 42,979,679
Unquoted debt securities 3,455,083 - - - - - 3,455,083
Sales contracts receivables - - - 1,869,268 - 138,535 2,007,803
Accrued interest receivables 481,699 155,759 30,871 1,066,844 8,929 53,836 1,797,938
Accounts receivables - - - 305,610 - 350,168 665,778
Other receivables - - - 1,659 1,659
Other assets: 2,400,949 - - - - - 2,400,949
81,475,636 24,275,612 1,910,273 6,285,881 1,496,984 5,053,047 120,497,433
143,063,058 24,275,612 1,910,273 6,285,881 1,496,984 5,053,047 182,084,855
a. Includes Loans and receivables with an ICRR system Grade of 1-4
b. Includes Loans and receivables with an ICRR system Grade of 5-7
c. Includes Loans and receivables with an ICRR system Grade of 8-9

D. &UHGLW([SRVXUHVWR7UDGLQJDQG,QYHVWPHQW6HFXULWLHV

To ensure the quality of its trading and investment portfolio, we use the credit risk rating agencies such as Moody’s
and PhilRatings coupled with internal assessment. The table below shows the credit risk rating of trading
and investment securities (gross of allowance for credit and impairment losses):

7DEOH*
(in thousands Php)
Consolidated Parent Bank
2017 2017
CCC to D CCC to D
AAA BB+ AAA to BB+
and Total and Total
to BBB- to B- BBB- to B-
Unrated Unrated
Financial assets at FVPL:
Debt securities:
Government 1,344,661 1,344,661 1,142,055 1,142,055
Corporate 69,999 69,999 69,999 69,999
Equity securities - quoted 40,970 65,812 106,782 23,288 65,812 89,100
Derivative assets 57,054 57,054 57,054 57,054
1,512,684 - 65,812 1,578,496 1,292,396 - 65,812 1,358,208
AFS Financial assets:
Debt securities:
Government 20,691,882 20,691,882 20,630,728 20,630,728
Corporate 9,928,518 236,905 10,165,423 9,969,715 195,708 10,165,423
Equity securities:
Quoted 161,116 8,771 169,887 8,771 8,771
Unquoted 271,292 271,292 271,292 271,292
30,781,516 - 516,968 31,298,484 30,600,443 - 475,771 31,076,214
HTM investments:
Government debt securities 27,801,104 - - 27,801,104 27,761,104 - - 27,761,104
60,095,304 - 582,780 60,678,084 59,653,943 - 541,583 60,195,526

44 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
Consolidated Parent Bank
2016 2016
CCC to D CCC to D
AAA to BB+ AAA to
and Total BB+ to B- and Total
BBB- to B- BBB-
Unrated Unrated
Financial assets at FVPL:
Debt securities:
Government 2,730,549 - - 2,730,549 2,683,347 - - 2,683,347
Corporate 18,958 - 18,958 18,958 - - 18,958
Equity securities - quoted 75,894 - 22,721 98,615 58,860 - 22,721 81,581
Derivative assets 35,396 - 5,978 41,374 35,396 - 5,978 41,374
2,860,797 - 28,699 2,889,496 2,796,561 - 28,699 2,825,260
AFS Financial assets:
Debt securities:
Government 10,037,855 - - 10,037,855 9,973,699 - - 9,973,699
Corporate 6,868,370 - 803,321 7,671,691 6,868,370 - 803,321 7,671,691
Equity securities:
Quoted 164,930 - - 164,930 8,771 - 8,771
Unquoted - 651,128 651,128 - - 651,128 651,128
17,071,155 - 1,454,449 18,525,604 16,850,840 - 1,454,449 18,305,289
HTM investments:
Government debt securities 27,783,494 - - 27,783,494 27,743,494 - - 27,743,494
47,715,446 - 1,483,148 49,198,594 47,390,895 - 1,483,148 48,874,043

Consolidated Parent Bank

2015 2015
CCC to D CCC to D
AAA BB+ AAA BB+
and Total and Total
to BBB- to B- to BBB- to B-
Unrated Unrated
Financial assets at FVPL:
Debt securities:
Government 2,264,588 - - 2,264,588 2,198,081 - - 2,198,081
Corporate 18,020 - - 18,020 18,020 - - 18,020
Equity securities - quoted 120,698 - - 120,698 106,088 - - 106,088
Derivative assets 42,520 - 1,104 43,624 42,520 - 1,104 43,624
2,445,826 - 1,104 2,446,930 2,364,709 - 1,104 2,365,813
AFS Financial assets:
Debt securities:
Government 11,215,147 - - 11,215,147 11,147,989 - - 11,147,989
Corporate 10,167,384 381,274 1,064,788 11,613,446 10,167,384 381,274 1,064,788 11,613,446
Equity securities: - -
Quoted 109,523 - 396,517 506,040 - - 396,517 396,517
Unquoted - - 648,963 648,963 - - 648,963 648,963
21,492,054 381,274 2,110,268 23,983,596 21,315,373 381,274 2,110,268 23,806,915
HTM investments:
Government debt securities 27,859,653 - - 27,859,653 27,819,653 - - 27,819,653
51,797,533 381,274 2,111,372 54,290,179 51,499,735 381,274 2,111,372 53,992,381

U C P B 2 0 1 7 A N N U A L R E P O R T 45
 ( (OLJLEOH&UHGLW5LVN0LWLJDQWV

The credit risk mitigants used by the Bank and as reported in the Capital Adequacy Ratio (CAR) are Republic
of the Philippines Sovereign Debt (ROPs) paired with warrants, hold-out on deposits, Philexim guarantee, and Local
Government Unit-Electric Cooperative System Loss Reduction Project-Partial Credit Guarantee Program (LGU-ECPCG).
The Bank has no Securitization structures for the years 2015, 2016, and 2017. The bank has ROP warrants since
June 6, 2008 with an original face value of $67,800 and book value of $728,850.

F. (PEHGGHG'HULYDWLYHV

Embedded derivatives are bifurcated (valued separately) from their host contracts at fair value, with fair value changes
being recognized in the statements of income and included in “Trading and securities gains (losses) - net” account.
This is done under any of the following conditions: a) the entire hybrid contracts (composed of both the host contract
DQGWKHHPEHGGHGGHULYDWLYHDUHQRWDFFRXQWHGIRUDVÀQDQFLDODVVHWVRUÀQDQFLDOOLDELOLWLHVDW)DLU9DOXHWKURXJK3URÀW
and Loss (FVPL), b) the economic risks and characteristics are not closely related to those of the respective host contracts,
DQGFZKHQDVHSDUDWHLQVWUXPHQWZLWKWKHVDPHWHUPVDVWKHHPEHGGHGGHULYDWLYHVZRXOGPHHWWKHGHÀQLWLRQ
of a derivative.
7KH%DQNDVVHVVHVWKHH[LVWHQFHRIDQHPEHGGHGGHULYDWLYHRQWKHGDWHLWÀUVWEHFRPHVDSDUW\WRWKHFRQWUDFW
DQGSHUIRUPVUHDVVHVVPHQWRQO\ZKHUHWKHUHLVDFKDQJHWRWKHFRQWUDFWWKDWVLJQLÀFDQWO\PRGLÀHVWKHFRQWUDFWXDOFDVKÁRZV
The Bank has no embedded derivatives as of December 31, 2017.

* 3ROLFLHVIRUKHGJLQJDQGRUPLWLJDWLQJULVNDQGVWUDWHJLHVDQGSURFHVVHVIRUPRQLWRULQJWKHFRQWLQXLQJ
HIIHFWLYHQHVVRIKHGJHVPLWLJDQWV

1RGHDOVZHUHGHVLJQDWHGVSHFLÀFDOO\DVKHGJHVIRUWKHSHULRGFRYHULQJDQG$OO7UHDVXU\WUDGHV
across all asset classes were treated as independent transactions. As such, these are subject to the Risk Measurement
Policies as prescribed in the Board approved Market Risk Manual.

46 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7DEOH+
7RWDO&UHGLW5LVN([SRVXUHVE\7\SH5LVN%XFNHWVDQG5LVN:HLJKWHG$VVHWV
(in millions Php)


&RQVROLGDWHG
Credit Total
Total Risk
Total Risk Credit Risk Risk Weights
Type of Exposures Weighted
Exposures* Mitigants Exposure
0% 20% 50% 75% 100% 150% Assets
(CRM) after CRM
2Q%DODQFH6KHHW([SRVXUHV
Sovereigns 104,202.80 7,261.04 96,941.76 92,843.09 451.11 3,647.56 1,914.00
Banks 6,128.33 29.65 6,098.68 878.58 4,966.89 253.20 2,913.79
Interbank call loans 4,153.74 4,153.74 4,153.74 830.75
Local government units
and Public Sector Entities - - 0.00
Government corporations 144.24 2.31 141.93 141.93 141.93
Corporates 108,694.76 2,267.40 106,427.36 9,148.83 97,278.53 99,324.84
Housing Loans 19,410.29 19,410.29 16,843.93 2,566.36 10,988.33
060(TXDOLÀHGSRUWIROLR 13,230.95 13,230.95 13,230.95 9,923.21
Defaulted exposures
Housing Loans 748.84 748.84 748.84 748.84
Others 3,796.01 467.61 3,328.41 3,328.41 4,992.61
ROPA 6,983.60 6,983.60 6,983.60 10,475.41
All other assets, net of deductions 57,715.07 229.78 57,485.29 6,269.29 50.02 51,041.69 124.30 51,238.14
Total on-balance sheet exposures 325,208.65 10,257.79 314,950.85 99,112.38 14,682.29 25,458.38 13,230.95 152,030.55 10,436.31 193,491.85
2II%DODQFH6KHHW([SRVXUHV
Transaction-related contingencies 2,323.34 2,323.34 2,323.34 2,323.34
Trade-related contingencies 253.02 253.02 253.02 253.02
Others - - -
Total off-balance sheet exposures 2,576.36 - 2,576.36 - - - - 2,576.36 - 2,576.36
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH%DQNLQJ%RRN
Sovereigns - -
Banks 117.76 117.76 117.76 117.76
Government corporations - -
Corporates 706.86 706.86 55.35 651.52 662.58
Total counterparty RWA
in banking book 824.63 - 824.63 - 55.35 - - 769.28 - 780.35
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH7UDGLQJ%RRN
Derivatives-interest rate contracts 35.60 35.60 35.60 -
Derivatives-exchange rate contracts 28.75 28.75 28.75 14.37
Credit Derivatives - -
Repo-style transactions-Held
for trading-Sovereign - -
Repo-style transactions-Held
for trading-Corporates - -
Total counterparty RWA
in trading book 64.35 - 64.35 35.60 - 28.75 - - - 14.37
5LVN:HLJKWHG$PRXQWRI&UHGLW
/LQNHG1RWHVLQWKH%DQNLQJ%RRN
5LVN:HLJKWHG6HFXULWL]DWLRQ
([SRVXUHV
Total 328,673.98 10,257.79 318,416.19 99,147.97 14,737.64 25,487.13 13,230.95 155,376.19 10,436.31 196,862.93
'HGXFWLRQVIURP&DSLWDO
General loan loss provision
(in excess of the amount permitted
to be included in Upper Tier2) -
Unbooked valuation reserves
and other capital adjustments -
7RWDOQHWRIGHGXFWLRQV 328,673.98 10,257.79 318,416.19 99,147.97 14,737.64 25,487.13 13,230.95 155,376.19 10,436.31 196,862.93

*Principal amount for on-balance sheet and credit equivalent amount for off-balance sheet and counterparty risk-weighted assets in the trading book,
QHWRIVSHFLÀFSURYLVLRQ

U C P B 2 0 1 7 A N N U A L R E P O R T 47
 
Parent Bank
Credit Total
Total Risk
Total Risk Credit Risk Risk Weights
Type of Exposures Weighted
Exposures* Mitigants Exposure
0% 20% 50% 75% 100% 150% Assets
(CRM) after CRM
2Q%DODQFH6KHHW([SRVXUHV
Sovereigns 102,537.53 7,261.04 95,276.49 91,177.82 451.11 3,647.56 1,914.00
Banks 5,987.87 26.81 5,961.06 878.58 4,855.53 226.95 2,830.43
Interbank call loans 4,153.74 4,153.74 4,153.74 830.75
Local government units and Public
Sector Entities - - -
Government corporations 144.24 2.31 141.93 141.93 141.93
Corporates 103,397.01 2,267.40 101,129.61 9,148.83 91,980.78 94,027.10
Housing Loans 17,437.97 17,437.97 15,185.48 2,252.49 9,845.23
060(TXDOLÀHGSRUWIROLR 11,164.06 11,164.06 11,164.06 8,373.04
Defaulted exposures -
Housing Loans 366.14 366.14 366.14 366.14
Others 2,404.76 467.61 1,937.16 1,937.16 2,905.73
ROPA 6,520.48 6,520.48 6,520.48 9,780.73
All other assets, net of deductions 50,198.15 189.38 50,008.76 5,873.90 46.27 43,978.13 110.47 44,153.08
Total on-balance sheet exposures 304,311.96 10,214.55 294,097.41 97,051.72 14,678.54 23,688.57 11,164.06 138,946.42 8,568.11 175,168.16
2II%DODQFH6KHHW([SRVXUHV
Transaction-related contingencies 2,323.34 2,323.34 2,323.34 2,323.34
Trade-related contingencies 253.02 253.02 253.02 253.02
Others - -
Total off-balance sheet exposures 2,576.36 - 2,576.36 - - - - 2,576.36 - 2,576.36
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH%DQNLQJ%RRN
Sovereigns - -
Banks 117.76 117.76 117.76 117.76
Government corporations - -
Corporates 706.86 706.86 55.35 651.52 662.58
Total counterparty RWA in banking
book 824.63 - 824.63 - 55.35 - - 769.28 - 780.35
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH7UDGLQJ%RRN
Derivatives-interest rate contracts 35.60 35.60 35.60 -
Derivatives-exchange rate contracts 28.75 28.75 28.75 14.37
Credit Derivatives - -
Repo-style transactions-Held
for trading-Sovereign - -
Repo-style transactions-Held
for trading-Corporates - -
Total counterparty RWA in trading
book 64.35 - 64.35 35.60 - 28.75 - - - 14.37
5LVN:HLJKWHG$PRXQWRI&UHGLW
/LQNHG1RWHVLQWKH%DQNLQJ%RRN
5LVN:HLJKWHG6HFXULWL]DWLRQ
([SRVXUHV
Total 307,777.29 10,214.55 297,562.74 97,087.31 14,733.89 23,717.31 11,164.06 142,292.05 8,568.11 178,539.24
'HGXFWLRQVIURP&DSLWDO
General loan loss provision
(in excess of the amount permitted
to be included in Upper Tier2) -
Unbooked valuation reserves
and other capital adjustments -
7RWDOQHWRIGHGXFWLRQV 307,777.29 10,214.55 297,562.74 97,087.31 14,733.89 23,717.31 11,164.06 142,292.05 8,568.11 178,539.24

*Principal amount for on-balance sheet and credit equivalent amount for off-balance sheet and counterparty risk-weighted assets in the trading book,
QHWRIVSHFLÀFSURYLVLRQ

48 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7RWDO&UHGLW5LVN([SRVXUHVE\7\SH5LVN%XFNHWVDQG5LVN:HLJKWHG$VVHWV
(in millions Php)

&RQVROLGDWHG
Credit Total
Total Risk
Total Risk Credit Risk Risk Weights
Type of Exposures Weighted
Exposures* Mitigants Exposure
0% 20% 50% 75% 100% 150% Assets
(CRM) after CRM
2Q%DODQFH6KHHW([SRVXUHV
Sovereigns 102,180.39 9,321.43 92,858.96 91,568.13 1,290.82 645.41
Banks 8,073.69 55.62 8,018.07 5,738.87 1,904.28 374.93 2,478.09
Interbank call loans 5,253.50 - 5,253.50 5,253.50 1,050.70
Local government units and Public - - - 0.00
Sector Entities
Government corporations 941.26 778.98 162.28 162.28 162.28
Corporates 98,866.42 2,026.71 96,839.71 6,519.91 99.53 90,220.27 91,720.36
Housing Loans 14,650.40 14,650.40 12,070.62 2,579.78 8,615.09
060(TXDOLÀHGSRUWIROLR 11,851.98 11,851.98 11,851.98 8,888.99
Defaulted exposures 3,864.56 705.52 3,159.04
Housing Loans 263.69 263.69 263.69 263.69
Others 3,600.87 705.52 2,895.35 2,895.35 4,343.03
ROPA 5,465.80 5,465.80 5,465.80 8,198.69
All other assets, net of deductions 56,864.85 331.98 56,532.87 5,851.09 62.75 50,597.53 21.49 50,642.32
Total on-balance sheet exposures 308,012.84 13,220.23 294,792.60 97,419.23 17,575.03 15,365.25 11,851.98 144,198.48 8,382.64 177,008.65
2II%DODQFH6KHHW([SRVXUHV
Transaction-related contingencies 1,945.20 1,945.20 1,945.20 1,945.20
Trade-related contingencies 225.87 225.87 225.87 225.87
Others - - -
Total off-balance sheet exposures 2,171.07 - 2,171.07 - - - - 2,171.07 - 2,171.07
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWVLQ
WKH%DQNLQJ%RRN
Sovereigns - -
Banks 427.69 427.69 358.30 69.39 141.05
Government corporations - -
Corporates 794.97 794.97 794.97 794.97
Total counterparty RWA in banking 1,222.66 - 1,222.66 - 358.30 - - 864.36 - 936.02
book
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWVLQ
WKH7UDGLQJ%RRN
Derivatives-interest rate contracts 35.45 35.45 35.45 -
Derivatives-exchange rate contracts 14.36 14.36 14.36 14.36
Credit Derivatives - -
Repo-style transactions-Held - -
for trading-Sovereign
Repo-style transactions-Held - -
for trading-Corporates
Total counterparty RWA 49.81 - 49.81 35.45 - - - 14.36 - 14.36
in trading book
5LVN:HLJKWHG$PRXQWRI&UHGLW
/LQNHG1RWHVLQWKH%DQNLQJ%RRN
5LVN:HLJKWHG6HFXULWL]DWLRQ
([SRVXUHV
Total 311,456.38 13,220.23 298,236.14 97,454.67 17,933.33 15,365.25 11,851.98 147,248.27 8,382.64 180,130.10
'HGXFWLRQVIURP&DSLWDO
General loan loss provision -
(in excess of the amount permitted
to be included in Upper Tier2)
Unbooked valuation reserves -
and other capital adjustments
7RWDOQHWRIGHGXFWLRQV 311,456.38 13,220.23 298,236.14 97,454.67 17,933.33 15,365.25 11,851.98 147,248.27 8,382.64 180,130.10

*Principal amount for on-balance sheet and credit equivalent amount for off-balance sheet and counterparty risk-weighted assets in the trading book,
QHWRIVSHFLÀFSURYLVLRQ

U C P B 2 0 1 7 A N N U A L R E P O R T 49
 
Parent Bank
Credit Total
Total Risk
Total Risk Credit Risk Risk Weights
Type of Exposures Weighted
Exposures* Mitigants Exposure
0% 20% 50% 75% 100% 150% Assets
(CRM) after CRM
2Q%DODQFH6KHHW([SRVXUHV
Sovereigns 100,241.80 9,084.71 91,157.08 89,866.26 1,290.82 645.41
Banks 7,978.66 46.77 7,931.89 5,738.87 1,835.45 357.58 2,423.07
Interbank call loans 5,253.50 5,253.50 5,253.50 1,050.70
Local government units and Public - -
Sector Entities
Government corporations 941.26 778.98 162.28 162.28 162.28
Corporates 93,425.69 2,026.71 91,398.98 6,519.91 99.53 84,779.54 86,279.63
Housing Loans 13,044.66 13,044.66 11,098.92 1,945.74 7,495.20
060(TXDOLÀHGSRUWIROLR 9,710.54 9,710.54 9,710.54 7,282.91
Defaulted exposures 2,932.80 705.52 2,227.28 - - - - 222.46 2,004.83 3,229.70
Housing Loans 222.46 222.46 222.46 222.46
Others 2,710.34 705.52 2,004.83 2,004.83 3,007.24
ROPA 5,153.48 5,153.48 5,153.48 7,730.22
All other assets, net of deductions 49,087.67 292.09 48,795.58 5,483.82 45.38 43,258.52 7.87 43,279.40
Total on-balance sheet exposures 287,770.04 12,934.77 274,835.28 95,350.08 17,557.65 14,324.72 9,710.54 130,726.11 7,166.18 159,578.52
2II%DODQFH6KHHW([SRVXUHV
Transaction-related contingencies 1,945.20 1,945.20 1,945.20 1,945.20
Trade-related contingencies 225.87 225.87 225.87 225.87
Others 85,226.69 85,226.69 -
Total off-balance sheet exposures 87,397.76 - 87,397.76 - - - - 2,171.07 - 2,171.07
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWVLQ
WKH%DQNLQJ%RRN
Sovereigns - -
Banks 427.59 427.59 358.30 69.39 141.05
Government corporations - -
Corporates 794.97 794.97 794.97 794.97
Total counterparty RWA in banking 1,222.56 - 1,222.56 - 358.30 - - 864.36 - 936.02
book
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH7UDGLQJ%RRN
Derivatives-interest rate contracts 35.45 35.45 35.45 -
Derivatives-exchange rate contracts 14.36 14.36 14.36 14.36
Credit Derivatives - -
Repo-style transactions-Held - -
for trading-Sovereign
Repo-style transactions-Held - -
for trading-Corporates
Total counterparty RWA 49.81 - 49.81 35.45 - - - 14.36 - 14.36
in trading book
5LVN:HLJKWHG$PRXQWRI&UHGLW
/LQNHG1RWHVLQWKH%DQNLQJ%RRN
5LVN:HLJKWHG6HFXULWL]DWLRQ
([SRVXUHV
Total 376,440.18 12,934.77 363,505.41 95,385.52 17,915.95 14,324.72 9,710.54 133,775.91 7,166.18 162,699.97
'HGXFWLRQVIURP&DSLWDO
General loan loss provision -
(in excess of the amount permitted
to be included in Upper Tier2)
Unbooked valuation reserves and -
other capital adjustments
7RWDOQHWRIGHGXFWLRQV 376,440.18 12,934.77 363,505.41 95,385.52 17,915.95 14,324.72 9,710.54 133,775.91 7,166.18 162,699.97

*Principal amount for on-balance sheet and credit equivalent amount for off-balance sheet and counterparty risk-weighted assets in the trading book,
QHWRIVSHFLÀFSURYLVLRQ

50 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7RWDO&UHGLW5LVN([SRVXUHVE\7\SH5LVN%XFNHWVDQG5LVN:HLJKWHG$VVHWV
(in millions Php)

&RQVROLGDWHG
Credit Total
Total Risk
Total Risk Credit Risk Risk Weights
Type of Exposures Weighted
Exposures* Mitigants Exposure
Assets
(CRM) after CRM 0% 20% 50% 75% 100% 150%
2Q%DODQFH6KHHW([SRVXUHV
Sovereigns 97,195.96 6,475.31 90,720.65 88,337.21 2,383.44 1,191.72
Banks 9,330.37 84.77 9,245.60 2,710.19 1,483.42 5,051.99 6,335.74
Interbank call loans 1,746.69 1,746.69 1,746.69 349.34
Local government units - 0.00
and Public Sector Entities
Government corporations 1,078.06 1,078.06 1,078.06 1,078.06
Corporates 92,788.91 1,353.91 91,435.01 9,209.69 140.17 82,085.15 84,010.10
Housing Loans 9,796.13 9,796.13 8,662.58 1,133.55 5,464.84
060(TXDOLÀHGSRUWIROLR 11,905.74 11,905.74 11,905.74 8,929.30
Defaulted exposures 3,149.80 - 3,149.80 - - - - 247.84 2,901.97 4,600.79
Housing Loans 247.84 247.84 247.84 247.84
Others 2,901.97 2,901.97 2,901.97 4,352.95
ROPA 5,727.74 5,727.74 5,727.74 8,591.60
All other assets, net of deductions 50,908.46 253.32 50,655.14 6,456.73 73.73 44,124.68 44,145.10
Total on-balance sheet exposures 283,627.85 8,167.30 275,460.55 94,793.94 13,740.30 12,669.61 11,905.74 133,721.26 8,629.70 164,696.58
2II%DODQFH6KHHW([SRVXUHV
Transaction-related contingencies 1,296.92 1,296.92 1,296.92 1,296.92
Trade-related contingencies 184.36 184.36 184.36 184.36
Others - -
Total off-balance sheet exposures 1,481.27 - 1,481.27 - - - - 1,481.27 - 1,481.27
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH%DQNLQJ%RRN
Sovereigns - - -
Banks 951.31 951.31 918.59 32.72 492.02
Government corporations - -
Corporates 719.27 719.27 719.27 719.27
Total counterparty RWA 1,670.58 - 1,670.58 - - 918.59 - 752.00 - 1,211.29
in banking book
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH7UDGLQJ%RRN
Derivatives-interest rate contracts 33.55 33.55 33.55 -
Derivatives-exchange rate contracts 7.14 7.14 7.14 3.57
Credit Derivatives - -
Repo-style transactions-Held - -
for trading-Sovereign
Repo-style transactions-Held - -
for trading-Corporates
Total counterparty RWA in trading 40.68 - 40.68 33.55 - 7.14 - - - 3.57
book
5LVN:HLJKWHG$PRXQWRI&UHGLW
/LQNHG1RWHVLQWKH%DQNLQJ%RRN
5LVN:HLJKWHG6HFXULWL]DWLRQ
([SRVXUHV
Total 286,820.39 8,167.30 278,653.09 94,827.49 13,740.30 13,595.33 11,905.74 135,954.53 8,629.70 167,392.71
'HGXFWLRQVIURP&DSLWDO
General loan loss provision -
(in excess of the amount permitted
to be included in Upper Tier2)
Unbooked valuation reserves -
and other capital adjustments
7RWDOQHWRIGHGXFWLRQV 286,820.39 8,167.30 278,653.09 94,827.49 13,740.30 13,595.33 11,905.74 135,954.53 8,629.70 167,392.71

*Principal amount for on-balance sheet and credit equivalent amount for off-balance sheet and counterparty risk-weighted assets in the trading book,
QHWRIVSHFLÀFSURYLVLRQ

U C P B 2 0 1 7 A N N U A L R E P O R T 51
 
Parent Bank
Credit Total
Total Risk
Total Risk Credit Risk Risk Weights
Type of Exposures Weighted
Exposures* Mitigants Exposure
0% 20% 50% 75% 100% 150% Assets
(CRM) after CRM
2Q%DODQFH6KHHW([SRVXUHV
Sovereigns 94,381.17 5,915.14 88,466.03 86,082.59 2,383.44 1,191.72
Banks 9,111.73 73.19 9,038.55 2,710.19 1,381.55 4,946.81 6,179.62
Interbank call loans 1,746.69 1,746.69 1,746.69 349.34
Local government units and Public - -
Sector Entities
Government corporations 1,078.06 1,078.06 1,078.06 1,078.06
Corporates 87,401.58 1,353.91 86,047.67 9,209.69 140.17 76,697.81 78,609.83
Housing Loans 8,675.27 8,675.27 7,742.35 932.92 4,804.10
060(TXDOLÀHGSRUWIROLR 10,396.83 10,396.83 10,396.83 7,797.62
Defaulted exposures 2,460.60 - 2,460.60 235.53 2,225.07 3,573.13
Housing Loans 235.53 235.53 235.53 235.53
Others 2,225.07 2,225.07 2,225.07 3,337.61
ROPA 5,488.44 5,488.44 5,488.44 8,232.67
All other assets, net of deductions 45,690.67 226.29 45,464.38 6,124.16 70.53 39,269.69 39,283.80
Total on-balance sheet exposures 266,431.03 7,568.51 258,862.52 92,206.75 13,737.10 11,647.51 10,396.83 123,160.82 7,713.52 151,099.88
2II%DODQFH6KHHW([SRVXUHV
Transaction-related contingencies 1,296.92 1,296.92 1,296.92 1,296.92
Trade-related contingencies 184.36 184.36 184.36 184.36
Others - -
Total off-balance sheet exposures 1,481.27 - 1,481.27 - - - - 1,481.27 - 1,481.27
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH%DQNLQJ%RRN
Sovereigns - - -
Banks 951.31 951.31 918.59 32.72 492.02
Government corporations - -
Corporates 719.27 719.27 719.27 719.27
Total counterparty RWA in banking 1,670.58 - 1,670.58 - - 918.59 - 752.00 - 1,211.29
book
&RXQWHUSDUW\5LVN:HLJKWHG$VVHWV
LQWKH7UDGLQJ%RRN
Derivatives-interest rate contracts 33.55 33.55 33.55 -
Derivatives-exchange rate contracts 7.14 7.14 7.14 3.57
Credit Derivatives - -
Repo-style transactions-Held for - -
trading-Sovereign
Repo-style transactions-Held for - -
trading-Corporates
Total counterparty RWA in trading 40.68 - 40.68 33.55 - 7.14 - - - 3.57
book
5LVN:HLJKWHG$PRXQWRI&UHGLW
/LQNHG1RWHVLQWKH%DQNLQJ%RRN
5LVN:HLJKWHG6HFXULWL]DWLRQ
([SRVXUHV
Total 269,623.58 7,568.51 262,055.06 92,240.30 13,737.10 12,573.23 10,396.83 125,394.09 7,713.52 153,796.02
'HGXFWLRQVIURP&DSLWDO
General loan loss provision (in
excess of the amount permitted to
be included in Upper Tier2)
Unbooked valuation reserves and
other capital adjustments
7RWDOQHWRIGHGXFWLRQV 269,623.58 7,568.51 262,055.06 92,240.30 13,737.10 12,573.23 10,396.83 125,394.09 7,713.52 153,796.02

*Principal amount for on-balance sheet and credit equivalent amount for off-balance sheet and counterparty risk-weighted assets in the trading book,
QHWRIVSHFLÀFSURYLVLRQ

52 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7DEOH,7RWDO&UHGLW5LVN:HLJKWHG$VVHWV%URNHQ'RZQE\7\SHRI([SRVXUHVDQG&DSLWDO5HTXLUHPHQW

  

7RWDO5LVN:HLJKWHG$VVHWV 7RWDO5LVN:HLJKWHG$VVHWV 7RWDO5LVN:HLJKWHG$VVHWV
&RQVROLGDWHG Parent Bank &RQVROLGDWHG Parent Bank &RQVROLGDWHG Parent Bank
$&UHGLW5LVN LQPLOOLRQ3KS LQPLOOLRQ3KS LQPLOOLRQ3KS LQPLOOLRQ3KS LQPLOOLRQ3KS LQPLOOLRQ3KS
Total Credit Exposures (on-balance sheet) 193,273.87 174,951.61 176,859.05 159,432.18 164,677.98 151,099.88
Total Credit Exposures (off-balance sheet) 2,576.36 2,576.36 2,171.07 2,171.07 1,481.27 1,481.27
Total Credit Exposures (On-and Off-balance sheet) 195,850.23 177,527.97 179,030.13 161,603.25 166,159.25 152,581.16
Exposures Covered by CRM, Gross of Materiality Threshold 217.97 216.55 149.59 146.34 18.60 18.60
Total Credit Risk Exposure After Risk Mitigation 196,068.21 177,744.52 179,179.72 161,749.59 166,177.86 152,599.76
Total Counterparty Risk Weighted Assets in the Banking Book 780.35 780.35 936.02 936.02 1,211.29 1,211.29
(Derivatives and Repo-style Transactions)
Total Counterparty Risk Weighted Assets in the Trading Book 14.37 14.37 14.36 14.37 3.57 3.57
(Derivatives and Repo-style Transactions)
Total Credit-Risk Weighted Assets Broken Down By 196,862.93 178,539.24 180,130.10 162,699.97 167,392.71 153,814.62
Type Of Exposures
Capital Requirement for Credit Risk 19,686.29 17,853.92 18,013.01 16,270.00 16,739.27 15,381.46
Note: The Bank has no securitization exposures.

,9 0$5.(75,6.

A. Strategies, Processes, Structure and Organization, Scope/Nature of Reporting and Measurement

0DUNHWULVNLVWKHULVNRIORVVLPPHGLDWHRURYHUWLPHGXHWRDGYHUVHÁXFWXDWLRQVLQWKHSULFHRUPDUNHWYDOXH
of instruments, products and transactions in the Bank’s overall portfolio. Trading portfolios are exposed to market risk
because the values of trading positions are sensitive to changes in market prices. Assets and liabilities portfolios are
affected by market risks because the revenues derived from these activities, such as securities gains and losses and
net interest income are sensitive to changes in interest and foreign exchange rates. The Bank’s market risk originates
from its holdings of foreign exchange instruments, debt securities and derivatives.
The Market Risk Department (MRD) under the Risk Management Division (RMD) independently monitors and
manages UCPB’s exposure to market and interest rate risks on a daily basis. It evaluates the current and prospective
repricing structure of its resources and liabilities in consideration of market conditions, in order to guide pricing and
asset/liability allocation strategies to manage the Bank’s market risks.

MRD uses the following tools and controls to manage its market risk exposures:
• Stop loss limits
• Loss alert limits
• Position limits
• Mark-to-market valuation
• Value-at-Risk (VaR)
• Earnings-at-Risk (EaR)

B. VaR Methodology Assumptions and Parameters

The Bank computes the VaR to estimate the maximum potential loss that can be incurred in its trading books under
QRUPDOPDUNHWFRQGLWLRQVJLYHQDVSHFLÀHGFRQÀGHQFHOHYHODQGKROGLQJSHULRG9D5LVRQHRIWKHNH\PHDVXUHVLQWKH
Bank’s management of market risk. The Bank uses a 1-day and a 10-day holding period for its foreign exchange VaR and
LQWHUHVWUDWH9D5UHVSHFWLYHO\7KH%DQNDGRSWVDKLVWRULFDOVLPXODWLRQDSSURDFKXVLQJDFRQÀGHQFHOHYHODQG
a one year observation period in its VaR calculation.

U C P B 2 0 1 7 A N N U A L R E P O R T 53
 The Bank’s VaR limit is agreed annually by the Treasury Group and Risk Management Division. This is presented
to the Risk Oversight Committee and the Board based on the tolerable risk appetite of the Bank. Monitoring reports,
ZKLFKLQFOXGHWKH9D5ÀJXUHVDQGH[SRVXUHVWR9D5OLPLWVDUHVHQWWRWKHULVNWDNLQJXQLWVRQDGDLO\EDVLV7KHVHDUH
also reported monthly to the Risk Oversight Committee.
Although VaR is an important tool for measuring market risk, the assumptions on which the model is based give rise
to the following limitations:

• The holding period assumes that it is possible to hedge or dispose of positions within that period. This is considered
to be a realistic assumption in almost all cases but may not be the case in situations in which there is severe
market illiquidity for a prolonged period;
• $FRQÀGHQFHOHYHOGRHVQRWUHÁHFWORVVHVWKDWPD\RFFXUEH\RQGWKLVOHYHO(YHQZLWKLQWKHPRGHOXVHG
there is a one percent probability that losses could exceed the VaR;
• 9D5LVFDOFXODWHGRQDQHQGRIGD\EDVLVDQGGRHVQRWUHÁHFWH[SRVXUHVWKDWPD\DULVHRQSRVLWLRQVGXULQJ
the trading day;
• The use of historical data as a basis for determining the possible range of future outcomes may not always cover
all possible scenarios, especially those of an exceptional nature; and
• The VaR measure is dependent upon the Bank’s position and the calculated P/L from historical prices.

The limitations of the VaR methodology are recognized by supplementing VaR limits with other position and
sensitivity limit structures, including limits to address potential concentration risks within each trading portfolio.
While VaR measures risk during normal times, it is supplemented with stress testing, which is used to measure the
potential effect of a crisis or low probability event. The RMD conducts stress testing to measure and monitor market risks
LQH[WUHPHPDUNHWFRQGLWLRQV7KH9D5ÀJXUHVDUHEDFNWHVWHGDJDLQVWDFWXDODQGXQUHDOL]HGSURÀWDQGORVVRIWKHWUDGLQJ
book to validate the VaR model. Results of back-testing and stress testing are reported to the ROC on a monthly basis.
VaR computations include outliers and assume normal distribution.

7DEOH-6XPPDU\RIWKH9D53RVLWLRQRIWKH7UDGLQJ3RUWIROLRV

2017
Average
At Dec 31 Maximum Minimum
(In Thousands)

Foreign currency risk 3,306 7,160 33,531 0

Interest rate risk 16,238 49,669 146,152 1,325

2016
Average
At Dec 31 Maximum Minimum
(In Thousands)

Foreign currency risk 12,759 4,820 29,519 1

Interest rate risk 85,774 58,323 172,865 112

2015
Average
At Dec 31 Maximum Minimum
(In Thousands)

Foreign currency risk 8,488 4,029 17,592 1

Interest rate risk 33,440 25,585 78,385 3,535

54 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7DEOH.7RWDO,QWHUHVW5DWH5LVN9D5RIWKH)L[HG,QFRPH,QVWUXPHQWV

2017
Average
At Dec 31 Maximum Minimum
(In Thousands)

Interest rate risk 16,238 479,722 598,237 273,642

2016
Average
At Dec 31 Maximum Minimum
(In Thousands)

Interest rate risk 313,507 309,658 686,987 63,138

2015
At Dec 31 Average Maximum Minimum
(In Thousands)

Interest rate risk 242,675 231,871 419,093 99,283

7DEOH/6XPPDU\RIWKH9D53RVLWLRQRIWKH)&'87UDGLQJ3RUWIROLRV 

FC 2017
Average
At Dec 31 Maximum Minimum
(In Thousands)

Interest rate risk 109 293,989 355,104 197,061

2016
At Dec 31 Average Maximum Minimum
(In Thousands)

Interest rate risk 120,116 155,509 327,921 44,835

2015
At Dec 31 Average Maximum Minimum
(In Thousands)

Interest rate risk 68,870 66,035 124,478 39,305

,QWHUHVW5DWH5LVN9D5LVFDOFXODWHGRQO\IRUÀ[HGLQFRPHLQVWUXPHQWVWUDGHGE\WKH%DQN·V)&'8

C. Other Structured Products

The Bank has no other structured products.

D. The Scope of Acceptance by the BSP

The Bangko Sentral ng Pilipinas (BSP) in its annual review of the Market Risk Department, covers Risk Policies and
Procedures/Methodology, as well as Risk Management Models implemented. Paramount among BSP’s recommendations
is for an independent Third Party Model Validation for the Parent Bank’s VaR measurement and VaR backtesting Models.

U C P B 2 0 1 7 A N N U A L R E P O R T 55
 7DEOH07RWDO0DUNHW5LVN:HLJKWHG$VVHWV%URNHQ'RZQE\7\SHRI([SRVXUHV,QWHUHVW5DWH(TXLW\
)RUHLJQ([FKDQJHDQG2SWLRQVDQG&DSLWDO5HTXLUHPHQW

Market Risk 2017 2016 2015

Total Risk Weighted Assets Total Risk Weighted Assets Total Risk Weighted Assets
Consolidated Parent Bank Consolidated Parent Bank Consolidated Parent Bank
(in million Php) (in million Php) (in million Php) (in million Php) (in million Php) (in million Php)
Using Standardized Approach
Interest Rate Exposures 704.37 605.53 1,677.41 1,655.09 1,405.20 1,360.66
Equity Exposures 178.20 178.20 163.16 163.16 212.18 212.18
Foreign Exposures 555.72 555.72 1,530.53 1,530.53 1,333.77 1,333.77
Total Market-Risk Weighted Assets 1,438.29 1,339.45 3,371.11 3,348.78 2,951.15 2,906.61
Capital Requirement for Market Risk 143.83 133.95 337.11 334.88 295.12 290.66

E. Liquidity Risk

Liquidity is the ability of the Bank to fund increases in assets and meet obligations as they become due without
incurring unacceptable losses.
The Bank closely monitors the current and prospective maturity structure of its resources and liabilities
and the market condition. This guides pricing and asset/liability allocation strategies to manage its liquidity risks.
0D[LPXP&XPXODWLYH2XWÁRZ0&2OLPLWVPRQLWRULQJRIOLTXLGLW\UDWLRVDQGIXQGLQJGLYHUVLÀFDWLRQFRQFHQWUDWLRQ
limits are used to monitor liquidity risk.
7KH%DQNDOVRPDQDJHVOLTXLGLW\ULVNE\KROGLQJVXIÀFLHQWOLTXLGDVVHWVRIDSSURSULDWHTXDOLW\7KLVLVWRHQVXUH
that short-term funding requirements are met and a balanced loan portfolio is maintained and repriced on a regular basis.
0RUHRYHUWKH%DQNPDLQWDLQVVXIÀFLHQWOLTXLGLW\WRWDNHDGYDQWDJHRILQWHUHVWUDWHDQGH[FKDQJHUDWHRSSRUWXQLWLHV
The MCO is subjected to moderate, severe, and extreme stress scenarios to simulate funding requirements
if simulated scenario continues over cumulative time periods. The assumptions are documented and approved
by the Board and reviewed regularly.
Likewise, the UCPB Contingency Funding Plan, a framework designed to take effect in the event of a liquidity
problem, is reviewed annually.
The Plan, spearheaded by RMD, minimizes short-term and longer-term implications of liquidity shortfall
IRUWKH%DQNLGHQWLÀHVWULJJHUHYHQWVWKDWFRXOGFDXVHVXFKFULVLVDQGSUHVFULEHVWKHDFWLRQVWREHWDNHQWRPDQDJH
the situation. This is integrated into the Bank’s ICAAP.
The Contingency Funding Committee is tasked to establish, review, and enforce the Plan. It is chaired
by the President and is composed of Group Heads from Treasury, Branch Banking, Corporate and Commercial Banking,
&RQVXPHU%DQNLQJ)LQDQFLDO6HUYLFHV2SHUDWLRQVDQG0DUNHWLQJ&KLHI5LVN2IÀFHUDQG&KLHI&RPSOLDQFH2IÀFHU

F. Interest Rate Risk

Strategies, Processes, Structure and Organization, Scope/Nature of Reporting and Measurement

Interest rate risk has a multi-dimensional nature involving the movement of rates across yield curves (term structures)
RIRQHRUPRUHLQVWUXPHQWV,WDULVHVIURPWKHSRVVLELOLW\WKDWFKDQJHVLQLQWHUHVWUDWHVZLOODIIHFWIXWXUHFDVKÁRZVRU
IDLUYDOXHVRIÀQDQFLDOLQVWUXPHQWVGXHWRWKHPLVPDWFKLQWKHUHSULFLQJVWUXFWXUHRIDVVHWVDQGOLDELOLWLHV
7KH%DQNPHDVXUHVWKHVHQVLWLYLW\RILWVDVVHWVDQGOLDELOLWLHVWRLQWHUHVWUDWHÁXFWXDWLRQVWKURXJKJDSDQDO\VLV
7KHJDSDQDO\VLVEUHDNVLQWHUHVWUDWHVHQVLWLYHDVVHWDQGOLDELOLW\DFFRXQWVLQWRSUHGHÀQHGWLPHEXFNHWVWRUHÁHFWUHSULFLQJ
mismatches (gaps) in the balance sheet. The mismatches would then give the Bank an indication of its exposure to the risk
of potential changes in net interest income.
A positive gap occurs when the amount of interest rate sensitive assets exceeds the amount of interest rate sensitive
liabilities. This is favorable to the Bank during a period of rising interest rates since it is in a position to invest in higher
\LHOGLQJDVVHWVPRUHTXLFNO\WKDQLWZRXOGQHHGWRUHÀQDQFHLWVLQWHUHVWEHDULQJOLDELOLWLHV&RQYHUVHO\GXULQJDSHULRGRI
falling interest rates, a positively gapped position could result in restrained growth or even declining net interest income.

56 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
A negative gap occurs when the amount of interest rate sensitive liabilities exceeds the amount of interest rate
VHQVLWLYHDVVHWV7KLVLVXQIDYRUDEOHWRWKH%DQNGXULQJDSHULRGRIULVLQJLQWHUHVWUDWHVEHFDXVHLWZRXOGQHHGWRUHÀQDQFH
its maturing interest bearing liabilities at a higher level. Conversely, during a period of falling interest rates, a negatively
gapped position is favorable to the Bank because it can take advantage of lower repricing and refunding cost leading
to improved net interest income.
7KH%DQNDOVRPRQLWRUVLWVH[SRVXUHWRÁXFWXDWLRQVLQLQWHUHVWUDWHVE\PHDVXULQJWKHLPSDFWRILQWHUHVWUDWHPRYHPHQWV
on its interest income. This is done by modeling the impact and doing a sensitivity scenario analysis of various changes in interest
rates to the Bank’s interest-related income and expenses.
7KH%DQNXVHVDQLQFRPHSHUVSHFWLYHDSSURDFKWRPHDVXUHWKHSRWHQWLDOULVNWRLQWHUHVWLQFRPHVSHFLÀFDOO\E\WKH
Earnings at Risk (EaR). The EAR is the amount of potential loss to net interest income for the next 12 months as a result of changes
in interest rates.
The Bank’s EaR model is measured based on the repricing schedule of the balance sheet accounts. The following are the
bucketing assumptions used for the computation of Earnings at Risk:
1. Based on days to repricing (DTR) – Default bucketing shall make use of remaining days before interest resetting.
2. %DVHGRQGD\VWRPDWXULW\'70²,QWKHDEVHQFHRIDUHVHWWLQJGDWHVXFKDVIRUÀ[HGUDWHGHEWDQGGHSRVLWV
accounts shall be bucketed based on their residual maturity.
3. Based on business assumptions – This shall be used for accounts with special repricing consideration such as
a non-maturing savings deposit wherein it is slotted under the “>1 year” bucket due to behavioral assumptions.
For such accounts, assumptions may be used in consideration of historical movements, behavioral characteristics/
predictable patterns, level of marketability, seasonal factors, managerial judgement

7DEOH15HSULFLQJ*DS3RVLWLRQ
in millions Php

Up to 1 Month 1 to 3 Months 3 to 6 Months 6 to 12 Months Total
)LQDQFLDO$VVHWV
Due from BSP 1,300 - - - 1,300
Due from other bank - - - -
Interbank loans receivable 4,154 - - 4,154
Loans and receivables 10,939 11,044 13,533 65,876 101,392
$)6ÀQDQFLDODVVHWV 2 303 327 632
16,393 11,046 13,836 66,203 107,478
)LQDQFLDO/LDELOLWLHV
Deposit liabilities:
Demand - - - -
Savings - - - -
Time 48,743 11,299 874 308 61,224
Bills payable 4,764 713 - 5,477
53,507 12,012 874 308 66,701
5HSULFLQJ*DS (37,114) (966) 12,962 65,895 40,777
&XPXODWLYH*DS (37,114) (38,080) (25,118) 40,777 -


Up to 1 Month 1 to 3 Months 3 to 6 Months 6 to 12 Months Total
)LQDQFLDO$VVHWV
Due from BSP 5,900 - - - 5,900
Due from other bank - - - 7,026 7,026
Interbank loans receivable - - - 5,254 5,254
Loans and receivables 11,495 39,676 4,288 561 56,020
$)6ÀQDQFLDODVVHWV 620 15,265 - - 15,885
18,015 54,941 4,288 12,841 90,085
)LQDQFLDO/LDELOLWLHV
Deposit liabilities:
Demand - - - 41,545 41,545
Savings - - - 150,494 150,494
Time 34,458 8,386 920 482 44,246
Bills payable 4,894 1,252 1,267 - 7,413
39,352 9,638 2,187 192,521 243,698
5HSULFLQJ*DS (21,337) 45,303 2,101 (179,680) (153,613)
&XPXODWLYH*DS (21,337) 23,966 26,067 (153,613) -

U C P B 2 0 1 7 A N N U A L R E P O R T 57
 
Up to 1 Month 1 to 3 Months 3 to 6 Months 6 to 12 Months Total
)LQDQFLDO$VVHWV
Due from BSP 5,650 - - - 5,650
Due from other bank 7,373 7,373
Interbank loans receivable 7,835 - - - 7,835
Loans and receivables 1,000 28,106 6,253 678 36,037
$)6ÀQDQFLDODVVHWV 7,310 953 152 - 8,415
21,795 29,059 6,405 8,051 65,310
)LQDQFLDO/LDELOLWLHV
Deposit liabilities:
Demand 4,365 - - - 4,365
Savings 124,495 - - - 124,495
Time 43,914 8,039 4,030 595 56,578
Bills payable 8,536 907 145 9,588
181,310 8,946 4,175 595 195,026
5HSULFLQJ*DS (159,515) 20,113 2,230 7,456 (129,716)
&XPXODWLYH*DS (159,515) (139,402) (137,172) (129,716) -

To address the negative gap, the Bank continually assesses various options such as lengthening the duration of
OLDELOLWLHVDQGVKRUWHQLQJWKHGXUDWLRQRQDVVHWDQGLQYHVWPHQWV7KH%DQNDOVRPRQLWRUVLWVH[SRVXUHWRÁXFWXDWLRQV
in interest rates by measuring the impact of simulated interest rate movements on its interest income. This is done by
modeling the impact and doing a sensitivity scenario analysis of various changes in interest rates to the Bank’s interest-
related income and expenses.

7DEOH2,PSDFWRI&KDQJHVLQ,QWHUHVW5DWHVRQ1HW,QWHUHVW,QFRPH
In thousands Php

Changes in interest rates (in basis points) +50 -50 +100 -100
Change on annualized net interest income:
PHP 6,244 (6,244) 12,488 (12,488)
USD 671 (671) 1,342 (1,342)
6,915 (6,915) 13,830 (13,830)


Changes in interest rates (in basis points) +50 -50 +100 -100
Change on annualized net interest income:
PHP 508,971 (508,971) 1,017,942 (1,017,942)
USD 6,742 (6,742) 13,484 (13,484)
515,713 (515,713) 1,031,426 (1,031,426)


Changes in interest rates (in basis points) +50 -50 +100 -100
Change on annualized net interest income:
PHP 515,891 (515,891) 208,383 (208,383)
USD 72,961 (72,961) 93,807 (93,807)
588,852 (588,852) 302,190 (302,190)

Given the repricing position of the assets and liabilities of the Bank as at December 31, 2017, 2016, and 2015,
if interest rates increased by 100 basis points, the Bank would expect annualized interest income to increase by 13.8 million,
1.03 billion, and 302.2 million, respectively. The EaR computation is prepared monthly and presented to the Asset and
Liability Committee (ALCO) and the ROC.

58 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7DEOH3(VWLPDWHG&KDQJHLQ(TXLW\'XHWRD5HDVRQDEOH3RVVLEOH&KDQJHLQ0DUNHW3ULFHVRI4XRWHG%RQGV
&ODVVLÀHG8QGHU$)6)LQDQFLDO$VVHWV%URXJKW$ERXWE\0RYHPHQWLQWKH,QWHUHVW5DWH&XUYH

&RQVROLGDWHG
Impact of Changes in Interest Rates on Mark-to-Market Gain/Loss on Financial Assets at FVTPL*
  
+50 -50 +100 -100 +50 -50 +100 -100 +50 -50 +100 -100
Change on mark-to-market gain/
ORVVRQ$)6ÀQDQFLDODVVHWV
at FVTPL (42,664) 42,664 (85,328) 85,328 (22,605) 22,605 (46,179) 46,179 (113,635) 113,635 (227,269) 227,269
* There is no other impact on the Bank's equity other than those already affecting the statements of income.

Impact of Changes in Interest Rates on Equity**

  
+50 -50 +100 -100 +50 -50 +100 -100 +50 -50 +100 -100
Change on mark-to-market gain/
ORVVRQ$)6ÀQDQFLDODVVHWV (495,614) 495,614 (991,228) 991,228 (231,309) 231,309 (585,690) 585,690 (405,332) 405,332 (810,664) 810,664
** The impact on the Bank's equity already excludes the impact on transactions affecting the statements of income.

Parent
Impact of Changes in Interest Rates on Mark-to-Market Gain/Loss on Financial Assets at FVTPL*
  
+50 -50 +100 -100 +50 -50 +100 -100 +50 -50 +100 -100
Change on mark-to-market gain/
ORVVRQ$)6ÀQDQFLDODVVHWV
at FVTPL (35,850) 35,850 (71,700) 71,700 (22,217) 22,217 (45,386) 45,386 (90,885) 90,885 (181,769) 181,769
* There is no other impact on the Bank's equity other than those already affecting the statements of income.

Impact of Changes in Interest Rates on Equity**

  
+50 -50 +100 -100 +50 -50 +100 -100 +50 -50 +100 -100
Change on mark-to-market gain/
ORVVRQ$)6ÀQDQFLDODVVHWV (492,976) 492,976 (985,953) 985,953 (230,471) 230,471 (583,568) 583,568 (284,707) 284,707 (569,414) 569,414
** The impact on the Bank's equity already excludes the impact on transactions affecting the statements of income.

G. Foreign Currency Risk

Foreign currency risk is the probability of loss to earnings or capital arising from changes in foreign exchange rates.
7KH%DQNWDNHVRQH[SRVXUHWRHIIHFWVRIÁXFWXDWLRQVLQWKHFXUUHQWIRUHLJQFXUUHQF\H[FKDQJHUDWHVRQLWVÀQDQFLDO
SHUIRUPDQFHDQGFDVKÁRZV
7KH%DQNDFWLYHO\PDQDJHVLWVH[SRVXUHWRHIIHFWVRIÁXFWXDWLRQVLQIRUHLJQFXUUHQF\H[FKDQJHUDWHVE\
maintaining foreign currency exposure within the existing regulatory guidelines. This is a level believed to be relatively
FRQVHUYDWLYHIRUDÀQDQFLDOLQVWLWXWLRQHQJDJHGLQWKLVW\SHRIEXVLQHVV%63UHTXLUHVWRPDWFKWKHIRUHLJQFXUUHQF\
liabilities with the foreign currency assets held in the FCDU with a 30% liquidity reserve and 100% asset cover on all
foreign currency liabilities.

U C P B 2 0 1 7 A N N U A L R E P O R T 59
 7DEOH4%UHDNGRZQRIWKH)LQDQFLDO5HVRXUFHVDQG/LDELOLWLHVDVWR)RUHLJQDQG3KLOLSSLQH3HVRGHQRPLQDWHG%DODQFHV
In thousands Php

)RUHLJQ Philippine Total
&XUUHQFLHV 3HVRV
5HVRXUFHV
Cash and other cash items 445,570 5,475,000 5,920,570
Due from BSP 47,305,809 47,305,809
Due from other banks 4,115,199 307,550 4,422,749
Interbank loans and SPURA 4,599,366 2,531,369 7,130,735
Financial assets at FVTPL 10,842 1,347,366 1,358,208
$)6ÀQDQFLDODVVHWV 13,106,086 17,728,019 30,834,105
HTM investments 27,761,104 27,761,104
Loans and receivables 4,771,870 147,909,805 152,681,675
Statutory reserves 2,401,279 2,401,279
  
/LDELOLWLHV
Deposit liabilities 25,987,075 238,598,958 264,586,033
Bills payable and SSURA 354,171 5,130,099 5,484,270
LTNCD - 0 0
Accrued interest and other expenses 12,175 904,410 916,585
Other liabilities 327,130 18,359,658 18,686,788
  


)RUHLJQ Philippine Total
&XUUHQFLHV 3HVRV
5HVRXUFHV
Cash and other cash items 543,602 4,984,890 5,528,492
Due from BSP - 49,520,420 49,520,420
Due from other banks 7,055,623 138,208 7,193,831
Interbank loans and SPURA 5,253,495 10,257,012 15,510,507
Financial assets at FVTPL 1,899,479 925,781 2,825,260
$)6ÀQDQFLDODVVHWV 4,112,633 13,711,175 17,823,808
HTM investments - 27,743,494 27,743,494
Loans and receivables 4,902,524 128,627,207 133,529,731
Statutory reserves - 2,400,949 2,400,949
  
/LDELOLWLHV
Deposit liabilities 18,098,729 232,815,025 250,913,754
Bills payable and SSURA 1,353,170 6,149,152 7,502,322
LTNCD - 1,847,632 1,847,632
Accrued interest and other expenses 16,016 527,913 543,929
Other liabilities 5,440,058 9,450,120 14,890,178
  

60 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT

Foreign Philippine Total
Currencies Pesos
5HVRXUFHV
Cash and other cash items 637,252 5,556,736 6,193,988
Due from BSP - 45,772,123 45,772,123
Due from other banks 96,171 7,409,142 7,505,313
Interbank loans and SPURA 1,746,689 6,563,297 8,309,986
Financial assets at FVTPL 761,903 1,603,910 2,365,813
$)6ÀQDQFLDODVVHWV 6,532,654 16,402,075 22,934,729
HTM investments - 27,819,653 27,819,653
Loans and receivables 2,983,594 109,924,698 112,908,292
Statutory reserves - 2,400,949 2,400,949
12,758,263 223,452,583 236,210,846
/LDELOLWLHV
Deposit liabilities 15,814,497 204,116,109 219,930,606
Bills payable and SSURA 2,760,610 8,026,124 10,786,734
LTNCD - 9,506,307 9,506,307
Accrued interest and other expenses 15,418 548,176 563,594
Other liabilities 4,002,968 7,540,484 11,543,452
22,593,493 229,737,200 252,330,693

+(48,7<35,&(5,6.

Equity price risk is the risk of loss arising from movements in equity prices. The Bank manages its exposures to
equity prices by way of position limits, VaR and stop loss limits. The BOD approves limits on the amount of potential
loss that may be undertaken, which is monitored daily by the RMD and reported to the ROC.

7DEOH5,PSDFWRI36(LQGH[36(LÁXFWXDWLRQVRQWKH%DQN·V3UHWD[,QFRPHDQG(TXLW\

2EVHUYHG9RODWLOLW\5DWHV ,PSDFWRI,QFUHDVH ,PSDFWRI'HFUHDVH

3URÀW 3URÀW
,QFUHDVH 'HFUHDVH (TXLW\ (TXLW\
EHIRUHWD[ EHIRUHWD[

'HFHPEHU

HFT   P 29,769 P 20,838 P (29,769) P (20,838)

AFS   P 47,362 P 33,153 P (47,362) P (33,153)

'HFHPEHU

HFT 37.30% 37.30% P 36,783 P 25,748 P (36,783) P (25,748)

AFS 37.30% 37.30% P 61,519 P 43,063 P (61,519) P (43,063)

U C P B 2 0 1 7 A N N U A L R E P O R T 61
 Parent Bank
2EVHUYHG9RODWLOLW\5DWHV ,PSDFWRI,QFUHDVH ,PSDFWRI'HFUHDVH
3URÀW 3URÀW
,QFUHDVH 'HFUHDVH (TXLW\ (TXLW\
EHIRUHWD[ EHIRUHWD[

'HFHPEHU

HFT   P 24,840 P 17,388 P (24,840) P (17,388)

AFS   P 2,445 P 1,712 P (2,445) P (1,712)

'HFHPEHU

HFT 37.30% 37.30% P 30,430 P 21,301 P (30,430) P (21,301)

AFS 37.30% 37.30% P 3,272 P 2,290 P (3,272) P (2,290)

9 23(5$7,21$/5,6.

A. Strategies, Processes, Structure and Organization, Scope/Nature of Reporting and Measurement

2SHUDWLRQDOULVNLVGHÀQHGDVWKHULVNRIORVVRULPSDFWUHVXOWLQJIURPKXPDQIDFWRUVLQDGHTXDWHRUIDLOHGLQWHUQDO
SURFHVVHVDQGV\VWHPVRUH[WHUQDOHYHQWV7KLVGHÀQLWLRQLQFOXGHVOHJDODQGFRPSOLDQFHULVNEXWH[FOXGHVVWUDWHJLF
and reputational risk.
The Bank recognizes that operational risks are inherent in its business activities and functions and it seeks to keep
these risks at appropriate levels. Operational Risk is managed throughout the Bank through the creation of an independent
operational risk management function under the Board of Directors through the Risk Oversight Committee. The committee
which is supported by Operational Risk Management Department (ORMD) is responsible for establishing a risk framework,
in addition to the development of policies and procedures and strategies to identify, measure, monitor, and control/mitigate
operational risks.
The business and support units as the primary risk owners are responsible for the implementation of the
framework, including the day-to-day operational risk management. The Bank has an existing system of internal controls
that enforces operational risk management measures, including:

• Top level reviews by the senior management committees

• A system of approvals and authorizations
• Periodic performance and exception reports
• Physical and technical controls such as restricted access
• Enforcement of exposure limits
• $V\VWHPRIYHULÀFDWLRQVDQGUHFRQFLOLDWLRQ

62 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
ORMD utilizes a range of risk tools and methodologies in managing risks such as:

1. Operational Risk and Self-Assessment (ORSA)

2. Key Risk Indicators (KRIs) monitoring and reporting
3. %XVLQHVV6SHFLÀF5LVN,QGLFDWRUV%625,VPRQLWRULQJDQGUHSRUWLQJ
4. Loss and risk incident management and escalation processes
5. Risk awareness and training programs
6. Business Continuity Plan (BCP), Disaster Recovery Program (DRP), and Business Impact Analysis (BIA)

In addition, as part of its risk management approach, the Bank also has existing insurance program in place
to mitigate the impact of some operational risks.
The results of the bank-wide implementation of the above activities and programs including the over-all
5LVNSURÀOHDUHUHSRUWHGDQGGLVFXVVHGZLWK6HQLRU0DQDJHPHQWDQGWKH'LUHFWRUVLQWKHPRQWKO\52&PHHWLQJV
The said methodologies and tools provide Management and the ROC with information in determining appropriate
controls and mitigating measures.
The Internal Audit Division further provides the independent review of and challenge the Bank’s operational risk
management controls, processes and systems.
8&3%LVÀUPO\FRPPLWWHGWRIXOOFRPSOLDQFHZLWKDSSOLFDEOH3KLOLSSLQHEDQNLQJODZVUXOHVDQGUHJXODWLRQVDQG
appropriate adherence to global standards. The Board has the ultimate responsibility for setting and directing the Bank’s
compliance policy, overseeing implementation of its compliance program, and resolving compliance issues expeditiously
and effectively. The Senior Management is directly responsible for managing compliance by:

• Continuously assessing the effectiveness and appropriateness of the Bank Compliance Program
• Recommending changes in the Bank’s compliance policy, as necessary
• Taking immediate and appropriate mitigants and/or corrective actions if and when breaches occur

The compliance function is a shared responsibility among all Bank associates with oversight function from the
Risk Management Division, the Internal Audit Division and the Bank Compliance Division. UCPB maintains a comprehensive
Compliance Program reasonably designed to cover:

• Regulatory compliance risk management in the prevention and mitigation of failure to comply
with banking laws, rules and regulations;
• Corporate governance risk management in upholding high ethical standards of business conduct; and
• Reputation risk management in sustaining UCPB’s good market standing and public trust

U C P B 2 0 1 7 A N N U A L R E P O R T 63
 The UCPB Compliance Program includes the Bank’s Money Laundering and Terrorist Financing Prevention Program (MLPP)
that manifests its commitment to ensure strict compliance with the Philippine Anti-Money Laundering Act as revised,
and applicable international laws, prohibitions and restrictions. The MLPP provides for a risk-based approach to customer
LGHQWLÀFDWLRQJDWKHULQJ.QRZ<RXU&XVWRPHULQIRUPDWLRQGXHGLOLJHQFHDQGHQKDQFHGGXHGLOLJHQFHDVVHVVPHQWPHDVXUHV
LQWHUQDOFRQWUROVV\VWHPVDQGSURFHGXUHVUHFRUGNHHSLQJDQGDFFRXQWDELOLWLHV8&3%PDLQWDLQVDFHUWLÀHGDXWRPDWHG
V\VWHPWKDWHQDEOHVLWVEXVLQHVVXQLWVWRDFFXUDWHO\DQGHIÀFLHQWO\PRQLWRUFXVWRPHUDFFRXQWVDQGWUDQVDFWLRQVDQGUHSRUW
unusual or potentially suspicious activities.
On an ongoing basis, ORMD reviews and implements enhancements on existing process and methodologies to improve
current risk management environment. In 2017, the Bank’s Operational Risk Management Framework was revised to align
with the latest circular issued by BSP on Operational Risk.

Other risk management-related initiatives include:

• Enhanced Risk and Control Self-Assessment process

• Implementation of the Insurance Risk and Outsourcing Risk Assessments
• Ongoing risk awareness trainings and seminars to cover various ORM programs
• Continuous collection and build-up of a centralized operational risk loss data

,QIRUPDWLRQ7HFKQRORJ\,7ULVNVDQGLQIRUPDWLRQVHFXULW\LVVXHV have become progressively more complex

and pressing in years. The aspects of digital transformation are changing enterprise IT, enabling greater business agility,
but also creating a new set of cybersecurity challenges. The trend in cyber-attacks, intrusions, and other incidents on
computer systems and its users not only persist, but continue to increase in frequency and spread in magnitude.
To ensure that the Bank is consistent to the Information Security Management System (ISMS) principles regular review
of various technology and information security-related policies, guidelines and procedures is conducted. In 2017,
revisions to various documents were issued covering the following domains:

• Access Control
• Change Management
• Communications and Operations
• Information Asset Management
• Information Systems Lifecycle
• Human Resource Security
• Physical Security
• User Access Management

64 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
Risk Management Division have implemented provisions stipulated in BSP Circular 808 and other related circulars
to adopt additional effective measures in identifying and assessing risks associated with information security and the
use of technology. Regular review to improve the existing IT Risk Management Framework (ITRMF), IT Risk Control
Self-Assessment (IT RCSA) Policy and Information Security KRI Guidelines and Scoring Benchmark were likewise
PDGHLQ3DUWRIWKHDVVHVVPHQWPDGHLQLQFOXGHWKH,75&6$DFWLYLW\ZKLFKFRYHUVDVVHWLGHQWLÀFDWLRQ
and risk assessment process for all information and IT assets pertaining to the application/IT service being owned,
managed and accessed by the different units of the Bank.
Dissemination of updates on current IT threats, trends and related circulars were continuously performed
to strengthen the technology and security risk awareness of the Bank’s shareholders and associates.

B. Capital Measurement

The Bank currently utilizes the Basic Indicator Approach (BIA) to measure the regulatory capital for operational risk.
3XUVXDQWWRWKH%,$DSSURDFKWKHRSHUDWLRQDOULVNFDSLWDOFKDUJHZRXOGEHWKHÀ[HGSHUFHQWDJHRIRIWKHDYHUDJH
non-negative annual gross income for the past three years. The total operational risk-weighted assets (ORWA) would then
be computed by dividing the operational risk charge by the Capital Adequacy Ratio of 10%.

7DEOH67KUHH\HDU5:$DQG&RUUHVSRQGLQJ&DSLWDO5HTXLUHPHQW
In millions Php
C. Operational Risk   2015
Total Risk Weighted Assets Total Risk Weighted Assets Total Risk Weighted Assets
Consolidated Parent Bank Consolidated Parent Bank Consolidated Parent Bank
Using Basic Indicator Approach
Gross Income-Year 3 8,230.64 6,567.15 6,988.25 5,550.28 5,982.53 4,800.64
Gross Income-Year 2 8,500.04 6,905.68 8,230.64 6,567.15 6,988.25 5,550.28
Gross Income-Last Year 9,935.84 8,131.33 8,500.04 6,905.68 8,230.64 6,567.15

Year 3 Capital Charge 1,234.60 985.07 1,048.24 832.54 897.38 720.10

Year 2 Capital Charge 1,275.01 1,035.85 1,234.60 985.07 1,048.24 832.54
Last Year Capital Charge 1,490.38 1,219.70 1,275.01 1,035.85 1,234.60 985.07
Average Capital charge 1,333.33 1,080.21 1,185.95 951.16 1,060.07 845.90
Total Operational-Risk Weighted Assets 16,666.58 13,502.60 14,824.33 11,889.45 13,250.89 10,573.79
Capital Requirement for Operational Risk 1,666.66 1,350.26 1,482.43 1,188.94 1,325.09 1,057.38

C. 2SHUDWLRQDO5LVN$VVHVVPHQWDQG3URÀOH

,QRIWKHUHFRUGHGRSHUDWLRQDOORVVHYHQWVKDGORZÀQDQFLDOLPSDFWRIWKRXVDQGSHVRVRUORZHU
Compliance Risk accounted for the highest proportion of loss amount at 88% mainly due to the assessment and billing
of penalties for under compliance with the required allocation of Agri-Agra credits covering prior periods. The loss
amounts related to recorded incidents for the other risk types, particularly under Execution, Delivery and Process
Management and Damage to Physical Assets, remained low.

U C P B 2 0 1 7 A N N U A L R E P O R T 65
 7DEOH7'LVWULEXWLRQRI2SHUDWLRQDO/RVV$PRXQWVE\&DWHJRU\
  
&RPSOLDQFH5LVN 88.42% 32.95% 5.42%
/HJDO5LVN 5.90% 0.00% 0.00%
,QWHUQDO)UDXG 3.08% 0.63% 88.69%
([WHUQDO)UDXG 2.03% 47.37% 3.49%
([HFXWLRQ'HOLYHU\DQG3URFHVV0DQDJHPHQW 0.34% 15.26% 2.27%
'DPDJHWR3K\VLFDO$VVHWV 0.23% 3.79% 0.13%
100.00% 100.00% 100.00%
*Based on actual/booked losses for the covering years

Compliance Risk

Legal Risk

Internal Fraud

External Fraud

Execution, Delivery
and Process Management

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2017 2016 2015

66 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
7DEOH8'LVWULEXWLRQRI2SHUDWLRQDO/RVV(YHQWVE\&DWHJRU\
  
([HFXWLRQ'HOLYHU\DQG3URFHVV0DQDJHPHQW 41.07% 39.58% 66.10%
([WHUQDO)UDXG 25.89% 18.75% 1.69%
&RPSOLDQFH5LVN 14.29% 22.92% 27.12%
'DPDJHWR3K\VLFDO$VVHWV 14.29% 16.67% 3.39%
,QWHUQDO)UDXG 3.57% 2.08% 1.69%
/HJDO5LVN 0.89% 0.00% 0.00%
100.00% 100.00% 100.00%
*Based on actual/booked losses for the covering years

Execution, Delivery
and Process Management

External Fraud

Compliance Risk

Damage to Physical
Assets

Internal Fraud

Legal Risk

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2017 2016 2015

In 2017, the highest frequency of events with losses occurred under Execution, Delivery and Process Management
at 41% due to branch processing errors, mostly in the form of minimal shortages.

U C P B 2 0 1 7 A N N U A L R E P O R T 67
 9, 5(387$7,21$/5,6.

Reputational Risk refers to the impact on earnings or capital arising from negative public opinion. This risk may
H[SRVHWKH%DQNWROLWLJDWLRQÀQDQFLDOORVVRUDGHFOLQHLQLWVFXVWRPHUEDVH7KH%DQNFRQVLGHUVUHSXWDWLRQDOULVN
a primary factor in the success of the bank and achievement of its business goals.
The Bank maintains limited appetite in accepting risks that may potentially damage its reputation. In this regard,
the Bank takes every measure to manage reputational risk and continuously strives to ensure that appropriate
DQGHIIHFWLYHFRUSRUDWHJRYHUQDQFHDQGFRQWUROPHFKDQLVPVDUHÀUPO\LQSODFHDQGFRQWLQXRXVO\UHYLHZHGDQGXSGDWHG
as necessary.
The Bank has established a topdown approach in managing reputational risks with the Board of Directors through
the Corporate Governance Committee which provides bank-wide oversight. Issues that have the potential to materially
affect the Bank’s reputation are escalated to Senior Management and the BOD in a timely manner.
Managing reputational risk on a day-to-day basis remains the direct responsibility of the employees involved
in making decisions in their respective businesses or functions. Each employee is expected to deliver and perform their
functions consistent with the Bank’s goals, values and culture articulated through the Code of Conduct and supported
by the Bank’s policies and procedures.
,QDGGLWLRQWKH%DQNKDVLGHQWLÀHGLWVUHSXWDWLRQDOULVNGULYHUVDQGHQVXUHVWKDWWKHVHDUHPDQDJHGHIIHFWLYHO\
,QGHÀQLQJRWKHUULVNVWKH%DQNGHÀQHVVFHQDULRVRQZKDWFRXOGSRVVLEO\DIIHFWLWVRSHUDWLRQVSRVVLEOHDGYHUVH
market and political developments that could evolve into negative media/publicity exposure. It has developed
LWV5HSXWDWLRQDO5LVN0DQDJHPHQW0DQXDO500GHÀQLQJUHSXWDWLRQDOULVNVUROHRIWKH%RDUGRI'LUHFWRUV
Senior Management and bank employees, including risk management, monitoring and reportorial procedures.
$PRQJWKHPDMRUULVNHYHQWVLGHQWLÀHGWKDWSRVHFRQVLGHUDEOHUHSXWDWLRQDOULVNIRUWKH%DQNDUHWKHIROORZLQJ

a. Customer complaints
b. Legal cases
c. Business strategies/practices
d. ,QYROYHPHQWRIEDQNRIÀFHUVDQGDVVRFLDWHVRQLUUHJXODULWLHV
e. Systems failures and operational breakdowns
f. Labor issues
g. Anti-money laundering issues

The Bank has established action plans to detect and address possible reputational issues and determine which
issues can escalate to crisis events. Stories, mentions and opinions from print, broadcast and social media that could
cast the Bank in a bad light are closely monitored and when necessary, responded to through relevant channels.
All units have been instructed to immediately report rumors, negative feedback from clients and trade partners
and incidents that could attract negative media attention. External and internal communications of the Bank
is centralized with its Corporate Communications under the Marketing Group. Treasury and Branch Banking keep
a constant watch on liquidity and deposit levels.
The Bank undertakes corporate social responsibility projects that generate goodwill and enhance the Bank’s
public image. It also implements a continuing program of training and work-life balance activities for its employees
to enhance institutional pride, loyalty and support.

68 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 RISK MANAGEMENT
9,, 675$7(*,&5,6.

7KH%DQNGHÀQHVVWUDWHJLFULVNDVWKHIDLOXUHWRDFKLHYHEXVLQHVVSODQVGXHWRLPSURSHULPSOHPHQWDWLRQ
RIVWUDWHJLHVWKDWPD\KDYHVLJQLÀFDQWUHSHUFXVVLRQVRQWKH%DQN·VÀQDQFLDOSRVLWLRQUHSXWDWLRQFRPSHWLWLYHQHVV
or business prospects.
The BOD is responsible for strategic risk oversight thru the Management Committee and the Strategic Planning
and Analysis Division (SPAD) of the Financial Services Group. The functional departments and business units,
on the other hand, assist the Senior Management in strategy formulation.
The risk management function is carried out through several processes that include:
• ,GHQWLÀFDWLRQRISRWHQWLDOULVNVWKURXJKEXVLQHVVSODQQLQJDQGVFHQDULRDQDO\VLV
• 0RQLWRULQJRIEXVLQHVVSODQVDQGÀQDQFLDOSHUIRUPDQFHYHUVXVWDUJHWVWKURXJKWKH$VVHW
and Liability Committee, ROC and BOD
• Evaluation and feedback through the establishment of performance indicators
• Implementation of the performance evaluation system on Key Result Areas (KRAs)

The main strategic risk of the Bank is to build up its capital to comply with Basel III requirements.
7KH%DQNKDVUHOLHGFKLHÁ\RQLQWHUQDOFDSLWDOJURZWKDQGFDSLWDORSWLPL]DWLRQVWUDWHJLHVLQLPSURYLQJLWVFDSLWDOOHYHO
The 10-year Rehabilitation Plan is set to end on December 31, 2018. Part of the commitment under the plan
is the external re-capitalization to comply with BSP’s full implementation of Basel III requirements by 2018.
Initiatives towards this include the following:

1. Stockholders’ approval to increase the Bank’s authorized capital stock to accommodate required additional
capital in 2013
2. Executive Orders 179 and 180 (EO) were issued which covers UCPB’s Privatization by way of public bidding
ZLWK3ULYDWL]DWLRQ0DQDJHPHQW2IÀFH302DVWKHGLVSRVLWLRQHQWLW\
3. On May 2015, the public bidding was launched however, a Temporary Restraining Order (TRO) on EO 179
ZDVLVVXHGE\WKH6XSUHPH&RXUWEDVHGRQWKHSHWLWLRQÀOHGE\WKH&RQIHGHUDWLRQRIWKH&RFRQXW
Farmers, thus, the bidding has been suspended
4. On August 2017, the TRO was lifted by the Supreme Court
5. The Bank is still awaiting the next steps of the Department of Finance on UCPB’s privatization

9,,,758675,6.0$1$*(0(17

UCPB has a dedicated Trust Risk Management Unit (TRMU) responsible for managing the risks unique in the
Trust Banking Group.
TRMU ensures that the risks of Trust are managed as a whole. Key risk indicators are used to monitor changes
LQWKHULVNOHYHORIWUXVWFRYHULQJDUHDVLQFOXGLQJÀGXFLDU\DQGOHJDOPDUNHWFUHGLWDQGRSHUDWLRQDODQGRWKHUULVNV
7508LQGHSHQGHQWO\UHSRUWVWKH.5,DQGWKHULVNSURÀOHWRWKH7UXVW&RPPLWWHHDQGWKH5LVN2YHUVLJKW&RPPLWWHH
every month.
In 2017, Trust Risk Management Unit (TRMU) continued to enhance its processes by bringing in risk management
WRROVXWLOL]HGLQWKHEDQNSURSHUDQGÀWWLQJWKHVHWRROVIRUDSSURSULDWHXVHIRUWKH7UXVW%DQNLQJ*URXS
7KLVHQVXUHVWKDWDFRPPRQGHÀQLWLRQRIULVNVDQGULVNWRROVDUHDSSOLHGFRQVLVWHQWO\LQWKH%DQN,QDGGLWLRQ
TRMU sustained its active role in the development of the new Trust Banking System by providing risk models
and methodologies needed in the business.

U C P B 2 0 1 7 A N N U A L R E P O R T 69
 CORPORATE GOVERNANCE
ound corporate governance is a vital component of strategic management in sustaining the growth, stability,

S and success of UCPB. The Bank continues to inculcate a culture of good corporate governance throughout
the organization, sustain the highest standards of ethical conduct at all times, and uphold the principles
of transparency, accountability and fairness in all its business undertakings.
,QWKH3UHVLGHQWDQG&KLHI&RPSOLDQFHRIÀFHULVVXHGD&RPSOLDQFH6WDWHPHQWZKLFKVWDWHVWKDWWKH%DQNKDV
consistently complied with all applicable banking laws, rules and regulations, including directives from all pertinent
regulatory agencies.
UCPB’s Revised Corporate Governance Manual promotes and institutionalizes the principles of good governance
and professional practices within the UCPB Group.

, *29(51$1&(6758&785(

%2$5'2)',5(&7256
The Board of Directors is responsible for governing the business and affairs of the Bank, and exercising all
such powers pursuant to its Articles of Incorporation. While carrying out its duties and responsibilities, the Board
is committed to ensuring the highest corporate governance standards by undertaking to:

• Provide strategic leadership to the Bank

• Review, approve, and monitor the implementation of the Bank’s strategic business plans and policies
• (QVXUHDQHIIHFWLYHV\VWHPRILQWHUQDOFRQWUROVWKDWLGHQWLÀHVDQGPDQDJHVSULQFLSDOULVNVUHVXOWLQJLQRSHUDWLRQDO
HIÀFLHQF\DQGDVWDEOHÀQDQFLDOHQYLURQPHQW
• Foster corporate values and ethical principles in parallel with the goal to enhance shareholder value, and protect
WKHULJKWVRIÀQDQFLDOFRQVXPHUV
• Monitor and evaluate the performance of the Management team to ensure that the performance criteria
remains dynamic
• Formulate a succession plan to ensure business continuity

70 A DECADE OF GROWTH, REACHING NEW HEIGHTS

%2$5'&20326,7,21$1'6758&785(
Pursuant to the Bank’s by-laws, the “powers of the Bank shall be vested in and exercised, its business conducted,
and its property controlled by a Board of Directors composed of 15 members.”
It further states that: “The Board of Directors shall always act in the best interest of the Bank in a manner characterized
E\WUDQVSDUHQF\DFFRXQWDELOLW\DQGIDLUQHVV7KH%RDUGRI'LUHFWRUVYHVWHGZLWKWUXVWDQGFRQÀGHQFHVKDOOGLUHFWDQG
supervise the affairs of the Bank under its collective responsibility, exercise such powers and perform such functions as are
granted to it by law or reasonably necessary to accomplish the purpose or purposes for which the Bank is formed.”
The Board of Directors is headed by a Chairman who provides leadership and ensures an effective check and balance
in the functioning of the Board. This includes maintaining a relationship of trust with members of the Board of Directors.
He (1) ensures that the meeting agenda focuses on strategic matters including discussion on risk appetites, and key
governance concerns; (2) ensures a sound decision making process; (3) encourages and promotes critical discussion;
(4) ensures that dissenting views can be expressed and discussed within the decision-making process; (5) ensures that
members of the Board of Directors receives accurate, timely, and relevant information; (6) ensures the conduct of proper
RULHQWDWLRQIRUÀUVWWLPH'LUHFWRUVDQGSURYLGHWUDLQLQJRSSRUWXQLWLHVIRUDOO'LUHFWRUVDQGHQVXUHVFRQGXFW
of performance evaluation of the Board of Directors at least once a year.
Of the 14 incumbent members of the UCPB Board, President & CEO Higinio O. Macadaeg, Jr. is an Executive
Director, 12 Independent Directors and one is a non-executive and non-independent director. They meet the criteria
of independence as they are not involved in the day-to-day management of the Bank, nor do they participate in any of
LWVEXVLQHVVGHDOLQJV7KLVHQVXUHVWKDWWKH\UHPDLQIUHHRIDQ\FRQÁLFWRILQWHUHVWDQGFDQXQGHUWDNHWKHLUUROHVDQG
responsibilities in an effective manner.
All Incumbent directors each hold one qualifying share as representatives of the Republic of the Philippines (ROP).
The ROP is both the shareholder of approximately 75% and sequestrator of approximately 23% of the total outstanding
capital stock.

U C P B 2 0 1 7 A N N U A L R E P O R T 71
 BOARD OF DIRECTORS COMPOSITION AND STRUCTURE

Board of Advisory
Directors Council

Board
Committees

Corporate Risk
([HFXWLYH Audit Trust Governance 2YHUVLJKW

Compensation Related Party Coconut Farmers AML

and Renumeration /HJDO2YHUVLJKW Transactions 3URJUDP 2YHUVLJKW
Committee Development

The UCPB Board is complemented by an advisory DWOHDVWÀIW\SHUFHQWRIWKHQXPEHURI'LUHFWRUV

FRXQFLOFRPSRVHGRIÀYHPHPEHUV7KH$GYLVRU\&RXQFLO WREHDSSRLQWHG,QWKHHYHQWWKDWWKH3UHVLGHQWGRHVQRWVHH
was created by the Board on March 18, 2011 (Resolution ÀWWRDSSRLQWDQ\RIWKHQRPLQHHVLQFOXGHGLQWKHVKRUWOLVW
1R7KH&RXQFLOSURYLGHVDGYLFHDQGJXLGDQFH
to the Board on sensitive issues, especially as these relate
WRWKH%DQN·VUHODWLRQVKLSZLWKWKHJRYHUQPHQWDQGRWKHU
VWDNHKROGHUV,WLVFRPSRVHGRIDWOHDVWEXWQRWPRUH
WKDQPHPEHUVZKRDUHHQWLWOHGWRWKHVDPHULJKWV
SULYLOHJHVDQGEHQHÀWVDV'LUHFWRUVH[FHSWWKHULJKWWRYRWH
DWPHHWLQJV
SELECTION PROCESS FOR MEMBERS OF THE
BOARD OF DIRECTORS AND SENIOR MANAGEMENT
Pursuant to the GOCC Governance Act of 2011
WKH3UHVLGHQWDVNVWKH*&*WRVXEPLWDGGLWLRQDOQRPLQHHV
$OO$SSRLQWLYH'LUHFWRUVLQFOXGLQJWKRVHLQVXEVLGLDULHV
DQGDIÀOLDWHFRUSRUDWLRQVDUHTXDOLÀHGE\WKH)LWDQG3URSHU
Rule to be determined by the GCG in consultation and
FRRUGLQDWLRQZLWKWKHUHOHYDQWJRYHUQPHQWDJHQFLHVWRZKLFK
WKH%DQNLVDWWDFKHG7KHDSSRLQWPHQWVRIDOOPHPEHUVRIWKH
%RDUGPXVWEHFRQÀUPHGE\WKHPRQHWDU\ERDUG
7RPDLQWDLQWKHTXDOLW\RIPDQDJHPHQWRIWKH%DQN
WKH*&*LQFRRUGLQDWLRQZLWKWKHUHOHYDQWJRYHUQPHQW
DJHQFLHVDQGVXEMHFWWRWKHDSSURYDORIWKH3UHVLGHQW
SUHVFULEHVSDVVHVXSRQDQGUHYLHZVWKHTXDOLÀFDWLRQVDQG
5$1RRIWKHPHPEHUVRIWKH%DQN·V GLVTXDOLÀFDWLRQVRILQGLYLGXDOVDSSRLQWHGDVRIÀFHUVGLUHFWRUV
Board of Directors are appointed by the President of the RUHOHFWHG&(2RIWKH*2&&DQGGLVTXDOLÀHVWKRVHIRXQG
Philippines from a shortlist of nominees prepared by the XQÀW,QGHWHUPLQLQJZKHWKHUDQLQGLYLGXDOLVÀWDQGSURSHU
*RYHUQDQFH&RPPLVVLRQIRU*2&&V*&*$OOQRPLQHHV WRKROGWKHSRVLWLRQRIDQRIÀFHU'LUHFWRURU&(2RIWKH
included in the list submitted by the GCG to the President *2&&GXHUHJDUGLVJLYHQWRRQH·VLQWHJULW\H[SHULHQFH
VKRXOGPHHWWKH)LWDQG3URSHU5XOHDVGHÀQHGLQ5$ HGXFDWLRQWUDLQLQJDQGFRPSHWHQFH
1RDQGVXFKRWKHUTXDOLÀFDWLRQVZKLFKWKH*&*PD\ 7KHUHPDLQLQJIRXU'LUHFWRUVDUHSHQGLQJÀQDO
GHWHUPLQHWDNLQJLQWRFRQVLGHUDWLRQWKHXQLTXHUHTXLUHPHQWV UHVROXWLRQRIWKHRZQHUVKLSRIDSSUR[LPDWHO\RIWKH
RIWKH%DQN7KH*&*HQVXUHVWKDWWKHVKRUWOLVWH[FHHGVE\ RXWVWDQGLQJVKDUHVQRPLQDWHGE\WKH3UHVLGHQWE\YLUWXH

72 A DECADE OF GROWTH, REACHING NEW HEIGHTS


of the writs of sequestration issued by the Presidential
Commission on Good Government (PCGG) over said shares.
Further, under the Bank’s Financial Assistance
Agreement (FAA) with the government, the PDIC and the
DOF may each nominate eight (8) and three (3) of the
15 Directors, respectively. Appointive Directors serve for a
term of one year from July 1 to June 30 of the succeeding
year, and continue in a hold-over capacity until their
successor is appointed in accordance with R.A. No. 10149.
All members of the Management Committee are
selected by the President and CEO. The appointment
RI RIÀFHUV ZLWK WKH UDQN RI 6HQLRU 9LFH 3UHVLGHQW DV ZHOO
DV WKH &KLHI $XGLW ([HFXWLYH WKH &KLHI 5LVN 2IÀFHU
WKH &KLHI 7UXVW 2IÀFHU WKH &KLHI &RPSOLDQFH 2IÀFHU DQG
WKH 7UHDVXUHU UHJDUGOHVV RI UDQN UHTXLUHV WKH FRQÀUPDWLRQ
of the Bangko Sentral ng Pilipinas.
48$/,),&$7,216$1'75$,1,1*
$V WKH JRYHUQLQJ ERG\ RI D PDMRU ÀQDQFLDO SURYLGHU
the Board recognizes that its Members must have the
appropriate skill set, as well as the necessary knowledge,
experience and commitment, to effectively contribute
towards the growth and expansion of the Bank.
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Board Members are required to be responsive to the
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Directors attend corporate governance seminars conducted
by accredited government or private institutions prior to,
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In 2017, the Board Members attended the
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to the Philippines” conducted by Dr. Cielito F. Habito.
Several Directors also attended the “Corporate Governance
Orientation Program” and “Finance for Directors”
conducted by the Institute of Corporate Directors.
In addition, the Board Members are continually
SURYLGHG EULHÀQJV RQ PDUNHW WUHQGV DQG GHYHORSPHQWV
the Philippine and global economic outlook, anti-money
laundering initiatives, Bangko Sentral ng Pilipinas
circulars, and other banking-related issues, as needed.
In-house and external training programs are also
SURYLGHG WR VHQLRU RIÀFHUV WR IXUWKHU H[SDQG DQG
strengthen their areas of expertise, update them on
regulatory matters, bring in new ideas and practices to
the organization, and expand their network. These local
and international training programs include technical
training programs, conferences and conventions.
CORPORATE GOVERNANCE
3(5)250$1&((9$/8$7,21
Consistent with the principles of good corporate
governance, the Board conducts an annual self-
assessment of its performance. The process involves
numerical rating of major components of the Board -
the Board of Directors (25%), the Chairman (10%),
the Directors of the Board (15%), Board meetings (25%),
and Board Committees and Issues (25%); based on each
'LUHFWRU·VSHUVRQDOHYDOXDWLRQRIVSHFLÀFFRUSRUDWH
governance mechanisms and practices.
Overall, the Board’s self-rating in 2017 indicates full
compliance with the best practices in corporate governance.
The Board similarly conducts an annual evaluation
of the performance of the President and CEO against
established performance targets. For this purpose, the Board
meets in executive session without the presence of the
President and CEO to deliberate on his performance.
Additionally, the Board regularly reviews management
reports and information on corporate and business issues
to assess the Bank’s performance against business targets
and objectives.
5(081(5$7,2132/,&<
%RDUGRI'LUHFWRUV
Executive and non-executive directors’ fees and
allowances for Board and committee meetings are compliant
with memorandum circulars issued by the PCGG. They are
DOVRHQWLWOHGWRKHDOWKDQGLQVXUDQFHEHQHÀWV
6HQLRU0DQDJHPHQW
The President and CEO’s remuneration is determined
by an annual evaluation of his performance against
standards approved by the Board of Directors and noted by
the Secretary of the Department of Finance. The standards
FRQVLGHUWKH%DQN·VÀQDQFLDOSHUIRUPDQFHDQGWKH3UHVLGHQW
and CEO’s display of effective leadership behaviors.
On the other hand, the remuneration for the 4 most
KLJKO\FRPSHQVDWHGRIÀFHUVLVEDVHGRQDQDQQXDOUHYLHZ
of their performance which considers the attainment
of targets in their individual Key Results Area and the
manifestation of leadership behaviors.
5(7,5(0(17$1'68&&(66,2132/,&<
Appointive Directors serve for a term of one
(1) year from July 1 to June 30 of the succeeding year
and continue to serve in a hold-over capacity until their
successor is duly appointed.
Members of the Board of Directors are not entitled
WRDQ\UHWLUHPHQWEHQHÀWVDQGWKHUHLVQRSUHVFULEHG
age limit for Directors.
U C P B 2 0 1 7 A N N U A L R E P O R T 73
 The Bank sustains a culture of excellence by
developing next-in-line leaders to be competent in
assuming senior management positions. Through the
Talent Pipeline Management program, it ensures an
DGHTXDWHWDOHQWEHQFKWRÀOOLQFULWLFDOOHDGHUVKLSSRVLWLRQV
Under this program are the following:
• Succession Management program for middle
WRVHQLRUPDQDJHPHQWRIÀFHUVWRDVVXPH
leadership positions
• High Potentials Management program for middle
management positions
7KHPDQGDWRU\UHWLUHPHQWDJHIRUDOO%DQNRIÀFHUV
DQGVWDIILQFOXGLQJVHQLRURIÀFHUVLV\HDUVROG
%2$5'0((7,1*6$1'',5(&7256·$77(1'$1&(
The Board holds regular monthly meetings on the
last Thursday of each month. It holds special meetings
to discuss developments or issues that require expeditious
action in between the scheduled regular meetings.
In 2017, the Board held 14 meetings to discuss
EXVLQHVVVWUDWHJLHVÀQDQFLDOSHUIRUPDQFHPDWWHUV
pertaining to compliance and governance, as well as
reports on matters deliberated by Board Committees and
their recommendations. Board meetings are carried out
systematically and strategically, with the Chairman of
the Board engaging all the Directors and ensuring their
active participation in the discussions and deliberations.
Attendance rate in all meetings has been satisfactory,
with an average of 92% of the Directors in attendance
in each of the 14 Board meetings held in 2017.

$WWHQGDQFHDW%RDUG0HHWLQJVLQ
%RDUGRI'LUHFWRUV    3.30           TOTAL
Higinio O. Macadaeg, Jr. P P P P P P P P P P P P P P 14
Nilo D. Abellera, Sr. 1 P P P 3
Mao K. Andong, Jr. P P P P P P P P P P P P P P 14
Jesus L. Arranza, P P P A P P P P P P P P P P 13
Arthur A. Bautista P P P P P A P P P P P P P P 13
Filemon S. Cimafranca, Jr. P P P P P P P P P P P P P P 14
David P. Corpin * P P P P P P P A A A A A A A 7
Victor P. de La Serna, Jr. 2 P P P P P P P P P P P 11
Nicanor C. Gabunada, Jr. 2 P P P P P P A P P A P 9
Primitivo Y. Garcia, III P P P P P P A P P P P P P P 13
Ramon L. Macasaet 3
P P P P P P P P P P 10
John B. Llamas P P P P P P P P P P P P P P 14
Danilo V. Pulido P P P P P P P P P P P P P A 13
John Y. Young P A P P P P P P P A P P P P 12
Menardo R. Jimenez 4 P P P P P P P P 8
Nilo T. Divina 5 P P P P 4
Oscar C. Solidor 6 P P P 3
Efren M. Villaseñor 6 P P P 3

$GYLVRU\&RXQFLO
Roberto B. Tan 7 P P P P P P P P P P P P 12
Karen S. Singson
(Alternate: Antonette C. P P A P P P A P P P P A A P 10
Tionko)
Oscar C. Solidor 6 P P P P P P P P P P P 11
Efren M. Villaseñor 6 P P P P P P P A P A P 9
Jovencio R. Zuño P P P P P P P P P P P P P P 14
Cristina Q. Orbeta 8 P P 2
* On medical leave starting July 2017
1
Elected as Director on September 28, 2017
2
Elected as Director on February 23, 2017
3
Elected as Director on March 30, 2017
4
Resigned as Director on August 31, 2017
5
Resigned as Director on March 30, 2017
6
Resigned as Director and Elected as Adviser on February 23, 2017
7
Elected as Adviser on February 23, 2017
8
Resigned as Adviser on February 23, 2017

74 A DECADE OF GROWTH, REACHING NEW HEIGHTS


%2$5'0$7(5,$/6
Agenda folders are distributed to the members
RIWKH%RDUGDQGWKH$GYLVHUVDWOHDVWÀYHGD\VEHIRUH
a scheduled meeting.
%2$5'&200,77((6
The Board also functions through committees that
KDQGOHVSHFLÀFUHVSRQVLELOLWLHV$VVLVWLQJWKH%RDUGLQLWV
governance tasks are the following committees:
• Corporate Governance
• Audit
• Risk Oversight
• Related Party Transactions
• Treasury Oversight
• Anti-Money Laundering Oversight
$XGLW&RPPLWWHH
In turn, the following Management Oversight Units
report directly to the respective Board Committees:
• Compliance
• Internal Audit
• Risk Management
The following are the Board Committees with their
respective responsibilities and membership:
([HFXWLYH&RPPLWWHH
• The Executive Committee assists in the general
supervision, administration and management
of the Bank. It is composed of four members
of the Board of Directors, including the President
and CEO.
• It reviews, considers and approves credit proposals
within its approving authority. It formulates
recommendations to the Board, for consideration
and approval, relating to strategies, credit and
debt restructuring, borrowings and expenditures,
acquisition and disposal of key assets, issuance of
and investment in securities, technology and
operational concerns, changes to organization
and key management, changes to policies,
manuals and bank regulations, and other matters
requiring Board approval which are not within the
purview of other Board Committees.
• It reports to the Board of Directors all actions taken
by the Committee, subject to revision or alteration,
provided that rights of third parties are not affected
or prejudiced thereby.
CORPORATE GOVERNANCE
• The Executive Committee held 46 regular meetings
in 2017.
No. of
Member Name
Attendance
Higinio O. Macadaeg, Jr., Chairman 42
Jesus L. Arranza 36
Arthur A. Bautista 42
Primitivo Y. Garcia III 40
Nicanor C. Gabunada Jr. 38
Advisers:
Roberto B. Tan 1 38
Cristina Q. Orbeta 2 20
1
Elected effective February 23, 2017
2
Resigned from the Bank February 23, 2017
• The Audit Committee oversees that the auditing,
DFFRXQWLQJÀQDQFLDOPDQDJHPHQWSULQFLSOHV
and practices are in line with international
and Philippine best practices and conforms
to legislative and regulatory requirements.
Its principal objectives shall be:
• To assess the completeness and fairness of the
SUHVHQWDWLRQRIWKHÀQDQFLDOVWDWHPHQWVDQG
ÀQDQFLDOUHSRUWVRI8&3%WRVKDUHKROGHUVDQG
regulators.
• To monitor the implementation of the internal
audit program including the assessment
of business, operational, compliance,
reputational, control and fraud risks,
risk management, governance
and related policies.
• To monitor and advise the Board of Directors
with respect to Internal Audit Division’s annual
operating and capital expenditures budget, and
• To review and endorse for the approval of the
Board of Directors, the recommendation of
Management on the selection of the bank’s
independent external auditors; consider the
independence of the external auditor and
provide input on the scope of their work.

U C P B 2 0 1 7 A N N U A L R E P O R T 75
 • The Audit Committee held 29 regular meetings &RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHHIRUPHUO\
in 2017. &RFRQXW)DUPHUV3URJUDP'HYHORSPHQW&RPPLWWHH
• The Coconut Farmers Program Development
No. of Committee supports and assists in the development
Member Name
Attendance DQGLPSOHPHQWDWLRQRILPSDFWSURMHFWVEHQHÀFLDO
Danilo V. Pulido, Chairman 28 to the small and marginalized coconut farmers.
Filemon S. Cimafranca 1 22 • The Committee was renamed to Corporate Social
John B. Llamas 29 Responsibility (CSR) Committee on November 23, 2017
Ramon L. Macasaet 2 12 (Board Resolution No. 706A-2017).
Victor P. de la Serna Jr. 2 11 • The CSR Committee spearheads the formulation
Nilo T. Divina 3 3 and implementation of the Bank’s initiatives to
Advisers: contribute to national development and other CSR
Roberto B. Tan 4 10 programs of the Bank thereby promoting the welfare
Cristina Q. Orbeta 5 3 of underprivileged sectors of society. This focuses
1
Elected effective February 23, 2017
2
Elected effective May 23, 2017 primarily on small coconut farmer communities
3
Resigned from the Committee effective February 23, 2017 and other marginalized communities through the
4
Elected effective February 23, 2017
6
Resigned from the Bank effective February 23, 2017 active involvement and participation of the Bank’s
associates in such initiatives and the prudent and
$QWL0RQH\/DXQGHULQJ$0/2YHUVLJKW&RPPLWWHH expedient allocation of the Bank’s other resources.
• The AML Committee oversees the Bank’s compliance For the Bank’s Corporate Social Responsibility
with Philippine anti-money laundering laws, rules and initiatives, please see page 26.
regulations, and applicable global practices. It ensures • The Committee held 10 meetings in 2017.
that related bank policies, systems and procedures are
appropriate, and the required expertise are adequate No. of
Member Name
for this purpose. Attendance
• The AML Committee was abolished on May 23, 2017 Mao K. Andong, Chairman 10
(Board Resolution No. 315-2017) and its oversight Jesus L. Arranza 8
function for anti-money laundering concerns was Ramon L. Macasaet 1 4
transferred to the Related Party Transactions Filemon S. Cimafranca Jr. 7
Committee. David P. Corpin 6
• The AML Committee held 5 regular meetings in 2017. Arthur A. Bautista 2 1
John B. Llamas 3 5
No. of Higinio O. Macadaeg Jr. 2
Member Name Nicanor C. Gabunada Jr 3 4
Attendance
Primitivo Y. Garcia III, Chairman 5 Victor P. de la Serna Jr 3 3
Arthur A. Bautista 4 Advisers:
Filemon S. Cimafranca 5 Jovencito R. Zuño 9
Danilo V. Pulido 4 Efren M. Villaseñor 4 10
Ramon L. Macasaet 1 2 Oscar C. Solidor 4 10
Nilo T. Divina 2 1 1
Elected effective May 23, 2017
2
Elected effective November 23, 2017
Advisers: 3
Resigned from the Committee effective May 23, 2017
Jovencito R. Zuño 4 4
Resigned from the Board and elected
Cristina Q. Orbeta 3 1 as Adviser effective May 23, 2017
1
Elected effective March 30, 2017
2
Resigned from the Bank effective March 30, 2017
3
Resigned from the Bank effective February 23, 2017

76 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 CORPORATE GOVERNANCE
&RPSHQVDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH • The Corporate Governance Committee held
• The Committee reviews, evaluates, and recommends 11 regular meetings in 2017.
WRWKH%RDUGWKHEHQHÀWSODQVDQGFRPSHQVDWLRQ
policy for the Bank and wholly owned subsidiaries. No. of
Member Name
• The Compensation and Remuneration Committee Attendance
held 4 meetings in 2017. Danilo V. Pulido, Chairman 11
Higinio O. Macadaeg, Jr. 6
No. of Mao K. Andong, Jr. 11
Member Name Jesus L. Arranza 1 5
Attendance
Higinio O. Macadaeg, Jr. 4 Ramon L. Macasaet 2 6
Arthur A. Bautista 3 Victor P. de la Serna, Jr. 6
John Y. Young 2 Nilo D. Abellera, Sr. 3 2
Nilo D. Abellera, Sr. 1 1 Adviser:
Jesus L. Arranza 2 1 Cristina Q. Orbeta 4 1
Primitivo Y. Garcia III 2 1
Resigned from the Committee effective May 23, 2017
Victor P. de la Serna, Jr. 3 1
2
Elected effective March 30, 2017
3
Elected September 28, 2017
Menardo R. Jimenez 4 4 4
Resigned from the Bank effective February 23, 2017
Adviser
Cristina Q. Orbeta 5 1 /HJDO2YHUVLJKW&RPPLWWHH
1
Elected effective September 28, 2017 • The Committee advises the Board on policies and
2
Elected effective May 23, 2017
3
Resigned from the Committee effective May 23, 2017 guidelines in legal case management, including the
4
Resigned from the Bank effective August 31, 2017 adoption of legal strategies in important cases for
5
Resigned from the Bank effective February 23, 2017
or against the Bank. It oversees the monitoring,
&RUSRUDWH*RYHUQDQFH&RPPLWWHH supervision and handling of cases by the Bank’s
• The Committee assists the Board in promoting external counsels, as well as by its internal lawyers.
the principles of good corporate governance – • The Legal Oversight Committee held 10 regular
transparency, accountability and fairness – in the meetings in 2017.
conduct of UCPB’s business engagements and
consumer relationships and those of the UCPB Group. No. of
Member Name
The Committee recommends to the Board policies and Attendance
improvement that are consistent with the regulations Primitivo Y. Garcia III, Chairman 10
and directives of the BSP, the Securities and Exchange Jesus L. Arranza 7
Commission, and the Philippine Stock Exchange, Filemon S. Cimafranca, Jr. 10
David P. Corpin 6
and other pertinent regulatory bodies, as well as
Victor P. de la Serna, Jr. 5
internationally recognized industry practices.
Nilo T. Divina 1 3
• It recommends the composition and chairmanship
Adviser:
of various Board Committees, and enhancement
Jovencito R. Zuño 10
of the respective charters, and oversees the periodic
1
Resigned from the Bank effective March 30, 2017
performance evaluation of the Board, its members,
and various Committees.
• In coordination with the Bank Compliance Division,
the Committee pursues the continuing education
of the Board members in consideration of
required training as Directors and their respective
memberships in Board Committees.

U C P B 2 0 1 7 A N N U A L R E P O R T 77
 5HODWHG3DUW\7UDQVDFWLRQV537&RPPLWWHH • The Risk Oversight Committee held 10 meetings in 2017.
• The Committee assists the Board in ensuring that
direct and indirect non-credit transactions with related No. of
Member Name
parties are handled in a sound and prudent manner, Attendance
at arm’s-length, with transparency and integrity, Higinio O. Macadaeg, Jr.,
and in compliance with applicable laws and consistent 3UHVLGLQJ2IÀFHU 8
with BSP Circular No. 749, as amended. David Corpin 1 5
• The Committee oversees intra-group transactions John Llamas 2 8
Nicanor Gabunada 2 2
EHWZHHQWKH%DQNLWVVXEVLGLDULHVDQGDIÀOLDWHG
Nilo Abellera 3 1
entities, including special purpose entities, and other
Danilo Pulido 7 2
entities that the Bank controls or have control over
Menardo R. Jimenez 6 7
the Bank.
Advisers:
• The RPT Committee held 8 meetings in 2017.
Oscar Solidor 4 10
Roberto Tan 2 7
No. of Cristina Orbeta 5 1
Member Name
Attendance 1
Elected effective January 26, 2017
Victor P. de la Serna Jr. 1, Chairman 2 2
Elected effective February 23, 2017
Mao K. Andong Jr. 1 3 3
Elected effective November 23, 2017
4
Resigned from the Board and elected
John B. Llamas 2 6 as Committee adviser effective February 23, 2017
Filemon S. Cimafranca Jr. 3 3 5
Resigned from the Bank effective February 23, 2017
Arthur A. Bautista 4 6
6
Resigned from the Bank effective August 31, 2017
7
Elected effective September 14, 2017
Primitivo Y. Garcia III 7
Nilo D. Abellera, Sr. 3 0
7UHDVXU\2YHUVLJKW&RPPLWWHH
David P. Corpin 5 2
• The Committee assists the Board in ensuring that
1
Elected to the Committee on May 23, 2017
and elected as Chair effective November 23, 2017 adequate policies, risk management systems and
2
Resigned from the Committee effective May 23, 2017 internal controls are in place to ensure that the
and re-elected effective September 28, 2017
3
Elected effective November 23, 2017 treasury activities are undertaken with prudence,
4
Resigned from the Committee May 23, 2017 integrity and in line with good business practices.
5
Resigned from the Committee effective November 23, 2017
• The Treasury Oversight Committee held 3 meetings
in 2017.
5LVN2YHUVLJKW&RPPLWWHH
• Primarily responsible for the development of the risk
No. of
policies and oversight of the risk management program Member Name
Attendance
of the Bank, its subsidiaries, and its trust unit. Arthur A. Bautista, Chairman 3
It is composed of six Board members who possess Primitivo Y. Garcia, III 1 3
varied range of knowledge and expertise in the Bank’s John B. Llamas 3
risk exposures, its management and/or avoidance. Danilo V. Pulido 3
• The Committee is also responsible for the development Higinio O. Macadaeg, Jr. 1
of the appropriate strategies in identifying, Ramon L. Macasaet 2 2
quantifying, managing, and controlling risk exposures, Nilo D. Abellera, Sr.3 1
including preventing and/or minimizing the impact of Adviser:
losses as they occur. It oversees the implementation Roberto B. Tan 4 2
and review of the Bank’s risk management system on 1
Resigned from the Committee effective May 23, 2017
an integrated enterprise-wide basis to ensure that and re-elected effective November 23, 2017
2
Elected effective May 23, 2017
it remains effective, authority limits are observed, 3
Elected effective September 28, 2017
and immediate corrective actions are taken whenever
4
Elected effective February 23, 2017
limits are breached or risk events occur. It also
GHYHORSVDQGLPSOHPHQWVDZULWWHQSODQGHÀQLQJWKH
strategies for managing and controlling the major risks.

78 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 CORPORATE GOVERNANCE
7UXVW&RPPLWWHH &RQVXPHU3URWHFWLRQ3UDFWLFHV
• The Committee manages the Bank’s trust and UCPB is committed to full compliance with banking
ÀGXFLDU\DFWLYLWLHV,WUHYLHZVDQGDSSURYHV laws and regulations, and adherence to global standards
WUDQVDFWLRQVEHWZHHQWUXVWDQGRUÀGXFLDU\ regarding customer relationships, particularly the privacy
accounts, the investment, reinvestment and of customer information, and consumer protection from
disposition of funds or property; offering of new unfair business practices, any form of discrimination,
products and services; establishment and renewal and hazards to health and safety. The UCPB Financial
RIOLQHVDQGOLPLWVZLWKÀQDQFLDOLQVWLWXWLRQV Consumer Protection policies and standards adequately
investment outlets and counterparties; and accepts address consumer rights - the rights to choose, to be informed,
DQGFORVHVWUXVWRWKHUÀGXFLDU\DFFRXQWV WREHKHDUGDQGWRHGXFDWLRQE\RIIHULQJÀQDQFLDOFRQVXPHUV
• 7KH&RPPLWWHHFRQVLVWVRIÀYHPHPEHUVRIWKH an array of products and services suitable to their needs and
Board, including the Chairman who acts as Chair purposes, as well as providing them training/awareness,
of the Committee, the President and CEO, and the WKDWHQDEOHWKHPWRHQJDJHLQDQLQFOXVLYHÀQDQFLDO
&KLHI7UXVW2IÀFHU,QFRPSOLDQFHZLWK6HF; system which protects their rights and interests. The UCPB
of the MORB, no member of the Trust Committee sits Financial Consumer Protection Program (FCPP) provides
concurrently as a member of the Audit Committee. a comprehensive and focused approach to consumer
• The Trust Committee held 11 meetings in 2017. protection, making it an important priority at all operating
OHYHOVRIWKH%DQN,WUHTXLUHVVSHFLÀFDWWHQWLRQWR
No. of consumer protection at all stages of customer relationship
Member Name
Attendance across the organization, covering customer service,
Higinio O. Macadaeg, Jr., information security, advertising and marketing, education
10
3UHVLGLQJ2IÀFHU
Nicanor C. Gabunada Jr. 1 8 and training, compliance testing, risk management,
Mao K. Andong Jr. 2 6 and audit review. The UCPB FCPP Manual embodies the
Ramon L. Macasaet 3 2 Bank’s policy and framework consisting of the structure,
Menardo R. Jimenez 4 7 standards, responsibilities, and mechanisms in protecting
Nilo T. Divina 5 2 WKHULJKWVRIÀQDQFLDOFRQVXPHUV
Advisers: The Board of Directors is ultimately responsible for the
Roberto B. Tan 1 5 development and continuing improvement of the UCPB’s
Efren M. Villaseñor 6 8 consumer protection policy and strategy. The Board exercises
Cristina Q. Orbeta 7 1 effective oversight over the implementation of the UCPB
1
Elected effective February 23, 2017 Consumer Protection Program which serves as the mechanism
2
Elected effective May 23, 2017 to ensure compliance with the Bank’s consumer protection
3
Elected effective March 30, 2017 and resigned effective
May 23, 2017 policy and strategy. It is responsible for maintaining a sound
4
Resigned from the Bank effective August 31, 2017 Consumer Protection Risk Management System (CPRMS)
5
Resigned effective March 30, 2017
6
Resigned from the Board and elected as Committee that is integrated into the overall framework for the Bank’s
adviser effective February 23, 2017 business operation and life-cycle of products and services.
7
Resigned from the Bank effective February 23, 2017
It periodically reviews the effectiveness of the CPRMS,
*29(51$1&(32/,&,(6$1'0(&+$1,606 LQFOXGLQJKRZÀQGLQJVDUHUHSRUWHGLQDWLPHO\DQG
acceptable manner, and whether the audit mechanisms
The Bank has in place the following policies governing in place provide adequate oversight. The Board oversees
various operations of the Bank: the performance of Senior Management in managing the
day-to-day consumer protection activities of the Bank,
and ensures that weaknesses in the CPRMS are addressed
and corrective actions are taken in a timely manner.

U C P B 2 0 1 7 A N N U A L R E P O R T 79
 The Senior Management is responsible for the
implementation of the consumer protection polices
approved by the Board. It directly manages the day-to-day
consumer protection activities of the Bank and provides
adequate resources and personnel that are devoted to
the consumer protection program of the Bank. The Bank
Compliance Division (BCD) coordinates with concerned
EDQNXQLWVDQGDVVRFLDWHVIRUWKHHIÀFLHQWLPSOHPHQWDWLRQ
of the Bank’s Consumer Protection Program. To provide a
more comprehensive and focused approach to customer
(QYLURQPHQWDO,QLWLDWLYHV
The Bank promotes sustainable development through
its 5S program which not only implements a productive,
safe, clean and well-organized workplace but also
corrects and eliminates waste, thereby contributing
to environmental conservation. The Bank also practices
HQHUJ\FRQVHUYDWLRQ,WFKDQJHGWKHOLJKWLQJÀ[WXUHV
DWWKH+HDG2IÀFHDQGEUDQFKHVWRHQHUJ\VDYLQJ
light bulbs.
It also recycles paper to help save trees, and keeps
SURWHFWLRQD&XVWRPHU$VVLVWDQW2IÀFHU&$2SHU
GLYLVLRQGHSDUWPHQWEUDQFKXQLWRUH[WHQVLRQRIÀFH
is designated to handle customer requests for assistance.
The CAO will have the authority to investigate,
provide feedback, resolve and recommend improvements
and their respective branch/unit’s service and operations,
in a timely manner.
UCPB customers are provided several channels to
communicate their concerns with the Bank: Customer
Relations Center, phone, email, Facebook and Twitter
and any UCPB branch.
All feedback received from any of the channels are
handled carefully, with urgency and documented properly.
A set timeline in handling simple, moderate and complex
complaints is being observed. Results of the investigation
are properly explained to the satisfaction of customers.
Alternatively, customers are given an option to elevate
their concerns to the BSP Financial Consumer Protection
Department. All BSP-referred customer concerns are
responded on or before the due date set by the BSP.
Complaints are being monitored and submitted monthly
to Risk Oversight Committee and Corporate Governance
Committee to ensure that reputational and operational
lapses are addressed fully and in a timely manner.
The action taken on the complaint is communicated
to the client within the required timeframe. The same report
is shared with Marketing Group as guide for product and
service enhancements.
The customer satisfaction level is measured annually
through the Customer Satisfaction Survey (CSS) conducted
by Market and Customer Research Department. The results
of the CSS are part of the associates’ annual performance
appraisal rating. Suggestions and comments obtained from
the survey are also used to improve customer service.
80 A DECADE OF GROWTH, REACHING NEW HEIGHTS
FORVHZDWFKRILWVRIÀFHVXSSOLHVLQYHQWRU\WRHOLPLQDWH
wastefulness. Aside from this, it is also moving towards
a paperless environment through the estatement project,
GRFXPHQWPDQDJHPHQWV\VWHPDQGRWKHUZRUNÁRZEDVHG
VROXWLRQVDLPHGDWUHGXFLQJSULQWHGFRSLHVÀOHVDQGIROGHUV
storage/archives, and the movement/transmittal of
documents from one area to another.
The Bank also continues to sustain its reforestation site
inside the critical Upper Marikina River Protected Landscape
Watershed located in Brgy Boso-Boso, Antipolo, Rizal. UCPB
also partnered with Haribon Foundation and participated
in a tree planting activity in a portion of Mt. Banahaw–San
Cristobal in San Pablo, Laguna in 2017.
3ROLF\RQ&RQÁLFWRI,QWHUHVW
'LUHFWRUVDQGRIÀFHUVPXVWEHOR\DOWRWKH%DQNDW
all times. They shall not directly or indirectly derive any
SHUVRQDODQGRUEXVLQHVVSURÀWRUDGYDQWDJHE\UHDVRQ
of their position in the Bank. The interest of the Bank
and its shareholders must be promoted in all instances,
and personal and business interests of Directors and
RIÀFHUVVKRXOGQHYHUSUHYDLORYHULW
:KLVWOHEORZLQJ3ROLF\
UCPB’s Whistleblowing Policy promotes commitment
towards accountability and transparency by encouraging
and enabling employees to report an actual or suspected
wrongdoing against UCPB in good faith and in an
environment free from retaliation through a protected
misconduct reporting mechanism. This ensures that
appropriate, fast and coordinated actions are taken in
response to the reports. The policy also promotes legal and
ethical organizational behavior by assigning responsibility
to concerned Bank units. Ultimately, the policy protects
the bank stakeholders and contributes to maintaining the
credible reputation of the Bank and the banking industry.

3HUVRQDO,QYHVWPHQW3ROLF\
Associates of the UCPB Group may purchase and sell
investments for their personal or family accounts at their
own risk as long as these transactions are consistent with
applicable laws and regulations. All investment decisions
must be based solely upon publicly available information.
&DUHVKRXOGEHH[HUFLVHGWRDYRLGDQ\FRQÁLFWRILQWHUHVW
RUDSSHDUDQFHRIFRQÁLFWZLWKWKHDFWLYLWLHVRI8&3%
or its subsidiaries. Associates in the UCPB Trust Banking
Group, Treasury Banking Group, Corporate and Consumer
Banking Group, UCPB Securities, Inc. and all other units
in the Bank with similar business operations are covered by
this policy.
5HODWHG3DUW\7UDQVDFWLRQV
Transactions between and among related parties
FUHDWHÀQDQFLDOFRPPHUFLDODQGHFRQRPLFEHQHÀWVWR
individual institutions and to the entire groups where such
institutions belong. As such, at UCPB related party transactions
are generally allowed provided these are conducted on an
arm’s length basis and treated in the same manner as unrelated
party transactions under similar circumstances. The Bank has
developed and implements the UCPB Related Party Transaction
(RPT) Policy that requires continuing evaluation and monitoring
of related-party transactions, and prescribes appropriate
measures, standards, and control systems to prevent RPTs and
similar engagements that may be disadvantageous to the Bank
and its stakeholders.
0$7(5,$/5(/$7('3$57<75$16$&7,216
As of December 31, 2017
1DWXUH 7HUPV &RQGLWLRQV
Loans & Receivables up to 14 years; up to 6% pa
Lease contract 5 years
Insurance Contracts (various) 1 year
Domestic Standby Letters of Credit
up to 1 year
(Contingent)
Total
CORPORATE GOVERNANCE
The RPT Committee evaluates all material RPTs to
ensure that these are not undertaken on terms more
favorable than similar transactions with non-related parties
and that appropriate disclosure is made and/or information
are provided to regulatory agencies relating to the Bank’s
RPT exposures. The Committee ensures that transactions
with related parties, including write-off of exposures,
are subject to periodic independent review.
It evaluates existing relationships between and among
businesses and counterparties in order to identify and
monitor RPTs, including changes in relations thereof.
The Committee also oversees the implementation
of the Bank’s system for identifying, monitoring, and
reporting RPTs, endorses material RPTs for approval
of the Board, notes all approvals of RPTs that do not
cross the materiality threshold set by the Bank, and
regularly reports to the Board on the status and aggregate
exposures to related parties, including the total amounts
of exposures to all related parties of the Bank.
As of December 31, 2017, total exposure of UCPB
to its related parties group of entities amounted
to P71.64 Billion.
2ULJLQDO$PRXQW 2XWVWDQGLQJ%DODQFHV
1,724,324,949.67 1,652,876,640.08
9,235,200.00 9,235,200.00
44,667,013.82 44,667,013.82
206,668,687.00 206,668,687.00
 
U C P B 2 0 1 7 A N N U A L R E P O R T 81
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82 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 CORPORATE GOVERNANCE
Remuneration and Incentive Policy • &ORWKLQJDOORZDQFHIRURIÀFHUVDQGXQLIRUP
UCPB provides rewarding careers by maintaining IRUUDQNDQGÀOHHPSOR\HHV
FRPSHWLWLYHFRPSHQVDWLRQDQGEHQHÀWVSURJUDPIRU • /HDYHVYDFDWLRQVLFNPDWHUQLW\SDWHUQLW\
HPSOR\HHV7KHUHPXQHUDWLRQSROLF\RI8&3%DSSOLHV VRORSDUHQWDQGVSHFLDOOHDYHIRUZRPHQ
WRDOOHPSOR\HHVLQFOXGLQJLWV6HQLRU2IÀFHUV • 0HGLFDO%HQHÀWVKRVSLWDOL]DWLRQDQGRXWSDWLHQW
7KHUHODWLYHYDOXHRIHDFKMREDQGFRUUHVSRQGLQJ EHQHÀWVIRUHPSOR\HHVDQGGHSHQGHQWVVSHFLDOPHGLFDO
SD\OHYHOVDUHGHWHUPLQHGE\DFRPSHWHQF\EDVHGMRE
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receive annual merit increases based on a targets-based
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compensation policies and recommends changes through
WKH&RPSHQVDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHIRU
HQGRUVHPHQWWRWKH%RDUGRI'LUHFWRUVIRUDSSURYDO
2QWRSRIWKHVDODULHV8&3%HPSOR\HHV
LQFOXGLQJLWV6HQLRU2IÀFHUVDOVRHQMR\RWKHU
FRPSHQVDWLRQDQGEHQHÀWV
• %RQXVHVXSWRWKHWKPRQWKIRURIÀFHUV
DQGXSWRWKPRQWKIRUUDQNDQGÀOHHPSOR\HHV
• 2YHUWLPHSD\IRUUDQNDQGÀOHHPSOR\HHV
• 5LFHVXEVLG\IRUUDQNDQGÀOHHPSOR\HHV
PROGRAM
CASA Incentive
Fee Incentive
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Collection and Asset Recovery
Treasury
Trust
Customer Service
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9DULDEOH&RPSHQVDWLRQIRU3URGXFW&RRUGLQDWRUV
Bancassurance Incentive
These incentive programs are reviewed and approved annually by the President and CEO.
DVVLVWDQFHIRUGUHDGHGGLVHDVHVPDWHUQLW\VXEVLG\
• )LQDQFLDO$VVLVWDQFH/RDQVDWDIIRUGDEOHWHUPV
and minor subsidies
• 5HWLUHPHQWEHQHÀWVEDVHGRQWHQXUHDQGVDODU\
WRSURYLGHÀQDQFLDOVHFXULW\DIWHUWKHHPSOR\HHV·
GHGLFDWHGVHUYLFHWRWKH%DQN
$GGLWLRQDOEHQHÀWVDUHDOVRJLYHQWRTXDOLÀHGRIÀFHUV
LQWKHIRUPRIZHOOQHVVDOORZDQFHFDUSODQDQGFDUOHDVH
DQGDOORZDQFHVIRUFDUUHSDLUPDLQWHQDQFHDQGJDVROLQH
)RUWKH%DQN·VVDOHVIRUFHFDVKEDVHGLQFHQWLYH
programs are in place to reward those who exceed their
TXDUWHUO\DQGDQQXDOWDUJHWVVHWE\WKH%DQN%HORZLVD
VXPPDU\RIWKH%DQN·VLQFHQWLYHSURJUDPV
DESCRIPTION
Quarterly and annual incentive given to branches that exceed
their CASA targets.
Quarterly and annual incentive given to branches that exceed
WKHLUIHHWDUJHWV
4XDUWHUO\DQGDQQXDOLQFHQWLYHJLYHQWREUDQFKHVDQG&RQVXPHU%DQNLQJ
$VVRFLDWHVWKDWH[FHHGWKHLUWDUJHWVIRUFRQVXPHUORDQSURGXFWV
Quarterly and annual incentive given to Collection and Recovery
DVVRFLDWHV ZKR FRQVLVWHQWO\ DFKLHYHG WKHLU FROOHFWLRQUHFRYHU\
targets within the year, and obtained the highest average collection
SHUFHQWDJHWDUJHWKLJKHVWDFFXPXODWHGSRLQWVIRUUHFRYHU\ZLWKLQ
WKHTXDUWHU
Quarterly and annual incentive given to branches and Treasury
%DQNLQJDVVRFLDWHVWKDWH[FHHGWKHLUWDUJHWIRU7UHDVXU\SURGXFWV
4XDUWHUO\DQGDQQXDOLQFHQWLYHJLYHQWREUDQFKHVDQG7UXVW%DQNLQJ
DVVRFLDWHVWKDWH[FHHGWKHLUWDUJHWIRU7UXVWSURGXFWV
$QQXDO$ZDUGJLYHQWREUDQFKHVUHJLRQVDQGKHDGRIÀFHXQLWVWKDW
receive the highest ratings in external customer surveys.
$QQXDO$ZDUGJLYHQWR%DQNXQLWVWKDWUHFHLYHWKHKLJKHVWUDWLQJV
in internal customer survey.
4XDUWHUO\LQFHQWLYHJLYHQWR3URGXFW&RRUGLQDWRUVIRUHYHU\
P1 million increment over and above the minimum volume goal.
&DVKLQFHQWLYHLVJLYHQIRUHYHU\VXFFHVVIXOUHIHUUDORIDQ
associate. Quarterly and annual incentives are given to top
UHIHUUHUVDQGXQLWVWKDWH[FHHGWKHLUIHHWDUJHWV
U C P B 2 0 1 7 A N N U A L R E P O R T 83
 &RGHRI&RQGXFW
The UCPB Group is keenly aware that its customer
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HYHQDVOLJKWHURVLRQRIFXVWRPHUFRQÀGHQFHKRZHYHU
momentarily, not only impairs the Bank’s ability to
grow but also endangers its very existence. At all times,
therefore, the UCPB Group seeks to safeguard its
reputation and protect its integrity. It conducts its
operation with transparency and in strict compliance with
the law and regulatory requirements. All UCPB Group
associates are expected to live up to these same stringent
standards both inside and outside the workplace.
As representatives of the institution, they carry the name
RI8&3%(YHU\DFWLRQWKH\WDNHUHÁHFWVRQWKHHQWLUH
institution. All employees are given a copy of the
Code of Conduct and their compliance is monitored
through the Annual Performance Management System of
the Bank. The UCPB Group Code of Conduct serves as
guide to the associates in their dealings with customers,
trade partners, colleagues and the general public.
It lays down the norms of conduct in accordance with
UCPB Group’s core values of fairness, accountability and
transparency.
'DWD3URWHFWLRQ&RPPLWPHQW
Customer privacy is of utmost importance to us.
At UCPB we are committed to safeguard the personal and
account information of our customers, protect them from
data corruption, compromise or loss, ensure information
security, and use them only as customers would want
us to, or as law allows. We assure our customers that their
SHUVRQDOLQIRUPDWLRQZLWKXVDUHKHOGVWULFWO\FRQÀGHQWLDO
and will be used discreetly and professionally in offering
personal and proactive products and services that
respond to their diverse needs, advising them about other
opportunities, and in addressing inquiries and concerns.
84 A DECADE OF GROWTH, REACHING NEW HEIGHTS
6HOI²$VVHVVPHQW)XQFWLRQ
The Board oversees the internal controls of the Bank
through the Board-level audit, corporate governance and
risk oversight committees. It regularly approves and oversees
the implementation of policies governing major areas of the
Bank’s operations. It also reviews these policies, evaluate
control functions (e.g., internal audit, risk management and
compliance) with senior management to determine areas for
LPSURYHPHQWDQGSURPSWO\LGHQWLI\DQGDGGUHVVVLJQLÀFDQW
risks and issues.
&RPSOLDQFH
The compliance function is independent from the
business activities of the Bank and is governed by a
Compliance Charter as approved by the Board of Directors.
It carries out its responsibilities on its own initiative
in all groups, divisions or departments where compliance
risk exists. It has access to all operational areas as well as
DQ\UHFRUGVRUÀOHVQHFHVVDU\WRHQDEOHLWWRFDUU\RXWLWV
duties and responsibilities, including the right to conduct
investigations of possible breaches of the compliance policy,
directly reports to or has direct access to the Board of
Directors or to the appropriate Board-level committee.
The Compliance Division advises the Board and
Senior Management and apprise bank associates
on relevant laws, regulatory rules, standards and
compliance issues. It acts as a contact point within the
Bank for compliance issues. It establishes written guidance
on the appropriate implementation of related laws,
rules and policies, assesses the appropriateness of the
Bank’s compliance procedures and guidelines, formulates
proposals as necessary, test and monitors bank units’
compliance to regulatory rules by performing representative
compliance testing, and maintains a constructive working
relationship with regulatory agencies and bodies.

$XGLW
The Internal Audit Division (IAD) is an independent unit
that reports directly to the Board of Directors through the
Audit Committee. The internal audit structure and processes
are aimed at enhancing and protecting the organizational
value by providing independent, objective assurance and
consulting activities.
IAD evaluates the effectiveness of the Bank’s risk
management and governance processes and provides
reasonable assurance that the Bank’s internal controls
are effective, appropriate, and complied with.
Using a risk-based approach, IAD periodically audits
EUDQFKHVKHDGRIÀFHOHQGLQJ,QIRUPDWLRQ7HFKQRORJ\
and other support units, as well as IT application systems of
the Bank. Results of assessments are communicated to the
appropriate level of management for proper disposition.
To develop competence, the Bank provides for
the continuing professional and personal development
of internal auditors through training, seminars,
DQGSURIHVVLRQDOFHUWLÀFDWLRQV7KHVHDUHDOVRDLPHG
at keeping the internal auditors abreast with new laws
and regulations, and the current developments in
governance, risk, information technology and control
processes.
The Chief Audit Executive (CAE) works closely with
the Audit Committee in maintaining an effective internal
DXGLWIXQFWLRQ7KH&$(UHSRUWVVLJQLÀFDQWLVVXHVUHODWHG
to units and processes audited, including recommended
improvements to these processes. The CAE periodically
provides information on the status of the annual internal
DXGLWSODQDQGWKHVXIÀFLHQF\RI,$'UHVRXUFHV
The CAE meets and maintains close coordination
with the CAEs of the Bank’s subsidiaries to discuss
internal audit strategies, methodology, scope,
and quality assurance measures.
CORPORATE GOVERNANCE
IAD maintains, reviews, and assesses the
appropriateness and adequacy of its Manual
and Charter annually. The results of the periodic
assessment and any revisions are communicated
and approved by the Audit Committee.
IAD maintains a quality assurance and improvement
program that covers all aspects of the internal audit
function. The program includes an evaluation of
the internal audit activity’s conformance with the
International Professional Practices Framework
(the “Standards”) issued by the Institute of Internal
Auditors and an evaluation whether internal auditors
comply with the Code of Ethics. The program also
DVVHVVHVWKHHIÀFLHQF\DQGHIIHFWLYHQHVVRILQWHUQDODXGLW
DFWLYLW\DQGLGHQWLÀHVDUHDVIRULPSURYHPHQW
An internal assessment is conducted on an ongoing
basis while an external assessments is conducted by
DTXDOLÀHGH[WHUQDOTXDOLW\DVVHVVRUDWOHDVWRQFHHYHU\
ÀYH\HDUV7KHUHVXOWVRIWKHLQWHUQDODQGH[WHUQDO
assessments are presented to the Audit Committee.
In 2013, the independent assessment conducted by
the Institute of Internal Auditors showed that the Bank’s
internal audit activity “Generally Conforms” with the
Standards. The next external assessment is scheduled by
fourth quarter of 2018. The Bank is undertaking these
assessments to demonstrate IAD’s continuing compliance
with the Standards.
',9,'(1'32/,&<
Dividends shall be declared and paid out of the surplus
SURÀWVRIWKH%DQNDVRIWHQDQGDVVXFKWLPHDVWKH
Board of Directors may determine and in accordance with
the provisions of law and of the BSP rules and regulations.
However, the Bank has not declared any dividends in
view of its current capital position. Under the Financial
Assistance Agreement with the PDIC, the declaration,
distribution and payment of cash or stock dividends to
stockholders of UCPB and its Subsidiaries shall require prior
written approval of PDIC.
U C P B 2 0 1 7 A N N U A L R E P O R T 85
CORPORATE INFORMATION
COPROTAERNANCE
ORGANIZATIONAL STRUCTURE
AS OF DECEMBER 31, 2017
BOARD OF DIRECTORS

Trust Audit Treasury Oversight Risk Management

Committee Committee Committee Committee

PRESIDENT AND CEO

Higinio O. Macadaeg, Jr.

TRUST BANKING GROUP INTERNAL AUDIT DIVISION RISK MANAGEMENT DIVISION

SVP Ma. Elena S. Sarmiento FVP Pinky S. Derequito FVP Ryan B. Butalid

Trust Operations Division

VP Delia E. Merle

Asset & Liability

Management Remedial Accounts Credit
Committee
Committee Committee Committee
(ALCO)

UCPB SAVINGS BANK

UCPB SECURITIES, INC. UCPB LEASING AND
President
President FINANCE CORPORATION
Lizette Margaret
Vincent K. De Leon President Gerard M. Aguirre
Mary J. Racela

CORPORATE AND COMMERCIAL

BRANCH BANKING GROUP CONSUMER BANKING GROUP TREASURY BANKING GROUP OPERATIONS GROUP
BANKING GROUP
EVP Edmond E. Bernardo FVP Philip S. Pabelico EVP Eulogio V. Catabran III SVP Arnel A. Valles
SVP Franco P. Magalong

Corporate and Commercial Real Estate Loans Debt Capital

Branches Loans Operations Division
Banking Division Department Marketing Department
VP Benjamin P. Apan
VP Maria Pia P. Lagtapon FVP Arturo I. Lipio

Branch Banking Asset Management Trading Department International

Auto Loans Department
Support Division and Disposition Division FVP Vittorio Raoul M. Gomez Banking Division
VP Crisanty Jorge L. David
VP Noel T. Calalang VP Raymond C. Alonzo AVP2 Justiniano M. Babate

Branch Marketing Fund Management Treasury

Personal Loans Department Operations Division
Support Department Department
VP Kristine Marie G. Cuevas AVP1 Amie F. Balan
AVP1 Armida M. Garcia-Kilin VP Manuel C. Madridejos

Bancassurance Metro Manila Clearing Center

Services Department Business Center AVP1 Voltaire
VP Merline S. Dela Cruz VP Carolina O. Zavala Alexander L. Galang

Consumer Finance Central Operations

Business Center Support Department
VP Victor C. Dela Cruz M2 Anilyn U. Agbuya

Reconciliation
Department
M1 Aileen A. Andaya
 2IÀFHRIWKH&256(&
SVP Ildefonso R. Jimenez

Corporate Compensation and Corporate Social Legal Related Party

Executive
Governance Renumeration Responsibility Oversight Transaction
Committee
Committee Committee Committee Committee Committee

BANK COMPLIANCE DIVISION

FVP Arturo D. Sayao, Jr.

Loan Asset Management

Committee Committee

CORPORATE CONGLOMERATE CREDIT MANAGEMENT

SERVICES DIVISION SECURITY AND RECOVERY DIVISION
VP Victor Ruben L. Tuason VP Elpidio B. Misolas, Jr. FVP Joji S. Norico

INFORMATION TECHNOLOGY MARKETING GROUP

FINANCIAL SERVICES GROUP HUMAN RESOURCES GROUP LEGAL SERVICES GROUP AND METHODS GROUP VP Charina C.
SVP Cynthia A. Almirez VP Stella Maria A. Fulgencio SVP Marianne M. Guerrero FVP Randall Rogelio de la Cruz-Balanquit
A. Evangelista
Product Management and
Information Security Dept.
Strategic Planning Recruitment and Lending Investment and Sales Department
FVP Randall Rogelio
and Analysis Division Engagement Department Marketing Department AVP2 Mary Erica Ruth
A. Evangelista
FVP Margarita A. Guadines AVP2 B. Franco C. Loyola FVP Maria Angelica L. Rayel Viviane C. Diago
(Concurrent)

Marketing Services
Controllership Division Organizational Branch, Trust and Consulting and Development Department
VP Crisologo F. Sagnip Development Department Operations Department Services Department AVP1 Rona Lisa
AVP1 Maria Yvette B. Conde FVP Hilda B. Guzman VP Janette L. Tempongco M. Gorayeb-Velasco

Employee Services Remedial & Enforcement IT Support and

Department Department Compliance Department
M2 Marianela J. Puzon VP Cesar G. David VP Gil V. Obias

Customer Quality
Consumer Loans and Data Center Services
Management Division
Replevin Department Department
VP Stella Maria A. Fulgencio
VP Jonathan M. Acosta VP Jones J. Jones
(Concurrent)

Productivity and Methods

VP Irma C. Surtida

Technical Services
Department
AVP2 Omar P. Pineda
 BOARD OF DIRECTORS

DANILO V. HIGINIO O. NILO D. DATU MAO K. JESUS L. ARTHUR A. ATTY. FILEMON S.

PULIDO MACADAEG, JR. ABELLERA, SR. ANDONG, JR. ARRANZA BAUTISTA CIMAFRANCA, JR.
ACTING CHAIRMAN PRESIDENT AND DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR
AS OF MARCH 26, 2018
CHIEF EXECUTIVE OFFICER

88 A DECADE OF GROWTH, REACHING NEW HEIGHTS

ATTY. DAVID P. ATTY. VICTOR P. NICANOR C. ATTY. PRIMITIVO Y. JOHN B. RAMON L. JOHN Y.
CORPIN DE LA SERNA, JR. GABUNADA, JR. GARCIA III LLAMAS MACASAET YOUNG
DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR DIRECTOR

Previous members of the Board of Directors in 2017 were Chairman Menardo R. Jimenez
and directors Jeronimo U. Kilayko, Atty. Nilo T. Divina, Atty. Karlo Marco P. Estavillo,
Roberto M. Macasaet, Jr. and Imelda S. Singzon.

U C P B 2 0 1 7 A N N U A L R E P O R T 89
 PROFILES OF THE BOARD OF DIRECTORS
'$1,/2938/,'2
Independent Director since March 2011
Acting Chairman of the Board since March 2018
Filipino, 76
Mr. Pulido is Chairman of Emilia Properties, Inc. and a
Director of UCPB Savings Bank. He held senior executive positions
at Philippine National Bank, Philippine Exchange Company,
and the National Investment and Development Corporation.
He obtained a Master of Business Administration degree and
Bachelor of Science in Business Administration, both from the
University of the Philippines.
As of December 31, 2017, he holds 1 share representing the
Republic of the Philippines.
+,*,1,220$&$'$(*-5
Executive Director since March 2011
President and CEO since October 2016
Filipino, 58
As President and CEO, Mr. Macadaeg is concurrently
Chairman of UCPB Savings Bank; UCPB Leasing and
Finance Corporation; and UCPB Securities, Inc., Greenhomes
Development Corp. and Balmoral Resources Corp. He also serves
as Director of UCPB Properties, Inc., United Foreign Exchange
Corporation, United Coconut Planters Life Assurance Corp.
(COCOLIFE), UCPB General Insurance Company, Inc.
(UCPB GEN), Coconut Industry Investment Fund (CIIF)
Foundation and Coconut Industry Investment Fund (CIIF)
Finance and Development Corp. He has been with UCPB
for 15 years, having joined the Bank in 2003 as Chief Credit
2IÀFHUDQG&UHGLWDQG6XSHUYLVLRQ*URXS+HDGEHIRUHEHLQJ
promoted as Executive Vice President, Corporate and Consumer
Banking Group Head in 2011. He has 37 years of experience
in banking, including senior executive positions in Equitable
PCI Bank, Metropolitan Bank and Trust Company, Solid Bank
Corporation, Standard Chartered Bank, and Citytrust Banking
Corporation. He took an Advanced Management Training Program
at Wharton School, University of Pennsylvania and earned his
Bachelor of Science in Management from the Ateneo de Manila
University.
As of December 31, 2017, he holds 1 share representing the
Republic of the Philippines.
1,/2'$%(//(5$65
Independent Director since September 2017
Filipino, 71
Mr. Abellera, Sr. brings over 40 years of experience in
banking, broadcasting and government service, having held
supervisory positions in BPI for 16 years before serving as Davao
City Councilor. He also served as DXRA radio station manager
of RMC Broadcasting Corporation Davao as well as consultant
WRWKH2IÀFHRIWKH'DYDR&LW\0D\RU+HZDVOLNHZLVH
Philippine Councilors League treasurer, Philippine Coast Guard
Auxiliary commandant, and Davao Jaycees Senate President.
He completed his degree in Business Administration, major in
Banking and Finance at the University of the East.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
'$780$2.$1'21*-5
Independent Director since November 2005
Filipino, 66
Mr. Andong is the National Chairman of the Kaunlaran
ng mga Magsasaka at Manggagawa ng Pilipinas and the
South & West Mindanao Coconut Farmers Congress. He
concurrently serves as Director of UCPB Savings Bank and
90 A DECADE OF GROWTH, REACHING NEW HEIGHTS
the Kaunlaran Magsasaka, Inc. He is also National President
of the Coconut Peasants’ Reform Alliance, Vice President of
the Mindanao Pambansang Koalisyon ng mga Samahan ng
Magsasaka at Manggagawa sa Niyugan, and council member
of the Confederation of Coconut Farmers Organization of the
Philippines. Prior to this, he held various government positions.
He obtained a Bachelor of Arts degree in Economics at the
Gregorio Araneta University Foundation.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
-(686/$55$1=$
Independent Director since April 2013
Filipino, 75
Mr. Arranza is Chairman of the Federation of Philippine
Industries Anti-Smuggling Committee, the Coconut Oil
5HÀQHUV$VVRFLDWLRQDQGWKH)LJKW,OOLFLW7UDGH+HLVDOVR
an Independent Director of the Philippine Electricity Market
Corporation and a consultant at the Dangerous Drugs Board,
and the National Bureau of Investigation. He is host and radio
commentator on DZAR 1026, founding Chairman of the ASEAN
Vegetable Oils Club, former Chairman of the United Coconut
Association of the Philippines, and former director of the UCPB
CIIF Foundation and UCPB CIIF Finance Corporation. He is
DOVRWKHIRUPHU3UHVLGHQWDQG&KLHI([HFXWLYH2IÀFHURI&,,)
Oil Mills Group. He was a professor at the University of the
East-Graduate School for Public Administration. He held an
Executive position in the International Oil Factory. He obtained
a Doctor of Humanities (Honoris Causa), a master’s degree
in Public Administration, and a Bachelor of Arts in Economics
degree, all from the University of the East.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
$57+85$%$87,67$
Independent Director since March 2011
Filipino, 67
Mr. Bautista is Chairman of the Board, President, and
&KLHI([HFXWLYH2IÀFHURI7LPHERXQG7UDGLQJ,QFDQG6DYR\
Watches. He is also the President and Founder of Kuya’s at
the Fort and Kuya’s in Quezon City and Jed and Julian’s.
He was President and Founder of First Federal Consultants
Corporation, and Sorbetes Pinoy. He held senior executive
positions at the Bank of the Philippine Islands, Citytrust Banking
Corporation, Financial Transaction Corporation, USA, and Fil-
Pride Philippines. He is a candidate for a Masters in Business
Administration at the De La Salle Graduate School of Business
and obtained a Bachelor of Science in Business Administration
degree from the De La Salle University.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
$77<),/(0216&,0$)5$1&$-5
Independent Director since November 2016
Filipino, 70
Atty. Cimafranca is a Managing Partner of FDC &
&R/DZDQGD&RQVXOWDQWWRWKH2IÀFHRIWKH'LUHFWRU1DWLRQDO
Bureau of Investigation. He is also the Chairman of the Davao
City Council, Boy Scouts of the Philippines and concurrently
Chairman of Eastern Mindanao Region, Boy Scouts of the
Philippines; and Director and Legal Counsel of the Philippine
Shooters Match Operators Confederation. He was a Consultant
IRUWKH3XEOLF2UGHUDQG6HFXULW\DWWKH2IÀFHRIWKH0D\RU
Davao City; Special Counsel and Mindanao Region Legal Head
of the Philippine National Bank; Interpol agent of the National
Bureau of Investigation; Clerk Stenographer at the Dauis, Bohol
Municipal Court and past President of the Kiwanis Club of
Sarangani Bay. He obtained his Bachelor of Laws and Bachelor
of Arts in Political Science, both from the Holy Name University.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
$77<'$9,'3&253,1
Independent Director since November 2016
Filipino, 87
Atty. Corpin is also a Director of LBP Insurance Brokerage,
Inc. - Land Bank of the Philippines. He held various executive
positions in the government namely Director at the Philippine
Amusement and Gaming Corporation; Vice Chairman and
Administrator of the Overseas Workers Welfare Administration;
Member of the National Maritime Training Council; Assistant
to the Secretary at the Department of Labor; Special Assistant
to the Commissioner at the Commissioner of Customs; Special
Assistant to the Chairman of the Social Security Commission;
Lawyer and Assistant at the Philippine Tobacco Administration,
Department of Agriculture and Natural Resources and Examiner-
LQ&KDUJHRIWKH1R'ROODU,PSRUW2IÀFH'HSDUWPHQWRI
7UDGHDQG,QGXVWU\3DVWDIÀOLDWLRQVLQFOXGH5XUDO%DQNHUV
Association of the Philippines, Zamboanga Del Sur Rice and
&RUQ0LOOHUV$VVRFLDWLRQ$VLD3DFLÀF5HJLRQDO$JULFXOWXUH&UHGLW
Association, Philippine Executive Academy Alumni Association,
and Rotary Club of Zamboanga City. He obtained his Bachelor
of Laws degree from the Far Eastern University and Public
Administration degree from the Philippines Executive Academy
of the University of the Philippines.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
$77<9,&7253'(/$6(51$-5
Independent Director since February 2017
Filipino, 51
Atty. de La Serna is a practicing lawyer handling collection
and labor cases. He was also a Partner at the Molaer and De La
6HUQD/DZ2IÀFHV7ULDO/DZ\HUDWWKH%ULOODQWHV/DZ2IÀFHDQG
/HJDO2IÀFHUDWWKH%XUHDXRI,PPLJUDWLRQ+HDOVRVHUYHGDV
$VVRFLDWH$WWRUQH\DWWKH/RSH]/DZ2IÀFH/HJDO5HVHDUFKHU
at the House of Representatives, In-House Counsel at the AFP
General Insurance Corporation, and Legal Counsel
at Delbros, Inc. He obtained his Bachelor of Laws at the
University of the East and Bachelor of Arts in Political
Science at the San Sebastian College.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
1,&$125&*$%81$'$-5
Independent Director since February 2017
Filipino, 58
0U*DEXQDGDLVWKH&KLHI([HFXWLYH2IÀFHURI/RXGHU3K
Inc. and Managing Partner of Gabunada and Associates.
He has held various senior positions, namely as Chief
([HFXWLYH2IÀFHURI2PQLFRP0HGLD*URXS3KLOLSSLQHV
President of ZOO Mobile Marketing Solutions; Marketing
and Network Programming Consultant of INTV Marketing
and Productions; Senior Vice President for Integrated Sales
& Marketing of ABS-CBN Broadcasting Corporation;
Vice President for Research and Business Analysis of
ABS-CBN; Program Director of Pharmaceutical and Health
Care Association of the Philippines; and General Manager of
The Nielsen Company (formerly Pulse Research Group).
He obtained his Bachelor of Science in Management
Engineering degree, Magna Cum Laude, from Ateneo de
Davao University and his Masters in Industrial Economics
IURPWKH8QLYHUVLW\RI$VLDDQGWKH3DFLÀF
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
$77<35,0,7,92<*$5&,$,,,
Independent Director since March 2012
Filipino, 63
Atty. Garcia is the President of the Prince Group of
Companies; and Administrator and General Counsel of Zosima
Incorporated. He was formerly a President and Member of the
Rotary Club of Makati South. Currently, he is the President of the
La Salle Greenhills Lawyers League, Inc. and a Member of the
Philippine Bar Association. Atty. Garcia is also a Director of UCPB
Securities, Inc. and UCPB Leasing and Finance Corporation.
He obtained his Bachelor of Laws degree from the Ateneo
de Manila University and his Bachelor of Arts degree Major in
Economics from De La Salle University.
As of December 31, 2017, he holds 1 share representing the
Republic of the Philippines.
-2+1%//$0$6
Independent Director since October 2016
Filipino, 69
Mr. Llamas is the Managing Partner of Elysivm Management
and Consultancy. He was formerly a Consultant of Multi-Orient
0DQSRZHU 0DQDJHPHQW6HUYLFHV,QF6SHFLDO3URMHFWV2IÀFHU
of the Oriental Ship Management Co., Inc. and Finance Manager
RI'DPHFR&RUS'DYDR&LW\+HDOVRVHUYHGDV$FFRXQW2IÀFHU
Appraiser and Credit Investigator of the Bank of the Philippine
Islands; and Bookkeeper, Credit Investigator and Appraiser
at Philippine Veterans Bank. He has a Bachelor of Science in
Business Administration degree, Major in Accounting from the
University of the East.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
5$021/0$&$6$(7
Independent Director since March 2017
Filipino, 59
Mr. Macasaet is an entrepreneur engaged in agricultural
and aquatic business. He served in various positions at the
Zamboanga Special Economic Zone and Freeport Zone Authority
(Zamboanga Ecozone) including Finance Department Manager
II, Budget Division Chief II, Administrative Division Chief II, and
Treasury Division Chief II. He also held various branch personnel
roles at Security Bank. He completed his Bachelor of Science in
Business Administration from Ateneo de Zamboanga University.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
-2+1<<281*
Independent Director since March 2011
Filipino, 72
0U<RXQJLV3UHVLGHQWDQG&KLHI([HFXWLYH2IÀFHU
of Ginza Restaurant Inc., President of JEDCOR Inc.;
Wander Lanes Travel Co., Inc.; and Victor D. Young
Enterprises. He obtained his Bachelor of Science in Commerce
degree from the University of San Carlos, Cebu.
As of December 31, 2017, he holds 1 share representing
the Republic of the Philippines.
U C P B 2 0 1 7 A N N U A L R E P O R T 91
 ADVISORY COUNCIL

GRACE KAREN S. SINGSON OSCAR C. SOLIDOR ROBERTO B. TAN

EFREN M. VILLASEÑOR ATTY. JOVENCITO R. ZUÑO ATTY. ILDEFONSO R. JIMENEZ

CORPORATE SECRETARY

92 A DECADE OF GROWTH, REACHING NEW HEIGHTS

PROFILES OF ADVISORY
COUNCIL MEMBERS
*5$&(.$5(166,1*621 ()5(109,//$6(f25
Adviser since November 2016 Adviser since February 2017
Filipino, 39 Filipino, 62
Ms. Singson was appointed as Adviser in her capacity Mr. Villaseñor was Chairman of the Confederation of
as Undersecretary for Privatization of the Department of Coconut Farmers Organization of the Philippines; National
)LQDQFH'2)6KHVHUYHGDV&KLHIRI6WDIIXQGHUWKH2IÀFH
RIWKH)LQDQFH6HFUHWDU\DQG&KLHI3ULYDWL]DWLRQ2IÀFHU
RI'2)·V3ULYDWL]DWLRQDQG0DQDJHPHQW2IÀFH
She is a Chartered Financial Analyst, and a Member
of the New York and Boston Society of Security Analysts.
She obtained her Master in Business Administration degree
from the Harvard Business School, and a Bachelor’s degree in
Economics and International Relations from Brown University.
26&$5&62/,'25
Adviser since February 2017
Filipino, 54
Mr. Solidor was Secretary of the Confederation of Coconut
Farmers Organizations of the Philippines, Inc., Council Member
of the Pambansang Koalisyon ng mga Samahang Magsasaka
at Manggagawa sa Niyugan, Secretary-General of Lakas
ng Magsasakang Pilipino, Chairman of the Alyansa sa mga
Timawang Mag-uugmad sa Amihanang Mindanao, and a Member
of the Bishop-Ulama-Priest-Pastors-Farmers-Lumad Conference,
Caraga Conference for Peace and Development, Council of
Leaders of Pambansang Kilusan ng mga Samahang Magsasaka at
Manggagawa sa Niyugan. He obtained a Bachelor of Science in
Agriculture degree from the Central Mindanao University.
52%(572%7$1
Adviser since February 2017
Filipino, 64
Mr. Tan was appointed as Adviser in his capacity as
President and CEO of the Philippine Deposit Insurance
Corporation (PDIC). Before joining PDIC, he served as the
Treasurer of the Philippines for two terms, and concurrently
VHUYHGDVWKH2IÀFHULQ&KDUJHRIWKH,QWHUQDWLRQDO)LQDQFH
Group of the Department of Finance. He was Executive
'LUHFWRURIWKH:RUOG%DQN*URXSDQG$IÀOLDWHV+HKDV
H[WHQVLYHH[SHULHQFHLQSXEOLFÀQDQFHKDYLQJDVVXPHG
several key positions in the Department of Finance,
including Undersecretary, Assistant Secretary, and Director
for the International Finance Group. He also assumed the post
of Advisor to the Executive Director of the Asian Development
Bank Board. His professional background includes treasury
PDQDJHPHQWLQWHUQDWLRQDOÀQDQFHFRQVXPHUFUHGLWDQG
management consulting. He also served as an Alternate
Member of the Board of several Government Financial
Institutions, infrastructure corporations, and government
agencies including the Monetary Board of the Bangko Sentral
ng Pilipinas. He holds a Master’s degree in Economics from
Fordham University, New York, USA, where he also pursued
doctorate studies. He obtained his MBA from the Ateneo de
Manila University where he likewise received his Bachelor’s
degree in Economics.
President of the Pambansang Koalisyon ng mga Samahan ng
mga Magsasaka at Manggagawa sa Niyugan; President and
Founding Member of the Coconut Farmers Federation for Rural
Advancement; Founding Member of the Coconut Farmers
Technology Center – Southern Tagalog Region, Katipunan ng
mga Magsasaka at Mangingisda ng Pilipinas-Northern Samar;
Founder/Organizer of the Samar Island Peasant Alliance Group;
Municipal Development Assistant, Municipality of Lopez in
4XH]RQ&RPPXQLW\$IIDLUV2IÀFHURIWKH%RQGRF'HYHORSPHQW
Program; and Alternate Commissioner of the Farmers Sector,
Council of the National Anti-Poverty Commission.
$77<-29(1&,725=8f2
Adviser since May 2011
Filipino, 73
Atty. Zuño is an Associate Director of the Institute of
Corporate Directors, Member of the Melo Commission and
Rotary Club of Rosario, Batangas, and a Lifetime Member/
Adviser/Coordinator of the National Prosecutors League
of the Philippines. He served as Chief State Prosecutor for
the Department of Justice. He was awarded Outstanding
Prosecutor by the Consumers Union of the Philippines,
and received a Guillermo B. Guevarra Award for Judicial
Excellence. He obtained a Bachelor of Laws degree from the
University of the East, and a Bachelor of Arts (Outstanding
Alumnus) from Lipa City Colleges.
$77<,/'()21625-,0(1(=
Corporate Secretary since February 2012
Filipino, 61
Atty. Jimenez is concurrently Senior Vice President and
Corporate Secretary of UCPB Leasing and Finance Corporation,
UCPB Savings Bank, UCPB Securities, Inc., and the United
Foreign Exchange Corporation. He is also a Professorial
Lecturer at the College of Law, University of the Philippines,
and Corporate Secretary of the University of the Philippines
Foundation, Inc. He was Senior Counsel and the Assistant
Corporate Secretary of the International Rice Research Institute
(IRRI), managing partner of the Padilla Jimenez Kintanar
$VXQFLRQ/DZ2IÀFHVDQG&RQVXOWDQWRIWKH0DQDJHPHQW
Systems International-Millennium Challenge Account.
He obtained his Bachelor of Laws and Bachelor of Science in
Business Economics degrees from the University
of the Philippines.
U C P B 2 0 1 7 A N N U A L R E P O R T 93
 MANAGEMENT COMMITTEE

HIGINIO O. MACADAEG, JR. EULOGIO V. CATABRAN III

PRESIDENT AND CHIEF EXECUTIVE OFFICER EXECUTIVE VICE PRESIDENT
AND HEAD OF TREASURY BANKING GROUP

EDMOND E. BERNARDO CYNTHIA A. ALMIREZ FRANCO P. MAGALONG

EXECUTIVE VICE PRESIDENT CHIEF FINANCE OFFICER SENIOR VICE PRESIDENT
AND HEAD OF BRANCH BANKING GROUP SENIOR VICE PRESIDENT AND HEAD OF CORPORATE
AND HEAD OF FINANCIAL SERVICES GROUP AND COMMERCIAL BANKING GROUP

94 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 MA. ELENA S. SARMIENTO ARNEL A. VALLES ATTY. MARIANNE M. GUERRERO
SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT SENIOR VICE PRESIDENT
CHIEF TRUST OFFICER AND HEAD OF TRUST BANKING GROUP AND HEAD OF OPERATIONS GROUP AND HEAD OF LEGAL SERVICES GROUP

ATTY. ILDEFONSO R. JIMENEZ PINKY S. DEREQUITO RYAN B. BUTALID

SENIOR VICE PRESIDENT FIRST VICE PRESIDENT, CHIEF AUDIT EXECUTIVE FIRST VICE PRESIDENT, CHIEF RISK OFFICER
AND CORPORATE SECRETARY AND HEAD OF INTERNAL AUDIT DIVISION AND HEAD OF RISK MANAGEMENT DIVISION

U C P B 2 0 1 7 A N N U A L R E P O R T 95
 MANAGEMENT COMMITTEE

PHILIP S. PABELICO JOJI S. NORICO

FIRST VICE PRESIDENT FIRST VICE PRESIDENT
AND HEAD OF CONSUMER BANKING GROUP AND HEAD OF CREDIT MANAGEMENT
AND RECOVERY DIVISION

RANDALL ROGELIO A. EVANGELISTA STELLA MARIA A. FULGENCIO ARTURO D. SAYAO, JR.

FIRST VICE PRESIDENT VICE PRESIDENT FIRST VICE PRESIDENT, CHIEF COMPLIANCE
AND HEAD OF INFORMATION TECHNOLOGY AND HEAD OF HUMAN RESOURCES GROUP AND DATA PROTECTION OFFICER
AND METHODS GROUP AND HEAD OF BANK COMPLIANCE DIVISION

96 A DECADE OF GROWTH, REACHING NEW HEIGHTS

CHARINA C. DE LA CRUZ-BALANQUIT VICTOR RUBEN L. TUASON CAPT. ELPIDIO B. MISOLAS, JR., PN (RET.)
VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT
AND HEAD OF MARKETING GROUP AND HEAD OF CORPORATE SERVICES DIVISION AND CHIEF SECURITY OFFICER

LIZETTE MARGARET MARY J. RACELA VINCENT K. DE LEON GERARD M. AGUIRRE

PRESIDENT PRESIDENT PRESIDENT
UCPB SAVINGS BANK UCPB SECURITIES, INC. UCPB LEASING AND FINANCE CORPORATION

U C P B 2 0 1 7 A N N U A L R E P O R T 97
 PROFILES OF MANAGEMENT COMMITTEE MEMBERS
+,*,1,220$&$'$(*-5. &<17+,$$$/0,5(=
3UHVLGHQWDQG&KLHI([HFXWLYH2IÀFHU &KLHI)LQDQFH2IÀFHU6HQLRU9LFH3UHVLGHQWDQG+HDGRI
Filipino, 58 Financial Services Group
As President and CEO, Mr. Macadaeg is concurrently Filipino, 51
Chairman of UCPB Savings Bank; UCPB Leasing and Finance 0V$OPLUH]LVD&HUWLÀHG3XEOLF$FFRXQWDQW&3$
Corporation; and UCPB Securities, Inc., Greenhomes
Development Corp. and Balmoral Resources Corp. He also
serves as Director of UCPB Properties, Inc., United Foreign
Exchange Corporation, United Coconut Planters Life Assurance
Corp. (COCOLIFE), UCPB General Insurance Company, Inc.
(UCPB GEN), Coconut Industry Investment Fund (CIIF)
Foundation and Coconut Industry Investment Fund (CIIF)
Finance and Development Corp. He has been with UCPB for
\HDUVKDYLQJMRLQHGWKH%DQNLQDV&KLHI&UHGLW2IÀFHU
and Credit and Supervision Group Head before being promoted
as Executive Vice President, Corporate and Consumer Banking
Group Head in 2011. He has 37 years of experience in banking,
including senior executive positions in Equitable PCI Bank,
Metropolitan Bank and Trust Company, Solid Bank Corporation,
Standard Chartered Bank, and Citytrust Banking Corporation.
He took an Advanced Management Training Program at Wharton
School, University of Pennsylvania and earned his Bachelor of
Science in Management from the Ateneo de Manila University.
(8/2*,29&$7$%5$1,,,
Executive Vice President and Head of Treasury Banking Group
Filipino, 51
Mr. Catabran joined UCPB in January 2006 as Head
of Treasury Banking Group. He has 28 years of experience
LQEDQNLQJDQGÀQDQFHDQGKDVFRPSOHWHGD*UDGXDWH
&HUWLÀFDWHRI$SSOLHG5LVN0DQDJHPHQWDQG&RUSRUDWH
Governance at the Governance Institute of Australia,
DGYDQFHG0DQDJHPHQW3URJUDP&HUWLÀFDWHDWWKH+DUYDUG
Business School, and a Strategic Business Economics Program
&HUWLÀFDWHDWWKH8QLYHUVLW\RI$VLDDQGWKH3DFLÀF
He earned his Bachelor of Arts in Management Economics
from the Ateneo de Manila University.
('021'(%(51$5'2
Executive Vice President and Head of Branch Banking Group
Filipino, 61
Mr. Bernardo has 41 years of experience with UCPB
since he joined the Bank in December 1977. He was
DVVLJQHGDVRIÀFHURIYDULRXVEUDQFKHVLQ0LQGDQDRDQGODWHU
EHFDPH5HJLRQ+HDGIRU0LQGDQDR+HLVD&HUWLÀHG3XEOLF
Accountant and has served in the past as President and
Director of UCPB Savings Bank. He was also a past Director
of UCPB Rural Bank. He completed the Executive Program
at the Ross School of Business in the University of Michigan
and earned his Bachelor of Science in Commerce, Major in
&HUWLÀHG0DQDJHPHQW$FFRXQWDQW&0$DQG&HUWLÀHG
Financial Services Auditor (CFSA) with over two decades
of experience in audit and controllership in the Philippines
and abroad. Prior to her appointment as Chief Finance
2IÀFHUVKHZDVWKH%DQN·V&RQWUROOHU,QVKHZRUNHG
as an Internal Audit Manager for GE Money Bank Philippines
and in 2009 in Majid-Al-Futtaim Group, handling its internal
audit department for its retail businesses in United Arab
Emirates, Saudi Arabia, Qatar, Bahrain, Oman, Egypt,
Syria, Iran, and Pakistan. She began her career in UCPB
as a bookkeeper for its branch operations in 1991,
worked in Internal Audit Division from 1993 to 1998
DQGPRYHGWR&RQWUROOHUVKLS'LYLVLRQLQ6KHÀQLVKHG
her Bachelor of Science in Business Administration Major
in Accounting at the Pamantasan ng Lungsod ng Maynila
in 1986.
)5$1&230$*$/21*
Senior Vice President and Head of Corporate and
Commercial Banking Group
Filipino, 59
Mr. Magalong has 37 years of banking experience.
Since joining the Bank in October 1991, he has held
senior positions in Account Management and Remedial
Banking. In March 2009, he was appointed as the Chief
5LVN2IÀFHUDQG+HDGRI5LVN0DQDJHPHQW'LYLVLRQ
Prior to his appointment as Head of Corporate and
Commercial Banking Group, he was President of UCPB
Leasing and Finance Corporation. He earned his Bachelor
of Science in Business Management from the Ateneo de
Manila University.
0$(/(1$66$50,(172
6HQLRU9LFH3UHVLGHQW7UXVW2IÀFHUDQG+HDGRI7UXVW
Banking Group
Filipino, 64
Ms. Sarmiento’s 41-year investment and trust banking
career started with Bancom Development Corporation,
Union Bank of the Philippines, UCPB, Philippine National
Bank, Planters Development Bank, Philippines Business
Bank, All Asia Capital and Trust Corporation, and Bank
RI&RPPHUFH6KHDOVRKHOGÀQDQFHDQGLQYHVWPHQW
related positions at A. Soriano Corporation, Chemholdings
Corporation, Pryce Securities Inc., and Bahay Financial
Services. Ms. Sarmiento is an active member of the
Accounting, from the Ateneo de Zamboanga University. 7UXVW2IÀFHUV$VVRFLDWLRQRIWKH3KLOLSSLQHV72$3DQG

98 A DECADE OF GROWTH, REACHING NEW HEIGHTS

served as its past President, Treasurer, and Director
for several years. Currently, she is the President of the
Trust Institute Foundation of the Philippines (TIFP) and
has been a member of its Board of Trustees for the past
several years. She has a degree in Bachelor of Science in
Accounting (Magna Cum Laude) from the College of the
Holy Spirit, an MBA from La Salle Business School, and is
D&HUWLÀHG3XEOLF$FFRXQWDQW6KHZDVPRVWRXWVWDQGLQJ
graduate with an award of excellence at the Trust
Institute Foundation of the Philippines and merited a
scholarship for the Special Trust Course of the American
Bankers Association at the Northwestern University in
Illinois, USA.
$51(/$9$//(6
Senior Vice President and Head of Operations Group
Filipino, 63
Mr. Valles has 41 years of work experience with UCPB
since he joined the Bank’s Cash and Clearing Department
in July 1976. He rose from the ranks, handling various
RIÀFHUSRVLWLRQVLQ&RQWUROOHUVKLSDQG2SHUDWLRQVXQWLO
he was appointed as International Banking and Treasury
Operations Division Head in 2005. He was promoted
as the Bank’s Operations Group Head in February 2017.
+HÀQLVKHGKLV$FFRXQWLQJGHJUHHDW8QLRQ&ROOHJH
of Laguna in 1976. He is currently a director of the Bankers
Institute of the Philippines Inc. on his second term.
$77<0$5,$11(0*8(55(52
Senior Vice President and Head of Legal Services Group
Filipino, 53
Atty. Guerrero has more than 25 years of experience
in the legal profession. Her previous employments include
Asian Insights, Inc., SM Investments Corporation where she
was Senior Vice President and Head of Legal for 11 years.
She also had prior stints with United Overseas Bank (Phil)
and Solidbank Corporation. She specializes in corporate law,
tax law, litigation, and intellectual property law. She is a
graduate of the Ateneo School of Law.
$77<,/'()21625-,0(1(=
Senior Vice President and Corporate Secretary
Filipino, 61
Atty. Jimenez is concurrently Corporate Secretary of
UCPB Leasing and Finance Corporation, UCPB Savings Bank,
Inc., UCPB Securities, Inc., and the United Foreign Exchange
Corporation. He is also a Professorial Lecturer at the U.P.
College of Law and Corporate Secretary of the University of
the Philippines Foundation, Inc. He was Senior Counsel and
the Assistant Corporate Secretary of the International Rice
Research Institute (IRRI), managing partner of the Padilla
-LPHQH].LQWDQDU $VXQFLRQ/DZ2IÀFHVDQG&RQVXOWDQWRI
the Management Systems International-Millennium Challenge
Account. He obtained his Bachelor of Laws and Bachelor of
Science in Business Economics degrees from the University of
the Philippines.
3,1.<6'(5(48,72
First Vice President, Chief Audit Executive
and Head of Internal Audit Division
Filipino, 58
Ms. Derequito has 35 years of combined experience
in internal audit and credit review since she joined the
Bank in February 1982. She started her career in UCPB as
auditor under Financial and Operations Audit Department.
She later joined the Portfolio Quality Review Department
LQDV&UHGLW5HYLHZ2IÀFHUUHVSRQVLEOHIRUWKH
conduct of independent quality review of the Bank’s loan
portfolio. From 1999 to 2009, she was designated as the
department head of the following Internal Audit units:
Financial and Operations Audit Department; Subsidiaries
DQG$IÀOLDWHV$XGLW'HSDUWPHQW*UHDWHU0HWUR0DQLOD
Audit Department; and Branch Audit Services Department.
In September 2009, she was appointed Chief Audit
Executive and Head of Internal Audit Division.
6KHLVD&HUWLÀHG3XEOLF$FFRXQWDQWDQGHDUQHGKHU
Bachelor of Science in Commerce, Major in Accounting,
from the University of Santo Tomas.
U C P B 2 0 1 7 A N N U A L R E P O R T 99
 5<$1%%87$/,'
)LUVW 9LFH 3UHVLGHQW &KLHI 5LVN 2IÀFHU
and Head of Risk Management Division
Filipino, 47
Mr. Butalid has over 20 years of work experience in the
areas of risk management, investment banking, corporate
account management, remedial account management,
insurance and retail banking. He started his career in Asian
Appraisal, Inc. and Joaquin Cunanan (PricewaterhouseCoopers).
He previously worked with Allied Banking Corporation for 15
years where he worked in branch banking, investment banking,
remedial management, risk management and trust banking.
He was also Head of Risk Management for Sun Life of Canada
5$1'$//52*(/,2$(9$1*(/,67$
First Vice President and Head of Information Technology
and Methods Group
Filipino, 50
Mr. Evangelista has nearly three decades of experience in
information technology that spans from technical consulting,
technical support, and application/system development,
to research and development, network and engineering.
Prior to his current position, he was First Vice President and
Division Head of the Information Technology Division tasked
to develop the Bank’s capability by using IT systems
and infrastructure. Previously, he headed the IT Group of
EastWest Bank, and Export and Industry Bank and also had
3KLOLSSLQHV DV ZHOO DV &KLHI 5LVN 2IÀFHU IRU 6XQ/LIH *UHSD 6XQ
Life Asset Management Company, Inc. (SLAMCI) and its seven
mutual fund companies. He was with First Metro Investment
Corporation (FMIC) before joining UCPB. Mr. Butalid completed
his Bachelor of Science degree in Management Economics and
Masters in Business Administration (Silver Medal) at the Ateneo
GH 0DQLOD 8QLYHUVLW\ +H LV D &HUWLÀHG 7UHDVXU\ 3URIHVVLRQDO
3+,/,363$%(/,&2
First Vice President and Head of Consumer Banking Group
Filipino, 44
Mr. Pabelico has been with UCPB for the last six years,
driving the Bank’s consumer loans business. He joined the Bank
in May 2012 as Vice President and Vehicle Finance Department
Head before being promoted to his current position. He has
 \HDUV RI H[SHULHQFH LQ EDQNLQJ DQG ÀQDQFH LQFOXGLQJ
executive positions in Toyota Financial Services Corp., Sterling
Bank of Asia and International Exchange Bank. He completed
the Strategic Leaders Program from the Michigan Ross School
of Business in Hong Kong in November 2017. He earned his
Bachelor of Science in Management of Financial Institutions
from De La Salle University.
-2-,6125,&2
First Vice President and Head of Credit Management
and Recovery Division
Filipino, 59
Ms. Norico has spent four decades of her banking
career with UCPB. Prior to her current banking position,
she headed the Bank’s Internal Audit Division where
she led the group in providing independent, objective,
best practice and reasonable assurance as well as
consulting and advisory services to UCPB and all
subsidiaries. She obtained her Bachelor’s degree in
Business Administration major in Accounting from the
University of the East, and joined the Bank on the
same year.
100 A DECADE OF GROWTH, REACHING NEW HEIGHTS
stints in Security Bank, International Exchange Bank,
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with UCPB as a Hardware Specialist in 1990. Mr. Evangelista
holds professional licenses in Electrical Engineering and
Electronics and Communications Engineering, obtaining these
degrees from the Mapua Institute of Technology in 1988.
67(//$0$5,$$)8/*(1&,2
Vice President and Head of Human Resources Group
Filipino, 54
Ms. Fulgencio has 34 years of experience
with UCPB since she joined the Bank in 1983. She started
as a Training Assistant in Human Resources Department
and underwent the Management Development Program.
She became department head of the Bank’s Customer
Relations Center and Product Development and Management
Department. She joined the Human Resources Group
again and became department head for HR Research and
Special Projects, Manpower Management and Organization
Development until her appointment as Group Head of Human
Resources Group and Customer Quality Management Division.
She is a Director of UCPB Securities, Inc. She earned her
degree in Business Administration from the University
of Santo Tomas.
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First Vice President, Chief Compliance and Data
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Filipino, 62
Mr. Sayao, Jr. has 38 years of experience in banking
since joining the Bangko Sentral ng Pilipinas as Bank
Examiner. He was in the management teams of two
commercial banks before joining the Bank Compliance
Division of UCPB in 2000. He was designated as UCPB’s
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of the Philippine School of Business Administration major
in Accounting with units earned in Masters in Business
Administration at the De La Salle University. He is a
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 PROFILES OF MANAGEMENT COMMITTEE MEMBERS
&+$5,1$&'(/$&58=%$/$148,7
Vice President and Head of Marketing Group
Filipino, 39
Ms. Balanquit has 17 years of banking experience.
She joined UCPB in 2010 as a Senior Product Manager.
Prior to joining UCPB in 2010, she worked with UnionBank
of the Philippines, handling various positions under
the Corporate Product Banking Center including Cash
Management Product Initiatives and Implementations Head.
She is a director of the Bank Marketing Association of the
Philippines on her second term and is currently secretary
of the said association. She is a cum laude graduate
of the University of the Philippines Diliman with a degree
of Bachelor in Science in Business Administration.
She earned her Master in Business Administration degree
from the Ateneo Graduate School of Business.
9,&72558%(1/78$621
Vice President and Head of Corporate Services Division
Filipino, 64
Mr. Tuason has over 40 years of experience in
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remittance. Before joining the Bank in 2007, he also
worked in other banks such as the Insular Bank of Asia
and America, State Investment House, Saudi French
Bank in Saudi Arabia, Solidbank, and Rizal Commercial
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Commerce major in Marketing at San Sebastian College.
/,=(77(0$5*$5(70$5<-5$&(/$
President, UCPB Savings Bank
Filipino, 52
Ms. Racela has more than 29 years of banking
experience, with extensive exposure in the areas of Retail
Banking, Commercial and SME Lending, Consumer Lending
and Credit Administration. Prior to her current position,
she headed the Consumer Lending and Branch Banking
groups in RCBC. She also held executive positions with
Philippine National Bank, EastWest Bank and UCPB.
She completed her degree in Bachelor of Science
in Business Administration at the University of the
Philippines Diliman.
9,1&(17.'(/(21
President, UCPB Securities, Inc.
Filipino, 54
Mr. De Leon has over 26 years of experience in
Treasury since he joined the Bank in November 1985.
While with Treasury, he had extensive experience in
WUDGLQJ SURGXFWV IURP IRUHLJQ H[FKDQJH WR À[HG LQFRPH
as well as its operations and liquidity aspect. He was
appointed President of UCPB Securities, Inc. in March
2010. He earned his Bachelor of Science in Economics,
from De La Salle University.
*(5$5'0$*8,55(
President, UCPB Leasing and Finance Corporation
Filipino, 62
Mr. Aguirre has more than three decades of
&$37(/3,',2%0,62/$6-5315(7 EDQNLQJ H[SHULHQFH VSHFLÀFDOO\ LQ OHDVLQJ FRUSRUDWH
9LFH 3UHVLGHQW DQG &KLHI 6HFXULW\ 2IÀFHU commercial, and retail banking. Prior to his current
Filipino, 55 position, he was First Vice President/Team Head of
With over 30 years of experience, Capt. Misolas has BDO Leasing and Finance. He also had previous stints
held positions pertaining to company security including at Standard Chartered Bank, Solid Bank, PSBank and
security planning, asset protection, crisis and emergency (TXLWDEOH 3&, %DQN +H ÀQLVKHG KLV %XVLQHVV 0DQDJHPHQW
SODQV +H ZDV &KLHI 6HFXULW\ 2IÀFHU DW 6HFXULW\ %DQN &RUS degree, cum laude, at the Ateneo de Manila University.
a Regional Security Manager at SM Supermalls, and Security
Manager at Shangri-La Boracay Resort and Spa. He is a
former member of the Presidential Security Group (PSG)
and the past President of the Bank Security Management
Association, Inc. (BSMA). He retired from the Philippine Navy
with a rank of Captain, the equivalent of full Colonel in
other branches of the military. He graduated from Philippine
Military Academy in 1986.

U C P B 2 0 1 7 A N N U A L R E P O R T 101
 LIST OF SENIOR OFFICERS
AS OF DECEMBER 31, 2017
2)),&(2)7+(35(6,'(17
Higinio O. Macadaeg, Jr.
President and Chief
([HFXWLYH2IÀFHU
Capt. Elpidio B. Misolas, Jr.
Vice President and Head
Conglomerate Security Group
Maria Teresa T. Palomo
Assistant Vice President 1
2IÀFHRIWKH3UHVLGHQW
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Edmond E. Bernardo
Executive Vice President
and Group Head
Francisco M. Basa, Jr.
Vice President and Head
Metro Manila 6 Region
Noel T. Calalang
Vice President and Head
Branch Banking Support
Division
Hermilo A. Bagabaldo
Assistant Vice President 2
and Region Head
Visayas Region
Susan C. Desamero
Vice President and Head
Metro Manila 3 Region
Ronaldo E. Elamparo
Vice President and Head
Metro Manila 1 Region
Guillerma M. Espiritu
Vice President and Head
Metro Manila 2 Region
Natividad R. Francisco
Vice President and Head
Metro Manila 5 Region
102 A DECADE OF GROWTH, REACHING NEW HEIGHTS
Jocelyn T. Gomez Voltaire Rex C. Castro Jose Jeric E. Gomez
Vice President and Head Assistant Vice President 2 Assistant Vice President 2
South Luzon Region and Branch Manager and Branch Manager
Bohol Avenue Branch San Pablo Branch
Joel Victor D. Javier
Assistant Vice President 2 Rowena Z. Catolos Lolita A. Gonzales
and Region Head Assistant Vice President 2 Assistant Vice President 2
Mindanao Region and Branch Manager and Branch Manager
Pioneer Branch BF Parañaque Branch
Anthony Evan A. Lluch
Vice President and Head Cielito L. Celada Merceditas Asumption A. Guevara
Metro Manila 7 Region Assistant Vice President 2 Assistant Vice President 2
and Branch Manager and Branch Manager
Samuel L. Santos Quirino Highway Branch Jaro Branch
Vice President and Head
North-Central Luzon Region Socorro S. Chua Nebellee M. Gumban
Assistant Vice President 2 Assistant Vice President 2
Alexander L. Dimacuha and Branch Manager and Branch Manager
Vice President and Head T.M. Kalaw Branch San Pedro Branch
Metro Manila 4 Region
Merline S. Dela Cruz Adan M. Imo Jr.
Maria Ana T. Abala Vice President and Head Assistant Vice President 1
Assistant Vice President 2 Bancassurance Department and Branch Manager
and Branch Manager Tomas Mapua Branch
San Andres Branch Elizabeth B. Dee
Assistant Vice President 2 Cezario B. Larios
Rene A. Alimagno and Branch Manager Assistant Vice President 2
Assistant Vice President 2 Elcano Branch and Branch Manager
and Branch Manager Tanauan Branch
Batangas Branch Florence L. Doria
Assistant Vice President 2 Maria Cecilia D. Lim
Teresita C. Arabiran and Head Assistant Vice President 2
Assistant Vice President 1 Branch Operations Support and Branch Manager
and Branch Manager Department Velez Branch
Pasay Road Branch
Glenda V. Gallo Eva Marie N. Magno
Clara Jean F. Arce Assistant Vice President 2 Assistant Vice President 2
Assistant Vice President 2 and Branch Manager and Branch Manager
and Branch Manager Robinsons Galleria Branch Cambridge Branch
Ortigas Branch
Josephine A. Garde Mervyn Nicasio M. Magno
Evangeline R. Balasbas Assistant Vice President 2 Assistant Vice President 2
Assistant Vice President 2 and Branch Manager and Branch Manager
and Branch Manager San Juan Branch Butuan Branch
Boni Avenue Branch
Chona Leslie R. Goco Jessica S. Pangilinan
Crispulo B. Baltazar Assistant Vice President 2 Assistant Vice President 2
Assistant Vice President 2 and Branch Manager and Branch Manager
and Branch Manager Calapan Branch Tarlac Branch
Solano Branch
Crisantiago T. Parojinog
Assistant Vice President 2
and Branch Manager
Cogon Branch
Maria Lourdes Caridad B. Ponce
Assistant Vice President 2
and Branch Manager
F. Ramos Branch
Jose Mari V. Reyes
Assistant Vice President 2
and Head
Branch Services Department
Ma. Dinah V. Sacro
Assistant Vice President 2
and Branch Manager
Tordesillas Branch
Mary Ann H. Salgado
Assistant Vice President 2
and Branch Manager
North Drive Branch
Raymundo A. Saranza
Assistant Vice President 2
and Branch Manager
Dumaguete Branch
Ferdinand Y. Seno
Assistant Vice President 2
and Branch Manager
Jones Avenue Branch
Daisy B. Serneo
Assistant Vice President 2
and Branch Manager
Baclaran Branch
Maria Theresa D. Tamayo
Assistant Vice President 2
and Branch Manager
0DLQ2IÀFH%UDQFK
Leila O. Terte
Assistant Vice President 2
and Branch Manager
Lucena-Guinto Branch
Natalie R. Villanueva Salud L. Buenaventura Marita A. Gison
Assistant Vice President 2 Assistant Vice President 1 Assistant Vice President 2
and Branch Manager and Branch Manager and Branch Manager
Baguio Branch Lagro Branch Paniqui Branch
Edgar V. Yabes Young Allaniel O. Bumanglag Luzette L. Glinofria
Assistant Vice President 2 Assistant Vice President 1 Assistant Vice President 1
and Branch Manager and Branch Manager and Branch Manager
Dagupan Branch Surigao Branch Shaw-Escriva Branch
Doreen C. Yap Rosanna D. Bunagan Romana M. Hizon
Assistant Vice President 2 Assistant Vice President 1 Assistant Vice President 1
and Branch Manager and Branch Manager and Branch Manager
Clark Field Branch Escolta Branch Paso de Blas Branch
Cecille V. Amante Carnita D. Ching Arym M. Jingco
Assistant Vice President 1 Assistant Vice President 1 Assistant Vice President 2
and Branch Manager and Head and Branch Manager
Sucat Branch Branch Automation Support Angeles Branch
Department
Gerard D. Aranda Helene Joy S. Jomantoc
Assistant Vice President 1 Clarissa R. Dulatre Assistant Vice President 1
and Branch Manager Assistant Vice President 1 and Branch Manager
Masbate Branch and Branch Manager Iznart Branch
Ayala Avenue Branch
Lourdelino B. Balao Mary Grace B. Lopez
Assistant Vice President 2 Laura T. Echavez Assistant Vice President 1
and Branch Manager Assistant Vice President 1 and Branch Manager
P. Ocampo Branch and Branch Manager Aquino Avenue Branch
Blue Ridge Branch
Leonardo D. Balatbat Arturo A. Macam
Assistant Vice President 1 Jesus Prospero K. Estaris Assistant Vice President 1
and Branch Manager Assistant Vice President 1 and Branch Manager
Malabon Branch and Branch Manager Banaue Branch
Mandaluyong Branch
Jerrilyn B. Bansil Agnes R. Magahin
Assistant Vice President 1 Genebeth S. Garcia Assistant Vice President 1
and Branch Manager Assistant Vice President 1 and Branch Manager
Cotabato Branch and Branch Manager 32nd Street BGC Branch
La Union Branch
Jormandita T. Basilio Jonathan M. Maligaya
Assistant Vice President 2 Armida M. Garcia-Kilin Assistant Vice President 1
and Branch Manager Assistant Vice President 1 and Branch Manager
San Fernando Branch and Head Daet Branch
Branch Marketing Support
Jocelyn D. Bautista Department
Assistant Vice President 1
and Branch Manager
Molino Branch
U C P B 2 0 1 7 A N N U A L R E P O R T 103
 Rodrigo H. Pada
Assistant Vice President 1
and Branch Manager
Tektite Branch
Edgar Jonathan A. Panganiban
Assistant Vice President 1
and Branch Manager
The Fort Branch
Lorelei P. Plete
Assistant Vice President 1
and Branch Manager
Vigan Branch
Elaine Zenith F. Ponce
Assistant Vice President 1
and Branch Manager
Iligan Branch
Grace S. Sabino
Assistant Vice President 1
and Branch Manager
Limay Branch
Rita C. Sambrano
Assistant Vice President 1
and Branch Manager
Magsaysay Branch
Guilbert P. Sampedro
Assistant Vice President 1
and Branch Manager
Global City Branch
Maria Theresa C. Santos
Assistant Vice President 1
and Branch Manager
Sto. Tomas Branch
Elizabeth M. Selga
Assistant Vice President 1
and Branch Manager
San Miguel Branch
Lorna D. Sicat
Assistant Vice President 1
and Branch Manager
Lipa-Recto Branch
104 A DECADE OF GROWTH, REACHING NEW HEIGHTS
Leslie L. Silvestre
Assistant Vice President 1
and Branch Manager
Subic Branch
Remegio B. Soriano
Assistant Vice President 1
and Branch Manager
Cabanatuan Branch
Cynthia P. Vibal
Assistant Vice President 1
and Branch Manager
Loyola Heights Branch
%$1.&203/,$1&(',9,6,21
Arturo D. Sayao, Jr.
First Vice President,
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Ester T. Salcedo
Assistant Vice President 2
and Head
Liaison, Monitoring and
Operations Department
Roberto V. Fiesta
Assistant Vice President 1
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Liaison, Monitoring
and Operations Department
Ma. Carina L. Reburiano
Assistant Vice President 1
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Monitoring and Compliance
Testing Department
Maria Victoria P. Ronquillo
Assistant Vice President 1
and Head
Monitoring and Compliance
Testing Department
&21680(5%$1.,1**5283
Philip S. Pabelico
First Vice President
and Group Head
Kristine Marie G. Cuevas
Vice President and Head
Personal Loans Department
Crisanty Jorge L. David
Vice President and Head
Vehicle Finance Department
Maria Pia P. Lagtapon
Vice President and Head
Real Estate Loans Department
Victor C. Dela Cruz, Jr.
Vice President and Head
Consumer Finance
Business Center
Carolina O. Zavala
Vice President and Head
Metro Manila Business Center
Andre G. Caoile
Assistant Vice President 2
and Team Leader/
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Real Estate Loans Department
Janice F. Cabacungan
Assistant Vice President 1
and Team Leader/
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Real Estate Loans Department
Regina A. Cabling
Assistant Vice President 1
and Team Leader/
$FFRXQW 2IÀFHU
Real Estate Loans Department
Nancy S. Dolores
Assistant Vice President 1
and Team Leader/
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Vehicle Finance Department
&25325$7($1'
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Franco P. Magalong
Senior Vice President
and Group Head
Ma. Josephina S. Bagamasbad
Assistant Vice President 1 and
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Metro Manila 1 Team
Carina Francesca C. Uy
First Vice President
and Team Head
Eliza Margarita G. Abella
Assistant Vice President 2
and Relationship Manager
Milagros E. Alcabao
Assistant Vice President 2
and Relationship Manager
Maria Carla L. Padua
Assistant Vice President 2
and Relationship Manager
Vernie C. Dela Cruz
Assistant Vice President 1
and Relationship Manager
Daynard V. Gomez
Assistant Vice President 1
and Relationship Manager
Marie Angela G. Ng
Assistant Vice President 1
and Relationship Manager
Jose Enrique L. Salvador
Assistant Vice President 1
and Relationship Manager

Metro Manila 2 Team
Ramon L. Fernandez, Jr.
Vice President and Team Head
Cynthia Q. Camacho
Assistant Vice President 2
and Relationship Manager
Jose Jonas M. Cochico
Assistant Vice President 2
and Relationship Manager
Maria Carmela Laarni G. Felicidario
Assistant Vice President 2
and Relationship Manager
Alberto C. Cobangbang
Assistant Vice President 1
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Regina Teresa P. Rodriguez
Assistant Vice President 1
and Relationship Manager
Metro Manila 3 Team
Alexander M. Borja
Vice President and Team Head
Jose R. Segui, Jr.
Assistant Vice President 1
and Relationship Manager
Joy P. Moselina
Assistant Vice President 1
and Relationship Manager
Luzon Team
Richmond U. Tan
Vice President and Team Head
Charity M. Vergara
Assistant Vice President 2
and Relationship Manager
Paolo O. Calderon
Assistant Vice President 1
and Relationship Manager
Maria Cecilia D. Calingo
Assistant Vice President 1
and Relationship Manager
-HVVLFD % 0DUÀO
Assistant Vice President 1
and Relationship Manager
Visayas/Mindanao Team
Angelito S. Estanislao
Vice President and Team Head
Dinah P. Ceniza
Assistant Vice President 2
and Relationship Manager
Ma. Cristina J. Corona
Assistant Vice President 2
and Relationship Manager
Manuel Ronald G. Mangubat
Assistant Vice President 2
and Relationship Manager
Teresita F. Solitaria
Assistant Vice President 2
and Relationship Manager
Maria Florebeth O. Villapaz
Assistant Vice President 2
and Relationship Manager
Maria Carmela C. De La Vega
Assistant Vice President 1
and Relationship Manager
Mark Kenny S. Macrohon
Assistant Vice President 1
and Relationship Manager
Asset Management and
Disposition Division
Raymond C. Alonzo
Vice President
and Division Head
Agnes L. Felicidario
Assistant Vice President 1
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LIST OF SENIOR OFFICERS
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Victor Ruben L. Tuason
Vice President
and Division Head
Corporate Services Division
Linda S. Ortiz
Assistant Vice President 2
and Head
General Services Department
Lemuel J. Dimaano
Assistant Vice President 1
and Head
Corporate Real Estate
Services Department
Nelson J. Montemayor
Assistant Vice President 1 and
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Administrative Control Section
&5(',70$1$*(0(17
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Joji S. Norico
First Vice President
and Division Head
Leoncio M. Estacion
Vice President and Head
Collection and Asset Recovery
Department
Mary Jean A. Go
Vice President
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Ramonita C. Mendoza
Assistant Vice President 2
and Head
Loan Documentation
Department – Consumer
Remigio T. Vargas
Assistant Vice President 2
and Head
Credit Appraisal Department
U C P B 2 0 1 7
Marilou C. Dannug
Assistant Vice President 2
and Department Head
Loan Documentation
Department – Corporate
Teodora B. Garcia
Assistant Vice President 2
and Team Leader
Credit Review
and Evaluation Department
Soraya D. Serrano
Assistant Vice President 2
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Credit Review
and Evaluation Department
),1$1&,$/6(59,&(6*5283
Cynthia A. Almirez
Senior Vice President, CFO
and Group Head
Margarita A. Guadines
First Vice President and Head
Strategic Planning and
Analysis Division
Alexander L. Andres
Assistant Vice President 2
and Head
Financial Services Department
Crisologo F. Sagnip
Vice President and Controller
Controllership Division
Lani P. Arcangel
Assistant Vice President 1
and Head
Financial Accounting
Department
Mabel P. Guinto
Assistant Vice President 1
and Head
Regulatory and Management
Reports Department
A N N U A L R E P O R T 105
 Jennifer Anne C. Cabral
Assistant Vice President 1
and Head
Tax Management and
Compliance Department
+80$15(6285&(6*5283
Stella Maria A. Fulgencio
Vice President and Group Head
Franco C. Loyola
Assistant Vice President 2
and Head
Recruitment and Engagement
Department
Maria Yvette B. Conde
Assistant Vice President 1
and Head
Learning Education and
Development Department
,1)250$7,217(&+12/2*<
$1'0(7+2'6*5283
Randall Rogelio A. Evangelista
First Vice President
and Group Head
Jones J. Ballesteros
Vice President and Head
Data Center Services
Department
Gil V. Obias
Vice President and Head
IT Support and Compliance
Department
Irma C. Surtida
Vice President and Head
Productivity and Methods
Department
Cynthia Y. Asong
Assistant Vice President 2 and
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Consulting and Development
Services Department
106 A DECADE OF GROWTH, REACHING NEW HEIGHTS
Janette L. Tempongko
Vice President and Head
Consulting and Development
Services Department
Caridad P. Abad
Assistant Vice President 2
and Lead Systems
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Trade Services Section
Jesse Ephraim C. Almonte
Assistant Vice President 2
and Head
Products and Pool Section
Danilo U. Cua
Assistant Vice President 2
and Lead Systems
3URMHFW 2IÀFHU
Programmers Pool Section
Elenora C. Cua
Assistant Vice President 2
and Head
Engineering Section
Imelda T. Gonzales
Assistant Vice President 2
and Lead Systems
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Core Banking Section
Ma. Elisa D. Ibana
Assistant Vice President 2
and Head
Project Oversight Section
Augusto M. Jocson, Jr.
Assistant Vice President 2
and Head
IT Support Section
Jaime D. Lambino
Assistant Vice President 2
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Branch Delivery, E-Commerce,
STO Team
Geronimo S. Mangubat II
Assistant Vice President 2
and Head
User Support Section
Juliet D. Periabras
Assistant Vice President 2
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Trade Services Section
Omar P. Pineda
Assistant Vice President 2
and Head
Technical Services Department
Michael S. Rabena
Assistant Vice President 2
and Head
Computer Operations Section
Maria Elena I. Refulgente
Assistant Vice President 2
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Automation Support Section
Maria Leticia R. Alfanta
Assistant Vice President 1
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Branch Delivery, E-Commerce,
STO Team
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Assistant Vice President 1
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Automation Support Section
William P. Brillantes
Assistant Vice President 2
and Head
Telecoms Section
Enriqueta U. Briones
Assistant Vice President 1
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Core Banking Section
Vernon T. Capuno
Assistant Vice President 1
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Branch Delivery, E-Commerce,
STO Team
Randy P. Espiritu
Assistant Vice President 1
and Head
Systems Administration
Section
Rucel F. Javier
Assistant Vice President 1
and Head
Technical Services Department
Araceli P. Lim
Assistant Vice President 1
and Head
IS Administration Section
Cherry Rose F. Andaca
Assistant Vice President 1
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Decision Support Section
Virma D. Luena
Assistant Vice President 1
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Decision Support Section
Sherina Angeli E. Pecho
Assistant Vice President 1
and Head
Quality Assurance
and Training Section
Nina Lorin S. Reyes
Assistant Vice President 1
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Decision Support Section
Avegale Gertrude D. Rivera
Assistant Vice President 1
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Products and Pool Section

Alfredo R. Torres
Assistant Vice President 1
and Head
Computer Operations Section
,17(51$/$8',7',9,6,21
Pinky S. Derequito
First Vice President, Chief Audit
Executive and Division Head
Lilia M. Diokno
Vice President and Head
Information Systems
Audit Department
Ma. Luz H. Cantoria
Assistant Vice President 2
and Head
+HDG2IÀFH$XGLW'HSDUWPHQW
Anna Ruth F. Montemayor
Assistant Vice President 2
and Head
Loan Audit Services
Department
Ma. Esther T. Veran
Assistant Vice President 2
and Head
Branch Audit Services
Department 1
Ma. Luisa B. Arpia
Assistant Vice President 1
and Head
Branch Audit Services
Department 2
/(*$/6(59,&(6*5283
Atty. Marianne M. Guerrero
Senior Vice President
and Group Head
Atty. Hilda B. Guzman
First Vice President and Head
Branch Trust and Operations
Department
Atty. Maria Angelica L. Rayel
First Vice President and Head
Lending, Investment
and Marketing Department
Atty. Jonathan M. Acosta
Vice President and Head
Consumer Loans, ROPA
and Replevin Department
Atty. Cesar G. David
Vice President and Head
Remedial and Enforcement
Department
Atty. Mignonette C. Alday
Assistant Vice President 2
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Branch and Trust Operations
Department
Atty. Crispin V. Amoranto
Assistant Vice President 2
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Branch and Trust Operations
Department
Atty. Josiebeth P. Basa
Assistant Vice President 2
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Lending, Investment
and Marketing Department
Atty. Art Bernard D. Bernales
Assistant Vice President 2
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Lending, Investment and
Marketing Department
Atty. Roberto M. Buenaventura
Assistant Vice President 2
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Remedial and Enforcement
Department
Atty. Cecilia M. Cabatit
Assistant Vice President 2
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Branch Trust and Operations
Department
LIST OF SENIOR OFFICERS
Atty. Ismael Andrew P. Isip
Assistant Vice President 2
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Remedial and Enforcement
Department
Atty. Jason Robert M. Paredes
Assistant Vice President 2
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Remedial and Enforcement
Department
Atty. Francisco Benito A. Saavedra
Assistant Vice President 2
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Remedial and Enforcement
Department
Atty. Kabaitan G. Valmonte
Assistant Vice President 2
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Remedial and Enforcement
Department
Atty. Marie Christine E. Avaricio
Assistant Vice President 1
DQG /HJDO 2IÀFHU
Lending, Investment
and Marketing Department
Atty. Jenny Mae S. De Leon
Assistant Vice President 1
DQG /HJDO 2IÀFHU
Lending, Investment
and Marketing Department
Atty. Jonas Cesar C. Mangrobang
Assistant Vice President 1
DQG /HJDO 2IÀFHU
Consumer Loans, ROPA
and Replevin Department
Atty. Jay Y. Rodriguez
Assistant Vice President 1
DQG /HJDO 2IÀFHU
Consumer Loans, ROPA
and Replevin Department
U C P B 2 0 1 7
Atty. Roscoe J. Rosell
Assistant Vice President 1
DQG /HJDO 2IÀFHU
Lending, Investment
and Marketing Department
Atty. Jessica R. Vitug-Jurado
Assistant Vice President 1
DQG /HJDO 2IÀFHU
Consumer Loans, ROPA
and Replevin Department
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Charina C. De la Cruz-Balanquit
Vice President and Group Head
Mary Erica Ruth Viviane C. Diago
Assistant Vice President 2
and Head
Product Management
and Sales Department
Iris Veronica G. Lim
Assistant Vice President 1
and Product Management
Team Head
Product Management
and Sales Department
Maria Carmen D. Ambrosio
Assistant Vice President 2
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Product Management
and Sales Department
Rona Lisa M. Gorayeb-Velasco
Assistant Vice President 1
and Head
Marketing Services
Department
A N N U A L R E P O R T 107
 2)),&(2)7+(
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Atty. Ildefonso R. Jimenez
Senior Vice President
and Corporate Secretary
Atty. Margarita Maria A. Nacpil
Vice President and Corporate
Secretary Department Head
Atty. Leah B. Tinaza
Assistant Vice President 2
DQG /HJDO 2IÀFHU
23(5$7,216*5283
Arnel A. Valles
Senior Vice President
and Group Head
Benjamin P. Apan
Vice President and Head
Loans Operations Division
Justiniano M. Babate
Assistant Vice President 2
and Head
International Banking Division
Elzeber O. Murallos
Assistant Vice President 2
and Head
Remittance Services Department
Amie F. Balan
Assistant Vice President 1
and Head
Treasury Operations Division
Elmer P. Ciervo
Assistant Vice President 1
and Head
Trust Accounting Department
Hubert C. Cruz
Assistant Vice President 1
and Head
Portfolio Implementation
Department
108 A DECADE OF GROWTH, REACHING NEW HEIGHTS
Precila G. Gramata
Assistant Vice President 1
and Head
Commercial Loans Processing
and Operations Department
Nida C. Lim
Assistant Vice President 1
and Head
Local Operations Department
Gloria A. Maquiran
Assistant Vice President 1
and Head
Consumer Loans and Acquired
Assets Department
Alexander Voltaire L. Galang
Assistant Vice President 1
and Head
Clearing Center Division
Anilyn U. Agbuya
Assistant Vice President 1
and Head
Central Operations
Support Department
5,6.0$1$*(0(17',9,6,21
Ryan B. Butalid
First Vice President, Chief Risk
2IÀFHU DQG 'LYLVLRQ +HDG
Amelita H. Carrillo
Vice President and Head
Market Risk Department
Rebecca M. Lim
Vice President and Head
Credit Risk Department
Joy T. Tan
Assistant Vice President 2
and Head
Operational Risk Department
Joanna A. Flores
Assistant Vice President 2
and Head
IT Risk Section
Ryan Norman A. Lim
Assistant Vice President 1 and
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Credit Risk Department
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Eulogio V. Catabran III
Executive Vice President
and Group Head
Vittorio Raul M. Gomez
First Vice President
and Chief Dealer
Trading - Rates Department
Arturo I. Lipio
First Vice President and Head
Debt Capital Markets
Department
Manuel C. Madridejos
Vice President and Head
Fund Management Department
Ulysses G. Mina
Vice President and Investment
Banking Origination Head
Debt Capital Markets
Department
Donna Lyn V. Abes
Assistant Vice President 2
and Trader
Debt Capital Markets
Department
April Hope J. Bautista
Assistant Vice President 2
and Trader
Debt Capital Markets
Department
Ana Lenina P. Estavillo
Assistant Vice President 2
DQG ); 6DOHV 2IÀFHU
Fixed Income Sales - Foreign
Exchange Section
Sandra S. Go
Assistant Vice President 2
and Senior Trader
Trading - Rates Department
Ma. Christine D. Pagkalinawan
Assistant Vice President 2
and Fixed Income Sales Head
Debt Capital Markets
Department
Meliza B. Zulueta
Assistant Vice President 2
and Trader
Fund Management Department
Miguel Alberto T. Aragon
Assistant Vice President 1
and Trader
Debt Capital Markets
Department
Ma. Theresa G. Coros
Assistant Vice President 1
and Trader
Debt Capital Markets
Department
75867%$1.,1**5283
Ma. Elena S. Sarmiento
Senior Vice President
and Group Head
Stephen S. Sevidal
First Vice President and Head
Trading and Execution
Department
Ramon Antonio C. Torres
First Vice President and Head
Managed Portfolios
Department

Ma. Catalina M. Cruz
Vice President and Head
Business Development
Department
Delia E. Merle
Vice President and Head
Trust Operations Division
Catherine Joy D. Amador
Assistant Vice President 1
and Relationship Manager
Business Development
Department
Marilyn Pabustan-Perion
Assistant Vice President 1
and Relationship Manager
Business Development
Department
Veronica C. Mojares
Assistant Vice President 2
and Head
Trust Strategic Support
Services Department
Levy Vanessa U. Ramos
Assistant Vice President 2
DQG ,QYHVWPHQW 2IÀFHU
Trust Investment Department
Maria Isabel G. Lorenzo
Assistant Vice President 1
and Portfolio Manager
Managed Portfolios
Department
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Lizette Margaret Mary J. Racela
President and Chief Executive
2IÀFHU
Wilfred D. Abobo
Vice President and Head
Branch Banking Division
Menchie E. Lagac
Vice President and Head
Treasury Division
Corazon R. Guevarra
Vice President and Head
Commercial Lending Division
Wilma D. Dancel
Vice President and Head
Asset Recovery and
Management Division
Ma. Pamela V. Suarez
Vice President and Head
Consumer Lending Division
Irene S. Quintana
Vice President and Head
Controllership Division
Atty. Alexander L. Paulino
Vice President and Head
Legal Services Division
Ernesto O. Olavario
Assistant Vice President
and Head
Operations Division
LIST OF SENIOR OFFICERS
Dronnel A. Espina Ma. Luisa S. Gopico
Assistant Vice President Assistant Vice President 1
and Head DQG &RPSOLDQFH 2IÀFHU
Human Resources Division
Irma E. Japson
Alma D. Paculanan Assistant Vice President 1
Assistant Vice President and Treasury Head
and Head
Bank Compliance Division Ma. Ivy T. Morales
Assistant Vice President 1
Ronald B. Bugayong and Team Head - 2
Assistant Vice President
and Head Margaret G. Cruz
Internal Audit Division Assistant Vice President 1
and Team Head - 3
Narisa Berlin R. Duran
Assistant Vice President 8&3%6(&85,7,(6,1&
and Head
Risk Management Division Vincent K. De Leon
President
Wilfredo S. Bautista
Assistant Vice President
and Head
Information Technology
Division
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Gerard M. Aguirre
President
Michael Robert L. Mendoza
Vice President
and Marketing Head
Mercy K. Chua
Assistant Vice President 2
and Team Head - 1
U C P B 2 0 1 7 A N N U A L R E P O R T 109
 STATEMENT OF MANAGEMENT’S RESPONSIBILITY
FOR FINANCIAL STATEMENTS
The management of United Coconut Planters Bank and Subsidiaries (the “Group”) is responsible for the preparation
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that are free from material misstatement, whether due to fraud or error.

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concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative to do so.

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and submits the same to the stockholders.

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of the Group in accordance with Philippine Standards on Auditing, and in their report to the stockholders, has expressed
their opinion on the fairness of presentation upon completion of such audit.

DANILO V. PULIDO
Acting Chairman of the Board

HIGINIO O.
O MACADAEG,
MACADAEG JR.JR
3UHVLGHQWDQG&KLHI([HFXWLYH2IÀFHU
3UHVLGHQW DQG &KLHI ([HFXWLYH

CYNTHIA A. ALMIREZ
ALM
LMIREZ
LM
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68%6&5,%('$1'6:251WRPHWKHIROORZLQJWRPHEHIRUHPHWKLVWKGD\RIDIÀDQWVH[KLELWLQJ
to me the following:

Danilo V. Pulido TIN No. 000-204-610-310

000-204-610
Higinio 0. Macadaeg, Jr. TIN No. 000-121-247-431
000-121-247
Cynthia A. Alrnirez TIN No. 000-107-181-857
000-107-181

Doc. No.: 208

Page No.: 43
Book No.: IV
Series of: 2018

110 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

REPORT OF INDEPENDENT AUDITORS

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ƚŚĞLJĞĂƌϮϬϬϴƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂŵĞŶĚĞĚZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶŝƐĨƵůůLJŝŵƉůĞŵĞŶƚĞĚŽƌƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞ
WĂƌĞŶƚĂŶŬŝƐĂďůĞƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƌĞƋƵŝƌĞĚϭϬйĐĂƉŝƚĂůĂĚĞƋƵĂĐLJƌĂƚŝŽ͕ǁŚŝĐŚĞǀĞƌĐŽŵĞƐĞĂƌůŝĞƌ͘ƐĂƌĞƐƵůƚŽĨƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐƌĞƋƵĞƐƚƚŽ^WƌĞůĂƚŝǀĞƚŽŝƚƐƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƉůĂŶ͕ŽŶDĂLJϮϯ͕ϮϬϭϰ͕ƚŚĞDŽŶĞƚĂƌLJŽĂƌĚŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϴϮϮ͕ĂƉƉƌŽǀĞĚ
ĂŶĂĚĚŝƚŝŽŶĂůƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨŝŶĐůƵĚŝŶŐƚŚĞƵƉĚĂƚŝŶŐŽĨŝƚƐƌĞŵĂŝŶŝŶŐƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐƵƐŝŶŐƚŚĞ
ŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽĨWϭϴ͘ϲďŝůůŝŽŶďĂƐĞĚŽŶĂŶŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĂƚŝŽŶĐŽŵŵŝƐƐŝŽŶĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͕ƚŽďĞĂŵŽƌƚŝnjĞĚŽŶĂ
ƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐ͘

/ŶƌĞůĂƚŝŽŶƚŽŝƚĞŵ;ĂͿĂďŽǀĞ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƐƵĞĚWϭϮ͘ϬďŝůůŝŽŶĂƉŝƚĂůEŽƚĞƐƚŽW/ŝŶϮϬϬϵ͘ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϮϮƚŽƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚĂƐĂůůŽǁĞĚďLJƚŚĞ^WŝŶŬĞĞƉŝŶŐǁŝƚŚƚŚĞŽďũĞĐƚŝǀĞƐŽĨƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ͕ƚŚĞWĂƌĞŶƚĂŶŬƉƌĞƐĞŶƚĞĚ
ƚŚĞĂƉŝƚĂůEŽƚĞƐŝŶƚŚĞĞƋƵŝƚLJƐĞĐƚŝŽŶŽĨƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝŶƐƚĞĂĚŽĨĂƐĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ
W&Z^ĚƵĞƚŽŝƚƐĐŽŶƚŝŶŐĞŶƚƐĞƚƚůĞŵĞŶƚƉƌŽǀŝƐŝŽŶ͘,ĂĚƚŚĞWĂƌĞŶƚĂŶŬƉƌĞƐĞŶƚĞĚƚŚĞĂƉŝƚĂůEŽƚĞƐĂƐĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͕ƚŚĞƚŽƚĂů
ůŝĂďŝůŝƚŝĞƐǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚĂŶĚƚŽƚĂůĞƋƵŝƚLJǁŽƵůĚŚĂǀĞĚĞĐƌĞĂƐĞĚďLJWϭϮ͘ϬďŝůůŝŽŶŝŶƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬ͛ƐƐƚĂƚĞŵĞŶƚƐŽĨ
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘

/ŶƌĞůĂƚŝŽŶƚŽŝƚĞŵ;ĐͿĂďŽǀĞ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϬϴ͕ƚŚĞWĂƌĞŶƚĂŶŬĚŝĚŶŽƚŬƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ;ǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐͿŽŶ
ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ;&^ͿĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ůŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ĂŶĚŽƚŚĞƌƌĞƐŽƵƌĐĞƐƚŽƚĂůůŝŶŐ
Wϭϯ͘ϰďŝůůŝŽŶĂŶĚ͕ĚĞĨĞƌƌĞĚƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨůŽƐƐĞƐŽŶƐĂůĞĂŶĚĚĂĐŝŽŶĞŶƉĂŐŽƐĞƚƚůĞŵĞŶƚ;ĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐͿƚŽƚĂůůŝŶŐWϭϱ͘ϳďŝůůŝŽŶ
ĂƐƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚĞĂŵĞŶĚĞĚZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ͘WƵƌƐƵĂŶƚƚŽƚŚĞĂŵĞŶĚĞĚZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ͕ƚŚĞƐĞƵŶŬĞĚǀĂůƵĂƚŝŽŶ
ƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐ;hsZĂŶĚͿ͕ƚŽƚĂůůŝŶŐWϮϵ͘ϭďŝůůŝŽŶ͕ǁŚŝĐŚǁĞƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐ^WƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŽŶ
ŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶŝŶŐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϬϴ͕ĂƌĞďĞŝŶŐƌĞĐŽŐŶŝnjĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬŽŶĂƐƚĂŐŐĞƌĞĚďĂƐŝƐƐƚĂƌƚŝŶŐϮϬϬϵĂƐ
ĂůůŽǁĞĚĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞ^W͘ĐĐŽƌĚŝŶŐůLJ͕ĂƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞƐϭ͕ϭϲĂŶĚϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞĚWϯ͘ϴďŝůůŝŽŶĞĂĐŚLJĞĂƌ
;ďĂƐĞĚŽŶƚŚĞƵƉĚĂƚĞĚƌĞŵĂŝŶŝŶŐĂŐŐƌĞŐĂƚĞďĂůĂŶĐĞŽĨhsZĂŶĚŽĨWϭϴ͘ϲďŝůůŝŽŶĂƐĂƚDĂLJϮϯ͕ϮϬϭϰͿŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ďLJĂĚŝƌĞĐƚ
ĐŚĂƌŐĞĚƚŽ^ƵƌƉůƵƐĂĐĐŽƵŶƚ͘dŚĞƚŽƚĂůhsZĂŶĚƌĞĐŽŐŶŝnjĞĚĂŐĂŝŶƐƚ^ƵƌƉůƵƐĂĐĐŽƵŶƚŝŶϮϬϭϰĂŶĚƉƌŝŽƌLJĞĂƌƐĂŵŽƵŶƚĞĚƚŽ
Wϭϴ͘ϭďŝůůŝŽŶ͘DŽƌĞŽǀĞƌ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽůĚĐĞƌƚĂŝŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐŝŶĐůƵĚĞĚĂďŽǀĞĂŶĚĚĞĨĞƌƌĞĚƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞŶĞƚ
ůŽƐƐĞƐŽĨWϬ͘ϬϭďŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ĂƐĂůƐŽĂůůŽǁĞĚďLJƚŚĞ^WĂƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞƐϭĂŶĚϭϲ͘W&Z^ƌĞƋƵŝƌĞƐƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨ
ƚŚĞƐĞhsZĂŶĚŝŶƚŚĞƉĞƌŝŽĚƐƚŚĞƐĞǁĞƌĞŝŶĐƵƌƌĞĚ͘,ĂĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞĚŝŶĨƵůůƚŚĞƐĞhsZĂŶĚŝŶƚŚĞƉĞƌŝŽĚƐǁŚĞŶ
ƚŚĞƐĞǁĞƌĞŝŶĐƵƌƌĞĚĂƐƌĞƋƵŝƌĞĚƵŶĚĞƌW&Z^͕ƚŚĞƚŽƚĂůƌĞƐŽƵƌĐĞƐĂŶĚĞƋƵŝƚLJŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬǁŽƵůĚŚĂǀĞĚĞĐƌĞĂƐĞĚ
ďLJWϯ͘ϳďŝůůŝŽŶĂŶĚWϳ͘ϱďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚŶĞƚŝŶĐŽŵĞŽĨƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬĨŽƌ
ƚŚĞLJĞĂƌƐƚŚĞŶĞŶĚĞĚǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϬ͘ϬϭďŝůůŝŽŶ͘


ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭϭ͕ŽŶǀĂƌŝŽƵƐĚĂƚĞƐŝŶϮϬϭϭ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽůĚŚĞůĚͲƚŽͲŵĂƚƵƌŝƚLJ;,dDͿŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐ
ĂŵŽƵŶƚŽĨWϯ͘ϮďŝůůŝŽŶƚŚĞƌĞďLJƌĞĂůŝnjŝŶŐŐĂŝŶƐŽĨWϬ͘ϯďŝůůŝŽŶ͘ƐĂƌĞƐƵůƚŽĨƚŚĞƐĞĚŝƐƉŽƐĂůƐ͕ƚŚĞŽƵƚƐƚĂŶĚŝŶŐ,dDŝŶǀĞƐƚŵĞŶƚƐŽĨƚŚĞ
WĂƌĞŶƚĂŶŬǁĞƌĞƚĂŝŶƚĞĚĂŶĚ͕ƵŶĚĞƌW&Z^͕ƐŚŽƵůĚďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝƐƉƌŽŚŝďŝƚĞĚĨƌŽŵ
ĐůĂƐƐŝĨLJŝŶŐĂŶLJĨŝŶĂŶĐŝĂůĂƐƐĞƚĂƐ,dDŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵϮϬϭϭƵŶƚŝůϮϬϭϯ͘,ŽǁĞǀĞƌ͕ƚŚĞDŽŶĞƚĂƌLJŽĂƌĚ͕ŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘Ϯϭϰϭ
ĚĂƚĞĚĞĐĞŵďĞƌϮϬ͕ϮϬϭϮ͕ĂƉƉƌŽǀĞĚƚŚĞƌĞƋƵĞƐƚŽĨƚŚĞWĂƌĞŶƚĂŶŬƚŽĞdžĞŵƉƚŝƚƐƌĞŵĂŝŶŝŶŐWϮϴ͘ϬďŝůůŝŽŶŝŶǀĞƐƚŵĞŶƚƐŝŶ
ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐĐůĂƐƐŝĨŝĞĚĂƐ,dDŝŶǀĞƐƚŵĞŶƚƐ͕ĨŽƌǁŚŝĐŚŝƚƐĂĐƋƵŝƐŝƚŝŽŶǁĞƌĞĨƵŶĚĞĚďLJƚŚĞWϯϬ͘ϬďŝůůŝŽŶƐĂǀŝŶŐƐĚĞƉŽƐŝƚƐ
ŵĂŝŶƚĂŝŶĞĚďLJƚŚĞEĂƚŝŽŶĂů'ŽǀĞƌŶŵĞŶƚǁŝƚŚƚŚĞWĂƌĞŶƚĂŶŬĂƐƉĂƌƚŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶƐŐƌĂŶƚĞĚƵŶĚĞƌƚŚĞĂŵĞŶĚĞĚZĞŚĂďŝůŝƚĂƚŝŽŶ
WůĂŶ͕ĂƐĚŝƐĐƵƐƐĞĚŝŶ;ďͿŝŶƚŚĞƉƌĞĐĞĚŝŶŐƉĂŐĞ͕ĨƌŽŵƚŚĞ͞ƚĂŝŶƚŝŶŐƉƌŽǀŝƐŝŽŶ͟ƵŶĚĞƌW&Z^ĂŶĚƌĞƚĂŝŶĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƐƵĐŚƐĞĐƵƌŝƚŝĞƐ
ƵŶĚĞƌƚŚĞ,dDŝŶǀĞƐƚŵĞŶƚƐƉŽƌƚĨŽůŝŽ͘ƚƚŚĞĞŶĚŽĨƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚ͕ƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐƐŚŽƵůĚďĞƌĞĐůĂƐƐŝĨŝĞĚĨƌŽŵ&^ĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐƚŽ,dDŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞ͕;ŝ͘Ğ͕͘ƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚƚŚĞƚŝŵĞŽĨƚŚĞƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶͿ

112 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ĂƐƚŚĞŶĞǁĐŽƐƚŽĨƚŚĞ,dDŝŶǀĞƐƚŵĞŶƚ͘dŚĞŶĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶŽŶƚŚĞ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚƵƌŝŶŐƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚƐŚŽƵůĚƚŚĞŶ
ďĞĂŵŽƌƚŝnjĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚŽǀĞƌƚŚĞƌĞŵĂŝŶŝŶŐƚĞƌŵŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕
ƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐŝŶŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐǁŝƚŚĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨWϭϵ͘ϮďŝůůŝŽŶĂŶĚWϮϳ͘ϳďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚĨĂŝƌ
ǀĂůƵĞŽĨWϮϬ͘ϮďŝůůŝŽŶĂŶĚWϮϵ͘ϱďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ǁĞƌĞƌĞƚĂŝŶĞĚƵŶĚĞƌ,dDŝŶǀĞƐƚŵĞŶƚƐĚƵƌŝŶŐĂŶĚĂĨƚĞƌƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚ͘
,ĂĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐůĂƐƐŝĨŝĞĚƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐƚŽ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚƵƌŝŶŐƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚĂŶĚƚŚĞŶƌĞĐůĂƐƐŝĨŝĞĚďĂĐŬƚŽ
,dDŝŶǀĞƐƚŵĞŶƚƐŽŶĐĞƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚůĂƉƐĞĚŝŶϮϬϭϯŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW&Z^͕ƚŚĞƚŽƚĂůƌĞƐŽƵƌĐĞƐĂŶĚĞƋƵŝƚLJŽĨƚŚĞ'ƌŽƵƉĂŶĚ
ƚŚĞWĂƌĞŶƚĂŶŬǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϬ͘ϵďŝůůŝŽŶĂŶĚWϭ͘ϯďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚŶĞƚ
ŝŶĐŽŵĞǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϬ͘ϵďŝůůŝŽŶĂŶĚWϭ͘ϯďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞLJĞĂƌƐƚŚĞŶĞŶĚĞĚ͘

ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞƐϭ͕ϭϯ͕ϮϮĂŶĚϮϳƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚŝĐŚĚŝƐĐƵƐƐĞƐƚŚĞ^ƵƉƌĞŵĞŽƵƌƚ;^ͿĚĞĐŝƐŝŽŶŽŶƚǁŽĐĂƐĞƐ
ŝŶǀŽůǀŝŶŐ;ĂͿƚŚĞŽǁŶĞƌƐŚŝƉŽĨĐĞƌƚĂŝŶƐĞƋƵĞƐƚĞƌĞĚƐŚĂƌĞƐŽĨhWŚĞůĚďLJƚŚĞWƌĞƐŝĚĞŶƚŝĂůŽŵŵŝƐƐŝŽŶŽŶ'ŽŽĚ'ŽǀĞƌŶŵĞŶƚ
;W''Ϳ͖ĂŶĚ͕;ďͿƚŚĞŽǁŶĞƌƐŚŝƉŽǀĞƌƚŚĞŽĐŽŶƵƚ/ŶĚƵƐƚƌLJ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ;//&ͿĐŽŵƉĂŶŝĞƐ͕ƚŚĞϭϰ//&,ŽůĚŝŶŐŽŵƉĂŶŝĞƐ
;ǁŚŽůůLJŽǁŶĞĚƐƵďƐŝĚŝĂƌŝĞƐŽĨƚŚĞ//&KŝůDŝůůƐĐŽŵƉĂŶŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬͿĂŶĚƚŚĞƐŚĂƌĞƐŽĨƐƚŽĐŬŝŶ^ĂŶDŝŐƵĞů
ŽƌƉŽƌĂƚŝŽŶ;^DͿŚĞůĚďLJƚŚĞϭϰ//&,ŽůĚŝŶŐŽŵƉĂŶŝĞƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂůůĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚ͕ƉĂŝĚĂŶĚŝƐƐƵĞĚƚŚĞƌĞŽŶĂƐǁĞůůĂƐ
ĂŶLJŝŶĐƌĞŵĞŶƚƐƚŚĞƌĞƚŽĂƌŝƐŝŶŐĨƌŽŵ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĞdžĞƌĐŝƐĞŽĨƉƌĞͲĞŵƉƚŝǀĞƌŝŐŚƚƐ͕ǁŚĞƌĞƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĂŶĞĨĨĞĐƚŝǀĞƐŚĂƌĞ
ŽĨϭϭйŽƌĂďŽƵƚWϴ͘ϲďŝůůŝŽŶ͘ƐĨƵůůLJĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭϯƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞ^ĚĞĐŝƐŝŽŶďĞĐĂŵĞĨŝŶĂůĂŶĚĞdžĞĐƵƚŽƌLJŽŶ
ƚŚĞĂďŽǀĞͲŵĞŶƚŝŽŶĞĚĐĂƐĞƐƚŚĂƚŵĂũŽƌŝƚLJŽĨƚŚĞƐĞƋƵĞƐƚĞƌĞĚƐŚĂƌĞƐŽĨƐƚŽĐŬŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ǁŚŝĐŚǁĂƐƉĂŝĚĨƌŽŵƚŚĞŽĐŽŶƵƚ
ŽŶƐƵŵĞƌƐ^ƚĂďŝůŝnjĂƚŝŽŶ&ƵŶĚ͕ŝƐŽǁŶĞĚďLJƚŚĞZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;ZKWͿĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞĐŽĐŽŶƵƚĨĂƌŵĞƌƐ͕ƚŚƵƐŵĂŬŝŶŐ
ŝƚĂƉĂƌƚŽĨƚŚĞĐŽĐŽůĞǀLJĂƐƐĞƚƐ͕ĂŶĚŚĂƐďĞĞŶƌĞĐŽƌĚĞĚŝŶƚŚĞŽŽŬŽĨŶƚƌŝĞƐŽĨ:ƵĚŐŵĞŶƚŽĨƚŚĞ^ŽŶĞĐĞŵďĞƌϭϬ͕ϮϬϭϰ͘KŶ
DĂƌĐŚϭϴ͕ϮϬϭϱ͕ƚŚĞWƌĞƐŝĚĞŶƚŽĨƚŚĞZKWŝƐƐƵĞĚƚŚĞdžĞĐƵƚŝǀĞKƌĚĞƌƐ;KƐͿŵĂŶĚĂƚŝŶŐƚŚĞŝŶǀĞŶƚŽƌLJ͕ƌĞĐŽŶǀĞLJĂŶĐĞ͕ƵƚŝůŝnjĂƚŝŽŶĂŶĚ
ƉƌŝǀĂƚŝnjĂƚŝŽŶŽĨĐŽĐŽůĞǀLJĂƐƐĞƚƐ͘dŚĞKƐĂůƐŽŝŶĚŝĐĂƚĞĚƚŚĞĂƉƉƌŽǀĂůďLJƚŚĞWƌĞƐŝĚĞŶƚŽĨƚŚĞZKWŽĨƚŚĞƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƉůĂŶŽĨƚŚĞ
WĂƌĞŶƚĂŶŬďLJǁĂLJŽĨƉƌŝǀĂƚŝnjĂƚŝŽŶ͘KŶ:ƵŶĞϯϬ͕ϮϬϭϱ͕ƚŚĞ^ŝƐƐƵĞĚĂƚĞŵƉŽƌĂƌLJƌĞƐƚƌĂŝŶŝŶŐŽƌĚĞƌ;dZKͿĞŶũŽŝŶŝŶŐƚŚĞ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞKƐ͘KŶƵŐƵƐƚϴ͕ϮϬϭϳ͕ƚŚĞ^ůŝĨƚĞĚƚŚĞƐĂŝĚdZK͘dŚĞKĂŶĚŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƚŚĂƚ͕ĂƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŝƚŝƐƐƚŝůůƌĞĂƐŽŶĂďůĞƚŽŵĂŝŶƚĂŝŶƚŚĞƐƚĂƚƵƐƋƵŽĂŶĚĐŽŶƚŝŶƵĞǁŝƚŚƚŚĞŶŽƌŵĂůďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐ͕
ŝŶĐůƵĚŝŶŐƚŚĞŵĂŶŶĞƌŽĨĂĐĐŽƵŶƚŝŶŐĂŶĚǀĂůƵĂƚŝŽŶŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞ//&KŝůDŝůůƐĐŽŵƉĂŶŝĞƐ͘,ŽǁĞǀĞƌ͕ĐŽŶƐŝĚĞƌŝŶŐƚŚĞĨŝŶĂůŝƚLJ
ŽĨƚŚĞϮϬϭϰĚĞĐŝƐŝŽŶŽĨƚŚĞ^ĂƐĚŝƐĐƵƐƐĞĚĂďŽǀĞĂŶĚƚŚĞŝŶĂďŝůŝƚLJŽĨƚŚĞWĂƌĞŶƚĂŶŬLJĞƚƚŽĞdžĞƌĐŝƐĞŝƚƐƌŝŐŚƚƐŽǀĞƌŝƚƐŝŶǀĞƐƚŵĞŶƚƐ
ǁŝƚŚƚŚĞ//&KŝůDŝůůƐĐŽŵƉĂŶŝĞƐƵƉƚŽƚŚŝƐĚĂƚĞ͕ǁĞďĞůŝĞǀĞƚŚĂƚĂŶĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚƐŚŽƵůĚŚĂǀĞďĞĞŶƉƌŽǀŝĚĞĚŝŶĨƵůůĨŽƌ
ƐƵĐŚŝŶǀĞƐƚŵĞŶƚƐŽĨƚŚĞWĂƌĞŶƚĂŶŬŝŶ//&KŝůDŝůůƐĐŽŵƉĂŶŝĞƐ͘,ĂĚƚŚĞWĂƌĞŶƚĂŶŬƉƌŽǀŝĚĞĚĨŽƌĂĨƵůůĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚ
ĨŽƌƐƵĐŚŝŶǀĞƐƚŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͕ƚŚĞƚŽƚĂůƌĞƐŽƵƌĐĞƐĂŶĚĞƋƵŝƚLJǁŽƵůĚŚĂǀĞĚĞĐƌĞĂƐĞĚďLJWϴ͘ϲďŝůůŝŽŶĂƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘

,ĂĚƚŚĞŵĂƚƚĞƌƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞƉƌĞĐĞĚŝŶŐƉĂƌĂŐƌĂƉŚƐďĞĞŶĂĐĐŽƵŶƚĞĚĨŽƌďLJƚŚĞWĂƌĞŶƚĂŶŬŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW&Z^͕ƚŽƚĂů
ƌĞƐŽƵƌĐĞƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚĞƋƵŝƚLJŝŶƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬ͛ƐƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŽƵůĚŚĂǀĞĚĞĐƌĞĂƐĞĚďLJ
Wϭϭ͘ϰďŝůůŝŽŶ͕ŝŶĐƌĞĂƐĞĚďLJWϭϮ͘ϬďŝůůŝŽŶĂŶĚĚĞĐƌĞĂƐĞĚďLJWϮϯ͘ϰďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚĚĞĐƌĞĂƐĞĚďLJ
Wϭϰ͘ϴďŝůůŝŽŶ͕ŝŶĐƌĞĂƐĞĚďLJWϭϮ͘ϬďŝůůŝŽŶĂŶĚĚĞĐƌĞĂƐĞĚďLJWϮϲ͘ϴďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲĂŶĚŶĞƚŝŶĐŽŵĞŝŶƚŚĞ
'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬ͛ƐƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϭ͘ϬďŝůůŝŽŶĂŶĚWϭ͘ϯďŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐ;W^Ϳ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŽƐĞƐƚĂŶĚĂƌĚƐĂƌĞ
ĨƵƌƚŚĞƌĚĞƐĐƌŝďĞĚŝŶƚŚĞƵĚŝƚŽƌƐ͛ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞƵĚŝƚŽĨƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐƐĞĐƚŝŽŶŽĨŽƵƌƌĞƉŽƌƚ͘tĞĂƌĞ
ŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚĞ'ƌŽƵƉĂŶĚŽĨƚŚĞWĂƌĞŶƚĂŶŬŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽĚĞŽĨƚŚŝĐƐĨŽƌWƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐŝŶƚŚĞ
WŚŝůŝƉƉŝŶĞƐ;ŽĚĞŽĨƚŚŝĐƐͿƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐƚŚĂƚĂƌĞƌĞůĞǀĂŶƚƚŽŽƵƌĂƵĚŝƚƐŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞ
WŚŝůŝƉƉŝŶĞƐ͕ĂŶĚǁĞŚĂǀĞĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚŚĞŽĚĞŽĨƚŚŝĐƐ͘
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌƋƵĂůŝĨŝĞĚŽƉŝŶŝŽŶ͘


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ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨDĂŶĂŐĞŵĞŶƚĂŶĚdŚŽƐĞŚĂƌŐĞĚǁŝƚŚ'ŽǀĞƌŶĂŶĐĞĨŽƌƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

DĂŶĂŐĞŵĞŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚĨĂŝƌƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW&Z^͕ĂŶĚĨŽƌ
ƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐŵĂŶĂŐĞŵĞŶƚĚĞƚĞƌŵŝŶĞƐŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŚĂƚĂƌĞĨƌĞĞĨƌŽŵ
ŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘

/ŶƉƌĞƉĂƌŝŶŐƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŵĂŶĂŐĞŵĞŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂƐƐĞƐƐŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚĂŶŬ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐ
ĂŐŽŝŶŐĐŽŶĐĞƌŶ͕ĚŝƐĐůŽƐŝŶŐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚƵƐŝŶŐƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐ
ŵĂŶĂŐĞŵĞŶƚĞŝƚŚĞƌŝŶƚĞŶĚƐƚŽůŝƋƵŝĚĂƚĞƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŽƌƚŽĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂƐŶŽƌĞĂůŝƐƚŝĐĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽ
ĚŽƐŽ͘

dŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚŐŽǀĞƌŶĂŶĐĞĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌŽǀĞƌƐĞĞŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƌŽĐĞƐƐ͘

ƵĚŝƚŽƌƐ͛ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞƵĚŝƚŽĨƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂǁŚŽůĞĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĂŶĚƚŽŝƐƐƵĞĂŶĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚƚŚĂƚŝŶĐůƵĚĞƐŽƵƌŽƉŝŶŝŽŶ͘ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŝƐĂ
ŚŝŐŚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞ͕ďƵƚŝƐŶŽƚĂŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^ǁŝůůĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJŽƌŝŶƚŚĞ
ĂŐŐƌĞŐĂƚĞ͕ƚŚĞLJĐŽƵůĚƌĞĂƐŽŶĂďůLJďĞĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘

ƐƉĂƌƚŽĨĂŶĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^͕ǁĞĞdžĞƌĐŝƐĞƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚĂŶĚŵĂŝŶƚĂŝŶƉƌŽĨĞƐƐŝŽŶĂůƐŬĞƉƚŝĐŝƐŵƚŚƌŽƵŐŚŽƵƚƚŚĞ
ĂƵĚŝƚ͘tĞĂůƐŽ͗
x /ĚĞŶƚŝĨLJĂŶĚĂƐƐĞƐƐƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĚĞƐŝŐŶĂŶĚ
ƉĞƌĨŽƌŵĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƌĞƐƉŽŶƐŝǀĞƚŽƚŚŽƐĞƌŝƐŬƐ͕ĂŶĚŽďƚĂŝŶĂƵĚŝƚĞǀŝĚĞŶĐĞƚŚĂƚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂ
ďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘dŚĞƌŝƐŬŽĨŶŽƚĚĞƚĞĐƚŝŶŐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƌĞƐƵůƚŝŶŐĨƌŽŵĨƌĂƵĚŝƐŚŝŐŚĞƌƚŚĂŶĨŽƌŽŶĞƌĞƐƵůƚŝŶŐ
ĨƌŽŵĞƌƌŽƌ͕ĂƐĨƌĂƵĚŵĂLJŝŶǀŽůǀĞĐŽůůƵƐŝŽŶ͕ĨŽƌŐĞƌLJ͕ŝŶƚĞŶƚŝŽŶĂůŽŵŝƐƐŝŽŶƐ͕ŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ŽƌƚŚĞŽǀĞƌƌŝĚĞŽĨŝŶƚĞƌŶĂů
ĐŽŶƚƌŽů͘

x KďƚĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽƚŚĞĂƵĚŝƚŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞ
ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ďƵƚŶŽƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
ŝŶƚĞƌŶĂůĐŽŶƚƌŽů͘

x ǀĂůƵĂƚĞƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƵƐĞĚĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂŶĚƌĞůĂƚĞĚ
ĚŝƐĐůŽƐƵƌĞƐŵĂĚĞďLJŵĂŶĂŐĞŵĞŶƚ͘

x ŽŶĐůƵĚĞŽŶƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨŵĂŶĂŐĞŵĞŶƚ͛ƐƵƐĞŽĨƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐĂŶĚďĂƐĞĚŽŶƚŚĞĂƵĚŝƚ
ĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͕ǁŚĞƚŚĞƌĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐƌĞůĂƚĞĚƚŽĞǀĞŶƚƐŽƌĐŽŶĚŝƚŝŽŶƐƚŚĂƚŵĂLJĐĂƐƚƐŝŐŶŝĨŝĐĂŶƚĚŽƵďƚŽŶƚŚĞ
'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂďŝůŝƚLJƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘/ĨǁĞĐŽŶĐůƵĚĞƚŚĂƚĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐ͕ǁĞĂƌĞ
ƌĞƋƵŝƌĞĚƚŽĚƌĂǁĂƚƚĞŶƚŝŽŶŝŶŽƵƌĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚƚŽƚŚĞƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌ͕ŝĨƐƵĐŚĚŝƐĐůŽƐƵƌĞƐ
ĂƌĞŝŶĂĚĞƋƵĂƚĞ͕ƚŽŵŽĚŝĨLJŽƵƌŽƉŝŶŝŽŶ͘KƵƌĐŽŶĐůƵƐŝŽŶƐĂƌĞďĂƐĞĚŽŶƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚƵƉƚŽƚŚĞĚĂƚĞŽĨŽƵƌ
ĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚ͘,ŽǁĞǀĞƌ͕ĨƵƚƵƌĞĞǀĞŶƚƐŽƌĐŽŶĚŝƚŝŽŶƐŵĂLJĐĂƵƐĞƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƚŽĐĞĂƐĞƚŽĐŽŶƚŝŶƵĞĂƐĂ
ŐŽŝŶŐĐŽŶĐĞƌŶ͘
x ǀĂůƵĂƚĞƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶ͕ƐƚƌƵĐƚƵƌĞĂŶĚĐŽŶƚĞŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĚŝƐĐůŽƐƵƌĞƐ͕ĂŶĚǁŚĞƚŚĞƌƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞƉƌĞƐĞŶƚƚŚĞƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĞǀĞŶƚƐŝŶĂŵĂŶŶĞƌƚŚĂƚĂĐŚŝĞǀĞƐĨĂŝƌƉƌĞƐĞŶƚĂƚŝŽŶ͘

x KďƚĂŝŶƐƵĨĨŝĐŝĞŶƚĂƉƉƌŽƉƌŝĂƚĞĂƵĚŝƚĞǀŝĚĞŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĞŶƚŝƚŝĞƐŽƌďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞ
'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘tĞĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĚŝƌĞĐƚŝŽŶ͕ƐƵƉĞƌǀŝƐŝŽŶ
ĂŶĚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞŐƌŽƵƉĂƵĚŝƚ͘tĞƌĞŵĂŝŶƐŽůĞůLJƌĞƐƉŽŶƐŝďůĞĨŽƌŽƵƌĂƵĚŝƚŽƉŝŶŝŽŶ͘


114 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS


tĞĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚŐŽǀĞƌŶĂŶĐĞƌĞŐĂƌĚŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌŵĂƚƚĞƌƐ͕ƚŚĞƉůĂŶŶĞĚƐĐŽƉĞĂŶĚƚŝŵŝŶŐŽĨƚŚĞĂƵĚŝƚ
ĂŶĚƐŝŐŶŝĨŝĐĂŶƚĂƵĚŝƚĨŝŶĚŝŶŐƐ͕ŝŶĐůƵĚŝŶŐĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚĞĨŝĐŝĞŶĐŝĞƐŝŶŝŶƚĞƌŶĂůĐŽŶƚƌŽůƚŚĂƚǁĞŝĚĞŶƚŝĨLJĚƵƌŝŶŐŽƵƌĂƵĚŝƚ͘

tĞĂůƐŽƉƌŽǀŝĚĞƚŚŽƐĞĐŚĂƌŐĞĚǁŝƚŚŐŽǀĞƌŶĂŶĐĞǁŝƚŚĂƐƚĂƚĞŵĞŶƚƚŚĂƚǁĞŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƌĞůĞǀĂŶƚĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐ
ƌĞŐĂƌĚŝŶŐŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚƚŽĐŽŵŵƵŶŝĐĂƚĞǁŝƚŚƚŚĞŵĂůůƌĞůĂƚŝŽŶƐŚŝƉƐĂŶĚŽƚŚĞƌŵĂƚƚĞƌƐƚŚĂƚŵĂLJƌĞĂƐŽŶĂďůLJďĞƚŚŽƵŐŚƚƚŽďĞĂƌ
ŽŶŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͕ĂŶĚǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ƌĞůĂƚĞĚƐĂĨĞŐƵĂƌĚƐ͘


ZĞƉŽƌƚŽŶKƚŚĞƌ>ĞŐĂůĂŶĚZĞŐƵůĂƚŽƌLJZĞƋƵŝƌĞŵĞŶƚƐ

KƵƌĂƵĚŝƚƐǁĞƌĞĐŽŶĚƵĐƚĞĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŽƌŵŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚĂŬĞŶĂƐĂǁŚŽůĞ͘dŚĞ
ƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳƌĞƋƵŝƌĞĚďLJƚŚĞƵƌĞĂƵŽĨ/ŶƚĞƌŶĂůZĞǀĞŶƵĞĂƐĚŝƐĐůŽƐĞĚŝŶ
EŽƚĞϯϭƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐƉƌĞƐĞŶƚĞĚĨŽƌƉƵƌƉŽƐĞƐŽĨĂĚĚŝƚŝŽŶĂůĂŶĂůLJƐŝƐĂŶĚŝƐŶŽƚĂƌĞƋƵŝƌĞĚƉĂƌƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞW&Z^͘^ƵĐŚƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶŝƐƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨŵĂŶĂŐĞŵĞŶƚ͘dŚĞ
ƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶŚĂƐďĞĞŶƐƵďũĞĐƚĞĚƚŽƚŚĞĂƵĚŝƚŝŶŐƉƌŽĐĞĚƵƌĞƐĂƉƉůŝĞĚŝŶƚŚĞĂƵĚŝƚŽĨƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚ͕
ŝŶŽƵƌŽƉŝŶŝŽŶ͕ŝƐĨĂŝƌůLJƐƚĂƚĞĚŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐŝŶƌĞůĂƚŝŽŶƚŽƚŚĞďĂƐŝĐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚĂŬĞŶĂƐĂǁŚŽůĞ͘

dŚĞĞŶŐĂŐĞŵĞŶƚƉĂƌƚŶĞƌŽŶƚŚĞĂƵĚŝƚƐƌĞƐƵůƚŝŶŐŝŶƚŚŝƐŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌƐ͛ƌĞƉŽƌƚŝƐZĂŵŝůŝƚŽ>͘EĂŹŽůĂ͘


      WhEKE'zEΘZh>>K




 LJ͗ ZĂŵŝůŝƚŽ>͘EĂŹŽůĂ
  WĂƌƚŶĞƌ

  WZĞŐ͘EŽ͘ϬϬϵϬϳϰϭ
  d/EϭϬϵͲϮϮϴͲϰϮϳ
  WdZEŽ͘ϲϲϭϲϬϭϱ͕:ĂŶƵĂƌLJϯ͕ϮϬϭϴ͕DĂŬĂƚŝŝƚLJ
  ^'ƌŽƵƉĐĐƌĞĚŝƚĂƚŝŽŶ
   WĂƌƚŶĞƌͲEŽ͘ϬϯϵϱͲZͲϯ;ƵŶƚŝůDĂLJϭϵ͕ϮϬϭϵͿ
   &ŝƌŵͲEŽ͘ϬϬϬϮͲ&ZͲϱ;ƵŶƚŝůDĂƌ͘Ϯϲ͕ϮϬϮϭͿ
  /ZEϬϴͲϬϬϮϱϭϭͲϭϵͲϮϬϭϴ;ƵŶƚŝů:ĂŶ͘Ϯϱ͕ϮϬϮϭͿ   
 &ŝƌŵ͛ƐKͬWZĞƌƚ͘ŽĨZĞŐ͘EŽ͘ϬϬϬϮ;ƵŶƚŝůĞĐ͘ϯϭ͕ϮϬϭϴͿ

 
 ƉƌŝůϮϱ͕ϮϬϭϴ


U C P B 2 0 1 7 A N N U A L R E P O R T 115
 STATEMENTS OF FINANCIAL POSITION
December 31, 2017 and 2016
(Amounts in Thousands of Philippine Pesos)

'ZKhW WZEdE<
EŽƚĞƐ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ ϮϬϭϲ

Z^KhZ^

^,EKd,Z^,/dD^ ϵ Wϲ͕ϯϯϯ͕ϱϲϯ Wϱ͕ϵϭϵ͕ϳϲϯ Wϱ͕ϵϮϬ͕ϰϳϭ Wϱ͕ϱϮϴ͕ϰϵϮ



h&ZKDE'<K^EdZ>E'W/>/W/E^ ϵ ϰϴ͕ϲϭϬ͕Ϭϵϲ ϱϬ͕ϴϬϴ͕ϴϵϭ

 ϰϳ͕ϯϬϱ͕ϴϬϵ ϰϵ͕ϱϮϬ͕ϰϮϬ


h&ZKDKd,ZE<^ ϵ ϰ͕ϱϲϳ͕ϴϱϱ ϳ͕Ϯϳϲ͕ϲϱϯ

 ϰ͕ϰϮϮ͕ϳϰϵ ϳ͕ϭϵϯ͕ϴϯϭ


/EdZE<>KE^Z/s>E^hZ/d/^
WhZ,^hEZZ^>'ZDEd^ ϵ͕ϭϬ ϳ͕ϭϯϬ͕ϳϯϱ ϭϱ͕ϴϬϲ͕ϯϱϯ
 ϳ͕ϭϯϬ͕ϳϯϱ ϭϱ͕ϱϭϬ͕ϱϬϳ


dZ/E'E/Es^dDEd^hZ/d/^ͲEĞƚ ϭϭ ϲϬ͕ϰϯϱ͕ϵϬϭ ϰϴ͕ϳϭϳ͕Ϭϯϴ

 ϱϵ͕ϵϱϯ͕ϰϭϳ ϰϴ͕ϯϵϮ͕ϱϲϮ


>KE^EKd,ZZ/s>^ͲEĞƚ ϭϮ ϭϳϬ͕ϯϰϵ͕Ϭϰϰ
 ϭϱϬ͕ϱϯϵ͕ϱϭϯ
 ϭϱϮ͕ϲϴϭ͕ϲϳϱ
 ϭϯϯ͕ϱϮϵ͕ϳϯϭ

/Es^dDEd^/E^h^//Z/^E
^^K/d^ͲEĞƚ
ϭϯ ϴ͕ϳϱϵ͕ϵϯϮ
 ϴ͕ϳϱϳ͕ϲϰϯ ϭϯ͕ϰϲϱ͕ϲϴϬ ϭϱ͕ϳϭϵ͕ϱϴϰ


E<WZD/^^͕&hZE/dhZ͕&/ydhZ^
EYh/WDEdͲEĞƚ ϭϰ ϭ͕ϴϳϯ͕ϭϭϭ ϭ͕ϵϭϮ͕ϴϰϭ
 ϭ͕ϲϮϴ͕ϵϮϮ ϭ͕ϲϱϭ͕ϵϯϴ


/Es^dDEdWZKWZd/^ͲEĞƚ ϭϱ ϱ͕ϳϮϮ͕ϲϵϭ Ϯ͕ϱϭϬ͕ϴϭϳ

 ϱ͕ϭϴϯ͕ϴϰϲ Ϯ͕ϲϵϬ͕ϰϰϳ


&&Zdy^^d^ͲEĞƚ Ϯϲ ϭ͕ϭϳϳ͕ϳϲϰ
 ϲϲϰ͕Ϭϰϯ
 ϵϯϵ͕ϰϴϴ
 ϰϬϵ͕ϱϮϱ

/EdE'/>EKd,ZZ^KhZ^ͲEĞƚ ϭϲ ϭϭ͕ϱϱϭ͕ϰϭϭ ϭϴ͕Ϭϭϯ͕ϭϴϯ

 ϭϬ͕ϲϮϲ͕ϮϯϮ
 ϭϰ͕ϲϬϮ͕ϳϲϲ


dKd>Z^KhZ^ WϯϮϲ͕ϱϭϮ͕ϭϬϯ
 WϯϭϬ͕ϵϮϲ͕ϳϯϴ WϯϬϵ͕Ϯϱϵ͕ϬϮϰ WϮϵϰ͕ϳϰϵ͕ϴϬϯ

>//>/d/^EYh/dz

WK^/d>//>/d/^ ϭϴ WϮϳϴ͕ϵϯϯ͕ϬϵϮ
 WϮϲϱ͕ϱϴϵ͕ϲϭϴ WϮϲϰ͕ϱϴϲ͕Ϭϯϯ WϮϱϮ͕ϳϲϭ͕ϯϴϲ

/>>^Wz>E^hZ/d/^^K>hEZ
ZWhZ,^'ZDEd^ ϭϵ ϲ͕ϴϬϬ͕ϴϴϳ ϵ͕ϭϳϲ͕ϵϬϵ
 ϱ͕ϰϴϰ͕ϮϳϬ ϳ͕ϱϬϮ͕ϯϮϮ


Zhdy^͕/EdZ^d^EKd,Z
yWE^^ ϮϬ ϭ͕Ϭϯϭ͕ϬϰϬ ϲϴϮ͕ϮϮϱ ϵϲϬ͕ϯϮϴ ϱϴϱ͕ϱϵϴ

/EKDdyWz> ϱϯ͕Ϭϳϱ ϭϯϲ͕ϭϭϴ ϵ͕ϭϵϯ ϰ͕Ϯϭϭ

Zd/ZDEd>//>/dz Ϯϯ ϳϴϴ͕Ϭϴϱ ϴϯϲ͕ϴϱϴ ϳϭϴ͕Ϭϴϳ ϳϳϰ͕ϱϴϵ

&ZZdy>//>/d/^ͲEĞƚ Ϯϲ ϭϳ͕ϰϵϲ ϭϳ͕ϯϯϬ Ͳ Ͳ

Kd,Z>//>/d/^ Ϯϭ ϮϬ͕ϮϱϮ͕ϵϭϴ ϭϱ͕ϵϴϮ͕ϰϳϴ

 ϭϵ͕ϯϬϭ͕ϭϮϮ
 ϭϱ͕ϬϭϮ͕Ϯϲϵ


dŽƚĂů>ŝĂďŝůŝƚŝĞƐ ϯϬϳ͕ϴϳϲ͕ϱϵϯ
 ϮϵϮ͕ϰϮϭ͕ϱϯϲ
 Ϯϵϭ͕Ϭϱϵ͕Ϭϯϯ
 Ϯϳϲ͕ϲϰϬ͕ϯϳϱ

Yh/dz ϮϮ ϭϴ͕ϲϯϱ͕ϱϭϬ ϭϴ͕ϱϬϱ͕ϮϬϮ

 ϭϴ͕ϭϵϵ͕ϵϵϭ ϭϴ͕ϭϬϵ͕ϰϮϴ


dKd>>//>/d/^EYh/dz WϯϮϲ͕ϱϭϮ͕ϭϬϯ
 WϯϭϬ͕ϵϮϲ͕ϳϯϴ WϯϬϵ͕Ϯϱϵ͕ϬϮϰ WϮϵϰ͕ϳϰϵ͕ϴϬϯ

^ĞĞEŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

116 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS
STATEMENTS OF INCOME
For the Years Ended December 31, 2017 and 2016
(Amounts in Thousands of Philippine Pesos)
'ZKhW
EŽƚĞƐ ϮϬϭϳ
/EdZ^d/EKD
>ŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ϭϮ Wϭϭ͕ϮϮϰ͕Ϭϱϵ
dƌĂĚŝŶŐĂŶĚŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐ ϭϭ ϯ͕ϭϱϱ͕ϲϳϱ
ƵĞĨƌŽŵĂŶŐŬŽ^ĞŶƚƌĂůŶŐWŝůŝƉŝŶĂƐĂŶĚŽƚŚĞƌďĂŶŬƐ ϵ ϯϯϯ͕Ϭϰϭ
/ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚƐĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌ
ƌĞƐĂůĞĂŐƌĞĞŵĞŶƚƐ ϭϬ ϯϯ͕ϯϵϳ
ϭϰ͕ϳϰϲ͕ϭϳϮ
/EdZ^dyWE^
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ ϭϴ Ϯ͕ϳϮϰ͕ϭϯϭ
ŝůůƐƉĂLJĂďůĞ ϭϵ Ϯϭϵ͕Ϯϯϱ
Ϯ͕ϵϰϯ͕ϯϲϲ
Ed/EdZ^d/EKD ϭϭ͕ϴϬϮ͕ϴϬϲ
/DW/ZDEd>K^^^ ϭϳ ϭ͕ϭϵϴ͕ϴϭϱ
Ed/EdZ^d/EKD&dZ/DW/ZDEd>K^^^ ϭϬ͕ϲϬϯ͕ϵϵϭ
Kd,Z/EKD
^ĞƌǀŝĐĞĐŚĂƌŐĞƐ͕ĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶƐ Ϯϰ ϭ͕ϭϳϰ͕ϳϯϳ
'ĂŝŶƐ;ůŽƐƐĞƐͿŽŶĂƐƐĞƚƐƐŽůĚ ϲϯϬ͕ϴϬϬ
dƌĂĚŝŶŐĂŶĚƐĞĐƵƌŝƚŝĞƐŐĂŝŶƐͲŶĞƚ ϭϭ ϭϴϰ͕ϭϳϯ
/ŶĐŽŵĞĨƌŽŵƚƌƵƐƚŽƉĞƌĂƚŝŽŶƐ Ϯϳ ϵϮ͕ϴϲϭ
'ĂŝŶƐŽŶĨŽƌĞĐůŽƐƵƌĞƐͲŶĞƚ ϴϲ͕ϬϬϱ
&ŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶƐͲŶĞƚ ϳϲ͕ϰϬϰ
^ŚĂƌĞŝŶŶĞƚĞĂƌŶŝŶŐƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ ϭϯ ϭ͕Ϯϲϵ
DŝƐĐĞůůĂŶĞŽƵƐ Ϯϰ ϯϮϱ͕Ϭϰϱ
Ϯ͕ϱϳϭ͕Ϯϵϰ
dKd>KWZd/E'/EKD ϭϯ͕ϭϳϱ͕Ϯϴϱ
KWZd/E'yWE^^
ŽŵƉĞŶƐĂƚŝŽŶĂŶĚĨƌŝŶŐĞďĞŶĞĨŝƚƐ Ϯϯ ϯ͕ϭϱϮ͕ϵϲϭ
dĂdžĞƐĂŶĚůŝĐĞŶƐĞƐ ϭ͕Ϯϲϭ͕ϰϱϴ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ ϭϰ͕ϭϱ͕ϭϲ͕ϭϳ ϲϰϵ͕ϲϯϰ
KĐĐƵƉĂŶĐLJ ϲϰϮ͕ϲϬϴ
^ĞĐƵƌŝƚLJ͕ĐůĞƌŝĐĂůĂŶĚŵĞƐƐĞŶŐĞƌŝĂů ϲϬϵ͕ϳϰϴ
/ŶƐƵƌĂŶĐĞ ϲϬϰ͕ϵϬϬ
>ŝƚŝŐĂƚŝŽŶĂŶĚĂƐƐĞƚƐĂĐƋƵŝƌĞĚ ϭϱ ϭϲϰ͕ϳϰϵ
DŝƐĐĞůůĂŶĞŽƵƐ Ϯϱ ϭ͕ϭϵϱ͕ϳϮϳ
ϴ͕Ϯϴϭ͕ϳϴϱ
/EKD&KZ/EKDdy ϰ͕ϴϵϯ͕ϱϬϬ
dyyWE^ Ϯϲ ϳϰϲ͕ϲϮϳ
Ed/EKD Wϰ͕ϭϰϲ͕ϴϳϯ
ddZ/hd>dK͗
Yh/dz,K>Z^K&d,WZEdE< Wϰ͕ϭϯϴ͕ϵϯϮ
EKEͲKEdZK>>/E'/EdZ^d^ ϳ͕ϵϰϭ
Wϰ͕ϭϰϲ͕ϴϳϯ
^ĞĞEŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘
U C P B
ϮϬϭϲ
Wϵ͕ϵϮϭ͕ϭϲϯ
ϯ͕Ϭϵϵ͕ϴϰϳ
ϭϰϵ͕ϲϵϯ
ϯϵ͕ϭϴϯ
ϭϯ͕ϮϬϵ͕ϴϴϲ
Ϯ͕ϰϮϮ͕ϲϭϳ
ϯϭϰ͕ϱϮϬ
Ϯ͕ϳϯϳ͕ϭϯϳ
ϭϬ͕ϰϳϮ͕ϳϰϵ
ϭ͕Ϭϰϯ͕Ϯϴϴ
ϵ͕ϰϮϵ͕ϰϲϭ
ϭ͕ϭϲϬ͕ϴϳϳ
ϭϲ͕Ϭϱϴ
ϲϬϯ͕ϯϰϰ
ϭϭϬ͕ϱϯϲ
ϭϰϰ͕ϭϯϳ
ϭϬϵ͕ϴϭϯ
ϭ͕ϵϭϰ
ϰϲϯ͕ϭϬϮ
Ϯ͕ϲϬϵ͕ϳϴϭ
ϭϮ͕Ϭϯϵ͕ϮϰϮ
Ϯ͕ϴϭϯ͕ϭϳϭ
ϭ͕ϭϵϴ͕ϵϯϰ
ϲϬϳ͕ϱϱϭ
ϲϮϳ͕ϳϬϳ
ϱϰϯ͕Ϭϱϲ
ϱϱϬ͕ϴϬϴ
ϮϬϯ͕ϵϭϴ
ϵϵϮ͕ϳϴϮ
ϳ͕ϱϯϳ͕ϵϮϳ
ϰ͕ϱϬϭ͕ϯϭϱ
ϭ͕ϭϰϱ͕ϭϬϬ
Wϯ͕ϯϱϲ͕Ϯϭϱ
Wϯ͕ϯϰϱ͕ϲϬϭ
ϭϬ͕ϲϭϰ
Wϯ͕ϯϱϲ͕Ϯϭϱ
2 0 1 7
WZEdE<
ϮϬϭϳ ϮϬϭϲ
Wϵ͕ϱϭϱ͕ϴϵϵ Wϴ͕ϯϰϯ͕ϬϴϬ
ϯ͕ϭϯϴ͕ϲϴϱ ϯ͕Ϭϴϳ͕ϯϰϳ
ϯϮϰ͕ϴϱϰ ϭϰϳ͕ϭϮϮ
Ϯϭ͕ϬϮϱ ϳ͕ϳϯϵ
ϭϯ͕ϬϬϬ͕ϰϲϯ ϭϭ͕ϱϴϱ͕Ϯϴϴ
Ϯ͕ϱϬϴ͕ϮϳϬ Ϯ͕ϮϲϮ͕ϲϱϬ
ϭϰϰ͕ϳϬϭ Ϯϭϲ͕ϳϰϳ
Ϯ͕ϲϱϮ͕ϵϳϭ Ϯ͕ϰϳϵ͕ϯϵϳ
ϭϬ͕ϯϰϳ͕ϰϵϮ ϵ͕ϭϬϱ͕ϴϵϭ
ϵϯϭ͕ϬϬϬ ϳϲϮ͕ϭϴϯ
ϵ͕ϰϭϲ͕ϰϵϮ ϴ͕ϯϰϯ͕ϳϬϴ
ϵϮϭ͕ϳϭϰ ϴϮϲ͕ϱϳϬ
ϱϳϭ͕Ϭϵϰ ; ϭϵ͕ϰϰϰͿ
ϭϳϴ͕ϱϬϲ ϱϵϵ͕ϴϬϵ
ϵϮ͕ϴϲϭ ϭϭϬ͕ϱϯϲ
ϵϭ͕Ϯϴϰ ϳϳ͕ϳϭϬ
ϳϲ͕ϰϬϯ ϭϬϵ͕ϴϬϳ
ϯϴϴ͕ϵϬϱ ϰϱϵ͕ϰϯϭ
ϭϵϯ͕ϳϴϭ ϭϱϲ͕ϱϭϱ
Ϯ͕ϱϭϰ͕ϱϰϴ Ϯ͕ϯϮϬ͕ϵϯϰ
ϭϭ͕ϵϯϭ͕ϬϰϬ ϭϬ͕ϲϲϰ͕ϲϰϮ
Ϯ͕ϳϯϲ͕Ϯϰϲ Ϯ͕ϰϮϱ͕ϰϯϲ
ϭ͕Ϭϵϵ͕ϭϬϴ ϭ͕Ϭϭϳ͕ϮϯϮ
ϱϯϲ͕ϵϭϯ ϱϭϲ͕ϭϵϲ
ϱϲϱ͕ϬϯϮ ϱϱϯ͕ϭϭϯ
ϱϳϰ͕ϯϬϮ ϱϬϯ͕ϱϳϲ
ϱϲϲ͕Ϭϲϳ ϱϭϰ͕ϳϴϯ
ϭϯϬ͕ϱϰϵ ϭϲϭ͕ϴϮϳ
ϭ͕Ϭϲϳ͕ϵϴϯ ϴϮϮ͕ϭϱϱ
ϳ͕Ϯϳϲ͕ϮϬϬ ϲ͕ϱϭϰ͕ϯϭϴ
ϰ͕ϲϱϰ͕ϴϰϬ ϰ͕ϭϱϬ͕ϯϮϰ
ϱϱϭ͕ϴϲϯ ϴϳϮ͕ϴϴϱ
Wϰ͕ϭϬϮ͕ϵϳϳ Wϯ͕Ϯϳϳ͕ϰϯϵ
Wϰ͕ϭϬϮ͕ϵϳϳ Wϯ͕Ϯϳϳ͕ϰϯϵ
Ͳ Ͳ
Wϰ͕ϭϬϮ͕ϵϳϳ Wϯ͕Ϯϳϳ͕ϰϯϵ
A N N U A L R E P O R T 1 17
 STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2017 and 2016
(Amounts in Thousands of Philippine Pesos)

'ZKhW WZEdE<
EŽƚĞƐ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ ϮϬϭϲ

Ed/EKD W ϰ͕ϭϰϲ͕ϴϳϯ W ϯ͕ϯϱϲ͕Ϯϭϱ W ϰ͕ϭϬϮ͕ϵϳϳ W ϯ͕Ϯϳϳ͕ϰϯϵ

Kd,ZKDWZ,E^/s/EKD;>K^^Ϳ

/ƚĞŵƐƚŚĂƚǁŝůůŶŽƚďĞƌĞĐůĂƐƐŝĨŝĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĨŝƚŽƌůŽƐƐ͗
ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶƐ;ůŽƐƐĞƐͿŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ͕ŶĞƚŽĨƚĂdž Ϯϯ  ϯϭ͕ϰϲϮ ;  ϲ͕ϬϱϳͿ
  ϯϲ͕ϯϭϱ
 ;  ϭϬ͕ϲϱϰͿ


/ƚĞŵƐƚŚĂƚǁŝůůďĞƌĞĐůĂƐƐŝĨŝĞĚƐƵďƐĞƋƵĞŶƚůLJƚŽƉƌŽĨŝƚŽƌůŽƐƐ͗
EĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶƐ;ůŽƐƐĞƐͿŽŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ;&^ͿĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϭ ;  Ϯϵϳ͕ϬϮϳͿ
  ϵϭ͕ϳϱϮ ;  Ϯϵϲ͕ϮϰϴͿ  ϵϴ͕ϯϳϵ

^ŚĂƌĞŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ůŽƐƐͿŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ
ĂĐĐŽƵŶƚĞĚĨŽƌƵŶĚĞƌĞƋƵŝƚLJŵĞƚŚŽĚ ϭϯ  ϭ͕ϬϮϬ ;  ϲϭϴͿ ;  ϰϲϭͿ ;  Ϯ͕ϳϰϬͿ

dŽƚĂůKƚŚĞƌŽŵƉƌĞŚĞŶƐŝǀĞ/ŶĐŽŵĞ;>ŽƐƐͿͲŶĞƚŽĨƚĂdž 
;  Ϯϲϲ͕ϱϲϱͿ  ϴϱ͕ϳϯϱ ;  ϮϲϮ͕ϰϭϰͿ  ϴϱ͕ϲϰϯ

dKd>KDWZ,E^/s/EKD W ϯ͕ϴϴϬ͕ϯϬϴ W ϯ͕ϰϰϭ͕ϵϱϬ W ϯ͕ϴϰϬ͕ϱϲϯ W ϯ͕ϯϲϯ͕ϬϴϮ

ddZ/hd>dK͗

Yh/dz,K>Z^K&d,WZEdE< W ϯ͕ϴϳϮ͕ϱϱϰ

 W ϯ͕ϰϯϭ͕Ϯϰϰ
 W ϯ͕ϴϰϬ͕ϱϲϯ W ϯ͕ϯϲϯ͕ϬϴϮ


EKEͲKEdZK>>/E'/EdZ^d^  ϳ͕ϳϱϰ  ϭϬ͕ϳϬϲ Ͳ Ͳ

W ϯ͕ϴϴϬ͕ϯϬϴ W ϯ͕ϰϰϭ͕ϵϱϬ W ϯ͕ϴϰϬ͕ϱϲϯ W ϯ͕ϯϲϯ͕ϬϴϮ

^ĞĞEŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

118 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 STATEMENTS OF CHANGES IN EQUITY
For the Years Ended December 31, 2017 and 2016
(Amounts in Thousands of Philippine Pesos)

'ZKhW
ddZ/hd>dKYh/dz,K>Z^K&d,WZEdE<
EKEͲ
KDDKE W/d> ^hZW>h^ Zs>hd/KE KEdZK>>/E' dKd>
EŽƚĞƐ ^dK< EKd^ Z^Zs^ ^hZW>h^ Z^Zs^ dKd> /EdZ^d^ Yh/dz

ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ Wϭ͕ϰϴϰ͕ϴϰϯ
 WϭϮ͕ϬϬϬ͕ϬϬϬ
 Wϭϱϳ͕ϴϲϭ
 Wϱ͕ϴϬϲ͕Ϭϲϰ
 ; Wϭ͕Ϭϰϰ͕ϴϴϳͿ Wϭϴ͕ϰϬϯ͕ϴϴϭ
 WϭϬϭ͕ϯϮϭ
 Wϭϴ͕ϱϬϱ͕ϮϬϮ


ŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐ ϭϳ Ͳ Ͳ Ͳ ; ϯ͕ϳϱϬ͕ϬϬϬͿ

 Ͳ ; ϯ͕ϳϱϬ͕ϬϬϬͿ
 Ͳ ; ϯ͕ϳϱϬ͕ϬϬϬͿ


dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ ϰ͕ϭϯϴ͕ϵϯϮ ; Ϯϲϲ͕ϯϳϴͿ

 ϯ͕ϴϳϮ͕ϱϱϰ
 
ϳ͕ϳϱϰ
 ϯ͕ϴϴϬ͕ϯϬϴ

ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ Wϭ͕ϰϴϰ͕ϴϰϯ
 WϭϮ͕ϬϬϬ͕ϬϬϬ Wϭϱϳ͕ϴϲϭ
 Wϲ͕ϭϵϰ͕ϵϵϲ
 ; Wϭ͕ϯϭϭ͕ϮϲϱͿ
 Wϭϴ͕ϱϮϲ͕ϰϯϱ WϭϬϵ͕Ϭϳϱ
 Wϭϴ͕ϲϯϱ͕ϱϭϬ

ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ Wϭ͕ϰϴϰ͕ϴϰϯ
 WϭϮ͕ϬϬϬ͕ϬϬϬ
 Wϭϱϱ͕ϬϰϮ
 Wϲ͕Ϯϭϯ͕ϮϴϮ
 ; Wϭ͕ϭϯϬ͕ϱϯϬͿ Wϭϴ͕ϳϮϮ͕ϲϯϳ
 WϵϬ͕ϲϭϱ
 Wϭϴ͕ϴϭϯ͕ϮϱϮ


ŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐ ϭϳ Ͳ Ͳ Ͳ ; ϯ͕ϳϱϬ͕ϬϬϬͿ

 Ͳ ; ϯ͕ϳϱϬ͕ϬϬϬͿ
 Ͳ ; ϯ͕ϳϱϬ͕ϬϬϬͿ


dƌĂŶƐĨĞƌĨƌŽŵƐƵƌƉůƵƐƚŽƌĞƐĞƌǀĞĨŽƌƚƌƵƐƚďƵƐŝŶĞƐƐ ϮϮ Ͳ Ͳ 

Ϯ͕ϴϭϵ
 ; Ϯ͕ϴϭϵͿ
 Ͳ Ͳ Ͳ Ͳ

dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ ϯ͕ϯϰϱ͕ϲϬϭ ϴϱ͕ϲϰϯ

 ϯ͕ϰϯϭ͕Ϯϰϰ
 ϭϬ͕ϳϬϲ
 ϯ͕ϰϰϭ͕ϵϱϬ

ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ Wϭ͕ϰϴϰ͕ϴϰϯ
 WϭϮ͕ϬϬϬ͕ϬϬϬ
 Wϭϱϳ͕ϴϲϭ
 Wϱ͕ϴϬϲ͕Ϭϲϰ
 ; Wϭ͕Ϭϰϰ͕ϴϴϳͿ Wϭϴ͕ϰϬϯ͕ϴϴϭ
 WϭϬϭ͕ϯϮϭ
 Wϭϴ͕ϱϬϱ͕ϮϬϮ


^ĞĞEŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

WZEdE<
KDDKE W/d> ^hZW>h^ Zs>hd/KE
EŽƚĞƐ ^dK< EKd^ Z^Zs^ ^hZW>h^ Z^Zs^ dKd>

ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ Wϭ͕ϰϴϰ͕ϴϰϯ W ϭϮ͕ϬϬϬ͕ϬϬϬ W ϭϱϳ͕ϴϲϭ W ϱ͕ϱϭϭ͕ϲϭϮ

 ; W ϭ͕Ϭϰϰ͕ϴϴϴͿ W ϭϴ͕ϭϬϵ͕ϰϮϴ


ŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐ ϭϳ Ͳ Ͳ Ͳ ;  ϯ͕ϳϱϬ͕ϬϬϬͿ

 Ͳ ;  ϯ͕ϳϱϬ͕ϬϬϬͿ

U C P B
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ  ϰ͕ϭϬϮ͕ϵϳϳ
 ;  ϮϲϮ͕ϰϭϰͿ
  ϯ͕ϴϰϬ͕ϱϲϯ


ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ Wϭ͕ϰϴϰ͕ϴϰϯ W ϭϮ͕ϬϬϬ͕ϬϬϬ

 W ϭϱϳ͕ϴϲϭ W ϱ͕ϴϲϰ͕ϱϴϵ ; W ϭ͕ϯϬϳ͕ϯϬϮͿ W ϭϴ͕ϭϵϵ͕ϵϵϭ

2 0 1 7
ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ Wϭ͕ϰϴϰ͕ϴϰϯ W ϭϮ͕ϬϬϬ͕ϬϬϬ
 W ϭϱϱ͕ϬϰϮ W ϱ͕ϵϴϲ͕ϵϵϮ
 ; W ϭ͕ϭϯϬ͕ϱϯϭͿ W ϭϴ͕ϰϵϲ͕ϯϰϲ


ŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐ ϭϳ Ͳ Ͳ Ͳ ;  ϯ͕ϳϱϬ͕ϬϬϬͿ

 Ͳ ;  ϯ͕ϳϱϬ͕ϬϬϬͿ

dƌĂŶƐĨĞƌĨƌŽŵƐƵƌƉůƵƐƚŽƌĞƐĞƌǀĞĨŽƌƚƌƵƐƚďƵƐŝŶĞƐƐ ϮϮ Ͳ Ͳ  Ϯ͕ϴϭϵ ;  Ϯ͕ϴϭϵͿ

 Ͳ Ͳ

A N N U A L
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞLJĞĂƌ Ͳ Ͳ Ͳ  ϯ͕Ϯϳϳ͕ϰϯϵ
  ϴϱ͕ϲϰϯ  ϯ͕ϯϲϯ͕ϬϴϮ


ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ Wϭ͕ϰϴϰ͕ϴϰϯ W ϭϮ͕ϬϬϬ͕ϬϬϬ

 W ϭϱϳ͕ϴϲϭ W ϱ͕ϱϭϭ͕ϲϭϮ
 ; W ϭ͕Ϭϰϰ͕ϴϴϴͿ W ϭϴ͕ϭϬϵ͕ϰϮϴ

AUDITED FINANCIAL STATEMENTS

R E P O R T
^ĞĞEŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

119
 STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2017 and 2016
(Amounts in Thousands of Philippine Pesos)

'ZKhW WZEdE<
EŽƚĞƐ ϮϬϭϳ ϮϬϭϲ ϮϬϭϳ ϮϬϭϲ

^,&>Kt^&ZKDKWZd/E'd/s/d/^
/ŶĐŽŵĞďĞĨŽƌĞƚĂdž Wϰ͕ϴϵϯ͕ϱϬϬ
ĚũƵƐƚŵĞŶƚƐĨŽƌ͗
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϵ͕ϭϬ͕ϭϭ͕ϭϮ ;ϭϰ͕ϳϰϲ͕ϭϳϮͿ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ ϭϰ͕ϱϯϱ͕ϲϵϰ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ ϭϴ͕ϭϵ Ϯ͕ϵϰϯ͕ϯϲϲ
/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ ϭϳ ϭ͕ϭϵϴ͕ϴϭϱ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ ϭϰ͕ϭϱ͕ϭϲ ϲϰϵ͕ϲϯϰ
>ŽƐƐ;ŐĂŝŶƐͿŽŶĂƐƐĞƚƐƐŽůĚ ;ϲϯϬ͕ϴϬϬͿ
ŽŶƚƌŝďƵƚŝŽŶƐƚŽƌĞƚŝƌĞŵĞŶƚĨƵŶĚ Ϯϯ ϮϯϮ͕ϯϳϴ
ZĞƚŝƌĞŵĞŶƚĞdžƉĞŶƐĞĐŚĂƌŐĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐ Ϯϯ Ϯϭϳ͕ϰϵϮ
/ŶƚĞƌĞƐƚƉĂŝĚ ;ϭϵϮ͕ϴϬϯͿ
dƌĂĚŝŶŐŐĂŝŶƐŽŶĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϭ ;ϭϳϬ͕ϬϲϴͿ
'ĂŝŶƐŽŶĨŽƌĞĐůŽƐƵƌĞƐ ;ϴϲ͕ϬϬϱͿ
ŵŽƌƚŝnjĂƚŝŽŶŽĨĚŝƐĐŽƵŶƚƐŽŶŚĞůĚͲƚŽͲŵĂƚƵƌŝƚLJŝŶǀĞƐƚŵĞŶƚ ;ϭϳ͕ϲϭϬͿ
DĂƌŬͲƚŽͲŵĂƌŬĞƚ;ŐĂŝŶƐͿůŽƐƐĞƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞ
ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ;&sdW>Ϳ ϭϭ ϵ͕Ϭϵϭ
ŵŽƌƚŝnjĂƚŝŽŶŽĨĚŝƐĐŽƵŶƚƐŽŶůŽŶŐƚĞƌŵŶĞŐŽƚŝĂďůĞĐĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚ ϭϴ ϰ͕ϰϵϬ
^ŚĂƌĞŝŶŶĞƚĞĂƌŶŝŶŐƐŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚƐƵďƐŝĚŝĂƌŝĞƐ ϭϯ ;ϭ͕ϮϳϬͿ
KƉĞƌĂƚŝŶŐŝŶĐŽŵĞďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ ϴ͕ϴϯϵ͕ϳϯϮ
ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW> ϭ͕ϯϬϭ͕ϵϬϵ
/ŶĐƌĞĂƐĞŝŶůŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ;Ϯϱ͕ϬϬϵ͕ϮϲϲͿ
ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ;ϭϮϭ͕ϭϴϯͿ
ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶŽƚŚĞƌƌĞƐŽƵƌĐĞƐ Ϯ͕ϳϬϮ͕Ϭϱϵ
/ŶĐƌĞĂƐĞŝŶĚĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ ϭϯ͕ϯϯϴ͕ϵϴϰ
/ŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶĂĐĐƌƵĞĚƚĂdžĞƐ͕ŝŶƚĞƌĞƐƚƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ ;Ϯ͕ϰϬϭ͕ϳϰϴͿ
/ŶĐƌĞĂƐĞŝŶŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ ϰ͕ϮϳϬ͕ϰϰϬ
 ϯ͕Ϭϳϰ͕ϬϮϲ
ĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵŽƉĞƌĂƚŝŽŶƐ Ϯ͕ϵϮϬ͕ϵϮϳ
ĂƐŚƉĂŝĚĨŽƌŝŶĐŽŵĞƚĂdžĞƐ ;ϴϮϵ͕ϲϳϬͿ
Wϰ͕ϱϬϭ͕ϯϭϱ
;ϭϯ͕ϮϬϵ͕ϴϴϲͿ
ϭϯ͕ϰϭϮ͕ϴϲϲ
Ϯ͕ϳϯϳ͕ϭϯϳ
ϭ͕Ϭϰϯ͕Ϯϴϴ
ϲϬϳ͕ϱϱϭ
;ϭϲ͕ϬϱϴͿ
;Ϯϯϯ͕ϭϰϴͿ
Ϯϯϯ͕ϰϰϲ
;Ϯ͕ϴϮϬ͕ϰϯϲͿ
;ϲϯϯ͕ϱϳϴͿ
;ϭϰϰ͕ϭϯϳͿ
ϳϲ͕ϭϱϵ
;ϱϭ͕ϭϮϳͿ
ϭϬ͕ϲϭϰ
;ϭ͕ϵϭϰͿ
 ;ϯϴϴ͕ϵϬϱͿ
ϱ͕ϱϭϮ͕ϬϵϮ
;ϯϵϭ͕ϰϯϵͿ
;Ϯϱ͕ϭϰϮ͕ϲϵϵͿ
;ϰϭϱ͕ϮϴϭͿ
;ϭ͕ϰϴϴ͕ϱϳϴͿ
Ϯϲ͕ϰϳϳ͕ϳϮϰ
ϴϮ͕ϯϯϰ
ϳ͕ϳϬϴ͕ϭϳϵ
;ϭ͕ϭϮϱ͕ϴϰϲͿ
 ;ϱϰϲ͕ϴϴϭͿ
Wϰ͕ϲϱϰ͕ϴϰϬ
; ϭϯ͕ϬϬϬ͕ϰϲϯͿ
ϭϮ͕ϳϵϵ͕ϬϳϬ
Ϯ͕ϲϱϮ͕ϵϳϭ
ϵϯϭ͕ϬϬϬ
ϱϯϲ͕ϵϭϯ
; ϱϳϭ͕ϬϵϰͿ
; ϮϭϬ͕ϱϭϭͿ
ϭϵϱ͕ϰϱϬ
; Ϯ͕ϲϰϬ͕ϲϳϴͿ
; ϭϳϬ͕ϬϲϴͿ
; ϵϭ͕ϮϴϰͿ
; ϭϳ͕ϲϭϬͿ
ϯ͕ϯϲϬ
ϰ͕ϰϵϬ
ϰ͕ϲϴϳ͕ϰϴϭ
ϭ͕ϰϲϯ͕ϲϵϮ
; ϮϬ͕ϰϲϭ͕ϭϳϭͿ
ϭϮϬ͕ϲϮϳ
Ϯϯϰ͕ϴϲϬ
ϭϭ͕ϴϮϬ͕ϭϱϳ
ϯϲϮ͕ϰϯϳ
ϰ͕ϭϮϰ͕ϭϴϭ
 ϯ͕ϯϳϬ͕ϳϮϭ
Ϯ͕ϯϱϮ͕Ϯϲϰ
Wϰ͕ϭϱϬ͕ϯϮϰ
; ϭϭ͕ϱϴϱ͕ϮϴϴͿ
ϭϭ͕ϴϬϬ͕ϲϮϬ
Ϯ͕ϰϳϵ͕ϯϵϳ
ϳϲϮ͕ϭϴϯ
ϱϭϲ͕ϭϵϲ
ϭϵ͕ϰϰϰ
; ϮϭϬ͕ϱϮϮͿ
ϮϭϬ͕ϱϮϭ
; Ϯ͕ϱϮϭ͕ϯϱϰͿ
; ϲϯϯ͕ϱϳϴͿ
; ϳϳ͕ϳϭϬͿ
ϳϲ͕ϭϱϵ
; ϰϲ͕ϯϴϳͿ
ϭϬ͕ϲϭϰ
;ϰϱϵ͕ϰϯϭͿ
ϰ͕ϰϵϭ͕ϭϴϴ
; ϰϭϯ͕ϬϲϬͿ
; ϮϮ͕ϭϳϲ͕ϴϱϲͿ
; ϱϰϵ͕ϱϭϬͿ
; ϭ͕ϮϮϰ͕ϴϱϴͿ
Ϯϯ͕ϯϭϯ͕ϴϱϵ
Ϯϴ͕ϴϲϱ
ϲ͕ϴϰϬ͕ϯϰϵ
;ϴϳϰ͕ϲϲϵͿ

EĞƚĂƐŚ&ƌŽŵKƉĞƌĂƚŝŶŐĐƚŝǀŝƚŝĞƐ 
Ϯ͕Ϭϵϭ͕Ϯϱϳ ϲ͕ϱϴϮ͕ϯϯϯ ϭ͕ϴϬϱ͕ϯϴϯ
 ϱ͕ϵϲϱ͕ϲϴϬ

^,&>Kt^&ZKD/Es^d/E'd/s/d/^
ĐƋƵŝƐŝƚŝŽŶƐŽĨ͗
ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ;ϭϯ͕ϵϮϰ͕ϬϮϴͿ ;ϰ͕ϵϴϰ͕ϵϳϮͿ ; ϭϯ͕ϳϵϰ͕ϵϵϬͿ ; ϰ͕ϴϬϯ͕ϭϬϵͿ
ĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶ ϭϰ ;ϰϱϳ͕ϵϭϮͿ ;ϱϱϭ͕ϳϬϴͿ ; ϰϬϳ͕ϭϭϳͿ ; ϰϳϲ͕ϲϮϵͿ
^ŽĨƚǁĂƌĞ ϭϲ ;ϭϭϰ͕ϬϴϯͿ ;ϲϭ͕ϯϬϴͿ ; ϭϬϴ͕ϵϲϬͿ ; ϱϬ͕ϲϭϲͿ
WƌŽĐĞĞĚƐĨƌŽŵĚŝƐƉŽƐĂůƐŽĨ
ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϳϴϰ͕ϴϭϱ ϭϬ͕ϳϳϳ͕ϱϴϵ ϲϱϴ͕ϱϭϯ ϭϬ͕ϲϰϱ͕ϵϴϳ
/ŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌLJ ϱϳϱ͕ϰϱϱ Ͳ ϱϳϱ͕ϰϱϱ Ͳ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϰϵ͕ϱϬϯ ϴϱϰ͕ϯϳϰ ϭϱϳ͕ϯϱϳ ϴϲϵ͕ϯϯϵ
ĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ ϭϬϯ͕ϲϮϰ ϭϯϳ͕ϮϬϴ
 ϵϴ͕ϱϱϯ
 ϭϮϵ͕ϬϳϬ

ĚĚŝƚŝŽŶĂůŝŶǀĞƐƚŵĞŶƚŝŶĂƐƵďƐŝĚŝĂƌLJ ϭϯ Ͳ Ͳ ; Ϯ͕ϲϬϴͿ ; ϱ͕ϭϵϰͿ

ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚ Ͳ Ͳ ϲϱ͕ϬϬϬ
 ϵϴϭ͕Ϭϲϳ


EĞƚĂƐŚ&ƌŽŵ;hƐĞĚŝŶͿ/ŶǀĞƐƚŝŶŐĐƚŝǀŝƚŝĞƐ ;ϭϮ͕ϴϴϮ͕ϲϮϲͿ ϲ͕ϭϳϭ͕ϭϴϯ ;ϭϮ͕ϳϱϴ͕ϳϵϳͿ ϳ͕Ϯϴϵ͕ϵϭϱ

^,&>Kt^&ZKD&/EE/E'd/s/d/^
^ĞƚƚůĞŵĞŶƚƐŽĨďŝůůƐƉĂLJĂďůĞ ϭϵ ;ϴ͕ϴϴϵ͕ϵϰϮͿ ;ϭϭ͕ϰϰϭ͕ϴϴϱͿ ; ϳ͕ϭϰϭ͕ϰϱϮͿ ; ϵ͕ϰϯϯ͕ϱϲϰͿ
ǀĂŝůŵĞŶƚƐŽĨďŝůůƐƉĂLJĂďůĞ ϭϵ ϲ͕ϱϭϯ͕ϵϮϬ
 ϳ͕ϳϯϵ͕Ϭϭϳ
 ϱ͕ϭϮϯ͕ϰϬϬ
 ϲ͕ϭϰϵ͕ϭϱϮ


EĞƚĂƐŚhƐĞĚŝŶ&ŝŶĂŶĐŝŶŐĐƚŝǀŝƚŝĞƐ 
;Ϯ͕ϯϳϲ͕ϬϮϮͿ ;ϯ͕ϳϬϮ͕ϴϲϴͿ
 ;Ϯ͕Ϭϭϴ͕ϬϱϮͿ ;ϯ͕Ϯϴϰ͕ϰϭϮͿ


dZE^>d/KE:h^dDEd^ ;Ϯ͕ϬϮϬͿ ϲϱϳ ;Ϯ͕ϬϮϬͿ ϲϱϳ

Ed/EZ^;Z^Ϳ/E^,E^,Yh/s>Ed^ ;ϭϯ͕ϭϲϵ͕ϰϭϭͿ ϵ͕Ϭϱϭ͕ϯϬϱ ;ϭϮ͕ϵϳϯ͕ϰϴϲͿ ϵ͕ϵϳϭ͕ϴϰϬ

^,E^,Yh/s>Ed^d'/EE/E'K&zZ
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ ϵ ϱ͕ϵϭϵ͕ϳϲϯ ϲ͕ϱϰϯ͕ϳϵϯ ϱ͕ϱϮϴ͕ϰϵϮ ϲ͕ϭϵϯ͕ϵϴϴ
ƵĞĨƌŽŵĂŶŐŬŽ^ĞŶƚƌĂůŶŐWŝůŝƉŝŶĂƐ ϵ ϱϬ͕ϴϬϴ͕ϴϵϭ ϰϳ͕ϱϮϰ͕ϱϯϳ ϰϵ͕ϱϮϬ͕ϰϮϬ ϰϱ͕ϳϳϮ͕ϭϮϯ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ ϵ ϳ͕Ϯϳϲ͕ϲϱϯ
 ϳ͕ϲϴϮ͕Ϭϯϵ ϳ͕ϭϵϯ͕ϴϯϭ
 ϳ͕ϱϬϱ͕ϯϭϯ
/ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚƐĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌ
ƌĞƐĂůĞĂŐƌĞĞŵĞŶƚƐ ϭϬ ϭϱ͕ϴϬϲ͕ϯϱϯ ϵ͕ϬϬϵ͕ϵϴϲ ϭϱ͕ϱϭϬ͕ϱϬϳ ϴ͕ϯϬϵ͕ϵϴϲ

ϳϵ͕ϴϭϭ͕ϲϲϬ ϳϬ͕ϳϲϬ͕ϯϱϱ
 ϳϳ͕ϳϱϯ͕ϮϱϬ ϲϳ͕ϳϴϭ͕ϰϭϬ


^,E^,Yh/s>Ed^dEK&zZ
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ ϵ ϲ͕ϯϯϯ͕ϱϲϯ ϱ͕ϵϭϵ͕ϳϲϯ ϱ͕ϵϮϬ͕ϰϳϭ ϱ͕ϱϮϴ͕ϰϵϮ
ƵĞĨƌŽŵĂŶŐŬŽ^ĞŶƚƌĂůŶŐWŝůŝƉŝŶĂƐ ϵ ϰϴ͕ϲϭϬ͕Ϭϵϲ ϱϬ͕ϴϬϴ͕ϴϵϭ
 ϰϳ͕ϯϬϱ͕ϴϬϵ ϰϵ͕ϱϮϬ͕ϰϮϬ

ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ ϵ ϰ͕ϱϲϳ͕ϴϱϱ
 ϳ͕Ϯϳϲ͕ϲϱϯ ϰ͕ϰϮϮ͕ϳϰϵ
 ϳ͕ϭϵϯ͕ϴϯϭ
/ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚƐĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌ
ƌĞƐĂůĞĂŐƌĞĞŵĞŶƚƐ ϭϬ ϳ͕ϭϯϬ͕ϳϯϱ
 ϭϱ͕ϴϬϲ͕ϯϱϯ
 ϳ͕ϭϯϬ͕ϳϯϱ
 ϭϱ͕ϱϭϬ͕ϱϬϳ


Wϲϲ͕ϲϰϮ͕Ϯϰϵ
 Wϳϵ͕ϴϭϭ͕ϲϲϬ Wϲϰ͕ϳϳϵ͕ϳϲϰ
 Wϳϳ͕ϳϱϯ͕ϮϱϬ

^ƵƉƉůĞŵĞŶƚĂů/ŶĨŽƌŵĂƚŝŽŶŽŶEŽŶͲĐĂƐŚĐƚŝǀŝƚŝĞƐ͗

ϭ͘ dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĨŽƌĞĐůŽƐĞĚƌĞĂůĂŶĚŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐƚŽƚĂůůŝŶŐƚŽWϯ͕ϮϯϬ͕ϴϱϮĂŶĚWϯ͕ϬϬϱ͕ϰϵϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ŝŶϮϬϭϳ͕ĂŶĚWϴϰϵ͕ϴϲϰĂŶĚWϲϲϴ͕ϲϳϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ŝŶϮϬϭϲ͕
ŝŶƐĞƚƚůĞŵĞŶƚŽĨĐĞƌƚĂŝŶůŽĂŶĂĐĐŽƵŶƚƐ;ƐĞĞEŽƚĞϭϱͿ͘

Ϯ͘ dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞĚĂŶĂŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂƐĂĚŝƌĞĐƚĐŚĂƌŐĞƚŽĚĞĨŝĐŝƚĂŵŽƵŶƚŝŶŐƚŽWϯ͘ϴďŝůůŝŽŶĨŽƌďŽƚŚϮϬϭϳĂŶĚϮϬϭϲ;ƐĞĞEŽƚĞϭϳͿ͘

ϯ͘ /ŶϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽůĚĂůůŝƚƐĞƋƵŝƚLJŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶĂůŵŽƌĂůZĞƐŽƵƌĐĞƐŽƌƉŽƌĂƚŝŽŶŝŶǁŚŝĐŚƚŚĞƚŽƚĂůĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚŝŶĐůƵĚĞƐƌĞĂůĂŶĚŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐĂŵŽƵŶƚŝŶŐ
Wϭ͘ϳďŝůůŝŽŶ;ƐĞĞEŽƚĞƐϭĂŶĚϭϯͿ͘

^ĞĞEŽƚĞƐƚŽ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

120 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS
NOTES TO AUDITED FINANCIAL STATEMENTS
December 31, 2017 and 2016
(Amounts in Thousands of Philippine Pesos, Except Par Value, Per Share Data, Exchange Rates and as indicated)

ϭ͘ KZWKZd/E&KZDd/KE

ϭ͘ϭ /ŶĐŽƌƉŽƌĂƚŝŽŶ

hŶŝƚĞĚŽĐŽŶƵƚWůĂŶƚĞƌƐĂŶŬ;ƚŚĞĂŶŬ͕hWŽƌƚŚĞWĂƌĞŶƚĂŶŬͿŝƐĂƵŶŝǀĞƌƐĂůďĂŶŬŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐŽŶ
DĂLJϭϬ͕ϭϵϲϯ͘KŶ:ĂŶƵĂƌLJϮϲ͕ϮϬϭϮ͕ƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ;KͿĂƉƉƌŽǀĞĚƚŚĞĐĂůůŝŶŐŽĨĂƐƚŽĐŬŚŽůĚĞƌƐ͛ŵĞĞƚŝŶŐŽĨƚŚĞ
WĂƌĞŶƚĂŶŬƚŽĂƉƉƌŽǀĞƚŚĞĞdžƚĞŶƐŝŽŶŽĨŝƚƐĐŽƌƉŽƌĂƚĞůŝĨĞ͘KŶDĂLJϮ͕ϮϬϭϮ͕ĂƌĞƐŽůƵƚŝŽŶǁĂƐƵŶĂŶŝŵŽƵƐůLJĂƉƉƌŽǀĞĚĂŶĚ
ĂĚŽƉƚĞĚĂƚĂƐƉĞĐŝĂůŵĞĞƚŝŶŐŽĨƐƚŽĐŬŚŽůĚĞƌƐ͕ĞdžƚĞŶĚŝŶŐƚŚĞůŝĨĞŽĨƚŚĞWĂƌĞŶƚĂŶŬĨŽƌĂŶŽƚŚĞƌϱϬLJĞĂƌƐĨƌŽŵĂŶĚĂĨƚĞƌ
DĂLJϭϬ͕ϮϬϭϯ͕ĂŶĚĨŽƌƚŚŝƐƉƵƌƉŽƐĞ͕ĂŵĞŶĚŝŶŐƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶ͘KŶƵŐƵƐƚϭϰ͕ϮϬϭϮ͕ƚŚĞ
WŚŝůŝƉƉŝŶĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ;^ͿĂƉƉƌŽǀĞĚƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽƌƉŽƌĂƚĞůŝĨĞĨŽƌĂŶŽƚŚĞƌ
ϱϬLJĞĂƌƐƵƉƚŽϮϬϲϯ͘

ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬŚŽůĚƐŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐŝŶƚŚĞĨŽůůŽǁŝŶŐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͗

    KǁŶĞƌƐŚŝƉ   
 ^ƵďƐŝĚŝĂƌŝĞƐͬƐƐŽĐŝĂƚĞƐ   /ŶƚĞƌĞƐƚ   WƌŝŶĐŝƉĂůĐƚŝǀŝƚLJ 

^ƵďƐŝĚŝĂƌŝĞƐ͗
 'ƌĞĞŶ,ŽŵĞƐĞǀĞůŽƉŵĞŶƚ͕/ŶĐ͘;',/Ϳ   ϭϬϬ͘ϬϬй  ZĞĂůĞƐƚĂƚĞĚĞǀĞůŽƉŵĞŶƚ
 hWWƌŽƉĞƌƚŝĞƐʹDĂĐĂƌŝĂ,ŽŵĞƐ
  ŽƌƉŽƌĂƚŝŽŶ;hW/ͲD,Ϳ   ϭϬϬ͘ϬϬй  ZĞĂůĞƐƚĂƚĞĚĞǀĞůŽƉŵĞŶƚ
 hW>ĞĂƐŝŶŐĂŶĚ&ŝŶĂŶĐĞŽƌƉ͘;h>&Ϳ   ϭϬϬ͘ϬϬй  >ĞĂƐŝŶŐĂŶĚĨŝŶĂŶĐŝŶŐ
 hŶŝƚĞĚ&ŽƌĞŝŐŶdžĐŚĂŶŐĞŽƌƉŽƌĂƚŝŽŶ
  ;h&ͿΎ    ϭϬϬ͘ϬϬй  &ŽƌĞŝŐŶĞdžĐŚĂŶŐĞ
 hW^ĞĐƵƌŝƚŝĞƐ͕/ŶĐ͘;h^/Ϳ   ϭϬϬ͘ϬϬй  ^ĞĐƵƌŝƚŝĞƐďƌŽŬĞƌĂŐĞ
 hW^ĂǀŝŶŐƐĂŶŬ͕/ŶĐ͘;h^Ϳ   ϵϳ͘ϰϲй  dŚƌŝĨƚďĂŶŬŝŶŐ

ƐƐŽĐŝĂƚĞƐ͗
 >ĞŐĂƐƉŝKŝůŽŵƉĂŶLJ͕/ŶĐ͘;>K/Ϳ   ϭϳ͘ϱϬй  KŝůDŝůůŝŶŐ
 ^ŽƵƚŚĞƌŶ>ƵnjŽŶŽĐŽŶƵƚKŝůDŝůůƐ
  Ž͘/ŶĐ͕͘;^>KD/Ϳ   ϭϳ͘ϰϴй  KŝůDŝůůŝŶŐ
 ^ĂŶWĂďůŽDĂŶƵĨĂĐƚƵƌŝŶŐŽƌƉŽƌĂƚŝŽŶ
  ;^WDͿ    ϭϮ͘ϳϳй  KŝůDŝůůŝŶŐ
 hWͲ//&&ŝŶĂŶĐĞĂŶĚĞǀĞůŽƉŵĞŶƚ
  ŽƌƉŽƌĂƚŝŽŶ;h&Ϳ   ϭϬ͘Ϯϲй  &ŝŶĂŶĐŝŶŐ
 'ƌĂŶĞdžƉŽƌƚDĂŶƵĨĂĐƚƵƌŝŶŐŽƌƉŽƌĂƚŝŽŶ
  ;'DͿ    Ϯ͘ϴϰй  KŝůDŝůůŝŶŐ

Ύ/ŶĚŝƌĞĐƚůLJŽǁŶĞĚƚŚƌŽƵŐŚh>&

/ŶϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬĚŝƐƉŽƐĞĚŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶĂůŵŽƌĂůZĞƐŽƵƌĐĞƐŽƌƉŽƌĂƚŝŽŶ;ZͿ͕ƉƌĞǀŝŽƵƐůLJĂƐƵďƐŝĚŝĂƌLJ͕ĨŽƌ
WϮ͘ϯďŝůůŝŽŶƚŚĞƌĞďLJůŽƐŝŶŐĐŽŶƚƌŽů͘ƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨZ͛Ɛ
ŶĞƚĂƐƐĞƚƐ͕ƚŚĞƌĞǁĂƐŶŽŐĂŝŶŽƌůŽƐƐƌĞĐŽŐŶŝnjĞĚĨƌŽŵƚŚŝƐƚƌĂŶƐĂĐƚŝŽŶ;ƐĞĞEŽƚĞϭϯͿ͘

ůůŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂƌĞŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚĐŽŶĚƵĐƚŝŶŐƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞďƵƐŝŶĞƐƐĞƐŝŶƚŚĞ
WŚŝůŝƉƉŝŶĞƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 121
 dŚĞWĂƌĞŶƚĂŶŬĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ;ĐŽůůĞĐƚŝǀĞůLJƌĞĨĞƌƌĞĚŚĞƌĞŝŶĂƐƚŚĞ'ƌŽƵƉͿĂƌĞĞŶŐĂŐĞĚŝŶĂůůĂƐƉĞĐƚƐŽĨĨŝŶĂŶĐŝĂůƐĞƌǀŝĐĞƐ
ƐƵĐŚĂƐďĂŶŬŝŶŐ͕ĨŝŶĂŶĐŝŶŐ͕ůĞĂƐŝŶŐ͕ƌĞĂůĞƐƚĂƚĞĂŶĚƐƚŽĐŬďƌŽŬĞƌŝŶŐ͘ƐĂďĂŶŬ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐŽƌŐĂŶŝnjĞĚƚŽƉƌŽǀŝĚĞ
ĞdžƉĂŶĚĞĚĐŽŵŵĞƌĐŝĂůďĂŶŬŝŶŐƐĞƌǀŝĐĞƐƐƵĐŚĂƐĚĞƉŽƐŝƚƉƌŽĚƵĐƚƐ͕ůŽĂŶƐĂŶĚƚƌĂĚĞĨŝŶĂŶĐĞ͕ĚŽŵĞƐƚŝĐĂŶĚĨŽƌĞŝŐŶĨƵŶĚ
ƚƌĂŶƐĨĞƌƐ͕ƚƌĞĂƐƵƌLJ͕ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞ͕ŝŶǀĞƐƚŵĞŶƚďĂŶŬŝŶŐĂŶĚƚƌƵƐƚƐĞƌǀŝĐĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐĂůůŽǁĞĚďLJƚŚĞ
ĂŶŐŬŽ^ĞŶƚƌĂůŶŐWŝůŝƉŝŶĂƐ;^WͿƚŽĞŶŐĂŐĞŝŶŐĞŶĞƌĂůůLJͲĂƵƚŚŽƌŝnjĞĚƉůĂŝŶǀĂŶŝůůĂĚĞƌŝǀĂƚŝǀĞƐ͘dŚĞWĂƌĞŶƚĂŶŬǁĂƐĂƵƚŚŽƌŝnjĞĚ
ƚŽĞŶŐĂŐĞŝŶƚƌƵƐƚŽƉĞƌĂƚŝŽŶƐŝŶ:ƵŶĞϭϵϲϯĂŶĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĚĞƉŽƐŝƚŽƉĞƌĂƚŝŽŶƐŝŶKĐƚŽďĞƌϭϵϳϳ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐďĂŶŬŝŶŐŶĞƚǁŽƌŬǁŝƚŚŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐĂƐŽĨĞĐĞŵďĞƌϯϭĨŽůůŽǁƐ͗

         'ƌŽƵƉ     WĂƌĞŶƚĂŶŬ  
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  ƵƚŽŵĂƚĞĚƚĞůůĞƌ 
   ŵĂĐŚŝŶĞƐ;dDƐͿ  ϯϰϰ   ϯϰϭ  Ϯϵϱ   Ϯϵϰ
  ƌĂŶĐŚĞƐ  Ϯϯϱ   Ϯϯϯ  ϭϴϴ   ϭϴϴ

ƐďĂŶŬŝŶŐŝŶƐƚŝƚƵƚŝŽŶƐ͕ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂŶĚh^͛ƐŽƉĞƌĂƚŝŽŶƐĂƌĞƌĞŐƵůĂƚĞĚĂŶĚƐƵƉĞƌǀŝƐĞĚďLJƚŚĞ^W͘/ŶƚŚŝƐƌĞŐĂƌĚ͕ƚŚĞ
WĂƌĞŶƚĂŶŬĂŶĚh^ĂƌĞƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐŽĨƚŚĞ^WƐƵĐŚĂƐƚŚŽƐĞƌĞůĂƚŝŶŐƚŽŵĂŝŶƚĞŶĂŶĐĞ
ŽĨƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚƐŽŶĚĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐĂŶĚĚĞƉŽƐŝƚƐƵďƐƚŝƚƵƚĞƐĂŶĚƚŚŽƐĞƌĞůĂƚŝŶŐƚŽƚŚĞĂĚŽƉƚŝŽŶĂŶĚƵƐĞŽĨƐĂĨĞĂŶĚ
ƐŽƵŶĚďĂŶŬŝŶŐƉƌĂĐƚŝĐĞƐĂƐƉƌŽŵƵůŐĂƚĞĚďLJƚŚĞ^W͘dŚĞWĂƌĞŶƚĂŶŬĂŶĚh^ĂƌĞƐƵďũĞĐƚƚŽƚŚĞƉƌŽǀŝƐŝŽŶƐŽĨZĞƉƵďůŝĐĐƚ
;ZͿEŽ͘ϴϳϵϭ͕dŚĞ'ĞŶĞƌĂůĂŶŬŝŶŐ>ĂǁŽĨϮϬϬϬ͘

dŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞŐŝƐƚĞƌĞĚĂĚĚƌĞƐƐ͕ǁŚŝĐŚŝƐĂůƐŽŝƚƐƉƌŝŶĐŝƉĂůŽĨĨŝĐĞ͕ŝƐůŽĐĂƚĞĚĂƚhWƵŝůĚŝŶŐ͕ϳϵϬϳDĂŬĂƚŝǀĞŶƵĞ͕
ĞůͲŝƌ͕DĂŬĂƚŝŝƚLJ͘

ϭ͘Ϯ ZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ

KŶ:ƵůLJϳ͕ϮϬϬϯ͕ƚŚĞWĂƌĞŶƚĂŶŬĞŶƚĞƌĞĚŝŶƚŽĂ&ŝŶĂŶĐŝĂůƐƐŝƐƚĂŶĐĞŐƌĞĞŵĞŶƚ;ƚŚĞŐƌĞĞŵĞŶƚŽƌ&ͿǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ
ĞƉŽƐŝƚ/ŶƐƵƌĂŶĐĞŽƌƉŽƌĂƚŝŽŶ;W/Ϳ͘dŚĞĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵW/ĂŵŽƵŶƚŝŶŐƚŽWϮϬ͘ϬďŝůůŝŽŶŚĂƐƚŚƌĞĞĐŽŵƉŽŶĞŶƚƐ͗

;ĂͿ Wϴ͘ϬďŝůůŝŽŶĚŝƌĞĐƚƉƵƌĐŚĂƐĞŽĨŶŽŶͲƉĞƌĨŽƌŵŝŶŐůŽĂŶƐ͖

;ďͿ Wϳ͘ϬďŝůůŝŽŶŝŶdŝĞƌϮĐĂƉŝƚĂůǁŝƚŚĂĐŽƐƚƚŽƚŚĞWĂƌĞŶƚĂŶŬŽĨϱ͘ϬйĚƵĞŝŶϮϬϭϯ͖ĂŶĚ͕

;ĐͿ Wϱ͘ϬďŝůůŝŽŶƉƵƌĐŚĂƐĞŽĨŶŽŶͲƉĞƌĨŽƌŵŝŶŐůŽĂŶƐǁŝƚŚďƵLJďĂĐŬďLJϮϬϭϯ͘

KŶ&ĞďƌƵĂƌLJϮϲ͕ϮϬϬϰ͕W/ĞŶĚŽƌƐĞĚƚŽƚŚĞ^WĨŽƌĂƉƉƌŽǀĂůƚŚĞWĂƌĞŶƚĂŶŬ͛ƐϭϬͲLJĞĂƌƵƐŝŶĞƐƐͬZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ;ƚŚĞ
ZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶͿ͘WĂƌƚŽĨƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶŝƐƚŚĞWĂƌĞŶƚĂŶŬ͛ƐďƵƐŝŶĞƐƐƐƚƌĂƚĞŐLJƚŚĂƚŚĂƐƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͗
;ϭͿƐĞƉĂƌĂƚŝŽŶŽĨƚŚĞ͞ďĂĚďĂŶŬ͟ĨƌŽŵƚŚĞ͞ŐŽŽĚďĂŶŬ͖͟;ϮͿƌŝŐŚƚͲƐŝnjŝŶŐĂŶĚƐƚƌĞĂŵůŝŶŝŶŐŽĨŽƉĞƌĂƚŝŽŶƐƚŽƌĞĚƵĐĞĐŽƐƚƐ͖ĂŶĚ͕
;ϯͿĐĂƉŝƚĂůͲƌĂŝƐŝŶŐ͕ǁŚŝĐŚĂŝŵƐƚŽǁŝƚŚƐƚĂŶĚƚŚĞůŝŵŝƚĂƚŝŽŶďƌŽƵŐŚƚĂďŽƵƚďLJƚŚĞƵŶƌĞƐŽůǀĞĚŽǁŶĞƌƐŚŝƉŝƐƐƵĞƐ͘

dŚĞ^WĂƉƉƌŽǀĞĚƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶŽŶ:ĂŶƵĂƌLJϭϬ͕ϮϬϬϱ͕ŝŶĐůƵĚŝŶŐƚŚĞĨŽůůŽǁŝŶŐĐŽŶĐĞƐƐŝŽŶƐ͗;ĂͿƚĞŵƉŽƌĂƌLJƌĞůŝĞĨďLJ
ƌĞĚƵĐŝŶŐƚŚĞƌŝƐŬͲǁĞŝŐŚƚĞĚĐĂƉŝƚĂůƌĂƚŝŽƚŽϴ͘ϬйĨŽƌĂƉĞƌŝŽĚŽĨƚŚƌĞĞLJĞĂƌƐƵƉƚŽϮϬϬϳŽƌƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬ
ŝƐĂďůĞƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƌĞƋƵŝƌĞĚϭϬ͘ϬйĐĂƉŝƚĂůĂĚĞƋƵĂĐLJƌĂƚŝŽ;ZͿ͕ǁŚŝĐŚĞǀĞƌĐŽŵĞƐĞĂƌůŝĞƌ͖ĂŶĚ͕;ďͿƐƚĂŐŐĞƌĞĚ
ƌĞĐŽŐŶŝƚŝŽŶŽĨƌĞƋƵŝƌĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĨŽƌƚĞŶLJĞĂƌƐ͘

ϭ͘ϯ ŵĞŶĚŵĞŶƚƐƚŽƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶĂŶĚŽŶǀĞƌƐŝŽŶŽĨW/&ŝŶĂŶĐŝĂůƐƐŝƐƚĂŶĐĞƚŽ/ŶƚĞƌŝŵdŝĞƌϭĂƉŝƚĂůEŽƚĞƐ

KŶDĂLJϭϱ͕ϮϬϬϴ͕ƚŚĞDŽŶĞƚĂƌLJŽĂƌĚ;DͿĚĞĐŝĚĞĚ͕ŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϱϵϬ͕ƚŽ͗

;ĂͿ ƉƉƌŽǀĞƚŚĞĂŵĞŶĚĞĚϭϬͲzĞĂƌZĞŚĂďŝůŝƚĂƚŝŽŶͬƵƐŝŶĞƐƐWůĂŶ;ϮϬϬϴͲϮϬϭϳͿŽĨƚŚĞWĂƌĞŶƚĂŶŬĂŶĚŐƌĂŶƚƚŚĞWĂƌĞŶƚĂŶŬ
;ƚŚĞ/ƐƐƵĞƌͿƚŚĞĂƵƚŚŽƌŝƚLJƚŽŝƐƐƵĞWϭϮ͘ϬďŝůůŝŽŶ/ŶƚĞƌŝŵdŝĞƌϭĂƉŝƚĂůEŽƚĞƐ;ƚŚĞĂƉŝƚĂůEŽƚĞƐŽƌEŽƚĞƐͿƚŽW/͕ǁŚŝĐŚ
ǁŝůůƋƵĂůŝĨLJĂƐ/ŶƚĞƌŝŵdŝĞƌϭĐĂƉŝƚĂů;ƐĞĞEŽƚĞϮϮ͘ϯͿ͕ƉƌŽǀŝĚĞĚƚŚĂƚ͗

x dŚĞĂƉŝƚĂůEŽƚĞƐƚŽďĞŝƐƐƵĞĚŵĞĞƚƚŚĞŵŝŶŝŵƵŵĨĞĂƚƵƌĞƐƵŶĚĞƌ^WŝƌĐƵůĂƌEŽ͘ϱϵϱĚĂƚĞĚ:ĂŶƵĂƌLJϭϭ͕ϮϬϬϴ͖
ĂŶĚ͕


122 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

x hW͛ƐƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶƐŚĂůůďĞĂŵĞŶĚĞĚƚŽ͗;ŝͿŝŶĐƌĞĂƐĞŝƚƐĂƵƚŚŽƌŝnjĞĚĐĂƉŝƚĂůŽĨWϯ͘ϯďŝůůŝŽŶƚŽĂŶ
ĂŵŽƵŶƚƚŚĂƚǁŝůůĐŽǀĞƌƚŚĞĂŵŽƵŶƚŽĨƚŚĞĂƉŝƚĂůEŽƚĞƐ͖ĂŶĚ͕;ŝŝͿƌĞŵŽǀĞƚŚĞŽǁŶĞƌƐŚŝƉůŝŵŝƚĂƚŝŽŶŝŶƚŚĞWĂƌĞŶƚ
ĂŶŬ͕ǁŚŝĐŚŝƐϭ͘ϬйŽĨƚŚĞŝƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐƉƌĞĨĞƌƌĞĚĂŶĚĐŽŵŵŽŶƐŚĂƌĞƐ͕ĨŽƌĂƐƚŽĐŬŚŽůĚĞƌǁŚŽŝƐŶŽƚĂ
ƐƚŽĐŬŚŽůĚĞƌĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϭϵϳϵ͘

;ďͿ 'ƌĂŶƚƚŽhWƚŚĞĨŽůůŽǁŝŶŐĐŽŶĐĞƐƐŝŽŶƐ͗

x ƵƚŚŽƌŝƚLJƚŽĂĐĐĞƉƚĚĞƉŽƐŝƚƐĨƌŽŵƚŚĞEĂƚŝŽŶĂů'ŽǀĞƌŶŵĞŶƚ;E'Ϳ͕>ŽĐĂů'ŽǀĞƌŶŵĞŶƚhŶŝƚƐ;>'hƐͿĂŶĚ
'ŽǀĞƌŶŵĞŶƚͲKǁŶĞĚĂŶĚŽŶƚƌŽůůĞĚŽƌƉŽƌĂƚŝŽŶƐ;'KƐͿ͕ǁŝƚŚƚŚĞĐĞŝůŝŶŐŽĨWϱ͘ϵďŝůůŝŽŶŝŶĐƌĞĂƐĞĚďLJƚŚĞ
ĂŵŽƵŶƚƚŚĂƚƚŚĞE'ǁŝůůĚĞƉŽƐŝƚǁŝƚŚƚŚĞWĂƌĞŶƚĂŶŬ͖

x ŽŶƐŝĚĞƌƚŚĞŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚŽƵƚŽĨƚŚĞWϯϬ͘ϬďŝůůŝŽŶĚĞƉŽƐŝƚŽĨƚŚĞE'ĂƐĂůƚĞƌŶĂƚŝǀĞͬĞůŝŐŝďůĞ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞůŝƋƵŝĚŝƚLJƌĞƐĞƌǀĞƐĂŶĚůŝƋƵŝĚŝƚLJĨůŽŽƌƌĞƋƵŝƌĞŵĞŶƚ͖

x ^ƚĂŐŐĞƌƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂŐŐƌĞŐĂƚŝŶŐƚŽWϮϳ͘ϵďŝůůŝŽŶ
ĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂƉƉƌŽǀĞĚϭϬͲLJĞĂƌƵƐŝŶĞƐƐͬZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ͕ƉƌŽǀŝĚĞĚƚŚĂƚƐƵďƐĞƋƵĞŶƚ
ǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐƚŽďĞƌĞƋƵŝƌĞĚŝŶĞdžĐĞƐƐŽĨƚŚĞWϮϳ͘ϵďŝůůŝŽŶƐŚĂůůďĞŝŵŵĞĚŝĂƚĞůLJƌĞĐŽŐŶŝnjĞĚĂŶĚŶŽĚŝǀŝĚĞŶĚ
ƐŚĂůůďĞĚĞĐůĂƌĞĚǁŚŝůĞƚŚĞĐŽŶĐĞƐƐŝŽŶŝƐŝŶĞĨĨĞĐƚ͖

x tĂŝǀĞƌŽŶĐĞƌƚĂŝŶŵŽŶĞƚĂƌLJƉĞŶĂůƚŝĞƐ͖ĂŶĚ͕

x ŽŶƚŝŶƵĞĚĂĐĐĞƐƐƚŽƚŚĞ^WZĞĚŝƐĐŽƵŶƚŝŶŐ&ĂĐŝůŝƚLJ͕ƐƵďũĞĐƚƚŽĂƌĞĚŝƐĐŽƵŶƚĐĞŝůŝŶŐŽĨWϭ͘ϱďŝůůŝŽŶ͘

dŚĞĂĨŽƌĞŵĞŶƚŝŽŶĞĚDĂƉƉƌŽǀĂůǁĂƐĨƵƌƚŚĞƌĐůĂƌŝĨŝĞĚƵŶĚĞƌDZĞƐŽůƵƚŝŽŶEŽ͘ϲϴϳŝƐƐƵĞĚŽŶ:ƵŶĞϭϳ͕ϮϬϬϴ͕ǁŚŝĐŚƐƚĂƚĞƐ
ƚŚĂƚ͞hW͛ƐƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶƐŚĂůůďĞĂŵĞŶĚĞĚƉƌŝŽƌƚŽƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞĂƉŝƚĂůEŽƚĞƐƚŽĐĂƉŝƚĂůƐƚŽĐŬ͘͟

KŶDĂLJϭϱ͕ϮϬϬϴ͕ƚŚĞW/ŽĂƌĚ͕ŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϮϬϬϴͲϬϱͲϬϳϯ͕ĂƉƉƌŽǀĞĚƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨW/͛ƐWϭϮ͘ϬďŝůůŝŽŶ
&ŝŶĂŶĐŝĂůƐƐŝƐƚĂŶĐĞŝŶƚŽĂƉŝƚĂůEŽƚĞƐĞůŝŐŝďůĞĂƐ/ŶƚĞƌŝŵdŝĞƌϭĐĂƉŝƚĂů͘

KŶ:ƵůLJϮϱ͕ϮϬϬϴ͕ƚŚĞZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;ZKWͿ͕W/͕WƌĞƐŝĚĞŶƚŝĂůŽŵŵŝƐƐŝŽŶŽŶ'ŽŽĚ'ŽǀĞƌŶŵĞŶƚ;W''ͿĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬĞdžĞĐƵƚĞĚĂDĞŵŽƌĂŶĚƵŵŽĨŐƌĞĞŵĞŶƚ;DKͿĨŽƌƚŚĞƐƚƌĞŶŐƚŚĞŶŝŶŐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐĂƉŝƚĂůƚŚƌŽƵŐŚƚŚĞ
ŝƐƐƵĂŶĐĞŽĨĂƉŝƚĂůEŽƚĞƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚ^WƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚƐƵďƐĐƌŝƉƚŝŽŶƚŚĞƌĞŽĨďLJW/ǀŝĂƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨ
W/͛ƐŽƵƚƐƚĂŶĚŝŶŐϮϬϬϯ&ŝŶĂŶĐŝĂůƐƐŝƐƚĂŶĐĞŽĨWϭϮ͘ϬďŝůůŝŽŶ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞDKƉƌŽǀŝĚĞƐĨŽƌƚŚĞŵĂŝŶƚĞŶĂŶĐĞďLJƚŚĞZKW
ŽĨĂƚůĞĂƐƚWϮϱ͘ϬďŝůůŝŽŶďƵƚŶŽƚƚŽĞdžĐĞĞĚWϯϬ͘ϬďŝůůŝŽŶŽĨĚĞƉŽƐŝƚƐŝŶƚŚĞWĂƌĞŶƚĂŶŬ͘

dŚĞŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚƐƐŚĂůůďĞƵƐĞĚƚŽ;ŝͿĞƐƚĂďůŝƐŚĂŶĚŵĂŝŶƚĂŝŶĂƉŽŽůŽĨŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͖ĂŶĚ͕;ŝŝͿŽƉĞŶ͕ĂƐƉĂƌƚŽĨ
hW͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƐƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƐŽŶƚŚĞŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚƐ͕ĂĚĞŵĂŶĚĚĞƉŽƐŝƚĂĐĐŽƵŶƚ;ͿǁŝƚŚƚŚĞ^W͘
dŚĞĂŐŐƌĞŐĂƚĞŽĨŝƚĞŵƐ;ŝͿĂŶĚ;ŝŝͿƐŚĂůůĂƚĂůůƚŝŵĞƐďĞŝŶƚŚĞƐĂŵĞĂŵŽƵŶƚĂƐƚŚĞŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚƐ͘

KŶDĂƌĐŚϯϭ͕ϮϬϬϵ͕ƚŚĞϮϬϬϯ&ĂŶĚƚŚĞ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚǁĞƌĞĂŵĞŶĚĞĚĂŶĚƐŝŐŶĞĚ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ďLJƚŚĞW/͕
hWĂŶĚW'';ŽŶůLJĨŽƌŵĞŶĚĞĚϮϬϬϯ&Ϳ͘KŶƚŚĞƐĂŵĞĚĂƚĞ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƐƵĞĚƚŚĞĂƉŝƚĂůEŽƚĞƐ͕ǁŚŝĐŚŚĂƐŶŽ
ŵĂƚƵƌŝƚLJĚĂƚĞĂŶĚŚĂƐƚŚĞĨŽůůŽǁŝŶŐĨĞĂƚƵƌĞƐ͗

;ĂͿ ŝǀŝĚĞŶĚŽƌĐŽƵƉŽŶZĂƚĞ͘ŝǀŝĚĞŶĚŽƌĐŽƵƉŽŶƌĂƚĞƐĂƐĨŽůůŽǁƐ͗;ŝͿϮ͘ϬйĨƌŽŵƉƌŝůϭ͕ϮϬϬϵƚŽDĂƌĐŚϯϭ͕ϮϬϭϭ͖;ŝŝͿϰ͘Ϭй
ĨƌŽŵƉƌŝůϭ͕ϮϬϭϭƚŽDĂƌĐŚϯϭ͕ϮϬϭϯ͖;ŝŝŝͿϴ͘ϬйĨƌŽŵƉƌŝůϭ͕ϮϬϭϯƚŽDĂƌĐŚϯϭ͕ϮϬϭϱ͖;ŝǀͿϭϮ͘ϬйĨƌŽŵƉƌŝůϭ͕ϮϬϭϱƚŽ
DĂƌĐŚϯϭ͕ϮϬϭϳ͖ĂŶĚ͕;ǀͿϭϰ͘ϬйĨƌŽŵƉƌŝůϭ͕ϮϬϭϳŽŶǁĂƌĚƐ͘

dŚĞ/ƐƐƵĞƌƐŚĂůůŚĂǀĞĨƵůůĂŶĚĂďƐŽůƵƚĞĚŝƐĐƌĞƚŝŽŶ͗;ŝͿǁŚĞƚŚĞƌŽƌŶŽƚƚŽĚĞĐůĂƌĞĂŶĚƉĂLJĐŽƵƉŽŶƐŽŶƚŚĞEŽƚĞƐ͕ĂŶĚ;ŝŝͿ
ŽǀĞƌƚŚĞĂŵŽƵŶƚĂŶĚƚŝŵŝŶŐŽĨĐŽƵƉŽŶƉĂLJŵĞŶƚƐ͕ŝŶƚŚĞĞǀĞŶƚƚŚĂƚ͕ŝŶƚŚĞĞdžĞƌĐŝƐĞŽĨŝƚƐĚŝƐĐƌĞƚŝŽŶ͕ƚŚĞ/ƐƐƵĞƌĚĞĐŝĚĞƐ
ƚŽĚĞĐůĂƌĞĂŶĚƉĂLJĐŽƵƉŽŶƐ͘dŚĞ/ƐƐƵĞƌƐŚĂůů͕ĞǀĞƌLJƚŝŵĞŝƚĚĞĐůĂƌĞƐĂŶĚƉĂLJƐĚŝǀŝĚĞŶĚƐŽŶŝƚƐĐŽŵŵŽŶƐŚĂƌĞƐ͕ůŝŬĞǁŝƐĞ
ƉĂLJĐŽƵƉŽŶƐŽŶƚŚĞEŽƚĞƐ͘ŽƵƉŽŶƐŽŶƚŚĞEŽƚĞƐŵĂLJďĞĚĞĐůĂƌĞĚĂŶĚƉĂŝĚŽŶůLJ͗;ŝͿƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞ/ƐƐƵĞƌŚĂƐ
ƐƵĨĨŝĐŝĞŶƚƉƌŽĨŝƚƐĂŶĚͬŽƌƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĚŝƐƚƌŝďƵƚĂďůĞ͖ĂŶĚ͕;ŝŝͿŝĨ͕ĂĨƚĞƌƐƵĐŚĚĞĐůĂƌĂƚŝŽŶĂŶĚƉĂLJŵĞŶƚ͕ƚŚĞ/ƐƐƵĞƌƐŚĂůů
ďĞĂďůĞƚŽŵĞĞƚƚŚĞĐĂƉŝƚĂůĂĚĞƋƵĂĐLJĂŶĚůŝƋƵŝĚŝƚLJƚŚƌĞƐŚŽůĚƐ͕ĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^WƌĞŐƵůĂƚŝŽŶƐ
ƉƌĞǀĂŝůŝŶŐĂƚƚŚĞƚŝŵĞŽĨĚĞĐůĂƌĂƚŝŽŶĂŶĚƉĂLJŵĞŶƚŽĨĐŽƵƉŽŶƐ͘

ŽƵƉŽŶƐŽŶƚŚĞEŽƚĞƐƐŚĂůůďĞŶŽŶͲĐƵŵƵůĂƚŝǀĞ͘DŽƌĞŽǀĞƌ͕ƚŚĞ/ƐƐƵĞƌƐŚĂůůŚĂǀĞĨƵůůĐŽŶƚƌŽůĂŶĚĂĐĐĞƐƐƚŽĂŶLJǁĂŝǀĞĚ
ĐŽƵƉŽŶƉĂLJŵĞŶƚƐ͘dŚĞEŽƚĞƐŚĂǀĞŶŽƐƚĞƉͲƵƉƉƌŽǀŝƐŝŽŶƐŝŶƚŚĞĐŽƵƉŽŶƌĂƚĞŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞƌĞĚĞŵƉƚŝŽŶ
ŽƉƚŝŽŶ͘

U C P B 2 0 1 7 A N N U A L R E P O R T 123
 ;ďͿ ZĞƉĂLJŵĞŶƚŽƌZĞĚĞŵƉƚŝŽŶŽĨƚŚĞĂƉŝƚĂůEŽƚĞƐ͘ZĞĚĞŵƉƚŝŽŶŽĨƚŚĞEŽƚĞƐƐŚĂůůďĞƐƵďũĞĐƚƚŽƉƌŝŽƌǁƌŝƚƚĞŶ^W
ĂƉƉƌŽǀĂů͘dŚĞĂƉŝƚĂůEŽƚĞƐŵĂLJďĞƌĞĚĞĞŵĞĚ͕ŝŶǁŚŽůĞŽƌŝŶƉĂƌƚ͕ĂƚƚŚĞƐŽůĞŽƉƚŝŽŶŽĨƚŚĞ/ƐƐƵĞƌ͕ĂŶLJƚŝŵĞĂĨƚĞƌĨŝǀĞ
LJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨŝƐƐƵĂŶĐĞŽĨƚŚĞEŽƚĞƐ͘

,ŽǁĞǀĞƌ͕ƚŚĞŽƉƚŝŽŶŐƌĂŶƚĞĚƚŽƚŚĞ/ƐƐƵĞƌŵĂLJďĞĞdžĞƌĐŝƐĞĚǁŝƚŚŝŶĨŝǀĞLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨŝƐƐƵĂŶĐĞŽĨƚŚĞEŽƚĞƐ
ƵƉŽŶƚŚĞŝŶĨƵƐŝŽŶŽĨƐƵĨĨŝĐŝĞŶƚĐĂƉŝƚĂůǁŚŝĐŚŝƐŶĞŝƚŚĞƌƐŵĂůůĞƌŝŶƐŝnjĞŶŽƌůŽǁĞƌŝŶƋƵĂůŝƚLJƚŚĂŶƚŚĞEŽƚĞƐ͕ƵŶůĞƐƐƚŚĞ
/ƐƐƵĞƌ͛ƐĐĂƉŝƚĂůĂĚĞƋƵĂĐLJƌĂƚŝŽƌĞŵĂŝŶƐŵŽƌĞƚŚĂŶĂĚĞƋƵĂƚĞĂĨƚĞƌƌĞĚĞŵƉƚŝŽŶŽĨƚŚĞEŽƚĞƐ͘/ŶƚŚĞĞǀĞŶƚŽĨŝŶƐŽůǀĞŶĐLJ
ŽĨƚŚĞ/ƐƐƵĞƌ͕ƚŚĞ,ŽůĚĞƌƐŚĂůůďĞ͕ŝŵŵĞĚŝĂƚĞůLJĂŶĚǁŝƚŚŽƵƚŶĞĞĚĨŽƌĚĞŵĂŶĚ͕ĞŶƚŝƚůĞĚƚŽƌĞƉĂLJŵĞŶƚŽĨƚŚĞEŽƚĞƐ͘

;ĐͿ ƐƐŝŐŶĂďŝůŝƚLJ͘dŚĞ,ŽůĚĞƌŵĂLJĂƐƐŝŐŶŽƌƚƌĂŶƐĨĞƌƚŚĞĂƉŝƚĂůEŽƚĞƐƚŽĂŶLJƉĞƌƐŽŶŽƌĞŶƚŝƚLJƉƌŽǀŝĚĞĚƉƌŝŽƌǁƌŝƚƚĞŶŶŽƚŝĐĞ
ŽĨƐƵĐŚĂƐƐŝŐŶŵĞŶƚŽƌƚƌĂŶƐĨĞƌŝƐŐŝǀĞŶƚŽƚŚĞ/ƐƐƵĞƌ͘

;ĚͿ ŽŶǀĞƌƐŝŽŶWƌŝĐĞ͘dŚĞEŽƚĞƐƐŚĂůůďĞĐŽŶǀĞƌƚŝďůĞƚŽ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐŽƌŽŵŵŽŶ^ŚĂƌĞƐǁŝƚŚĂŶĂŐŐƌĞŐĂƚĞƉĂƌ
ǀĂůƵĞŽĨWϭϮ͘ϬďŝůůŝŽŶĂƚƚŚĞƚŝŵĞŽĨĐŽŶǀĞƌƐŝŽŶ͘

;ĞͿ &ĂŝůƵƌĞƚŽŽŵƉůLJǁŝƚŚKďůŝŐĂƚŝŽŶƐ͘/ŶĐĂƐĞƚŚĞ/ƐƐƵĞƌĨĂŝůƐƚŽƉĞƌĨŽƌŵĂŶLJŽĨŝƚƐŵĂƚĞƌŝĂůŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞEŽƚĞƐ͕
ŝŶĐůƵĚŝŶŐƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞEŽƚĞƐŝŶƚŽ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐŽƌŽŵŵŽŶ^ŚĂƌĞƐ͕ƚŚĞŶƚŚĞEŽƚĞƐƐŚĂůůďĞĐŽŵĞ
ĚƵĞĂŶĚĚĞŵĂŶĚĂďůĞ͕ĂŶĚƚŚĞ,ŽůĚĞƌƐŚĂůůŚĂǀĞƚŚĞĨŽůůŽǁŝŶŐƌŝŐŚƚƐ͗

x ŽůůĞĐƚƚŚĞƉƌŝŶĐŝƉĂůŽĨƚŚĞEŽƚĞƐŝŶƚŚĞĂŵŽƵŶƚŽĨWϭϮ͘ϬďŝůůŝŽŶĂŶĚŝŶƚĞƌĞƐƚĂƚƚŚĞƌĂƚĞŽĨϭϰ͘Ϭй͖ĂŶĚ͕

x /ŶƐƚŝƚƵƚĞƐƵĐŚƉƌŽĐĞĞĚŝŶŐƐƚŽĞŶĨŽƌĐĞĂŶLJŽĨƚŚĞŽďůŝŐĂƚŝŽŶƐŽĨƚŚĞ/ƐƐƵĞƌŝĨƚŚĞ/ƐƐƵĞƌĐŽŶƚŝŶƵĞƐƚŽĨĂŝůƚŽƉĞƌĨŽƌŵ
ŝƚƐŵĂƚĞƌŝĂůŽďůŝŐĂƚŝŽŶǁŝƚŚŝŶϯϬĚĂLJƐĨƌŽŵǁƌŝƚƚĞŶŶŽƚŝĐĞŽĨƚŚĞ,ŽůĚĞƌ͘

dŚĞ^ƵďƐĐƌŝƉƚŝŽŶŐƌĞĞŵĞŶƚŝŶĐůƵĚĞƐĂŶ/ŶƐŽůǀĞŶĐLJŽĨƚŚĞ/ƐƐƵĞƌĐůĂƵƐĞǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐĐŽŶƐĞƋƵĞŶĐĞƐ͗

;ĂͿ /ĨƚŚĞ/ƐƐƵĞƌďĞĐŽŵĞƐŝŶƐŽůǀĞŶƚ͕W/ƐŚĂůů͕ǁŝƚŚŝŶĨŝĨƚĞĞŶĚĂLJƐĂĨƚĞƌŝƚĂĐƋƵŝƌĞƐŬŶŽǁůĞĚŐĞŽĨƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨƚŚĞ
/ƐƐƵĞƌ͛ƐŝŶƐŽůǀĞŶĐLJ͕ŐŝǀĞƚŚĞ/ƐƐƵĞƌĂǁƌŝƚƚĞŶŶŽƚŝĐĞĚĞĐůĂƌŝŶŐĂůůƚŚĞEŽƚĞƐƚŚĞŶŽƵƚƐƚĂŶĚŝŶŐ͕ŝŶĐůƵĚŝŶŐĂůůĂĐĐƌƵĞĚ
ĐŽƵƉŽŶƚŚĞƌĞŽŶ͕ƚŽďĞĚƵĞĂŶĚƉĂLJĂďůĞŝŵŵĞĚŝĂƚĞůLJ͕ĂŶĚƵƉŽŶĂŶLJƐƵĐŚĚĞĐůĂƌĂƚŝŽŶƚŚĞƐĂŵĞƐŚĂůůďĞŝŵŵĞĚŝĂƚĞůLJ
ĚƵĞĂŶĚƉĂLJĂďůĞ͕ƐƵďũĞĐƚŽŶůLJƚŽƐƵďŽƌĚŝŶĂƚŝŽŶ͘

;ďͿ WĂƌĂŐƌĂƉŚ;ĂͿŝƐĨƵƌƚŚĞƌƐƵďũĞĐƚƚŽƚŚĞĐŽŶĚŝƚŝŽŶƚŚĂƚW/ŵĂLJƌĞƐĐŝŶĚĂŶĚĂŶŶƵůƐƵĐŚĚĞĐůĂƌĂƚŝŽŶĂŶĚŝƚƐ
ĐŽŶƐĞƋƵĞŶĐĞƐ͕ƵƉŽŶƐƵĐŚƚĞƌŵƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚĂŐƌĞĞŵĞŶƚƐ͕ŝĨĂŶLJ͕ĂƐŝƚŵĂLJĚĞƚĞƌŵŝŶĞ͕ďƵƚŶŽƐƵĐŚƌĞƐĐŝƐƐŝŽŶĂŶĚ
ĂŶŶƵůŵĞŶƚƐŚĂůůĞdžƚĞŶĚƚŽŽƌƐŚĂůůĂĨĨĞĐƚĂŶLJƐƵďƐĞƋƵĞŶƚĚĞĨĂƵůƚŽƌƐŚĂůůŝŵƉĂŝƌĂŶLJƌŝŐŚƚŽĨW/ĐŽŶƐĞƋƵĞŶƚƚŚĞƌĞƚŽ͘

dŚĞƐƵďŽƌĚŝŶĂƚŝŽŶŵĞŶƚŝŽŶĞĚƵŶĚĞƌƉĂƌĂŐƌĂƉŚ;ĂͿŵĞĂŶƐƚŚĂƚƚŚĞEŽƚĞƐĂƌĞŶŽƚĚĞƉŽƐŝƚƐŽĨƚŚĞ/ƐƐƵĞƌĂŶĚĂƌĞŶŽƚ
ŐƵĂƌĂŶƚĞĞĚŽƌŝŶƐƵƌĞĚďLJƚŚĞ/ƐƐƵĞƌŽƌĂŶLJƉĂƌƚLJƌĞůĂƚĞĚƚŽƚŚĞ/ƐƐƵĞƌŽƌĐŽǀĞƌĞĚďLJĂŶLJŽƚŚĞƌĂƌƌĂŶŐĞŵĞŶƚƚŚĂƚůĞŐĂůůLJŽƌ
ĞĐŽŶŽŵŝĐĂůůLJĞŶŚĂŶĐĞƐƚŚĞƉƌŝŽƌŝƚLJŽĨƚŚĞĐůĂŝŵŽĨƚŚĞ,ŽůĚĞƌĂƐĂŐĂŝŶƐƚƚŚĞĚĞƉŽƐŝƚŽƌƐ͕ŽƚŚĞƌĐƌĞĚŝƚŽƌƐĂŶĚŚŽůĚĞƌƐŽĨ>ŽǁĞƌ
dŝĞƌϮĂŶĚhƉƉĞƌdŝĞƌϮĐĂƉŝƚĂůŝŶƐƚƌƵŵĞŶƚƐ͕ŝĨĂŶLJ͕ŽĨƚŚĞ/ƐƐƵĞƌ͘

/ŶŽƌĚĞƌƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞĂƉŝƚĂůEŽƚĞƐƚŽ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐŽƌŽŵŵŽŶ^ŚĂƌĞƐ͕ƐŚŽƵůĚƚŚĞ
,ŽůĚĞƌŽĨƚŚĞĂƉŝƚĂůEŽƚĞƐĚĞĐŝĚĞƚŽĐŽŶǀĞƌƚ͕ƚŚĞƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚƐƚŽƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶǁĞƌĞ
ĂƉƉƌŽǀĞĚĂƚƚŚĞƌĞŐƵůĂƌKŵĞĞƚŝŶŐŽŶƉƌŝůϮϴ͕ϮϬϬϵǁŝƚŚƚŚĞǁƌŝƚƚĞŶĂƐƐĞŶƚŽĨĂƚůĞĂƐƚϮͬϯŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
ƐƚŽĐŬŚŽůĚĞƌƐ͘dŚĞƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚƐŝŶĐůƵĚĞ͗

;ĂͿ ZĞĐůĂƐƐŝĨLJŝŶŐ;ŝͿϭ͕ϬϬϮ͕ϴϮϵ͕ϳϲϵƵŶŝƐƐƵĞĚĐŽŵŵŽŶƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͖ĂŶĚ͕;ŝŝͿϳϱϬ͕ϬϬϬ͕ϬϬϬƵŶŝƐƐƵĞĚƉƌĞĨĞƌƌĞĚ
ƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ĂůůǁŝƚŚĂƉĂƌǀĂůƵĞŽĨWϭ͘ϬϬƉĞƌƐŚĂƌĞ͕ŝŶƚŽϭ͕ϳϱϮ͕ϴϮϵ͕ϳϲϵ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐ͖

;ďͿ ĞŶLJŝŶŐƉƌĞͲĞŵƉƚŝǀĞƌŝŐŚƚŽǀĞƌƚŚĞŝƐƐƵĂŶĐĞŽĨƐƉĞĐŝĂůƉƌĞĨĞƌƌĞĚĂŶĚĐŽŵŵŽŶƐŚĂƌĞƐĨŽƌƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨƐƉĞĐŝĂů
ƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐĂŶĚƚŚĞĂƉŝƚĂůEŽƚĞƐ͖ĂŶĚ͕

;ĐͿ ĞůĞƚŝŽŶŽĨŽǁŶĞƌƐŚŝƉůŝŵŝƚĂƚŝŽŶŝŶƚŚĞWĂƌĞŶƚĂŶŬ͕ǁŚŝĐŚŝƐϭ͘ϬйŽĨƚŚĞŝƐƐƵĞĚĂŶĚŽƵƚƐƚĂŶĚŝŶŐƉƌĞĨĞƌƌĞĚĂŶĚ
ĐŽŵŵŽŶƐŚĂƌĞƐ͕ĨŽƌĂƐƚŽĐŬŚŽůĚĞƌǁŚŽŝƐŶŽƚĂƐƚŽĐŬŚŽůĚĞƌĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϭϵϳϵ͘

/ŶDĂƌĐŚϮϬϭϭ͕ƚŚĞWĂƌĞŶƚĂŶŬĨŝůĞĚǁŝƚŚƚŚĞ^ƚŚĞĂƉƉůŝĐĂƚŝŽŶĨŽƌƚŚĞĂŵĞŶĚĞĚƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶƚŽĂĚĚƌĞƐƐƚŚĞƐĞ
ƉƌŽƉŽƐĞĚĂŵĞŶĚŵĞŶƚƐ͘dŚĞ^ĂƉƉƌŽǀĞĚƚŚĞƐĂŝĚĂŵĞŶĚŵĞŶƚƐŽŶDĂLJϭϬ͕ϮϬϭϭ;ƐĞĞEŽƚĞϮϮ͘ϮͿ͘


124 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϭ͘ϰ ^ƚĂŐŐĞƌĞĚZĞĐŽŐŶŝƚŝŽŶŽĨZĞƋƵŝƌĞĚsĂůƵĂƚŝŽŶZĞƐĞƌǀĞƐĂŶĚĞĨĞƌƌĞĚŚĂƌŐĞƐ

KŶ&ĞďƌƵĂƌLJϮϲ͕ϮϬϬϵ͕ƚŚĞD͕ŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϯϰϱ͕ĚĞĐŝĚĞĚƚŽ͗

;ĂͿ ƉƉƌŽǀĞƚŚĞLJĞĂƌϮϬϬϵĂƐƚŚĞƐƚĂƌƚŽĨƚŚĞϭϬͲLJĞĂƌƌĞŚĂďŝůŝƚĂƚŝŽŶƉĞƌŝŽĚ;ϮϬϬϵͲϮϬϭϴͿŽĨƚŚĞWĂƌĞŶƚĂŶŬŝŶƐƚĞĂĚŽĨϮϬϬϴ
ĂƐĐŽŶƚĂŝŶĞĚŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶĂƉƉƌŽǀĞĚďLJƚŚĞDƵŶĚĞƌZĞƐŽůƵƚŝŽŶEŽ͘ϱϵϬĚĂƚĞĚDĂLJϭϱ͕
ϮϬϬϴ;ƐĞĞEŽƚĞϭ͘ϯͿ͖

;ďͿ džĞŵƉƚƚŚĞWĂƌĞŶƚĂŶŬĨƌŽŵƐĂŶĐƚŝŽŶƐƚŚĂƚŵĂLJďĞŝŵƉŽƐĞĚĨŽƌŝƚƐŶŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞĚϭϬ͘ϬйZĂŶĚ
ĂůůƚŚĞĐĂƉŝƚĂůͲďĂƐĞĚƌĞŐƵůĂƚŽƌLJƌĂƚŝŽƐĨŽƌƚŚĞLJĞĂƌϮϬϬϴƵŶƚŝůƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶŝƐ
ĨƵůůLJŝŵƉůĞŵĞŶƚĞĚ͖ĂŶĚ͕

;ĐͿ ƉƉƌŽǀĞƚŚĞĨŽůůŽǁŝŶŐ͗

x ZĞǀĞƌƐĂůŽĨĂůůƉƌĞǀŝŽƵƐƐƚĂŐŐĞƌĞĚŬŝŶŐƐŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐ͕
ďĂƐĞĚŽŶƚŚĞ^ƉĞĐŝĂůWƵƌƉŽƐĞsĞŚŝĐůĞ;^WsͿĨŽƌŵƵůĂƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐďĞĞŶƉƌŽǀŝĚŝŶŐƐƚĂƌƚŝŶŐϮϬϬϳŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŽƌŝŐŝŶĂůƌĞŚĂďŝůŝƚĂƚŝŽŶƉƌŽŐƌĂŵĂƉƉƌŽǀĞĚďLJƚŚĞ^WŽŶ:ĂŶƵĂƌLJϭϬ͕ϮϬϬϱ;ƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
^ƵƌƉůƵƐĂƐĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϬϴǁĂƐƌĞƐƚĂƚĞĚƚŽĐŽŶƐŝĚĞƌƚŚĞĞĨĨĞĐƚŽĨƚŚĞĂŵŽƌƚŝnjĂƚŝŽŶŽĨǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐͿ͖

x ĞĨĞƌŵĞŶƚŽĨĂŶLJƐƚĂŐŐĞƌĞĚŬŝŶŐŽƌĂŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐ
;hsZͬͿƵŶƚŝůƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶŝƐĐŽŵƉůĞƚĞůLJŝŶƉůĂĐĞƐƚĂƌƚŝŶŐ:ĂŶƵĂƌLJϮϬϬϵĂŶĚƚŽĂĐĐŽƌĚŝŶŐůLJ
ƌĞǀŝƐĞƚŚĞƐĐŚĞĚƵůĞŽĨƚŚĞƐƚĂŐŐĞƌĞĚŬŝŶŐŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚ
ĐŚĂƌŐĞƐĨŽůůŽǁŝŶŐƚŚĞĐŽŶĐĞƉƚŽĨĂĨĨŽƌĚĂďŝůŝƚLJƉĞƌƚŚĞůĂƚĞƐƚĂƉƉƌŽǀĞĚďƵƐŝŶĞƐƐƉůĂŶďLJƚŚĞ^W;ƐĞĞEŽƚĞϭϯͿ͖ĂŶĚ͕

x dĞŵƉŽƌĂƌLJƌĞůŝĞĨĨƌŽŵĨƵůůĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞĚϭϬ͘ϬйZĂƐƉƌŽǀŝĚĞĚƵŶĚĞƌ^ĞĐƚŝŽŶϯϰŽĨƚŚĞ'ĞŶĞƌĂů
ĂŶŬŝŶŐ>ĂǁŽĨϮϬϬϬďLJƌĞĚƵĐŝŶŐƚŚĞWĂƌĞŶƚĂŶŬ͛ƐZƚŽϴ͘ϬйĨŽƌĂƉĞƌŝŽĚŽĨƚŚƌĞĞLJĞĂƌƐƵƉƚŽϮϬϭϭŽƌƵŶƚŝů
ƐƵĐŚƚŝŵĞƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬŝƐĂďůĞƚŽĐŽŵƉůLJǁŝƚŚƚŚĞƌĞƋƵŝƌĞĚϭϬ͘ϬйZ͕ǁŚŝĐŚĞǀĞƌĐŽŵĞƐĨŝƌƐƚ͘

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϬϴ͕ƚŚĞƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬǁŝůůƌĞĐŽŐŶŝnjĞŽŶĂƐƚĂŐŐĞƌĞĚďĂƐŝƐƐƚĂƌƚŝŶŐ
:ĂŶƵĂƌLJϮϬϬϵ͕ĂƐĂůůŽǁĞĚďLJƚŚĞ^W͕ĂŵŽƵŶƚĞĚƚŽWϮϵ͘ϭďŝůůŝŽŶ͘dŚŝƐĐŽŶƐŝƐƚƐŽĨƚŚĞ;ĂͿWϮϳ͘ϵďŝůůŝŽŶƵŶŬĞĚǀĂůƵĂƚŝŽŶ
ƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂůůŽǁĞĚƚŽďĞƐƚĂŐŐĞƌĞĚŝŶƚŚĞDZĞƐŽůƵƚŝŽŶEŽ͘ϱϵϬĚĂƚĞĚDĂLJϭϱ͕ϮϬϬϴ͕ĂŶĚ;ďͿWϭ͘ϮďŝůůŝŽŶ
ĂĚĚŝƚŝŽŶĂůƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐƚŚĂƚǁŝůůďĞƌĞĐŽŐŶŝnjĞĚŽŶĂƐƚĂŐŐĞƌĞĚďĂƐŝƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƌĞǀĞƌƐĂůŽĨƉƌĞǀŝŽƵƐůLJ
ĂŵŽƌƚŝnjĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĚƵĞƚŽƚŚĞƌĞƐĞƚƚŝŶŐŽĨƚŚĞƐƚĂƌƚŽĨĂŵŽƌƚŝnjĂƚŝŽŶŽĨƚŚĞƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚ
ĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂƐĂůůŽǁĞĚƵŶĚĞƌDZĞƐŽůƵƚŝŽŶEŽ͘ϯϰϱĚĂƚĞĚ&ĞďƌƵĂƌLJϮϲ͕ϮϬϬϵ͘dŚĞƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚ
ĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐǁĞƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞĐƌŝƚĞƌŝĂƐĞƚďLJƚŚĞ^W͕ǁŚŝĐŚĚŝĨĨĞƌƐĨƌŽŵWŚŝůŝƉƉŝŶĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ
^ƚĂŶĚĂƌĚƐ;W&Z^ͿŝŶĐĞƌƚĂŝŶƌĞƐƉĞĐƚƐ͘

/ŶϮϬϭϯ͕hWƐĞƚŝŶŵŽƚŝŽŶŝƚƐƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƉůĂŶďLJŚĂǀŝŶŐ͕ŽŶĞĐĞŵďĞƌϭϴ͕ϮϬϭϯ͕ĂƌĞƐŽůƵƚŝŽŶƵŶĂŶŝŵŽƵƐůLJĂƉƉƌŽǀĞĚ
ĂŶĚĂĚŽƉƚĞĚĂƚĂƐƉĞĐŝĂůŵĞĞƚŝŶŐŽĨƐƚŽĐŬŚŽůĚĞƌƐƚŽŝŶĐƌĞĂƐĞŝƚƐĂƵƚŚŽƌŝnjĞĚĐĂƉŝƚĂůƐƚŽĐŬǁŝƚŚŝŶƚŚĞƌĂŶŐĞŽĨWϭϰ͘ϳďŝůůŝŽŶƚŽ
Wϯϳ͘ϮďŝůůŝŽŶ;ƐĞĞEŽƚĞϮϮ͘ϭͿ͘

hWĂůƐŽƌĞƋƵĞƐƚĞĚĐĞƌƚĂŝŶƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨƐĨƌŽŵƚŚĞ^WƌĞůĂƚŝǀĞƚŽŝƚƐƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƉůĂŶ͘KŶDĂLJϮϯ͕ϮϬϭϰ͕ƚŚĞD͕ŝŶ
ŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϴϮϮ͕ĂƉƉƌŽǀĞĚƚŚĞĨŽůůŽǁŝŶŐĞĨĨĞĐƚŝǀĞƵŶƚŝůĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ͗

;ĂͿ džĞŵƉƚŝŽŶĨƌŽŵĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƐĞů///ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚŽĐŽŶƚŝŶƵĞĐĂƉŝƚĂůĐŽŵƉůŝĂŶĐĞƵŶĚĞƌĂƐĞů//
ŐƵŝĚĞůŝŶĞƐ͖

;ďͿ ŽŶƚŝŶƵĞƚŚĞĨŽůůŽǁŝŶŐƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨƐŐƌĂŶƚĞĚƉƵƌƐƵĂŶƚƚŽhW͛ƐϭϬͲLJĞĂƌƌĞŚĂďŝůŝƚĂƚŝŽŶƉůĂŶ͗

x ZĞĐŽŐŶŝƚŝŽŶĂƐŝŶƚĞƌŝŵdŝĞƌϭĐĂƉŝƚĂůŽĨƚŚĞWϭϮ͘ϬďŝůůŝŽŶĂƉŝƚĂůEŽƚĞƐŝƐƐƵĞĚƚŽƚŚĞW/ĂƐůŽŶŐĂƐƚŚĞŶŽƚĞƐĂƌĞ
ŽƵƚƐƚĂŶĚŝŶŐĂŶĚŚĞůĚďLJƚŚĞW/͖

x ^ƚĂŐŐĞƌĞĚƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞƌĞŵĂŝŶŝŶŐƵŶƌĞĐŽŐŶŝnjĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐ͖

x dŽƌĞŵĂŝŶĂƐĂŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚŽƌLJďĂŶŬ͕ƐƵďũĞĐƚƚŽĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐŽĨƚŚĞĞƉĂƌƚŵĞŶƚ
ŽĨ&ŝŶĂŶĐĞ͖


U C P B 2 0 1 7 A N N U A L R E P O R T 125
 x ůůŽǁƵƉĚĂƚŝŶŐŽĨŝƚƐƌĞŵĂŝŶŝŶŐƵŶƌĞĐŽŐŶŝnjĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐƵƐŝŶŐƚŚĞŽƵƚƐƚĂŶĚŝŶŐ
Wϭϴ͘ϲďŝůůŝŽŶďĂůĂŶĐĞďĂƐĞĚŽŶĂŶŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĂƚŝŽŶďLJĂƉƌŽĨĞƐƐŝŽŶĂůĨŝƌŵ͕ƚŽďĞĂŵŽƌƚŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞ
ďĂƐŝƐ͖

x džĐůƵƐŝŽŶĨƌŽŵƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƚƌĂŶƐĂĐƚŝŽŶŽĨhW͛ƐƉƌŽƉƌŝĞƚĂƌLJŝŶƚĞƌĞƐƚŝŶƚŚĞŽĐŽŶƵƚ/ŶĚƵƐƚƌLJ/ŶǀĞƐƚŵĞŶƚ
&ƵŶĚKŝůDŝůůƐ'ƌŽƵƉ;//&ͲKD'ͿǀĂůƵĞĚĂƚWϴ͘ϲďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϯĂŶĚƌĞƉƌĞƐĞŶƚŝŶŐϭϭйĞƋƵŝƚLJ
ƉĂƌƚŝĐŝƉĂƚŝŽŶďLJƉƌŽǀŝĚŝŶŐĨƵůůƉƌŽǀŝƐŝŽŶĨŽƌůŽƐƐĞƐƚŚĞƌĞŽŶ;ƐĞĞEŽƚĞϭϯͿ͖ĂŶĚ͕

x džĞŵƉƚŝŽŶĨƌŽŵƚŚĞƌĞƋƵŝƌĞŵĞŶƚ͕ĂƐĂƵŶŝǀĞƌƐĂůďĂŶŬ͕ƚŽůŝƐƚŝƚƐƐŚĂƌĞƐŝŶƚŚĞWŚŝůŝƉƉŝŶĞ^ƚŽĐŬdžĐŚĂŶŐĞ;W^Ϳ͘

dŚĞDĨƵƌƚŚĞƌĂƉƉƌŽǀĞĚ͕ŝŶŝƚƐƌĞƐŽůƵƚŝŽŶEŽ͘ϴϮϯĚĂƚĞĚDĂLJϮϮ͕ϮϬϭϰ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨƐ͗

;ĂͿ dŽĂůůŽǁhWƚŽŽƉĞŶŶĞǁďƌĂŶĐŚĞƐĞǀĞŶǁŝƚŚĂƐĞů//ĐĂƉŝƚĂůĂĚĞƋƵĂĐLJƌĂƚŝŽŽĨĂƚůĞĂƐƚϭϬйƵŶƚŝůĞĐĞŵďĞƌϮϬϭϲ͖
ĂŶĚ͕

;ďͿ dŽǁĂŝǀĞƚŚĞůŝĐĞŶƐŝŶŐĨĞĞƐĨŽƌĂĚĚŝƚŝŽŶĂůϱϬďƌĂŶĐŚĞƐ͕ƐƵďũĞĐƚƚŽĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƉƌŽǀŝƐŝŽŶƐŽŶďƌĂŶĐŚ
ĞƐƚĂďůŝƐŚŵĞŶƚƵŶĚĞƌ^ĞĐƚŝŽŶyϭϱϭŽĨƚŚĞDĂŶƵĂůŽĨZĞŐƵůĂƚŝŽŶƐĨŽƌĂŶŬƐ;DKZͿ͕ŝŶĐůƵĚŝŶŐďƌĂŶĐŚƉƌŽĐĞƐƐŝŶŐĨĞĞƐ͘

KŶ:ƵŶĞϮϲ͕ϮϬϭϱ͕ƚŚĞDĨƵƌƚŚĞƌĂƉƉƌŽǀĞĚ͕ŝŶŝƚƐƌĞƐŽůƵƚŝŽŶEŽ͘ϭϬϮϬ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨƐ͗

;ĂͿ džĐůƵƐŝŽŶŽĨƚŚĞ͞ƌŝƐŬĨƌĞĞ͟ŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕ĞĂƌŶĞĚĨƌŽŵƚŚĞŝŶĐŽŵĞƐƵƉƉŽƌƚĨĂĐŝůŝƚLJ͕ĨƌŽŵƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨŐƌŽƐƐ
ŝŶĐŽŵĞƚŚĂƚŝƐƐƵďũĞĐƚƚŽŽƉĞƌĂƚŝŽŶĂůƌŝƐŬĐĂƉŝƚĂůĐŚĂƌŐĞ͖

;ďͿ džƚĞŶƐŝŽŶƵƉƚŽϮϬϭϴŽĨƚŚĞDĂƉƉƌŽǀĂůƵŶĚĞƌZĞƐŽůƵƚŝŽŶEŽ͘ϳϱϵĚĂƚĞĚDĂLJϵ͕ϮϬϭϯ͕ĂůůŽǁŝŶŐhWƚŽĐŚĂƌŐĞƚŚĞ
ĂŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂŐĂŝŶƐƚƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͕ŝŶƐƚĞĂĚŽĨĐƵƌƌĞŶƚ
ŽƉĞƌĂƚŝŽŶƐ͖ĂŶĚ͕

;ĐͿ /ŶĐůƵƐŝŽŶŽĨůŽĂŶƐŽĨWϯ͘ϴďŝůůŝŽŶƌĞƚƵƌŶĞĚďLJƚŚĞW/ĂƐƉĂƌƚŽĨƚŚĞ͞KůĚĂŶŬ͟ƚŚĂƚĂůůŽǁƐƌĞͲĂůůŽĐĂƚŝŽŶŽĨĞdžĐĞƐƐ
ǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐǁŝƚŚŝŶƚŚĞƉŽŽůŽĨ
͞KůĚĂŶŬ͟ĂƐƐĞƚƐƚŽƚŚĞĂƐƐĞƚƐƌĞƚƵƌŶĞĚďLJW/͘

dŚĞďĂůĂŶĐĞŽĨĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂŵŽƵŶƚĞĚƚŽWϯ͘ϳďŝůůŝŽŶĂŶĚWϳ͘ϱďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ
;ƐĞĞEŽƚĞϭϲ͘ϭͿ͘

ϭ͘ϱ /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨ'ŽǀĞƌŶŵĞŶƚdžĞĐƵƚŝǀĞKƌĚĞƌƐŽŶŽĐŽ>ĞǀLJ&ƵŶĚƐĂŶĚƐƐĞƚƐ

ƉŽƌƚŝŽŶŽĨƚŚĞƐĞƋƵĞƐƚĞƌĞĚƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬǁĂƐƚŚĞƐƵďũĞĐƚŽĨůĞŐĂůĐĂƐĞƐŽŶǁŚŝĐŚƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŚĂƐŝƐƐƵĞĚ
ŝƚƐĨŝŶĂůĚĞĐŝƐŝŽŶŝŶϮϬϭϮǁŚĞƌĞďLJƐƵĐŚƐŚĂƌĞƐĂƌĞĚĞĐůĂƌĞĚĐŽŶĐůƵƐŝǀĞůLJŽǁŶĞĚďLJƚŚĞZKWĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞĐŽĐŽŶƵƚ
ĨĂƌŵĞƌƐ͘

KŶDĂƌĐŚϭϴ͕ϮϬϭϱ͕ƚŚĞŶWƌĞƐŝĚĞŶƚĞŶŝŐŶŽ^͘ƋƵŝŶŽ///ŽĨƚŚĞZKWŝƐƐƵĞĚdžĞĐƵƚŝǀĞKƌĚĞƌEŽ͘ϭϳϵ͕WƌŽǀŝĚŝŶŐƚŚĞ
ĚŵŝŶŝƐƚƌĂƚŝǀĞ'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞ/ŶǀĞŶƚŽƌLJĂŶĚWƌŝǀĂƚŝnjĂƚŝŽŶŽĨŽĐŽ>ĞǀLJƐƐĞƚƐ͕ĂŶĚEŽ͘ϭϴϬ͕WƌŽǀŝĚŝŶŐƚŚĞĚŵŝŶŝƐƚƌĂƚŝǀĞ
'ƵŝĚĞůŝŶĞƐĨŽƌƚŚĞZĞĐŽŶǀĞLJĂŶĐĞĂŶĚhƚŝůŝnjĂƚŝŽŶŽĨŽĐŽ>ĞǀLJƐƐĞƚƐĨŽƌƚŚĞĞŶĞĨŝƚŽĨƚŚĞŽĐŽŶƵƚ&ĂƌŵĞƌƐĂŶĚƚŚĞ
ĞǀĞůŽƉŵĞŶƚŽĨƚŚĞŽĐŽŶƵƚ/ŶĚƵƐƚƌLJ͕ĂŶĚĨŽƌKƚŚĞƌWƵƌƉŽƐĞƐ͕ĐŽůůĞĐƚŝǀĞůLJƌĞĨĞƌƌĞĚƚŽŚĞƌĞŝŶĂƐƚŚĞ͞KƐ͘͟

dŚĞKƐŵĂŶĚĂƚĞƚŚĞŝŶǀĞŶƚŽƌLJ͕ƌĞĐŽŶǀĞLJĂŶĐĞ͕ƵƚŝůŝnjĂƚŝŽŶĂŶĚƉƌŝǀĂƚŝnjĂƚŝŽŶŽĨĐŽĐŽůĞǀLJĂƐƐĞƚƐƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞŽĐŽ>ĞǀLJ
&ƵŶĚĂŶĚŽĐŽ>ĞǀLJƐƐĞƚƐǁŝůůŽŶůLJďĞƵƚŝůŝnjĞĚĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞĐŽĐŽŶƵƚĨĂƌŵĞƌƐĂŶĚƚŚĞWŚŝůŝƉƉŝŶĞĐŽĐŽŶƵƚŝŶĚƵƐƚƌLJ͘
dŚĞKƐĚĞĨŝŶĞĐŽĐŽůĞǀLJĨƵŶĚƐĂƐĂůůĨƵŶĚƐĐƌĞĂƚĞĚŽƌƐŽƵƌĐĞĚĨƌŽŵƚŚĞŽĐŽŶƵƚ>ĞǀLJŝŵƉŽƐĞĚďLJƚŚĞŐŽǀĞƌŶŵĞŶƚ͕ŝŶĐůƵĚŝŶŐ
ƚŚĞŽĐŽŶƵƚ/ŶĚƵƐƚƌLJ/ŶǀĞƐƚŵĞŶƚ&ƵŶĚ;//&ͿĂŶĚƚŚĞŽĐŽŶƵƚŽŶƐƵŵĞƌƐ^ƚĂďŝůŝnjĂƚŝŽŶ&ƵŶĚ;^&Ϳ͘dŚĞWĂƌĞŶƚĂŶŬǁĂƐ
ĂƉƉŽŝŶƚĞĚĂĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚĞ//&ƵŶĚĞƌWƌĞƐŝĚĞŶƚŝĂůĞĐƌĞĞ;WͿEŽ͘ϭϰϲϴ͕Ɛ͘ϭϵϳϴ͞ZĞǀŝƐĞĚŽĐŽŶƵƚ/ŶĚƵƐƚƌLJŽĚĞ͘͟ŽĐŽ
ůĞǀLJĂƐƐĞƚƐŵĞĂŶǁŚŝůĞƌĞĨĞƌƚŽƚŚĞŵŽŶĞLJ͕ĂƐƐĞƚƐŽƌƉƌŽƉĞƌƚŝĞƐ͕ǁŚĞƚŚĞƌƌĞĂůŽƌƉĞƌƐŽŶĂů͕ƚĂŶŐŝďůĞŽƌŝŶƚĂŶŐŝďůĞ͕ǁŚĞƌĞǀĞƌ
ƐŝƚƵĂƚĞĚ͕ĂƌŝƐŝŶŐĨƌŽŵŽƌŽƚŚĞƌǁŝƐĞĨƵŶĚĞĚďLJŽƌĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚƚŚĞƵƐĞŽƌďLJŵĞĂŶƐŽĨĂŶLJŽĨƚŚĞĐŽĐŽůĞǀLJĨƵŶĚƐ͕ĚŝƌĞĐƚůLJ
ŽƌŝŶĚŝƌĞĐƚůLJ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽƐŚĂƌĞƐ͕ƌŝŐŚƚƐ͕ĂŶĚŝŶƚĞƌĞƐƚƐ͕ǁŚĞƚŚĞƌǀĞƐƚĞĚ͕ĐŽŶƚŝŶŐĞŶƚ͕ĞdžƉĞĐƚĂŶƚ͕ĐŚŽĂƚĞŽƌ
ŝŶĐŚŽĂƚĞ͕ĂŶĚĂŶLJĂŶĚĂůůĨƌƵŝƚƐ͕ŝŶĐŽŵĞ͕ŝŶƚĞƌĞƐƚ͕ŽƌƉƌŽĨŝƚƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞƐĞĂƐƐĞƚƐŝŶĐůƵĚŝŶŐƚŚŽƐĞĂĐƋƵŝƌĞĚŝŶĞdžĐŚĂŶŐĞŽƌ
ƐƵďƐƚŝƚƵƚŝŽŶƚŚĞƌĞŽĨ͘dŚĞKƐƌĞĨĞƌĞŶĐĞƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶƚŚĂƚĂŵĂũŽƌŝƚLJŽĨƚŚĞƐĞƋƵĞƐƚĞƌĞĚƐŚĂƌĞƐŽĨƐƚŽĐŬŽĨƚŚĞ
WĂƌĞŶƚĂŶŬ͕ǁŚŝĐŚǁĂƐƉĂŝĚĨƌŽŵƚŚĞ^&͕ŝƐŽǁŶĞĚďLJƚŚĞZKWĨŽƌƚŚĞďĞŶĞĨŝƚŽĨƚŚĞĐŽĐŽŶƵƚĨĂƌŵĞƌƐ͕ƚŚƵƐŵĂŬŝŶŐŝƚĂƉĂƌƚ
ŽĨƚŚĞĐŽĐŽůĞǀLJĂƐƐĞƚƐ͘


126 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ůƐŽ͕ŽŶDĂƌĐŚϭϴ͕ϮϬϭϱ͕ƚŚĞKĨĨŝĐĞŽĨƚŚĞWƌĞƐŝĚĞŶƚĂƉƉƌŽǀĞĚƚŚĞƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ďLJǁĂLJŽĨ
ƉƌŝǀĂƚŝnjĂƚŝŽŶ͕ƚŽďĞŝŵƉůĞŵĞŶƚĞĚďLJĂŽŵŵŝƚƚĞĞĐŽŵƉŽƐĞĚŽĨƌĞƉƌĞƐĞŶƚĂƚŝǀĞƐĨƌŽŵƚŚĞ'ŽǀĞƌŶĂŶĐĞŽŵŵŝƐƐŝŽŶĨŽƌ
'ŽǀĞƌŶŵĞŶƚͲKǁŶĞĚŽƌŽŶƚƌŽůůĞĚŽƌƉŽƌĂƚŝŽŶƐ;''Ϳ͕W/͕W''͕WƌŝǀĂƚŝnjĂƚŝŽŶĂŶĚDĂŶĂŐĞŵĞŶƚKĨĨŝĐĞ;WDKͿ͕ĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬ͘

KŶ:ƵŶĞϯϬ͕ϮϬϭϱ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŝƐƐƵĞĚĂƚĞŵƉŽƌĂƌLJƌĞƐƚƌĂŝŶŝŶŐŽƌĚĞƌ;dZKͿĞŶũŽŝŶŝŶŐƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞKƐ
;ŽŶĨĞĚĞƌĂƚŝŽŶŽĨŽĐŽŶƵƚ&ĂƌŵĞƌƐKƌŐĂŶŝnjĂƚŝŽŶƐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐǀƐ͘,ŝƐdžĐĞůůĞŶĐLJWƌĞƐŝĚĞŶƚĞŶŝŐŶŽ^͘ƋƵŝŶŽ///͕Ğƚ͘Ăů͕͘
'͘Z͘EŽ͘ϮϭϳϵϲϱͿ͘KŶƵŐƵƐƚϴ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚůŝĨƚĞĚƚŚĞdZK͘

WƵƌƐƵĂŶƚƚŽKϭϳϵĂŶĚĂƐŝŶƐƚƌƵĐƚĞĚďLJƚŚĞĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞĂŶĚW''͕ŽŶEŽǀĞŵďĞƌϯ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬ
ĐĂŶĐĞůůĞĚĂŶĚŝƐƐƵĞĚƚŚĞϱϯϯ͕ϲϰϭ͕ϮϯϰƐŚĂƌĞƐ͕ǁŚŝĐŚǁĞƌĞĚĞĐůĂƌĞĚĂƐƚŚĞƐŽͲĐĂůůĞĚ͞hW&ĂƌŵĞƌƐ͛^ŚĂƌĞƐ͟ĂŶĚ͞ŽũƵĂŶŐĐŽ
KƉƚŝŽŶ^ŚĂƌĞƐ͕͟ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞϯϱ͘ϲϰйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬŝŶĨĂǀŽƌŽĨƚŚĞZKWďĂƐĞĚŽŶƚŚĞ
^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶƐŝŶKK&ǀƐ͘ZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;'͘Z͘EŽ͘ϭϳϳϴϱϳͲϱϴĂŶĚ'͘Z͘EŽ͘ϭϳϴϭϵϯͿĂŶĚ
ŽũƵĂŶŐĐŽǀƐ͘ZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;'͘Z͘EŽ͘ϭϴϬϳϬϱͿĂŶĚ^ĂŶĚŝŐĂŶďĂLJĂŶWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝŶZĞƉƵďůŝĐŽĨƚŚĞ
WŚŝůŝƉƉŝŶĞƐǀƐ͘ŽũƵĂŶŐĐŽ͕ĞƚĂů͘;ŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲͿ͘

^ƵďƐĞƋƵĞŶƚůLJ͕ŽŶĞĐĞŵďĞƌϭϵ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬĐĂŶĐĞůůĞĚĂŶĚŝƐƐƵĞĚƚŚĞϱϴϳ͕ϱϬϬ͕ϬϬϬƐŚĂƌĞƐƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞϯϵ͘ϰϮй
ŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬŝŶĨĂǀŽƌŽĨƚŚĞZKWďĂƐĞĚŽŶƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĂŶĚƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶWĂƌƚŝĂů
^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝŶZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐǀƐ͘ŽũƵĂŶŐŽ͕ĞƚĂů͘;ŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲ&Ϳ͕ǁŚŝĐŚĚĞĐůĂƌĞĚ͕ĂŵŽŶŐŽƚŚĞƌƐ͕
ƚŚĞ//&ŽŵƉĂŶŝĞƐ͕ƚŚĞϭϰ,ŽůĚŝŶŐŽŵƉĂŶŝĞƐ͕ĂŶĚƚŚĞĐŽŶǀĞƌƚĞĚ^DƐŚĂƌĞƐƚŽďĞ͞ŽǁŶĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚƚŽďĞƵƐĞĚ
ŽŶůLJĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĂůůĐŽĐŽŶƵƚĨĂƌŵĞƌƐĂŶĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĐŽĐŽŶƵƚŝŶĚƵƐƚƌLJ͕ĂŶĚŽƌĚĞƌĞĚƌĞĐŽŶǀĞLJĞĚƚŽƚŚĞ
'ŽǀĞƌŶŵĞŶƚ͘͟

dŚĞdZKŽŶƚŚĞKƐŚĂƐďĞĞŶůŝĨƚĞĚŽŶƵŐƵƐƚϴ͕ϮϬϭϳ͖ŚŽǁĞǀĞƌ͕ŝŶƚŚĞĂďƐĞŶĐĞŽĨǁƌŝƚŽĨĞdžĞĐƵƚŝŽŶ͕ƚŚĞKĂŶĚ
ŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƚŚĂƚ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŝƚŝƐƐƚŝůůƌĞĂƐŽŶĂďůĞƚŽŵĂŝŶƚĂŝŶƚŚĞƐƚĂƚƵƐƋƵŽĂŶĚĐŽŶƚŝŶƵĞ
ǁŝƚŚƚŚĞŶŽƌŵĂůŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ΀ƐĞĞEŽƚĞƐϯ͘ϭ;ǀŝŝͿ͕ϭϯ͕ϮϮ͘ϭĂŶĚϮϳ΁͘

ϭ͘ϲ ƉƉƌŽǀĂůŽĨ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂƐŽĨĂŶĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ;ŝŶĐůƵĚŝŶŐƚŚĞ
ĐŽŵƉĂƌĂƚŝǀĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐŽĨĂŶĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲͿǁĞƌĞĂƉƉƌŽǀĞĚĂŶĚĂƵƚŚŽƌŝnjĞĚĨŽƌŝƐƐƵĞ
ďLJƚŚĞWĂƌĞŶƚĂŶŬ͛ƐKŽŶƉƌŝůϮϱ͕ϮϬϭϴ͘


Ϯ͘ ^hDDZzK&^/'E/&/EdKhEd/E'WK>//^

dŚĞƐŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƚŚĂƚŚĂǀĞďĞĞŶƵƐĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƐƵŵŵĂƌŝnjĞĚ
ďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐ͘dŚĞƐĞƉŽůŝĐŝĞƐŚĂǀĞďĞĞŶĐŽŶƐŝƐƚĞŶƚůLJĂƉƉůŝĞĚƚŽĂůůƚŚĞLJĞĂƌƐƉƌĞƐĞŶƚĞĚ͕ƵŶůĞƐƐ
ŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘

Ϯ͘ϭ ĂƐŝƐŽĨWƌĞƉĂƌĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

;ĂͿ ^ƚĂƚĞŵĞŶƚŽĨŽŵƉůŝĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW&Z^ĞdžĐĞƉƚĨŽƌƚŚĞ
ĨŽůůŽǁŝŶŐĂĐĐŽƵŶƚŝŶŐƚƌĞĂƚŵĞŶƚƐďƵƚǁĞƌĞĂůůŽǁĞĚďLJƚŚĞ^WĨŽƌƉƌƵĚĞŶƚŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͗

;ŝͿ ƐƚĂŐŐĞƌĞĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐŽŶƐĂůĞĂŶĚĚĂĐŝŽŶĞŶƉĂŐŽ
ƐĞƚƚůĞŵĞŶƚ;ƐĞĞEŽƚĞϭ͘ϰͿ͖

;ŝŝͿ ƉƌĞƐĞŶƚĂƚŝŽŶŽĨ/ŶƚĞƌŝŵdŝĞƌϭĂƉŝƚĂůEŽƚĞƐĂƐĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝŶƐƚĞĂĚŽĨĂƐĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝŶƚŚĞ
ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ;ƐĞĞEŽƚĞƐϭ͘ϮĂŶĚϮϮ͘ϯͿ͖ĂŶĚ͕

;ŝŝŝͿ ŶŽŶͲƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨŚĞůĚͲƚŽͲŵĂƚƵƌŝƚLJ;,dDͿŝŶǀĞƐƚŵĞŶƚƐ͕ĐŽŵƉƌŝƐŝŶŐŵĂŝŶůLJŽĨŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐďŽƵŐŚƚ
ƵƐŝŶŐƚŚĞWϯϬ͘ϬďŝůůŝŽŶĚĞƉŽƐŝƚŽĨƚŚĞE'ǁŝƚŚƚŚĞWĂƌĞŶƚĂŶŬ͕ĂƐ,dDŝŶǀĞƐƚŵĞŶƚƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϯƚŽ
ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ;&^ͿĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚĞƐƉŝƚĞďƌĞĂĐŚŝŶŐƚŚĞƚĂŝŶƚŝŶŐƌƵůĞŽĨW^ϯϵ͕&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͗
ZĞĐŽŐŶŝƚŝŽŶĂŶĚDĞĂƐƵƌĞŵĞŶƚƐŝŶϮϬϭϭ;ƐĞĞEŽƚĞϭϭ͘ϯͿ͘


U C P B 2 0 1 7 A N N U A L R E P O R T 127
 W&Z^ĂƌĞĂĚŽƉƚĞĚďLJƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐŽƵŶĐŝů;&Z^ͿĨƌŽŵƚŚĞƉƌŽŶŽƵŶĐĞŵĞŶƚƐŝƐƐƵĞĚďLJƚŚĞ
/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͕ĂŶĚĂƉƉƌŽǀĞĚďLJƚŚĞWŚŝůŝƉƉŝŶĞŽĂƌĚŽĨĐĐŽƵŶƚĂŶĐLJ͘

džĐĞƉƚĨŽƌƚŚĞĂĐĐŽƵŶƚŝŶŐƚƌĞĂƚŵĞŶƚƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͕ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚƵƐŝŶŐƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚďĂƐĞƐƐƉĞĐŝĨŝĞĚďLJW&Z^ĨŽƌĞĂĐŚƚLJƉĞŽĨĂƐƐĞƚ͕ůŝĂďŝůŝƚLJ͕ŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞ͘dŚĞŵĞĂƐƵƌĞŵĞŶƚďĂƐĞƐ
ĂƌĞŵŽƌĞĨƵůůLJĚĞƐĐƌŝďĞĚŝŶƚŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐƚŚĂƚĨŽůůŽǁ͘

;ďͿ WƌĞƐĞŶƚĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚ;W^Ϳϭ͕WƌĞƐĞŶƚĂƚŝŽŶŽĨ
&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬƉƌĞƐĞŶƚƐĂƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƐĞƉĂƌĂƚĞĨƌŽŵƚŚĞ
ƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƉƌĞƐĞŶƚƐĂƚŚŝƌĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉƌĞĐĞĚŝŶŐ
ƉĞƌŝŽĚǁŚĞŶŝƚĂƉƉůŝĞƐĂŶĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJƌĞƚƌŽƐƉĞĐƚŝǀĞůLJ͕ŽƌŵĂŬĞƐĂƌĞƚƌŽƐƉĞĐƚŝǀĞƌĞƐƚĂƚĞŵĞŶƚŽƌƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ
ŝƚĞŵƐƚŚĂƚŚĂǀĞĂŵĂƚĞƌŝĂůĞĨĨĞĐƚŽŶƚŚĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞ
ƉƌĞĐĞĚŝŶŐƉĞƌŝŽĚ͘dŚĞƌĞůĂƚĞĚŶŽƚĞƐƚŽƚŚĞƚŚŝƌĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƌĞŶŽƚƌĞƋƵŝƌĞĚƚŽďĞĚŝƐĐůŽƐĞĚ͘

;ĐͿ &ƵŶĐƚŝŽŶĂůĂŶĚWƌĞƐĞŶƚĂƚŝŽŶƵƌƌĞŶĐLJ

dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶWŚŝůŝƉƉŝŶĞƉĞƐŽƐ͕ƚŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚĂŶŬ͛ƐĨƵŶĐƚŝŽŶĂůĂŶĚ
ƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ͕ĂŶĚĂůůǀĂůƵĞƐƌĞƉƌĞƐĞŶƚĂďƐŽůƵƚĞĂŵŽƵŶƚƐĞdžĐĞƉƚǁŚĞŶŽƚŚĞƌǁŝƐĞŝŶĚŝĐĂƚĞĚ͘

/ƚĞŵƐŝŶĐůƵĚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐŝƚƐĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘
&ƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŝƐƚŚĞĐƵƌƌĞŶĐLJŽĨƚŚĞƉƌŝŵĂƌLJĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬ
ŽƉĞƌĂƚĞƐ͘

Ϯ͘Ϯ ĚŽƉƚŝŽŶŽĨEĞǁĂŶĚŵĞŶĚĞĚW&Z^

;ĂͿ ĨĨĞĐƚŝǀĞŝŶϮϬϭϳƚŚĂƚĂƌĞZĞůĞǀĂŶƚƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂĚŽƉƚĞĚĨŽƌƚŚĞĨŝƌƐƚƚŝŵĞƚŚĞĨŽůůŽǁŝŶŐĂŵĞŶĚŵĞŶƚƐĂŶĚĂŶŶƵĂůŝŵƉƌŽǀĞŵĞŶƚƐƚŽ
W&Z^͕ǁŚŝĐŚĂƌĞŵĂŶĚĂƚŽƌŝůLJĞĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ͗

 W^ϳ;ŵĞŶĚŵĞŶƚƐͿ ͗ ^ƚĂƚĞŵĞŶƚŽĨĂƐŚ&ůŽǁƐʹŝƐĐůŽƐƵƌĞ/ŶŝƚŝĂƚŝǀĞ
 W^ϭϮ;ŵĞŶĚŵĞŶƚƐͿ ͗ /ŶĐŽŵĞdĂdžĞƐʹZĞĐŽŐŶŝƚŝŽŶŽĨĞĨĞƌƌĞĚdĂdž
    ƐƐĞƚƐĨŽƌhŶƌĞĂůŝnjĞĚ>ŽƐƐĞƐ
 ŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽ
  W&Z^;ϮϬϭϰͲϮϬϭϲLJĐůĞͿ
  W&Z^ϭϮ ͗ ŝƐĐůŽƐƵƌĞŽĨ/ŶƚĞƌĞƐƚŝŶKƚŚĞƌŶƚŝƚŝĞƐʹ
     ^ĐŽƉĞůĂƌŝĨŝĐĂƚŝŽŶŽŶŝƐĐůŽƐƵƌĞŽĨ
     ^ƵŵŵĂƌŝnjĞĚ&ŝŶĂŶĐŝĂů/ŶĨŽƌŵĂƚŝŽŶĨŽƌ
     /ŶƚĞƌĞƐƚƐůĂƐƐŝĨŝĞĚĂƐ,ĞůĚĨŽƌ^ĂůĞ

ŝƐĐƵƐƐĞĚďĞůŽǁĂƌĞƚŚĞƌĞůĞǀĂŶƚŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ͘

;ŝͿ W^ϳ;ŵĞŶĚŵĞŶƚƐͿ͕^ƚĂƚĞŵĞŶƚƐŽĨĂƐŚ&ůŽǁƐʹŝƐĐůŽƐƵƌĞ/ŶŝƚŝĂƚŝǀĞ͘dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞĚĞƐŝŐŶĞĚƚŽ
ŝŵƉƌŽǀĞƚŚĞƋƵĂůŝƚLJŽĨŝŶĨŽƌŵĂƚŝŽŶƉƌŽǀŝĚĞĚƚŽƵƐĞƌƐŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂďŽƵƚĐŚĂŶŐĞƐŝŶĂŶĞŶƚŝƚLJ͛Ɛ
ĚĞďƚĂŶĚƌĞůĂƚĞĚĐĂƐŚĨůŽǁƐĂŶĚŶŽŶͲĐĂƐŚĐŚĂŶŐĞƐ͘dŚĞLJƌĞƋƵŝƌĞĂŶĞŶƚŝƚLJƚŽƉƌŽǀŝĚĞĚŝƐĐůŽƐƵƌĞƐƚŚĂƚĞŶĂďůĞ
ƵƐĞƌƐƚŽĞǀĂůƵĂƚĞĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚƚŽĂƉƉůLJŝƚƐũƵĚŐŵĞŶƚǁŚĞŶ
ĚĞƚĞƌŵŝŶŝŶŐƚŚĞĞdžĂĐƚĨŽƌŵĂŶĚĐŽŶƚĞŶƚŽĨƚŚĞĚŝƐĐůŽƐƵƌĞƐŶĞĞĚĞĚƚŽƐĂƚŝƐĨLJƚŚŝƐƌĞƋƵŝƌĞŵĞŶƚ͘DŽƌĞŽǀĞƌ͕
ƚŚĞLJƐƵŐŐĞƐƚĂŶƵŵďĞƌŽĨƐƉĞĐŝĨŝĐĚŝƐĐůŽƐƵƌĞƐƚŚĂƚŵĂLJďĞŶĞĐĞƐƐĂƌLJŝŶŽƌĚĞƌƚŽƐĂƚŝƐĨLJƚŚĞĂďŽǀĞ
ƌĞƋƵŝƌĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐ͗;ĂͿĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐĐĂƵƐĞĚďLJĐŚĂŶŐĞƐŝŶ
ĨŝŶĂŶĐŝŶŐĐĂƐŚĨůŽǁƐ͕ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐŽƌĨĂŝƌǀĂůƵĞƐ͕ŽƌŽďƚĂŝŶŝŶŐŽƌůŽƐŝŶŐĐŽŶƚƌŽůŽĨƐƵďƐŝĚŝĂƌŝĞƐŽƌ
ŽƚŚĞƌďƵƐŝŶĞƐƐĞƐ͖ĂŶĚ͕;ďͿĂƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƚŚĞŽƉĞŶŝŶŐĂŶĚĐůŽƐŝŶŐďĂůĂŶĐĞƐŽĨůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵ
ĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝŶĐůƵĚŝŶŐƚŚŽƐĞĐŚĂŶŐĞƐŝĚĞŶƚŝĨŝĞĚŝŵŵĞĚŝĂƚĞůLJ
ĂďŽǀĞ͘


128 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

DĂŶĂŐĞŵĞŶƚŚĂƐĂƉƉůŝĞĚƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌĂŶĚŚĂƐĂůƐŽƉƌĞƐĞŶƚĞĚĐŽŵƉĂƌĂƚŝǀĞ
ĨŝŐƵƌĞƐ͘dŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚĂŶŬ͛ƐůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐŝŶĐůƵĚĞďŝůůƐƉĂLJĂďůĞĂŶĚ
ƐĞĐƵƌŝƚŝĞƐƐŽůĚƵŶĚĞƌƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ;^^hZͿ͘ƌĞĐŽŶĐŝůŝĂƚŝŽŶďĞƚǁĞĞŶƚŚĞŽƉĞŶŝŶŐĂŶĚĐůŽƐŝŶŐ
ďĂůĂŶĐĞƐŽĨƚŚĞƐĞůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ǁŚŝĐŚŝŶĐůƵĚĞƐŽŶůLJĐŚĂŶŐĞƐŝŶĨŝŶĂŶĐŝŶŐĐĂƐŚ
ĨůŽǁƐ͕ĂƌĞƉƌĞƐĞŶƚĞĚŝŶEŽƚĞϭϵ͘

;ŝŝͿ W^ϭϮ;ŵĞŶĚŵĞŶƚƐͿ͕/ŶĐŽŵĞdĂdžĞƐʹZĞĐŽŐŶŝƚŝŽŶŽĨĞĨĞƌƌĞĚdĂdžƐƐĞƚƐĨŽƌhŶƌĞĂůŝnjĞĚ>ŽƐƐĞƐ͘dŚĞĨŽĐƵƐ
ŽĨƚŚĞĂŵĞŶĚŵĞŶƚƐŝƐƚŽĐůĂƌŝĨLJŚŽǁƚŽĂĐĐŽƵŶƚĨŽƌĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƌĞůĂƚĞĚƚŽĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ƉĂƌƚŝĐƵůĂƌůLJǁŚĞƌĞĐŚĂŶŐĞƐŝŶƚŚĞŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞĚĞĐƌĞĂƐĞƚŚĞĨĂŝƌǀĂůƵĞŽĨĂ
ĚĞďƚŝŶƐƚƌƵŵĞŶƚďĞůŽǁĐŽƐƚ͘dŚĞĂŵĞŶĚŵĞŶƚƐƉƌŽǀŝĚĞŐƵŝĚĂŶĐĞŝŶƚŚĞĨŽůůŽǁŝŶŐĂƌĞĂƐǁŚĞƌĞĚŝǀĞƌƐŝƚLJŝŶ
ƉƌĂĐƚŝĐĞƉƌĞǀŝŽƵƐůLJĞdžŝƐƚĞĚ͗;ĂͿĞdžŝƐƚĞŶĐĞŽĨĂĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞ͖;ďͿƌĞĐŽǀĞƌŝŶŐĂŶĂƐƐĞƚĨŽƌ
ŵŽƌĞƚŚĂŶŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͖;ĐͿƉƌŽďĂďůĞĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚĂŐĂŝŶƐƚǁŚŝĐŚĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJ
ĚŝĨĨĞƌĞŶĐĞƐĂƌĞĂƐƐĞƐƐĞĚĨŽƌƵƚŝůŝnjĂƚŝŽŶ͖ĂŶĚ͕;ĚͿĐŽŵďŝŶĞĚǀĞƌƐƵƐƐĞƉĂƌĂƚĞĂƐƐĞƐƐŵĞŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚ
ƌĞĐŽŐŶŝƚŝŽŶĨŽƌĞĂĐŚĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞ͘dŚĞĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐŚĂƐŶŽ
ƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ŝŝŝͿ ŶŶƵĂůŝŵƉƌŽǀĞŵĞŶƚƐƚŽW&Z^;ϮϬϭϰͲϮϬϭϲLJĐůĞͿW&Z^ϭϮ͕ŝƐĐůŽƐƵƌĞŽĨ/ŶƚĞƌĞƐƚƐŝŶKƚŚĞƌŶƚŝƚŝĞƐʹ^ĐŽƉĞ
ůĂƌŝĨŝĐĂƚŝŽŶŽŶŝƐĐůŽƐƵƌĞŽĨ^ƵŵŵĂƌŝnjĞĚ&ŝŶĂŶĐŝĂů/ŶĨŽƌŵĂƚŝŽŶĨŽƌ/ŶƚĞƌĞƐƚƐůĂƐƐŝĨŝĞĚĂƐ,ĞůĚĨŽƌ^ĂůĞ͘dŚĞ
ĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚƚŚĞĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨW&Z^ϭϮĂƉƉůŝĞƐƚŽŝŶƚĞƌĞƐƚŝŶŽƚŚĞƌĞŶƚŝƚŝĞƐ
ĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƐĂůĞǁŝƚŚƉƌĂĐƚŝĐĂůĐŽŶĐĞƐƐŝŽŶŝŶƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨƐƵŵŵĂƌŝnjĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͘
dŚĞĂŵĞŶĚŵĞŶƚƐƐƚĂƚĞƚŚĂƚĂŶĞŶƚŝƚLJŶĞĞĚŶŽƚƉƌĞƐĞŶƚƐƵŵŵĂƌŝnjĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨŽƌŝŶƚĞƌĞƐƚƐŝŶ
ƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐ͕ŽƌũŽŝŶƚǀĞŶƚƵƌĞƐƚŚĂƚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƐĂůĞ͘dŚĞĂŵĞŶĚŵĞŶƚƐĚŝĚŶŽƚƌĞƐƵůƚ
ŝŶĂĚĚŝƚŝŽŶĂůŽƌĐŚĂŶŐĞƐŝŶƚŚĞĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐƚŚĞ
'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐŶŽŝŶƚĞƌĞƐƚŝŶŽƚŚĞƌĞŶƚŝƚŝĞƐĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƐĂůĞ͘

;ďͿ ĨĨĞĐƚŝǀĞ^ƵďƐĞƋƵĞŶƚƚŽϮϬϭϳďƵƚŶŽƚĚŽƉƚĞĚĂƌůLJ

dŚĞƌĞĂƌĞŶĞǁW&Z^͕ĂŵĞŶĚŵĞŶƚƐ͕ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐĂŶĚĂŶŶƵĂůŝŵƉƌŽǀĞŵĞŶƚƐƚŽĞdžŝƐƚŝŶŐƐƚĂŶĚĂƌĚƐĞĨĨĞĐƚŝǀĞĨŽƌ
ĂŶŶƵĂůƉĞƌŝŽĚƐƐƵďƐĞƋƵĞŶƚƚŽϮϬϭϳ͕ǁŚŝĐŚĂƌĞĂĚŽƉƚĞĚďLJƚŚĞ&Z^͘DĂŶĂŐĞŵĞŶƚǁŝůůĂĚŽƉƚƚŚĞĨŽůůŽǁŝŶŐƌĞůĞǀĂŶƚ
ƉƌŽŶŽƵŶĐĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞŝƌƚƌĂŶƐŝƚŝŽŶĂůƉƌŽǀŝƐŝŽŶƐ͗

;ŝͿ W^ϰϬ;ŵĞŶĚŵĞŶƚƐͿ͕/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJʹdƌĂŶƐĨĞƌƐŽĨ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚLJ;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕
ϮϬϭϴͿ͘dŚĞĂŵĞŶĚŵĞŶƚƐƐƚĂƚĞƚŚĂƚĂŶĞŶƚŝƚLJƐŚĂůůƚƌĂŶƐĨĞƌĂƉƌŽƉĞƌƚLJƚŽ͕ŽƌĨƌŽŵ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ
ǁŚĞŶ͕ĂŶĚŽŶůLJǁŚĞŶ͕ƚŚĞƌĞŝƐĞǀŝĚĞŶĐĞŽĨĂĐŚĂŶŐĞŝŶƵƐĞ͘ĐŚĂŶŐĞŽĨƵƐĞŽĐĐƵƌƐŝĨƉƌŽƉĞƌƚLJŵĞĞƚƐ͕Žƌ
ĐĞĂƐĞƐƚŽŵĞĞƚ͕ƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘ĐŚĂŶŐĞŝŶŵĂŶĂŐĞŵĞŶƚ͛ƐŝŶƚĞŶƚŝŽŶƐĨŽƌƚŚĞƵƐĞŽĨ
ĂƉƌŽƉĞƌƚLJďLJŝƚƐĞůĨĚŽĞƐŶŽƚĐŽŶƐƚŝƚƵƚĞĞǀŝĚĞŶĐĞŽĨĂĐŚĂŶŐĞŝŶƵƐĞ͘dŚĞĂŵĞŶĚŵĞŶƚƐƉƌŽǀŝĚĞĚĂŶŽŶͲ
ĞdžŚĂƵƐƚŝǀĞůŝƐƚŽĨĞdžĂŵƉůĞƐĐŽŶƐƚŝƚƵƚŝŶŐĐŚĂŶŐĞŝŶƵƐĞ͘DĂŶĂŐĞŵĞŶƚŚĂƐĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐ
ŚĂǀĞŶŽƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ŝŝͿ W&Z^ϵ;ϮϬϭϰͿ͕&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϴͿ͘dŚŝƐŶĞǁƐƚĂŶĚĂƌĚŽŶĨŝŶĂŶĐŝĂů
ŝŶƐƚƌƵŵĞŶƚƐǁŝůůƌĞƉůĂĐĞW^ϯϵ͕&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͗ůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚDĞĂƐƵƌĞŵĞŶƚ͕ĂŶĚW&Z^ϵ
;ϮϬϬϵ͕ϮϬϭϬĂŶĚϮϬϭϯǀĞƌƐŝŽŶƐͿ͘dŚŝƐƐƚĂŶĚĂƌĚĐŽŶƚĂŝŶƐ͕ĂŵŽŶŐŽƚŚĞƌƐ͕ƚŚĞĨŽůůŽǁŝŶŐ͗

x ƚŚƌĞĞƉƌŝŶĐŝƉĂůĐůĂƐƐŝĨŝĐĂƚŝŽŶĐĂƚĞŐŽƌŝĞƐĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐďĂƐĞĚŽŶƚŚĞďƵƐŝŶĞƐƐŵŽĚĞůŽŶŚŽǁĂŶ
ĞŶƚŝƚLJŝƐŵĂŶĂŐŝŶŐŝƚƐĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͖

x ĂŶĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐ;>ͿŵŽĚĞůŝŶĚĞƚĞƌŵŝŶŝŶŐŝŵƉĂŝƌŵĞŶƚŽĨĂůůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞŶŽƚ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ;&sdW>Ϳ͕ǁŚŝĐŚŐĞŶĞƌĂůůLJĚĞƉĞŶĚƐŽŶǁŚĞƚŚĞƌƚŚĞƌĞŚĂƐ
ďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞŝŶĐƌĞĚŝƚƌŝƐŬƐŝŶĐĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚ͖ĂŶĚ͕

x ĂŶĞǁŵŽĚĞůŽŶŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐƚŚĂƚƉƌŽǀŝĚĞƐƐŝŐŶŝĨŝĐĂŶƚŝŵƉƌŽǀĞŵĞŶƚƐƉƌŝŶĐŝƉĂůůLJďLJĂůŝŐŶŝŶŐ
ŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐŵŽƌĞĐůŽƐĞůLJǁŝƚŚƚŚĞƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐƵŶĚĞƌƚĂŬĞŶďLJĞŶƚŝƚŝĞƐǁŚĞŶ
ŚĞĚŐŝŶŐƚŚĞŝƌĨŝŶĂŶĐŝĂůĂŶĚŶŽŶͲĨŝŶĂŶĐŝĂůƌŝƐŬĞdžƉŽƐƵƌĞƐ͘

 

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 /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĐůĂƐƐŝĨŝĐĂƚŝŽŶƉƌŝŶĐŝƉůĞŽĨW&Z^ϵ;ϮϬϭϰͿ͕ĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐůĂƐƐŝĨŝĞĚ
ĂŶĚŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚŝĨƚŚĞĂƐƐĞƚŝƐŚĞůĚǁŝƚŚŝŶĂďƵƐŝŶĞƐƐŵŽĚĞůǁŚŽƐĞŽďũĞĐƚŝǀĞŝƐƚŽŚŽůĚ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶŽƌĚĞƌƚŽĐŽůůĞĐƚƚŚĞĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƐƚŚĂƚƌĞƉƌĞƐĞŶƚƐŽůĞůLJƉĂLJŵĞŶƚƐŽĨƉƌŝŶĐŝƉĂůĂŶĚ
ŝŶƚĞƌĞƐƚ;^WW/ͿŽŶƚŚĞƉƌŝŶĐŝƉĂůŽƵƚƐƚĂŶĚŝŶŐ͘DŽƌĞŽǀĞƌ͕ĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĐůĂƐƐŝĨŝĞĚĂŶĚƐƵďƐĞƋƵĞŶƚůLJ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;&sdK/ͿŝĨŝƚŵĞĞƚƐƚŚĞ^WW/ĐƌŝƚĞƌŝŽŶĂŶĚŝƐ
ŚĞůĚŝŶĂďƵƐŝŶĞƐƐŵŽĚĞůǁŚŽƐĞŽďũĞĐƚŝǀĞŝƐĂĐŚŝĞǀĞĚďLJďŽƚŚĐŽůůĞĐƚŝŶŐĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁƐĂŶĚƐĞůůŝŶŐ
ƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘ůůŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚ&sdW>͘

/ŶĂĚĚŝƚŝŽŶ͕W&Z^ϵ;ϮϬϭϰͿĂůůŽǁƐĞŶƚŝƚŝĞƐƚŽŵĂŬĞĂŶŝƌƌĞǀŽĐĂďůĞĞůĞĐƚŝŽŶƚŽƉƌĞƐĞŶƚƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐŝŶ
ƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƚŚĂƚŝƐŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

dŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌĞŵďĞĚĚĞĚĚĞƌŝǀĂƚŝǀĞƐŝŶŚŽƐƚĐŽŶƚƌĂĐƚƐƚŚĂƚĂƌĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐƐŝŵƉůŝĨŝĞĚďLJƌĞŵŽǀŝŶŐ
ƚŚĞƌĞƋƵŝƌĞŵĞŶƚƚŽĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞLJĂƌĞĐůŽƐĞůLJƌĞůĂƚĞĚ͕ĂŶĚ͕ŝŶŵŽƐƚĂƌƌĂŶŐĞŵĞŶƚƐ͕ĚŽĞƐŶŽƚ
ƌĞƋƵŝƌĞƐĞƉĂƌĂƚŝŽŶĨƌŽŵƚŚĞŚŽƐƚĐŽŶƚƌĂĐƚ͘

&ŽƌůŝĂďŝůŝƚŝĞƐ͕ƚŚĞƐƚĂŶĚĂƌĚƌĞƚĂŝŶƐŵŽƐƚŽĨƚŚĞW^ϯϵƌĞƋƵŝƌĞŵĞŶƚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĂŵŽƌƚŝnjĞĚĐŽƐƚ
ĂĐĐŽƵŶƚŝŶŐĨŽƌŵŽƐƚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ǁŝƚŚďŝĨƵƌĐĂƚŝŽŶŽĨĞŵďĞĚĚĞĚĚĞƌŝǀĂƚŝǀĞƐ͘dŚĞƐƚĂŶĚĂƌĚĂůƐŽ
ƌĞƋƵŝƌĞƐĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶĞŶƚŝƚLJ͛ƐŽǁŶĚĞďƚŝŶƐƚƌƵŵĞŶƚƐĐĂƵƐĞĚďLJĐŚĂŶŐĞƐŝŶŝƚƐŽǁŶĐƌĞĚŝƚ
ƋƵĂůŝƚLJƚŽďĞƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĂƚŚĞƌƚŚĂŶŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

ĂƐĞĚŽŶĂŶĂƐƐĞƐƐŵĞŶƚĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞƐƚƵĚLJŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚ
ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ǁŚŝĐŚŚĂƐďĞĞŶůŝŵŝƚĞĚƚŽƚŚĞĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐĞdžŝƐƚŝŶŐ
ĂƚƚŚĂƚĚĂƚĞ͕ŵĂŶĂŐĞŵĞŶƚĚĞƚĞƌŵŝŶĞĚƚŚĞŝŵƉĂĐƚŽĨW&Z^ϵ;ϮϬϭϰͿŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂƐ
ĨŽůůŽǁƐ͗

x dƌĂĚŝŶŐĚĞďƚĂŶĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐǁŝůůƐĂƚŝƐĨLJƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƚ&sdW>ĂŶĚŚĞŶĐĞǁŝůů
ŶŽƚƌĞƐƵůƚŝŶĂĐŚĂŶŐĞŝŶŵĞĂƐƵƌĞŵĞŶƚ
;ƐĞĞEŽƚĞϭϭ͘ϭͿ͖

x ^WƉůĂĐĞŵĞŶƚƐ͕ŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐƌĞůĂƚĞĚƚŽƚŚĞ'ƌŽƵƉ͛ƐŝŶĐŽŵĞĂƐƐŝƐƚĂŶĐĞĂŶĚŽǀĞƌĚƌĂĨƚĐƌĞĚŝƚ
ůŝŶĞ͕ƵŶƋƵŽƚĞĚĚĞďƚŝŶƐƚƌƵŵĞŶƚƐĐůĂƐƐŝĨŝĞĚĂƐůŽĂŶƐ͕ŝŶƚĞƌďĂŶŬĐĂůůůŽĂŶƐĂŶĚĐŽƌƉŽƌĂƚĞĂŶĚĐŽŶƐƵŵĞƌ
ůŽĂŶƐƚŚĂƚĂƌĞĐƵƌƌĞŶƚůLJĐůĂƐƐŝĨŝĞĚĂƐ,dDŝŶǀĞƐƚŵĞŶƚƐ͕&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ
ǁŝůůƐĂƚŝƐĨLJƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ;ƐĞĞEŽƚĞƐϵ͕ϭϬ͕ϭϭĂŶĚϭϮͿ͘dŚŽƐĞƚŚĂƚ
ĂƌĞĐƵƌƌĞŶƚůLJĐůĂƐƐŝĨŝĞĚĂƐ,dDŝŶǀĞƐƚŵĞŶƚƐĂŶĚůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐǁŝůůŶŽƚƌĞƐƵůƚŝŶĂĐŚĂŶŐĞŝŶ
ŵĞĂƐƵƌĞŵĞŶƚǁŚŝůĞĨŽƌƚŚŽƐĞƚŚĂƚĂƌĞĐƵƌƌĞŶƚůLJĐůĂƐƐŝĨŝĞĚĂƐ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚƐŚĂůů
ďĞĐĂƌƌŝĞĚĂƐŝĨŝƚǁĂƐĂŵŽƌƚŝnjĞĚĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶ͖ŚĞŶĐĞ͕ƚŚĞƌĞůĂƚĞĚĨĂŝƌǀĂůƵĞůŽƐƐĞƐǁŝůůďĞ
ƌĞǀĞƌƐĞĚĨƌŽŵŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƚŽĂƐƐĞƚĂĐĐŽƵŶƚ͖

x KƚŚĞƌŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͕ĨŽƌĞŝŐŶƐŽǀĞƌĞŝŐŶďŽŶĚƐĂŶĚĐŽƌƉŽƌĂƚĞďŽŶĚƐƚŚĂƚĂƌĞŶŽƚĨŽƌƚƌĂĚŝŶŐĂŶĚ
ĐƵƌƌĞŶƚůLJĐůĂƐƐŝĨŝĞĚĂƐ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚ&sdW>ǁŝůůƐĂƚŝƐĨLJƚŚĞĐŽŶĚŝƚŝŽŶƐĨŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƚ
&sdK/͘dŚŽƐĞƚŚĂƚĂƌĞĐƵƌƌĞŶƚůLJĐůĂƐƐŝĨŝĞĚĂƐ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝůůŶŽƚƌĞƐƵůƚŝŶĂĐŚĂŶŐĞŝŶ
ŵĞĂƐƵƌĞŵĞŶƚǁŚŝůĞĨŽƌƚŚŽƐĞƚŚĂƚĂƌĞĐƵƌƌĞŶƚůLJĐůĂƐƐŝĨŝĞĚĂƚ&sdW>͕ƚŚĞƌĞůĂƚĞĚĨĂŝƌǀĂůƵĞŐĂŝŶƐǁŝůůďĞ
ƚƌĂŶƐĨĞƌƌĞĚĨƌŽŵƐƵƌƉůƵƐƚŽŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͖

x /ŶǀĞƐƚŵĞŶƚƐŝŶŶŽŶͲŵĂƌŬĞƚĂďůĞĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐǁŝůůƋƵĂůŝĨLJĨŽƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƚ&sdK/͘dŚĞ
ŝŶǀĞƐƚŵĞŶƚƐĂƌĞƌĞƋƵŝƌĞĚƚŽďĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŚĞŶĐĞ͕ĂŶLJƌĞůĂƚĞĚĨĂŝƌǀĂůƵĞŐĂŝŶƐǁŝůůďĞ
ƌĞĐŽƌĚĞĚĂƚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚĂƐƐĞƚĂĐĐŽƵŶƚ͘ůůŵŽǀĞŵĞŶƚƐŝŶƚŚĞĨĂŝƌǀĂůƵĞƐŚŽƵůĚďĞ
ƚĂŬĞŶƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘dŚĞƌĞŝƐŶŽƌĞĐLJĐůŝŶŐŽĨĂŵŽƵŶƚƐĨƌŽŵŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƚŽƉƌŽĨŝƚŽƌůŽƐƐďƵƚƚŚĞ'ƌŽƵƉĐĂŶƚƌĂŶƐĨĞƌƚŚĞĐƵŵƵůĂƚŝǀĞĨĂŝƌǀĂůƵĞŐĂŝŶŽƌůŽƐƐ
ǁŝƚŚŝŶĞƋƵŝƚLJ͘

x DŽƐƚŽĨƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŽĨƚŚĞ'ƌŽƵƉĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘hƉŽŶĂƉƉůŝĐĂƚŝŽŶŽĨ
W&Z^ϵ;ϮϬϭϰͿ͕ŵĂŶĂŐĞŵĞŶƚŚĂƐĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞĂŵŽƌƚŝnjĞĚĐŽƐƚĐůĂƐƐŝĨŝĐĂƚŝŽŶĨŽƌŵŽƐƚŽĨƚŚĞĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚŝĞƐǁŝůůďĞƌĞƚĂŝŶĞĚ͘

x dŚĞŶĞǁŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐƌƵůĞƐǁŝůůŶŽƚŚĂǀĞĂŶŝŵƉĂĐƚƚŽƚŚĞ'ƌŽƵƉĂƐƚŚĞ'ƌŽƵƉĐƵƌƌĞŶƚůLJŚĂƐŶŽ
ƋƵĂůŝĨLJŝŶŐŚĞĚŐŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐ͘

130 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

x dŚĞŶĞǁŝŵƉĂŝƌŵĞŶƚŵŽĚĞůƌĞƋƵŝƌĞƐƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨŝŵƉĂŝƌŵĞŶƚƉƌŽǀŝƐŝŽŶƐďĂƐĞĚŽŶ>ƌĂƚŚĞƌ
ƚŚĂŶŝŶĐƵƌƌĞĚĐƌĞĚŝƚůŽƐƐĞƐǁŚŝĐŚŝƐƚŚĞĐĂƐĞƵŶĚĞƌW^ϯϵ͘dŚĞ>ŵŽĚĞůĂƉƉůŝĞƐƚŽĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ĐůĂƐƐŝĨŝĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚĂŶĚĚĞďƚŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚ&sdK/͘ĂƐĞĚŽŶƚŚĞĂƐƐĞƐƐŵĞŶƚƐ
ƵŶĚĞƌƚĂŬĞŶƚŽĚĂƚĞ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĞdžƉĞĐƚƐƚŽŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞĂĨĨĞĐƚŝŶŐ
ĂůůŽǁĂŶĐĞďĂůĂŶĐĞǁŝƚŚĐŽƌƌĞƐƉŽŶĚŝŶŐŝŵƉĂĐƚƚŽĞƋƵŝƚLJ͘

;ŝŝŝͿ W&Z^ϭϬ;ŵĞŶĚŵĞŶƚƐͿ͕ŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͕ĂŶĚW^Ϯϴ;ŵĞŶĚŵĞŶƚƐͿ͕/ŶǀĞƐƚŵĞŶƚƐŝŶ
ƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐʹ^ĂůĞŽƌŽŶƚƌŝďƵƚŝŽŶŽĨƐƐĞƚƐďĞƚǁĞĞŶĂŶ/ŶǀĞƐƚŽƌĂŶĚŝƚƐƐƐŽĐŝĂƚĞƐŽƌ:ŽŝŶƚ
sĞŶƚƵƌĞ;ĞĨĨĞĐƚŝǀĞĚĂƚĞĚĞĨĞƌƌĞĚŝŶĚĞĨŝŶŝƚĞůLJͿ͘dŚĞĂŵĞŶĚŵĞŶƚƐƚŽW&Z^ϭϬƌĞƋƵŝƌĞĨƵůůƌĞĐŽŐŶŝƚŝŽŶŝŶƚŚĞ
ŝŶǀĞƐƚŽƌ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨŐĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐŽŶƚŚĞƐĂůĞŽƌĐŽŶƚƌŝďƵƚŝŽŶŽĨĂƐƐĞƚƐƚŚĂƚĐŽŶƐƚŝƚƵƚĞ
ĂďƵƐŝŶĞƐƐĂƐĚĞĨŝŶĞĚŝŶW&Z^ϯ͕ƵƐŝŶĞƐƐŽŵďŝŶĂƚŝŽŶ͕ďĞƚǁĞĞŶĂŶŝŶǀĞƐƚŽƌĂŶĚŝƚƐĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚ
ǀĞŶƚƵƌĞ͘ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƉĂƌƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨŐĂŝŶƐŽƌůŽƐƐĞƐ;ŝ͘Ğ͕͘ƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞƵŶƌĞůĂƚĞĚŝŶǀĞƐƚŽƌ͛Ɛ
ŝŶƚĞƌĞƐƚƐŝŶĂŶĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞͿŽŶůLJĂƉƉůŝĞƐƚŽƚŚĂƚƐĂůĞŽĨĐŽŶƚƌŝďƵƚŝŽŶŽĨĂƐƐĞƚƐƚŚĂƚĚŽŶŽƚ
ĐŽŶƐƚŝƚƵƚĞĂďƵƐŝŶĞƐƐ͘ŽƌƌĞƐƉŽŶĚŝŶŐĂŵĞŶĚŵĞŶƚƐŚĂǀĞďĞĞŶŵĂĚĞƚŽW^ϮϴƚŽƌĞĨůĞĐƚƚŚĞƐĞĐŚĂŶŐĞƐ͘
/ŶĂĚĚŝƚŝŽŶ͕W^ϮϴŚĂƐďĞĞŶĂŵĞŶĚĞĚƚŽĐůĂƌŝĨLJƚŚĂƚǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌĂƐƐĞƚƐƚŚĂƚĂƌĞƐŽůĚŽƌ
ĐŽŶƚƌŝďƵƚĞĚĐŽŶƐƚŝƚƵƚĞĂďƵƐŝŶĞƐƐ͕ĂŶĞŶƚŝƚLJƐŚĂůůĐŽŶƐŝĚĞƌǁŚĞƚŚĞƌƚŚĞƐĂůĞŽƌĐŽŶƚƌŝďƵƚŝŽŶŽĨƚŚŽƐĞĂƐƐĞƚƐŝƐ
ƉĂƌƚŽĨŵƵůƚŝƉůĞĂƌƌĂŶŐĞŵĞŶƚƐƚŚĂƚƐŚŽƵůĚďĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂƐŝŶŐůĞƚƌĂŶƐĂĐƚŝŽŶ͘DĂŶĂŐĞŵĞŶƚŚĂƐ
ŝŶŝƚŝĂůůLJĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐŚĂǀĞŶŽŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ
ĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͘

;ŝǀͿ W&Z^ϭϱ͕ZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚǁŝƚŚƵƐƚŽŵĞƌƐ;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϴͿ͘dŚŝƐƐƚĂŶĚĂƌĚǁŝůůƌĞƉůĂĐĞ
W^ϭϴ͕ZĞǀĞŶƵĞ͕ĂŶĚW^ϭϭ͕ŽŶƐƚƌƵĐƚŝŽŶŽŶƚƌĂĐƚƐ͕ƚŚĞƌĞůĂƚĞĚŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽŶƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ͗
/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽŵŵŝƚƚĞĞ;/&Z/Ϳϭϯ͕ƵƐƚŽŵĞƌ>ŽLJĂůƚLJWƌŽŐƌĂŵŵĞƐ͕
/&Z/ϭϱ͕ŐƌĞĞŵĞŶƚĨŽƌƚŚĞŽŶƐƚƌƵĐƚŝŽŶŽĨZĞĂůƐƚĂƚĞ͕/&Z/ϭϴ͕dƌĂŶƐĨĞƌƐŽĨƐƐĞƚƐĨƌŽŵƵƐƚŽŵĞƌƐ͕ĂŶĚ
^ƚĂŶĚŝŶŐ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽŵŵŝƚƚĞĞϯϭ͕ZĞǀĞŶƵĞʹĂƌƚĞƌdƌĂŶƐĂĐƚŝŽŶƐ/ŶǀŽůǀŝŶŐĚǀĞƌƚŝƐŝŶŐ^ĞƌǀŝĐĞƐ͘dŚŝƐ
ŶĞǁƐƚĂŶĚĂƌĚĞƐƚĂďůŝƐŚĞƐĂĐŽŵƉƌĞŚĞŶƐŝǀĞĨƌĂŵĞǁŽƌŬĨŽƌĚĞƚĞƌŵŝŶŝŶŐǁŚĞŶƚŽƌĞĐŽŐŶŝnjĞƌĞǀĞŶƵĞĂŶĚŚŽǁ
ŵƵĐŚƌĞǀĞŶƵĞƚŽƌĞĐŽŐŶŝnjĞ͘dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞŝŶƚŚŝƐƐƚĂŶĚĂƌĚŝƐĨŽƌĂŶĞŶƚŝƚLJƚŽƌĞĐŽŐŶŝnjĞƌĞǀĞŶƵĞƚŽ
ĚĞƉŝĐƚƚŚĞƚƌĂŶƐĨĞƌŽĨƉƌŽŵŝƐĞĚŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐƚŽĂĐƵƐƚŽŵĞƌŝŶĂŶĂŵŽƵŶƚƚŚĂƚƌĞĨůĞĐƚƐƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶ
ƚŽǁŚŝĐŚĂŶĞŶƚŝƚLJĞdžƉĞĐƚƐƚŽďĞĞŶƚŝƚůĞĚŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚŽƐĞŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ͘ĂƐĞĚŽŶĂŶĂƐƐĞƐƐŵĞŶƚŽĨ
ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞǀĞŶƵĞƐƚƌĞĂŵƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ǁŚŝĐŚŚĂƐďĞĞŶůŝŵŝƚĞĚƚŽƚŚĞĨĂĐƚƐĂŶĚ
ĐŝƌĐƵŵƐƚĂŶĐĞƐĞdžŝƐƚŝŶŐĂƚƚŚĂƚĚĂƚĞ͕ŵĂŶĂŐĞŵĞŶƚĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚƐƐŽƵƌĐĞƐŽĨƌĞǀĞŶƵĞƐƉĞƌƚĂŝŶƚŽŝƚƐ
ůĞŶĚŝŶŐĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚŐĞŶĞƌĂƚĞŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕ƐĞƌǀŝĐĞĐŚĂƌŐĞƐĂŶĚĨĞĞƐ͘džĐĞƉƚĨŽƌĐĞƌƚĂŝŶƐĞƌǀŝĐĞ
ĐŚĂƌŐĞƐĂŶĚĨĞĞƐ͕ƐƵďƐƚĂŶƚŝĂůĂŵŽƵŶƚŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞǀĞŶƵĞƐĂƌĞŐĞŶĞƌĂƚĞĚĨƌŽŵĨŝŶĂŶĐŝĂů
ŝŶƐƚƌƵŵĞŶƚƐǁŚŝĐŚĂƌĞŽƵƚƐŝĚĞƚŚĞƐĐŽƉĞŽĨW&Z^ϭϱ͘

;ǀͿ /&Z/ϮϮ͕&ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐĂĐƚŝŽŶƐĂŶĚĚǀĂŶĐĞŽŶƐŝĚĞƌĂƚŝŽŶʹ/ŶƚĞƌƉƌĞƚĂƚŝŽŶŽŶ&ŽƌĞŝŐŶƵƌƌĞŶĐLJ
dƌĂŶƐĂĐƚŝŽŶƐĂŶĚĚǀĂŶĐĞŽŶƐŝĚĞƌĂƚŝŽŶ;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϴͿ͘dŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶƉƌŽǀŝĚĞƐŵŽƌĞ
ĚĞƚĂŝůĞĚŐƵŝĚĂŶĐĞŽŶŚŽǁƚŽĂĐĐŽƵŶƚĨŽƌƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚŝŶĐůƵĚĞƚŚĞƌĞĐĞŝƉƚŽƌƉĂLJŵĞŶƚŽĨĂĚǀĂŶĐĞ
ĐŽŶƐŝĚĞƌĂƚŝŽŶŝŶĂĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ͘dŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐƚĂƚĞƐƚŚĂƚƚŚĞĚĂƚĞŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶ͕ĨŽƌƚŚĞ
ƉƵƌƉŽƐĞŽĨĚĞƚĞƌŵŝŶŝŶŐƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞ͕ŝƐƚŚĞĚĂƚĞŽĨŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞŶŽŶͲŵŽŶĞƚĂƌLJĂƐƐĞƚ
;ĂƌŝƐŝŶŐĨƌŽŵĂĚǀĂŶĐĞƉĂLJŵĞŶƚͿŽƌůŝĂďŝůŝƚLJ;ĂƌŝƐŝŶŐĨƌŽŵĂĚǀĂŶĐĞƌĞĐĞŝƉƚͿ͘/ĨƚŚĞƌĞĂƌĞŵƵůƚŝƉůĞƉĂLJŵĞŶƚƐŽƌ
ƌĞĐĞŝƉƚƐŝŶĂĚǀĂŶĐĞ͕ĂĚĂƚĞŽĨƚƌĂŶƐĂĐƚŝŽŶŝƐĞƐƚĂďůŝƐŚĞĚĨŽƌĞĂĐŚƉĂLJŵĞŶƚŽƌƌĞĐĞŝƉƚ͘DĂŶĂŐĞŵĞŶƚŚĂƐ
ŝŶŝƚŝĂůůLJĂƐƐĞƐƐĞĚƚŚĂƚƚŚŝƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶŚĂƐŶŽŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ǀŝͿ ŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽW&Z^ϮϬϭϰͲϮϬϭϲLJĐůĞ͘ŵŽŶŐƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐ͕W^Ϯϴ;ŵĞŶĚŵĞŶƚͿ͕
/ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐʹDĞĂƐƵƌŝŶŐĂŶƐƐŽĐŝĂƚĞŽƌ:ŽŝŶƚsĞŶƚƵƌĞĂƚ&ĂŝƌsĂůƵĞ
;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϴͿŝƐƌĞůĞǀĂŶƚƚŽƚŚĞ'ƌŽƵƉ͘dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚƚŚĞŽƉƚŝŽŶĨŽƌ
ǀĞŶƚƵƌĞĐĂƉŝƚĂůŽƌŐĂŶŝnjĂƚŝŽŶ͕ŵƵƚƵĂůĨƵŶĚƐĂŶĚŽƚŚĞƌƐŝŵŝůĂƌĞŶƚŝƚŝĞƐƚŽĞůĞĐƚƚŚĞĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌ
ůŽƐƐĐůĂƐƐŝĨŝĐĂƚŝŽŶŝŶŵĞĂƐƵƌŝŶŐŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂŶĚũŽŝŶƚǀĞŶƚƵƌĞƐƐŚĂůůďĞŵĂĚĞĂƚŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶ͕ƐĞƉĂƌĂƚĞůLJĨŽƌĞĂĐŚĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞ͘DĂŶĂŐĞŵĞŶƚŚĂƐŝŶŝƚŝĂůůLJĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞƐĞ
ĂŵĞŶĚŵĞŶƚƐŚĂƐŶŽŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 131
 ;ǀŝŝͿ W^Ϯϴ;ŵĞŶĚŵĞŶƚƐͿ͕/ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐʹ>ŽŶŐͲƚĞƌŵ/ŶƚĞƌĞƐƚƐŝŶƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐ
;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϵͿ͘dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚƚŚĞƐĐŽƉĞĞdžĐůƵƐŝŽŶŝŶW&Z^ϵ;ϮϬϭϰͿĂƉƉůŝĞƐ
ŽŶůLJƚŽŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚƐĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͘dŚƵƐ͕ƚŚĞĂŵĞŶĚŵĞŶƚƐĨƵƌƚŚĞƌĐůĂƌŝĨLJ
ƚŚĂƚůŽŶŐƚĞƌŵŝŶƚĞƌĞƐƚƐŝŶĂŶĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞʹƚŽǁŚŝĐŚƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚŝƐŶŽƚĂƉƉůŝĞĚʹŵƵƐƚ
ďĞĂĐĐŽƵŶƚĞĚĨŽƌƵŶĚĞƌW&Z^ϵ;ϮϬϭϰͿ͕ǁŚŝĐŚƐŚĂůůĂůƐŽŝŶĐůƵĚĞůŽŶŐƚĞƌŵŝŶƚĞƌĞƐƚƐƚŚĂƚ͕ŝŶƐƵďƐƚĂŶĐĞ͕ĨŽƌŵ
ƉĂƌƚŽĨƚŚĞĞŶƚŝƚLJ͛ƐŶĞƚŝŶǀĞƐƚŵĞŶƚŝŶĂŶĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞ͘DĂŶĂŐĞŵĞŶƚŝƐĐƵƌƌĞŶƚůLJĂƐƐĞƐƐŝŶŐƚŚĞ
ŝŵƉĂĐƚŽĨƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ǀŝŝŝͿ W&Z^ϵ;ŵĞŶĚŵĞŶƚͿ͕&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐʹWƌĞƉĂLJŵĞŶƚ&ĞĂƚƵƌĞƐǁŝƚŚEĞŐĂƚŝǀĞŽŵƉĞŶƐĂƚŝŽŶ
;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϵͿ͘dŚĞĂŵĞŶĚŵĞŶƚĐůĂƌŝĨŝĞƐƚŚĂƚƉƌĞƉĂLJŵĞŶƚĨĞĂƚƵƌĞƐǁŝƚŚŶĞŐĂƚŝǀĞ
ĐŽŵƉĞŶƐĂƚŝŽŶĂƚƚĂĐŚĞĚƚŽĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĂLJƐƚŝůůƋƵĂůŝĨLJƵŶĚĞƌƚŚĞ^WW/ƚĞƐƚ͘ƐƐƵĐŚ͕ƚŚĞĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐĐŽŶƚĂŝŶŝŶŐƉƌĞƉĂLJŵĞŶƚĨĞĂƚƵƌĞƐǁŝƚŚŶĞŐĂƚŝǀĞĐŽŵƉĞŶƐĂƚŝŽŶŵĂLJƐƚŝůůďĞĐůĂƐƐŝĨŝĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ
ŽƌĂƚ&sdK/͘DĂŶĂŐĞŵĞŶƚŝƐĐƵƌƌĞŶƚůLJĂƐƐĞƐƐŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚĞƐĞĂŵĞŶĚŵĞŶƚƐŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;ŝdžͿ W&Z^ϭϲ͕>ĞĂƐĞƐ;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϵͿ͘dŚĞŶĞǁƐƚĂŶĚĂƌĚǁŝůůĞǀĞŶƚƵĂůůLJƌĞƉůĂĐĞW^ϭϳ͕>ĞĂƐĞƐ͘

&ŽƌůĞƐƐĞĞƐ͕ŝƚƌĞƋƵŝƌĞƐƚŽĂĐĐŽƵŶƚĨŽƌůĞĂƐĞƐ͞ŽŶͲďĂůĂŶĐĞƐŚĞĞƚ͟ďLJƌĞĐŽŐŶŝnjŝŶŐĂ͞ƌŝŐŚƚͲŽĨͲƵƐĞ͟ĂƐƐĞƚĂŶĚĂ
ůĞĂƐĞůŝĂďŝůŝƚLJ͘dŚĞůĞĂƐĞůŝĂďŝůŝƚLJŝƐŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĨƵƚƵƌĞůĞĂƐĞƉĂLJŵĞŶƚƐ͘&ŽƌƚŚŝƐ
ƉƵƌƉŽƐĞ͕ůĞĂƐĞƉĂLJŵĞŶƚƐŝŶĐůƵĚĞĨŝdžĞĚ͕ŶŽŶͲĐĂŶĐĞůůĂďůĞƉĂLJŵĞŶƚƐĨŽƌůĞĂƐĞĞůĞŵĞŶƚƐ͕ĂŵŽƵŶƚƐĚƵĞƵŶĚĞƌ
ƌĞƐŝĚƵĂůǀĂůƵĞŐƵĂƌĂŶƚĞĞƐ͕ĐĞƌƚĂŝŶƚLJƉĞƐŽĨĐŽŶƚŝŶŐĞŶƚƉĂLJŵĞŶƚƐĂŶĚĂŵŽƵŶƚƐĚƵĞĚƵƌŝŶŐŽƉƚŝŽŶĂůƉĞƌŝŽĚƐƚŽ
ƚŚĞĞdžƚĞŶƚƚŚĂƚĞdžƚĞŶƐŝŽŶŝƐƌĞĂƐŽŶĂďůLJĐĞƌƚĂŝŶ͘/ŶƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚƐ͕ƚŚĞ͞ƌŝŐŚƚͲŽĨͲƵƐĞ͟ĂƐƐĞƚŝƐĂĐĐŽƵŶƚĞĚ
ĨŽƌƐŝŵŝůĂƌƚŽĂƉƵƌĐŚĂƐĞĚĂƐƐĞƚƐƵďũĞĐƚƚŽĚĞƉƌĞĐŝĂƚŝŽŶŽƌĂŵŽƌƚŝnjĂƚŝŽŶ͘dŚĞůĞĂƐĞůŝĂďŝůŝƚLJŝƐĂĐĐŽƵŶƚĞĚĨŽƌ
ƐŝŵŝůĂƌƚŽĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJǁŚŝĐŚŝƐĂŵŽƌƚŝnjĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘,ŽǁĞǀĞƌ͕ƚŚĞŶĞǁ
ƐƚĂŶĚĂƌĚƉƌŽǀŝĚĞƐŝŵƉŽƌƚĂŶƚƌĞůŝĞĨƐŽƌĞdžĞŵƉƚŝŽŶƐĨŽƌƐŚŽƌƚͲƚĞƌŵůĞĂƐĞƐĂŶĚůĞĂƐĞƐŽĨůŽǁǀĂůƵĞĂƐƐĞƚƐ͘/Ĩ
ƚŚĞƐĞĞdžĞŵƉƚŝŽŶƐĂƌĞƵƐĞĚ͕ƚŚĞĂĐĐŽƵŶƚŝŶŐŝƐƐŝŵŝůĂƌƚŽŽƉĞƌĂƚŝŶŐůĞĂƐĞĂĐĐŽƵŶƚŝŶŐƵŶĚĞƌW^ϭϳǁŚĞƌĞůĞĂƐĞ
ƉĂLJŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĞdžƉĞŶƐĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵŽƌĂŶŽƚŚĞƌƐLJƐƚĞŵĂƚŝĐďĂƐŝƐ
;ŝĨŵŽƌĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞƉĂƚƚĞƌŶŽĨƚŚĞůĞƐƐĞĞ͛ƐďĞŶĞĨŝƚͿ͘
 
&ŽƌůĞƐƐŽƌƐ͕ůĞĂƐĞĂĐĐŽƵŶƚŝŶŐŝƐƐŝŵŝůĂƌƚŽƚŚŽƐĞĂƉƉůŝĞĚŝŶW^ϭϳ͘/ŶƉĂƌƚŝĐƵůĂƌ͕ƚŚĞĚŝƐƚŝŶĐƚŝŽŶďĞƚǁĞĞŶ
ĨŝŶĂŶĐĞĂŶĚŽƉĞƌĂƚŝŶŐůĞĂƐĞƐŝƐƌĞƚĂŝŶĞĚ͘dŚĞĚĞĨŝŶŝƚŝŽŶƐŽĨĞĂĐŚƚLJƉĞŽĨůĞĂƐĞ͕ĂŶĚƚŚĞƐƵƉƉŽƌƚŝŶŐŝŶĚŝĐĂƚŽƌƐ
ŽĨĂĨŝŶĂŶĐĞůĞĂƐĞ͕ĂƌĞƐƵďƐƚĂŶƚŝĂůůLJƚŚĞƐĂŵĞǁŝƚŚƚŚŽƐĞĂƉƉůŝĞĚŝŶW^ϭϳ͘dŚĞďĂƐŝĐĂĐĐŽƵŶƚŝŶŐŵĞĐŚĂŶŝĐƐ
ĂƌĞĂůƐŽƐŝŵŝůĂƌ͕ďƵƚǁŝƚŚƐŽŵĞĚŝĨĨĞƌĞŶƚŽƌŵŽƌĞĞdžƉůŝĐŝƚŐƵŝĚĂŶĐĞŝŶĨĞǁĂƌĞĂƐ͘dŚĞƐĞŝŶĐůƵĚĞǀĂƌŝĂďůĞ
ƉĂLJŵĞŶƚƐ͕ƐƵďͲůĞĂƐĞƐ͕ůĞĂƐĞŵŽĚŝĨŝĐĂƚŝŽŶƐ͕ƚƌĞĂƚŵĞŶƚŽĨŝŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐĂŶĚůĞƐƐŽƌĚŝƐĐůŽƐƵƌĞƐ͘

DĂŶĂŐĞŵĞŶƚŝƐĐƵƌƌĞŶƚůLJĂƐƐĞƐƐŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚŝƐŶĞǁƐƚĂŶĚĂƌĚŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ
ĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͘

;džͿ /&Z/Ϯϯ͕hŶĐĞƌƚĂŝŶƚLJŽǀĞƌ/ŶĐŽŵĞdĂdždƌĞĂƚŵĞŶƚƐ;ĞĨĨĞĐƚŝǀĞĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϮϬϭϵͿ͘dŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶ
ƉƌŽǀŝĚĞƐĐůĂƌŝĨŝĐĂƚŝŽŶŽŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚĂdžĂďůĞƉƌŽĨŝƚ͕ƚĂdžďĂƐĞƐ͕ƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͕ƵŶƵƐĞĚƚĂdž
ĐƌĞĚŝƚƐ͕ĂŶĚƚĂdžƌĂƚĞƐǁŚĞŶƚŚĞƌĞŝƐƵŶĐĞƌƚĂŝŶƚLJŽǀĞƌŝŶĐŽŵĞƚĂdžƚƌĞĂƚŵĞŶƚƐ͘dŚĞĐŽƌĞƉƌŝŶĐŝƉůĞŽĨƚŚĞ
ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƌĞƋƵŝƌĞƐƚŚĞ'ƌŽƵƉƚŽĐŽŶƐŝĚĞƌƚŚĞƉƌŽďĂďŝůŝƚLJŽĨƚŚĞƚĂdžƚƌĞĂƚŵĞŶƚďĞŝŶŐĂĐĐĞƉƚĞĚďLJƚŚĞ
ƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͘tŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞƚĂdžƚƌĞĂƚŵĞŶƚǁŝůůďĞĂĐĐĞƉƚĞĚ͕ƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞ
ƚĂdžĂďůĞƉƌŽĨŝƚ͕ƚĂdžďĂƐĞƐ͕ƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͕ƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐ͕ĂŶĚƚĂdžƌĂƚĞƐƐŚĂůůďĞŽŶƚŚĞďĂƐŝƐŽĨƚŚĞ
ĂĐĐĞƉƚĞĚƚĂdžƚƌĞĂƚŵĞŶƚ͘KƚŚĞƌǁŝƐĞ͕ƚŚĞ'ƌŽƵƉŚĂƐƚŽƵƐĞƚŚĞŵŽƐƚůŝŬĞůLJĂŵŽƵŶƚŽƌƚŚĞĞdžƉĞĐƚĞĚǀĂůƵĞ͕
ĚĞƉĞŶĚŝŶŐŽŶƚŚĞƐƵƌƌŽƵŶĚŝŶŐĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƚĂdžĂĐĐŽƵŶƚƐŝĚĞŶƚŝĨŝĞĚŝŵŵĞĚŝĂƚĞůLJ
ĂďŽǀĞ͘DĂŶĂŐĞŵĞŶƚŝƐĐƵƌƌĞŶƚůLJĂƐƐĞƐƐŝŶŐƚŚĞŝŵƉĂĐƚŽĨƚŚŝƐŝŶƚĞƌƉƌĞƚĂƚŝŽŶŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

;džŝͿ ŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽW&Z^ϮϬϭϱͲϮϬϭϳLJĐůĞ͘ŵŽŶŐƚŚĞŝŵƉƌŽǀĞŵĞŶƚƐ͕ƚŚĞĨŽůůŽǁŝŶŐĂŵĞŶĚŵĞŶƚƐĂƌĞ
ƌĞůĞǀĂŶƚƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬďƵƚŚĂĚŶŽŵĂƚĞƌŝĂůŝŵƉĂĐƚŽŶŝƚƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐƚŚĞƐĞ
ĂŵĞŶĚŵĞŶƚƐŵĞƌĞůLJĐůĂƌŝĨLJĞdžŝƐƚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐ͗

x W^ϭϮ;ŵĞŶĚŵĞŶƚƐͿ͕/ŶĐŽŵĞdĂdžĞƐʹdĂdžŽŶƐĞƋƵĞŶĐĞƐŽĨŝǀŝĚĞŶĚƐ͘dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚ
ĂůůŝŶĐŽŵĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞŽĨĚŝǀŝĚĞŶĚƉĂLJŵĞŶƚƐƐŚŽƵůĚďĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘



132 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

x W^Ϯϯ;ŵĞŶĚŵĞŶƚƐͿ͕ŽƌƌŽǁŝŶŐŽƐƚƐʹůŝŐŝďŝůŝƚLJĨŽƌĂƉŝƚĂůŝnjĂƚŝŽŶ͘dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚ
ǁŚĞŶĂƐƉĞĐŝĨŝĐďŽƌƌŽǁŝŶŐƌĞŵĂŝŶƐŽƵƚƐƚĂŶĚŝŶŐĂĨƚĞƌƚŚĞƌĞůĂƚĞĚƋƵĂůŝĨLJŝŶŐĂƐƐĞƚŝƐƌĞĂĚLJĨŽƌŝƚƐ
ŝŶƚĞŶĚĞĚƉƵƌƉŽƐĞ͕ƐƵĐŚďŽƌƌŽǁŝŶŐǁŝůůƚŚĞŶĨŽƌŵƉĂƌƚŽĨĂŶĞŶƚŝƚLJ͛ƐŐĞŶĞƌĂůďŽƌƌŽǁŝŶŐƐƵƐĞĚŝŶ
ĐĂůĐƵůĂƚŝŶŐƚŚĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƌĂƚĞĨŽƌĐĂƉŝƚĂůŝnjĂƚŝŽŶƉƵƌƉŽƐĞƐ͘

x W&Z^ϯ;ŵĞŶĚŵĞŶƚƐͿ͕ƵƐŝŶĞƐƐŽŵďŝŶĂƚŝŽŶƐĂŶĚW&Z^ϭϭ;ŵĞŶĚŵĞŶƚƐͿ͕:ŽŝŶƚƌƌĂŶŐĞŵĞŶƚƐʹ
ZĞŵĞĂƐƵƌĞŵĞŶƚŽĨWƌĞǀŝŽƵƐůLJ,ĞůĚ/ŶƚĞƌĞƐƚƐŝŶĂ:ŽŝŶƚKƉĞƌĂƚŝŽŶ͘dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĂƚ
ƉƌĞǀŝŽƵƐůLJŚĞůĚŝŶƚĞƌĞƐƚŝŶĂũŽŝŶƚŽƉĞƌĂƚŝŽŶƐŚĂůůďĞƌĞŵĞĂƐƵƌĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŽďƚĂŝŶƐĐŽŶƚƌŽůŽĨƚŚĞ
ďƵƐŝŶĞƐƐ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƉƌĞǀŝŽƵƐůLJŚĞůĚŝŶƚĞƌĞƐƚƐŝŶĂũŽŝŶƚŽƉĞƌĂƚŝŽŶƐŚĂůůŶŽƚďĞƌĞŵĞĂƐƵƌĞĚ
ǁŚĞŶƚŚĞ'ƌŽƵƉŽďƚĂŝŶƐũŽŝŶƚĐŽŶƚƌŽůŽĨƚŚĞďƵƐŝŶĞƐƐ͘

Ϯ͘ϯ ĂƐŝƐŽĨŽŶƐŽůŝĚĂƚĞĚĂŶĚ^ĞƉĂƌĂƚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

dŚĞ'ƌŽƵƉ͛ƐĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉƌŝƐĞƚŚĞĂĐĐŽƵŶƚƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂƐĞŶƵŵĞƌĂƚĞĚ
ŝŶEŽƚĞϭ͘ϭ͕ĂĨƚĞƌƚŚĞĞůŝŵŝŶĂƚŝŽŶŽĨŝŶƚĞƌĐŽŵƉĂŶLJƚƌĂŶƐĂĐƚŝŽŶƐ͘ůůŝŶƚĞƌĐŽŵƉĂŶLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ĞƋƵŝƚLJ͕ŝŶĐŽŵĞ͕
ĞdžƉĞŶƐĞƐĂŶĚĐĂƐŚĨůŽǁƐƌĞůĂƚŝŶŐƚŽƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶĞŶƚŝƚŝĞƐƵŶĚĞƌƚŚĞ'ƌŽƵƉ͕ĂƌĞĞůŝŵŝŶĂƚĞĚŝŶĨƵůůŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘
hŶƌĞĂůŝnjĞĚƉƌŽĨŝƚƐĂŶĚůŽƐƐĞƐĨƌŽŵŝŶƚĞƌĐŽŵƉĂŶLJƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶĂƐƐĞƚƐĂƌĞĂůƐŽĞůŝŵŝŶĂƚĞĚŝŶĨƵůů͘
/ŶƚĞƌĐŽŵƉĂŶLJůŽƐƐĞƐƚŚĂƚŝŶĚŝĐĂƚĞŝŵƉĂŝƌŵĞŶƚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ'ƌŽƵƉ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂƌĞƉƌĞƉĂƌĞĚĨŽƌƚŚĞƐĂŵĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƐƚŚĞWĂƌĞŶƚĂŶŬ͕ƵƐŝŶŐĐŽŶƐŝƐƚĞŶƚ
ĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐ͘

/ŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĐŽƐƚ
ĂŶĚƐƵďƐĞƋƵĞŶƚůLJĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͕ůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ;ƐĞĞEŽƚĞϮ͘ϮϬͿ͘

dŚĞWĂƌĞŶƚĂŶŬĂĐĐŽƵŶƚƐĨŽƌŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐ͕ũŽŝŶƚůLJĐŽŶƚƌŽůůĞĚŽƉĞƌĂƚŝŽŶƐĂŶĚŶŽŶͲĐŽŶƚƌŽůůŝŶŐ
ŝŶƚĞƌĞƐƚƐĂƐĨŽůůŽǁƐ͗

;ĂͿ /ŶǀĞƐƚŵĞŶƚƐŝŶ^ƵďƐŝĚŝĂƌŝĞƐ

^ƵďƐŝĚŝĂƌŝĞƐĂƌĞĞŶƚŝƚŝĞƐŽǀĞƌǁŚŝĐŚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĐŽŶƚƌŽů͘dŚĞWĂƌĞŶƚĂŶŬĐŽŶƚƌŽůƐĂŶĞŶƚŝƚLJǁŚĞŶŝƚŝƐ
ĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐƚŽ͕ǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞĞŶƚŝƚLJĂŶĚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂĨĨĞĐƚƚŚŽƐĞ
ƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞĞŶƚŝƚLJ͘^ƵďƐŝĚŝĂƌŝĞƐĂƌĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞƚŚĞWĂƌĞŶƚĂŶŬŽďƚĂŝŶƐĐŽŶƚƌŽů͘

dŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĐŽƐƚĂŶĚƐƵďƐĞƋƵĞŶƚůLJĂĐĐŽƵŶƚĞĚĨŽƌŝŶŝƚƐ
ƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͘hŶĚĞƌƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͕ĂůůƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐƚŽƚŚĞ
ŽǁŶĞƌƐŚŝƉŝŶƚĞƌĞƐƚŝŶƚŚĞĞƋƵŝƚLJŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ
ŝŶǀĞƐƚŵĞŶƚƐ͘ŚĂŶŐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŐĞŶĞƌĂƚĞĚďLJƚŚĞƐƵďƐŝĚŝĂƌŝĞƐĂƌĞĐƌĞĚŝƚĞĚŽƌĐŚĂƌŐĞĚĂŐĂŝŶƐƚ
ƚŚĞ^ŚĂƌĞŝŶEĞƚĂƌŶŝŶŐƐŽĨ^ƵďƐŝĚŝĂƌŝĞƐĂŶĚƐƐŽĐŝĂƚĞƐĂĐĐŽƵŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘

dŚĞƐĞĐŚĂŶŐĞƐŝŶĐůƵĚĞƐƵďƐĞƋƵĞŶƚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝnjĂƚŝŽŶŽƌŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐŽĨĂƐƐĞƚƐ
ĂŶĚůŝĂďŝůŝƚŝĞƐ͘ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞĚƵĐƚŝŽŶŝŶƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ͘

ŚĂŶŐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽĨƚŚĞƐƵďƐŝĚŝĂƌLJŽƌŝƚĞŵƐƚŚĂƚŚĂǀĞďĞĞŶĚŝƌĞĐƚůLJƌĞĐŽŐŶŝnjĞĚŝŶ
ƚŚĞƐƵďƐŝĚŝĂƌLJ͛ƐĞƋƵŝƚLJĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĞƋƵŝƚLJŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƐĂƉƉůŝĐĂďůĞ͘
,ŽǁĞǀĞƌ͕ǁŚĞŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐŚĂƌĞŽĨůŽƐƐĞƐŝŶĂƐƵďƐŝĚŝĂƌLJĞƋƵĂůƐŽƌĞdžĐĞĞĚƐŝƚƐŝŶƚĞƌĞƐƚŝŶƚŚĞƐƵďƐŝĚŝĂƌLJ͕
ŝŶĐůƵĚŝŶŐĂŶLJŽƚŚĞƌƵŶƐĞĐƵƌĞĚƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞWĂƌĞŶƚĂŶŬĚŽĞƐŶŽƚƌĞĐŽŐŶŝnjĞĨƵƌƚŚĞƌůŽƐƐĞƐ͕ƵŶůĞƐƐŝƚŚĂƐŝŶĐƵƌƌĞĚ
ŽďůŝŐĂƚŝŽŶƐŽƌŵĂĚĞƉĂLJŵĞŶƚƐŽŶďĞŚĂůĨŽĨƚŚĞƐƵďƐŝĚŝĂƌLJ͘/ĨƚŚĞƐƵďƐŝĚŝĂƌLJƐƵďƐĞƋƵĞŶƚůLJƌĞƉŽƌƚƐƉƌŽĨŝƚƐ͕ƚŚĞŝŶǀĞƐƚŽƌ
ƌĞƐƵŵĞƐƌĞĐŽŐŶŝnjŝŶŐŝƚƐƐŚĂƌĞŽĨƚŚŽƐĞƉƌŽĨŝƚƐŽŶůLJĂĨƚĞƌŝƚƐƐŚĂƌĞŽĨƚŚĞƉƌŽĨŝƚƐĞdžĐĞĞĚƐƚŚĞĂĐĐƵŵƵůĂƚĞĚƐŚĂƌĞŽĨůŽƐƐĞƐ
ƚŚĂƚŚĂƐŶŽƚďĞĞŶƌĞĐŽŐŶŝnjĞĚƉƌĞǀŝŽƵƐůLJ͘

hŶƌĞĂůŝnjĞĚŐĂŝŶƐŽŶƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶƚŚĞWĂƌĞŶƚĂŶŬĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂƌĞĞůŝŵŝŶĂƚĞĚƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞ
WĂƌĞŶƚĂŶŬ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞƐƵďƐŝĚŝĂƌŝĞƐ͘hŶƌĞĂůŝnjĞĚůŽƐƐĞƐĂƌĞĂůƐŽĞůŝŵŝŶĂƚĞĚƵŶůĞƐƐƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŽǀŝĚĞƐ
ĞǀŝĚĞŶĐĞŽĨĂŶŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞĂƐƐĞƚƐƚŚĂƚǁĞƌĞƚƌĂŶƐĨĞƌƌĞĚ͘ĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŽĨƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞďĞĞŶĐŚĂŶŐĞĚ
ǁŚĞƌĞŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂĚŽƉƚĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͘


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 dŚĞWĂƌĞŶƚĂŶŬƌĞĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶĞŶƚŝƚLJŝĨĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞ
ĐŚĂŶŐĞƐƚŽŽŶĞŽƌŵŽƌĞŽĨƚŚĞƚŚƌĞĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽůƐŝŶĚŝĐĂƚĞĚĂďŽǀĞ͘ĐĐŽƌĚŝŶŐůLJ͕ĞŶƚŝƚŝĞƐĂƌĞĚĞĐŽŶƐŽůŝĚĂƚĞĚ
ĨƌŽŵƚŚĞĚĂƚĞƚŚĂƚĐŽŶƚƌŽůĐĞĂƐĞƐ͘

;ďͿ /ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐ

ƐƐŽĐŝĂƚĞƐĂƌĞƚŚŽƐĞĞŶƚŝƚŝĞƐŽǀĞƌǁŚŝĐŚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝƐĂďůĞƚŽĞdžĞƌƚƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞďƵƚǁŚŝĐŚ
ĂƌĞŶĞŝƚŚĞƌƐƵďƐŝĚŝĂƌŝĞƐŶŽƌŝŶƚĞƌĞƐƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞ͘/ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĐŽƐƚĂŶĚ
ƐƵďƐĞƋƵĞŶƚůLJĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͘hŶĚĞƌƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ
ƌĞĐŽŐŶŝnjĞƐŝŶƉƌŽĨŝƚŽƌůŽƐƐŝƚƐƐŚĂƌĞŝŶƚŚĞŶĞƚĞĂƌŶŝŶŐƐŽƌůŽƐƐĞƐŽĨƚŚĞĂƐƐŽĐŝĂƚĞƐ͘dŚĞĐŽƐƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝƐ
ŝŶĐƌĞĂƐĞĚŽƌĚĞĐƌĞĂƐĞĚďLJƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĞƋƵŝƚLJŝŶŶĞƚĞĂƌŶŝŶŐƐŽƌůŽƐƐĞƐŽĨƚŚĞĂƐƐŽĐŝĂƚĞƐƐŝŶĐĞƚŚĞ
ĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶ͘ŝǀŝĚĞŶĚƐƌĞĐĞŝǀĞĚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐƌĞĚƵĐƚŝŽŶŝŶƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ͘

ĐƋƵŝƌĞĚŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞƐƵďũĞĐƚƚŽƉƵƌĐŚĂƐĞŵĞƚŚŽĚŽĨĂĐĐŽƵŶƚŝŶŐ͘,ŽǁĞǀĞƌ͕ĂŶLJŐŽŽĚǁŝůůƚŚĂƚ
ƌĞƉƌĞƐĞŶƚƐƚŚĞĞdžĐĞƐƐŽĨŝĚĞŶƚŝĨŝĂďůĞŶĞƚĂƐƐĞƚƐŽĨƚŚĞĂĐƋƵŝƌĞĞĂƚƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶŽƌĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚ
ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐŚĂƌĞŝŶƚŚĞĂƐƐŽĐŝĂƚĞŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĂŵŽƵŶƚƌĞĐŽŐŶŝnjĞĚĂƐ
ŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐ͘ůůƐƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐƚŽƚŚĞŽǁŶĞƌƐŚŝƉŽĨŝŶƚĞƌĞƐƚŝŶƚŚĞĞƋƵŝƚLJŽĨƚŚĞĂƐƐŽĐŝĂƚĞĂƌĞ
ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ͘ŚĂŶŐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƉƌŽĨŝƚ
ŽƌůŽƐƐŐĞŶĞƌĂƚĞĚďLJƚŚĞĂƐƐŽĐŝĂƚĞĂƌĞĐƌĞĚŝƚĞĚĂŐĂŝŶƐƚ^ŚĂƌĞŝŶEĞƚĂƌŶŝŶŐƐŽĨ^ƵďƐŝĚŝĂƌŝĞƐĂŶĚƐƐŽĐŝĂƚĞƐĂĐĐŽƵŶƚŝŶ
ƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘dŚĞƐĞĐŚĂŶŐĞƐŝŶĐůƵĚĞƐƵďƐĞƋƵĞŶƚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝnjĂƚŝŽŶ
ŽƌŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞĨĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘

ŚĂŶŐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽĨƚŚĞĂƐƐŽĐŝĂƚĞŽƌŝƚĞŵƐƚŚĂƚŚĂǀĞďĞĞŶĚŝƌĞĐƚůLJƌĞĐŽŐŶŝnjĞĚŝŶ
ƚŚĞĂƐƐŽĐŝĂƚĞ͛ƐĞƋƵŝƚLJĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĞƋƵŝƚLJŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂƐ
ĂƉƉůŝĐĂďůĞ͘,ŽǁĞǀĞƌ͕ǁŚĞŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐŚĂƌĞŽĨůŽƐƐĞƐŝŶĂŶĂƐƐŽĐŝĂƚĞĞƋƵĂůƐŽƌĞdžĐĞĞĚƐŝƚƐ
ŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐŽĐŝĂƚĞ͕ŝŶĐůƵĚŝŶŐĂŶLJŽƚŚĞƌƵŶƐĞĐƵƌĞĚƌĞĐĞŝǀĂďůĞƐ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚŽĞƐŶŽƚƌĞĐŽŐŶŝnjĞ
ĨƵƌƚŚĞƌůŽƐƐĞƐ͕ƵŶůĞƐƐŝƚŚĂƐŝŶĐƵƌƌĞĚŽďůŝŐĂƚŝŽŶƐŽƌŵĂĚĞƉĂLJŵĞŶƚƐŽŶďĞŚĂůĨŽĨƚŚĞĂƐƐŽĐŝĂƚĞ͘/ĨƚŚĞĂƐƐŽĐŝĂƚĞ
ƐƵďƐĞƋƵĞŶƚůLJƌĞƉŽƌƚƐƉƌŽĨŝƚƐ͕ƚŚĞŝŶǀĞƐƚŽƌƌĞƐƵŵĞƐƌĞĐŽŐŶŝnjŝŶŐŝƚƐƐŚĂƌĞŽĨƚŚŽƐĞƉƌŽĨŝƚƐŽŶůLJĂĨƚĞƌŝƚƐƐŚĂƌĞŽĨƚŚĞ
ƉƌŽĨŝƚƐĞdžĐĞĞĚƐƚŚĞĂĐĐƵŵƵůĂƚĞĚƐŚĂƌĞŽĨůŽƐƐĞƐƚŚĂƚŚĂƐŶŽƚďĞĞŶƌĞĐŽŐŶŝnjĞĚƉƌĞǀŝŽƵƐůLJ͘

hŶƌĞĂůŝnjĞĚŐĂŝŶƐŽŶƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂŶĚŝƚƐĂƐƐŽĐŝĂƚĞƐĂƌĞĞůŝŵŝŶĂƚĞĚƚŽƚŚĞ
ĞdžƚĞŶƚŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐŽĐŝĂƚĞƐ͘hŶƌĞĂůŝnjĞĚůŽƐƐĞƐĂƌĞĂůƐŽĞůŝŵŝŶĂƚĞĚƵŶůĞƐƐƚŚĞ
ƚƌĂŶƐĂĐƚŝŽŶƉƌŽǀŝĚĞƐĞǀŝĚĞŶĐĞŽĨĂŶŝŵƉĂŝƌŵĞŶƚŽĨƚŚĞĂƐƐĞƚƐƚŚĂƚǁĞƌĞƚƌĂŶƐĨĞƌƌĞĚ͘ĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŽĨĂƐƐŽĐŝĂƚĞƐ
ŚĂǀĞďĞĞŶĐŚĂŶŐĞĚǁŚĞƌĞŶĞĐĞƐƐĂƌLJƚŽĞŶƐƵƌĞĐŽŶƐŝƐƚĞŶĐLJǁŝƚŚƚŚĞƉŽůŝĐŝĞƐĂĚŽƉƚĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚ
ĂŶŬ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚĂŶĞŶƚŝƚLJƋƵĂůŝĨŝĞƐĂƐĂŶĂƐƐŽĐŝĂƚĞŝŶƚŚĞŽĐĐƵƌƌĞŶĐĞŽĨ
ĐŚĂŶŐĞƐƚŽĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐƐƵƌƌŽƵŶĚŝŶŐŝƚƐĂďŝůŝƚLJƚŽĞdžĞƌƚƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞ͘

;ĐͿ :ŽŝŶƚůLJŽŶƚƌŽůůĞĚKƉĞƌĂƚŝŽŶƐ

ũŽŝŶƚůLJͲĐŽŶƚƌŽůůĞĚŽƉĞƌĂƚŝŽŶƐŝŶǀŽůǀĞƐƚŚĞƵƐĞŽĨĂƐƐĞƚƐĂŶĚŽƚŚĞƌƌĞƐŽƵƌĐĞƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŽƚŚĞƌ
ǀĞŶƚƵƌĞƌƐƌĂƚŚĞƌƚŚĂŶƚŚĞĞƐƚĂďůŝƐŚŵĞŶƚŽĨĂĐŽƌƉŽƌĂƚŝŽŶ͕ƉĂƌƚŶĞƌƐŚŝƉ͕ŽƌŽƚŚĞƌĞŶƚŝƚLJ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ
ĂĐĐŽƵŶƚƐĨŽƌƚŚĞĂƐƐĞƚƐŝƚĐŽŶƚƌŽůƐĂŶĚƚŚĞůŝĂďŝůŝƚŝĞƐĂŶĚĞdžƉĞŶƐĞƐŝƚŝŶĐƵƌƐ͕ĂŶĚƚŚĞƐŚĂƌĞŽĨƚŚĞŝŶĐŽŵĞƚŚĂƚŝƚĞĂƌŶƐ
ĨƌŽŵƚŚĞƐĂůĞŽĨŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐďLJƚŚĞũŽŝŶƚǀĞŶƚƵƌĞ͘

;ĚͿ dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚEŽŶͲĐŽŶƚƌŽůůŝŶŐ/ŶƚĞƌĞƐƚƐ

dŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚĂŶŬ͛ƐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƚŚĂƚĚŽŶŽƚƌĞƐƵůƚŝŶůŽƐƐŽĨĐŽŶƚƌŽůĂƌĞ
ĂĐĐŽƵŶƚĞĚĨŽƌĂƐĞƋƵŝƚLJƚƌĂŶƐĂĐƚŝŽŶƐʹƚŚĂƚŝƐ͕ĂƐƚƌĂŶƐĂĐƚŝŽŶǁŝƚŚƚŚĞŽǁŶĞƌƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝŶƚŚĞŝƌ
ĐĂƉĂĐŝƚLJĂƐŽǁŶĞƌƐ͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶLJĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚĂŶĚƚŚĞƌĞůĞǀĂŶƚƐŚĂƌĞĂĐƋƵŝƌĞĚŽĨ
ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞŶĞƚĂƐƐĞƚƐŽĨƚŚĞƐƵďƐŝĚŝĂƌLJŝƐƌĞĐŽŐŶŝnjĞĚŝŶĞƋƵŝƚLJ͘ŝƐƉŽƐĂůƐŽĨĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐƚŽŶŽŶͲ
ĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƌĞƐƵůƚŝŶŐĂŝŶƐĂŶĚůŽƐƐĞƐĨŽƌƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƚŚĂƚĂƌĞĂůƐŽƌĞĐŽŐŶŝnjĞĚŝŶĞƋƵŝƚLJ͘

 

134 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

tŚĞŶƚŚĞWĂƌĞŶƚĂŶŬĐĞĂƐĞƐƚŽŚĂǀĞĐŽŶƚƌŽůŽǀĞƌĂƐƵďƐŝĚŝĂƌLJ͕ĂŶLJƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞĞŶƚŝƚLJŝƐƌĞŵĞĂƐƵƌĞĚƚŽŝƚƐ
ĨĂŝƌǀĂůƵĞĂƚƚŚĞĚĂƚĞǁŚĞŶĐŽŶƚƌŽůŝƐůŽƐƚ͕ǁŝƚŚƚŚĞĐŚĂŶŐĞŝŶĐĂƌƌLJŝŶŐĂŵŽƵŶƚƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘dŚĞĨĂŝƌ
ǀĂůƵĞŝƐƚŚĞŝŶŝƚŝĂůĐĂƌƌLJŝŶŐĂŵŽƵŶƚĨŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨƐƵďƐĞƋƵĞŶƚůLJĂĐĐŽƵŶƚŝŶŐĨŽƌƚŚĞƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚĂƐĂŶ
ĂƐƐŽĐŝĂƚĞ͕ũŽŝŶƚǀĞŶƚƵƌĞŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚ͘/ŶĂĚĚŝƚŝŽŶ͕ĂŶLJĂŵŽƵŶƚƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞŝŶƌĞƐƉĞĐƚŽĨƚŚĂƚĞŶƚŝƚLJĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐŝĨƚŚĞWĂƌĞŶƚĂŶŬŚĂĚĚŝƌĞĐƚůLJĚŝƐƉŽƐĞĚŽĨƚŚĞƌĞůĂƚĞĚĂƐƐĞƚƐŽƌ
ůŝĂďŝůŝƚŝĞƐ͘dŚŝƐŵĂLJŵĞĂŶƚŚĂƚĂŵŽƵŶƚƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƌĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚ
ŽƌůŽƐƐ͘

dŚĞWĂƌĞŶƚĂŶŬŚŽůĚƐŝŶƚĞƌĞƐƚƐŝŶǀĂƌŝŽƵƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂƐƉƌĞƐĞŶƚĞĚŝŶEŽƚĞƐϭ͘ϭĂŶĚϭϯ͘

Ϯ͘ϰ &ŝŶĂŶĐŝĂůƐƐĞƚƐ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘&ŽƌƉƵƌƉŽƐĞƐŽĨĐůĂƐƐŝĨLJŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ĂŶŝŶƐƚƌƵŵĞŶƚŝƐĐŽŶƐŝĚĞƌĞĚĂƐĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝĨŝƚŝƐ
ŶŽŶͲĚĞƌŝǀĂƚŝǀĞĂŶĚŵĞĞƚƐƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĞƋƵŝƚLJĨŽƌƚŚĞŝƐƐƵĞƌŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĐƌŝƚĞƌŝĂŽĨW^ϯϮ͕&ŝŶĂŶĐŝĂů
/ŶƐƚƌƵŵĞŶƚƐ͗ŝƐĐůŽƐƵƌĞĂŶĚWƌĞƐĞŶƚĂƚŝŽŶ͘ůůŽƚŚĞƌŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞƚƌĞĂƚĞĚĂƐĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͘

;ĂͿ ůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚDĞĂƐƵƌĞŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐŽƚŚĞƌƚŚĂŶƚŚŽƐĞĚĞƐŝŐŶĂƚĞĚĂŶĚĞĨĨĞĐƚŝǀĞĂƐŚĞĚŐŝŶŐŝŶƐƚƌƵŵĞŶƚƐĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŽƚŚĞĨŽůůŽǁŝŶŐ
ĐĂƚĞŐŽƌŝĞƐ͗ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͕ůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͕,dDŝŶǀĞƐƚŵĞŶƚƐĂŶĚ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ĂƌĞĂƐƐŝŐŶĞĚƚŽƚŚĞĚŝĨĨĞƌĞŶƚĐĂƚĞŐŽƌŝĞƐďLJŵĂŶĂŐĞŵĞŶƚŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ĚĞƉĞŶĚŝŶŐŽŶƚŚĞƉƵƌƉŽƐĞĨŽƌǁŚŝĐŚƚŚĞ
ŝŶǀĞƐƚŵĞŶƚƐǁĞƌĞĂĐƋƵŝƌĞĚ͘

ZĞŐƵůĂƌƉƵƌĐŚĂƐĞƐĂŶĚƐĂůĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŽŶƚŚĞŝƌƐĞƚƚůĞŵĞŶƚĚĂƚĞ͘ůůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞŶŽƚ
ĐůĂƐƐŝĨŝĞĚĂƐĂƚ&sdW>ĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĨĂŝƌǀĂůƵĞƉůƵƐĂŶLJĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͘&ŝŶĂŶĐŝĂů
ĂƐƐĞƚƐĐĂƌƌŝĞĚĂƚ&sdW>ĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞĂŶĚƚŚĞƌĞůĂƚĞĚƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌ
ůŽƐƐ͘

ŵŽƌĞĚĞƚĂŝůĞĚĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞĨŽƵƌĐĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐĂƐĨŽůůŽǁƐ͗

;ŝͿ &ŝŶĂŶĐŝĂůƐƐĞƚƐĂƚ&sdW>

dŚŝƐĐĂƚĞŐŽƌLJŝŶĐůƵĚĞƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞĞŝƚŚĞƌĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚĨŽƌƚƌĂĚŝŶŐŽƌƚŚĂƚŵĞĞƚƐĐĞƌƚĂŝŶ
ĐŽŶĚŝƚŝŽŶƐĂŶĚĂƌĞĚĞƐŝŐŶĂƚĞĚďLJƚŚĞĞŶƚŝƚLJƚŽďĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐƵƉŽŶŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶ͘ůůĚĞƌŝǀĂƚŝǀĞƐĨĂůůŝŶƚŽƚŚŝƐĐĂƚĞŐŽƌLJ͕ĞdžĐĞƉƚĨŽƌƚŚŽƐĞĚĞƐŝŐŶĂƚĞĚĂŶĚĞĨĨĞĐƚŝǀĞĂƐŚĞĚŐŝŶŐ
ŝŶƐƚƌƵŵĞŶƚƐ͘

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ĂŶĚĐŚĂŶŐĞƐƚŚĞƌĞŝŶĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ;ĞdžĐĞƉƚĚĞƌŝǀĂƚŝǀĞƐĂŶĚĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŽƌŝŐŝŶĂůůLJĚĞƐŝŐŶĂƚĞĚĂƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚĨĂŝƌǀĂůƵĞ
ƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐͿŵĂLJďĞƌĞĐůĂƐƐŝĨŝĞĚŽƵƚŽĨ&sdW>ĐĂƚĞŐŽƌLJŝĨƚŚĞLJĂƌĞŶŽůŽŶŐĞƌŚĞůĚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ
ďĞŝŶŐƐŽůĚŽƌƌĞƉƵƌĐŚĂƐĞĚŝŶƚŚĞŶĞĂƌƚĞƌŵƵŶĚĞƌƌĂƌĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘

;ŝŝͿ >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂƌĞŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝƚŚĨŝdžĞĚŽƌĚĞƚĞƌŵŝŶĂďůĞƉĂLJŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚ
ƋƵŽƚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ͘dŚĞLJĂƌŝƐĞǁŚĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƉƌŽǀŝĚĞƐŵŽŶĞLJ͕ŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ
ĚŝƌĞĐƚůLJƚŽĂĚĞďƚŽƌǁŝƚŚŶŽŝŶƚĞŶƚŝŽŶŽĨƚƌĂĚŝŶŐƚŚĞƌĞĐĞŝǀĂďůĞƐ͘/ŶĐůƵĚĞĚŝŶƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞƚŚŽƐĞĂƌŝƐŝŶŐĨƌŽŵ
ĚŝƌĞĐƚůŽĂŶƐƚŽĐƵƐƚŽŵĞƌƐ͕ŝŶƚĞƌďĂŶŬůŽĂŶƐ͕ƐĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ͕ĂŶĚĂůůƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐĂŶĚ
ŽƚŚĞƌďĂŶŬƐ͘

dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĐĂƚĞŐŽƌŝnjĞĚĂƐůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂƌĞƉƌĞƐĞŶƚĞĚĂƐĂƐŚ
ĂŶĚKƚŚĞƌĂƐŚ/ƚĞŵƐ͕ƵĞĨƌŽŵ^W͕ƵĞĨƌŽŵKƚŚĞƌĂŶŬƐ͕/ŶƚĞƌďĂŶŬ>ŽĂŶƐZĞĐĞŝǀĂďůĞƐĂŶĚ^ĞĐƵƌŝƚŝĞƐ
WƵƌĐŚĂƐĞĚhŶĚĞƌZĞƐĂůĞŐƌĞĞŵĞŶƚƐ;^WhZͿ͕>ŽĂŶƐĂŶĚKƚŚĞƌZĞĐĞŝǀĂďůĞƐ͕ĂŶĚƐƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƐƵŶĚĞƌ
/ŶƚĂŶŐŝďůĞĂŶĚKƚŚĞƌZĞƐŽƵƌĐĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘
 

U C P B 2 0 1 7 A N N U A L R E P O R T 135
 &ŽƌƉƵƌƉŽƐĞƐŽĨĐĂƐŚĨůŽǁƐƌĞƉŽƌƚŝŶŐĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶ͕ĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚŝŶŐĂƐŚĂŶĚKƚŚĞƌĂƐŚ
/ƚĞŵƐ͕ƵĞĨƌŽŵ^W͕ƵĞĨƌŽŵKƚŚĞƌĂŶŬƐĂŶĚ/ŶƚĞƌďĂŶŬ>ŽĂŶƐZĞĐĞŝǀĂďůĞĂŶĚ^WhZ͕ŝŶĐůƵĚĞĐĂƐŚŽŶŚĂŶĚ͕
ĚĞŵĂŶĚĚĞƉŽƐŝƚƐĂŶĚƐŚŽƌƚͲƚĞƌŵ͕ŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐ͕
ƌĞĂĚŝůLJĐŽŶǀĞƌƚŝďůĞƚŽŬŶŽǁŶĂŵŽƵŶƚƐŽĨĐĂƐŚĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽŝŶƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐŚĂŶŐĞƐŝŶǀĂůƵĞ͘ůƐŽ
ŝŶĐůƵĚĞĚŝŶƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞƐĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚƵŶĚĞƌƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐǁŚĞƌĞŝŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬĞŶƚĞƌƐŝŶƚŽƐŚŽƌƚͲƚĞƌŵƉƵƌĐŚĂƐĞƐŽĨƐĞĐƵƌŝƚŝĞƐƵŶĚĞƌƌĞǀĞƌƐĞƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐŽĨƐƵďƐƚĂŶƚŝĂůůLJ
ŝĚĞŶƚŝĐĂůƐĞĐƵƌŝƚŝĞƐǁŝƚŚƚŚĞ^W͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƐĂůĞĂŶĚƌĞƉƵƌĐŚĂƐĞƉƌŝĐĞŝƐƌĞĐŽŐŶŝnjĞĚĂƐŝŶƚĞƌĞƐƚ
ĂŶĚĂĐĐƌƵĞĚŽǀĞƌƚŚĞůŝĨĞŽĨƚŚĞĂŐƌĞĞŵĞŶƚƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͕ůĞƐƐ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐ͕ŝĨĂŶLJ͘

;ŝŝŝͿ ,dD/ŶǀĞƐƚŵĞŶƚƐ

dŚŝƐĐĂƚĞŐŽƌLJŝŶĐůƵĚĞƐŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝƚŚĨŝdžĞĚŽƌĚĞƚĞƌŵŝŶĂďůĞƉĂLJŵĞŶƚƐĂŶĚĂĨŝdžĞĚĚĂƚĞŽĨ
ŵĂƚƵƌŝƚLJƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐƚŚĞƉŽƐŝƚŝǀĞŝŶƚĞŶƚŝŽŶĂŶĚĂďŝůŝƚLJƚŽŚŽůĚƚŽŵĂƚƵƌŝƚLJ͘
/ŶǀĞƐƚŵĞŶƚƐŝŶƚĞŶĚĞĚƚŽďĞŚĞůĚĨŽƌĂŶƵŶĚĞĨŝŶĞĚƉĞƌŝŽĚĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚŝƐĐĂƚĞŐŽƌLJ͘

^ƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕,dDŝŶǀĞƐƚŵĞŶƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚ
ŵĞƚŚŽĚ͕ůĞƐƐŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝĨĂŶLJ͘

/ĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƐĞůůƐŽƚŚĞƌƚŚĂŶĂŶŝŶƐŝŐŶŝĨŝĐĂŶƚĂŵŽƵŶƚŽĨ,dDŝŶǀĞƐƚŵĞŶƚƐ͕ƚŚĞǁŚŽůĞ
ĐĂƚĞŐŽƌLJǁŽƵůĚďĞƚĂŝŶƚĞĚĂŶĚƌĞĐůĂƐƐŝĨŝĞĚƚŽ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ĞdžĐĞƉƚĂƐŵĂLJďĞĂůůŽǁĞĚďLJƚŚĞ^W
;ĂƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϮ͘ϭͿĂŶĚƚŚĞ^͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬǁŽƵůĚďĞƉƌŽŚŝďŝƚĞĚƚŽ
ĐůĂƐƐŝĨLJĂŶLJĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐ,dDŝŶǀĞƐƚŵĞŶƚƐĨŽƌƚŚĞĨŽůůŽǁŝŶŐƚǁŽLJĞĂƌƐ͘dŚĞƚĂŝŶƚŝŶŐƉƌŽǀŝƐŝŽŶ͕ŚŽǁĞǀĞƌ͕
ǁŝůůŶŽƚĂƉƉůLJŝĨƚŚĞƐĂůĞƐŽƌƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐŽĨ,dDŝŶǀĞƐƚŵĞŶƚƐĂƌĞ͗;ŝͿƐŽĐůŽƐĞƚŽŵĂƚƵƌŝƚLJŽƌƚŚĞĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐ͛ĐĂůůĚĂƚĞƚŚĂƚĐŚĂŶŐĞƐŝŶƚŚĞŵĂƌŬĞƚƌĂƚĞŽĨŝŶƚĞƌĞƐƚǁŽƵůĚŶŽƚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚŽŶŝƚƐĨĂŝƌǀĂůƵĞ͖
;ŝŝͿŽĐĐƵƌĂĨƚĞƌƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĐŽůůĞĐƚĞĚƐƵďƐƚĂŶƚŝĂůůLJĂůůŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͛ŽƌŝŐŝŶĂů
ƉƌŝŶĐŝƉĂůƚŚƌŽƵŐŚƐĐŚĞĚƵůĞĚƉĂLJŵĞŶƚƐŽƌƉƌĞƉĂLJŵĞŶƚƐ͖Žƌ͕;ŝŝŝͿĂƚƚƌŝďƵƚĂďůĞƚŽĂŶŝƐŽůĂƚĞĚĞǀĞŶƚƚŚĂƚŝƐďĞLJŽŶĚ
ƚŚĞĐŽŶƚƌŽůŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͕ŝƐŶŽŶͲƌĞĐƵƌƌŝŶŐĂŶĚĐŽƵůĚŚĂǀĞďĞĞŶƌĞĂƐŽŶĂďůLJĂŶƚŝĐŝƉĂƚĞĚďLJ
ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͘

/ĨƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚ;ŝ͘Ğ͘ƚǁŽĨƵůůĨŝŶĂŶĐŝĂůLJĞĂƌƐͿŚĂƐĂůƌĞĂĚLJƉĂƐƐĞĚ͕ŝƚďĞĐŽŵĞƐĂƉƉƌŽƉƌŝĂƚĞƚŽƌĞĐůĂƐƐŝĨLJƚŚĞ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐďĂĐŬƚŽ,dDŝŶǀĞƐƚŵĞŶƚƐ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚŽŶƚŚĞĚĂƚĞŽĨ
ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶďĞĐŽŵĞƐŝƚƐŶĞǁĐŽƐƚ͘

ŶLJƉƌĞǀŝŽƵƐŐĂŝŶŽƌůŽƐƐŽŶƚŚĂƚĂƐƐĞƚƚŚĂƚŚĂƐďĞĞŶƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƐŚĂůůďĞ
ĂŵŽƌƚŝnjĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŽǀĞƌƚŚĞƌĞŵĂŝŶŝŶŐůŝĨĞŽĨƚŚĞ,dDŝŶǀĞƐƚŵĞŶƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
ŶLJĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞǁĐŽƐƚĂŶĚŵĂƚƵƌŝƚLJĂŵŽƵŶƚƐŚĂůůĂůƐŽďĞĂŵŽƌƚŝnjĞĚŽǀĞƌƚŚĞƌĞŵĂŝŶŝŶŐůŝĨĞŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͕ƐŝŵŝůĂƌƚŽƚŚĞĂŵŽƌƚŝnjĂƚŝŽŶŽĨĂƉƌĞŵŝƵŵĂŶĚĂĚŝƐĐŽƵŶƚ͘

/ĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐƐƵďƐĞƋƵĞŶƚůLJŝŵƉĂŝƌĞĚ͕ĂŶLJŐĂŝŶŽƌůŽƐƐƚŚĂƚŚĂƐďĞĞŶƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞŝƐƌĞĐůĂƐƐŝĨŝĞĚĨƌŽŵĞƋƵŝƚLJƚŽƉƌŽĨŝƚŽƌůŽƐƐ͘

;ŝǀͿ &^&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚŝƐĐĂƚĞŐŽƌLJŝŶĐůƵĚĞƐŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞĞŝƚŚĞƌĚĞƐŝŐŶĂƚĞĚƚŽƚŚŝƐĐĂƚĞŐŽƌLJŽƌĚŽŶŽƚƋƵĂůŝĨLJ
ĨŽƌŝŶĐůƵƐŝŽŶŝŶĂŶLJŽĨƚŚĞŽƚŚĞƌĐĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ&^ĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐŝŶĐůƵĚĞŐŽǀĞƌŶŵĞŶƚĂŶĚĐŽƌƉŽƌĂƚĞďŽŶĚƐĂŶĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͘

ůůĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝƚŚŝŶƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ĞdžĐĞƉƚĨŽƌĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ
ƚŚĂƚĚŽŶŽƚŚĂǀĞĂƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚĂŶĚǁŚŽƐĞĨĂŝƌǀĂůƵĞĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͕
ǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĐŽƐƚ͕ůĞƐƐŝŵƉĂŝƌŵĞŶƚůŽƐƐ͕ŝĨĂŶLJ͘

'ĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ŶĞƚŽĨĂŶLJŝŶĐŽŵĞƚĂdžĞĨĨĞĐƚƐ͕ĂŶĚĂƌĞƌĞƉŽƌƚĞĚ
ĂƐƉĂƌƚŽĨƚŚĞZĞǀĂůƵĂƚŝŽŶZĞƐĞƌǀĞƐĂĐĐŽƵŶƚŝŶĞƋƵŝƚLJ͕ĞdžĐĞƉƚĨŽƌŝŶƚĞƌĞƐƚĂŶĚĚŝǀŝĚĞŶĚŝŶĐŽŵĞ͕ŝŵƉĂŝƌŵĞŶƚ
ůŽƐƐĞƐĂŶĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĚŝĨĨĞƌĞŶĐĞƐŽŶŵŽŶĞƚĂƌLJĂƐƐĞƚƐ͕ǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘


136 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

tŚĞŶƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐĚŝƐƉŽƐĞĚŽĨŽƌŝƐĚĞƚĞƌŵŝŶĞĚƚŽďĞŝŵƉĂŝƌĞĚ͕ƚŚĂƚŝƐ͕ǁŚĞŶƚŚĞƌĞŝƐĂƐŝŐŶŝĨŝĐĂŶƚŽƌ
ƉƌŽůŽŶŐĞĚĚĞĐůŝŶĞŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞĐƵƌŝƚLJďĞůŽǁŝƚƐĐŽƐƚ͕ƚŚĞĐƵŵƵůĂƚŝǀĞĨĂŝƌǀĂůƵĞŐĂŝŶƐŽƌůŽƐƐĞƐ
ƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝƐƌĞĐůĂƐƐŝĨŝĞĚĨƌŽŵĞƋƵŝƚLJƚŽƉƌŽĨŝƚŽƌůŽƐƐĂŶĚŝƐƉƌĞƐĞŶƚĞĚĂƐ
ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚǁŝƚŚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĞǀĞŶƚŚŽƵŐŚƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŚĂƐŶŽƚďĞĞŶ
ĚĞƌĞĐŽŐŶŝnjĞĚ͘

;ďͿ /ŵƉĂŝƌŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚǁŚĞƚŚĞƌƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌ
ŐƌŽƵƉŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŵƉĂŝƌĞĚ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞƐŝŵƉĂŝƌŵĞŶƚůŽƐƐďĂƐĞĚŽŶƚŚĞ
ĐĂƚĞŐŽƌLJŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐĨŽůůŽǁƐ͗

;ŝͿ ĂƌƌŝĞĚĂƚŵŽƌƚŝnjĞĚŽƐƚʹ>ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐĂŶĚ,dD/ŶǀĞƐƚŵĞŶƚƐ

/ĨƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐŽƌ,dDŝŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚ
ĐŽƐƚŚĂƐďĞĞŶŝŶĐƵƌƌĞĚ͕ƚŚĞĂŵŽƵŶƚŽĨƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĂƐƐĞƚƐ͛
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂŶĚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐ;ĞdžĐůƵĚŝŶŐĨƵƚƵƌĞĐƌĞĚŝƚůŽƐƐĞƐƚŚĂƚŚĂǀĞ
ŶŽƚďĞĞŶŝŶĐƵƌƌĞĚͿ͕ĚŝƐĐŽƵŶƚĞĚĂƚƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚ͛ƐŽƌŝŐŝŶĂůĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽƌĐƵƌƌĞŶƚĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚ
ƌĂƚĞĚĞƚĞƌŵŝŶĞĚƵŶĚĞƌƚŚĞĐŽŶƚƌĂĐƚŝĨƚŚĞůŽĂŶŚĂƐĂǀĂƌŝĂďůĞŝŶƚĞƌĞƐƚƌĂƚĞ͘

dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚƐŚĂůůďĞƌĞĚƵĐĞĚĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌƚŚƌŽƵŐŚƚŚĞƵƐĞŽĨĂŶĂůůŽǁĂŶĐĞĂĐĐŽƵŶƚ͘
dŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐƐŚĂůůďĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

/ĨŝŶĂƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚ͕ƚŚĞĂŵŽƵŶƚŽĨƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐĚĞĐƌĞĂƐĞƐĂŶĚƚŚĞĚĞĐƌĞĂƐĞĐĂŶďĞƌĞůĂƚĞĚŽďũĞĐƚŝǀĞůLJ
ƚŽĂŶĞǀĞŶƚŽĐĐƵƌƌŝŶŐĂĨƚĞƌƚŚĞŝŵƉĂŝƌŵĞŶƚǁĂƐƌĞĐŽŐŶŝnjĞĚ;ƐƵĐŚĂƐĂŶŝŵƉƌŽǀĞŵĞŶƚŝŶƚŚĞĚĞďƚŽƌ͛ƐĐƌĞĚŝƚƌĂƚŝŶŐͿ͕
ƚŚĞƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞǀĞƌƐĞĚďLJĂĚũƵƐƚŝŶŐƚŚĞĂůůŽǁĂŶĐĞĂĐĐŽƵŶƚ͘dŚĞƌĞǀĞƌƐĂůƐŚĂůůŶŽƚ
ƌĞƐƵůƚŝŶĂĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŚĂƚĞdžĐĞĞĚƐǁŚĂƚƚŚĞĂŵŽƌƚŝnjĞĚĐŽƐƚǁŽƵůĚŚĂǀĞďĞĞŶŚĂĚƚŚĞ
ŝŵƉĂŝƌŵĞŶƚŶŽƚďĞĞŶƌĞĐŽŐŶŝnjĞĚĂƚƚŚĞĚĂƚĞŽĨƚŚĞŝŵƉĂŝƌŵĞŶƚŝƐƌĞǀĞƌƐĞĚ͘dŚĞĂŵŽƵŶƚŽĨƚŚĞƌĞǀĞƌƐĂůŝƐ
ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐ͘

;ŝŝͿ ĂƌƌŝĞĚĂƚŽƐƚʹ&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ

/ĨƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨŝŵƉĂŝƌŵĞŶƚĨŽƌĂŶLJŽĨƚŚĞƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚŝƐŶŽƚĐĂƌƌŝĞĚĂƚĨĂŝƌ
ǀĂůƵĞďĞĐĂƵƐĞŝƚƐĨĂŝƌǀĂůƵĞĐĂŶŶŽƚďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͕ŽƌŽŶĂĚĞƌŝǀĂƚŝǀĞĂƐƐĞƚƚŚĂƚŝƐůŝŶŬĞĚƚŽĂŶĚƌĞƋƵŝƌĞĚƚŽ
ďĞƐĞƚƚůĞĚďLJĚĞůŝǀĞƌLJŽĨƐƵĐŚĂŶƵŶƋƵŽƚĞĚĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚ͕ŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚ͘dŚĞĂŵŽƵŶƚŽĨ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨ
ĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĚŝƐĐŽƵŶƚĞĚĂƚƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚƌĂƚĞŽĨƌĞƚƵƌŶĨŽƌĂƐŝŵŝůĂƌĨŝŶĂŶĐŝĂůĂƐƐĞƚ͘^ƵĐŚ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂƌĞŶŽƚƌĞǀĞƌƐĞĚ͘

;ŝŝŝͿ ĂƌƌŝĞĚĂƚ&ĂŝƌsĂůƵĞʹ&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ

tŚĞŶĂĚĞĐůŝŶĞŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚŚĂƐďĞĞŶƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
ĂŶĚƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞĂƐƐĞƚŝƐŝŵƉĂŝƌĞĚ͕ƚŚĞĐƵŵƵůĂƚŝǀĞůŽƐƐʹŵĞĂƐƵƌĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚĞĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚ;ŶĞƚŽĨĂŶLJƉƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶͿĂŶĚĐƵƌƌĞŶƚĨĂŝƌǀĂůƵĞ͕ůĞƐƐĂŶLJ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶƚŚĂƚĨŝŶĂŶĐŝĂůĂƐƐĞƚƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐʹŝƐƌĞĐůĂƐƐŝĨŝĞĚĨƌŽŵZĞǀĂůƵĂƚŝŽŶ
ZĞƐĞƌǀĞƐƚŽƉƌŽĨŝƚŽƌůŽƐƐĂƐĂƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚĞǀĞŶƚŚŽƵŐŚƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŚĂƐŶŽƚďĞĞŶ
ĚĞƌĞĐŽŐŶŝnjĞĚ͘

/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐĂƌĞŶŽƚƌĞǀĞƌƐĞĚƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘
ZĞǀĞƌƐĂůŽĨŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ĞdžĐĞƉƚĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞ
ĚĞďƚƐĞĐƵƌŝƚŝĞƐǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽŶůLJŝĨƚŚĞƌĞǀĞƌƐĂůĐĂŶďĞŽďũĞĐƚŝǀĞůLJƌĞůĂƚĞĚƚŽĂŶĞǀĞŶƚ
ŽĐĐƵƌƌŝŶŐĂĨƚĞƌƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐǁĂƐƌĞĐŽŐŶŝnjĞĚ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 137
 ;ĐͿ /ƚĞŵƐŽĨ/ŶĐŽŵĞĂŶĚdžƉĞŶƐĞƐZĞůĂƚĞĚƚŽ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

ůůŝŶĐŽŵĞƌĞůĂƚŝŶŐƚŽĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƌĞƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞŝŶ
ƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘/ŵƉĂŝƌŵĞŶƚ>ŽƐƐĞƐĂƌĞƉƌĞƐĞŶƚĞĚĂƐĂƐĞƉĂƌĂƚĞůŝŶĞŝƚĞŵŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘

EŽŶͲĐŽŵƉŽƵŶĚŝŶŐŝŶƚĞƌĞƐƚ͕ĚŝǀŝĚĞŶĚŝŶĐŽŵĞĂŶĚŽƚŚĞƌĐĂƐŚĨůŽǁƐƌĞƐƵůƚŝŶŐĨƌŽŵŚŽůĚŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞ
ƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶĞĂƌŶĞĚ͕ƌĞŐĂƌĚůĞƐƐŽĨŚŽǁƚŚĞƌĞůĂƚĞĚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐ
ŵĞĂƐƵƌĞĚ͘

;ĚͿ ĞƌĞĐŽŐŶŝƚŝŽŶŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ;ŽƌǁŚĞƌĞĂƉƉůŝĐĂďůĞ͕ĂƉĂƌƚŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌƉĂƌƚŽĨĂŐƌŽƵƉŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐͿĂƌĞ
ĚĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƐƚŽƌĞĐĞŝǀĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĞdžƉŝƌĞ͕ŽƌǁŚĞŶƚŚĞ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĂůůƐƵďƐƚĂŶƚŝĂůƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŚĂǀĞďĞĞŶƚƌĂŶƐĨĞƌƌĞĚƚŽĂŶŽƚŚĞƌƉĂƌƚLJ͘/ĨƚŚĞ'ƌŽƵƉ
ĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŶĞŝƚŚĞƌƚƌĂŶƐĨĞƌƐŶŽƌƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂŶĚĐŽŶƚŝŶƵĞƐƚŽ
ĐŽŶƚƌŽůƚŚĞƚƌĂŶƐĨĞƌƌĞĚĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞƐŝƚƐƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚĂŶĚĂŶ
ĂƐƐŽĐŝĂƚĞĚůŝĂďŝůŝƚLJĨŽƌĂŵŽƵŶƚƐŝƚŵĂLJŚĂǀĞƚŽƉĂLJ͘/ĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐ
ĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨĂƚƌĂŶƐĨĞƌƌĞĚĨŝŶĂŶĐŝĂůĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐŽŶƚŝŶƵĞƐƚŽƌĞĐŽŐŶŝnjĞƚŚĞ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚĂůƐŽƌĞĐŽŐŶŝnjĞƐĂĐŽůůĂƚĞƌĂůŝnjĞĚďŽƌƌŽǁŝŶŐĨŽƌƚŚĞƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͘

Ϯ͘ϱ ĞƌŝǀĂƚŝǀĞ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝƐĂĐŽƵŶƚĞƌƉĂƌƚLJƚŽĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐ͕ƐƵĐŚĂƐĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĨŽƌǁĂƌĚĐŽŶƚƌĂĐƚƐ͘dŚĞƐĞ
ĐŽŶƚƌĂĐƚƐĂƌĞĞŶƚĞƌĞĚŝŶƚŽĂƐĂŵĞĂŶƐŽĨƌĞĚƵĐŝŶŐŽƌŵĂŶĂŐŝŶŐƚŚĞĐƵƐƚŽŵĞƌƐ͛ƌĞƐƉĞĐƚŝǀĞĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞĞdžƉŽƐƵƌĞƐĂŶĚĨŽƌ
ƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƚƌĂĚŝŶŐƉƵƌƉŽƐĞƐ͘

ĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĨĂŝƌǀĂůƵĞŽŶƚŚĞĚĂƚĞŽŶǁŚŝĐŚƚŚĞĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚŝƐĞŶƚĞƌĞĚ
ŝŶƚŽĂŶĚĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ͘&ĂŝƌŵĂƌŬĞƚǀĂůƵĞƐĂƌĞŽďƚĂŝŶĞĚĨƌŽŵƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐŝŶĂĐƚŝǀĞ
ŵĂƌŬĞƚƐ͕ŝŶĐůƵĚŝŶŐƌĞĐĞŶƚŵĂƌŬĞƚƚƌĂŶƐĂĐƚŝŽŶƐ͘ůůĚĞƌŝǀĂƚŝǀĞƐĂƌĞĐĂƌƌŝĞĚĂƐƌĞƐŽƵƌĐĞƐǁŚĞŶĨĂŝƌǀĂůƵĞŝƐƉŽƐŝƚŝǀĞĂŶĚĂƐ
ůŝĂďŝůŝƚŝĞƐǁŚĞŶĨĂŝƌǀĂůƵĞŝƐŶĞŐĂƚŝǀĞ͘

dŚĞďĞƐƚĞǀŝĚĞŶĐĞŽĨĨĂŝƌǀĂůƵĞŽĨĂĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĂƚŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŝƐƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞ;ƚŚĞĨĂŝƌǀĂůƵĞ
ŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŐŝǀĞŶŽƌƌĞĐĞŝǀĞĚͿƵŶůĞƐƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐĞǀŝĚĞŶĐĞĚďLJĐŽŵƉĂƌŝƐŽŶǁŝƚŚŽƚŚĞƌ
ŽďƐĞƌǀĂďůĞĐƵƌƌĞŶƚŵĂƌŬĞƚƚƌĂŶƐĂĐƚŝŽŶƐŝŶƚŚĞƐĂŵĞŝŶƐƚƌƵŵĞŶƚ͘tŚĞŶƐƵĐŚĞǀŝĚĞŶĐĞĞdžŝƐƚƐ͕ǁŚŝĐŚŝŶĚŝĐĂƚĞƐĂĨĂŝƌǀĂůƵĞ
ĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞƐĂŐĂŝŶŽƌůŽƐƐĂƚŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘

ŶLJŐĂŝŶƐŽƌůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞƐŽĨĚĞƌŝǀĂƚŝǀĞƐ͕ĞdžĐĞƉƚƚŚŽƐĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂĐĐŽƵŶƚŝŶŐĐĂƐŚĨůŽǁ
ŚĞĚŐĞƐĂŶĚŚĞĚŐĞƐŝŶŶĞƚŝŶǀĞƐƚŵĞŶƚŝŶĨŽƌĞŝŐŶŽƉĞƌĂƚŝŽŶ͕ĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

Ϯ͘ϲ ZĞĂůƐƚĂƚĞ/ŶǀĞŶƚŽƌŝĞƐ

ZĞĂůĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐ;ŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨ/ŶƚĂŶŐŝďůĞĂŶĚKƚŚĞƌZĞƐŽƵƌĐĞƐĂĐĐŽƵŶƚͿĂƌĞƐƚĂƚĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚĂŶĚŶĞƚ
ƌĞĂůŝnjĂďůĞǀĂůƵĞ͘ŽƐƚƐŚĂůůĐŽŵƉƌŝƐĞĂůůĐŽƐƚƐŽĨƉƵƌĐŚĂƐĞ͕ĐŽƐƚƐŽĨĐŽŶǀĞƌƐŝŽŶĂŶĚŽƚŚĞƌĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶďƌŝŶŐŝŶŐƚŚĞ
ŝŶǀĞŶƚŽƌŝĞƐƚŽƚŚĞŝƌƉƌĞƐĞŶƚůŽĐĂƚŝŽŶĂŶĚĐŽŶĚŝƚŝŽŶ͘

EĞƚƌĞĂůŝnjĂďůĞǀĂůƵĞŝƐƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐůĞƐƐƚŚĞĞƐƚŝŵĂƚĞĚĐŽƐƚƐŽĨĐŽŵƉůĞƚŝŽŶ
ĂŶĚƚŚĞĞƐƚŝŵĂƚĞĚĐŽƐƚƐŶĞĐĞƐƐĂƌLJƚŽŵĂŬĞƚŚĞƐĂůĞ͘

Ϯ͘ϳ ĂŶŬWƌĞŵŝƐĞƐ͕&ƵƌŶŝƚƵƌĞ͕&ŝdžƚƵƌĞƐĂŶĚƋƵŝƉŵĞŶƚ

>ĂŶĚŝƐƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚůŽƐƐ͘ƐŶŽĨŝŶŝƚĞƵƐĞĨƵůůŝĨĞĨŽƌůĂŶĚĐĂŶďĞĚĞƚĞƌŵŝŶĞĚ͕ƌĞůĂƚĞĚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝƐ
ŶŽƚĚĞƉƌĞĐŝĂƚĞĚ͘ůůŽƚŚĞƌďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞĐĂƌƌŝĞĚĂƚĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐůĞƐƐĂĐĐƵŵƵůĂƚĞĚ
ĚĞƉƌĞĐŝĂƚŝŽŶ͕ĂŵŽƌƚŝnjĂƚŝŽŶĂŶĚĂŶLJŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ͘

dŚĞĐŽƐƚŽĨĂŶĂƐƐĞƚĐŽŵƉƌŝƐĞƐŝƚƐƉƵƌĐŚĂƐĞƉƌŝĐĞĂŶĚĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞĐŽƐƚƐŽĨďƌŝŶŐŝŶŐƚŚĞĂƐƐĞƚƚŽǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶĨŽƌ
ŝƚƐŝŶƚĞŶĚĞĚƵƐĞ͘džƉĞŶĚŝƚƵƌĞƐĨŽƌĂĚĚŝƚŝŽŶƐ͕ŵĂũŽƌŝŵƉƌŽǀĞŵĞŶƚƐĂŶĚƌĞŶĞǁĂůƐĂƌĞĐĂƉŝƚĂůŝnjĞĚǁŚŝůĞĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌ
ƌĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂƌĞĐŚĂƌŐĞĚƚŽĞdžƉĞŶƐĞĂƐŝŶĐƵƌƌĞĚ͘


138 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŝƐĐŽŵƉƵƚĞĚŽŶƚŚĞƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨƚŚĞĂƐƐĞƚƐĂƐ
ƉƌĞƐĞŶƚĞĚďĞůŽǁ͘

ƵŝůĚŝŶŐƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ ϭϬƚŽϱϬLJĞĂƌƐ
&ƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ ϯƚŽϭϬLJĞĂƌƐ
>ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐ ϱƚŽϭϬLJĞĂƌƐ

ŶĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝƐǁƌŝƚƚĞŶĚŽǁŶŝŵŵĞĚŝĂƚĞůLJƚŽŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŝĨƚŚĞĂƐƐĞƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝƐŐƌĞĂƚĞƌ
ƚŚĂŶŝƚƐĞƐƚŝŵĂƚĞĚƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ;ƐĞĞEŽƚĞϮ͘ϮϬͿ͘

dŚĞƌĞƐŝĚƵĂůǀĂůƵĞƐ͕ĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐĂŶĚŵĞƚŚŽĚŽĨĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐ
ĂŶĚĞƋƵŝƉŵĞŶƚĂƌĞƌĞǀŝĞǁĞĚ͕ĂŶĚĂĚũƵƐƚĞĚŝĨĂƉƉƌŽƉƌŝĂƚĞ͕ĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘

&ƵůůLJĚĞƉƌĞĐŝĂƚĞĚĂŶĚĨƵůůLJĂŵŽƌƚŝnjĞĚĂƐƐĞƚƐĂƌĞƌĞƚĂŝŶĞĚŝŶƚŚĞĂĐĐŽƵŶƚƐƵŶƚŝůƚŚĞƐĞĂƌĞŶŽůŽŶŐĞƌŝŶƵƐĞĂŶĚŶŽĨƵƌƚŚĞƌ
ĐŚĂƌŐĞĨŽƌĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŝƐŵĂĚĞŝŶƌĞƐƉĞĐƚŽĨƚŚŽƐĞĂƐƐĞƚƐ͘

ŶŝƚĞŵŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞƌĞůĂƚĞĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ĂĐĐƵŵƵůĂƚĞĚ
ĂŵŽƌƚŝnjĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͕ŝƐĚĞƌĞĐŽŐŶŝnjĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽ
ĂƌŝƐĞĨƌŽŵƚŚĞĐŽŶƚŝŶƵĞĚƵƐĞŽĨƚŚĞĂƐƐĞƚ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚ;ĐĂůĐƵůĂƚĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝƚĞŵͿŝƐŝŶĐůƵĚĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞLJĞĂƌƚŚĞŝƚĞŵŝƐ
ĚĞƌĞĐŽŐŶŝnjĞĚ͘

Ϯ͘ϴ ƐƐĞƚƐ,ĞůĚͲĨŽƌͲ^ĂůĞ

ƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞ;ŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨ/ŶƚĂŶŐŝďůĞĂŶĚKƚŚĞƌZĞƐŽƵƌĐĞƐĂĐĐŽƵŶƚͿŝŶĐůƵĚĞƌĞĂůĂŶĚŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐĂĐƋƵŝƌĞĚ
ƚŚƌŽƵŐŚƌĞƉŽƐƐĞƐƐŝŽŶŽƌĨŽƌĞĐůŽƐƵƌĞƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝŶƚĞŶĚƐƚŽƐĞůůǁŝƚŚŝŶŽŶĞLJĞĂƌĨƌŽŵƚŚĞĚĂƚĞŽĨ
ĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐŚĞůĚͲĨŽƌͲƐĂůĞĂŶĚŝƐĐŽŵŵŝƚƚĞĚƚŽŝŵŵĞĚŝĂƚĞůLJĚŝƐƉŽƐĞƚŚĞĂƐƐĞƚƐƚŚƌŽƵŐŚĂŶĂĐƚŝǀĞŵĂƌŬĞƚŝŶŐƉƌŽŐƌĂŵ͘

dŚĞ'ƌŽƵƉĐůĂƐƐŝĨŝĞƐĂŶĂƐƐĞƚĂƐŚĞůĚͲĨŽƌͲƐĂůĞŝĨŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚǁŝůůďĞƌĞĐŽǀĞƌĞĚƉƌŝŶĐŝƉĂůůLJƚŚƌŽƵŐŚĂƐĂůĞƚƌĂŶƐĂĐƚŝŽŶ
ƌĂƚŚĞƌƚŚĂŶƚŚƌŽƵŐŚĐŽŶƚŝŶƵŝŶŐƵƐĞ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚƚŚĞƐĂůĞŽĨƚŚĞĂƐƐĞƚŝƐĞdžƚĞŶĚĞĚďĞLJŽŶĚŽŶĞLJĞĂƌ͕ƚŚĞĞdžƚĞŶƐŝŽŶŽĨƚŚĞ
ƉĞƌŝŽĚƌĞƋƵŝƌĞĚƚŽĐŽŵƉůĞƚĞƚŚĞƐĂůĞĚŽĞƐŶŽƚƉƌĞĐůƵĚĞĂŶĂƐƐĞƚĨƌŽŵďĞŝŶŐĐůĂƐƐŝĨŝĞĚĂƐŚĞůĚͲĨŽƌͲƐĂůĞŝĨƚŚĞĚĞůĂLJŝƐĐĂƵƐĞĚ
ďLJĞǀĞŶƚƐŽƌĐŝƌĐƵŵƐƚĂŶĐĞƐďĞLJŽŶĚƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽŶƚƌŽůĂŶĚƚŚĞƌĞŝƐƐƵĨĨŝĐŝĞŶƚĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞ'ƌŽƵƉ
ĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞŵĂŝŶƐĐŽŵŵŝƚƚĞĚƚŽŝƚƐƉůĂŶƚŽƐĞůůƚŚĞĂƐƐĞƚ͘

ƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞůŽǁĞƌŽĨƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐ͕ŝŵŵĞĚŝĂƚĞůLJƉƌŝŽƌƚŽƚŚĞŝƌĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐŚĞůĚͲĨŽƌͲ
ƐĂůĞĂŶĚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐůĞƐƐĐŽƐƚƐƚŽƐĞůů͘ƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞĂƌĞŶŽƚƐƵďũĞĐƚƚŽĚĞƉƌĞĐŝĂƚŝŽŶ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚ
ĂŶŬƌĞĐŽŐŶŝnjĞƐĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐĨŽƌĂŶLJŝŶŝƚŝĂůŽƌƐƵďƐĞƋƵĞŶƚǁƌŝƚĞͲĚŽǁŶŽĨƚŚĞĂƐƐĞƚƚŽĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƚŽƐĞůů͘'ĂŝŶ
ĨŽƌĂŶLJƐƵďƐĞƋƵĞŶƚŝŶĐƌĞĂƐĞŝŶĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƚŽƐĞůůŽĨĂŶĂƐƐĞƚŝƐƌĞĐŽŐŶŝnjĞĚƚŽƚŚĞĞdžƚĞŶƚŽĨƚŚĞĐƵŵƵůĂƚŝǀĞŝŵƉĂŝƌŵĞŶƚ
ůŽƐƐĞƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚ͘

/ĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĐůĂƐƐŝĨŝĞĚĂŶĂƐƐĞƚĂƐŚĞůĚͲĨŽƌͲƐĂůĞ͕ďƵƚƚŚĞĐƌŝƚĞƌŝĂĨŽƌŝƚƚŽďĞƌĞĐŽŐŶŝnjĞĚĂƐŚĞůĚͲĨŽƌͲ
ƐĂůĞĂƌĞŶŽůŽŶŐĞƌƐĂƚŝƐĨŝĞĚ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƐŚĂůůĐĞĂƐĞƚŽĐůĂƐƐŝĨLJƚŚĞĂƐƐĞƚĂƐŚĞůĚͲĨŽƌͲƐĂůĞ͘

ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐĂůĞŽƌƌĞŵĞĂƐƵƌĞŵĞŶƚŽĨĂƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

Ϯ͘ϵ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ

/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐƌĞƉƌĞƐĞŶƚƉƌŽƉĞƌƚŝĞƐŚĞůĚĞŝƚŚĞƌƚŽĞĂƌŶƌĞŶƚĂůŝŶĐŽŵĞŽƌĨŽƌĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶŽƌĨŽƌďŽƚŚ͕ďƵƚŶŽƚ
ĨŽƌƐĂůĞŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƵƐĞŝŶƉƌŽǀŝĚŝŶŐƐĞƌǀŝĐĞƐŽƌĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞƉƵƌƉŽƐĞƐ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŵĞĂƐƵƌĞƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ǁŚŝĐŚŝŶĐůƵĚĞůĂŶĚĂŶĚďƵŝůĚŝŶŐĂĐƋƵŝƌĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚ
ƚŚĞWĂƌĞŶƚĂŶŬĨƌŽŵĚĞĨĂƵůƚŝŶŐďŽƌƌŽǁĞƌƐ͕ƵŶĚĞƌƚŚĞĐŽƐƚŵŽĚĞů͘dŚĞĐŽƐƚŽĨĂŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJĐŽŵƉƌŝƐĞƐŝƚƐ
ƉƵƌĐŚĂƐĞƉƌŝĐĞĂŶĚĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞĐŽƐƚƐŝŶĐƵƌƌĞĚ͘ŽƐƚŝƐŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝnjĞĚĂƚĨĂŝƌǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ
ƵŶůĞƐƐ͗;ŝͿƚŚĞĞdžĐŚĂŶŐĞƚƌĂŶƐĂĐƚŝŽŶůĂĐŬƐĐŽŵŵĞƌĐŝĂůƐƵďƐƚĂŶĐĞ͖Žƌ͕;ŝŝͿŶĞŝƚŚĞƌƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƌĞĐĞŝǀĞĚŶŽƌƚŚĞ
ĂƐƐĞƚŐŝǀĞŶƵƉĐĂŶďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƌĞĐĞŝǀĞĚ͕ĂƐĚĞƚĞƌŵŝŶĞĚďLJ
ƉƌŽĨĞƐƐŝŽŶĂůĂƉƉƌĂŝƐĞƌƐ͕ĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞůŽĂŶƐĞƚƚůĞĚƚŚƌŽƵŐŚĨŽƌĞĐůŽƐƵƌĞŝƐƌĞĐŽŐŶŝnjĞĚĂƐ'ĂŝŶƐŽƌ>ŽƐƐĞƐŽŶ
&ŽƌĞĐůŽƐƵƌĞƐƵŶĚĞƌƚŚĞKƚŚĞƌ/ŶĐŽŵĞĂĐĐŽƵŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ĞdžĐĞƉƚůĂŶĚ͕ĂƌĞ
ĚĞƉƌĞĐŝĂƚĞĚƵƐŝŶŐƚŚĞƐƚƌĂŝŐŚƚůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨƚŚĞĂƐƐĞƚŽĨƚĞŶLJĞĂƌƐ͘

U C P B 2 0 1 7 A N N U A L R E P O R T 139
 /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞĚĞƌĞĐŽŐŶŝnjĞĚƵƉŽŶĚŝƐƉŽƐĂůŽƌǁŚĞŶƉĞƌŵĂŶĞŶƚůLJǁŝƚŚĚƌĂǁŶĨƌŽŵƵƐĞĂŶĚŶŽĨƵƚƵƌĞĞĐŽŶŽŵŝĐ
ďĞŶĞĨŝƚŝƐĞdžƉĞĐƚĞĚĨƌŽŵƚŚĞŝƌĚŝƐƉŽƐĂů͘ŶLJŐĂŝŶŽƌůŽƐƐŽŶƚŚĞƌĞƚŝƌĞŵĞŶƚŽƌĚŝƐƉŽƐĂůŽĨĂŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŝƐ
ƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂŶĚŝƐƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨ'ĂŝŶƐŽƌ>ŽƐƐĞƐŽŶƐƐĞƚƐ^ŽůĚƵŶĚĞƌƚŚĞKƚŚĞƌ/ŶĐŽŵĞĂĐĐŽƵŶƚŝŶƚŚĞ
LJĞĂƌŽĨƌĞƚŝƌĞŵĞŶƚŽƌĚŝƐƉŽƐĂů͘

Ϯ͘ϭϬ /ŶƚĂŶŐŝďůĞƐƐĞƚƐ

/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐŝŶĐůƵĚĞĂĐƋƵŝƌĞĚƐŽĨƚǁĂƌĞĐŽƐƚƐĂŶĚĞdžĐŚĂŶŐĞƚƌĂĚŝŶŐƌŝŐŚƚƐ͕ǁŚŝĐŚĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƵŶĚĞƌƚŚĞĐŽƐƚŵŽĚĞů͘
dŚĞĐŽƐƚŽĨƚŚĞĂƐƐĞƚŝƐƚŚĞĂŵŽƵŶƚŽĨĐĂƐŚŽƌĐĂƐŚĞƋƵŝǀĂůĞŶƚƐƉĂŝĚŽƌƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŽƚŚĞƌĐŽŶƐŝĚĞƌĂƚŝŽŶƐŐŝǀĞŶƵƉƚŽ
ĂĐƋƵŝƌĞĂŶĂƐƐĞƚĂƚƚŚĞƚŝŵĞŽĨŝƚƐĂĐƋƵŝƐŝƚŝŽŶŽƌƉƌŽĚƵĐƚŝŽŶ͘

ĐƋƵŝƌĞĚĐŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞůŝĐĞŶƐĞƐĂƌĞĐĂƉŝƚĂůŝnjĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞĐŽƐƚƐŝŶĐƵƌƌĞĚƚŽĂĐƋƵŝƌĞĂŶĚŝŶƐƚĂůůƚŚĞƐƉĞĐŝĨŝĐ
ƐŽĨƚǁĂƌĞ͘ŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŵĂŝŶƚĂŝŶŝŶŐĐŽŵƉƵƚĞƌƐŽĨƚǁĂƌĞĂŶĚƚŚŽƐĞĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƌĞƐĞĂƌĐŚĂĐƚŝǀŝƚŝĞƐĂƌĞ
ƌĞĐŽŐŶŝnjĞĚĂƐĞdžƉĞŶƐĞŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƐŝŶĐƵƌƌĞĚ͘ĂƉŝƚĂůŝnjĞĚĐŽƐƚƐĂƌĞĂŵŽƌƚŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚ
ƵƐĞĨƵůůŝǀĞƐ;ƌĂŶŐŝŶŐĨƌŽŵƚŚƌĞĞƚŽƚĞŶLJĞĂƌƐͿĂƐƚŚĞůŝǀĞƐŽĨƚŚĞƐĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞĐŽŶƐŝĚĞƌĞĚĨŝŶŝƚĞ͘/ŶĂĚĚŝƚŝŽŶ͕
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞƐƵďũĞĐƚƚŽŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐĂƐĚĞƐĐƌŝďĞĚŝŶEŽƚĞϮ͘ϮϬ͘

džĐŚĂŶŐĞƚƌĂĚŝŶŐƌŝŐŚƚƐ͕ŽŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ŝƐƌĞŐĂƌĚĞĚĂƐŚĂǀŝŶŐĂŶŝŶĚĞĨŝŶŝƚĞƵƐĞĨƵůůŝĨĞĂƐƚŚĞƌĞŝƐŶŽĨŽƌĞƐĞĞĂďůĞůŝŵŝƚƚŽ
ƚŚĞƉĞƌŝŽĚŽǀĞƌǁŚŝĐŚƚŚŝƐĂƐƐĞƚŝƐĞdžƉĞĐƚĞĚƚŽŐĞŶĞƌĂƚĞŶĞƚĐĂƐŚŝŶĨůŽǁĨŽƌƚŚĞ'ƌŽƵƉ͘džĐŚĂŶŐĞƚƌĂĚŝŶŐƌŝŐŚƚƐĂƌĞĐĂƌƌŝĞĚĂƚ
ƚŚĞĂŵŽƵŶƚĂůůŽĐĂƚĞĚĨƌŽŵƚŚĞŽƌŝŐŝŶĂůĐŽƐƚŽĨƚŚĞĞdžĐŚĂŶŐĞŵĞŵďĞƌƐŚŝƉƐĞĂƚŽĨh^/;ĂĨƚĞƌĂĐŽƌƌĞƐƉŽŶĚŝŶŐĂůůŽĐĂƚŝŽŶǁĂƐ
ŵĂĚĞƚŽƚŚĞǀĂůƵĞŽĨƚŚĞW^ƐŚĂƌĞƐͿůĞƐƐŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ͕ǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐĂŵĞŵĂŶŶĞƌĂƐĂĐƋƵŝƌĞĚ
ƐŽĨƚǁĂƌĞůŝĐĞŶƐĞƐ͘h^/ĚŽĞƐŶŽƚŝŶƚĞŶĚƚŽƐĞůůƚŚĞĞdžĐŚĂŶŐĞƚƌĂĚŝŶŐƌŝŐŚƚŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͘

Ϯ͘ϭϭ KƚŚĞƌZĞƐŽƵƌĐĞƐ

KƚŚĞƌƌĞƐŽƵƌĐĞƐƉĞƌƚĂŝŶƚŽŽƚŚĞƌƌĞƐŽƵƌĐĞƐĐŽŶƚƌŽůůĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂƐĂƌĞƐƵůƚŽĨƉĂƐƚĞǀĞŶƚƐ͘dŚĞLJĂƌĞ
ƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůůĨůŽǁƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬĂŶĚƚŚĞĂƐƐĞƚŚĂƐĂĐŽƐƚŽƌǀĂůƵĞƚŚĂƚĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘

Ϯ͘ϭϮ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ

&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ǁŚŝĐŚŝŶĐůƵĚĞĚĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͕ďŝůůƐƉĂLJĂďůĞĂŶĚƐĞĐƵƌŝƚŝĞƐƐŽůĚƵŶĚĞƌƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚƐ͕ĂĐĐƌƵĞĚ
ŝŶƚĞƌĞƐƚƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌůŝĂďŝůŝƚŝĞƐ;ŽƚŚĞƌƚŚĂŶƚĂdžͲƌĞůĂƚĞĚůŝĂďŝůŝƚŝĞƐͿĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚ͘ůůŝŶƚĞƌĞƐƚͲƌĞůĂƚĞĚĐŚĂƌŐĞƐŝŶĐƵƌƌĞĚŽŶĂĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚLJĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƐƉĂƌƚŽĨ/ŶƚĞƌĞƐƚdžƉĞŶƐĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽƌĚĞĚ
ŽƌƐƚĂƚĞĚĂƚĂŵŽƵŶƚƐŝŶǁŚŝĐŚƚŚĞLJĂƌĞƚŽďĞƉĂŝĚ͕ǁŚŝĐŚĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ͘

ŝůůƐƉĂLJĂďůĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚŝƐƚŚĞŝƐƐƵĞƉƌŽĐĞĞĚƐ;ĨĂŝƌǀĂůƵĞŽĨĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚͿ͕ŶĞƚŽĨ
ĚŝƌĞĐƚŝƐƐƵĞĐŽƐƚƐ͘ŝůůƐƉĂLJĂďůĞƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJƐƚĂƚĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͖ĂŶLJĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƉƌŽĐĞĞĚƐ͕ŶĞƚŽĨ
ƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͕ĂŶĚƚŚĞƌĞĚĞŵƉƚŝŽŶǀĂůƵĞŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞďŽƌƌŽǁŝŶŐƵƐŝŶŐƚŚĞ
ĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘

KƚŚĞƌůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŝƚŝĂůůLJĂƚƚŚĞŝƌĨĂŝƌǀĂůƵĞƐĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͕ƵƐŝŶŐĞĨĨĞĐƚŝǀĞ
ŝŶƚĞƌĞƐƚŵĞƚŚŽĚĨŽƌŵĂƚƵƌŝƚŝĞƐďĞLJŽŶĚŽŶĞLJĞĂƌ͕ůĞƐƐƐĞƚƚůĞŵĞŶƚƉĂLJŵĞŶƚƐ͘

ŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƚŝŽŶƐƚŽƐŚĂƌĞŚŽůĚĞƌƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐƵƉŽŶĚĞĐůĂƌĂƚŝŽŶďLJƚŚĞ'ƌŽƵƉ͘

&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞĚĞƌĞĐŽŐŶŝnjĞĚĨƌŽŵƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽŶůLJǁŚĞŶƚŚĞŽďůŝŐĂƚŝŽŶƐĂƌĞĞdžƚŝŶŐƵŝƐŚĞĚ
ĞŝƚŚĞƌƚŚƌŽƵŐŚĚŝƐĐŚĂƌŐĞ͕ĐĂŶĐĞůůĂƚŝŽŶŽƌĞdžƉŝƌĂƚŝŽŶ͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ
ĚĞƌĞĐŽŐŶŝnjĞĚĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚŽƌƉĂLJĂďůĞŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

 

140 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

Ϯ͘ϭϯ KĨĨƐĞƚƚŝŶŐ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞŽĨĨƐĞƚĂŶĚƚŚĞƌĞƐƵůƚŝŶŐŶĞƚĂŵŽƵŶƚ͕ĐŽŶƐŝĚĞƌĞĚĂƐĂƐŝŶŐůĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌ
ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͕ŝƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŚĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐƵƌƌĞŶƚůLJŚĂƐůĞŐĂůůLJ
ĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽƐĞƚͲŽĨĨƚŚĞƌĞĐŽŐŶŝnjĞĚĂŵŽƵŶƚƐĂŶĚƚŚĞƌĞŝƐĂŶŝŶƚĞŶƚŝŽŶƚŽƐĞƚƚůĞŽŶĂŶĞƚďĂƐŝƐ͕ŽƌƌĞĂůŝnjĞƚŚĞĂƐƐĞƚĂŶĚ
ƐĞƚƚůĞƚŚĞůŝĂďŝůŝƚLJƐŝŵƵůƚĂŶĞŽƵƐůLJ͘dŚĞƌŝŐŚƚŽĨƐĞƚͲŽĨĨŵƵƐƚďĞĂǀĂŝůĂďůĞĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŚĂƚŝƐ͕ŝƚŝƐŶŽƚ
ĐŽŶƚŝŶŐĞŶƚŽŶĨƵƚƵƌĞĞǀĞŶƚ͘/ƚŵƵƐƚĂůƐŽďĞĞŶĨŽƌĐĞĂďůĞŝŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ŝŶƚŚĞĞǀĞŶƚŽĨĚĞĨĂƵůƚ͕ĂŶĚŝŶƚŚĞ
ĞǀĞŶƚŽĨŝŶƐŽůǀĞŶĐLJŽƌďĂŶŬƌƵƉƚĐLJ͖ĂŶĚ͕ŵƵƐƚďĞůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞĨŽƌďŽƚŚĞŶƚŝƚLJĂŶĚĂůůĐŽƵŶƚĞƌƉĂƌƚŝĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂů
ŝŶƐƚƌƵŵĞŶƚƐ͘

Ϯ͘ϭϰ ƵƐŝŶĞƐƐŽŵďŝŶĂƚŝŽŶƐ

ƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŵĞƚŚŽĚŽĨĂĐĐŽƵŶƚŝŶŐ͘

'ŽŽĚǁŝůůƌĞƉƌĞƐĞŶƚƐƚŚĞĞdžĐĞƐƐŽĨƚŚĞĐŽƐƚŽĨĂŶĂĐƋƵŝƐŝƚŝŽŶŽǀĞƌƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐŚĂƌĞŽĨƚŚĞŶĞƚ
ŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐŽĨƚŚĞĂĐƋƵŝƌĞĚƐƵďƐŝĚŝĂƌLJĂƚƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶ͘^ƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ŐŽŽĚǁŝůůŝƐ
ŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘'ŽŽĚǁŝůůŝƐƚĞƐƚĞĚĂŶŶƵĂůůLJĨŽƌŝŵƉĂŝƌŵĞŶƚĂŶĚĐĂƌƌŝĞĚĂƚĐŽƐƚ
ůĞƐƐĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽŶŐŽŽĚǁŝůůĂƌĞŶŽƚƌĞǀĞƌƐĞĚ;ƐĞĞEŽƚĞϮ͘ϮϬͿ͘

EĞŐĂƚŝǀĞŐŽŽĚǁŝůů͕ǁŚŝĐŚŝƐƚŚĞĞdžĐĞƐƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞŶĞƚĨĂŝƌǀĂůƵĞŽĨŶĞƚŝĚĞŶƚŝĨŝĂďůĞĂƐƐĞƚƐĂĐƋƵŝƌĞĚ
ŽǀĞƌĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚŝƐĐŚĂƌŐĞĚĚŝƌĞĐƚůLJƚŽŝŶĐŽŵĞ͘

&ŽƌƚŚĞƉƵƌƉŽƐĞŽĨŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐ͕ŐŽŽĚǁŝůůŝƐĂůůŽĐĂƚĞĚƚŽĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐŽƌŐƌŽƵƉƐŽĨĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐƚŚĂƚ
ĂƌĞĞdžƉĞĐƚĞĚƚŽďĞŶĞĨŝƚĨƌŽŵƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝŶǁŚŝĐŚƚŚĞŐŽŽĚǁŝůůĂƌŽƐĞ͘dŚĞĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐŽƌŐƌŽƵƉƐŽĨ
ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐĂƌĞŝĚĞŶƚŝĨŝĞĚĂĐĐŽƌĚŝŶŐƚŽŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚ͘

'ĂŝŶƐĂŶĚůŽƐƐĞƐŽŶƚŚĞĚŝƐƉŽƐĂůŽĨĂŶŝŶƚĞƌĞƐƚŝŶĂƐƵďƐŝĚŝĂƌLJŝŶĐůƵĚĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŐŽŽĚǁŝůůƌĞůĂƚŝŶŐƚŽŝƚ͘ 

/ĨƚŚĞďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶŝƐĂĐŚŝĞǀĞĚŝŶƐƚĂŐĞƐ͕ƚŚĞĂĐƋƵŝƌĞƌŝƐƌĞƋƵŝƌĞĚƚŽƌĞŵĞĂƐƵƌĞŝƚƐƉƌĞǀŝŽƵƐůLJŚĞůĚĞƋƵŝƚLJŝŶƚĞƌĞƐƚŝŶ
ƚŚĞĂĐƋƵŝƌĞĞĂƚŝƚƐĂĐƋƵŝƐŝƚŝŽŶͲĚĂƚĞĨĂŝƌǀĂůƵĞĂŶĚƌĞĐŽŐŶŝnjĞƚŚĞƌĞƐƵůƚŝŶŐŐĂŝŶŽƌůŽƐƐ͕ŝĨĂŶLJ͕ŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŽƌŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͘

ŶLJĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƚŽďĞƚƌĂŶƐĨĞƌƌĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬŝƐƌĞĐŽŐŶŝnjĞĚĂƚĨĂŝƌǀĂůƵĞĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘
^ƵďƐĞƋƵĞŶƚĐŚĂŶŐĞƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĂƚŝƐĚĞĞŵĞĚƚŽďĞĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝƐƌĞĐŽŐŶŝnjĞĚ
ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^ϯϳ͕WƌŽǀŝƐŝŽŶƐ͕ŽŶƚŝŶŐĞŶƚ>ŝĂďŝůŝƚŝĞƐĂŶĚŽŶƚŝŶŐĞŶƚƐƐĞƚƐ͕ĞŝƚŚĞƌŝŶƉƌŽĨŝƚŽƌůŽƐƐŽƌĂƐĂĐŚĂŶŐĞƚŽ
ŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘ŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĂƚŝƐĐůĂƐƐŝĨŝĞĚĂƐĞƋƵŝƚLJŝƐŶŽƚƌĞŵĞĂƐƵƌĞĚ͕ĂŶĚŝƚƐƐƵďƐĞƋƵĞŶƚ
ƐĞƚƚůĞŵĞŶƚŝƐĂĐĐŽƵŶƚĞĚĨŽƌǁŝƚŚŝŶĞƋƵŝƚLJ͘

Ϯ͘ϭϱ WƌŽǀŝƐŝŽŶƐĂŶĚŽŶƚŝŶŐĞŶĐŝĞƐ

WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶƐǁŝůůƉƌŽďĂďůLJůĞĂĚƚŽĂŶŽƵƚĨůŽǁŽĨĞĐŽŶŽŵŝĐƌĞƐŽƵƌĐĞƐĂŶĚƚŚĞLJĐĂŶďĞ
ĞƐƚŝŵĂƚĞĚƌĞůŝĂďůLJĞǀĞŶŝĨƚŚĞƚŝŵŝŶŐŽƌĂŵŽƵŶƚŽĨƚŚĞŽƵƚĨůŽǁŵĂLJƐƚŝůůďĞƵŶĐĞƌƚĂŝŶ͘ƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶĂƌŝƐĞƐĨƌŽŵƚŚĞ
ƉƌĞƐĞŶĐĞŽĨĂůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶƚŚĂƚŚĂƐƌĞƐƵůƚĞĚĨƌŽŵƉĂƐƚĞǀĞŶƚƐ͘

WƌŽǀŝƐŝŽŶƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĞƐƚŝŵĂƚĞĚĞdžƉĞŶĚŝƚƵƌĞƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞƚŚĞƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶ͕ďĂƐĞĚŽŶƚŚĞŵŽƐƚƌĞůŝĂďůĞ
ĞǀŝĚĞŶĐĞĂǀĂŝůĂďůĞĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ŝŶĐůƵĚŝŶŐƚŚĞƌŝƐŬƐĂŶĚƵŶĐĞƌƚĂŝŶƚŝĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞƉƌĞƐĞŶƚ
ŽďůŝŐĂƚŝŽŶ͘tŚĞƌĞƚŚĞƌĞĂƌĞĂŶƵŵďĞƌŽĨƐŝŵŝůĂƌŽďůŝŐĂƚŝŽŶƐ͕ƚŚĞůŝŬĞůŝŚŽŽĚƚŚĂƚĂŶŽƵƚĨůŽǁǁŝůůďĞƌĞƋƵŝƌĞĚŝŶƐĞƚƚůĞŵĞŶƚŝƐ
ĚĞƚĞƌŵŝŶĞĚďLJĐŽŶƐŝĚĞƌŝŶŐƚŚĞĐůĂƐƐŽĨŽďůŝŐĂƚŝŽŶƐĂƐĂǁŚŽůĞ͘tŚĞŶƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJŝƐŵĂƚĞƌŝĂů͕ůŽŶŐͲƚĞƌŵƉƌŽǀŝƐŝŽŶƐ
ĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞƐƵƐŝŶŐĂƉƌĞƚĂdžƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞ
ŽďůŝŐĂƚŝŽŶ͘dŚĞŝŶĐƌĞĂƐĞŝŶƚŚĞƉƌŽǀŝƐŝŽŶĚƵĞƚŽƉĂƐƐĂŐĞŽĨƚŝŵĞŝƐƌĞĐŽŐŶŝnjĞĚĂƐŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞ͘WƌŽǀŝƐŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚ
ƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚĂĚũƵƐƚĞĚƚŽƌĞĨůĞĐƚƚŚĞĐƵƌƌĞŶƚďĞƐƚĞƐƚŝŵĂƚĞ͘

/ŶƚŚŽƐĞĐĂƐĞƐǁŚĞƌĞƚŚĞƉŽƐƐŝďůĞŽƵƚĨůŽǁŽĨĞĐŽŶŽŵŝĐƌĞƐŽƵƌĐĞĂƐĂƌĞƐƵůƚŽĨƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶƐŝƐĐŽŶƐŝĚĞƌĞĚŝŵƉƌŽďĂďůĞ
ŽƌƌĞŵŽƚĞ͕ŽƌƚŚĞĂŵŽƵŶƚƚŽďĞƉƌŽǀŝĚĞĚĨŽƌĐĂŶŶŽƚďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͕ŶŽůŝĂďŝůŝƚLJŝƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐ͘^ŝŵŝůĂƌůLJ͕ƉŽƐƐŝďůĞŝŶĨůŽǁƐŽĨĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƚŚĂƚĚŽŶŽƚLJĞƚŵĞĞƚƚŚĞ
ƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂŽĨĂŶĂƐƐĞƚĂƌĞĐŽŶƐŝĚĞƌĞĚĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐ͕ŚĞŶĐĞ͕ĂƌĞŶŽƚƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘KŶ
ƚŚĞŽƚŚĞƌŚĂŶĚ͕ĂŶLJƌĞŝŵďƵƌƐĞŵĞŶƚƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐĂŶďĞǀŝƌƚƵĂůůLJĐĞƌƚĂŝŶƚŽĐŽůůĞĐƚĨƌŽŵĂƚŚŝƌĚƉĂƌƚLJ
ǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŽďůŝŐĂƚŝŽŶŝƐƌĞĐŽŐŶŝnjĞĚĂƐĂƐĞƉĂƌĂƚĞĂƐƐĞƚŶŽƚĞdžĐĞĞĚŝŶŐƚŚĞĂŵŽƵŶƚŽĨƚŚĞƌĞůĂƚĞĚƉƌŽǀŝƐŝŽŶ͘

U C P B 2 0 1 7 A N N U A L R E P O R T 141
 Ϯ͘ϭϲ ƋƵŝƚLJ

ŽŵŵŽŶƐƚŽĐŬƌĞƉƌĞƐĞŶƚƐƚŚĞŶŽŵŝŶĂůǀĂůƵĞŽĨƐŚĂƌĞƐƚŚĂƚŚĂǀĞďĞĞŶŝƐƐƵĞĚ͘

ĂƉŝƚĂůŶŽƚĞƐƉĞƌƚĂŝŶƚŽƚŚĞWϭϮ͘ϬďŝůůŝŽŶĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵW/;ƐĞĞEŽƚĞϮϮ͘ϯͿ͘

^ƵƌƉůƵƐƌĞƐĞƌǀĞƐƉĞƌƚĂŝŶƚŽƚŚĞĨŽůůŽǁŝŶŐ͗

;ĂͿ WŽƌƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶĐŽŵĞĨƌŽŵƚƌƵƐƚŽƉĞƌĂƚŝŽŶƐƐĞƚͲƵƉŽŶĂLJĞĂƌůLJďĂƐŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ^WƌĞŐƵůĂƚŝŽŶƐ͘
dŚĞƐƵƌƉůƵƐƐĞƚͲƵƉŝƐĞƋƵĂůƚŽϭϬйŽĨƚŚĞŶĞƚƉƌŽĨŝƚĂĐĐƌƵŝŶŐĨƌŽŵƚŚĞƚƌƵƐƚďƵƐŝŶĞƐƐƵŶƚŝůƚŚĞƐƵƌƉůƵƐƐŚĂůůĂŵŽƵŶƚƚŽ
ϮϬйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞŐƵůĂƚŽƌLJŶĞƚǁŽƌƚŚ͘dŚĞƌĞƐĞƌǀĞƐŚĂůůŶŽƚďĞƉĂŝĚŽƵƚĂƐĚŝǀŝĚĞŶĚƐ͕ďƵƚůŽƐƐĞƐĂĐĐƌƵŝŶŐŝŶ
ƚŚĞĐŽƵƌƐĞŽĨƚŚĞƚƌƵƐƚďƵƐŝŶĞƐƐŵĂLJďĞĐŚĂƌŐĞĚĂŐĂŝŶƐƚƚŚŝƐĂĐĐŽƵŶƚ͘

;ďͿ ŵŽƵŶƚƐƐĞƚĂƐŝĚĞƚŽĐŽǀĞƌůŽƐƐĞƐĚƵĞƚŽĨŝƌĞ͕ĚĞĨĂůĐĂƚŝŽŶďLJĂŶĚŽƚŚĞƌƵŶůĂǁĨƵůĂĐƚƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƉĞƌƐŽŶŶĞůŽƌ
ƚŚŝƌĚƉĂƌƚŝĞƐ͘

;ĐͿ ĐĐƵŵƵůĂƚĞĚĂŵŽƵŶƚƐĞƚĂƐŝĚĞĨŽƌƉŽƐƐŝďůĞŽƌƵŶĨŽƌĞƐĞĞŶůŽƐƐĞƐ͕ĚĞĐƌĞĂƐĞŽƌƐŚƌŝŶŬĂŐĞŝŶƚŚĞŬǀĂůƵĞŽĨƚŚĞďĂŶŬ͛Ɛ
ĂƐƐĞƚƐŽƌĨŽƌƵŶĚĞƚĞƌŵŝŶĂďůĞůŝĂďŝůŝƚŝĞƐŶŽƚŽƚŚĞƌǁŝƐĞƌĞĐŽƌĚĞĚƐƵĐŚĂƐƚŚŽƐĞĂƌŝƐŝŶŐĨƌŽŵůĂǁƐƵŝƚƐ͕ĚĞĨĂƵůƚƐŽŶ
ŽďůŝŐĂƚŝŽŶƐĂŶĚƵŶĞdžƉĞĐƚĞĚĚŝĨĨĞƌĞŶĐĞƐ͘

^ƵƌƉůƵƐĨƌĞĞŝŶĐůƵĚĞƐĂůůĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌƉĞƌŝŽĚƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐĂƐƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞĂŶĚǁŚŝĐŚĂƌĞ
ĂǀĂŝůĂďůĞĂŶĚŶŽƚƌĞƐƚƌŝĐƚĞĚĨŽƌƵƐĞďLJƚŚĞWĂƌĞŶƚĂŶŬ͕ƌĞĚƵĐĞĚďLJƚŚĞĂŵŽƵŶƚƐŽĨĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚ͕ŝĨĂŶLJ͘

ZĞǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĐŽŶƐŝƐƚŽĨ͗

;ĂͿ EĞƚƵŶƌĞĂůŝnjĞĚĨĂŝƌǀĂůƵĞŐĂŝŶƐ;ůŽƐƐĞƐͿĂƌŝƐŝŶŐĨƌŽŵƚŚĞƌĞǀĂůƵĂƚŝŽŶŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͖

;ďͿ ƋƵŝƚLJŝŶŶĞƚƵŶƌĞĂůŝnjĞĚĨĂŝƌǀĂůƵĞŐĂŝŶƐ;ůŽƐƐĞƐͿĂƌŝƐŝŶŐĨƌŽŵƚŚĞƌĞǀĂůƵĂƚŝŽŶŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ
ĂƐƐŽĐŝĂƚĞƐ͖

;ĐͿ ZĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶĐŽŵƉƌŝƐŝŶŐŽĨŶĞƚĂĐĐƵŵƵůĂƚĞĚĂĐƚƵĂƌŝĂůŐĂŝŶƐŽƌůŽƐƐĞƐ
ĂƌŝƐŝŶŐĨƌŽŵĞdžƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐĂŶĚŽƚŚĞƌĐŚĂŶŐĞƐŝŶĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐĂŶĚĂĐƚƵĂůƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚƐ
;ĞdžĐůƵĚŝŶŐĂŵŽƵŶƚƐŝŶĐůƵĚĞĚŝŶŶĞƚŝŶƚĞƌĞƐƚͿ͖

;ĚͿ ƋƵŝƚLJŝŶƌĞŵĞĂƐƵƌĞŵĞŶƚƐŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶĐŽŵƉƌŝƐŝŶŐŽĨŶĞƚĂĐĐƵŵƵůĂƚĞĚĂĐƚƵĂƌŝĂůŐĂŝŶƐŽƌ
ůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĞdžƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐĂŶĚŽƚŚĞƌĐŚĂŶŐĞƐŝŶĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐĂŶĚĂĐƚƵĂůƌĞƚƵƌŶŽŶƉůĂŶ
ĂƐƐĞƚƐ;ĞdžĐůƵĚŝŶŐĂŵŽƵŶƚƐŝŶĐůƵĚĞĚŝŶŶĞƚŝŶƚĞƌĞƐƚͿ͖

;ĞͿ ĐĐƵŵƵůĂƚĞĚƚƌĂŶƐůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞĐƵŵƵůĂƚŝǀĞŐĂŝŶƐĨƌŽŵƚŚĞƚƌĂŶƐůĂƚŝŽŶŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ
ĚĞŶŽŵŝŶĂƚĞĚŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶƚŽƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐŝĞƐďĂƐĞĚŽŶĂĐůŽƐŝŶŐƌĂƚĞ
ƉƌĞǀĂŝůŝŶŐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĂƚĞĨŽƌƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĨŽƌŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ͖ĂŶĚ͕

;ĨͿ ƋƵŝƚLJŝŶƚŚĞĂĐĐƵŵƵůĂƚĞĚƚƌĂŶƐůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞĐƵŵƵůĂƚŝǀĞŐĂŝŶƐĨƌŽŵƚŚĞƚƌĂŶƐůĂƚŝŽŶŽĨĨŽƌĞŝŐŶ
ĐƵƌƌĞŶĐLJĚĞŶŽŵŝŶĂƚĞĚŵŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐŝŶƚŽƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĨƵŶĐƚŝŽŶĂů
ĐƵƌƌĞŶĐŝĞƐďĂƐĞĚŽŶĂĐůŽƐŝŶŐƌĂƚĞƉƌĞǀĂŝůŝŶŐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞƌĂƚĞĨŽƌƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ
ĨŽƌŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ͘

EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐƌĞƉƌĞƐĞŶƚƚŚĞƉŽƌƚŝŽŶŽĨƚŚĞŶĞƚĂƐƐĞƚƐĂŶĚƉƌŽĨŝƚŽƌůŽƐƐŶŽƚĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ'ƌŽƵƉĂŶĚĂƌĞ
ƉƌĞƐĞŶƚĞĚƐĞƉĂƌĂƚĞůLJŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĂŶĚĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚǁŝƚŚŝŶĞƋƵŝƚLJŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨ
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJ͘

Ϯ͘ϭϳ ZĞǀĞŶƵĞĂŶĚdžƉĞŶƐĞZĞĐŽŐŶŝƚŝŽŶ

ZĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞƌĞǀĞŶƵĞĐĂŶďĞƌĞůŝĂďůLJŵĞĂƐƵƌĞĚ͖ŝƚŝƐƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐ
ǁŝůůĨůŽǁƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͖ĂŶĚ͕ƚŚĞĐŽƐƚƐŝŶĐƵƌƌĞĚŽƌƚŽďĞŝŶĐƵƌƌĞĚĐĂŶďĞŵĞĂƐƵƌĞĚƌĞůŝĂďůLJ͘

 

142 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂŵƵƐƚĂůƐŽďĞŵĞƚďĞĨŽƌĞƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚ͗

;ĂͿ /ŶƚĞƌĞƐƚ/ŶĐŽŵĞĂŶĚdžƉĞŶƐĞƐ

dŚĞƐĞĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĨŽƌĂůůĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚĂŶĚ
ŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂŶĚ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘dŚĞĞĨĨĞĐƚŝǀĞ
ŝŶƚĞƌĞƐƚŵĞƚŚŽĚŝƐĂŵĞƚŚŽĚŽĨĐĂůĐƵůĂƚŝŶŐƚŚĞĂŵŽƌƚŝnjĞĚĐŽƐƚŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĂŶĚĂůůŽĐĂƚŝŶŐ
ƚŚĞŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽƌŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽǀĞƌƚŚĞƌĞůĞǀĂŶƚƉĞƌŝŽĚ͘

dŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŝƐƚŚĞƌĂƚĞƚŚĂƚĞdžĂĐƚůLJĚŝƐĐŽƵŶƚƐĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚƉĂLJŵĞŶƚƐŽƌƌĞĐĞŝƉƚƐƚŚƌŽƵŐŚƚŚĞ
ĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŽƌ͕ǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͕ĂƐŚŽƌƚĞƌƉĞƌŝŽĚƚŽƚŚĞŶĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͘

tŚĞŶĐĂůĐƵůĂƚŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͕ƚŚĞ'ƌŽƵƉĞƐƚŝŵĂƚĞƐĐĂƐŚĨůŽǁƐĐŽŶƐŝĚĞƌŝŶŐĂůůĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐŽĨƚŚĞ
ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ;ĨŽƌĞdžĂŵƉůĞ͕ƉƌĞƉĂLJŵĞŶƚŽƉƚŝŽŶƐͿďƵƚĚŽĞƐŶŽƚĐŽŶƐŝĚĞƌĨƵƚƵƌĞĐƌĞĚŝƚůŽƐƐĞƐ͘

dŚĞĐĂůĐƵůĂƚŝŽŶŝŶĐůƵĚĞƐĂůůĨĞĞƐĂŶĚƉŽŝŶƚƐƉĂŝĚŽƌƌĞĐĞŝǀĞĚďĞƚǁĞĞŶƉĂƌƚŝĞƐƚŽƚŚĞĐŽŶƚƌĂĐƚƚŚĂƚĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨ
ƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͕ƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂŶĚĂůůŽƚŚĞƌƉƌĞŵŝƵŵƐŽƌĚŝƐĐŽƵŶƚƐ͘

KŶĐĞĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌĂŐƌŽƵƉŽĨƐŝŵŝůĂƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŚĂƐďĞĞŶǁƌŝƚƚĞŶĚŽǁŶĂƐĂƌĞƐƵůƚŽĨĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐ͕
ŝŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝnjĞĚƵƐŝŶŐƚŚĞƌĂƚĞŽĨŝŶƚĞƌĞƐƚƵƐĞĚƚŽĚŝƐĐŽƵŶƚƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨ
ŵĞĂƐƵƌŝŶŐƚŚĞŝŵƉĂŝƌŵĞŶƚůŽƐƐ͘

;ďͿ dƌĂĚŝŶŐĂŶĚ^ĞĐƵƌŝƚŝĞƐ'ĂŝŶƐŽƌ>ŽƐƐĞƐ

dŚĞƐĞĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞďƵLJĞƌĂŶĚŝƐĐŽŵƉƵƚĞĚĂƚƚŚĞ
ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƐĞůůŝŶŐƉƌŝĐĞĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐĚŝƐƉŽƐĞĚŽĨ͘dŚĞƐĞĂůƐŽŝŶĐůƵĚĞŐĂŝŶƐ
ĂŶĚůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂŶĚĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐ͘

;ĐͿ ^ĞƌǀŝĐĞŚĂƌŐĞƐ͕&ĞĞƐĂŶĚŽŵŵŝƐƐŝŽŶƐ

dŚĞƐĞĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĨŽůůŽǁƐ͗

;ŝͿ ^ĞƌǀŝĐĞĐŚĂƌŐĞƐĂŶĚƉĞŶĂůƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚƵƉŽŶĐŽůůĞĐƚŝŽŶŽƌĂĐĐƌƵĞĚǁŚĞŶƚŚĞƌĞŝƐƌĞĂƐŽŶĂďůĞĚĞŐƌĞĞŽĨ
ĐĞƌƚĂŝŶƚLJĂƐƚŽŝƚƐĐŽůůĞĐƚĂďŝůŝƚLJ͘

;ŝŝͿ >ŽĂŶƐLJŶĚŝĐĂƚŝŽŶĨĞĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚƵƉŽŶĐŽŵƉůĞƚŝŽŶŽĨĂůůƐLJŶĚŝĐĂƚŝŽŶĂĐƚŝǀŝƚŝĞƐĂŶĚǁŚĞƌĞƚŚĞƌĞĂƌĞŶŽĨƵƌƚŚĞƌ
ŽďůŝŐĂƚŝŽŶƐƚŽƉĞƌĨŽƌŵƵŶĚĞƌƚŚĞƐLJŶĚŝĐĂƚŝŽŶĂŐƌĞĞŵĞŶƚ͘

;ŝŝŝͿ >ŽĂŶĐŽŵŵŝƚŵĞŶƚĨĞĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌůŽĂŶƐǁŚĞƌĞƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂůůŽǁƐĚƌĂǁĚŽǁŶŽŶ
ĐŽŵŵŝƚƚĞĚůŝŶĞƐƐƵďũĞĐƚƚŽĨƵůĨŝůůŵĞŶƚŽĨĐŽŶĚŝƚŝŽŶƐ͘dŚĞƐĞĨĞĞƐ͕ƚŽŐĞƚŚĞƌǁŝƚŚĂŶLJŝŶĐƌĞŵĞŶƚĂůĐŽƐƚƐ͕ĂƌĞ
ĚĞĨĞƌƌĞĚĂŶĚƌĞĐŽŐŶŝnjĞĚĂƐĂŶĂĚũƵƐƚŵĞŶƚƚŽƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶƚŚĞůŽĂŶ͘

;ŝǀͿ hŶĚĞƌǁƌŝƚŝŶŐĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶƐĂƌĞƌĞĐŽƌĚĞĚǁŚĞŶƐĞƌǀŝĐĞƐĨŽƌƵŶĚĞƌǁƌŝƚŝŶŐ͕ĂƌƌĂŶŐŝŶŐŽƌďƌŽŬĞƌŝŶŐŚĂƐ
ďĞĞŶƌĞŶĚĞƌĞĚ͘

;ǀͿ KƚŚĞƌĨĞĞƐĞĂƌŶĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƌĞŶĚĞƌŝŶŐŽĨƐĞƌǀŝĐĞƐŽǀĞƌĂƉĞƌŝŽĚŽĨƚŝŵĞĂƌĞĂĐĐƌƵĞĚĂŶĚƌĞĐŽŐŶŝnjĞĚŽǀĞƌ
ƚŚĞƉĞƌŝŽĚ͘dŚĞƐĞŝŶĐůƵĚĞ͕ĂŵŽŶŐŽƚŚĞƌƐ͕ŝŶǀĞƐƚŵĞŶƚĨƵŶĚĨĞĞƐ͕ĐƵƐƚŽĚŝĂŶĨĞĞƐ͕ĨŝĚƵĐŝĂƌLJĨĞĞƐ͕ĂƐƐĞƚŵĂŶĂŐĞŵĞŶƚ
ĨĞĞƐĂŶĚĂĚǀŝƐŽƌLJĨĞĞƐ͘

;ĚͿ 'ĂŝŶƐŽƌ>ŽƐƐĞƐŽŶ&ŽƌĞĐůŽƐƵƌĞƐ

'ĂŝŶƐŽƌůŽƐƐĞƐŽŶĨŽƌĞĐůŽƐĞĚĂƐƐĞƚƐŝƐƌĞĐŽŐŶŝnjĞĚƵƉŽŶĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĞdžŝƐƚŝŶŐƌĞĐĞŝǀĂďůĞƐƚŚƌŽƵŐŚĨŽƌĞĐůŽƐƵƌĞŽĨ
ĂƐƐĞƚƐƵƐĞĚĂƐĐŽůůĂƚĞƌĂůĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĨŽƌĞĐůŽƐĞĚĂƐƐĞƚĂŶĚƚŚĞŶĞƚ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐĞƚƚůĞĚ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 143
 ;ĞͿ 'ĂŝŶƐŽƌ>ŽƐƐĞƐŽŶƐƐĞƚƐ^ŽůĚ

'ĂŝŶƐŽƌůŽƐƐĞƐŽŶĂƐƐĞƚƐƐŽůĚĂƌŝƐĞƐĨƌŽŵƚŚĞĚŝƐƉŽƐĂůƐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚĂƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞ͘ZĞǀĞŶƵĞŝƐ
ƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚƐŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞďƵLJĞƌĂŶĚǁŚĞŶƚŚĞ
ĐŽůůĞĐƚĂďŝůŝƚLJŽĨƚŚĞĞŶƚŝƌĞƐĂůĞƐƉƌŝĐĞŝƐƌĞĂƐŽŶĂďůLJĂƐƐƵƌĞĚ͘

;ĨͿ /ŶĐŽŵĞĨƌŽŵdƌƵƐƚKƉĞƌĂƚŝŽŶƐ

dŚĞƐĞĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĐŽŵƉĞŶƐĂƚŝŽŶĨŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬĂƐŝŶǀĞƐƚŵĞŶƚŵĂŶĂŐĞƌŽĨƚŚĞĨƵŶĚƐ
ĞŶƚƌƵƐƚĞĚďLJƚŚĞƚƌƵƐƚŽƌ͘

ŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞƵƉŽŶƵƚŝůŝnjĂƚŝŽŶŽĨƚŚĞƌĞƐŽƵƌĐĞƐĂŶĚͬŽƌƐĞƌǀŝĐĞƐŽƌĂƚƚŚĞ
ĚĂƚĞƚŚĞLJĂƌĞŝŶĐƵƌƌĞĚ͘ůůĨŝŶĂŶĐĞĐŽƐƚƐĂƌĞƌĞƉŽƌƚĞĚŽŶĂŶĂĐĐƌƵĂůďĂƐŝƐ͕ĞdžĐĞƉƚĐĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐǁŚŝĐŚĂƌĞ
ŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨƚŚĞƌĞůĂƚĞĚƋƵĂůŝĨLJŝŶŐĂƐƐĞƚ͕ŝĨĂŶLJ;ƐĞĞEŽƚĞϮ͘ϮϮͿ͘

Ϯ͘ϭϴ >ĞĂƐĞƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂĐĐŽƵŶƚƐĨŽƌŝƚƐůĞĂƐĞƐĂƐĨŽůůŽǁƐ͗

;ĂͿ ƐĂ>ĞƐƐĞĞ

>ĞĂƐĞƐ͕ǁŚŝĐŚĚŽŶŽƚƚƌĂŶƐĨĞƌƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŽĨŽǁŶĞƌƐŚŝƉŽĨ
ƚŚĞĂƐƐĞƚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͘KƉĞƌĂƚŝŶŐůĞĂƐĞƉĂLJŵĞŶƚƐ;ŶĞƚŽĨĂŶLJŝŶĐĞŶƚŝǀĞƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞůĞƐƐŽƌͿ
ĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĞdžƉĞŶƐĞŝŶƉƌŽĨŝƚŽƌůŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘ƐƐŽĐŝĂƚĞĚĐŽƐƚƐ͕ƐƵĐŚĂƐƌĞƉĂŝƌƐ
ĂŶĚŵĂŝŶƚĞŶĂŶĐĞĂŶĚŝŶƐƵƌĂŶĐĞ͕ĂƌĞĞdžƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘

;ďͿ ƐĂ>ĞƐƐŽƌ

>ĞĂƐĞƐǁŚĞƌĞŝŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƐƵďƐƚĂŶƚŝĂůůLJƚƌĂŶƐĨĞƌƐƚŽƚŚĞůĞƐƐĞĞĂůůƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŝŶĐŝĚĞŶƚĂůƚŽ
ŽǁŶĞƌƐŚŝƉŽĨƚŚĞůĞĂƐĞĚŝƚĞŵĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐĞůĞĂƐĞƐĂŶĚĂƌĞƉƌĞƐĞŶƚĞĚĂƐƌĞĐĞŝǀĂďůĞĂƚĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞ
'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŶĞƚŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞůĞĂƐĞ͘&ŝŶĂŶĐĞŝŶĐŽŵĞŝƐƌĞĐŽŐŶŝnjĞĚďĂƐĞĚŽŶƚŚĞƉĂƚƚĞƌŶ
ƌĞĨůĞĐƚŝŶŐĂĐŽŶƐƚĂŶƚƉĞƌŝŽĚŝĐƌĂƚĞŽĨƌĞƚƵƌŶŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŶĞƚŝŶǀĞƐƚŵĞŶƚŽƵƚƐƚĂŶĚŝŶŐŝŶ
ƌĞƐƉĞĐƚŽĨƚŚĞĨŝŶĂŶĐĞůĞĂƐĞ͘

>ĞĂƐĞƐǁŚŝĐŚĚŽŶŽƚƚƌĂŶƐĨĞƌƚŽƚŚĞůĞƐƐĞĞƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚĂƌĞ
ĐůĂƐƐŝĨŝĞĚĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͘>ĞĂƐĞŝŶĐŽŵĞĨƌŽŵŽƉĞƌĂƚŝŶŐůĞĂƐĞƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐ
ŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌĂŶĂƌƌĂŶŐĞŵĞŶƚŝƐ͕ŽƌĐŽŶƚĂŝŶƐ͕ĂůĞĂƐĞďĂƐĞĚŽŶƚŚĞƐƵďƐƚĂŶĐĞŽĨƚŚĞ
ĂƌƌĂŶŐĞŵĞŶƚ͘/ƚŵĂŬĞƐĂŶĂƐƐĞƐƐŵĞŶƚŽĨǁŚĞƚŚĞƌƚŚĞĨƵůĨŝůůŵĞŶƚŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚŝƐĚĞƉĞŶĚĞŶƚŽŶƚŚĞƵƐĞŽĨĂƐƉĞĐŝĨŝĐ
ĂƐƐĞƚŽƌĂƐƐĞƚƐĂŶĚƚŚĞĂƌƌĂŶŐĞŵĞŶƚĐŽŶǀĞLJƐĂƌŝŐŚƚƚŽƵƐĞƚŚĞĂƐƐĞƚ͘ƌĞĂƐƐĞƐƐŵĞŶƚŝƐŵĂĚĞĂĨƚĞƌƚŚĞŝŶĐĞƉƚŝŽŶŽĨƚŚĞ
ůĞĂƐĞŽŶůLJŝĨŽŶĞŽĨƚŚĞĨŽůůŽǁŝŶŐĂƉƉůŝĞƐ͗

;ĂͿ dŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶƚŚĞĐŽŶƚƌĂĐƚƵĂůƚĞƌŵƐ͕ŽƚŚĞƌƚŚĂŶĂƌĞŶĞǁĂůŽƌĞdžƚĞŶƐŝŽŶŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͖

;ďͿ ƌĞŶĞǁĂůŽƉƚŝŽŶŝƐĞdžĞƌĐŝƐĞĚŽƌĞdžƚĞŶƐŝŽŶŐƌĂŶƚĞĚ͕ƵŶůĞƐƐƚŚĂƚƚĞƌŵŽĨƚŚĞƌĞŶĞǁĂůŽƌĞdžƚĞŶƐŝŽŶǁĂƐŝŶŝƚŝĂůůLJŝŶĐůƵĚĞĚ
ŝŶƚŚĞůĞĂƐĞƚĞƌŵ͖

;ĐͿ dŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨǁŚĞƚŚĞƌƚŚĞĨƵůĨŝůůŵĞŶƚŝƐĚĞƉĞŶĚĞĚŽŶĂƐƉĞĐŝĨŝĞĚĂƐƐĞƚ͖Žƌ͕

;ĚͿ dŚĞƌĞŝƐƐƵďƐƚĂŶƚŝĂůĐŚĂŶŐĞŝŶƚŚĞĂƐƐĞƚ͘

 

144 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

Ϯ͘ϭϵ &ŽƌĞŝŐŶƵƌƌĞŶĐLJdƌĂŶƐĂĐƚŝŽŶƐĂŶĚdƌĂŶƐůĂƚŝŽŶƐ

džĐĞƉƚĨŽƌƚŚĞĂĐĐŽƵŶƚƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĚĞƉŽƐŝƚƵŶŝƚ;&hͿ͕ƚŚĞĂĐĐŽƵŶƚŝŶŐƌĞĐŽƌĚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚ
ƚŚĞWĂƌĞŶƚĂŶŬĂƌĞŵĂŝŶƚĂŝŶĞĚŝŶWŚŝůŝƉƉŝŶĞƉĞƐŽƐ͘&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƚƌĂŶƐĂĐƚŝŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƚŚĞ
ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJĂƚĞdžĐŚĂŶŐĞƌĂƚĞƐǁŚŝĐŚĂƉƉƌŽdžŝŵĂƚĞƚŚŽƐĞƉƌĞǀĂŝůŝŶŐŽŶƚƌĂŶƐĂĐƚŝŽŶĚĂƚĞƐ͘ZĞƐŽƵƌĐĞƐĂŶĚůŝĂďŝůŝƚŝĞƐ
ĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƚƌĂŶƐůĂƚĞĚƚŽWŚŝůŝƉƉŝŶĞƉĞƐŽƐĂƚƚŚĞƉƌĞǀĂŝůŝŶŐĞdžĐŚĂŶŐĞƌĂƚĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘

&ŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͕ƚŚĞĂĐĐŽƵŶƚƐŽĨ&hĂƌĞƚƌĂŶƐůĂƚĞĚŝŶƚŽƚŚĞŝƌĞƋƵŝǀĂůĞŶƚƐŝŶWŚŝůŝƉƉŝŶĞƉĞƐŽƐďĂƐĞĚŽŶƚŚĞ
WŚŝůŝƉƉŝŶĞĞĂůŝŶŐ^LJƐƚĞŵůŽƐŝŶŐZĂƚĞƐ;W^ZͿƉƌĞǀĂŝůŝŶŐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĨŽƌƌĞƐŽƵƌĐĞƐĂŶĚůŝĂďŝůŝƚŝĞƐ
ĂŶĚĂƚƚŚĞĂǀĞƌĂŐĞW^ZĨŽƌƚŚĞƉĞƌŝŽĚĨŽƌŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ͘

&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJŐĂŝŶƐĂŶĚůŽƐƐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵƚŚĞƐĞƚƚůĞŵĞŶƚŽĨƐƵĐŚƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĨƌŽŵƚŚĞƚƌĂŶƐůĂƚŝŽŶĂƚLJĞĂƌͲĞŶĚ
ĞdžĐŚĂŶŐĞƌĂƚĞƐŽĨŵŽŶĞƚĂƌLJƌĞƐŽƵƌĐĞƐĂŶĚůŝĂďŝůŝƚŝĞƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͖
ĞdžĐĞƉƚǁŚĞŶƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚĚĞĨĞƌƌĞĚŝŶĞƋƵŝƚLJĂƐƋƵĂůŝĨLJŝŶŐĐĂƐŚĨůŽǁŚĞĚŐĞƐĂŶĚƋƵĂůŝĨLJŝŶŐ
ŶĞƚŝŶǀĞƐƚŵĞŶƚŚĞĚŐĞƐ͘dƌĂŶƐůĂƚŝŽŶĚŝĨĨĞƌĞŶĐĞƐŽŶŶŽŶͲŵŽŶĞƚĂƌLJŝƚĞŵƐ͕ƐƵĐŚĂƐĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
Ăƚ&sdW>͕ĂƌĞƌĞƉŽƌƚĞĚĂƐƉĂƌƚŽĨĨĂŝƌǀĂůƵĞŐĂŝŶƐŽƌůŽƐƐĞƐ͘

ŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨŵŽŶĞƚĂƌLJĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚĞŶŽŵŝŶĂƚĞĚŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĐůĂƐƐŝĨŝĞĚĂƐ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞ
ĂŶĂůLJnjĞĚďĞƚǁĞĞŶƚƌĂŶƐůĂƚŝŽŶĚŝĨĨĞƌĞŶĐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶƚŚĞĂŵŽƌƚŝnjĞĚĐŽƐƚŽĨƚŚĞƐĞĐƵƌŝƚLJĂŶĚŽƚŚĞƌĐŚĂŶŐĞƐŝŶ
ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞƐĞĐƵƌŝƚLJ͘dƌĂŶƐůĂƚŝŽŶĚŝĨĨĞƌĞŶĐĞƐƌĞůĂƚĞĚƚŽĐŚĂŶŐĞƐŝŶĂŵŽƌƚŝnjĞĚĐŽƐƚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌ
ůŽƐƐ͕ĂŶĚŽƚŚĞƌĐŚĂŶŐĞƐŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

Ϯ͘ϮϬ /ŵƉĂŝƌŵĞŶƚŽĨEŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚƐ

/ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͕ďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂŶĚŽƚŚĞƌƌĞƐŽƵƌĐĞƐĂƌĞƐƵďũĞĐƚƚŽŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐ͘/ŶƚĂŶŐŝďůĞĂƐƐĞƚƐǁŝƚŚĂŶŝŶĚĞĨŝŶŝƚĞƵƐĞĨƵůůŝĨĞŽƌ
ƚŚŽƐĞŶŽƚLJĞƚĂǀĂŝůĂďůĞĨŽƌƵƐĞĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚĂŶŶƵĂůůLJ͘ůůŽƚŚĞƌŝŶĚŝǀŝĚƵĂůĂƐƐĞƚƐĂƌĞƚĞƐƚĞĚĨŽƌ
ŝŵƉĂŝƌŵĞŶƚǁŚĞŶĞǀĞƌĞǀĞŶƚƐŽƌĐŚĂŶŐĞƐŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚŽƐĞĂƐƐĞƚƐŵĂLJŶŽƚďĞ
ƌĞĐŽǀĞƌĂďůĞ͘

&ŽƌƉƵƌƉŽƐĞƐŽĨĂƐƐĞƐƐŝŶŐŝŵƉĂŝƌŵĞŶƚ͕ĂƐƐĞƚƐĂƌĞŐƌŽƵƉĞĚĂƚƚŚĞůŽǁĞƐƚůĞǀĞůƐĨŽƌǁŚŝĐŚƚŚĞƌĞĂƌĞƐĞƉĂƌĂƚĞůLJŝĚĞŶƚŝĨŝĂďůĞĐĂƐŚ
ĨůŽǁƐ;ĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐͿ͘ƐĂƌĞƐƵůƚ͕ĂƐƐĞƚƐĂƌĞƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĞŝƚŚĞƌŝŶĚŝǀŝĚƵĂůůLJŽƌĂƚƚŚĞĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚ
ůĞǀĞů͘

/ŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĨŽƌƚŚĞĂŵŽƵŶƚďLJǁŚŝĐŚƚŚĞĂƐƐĞƚ͛ƐŽƌĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚ͛ƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ĞdžĐĞĞĚƐŝƚƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚƐǁŚŝĐŚŝƐƚŚĞŚŝŐŚĞƌŽĨŝƚƐĨĂŝƌǀĂůƵĞůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚŝƚƐǀĂůƵĞŝŶƵƐĞ͘/ŶĚĞƚĞƌŵŝŶŝŶŐ
ǀĂůƵĞŝŶƵƐĞ͕ŵĂŶĂŐĞŵĞŶƚĞƐƚŝŵĂƚĞƐƚŚĞĞdžƉĞĐƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĨƌŽŵĞĂĐŚĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚĂŶĚĚĞƚĞƌŵŝŶĞƐƚŚĞ
ƐƵŝƚĂďůĞŝŶƚĞƌĞƐƚƌĂƚĞŝŶŽƌĚĞƌƚŽĐĂůĐƵůĂƚĞƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚŽƐĞĐĂƐŚĨůŽǁƐ͘dŚĞĚĂƚĂƵƐĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐ
ƉƌŽĐĞĚƵƌĞƐĂƌĞĚŝƌĞĐƚůLJůŝŶŬĞĚƚŽƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐůĂƚĞƐƚĂƉƉƌŽǀĞĚďƵĚŐĞƚ͕ĂĚũƵƐƚĞĚĂƐŶĞĐĞƐƐĂƌLJƚŽĞdžĐůƵĚĞ
ƚŚĞĞĨĨĞĐƚƐŽĨĂƐƐĞƚĞŶŚĂŶĐĞŵĞŶƚƐ͘

ŝƐĐŽƵŶƚĨĂĐƚŽƌƐĂƌĞĚĞƚĞƌŵŝŶĞĚŝŶĚŝǀŝĚƵĂůůLJĨŽƌĞĂĐŚĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚĂŶĚƌĞĨůĞĐƚŵĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚŽĨ
ƌĞƐƉĞĐƚŝǀĞƌŝƐŬƉƌŽĨŝůĞƐ͕ƐƵĐŚĂƐŵĂƌŬĞƚĂŶĚĂƐƐĞƚͲƐƉĞĐŝĨŝĐƌŝƐŬĨĂĐƚŽƌƐ͘

ůůĂƐƐĞƚƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJƌĞĂƐƐĞƐƐĞĚĨŽƌŝŶĚŝĐĂƚŝŽŶƐƚŚĂƚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐƉƌĞǀŝŽƵƐůLJƌĞĐŽŐŶŝnjĞĚŵĂLJŶŽůŽŶŐĞƌĞdžŝƐƚ͘Ŷ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞǀĞƌƐĞĚŝĨƚŚĞĂƐƐĞƚ͛ƐŽƌĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚ͛ƐƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚĞdžĐĞĞĚƐŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͘

 

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 Ϯ͘Ϯϭ ŵƉůŽLJĞĞĞŶĞĨŝƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƉƌŽǀŝĚĞƐƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐƚŽĞŵƉůŽLJĞĞƐƚŚƌŽƵŐŚĂĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶĂŶĚ
ĚĞĨŝŶĞĚĐŽŶƚƌŝďƵƚŝŽŶƉůĂŶƐ͕ĂŶĚŽƚŚĞƌĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƉƌĞƐĞŶƚĞĚďĞůŽǁ͘

;ĂͿ WŽƐƚͲĞŵƉůŽLJŵĞŶƚĞĨŝŶĞĚĞŶĞĨŝƚWůĂŶ

ĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶŝƐĂƉŽƐƚͲĞŵƉůŽLJŵĞŶƚƉůĂŶƚŚĂƚĚĞĨŝŶĞƐĂŶĂŵŽƵŶƚŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƚŚĂƚĂŶ
ĞŵƉůŽLJĞĞǁŝůůƌĞĐĞŝǀĞŽŶƌĞƚŝƌĞŵĞŶƚ͕ƵƐƵĂůůLJĚĞƉĞŶĚĞŶƚŽŶŽŶĞŽƌŵŽƌĞĨĂĐƚŽƌƐƐƵĐŚĂƐĂŐĞ͕LJĞĂƌƐŽĨƐĞƌǀŝĐĞĂŶĚ
ƐĂůĂƌLJ͘dŚĞůĞŐĂůŽďůŝŐĂƚŝŽŶĨŽƌĂŶLJďĞŶĞĨŝƚƐĨƌŽŵƚŚŝƐŬŝŶĚŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚƉůĂŶƌĞŵĂŝŶƐǁŝƚŚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬ͕ĞǀĞŶŝĨƉůĂŶĂƐƐĞƚƐĨŽƌĨƵŶĚŝŶŐƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶŚĂǀĞďĞĞŶĂĐƋƵŝƌĞĚ͘WůĂŶĂƐƐĞƚƐŵĂLJŝŶĐůƵĚĞ
ĂƐƐĞƚƐƐƉĞĐŝĨŝĐĂůůLJĚĞƐŝŐŶĂƚĞĚƚŽĂůŽŶŐͲƚĞƌŵďĞŶĞĨŝƚĨƵŶĚ͕ĂƐǁĞůůĂƐƋƵĂůŝĨLJŝŶŐŝŶƐƵƌĂŶĐĞƉŽůŝĐŝĞƐ͘

dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĚĞĨŝŶĞĚďĞŶĞĨŝƚƉŽƐƚͲĞŵƉůŽLJŵĞŶƚƉůĂŶĐŽǀĞƌƐĂůůƌĞŐƵůĂƌĨƵůůͲƚŝŵĞĞŵƉůŽLJĞĞƐ͘dŚĞ
ƉĞŶƐŝŽŶƉůĂŶŝƐƚĂdžͲƋƵĂůŝĨŝĞĚ͕ŶŽŶĐŽŶƚƌŝďƵƚŽƌLJĂŶĚĂĚŵŝŶŝƐƚĞƌĞĚďLJĂƚƌƵƐƚĞĞ͘

dŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĨŽƌĂĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶŝƐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨ
ƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚůĞƐƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ͘dŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚ
ŽďůŝŐĂƚŝŽŶŝƐĐĂůĐƵůĂƚĞĚĂŶŶƵĂůůLJďLJŝŶĚĞƉĞŶĚĞŶƚĂĐƚƵĂƌŝĞƐƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘dŚĞƉƌĞƐĞŶƚǀĂůƵĞ
ŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶŝƐĚĞƚĞƌŵŝŶĞĚďLJĚŝƐĐŽƵŶƚŝŶŐƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚŽƵƚĨůŽǁƐĨŽƌĞdžƉĞĐƚĞĚďĞŶĞĨŝƚ
ƉĂLJŵĞŶƚƐƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞĚĞƌŝǀĞĚĨƌŽŵƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŽĨĂnjĞƌŽĐŽƵƉŽŶŐŽǀĞƌŶŵĞŶƚďŽŶĚĂƐƉƵďůŝƐŚĞĚďLJ
WŚŝůŝƉƉŝŶĞĞĂůŝŶŐΘdžĐŚĂŶŐĞŽƌƉ͘;WdžͿ͕ƚŚĂƚĂƌĞĚĞŶŽŵŝŶĂƚĞĚŝŶƚŚĞĐƵƌƌĞŶĐLJŝŶǁŚŝĐŚƚŚĞďĞŶĞĨŝƚƐǁŝůůďĞƉĂŝĚ
ĂŶĚƚŚĂƚŚĂǀĞƚĞƌŵƐƚŽŵĂƚƵƌŝƚLJĂƉƉƌŽdžŝŵĂƚŝŶŐƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞƌĞůĂƚĞĚƉŽƐƚͲĞŵƉůŽLJŵĞŶƚůŝĂďŝůŝƚLJ͘

ZĞŵĞĂƐƵƌĞŵĞŶƚƐ͕ĐŽŵƉƌŝƐŝŶŐŽĨĂĐƚƵĂƌŝĂůŐĂŝŶƐĂŶĚůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĞdžƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐĂŶĚĐŚĂŶŐĞƐŝŶ
ĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐĂŶĚƚŚĞƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚƐ;ĞdžĐůƵĚŝŶŐĂŵŽƵŶƚŝŶĐůƵĚĞĚŝŶŶĞƚŝŶƚĞƌĞƐƚͿĂƌĞƌĞĨůĞĐƚĞĚ
ŝŵŵĞĚŝĂƚĞůLJŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŝƚŚĂĐŚĂƌŐĞŽƌĐƌĞĚŝƚƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝŶ
ƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌŝƐĞ͘EĞƚŝŶƚĞƌĞƐƚŝƐĐĂůĐƵůĂƚĞĚďLJĂƉƉůLJŝŶŐƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞĂƚƚŚĞďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚ͕
ƚĂŬŝŶŐĂĐĐŽƵŶƚŽĨĂŶLJĐŚĂŶŐĞƐŝŶƚŚĞŶĞƚĚĞĨŝŶĞĚďĞŶĞĨŝƚůŝĂďŝůŝƚLJŽƌĂƐƐĞƚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĂƐĂƌĞƐƵůƚŽĨĐŽŶƚƌŝďƵƚŝŽŶƐ
ĂŶĚďĞŶĞĨŝƚƉĂLJŵĞŶƚƐ͘

WĂƐƚͲƐĞƌǀŝĐĞĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŵŵĞĚŝĂƚĞůLJŝŶƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƉĞƌŝŽĚŽĨĂƉůĂŶĂŵĞŶĚŵĞŶƚŽƌĐƵƌƚĂŝůŵĞŶƚ͘

;ďͿ WŽƐƚͲĞŵƉůŽLJŵĞŶƚĞĨŝŶĞĚŽŶƚƌŝďƵƚŝŽŶWůĂŶ

ĚĞĨŝŶĞĚĐŽŶƚƌŝďƵƚŝŽŶƉůĂŶŝƐĂƉŽƐƚͲĞŵƉůŽLJŵĞŶƚƉůĂŶƵŶĚĞƌǁŚŝĐŚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƉĂLJƐĨŝdžĞĚ
ĐŽŶƚƌŝďƵƚŝŽŶƐŝŶƚŽĂŶŝŶĚĞƉĞŶĚĞŶƚĞŶƚŝƚLJ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐŶŽůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶƐƚŽ
ƉĂLJĨƵƌƚŚĞƌĐŽŶƚƌŝďƵƚŝŽŶƐĂĨƚĞƌƉĂLJŵĞŶƚŽĨƚŚĞĨŝdžĞĚĐŽŶƚƌŝďƵƚŝŽŶ͘dŚĞĐŽŶƚƌŝďƵƚŝŽŶƐƌĞĐŽŐŶŝnjĞĚŝŶƌĞƐƉĞĐƚŽĨĚĞĨŝŶĞĚ
ĐŽŶƚƌŝďƵƚŝŽŶƉůĂŶƐĂƌĞĞdžƉĞŶƐĞĚĂƐƚŚĞLJĨĂůůĚƵĞ͘>ŝĂďŝůŝƚŝĞƐŽƌĂƐƐĞƚƐŵĂLJďĞƌĞĐŽŐŶŝnjĞĚŝĨƵŶĚĞƌƉĂLJŵĞŶƚŽƌ
ƉƌĞƉĂLJŵĞŶƚŚĂƐŽĐĐƵƌƌĞĚ͘

;ĐͿ dĞƌŵŝŶĂƚŝŽŶĞŶĞĨŝƚƐ

dĞƌŵŝŶĂƚŝŽŶďĞŶĞĨŝƚƐĂƌĞƉĂLJĂďůĞǁŚĞŶĞŵƉůŽLJŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬďĞĨŽƌĞƚŚĞ
ŶŽƌŵĂůƌĞƚŝƌĞŵĞŶƚĚĂƚĞ͕ŽƌǁŚĞŶĞǀĞƌĂŶĞŵƉůŽLJĞĞĂĐĐĞƉƚƐǀŽůƵŶƚĂƌLJƌĞĚƵŶĚĂŶĐLJŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĞƐĞďĞŶĞĨŝƚƐ͘dŚĞ
'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞƐƚĞƌŵŝŶĂƚŝŽŶďĞŶĞĨŝƚƐĂƚƚŚĞĞĂƌůŝĞƌŽĨ͗;ŝͿǁŚĞŶŝƚĐĂŶŶŽůŽŶŐĞƌǁŝƚŚĚƌĂǁƚŚĞ
ŽĨĨĞƌŽĨƐƵĐŚďĞŶĞĨŝƚƐ͕ĂŶĚ͕;ŝŝͿǁŚĞŶŝƚƌĞĐŽŐŶŝnjĞƐĐŽƐƚƐĨŽƌĂƌĞƐƚƌƵĐƚƵƌŝŶŐƚŚĂƚŝƐǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨW^ϯϳĂŶĚ
ŝŶǀŽůǀĞƐƚŚĞƉĂLJŵĞŶƚŽĨƚĞƌŵŝŶĂƚŝŽŶďĞŶĞĨŝƚƐ͘/ŶƚŚĞĐĂƐĞŽĨĂŶŽĨĨĞƌŵĂĚĞƚŽĞŶĐŽƵƌĂŐĞǀŽůƵŶƚĂƌLJƌĞĚƵŶĚĂŶĐLJ͕ƚŚĞ
ƚĞƌŵŝŶĂƚŝŽŶďĞŶĞĨŝƚƐĂƌĞŵĞĂƐƵƌĞĚďĂƐĞĚŽŶƚŚĞŶƵŵďĞƌŽĨĞŵƉůŽLJĞĞƐĞdžƉĞĐƚĞĚƚŽĂĐĐĞƉƚƚŚĞŽĨĨĞƌ͘ĞŶĞĨŝƚƐĨĂůůŝŶŐ
ĚƵĞŵŽƌĞƚŚĂŶϭϮŵŽŶƚŚƐĂĨƚĞƌƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƚŚĞŝƌƉƌĞƐĞŶƚǀĂůƵĞ͘

;ĚͿ ŽŶƵƐWůĂŶƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞƐĂůŝĂďŝůŝƚLJĂŶĚĂŶĞdžƉĞŶƐĞĨŽƌďŽŶƵƐĞƐ͕ďĂƐĞĚŽŶĂĨŝdžĞĚĨŽƌŵƵůĂ͘dŚĞ'ƌŽƵƉ
ĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞƐĂƉƌŽǀŝƐŝŽŶǁŚĞƌĞŝƚŝƐĐŽŶƚƌĂĐƚƵĂůůLJŽďůŝŐĞĚƚŽƉĂLJƚŚĞďĞŶĞĨŝƚƐ͕ŽƌǁŚĞƌĞƚŚĞƌĞŝƐĂ
ƉĂƐƚƉƌĂĐƚŝĐĞƚŚĂƚŚĂƐĐƌĞĂƚĞĚĂĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶ͘

 

146 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

;ĞͿ ŽŵƉĞŶƐĂƚĞĚďƐĞŶĐĞƐ

ŽŵƉĞŶƐĂƚĞĚĂďƐĞŶĐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌƚŚĞŶƵŵďĞƌŽĨƉĂŝĚůĞĂǀĞĚĂLJƐ;ŝŶĐůƵĚŝŶŐŚŽůŝĚĂLJĞŶƚŝƚůĞŵĞŶƚͿƌĞŵĂŝŶŝŶŐĂƚ
ƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘dŚĞLJĂƌĞŝŶĐůƵĚĞĚŝŶĐĐƌƵĞĚdĂdžĞƐ͕/ŶƚĞƌĞƐƚƐĂŶĚKƚŚĞƌdžƉĞŶƐĞƐĂĐĐŽƵŶƚŝŶƚŚĞ
ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚĂŵŽƵŶƚƚŚĂƚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĞdžƉĞĐƚƐƚŽƉĂLJĂƐĂ
ƌĞƐƵůƚŽĨƚŚĞƵŶƵƐĞĚĞŶƚŝƚůĞŵĞŶƚ͘

Ϯ͘ϮϮ ŽƌƌŽǁŝŶŐŽƐƚƐ

ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĞdžƉĞŶƐĞƐŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞŝŶĐƵƌƌĞĚ͕ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚƚŚĞLJĂƌĞ
ĐĂƉŝƚĂůŝnjĞĚ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐƚŚĂƚĂƌĞĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽƌƉƌŽĚƵĐƚŝŽŶŽĨĂƋƵĂůŝĨLJŝŶŐĂƐƐĞƚ
;ŝ͘Ğ͕͘ĂŶĂƐƐĞƚƚŚĂƚƚĂŬĞƐĂƐƵďƐƚĂŶƚŝĂůƉĞƌŝŽĚŽĨƚŝŵĞƚŽŐĞƚƌĞĂĚLJĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞŽƌƐĂůĞͿĂƌĞĐĂƉŝƚĂůŝnjĞĚĂƐƉĂƌƚŽĨĐŽƐƚŽĨ
ƐƵĐŚĂƐƐĞƚ͘

dŚĞĐĂƉŝƚĂůŝnjĂƚŝŽŶŽĨďŽƌƌŽǁŝŶŐĐŽƐƚƐĐŽŵŵĞŶĐĞƐǁŚĞŶĞdžƉĞŶĚŝƚƵƌĞƐĨŽƌƚŚĞĂƐƐĞƚĂŶĚďŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞďĞŝŶŐŝŶĐƵƌƌĞĚ
ĂŶĚĂĐƚŝǀŝƚŝĞƐƚŚĂƚĂƌĞŶĞĐĞƐƐĂƌLJƚŽƉƌĞƉĂƌĞƚŚĞĂƐƐĞƚĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞŽƌƐĂůĞĂƌĞŝŶƉƌŽŐƌĞƐƐ͘ĂƉŝƚĂůŝnjĂƚŝŽŶĐĞĂƐĞƐǁŚĞŶ
ƐƵďƐƚĂŶƚŝĂůůLJĂůůƐƵĐŚĂĐƚŝǀŝƚŝĞƐĂƌĞĐŽŵƉůĞƚĞ͘

/ŶǀĞƐƚŵĞŶƚŝŶĐŽŵĞĞĂƌŶĞĚŽŶƚŚĞƚĞŵƉŽƌĂƌLJŝŶǀĞƐƚŵĞŶƚŽĨƐƉĞĐŝĨŝĐďŽƌƌŽǁŝŶŐƐƉĞŶĚŝŶŐƚŚĞŝƌĞdžƉĞŶĚŝƚƵƌĞŽŶƋƵĂůŝĨLJŝŶŐ
ĂƐƐĞƚƐŝƐĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞďŽƌƌŽǁŝŶŐĐŽƐƚƐĞůŝŐŝďůĞĨŽƌĐĂƉŝƚĂůŝnjĂƚŝŽŶ͘

Ϯ͘Ϯϯ /ŶĐŽŵĞdĂdžĞƐ 

dĂdžĞdžƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĐŽŵƉƌŝƐĞƐƚŚĞƐƵŵŽĨĐƵƌƌĞŶƚƚĂdžĂŶĚĚĞĨĞƌƌĞĚƚĂdžŶŽƚƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͕ŝĨĂŶLJ͘

ƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĐŽŵƉƌŝƐĞƚŚŽƐĞĐůĂŝŵƐĨƌŽŵ͕ŽƌŽďůŝŐĂƚŝŽŶƐƚŽ͕ĨŝƐĐĂůĂƵƚŚŽƌŝƚŝĞƐƌĞůĂƚŝŶŐƚŽƚŚĞĐƵƌƌĞŶƚŽƌƉƌŝŽƌ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŚĂƚĂƌĞƵŶĐŽůůĞĐƚĞĚŽƌƵŶƉĂŝĚĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘dŚĞLJĂƌĞĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞƚĂdžƌĂƚĞƐ
ĂŶĚƚĂdžůĂǁƐĂƉƉůŝĐĂďůĞƚŽƚŚĞĨŝƐĐĂůƉĞƌŝŽĚƐƚŽǁŚŝĐŚƚŚĞLJƌĞůĂƚĞ͕ďĂƐĞĚŽŶƚŚĞƚĂdžĂďůĞƉƌŽĨŝƚĨŽƌƚŚĞLJĞĂƌ͘ůůĐŚĂŶŐĞƐƚŽ
ĐƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨƚĂdžĞdžƉĞŶƐĞŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘

ĞĨĞƌƌĞĚƚĂdžŝƐĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞůŝĂďŝůŝƚLJŵĞƚŚŽĚ͕ŽŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ
ďĞƚǁĞĞŶƚŚĞƚĂdžďĂƐĞŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĨŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘hŶĚĞƌƚŚĞůŝĂďŝůŝƚLJ
ŵĞƚŚŽĚ͕ǁŝƚŚĐĞƌƚĂŝŶĞdžĐĞƉƚŝŽŶƐ͕ĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚĚĞĨĞƌƌĞĚƚĂdž
ĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚƚŚĞĐĂƌƌLJĨŽƌǁĂƌĚŽĨƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĂŶĚƵŶƵƐĞĚƚĂdž
ĐƌĞĚŝƚƐƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJ
ĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝnjĞĚ͘hŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĂƐƐĞƐƐĞĚĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚĂƌĞ
ƌĞĐŽŐŶŝnjĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŚĂƐďĞĐŽŵĞƉƌŽďĂďůĞƚŚĂƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁƐƵĐŚĚĞĨĞƌƌĞĚƚĂdž
ĂƐƐĞƚƐƚŽďĞƌĞĐŽǀĞƌĞĚ͘

ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƚĂdžƌĂƚĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽĂƉƉůLJŝŶƚŚĞƉĞƌŝŽĚǁŚĞŶƚŚĞĂƐƐĞƚŝƐ
ƌĞĂůŝnjĞĚŽƌƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚƉƌŽǀŝĚĞĚƐƵĐŚƚĂdžƌĂƚĞƐŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞĞŶĚŽĨƚŚĞ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŝƐƌĞǀŝĞǁĞĚĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚƌĞĚƵĐĞĚƚŽ
ƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽďĞ
ƵƚŝůŝnjĞĚ͘

dŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐƌĞĨůĞĐƚƐƚŚĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐƚŚĂƚǁŽƵůĚĨŽůůŽǁĨƌŽŵƚŚĞŵĂŶŶĞƌŝŶ
ǁŚŝĐŚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĞdžƉĞĐƚƐ͕ĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŽƌĞĐŽǀĞƌŽƌƐĞƚƚůĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ
ŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘DŽƐƚĐŚĂŶŐĞƐŝŶĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĂĐŽŵƉŽŶĞŶƚŽĨƚĂdžĞdžƉĞŶƐĞŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐ͕ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚƌĞůĂƚĞƐƚŽŝƚĞŵƐƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘/Ŷ
ƚŚŝƐĐĂƐĞ͕ƚŚĞƚĂdžŝƐĂůƐŽƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŽĨĨƐĞƚŝĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚƚŽ
ƐĞƚŽĨĨĐƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐĂŐĂŝŶƐƚĐƵƌƌĞŶƚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĞƐƌĞůĂƚĞƚŽƚŚĞƐĂŵĞĞŶƚŝƚLJĂŶĚƚŚĞƐĂŵĞƚĂdžĂƚŝŽŶ
ĂƵƚŚŽƌŝƚLJ͘

 

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 Ϯ͘Ϯϰ ZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƚŝŽŶƐĂŶĚZĞůĂƚŝŽŶƐŚŝƉƐ

ZĞůĂƚĞĚƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞƚƌĂŶƐĨĞƌƐŽĨƌĞƐŽƵƌĐĞƐ͕ƐĞƌǀŝĐĞƐŽƌŽďůŝŐĂƚŝŽŶƐďĞƚǁĞĞŶƚŚĞ'ƌŽƵƉĂŶĚŝƚƐƌĞůĂƚĞĚƉĂƌƚŝĞƐ͕
ƌĞŐĂƌĚůĞƐƐǁŚĞƚŚĞƌĂƉƌŝĐĞŝƐĐŚĂƌŐĞĚ͘

WĂƌƚŝĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƌĞůĂƚĞĚŝĨŽŶĞƉĂƌƚLJŚĂƐƚŚĞĂďŝůŝƚLJƚŽĐŽŶƚƌŽůƚŚĞŽƚŚĞƌƉĂƌƚLJŽƌĞdžĞƌĐŝƐĞƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞ
ŽǀĞƌƚŚĞŽƚŚĞƌƉĂƌƚLJŝŶŵĂŬŝŶŐĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶƐ͘dŚĞƐĞƉĂƌƚŝĞƐŝŶĐůƵĚĞ͗;ĂͿŝŶĚŝǀŝĚƵĂůƐŽǁŶŝŶŐ͕ĚŝƌĞĐƚůLJŽƌ
ŝŶĚŝƌĞĐƚůLJƚŚƌŽƵŐŚŽŶĞŽƌŵŽƌĞŝŶƚĞƌŵĞĚŝĂƌŝĞƐ͕ĐŽŶƚƌŽůŽƌĂƌĞĐŽŶƚƌŽůůĞĚďLJ͕ŽƌƵŶĚĞƌĐŽŵŵŽŶĐŽŶƚƌŽůǁŝƚŚƚŚĞ'ƌŽƵƉ͖
;ďͿĂƐƐŽĐŝĂƚĞƐ͖;ĐͿŝŶĚŝǀŝĚƵĂůƐŽǁŶŝŶŐ͕ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ĂŶŝŶƚĞƌĞƐƚŝŶƚŚĞǀŽƚŝŶŐƉŽǁĞƌŽĨƚŚĞ'ƌŽƵƉƚŚĂƚŐŝǀĞƐƚŚĞŵ
ƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽǀĞƌƚŚĞ'ƌŽƵƉĂŶĚĐůŽƐĞŵĞŵďĞƌƐŽĨƚŚĞĨĂŵŝůLJŽĨĂŶLJƐƵĐŚŝŶĚŝǀŝĚƵĂů͖ĂŶĚ͕;ĚͿƚŚĞ'ƌŽƵƉ͛ƐĂŶĚWĂƌĞŶƚ
ĂŶŬ͛ƐĨƵŶĚĞĚƌĞƚŝƌĞŵĞŶƚƉůĂŶ͘

/ŶĐŽŶƐŝĚĞƌŝŶŐĞĂĐŚƉŽƐƐŝďůĞƌĞůĂƚĞĚƉĂƌƚLJƌĞůĂƚŝŽŶƐŚŝƉ͕ĂƚƚĞŶƚŝŽŶŝƐĚŝƌĞĐƚĞĚƚŽƚŚĞƐƵďƐƚĂŶĐĞŽĨƚŚĞƌĞůĂƚŝŽŶƐŚŝƉĂŶĚŶŽƚ
ŵĞƌĞůLJŽŶƚŚĞůĞŐĂůĨŽƌŵ͘

Ϯ͘Ϯϱ dƌƵƐƚĂŶĚ&ŝĚƵĐŝĂƌLJĐƚŝǀŝƚŝĞƐ

dŚĞWĂƌĞŶƚĂŶŬĐŽŵŵŽŶůLJĂĐƚƐĂƐƚƌƵƐƚĞĞĂŶĚŝŶŽƚŚĞƌĨŝĚƵĐŝĂƌLJĐĂƉĂĐŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶƚŚĞŚŽůĚŝŶŐŽƌƉůĂĐŝŶŐŽĨĂƐƐĞƚƐŽŶ
ďĞŚĂůĨŽĨŝŶĚŝǀŝĚƵĂůƐ͕ƚƌƵƐƚƐ͕ƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƉůĂŶƐĂŶĚŽƚŚĞƌŝŶƐƚŝƚƵƚŝŽŶƐ͘dŚĞƌĞƐŽƵƌĐĞƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚŝŶĐŽŵĞŽƌůŽƐƐ
ĂƌŝƐŝŶŐƚŚĞƌĞŽŶĂƌĞĞdžĐůƵĚĞĚĨƌŽŵƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐƚŚĞƐĞĂƌĞŶĞŝƚŚĞƌƌĞƐŽƵƌĐĞƐŶŽƌŝŶĐŽŵĞŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘

Ϯ͘Ϯϲ ^ĞŐŵĞŶƚZĞƉŽƌƚŝŶŐ

KƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐĂƌĞƌĞƉŽƌƚĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞŝŶƚĞƌŶĂůƌĞƉŽƌƚŝŶŐƉƌŽǀŝĚĞĚƚŽƚŚĞ'ƌŽƵƉ͛ƐĐŚŝĞĨŽƉĞƌĂƚŝŶŐ
ĚĞĐŝƐŝŽŶͲŵĂŬĞƌ͘dŚĞĐŚŝĞĨŽƉĞƌĂƚŝŶŐĚĞĐŝƐŝŽŶͲŵĂŬĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŽĐĂƚŝŶŐƌĞƐŽƵƌĐĞƐĂŶĚĂƐƐĞƐƐŝŶŐƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ
ŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͘

/ŶŝĚĞŶƚŝĨLJŝŶŐŝƚƐŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͕ŵĂŶĂŐĞŵĞŶƚŐĞŶĞƌĂůůLJĨŽůůŽǁƐƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞůŝŶĞƐĂƐĚŝƐĐůŽƐĞĚŝŶ
EŽƚĞϴ͕ǁŚŝĐŚƌĞƉƌĞƐĞŶƚƚŚĞŵĂŝŶƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJƚŚĞ'ƌŽƵƉ͘

ĂĐŚŽĨƚŚĞƐĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐŝƐŵĂŶĂŐĞĚƐĞƉĂƌĂƚĞůLJĂƐĞĂĐŚŽĨƚŚĞƐĞƐĞƌǀŝĐĞůŝŶĞƐƌĞƋƵŝƌĞƐĚŝĨĨĞƌĞŶƚƚĞĐŚŶŽůŽŐŝĞƐĂŶĚ
ŽƚŚĞƌƌĞƐŽƵƌĐĞƐĂƐǁĞůůĂƐŵĂƌŬĞƚŝŶŐĂƉƉƌŽĂĐŚĞƐ͘ůůŝŶƚĞƌͲƐĞŐŵĞŶƚƚƌĂŶƐĨĞƌƐĂƌĞĐĂƌƌŝĞĚŽƵƚĂƚĂƌŵ͛ƐůĞŶŐƚŚƉƌŝĐĞƐ͘

dŚĞŵĞĂƐƵƌĞŵĞŶƚƉŽůŝĐŝĞƐƚŚĞ'ƌŽƵƉƵƐĞƐĨŽƌƐĞŐŵĞŶƚƌĞƉŽƌƚŝŶŐƵŶĚĞƌW&Z^ϴ͕KƉĞƌĂƚŝŶŐ^ĞŐŵĞŶƚƐ͕ĂƌĞƚŚĞƐĂŵĞĂƐƚŚŽƐĞ
ƵƐĞĚŝŶŝƚƐĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĞdžĐĞƉƚƚŚĂƚƚŚĞƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚĞdžƉĞŶƐĞƐĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶĂƌƌŝǀŝŶŐ
ĂƚƚŚĞŽƉĞƌĂƚŝŶŐƉƌŽĨŝƚŽĨƚŚĞŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚƐ͘

/ŶĂĚĚŝƚŝŽŶ͕ĐŽƌƉŽƌĂƚĞĂƐƐĞƚƐǁŚŝĐŚĂƌĞŶŽƚĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐŽĨĂŶLJŽƉĞƌĂƚŝŶŐƐĞŐŵĞŶƚĂƌĞŶŽƚ
ĂůůŽĐĂƚĞĚƚŽĂŶLJƐĞŐŵĞŶƚ͘

dŚĞƌĞŚĂǀĞďĞĞŶŶŽĐŚĂŶŐĞƐĨƌŽŵƉƌŝŽƌƉĞƌŝŽĚƐŝŶƚŚĞŵĞĂƐƵƌĞŵĞŶƚŵĞƚŚŽĚƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƌĞƉŽƌƚĞĚƐĞŐŵĞŶƚƉƌŽĨŝƚŽƌ
ůŽƐƐ͘

Ϯ͘Ϯϳ ǀĞŶƚƐĨƚĞƌƚŚĞŶĚŽĨƚŚĞZĞƉŽƌƚŝŶŐWĞƌŝŽĚ

ŶLJƉŽƐƚͲLJĞĂƌͲĞŶĚĞǀĞŶƚƚŚĂƚƉƌŽǀŝĚĞƐĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚ
ƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ;ĂĚũƵƐƚŝŶŐĞǀĞŶƚͿŝƐƌĞĨůĞĐƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘WŽƐƚͲLJĞĂƌͲĞŶĚĞǀĞŶƚƐƚŚĂƚĂƌĞŶŽƚ
ĂĚũƵƐƚŝŶŐĞǀĞŶƚƐ͕ŝĨĂŶLJ͕ĂƌĞĚŝƐĐůŽƐĞĚǁŚĞŶŵĂƚĞƌŝĂůƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘


ϯ͘ ^/'E/&/EdKhEd/E':h'DEd^E^d/Dd^

dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW&Z^ƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽ
ŵĂŬĞũƵĚŐŵĞŶƚƐĂŶĚĞƐƚŝŵĂƚĞƐƚŚĂƚĂĨĨĞĐƚƚŚĞĂŵŽƵŶƚƐƌĞƉŽƌƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƌĞůĂƚĞĚŶŽƚĞƐ͘:ƵĚŐŵĞŶƚƐ
ĂŶĚĞƐƚŝŵĂƚĞƐĂƌĞĐŽŶƚŝŶƵĂůůLJĞǀĂůƵĂƚĞĚĂŶĚĂƌĞďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůĞdžƉĞƌŝĞŶĐĞĂŶĚŽƚŚĞƌĨĂĐƚŽƌƐ͕ŝŶĐůƵĚŝŶŐĞdžƉĞĐƚĂƚŝŽŶƐŽĨ
ĨƵƚƵƌĞĞǀĞŶƚƐƚŚĂƚĂƌĞďĞůŝĞǀĞĚƚŽďĞƌĞĂƐŽŶĂďůĞƵŶĚĞƌƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ĐƚƵĂůƌĞƐƵůƚƐŵĂLJƵůƚŝŵĂƚĞůLJĚŝĨĨĞƌĨƌŽŵƚŚĞƐĞ
ĞƐƚŝŵĂƚĞƐ͘


148 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϯ͘ϭ ƌŝƚŝĐĂůDĂŶĂŐĞŵĞŶƚ:ƵĚŐŵĞŶƚƐŝŶƉƉůLJŝŶŐĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐ

/ŶƚŚĞƉƌŽĐĞƐƐŽĨĂƉƉůLJŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͕ŵĂŶĂŐĞŵĞŶƚŚĂƐŵĂĚĞƚŚĞĨŽůůŽǁŝŶŐ
ũƵĚŐŵĞŶƚƐ͕ĂƉĂƌƚĨƌŽŵƚŚŽƐĞŝŶǀŽůǀŝŶŐĞƐƚŝŵĂƚŝŽŶ͕ǁŚŝĐŚŚĂǀĞƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚŽŶƚŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͗

;ŝͿ ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂƐ,dD/ŶǀĞƐƚŵĞŶƚƐ

/ŶĐůĂƐƐŝĨLJŝŶŐŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŝƚŚĨŝdžĞĚŽƌĚĞƚĞƌŵŝŶĂďůĞƉĂLJŵĞŶƚƐĂŶĚĨŝdžĞĚŵĂƚƵƌŝƚLJ͕ƐƵĐŚĂƐďŽŶĚƐ͕ĂƐ
,dDŝŶǀĞƐƚŵĞŶƚƐ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĞǀĂůƵĂƚĞƐŝƚƐŝŶƚĞŶƚŝŽŶĂŶĚĂďŝůŝƚLJƚŽŚŽůĚƐƵĐŚŝŶǀĞƐƚŵĞŶƚƐƵƉƚŽ
ŵĂƚƵƌŝƚLJ͘DĂŶĂŐĞŵĞŶƚŚĂƐĐŽŶĨŝƌŵĞĚŝƚƐŝŶƚĞŶƚŝŽŶĂŶĚĚĞƚĞƌŵŝŶĞĚŝƚƐĂďŝůŝƚLJƚŽŚŽůĚƚŚĞŝŶǀĞƐƚŵĞŶƚƐƵƉƚŽŵĂƚƵƌŝƚLJ͘
/ĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĨĂŝůƐƚŽŬĞĞƉƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐƚŽŵĂƚƵƌŝƚLJŽƚŚĞƌƚŚĂŶĨŽƌƐƉĞĐŝĨŝĐĐŝƌĐƵŵƐƚĂŶĐĞƐĂƐ
ĂůůŽǁĞĚƵŶĚĞƌƚŚĞƐƚĂŶĚĂƌĚ͕ŝƚǁŝůůďĞƌĞƋƵŝƌĞĚƚŽƌĞĐůĂƐƐŝĨLJƚŚĞǁŚŽůĞĐůĂƐƐĂƐ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘/ŶƐƵĐŚĂĐĂƐĞ͕ƚŚĞ
ŝŶǀĞƐƚŵĞŶƚƐǁŽƵůĚ͕ƚŚĞƌĞĨŽƌĞ͕ďĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͕ŶŽƚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚ͘

/ŶϮϬϭϭ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽůĚ,dDŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨWϯ͘ϮďŝůůŝŽŶ͘ƐĂƌĞƐƵůƚŽĨƚŚĞƐĞ
ĚŝƐƉŽƐĂůƐ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƉƌŽŚŝďŝƚĞĚƵŶĚĞƌW&Z^ĨƌŽŵĐůĂƐƐŝĨLJŝŶŐĂŶLJĨŝŶĂŶĐŝĂůĂƐƐĞƚĂƐ,dDĨƌŽŵϮϬϭϭƵŶƚŝůϮϬϭϯ͘
,ŽǁĞǀĞƌ͕ƚŚĞ^WĂƉƉƌŽǀĞĚƚŚĞĞdžĞŵƉƚŝŽŶŽĨƚŚĞƌĞŵĂŝŶŝŶŐ,dDŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵƚŚĞ͞ƚĂŝŶƚŝŶŐƌƵůĞ͟
;ƐĞĞEŽƚĞƐϮ͘ϭĂŶĚϭϭ͘ϯͿ͘

;ŝŝͿ /ŵƉĂŝƌŵĞŶƚŽĨ&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶǁŚĞŶĂŶŝŶǀĞƐƚŵĞŶƚŝƐŽƚŚĞƌͲƚŚĂŶͲƚĞŵƉŽƌĂƌŝůLJŝŵƉĂŝƌĞĚƌĞƋƵŝƌĞƐƐŝŐŶŝĨŝĐĂŶƚũƵĚŐŵĞŶƚ͘/ŶŵĂŬŝŶŐ
ƚŚŝƐũƵĚŐŵĞŶƚ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĞǀĂůƵĂƚĞƐ͕ĂŵŽŶŐŽƚŚĞƌĨĂĐƚŽƌƐ͕ƚŚĞĚƵƌĂƚŝŽŶĂŶĚĞdžƚĞŶƚƚŽǁŚŝĐŚƚŚĞ
ĨĂŝƌǀĂůƵĞŽĨĂŶŝŶǀĞƐƚŵĞŶƚŝƐůĞƐƐƚŚĂŶŝƚƐĐŽƐƚ͕ĂŶĚƚŚĞĨŝŶĂŶĐŝĂůŚĞĂůƚŚŽĨĂŶĚŶĞĂƌͲƚĞƌŵďƵƐŝŶĞƐƐŽƵƚůŽŽŬĨŽƌƚŚĞ
ŝŶǀĞƐƚĞĞ͕ŝŶĐůƵĚŝŶŐĨĂĐƚŽƌƐƐƵĐŚĂƐŝŶĚƵƐƚƌLJĂŶĚƐĞĐƚŽƌƉĞƌĨŽƌŵĂŶĐĞ͕ĐŚĂŶŐĞƐŝŶƚĞĐŚŶŽůŽŐLJĂŶĚŽƉĞƌĂƚŝŽŶĂůĂŶĚ
ĨŝŶĂŶĐŝŶŐĐĂƐŚĨůŽǁƐ͘

ĂƐĞĚŽŶƚŚĞƌĞĐĞŶƚĞǀĂůƵĂƚŝŽŶŽĨŝŶĨŽƌŵĂƚŝŽŶĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐĂĨĨĞĐƚŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ&^
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ŵĂŶĂŐĞŵĞŶƚŚĂƐƌĞĐŽŐŶŝnjĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶĐĞƌƚĂŝŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶϮϬϭϳĂŶĚϮϬϭϲĂƐ
ĚŝƐĐůŽƐĞĚŝŶEŽƚĞƐϭϭ͘ϮĂŶĚϭϳ͘&ƵƚƵƌĞĐŚĂŶŐĞƐŝŶƚŚŽƐĞŝŶĨŽƌŵĂƚŝŽŶĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŵŝŐŚƚƐŝŐŶŝĨŝĐĂŶƚůLJĂĨĨĞĐƚƚŚĞ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚƐ͘

;ŝŝŝͿ ŝƐƚŝŶĐƚŝŽŶĞƚǁĞĞŶ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐĂŶĚKǁŶĞƌͲDĂŶĂŐĞĚWƌŽƉĞƌƚŝĞƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌĂƉƌŽƉĞƌƚLJƋƵĂůŝĨŝĞƐĂƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘/ŶŵĂŬŝŶŐŝƚƐ
ũƵĚŐŵĞŶƚ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐŽŶƐŝĚĞƌƐǁŚĞƚŚĞƌƚŚĞƉƌŽƉĞƌƚLJŐĞŶĞƌĂƚĞƐĐĂƐŚĨůŽǁƐůĂƌŐĞůLJŝŶĚĞƉĞŶĚĞŶƚŽĨ
ƚŚĞŽƚŚĞƌĂƐƐĞƚƐŚĞůĚďLJĂŶĞŶƚŝƚLJ͘KǁŶĞƌͲŽĐĐƵƉŝĞĚƉƌŽƉĞƌƚŝĞƐŐĞŶĞƌĂƚĞĐĂƐŚĨůŽǁƐƚŚĂƚĂƌĞĂƚƚƌŝďƵƚĂďůĞŶŽƚŽŶůLJƚŽ
ƚŚĞƉƌŽƉĞƌƚLJďƵƚĂůƐŽƚŽŽƚŚĞƌĂƐƐĞƚƐƵƐĞĚŝŶŝƚƐďĂŶŬŝŶŐŽƉĞƌĂƚŝŽŶƐ͘

;ŝǀͿ ŝƐƚŝŶĐƚŝŽŶĞƚǁĞĞŶKƉĞƌĂƚŝŶŐĂŶĚ&ŝŶĂŶĐĞ>ĞĂƐĞƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĞŶƚĞƌĞĚŝŶƚŽǀĂƌŝŽƵƐůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘ƌŝƚŝĐĂůũƵĚŐŵĞŶƚǁĂƐĞdžĞƌĐŝƐĞĚďLJ
ŵĂŶĂŐĞŵĞŶƚƚŽĚŝƐƚŝŶŐƵŝƐŚĞĂĐŚůĞĂƐĞĂŐƌĞĞŵĞŶƚĂƐĞŝƚŚĞƌĂŶŽƉĞƌĂƚŝŶŐŽƌĂĨŝŶĂŶĐĞůĞĂƐĞďLJůŽŽŬŝŶŐĂƚƚŚĞƚƌĂŶƐĨĞƌŽƌ
ƌĞƚĞŶƚŝŽŶŽĨƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞƉƌŽƉĞƌƚŝĞƐĐŽǀĞƌĞĚďLJƚŚĞĂŐƌĞĞŵĞŶƚƐ͘&ĂŝůƵƌĞƚŽŵĂŬĞ
ƚŚĞƌŝŐŚƚũƵĚŐŵĞŶƚǁŝůůƌĞƐƵůƚŝŶĞŝƚŚĞƌŽǀĞƌƐƚĂƚĞŵĞŶƚŽƌƵŶĚĞƌƐƚĂƚĞŵĞŶƚŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘DĂŶĂŐĞŵĞŶƚ
ĂƐƐĞƐƐĞĚƚŚĂƚĂůůŽĨŝƚƐĞdžŝƐƚŝŶŐůĞĂƐĞĂƌƌĂŶŐĞŵĞŶƚƐƋƵĂůŝĨLJĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͘

;ǀͿ ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨĐƋƵŝƌĞĚWƌŽƉĞƌƚŝĞƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐůĂƐƐŝĨŝĞƐŝƚƐĂĐƋƵŝƌĞĚƉƌŽƉĞƌƚŝĞƐĂƐĂŶŬWƌĞŵŝƐĞƐ͕&ƵƌŶŝƚƵƌĞ͕&ŝdžƚƵƌĞƐĂŶĚƋƵŝƉŵĞŶƚŝĨ
ƵƐĞĚŝŶŽƉĞƌĂƚŝŽŶƐ͕ĂƐƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞƵŶĚĞƌ/ŶƚĂŶŐŝďůĞĂŶĚKƚŚĞƌZĞƐŽƵƌĐĞƐŝĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ
ĞdžƉĞĐƚƐƚŚĂƚƚŚĞƉƌŽƉĞƌƚŝĞƐǁŝůůďĞƌĞĐŽǀĞƌĞĚƉƌŝŶĐŝƉĂůůLJƚŚƌŽƵŐŚƐĂůĞƌĂƚŚĞƌƚŚĂŶĐŽŶƚŝŶƵŝŶŐƵƐĞŽĨƚŚĞĂƐƐĞƚ͕ĂƐ
/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐŝĨŚĞůĚĨŽƌĐƵƌƌĞŶƚůLJƵŶĚĞƚĞƌŵŝŶĞĚĨƵƚƵƌĞƵƐĞĂŶĚŝƐƌĞŐĂƌĚĞĚĂƐŚĞůĚĨŽƌĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶŽƌ
ĂƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^ϯϵ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 149
 ;ǀŝͿ ZĞĐŽŐŶŝƚŝŽŶŽĨWƌŽǀŝƐŝŽŶƐĂŶĚŽŶƚŝŶŐĞŶĐŝĞƐ

:ƵĚŐŵĞŶƚŝƐĞdžĞƌĐŝƐĞĚďLJŵĂŶĂŐĞŵĞŶƚƚŽĚŝƐƚŝŶŐƵŝƐŚďĞƚǁĞĞŶƉƌŽǀŝƐŝŽŶƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐ͘WŽůŝĐŝĞƐŽŶƌĞĐŽŐŶŝƚŝŽŶŽĨ
ƉƌŽǀŝƐŝŽŶƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐĂƌĞĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϮ͘ϭϱĂŶĚĚŝƐĐůŽƐƵƌĞƐŽŶƌĞůĞǀĂŶƚƉƌŽǀŝƐŝŽŶƐĂŶĚĐŽŶƚŝŶŐĞŶĐŝĞƐĂƌĞ
ƉƌĞƐĞŶƚĞĚŝŶEŽƚĞϯϬ͘

;ǀŝŝͿ ĐĐŽƵŶƚŝŶŐĨŽƌƚŚĞ^ĞƋƵĞƐƚĞƌĞĚ^ŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬĂŶĚƚŚĞ//&KŝůDŝůůƐďLJƚŚĞZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ

dŚĞdZKŽŶƚŚĞKƐǁĂƐůŝĨƚĞĚŝŶƵŐƵƐƚϮϬϭϳ͖ŚŽǁĞǀĞƌ͕ŝŶƚŚĞĂďƐĞŶĐĞŽĨǁƌŝƚŽĨĞdžĞĐƵƚŝŽŶ͕ƚŚĞKĂŶĚŵĂŶĂŐĞŵĞŶƚ
ďĞůŝĞǀĞƚŚĂƚ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŝƚŝƐƐƚŝůůƌĞĂƐŽŶĂďůĞƚŽŵĂŝŶƚĂŝŶƚŚĞƐƚĂƚƵƐƋƵŽĂŶĚĐŽŶƚŝŶƵĞǁŝƚŚƚŚĞ
ŶŽƌŵĂůďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ŝŶĐůƵĚŝŶŐƚŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶ//&ͲKD'ĂĐĐŽƵŶƚĞĚĨŽƌ
ƵŶĚĞƌŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐďĂƐĞĚŽŶƚŚĞůĞŐĂůŽƉŝŶŝŽŶƌĞŶĚĞƌĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĞdžƚĞƌŶĂůĐŽƵŶƐĞů
;ƐĞĞEŽƚĞƐϭ͘ϱ͕ϭϯ͕ϮϮ͘ϭĂŶĚϮϳͿ͘,ŽǁĞǀĞƌ͕ƚŚĞŵĂŶĂŐĞŵĞŶƚŽƉƚĞĚŶŽƚƚŽƌĞĐŽŐŶŝnjĞĚŝƚƐĞƋƵŝƚLJƐŚĂƌĞŽŶƚŚĞƐĞ
ŝŶǀĞƐƚŵĞŶƚƐĨŽƌĐŽŶƐĞƌǀĂƚŝƐŵƉƵƌƉŽƐĞƐ͘

ϯ͘Ϯ <ĞLJ^ŽƵƌĐĞƐŽĨƐƚŝŵĂƚŝŽŶhŶĐĞƌƚĂŝŶƚLJ

dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞĨƵƚƵƌĞ͕ĂŶĚŽƚŚĞƌŬĞLJƐŽƵƌĐĞƐŽĨĞƐƚŝŵĂƚŝŽŶƵŶĐĞƌƚĂŝŶƚLJĂƚƚŚĞĞŶĚŽĨ
ƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŚĂƚŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨĐĂƵƐŝŶŐĂŵĂƚĞƌŝĂůĂĚũƵƐƚŵĞŶƚƚŽƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚ
ůŝĂďŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞŶĞdžƚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͗

;ĂͿ /ŵƉĂŝƌŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞǀŝĞǁƐŝƚƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƉŽƌƚĨŽůŝŽƚŽĂƐƐĞƐƐŝŵƉĂŝƌŵĞŶƚĂƚůĞĂƐƚŽŶĂŶĂŶŶƵĂůďĂƐŝƐ͘
/ŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐƐŚŽƵůĚďĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ
ŵĂŬĞƐũƵĚŐŵĞŶƚĂƐƚŽǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŽďƐĞƌǀĂďůĞĚĂƚĂŝŶĚŝĐĂƚŝŶŐƚŚĂƚƚŚĞƌĞŝƐĂŵĞĂƐƵƌĂďůĞĚĞĐƌĞĂƐĞŝŶƚŚĞ
ĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞƉŽƌƚĨŽůŝŽďĞĨŽƌĞƚŚĞĚĞĐƌĞĂƐĞĐĂŶďĞŝĚĞŶƚŝĨŝĞĚǁŝƚŚĂŶŝŶĚŝǀŝĚƵĂůŝƚĞŵŝŶƚŚĂƚ
ƉŽƌƚĨŽůŝŽ͘dŚŝƐĞǀŝĚĞŶĐĞŵĂLJŝŶĐůƵĚĞŽďƐĞƌǀĂďůĞĚĂƚĂŝŶĚŝĐĂƚŝŶŐƚŚĂƚƚŚĞƌĞŚĂƐďĞĞŶĂŶĂĚǀĞƌƐĞĐŚĂŶŐĞŝŶƚŚĞƉĂLJŵĞŶƚ
ƐƚĂƚƵƐŽĨďŽƌƌŽǁĞƌƐŽƌŝƐƐƵĞƌƐŝŶĂŐƌŽƵƉ͕ŽƌŶĂƚŝŽŶĂůŽƌůŽĐĂůĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐƚŚĂƚĐŽƌƌĞůĂƚĞƐǁŝƚŚĚĞĨĂƵůƚƐŽŶ
ĂƐƐĞƚƐŝŶƚŚĞŐƌŽƵƉ͘

DĂŶĂŐĞŵĞŶƚƵƐĞƐĞƐƚŝŵĂƚĞƐďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůůŽƐƐĞdžƉĞƌŝĞŶĐĞĨŽƌĂƐƐĞƚƐǁŝƚŚĐƌĞĚŝƚƌŝƐŬĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚŽďũĞĐƚŝǀĞ
ĞǀŝĚĞŶĐĞŽĨŝŵƉĂŝƌŵĞŶƚƐŝŵŝůĂƌƚŽƚŚŽƐĞŝŶƚŚĞƉŽƌƚĨŽůŝŽǁŚĞŶƐĐŚĞĚƵůŝŶŐŝƚƐĨƵƚƵƌĞĐĂƐŚĨůŽǁƐ͘dŚĞŵĞƚŚŽĚŽůŽŐLJĂŶĚ
ĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚĨŽƌĞƐƚŝŵĂƚŝŶŐďŽƚŚƚŚĞĂŵŽƵŶƚĂŶĚƚŝŵŝŶŐŽĨĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂƌĞƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJƚŽƌĞĚƵĐĞĂŶLJ
ĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶůŽƐƐĞƐƚŝŵĂƚĞƐĂŶĚĂĐƚƵĂůůŽƐƐĞdžƉĞƌŝĞŶĐĞ͘

/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĂƌĞĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭϳ͘

;ďͿ &ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚƐŽĨ&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐĂŶĚ&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐĂƌƌŝĞƐĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐĂƚĨĂŝƌǀĂůƵĞǁŚŝĐŚƌĞƋƵŝƌĞƐƚŚĞĞdžƚĞŶƐŝǀĞƵƐĞŽĨ
ĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂŶĚũƵĚŐŵĞŶƚƐ͘/ŶĐĂƐĞƐǁŚĞŶĂĐƚŝǀĞŵĂƌŬĞƚƐĂƌĞŶŽƚĂǀĂŝůĂďůĞ͕ĨĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚďLJ
ƌĞĨĞƌĞŶĐĞƚŽƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚǀĂůƵĞŽĨĂŶŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚǁŚŝĐŚŝƐƐƵďƐƚĂŶƚŝĂůůLJƚŚĞƐĂŵĞŽƌŝƐĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶ
ƚŚĞĞdžƉĞĐƚĞĚĐĂƐŚĨůŽǁƐŽĨƚŚĞƵŶĚĞƌůLJŝŶŐŶĞƚďĂƐĞŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚ;ƐĞĞEŽƚĞϳ͘ϮͿ͘dŚĞĂŵŽƵŶƚŽĨĐŚĂŶŐĞƐŝŶĨĂŝƌ
ǀĂůƵĞŽĨĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐǁŽƵůĚĂĨĨĞĐƚƉƌŽĨŝƚŽƌůŽƐƐĂŶĚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘

dŚĞĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞŶŽƚƋƵŽƚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚŝƐĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚ
ǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐŝŶŐƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞĐŽŵƉƵƚĂƚŝŽŶ͘tŚĞƌĞĂĐƚŝǀĞƋƵŽƚĞƐĂƌĞŶŽƚĂǀĂŝůĂďůĞ͕ǀĂůƵĂƚŝŽŶ
ƚĞĐŚŶŝƋƵĞƐĂƌĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞĨĂŝƌǀĂůƵĞƐ͕ǁŚŝĐŚĂƌĞǀĂůŝĚĂƚĞĚĂŶĚƉĞƌŝŽĚŝĐĂůůLJƌĞǀŝĞǁĞĚ͘dŽƚŚĞĞdžƚĞŶƚƉƌĂĐƚŝĐĂďůĞ͕
ŵŽĚĞůƐƵƐĞŽďƐĞƌǀĂďůĞĚĂƚĂ͕ŚŽǁĞǀĞƌ͕ĂƌĞĂƐƐƵĐŚĂƐĐƌĞĚŝƚƌŝƐŬ;ďŽƚŚŽǁŶĂŶĚĐŽƵŶƚĞƌƉĂƌƚLJͿ͕ǀŽůĂƚŝůŝƚŝĞƐĂŶĚ
ĐŽƌƌĞůĂƚŝŽŶƐƌĞƋƵŝƌĞŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐ͘ŚĂŶŐĞƐŝŶĂƐƐƵŵƉƚŝŽŶƐĐŽƵůĚĂĨĨĞĐƚĨĂŝƌǀĂůƵĞŽĨĨŝŶĂŶĐŝĂů
ŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƵƐĞƐũƵĚŐŵĞŶƚƚŽƐĞůĞĐƚĂǀĂƌŝĞƚLJŽĨŵĞƚŚŽĚƐĂŶĚŵĂŬĞĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚ
ĂƌĞŵĂŝŶůLJďĂƐĞĚŽŶĐŽŶĚŝƚŝŽŶƐĞdžŝƐƚŝŶŐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘dŚĞĨĂŝƌǀĂůƵĞƐŽĨĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐĂŶĚ
ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞŐƌŽƵƉĞĚŝŶĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĚŝƐĐůŽƐĞĚŝŶEŽƚĞϳ͘Ϯ͘&ƵƌƚŚĞƌ͕ƚŚĞ
ĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂŶĚ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚƚŚĞĂŵŽƵŶƚƐ
ŽĨĨĂŝƌǀĂůƵĞĐŚĂŶŐĞƐƌĞĐŽŐŶŝnjĞĚŽŶƚŚŽƐĞĂƐƐĞƚƐĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞƐϭϭ͘ϭĂŶĚϭϭ͘Ϯ͘
 

150 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

;ĐͿ ƐƚŝŵĂƚŝŶŐhƐĞĨƵů>ŝǀĞƐŽĨĂŶŬWƌĞŵŝƐĞƐ͕&ƵƌŶŝƚƵƌĞ͕&ŝdžƚƵƌĞƐĂŶĚƋƵŝƉŵĞŶƚ͕/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐĂŶĚ/ŶƚĂŶŐŝďůĞ
ƐƐĞƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĞƐƚŝŵĂƚĞƐƚŚĞƵƐĞĨƵůůŝǀĞƐŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ͕
ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐďĂƐĞĚŽŶƚŚĞƉĞƌŝŽĚŽǀĞƌǁŚŝĐŚƚŚĞĂƐƐĞƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĂǀĂŝůĂďůĞĨŽƌ
ƵƐĞ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚ
ŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐĂƌĞƌĞǀŝĞǁĞĚƉĞƌŝŽĚŝĐĂůůLJĂŶĚĂƌĞƵƉĚĂƚĞĚŝĨĞdžƉĞĐƚĂƚŝŽŶƐĚŝĨĨĞƌĨƌŽŵƉƌĞǀŝŽƵƐĞƐƚŝŵĂƚĞƐĚƵĞƚŽ
ƉŚLJƐŝĐĂůǁĞĂƌĂŶĚƚĞĂƌ͕ƚĞĐŚŶŝĐĂůŽƌĐŽŵŵĞƌĐŝĂůŽďƐŽůĞƐĐĞŶĐĞĂŶĚůĞŐĂůŽƌŽƚŚĞƌůŝŵŝƚƐŽŶƚŚĞƵƐĞŽĨƚŚĞĂƐƐĞƚƐ͘

dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ
ĂƌĞĂŶĂůLJnjĞĚŝŶEŽƚĞƐϭϰ͕ϭϱĂŶĚϭϲ͘ϰ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚ͛ƐĂƐƐĞƐƐŵĞŶƚĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚ
ϮϬϭϲ͕ƚŚĞƌĞŝƐŶŽĐŚĂŶŐĞŝŶĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨƚŚŽƐĞĂƐƐĞƚƐĚƵƌŝŶŐƚŚŽƐĞLJĞĂƌƐ͘ĐƚƵĂůƌĞƐƵůƚƐ͕ŚŽǁĞǀĞƌ͕ŵĂLJǀĂƌLJ
ĚƵĞƚŽĐŚĂŶŐĞƐŝŶĞƐƚŝŵĂƚĞƐďƌŽƵŐŚƚĂďŽƵƚďLJĐŚĂŶŐĞƐŝŶĨĂĐƚŽƌƐŵĞŶƚŝŽŶĞĚĂďŽǀĞ͘

;ĚͿ &ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚƐŽĨ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ

dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĐŽŶƐŝƐƚŽĨƉĂƌĐĞůƐŽĨůĂŶĚĂŶĚďƵŝůĚŝŶŐƐǁŚŝĐŚĂƌĞŚĞůĚĨŽƌ
ĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶŽƌŚĞůĚƵŶĚĞƌŽƉĞƌĂƚŝŶŐůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͕ĂŶĚĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐƚŚĞĐŽƐƚŵŽĚĞů͘dŚĞĞƐƚŝŵĂƚĞĚ
ĨĂŝƌǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĚŝƐĐůŽƐĞĚŝŶEŽƚĞϳ͘ϱŝƐĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨĂƉƉƌĂŝƐĂůƐĐŽŶĚƵĐƚĞĚďLJ
ƉƌŽĨĞƐƐŝŽŶĂůĂƉƉƌĂŝƐĞƌƐĂƉƉůLJŝŶŐƚŚĞƌĞůĞǀĂŶƚǀĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐŝĞƐĂƐĚŝƐĐƵƐƐĞĚƚŚĞƌĞŝŶ͘

&ŽƌŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐǁŝƚŚĂƉƉƌĂŝƐĂůĐŽŶĚƵĐƚĞĚƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞĐƵƌƌĞŶƚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ŵĂŶĂŐĞŵĞŶƚ
ĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞƐŝŐŶŝĨŝĐĂŶƚĐŝƌĐƵŵƐƚĂŶĐĞƐĚƵƌŝŶŐƚŚĞŝŶƚĞƌǀĞŶŝŶŐƉĞƌŝŽĚƚŚĂƚŵĂLJƌĞƋƵŝƌĞĂĚũƵƐƚŵĞŶƚƐŽƌ
ĐŚĂŶŐĞƐŝŶƚŚĞĚŝƐĐůŽƐƵƌĞŽĨĨĂŝƌǀĂůƵĞŽĨƚŚŽƐĞƉƌŽƉĞƌƚŝĞƐ͘

ƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞŝŶŬĞLJŝŶƉƵƚƐĂŶĚƐŽƵƌĐĞƐŽĨŝŶĨŽƌŵĂƚŝŽŶƵƐĞĚŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĨĂŝƌǀĂůƵĞĚŝƐĐůŽƐĞĚĨŽƌ
ƚŚŽƐĞĂƐƐĞƚƐŵĂLJƌĞƐƵůƚŝŶĂŶĂĚũƵƐƚŵĞŶƚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚƐƌĞƉŽƌƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝĨ
ƚŚĞŝƌĨĂŝƌǀĂůƵĞǁŝůůŝŶĚŝĐĂƚĞĞǀŝĚĞŶĐĞŽĨŝŵƉĂŝƌŵĞŶƚ͘

;ĞͿ WĞƌĐĞŶƚĂŐĞĞŶĐŚŵĂƌŬhƐĞĚŝŶZĞĐŽŐŶŝƚŝŽŶŽĨZĞǀĞŶƵĞĨƌŽŵZĞĂůƐƚĂƚĞ^ĂůĞƐ

dŚĞƉĞƌĐĞŶƚĂŐĞďĞŶĐŚŵĂƌŬƵƐĞĚďLJƚŚĞ'ƌŽƵƉŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌƚŽƌĞĐŽŐŶŝnjĞƚŚĞŐƌŽƐƐƉƌŽĨŝƚĨƌŽŵƐĂůĞƵŶĚĞƌ
ĨƵůůĂĐĐƌƵĂůŵĞƚŚŽĚŝƐϮϬйĐŽůůĞĐƚŝŽŶŽĨƚŚĞƚŽƚĂůĐŽŶƚƌĂĐƚƉƌŝĐĞ͘DĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚƚŚĞƌĞǀĞŶƵĞƌĞĐŽŐŶŝƚŝŽŶ
ĐƌŝƚĞƌŝŽŶŝƐĂƉƉƌŽƉƌŝĂƚĞďĂƐĞĚŽŶƚŚĞĐŽůůĞĐƚŝŽŶŚŝƐƚŽƌLJŽĨĐƵƐƚŽŵĞƌƐ͘ƵLJĞƌ͛ƐŝŶƚĞƌĞƐƚŝŶƚŚĞƉƌŽƉĞƌƚLJŝƐĐŽŶƐŝĚĞƌĞĚƚŽ
ŚĂǀĞǀĞƐƚĞĚǁŚĞŶƚŚĞƉĂLJŵĞŶƚŽĨĂƚůĞĂƐƚϮϬйŽĨƚŚĞĐŽŶƚƌĂĐƚƉƌŝĐĞŚĂƐďĞĞŶƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞďƵLJĞƌĂŶĚƚŚĞ'ƌŽƵƉ
ĂƐĐĞƌƚĂŝŶĞĚƚŚĞďƵLJĞƌ͛ƐĐŽŵŵŝƚŵĞŶƚƚŽĐŽŵƉůĞƚĞƚŚĞƉĂLJŵĞŶƚŽĨƚŚĞƚŽƚĂůĐŽŶƚƌĂĐƚƉƌŝĐĞ͘

;ĨͿ ĞƚĞƌŵŝŶŝŶŐZĞĂůŝnjĂďůĞŵŽƵŶƚƐĞĨĞƌƌĞĚdĂdžƐƐĞƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƌĞǀŝĞǁƐŝƚƐĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚƌĞĚƵĐĞƐƚŚĞ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐŶŽůŽŶŐĞƌƉƌŽďĂďůĞƚŚĂƚƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌ
ƉĂƌƚŽĨƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽďĞƵƚŝůŝnjĞĚ͘DĂŶĂŐĞŵĞŶƚĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƌĞĐŽŐŶŝnjĞĚĂƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲǁŝůůďĞĨƵůůLJƵƚŝůŝnjĞĚŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌƐ͘dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƐŽĨ
ƚŚŽƐĞĚĂƚĞƐŝƐĚŝƐĐůŽƐĞĚŝŶEŽƚĞϮϲ͘

;ŐͿ /ŵƉĂŝƌŵĞŶƚŽĨEŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚƐ

/ŶĂƐƐĞƐƐŝŶŐŝŵƉĂŝƌŵĞŶƚ͕ŵĂŶĂŐĞŵĞŶƚĞƐƚŝŵĂƚĞƐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨĞĂĐŚĂƐƐĞƚŽƌĂĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚďĂƐĞĚ
ŽŶĞdžƉĞĐƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂŶĚƵƐĞƐĂŶŝŶƚĞƌĞƐƚƌĂƚĞƚŽĐĂůĐƵůĂƚĞƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚŽƐĞĐĂƐŚĨůŽǁƐ͘ƐƚŝŵĂƚŝŽŶ
ƵŶĐĞƌƚĂŝŶƚLJƌĞůĂƚĞƐƚŽĂƐƐƵŵƉƚŝŽŶƐĂďŽƵƚĨƵƚƵƌĞŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐĂŶĚƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĂƐƵŝƚĂďůĞĚŝƐĐŽƵŶƚƌĂƚĞ
;ƐĞĞEŽƚĞϮ͘ϮϬͿ͘dŚŽƵŐŚŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞĞƐƚŝŵĂƚŝŽŶŽĨĨĂŝƌǀĂůƵĞƐƌĞĨůĞĐƚĞĚŝŶ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĂƉƉƌŽƉƌŝĂƚĞĂŶĚƌĞĂƐŽŶĂďůĞ͕ƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞƐŝŶƚŚŽƐĞĂƐƐƵŵƉƚŝŽŶƐŵĂLJŵĂƚĞƌŝĂůůLJ
ĂĨĨĞĐƚƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƌĞĐŽǀĞƌĂďůĞǀĂůƵĞƐĂŶĚĂŶLJƌĞƐƵůƚŝŶŐŝŵƉĂŝƌŵĞŶƚůŽƐƐĐŽƵůĚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶ
ƚŚĞƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ͘

/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐƌĞĐŽŐŶŝnjĞĚŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞƐϭϯ͕ϭϱ͕
ϭϲĂŶĚϭϳ͘


U C P B 2 0 1 7 A N N U A L R E P O R T 151
 ;ŚͿ sĂůƵĂƚŝŽŶŽĨWŽƐƚͲŵƉůŽLJŵĞŶƚĞĨŝŶĞĚĞŶĞĨŝƚƐ

dŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽďůŝŐĂƚŝŽŶĂŶĚĐŽƐƚŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚĚĞĨŝŶĞĚďĞŶĞĨŝƚŝƐ
ĚĞƉĞŶĚĞŶƚŽŶƚŚĞƐĞůĞĐƚŝŽŶŽĨĐĞƌƚĂŝŶĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚďLJĂĐƚƵĂƌŝĞƐŝŶĐĂůĐƵůĂƚŝŶŐƐƵĐŚĂŵŽƵŶƚƐ͘dŚŽƐĞĂƐƐƵŵƉƚŝŽŶƐ
ŝŶĐůƵĚĞ͕ĂŵŽŶŐŽƚŚĞƌƐ͕ĚŝƐĐŽƵŶƚƌĂƚĞƐĂŶĚĞdžƉĞĐƚĞĚƌĂƚĞŽĨƐĂůĂƌLJŝŶĐƌĞĂƐĞ͘ƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞŝŶĂŶLJŽĨƚŚĞƐĞ
ĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐŵĂLJŐĞŶĞƌĂůůLJĂĨĨĞĐƚƚŚĞƌĞĐŽŐŶŝnjĞĚĞdžƉĞŶƐĞ͕ŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌůŽƐƐĞƐĂŶĚƚŚĞ
ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶŝŶƚŚĞŶĞdžƚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘

dŚĞĂŵŽƵŶƚƐŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶĂŶĚĞdžƉĞŶƐĞĂŶĚĂŶĂŶĂůLJƐŝƐŽĨƚŚĞŵŽǀĞŵĞŶƚƐŝŶƚŚĞĞƐƚŝŵĂƚĞĚ
ƉƌĞƐĞŶƚǀĂůƵĞŽĨƉŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚ͕ĂƐǁĞůůĂƐƚŚĞƐŝŐŶŝĨŝĐĂŶƚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶĞƐƚŝŵĂƚŝŶŐƐƵĐŚŽďůŝŐĂƚŝŽŶĂƌĞ
ƉƌĞƐĞŶƚĞĚŝŶEŽƚĞϮϯ͘Ϯ͘


ϰ͘ Z/^<DE'DEdK:d/s^EWK>//^

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝƐĞdžƉŽƐĞĚƚŽƌŝƐŬƐŝŶƌĞůĂƚŝŽŶƚŽŝƚƐŽƉĞƌĂƚŝŶŐ͕ŝŶǀĞƐƚŝŶŐĂŶĚĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ĂŶĚƚŚĞ
ďƵƐŝŶĞƐƐŝŶǁŚŝĐŚŝƚŽƉĞƌĂƚĞƐ͘

dŚĞĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉŵĂŶĂŐĞƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĨŝŶĂŶĐŝĂůƌŝƐŬƐƐĞƉĂƌĂƚĞůLJ͘dŚĞƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞƚŚĞŝƌŽǁŶƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚƉƌŽĐĞĚƵƌĞƐďƵƚĂƌĞƐƚƌƵĐƚƵƌĞĚƐŝŵŝůĂƌƚŽƚŚĂƚŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘dŽĂĐĞƌƚĂŝŶĞdžƚĞŶƚ͕ƚŚĞƌĞƐƉĞĐƚŝǀĞƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚƉƌŽŐƌĂŵƐĂŶĚŽďũĞĐƚŝǀĞƐĂƌĞƚŚĞƐĂŵĞĂĐƌŽƐƐƚŚĞ'ƌŽƵƉ͘

dŚĞWĂƌĞŶƚĂŶŬ͛ƐĂĐƚŝǀŝƚŝĞƐĂƌĞƉƌŝŶĐŝƉĂůůLJƌĞůĂƚĞĚƚŽƚŚĞƵƐĞŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘dŚĞWĂƌĞŶƚĂŶŬĂĐĐĞƉƚƐĚĞƉŽƐŝƚƐĨƌŽŵ
ĐƵƐƚŽŵĞƌƐĂƚƌĂƚĞƐƐĞƚďLJƚŚĞdƌĞĂƐƵƌLJ'ƌŽƵƉĚĞƉĞŶĚŝŶŐŽŶƚŚĞǀŽůƵŵĞŽĨƉůĂĐĞŵĞŶƚƐ͕ĂŶĚĨŽƌǀĂƌŝŽƵƐƉĞƌŝŽĚƐ͕ĂŶĚƐĞĞŬƐƚŽ
ĞĂƌŶĂďŽǀĞͲĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚŵĂƌŐŝŶƐďLJŝŶǀĞƐƚŝŶŐƚŚĞƐĞĨƵŶĚƐ͘dŚĞWĂƌĞŶƚĂŶŬƐĞĞŬƐƚŽŝŶĐƌĞĂƐĞƚŚĞƐĞŵĂƌŐŝŶƐďLJ
ĐŽŶƐŽůŝĚĂƚŝŶŐƐŚŽƌƚͲƚĞƌŵĨƵŶĚƐĂŶĚůĞŶĚŝŶŐĨŽƌůŽŶŐĞƌƉĞƌŝŽĚƐĂƚŚŝŐŚĞƌƌĂƚĞƐ͕ǁŚŝůĞŵĂŝŶƚĂŝŶŝŶŐƐƵĨĨŝĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽŵĞĞƚ
ĂůůĐůĂŝŵƐƚŚĂƚŵŝŐŚƚĨĂůůĚƵĞ͘

dŚĞWĂƌĞŶƚĂŶŬĂůƐŽƚƌĂĚĞƐŝŶĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁŚĞƌĞŝƚƚĂŬĞƐƉŽƐŝƚŝŽŶƐƚŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨƐŚŽƌƚͲƚĞƌŵŵĂƌŬĞƚ
ŵŽǀĞŵĞŶƚƐŝŶďŽŶĚƐĂŶĚƐŚĂƌĞƐŽĨƐƚŽĐŬƐ͘dŚĞWĂƌĞŶƚĂŶŬŝƐĞdžƉŽƐĞĚƚŽĐƌĞĚŝƚƌŝƐŬ͕ůŝƋƵŝĚŝƚLJƌŝƐŬĂŶĚŵĂƌŬĞƚƌŝƐŬĨƌŽŵŝƚƐ
ƵƐĞŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘

dŚĞƌĞŚĂƐďĞĞŶŶŽĐŚĂŶŐĞŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĞdžƉŽƐƵƌĞƚŽĨŝŶĂŶĐŝĂůƌŝƐŬƐ;ŝ͘Ğ͘ĐƌĞĚŝƚƌŝƐŬ͕ůŝƋƵŝĚŝƚLJƌŝƐŬĂŶĚŵĂƌŬĞƚƌŝƐŬͿŽƌƚŚĞ
ŵĂŶŶĞƌŝŶǁŚŝĐŚŝƚŵĂŶĂŐĞƐĂŶĚŵĞĂƐƵƌĞƐƚŚĞƌŝƐŬƐƐŝŶĐĞƉƌŝŽƌĨŝŶĂŶĐŝĂůLJĞĂƌ͘

ϰ͘ϭ ZŝƐŬDĂŶĂŐĞŵĞŶƚ&ƌĂŵĞǁŽƌŬ

dŽŵĂŶĂŐĞƚŚĞĨŝŶĂŶĐŝĂůƌŝƐŬƐĨŽƌŚŽůĚŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ƚŚĞWĂƌĞŶƚĂŶŬŽƉĞƌĂƚĞƐĂŶŝŶƚĞŐƌĂƚĞĚƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵƚŽĂĚĚƌĞƐƐƚŚĞƌŝƐŬƐŝƚĨĂĐĞƐŝŶŝƚƐďĂŶŬŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐĐƌĞĚŝƚ͕ůŝƋƵŝĚŝƚLJĂŶĚŵĂƌŬĞƚƌŝƐŬƐ͘dŚĞ
WĂƌĞŶƚĂŶŬ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚŽďũĞĐƚŝǀĞŝƐƚŽĂĚĞƋƵĂƚĞůLJĂŶĚĐŽŶƐŝƐƚĞŶƚůLJŝĚĞŶƚŝĨLJŵĞĂƐƵƌĞ͕ĐŽŶƚƌŽůĂŶĚŵŽŶŝƚŽƌƚŚĞƌŝƐŬ
ƉƌŽĨŝůĞŝŶŚĞƌĞŶƚŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂĐƚŝǀŝƚŝĞƐ͘dŚĞWĂƌĞŶƚĂŶŬ͛ƐZŝƐŬKǀĞƌƐŝŐŚƚŽŵŵŝƚƚĞĞ;ZKͿŚĂƐƚŚĞŽǀĞƌĂůů
ƌĞƐƉŽŶƐŝďŝůŝƚLJĨŽƌƚŚĞĐƌĞĂƚŝŽŶĂŶĚŽǀĞƌƐŝŐŚƚŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽƌƉŽƌĂƚĞƌŝƐŬƉŽůŝĐLJĂŶĚŝƐĂĐƚŝǀĞůLJŝŶǀŽůǀĞĚŝŶƚŚĞ
ĂƐƐĞƐƐŵĞŶƚ͕ƉůĂŶŶŝŶŐ͕ƌĞǀŝĞǁ͕ĂƉƉƌŽǀĂů͕ĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨƌŝƐŬĂƌĞĂƐĂŶĚŵĞĂƐƵƌĞƐƚĂŬĞŶƚŽŵĂŶĂŐĞƚŚĞƐĞƌŝƐŬƐŝŶƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐŽƌŐĂŶŝnjĂƚŝŽŶ͘dŚĞWĂƌĞŶƚĂŶŬĂůƐŽŚĂƐŝŶƉůĂĐĞĂŶĂƵƚŚŽƌŝnjĂƚŝŽŶƐƚƌƵĐƚƵƌĞƚŚĂƚĚĞĨŝŶĞƐĂŶĚƐĞƚƐůŝŵŝƚƐŽŶƚŚĞƚLJƉĞĂŶĚ
ǀĂůƵĞŽĨƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĞĂĐŚƉŽƐŝƚŝŽŶĐĂŶĂƉƉƌŽǀĞ͘

tŝƚŚŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽǀĞƌĂůůƌŝƐŬŵĂŶĂŐĞŵĞŶƚƐLJƐƚĞŵ͕ƚŚĞZŝƐŬDĂŶĂŐĞŵĞŶƚŝǀŝƐŝŽŶ;ZDͿŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŶĂŐŝŶŐ
ƚŚĞƐĞƌŝƐŬƐŝŶĂŵŽƌĞĚĞƚĂŝůĞĚĂŶĚƉƌŽĂĐƚŝǀĞĨĂƐŚŝŽŶŽŶĂĐŽŶƚŝŶƵŝŶŐďĂƐŝƐƚŚƌŽƵŐŚƉĞƌĨŽƌŵĂŶĐĞŽĨƌŝƐŬĂŶĚƌĞƚƵƌŶĂŶĂůLJƐŝƐ͘

ϰ͘Ϯ ƌĞĚŝƚZŝƐŬ

ƌĞĚŝƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨĨŝŶĂŶĐŝĂůůŽƐƐƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝĨĂĐŽƵŶƚĞƌƉĂƌƚLJƚŽĂĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŵĂLJĨĂŝůƚŽ
ŵĞĞƚŝƚƐĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƐ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŵĂŶĂŐĞƐĂŶĚĐŽŶƚƌŽůƐĐƌĞĚŝƚƌŝƐŬďLJƐĞƚƚŝŶŐůŝŵŝƚƐŽŶƚŚĞ
ĂŵŽƵŶƚŽĨƌŝƐŬŝƚŝƐǁŝůůŝŶŐƚŽĂĐĐĞƉƚĨŽƌŝŶĚŝǀŝĚƵĂůĐŽƵŶƚĞƌƉĂƌƚŝĞƐĂŶĚĨŽƌŐĞŽŐƌĂƉŚŝĐĂůĂŶĚŝŶĚƵƐƚƌLJĐŽŶĐĞŶƚƌĂƚŝŽŶƐ͕ĂŶĚďLJ
ŵŽŶŝƚŽƌŝŶŐĞdžƉŽƐƵƌĞƐŝŶƌĞůĂƚŝŽŶƚŽƐƵĐŚůŝŵŝƚƐ͘

 

152 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

;ĂͿ ƌĞĚŝƚZŝƐŬDĂŶĂŐĞŵĞŶƚ

dŚĞWĂƌĞŶƚĂŶŬŵĂŶĂŐĞƐŝƚƐĐƌĞĚŝƚƌŝƐŬĂŶĚůŽĂŶƉŽƌƚĨŽůŝŽƚŚƌŽƵŐŚĂƐƚƌŝŶŐĞŶƚƉƌŽĐĞƐƐŽĨůŽĂŶĂƉƉƌŽǀĂů͘dŚĞƐĐƌĞĞŶŝŶŐ
ƉƌŽĐĞƐƐŝƐĚŝƌĞĐƚĞĚďLJƚŚĞƐĞŶŝŽƌŽĨĨŝĐĞƌƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽƌƉŽƌĂƚĞĂŶĚŽŵŵĞƌĐŝĂůĂŶŬŝŶŐ'ƌŽƵƉ;'Ϳ͕
ŽŶƐƵŵĞƌĂŶŬŝŶŐ'ƌŽƵƉ;'Ϳ͕ĂŶĚƌĞĚŝƚDĂŶĂŐĞŵĞŶƚĂŶĚZĞĐŽǀĞƌLJŝǀŝƐŝŽŶ;DZͿ͘

dŚĞƉƌŽĐĞƐƐĞƐƚĂďůŝƐŚĞƐƚŚĞĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐŽĨƚŚĞůŽĂŶĂƉƉůŝĐĂŶƚďĂƐĞĚŽŶďĞƐƚĐƌĞĚŝƚƉƌĂĐƚŝĐĞƐ͕ĂŶĚƚĂŬĞƐŝŶƚŽ
ĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĞĐƵƌƌĞŶƚďƵƐŝŶĞƐƐĐŽŶĚŝƚŝŽŶĂŶĚŵĞĚŝƵŵͲƚĞƌŵƉŽƚĞŶƚŝĂůŽĨƚŚĞŝŶĚƵƐƚƌLJŝŶǁŚŝĐŚƚŚĞůŽĂŶĂƉƉůŝĐĂŶƚ
ŽƉĞƌĂƚĞƐŝŶ͘

/ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ^WƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŚĞWĂƌĞŶƚĂŶŬĞƐƚĂďůŝƐŚĞĚŝŶĞĐĞŵďĞƌϮϬϬϰĂŶ/ŶƚĞƌŶĂůƌĞĚŝƚZŝƐŬZĂƚŝŶŐ
;/ZZͿƐLJƐƚĞŵĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŵĞĂƐƵƌŝŶŐĐƌĞĚŝƚƌŝƐŬĨŽƌĐŽƌƉŽƌĂƚĞďŽƌƌŽǁĞƌƐŝŶĂĐŽŶƐŝƐƚĞŶƚŵĂŶŶĞƌ͕ĂƐĂĐĐƵƌĂƚĞůLJĂƐ
ƉŽƐƐŝďůĞ͕ĂŶĚƚŚĞƌĞĂĨƚĞƌƵƐĞƐƚŚĞƌŝƐŬŝŶĨŽƌŵĂƚŝŽŶĨŽƌďƵƐŝŶĞƐƐĂŶĚĨŝŶĂŶĐŝĂůĚĞĐŝƐŝŽŶŵĂŬŝŶŐ͘dŚĞ/ZZƐLJƐƚĞŵĐŽǀĞƌƐ
ĐŽƌƉŽƌĂƚĞďŽƌƌŽǁĞƌƐǁŝƚŚĂƐƐĞƚƐŝnjĞŽĨĂďŽǀĞWϭϱ͘ϬϬŵŝůůŝŽŶ͕ƌĞƋƵŝƌŝŶŐƚŚƌĞĞͲLJĞĂƌŚŝƐƚŽƌŝĐĂůĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ
ŽďƚĂŝŶĞĚĨƌŽŵĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƵĚŝƚĞĚďLJ^ͲĂĐĐƌĞĚŝƚĞĚĂƵĚŝƚŝŶŐĨŝƌŵƐ͘

KŶĂĐŽŶƚŝŶƵŝŶŐďĂƐŝƐ͕ƚŚĞWĂƌĞŶƚĂŶŬŐĞŶĞƌĂƚĞƐĐƌĞĚŝƚƌŝƐŬƌĂƚŝŶŐƐĨŽƌĞdžŝƐƚŝŶŐůŽĂŶĂĐĐŽƵŶƚƐƚŽĂƐƐĞƐƐƚŚĞŝƌ
ƉĞƌĨŽƌŵĂŶĐĞĂŶĚƚŽĚĞƚĞƌŵŝŶĞǁŚŝĐŚĂĐĐŽƵŶƚǁŝůůďĞƌĞƚĂŝŶĞĚ͕ĞdžƉĂŶĚĞĚ͕ŽƌƉŚĂƐĞĚŽƵƚ͘ƐĞƉĂƌĂƚĞƌĞǀŝĞǁŽĨƚŚĞ
ůŽĂŶƉŽƌƚĨŽůŝŽŝƐĐŽŶĚƵĐƚĞĚďLJƚŚĞZDƚŽĂƐƐĞƐƐƚŚĞƋƵĂůŝƚLJŽĨŝŶĚŝǀŝĚƵĂůĂĐĐŽƵŶƚƐĂŶĚƚŚĞĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐĐƌĞĚŝƚĞdžƉŽƐƵƌĞƐ͘

&ŽƌĐŽŶƐƵŵĞƌĂĐĐŽƵŶƚƐ͕ƚŚĞWĂƌĞŶƚĂŶŬƵƐĞƐĐƌĞĚŝƚƐĐŽƌŝŶŐƚŽĚĞƚĞƌŵŝŶĞĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐ͘dŚĞĐŽŶƐƵŵĞƌĐƌĞĚŝƚ
ƐĐŽƌŝŶŐƐLJƐƚĞŵŝƐĐŽŶƚŝŶƵŽƵƐůLJƌĞǀŝĞǁĞĚĂŶĚǀĂůŝĚĂƚĞĚďLJZDƚŽŵĂŬĞŝƚŵŽƌĞƌĞƐƉŽŶƐŝǀĞŝŶƚĞƌŵƐŽĨĞĨĨŝĐŝĞŶƚůLJ
ŝĚĞŶƚŝĨLJŝŶŐ͕ŵĞĂƐƵƌŝŶŐ͕ĂŶĚĐŽŶƚƌŽůůŝŶŐƌŝƐŬ͘

;ďͿ DĂdžŝŵƵŵdžƉŽƐƵƌĞƚŽƌĞĚŝƚZŝƐŬĨƚĞƌŽůůĂƚĞƌĂů,ĞůĚŽƌKƚŚĞƌƌĞĚŝƚŶŚĂŶĐĞŵĞŶƚƐ

dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŵĂdžŝŵƵŵĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬŝƐĞƋƵĂůƚŽƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŝƚƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ĞdžĐĞƉƚĨŽƌĐĞƌƚĂŝŶƐĞĐƵƌĞĚůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐƐŚŽǁŶďĞůŽǁ͘

'ƌŽƵƉ

  ϮϬϭϳ 
  'ƌŽƐƐ   &Ăŝƌ      &ŝŶĂŶĐŝĂů 
  DĂdžŝŵƵŵ   sĂůƵĞŽĨ   EĞƚ   ĨĨĞĐƚŽĨ 
  džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ   džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ 

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͗
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ W ϵϯ͕ϭϲϵ͕ϴϵϰ W ϳϵ͕ϲϵϱ͕ϴϮϯ W ϭϯ͕ϰϳϰ͕Ϭϳϭ W ϳϵ͕ϲϵϱ͕ϴϮϯ
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϳϱ͕ϯϱϱ͕Ϯϳϲ  ϭϭϴ͕ϮϬϯ͕ϯϯϳ  Ͳ   ϳϱ͕ϯϱϱ͕Ϯϳϲ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞƐ  ϭ͕Ϯϯϭ͕Ϭϲϲ  ϱϰϯ͕ϳϭϮ  ϲϴϳ͕ϯϱϰ  ϱϰϯ͕ϳϭϮ

 W ϭϲϵ͕ϳϱϲ͕Ϯϯϲ W ϭϵϴ͕ϰϰϮ͕ϴϳϮ W ϭϰ͕ϭϲϭ͕ϰϮϱ Wϭϱϱ͕ϱϵϰ͕ϴϭϭ

  ϮϬϭϲ 
  'ƌŽƐƐ   &Ăŝƌ      &ŝŶĂŶĐŝĂů 
  DĂdžŝŵƵŵ   sĂůƵĞŽĨ   EĞƚ   ĨĨĞĐƚŽĨ 
  džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ   džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ 

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͗
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ W ϴϲ͕ϱϴϳ͕ϳϵϮ W ϲϴ͕ϯϳϵ͕Ϯϵϭ W ϭϴ͕ϮϬϴ͕ϱϬϭ W ϲϴ͕ϯϳϵ͕Ϯϵϭ
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϲϯ͕ϭϱϲ͕ϳϴϬ  ϲϰ͕ϯϬϭ͕ϵϯϴ  Ͳ   ϲϯ͕ϭϱϲ͕ϳϴϬ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞƐ  ϵϯϮ͕ϭϳϰ  ϰϳϭ͕ϴϬϬ  ϰϲϬ͕ϯϳϰ  ϰϳϭ͕ϴϬϬ

 W ϭϱϬ͕ϲϳϲ͕ϳϰϲ W ϭϯϯ͕ϭϱϯ͕ϬϮϵ W ϭϴ͕ϲϲϴ͕ϴϳϱ WϭϯϮ͕ϬϬϳ͕ϴϳϭ


U C P B 2 0 1 7 A N N U A L R E P O R T 153
 WĂƌĞŶƚĂŶŬ

  ϮϬϭϳ 
  'ƌŽƐƐ   &Ăŝƌ      &ŝŶĂŶĐŝĂů 
  DĂdžŝŵƵŵ   sĂůƵĞŽĨ   EĞƚ   ĨĨĞĐƚŽĨ 
  džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ   džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ 

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͗
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ W ϴϮ͕ϳϵϮ͕ϳϭϴ W ϳϳ͕ϯϰϵ͕Ϯϰϱ W ϱ͕ϰϰϯ͕ϰϳϯ W ϳϳ͕ϯϰϵ͕Ϯϰϱ
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϲϳ͕ϭϳϬ͕ϰϭϴ  ϭϭϬ͕ϮϬϵ͕ϮϱϬ  Ͳ   ϲϳ͕ϭϳϬ͕ϰϭϴ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞƐ  ϭ͕ϭϱϯ͕ϱϱϮ  ϱϮϮ͕ϴϯϵ  ϲϯϬ͕ϳϭϯ  ϱϮϮ͕ϴϯϵ

 W ϭϱϭ͕ϭϭϲ͕ϲϴϴ W ϭϴϴ͕Ϭϴϭ͕ϯϯϰ W ϲ͕Ϭϳϰ͕ϭϴϲ Wϭϰϱ͕ϬϰϮ͕ϱϬϮ


  ϮϬϭϲ 
  'ƌŽƐƐ   &Ăŝƌ      &ŝŶĂŶĐŝĂů 
  DĂdžŝŵƵŵ   sĂůƵĞŽĨ   EĞƚ   ĨĨĞĐƚŽĨ 
  džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ   džƉŽƐƵƌĞ   ŽůůĂƚĞƌĂůƐ 

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͗
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ W ϳϲ͕Ϭϴϵ͕ϮϬϱ W ϲϰ͕ϳϭϵ͕ϲϮϭ W ϭϭ͕ϯϲϵ͕ϱϴϰ W ϲϰ͕ϳϭϵ͕ϲϮϭ
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϱϲ͕Ϯϵϰ͕ϳϴϵ  ϲϭ͕ϭϬϴ͕ϳϴϳ  Ͳ   ϲϭ͕ϭϬϴ͕ϳϴϳ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞƐ  ϴϯϮ͕Ϭϯϳ  ϰϯϭ͕ϵϬϱ  ϰϬϬ͕ϭϯϮ  ϰϯϭ͕ϵϬϱ

 W ϭϯϯ͕Ϯϭϲ͕Ϭϯϭ W ϭϮϲ͕ϮϲϬ͕ϯϭϯ W ϭϭ͕ϳϲϵ͕ϳϭϲ WϭϮϲ͕ϮϲϬ͕ϯϭϯ

dŚĞĨĂŝƌǀĂůƵĞƐŽĨĐŽůůĂƚĞƌĂůƐŝŶĐůƵĚĞƚŚĞĨĂŝƌǀĂůƵĞƐŽĨŚŽůĚͲŽƵƚĚĞƉŽƐŝƚƐ͕ƌĞĂůĞƐƚĂƚĞĂŶĚĐŚĂƚƚĞůŵŽƌƚŐĂŐĞƐ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚŽůĚƐĐŽůůĂƚĞƌĂůĂŐĂŝŶƐƚůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐƚŽĐƵƐƚŽŵĞƌƐŝŶƚŚĞĨŽƌŵŽĨŚŽůĚͲŽƵƚŽŶ
ĚĞƉŽƐŝƚƐ͕ƌĞĂůĞƐƚĂƚĞŵŽƌƚŐĂŐĞ͕ĐŚĂƚƚĞůŵŽƌƚŐĂŐĞ͕ŵŽƌƚŐĂŐĞƚƌƵƐƚŝŶĚĞŶƚƵƌĞ͕ƐƚĂŶĚďLJůĞƚƚĞƌƐŽĨĐƌĞĚŝƚŽƌďĂŶŬŐƵĂƌĂŶƚLJ͕
ŐŽǀĞƌŶŵĞŶƚŐƵĂƌĂŶƚLJ͕ĂƐƐŝŐŶŵĞŶƚŽĨƌĞĐĞŝǀĂďůĞƐ͕ƉůĞĚŐĞŽĨƐŚĂƌĞƐ͕ƉĞƌƐŽŶĂůĂŶĚĐŽƌƉŽƌĂƚĞŐƵĂƌĂŶƚLJĂŶĚŽƚŚĞƌĨŽƌŵƐ
ŽĨƐĞĐƵƌŝƚLJ͘&ĂŝƌŵĂƌŬĞƚǀĂůƵĞŝƐďĂƐĞĚŽŶƚŚĞǀĂůƵĞŽĨƚŚĞĐŽůůĂƚĞƌĂůĂƐƐĞƐƐĞĚĂƚƚŚĞƚŝŵĞŽĨďŽƌƌŽǁŝŶŐĂŶĚĂƌĞƵƉĚĂƚĞĚ
ƵƉŽŶƌĞŶĞǁĂůŽĨƚŚĞůŽĂŶ͘ŽůůĂƚĞƌĂůŝƐŐĞŶĞƌĂůůLJŶŽƚŚĞůĚŽǀĞƌůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐƚŽďĂŶŬƐ͕ĞdžĐĞƉƚǁŚĞŶƐĞĐƵƌŝƚŝĞƐĂƌĞ
ŚĞůĚĂƐƉĂƌƚŽĨƌĞǀĞƌƐĞƌĞƉƵƌĐŚĂƐĞĂŶĚƐĞĐƵƌŝƚŝĞƐďŽƌƌŽǁŝŶŐĂĐƚŝǀŝƚLJ͘

KŶƚŚĞĚŝƐƉŽƐĂůŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŽƌĞĐůŽƐĞĚĂƐƐĞƚƐ͕ƚŚĞƉŽůŝĐLJŝƐƚŽĚŝƐƉŽƐĞƚŚĞƐĞĂƚƚŚĞĞĂƌůŝĞƐƚ
ƉŽƐƐŝďůĞƚŝŵĞ͘^ĂůĞŝƐĨĂĐŝůŝƚĂƚĞĚďLJŽĨĨĞƌŝŶŐŝŶĐĞŶƚŝǀĞƐƚŽƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂĐĐƌĞĚŝƚĞĚďƌŽŬĞƌƐĂŶĚ
ƚŚƌŽƵŐŚŶĞŐŽƚŝĂƚĞĚƚĞƌŵƐ͘

;ĐͿ džĐĞƐƐŝǀĞZŝƐŬŽŶĐĞŶƚƌĂƚŝŽŶƐ

ƌĞĚŝƚƌŝƐŬĐŽŶĐĞŶƚƌĂƚŝŽŶƐĐĂŶĂƌŝƐĞǁŚĞŶĞǀĞƌĂƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌŽĨďŽƌƌŽǁĞƌƐŚĂǀĞƐŝŵŝůĂƌĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐĂŶĚĂƌĞ
ĂĨĨĞĐƚĞĚƐŝŵŝůĂƌůLJďLJĐŚĂŶŐĞƐŝŶĞĐŽŶŽŵŝĐŽƌŽƚŚĞƌĐŽŶĚŝƚŝŽŶƐ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂŶĂůLJnjĞƐƚŚĞĐƌĞĚŝƚƌŝƐŬ
ĐŽŶĐĞŶƚƌĂƚŝŽŶƚŽĂŶŝŶĚŝǀŝĚƵĂůďŽƌƌŽǁĞƌ͕ƌĞůĂƚĞĚŐƌŽƵƉŽĨĂĐĐŽƵŶƚƐ͕ŝŶĚƵƐƚƌLJ͕ŐĞŽŐƌĂƉŚŝĐ͕ŝŶƚĞƌŶĂůƌĂƚŝŶŐďƵĐŬĞƚƐ͕
ĐƵƌƌĞŶĐLJ͕ƚĞƌŵĂŶĚƐĞĐƵƌŝƚLJ͘

&ŽƌƌŝƐŬĐŽŶĐĞŶƚƌĂƚŝŽŶŵŽŶŝƚŽƌŝŶŐƉƵƌƉŽƐĞƐ͕ƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞďƌŽĂĚůLJĐĂƚĞŐŽƌŝnjĞĚŝŶƚŽ͗;ϭͿůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͖
;ϮͿƚƌĂĚŝŶŐĂŶĚŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͕ĐŽŶƐŝƐƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͕&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚ,dDŝŶǀĞƐƚŵĞŶƚƐ͖
;ϯͿůŽĂŶƐĂŶĚĂĚǀĂŶĐĞƐƚŽďĂŶŬƐ͕ǁŚŝĐŚĐŽŶƐŝƐƚŽĨĂŵŽƵŶƚƐĚƵĞĨƌŽŵ^W͕ŽƚŚĞƌďĂŶŬƐĂŶĚŝŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ͖
ĂŶĚ͕;ϰͿŽƚŚĞƌƐ͕ƉƌŝŵĂƌŝůLJƌĞůĂƚŝŶŐƚŽůĞƚƚĞƌƐŽĨĐƌĞĚŝƚĂŶĚƐƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƐĚĞƉŽƐŝƚĞĚǁŝƚŚƚŚĞ^WƵŶĚĞƌƚŚĞĂŵĞŶĚĞĚ
ƌĞŚĂďŝůŝƚĂƚŝŽŶƉůĂŶ͘dŽŵŝƚŝŐĂƚĞƌŝƐŬĐŽŶĐĞŶƚƌĂƚŝŽŶ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĞƐƚĂďůŝƐŚĞĚĂƌĞŐƵůĂƌ
ŵŽŶŝƚŽƌŝŶŐƐLJƐƚĞŵƚŽƐƉŽƚďƌĞĂĐŚĞƐŝŶƌĞŐƵůĂƚŽƌLJĂŶĚŝŶƚĞƌŶĂůůŝŵŝƚƐ͘

ŶĂŶĂůLJƐŝƐŽĨĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨĐƌĞĚŝƚƌŝƐŬĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞŝƐƐŚŽǁŶŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐ͘
 

154 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

'ƌŽƵƉ

  ϮϬϭϳ 
     dƌĂĚŝŶŐĂŶĚ   >ŽĂŶƐĂŶĚ       
  >ŽĂŶƐĂŶĚ   /ŶǀĞƐƚŵĞŶƚ   ĚǀĂŶĐĞƐ       
  ZĞĐĞŝǀĂďůĞƐ   ^ĞĐƵƌŝƚŝĞƐ   ƚŽĂŶŬƐ   KƚŚĞƌƐ   dŽƚĂů 

 ZĞĂůĞƐƚĂƚĞ͕ƌĞŶƚŝŶŐĂŶĚ
  ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ W ϰϵ͕ϴϵϰ͕ϱϭϲ W Ϯ͕ϴϱϬ͕ϴϳϰ W Ͳ  W Ͳ   W ϱϮ͕ϳϰϱ͕ϯϵϬ
 tŚŽůĞƐĂůĞĂŶĚƌĞƚĂŝůƚƌĂĚĞ͕
  ƌĞƉĂŝƌŽĨŵŽƚŽƌĐLJĐůĞƐ͕
  ƉĞƌƐŽŶĂůĂŶĚŚŽƵƐĞŚŽůĚ 
  ŐŽŽĚƐ  Ϯϰ͕Ϭϯϭ͕ϳϵϭ   ϭ͕ϳϱϬ  Ͳ   Ͳ   Ϯϰ͕Ϭϯϯ͕ϱϰϭ
 DĂŶƵĨĂĐƚƵƌŝŶŐ  ϭϲ͕ϮϴϬ͕ϵϲϵ  Ϯϰ͕ϯϴϲ  Ͳ   Ͳ   ϭϲ͕ϯϬϱ͕ϯϱϱ
 dƌĂŶƐƉŽƌƚ͕ƐƚŽƌĂŐĞĂŶĚ
  ĐŽŵŵƵŶŝĐĂƚŝŽŶ  ϭϭ͕ϴϬϳ͕ϯϮϬ  ϭ͕Ϭϴϱ͕ϵϯϳ  Ͳ   Ͳ   ϭϮ͕ϴϵϯ͕Ϯϱϳ
 ŽŶƐƚƌƵĐƚŝŽŶ  ϵ͕ϯϯϴ͕ϯϱϴ   ϭϮ͕ϭϮϬ  Ͳ   Ͳ   ϵ͕ϯϱϬ͕ϰϳϴ
 &ŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐ  ϳ͕ϱϱϴ͕ϭϳϯ  ϱ͕Ϯϴϵ͕ϭϮϲ  ϭϭ͕ϲϵϴ͕ϱϵϬ  Ͳ   Ϯϰ͕ϱϰϱ͕ϴϴϵ
 ŐƌŝĐƵůƚƵƌĞ͕ŚƵŶƚŝŶŐĂŶĚ
  ĨŽƌĞƐƚƌLJĂŶĚĨŝƐŚŝŶŐ  ϯ͕ϲϭϰ͕ϲϴϵ  Ͳ   Ͳ   Ͳ   ϯ͕ϲϭϰ͕ϲϴϵ
 'ŽǀĞƌŶŵĞŶƚ  ϵϮϭ͕ϲϭϱ  ϰϵ͕ϱϯϯ͕ϴϴϴ  ϰϴ͕ϲϭϬ͕Ϭϵϲ  Ϯ͕ϰϬϭ͕Ϯϳϵ  ϭϬϭ͕ϰϲϲ͕ϴϳϴ
 KƚŚĞƌĐŽŵŵƵŶŝƚLJ͕ƐŽĐŝĂů
  ĂŶĚƉĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ  ϱϭ͕ϰϬϳ͕ϯϯϲ  ϭ͕ϯϯϮ͕ϬϰϮ  Ͳ   Ͳ   ϱϮ͕ϳϯϵ͕ϯϳϴ
    ϭϳϰ͕ϴϱϰ͕ϳϲϳ  ϲϬ͕ϭϯϬ͕ϭϮϯ  ϲϬ͕ϯϬϴ͕ϲϴϲ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯϵϳ͕ϲϵϰ͕ϴϱϱ

 >ĞƐƐ͗
 hŶĞĂƌŶĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
  ĚŝƐĐŽƵŶƚƐ  Ϯϲϲ͕ϬϲϮ   Ͳ  Ͳ  Ͳ  Ϯϲϲ͕ϬϲϮ
 ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
  ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ  ϰ͕Ϯϯϵ͕ϲϲϭ  Ͳ   Ͳ   Ͳ   ϰ͕Ϯϯϵ͕ϲϲϭ

   W ϭϳϬ͕ϯϰϵ͕Ϭϰϰ W ϲϬ͕ϭϯϬ͕ϭϮϯ W ϲϬ͕ϯϬϴ͕ϲϴϲ W Ϯ͕ϰϬϭ͕Ϯϳϵ W Ϯϵϯ͕ϭϴϵ͕ϭϯϮ

  ϮϬϭϲ 
     dƌĂĚŝŶŐĂŶĚ   >ŽĂŶƐĂŶĚ       
  >ŽĂŶƐĂŶĚ   /ŶǀĞƐƚŵĞŶƚ   ĚǀĂŶĐĞƐ       
  ZĞĐĞŝǀĂďůĞƐ   ^ĞĐƵƌŝƚŝĞƐ   ƚŽĂŶŬƐ   KƚŚĞƌƐ   dŽƚĂů 

 ZĞĂůĞƐƚĂƚĞ͕ƌĞŶƚŝŶŐĂŶĚ 
  ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ W ϰϱ͕ϰϲϳ͕ϭϬϴ W Ϯ͕Ϭϳϱ͕ϵϵϱ W Ͳ  W Ͳ  W ϰϳ͕ϱϰϯ͕ϭϬϯ
 tŚŽůĞƐĂůĞĂŶĚƌĞƚĂŝůƚƌĂĚĞ͕
  ƌĞƉĂŝƌŽĨŵŽƚŽƌĐLJĐůĞƐ͕
  ƉĞƌƐŽŶĂůĂŶĚŚŽƵƐĞŚŽůĚ
  ŐŽŽĚƐ  Ϯϭ͕ϲϮϮ͕ϵϮϰ   ϯϵϬ  Ͳ   Ͳ   Ϯϭ͕ϲϮϯ͕ϯϭϰ
 DĂŶƵĨĂĐƚƵƌŝŶŐ  ϭϰ͕ϴϰϵ͕ϰϱϵ  ϵϮ͕Ϭϰϲ  Ͳ   Ͳ   ϭϰ͕ϵϰϭ͕ϱϬϱ
 dƌĂŶƐƉŽƌƚ͕ƐƚŽƌĂŐĞĂŶĚ 
  ĐŽŵŵƵŶŝĐĂƚŝŽŶ  ϭϭ͕ϭϱϮ͕ϱϱϭ  ϭ͕ϭϮϯ͕ϭϵϯ  Ͳ   Ͳ   ϭϮ͕Ϯϳϱ͕ϳϰϰ
 &ŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐ  ϳ͕ϲϬϵ͕ϴϰϵ  ϯ͕ϴϳϰ͕ϰϲϴ  ϭϮ͕ϱϯϭ͕ϭϰϴ  Ͳ   Ϯϰ͕Ϭϭϱ͕ϰϲϱ
 'ŽǀĞƌŶŵĞŶƚ  Ͳ   ϰϬ͕ϱϱϭ͕ϴϵϴ  ϲϭ͕ϯϲϬ͕ϳϰϵ  Ϯ͕ϰϬϬ͕ϵϰϵ  ϭϬϰ͕ϯϭϯ͕ϱϵϲ
 ŽŶƐƚƌƵĐƚŝŽŶ  ϲ͕ϴϭϱ͕ϭϭϭ    Ͳ   Ͳ   ϲ͕ϴϭϱ͕ϭϭϭ
 ŐƌŝĐƵůƚƵƌĞ͕ŚƵŶƚŝŶŐĂŶĚ
  ĨŽƌĞƐƚƌLJĂŶĚĨŝƐŚŝŶŐ  ϯ͕ϵϬϭ͕ϵϬϭ  Ͳ   Ͳ   Ͳ   ϯ͕ϵϬϭ͕ϵϬϭ
 KƚŚĞƌĐŽŵŵƵŶŝƚLJ͕ƐŽĐŝĂů
  ĂŶĚƉĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ  ϰϰ͕ϴϰϵ͕ϮϬϱ  ϲϭϰ͕ϵϬϵ  Ͳ   Ͳ   ϰϱ͕ϰϲϰ͕ϭϭϰ
    ϭϱϲ͕Ϯϲϴ͕ϭϬϴ  ϰϴ͕ϯϯϮ͕ϴϵϵ  ϳϯ͕ϴϵϭ͕ϴϵϳ  Ϯ͕ϰϬϬ͕ϵϰϵ  ϮϴϬ͕ϴϵϯ͕ϴϱϯ
 >ĞƐƐ͗
 hŶĞĂƌŶĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
  ĚŝƐĐŽƵŶƚƐ  Ϯϲϰ͕ϭϭϮ   Ͳ  Ͳ  Ͳ  Ϯϲϰ͕ϭϭϮ
 ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
  ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ  ϱ͕ϰϲϰ͕ϰϴϯ   ϵϬ͕ϱϯϮ  Ͳ   Ͳ   ϱ͕ϱϱϱ͕Ϭϭϱ

   W ϭϱϬ͕ϱϯϵ͕ϱϭϯ W ϰϴ͕ϮϰϮ͕ϯϲϳ W ϳϯ͕ϴϵϭ͕ϴϵϳ W Ϯ͕ϰϬϬ͕ϵϰϵ W Ϯϳϱ͕Ϭϳϰ͕ϳϮϲ
 

U C P B 2 0 1 7 A N N U A L R E P O R T 155
 WĂƌĞŶƚĂŶŬ

  ϮϬϭϳ 
     dƌĂĚŝŶŐĂŶĚ   >ŽĂŶƐĂŶĚ       
  >ŽĂŶƐĂŶĚ   /ŶǀĞƐƚŵĞŶƚ   ĚǀĂŶĐĞƐ       
  ZĞĐĞŝǀĂďůĞƐ   ^ĞĐƵƌŝƚŝĞƐ   ƚŽĂŶŬƐ   KƚŚĞƌƐ   dŽƚĂů 

 ZĞĂůĞƐƚĂƚĞ͕ƌĞŶƚŝŶŐĂŶĚ
  ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ W ϰϲ͕ϲϭϯ͕ϭϴϴ W Ϯ͕ϴϱϬ͕ϴϳϰ W Ͳ  W Ͳ  W ϰϵ͕ϰϲϰ͕ϬϲϮ
 tŚŽůĞƐĂůĞĂŶĚƌĞƚĂŝůƚƌĂĚĞ͕
  ƌĞƉĂŝƌŽĨŵŽƚŽƌĐLJĐůĞƐ͕
  ƉĞƌƐŽŶĂůĂŶĚŚŽƵƐĞŚŽůĚ
  ŐŽŽĚƐ  ϮϬ͕ϰϴϳ͕ϲϬϯ   ϭ͕ϳϱϬ  Ͳ   Ͳ   ϮϬ͕ϰϴϵ͕ϯϱϯ
 DĂŶƵĨĂĐƚƵƌŝŶŐ  ϭϰ͕ϰϱϰ͕ϱϬϱ  Ϯϰ͕ϯϴϲ  Ͳ   Ͳ   ϭϰ͕ϰϳϴ͕ϴϵϭ
 dƌĂŶƐƉŽƌƚ͕ƐƚŽƌĂŐĞĂŶĚ
  ĐŽŵŵƵŶŝĐĂƚŝŽŶ  ϭϬ͕ϵϴϲ͕Ϯϭϰ  ϭ͕Ϭϴϱ͕ϵϯϳ  Ͳ   Ͳ   ϭϮ͕ϬϳϮ͕ϭϱϭ
 ŽŶƐƚƌƵĐƚŝŽŶ  ϴ͕ϴϮϮ͕ϯϭϴ   ϭϮ͕ϭϮϬ  Ͳ   Ͳ   ϴ͕ϴϯϰ͕ϰϯϴ
 &ŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐ  ϲ͕ϴϱϬ͕ϵϮϬ  ϱ͕Ϯϴϵ͕ϭϮϲ  ϭϭ͕ϱϱϯ͕ϰϴϰ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯϲ͕Ϭϵϰ͕ϴϬϵ
 ŐƌŝĐƵůƚƵƌĞ͕ŚƵŶƚŝŶŐĂŶĚ 
  ĨŽƌĞƐƚƌLJĂŶĚĨŝƐŚŝŶŐ  Ϯ͕ϰϭϲ͕ϴϵϴ  Ͳ   Ͳ   Ͳ   Ϯ͕ϰϭϲ͕ϴϵϴ
 'ŽǀĞƌŶŵĞŶƚ  ϲϴϭ͕ϱϴϵ  ϰϵ͕ϱϯϯ͕ϴϴϴ  ϰϳ͕ϯϬϱ͕ϴϬϵ  Ͳ   ϵϳ͕ϱϮϭ͕Ϯϴϲ
 KƚŚĞƌĐŽŵŵƵŶŝƚLJ͕ƐŽĐŝĂů
  ĂŶĚƉĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ  ϰϰ͕ϴϲϯ͕ϯϱϲ  ϭ͕ϬϮϴ͕ϮϴϮ  Ͳ   Ͳ   ϰϱ͕ϴϵϭ͕ϲϯϴ
    ϭϱϲ͕ϭϳϲ͕ϱϵϭ  ϱϵ͕ϴϮϲ͕ϯϲϯ  ϱϴ͕ϴϱϵ͕Ϯϵϯ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯϳϳ͕Ϯϲϯ͕ϱϮϲ
 >ĞƐƐ͗
 hŶĞĂƌŶĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
  ĚŝƐĐŽƵŶƚƐ  ϯϵ͕ϭϬϴ   Ͳ  Ͳ  Ͳ  ϯϵ͕ϭϬϴ
 ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
  ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ  ϯ͕ϰϱϱ͕ϴϬϴ  Ͳ   Ͳ   Ͳ   ϯ͕ϰϱϱ͕ϴϬϴ

   W ϭϱϮ͕ϲϴϭ͕ϲϳϱ W ϱϵ͕ϴϮϲ͕ϯϲϯ W ϱϴ͕ϴϱϵ͕Ϯϵϯ W Ϯ͕ϰϬϭ͕Ϯϳϵ W Ϯϳϯ͕ϳϲϴ͕ϲϭϬ

  ϮϬϭϲ 
     dƌĂĚŝŶŐĂŶĚ   >ŽĂŶƐĂŶĚ       
  >ŽĂŶƐĂŶĚ   /ŶǀĞƐƚŵĞŶƚ   ĚǀĂŶĐĞƐ       
  ZĞĐĞŝǀĂďůĞƐ   ^ĞĐƵƌŝƚŝĞƐ   ƚŽĂŶŬƐ   KƚŚĞƌƐ   dŽƚĂů 

 ZĞĂůĞƐƚĂƚĞ͕ƌĞŶƚŝŶŐĂŶĚ
  ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ W ϰϭ͕ϯϵϴ͕ϰϬϱ W Ϯ͕Ϭϳϱ͕ϵϵϱ W Ͳ  W Ͳ  W ϰϯ͕ϰϳϰ͕ϰϬϬ
 tŚŽůĞƐĂůĞĂŶĚƌĞƚĂŝůƚƌĂĚĞ͕
  ƌĞƉĂŝƌŽĨŵŽƚŽƌĐLJĐůĞƐ͕
  ƉĞƌƐŽŶĂůĂŶĚŚŽƵƐĞŚŽůĚ
  ŐŽŽĚƐ  ϭϴ͕ϰϴϯ͕ϴϯϳ   ϯϵϬ  Ͳ   Ͳ   ϭϴ͕ϰϴϰ͕ϮϮϳ
 DĂŶƵĨĂĐƚƵƌŝŶŐ  ϭϯ͕Ϭϱϰ͕ϭϰϰ  ϵϮ͕Ϭϰϲ  Ͳ   Ͳ   ϭϯ͕ϭϰϲ͕ϭϵϬ
 dƌĂŶƐƉŽƌƚ͕ƐƚŽƌĂŐĞĂŶĚ 
  ĐŽŵŵƵŶŝĐĂƚŝŽŶ  ϭϬ͕ϮϰϮ͕ϵϬϯ  ϭ͕ϭϮϯ͕ϭϵϯ  Ͳ   Ͳ   ϭϭ͕ϯϲϲ͕Ϭϵϲ
 &ŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐ  ϲ͕ϯϰϬ͕ϳϱϱ  ϯ͕ϴϳϰ͕ϰϲϴ  ϭϱ͕ϱϭϬ͕ϱϬϳ  Ͳ   Ϯϱ͕ϳϮϱ͕ϳϯϬ
 ŽŶƐƚƌƵĐƚŝŽŶ  ϲ͕ϭϳϳ͕ϱϯϭ  Ͳ   Ͳ    Ͳ   ϲ͕ϭϳϳ͕ϱϯϭ
 ŐƌŝĐƵůƚƵƌĞ͕ŚƵŶƚŝŶŐĂŶĚ
  ĨŽƌĞƐƚƌLJĂŶĚĨŝƐŚŝŶŐ  Ϯ͕ϲϯϳ͕ϴϴϲ  Ͳ   Ͳ   Ͳ   Ϯ͕ϲϯϳ͕ϴϴϲ
 'ŽǀĞƌŶŵĞŶƚ  Ͳ   ϰϬ͕ϰϬϬ͕ϱϰϬ    Ϯ͕ϰϬϬ͕ϵϰϵ  ϰϮ͕ϴϬϭ͕ϰϴϵ
 KƚŚĞƌĐŽŵŵƵŶŝƚLJ͕ƐŽĐŝĂů  
  ĂŶĚƉĞƌƐŽŶĂůƐĞƌǀŝĐĞƐ  ϯϵ͕ϴϳϲ͕Ϭϴϳ  ϲϭϰ͕ϵϬϵ  Ͳ   Ͳ   ϰϬ͕ϰϵϬ͕ϵϵϲ
    ϭϯϴ͕Ϯϭϭ͕ϱϰϴ  ϰϴ͕ϭϴϭ͕ϱϰϭ  ϭϱ͕ϱϭϬ͕ϱϬϳ  Ϯ͕ϰϬϬ͕ϵϰϵ  ϮϬϰ͕ϯϬϰ͕ϱϰϱ
 >ĞƐƐ͗
 hŶĞĂƌŶĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
  ĚŝƐĐŽƵŶƚƐ  Ϯϵ͕ϳϳϱ   Ͳ  Ͳ  Ͳ  Ϯϵ͕ϳϳϱ
 ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
  ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ  ϰ͕ϲϱϮ͕ϬϰϮ   ϵϬ͕ϱϯϮ  Ͳ   Ͳ   ϰ͕ϳϰϮ͕ϱϳϰ

   W ϭϯϯ͕ϱϮϵ͕ϳϯϭ W ϰϴ͕Ϭϵϭ͕ϭϴϵ W ϭϱ͕ϱϭϬ͕ϱϬϳ W Ϯ͕ϰϬϬ͕ϵϰϵ W ϭϵϵ͕ϱϯϮ͕ϭϵϲ

 

156 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

;ĚͿ ƌĞĚŝƚYƵĂůŝƚLJWĞƌůĂƐƐŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚĞĐƌĞĚŝƚƋƵĂůŝƚLJŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐĂƐƐĞƐƐĞĚĂŶĚŵĂŶĂŐĞĚƵƐŝŶŐĞdžƚĞƌŶĂůĂŶĚŝŶƚĞƌŶĂůƌĂƚŝŶŐƐ͘

;ŝͿ ĂƌƌŝĞĚĂƚŵŽƌƚŝnjĞĚŽƐƚʹ>ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐĂŶĚ,dD/ŶǀĞƐƚŵĞŶƚƐ

dŚĞĐƌĞĚŝƚƋƵĂůŝƚLJŝƐŐĞŶĞƌĂůůLJŵŽŶŝƚŽƌĞĚƵƐŝŶŐƚŚĞϭϬͲŐƌĂĚĞ/ZZƐLJƐƚĞŵ͕ǁŚŝĐŚŝƐĂůŝŐŶĞĚǁŝƚŚ^W͛ƐƌĂƚŝŶŐ
ƐLJƐƚĞŵĂŶĚŝŶƚĞŐƌĂƚĞĚŝŶƚŚĞĐƌĞĚŝƚƉƌŽĐĞƐƐƉĂƌƚŝĐƵůĂƌůLJŝŶůŽĂŶƉƌŝĐŝŶŐĂŶĚƉƌŽǀŝƐŝŽŶĨŽƌĐƌĞĚŝƚůŽƐƐĞƐ͘dŚĞŵŽĚĞů
ŽŶƌŝƐŬƌĂƚŝŶŐƐŝƐĂƐƐĞƐƐĞĚĂŶĚƵƉĚĂƚĞĚƌĞŐƵůĂƌůLJ͘sĂůŝĚĂƚŝŽŶŽĨƚŚĞƌŝƐŬƌĂƚŝŶŐŝƐƉĞƌĨŽƌŵĞĚďLJƚŚĞZDƚŽ
ŵĂŝŶƚĂŝŶĂĐĐƵƌĂƚĞĂŶĚĐŽŶƐŝƐƚĞŶƚƌŝƐŬƌĂƚŝŶŐƐĂĐƌŽƐƐƚŚĞĐƌĞĚŝƚƉŽƌƚĨŽůŝŽ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨĐƌĞĚŝƚƋƵĂůŝƚLJŽĨĐŽŵŵĞƌĐŝĂůůŽĂŶƐ͗

   ƌĞĚŝƚYƵĂůŝƚLJ   /ZZ^LJƐƚĞŵ'ƌĂĚĞ   ĞƐĐƌŝƉƚŝŽŶ 

   ,ŝŐŚŐƌĂĚĞ   ϭ   džĐĞůůĞŶƚ
      Ϯ   ^ƚƌŽŶŐ 
      ϯ   'ŽŽĚ
   ^ƚĂŶĚĂƌĚŐƌĂĚĞ   ϰ   ^ĂƚŝƐĨĂĐƚŽƌLJ
      ϱ   ĐĐĞƉƚĂďůĞ
      ϲ   tĂƚĐŚůŝƐƚ
      ϳ   ƐƉĞĐŝĂůůLJŵĞŶƚŝŽŶĞĚ
   ^ƵďƐƚĂŶĚĂƌĚŐƌĂĚĞ   ϴ   ^ƵďƐƚĂŶĚĂƌĚ
      ϵ   ŽƵďƚĨƵů
   /ŵƉĂŝƌĞĚ   ϭϬ   >ŽƐƐ

;ϭͿ džĐĞůůĞŶƚʹdŚĞƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŝƚŚĂǀĞƌLJůŽǁƉƌŽďĂďŝůŝƚLJŽĨŐŽŝŶŐŝŶƚŽĚĞĨĂƵůƚŝŶƚŚĞĐŽŵŝŶŐ
LJĞĂƌ͘dŚĞďŽƌƌŽǁĞƌŚĂƐĂŚŝŐŚĚĞŐƌĞĞŽĨƐƚĂďŝůŝƚLJ͕ƐƵďƐƚĂŶĐĞĂŶĚĚŝǀĞƌƐŝƚLJĂŶĚŚĂƐĂĐĐĞƐƐƚŽƉƵďůŝĐŵĂƌŬĞƚƐ
ƚŽƌĂŝƐĞƐƵďƐƚĂŶƚŝĂůĂŵŽƵŶƚƐŽĨĨƵŶĚƐĂƚĂŶLJƚŝŵĞ͖ŚĂƐĂǀĞƌLJƐƚƌŽŶŐĚĞďƚƐĞƌǀŝĐĞĐĂƉĂĐŝƚLJĂŶĚŚĂƐ
ĐŽŶƐĞƌǀĂƚŝǀĞďĂůĂŶĐĞƐŚĞĞƚůĞǀĞƌĂŐĞ͘dŚĞƚƌĂĐŬƌĞĐŽƌĚŽĨƚŚĞďŽƌƌŽǁĞƌŝŶƚĞƌŵƐŽĨƉƌŽĨŝƚŝƐǀĞƌLJŐŽŽĚĂŶĚ
ĞdžŚŝďŝƚƐŚŝŐŚĞƐƚƋƵĂůŝƚLJƵŶĚĞƌǀŝƌƚƵĂůůLJĂůůĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐ͘

;ϮͿ ^ƚƌŽŶŐʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽďŽƌƌŽǁĞƌƐǁŝƚŚůŽǁƉƌŽďĂďŝůŝƚLJŽĨŐŽŝŶŐŝŶƚŽĚĞĨĂƵůƚŝŶƚŚĞĐŽŵŝŶŐLJĞĂƌ͘
EŽƌŵĂůůLJŚĂƐĂĐŽŵĨŽƌƚĂďůĞĚĞŐƌĞĞŽĨƐƚĂďŝůŝƚLJ͕ƐƵďƐƚĂŶĐĞĂŶĚĚŝǀĞƌƐŝƚLJ͘hŶĚĞƌŶŽƌŵĂůŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͕
ďŽƌƌŽǁĞƌŚĂƐŐŽŽĚĂĐĐĞƐƐƚŽƉƵďůŝĐŵĂƌŬĞƚƐƚŽƌĂŝƐĞĨƵŶĚƐ͘ŽƌƌŽǁĞƌŚĂƐĂƐƚƌŽŶŐŵĂƌŬĞƚĂŶĚĨŝŶĂŶĐŝĂů
ƉŽƐŝƚŝŽŶǁŝƚŚĂŚŝƐƚŽƌLJŽĨƐƵĐĐĞƐƐĨƵůƉĞƌĨŽƌŵĂŶĐĞ͘KǀĞƌĂůůĚĞďƚƐĞƌǀŝĐĞĐĂƉĂĐŝƚLJŝƐĚĞĞŵĞĚǀĞƌLJƐƚƌŽŶŐ͖
ĐƌŝƚŝĐĂůďĂůĂŶĐĞƐŚĞĞƚƌĂƚŝŽƐĂƌĞĐŽŶƐĞƌǀĂƚŝǀĞ͘

;ϯͿ 'ŽŽĚʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽƐŵĂůůĞƌĐŽƌƉŽƌĂƚŝŽŶƐǁŝƚŚůŝŵŝƚĞĚĂĐĐĞƐƐƚŽƉƵďůŝĐĐĂƉŝƚĂůŵĂƌŬĞƚƐŽƌƚŽ
ĂůƚĞƌŶĂƚŝǀĞĨŝŶĂŶĐŝĂůŵĂƌŬĞƚƐ͘WƌŽďĂďŝůŝƚLJŽĨĚĞĨĂƵůƚŝƐƋƵŝƚĞůŽǁĂŶĚŝƚďĞĂƌƐƐŽŵĞĚĞŐƌĞĞŽĨƐƚĂďŝůŝƚLJĂŶĚ
ƐƵďƐƚĂŶĐĞ͘,ŽǁĞǀĞƌ͕ďŽƌƌŽǁĞƌŵĂLJďĞƐƵƐĐĞƉƚŝďůĞƚŽĐLJĐůŝĐĂůĐŚĂŶŐĞƐĂŶĚŵŽƌĞĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨďƵƐŝŶĞƐƐ
ƌŝƐŬ͕ďLJƉƌŽĚƵĐƚŽƌďLJŵĂƌŬĞƚ͘dLJƉŝĐĂůĨŽƌƚŚŝƐƚLJƉĞŽĨďŽƌƌŽǁĞƌŝƐƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĨĐŽŵĨŽƌƚĂďůĞĂƐƐĞƚ
ƉƌŽƚĞĐƚŝŽŶĂŶĚĂŶĂĐĐĞƉƚĂďůĞďĂůĂŶĐĞƐŚĞĞƚƐƚƌƵĐƚƵƌĞ͘

dŚĞĚĞďƚƐĞƌǀŝĐĞĐĂƉĂĐŝƚLJŽĨƚŚĞďŽƌƌŽǁĞƌŝƐƐƚƌŽŶŐĂŶĚŚĂƐƌĞƉŽƌƚĞĚƉƌŽĨŝƚƐĨŽƌƚŚĞƉĂƐƚƚŚƌĞĞLJĞĂƌƐĂŶĚŝƐ
ĞdžƉĞĐƚĞĚƚŽďĞƉƌŽĨŝƚĂďůĞĂŐĂŝŶŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘

;ϰͿ ^ĂƚŝƐĨĂĐƚŽƌLJʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŚĞƌĞĐůĞĂƌƌŝƐŬĞůĞŵĞŶƚƐĞdžŝƐƚ͕ƚŚĞƉƌŽďĂďŝůŝƚLJŽĨĚĞĨĂƵůƚŝƐ
ƐŽŵĞǁŚĂƚŐƌĞĂƚĞƌĂŶĚŶŽƌŵĂůůLJŚĂƐůŝŵŝƚĞĚĂĐĐĞƐƐƚŽƉƵďůŝĐŵĂƌŬĞƚƐ͘dŚĞƉƌŽďĂďŝůŝƚLJŝƐƌĞĨůĞĐƚĞĚŝŶ
ǀŽůĂƚŝůŝƚLJŽĨĞĂƌŶŝŶŐƐĂŶĚŽǀĞƌĂůůƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞďŽƌƌŽǁĞƌƐŚŽƵůĚďĞĂďůĞƚŽǁŝƚŚƐƚĂŶĚŶŽƌŵĂůďƵƐŝŶĞƐƐ
ĐLJĐůĞƐ͕ďƵƚĂŶLJƉƌŽůŽŶŐĞĚƵŶĨĂǀŽƌĂďůĞĞĐŽŶŽŵŝĐƉĞƌŝŽĚǁŽƵůĚĐƌĞĂƚĞĚĞƚĞƌŝŽƌĂƚŝŽŶďĞLJŽŶĚĂĐĐĞƉƚĂďůĞ
ůĞǀĞůƐ͘dŚĞďŽƌƌŽǁĞƌŚĂƐƚŚĞĐŽŵďŝŶĂƚŝŽŶŽĨƌĞĂƐŽŶĂďůLJƐŽƵŶĚĂƐƐĞƚĂŶĚĐĂƐŚĨůŽǁƉƌŽƚĞĐƚŝŽŶǁŝƚŚ
ĂĚĞƋƵĂƚĞĚĞďƚƐĞƌǀŝĐĞĐĂƉĂĐŝƚLJĂŶĚŚĂƐƌĞƉŽƌƚĞĚƉƌŽĨŝƚƐŝŶƚŚĞƉĂƐƚLJĞĂƌĂŶĚŝƐĞdžƉĞĐƚĞĚƚŽƌĞƉŽƌƚĂƉƌŽĨŝƚ
ŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͘

 

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 ;ϱͿ ĐĐĞƉƚĂďůĞʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŚŽƐĞƌŝƐŬĞůĞŵĞŶƚƐĂƌĞƐƵĨĨŝĐŝĞŶƚůLJƉƌŽŶŽƵŶĐĞĚƚŽ
ǁŝƚŚƐƚĂŶĚŶŽƌŵĂůďƵƐŝŶĞƐƐĐLJĐůĞƐďƵƚĂŶLJƉƌŽůŽŶŐĞĚƵŶĨĂǀŽƌĂďůĞĞĐŽŶŽŵŝĐĂŶĚͬŽƌŵĂƌŬĞƚƉĞƌŝŽĚǁŽƵůĚ
ĐƌĞĂƚĞĂŶŝŵŵĞĚŝĂƚĞĚĞƚĞƌŝŽƌĂƚŝŽŶďĞLJŽŶĚĂĐĐĞƉƚĂďůĞůĞǀĞůƐ͘dŚĞƌŝƐŬƚŽƚŚŝƐďŽƌƌŽǁĞƌŝƐƐƚŝůůĂĐĐĞƉƚĂďůĞĂƐ
ƚŚĞƌĞŝƐƐƵĨĨŝĐŝĞŶƚĐĂƐŚĨůŽǁĞŝƚŚĞƌŚŝƐƚŽƌŝĐĂůůLJŽƌĞdžƉĞĐƚĞĚĨŽƌƚŚĞĨƵƚƵƌĞ͖ŶĞǁďƵƐŝŶĞƐƐŽƌƉƌŽũĞĐƚĞĚĨŝŶĂŶĐĞ
ƚƌĂŶƐĂĐƚŝŽŶ͖ĂŶĞdžŝƐƚŝŶŐďŽƌƌŽǁĞƌǁŚĞƌĞƚŚĞŶĂƚƵƌĞŽĨƚŚĞĞdžƉŽƐƵƌĞƌĞƉƌĞƐĞŶƚƐĂŚŝŐŚĞƌƌŝƐŬďĞĐĂƵƐĞŽĨ
ĞdžƚƌĂŽƌĚŝŶĂƌLJĚĞǀĞůŽƉŵĞŶƚƐďƵƚĨŽƌǁŚŝĐŚĂĚĞĐƌĞĂƐŝŶŐƌŝƐŬǁŝƚŚŝŶĂŶĂĐĐĞƉƚĂďůĞƉĞƌŝŽĚĐĂŶďĞĞdžƉĞĐƚĞĚ͘

;ϲͿ tĂƚĐŚůŝƐƚʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŚŝĐŚŝŶĐƵƌƐŶĞƚůŽƐƐĞƐĂŶĚŚĂƐƐĂůŝĞŶƚĨŝŶĂŶĐŝĂůǁĞĂŬŶĞƐƐĞƐ͕
ƐƉĞĐŝĨŝĐĂůůLJŝŶƉƌŽĨŝƚĂďŝůŝƚLJ͕ƌĞĨůĞĐƚĞĚŽŶŝƚƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ƌĞĚŝƚĞdžƉŽƐƵƌĞŝƐŶŽƚĂƚƌŝƐŬŽĨůŽƐƐĂƚƚŚĞ
ŵŽŵĞŶƚďƵƚƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞďŽƌƌŽǁĞƌŚĂƐǁĞĂŬĞŶĞĚĂŶĚƵŶůĞƐƐƉƌĞƐĞŶƚƚƌĞŶĚƐĂƌĞƌĞǀĞƌƐĞĚ͕ĐŽƵůĚ
ůĞĂĚƚŽůŽƐƐĞƐ͘

;ϳͿ ƐƉĞĐŝĂůůLJDĞŶƚŝŽŶĞĚʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌƚŚĂƚĞdžŚŝďŝƚƐƉŽƚĞŶƚŝĂůǁĞĂŬŶĞƐƐĞƐƚŚĂƚĚĞƐĞƌǀĞ
ŵĂŶĂŐĞŵĞŶƚ͛ƐĐůŽƐĞĂƚƚĞŶƚŝŽŶ͘EŽŝŵŵĞĚŝĂƚĞƚŚƌĞĂƚƚŽƚŚĞƌĞƉĂLJŵĞŶƚŽĨƚŚĞůŽĂŶĞdžŝƐƚƐƚŚƌŽƵŐŚŶŽƌŵĂů
ĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐďƵƚĨĂĐƚŽƌƐŵĂLJĞdžŝƐƚƚŚĂƚĐŽƵůĚĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐŽĨƚŚĞďŽƌƌŽǁĞƌ͘

;ϴͿ ^ƵďƐƚĂŶĚĂƌĚʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŚĞƌĞƌĞƉĂLJŵĞŶƚŽĨƚŚĞůŽĂŶ͕ƚŚƌŽƵŐŚŶŽƌŵĂůĐŽƵƌƐĞŽĨ
ďƵƐŝŶĞƐƐ͕ŵĂLJďĞŝŶũĞŽƉĂƌĚLJĚƵĞƚŽĂĚǀĞƌƐĞĞǀĞŶƚƐ͘dŚĞƌĞĞdžŝƐƚƐƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨĨƵƚƵƌĞůŽƐƐĞƐƚŽƚŚĞ
ŝŶƐƚŝƚƵƚŝŽŶƵŶůĞƐƐŐŝǀĞŶĐůŽƐĞƌƐƵƉĞƌǀŝƐŝŽŶ͘

;ϵͿ ŽƵďƚĨƵůʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŚŽŝƐƵŶĂďůĞŽƌƵŶǁŝůůŝŶŐƚŽƐĞƌǀŝĐĞĚĞďƚŽǀĞƌĂŶĞdžƚĞŶĚĞĚ
ƉĞƌŝŽĚŽĨƚŝŵĞĂŶĚŶĞĂƌĨƵƚƵƌĞƉƌŽƐƉĞĐƚƐŽĨŽƌĚĞƌůLJĚĞďƚƐĞƌǀŝĐĞŝƐĚŽƵďƚĨƵů͘džŝƐƚŝŶŐĨĂĐƚƐ͕ĐŽŶĚŝƚŝŽŶƐ͕ĂŶĚ
ǀĂůƵĞƐŵĂŬĞĨƵůůĐŽůůĞĐƚŝŽŶŽƌůŝƋƵŝĚĂƚŝŽŶŚŝŐŚůLJŝŵƉƌŽďĂďůĞĂŶĚŝŶǁŚŝĐŚƐƵďƐƚĂŶƚŝĂůůŽƐƐŝƐƉƌŽďĂďůĞ͘

;ϭϬͿ >ŽƐƐʹdŚŝƐƌĂƚŝŶŐŝƐŐŝǀĞŶƚŽĂďŽƌƌŽǁĞƌǁŚŽƐĞůŽĂŶƐŽƌƉŽƌƚŝŽŶƐƚŚĞƌĞŽĨĂƌĞĐŽŶƐŝĚĞƌĞĚƵŶĐŽůůĞĐƚŝďůĞ͘dŚĞ
ĐŽůůĞĐƚŝďůĞĂŵŽƵŶƚ͕ǁŝƚŚŶŽĐŽůůĂƚĞƌĂůŽƌǁŚŝĐŚĐŽůůĂƚĞƌĂůŝƐŽĨůŝƚƚůĞǀĂůƵĞ͕ŝƐĚŝĨĨŝĐƵůƚƚŽŵĞĂƐƵƌĞĂŶĚŵŽƌĞ
ƉƌĂĐƚŝĐĂůƚŽǁƌŝƚĞͲŽĨĨƚŚĂŶƚŽĚĞĨĞƌĞǀĞŶƚŚŽƵŐŚƉĂƌƚŝĂůƌĞĐŽǀĞƌLJŵĂLJďĞŽďƚĂŝŶĞĚŝŶƚŚĞĨƵƚƵƌĞ͘
  
dŚĞWĂƌĞŶƚĂŶŬŽŶůLJƐƵďũĞĐƚƐĐŽŵŵĞƌĐŝĂůůŽĂŶƐǁŚŝĐŚĂƌĞƉĂƐƚĚƵĞĂŶĚͬŽƌǁŝƚŚ/ZZŽĨϳƚŽϭϬƚŽƐƉĞĐŝĨŝĐ
ŝŵƉĂŝƌŵĞŶƚƚĞƐƚŝŶŐ͘

ƵĞĨƌŽŵ^W͕ĚƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐĂŶĚŝŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚ^WhZĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚŝŐŚŐƌĂĚĞƐŝŶĐĞ
ƚŚĞƐĞĂƌĞĚĞƉŽƐŝƚĞĚŝŶͬŽƌƚƌĂŶƐĂĐƚĞĚǁŝƚŚƌĞƉƵƚĂďůĞďĂŶŬƐǁŚŝĐŚŚĂǀĞůŽǁƉƌŽďĂďŝůŝƚLJŽĨŝŶƐŽůǀĞŶĐLJ͘hŶƋƵŽƚĞĚ
ĚĞďƚƐĞĐƵƌŝƚŝĞƐĐůĂƐƐŝĨŝĞĚĂƐůŽĂŶƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŚŝŐŚŐƌĂĚĞďĂƐĞĚŽŶĞdžƚĞƌŶĂůĐƌĞĚŝƚƌĂƚŝŶŐƐ͘

dŚĞƚĂďůĞƐďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐŚŽǁĐƌĞĚŝƚƋƵĂůŝƚLJƉĞƌĐůĂƐƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ďĂƐĞĚŽŶƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐƌĂƚŝŶŐƐLJƐƚĞŵ;ŐƌŽƐƐŽĨĂůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂŶĚƵŶĞĂƌŶĞĚĚŝƐĐŽƵŶƚͿ͘

'ƌŽƵƉ

  ϮϬϭϳ         
  EĞŝƚŚĞƌWĂƐƚƵĞEŽƌ/ŵƉĂŝƌĞĚ  
              WĂƐƚƵĞ   
  ,ŝŐŚ   ^ƚĂŶĚĂƌĚ  ^ƵďƐƚĂŶĚĂƌĚ    ƵƚEŽƚ   
  'ƌĂĚĞ   'ƌĂĚĞ   'ƌĂĚĞ   hŶƌĂƚĞĚ   /ŵƉĂŝƌĞĚ   /ŵƉĂŝƌĞĚ   dŽƚĂů 

ƵĞĨƌŽŵ^W W ϰϴ͕ϲϭϬ͕Ϭϵϲ W Ͳ  W Ͳ  W Ͳ  W Ͳ  W Ͳ  W ϰϴ͕ϲϭϬ͕Ϭϵϲ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϰ͕ϱϲϳ͕ϴϱϱ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϰ͕ϱϲϳ͕ϴϱϱ
/ŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ  ϳ͕ϭϯϬ͕ϳϯϱ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϳ͕ϭϯϬ͕ϳϯϱ
   ϲϬ͕ϯϬϴ͕ϲϴϲ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϲϬ͕ϯϬϴ͕ϲϴϲ

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ  ϰϴ͕Ϯϯϲ͕ϳϲϳ  ϯϳ͕ϱϱϱ͕Ϭϳϱ  ϭ͕ϲϮϰ͕ϲϱϳ  ϭ͕ϯϵϮ͕ϳϯϴ  Ϯ͕ϭϯϰ͕ϰϳϰ  Ϯ͕ϮϮϲ͕ϭϴϯ  ϵϯ͕ϭϲϵ͕ϴϵϰ 
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϵ͕Ϭϰϱ͕ϴϵϭ  ϮϳϬ͕ϵϲϲ  Ͳ   ϱϵ͕Ϯϵϳ͕ϳϮϲ  ϰ͕ϴϰϯ͕ϵϰϳ  ϭ͕ϴϵϲ͕ϳϰϲ  ϳϱ͕ϯϱϱ͕Ϯϳϲ
 hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯ͕ϱϱϬ͕Ϭϯϱ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϱϱϬ͕Ϭϯϱ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ  ϲϬ͕Ϯϯϲ  Ͳ   Ͳ   ϭ͕Ϭϯϵ͕ϲϭϭ  ϭϱ͕ϳϭϲ  ϭϭϱ͕ϱϬϯ  ϭ͕Ϯϯϭ͕Ϭϲϲ
 ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  ϵϭϱ͕ϰϱϳ  ϲ͕ϳϳϭ  Ͳ   ϴϬϵ͕ϰϰϳ  ϲ͕ϬϱϮ  ϭϯϭ͕ϰϴϱ  ϭ͕ϴϲϵ͕ϮϭϮ
 ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ  ϯϱϵ  ϭϲϭ͕ϯϬϲ  Ͳ   ϭϭϲ͕ϲϬϴ  ϱϯ͕ϱϱϮ  ϲϳ͕ϲϳϲ  ϯϵϵ͕ϱϬϭ
 KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  ϰ͕ϮϯϬ  Ͳ   Ͳ   Ϯϳϱ͕ϱϱϯ  Ͳ   Ͳ   Ϯϳϵ͕ϳϴϯ
 KƚŚĞƌĂƐƐĞƚƐ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϰϬϭ͕Ϯϳϵ
   ϲϯ͕Ϯϭϰ͕Ϯϱϰ  ϯϳ͕ϵϵϰ͕ϭϭϴ  ϭ͕ϲϮϰ͕ϲϱϳ  ϲϮ͕ϵϯϭ͕ϲϴϯ  ϳ͕Ϭϱϯ͕ϳϰϭ  ϰ͕ϰϯϳ͕ϱϵϯ  ϭϳϳ͕Ϯϱϲ͕Ϭϰϲ

 WϭϮϯ͕ϱϮϮ͕ϵϰϬ W ϯϳ͕ϵϵϰ͕ϭϭϴ W ϭ͕ϲϮϰ͕ϲϱϳ W ϲϮ͕ϵϯϭ͕ϲϴϯ W ϳ͕Ϭϱϯ͕ϳϰϭ W ϰ͕ϰϯϳ͕ϱϵϯ WϮϯϳ͕ϱϲϰ͕ϳϯϮ

 

158 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

  ϮϬϭϲ         
  EĞŝƚŚĞƌWĂƐƚƵĞEŽƌ/ŵƉĂŝƌĞĚ  
              WĂƐƚƵĞ   
  ,ŝŐŚ   ^ƚĂŶĚĂƌĚ  ^ƵďƐƚĂŶĚĂƌĚ     ƵƚEŽƚ   
  'ƌĂĚĞ   'ƌĂĚĞ   'ƌĂĚĞ   hŶƌĂƚĞĚ   /ŵƉĂŝƌĞĚ   /ŵƉĂŝƌĞĚ   dŽƚĂů 

ƵĞĨƌŽŵ^W W ϱϬ͕ϴϬϴ͕ϴϵϭ W Ͳ  W Ͳ  W Ͳ  W Ͳ  W Ͳ  W ϱϬ͕ϴϬϴ͕ϴϵϭ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϳ͕Ϯϳϲ͕ϲϱϯ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϳ͕Ϯϳϲ͕ϲϱϯ
/ŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ  ϭϱ͕ϴϬϲ͕ϯϱϯ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϭϱ͕ϴϬϲ͕ϯϱϯ
  ϳϯ͕ϴϵϭ͕ϴϵϳ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϳϯ͕ϴϵϭ͕ϴϵϳ

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ  ϰϱ͕ϬϬϴ͕ϲϬϵ  ϯϬ͕ϭϴϭ͕ϳϮϳ  Ϯ͕Ϭϯϵ͕Ϯϭϴ  Ϯ͕ϰϭϳ͕ϭϰϳ  Ϯ͕ϵϯϯ͕ϴϯϱ  ϰ͕ϬϬϳ͕Ϯϱϲ  ϴϲ͕ϱϴϳ͕ϳϵϮ
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϲ͕ϬϬϲ͕ϴϬϲ  ϰϴϴ͕ϴϮϮ  Ͳ   ϱϮ͕ϰϬϲ͕ϭϰϬ  ϯ͕ϬϰϬ͕ϲϵϰ  ϭ͕Ϯϭϰ͕ϯϭϴ  ϲϯ͕ϭϱϲ͕ϳϴϬ
 hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  ϯ͕ϭϵϴ͕ϰϵϵ  Ͳ   Ͳ    Ͳ   Ͳ   Ͳ   ϯ͕ϭϵϴ͕ϰϵϵ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ  ϭϮ͕Ϭϰϰ  Ͳ   Ͳ   ϴϳϰ͕ϴϱϯ  Ͳ   ϰϱ͕Ϯϳϳ  ϵϯϮ͕ϭϳϰ
 ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  ϱϳϮ͕ϳϲϳ  ϭϱϵ͕Ϭϱϵ  Ͳ   ϳϰϴ͕ϴϰϲ  ϲϴ͕ϭϰϵ  ϭϬϵ͕ϵϭϯ  ϭ͕ϲϱϴ͕ϳϯϰ
 ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ  ϱ͕ϲϲϮ  Ͳ   Ͳ   ϭϳϬ͕ϰϱϰ  Ͳ   ϭϴϰ͕ϲϵϬ  ϯϲϬ͕ϴϬϲ
 KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  Ϯϭϭ͕ϯϳϵ  Ͳ   Ͳ   ϴϯ͕Ϯϵϭ  ϯϱ͕ϬϲϮ  ϰϯ͕ϱϵϭ  ϯϳϯ͕ϯϮϯ
 KƚŚĞƌĂƐƐĞƚƐ  Ϯ͕ϰϬϬ͕ϵϰϵ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ
  ϱϳ͕ϰϭϲ͕ϳϭϱ  ϯϬ͕ϴϮϵ͕ϲϬϴ  Ϯ͕Ϭϯϵ͕Ϯϭϴ  ϱϲ͕ϳϬϬ͕ϳϯϭ  ϲ͕Ϭϳϳ͕ϳϰϬ  ϱ͕ϲϬϱ͕Ϭϰϱ  ϭϱϴ͕ϲϲϵ͕Ϭϱϳ

 Wϭϯϭ͕ϯϬϴ͕ϲϭϮ W ϯϬ͕ϴϮϵ͕ϲϬϴ W Ϯ͕Ϭϯϵ͕Ϯϭϴ W ϱϲ͕ϳϬϬ͕ϳϯϭ W ϲ͕Ϭϳϳ͕ϳϰϬ W ϱ͕ϲϬϱ͕Ϭϰϱ WϮϯϮ͕ϱϲϬ͕ϵϱϰ

WĂƌĞŶƚĂŶŬ

  ϮϬϭϳ         
  EĞŝƚŚĞƌWĂƐƚƵĞEŽƌ/ŵƉĂŝƌĞĚ  
              WĂƐƚƵĞ   
  ,ŝŐŚ   ^ƚĂŶĚĂƌĚ  ^ƵďƐƚĂŶĚĂƌĚ     ƵƚEŽƚ   
  'ƌĂĚĞ   'ƌĂĚĞ   'ƌĂĚĞ   hŶƌĂƚĞĚ   /ŵƉĂŝƌĞĚ   /ŵƉĂŝƌĞĚ   dŽƚĂů 

ƵĞĨƌŽŵ^W W ϰϳ͕ϯϬϱ͕ϴϬϵ W Ͳ  W Ͳ  W Ͳ  W Ͳ  W Ͳ  W ϰϳ͕ϯϬϱ͕ϴϬϵ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϰ͕ϰϮϮ͕ϳϰϵ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϰ͕ϰϮϮ͕ϳϰϵ
/ŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ  ϳ͕ϭϯϬ͕ϳϯϱ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϳ͕ϭϯϬ͕ϳϯϱ
  ϱϴ͕ϴϱϵ͕Ϯϵϯ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϱϴ͕ϴϱϵ͕Ϯϵϯ

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ  ϯϵ͕ϮϳϮ͕ϲϬϲ  ϯϲ͕ϵϳϯ͕Ϯϳϴ  ϭ͕ϲϮϰ͕ϲϱϳ  ϭ͕ϯϵϮ͕ϳϯϴ  ϭ͕ϴϭϴ͕ϭϭϬ  ϭ͕ϳϭϭ͕ϯϮϵ  ϴϮ͕ϳϵϮ͕ϳϭϴ 
  ŽŶƐƵŵĞƌůŽĂŶƐ  Ϯ͕Ϭϱϱ͕ϮϳϬ  Ͳ   Ͳ   ϱϵ͕Ϯϵϳ͕ϳϮϲ  ϰ͕ϰϱϬ͕ϯϳϲ  ϭ͕ϯϲϳ͕Ϭϰϲ  ϲϳ͕ϭϳϬ͕ϰϭϴ
 hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯ͕ϯϬϲ͕ϯϮϴ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϯϬϲ͕ϯϮϴ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ  Ͳ   Ͳ   Ͳ   ϭ͕Ϭϯϵ͕ϲϭϭ  Ͳ   ϭϭϯ͕ϵϰϭ  ϭ͕ϭϱϯ͕ϱϱϮ
 ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  ϲϯϵ͕ϬϰϬ  Ͳ   Ͳ   ϴϬϵ͕ϰϰϳ  Ͳ   ϭϮϭ͕ϰϬϵ  ϭ͕ϱϲϵ͕ϴϵϲ
 ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ  Ͳ   ϭϲϬ͕ϱϱϭ  Ͳ   ϭϵϵ͕ϭϳϮ  ϱϯ͕ϱϱϮ  ϲϳ͕ϭϵϳ  ϰϴϬ͕ϰϳϮ
 KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  Ͳ   Ͳ   Ͳ  ϳϬϯ͕ϮϬϳ  Ͳ   Ͳ   ϳϬϯ͕ϮϬϳ
 KƚŚĞƌĂƐƐĞƚƐ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϰϬϭ͕Ϯϳϵ
  ϰϲ͕ϲϳϰ͕ϱϮϯ  ϯϳ͕ϭϯϯ͕ϴϮϵ  ϭ͕ϲϮϰ͕ϲϱϳ  ϲϯ͕ϰϰϭ͕ϵϬϭ  ϲ͕ϯϮϮ͕Ϭϯϴ  ϯ͕ϯϴϬ͕ϵϮϮ  ϭϱϴ͕ϱϳϳ͕ϴϳϬ

 WϭϬϱ͕ϱϯϯ͕ϴϭϲ W ϯϳ͕ϭϯϯ͕ϴϮϵ W ϭ͕ϲϮϰ͕ϲϱϳ W ϲϯ͕ϰϰϭ͕ϵϬϭ W ϲ͕ϯϮϮ͕Ϭϯϴ W ϯ͕ϯϴϬ͕ϵϮϮ WϮϭϳ͕ϰϯϳ͕ϭϲϯ

  ϮϬϭϲ         
  EĞŝƚŚĞƌWĂƐƚƵĞEŽƌ/ŵƉĂŝƌĞĚ  
              WĂƐƚƵĞ   
  ,ŝŐŚ   ^ƚĂŶĚĂƌĚ  ^ƵďƐƚĂŶĚĂƌĚ     ƵƚEŽƚ   
  'ƌĂĚĞ   'ƌĂĚĞ   'ƌĂĚĞ   hŶƌĂƚĞĚ   /ŵƉĂŝƌĞĚ   /ŵƉĂŝƌĞĚ   dŽƚĂů 

ƵĞĨƌŽŵ^W W ϰϵ͕ϱϮϬ͕ϰϮϬ W Ͳ  W Ͳ  W Ͳ  W Ͳ  W Ͳ  W ϰϵ͕ϱϮϬ͕ϰϮϬ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϳ͕ϭϵϯ͕ϴϯϭ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϳ͕ϭϵϯ͕ϴϯϭ
/ŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ  ϭϱ͕ϱϭϬ͕ϱϬϳ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϭϱ͕ϱϭϬ͕ϱϬϳ
  ϳϮ͕ϮϮϰ͕ϳϱϴ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   ϳϮ͕ϮϮϰ͕ϳϱϴ

>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ
 ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ  ϯϴ͕ϲϭϴ͕ϲϮϬ  Ϯϳ͕ϭϴϲ͕ϴϰϱ  Ϯ͕Ϭϯϵ͕Ϯϭϴ  Ϯ͕ϰϭϳ͕ϭϰϳ  Ϯ͕ϲϵϬ͕ϴϵϳ  ϯ͕ϭϯϲ͕ϰϳϵ  ϳϲ͕Ϭϴϵ͕ϮϬϱ
  ŽŶƐƵŵĞƌůŽĂŶƐ  ϭ͕ϭϰϱ͕Ϭϱϭ  Ͳ   Ͳ   ϱϭ͕ϯϭϬ͕ϯϴϯ Ϯ͕ϴϲϱ͕ϮϬϴ  ϵϳϰ͕ϭϰϴ  ϱϲ͕Ϯϵϰ͕ϳϵϬ
 hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯ͕ϵϱϬ͕ϱϯϳ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϵϱϬ͕ϱϯϳ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ  Ͳ   Ͳ   Ͳ   ϴϬϯ͕ϴϮϰ  Ͳ   Ϯϴ͕Ϯϭϯ  ϴϯϮ͕Ϭϯϳ
 ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  ϱϮϲ͕ϵϴϳ  ϭϱϭ͕ϮϱϮ  Ͳ   ϳϯϳ͕ϱϴϬ  ϱϲ͕ϴϳϰ  ϭϬϵ͕ϵϭϯ  ϭ͕ϱϴϮ͕ϲϬϲ
 ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ  Ͳ   Ͳ   Ͳ   ϭϵϰ͕ϯϴϯ  Ͳ   ϭϴϰ͕ϲϴϵ  ϯϳϵ͕ϬϳϮ
 KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  Ͳ   Ͳ   Ͳ   ϴϯ͕Ϯϵϭ  Ͳ   Ͳ   ϴϯ͕Ϯϵϭ
 KƚŚĞƌĂƐƐĞƚƐ  Ϯ͕ϰϬϬ͕ϵϰϵ  Ͳ   Ͳ   Ͳ   Ͳ   Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ
  ϰϱ͕ϲϰϮ͕ϭϰϰ  Ϯϳ͕ϯϯϴ͕Ϭϵϳ  Ϯ͕Ϭϯϵ͕Ϯϭϴ  ϱϱ͕ϱϰϲ͕ϲϬϴ  ϱ͕ϲϭϮ͕ϵϳϵ  ϰ͕ϰϯϯ͕ϰϰϮ  ϭϰϬ͕ϲϭϮ͕ϰϴϳ

 Wϭϭϳ͕ϴϲϲ͕ϵϬϮ W Ϯϳ͕ϯϯϴ͕Ϭϵϳ W Ϯ͕Ϭϯϵ͕Ϯϭϴ W ϱϱ͕ϱϰϲ͕ϲϬϴ W ϱ͕ϲϭϮ͕ϵϳϵ W ϰ͕ϰϯϯ͕ϰϰϮ WϮϭϮ͕ϴϯϳ͕Ϯϰϱ



U C P B 2 0 1 7 A N N U A L R E P O R T 159
 dŚĞĂŐŝŶŐĂŶĂůLJƐŝƐŽĨƉĂƐƚĚƵĞďƵƚŶŽƚŝŵƉĂŝƌĞĚůŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝƐďƌŽŬĞŶĚŽǁŶĂƐĨŽůůŽǁƐ͗

        'ƌŽƵƉ        
     ϮϬϭϳ        ϮϬϭϲ    
  tŝƚŚŝŶ   DŽƌĞƚŚĂŶ      tŝƚŚŝŶ  DŽƌĞƚŚĂŶ    
  KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů    KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů 

ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
 ŽƌƉŽƌĂƚĞůŽĂŶƐ W ϭ͕ϮϬϲ͕ϲϬϮ W ϵϮϳ͕ϴϳϮ W Ϯ͕ϭϯϰ͕ϰϳϰ W ϭ͕ϴϰϲ͕ϵϲϮ W ϭ͕Ϭϴϲ͕ϴϳϯ W Ϯ͕ϵϯϯ͕ϴϯϱ
 ŽŶƐƵŵĞƌůŽĂŶƐ  ϰ͕ϰϭϮ͕ϲϳϳ  ϰϯϭ͕ϮϳϬ  ϰ͕ϴϰϯ͕ϵϰϳ  Ϯ͕ϲϲϭ͕ϱϵϰ  ϯϳϵ͕ϭϬϬ  ϯ͕ϬϰϬ͕ϲϵϰ
^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ  ϭϱ͕ϳϭϲ  Ͳ   ϭϱ͕ϳϭϲ  Ͳ   Ͳ  Ͳ  
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  ϱ͕ϬϳϬ   ϵϴϮ  ϲ͕ϬϱϮ   ϲ͕ϳϲϳ  ϲϭ͕ϯϴϮ ϲϴ͕ϭϰϵ 
ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ  ϱϯ͕ϱϱϮ Ͳ   ϱϯ͕ϱϱϮ  Ͳ   Ͳ  Ͳ 
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  Ͳ  Ͳ   Ͳ   ϯϱ͕ϬϲϮ  Ͳ  ϯϱ͕ϬϲϮ

 W ϱ͕ϲϵϯ͕ϲϭϳ W ϭ͕ϯϲϬ͕ϭϮϰ W ϳ͕Ϭϱϯ͕ϳϰϭ W ϰ͕ϱϱϬ͕ϯϴϱ W ϭ͕ϱϮϳ͕ϯϱϱ W ϲ͕Ϭϳϳ͕ϳϰϬ

       WĂƌĞŶƚĂŶŬ       
     ϮϬϭϳ        ϮϬϭϲ    
  tŝƚŚŝŶ   DŽƌĞƚŚĂŶ      tŝƚŚŝŶ  DŽƌĞƚŚĂŶ    
  KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů    KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů 

ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
 ŽƌƉŽƌĂƚĞůŽĂŶƐ W ϵϲϯ͕ϯϴϱ W ϴϱϰ͕ϳϮϱ W ϭ͕ϴϭϴ͕ϭϭϬ W ϭ͕ϱϵϯ͕Ϭϳϴ W ϭ͕Ϭϵϳ͕ϴϭϵ W Ϯ͕ϲϵϬ͕ϴϵϳ
 ŽŶƐƵŵĞƌůŽĂŶƐ  ϰ͕Ϭϰϲ͕ϱϱϯ  ϰϬϯ͕ϴϮϯ  ϰ͕ϰϱϬ͕ϯϳϲ  Ϯ͕ϰϵϬ͕Ϯϲϴ  ϯϳϰ͕ϵϰϬ  Ϯ͕ϴϲϱ͕ϮϬϴ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  Ͳ   Ͳ   Ͳ   ϲ͕ϳϲϳ  ϱϬ͕ϭϬϳ  ϱϲ͕ϴϳϰ
ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ  ϱϯ͕ϱϱϮ  Ͳ   ϱϯ͕ϱϱϮ  Ͳ   Ͳ   Ͳ 

 W ϱ͕Ϭϲϯ͕ϰϵϬ W ϭ͕Ϯϱϴ͕ϱϰϴ W ϲ͕ϯϮϮ͕Ϭϯϴ W ϰ͕ϬϵϬ͕ϭϭϯ W ϭ͕ϱϮϮ͕ϴϲϲ W ϱ͕ϲϭϮ͕ϵϳϵ

;ŝŝͿ dƌĂĚŝŶŐĂŶĚ/ŶǀĞƐƚŵĞŶƚ^ĞĐƵƌŝƚŝĞƐ

/ŶĞŶƐƵƌŝŶŐƚŚĞƋƵĂůŝƚLJŽĨŝƚƐƚƌĂĚŝŶŐĂŶĚŝŶǀĞƐƚŵĞŶƚƉŽƌƚĨŽůŝŽ͕ƚŚĞWĂƌĞŶƚĂŶŬƵƐĞƐƚŚĞĐƌĞĚŝƚƌŝƐŬƌĂƚŝŶŐĨƌŽŵ
ƉƵďůŝƐŚĞĚĚĂƚĂƉƌŽǀŝĚĞƌƐůŝŬĞDŽŽĚLJ͛Ɛ͕^ƚĂŶĚĂƌĚΘWŽŽƌ͛Ɛ͕&ŝƚĐŚ͕ĂŶĚƐƵĐŚŽƚŚĞƌƌĂƚŝŶŐĂŐĞŶĐŝĞƐĂƐŵĂLJďĞ
ĂƉƉƌŽǀĞĚďLJƚŚĞDŽĨƚŚĞ^W͘

 

160 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚĞƚĂďůĞďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐŚŽǁƚŚĞĐƌĞĚŝƚƌŝƐŬƌĂƚŝŶŐŽĨƚƌĂĚŝŶŐĂŶĚŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐ
;ŐƌŽƐƐŽĨĂůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐͿ͗

'ƌŽƵƉ
     ϮϬϭϳ     
        ƚŽ    
  ƚŽͲ   нƚŽͲ   ĂŶĚhŶƌĂƚĞĚ   dŽƚĂů 

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ W ϭ͕ϯϰϰ͕ϲϲϭ W Ͳ  W Ͳ  W ϭ͕ϯϰϰ͕ϲϲϭ
  ŽƌƉŽƌĂƚĞ  ϲϵ͕ϵϵϵ  Ͳ   Ͳ   ϲϵ͕ϵϵϵ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐʹƋƵŽƚĞĚ  ϰϬ͕ϵϳϬ  Ͳ   ϲϱ͕ϴϭϮ  ϭϬϲ͕ϳϴϮ
 ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ  ϱϳ͕Ϭϱϰ  Ͳ   Ͳ   ϱϳ͕Ϭϱϰ
  ϭ͕ϱϭϮ͕ϲϴϰ  Ͳ   ϲϱ͕ϴϭϮ  ϭ͕ϱϳϴ͕ϰϵϲ

&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ  ϮϬ͕ϲϵϭ͕ϴϴϮ  Ͳ   Ͳ   ϮϬ͕ϲϵϭ͕ϴϴϮ
  ŽƌƉŽƌĂƚĞ   ϵ͕ϵϮϴ͕ϱϭϴ  Ͳ   Ϯϯϲ͕ϵϬϱ  ϭϬ͕ϭϲϱ͕ϰϮϯ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͗
  YƵŽƚĞĚ  ϭϲϭ͕ϭϭϲ  Ͳ    ϴ͕ϳϳϭ  ϭϲϵ͕ϴϴϳ
  hŶƋƵŽƚĞĚ  Ͳ   Ͳ   Ϯϳϭ͕ϮϵϮ  Ϯϳϭ͕ϮϵϮ
  ϯϬ͕ϳϴϭ͕ϱϭϲ  Ͳ   ϱϭϲ͕ϵϲϴ  ϯϭ͕Ϯϵϴ͕ϰϴϰ
,dDŝŶǀĞƐƚŵĞŶƚƐʹ
 'ŽǀĞƌŶŵĞŶƚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯϳ͕ϴϬϭ͕ϭϬϰ  Ͳ   Ͳ   Ϯϳ͕ϴϬϭ͕ϭϬϰ

 W ϲϬ͕Ϭϵϱ͕ϯϬϰ W Ͳ  W ϱϴϮ͕ϳϴϬ W ϲϬ͕ϲϳϴ͕Ϭϴϰ

     ϮϬϭϲ     
        ƚŽ    
  ƚŽͲ   нƚŽͲ   ĂŶĚhŶƌĂƚĞĚ   dŽƚĂů 

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ W Ϯ͕ϳϯϬ͕ϱϰϵ W Ͳ  W Ͳ  W Ϯ͕ϳϯϬ͕ϱϰϵ
  ŽƌƉŽƌĂƚĞ  ϭϴ͕ϵϱϴ  Ͳ   Ͳ   ϭϴ͕ϵϱϴ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐʹƋƵŽƚĞĚ  ϳϱ͕ϴϵϰ  Ͳ   ϮϮ͕ϳϮϭ  ϵϴ͕ϲϭϱ
 ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ  ϯϱ͕ϯϵϲ  Ͳ   ϱ͕ϵϳϴ  ϰϭ͕ϯϳϰ
  Ϯ͕ϴϲϬ͕ϳϵϳ  Ͳ   Ϯϴ͕ϲϵϵ  Ϯ͕ϴϴϵ͕ϰϵϲ

&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ  ϭϬ͕Ϭϯϳ͕ϴϱϱ  Ͳ   Ͳ   ϭϬ͕Ϭϯϳ͕ϴϱϱ
  ŽƌƉŽƌĂƚĞ  ϲ͕ϴϲϴ͕ϯϳϬ  Ͳ   ϴϬϯ͕ϯϮϭ  ϳ͕ϲϳϭ͕ϲϵϭ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͗
  YƵŽƚĞĚ  ϭϲϰ͕ϵϯϬ  Ͳ   Ͳ   ϭϲϰ͕ϵϯϬ
  hŶƋƵŽƚĞĚ  Ͳ   Ͳ   ϲϱϭ͕ϭϮϴ  ϲϱϭ͕ϭϮϴ
  ϭϳ͕Ϭϳϭ͕ϭϱϱ  Ͳ   ϭ͕ϰϱϰ͕ϰϰϵ  ϭϴ͕ϱϮϱ͕ϲϬϰ

,dDŝŶǀĞƐƚŵĞŶƚƐʹ
 'ŽǀĞƌŶŵĞŶƚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯϳ͕ϳϴϯ͕ϰϵϰ  Ͳ   Ͳ   Ϯϳ͕ϳϴϯ͕ϰϵϰ

 W ϰϳ͕ϳϭϱ͕ϰϰϲ W Ͳ  W ϭ͕ϰϴϯ͕ϭϰϴ W ϰϵ͕ϭϵϴ͕ϱϵϰ
 

U C P B 2 0 1 7 A N N U A L R E P O R T 161
 WĂƌĞŶƚĂŶŬ
     ϮϬϭϳ     
        ƚŽ    
  ƚŽͲ   нƚŽͲ   ĂŶĚhŶƌĂƚĞĚ   dŽƚĂů 

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ W ϭ͕ϭϰϮ͕Ϭϱϱ W Ͳ  W Ͳ  W ϭ͕ϭϰϮ͕Ϭϱϱ
  ŽƌƉŽƌĂƚĞ  ϲϵ͕ϵϵϵ  Ͳ   Ͳ   ϲϵ͕ϵϵϵ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐʹƋƵŽƚĞĚ  Ϯϯ͕Ϯϴϴ  Ͳ   ϲϱ͕ϴϭϮ  ϴϵ͕ϭϬϬ
 ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ  ϱϳ͕Ϭϱϰ  Ͳ   Ͳ    ϱϳ͕Ϭϱϰ
  ϭ͕ϮϵϮ͕ϯϵϲ  Ͳ   ϲϱ͕ϴϭϮ  ϭ͕ϯϱϴ͕ϮϬϴ

&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ  ϮϬ͕ϲϯϬ͕ϳϮϴ  Ͳ   Ͳ   ϮϬ͕ϲϯϬ͕ϳϮϴ
  ŽƌƉŽƌĂƚĞ  ϵ͕ϵϲϵ͕ϳϭϱ  Ͳ   ϭϵϱ͕ϳϬϴ  ϭϬ͕ϭϲϱ͕ϰϮϯ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͗          
  YƵŽƚĞĚ  Ͳ   Ͳ    ϴ͕ϳϳϭ  ϴ͕ϳϳϭ
  hŶƋƵŽƚĞĚ  Ͳ   Ͳ   Ϯϳϭ͕ϮϵϮ  Ϯϳϭ͕ϮϵϮ
  ϯϬ͕ϲϬϬ͕ϰϰϯ  Ͳ  ϰϳϱ͕ϳϳϭ  ϯϭ͕Ϭϳϲ͕Ϯϭϰ

,dDŝŶǀĞƐƚŵĞŶƚƐʹ
 'ŽǀĞƌŶŵĞŶƚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯϳ͕ϳϲϭ͕ϭϬϰ  Ͳ   Ͳ   Ϯϳ͕ϳϲϭ͕ϭϬϰ

 W ϱϵ͕ϲϱϯ͕ϵϰϯ W Ͳ  W ϱϰϭ͕ϱϴϯ W ϲϬ͕ϭϵϱ͕ϱϮϲ

     ϮϬϭϲ     
        ƚŽ    
  ƚŽͲ   нƚŽͲ   ĂŶĚhŶƌĂƚĞĚ   dŽƚĂů 

&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ W Ϯ͕ϲϴϯ͕ϯϰϳ W Ͳ  W Ͳ   W Ϯ͕ϲϴϯ͕ϯϰϳ
  ŽƌƉŽƌĂƚĞ  ϭϴ͕ϵϱϴ  Ͳ   Ͳ   ϭϴ͕ϵϱϴ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐʹƋƵŽƚĞĚ  ϱϴ͕ϴϲϬ  Ͳ   ϮϮ͕ϳϮϭ  ϴϭ͕ϱϴϭ
 ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ  ϯϱ͕ϯϵϲ  Ͳ   ϱ͕ϵϳϴ  ϰϭ͕ϯϳϰ
  Ϯ͕ϳϵϲ͕ϱϲϭ  Ͳ   Ϯϴ͕ϲϵϵ  Ϯ͕ϴϮϱ͕ϮϲϬ

&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗
 ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚ  ϵ͕ϵϳϯ͕ϲϵϵ  Ͳ   Ͳ   ϵ͕ϵϳϯ͕ϲϵϵ
  ŽƌƉŽƌĂƚĞ  ϲ͕ϴϲϴ͕ϯϳϬ    ϴϬϯ͕ϯϮϭ  ϳ͕ϲϳϭ͕ϲϵϭ
 ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͗
  YƵŽƚĞĚ   ϴ͕ϳϳϭ  Ͳ   Ͳ   ϴ͕ϳϳϭ
  hŶƋƵŽƚĞĚ  Ͳ   Ͳ   ϲϱϭ͕ϭϮϴ  ϲϱϭ͕ϭϮϴ
  ϭϲ͕ϴϱϬ͕ϴϰϬ  Ͳ   ϭ͕ϰϱϰ͕ϰϰϵ  ϭϴ͕ϯϬϱ͕Ϯϴϵ

,dDŝŶǀĞƐƚŵĞŶƚƐʹ
 'ŽǀĞƌŶŵĞŶƚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯϳ͕ϳϰϯ͕ϰϵϰ  Ͳ   Ͳ   Ϯϳ͕ϳϰϯ͕ϰϵϰ

 W ϰϳ͕ϯϵϬ͕ϴϵϱ W Ͳ  W ϭ͕ϰϴϯ͕ϭϰϴ W ϰϴ͕ϴϳϰ͕Ϭϰϯ
 
 

162 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϰ͘ϯ >ŝƋƵŝĚŝƚLJZŝƐŬ

>ŝƋƵŝĚŝƚLJƌŝƐŬŝƐŐĞŶĞƌĂůůLJĚĞĨŝŶĞĚĂƐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŽƐƉĞĐƚŝǀĞƌŝƐŬƚŽĞĂƌŶŝŶŐƐŽƌĐĂƉŝƚĂůĂƌŝƐŝŶŐĨƌŽŵƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞ
WĂƌĞŶƚĂŶŬ͛ƐŝŶĂďŝůŝƚLJƚŽŵĞĞƚŝƚƐŽďůŝŐĂƚŝŽŶƐǁŚĞŶƚŚĞLJďĞĐŽŵĞĚƵĞ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĐůŽƐĞůLJŵŽŶŝƚŽƌƐƚŚĞ
ĐƵƌƌĞŶƚĂŶĚƉƌŽƐƉĞĐƚŝǀĞŵĂƚƵƌŝƚLJƐƚƌƵĐƚƵƌĞŽĨŝƚƐƌĞƐŽƵƌĐĞƐĂŶĚůŝĂďŝůŝƚŝĞƐĂŶĚƚŚĞŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƚŽŐƵŝĚĞƉƌŝĐŝŶŐĂŶĚ
ĂƐƐĞƚͬůŝĂďŝůŝƚLJĂůůŽĐĂƚŝŽŶƐƚƌĂƚĞŐŝĞƐƚŽŵĂŶĂŐĞŝƚƐůŝƋƵŝĚŝƚLJƌŝƐŬƐ͘>ŝƋƵŝĚŝƚLJƌŝƐŬƐĂƌĞŵŽŶŝƚŽƌĞĚĂŶĚŵĂŶĂŐĞĚďLJƵƐŝŶŐƚŚĞ
DĂdžŝŵƵŵƵŵƵůĂƚŝǀĞKƵƚĨůŽǁůŝŵŝƚƐĂŶĚĨƵŶĚŝŶŐĚŝǀĞƌƐŝĨŝĐĂƚŝŽŶͬĐŽŶĐĞŶƚƌĂƚŝŽŶůŝŵŝƚƐ͘

/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŵĂŶĂŐĞƐůŝƋƵŝĚŝƚLJƌŝƐŬďLJŚŽůĚŝŶŐƐƵĨĨŝĐŝĞŶƚůŝƋƵŝĚĂƐƐĞƚƐŽĨĂƉƉƌŽƉƌŝĂƚĞƋƵĂůŝƚLJƚŽ
ĞŶƐƵƌĞƐŚŽƌƚͲƚĞƌŵĨƵŶĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐĂƌĞŵĞƚĂŶĚďLJŵĂŝŶƚĂŝŶŝŶŐĂďĂůĂŶĐĞĚůŽĂŶƉŽƌƚĨŽůŝŽǁŚŝĐŚŝƐƌĞƉƌŝĐĞĚŽŶĂƌĞŐƵůĂƌ
ďĂƐŝƐ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƐĞĞŬƐƚŽŵĂŝŶƚĂŝŶƐƵĨĨŝĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨŝŶƚĞƌĞƐƚƌĂƚĞĂŶĚ
ĞdžĐŚĂŶŐĞƌĂƚĞŽƉƉŽƌƚƵŶŝƚŝĞƐǁŚĞŶƚŚĞLJĂƌŝƐĞ͘

dŚĞƚĂďůĞƐŝŶďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐƐŚŽǁƚŚĞŵĂƚƵƌŝƚLJƉƌŽĨŝůĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƵƐĞĚĨŽƌůŝƋƵŝĚŝƚLJ
ŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŵĂƚƵƌŝƚLJƉƌŽĨŝůĞŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐďĂƐĞĚŽŶĐŽŶƚƌĂĐƚƵĂůƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͘

'ƌŽƵƉ

      ϮϬϭϳ      
     tŝƚŚŝŶ   ĞLJŽŶĚ    
  KŶĞŵĂŶĚ   KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů 

&ŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ͗
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϲ͕ϯϯϯ͕ϱϲϯ W Ͳ  W Ͳ  W ϲ͕ϯϯϯ͕ϱϲϯ
ƵĞĨƌŽŵ^W  ϲ͕ϲϲϵ͕ϲϬϱ  Ϯϲ͕ϲϰϬ͕ϴϮϰ  ϭϱ͕Ϯϵϵ͕ϲϲϳ  ϰϴ͕ϲϭϬ͕Ϭϵϲ  
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϰ͕ϱϲϳ͕ϴϱϱ  Ͳ   Ͳ   ϰ͕ϱϲϳ͕ϴϱϱ
/ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞ  ϳ͕ϭϯϬ͕ϳϯϱ  Ͳ   Ͳ   ϳ͕ϭϯϬ͕ϳϯϱ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϭ͕ϱϳϴ͕ϰϵϲ  Ͳ   Ͳ   ϭ͕ϱϳϴ͕ϰϵϲ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϴϬϵ͕ϴϮϳ  ϯϬ͕ϭϮϴ͕ϳϮϮ   ϭϭϳ͕ϳϱϮ  ϯϭ͕Ϭϱϲ͕ϯϬϭ
,dDŝŶǀĞƐƚŵĞŶƚƐ  Ͳ   ϱ͕ϲϮϴ͕ϱϰϰ  ϮϮ͕ϭϳϮ͕ϱϲϬ  Ϯϳ͕ϴϬϭ͕ϭϬϰ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐʹŶĞƚ  ϭϱ͕ϰϳϬ͕ϭϭϲ  ϲϱ͕Ϭϰϭ͕ϭϮϳ  ϴϵ͕ϴϯϳ͕ϴϬϭ  ϭϳϬ͕ϯϰϵ͕Ϭϰϰ  
KƚŚĞƌĂƐƐĞƚƐ  Ϯ͕ϰϬϭ͕ϳϮϵ  Ͳ   Ͳ   Ϯ͕ϰϬϭ͕ϳϮϵ
   ϰϰ͕ϵϲϭ͕ϵϮϲ  ϭϮϳ͕ϰϯϵ͕Ϯϭϳ  ϭϮϳ͕ϰϮϳ͕ϳϴϬ  Ϯϵϵ͕ϴϮϴ͕ϵϮϯ

&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ  ϱ͕ϭϱϵ͕ϰϮϱ  ϰϯ͕ϲϳϰ͕Ϭϰϭ  Ͳ   ϰϴ͕ϴϯϯ͕ϰϲϲ
 ^ĂǀŝŶŐƐ  ϭϬ͕ϲϯϵ͕ϱϲϱ  ϱϱ͕ϳϯϯ͕ϰϯϴ  ϴϯ͕ϳϴϯ͕Ϭϱϰ  ϭϱϬ͕ϭϱϲ͕Ϭϱϳ
 dŝŵĞ  Ϯϲ͕ϳϴϬ͕ϰϲϲ  ϰϮ͕ϰϰϲ͕ϰϬϳ  ϭϬ͕ϳϭϲ͕ϲϵϲ  ϳϵ͕ϵϰϯ͕ϱϲϵ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  ϭ͕ϴϴϭ͕ϮϲϮ  ϯ͕ϵϵϭ͕ϴϵϳ  ϵϮϳ͕ϳϮϴ  ϲ͕ϴϬϬ͕ϴϴϳ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ƚĂdžĞƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ  ϴϳϬ͕ϴϴϲ  ϱϴ͕ϲϰϴ  ϯϱ͕ϵϯϴ  ϵϲϱ͕ϰϳϮ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   Ϯ͕Ϯϳϵ͕ϭϲϵ  Ͳ   Ϯ͕Ϯϳϵ͕ϭϲϵ
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  ϳ͕ϭϬϭ͕ϵϰϭ  Ͳ   Ͳ   ϳ͕ϭϬϭ͕ϵϰϭ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ϯ͕ϲϰϵ͕ϱϯϲ  Ͳ   Ϯ͕ϲϰϵ͕ϱϯϲ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   ϰ͕ϱϱϴ͕ϯϰϴ  Ͳ   ϰ͕ϱϱϴ͕ϯϰϴ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ͳ   Ϯ͕ϭϭϭ͕ϲϴϴ  Ͳ   Ϯ͕ϭϭϭ͕ϲϴϴ
 ĞƉŽƐŝƚƐŽŶůĞĂƐĞĐŽŶƚƌĂĐƚƐ   ϱϯ͕ϳϮϴ  ϭϳ͕ϴϬϳ  ϭϴϭ͕ϳϯϲ  Ϯϱϯ͕Ϯϳϭ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  Ͳ     ϰϵ͕ϳϰϱ  Ͳ   ϰϵ͕ϳϰϱ
 ƵĞƚŽW/  Ͳ   Ϯϳϴ͕ϬϴϬ  Ͳ   Ϯϳϴ͕ϬϴϬ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ  Ͳ   ϭϮϱ͕ϴϯϭ  Ͳ   ϭϮϱ͕ϴϯϭ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ  Ͳ   ϳϲ͕ϯϯϳ  Ͳ   ϳϲ͕ϯϯϳ
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   ϭϯϵ͕ϵϳϬ  Ͳ   ϭϯϵ͕ϵϳϬ
   ϱϮ͕ϰϴϳ͕Ϯϳϯ  ϭϱϴ͕ϭϵϬ͕ϵϰϮ  ϵϱ͘ϲϰϱ͕ϭϱϮ  ϯϬϲ͕ϯϮϯ͕ϯϲϳ

KŶͲŬŐĂƉ ;  ϳ͕ϱϮϱ͕ϯϰϳͿ ; ϯϬ͕ϳϱϭ͕ϳϮϱͿ  ϯϭ͕ϳϴϮ͕ϲϮϴ ; ϲ͕ϰϵϰ͕ϰϰϰͿ 

ƵŵƵůĂƚŝǀĞŽŶͲŬƚŽƚĂůŐĂƉ ;  ϳ͕ϱϮϱ͕ϯϰϳ Ϳ ; ϯϴ͕Ϯϳϳ͕ϬϳϮͿ; ϲ͕ϰϵϰ͕ϰϰϰͿ  Ͳ 

ŽŶƚŝŶŐĞŶƚƌĞƐŽƵƌĐĞƐ   ϴ͕ϰϴϰ͕ϳϲϲ    ϭϯ͕ϯϰϰ͕ϳϮϬ   ϳϮϱ͕ϴϯϵ  ϮϮ͕ϱϱϱ͕ϯϮϱ

ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ   ϰ͕ϭϲϯ͕ϰϴϮ    ϭϭ͕Ϭϵϲ͕ϯϰϬ   Ͳ   ϭϱ͕Ϯϱϵ͕ϴϮϮ

KĨĨͲŬŐĂƉ   ϰ͕ϯϮϭ͕Ϯϴϰ    Ϯ͕Ϯϰϴ͕ϯϴϬ    ϳϮϱ͕ϴϯϵ   ϳ͕Ϯϵϱ͕ϱϬϯ 

ƵŵƵůĂƚŝǀĞŽĨĨͲŬƐƵƌƉůƵƐ   ϰ͕ϯϮϭ͕ϰϴϰ    ϲ͕ϱϲϵ͕ϲϲϰ    ϳ͕Ϯϵϱ͕ϱϬϯ   Ͳ 

ƵŵƵůĂƚŝǀĞƚŽƚĂůƐƵƌƉůƵƐ;ŐĂƉͿ ; W ϯ͕ϮϬϯ͕ϴϲϯͿ;W ϯϭ͕ϳϬϳ͕ϰϬϴͿ  W ϴϬϭ͕Ϭϱϵ  W Ͳ 

 

U C P B 2 0 1 7 A N N U A L R E P O R T 163
      ϮϬϭϲ     
     tŝƚŚŝŶ   ĞLJŽŶĚ    
  KŶĞŵĂŶĚ   KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů 

&ŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ͗
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϱ͕ϵϭϵ͕ϳϲϯ W Ͳ   W Ͳ  W ϱ͕ϵϭϵ͕ϳϲϯ
ƵĞĨƌŽŵ^W  ϭϬ͕ϴϵϬ͕ϬϬϱ ϯϵ͕ϵϭϴ͕ϴϴϲ  Ͳ   ϱϬ͕ϴϬϴ͕ϴϵϭ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϳ͕Ϯϳϲ͕ϲϱϯ  Ͳ   Ͳ   ϳ͕Ϯϳϲ͕ϲϱϯ
/ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞ  Ͳ   ϭϱ͕ϴϬϲ͕ϯϱϯ  Ͳ   ϭϱ͕ϴϬϲ͕ϯϱϯ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  Ϯ͕ϴϮϱ͕ϮϲϬ    ϲϰ͕Ϯϯϲ  Ͳ   Ϯ͕ϴϴϵ͕ϰϵϲ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϭϳ͕ϴϮϯ͕ϴϬϴ  ϭϬϯ͕ϳϮϳ    ϭϭϲ͕ϱϭϯ  ϭϴ͕ϬϬϰ͕Ϭϰϴ
,dDŝŶǀĞƐƚŵĞŶƚƐ  Ͳ    ϴ͕ϯϮϴ͕ϯϴϱ  ϭϵ͕ϰϱϱ͕ϭϬϵ  Ϯϳ͕ϳϴϯ͕ϰϵϰ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐʹŶĞƚ  ϳϯϰ͕ϭϮϵ  ϰϳ͕ϳϲϱ͕ϱϬϮ  ϭϬϳ͕ϳϲϴ͕ϰϳϳ  ϭϱϲ͕Ϯϲϴ͕ϭϬϴ
KƚŚĞƌĂƐƐĞƚƐ  Ͳ    Ϯ͕ϰϬϬ͕ϵϰϵ  Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ
   ϰϱ͕ϰϲϵ͕ϲϭϴ  ϭϭϰ͕ϯϴϴ͕Ϭϯϴ  ϭϮϳ͕ϯϰϬ͕Ϭϵϵ  Ϯϴϳ͕ϭϱϳ͕ϳϱϱ

&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ  ϰϮ͕ϳϴϱ͕ϯϮϱ  Ͳ    Ͳ   ϰϮ͕ϳϴϱ͕ϯϮϱ
 ^ĂǀŝŶŐƐ  ϭϱϰ͕ϲϴϮ͕ϱϴϬ  Ͳ    Ͳ   ϭϱϰ͕ϲϴϮ͕ϱϴϬ
 dŝŵĞ  ϵ͕ϴϵϱ͕ϭϲϮ  ϰϲ͕ϴϮϴ͕ϱϯϮ  ϵ͕ϱϱϬ͕ϯϴϳ  ϲϲ͕Ϯϳϰ͕Ϭϴϭ
 >dE  ϭ͕ϴϰϳ͕ϲϯϮ   Ͳ   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  ϭ͕ϭϳϰ͕ϱϲϬ  ϳ͕ϳϰϭ͕ϵϯϮ  ϮϲϬ͕ϰϭϳ  ϵ͕ϭϳϲ͕ϵϬϵ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ƚĂdžĞƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ   ϭϮ͕ϱϭϲ  ϱϴϲ͕ϯϯϭ   Ϯϲ͕Ϭϰϯ  ϲϮϰ͕ϴϵϬ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ    ϯ͕ϰϰϭ͕ϰϳϭ  Ͳ   ϯ͕ϰϰϭ͕ϰϳϭ
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  ϲ͕ϲϯϱ͕ϴϳϵ  Ͳ    Ͳ   ϲ͕ϲϯϱ͕ϴϳϵ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ      Ϯ͕ϯϭϲ͕Ϯϭϯ  Ͳ   Ϯ͕ϯϭϲ͕Ϯϭϯ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ    ϱ͕ϭϵϯ  Ͳ   ϱ͕ϭϵϯ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ͳ    Ϯ͕Ϭϰϰ͕ϵϯϱ  Ͳ   Ϯ͕Ϭϰϰ͕ϵϯϱ
 ĞƉŽƐŝƚƐŽŶůĞĂƐĞĐŽŶƚƌĂĐƚƐ  Ͳ   ϭϳϭ͕ϰϬϯ  ϭϮϭ͕ϵϳϴ  Ϯϵϯ͕ϯϴϭ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  ϭϳϱ͕ϰϮϱ   Ͳ   Ͳ   ϭϳϱ͕ϰϮϱ
 ƵĞƚŽW/  Ͳ    Ϯϱϴ͕ϯϰϴ  Ͳ   Ϯϱϴ͕ϯϰϴ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ  Ͳ    ϭϬϬ͕ϴϬϬ  Ͳ   ϭϬϬ͕ϴϬϬ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ  Ͳ    ϱ͕ϲϲϴ  Ͳ   ϱ͕ϲϲϴ
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ    ϯϯϵ͕Ϯϰϰ  Ͳ   ϯϯϵ͕Ϯϰϰ
   Ϯϭϳ͕ϮϬϵ͕Ϭϳϵ  ϲϯ͕ϴϰϬ͕ϬϳϬ  ϵ͕ϵϱϴ͕ϴϮϱ  Ϯϵϭ͕ϬϬϳ͕ϵϳϰ

KŶͲŬŐĂƉ ;  ϭϳϭ͕ϳϯϵ͕ϰϳϮͿ   ϱϬ͕ϱϰϳ͕ϵϳϵ  ϭϭϳ͕Ϯϲϰ͕ϳϲϭ ;  ϯ͕ϵϮϲ͕ϳϯϮͿ

ƵŵƵůĂƚŝǀĞŽŶͲŬƚŽƚĂůŐĂƉ ;  ϭϳϭ͕ϳϯϵ͕ϰϳϮ Ϳ ; ϭϮϭ͕ϭϵϭ͕ϰϵϯͿ; ϯ͕ϵϮϲ͕ϳϯϮͿ  Ͳ 

ŽŶƚŝŶŐĞŶƚƌĞƐŽƵƌĐĞƐ   ϲ͕ϳϬϱ͕ϯϳϵ    ϱ͕ϳϵϵ͕ϯϭϬ  Ͳ   ϭϮ͕ϱϬϰ͕ϲϴϵ

ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ   ϯ͕ϵϯϱ͕ϵϴϰ    ϭ͕ϵϯϴ͕ϵϭϴ   Ͳ   ϱ͕ϴϳϰ͕ϵϬϮ

KĨĨͲŬŐĂƉ   Ϯ͕ϳϲϵ͕ϯϵϱ    ϯ͕ϴϲϬ͕ϯϵϮ   Ͳ    ϲ͕ϲϮϵ͕ϳϴϳ 

ƵŵƵůĂƚŝǀĞŽĨĨͲŬŐĂƉ   Ϯ͕ϳϲϵ͕ϯϵϱ    ϲ͕ϲϮϵ͕ϳϴϳ  ϲ͕ϲϮϵ͕ϳϴϳ   Ͳ  

ƵŵƵůĂƚŝǀĞƚŽƚĂůƐƵƌƉůƵƐ;ŐĂƉͿ ; W ϭϲϴ͕ϵϳϬ͕Ϭϳϳ Ϳ ;W ϭϭϰ͕ϱϲϭ͕ϳϬϲͿ W Ϯ͕ϳϬϯ͕Ϭϱϱ  W Ͳ  

 

164 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

WĂƌĞŶƚĂŶŬ

     ϮϬϭϳ     
     tŝƚŚŝŶ   ĞLJŽŶĚ    
  KŶĞŵĂŶĚ   KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů 

&ŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ͗
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϱ͕ϵϮϬ͕ϰϳϭ W  Ͳ  W Ͳ  W ϱ͕ϵϮϬ͕ϰϳϭ
ƵĞĨƌŽŵ^W  ϳ͕ϯϲϱ͕ϯϭϴ  Ϯϰ͕ϲϰϬ͕ϴϮϰ  ϭϱ͕Ϯϵϵ͕ϲϲϳ  ϰϳ͕ϯϬϱ͕ϴϬϵ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϰ͕ϰϮϮ͕ϳϰϵ   Ͳ   Ͳ   ϰ͕ϰϮϮ͕ϳϰϵ
/ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐĂŶĚ^WhZ  ϳ͕ϭϯϬ͕ϳϯϱ  Ͳ   Ͳ   ϳ͕ϭϯϬ͕ϳϯϱ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϭ͕ϯϱϴ͕ϮϬϴ   Ͳ   Ͳ   ϭ͕ϯϱϴ͕ϮϬϴ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϵϳϴ͕ϵϱϭ  Ϯϵ͕ϴϰϲ͕ϯϴϯ   ϴ͕ϳϳϭ  ϯϬ͕ϴϯϰ͕ϭϬϱ
,dDŝŶǀĞƐƚŵĞŶƚƐ  Ͳ   ϱ͕ϱϮϬ͕ϬϬϬ  ϮϮ͕Ϯϰϭ͕ϭϬϰ  Ϯϳ͕ϳϲϭ͕ϭϬϰ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐʹŶĞƚ  ϲ͕Ϭϳϭ͕ϭϯϳ  ϱϲ͕ϵϲϮ͕ϭϳϭ  ϴϵ͕ϲϰϴ͕ϯϲϳ  ϭϱϮ͕ϲϴϭ͕ϲϳϱ
KƚŚĞƌĂƐƐĞƚƐ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ͳ   Ͳ   Ϯ͕ϰϬϭ͕Ϯϳϵ
   ϯϱ͕ϲϰϴ͕ϴϰϴ  ϭϭϲ͕ϵϲϵ͕ϯϳϴ  ϭϮϳ͕ϭϵϳ͕ϵϬϵ  Ϯϳϵ͕ϴϭϲ͕ϭϯϱ

&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ  ϯ͕Ϯϯϵ͕Ϭϰϳ  ϰϯ͕ϳϲϰ͕Ϭϰϭ  Ͳ    ϰϳ͕ϬϬϯ͕Ϭϴϴ  
 ^ĂǀŝŶŐƐ  ϲ͕ϰϴϴ͕ϮϮϬ  ϱϱ͕ϳϯϯ͕ϰϯϴ  ϴϯ͕Ϯϱϴ͕ϰϴϴ  ϭϰϱ͕ϰϴϬ͕ϭϰϲ
 dŝŵĞ  ϭϴ͕ϳϴϰ͕ϰϴϯ  ϰϮ͕ϰϯϵ͕ϵϴϲ  ϭϬ͕ϴϳϴ͕ϯϯϬ  ϳϮ͕ϭϬϮ͕ϳϵϵ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  ϵϳϴ͕ϵϱϭ  ϰ͕ϱϬϱ͕ϯϭϵ  Ͳ   ϱ͕ϰϴϰ͕ϮϳϬ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ƚĂdžĞƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ  ϴϮϭ͕ϵϵϵ  ϱϴ͕ϲϰϴ  ϯϱ͕ϵϯϴ  ϵϭϲ͕ϱϴϱ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  ϳ͕ϭϬϭ͕ϵϰϭ  Ͳ   Ͳ   ϳ͕ϭϬϭ͕ϵϰϭ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ϯ͕Ϯϵϱ͕ϵϴϱ  Ͳ   Ϯ͕Ϯϵϱ͕ϵϴϱ
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   Ϯ͕Ϯϵϭ͕Ϭϱϲ  Ͳ   Ϯ͕Ϯϵϭ͕Ϭϱϲ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   ϰ͕ϱϱϴ͕ϯϰϴ  Ͳ   ϰ͕ϱϱϴ͕ϯϰϴ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ͳ   ϭ͕ϴϴϵ͕ϴϲϮ  Ͳ   ϭ͕ϴϴϵ͕ϴϲϮ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  Ͳ     ϰϵ͕ϳϰϱ  Ͳ   ϰϵ͕ϳϰϱ
 ƵĞƚŽW/  Ͳ   Ϯϲϰ͕Ϭϵϱ  Ͳ   Ϯϲϰ͕Ϭϵϱ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ  Ͳ   ϭϭϵ͕ϰϬϴ  Ͳ   ϭϭϵ͕ϰϬϴ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ  Ͳ   ϳϲ͕ϯϯϳ  Ͳ   ϳϲ͕ϯϯϳ
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   ϰϬ͕Ϭϭϭ  Ͳ   ϰϬ͕Ϭϭϭ
   ϯϳ͕ϰϭϰ͕ϲϰϭ  ϭϱϴ͕Ϭϴϲ͕Ϯϳϵ  ϵϰ͕ϭϳϮ͕ϳϱϲ  Ϯϴϵ͕ϲϳϯ͕ϲϳϲ

KŶͲŬŐĂƉ ;  ϭ͕ϳϲϱ͕ϳϵϯ Ϳ ; ϰϭ͕ϭϭϲ͕ϵϬϭͿ  ϯϯ͕ϬϮϱ͕ϭϱϯ ;  ϵ͕ϴϱϳ͕ϱϰϭͿ

ƵŵƵůĂƚŝǀĞƚŽƚĂůŐĂƉ ;  ϭ͕ϳϲϱ͕ϳϵϯ Ϳ ; ϰϮ͕ϴϴϮ͕ϲϵϰͿ ; ϵ͕ϴϱϳ͕ϱϰϭͿ  Ͳ 

ŽŶƚŝŶŐĞŶƚƌĞƐŽƵƌĐĞƐ   ϴ͕ϰϴϰ͕ϳϲϲ    ϭϯ͕ϯϰϰ͕ϳϮϬ   ϳϮϱ͕ϴϯϵ  ϮϮ͕ϱϱϱ͕ϯϮϱ

ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ   ϰ͕ϭϲϯ͕ϰϴϮ    ϭϭ͕Ϭϵϲ͕ϯϰϬ   Ͳ   ϭϱ͕Ϯϱϵ͕ϴϮϮ

KĨĨͲŬŐĂƉ   ϰ͕ϯϮϭ͕Ϯϴϰ    Ϯ͕Ϯϰϴ͕ϯϴϬ    ϳϮϱ͕ϴϯϵ   ϳ͕Ϯϵϱ͕ϱϬϯ 

ƵŵƵůĂƚŝǀĞŽĨĨͲŬŐĂƉ   ϰ͕ϯϮϭ͕Ϯϴϰ    ϲ͕ϱϲϵ͕ϲϲϰ    ϳ͕Ϯϵϱ͕ϱϬϯ   Ͳ 

ƵŵƵůĂƚŝǀĞƚŽƚĂůƐƵƌƉůƵƐ;ŐĂƉͿ W Ϯ͕ϱϱϱ͕ϰϵϭ  ;W ϯϲ͕ϯϭϯ͕ϬϯϬͿ;W Ϯ͕ϱϲϮ͕ϬϯϴͿ  W Ͳ 
 

U C P B 2 0 1 7 A N N U A L R E P O R T 165
      tŝƚŚŝŶ   ĞLJŽŶĚ    
  KŶĞŵĂŶĚ   KŶĞzĞĂƌ   KŶĞzĞĂƌ   dŽƚĂů 

&ŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐ͗
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϱ͕ϱϮϴ͕ϰϵϮ W Ͳ   W Ͳ  W ϱ͕ϱϮϴ͕ϰϵϮ
ƵĞĨƌŽŵ^W  ϵ͕ϲϬϭ͕ϱϯϰ  ϯϵ͕ϵϭϴ͕ϴϴϲ   Ͳ   ϰϵ͕ϱϮϬ͕ϰϮϬ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϳ͕ϭϵϯ͕ϴϯϭ  Ͳ    Ͳ   ϳ͕ϭϵϯ͕ϴϯϭ
/ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐĂŶĚ^WhZ  Ͳ   ϭϱ͕ϱϭϬ͕ϱϬϳ  Ͳ   ϭϱ͕ϱϭϬ͕ϱϬϳ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  Ϯ͕ϴϮϱ͕ϮϲϬ  Ͳ    Ͳ   Ϯ͕ϴϮϱ͕ϮϲϬ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϭϳ͕ϴϮϯ͕ϴϬϴ  Ͳ    Ͳ   ϭϳ͕ϴϮϯ͕ϴϬϴ
,dDŝŶǀĞƐƚŵĞŶƚƐ  Ͳ   ϴ͕ϯϮϯ͕Ϭϰϴ  ϭϵ͕ϰϮϬ͕ϰϰϲ  Ϯϳ͕ϳϰϯ͕ϰϵϰ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐʹŶĞƚ  ϰϲϮ͕ϯϲϯ  ϰϱ͕ϰϵϮ͕ϵϴϭ  ϵϮ͕Ϯϱϲ͕ϮϬϰ  ϭϯϴ͕Ϯϭϭ͕ϱϰϴ
KƚŚĞƌĂƐƐĞƚƐ  Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ  Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ
   ϰϯ͕ϰϯϱ͕Ϯϴϴ  ϭϭϭ͕ϲϰϲ͕ϯϳϭ  ϭϭϭ͕ϲϳϲ͕ϲϱϬ  Ϯϲϲ͕ϳϱϴ͕ϯϬϵ

&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ  ϰϭ͕ϱϰϱ͕ϭϵϭ  Ͳ    Ͳ   ϰϭ͕ϱϰϱ͕ϭϵϭ
 ^ĂǀŝŶŐƐ  ϭϱϬ͕ϲϱϬ͕ϵϱϰ  Ͳ    Ͳ   ϭϱϬ͕ϲϱϬ͕ϵϱϰ
 dŝŵĞ  ϵ͕ϴϵϱ͕ϭϲϮ  ϰϬ͕ϴϮϰ͕ϳϭϬ  ϳ͕ϵϵϳ͕ϳϯϳ  ϱϴ͕ϳϭϳ͕ϲϬϵ
 >dE  ϭ͕ϴϰϳ͕ϲϯϮ   Ͳ   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  ϭ͕ϭϳϰ͕ϱϲϬ  ϲ͕ϯϮϳ͕ϳϲϮ  Ͳ   ϳ͕ϱϬϮ͕ϯϮϮ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ͕ƚĂdžĞƐĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ   ϭϮ͕ϱϭϲ  ϱϬϱ͕ϯϳϭ   Ϯϲ͕Ϭϰϯ  ϱϰϯ͕ϵϯϬ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   ϯ͕ϰϰϭ͕ϲϲϲ  Ͳ   ϯ͕ϰϰϭ͕ϲϲϲ
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  ϲ͕ϲϯϱ͕ϴϳϵ  Ͳ    Ͳ   ϲ͕ϲϯϱ͕ϴϳϵ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ϯ͕ϭϱϭ͕ϭϵϮ  Ͳ   Ϯ͕ϭϱϭ͕ϭϵϮ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   ϱ͕ϭϵϯ  Ͳ   ϱ͕ϭϵϯ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ͳ   ϭ͕ϴϲϲ͕ϲϯϱ  Ͳ   ϭ͕ϴϲϲ͕ϲϯϱ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  ϭϳϱ͕ϰϮϱ  Ͳ    Ͳ   ϭϳϱ͕ϰϮϱ
 ƵĞƚŽW/  Ͳ   Ϯϰϱ͕ϴϰϴ  Ͳ   Ϯϰϱ͕ϴϰϴ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ  Ͳ   ϵϱ͕ϱϰϰ  Ͳ   ϵϱ͕ϱϰϰ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ  Ͳ   ϱ͕ϲϲϴ  Ͳ   ϱ͕ϲϲϴ
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   ϯϱ͕ϵϳϵ  Ͳ   ϯϱ͕ϵϳϵ
   Ϯϭϭ͕ϵϯϳ͕ϯϭϵ  ϱϱ͕ϱϬϱ͕ϱϲϴ  ϴ͕ϬϮϯ͕ϳϴϬ  Ϯϳϱ͕ϰϲϲ͕ϲϲϳ

KŶͲŬŐĂƉ ;  ϭϲϴ͕ϱϬϮ͕Ϭϯϭ Ϳ   ϱϱ͕ϭϰϬ͕ϴϬϯ  ϭϬϯ͕ϲϱϮ͕ϴϳϬ ;  ϴ͕ϳϬϴ͕ϯϱϴͿ

ƵŵƵůĂƚŝǀĞƚŽƚĂůŐĂƉ ;  ϭϲϴ͕ϱϬϮ͕Ϭϯϭ Ϳ ; ϭϭϮ͕ϯϲϭ͕ϮϮϴͿ ; ϴ͕ϳϬϴ͕ϯϱϴͿ  Ͳ 

ŽŶƚŝŶŐĞŶƚƌĞƐŽƵƌĐĞƐ   ϲ͕ϳϬϱ͕ϯϳϵ    ϱ͕ϳϵϵ͕ϯϭϬ  Ͳ   ϭϮ͕ϱϬϰ͕ϲϴϵ

ŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐ   ϯ͕ϵϭϳ͕ϲϲϮ    ϭ͕ϵϯϴ͕ϵϭϴ   Ͳ   ϱ͕ϴϱϲ͕ϱϴϬ

KĨĨͲŬŐĂƉ   Ϯ͕ϳϴϳ͕ϳϭϳ    ϯ͕ϴϲϬ͕ϯϵϮ   Ͳ    ϲ͕ϲϰϴ͕ϭϬϵ 

ƵŵƵůĂƚŝǀĞŽĨĨͲŬŐĂƉ   Ϯ͕ϳϴϳ͕ϳϭϳ    ϲ͕ϲϰϴ͕ϭϬϵ   ϲ͕ϲϰϴ͕ϭϬϵ   Ͳ  

ƵŵƵůĂƚŝǀĞƚŽƚĂůŐĂƉ ;W ϭϲϱ͕ϳϭϰ͕ϯϭϰ Ϳ ;W ϭϬϱ͕ϳϭϯ͕ϭϭϵͿ;W Ϯ͕ϬϲϬ͕ϮϰϵͿ  W Ͳ  

 

166 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϰ͘ϰ /ŶƚĞƌĞƐƚZĂƚĞZŝƐŬ

/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚLJƚŚĂƚĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůĂĨĨĞĐƚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŽƌĨĂŝƌǀĂůƵĞƐŽĨ
ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘

dŚĞWĂƌĞŶƚĂŶŬŵĞĂƐƵƌĞƐƚŚĞƐĞŶƐŝƚŝǀŝƚLJŽĨŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƚŽŝŶƚĞƌĞƐƚƌĂƚĞĨůƵĐƚƵĂƚŝŽŶƐďLJǁĂLJŽĨŐĂƉĂŶĂůLJƐŝƐ͘dŚĞ
ĂŶĂůLJƐŝƐƉƌŽǀŝĚĞƐƚŚĞWĂƌĞŶƚĂŶŬǁŝƚŚĂŵĞĂƐƵƌĞŽĨƚŚĞŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶƚŚĞĂĐĐƌƵĂůƉŽƌƚĨŽůŝŽŽƌ
ƌĞƉŽƌƚĞĚĞĂƌŶŝŶŐƐ;ƚŚĞƌŝƐŬĞdžƉŽƐƵƌĞŽĨĨƵƚƵƌĞĂĐĐŽƵŶƚŝŶŐŝŶĐŽŵĞͿ͘dŚĞƌĞƉƌŝĐŝŶŐŐĂƉŝƐĐĂůĐƵůĂƚĞĚďLJƐƵďƚƌĂĐƚŝŶŐƚŚĞŝŶƚĞƌĞƐƚ
ƌĂƚĞƐĞŶƐŝƚŝǀĞůŝĂďŝůŝƚŝĞƐŝŶĞĂĐŚƚŝŵĞďƵĐŬĞƚĨƌŽŵŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞĂƐƐĞƚƐƚŽƉƌŽĚƵĐĞƌĞƉƌŝĐŝŶŐŐĂƉĨŽƌƚŚĂƚƉĂƌƚŝĐƵůĂƌ
ƚŝŵĞďƵĐŬĞƚ͘dŚĞĚŝĨĨĞƌĞŶĐĞŝŶƚŚĞĂŵŽƵŶƚŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĂƚƵƌŝŶŐǁŽƵůĚƚŚĞŶŐŝǀĞƚŚĞWĂƌĞŶƚĂŶŬĂŶŝŶĚŝĐĂƚŝŽŶŽĨ
ŝƚƐĞdžƉŽƐƵƌĞƚŽƚŚĞƌŝƐŬŽĨƉŽƚĞŶƚŝĂůĐŚĂŶŐĞƐŝŶŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͘

ƉŽƐŝƚŝǀĞŐĂƉŽĐĐƵƌƐǁŚĞŶƚŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞĂƐƐĞƚƐĞdžĐĞĞĚƐƚŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞ
ůŝĂďŝůŝƚŝĞƐĂŶĚŝƐĨĂǀŽƌĂďůĞƚŽƚŚĞWĂƌĞŶƚĂŶŬĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨƌŝƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐƐŝŶĐĞŝƚŝƐŝŶĂďĞƚƚĞƌƉŽƐŝƚŝŽŶƚŽŝŶǀĞƐƚŝŶ
ŚŝŐŚĞƌLJŝĞůĚŝŶŐĂƐƐĞƚƐŵŽƌĞƋƵŝĐŬůLJƚŚĂŶŝƚǁŽƵůĚŶĞĞĚƚŽƌĞĨŝŶĂŶĐĞŝƚƐŝŶƚĞƌĞƐƚďĞĂƌŝŶŐůŝĂďŝůŝƚŝĞƐ͘ŽŶǀĞƌƐĞůLJ͕ĚƵƌŝŶŐĂƉĞƌŝŽĚ
ŽĨĨĂůůŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͕ĂƉŽƐŝƚŝǀĞůLJŐĂƉƉĞĚƉŽƐŝƚŝŽŶĐŽƵůĚƌĞƐƵůƚŝŶĂƌĞƐƚƌĂŝŶĞĚŐƌŽǁƚŚĨŽƌŽƌĞǀĞŶĚĞĐůŝŶŝŶŐŶĞƚŝŶƚĞƌĞƐƚ
ŝŶĐŽŵĞ͘

ŶĞŐĂƚŝǀĞŐĂƉŽĐĐƵƌƐǁŚĞŶƚŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞůŝĂďŝůŝƚŝĞƐĞdžĐĞĞĚƐƚŚĞĂŵŽƵŶƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞ
ĂƐƐĞƚƐĂŶĚƚŚŝƐŝƐƵŶĨĂǀŽƌĂďůĞƚŽƚŚĞWĂƌĞŶƚĂŶŬĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨƌŝƐŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͘/ƚŝƐĂĚŝƐĂĚǀĂŶƚĂŐĞŽƵƐƉŽƐŝƚŝŽŶ
ďĞĐĂƵƐĞŝƚǁŽƵůĚŶĞĞĚƚŽƌĞĨŝŶĂŶĐĞŝƚƐŵĂƚƵƌŝŶŐŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐůŝĂďŝůŝƚŝĞƐĂƚĂŚŝŐŚĞƌůĞǀĞů͘ŽŶǀĞƌƐĞůLJ͕ĚƵƌŝŶŐĂƉĞƌŝŽĚŽĨ
ĨĂůůŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐ͕ĂŶĞŐĂƚŝǀĞůLJŐĂƉƉĞĚƉŽƐŝƚŝŽŶŝƐĨĂǀŽƌĂďůĞƚŽƚŚĞWĂƌĞŶƚĂŶŬďĞĐĂƵƐĞŝƚĐĂŶƚĂŬĞĂĚǀĂŶƚĂŐĞŽĨůŽǁĞƌ
ƌĞƉƌŝĐŝŶŐĂŶĚƌĞĨƵŶĚŝŶŐĐŽƐƚůĞĂĚŝŶŐƚŽŝŵƉƌŽǀĞĚŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͘

dŚĞ'ƌŽƵƉĂůƐŽŵŽŶŝƚŽƌƐŝƚƐĞdžƉŽƐƵƌĞƚŽĨůƵĐƚƵĂƚŝŽŶƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐďLJŵĞĂƐƵƌŝŶŐƚŚĞŝŵƉĂĐƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞŵŽǀĞŵĞŶƚƐŽŶ
ŝƚƐŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͘dŚŝƐŝƐĚŽŶĞďLJŵŽĚĞůŝŶŐƚŚĞŝŵƉĂĐƚĂŶĚĚŽŝŶŐĂƐĞŶƐŝƚŝǀŝƚLJƐĐĞŶĂƌŝŽĂŶĂůLJƐŝƐŽĨǀĂƌŝŽƵƐĐŚĂŶŐĞƐŝŶ
ŝŶƚĞƌĞƐƚƌĂƚĞƐƚŽƚŚĞ'ƌŽƵƉ͛ƐŝŶƚĞƌĞƐƚͲƌĞůĂƚĞĚŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĞƚƐĨŽƌƚŚƚŚĞƌĞƉƌŝĐŝŶŐŐĂƉƉŽƐŝƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ;ŝŶŵŝůůŝŽŶƐͿ͗

  ϮϬϭϳ 
  hƉƚŽKŶĞ   KŶĞƚŽdŚƌĞĞ   dŚƌĞĞƚŽ^ŝdž   ^ŝdžƚŽϭϮ    
  DŽŶƚŚ   DŽŶƚŚƐ   DŽŶƚŚƐ   DŽŶƚŚƐ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
 ƵĞĨƌŽŵ^W W ϭ͕ϯϬϬ W Ͳ  W Ͳ  W Ͳ  W ϭ͕ϯϬϬ
 /ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞ   ϰ͕ϭϱϰ  Ͳ   Ͳ   Ͳ   ϰ͕ϭϱϰ
 >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ  ϭϬ͕ϵϯϵ  ϭϭ͕Ϭϰϰ  ϭϯ͕ϱϯϯ   ϲϱ͕ϴϳϲ  ϭϬϭ͕ϯϵϮ
 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  Ͳ   Ϯ   ϯϬϯ   ϯϮϳ  ϲϯϮ
    ϭϲ͕ϯϵϯ  ϭϭ͕Ϭϰϲ  ϭϯ͕ϴϯϲ   ϲϲ͕ϮϬϯ  ϭϬϳ͕ϰϳϴ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
 ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐʹ
  dŝŵĞ  ϰϴ͕ϳϰϯ  ϭϭ͕Ϯϵϵ  ϴϳϰ   ϯϬϴ  ϲϭ͕ϮϮϰ
 ŝůůƐƉĂLJĂďůĞ  ϰ͕ϳϲϰ  ϳϭϯ  Ͳ   Ͳ   ϱ͕ϰϳϴ
    ϱϯ͕ϱϬϳ  ϭϮ͕Ϭϭϯ  ϴϳϰ   ϯϬϴ  ϲϲ͕ϳϬϮ

ZĞƉƌŝĐŝŶŐŐĂƉ ;W ϯϳ͕ϭϭϰͿ;W ϵϲϳͿ W ϭϮ͕ϵϲϮ  W ϲϱ͕ϴϵϱ  W ϰϬ͕ϳϳϲ

ƵŵƵůĂƚŝǀĞŐĂƉ ;W ϯϳ͕ϭϭϰͿ;W ϯϴ͕ϬϴϭͿ;W Ϯϱ͕ϭϭϵͿ W ϰϬ͕ϳϳϲ  W Ͳ 



 

U C P B 2 0 1 7 A N N U A L R E P O R T 167
   ϮϬϭϲ 
  hƉƚŽKŶĞ   KŶĞƚŽdŚƌĞĞ   dŚƌĞĞƚŽ^ŝdž   ^ŝdžƚŽϭϮ    
  DŽŶƚŚ   DŽŶƚŚƐ   DŽŶƚŚƐ   DŽŶƚŚƐ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
 ƵĞĨƌŽŵ^W W ϱ͕ϵϬϬ W Ͳ  W Ͳ  W Ͳ  W ϱ͕ϵϬϬ
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬ  Ͳ   Ͳ   Ͳ   ϳ͕ϬϮϲ  ϳ͕ϬϮϲ
 /ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞ  Ͳ   Ͳ   Ͳ    ϱ͕Ϯϱϰ  ϱ͕Ϯϱϰ
 >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ  ϭϭ͕ϰϵϱ  ϯϵ͕ϲϳϲ  ϰ͕Ϯϴϴ   ϱϲϭ  ϱϲ͕ϬϮϬ
 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϲϮϬ  ϭϱ͕Ϯϲϱ  Ͳ   Ͳ   ϭϱ͕ϴϴϱ
    ϭϴ͕Ϭϭϱ   ϱϰ͕ϵϰϭ   ϰ͕Ϯϴϴ   ϭϮ͕ϴϰϭ  ϵϬ͕Ϭϴϱ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
 ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
  ĞŵĂŶĚ  Ͳ   Ͳ   Ͳ    ϰϭ͕ϱϰϱ  ϰϭ͕ϱϰϱ
  ^ĂǀŝŶŐƐ  Ͳ   Ͳ   Ͳ   ϭϱϬ͕ϰϵϰ  ϭϱϬ͕ϰϵϰ
  dŝŵĞ  ϯϰ͕ϰϱϴ  ϴ͕ϯϴϲ  ϵϮϬ   ϰϴϮ  ϰϰ͕Ϯϰϲ
 ŝůůƐƉĂLJĂďůĞ  ϰ͕ϴϵϰ  ϭ͕ϮϱϮ  ϭ͕Ϯϲϳ  Ͳ   ϳ͕ϰϭϯ
    ϯϵ͕ϯϱϮ  ϵ͕ϲϯϴ  Ϯ͕ϭϴϳ  ϭϵϮ͕ϱϮϭ  Ϯϰϯ͕ϲϵϴ

ZĞƉƌŝĐŝŶŐŐĂƉ ;W Ϯϭ͕ϯϯϳͿ W ϰϱ͕ϯϬϯ  W Ϯ͕ϭϬϭ ;W ϭϳϵ͕ϲϴϬͿ ;W ϭϱϯ͕ϲϭϯͿ

ƵŵƵůĂƚŝǀĞŐĂƉ ;W Ϯϭ͕ϯϯϳͿW Ϯϯ͕ϵϲϲ  W Ϯϲ͕Ϭϲϳ ;W ϭϱϯ͕ϲϭϯͿ W Ͳ 

dŽĂĚĚƌĞƐƐƚŚĞŶĞŐĂƚŝǀĞŐĂƉ͕ƚŚĞWĂƌĞŶƚĂŶŬĐŽŶƚŝŶƵĂůůLJĂƐƐĞƐƐĞƐǀĂƌŝŽƵƐŽƉƚŝŽŶƐƐƵĐŚĂƐĨŝdžŝŶŐůŝĂďŝůŝƚŝĞƐƚŽĨŝǀĞLJĞĂƌƐĂŶĚ
ďĞLJŽŶĚďLJŽĨĨĞƌŝŶŐĂŵŽƌĞĂƚƚƌĂĐƚŝǀĞŚŝŐŚLJŝĞůĚĞƌ͘^ŝŵƵůƚĂŶĞŽƵƐůLJ͕ƚŚĞWĂƌĞŶƚĂŶŬĐŽƵůĚĂůƐŽŐŽƵŶĚĞƌǁĞŝŐŚƚŽŶůŽŶŐ
ĚƵƌĂƚŝŽŶŝŶǀĞƐƚŵĞŶƚƐƚŽŶĂƌƌŽǁƚŚĞŐĂƉ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĞƚƐĨŽƌƚŚ͕ƚŚĞƉŽƚĞŶƚŝĂůŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͗

     ϮϬϭϳ     
  нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ 

W,W  W ϲ͕Ϯϰϰ ;W ϲ͕ϮϰϰͿ W ϭϮ͕ϰϴϴ ;W ϭϮ͕ϰϴϴͿ
h^   ϲϳϭ ; ϲϳϭͿ  ϭ͕ϯϰϮ ; ϭ͕ϯϰϮͿ

  W ϲ͕ϵϭϱ ;W ϲ͕ϵϭϱͿ W ϭϯ͕ϴϯϬ ;W ϭϯ͕ϴϯϬͿ

     ϮϬϭϲ     
  нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ 

W,W  W ϱϬϴ͕ϵϳϭ ;W ϱϬϴ͕ϵϳϭͿ W ϭ͕Ϭϭϳ͕ϵϰϮ ;W ϭ͕Ϭϭϳ͕ϵϰϮͿ
h^   ϲ͕ϳϰϮ ; ϲ͕ϳϰϮͿ  ϭϯ͕ϰϴϰ ; ϭϯ͕ϰϴϰͿ

  W ϱϭϱ͕ϳϭϯ ;W ϱϭϱ͕ϳϭϯͿ W ϭ͕Ϭϯϭ͕ϰϮϲ ;W ϭ͕Ϭϯϭ͕ϰϮϲͿ

'ŝǀĞŶƚŚĞƌĞƉƌŝĐŝŶŐƉŽƐŝƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕
ŝĨŝŶƚĞƌĞƐƚƌĂƚĞƐŝŶĐƌĞĂƐĞĚďLJϭϬϬďĂƐŝƐƉŽŝŶƚƐ͕ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞǁŝůůŝŶĐƌĞĂƐĞďLJWϬ͘ϭϰďŝůůŝŽŶŝŶϮϬϭϳ
ĂŶĚWϭ͘ϬďŝůůŝŽŶŝŶϮϬϭϲ͘dŚĞĞĂƌŶŝŶŐƐͲĂƚͲƌŝƐŬ;ĂZͿĐŽŵƉƵƚĂƚŝŽŶŝƐďĞŝŶŐƉƌĞƉĂƌĞĚŵŽŶƚŚůLJ͘

 

168 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐĚĞŵŽŶƐƚƌĂƚĞƚŚĞƐĞŶƐŝƚŝǀŝƚLJƚŽĂƌĞĂƐŽŶĂďůLJƉŽƐƐŝďůĞĐŚĂŶŐĞŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐ͕ǁŝƚŚĂůůŽƚŚĞƌǀĂƌŝĂďůĞƐ
ŚĞůĚĐŽŶƐƚĂŶƚ͕ŽĨƚŚĞĂŶŬ͛ƐŵĂƌŬͲƚŽͲŵĂƌŬĞƚŐĂŝŶͬůŽƐƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂŶĚĞƋƵŝƚLJĂƌŝƐŝŶŐĨƌŽŵŵĂƌŬͲƚŽͲŵĂƌŬĞƚ
ŐĂŝŶͬůŽƐƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ;ĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐͿ͘

'ƌŽƵƉ

  /ŵƉĂĐƚŽĨŚĂŶŐĞƐŝŶ/ŶƚĞƌĞƐƚZĂƚĞƐŽŶDĂƌŬͲƚŽͲDĂƌŬĞƚ'ĂŝŶͬ>ŽƐƐŽŶ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂƚ&sdW>Ύ 
   ϮϬϭϳ   ϮϬϭϲ 
   нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ   нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ 

 ŚĂŶŐĞŽŶŵĂƌŬͲƚŽͲŵĂƌŬĞƚ
  ŐĂŝŶͬůŽƐƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
  Ăƚ&sdW> ; W ϰϮ͕ϲϲϰͿW ϰϮ͕ϲϲϰ;W ϴϱ͕ϯϮϴͿW ϴϱ͕ϯϮϴ;W ϮϮ͕ϲϬϱͿ W ϮϮ͕ϲϬϱ;W ϰϲ͕ϭϳϵͿ W ϰϲ͕ϭϳϵ

 Ύ dŚĞƌĞŝƐŶŽŽƚŚĞƌŝŵƉĂĐƚŽŶƚŚĞĂŶŬ͛ƐĞƋƵŝƚLJŽƚŚĞƌƚŚĂŶƚŚŽƐĞĂůƌĞĂĚLJĂĨĨĞĐƚŝŶŐƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘

  /ŵƉĂĐƚŽĨŚĂŶŐĞƐŝŶ/ŶƚĞƌĞƐƚZĂƚĞƐŽŶƋƵŝƚLJΎΎ 
   ϮϬϭϳ   ϮϬϭϲ 
   нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ   нϱϬ   ͲϱϬ   нϭϬϬ  ͲϭϬϬ 

 ŚĂŶŐĞŽŶŵĂƌŬͲƚŽͲŵĂƌŬĞƚ
  ŐĂŝŶͬůŽƐƐŽŶ&^ĨŝŶĂŶĐŝĂů
  ĂƐƐĞƚƐ ; W ϰϵϱ͕ϲϭϰͿW ϰϵϱ͕ϲϭϰ;W ϵϵϭ͕ϮϮϴͿW ϵϵϭ͕ϮϮϴ;W Ϯϯϭ͕ϯϬϵͿ W Ϯϯϭ͕ϯϬϵ;W ϱϴϱ͕ϲϵϬͿ W ϱϴϱ͕ϲϵϬ

 ΎΎdŚĞŝŵƉĂĐƚŽŶƚŚĞĂŶŬ͛ƐĞƋƵŝƚLJĂůƌĞĂĚLJĞdžĐůƵĚĞƐƚŚĞŝŵƉĂĐƚŽŶƚƌĂŶƐĂĐƚŝŽŶƐĂĨĨĞĐƚŝŶŐƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘

WĂƌĞŶƚĂŶŬ

  /ŵƉĂĐƚŽĨŚĂŶŐĞƐŝŶ/ŶƚĞƌĞƐƚZĂƚĞƐŽŶDĂƌŬͲƚŽͲDĂƌŬĞƚ'ĂŝŶͬ>ŽƐƐŽŶ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂƚ&sdW>Ύ 
   ϮϬϭϳ   ϮϬϭϲ 
   нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ   нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ 

 ŚĂŶŐĞŽŶŵĂƌŬͲƚŽͲŵĂƌŬĞƚ
  ŐĂŝŶͬůŽƐƐŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
  Ăƚ&sdW> ; W ϯϱ͕ϴϱϬͿW ϯϱ͕ϴϱϬ;W ϳϭ͕ϳϬϬͿW ϳϭ͕ϳϬϬ;W ϮϮ͕ϮϭϳͿ W ϮϮ͕Ϯϭϳ;W ϰϱ͕ϯϴϲͿ W ϰϱ͕ϯϴϲ

 Ύ dŚĞƌĞŝƐŶŽŽƚŚĞƌŝŵƉĂĐƚŽŶƚŚĞĂŶŬ͛ƐĞƋƵŝƚLJŽƚŚĞƌƚŚĂŶƚŚŽƐĞĂůƌĞĂĚLJĂĨĨĞĐƚŝŶŐƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘

  /ŵƉĂĐƚŽĨŚĂŶŐĞƐŝŶ/ŶƚĞƌĞƐƚZĂƚĞƐŽŶƋƵŝƚLJΎΎ 
   ϮϬϭϳ   ϮϬϭϲ 
  нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ   нϱϬ   ͲϱϬ   нϭϬϬ   ͲϭϬϬ 

 ŚĂŶŐĞŽŶŵĂƌŬͲƚŽͲŵĂƌŬĞƚ
  ŐĂŝŶͬůŽƐƐŽŶ&^ĨŝŶĂŶĐŝĂů
  ĂƐƐĞƚƐ ; W ϰϵϮ͕ϵϳϲͿW ϰϵϮ͕ϵϳϲ;W ϵϴϱ͕ϵϱϯͿW ϵϴϱ͕ϵϱϯ;W ϮϯϬ͕ϰϳϭͿ W ϮϯϬ͕ϰϳϭ;W ϱϴϯ͕ϱϲϴͿ W ϱϴϯ͕ϱϲϴ

 ΎΎdŚĞŝŵƉĂĐƚŽŶƚŚĞĂŶŬ͛ƐĞƋƵŝƚLJĂůƌĞĂĚLJĞdžĐůƵĚĞƐƚŚĞŝŵƉĂĐƚŽŶƚƌĂŶƐĂĐƚŝŽŶƐĂĨĨĞĐƚŝŶŐƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘

ϰ͘ϱ &ŽƌĞŝŐŶƵƌƌĞŶĐLJZŝƐŬ

&ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬŝƐƚŚĞƉƌŽďĂďŝůŝƚLJŽĨůŽƐƐƚŽĞĂƌŶŝŶŐƐŽƌĐĂƉŝƚĂůĂƌŝƐŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͘dŚĞ
'ƌŽƵƉƚĂŬĞƐŽŶĞdžƉŽƐƵƌĞƚŽĞĨĨĞĐƚƐŽĨĨůƵĐƚƵĂƚŝŽŶƐŝŶƚŚĞĐƵƌƌĞŶƚĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžĐŚĂŶŐĞƌĂƚĞƐŽŶŝƚƐĨŝŶĂŶĐŝĂů
ƉĞƌĨŽƌŵĂŶĐĞĂŶĚĐĂƐŚĨůŽǁƐ͘dŚĞWĂƌĞŶƚĂŶŬĂĐƚŝǀĞůLJŵĂŶĂŐĞƐŝƚƐĞdžƉŽƐƵƌĞƚŽĞĨĨĞĐƚƐŽĨĨůƵĐƚƵĂƚŝŽŶƐŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJ
ĞdžĐŚĂŶŐĞƌĂƚĞƐ͘&ŽƌĞŵŽƐƚĂŵŽŶŐŝƚƐŐƵŝĚĞůŝŶĞƐŝƐŵĂŝŶƚĂŝŶŝŶŐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞǁŝƚŚŝŶƚŚĞĞdžŝƐƚŝŶŐƌĞŐƵůĂƚŽƌLJ
ŐƵŝĚĞůŝŶĞƐ͘dŚŝƐŝƐĂůĞǀĞůďĞůŝĞǀĞĚƚŽďĞƌĞůĂƚŝǀĞůLJĐŽŶƐĞƌǀĂƚŝǀĞĨŽƌĂĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶĞŶŐĂŐĞĚŝŶƚŚĂƚƚLJƉĞŽĨďƵƐŝŶĞƐƐ͘
ĂŶŬƐĂƌĞƌĞƋƵŝƌĞĚďLJƚŚĞ^WƚŽŵĂƚĐŚƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJůŝĂďŝůŝƚŝĞƐǁŝƚŚƚŚĞĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĂƐƐĞƚƐŚĞůĚŝŶƚŚĞ&h͘/Ŷ
ĂĚĚŝƚŝŽŶ͕ƚŚĞ^WƌĞƋƵŝƌĞƐĂϯϬ͘ϬйůŝƋƵŝĚŝƚLJƌĞƐĞƌǀĞŽŶĂůůĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJůŝĂďŝůŝƚŝĞƐŚĞůĚŝŶƚŚĞ&h͘

dŚĞWĂƌĞŶƚĂŶŬ͛ƐƉŽůŝĐLJŝƐƚŽŵĂŝŶƚĂŝŶĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞůŝŵŝƚƐĂŶĚǁŝƚŚŝŶĞdžŝƐƚŝŶŐƌĞŐƵůĂƚŽƌLJ
ŐƵŝĚĞůŝŶĞƐ͘dŚĞWĂƌĞŶƚĂŶŬďĞůŝĞǀĞƐƚŚĂƚŝƚƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJĞdžƉŽƐƵƌĞŽŶŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝƐǁŝƚŚŝŶĐŽŶƐĞƌǀĂƚŝǀĞ
ůŝŵŝƚƐĨŽƌĂĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶĞŶŐĂŐĞĚŝŶƚŚŝƐƚLJƉĞŽĨďƵƐŝŶĞƐƐ͘

dŚĞ'ƌŽƵƉĚŽĞƐŶŽƚƉƌĞƐĞŶƚĂƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐŽŶƚŚĞŝŵƉĂĐƚŽŶƉƌŽĨŝƚĂŶĚůŽƐƐĂŶĚĞƋƵŝƚLJďĂƐĞĚŽŶƚŚĞƌĞĂƐŽŶĂďůLJ
ƉŽƐƐŝďůĞĐŚĂŶŐĞŽĨĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƐŝŶĐĞŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͛ĞdžƉŽƐƵƌĞƚŽĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬŝƐŵŝŶŝŵĂů͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 169
 dŚĞďƌĞĂŬĚŽǁŶŽĨƚŚĞĨŝŶĂŶĐŝĂůƌĞƐŽƵƌĐĞƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐƚŽĨŽƌĞŝŐŶĂŶĚWŚŝůŝƉƉŝŶĞƉĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚďĂůĂŶĐĞƐ
;ĂĨƚĞƌĞůŝŵŝŶĂƚŝŽŶŽĨŝŶƚĞƌĐŽŵƉĂŶLJĂĐĐŽƵŶƚƐͬƚƌĂŶƐĂĐƚŝŽŶƐͿĂƐŽĨĞĐĞŵďĞƌϯϭĨŽůůŽǁƐ͗

          ϮϬϭϳ     
      &ŽƌĞŝŐŶ     WŚŝůŝƉƉŝŶĞ
       ƵƌƌĞŶĐŝĞƐ     WĞƐŽƐ    dŽƚĂů 

 ZĞƐŽƵƌĐĞƐ͗
   ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϰϰϱ͕ϱϳϬ   W ϱ͕ϰϳϱ͕ϬϬϬ  W ϱ͕ϵϮϬ͕ϱϳϬ
   ƵĞĨƌŽŵ^W  Ͳ   ϰϳ͕ϯϬϱ͕ϴϬϵ    ϰϳ͕ϯϬϱ͕ϴϬϵ
   ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϰ͕ϭϭϱ͕ϭϵϵ    ϯϬϳ͕ϱϱϬ    ϰ͕ϰϮϮ͕ϳϰϵ
   /ŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ  ϰ͕ϱϵϵ͕ϯϲϲ    Ϯ͕ϱϯϭ͕ϯϲϵ    ϳ͕ϭϯϬ͕ϳϯϱ
   &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϭϬ͕ϴϰϮ    ϭ͕ϯϰϳ͕ϯϲϲ    ϭ͕ϯϱϴ͕ϮϬϴ
   &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϭϯ͕ϭϬϲ͕Ϭϴϲ    ϭϳ͕ϳϮϴ͕Ϭϭϵ    ϯϬ͕ϴϯϰ͕ϭϬϱ
   ,dDŝŶǀĞƐƚŵĞŶƚƐ  Ͳ   Ϯϳ͕ϳϲϭ͕ϭϬϰ    Ϯϳ͕ϳϲϭ͕ϭϬϰ
   >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ  ϰ͕ϳϳϭ͕ϴϳϬ    ϭϰϳ͕ϵϬϵ͕ϴϬϱ    ϭϱϮ͕ϲϴϭ͕ϲϳϱ
   ^ƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƐ  Ͳ   Ϯ͕ϰϬϭ͕Ϯϳϵ    Ϯ͕ϰϬϭ͕Ϯϳϵ

     W Ϯϳ͕Ϭϰϴ͕ϵϯϯ  W ϮϱϮ͕ϳϲϳ͕ϯϬϭ  W Ϯϳϵ͕ϴϭϲ͕Ϯϯϰ

  >ŝĂďŝůŝƚŝĞƐ͗
   ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ W Ϯϱ͕ϵϴϳ͕Ϭϳϱ W Ϯϯϴ͕ϱϵϴ͕ϵϱϴ  W Ϯϲϰ͕ϱϴϲ͕Ϭϯϯ
   ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  ϯϱϰ͕ϭϳϭ   ϱ͕ϭϯϬ͕Ϭϵϵ   ϱ͕ϰϴϰ͕ϮϳϬ
   ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ
    ĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ   ϭϮ͕ϭϳϱ   ϵϬϰ͕ϰϭϬ   ϵϭϲ͕ϱϴϱ
   KƚŚĞƌůŝĂďŝůŝƚŝĞƐ  ϯϮϳ͕ϭϯϬ   ϭϴ͕ϯϱϵ͕ϲϱϴ   ϭϴ͕ϲϴϲ͕ϳϴϴ

     W Ϯϲ͕ϲϴϬ͕ϱϱϭ  W ϮϲϮ͕ϵϵϯ͕ϭϮϱ  W Ϯϴϵ͕ϲϳϯ͕ϲϳϲ
 
         ϮϬϭϲ    
      &ŽƌĞŝŐŶ   WŚŝůŝƉƉŝŶĞ
      ƵƌƌĞŶĐŝĞƐ   WĞƐŽƐ   dŽƚĂů 

 ZĞƐŽƵƌĐĞƐ͗
   ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϱϰϯ͕ϲϬϮ  W ϰ͕ϵϴϰ͕ϴϵϬ  W ϱ͕ϱϮϴ͕ϰϵϮ
   ƵĞĨƌŽŵ^W  Ͳ   ϰϵ͕ϱϮϬ͕ϰϮϬ   ϰϵ͕ϱϮϬ͕ϰϮϬ
   ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ  ϳ͕Ϭϱϱ͕ϲϮϯ   ϭϯϴ͕ϮϬϴ   ϳ͕ϭϵϯ͕ϴϯϭ
   /ŶƚĞƌďĂŶŬůŽĂŶƐĂŶĚ^WhZ  ϱ͕Ϯϱϯ͕ϰϵϱ   ϭϬ͕Ϯϱϳ͕ϬϭϮ   ϭϱ͕ϱϭϬ͕ϱϬϳ
   &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϭ͕ϴϵϵ͕ϰϳϵ   ϵϮϱ͕ϳϴϭ   Ϯ͕ϴϮϱ͕ϮϲϬ
   &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϰ͕ϭϭϮ͕ϲϯϯ   ϭϯ͕ϳϭϭ͕ϭϳϱ   ϭϳ͕ϴϮϯ͕ϴϬϴ
   ,dDŝŶǀĞƐƚŵĞŶƚƐ  Ͳ   Ϯϳ͕ϳϰϯ͕ϰϵϰ   Ϯϳ͕ϳϰϯ͕ϰϵϰ
   >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ  ϰ͕ϵϬϮ͕ϱϮϰ   ϭϮϴ͕ϲϮϳ͕ϮϬϳ   ϭϯϯ͕ϱϮϵ͕ϳϯϭ
   ^ƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƐ  Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ   Ϯ͕ϰϬϬ͕ϵϰϵ

     W Ϯϯ͕ϳϲϳ͕ϯϱϲ  W Ϯϯϴ͕ϯϬϵ͕ϭϯϲ  W ϮϲϮ͕Ϭϳϲ͕ϰϵϮ
  
  >ŝĂďŝůŝƚŝĞƐ͗
   ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ W ϭϴ͕Ϭϵϴ͕ϳϮϵ  W ϮϯϮ͕ϴϭϱ͕ϬϮϱ  W ϮϱϬ͕ϵϭϯ͕ϳϱϰ
   ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  ϭ͕ϯϱϯ͕ϭϳϬ   ϲ͕ϭϰϵ͕ϭϱϮ   ϳ͕ϱϬϮ͕ϯϮϮ
   >dE   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ   ϭ͕ϴϰϳ͕ϲϯϮ
   ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ
    ĂŶĚŽƚŚĞƌĞdžƉĞŶƐĞƐ   ϭϲ͕Ϭϭϲ   ϱϮϳ͕ϵϭϰ   ϱϰϯ͕ϵϯϬ
   KƚŚĞƌůŝĂďŝůŝƚŝĞƐ  ϱ͕ϰϰϬ͕Ϭϱϴ   ϵ͕ϰϱϬ͕ϭϮϬ   ϭϰ͕ϴϵϬ͕ϭϳϴ

     W Ϯϰ͕ϵϬϳ͕ϵϳϯ  W ϮϱϬ͕ϳϴϵ͕ϴϰϯ  W Ϯϳϱ͕ϲϵϳ͕ϴϭϲ

 

17 0 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϰ͘ϲ ƋƵŝƚLJWƌŝĐĞZŝƐŬ

ƋƵŝƚLJƉƌŝĐĞƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨůŽƐƐĂƌŝƐŝŶŐĨƌŽŵŵŽǀĞŵĞŶƚƐŝŶĞƋƵŝƚLJƉƌŝĐĞƐ͘dŚĞWĂƌĞŶƚĂŶŬŵĂŶĂŐĞƐŝƚƐĞdžƉŽƐƵƌĞƐƚŽĞƋƵŝƚLJ
ƉƌŝĐĞƐďLJǁĂLJŽĨƐƚŽƉůŽƐƐůŝŵŝƚƐ͘dŚĞKĂƉƉƌŽǀĞƐůŝŵŝƚƐŽŶƚŚĞĂŵŽƵŶƚŽĨƉŽƚĞŶƚŝĂůůŽƐƐƚŚĂƚŵĂLJďĞƵŶĚĞƌƚĂŬĞŶ͕ǁŚŝĐŚŝƐ
ŵŽŶŝƚŽƌĞĚĚĂŝůLJďLJƚŚĞZDĂŶĚƌĞƉŽƌƚĞĚƚŽƚŚĞZK͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĞƋƵŝƚLJƉƌŝĐĞƌŝƐŬĞŵĂŶĂƚĞƐĨƌŽŵŝƚƐƐĞĐƵƌŝƚŝĞƐǁŚŝĐŚĂƌĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĐůĂƐƐŝĨŝĞĚĂƐ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂŶĚ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŵĞĂƐƵƌĞƐƚŚĞƐĞŶƐŝƚŝǀŝƚLJŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚ
ƐĞĐƵƌŝƚŝĞƐďLJƵƐŝŶŐW^ŝŶĚĞdž;W^ŝͿĨůƵĐƚƵĂƚŝŽŶƐ͘

dŚĞŽďƐĞƌǀĞĚǀŽůĂƚŝůŝƚLJƌĂƚĞƐĂƚϵϱйĐŽŶĨŝĚĞŶĐĞůĞǀĞůƵƐŝŶŐƐƚĂŶĚĂƌĚĚĞǀŝĂƚŝŽŶŽĨƚŚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐŚĞůĚĂƚĨĂŝƌǀĂůƵĞĂŶĚƚŚĞŝƌŝŵƉĂĐƚŽŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƉƌŽĨŝƚďĞĨŽƌĞƚĂdžĂŶĚ
ĞƋƵŝƚLJĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƌĞƐƵŵŵĂƌŝnjĞĚďĞůŽǁ͘

'ƌŽƵƉ

   KďƐĞƌǀĞĚsŽůĂƚŝůŝƚLJZĂƚĞƐ   /ŵƉĂĐƚŽĨ/ŶĐƌĞĂƐĞ   /ŵƉĂĐƚŽĨĞĐƌĞĂƐĞ 
         WƌŽĨŝƚ      WƌŽĨŝƚ
   /ŶĐƌĞĂƐĞ   ĞĐƌĞĂƐĞ   ďĞĨŽƌĞƚĂdž   ƋƵŝƚLJ    ďĞĨŽƌĞƚĂdž     ƋƵŝƚLJ 

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ

 &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  Ϯϳ͘ϴϴй   Ϯϳ͘ϴϴй  W Ϯϵ͕ϳϲϵ W ϮϬ͕ϴϯϴ ;W Ϯϵ͕ϳϲϵ Ϳ ;W ϮϬ͕ϴϯϴͿ

 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  Ϯϳ͘ϴϴй   Ϯϳ͘ϴϴй  W ϰϳ͕ϯϲϮ W ϯϯ͕ϭϱϯ ;W ϰϳ͕ϯϲϮ Ϳ ;W ϯϯ͕ϭϱϯͿ

 ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ

 &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϯϳ͘ϯϬй   ϯϳ͘ϯϬй  W ϯϲ͕ϳϴϯ W Ϯϱ͕ϳϰϴ ;W ϯϲ͕ϳϴϯ Ϳ ;W Ϯϱ͕ϳϰϴͿ

 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϯϳ͘ϯϬй   ϯϳ͘ϯϬй  W ϲϭ͕ϱϭϵ W ϰϯ͕Ϭϲϯ ;W ϲϭ͕ϱϭϵ Ϳ ;W ϰϯ͕ϬϲϯͿ

WĂƌĞŶƚĂŶŬ

   KďƐĞƌǀĞĚsŽůĂƚŝůŝƚLJZĂƚĞƐ   /ŵƉĂĐƚŽĨ/ŶĐƌĞĂƐĞ   /ŵƉĂĐƚŽĨĞĐƌĞĂƐĞ 
         WƌŽĨŝƚ      WƌŽĨŝƚ
   /ŶĐƌĞĂƐĞ   ĞĐƌĞĂƐĞ   ďĞĨŽƌĞƚĂdž   ƋƵŝƚLJ    ďĞĨŽƌĞƚĂdž     ƋƵŝƚLJ 

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ

 &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  Ϯϳ͘ϴϴй   Ϯϳ͘ϴϴй  W Ϯϰ͕ϴϰϬ W ϭϳ͕ϯϴϴ ;W Ϯϰ͕ϴϰϬ Ϳ ;W ϭϳ͕ϯϴϴͿ

 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  Ϯϳ͘ϴϴй   Ϯϳ͘ϴϴй  W Ϯ͕ϰϰϱ W ϭ͕ϳϭϮ ;W Ϯ͕ϰϰϱ Ϳ ;W ϭ͕ϳϭϮͿ

 ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ
 
 &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϯϳ͘ϯϬй   ϯϳ͘ϯϬй  W ϯϬ͕ϰϯϬ W Ϯϭ͕ϯϬϭ ;W ϯϬ͕ϰϯϬ Ϳ ;W Ϯϭ͕ϯϬϭͿ

 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϯϳ͘ϯϬй   ϯϳ͘ϯϬй  W ϯ͕ϮϳϮ W Ϯ͕ϮϵϬ ;W ϯ͕ϮϳϮ Ϳ ;W Ϯ͕ϮϵϬͿ

dŚĞŝŶǀĞƐƚŵĞŶƚƐŝŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƐŚŽƌƚͲƚĞƌŵŝŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚĚŽŶŽƚƌĞƋƵŝƌĞŚĞĚŐŝŶŐĂĐƚŝǀŝƚŝĞƐ͘
ŚĂŶŐĞƐŝŶƉƌŝĐĞƐŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚŽŶŽƚĂĨĨĞĐƚƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞƵŶƚŝůƐĂůĞŽƌĚŝƐƉŽƐĂůŽĨƐƵĐŚĂƐƐĞƚƐŽƌŝĨ
ƚŚĞƌĞĂƌĞŝŶĚŝĐĂƚŝŽŶƐŽĨŝŵƉĂŝƌŵĞŶƚ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 17 1
 ϰ͘ϳ DĂƌŬĞƚZŝƐŬ

DĂƌŬĞƚƌŝƐŬŝƐƚŚĞƌŝƐŬŽĨůŽƐƐƚŽĨƵƚƵƌĞĞĂƌŶŝŶŐƐ͕ĨĂŝƌǀĂůƵĞƐŽƌĨƵƚƵƌĞĐĂƐŚĨůŽǁƐƚŚĂƚŵĂLJƌĞƐƵůƚĨƌŽŵĐŚĂŶŐĞƐŝŶƚŚĞŵĂƌŬĞƚ
ƌĂƚĞƐĂŶĚƉƌŝĐĞƐŽĨĂĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͘dƌĂĚŝŶŐƉŽƌƚĨŽůŝŽƐĂƌĞĞdžƉŽƐĞĚƚŽŵĂƌŬĞƚƌŝƐŬďĞĐĂƵƐĞƚŚĞǀĂůƵĞƐŽĨƚƌĂĚŝŶŐ
ƉŽƐŝƚŝŽŶƐĂƌĞƐĞŶƐŝƚŝǀĞƚŽĐŚĂŶŐĞƐŝŶŵĂƌŬĞƚƉƌŝĐĞƐ͘ƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƉŽƌƚĨŽůŝŽƐĂƌĞĂĨĨĞĐƚĞĚďLJŵĂƌŬĞƚƌŝƐŬƐďĞĐĂƵƐĞƚŚĞ
ƌĞǀĞŶƵĞƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐ͕ƐƵĐŚĂƐƐĞĐƵƌŝƚŝĞƐŐĂŝŶƐĂŶĚůŽƐƐĞƐĂŶĚŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞĂƌĞƐĞŶƐŝƚŝǀĞƚŽĐŚĂŶŐĞƐŝŶ
ŝŶƚĞƌĞƐƚĂŶĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƌĂƚĞƐ͘dŚĞWĂƌĞŶƚĂŶŬ͛ƐŵĂƌŬĞƚƌŝƐŬŽƌŝŐŝŶĂƚĞƐĨƌŽŵŝƚƐŚŽůĚŝŶŐƐŽĨĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞ
ŝŶƐƚƌƵŵĞŶƚƐ͕ĚĞďƚƐĞĐƵƌŝƚŝĞƐ͕ĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂŶĚĚĞƌŝǀĂƚŝǀĞƐ͘

DĂƌŬĞƚƌŝƐŬƐĂƌĞŵŽŶŝƚŽƌĞĚŽŶĂĚĂŝůLJďĂƐŝƐďLJƚŚĞZD͕ǁŚŝĐŚĨƵŶĐƚŝŽŶƐŝŶĚĞƉĞŶĚĞŶƚůLJĨƌŽŵƚŚĞďƵƐŝŶĞƐƐƵŶŝƚƐ͘dŚĞ'ƌŽƵƉ
ƵƐĞƐǀĂƌŝŽƵƐůŽƐƐůŝŵŝƚƐĂŶĚƌŝƐŬŵĞĂƐƵƌĞŵĞŶƚŵĞƚŚŽĚŽůŽŐŝĞƐĂƐĨŽůůŽǁƐƐƵĐŚĂƐ;ĂͿƐƚŽƉůŽƐƐůŝŵŝƚƐ͖;ďͿůŽƐƐĂůĞƌƚůŝŵŝƚƐ͖
;ĐͿƉŽƐŝƚŝŽŶůŝŵŝƚƐ͖;ĚͿŵĂƌŬͲƚŽͲŵĂƌŬĞƚǀĂůƵĂƚŝŽŶ͖;ĞͿǀĂůƵĞͲĂƚͲƌŝƐŬ;sĂZͿ͖ĂŶĚ͕;ĨͿĂZ͘

;ĂͿ sĂZDĞƚŚŽĚŽůŽŐLJƐƐƵŵƉƚŝŽŶƐĂŶĚWĂƌĂŵĞƚĞƌƐ

dŚĞWĂƌĞŶƚĂŶŬĐŽŵƉƵƚĞƐƚŚĞƐƚĂƚŝƐƚŝĐĂůsĂZƚŽĞƐƚŝŵĂƚĞƚŚĞŵĂdžŝŵƵŵƉŽƚĞŶƚŝĂůůŽƐƐƚŚĂƚĐĂŶďĞŝŶĐƵƌƌĞĚŝŶŝƚƐ
ƚƌĂĚŝŶŐŬƐƵŶĚĞƌŶŽƌŵĂůŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐŐŝǀĞŶĂƐƉĞĐŝĨŝĞĚĐŽŶĨŝĚĞŶĐĞůĞǀĞůĂŶĚŚŽůĚŝŶŐƉĞƌŝŽĚ͘sĂZŝƐŽŶĞŽĨƚŚĞ
ŬĞLJŵĞĂƐƵƌĞƐŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŵĂŶĂŐĞŵĞŶƚŽĨŵĂƌŬĞƚƌŝƐŬ͘dŚĞWĂƌĞŶƚĂŶŬƵƐĞƐĂϭͲĚĂLJĂŶĚĂϭϬͲĚĂLJŚŽůĚŝŶŐ
ƉĞƌŝŽĚĨŽƌŝƚƐĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞsĂZĂŶĚŝŶƚĞƌĞƐƚƌĂƚĞsĂZ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞWĂƌĞŶƚĂŶŬĂĚŽƉƚƐĂŚŝƐƚŽƌŝĐĂůƐŝŵƵůĂƚŝŽŶ
ĂƉƉƌŽĂĐŚƵƐŝŶŐĂϵϵ͘ϬйĐŽŶĨŝĚĞŶĐĞůĞǀĞůĂŶĚĂŽŶĞLJĞĂƌŽďƐĞƌǀĂƚŝŽŶƉĞƌŝŽĚŝŶŝƚƐsĂZĐĂůĐƵůĂƚŝŽŶ͘

dŚĞWĂƌĞŶƚĂŶŬ͛ƐsĂZůŝŵŝƚŝƐĂŐƌĞĞĚĂŶŶƵĂůůLJďLJƚŚĞdƌĞĂƐƵƌLJĂŶŬŝŶŐ'ƌŽƵƉ;d'ͿĂŶĚZD͘dŚŝƐŝƐƉƌĞƐĞŶƚĞĚƚŽƚŚĞ
ZKĂŶĚƚŚĞŽĂƌĚďĂƐĞĚŽŶƚŚĞƚŽůĞƌĂďůĞƌŝƐŬĂƉƉĞƚŝƚĞŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘DŽŶŝƚŽƌŝŶŐƌĞƉŽƌƚƐ͕ǁŚŝĐŚŝŶĐůƵĚĞƚŚĞsĂZ
ĨŝŐƵƌĞƐĂŶĚĞdžƉŽƐƵƌĞƐƚŽsĂZůŝŵŝƚƐĂƌĞƐĞŶƚƚŽƚŚĞƌŝƐŬͲƚĂŬŝŶŐƵŶŝƚƐŽŶĂĚĂŝůLJďĂƐŝƐ͘dŚĞƐĞĂƌĞĂůƐŽƌĞƉŽƌƚĞĚŵŽŶƚŚůLJƚŽ
ƚŚĞZK͘

dŚĞsĂZĨŝŐƵƌĞƐĂƌĞďĂĐŬƚĞƐƚĞĚĂŐĂŝŶƐƚĂĐƚƵĂůĂŶĚƵŶƌĞĂůŝnjĞĚƉƌŽĨŝƚĂŶĚůŽƐƐŽĨƚŚĞƚƌĂĚŝŶŐŬƚŽǀĂůŝĚĂƚĞƚŚĞ
ƌŽďƵƐƚŶĞƐƐŽĨƚŚĞsĂZŵŽĚĞů͘tŚŝůĞsĂZŵĞĂƐƵƌĞƐƌŝƐŬĚƵƌŝŶŐƚŝŵĞƐŽĨŶŽƌŵĂůŝƚLJ͕ŝƚŝƐƐƵƉƉůĞŵĞŶƚĞĚǁŝƚŚƐƚƌĞƐƐ
ƚĞƐƚŝŶŐ͕ǁŚŝĐŚŝƐƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞƉŽƚĞŶƚŝĂůĞĨĨĞĐƚŽĨĂĐƌŝƐŝƐŽƌůŽǁƉƌŽďĂďŝůŝƚLJĞǀĞŶƚ͘dŚĞZDĐŽŶĚƵĐƚƐƐƚƌĞƐƐ
ƚĞƐƚŝŶŐƚŽŵĞĂƐƵƌĞĂŶĚŵŽŶŝƚŽƌŵĂƌŬĞƚƌŝƐŬƐŝŶĞdžƚƌĞŵĞŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐ͘ZĞƐƵůƚƐŽĨďĂĐŬƚĞƐƚŝŶŐĂŶĚƐƚƌĞƐƐƚĞƐƚŝŶŐ
ĂƌĞƌĞƉŽƌƚĞĚƚŽƚŚĞZKŽŶĂŵŽŶƚŚůLJďĂƐŝƐ͘

ůƚŚŽƵŐŚsĂZŝƐĂŶŝŵƉŽƌƚĂŶƚƚŽŽůĨŽƌŵĞĂƐƵƌŝŶŐŵĂƌŬĞƚƌŝƐŬ͕ƚŚĞĂƐƐƵŵƉƚŝŽŶƐŽŶǁŚŝĐŚƚŚĞŵŽĚĞůŝƐďĂƐĞĚĚŽŐŝǀĞƌŝƐĞ
ƚŽƚŚĞĨŽůůŽǁŝŶŐůŝŵŝƚĂƚŝŽŶƐ͗

x dŚĞŚŽůĚŝŶŐƉĞƌŝŽĚĂƐƐƵŵĞƐƚŚĂƚŝƚŝƐƉŽƐƐŝďůĞƚŽŚĞĚŐĞŽƌĚŝƐƉŽƐĞŽĨƉŽƐŝƚŝŽŶƐǁŝƚŚŝŶƚŚĂƚƉĞƌŝŽĚ͘dŚŝƐŝƐ
ĐŽŶƐŝĚĞƌĞĚƚŽďĞĂƌĞĂůŝƐƚŝĐĂƐƐƵŵƉƚŝŽŶŝŶĂůŵŽƐƚĂůůĐĂƐĞƐďƵƚŵĂLJŶŽƚďĞƚŚĞĐĂƐĞŝŶƐŝƚƵĂƚŝŽŶƐŝŶǁŚŝĐŚƚŚĞƌĞŝƐ
ƐĞǀĞƌĞŵĂƌŬĞƚŝůůŝƋƵŝĚŝƚLJĨŽƌĂƉƌŽůŽŶŐĞĚƉĞƌŝŽĚ͖

x ϵϵ͘ϬйĐŽŶĨŝĚĞŶĐĞůĞǀĞůĚŽĞƐŶŽƚƌĞĨůĞĐƚůŽƐƐĞƐƚŚĂƚŵĂLJŽĐĐƵƌďĞLJŽŶĚƚŚŝƐůĞǀĞů͘ǀĞŶǁŝƚŚŝŶƚŚĞŵŽĚĞůƵƐĞĚ͕
ƚŚĞƌĞŝƐĂŽŶĞƉĞƌĐĞŶƚƉƌŽďĂďŝůŝƚLJƚŚĂƚůŽƐƐĞƐĐŽƵůĚĞdžĐĞĞĚƚŚĞsĂZ͖

x sĂZŝƐĐĂůĐƵůĂƚĞĚŽŶĂŶĞŶĚͲŽĨͲĚĂLJďĂƐŝƐĂŶĚĚŽĞƐŶŽƚƌĞĨůĞĐƚĞdžƉŽƐƵƌĞƐƚŚĂƚŵĂLJĂƌŝƐĞŽŶƉŽƐŝƚŝŽŶƐĚƵƌŝŶŐƚŚĞ
ƚƌĂĚŝŶŐĚĂLJ͖

x dŚĞƵƐĞŽĨŚŝƐƚŽƌŝĐĂůĚĂƚĂĂƐĂďĂƐŝƐĨŽƌĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉŽƐƐŝďůĞƌĂŶŐĞŽĨĨƵƚƵƌĞŽƵƚĐŽŵĞƐŵĂLJŶŽƚĂůǁĂLJƐĐŽǀĞƌ
ĂůůƉŽƐƐŝďůĞƐĐĞŶĂƌŝŽƐ͕ĞƐƉĞĐŝĂůůLJƚŚŽƐĞŽĨĂŶĞdžĐĞƉƚŝŽŶĂůŶĂƚƵƌĞ͖

x dŚĞsĂZŵĞĂƐƵƌĞŝƐĚĞƉĞŶĚĞŶƚƵƉŽŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƉŽƐŝƚŝŽŶĂŶĚƚŚĞǀŽůĂƚŝůŝƚLJŽĨŵĂƌŬĞƚƉƌŝĐĞƐ͖ĂŶĚ͕

x dŚĞsĂZŽĨĂŶƵŶĐŚĂŶŐĞĚƉŽƐŝƚŝŽŶƌĞĚƵĐĞƐŝĨƚŚĞŵĂƌŬĞƚƉƌŝĐĞǀŽůĂƚŝůŝƚLJĚĞĐůŝŶĞƐĂŶĚǀŝĐĞǀĞƌƐĂ͘

;ďͿ ĂZDĞƚŚŽĚŽůŽŐLJƐƐƵŵƉƚŝŽŶƐĂŶĚWĂƌĂŵĞƚĞƌƐ

dŚĞĂŶŬƵƐĞƐŐĂƉĂŶĂůLJƐŝƐƚŽŵĞĂƐƵƌĞƚŚĞƐĞŶƐŝƚŝǀŝƚLJŽĨŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƚŽŝŶƚĞƌĞƐƚƌĂƚĞĨůƵĐƚƵĂƚŝŽŶƐ͕ƐƉĞĐŝĨŝĐĂůůLJ
ďLJƚŚĞĂZŽƌƚŚĞƌŝƐŬŽĨĚĞƚĞƌŝŽƌĂƚŝŽŶŝŶŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽǀĞƌƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐĚƵĞƚŽƵŶĨĂǀŽƌĂďůĞŵŽǀĞŵĞŶƚƐŝŶ
ŝŶƚĞƌĞƐƚƌĂƚĞƐ͘/ƚĂůƐŽƐƵďũĞĐƚƐƚŚĞĂZǀĂůƵĞƐƚŽǀĂƌŝŽƵƐŝŶƚĞƌĞƐƚƌĂƚĞƐŚŽĐŬƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞŝŵƉĂĐƚŽŶĞĂƌŶŝŶŐƐŝŶƚŚĞ
ďĂŶŬŝŶŐŬ͘

17 2 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚŝƐĂŶĂůLJƐŝƐĂůůŽǁƐƚŚĞĂŶŬƚŽŵĞĂƐƵƌĞƚŚĞŝŵƉĂĐƚŽĨĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶƚŚĞĂĐĐƌƵĂůƉŽƌƚĨŽůŝŽŽƌƌĞƉŽƌƚĞĚ
ĞĂƌŶŝŶŐƐ͘dŚĞƌĞƉƌŝĐŝŶŐŐĂƉĨŽƌĂƉĂƌƚŝĐƵůĂƌƚŝŵĞďƵĐŬĞƚŝƐĐĂůĐƵůĂƚĞĚďLJƐƵďƚƌĂĐƚŝŶŐƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞůŝĂďŝůŝƚŝĞƐ
ŝŶĞĂĐŚƚŝŵĞďƵĐŬĞƚĨƌŽŵŝŶƚĞƌĞƐƚƌĂƚĞƐĞŶƐŝƚŝǀĞĂƐƐĞƚƐ͘dŚĞĚŝĨĨĞƌĞŶĐĞŝŶƚŚĞĂŵŽƵŶƚŽĨŵĂƚƵƌŝŶŐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ
ǁŝůůƉƌŽǀŝĚĞƚŚĞĂŶŬǁŝƚŚĂŶŝŶĚŝĐĂƚŝŽŶŽĨŝƚƐĞdžƉŽƐƵƌĞƚŽƚŚĞƌŝƐŬŽĨƉŽƚĞŶƚŝĂůĐŚĂŶŐĞƐŝŶŶĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͘

ŵŽŶŐƚŚĞĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚĨŽƌƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨĂZĂƌĞ͗;ĂͿĂŶŶƵĂůƌĞͲƉƌŝĐŝŶŐŽŶĂŵŽƌƚŝnjĞĚůŽĂŶƐ͖;ďͿŵĂƚƵƌŝƚLJŽĨ
ďƵůůĞƚƉĂLJŵĞŶƚƐ͖;ĐͿƉĂLJŵĞŶƚĚĂƚĞďĂƐĞĚŽŶĨĂƌƚŚĞƐƚŵĂƚƵƌŝƚLJ͖ĂŶĚ͕;ĚͿďĞŚĂǀŝŽƌŽĨŶŽŶͲŵĂƚƵƌŝŶŐĚĞƉŽƐŝƚƐ͘

ƐƵŵŵĂƌLJŽĨƚŚĞsĂZƉŽƐŝƚŝŽŶŽĨƚŚĞƚƌĂĚŝŶŐƉŽƌƚĨŽůŝŽƐŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲŝƐĂƐ
ĨŽůůŽǁƐ;ŝŶŵŝůůŝŽŶƐͿ͗

  KƵƚƐƚĂŶĚŝŶŐ          
  ĂůĂŶĐĞ   ǀĞƌĂŐĞ   DĂdžŝŵƵŵ   DŝŶŝŵƵŵ 
ϮϬϭϳ
 &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬ W ϯ͕ϯϬϲ W ϳ͕ϭϲϬ W ϯϯ͕ϱϯϭ W Ͳ
 /ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ  ϭϲ͕Ϯϯϴ  ϰϲ͕ϲϲϵ  ϭϰϲ͕ϭϱϮ  ϭ͕ϯϮϱ

ϮϬϭϲ
 &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌŝƐŬ W ϭϮ͕ϳϱϵ W ϰ͕ϴϮϬ W Ϯϵ͕ϱϭϵ W ϭ
 /ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ  ϴϱ͕ϳϳϰ  ϱϴ͕ϯϮϯ  ϭϳϮ͕ϴϲϱ  ϭϭϮ

dŚĞƚŽƚĂůŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬsĂZŽĨƚŚĞĨŝdžĞĚŝŶĐŽŵĞŝŶƐƚƌƵŵĞŶƚƐŝŶƚŚĞƉŽƌƚĨŽůŝŽƐŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƐĂƚĞĐĞŵďĞƌϯϭ͕
ϮϬϭϳĂŶĚϮϬϭϲŝƐĂƐĨŽůůŽǁƐ͗

  KƵƚƐƚĂŶĚŝŶŐ          
  ĂůĂŶĐĞ   ǀĞƌĂŐĞ   DĂdžŝŵƵŵ   DŝŶŝŵƵŵ 

 ϮϬϭϳ W ϭϲ͕Ϯϯϴ W ϰϳϵ͕ϳϮϮ W ϱϵϴ͕Ϯϯϳ W Ϯϳϯ͕ϲϰϮ
 ϮϬϭϲ  ϯϭϯ͕ϱϬϳ  ϯϬϵ͕ϲϱϴ  ϲϴϲ͕ϵϴϳ  ϲϯ͕ϭϯϴ

dŚĞůŝŵŝƚĂƚŝŽŶƐŽĨƚŚĞsĂZŵĞƚŚŽĚŽůŽŐLJĂƌĞƌĞĐŽŐŶŝnjĞĚďLJƐƵƉƉůĞŵĞŶƚŝŶŐsĂZůŝŵŝƚƐǁŝƚŚŽƚŚĞƌƉŽƐŝƚŝŽŶĂŶĚƐĞŶƐŝƚŝǀŝƚLJ
ůŝŵŝƚƐƚƌƵĐƚƵƌĞƐ͕ŝŶĐůƵĚŝŶŐůŝŵŝƚƐƚŽĂĚĚƌĞƐƐƉŽƚĞŶƚŝĂůĐŽŶĐĞŶƚƌĂƚŝŽŶƌŝƐŬƐǁŝƚŚŝŶĞĂĐŚƚƌĂĚŝŶŐƉŽƌƚĨŽůŝŽ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ
WĂƌĞŶƚĂŶŬĐŽŶĚƵĐƚƐƐƚƌĞƐƐƚĞƐƚƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨŝŶĂŶĐŝĂůŝŵƉĂĐƚŽĨĂǀĂƌŝĞƚLJŽĨĞdžĐĞƉƚŝŽŶĂůŵĂƌŬĞƚƐĐĞŶĂƌŝŽƐŽŶ
ŝŶĚŝǀŝĚƵĂůƚƌĂĚŝŶŐƉŽƌƚĨŽůŝŽƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽǀĞƌĂůůƉŽƐŝƚŝŽŶ͘

ϰ͘ϴ KƉĞƌĂƚŝŽŶĂůZŝƐŬ

KƉĞƌĂƚŝŽŶĂůƌŝƐŬŝƐĚĞĨŝŶĞĚĂƐƚŚĞƌŝƐŬŽĨůŽƐƐŽƌŝŵƉĂĐƚƌĞƐƵůƚŝŶŐĨƌŽŵŚƵŵĂŶĨĂĐƚŽƌƐ͕ŝŶĂĚĞƋƵĂƚĞŽƌĨĂŝůĞĚŝŶƚĞƌŶĂůƉƌŽĐĞƐƐĞƐ
ĂŶĚƐLJƐƚĞŵƐŽƌĞdžƚĞƌŶĂůĞǀĞŶƚƐ͘dŚŝƐĚĞĨŝŶŝƚŝŽŶŝŶĐůƵĚĞƐůĞŐĂůĂŶĚĐŽŵƉůŝĂŶĐĞƌŝƐŬ͕ďƵƚĞdžĐůƵĚĞƐƐƚƌĂƚĞŐŝĐĂŶĚƌĞƉƵƚĂƚŝŽŶĂů
ƌŝƐŬ͘

dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞƐƚŚĂƚŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐĂƌĞŝŶŚĞƌĞŶƚŝŶŝƚƐďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐĂŶĚĨƵŶĐƚŝŽŶƐĂŶĚƐĞĞŬƐƚŽŬĞĞƉƚŚĞƐĞƌŝƐŬƐ
ĂƚĂƉƉƌŽƉƌŝĂƚĞůĞǀĞůƐ͘KƉĞƌĂƚŝŽŶĂůƌŝƐŬŝƐŵĂŶĂŐĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞ'ƌŽƵƉǁŝƚŚƚŚĞĐƌĞĂƚŝŽŶŽĨĂŶŝŶĚĞƉĞŶĚĞŶƚŽƉĞƌĂƚŝŽŶĂů
ƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƵŶĐƚŝŽŶƵŶĚĞƌƚŚĞKƚŚƌŽƵŐŚƚŚĞZK͘dŚĞĨƵŶĐƚŝŽŶ͕ǁŚŝĐŚŝƐƐƵƉƉŽƌƚĞĚďLJKƉĞƌĂƚŝŽŶĂůZŝƐŬ
DĂŶĂŐĞŵĞŶƚĞƉĂƌƚŵĞŶƚ;KZDͿ͕ŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĞƐƚĂďůŝƐŚŝŶŐĂƌŝƐŬĨƌĂŵĞǁŽƌŬ͕ŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ
ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐĂŶĚƐƚƌĂƚĞŐŝĞƐƚŽŝĚĞŶƚŝĨLJ͕ŵĞĂƐƵƌĞ͕ŵŽŶŝƚŽƌ͕ĂŶĚĐŽŶƚƌŽůͬŵŝƚŝŐĂƚĞŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐ͘

dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐƵŶĚĞƌƚŚĞƚŚƌĞĞͲůŝŶĞƐŽĨĚĞĨĞŶƐĞŐŽǀĞƌŶĂŶĐĞŵŽĚĞůƚŽƉůĂĐĞĂĐĐŽƵŶƚĂďŝůŝƚLJĂŶĚŽǁŶĞƌƐŚŝƉĂƐĐůŽƐĞĂƐ
ƉŽƐƐŝďůĞƚŽǁŚĞƌĞƚŚĞƌŝƐŬƐĂƌŝƐĞǁŚŝůĞĞŶƐƵƌŝŶŐƐƵĨĨŝĐŝĞŶƚůĞǀĞůŽĨŝŶĚĞƉĞŶĚĞŶƚŽǀĞƌƐŝŐŚƚĨŽƌŽƉĞƌĂƚŝŽŶĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ĂĐƌŽƐƐƚŚĞĂŶŬ͘

&ŝƌƐƚ>ŝŶĞʹdŚĞƵƐŝŶĞƐƐůŝŶĞŵĂŶĂŐĞŵĞŶƚĂŶĚƉĞƌƐŽŶŶĞů͕ĂƐƚŚĞĨŝƌƐƚůŝŶĞŽĨĚĞĨĞŶƐĞ͕ĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĚĂLJͲƚŽͲĚĂLJďĂƐŝƐ
ĨŽƌŝĚĞŶƚŝĨLJŝŶŐ͕ŵĂŶĂŐŝŶŐ͕ĂŶĚƌĞƉŽƌƚŝŶŐŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐŝŶŚĞƌĞŶƚŝŶƚŚĞƉƌŽĚƵĐƚƐ͕ĂĐƚŝǀŝƚŝĞƐ͕ƉƌŽĐĞƐƐĞƐ͕ĂŶĚƐLJƐƚĞŵƐĨŽƌ
ǁŚŝĐŚƚŚĞLJĂƌĞĂĐĐŽƵŶƚĂďůĞ͘

^ĞĐŽŶĚ>ŝŶĞʹ/ŶĚĞƉĞŶĚĞŶƚZŝƐŬDĂŶĂŐĞŵĞŶƚ&ƵŶĐƚŝŽŶ;ƵŶĚĞƌƚŚĞZKͿƉƌŝŵĂƌŝůLJĂƐƐŝƐƚŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞďƵƐŝŶĞƐƐƵŶŝƚƐ
ŝŶŵĞĞƚŝŶŐŝƚƐƌĞƐƉŽŶƐŝďŝůŝƚLJƚŽƵŶĚĞƌƐƚĂŶĚĂŶĚŵĂŶĂŐĞŽƉĞƌĂƚŝŽŶĂůƌŝƐŬĞdžƉŽƐƵƌĞƐĂŶĚĞŶƐƵƌĞƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞKZDĨƌĂŵĞǁŽƌŬƚŚƌŽƵŐŚŽƵƚƚŚĞďĂŶŬ͘

U C P B 2 0 1 7 A N N U A L R E P O R T 17 3
 dŚŝƌĚ>ŝŶĞʹ/ŶĚĞƉĞŶĚĞŶƚƵĚŝƚͬƐƐƵƌĂŶĐĞ;ƵŶĚĞƌƚŚĞƵĚŝƚŽŵŵŝƚƚĞĞͿ/ŶƚĞƌŶĂůĂƵĚŝƚĐŽŶĚƵĐƚĂŶŝŶĚĞƉĞŶĚĞŶƚĂƐƐĞƐƐŵĞŶƚ
ŽĨƚŚĞŽƉĞƌĂƚŝŽŶĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚĨƌĂŵĞǁŽƌŬŝŶĐůƵĚŝŶŐƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨŽƉĞƌĂƚŝŽŶĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐĂŶĚ
ƉƌŽĐĞĚƵƌĞƐ͘

dŚĞďƵƐŝŶĞƐƐĂŶĚƐƵƉƉŽƌƚƵŶŝƚƐĂƐƚŚĞƉƌŝŵĂƌLJƌŝƐŬŽǁŶĞƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĨƌĂŵĞǁŽƌŬ͕
ŝŶĐůƵĚŝŶŐƚŚĞĚĂLJͲƚŽͲĚĂLJŽƉĞƌĂƚŝŽŶĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͘dŚĞ'ƌŽƵƉŚĂƐĂŶĞdžŝƐƚŝŶŐƐLJƐƚĞŵŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƚŚĂƚĞŶĨŽƌĐĞƐ
ŽƉĞƌĂƚŝŽŶĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚŵĞĂƐƵƌĞƐ͕ŝŶĐůƵĚŝŶŐ͗

x ƚŽƉůĞǀĞůƌĞǀŝĞǁƐďLJƚŚĞƐĞŶŝŽƌŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƚƚĞĞƐ͖
x ĂƐLJƐƚĞŵŽĨĂƉƉƌŽǀĂůƐĂŶĚĂƵƚŚŽƌŝnjĂƚŝŽŶƐ͖
x ƉĞƌŝŽĚŝĐƉĞƌĨŽƌŵĂŶĐĞĂŶĚĞdžĐĞƉƚŝŽŶƌĞƉŽƌƚƐ͖
x ƉŚLJƐŝĐĂůĐŽŶƚƌŽůƐƐƵĐŚĂƐƌĞƐƚƌŝĐƚĞĚĂĐĐĞƐƐ͖
x ĞŶĨŽƌĐĞŵĞŶƚŽĨĞdžƉŽƐƵƌĞůŝŵŝƚƐ͖ĂŶĚ͕
x ĂƐLJƐƚĞŵŽĨǀĞƌŝĨŝĐĂƚŝŽŶƐĂŶĚƌĞĐŽŶĐŝůŝĂƚŝŽŶ͘

KZDƵƚŝůŝnjĞƐĂƌĂŶŐĞŽĨƌŝƐŬƚŽŽůƐĂŶĚŵĞƚŚŽĚŽůŽŐŝĞƐŝŶŵĂŶĂŐŝŶŐƌŝƐŬƐƐƵĐŚĂƐĨŽůůŽǁŝŶŐ͗

ϭ͘ KƉĞƌĂƚŝŽŶĂůZŝƐŬĂŶĚ^ĞůĨͲƐƐĞƐƐŵĞŶƚ;KZ^Ϳ
Ϯ͘ <ĞLJZŝƐŬ/ŶĚŝĐĂƚŽƌƐ;<Z/ƐͿŵŽŶŝƚŽƌŝŶŐĂŶĚƌĞƉŽƌƚŝŶŐ
ϯ͘ >ŽƐƐĂŶĚƌŝƐŬŝŶĐŝĚĞŶƚŵĂŶĂŐĞŵĞŶƚĂŶĚĞƐĐĂůĂƚŝŽŶƉƌŽĐĞƐƐĞƐ
ϰ͘ ZŝƐŬĂǁĂƌĞŶĞƐƐĂŶĚƚƌĂŝŶŝŶŐƉƌŽŐƌĂŵƐ
ϱ͘ ƵƐŝŶĞƐƐŽŶƚŝŶƵŝƚLJWůĂŶ;WͿĂŶĚŝƐĂƐƚĞƌZĞĐŽǀĞƌLJWƌŽŐƌĂŵ;ZWͿ

/ŶĂĚĚŝƚŝŽŶ͕ĂƐƉĂƌƚŽĨŝƚƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂƉƉƌŽĂĐŚ͕ƚŚĞĂŶŬĂůƐŽŚĂƐĂŶĞdžŝƐƚŝŶŐŝŶƐƵƌĂŶĐĞƉƌŽŐƌĂŵŝŶƉůĂĐĞƚŽŵŝƚŝŐĂƚĞƚŚĞ
ŝŵƉĂĐƚŽĨƐŽŵĞŽƉĞƌĂƚŝŽŶĂůƌŝƐŬƐ͘

dŚĞƌĞƐƵůƚƐŽĨƚŚĞĂŶŬͲǁŝĚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞƐĞĂĐƚŝǀŝƚŝĞƐͬƉƌŽŐƌĂŵƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŽǀĞƌĂůůƌŝƐŬƉƌŽĨŝůĞ͕ĂƌĞƌĞƉŽƌƚĞĚĂŶĚ
ĚŝƐĐƵƐƐĞĚǁŝƚŚ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŝƌĞĐƚŽƌƐŝŶƚŚĞŵŽŶƚŚůLJZKŵĞĞƚŝŶŐƐ͘dŚĞƐĞŵĞƚŚŽĚŽůŽŐŝĞƐĂŶĚƚŽŽůƐƉƌŽǀŝĚĞ
DĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞZKǁŝƚŚŝŶĨŽƌŵĂƚŝŽŶŝŶĚĞƚĞƌŵŝŶŝŶŐĂƉƉƌŽƉƌŝĂƚĞĐŽŶƚƌŽůƐĂŶĚŵŝƚŝŐĂƚŝŶŐŵĞĂƐƵƌĞƐ͘

dŚĞ/ŶƚĞƌŶĂůƵĚŝƚŝǀŝƐŝŽŶ;/ͿĨƵƌƚŚĞƌƉƌŽǀŝĚĞƐƚŚĞŝŶĚĞƉĞŶĚĞŶƚƌĞǀŝĞǁĂŶĚĐŚĂůůĞŶŐĞŽĨƚŚĞĂŶŬ͛ƐŽƉĞƌĂƚŝŽŶĂůƌŝƐŬ
ŵĂŶĂŐĞŵĞŶƚĐŽŶƚƌŽůƐ͕ƉƌŽĐĞƐƐĞƐĂŶĚƐLJƐƚĞŵƐ͘

dŚĞĂŶŬĐŽŶƚŝŶƵĞĚƚŽŝŶƐƚŝƚƵƚĞƌŝƐŬŵŝƚŝŐĂƚŝŶŐŵĞĂƐƵƌĞƐďLJĞŶŚĂŶĐŝŶŐĞdžŝƐƚŝŶŐĂŶƚŝͲŵŽŶĞLJůĂƵŶĚĞƌŝŶŐƉƌŽĐĞƐƐĞƐĂŶĚƐLJƐƚĞŵƐ
ƚŚĂƚŝŶĐůƵĚĞŝŵƉƌŽǀĞĚŵŽŶŝƚŽƌŝŶŐĂŶĚĐŽŶƚƌŽůƐĂŶĚƌŝƐŬĂǁĂƌĞŶĞƐƐƚŚƌŽƵŐŚĨŽĐƵƐĞĚŶƚŝͲDŽŶĞLJ>ĂƵŶĚĞƌŝŶŐ;D>ͿƚƌĂŝŶŝŶŐ
ƉƌŽŐƌĂŵ͘

KŶƚŚĞƉƌŽŐƌĞƐƐŽĨƚŚĞKƉĞƌĂƚŝŽŶĂůZŝƐŬDĂŶĂŐĞŵĞŶƚ;KZDͿ^LJƐƚĞŵƉƌŽũĞĐƚ͕ƐLJƐƚĞŵĂĐĐĞƉƚĂŶĐĞŚĂƐďĞĞŶŝƐƐƵĞĚĂŶĚƚŚĞ
ďĂŶŬͲǁŝĚĞƵƐĞƌƚƌĂŝŶŝŶŐŚĂƐďĞĞŶŝŶŝƚŝĂƚĞĚ͘dŚŝƐŝƐĞdžƉĞĐƚĞĚƚŽĨƵƌƚŚĞƌŝŵƉƌŽǀĞĞdžŝƐƚŝŶŐŽƉĞƌĂƚŝŽŶĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ĨƵŶĐƚŝŽŶƐŽŶĐĞĨƵůůLJŝŵƉůĞŵĞŶƚĞĚ͘

KƚŚĞƌƌŝƐŬŵĂŶĂŐĞŵĞŶƚͲƌĞůĂƚĞĚŝŶŝƚŝĂƚŝǀĞƐŝŶĐůƵĚĞ͗

x ŶŚĂŶĐĞĚZŝƐŬĂŶĚŽŶƚƌŽů^ĞůĨͲƐƐĞƐƐŵĞŶƚƉƌŽĐĞƐƐ
x /ŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ/ŶƐƵƌĂŶĐĞZŝƐŬĂŶĚKƵƚƐŽƵƌĐŝŶŐZŝƐŬƉƌŽŐƌĂŵƐ
x KŶŐŽŝŶŐƌŝƐŬĂǁĂƌĞŶĞƐƐƚƌĂŝŶŝŶŐƐĂŶĚƐĞŵŝŶĂƌƐƚŽĐŽǀĞƌǀĂƌŝŽƵƐKZDƉƌŽŐƌĂŵƐ
x ŽŶƚŝŶƵŽƵƐĐŽůůĞĐƚŝŽŶĂŶĚďƵŝůĚͲƵƉŽĨŽƉĞƌĂƚŝŽŶĂůƌŝƐŬůŽƐƐĚĂƚĂŝŶůŝŶĞǁŝƚŚƚŚĞĨƵƚƵƌĞƉůĂŶƚŽŵŽǀĞƚŽƚŚĞŵŽƌĞ
ĂĚǀĂŶĐĞĚĂƉƉƌŽĂĐŚĞƐƚŽĐĂƉŝƚĂůŵĞĂƐƵƌĞŵĞŶƚ͘

dŚĞƐĞ͕ĂůŽŶŐƐŝĚĞƚŚĞŚŝƌŝŶŐŽĨĂƐƐŽĐŝĂƚĞƐƚŽĨŝůůǀĂĐĂŶƚƉŽƐŝƚŝŽŶƐ͕ƉƌŽǀŝĚĞĚŶĞĞĚĞĚƐƵƉƉŽƌƚŝŶŝŵƉůĞŵĞŶƚŝŶŐƚŚĞǀĂƌŝŽƵƐKZD
ƉƌŽŐƌĂŵƐĂĐƌŽƐƐƚŚĞĂŶŬ͘

/ŶĨŽƌŵĂƚŝŽŶƚĞĐŚŶŽůŽŐLJƌŝƐŬƐĂŶĚŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌŝƚLJŝƐƐƵĞƐŚĂǀĞďĞĐŽŵĞƉƌŽŐƌĞƐƐŝǀĞůLJŵŽƌĞĐŽŵƉůĞdžĂŶĚƉƌĞƐƐŝŶŐŝŶLJĞĂƌƐ͘
dŚĞƚƌĞŶĚŝŶĐLJďĞƌͲĂƚƚĂĐŬƐ͕ŝŶƚƌƵƐŝŽŶƐ͕ĂŶĚŽƚŚĞƌŝŶĐŝĚĞŶƚƐŽŶĐŽŵƉƵƚĞƌƐLJƐƚĞŵƐŶŽƚŽŶůLJƉĞƌƐŝƐƚ͕ďƵƚǁŝůůĐŽŶƚŝŶƵĞƚŽ
ŝŶĐƌĞĂƐĞŝŶĨƌĞƋƵĞŶĐLJĂŶĚƐƉƌĞĂĚŝŶŵĂŐŶŝƚƵĚĞ͘


174 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŽĞŶƐƵƌĞƚŚĂƚƚŚĞĂŶŬŝƐĐŽŶƐŝƐƚĞŶƚƚŽƚŚĞ/ŶĨŽƌŵĂƚŝŽŶ^ĞĐƵƌŝƚLJDĂŶĂŐĞŵĞŶƚ^LJƐƚĞŵ;/^D^ͿƉƌŝŶĐŝƉůĞƐ͕ƌĞǀŝĞǁŽĨǀĂƌŝŽƵƐ
ƚĞĐŚŶŽůŽŐLJĂŶĚŝŶĨŽƌŵĂƚŝŽŶƐĞĐƵƌŝƚLJͲƌĞůĂƚĞĚƉŽůŝĐŝĞƐ͕ŐƵŝĚĞůŝŶĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŝƐƌĞŐƵůĂƌůLJĐŽŶĚƵĐƚĞĚ͘&ŽƌϮϬϭϳ͕ƌĞǀŝƐŝŽŶƐ
ƚŽǀĂƌŝŽƵƐĚŽĐƵŵĞŶƚƐĐŽǀĞƌŝŶŐƚŚĞĨŽůůŽǁŝŶŐĚŽŵĂŝŶƐǁĞƌĞĂƉƉƌŽǀĞĚ͗

x ĐĐĞƐƐŽŶƚƌŽů
x ŚĂŶŐĞDĂŶĂŐĞŵĞŶƚ
x ŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚKƉĞƌĂƚŝŽŶƐ
x /ŶĨŽƌŵĂƚŝŽŶƐƐĞƚDĂŶĂŐĞŵĞŶƚ
x /ŶĨŽƌŵĂƚŝŽŶ^LJƐƚĞŵƐ>ŝĨĞĐLJĐůĞ
x ,ƵŵĂŶZĞƐŽƵƌĐĞ^ĞĐƵƌŝƚLJ
x hƐĞƌĐĐĞƐƐDĂŶĂŐĞŵĞŶƚ

^ŝŵŝůĂƌůLJ͕ŝŵƉƌŽǀĞŵĞŶƚƐƚŽƚŚĞĞdžŝƐƚŝŶŐ/dZŝƐŬDĂŶĂŐĞŵĞŶƚ&ƌĂŵĞǁŽƌŬ;/dZD&Ϳ͕/dZŝƐŬŽŶƚƌŽů^ĞůĨͲƐƐĞƐƐŵĞŶƚ;/dZ^Ϳ
WŽůŝĐLJĂŶĚDĂŶƵĂůĂŶĚƚŚĞ/ŶĨŽƌŵĂƚŝŽŶ^ĞĐƵƌŝƚLJ<Z/'ƵŝĚĞůŝŶĞƐĂŶĚ^ĐŽƌŝŶŐĞŶĐŚŵĂƌŬǁĞƌĞŵĂĚĞƚŚĞƐĂŵĞLJĞĂƌ͘

&ƵƌƚŚĞƌ͕ĚŝƐƐĞŵŝŶĂƚŝŽŶŽĨƵƉĚĂƚĞƐŽŶĐƵƌƌĞŶƚ/dƚŚƌĞĂƚƐ͕ƚƌĞŶĚƐĂŶĚƌĞůĂƚĞĚĐŝƌĐƵůĂƌƐǁĞƌĞĐŽŶƚŝŶƵŽƵƐůLJƉĞƌĨŽƌŵĞĚƚŽ
ƐƚƌĞŶŐƚŚĞŶƚŚĞƚĞĐŚŶŽůŽŐLJĂŶĚƐĞĐƵƌŝƚLJƌŝƐŬĂǁĂƌĞŶĞƐƐŽĨƚŚĞĂŶŬ͛ƐƐŚĂƌĞŚŽůĚĞƌƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͘

ϰ͘ϵ ZĞƉƵƚĂƚŝŽŶĂůZŝƐŬ

ƐƌĞƉƵƚĂƚŝŽŶŝƐŽĨƵƚŵŽƐƚŝŵƉŽƌƚĂŶĐĞ͕ƚŚĞ'ƌŽƵƉĞŶƐƵƌĞƐƚŚĂƚƌŝƐŬƐƚŽŝƚƐƌĞƉƵƚĂƚŝŽŶŝƐĞĨĨĞĐƚŝǀĞůLJŝĚĞŶƚŝĨŝĞĚ͕ĐŽŶƚƌŽůůĞĚĂŶĚ
ŵĂŶĂŐĞĚĞĨĨĞĐƚŝǀĞůLJ͘

ZĞƉƵƚĂƚŝŽŶĂůƌŝƐŬŝƐĚĞĨŝŶĞĚĂƐƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŽƐƉĞĐƚŝǀĞŝŵƉĂĐƚŽŶƚŚĞĞĂƌŶŝŶŐƐĂŶĚĐĂƉŝƚĂůĂƌŝƐŝŶŐĨƌŽŵŶĞŐĂƚŝǀĞƉƵďůŝĐ
ŽƉŝŶŝŽŶ͘dŚŝƐĂĨĨĞĐƚƐƚŚĞďĂŶŬ͛ƐĂďŝůŝƚLJƚŽĞƐƚĂďůŝƐŚŶĞǁƌĞůĂƚŝŽŶƐŚŝƉƐŽƌƐĞƌǀŝĐĞƐŽƌĐŽŶƚŝŶƵĞƐĞƌǀŝĐŝŶŐĞdžŝƐƚŝŶŐƌĞůĂƚŝŽŶƐŚŝƉƐ͘
dŚŝƐƌŝƐŬŵĂLJĞdžƉŽƐĞƚŚĞďĂŶŬƚŽůŝƚŝŐĂƚŝŽŶ͕ĨŝŶĂŶĐŝĂůůŽƐƐŽƌĂĚĞĐůŝŶĞŝŶŝƚƐĐƵƐƚŽŵĞƌďĂƐĞ͘

dŚĞĂŶŬŽŵƉůŝĂŶĐĞŝǀŝƐŝŽŶ;Ϳ͕ŝŶĐŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚĐŽŶĐĞƌŶĞĚƵŶŝƚƐ͕ŝĚĞŶƚŝĨŝĞƐ͕ĂƐƐĞƐƐ͕ĐŽŶƚƌŽůĂŶĚŵŽŶŝƚŽƌƚŚĞƌŝƐŬƐ
ƚŚĂƚŝŵƉĂĐƚƚŚĞƌĞƉƵƚĂƚŝŽŶŽĨƚŚĞĂŶŬ͘/ƚŵĂŬĞƐƵƐĞŽĨĐŚĞĐŬůŝƐƚͬƐƚŽŝĚĞŶƚŝĨLJƌŝƐŬƐ͕ŝ͘Ğ͕͘ƵŶƐĂĨĞĂŶĚƵŶƐŽƵŶĚďĂŶŬŝŶŐ
ƉƌĂĐƚŝĐĞƐŝƐƐƵĞĚďLJ^WĂŶĚW/͕ĂŶĚĂŶŝŶƚĞƌŶĂůZĞƉƵƚĂƚŝŽŶĂůZŝƐŬ'ƌŝĚƌŝƚĞƌŝĂǁŚŝĐŚĂƐƐĞƐƐĂŶĚĞǀĂůƵĂƚĞŝĚĞŶƚŝĨŝĞĚ
ƌĞƉƵƚĂƚŝŽŶĂůƌŝƐŬĚƌŝǀĞƌƐ͕ƚŚĞŬĞLJƌŝƐŬĂƌĞĂƐĂŶĚŚŽǁƚŚĞĂŶŬŵĂŶĂŐĞƐĂŶĚŵŽŶŝƚŽƌƐƐƵĐŚƌŝƐŬĂƌĞĂƐ͘

dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐƌĞƉƵƚĂƚŝŽŶĂůƌŝƐŬƐďLJĂĚŚĞƌŝŶŐƚŽƚŚĞƉƌŝŶĐŝƉůĞƐŽĨŐŽŽĚĐŽƌƉŽƌĂƚĞŐŽǀĞƌŶĂŶĐĞ͕ĞĨĨĞĐƚŝǀĞĂŶĚĂĚĞƋƵĂƚĞ
ŵĂŶĂŐĞŵĞŶƚŽĨƌĞƉƵƚĂƚŝŽŶĂůƌŝƐŬƐͬĞǀĞŶƚƐ͘'ŽŽĚŽƌƉŽƌĂƚĞ'ŽǀĞƌŶĂŶĐĞŝƐƚŚĞĨŽƵŶĚĂƚŝŽŶŽĨĂƐĂĨĞĂŶĚƐŽƵŶĚďĂŶŬŝŶŐ
ŽƉĞƌĂƚŝŽŶƐĞŵďŽĚLJŝŶŐĨĂŝƌŶĞƐƐ͕ĂĐĐŽƵŶƚĂďŝůŝƚŝĞƐĂŶĚƚƌĂŶƐƉĂƌĞŶĐLJŚĞŶĐĞƉƌŽŵŽƚŝŶŐƚŚĞƉƌŽƚĞĐƚŝŽŶŽĨƚŚĞƌŝŐŚƚƐŽĨĂůů
ƐƚĂŬĞŚŽůĚĞƌƐ͘dŚĞƌĞŝƐĐůĞĂƌĚĞůŝŶĞĂƚŝŽŶŽĨƚŚĞĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞK͕^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚĂŶĚĂůůĂŶŬ
ƐƐŽĐŝĂƚĞƐ͘

dŚĞKĞƐƚĂďůŝƐŚĞƐƚŚĞƚŽŶĞŽĨŐŽŽĚŐŽǀĞƌŶĂŶĐĞ͕ƉƌŽŵŽƚĞƐĂƐƚƌŽŶŐĐƵůƚƵƌĞŽĨŝŶƚĞŐƌŝƚLJ͕ĂƉƉƌŽǀĞƐƚŚĞ'ƌŽƵƉ͛ƐƉŽůŝĐŝĞƐĂŶĚ
ƉůĂŶƐĂŶĚŵŽŶŝƚŽƌƐĞĨĨĞĐƚŝǀĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƐƵĐŚ͘dŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚŵĂŶĂŐĞƐƚŚĞĚĂLJͲƚŽͲĚĂLJďƵƐŝŶĞƐƐŽƉĞƌĂƚŝŽŶƐ
ŽĨƚŚĞ'ƌŽƵƉĂŶĚĞŶƐƵƌĞƐƚŚĂƚŵĂŶĂŐĞŵĞŶƚŽĨƌĞƉƵƚĂƚŝŽŶĂůƌŝƐŬƐŝƐĐĂƌƌŝĞĚŽƵƚĞĨĨĞĐƚŝǀĞůLJĂŶĚĐŽŵŵƵŶŝĐĂƚĞĚƚŚƌŽƵŐŚŽƵƚƚŚĞ
ŽƌŐĂŶŝnjĂƚŝŽŶ͘ůůĐŽƌƉŽƌĂƚĞĐŽŵŵƵŶŝĐĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͕ĚŝƐĐůŽƐƵƌĞƐƚŽƐƚĂŬĞŚŽůĚĞƌƐĂƌĞĐĞŶƚƌĂůŝnjĞĚĂŶĚŵĂŶĂŐĞĚďLJƚŚĞ
ŽƌƉŽƌĂƚĞŽŵŵƵŶŝĐĂƚŝŽŶƐhŶŝƚͬDĂƌŬĞƚŝŶŐ'ƌŽƵƉ͘dŚŝƐŝƐƚŽĞŶƐƵƌĞĂƵŶŝĨŽƌŵĂŶĚƐƚĂŶĚĂƌĚĂƉƉƌŽĂĐŚŝŶŚĂŶĚůŝŶŐ
ĐŽŵŵƵŶŝĐĂƚŝŽŶƐĂŶĚĚŝƐĐůŽƐƵƌĞƐ͘dŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚůŝŬĞǁŝƐĞŝŶƐƚŝƚƵƚĞƐĂĐƵůƚƵƌĞƐƵĐŚƚŚĂƚƌĞƉƵƚĂƚŝŽŶĂůƌŝƐŬƐƚĂŶĚĂƌĚƐ
ĂƌĞĐůĞĂƌĂŶĚŽďƐĞƌǀĞĚďLJĂůůĂƐƐŽĐŝĂƚĞƐƚŚƌƵŝƐƐƵĂŶĐĞƐĂŶĚĂǁĂƌĞŶĞƐƐƚƌĂŝŶŝŶŐƐ͘ůůĂƐƐŽĐŝĂƚĞƐƐŚĂůůƐƚƌŝĐƚůLJĂĚŚĞƌĞƚŽƚŚĞ
'ƌŽƵƉ͛ƐĐŽĚĞŽĨĐŽŶĚƵĐƚĂƚĂůůƚŝŵĞƐ͕ƌĞƉŽƌƚŝŵƉƌŽƉĞƌďĂŶŬƉƌĂĐƚŝĐĞƐ͕ĂĚŚĞƌĞƚŽďĂŶŬƉŽůŝĐŝĞƐĂŶĚƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƚŽ
ĂƚƚĞŶĚƚƌĂŝŶŝŶŐƐĂŶĚƐĞŵŝŶĂƌƐƌĞůĞǀĂŶƚƚŽƚŚĞŝƌĨƵŶĐƚŝŽŶƐ͘

dŚĞ'ƌŽƵƉ͕ƚŚƌŽƵŐŚƚŚĞ͕ƌĞƉŽƌƚƐƚŽƚŚĞKŽŶĂŵŽŶƚŚůLJďĂƐŝƐŝĚĞŶƚŝĨŝĞĚĂĐƚŝǀŝƚŝĞƐǁŚŝĐŚŝŵƉĂĐƚƐƚŚĞƌĞƉƵƚĂƚŝŽŶŽĨƚŚĞ
'ƌŽƵƉƐƵĐŚĂƐƵƐƚŽŵĞƌ/ƐƐƵĞƐͬŽŵƉůĂŝŶƚƐ͕EĞǁƐĂŶĚWƵďůŝĐŝƚŝĞƐĂďŽƵƚƚŚĞ'ƌŽƵƉ͕ůĂďŽƌͬĞŵƉůŽLJĞĞŝƐƐƵĞƐ͕ĂƚƚƌŝƚŝŽŶƌĂƚĞ͕ĂŶĚ
D>ŝƐƐƵĞƐ͘

dŚĞ͕/ĂŶĚZDƐŚĂůůĞŶƐƵƌĞĂĚĞƋƵĂĐLJŽĨĐŽŶƚƌŽůƐĂŶĚƉƌŽǀŝĚĞĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞŽƌŐĂŶŝnjĂƚŝŽŶĂůĂŶĚƉƌŽĐĞĚƵƌĂů
ĐŽŶƚƌŽůƐŝŶŵĂŶĂŐŝŶŐƌĞƉƵƚĂƚŝŽŶĂůƌŝƐŬƐĂƌĞĐŽŵƉůŝĞĚǁŝƚŚ͘

 

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 ϰ͘ϭϬ ŽŵƉůŝĂŶĐĞZŝƐŬ

ŽŵƉůŝĂŶĐĞƌŝƐŬŝƐĚĞĨŝŶĞĚĂƐƚŚĞƌŝƐŬŽĨůĞŐĂůŽƌƌĞŐƵůĂƚŽƌLJƐĂŶĐƚŝŽŶƐ͕ĨŝŶĂŶĐŝĂůůŽƐƐ͕ŽƌůŽƐƐƚŽƌĞƉƵƚĂƚŝŽŶĂ'ƌŽƵƉŵĂLJƐƵĨĨĞƌ
ĂƐĂƌĞƐƵůƚŽĨŝƚƐĨĂŝůƵƌĞƚŽĐŽŵƉůLJǁŝƚŚĂůůĂƉƉůŝĐĂďůĞůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ĂŶĚĐŽĚĞƐŽĨĐŽŶĚƵĐƚĂŶĚƐƚĂŶĚĂƌĚƐŽĨŐŽŽĚƉƌĂĐƚŝĐĞ͘
dŚĞĐŽŵƉůŝĂŶĐĞĨƵŶĐƚŝŽŶƐŚĂůůďĞŝŶĚĞƉĞŶĚĞŶƚĨƌŽŵƚŚĞďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝŶƐƚŝƚƵƚŝŽŶ͘/ƚĐĂƌƌŝĞƐŽƵƚŝƚƐƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
ŽŶŝƚƐŽǁŶŝŶŝƚŝĂƚŝǀĞŝŶĂůůŐƌŽƵƉƐ͕ĚŝǀŝƐŝŽŶƐŽƌĚĞƉĂƌƚŵĞŶƚƐǁŚĞƌĞĐŽŵƉůŝĂŶĐĞƌŝƐŬĞdžŝƐƚƐ͘dŚĞĐŽŵƉůŝĂŶĐĞĨƵŶĐƚŝŽŶƐŚĂůůŚĂǀĞ
ĂĐĐĞƐƐƚŽĂůůŽƉĞƌĂƚŝŽŶĂůĂƌĞĂƐĂƐǁĞůůĂƐĂŶLJƌĞĐŽƌĚƐŽƌĨŝůĞƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞŝƚƚŽĐĂƌƌLJŽƵƚŝƚƐĚƵƚŝĞƐĂŶĚƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ͕
ŝŶĐůƵĚŝŶŐƚŚĞƌŝŐŚƚƚŽĐŽŶĚƵĐƚŝŶǀĞƐƚŝŐĂƚŝŽŶƐŽĨƉŽƐƐŝďůĞďƌĞĂĐŚĞƐŽĨƚŚĞĐŽŵƉůŝĂŶĐĞƉŽůŝĐLJ͘

dŚĞ'ƌŽƵƉĞƐƚĂďůŝƐŚĞĚŝƚƐĐŽŵƉůŝĂŶĐĞƐƚƌƵĐƚƵƌĞƚŽĞŶƐƵƌĞĂĚŚĞƌĞŶĐĞƚŽƌĞŐƵůĂƚŽƌLJƌƵůĞƐ͘/ƚĚĞůŝŶĞĂƚĞƐƚŚĞĚƵƚŝĞƐĂŶĚ
ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞK͕^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚ͕ƐƐŽĐŝĂƚĞƐĂŶĚ/ŶĚĞƉĞŶĚĞŶƚƵŶŝƚƐ͘dŚĞKŝƐƉƌŝŵĂƌŝůLJƌĞƐƉŽŶƐŝďůĞŝŶ
ƐĞƚƚŝŶŐĂŶĚĚŝƌĞĐƚŝŶŐƚŚĞ'ƌŽƵƉ͛ƐĐŽŵƉůŝĂŶĐĞƉŽůŝĐLJ͕ŽǀĞƌƐĞĞŝŶŐŝƚƐŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚƌĞƐŽůǀŝŶŐĐŽŵƉůŝĂŶĐĞŝƐƐƵĞƐ
ĞdžƉĞĚŝƚŝŽƵƐůLJĂŶĚĞĨĨĞĐƚŝǀĞůLJ͘dŚĞ^ĞŶŝŽƌDĂŶĂŐĞŵĞŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌŵĂŶĂŐŝŶŐďĂŶŬĐŽŵƉůŝĂŶĐĞǁŚŝĐŚŝƐĂĐŚŝĞǀĞĚďLJ͗
;ĂͿĐŽŶƚŝŶƵŽƵƐůLJĂƐƐĞƐƐŝŶŐĐŽŵƉůŝĂŶĐĞĞĨĨĞĐƚŝǀĞŶĞƐƐĂŶĚĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ͖;ďͿƌĞĐŽŵŵĞŶĚŝŶŐĐŚĂŶŐĞƐŝŶƚŚĞĂŶŬ͛Ɛ
ĐŽŵƉůŝĂŶĐĞƉŽůŝĐLJ͕ĂƐŶĞĐĞƐƐĂƌLJ͖ĂŶĚ͕;ĐͿƚĂŬŝŶŐŝŵŵĞĚŝĂƚĞĂŶĚĂƉƉƌŽƉƌŝĂƚĞŵŝƚŝŐĂŶƚƐŽƌĐŽƌƌĞĐƚŝǀĞĂĐƚŝŽŶƐŝĨĂŶĚǁŚĞŶ
ĐŽŵƉůŝĂŶĐĞŝŶĐŝĚĞŶƚƐ͕ďƌĞĂĐŚĞƐ͕ƉĞŶĂůƚŝĞƐŽƌƐĂŶĐƚŝŽŶƐŽĐĐƵƌ͘dŚĞƌĞƉŽƌƚƐƌĞŐƵůĂƌůLJƚŽƚŚĞK͕ƚŚƌƵŝƚƐŽǀĞƌƐŝŐŚƚ
ĐŽŵŵŝƚƚĞĞƐŽŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĐŽŵƉůŝĂŶĐĞƉƌŽŐƌĂŵ͕ĂŶĚƚĂŬĞƐŶĞĐĞƐƐĂƌLJŵĞĂƐƵƌĞƐƚŽĞŶƐƵƌĞƚŚĂƚĂƐƐŽĐŝĂƚĞƐ
ŵĂŝŶƚĂŝŶƐƚƌŝĐƚĐŽŵƉůŝĂŶĐĞƚŽƌĞůĞǀĂŶƚůĂǁƐ͕ƌĞŐƵůĂƚŝŽŶƐ͕ƐƚĂŶĚĂƌĚƐĂŶĚƉƌĂĐƚŝĐĞƐ͘

dŚĞĂŶŬ͕ƚŚƌŽƵŐŚƚŚĞ͕ŝŵƉůĞŵĞŶƚƐĂƌŝƐŬͲďĂƐĞĚĐŽŵƉůŝĂŶĐĞƉƌŽŐƌĂŵĚĞƐŝŐŶĞĚƚŽŝĚĞŶƚŝĨLJ͕ŵŽŶŝƚŽƌĂŶĚŵĂŶĂŐĞŝƚƐ
ĐŽŵƉůŝĂŶĐĞŝƐƐƵĞƐĂŶĚĨŽƌƚŚĞ'ƌŽƵƉƚŽĂĐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞWŚŝůŝƉƉŝŶĞůĂǁƐ͕ƌĞůĂƚĞĚƌĞŐƵůĂƚŝŽŶƐĂŶĚƐƚĂŶĚĂƌĚƐ
ĂƐŵĂŶĚĂƚĞĚďLJƚŚĞ^W͕ƚŚĞW/͕ƚŚĞ^͕ĂŶĚŶƚŝͲDŽŶĞLJ>ĂƵŶĚĞƌŝŶŐŽƵŶĐŝů;D>Ϳ͘ƵƐĞƐƚŚĞĨŽůůŽǁŝŶŐŝŶŝƚŝĂƚŝǀĞƐƚŽ
ĞŶƐƵƌĞĐŽŵƉůŝĂŶĐĞƚŽƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͗

x /ŶƐƚŝƚƵƚŝŽŶĂůŝnjĞůĂǁƐƌĞŐƵůĂƚŝŽŶƐŝŶƚŚĞďĂŶŬƉƌŽĐĞƐƐĞƐ͕ĂƐŶĞĐĞƐƐĂƌLJ
x ĞǀĞůŽƉĂŶĚŝŵƉůĞŵĞŶƚĂƉƌŽŐƌĂŵƚŽĂƐƐĞƐƐĂŶĚŵŝƚŝŐĂƚĞĐŽŵƉůŝĂŶĐĞƌŝƐŬƐ
x ZĞŐƵůĂƌƌĞǀŝĞǁŽĨƉŽůŝĐLJĂŶĚƉƌŽĐĞƐƐƚĞƐƚŝŶŐŽĨďĂŶŬƵŶŝƚ͛ƐĂĚŚĞƌĞŶĐĞƚŽĐŽŵƉůŝĂŶĐĞ
x DŽŶŝƚŽƌĂŶĚƌĞƉŽƌƚŝĚĞŶƚŝĨŝĞĚĐŽŵƉůŝĂŶĐĞƌŝƐŬƐ

&ƵƌƚŚĞƌ͕ƵƚŝůŝnjĞƐĐŽŵƉůŝĂŶĐĞƚŽŽůƐƚŽƐƵƐƚĂŝŶ͕ŝŶĐƌĞĂƐĞĂŶĚŵĞĂƐƵƌĞƚŚĞĂƐƐŽĐŝĂƚĞƐ͛ŬŶŽǁůĞĚŐĞĂŶĚĂǁĂƌĞŶĞƐƐŽĨƌƵůĞƐ͕
ƌĞŐƵůĂƚŝŽŶƐ͕ŽƚŚĞƌůĂǁƐͬƉŽůŝĐŝĞƐŐŽǀĞƌŶŝŶŐƚŚĞŝƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĂŶĚĨƵŶĐƚŝŽŶƐ͕ƵƚŝůŝnjŝŶŐĂƵƚŽŵĂƚŝŽŶǁŚĞŶĂƉƉƌŽƉƌŝĂƚĞ͘^ĂŝĚ
ĐŽŵƉůŝĂŶĐĞƚŽŽůƐĐŽǀĞƌƚŚĞĨŽůůŽǁŝŶŐĂĐƚŝǀŝƚŝĞƐ͗

;ĂͿ /ŶĨŽƌŵŝŶŐƉƌŽĐĞƐƐʹƌĞŐƵůĂƌŶŽƚŝĨŝĐĂƚŝŽŶƚŚƌŽƵŐŚĞŵĂŝůͬƉŽƐƚŝŶŐƐŽĨƌĞŐƵůĂƚŽƌLJƌƵůĞƐ͕ƉƌŽǀŝĚŝŶŐĐŽŶƐƵůƚĂŶĐLJƚŽĂůůĂƐƐŽĐŝĂƚĞƐ

;ďͿ ŝŐĞƐƚŝŶŐ͕ƐƐĞƐƐŵĞŶƚĂŶĚDĞĂƐƵƌŝŶŐƉƌŽĐĞƐƐʹĚŝƐĐƵƐƐŝŽŶŽĨƌĞŐƵůĂƚŽƌLJŝƐƐƵĞƐǁŝƚŚĐŽŶĐĞƌŶĞĚĂƐƐŽĐŝĂƚĞƐ͕ĐŽŶĚƵĐƚŽĨ
ĚŝĂůŽŐƵĞƐ͕ƉƌŽǀŝĚĞĐůĂƌŝĨŝĐĂƚŝŽŶƐĂŶĚĨĞĞĚďĂĐŬƐ͕ŵŽŶŝƚŽƌŝŶŐĐƌŝƚŝĐĂůƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ

;ĐͿ dƌĂŝŶŝŶŐ͕ĚƵĐĂƚŝŽŶĂŶĚdĞƐƚŝŶŐƉƌŽĐĞƐƐʹƉƌŽǀŝĚĞĐŽŶƚŝŶƵŝŶŐƚƌĂŝŶŝŶŐƐŽŶƌĞŐƵůĂƚŝŽŶƐƚŽĂƐƐŽĐŝĂƚĞƐ͕ŝƐƐƵĂŶĐĞŽĨƌĞĨĞƌĞŶĐĞ
ŵĂƚĞƌŝĂůƐ͕ƚLJƉŽůŽŐŝĞƐ͕ĐŽŶĚƵĐƚŽĨŽĨĨͲƐŝƚĞͬŽŶͲƐŝƚĞƚĞƐƚŝŶŐ͕ĂŶĂƵƚŽŵĂƚĞĚƚĞƐƚŝŶŐƐLJƐƚĞŵĐĂůůĞĚƚŚĞŽŵƉůŝĂŶĐĞǁĂƌĞŶĞƐƐ
dĞƐƚ^LJƐƚĞŵ;d^Ϳ͕ƚŽĞǀĂůƵĂƚĞƚŚĞĚĞŐƌĞĞŽĨĂǁĂƌĞŶĞƐƐŽĨƚŚĞĂŶŬĂƐƐŽĐŝĂƚĞƐƚŽĞdžŝƐƚŝŶŐƌĞŐƵůĂƚŝŽŶƐ͘

ϰ͘ϭϭ ŶƚŝͲDŽŶĞLJ>ĂƵŶĚĞƌŝŶŐŽŶƚƌŽůƐ

dŚĞĐŽŶƚƌŽůƐ͕ƐƚƌĂƚĞŐŝĞƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐŝŶŶƚŝͲDŽŶĞLJ>ĂƵŶĚĞƌŝŶŐdĞƌƌŽƌŝƐƚ&ŝŶĂŶĐŝŶŐ;D>d&ͿĂƌĞĞŵďŽĚŝĞĚŝŶƚŚĞ
KͲĂƉƉƌŽǀĞĚhWDŽŶĞLJ>ĂƵŶĚĞƌŝŶŐWƌĞǀĞŶƚŝŽŶWƌŽŐƌĂŵ;D>WWͿǁŚŝĐŚŝƐĚƵůLJĂŵĞŶĚĞĚĂŶĚƵƉĚĂƚĞĚĂƐĂŶĚǁŚĞŶ
ŶĞĐĞƐƐĂƌLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌĞĐĞŶƚĚĞǀĞůŽƉŵĞŶƚƐĂŶĚĚŝƌĞĐƚŝǀĞƐ͘

dŚĞƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞD>ƉƌŽŐƌĂŵĨůŽǁĨƌŽŵƚŚĞKƚŚƌŽƵŐŚƚŚĞZĞůĂƚĞĚWĂƌƚLJŽŵŵŝƚƚĞĞ͕Ă
ďŽĂƌĚĐŽŵŵŝƚƚĞĞƚĂƐŬĞĚďLJƚŚĞKƚŽŽǀĞƌƐĞĞƚŚĞĂŶŬ͛ƐD>ŵĂƚƚĞƌƐ͕ŝŶĂĚĚŝƚŝŽŶƚŽŝƚƐŵĂŶĚĂƚĞŽĨŽǀĞƌƐĞĞŝŶŐƌĞůĂƚĞĚ
ƉĂƌƚLJƚƌĂŶƐĂĐƚŝŽŶƐŽĨƚŚĞĂŶŬĂŶĚƚŚĞĂŶŬD>ŽŵŵŝƚƚĞĞ;D>Ϳ͕ĂŵĂŶĂŐĞŵĞŶƚĐŽŵŵŝƚƚĞĞĐŽŵƉŽƐĞĚŽĨƐĞŶŝŽƌ
ŵĂŶĂŐĞŵĞŶƚŽĨĨŝĐĞƌƐ͘

dŚĞĐĞŶƚƌĂůŝŵƉůĞŵĞŶƚŝŶŐĂƌŵŝƐƚŚĞƚŚƌŽƵŐŚƚŚĞŵŽŶŝƚŽƌŝŶŐŽĨ<ŶŽǁͲzŽƵƌͲƵƐƚŽŵĞƌ;<zͿĂŶĚƚƌĂŶƐĂĐƚŝŽŶĂůĞƌƚƐǀŝĂƚŚĞ
ĂƐĞϲϬD>^LJƐƚĞŵ͖ŵŽŶƚŚůLJƌĞǀŝĞǁŽĨĂůĞƌƚĚŝƐƉŽƐŝƚŝŽŶƐ͕ĐŽǀĞƌĞĚĂŶĚůĂƌŐĞƚƌĂŶƐĂĐƚŝŽŶƐďLJĚĞĚŝĐĂƚĞĚD>ŽŵƉůŝĂŶĐĞ
KĨĨŝĐĞƌƐ͖ĂŶĚƉĞƌŝŽĚŝĐD>ĐŽŵƉůŝĂŶĐĞƚĞƐƚŝŶŐŽĨďƌĂŶĐŚĞƐͬƵŶŝƚƐďLJĂĚĞƐŝŐŶĂƚĞĚƚĞƐƚŝŶŐƚĞĂŵ͘dŚĞĨŝƌƐƚůŝŶĞŽĨĚĞĨĞŶƐĞŝŶ
D>d&ĂƌĞƚŚĞĨƌŽŶƚůŝŶĞƌƐƚŚƌŽƵŐŚĨĂĐĞͲƚŽͲĨĂĐĞĐŽŶƚĂĐƚ͕<zĂŶĚŵŽŶŝƚŽƌŝŶŐŽĨĐƵƐƚŽŵĞƌƚƌĂŶƐĂĐƚŝŽŶƐ͘


17 6 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ŽŵƉůŝĂŶĐĞŝŶD>d&ŝƐŝŶĚĞƉĞŶĚĞŶƚůLJƌĞǀŝĞǁĞĚƚŚƌŽƵŐŚƉĞƌŝŽĚŝĐĂƵĚŝƚƐďLJƚŚĞ/ĂŶĚƚƌĂŶƐĂĐƚŝŽŶƌĞǀŝĞǁƐďLJƚŚĞƌĂŶĐŚ
ĂŶŬŝŶŐ'ƌŽƵƉ͛Ɛ;'ͿƌĂŶĐŚKƉĞƌĂƚŝŽŶ^ƵƉƉŽƌƚĞƉĂƌƚŵĞŶƚ;K^Ϳ͘D>ĐŽŵƉůŝĂŶĐĞŝƐĂŬĞLJĨĂĐƚŽƌŝŶƚŚĞƉĞƌĨŽƌŵĂŶĐĞ
ĂƉƉƌĂŝƐĂůŽĨĂůůŽĨĨŝĐĞƌƐĂŶĚĂƐƐŽĐŝĂƚĞƐďĂŶŬǁŝĚĞ͕ĂŶĚĂŵĂũŽƌƐƚĂŶĚĂƌĚŝŶƚŚĞĂŶŬ͛ƐŽĚĞŽĨŽŶĚƵĐƚ͘

&ŽƌD>d&ͲƌĞůĂƚĞĚŽĨĨĞŶƐĞƐͬŝŶĚŝƐĐƌĞƚŝŽŶƐ͕ƚŚĞŽŵŵŝƚƚĞĞŽŶŵƉůŽLJĞĞŝƐĐŝƉůŝŶĞ;ͿĂŶĚƚŚĞ,Z'ƌŽƵƉ;,Z'Ϳ͕ĐŽŶĚƵĐƚ
ĚƵĞƉƌŽĐĞƐƐĂŶĚŝŵƉŽƐĞĂƉƉƌŽƉƌŝĂƚĞƉĞŶĂůƚŝĞƐĂŶĚƐĂŶĐƚŝŽŶƐ͘

ĐŽŶĚƵĐƚƐĐŽŶƚŝŶƵŝŶŐ͕ĐůĂƐƐƌŽŽŵͲƚLJƉĞD>ŽƌŝĞŶƚĂƚŝŽŶƚƌĂŝŶŝŶŐĨŽƌŶĞǁĞŵƉůŽLJĞĞƐ͕ƌĞĨƌĞƐŚĞƌĐŽƵƌƐĞƐĨŽƌĞdžŝƐƚŝŶŐ
ĂƐƐŽĐŝĂƚĞƐ͕ĂŶĚĨŽĐƵƐĞĚƚƌĂŝŶŝŶŐĨŽƌĨƵŶĐƚŝŽŶĂůƉŽƐŝƚŝŽŶƐĞ͘Ő͕͘^ĂůĞƐƐƐŽĐŝĂƚĞƐ͕^ĂůĞƐKĨĨŝĐĞƌƐ͕ƌĂŶĐŚDĂŶĂŐĞƌƐ͕ƌĂŶĐŚ
KƉĞƌĂƚŝŽŶKĨĨŝĐĞƌƐ͕ZĞŐŝŽŶ,ĞĂĚƐ͕dƌƵƐƚ͕dƌĞĂƐƵƌLJ͕>ĞĂƐŝŶŐ͕>ŽĂŶƐŽĨĨŝĐĞƌƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͘dŽĨƵƌƚŚĞƌƐƚƌĞŶŐƚŚĞŶD>
ĂǁĂƌĞŶĞƐƐ͕ĐŽŶĚƵĐƚƐƉĞƌŝŽĚŝĐƚĞƐƚŝŶŐŽĨĂůůĂƐƐŽĐŝĂƚĞƐƚŚƌŽƵŐŚƚŚĞŽŶͲůŝŶĞd^ĂŶĚƌĞůĞĂƐĞƐƚLJƉŽůŽŐŝĞƐ͕ƌĞŵŝŶĚĞƌƐĂƐ
ĂŶĚǁŚĞŶŶĞĐĞƐƐĂƌLJ͘


ϱ͘ W/d>DE'DEdK:d/s^͕WK>//^EWZKhZ^

dŚĞƉƌŝŵĂƌLJŽďũĞĐƚŝǀĞƐŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐĂƉŝƚĂůŵĂŶĂŐĞŵĞŶƚĂƌĞƚŽĞŶƐƵƌĞƚŚĂƚŝƚĐŽŵƉůŝĞƐǁŝƚŚ
ĞdžƚĞƌŶĂůůLJŝŵƉŽƐĞĚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚŝƚŵĂŝŶƚĂŝŶƐƐƚƌŽŶŐĐƌĞĚŝƚƌĂƚŝŶŐƐĂŶĚŚĞĂůƚŚLJĐĂƉŝƚĂůƌĂƚŝŽƐŝŶŽƌĚĞƌƚŽƐƵƉƉŽƌƚ
ŝƚƐďƵƐŝŶĞƐƐĂŶĚƚŽŵĂdžŝŵŝnjĞƐŚĂƌĞŚŽůĚĞƌƐ͛ǀĂůƵĞ͘

dŚĞ'ƌŽƵƉŵĂŶĂŐĞƐŝƚƐĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞĂŶĚŵĂŬĞƐĂĚũƵƐƚŵĞŶƚƐƚŽŝƚŝŶƚŚĞůŝŐŚƚŽĨĐŚĂŶŐĞƐŝŶĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐĂŶĚƚŚĞ
ƌŝƐŬĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨŝƚƐĂĐƚŝǀŝƚŝĞƐ͘/ŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶŽƌĂĚũƵƐƚƚŚĞĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞ͕ƚŚĞ'ƌŽƵƉŵĂLJĂĚũƵƐƚƚŚĞĂŵŽƵŶƚŽĨ
ĚŝǀŝĚĞŶĚƉĂLJŵĞŶƚƚŽƐŚĂƌĞŚŽůĚĞƌƐ͕ƌĞƚƵƌŶĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞ͕ŽƌŝƐƐƵĞĐĂƉŝƚĂůƐĞĐƵƌŝƚŝĞƐ͘EŽĐŚĂŶŐĞƐǁĞƌĞŵĂĚĞŝŶƚŚĞ
ŽďũĞĐƚŝǀĞƐ͕ƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞƐƐĞƐĨƌŽŵƚŚĞƉƌĞǀŝŽƵƐLJĞĂƌƐ͘

dŚĞďƌĞĂŬĚŽǁŶŽĨƚŚĞ'ƌŽƵƉ͛ƐƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƐƌĞƉŽƌƚĞĚƚŽƚŚĞ^WĨŽůůŽǁƐ
;ĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐͿ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ƌĞĚŝƚƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐ W ϭϵϲ͕ϴϲϯ W ϭϴϬ͕ϭϯϬ W ϭϳϴ͕ϱϯϵ W ϭϲϮ͕ϳϬϬ
 DĂƌŬĞƚƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐ  ϭ͕ϰϯϴ  ϯ͕ϯϳϭ  ϭ͕ϯϯϵ  ϯ͕ϯϰϵ
 KƉĞƌĂƚŝŽŶĂůƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐ  ϭϲ͕ϲϲϳ  ϭϰ͕ϴϮϱ  ϭϯ͕ϱϬϯ  ϭϭ͕ϴϴϵ

dŽƚĂůƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐ W Ϯϭϰ͕ϵϲϴ W ϭϵϴ͕ϯϮϲ W ϭϵϯ͕ϯϴϭ W ϭϳϳ͕ϵϯϴ

KŶKĐƚŽďĞƌϮϵ͕ϮϬϭϰ͕^WŝƐƐƵĞĚŝƌĐƵůĂƌEŽ͘ϴϱϰĂŵĞŶĚŝŶŐ^ƵďƐĞĐƚŝŽŶyϭϭϭ͘ϭŽĨƚŚĞDKZƌĞŐĂƌĚŝŶŐƚŚĞŵŝŶŝŵƵŵ
ĐĂƉŝƚĂůŝnjĂƚŝŽŶƌĞƋƵŝƌĞŵĞŶƚĂƉƉůŝĐĂďůĞĨŽƌƚŚĞĂŶŬ;ƵŶŝǀĞƌƐĂůďĂŶŬƐǁŝƚŚŵŽƌĞƚŚĂŶϭϬϬďƌĂŶĐŚĞƐͿĨƌŽŵWϮ͘ϰďŝůůŝŽŶƚŽ
WϮϬ͘ϬďŝůůŝŽŶĞĨĨĞĐƚŝǀĞEŽǀĞŵďĞƌϭϯ͕ϮϬϭϰ͘ĂŶŬƐǁŚŝĐŚĐŽŵƉůLJǁŝƚŚƚŚĞŶĞǁĐĂƉŝƚĂůůĞǀĞůƐƐŚĂůůƐƵďŵŝƚƚŽƚŚĞ^WĂ
ĐĞƌƚŝĨŝĐĂƚŝŽŶƚŽƚŚŝƐĞĨĨĞĐƚǁŝƚŚŝŶϯϬĐĂůĞŶĚĂƌĚĂLJƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞĞĨĨĞĐƚŝǀŝƚLJŽĨƚŚĞĐŝƌĐƵůĂƌǁŚŝůĞďĂŶŬƐǁŚŝĐŚĂƌĞŶŽƚ
ŵĞĞƚŝŶŐƚŚĞƌĞƋƵŝƌĞĚŵŝŶŝŵƵŵĐĂƉŝƚĂůŵƵƐƚƐƵďŵŝƚƚŽƚŚĞ^WĂŶĂĐĐĞƉƚĂďůĞĐĂƉŝƚĂůďƵŝůĚͲƵƉƉƌŽŐƌĂŵǁŝƚŚŝŶϭLJĞĂƌĨƌŽŵƚŚĞ
ĚĂƚĞŽĨĞĨĨĞĐƚŝǀŝƚLJŽĨƚŚĞĐŝƌĐƵůĂƌ͘

ϱ͘ϭ ZĞŐƵůĂƚŽƌLJYƵĂůŝĨLJŝŶŐĂƉŝƚĂů

hŶĚĞƌĞdžŝƐƚŝŶŐ^WƌĞŐƵůĂƚŝŽŶƐ͕ƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽŵƉůŝĂŶĐĞǁŝƚŚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐĂŶĚƌĂƚŝŽƐ
ŝƐďĂƐĞĚŽŶƚŚĞĂŵŽƵŶƚŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ͞ƵŶŝŵƉĂŝƌĞĚĐĂƉŝƚĂů͟;ƌĞŐƵůĂƚŽƌLJŶĞƚǁŽƌƚŚͿĂƐƌĞƉŽƌƚĞĚƚŽƚŚĞ^W͕ǁŚŝĐŚŝƐ
ĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƌĞŐƵůĂƚŽƌLJĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐǁŚŝĐŚĚŝĨĨĞƌĨƌŽŵW&Z^ƐŝŶƐŽŵĞƌĞƐƉĞĐƚƐ͘dŚĞĂŵŽƵŶƚŽĨƐƵƌƉůƵƐ
ĨƵŶĚƐĂǀĂŝůĂďůĞĨŽƌĚŝǀŝĚĞŶĚĚĞĐůĂƌĂƚŝŽŶŝƐĂůƐŽĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƌĞŐƵůĂƚŽƌLJŶĞƚǁŽƌƚŚĂĨƚĞƌĐŽŶƐŝĚĞƌŝŶŐĐĞƌƚĂŝŶ
ĂĚũƵƐƚŵĞŶƚƐ͘dŚĞ^WƐĞƚƐĂŶĚŵŽŶŝƚŽƌƐĐŽŵƉůŝĂŶĐĞƚŽŵŝŶŝŵƵŵĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ͘/ŶŝŵƉůĞŵĞŶƚŝŶŐ
ĐƵƌƌĞŶƚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͕^WŝƐƐƵĞĚŝƌĐƵůĂƌEŽ͘ϱϯϴǁŚŝĐŚŝŵƉůĞŵĞŶƚĞĚƚŚĞZĞǀŝƐĞĚZŝƐŬͲĂƐĞĚĂƉŝƚĂůĚĞƋƵĂĐLJ
&ƌĂŵĞǁŽƌŬƵŶĚĞƌĂƐĞů//ĞĨĨĞĐƚŝǀĞ:ƵůLJϭ͕ϮϬϬϳ͘/ƚƌĞƋƵŝƌĞƐƚŚĞWĂƌĞŶƚĂŶŬƚŽŵĂŝŶƚĂŝŶĂƉƌĞƐĐƌŝďĞĚƌŝƐŬͲďĂƐĞĚĐĂƉŝƚĂů
ĂĚĞƋƵĂĐLJƌĂƚŝŽ;ĞdžƉƌĞƐƐĞĚĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨƋƵĂůŝĨLJŝŶŐĐĂƉŝƚĂůƚŽƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐͿŽĨŶŽƚůĞƐƐƚŚĂŶϭϬ͘Ϭй͘dŚĞWĂƌĞŶƚ
ĂŶŬŝƐĂůƐŽƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶĂŵŝŶŝŵƵŵdŝĞƌϭĐĂƉŝƚĂůƌĂƚŝŽŽĨϲ͘Ϭй͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 17 7
 dŚĞWĂƌĞŶƚĂŶŬ͛ƐZZ͕ĂƐƐƵďŵŝƚƚĞĚƚŽƚŚĞ^WĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƌĞƐŚŽǁŶŝŶƚŚĞƚĂďůĞďĞůŽǁ
;ĂŵŽƵŶƚƐŝŶŵŝůůŝŽŶƐͿ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 dŝĞƌϭĐĂƉŝƚĂů W ϭϴ͕ϳϲϱ  W ϭϴ͕ϴϴϰ W ϭϴ͕ϳϬϭ W ϭϴ͕ϴϭϮ
 dŝĞƌϮĐĂƉŝƚĂů  ϭ͕ϵϯϬ  ϭ͕ϲϳϵ  ϭ͕ϳϱϵ  ϭ͕ϱϭϵ
 'ƌŽƐƐƋƵĂůŝĨLJŝŶŐĐĂƉŝƚĂů  ϮϬ͕ϲϵϱ  ϮϬ͕ϱϲϯ  ϮϬ͕ϰϲϬ  ϮϬ͕ϯϯϭ
 ZĞƋƵŝƌĞĚĚĞĚƵĐƚŝŽŶƐ  ϭ͕ϴϬϴ  ϭ͕ϯϱϬ  ϱ͕ϳϬϬ  ϱ͕ϱϵϯ

dŽƚĂůƋƵĂůŝĨLJŝŶŐĐĂƉŝƚĂů W ϭϴ͕ϴϴϳ W ϭϵ͕Ϯϭϯ W ϭϰ͕ϳϲϬ W ϭϰ͕ϳϯϴ

dŽƚĂůƌŝƐŬͲǁĞŝŐŚƚĞĚĂƐƐĞƚƐ W Ϯϭϰ͕ϵϲϴ W ϭϵϴ͕ϯϮϲ W ϭϵϯ͕ϯϴϭ W ϭϳϳ͕ϵϯϴ

 dŝĞƌϭĐĂƉŝƚĂůƌĂƚŝŽ  ϴ͘Ϭϰй   ϵ͘Ϭϭй   ϳ͘ϲϯй   ϴ͘Ϯϴй 
 dŽƚĂůĐĂƉŝƚĂůƌĂƚŝŽ  ϴ͘ϳϵй   ϵ͘ϲϵй   ϳ͘ϲϯй   ϴ͘Ϯϴй 

dŚĞƌĞŐƵůĂƚŽƌLJƋƵĂůŝĨLJŝŶŐĐĂƉŝƚĂůŽĨƚŚĞ'ƌŽƵƉĂŶĚŽĨƚŚĞWĂƌĞŶƚĂŶŬĐŽŶƐŝƐƚƐŽĨdŝĞƌϭ;ĐŽƌĞͿĂŶĚdŝĞƌϮ;ƐƵƉƉůĞŵĞŶƚĂƌLJͿ
ĐĂƉŝƚĂů͘dŝĞƌϭĐĂƉŝƚĂůŝƐĐŽŵƉƌŝƐĞĚŽĨĐŽŵŵŽŶƐƚŽĐŬ͕ĂƉŝƚĂůEŽƚĞƐĂŶĚƐƵƌƉůƵƐ;ĚĞĨŝĐŝƚͿŝŶĐůƵĚŝŶŐĐƵƌƌĞŶƚLJĞĂƌƉƌŽĨŝƚĂŶĚ
ƐƵƌƉůƵƐƌĞƐĞƌǀĞƐůĞƐƐƌĞƋƵŝƌĞĚĚĞĚƵĐƚŝŽŶƐƐƵĐŚĂƐhsZ͘dŝĞƌϮĐŽŵƉŽƐĞĚƵƉƉĞƌƚŝĞƌϮĂŶĚůŽǁĞƌƚŝĞƌϮ͘hƉƉĞƌdŝĞƌϮĐŽŶƐŝƐƚƐ
ŽĨƉƌĞĨĞƌƌĞĚƐƚŽĐŬ͕ƌĞǀĂůƵĂƚŝŽŶŝŶĐƌĞŵĞŶƚƌĞƐĞƌǀĞ͕ŐĞŶĞƌĂůůŽĂŶůŽƐƐƉƌŽǀŝƐŝŽŶĂŶĚĚĞƉŽƐŝƚĨŽƌĐŽŵŵŽŶƐƚŽĐŬƐƵďƐĐƌŝƉƚŝŽŶ͘
>ŽǁĞƌƚŝĞƌϮĐŽŶƐŝƐƚƐŽĨƚŚĞƵŶƐĞĐƵƌĞĚƐƵďŽƌĚŝŶĂƚĞĚĚĞďƚ͘

^WŝƌĐƵůĂƌϱϲϬĚĂƚĞĚ:ĂŶƵĂƌLJϯϭ͕ϮϬϬϳ͕ǁŚŝĐŚƚŽŽŬĞĨĨĞĐƚŽŶ&ĞďƌƵĂƌLJϮϮ͕ϮϬϬϳ͕ƌĞƋƵŝƌĞƐƚŚĞĚĞĚƵĐƚŝŽŶŽĨƵŶƐĞĐƵƌĞĚůŽĂŶƐ͕
ŽƚŚĞƌĐƌĞĚŝƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐĂŶĚŐƵĂƌĂŶƚĞĞƐŐƌĂŶƚĞĚƚŽƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂĨĨŝůŝĂƚĞƐĨƌŽŵĐĂƉŝƚĂůĂĐĐŽƵŶƚƐĨŽƌƉƵƌƉŽƐĞƐŽĨ
ĐŽŵƉƵƚŝŶŐZ͘

ϱ͘Ϯ ^>///

KŶ:ĂŶƵĂƌLJϭϱ͕ϮϬϭϯ͕ƚŚĞ^WŝƐƐƵĞĚŝƌĐƵůĂƌϳϴϭ͕ǁŚŝĐŚĐŽŶƚĂŝŶƐƚŚĞƌĞǀŝƐĞĚƌŝƐŬͲďĂƐĞĚĐĂƉŝƚĂůĂĚĞƋƵĂĐLJĨƌĂŵĞǁŽƌŬĨŽƌƚŚĞ
WŚŝůŝƉƉŝŶĞĂŶŬŝŶŐƐLJƐƚĞŵŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƐĞů///ƐƚĂŶĚĂƌĚƐ͘dŚĞƐĂŝĚŝƌĐƵůĂƌƚŽŽŬĞĨĨĞĐƚŽŶ:ĂŶƵĂƌLJϭ͕ϮϬϭϰ͘dŚĞ
ĨŽůůŽǁŝŶŐĂƌĞƚŚĞƌĞǀŝƐĞĚŵŝŶŝŵƵŵĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌhƐĂŶĚ<ƐĂŶĚƚŚĞŝƌƐƵďƐŝĚŝĂƌLJďĂŶŬƐĂŶĚƋƵĂƐŝͲďĂŶŬƐ;YƐͿ͗

x ϲ͘ϬйŽŵŵŽŶƋƵŝƚLJdŝĞƌϭ;dϭͿͬZŝƐŬͲtĞŝŐŚƚĞĚƐƐĞƚƐ;ZtƐͿ͖
x ϳ͘ϱйdŝĞƌϭĂƉŝƚĂůͬZtƐ͖ĂŶĚ͕
x ϭϬ͘ϬйdŽƚĂůYƵĂůŝĨLJŝŶŐĂƉŝƚĂů;dŝĞƌϭƉůƵƐdŝĞƌϮͿͬZtƐ͘

dŚĞYƵĂůŝĨLJŝŶŐĂƉŝƚĂůŵƵƐƚĐŽŶƐŝƐƚŽĨƚŚĞƐƵŵŽĨƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͕ŶĞƚŽĨƌĞƋƵŝƌĞĚĚĞĚƵĐƚŝŽŶƐ͗dŝĞƌϭͲ͚ŐŽŝŶŐĐŽŶĐĞƌŶ͛
΀;dϭͿƉůƵƐĚĚŝƚŝŽŶĂůdŝĞƌϭ;dϭͿ΁ĂŶĚdŝĞƌϮͲ͚ŐŽŶĞĐŽŶĐĞƌŶ͛͘ďĂŶŬͬƋƵĂƐŝͲďĂŶŬŵƵƐƚĞŶƐƵƌĞƚŚĂƚĂŶLJĐŽŵƉŽŶĞŶƚŽĨ
ĐĂƉŝƚĂůŝŶĐůƵĚĞĚŝŶƋƵĂůŝĨLJŝŶŐĐĂƉŝƚĂůĐŽŵƉůŝĞƐǁŝƚŚĂůůƚŚĞĞůŝŐŝďŝůŝƚLJĐƌŝƚĞƌŝĂĨŽƌƚŚĞƉĂƌƚŝĐƵůĂƌĐĂƚĞŐŽƌLJŽĨĐĂƉŝƚĂůŝŶǁŚŝĐŚŝƚŝƐ
ŝŶĐůƵĚĞĚ͘dŚĞŝƌĐƵůĂƌĨƵƌƚŚĞƌĚĞƐĐƌŝďĞƐƚŚĞĞůĞŵĞŶƚƐͬĐƌŝƚĞƌŝĂƚŚĂƚĂĚŽŵĞƐƚŝĐďĂŶŬƐŚŽƵůĚŵĞĞƚĨŽƌĞĂĐŚĐĂƉŝƚĂůĐĂƚĞŐŽƌLJ͘
ZĞŐƵůĂƚŽƌLJĂĚũƵƐƚŵĞŶƚƐĂŶĚĐĂůĐƵůĂƚŝŽŶŐƵŝĚĞůŝŶĞƐĨŽƌĞĂĐŚĐĂƉŝƚĂůĐĂƚĞŐŽƌLJĂƌĞĂůƐŽĚŝƐĐƵƐƐĞĚ͘

/ŶĐŽŶĨŽƌŵŝƚLJǁŝƚŚƚŚĞĂƐĞů///ƐƚĂŶĚĂƌĚƐ͕ĂĂƉŝƚĂůŽŶƐĞƌǀĂƚŝŽŶƵĨĨĞƌ;ͿŽĨϮ͘ϱйŽĨZtƐ͕ĐŽŵƉƌŝƐĞĚŽĨdϭĐĂƉŝƚĂů͕
ŚĂƐďĞĞŶƌĞƋƵŝƌĞĚŽĨhͬ<ƐĂŶĚƚŚĞŝƌƐƵďƐŝĚŝĂƌLJďĂŶŬƐĂŶĚƋƵĂƐŝͲďĂŶŬƐ͘dŚŝƐďƵĨĨĞƌŝƐŵĞĂŶƚƚŽƉƌŽŵŽƚĞƚŚĞĐŽŶƐĞƌǀĂƚŝŽŶŽĨ
ĐĂƉŝƚĂůĂŶĚďƵŝůĚƵƉŽĨĂĚĞƋƵĂƚĞĐƵƐŚŝŽŶƚŚĂƚĐĂŶďĞĚƌĂǁŶĚŽǁŶďLJďĂŶŬƐƚŽĂďƐŽƌďůŽƐƐĞƐĚƵƌŝŶŐĨŝŶĂŶĐŝĂůĂŶĚĞĐŽŶŽŵŝĐ
ƐƚƌĞƐƐ͘dŚĞƌĞƐƚƌŝĐƚŝŽŶƐŽŶĚŝƐƚƌŝďƵƚŝŽŶƚŚĂƚĂďĂŶŬŵƵƐƚŵĞĞƚĂƚǀĂƌŝŽƵƐůĞǀĞůƐŽĨdϭĐĂƉŝƚĂůƌĂƚŝŽƐĂƌĞĞƐƚĂďůŝƐŚĞĚ͕ĂƐ
ƐŚŽǁŶŝŶďĞůŽǁƚĂďůĞ͘

ZĞƐƚƌŝĐƚŝŽŶƐǁŝůůďĞŝŵƉŽƐĞĚŝĨĂďĂŶŬŚĂƐŶŽƉŽƐŝƚŝǀĞĞĂƌŶŝŶŐƐ͕ŚĂƐdϭŽĨŶŽƚŵŽƌĞƚŚĂŶϴ͘ϱй΀ŽŵŵŽŶƋƵŝƚLJdŝĞƌ;dͿ
ZĂƚŝŽŽĨϲйƉůƵƐĐŽŶƐĞƌǀĂƚŝŽŶďƵĨĨĞƌŽĨϮ͘ϱй΁ĂŶĚŚĂƐŶŽƚĐŽŵƉůŝĞĚǁŝƚŚƚŚĞŵŝŶŝŵƵŵϭϬйZ͘

  >ĞǀĞůŽĨdϭĐĂƉŝƚĂů   ZĞƐƚƌŝĐƚŝŽŶŽŶŝƐƚƌŝďƵƚŝŽŶƐ 

  фϲ͘Ϭ  EŽĚŝƐƚƌŝďƵƚŝŽŶ
  ϲ͘ϬйͲϳ͘Ϯϱй  EŽĚŝƐƚƌŝďƵƚŝŽŶƵŶƚŝůŵŽƌĞƚŚĂŶϳ͘ϮϱйdϭĐĂƉŝƚĂůŝƐŵĞƚ
  хϳ͘ϮϱйͲϴ͘ϱй  ϱϬйŽĨĞĂƌŶŝŶŐƐŵĂLJďĞĚŝƐƚƌŝďƵƚĞĚ
  хϴ͘ϱй  EŽƌĞƐƚƌŝĐƚŝŽŶŽŶƚŚĞĚŝƐƚƌŝďƵƚŝŽŶ

17 8 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

KŶƉƌŝůϭϰ͕ϮϬϭϰ͕ƚŚĞWĂƌĞŶƚĂŶŬƌĞƋƵĞƐƚĞĚĐŽŶĨŝƌŵĂƚŝŽŶĨƌŽŵƚŚĞ^WƚŚĂƚĐŽŵƉůŝĂŶĐĞďLJhWŽŶZƌĞƋƵŝƌĞŵĞŶƚƐǁŝůů
ďĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞƌĞŚĂďŝůŝƚĂƚŝŽŶƉĂƌĂŵĞƚĞƌƐƵŶƚŝůϮϬϭϴ͘

KŶDĂLJϮϯ͕ϮϬϭϰ͕ƚŚĞDŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϴϮϮĂƉƉƌŽǀĞĚƚŚĞĨŽůůŽǁŝŶŐƵŶƚŝůϮϬϭϴ͗

;ĂͿ džĞŵƉƚŝŽŶĨƌŽŵĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂƐĞů///ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚĂŶĚƚŽĐŽŶƚŝŶƵĞĐĂƉŝƚĂůĐŽŵƉůŝĂŶĐĞƵŶĚĞƌƚŚĞĂƐĞů//
ŐƵŝĚĞůŝŶĞƐ͖

;ďͿ ŽŶƚŝŶƵĞƚŚĞĨŽůůŽǁŝŶŐƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨƐŐƌĂŶƚĞĚƉƵƌƐƵĂŶƚƚŽhW͛ƐϭϬͲLJĞĂƌƌĞŚĂďŝůŝƚĂƚŝŽŶƉůĂŶ͗

x ZĞĐŽŐŶŝƚŝŽŶŽĨŝŶƚĞƌŝŵd/ZϭĐĂƉŝƚĂůŽĨƚŚĞWϭϮ͘ϬďŝůůŝŽŶĂƉŝƚĂůEŽƚĞƐŝƐƐƵĞĚƚŽƚŚĞW/ĂƐůŽŶŐĂƐƚŚĞŶŽƚĞƐĂƌĞ
ŽƵƚƐƚĂŶĚŝŶŐĂŶĚŚĞůĚďLJW/͖

x ^ƚĂŐŐĞƌĞĚŬŝŶŐŽĨƚŚĞƌĞŵĂŝŶŝŶŐhsZͬ>͖ĂŶĚ͕

x dŽƌĞŵĂŝŶĂƐĂŐŽǀĞƌŶŵĞŶƚĚĞƉŽƐŝƚŽƌLJďĂŶŬ͕ƐƵďũĞĐƚƚŽĐŽŵƉůŝĂŶĐĞǁŝƚŚĂƉƉůŝĐĂďůĞƌĞŐƵůĂƚŝŽŶƐŽĨƚŚĞ
ĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞ͘

;ĐͿ ůůŽǁƵƉĚĂƚŝŶŐŽĨŝƚƐƌĞŵĂŝŶŝŶŐhsZͬ>ƵƐŝŶŐƚŚĞŽƵƚƐƚĂŶĚŝŶŐWϭϴ͘ϲďŝůůŝŽŶďĂůĂŶĐĞďĂƐĞĚŽŶŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĂƚŝŽŶďLJ
ĂƉƌŽĨĞƐƐŝŽŶĂůĨŝƌŵ͕ƚŽďĞĂŵŽƌƚŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐ;ϮϬϭϰƚŽϮϬϭϴͿ͖ĂŶĚ͕

;ĚͿ džĞŵƉƚŝŽŶĨƌŽŵƚŚĞƌĞƋƵŝƌĞŵĞŶƚ͕ĂƐĂƵŶŝǀĞƌƐĂůďĂŶŬ͕ƚŽůŝƐƚŝƚƐƐŚĂƌĞƐŝŶƚŚĞW^͘

/Ŷ:ƵŶĞϮϲ͕ϮϬϭϱ͕ƚŚĞDĨƵƌƚŚĞƌĂƉƉƌŽǀĞĚ͕ŝŶŝƚƐƌĞƐŽůƵƚŝŽŶEŽ͘ϭϬϮϬ͕ƚŚĞĨŽůůŽǁŝŶŐĂĚĚŝƚŝŽŶĂůƌĞŐƵůĂƚŽƌLJƌĞůŝĞĨƐ͗

;ĂͿ džĐůƵƐŝŽŶŽĨƚŚĞ͞ƌŝƐŬĨƌĞĞ͟ŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕ĞĂƌŶĞĚĨƌŽŵƚŚĞŝŶĐŽŵĞƐƵƉƉŽƌƚĨĂĐŝůŝƚLJ͕ĨƌŽŵƚŚĞĐĂůĐƵůĂƚŝŽŶŽĨŐƌŽƐƐ
ŝŶĐŽŵĞƚŚĂƚŝƐƐƵďũĞĐƚƚŽŽƉĞƌĂƚŝŽŶĂůƌŝƐŬĐĂƉŝƚĂůĐŚĂƌŐĞ͖

;ďͿ džƚĞŶƐŝŽŶƵƉƚŽϮϬϭϴŽĨƚŚĞDĂƉƉƌŽǀĂůƵŶĚĞƌZĞƐŽůƵƚŝŽŶEŽ͘ϳϱϵĚĂƚĞĚDĂLJϵ͕ϮϬϭϯ͕ĂůůŽǁŝŶŐƚŚĞďĂŶŬƚŽĐŚĂƌŐĞƚŚĞ
ĂŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂŐĂŝŶƐƚƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͕ŝŶƐƚĞĂĚŽĨĐƵƌƌĞŶƚ
ŽƉĞƌĂƚŝŽŶƐ͖ĂŶĚ͕

;ĐͿ /ŶĐůƵƐŝŽŶŽĨůŽĂŶƐŽĨWϯ͘ϴďŝůůŝŽŶƌĞƚƵƌŶĞĚďLJƚŚĞW/ĂƐƉĂƌƚŽĨƚŚĞ͞KůĚĂŶŬ͟ƚŚĂƚĂůůŽǁƐƌĞĂůůŽĐĂƚŝŽŶŽĨĞdžĐĞƐƐ
ǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐǁŝƚŚŝŶƚŚĞƉŽŽůŽĨ͞KůĚĂŶŬ͟ĂƐƐĞƚƐƚŽƚŚĞĂƐƐĞƚƐƌĞƚƵƌŶĞĚďLJW/͘

KŶ:ƵŶĞϮϳ͕ϮϬϭϰ͕ƚŚĞ^WŝƐƐƵĞĚŝƌĐƵůĂƌEŽ͘ϴϯϵ͕ZĞĂůƐƚĂƚĞ^ƚƌĞƐƐdĞƐƚ;Z^dͿ>ŝŵŝƚĨŽƌZĞĂůƐƚĂƚĞdžƉŽƐƵƌĞƐ͕ǁŚŝĐŚ
ƉƌŽǀŝĚĞƐƚŚĞŝŵƉůĞŵĞŶƚŝŶŐŐƵŝĚĞůŝŶĞƐŽŶƚŚĞƉƌƵĚĞŶƚŝĂůZ^důŝŵŝƚĨŽƌƵŶŝǀĞƌƐĂů͕ĐŽŵŵĞƌĐŝĂů͕ĂŶĚƚŚƌŝĨƚďĂŶŬƐŽŶƚŚĞŝƌ
ĂŐŐƌĞŐĂƚĞƌĞĂůĞƐƚĂƚĞĞdžƉŽƐƵƌĞƐ͘dŚĞƉƌƵĚĞŶƚŝĂůZ^důŝŵŝƚƐ͕ǁŚŝĐŚƐŚĂůůďĞĐŽŵƉůŝĞĚǁŝƚŚĂƚĂůůƚŝŵĞƐĂƌĞϲ͘ϬйŽĨdϭĂŶĚ
ϭϬ͘ϬйƌŝƐŬͲďĂƐĞĚĐĂƉŝƚĂůĂĚĞƋƵĂĐLJƌĂƚŝŽ͕ŽŶĂƐŽůŽĂŶĚĐŽŶƐŽůŝĚĂƚĞĚďĂƐŝƐ͕ƵŶĚĞƌĂƉƌĞƐĐƌŝďĞĚǁƌŝƚĞͲŽĨĨƌĂƚĞ͘


 

U C P B 2 0 1 7 A N N U A L R E P O R T 17 9
 ϲ͘ d'KZ/^EK&&^dd/E'K&&/EE/>^^d^E&/EE/>>//>/d/^

ϲ͘ϭ ĂƌƌLJŝŶŐŵŽƵŶƚƐĂŶĚ&ĂŝƌsĂůƵĞƐďLJĂƚĞŐŽƌLJ

dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂŶĚĨĂŝƌǀĂůƵĞƐŽĨƚŚĞĐĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐ
ŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƌĞƐŚŽǁŶďĞůŽǁ͘

     'ƌŽƵƉ     
   ϮϬϭϳ     ϮϬϭϲ  
  ĂƌƌLJŝŶŐ      ĂƌƌLJŝŶŐ    
  EŽƚĞƐ   ŵŽƵŶƚ   &ĂŝƌsĂůƵĞƐ   ŵŽƵŶƚ   &ĂŝƌsĂůƵĞƐ 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
>ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ ϵ W ϲ͕ϯϯϯ͕ϱϲϯ W ϲ͕ϯϯϯ͕ϱϲϯ W ϱ͕ϵϭϵ͕ϳϲϯ W ϱ͕ϵϭϵ͕ϳϲϯ
ƵĞĨƌŽŵ^W ϵ  ϰϴ͕ϲϭϬ͕Ϭϵϲ  ϰϴ͕ϲϭϬ͕Ϭϵϲ  ϱϬ͕ϴϬϴ͕ϴϵϭ  ϱϬ͕ϴϬϴ͕ϴϵϭ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ ϵ  ϰ͕ϱϲϳ͕ϴϱϱ  ϰ͕ϱϲϳ͕ϴϱϱ  ϳ͕Ϯϳϲ͕ϲϱϯ  ϳ͕Ϯϳϲ͕ϲϱϯ
/ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐ
 ĂŶĚ^WhZ ϭϬ  ϳ͕ϭϯϬ͕ϳϯϱ  ϳ͕ϭϯϬ͕ϳϯϱ  ϭϱ͕ϴϬϲ͕ϯϱϯ  ϭϱ͕ϴϬϲ͕ϯϱϯ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐʹŐƌŽƐƐ ϭϮ  ϭϳϰ͕ϴϱϰ͕ϳϲϳ  ϭϳϰ͕ϴϱϰ͕ϳϲϳ  ϭϱϲ͕Ϯϲϴ͕ϭϬϴ  ϭϱϲ͕Ϯϲϴ͕ϭϬϴ
KƚŚĞƌĂƐƐĞƚƐ ϭϲ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϬ͕ϵϰϵ  Ϯ͕ϰϬϬ͕ϵϰϵ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW> ϭϭ͘ϭ  ϭ͕ϱϳϴ͕ϰϵϲ  ϭ͕ϱϳϴ͕ϰϵϲ  Ϯ͕ϴϴϵ͕ϰϵϲ  Ϯ͕ϴϴϵ͕ϰϵϲ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϭ͘Ϯ  ϯϭ͕Ϭϱϲ͕ϯϬϭ  ϯϭ͕Ϭϱϲ͕ϯϬϭ  ϭϴ͕Ϭϰϰ͕Ϭϰϴ  ϭϴ͕Ϭϰϰ͕Ϭϰϴ
,dDŝŶǀĞƐƚŵĞŶƚƐ ϭϭ͘ϯ  Ϯϳ͕ϴϬϭ͕ϭϬϰ  Ϯϴ͕Ϯϱϵ͕ϳϱϲ  Ϯϳ͕ϳϴϯ͕ϰϵϰ  Ϯϵ͕ϱϭϭ͕Ϭϯϱ

 W ϯϬϰ͕ϯϯϰ͕ϭϵϲ W ϯϬϰ͕ϳϵϮ͕ϴϰϴ W Ϯϴϳ͕ϭϵϳ͕ϳϱϱ W Ϯϴϴ͕ϵϮϱ͕Ϯϵϲ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗ ϭϴ 
 ĞŵĂŶĚ W ϰϴ͕ϴϯϯ͕ϰϲϲ W ϰϴ͕ϴϯϯ͕ϰϲϲ W ϰϮ͕ϳϴϱ͕ϯϮϱ W ϰϮ͕ϳϴϱ͕ϯϮϱ
 ^ĂǀŝŶŐƐ  ϭϱϬ͕ϭϱϲ͕Ϭϱϳ  ϭϱϬ͕ϭϱϲ͕Ϭϱϳ  ϭϱϰ͕ϲϴϮ͕ϱϴϬ  ϭϱϰ͕ϲϴϮ͕ϱϴϬ
 dŝŵĞ  ϳϵ͕ϵϰϯ͕ϱϲϵ  ϳϵ͕ϵϰϯ͕ϱϲϵ  ϲϲ͕Ϯϳϰ͕Ϭϴϭ  ϲϲ͕Ϯϳϰ͕Ϭϴϭ
 >dE  Ͳ   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ  ϭ͕ϴϰϳ͕ϲϯϮ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ ϭϵ  ϲ͕ϴϬϬ͕ϴϴϳ  ϲ͕ϴϬϬ͕ϴϴϳ  ϵ͕ϭϳϲ͕ϵϬϵ  ϵ͕ϭϳϲ͕ϵϬϵ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
 ŽƚŚĞƌĞdžƉĞŶƐĞƐ ϮϬ  ϵϲϱ͕ϰϳϮ  ϵϲϱ͕ϰϳϮ  ϲϮϰ͕ϴϵϬ  ϲϮϰ͕ϴϵϬ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗ Ϯϭ
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  ϳ͕ϭϬϭ͕ϵϰϭ  ϳ͕ϭϬϭ͕ϵϰϭ  ϲ͕ϲϯϱ͕ϴϳϵ  ϲ͕ϲϯϱ͕ϴϳϵ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  ϰ͕ϱϱϴ͕ϯϰϴ  ϰ͕ϱϱϴ͕ϯϰϴ   ϱ͕ϭϵϯ   ϱ͕ϭϵϯ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ϯ͕ϲϰϵ͕ϱϯϲ  Ϯ͕ϲϰϵ͕ϱϯϲ  Ϯ͕ϯϭϲ͕Ϯϭϯ  Ϯ͕ϯϭϲ͕Ϯϭϯ
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ϯ͕Ϯϳϵ͕ϭϲϵ  Ϯ͕Ϯϳϵ͕ϭϲϵ  ϯ͕ϰϰϭ͕ϰϳϭ  ϯ͕ϰϰϭ͕ϰϳϭ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ϯ͕ϭϭϭ͕ϲϴϴ  Ϯ͕ϭϭϭ͕ϲϴϴ  Ϯ͕Ϭϰϰ͕ϵϯϱ  Ϯ͕Ϭϰϰ͕ϵϯϱ
 ƵĞƚŽW/  Ϯϳϴ͕ϬϴϬ  Ϯϳϴ͕ϬϴϬ  Ϯϱϴ͕ϯϰϴ  Ϯϱϴ͕ϯϰϴ
 ĞƉŽƐŝƚƐŽŶůĞĂƐĞĐŽŶƚƌĂĐƚƐ  Ϯϱϯ͕Ϯϳϭ  Ϯϱϯ͕Ϯϳϭ  Ϯϵϯ͕ϯϴϭ  Ϯϵϯ͕ϯϴϭ
 >ŝĂďŝůŝƚLJĨŽƌƐŚŽƌƚƉŽƐŝƚŝŽŶ  Ϯϰϱ͕ϰϲϭ  Ϯϰϱ͕ϰϲϭ  Ͳ   Ͳ  
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ
  WŚŝůŝƉƉŝŶĞƐ  ϭϮϱ͕ϴϯϭ  ϭϮϱ͕ϴϯϭ  ϭϬϬ͕ϴϬϬ  ϭϬϬ͕ϴϬϬ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ  ϳϲ͕ϯϯϳ  ϳϲ͕ϯϯϳ  ϱ͕ϲϲϴ  ϱ͕ϲϲϴ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  ϰϵ͕ϳϰϱ  ϰϵ͕ϳϰϱ  ϭϳϱ͕ϰϮϱ  ϭϳϱ͕ϰϮϱ
 DŝƐĐĞůůĂŶĞŽƵƐ  ϭϯϵ͕ϵϳϬ  ϭϯϵ͕ϵϳϬ  ϯϯϵ͕Ϯϰϰ  ϯϯϵ͕Ϯϰϰ

  W ϯϬϲ͕ϱϲϴ͕ϴϮϴ W ϯϬϲ͕ϱϲϴ͕ϴϮϴ W Ϯϵϭ͕ϬϬϳ͕ϵϳϰ W Ϯϵϭ͕ϬϬϳ͕ϵϳϰ
 

180 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

     WĂƌĞŶƚĂŶŬ     
   ϮϬϭϳ     ϮϬϭϲ  
  ĂƌƌLJŝŶŐ      ĂƌƌLJŝŶŐ    
  EŽƚĞƐ   ŵŽƵŶƚ   &ĂŝƌsĂůƵĞƐ   ŵŽƵŶƚ   &ĂŝƌsĂůƵĞƐ 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
>ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗
ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ ϵ W ϱ͕ϵϮϬ͕ϰϳϭ W ϱ͕ϵϮϬ͕ϰϳϭ W ϱ͕ϱϮϴ͕ϰϵϮ W ϱ͕ϱϮϴ͕ϰϵϮ
ƵĞĨƌŽŵ^W ϵ  ϰϳ͕ϯϬϱ͕ϴϬϵ  ϰϳ͕ϯϬϱ͕ϴϬϵ  ϰϵ͕ϱϮϬ͕ϰϮϬ  ϰϵ͕ϱϮϬ͕ϰϮϬ
ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ ϵ  ϰ͕ϰϮϮ͕ϳϰϵ  ϰ͕ϰϮϮ͕ϳϰϵ  ϳ͕ϭϵϯ͕ϴϯϭ  ϳ͕ϭϵϯ͕ϴϯϭ
/ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐ
 ĂŶĚ^WhZ ϭϬ  ϳ͕ϭϯϬ͕ϳϯϱ  ϳ͕ϭϯϬ͕ϳϯϱ  ϭϱ͕ϱϭϬ͕ϱϬϳ  ϭϱ͕ϱϭϬ͕ϱϬϳ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐʹŐƌŽƐƐ ϭϮ  ϭϱϲ͕ϭϳϲ͕ϱϵϭ  ϭϱϲ͕ϭϳϲ͕ϱϵϭ  ϭϯϴ͕Ϯϭϭ͕ϱϰϴ  ϭϯϴ͕Ϯϭϭ͕ϱϰϴ
KƚŚĞƌĂƐƐĞƚƐ ϭϲ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϬ͕ϵϰϵ  Ϯ͕ϰϬϬ͕ϵϰϵ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW> ϭϭ͘ϭ  ϭ͕ϯϱϴ͕ϮϬϴ  ϭ͕ϯϱϴ͕ϮϬϴ  Ϯ͕ϴϮϱ͕ϮϲϬ  Ϯ͕ϴϮϱ͕ϮϲϬ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϭ͘Ϯ  ϯϬ͕ϴϯϰ͕ϭϬϱ  ϯϬ͕ϴϯϰ͕ϭϬϱ  ϭϳ͕ϴϮϯ͕ϴϬϴ  ϭϳ͕ϴϮϯ͕ϴϬϴ
,dDŝŶǀĞƐƚŵĞŶƚƐ ϭϭ͘ϯ  Ϯϳ͕ϳϲϭ͕ϭϬϰ  Ϯϴ͕Ϯϭϵ͕ϳϱϲ  Ϯϳ͕ϳϰϯ͕ϰϵϰ  Ϯϵ͕ϱϭϭ͕Ϭϯϱ

  W Ϯϴϯ͕ϯϭϭ͕Ϭϱϭ W Ϯϴϯ͕ϳϲϵ͕ϳϬϯ W Ϯϲϲ͕ϳϱϴ͕ϯϬϵ W Ϯϲϴ͕ϱϮϱ͕ϴϱϬ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗  ϭϴ
 ĞŵĂŶĚ W ϰϳ͕ϬϬϯ͕Ϭϴϴ W ϰϳ͕ϬϬϯ͕Ϭϴϴ W ϰϭ͕ϱϰϱ͕ϭϵϭ W ϰϭ͕ϱϰϱ͕ϭϵϭ
 ^ĂǀŝŶŐƐ  ϭϰϱ͕ϰϴϬ͕ϭϰϲ  ϭϰϱ͕ϰϴϬ͕ϭϰϲ  ϭϱϬ͕ϲϱϬ͕ϵϱϰ  ϭϱϬ͕ϲϱϬ͕ϵϱϰ
 dŝŵĞ  ϳϮ͕ϭϬϮ͕ϳϵϵ  ϳϮ͕ϭϬϮ͕ϳϵϵ  ϱϴ͕ϳϭϳ͕ϲϬϵ  ϱϴ͕ϳϭϳ͕ϲϬϵ
 >dE  Ͳ   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ  ϭ͕ϴϰϳ͕ϲϯϮ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ ϭϵ  ϱ͕ϰϴϰ͕ϮϳϬ  ϱ͕ϰϴϰ͕ϮϳϬ  ϳ͕ϱϬϮ͕ϯϮϮ  ϳ͕ϱϬϮ͕ϯϮϮ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚĂŶĚ
 ŽƚŚĞƌĞdžƉĞŶƐĞƐ ϮϬ  ϵϭϲ͕ϱϴϱ  ϵϭϲ͕ϱϴϱ  ϱϰϯ͕ϵϮϵ  ϱϰϯ͕ϵϮϵ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗ Ϯϭ
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  ϳ͕ϭϬϭ͕ϵϰϭ  ϳ͕ϭϬϭ͕ϵϰϭ  ϲ͕ϲϯϱ͕ϴϳϵ  ϲ͕ϲϯϱ͕ϴϳϵ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  ϰ͕ϱϱϴ͕ϯϰϴ  ϰ͕ϱϱϴ͕ϯϰϴ   ϱ͕ϭϵϯ   ϱ͕ϭϵϯ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ϯ͕Ϯϵϱ͕ϵϴϱ  Ϯ͕Ϯϵϱ͕ϵϴϱ  Ϯ͕ϭϱϭ͕ϭϵϮ  Ϯ͕ϭϱϭ͕ϭϵϮ
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ϯ͕Ϯϵϭ͕Ϭϱϲ  Ϯ͕Ϯϵϭ͕Ϭϱϲ  ϯ͕ϰϰϭ͕ϲϲϲ  ϯ͕ϰϰϭ͕ϲϲϲ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  ϭ͕ϴϴϵ͕ϴϲϮ  ϭ͕ϴϴϵ͕ϴϲϮ  ϭ͕ϴϲϲ͕ϲϯϱ  ϭ͕ϴϲϲ͕ϲϯϱ
 ƵĞƚŽW/  Ϯϲϰ͕Ϭϵϱ  Ϯϲϰ͕Ϭϵϱ  Ϯϰϱ͕ϴϰϴ  Ϯϰϱ͕ϴϰϴ
 >ŝĂďŝůŝƚLJĨŽƌƐŚŽƌƚƉŽƐŝƚŝŽŶ  Ϯϰϱ͕ϰϲϭ  Ϯϰϱ͕ϰϲϭ  Ͳ   Ͳ 
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ
  WŚŝůŝƉƉŝŶĞƐ  ϭϭϵ͕ϰϬϴ  ϭϭϵ͕ϰϬϴ  ϵϱ͕ϱϰϰ  ϵϱ͕ϱϰϰ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ  ϳϲ͕ϯϯϳ  ϳϲ͕ϯϯϳ  ϱ͕ϲϲϴ  ϱ͕ϲϲϴ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  ϰϵ͕ϳϰϱ  ϰϵ͕ϳϰϱ  ϭϳϱ͕ϰϮϱ  ϭϳϱ͕ϰϮϱ
 DŝƐĐĞůůĂŶĞŽƵƐ  ϰϬ͕Ϭϭϭ  ϰϬ͕Ϭϭϭ  ϯϱ͕ϵϳϵ  ϯϱ͕ϵϳϵ

  W Ϯϴϵ͕ϵϭϵ͕ϭϯϳ W Ϯϴϵ͕ϵϭϵ͕ϭϯϳ W Ϯϳϱ͕ϰϲϲ͕ϲϲϲ W Ϯϳϱ͕ϰϲϲ͕ϲϲϲ

^ĞĞEŽƚĞƐϮ͘ϰĂŶĚϮ͘ϭϮĨŽƌƚŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĨŽƌĞĂĐŚĐĂƚĞŐŽƌLJŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚŝŶŐƚŚĞ
ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨĨĂŝƌǀĂůƵĞƐ͘ĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌŝƐŬŵĂŶĂŐĞŵĞŶƚŽďũĞĐƚŝǀĞƐĂŶĚƉŽůŝĐŝĞƐĨŽƌ
ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐƉƌŽǀŝĚĞĚŝŶEŽƚĞϰ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 181
 ϲ͘Ϯ KĨĨƐĞƚƚŝŶŐŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂŶĚ&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ

dŚĞĨŽůůŽǁŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƌĞƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚŐƌŽƐƐĂƐŽĨ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƌĞƐƵďũĞĐƚƚŽŽĨĨƐĞƚƚŝŶŐ͕ĞŶĨŽƌĐĞĂďůĞŵĂƐƚĞƌŶĞƚƚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂŶĚƐŝŵŝůĂƌĂŐƌĞĞŵĞŶƚƐ͘
 
  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
     &ŝŶĂŶĐŝĂů
     >ŝĂďŝůŝƚŝĞƐ
  &ŝŶĂŶĐŝĂů   ǀĂŝůĂďůĞ   ŽůůĂƚĞƌĂů
  ƐƐĞƚƐ   ĨŽƌ^ĞƚͲŽĨĨ   ZĞĐĞŝǀĞĚ   EĞƚŵŽƵŶƚ
   
 >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ W ϭϱϮ͕ϲϴϭ͕ϲϳϱ W Ͳ  W ϳϴϯ͕ϵϲϴ  W ϭϱϭ͕ϴϵϳ͕ϳϬϳ
 &^ƐĞĐƵƌŝƚŝĞƐ  ϯϬ͕ϴϯϰ͕ϭϬϱ  ϱ͕ϰϯϮ͕Ϯϴϯ  Ͳ   Ϯϱ͕ϰϬϭ͕ϴϮϮ
  
   W ϭϴϯ͕ϱϭϱ͕ϳϴϬ W ϱ͕ϰϯϮ͕Ϯϴϯ W ϳϴϯ͕ϵϲϴ  W ϭϳϳ͕Ϯϵϵ͕ϱϮϵ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ 
     &ŝŶĂŶĐŝĂů
     >ŝĂďŝůŝƚŝĞƐ
  &ŝŶĂŶĐŝĂů   ǀĂŝůĂďůĞ   ŽůůĂƚĞƌĂů
  ƐƐĞƚƐ   ĨŽƌ^ĞƚͲŽĨĨ   ZĞĐĞŝǀĞĚ   EĞƚŵŽƵŶƚ
   
 >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ W ϭϯϯ͕ϱϮϵ͕ϳϯϭ W Ͳ  W ϭ͕Ϭϱϱ͕ϰϰϭ  W ϭϯϮ͕ϰϳϰ͕ϮϵϬ
 &^ƐĞĐƵƌŝƚŝĞƐ  ϭϳ͕ϴϮϯ͕ϴϬϴ  ϳ͕ϰϭϱ͕ϵϱϯ  Ͳ  ϭϬ͕ϰϬϳ͕ϴϱϱ
  
   W ϭϱϭ͕ϯϱϯ͕ϱϯϵ W ϳ͕ϰϭϱ͕ϵϱϯ W ϭ͕Ϭϱϱ͕ϰϰϭ  W ϭϰϮ͕ϴϴϮ͕ϭϰϱ

dŚĞĨŽůůŽǁŝŶŐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƌĞƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƚŐƌŽƐƐĂƐŽĨ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƌĞƐƵďũĞĐƚƚŽŽĨĨƐĞƚƚŝŶŐ͕ĞŶĨŽƌĐĞĂďůĞŵĂƐƚĞƌŶĞƚƚŝŶŐĂƌƌĂŶŐĞŵĞŶƚƐĂŶĚƐŝŵŝůĂƌĂŐƌĞĞŵĞŶƚƐ͘

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
     &ŝŶĂŶĐŝĂů
     ƐƐĞƚƐ
  &ŝŶĂŶĐŝĂů   ǀĂŝůĂďůĞ   WůĞĚŐĞĚ
  >ŝĂďŝůŝƚŝĞƐ   ĨŽƌ^ĞƚͲŽĨĨ   ŽůůĂƚĞƌĂů   EĞƚŵŽƵŶƚ

 ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ W Ϯϲϰ͕ϱϴϲ͕Ϭϯϯ W ϳϴϯ͕ϵϲϴ W Ͳ   W Ϯϲϯ͕ϴϬϮ͕Ϭϲϱ
 ŝůůƐƉĂLJĂďůĞ  ϱ͕ϰϴϰ͕ϮϳϬ  Ͳ   ϱ͕ϰϯϮ͕Ϯϴϯ    ϱϭ͕ϵϴϳ

   W ϮϳϬ͕ϬϳϬ͕ϯϬϯ W ϳϴϯ͕ϵϲϴ W ϱ͕ϰϯϮ͕Ϯϴϯ  W Ϯϲϯ͕ϴϱϰ͕ϬϱϮ 

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ 
     &ŝŶĂŶĐŝĂů
     ƐƐĞƚƐ
  &ŝŶĂŶĐŝĂů   ǀĂŝůĂďůĞ   WůĞĚŐĞĚ
  >ŝĂďŝůŝƚŝĞƐ   ĨŽƌ^ĞƚͲŽĨĨ   ŽůůĂƚĞƌĂů   EĞƚŵŽƵŶƚ

 ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ W ϮϱϮ͕ϳϲϭ͕ϯϴϲ W ϭ͕Ϭϱϲ͕ϰϰϭ W Ͳ   W Ϯϱϭ͕ϳϬϰ͕ϵϰϱ
 ŝůůƐƉĂLJĂďůĞ  ϳ͕ϱϬϮ͕ϯϮϮ  Ͳ   ϳ͕ϰϭϱ͕ϵϱϯ    ϴϲ͕ϯϲϵ

   W ϮϲϬ͕Ϯϲϯ͕ϳϬϴ W ϭ͕Ϭϱϲ͕ϰϰϭ W ϳ͕ϰϭϱ͕ϵϱϯ  W Ϯϱϭ͕ϳϵϭ͕ϯϭϰ

 

182 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϳ͘ &/Zs>hD^hZDEd^E/^>K^hZ^

ϳ͘ϭ &ĂŝƌsĂůƵĞ,ŝĞƌĂƌĐŚLJ

/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW&Z^ϭϯ͕&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂŶĚŶŽŶͲ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐŽƌŶŽŶͲƌĞĐƵƌƌŝŶŐďĂƐŝƐĂŶĚƚŚŽƐĞĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŶŽƚ
ŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞďƵƚĨŽƌǁŚŝĐŚĨĂŝƌǀĂůƵĞŝƐĚŝƐĐůŽƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚŽƚŚĞƌƌĞůĞǀĂŶƚW&Z^͕ĂƌĞĐĂƚĞŐŽƌŝnjĞĚŝŶƚŽƚŚƌĞĞ
ůĞǀĞůƐďĂƐĞĚŽŶƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞĨĂŝƌǀĂůƵĞ͘

dŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŚĂƐƚŚĞĨŽůůŽǁŝŶŐůĞǀĞůƐ͗

x >ĞǀĞůϭ͗ƋƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐƚŚĂƚĂŶĞŶƚŝƚLJĐĂŶĂĐĐĞƐƐĂƚƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͖

x >ĞǀĞůϮ͗ŝŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌ
ĚŝƌĞĐƚůLJ;ŝ͘Ğ͕͘ĂƐƉƌŝĐĞƐͿŽƌŝŶĚŝƌĞĐƚůLJ;ŝ͘Ğ͕͘ĚĞƌŝǀĞĚĨƌŽŵƉƌŝĐĞƐͿ͖ĂŶĚ͕

x >ĞǀĞůϯ͗ŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJƚŚĂƚĂƌĞŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ;ƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐͿ͘

dŚĞůĞǀĞůǁŝƚŚŝŶǁŚŝĐŚƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝƐĐůĂƐƐŝĨŝĞĚŝƐĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƚŚĞůŽǁĞƐƚůĞǀĞůŽĨƐŝŐŶŝĨŝĐĂŶƚŝŶƉƵƚƚŽƚŚĞĨĂŝƌ
ǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘

&ŽƌƉƵƌƉŽƐĞƐŽĨĚĞƚĞƌŵŝŶŝŶŐƚŚĞŵĂƌŬĞƚǀĂůƵĞĂƚ>ĞǀĞůϭ͕ĂŵĂƌŬĞƚŝƐƌĞŐĂƌĚĞĚĂƐĂĐƚŝǀĞŝĨƋƵŽƚĞĚƉƌŝĐĞƐĂƌĞƌĞĂĚŝůLJĂŶĚ
ƌĞŐƵůĂƌůLJĂǀĂŝůĂďůĞĨƌŽŵĂŶĞdžĐŚĂŶŐĞ͕ĚĞĂůĞƌ͕ďƌŽŬĞƌ͕ŝŶĚƵƐƚƌLJŐƌŽƵƉ͕ƉƌŝĐŝŶŐƐĞƌǀŝĐĞ͕ŽƌƌĞŐƵůĂƚŽƌLJĂŐĞŶĐLJ͕ĂŶĚƚŚŽƐĞƉƌŝĐĞƐ
ƌĞƉƌĞƐĞŶƚĂĐƚƵĂůĂŶĚƌĞŐƵůĂƌůLJŽĐĐƵƌƌŝŶŐŵĂƌŬĞƚƚƌĂŶƐĂĐƚŝŽŶƐŽŶĂŶĂƌŵ͛ƐůĞŶŐƚŚďĂƐŝƐ͘

&ŽƌŝŶǀĞƐƚŵĞŶƚƐǁŚŝĐŚĚŽŶŽƚŚĂǀĞƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞ͕ƚŚĞĨĂŝƌǀĂůƵĞŝƐĚĞƚĞƌŵŝŶĞĚďLJƵƐŝŶŐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĂďůĞƉƌŝĐŝŶŐ
ŵŽĚĞůƐĂŶĚǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐŽƌďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚŽĨĂŶŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚǁŚŝĐŚŝƐƐƵďƐƚĂŶƚŝĂůůLJƚŚĞ
ƐĂŵĞĂĨƚĞƌƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌĞůĂƚĞĚĐƌĞĚŝƚƌŝƐŬŽĨĐŽƵŶƚĞƌƉĂƌƚŝĞƐ͕ŽƌŝƐĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞĞdžƉĞĐƚĞĚĐĂƐŚĨůŽǁƐŽĨ
ƚŚĞƵŶĚĞƌůLJŝŶŐŶĞƚĂƐƐĞƚďĂƐĞŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚ͘

tŚĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƵƐĞƐǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞ͕ŝƚŵĂdžŝŵŝnjĞƐƚŚĞƵƐĞŽĨŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂǁŚĞƌĞŝƚŝƐ
ĂǀĂŝůĂďůĞĂŶĚƌĞůŝĞƐĂƐůŝƚƚůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƚŝƚLJƐƉĞĐŝĨŝĐĞƐƚŝŵĂƚĞƐ͘/ĨĂůůƐŝŐŶŝĨŝĐĂŶƚŝŶƉƵƚƐƌĞƋƵŝƌĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨĂŝƌ
ǀĂůƵĞŽĨĂŶŝŶƐƚƌƵŵĞŶƚĂƌĞŽďƐĞƌǀĂďůĞ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϮ͘KƚŚĞƌǁŝƐĞ͕ŝƚŝƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϯ͘


 

U C P B 2 0 1 7 A N N U A L R E P O R T 183
 ϳ͘Ϯ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐDĞĂƐƵƌĞŵĞŶƚĂƚ&ĂŝƌsĂůƵĞ

dŚĞƚĂďůĞďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐŚŽǁƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐůĂƐƐĞƐŽĨ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽŶĂƌĞĐƵƌƌŝŶŐďĂƐŝƐĂƐŽĨ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘

'ƌŽƵƉ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

 &ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
  &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  W ϭϬϲ͕ϳϴϮ W Ͳ  W Ͳ  W ϭϬϲ͕ϳϴϮ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   ϭ͕ϰϭϰ͕ϲϲϬ  Ͳ   Ͳ   ϭ͕ϰϭϰ͕ϲϲϬ
   ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ   Ͳ   ϱϳ͕Ϭϱϰ  Ͳ   ϱϳ͕Ϭϱϰ
  &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗       
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ   ϭϲϵ͕ϴϴϳ  Ϯϳϭ͕ϮϵϮ  Ͳ   ϰϰϭ͕ϭϳϵ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   ϯϬ͕ϴϱϳ͕ϯϬϱ  Ͳ   Ͳ   ϯϬ͕ϴϱϳ͕ϯϬϱ

   W ϯϮ͕ϱϰϴ͕ϲϯϰ W ϯϮϴ͕ϯϰϲ W Ͳ  W ϯϮ͕ϴϳϲ͕ϵϴϬ

 &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
 >ŝĂďŝůŝƚLJĨŽƌƐŚŽƌƚƉŽƐŝƚŝŽŶ W Ͳ  W Ϯϰϱ͕ϰϲϭ W Ͳ  W Ϯϰϱ͕ϰϲϭ  
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ  Ͳ   ϳϲ͕ϯϯϳ  Ͳ   ϳϲ͕ϯϯϳ

   W Ͳ  W ϯϮϭ͕ϳϵϴ W Ͳ  W ϯϮϭ͕ϳϵϴ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
  &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  W ϵϴ͕ϲϭϱ W Ͳ  W Ͳ  W ϵϴ͕ϲϭϱ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   Ϯ͕ϳϰϵ͕ϱϬϳ  Ͳ   Ͳ   Ϯ͕ϳϰϵ͕ϱϬϳ
   ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ   Ͳ   ϰϭ͕ϯϳϰ  Ͳ   ϰϭ͕ϯϳϰ
  &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗        
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ   ϭϲϰ͕ϵϯϬ  ϭϲϵ͕ϲϰϳ  Ͳ   ϯϯϰ͕ϱϳϳ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   ϭϳ͕ϳϬϵ͕ϱϰϲ  Ͳ   Ͳ   ϭϳ͕ϳϬϵ͕ϱϰϲ

   W ϮϬ͕ϳϮϮ͕ϱϵϴ W Ϯϭϭ͕ϬϮϭ W Ͳ  W ϮϬ͕ϵϯϯ͕ϲϭϵ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚLJʹ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ W Ͳ  W ϱ͕ϲϲϴ W Ͳ  W ϱ͕ϲϲϴ

  
 
 

184 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

WĂƌĞŶƚĂŶŬ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
  &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  W ϴϵ͕ϭϬϬ W Ͳ  W Ͳ  W ϴϵ͕ϭϬϬ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   ϭ͕ϮϭϮ͕Ϭϱϰ  Ͳ   Ͳ   ϭ͕ϮϭϮ͕Ϭϱϰ
   ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ   Ͳ    ϱϳ͕Ϭϱϰ  Ͳ    ϱϳ͕Ϭϱϰ
 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗             
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ   ϴ͕ϳϳϭ  Ϯϳϭ͕ϮϵϮ  Ͳ   ϮϴϬ͕Ϭϲϯ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   ϯϬ͕ϳϵϲ͕ϭϱϭ  Ͳ   Ͳ   ϯϬ͕ϳϵϲ͕ϭϱϭ

   W ϯϮ͕ϭϬϲ͕Ϭϳϲ W ϯϮϴ͕ϯϰϲ W Ͳ  W ϯϮ͕ϰϯϰ͕ϰϮϮ

 &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
 >ŝĂďŝůŝƚLJĨŽƌƐŚŽƌƚƉŽƐŝƚŝŽŶ W Ͳ  W Ϯϰϱ͕ϰϲϭ W Ͳ  W Ϯϰϱ͕ϰϲϭ  
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ  Ͳ   ϳϲ͕ϯϯϳ  Ͳ   ϳϲ͕ϯϯϳ

   W Ͳ  W ϯϮϭ͕ϳϵϴ W Ͳ  W ϯϮϭ͕ϳϵϴ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
  &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  W ϴϭ͕ϱϴϭ W Ͳ  W Ͳ  W ϴϭ͕ϱϴϭ
   ĞďƚƐĞĐƵƌŝƚŝĞƐ   Ϯ͕ϳϬϮ͕ϯϬϱ  Ͳ   Ͳ   Ϯ͕ϳϬϮ͕ϯϬϱ
   ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ   Ͳ   ϰϭ͕ϯϳϰ  Ͳ   ϰϭ͕ϯϳϰ
 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗        
   ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ   ϴ͕ϳϳϭ  ϲϱϭ͕ϭϮϴ  Ͳ   ϲϱϵ͕ϴϵϵ
  ĞďƚƐĞĐƵƌŝƚŝĞƐ   ϭϳ͕ϲϰϱ͕ϯϵϬ  Ͳ   Ͳ   ϭϳ͕ϲϰϱ͕ϯϵϬ

   W ϮϬ͕ϰϯϴ͕Ϭϰϳ W ϲϵϮ͕ϱϬϮ W Ͳ  W Ϯϭ͕ϭϯϬ͕ϱϰϵ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚLJʹ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚLJ W Ͳ  W ϱ͕ϲϲϴ W Ͳ  W ϱ͕ϲϲϴ

ĞƐĐƌŝďĞĚďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞŝƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚŚŽǁƚŚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐĐůĂƐƐĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĚĞƚĞƌŵŝŶĞĚ͘

;ĂͿ ƋƵŝƚLJ^ĞĐƵƌŝƚŝĞƐ

ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŝŶƐƚƌƵŵĞŶƚƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϭĐŽŵƉƌŝƐĞĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĐůĂƐƐŝĨŝĞĚĂƐĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐĂƚ&sdW>Žƌ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘dŚĞƐĞƐĞĐƵƌŝƚŝĞƐǁĞƌĞǀĂůƵĞĚďĂƐĞĚŽŶƚŚĞŝƌŵĂƌŬĞƚƉƌŝĐĞƐƋƵŽƚĞĚŝŶƚŚĞ
WŚŝůŝƉƉŝŶĞƐ͕,<ͬ^'ĂŶĚh͘^͘ƐƚŽĐŬĞdžĐŚĂŶŐĞƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞĨĂŝƌǀĂůƵĞ
ƵŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐǁŝƚŚŝŶ>ĞǀĞůϮĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶƉƌŝĐĞƐŽĨƌĞůĂƚŝǀĞďĞŶĐŚŵĂƌŬƐĞĐƵƌŝƚŝĞƐǁŚŝĐŚĂƌĞ
ƋƵŽƚĞĚŝŶWdžĂŶĚͬŽƌůŽŽŵďĞƌŐ͘

;ďͿ Ğďƚ^ĞĐƵƌŝƚŝĞƐ

dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĚĞďƚƐĞĐƵƌŝƚŝĞƐ͕ǁŚŝĐŚĐŽŶƐŝƐƚŽĨĐŽƌƉŽƌĂƚĞďŽŶĚƐŝƐĞƐƚŝŵĂƚĞĚďLJ
ƌĞĨĞƌĞŶĐĞƚŽƋƵŽƚĞĚďŝĚƉƌŝĐĞŝŶĂĐƚŝǀĞŵĂƌŬĞƚĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚŝƐĐĂƚĞŐŽƌŝnjĞĚǁŝƚŚŝŶ>ĞǀĞůϭ͘

;ĐͿ ĞƌŝǀĂƚŝǀĞ/ŶƐƚƌƵŵĞŶƚƐ

dŚĞĨĂŝƌǀĂůƵĞƐŽĨĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐǁĞƌĞďĂƐĞĚŽŶƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐ͘tŚĞƌĞƋƵŽƚĞĚŵĂƌŬĞƚƉƌŝĐĞƐ
ĂƌĞŶŽƚƌĞĂĚŝůLJĂǀĂŝůĂďůĞ͕ĨĂŝƌǀĂůƵĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚƚŚƌŽƵŐŚǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐŝŶŐƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞ
ĐŽŵƉƵƚĂƚŝŽŶ͘
 

U C P B 2 0 1 7 A N N U A L R E P O R T 185
 ;ĚͿ >ŝĂďŝůŝƚLJĨŽƌ^ŚŽƌƚWŽƐŝƚŝŽŶ

dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůŝĂďŝůŝƚLJĨŽƌƐŚŽƌƚƉŽƐŝƚŝŽŶǁĂƐƚŚĞĞƐƚŝŵĂƚĞĚĨĂŝƌǀĂůƵĞŽĨƐŽůĚĐŽůůĂƚĞƌĂůƉůĞĚŐĞĚƵŶĚĞƌƚŚĞƌĞǀĞƌƐĞ
ƌĞƉƵƌĐŚĂƐĞĂŐƌĞĞŵĞŶƚĂŶĚŝƐĐĂƚĞŐŽƌŝnjĞĚǁŝƚŚŝŶ>ĞǀĞůϮ͘

ϳ͘ϯ &ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐDĞĂƐƵƌĞĚĂƚŵŽƌƚŝnjĞĚŽƐƚĨŽƌǁŚŝĐŚ&ĂŝƌsĂůƵĞŝƐŝƐĐůŽƐĞĚ

dŚĞƚĂďůĞƐďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞƐƐƵŵŵĂƌŝnjĞƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐǁŚŝĐŚĂƌĞŶŽƚŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶďƵƚĨŽƌ
ǁŚŝĐŚĨĂŝƌǀĂůƵĞŝƐĚŝƐĐůŽƐĞĚ͘

'ƌŽƵƉ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
 >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗
  ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ  W ϲ͕ϯϯϯ͕ϱϲϯ W Ͳ  W Ͳ  W ϲ͕ϯϯϯ͕ϱϲϯ 
  ƵĞĨƌŽŵ^W   ϰϴ͕ϲϭϬ͕Ϭϵϲ  Ͳ   Ͳ   ϰϴ͕ϲϭϬ͕Ϭϵϲ 
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ   ϰ͕ϱϲϳ͕ϴϱϱ  Ͳ   Ͳ   ϰ͕ϱϲϳ͕ϴϱϱ 
  /ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐ  
   ĂŶĚ^WhZ   ϳ͕ϭϯϬ͕ϳϯϱ  Ͳ   Ͳ   ϳ͕ϭϯϬ͕ϳϯϱ 
 ,dDŝŶǀĞƐƚŵĞŶƚƐ   Ϯϴ͕Ϯϱϵ͕ϳϱϲ  Ͳ   Ͳ   Ϯϴ͕Ϯϱϵ͕ϳϱϲ 
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ͳ   Ͳ   ϭϳϰ͕ϴϱϰ͕ϳϲϳ  ϭϳϰ͕ϴϱϰ͕ϳϲϳ  
  KƚŚĞƌĂƐƐĞƚƐ   Ϯ͕ϰϬϭ͕Ϯϳϵ  Ͳ   Ͳ   Ϯ͕ϰϬϭ͕Ϯϳϵ 

  W ϵϳ͕ϯϬϯ͕Ϯϴϰ W Ͳ  W ϭϳϰ͕ϴϱϰ͕ϳϲϳ W ϮϳϮ͕ϭϱϴ͕Ϭϱϭ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ W ϰϴ͕ϴϯϯ͕ϰϲϲ W Ͳ  W Ͳ  W ϰϴ͕ϴϯϯ͕ϰϲϲ
 ^ĂǀŝŶŐƐ  ϭϱϬ͕ϭϱϲ͕Ϭϱϳ  Ͳ   Ͳ   ϭϱϬ͕ϭϱϲ͕Ϭϱϳ
 dŝŵĞ     ϳϵ͕ϵϰϯ͕ϱϲϵ  Ͳ   ϳϵ͕ϵϰϯ͕ϱϲϵ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ     ϲ͕ϴϬϬ͕ϴϴϳ  Ͳ   ϲ͕ϴϬϬ͕ϴϴϳ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƐĂŶĚ  
 ŽƚŚĞƌĞdžƉĞŶƐĞƐ  Ͳ   Ͳ   ϵϲϱ͕ϰϳϮ  ϵϲϱ͕ϰϳϮ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  Ͳ   Ͳ   ϳ͕ϭϬϭ͕ϵϰϭ  ϳ͕ϭϬϭ͕ϵϰϭ 
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   Ͳ   ϰ͕ϱϱϴ͕ϯϰϴ  ϰ͕ϱϱϴ͕ϯϰϴ  
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ͳ   Ϯ͕ϲϰϵ͕ϱϯϲ  Ϯ͕ϲϰϵ͕ϱϯϲ 
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   Ͳ   Ϯ͕Ϯϳϵ͕ϭϲϵ  Ϯ͕Ϯϳϵ͕ϭϲϵ 
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ͳ   Ͳ   Ϯ͕ϭϭϭ͕ϲϴϴ  Ϯ͕ϭϭϭ͕ϲϴϴ 
 ƵĞƚŽW/  Ͳ   Ͳ   Ϯϳϴ͕ϬϴϬ  Ϯϳϴ͕ϬϴϬ 
 ĞƉŽƐŝƚƐŽŶůĞĂƐĞĐŽŶƚƌĂĐƚƐ  Ͳ   Ͳ   Ϯϱϯ͕Ϯϳϭ  Ϯϱϯ͕Ϯϳϭ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ  
  WŚŝůŝƉƉŝŶĞƐ  Ͳ   Ͳ   ϭϮϱ͕ϴϯϭ  ϭϮϱ͕ϴϯϭ 
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  Ͳ   Ͳ   ϰϵ͕ϳϰϱ  ϰϵ͕ϳϰϱ 
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   Ͳ   ϭϯϵ͕ϵϳϬ  ϭϯϵ͕ϵϳϬ 

  W ϭϵϴ͕ϵϴϵ͕ϱϮϯ W ϴϲ͕ϳϰϰ͕ϰϱϲ W ϮϬ͕ϱϭϯ͕Ϭϱϭ W ϯϬϲ͕Ϯϰϳ͕ϬϯϬ
 

186 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
 >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗
  ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ  W ϱ͕ϵϭϵ͕ϳϲϯ W Ͳ  W Ͳ  W ϱ͕ϵϭϵ͕ϳϲϯ
  ƵĞĨƌŽŵ^W   ϱϬ͕ϴϬϴ͕ϴϵϭ  Ͳ   Ͳ   ϱϬ͕ϴϬϴ͕ϴϵϭ
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ   ϳ͕Ϯϳϲ͕ϲϱϯ  Ͳ   Ͳ   ϳ͕Ϯϳϲ͕ϲϱϯ
  /ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐ   
   ĂŶĚ^WhZ   ϭϱ͕ϴϬϲ͕ϯϱϯ  Ͳ   Ͳ   ϭϱ͕ϴϬϲ͕ϯϱϯ
 ,dDŝŶǀĞƐƚŵĞŶƚƐ   Ϯϵ͕ϱϭϭ͕Ϭϯϱ  Ͳ   Ͳ   Ϯϵ͕ϱϭϭ͕Ϭϯϱ
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ͳ   Ͳ   ϭϱϲ͕Ϯϲϴ͕ϭϬϴ  ϭϱϲ͕Ϯϲϴ͕ϭϬϴ
  KƚŚĞƌĂƐƐĞƚƐ   Ϯ͕ϰϬϬ͕ϵϰϵ  Ͳ   Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ

  W ϭϭϭ͕ϳϮϯ͕ϲϰϰ W Ͳ  W ϭϱϲ͕Ϯϲϴ͕ϭϬϴ W Ϯϲϳ͕ϵϵϭ͕ϳϱϮ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
 ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ W ϰϮ͕ϳϴϱ͕ϯϮϱ W Ͳ  W Ͳ  W ϰϮ͕ϳϴϱ͕ϯϮϱ 
 ^ĂǀŝŶŐƐ  ϭϱϰ͕ϲϴϮ͕ϱϴϬ  Ͳ   Ͳ   ϭϱϰ͕ϲϴϮ͕ϱϴϬ
 dŝŵĞ  Ͳ   ϲϲ͕Ϯϳϰ͕Ϭϴϭ  Ͳ   ϲϲ͕Ϯϳϰ͕Ϭϴϭ
 >dE  ϭ͕ϴϰϳ͕ϲϯϮ  Ͳ   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  Ͳ   ϵ͕ϭϳϲ͕ϵϬϵ  Ͳ   ϵ͕ϭϳϲ͕ϵϬϵ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƐĂŶĚ  
 ŽƚŚĞƌĞdžƉĞŶƐĞƐ  Ͳ   Ͳ   ϲϮϰ͕ϴϵϬ  ϲϮϰ͕ϴϵϬ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  Ͳ   Ͳ   ϲ͕ϲϯϱ͕ϴϳϵ  ϲ͕ϲϯϱ͕ϴϳϵ
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   Ͳ   ϯ͕ϰϰϭ͕ϰϳϭ  ϯ͕ϰϰϭ͕ϰϳϭ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ͳ   Ϯ͕ϯϭϲ͕Ϯϭϯ  Ϯ͕ϯϭϲ͕Ϯϭϯ
 DĂŶĂŐĞƌ͛ƐĐŚĞĐŬ  Ͳ   Ͳ   Ϯ͕Ϭϰϰ͕ϵϯϱ  Ϯ͕Ϭϰϰ͕ϵϯϱ
 ĞƉŽƐŝƚƐŽŶůĞĂƐĞĐŽŶƚƌĂĐƚƐ  Ͳ   Ͳ   Ϯϵϯ͕ϯϴϭ  Ϯϵϯ͕ϯϴϭ
 ƵĞƚŽW/  Ͳ   Ͳ   Ϯϱϴ͕ϯϰϴ  Ϯϱϴ͕ϯϰϴ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  Ͳ   Ͳ   ϭϳϱ͕ϰϮϱ  ϭϳϱ͕ϰϮϱ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ  
  WŚŝůŝƉƉŝŶĞƐ  Ͳ   Ͳ   ϭϬϬ͕ϴϬϬ  ϭϬϬ͕ϴϬϬ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   Ͳ   ϱ͕ϭϵϯ  ϱ͕ϭϵϯ
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   Ͳ   ϯϯϵ͕Ϯϰϰ  ϯϯϵ͕Ϯϰϰ
  
  W ϭϵϵ͕ϯϭϱ͕ϱϯϳ W ϳϱ͕ϰϱϬ͕ϵϵϬ  W ϭϲ͕Ϯϯϱ͕ϳϳϵ W Ϯϵϭ͕ϬϬϮ͕ϯϬϲ

WĂƌĞŶƚĂŶŬ

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
 >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗
  ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ  W ϱ͕ϵϮϬ͕ϰϳϭ W Ͳ  W Ͳ  W ϱ͕ϵϮϬ͕ϰϳϭ
  ƵĞĨƌŽŵ^W   ϰϳ͕ϯϬϱ͕ϴϬϵ  Ͳ   Ͳ   ϰϳ͕ϯϬϱ͕ϴϬϵ
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ   ϰ͕ϰϮϮ͕ϳϰϵ  Ͳ   Ͳ   ϰ͕ϰϮϮ͕ϳϰϵ
  /ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐ
   ĂŶĚ^WhZ   ϳ͕ϭϯϬ͕ϳϯϱ  Ͳ   Ͳ   ϳ͕ϭϯϬ͕ϳϯϱ  
 ,dDŝŶǀĞƐƚŵĞŶƚƐ   Ϯϴ͕Ϯϭϵ͕ϳϱϲ  Ͳ   Ͳ   Ϯϴ͕Ϯϭϵ͕ϳϱϲ
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ͳ   Ͳ   ϭϱϲ͕ϭϳϲ͕ϱϵϭ  ϭϱϲ͕ϭϳϲ͕ϱϵϭ
  KƚŚĞƌĂƐƐĞƚƐ   Ϯ͕ϰϬϭ͕Ϯϳϵ  Ͳ   Ͳ   Ϯ͕ϰϬϭ͕Ϯϳϵ

 W ϵϱ͕ϰϬϬ͕ϳϵϵ W Ͳ  W ϭϱϲ͕ϭϳϲ͕ϱϵϭ W Ϯϱϭ͕ϱϳϳ͕ϯϵϬ
 

U C P B 2 0 1 7 A N N U A L R E P O R T 187
   ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ W ϰϳ͕ϬϬϯ͕Ϭϴϴ W Ͳ  W Ͳ  W ϰϳ͕ϬϬϯ͕Ϭϴϴ
 ^ĂǀŝŶŐƐ  ϭϰϱ͕ϰϴϬ͕ϭϰϲ  Ͳ   Ͳ   ϭϰϱ͕ϰϴϬ͕ϭϰϲ
 dŝŵĞ  Ͳ   ϳϮ͕ϭϬϮ͕ϳϵϵ  Ͳ   ϳϮ͕ϭϬϮ͕ϳϵϵ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  Ͳ   ϱ͕ϰϴϰ͕ϮϳϬ  Ͳ   ϱ͕ϰϴϰ͕ϮϳϬ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
 ŽƚŚĞƌĞdžƉĞŶƐĞƐ  Ͳ   Ͳ   ϵϭϲ͕ϱϴϱ  ϵϭϲ͕ϱϴϱ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  Ͳ   Ͳ   ϳ͕ϭϬϭ͕ϵϰϭ  ϳ͕ϭϬϭ͕ϵϰϭ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   Ͳ   ϰ͕ϱϱϴ͕ϯϰϴ  ϰ͕ϱϱϴ͕ϯϰϴ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ͳ   Ϯ͕Ϯϵϱ͕ϵϴϱ  Ϯ͕Ϯϵϱ͕ϵϴϱ
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   Ͳ   Ϯ͕Ϯϵϭ͕Ϭϱϲ  Ϯ͕Ϯϵϭ͕Ϭϱϲ
 DĂŶĂŐĞƌƐ͛ĐŚĞĐŬ  Ͳ   Ͳ   ϭ͕ϴϴϵ͕ϴϲϮ  ϭ͕ϴϴϵ͕ϴϲϮ
 ƵĞƚŽW/  Ͳ   Ͳ   Ϯϲϰ͕Ϭϵϱ  Ϯϲϰ͕Ϭϵϱ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ
  WŚŝůŝƉƉŝŶĞƐ  Ͳ   Ͳ   ϭϭϵ͕ϰϬϴ  ϭϭϵ͕ϰϬϴ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  Ͳ   Ͳ   ϰϵ͕ϳϰϱ  ϰϵ͕ϳϰϱ
 DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   Ͳ   ϰϬ͕Ϭϭϭ  ϰϬ͕Ϭϭϭ

  W ϭϵϮ͕ϰϴϯ͕Ϯϯϰ W ϳϳ͕ϱϴϳ͕Ϭϲϵ W ϭϵ͕ϱϮϳ͕Ϭϯϲ W Ϯϴϵ͕ϱϵϳ͕ϯϯϵ
 
  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

&ŝŶĂŶĐŝĂůZĞƐŽƵƌĐĞƐ͗
 >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗
  ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ  W ϱ͕ϱϮϴ͕ϰϵϮ W Ͳ  W Ͳ  W ϱ͕ϱϮϴ͕ϰϵϮ
  ƵĞĨƌŽŵ^W   ϰϵ͕ϱϮϬ͕ϰϮϬ  Ͳ   Ͳ   ϰϵ͕ϱϮϬ͕ϰϮϬ
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ   ϳ͕ϭϵϯ͕ϴϯϭ  Ͳ   Ͳ   ϳ͕ϭϵϯ͕ϴϯϭ
  /ŶƚĞƌďĂŶŬůŽĂŶƌĞĐĞŝǀĂďůĞƐ
   ĂŶĚ^WhZ   ϭϱ͕ϱϭϬ͕ϱϬϳ  Ͳ   Ͳ   ϭϱ͕ϱϭϬ͕ϱϬϳ
 ,dDŝŶǀĞƐƚŵĞŶƚƐ   Ϯϵ͕ϱϭϭ͕Ϭϯϱ  Ͳ   Ͳ   Ϯϵ͕ϱϭϭ͕Ϭϯϱ
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ͳ   Ͳ   ϭϯϴ͕Ϯϭϭ͕ϱϰϴ  ϭϯϴ͕Ϯϭϭ͕ϱϰϴ
  KƚŚĞƌĂƐƐĞƚƐ   Ϯ͕ϰϬϬ͕ϵϰϵ  Ͳ   Ͳ   Ϯ͕ϰϬϬ͕ϵϰϵ

    W ϭϬϵ͕ϲϲϱ͕Ϯϯϰ W Ͳ  W ϭϯϴ͕Ϯϭϭ͕ϱϰϴ W Ϯϰϳ͕ϴϳϲ͕ϳϴϮ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͗
ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗
 ĞŵĂŶĚ W ϰϭ͕ϱϰϱ͕ϭϵϭ W Ͳ  W Ͳ  W ϰϭ͕ϱϰϱ͕ϭϵϭ
 ^ĂǀŝŶŐƐ  ϭϱϬ͕ϲϱϬ͕ϵϱϰ  Ͳ   Ͳ   ϭϱϬ͕ϲϱϬ͕ϵϱϰ
 dŝŵĞ  Ͳ   ϱϴ͕ϳϭϳ͕ϲϬϵ  Ͳ   ϱϴ͕ϳϭϳ͕ϲϬϵ
 >dE  ϭ͕ϴϰϳ͕ϲϯϮ  Ͳ   Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ
ŝůůƐƉĂLJĂďůĞĂŶĚ^^hZ  Ͳ   ϳ͕ϱϬϮ͕ϯϮϮ  Ͳ   ϳ͕ϱϬϮ͕ϯϮϮ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƐĂŶĚ
 ŽƚŚĞƌĞdžƉĞŶƐĞƐ  Ͳ   Ͳ   ϱϰϯ͕ϵϮϵ  ϱϰϯ͕ϵϮϵ
KƚŚĞƌůŝĂďŝůŝƚŝĞƐ͗
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  Ͳ   Ͳ   ϲ͕ϲϯϱ͕ϴϳϵ  ϲ͕ϲϯϱ͕ϴϳϵ
 ŝůůƐƉƵƌĐŚĂƐĞĚʹĐŽŶƚƌĂ  Ͳ   Ͳ   ϯ͕ϰϰϭ͕ϲϲϲ  ϯ͕ϰϰϭ͕ϲϲϲ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ  Ͳ   Ͳ   Ϯ͕ϭϱϭ͕ϭϵϮ  Ϯ͕ϭϱϭ͕ϭϵϮ
 DĂŶĂŐĞƌ͛ƐĐŚĞĐŬ  Ͳ   Ͳ   ϭ͕ϴϲϲ͕ϲϯϱ  ϭ͕ϴϲϲ͕ϲϯϱ 
 ƵĞƚŽW/  Ͳ   Ͳ   Ϯϰϱ͕ϴϰϴ  Ϯϰϱ͕ϴϰϴ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ  Ͳ   Ͳ   ϭϳϱ͕ϰϮϱ  ϭϳϱ͕ϰϮϱ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ
  WŚŝůŝƉƉŝŶĞƐ  Ͳ   Ͳ   ϵϱ͕ϱϰϰ  ϵϱ͕ϱϰϰ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ  Ͳ   Ͳ   ϱ͕ϭϵϯ  ϱ͕ϭϵϯ
  DŝƐĐĞůůĂŶĞŽƵƐ  Ͳ   Ͳ   ϯϱ͕ϵϳϵ  ϯϱ͕ϵϳϵ
   
    W ϭϵϰ͕Ϭϰϯ͕ϳϳϳ W ϲϲ͕Ϯϭϵ͕ϵϯϭ W ϭϱ͕ϭϵϳ͕ϮϵϬ W Ϯϳϱ͕ϰϲϬ͕ϵϵϴ


188 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

&ŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐǁŚŽƐĞĨĂŝƌǀĂůƵĞƐĂƌĞŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϭ͕ŵĂŶĂŐĞŵĞŶƚĐŽŶƐŝĚĞƌƐƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐ
ĂŵŽƵŶƚƐŽĨƚŚŽƐĞƐŚŽƌƚͲƚĞƌŵĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƉƉƌŽdžŝŵĂƚĞƚŚĞŝƌĨĂŝƌǀĂůƵĞƐ͘

dŚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϮĂŶĚ>ĞǀĞůϯ͕
ǁŚŝĐŚĂƌĞŶŽƚƚƌĂĚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ͕ŝƐĚĞƚĞƌŵŝŶĞĚďLJƵƐŝŶŐŐĞŶĞƌĂůůLJĂĐĐĞƉƚĂďůĞƉƌŝĐŝŶŐŵŽĚĞůƐĂŶĚǀĂůƵĂƚŝŽŶ
ƚĞĐŚŶŝƋƵĞƐŽƌďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚǀĂůƵĞŽĨĂŶŽƚŚĞƌŝŶƐƚƌƵŵĞŶƚǁŚŝĐŚŝƐƐƵďƐƚĂŶƚŝĂůůLJƚŚĞƐĂŵĞĂĨƚĞƌƚĂŬŝŶŐ
ŝŶƚŽĂĐĐŽƵŶƚƚŚĞƌĞůĂƚĞĚĐƌĞĚŝƚƌŝƐŬŽĨĐŽƵŶƚĞƌƉĂƌƚŝĞƐ͕ŽƌŝƐĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞĞdžƉĞĐƚĞĚĐĂƐŚĨůŽǁƐŽĨƚŚĞƵŶĚĞƌůLJŝŶŐŶĞƚ
ĂƐƐĞƚďĂƐĞŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚ͘tŚĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬƵƐĞƐǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞ͕ŝƚŵĂdžŝŵŝnjĞƐƚŚĞƵƐĞŽĨ
ŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂǁŚĞƌĞŝƚŝƐĂǀĂŝůĂďůĞĂŶĚƌĞůLJĂƐůŝƚƚůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƚŝƚLJƐƉĞĐŝĨŝĐĞƐƚŝŵĂƚĞƐ͘/ĨĂůůƐŝŐŶŝĨŝĐĂŶƚŝŶƉƵƚƐ
ƌĞƋƵŝƌĞĚƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶŝŶƐƚƌƵŵĞŶƚĂƌĞŽďƐĞƌǀĂďůĞ͕ƚŚĞŝŶƐƚƌƵŵĞŶƚŝƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϮ͘KƚŚĞƌǁŝƐĞ͕ŝƚŝƐ
ŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϯ͘

ϳ͘ϰ &ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚĨŽƌEŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚƐ

;ĂͿ ĞƚĞƌŵŝŶŝŶŐ&ĂŝƌsĂůƵĞŽĨ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ

dŚĞƚĂďůĞďĞůŽǁƐŚŽǁƐƚŚĞ>ĞǀĞůƐǁŝƚŚŝŶƚŚĞŚŝĞƌĂƌĐŚLJŽĨŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞŽŶĂƌĞĐƵƌƌŝŶŐ
ďĂƐŝƐĂƐŽĨĞĐĞŵďĞƌϯϭ͘

'ƌŽƵƉ

  ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

 >ĂŶĚ W Ͳ  W Ϯ͕ϰϰϵ͕ϵϲϳ W ϭϰϰ͕ϴϬϯ W Ϯ͕ϱϵϰ͕ϳϳϬ
 ƵŝůĚŝŶŐƐĂŶĚ
  ŝŵƉƌŽǀĞŵĞŶƚƐ  Ͳ    ϯϬϵ͕ϰϬϱ  ϱ͕ϰϱϬ͕ϯϲϴ  ϱ͕ϳϱϵ͕ϳϳϯ

  W Ͳ  W Ϯ͕ϳϱϵ͕ϯϳϮ W ϱ͕ϱϵϱ͕ϭϳϭ W ϴ͕ϯϱϰ͕ϱϰϯ

  ϮϬϭϲ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

 >ĂŶĚ W Ͳ  W Ϯ͕ϱϮϵ͕ϭϳϱ W ϭϬϭ͕ϭϭϬ W Ϯ͕ϲϯϬ͕Ϯϴϱ
 ƵŝůĚŝŶŐƐĂŶĚ
  ŝŵƉƌŽǀĞŵĞŶƚƐ  Ͳ    Ϯϭϰ͕ϭϯϰ  Ϯ͕ϰϮϵ͕Ϯϴϯ  Ϯ͕ϲϰϯ͕ϰϭϳ

   W Ͳ  W Ϯ͕ϳϰϯ͕ϯϬϵ W Ϯ͕ϱϯϬ͕ϯϵϯ W ϱ͕Ϯϳϯ͕ϳϬϮ

WĂƌĞŶƚĂŶŬ

  ϮϬϭϳ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

 >ĂŶĚ W Ͳ  W Ϯ͕ϮϮϳ͕ϰϮϴ W Ͳ  W Ϯ͕ϮϮϳ͕ϰϮϴ
 ƵŝůĚŝŶŐƐĂŶĚ
  ŝŵƉƌŽǀĞŵĞŶƚƐ  Ͳ   Ͳ   ϱ͕Ϯϵϭ͕ϵϳϳ  ϱ͕Ϯϵϭ͕ϵϳϳ

  W Ͳ  W Ϯ͕ϮϮϳ͕ϰϮϴ W ϱ͕Ϯϵϭ͕ϵϳϳ W ϳ͕ϱϭϵ͕ϰϬϱ

  ϮϬϭϲ 
  >ĞǀĞůϭ   >ĞǀĞůϮ   >ĞǀĞůϯ   dŽƚĂů 

 >ĂŶĚ W Ͳ  W Ϯ͕ϯϱϵ͕ϳϲϵ W Ͳ  W Ϯ͕ϯϱϵ͕ϳϲϵ
 ƵŝůĚŝŶŐĂŶĚ
  ŝŵƉƌŽǀĞŵĞŶƚƐ  Ͳ   Ͳ   Ϯ͕ϰϮϵ͕Ϯϴϯ  Ϯ͕ϰϮϵ͕Ϯϴϯ

   W Ͳ  W Ϯ͕ϯϱϵ͕ϳϲϵ W Ϯ͕ϰϮϵ͕Ϯϴϯ W ϰ͕ϳϴϵ͕ϬϱϮ

U C P B 2 0 1 7 A N N U A L R E P O R T 189
 dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞ
ĂƉƉƌĂŝƐĂůƐƉĞƌĨŽƌŵĞĚďLJǀĂƌŝŽƵƐŝŶƚĞƌŶĂůĂŶĚĞdžƚĞƌŶĂůĂƉƉƌĂŝƐĞƌǁŝƚŚĂƉƉƌŽƉƌŝĂƚĞƋƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚƌĞĐĞŶƚĞdžƉĞƌŝĞŶĐĞ
ŝŶƚŚĞǀĂůƵĂƚŝŽŶŽĨƐŝŵŝůĂƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƌĞůĞǀĂŶƚůŽĐĂƚŝŽŶƐ͘dŽƐŽŵĞĞdžƚĞŶƚ͕ƚŚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐǁĂƐĐŽŶĚƵĐƚĞĚ
ďLJƚŚĞĂƉƉƌĂŝƐĞƌŝŶĚŝƐĐƵƐƐŝŽŶǁŝƚŚƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŵĂŶĂŐĞŵĞŶƚǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶ
ŽĨƚŚĞŝŶƉƵƚƐƐƵĐŚĂƐƚŚĞƐŝnjĞ͕ĂŐĞ͕ĂŶĚĐŽŶĚŝƚŝŽŶŽĨƚŚĞůĂŶĚĂŶĚďƵŝůĚŝŶŐƐ͕ĂŶĚƚŚĞĐŽŵƉĂƌĂďůĞƉƌŝĐĞƐŝŶƚŚĞ
ĐŽƌƌĞƐƉŽŶĚŝŶŐƉƌŽƉĞƌƚLJůŽĐĂƚŝŽŶ͘

/ŶĞƐƚŝŵĂƚŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞƉƌŽƉĞƌƚŝĞƐ͕ŵĂŶĂŐĞŵĞŶƚƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚ͛ƐĂďŝůŝƚLJƚŽ
ŐĞŶĞƌĂƚĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐďLJƵƐŝŶŐƚŚĞĂƐƐĞƚƐŝŶƚŚĞŝƌŚŝŐŚĞƐƚĂŶĚďĞƐƚƵƐĞ͘ĂƐĞĚŽŶŵĂŶĂŐĞŵĞŶƚĂƐƐĞƐƐŵĞŶƚ͕ƚŚĞ
ďĞƐƚƵƐĞŽĨƚŚĞĂŶŬ͛ƐŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝŶĚŝĐĂƚĞĚĂďŽǀĞŝƐƚŚĞŝƌĐƵƌƌĞŶƚƵƐĞ͘

dŚĞ>ĞǀĞůϮĨĂŝƌǀĂůƵĞƐŽĨůĂŶĚĂŶĚďƵŝůĚŝŶŐƐƵŶĚĞƌ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐĂĐĐŽƵŶƚǁĞƌĞĚĞƌŝǀĞĚƵƐŝŶŐƚŚĞŵĂƌŬĞƚ
ĐŽŵƉĂƌĂďůĞĂƉƉƌŽĂĐŚƚŚĂƚƌĞĨůĞĐƚƐƚŚĞƌĞĐĞŶƚƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞƐĨŽƌƐŝŵŝůĂƌƉƌŽƉĞƌƚŝĞƐŝŶŶĞĂƌďLJůŽĐĂƚŝŽŶƐ͘hŶĚĞƌƚŚŝƐ
ĂƉƉƌŽĂĐŚ͕ǁŚĞŶƐĂůĞƐƉƌŝĐĞƐŽĨĐŽŵƉĂƌĂďůĞůĂŶĚŝŶĐůŽƐĞƉƌŽdžŝŵŝƚLJĂƌĞƵƐĞĚŝŶƚŚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞƐƵďũĞĐƚƉƌŽƉĞƌƚLJ
ǁŝƚŚŶŽĂĚũƵƐƚŵĞŶƚŽŶƚŚĞƉƌŝĐĞ͕ĨĂŝƌǀĂůƵĞŝƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϮ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ŝĨƚŚĞŽďƐĞƌǀĂďůĞƌĞĐĞŶƚƉƌŝĐĞƐŽĨ
ƚŚĞƌĞĨĞƌĞŶĐĞƉƌŽƉĞƌƚŝĞƐǁĞƌĞĂĚũƵƐƚĞĚĨŽƌĚŝĨĨĞƌĞŶĐĞƐŝŶŬĞLJĂƚƚƌŝďƵƚĞƐƐƵĐŚĂƐƉƌŽƉĞƌƚLJƐŝnjĞ͕njŽŶŝŶŐ͕ĂŶĚĂĐĐĞƐƐŝďŝůŝƚLJ͕
ƚŚĞĨĂŝƌǀĂůƵĞŝƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůϯ͘dŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚŝŶƉƵƚŝŶƚŽƚŚŝƐǀĂůƵĂƚŝŽŶĂƉƉƌŽĂĐŚŝƐƚŚĞƉƌŝĐĞƉĞƌƐƋƵĂƌĞ
ŵĞƚĞƌ͕ŚĞŶĐĞ͕ƚŚĞŚŝŐŚĞƌƚŚĞƉƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ͕ƚŚĞŚŝŐŚĞƌƚŚĞĨĂŝƌǀĂůƵĞ͘

dŚĞ>ĞǀĞůϯĨĂŝƌǀĂůƵĞƐŽĨƚŚĞůĂŶĚĂŶĚďƵŝůĚŝŶŐƐƵŶĚĞƌ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐĂĐĐŽƵŶƚǁĞƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞĐŽƐƚ
ĂƉƉƌŽĂĐŚƚŚĂƚƌĞĨůĞĐƚƐƚŚĞĐŽƐƚƚŽĂŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƚŽĐŽŶƐƚƌƵĐƚĂŶĂƐƐĞƚŽĨĐŽŵƉĂƌĂďůĞƵƐĂŐĞ͕ĐŽŶƐƚƌƵĐƚŝŽŶ
ƐƚĂŶĚĂƌĚƐ͕ĚĞƐŝŐŶĂŶĚůĂLJŽƵƚ͕ĂĚũƵƐƚĞĚĨŽƌŽďƐŽůĞƐĐĞŶĐĞ͘dŚĞŵŽƌĞƐŝŐŶŝĨŝĐĂŶƚŝŶƉƵƚƐƵƐĞĚŝŶƚŚĞǀĂůƵĂƚŝŽŶŝŶĐůƵĚĞ
ĚŝƌĞĐƚĂŶĚŝŶĚŝƌĞĐƚĐŽƐƚƐŽĨĐŽŶƐƚƌƵĐƚŝŽŶƐƵĐŚĂƐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ůĂďŽƌĂŶĚĐŽŶƚƌĂĐƚŽƌ͛ƐƉƌŽĨŝƚ͕ŵĂƚĞƌŝĂůƐĂŶĚ
ĞƋƵŝƉŵĞŶƚ͕ƐƵƌǀĞLJŝŶŐĂŶĚƉĞƌŵŝƚĐŽƐƚƐ͕ĞůĞĐƚƌŝĐŝƚLJĂŶĚƵƚŝůŝƚLJĐŽƐƚƐ͕ĂƌĐŚŝƚĞĐƚƵƌĂůĂŶĚĞŶŐŝŶĞĞƌŝŶŐĨĞĞƐ͕ŝŶƐƵƌĂŶĐĞĂŶĚ
ůĞŐĂůĨĞĞƐ͘dŚĞƐĞŝŶƉƵƚƐǁĞƌĞĚĞƌŝǀĞĚĨƌŽŵǀĂƌŝŽƵƐƐƵƉƉůŝĞƌƐĂŶĚĐŽŶƚƌĂĐƚŽƌ͛ƐƋƵŽƚĞƐ͕ƉƌŝĐĞĐĂƚĂůŽŐƵĞƐ͕ĂŶĚ
ĐŽŶƐƚƌƵĐƚŝŽŶƉƌŝĐĞŝŶĚŝĐĞƐ͘hŶĚĞƌƚŚŝƐĂƉƉƌŽĂĐŚ͕ŚŝŐŚĞƌĞƐƚŝŵĂƚĞĚĐŽƐƚƐƵƐĞĚŝŶƚŚĞǀĂůƵĂƚŝŽŶǁŝůůƌĞƐƵůƚŝŶŚŝŐŚĞƌĨĂŝƌ
ǀĂůƵĞŽĨƚŚĞƉƌŽƉĞƌƚŝĞƐ͘

;ďͿ KƚŚĞƌ&ĂŝƌsĂůƵĞ/ŶĨŽƌŵĂƚŝŽŶ

dŚĞƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐŝŶĐůƵĚĞĚŝŶ>ĞǀĞůƐϮĂŶĚϯŝƐƉƌĞƐĞŶƚĞĚŝŶEŽƚĞϭϱ͘

dŚĞƌĞŚĂƐďĞĞŶŶŽĐŚĂŶŐĞƚŽƚŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚďLJƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚƵƌŝŶŐƚŚĞLJĞĂƌĨŽƌŝƚƐ
ŶŽŶͲĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘ůƐŽ͕ƚŚĞƌĞǁĞƌĞŶŽƚƌĂŶƐĨĞƌƐŝŶƚŽŽƌŽƵƚŽĨ>ĞǀĞůϮĂŶĚϯĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŝŶϮϬϭϳĂŶĚϮϬϭϲ͘


ϴ͘ ^'DEd/E&KZDd/KE

ϴ͘ϭ ƵƐŝŶĞƐƐ^ĞŐŵĞŶƚƐ

dŚĞ'ƌŽƵƉ͛ƐŽƉĞƌĂƚŝŶŐďƵƐŝŶĞƐƐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂŶĚŵĂŶĂŐĞĚƐĞƉĂƌĂƚĞůLJĂĐĐŽƌĚŝŶŐƚŽƚŚĞŶĂƚƵƌĞŽĨƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚĂŶĚ
ƚŚĞĚŝĨĨĞƌĞŶƚŵĂƌŬĞƚƐƐĞƌǀĞĚǁŝƚŚĞĂĐŚƐĞŐŵĞŶƚƌĞƉƌĞƐĞŶƚŝŶŐĂƐƚƌĂƚĞŐŝĐďƵƐŝŶĞƐƐƵŶŝƚ͘dŚĞ'ƌŽƵƉĚĞƌŝǀĞƐƌĞǀĞŶƵĞƐĨƌŽŵƚŚĞ
ĨŽůůŽǁŝŶŐŵĂŝŶŽƉĞƌĂƚŝŶŐďƵƐŝŶĞƐƐƐĞŐŵĞŶƚƐ͗

;ĂͿ ƌĂŶĐŚĂŶŬŝŶŐ'ƌŽƵƉ

dŚĞ'ŽǀĞƌƐĞĞƐƚŚĞŽƉĞƌĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉ͛ƐďƌĂŶĐŚĞƐĂŶĚdDŶĞƚǁŽƌŬƐ͕ǁŚŝĐŚĂƌĞƚŚĞƉƌŝŵĂƌLJƐĂůĞƐĂŶĚ
ĚŝƐƚƌŝďƵƚŝŽŶƉůĂƚĨŽƌŵƐĨŽƌƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͘/ƚƐƉƌŝŵĂƌLJƚĂƐŬƐĂƌĞƚŽ͗ƐŽůŝĐŝƚĚĞƉŽƐŝƚƐ͖ĐƌŽƐƐͲƐĞůůĂŶĚĚŝƐƚƌŝďƵƚĞĂůůŽĨ
ƚŚĞ'ƌŽƵƉ͛ƐƉƌŽĚƵĐƚƐĂŶĚƐĞƌǀŝĐĞƐ͕ĂƐĂůůŽǁĞĚďLJƌĞŐƵůĂƚŝŽŶ͖ŐĞŶĞƌĂƚĞƐĂůĞƐůĞĂĚƐĨŽƌƐƉĞĐŝĂůŝnjĞĚƉƌŽĚƵĐƚƐ͖ĂŶĚ
ŵĂŶĂŐĞĐƵƐƚŽŵĞƌƌĞůĂƚŝŽŶƐŚŝƉƐ͘

 

190 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

;ďͿ ŽƌƉŽƌĂƚĞĂŶĚŽŶƐƵŵĞƌĂŶŬŝŶŐ'ƌŽƵƉ

dŚĞŽƌƉŽƌĂƚĞĂŶĚŽŶƐƵŵĞƌ'ƌŽƵƉ;'ͿŵĂŶĂŐĞƐƚŚĞ'ƌŽƵƉ͛ƐůŽĂŶƉŽƌƚĨŽůŝŽ͘/ƚŚĂƐĂŽŶƐƵŵĞƌĂŶŬŝŶŐŝǀŝƐŝŽŶ
ƚŽŚĂŶĚůĞƚŚĞĐŽŶƐƵŵĞƌůŽĂŶŵĂƌŬĞƚ͕ĂŽƌƉŽƌĂƚĞĂŶĚŽŵŵĞƌĐŝĂůĂŶŬŝŶŐŝǀŝƐŝŽŶƚŽŚĂŶĚůĞƚŚĞĐŽƌƉŽƌĂƚĞĂŶĚ
ŝŶƐƚŝƚƵƚŝŽŶĂůůŽĂŶŵĂƌŬĞƚƐ͕ĂŶĚĂZĞŵŝƚƚĂŶĐĞDĂƌŬĞƚŝŶŐŝǀŝƐŝŽŶĨŽƌƚŚĞŽǀĞƌƐĞĂƐƌĞŵŝƚƚĂŶĐĞŵĂƌŬĞƚ͘ƉĂƌƚĨƌŽŵ
ĐƌĞĚŝƚůŝŶĞƐ͕ƚŚĞŽƌƉŽƌĂƚĞĂŶĚŽŵŵĞƌĐŝĂůĂŶŬŝŶŐŝǀŝƐŝŽŶĂůƐŽƉƌŽǀŝĚĞƐƚƌĂŶƐĂĐƚŝŽŶĂůďĂŶŬŝŶŐ͕ƚƌĂĚĞĨŝŶĂŶĐĞ͕
ĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞ͕ƚƌƵƐƚďĂŶŬŝŶŐ͕ĨŝŶĂŶĐŝĂůĂĚǀŝƐŽƌLJĂŶĚĐĂƉŝƚĂůŵĂƌŬĞƚƐƐŽůƵƚŝŽŶƐƚŽŝƚƐĐŽƌƉŽƌĂƚĞĂŶĚŝŶƐƚŝƚƵƚŝŽŶĂů
ĐůŝĞŶƚƐ͘

dŚĞ'ĂůƐŽŽǀĞƌƐĞĞƐƚŚĞ'ƌŽƵƉ͛ƐĞƋƵŝƚLJďƌŽŬĞƌĂŐĞďƵƐŝŶĞƐƐƚŚƌŽƵŐŚh^/ĂŶĚƚŚĞ'ƌŽƵƉ͛ƐůĞĂƐĞĨŝŶĂŶĐŝŶŐďƵƐŝŶĞƐƐ
ƚŚƌŽƵŐŚh>&͘

;ĐͿ dƌĞĂƐƵƌLJĂŶŬŝŶŐ'ƌŽƵƉ

dŚĞd'ŵĂŶĂŐĞƐƚŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘tŽƌŬŝŶŐǁŝƚŚƚŚĞƐƐĞƚĂŶĚ>ŝĂďŝůŝƚLJŽŵŵŝƚƚĞĞ͕d'
ƌĞĐŽŵŵĞŶĚƐƚŚĞƉƌŝĐŝŶŐƐƚƌĂƚĞŐLJĨŽƌĚĞƉŽƐŝƚƐĂŶĚůŽĂŶƐƚŽĞŶƐƵƌĞƚŚĂƚĚĞƉŽƐŝƚͲƚĂŬŝŶŐƵŶŝƚƐŽĨĨĞƌĐŽŵƉĞƚŝƚŝǀĞLJŝĞůĚƐƚŽ
ŐĞŶĞƌĂƚĞƚŚĞĨƵŶĚŝŶŐƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ͕ĂŶĚƚŚĞůĞŶĚŝŶŐƵŶŝƚƐ͕ŝŶƚƵƌŶ͕ŽĨĨĞƌƌĂƚĞƐƚŚĂƚǁŝůůĂƚƚƌĂĐƚƚŚĞ
ƚĂƌŐĞƚĞĚďŽƌƌŽǁĞƌƐ͘

/ŶĂĚĚŝƚŝŽŶ͕d'ŵĂŶĂŐĞƐƚŚĞƌĞŐƵůĂƚŽƌLJƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂƐǁĞůůĂƐĞŶƐƵƌĞƐŝƚƐůŝƋƵŝĚŝƚLJƉŽƐŝƚŝŽŶ͘
dŚĞd'ĂůƐŽĞŶŐĂŐĞƐŝŶĨŝdžĞĚŝŶĐŽŵĞƐĞĐƵƌŝƚŝĞƐĂŶĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞƚƌĂĚŝŶŐ͘

;ĚͿ h^

dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐh^ĂƐŽŶĞŽƉĞƌĂƚŝŶŐďƵƐŝŶĞƐƐƐĞŐŵĞŶƚ͘h^ŵĂŶĂŐĞƐƚŚĞ'ƌŽƵƉ͛ƐĐŽŶƐƵŵĞƌůŽĂŶŵĂƌŬĞƚ
ƉĂƌƚŝĐƵůĂƌůLJĨŽĐƵƐŝŶŐŽŶƉƵďůŝĐƐĐŚŽŽůƚĞĂĐŚĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŽĨůŽĐĂůŐŽǀĞƌŶŵĞŶƚƵŶŝƚƐ͘h^ĂůƐŽƉƌŽǀŝĚĞƐƐĞƌǀŝĐĞƐ
ƐƵĐŚĂƐĚĞƉŽƐŝƚͲƚĂŬŝŶŐ͕ĚŽŵĞƐƚŝĐĨƵŶĚƚƌĂŶƐĨĞƌƐĂŶĚƚƌĞĂƐƵƌLJ͘

;ĞͿ KƚŚĞƌ^ĞŐŵĞŶƚƐ

dŚŝƐƐĞŐŵĞŶƚŝŶĐůƵĚĞƐŽƚŚĞƌƐĞŐŵĞŶƚƐƚŚĂƚƉƌŽǀŝĚĞƐƵƉƉŽƌƚƚŽŝƚƐĐŽƌĞĂĐƚŝǀŝƚŝĞƐ͘

DĂŶĂŐĞŵĞŶƚŵŽŶŝƚŽƌƐƚŚĞŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐŽĨŝƚƐďƵƐŝŶĞƐƐƵŶŝƚƐƐĞƉĂƌĂƚĞůLJĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŵĂŬŝŶŐĚĞĐŝƐŝŽŶƐĂďŽƵƚ
ƌĞƐŽƵƌĐĞĂůůŽĐĂƚŝŽŶĂŶĚƉĞƌĨŽƌŵĂŶĐĞĂƐƐĞƐƐŵĞŶƚ͘^ĞŐŵĞŶƚƉĞƌĨŽƌŵĂŶĐĞŝƐĞǀĂůƵĂƚĞĚďĂƐĞĚŽŶŶĞƚŝŶĐŽŵĞďĞĨŽƌĞŝŶĐŽŵĞ
ƚĂdž͕ǁŚŝĐŚŝƐŵĞĂƐƵƌĞĚŝŶĂŵĂŶŶĞƌĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĂƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞ͘

^ĞŐŵĞŶƚĂƐƐĞƚƐĂƌĞƚŚŽƐĞŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐƚŚĂƚĂƌĞĞŵƉůŽLJĞĚďLJĂƐĞŐŵĞŶƚŝŶŝƚƐŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐĂŶĚƚŚĂƚĞŝƚŚĞƌĚŝƌĞĐƚůLJ
ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞƐĞŐŵĞŶƚŽƌĐĂŶďĞĂůůŽĐĂƚĞĚƚŽƚŚĞƐĞŐŵĞŶƚŽŶĂƌĞĂƐŽŶĂďůĞďĂƐŝƐ͘^ĞŐŵĞŶƚůŝĂďŝůŝƚŝĞƐĂƌĞƚŚŽƐĞŽƉĞƌĂƚŝŶŐ
ůŝĂďŝůŝƚŝĞƐƚŚĂƚƌĞƐƵůƚĨƌŽŵƚŚĞŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐŽĨĂƐĞŐŵĞŶƚĂŶĚƚŚĂƚĂƌĞĞŝƚŚĞƌĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞƐĞŐŵĞŶƚŽƌĐĂŶ
ďĞĂůůŽĐĂƚĞĚƚŽƚŚĞƐĞŐŵĞŶƚŽŶĂƌĞĂƐŽŶĂďůĞďĂƐŝƐ͘

dŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚƐƉƌŽĚƵĐŝŶŐƌĞǀĞŶƵĞƐĂƌĞůŽĐĂƚĞĚŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐ;ŝ͘Ğ͕͘ŽŶĞŐĞŽŐƌĂƉŚŝĐĂůůŽĐĂƚŝŽŶͿ͕ƚŚĞƌĞĨŽƌĞ͕
ŐĞŽŐƌĂƉŚŝĐĂůƐĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶŝƐŶŽůŽŶŐĞƌƉƌĞƐĞŶƚĞĚ͘dŚĞ'ƌŽƵƉŚĂƐŶŽƐŝŐŶŝĨŝĐĂŶƚĐƵƐƚŽŵĞƌƐǁŚŝĐŚĐŽŶƚƌŝďƵƚĞϭϬ͘Ϭй
ŽƌŵŽƌĞŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƌĞǀĞŶƵĞ͕ŶĞƚŽĨŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞ͘

&ƵŶĚƐĂƌĞŽƌĚŝŶĂƌŝůLJĂůůŽĐĂƚĞĚďĞƚǁĞĞŶƐĞŐŵĞŶƚƐ͕ƌĞƐƵůƚŝŶŐŝŶĨƵŶĚŝŶŐĐŽƐƚƚƌĂŶƐĨĞƌƐĚŝƐĐůŽƐĞĚŝŶŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ͘/ŶƚĞƌĞƐƚ
ĐŚĂƌŐĞĚĨŽƌƚŚĞƐĞĨƵŶĚƐŝƐďĂƐĞĚŽŶƚŚĞ'ƌŽƵƉ͛ƐĐŽƐƚŽĨĐĂƉŝƚĂů͘dŚĞƌĞĂƌĞŶŽŽƚŚĞƌŵĂƚĞƌŝĂůŝƚĞŵƐŽĨŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞ
ďĞƚǁĞĞŶďƵƐŝŶĞƐƐƐĞŐŵĞŶƚƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 191
 ϴ͘Ϯ ŶĂůLJƐŝƐŽĨ^ĞŐŵĞŶƚ/ŶĨŽƌŵĂƚŝŽŶ

^ĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶĂƐĂƚĂŶĚĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲŝƐĂƐĨŽůůŽǁƐ͗

  ϮϬϭϳ 
              KƚŚĞƌ 
  '   '   dƌĞĂƐƵƌLJ   h^   ^ĞŐŵĞŶƚƐ   dŽƚĂů 

/ŶƚĞƌĞƐƚŝŶĐŽŵĞ W Ϯϲ͕ϵϴϭ W ϵ͕ϭϵϰ͕ϯϱϮ W ϯ͕ϳϳϵ͕ϭϯϬ W ϭ͕ϰϲϳ͕ϴϱϭ W Ϯϳϳ͕ϴϱϴ W ϭϰ͕ϳϰϲ͕ϭϳϮ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ ; Ϯ͕ϯϬϲ͕ϲϰϮͿ  Ͳ  ; ϯϰϲ͕ϯϮϵͿ ; Ϯϭϲ͕ϲϵϰͿ ; ϳϯ͕ϳϬϭͿ ; Ϯ͕ϵϰϯ͕ϯϲϲͿ
EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ
 ;ĞdžƉĞŶƐĞͿ ; Ϯ͕Ϯϳϵ͕ϲϲϭͿ  ϵ͕ϭϵϰ͕ϯϱϮ  ϯ͕ϰϯϮ͕ϴϬϭ  ϭ͕Ϯϱϭ͕ϭϱϳ   ϮϬϰ͕ϭϱϳ   ϭϭ͕ϴϬϮ͕ϴϬϲ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚ
 ĂŵŽƌƚŝnjĂƚŝŽŶ ; ϭϲϯ͕ϭϵϰͿ  Ͳ   Ͳ  ; ϵϬ͕ϵϴϯͿ ; ϯϵϱ͕ϰϱϳͿ ; ϲϰϵ͕ϲϯϰͿ
WƌŽǀŝƐŝŽŶĨŽƌ
 ŝŵƉĂŝƌŵĞŶƚůŽƐƐ  Ͳ   Ͳ   Ͳ  ; ϮϬϯ͕ϵϱϳͿ ; ϵϵϰ͕ϴϱϴͿ ; ϭ͕ϭϵϴ͕ϴϭϱͿ
EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ;ĞdžƉĞŶƐĞͿ
 ĂĨƚĞƌĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚ
 ĂŵŽƌƚŝnjĂƚŝŽŶ ; Ϯ͕ϰϰϮ͕ϴϱϱͿ  ϵ͕ϭϵϰ͕ϯϱϮ  ϯ͕ϰϯϮ͕ϴϬϭ  ϵϱϲ͕Ϯϭϳ  ; ϭ͕ϭϴϲ͕ϭϱϴͿ  ϵ͕ϵϱϰ͕ϯϱϳ 
KƚŚĞƌŝŶĐŽŵĞ  ϲϴϮ͕ϵϵϳ  ϭ͕Ϭϵϯ͕ϳϯϮ  ϭϲϭ͕Ϭϭϭ  Ϯϱϱ͕ϵϰϭ   ϯϳϳ͕ϲϭϯ   Ϯ͕ϱϳϭ͕Ϯϵϰ
KƚŚĞƌĞdžƉĞŶƐĞƐ ; ϭ͕ϭϲϬ͕ϬϴϴͿ ; ϲϰϬ͕ϵϴϰͿ ; ϮϱϬ͕ϮϮϴͿ; ϳϱϲ͕ϮϬϴͿ ; ϰ͕ϴϮϰ͕ϲϰϯͿ; ϳ͕ϲϯϮ͕ϭϱϭͿ
EĞƚŝŶĐŽŵĞ;ůŽƐƐͿďĞĨŽƌĞ
 ŝŶĐŽŵĞƚĂdž ; Ϯ͕ϵϭϵ͕ϵϰϲͿ  ϵ͕ϲϰϳ͕ϭϬϬ  ϯ͕ϯϰϯ͕ϱϴϰ  ϰϱϱ͕ϵϱϬ  ; ϱ͕ϲϯϯ͕ϭϴϴͿ  ϰ͕ϴϵϯ͕ϱϬϬ 
/ŶĐŽŵĞƚĂdžďĞŶĞĨŝƚ
 ;ĞdžƉĞŶƐĞͿ  ϭϮϵ ; Ϯϯ͕ϰϵϱͿ ; ϲϲϳ͕ϭϵϴͿ ; ϭϰϯ͕ϯϮϵͿ ϴϳ͕Ϯϲϲ  ; ϳϰϲ͕ϲϮϳͿ

EĞƚŝŶĐŽŵĞ;ůŽƐƐͿĨŽƌ
 ƚŚĞLJĞĂƌ ;W Ϯ͕ϵϭϵ͕ϴϭϳͿ W ϵ͕ϲϮϯ͕ϲϬϱ W Ϯ͕ϲϳϲ͕ϯϴϲ W ϯϭϮ͕ϲϮϭ  ;W ϱ͕ϱϰϱ͕ϵϮϮͿ W ϰ͕ϭϰϲ͕ϴϳϯ

dŽƚĂůƌĞƐŽƵƌĐĞƐ W ϭϬ͕ϯϵϳ͕ϳϳϴ Wϭϱϱ͕ϳϱϮ͕ϭϭϳ W ϳϳ͕ϵϵϳ͕ϵϳϳ W ϭϴ͕ϲϬϴ͕ϰϯϰ W ϲϯ͕ϳϱϱ͕ϳϵϳ WϯϮϲ͕ϱϭϮ͕ϭϬϯ

dŽƚĂůůŝĂďŝůŝƚŝĞƐ WϮϲϰ͕ϭϭϬ͕ϲϮϭ W ϭϰ͕ϬϮϯ͕ϴϯϯ W ϭϬ͕ϳϭϰ͕ϭϭϭ W ϭϱ͕ϵϯϵ͕ϱϮϳ W ϯ͕Ϭϴϴ͕ϱϬϭ WϯϬϳ͕ϴϳϲ͕ϱϵϯ

  ϮϬϭϲ 
           KƚŚĞƌ   
  '   '   dƌĞĂƐƵƌLJ   ^ĞŐŵĞŶƚƐ   h^   dŽƚĂů 

/ŶƚĞƌĞƐƚŝŶĐŽŵĞ W ϮϮ͕ϯϵϴ W ϳ͕ϳϯϯ͕ϬϰϬ W ϯ͕ϴϮϵ͕ϴϱϬ W ϭ͕ϯϭϱ͕ϰϮϰ W ϯϬϵ͕ϭϳϰ W ϭϯ͕ϮϬϵ͕ϴϴϲ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ ; ϭ͕ϴϬϰ͕ϮϵϯͿ  Ͳ  ; ϲϳϱ͕ϭϬϰͿ ; ϭϲϭ͕ϱϬϳͿ ; ϵϲ͕ϮϯϯͿ ; Ϯ͕ϳϯϳ͕ϭϯϳͿ
EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ
 ;ĞdžƉĞŶƐĞͿ ; ϭ͕ϳϴϭ͕ϴϵϱͿ  ϳ͕ϳϯϯ͕ϬϰϬ  ϯ͕ϭϱϰ͕ϳϰϲ  ϭ͕ϭϱϯ͕ϵϭϳ   ϮϭϮ͕ϵϰϭ   ϭϬ͕ϰϳϮ͕ϳϰϵ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚ
 ĂŵŽƌƚŝnjĂƚŝŽŶ ; ϭϵϰ͕ϴϳϭͿ  Ͳ   Ͳ  ; ϳϰ͕ϬϱϯͿ ; ϯϯϴ͕ϲϮϳͿ ; ϲϬϳ͕ϱϱϭͿ
WƌŽǀŝƐŝŽŶĨŽƌ
 ŝŵƉĂŝƌŵĞŶƚůŽƐƐ  Ͳ   Ͳ   Ͳ  ; ϭϰϴ͕ϲϵϲͿ ; ϴϵϰ͕ϱϵϮͿ ; ϭ͕Ϭϰϯ͕ϮϴϴͿ
EĞƚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ;ĞdžƉĞŶƐĞͿ
 ĂĨƚĞƌĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚ
 ĂŵŽƌƚŝnjĂƚŝŽŶ ; ϭ͕ϵϳϲ͕ϳϲϲͿ  ϳ͕ϳϯϯ͕ϬϰϬ  ϯ͕ϭϱϰ͕ϳϰϲ  ϵϯϭ͕ϭϲϴ  ; ϭ͕ϬϮϬ͕ϮϳϴͿ  ϴ͕ϴϮϭ͕ϵϭϬ
KƚŚĞƌŝŶĐŽŵĞ  ϱϵϴ͕ϰϮϭ  ϰϭϴ͕ϱϱϬ  ϲϯϳ͕ϵϰϭ  ϰϬϳ͕ϮϰϮ   ϱϰϳ͕ϲϮϳ   Ϯ͕ϲϬϵ͕ϳϴϭ
KƚŚĞƌĞdžƉĞŶƐĞƐ ; ϭ͕Ϭϰϱ͕ϭϳϯͿ ; ϰϰϬ͕ϯϮϴͿ ; Ϯϴϰ͕ϵϴϰͿ; ϳϰϱ͕ϬϲϱͿ ; ϰ͕ϰϭϰ͕ϴϮϲͿ; ϲ͕ϵϯϬ͕ϯϳϲͿ
EĞƚŝŶĐŽŵĞ;ůŽƐƐͿďĞĨŽƌĞ
 ŝŶĐŽŵĞƚĂdž ; Ϯ͕ϰϮϯ͕ϱϭϴͿ  ϳ͕ϳϭϭ͕ϮϲϮ  ϯ͕ϱϬϳ͕ϳϬϯ  ϱϵϯ͕ϯϰϱ  ; ϰ͕ϴϴϳ͕ϰϳϳͿ  ϰ͕ϱϬϭ͕ϯϭϱ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞ ; ϳϰͿ ; ϭϱ͕ϳϯϲͿ ; ϲϵϳ͕ϲϬϬͿ ; ϭϴϴ͕ϮϰϴͿ; Ϯϰϯ͕ϰϰϮͿ ; ϭ͕ϭϰϱ͕ϭϬϬͿ

EĞƚŝŶĐŽŵĞ;ůŽƐƐͿĨŽƌ
 ƚŚĞLJĞĂƌ ;W Ϯ͕ϰϮϯ͕ϱϵϮͿ W ϳ͕ϲϵϱ͕ϱϮϲ W Ϯ͕ϴϭϬ͕ϭϬϯ W ϰϬϱ͕Ϭϵϳ  ;W ϱ͕ϭϯϬ͕ϵϭϵͿ W ϯ͕ϯϱϲ͕Ϯϭϱ

dŽƚĂůƌĞƐŽƵƌĐĞƐ WϮϰϳ͕Ϯϴϯ͕ϯϱϭ W ϭϲ͕ϱϯϱ͕ϲϭϵ W ϭϴ͕ϮϮϵ͕Ϯϭϱ W ϭϲ͕ϵϵϯ͕ϱϭϰ W ϭϭ͕ϴϴϱ͕Ϭϯϵ WϯϭϬ͕ϵϮϲ͕ϳϯϴ

dŽƚĂůůŝĂďŝůŝƚŝĞƐ WϮϰϵ͕ϳϬϲ͕ϵϰϮ W ϴ͕ϴϰϬ͕Ϭϵϯ W ϭϱ͕ϴϵϮ͕ϲϲϭ W ϭϰ͕ϭϯϰ͕ϰϮϳ W ϯ͕ϴϰϳ͕ϰϭϯ WϮϵϮ͕ϰϮϭ͕ϱϯϲ


 

192 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϵ͘ ^,E^,Yh/s>Ed^

dŚĞĐŽŵƉŽŶĞŶƚƐŽĨĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐĨŽůůŽǁ͗
 
        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        EŽƚĞ   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ĂƐŚĂŶĚŽƚŚĞƌĐĂƐŚŝƚĞŵƐ W ϲ͕ϯϯϯ͕ϱϲϯ W ϱ͕ϵϭϵ͕ϳϲϯ W ϱ͕ϵϮϬ͕ϰϳϭ W ϱ͕ϱϮϴ͕ϰϵϮ
 ƵĞĨƌŽŵ^W    ϰϴ͕ϲϭϬ͕Ϭϵϲ  ϱϬ͕ϴϬϴ͕ϴϵϭ  ϰϳ͕ϯϬϱ͕ϴϬϵ  ϰϵ͕ϱϮϬ͕ϰϮϬ
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐ   ϰ͕ϱϲϳ͕ϴϱϱ  ϳ͕Ϯϳϲ͕ϲϱϯ  ϰ͕ϰϮϮ͕ϳϰϵ  ϳ͕ϭϵϯ͕ϴϯϭ
 /ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞ
  ĂŶĚƐĞĐƵƌŝƚŝĞƐƉƵƌĐŚĂƐĞĚ
  ƵŶĚĞƌƌĞƐĂůĞĂŐƌĞĞŵĞŶƚƐ  ϭϬ   ϳ͕ϭϯϬ͕ϳϯϱ  ϭϱ͕ϴϬϲ͕ϯϱϯ  ϳ͕ϭϯϬ͕ϳϯϱ  ϭϱ͕ϱϭϬ͕ϱϬϳ

       W ϲϲ͕ϲϰϮ͕Ϯϰϵ W ϳϵ͕ϴϭϭ͕ϲϲϬ W ϲϰ͕ϳϳϵ͕ϳϲϰ W ϳϳ͕ϳϱϯ͕ϮϱϬ

ĂƐŚĐŽŶƐŝƐƚƐƉƌŝŵĂƌŝůLJŽĨĨƵŶĚƐŝŶƚŚĞĨŽƌŵŽĨWŚŝůŝƉƉŝŶĞĐƵƌƌĞŶĐLJŶŽƚĞƐĂŶĚĐŽŝŶƐĂŶĚŝŶĐůƵĚĞƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐĂĐĐĞƉƚĂďůĞ
ƚŽĨŽƌŵƉĂƌƚŽĨƚŚĞŝŶƚĞƌŶĂƚŝŽŶĂůƌĞƐĞƌǀĞƐŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐǀĂƵůƚĂŶĚƚŚŽƐĞŝŶƚŚĞƉŽƐƐĞƐƐŝŽŶŽĨƚĞůůĞƌƐ͕ŝŶĐůƵĚŝŶŐdDƐ͘
KƚŚĞƌĐĂƐŚŝƚĞŵƐŝŶĐůƵĚĞĐĂƐŚŝƚĞŵƐ;ŽƚŚĞƌƚŚĂŶĐƵƌƌĞŶĐLJĂŶĚĐŽŝŶƐŽŶŚĂŶĚͿ͕ƐƵĐŚĂƐĐŚĞĐŬƐĚƌĂǁŶŽŶŽƚŚĞƌďĂŶŬƐŽƌŽƚŚĞƌ
ďƌĂŶĐŚĞƐĂĨƚĞƌƚŚĞĐůĞĂƌŝŶŐĐƵƚͲŽĨĨƚŝŵĞƵŶƚŝůƚŚĞĐůŽƐĞŽĨƚŚĞƌĞŐƵůĂƌďĂŶŬŝŶŐŚŽƵƌƐ͘

ƵĞĨƌŽŵ^WĐŽŶƐŝƐƚƐŽĨ͗

       EŽƚĞ   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  ĞŵĂŶĚĚĞƉŽƐŝƚ  ϭϴ  W ϰϳ͕ϮϭϬ͕Ϭϵϲ  W ϰϰ͕ϳϬϴ͕ϴϵϭ   W ϰϱ͕ϵϬϱ͕ϴϬϵ   W ϰϯ͕ϲϮϬ͕ϰϮϬ
  ^ƉĞĐŝĂůĚĞƉŽƐŝƚ   ϭ͕ϰϬϬ͕ϬϬϬ   ϲ͕ϭϬϬ͕ϬϬϬ    ϭ͕ϰϬϬ͕ϬϬϬ    ϱ͕ϵϬϬ͕ϬϬϬ

       W ϰϴ͕ϲϭϬ͕Ϭϵϲ  W ϱϬ͕ϴϬϴ͕ϴϵϭ  W ϰϳ͕ϯϬϱ͕ϴϬϵ  W ϰϵ͕ϱϮϬ͕ϰϮϬ

ĞŵĂŶĚĚĞƉŽƐŝƚƌĞƉƌĞƐĞŶƚƐƚŚĞĂŐŐƌĞŐĂƚĞďĂůĂŶĐĞŽĨĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐŵĂŝŶƚĂŝŶĞĚǁŝƚŚƚŚĞ^WƉƌŝŵĂƌŝůLJƚŽŵĞĞƚƚŚĞ
ƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚƐ͕ƚŽƐĞƌǀĞĂƐĐůĞĂƌŝŶŐĂĐĐŽƵŶƚĨŽƌŝŶƚĞƌďĂŶŬĐůĂŝŵƐĂŶĚƚŽĐŽŵƉůLJǁŝƚŚĞdžŝƐƚŝŶŐƚƌƵƐƚƌĞŐƵůĂƚŝŽŶƐ͘^ƉĞĐŝĂů
ĚĞƉŽƐŝƚƉĞƌƚĂŝŶƐƚŽŽǀĞƌŶŝŐŚƚĂŶĚƚŝŵĞĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ͘dŚĞ^WĚĞŵĂŶĚĚĞƉŽƐŝƚĂĐĐŽƵŶƚŝƐŝŶƚĞƌĞƐƚͲĨƌĞĞǁŚŝůĞƚŚĞƐƉĞĐŝĂů
ĚĞƉŽƐŝƚĂĐĐŽƵŶƚĞĂƌŶĞĚĂǀĞƌĂŐĞĂŶŶƵĂůŝŶƚĞƌĞƐƚŽĨϮ͘ϱϬйŝŶďŽƚŚϮϬϭϳĂŶĚϮϬϭϲ͘

dŚĞďĂůĂŶĐĞŽĨƵĞĨƌŽŵKƚŚĞƌĂŶŬƐƌĞƉƌĞƐĞŶƚƐƌĞŐƵůĂƌĚĞƉŽƐŝƚƐǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  >ŽĐĂůďĂŶŬƐ   W ϭ͕Ϯϰϳ͕ϴϭϵ  W ϭ͕ϴϭϱ͕ϱϲϵ   W ϭ͕ϭϬϮ͕ϳϭϯ   W ϭ͕ϳϯϮ͕ϳϰϳ
   &ŽƌĞŝŐŶďĂŶŬƐ   ϯ͕ϯϮϬ͕Ϭϯϲ  ϱ͕ϰϲϭ͕Ϭϴϰ   ϯ͕ϯϮϬ͕Ϭϯϲ   ϱ͕ϰϲϭ͕Ϭϴϰ

       W ϰ͕ϱϲϳ͕ϴϱϱ  W ϳ͕Ϯϳϲ͕ϲϱϯ  W ϰ͕ϰϮϮ͕ϳϰϵ  W ϳ͕ϭϵϯ͕ϴϯϭ

dŚĞďƌĞĂŬĚŽǁŶŽĨƵĞĨƌŽŵKƚŚĞƌĂŶŬƐďLJĐƵƌƌĞŶĐLJŝƐƐŚŽǁŶďĞůŽǁ͘

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  >ŽĐĂůĐƵƌƌĞŶĐLJ   W ϰϱϮ͕ϱϰϭ  W ϮϮϬ͕ϵϭϲ  W ϯϬϳ͕ϱϱϬ   W ϭϯϴ͕ϮϬϴ
   &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJ   ϰ͕ϭϭϱ͕ϯϭϰ  ϳ͕Ϭϱϱ͕ϳϯϳ   ϰ͕ϭϭϱ͕ϭϵϵ   ϳ͕Ϭϱϱ͕ϲϮϯ

       W ϰ͕ϱϲϳ͕ϴϱϱ  W ϳ͕Ϯϳϲ͕ϲϱϯ  W ϰ͕ϰϮϮ͕ϳϰϵ  W ϳ͕ϭϵϯ͕ϴϯϭ

 

U C P B 2 0 1 7 A N N U A L R E P O R T 193
 ƵĞĨƌŽŵŽƚŚĞƌďĂŶŬƐĞĂƌŶĂǀĞƌĂŐĞĂŶŶƵĂůŝŶƚĞƌĞƐƚƐĂƐĨŽůůŽǁƐ͗

        ϮϬϭϳ   ϮϬϭϲ 
 
  >ŽĐĂůĐƵƌƌĞŶĐLJ     Ϭ͘ϭϬйͲϬ͘Ϯϱй  Ϭ͘Ϯϱй
  &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJ    Ϭ͘ϭϮйͲϭ͘ϬϬй  Ϭ͘ϭϮйͲϬ͘ϯϬй

/ŶƚĞƌĞƐƚŽŶƉůĂĐĞŵĞŶƚǁŝƚŚ^WĂŶĚŽƚŚĞƌďĂŶŬƐ͕ǁŚŝĐŚŝƐƉƌĞƐĞŶƚĞĚĂƐ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞŽŶƵĞĨƌŽŵ^WĂŶĚKƚŚĞƌĂŶŬƐŝŶ
ƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͕ĐŽŶƐŝƐƚŽĨ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ  ϮϬϭϲ   ϮϬϭϳ  ϮϬϭϲ 

 ^W   W ϮϳϮ͕ϮϭϮ W ϭϭϴ͕Ϭϱϯ W Ϯϲϰ͕ϲϲϬ W ϭϭϱ͕ϳϳϲ
 KƚŚĞƌďĂŶŬƐ   ϲϬ͕ϴϮϵ  ϯϭ͕ϲϰϬ  ϲϬ͕ϭϵϰ  ϯϭ͕ϯϰϲ

    W ϯϯϯ͕Ϭϰϭ W ϭϰϵ͕ϲϵϯ W ϯϮϰ͕ϴϱϰ W ϭϰϳ͕ϭϮϮ


ϭϬ͘ /EdZE<>KE^Z/s>E^hZ/d/^WhZ,^hEZZ^>'ZDEd^

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  /ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞ  W ϰ͕ϭϱϯ͕ϳϰϰ W ϱ͕Ϯϱϰ͕ϰϵϱ W ϰ͕ϭϱϯ͕ϳϰϰ W ϱ͕Ϯϱϰ͕ϰϵϱ
  ^WhZ     Ϯ͕ϵϳϲ͕ϵϵϭ  ϭϬ͕ϱϱϭ͕ϴϱϴ  Ϯ͕ϵϳϲ͕ϵϵϭ  ϭϬ͕Ϯϱϲ͕ϬϭϮ

        W ϳ͕ϭϯϬ͕ϳϯϱ W ϭϱ͕ϴϬϲ͕ϯϱϯ W ϳ͕ϭϯϬ͕ϳϯϱ W ϭϱ͕ϱϭϬ͕ϱϬϳ

/ŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞŚĂǀĞŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐĨƌŽŵƌĞƐƉĞĐƚŝǀĞƉůĂĐĞŵĞŶƚĚĂƚĞƐŽĨŽŶĞƚŽϯϬĚĂLJƐ͘/ŶƚĞƌďĂŶŬůŽĂŶƐ
ƌĞĐĞŝǀĂďůĞĂŶĚ^WhZĞĂƌŶĂŶŶƵĂůŝŶƚĞƌĞƐƚĂƐĨŽůůŽǁƐ͗

        ϮϬϭϳ   ϮϬϭϲ 
 
   WŚŝůŝƉƉŝŶĞƉĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚ   ϯ͘ϬϬй   Ϭ͘ϰϬйͲϯ͘ϬϬй
   h^ĚŽůůĂƌͲĚĞŶŽŵŝŶĂƚĞĚ   Ϭ͘ϭϮйͲϬ͘ϴϬй   Ϭ͘ϭϬйͲϬ͘ϯϬй

/ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶŝŶƚĞƌďĂŶŬůŽĂŶƐƌĞĐĞŝǀĂďůĞĂŶĚ^WhZĂƐƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĂŵŽƵŶƚĞĚƚŽ
Wϯϯ͘ϰϬŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚWϯϵ͘ϭϴŵŝůůŝŽŶŝŶϮϬϭϲ͕ĨŽƌƚŚĞ'ƌŽƵƉ͕ĂŶĚWϮϭ͘ϬϯŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚWϳ͘ϳϰŵŝůůŝŽŶŝŶϮϬϭϲ͕ĨŽƌ
ƚŚĞWĂƌĞŶƚĂŶŬ͘


ϭϭ͘ dZ/E'E/Es^dDEd^hZ/d/^

dŚŝƐĂĐĐŽƵŶƚŝƐĐŽŵƉƌŝƐĞĚŽĨ͗

           'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        EŽƚĞ   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

   &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW> ϭϭ͘ϭ W ϭ͕ϱϳϴ͕ϰϵϲ W Ϯ͕ϴϴϵ͕ϰϵϲ W ϭ͕ϯϱϴ͕ϮϬϴ W Ϯ͕ϴϮϱ͕ϮϲϬ
   &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐʹŶĞƚ ϭϭ͘Ϯ   ϯϭ͕Ϭϱϲ͕ϯϬϭ  ϭϴ͕Ϭϰϰ͕Ϭϰϴ  ϯϬ͕ϴϯϰ͕ϭϬϱ  ϭϳ͕ϴϮϯ͕ϴϬϴ
   ,dDŝŶǀĞƐƚŵĞŶƚƐ ϭϭ͘ϯ    Ϯϳ͕ϴϬϭ͕ϭϬϰ  Ϯϳ͕ϳϴϯ͕ϰϵϰ  Ϯϳ͕ϳϲϭ͕ϭϬϰ  Ϯϳ͕ϳϰϯ͕ϰϵϰ

       W ϲϬ͕ϰϯϱ͕ϵϬϭ W ϰϴ͕ϳϭϳ͕Ϭϯϴ W ϱϵ͕ϵϱϯ͕ϰϭϳ W ϰϴ͕ϯϵϮ͕ϱϲϮ

 

194 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

/ŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶƚƌĂĚŝŶŐĂŶĚŝŶǀĞƐƚŵĞŶƚƐĞĐƵƌŝƚŝĞƐĂƐĂƚĞĐĞŵďĞƌϯϭĨŽůůŽǁƐ͗

           'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
         ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

   &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>͗
    'ŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ  W ϱϱ͕ϭϳϰ W ϰϬ͕ϲϬϰ W ϰϵ͕Ϯϲϲ W ϯϴ͕ϳϬϬ
    ŽƌƉŽƌĂƚĞĚĞďƚ    ϱϵϲ  ϲϱϱ  ϱϵϲ  ϲϱϱ
   &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐʹŶĞƚ͗    
    'ŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ    ϱϲϮ͕ϱϬϭ  ϯϱϲ͕ϳϲϮ  ϱϱϴ͕ϳϭϵ  ϯϱϯ͕ϰϲϲ
    ŽƌƉŽƌĂƚĞĚĞďƚ    ϰϳϭ͕ϯϰϰ  ϱϱϮ͕ϯϯϱ  ϰϳϭ͕ϯϰϰ  ϱϱϮ͕ϯϯϱ
   ,dDŝŶǀĞƐƚŵĞŶƚƐʹ
    'ŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ    Ϯ͕Ϭϲϲ͕ϬϲϬ  Ϯ͕ϭϰϵ͕ϰϵϭ  Ϯ͕Ϭϱϴ͕ϳϲϬ  Ϯ͕ϭϰϮ͕ϭϵϭ

         W ϯ͕ϭϱϱ͕ϲϳϱ W ϯ͕Ϭϵϵ͕ϴϰϳ W ϯ͕ϭϯϴ͕ϲϴϱ W ϯ͕Ϭϴϳ͕ϯϰϳ

dƌĂĚŝŶŐĂŶĚƐĞĐƵƌŝƚŝĞƐŐĂŝŶƐʹŶĞƚĂƐĂƚĞĐĞŵďĞƌϯϭĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

           'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
         ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

   &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ʹ
    ,&dƐĞĐƵƌŝƚŝĞƐ͗
    ZĞĂůŝnjĞĚ   W Ϯϯ͕ϭϵϴ;W ϴϭ͕ϯϮϬͿ  W ϭϭ͕ϴϬϬ ;W ϴϬ͕ϭϭϱͿ 
    hŶƌĞĂůŝnjĞĚ  ; ϵ͕ϬϵϭͿ ϱϭ͕ϭϮϳ ; ϯ͕ϯϲϬͿ  ϰϲ͕ϯϴϳ 
    ĞƌŝǀĂƚŝǀĞƐ  ; ϮͿ; ϰϭͿ ; ϮͿ ; ϰϭͿ 
        ϭϰ͕ϭϬϱ; ϯϬ͕ϮϯϰͿ  ϴ͕ϰϯϴ ; ϯϯ͕ϳϲϵͿ 
 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐʹŶĞƚ  ϭϳϬ͕Ϭϲϴ ϲϯϯ͕ϱϳϴ  ϭϳϬ͕Ϭϲϴ  ϲϯϯ͕ϱϳϴ 

        W ϭϴϰ͕ϭϳϯW ϲϬϯ͕ϯϰϰ  W ϭϳϴ͕ϱϬϲ W ϱϵϵ͕ϴϬϵ 

ϭϭ͘ϭ &ŝŶĂŶĐŝĂůƐƐĞƚƐĂƚ&ĂŝƌsĂůƵĞdŚƌŽƵŐŚWƌŽĨŝƚŽƌ>ŽƐƐ

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
         ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

   ,ĞůĚͲĨŽƌͲƚƌĂĚŝŶŐ͗
    ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
    'ŽǀĞƌŶŵĞŶƚ W ϭ͕ϯϰϰ͕ϲϲϭ W Ϯ͕ϳϯϬ͕ϱϰϵ W ϭ͕ϭϰϮ͕Ϭϱϱ W Ϯ͕ϲϴϯ͕ϯϰϳ
    ŽƌƉŽƌĂƚĞ  ϲϵ͕ϵϵϵ  ϭϴ͕ϵϱϴ  ϲϵ͕ϵϵϵ  ϭϴ͕ϵϱϴ
        ϭ͕ϰϭϰ͕ϲϲϬ  Ϯ͕ϳϰϵ͕ϱϬϳ  ϭ͕ϮϭϮ͕Ϭϱϰ  Ϯ͕ϳϬϮ͕ϯϬϱ
   YƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  ϭϬϲ͕ϳϴϮ  ϵϴ͕ϲϭϱ  ϴϵ͕ϭϬϬ  ϴϭ͕ϱϴϭ 
       ϭ͕ϱϮϭ͕ϰϰϮ  Ϯ͕ϴϰϴ͕ϭϮϮ  ϭ͕ϯϬϭ͕ϭϱϰ  Ϯ͕ϳϴϯ͕ϴϴϲ
  ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ   ϱϳ͕Ϭϱϰ  ϰϭ͕ϯϳϰ  ϱϳ͕Ϭϱϰ  ϰϭ͕ϯϳϰ

       W ϭ͕ϱϳϴ͕ϰϵϲ W Ϯ͕ϴϴϵ͕ϰϵϲ W ϭ͕ϯϱϴ͕ϮϬϴ W Ϯ͕ϴϮϱ͕ϮϲϬ

ĞďƚƐĞĐƵƌŝƚŝĞƐŝƐƐƵĞĚďLJƚŚĞŐŽǀĞƌŶŵĞŶƚĂŶĚŽƚŚĞƌƉƌŝǀĂƚĞĐŽƌƉŽƌĂƚŝŽŶƐĞĂƌŶĂŶŶƵĂůŝŶƚĞƌĞƐƚĂƐĨŽůůŽǁƐ͗

        ϮϬϭϳ   ϮϬϭϲ 
 
  WŚŝůŝƉƉŝŶĞƉĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚ   ϰ͘ϬϬйͲϴ͘ϬϬй   Ϯ͘ϯϬйͲϳ͘ϴϬй
  h^ĚŽůůĂƌͲĚĞŶŽŵŝŶĂƚĞĚ   Ϯ͘ϬϬйͲϭϬ͘ϳϬй   Ϯ͘ϬϬйͲϭϬ͘ϲϬй

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂƌĞĂůůƋƵŽƚĞĚƚŚƌŽƵŐŚƚŚĞW^͘dŚĞƐĞŝŶĐůƵĚĞ
ŝŶǀĞƐƚŵĞŶƚƐŝŶƉƵďůŝĐƵƚŝůŝƚŝĞƐĂŶĚŽƚŚĞƌƉƌŝǀĂƚĞĐŽŵƉĂŶŝĞƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 195
 dŚĞ'ƌŽƵƉŝƐĂĐŽƵŶƚĞƌƉĂƌƚLJƚŽĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚƐ͕ƐƵĐŚĂƐĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJƐŚŽƌƚͲƚĞƌŵĨŽƌǁĂƌĚƐĂŶĚZKWǁĂƌƌĂŶƚƐ͘&ŽƌĞŝŐŶ
ĐƵƌƌĞŶĐLJĨŽƌǁĂƌĚƐƌĞƉƌĞƐĞŶƚĐŽŵŵŝƚŵĞŶƚƐƚŽƉƵƌĐŚĂƐĞͬƐĞůůŽŶĂĨƵƚƵƌĞĚĂƚĞĂƚĂƐƉĞĐŝĨŝĐĞdžĐŚĂŶŐĞƌĂƚĞ͘ZKWǁĂƌƌĂŶƚƐŐŝǀĞ
ƚŚĞ'ƌŽƵƉƚŚĞƌŝŐŚƚƚŽĐŽŶǀĞƌƚŽƌĞdžĐŚĂŶŐĞŝƚƐZKW'ůŽďĂůŽŶĚŚŽůĚŝŶŐƐŝŶƚŽƉĞƐŽŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐĂƚƉƌĞͲĚĞƚĞƌŵŝŶĞĚ
ƚĞŶŽƌƐĂŶĚĞdžĐŚĂŶŐĞƉƌŝĐĞƐ͘dŚĞƐĞĚĞƌŝǀĂƚŝǀĞƐĂƌĞĞŶƚĞƌĞĚŝŶƚŽĂƐĂƐĞƌǀŝĐĞƚŽĐƵƐƚŽŵĞƌƐ͕ĂƐĂŵĞĂŶƐŽĨƌĞĚƵĐŝŶŐŽƌ
ŵĂŶĂŐŝŶŐƚŚĞŝƌƌĞƐƉĞĐƚŝǀĞĞdžĐŚĂŶŐĞƌĂƚĞĞdžƉŽƐƵƌĞƐĂŶĚĨŽƌƚƌĂĚŝŶŐƉƵƌƉŽƐĞƐ͘^ƵĐŚĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞ
ŝŶŝƚŝĂůůLJƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞŽŶƚŚĞĚĂƚĞǁŚĞŶƚŚĞĚĞƌŝǀĂƚŝǀĞĐŽŶƚƌĂĐƚŝƐĞŶƚĞƌĞĚŝŶƚŽĂŶĚĂƌĞƐƵďƐĞƋƵĞŶƚůLJƌĞŵĞĂƐƵƌĞĚĂƚ
ĨĂŝƌǀĂůƵĞĂƚƚŚĞĞŶĚŽĨĞĂĐŚLJĞĂƌ͘ĞƌŝǀĂƚŝǀĞƐĂƌĞĐĂƌƌŝĞĚĂƐĂƐƐĞƚƐǁŚĞŶƚŚĞĨĂŝƌǀĂůƵĞŝƐƉŽƐŝƚŝǀĞĂŶĚůŝĂďŝůŝƚŝĞƐǁŚĞŶƚŚĞĨĂŝƌ
ǀĂůƵĞŝƐŶĞŐĂƚŝǀĞ;ƐĞĞEŽƚĞϮϭͿ͘

dŚĞŶŽƚŝŽŶĂůĂŵŽƵŶƚŝƐƚŚĞĂŵŽƵŶƚŽĨĂĚĞƌŝǀĂƚŝǀĞ͛ƐƵŶĚĞƌůLJŝŶŐĂƐƐĞƚ͕ƌĞĨĞƌĞŶĐĞƌĂƚĞŽƌŝŶĚĞdžĂŶĚŝƐƚŚĞďĂƐŝƐƵƉŽŶǁŚŝĐŚ
ĐŚĂŶŐĞƐŝŶƚŚĞǀĂůƵĞŽĨƚŚĞĚĞƌŝǀĂƚŝǀĞĂƌĞŵĞĂƐƵƌĞĚ͘dŚŝƐŝŶĚŝĐĂƚĞƚŚĞǀŽůƵŵĞŽĨƚƌĂŶƐĂĐƚŝŽŶƐŽƵƚƐƚĂŶĚŝŶŐĂƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂŶĚĂƌĞŶŽƚŝŶĚŝĐĂƚŝǀĞŽĨĞŝƚŚĞƌŵĂƌŬĞƚƌŝƐŬŽƌĐƌĞĚŝƚƌŝƐŬ͘

dŚĞĂŐŐƌĞŐĂƚĞĐŽŶƚƌĂĐƚƵĂůŽƌŶŽƚŝŽŶĂůĂŵŽƵŶƚŽĨĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂŶĚƚŚĞĂŐŐƌĞŐĂƚŝǀĞĨĂŝƌǀĂůƵĞƐŽĨĚĞƌŝǀĂƚŝǀĞ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐŽĨĞĐĞŵďĞƌϯϭďŽƚŚŝŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞ
ƐŚŽǁŶďĞůŽǁ͘

  ϮϬϭϳ 
   EŽƚŝŽŶĂů    &ĂŝƌsĂůƵĞƐ  
   ŵŽƵŶƚ   ƐƐĞƚƐ   >ŝĂďŝůŝƚŝĞƐ 
 
  &ƌĞĞƐƚĂŶĚŝŶŐĚĞƌŝǀĂƚŝǀĞƐ͗
   &ŽƌǁĂƌĚĞdžĐŚĂŶŐĞďŽƵŐŚƚ  Ψ ϭϮϵ͕ϬϬϬ W Ͳ  W ϳϲ͕ϯϯϳ
   &ŽƌǁĂƌĚĞdžĐŚĂŶŐĞƐŽůĚ   ϭϱ͕ϬϬϬ  Ϯϭ͕ϱϬϵ  Ͳ
   tĂƌƌĂŶƚƐ  ϲϴ  ϯϱ͕ϱϰϱ  Ͳ 

    W ϱϳ͕Ϭϱϰ W ϳϲ͕ϯϯϳ

  ϮϬϭϲ 
   EŽƚŝŽŶĂů    &ĂŝƌsĂůƵĞƐ  
   ŵŽƵŶƚ   ƐƐĞƚƐ   >ŝĂďŝůŝƚŝĞƐ 
 
  &ƌĞĞƐƚĂŶĚŝŶŐĚĞƌŝǀĂƚŝǀĞƐ͗
   &ŽƌǁĂƌĚĞdžĐŚĂŶŐĞďŽƵŐŚƚ  Ψ ϲϰ͕ϱϬϬ W Ͳ  W ϱ͕ϲϲϴ
   &ŽƌǁĂƌĚĞdžĐŚĂŶŐĞƐŽůĚ  ϭϲ͕ϴϲϴ  ϱ͕ϵϳϴ  Ͳ
   tĂƌƌĂŶƚƐ   ϲϴ  ϯϱ͕ϯϵϲ  Ͳ 

      W ϰϭ͕ϯϳϰ W ϱ͕ϲϲϴ

ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐĂŵŽƵŶƚŝŶŐƚŽWϳϲ͘ϯϰŵŝůůŝŽŶĂŶĚWϱ͘ϲϳŵŝůůŝŽŶĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂƌĞ
ƐŚŽǁŶĂƐĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐƵŶĚĞƌKƚŚĞƌ>ŝĂďŝůŝƚŝĞƐĂĐĐŽƵŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ;ƐĞĞEŽƚĞϮϭͿ͘

dŚĞŵŽǀĞŵĞŶƚƐŝŶƚŚĞĨĂŝƌǀĂůƵĞƐŽĨƚŚĞĚĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐĂŶĚĚĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐĨŽůůŽǁ͗

        ϮϬϭϳ    ϮϬϭϲ  
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  W ϯϱ͕ϳϬϲ W ϯ͕ϲϰϰ
  ŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞĚƵƌŝŶŐƚŚĞLJĞĂƌ   ϭϯ͕ϯϲϴ   ϵϲ͕ϭϳϰ
  &ĂŝƌǀĂůƵĞŽĨƐĞƚƚůĞĚĐŽŶƚƌĂĐƚƐ  ; ϲϴ͕ϯϱϳͿ ;  ϲϰ͕ϭϭϮͿ
 
  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  ;W ϭϵ͕ϮϴϯͿ W ϯϱ͕ϳϬϲ

KƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>ĂƌĞ
ƉƌĞƐĞŶƚĞĚŝŶEŽƚĞϳ͘Ϯ͘

 

196 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϭϭ͘Ϯ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ&ŝŶĂŶĐŝĂůƐƐĞƚƐ

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
       EŽƚĞ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  ĞďƚƐĞĐƵƌŝƚŝĞƐ͗
   'ŽǀĞƌŶŵĞŶƚ  W ϮϬ͕ϲϵϭ͕ϴϴϮ  W ϭϬ͕Ϭϯϳ͕ϴϱϱ W ϮϬ͕ϲϯϬ͕ϳϮϴ W ϵ͕ϵϳϯ͕ϲϵϵ 
   WƌŝǀĂƚĞ    ϭϬ͕ϭϲϱ͕ϰϮϯ   ϳ͕ϲϳϭ͕ϲϵϭ   ϭϬ͕ϭϲϱ͕ϰϮϯ   ϳ͕ϲϳϭ͕ϲϵϭ 
         ϯϬ͕ϴϱϳ͕ϯϬϱ   ϭϳ͕ϳϬϵ͕ϱϰϲ   ϯϬ͕ϳϵϲ͕ϭϱϭ   ϭϳ͕ϲϰϱ͕ϯϵϬ 
  ƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͗
   YƵŽƚĞĚ    ϭϲϵ͕ϴϴϳ   ϭϲϰ͕ϵϯϬ   ϴ͕ϳϳϭ   ϴ͕ϳϳϭ 
   hŶƋƵŽƚĞĚ    Ϯϳϭ͕ϮϵϮ   ϲϱϭ͕ϭϮϴ   Ϯϳϭ͕ϮϵϮ   ϲϱϭ͕ϭϮϴ 
         ϰϰϭ͕ϭϳϵ   ϴϭϲ͕Ϭϱϴ   ϮϴϬ͕Ϭϲϯ   ϲϱϵ͕ϴϵϵ 
  ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
   ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐϭϳ  ; ϮϰϮ͕ϭϴϯͿ ; ϰϴϭ͕ϱϱϲͿ ; ϮϰϮ͕ϭϬϵͿ ; ϰϴϭ͕ϰϴϭͿ

       W ϯϭ͕Ϭϱϲ͕ϯϬϭ  W ϭϴ͕Ϭϰϰ͕Ϭϰϴ  W ϯϬ͕ϴϯϰ͕ϭϬϱ  W ϭϳ͕ϴϮϯ͕ϴϬϴ 

ĞďƚƐĞĐƵƌŝƚŝĞƐŝƐƐƵĞĚďLJƚŚĞŐŽǀĞƌŶŵĞŶƚĂŶĚƉƌŝǀĂƚĞĐŽƌƉŽƌĂƚŝŽŶƐĞĂƌŶĂŶŶƵĂůŝŶƚĞƌĞƐƚĂƐĨŽůůŽǁƐ͗

        ϮϬϭϳ   ϮϬϭϲ 
 
  WŚŝůŝƉƉŝŶĞƉĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚ   Ϯ͘ϭϬйͲϴ͘ϭϬй   Ϯ͘ϭϬйͲϴ͘ϭϬй
  h^ĚŽůůĂƌͲĚĞŶŽŵŝŶĂƚĞĚ   Ϯ͘ϬϬйͲϭϬ͘ϲϬй   Ϯ͘ϲϬйͲϭϬ͘ϲϬй

dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶǀĞƐƚŵĞŶƚƐŝŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂƌĞĂůůƋƵŽƚĞĚƚŚƌŽƵŐŚƚŚĞW^͘dŚĞƐĞŝŶĐůƵĚĞ
ŝŶǀĞƐƚŵĞŶƚƐŝŶƉƵďůŝĐƵƚŝůŝƚŝĞƐĂŶĚŽƚŚĞƌƉƌŝǀĂƚĞĐŽŵƉĂŶŝĞƐ͘hŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐƌĞƉƌĞƐĞŶƚůŽŶŐͲƚĞƌŵŝŶǀĞƐƚŵĞŶƚƐŽĨ
ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂŶĚĂƌĞŶŽƚĂĐƚŝǀĞůLJƚƌĂĚĞĚŝŶƚŚĞŵĂƌŬĞƚ͘dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚŽŶŽƚŝŶƚĞŶĚƚŽ
ƐĞůůŶŽƌƚƌĂĚĞƚŚĞƐĞƐĞĐƵƌŝƚŝĞƐŝŶƚŚĞŶĞĂƌĨƵƚƵƌĞ͘

dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶǀĞƐƚŵĞŶƚŝŶƵŶƋƵŽƚĞĚĞƋƵŝƚLJƐŚĂƌĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲŝŶĐůƵĚĞƐŚĂƌĞƐŽĨƐƚŽĐŬŽĨ
^E&ŝŶĂŶĐĞŽƌƉŽƌĂƚŝŽŶ͕ǁŝƚŚĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚŽĨ^'ϱ͘ϬŵŝůůŝŽŶ;ĞƋƵŝǀĂůĞŶƚƚŽWϭϳϭ͘ϰϳŵŝůůŝŽŶǁŝƚŚƌĞůĂƚĞĚĂůůŽǁĂŶĐĞĨŽƌ
ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐĂŵŽƵŶƚŝŶŐƚŽWϯϭ͘ϬϭŵŝůůŝŽŶͿ͘dŚĞƐĞƵŶƋƵŽƚĞĚĞƋƵŝƚLJƐŚĂƌĞƐǁĞƌĞƐŽůĚŝŶϮϬϭϳ͘dŚĞŐĂŝŶŽŶƐĂůĞŽĨƚŚĞƐĞ
ĞƋƵŝƚLJƐŚĂƌĞƐĂŵŽƵŶƚŝŶŐƚŽWϵ͘ϲŵŝůůŝŽŶŝƐƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨdƌĂĚŝŶŐĂŶĚƐĞĐƵƌŝƚŝĞƐŐĂŝŶƐʹŶĞƚŝŶƚŚĞϮϬϭϳƐƚĂƚĞŵĞŶƚŽĨ
ŝŶĐŽŵĞ;ƐĞĞEŽƚĞϭϭͿ͘

/ŶǀĞƐƚŵĞŶƚƐŝŶƵŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐĂůƐŽŝŶĐůƵĚĞŝŶǀĞƐƚŵĞŶƚƐŝŶƉƵďůŝĐƵƚŝůŝƚŝĞƐĂŶĚŽƚŚĞƌƉƌŝǀĂƚĞĐŽŵƉĂŶŝĞƐ͘

dŚĞŵŽǀĞŵĞŶƚƐŽĨŶĞƚƵŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĂƐĨŽůůŽǁƐ
;ƐĞĞEŽƚĞϮϮ͘ϰͿ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ;W ϰϰϰ͕ϰϵϯͿ;W ϱϯϲ͕ϮϰϱͿ ;W ϰϳϴ͕ϮϳϰͿ ;W ϱϳϲ͕ϲϱϯͿ
 hŶƌĞĂůŝnjĞĚŐĂŝŶƐ;ůŽƐƐĞƐͿ
  ĚƵƌŝŶŐƚŚĞLJĞĂƌ ; ϭϮϲ͕ϵϱϵͿ  ϳϮϱ͕ϯϯϬ  ; ϭϮϲ͕ϭϳϵͿ   ϳϯϭ͕ϵϱϲ 
 EĞƚĨĂŝƌǀĂůƵĞŐĂŝŶƐŽŶ
  ĚŝƐƉŽƐĞĚ&^ĨŝŶĂŶĐŝĂů
  ĂƐƐĞƚƐƌĞĐůĂƐƐŝĨŝĞĚƚŽ
  ƉƌŽĨŝƚŽƌůŽƐƐ ; ϭϳϬ͕ϬϲϴͿ; ϲϯϯ͕ϱϳϴͿ ; ϭϳϬ͕ϬϲϵͿ ; ϲϯϯ͕ϱϳϳͿ
 
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ ;W ϳϰϭ͕ϱϮϬͿ;W ϰϰϰ͕ϰϵϯͿ ;W ϳϳϰ͕ϱϮϮͿ ;W ϰϳϴ͕ϮϳϰͿ

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞŶĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƉƌĞƐĞŶƚĞĚŝŶĞƋƵŝƚLJĂƚƚƌŝďƵƚĂďůĞƚŽ&^
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨh^/͕ŝƐŶĞƚŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŵŽƵŶƚŝŶŐƚŽWϭϳ͘ϱϬŵŝůůŝŽŶĂŶĚWϭϳ͘ϯϴŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞ
'ƌŽƵƉ͘dŚĞWĂƌĞŶƚĂŶŬĚŝĚŶŽƚƌĞĐŽŐŶŝnjĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽŶƚŚĞŶĞƚƵŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĨŽƌďŽƚŚ
LJĞĂƌƐ͘

U C P B 2 0 1 7 A N N U A L R E P O R T 197
 ϭϭ͘ϯ ,ĞůĚͲƚŽͲDĂƚƵƌŝƚLJ/ŶǀĞƐƚŵĞŶƚƐ

,dDŝŶǀĞƐƚŵĞŶƚƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲŝƐĐŽŵƉŽƐĞĚŽĨWŚŝůŝƉƉŝŶĞƉĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͕
ǁŚŝĐŚĞĂƌŶĂŶŶƵĂůŝŶƚĞƌĞƐƚƌĂŶŐŝŶŐĨƌŽŵϳ͘ϴйƚŽϴ͘ϵйďŽƚŚŝŶϮϬϭϳĂŶĚϮϬϭϲ͘

KŶǀĂƌŝŽƵƐĚĂƚĞƐŝŶϮϬϭϭ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽůĚ,dDŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨWϯ͘ϮďŝůůŝŽŶƚŚĞƌĞďLJ
ƌĞĂůŝnjŝŶŐŐĂŝŶƐŽĨWϬ͘ϯďŝůůŝŽŶ͘ƐĂƌĞƐƵůƚŽĨƚŚĞƐĞĚŝƐƉŽƐĂůƐ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƉƌŽŚŝďŝƚĞĚƵŶĚĞƌW&Z^ĨƌŽŵĐůĂƐƐŝĨLJŝŶŐĂŶLJ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚĂƐ,dDĨƌŽŵϮϬϭϭƵŶƚŝůϮϬϭϯ͘,ŽǁĞǀĞƌ͕ŽŶĞĐĞŵďĞƌϮϬ͕ϮϬϭϮ͕ƚŚĞ^WĂƉƉƌŽǀĞĚƚŚĞĞdžĞŵƉƚŝŽŶŽĨƚŚĞ
ƌĞŵĂŝŶŝŶŐ,dDŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵƚŚĞ͞ƚĂŝŶƚŝŶŐƌƵůĞ͟ĂƐƌĞƋƵŝƌĞĚƉĞƌDKZ^ƵďƐĞĐƚŝŽŶyϯϴϴ͘ϱ;ďͿ͕ŚŽǁĞǀĞƌ͕ƚŚĞWĂƌĞŶƚĂŶŬ
ŝƐƉƌŽŚŝďŝƚĞĚĨƌŽŵƵƐŝŶŐƚŚĞ,dDĂĐĐŽƵŶƚĨŽƌŽƚŚĞƌĚĞďƚƐĞĐƵƌŝƚŝĞƐŝŶǀĞƐƚŵĞŶƚƐĨƌŽŵϮϬϭϭƚŽϮϬϭϯ͘W&Z^ƌĞƋƵŝƌĞƚŚĂƚƚĂŝŶƚĞĚ
,dDŝŶǀĞƐƚŵĞŶƚƐďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘

ƚƚŚĞĞŶĚŽĨƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚ͕ƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐƐŚŽƵůĚďĞƌĞĐůĂƐƐŝĨŝĞĚĨƌŽŵ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŽ,dDŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚ
ƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞ;ŝ͘Ğ͕͘ƚŚĞĨĂŝƌǀĂůƵĞͿŽĨƚŚĞ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚƚŚĞƚŝŵĞŽĨƚŚĞƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂƐƚŚĞŶĞǁĐŽƐƚŽĨƚŚĞ,dD
ŝŶǀĞƐƚŵĞŶƚ͘dŚĞŶĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶŽŶƚŚĞ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĚƵƌŝŶŐƚŚĞƚĂŝŶƚŝŶŐƉĞƌŝŽĚƐŚŽƵůĚƚŚĞŶďĞĂŵŽƌƚŝnjĞĚƵƐŝŶŐ
ƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚŽǀĞƌƚŚĞƌĞŵĂŝŶŝŶŐƚĞƌŵŽĨƚŚĞƐĞĐƵƌŝƚŝĞƐ͘

ĐĐŽƌĚŝŶŐůLJ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬĐŽŶƚŝŶƵĞƐƚŽĐůĂƐƐŝĨLJŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐĂƐ,dD
ŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚĂŶĂŐŐƌĞŐĂƚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨWϭϵ͘ϮďŝůůŝŽŶĂŶĚWϮϳ͘ϳďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚǁŝƚŚĨĂŝƌǀĂůƵĞŽĨ
WϮϬ͘ϮϮďŝůůŝŽŶĂŶĚWϮϵ͘ϱďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞŵĂŝŶŝŶŐ,dDŝŶǀĞƐƚŵĞŶƚƐǁĞƌĞĨƵŶĚĞĚĨƌŽŵƚŚĞ
WϯϬ͘ϬďŝůůŝŽŶƐĂǀŝŶŐƐĚĞƉŽƐŝƚƐŵĂŝŶƚĂŝŶĞĚďLJƚŚĞE'ǁŝƚŚƚŚĞWĂƌĞŶƚĂŶŬĂƐƉĂƌƚŽĨƚŚĞĐŽŶĐĞƐƐŝŽŶƐŐƌĂŶƚĞĚďLJƚŚĞD͕ŝŶŝƚƐ
ƌĞƐŽůƵƚŝŽŶEŽ͘ϱϵϬ͕ŝŶƚŚĞŵĞŶĚĞĚZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ;ƐĞĞEŽƚĞϭ͘ϯͿ͘

,ĂĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐůĂƐƐŝĨŝĞĚƚŚĞƐĞ,dDŝŶǀĞƐƚŵĞŶƚƐƚŽ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ƚŽƚĂůƌĞƐŽƵƌĐĞƐĂŶĚŶĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶŽŶ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ǁŚŝĐŚĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĞƋƵŝƚLJƐĞĐƚŝŽŶŽĨƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͕ŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕
ǁŽƵůĚŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϬ͘ϵďŝůůŝŽŶĂŶĚWϭ͘ϯďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚŝŶĐŽŵĞǁŽƵůĚ
ŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϬ͘ϵďŝůůŝŽŶĂŶĚWϭ͘ϯďŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘


ϭϮ͘ >KE^EKd,ZZ/s>^ 

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
       EŽƚĞ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

  ZĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ͗
  ŽƌƉŽƌĂƚĞůŽĂŶƐ   W ϵϯ͕ϭϲϵ͕ϴϵϰ  W ϴϲ͕ϱϴϳ͕ϳϵϮ   W ϴϮ͕ϳϵϮ͕ϳϭϴ  W ϳϲ͕Ϭϴϵ͕ϮϬϱ 
  ŽŶƐƵŵĞƌůŽĂŶƐ   ϳϱ͕ϯϱϱ͕Ϯϳϲ   ϲϯ͕ϭϱϲ͕ϳϴϬ    ϲϳ͕ϭϳϬ͕ϰϭϴ    ϱϲ͕Ϯϵϰ͕ϴϬϬ 
       ϭϲϴ͕ϱϮϱ͕ϭϳϬ   ϭϰϵ͕ϳϰϰ͕ϱϳϮ    ϭϰϵ͕ϵϲϯ͕ϭϯϲ    ϭϯϮ͕ϯϴϰ͕ϬϬϱ 
  hŶĞĂƌŶĞĚĚŝƐĐŽƵŶƚƐ  ; Ϯϲϲ͕ϬϲϮͿ; Ϯϲϰ͕ϭϭϮͿ ; ϯϵ͕ϭϬϴͿ ; Ϯϵ͕ϳϳϱͿ
       ϭϲϴ͕Ϯϱϵ͕ϭϬϴ   ϭϰϵ͕ϰϴϬ͕ϰϲϬ    ϭϰϵ͕ϵϮϰ͕ϬϮϴ    ϭϯϮ͕ϯϱϰ͕ϮϯϬ 
  
  hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ
   ĐůĂƐƐŝĨŝĞĚĂƐůŽĂŶƐ   Ϯ͕ϱϱϬ͕Ϭϯϱ   ϯ͕ϭϵϴ͕ϰϵϵ   Ϯ͕ϯϬϲ͕ϯϮϴ   Ϯ͕ϵϱϬ͕ϱϯϳ 
  ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞƐ  ϭ͕ϴϲϵ͕ϮϭϮ   ϭ͕ϲϱϴ͕ϳϯϰ   ϭ͕ϳϴϯ͕ϵϵϵ   ϭ͕ϱϴϮ͕ϲϬϲ 
  ^ĂůĞƐĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞƐ  ϭ͕Ϯϯϭ͕Ϭϲϲ   ϵϯϮ͕ϭϳϰ   ϭ͕ϭϱϯ͕ϱϱϮ   ϴϯϮ͕Ϭϯϳ 
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ   ϯϵϵ͕ϱϬϭ   ϯϲϬ͕ϴϬϲ   Ϯϲϲ͕ϯϲϵ   ϯϳϵ͕ϬϳϮ 
  KƚŚĞƌƌĞĐĞŝǀĂďůĞƐ    Ϯϳϵ͕ϳϴϯ   ϯϳϯ͕ϯϮϯ   ϳϬϯ͕ϮϬϳ   ϴϯ͕Ϯϵϭ 
       ϭϳϰ͕ϱϴϴ͕ϳϬϱ   ϭϱϲ͕ϬϬϯ͕ϵϵϲ   ϭϱϲ͕ϭϯϳ͕ϰϴϯ   ϭϯϴ͕ϭϴϭ͕ϳϳϯ 
  ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ  
   ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ  ϭϳ ; ϰ͕Ϯϯϵ͕ϲϲϭͿ; ϱ͕ϰϲϰ͕ϰϴϯͿ ; ϯ͕ϰϱϱ͕ϴϬϴͿ ; ϰ͕ϲϱϮ͕ϬϰϮͿ

       W ϭϳϬ͕ϯϰϵ͕Ϭϰϰ  W ϭϱϬ͕ϱϯϵ͕ϱϭϯ   W ϭϱϮ͕ϲϴϭ͕ϲϳϱ   W ϭϯϯ͕ϱϮϵ͕ϳϯϭ 

 

198 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐĐŽŶƐŝƐƚŽĨƉƌŝǀĂƚĞĂŶĚ'KĚĞďƚƐĞĐƵƌŝƚŝĞƐ͕ǁŚŝĐŚĞĂƌŶĂŶŶƵĂůŝŶƚĞƌĞƐƚƐĂƐĨŽůůŽǁƐ͗

        ϮϬϭϳ   ϮϬϭϲ 
 
  WƌŝǀĂƚĞ      ϱ͘ϬϬйͲϴ͘ϳϬй   ϱ͘ϬϬйͲϴ͘ϳϬй
  'K      ϳ͘ϬϬйͲϭϯ͘ϬϬй   Ϭ͘ϬϬйͲϮ͘ϳϬй

ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƌĞĐĞŝǀĂďůĞĐŽŶƐŝƐƚƐŽĨĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚŽŶ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
       EŽƚĞƐ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ZĞĐĞŝǀĂďůĞĨƌŽŵĐƵƐƚŽŵĞƌƐ  W ϭ͕Ϭϳϭ͕ϱϱϯ  W ϵϭϯ͕ϬϲϮ  W ϵϵϱ͕ϴϯϴ   W ϴϰϱ͕ϬϮϲ
 ,dDŝŶǀĞƐƚŵĞŶƚƐ  ϭϭ͘ϯ  ϰϯϮ͕ϯϬϲ   ϱϰϭ͕ϱϭϳ   ϰϯϭ͕ϴϬϯ   ϱϰϭ͕Ϭϭϰ
 &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϭϭ͘Ϯ  ϯϮϳ͕ϰϰϵ   ϭϱϭ͕ϰϴϮ   ϯϮϲ͕Ϭϭϴ   ϭϱϬ͕Ϭϱϭ
 hŶƋƵŽƚĞĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ  Ϯϰ͕ϳϮϱ   Ϯϵ͕ϵϯϬ   ϭϵ͕ϲϬϯ   Ϯϰ͕ϴϬϲ
 &ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sdW>  ϭϭ͘ϭ  ϭϬ͕ϴϱϮ   ϭϳ͕ϵϱϱ   ϴ͕ϳϮϰ   ϭϳ͕ϱϬϯ
 ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞƐ  ϭ͕Ϭϲϴ   ϳϳϭ   ϭ͕Ϭϲϴ   ϳϳϭ
 ƵĞĨƌŽŵ^W  ϵ   ϰϳϵ   ϭ͕ϭϳϰ   ϰϳϵ   ϭ͕Ϭϱϳ
 KƚŚĞƌƐ   ϳϴϬ   Ϯ͕ϴϰϯ   ϰϲϲ   Ϯ͕ϯϳϴ

    W ϭ͕ϴϲϵ͕ϮϭϮ  W ϭ͕ϲϱϴ͕ϳϯϰ   W ϭ͕ϳϴϯ͕ϵϵϵ   W ϭ͕ϱϴϮ͕ϲϬϲ

^ĂůĞƐĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞĂƌŝƐĞŵĂŝŶůLJĨƌŽŵƚŚĞƐĂůĞŽĨĨŽƌĞĐůŽƐĞĚƉƌŽƉĞƌƚŝĞƐŬĞĚƵŶĚĞƌƚŚĞ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ
ĂĐĐŽƵŶƚ͘

ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞŵĂŝŶůLJĐŽŶƐŝƐƚƐŽĨĂŵŽƵŶƚƐĚƵĞĨƌŽŵĐƵƐƚŽŵĞƌƐĂŶĚŽƚŚĞƌƉĂƌƚŝĞƐƵŶĚĞƌŽƉĞŶͲĂĐĐŽƵŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͕
ĐůĂŝŵƐƐƵĐŚĂƐƚĂdžƌĞĨƵŶĚĂŶĚŝŶƐƵƌĂŶĐĞƉƌŽĐĞĞĚƐ͕ƌĞĐĞŝǀĂďůĞƐĨƌŽŵĞŵƉůŽLJĞĞƐĂŶĚŽƚŚĞƌŵŝƐĐĞůůĂŶĞŽƵƐƌĞĐĞŝǀĂďůĞƐ͘

KƚŚĞƌƌĞĐĞŝǀĂďůĞƐŝŶĐůƵĚĞƌĞƐŝĚƵĂůǀĂůƵĞŽĨůĞĂƐĞĐŽŶƚƌĂĐƚƐƌĞĐĞŝǀĂďůĞ͘

/ŶƚĞƌĞƐƚŽŶůŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͕ǁŚŝĐŚŝƐƉƌĞƐĞŶƚĞĚĂƐ/ŶƚĞƌĞƐƚ/ŶĐŽŵĞŽŶ>ŽĂŶƐĂŶĚKƚŚĞƌZĞĐĞŝǀĂďůĞƐŝŶƚŚĞ
ƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͕ĐŽŶƐŝƐƚŽĨ͗

U C P B 2 0 1 7 A N N U A L R E P O R T 199
 dŚĞŵĂƚƵƌŝƚLJƉƌŽĨŝůĞŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐƉŽƌƚĨŽůŝŽĨŽůůŽǁƐ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ƵĞǁŝƚŚŝŶŽŶĞLJĞĂƌ  W ϱϰ͕ϱϳϱ͕ϵϲϯ  W ϱϬ͕ϭϳϱ͕Ϭϳϳ   W ϰϴ͕ϱϳϮ͕Ϭϴϯ   W ϰϰ͕Ϭϭϳ͕ϲϳϵ
 ƵĞďĞLJŽŶĚŽŶĞLJĞĂƌ  ϭϭϯ͕ϵϰϵ͕ϮϬϳ   ϵϵ͕ϱϲϵ͕ϰϵϱ    ϭϬϭ͕ϯϵϭ͕Ϭϱϯ    ϴϴ͕ϯϲϲ͕ϯϮϲ

    W ϭϲϴ͕ϱϮϱ͕ϭϳϬ  W ϭϰϵ͕ϳϰϰ͕ϱϳϮ   W ϭϰϵ͕ϵϲϯ͕ϭϯϲ   W ϭϯϮ͕ϯϴϰ͕ϬϬϱ

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨĐƌĞĚŝƚĂƐƚŽŝŶĚƵƐƚƌLJŽĨƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ
ĨŽůůŽǁƐ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
       ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
  ŵŽƵŶƚ   й   ŵŽƵŶƚ   й   ŵŽƵŶƚ   й   ŵŽƵŶƚ   й 
  
 ZĞĂůĞƐƚĂƚĞ͕ƌĞŶƚŝŶŐĂŶĚ
 ďƵƐŝŶĞƐƐĂĐƚŝǀŝƚŝĞƐ W ϰϴ͕ϴϲϳ͕Ϭϴϳ Ϯϵ͘ϬϬ W ϰϰ͕Ϯϯϳ͕ϴϬϳ Ϯϵ͘ϱϰ Wϰϱ͕ϮϵϬ͕ϯϮϬ  ϯϬ͘ϮϬ  W ϰϭ͕ϯϵϴ͕ϰϬϱ  ϯϭ͘Ϯϳ 
 tŚŽůĞƐĂůĞĂŶĚƌĞƚĂŝůƚƌĂĚĞ͕
 ƌĞƉĂŝƌŽĨŵŽƚŽƌǀĞŚŝĐůĞƐ͕
 ŵŽƚŽƌĐLJĐůĞƐ͕ƉĞƌƐŽŶĂů
 ĂŶĚŚŽƵƐĞŚŽůĚŐŽŽĚƐ  Ϯϯ͕ϴϲϴ͕ϭϵϳ ϭϰ͘ϭϲ  Ϯϭ͕ϲϮϮ͕ϵϮϰ ϭϰ͘ϰϰ  ϮϬ͕ϯϵϵ͕ϭϴϱ  ϭϯ͘ϲϬ   ϭϴ͕ϰϴϯ͕ϴϯϳ  ϭϯ͘ϵϲ 
 DĂŶƵĨĂĐƚƵƌŝŶŐ  ϭϲ͕ϬϰϮ͕ϯϱϵ  ϵ͘ϱϮ   ϭϰ͕ϴϰϵ͕ϰϱϵ  ϵ͘ϵϮ   ϭϰ͕ϯϯϱ͕ϱϴϵ  ϵ͘ϱϲ   ϭϯ͕Ϭϱϰ͕ϭϰϰ  ϵ͘ϴϲ 
 dƌĂŶƐƉŽƌƚ͕ƐƚŽƌĂŐĞĂŶĚ͕   
 ĐŽŵŵƵŶŝĐĂƚŝŽŶ  ϭϭ͕ϱϰϲ͕ϲϴϴ  ϲ͘ϴϱ   ϭϭ͕ϭϱϮ͕ϱϱϭ  ϳ͘ϰϱ   ϭϬ͕ϳϯϵ͕ϰϱϭ  ϳ͘ϭϲ   ϭϬ͕ϮϰϮ͕ϵϬϯ  ϳ͘ϳϰ 
 ŽŶƐƚƌƵĐƚŝŽŶ  ϳ͕ϳϯϭ͕Ϯϲϰ  ϰ͘ϱϵ   ϲ͕ϴϭϱ͕ϭϭϭ  ϰ͘ϱϱ   ϳ͕ϮϮϴ͕ϳϲϱ  ϰ͘ϴϮ   ϲ͕ϭϳϳ͕ϱϯϭ  ϰ͘ϲϳ 
 &ŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐ  ϲ͕ϴϱϵ͕ϰϳϰ  ϰ͘Ϭϳ   ϳ͕ϲϬϵ͕ϴϰϵ  ϱ͘Ϭϴ   ϱ͕ϱϲϳ͕ϭϱϵ  ϯ͘ϳϭ   ϲ͕ϯϰϬ͕ϳϱϱ  ϰ͘ϳϵ 
 ŐƌŝĐƵůƚƵƌĞ͕ŚƵŶƚŝŶŐĂŶĚ
 ĨŽƌĞƐƚƌLJ͕ĨŝƐŚŝŶŐ  ϯ͕ϲϬϮ͕ϭϬϵ  Ϯ͘ϭϰ   ϯ͕ϵϬϭ͕ϵϬϭ  Ϯ͘ϲϭ   Ϯ͕ϰϭϬ͕ϰϮϰ  ϭ͘ϲϭ   Ϯ͕ϲϯϳ͕ϴϴϲ  ϭ͘ϵϵ 
 KƚŚĞƌĐŽŵŵƵŶŝƚLJ͕ƐŽĐŝĂů 
 ĂŶĚƉĞƌƐŽŶĂůƐĞƌǀŝĐĞ  
 ĂĐƚŝǀŝƚŝĞƐ  ϰϵ͕ϳϰϭ͕ϵϯϬ Ϯϵ͘ϱϮ  ϯϵ͕ϮϵϬ͕ϴϱϴ Ϯϲ͘Ϯϯ  ϰϯ͕ϵϱϯ͕ϭϯϱ  Ϯϵ͘ϯϭ   ϯϰ͕Ϭϭϴ͕ϳϲϵ  Ϯϱ͘ϳϬ 
   ϭϲϴ͕Ϯϱϵ͕ϭϬϴ ϵϵ͘ϴϱ  ϭϰϵ͕ϰϴϬ͕ϰϲϬ ϵϵ͘ϴϮ ϭϰϵ͕ϵϮϰ͕ϬϮϴ  ϵϵ͘ϵϳ   ϭϯϮ͕ϯϱϰ͕ϮϯϬ  ϵϵ͘ϵϴ 
 hŶĞĂƌŶĞĚĚŝƐĐŽƵŶƚƐ  Ϯϲϲ͕ϬϲϮ  Ϭ͘ϭϱ   Ϯϲϰ͕ϭϭϮ  Ϭ͘ϭϴ   ϯϵ͕ϭϬϴ  Ϭ͘Ϭϯ   Ϯϵ͕ϳϳϱ  Ϭ͘ϬϮ 
      
  W ϭϲϴ͕ϱϮϱ͕ϭϳϬ ϭϬϬ͘ϬϬ Wϭϰϵ͕ϳϰϰ͕ϱϳϮ ϭϬϬ͘ϬϬ Wϭϰϵ͕ϵϲϯ͕ϭϯϲ ϭϬϬ͘ϬϬ WϭϯϮ͕ϯϴϰ͕ϬϬϱ ϭϬϬ͘ϬϬ

^WĐŽŶƐŝĚĞƌƐƚŚĂƚůŽĂŶĐŽŶĐĞŶƚƌĂƚŝŽŶĞdžŝƐƚƐǁŚĞŶƚŚĞƚŽƚĂůůŽĂŶĞdžƉŽƐƵƌĞƚŽĂƉĂƌƚŝĐƵůĂƌŝŶĚƵƐƚƌLJĞdžĐĞĞĚƐϯϬ͘ϬйŽĨƚŚĞƚŽƚĂů
ůŽĂŶƉŽƌƚĨŽůŝŽ͘dŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐZDĐŽŶƐƚĂŶƚůLJŵŽŶŝƚŽƌƐƚŚĞĐƌĞĚŝƚƌŝƐŬĐŽŶĐĞŶƚƌĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉĂŶĚ
ƚŚĞWĂƌĞŶƚĂŶŬ͘

ƵƌƌĞŶƚďĂŶŬŝŶŐƌĞŐƵůĂƚŝŽŶƐĂůůŽǁďĂŶŬƐǁŝƚŚŶŽƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĐĂƉŝƚĂůĂĚũƵƐƚŵĞŶƚƐƚŽĞdžĐůƵĚĞĨƌŽŵ
ŶŽŶƉĞƌĨŽƌŵŝŶŐĐůĂƐƐŝĨŝĐĂƚŝŽŶƚŚŽƐĞƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐĐůĂƐƐŝĨŝĞĚĂƐ͞>ŽƐƐ͟ŝŶƚŚĞůĂƚĞƐƚĞdžĂŵŝŶĂƚŝŽŶŽĨƚŚĞ^W͕ǁŚŝĐŚ
ĂƌĞĨƵůůLJĐŽǀĞƌĞĚďLJĂůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚůŽƐƐĞƐ͕ƉƌŽǀŝĚĞĚƚŚĂƚŝŶƚĞƌĞƐƚŽŶƐĂŝĚƌĞĐĞŝǀĂďůĞƐƐŚĂůůŶŽƚďĞĂĐĐƌƵĞĚ͘

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŶŽŶƉĞƌĨŽƌŵŝŶŐůŽĂŶƐ;EW>ƐͿŶŽƚĨƵůůLJĐŽǀĞƌĞĚďLJĂůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚůŽƐƐĞƐĨŽůůŽǁ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

    dŽƚĂůEW>Ɛ   W ϲ͕ϱϯϱ͕Ϭϱϳ W ϳ͕ϯϳϵ͕ϳϯϰ  W ϰ͕ϮϲϬ͕ϰϵϲ  W ϱ͕ϵϴϵ͕Ϯϴϳ
    EW>ƐĨƵůůLJĐŽǀĞƌĞĚďLJ
     ĂůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚ
     ĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ ; Ϯ͕ϭϭϯ͕ϵϴϯͿ ; ϯ͕ϲϯϬ͕ϳϰϬͿ ; ϭ͕ϲϬϭ͕ϵϳϭͿ ; ϯ͕ϭϲϴ͕ϬϰϯͿ

       W ϰ͕ϰϮϭ͕Ϭϳϰ W ϯ͕ϳϰϴ͕ϵϵϰ  W Ϯ͕ϲϱϴ͕ϱϮϱ W Ϯ͕ϴϮϭ͕Ϯϰϰ

hŶĚĞƌďĂŶŬŝŶŐƌĞŐƵůĂƚŝŽŶƐ͕EW>ƐƐŚĂůů͕ĂƐĂŐĞŶĞƌĂůƌƵůĞ͕ƌĞĨĞƌƚŽůŽĂŶĂĐĐŽƵŶƚƐǁŚŽƐĞƉƌŝŶĐŝƉĂůĂŶĚͬŽƌŝŶƚĞƌĞƐƚƌĞŵĂŝŶ
ƵŶƉĂŝĚĨŽƌϯϬĚĂLJƐŽƌŵŽƌĞĂĨƚĞƌĚƵĞĚĂƚĞŽƌĂĨƚĞƌƚŚĞLJŚĂǀĞďĞĐŽŵĞƉĂƐƚĚƵĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĞdžŝƐƚŝŶŐƌƵůĞƐĂŶĚ
ƌĞŐƵůĂƚŝŽŶƐ͘dŚŝƐƐŚĂůůĂƉƉůLJƚŽůŽĂŶƐƉĂLJĂďůĞŝŶůƵŵƉƐƵŵĂŶĚůŽĂŶƐƉĂLJĂďůĞŝŶƋƵĂƌƚĞƌůLJ͕ƐĞŵŝͲĂŶŶƵĂůŽƌĂŶŶƵĂů
ŝŶƐƚĂůůŵĞŶƚƐ͕ŝŶǁŚŝĐŚĐĂƐĞ͕ƚŚĞƚŽƚĂůŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞƚŚĞƌĞŽĨƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚŶŽŶƉĞƌĨŽƌŵŝŶŐ͘

200 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

/ŶƚŚĞĐĂƐĞŽĨƌĞĐĞŝǀĂďůĞƐƚŚĂƚĂƌĞƉĂLJĂďůĞŝŶŵŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚƐ͕ƚŚĞƚŽƚĂůŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞƚŚĞƌĞŽĨƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚ
ŶŽŶƉĞƌĨŽƌŵŝŶŐǁŚĞŶƚŚƌĞĞŽƌŵŽƌĞŝŶƐƚĂůůŵĞŶƚƐĂƌĞŝŶĂƌƌĞĂƌƐ͘/ŶƚŚĞĐĂƐĞŽĨƌĞĐĞŝǀĂďůĞƐƚŚĂƚĂƌĞƉĂLJĂďůĞŝŶĚĂŝůLJ͕ǁĞĞŬůLJŽƌ
ƐĞŵŝͲŵŽŶƚŚůLJŝŶƐƚĂůůŵĞŶƚƐ͕ƚŚĞƚŽƚĂůŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞƚŚĞƌĞŽĨƐŚĂůůďĞĐŽŶƐŝĚĞƌĞĚŶŽŶƉĞƌĨŽƌŵŝŶŐĂƚƚŚĞƐĂŵĞƚŝŵĞƚŚĂƚ
ƚŚĞLJďĞĐŽŵĞƉĂƐƚĚƵĞŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚĞdžŝƐƚŝŶŐ^WƌĞŐƵůĂƚŝŽŶƐ΀ŝ͘Ğ͕͘ƚŚĞĞŶƚŝƌĞŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞŽĨƚŚĞƌĞĐĞŝǀĂďůĞƐŚĂůů
ďĞĐŽŶƐŝĚĞƌĞĚĂƐƉĂƐƚĚƵĞǁŚĞŶƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨĂƌƌĞĂƌĂŐĞƐƌĞĂĐŚĞƐƚĞŶƉĞƌĐĞŶƚ;ϭϬ͘ϬйͿŽĨƚŚĞƚŽƚĂůƌĞĐĞŝǀĂďůĞďĂůĂŶĐĞ΁͘
ZĞƐƚƌƵĐƚƵƌĞĚƌĞĐĞŝǀĂďůĞƐ͕ǁŚŝĐŚĚŽŶŽƚŵĞĞƚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐƚŽďĞƚƌĞĂƚĞĚĂƐƉĞƌĨŽƌŵŝŶŐƌĞĐĞŝǀĂďůĞƐƐŚĂůůĂůƐŽďĞ
ĐŽŶƐŝĚĞƌĞĚĂƐEW>Ɛ͘

dŚĞďƌĞĂŬĚŽǁŶŽĨƌĞƐƚƌƵĐƚƵƌĞĚƌĞĐĞŝǀĂďůĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐĨŽůůŽǁƐ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

    ŽƌƉŽƌĂƚĞůŽĂŶƐ  W ϭ͕ϯϵϴ͕ϳϭϰ W ϭ͕ϯϭϲ͕ϯϵϲ  W ϵϬϮ͕ϰϮϭ  W ϭ͕ϬϮϭ͕ϬϬϳ
    ŽŶƐƵŵĞƌůŽĂŶƐ   ϴϭ͕ϵϬϴ  ϭϮϮ͕ϵϱϱ   ϯ͕ϳϴϳ   ϰϰ͕ϲϵϵ

       W ϭ͕ϰϴϬ͕ϲϮϮ W ϭ͕ϰϯϵ͕ϯϱϭ  W ϵϬϲ͕ϮϬϴ W ϭ͕Ϭϲϱ͕ϳϬϲ


ϭϯ͘ /Es^dDEd^/E^h^//Z/^E^^K/d^

dŚĞĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞƐŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐĂƌĞĂƐĨŽůůŽǁƐ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐ͗
  h>&  W Ͳ  W Ͳ  W ϱϮϱ͕ϬϬϬ W ϱϮϱ͕ϬϬϬ
  h^    Ͳ   Ͳ   ϯϳϴ͕ϱϴϯ  ϯϳϱ͕ϵϳϱ
  ',/   Ͳ   Ͳ   Ϯϴϳ͕ϰϴϵ  Ϯϴϳ͕ϰϴϵ
  h^/   Ͳ   Ͳ   ϯϱ͕ϬϬϬ  ϯϱ͕ϬϬϬ
  hW/ͲD,   Ͳ   Ͳ   ϭϰ͕ϰϱϭ  ϭϰ͕ϰϱϭ
  Z   Ͳ   Ͳ   Ͳ   Ϯ͕ϵϳϬ͕ϭϯϬ
      Ͳ   Ͳ   ϭ͕ϮϰϬ͕ϱϮϯ  ϰ͕ϮϬϴ͕Ϭϰϱ

 ĐĐƵŵƵůĂƚĞĚĞƋƵŝƚLJŝŶŶĞƚĞĂƌŶŝŶŐƐ
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ   Ͳ   Ͳ   ϯ͕ϯϭϳ͕ϰϵϯ  Ϯ͕ϵϭϮ͕Ϭϵϴ
 ^ŚĂƌĞŝŶ͗
  EĞƚĞĂƌŶŝŶŐƐ   Ͳ   Ͳ   ϯϴϳ͕ϲϯϲ  ϰϱϳ͕ϱϭϳ
  ŝǀŝĚĞŶĚƐ    Ͳ    Ͳ  ; ϲϴϳ͕ϯϬϬͿ ; ϱϬ͕ϬϬϬͿ
  EĞƚƵŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶ&^
   ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ    Ͳ    Ͳ  ; ϭ͕ϮϮϳͿ ; ϲ͕ϱϵϯͿ
  ĐƚƵĂƌŝĂůŐĂŝŶƐ;ůŽƐƐĞƐͿŽŶ
   ĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶ    Ͳ    Ͳ  ; ϮϱϰͿ   ϰ͕ϰϳϭ
  ŝƐƉŽƐĂůŽĨZ    Ͳ    Ͳ    ϰϲϱ͕ϱϬϬ    Ͳ 
       Ͳ    Ͳ   ϯ͕ϰϴϭ͕ϴϰϴ  ϯ͕ϯϭϳ͕ϰϵϯ

 ůůŽǁĂŶĐĞĨŽƌ
  ŝŵƉĂŝƌŵĞŶƚ;ƐĞĞEŽƚĞϭϳͿ    Ͳ    Ͳ  ; ϭϲ͕ϲϮϯͿ ; ϱϲϯ͕ϱϵϳͿ
  
 ĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐŽĨĂƐƐŽĐŝĂƚĞƐ͗
  h&   ϭϬϬ͕ϬϬϬ  ϭϬϬ͕ϬϬϬ  ϭϬϬ͕ϬϬϬ  ϭϬϬ͕ϬϬϬ
  >K/   ϱϲ͕ϬϬϬ  ϱϲ͕ϬϬϬ  ϱϲ͕ϬϬϬ  ϱϲ͕ϬϬϬ
  ^WD   Ϯϱ͕ϬϬϬ  Ϯϱ͕ϬϬϬ  Ϯϱ͕ϬϬϬ  Ϯϱ͕ϬϬϬ
  ^>KD/   Ϯϰ͕ϵϱϬ  Ϯϰ͕ϵϱϬ  Ϯϰ͕ϵϱϬ  Ϯϰ͕ϵϱϬ
  'D   ϲ͕ϮϱϬ  ϲ͕ϮϱϬ  ϲ͕ϮϱϬ  ϲ͕ϮϱϬ
      ϮϭϮ͕ϮϬϬ  ϮϭϮ͕ϮϬϬ  ϮϭϮ͕ϮϬϬ  ϮϭϮ͕ϮϬϬ
 
 ;&ŽƌǁĂƌĚͿ
 
 

U C P B 2 0 1 7 A N N U A L R E P O R T 201
    'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ĐĐƵŵƵůĂƚĞĚĞƋƵŝƚLJŝŶŶĞƚĞĂƌŶŝŶŐƐ
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ   ϴ͕ϱϰϱ͕ϰϰϯ  ϴ͕ϱϰϰ͕ϭϰϳ  ϴ͕ϱϰϱ͕ϰϰϯ  ϴ͕ϱϰϰ͕ϭϰϳ
 ^ŚĂƌĞŝŶ͗
  EĞƚĞĂƌŶŝŶŐƐ   ϭ͕Ϯϲϵ  ϭ͕ϵϭϰ  ϭ͕Ϯϲϵ  ϭ͕ϵϭϰ
  EĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶƐ;ůŽƐƐĞƐͿ
   ŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ    ϭ͕ϮϮϴ  ; ϱϱϵͿ  ϭ͕ϮϮϴ  ; ϱϱϵͿ
  ĐƚƵĂƌŝĂůůŽƐƐĞƐŽŶĚĞĨŝŶĞĚ
   ďĞŶĞĨŝƚƉůĂŶ  ;  ϮϬϴͿ ; ϱϵͿ; ϮϬϴͿ ; ϱϵͿ
       ϴ͕ϱϰϳ͕ϳϯϮ    ϴ͕ϱϰϱ͕ϰϰϯ   ϴ͕ϱϰϳ͕ϳϯϮ  ϴ͕ϱϰϱ͕ϰϰϯ

     W ϴ͕ϳϱϵ͕ϵϯϮ W ϴ͕ϳϱϳ͕ϲϰϯ W  ϭϯ͕ϰϲϱ͕ϲϴϬ W ϭϱ͕ϳϭϵ͕ϱϴϰ

/ŶϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽůĚŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶZ͕ƉƌĞǀŝŽƵƐůLJĂǁŚŽůůLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ͕ƚŽĂƚŚŝƌĚƉĂƌƚLJ͕ƚŚĞƌĞďLJůŽƐŝŶŐ
ĐŽŶƚƌŽů͘EŽŐĂŝŶŽƌůŽƐƐǁĂƐƌĞĐŽŐŶŝnjĞĚĨƌŽŵƚŚĞƐĂůĞĂƐƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ
ĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨZ͛ƐŶĞƚĂƐƐĞƚƐ;ƐĞĞEŽƚĞϭ͘ϭͿ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƉƌĞƐĞŶƚƚŚĞƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƐŝŐŶŝĨŝĐĂŶƚĂƐƐŽĐŝĂƚĞƐŽĨƚŚĞ'ƌŽƵƉĂƐĂƚĂŶĚĨŽƌƚŚĞLJĞĂƌƐ
ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗
    
  ϮϬϭϳΎ 
  ^ƚĂƚĞŵĞŶƚŽĨ
     &ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ   ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ 
  ŽƵŶƚƌLJŽĨ   dŽƚĂů   dŽƚĂů   'ƌŽƐƐ   KƉĞƌĂƚŝŶŐ  EĞƚ/ŶĐŽŵĞ
  /ŶĐŽƌƉŽƌĂƚŝŽŶ   ƐƐĞƚƐ   >ŝĂďŝůŝƚŝĞƐ   /ŶĐŽŵĞΎΎ   /ŶĐŽŵĞ;>ŽƐƐͿ   ;>ŽƐƐͿ 

>K/  WŚŝůŝƉƉŝŶĞƐ  W Ϯ͕Ϭϯϲ͕ϱϯϬ W ϭ͕Ϯϰϵ͕ϰϬϭ W ϭϱϳ͕Ϭϭϴ W ϳϯ͕ϭϳϳ W ϱϴ͕ϲϰϴ
^>KD/  WŚŝůŝƉƉŝŶĞƐ   ϴ͕ϰϯϰ͕ϴϰϳ  ϱϲϬ  Ͳ  ; Ϯ͕ϬϬϬͿ  ϱϱ͕ϯϲϰ
^WD  WŚŝůŝƉƉŝŶĞƐ   Ϯ͕ϰϬϰ͕ϴϴϲ  ϳϲϮ͕ϭϯϳ  Ϯϲϴ͕ϭϵϵ  ϭϬ͕ϲϳϮ  ϭϳ͕ϱϯϮ
h&  WŚŝůŝƉƉŝŶĞƐ   ϭ͕ϮϮϰ͕ϬϬϰ  ϭϬ͕ϮϮϯ  ϵϮ͕ϳϯϲ  ϴ͕ϴϳϴ  ϲ͕ϲϴϱ 
'D  WŚŝůŝƉƉŝŶĞƐ   ϯ͕Ϭϳϴ͕ϳϯϰ  ϭ͕ϴϯϱ͕ϲϲϭ  ϰϵ͕Ϭϭϱ  ϯ͕Ϯϵϭ ; Ϯϱ͕ϵϯϬͿ

  ϮϬϭϲΎ 
  ^ƚĂƚĞŵĞŶƚŽĨ
     &ŝŶĂŶĐŝĂůWŽƐŝƚŝŽŶ   ^ƚĂƚĞŵĞŶƚŽĨ/ŶĐŽŵĞ 
  ŽƵŶƚƌLJŽĨ   dŽƚĂů   dŽƚĂů   'ƌŽƐƐ   KƉĞƌĂƚŝŶŐ  EĞƚ
  /ŶĐŽƌƉŽƌĂƚŝŽŶ   ƐƐĞƚƐ   >ŝĂďŝůŝƚŝĞƐ   /ŶĐŽŵĞΎΎ   /ŶĐŽŵĞ;>ŽƐƐͿ   /ŶĐŽŵĞ 

>K/  WŚŝůŝƉƉŝŶĞƐ  W Ϯ͕ϭϮϮ͕ϰϵϬ W ϱϴ͕Ϯϵϲ  W ϭϲϰ͕ϱϴϳ  W ϴϲ͕ϭϭϮ W ϰϰ͕ϱϱϬ
^>KD/  WŚŝůŝƉƉŝŶĞƐ   ϴ͕ϰϯϱ͕Ϯϰϴ  ϯϭϱ  Ͳ  ; ϭ͕ϴϯϵͿ  ϱϱ͕ϯϲϰ
^WD  WŚŝůŝƉƉŝŶĞƐ   Ϯ͕ϯϭϮ͕ϰϱϵ  ϲϴϳ͕Ϯϰϭ  Ϯϴϳ͕ϵϱϰ  Ϯϴ͕ϵϵϮ  ϯϲ͕Ϭϳϰ
h&  WŚŝůŝƉƉŝŶĞƐ   ϭ͕ϮϬϳ͕ϵϴϳ  ϴ͕ϰϭϵ  ϳϰ͕ϱϯϯ  ϮϬ͕ϱϮϴ  ϭϴ͕Ϯϭϱ
'D  WŚŝůŝƉƉŝŶĞƐ   Ϯ͕ϲϭϮ͕Ϯϯϲ  ϭ͕ϯϰϯ͕ϰϯϵ  ϵϴ͕ϰϲϭ  ϰϯ͕ϳϯϳ  ϭϳ͕ϭϱϬ

ΎĂƐĞĚŽŶƵŶĂƵĚŝƚĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĞdžĐĞƉƚĨŽƌh&
ΎΎZĞƉƌĞƐĞŶƚƐƐĂůĞƐůĞƐƐĐŽƐƚŽĨƐĂůĞƐ͘

dŚĞWĂƌĞŶƚĂŶŬŚĂƐŶŽƚƌĞĐŽŐŶŝnjĞĚĂŶLJƐŚĂƌĞŝŶŶĞƚĞĂƌŶŝŶŐƐĚƵĞƚŽƚŚĞƌĞĐŽǀĞƌĂďŝůŝƚLJƐƚĂƚƵƐŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶKD'
;ƐĞĞEŽƚĞϭ͘ϰͿ͘

dŚĞWĂƌĞŶƚĂŶŬĞƐƚĂďůŝƐŚĞĚƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽǀĞƌh&͕>K/͕^WD͕^>KD/ĂŶĚ'DƚŚƌŽƵŐŚŝƚƐĚŝƌĞĐƚŽǁŶĞƌƐŚŝƉŝŶ
ƐƵĐŚŝŶǀĞƐƚĞĞĐŽŵƉĂŶŝĞƐĂŶĚƚŚƌŽƵŐŚƚŚĞĞdžĞƌĐŝƐĞŽĨŝƚƐĨŝĚƵĐŝĂƌLJĨƵŶĐƚŝŽŶƐĂƐĂĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚĞ//&ƚŚƌŽƵŐŚƚŚĞdƌƵƐƚ
ĂŶŬŝŶŐ'ƌŽƵƉ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞWĂƌĞŶƚĂŶŬŚĂƐŝŶĚŝƌĞĐƚŝŶǀĞƐƚŵĞŶƚƐŝŶĂŐĂLJĂŶĚĞKƌŽKŝůŽ͕͘/ŶĐ͘;KK/ͿĂŶĚ/ůŝŐĂŶ
ŽĐŽŶƵƚ/ŶĚƵƐƚƌŝĞƐ͕/ŶĐ͘;///Ϳ͘>K/͕^WD͕^>KD/͕'D͕KK/ĂŶĚ///͕ŚĞƌĞŝŶƌĞĨĞƌƌĞĚƚŽĂƐƚŚĞ//&KŝůDŝůůƐ͕ǁĞƌĞ
ĞƐƚĂďůŝƐŚĞĚĨƌŽŵƚŚĞ//&͘dŚĞ//&ĨŽƌŵĞĚƉĂƌƚŽĨƚŚĞ^&͕ŽƚŚĞƌǁŝƐĞŬŶŽǁŶĂƐƚŚĞĐŽĐŽŶƵƚůĞǀLJĨƵŶĚ͕ǁŚŝĐŚǁĂƐĐƌĞĂƚĞĚŝŶ
ϭϵϳϯďLJWEŽ͘Ϯϳϲ͗ƐƚĂďůŝƐŚŝŶŐĂŽĐŽŶƵƚŽŶƐƵŵĞƌƐ^ƚĂďŝůŝnjĂƚŝŽŶ&ƵŶĚ͘

dŚĞ//&KŝůDŝůůƐǁŚŽůůLJŽǁŶĞĚ͕ĐŽůůĞĐƚŝǀĞůLJ͕ƚŚĞĨŽƵƌƚĞĞŶ//&,ŽůĚŝŶŐŽŵƉĂŶŝĞƐǁŚŽƐĞĨƵŶĚƐǁĞƌĞŝŶǀĞƐƚĞĚŝŶϯϯ͕ϭϯϯ͕Ϯϲϲ
ĐŽŵŵŽŶƐŚĂƌĞƐŽĨ^D;ƚŚĞ//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐͿŝŶϭϵϴϯƚŚĂƚǁĞƌĞƐĞƋƵĞƐƚĞƌĞĚďLJƚŚĞW''ŝŶDĂLJϭϵϴϲ͘

202 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

&ŽůůŽǁŝŶŐƐĞƋƵĞƐƚƌĂƚŝŽŶ͕ƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞ//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐ͕ĂƐǁĞůůĂƐƚŚĞ//&KŝůDŝůůƐ͕ďĞĐĂŵĞƚŚĞƐƵďũĞĐƚŽĨ
ůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐďĞĨŽƌĞƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂŶĚ^ƵƉƌĞŵĞŽƵƌƚ;ƐĞĞEŽƚĞϮϳͿ͘ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞƐϯ͘ϭ;ǀŝŝͿĂŶĚϮϳƚŽƚŚĞ
ĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞ'ƌŽƵƉŝƐŝŶǀŽůǀĞĚŝŶůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐŽŶƚŚĞŽǁŶĞƌƐŚŝƉƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ;ŝǀŝůĂƐĞ
EŽ͘ϬϬϯϯͲͿĂŶĚ//&KŝůDŝůůƐ;ŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲ&Ϳ͕ǁŚŝĐŚǁĞƌĞƐƵďũĞĐƚŽĨƚŚĞ:ĂŶƵĂƌLJϮϬϭϮĚĞĐŝƐŝŽŶŝƐƐƵĞĚďLJƚŚĞ^ƵƉƌĞŵĞ
ŽƵƌƚŝŶƚŚĞWŚŝůŝƉƉŝŶĞŽĐŽŶƵƚWƌŽĚƵĐĞƌƐ&ĞĚĞƌĂƚŝŽŶ͕/ŶĐ͘;KK&Ϳ͕ĞƚĂů͘ĐĂƐĞ͘dŚĞŵŽƚŝŽŶĨŽƌƚŚĞƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞ
:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮĚĞĐŝƐŝŽŶŚĂƐďĞĞŶĚĞŶŝĞĚǁŝƚŚĨŝŶĂůŝƚLJŽŶ^ĞƉƚĞŵďĞƌϰ͕ϮϬϭϮ͘

dŚĞ^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶďĞĐĂŵĞĨŝŶĂůĂŶĚĞdžĞĐƵƚŽƌLJĂŶĚŚĂƐďĞĞŶƌĞĐŽƌĚĞĚŝŶƚŚĞŽŽŬŽĨŶƚƌŝĞƐŽĨ:ƵĚŐŵĞŶƚŽŶ
ĞĐĞŵďĞƌϭϬ͕ϮϬϭϰ͘/ŶƉƌŝůϮϬϭϲ͕ƚŚĞKĨĨŝĐĞŽĨƚŚĞ^ŽůŝĐŝƚŽƌ'ĞŶĞƌĂůĨŝůĞĚďĞĨŽƌĞƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂDŽƚŝŽŶĨŽƌƚŚĞWĂƌƚŝĂů
džĞĐƵƚŝŽŶŽĨƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝƐƐƵĞĚŝŶŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲ&͘

KŶĞĐĞŵďĞƌϮϴ͕ϮϬϭϮ͕ƚŚĞWĂƌĞŶƚĂŶŬĨŝůĞĚĂ^ƉĞĐŝĂůŝǀŝůĐƚŝŽŶĨŽƌĞĐůĂƌĂƚŽƌLJZĞůŝĞĨƐĞĞŬŝŶŐĐůĂƌŝĨŝĐĂƚŝŽŶŽŶƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƌŝŐŚƚ͕ƚŝƚůĞĂŶĚŝŶƚĞƌĞƐƚŝŶƚŚĞ//&KŝůDŝůůƐĂƐƐƚŽĐŬŚŽůĚĞƌ͕ĂƐǁĞůůĂƐƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶĚŝƌĞĐƚĞƋƵŝƚLJŝŶ
ƚŚĞĨŽƵƌƚĞĞŶ//&,ŽůĚŝŶŐŽŵƉĂŶŝĞƐĂŶĚƚŚĞ^DƐŚĂƌĞƐ͘dŚĞĐĂƐĞ͕ĚŽĐŬĞƚĞĚĂƐŝǀŝůĂƐĞEŽ͘ϭϮͲϭϮϱϭďĞĨŽƌĞZĞŐŝŽŶĂůdƌŝĂů
ŽƵƌƚŽĨDĂŬĂƚŝƌĂŶĐŚϱϵ͕ǁĂƐĐŽŶƐŽůŝĚĂƚĞĚǁŝƚŚŝǀŝůĂƐĞEŽ͘ϭϮͲϭϱϮ͕ǁŚŝĐŚŝƐĂƐŝŵŝůĂƌĂĐƚŝŽŶĨŝůĞĚďLJhŶŝƚĞĚŽĐŽŶƵƚ
WůĂŶƚĞƌƐ>ŝĨĞƐƐƵƌĂŶĐĞŽƌƉŽƌĂƚŝŽŶ;ŽĐŽůŝĨĞͿǁŝƚŚƌĞƐƉĞĐƚƚŽŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƌŝŐŚƚ͕ƚŝƚůĞĂŶĚŝŶƚĞƌĞƐƚŝŶƚŚĞ//&ŽŵƉĂŶŝĞƐ
ŽŶ^ĞƉƚĞŵďĞƌϮϱ͕ϮϬϭϯ͘/ŶƐƵŵŵĂƌLJ͕ƚŚĞWĂƌĞŶƚĂŶŬƐŽƵŐŚƚĂĚĞĐůĂƌĂƚŝŽŶƚŚĂƚƚŚĞƐŚĂƌĞƐŽĨƐƚŽĐŬĂĐƋƵŝƌĞĚďLJƚŚĞĂŶŬ
ƵƐŝŶŐŝƚƐŽǁŶĐŽƌƉŽƌĂƚĞĨƵŶĚƐĂŶĚŶŽƚĐŽĐŽůĞǀLJĨƵŶĚƐ͕ĂŶĚǁŚŝĐŚĂƌĞƌĞĐŽƌĚĞĚŝŶƚŚĞƐƚŽĐŬĂŶĚƚƌĂŶƐĨĞƌŬƐŽĨƚŚĞ//&Kŝů
DŝůůƐƵŶĚĞƌƚŚĞŶĂŵĞ͞hWĂƐhŶŝǀĞƌƐĂůĂŶŬ͟ĂƌĞŶŽƚĐŽǀĞƌĞĚďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĞĐŝƐŝŽŶŽĨϮϬϭϮ͘

KŶƵŐƵƐƚϭϭ͕ϮϬϭϱ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŐƌĂŶƚĞĚƚŚĞW''͛ƐƉĞƚŝƚŝŽŶĂŶĚĚŝƐŵŝƐƐĞĚƚŚĞƉĞƚŝƚŝŽŶƐĨŽƌĚĞĐůĂƌĂƚŽƌLJƌĞůŝĞĨŽĨƚŚĞ
WĂƌĞŶƚĂŶŬĂŶĚŽĐŽůŝĨĞ;WƌĞƐŝĚĞŶƚŝĂůŽŵŵŝƐƐŝŽŶŽŶ'ŽŽĚ'ŽǀĞƌŶŵĞŶƚǀ͘,ŽŶ͘tŝŶůŽǀĞƵŵĂLJĂƐ͕hWĂŶĚŽĐŽůŝĨĞ͕
'͘Z͘EŽƐ͘ϮϬϵϰϰϳĂŶĚϮϭϬϵϬϭͿ͘&ƌŽŵƚŚĞĂĚǀĞƌƐĞĚĞĐŝƐŝŽŶ͕ƚŚĞĂŶŬĂŶĚŽĐŽůŝĨĞĨŝůĞĚDŽƚŝŽŶƐĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞ
DŽƚŝŽŶƐǁĞƌĞĚĞŶŝĞĚďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŝŶŝƚƐZĞƐŽůƵƚŝŽŶŽŶKĐƚŽďĞƌϮϬ͕ϮϬϭϱ͘dŚĞDŽƚŝŽŶƐĨŽƌ>ĞĂǀĞƚŽĚŵŝƚ^ĞĐŽŶĚ
DŽƚŝŽŶĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶĨŝůĞĚďLJƚŚĞĂŶŬĂŶĚŽĐŽůŝĨĞǁĞƌĞůŝŬĞǁŝƐĞĚĞŶŝĞĚŽŶ&ĞďƌƵĂƌLJϵ͕ϮϬϭϲ͘

//&ŽŵƉĂŶŝĞƐƉĞƌƚĂŝŶƚŽƚŚĞĨŽůůŽǁŝŶŐĐŽŵƉĂŶŝĞƐ͗
x //&KŝůDŝůůƐ
x //&ϭϰ,ŽůĚŝŶŐŽŵƉĂŶŝĞƐ
x h&
x hWͲ//&&ŽƵŶĚĂƚŝŽŶ͕/ŶĐ͘;h&/Ϳ
x hŶŝƚĞĚŽĐŽŶƵƚWůĂŶƚĞƌƐ/ŶƚĞƌŶĂƚŝŽŶĂů;hW/Ϳ

dŚĞĚĞĐŝƐŝŽŶŽĨƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶŽŶ:ƵŶĞϱ͕ϮϬϬϳ͕ǁŚŝĐŚǁĂƐĂĨĨŝƌŵĞĚďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŽŶŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲ&ŽŶ
:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮ͕ǁĂƐďĂƐĞĚŽŶƚŚĞƉƌŝŶĐŝƉůĞƚŚĂƚ͕ƐŝŶĐĞĐŽĐŽůĞǀLJĨƵŶĚƐĂƌĞƉƵďůŝĐĨƵŶĚƐ͕ĂŶLJĨƵŶĚƐƚŚĂƚĂƌĞĚĞƌŝǀĞĚĨƌŽŵ͕Žƌ
ĂŶLJƉƌŽƉĞƌƚLJƚŚĂƚŝƐĂĐƋƵŝƌĞĚƵƐŝŶŐ͕ĐŽĐŽůĞǀLJĨƵŶĚƐŝƐŽǁŶĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚ͘,ŽǁĞǀĞƌ͕ƚŚĞWĂƌĞŶƚĂŶŬďĞůŝĞǀĞƐƚŚĂƚ
ŽŶůLJƚŚŽƐĞƐŚĂƌĞƐŽĨƚŚĞ//&KŝůDŝůůƐŽŵƉĂŶŝĞƐƚŚĂƚĂƌĞŝŶƚŚĞŶĂŵĞŽĨ͞hWĂƐĚŵŝŶŝƐƚƌĂƚŽƌŽĨƚŚĞ//&͟ƐŚŽƵůĚďĞ
ĐĂŶĐĞůůĞĚĂŶĚƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞZKW͘EĞĐĞƐƐĂƌŝůLJ͕ƚŚŽƐĞƐŚĂƌĞƐ͕ǁŚŝĐŚǁĞƌĞŶŽƚĂĐƋƵŝƌĞĚƵƐŝŶŐĐŽĐŽůĞǀLJĨƵŶĚƐĂŶĚĂƌĞ
ƌĞĐŽƌĚĞĚŝŶƚŚĞŶĂŵĞŽĨ͞hWĂƐĂhŶŝǀĞƌƐĂůĂŶŬ͟ƐŚŽƵůĚƌĞŵĂŝŶǀĂůŝĚ͘

ƐƚŚĞŽǁŶĞƌŽŶƌĞĐŽƌĚ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƉƵƌƐƵŝŶŐŝƚƐĐůĂŝŵŽŶŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ//&ŽŵƉĂŶŝĞƐĨŽƌƚŚĞƉƌŽƉĞƌ
ŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂŶĚ^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶƐŽŶ:ƵŶĞϱ͕ϮϬϬϳĂŶĚ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞ
ƐŚĂƌĞƐŝŶƚŚĞŶĂŵĞŽĨ͞hWĂƐhŶŝǀĞƌƐĂůĂŶŬ͟ĂƌĞŶŽƚƚŽďĞŝŶĐůƵĚĞĚĂŵŽŶŐƚŚĞĂƐƐĞƚƐƚŽďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ
ŐŽǀĞƌŶŵĞŶƚ͘

/ŶƚŚĞĂďƐĞŶĐĞŽĨǁƌŝƚŽĨĞdžĞĐƵƚŝŽŶ͕ƚŚĞWĂƌĞŶƚĂŶŬďĞůŝĞǀĞƐƚŚĂƚ͕ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŝƚŝƐƐƚŝůůƌĞĂƐŽŶĂďůĞƚŽ
ŵĂŝŶƚĂŝŶƚŚĞƐƚĂƚƵƐƋƵŽĂŶĚĐŽŶƚŝŶƵĞǁŝƚŚƚŚĞŶŽƌŵĂůŽƉĞƌĂƚŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŵĂŶŶĞƌŽĨĂĐĐŽƵŶƚŝŶŐĂŶĚǀĂůƵĂƚŝŽŶŽĨŝƚƐ
ŝŶǀĞƐƚŵĞŶƚƐŝŶƚŚĞ//&KŝůDŝůůƐ͖ŚĞŶĐĞ͕ŶŽĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚŚĂƐďĞĞŶƉƌŽǀŝĚĞĚĨŽƌƐƵĐŚŝŶǀĞƐƚŵĞŶƚƐ;ƐĞĞEŽƚĞϭ͘ϱͿ͘
,ĂĚƚŚĞĂůůŽǁĂŶĐĞďĞĞŶƉƌŽǀŝĚĞĚ͕ƚŽƚĂůƌĞƐŽƵƌĐĞƐĂŶĚĞƋƵŝƚLJǁŽƵůĚŚĂǀĞĚĞĐƌĞĂƐĞĚďLJWϴ͘ϲďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ
ĂŶĚϮϬϭϲ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 203
 ϭϰ͘ E<WZD/^^͕&hZE/dhZ͕&/ydhZ^EYh/WDEd

dŚĞŐƌŽƐƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐĂŶĚĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚ
ĞƋƵŝƉŵĞŶƚĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨϮϬϭϳĂŶĚϮϬϭϲĂƌĞƐŚŽǁŶďĞůŽǁ͘

  'ƌŽƵƉ 
             &ƵƌŶŝƚƵƌĞ͕
         ƵŝůĚŝŶŐƐĂŶĚ   &ŝdžƚƵƌĞƐĂŶĚ   >ĞĂƐĞŚŽůĚ
       >ĂŶĚ   /ŵƉƌŽǀĞŵĞŶƚƐ  ƋƵŝƉŵĞŶƚ   /ŵƉƌŽǀĞŵĞŶƚƐ   dŽƚĂů 

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ
   ŽƐƚ  W ϵϮ͕Ϭϳϴ W ϭ͕ϱϬϵ͕ϴϴϱ W ϯ͕ϯϭϴ͕Ϯϳϲ W ϭ͕ϭϲϭ͕ϵϲϯ W ϲ͕ϬϴϮ͕ϮϬϮ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
    ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  Ͳ  ; ϭ͕ϬϬϮ͕ϴϭϲͿ; Ϯ͕ϰϯϴ͕ϱϰϰͿ ; ϳϲϳ͕ϳϯϭͿ ; ϰ͕ϮϬϵ͕ϬϵϭͿ
 
   EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ W ϵϮ͕Ϭϳϴ W ϱϬϳ͕Ϭϲϵ W ϴϳϵ͕ϳϯϮ W ϯϵϰ͕ϮϯϮ W ϭ͕ϴϳϯ͕ϭϭϭ

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ
   ŽƐƚ  W ϵϮ͕Ϭϵϴ W ϭ͕ϰϴϭ͕ϯϮϱ W ϯ͕ϭϬϴ͕ϱϲϰ W ϭ͕ϭϬϰ͕ϮϳϬ W ϱ͕ϳϴϲ͕Ϯϱϳ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
    ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  Ͳ  ; ϵϯϯ͕ϯϳϭͿ; Ϯ͕Ϯϴϳ͕ϰϵϳͿ ; ϲϱϮ͕ϱϰϴͿ ; ϯ͕ϴϳϯ͕ϰϭϲͿ
 
   EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ W ϵϮ͕Ϭϵϴ W ϱϰϳ͕ϵϱϰ W ϴϮϭ͕Ϭϲϳ W ϰϱϭ͕ϳϮϮ W ϭ͕ϵϭϮ͕ϴϰϭ

:ĂŶƵĂƌLJϭ͕ϮϬϭϲ
   ŽƐƚ  W ϵϮ͕Ϭϵϴ W ϭ͕ϰϲϲ͕ϱϬϬ W Ϯ͕ϴϵϯ͕ϰϮϯ W ϭ͕Ϭϲϱ͕ϰϮϯ W ϱ͕ϱϭϳ͕ϰϰϰ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
    ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  Ͳ  ; ϴϴϮ͕ϭϲϱͿ; Ϯ͕ϮϮϯ͕ϰϴϱͿ ; ϱϱϮ͕ϰϲϳͿ ; ϯ͕ϲϱϴ͕ϭϭϳͿ
 
  EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ W ϵϮ͕Ϭϵϴ W ϱϴϰ͕ϯϯϱ W ϲϲϵ͕ϵϯϴ W ϱϭϮ͕ϵϱϲ W ϭ͕ϴϱϵ͕ϯϮϳ


  WĂƌĞŶƚĂŶŬ 
             &ƵƌŶŝƚƵƌĞ͕
         ƵŝůĚŝŶŐƐĂŶĚ   &ŝdžƚƵƌĞƐĂŶĚ   >ĞĂƐĞŚŽůĚ
       >ĂŶĚ   /ŵƉƌŽǀĞŵĞŶƚƐ  ƋƵŝƉŵĞŶƚ   /ŵƉƌŽǀĞŵĞŶƚƐ   dŽƚĂů 

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ
   ŽƐƚ  W ϵϭ͕Ϭϲϳ W ϭ͕ϰϲϯ͕Ϭϱϵ W Ϯ͕ϵϴϳ͕ϲϳϮ W ϵϯϱ͕ϴϯϲ W ϱ͕ϰϳϳ͕ϲϯϰ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
    ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  Ͳ  ; ϵϴϵ͕ϮϭϮͿ ; Ϯ͕ϭϵϯ͕ϵϮϲͿ ; ϲϲϱ͕ϱϳϰͿ ; ϯ͕ϴϰϴ͕ϳϭϮͿ
 
   EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ W ϵϭ͕Ϭϲϳ W ϰϳϯ͕ϴϰϳ W ϳϵϯ͕ϳϰϲ W ϮϳϬ͕ϮϲϮ W ϭ͕ϲϮϴ͕ϵϮϮ

ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ
   ŽƐƚ  W ϵϭ͕Ϭϲϳ W ϭ͕ϰϯϯ͕ϴϬϬ W Ϯ͕ϳϵϮ͕ϳϭϱ W ϵϭϬ͕ϮϰϮ W ϱ͕ϮϮϳ͕ϴϮϰ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
    ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  Ͳ  ; ϵϮϬ͕ϴϯϵͿ ; Ϯ͕Ϭϳϯ͕ϴϴϳͿ ; ϱϴϭ͕ϭϲϬͿ ; ϯ͕ϱϳϱ͕ϴϴϲͿ
 
   EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ W ϵϭ͕Ϭϲϳ W ϱϭϮ͕ϵϲϭ W ϳϭϴ͕ϴϮϴ W ϯϮϵ͕ϬϴϮ W ϭ͕ϲϱϭ͕ϵϯϴ

:ĂŶƵĂƌLJϭ͕ϮϬϭϲ
   ŽƐƚ  W ϵϭ͕Ϭϲϳ W ϭ͕ϰϯϭ͕ϬϲϬ W Ϯ͕ϱϵϮ͕ϰϱϳ W ϴϴϵ͕ϬϭϬ W ϱ͕ϬϬϯ͕ϱϵϰ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
    ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  Ͳ  ; ϴϳϭ͕ϮϵϱͿ ; Ϯ͕Ϭϯϭ͕ϵϴϮͿ ; ϰϵϳ͕ϱϬϭͿ ; ϯ͕ϰϬϬ͕ϳϳϴͿ
 
   EĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ W ϵϭ͕Ϭϲϳ W ϱϱϵ͕ϳϲϱ W ϱϲϬ͕ϰϳϱ W ϯϵϭ͕ϱϬϵ W ϭ͕ϲϬϮ͕ϴϭϲ

 

204 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨ
ϮϬϭϳĂŶĚϮϬϭϲŝƐƐŚŽǁŶďĞůŽǁ͘

  'ƌŽƵƉ 
                &ƵƌŶŝƚƵƌĞ͕
             ƵŝůĚŝŶŐƐĂŶĚ   &ŝdžƚƵƌĞƐĂŶĚ   >ĞĂƐĞŚŽůĚ
          >ĂŶĚ   /ŵƉƌŽǀĞŵĞŶƚƐ ƋƵŝƉŵĞŶƚ   /ŵƉƌŽǀĞŵĞŶƚƐ  dŽƚĂů 

 ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ͕
 ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
 ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϮ͕Ϭϵϴ   W ϱϰϳ͕ϵϱϰ  W ϴϮϭ͕Ϭϲϳ  W ϰϱϭ͕ϳϮϮ  W ϭ͕ϵϭϮ͕ϴϰϭ
 ĚĚŝƚŝŽŶƐ    Ͳ   Ϯϵ͕Ϯϱϵ  ϯϳϰ͕ϯϰϲ  ϱϰ͕ϯϬϳ ϰϱϳ͕ϵϭϮ
 ŝƐƉŽƐĂůƐ  ;  ϮϬͿ ; ϭϰϵ Ϳ ; ϵϭ͕ϴϰϮͿ ; ϲ͕ϱϴϰͿ; ϵϴ͕ϱϵϱͿ
 ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
  ĐŚĂƌŐĞƐĨŽƌƚŚĞLJĞĂƌ   Ͳ   ; ϲϵ͕ϵϵϱ Ϳ ; ϮϮϯ͕ϴϯϵͿ ; ϭϬϱ͕ϮϭϯͿ; ϯϵϵ͕ϬϰϳͿ
  
 ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕
  ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
  ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϮ͕Ϭϳϴ   W ϱϬϳ͕Ϭϲϵ  W ϴϳϵ͕ϳϯϮ  W ϯϵϰ͕ϮϯϮ  W ϭ͕ϴϳϯ͕ϭϭϭ

 ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ͕
 ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ 
 ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϮ͕Ϭϵϴ W ϱϴϰ͕ϯϯϱ W ϲϲϵ͕ϵϯϴ W ϱϭϮ͕ϵϱϲ W ϭ͕ϴϱϵ͕ϯϮϳ
 ĚĚŝƚŝŽŶƐ    Ͳ   ϯϵ͕ϰϰϴ  ϰϲϰ͕ϰϬϬ  ϰϳ͕ϴϲϬ ϱϱϭ͕ϳϬϴ
 ŝƐƉŽƐĂůƐ   Ͳ   ; ϲϱ Ϳ ; ϵϮ͕ϬϲϭͿ ; ϱ͕ϲϴϯͿ; ϵϳ͕ϴϬϵͿ
 ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ
  ĐŚĂƌŐĞƐĨŽƌƚŚĞLJĞĂƌ   Ͳ   ; ϳϱ͕ϳϲϰ Ϳ ; ϮϮϭ͕ϮϭϬͿ ; ϭϬϯ͕ϰϭϭͿ; ϰϬϬ͕ϯϴϱͿ
  
 ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͕
  ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
  ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϮ͕Ϭϵϴ   W ϱϰϳ͕ϵϱϰ  W ϴϮϭ͕Ϭϲϳ  W ϰϱϭ͕ϳϮϮ  W ϭ͕ϵϭϮ͕ϴϰϭ

  WĂƌĞŶƚĂŶŬ 
                &ƵƌŶŝƚƵƌĞ͕
             ƵŝůĚŝŶŐƐĂŶĚ   &ŝdžƚƵƌĞƐĂŶĚ   >ĞĂƐĞŚŽůĚ
          >ĂŶĚ   /ŵƉƌŽǀĞŵĞŶƚƐ ƋƵŝƉŵĞŶƚ   /ŵƉƌŽǀĞŵĞŶƚƐ  dŽƚĂů 

 ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ͕
 ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
 ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϭ͕Ϭϲϳ   W ϱϭϮ͕ϵϲϭ  W ϳϭϴ͕ϴϮϴ  W ϯϮϵ͕ϬϴϮ  W ϭ͕ϲϱϭ͕ϵϯϴ
 ĚĚŝƚŝŽŶƐ    Ͳ   Ϯϵ͕Ϯϱϵ  ϯϱϬ͕ϲϵϴ  Ϯϳ͕ϭϲϬ ϰϬϳ͕ϭϭϳ
 ŝƐƉŽƐĂůƐ   Ͳ   ; ϭϰϳ Ϳ ; ϵϭ͕ϴϭϯͿ ; ϭ͕ϱϲϲͿ; ϵϯ͕ϱϮϲͿ
 ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ     
  ĐŚĂƌŐĞƐĨŽƌƚŚĞLJĞĂƌ   Ͳ   ; ϲϴ͕ϮϮϲ Ϳ ; ϭϴϯ͕ϵϲϳͿ ; ϴϰ͕ϰϭϰͿ; ϯϯϲ͕ϲϬϳͿ
  
 ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕
  ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
  ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϭ͕Ϭϲϳ  W ϰϳϯ͕ϴϰϳ  W ϳϵϯ͕ϳϰϲ  W ϮϳϬ͕ϮϲϮ  W ϭ͕ϲϮϴ͕ϵϮϮ

 ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ͕
 ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
 ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϭ͕Ϭϲϳ W ϱϱϵ͕ϳϲϱ W ϱϲϬ͕ϰϳϱ W ϯϵϭ͕ϱϬϵ W ϭ͕ϲϬϮ͕ϴϭϲ
 ĚĚŝƚŝŽŶƐ    Ͳ   Ϯϳ͕ϯϲϯ  ϰϮϲ͕ϵϴϮ  ϮϮ͕Ϯϴϰ ϰϳϲ͕ϲϮϵ
 ŝƐƉŽƐĂůƐ   Ͳ   ; ϲϳ Ϳ ; ϴϴ͕ϱϱϬͿ ; ϭ͕ϬϱϰͿ; ϴϵ͕ϲϳϭͿ
 ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ 
  ĐŚĂƌŐĞƐĨŽƌƚŚĞLJĞĂƌ   Ͳ   ; ϳϰ͕ϭϬϬ Ϳ ; ϭϴϬ͕ϬϳϵͿ ; ϴϯ͕ϲϱϳͿ; ϯϯϳ͕ϴϯϲͿ
  
 ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͕
  ŶĞƚŽĨĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
  ĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ   W ϵϭ͕Ϭϲϳ  W ϱϭϮ͕ϵϲϭ  W ϳϭϴ͕ϴϮϴ  W ϯϮϵ͕ϬϴϮ  W ϭ͕ϲϱϭ͕ϵϯϴ

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞĐŽƐƚŽĨĨƵůůLJĚĞƉƌĞĐŝĂƚĞĚďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚƐƚŝůůŝŶƵƐĞ
ĂŵŽƵŶƚĞĚƚŽWϮ͘ϮďŝůůŝŽŶĂŶĚWϮ͘ϭďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞ'ƌŽƵƉĂŶĚWϮ͘ϭďŝůůŝŽŶĂŶĚWϮ͘ϬďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞ
WĂƌĞŶƚĂŶŬ͘

hŶĚĞƌ^WƌƵůĞƐ͕ŝŶǀĞƐƚŵĞŶƚƐŝŶďĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚƐŚŽƵůĚŶŽƚĞdžĐĞĞĚϱϬйŽĨƚŚĞƌĞƐƉĞĐƚŝǀĞ
ƵŶŝŵƉĂŝƌĞĚĐĂƉŝƚĂůŽĨƚŚĞWĂƌĞŶƚĂŶŬĂŶĚh^͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬĂŶĚh^ŚĂǀĞĐŽŵƉůŝĞĚ
ǁŝƚŚƚŚŝƐ^WƌĞƋƵŝƌĞŵĞŶƚ͘

U C P B 2 0 1 7 A N N U A L R E P O R T 205
 ϭϱ͘ /Es^dDEdWZKWZd/^

/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĐŽŶƐŝƐƚŽĨǀĂƌŝŽƵƐůĂŶĚĂŶĚďƵŝůĚŝŶŐƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚĨŽƌĞĐůŽƐƵƌĞŽƌĚĂĐŝŽŶĂƐ
ƉĂLJŵĞŶƚŽĨŽƵƚƐƚĂŶĚŝŶŐůŽĂŶƐďLJƚŚĞďŽƌƌŽǁĞƌƐ͘dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƵƉŽŶĨŽƌĞĐůŽƐƵƌĞĂŶĚƚŚĞ
ĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞůŽĂŶŝƐƌĞĐŽŐŶŝnjĞĚĂƐ'ĂŝŶƐŽŶ&ŽƌĞĐůŽƐƵƌĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘

dŚĞƌĞĐŽŶĐŝůŝĂƚŝŽŶƐŽĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨϮϬϭϳĂŶĚϮϬϭϲĂƌĞ
ƉƌĞƐĞŶƚĞĚďĞůŽǁ͘

  'ƌŽƵƉ 
  ϮϬϭϳ   ϮϬϭϲ 
    ƵŝůĚŝŶŐƐĂŶĚ       ƵŝůĚŝŶŐƐĂŶĚ 
  >ĂŶĚ  /ŵƉƌŽǀĞŵĞŶƚƐ  dŽƚĂů   >ĂŶĚ  /ŵƉƌŽǀĞŵĞŶƚƐ  dŽƚĂů 

ŽƐƚ
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ W Ϯ͕ϮϴϬ͕ϱϮϱ W ϯ͕Ϯϴϭ͕ϳϬϵ W ϱ͕ϱϲϮ͕Ϯϯϰ W Ϯ͕ϰϰϯ͕ϱϲϴ W ϯ͕ϱϱϯ͕ϭϲϳ W ϱ͕ϵϵϲ͕ϳϯϱ
 ĚĚŝƚŝŽŶƐ  ϲϬϴ͕ϱϰϰ  Ϯ͕ϲϮϮ͕ϯϬϴ  ϯ͕ϮϯϬ͕ϴϱϮ  Ϯϰϰ͕ϳϬϴ  ϲϬϱ͕ϭϱϲ  ϴϰϵ͕ϴϲϰ
 ŝƐƉŽƐĂůƐ ; ϰϲϳ͕ϴϵϴͿ ; ϮϬϬ͕ϮϴϭͿ; ϲϲϴ͕ϭϳϵͿ;  ϰϭϴ͕ϰϬϰͿ ; ϴϳϰ͕ϭϮϴͿ ; ϭ͕ϮϵϮ͕ϱϯϮͿ
 ĚũƵƐƚŵĞŶƚƐ  ϭϭ͕ϴϳϭ ; ϲϱϳͿ ϭϭ͕Ϯϭϰ   ϭϬ͕ϲϱϯ  ;  Ϯ͕ϰϴϲͿ   ϴ͕ϭϲϳ 
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  Ϯ͕ϰϯϯ͕ϬϰϮ  ϱ͕ϳϬϯ͕Ϭϳϵ  ϴ͕ϭϯϲ͕ϭϮϭ   Ϯ͕ϮϴϬ͕ϱϮϱ   ϯ͕Ϯϴϭ͕ϳϬϵ   ϱ͕ϱϲϮ͕Ϯϯϰ 

ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  Ͳ   ϭ͕ϲϰϲ͕ϳϯϱ  ϭ͕ϲϰϲ͕ϳϯϱ  Ͳ   ϭ͕ϰϱϮ͕ϱϵϯ  ϭ͕ϰϱϮ͕ϱϵϯ
 ĞƉƌĞĐŝĂƚŝŽŶ  Ͳ   ϭϯϮ͕ϵϬϳ  ϭϯϮ͕ϵϬϳ  Ͳ   ϴϮ͕ϯϵϱ  ϴϮ͕ϯϵϱ
 ŝƐƉŽƐĂůƐ  Ͳ  ; ϯϰ͕ϰϯϰͿ; ϯϰ͕ϰϯϰͿ  Ͳ   ; ϭϯϰ͕ϱϰϰͿ ; ϭϯϰ͕ϱϰϰͿ
 ĚũƵƐƚŵĞŶƚƐ  Ͳ  ; Ϯϭϰ͕ϰϳϭͿ; Ϯϭϰ͕ϰϳϭͿ  Ͳ    Ϯϰϲ͕Ϯϵϭ  Ϯϰϲ͕Ϯϵϭ 
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  Ͳ   ϭ͕ϱϯϬ͕ϳϯϳ  ϭ͕ϱϯϬ͕ϳϯϳ   Ͳ    ϭ͕ϲϰϲ͕ϳϯϱ   ϭ͕ϲϰϲ͕ϳϯϱ 

ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚ
 ĂŶĚůŽƐƐĞƐ
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  ϭ͕Ϯϭϴ͕Ϯϰϰ  ϭϴϲ͕ϰϯϴ  ϭ͕ϰϬϰ͕ϲϴϮ  ϭ͕ϴϰϴ͕ϴϴϵ  ϰϮϴ͕ϲϬϴ  Ϯ͕Ϯϳϳ͕ϰϵϳ
 WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ  ϰϱ͕ϰϳϲ  ϴϱ͕ϴϲϵ  ϭϯϭ͕ϯϰϱ  ϵϱϳ  Ͳ   ϵϱϳ
 ŝƐƉŽƐĂůƐ ; ϭϯϮ͕ϱϱϴͿ ; Ϯϰ͕ϵϭϳͿ ; ϭϱϳ͕ϰϳϱͿ;  ϭϴϲ͕ϳϴϱͿ ; ϭϰϬ͕ϭϳϬͿ ; ϯϮϲ͕ϵϱϱͿ
 ĚũƵƐƚŵĞŶƚƐ ; ϱϴϴ͕ϰϭϰͿ  ϵϮ͕ϱϱϱ ; ϰϵϱ͕ϴϱϵͿ;  ϰϰϰ͕ϴϭϳͿ ; ϭϬϮ͕ϬϬϬͿ ; ϱϰϲ͕ϴϭϳͿ
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  ϱϰϮ͕ϳϰϴ  ϯϯϵ͕ϵϰϱ  ϴϴϮ͕ϲϵϯ   ϭ͕Ϯϭϴ͕Ϯϰϰ   ϭϴϲ͕ϰϯϴ   ϭ͕ϰϬϰ͕ϲϴϮ 

ŽŽŬǀĂůƵĞĂƚƚŚĞĞŶĚŽĨLJĞĂƌ W ϭ͕ϴϵϬ͕Ϯϵϰ W ϯ͕ϴϯϮ͕ϯϵϳ W ϱ͕ϳϮϮ͕ϲϵϭ  W ϭ͕ϬϲϮ͕Ϯϴϭ  W ϭ͕ϰϰϴ͕ϱϯϲ  W Ϯ͕ϱϭϬ͕ϴϭϳ 

  WĂƌĞŶƚĂŶŬ 
  ϮϬϭϳ   ϮϬϭϲ 
    ƵŝůĚŝŶŐƐĂŶĚ       ƵŝůĚŝŶŐƐĂŶĚ 
  >ĂŶĚ  /ŵƉƌŽǀĞŵĞŶƚƐ  dŽƚĂů   >ĂŶĚ  /ŵƉƌŽǀĞŵĞŶƚƐ  dŽƚĂů 

ŽƐƚ
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ W Ϯ͕ϭϱϵ͕ϴϬϰ W Ϯ͕ϵϰϯ͕ϴϬϰ W ϱ͕ϭϬϯ͕ϲϬϴ W Ϯ͕ϯϭϮ͕ϵϵϱ W ϯ͕ϯϴϰ͕ϲϵϰ W ϱ͕ϲϵϳ͕ϲϴϵ
 ĚĚŝƚŝŽŶƐ  ϰϴϬ͕Ϭϵϲ  Ϯ͕ϱϮϱ͕ϰϬϮ  ϯ͕ϬϬϱ͕ϰϵϴ  Ϯϯϴ͕ϬϮϵ  ϰϯϬ͕ϲϰϳ  ϲϲϴ͕ϲϳϲ
 ŝƐƉŽƐĂůƐ ; ϰϭϮ͕ϰϳϭͿ ; ϭϳϳ͕ϮϮϵͿ; ϱϴϵ͕ϳϬϬͿ ; ϯϵϭ͕ϮϮϬͿ ; ϴϳϭ͕ϱϯϳͿ ; ϭ͕ϮϲϮ͕ϳϱϳͿ
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  Ϯ͕ϮϮϳ͕ϰϮϴ  ϱ͕Ϯϵϭ͕ϵϳϳ  ϳ͕ϱϭϵ͕ϰϬϲ   Ϯ͕ϭϱϵ͕ϴϬϰ   Ϯ͕ϵϰϯ͕ϴϬϰ   ϱ͕ϭϬϯ͕ϲϬϴ 

ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  Ͳ   ϭ͕ϲϭϱ͕Ϯϱϰ  ϭ͕ϲϭϱ͕Ϯϱϰ  Ͳ   ϭ͕ϰϯϲ͕ϱϵϯ  ϭ͕ϰϯϲ͕ϱϵϯ
 ĞƉƌĞĐŝĂƚŝŽŶ  Ͳ   ϵϵ͕ϲϳϰ  ϵϵ͕ϲϳϰ  Ͳ   ϳϯ͕ϳϵϱ  ϳϯ͕ϳϵϱ
 ŝƐƉŽƐĂůƐ  Ͳ  ; Ϯϱ͕ϮϮϳͿ; Ϯϱ͕ϮϮϳͿ  Ͳ   ; ϭϯϮ͕ϯϵϯͿ ; ϭϯϮ͕ϯϵϯͿ
 ĚũƵƐƚŵĞŶƚƐ  Ͳ  ; ϮϬϱ͕ϬϮϱͿ; ϮϬϱ͕ϬϮϱͿ  Ͳ    Ϯϯϳ͕Ϯϱϵ   Ϯϯϳ͕Ϯϱϵ 
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  Ͳ   ϭ͕ϰϴϰ͕ϲϳϲ  ϭ͕ϰϴϰ͕ϲϳϲ   Ͳ    ϭ͕ϲϭϱ͕Ϯϱϰ   ϭ͕ϲϭϱ͕Ϯϱϰ 

ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚ
 ĂŶĚůŽƐƐĞƐ
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  ϱϳϴ͕ϲϳϴ  Ϯϭϵ͕Ϯϯϭ  ϳϵϳ͕ϵϬϵ  ϳϯϳ͕ϳϱϯ  ϰϰϲ͕ϰϴϯ  ϭ͕ϭϴϰ͕Ϯϯϲ
 ŝƐƉŽƐĂůƐ ; ϭϯϬ͕ϴϰϲͿ ; Ϯϰ͕ϵϭϳͿ; ϭϱϱ͕ϳϲϯͿ ; ϭϴϱ͕ϭϳϬͿ ; ϭϯϰ͕ϲϵϳͿ ; ϯϭϵ͕ϴϲϳͿ
 ĚũƵƐƚŵĞŶƚƐ  ϯϮ͕ϰϵϮ  ϭϳϲ͕Ϯϰϱ   ϮϬϴ͕ϳϯϴ   Ϯϲ͕Ϭϵϱ  ; ϵϮ͕ϱϱϳͿ ; ϲϲ͕ϰϲϬͿ
 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  ϰϴϬ͕ϯϮϰ  ϯϳϬ͕ϱϱϵ  ϴϱϬ͕ϴϴϰ   ϱϳϴ͕ϲϳϴ   Ϯϭϵ͕ϮϮϵ   ϳϵϳ͕ϵϬϵ 

ŽŽŬǀĂůƵĞĂƚƚŚĞĞŶĚŽĨLJĞĂƌ W ϭ͕ϳϰϳ͕ϭϬϰ W ϯ͕ϰϯϲ͕ϳϰϮ W ϱ͕ϭϴϯ͕ϴϰϲ  W ϭ͕ϱϴϭ͕ϭϮϲ  W ϭ͕ϭϬϵ͕ϯϮϭ  W Ϯ͕ϲϵϬ͕ϰϰϳ 

dŚĞĂŐŐƌĞŐĂƚĞŵĂƌŬĞƚǀĂůƵĞŽĨ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂŵŽƵŶƚĞĚƚŽWϴ͘ϰďŝůůŝŽŶĂŶĚ
Wϱ͘ϯďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞ'ƌŽƵƉ͕ĂŶĚWϳ͘ϱďŝůůŝŽŶĂŶĚWϰ͘ϴďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ;ƐĞĞEŽƚĞϳ͘ϱͿ͘
dŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞƌĞŐƵůĂƌůLJĂƉƉƌĂŝƐĞĚďĂƐĞĚŽŶǀĂůƵĂƚŝŽŶƐŵĂĚĞďLJŝŶĚĞƉĞŶĚĞŶƚĂŶĚͬŽƌŝŶͲŚŽƵƐĞĂƉƉƌĂŝƐĞƌƐ͘

206 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

sĂůƵĂƚŝŽŶƐǁĞƌĞĚĞƌŝǀĞĚŽŶƚŚĞďĂƐŝƐŽĨƌĞĐĞŶƚƐĂůĞƐŽĨƐŝŵŝůĂƌƉƌŽƉĞƌƚŝĞƐŝŶƚŚĞƐĂŵĞĂƌĞĂĂƐƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚ
ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐƉƌĞǀĂŝůŝŶŐĂƚƚŚĞƚŝŵĞƚŚĞǀĂůƵĂƚŝŽŶƐǁĞƌĞŵĂĚĞĂŶĚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐ>ĞǀĞůϮŝŶ
ƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ͘dŚĞ'ƌŽƵƉŝƐĞdžĞƌƚŝŶŐĐŽŶƚŝŶƵŝŶŐĞĨĨŽƌƚƐƚŽĚŝƐƉŽƐĞƚŚĞƐĞƉƌŽƉĞƌƚŝĞƐ͘

ŝƌĞĐƚŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐŽŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĨŽƌƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂŵŽƵŶƚĞĚƚŽWϭϲϰ͘ϳϱŵŝůůŝŽŶĂŶĚ
WϭϯϬ͘ϱϱŵŝůůŝŽŶŝŶϮϬϭϳ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚWϮϬϯ͘ϵϮŵŝůůŝŽŶĂŶĚWϭϲϭ͘ϴϯŵŝůůŝŽŶŝŶϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚŝƐƉƌĞƐĞŶƚĞĚĂƐ
>ŝƚŝŐĂƚŝŽŶĂŶĚƐƐĞƚƐĐƋƵŝƌĞĚdžƉĞŶƐĞƐƵŶĚĞƌKƉĞƌĂƚŝŶŐdžƉĞŶƐĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘


ϭϲ͘ /EdE'/>EKd,ZZ^KhZ^

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        EŽƚĞƐ   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ĞĨĞƌƌĞĚĐŚĂƌŐĞƐ   ϭϲ͘ϭ W ϯ͕ϳϯϳ͕ϱϬϱ W ϳ͕ϰϵϳ͕ϯϰϯ  W ϯ͕ϳϯϳ͕ϱϬϱ W ϳ͕ϰϵϳ͕ϯϰϯ
  ^ƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞ   ϭϲ͘Ϯ   Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϬ͕ϵϰϵ   Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϬ͕ϵϰϵ
  >ĂŶĚŚĞůĚͲĨŽƌͲƐĂůĞ   ϭϲ͘ϯ   ϭ͕Ϯϳϱ͕ϯϬϴ  ϭ͕ϯϳϭ͕ϱϵϰ   ϭ͕Ϯϳϱ͕ϯϬϴ  ϭ͕ϯϮϰ͕ϰϱϵ
 ƌĞĚŝƚĂďůĞǁŝƚŚŚŽůĚŝŶŐ 
  ƚĂdž   ϲϯϵ͕Ϯϳϭ   ϲϬϰ͕ϬϱϬ    ϲϮϮ͕ϰϴϵ    ϱϴϬ͕ϳϴϯ
 ŚĂƚƚĞůƉƌŽƉĞƌƚŝĞƐ 
   ŚĞůĚͲĨŽƌͲƐĂůĞ   ϭϲ͘ϯ   ϯϴϲ͕ϵϮϳ  ϯϰϵ͕ϴϮϮ   ϯϮϰ͕ϳϲϬ  Ϯϵϳ͕ϰϵϲ
 WƌĞƉĂŝĚĞdžƉĞŶƐĞƐ  ϯϱϴ͕ϭϰϲ   Ϯϯϵ͕Ϯϲϳ   ϲϭ͕ϱϲϳ   ϳϮ͕ϯϮϴ
  ^ŽĨƚǁĂƌĞĐŽƐƚƐ    ϭϲ͘ϰ   Ϯϴϭ͕ϬϭϬ  ϮϳϮ͕ϰϮϭ    Ϯϲϳ͕Ϯϵϱ  Ϯϱϴ͕ϵϲϳ
  ZĞĂůĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐ  ϭϲ͘ϱ   ϭϮϲ͕ϭϮϭ  ϯ͕ϬϰϬ͕ϵϮϮ   Ͳ   Ͳ 
 ŽĐƵŵĞŶƚĂƌLJƐƚĂŵƉƐ
  ŽŶŚĂŶĚ  ϯϯ͕ϳϮϵ   ϰϱ͕ϱϲϭ   ϯϯ͕ϳϮϵ   ϰϱ͕ϱϲϭ
 ^ƵŶĚƌLJĚĞďŝƚ  ϭϳ͕ϯϭϭ   Ϯϰϳ͕ϮϮϳ   ϭϳ͕ϮϯϮ   Ϯϰϰ͕ϯϭϳ
  ZĞƚŝƌĞŵĞŶƚĂƐƐĞƚ   Ϯϯ͘Ϯ   ϯ͕ϭϰϯ  Ϯ͕ϲϯϯ   Ͳ   Ͳ 
 dƌĂĚŝŶŐƌŝŐŚƚ ϭϲ͘ϲ   ϭ͕ϱϬϬ   ϭ͕ϱϬϬ   Ͳ   Ͳ 
 /ŶƚĞƌŽĨĨŝĐĞĨůŽĂƚŝƚĞŵƐ ϭϲ͘ϳ   ϭ͕Ϭϲϲ   ϯϰϮ͕ϬϳϮ   ϮϬ͕ϲϴϳ   ϯϯϴ͕Ϯϴϵ
 KƚŚĞƌƐ    Ϯ͕ϳϵϵ͕ϰϴϴ   Ϯ͕ϭϲϵ͕ϳϮϳ   Ϯ͕ϯϱϮ͕ϰϯϬ   Ϯ͕Ϭϵϴ͕ϭϭϵ
    ϭϮ͕Ϭϲϭ͕ϴϬϰ   ϭϴ͕ϱϴϱ͕Ϭϴϴ   ϭϭ͕ϭϭϰ͕Ϯϴϭ   ϭϱ͕ϭϱϴ͕ϲϭϭ
 ůůŽǁĂŶĐĞĨŽƌ
  ŝŵƉĂŝƌŵĞŶƚ ϭϳ ; ϱϭϬ͕ϯϵϯͿ; ϱϳϭ͕ϵϬϱͿ ; ϰϴϴ͕ϬϰϵͿ ; ϱϱϱ͕ϴϰϱͿ

    W ϭϭ͕ϱϱϭ͕ϰϭϭ  W ϭϴ͕Ϭϭϯ͕ϭϴϯ   W ϭϬ͕ϲϮϲ͕ϮϯϮ   W ϭϰ͕ϲϬϮ͕ϳϲϲ
 
ϭϲ͘ϭ ĞĨĞƌƌĞĚŚĂƌŐĞƐ

ĞĨĞƌƌĞĚĐŚĂƌŐĞƐƉĞƌƚĂŝŶƚŽůŽƐƐĞƐŝŶĐƵƌƌĞĚĨƌŽŵƐĂůĞŽĨEW>Ɛ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ůĂŶĚŚĞůĚͲĨŽƌͲƐĂůĞĂŶĚŝŶǀĞƐƚŵĞŶƚ
ƐĞĐƵƌŝƚŝĞƐ͘

dŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨĂŶĚŵŽǀĞŵĞŶƚƐŝŶĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĨŽůůŽǁ͗

  ϮϬϭϳ 
             >ŽƐƐŽŶƐĂůĞ  >ŽƐƐŽŶ
         >ŽƐƐŽŶƐĂůĞ ŽĨ/ŶǀĞƐƚŵĞŶƚ  ƐĂůĞŽĨ>ĂŶĚ   
          ŽĨEW>Ɛ   WƌŽƉĞƌƚŝĞƐ  ,ĞůĚͲĨŽƌͲ^ĂůĞ   KƚŚĞƌƐΎ   dŽƚĂů 

 ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ   W ϲ͕Ϭϭϭ͕ϴϲϭ  W ϭϮϵ͕Ϯϳϭ W ϵϳ͕Ϭϭϱ W ϭ͕Ϯϱϵ͕ϭϵϲ W ϳ͕ϰϵϳ͕ϯϰϯ
 ŝƐƉŽƐĂů    Ͳ  ; ϵ͕ϴϯϴͿ  Ͳ   Ͳ  ; ϵ͕ϴϯϴͿ
 ŵŽƌƚŝnjĂƚŝŽŶƐ  ;  ϯ͕ϳϱϬ͕ϬϬϬͿ  Ͳ   Ͳ   Ͳ  ; ϯ͕ϳϱϬ͕ϬϬϬͿ

 ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ  W Ϯ͕Ϯϲϭ͕ϴϲϭ W ϭϭϵ͕ϰϯϯ W ϵϳ͕Ϭϭϱ W ϭ͕Ϯϱϵ͕ϭϵϲ W ϯ͕ϳϯϳ͕ϱϬϱ

 
 

U C P B 2 0 1 7 A N N U A L R E P O R T 207
   ϮϬϭϲ 
             >ŽƐƐŽŶƐĂůĞ  >ŽƐƐŽŶ
         >ŽƐƐŽŶƐĂůĞ ŽĨ/ŶǀĞƐƚŵĞŶƚ  ƐĂůĞŽĨ>ĂŶĚ   
          ŽĨEW>Ɛ   WƌŽƉĞƌƚŝĞƐ   ,ĞůĚͲĨŽƌͲ^ĂůĞ   KƚŚĞƌƐΎ   dŽƚĂů 

 ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ   W ϲ͕Ϭϭϭ͕ϴϲϭ  W ϯ͕ϲϴϱ͕ϯϰϲ W ϵϳ͕Ϭϭϱ W ϭ͕Ϯϱϵ͕ϭϵϲ Wϭϭ͕Ϭϱϯ͕ϰϭϴ
 ŝƐƉŽƐĂů    Ͳ  ; ϭϭ͕ϬϳϱͿ  Ͳ   Ͳ  ; ϭϭ͕ϬϳϱͿ
 ŵŽƌƚŝnjĂƚŝŽŶƐ    Ͳ  ; ϯ͕ϱϰϱ͕ϬϬϬͿ  Ͳ   Ͳ  ; ϯ͕ϱϰϱ͕ϬϬϬͿ 
 
 ĂůĂŶĐĞĂƚĞĐĞŵďĞƌϯϭ  W ϲ͕Ϭϭϭ͕ϴϲϭ  W ϭϮϵ͕Ϯϳϭ W ϵϳ͕Ϭϭϱ W ϭ͕Ϯϱϵ͕ϭϵϲ W ϳ͕ϰϵϳ͕ϯϰϯ

Ύ/ŶĐůƵĚĞƐůŽƐƐŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘

ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ƚŚĞ^WŚĂƐĂůůŽǁĞĚƚŚĞWĂƌĞŶƚĂŶŬƚŽĚĞĨĞƌƚŚĞůŽƐƐĞƐŽŶƐĂůĞĂŶĚ
ĚĂĐŝŽŶĞŶƉĂŐŽƐĞƚƚůĞŵĞŶƚŽĨƵƉƚŽWϭϱ͘ϳďŝůůŝŽŶĂŶĚƚŽƐƚĂƌƚĂŵŽƌƚŝnjĂƚŝŽŶŝŶϮϬϬϵ͘ŶLJĂĚĚŝƚŝŽŶĂůůŽƐƐĞƐŽŶƚŚĞƐĂůĞŽĨ
ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞ͞ďĂĚďĂŶŬ͟ǁĞƌĞĂůůŽǁĞĚďLJƚŚĞ^WƚŽďĞĚĞĨĞƌƌĞĚƉƌŽǀŝĚĞĚƚŚĂƚƚŚĞůŽƐƐĞƐ
ĚĞĨĞƌƌĞĚĚŽŶŽƚĞdžĐĞĞĚƚŚĞĂƉƉƌŽǀĞĚhsZĂŶĚĚĞĨĞƌƌĞĚůŽƐƐĞƐŽĨWϮϵ͘ϭďŝůůŝŽŶ͘,ĂĚƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞĚŝŶĨƵůůƚŚĞ
ǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚƚŚĞůŽƐƐĞƐŽŶĚĂĐŝŽŶĞŶƉĂŐŽƐĞƚƚůĞŵĞŶƚŝŶƚŚĞƉĞƌŝŽĚƐǁŚĞŶƚŚĞƐĞǁĞƌĞŝŶĐƵƌƌĞĚĂƐƌĞƋƵŝƌĞĚďLJW&Z^͕
ƚŽƚĂůƌĞƐŽƵƌĐĞƐĂŶĚĞƋƵŝƚLJŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬǁŽƵůĚŚĂǀĞĚĞĐƌĞĂƐĞĚďLJWϯ͘ϳďŝůůŝŽŶĂŶĚWϳ͘ϱďŝůůŝŽŶĂƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚŶĞƚŝŶĐŽŵĞŽĨƚŚĞ'ƌŽƵƉĂŶĚWĂƌĞŶƚĂŶŬĨŽƌƚŚĞLJĞĂƌƐƚŚĞŶĞŶĚĞĚǁŽƵůĚ
ŚĂǀĞŝŶĐƌĞĂƐĞĚďLJWϵ͘ϴŵŝůůŝŽŶĂŶĚWϭϭ͘ϭŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

ϭϲ͘Ϯ ^ƚĂƚƵƚŽƌLJZĞƐĞƌǀĞƐ

^ƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƉĞƌƚĂŝŶƐƚŽƚŚĞĚĞŵĂŶĚĚĞƉŽƐŝƚĂĐĐŽƵŶƚ͕ǁŚŝĐŚŝƐďĞŝŶŐƵƐĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬƚŽĐŽŵƉůLJǁŝƚŚƌĞƐĞƌǀĞ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ^WƵŶĚĞƌƚŚĞĂŵĞŶĚĞĚƌĞŚĂďŝůŝƚĂƚŝŽŶƉůĂŶ;ƐĞĞEŽƚĞϭϴͿ͘

ϭϲ͘ϯ ƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞ


ƐƐĞƚƐŚĞůĚͲĨŽƌͲƐĂůĞƌĞƉƌĞƐĞŶƚƐƌĞĂůĂŶĚŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐƚŚĂƚĂƌĞĂƉƉƌŽǀĞĚďLJŵĂŶĂŐĞŵĞŶƚƚŽďĞŝŵŵĞĚŝĂƚĞůLJƐŽůĚ͘dŚĞƐĞ
ŵĂŝŶůLJŝŶĐůƵĚĞƌĞĂůƉƌŽƉĞƌƚŝĞƐ͕ĂƵƚŽŵŽďŝůĞƐĂŶĚĞƋƵŝƉŵĞŶƚĨŽƌĞĐůŽƐĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͕h^ĂŶĚh>&ŝŶƐĞƚƚůĞŵĞŶƚŽĨ
ůŽĂŶƐ͘dŚĞƐĞƉƌŽƉĞƌƚŝĞƐĂƌĞƌĞĂĚŝůLJĂǀĂŝůĂďůĞĨŽƌŝŵŵĞĚŝĂƚĞƐĂůĞŝŶŝƚƐƉƌĞƐĞŶƚĐŽŶĚŝƚŝŽŶĂŶĚƚŚĂƚŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚ
ƚŚĞƐĂůĞŝƐŚŝŐŚůLJƉƌŽďĂďůĞĂƚƚŚĞƚŝŵĞŽĨƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ͘

dŚĞWĂƌĞŶƚĂŶŬĞŶƚĞƌĞĚŝŶƚŽǀĂƌŝŽƵƐDKĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨǀĂƌŝŽƵƐƉĂƌĐĞůƐŽĨůĂŶĚĂƐĨŽůůŽǁƐ͗

;ĂͿ /ŶϮϬϬϱ͕ƚŚĞWĂƌĞŶƚĂŶŬĞŶƚĞƌĞĚŝŶƚŽĂDKǁŝƚŚĂƚŚŝƌĚƉĂƌƚLJŝŶĚŝǀŝĚƵĂů;ĂƐĐŽͲůĂŶĚŽǁŶĞƌͿĂŶĚ^ƚĂ͘>ƵĐŝĂZĞĂůƚLJĂŶĚ
ĞǀĞůŽƉŵĞŶƚ͕/ŶĐ͘;^>ZͲĂƐƚŚĞĚĞǀĞůŽƉĞƌͿĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨůĂŶĚůŽĐĂƚĞĚŝŶůĨŽŶƐŽ͕ĂǀŝƚĞŝŶƚŽĂƐƵďĚŝǀŝƐŝŽŶ͘
dŚĞƉĂƌƚŝĞƐĂŐƌĞĞĚƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬĂŶĚƚŚĞƚŚŝƌĚƉĂƌƚLJŝŶĚŝǀŝĚƵĂůǁŝůůĐŽŶƚƌŝďƵƚĞƚŚĞůĂŶĚĂŶĚ^>ZƐŚĂůůĐŽŶƚƌŝďƵƚĞ
ŝƚƐĞdžƉĞƌƚŝƐĞĂƐĂĚĞǀĞůŽƉĞƌ͘/ŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚ͕^>ZŝƐĞŶƚŝƚůĞĚƚŽƌĞĐĞŝǀĞϰϳ͘ϬйŽĨƚŚĞ
ƐĂůĞĂďůĞůŽƚƐ͕ǁŚŝůĞƚŚĞWĂƌĞŶƚĂŶŬĂŶĚƚŚĞƚŚŝƌĚƉĂƌƚLJŝŶĚŝǀŝĚƵĂůĂƌĞĞŶƚŝƚůĞĚƚŽϯϱ͘ϬйĂŶĚϭϴ͘ϬйŽĨƚŚĞƐĂůĞĂďůĞůŽƚƐ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĐŽŶƐƚƌƵĐƚŝŽŶŚĂƐďĞĞŶĐŽŵƉůĞƚĞĚĂŶĚƐĞůůŝŶŐĂĐƚŝǀŝƚŝĞƐĂƌĞĂĐƚŝǀĞůLJďĞŝŶŐƉĞƌĨŽƌŵĞĚďLJƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐĂĐĐƌĞĚŝƚĞĚŵĂƌŬĞƚŝŶŐĂŐĞŶĐLJ͘

;ďͿ /ŶϮϬϬϲ͕ƚŚĞWĂƌĞŶƚĂŶŬĞŶƚĞƌĞĚŝŶƚŽĂDKǁŝƚŚdĂŐĂLJƚĂLJ'ƌĂƐƐůĂŶĚƐŽŵƉĂŶLJ͕/ŶĐ͘;d'/ͿĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨ
ůĂŶĚůŽĐĂƚĞĚŝŶEĂƐƵŐďƵ͕ĂƚĂŶŐĂƐŝŶƚŽĂŚŽƚĞůĂŶĚďĞĂĐŚĐůƵď͕ƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚĐŽŶĚŽŵŝŶŝƵŵƐ͘dŚĞƉĂƌƚŝĞƐĂŐƌĞĞĚ
ƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬǁŝůůĐŽŶƚƌŝďƵƚĞƚŚĞůĂŶĚĂŶĚd'/ƐŚĂůůĐŽŶƚƌŝďƵƚĞŝƚƐĞdžƉĞƌƚŝƐĞĂƐĂĚĞǀĞůŽƉĞƌĂŶĚĨŝŶĂŶĐŝĂůĐĂƉŝƚĂů
ďLJǁĂLJŽĨĨƵŶĚŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚĂůůƌĞůĂƚĞĚĞdžƉĞŶƐĞƐŽĨƚŚĞŚŽƚĞůĂŶĚďĞĂĐŚĐůƵď͕ƉĂƌŬŝŶŐƐƉĂĐĞƐĂŶĚ
ĐŽŶĚŽŵŝŶŝƵŵƐ͕ĂŶĚƌĞůĂƚĞĚƐŝƚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ͘/ŶĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƐĞƌǀŝĐĞƐƚŽďĞƌĞŶĚĞƌĞĚďLJ
d'/͕ƚŚĞWĂƌĞŶƚĂŶŬƐŚĂůůƚƌĂŶƐĨĞƌͬĐŽŶǀĞLJƚŽd'/ϲϮ͘ϬйŽĨƚŚĞƐĂůĞĂďůĞƵŶŝƚƐŽĨƚŚĞŚŽƚĞůĂŶĚďĞĂĐŚĐůƵďĂŶĚ
ĐŽŶĚŽŵŝŶŝƵŵƐĂŶĚϱϬйŽĨƚŚĞƉĂƌŬŝŶŐƐƉĂĐĞƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƐĞǀĞƌĂůƐŝƚĞƐĂƌĞƐƚŝůůŝŶ
ƉƌŽŐƌĞƐƐ͘hŶŝƚƐĨƌŽŵĐŽŵƉůĞƚĞĚƐŝƚĞƐĂƌĞŵĂƌŬĞƚĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂĐĐƌĞĚŝƚĞĚŵĂƌŬĞƚŝŶŐĂŐĞŶĐLJ͘

/ŶĂĚĚŝƚŝŽŶƚŽƚŚĞŝƚĞŵƐĂďŽǀĞ͕hW/ͲD,ƌĞĐůĂƐƐŝĨŝĞĚŝƚƐƌĞŵĂŝŶŝŶŐůĂŶĚŚŽůĚŝŶŐƐĂŵŽƵŶƚŝŶŐƚŽWϱϳ͘ϮϵŵŝůůŝŽŶĂƐ>ĂŶĚŚĞůĚͲĨŽƌͲ
ƐĂůĞ͕ǁŚŝĐŚǁŝůůďĞƵƐĞĚĂƐƉĂLJŵĞŶƚĨŽƌƚŚĞĐĂƐŚĂĚǀĂŶĐĞƐŵĂĚĞďLJhWŽŶďĞŚĂůĨŽĨhW/ͲD,͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ
ĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬƌĞĐŽŐŶŝnjĞĚĂĚǀĂŶĐĞƐĨƌŽŵĐƵƐƚŽŵĞƌƐ;ŝŶĐůƵĚĞĚŝŶĐĐŽƵŶƚƐƉĂLJĂďůĞƵŶĚĞƌKƚŚĞƌ>ŝĂďŝůŝƚŝĞƐŝŶƚŚĞ
ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶͿĂŵŽƵŶƚŝŶŐƚŽWϭϭϰ͘ϮϯŵŝůůŝŽŶĂŶĚWϭϱϵ͘ϯϳŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ƌĞƉƌĞƐĞŶƚŝŶŐĐŽůůĞĐƚŝŽŶƐ
ĨƌŽŵƵŶŝƚƐƐŽůĚ;ƐĞĞEŽƚĞϮϭͿ͘

208 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ϭϲ͘ϰ ^ŽĨƚǁĂƌĞŽƐƚƐ

DŽǀĞŵĞŶƚƐŝŶƐŽĨƚǁĂƌĞĐŽƐƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĨŽůůŽǁ͗

        'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
        ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

    ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ W ϮϳϮ͕ϰϮϭ W ϯϮϬ͕ϵϰϴ  W Ϯϱϴ͕ϵϲϳ  W ϯϭϮ͕ϵϭϲ
    ĚĚŝƚŝŽŶƐ    ϭϭϰ͕Ϭϴϯ  ϲϭ͕ϯϬϴ   ϭϬϴ͕ϵϲϬ   ϱϬ͕ϲϭϲ
    ŵŽƌƚŝnjĂƚŝŽŶ  ; ϭϬϱ͕ϰϵϰͿ; ϭϬϵ͕ϴϯϱͿ ; ϭϬϬ͕ϲϯϮͿ ; ϭϬϰ͕ϱϲϱͿ

   ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ W Ϯϴϭ͕ϬϭϬ W ϮϳϮ͕ϰϮϭ  W Ϯϲϳ͕Ϯϵϱ W Ϯϱϴ͕ϵϲϳ

 dŚĞĂŵŽƌƚŝnjĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞĐŽƐƚƐŝƐƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨĞƉƌĞĐŝĂƚŝŽŶĂŶĚŵŽƌƚŝnjĂƚŝŽŶĂĐĐŽƵŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨ
ŝŶĐŽŵĞ;ƐĞĞEŽƚĞϭϳͿ͘

ϭϲ͘ϱ ZĞĂůƐƚĂƚĞ/ŶǀĞŶƚŽƌŝĞƐ

ZĞĂůĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐƉĞƌƚĂŝŶŵĂŝŶůLJƚŽƚŚĞƌĞĂůĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐŽĨ',/͘dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞƌĞĂůĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐ
ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂŵŽƵŶƚĞĚƚŽWϬ͘ϭďŝůůŝŽŶĂŶĚWϯ͘ϬďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

ϭϲ͘ϲ dƌĂĚŝŶŐZŝŐŚƚ

h^/ŚĂƐŶŽŝŶƚĞŶƚŝŽŶƚŽƐĞůůŝƚƐƚƌĂĚŝŶŐƌŝŐŚƚŝŶƚŚĞĨƵƚƵƌĞĂƐŝƚŝŶƚĞŶĚƐƚŽĐŽŶƚŝŶƵĞƚŽŽƉĞƌĂƚĞĂƐĂƐƚŽĐŬďƌŽŬĞƌĂŐĞĞŶƚŝƚLJ͘dŚĞ
ůĂƐƚƚƌĂŶƐĂĐƚĞĚƉƌŝĐĞƐĨŽƌƚŚĞƚƌĂĚŝŶŐƌŝŐŚƚĂŵŽƵŶƚĞĚƚŽWϴ͘ϱŵŝůůŝŽŶĂƐƌĞƉŽƌƚĞĚŽŶĞĐĞŵďĞƌϭϰ͕ϮϬϭϭďLJƚŚĞW^͕ǁŚŝůĞŝƚƐ
ĐĂƌƌLJŝŶŐǀĂůƵĞĂŵŽƵŶƚĞĚƚŽWϭ͘ϱŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘

EŽŝŵƉĂŝƌŵĞŶƚůŽƐƐǁĂƐƌĞĐŽŐŶŝnjĞĚŝŶϮϬϭϳĂŶĚϮϬϭϲĂƐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞƚƌĂĚŝŶŐƌŝŐŚƚŝƐŚŝŐŚĞƌƚŚĂŶŝƚƐ
ĐĂƌƌLJŝŶŐǀĂůƵĞ͘

ƐƌĞƋƵŝƌĞĚƵŶĚĞƌW^ƌƵůĞƐ͕ƚƌĂĚŝŶŐƌŝŐŚƚ;ƉƌĞǀŝŽƵƐůLJƚŚĞdžĐŚĂŶŐĞDĞŵďĞƌƐŚŝƉ^ĞĂƚͿŝƐƉůĞĚŐĞĚĂƚŝƚƐĨƵůůǀĂůƵĞƚŽƚŚĞW^ƚŽ
ƐĞĐƵƌĞƚŚĞƉĂLJŵĞŶƚŽĨĂůůĚĞďƚƐƚŽŽƚŚĞƌŵĞŵďĞƌƐŽĨƚŚĞW^ĂƌŝƐŝŶŐŽƵƚŽĨ͕ŽƌŝŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚ͕ƚŚĞƉƌĞƐĞŶƚŽƌĨƵƚƵƌĞ
ŵĞŵďĞƌ͛ƐĐŽŶƚƌĂĐƚƐ͘

ϭϲ͘ϳ /ŶƚĞƌŽĨĨŝĐĞ&ůŽĂƚ/ƚĞŵƐ

/ŶƚĞƌŽĨĨŝĐĞĨůŽĂƚŝƚĞŵƐŝŶĐůƵĚĞŝŶƚĞƌŽĨĨŝĐĞĂĐĐŽƵŶƚƐĐůĂƐƐŝĨŝĞĚĂƐ͞ůŽƐƐ͟ĂŶĚĂƌĞƉĂƌƚŽĨ͞ďĂĚďĂŶŬ͟ĂƐƐĞƚƐ͘dŚĞƐĞĂĐĐŽƵŶƚƐĂƌĞ
ĨƵůůLJƉƌŽǀŝĚĞĚĨŽƌĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘


ϭϳ͘ WZ/d/KEEDKZd/d/KEE>>KtE&KZ/DW/ZDEd

ĞƚĂŝůƐŽĨĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĨŽůůŽǁ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
 EŽƚĞƐ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ĂŶŬƉƌĞŵŝƐĞƐ͕ĨƵƌŶŝƚƵƌĞ͕
  ĨŝdžƚƵƌĞƐĂŶĚĞƋƵŝƉŵĞŶƚ ϭϰ W ϯϵϵ͕Ϭϰϳ W ϰϬϬ͕ϯϴϱ W ϯϯϲ͕ϲϬϳ W ϯϯϳ͕ϴϯϲ
 /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϱ  ϭϯϮ͕ϵϬϳ  ϴϮ͕ϯϵϱ  ϵϵ͕ϲϳϰ  ϳϯ͕ϳϵϱ
 /ŶƚĂŶŐŝďůĞĂŶĚŽƚŚĞƌ
   ƌĞƐŽƵƌĐĞƐ͗ ϭϲ    
  ^ŽĨƚǁĂƌĞ   ϭϬϱ͕ϰϵϰ  ϭϬϵ͕ϴϯϱ  ϭϬϬ͕ϲϯϮ  ϭϬϰ͕ϱϲϱ
  KƚŚĞƌƐ   ϭϮ͕ϭϴϲ  ϭϰ͕ϵϯϲ  Ͳ   Ͳ 

   W ϲϰϵ͕ϲϯϰ W ϲϬϳ͕ϱϱϭ W ϱϯϲ͕ϵϭϯ W ϱϭϲ͕ϭϵϲ

 
 

U C P B 2 0 1 7 A N N U A L R E P O R T 209
  DŽǀĞŵĞŶƚƐŝŶƚŚĞĂŵŽƵŶƚƐŽĨĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚĂƌĞƐƵŵŵĂƌŝnjĞĚĂƐĨŽůůŽǁƐ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
 EŽƚĞƐ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
   
 ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ͗
  &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗  
   YƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  W ϯ͕ϴϮϰ W ϯϵϰ͕Ϯϵϴ W ϯ͕ϴϮϰ W ϯϵϰ͕Ϯϵϴ
   hŶƋƵŽƚĞĚĞƋƵŝƚLJ
    ƐĞĐƵƌŝƚŝĞƐ   ϰϳϳ͕ϳϯϮ  ϰϳϳ͕ϵϲϯ  ϰϳϳ͕ϲϱϳ  ϰϳϳ͕ϴϴϴ
   ϭϭ͘Ϯ  ϰϴϭ͕ϱϱϲ  ϴϳϮ͕Ϯϲϭ  ϰϴϭ͕ϰϴϭ  ϴϳϮ͕ϭϴϲ

  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ
  ZĞĐĞŝǀĂďůĞĨƌŽŵ
  ĐƵƐƚŽŵĞƌƐ͗  
    ŽƌƉŽƌĂƚĞůŽĂŶƐ   ϰ͕ϭϬϮ͕ϴϭϴ  ϯ͕ϲϭϭ͕ϱϬϮ  ϯ͕ϵϬϰ͕ϰϲϲ  ϯ͕ϳϭϰ͕ϵϭϱ
    ŽŶƐƵŵĞƌůŽĂŶƐ   ϭ͕Ϭϵϵ͕ϭϬϳ  ϭ͕Ϭϲϳ͕ϯϲϳ  ϰϵϲ͕ϭϯϲ  ϲϭϯ͕ϴϲϰ
  ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞ   ϲϵ͕ϯϰϬ   Ϯϲϯ͕ϳϵϬ  ϲϲ͕ϱϮϲ  Ϯϲϭ͕ϲϱϭ
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ   ϭϴϱ͕Ϭϵϯ  ϯϱϲ͕ϱϬϵ  ϭϴϰ͕ϵϭϰ  ϯϱϬ͕ϭϵϭ
  ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ
   ƌĞĐĞŝǀĂďůĞ   ϴ͕ϭϮϱ   ϮϮϬ͕ϭϲϵ  Ͳ   ϮϭϮ͕Ϭϰϰ
  ϭϮ   ϱ͕ϰϲϰ͕ϰϴϯ    ϱ͕ϱϭϵ͕ϯϯϳ   ϰ͕ϲϱϮ͕ϬϰϮ    ϱ͕ϭϱϮ͕ϲϲϱ

 /ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ
   ĂŶĚĂƐƐŽĐŝĂƚĞƐ ϭϯ  Ͳ   Ͳ   ϱϲϯ͕ϱϵϳ  ϭ͕Ϭϯϴ͕ϵϯϬ

  /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϱ  ϭ͕ϰϬϰ͕ϲϴϮ  Ϯ͕Ϯϳϳ͕ϰϵϳ  ϳϵϳ͕ϵϬϵ  ϭ͕ϭϴϰ͕Ϯϯϲ

  KƚŚĞƌƌĞƐŽƵƌĐĞƐ͗  
   >ĂŶĚŚĞůĚͲĨŽƌͲƐĂůĞ   ϰϯϱ͕ϰϮϴ  ϰϯϳ͕ϴϲϯ  ϰϯϱ͕ϰϮϴ  ϰϯϳ͕ϴϲϯ
   ŚĂƚƚĞůƉƌŽƉĞƌƚŝĞƐ
    ŚĞůĚͲĨŽƌͲƐĂůĞ   Ϯϯ͕ϯϯϮ  ϰϵ͕ϴϳϮ  ϭϭ͕ϵϭϱ  ϰϲ͕ϭϳϰ
   KƚŚĞƌƐ   ϭϭϯ͕ϭϰϱ  ϵϭϱ͕Ϭϳϭ  ϭϬϴ͕ϱϬϮ  ϳϵϯ͕ϭϭϵ
   ϭϲ   ϱϳϭ͕ϵϬϱ    ϭ͕ϰϬϮ͕ϴϬϲ   ϱϱϱ͕ϴϰϱ    ϭ͕Ϯϳϳ͕ϭϱϲ
 
     ϳ͕ϵϮϮ͕ϲϮϲ    ϭϬ͕Ϭϳϭ͕ϵϬϭ   ϳ͕ϬϱϬ͕ϴϳϰ    ϵ͕ϱϮϱ͕ϭϳϯ

 ƌĞĚŝƚĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ   ϭ͕ϭϵϴ͕ϴϭϱ    ϭ͕Ϭϰϯ͕Ϯϴϴ   ϵϯϭ͕ϬϬϬ    ϳϲϮ͕ϭϴϯ 
 ŝƐƉŽƐĂůƐ  ; ϭϴϮ͕ϳϰϭͿ ; ϯϲϬ͕ϳϮϬͿ; ϭϳϬ͕ϵϰϵͿ ; ϯϱϴ͕ϲϴϰͿ
 ŵŽƌƚŝnjĂƚŝŽŶŽĨƵŶŬĞĚ
  ǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĚŝƌĞĐƚůLJ
  ĐŚĂƌŐĞĚƚŽĚĞĨŝĐŝƚ   ϯ͕ϳϱϬ͕ϬϬϬ    ϯ͕ϳϱϬ͕ϬϬϬ   ϯ͕ϳϱϬ͕ϬϬϬ    ϯ͕ϳϱϬ͕ϬϬϬ 
 &ŽƌĞŝŐŶĐƵƌƌĞŶĐLJƌĞǀĂůƵĂƚŝŽŶ  ; ϭ͕ϬϮϳͿ ; ϴ͕ϰϴϬͿ; ϭ͕ϬϮϳͿ ; ϴ͕ϰϴϬͿ
 ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐͬƌĞĂůůŽĐĂƚŝŽŶ  ; ϰ͕ϬϬϮ͕ϰϵϴͿ ; ϰ͕ϴϴϴ͕ϳϵϴͿ; ϯ͕ϵϴϲ͕ϮϱϳͿ ; ϱ͕ϴϳϭ͕ϱϭϳͿ
 ĐĐŽƵŶƚƐǁƌŝƚƚĞŶͲŽĨĨ  ; Ϯ͕ϱϳϬ͕ϴϳϯͿ ; ϴϯϵ͕ϴϮϴͿ; Ϯ͕ϱϮϬ͕ϭϲϵͿ ; ϳϰϳ͕ϴϬϭͿ
    ; ϭ͕ϴϬϴ͕ϯϮϰͿ ; ϭ͕ϯϬϰ͕ϱϯϴͿ; ϭ͕ϵϵϳ͕ϰϬϮͿ ; Ϯ͕ϰϳϰ͕ϮϵϵͿ

 ;&ŽƌǁĂƌĚͿ 

210 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
 EŽƚĞƐ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ͗
  &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͗  
   YƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ   ϯ͕ϴϮϰ  ϯ͕ϴϮϰ  ϯ͕ϴϮϰ  ϯ͕ϴϮϰ
   hŶƋƵŽƚĞĚĞƋƵŝƚLJ
    ƐĞĐƵƌŝƚŝĞƐ   Ϯϯϴ͕ϯϱϵ  ϰϳϳ͕ϳϯϮ  Ϯϯϴ͕Ϯϴϱ  ϰϳϳ͕ϲϱϳ
   ϭϭ͘Ϯ  ϮϰϮ͕ϭϴϯ  ϰϴϭ͕ϱϱϲ  ϮϰϮ͕ϭϬϵ  ϰϴϭ͕ϰϴϭ
 
 >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ 
  ZĞĐĞŝǀĂďůĞĨƌŽŵ
  ĐƵƐƚŽŵĞƌƐ͗
    ŽƌƉŽƌĂƚĞůŽĂŶƐ   Ϯ͕ϵϮϯ͕ϱϯϬ  ϰ͕ϭϬϮ͕ϴϭϴ  Ϯ͕ϱϯϱ͕ϵϱϲ  ϯ͕ϵϬϰ͕ϰϲϲ
    ŽŶƐƵŵĞƌůŽĂŶƐ   ϭ͕Ϯϭϭ͕ϵϲϳ  ϭ͕Ϭϵϵ͕ϭϬϳ  ϴϮϰ͕ϯϭϲ  ϰϵϲ͕ϭϯϲ
   ^ĂůĞƐĐŽŶƚƌĂĐƚƌĞĐĞŝǀĂďůĞ   ϯϭ͕ϵϲϮ  ϲϵ͕ϯϰϬ  Ϯϴ͕Ϯϭϯ  ϲϲ͕ϱϮϲ
   ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ   ϲϳ͕ϱϬϯ  ϭϴϱ͕Ϭϵϯ  ϲϳ͕ϯϮϯ  ϭϴϰ͕ϵϭϰ
   ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ
  ƌĞĐĞŝǀĂďůĞ   ϰ͕ϲϵϵ  ϴ͕ϭϮϱ  ͲͲ  
  ϭϮ   ϰ͕Ϯϯϵ͕ϲϲϭ    ϱ͕ϰϲϰ͕ϰϴϯ   ϯ͕ϰϱϱ͕ϴϬϴ    ϰ͕ϲϱϮ͕ϬϰϮ

 /ŶǀĞƐƚŵĞŶƚƐŝŶƐƵďƐŝĚŝĂƌŝĞƐ
   ĂŶĚĂƐƐŽĐŝĂƚĞƐ ϭϯ  Ͳ   Ͳ   ϭϲ͕ϲϮϯ  ϱϲϯ͕ϱϵϳ

 /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϱ  ϴϴϮ͕ϲϵϯ  ϭ͕ϰϬϰ͕ϲϴϮ  ϴϱϬ͕ϴϴϯ  ϳϵϳ͕ϵϬϵ

 KƚŚĞƌƌĞƐŽƵƌĐĞƐ͗  
   >ĂŶĚŚĞůĚͲĨŽƌͲƐĂůĞ   ϰϮϮ͕Ϭϰϰ  ϰϯϱ͕ϰϮϴ  ϰϮϮ͕Ϭϰϰ  ϰϯϱ͕ϰϮϴ
   ŚĂƚƚĞůƐƉƌŽƉĞƌƚŝĞƐ
    ŚĞůĚͲĨŽƌͲƐĂůĞ   Ϯϭ͕Ϭϲϵ  Ϯϯ͕ϯϯϮ  ϭϮ͕ϰϳϴ  ϭϭ͕ϵϭϱ
   KƚŚĞƌƐ   ϲϳ͕ϮϴϬ  ϭϭϯ͕ϭϰϱ  ϱϯ͕ϱϮϳ  ϭϬϴ͕ϱϬϮ
  ϭϲ   ϱϭϬ͕ϯϵϯ    ϱϳϭ͕ϵϬϱ   ϰϴϴ͕Ϭϰϵ    ϱϱϱ͕ϴϰϱ

   W ϱ͕ϴϳϰ͕ϵϯϬ W ϳ͕ϵϮϮ͕ϲϮϲ W ϱ͕Ϭϱϯ͕ϰϳϮ W ϳ͕ϬϱϬ͕ϴϳϰ

ĞůŽǁŝƐƚŚĞďƌĞĂŬĚŽǁŶŽĨƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
   ϮϬϭϳ   ϮϬϭϲ  ϮϬϭϳ   ϮϬϭϲ 
  
 >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ͗  
  ZĞĐĞŝǀĂďůĞƐĨƌŽŵ
   ĐƵƐƚŽŵĞƌƐ͗           
  ŽƌƉŽƌĂƚĞůŽĂŶƐ   W ϲϵϰ͕ϴϱϳ  W ϴϴϳ͕ϲϰϭ  W ϲϯϭ͕ϬϬϬ   W ϳϱϱ͕ϳϯϯ
  ŽŶƐƵŵĞƌůŽĂŶƐ   ϭϴϴ͕ϳϱϱ    ϭϰϱ͕ϳϬϵ   Ͳ    Ͳ 
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞƐ   Ϯ    ϲ͕ϰϲϲ   Ͳ    ϲ͕ϰϱϬ
     ϴϴϯ͕ϲϭϰ    ϭ͕Ϭϯϵ͕ϴϭϲ   ϲϯϭ͕ϬϬϬ    ϳϲϮ͕ϭϴϯ
 
 /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ   ϭϰ͕ϰϭϬ   Ͳ    Ͳ    Ͳ 
 KƚŚĞƌƌĞƐŽƵƌĐĞƐ   ϯϬϬ͕ϳϵϭ    ϯ͕ϰϳϮ   ϯϬϬ͕ϬϬϬ    Ͳ 
     ϯϭϱ͕ϮϬϭ    ϯ͕ϰϳϮ   ϯϬϬ͕ϬϬϬ    Ͳ 

     W ϭ͕ϭϵϴ͕ϴϭϱ  W ϭ͕Ϭϰϯ͕Ϯϴϴ  W ϵϯϭ͕ϬϬϬ   W ϳϲϮ͕ϭϴϯ

 

U C P B 2 0 1 7 A N N U A L R E P O R T 211
 ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭ͕ƚŚĞ^WĂůůŽǁĞĚƚŚĞWĂƌĞŶƚĂŶŬƚŽĚĞĨĞƌƌĞĐŽŐŶŝƚŝŽŶŽĨŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕
ůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚŽƚŚĞƌƌĞƐŽƵƌĐĞƐĂŵŽƵŶƚŝŶŐƚŽWϭϯ͘ϰďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϬϴ͘^W
ĂůƐŽĂůůŽǁĞĚƚŚĞĚĞĨĞƌƌĂůŽĨůŽƐƐĞƐŽŶƐĂůĞĂŶĚĚĂĐŝŽŶĞŶƉĂŐŽƐĞƚƚůĞŵĞŶƚĂŵŽƵŶƚŝŶŐƚŽWϭϱ͘ϳďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕
ϮϬϬϴ͘ƐĂůůŽǁĞĚďLJƚŚĞ^W͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƚŽĂŵŽƌƚŝnjĞƚŚĞƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚůŽƐƐĞƐŽǀĞƌƚĞŶ
LJĞĂƌƐƐƚĂƌƚŝŶŐŝŶϮϬϬϵďĂƐĞĚŽŶƚŚĞĂĨĨŽƌĚĂďŝůŝƚLJƉůĂŶĂƉƉƌŽǀĞĚďLJƚŚĞ^W͘KŶDĂLJϵ͕ϮϬϭϯ͕ƚŚĞD͕ƚŚƌŽƵŐŚZĞƐŽůƵƚŝŽŶ
EŽ͘ϳϱϵ͕ĂƉƉƌŽǀĞĚƚŚĞĚŝƌĞĐƚĐŚĂƌŐĞƚŽ^ƵƌƉůƵƐĂĐĐŽƵŶƚŽĨƚŚĞĂŵŽƌƚŝnjĂƚŝŽŶŽĨƚŚĞhsZͬ>͘

KŶDĂLJϮϯ͕ϮϬϭϰ͕ƚŚĞD͕ŝŶŝƚƐZĞƐŽůƵƚŝŽŶEŽ͘ϴϮϮ͕ĂƉƉƌŽǀĞĚƚŽƵƉĚĂƚĞƚŚĞƌĞŵĂŝŶŝŶŐhsZͬ>ďĂƐĞĚŽŶŝŶĚĞƉĞŶĚĞŶƚ
ǀĂůƵĂƚŝŽŶďLJĂƉƌŽĨĞƐƐŝŽŶĂůĨŝƌŵĂŵŽƵŶƚŝŶŐƚŽWϭϴ͘ϲďŝůůŝŽŶ͕ƚŽďĞĂŵŽƌƚŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐ;ϮϬϭϰƚŽϮϬϭϴͿ͘/ŶϮϬϭϳ
ĂŶĚϮϬϭϲ͕ĂŵŽƌƚŝnjĂƚŝŽŶƌĞĐŽŐŶŝnjĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬĂƐĂĚŝƌĞĐƚĐŚĂƌŐĞƚŽĚĞĨŝĐŝƚďŽƚŚĂŵŽƵŶƚĞĚƚŽWϯ͘ϴďŝůůŝŽŶ͘

dŚĞWĂƌĞŶƚĂŶŬƐƵďŵŝƚƐƚŽƚŚĞ^WƋƵĂƌƚĞƌůLJŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚƐďĂƐĞĚŽŶƚŚĞ/ZZƐLJƐƚĞŵŽŶĂƐƐĞƚƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞ
͞ďĂĚďĂŶŬ͟ĨƌŽŵϮϬϬϵƚŽĞĐĞŵďĞƌϮϬϭϯ͘dŚĞƚĂďůĞďĞůŽǁƐŚŽǁƐƚŚĞĐŽŵƉĂƌĂƚŝǀĞŝŶĨŽƌŵĂƚŝŽŶŝŶƚĞƌŵƐŽĨĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ĂŶĚƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂƐƉĞƌƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶĂŐĂŝŶƐƚďĂůĂŶĐĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲƚŚĞWĂƌĞŶƚĂŶŬŝŵƉůĞŵĞŶƚĞĚŝŵƉĂŝƌŵĞŶƚĂƐƐĞƐƐŵĞŶƚƐŽŶŽůĚďĂŶŬĂƐƐĞƚƐƵŶĚĞƌW&Z^͗

        WĞƌZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶΎ   ϮϬϭϳ 
        ĂƌƌLJŝŶŐ   hsZĂŶĚ   ĂƌƌLJŝŶŐ hsZĂŶĚ
        ŵŽƵŶƚ      ŵŽƵŶƚ    

    >ŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ W ϭϯ͕ϰϲϬ͕ϬϬϬ W Ϯ͕ϵϳϴ͕ϬϬϬ  W ϱϱϵ͕ϳϱϮ  W ϭϳϳ͕ϱϵϱ
    /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐΎΎ͕
     >ĂŶĚŚĞůĚͲĨŽƌͲƐĂůĞ͕ƌĞĂů
     ĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐ͕/ED^  Ϯϰ͕ϭϴϴ͕ϬϰϬ  ϴ͕ϳϮϱ͕ϬϬϬ   ϴ͕ϯϱϮ͕ϲϳϰ   ϭ͕ϯϰϯ͕ϲϴϭ
    KƚŚĞƌƌĞƐŽƵƌĐĞƐ  ϭ͕ϳϳϭ͕ϬϬϬ  ϭ͕ϯϳϱ͕ϬϬϬ   Ͳ    Ͳ
    &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  Ͳ   ϯϵϳ͕ϬϬϬ   ϴ͕ϳϳϭ   ϯ͕ϴϮϯ
    ĞĨĞƌƌĞĚĐŚĂƌŐĞƐ͕ŶĞƚ  ϵ͕ϴϬϵ͕ϬϬϬ  ϭϱ͕ϲϵϰ͕ϬϬϬ   ϯ͕ϳϵϱ͕ϵϱϬ   ϯ͕ϳϵϱ͕ϵϱϬ
         ϰϵ͕ϮϮϴ͕ϬϰϬ  Ϯϵ͕ϭϲϵ͕ϬϬϬ   ϭϮ͕ϳϭϳ͕ϭϰϳ   ϱ͕ϯϮϭ͕Ϭϰϵ 
    ŽŽŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐ  Ͳ   Ͳ   Ͳ  ; ϭ͕ϱϴϯ͕ϱϰϰͿ

    ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ W ϰϵ͕ϮϮϴ͕ϬϰϬ W Ϯϵ͕ϭϲϵ͕ϬϬϬ  W ϭϮ͕ϳϭϳ͕ϭϰϳ  W ϯ͕ϳϯϳ͕ϱϬϱ

        WĞƌZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶΎ   ϮϬϭϲ 
        ĂƌƌLJŝŶŐ   hsZĂŶĚ   ĂƌƌLJŝŶŐ hsZĂŶĚ
        ŵŽƵŶƚ      ŵŽƵŶƚ    

    >ŽĂŶƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ W ϭϯ͕ϰϲϬ͕ϬϬϬ W Ϯ͕ϵϳϴ͕ϬϬϬ  W Ϯ͕ϭϲϯ͕ϯϳϵ  W Ϯ͕ϭϯϮ͕ϳϰϱ
    /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐΎΎ͕
     >ĂŶĚŚĞůĚͲĨŽƌͲƐĂůĞ͕ƌĞĂů
     ĞƐƚĂƚĞŝŶǀĞŶƚŽƌŝĞƐ͕/ED^  Ϯϰ͕ϭϴϴ͕ϬϰϬ  ϴ͕ϳϮϱ͕ϬϬϬ   ϵ͕ϲϱϱ͕ϴϯϵ   ϰ͕ϭϰϲ͕ϭϱϳ
    KƚŚĞƌƌĞƐŽƵƌĐĞƐ  ϭ͕ϳϳϭ͕ϬϬϬ  ϭ͕ϯϳϱ͕ϬϬϬ   ϴϳϬ   ϲϬϵ
    &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  Ͳ   ϯϵϳ͕ϬϬϬ   ϴ͕ϳϳϭ   ϯ͕ϴϮϰ
    ĞĨĞƌƌĞĚĐŚĂƌŐĞƐ͕ŶĞƚ  ϵ͕ϴϬϵ͕ϬϬϬ  ϭϱ͕ϲϵϰ͕ϬϬϬ   ϳ͕ϰϵϳ͕ϯϰϯ   ϳ͕ϰϵϳ͕ϯϰϯ
         ϰϵ͕ϮϮϴ͕ϬϰϬ  Ϯϵ͕ϭϲϵ͕ϬϬϬ   ϭϵ͕ϯϮϲ͕ϮϬϮ   ϭϯ͕ϳϴϬ͕ϲϳϴ 
    ŽŽŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐ  Ͳ   Ͳ    Ͳ  ; ϲ͕Ϯϴϯ͕ϯϯϱͿ

    ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ W ϰϵ͕ϮϮϴ͕ϬϰϬ W Ϯϵ͕ϭϲϵ͕ϬϬϬ  W ϭϵ͕ϯϮϲ͕ϮϬϮ  W ϳ͕ϰϵϳ͕ϯϰϯ

   ΎĂƐƉĞƌϮϬϬϴ^WĂƉƉƌŽǀĞĚZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ
   ΎΎŝŶĐůƵĚĞƐĚĞƉƌĞĐŝĂƚŝŽŶ

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚƐĂƐƐĞƐƐĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚĂŵŽƵŶƚĞĚƚŽWϭϮ͘ϳϮďŝůůŝŽŶ
ĂŶĚWϭϵ͘ϯϯďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚƚŚĞƵŶŬĞĚǀĂůƵĂƚŝŽŶƌĞƐĞƌǀĞƐĂŶĚĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐĂŵŽƵŶƚĞĚƚŽWϯ͘ϳďŝůůŝŽŶĂŶĚ
Wϳ͘ϱďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĚĞĐƌĞĂƐĞŝŶĐĂƌƌLJŝŶŐĂŵŽƵŶƚƌĞƐƵůƚĞĚĨƌŽŵĐŽůůĞĐƚŝŽŶƐŽĨůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ͕ƐĂůĞƐŽĨ
ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͕ĨŽƌĞĐůŽƐƵƌĞƐ͕ƌĞĚĞŵƉƚŝŽŶƐĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŽĨĚĞĨĞƌƌĞĚĐŚĂƌŐĞƐ͘

/ŶϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬǁĂƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞĂŵŽƵŶƚŽĨĂůůŽǁĂŶĐĞƌĞƋƵŝƌĞĚƉĞƌW&Z^͘

 

212 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ŵŽƌƚŝnjĂƚŝŽŶŽĨhsZĨŽƌƚŚĞLJĞĂƌĨŽůůŽǁƐ͗

  ϮϬϭϳ   ϮϬϭϲ 
 
 /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ W Ͳ  W  ϮϬϱ͕ϬϬϬ
 KƚŚĞƌƌĞƐŽƵƌĐĞƐ  ϯ͕ϳϱϬ͕ϬϬϬ   ϯ͕ϱϰϱ͕ϬϬϬ
 
   W ϯ͕ϳϱϬ͕ϬϬϬ W ϯ͕ϳϱϬ͕ϬϬϬ


ϭϴ͘ WK^/d>//>/d/^

dŚĞĨŽůůŽǁŝŶŐŝƐƚŚĞďƌĞĂŬĚŽǁŶŽĨĚĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ĞŵĂŶĚ W ϰϴ͕ϴϯϯ͕ϰϲϲ W ϰϮ͕ϳϴϱ͕ϯϮϱ W ϰϳ͕ϬϬϯ͕Ϭϴϴ W ϰϭ͕ϱϰϱ͕ϭϵϭ
  ^ĂǀŝŶŐƐ  ϭϱϬ͕ϭϱϲ͕Ϭϱϳ  ϭϱϰ͕ϲϴϮ͕ϱϴϬ  ϭϰϱ͕ϰϴϬ͕ϭϰϲ  ϭϱϬ͕ϲϱϬ͕ϵϱϰ
  dŝŵĞ  ϳϵ͕ϵϰϯ͕ϱϲϵ  ϲϲ͕Ϯϳϰ͕Ϭϴϭ  ϳϮ͕ϭϬϮ͕ϳϵϵ  ϱϴ͕ϳϭϳ͕ϲϬϵ
  >dE  Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ  Ͳ   ϭ͕ϴϰϳ͕ϲϯϮ

   W Ϯϳϴ͕ϵϯϯ͕ϬϵϮ W Ϯϲϱ͕ϱϴϵ͕ϲϭϴ W Ϯϲϰ͕ϱϴϲ͕Ϭϯϯ W ϮϱϮ͕ϳϲϭ͕ϯϴϲ

ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐďĞĂƌĂŶŶƵĂůŝŶƚĞƌĞƐƚƌĂƚĞƐĂƐĨŽůůŽǁƐ͗

        ϮϬϭϳ   ϮϬϭϲ 
 
  WŚŝůŝƉƉŝŶĞƉĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚ   Ϭ͘ϯйͲϱ͘ϵй   Ϭ͘ϯйͲϲ͘ϯй
  h^ĚŽůůĂƌͲĚĞŶŽŵŝŶĂƚĞĚ   Ϭ͘ϭйͲϬ͘ϱй   Ϭ͘ϯйͲϬ͘ϴй

hŶĚĞƌĞdžŝƐƚŝŶŐ^WƌĞŐƵůĂƚŝŽŶƐ͕ŶŽŶͲ&hĚĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐůŽŶŐͲƚĞƌŵƚĂdžĞdžĞŵƉƚEĞŐŽƚŝĂďůĞĞƌƚŝĨŝĐĂƚĞŽĨdŝŵĞ
ĞƉŽƐŝƚƐ͕ŽĨƚŚĞWĂƌĞŶƚĂŶŬŝƐƐƵďũĞĐƚƚŽƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚĞƋƵŝǀĂůĞŶƚƚŽϮϬйŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ǁŚŝůĞh^ŝƐƐƵďũĞĐƚƚŽ
ƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚĞƋƵŝǀĂůĞŶƚƚŽϴйŝŶϮϬϭϳĂŶĚϮϬϭϲ͘WĞƐŽͲĚĞŶŽŵŝŶĂƚĞĚ>dEƐŽĨƚŚĞWĂƌĞŶƚĂŶŬĂƌĞƐƵďũĞĐƚƚŽ
ƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚĞƋƵŝǀĂůĞŶƚƚŽϰйŝŶϮϬϭϲ͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂƌĞŝŶ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚƐƵĐŚƌĞŐƵůĂƚŽƌLJƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚƐ͘

hŶĚĞƌ^WŝƌĐƵůĂƌEŽ͘ϳϱϯ͕ĐĂƐŚŝŶǀĂƵůƚĂŶĚƌĞŐƵůĂƌƌĞƐĞƌǀĞĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐǁŝƚŚƚŚĞ^WĂƌĞĞdžĐůƵĚĞĚĂƐĞůŝŐŝďůĞĨŽƌŵƐŽĨ
ĐŽŵƉůŝĂŶĐĞĨŽƌƚŚĞƌĞƐĞƌǀĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƌĞƋƵŝƌĞĚƌĞƐĞƌǀĞƐŚĂůůŽŶůLJďĞŬĞƉƚŝŶƚŚĞĨŽƌŵŽĨĚĞŵĂŶĚĚĞƉŽƐŝƚĂĐĐŽƵŶƚƐ
ǁŝƚŚƚŚĞ^W͘ǀĂŝůĂďůĞƌĞƐĞƌǀĞƐĐŽŶƐŝƐƚŽĨĨŽůůŽǁŝŶŐ;ƐĞĞEŽƚĞϵͿ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
   EŽƚĞƐ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ĞŵĂŶĚĚĞƉŽƐŝƚĂĐĐŽƵŶƚ ϵ W ϰϳ͕ϮϭϬ͕Ϭϵϲ W ϰϰ͕ϳϬϴ͕ϴϵϭ W ϰϱ͕ϵϬϱ͕ϴϬϵ W ϰϯ͕ϲϮϬ͕ϰϮϬ
 ^ƚĂƚƵƚŽƌLJƌĞƐĞƌǀĞƐ ϭϲ͘Ϯ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϬ͕ϵϰϵ  Ϯ͕ϰϬϭ͕Ϯϳϵ  Ϯ͕ϰϬϬ͕ϵϰϵ
   
   W ϰϵ͕ϲϭϭ͕ϯϳϱ W ϰϳ͕ϭϬϵ͕ϴϰϬ W ϰϴ͕ϯϬϳ͕Ϭϴϴ W ϰϲ͕ϬϮϭ͕ϯϲϵ

ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ>dE^ĞƌŝĞƐϯĂŵŽƵŶƚƐƚŽWϭ͘ϴϱďŝůůŝŽŶ͕ǁŚŝĐŚǁĂƐŝƐƐƵĞĚŽŶDĂLJϮϭ͕ϮϬϭϮĂŶĚ
ďĞĂƌƐĂĐŽƵƉŽŶŝŶƚĞƌĞƐƚƌĂƚĞŽĨϱ͘ϵй͘dŚŝƐ>dEŚĂƐŵĂƚƵƌĞĚŽŶƵŐƵƐƚϮϭ͕ϮϬϭϳ͘ƉĂƌƚĨƌŽŵ>dE^ĞƌŝĞƐϯ͕ƚŚĞWĂƌĞŶƚ
ĂŶŬŚĂƐĂůƐŽŝƐƐƵĞĚ>dE^ĞƌŝĞƐϭĂŶĚϮŽŶEŽǀĞŵďĞƌϮϱ͕ϮϬϭϬĂŶĚƵŐƵƐƚϭϵ͕ϮϬϭϭĂŶĚďĞĂƌĐŽƵƉŽŶŝŶƚĞƌĞƐƚƌĂƚĞƐŽĨ
ϲ͘ϯйĂŶĚϲ͘Ϭй͕ƌĞƐƉĞĐƚŝǀĞůLJ͘>dE^ĞƌŝĞƐϭĂŶĚ^ĞƌŝĞƐϮŚĂǀĞŵĂƚƵƌĞĚŽŶ&ĞďƌƵĂƌLJϮϲ͕ϮϬϭϲĂŶĚEŽǀĞŵďĞƌϭϵ͕ϮϬϭϲ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͘

dŚĞWĂƌĞŶƚĂŶŬ͛Ɛ>dEƐǁĞƌĞƵƐĞĚŝŶƚŚĞĞdžƉĂŶƐŝŽŶŽĨŝƚƐƚĞƌŵĚĞƉŽƐŝƚďĂƐĞƚŽƐƵƉƉŽƌƚůŽŶŐͲƚĞƌŵĂƐƐĞƚŐƌŽǁƚŚĂŶĚĨŽƌ
ŽƚŚĞƌŐĞŶĞƌĂůĨƵŶĚŝŶŐƉƵƌƉŽƐĞƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 213
 dŚĞŝƐƐƵĂŶĐĞƐŽĨĨŽƌĞŐŽŝŶŐ>dEƐƵŶĚĞƌƚŚĞƚĞƌŵƐĂƉƉƌŽǀĞĚďLJƚŚĞKǁĞƌĞĂƉƉƌŽǀĞĚďLJƚŚĞ^WĂŶĚůŝƐƚĞĚŽŶƚŚĞ
ĨŽůůŽǁŝŶŐĚĂƚĞƐ͗
   
  ^ĞƌŝĞƐ   ^WƉƉƌŽǀĂůĂƚĞ   ĂƚĞ>ŝƐƚĞĚŝŶWdž  
 
  ϭ  KĐƚŽďĞƌϭϵ͕ϮϬϭϬ   &ĞďƌƵĂƌLJϯ͕ϮϬϭϭ 
  Ϯ  DĂLJϮϬ͕ϮϬϭϭ   EŽǀĞŵďĞƌϭϭ͕ϮϬϭϭ 
  ϯ  DĂLJϮϬ͕ϮϬϭϭ   DĂLJϮϭ͕ϮϬϭϮ 

dŚĞWĂƌĞŶƚĂŶŬůŝƐƚĞĚŝƚƐ>dEƐŝŶƚŚĞWdžƐƵďũĞĐƚƚŽŝƚƐdƌĂĚŝŶŐĂŶĚ^ĞƚƚůĞŵĞŶƚKƉĞƌĂƚŝŶŐ'ƵŝĚĞůŝŶĞƐ͘dŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
>dE^ĞƌŝĞƐϭ͕ϮĂŶĚϯĂƌĞƚƌĂĚĞĚĂŶĚƐĞƚƚůĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWdžƌƵůĞƐ͕ƉƌŽĐĞĚƵƌĞƐĂŶĚŐƵŝĚĞůŝŶĞƐ͘

/ŶƚĞƌĞƐƚŽŶĚĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ͕ǁŚŝĐŚŝƐƉƌĞƐĞŶƚĞĚĂƐ/ŶƚĞƌĞƐƚdžƉĞŶƐĞŽŶĞƉŽƐŝƚ>ŝĂďŝůŝƚŝĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͕
ĨŽůůŽǁ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ĞŵĂŶĚ W ϴϯ͕ϱϲϰ W ϲϵ͕ϵϯϳ W ϳϲ͕ϴϯϯ W ϲϰ͕ϳϱϲ
  ^ĂǀŝŶŐƐ  ϵϲϰ͕ϮϬϬ  ϳϲϵ͕ϰϳϭ  ϵϰϭ͕ϱϯϱ  ϳϰϵ͕ϲϵϱ
  dŝŵĞ  ϭ͕ϲϬϰ͕Ϯϱϴ  ϭ͕Ϯϱϰ͕ϵϮϴ  ϭ͕ϰϭϳ͕ϳϵϯ  ϭ͕ϭϭϵ͕ϵϭϴ
  >dE  ϳϮ͕ϭϬϵ  ϯϮϴ͕Ϯϴϭ  ϳϮ͕ϭϬϵ  ϯϮϴ͕Ϯϴϭ

   W Ϯ͕ϳϮϰ͕ϭϯϭ W Ϯ͕ϰϮϮ͕ϲϭϳ W Ϯ͕ϱϬϴ͕ϮϳϬ W Ϯ͕ϮϲϮ͕ϲϱϬ

dŚĞWĂƌĞŶƚĂŶŬŝŶĐƵƌƌĞĚĚĞďƚŝƐƐƵĞĐŽƐƚƐĂŵŽƵŶƚŝŶŐƚŽWϱϯ͘ϰŵŝůůŝŽŶ͕Wϯϯ͘ϱŵŝůůŝŽŶĂŶĚWϭϴ͘ϵŵŝůůŝŽŶŽŶƚŚĞ>dE^ĞƌŝĞƐϭ͕
ϮĂŶĚϯ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞŵŽǀĞŵĞŶƚƐŝŶƵŶĂŵŽƌƚŝnjĞĚĚĞďƚŝƐƐƵĞĐŽƐƚƐŝŶϮϬϭϳĂŶĚϮϬϭϲĨŽůůŽǁ͗

          ϮϬϭϳ   ϮϬϭϲ 
  
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ      W ϰ͕ϰϵϬ W ϭϱ͕ϭϬϰ 
  ŵŽƌƚŝnjĂƚŝŽŶ       ; ϰ͕ϰϵϬͿ ; ϭϬ͕ϲϭϰͿ
                
  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ      W Ͳ  W ϰ͕ϰϵϬ


ϭϵ͘ />>^Wz>E^hZ/d/^^K>hEZZWhZ,^'ZDEd^

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ^^hZ W ϱ͕ϰϯϮ͕Ϯϴϯ W ϳ͕ϰϭϱ͕ϵϱϯ W ϱ͕ϰϯϮ͕Ϯϴϯ W ϳ͕ϰϭϱ͕ϵϱϯ
  ŽƌƌŽǁŝŶŐƐĨƌŽŵůŽĐĂůďĂŶŬƐ  ϭ͕ϯϭϲ͕ϲϭϲ  ϭ͕ϲϳϰ͕ϱϴϳ  Ͳ   Ͳ 
  ŽƌƌŽǁŝŶŐƐĨƌŽŵĨŽƌĞŝŐŶďĂŶŬƐ  ϱϭ͕ϵϴϴ   ϴϲ͕ϯϲϵ  ϱϭ͕ϵϴϳ   ϴϲ͕ϯϲϵ

   W ϲ͕ϴϬϬ͕ϴϴϳ W ϵ͕ϭϳϲ͕ϵϬϵ W ϱ͕ϰϴϰ͕ϮϳϬ W ϳ͕ϱϬϮ͕ϯϮϮ

dŚĞŵĂƚƵƌŝƚLJƉƌŽĨŝůĞŽĨďŝůůƐƉĂLJĂďůĞĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  tŝƚŚŝŶŽŶĞLJĞĂƌ W ϱ͕ϴϳϯ͕ϭϱϵ W ϴ͕ϵϭϲ͕ϰϵϮ W ϱ͕ϰϴϰ͕ϮϳϬ W ϳ͕ϱϬϮ͕ϯϮϮ
  ĞLJŽŶĚŽŶĞLJĞĂƌ  ϵϮϳ͕ϳϮϴ  ϮϲϬ͕ϰϭϳ  Ͳ   Ͳ 
  
   W ϲ͕ϴϬϬ͕ϴϴϳ W ϵ͕ϭϳϲ͕ϵϬϵ W ϱ͕ϰϴϰ͕ϮϳϬ W ϳ͕ϱϬϮ͕ϯϮϮ
 

214 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚĞŵŽǀĞŵĞŶƚƐŽĨƚŚŝƐĂĐĐŽƵŶƚŝƐĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ W ϵ͕ϭϳϲ͕ϵϬϵ W ϭϮ͕ϴϳϵ͕ϳϳϳ W ϳ͕ϱϬϮ͕ϯϮϮ W ϭϬ͕ϳϴϲ͕ϳϯϰ
  ǀĂŝůŵĞŶƚƐ  ϲ͕ϱϭϯ͕ϵϮϬ  ϳ͕ϳϯϵ͕Ϭϭϳ  ϱ͕ϭϮϯ͕ϰϬϬ  ϲ͕ϭϰϵ͕ϭϱϮ 
  ^ĞƚƚůĞŵĞŶƚƐ ; ϴ͕ϴϴϵ͕ϵϰϮͿ ; ϭϭ͕ϰϰϭ͕ϴϴϱͿ;  ϳ͕ϭϰϭ͕ϰϱϮͿ ;  ϵ͕ϰϯϯ͕ϱϲϰͿ

 ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ W ϲ͕ϴϬϬ͕ϴϴϳ W ϵ͕ϭϳϲ͕ϵϬϵ W ϱ͕ϰϴϰ͕ϮϳϬ W ϳ͕ϱϬϮ͕ϯϮϮ

ŝůůƐƉĂLJĂďůĞďĞĂƌĂŶŶƵĂůŝŶƚĞƌĞƐƚƌĂƚĞƐƌĂŶŐŝŶŐĨƌŽŵϬ͘ϳϱйƚŽϮ͘ϯϴйĂŶĚĨƌŽŵϬ͘ϲϬйƚŽϯ͘ϭϯйŝŶϮϬϭϳĂŶĚϮϬϭϲ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͘/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽŶďŝůůƐƉĂLJĂďůĞĂŵŽƵŶƚĞĚƚŽWϮϭϵ͘ϮϰŵŝůůŝŽŶĂŶĚWϯϭϰ͘ϱϮŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞ'ƌŽƵƉ͕ĂŶĚWϭϰϰ͘ϳϬŵŝůůŝŽŶĂŶĚWϮϭϲ͘ϳϱŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ͕ĂŶĚ
ŝƐƉƌĞƐĞŶƚĞĚĂƐ/ŶƚĞƌĞƐƚdžƉĞŶƐĞŽŶŝůůƐWĂLJĂďůĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘


ϮϬ͘ Zhdy^͕/EdZ^d^EKd,ZyWE^^

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ĐĐƌƵĞĚďĞŶĞĨŝƚƐƚŽĞŵƉůŽLJĞĞƐ W Ϯϯϵ͕ϱϰϬ W ϮϯϮ͕ϴϳϳ W Ϯϰϳ͕ϱϰϵ W ϮϮϰ͕Ϭϱϲ
 ĐĐƌƵĞĚŝŶƚĞƌĞƐƚƉĂLJĂďůĞ  ϭϵϭ͕ϴϱϳ  ϭϲϬ͕ϵϯϱ  ϭϱϬ͕ϬϵϮ  ϭϯϯ͕ϯϬϵ
 ĐĐƌƵĞĚďŽŶƵƐ  ϭϳϯ͕ϬϬϬ Ͳ   ϭϳϬ͕ϬϬϬ  Ͳ 
 ĐĐƌƵĞĚƚĂdžĞƐƉĂLJĂďůĞ  ϲϱ͕ϱϲϴ  ϱϳ͕ϯϯϱ  ϰϯ͕ϳϰϯ  ϰϭ͕ϲϲϵ
 ĐĐƌƵĞĚƌĞŶƚƉĂLJĂďůĞ  ϱϲ͕ϵϲϮ  ϱϴ͕ϭϬϮ  ϱϯ͕ϵϮϴ  ϱϯ͕ϳϮϯ
 ĐĐƌƵĞĚƐĞĐƵƌŝƚLJĂŶĚ
  ũĂŶŝƚŽƌŝĂůƐĞƌǀŝĐĞƐ  ϯϵ͕ϱϭϮ  Ϯϴ͕ϴϲϱ  ϯϲ͕ϴϮϳ  ϮϮ͕ϯϳϰ
 ĐĐƌƵĞĚƌĞƉĂŝƌƐĂŶĚ
  ŵĂŝŶƚĞŶĂŶĐĞ  ϭϵ͕ϯϯϲ  ϭϯ͕ϳϭϴ  ϭϵ͕Ϭϴϴ  ϭϯ͕ϮϬϬ
 ĐĐƌƵĞĚƵƚŝůŝƚŝĞƐ  ϲ͕ϲϳϰ  ϭϭ͕ϰϭϭ  Ϯ͕ϱϬϱ  ϰ͕ϰϯϭ
 ĐĐƌƵĞĚŝŶƐƵƌĂŶĐĞ  ϯ͕ϮϮϭ  ϱ͕Ϭϯϰ  ϯ͕Ϭϴϲ  ϰ͕ϵϱϲ
 ĐĐƌƵĞĚŽƚŚĞƌĞdžƉĞŶƐĞƐ  Ϯϯϱ͕ϯϳϬ  ϭϭϯ͕ϵϰϴ  Ϯϯϯ͕ϱϭϬ  ϴϳ͕ϴϴϬ

   W ϭ͕Ϭϯϭ͕ϬϰϬ W ϲϴϮ͕ϮϮϱ W ϵϲϬ͕ϯϮϴ W ϱϴϱ͕ϱϵϴ

ĐĐƌƵĞĚŽƚŚĞƌĞdžƉĞŶƐĞƐŝŶĐůƵĚĞĂĐĐƌƵĂůƐĨŽƌǀĂƌŝŽƵƐŽƉĞƌĂƚŝŶŐĞdžƉĞŶƐĞƐƐƵĐŚĂƐĂĚǀĞƌƚŝƐŝŶŐĂŶĚƉƵďůŝĐŝƚLJ͕ŵĂŶĂŐĞŵĞŶƚĂŶĚ
ƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ͕ĂƌŵŽƌĞĚĐĂƌĂŶĚĐŽŶƚƌĂĐƚƵĂůƐĞƌǀŝĐĞƐ͘


 

U C P B 2 0 1 7 A N N U A L R E P O R T 215
 Ϯϭ͘ Kd,Z>//>/d/^

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗

   'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
 EŽƚĞƐ  ϮϬϭϳ   ϮϬϭϲ  ϮϬϭϳ   ϮϬϭϲ 
  
 ĂƐŚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ   W ϳ͕ϭϬϭ͕ϵϰϭ   W ϲ͕ϲϯϱ͕ϴϳϵ  W ϳ͕ϭϬϭ͕ϵϰϭ   W ϲ͕ϲϯϱ͕ϴϳϵ
 DĂƌŐŝŶĚĞƉŽƐŝƚƐ   ϰ͕ϱϱϴ͕ϯϰϴ    ϱ͕ϭϵϯ   ϰ͕ϱϱϴ͕ϯϰϴ    ϱ͕ϭϵϯ
 ĐĐŽƵŶƚƐƉĂLJĂďůĞ ϭϲ͘ϯ  Ϯ͕ϲϰϵ͕ϱϯϲ   Ϯ͕ϯϭϲ͕Ϯϭϯ   Ϯ͕Ϯϵϱ͕ϵϴϱ   Ϯ͕ϭϱϭ͕ϭϵϮ
 ŝůůƐƉƵƌĐŚĂƐĞĚͲĐŽŶƚƌĂ   Ϯ͕Ϯϳϵ͕ϭϲϵ   ϯ͕ϰϰϭ͕ϰϳϭ   Ϯ͕Ϯϵϭ͕Ϭϱϲ   ϯ͕ϰϰϭ͕ϲϲϲ
 DĂŶĂŐĞƌ͛ƐĐŚĞĐŬƐ   Ϯ͕ϭϭϭ͕ϲϴϴ   Ϯ͕Ϭϰϰ͕ϵϯϱ   ϭ͕ϴϴϵ͕ϴϲϮ   ϭ͕ϴϲϲ͕ϲϯϱ
 ƵĞƚŽW/   Ϯϳϴ͕ϬϴϬ   Ϯϱϴ͕ϯϰϴ   Ϯϲϰ͕Ϭϵϱ   Ϯϰϱ͕ϴϰϴ
 ĞƉŽƐŝƚŽŶůĞĂƐĞĐŽŶƚƌĂĐƚ   Ϯϱϯ͕Ϯϳϭ   Ϯϵϯ͕ϯϴϭ   Ͳ   Ͳ 
 >ŝĂďŝůŝƚLJĨŽƌƐŚŽƌƚƉŽƐŝƚŝŽŶ    Ϯϰϱ͕ϰϲϭ   Ͳ     Ϯϰϱ͕ϰϲϭ   Ͳ
 tŝƚŚŚŽůĚŝŶŐƚĂdžƉĂLJĂďůĞ   ϭϰϯ͕Ϯϯϵ   ϭϯϮ͕ϯϭϳ   ϭϯϯ͕ϭϵϯ   ϭϮϮ͕Ϭϵϭ
 KƚŚĞƌĐƌĞĚŝƚƐ   ϭϰϭ͕ϯϭϭ   ϭϯϱ͕ϭϲϯ   ϭϰϬ͕ϱϴϬ   ϭϯϰ͕Ϭϴϳ
 ƵĞƚŽdƌĞĂƐƵƌLJŽĨƚŚĞ
  WŚŝůŝƉƉŝŶĞƐ   ϭϮϱ͕ϴϯϭ   ϭϬϬ͕ϴϬϬ   ϭϭϵ͕ϰϬϴ   ϵϱ͕ϱϰϰ
 ^ƵŶĚƌLJĐƌĞĚŝƚ   ϵϴ͕ϵϵϭ   ϵϴ͕ϰϰϭ   ϵϱ͕ϭϬϬ   ϵϳ͕ϬϲϮ
 ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ ϭϭ͘ϭ  ϳϲ͕ϯϯϳ   ϱ͕ϲϲϴ   ϳϲ͕ϯϯϳ   ϱ͕ϲϲϴ
 KƵƚƐƚĂŶĚŝŶŐĂĐĐĞƉƚĂŶĐĞƐ   ϰϵ͕ϳϰϱ   ϭϳϱ͕ϰϮϱ   ϰϵ͕ϳϰϱ   ϭϳϱ͕ϰϮϱ
 DŝƐĐĞůůĂŶĞŽƵƐ   ϭϯϵ͕ϵϳϬ   ϯϯϵ͕Ϯϰϰ   ϰϬ͕Ϭϭϭ   ϯϱ͕ϵϳϵ
           
     W ϮϬ͕ϮϱϮ͕ϵϭϴ   W ϭϱ͕ϵϴϮ͕ϰϳϴ  W ϭϵ͕ϯϬϭ͕ϭϮϮ   W ϭϱ͕ϬϭϮ͕Ϯϲϵ


ϮϮ͘ Yh/dz

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽŵŵŽŶƐƚŽĐŬĂŶĚĐĂƉŝƚĂůŶŽƚĞƐĐŽŶƐŝƐƚƐŽĨ͗
  
            EŽƚĞƐ 
  ŽŵŵŽŶƐƚŽĐŬͲWϭƉĂƌǀĂůƵĞ͗     
   ƵƚŚŽƌŝnjĞĚƐŚĂƌĞƐʹϭ͕ϰϵϳ͕ϭϳϬ͕ϮϯϭƐŚĂƌĞƐ    
    ^ƵďƐĐƌŝďĞĚʹϭ͕ϰϵϳ͕ϭϳϬ͕ϮϯϭƐŚĂƌĞƐ;ŶĞƚŽĨ
    ^ƵďƐĐƌŝƉƚŝŽŶƌĞĐĞŝǀĂďůĞŽĨWϭϮ͕ϯϮϳͿ  ϮϮ͘ϭ  W ϭ͕ϰϴϰ͕ϴϰϯ 
  ĂƉŝƚĂůEŽƚĞƐ   ϮϮ͘ϯ   ϭϮ͕ϬϬϬ͕ϬϬϬ
              
             W ϭϯ͕ϰϴϰ͕ϴϰϯ

ϮϮ͘ϭ ŽŵŵŽŶ^ŚĂƌĞƐ

ƐƵďƐƚĂŶƚŝĂůƉŽƌƚŝŽŶŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐĐŽŵŵŽŶƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬǁĞƌĞƐĞƋƵĞƐƚĞƌĞĚĂƐĂƌĞƐƵůƚŽĨƚŚĞ
ƐĞƋƵĞƐƚƌĂƚŝŽŶŽƌĚĞƌƐŝƐƐƵĞĚďLJƚŚĞW''ŽŶ:ƵŶĞϮϲ͕ϭϵϴϲ;ŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲͿ͘ŽƵƌƚƉƌŽĐĞĞĚŝŶŐƐŽŶƚŚĞŽǁŶĞƌƐŚŝƉŝƐƐƵĞ
ŚĂǀĞŐŽŶĞŽŶƐŝŶĐĞƚŚĞŶǁŝƚŚƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂŶĚƚŚĞ^ƵƉƌĞŵĞŽƵƌƚ͘,ĞŶĐĞ͕ƚŚĞW''ĞdžĞƌĐŝƐĞƐƚŚĞƌŝŐŚƚƚŽǀŽƚĞŽŶƚŚĞ
ƐĞƋƵĞƐƚĞƌĞĚƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘

KŶ:ƵůLJϭϭ͕ϮϬϬϯ͕ƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶƉƌŽŵƵůŐĂƚĞĚŝƚƐWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŐƌĂŶƚŝŶŐƚŚĞZKW͛ƐDŽƚŝŽŶƐĨŽƌWĂƌƚŝĂů
^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚĂŶĚĚĞĐůĂƌĞĚƚŚĂƚϲϰ͘ϵϴйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐŚĂƌĞƐŽĨƐƚŽĐŬ͕ǁŚŝĐŚĨŽƌŵƉĂƌƚŽĨƚŚĞϳϮ͘ϮйĐŚĂƌŐĞĚďLJ
ƚŚĞWŚŝůŝƉƉŝŶĞŽĐŽŶƵƚƵƚŚŽƌŝƚLJ;WͿƚŽƚŚĞŽĐŽŶƵƚŽŶƐƵŵĞƌƐ^ƚĂďŝůŝnjĂƚŝŽŶ&ƵŶĚ;^&Ϳ͕ĂƌĞĐŽŶĐůƵƐŝǀĞůLJŽǁŶĞĚďLJƚŚĞ
ZKW͘/ŶƚŚĞƐĂŵĞĚĞĐŝƐŝŽŶ͕ƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂůƐŽĚĞĐůĂƌĞĚϳ͘ϮйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐŚĂƌĞƐƌĞŐŝƐƚĞƌĞĚŝŶƚŚĞŶĂŵĞŽĨ
ĚƵĂƌĚŽD͘ŽũƵĂŶŐĐŽ͕:ƌ͕͘ĂŶĚƚŚŽƐĞŽĨŚŝƐĚƵŵŵŝĞƐĂŶĚŶŽŵŝŶĞĞƐ͕ƚŽďĞůŽŶŐƚŽƚŚĞZKWĂƐƚŚĞƚƌƵĞĂŶĚďĞŶĞĨŝĐŝĂůŽǁŶĞƌ͘

KŶDĂLJϭϭ͕ϮϬϬϳ͕ƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶŝƐƐƵĞĚĂƌĞƐŽůƵƚŝŽŶĚĞŶLJŝŶŐƚŚĞKK&͛ƐŵŽƚŝŽŶƚŽƐĞƚƚŚĞĐĂƐĞĨŽƌƚƌŝĂůĂŶĚĚĞĐůĂƌĞĚ
ŝƚƐ:ƵůLJϮϬϬϯWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚĂƐĨŝŶĂůĂŶĚĂƉƉĞĂůĂďůĞ͕ƚŚĞƌĞďĞŝŶŐŶŽŵŽƌĞƚƌŝĂďůĞŝƐƐƵĞƐƚŚĂƚŶĞĞĚĞĚƚŽďĞ
ĂĚĚƌĞƐƐĞĚƚŚĂƚǁŽƵůĚŶĞĐĞƐƐŝƚĂƚĞƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶŽĨĞǀŝĚĞŶĐĞďLJƚŚĞƉĂƌƚŝĞƐ͘

 

216 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

KŶDĂLJϮϴ͕ϮϬϬϳ͕KK&͕ĞƚĂů͕͘ĨŝůĞĚĂůĂƐƐĐƚŝŽŶWĞƚŝƚŝŽŶĨŽƌZĞǀŝĞǁŽŶĞƌƚŝŽƌĂƌŝƉƌĂLJŝŶŐƚŚĂƚƚŚĞ^ƵƉƌĞŵĞŽƵƌƚ͗
;ŝͿĂŶŶƵůĂŶĚƐĞƚĂƐŝĚĞƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚĚĂƚĞĚ:ƵůLJϭϭ͕ϮϬϬϯ͖;ŝŝͿĂŶŶƵůĂŶĚƐĞƚĂƐŝĚĞƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ
:ƵĚŐŵĞŶƚĚĂƚĞĚDĂLJϳ͕ϮϬϬϰ;ƐĞĞEŽƚĞϭ͘ϱͿ͕ĂŶĚZĞƐŽůƵƚŝŽŶĚĂƚĞĚDĂLJϭϭ͕ϮϬϬϳ͕ŽĨƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶ͖;ŝŝŝͿĚŝƐŵŝƐƐǁŝƚŚ
ƉƌĞũƵĚŝĐĞ͕ƚŚĞƚǁŽĐĂƐĞƐŝŶƐŽĨĂƌĂƐKK&͕ĞƚĂů͕͘ĂŶĚƚŚĞŵŽƌĞƚŚĂŶŽŶĞŵŝůůŝŽŶĐŽĐŽŶƵƚĨĂƌŵĞƌƐǁŚŽĂƌĞƐŝŵŝůĂƌůLJ
ƐŝƚƵĂƚĞĚĂƌĞĐŽŶĐĞƌŶĞĚ͖ĂŶĚ͕;ŝǀͿůŝĨƚƚŚĞƐĞƋƵĞƐƚƌĂƚŝŽŶŽƌĚĞƌƐŽĨƚŚĞW''ŝƐƐƵĞĚĂŶĚůĞǀŝĞĚŽǀĞƌƚŚĞƐĞƋƵĞƐƚĞƌĞĚĂƐƐĞƚƐ͘
,ŽǁĞǀĞƌ͕ŝŶŝƚƐZĞƐŽůƵƚŝŽŶĚĂƚĞĚ:ƵŶĞϱ͕ϮϬϬϳ͕ƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĚĞĐůĂƌĞĚƚŚĂƚ͞ŝŶǀŝĞǁŽĨŝƚƐũƵĚŐŵĞŶƚĚĞĐůĂƌŝŶŐŽǁŶĞƌƐŚŝƉ
ŝŶĨĂǀŽƌŽĨƚŚĞŐŽǀĞƌŶŵĞŶƚŽĨƚŚĞƐƵďũĞĐƚhWƐŚĂƌĞƐ͕ƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝƐŶŽǁĐŽŶƐŝĚĞƌĞĚĂĨŝŶĂůĂŶĚ
ĂƉƉĞĂůĂďůĞũƵĚŐŵĞŶƚ͘͟

KŶ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĚĞŶŝĞĚƚŚĞƉĞƚŝƚŝŽŶŽĨKK&͕ĞƚĂů͕͘ĂŶĚĂĨĨŝƌŵĞĚƚŚĞƌĞƐŽůƵƚŝŽŶƐŝƐƐƵĞĚďLJƚŚĞ
^ĂŶĚŝŐĂŶďĂLJĂŶŽŶ:ƵŶĞϱ͕ϮϬϬϳ͕ƚŚĂƚƚŚĞƌĞŝƐŶŽŵŽƌĞŶĞĐĞƐƐŝƚLJŽĨĨƵƌƚŚĞƌƚƌŝĂůǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŝƐƐƵĞŽĨŽǁŶĞƌƐŚŝƉŽĨ͗
;ŝͿƚŚĞƐĞƋƵĞƐƚĞƌĞĚhWƐŚĂƌĞƐ͕;ŝŝͿƚŚĞ//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐ͕ĂŶĚ͕;ŝŝŝͿƚŚĞ//&ŽŵƉĂŶŝĞƐĂƐƚŚĞLJŚĂǀĞďĞĞŶĨŝŶĂůůLJ
ĂĚũƵĚŝĐĂƚĞĚŝŶƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚĚĂƚĞĚ:ƵůLJϭϭ͕ϮϬϬϯĂŶĚDĂLJϳ͕ϮϬϬϰ͘


KŶ&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϮ͕KK&ĞƚĂů͕͘ĨŝůĞĚĂDŽƚŝŽŶĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ;ƚŚĞDŽƚŝŽŶͿŽĨƚŚĞĚĞĐŝƐŝŽŶƌĞŶĚĞƌĞĚďLJƚŚĞ
^ƵƉƌĞŵĞŽƵƌƚŽŶ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮ͕ĐŝƚŝŶŐĐĞƌƚĂŝŶƐƵďƐƚĂŶƚŝĂůĂŶĚŐƌĂǀĞĞƌƌŽƌƐŽĨĨĂĐƚ͘dŚĞDŽƚŝŽŶǁĂƐĚĞŶŝĞĚǁŝƚŚĨŝŶĂůŝƚLJ
ďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŽŶ^ĞƉƚĞŵďĞƌϰ͕ϮϬϭϮ͘

KŶĞĐĞŵďĞƌϭϴ͕ϮϬϭϯ͕ĂƌĞƐŽůƵƚŝŽŶǁĂƐƵŶĂŶŝŵŽƵƐůLJĂƉƉƌŽǀĞĚĂŶĚĂĚŽƉƚĞĚĂƚĂƐƉĞĐŝĂůŵĞĞƚŝŶŐŽĨƐƚŽĐŬŚŽůĚĞƌƐƚŽŝŶĐƌĞĂƐĞ
ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂƵƚŚŽƌŝnjĞĚĐĂƉŝƚĂůƐƚŽĐŬǁŝƚŚŝŶƚŚĞƌĂŶŐĞŽĨWϭϰ͘ϳďŝůůŝŽŶƚŽWϯϳ͘ϮďŝůůŝŽŶ;ƐĞĞEŽƚĞϭ͘ϱͿ͘

dŚĞ^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶŽŶŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲďĞĐĂŵĞĨŝŶĂůĂŶĚĞdžĞĐƵƚŽƌLJĂŶĚŚĂƐďĞĞŶƌĞĐŽƌĚĞĚŝŶƚŚĞŽŽŬŽĨ
ŶƚƌŝĞƐŽĨ:ƵĚŐŵĞŶƚŽŶĞĐĞŵďĞƌϭϬ͕ϮϬϭϰ͘ǁƌŝƚŽĨĞdžĞĐƵƚŝŽŶŚĂƐLJĞƚƚŽďĞŝƐƐƵĞĚďLJƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶ͘

KŶDĂƌĐŚϭϴ͕ϮϬϭϱ͕ƚŚĞŶWƌĞƐŝĚĞŶƚĞŶŝŐŶŽ^͘ƋƵŝŶŽ///ŽĨƚŚĞZKWŝƐƐƵĞĚKEŽƐ͘ϭϳϵĂŶĚϭϴϬ;ƐĞĞEŽƚĞϭ͘ϱͿ͘

KŶ:ƵŶĞϯϬ͕ϮϬϭϱ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŝƐƐƵĞĚĂdZKĞŶũŽŝŶŝŶŐƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞKƐ;ŽŶĨĞĚĞƌĂƚŝŽŶŽĨŽĐŽŶƵƚ
&ĂƌŵĞƌƐKƌŐĂŶŝnjĂƚŝŽŶƐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐǀƐ͘,ŝƐdžĐĞůůĞŶĐLJWƌĞƐŝĚĞŶƚĞŶŝŐŶŽ^͘ƋƵŝŶŽ///͕ĞƚĂů͕͘'͘Z͘EŽ͘ϮϭϳϵϲϱͿ͘KŶ
ƵŐƵƐƚϴ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚůŝĨƚĞĚƚŚĞdZK͘

WƵƌƐƵĂŶƚƚŽKϭϳϵĂŶĚĂƐŝŶƐƚƌƵĐƚĞĚďLJƚŚĞĞƉĂƌƚŵĞŶƚŽĨ&ŝŶĂŶĐĞĂŶĚW''͕ŽŶEŽǀĞŵďĞƌϯ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬ
ĐĂŶĐĞůůĞĚĂŶĚŝƐƐƵĞĚƚŚĞϱϯϯ͕ϲϰϭ͕ϮϯϰƐŚĂƌĞƐ͕ǁŚŝĐŚǁĞƌĞĚĞĐůĂƌĞĚĂƐƚŚĞƐŽͲĐĂůůĞĚ͞hW&ĂƌŵĞƌƐ͛^ŚĂƌĞƐ͟ĂŶĚ͞ŽũƵĂŶŐĐŽ
KƉƚŝŽŶ^ŚĂƌĞƐ͕͟ƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞϯϱ͘ϲϰйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬŝŶĨĂǀŽƌŽĨƚŚĞZKWďĂƐĞĚŽŶƚŚĞ
^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶƐŝŶKK&ǀƐ͘ZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;'͘Z͘EŽ͘ϭϳϳϴϱϳͲϱϴĂŶĚ'͘Z͘EŽ͘ϭϳϴϭϵϯͿĂŶĚ
ŽũƵĂŶŐĐŽǀƐ͘ZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐ;'͘Z͘EŽ͘ϭϴϬϳϬϱͿĂŶĚ^ĂŶĚŝŐĂŶďĂLJĂŶWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝŶZĞƉƵďůŝĐŽĨƚŚĞ
WŚŝůŝƉƉŝŶĞƐǀƐ͘ŽũƵĂŶŐĐŽ͕ĞƚĂů͘;ŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲͿ͘

^ƵďƐĞƋƵĞŶƚůLJ͕ŽŶĞĐĞŵďĞƌϭϵ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬĐĂŶĐĞůůĞĚĂŶĚŝƐƐƵĞĚƚŚĞϱϴϳ͕ϱϬϬ͕ϬϬϬƐŚĂƌĞƐƌĞƉƌĞƐĞŶƚŝŶŐƚŚĞϯϵ͘ϰϮй
ŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬŝŶĨĂǀŽƌŽĨƚŚĞZKWďĂƐĞĚŽŶƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĂŶĚƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶWĂƌƚŝĂů
^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝŶZĞƉƵďůŝĐŽĨƚŚĞWŚŝůŝƉƉŝŶĞƐǀƐ͘ŽũƵĂŶŐŽ͕ĞƚĂů͘;ŝǀŝůĂƐĞEŽ͘ϬϬϯϯͲ&Ϳ͕ǁŚŝĐŚĚĞĐůĂƌĞĚ͕ĂŵŽŶŐŽƚŚĞƌƐ͕
ƚŚĞ//&ŽŵƉĂŶŝĞƐ͕ƚŚĞϭϰ,ŽůĚŝŶŐŽŵƉĂŶŝĞƐ͕ĂŶĚƚŚĞĐŽŶǀĞƌƚĞĚ^DƐŚĂƌĞƐƚŽďĞ͞ŽǁŶĞĚďLJƚŚĞ'ŽǀĞƌŶŵĞŶƚƚŽďĞƵƐĞĚ
ŽŶůLJĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĂůůĐŽĐŽŶƵƚĨĂƌŵĞƌƐĂŶĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĐŽĐŽŶƵƚŝŶĚƵƐƚƌLJ͕ĂŶĚŽƌĚĞƌĞĚƌĞĐŽŶǀĞLJĞĚƚŽƚŚĞ
'ŽǀĞƌŶŵĞŶƚ͘͟

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬŚĂƐϱϲĂŶĚϲϲƐƚŽĐŬŚŽůĚĞƌƐ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ŽǁŶŝŶŐϭϬϬŽƌŵŽƌĞƐŚĂƌĞƐ
ĞĂĐŚŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐĂƉŝƚĂůƐƚŽĐŬ͘

ϮϮ͘Ϯ ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐ

KŶDĂLJϭϬ͕ϮϬϭϭ͕ƚŚĞ^ĂƉƉƌŽǀĞĚƚŚĞĂŵĞŶĚŵĞŶƚƐŽŶƚŚĞƌƚŝĐůĞƐŽĨ/ŶĐŽƌƉŽƌĂƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬŝŶĐůƵĚŝŶŐƚŚĞ
ƌĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨϭ͕ϬϬϮ͕ϴϮϵ͕ϳϲϵƵŶŝƐƐƵĞĚĐŽŵŵŽŶƐŚĂƌĞƐĂŶĚϳϱϬ͕ϬϬϬ͕ϬϬϬƵŶŝƐƐƵĞĚƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕Ăůů
ǁŝƚŚƉĂƌǀĂůƵĞŽĨWϭ͘ϬƉĞƌƐŚĂƌĞŝŶƚŽϭ͕ϳϱϮ͕ϴϮϵ͕ϳϲϵƉĞƌƉĞƚƵĂů͕ŶŽŶͲĐƵŵƵůĂƚŝǀĞ͕ƐƉĞĐŝĂůƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐ͘/ŶƚŚĞĞǀĞŶƚŽĨ
ǁŝŶĚŝŶŐƵƉ͕ƚŚĞŚŽůĚĞƌ;ƐͿŽĨ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐƐŚĂůůŚĂǀĞŶŽƉƌŝŽƌŝƚLJĐůĂŝŵŝŶƌĞƐƉĞĐƚŽĨƉƌŝŶĐŝƉĂůĂŶĚĚŝǀŝĚĞŶĚƐŽŶƚŚĞ
^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐ͕ǁŚŝĐŚŝƐŚŝŐŚĞƌƚŚĂŶŽƌĞƋƵĂůƚŽƚŚĂƚŽĨƚŚĞĚĞƉŽƐŝƚŽƌƐ͕ŽƚŚĞƌĐƌĞĚŝƚŽƌƐĂŶĚŚŽůĚĞƌƐŽĨ>ŽǁĞƌdŝĞƌϮ
ĂŶĚhƉƉĞƌdŝĞƌϮĐĂƉŝƚĂůŝŶƐƚƌƵŵĞŶƚƐ͕ŝĨĂŶLJ͕ŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 2 17
 ,ŽǁĞǀĞƌ͕ƚŚĞƌŝŐŚƚƐĂŶĚĐůĂŝŵƐŽĨƐƵĐŚŚŽůĚĞƌ;ƐͿŽĨƚŚĞ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐ͕ŝŶƚŚĞĞǀĞŶƚŽĨǁŝŶĚŝŶŐƵƉ͕ĂƌĞƐƵƉĞƌŝŽƌƚŽ
ƚŚĞƌŝŐŚƚƐĂŶĚĐůĂŝŵƐŽĨŚŽůĚĞƌ;ƐͿŽĨŽŵŵŽŶ^ƚŽĐŬ͘EŽƐƚŽĐŬŚŽůĚĞƌŽĨƚŚĞWĂƌĞŶƚĂŶŬƐŚĂůůŚĂǀĞĂŶLJƉƌĞͲĞŵƉƚŝǀĞƌŝŐŚƚŽƌ
ƉƌĞĨĞƌĞŶƚŝĂůƌŝŐŚƚƚŽƉƵƌĐŚĂƐĞŽƌƐƵďƐĐƌŝďĞƚŽ͗;ŝͿƚŚĞϭ͕ϳϱϮ͕ϴϮϵ͕ϳϲϵ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐƐƚĂƚĞĚĂďŽǀĞ͖;ŝŝͿĂŶLJĂĚĚŝƚŝŽŶĂů
^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐ͖;ŝŝŝͿĂŶLJƵŶŝƐƐƵĞĚŽŵŵŽŶ^ƚŽĐŬƵƉŽŶĐŽŶǀĞƌƐŝŽŶŽĨ^ƉĞĐŝĂůWƌĞĨĞƌƌĞĚ^ŚĂƌĞƐ͖ĂŶĚ͕;ŝǀͿĂŶLJ
ƵŶŝƐƐƵĞĚŽŵŵŽŶ^ƚŽĐŬƵƉŽŶĐŽŶǀĞƌƐŝŽŶŽĨƚŚĞ/ŶƚĞƌŝŵĂƉŝƚĂůEŽƚĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ǁŝƚŚ;ŝŝͿ͕;ŝŝŝͿĂŶĚ;ŝǀͿďĞĐŽŵŝŶŐ
ŽƉĞƌĂƚŝǀĞƵƉŽŶĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞĂƵƚŚŽƌŝnjĞĚĐĂƉŝƚĂůƐƚŽĐŬŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘

ϮϮ͘ϯ ĂƉŝƚĂůEŽƚĞƐ

ƐĨƵůůLJĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭ͘ϯ͕ƚŚĞWĂƌĞŶƚĂŶŬŽƌŝŐŝŶĂůůLJŽďƚĂŝŶĞĚWϭϮ͘ϬďŝůůŝŽŶĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞĨƌŽŵW/ŽŶ:ƵůLJϳ͕ϮϬϬϯ
ĐŽŶƐŝƐƚŝŶŐŽĨĂWϳ͘ϬďŝůůŝŽŶϱ͘ϬйƵŶƐĞĐƵƌĞĚƐƵďŽƌĚŝŶĂƚĞĚĚĞďƚĚƵĞŝŶϮϬϭϯĂŶĚWϱ͘ϬďŝůůŝŽŶƉƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨEW>ƐǁŝƚŚ
ďƵLJďĂĐŬďLJϮϬϭϯ͘,ŽǁĞǀĞƌ͕ŽŶDĂƌĐŚϯϭ͕ϮϬϬϵ͕ƚŚĞZKW͕W/͕W''ĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂŐƌĞĞĚƚŽĐŽŶǀĞƌƚƚŚĞW/
ĨŝŶĂŶĐŝĂůĂƐƐŝƐƚĂŶĐĞŝŶƚŽĂƉŝƚĂůEŽƚĞƐ͘KŶƚŚĞƐĂŵĞĚĂƚĞ͕ƚŚĞWĂƌĞŶƚĂŶŬŝƐƐƵĞĚWϭϮ͘ϬďŝůůŝŽŶ/ŶƚĞƌŝŵdŝĞƌϭĂƉŝƚĂůEŽƚĞƐ
;ƚŚĞĂƉŝƚĂůEŽƚĞƐŽƌEŽƚĞƐͿƚŽW/͕ǁŚŝĐŚǁŝůůƋƵĂůŝĨLJĂƐ/ŶƚĞƌŝŵdŝĞƌϭĐĂƉŝƚĂů͘

ƐĚŝƐĐƵƐƐĞĚĂůƐŽŝŶEŽƚĞϭ͘ϯ͕ƚŚĞĂƉŝƚĂůEŽƚĞƐŚĂƐŶŽŵĂƚƵƌŝƚLJĚĂƚĞďƵƚƐŚĂůůďĞĐŽŵĞĚƵĞĂŶĚĚĞŵĂŶĚĂďůĞŝĨƚŚĞWĂƌĞŶƚ
ĂŶŬĨĂŝůƐƚŽƉĞƌĨŽƌŵĂŶLJŽĨŝƚƐŵĂƚĞƌŝĂůŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞEŽƚĞƐ͖ŚĞŶĐĞ͕ƚŚĞĂƉŝƚĂůEŽƚĞƐĚŽĞƐŶŽƚƋƵĂůŝĨLJĂƐĂŶĞƋƵŝƚLJ
ŝŶƐƚƌƵŵĞŶƚƵŶĚĞƌW^ϯϮ͘hŶĚĞƌW^ϯϮ͕ƚŚĞĂƉŝƚĂůEŽƚĞƐƐŚŽƵůĚďĞƉƌĞƐĞŶƚĞĚĂƐĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨ
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘,ŽǁĞǀĞƌ͕ĂƐĂůůŽǁĞĚďLJƚŚĞ^WĂŶĚŝŶŬĞĞƉŝŶŐǁŝƚŚƚŚĞŽďũĞĐƚŝǀĞƐŽĨƚŚĞZĞŚĂďŝůŝƚĂƚŝŽŶWůĂŶ͕ƚŚĞWĂƌĞŶƚ
ĂŶŬŚĂƐƉƌĞƐĞŶƚĞĚƚŚĞĂƉŝƚĂůEŽƚĞƐŝŶƚŚĞĞƋƵŝƚLJƐĞĐƚŝŽŶŽĨƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

ϮϮ͘ϰ ZĞǀĂůƵĂƚŝŽŶZĞƐĞƌǀĞƐ

dŚĞĐŽŵƉŽŶĞŶƚƐĂŶĚƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŝƚĞŵƐŽĨŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĐŚĂŶŐĞƐŝŶ
ĞƋƵŝƚLJĂƚƚŚĞŝƌĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚƵŶĚĞƌZĞǀĂůƵĂƚŝŽŶZĞƐĞƌǀĞƐĂĐĐŽƵŶƚĂƌĞƐŚŽǁŶďĞůŽǁ͘

        'ƌŽƵƉ 
        &^&ŝŶĂŶĐŝĂů   dƌĂŶƐůĂƚŝŽŶ ZĞƚŝƌĞŵĞŶƚ
        ƐƐĞƚƐ  ĚũƵƐƚŵĞŶƚƐ  WůĂŶ   dŽƚĂů 
   
   ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ ;W ϰϰϱ͕ϳϰϱͿ ;W ϯ͕ϱϯϮͿ ;W ϱϵϱ͕ϲϭϬͿ ;W ϭ͕Ϭϰϰ͕ϴϴϳͿ
   &ĂŝƌǀĂůƵĞůŽƐƐĞƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ; Ϯϵϳ͕ϬϮϳͿ  Ͳ    Ͳ   ; Ϯϵϳ͕ϬϮϳͿ
   ƋƵŝƚLJŝŶŶĞƚƵŶƌĞĂůŝnjĞĚŐĂŝŶƐŽŶ&^
    ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ
    ĂƐƐŽĐŝĂƚĞƐ    ϭ͕ϮϮϴ   Ͳ   Ͳ      ϭ͕ϮϮϴ
   dƌĂŶƐůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐ   Ͳ  ; Ϯ͕ϬϮϬͿ  Ͳ   ; Ϯ͕ϬϮϬͿ 
   ĐƚƵĂƌŝĂůůŽƐƐĞƐŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ   Ͳ    Ͳ   ϯϭ͕Ϯϱϰ    ϯϭ͕Ϯϱϰ
   EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ    ϰϵ   Ͳ   ϭϯϴ   ϭϴϳ 
  
   ĂůĂŶĐĞĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ ;W ϳϰϭ͕ϰϵϱͿ;W ϱ͕ϱϱϮͿ ;W ϱϲϰ͕ϮϭϴͿ ;W ϭ͕ϯϭϭ͕ϮϲϱͿ 

   ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ ;W ϱϯϲ͕ϵϲϲͿ ;W ϰ͕ϭϵϬͿ ;W ϱϴϵ͕ϯϳϰͿ ;W ϭ͕ϭϯϬ͕ϱϯϬͿ
   &ĂŝƌǀĂůƵĞŐĂŝŶƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϵϭ͕ϳϱϮ   Ͳ   Ͳ    ϵϭ͕ϳϱϮ
   ƋƵŝƚLJŝŶŶĞƚƵŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶ&^
    ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ
    ĂƐƐŽĐŝĂƚĞƐ ; ϱϱϵͿ  Ͳ    Ͳ   ; ϱϱϵͿ
   dƌĂŶƐůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐ  Ͳ     ϲϱϴ   Ͳ    ϲϱϴ
   ĐƚƵĂƌŝĂůůŽƐƐĞƐŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ  Ͳ   Ͳ  ; ϲ͕ϭϭϲͿ ; ϲ͕ϭϭϲͿ
   EŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ  Ϯϴ   Ͳ  ; ϭϮϬͿ ; ϵϮͿ
  
   ĂůĂŶĐĞĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ ;W ϰϰϱ͕ϳϰϱͿ ;W ϯ͕ϱϯϮͿ ;W ϱϵϱ͕ϲϭϬͿ ;W ϭ͕Ϭϰϰ͕ϴϴϳͿ



 

218 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

        WĂƌĞŶƚĂŶŬ 
        &^&ŝŶĂŶĐŝĂů   dƌĂŶƐůĂƚŝŽŶ ZĞƚŝƌĞŵĞŶƚ
        ƐƐĞƚƐ  ĚũƵƐƚŵĞŶƚƐ  WůĂŶ   dŽƚĂů 
   
   ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ ;W ϰϰϱ͕ϳϰϬͿ ;W ϯ͕ϱϯϮͿ ;W ϱϵϱ͕ϲϭϲͿ ;W ϭ͕Ϭϰϰ͕ϴϴϴͿ
   &ĂŝƌǀĂůƵĞůŽƐƐĞƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ; Ϯϵϲ͕ϮϰϴͿ   Ͳ   Ͳ   ; Ϯϵϲ͕ϮϰϴͿ
   ƋƵŝƚLJŝŶŶĞƚƵŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶ&^
    ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ
    ĂƐƐŽĐŝĂƚĞƐ  ϭ   Ͳ   Ͳ    ϭ 
   dƌĂŶƐůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐ  Ͳ  ; Ϯ͕ϬϮϬͿ   Ͳ   ; Ϯ͕ϬϮϬͿ 
   ĐƚƵĂƌŝĂůůŽƐƐĞƐŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ  Ͳ   Ͳ    ϯϱ͕ϴϱϯ   ϯϱ͕ϴϱϯ 
  
   ĂůĂŶĐĞĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ ;W ϳϰϭ͕ϵϴϲͿ;W ϱ͕ϱϱϮͿ ;W ϱϱϵ͕ϳϲϯͿ ;W ϭ͕ϯϬϳ͕ϯϬϮͿ

   ĂůĂŶĐĞĂƚ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ ;W ϱϯϲ͕ϵϲϳͿ ;W ϰ͕ϭϵϬͿ ;W ϱϴϵ͕ϯϳϰͿ ;W ϭ͕ϭϯϬ͕ϱϯϭͿ
   &ĂŝƌǀĂůƵĞŐĂŝŶƐŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϵϴ͕ϯϳϵ   Ͳ   Ͳ    ϵϴ͕ϯϳϵ 
   ƋƵŝƚLJŝŶŶĞƚƵŶƌĞĂůŝnjĞĚůŽƐƐĞƐŽŶ&^
    ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽĨƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ
    ĂƐƐŽĐŝĂƚĞƐ ; ϳ͕ϭϱϮͿ   Ͳ   Ͳ   ; ϳ͕ϭϱϮͿ
   dƌĂŶƐůĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐ  Ͳ     ϲϱϴ   Ͳ    ϲϱϴ 
   ĐƚƵĂƌŝĂůůŽƐƐĞƐŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ  Ͳ   Ͳ  ; ϲ͕ϮϰϮͿ ; ϲ͕ϮϰϮͿ
  
   ĂůĂŶĐĞĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ ;W ϰϰϱ͕ϳϰϬͿ ;W ϯ͕ϱϯϮͿ ;W ϱϵϱ͕ϲϭϲͿ ;W ϭ͕Ϭϰϰ͕ϴϴϴͿ

ϮϮ͘ϱ ^ƵƌƉůƵƐZĞƐĞƌǀĞƐ

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗
 
          EŽƚĞ  
  
   dƌƵƐƚďƵƐŝŶĞƐƐ     Ϯϳ  W ϭϮϱ͕ϴϲϭ
  ^ĞůĨͲŝŶƐƵƌĂŶĐĞ         Ϯϲ͕ϬϬϬ
  ŽŶƚŝŶŐĞŶĐŝĞƐ         ϲ͕ϬϬϬ
     
              W ϭϱϳ͕ϴϲϭ

/ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚĞdžŝƐƚŝŶŐ^WƌĞŐƵůĂƚŝŽŶƐ͕ϭϬ͘ϬйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶĐŽŵĞĨƌŽŵƚƌƵƐƚďƵƐŝŶĞƐƐŝƐĂƉƉƌŽƉƌŝĂƚĞĚƚŽƐƵƌƉůƵƐ
ƌĞƐĞƌǀĞƐ͘dŚŝƐLJĞĂƌůLJĂƉƉƌŽƉƌŝĂƚŝŽŶŝƐƌĞƋƵŝƌĞĚƵŶƚŝůƚŚĞƐƵƌƉůƵƐƌĞƐĞƌǀĞĨŽƌƚƌƵƐƚďƵƐŝŶĞƐƐĞƋƵĂůƐϮϬ͘ϬйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
ƌĞŐƵůĂƚŽƌLJŶĞƚǁŽƌƚŚ;ƐĞĞEŽƚĞϮϳͿ͘

/ŶϮϬϭϲ͕ƚŚĞĂŵŽƵŶƚŽĨWϮ͘ϴϮŵŝůůŝŽŶǁĂƐĂĚĚĞĚƚŽZĞƐĞƌǀĞĨŽƌƚƌƵƐƚďƵƐŝŶĞƐƐ͘

 ZĞƐĞƌǀĞĨŽƌƐĞůĨͲŝŶƐƵƌĂŶĐĞƌĞƉƌĞƐĞŶƚƐƚŚĞĂŵŽƵŶƚƐĞƚĂƐŝĚĞƚŽĐŽǀĞƌůŽƐƐĞƐĚƵĞƚŽĨŝƌĞ͕ĚĞĨĂůĐĂƚŝŽŶďLJĂŶĚŽƚŚĞƌƵŶůĂǁĨƵůĂĐƚƐ
ŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƉĞƌƐŽŶŶĞůŽƌƚŚŝƌĚƉĂƌƚŝĞƐ͘

 ZĞƐĞƌǀĞĨŽƌĐŽŶƚŝŶŐĞŶĐŝĞƐƌĞƉƌĞƐĞŶƚƐƚŚĞĂĐĐƵŵƵůĂƚĞĚĂŵŽƵŶƚƐĞƚĂƐŝĚĞĨŽƌƉŽƐƐŝďůĞŽƌƵŶĨŽƌĞƐĞĞŶůŽƐƐĞƐ͕ĚĞĐƌĞĂƐĞŽĨ
ƐŚƌŝŶŬĂŐĞŝŶƚŚĞŬǀĂůƵĞŽĨƚŚĞďĂŶŬ͛ƐĂƐƐĞƚƐ͕ŽƌĨŽƌƵŶĚĞƚĞƌŵŝŶĂďůĞůŝĂďŝůŝƚŝĞƐŶŽƚŽƚŚĞƌǁŝƐĞƌĞĐŽƌĚĞĚƐƵĐŚĂƐƚŚŽƐĞ
ĂƌŝƐŝŶŐĨƌŽŵůĂǁƐƵŝƚƐ͕ĚĞĨĂƵůƚƐŽŶŽďůŝŐĂƚŝŽŶƐĂŶĚƵŶĞdžƉĞĐƚĞĚĚŝĨĨĞƌĞŶĐĞƐ͘


 

U C P B 2 0 1 7 A N N U A L R E P O R T 219
 Ϯϯ͘ DW>KzE&/d^

Ϯϯ͘ϭ ^ĂůĂƌŝĞƐĂŶĚŵƉůŽLJĞĞĞŶĞĨŝƚƐdžƉĞŶƐĞ

džƉĞŶƐĞƐƌĞĐŽŐŶŝnjĞĚĨŽƌƐĂůĂƌŝĞƐĂŶĚĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐĂƌĞƉƌĞƐĞŶƚĞĚďĞůŽǁ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
   EŽƚĞ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ^ĂůĂƌŝĞƐĂŶĚǁĂŐĞƐ W ϭ͕ϱϴϳ͕ϭϴϵ W ϭ͕ϱϭϱ͕ϳϵϮ W ϭ͕Ϯϲϴ͕ϴϬϳ W ϭ͕Ϯϯϯ͕ϴϯϬ
 KƚŚĞƌĨƌŝŶŐĞďĞŶĞĨŝƚƐ  ϳϭϭ͕ϯϯϵ  ϲϰϬ͕ϴϮϮ  ϲϱϲ͕ϯϲϮ  ϱϴϯ͕ϯϲϯ
 ŽŶƵƐ  ϰϰϵ͕ϯϲϴ  Ϯϯϰ͕ϳϭϮ  ϰϰϵ͕ϯϲϴ  Ϯϯϰ͕ϳϭϮ
 ZĞƚŝƌĞŵĞŶƚĞdžƉĞŶƐĞʹ
  ĚĞĨŝŶĞĚďĞŶĞĨŝƚƉůĂŶ Ϯϯ͘Ϯ  Ϯϭϳ͕ϰϵϮ  Ϯϯϯ͕ϰϰϲ  ϭϵϱ͕ϰϱϬ  ϮϭϬ͕ϱϮϭ
 ^ŚŽƌƚͲƚĞƌŵŵĞĚŝĐĂůďĞŶĞĨŝƚƐ  ϭϬϲ͕ϲϬϰ  ϭϭϭ͕Ϭϴϵ  ϵϴ͕ϲϴϰ  ϵϴ͕ϭϱϴ
 ŽŵƉƵůƐŽƌLJƐŽĐŝĂůƐĞĐƵƌŝƚLJ   
  ĂŶĚŽƚŚĞƌĐŽŶƚƌŝďƵƚŝŽŶƐ  ϴϬ͕ϵϲϵ  ϳϳ͕ϯϭϬ  ϲϳ͕ϱϳϱ  ϲϰ͕ϴϱϮ

   W ϯ͕ϭϱϮ͕ϵϲϭ W Ϯ͕ϴϭϯ͕ϭϳϭ W Ϯ͕ϳϯϲ͕Ϯϰϲ W Ϯ͕ϰϮϱ͕ϰϯϲ

Ϯϯ͘Ϯ WŽƐƚͲĞŵƉůŽLJŵĞŶƚĞĨŝŶĞĚĞŶĞĨŝƚWůĂŶ

;ĂͿ ŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞĞĨŝŶĞĚĞŶĞĨŝƚWůĂŶ

dŚĞWĂƌĞŶƚĂŶŬĂŶĚŝƚƐƐŝŐŶŝĨŝĐĂŶƚƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞĨƵŶĚĞĚŶŽŶĐŽŶƚƌŝďƵƚŽƌLJĚĞĨŝŶĞĚďĞŶĞĨŝƚƌĞƚŝƌĞŵĞŶƚƉůĂŶƐ
;ƚŚĞWůĂŶƐͿĐŽǀĞƌŝŶŐŝƚƐƌĞŐƵůĂƌĂŶĚƉĞƌŵĂŶĞŶƚĞŵƉůŽLJĞĞƐ͘ŽŶƚƌŝďƵƚŝŽŶƐĂŶĚĐŽƐƚƐĂƌĞĚĞƚĞƌŵŝŶĞĚŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚƚŚĞĂĐƚƵĂƌŝĂůƐƚƵĚŝĞƐŵĂĚĞĨŽƌƚŚĞWůĂŶƐ͘ŶŶƵĂůĐŽƐƚŝƐĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘

dŚĞƌĞƚŝƌĞŵĞŶƚƉůĂŶƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕h^ĂŶĚh^/ĐŽŵƉůLJǁŝƚŚƚŚĞŵŝŶŝŵƵŵƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐƉĞĐŝĨŝĞĚƵŶĚĞƌ
ZEŽ͘ϳϲϰ͕EĞǁZĞƚŝƌĞŵĞŶƚ>Ăǁ͘

ůůŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞĂƐƐŝŐŶĞĚŝŶƐƵďƐŝĚŝĂƌŝĞƐďƵƚĞdžĐůƵĚŝŶŐƚŚŽƐĞŚŝƌĞĚŽŶĂ
ƚĞŵƉŽƌĂƌLJ͕ƐĞĂƐŽŶĂů͕ĐŽŶƐƵůƚŝŶŐ͕ĂŶĚĐŽŶƚƌĂĐƚƵĂůďĂƐŝƐĂƌĞĞůŝŐŝďůĞĨŽƌŵĞŵďĞƌƐŚŝƉŝŶƚŚĞWůĂŶƐ͘ZĞƚŝƌŝŶŐŵĞŵďĞƌƐ
ƐŚĂůůďĞĞŶƚŝƚůĞĚƚŽƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚƐĞƋƵŝǀĂůĞŶƚƚŽĂĐĞƌƚĂŝŶƉĞƌĐĞŶƚĂŐĞŽĨƚŚĞĨŝŶĂůĨĨĞĐƚŝǀĞ'ƌŽƐƐDŽŶƚŚůLJ
ŽŵƉĞŶƐĂƚŝŽŶĂƐĚĞĨŝŶĞĚŝŶƚŚĞWůĂŶƐŵƵůƚŝƉůŝĞĚďLJƚŚĞŶƵŵďĞƌŽĨLJĞĂƌƐŽĨƐĞƌǀŝĐĞ͕ǁŝƚŚŽŶĞĐŽŵƉůĞƚĞŵŽŶƚŚƚƌĞĂƚĞĚ
ĂƐϭͬϭϮŽĨĂLJĞĂƌ͘

ůĂŝŵƐĨŽƌƐĞƚƚůĞŵĞŶƚŽĨďĞŶĞĨŝƚƐƐŚĂůůďĞĨŝůĞĚǁŝƚŚƚŚĞŽĂƌĚŽĨdƌƵƐƚĞĞƐ;KdͿŝŶĂƉƌĞƐĐƌŝďĞĚĨŽƌŵƚŽďĞ
ĂĐĐŽŵƉůŝƐŚĞĚďLJƚŚĞDĞŵďĞƌ͕ŝŶĐĂƐĞŽĨƌĞƚŝƌĞŵĞŶƚ͕ƐĞƉĂƌĂƚŝŽŶ͕ŽƌĚŝƐĂďŝůŝƚLJ͕ŽƌďLJŚŝƐĚĞƐŝŐŶĂƚĞĚďĞŶĞĨŝĐŝĂƌŝĞƐŝŶ
ĐĂƐĞŽĨĚĞĂƚŚ͘

dŚĞĐŽŶƚƌŽů͕ĂĚŵŝŶŝƐƚƌĂƚŝŽŶŽĨƚŚĞƌĞƚŝƌĞŵĞŶƚƉůĂŶĂŶĚŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞĨƵŶĚŝƐǀĞƐƚĞĚŝŶƚŚĞKd͘dŚĞƌĞƚŝƌĞŵĞŶƚ
ƉůĂŶ͛ƐĂĐĐŽƵŶƚŝŶŐĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞĨƵŶĐƚŝŽŶƐĂƌĞƵŶĚĞƌƚĂŬĞŶďLJƚŚĞKƉĞƌĂƚŝŽŶƐĞƉĂƌƚŵĞŶƚƵŶĚĞƌƚŚĞdƌƵƐƚ
ĂŶŬŝŶŐ'ƌŽƵƉ͘

;ďͿ džƉůĂŶĂƚŝŽŶŽĨŵŽƵŶƚƐWƌĞƐĞŶƚĞĚŝŶƚŚĞ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐůĂƚĞƐƚĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶĚĂƚĞŝƐĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘sĂůƵĂƚŝŽŶƐĂƌĞŽďƚĂŝŶĞĚŽŶĂ
ƉĞƌŝŽĚŝĐďĂƐŝƐ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐŝŶƚŚĞĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶǁĂƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƉƌŽũĞĐƚĞĚĞĐĞŵďĞƌϯϭ͕
ϮϬϭϳďĂůĂŶĐĞƐďĂƐĞĚŽŶƚŚĞĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ&ƵŶĚZĞƉŽƌƚ͘

 

220 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚĞŶĞƚƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƌĞĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  WƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŽďůŝŐĂƚŝŽŶ  W Ϯ͕ϳϰϭ͕Ϯϲϯ  W  Ϯ͕ϳϭϬ͕Ϭϲϭ  W Ϯ͕ϱϵϮ͕ϵϳϲ  W Ϯ͕ϱϳϴ͕ϳϰϲ
  &ĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐ ; ϭ͕ϵϱϲ͕ϯϮϭͿ ;  ϭ͕ϴϳϱ͕ϴϯϲͿ; ϭ͕ϴϳϰ͕ϴϴϵͿ ; ϭ͕ϴϬϰ͕ϭϱϳͿ
   
     W ϳϴϰ͕ϵϰϮ  W  ϴϯϰ͕ϮϮϱ W ϳϭϴ͕Ϭϴϳ  W ϳϳϰ͕ϱϴϵ

dŚĞƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚŝĞƐ;ĂƐƐĞƚƐͿĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĨŽůůŽǁŝŶŐĂĐĐŽƵŶƚƐŝŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚ͛ƐƐƚĂƚĞŵĞŶƚƐ
ŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    EŽƚĞ   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ  W ϳϴϴ͕Ϭϴϱ  W  ϴϯϲ͕ϴϱϴW ϳϭϴ͕Ϭϴϳ  W ϳϳϰ͕ϱϴϵ
  /ŶƚĂŶŐŝďůĞĂŶĚ
  ŽƚŚĞƌƌĞƐŽƵƌĐĞƐ  ϭϲ  ;  ϯ͕ϭϰϯͿ ;  Ϯ͕ϲϯϯͿ  Ͳ   Ͳ 
   
     W ϳϴϰ͕ϵϰϮ  W  ϴϯϰ͕ϮϮϱ W ϳϭϴ͕Ϭϴϳ  W ϳϳϰ͕ϱϴϵ

dŚĞŵŽǀĞŵĞŶƚƐŝŶƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĚĞĨŝŶĞĚďĞŶĞĨŝƚƌĞƚŝƌĞŵĞŶƚŽďůŝŐĂƚŝŽŶĂƌĞĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
   
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  W Ϯ͕ϳϭϬ͕Ϭϲϭ  W Ϯ͕ϳϬϮ͕ϮϮϮ  W Ϯ͕ϱϳϴ͕ϳϰϲ   W Ϯ͕ϱϳϮ͕ϬϮϰ 
  ƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚ  ϭϴϮ͕ϴϳϬ  ϭϵϮ͕ϭϴϲ   ϭϲϰ͕Ϭϱϵ   ϭϳϮ͕ϱϱϰ 
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ  ϭϰϲ͕ϲϬϮ  ϭϯϱ͕ϭϭϰ   ϭϯϵ͕ϮϱϮ  ϭϮϴ͕ϲϬϬ 
  ĞŶĞĨŝƚƐƉĂŝĚ ; ϯϲϭ͕ϬϳϴͿ ; ϮϮϱ͕ϮϰϳͿ; ϯϱϯ͕ϳϲϬͿ ;  ϮϭϬ͕ϰϯϳͿ
  ZĞŵĞĂƐƵƌĞŵĞŶƚƐʹĂĐƚƵĂƌŝĂů
   ůŽƐƐĞƐ;ŐĂŝŶƐͿĂƌŝƐŝŶŐĨƌŽŵ͗
   ŚĂŶŐĞƐŝŶ͗
    džƉĞƌŝĞŶĐĞĂĚũƵƐƚŵĞŶƚƐ  ϭϵϯ͕ϴϬϴ   ϰϴ͕ϯϮϱ   ϭϵϬ͕ϰϰϱ    ϰϰ͕ϲϰϮ 
    &ŝŶĂŶĐŝĂůĂƐƐƵŵƉƚŝŽŶƐ ; ϭϯϭ͕ϬϬϬͿ ; ϭϰϮ͕ϱϯϵͿ; ϭϮϱ͕ϳϲϲͿ ;  ϭϮϴ͕ϲϯϳͿ
    
  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  W Ϯ͕ϳϰϭ͕Ϯϲϯ  W Ϯ͕ϳϭϬ͕Ϭϲϭ W Ϯ͕ϱϵϮ͕ϵϳϲ   W Ϯ͕ϱϳϴ͕ϳϰϲ 

dŚĞŵŽǀĞŵĞŶƚƐŝŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐĨŽůůŽǁ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
  
  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  W ϭ͕ϴϳϱ͕ϴϯϲ  W ϭ͕ϴϳϲ͕ϵϰϴ  W ϭ͕ϴϬϰ͕ϭϱϳ   W ϭ͕ϴϭϮ͕ϲϱϱ 
  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ  ϭϬϭ͕ϰϯϮ  ϵϯ͕ϴϱϰ   ϵϳ͕ϰϮϰ    ϵϬ͕ϲϯϯ 
  ŽŶƚƌŝďƵƚŝŽŶƐ  ϮϯϮ͕ϯϳϴ  Ϯϯϯ͕ϭϰϴ  ϮϭϬ͕ϱϭϭ   ϮϭϬ͕ϱϮϮ 
  ĞŶĞĨŝƚƐƉĂŝĚ ; ϯϲϭ͕ϬϳϵͿ ; ϮϮϱ͕ϮϰϳͿ; ϯϱϯ͕ϳϲϭͿ ; ϮϭϬ͕ϰϯϳͿ
  ZĞŵĞĂƐƵƌĞŵĞŶƚƐʹĂĐƚƵĂƌŝĂů
   ŐĂŝŶƐ;ůŽƐƐĞƐͿƌĞƚŝƌĞŵĞŶƚƉůĂŶ  ϭϬϳ͕ϳϱϰ ; ϭϬϮ͕ϴϲϳͿ  ϭϭϲ͕ϱϱϴ ; ϵϵ͕ϮϭϲͿ

  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  W ϭ͕ϵϱϲ͕ϯϮϭ  W ϭ͕ϴϳϱ͕ϴϯϲ W ϭ͕ϴϳϰ͕ϴϴϵ   W ϭ͕ϴϬϰ͕ϭϱϳ 

 

U C P B 2 0 1 7 A N N U A L R E P O R T 221
 dŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞĨĂŝƌǀĂůƵĞŽĨƉůĂŶĂƐƐĞƚƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚďLJĐĂƚĞŐŽƌLJĂŶĚƌŝƐŬ
ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŝƐƐŚŽǁŶďĞůŽǁ͘

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
  
   &^ƐĞĐƵƌŝƚŝĞƐ͗
    'ŽǀĞƌŶŵĞŶƚĂŶĚ
     ŽƚŚĞƌĚĞďƚƐĞĐƵƌŝƚŝĞƐ  W ϱϭϭ͕ϴϬϰ  W ϱϴϯ͕ϯϰϰ  W ϰϳϲ͕ϯϱϳ   W ϱϲϮ͕ϰϳϮ 
    YƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  ϭ͕ϭϳϬ͕ϯϯϵ   ϵϳϵ͕ϰϵϵ   ϭ͕ϭϯϯ͕Ϭϲϲ    ϵϱϱ͕ϴϰϬ 
    hŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ  ϯϴϯ   ϯϬϱ   ϯϬϱ    ϯϬϱ 
   ĂƐŚĂŶĚŽƚŚĞƌĂƐƐĞƚƐ  ϮϴϬ͕ϲϱϬ   ϯϮϭ͕ϰϮϴ   Ϯϳϭ͕ϴϵϮ    Ϯϵϯ͕ϰϳϲ 
    ϭ͕ϵϲϯ͕ϭϳϲ  ϭ͕ϴϴϰ͕ϱϳϲ   ϭ͕ϴϴϭ͕ϲϮϬ    ϭ͕ϴϭϮ͕Ϭϵϯ 
   >ŝĂďŝůŝƚŝĞƐ ; ϲ͕ϴϱϱͿ; ϴ͕ϳϰϬͿ; ϲ͕ϳϯϭͿ ; ϳ͕ϵϯϲͿ

    W ϭ͕ϵϱϲ͕ϯϮϭ  W ϭ͕ϴϳϱ͕ϴϯϲ  W ϭ͕ϴϳϰ͕ϴϴϵ   W ϭ͕ϴϬϰ͕ϭϱϳ 

dŚĞĂĐƚƵĂůƌĞƚƵƌŶƐŽŶƉůĂŶĂƐƐĞƚƐĂƌĞĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 /ŶƚĞƌĞƐƚŝŶĐŽŵĞ  W ϭϬϭ͕ϰϯϮ W ϵϯ͕ϴϱϰ  W ϵϳ͕ϰϮϰ   W ϵϬ͕ϲϯϯ
 ĐƚƵĂƌŝĂůŐĂŝŶ;ůŽƐƐĞƐͿ  ϭϬϳ͕ϳϱϰ ; ϭϬϮ͕ϴϲϳͿ  ϭϭϲ͕ϱϱϴ   ; ϵϵ͕ϮϭϲͿ 
  
   W ϮϬϵ͕ϭϴϲ ;W ϵ͕ϬϭϯͿ W Ϯϭϯ͕ϵϴϮ   ;W ϴ͕ϱϴϯͿ  

dŚĞĂŵŽƵŶƚƐƌĞĐŽŐŶŝnjĞĚĂƐƉĂƌƚŽĨŽŵƉĞŶƐĂƚŝŽŶĂŶĚ&ƌŝŶŐĞĞŶĞĨŝƚƐĂĐĐŽƵŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĂŶĚĂƐ
ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶƐ;ůŽƐƐĞƐͿŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽůůŽǁ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
  
  ZĞƉŽƌƚĞĚŝŶƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͗  
  ƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚ  W ϭϳϮ͕ϰϯϯ  W ϭϵϮ͕ϭϴϲ  W ϭϱϯ͕ϲϮϮ   W ϭϳϮ͕ϱϱϰ
  WĂƐƚƐĞƌǀŝĐĞĐŽƐƚ ; ϭϭϭͿ   Ͳ    Ͳ    Ͳ
  EĞƚŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞ  ϰϱ͕ϭϳϬ   ϰϭ͕ϮϲϬ   ϰϭ͕ϴϮϴ    ϯϳ͕ϵϲϳ

     W Ϯϭϳ͕ϰϵϮ  W Ϯϯϯ͕ϰϰϲ W ϭϵϱ͕ϰϱϬ   W ϮϭϬ͕ϱϮϭ
  
  ZĞƉŽƌƚĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞ
   ŝŶĐŽŵĞ͗ 
  ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶƐ;ůŽƐƐĞƐͿ
  ŽŶĚĞĨŝŶĞĚďĞŶĞĨŝƚ
  ŽďůŝŐĂƚŝŽŶ ;W ϲϮ͕ϴϬϴͿ  W ϵϰ͕Ϯϭϰ ;W ϲϰ͕ϲϳϵͿ  W ϴϯ͕ϵϵϱ
  ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶƐ;ůŽƐƐĞƐͿ
   ŽŶƉůĂŶĂƐƐĞƚƐ  ϭϬϳ͕ϳϱϰ ; ϭϬϮ͕ϴϲϳͿ  ϭϭϲ͕ϱϱϴ  ; ϵϵ͕ϮϭϲͿ

     W ϰϰ͕ϵϰϲ ;W ϴ͕ϲϱϯͿ W ϱϭ͕ϴϳϵ  ;W ϭϱ͕ϮϮϭͿ

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞƉƌŝŶĐŝƉĂůĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐŶĞƚƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ
ĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ͕h^ĂŶĚh^/͛ƐƌĞƚŝƌĞŵĞŶƚƉůĂŶƐĂƌĞƐŚŽǁŶďĞůŽǁ͘

  ϮϬϭϳ   ϮϬϭϲ 
  WĂƌĞŶƚ         WĂƌĞŶƚ   
  ĂŶŬ   h^   h^/   ĂŶŬ   h^   h^/ 

 ŝƐĐŽƵŶƚƌĂƚĞ  ϱ͘ϴϬй   ϱ͘ϴϬй   ϱ͘ϴϬй   ϱ͘ϰϬй   ϱ͘ϲϬй   ϱ͘ϱϬй
 &ƵƚƵƌĞƐĂůĂƌLJŝŶĐƌĞĂƐĞƐ ϱ͘ϬϬй   ϲ͘ϬϬй   ϱ͘ϬϬй   ϱ͘ϬϬй   ϲ͘ϬϬй   ϱ͘ϬϬй


222 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ƐƐƵŵƉƚŝŽŶƐƌĞŐĂƌĚŝŶŐĨƵƚƵƌĞŵŽƌƚĂůŝƚLJĂƌĞďĂƐĞĚŽŶƉƵďůŝƐŚĞĚƐƚĂƚŝƐƚŝĐƐĂŶĚŵŽƌƚĂůŝƚLJƚĂďůĞƐ͘dŚĞĂǀĞƌĂŐĞůŝĨĞ
ĞdžƉĞĐƚĂŶĐLJŽĨĂŶŝŶĚŝǀŝĚƵĂůƌĞƚŝƌŝŶŐĂƚƚŚĞ'ƌŽƵƉ͛ƐŶŽƌŵĂůƌĞƚŝƌŝŶŐĂŐĞŽĨϲϬŝƐďĂƐĞĚŽŶƚŚĞϭϵϴϱhŶŝƐĞdžŶŶƵŝƚLJ
dĂďůĞ͕ǁŚŝĐŚǁĂƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞĞdžƉĞƌŝĞŶĐĞŽĨƚŚĞ'ŽǀĞƌŶŵĞŶƚ^ĞƌǀŝĐĞ/ŶƐƵƌĂŶĐĞ^LJƐƚĞŵĨƌŽŵ:ĂŶƵĂƌLJϭ͕ϭϵϳϳƚŽ
ĞĐĞŵďĞƌϯϭ͕ϭϵϴϭ͕ĂƉĞƌŝŽĚŽĨĨŝǀĞLJĞĂƌƐ͘dŚĞƐĞĂƐƐƵŵƉƚŝŽŶƐǁĞƌĞĚĞǀĞůŽƉĞĚďLJŵĂŶĂŐĞŵĞŶƚǁŝƚŚƚŚĞĂƐƐŝƐƚĂŶĐĞ
ŽĨĂŶŝŶĚĞƉĞŶĚĞŶƚĂĐƚƵĂƌLJ͘ŝƐĐŽƵŶƚĨĂĐƚŽƌƐĂƌĞĚĞƚĞƌŵŝŶĞĚĐůŽƐĞƚŽƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚďLJƌĞĨĞƌĞŶĐĞƚŽ
ƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐŽĨĂnjĞƌŽĐŽƵƉŽŶŐŽǀĞƌŶŵĞŶƚďŽŶĚƐǁŝƚŚƚĞƌŵƐƚŽŵĂƚƵƌŝƚLJĂƉƉƌŽdžŝŵĂƚŝŶŐƚŽƚŚĞƚĞƌŵƐŽĨƚŚĞ
ƉŽƐƚͲĞŵƉůŽLJŵĞŶƚŽďůŝŐĂƚŝŽŶ͘KƚŚĞƌĂƐƐƵŵƉƚŝŽŶƐĂƌĞďĂƐĞĚŽŶĐƵƌƌĞŶƚĂĐƚƵĂƌŝĂůďĞŶĐŚŵĂƌŬƐĂŶĚŵĂŶĂŐĞŵĞŶƚ͛Ɛ
ŚŝƐƚŽƌŝĐĂůĞdžƉĞƌŝĞŶĐĞ͘

;ĐͿ ZŝƐŬƐƐƐŽĐŝĂƚĞĚǁŝƚŚƚŚĞZĞƚŝƌĞŵĞŶƚWůĂŶ

dŚĞƉůĂŶĞdžƉŽƐĞƐƚŚĞ'ƌŽƵƉƚŽĂĐƚƵĂƌŝĂůƌŝƐŬƐƐƵĐŚĂƐŝŶǀĞƐƚŵĞŶƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͕ůŽŶŐĞǀŝƚLJƌŝƐŬĂŶĚƐĂůĂƌLJƌŝƐŬ͘

;ŝͿ /ŶǀĞƐƚŵĞŶƚĂŶĚ/ŶƚĞƌĞƐƚZŝƐŬƐ

  dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂĚŝƐĐŽƵŶƚƌĂƚĞĚĞƚĞƌŵŝŶĞĚďLJƌĞĨĞƌĞŶĐĞ
ƚŽŵĂƌŬĞƚLJŝĞůĚƐŽĨŐŽǀĞƌŶŵĞŶƚďŽŶĚƐ͘'ĞŶĞƌĂůůLJ͕ĂĚĞĐƌĞĂƐĞŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞŽĨĂƌĞĨĞƌĞŶĐĞŐŽǀĞƌŶŵĞŶƚ
ďŽŶĚƐǁŝůůŝŶĐƌĞĂƐĞƚŚĞƉůĂŶŽďůŝŐĂƚŝŽŶ͘,ŽǁĞǀĞƌ͕ƚŚŝƐǁŝůůďĞƉĂƌƚŝĂůůLJŽĨĨƐĞƚďLJĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞƚƵƌŶŽŶƚŚĞ
ƉůĂŶ͛ƐŝŶǀĞƐƚŵĞŶƚƐŝŶĚĞďƚƐĞĐƵƌŝƚŝĞƐĂŶĚŝĨƚŚĞƌĞƚƵƌŶŽŶƉůĂŶĂƐƐĞƚĨĂůůƐďĞůŽǁƚŚŝƐƌĂƚĞ͕ŝƚǁŝůůĐƌĞĂƚĞĂĚĞĨŝĐŝƚŝŶ
ƚŚĞƉůĂŶ͘
  
  ƵƌƌĞŶƚůLJ͕ƚŚĞƉůĂŶĂƐƐĞƚƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͕h^ĂŶĚh^/ĂƌĞƐŝŐŶŝĨŝĐĂŶƚůLJŝŶǀĞƐƚĞĚŝŶĞƋƵŝƚLJĂŶĚĚĞďƚƐĞĐƵƌŝƚŝĞƐ͘
ƵĞƚŽƚŚĞůŽŶŐͲƚĞƌŵŶĂƚƵƌĞŽĨƚŚĞƉůĂŶŽďůŝŐĂƚŝŽŶ͕ĂůĞǀĞůŽĨĐŽŶƚŝŶƵŝŶŐĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐŝƐĂŶĂƉƉƌŽƉƌŝĂƚĞ
ĞůĞŵĞŶƚŽĨƚŚĞ'ƌŽƵƉ͛ƐůŽŶŐͲƚĞƌŵƐƚƌĂƚĞŐLJƚŽŵĂŶĂŐĞƚŚĞƉůĂŶĞĨĨŝĐŝĞŶƚůLJ͘

;ŝŝͿ >ŽŶŐĞǀŝƚLJĂŶĚ^ĂůĂƌLJZŝƐŬƐ

  dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶŝƐĐĂůĐƵůĂƚĞĚďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞďĞƐƚĞƐƚŝŵĂƚĞŽĨƚŚĞ
ŵŽƌƚĂůŝƚLJŽĨƚŚĞƉůĂŶƉĂƌƚŝĐŝƉĂŶƚƐďŽƚŚĚƵƌŝŶŐĂŶĚĂĨƚĞƌƚŚĞŝƌĞŵƉůŽLJŵĞŶƚ͕ĂŶĚƚŽƚŚĞŝƌĨƵƚƵƌĞƐĂůĂƌŝĞƐ͘
ŽŶƐĞƋƵĞŶƚůLJ͕ŝŶĐƌĞĂƐĞƐŝŶƚŚĞůŝĨĞĞdžƉĞĐƚĂŶĐLJĂŶĚƐĂůĂƌLJŽĨƚŚĞƉůĂŶƉĂƌƚŝĐŝƉĂŶƚƐǁŝůůƌĞƐƵůƚŝŶĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞ
ƉůĂŶŽďůŝŐĂƚŝŽŶ͘

;ĚͿ KƚŚĞƌ/ŶĨŽƌŵĂƚŝŽŶ

dŚĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐĨŽƌĐĞƌƚĂŝŶƐŝŐŶŝĨŝĐĂŶƚĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐ͕ƚŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚͲůŝĂďŝůŝƚLJ
ŵĂƚĐŚŝŶŐƐƚƌĂƚĞŐLJ͕ĂŶĚƚŚĞƚŝŵŝŶŐĂŶĚƵŶĐĞƌƚĂŝŶƚLJŽĨĨƵƚƵƌĞĐĂƐŚĨůŽǁƐƌĞůĂƚĞĚƚŽƚŚĞƉŽƐƚͲĞŵƉůŽLJŵĞŶƚƉůĂŶĂƌĞ
ĚĞƐĐƌŝďĞĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞ͘

 

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 ;ŝͿ ^ĞŶƐŝƚŝǀŝƚLJŶĂůLJƐŝƐ

 dŚĞƚĂďůĞďĞůŽǁƐƵŵŵĂƌŝnjĞƐƚŚĞĞĨĨĞĐƚƐŽĨĐŚĂŶŐĞƐŝŶƚŚĞƐŝŐŶŝĨŝĐĂŶƚĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚŝŶƚŚĞ
ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗

      /ŵƉĂĐƚŽŶWŽƐƚͲŵƉůŽLJŵĞŶƚĞĨŝŶĞĚ
      ĞŶĞĨŝƚKďůŝŐĂƚŝŽŶ 
      ŚĂŶŐĞŝŶ     /ŶĐƌĞĂƐĞŝŶ     ĞĐƌĞĂƐĞŝŶ
      ƐƐƵŵƉƚŝŽŶ     ƐƐƵŵƉƚŝŽŶ     ƐƐƵŵƉƚŝŽŶ 

  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ
  
  hW 
   ŝƐĐŽƵŶƚƌĂƚĞ  нͬͲϬ͘ϱϬй  ;W ϭϰϴ͕ϯϴϰͿ  W ϭϲϮ͕Ϯϴϯ
   ^ĂůĂƌLJŐƌŽǁƚŚƌĂƚĞ  нͬͲϬ͘ϱϬй   ϭϱϯ͕ϴϳϲ  ; ϭϰϮ͕ϭϵϳͿ

  h^
   ŝƐĐŽƵŶƚƌĂƚĞ  нͬͲϬ͘ϱϬй  ;W ϭϬ͕ϵϵϴͿ  W ϭϮ͕ϯϭϮ
   ^ĂůĂƌLJŐƌŽǁƚŚƌĂƚĞ  нͬͲϬ͘ϱϬй   ϭϭ͕ϳϯϯ  ; ϭϬ͕ϲϬϭͿ

  h^/
   ŝƐĐŽƵŶƚƌĂƚĞ  нͬͲϬ͘ϱϬй  ;W ϯ͕ϳϲϰͿ  W ϰ͕ϯϴϬ
   ^ĂůĂƌLJŐƌŽǁƚŚƌĂƚĞ  нͬͲϬ͘ϱϬй   ϰ͕ϯϲϵ  ; ϯ͕ϳϳϭͿ  
  
  ĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ
  
  hW 
   ŝƐĐŽƵŶƚƌĂƚĞ  нͬͲϬ͘ϱϬй  ;W ϭϰϴ͕ϯϴϰͿ  W ϭϲϮ͕Ϯϴϯ
   ^ĂůĂƌLJŐƌŽǁƚŚƌĂƚĞ  нͬͲϬ͘ϱϬй   ϭϱϯ͕ϴϳϲ  ; ϭϰϮ͕ϭϵϳͿ

  h^
   ŝƐĐŽƵŶƚƌĂƚĞ  нͬͲϬ͘ϱϬй  ;W ϭϬ͕ϬϬϱͿ  W ϭϬ͕ϲϴϭ
   ^ĂůĂƌLJŐƌŽǁƚŚƌĂƚĞ  нͬͲϬ͘ϱϬй   Ϯ͕ϳϴϰ  ; ϵ͕ϲϯϯͿ

  h^/
   ŝƐĐŽƵŶƚƌĂƚĞ  нͬͲϬ͘ϱϬй  ;W ϯϭϭͿ  W ϯϰϰ
   ^ĂůĂƌLJŐƌŽǁƚŚƌĂƚĞ  нͬͲϬ͘ϱϬй   ϯϯϭ  ; ϯϬϮͿ
 

dŚĞƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐŝƐďĂƐĞĚŽŶĂĐŚĂŶŐĞŝŶĂŶĂƐƐƵŵƉƚŝŽŶǁŚŝůĞŚŽůĚŝŶŐĂůůŽƚŚĞƌĂƐƐƵŵƉƚŝŽŶƐĐŽŶƐƚĂŶƚ͘dŚŝƐ
ĂŶĂůLJƐŝƐŵĂLJŶŽƚďĞƌĞƉƌĞƐĞŶƚĂƚŝǀĞŽĨƚŚĞĂĐƚƵĂůĐŚĂŶŐĞŝŶƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶĂƐŝƚŝƐƵŶůŝŬĞůLJƚŚĂƚƚŚĞ
ĐŚĂŶŐĞŝŶĂƐƐƵŵƉƚŝŽŶƐǁŽƵůĚŽĐĐƵƌŝŶŝƐŽůĂƚŝŽŶŽĨŽŶĞĂŶŽƚŚĞƌĂƐƐŽŵĞŽĨƚŚĞĂƐƐƵŵƉƚŝŽŶƐŵĂLJďĞĐŽƌƌĞůĂƚĞĚ͘
&ƵƌƚŚĞƌŵŽƌĞ͕ŝŶƉƌĞƐĞŶƚŝŶŐƚŚĞƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐ͕ƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶĂƚƚŚĞĞŶĚ
ŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚŚĂƐďĞĞŶĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͕ǁŚŝĐŚŝƐƚŚĞƐĂŵĞĂƐƚŚĂƚ
ĂƉƉůŝĞĚŝŶĐĂůĐƵůĂƚŝŶŐƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

;ŝŝͿ ƐƐĞƚͲůŝĂďŝůŝƚLJDĂƚĐŚŝŶŐ^ƚƌĂƚĞŐŝĞƐ

dŚĞŽǀĞƌĂůůŝŶǀĞƐƚŵĞŶƚƉŽůŝĐLJĂŶĚƐƚƌĂƚĞŐLJŽĨƚŚĞƌĞƚŝƌĞŵĞŶƚƉůĂŶŝƐďĂƐĞĚŽŶƚŚĞƐƵŝƚĂďŝůŝƚLJĂƐƐĞƐƐŵĞŶƚ͕ĂƐ
ƉƌŽǀŝĚĞĚďLJƚŚĞdƌƵƐƚĂŶŬŝŶŐ'ƌŽƵƉ͕ŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞ^WƌĞƋƵŝƌĞŵĞŶƚƐ͘

ůĂƌŐĞƉŽƌƚŝŽŶŽĨƚŚĞƉůĂŶĂƐƐĞƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĐŽŶƐŝƐƚƐŽĨĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐǁŝƚŚƚŚĞ
ďĂůĂŶĐĞŝŶǀĞƐƚĞĚŝŶĨŝdžĞĚŝŶĐŽŵĞƐĞĐƵƌŝƚŝĞƐ͘dŚĞ'ƌŽƵƉďĞůŝĞǀĞƐƚŚĂƚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐŽĨĨĞƌƚŚĞďĞƐƚƌĞƚƵƌŶƐŽǀĞƌ
ƚŚĞůŽŶŐƚĞƌŵǁŝƚŚĂŶĂĐĐĞƉƚĂďůĞůĞǀĞůŽĨƌŝƐŬ͘

;ŝŝŝͿ &ƵŶĚŝŶŐƌƌĂŶŐĞŵĞŶƚƐĂŶĚdžƉĞĐƚĞĚŽŶƚƌŝďƵƚŝŽŶƐ

dŚĞƉůĂŶŽĨƚŚĞWĂƌĞŶƚĂŶŬĂŶĚh^ĂƌĞĐƵƌƌĞŶƚůLJƵŶĚĞƌĨƵŶĚĞĚďLJWϳϭϴ͘ϭŵŝůůŝŽŶĂŶĚWϳϬ͘ϬŵŝůůŝŽŶ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ƚŚĞƉůĂŶŽĨh^/ŝƐŽǀĞƌĨƵŶĚĞĚďLJWϯ͘ϭďŝůůŝŽŶ͘dŚĞƐĞǁĞƌĞĂůůďĂƐĞĚŽŶƚŚĞůĂƚĞƐƚ
ĂĐƚƵĂƌŝĂůǀĂůƵĂƚŝŽŶŝŶϮϬϭϳ͘

224 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS


 dŚĞŵĂƚƵƌŝƚLJƉƌŽĨŝůĞŽĨƵŶĚŝƐĐŽƵŶƚĞĚĞdžƉĞĐƚĞĚďĞŶĞĨŝƚƉĂLJŵĞŶƚƐĨƌŽŵƚŚĞƉůĂŶĨƌŽŵƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐ
ƉĞƌŝŽĚĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 

 KŶĞƚŽĨŝǀĞLJĞĂƌƐ  W ϴϭϵ͕ϰϬϭ W ϴϯϯ͕ϬϮϴ  W ϳϳϵ͕ϳϰϰ   W ϳϵϵ͕ϵϳϳ
 DŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐƚŽϭϬLJĞĂƌƐ ϭ͕ϱϰϲ͕ϰϭϯ   ϭ͕ϯϵϭ͕ϰϰϮ   ϭ͕ϰϳϴ͕ϰϮϳ  ϭ͕ϯϯϯ͕Ϭϰϴ
 DŽƌĞƚŚĂŶϭϬLJĞĂƌƐƚŽϭϱLJĞĂƌƐ  ϭ͕ϵϳϰ͕ϮϭϮ   ϭ͕ϳϴϭ͕ϵϬϲ   ϭ͕ϴϱϱ͕ϮϮϲ  ϭ͕ϲϳϳ͕Ϯϵϯ
 DŽƌĞƚŚĂŶϭϱLJĞĂƌƐ  ϭϰ͕ϱϯϬ͕ϲϭϱ   ϭϯ͕ϳϳϯ͕ϭϭϵ   ϭϮ͕ϰϬϴ͕ϳϱϮ  ϭϭ͕ϴϱϭ͕ϱϭϳ

   W ϭϴ͕ϴϳϬ͕ϲϰϭ  W ϭϳ͕ϳϳϵ͕ϰϵϱ  W ϭϲ͕ϱϮϮ͕ϭϰϵ   W ϭϱ͕ϲϲϭ͕ϴϯϱ   
   
dŚĞWĂƌĞŶƚĂŶŬĂŶĚh^ĞdžƉĞĐƚƚŽĐŽŶƚƌŝďƵƚĞWϮϬϱ͘ϰŵŝůůŝŽŶĂŶĚWϮϰ͘ϯŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ƚŽƚŚĞƉůĂŶŝŶϮϬϭϴ͘


Ϯϰ͘ Kd,Z/EKD

Ϯϰ͘ϭ ^ĞƌǀŝĐĞŚĂƌŐĞƐ͕&ĞĞƐĂŶĚŽŵŵŝƐƐŝŽŶƐ

^ĞƌǀŝĐĞĐŚĂƌŐĞƐ͕ĨĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶƐĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ^ĞƌǀŝĐĞĐŚĂƌŐĞƐ W ϳϵϳ͕ϴϱϮ W ϴϮϯ͕ϰϲϰ W ϱϲϰ͕ϯϯϴ W ϱϭϬ͕ϵϬϳ
  &ĞĞƐĂŶĚŽƚŚĞƌĐŽŵŵŝƐƐŝŽŶƐ  Ϯϭϲ͕ϱϯϬ  ϭϰϮ͕ϲϭϭ  Ϯϭϭ͕ϯϱϰ  ϭϮϳ͕ϬϳϮ
  ĂŶŬĐŽŵŵŝƐƐŝŽŶƐ  ϭϲϬ͕ϯϱϱ  ϭϵϰ͕ϴϬϮ  ϭϰϲ͕ϬϮϮ  ϭϴϴ͕ϱϵϭ

   W ϭ͕ϭϳϰ͕ϳϯϳ W ϭ͕ϭϲϬ͕ϴϳϳ W ϵϮϭ͕ϳϭϰ W ϴϮϲ͕ϱϳϬ

&ĞĞƐĂŶĚŽƚŚĞƌĐŽŵŵŝƐƐŝŽŶƐŝŶĐůƵĚĞůŽĂŶƐĞƌǀŝĐŝŶŐĨĞĞƐĂŶĚƵŶĚĞƌǁƌŝƚŝŶŐĨĞĞƐ͘

Ϯϰ͘Ϯ DŝƐĐĞůůĂŶĞŽƵƐ/ŶĐŽŵĞ

DŝƐĐĞůůĂŶĞŽƵƐŝŶĐŽŵĞĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    EŽƚĞ   ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  dƌĂŶƐĂĐƚŝŽŶĨĞĞƐ W ϱϳ͕ϭϴϮ W ϱϴ͕ϵϭϭ W ϱϳ͕Ϭϭϰ W ϱϴ͕ϳϮϰ
  ZĞĐŽǀĞƌLJŽĨǁƌŝƚƚĞŶͲŽĨĨ
  ĂĐĐŽƵŶƚƐ  ϱϯ͕ϵϵϱ  ϭϳ͕ϰϱϮ  ϰϵ͕ϲϱϲ  ϭϮ͕ϯϰϯ
  /ŶĐŽŵĞĨƌŽŵĂƐƐĞƚƐ
  ĂĐƋƵŝƌĞĚ  Ϯϲ͕ϯϲϳ  Ϯϱ͕ϬϬϬ  ϮϮ͕ϯϯϰ  ϭϲ͕ϵϴϬ
  ŝǀŝĚĞŶĚƐ  ϭϲ͕ϲϭϰ  ϭϴ͕ϲϱϯ  ϳ͕ϴϳϵ  ϭϬ͕ϲϯϲ
  ZĞŶƚŝŶĐŽŵĞ Ϯϴ͘ϯ  ϭϮ͕ϯϯϲ  Ϯϱ͕ϲϵϰ  Ϯϯ͕ϱϭϱ  ϯϰ͕ϴϳϵ
  KƚŚĞƌƐ  ϭϱϴ͕ϱϱϭ  ϯϭϳ͕ϯϵϮ  ϯϯ͕ϯϴϯ  ϮϮ͕ϵϱϯ

   W ϯϮϱ͕Ϭϰϱ W ϰϲϯ͕ϭϬϮ W ϭϵϯ͕ϳϴϭ W ϭϱϲ͕ϱϭϱ

KƚŚĞƌƐŝŶĐůƵĚĞŶĞƚŝŶĐŽŵĞĨƌŽŵƌĞĂůĞƐƚĂƚĞƐĂůĞƐ͕ƌĞĨĞƌƌĂůĨĞĞƐ͕ŝŶĐŽŵĞĨƌŽŵĐƵƐƚŽŵĞƌ͛ƐĨŽƌĨĞŝƚƵƌĞƐ͕ƉĞŶĂůƚLJĐŚĂƌŐĞƐĂŶĚ
ŽǀĞƌĂŐĞƐ͘


 

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 Ϯϱ͘ D/^>>EKh^yWE^^

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 dƌĂǀĞůůŝŶŐĞdžƉĞŶƐĞ W ϭϵϴ͕ϮϯϮ W ϭϭϱ͕ϭϱϱ W ϭϴϵ͕ϰϱϯ W ϭϬϮ͕ϮϵϮ
 &ŝŶĞƐ͕ƉĞŶĂůƚŝĞƐĂŶĚŽƚŚĞƌĐŚĂƌŐĞƐ  ϭϴϬ͕Ϭϰϲ  ϵ͕ϲϲϵ  ϭϳϳ͕ϯϬϳ  ϵϭϮ
 WŽƐƚĂŐĞ͕ƚĞůĞƉŚŽŶĞ͕ĐĂďůĞĂŶĚ
  ƚĞůĞŐƌĂŵ  ϭϲϬ͕ϳϭϬ  ϭϱϲ͕ϭϲϳ  ϭϯϳ͕ϵϬϬ  ϭϮϴ͕ϭϳϱ
 ŽŵƉƵƚĞƌͲƌĞůĂƚĞĚĞdžƉĞŶƐĞ  ϭϭϯ͕ϵϯϬ  ϵϰ͕ϰϭϯ  ϭϭϬ͕ϭϱϯ  ϴϵ͕ϵϴϭ
 ^ƚĂƚŝŽŶĞƌLJĂŶĚƐƵƉƉůŝĞƐƵƐĞĚ  ϵϮ͕ϴϬϲ  ϵϯ͕ϵϵϯ  ϴϮ͕ϯϵϭ  ϴϮ͕ϴϳϰ
 ^ƵƉĞƌǀŝƐŝŽŶĂŶĚĞdžĂŵŝŶĂƚŝŽŶĨĞĞƐ  ϴϴ͕ϴϱϱ  ϴϱ͕Ϯϴϭ  ϴϯ͕ϵϬϯ  ϴϬ͕ϵϯϳ
 DĂŶĂŐĞŵĞŶƚĂŶĚŽƚŚĞƌ        
  ƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ  ϳϯ͕Ϭϱϴ  ϭϯϬ͕ϮϬϳ  ϲϱ͕Ϯϯϱ  ϴϴ͕ϰϭϴ
 ZĞƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĞŶƚĞƌƚĂŝŶŵĞŶƚ  ϲϱ͕ϵϭϵ  ϭϭϱ͕ϱϯϯ  ϱϳ͕ϭϭϵ  ϭϬϲ͕ϴϲϱ
 ĚǀĞƌƚŝƐŝŶŐ  ϰϵ͕ϯϳϬ  ϰϮ͕ϴϱϭ  ϰϴ͕ϬϮϴ  ϰϬ͕Ϯϭϳ
 &ƵĞůĂŶĚůƵďƌŝĐĂŶƚ  ϯϴ͕ϭϲϬ  ϯϰ͕ϯϴϱ  Ϯϵ͕ϯϳϲ  Ϯϳ͕ϵϯϯ
 &ĞĞƐĂŶĚĐŽŵŵŝƐƐŝŽŶ  Ϯϴ͕ϲϳϴ  ϭϱ͕ϴϯϰ  ϮϮ͕ϱϬϮ  ϭϮ͕ϵϴϯ
 &ƌĞŝŐŚƚĞdžƉĞŶƐĞ  ϭϰ͕ϯϯϵ  ϭϯ͕Ϭϱϲ  ϭϬ͕ϴϴϱ  ϵ͕Ϯϲϴ
 DĞŵďĞƌƐŚŝƉĨĞĞƐ  ϭϬ͕ϭϰϮ  ϭϬ͕ϯϭϭ  ϵ͕ϱϵϰ  ϵ͕ϴϮϬ
 DŝƐĐĞůůĂŶĞŽƵƐ  ϴϭ͕ϰϴϮ  ϳϱ͕ϵϮϳ  ϰϰ͕ϭϯϳ  ϰϭ͕ϰϴϬ

   W ϭ͕ϭϵϱ͕ϳϮϳ W ϵϵϮ͕ϳϴϮ W ϭ͕Ϭϲϳ͕ϵϴϯ W ϴϮϮ͕ϭϱϱ


Ϯϲ͘ dy^

dŚĞĐŽŵƉŽŶĞŶƚƐŽĨƚŚĞƚĂdžĞdžƉĞŶƐĞƌĞƉŽƌƚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĂƌĞĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ƵƌƌĞŶƚƚĂdžĞdžƉĞŶƐĞ͗
  &ŝŶĂůƚĂdž W ϳϮϰ͕ϬϮϬ W ϳϯϵ͕ϭϵϰ W ϳϭϬ͕ϰϮϰ W ϳϮϲ͕Ϯϱϭ
  ZĞŐƵůĂƌĐŽƌƉŽƌĂƚĞ
  ŝŶĐŽŵĞƚĂdž;Z/dͿ  ϭϱϱ͕Ϭϱϴ  ϲϮϮ͕ϵϬϮ  Ͳ  ϯϲϭ͕ϴϰϮ
  DŝŶŝŵƵŵĐŽƌƉŽƌĂƚĞ
  ŝŶĐŽŵĞƚĂdž;D/dͿ  ϭϱϮ͕ϯϳϲ  ϭ͕Ϯϳϵ   ϭϰϴ͕ϵϵϲ  ϰϱϳ
    ϭ͕Ϭϯϭ͕ϰϱϰ  ϭ͕ϯϲϯ͕ϯϳϱ  ϴϱϵ͕ϰϮϬ  ϭ͕Ϭϴϴ͕ϱϱϬ
 
 ĞĨĞƌƌĞĚƚĂdžŝŶĐŽŵĞƌĞůĂƚŝŶŐƚŽ
  ŽƌŝŐŝŶĂƚŝŽŶĂŶĚƌĞǀĞƌƐĂůŽĨ
  ƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ ; Ϯϴϰ͕ϴϮϳͿ;  Ϯϭϴ͕ϮϳϱͿ; ϯϬϳ͕ϱϱϳͿ  ; Ϯϭϱ͕ϲϲϱͿ

   W ϳϰϲ͕ϲϮϳ W ϭ͕ϭϰϱ͕ϭϬϬ W ϱϱϭ͕ϴϲϯ W ϴϳϮ͕ϴϴϱ

 

226 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

ƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƚĂdžŽŶƉƌĞƚĂdžƉƌŽĨŝƚĐŽŵƉƵƚĞĚĂƚƚŚĞĂƉƉůŝĐĂďůĞƐƚĂƚƵƚŽƌLJƌĂƚĞƐƚŽƚĂdžĞdžƉĞŶƐĞƌĞƉŽƌƚĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ
ŝƐĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 dĂdžŽŶƉƌĞƚĂdžƉƌŽĨŝƚĂƚϯϬй W ϭ͕ϰϲϴ͕ϬϱϬ W ϭ͕ϯϱϬ͕ϯϵϱ W ϭ͕ϯϵϲ͕ϰϱϮ W ϭ͕Ϯϰϱ͕Ϭϵϳ
 dĂdžĞĨĨĞĐƚƐŽĨ͗   
  DŽǀĞŵĞŶƚŽŶƵŶƌĞĐŽŐŶŝnjĞĚ
  ĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ ; ϲϱϭ͕ϳϰϲͿ ; ϭϭϯ͕ϲϭϬͿ; ϲϳϬ͕ϮϱϯͿ ;  ϭϯϮ͕ϰϭϲͿ
  EŽŶͲĚĞĚƵĐƚŝďůĞĞdžƉĞŶƐĞƐ  ϱϲϯ͕ϮϬϱ  ϱϮϲ͕ϴϳϮ  ϰϯϭ͕ϴϵϲ  ϰϴϲ͕ϲϱϱ
  dĂdžƉĂŝĚĂŶĚƚĂdžͲĞdžĞŵƉƚ
  ŝŶĐŽŵĞ ; Ϯϱϳ͕ϳϱϳͿ ; Ϯϴϵ͕ϵϲϭͿ; Ϯϱϳ͕ϳϱϳͿ ;  Ϯϴϯ͕ϳϱϭͿ
  &hŝŶĐŽŵĞ ; Ϯϭϱ͕ϴϳϳͿ ; ϭϳϴ͕ϵϵϵͿ; Ϯϭϱ͕ϴϳϳͿ ;  ϭϳϴ͕ϵϵϵͿ
  EŽŶͲƚĂdžĂďůĞŝŶĐŽŵĞ ; ϭϱϴ͕ϰϲϳͿ ; ϭϰϴ͕ϳϰϴͿ; ϭϯϮ͕ϱϵϴͿ ;  Ϯϲϯ͕ϳϬϭͿ
  ƉƉůŝĐĂƚŝŽŶŽĨŶĞƚŽƉĞƌĂƚŝŶŐ
  ůŽƐƐĐĂƌƌLJͲŽǀĞƌ;EK>KͿ ; ϳϴϭͿ ;  ϴϰϵͿ  Ͳ    Ͳ 
  
   W ϳϰϲ͕ϲϮϳ W ϭ͕ϭϰϱ͕ϭϬϬ W  ϱϱϭ͕ϴϲϯ W ϴϳϮ͕ϴϴϱ

ŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƐŚŽǁŶŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĨŽůůŽǁ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŽŶ͗
  ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
   ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ W ϭ͕ϬϬϱ͕ϵϰϴ W ϰϵϮ͕ϰϯϱ W  ϳϰϱ͕ϵϮϱ W  ϮϮϴ͕ϲϱϱ
  ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ  Ϯϯϲ͕ϰϮϲ  Ϯϱϭ͕Ϭϱϴ  Ϯϭϱ͕ϰϮϲ  ϮϯϮ͕ϯϳϳ
  ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶŽŶ
   ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ  ϭϰ͕ϱϲϲ  ϭϯ͕ϮϯϮ  Ͳ   Ͳ 
  WƌŽǀŝƐŝŽŶĨŽƌĂĐĐƌƵĂůŽĨĞdžƉĞŶƐĞƐ  Ͳ   ϭ͕ϲϯϮ  Ͳ   Ͳ 
  D/d  ϮϴϮ  ϯϰϲ  Ͳ   Ͳ 
  KƚŚĞƌƐ  ϯϯ͕ϰϬϵ  Ϯϭ͕ϯϯϬ  Ϯϲ͕Ϯϴϭ  ϭϴ͕ϰϲϬ
    ϭ͕ϮϵϬ͕ϲϯϭ  ϳϴϬ͕Ϭϯϯ  ϵϴϳ͕ϲϯϮ  ϰϳϵ͕ϰϵϮ

 ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJŽŶ͗
  hŶƌĞĂůŝnjĞĚŐĂŝŶŽŶ&sW>  ϰϬ͕ϯϰϴ  ϯϯ͕ϴϰϵ  Ϯϲ͕ϮϬϬ  Ϯϵ͕ϳϵϲ
  >ĞĂƐĞŝŶĐŽŵĞĚŝĨĨĞƌĞŶƚŝĂů  Ϯϲ͕ϱϯϱ  Ϯϵ͕Ϯϭϴ  Ͳ   Ͳ 
  džƉĞŶƐĞŽŶ>dE  ϭϭ͕ϳϬϯ  ϭϬ͕ϮϮϭ  ϭϭ͕ϳϬϯ   ϭϬ͕ϮϮϭ
  hŶƌĞĂůŝnjĞĚŐĂŝŶŽŶĨŽƌĞĐůŽƐƵƌĞ  ϵ͕Ϯϱϴ  ϭϮ͕ϳϱϮ  Ͳ   Ͳ 
  KƚŚĞƌƐ  Ϯϱ͕ϬϮϯ  Ϯϵ͕ϵϱϬ  ϭϬ͕Ϯϰϭ  Ϯϵ͕ϵϱϬ
    ϭϭϮ͕ϴϲϳ  ϭϭϱ͕ϵϵϬ  ϰϴ͕ϭϰϰ  ϲϵ͕ϵϲϳ

 EĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ W ϭ͕ϭϳϳ͕ϳϲϰ W ϲϲϰ͕Ϭϰϯ W ϵϯϵ͕ϰϴϴ W ϰϬϵ͕ϱϮϱ
 
 ĞĨĞƌƌĞĚƚĂdžĐŚĂƌŐĞĚƚŽ
  ŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞʹ
  ZĞŵĞĂƐƵƌĞŵĞŶƚůŽƐƐŽŶ
  ƌĞƚŝƌĞŵĞŶƚƉůĂŶ ;W ϮϰϮ͕ϴϲϳͿ ;W Ϯϰϰ͕ϭϲϰͿ ;W Ϯϭϴ͕ϴϳϮͿ ;W Ϯϯϰ͕ϰϯϲͿ

 ĞĨĞƌƌĞĚƚĂdžĐƌĞĚŝƚĞĚ
  ƚŽƉƌŽĨŝƚŽƌůŽƐƐ ;W ϵϯϰ͕ϴϵϳͿ ;W ϰϭϵ͕ϴϳϵͿ ;W ϳϮϬ͕ϲϭϲͿ ;W ϭϳϱ͕ϬϴϵͿ
 
 

U C P B 2 0 1 7 A N N U A L R E P O R T 227
 ŽŵƉŽŶĞŶƚƐŽĨŶĞƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐŽĨƚŚĞ'ƌŽƵƉĂƐĂƚĞĐĞŵďĞƌϯϭĂƌĞĂƐĨŽůůŽǁƐ͗

          ϮϬϭϳ   ϮϬϭϲ 
  
   ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚŽŶ͗        
   ZĞŵĞĂƐƵƌĞŵĞŶƚůŽƐƐŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ   W ϭ͕Ϯϭϳ W ϭ͕ϭϵϴ
   ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ    ϭϮϳ  ϭϮϳ
   KƚŚĞƌƐ        ϴϭϴ  ϳϮϮ
             Ϯ͕ϭϲϮ  Ϯ͕Ϭϰϳ

  ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJŽŶ͗
   hŶƌĞĂůŝnjĞĚŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ    ϭϳ͕ϰϵϴ  ϭϳ͕ϯϴϮ
   ZĞƚŝƌĞŵĞŶƚĂƐƐĞƚ      Ϯ͕ϭϲϬ  ϭ͕ϵϴϴ
   KƚŚĞƌƐ        Ͳ   ϳ
             ϭϵ͕ϲϱϴ  ϭϵ͕ϯϳϳ

  EĞƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ     W ϭϳ͕ϰϵϲ W ϭϳ͕ϯϯϬ

  ĞĨĞƌƌĞĚƚĂdžĐŚĂƌŐĞĚƚŽ
  ŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
    ZĞŵĞĂƐƵƌĞŵĞŶƚůŽƐƐŽŶƌĞƚŝƌĞŵĞŶƚƉůĂŶ   W ϭ͕Ϯϭϳ W ϭ͕ϭϵϴ
    hŶƌĞĂůŝnjĞĚŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ   ; ϭϳ͕ϰϵϴͿ ; ϭϳ͕ϯϴϮͿ

            ;W ϭϲ͕ϮϴϭͿ ;W ϭϲ͕ϭϴϰͿ

  ĞĨĞƌƌĞĚƚĂdžĐŚĂƌŐĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐ     ;W ϭ͕ϮϭϱͿ ;W ϭ͕ϭϰϲͿ

dŚĞWĂƌĞŶƚĂŶŬĂŶĚĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞŶŽƚƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽŶĐĞƌƚĂŝŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐƐŝŶĐĞ
ŵĂŶĂŐĞŵĞŶƚďĞůŝĞǀĞƐƚŚĂƚƚŚĞWĂƌĞŶƚĂŶŬĂŶĚĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐŵĂLJŶŽƚďĞĂďůĞƚŽŐĞŶĞƌĂƚĞƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚŝŶ
ƚŚĞĨƵƚƵƌĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞƚĂdžďĞŶĞĨŝƚƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝnjĞĚ͘

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚŝĚŶŽƚƌĞĐŽŐŶŝnjĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽŶƚŚĞĨŽůůŽǁŝŶŐƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
   EŽƚĞ  ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ůůŽǁĂŶĐĞĨŽƌĐƌĞĚŝƚĂŶĚ
  ŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ W Ϯ͕ϱϲϳ͕Ϭϱϳ W ϲ͕Ϯϳϰ͕ϲϳϳ W Ϯ͕ϱϲϳ͕Ϭϱϳ W ϲ͕Ϯϲϰ͕ϯϯϴ
 ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ
  ŽŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ  ϭ͕ϰϴϰ͕ϲϳϲ  ϭ͕ϲϮϳ͕ϴϱϵ  ϭ͕ϰϴϰ͕ϲϳϲ  ϭ͕ϲϭϱ͕Ϯϱϰ
 hŶƌĞĂůŝnjĞĚůŽƐƐŽŶ&^
  ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ϳϳϳ͕Ϯϭϭ  ϰϴϬ͕ϯϴϴ  ϳϳϰ͕ϱϮϮ  ϰϳϴ͕Ϯϳϱ
 ĐĐƌƵĞĚĞdžƉĞŶƐĞ  ϮϮϵ͕ϱϭϯ  ϭϲϭ͕ϴϬϮ  ϮϮϵ͕ϱϭϯ  ϭϰϵ͕ϭϵϳ
 hŶƌĞĂůŝnjĞĚůŽƐƐŽŶĨŝŶĂŶĐŝĂů 
  ĂƐƐĞƚƐĂƚ&sdW> ϭϭ͘ϭ  ϭϯϮ͕ϴϯϮ  ϭϯϭ͕ϰϭϬ  ϭϯϮ͕ϴϯϮ  ϭϯϮ͕ϴϯϮ
 džĐĞƐƐD/dŽǀĞƌZ/d  ϭϭϮ͕ϵϰϯ  Ϯ͕Ϭϳϰ   ϭϭϮ͕ϱϴϵ Ͳ 
 hŶƌĞĂůŝnjĞĚůŽƐƐŽŶ
  ĨŽƌĞĐůŽƐƵƌĞƐ  Ϯϱ͕ϴϵϯ  Ϯϳϱ͕ϲϴϮ  Ϯϱ͕ϴϵϯ  Ϯϵϱ͕ϭϴϰ
 EK>K  ϲ͕ϱϯϯ  ϯ͕ϰϮϱ  Ͳ   Ͳ 
 
   W ϱ͕ϯϯϲ͕ϲϱϴ W ϴ͕ϵϱϳ͕ϯϭϳ W ϱ͕ϯϮϳ͕ϬϴϮ W ϴ͕ϵϯϱ͕ϬϴϬ

 

228 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

dŚĞďƌĞĂŬĚŽǁŶŽĨƚŚĞ'ƌŽƵƉ͛ƐEK>KǁŝƚŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐǀĂůŝĚŝƚLJƉĞƌŝŽĚƐĨŽůůŽǁ͗

 /ŶĐĞƉƚŝŽŶ            džƉŝƌLJ
  zĞĂƌ   ŵŽƵŶƚ   hƚŝůŝnjĞĚ   džƉŝƌĞĚ   ĂůĂŶĐĞ   zĞĂƌ 

  ϮϬϭϳ  W ϰ͕ϭϯϱ W Ͳ  W Ͳ  W ϰ͕ϭϯϱ  ϮϬϮϬ
  ϮϬϭϲ   ϳϯϴ ;  ϲϱϯͿ  Ͳ   ϴϱ  ϮϬϭϵ
  ϮϬϭϱ   ϯ͕ϳϵϴ ; ϭ͕ϵϱϭͿ   Ͳ   ϭ͕ϴϰϳ  ϮϬϭϴ
  ϮϬϭϰ   ϭ͕ϳϬϲ ; ϳϮϭͿ ;  ϵϴϱͿ  Ͳ   
 
    W ϭϬ͕ϯϳϳ ;W ϯ͕ϯϮϱͿ ;W ϵϴϱͿ W ϲ͕Ϭϲϳ

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬŚĂƐŶŽƵŶƵƚŝůŝnjĞĚEK>K͘

dŚĞďƌĞĂŬĚŽǁŶŽĨƚŚĞ'ƌŽƵƉ͛ƐD/dǁŝƚŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐǀĂůŝĚŝƚLJƉĞƌŝŽĚƐĨŽůůŽǁ͗

 /ŶĐĞƉƚŝŽŶ            džƉŝƌLJ
  zĞĂƌ   ŵŽƵŶƚ   hƚŝůŝnjĞĚ   džƉŝƌĞĚ   ĂůĂŶĐĞ   zĞĂƌ 

  ϮϬϭϳ  W ϭϭϮ͕ϱϴϵ W Ͳ  W Ͳ  W ϭϭϮ͕ϱϴϵ  ϮϬϮϬ
  ϮϬϭϲ   ϲϰϵ ;  ϳϳͿ  Ͳ   ϱϳϮ  ϮϬϭϵ
  ϮϬϭϱ   Ϯ͕ϮϮϯ ; ϭ͕ϳϳϳͿ   Ͳ   ϰϰϲ  ϮϬϭϴ
  ϮϬϭϰ   ϰϯ͕Ϯϴϱ ; ϰϯ͕ϮϳϳͿ ;  ϴͿ  Ͳ  

    W ϭϱϴ͕ϳϰϲ ;W ϰϱ͕ϭϯϭͿ ;W  ϴͿ W ϭϭϯ͕ϲϬϳ

dŚĞďƌĞĂŬĚŽǁŶŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐD/dǁŝƚŚƚŚĞĐŽƌƌĞƐƉŽŶĚŝŶŐǀĂůŝĚŝƚLJƉĞƌŝŽĚƐĨŽůůŽǁ͗

 /ŶĐĞƉƚŝŽŶ            džƉŝƌLJ
  zĞĂƌ   ŵŽƵŶƚ   hƚŝůŝnjĞĚ   džƉŝƌĞĚ   ĂůĂŶĐĞ   zĞĂƌ 

  ϮϬϭϳ  W ϭϭϮ͕ϱϴϵ  W Ͳ   W Ͳ  W ϭϭϮ͕ϱϴϵ  ϮϬϮϬ 
  ϮϬϭϲ    ϰϱϳ  Ͳ   Ͳ    ϰϱϳ  ϮϬϭϵ
  ϮϬϭϱ    Ϯ͕Ϭϭϴ ; ϭ͕ϱϳϮͿ  Ͳ    ϰϰϲ  ϮϬϭϴ
  ϮϬϭϰ   ϰϯ͕Ϯϳϳ ; ϰϮ͕ϴϱϭͿ ;  ϰϮϲͿ  Ͳ   ϮϬϭϳ
  
    W ϭϱϴ͕ϯϰϭ ;W ϰϰ͕ϰϮϯͿ ;W  ϰϮϲͿ W ϭϭϯ͕ϰϵϮ

/ŶϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŽƉƚĞĚƚŽĐŽŶƚŝŶƵĞĐůĂŝŵŝŶŐŝƚĞŵŝnjĞĚĚĞĚƵĐƚŝŽŶƐ͘


Ϯϳ͘ dZh^dKWZd/KE^

^ĞĐƵƌŝƚŝĞƐĂŶĚŽƚŚĞƌƉƌŽƉĞƌƚŝĞƐĂŵŽƵŶƚŝŶŐƚŽWϴϮ͘ϵϲďŝůůŝŽŶĂŶĚWϴϬ͘ϭϬďŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͕ŚĞůĚďLJƚŚĞWĂƌĞŶƚĂŶŬŝŶĨŝĚƵĐŝĂƌLJŽƌĂŐĞŶĐLJĐĂƉĂĐŝƚLJĨŽƌŝƚƐĐƵƐƚŽŵĞƌƐ͕ĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨ
ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶƐŝŶĐĞƚŚĞƐĞĂƌĞŶŽƚƉƌŽƉĞƌƚŝĞƐŽĨƚŚĞWĂƌĞŶƚĂŶŬ͘

/ŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ĞŶĞƌĂůĂŶŬŝŶŐ>ĂǁŽĨϮϬϬϬƌĞůĂƚŝǀĞƚŽƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƚƌƵƐƚĨƵŶĐƚŝŽŶƐ͗

D /ŶǀĞƐƚŵĞŶƚƐŝŶŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐǁŝƚŚƚŽƚĂůĨĂĐĞǀĂůƵĞŽĨWϬ͘ϴďŝůůŝŽŶ;ŝŶĐůƵĚĞĚƵŶĚĞƌ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐͿĂƐĂƚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƌĞĚĞƉŽƐŝƚĞĚǁŝƚŚƚŚĞ^WĂƐƐĞĐƵƌŝƚLJĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨĂŝƚŚĨƵůĐŽŵƉůŝĂŶĐĞǁŝƚŚŝƚƐ
ĨŝĚƵĐŝĂƌLJŽďůŝŐĂƚŝŽŶƐ͖ĂŶĚ͕

E ϭϬ͘ϬйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƚƌƵƐƚŝŶĐŽŵĞŝƐƚƌĂŶƐĨĞƌƌĞĚƚŽƐƵƌƉůƵƐƌĞƐĞƌǀĞ͘dŚŝƐLJĞĂƌůLJƚƌĂŶƐĨĞƌŝƐƌĞƋƵŝƌĞĚƵŶƚŝůƚŚĞ
ƐƵƌƉůƵƐƌĞƐĞƌǀĞĨŽƌƚƌƵƐƚĨƵŶĐƚŝŽŶŝƐĞƋƵŝǀĂůĞŶƚƚŽϮϬ͘ϬйŽĨƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĂƵƚŚŽƌŝnjĞĚĐĂƉŝƚĂůƐƚŽĐŬ͘/ŶĐŽŵĞĨƌŽŵ
ƚƌƵƐƚŽƉĞƌĂƚŝŽŶƐŝƐƌĞƉŽƌƚĞĚŶĞƚŽĨƚŚĞƌĞůĂƚĞĚĞdžƉĞŶƐĞƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 229
 ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲƚŚĞƌĞƐĞƌǀĞĨŽƌƚƌƵƐƚďƵƐŝŶĞƐƐĂŵŽƵŶƚĞĚƚŽWϭϮϱ͘ϴϲŵŝůůŝŽŶĂŶĚŝƐƐŚŽǁŶĂƐƉĂƌƚŽĨ
^ƵƌƉůƵƐZĞƐĞƌǀĞƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ;ƐĞĞEŽƚĞϮϮ͘ϱͿ͘dŚĞĂŵŽƵŶƚŽĨƐƵƌƉůƵƐĨŽƌĂƉƉƌŽƉƌŝĂƚŝŽŶƌĞĐŽŐŶŝnjĞĚ
ďLJƚŚĞWĂƌĞŶƚĂŶŬŝŶϮϬϭϲŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚ^WƌĞƋƵŝƌĞŵĞŶƚĂŵŽƵŶƚĞĚƚŽWϮ͘ϴϮŵŝůůŝŽŶ;ŶŝůŝŶϮϬϭϳͿ͘/ŶĐŽŵĞĨƌŽŵƚƌƵƐƚ
ŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂŵŽƵŶƚĞĚƚŽWϵϮ͘ϴϲŵŝůůŝŽŶĂŶĚWϭϭϬ͘ϱϰŵŝůůŝŽŶ͕ŝŶϮϬϭϳĂŶĚϮϬϭϲ͕
ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚƉƌĞƐĞŶƚĞĚƵŶĚĞƌKƚŚĞƌ/ŶĐŽŵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘

KŶDĂƌĐŚϱ͕ϭϵϴϭ͕ƚŚĞ^WĚŝƌĞĐƚĞĚƚŚĞWĂƌĞŶƚĂŶŬƚŽƌĞĐŽƌĚŝŶŝƚƐdƌƵƐƚĂŶŬŝŶŐ'ƌŽƵƉƚŚĞŝŶǀĞƐƚŵĞŶƚƐŵĂĚĞďLJƚŚĞĂŶŬ
ŽƵƚŽĨ/&ͬ//&ĂƐƉĂƌƚŽĨƚŚĞĂŶŬ͛ƐƚƌƵƐƚĂƐƐĞƚƐƐƵďũĞĐƚƚŽ^ĞĐƚŝŽŶϲϱŽĨZEŽ͘ϯϯϳ͕ĂƐĂŵĞŶĚĞĚ͕ĂŶĚDĞŵŽƌĂŶĚƵŵƚŽůů
ďĂŶŬƐͲ^ĚĂƚĞĚ&ĞďƌƵĂƌLJϭϳ͕ϭϵϳϬĂƐƚŽƚŚĞĂŵŽƵŶƚŽĨƐĞĐƵƌŝƚŝĞƐƚŽďĞĚĞƉŽƐŝƚĞĚƚŽƚŚĞ^WĨŽƌƚŚĞĨĂŝƚŚĨƵůƉĞƌĨŽƌŵĂŶĐĞŽĨ
ŝƚƐƚƌƵƐƚĚƵƚŝĞƐ͘dŚĞŝŶǀĞƐƚŵĞŶƚƐŚŽƵůĚďĞƉƌŽƉĞƌůLJƐƵƉƉŽƌƚĞĚĂŶĚĚŽĐƵŵĞŶƚĞĚĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽŶƚŝŶƵŝŶŐĞǀĂůƵĂƚŝŽŶ
ĂŶĚĂŶĂůLJƐŝƐŝŶƚĞƌŵƐŽĨƉƌŽĨŝƚĂďŝůŝƚLJĂŶĚǀŝĂďŝůŝƚLJĂƐǁĞůůĂƐƚŽƉƌŽǀŝĚĞ^WǁŝƚŚĂĐŽŶĐƌĞƚĞĚĂƚĞƚŽĞǀĂůƵĂƚĞƚŚĞWĂƌĞŶƚĂŶŬ͛Ɛ
ĐŽŵƉůŝĂŶĐĞǁŝƚŚWEŽ͘ϭϰϲϴĂŶĚ>ĞƚƚĞƌŽĨ/ŶƐƚƌƵĐƚŝŽŶƐEŽ͘ϵϮϲ͞ZĂƚŝŽŶĂůŝnjĂƚŝŽŶŽĨƚŚĞŽĐŽŶƵƚKŝůDŝůůŝŶŐ/ŶĚƵƐƚƌLJ͘͟

dŚĞWĂƌĞŶƚĂŶŬŚĂƐŝŶǀĞƐƚŵĞŶƚƐŝŶ>K/͕^WD͕^>KD/ĂŶĚ'D͘dŚĞ//&ĨŽƌŵƐƉĂƌƚŽĨƚŚĞ^&͕ŽƚŚĞƌǁŝƐĞŬŶŽǁŶĂƐƚŚĞ
ĐŽĐŽŶƵƚůĞǀLJĨƵŶĚ͕ǁŚŝĐŚǁĂƐĐƌĞĂƚĞĚŝŶϭϵϳϯďLJWEŽ͘Ϯϳϲ͘dŚĞƐĞ//&ĐŽŵƉĂŶŝĞƐŚĂǀĞŝŶǀĞƐƚŵĞŶƚƐŝŶϭϰ,ŽůĚŝŶŐ
ŽŵƉĂŶŝĞƐǁŚŽƐĞĨƵŶĚƐǁĞƌĞŝŶǀĞƐƚĞĚŝŶ^DƐŚĂƌĞƐƚŚĂƚǁĞƌĞƐĞƋƵĞƐƚĞƌĞĚďLJƚŚĞW''ŝŶDĂLJϭϵϴϲ͘

&ŽůůŽǁŝŶŐƐĞƋƵĞƐƚƌĂƚŝŽŶ͕ƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞ//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐ͕ĂƐǁĞůůĂƐƚŚĞ//&ĐŽŵƉĂŶŝĞƐ͕ďĞĐĂŵĞƚŚĞƐƵďũĞĐƚŽĨ
ůĞŐĂůƉƌŽĐĞĞĚŝŶŐƐďĞĨŽƌĞƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂŶĚ^ƵƉƌĞŵĞŽƵƌƚ͘KŶ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚĚĞĐůĂƌĞĚƚŚĂƚƚŚĞ
//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐŽĨƐƚŽĐŬƚŽƚĂůŝŶŐϯϯ͕ϭϯϯ͕ϮϲϲƐŚĂƌĞƐĂƐŽĨϭϵϴϯƚŽŐĞƚŚĞƌǁŝƚŚĂůůƚŚĞĚŝǀŝĚĞŶĚƐĚĞĐůĂƌĞĚ͕ƉĂŝĚĂŶĚ
ŝƐƐƵĞĚƚŚĞƌĞŽŶĂƐǁĞůůĂƐĂŶLJŝŶĐƌĞŵĞŶƚƐƚŚĞƌĞƚŽĂƌŝƐŝŶŐĨƌŽŵ͕ďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ĞdžĞƌĐŝƐĞŽĨƉƌĞͲĞŵƉƚŝǀĞƌŝŐŚƚƐĂƌĞĚĞĐůĂƌĞĚ
ŽǁŶĞĚďLJƚŚĞŐŽǀĞƌŶŵĞŶƚƚŽďĞƵƐĞĚŽŶůLJĨŽƌƚŚĞďĞŶĞĨŝƚŽĨĂůůĐŽĐŽŶƵƚĨĂƌŵĞƌƐĂŶĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞĐŽĐŽŶƵƚ
ŝŶĚƵƐƚƌLJĂŶĚŽƌĚĞƌĞĚƌĞĐŽŶǀĞLJĞĚƚŽƚŚĞŐŽǀĞƌŶŵĞŶƚ͘dŚĞ^ƵƉƌĞŵĞŽƵƌƚĂĨĨŝƌŵĞĚƚŚĞƌĞƐŽůƵƚŝŽŶŝƐƐƵĞĚďLJƚŚĞ
^ĂŶĚŝŐĂŶďĂLJĂŶŽŶ:ƵŶĞϱ͕ϮϬϬϳ͕ƚŚĂƚƚŚĞƌĞŝƐŶŽŵŽƌĞŶĞĐĞƐƐŝƚLJŽĨĨƵƌƚŚĞƌƚƌŝĂůǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞŝƐƐƵĞŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞ
//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐ͕ĂŶĚƚŚĞ//&ŽŵƉĂŶŝĞƐĂƐƚŚĞLJŚĂǀĞďĞĞŶĨŝŶĂůůLJĂĚũƵĚŝĐĂƚĞĚŝŶƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚ
ĚĂƚĞĚ:ƵůLJϭϭ͕ϮϬϬϯĂŶĚDĂLJϳ͕ϮϬϬϰ͘

KŶ&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϮ͕KK&͕ĞƚĂů͕͘ĨŝůĞĚĂDŽƚŝŽŶĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽŶƚŚĞĚĞĐŝƐŝŽŶƌĞŶĚĞƌĞĚďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚ
ŽŶ:ĂŶƵĂƌLJϮϰ͕ϮϬϭϮ͕ĐŝƚŝŶŐĐĞƌƚĂŝŶƐƵďƐƚĂŶƚŝĂůĂŶĚŐƌĂǀĞĞƌƌŽƌƐŽĨĨĂĐƚ͘dŚĞDŽƚŝŽŶĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶǁĂƐĚĞŶŝĞĚǁŝƚŚ
ĨŝŶĂůŝƚLJďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŽŶ^ĞƉƚĞŵďĞƌϰ͕ϮϬϭϮ͘dŚĞ^ƵƉƌĞŵĞŽƵƌƚĚĞĐŝƐŝŽŶďĞĐĂŵĞĨŝŶĂůĂŶĚĞdžĞĐƵƚŽƌLJĂŶĚŚĂƐďĞĞŶ
ƌĞĐŽƌĚĞĚŝŶƚŚĞŽŽŬŽĨŶƚƌŝĞƐŽĨ:ƵĚŐŵĞŶƚŽŶĞĐĞŵďĞƌϭϬ͕ϮϬϭϰ͘/ŶƉƌŝůϮϬϭϲ͕ƚŚĞKĨĨŝĐĞŽĨƚŚĞ^ŽůŝĐŝƚŽƌ'ĞŶĞƌĂůĨŝůĞĚ
ďĞĨŽƌĞƚŚĞ^ĂŶĚŝŐĂŶďĂLJĂŶĂDŽƚŝŽŶĨŽƌƚŚĞWĂƌƚŝĂůdžĞĐƵƚŝŽŶŽĨƚŚĞWĂƌƚŝĂů^ƵŵŵĂƌLJ:ƵĚŐŵĞŶƚŝƐƐƵĞĚŝŶŝǀŝůĂƐĞ
EŽ͘ϬϬϯϯͲ&͘

KŶĞĐĞŵďĞƌϮϴ͕ϮϬϭϮ͕ƚŚĞWĂƌĞŶƚĂŶŬĨŝůĞĚĂ^ƉĞĐŝĂůŝǀŝůĐƚŝŽŶĨŽƌĞĐůĂƌĂƚŽƌLJZĞůŝĞĨƐĞĞŬŝŶŐĐůĂƌŝĨŝĐĂƚŝŽŶŽŶƚŚĞWĂƌĞŶƚ
ĂŶŬ͛ƐƉƌŽƉŽƌƚŝŽŶĂƚĞƌŝŐŚƚ͕ƚŝƚůĞĂŶĚŝŶƚĞƌĞƐƚŝŶƚŚĞ//&ŽŵƉĂŶŝĞƐ͕ĂƐǁĞůůĂƐƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŝŶĚŝƌĞĐƚĞƋƵŝƚLJŝŶƚŚĞϭϰ
,ŽůĚŝŶŐŽŵƉĂŶŝĞƐĂŶĚƚŚĞ//&ďůŽĐŬŽĨ^DƐŚĂƌĞƐ͘dŚĞĐĂƐĞ͕ĚŽĐŬĞƚĞĚĂƐŝǀŝůĂƐĞEŽ͘ϭϮͲϭϮϱϭďĞĨŽƌĞZĞŐŝŽŶĂůdƌŝĂů
ŽƵƌƚŽĨDĂŬĂƚŝƌĂŶĐŚϱϵ͕ǁĂƐĐŽŶƐŽůŝĚĂƚĞĚǁŝƚŚŝǀŝůĂƐĞEŽ͘ϭϮͲϭϱϮ͕ǁŚŝĐŚŝƐĂƐŝŵŝůĂƌĂĐƚŝŽŶĨŝůĞĚďLJŽĐŽůŝĨĞǁŝƚŚ
ƌĞƐƉĞĐƚƚŽŝƚƐƉƌŽƉŽƌƚŝŽŶĂƚĞƌŝŐŚƚ͕ƚŝƚůĞĂŶĚŝŶƚĞƌĞƐƚŝŶƚŚĞ//&ŽŵƉĂŶŝĞƐŽŶ^ĞƉƚĞŵďĞƌϮϱ͕ϮϬϭϯ͘dŚĞW''͕ƚŚƌŽƵŐŚƚŚĞ
KĨĨŝĐĞŽĨƚŚĞ^ŽůŝĐŝƚŽƌ'ĞŶĞƌĂů͕ŚĂƐƐŽƵŐŚƚƚŚĞĚŝƐŵŝƐƐĂůŽĨƚŚĞĐĂƐĞƐ͕ďƵƚĨĂŝůĞĚƚŽŽďƚĂŝŶĂĨĂǀŽƌĂďůĞƌƵůŝŶŐĨƌŽŵƚŚĞƚƌŝĂů
ĐŽƵƌƚ͘ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞW''ĞůĞǀĂƚĞĚƚŚĞŵĂƚƚĞƌƚŽƚŚĞ^ƵƉƌĞŵĞŽƵƌƚǀŝĂĂWĞƚŝƚŝŽŶĨŽƌĞƌƚŝŽƌĂƌŝǁŝƚŚĂƉƌĂLJĞƌĨŽƌĂ
dZK͘

KŶƵŐƵƐƚϭϭ͕ϮϬϭϱ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŐƌĂŶƚĞĚƚŚĞW''͛ƐƉĞƚŝƚŝŽŶĂŶĚĚŝƐŵŝƐƐĞĚƚŚĞƉĞƚŝƚŝŽŶƐĨŽƌĚĞĐůĂƌĂƚŽƌLJƌĞůŝĞĨŽĨƚŚĞ
WĂƌĞŶƚĂŶŬĂŶĚŽĐŽůŝĨĞ;WƌĞƐŝĚĞŶƚŝĂůŽŵŵŝƐƐŝŽŶŽŶ'ŽŽĚ'ŽǀĞƌŶŵĞŶƚǀ͘,ŽŶ͘tŝŶůŽǀĞƵŵĂLJĂƐ͕hWĂŶĚŽĐŽůŝĨĞ͕'͘Z͘
EŽƐ͘ϮϬϵϰϰϳĂŶĚϮϭϬϵϬϭͿ͘&ƌŽŵƚŚĞĂĚǀĞƌƐĞĚĞĐŝƐŝŽŶ͕ƚŚĞĂŶŬĂŶĚŽĐŽůŝĨĞĨŝůĞĚDŽƚŝŽŶƐĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͘dŚĞDŽƚŝŽŶƐ
ǁĞƌĞĚĞŶŝĞĚďLJƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŝŶŝƚƐZĞƐŽůƵƚŝŽŶŽŶKĐƚŽďĞƌϮϬ͕ϮϬϭϱ͘dŚĞDŽƚŝŽŶƐĨŽƌ>ĞĂǀĞƚŽĚŵŝƚ^ĞĐŽŶĚDŽƚŝŽŶĨŽƌ
ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶĨŝůĞĚďLJƚŚĞĂŶŬĂŶĚŽĐŽůŝĨĞǁĞƌĞůŝŬĞǁŝƐĞĚĞŶŝĞĚŽŶ&ĞďƌƵĂƌLJϵ͕ϮϬϭϲ͘

ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭ͘ϱ͕KƐǁĞƌĞŝƐƐƵĞĚďLJƚŚĞZKWĂůŽŶŐǁŝƚŚƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞƌĞĐĂƉŝƚĂůŝnjĂƚŝŽŶŽĨƚŚĞWĂƌĞŶƚĂŶŬŝŶ
ϮϬϭϱ͘dŚĞKƐƌĞůĂƚĞƚŽƚŚĞĚĞĐŝƐŝŽŶĂďŽƵƚƚŚĞŽǁŶĞƌƐŚŝƉŽĨĂŶĚƚŚĞŝŶǀĞŶƚŽƌLJ͕ƌĞĐŽŶǀĞLJĂŶĐĞ͕ƵƚŝůŝnjĂƚŝŽŶĂŶĚƉƌŝǀĂƚŝnjĂƚŝŽŶŽĨ
ĐŽĐŽůĞǀLJĂƐƐĞƚƐŝŶĐůƵĚŝŶŐƚŚĞ//&ĐŽŵƉĂŶŝĞƐ͘dŚĞŝƌŝŵƉůĞŵĞŶƚĂƚŝŽŶŚĂƐďĞĞŶĞŶũŽŝŶĞĚďLJĂdZKŝƐƐƵĞĚďLJƚŚĞ^ƵƉƌĞŵĞ
ŽƵƌƚ͘KŶƵŐƵƐƚϴ͕ϮϬϭϳ͕ƚŚĞ^ƵƉƌĞŵĞŽƵƌƚůŝĨƚĞĚƚŚĞdZK͘


 

230 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

Ϯϴ͘ Z>dWZdzdZE^d/KE^

ƐƵŵŵĂƌLJŽĨƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞƐŽĨƐƵĐŚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŝƚƐƌĞůĂƚĞĚ
ƉĂƌƚŝĞƐĂƐŽĨĂŶĚĨŽƌƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲŝƐƉƌĞƐĞŶƚĞĚďĞůŽǁĂŶĚŝŶƚŚĞƐƵĐĐĞĞĚŝŶŐƉĂŐĞ͘

   'ƌŽƵƉ 
   ϮϬϭϳ 
   ZĞůĂƚĞĚWĂƌƚLJ      ŵŽƵŶƚŽĨ   KƵƚƐƚĂŶĚŝŶŐ
   ĂƚĞŐŽƌLJ   EŽƚĞ   dƌĂŶƐĂĐƚŝŽŶ   ĂůĂŶĐĞ   dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ 
 
   ƐƐŽĐŝĂƚĞƐ
   >K/͗          
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞ   Ϯϴ͘ϭ  ;W ϭϵϵ͕ϳϬϱ Ϳ  W ϯϱϯ͕ϱϭϱ  ϱϯʹϭϭϭĚĂLJƐ͖ϰ͘ϱϬй͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϯϳ͕ϭϲϮ Ϳ   ϭϵ͕ϭϵϳ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϭϮϱйͲϬ͘Ϯϱй
  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ       ϱ͕ϰϬϲ    Ͳ
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϵϮ    Ͳ
   
   ^WD͗          
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞ   Ϯϴ͘ϭ    ϭ͕ϬϬϯ    Ͳ   hŶƐĞĐƵƌĞĚ 
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϴϰ͕ϮϴϮ Ϳ    ϭϴ͕ϲϵϲ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϭϮϱйͲϬ͘Ϯϱй
  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ       ϭϲϲ    Ͳ
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϴϱ    Ͳ
 
   ^>KD͗          
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    Ϯϴ     ϭ͕ϭϮϭ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭ    Ͳ

   'D͗          
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞ   Ϯϴ͘ϭ    ϮϳϮ͕Ϯϱϭ    ϰϰϮ͕ϬϯϬ  ϰϵʹϭϭϲĚĂLJƐ͖ϰ͘ϱϬй͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϯϲ͕ϵϮϴ    ϱϵ͕ϯϯϲ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϭϮϱйͲϬ͘Ϯϱй
  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ       ϱ͕ϯϮϯ    Ͳ
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϵϴ    Ͳ

   h&͗         
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϭϯ͕ϭϬϵ    ϭϲ͕ϭϲϴ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬйͲϬ͘Ϯϱй 
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭϭϭ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϭ͕ϲϭϴ    Ͳ   ϯLJĞĂƌƐ
  
   WĂƌĞŶƚĂŶŬ 
   ϮϬϭϳ 
   ZĞůĂƚĞĚWĂƌƚLJ      ŵŽƵŶƚŽĨ   KƵƚƐƚĂŶĚŝŶŐ
   ĂƚĞŐŽƌLJ   EŽƚĞ   dƌĂŶƐĂĐƚŝŽŶ   ĂůĂŶĐĞ   dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ 
 
   ^ƵďƐŝĚŝĂƌŝĞƐ
   h^͗          
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ     ; W ϭ͕ϭϮϯ Ϳ  W Ͳ   KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϯϲ͕ϳϰϯ    ϵϰ͕ϱϱϭ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬйͲϬ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭϰϱ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϴ͕ϴϴϵ    Ͳ   ϱͲϴLJĞĂƌƐ   
   h>&͗          
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ     ;  ϭ͕Ϭϳϰ Ϳ   Ͳ   KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  Ϯϲϱ͕ϳϬϮ Ϳ    ϲϰ͕ϱϴϯ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϯϱϱ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϭ͕ϱϵϭ    Ͳ   ϱLJĞĂƌƐ

   h^/͗         
  ŝůůƐƉƵƌĐŚĂƐĞĚ       ϭϭ͕ϲϵϮ    ϭϭ͕ϴϴϳ  hŶƐĞĐƵƌĞĚ
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ     ;  ϯϱ Ϳ   Ͳ   KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϭϱϲ     ϰϬ͕ϯϱϮ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬйͲϬ͘ϱϬй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭϳϮ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϴϴϲ    Ͳ   ϯLJĞĂƌƐ

   ',/ʹ         
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϭϴ͕ϴϮϯ     ϭϱϭ͕ϲϲϴ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬй

   hW/ͲD,͗          
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ   Ϯϴ͘ϱ  ;  ϵϵ͕ϰϳϭ Ϳ   Ͳ   KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϯϬϭ Ϳ   ϯϲϵ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       Ϯϯ    Ͳ

   h&͗          
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϭϳϬ     ϭ͕ϱϭϲ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϰ    Ͳ  
 

U C P B 2 0 1 7 A N N U A L R E P O R T 231
    'ƌŽƵƉ 
   ϮϬϭϲ 
   ZĞůĂƚĞĚWĂƌƚLJ      ŵŽƵŶƚŽĨ   KƵƚƐƚĂŶĚŝŶŐ
   ĂƚĞŐŽƌLJ  EŽƚĞ   dƌĂŶƐĂĐƚŝŽŶ   ĂůĂŶĐĞ   dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ 
 
   ƐƐŽĐŝĂƚĞƐ
   >K/͗          
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ϯϴ͘ϭ   W ϯϵϴ͕ϯϯϬ   W ϱϱϯ͕ϮϮϬ  ϰϮͲϭϯϮĚĂLJƐ͖ϰй͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    Ϯϴ͕ϯϲϱ     ϱϲ͕ϯϲϬ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϭϮϱйͲϬ͘Ϯϱй
  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ       ϰ͕Ϭϭϵ    Ͳ
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭϭϲ    Ͳ
   
   ^WD͗          
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ϯϴ͘ϭ  ;  ϰϲ͕ϲϰϴ Ϳ   Ͳ   hŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϰϬ͕Ϯϴϲ     ϭϬϮ͕ϵϳϴ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϭϮϱйͲϬ͘Ϯϱй
 /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϳϱ    Ͳ
 
   ^>KD͗         
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϵϱϬ     ϭ͕Ϭϵϯ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй 
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭ    Ͳ

   'D͗          
  >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ   Ϯϴ͘ϭ  ;  ϭϳϰ͕ϰϱϴ Ϳ    ϭϲϵ͕ϳϳϵ  ϱϱͲϯϯϰĚĂLJƐ͖ϰй͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;   ϭϮ͕ϱϱϴ Ϳ    ϮϮ͕ϰϬϴ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϭϮϱйͲϬ͘Ϯϱй 
  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ       ϯ͕ϳϴϬ    Ͳ
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϵϴ    Ͳ

   h&͗         
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϳϮ͕ϱϰϰͿ    ϯ͕Ϭϱϵ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй  
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭϭϯ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϭ͕ϲϱϯ    Ͳ   ϯLJĞĂƌƐ


   WĂƌĞŶƚĂŶŬ 
   ϮϬϭϲ 
   ZĞůĂƚĞĚWĂƌƚLJ      ŵŽƵŶƚŽĨ   KƵƚƐƚĂŶĚŝŶŐ
   ĂƚĞŐŽƌLJ  EŽƚĞ   dƌĂŶƐĂĐƚŝŽŶ   ĂůĂŶĐĞ   dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐ 
 
   ^ƵďƐŝĚŝĂƌŝĞƐ
   h^͗         
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ      W ϱϯϱ   W ϭ͕ϭϮϯ  KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϰϴ͕ϲϵϯ Ϳ    ϱϳ͕ϴϬϴ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϭϰϳ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϳ͕ϭϬϮ    Ͳ   ϯLJĞĂƌƐ
   
   h>&͗          
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ       ϭ͕ϬϬϮ    ϭ͕Ϭϳϰ  KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϰϭϲ͕ϵϮϬ Ϳ    ϯϯϬ͕Ϯϴϱ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϴϰϭ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϭ͕ϱϭϵ    Ͳ   ϯLJĞĂƌƐ   
   
   h^/͗         
  ŝůůƐƉƵƌĐŚĂƐĞĚ       ϭϵϱ    ϭϵϱ  hŶƐĞĐƵƌĞĚ
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ     ;  Ϯϵ Ϳ   ϯϱ  KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϳϴ͕ϵϳϯ Ϳ    ϰϬ͕ϭϵϲ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬйͲϬ͘ϱϬй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       Ϯϰϭ    Ͳ
  ZĞŶƚŝŶĐŽŵĞ   Ϯϴ͘ϯ    ϲϰϲ    Ͳ   ϯLJĞĂƌƐ

   Z͗         
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ  ;  ϭϯϲ͕ϲϮϬ Ϳ    ϴϰ͕ϮϭϬ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬйͲϬ͘ϱϬй
               ϯϬĚĂLJƐ͖ϭ͘ϯϴй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϮϮϲ    Ͳ

   ',/ʹ         
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    Ϯϲ͕ϰϬϮ     ϭϯϮ͕ϴϰϱ  KŶͲĚĞŵĂŶĚ͖Ϭ͘ϬϬй

   hW/ͲD,͗          
  ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞ   Ϯϴ͘ϱ  ;  ϭϭ͕Ϭϳϵ Ϳ   ϵϵ͕ϰϳϭ  KŶͲĚĞŵĂŶĚ͖ƵŶƐĞĐƵƌĞĚ
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ     ϲϯϮ     ϲϳϬ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ        ϭϯ    Ͳ 

   h&͗          
  ĞƉŽƐŝƚůŝĂďŝůŝƚŝĞƐ   Ϯϴ͘Ϯ    ϭϴϭ     ϭ͕ϯϰϲ  KŶͲĚĞŵĂŶĚ͖Ϭ͘Ϯϱй
  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ       ϯ    Ͳ
 

232 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

Ϯϴ͘ϭ >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ

/ŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŚĂǀĞůŽĂŶƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƚŚĞŝƌƌĞůĂƚĞĚƉĂƌƚŝĞƐ͕ĂŶĚǁŝƚŚ
ĐĞƌƚĂŝŶK^Z/Ɛ͘hŶĚĞƌĞdžŝƐƚŝŶŐƉŽůŝĐŝĞƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͕ƚŚĞƐĞůŽĂŶƐĂƌĞŵĂĚĞƐƵďƐƚĂŶƚŝĂůůLJŽŶƚŚĞƐĂŵĞ
ƚĞƌŵƐĂƐůŽĂŶƐƚŽŽƚŚĞƌŝŶĚŝǀŝĚƵĂůƐĂŶĚďƵƐŝŶĞƐƐĞƐŽĨĐŽŵƉĂƌĂďůĞƌŝƐŬƐ͘

hŶĚĞƌĐƵƌƌĞŶƚ^WƌĞŐƵůĂƚŝŽŶƐ͕ƚŚĞĂŵŽƵŶƚŽĨŝŶĚŝǀŝĚƵĂůůŽĂŶƐƚŽĂK^Z/͕ϳϬйŽĨǁŚŝĐŚŵƵƐƚďĞƐĞĐƵƌĞĚ͕ƐŚŽƵůĚŶŽƚĞdžĐĞĞĚ
ƚŚĞĂŵŽƵŶƚŽĨƚŚĞĞŶĐƵŵďĞƌĞĚĚĞƉŽƐŝƚĂŶĚŬǀĂůƵĞŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ'ƌŽƵƉĂŶĚŝŶƚŚĞWĂƌĞŶƚĂŶŬĂŶĚͬŽƌĂŶLJŽĨ
ŝƚƐůĞŶĚŝŶŐĂŶĚŶŽŶďĂŶŬĨŝŶĂŶĐŝĂůƐƵďƐŝĚŝĂƌŝĞƐ͘/ŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ůŽĂŶƐƚŽK^Z/Ɛ͕ŐĞŶĞƌĂůůLJ͕ƐŚŽƵůĚŶŽƚĞdžĐĞĞĚƚŚĞƚŽƚĂů
ĞƋƵŝƚLJŽƌϭϱйŽĨƚŚĞƚŽƚĂůůŽĂŶƉŽƌƚĨŽůŝŽŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͘,ŽǁĞǀĞƌ͕ŶŽŶͲƌŝƐŬůŽĂŶƐĂƌĞĞdžĐůƵĚĞĚŝŶďŽƚŚ
ŝŶĚŝǀŝĚƵĂůĂŶĚĂŐŐƌĞŐĂƚĞĐĞŝůŝŶŐĐŽŵƉƵƚĂƚŝŽŶ͘

ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝƐŝŶĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞƐĞƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͘

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐŚŽǁƐƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶƌĞůĂƚŝŶŐƚŽƚŚĞůŽĂŶƐ͕ŽƚŚĞƌĐƌĞĚŝƚĂĐĐŽŵŵŽĚĂƚŝŽŶƐĂŶĚŐƵĂƌĂŶƚĞĞƐŐƌĂŶƚĞĚ
ƚŽK^Z/ĂƐŽĨĞĐĞŵďĞƌϯϭŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ^WƌĞƉŽƌƚŝŶŐŐƵŝĚĞůŝŶĞƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
  
 dŽƚĂůŽƵƚƐƚĂŶĚŝŶŐ
  K^Z/ůŽĂŶƐ W Ϯϲϴ͕ϭϮϯ W ϰϬϯ͕Ϭϴϱ W ϮϲϮ͕ϬϮϴ W ϯϵϴ͕ϳϱϭ
 hŶƐĞĐƵƌĞĚK^Z/  ϰϬ͕ϴϰϱ  ϰϯ͕Ϯϰϭ  ϯϳ͕ϰϬϰ  ϰϭ͕ϴϭϯ
 WĞƌĐĞŶƚŽĨK^Z/ůŽĂŶƐ
 ƚŽƚŽƚĂůůŽĂŶƉŽƌƚĨŽůŝŽ  Ϭ͘ϭϱй  Ϭ͘Ϯϰй  Ϭ͘ϭϳй  Ϭ͘Ϯϳй
 WĞƌĐĞŶƚŽĨƵŶƐĞĐƵƌĞĚ
 K^Z/ůŽĂŶƐƚŽƚŽƚĂů
 K^Z/ůŽĂŶƐ  ϭϱ͘Ϯϯй  ϭϬ͘ϳϯй  ϭϰ͘Ϯϳй  ϭϬ͘ϰϵй
 WĞƌĐĞŶƚŽĨƉĂƐƚĚƵĞK^Z/
 ůŽĂŶƐƚŽƚŽƚĂůK^Z/   Ϭ͘Ϭϰй   Ϭ͘Ϯϴй  Ϭ͘Ϭϯй  Ϭ͘Ϯϴй
 WĞƌĐĞŶƚŽĨŶŽŶͲĂĐĐƌƵŝŶŐ
  K^Z/ůŽĂŶƐƚŽƚŽƚĂů
  K^Z/ůŽĂŶƐ   Ϭ͘Ϭϰй   Ϭ͘Ϯϴй  Ϭ͘Ϭϯй  Ϭ͘Ϯϴй

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĚŝĚŶŽƚƌĞĐŽŐŶŝnjĞĂŶLJŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶƚŚĞƐĞůŽĂŶƐŝŶϮϬϭϳĂŶĚϮϬϭϲ͘

Ϯϴ͘Ϯ ĂŶŬŝŶŐdƌĂŶƐĂĐƚŝŽŶƐ

/ŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƚŚĞWĂƌĞŶƚĂŶŬƚƌĂŶƐĂĐƚƐǁŝƚŚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐ͘dŚĞŵĂũŽƌƌĞůĂƚĞĚƉĂƌƚLJ
ƚƌĂŶƐĂĐƚŝŽŶƐŝŶĐůƵĚĞĚĞƉŽƐŝƚƐ͕ǁŝƚŚĚƌĂǁĂůƐĂŶĚŽƚŚĞƌďĂŶŬŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐ͘dŚĞƐĞƚƌĂŶƐĂĐƚŝŽŶƐĂƌĞŵĂĚĞƐƵďƐƚĂŶƚŝĂůůLJŽŶƚŚĞ
ƐĂŵĞƚĞƌŵƐĂƐƚƌĂŶƐĂĐƚŝŽŶƐĞŶƚĞƌĞĚŝŶƚŽǁŝƚŚŽƚŚĞƌƚŚŝƌĚƉĂƌƚLJŝŶĚŝǀŝĚƵĂůƐĂŶĚďƵƐŝŶĞƐƐĞƐŽĨĐŽŵƉĂƌĂďůĞƌŝƐŬƐ͘

Ϯϴ͘ϯ >ĞĂƐĞŽĨKĨĨŝĐĞ^ƉĂĐĞ

dŚĞWĂƌĞŶƚĂŶŬŚĂƐůĞĂƐĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚƐŽŵĞŽĨŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐŝŶϮϬϭϳĂŶĚϮϬϭϲǁŝƚŚŵŽŶƚŚůLJƌĞŶƚĂůŽĨ
WϬ͘ϵϲŵŝůůŝŽŶĂŶĚWϬ͘ϲϬŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƉĞƌŝŽĚƐƌĂŶŐŝŶŐĨƌŽŵŽŶĞƚŽƚŚƌĞĞLJĞĂƌƐ͘dŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚƐŝŶĐůƵĚĞƚŚĞ
ƐŚĂƌĞŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐĂŶĚĂƐƐŽĐŝĂƚĞƐŝŶƚŚĞŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞďƵŝůĚŝŶŐ͘dŚĞŝŶĐŽŵĞƌĞůĂƚĞĚƚŽƚŚĞƐĞĂŐƌĞĞŵĞŶƚƐ͕ŝƐ
ŝŶĐůƵĚĞĚĂƐZĞŶƚŝŶĐŽŵĞƵŶĚĞƌDŝƐĐĞůůĂŶĞŽƵƐ/ŶĐŽŵĞŝŶƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ;ƐĞĞEŽƚĞϮϰ͘ϮͿ͘

Ϯϴ͘ϰ WƵƌĐŚĂƐĞŽĨZĞĐĞŝǀĂďůĞƐ

/ŶϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞWĂƌĞŶƚĂŶŬƉƵƌĐŚĂƐĞĚůĞĂƐĞĐŽŶƚƌĂĐƚƐĂŶĚŽƚŚĞƌůŽĂŶƐƌĞĐĞŝǀĂďůĞƐĨƌŽŵh>&͕ŽŶĂǁŝƚŚŽƵƚƌĞĐŽƵƌƐĞ
ďĂƐŝƐ͕ǁŝƚŚĂƚŽƚĂůƉƌŝĐĞŽĨWϬ͘ϱďŝůůŝŽŶĂŶĚWϭ͘ϳďŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

Ϯϴ͘ϱ ZĞŝŵďƵƌƐĞŵĞŶƚƐ

ĐĐŽƵŶƚƐƌĞĐĞŝǀĂďůĞĨƌŽŵhW/ͲD,ƉĞƌƚĂŝŶƐƚŽĞdžƉĞŶƐĞƐƉĂŝĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͕ǁŚŝĐŚǁĞƌĞƐƵďƐĞƋƵĞŶƚůLJďŝůůĞĚĨŽƌ
ƌĞŝŵďƵƌƐĞŵĞŶƚďLJƚŚĞWĂƌĞŶƚĂŶŬ͘


U C P B 2 0 1 7 A N N U A L R E P O R T 233
 Ϯϴ͘ϲ <ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞůŽŵƉĞŶƐĂƚŝŽŶ

dŚĞĐŽŵƉĞŶƐĂƚŝŽŶŽĨƚŚĞŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬŝŶϮϬϭϳĂŶĚϮϬϭϲƉƌĞƐĞŶƚĞĚĂƐƉĂƌƚŽĨ
ŽŵƉĞŶƐĂƚŝŽŶĂŶĚ&ƌŝŶŐĞĞŶĞĨŝƚƐĂĐĐŽƵŶƚŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞĂƌĞĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
  ^ŚŽƌƚͲƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ W ϲϱϬ͕ϲϮϭ W ϲϬϳ͕ϵϯϭ W ϲϭϳ͕Ϭϱϵ W ϱϴϲ͕ϮϯϬ
  WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ  ϮϬϲ͕ϯϱϯ  ϭϭϲ͕ϯϴϮ  ϭϴϰ͕ϰϵϮ  ϭϭϲ͕Ϯϲϭ

   W ϴϱϲ͕ϵϳϰ W ϳϮϰ͕ϯϭϯ W ϴϬϭ͕ϱϱϭ W ϳϬϮ͕ϵϰϭ

Ϯϴ͘ϳ ZĞƚŝƌĞŵĞŶƚWůĂŶ

 dŚĞWĂƌĞŶƚĂŶŬ͛ƐĂŶĚĐĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐ͛ƌĞƚŝƌĞŵĞŶƚĨƵŶĚƐĐŽǀĞƌĞĚƵŶĚĞƌƚŚĞŝƌĚĞĨŝŶĞĚďĞŶĞĨŝƚƉŽƐƚͲĞŵƉůŽLJŵĞŶƚƉůĂŶ
ŵĂŝŶƚĂŝŶĞĚĨŽƌƋƵĂůŝĨŝĞĚĞŵƉůŽLJĞĞƐĂƌĞĂĚŵŝŶŝƐƚĞƌĞĚĂŶĚŵĂŶĂŐĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬ͛ƐdƌƵƐƚĂŶŬŝŶŐ'ƌŽƵƉŝŶĂĐĐŽƌĚĂŶĐĞ
ǁŝƚŚƚŚĞƌĞƐƉĞĐƚŝǀĞƚƌƵƐƚĂŐƌĞĞŵĞŶƚƐĐŽǀĞƌŝŶŐƚŚĞƉůĂŶ͘

 dŚĞƌĞƚŝƌĞŵĞŶƚĨƵŶĚƐŚĂǀĞƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƐĨŽůůŽǁƐ͗

  ϮϬϭϳ  
  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    EĞƚŵŽƵŶƚ   KƵƚƐƚĂŶĚŝŶŐ   EĞƚŵŽƵŶƚ   KƵƚƐƚĂŶĚŝŶŐ
  EĂƚƵƌĞŽĨdƌĂŶƐĂĐƚŝŽŶƐ   ŽĨdƌĂŶƐĂĐƚŝŽŶ  ĂůĂŶĐĞ   ŽĨdƌĂŶƐĂĐƚŝŽŶ   ĂůĂŶĐĞ 
 
 /ŶǀĞƐƚŵĞŶƚŝŶƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚĂŶĚŽƚŚĞƌĚĞďƚ ;W ϳϭ͕ϱϰϬͿ W ϱϭϭ͕ϴϬϰ ;W ϴϲ͕ϭϭϱͿ W ϰϳϲ͕ϯϱϳ
  YƵŽƚĞĚĞƋƵŝƚLJ   ϭϵϬ͕ϴϰϬ   ϭ͕ϭϳϬ͕ϯϯϵ  ϭϳϳ͕ϮϮϲ   ϭ͕ϯϯϯ͕Ϭϲϲ
  hŶƋƵŽƚĞĚĞƋƵŝƚLJ  ϳϴ   ϯϴϯ  Ͳ   ϯϬϱ
 ĂƐŚĂŶĚŽƚŚĞƌĂƐƐĞƚƐ ; ϰϬ͕ϳϳϴͿ  ϮϴϬ͕ϲϱϬ ; Ϯϭ͕ϱϴϰͿ  Ϯϳϭ͕ϴϵϮ
 /ŶƚĞƌĞƐƚŝŶĐŽŵĞ  Ϯϴ͕ϱϴϯ  Ͳ   Ϯϳ͕ϯϬϮ  Ͳ 
 ŝǀŝĚĞŶĚŝŶĐŽŵĞ  ϯϰ͕ϰϳϲ  Ͳ   ϯϮ͕ϯϯϰ  Ͳ
 KƚŚĞƌŝŶĐŽŵĞ  ϯϬ͕ϱϰϲ   Ͳ   ϯϬ͕ϴϯϳ   Ͳ

   ϮϬϭϲ  
  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    EĞƚŵŽƵŶƚ   KƵƚƐƚĂŶĚŝŶŐ   EĞƚŵŽƵŶƚ   KƵƚƐƚĂŶĚŝŶŐ
  EĂƚƵƌĞŽĨdƌĂŶƐĂĐƚŝŽŶƐ   ŽĨdƌĂŶƐĂĐƚŝŽŶ  ĂůĂŶĐĞ   ŽĨdƌĂŶƐĂĐƚŝŽŶ   ĂůĂŶĐĞ 
 
 /ŶǀĞƐƚŵĞŶƚŝŶƐĞĐƵƌŝƚŝĞƐ͗
  'ŽǀĞƌŶŵĞŶƚĂŶĚŽƚŚĞƌĚĞďƚ  W ϰϵ͕ϮϳϮ  W ϱϴϯ͕ϯϰϰ W ϱϮ͕ϲϱϱ W ϱϲϮ͕ϰϳϮ
  YƵŽƚĞĚĞƋƵŝƚLJ   ϮϬϭ͕ϯϮϳ   ϵϳϵ͕ϰϵϵ  ϭϴϯ͕ϰϭϬ   ϵϱϱ͕ϴϰϬ
  hŶƋƵŽƚĞĚĞƋƵŝƚLJ ;  ϲϲ͕ϲϲϬͿ  ϯϬϱ ; ϲϲ͕ϭϬϬ Ϳ ϯϬϱ
 ĂƐŚĂŶĚŽƚŚĞƌĂƐƐĞƚƐ ; ϭϳϵ͕ϮϯϱͿ  ϯϮϭ͕ϰϮϴ ; ϭϳϯ͕ϯϭϬ Ϳ Ϯϵϯ͕ϰϳϲ
 /ŶƚĞƌĞƐƚŝŶĐŽŵĞ  ϯϯ͕ϲϮϬ  Ͳ   ϯϮ͕ϳϭϰ  Ͳ 
 ŝǀŝĚĞŶĚŝŶĐŽŵĞ  Ϯϲ͕ϭϳϵ  Ͳ   Ϯϲ͕Ϭϵϭ  Ͳ
 KƚŚĞƌůŽƐƐ ; ϯϲ͕ϱϮϬͿ  Ͳ  ; ϯϲ͕ϱϬϳ Ϳ Ͳ
 
 dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚĂŶĚƚŚĞĐŽŵƉŽƐŝƚŝŽŶŽĨƚŚĞƉůĂŶĂƐƐĞƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϮϯ͘Ϯ͘

 dŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞƚŝƌĞŵĞŶƚƉůĂŶĂƐƐĞƚƐĂƌĞŝŶǀĞƐƚĞĚŝŶǀĂƌŝŽƵƐĚĞďƚĂŶĚĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ͕ƐƵĐŚĂƐŐŽǀĞƌŶŵĞŶƚƐĞĐƵƌŝƚŝĞƐ͕
ĐŽƌƉŽƌĂƚĞƉĂƉĞƌƐ͕ĂŶĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐƚƌĂĚĞĚŝŶW^͕ĂŶĚŝŶǀĞƐƚŵĞŶƚŝŶ^W͛ƐƐƉĞĐŝĂůĚĞƉŽƐŝƚĂĐĐŽƵŶƚĂŶĚƉůĂĐĞŵĞŶƚƐǁŝƚŚ
ŽƚŚĞƌďĂŶŬƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞƉůĂŶŝŶĐůƵĚĞƐŝŶǀĞƐƚŵĞŶƚŝŶϮ͕ϱϬϬƐŚĂƌĞƐŽĨDĂƐƚĞƌĐĂƚĞƌĞƌƐ͕/ŶĐ͕͘ĂŶ
ĂĨĨŝůŝĂƚĞ͕ĐůĂƐƐŝĨŝĞĚƵŶĚĞƌƵŶƋƵŽƚĞĚĞƋƵŝƚLJƐĞĐƵƌŝƚŝĞƐ͘

 /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐŝŶĐůƵĚĞϭϵϯƉĂƌŬŝŶŐƐůŽƚƐůŽĐĂƚĞĚĂƚ&ŽƌďĞƐdŽǁĞƌŽŶĚŽŵŝŶŝƵŵ͕ǁŚŝĐŚĂƌĞĐƵƌƌĞŶƚůLJƵŶĚĞƌǀĂƌŝŽƵƐ
ůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘


234 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

 ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƵĞĨƌŽŵďĂŶŬƐŝŶĐůƵĚĞƐdŝŵĞĞƌƚŝĨŝĐĂƚĞŽĨĞƉŽƐŝƚĂŵŽƵŶƚŝŶŐƚŽWϲϬ͘ϮϱŵŝůůŝŽŶĂŶĚ
WϮϳϮ͘ϵϲŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨƌŽŵƚŚĞWĂƌĞŶƚĂŶŬ͘dŚĞƐĞĂƌĞƐŚŽƌƚͲƚĞƌŵƚŝŵĞĚĞƉŽƐŝƚƐĂŶĚǁŝƚŚŝŶƚĞƌĞƐƚƌĂƚĞƐƌĂŶŐŝŶŐĨƌŽŵ
Ϭ͘ϮϱйƚŽϮ͘ϬϬй͘dŽƚĂůŝŶƚĞƌĞƐƚŝŶĐŽŵĞŽŶĚĞƉŽƐŝƚƐĂŵŽƵŶƚĞĚƚŽWϯ͘ϱϲŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚWϯ͘ϱϰŵŝůůŝŽŶŝŶϮϬϭϲ͘

 KƚŚĞƌƚŚĂŶƐĂǀŝŶŐƐĂŶĚƚŝŵĞĚĞƉŽƐŝƚƐǁŝƚŚƚŚĞWĂƌĞŶƚĂŶŬ͕ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐƌĞƚŝƌĞŵĞŶƚƉůĂŶĚŽĞƐŶŽƚŚĂǀĞŝŶǀĞƐƚŵĞŶƚƐŝŶ
ƐĞĐƵƌŝƚŝĞƐ͕ǁŚĞƚŚĞƌĚĞďƚŽƌĞƋƵŝƚLJ͕ŝƐƐƵĞĚďLJƚŚĞWĂƌĞŶƚĂŶŬĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘

 dŚĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĐŽŶƚƌŝďƵƚŝŽŶƐƚŽƚŚĞƌĞƚŝƌĞŵĞŶƚĨƵŶĚĂŶĚďĞŶĞĨŝƚƉĂLJŵĞŶƚƐƚŚƌŽƵŐŚ
ƚŚĞĨƵŶĚĂƌĞĚŝƐĐůŽƐĞĚŝŶEŽƚĞϮϯ͘Ϯ͘

 dŚĞƌĞƚŝƌĞŵĞŶƚĨƵŶĚŶĞŝƚŚĞƌƉƌŽǀŝĚĞƐĂŶLJŐƵĂƌĂŶƚĞĞŽƌƐƵƌĞƚLJĨŽƌĂŶLJŽďůŝŐĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉŶŽƌŝƚƐŝŶǀĞƐƚŵĞŶƚƐŝŶŝƚƐŽǁŶ
ƐŚĂƌĞƐŽĨƐƚŽĐŬƐĐŽǀĞƌĞĚďLJĂŶLJƌĞƐƚƌŝĐƚŝŽŶĂŶĚůŝĞŶƐ͘


Ϯϵ͘ ^>d&/EE/>WZ&KZDE/E/dKZ^

dŚĞĨŽůůŽǁŝŶŐďĂƐŝĐƌĂƚŝŽƐŵĞĂƐƵƌĞƚŚĞĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬďĞĨŽƌĞƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞ
ĂĚũƵƐƚŵĞŶƚƐƌĞůĂƚĞĚƚŽƚŚĞĞdžĐĞƉƚŝŽŶƐĚŝƐĐƵƐƐĞĚŝŶƚŚĞ^ƚĂƚĞŵĞŶƚŽĨŽŵƉůŝĂŶĐĞƵŶĚĞƌEŽƚĞϭƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌ
ƚŚĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 ZĞƚƵƌŶŽŶĂǀĞƌĂŐĞĞƋƵŝƚLJ  ϮϮ͘ϯй   ϭϴ͘Ϭй   ϮϮ͘ϲй   ϭϳ͘ϵй

 ZĞƚƵƌŶŽŶĂǀĞƌĂŐĞĂƐƐĞƚƐ  ϭ͘ϯй   ϭ͘ϭй   ϭ͘ϰй   ϭ͘Ϯй

 EĞƚŝŶƚĞƌĞƐƚŵĂƌŐŝŶ  ϰ͘ϵй   ϰ͘ϳй   ϰ͘ϴй   ϰ͘ϱй

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂƌĞĐŽŵƉƵƚĞĚďĂƐĞĚŽŶƌĞŐƵůĂƚŽƌLJĐĂƉŝƚĂůƐƵďŵŝƚƚĞĚƚŽƚŚĞ^WĂƐ
ƌĞƋƵŝƌĞĚďLJ^ƵďƐĞĐƚŝŽŶyϭϵϬ͘ϰ͕ŝƐĐůŽƐƵƌĞZĞƋƵŝƌĞŵĞŶƚŝŶƚŚĞEŽƚĞƐƚŽƚŚĞƵĚŝƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͕ŽĨƚŚĞDĂŶƵĂůŽĨ
ZĞŐƵůĂƚŝŽŶƐĨŽƌĂŶŬƐ͘


ϯϬ͘ KDD/dDEd^EKEd/E'E/^

/ŶƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͕ƚŚĞƌĞĂƌĞǀĂƌŝŽƵƐŽƵƚƐƚĂŶĚŝŶŐĐŽŵŵŝƚŵĞŶƚƐĂŶĚ
ĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐƐƵĐŚĂƐŐƵĂƌĂŶƚĞĞƐ͕ĐŽŵŵŝƚŵĞŶƚƐƚŽĞdžƚĞŶĚĐƌĞĚŝƚ͕ƚĂdžĂƐƐĞƐƐŵĞŶƚƐ͕ĞƚĐ͕͘ǁŝƚŚĂŵŽƵŶƚƐŶŽƚƌĞĨůĞĐƚĞĚŝŶ
ƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ŵĂŶĂŐĞŵĞŶƚĚŽĞƐŶŽƚĂŶƚŝĐŝƉĂƚĞůŽƐƐĞƐĨƌŽŵƚŚĞƐĞƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚǁŝůů
ĂĚǀĞƌƐĞůLJĂĨĨĞĐƚƚŚĞ'ƌŽƵƉ͛ƐĂŶĚƚŚĞWĂƌĞŶƚĂŶŬ͛ƐŽƉĞƌĂƚŝŽŶƐ͘

/ŶƚŚĞŽƉŝŶŝŽŶŽĨŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞƐƵŝƚƐĂŶĚĐůĂŝŵƐĂƌŝƐŝŶŐĨƌŽŵƚŚĞŶŽƌŵĂůĐŽƵƌƐĞŽĨŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚ
ĂŶŬƚŚĂƚƌĞŵĂŝŶƵŶƐĞƚƚůĞĚ͕ŝĨĚĞĐŝĚĞĚĂĚǀĞƌƐĞůLJ͕ǁŝůůŶŽƚŝŶǀŽůǀĞƐƵŵƐƚŚĂƚǁŽƵůĚŚĂǀĞŵĂƚĞƌŝĂůĞĨĨĞĐƚŽŶƚŚĞ'ƌŽƵƉ͛ƐĂŶĚ
ƚŚĞWĂƌĞŶƚĂŶŬ͛ƐĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŽƌŽƉĞƌĂƚŝŶŐƌĞƐƵůƚƐ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 235
 ϯϬ͘ϭ ŽŶƚŝŶŐĞŶƚĐĐŽƵŶƚƐ͕'ƵĂƌĂŶƚĞĞƐĂŶĚKƚŚĞƌŽŵŵŝƚŵĞŶƚƐ

dŚĞĨŽůůŽǁŝŶŐŝƐĂƐƵŵŵĂƌLJŽĨĐŽŶƚŝŶŐĞŶĐŝĞƐĂŶĚĐŽŵŵŝƚŵĞŶƚƐĂƌŝƐŝŶŐĨƌŽŵŽĨĨͲƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝƚĞŵƐĂƚƚŚĞŝƌ
ĞƋƵŝǀĂůĞŶƚƉĞƐŽĐŽŶƚƌĂĐƚƵĂůĂŵŽƵŶƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 dƌƵƐƚĚĞƉĂƌƚŵĞŶƚĂĐĐŽƵŶƚƐ W ϴϮ͕ϵϲϯ͕ϵϭϰ W ϴϬ͕ϭϰϱ͕ϭϭϱ W ϴϮ͕ϵϲϯ͕ϵϭϰ W ϴϬ͕ϭϰϱ͕ϭϭϱ
 ^ŝŐŚƚŝŵƉŽƌƚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ
  ŽƵƚƐƚĂŶĚŝŶŐ  ϱ͕ϲϰϰ͕ϯϵϬ  ϭ͕Ϭϵϳ͕ϬϳϮ  ϱ͕ϲϰϰ͕ϯϵϬ  ϭ͕Ϭϵϳ͕ϬϳϮ
 ^ƚĂŶĚďLJůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ  Ϯ͕ϭϯϭ͕ϲϵϳ  Ϯ͕Ϭϲϴ͕Ϭϭϵ  Ϯ͕ϭϯϭ͕ϲϵϳ  Ϯ͕Ϭϲϴ͕Ϭϭϵ
 ^ƉŽƚĞdžĐŚĂŶŐĞďŽƵŐŚƚ  ϭ͕ϯϭϯ͕ϭϯϴ  ϯϰϴ͕ϬϰϬ  ϭ͕ϯϭϯ͕ϭϯϴ  ϯϰϴ͕ϬϰϬ
 ^ƉŽƚĞdžĐŚĂŶŐĞƐŽůĚ  ϭ͕ϬϮϴ͕Ϭϱϵ  ϯϰϴ͕ϬϰϬ  ϭ͕ϬϮϴ͕Ϭϱϵ  ϯϰϴ͕ϬϰϬ
 hƐĂŶĐĞŝŵƉŽƌƚůĞƚƚĞƌƐŽĨĐƌĞĚŝƚ       
  ŽƵƚƐƚĂŶĚŝŶŐ  ϭϯϭ͕ϲϭϱ  ϭϬ͕ϵϯϴ  ϭϯϭ͕ϲϭϱ  ϭϬ͕ϵϯϴ
 KƵƚǁĂƌĚďŝůůƐĨŽƌĐŽůůĞĐƚŝŽŶ  ϳ͕ϰϰϴ  ϯϮ͕ϲϵϳ  ϳ͕ϰϰϴ  ϯϮ͕ϲϵϳ
 KƚŚĞƌƐ  ϭϬ͕Ϭϰϭ͕Ϭϵϴ  ϲ͕Ϯϭϰ͕ϴϰϬ  ϭϬ͕Ϭϯϵ͕ϲϭϲ  ϲ͕ϭϵϲ͕ϱϭϴ

ϯϬ͘Ϯ ƉƉůŝĐĂďŝůŝƚLJŽĨZĞǀĞŶƵĞZĞŐƵůĂƚŝŽŶEŽ͘ϰͲϮϬϭϭ

KŶDĂƌĐŚϭϱ͕ϮϬϭϭ͕ƚŚĞƵƌĞĂƵŽĨ/ŶƚĞƌŶĂůZĞǀĞŶƵĞ;/ZͿŝƐƐƵĞĚZĞǀĞŶƵĞZĞŐƵůĂƚŝŽŶ;ZZͿEŽ͘ϰͲϮϬϭϭǁŚŝĐŚƉƌĞƐĐƌŝďĞĚƚŚĂƚ
ĨŽƌŝŶĐŽŵĞƚĂdžƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͕ďĂŶŬƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐŵƵƐƚ;ĂͿƌĞƉŽƌƚĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐĞŝƚŚĞƌƵŶĚĞƌ
ZhŽƌ&hͬ&hŽƌKhŝĨƐƉĞĐŝĨŝĐĂůůLJŝĚĞŶƚŝĨŝĞĚĂƐƐƵĐŚ͖Žƌ;ďͿĂůůŽĐĂƚĞƐƵĐŚĐŽƐƚĂŶĚĞdžƉĞŶƐĞƐ͕ǁŚŝĐŚĐĂŶŶŽƚďĞ
ƐƉĞĐŝĨŝĐĂůůLJŝĚĞŶƚŝĨŝĞĚ͕ďĂƐĞĚŽŶƉĞƌĐĞŶƚĂŐĞƐŚĂƌĞŽĨŐƌŽƐƐŝŶĐŽŵĞĞĂƌŶŝŶŐƐŽĨĂƵŶŝƚ͘

dŚĞ/Z͕ŚŽǁĞǀĞƌ͕ŝƐƐƵĞĚĂƐƐĞƐƐŵĞŶƚŶŽƚŝĐĞƐƚŽďĂŶŬƐĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐĨŽƌĚĞĨŝĐŝĞŶĐLJŝŶĐŽŵĞƚĂdžĨŽƌĂůůĞŐĞĚ
ŶŽŶͲŝŶƚƌĂͲƵŶŝƚĂůůŽĐĂƚŝŽŶŽĨĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐƚŽĞdžĞŵƉƚŝŶĐŽŵĞĂŶĚŝŶĐŽŵĞƐƵďũĞĐƚĞĚƚŽĨŝŶĂůƚĂdžǁŝƚŚŝŶZhĂŶĚǁŝƚŚŝŶ
&h͘

KŶƉƌŝůϲ͕ϮϬϭϱ͕ϭϵWĞƚŝƚŝŽŶĞƌͲĂŶŬƐ͕ŝŶĐůƵĚŝŶŐƚŚĞWĂƌĞŶƚĂŶŬ͕ĨŝůĞĚĂWĞƚŝƚŝŽŶĨŽƌĞĐůĂƌĂƚŽƌLJZĞůŝĞĨǁŝƚŚƉƉůŝĐĂƚŝŽŶĨŽƌ
dZKĂŶĚͬŽƌWƌĞůŝŵŝŶĂƌLJ/ŶũƵŶĐƚŝŽŶ͕ǁŝƚŚƚŚĞZĞŐŝŽŶĂůdƌŝĂůŽƵƌƚ;ZdͿŽĨDĂŬĂƚŝ͘&ƵƌƚŚĞƌ͕ŝŶŝǀŝůĂƐĞEŽ͘ϭϱͲϮϴϳ͕ƚŚĞ
WĞƚŝƚŝŽŶĞƌͲĂŶŬƐĂƐƐĂŝůĞĚƚŚĞǀĂůŝĚŝƚLJŽĨZZEŽ͘ϰͲϮϬϭϭŽŶǀĂƌŝŽƵƐŐƌŽƵŶĚƐŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ;ĂͿƚŚĂƚƚŚĞƐĂŝĚZZ
ǁĂƐŝƐƐƵĞĚĂŶĚŝŵƉůĞŵĞŶƚĞĚŝŶǀŝŽůĂƚŝŽŶŽĨƚŚĞWĞƚŝƚŝŽŶĞƌͲĂŶŬƐ͛ƐƵďƐƚĂŶƚŝǀĞĚƵĞƉƌŽĐĞƐƐƌŝŐŚƚƐ͖;ďͿŝƚŝƐŶŽƚŽŶůLJŝůůĞŐĂůďƵƚ
ĂůƐŽƵŶĨĂŝƌ͖;ĐͿƚŚĂƚŝƚƐĞƌǀĞƐĂƐĂĚĞƚĞƌƌĞŶƚƚŽďĂŶŬƐƚŽŝŶǀĞƐƚŝŶĐĂƉŝƚĂůŵĂƌŬĞƚƚƌĂŶƐĂĐƚŝŽŶƐƚŽƚŚĞƉƌĞũƵĚŝĐĞŽĨƚŚĞĞĐŽŶŽŵLJ͖
ĂŶĚ͕;ĚͿŝƚƐĞƚƐĂĚĂŶŐĞƌŽƵƐƉƌĞĐĞĚĞŶƚĨŽƌƚŚĞĚŝƐĂůůŽǁĂŶĐĞŽĨĨƵůůĚĞĚƵĐƚŝŽŶƐĚƵĞƚŽƚŚĞƉƌĞƐĐƌŝďĞĚŵĞƚŚŽĚŽĨĂůůŽĐĂƚŝŽŶ͘

KŶƉƌŝůϴ͕ϮϬϭϱ͕DĂŬĂƚŝŝƚLJZdŝƐƐƵĞĚĂdZKĞŶũŽŝŶŝŶŐƚŚĞ/ZĨƌŽŵĞŶĨŽƌĐŝŶŐZZEŽ͘ϰͲϮϬϭϭ͘ůƐŽ͕ŽŶƉƌŝůϮϳ͕ϮϬϭϱ͕
DĂŬĂƚŝŝƚLJZdŝƐƐƵĞĚĂtƌŝƚŽĨWƌĞůŝŵŝŶĂƌLJ/ŶũƵŶĐƚŝŽŶ;tW/ͿĞŶũŽŝŶŝŶŐƚŚĞ/ZĨƌŽŵĞŶĨŽƌĐŝŶŐ͕ĐĂƌƌLJŝŶŐŽƵƚ͕ŽƌŝŵƉůĞŵĞŶƚŝŶŐ
ŝŶĂŶLJǁĂLJŽƌŵĂŶŶĞƌZZEŽ͘ϰͲϮϬϭϭĂŐĂŝŶƐƚƚŚĞWĞƚŝƚŝŽŶĞƌͲĂŶŬƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƐƐƵĂŶĐĞŽĨWƌĞůŝŵŝŶĂƌLJƐƐĞƐƐŵĞŶƚEŽƚŝĐĞŽƌ
&ŝŶĂůƐƐĞƐƐŵĞŶƚEŽƚŝĐĞ͕ĂƐƚŚĞĐĂƐĞŵĂLJďĞ͕ďĂƐĞĚŽŶƚŚĞƌĞǀĞŶƵĞƌĞŐƵůĂƚŝŽŶƐ͕ƉĞŶĚŝŶŐůŝƚŝŐĂƚŝŽŶ͕ƵŶůĞƐƐƐŽŽŶĞƌĚŝƐƐŽůǀĞĚ͘

KŶ:ƵŶĞϭϬ͕ϮϬϭϱ͕DĂŬĂƚŝŝƚLJZdŝƐƐƵĞĚĂŽŶĨŝƌŵĂƚŽƌLJKƌĚĞƌǁŚŝĐŚĐŽŶĨŝƌŵƐƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞdZKĂŶĚtW/͕ƚŚĂƚƚŚĞǁƌŝƚ
ŽĨƉƌĞůŝŵŝŶĂƌLJŝŶũƵŶĐƚŝŽŶĐƵƌƌĞŶƚůLJŝŶĞĨĨĞĐƚŝŶĐůƵĚĞƐĂƉƌŽŚŝďŝƚŝŽŶĂŐĂŝŶƐƚƚŚĞ/ZĨƌŽŵƌƵůŝŶŐŽƌĚĞĐŝĚŝŶŐŽŶĂŶLJ
ĂĚŵŝŶŝƐƚƌĂƚŝǀĞŵĂƚƚĞƌƉĞŶĚŝŶŐďĞĨŽƌĞŝƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐƵďũĞĐƚƌĞǀĞŶƵĞƌĞŐƵůĂƚŝŽŶƐĂŶĚŝŶƐŽĨĂƌĂƐWĞƚŝƚŝŽŶĞƌͲĂŶŬƐĂƌĞ
ĐŽŶĐĞƌŶĞĚ͘dŚĞWƌĞͲdƌŝĂůŽŶĨĞƌĞŶĐĞŽĨƚŚĞĐĂƐĞďĞŐĂŶŽŶƵŐƵƐƚϮ͕ϮϬϭϲ͘

dŚĞĐĂƐĞƌĞŵĂŝŶƐƉĞŶĚŝŶŐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘

ϯϬ͘ϯ >ĞĂƐĞŽŵŵŝƚŵĞŶƚƐ

dŚĞ'ƌŽƵƉĂŶĚƚŚĞWĂƌĞŶƚĂŶŬůĞĂƐĞƐŵŽƐƚŽĨƚŚĞƉƌĞŵŝƐĞƐƵƐĞĚĂƐŽĨĨŝĐĞƐĂŶĚďƌĂŶĐŚĞƐĨŽƌƉĞƌŝŽĚƐƌĂŶŐŝŶŐĨƌŽŵŽŶĞƚŽϮϬ
LJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞĐŽŶƚƌĂĐƚƐ͕ǁŚŝĐŚƚĞƌŵƐĂƌĞƌĞŶĞǁĂďůĞƵƉŽŶƚŚĞŵƵƚƵĂůĂŐƌĞĞŵĞŶƚŽĨƚŚĞƉĂƌƚŝĞƐ͘ZĞŶƚĞdžƉĞŶƐĞ
ĐŚĂƌŐĞĚƚŽŽƉĞƌĂƚŝŽŶƐĂŵŽƵŶƚĞĚƚŽWϰϬϮ͘ϱϬŵŝůůŝŽŶĂŶĚWϰϯϮ͘ϳϵŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞ'ƌŽƵƉĂŶĚ
WϰϬϬ͘ϲϴŵŝůůŝŽŶĂŶĚWϯϳϵ͘ϰϮŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĨŽƌƚŚĞWĂƌĞŶƚĂŶŬ͕ĂŶĚŝƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨKĐĐƵƉĂŶĐLJ
ŝŶƚŚĞƐƚĂƚĞŵĞŶƚƐŽĨŝŶĐŽŵĞ͘
 

236 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

&ƵƚƵƌĞŵŝŶŝŵƵŵƌĞŶƚĂůƐƉĂLJĂďůĞƵŶĚĞƌŶŽŶͲĐĂŶĐĞůĂďůĞŽƉĞƌĂƚŝŶŐůĞĂƐĞƐĂƌĞĂƐĨŽůůŽǁƐ͗

  'ƌŽƵƉ   WĂƌĞŶƚĂŶŬ 
    ϮϬϭϳ   ϮϬϭϲ   ϮϬϭϳ   ϮϬϭϲ 
 
 tŝƚŚŝŶŽŶĞLJĞĂƌ W Ϯϴϳ͕ϬϬϴ W Ϯϵϱ͕ϭϮϲ W Ϯϰϴ͕ϯϯϴ W ϮϲϬ͕ϭϲϬ
 ĨƚĞƌŽŶĞLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶ        
  ĨŝǀĞLJĞĂƌƐ  ϲϮϭ͕ϴϭϴ  ϲϯϲ͕ϰϭϳ  ϱϬϭ͕ϵϳϲ  ϱϮϴ͕ϱϯϲ 
 ĨƚĞƌŵŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐ  ϯϰϭ͕ϳϯϴ  ϯϱϵ͕ϵϭϳ  ϭϯϵ͕ϳϲϭ  ϭϱϳ͕ϵϰϬ

   W ϭ͕ϮϱϬ͕ϱϲϰ W ϭ͕Ϯϵϭ͕ϰϲϬ W ϴϵϬ͕Ϭϳϱ W ϵϰϲ͕ϲϯϲ


ϯϭ͘ ^hWW>DEdZz/E&KZDd/KEZYh/Zzd,hZhK&/EdZE>ZsEh

WƌĞƐĞŶƚĞĚďĞůŽǁŝƐƚŚĞƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶǁŚŝĐŚŝƐƌĞƋƵŝƌĞĚďLJƚŚĞ/ZƵŶĚĞƌŝƚƐĞdžŝƐƚŝŶŐZZƚŽďĞĚŝƐĐůŽƐĞĚĂƐƉĂƌƚ
ŽĨƚŚĞŶŽƚĞƐƚŽĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚŝƐƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶŝƐŶŽƚĂƌĞƋƵŝƌĞĚĚŝƐĐůŽƐƵƌĞƵŶĚĞƌ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ
^ƚĂŶĚĂƌĚƐŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐĨŽƌĂŶŬƐ;&Z^WͿĂŶĚ^ƌƵůĞƐĂŶĚƌĞŐƵůĂƚŝŽŶƐĐŽǀĞƌŝŶŐƚŚĞĨŽƌŵĂŶĚĐŽŶƚĞŶƚŽĨĨŝŶĂŶĐŝĂů
ƐƚĂƚĞŵĞŶƚƐƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐZĞŐƵůĂƚŝŽŶŽĚĞZƵůĞϲϴ͕ĂƐĂŵĞŶĚĞĚ͘

ϯϭ͘ϭ ZĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌZĞǀĞŶƵĞZĞŐƵůĂƚŝŽŶEŽ͘ϭϱͲϮϬϭϬ

dŚĞŝŶĨŽƌŵĂƚŝŽŶŽŶƚĂdžĞƐ͕ĚƵƚŝĞƐĂŶĚůŝĐĞŶƐĞƐĨĞĞƐƉĂŝĚŽƌĂĐĐƌƵĞĚĚƵƌŝŶŐƚŚĞƚĂdžĂďůĞLJĞĂƌƌĞƋƵŝƌĞĚƵŶĚĞƌZZEŽ͘ϭϱͲϮϬϭϬ
ĨŽůůŽǁƐ͗

;ĂͿ 'ƌŽƐƐZĞĐĞŝƉƚƐdĂdž

/ŶůŝĞƵŽĨƚŚĞǀĂůƵĞͲĂĚĚĞĚƚĂdž͕ƚŚĞĂŶŬŝƐƐƵďũĞĐƚƚŽƚŚĞŐƌŽƐƐƌĞĐĞŝƉƚƐƚĂdž;'ZdͿŝŵƉŽƐĞĚŽŶĂůůďĂŶŬƐĂŶĚŶŽŶͲďĂŶŬ
ĨŝŶĂŶĐŝĂůŝŶƚĞƌŵĞĚŝĂƌŝĞƐƉĞƌĨŽƌŵŝŶŐƋƵĂƐŝͲďĂŶŬŝŶŐĨƵŶĐƚŝŽŶƐƉƵƌƐƵĂŶƚƚŽ^ĞĐƚŝŽŶϭϮϭŽĨƚŚĞdĂdžŽĚĞ͕ĂƐĂŵĞŶĚĞĚ͘

/ŶϮϬϭϳ͕ƚŚĞĂŶŬƌĞƉŽƌƚĞĚƚŽƚĂů'ZdĂŵŽƵŶƚŝŶŐƚŽWϲϬϴ͘ϮϭŵŝůůŝŽŶĂƐƐŚŽǁŶƵŶĚĞƌdĂdžĞƐĂŶĚ>ŝĐĞŶƐĞƐĂĐĐŽƵŶƚ
΀ƐĞĞ/ƚĞŵ;ĞͿ΁ďƌŽŬĞŶĚŽǁŶ͕ĂƐĨŽůůŽǁƐ͗

 dĂdžĂďůĞdƌĂŶƐĂĐƚŝŽŶƐ   dĂdžĂƐĞ   'Zd 

/ŶƚĞƌĞƐƚ͕ĐŽŵŵŝƐƐŝŽŶƐĂŶĚĚŝƐĐŽƵŶƚƐ
 ĨƌŽŵůĞŶĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ƌĞŵĂŝŶŝŶŐ
 ŵĂƚƵƌŝƚLJŝƐĨŝǀĞLJĞĂƌƐŽƌůĞƐƐʹϱй W ϵ͕ϳϱϰ͕ϮϮϯ W ϰϴϳ͕ϳϭϭ 
ZŽLJĂůƚŝĞƐ͕ƌĞŶƚĂůƐŽĨƉƌŽƉĞƌƚLJ
 ;ƌĞĂůŽƌƉĞƌƐŽŶĂůͿ͕ƉƌŽĨŝƚƐĨƌŽŵĞdžĐŚĂŶŐĞ
 ĂŶĚĂůůŽƚŚĞƌŐƌŽƐƐŝŶĐŽŵĞʹϳй  ϭ͕Ϯϳϭ͕ϰϴϵ  ϴϵ͕ϬϬϰ
/ŶƚĞƌĞƐƚ͕ĐŽŵŵŝƐƐŝŽŶƐĂŶĚĚŝƐĐŽƵŶƚƐ
 ĨƌŽŵůĞŶĚŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ƌĞŵĂŝŶŝŶŐ
 ŵĂƚƵƌŝƚLJŝƐŵŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐʹϭй  ϯ͕ϭϰϵ͕Ϯϴϵ  ϯϭ͕ϰϵϯ
    
   W ϭϰ͕ϭϳϱ͕ϬϬϭ W ϲϬϴ͕ϮϬϴ

;ďͿ džĐŝƐĞdĂdž

dŚĞĂŶŬĚŝĚŶŽƚƉĂLJĂŶLJĞdžĐŝƐĞƚĂdžŝŶϮϬϭϳ͕ƐŝŶĐĞŝƚĚŝĚŶŽƚŚĂǀĞĂŶLJƚƌĂŶƐĂĐƚŝŽŶ͕ǁŚŝĐŚŝƐƐƵďũĞĐƚƚŽĞdžĐŝƐĞƚĂdžĚƵƌŝŶŐ
ƚŚĞLJĞĂƌ͘

;ĐͿ >ĂŶĚĞĚŽƐƚƐ͕ƵƐƚŽŵƐ͛ƵƚŝĞƐĂŶĚdĂƌŝĨĨ&ĞĞƐŽŶ/ŵƉŽƌƚĂƚŝŽŶ

dŚĞĂŶŬĚŝĚŶŽƚƉĂLJĂŶLJĐƵƐƚŽŵƐĚƵƚŝĞƐĂŶĚƚĂƌŝĨĨĨĞĞƐƚŽƚŚĞƵƌĞĂƵŽĨƵƐƚŽŵƐƐŝŶĐĞŝƚĚŝĚŶŽƚŚĂǀĞĂŶLJŝŵƉŽƌƚĂƚŝŽŶ
ĚƵƌŝŶŐƚŚĞLJĞĂƌ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 237
 ;ĚͿ ŽĐƵŵĞŶƚĂƌLJ^ƚĂŵƉdĂdž

/ŶŐĞŶĞƌĂů͕ƚŚĞĂŶŬ͛ƐĚŽĐƵŵĞŶƚĂƌLJƐƚĂŵƉƚĂdž;^dͿƚƌĂŶƐĂĐƚŝŽŶƐĂƌŝƐĞĨƌŽŵƚŚĞĞdžĞĐƵƚŝŽŶŽĨĚĞďƚŝŶƐƚƌƵŵĞŶƚƐ͕ƐĞĐƵƌŝƚLJ
ĚŽĐƵŵĞŶƚƐ͕ĐĞƌƚŝĨŝĐĂƚĞƐŽĨĚĞƉŽƐŝƚƐĂŶĚďŝůůƐŽĨĞdžĐŚĂŶŐĞ͘

&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕^dĂĨĨŝdžĞĚĂŵŽƵŶƚĞĚƚŽWϲϲϰ͘ϲϮŵŝůůŝŽŶ͕ƌĞƉƌĞƐĞŶƚŝŶŐĚŽĐƵŵĞŶƚĂƌLJƐƚĂŵƉƐ
ŝŵƉŽƐĞĚŵĂŝŶůLJŽŶĚĞďƚŝŶƐƚƌƵŵĞŶƚƐĚŽĐƵŵĞŶƚƐŝƐƐƵĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ŽĨǁŚŝĐŚWϰϬϴ͘ϮϬŵŝůůŝŽŶǁĞƌĞĐŚĂƌŐĞĚƚŽƚŚĞ
ĂŶŬ͛ƐĐůŝĞŶƚƐ͕ŚĞŶĐĞ͖ŶŽƚƌĞƉŽƌƚĞĚĂƐƉĂƌƚŽĨdĂdžĞƐĂŶĚůŝĐĞŶƐĞƐ͘

;ĞͿ dĂdžĞƐĂŶĚ>ŝĐĞŶƐĞƐ
 
dŚĞĚĞƚĂŝůƐŽĨdĂdžĞƐĂŶĚ>ŝĐĞŶƐĞƐĂĐĐŽƵŶƚĂƌĞďƌŽŬĞŶĚŽǁŶĂƐĨŽůůŽǁƐ͗

 'Zd      W ϲϬϴ͕ϮϬϴ
 ^d       Ϯϱϲ͕ϰϮϰ
 &ƌŝŶŐĞďĞŶĞĨŝƚƚĂdž       ϭϳϬ͕ϮϬϯ
 >ŽĐĂůƚĂdžĞƐ      ϲϯ͕Ϭϱϰ
 KƚŚĞƌƐ      ϭ͕Ϯϭϵ

      W ϭ͕Ϭϵϵ͕ϭϬϴ

;ĨͿ tŝƚŚŚŽůĚŝŶŐdĂdžĞƐ

dŚĞĚĞƚĂŝůƐŽĨƚŽƚĂůǁŝƚŚŚŽůĚŝŶŐƚĂdžĞƐƌĞŵŝƚƚĞĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂƌĞƐŚŽǁŶďĞůŽǁ͘

 &ŝŶĂů   W ϰϬϱ͕ϴϬϳ
 ŽŵƉĞŶƐĂƚŝŽŶĂŶĚďĞŶĞĨŝƚƐ  Ϯϲϭ͕ϬϮϲ
 džƉĂŶĚĞĚ  ϴϲ͕ϬϬϴ

   W ϳϱϮ͕ϴϰϭ


238 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

;ŐͿ ĞĨŝĐŝĞŶĐLJdĂdžƐƐĞƐƐŵĞŶƚĂŶĚdĂdžĂƐĞƐ

dŚĞ/ZŚĂƐŝƐƐƵĞĚĂ&EĨŽƌƚŚĞϮϬϭϭƚĂdžĂďůĞLJĞĂƌƉƵƌƐƵĂŶƚƚŽŽƐƚůůŽĐĂƚŝŽŶƵŶĚĞƌZZEŽ͘ϰͲϮϬϭϭ͘dŚĞŶŽƚĞĚƚĂdž
ĚĞĨŝĐŝĞŶĐŝĞƐ͕ŝŶĐůƵƐŝǀĞŽĨƉĞŶĂůƚŝĞƐĂŶĚŝŶƚĞƌĞƐƚ͕ĂŵŽƵŶƚĞĚƚŽWϵϯϰ͘ϵŵŝůůŝŽŶ͘KŶƉƌŝůϮϳ͕ϮϬϭϱ͕DĂŬĂƚŝŝƚLJZdŝƐƐƵĞĚ
ĂtW/ĞŶũŽŝŶŝŶŐƚŚĞ/ZĨƌŽŵĞŶĨŽƌĐŝŶŐ͕ĐĂƌƌLJŝŶŐŽƵƚ͕ŽƌŝŵƉůĞŵĞŶƚŝŶŐŝŶĂŶLJǁĂLJŽƌŵĂŶŶĞƌZZEŽ͘ϰͲϮϬϭϭĂŐĂŝŶƐƚƚŚĞ
WĞƚŝƚŝŽŶĞƌͲĂŶŬƐ͕ŝŶĐůƵĚŝŶŐƚŚĞŝƐƐƵĂŶĐĞŽĨWƌĞůŝŵŝŶĂƌLJƐƐĞƐƐŵĞŶƚEŽƚŝĐĞŽƌ&ŝŶĂůƐƐĞƐƐŵĞŶƚEŽƚŝĐĞ͕ĂƐƚŚĞĐĂƐĞŵĂLJ
ďĞ͕ďĂƐĞĚŽŶƚŚĞƌĞǀĞŶƵĞƌĞŐƵůĂƚŝŽŶƐ͕ƉĞŶĚŝŶŐůŝƚŝŐĂƚŝŽŶ͕ƵŶůĞƐƐƐŽŽŶĞƌĚŝƐƐŽůǀĞĚ͘dŚĞĐĂƐĞŝƐƐƚŝůůƉĞŶĚŝŶŐĨŽƌ
ƌĞƐŽůƵƚŝŽŶǁŝƚŚDĂŬĂƚŝŝƚLJZd͘

ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚĂŶŬŚĂƐĂŶŽŶŐŽŝŶŐĐĂƐĞǁŝƚŚƚŚĞ^ƵƉƌĞŵĞŽƵƌƚŽŶ&h'ZdĨŽƌƚŚĞzĞĂƌ
ϮϬϬϬ͕ĂŶĚǁŝƚŚŽƵƌƚŽĨdĂdžƉƉĞĂůƐŽŶ&h'ZdĂŶĚŝŶĐŽŵĞƚĂdžĐŽǀĞƌŝŶŐƚĂdžĂďůĞLJĞĂƌϮϬϬϲ͘

ϯϭ͘Ϯ ZĞƋƵŝƌĞŵĞŶƚƐƵŶĚĞƌZĞǀĞŶƵĞZĞŐƵůĂƚŝŽŶEŽ͘ϭϵͲϮϬϭϭ

ZZEŽ͘ϭϵͲϮϬϭϭƌĞƋƵŝƌĞƐƐĐŚĞĚƵůĞƐŽĨƚĂdžĂďůĞƌĞǀĞŶƵĞĂŶĚŽƚŚĞƌŶŽŶͲŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ͕ĐŽƐƚƐŽĨƐĂůĞƐĂŶĚƐĞƌǀŝĐĞƐ͕ĂŶĚ
ŝƚĞŵŝnjĞĚĚĞĚƵĐƚŝŽŶƐ͕ƚŽďĞĚŝƐĐůŽƐĞĚŝŶƚŚĞŶŽƚĞƐƚŽĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘

dŚĞWĂƌĞŶƚĂŶŬ͛ƐZĞŐƵůĂƌĂŶŬŝŶŐhŶŝƚ;ZhͿŝƐƚĂdžĞĚƐĞƉĂƌĂƚĞůLJĨƌŽŵŝƚƐ&h͘dŚĞĂŵŽƵŶƚƐŽĨƚĂdžĂďůĞƌĞǀĞŶƵĞƐĂŶĚ
ŝŶĐŽŵĞĂŶĚĚĞĚƵĐƚŝďůĞĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐŽĨƚŚĞ&hĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞƐĞƉĂƌĂƚĞƐƵƉƉůĞŵĞŶƚĂƌLJŝŶĨŽƌŵĂƚŝŽŶƚŽďĞĨŝůĞĚ
ǁŝƚŚƚŚĞƐĞƉĂƌĂƚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ&hĨŽƌǁŚŝĐŚŝƚƐĐŽƌƌĞƐƉŽŶĚŝŶŐŝŶĐŽŵĞƚĂdžƌĞƚƵƌŶŝƐĂůƐŽƐĞƉĂƌĂƚĞůLJĨŝůĞĚǁŝƚŚ
ƚŚĞ/Z͘dŚĞĂŵŽƵŶƚƐŽĨƚĂdžĂďůĞƌĞǀĞŶƵĞƐĂŶĚŝŶĐŽŵĞ͕ĂŶĚĚĞĚƵĐƚŝďůĞĐŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐŽĨƚŚĞZhĂƌĞƉƌĞƐĞŶƚĞĚŝŶƚŚĞ
ƐƵĐĐĞĞĚŝŶŐƉĂŐĞ͘

 

U C P B 2 0 1 7 A N N U A L R E P O R T 239
 ;ĂͿ dĂdžĂďůĞZĞǀĞŶƵĞƐ

dŚĞĂŵŽƵŶƚƐŽĨƚĂdžĂďůĞƌĞǀĞŶƵĞƐ͕ƵŶĚĞƌƚŚĞƌĞŐƵůĂƌƚĂdžƌĞŐŝŵĞ͕ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗

  /ŶƚĞƌĞƐƚŽŶůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐ W ϵ͕ϭϮϵ͕ϱϵϳ
  KƚŚĞƌŝŶƚĞƌĞƐƚŝŶĐŽŵĞ  ϱ͕ϯϴϵ
     
     W ϵ͕ϭϯϰ͕ϵϴϲ

;ďͿ dĂdžĂďůĞEŽŶͲŽƉĞƌĂƚŝŶŐĂŶĚKƚŚĞƌ/ŶĐŽŵĞ

dŚĞĂŵŽƵŶƚƐŽĨƚĂdžĂďůĞŶŽŶͲŽƉĞƌĂƚŝŶŐĂŶĚŽƚŚĞƌŝŶĐŽŵĞ͕ƵŶĚĞƌƚŚĞƌĞŐƵůĂƌƚĂdžƌĞŐŝŵĞ͕ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ
ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗
 
  ŽŵŵŝƐƐŝŽŶƐĂŶĚƐĞƌǀŝĐĞĨĞĞƐ W ϴϵϳ͕ϱϮϰ
  EĞƚƚƌĂĚŝŶŐŐĂŝŶƐĂŶĚƉƌŽĨŝƚĨƌŽŵƐĂůĞŽĨĂƐƐĞƚ  ϮϮϭ͕ϵϱϯ
  KƚŚĞƌƐ  Ϯϴϭ͕ϰϭϳ

     W ϭ͕ϰϬϬ͕ϴϵϰ

;ĐͿ ĞĚƵĐƚŝďůĞŽƐƚŽĨ^ĂůĞƐĂŶĚ^ĞƌǀŝĐĞƐ

dŚĞĂŵŽƵŶƚŽĨĚĞĚƵĐƚŝďůĞĐŽƐƚŽĨƐĂůĞƐĂŶĚƐĞƌǀŝĐĞƐ͕ƵŶĚĞƌƚŚĞƌĞŐƵůĂƌƚĂdžƌĞŐŝŵĞ͕ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕
ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗

  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ W ϭ͕ϯϰϳ͕ϬϬϮ
  ŽŵƉĞŶƐĂƚŝŽŶĂŶĚĨƌŝŶŐĞďĞŶĞĨŝƚƐ  ϭ͕ϮϬϭ͕ϵϮϮ
 KƵƚƐŝĚĞƐĞƌǀŝĐĞƐ  ϱϱϮ͕ϵϯϲ
 
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240 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 AUDITED FINANCIAL STATEMENTS

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U C P B 2 0 1 7 A N N U A L R E P O R T 241
 CORPORATE INFORMATION
PRODUCTS AND SERVICES
'(326,76
3(62$&&28176
• 0XOWL2QH
(All In One Savings and Checking Account)
An interest-bearing checking account with ATM card
and passbook.
• $706DYLQJV$FFRXQW
An interest-bearing account with ATM card.
• 3DVVERRN6DYLQJV$FFRXQW
An interest-bearing account with passbook.
• 5HJXODU&KHFNLQJ$FFRXQW
A non-interest-bearing account
• 6WDUW6DYH-XQLRU6DYLQJV$FFRXQW
An interest-bearing savings account for minors
(below 19 years old) with ATM and passbook.
• 3HQVLRQ$FFRXQWVIRU$)3$)36/$,39$2DQG666
An interest bearing savings account that caters to
pensioners of the Armed Forces of the Philippines
(AFP), Armed Forces and Police Savings and Loan
Association, Inc. (AFPSLAI), Philippine Veterans Affairs
• $XVWUDOLDQ'ROODU6DYLQJV$FFRXQW
An interest-bearing AUD-denominated savings
account with passbook.
• 6LQJDSRUHDQ'ROODU6DYLQJV$FFRXQWV
An SGD-denominated savings account
with passbook.
• &DQDGLDQ'ROODU6DYLQJV$FFRXQW
An interest-bearing CAD-denominated savings
account with passbook.
7,0('(326,76
• 3HVR7LPH'HSRVLW
$QLQWHUHVWEHDULQJGHSRVLWZLWKDVSHFLÀFPDWXULW\
GDWHHYLGHQFHGE\D&HUWLÀFDWH
of Time Deposit.
• +LJK<LHOGHU
$\HDUÀ[HGWHUPLQWHUHVWHDUQLQJGHSRVLW
with monthly interest payments.
• 86'ROODU7LPH'HSRVLW
An interest-bearing USD-denominated deposit
ZLWKDVSHFLÀFPDWXULW\GDWHHYLGHQFHG
2IÀFH39$2DQG6RFLDO6HFXULW\6\VWHP666 E\D&HUWLÀFDWHRI7LPH'HSRVLW
• 85HPLW$FFRXQW
An interest-bearing account with an ATM or &$5'352'8&76
passbook and/or checkbook intended for Overseas
)LOLSLQR:RUNHUV2):VDQGWKHLUEHQHÀFLDULHV
• 85HPLW$706DYLQJV$FFRXQW
• 85HPLW3DVVERRN6DYLQJV$FFRXQW
• 85HPLW3HVR&KHFNLQJ$FFRXQW
• 85HPLW86'ROODU6DYLQJV$FFRXQ
)25(,*1&855(1&<$&&28176
• 86'ROODU6DYLQJV$FFRXQW
An interest-bearing USD-denominated savings
account with passbook.
• (XUR6DYLQJV$FFRXQW
A EUR-denominated savings account with passbook.
• -DSDQHVH<HQ6DYLQJV$FFRXQW
A JPY-denominated savings account with passbook.
• %ULWLVK3RXQG6DYLQJV$FFRXQW
An interest-bearing GBP-denominated savings
account with passbook.
242 A DECADE OF GROWTH, REACHING NEW HEIGHTS
• 8&3%9LVD'HELW(09&DUG
ATM card linked to a UCPB Savings or checking
account/s with access to the Visa and Bancnet
QHWZRUNRI$70VDQGDIÀOLDWHPHUFKDQWVIRUFDVK
withdrawal and purchases/payment.
• 8&3%9LVDH0RQH\&DUG
Reloadable ATM card used for different
disbursements such as contractual payroll,
dividend/commission payments, loan
disbursements and remittances.
• 8&3%85HPLW&DUG
ATM card linked to a UCPB U-Remit account
with access to the VISA and Bancnet network of
$70VDQGDIÀOLDWHPHUFKDQWVIRUDFFRXQWLQTXLU\
cash withdrawal and purchases/payment.
• 8&3%6WDUW6DYH-XQLRU6DYLQJV&DUG
ATM card linked to a UCPB Start2Save (S2S) account
with access to the UCPB and BancNet ATM network.
(/(&7521,&%$1.,1*)$&,/,7,(6 • 2XWZDUG5HPLWWDQFHV
Any transfer of funds intended for payment/
• 8&3%&0%L]&RUSRUDWH,QWHUQHW%DQNLQJ remittance from a UCPB accountholder to any
Internet banking facility for corporate clients. LQGLYLGXDORUFRUSRUDWHEHQHÀFLDU\WKURXJK
It provides 24/7 access to accounts through the Correspondent (local or foreign) and Foreign/
UCPB website (www.ucpb.com). Local Banks.
• 8&3%&RQQHFW5HWDLO,QWHUQHW%DQNLQJ
Internet banking facility for individual clients.
It provides 24/7 access to accounts through the
UCPB website (www.ucpb.com).
• 8&3%0RELOH3KRQH%DQNLQJ6HUYLFH
Internet banking facility that allows clients
to perform banking transactions using iOS
or Android mobile phones and gadgets.
• 8&3%$XWRPDWHG7HOOHU0DFKLQHV
• 2QVLWHDQG2II6LWH'HSOR\PHQW
Refers to ATM/s installed within (on-site)
or separate (off-site) from a UCPB branch.
Off-site deployed ATM/s includes In-Plant
ATM/s or ATM/s installed at a client’s premises.
• 0RELOH$706HUYLFH
5(0,77$1&(6(59,&(6
• )RUHLJQFund transfer via SWIFT
• 'RPHVWLFFund Transfer via eCS $RTGS,
PDDTS, PhilPass-PhpRTGS, PESONet and
PhilPass Remit for OFWs
&$6+0$1$*(0(17
&ROOHFWLRQV
• %LOOV3D\PHQW
A service that allows clients to collect payments
from their subscribers, planholders, cardholders
or customers through UCPB’s various payment
channels:
• 2YHUWKH&RXQWHU&ROOHFWLRQ)DFLOLW\
A facility where payments can settled through
UCPB branches.
• (OHFWURQLF&KDQQHOV$70,QWHUQHW%DQNLQJ
• ,QZDUG5HPLWWDQFHV7KURXJK7LH8SV
DQG&RUUHVSRQGHQW%DQNV
A fund transfer facility which caters to Overseas
Filipino remitters (corporate or individual)
DQGWKHLUEHQHÀFLDULHVWKURXJK8&3%IURP
Correspondent (local or foreign) and Local Banks
intended for payment to an individual or corporate
UCPB accountholder or non-accountholder.
DQG0RELOH3KRQH%DQNLQJ
A facility where payments can be made
using locally-issued debit cards through ATMs,
internet and iOS or Android mobile phones
and gadgets.
• $XWRPDWLF'HELW$UUDQJHPHQW
A service that automatically debits payments
from a customer’s account subject to payment
instruction.
• 85HPLW6\VWHP2QOLQH5HPLWWDQFH6\VWHP
An online system used for distribution or
FUHGLWLQJRIUHPLWWDQFHSURFHHGVWREHQHÀFLDU\
accounts in the Philippines.
• 'LUHFW&UHGLWWR8&3%$FFRXQWV
• 'LUHFW&UHGLWWR/RFDO%DQN$FFRXQWV
• &DVK3LFNXSRYHU8&3%%UDQFKes
• 3D\RXW&HQWHUIRU Uniteller, Cash Express,
AFTAB, Iremit, TransFast/NewYork Bay Philippines
• 3RLQWRI6DOH326&ROOHFWLRQ6HUYLFH
A service that allows clients to receive payments
from their customers’ locally issued ATM debit
cards through the use of Point-of-Sale (POS)
terminals provided by UCPB.
• ,QWHUQHW3D\PHQW*DWHZD\
A web service facility that allows clients
to collect online and real-time payments
from their customers via the Internet.
• 3RVW'DWHG&KHFN:DUHKRXVLQJ
ZLWK2QOLQH)DFLOLW\3'&%L]
An online service that allows clients to encode and
monitor post-dated checks warehoused through
UCPB branches. The checks will be immediately
credited to the client’s UCPB account upon maturity.

U C P B 2 0 1 7 A N N U A L R E P O R T 243
 • &RUSRUDWH&ROOHFWLRQ6HUYLFH
A service that collects check payments from
corporate clients or the corporate client’s key
accounts and customers on a mutually agreed
schedule for credit to the client’s account.
• 'HSRVLW3LFNXS&DVK'HOLYHU\6HUYLFH
Is a service that picks up a client’s deposits at the
client’s place of business or pick-up points on days
mutually agreed upon by the client and the Bank.
• 1LJKW'HSRVLWRU\6HUYLFH
Is a service that allows clients to drop off deposits
for safekeeping after banking hours or day/s.
• 1DWLRQDO*RYHUQPHQW&ROOHFWLRQV
A facility that enables various government
institutions to collect contributions and/or
payments through UCPB.
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• &KHFNZULWHU%L]
$&&28170$1$*(0(17
• $XWRPDWLF7UDQVIHU$UUDQJHPHQW
A services that enables transfer of funds
automatically from a client’s savings account
to a checking account to ensure funding
for issued checks.
• 6ZHHS)DFLOLW\
A facility that enables transfer of balances
automatically from different UCPB accounts
to one “mother” account for easier monitoring
and reconciliation.
• &XVWRPL]HG6WDWHPHQWRI$FFRXQW
A service that allows clients to receive readily
available electronic account statements
using universal formats such as MT 940
or Multi Cash Format.
63(&,$/6(59,&(6
• &RQGXLW&OHDULQJ$UUDQJHPHQW
2QOLQH&KHFN'LVEXUVHPHQW)DFLOLW\
An online check disbursement service that allows
SD\PHQW ÀOH WUDQVPLVVLRQ DQG DXWKRUL]DWLRQ
check printing, check release as well as reporting
of issued, claimed/unclaimed, negotiated and
outstanding checks.
• 0&:ULWHU
An online disbursement service that allows
clients to make manager’s check payments
to third parties.
• &RUSRUDWH&KHFNZULWHU
An online disbursement service that allows
corporate clients to prepare and process check
payments to third parties using corporate
checks.
• 3D\UROO)DFLOLWLHV
• *RYHUQPHQW3D\PHQWV
A collection facility that allows UCPB to accept
payments for various government institutions.
• %,5
ZLWK2QOLQH)DFLOLW\&&$EL]
A service that facilitates the clearing requirements
RI D ÀQDQFLDO LQVWLWXWLRQ WKDW LV QRW D PHPEHU
participant in the clearing process conducted by
the Philippine Clearing House Corporation (PCHC),
Bangko Sentral ng Pilipinas (BSP), US Clearing
System (for Dollar CCS).
• 'HSRVLWRU\DQG&XVWRGLDQVKLS6HUYLFH
A service where upon designation by the Rural/
Cooperative Bank relative to their availment of
the rediscounting facility of the Bangko Sentral ng
Pilipinas, UCPB as custodian bank acts as depository
of the rediscounting proceeds and custodian of
the covering credit instruments and collateral
documents of the Rural/Cooperative Bank in trust
for and subject to the concurrence of BSP.
• 6663HQVLRQ&UHGLWLQJ
$ SHQVLRQ SD\PHQW SODQ ZKHUH WKH SHQVLRQ EHQHÀWV
due to the SSS pensioners are credited to their
individual savings accounts with UCPB.
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• %,5H)36 %HQHÀWV3D\PHQW7KURXJKWKH%DQN
• 666 A service that allows clients to receive their SSS
• Philhealth VLFNQHVV DQG PDWHUQLW\ EHQHÀWV FUHGLWHG WR WKHLU
• %XUHDXRI&XVWRPV UCPB accounts.
• %DQF1HWH*RY • 'LUHFW'HSRVLWIRU863HQVLRQHUV
H3D\PHQWVWR6663KLOKHDOWKDQG3DJ,%,*)XQG A banking service that facilitates the electronic fund
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United States Government Agencies to the deposit
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maintained with the Bank.

244 A DECADE OF GROWTH, REACHING NEW HEIGHTS


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Clients’ access to insurance products of UCPB’s accredited
insurance partners, United Coconut Planters Life
Assurance Corp. (COCOLIFE) and UCPB General Insurance
Company, Inc. (UCPB GEN).
• /LIH,QVXUDQFH
• 1RQ/LIH,QVXUDQFH
&200(5&,$/&5(',7
1RQ7UDGH6KRUW7HUP&UHGLW)DFLOLWLHV
• 2PQLEXV/LQH
• 3URPLVVRU\1RWH3HVR)RUHLJQ&XUUHQF\
A case-to-case one-time loan transaction with a
validity of less than one (1) year.
• 3URPLVVRU\1RWHYV$VVLJQPHQW
RI7UDGH5HFHLYDEOHV
A revolving credit line with a validity of one (1) year
evidenced by way of short-term promissory notes.
• 'RPHVWLF)RUHLJQ%LOOV3XUFKDVH
A credit accommodation in the form of same day
credit of peso/local currency or foreign checks
deposited to the borrower’s account with the bank.
• )RUHLJQ&XUUHQF\6HWWOHPHQW
A credit accommodation via crediting the
borrower’s deposit account based on the amount
RI FRQÀUPHG LQZDUG UHPLWWDQFH DJDLQVW /RFDO DQG
Foreign Bank) to be received by the bank in the
afternoon of the same day.
• 6KRUW7HUP/RDQ
A short-term credit accommodation with a term of
XS WR  GD\V DQG VSHFLÀHG UHSD\PHQW VFKHGXOH
1RQ7UDGH/RQJ7HUP/RDQ
• 7HUP/RDQ3HVR)RUHLJQ&XUUHQF\
Loan accommodations of more than one (1) year
WR ÀQDQFH FRQVWUXFWLRQ PDFKLQHU\ DQG HTXLSPHQW
acquisition, permanent working capital and other
long-term requirements.
• 3URMHFW)LQDQFH%LODWHUDO6\QGLFDWHG3HVR
)RUHLJQ&XUUHQF\
/RQJWHUP ÀQDQFLQJ RI D QHZ FDSLWDO LQVWDOODWLRQ RU
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PRODUCTS AND SERVICES
7UDGH)LQDQFLQJ
• 'RFXPHQWDU\&UHGLW)RUHLJQ'RPHVWLF
• 6WDQGE\/HWWHURI&UHGLW²)RUHLJQ'RPHVWLF
Refers to a Letter of Credit which the Bank issues
on behalf of its customer to serve as a guarantee
WR WKH EHQHÀFLDU\ RI WKH OHWWHU RI FUHGLW WKDW WKH
%DQN·V FXVWRPHU ZLOO SHUIRUP D VSHFLÀHG FRQWUDFW
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• 7UXVW5HFHLSW)LQDQFLQJ
A transaction agreement, solely used for Letters of
Credit arrangements, where the Bank who owns/
holds absolute title or security interests over
FHUWDLQ VSHFLÀHG JRRGV UHOHDVHV WKH VDPH WR WKH
possession of the client upon the latter’s execution
and delivery of a trust receipt.
• 6KLSVLGH%RQG%DQN*XDUDQWHH
• 'RFXPHQWV$JDLQVW$FFHSWDQFH
A transaction where the bill exchange and
documents are sent to the importer/buyer’s bank
with an instruction to release the documents only
after the importer/buyer’s acceptance of the bill
of exchange payable at a future determinable date.
• 'RFXPHQWV$JDLQVW3D\PHQW
A transaction where the documents are sent to
the importer/buyer’s bank with an instruction to
release the documents only after payment has
been made.
• 2SHQ$FFRXQW$UUDQJHPHQW
• 'LUHFW5HPLWWDQFH
A service that allows funds abroad to be credited
GLUHFWO\ WR D EHQHÀFLDU\·V 8&3% DFFRXQW
• $GYDQFH3D\PHQW
• &ROOHFWLRQRI&XVWRP'XWLHVDQG7D[HV
• (0
• ([SRUW'RFXPHQWDU\&UHGLW$GYLVLQJ
• ([SRUW$GYDQFH
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made by the Bank to an exporter/client to fund
the production of good exported. This is usually
secured by assignment of export proceeds evidence
by a letter of credit (LC), sales contract or
purchase order (PO).
• ([SRUW%LOOV3XUFKDVH
A type of post shipment where the Bank purchases
outright the sight/usance clean or discrepant
export drafts/bills presented by an exporter/client
for negotiation.
• ([SRUW%LOOVIRU&ROOHFWLRQ
U C P B 2 0 1 7 A N N U A L R E P O R T 245
 75($685< )RUHLJQ([FKDQJH
Involves the buying and selling of one currency against
3HVR'HQRPLQDWHG,QYHVWPHQWV another at an agreed rate of exchange and amount,
• 6KRUW7HUP with the physical delivery of the two currencies
• 7UHDVXU\%LOOV on an agreed date and time in the future.
Short-term instruments with maturities of • 6SRW7UDQVDFWLRQV
not more than one year, in denominations An agreement to exchang two (2) currencies at a
beginning at USD1,000.00. À[HG UDWH RQ WKH VSRW GDWH XVXDOO\ IRU GHOLYHU\
• &RUSRUDWH%RQGV within two (2) business days.
Secure or unsecured, Peso-denominated • )RUZDUG7UDQVDFWLRQV
medium to long-term debt instruments issued A transaction to buy or sell one currency against
by private or government-owned corporations another at a rate agreed on the date of the
• Repurchase Agreement contract for the value or delivery/settlement
• /RQJ7HUP DW D VSHFLÀHG IXWXUH GDWH EH\RQG VSRW FRQWUDFW
• *RYHUQPHQW%RQGV);71V57%V settlement date.
Negotiable or tradable instruments that
are fully guaranteed by the Philippine &21680(5/2$16
Government; considered credit risk-free and
can be used as collateral for loan facilities. $XWR/RDQV
• &RUSRUDWH%RQGV $ FUHGLW IDFLOLW\ XVHG WR ÀQDQFH WKH SXUFKDVH RI
Secured or unsecured medium to long- a motor vehicle.
term debt instruments issued by private or • %UDQG1HZ6HFRQG+DQG
government-owned corporation. 5HÀQDQFLQJ)OHHW)LQDQFLQJ

86'ROODU'HQRPLQDWHG,QYHVWPHQWV +RPH/RDQV
• 5HSXEOLFRIWKH3KLOLSSLQHV523'ROODU%RQGV
Borrowings of the Philippine Government abroad
with tenors ranging from 1 to 25 years and may
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• 3ULPH&RUSRUDWH%RQGV
Secure or unsecured, USD-denominated medium
to long-term debt instruments issued by private or
government-owned corporations.
$ FUHGLW IDFLOLW\ WR ÀQDQFH WKH DFTXLVLWLRQ FRQVWUXFWLRQ
and improvement of real estate.
• &RQGRPLQLXPV7RZQKRXVHV+RXVHVDQG/RWV
• 5HÀQDQFLQJ&RQVWUXFWLRQ5HQRYDWLRQ0XOWL
3XUSRVH/RDQV
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employees of accredited private companies
• <RXU(DV\6DODU\/RDQ<(6/RDQV
• 6DODU\/RDQV&RUSRUDWH$UUDQJHPHQWV

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A credit facility used for short-term and permanent
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acquisition and other business-related expenditures.
• 7HUP/RDQ
• 3URPLVVRU\1RWH31/LQH

246 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 PRODUCTS AND SERVICES
)UDQFKLVH/RDQ
$Q XQVHFXUHG ORDQ RIIHUHG WR SURYLGH ÀQDQFLDO ÁH[LELOLW\
to eligible borrowers who want to have their own
franchise business.

75867 '(326,76

3HUVRQDO7UXVW6HUYLFHV 3HVR$FFRXQWV
Wealth/asset/fund management services aimed towards • 3DVVERRN3HVR6DYLQJV$FFRXQW
individual/personal accounts. An interest-bearing deposit account with passbook.
• 3HUVRQDO0DQDJHPHQW7UXVW$FFRXQW • $706DYLQJV$FFRXQW
• ,QGLYLGXDO$JHQF\$FFRXQWV,0$ • A Peso-denominated savings or current account
• $GPLQLVWUDWRUVKLS with ATM card.
• ([HFXWRUVKLS • 0\)LUVW6WHS
• *XDUGLDQVKLS A special savings/deposit account for minors with
• 6DIHNHHSLQJ passbook.
• (VFURZ%X\DQG6HOO&DSLWDO*DLQV • 6WUDWLÀHG6DYLQJV$FFRXQW
A special savings/deposit account with interest
&RUSRUDWH7UXVW6HUYLFHV based on pre-agreed rates and level of deposit
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institutional/corporate accounts. • 6DYLQJV%XLOGHU$FFRXQW
• ,QVWLWXWLRQDO$JHQF\$FFRXQW,0$ An interest-bearing Peso-denominated deposit
• (PSOR\HH%HQHÀW)XQG0DQDJHPHQW DFFRXQW WKDW DXWRPDWLFDOO\ WUDQVIHUV D VSHFLÀF
• 0RUWJDJH7UXVW,QGHQWXUH DPRXQW IURP WKH SULPDU\ DFFRXQW RQ VSHFLÀHG
• /RDQ$JHQF\ date/s of the month.
• 3UH1HHG)XQG0DQDJHPHQW • 5HJXODU&XUUHQW$FFRXQW
• 6DIHNHHSLQJ A non-interest bearing deposit account with
• (VFURZ%X\DQG6HOO32($ checkbook.
• &XUUHQW$FFRXQWZLWK$XWRPDWLF7UDQVIHU
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An open-ended pooled trust fund denominated in pesos, An account where funds are automatically
or any acceptable currency, which is prudently operated, transferred from savings to current account
administered and trusteed by a trust entity, the United whenever a check is drawn/issued or when the
Coconut Planters Bank – Trust Banking Group (UCPB-TBG) account is debited.
and made available by participation. • &KHTXH3OXV
• 8&3%&DVK0DQDJHPHQW)XQG8&0) A special type of Demand Deposit. It is an interest-
• 8&3%860RQH\0DUNHW)XQG8600) bearing account with checkbook.
• 8&3%3HVR%RQG)XQG83%) • &KHTXH/LWH
• 8&3%86%RQG)XQG86%) A demand deposit with a lower initial deposit and
• 8&3%+LJK'LYLGHQG)XQG8+') maintaining balance requirement.
• 8&3%3KLOLSSLQH,QGH[(TXLW\)XQG83,()
• 8&3%%DODQFHG)XQG8%)
• 8&3%(TXLW\)XQG8()

U C P B 2 0 1 7 A N N U A L R E P O R T 247
 7LPH'HSRVLWV • %DFNWR%DFN/RDQ
$Q LQWHUHVWEHDULQJ GHSRVLW ZLWK D VSHFLÀF PDWXULW\ GDWH A loan secured by assignment/hold-out on
DQG HYLGHQFHG E\ D &HUWLÀFDWH RI 'HSRVLW deposits covered by a deed of assignment
• &HUWLÀFDWHRI3HVR7LPH'HSRVLW signed by the depositor/s.
• /RQJ7HUP7LPH'HSRVLW • 6DODU\/RDQ
• Time Deposit 1 Year • 3D\UROO6HUYLFH3ODQ/RDQ363/
• Time Deposit 5 Years for public school teachers
• 3D\UROO6HUYLFH1RQ'HS(G361'
&DVK0DQDJHPHQW for local government employees
• &RQGXLW&OHDULQJ$UUDQJHPHQW
A service offered to eligible Financial Institutions
(FIs) to enable them to participate in BSP/PCHC
Clearing Operations through the facility of a
clearing bank.
• 'HSRVLW3LFNXS6HUYLFH
An arrangement by which the Bank picks-up
deposits either in cash or in check from the client/
institution’s place of business or operations on days
mutually agreed upon by them and stipulated in
the Memorandum of Agreement (MOA) on Deposit
Pick-up Service.
• &DVK'HOLYHU\6HUYLFH
A service where the Bank delivers cash to the
• 7LPH3ODQ/RDQ73/
for employees of private institutions
&RPPHUFLDO/RDQV
A secured or unsecured loan facility extended to business
entities to fund their working capital needs, acquisition
of equipment, building construction/renovation or to
liquidate their trade receivables.
• 6PDOO%XVLQHVV/RDQV
A loan facility fully secured by REM that is
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Enterprises to fund their working capital needs or
business expansion.
• 7HUP/RDQ
client at the latter’s place of business or delivery • 3URPLVVRU\1RWH31/LQH
points on days mutually agreed upon by them and • 6KRUW7HUP/RDQV
stipulated in the Memorandum of Agreement (MOA) • 3URPLVVRU\1RWH31/LQH
on Cash Delivery Service. • 'LVFRXQWVRI5HFHLYDEOHV3'&RU,QYRLFH
• 3D\UROO6HUYLFH$UUDQJHPHQW • 'RPHVWLF%LOOV3XUFKDVH
A disbursement system by which the salaries of • /RQJ7HUP/RDQ
the employees are automatically credited to their • 3HVR7HUP/RDQ
deposit accounts. • &RQWUDFWWR6HOO&76)LQDQFLQJ
• 3XUFKDVHRI5HFHLYDEOHV
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• Auto Loan *RYHUQPHQW3D\PHQWV
$ VHFXUHG ORDQ IDFLOLW\ IRU WKH SXUSRVH RI ÀQDQFLQJ A collection facility that allows UCPB Savings Bank to
a vehicle. collect payments or contributions for PhilHealth and SSS.
• 5HDO(VWDWH/RDQV • 3KLO+HDOWK3D\PHQWV
$ VHFXUHG ORDQ IDFLOLW\ IRU WKH SXUSRVH RI ÀQDQFLQJ • 6663D\PHQWV
real estate.
• 3HUVRQDO/RDQV 2WKHU6HUYLFHV
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borrowers. Remittances of sum of money from one branch
• &DVK/RDQ to another through the fastest means of
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the Bank for individual borrowers provided
that the borrower meets the required credit
ration and loan policies of the Bank.

248 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 PRODUCTS AND SERVICES
• 6DIHW\'HSRVLW%R[
A steel box with lock and key inside the branch
vault which the clients can lease to store/safekeep
their important documents. 6(&85,7,(6
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Checks drawn by the Bank upon itself and signed by • (TXLWLHV7UDGLQJ²3KLOLSSLQH0DUNHW
its authorized signatory/ies. Manager’s check • 7UDGLWLRQDO
is a direct liability of the bank. Buying and selling of securities listed at the
• H&DVK&DUG Philippine Stock Exchange (PSE) with assistance
A prepaid, reloadable card which can be availed by and trading execution performed by the
individuals, partnership, corporations and other legal licensed stock traders of UCPB Securities, Inc.
entities as payment channel for remittance, commission • 2QOLQH7UDGLQJ
and other types of pay-out or disbursement. Buying and selling of securities listed at the
PSE with trading execution performed by the
client via UCPB Securities, Inc.’s online trading
facility.
• /RGJHPHQWRI6HFXULWLHV
/($6,1*$1'),1$1&( Upon request of client, endorsed or signed physical
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)LQDQFLQJ/RDQV scripless/electronic form.
• )LQDQFLDO/HDVH)DFLOLW\ • 8SOLIWPHQWRI6HFXULWLHV
A mode of extending credit through a non- Upon request of client, stocks in scripless/
cancellable lease contract under which the electronic form are converted to physical
lessor purchases or acquires, at the instance VWRFN FHUWLÀFDWHV
of the lessee, machinery, equipment, motor
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other movable and immovable property in
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the purchase price or acquisition cost, including
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an obligatory period.
• 'LUHFW/HDVH
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A type of credit facility in the form of a loan to
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requirement. The facility is secured by a mortgage
over chattels or real property.
• 5HFHLYDEOH'LVFRXQWLQJ/LQH
A revolving credit line with the validity of one
(1) year available through the discounting of
acceptable trade receivables evidenced by third-
party customer’s post-dated checks or sales invoices
and delivery receipts or installment contracts.

U C P B 2 0 1 7 A N N U A L R E P O R T 249
 BRANCHES AND SUBSIDIARIES
AS OF APRIL 11, 2018

0(7520$1,/$ Ayala Avenue Metropolitan Avenue

Ground Floor, BPI-PHILAM Life Building Bormaheco Condominium
&DORRFDQ&LW\ 6811 Ayala Avenue, Makati City Metropolitan Avenue corner Zapote Street
T: (02) 845-1630 / 845-1240 Makati City
10th Avenue – Caloocan F: (02) 845-1265 T: (02) 899-4128 / 897-1647
10th Avenue corner A. Mabini Street ayala@ucpb.com F: (02) 899-1751
Caloocan City metropolitan@ucpb.com
T: (02) 351-3959 / 351-7209 Chino Roces
F: (02) 351-6417 Alegria Building Pasay Road
10thavenue@ucpb.com 2299 Don Chino Roces Avenue, Makati City Ginbo Building, 824 Arnaiz Avenue
T: (02) 816-4675 / 893-1656 San Lorenzo Village, Makati City
Caloocan F: (02) 893-1657 T: (02) 813-6501 / 813-6483
283 EDSA corner General Tinio Street chinoroces@ucpb.com F: (02) 813-6497
Morning Breeze Subdivision pasayroad@ucpb.com
Caloocan City Dela Rosa
T: (02) 361-9779 / 361-9729 Asian Mansion I Building Pasong Tamo Extension
F: (02) 366-0428 109 Dela Rosa Street OPVI Building, (formerly Jannov Plaza)
caloocan@ucpb.com Legaspi Village, Makati City 2295 Pasong Tamo Extension, Makati City
T: (02) 894-4445 / 810-0069 T: (02) 893-1586 / 810-5805
Grace Park F: (02) 815-2163 F: (02) 892-5169
205 Solid Tech Services Building delarosa@ucpb.com pasongtamoext@ucpb.com
Rizal Avenue Extension
corner 6th Avenue, Grace Park Guadalupe Puyat – Bautista
Caloocan City Tan Hock Building, Majalco Building, Sen. Gil Puyat Avenue
T: (02) 365-7305 to 07 P. Burgos corner EDSA corner Bautista Street, Palanan
F: (02) 362-1266 Guadalupe Nuevo, Makati City Makati City
gracepark@ucpb.com T: (02) 882-0364 / 882-4311 T: (02) 815-1324 to 26
F: (02) 882-4577 F: (02) 893-2852
guadalupe@ucpb.com puyatbautista@ucpb.com
/DV3LxDV&LW\
Herrera Salcedo
Las Piñas Coherco Corporate Center Philcox Building, 172 Salcedo Street
URCI Townhomes 9$5XÀQR6WUHHW Legaspi Village, Makati City
Alabang-Zapote Road Legaspi Village T: (02) 893-4251 / 892-6916
Pamplona 3, Las Piñas City Makati City F: (02) 894-0430
T: (02) 519-5377 / 824-6597 / 808-3481 T: (02) 813-2990 / 813-2992 salcedo@ucpb.com
F: (02) 873-2896 F: (02) 817-8829
laspinas@ucpb.com herrera@ucpb.com Tordesillas
Three Salcedo Place Condominium
Zapote J.P. Rizal 102 Tordesillas Street, Salcedo Village
UCPB Building, Real Street 905 J.P. Rizal corner Santiago Street Makati City
Alabang-Zapote Road, Las Piñas City Barangay Poblacion, Makati City T: (02) 843-4022 to 23
T: (02) 873-0939 / 873-9236 / 871-2877 T: (02) 899-7237 / 897-0020 F: (02) 894-0864
F: (02) 873-0217 F: (02) 899-7236 tordesillas@ucpb.com
zapote@ucpb.com jprizal@ucpb.com
Valero
Makati Avenue Antel 2000 Corporate Center
Makati City Somerset Olympia Condominium 121 Valero Street, Salcedo Village
Makati Avenue corner Sto. Tomas Street Makati City
0DLQ2IÀFH%UDQFK Urdaneta Village, Makati City T: (02) 887-5255 to 57
8&3%&RUSRUDWH2IÀFHV T: (02) 892-1511 to 14 F: (02) 887-5258
7909 Makati Avenue, Makati City F: (02) 813-2288 valero@ucpb.com
T: (02) 811-9889 makatiavenue@ucpb.com
811-9241 to 45
811-9221 to 22 Marvin Plaza 0DODERQ&LW\
F: (02) 811-9068 Marvin Plaza Building
mob@ucpb.com Don Chino Roces Avenue, Makati City Malabon
T: (02) 893-0480 / 840-3502 153 M.H. Del Pilar corner Governor
Aguirre F: (02) 893-0485 Pascual Avenue Tinejeros, Malabon City
(DVW2IÀFHV%XLOGLQJ$JXLUUH6WUHHW marvinplaza@ucpb.com T: (02) 352-4776 / 352-6119
Legaspi Village, Makati City F: (02) 442-6900
T: (02) 892-3778 / 817-8217 malabon@ucpb.com
F: (02) 892-3757
aguirre@ucpb.com

250 A DECADE OF GROWTH, REACHING NEW HEIGHTS

0DQGDOX\RQJ&LW\ P. Ocampo Marikina
Torre Lorenzo Building, Taft Avenue Sumulong Highway
Boni Avenue corner P. Ocampo, Malate, Manila Sto. Niño, Marikina City
Jemtee Building, 677 Boni Avenue corner T: (02) 536-3119 / 536-3120 T: (02) 646-9639 / 646-9641/
Aliw Street, Mandaluyong City F: (02) 523-1766 646-2035 to 36
T: (02) 533-7652 / 532-2315 / 532-2551 pocampo@ucpb.com F: (02) 646-9640
F: (02) 532-1944 marikina@ucpb.com
boniavenue@ucpb.com P. Paterno
713 P. Paterno Street
Quiapo, Manila Muntinlupa City
Kalentong T: (02) 733-4239 / 733-4941
214 Romualdez corner F: (02) 733-4225 Alabang
Kalentong Streets ppaterno@ucpb.com Civic Prime Building, Civic Drive
Mandaluyong City corner Market Drive Filinvest Corporate
T: (02) 532-0771 / 718-0246/ 718-2306 San Andres City Alabang, Muntinlupa City
F: (02) 531-0959 Marc 2000 Tower T: (02) 846-7445 to 46
kalentong@ucpb.com 1973 Taft Avenue corner San Andres F: (02) 846-7466
Street, Malate, Manila alabang@ucpb.com
Mandaluyong T: (02) 524-5426 / 524-8116
358 Shaw Boulevard, Mandaluyong City F: (02) 524-8107 Madrigal Business Park
T: (02) 727-5233 / 727-1842 sanandres@ucpb.com Richville Corporate Center
F: (02) 726-2192 1314 Commerce Avenue Extension
mandaluyong@ucpb.com Soler Madrigal Business Park
Aceada Building Ayala Alabang, Muntinlupa City
949-951 Soler Street T: (02) 807-2927 to 28 / 80-2931 to 32
Manila Binondo, Manila 807-6002 / 807-6004
T: (02) 245-0216 / 245-0016 F: (02) 807-2930
Binondo F: (02) 245-0011 madrigal@ucpb.com
509-513 Q. Paredes Street soler@ucpb.com
Binondo, Manila Muntinlupa
T: (02) 242-5961 to 62 / 242-5666 T.M. Kalaw Ground Floor, Elizabeth Center Building
F: (02) 242-5665 Traveller’s Life Building National Road, Putatan
binondo@ucpb.com 490 T.M. Kalaw corner Muntinlupa City
Cortada Street, Ermita, Manila T: (02) 861-1918 / 862-0025 to 26
Elcano T: (02) 522-4775 / 522-0746 F: (02) 862-0027
601-603 Elcano F: (02) 524-0504 muntinlupa@ucpb.com
corner San Nicolas Street tmkalaw@ucpb.com
Binondo, Manila
T: (02) 244-4252 to 53 / 242-9307 Tomas Mapua 1DYRWDV&LW\
F: (02) 242-9405 Hian Chiong Building
elcano@ucpb.com 725 Tomas Mapua Street Navotas
Sta. Cruz, Manila Vedia Building, Lapu-Lapu Avenue
Escolta T: (02) 733-3367 / 734-3158 corner North Bay Boulevard, Navotas City
FUB Building, David Street F: (02) 733-3359 T: (02) 355-5588 / 282-3881
Escolta, Manila tomasmapua@ucpb.com F: (02) 282-3880
T: (02) 243-1326 to 29 navotas@ucpb.com
F: (02) 241-4869 United Nations Avenue
escolta@ucpb.com Medical Center Manila Building
U.N. Avenue corner Gen. Luna Street 3DUDxDTXH&LW\
Juan Luna Ermita, Manila
First Binondo Centre Building T: (02) 521-3089 / 521-3091 Aseana City
524 Juan Luna Street F: (02) 521-3090 Sole Mare Parksuites, Bradco Avenue
Binondo, Manila unitednations@ucpb.com Aseana Business Park, Parañaque City
T: (02) 243-1980 / 243-1982 T: (02) 277-9082 / 277-9084 / 277-9086
F: (02) 243-1981 F: (02) 277-9087
juanluna@ucpb.com Marikina City aseanacity@ucpb.com
Malate Concepcion Aquino Avenue
Golden Empire Tower, 1322 Roxas David Building, Bayan-Bayanan Avenue Sky Freight Building,
Boulevard corner Padre Faura Street, Concepcion, Marikina City NAIA Avenue, Parañaque City
Ermita, Manila T: (02) 942-2328 to 29 T: (02) 854-5292 / 854-5161
T: (02) 567-0020 / 353-3325 / 526-7453 F: (02) 948-4020 F: (02) 854-5689
F: (02) 526-7455 concepcion@ucpb.com aquino@ucpb.com
malate@ucpb.com

U C P B 2 0 1 7 A N N U A L R E P O R T 251
 Baclaran
UCPB Building, 4010 Airport
Road
Baclaran, Parañaque City
T: (02) 853-9746 to 47
F: (02) 852-1251
baclaran@ucpb.com
BF Parañaque
EJV Building
21 A. Aguirre Avenue
BF Homes, Parañaque City
T: (02) 836-4945 / 836-4937
F: (02) 836-4946
paranaque@ucpb.com
Bicutan
J&M Mendoza Building Doña
Soledad Avenue corner
Argentina Street Better Living
Subdivision Parañaque City
T: (02) 824-3337 / 823-5259 to 60
F: (02) 821-9774
bicutan@ucpb.com
Sucat
8404 Dr. A. Santos Avenue
corner Rainbow Drive
Barangay BF Homes
Sucat Parañaque City
T: (02) 825-0839 / 829-2517
F: (02) 825-0841
sucat@ucpb.com
3DVD\&LW\
Coral Way
Fly Ace Corporate Center
13 Coral Way Central
Business Park, Pasay City
T: (02) 808-6680 / 808-6684
808-6718 / 838-2915
F: (02) 808-6703
coralway@ucpb.com
F.B. Harrison
AIMS Building, A. Arnaiz
Avenue corner F.B. Harrison
Street Pasay City
T: (02) 551-9381 / 831-5790
F: (02) 833-2919
fbharrison@ucpb.com
Malibay
715 EDSA, Malibay, Pasay City
T: (02) 889-9467 to 69
F: (02) 844-3644
malibay@ucpb.com
252 A DECADE OF GROWTH, REACHING NEW HEIGHTS
3DVLJ2UWLJDV&HQWHU
Hanston Square
Ground Floor, Hanston
Square Building
17 San Miguel Avenue
Ortigas Center, Pasig City
T: (02) 706-0937 to 39
F: (02) 706-0434
hanstonsquare@ucpb.com
Ortigas
Emerald Building
24 F. Ortigas Jr. Avenue
Ortigas Center, Pasig City
T: (02) 631-6415 to 18
F: (02) 631-6413
ortigas@ucpb.com
Pasig
12 Dr. Sixto Antonio Avenue
Kapasigan, Pasig City
T: (02) 641-0336 / 641-0338
F: (02) 641-3451
pasig@ucpb.com
Pioneer
San Buena Building No.9
Shaw Blvd. corner Gen Roxas St.
San Antonio Village, Pasig City
T: (02) 631-3261 to 62 /631-3276
F: (02) 631-3271
pioneer@ucpb.com
Robinsons Galleria
Galleria Corporate Center
EDSA corner Ortigas Avenue
Quezon City
T: (02) 633-4951 / 637-1688
F: (02) 632-9550
robinsongalleria@ucpb.com
San Miguel -
Ortigas Center
San Miguel Properties Center
Saint Francis Avenue
Ortigas Center, Mandaluyong City
T: (02) 632-0855 to 57
F: (02) 632-0862
sanmiguel@ucpb.com
Shaw-Escriva
Tune Hotel
Blk. 4 Lot 5 Shaw Boulevard
Barangay San Antonio
Pasig City
T: (02) 633-9276 to 78
F: (02) 634-3183
shaw-escriva@ucpb.com
Tektite Blue Ridge
West Tower 190 Katipunan Avenue corner
Philippine Stock Exchange Raja Matanda Street
Center Exchange Road Blue Ridge, Quezon City
Ortigas Center, Pasig City T: (02) 647-1482 / 647-1515
T: (02) 638-6756 / 638-6758 647-1488 / 647-1089
F: (02) 638-6759 blueridge@ucpb.com
tektite@ucpb.com
Bohol Avenue
UCPB Building, Sgt. Esguerra
4XH]RQ&LW\ Street corner Quezon Avenue
South Triangle Quezon City
Acropolis T: (02) 926-7626 / 927-5606
The Village Center F: (02) 922-2098
187 E. Rodriguez, Jr. Avenue boholavenue@ucpb.com
Bagumbayan (Libis)
Quezon City Cambridge
T: (02) 635-6872 / 438-1177 Coronet Building
F: (02) 655-4614 Cambridge Street corner
acropolis@ucpb.com Aurora Boulevard
Cubao Quezon City
Anonas T: (02) 912-2339 to 40
Hi-Top Supermart F: (02) 912-2341
Aurora Boulevard corner cambridge@ucpb.com
F. Castillo Street
Project 4, Quezon City Commonwealth Avenue
T: (02) 421-0753 to 54 / 799-2383 Upper Ground Floor
F: (02) 913-8301 One Felicity Center
anonas@ucpb.com Commonwealth Ave.
Barangay Holy Spirit
Araneta Avenue Quezon City
'RğD 1HQD %XLOGLQJ T: (02) 931-9395 / 931-9396
425 Araneta Avenue 931-0377
corner Bayani Street F: (02) 931-0417
Quezon City commonwealth@ucpb.com
T: (02) 732-9087 / 713-1838
F: (02) 731-2260 Del Monte - Bonifacio
araneta@ucpb.com 161 Del Monte Avenue
Quezon City
Aurora Boulevard T: (02) 367-0072 / 415-2792
UCPB Building F: (02) 367-0073
725 Aurora Boulevard delmonte-bonifacio@ucpb.com
New Manila, Quezon City
T: (02) 584-9752 to 55 Diliman
F: (02) 584-9751 J & L Building
aurorablvd@ucpb.com 23 Matalino Street
Quezon City
Banaue T: (02) 921-6217 / 921-9688
PPSTA Dormitory Building F: (02) 922-1030
245 Banaue Street diliman@ucpb.com
Quezon City
T: (02) 732-5131 / 732-5132 E. Rodriguez
F: (02) 712-6388 2 Judge Jimenez Street
banaue@ucpb.com corner E. Rodriguez Sr. Avenue
Barangay Pinagkaisahan
Batasan Cubao Quezon City
Sweet Haven Building T: (02) 726-8649 / 726-1063
Commonwealth Avenue F: (02) 726-1067
corner Villongco Street erodriguez@ucpb.com
Quezon City
T: (02) 430-9066 / 951-0188 Lagro
F: (02) 951-1998 FOUR M Square Building
batasan@ucpb.com Quirino Hi-way Lagro
Novaliches, Quezon City
T: (02) 930-7291 / 930-7293
F: (02) 930-7276
lagro@ucpb.com

Loyola Heights
SMRC Building
331 Katipunan Avenue
Loyola Heights, Quezon City
T: (02) 927-6672 to 73
F: (02) 433-4308
loyolaheights@ucpb.com
Mindanao Avenue
UCPB Building, 14 Mindanao
Avenue Dominic Subdivision,
Tandang Sora Quezon City
T: (02) 453-8616 / 929-3718
F: (02) 983-9477
mindanaoave@ucpb.com
Muñoz
304 Roosevelt Avenue
corner M.H. del Pilar Street
San Francisco del Monte
Quezon City
T: (02) 372-2421 / 372-2422
F: (02) 372-2423
munoz@ucpb.com
New Manila
Cortes Building
958 E. Rodriguez
Sr. Avenue, Quezon City
T: (02) 722-5474 / 722-4714
F: (02) 721-8658
newmanila@ucpb.com
Novaliches
UCPB Building
937 Quirino Highway
Novaliches, Quezon City
T: (02) 939-5590 / 419-1609
F: (02) 939-6435
novaliches@ucpb.com
P. Tuazon
STG Building
190 P. Tuazon Street
Cubao, Quezon City
T: (02) 911-7221 / 911-7202
F: (02) 911-7208
ptuazon@ucpb.com
Quirino Highway
380 Oeshram Building
Sangandaan Quirino Highway
Novaliches, Quezon City
T: (02) 938-6863 to 64
F: (02) 938-6865
quirino@ucpb.com
Roosevelt Avenue
Tres Hermanas
Inc. Building Roosevelt corner
Quezon Avenues Quezon City
T: (02) 372-4740 to 41
F: (02) 372-4739
roosevelt@ucpb.com
BRANCHES AND SUBSIDIARIES
Tomas Morato Taytay The Fort
F.C. Building Fortunil Building Forbes Wood Heights
290 Tomas Morato Avenue National Road Condominium Rizal Drive
Quezon City San Juan, Taytay, Rizal Bonifacio Global City
T: (02) 922-1694 / 924-7505 T: (02) 658-6986 to 89 Taguig City
F: (02) 924-6783 F: (02) 658-6990 T: (02) 856-6045 to 48
tomasmorato@ucpb.com taytay@ucpb.com F: (02) 856-6049
thefort@ucpb.com
Visayas Avenue
Far East Asia Commercial Complex 6DQ-XDQ&LW\
282 Visayas Avenue corner 9DOHQ]XHOD&LW\
Congressional Avenue Annapolis
Quezon City Atlanta Centre Building Karuhatan
T: (02) 924-5504 / 924-5107 Annapolis Street 246 McArthur Highway
F: (02) 924-5884 Greenhills San Juan City Karuhatan, Valenzuela City
visayasavenue@ucpb.com T: (02) 722-7176 / 726-6662 T: (02) 291-5224 to 25
F: (02) 722-8197 F: (02) 293-1390
Welcome Rotonda annapolis@ucpb.com karuhatan@ucpb.com
299 E. Rodriguez Sr. Avenue
Quezon City Greenhills Malanday
T: (02) 740-8462 to 64 A&E Building, Ortigas Avenue UCPB Building
F: (02) 712-9751 Greenhills, San Juan City McArthur Highway
welcomerotonda@ucpb.com T: (02) 722-6961 to 62 / 722-9023 M.H. del Pilar corner
F: (02) 721-3393 P. Adriano Street
West Avenue greenhills@ucpb.com Malanday, Valenzuela City
CBT Building, 60 West Avenue T: (02) 445-8825 / 794-6316
Quezon City N. Domingo F: (02) 292-3657
T: (02) 371-9796 / 374-2143 UCPB Building malanday@ucpb.com
F: (02) 374-3048 120 N. Domingo Street
westavenue@ucpb.com San Juan City Paso de Blas
T: (02) 726-0521 / 744-5564 Servando Building Barangay
F: (02) 724-8008 Paso de Blas Valenzuela City
5L]DO n.domingo@ucpb.com T: (02) 332-8515 / 291-1099
F: (02) 293-2811
Antipolo pasodeblas@ucpb.com
Circumferential Road 7DJXLJ&LW\
Barangay San Roque
Antipolo City 32nd Street BGC 1257+&(175$//8=21
T: (02) 696-7804 / 630-1091 F1 Building, 32nd Street
F: (02) 696-7806 Bonifacio Global City %DJXLR&LW\
antipolo@ucpb.com Taguig City
T: (02) 478-0357 Baguio
Cainta F: (02) 478-7623 UCPB Building, T. Claudio
UCPB Building, Felix Avenue 32ndStreet@ucpb.com and G. Calderon Streets
Junction, Cainta, Rizal Baguio City
T: (02) 655-4050 to 52 Global City T: (074) 442-3132 / 443-4685
F: (02) 655-3037 Fort Palm Spring Building F: (074) 442-3133
cainta@ucpb.com 30th Street corner baguio@ucpb.com
1st Avenue, Bonifacio Global
Masinag City Taguig City
Silicone Valley Building T: (02) 659-3749 / 659-3753 Bataan
Sumulong Highway F: (02) 846-5609
Mayamot, Antipolo City globalcity@ucpb.com Balanga
T: (02) 682-3018 / 682-3013 UCPB Building
681-5849 McKinley Hill Don M. Banzon Avenue
F: (02) 681-5843 IPC Building Balanga City, Bataan
masinag@ucpb.com Upper McKinley Road T: (047) 237-2765 / 237-0692
Fort Bonifacio, Taguig City F: (047) 237-2875
Q. Plaza T: (02) 519-1800 / 478-7139 balanga@ucpb.com
Q. Plaza Commercial Complex F: (02) 519-1655
Felix Avenue corner Marcos mckinleyhill@ucpb.com
Highway, Cainta, Rizal
T: (02) 645-7068 / 645-2547
645-4151
F: (02) 645-2541
qplaza@ucpb.com
U C P B 2 0 1 7 A N N U A L R E P O R T 253
 Limay
UCPB Building
Roman National Highway
Alangan, Limay, Bataan
T: (047) 244-5890 / 244-5891
F: (047) 244-5892
limay@ucpb.com
%XODFDQ
Balagtas
Roma Building
491 McArthur Highway
San Juan, Balagtas, Bulacan
T: (044) 693-2748 / 769-1224
F: (044) 769-1900
balagtas@ucpb.com
Baliuag
PVR Building
Benigno S. Aquino Avenue
Baliuag, Bulacan
T: (044) 766-3227 to 28
F: (044) 766-7703
baliuag@ucpb.com
Meycauayan
Ground Floor, ABZ Building
Mac Arthur Highway, Calvario
Meycauayan City, Bulacan
T: (044) 815-2389 / 840-8923
F: (044) 815-3300
meycauayan@ucpb.com
&DJD\DQ
Tuguegarao
Luna corner Bonifacio Streets
Tuguegarao City
T: (078) 844-1060 to 61
F: (078) 844-1059
tuguegarao@ucpb.com
,ORFRV1RUWH,ORFRV6XU
Laoag
Bueno’s Building
J.P. Rizal corner
E. Ruiz Streets, Laoag City
T: (077) 771-4475 / 772-2037
F: (077) 771-5800
laoag@ucpb.com
Vigan
UCPB Building, M.L.
Quezon Avenue, Vigan City
T: (077) 722-2720 / 632-0086
F: (077) 722-2719
vigan@ucpb.com
254 A DECADE OF GROWTH, REACHING NEW HEIGHTS
,VDEHOD
Cauayan
C. Uy Building
National Highway
Cauayan City, Isabela
T: (078) 652-3116
F: (078) 652-3117
cauayan@ucpb.com
Santiago
UCPB Building
National Highway
corner Camacam Street
Santiago, Isabela
T: (078) 305-2561 / 305-2903
F: (078) 305-2892
santiago@ucpb.com
La Union
La Union
Unison Realty Building
Quezon Avenue
San Fernando, La Union
T: (072) 242-0491 / 888-5733
F: (072) 242-0492
launion@ucpb.com
1XHYD(FLMD
Cabanatuan
Ramoso Building
Burgos Avenue corner
A. Bonifacio Street
Cabanatuan City
T: (044) 463-2558 / 463-1941
F: (044) 463-2168
cabanatuan@ucpb.com
1XHYD9L]FD\D
Solano
J.P. Rizal Street, Poblacion
Solano, Nueva Vizcaya
T: (078) 326-5047 / 326-5619
F: (078) 326-5619
solano@ucpb.com
3DPSDQJD
Angeles
UCPB Building, Sto. Rosario
corner Plaridel Streets,
Angeles City
T: (045) 625-9818 / 888-2754
F: (045) 888-1672
angeles@ucpb.com
Clark Field
Lilly Hill Plaza
C.M. Recto Highway
Clark Freeport Zone
Pampanga
T: (045) 599-3472 to 73
F: (045) 599-3474
FODUNÀHOG#XFSEFRP
San Fernando
U2 Building, McArthur Highway
Dolores, San Fernando
Pampanga
T: (045) 961-4581 / 961-4582
961-6343
F: (045) 963-1942
sanfernando@ucpb.com
3DQJDVLQDQ
Dagupan
UCPB Building
A.B. Fernandez Ave.
and Herrero Street
Dagupan City
T: (075) 522-0709 / 529-3744
F: (075) 522-0914
dagupan@ucpb.com
Urdaneta
UCPB Building
Alexander Street
Urdaneta City
T: (075) 568-2828 / 656-2208
F: (075) 568-1003
urdaneta@ucpb.com
7DUODF
Paniqui
UCPB Building
National Highway
Paniqui, Tarlac
T: (045) 931-0225 / 326-0109
F: (045) 931-0554
paniqui@ucpb.com
Tarlac
MacArthur Highway
San Nicolas, Tarlac City
T: (045) 982-0158 / 982-3028
F: (045) 982-0159
tarlac@ucpb.com
=DPEDOHV
Olongapo
UCPB Building
1869 Rizal Avenue
West Bajac-Bajac
Olongapo City
T: (047) 223-4870 / 222-3478
F: (047) 222-3046
olongapo@ucpb.com
Subic
Royal Sky Plaza, Royal
Gateway District
Argonaut Highway
Subic Bay Freeport Zone
Olongapo City
T: (047) 252-7447 / 252-3851
F: (047) 252-2421
subic@ucpb.com
6287+(51/8=21
$OED\
Legaspi
UCPB Building, Quezon Avenue
Legaspi City
T: (052) 480-8721
F: (052) 480-7881
legaspi@ucpb.com
%DWDQJDV
Batangas
UCPB Building, C. Tirona
and P. Zamora Streets
Batangas City
T: (043) 723-3490 / 300-3490
F: (043) 723-0250
batangas@ucpb.com
Lemery
UCPB Building, Ilustre Avenue
corner General Luna Street
Lemery, Batangas City
T: (043) 214-2588 / 411-1019
F: (043) 411-1362
lemery@ucpb.com
Lipa - Big Ben
Big Ben Commercial Building
Ayala Highway, Lipa City
T: (043) 756-7131 / 312-0103
F: (043) 756-7130
bigben-lipa@ucpb.com

Lipa – Recto
Wood Heights Building
C.M. Recto Avenue, Lipa City
T: (043) 756-1811 / 756-2311
F: (043) 756-1312
lipa-recto@ucpb.com
Sto. Tomas
NDN Building, 34 JP Laurel
Highway Barangay San Roque,
Sto. Tomas Batangas City
T: (043) 784-8360
F: (043) 784-8226
stotomas@ucpb.com
Tanauan
P&G Commercial Complex
JP Laurel Highway
Tanauan City
T: (043) 778-6801 to 02
F: (043) 778-6804
tanauan@ucpb.com
0DVEDWH
Masbate
UCPB Building,
Quezon Avenue corner
Rosero Stairway, Masbate
T: (056) 582-0994 / 333-2252
F: (056) 333-2252
masbate@ucpb.com
6RUVRJRQ
Sorsogon
PJJR Building, Magsaysay
and Garcia Streets
Barangay Salog, Sorsogon City
T: (056) 421-5004 / 211-0340
F: (056) 421-5004
sorsogon@ucpb.com
&DPDULQHV1RUWH
&DPDULQHV6XU
Daet
UCPB Building
F. Pimentel Street
Daet, Camarines Norte
T: (054) 440-3294
(02) 429-0035
F: (02) 429-0035
daet@ucpb.com
Naga
UCPB Building
Evangelista Street
Naga City, Camarines Sur
T: (054) 473-9172
F: (054) 473-9172
naga@ucpb.com
BRANCHES AND SUBSIDIARIES
Cavite San Pablo Lucena – Guinto
UCPB Building UCPB Building
Dasmariñas Rizal Avenue Quezon Avenue
Toledo Building and P. Alcantara Street corner Leon Guinto Street
2-A Sampaloc 1 San Pablo City Lucena City
Damariñas, Cavite T: (049) 562-0977 / 562-7721 T: (042) 710-2417
T: (046) 416-6956 to 57 F: (049) 562-7721 F: (042) 710-3659
F: (046) 416-6953 sanpablo@ucpb.com lucena@ucpb.com
dasmarinas@ucpb.com
Sta. Cruz
Imus UCPB Building, P. Guevarra 9,6$<$6
Maliksi Building Sta. Cruz, Laguna
Tanzang Luma Aguinaldo T: (049) 501-2590 / 810-0728 Aklan
Highway, Imus, Cavite F: (049) 808-2003
T: (046) 471-0306 / 471-2494 stacruz@ucpb.com Kalibo
F: (02) 529-8608 UCPB Building
imus@ucpb.com Sta. Rosa Martelino Street
Phase 2 A, Block 5 Lot 3B Kalibo, Aklan
Molino Santa Rosa Estates Commercial T: (036) 262-3303 / 268-4319
Solagrande Center, Molino Road Sta. Rosa–Tagaytay Road F: (036) 500-7513
Molino II, Bacoor, Cavite Sta. Rosa, Laguna kalibo@ucpb.com
T: (046) 476-0500 / 476-0503 T: (049) 508-4451 to 52
F: (046) 476-0504 F: (049) 508-4452 Bohol
molino@ucpb.com starosa@ucpb.com
Tagbilaran
Rosario UCPB Building
UCPB Building 0LQGRUR C.P. Garcia Avenue
General Trias Drive Tagbilaran City
Rosario, Cavite Calapan T: (038) 411-3262 / 501-7891
T: (046) 438-3712 to 14 Baniway Building, J.P. Rizal F: (038) 411-5204
F: (046) 438-3713 Street Barangay San Vicente tagbilaran@ucpb.com
rosario@ucpb.com Calapan City Oriental Mindoro
T: (043) 288-5678 / 288-5252
F: (043) 288-1733 %DFRORG
/DJXQD calapan@ucpb.com
Lacson - Galo
Biñan San Jose UCPB Building
UCPB Building Lopez Jaena Street San Jose Lacson corner Galo Street
Biñan Business Center Occidental Mindoro Bacolod City
National Highway T: (043) 491-1014 T: (034) 433-7521 to 23
Platero Biñan, Laguna F: (043) 491-2038 F: (034) 433-4085
T: (049) 411-3889 / 411-3899 sanjose@ucpb.com lacson-galo@ucpb.com
F: (02) 520-6724
binan@ucpb.com Libertad
4XH]RQ UCPB Building P. Hernaez
Calamba and Doña Juliana Streets
Ground Floor, Lazaro Gumaca Bacolod City
and Borres Building Dalisay Building, Antonio Luna T: (034) 434-7862 / 435-0278
National Highway and Andres Bonifacio Streets F: (034) 434-7861
Crossing Calamba, Laguna Gumaca, Quezon libertad@ucpb.com
T: (049) 545-2252 / 545-2902 T: (042) 317-6304
F: (049) 545-2252 F: (042) 317-7712 North Drive
calamba@ucpb.com gumaca@ucpb.com Northpoint Building
North Drive, Bacolod City
Laguna Lucena – Centro T: (034) 434-1370 to 72
UCPB Building Quezon Avenue F: (034) 434-1373
Km. 32 National Highway corner San Fernando Street northdrive@ucpb.com
San Pedro, Laguna Lucena City
T: (02) 808-4194 / 808-5380 T: (042) 373-1431 / 660-7080 San Juan
F: (02) 808-3934 F: (042) 373-7138 UCPB Building, San Juan
laguna@ucpb.com centro-lucena@ucpb.com corner Luzuriaga Streets
Bacolod City
T: (034) 433-7990 / 435-4299
F: (034) 434-5437
sanjuan@ucpb.com
U C P B 2 0 1 7 A N N U A L R E P O R T 255
 &DSL]
Roxas
Gaisano Building
Arnaldo Boulevard
Roxas City, Capiz
T: (036) 621-1850 / 621-3547
F: (036) 621-0239
roxas@ucpb.com
&HEX
Banilad
TPE Building
Banilad Road, Cebu City
T: (032) 346-9252 / 346-9234
346-2460
banilad@ucpb.com
Carbon
UCPB Building, Manalili
and Progreso Streets
Cebu City
T: (032) 256-1571 / 255-3382
F: (032) 254-1922
carbon@ucpb.com
F. Ramos
Yap Building, Ramos Street
Barangay Cogon, Cebu City
T: (032) 256-3772 / 255-8499
F: (032) 255-8498
framos@ucpb.com
Jones Avenue
UCPB Building
Osmeña Boulevard
Cebu City
T: (032) 253-1251 to 53
F: (032) 256-2901
jonesavenue@ucpb.com
Mabolo
AMV Bros. Building corner
Almendras and F. Cabahug
Streets, Mabolo
Cebu City
T: (032) 233-2123 / 233-1500
F: (032) 232-7389
mabolo@ucpb.com
Mandaue
UCPB Building, National Hiway
Tipolo, Mandaue City
T: (032) 345-2894 to 96
F: (032) 346-2579
mandaue@ucpb.com
256 A DECADE OF GROWTH, REACHING NEW HEIGHTS
Mango Avenue
General Maxilom Avenue
Cebu City
T: (032) 233-7771 / 233-7566
F: (032) 233-7778
mangoavenue@ucpb.com
SM City – Cebu
Lower Ground Floor
SM City Cebu
Reclamation Area, Cebu City
T: (032) 231-7971 to 72
F: (032) 231-7973
smcitycebu@ucpb.com
'XPDJXHWH
Dumaguete
UCPB Building
Real and San Jose Streets
Dumaguete City
T: (035) 225-4444 / 422-7806
F: (035) 225-4445
dumaguete@ucpb.com
,ORLOR
Iznart
UCPB Building, Iznart Street
Iloilo City
T: (033) 335-0741 / 337-8843
F: (033) 338-1471
iznart@ucpb.com
Jaro
UCPB Building, Rizal Avenue
and Libertad Street
Jaro, Iloilo City
T: (033) 329-0746 / 329-3414
F: (033) 320-1948
jaro@ucpb.com
Mabini
J&B Building
Mabini Street, Iloilo City
T: (033) 337-8008 / 335-0429
F: (033) 335-0415
mabini@ucpb.com
Leyte
Tacloban
UCPB Building
Zamora Street
Tacloban City
T: (053) 832-0031 / 523-7173
F: (053) 832-0003
tacloban@ucpb.com
6DPDU
Calbayog
UCPB Building
Gomez corner Nijiaga Streets
Calbayog City, Samar
T: (055) 209-1456 / 209-1384
F: (055) 209-3024
calbayog@ucpb.com
0,1'$1$2
Butuan
Butuan
St. Joseph Parish Hall
Ester Luna Street, Butuan City
T: (085) 341-1010 / 815-5500
F: (085) 815-4090
butuan@ucpb.com
&DJD\DQGH2UR
Cogon
Chee Building, Osmeña and
Lim Ket Kai Avenue
Cagayan de Oro City
T: (088) 857-1842 / 857-2109
F: (088) 857-1840
cogon@ucpb.com
Velez
Leonila Building
Apolinar Velez
and Pacana Streets
Cagayan de Oro City
T: (088) 856-4474 / 856-4527
F: (088) 856-4420
velez@ucpb.com
Davao
Bajada
DASI Building
JP Laurel Avenue
Davao City
T: (082) 305-2887 / 222-5917
F: (082) 222-5917
bajada@ucpb.com
Palma Gil
Cocolife Building
C.M. Recto Avenue
corner Palma Gil Street
Davao City
T: (082) 222-0900 to 02
F: (082) 222-0903
palmagil@ucpb.com
R. Magsaysay
UCPB Building
R. Magsaysay corner
Sales Street, Davao City
T: (082) 221-2933 / 226-3950
F: (082) 221-7608
magsaysay@ucpb.com
San Pedro
UCPB Business Center
San Pedro Street, Davao City
T: (082) 221-3227 / 226-3865
F: (082) 221-7577
sanpedro@ucpb.com
*HQHUDO6DQWRV&LW\
General Santos
UCPB Building
Santiago Boulevard
and Magsaysay Avenue
General Santos City
T: (083) 552-3783 / 301-0089
gensantos@ucpb.com
/DQDR'HO1RUWH
Iligan
UCPB Building
Mabini and Aguinaldo Streets
Iligan City
T: (063) 492-3317 / 221-3317
F: (063) 221-6218
iligan@ucpb.com
&RWDEDWR
Cotabato
UCPB Building
'RQ 5XÀQR $ORQ]R 6WUHHW
Cotabato City
T: (064) 421-2640 / 421-3229
F: (064) 421-9227
cotabato@ucpb.com
Kidapawan
UCPB Building
Quezon Boulevard
Kidapawan City
North Cotabato
T: (064) 577-1787 / 577-1520
kidapawan@ucpb.com

0LVDPLV2FFLGHQWDO
Oroquieta
UCPB Building
Washington Street
Oroquieta City
T: (088) 531-1123 to 24
F: (088) 531-1444
oroquieta@ucpb.com
Ozamiz
UCPB Building, Rizal Avenue
and Laurel Street,Ozamiz City
T: (088) 521-0322 / 521-0323
F: (088) 521-1516
ozamis@ucpb.com
6XULJDR
Surigao
UCPB Building, San Nicolas
and Diez Streets, Surigao City
T: (086) 231-7151 / 231-7153
F: (086) 826-0299
surigao@ucpb.com
=DPERDQJD
Pagadian
Rizal Avenue
Sta. Lucia District
Pagadian City
T: (062) 214-1409 / 214-1526
F: (062) 214-1410
pagadian@ucpb.com
Zamboanga
UCPB Building
Rizal and Corcuera Streets
Zamboanga City
T: (062) 991-7791 / 991-4576
F: (062) 991-1484
zamboanga@ucpb.com
&21680(5),1$1&(
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+HDG2IÀFH
Ground Floor
8&3%&RUSRUDWH2IÀFHV
7907 Makati Avenue
Makati City
T: (02) 811-9000 loc. 9117
F: (02) 811-9106 to 07
Bacolod
2nd Floor, UCPB Building
Hernaez corner Dona Juliana
Streets Libertad, Bacolod City
TF: (034) 435-2259
BRANCHES AND SUBSIDIARIES
Batangas
2nd Floor, NDN Building
34 JP Laurel Highway
Barangay San Roque
Sto. Tomas, Batangas
TF: (043) 702-3759
Cagayan de Oro
Ground Floor, UCPB Building
Mariano Street, Osmeña Cogon
Cagayan de Oro City
TF: (088) 880-7206
Cebu
UCPB Building corner
Visitacion Street
Jones Avenue, Cebu City
TF: (032) 254-7975
Dagupan
2nd Floor
UCPB Building
A.B. Fernandez Avenue
corner Herrero Street
Dagupan City
TF: (075) 522-1516
Davao
UCPB Business Center
San Pedro Street
Davao City
T: (082) 221-9552
F: (082) 221-7642
Iloilo
UCPB Building
Rizal Avenue
and Libertad Street Jaro
Iloilo City
TF: (033) 320-3790
Naga
UCPB Building
Evangelista Street
Naga City, Camarines Sur
TF: (054) 472-0021
Pampanga
UCPB Building, Sto. Rosario
corner Plaridel Streets
Angeles City
T: (045) 322-4719 loc. 220
F: (045) 888-3632
68%6,',$5,(6
/($6,1*$1'),1$1&(
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6th Floor, UCPB Corporate
2IÀFHV0DNDWL$YH
Makati City
Marketing:
T: (02) 811-9614
F: (02) 811-9613
Operations:
(02) 811-9607
LUZON
Alabang
Common Goal Tower
Finance St. cor. Industry
St. Madrigal Business Park
Alabang, Muntinlupa City
T: (02) 824-6030
TF: (02) 824-6028
Alaminos
M. H. Del Pilar St.
Poblacion, Alaminos, Laguna
T: (049) 521-0309
TF: (049) 567-1296
Alfonso
Mabini St. cor. Libertad St.
Poblacion II, Alfonso, Cavite
T: (046) 402-2002
TF: (046) 402-1587
Atimonan
Quezon St. cor. C.O. Reyes St.
Brgy. Zone II
Atimonan Quezon
TF: (042) 316-5314
M: 09175515179
U C P B
Batac
MC Building Washington St.
Brgy. Ablan Batac
Ilocos Norte
T: (077) 600-0895 to 96 / 234-3207
M: 09175623673
Calauag
Cantre St. cor Bonifacio St.
Brgy. 3 Calauag, Quezon
T: (042) 717-7200 / 717-7201
Caramoan
41 Real St., Tawog Caramoan
Camarines Sur
T: (054) 238-5041 / (02) 697-2421
M: 0917-850-1381
Kalayaan
106 Neptune St.
Kalayaan Avenue
cor. Makati Avenue
Makati City
T: (02) 833-8923 / 833-8927
Goa
Rizal St., cor. Panday St.
Brgy. Poblacion, Goa
Camarines Sur
T: (054) 453-1523
TF: (054) 453-1524
Lingayen
Avenida Rizal cor. Artacho St.
Lingayen, Pangasinan
T: (075) 632-4774
TF: (075) 632-4751
Libmanan
Bichara Arcade, T. Dilanco St.
Libod#1, Libmanan
Camarines Sur
T: (054) 511-8222
TF: (054) 451-2048
Lucban
Rizal Avenue cor. San Luis St.
Brgy. 8, Lucban, Quezon
T: (042) 911-1495 / 540-6526
TF: (042) 540-4213
Mabalacat
Kimaesha Bldg.
Dau Mc-Arthur Highway
Mabalacat City
T: (045) 308-0583
2 0 1 7 A N N U A L R E P O R T 257
 Malolos
Paseo Del Congreso
Catmon, Malolos, Bulacan
T: (044) 794-0022 / 794-0188
TF: (044) 794-0021
Morong
600 Tomas Claudio St.
San Pedro Morong, Rizal
T: (02) 653-0281
TF: (02) 653-0282
Nagcarlan
E.A. Fernandez cor.
E. Lucido Sts., Poblacion
Nagcarlan, Laguna
T: (049) 563-3489
TF: (049) 563-3488
Pili
National Highway
Brgy. Old San Roque, Pili
Camarines Sur
T: (054) 477-7752 / 205-1220
TF: (054) 477-5170
Puerto Princesa
AICON Plaza, National Highway
Brgy. San Pedro
Puerto Princesa City, Palawan
T: (048) 433-2066
TF: (048) 433-8187
M: 09175515597
Rizal Avenue
Unit 201-203 Tan Han Chi
Place 1558 Rizal Ave.
cor. Mayhaligue St.
Sta. Cruz Manila
T: (02) 743-7426 / 309-9558
TF: (02) 743-0750
Sablayan
420 P. Urieta St.
Brgy. Buenavista, Sablayan
Occidental Mindoro
T: (043) 458-0012
258 A DECADE OF GROWTH, REACHING NEW HEIGHTS
San Jose Del Monte
Dalisay Bldg., Halili Ave.
Tungkong Mangga
San Jose Del Monte
Bulacan
T: (044) 815-1796
TF: (044) 815-1742
San Mateo
Ground Floor, No. 44
General Luna St.
Brgy. Banaba, San Mateo, Rizal
T: (02) 661-6146 / 661-6149
TF: (02) 584-9023
Sta. Cruz
M.F. Tiaoqui Building
Plaza Sta. Cruz
Sta. Cruz, Manila
T: (02) 733-0258 / 733-7860
733-7861
TF: (02) 733-0262
Sta. Ignacia
Romulo Highway
Poblacion East
Sta. Ignacia, Tarlac
T: (045) 606-3380 to 81
TF: (045) 606-3379
Sta. Rosa
UCPB Building National Hi-Way
Brgy. Balibago, Sta Rosa Laguna
T: (049) 508-1784 / 508-1785
TF: (049) 530-8192
Tanay
F.T Catapusan St.
Plaza Aldea, Tanay, Rizal
T: (02) 654-0880
TF: (02) 654-0818
Tanza
007 A. Soriano Highway
Daang Amaya 1, Tanza, Cavite
T: (046) 437-1162 / 437-1167
TF: (02) 529-8970
Tayabas
64 Quezon Avenue
(Tayabas-Lucban Road)
cor. M. Ponce St.
Brgy. San Diego Zone 1
City of Tayabas
T: (042) 793-2329
TF: (042) 793-2205
VISAYAS
Bacolod
Ground Floor, San Antonio
Park Square Mandalangan
Bacolod City
Negros Occidental
T: (034) 709-7485 to 86
441-2345 / 713-5138
Borongan
E. Cinco St.
Borongan City
Eastern Samar
T: (055) 568-0010
(02) 782-1569
M: 09175515433
Iloilo
Angeles Arcade
De Leon St., Iloilo City
T: (033) 508-7090 / 508-7490
TF: (033) 335-0422
La Castellana
Feria cor. Bonifacio St.
Brgy. Robles La Castellana
Negros Occidental
T: (034) 485-0160 / 702-2511
TF: (034) 485-0059
Naga-Cebu
E. Sayson St.
Central Poblacion
Naga City, Cebu
T: (032) 272-6638
TF: (032) 505-6930
Numancia
Estrella Building
National Highway
cor. Zamora St. Poblacion
Numancia, Aklan
T: (036) 265-6953
TF: (036) 265-6952
Sogod
Osmeña St. Brgy. Zone IV
Sogod, Southern Leyte
T: (053) 382-2039
TF: (053) 382-3262
Ormoc
Ground Floor
Hssc Building Real St.
Ormoc City
T: (053) 832-2745 / 255-8693
561-7477
Escalante
New Libra Mart
Victoria Bldg. North Ave.
Escalante City
Negros Occidental
T: (034) 724-8022 / 724-8011
TF: (034) 454-0734
Tuburan
Tabotabo St.
Poblacion Tuburan, Cebu
T: (032) 463-9088
TF: (032) 463-9151
MINDANAO
Aloran
Jose Mutia St.
Brgy. Ospital Aloran
Misamis Occidental
TF: (088)-545-4011
M: 09189113683
Bulua
Ground Floor
Forever Books Building
Zone 6 Bulua
Cagayan De Oro City
Misamis Oriental
T: (088) 2275-4519
TF: (088) 858-8063
Cagayan De Oro
Capistrano-Cruz, Taal Sts.
Brgy 7, Cagayan De Oro City
Misamis Oriental
T: (088) 272-2695 / 852-4099
TF: (088) 857-2355
Davao
MK Central Bldg.
J.p. Laurel Ave.
Bajada, Davao City
T: (082) 224-4229 / 305-8575
226-3800
TF: (082) 300-0541
Dipolog
Quezon Avenu
Miputak, Dipolog City
Zamboanga Del Norte
T: (065) 212-1298
TF: (065) 212-1300

Glan
182-C Enrique Yap St.
Poblacion Glan
Sarangani Province
T: (083) 893-0080
TF: (083) 262-1010
Lamitan
Quezon Boulevard
Brgy. Malakas
Lamitan City, Basilan
T: (062) 936-0018
Lapasan
Market City, Agor, Lapasan
Cagayan De Oro City
T: (088) 880-8272
TF: (088) 880-0885
Tagum
Consuelo Business Center
Units 9-12 Pioneer Ave.
Magugpo South, Tagum City
T: (084) 655-4086 / 655-4087
655-4088
LENDING OFFICES
LUZON
Albay Lending
2nd Floor, Ucpb Bldg.
Quezon Avenue
Orosite, Legazpi City
T: (052) 480-4581
Ilagan
Ground Floor
Hipolito Building
Calamagui 2nd
City Of Ilagan, Isabela
TF: (078) 624-1701
BRANCHES AND SUBSIDIARIES
Cabanatuan
Mayapyap Sur
Maharlika Highway
Cabanatuan City
T: (044) 340-2577
Calapan
Ground Floor, Halcon Heights
Building Dama De Noche St.
Lumang Bayan, Calapan City
Oriental Mindoro
T: (043) 288-2065
Pampanga
McArthur Highway
Sindalan City
San Fernando, Pampanga
T: (045) 300-1314
Balanga
Stall 1 Sanchez
Commercial Stall
Lot 2 Blk 3 Remaville Subd.
Ibayo Balanga City, Bataan
T: (047) 300-0083
VISAYAS
San Jose Antique
Ground Floor
Lasp Building Gov.
Fullion St. San Jose De
Buenavista, Antique
T: (036) 540-7905
Tacloban
2nd Floor, Florentina
Ty Building, 177 P. Zamora St.
Tacloban City
T: (053) 321 9355
Calbayog
Purok 4, Maharlika Highway
Capoocan, Calbayog City
M: 09175515896 / 09363961995
MINDANAO
6(&85,7,(6
Laguindingan
Daroy St., Brgy. Purok 2
Laguindingan Misamis Oriental HEAD OFFICE
7th Floor
T: (088) 555-0264
8&3%&RUSRUDWH2IÀFHV
Zamboanga City 7907 Makati Avenue
Makati City
Ucpb Bldg.
Rizal & Corcuera Street Sales and Marketing
T: (02) 811-9735
Zamboanga City
T: (062) 991-2681 811-9978 to 79
Research
Butuan City T: (02) 811-9975
Operations
Door G, 2nd Floor
Oro Cam Building T: (02) 811-9970 to 71
Trading Floor
J.c. Aquino Avenue
Cor. M. Carlo Street T: (02) 940-6130 / 891-9736
cocosec@ucpb.com
Silongan, Butuan City
Agusan Del Norte
T: (085) 815-0776
Sindangan
Mabini Street
Brgy. Poblacion Sindangan
Zamboanga Del Norte
T: (065) 224-2013
Malaybalay
Unit 3 Saint Joseph
Square Fortich Street
Brgy. 3 Malaybalay City
Bukidnon
T: (088) 813-0830

U C P B 2 0 1 7 A N N U A L R E P O R T 259
 CORPORATE INFORMATION

/LVWRI0DMRU6WRFNKROGHUV +HDG2IÀFH
UCPB is majority owned by the Republic 8&3%&RUSRUDWH2IÀFHV
of the Philippines, with 75% of total outstanding 7907 Makati Avenue
capital stock. Makati City 0728 Philippines
Telephone number:
%DQN:HEVLWH (632) 811-9000
The UCPB website via www.ucpb.com serves Customer Relations Center:
as the repository of the Bank’s information including 811-9111 or 1-800-1-888-9777
corporate information, products and services, (toll free from any PLDT landline)
interest rates, fees and contact details. Email: crc@ucpb.com
Website: www.ucpb.com
/LVWRI%DQNLQJ8QLWV
Please see Branches and Subsidiares on
pages 250-259.

260 A DECADE OF GROWTH, REACHING NEW HEIGHTS

 2 0 17 A N N U A L R E P O R T
A DECADE OF GROWTH,
REACHING NEW HEIGHTS

A DECADE OF G RO WTH, REACH I NG N E W H E IG HTS

8&3%&RUSRUDWH2IÀFHV
7907 Makati Avenue
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2 0 1 7
ANNUAL
REPORT