Second Amendment Limitations

University of Tennessee Law University of Tennessee Law

Legal Scholarship Repository: A Service of the Joel A. Katz Library Legal Scholarship Repository: A Service of the Joel A. Katz Library

UTK Law Faculty Publications

2016

Second Amendment Limitations Second Amendment Limitations

Glenn Harlan Reynolds

Follow this and additional works at: https://ir.law.utk.edu/utklaw_facpubs

Part of the Law Commons

Research Paper #288

March 2016

Second Amendment Limitations

Glenn Harlan Reynolds

Georgetown Journal of Law and Public Policy (Forthcoming)

This paper may be downloaded without charge

from the Social Science Research Network Electronic library at

http://ssrn.com/abstract=2727790

Learn more about the University of Tennessee College of Law:

law.utk.edu

Electronic copy available at: http://ssrn.com/abstract=2727790

!"#$%&'()"%&)"%*'+,),*(*,$%!'

-./00'123.20'4/506.78

*:/';6<=>'6?'@!/>607'(A/07A/0;'+=A=;2;=608B'A=C:;'8//A';6'D/E'=0'6F3'G3/8=7/0;H8'?3/IF/0;.5J

F8/7'<:328/E'60';:/'K360C'8=7/'6?':=8;635L''*:/';3/07'6M/3';:/'<28;'>6F<./'6?'7/>27/8E'2?;/3'2..E'

:28'D//0';:/'/N<208=60E'06;';:/'.=A=;2;=60'6?'!/>607'(A/07A/0;'3=C:;8L''%60/;:/./88E';:/'

!/>607'(A/07A/0;E'.=O/'2..'<36M=8=608'6?';:/'P=..'6?'4=C:;8E'=8'06;'F0.=A=;/7'=0'=;8'<36;/>;=608L''

*:6FC:';:/'8:2</'207'/N;/0;'6?';:/'!/>607'(A/07A/0;H8'.=A=;8'=8'8;=..'D/=0C'7/?=0/7'D5'>6F3;8'

Q'207E'</3:2<8'8=C0=?=>20;.5E'D5'./C=8.2;F3/8'Q',':6</';6'6??/3'2'?/K';:6FC:;8':/3/';:2;'A25'

<36M/'F8/?F.L'

,;'8//A8';:2;';:/'C3/2;/8;'86F3>/'6?'.=A=;2;=60'=0'>6A=0C'5/238'=8'.=O/.5';6'D/';:/'>6F3;8L''(07E'28'

P320060'&/00=0C'207',':2M/'06;/7'=0';:/'<28;E';:/3/'K28'R207';6'86A/'7/C3//'3/A2=08S'3/2860'

;6'D/.=/M/';:2;'.6K/3'>6F3;8'A=C:;'276<;'2'>32DD/7'207'A=0=A2.=8;'3/27=0C'6?';:/'3=C:;';6'23A8L

(8'K/';2.O'2D6F;'.=A=;2;=608'60';:/'3=C:;';6'O//<'207'D/23'23A8E';K6'/8</>=2..5'=A<63;20;'

>2;/C63=/8'>6A/';6'A=07L''U=38;E';:/3/'23/'.=A=;2;=608'60'K:2;'O=07'6?'23A8'A25'D/'O/<;'207'

D630/V''1207CF08W'4=?./8W'@(882F.;'X/2<608WB'!:6;CF08W'16K=;Y/38W''X/2<608'6?')288'

&/8;3F>;=60W''!/>607E';:/3/'23/'.=A=;2;=608'60'K:6'A25'O//<'207'D/23'23A8V''*6'K:6A'76/8'

;:/'3=C:;'2<<.5'Q'207E'A63/'=A<63;20;.5E';6'K:6A'76/8'=;'06;'2<<.5W',0';:=8'D3=/?'"8825E','K=..'

.66O'2;'86A/'ZF7=>=2.'/??63;8'3/.2;=0C';6';:/8/'>2;/C63=/8E'D/?63/'M/0;F3=0C'2'?/K'A63/'C/0/32.'

;:6FC:;8'60';:/'O//<=0C'207'D/23=0C'6?'23A8'=0'T9

'#/0;F35'(A/3=>2L'

What%kind%of%arms?'

,;'=8'2';/7=6F8'2??2=3E'86'.2;/'=0';:/'!/>607'(A/07A/0;'7/D2;/E';6'/0>6F0;/3'=07=M=7F2.8'K:6'

D/.=/M/';:2;';:/5':2M/'7/A608;32;/7';:/'2D8F37=;5'6?'2'3=C:;';6'23A8'F07/3';:/'#608;=;F;=60'D5'

32=8=0C';:/'<688=D=.=;5E'28'2'3/7F>;=6'27'2D8F37FAE'6?'<3=M2;/'6K0/38:=<'6?'0F>./23'K/2<608L'''

+=O/K=8/E'</6<./'32=8/';:/'<688=D=.=;5'6?'>20060E';20O8E'/;>L''!F>:'23CFA/0;2;=60E':6K/M/3E'

8/3M/8'A68;.5';6'=..F8;32;/';:/'23CF/3H8'F0?2A=.=23=;5'K=;:'!/>607'(A/07A/0;'8>:6.238:=<L'

,0'?2>;E';:/3/'=8''8F3<3=8=0C.5'.=;;./';6'277';6'&60'[2;/8H';3/2;A/0;'6?';:=8';6<=>'=0':=8'8/A=02.'

23;=>./E'1207CF0'G36:=D=;=60'(07'*:/'$3=C=02.')/20=0C'$?'*:/'!/>607'(A/07A/0;E'=0'K:=>:':/'

K36;/V'

*:/'<3/>/7=0C'8/>;=608'6?';:=8'(3;=>./'7/A608;32;/';:2;E'=0'C/0/32.E';:/'8/>607'

2A/07A/0;'CF2320;//8'=07=M=7F2.8'2'3=C:;';6'\O//<\'K/2<608'=0';:/':6A/'?63'8/.?'

7/?/08/L'!/M/32.'.=A=;2;=608'60';:=8'3=C:;':2M/'2.3/275'D//0'8FCC/8;/7E':6K/M/3L'U=38;'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'P/2F>:2A<'P36C20'&=8;=0CF=8:/7'G36?/8863'6?'+2KE']0=M/38=;5'6?'*/00/88//'#6../C/'6?'+2KL'

'''-./00'123.20'4/506.78'^'P320060'GL'&/00=0CE'1/../3H8'UF;F3/'=0';:/'+6K/3'#6F3;8E'9_T'%KL'

]L'+L'4/ML'`_a'RT__bSc'1/../3E'1=C:'X2;/3RA23OSW''+6K/3'#6F3;8'207';:/'%/K'4=C:;';6'[//<'207'

P/23'(3A8E'a_'128;=0C8'+LdL'9T`e'RT__fSc'U=M/'*2O/8'60'&=8;3=>;'6?'#6.FAD=2'ML'1/../3E'af'$:=6'!;L'

+LdL'ag9'RT__fSL'

Electronic copy available at: http://ssrn.com/abstract=2727790

207'?63/A68;'23/';:68/'=A<.=>=;'=0'United%States%v.%MillerE'8FCC/8;=0C';:2;';:/'

2A/07A/0;'<36;/>;8'60.5'8F>:'23A8'28'23/'R9S'\6?';:/'O=07'=0'>6AA60'F8/\'2A60C'.2KJ

2D=7=0C'</6<./'207'RTS'<36M2D.5'\<23;'6?';:/'637=0235'A=.=;235'/IF=<A/0;\';6725L'*:/'

202.58=8'<3/8/0;/7';:36FC:6F;';:=8'(3;=>./'=07=>2;/8';:2;';:/'\637=0235'A=.=;235'

/IF=<A/0;\'>3=;/3=60'=8'=0?/>;/7'D5'Millerh8'>60>/<;F2..5'?.2K/7'>60>/0;32;=60'60';:/'

2A/07A/0;h8'A=.=;=2'<F3<68/E';6';:/'/N>.F8=60'6?'=;8'6;:/3'6DZ/>;=M/8L'&/>=8=608'

3/>6C0=Y=0C';:2;'>60>/308'?63'=07=M=7F2.'8/.?J<36;/>;=60'207'?63'.2K'/0?63>/A/0;'2.86'

F07/3.=/'3=C:;';6'23A8'CF2320;//8'=0M6.M/'2;'60>/'C3/2;/3':=8;63=>2.'?=7/.=;5'207'A63/'

3=C636F8'.=A=;2;=60'F<60';:/'O=078'6?'23A8'<36;/>;/7L'*:/8/'7/>=8=608'8FCC/8;';:2;'60.5'

8F>:'23A8'28':2M/'F;=.=;5'?63'all%three'<F3<68/8'207'23/'.=0/2..5'7/8>/07/7'?36A';:/'

O=078'6?'23A8';:/'U6F07/38'O0/K'?2..'K=;:=0';:/'2A/07A/0;h8'CF2320;//L'

4/?63AF.2;=0C'Millerh8'7F2.';/8;'=0';:=8'K25'<367F>/8'2';3=<./';/8;';:2;'20560/'>.2=A=0C'

;:/'2A/07A/0;h8'<36;/>;=60'AF8;'82;=8?5'28';6';:/'<23;=>F.23'K/2<60':/'6K08L'*:2;'

K/2<60'AF8;'<36M2D.5'D/'R9S'\6?';:/'O=07'=0'>6AA60'F8/\'2A60C'.2KJ2D=7=0C'</6<./'

;6725c'RTS'F8/?F.'207'2<<36<3=2;/'06;'ZF8;'?63'A=.=;235'<F3<68/8E'DF;'2.86'?63'.2K'

/0?63>/A/0;'207'=07=M=7F2.'8/.?J7/?/08/E'207'RiS'.=0/2..5'7/8>/07/7'?36A';:/'O=078'6?'

K/2<6035'O06K0';6';:/'U6F07/38L'

*:=8';3=<./';/8;'3/86.M/8';:/'ad%absurdum'207'ad%horribilus'3/8F.;8'R;6'K:=>:'Millerh8'

8O/;>:5'207'?.2K/7'A=.=;=2J>/0;3=>'7=8>F88=60'C3/2;.5'>60;3=DF;/7S'86A/;=A/8'M=/K/7'28'

?.6K=0C'?36A'20'=07=M=7F2.'3=C:;'=0;/3<3/;2;=60'6?';:/'2A/07A/0;L''1207CF08E'?63'

/N2A<./E'>./23.5'?2..'K=;:=0';:/'2A/07A/0;h8'<36;/>;=60L'*:2;':207CF08'23/'per%se'\=0'

>6AA60'F8/\'2A60C'.2KJ2D=7=0C'</6<./'207'>6AD=0/'F;=.=;5'?63'>=M=.=20E'<6.=>/'207'

A=.=;235'2>;=M=;=/8'=8'06;'60.5'<36M2D./'DF;'ZF7=>=2..5'06;=>/2D./L''L'L'L''+=O/K=8/E';:/'

2A/07A/0;'76/8'06;'<36;/>;';:/'<688/88=60'6?'?F..5'2F;6A2;=>'K/2<608E'C3/027/8E'

36>O/;'.2F0>:/38E'?.2A/';:36K/38E'23;=../35'<=/>/8E';20O8E'0F>./23'7/M=>/8E'207'86'60L'

(.;:6FC:'8F>:'86<:=8;=>2;/7'7/M=>/8'6?'A67/30'K23?23/'76':2M/'A=.=;235'F;=.=;5E';:/5'23/'

06;'2.86'F8/?F.'?63'.2K'/0?63>/A/0;'63'?63'8/.?J<36;/>;=60E'063'23/';:/5'>6AA60.5'

<688/88/7'D5'.2KJ2D=7=0C'=07=M=7F2.8L')63/6M/3E'A205'6?';:/A'A25'06;'D/'.=0/2..5'

7/8>/07/7'?36A';:/'O=078'6?'K/2<608'O06K0';6';:/'U6F07/38L'

,0'277=;=60';6';:/';3=<23;=;/';/8;E';K6'?F3;:/3'.=A=;=0C'<3=0>=<./8'K6F.7';/07';6'/N>.F7/'

;:/'86<:=8;=>2;/7'A=.=;235';/>:06.6C5'6?'A288'7/8;3F>;=60JJ63E'=07//7E'205;:=0C'D/5607'

637=0235'8A2..'23A8JJ?36A';:/'2A/07A/0;h8'<36;/>;=60L'U=38;E'8=0>/';:/';/N;'3/?/38';6'

23A8';:2;';:/'=07=M=7F2.'>20'\O//<'and'D/23E\'K/2<608';66':/2M5'63'DF.O5'?63';:/'

637=0235'</3860';6'>2335'23/'2<<23/0;.5'06;'>60;/A<.2;/7L'!/>607E'2>>637=0C';6'

P.2>O8;60/'207'12KO=08E';:/'>6AA60J.2K'3=C:;'7=7'06;'/N;/07';6'\720C/36F8'63'

F0F8F2.'K/2<608\'K:68/'A/3/'<688/88=60'63'/N:=D=;=60'\23/'2<;';6';/33=?5';:/'</6<./L\'

%2;F32..5E'=;'K6F.7';/33=?5';:/'>=;=Y/035'?63'F02F;:63=Y/7'=07=M=7F2.8';6'<688/88'K/2<608'

;:2;'>6F.7'06;'3/2.=8;=>2..5'D/'F8/7'/M/0'=0'8/.?J7/?/08/'K=;:6F;'/0720C/3=0C'=006>/0;'

</6<./'=0'27Z2>/0;'23/28'63'DF=.7=0C8L

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''bT')=>:L'+L'4/ML'T_`E'Teb'R9fbiSL'

,'2<6.6C=Y/'?63';:=8'./0C;:5'IF6;2;=60E'DF;'=0>.F7/'=;';6'7/A608;32;/';:2;'[2;/8H'9fbi'202.58=8'

A2O/8'>./23';:2;';:/'@3=C:;';6'6K0'20'2;6A=>'D6ADB'6DZ/>;=60'=8'0/=;:/3'0/K'063'K/..'?6F07/7L''

$0/'A=C:;'23CF/';:2;';:/'!F<3/A/'#6F3;H8'/A<:28=8'60'8/.?J7/?/08/E'32;:/3';:20'>6../>;=M/'

<36;/>;=60'2C2=08;';532005E'8F<<63;8'2'86A/K:2;'./88'A=.=;=2J>/0;3=>'M=/K'6?'<36;/>;/7'

K/2<6035E'</3:2<8'=0>.F7=0C'060J./;:2.'K/2<608E'DF;';:/'D28=>'6F;.=0/8'6?'[2;/8H'202.58=8'

8F3M=M/V''*:/'!/>607'(A/07A/0;'8F<<63;8'=07=M=7F2.'K/2<608'6?'2';5</';:2;'=8'=0'>6AA60'F8/'

2A60C';:/'>=;=Y/035E'DF;'06;'K/2<608';:2;'23/';66'D=C';6'D/'D630/'D5'20'=07=M=7F2.E'63'K/2<608'

;:2;E'/M/0'K:/0'F8/7'<36</3.5E'K6F.7'F00/>/8823=.5'/0720C/3';:/'8F336F07=0C'>6AAF0=;5L'

$0/'86A/K:2;'06M/.'.=A=;2;=60E'8FCC/8;/7'D5'dF7C/'U320O'"28;/3D366O'=0';:/'!/M/0;:'#=3>F=;H8'

6<=0=60'=0'U3=/7A20'ML'#=;5'6?'1=C:.207'G23OE',..=06=8E

'=0M6.M/8'3/27=0C';:/'2D6M/'28'@/0720C/3'

;:/'8F336F07=0C'>6AAF0=;5H8'</2>/'6?'A=07LB''(8'/M=7/0>/';:2;'1=C:.207'G23OH8'AF0=>=<2.'

2882F.;'K/2<60'D20'?F3;:/3/7'2'8FD8;20;=2.'C6M/30A/0;2.'<F3<68/E'"28;/3D366O'K36;/V'

,?'=;':28'06'6;:/3'/??/>;E'1=C:.207'G23OH8'637=020>/'A25'=0>3/28/';:/'<FD.=>H8'8/08/'6?'

82?/;5L'')288'8:66;=0C8'23/'323/E'DF;';:/5'23/':=C:.5'82.=/0;E'207'</6<./';/07';6'

6M/3/8;=A2;/';:/'.=O/.=:667'6?'82.=/0;'/M/0;8L'',?'2'D20'60'8/A=2F;6A2;=>'CF08'207'.23C/J

>2<2>=;5'A2C2Y=0/8'3/7F>/8';:/'</3>/=M/7'3=8O'?36A'2'A288'8:66;=0CE'207'A2O/8';:/'

<FD.=>'?//.'82?;/3'28'2'3/8F.;E';:2;H8'2'8FD8;20;=2.'D/0/?=;L

*:/'06;=60'6?'F<:6.7=0C'20'=0?3=0C/A/0;'60'2'>608;=;F;=602..5'<36;/>;/7'3=C:;'D/>2F8/';:2;'

=0?3=0C/A/0;'A=C:;'866;:/';:/'=332;=602.'?/238'6?'86A/'<63;=60'6?';:/'<6<F.2>/'=8'2'06M/.'60/L''

,?';2O/0'8/3=6F8.5E'=;'A=C:;':2M/'8=C0=?=>20;'2<<.=>2;=60'D/5607';:/'ZF3=8<3F7/0>/'6?';:/'!/>607'

(A/07A/0;L'',;'=8'/285E'2;'./28;E';6'=A2C=0/'6;:/3'3=C:;8'K:68/'=0?3=0C/A/0;'A=C:;'3/7F>/';:/'

=332;=602.'?/238'6?'86A/'8/>;638'6?';:/'<6<F.2>/E';:6FC:',':27';:6FC:;';:2;'6F3'2D20760A/0;'6?'

d=A'#36K':27'<F;';:2;'2<<362>:'D/:=07'F8L'

,0'20'=0;/3/8;=0C'>60;328;';6'dF7C/'"28;/3D366OH8';3/2;A/0;E';:/')=>:=C20'#6F3;'6?'(<</2.8E'=0'

G/6<./'ML'j2002E

'2773/88/7';:/'IF/8;=60'6?'K:/;:/3'*28/38'>6F0;'28'<36;/>;/7'23A8'F07/3';:/'

!/>607'(A/07A/0;'=0'2'32;:/3'8;32=C:;?63K237'?28:=60E':6.7=0CV'

!;F0'CF08'A25'D/'F8/7'D6;'?63'7/?/08/'63'@;6'>28;'2;'63'8;3=O/'206;:/3LB''*:/3/?63/')#+'

ge_LTT`2'76/8'2??/>;'@23A8LB''@k*l:/'!/>607'(A/07A/0;'/N;/078E'<3=A2'?2>=/E';6'2..'

=08;3FA/0;8';:2;'>608;=;F;/'D/232D./'23A8E'/M/0';:68/';:2;'K/3/'06;'=0'/N=8;/0>/'2;';:/'

;=A/'6?';:/'?6F07=0CL''*:/'<368/>F;=60'23CF/8';:2;'1/../3'=8'8;3=>;.5'2'CF0J>60;36.'>28/E'

DF;';:/'D3627'02;F3/'6?';:/'.20CF2C/'F8/7'=0'1/../3H8'7/?=0=;=60'6?'@23A8B'>./23.5'>6M/38'

A63/';:20'ZF8;'?=3/23A8L

'L'L'L'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''gb`'Ui7'`_a'RT_9eS'

'''gb`'Ui7'2;'`9TL'

'''G/6<./'ML'j2002'bT`'%XT7'T`9'R)=>:L'(<<L'T_9TSL'

'''bT`'%XT7'2;'T``'R>=;2;=608'6A=;;/7SL'

1F073/78'6?';:6F82078'6?'*28/38'207'8;F0'CF08':2M/'D//0'86.7';6'<36M2;/'>=;=Y/08E'K=;:'

A205'A63/'=0'F8/'D5'.2K'/0?63>/A/0;'6??=>/38L''*:/'<368/>F;=60'?2=.8';6'<F;'?63;:'

/M=7/0>/';:2;'K6F.7'C=M/';:/'#6F3;'3/2860';6'76FD;';:2;';:/'M28;'A2Z63=;5'6?'*28/38'207'

8;F0'CF08'23/'<688/88/7'D5'.2KJ2D=7=0C'>=;=Y/08'?63'.2K?F.'<F3<68/8L'L'L'L'

*:/'<368/>F;=60'2.86'23CF/8';:2;'8;F0'CF08'207'*28/38'23/'86'720C/36F8';:2;';:/5'23/'

06;'<36;/>;/7'D5';:/'!/>607'(A/07A/0;L''16K/M/3E'=;'=8'7=??=>F.;';6'8//':6K';:=8'=8'86'

8=0>/'1/../3'>60>.F7/7';:2;':207CF08'23/'06;'8F??=>=/0;.5'720C/36F8';6'D/'D200/7L''

*28/38'207'8;F0'CF08E'K:=./'<.2=0.5'720C/36F8E'23/'8FD8;20;=2..5'./88'720C/36F8';:20'

:207CF08L''*:/3/?63/E';28/38'207'8;F0'CF08'76'06;'>608;=;F;/'720C/36F8'K/2<608'?63'

<F3<68/8'6?'!/>607'(A/07A/0;'=0IF=3=/8L

*:/'>6F3;'2.86'3/Z/>;/7'2'>.2=A';:2;'*28/38'207'8;F0'CF08'23/'@F0F8F2.B'207';:F8'D/5607';:/'

!/>607'(A/07A/0;E'06;=0C';:2;';:/5'23/'./C2.'=0'`i'8;2;/8'207'=0')=>:=C20'23/'36F;=0/.5'F8/7'

D5'.2K'/0?63>/A/0;'6??=>/38L'',;'>60>.F7/7V'

P/>2F8/'*28/38'207'8;F0'CF08'76'06;'?=;'205'6?';:/'/N>/<;=608';6';:/'!/>607'

(A/07A/0;'/0FA/32;/7'=0'1/../3E'K/'?=07';:2;';:/5'23/'<36;/>;/7'23A8L

(';3/2;A/0;';:2;'=8'8=A<./E'8;32=C:;?63K237E'207'8:63;L''dF7C/'"28;/3D366O'A=C:;'<36?=;'?36A'=;8'

/N2A<./L''

!6'A=C:;';:/']0=;/7'!;2;/8'#6F3;'6?'(<</2.8'?63';:/'!/>607'#=3>F=;E'K:/3/'=0'20'6<=0=60'D5'

dF7C/'d68/'#2D320/8E';:/'>6F3;'F<:/.7'A68;'6?'%/K'j63O'207'#600/>;=>F;H8'7//<.5'=0;3F8=M/'

CF0'.2K8L

''*:/'>6F3;':/.7';:2;'2.;:6FC:';:/'D200/7'@2882F.;'K/2<608B'207'@.23C/'>2<2>=;5'

A2C2Y=0/8B'K/3/'=0'>6AA60'F8/E'207'K/3/'06;'>6AA60.5'F8/7'=0'>3=A/8E';:2;''K28'=08F??=>=/0;'

;6'D3=0C';:/A'K=;:=0';:/'<36;/>;=60'6?';:/'!/>607'(A/07A/0;L''$0.5';K6'8</>=?=>'<36M=8=608'Q'

%/K'j63OH8'8/M/0J36F07'A2C2Y=0/'.=A=;E'207'#600/>;=>F;H8'8</>=?=>'<36:=D=;=60'60';:/'

4/A=0C;60'ga9e'Q'K/3/'6M/3;F30/7L''dF7C/'#2D320/8':/.7';:2;'8=0>/';:/'./C=8.2;=60'=8'

@8</>=?=>2..5';23C/;/7';6'<3/M/0;'A288'8:66;=0C8'.=O/';:2;'=0'%/K;6K0EB'=;'8F3M=M/8'=0;/3A/7=2;/'

8>3F;=05L''*:/'<2882C/E'207'=07//7';:/'/0;=3/'6<=0=60E'/NF7/8'2'7/?/3/0>/';6'./C=8.2;F3/8';:2;'=8'

8/.76A'?6F07'=0'>28/8'=0M6.M=0CE'825E'2D63;=60L'''

"M/0':/3/E':6K/M/3E'K/':2M/'>6A/'2'.60C'K25'?36A';:/'<3/J1/../3'/32E'K:/0'=;'K28'

A2=08;3/2A'./C2.'6<=0=60';:2;';:/'!/>607'(A/07A/0;'<367F>/7'06;:=0C'2;'2..'=0';:/'K25'6?'

/0?63>/2D./'=07=M=7F2.'3=C:;8L'',?'dF7C/8'"28;/3D366O'207'#2D320/8'3/<3/8/0;'20'/N;3/A/'

6F;.5=0C'<68=;=60'2A60C';:/'#6F3;8'6?'(<</2.8E'207','D/.=/M/';:/5'76E'/M/0';:/5'060/;:/./88'

2>O06K./7C/';:2;';:/'!/>607'(A/07A/0;'=A<68/8'some%.=A=;8'60'./C=8.2;=60L'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''bT`'%XT7'2;'T`e'R>=;2;=608'6A=;;/7SL'

'''bT`'%XT7'2;'T`eJ`aL'

'''%/K'j63O'!;2;/'4=?./'^'G=8;6.'(886>L'ML'#F6A6E'mmm'ULi7L'mmmE'T_9e'X+'a99bTbb'RT7'#=3LE'

$>;6D/3'9fE'T_9eS'

Who%May%Keep%And%Bear%Arms?%

*:/'3=C:;';6'D/23'23A8'F07/3';:/'"0C.=8:'P=..'6?'4=C:;8'K28'.=A=;/7';6'G36;/8;20;8E'DF;'=0';:/'

(A/3=>20'>6.60=/8E'207'=0'(A/3=>2'2;';:/';=A/'6?';:/'?32A=0CE'=;'K28'A63/'C/0/32.L

''(07'=0';:/'

)=.=;=2'(>;'6?'9gfTE'#60C3/88'A27/';:/'3=C:;';6'D/23'23A8'2.86'2'7F;5'F07/3'?/7/32.'.2KE'

3/IF=3=0C'@/2>:'207'/M/35'?3//'2D./JD67=/7'K:=;/'A2./'>=;=Y/0'6?';:/'3/8</>;=M/'!;2;/8E'3/8=7/0;'

;:/3/=0E'K:6'=8'63'8:2..'D/'6?'2C/'6?'/=C:;//0'5/238E'207'F07/3';:/'2C/'6?'?63;5J?=M/'5/238B';6'

<688/88'@2'C667'AF8O/;'63'?=3/.6>OE'2'8F??=>=/0;'D2560/;'207'D/.;E';K6'8<23/'?.=0;8E'207'2'

O02<82>OE'2'<6F>:E'K=;:'2'D6N';:/3/=0E';6'>60;2=0'06;'./88';:20';K/0;5'?6F3'>23;3=7C/8E'8F=;/7';6'

;:/'D63/'6?':=8'AF8O/;'63'?=3/.6>OE'/2>:'>23;3=7C/';6'>60;2=0'2'<36</3'IF20;=;5'6?'<6K7/3'207'

D2..c'63'K=;:'2'C667'3=?./E'O02<82>OE'8:6;J<6F>:E'207'<6K7/3J:630E';K/0;5'D2..8'8F=;/7';6';:/'

D63/'6?':=8'3=?./E'207'2'IF23;/3'6?'2'<6F07'6?'<6K7/3LB

''*:=8'K28'2'D3627/3'C36F<';:20';:/'

/./>;632;/E'8=0>/'2;';:/';=A/'<36</3;5'3/IF=3/A/0;8'?63'M6;=0C''D233/7'A205'K:=;/'A2./8'?36A'

;:/'?320>:=8/L'''j/;';:/3/'=8'06'8FCC/8;=60';:2;';:/8/'K/3/';:/'60.5'</6<./'2..6K/7';6'<688/88'

23A8E'207'=0'?2>;';:/3/'=8'>608=7/32D./'/M=7/0>/';:2;'K6A/0E'207'/M/0E'=0'A205'<.2>/8E'?3//'

D.2>O8E':27';:/'3=C:;';6'D/23'23A8L

(;';:=8'.2;/'72;/E'6?'>6F38/E'K/'23/'D/5607'.=A=;=0C';:/'/0Z65A/0;'6?'>608;=;F;=602.'3=C:;8';6'

;:68/'6?'2'<23;=>F.23'32>/'63'8/NE'A/20=0C';:2;';:/'3=C:;';6'23A8'=8'06;'.=A=;/7'D5';:68/'

>:232>;/3=8;=>8L''(07'?/7/32.'.2K'2..6K8'</3A20/0;'3/8=7/0;8'K:6'23/'06;']L!L'>=;=Y/08';6'

<688/88'?=3/23A8E';:6FC:'06;'=../C2.'2.=/08L''9b']L!L#L'fTTRCSReS'<36M=7/8'=0'3/./M20;'<23;V'

' ,;'8:2..'D/'F0.2K?F.'?63'205'</3860'L'L'L'

ReS'K:6E'D/=0C'20'2.=/0'Q'

R(S'=8'=../C2..5'63'F0.2K?F..5'=0';:/']0=;/7'!;2;/8c'63'

RDS'/N>/<;'28'<36M=7/7'=0'8FD8/>;=60'R5SRTSE':28'D//0'27A=;;/7';6';:/']0=;/7'!;2;/8'

F07/3'2'060=AA=C320;'M=82'L'L'L';6'L'L'L'<688/88'=0'63'2??/>;=0C'>6AA/3>/E'205'?=3/23A'63'

2AAF0=;=60L

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''!//'C/0/32..5'd65>/')2.>6.AE'*6'[//<'207'P/23'(3A8V''*:/'$3=C=08'6?'(0'(0C.6J(A/3=>20'

4=C:;'R9ff`S'R6F;.=0=0C':=8;635'6?'3=C:;';6'23A8'=0'"0C.207'207'(A/3=>2Sc'-./00'123.20'4/506.78E'

('#3=;=>2.'-F=7/';6';:/'!/>607'(A/07A/0;E'aT'*/00L'+L'4/ML'`a9E'`a`J`bbR9ffeS'R82A/SL'

''')=.=;=2'(>;'6?'9gfTE'(>;'6?')25'bE'9gfTE'>:L'nnn,,,E'9'!;2;L'Tg9LL'

''',0'A5'6K0':6A/'8;2;/'6?'*/00/88//E';:/'3=C:;';6'23A8'/N;/07/7';6'/M/3560/'F07/3';:/'

#608;=;F;=60'6?'9gfac'28'32>=2.';/08=608'=0>3/28/7'K=;:';:/'C36K;:'6?'8.2M/35E';:2;'3=C:;'K28'

.=A=;/7';6'@?3//'K:=;/'A/0B'F07/3';:/'#608;=;F;=60'6?'9bi`L'''!//'-./00'123.20'4/506.78E'*:/'

4=C:;'*6'[//<'207'P/23'(3A8']07/3'*:/'*/00/88//'#608;=;F;=60V''('#28/'!;F75',0'#=M=>'

4/<FD.=>20'*:6FC:;E'a9'*/00L'+L'4/ML'a`gE'aef'R9ff`S'R7=8>F88=0C';:=8'>:20C/'=0'>60;/N;'6?'

8=A=.23'02;=602.';3/07LS'

'''9b']L!L#L'fTTRCSReSL'

,0';:/'>28/'6?']0=;/7'!;2;/8'6?'(A/3=>2'ML')23=206'(L')/Y2J4673=CF/YE':6K/M/3E';:/'!/M/0;:'

#=3>F=;':/.7';:2;'!/>607'(A/07A/0;'3=C:;8'>20E'=0'86A/'>=3>FA8;20>/8E'2;;2>:';6'2.=/08'=../C2..5'

=0';:/']0=;/7'!;2;/8L''*:6FC:'06;=0C';:2;'@86A/'6?'1/../3H8'.20CF2C/'76/8'.=0O'!/>607'

(A/07A/0;'3=C:;8'K=;:';:/'06;=608'6?'o.2KJ2D=7=0C'>=;=Y/08H'207'oA/AD/38'6?';:/'<6.=;=>2.'

>6AAF0=;5EHB'#:=/?'dF7C/'X667'6D8/3M/7';:2;';:/'1/../3'6<=0=60'A27/'06'/??63;';6'7/?=0/';:/'

;/3A'@</6<./B'F07/3';:/'!/>607'(A/07A/0;E'207';:2;'1/../3'7=7'6D8/3M/';:2;';:/';/3A'

@</6<./B'=8'F8/7'/.8/K:/3/'=0';:/'P=..'$?'4=C:;8'=0'K258';:2;'23/'06;'.=A=;/7';6'>=;=Y/08L'''

(<<.5=0C']0=;/7'!;2;/8'ML'p/37FC6J]3IF=7/Y

''207',L%L!L'ML'+6</YJ)/076Y2E

'dF7C/'X667'

>60>.F7/7';:2;';:/'3=C:;';6'D/23'23A8'F07/3';:/'!/>607'(A/07A/0;'/N;/078';6'060J>=;=Y/08E'

/M/0'2.=/08'K:6'23/':/3/'=../C2..5E'K:/3/';:68/'2.=/08':2M/'@8FD8;20;=2.'>600/>;=608B'K=;:';:/'

]0=;/7'!;2;/8L''+66O=0C'2;')/Y2J4673=CF/YH8'D2>OC36F07E':/'6D8/3M/7V'

)/Y2J4673=CF/Y'K28'=0';:/']0=;/7'!;2;/8'M6.F0;23=.5c';:/3/'=8'06'7/D2;/'60';:=8'<6=0;L''

1/'8;=..':28'/N;/08=M/';=/8'K=;:';:=8'>6F0;35E':2M=0C'3/8=7/7':/3/'?36A';:/';=A/':/'233=M/7'

6M/3'T_'5/238'2C6'2;';:/'2C/'6?'?6F3'63'?=M/'F0;=.':=8'3/A6M2.L''1/'2;;/07/7'<FD.=>'8>:66.8'

=0')=.K2FO//E'7/M/.6</7'>.68/'3/.2;=608:=<8'K=;:'?2A=.5'A/AD/38'207'6;:/3'

2>IF2=0;20>/8E'207'K63O/7'R;:6FC:'8<6327=>2..5S'2;'M23=6F8'.6>2;=608L'L'L'L'

X/'76'06;'7=8<F;/';:2;')/Y2J4673=CF/Y':28'?2../0'76K0'60';:/'Z6D'6?'</3?63A=0C'28'2'

3/8<608=D./'A/AD/3'6?';:/'>6AAF0=;5L''PF;';:2;'=8'06;';:/'<6=0;L'')205'</6<./E'>=;=Y/08'

207'060>=;=Y/08'2.=O/E'32=8=0C'U6F3;:'(A/07A/0;'>.2=A8'23/'.=O/.5';6':2M/'2'>3=A=02.'

3/>637E'DF;'K/'8//'06':=0;'=0'p/37FC6J]3IF=7/Y';:2;';:=8'=8'2'3/./M20;'>608=7/32;=60L''

!F>:'2';/8;'K6F.7'3/IF=3/'2'>28/JD5J>28/'/N2A=02;=60'6?';:/'>3=A=02.':=8;635'6?'/M/35'

060>=;=Y/0'R=0>.F7=0C'2'.2K?F.'</3A20/0;'3/8=7/0;S'K:6'8//O8';6'3/.5'60':/3'

>608;=;F;=602.'3=C:;8'F07/3';:/'U=38;E'!/>607E'63'U6F3;:'(A/07A/0;L'L'L'L'

,0';:/'<68;J1/../3'K63.7E'K:/3/'=;'=8'06K'>./23';:2;';:/'!/>607'(A/07A/0;'3=C:;';6'D/23'

23A8'=8'06'8/>607J>.288'/0;=;./A/0;E'K/'8//'06'<3=0>=<./7'K25';6'>23M/'6F;';:/'!/>607'

(A/07A/0;'207'825';:2;';:/'F02F;:63=Y/7'R63'A25D/'2..'060>=;=Y/08S'23/'/N>.F7/7L''%6'

.20CF2C/'=0';:/'(A/07A/0;'8F<<63;8'8F>:'2'>60>.F8=60E'063E'28'K/':2M/'82=7E'76/8'2'

D3627/3'>608=7/32;=60'6?';:/'P=..'6?'4=C:;8L

(8';:/'6<=0=60'27A=;8E';:=8'>60>.F8=60'<F;8';:/'!/M/0;:'#=3>F=;'2;'6778'K=;:'6;:/3'>6F3;8'6?'

2<</2.8'K:6':2M/':/.7'6;:/3K=8/E

'DF;',';:=0O';:/'!/M/0;:'#=3>F=;'A25':2M/';:/'D/;;/3'M=/KL''',?'

;:/'!/>607'(A/07A/0;'=8'M=/K/7'<3=A23=.5';:36FC:';:/'./08'6?';:/'A=.=;=2'Q'207'8//0'28'<23;'6?'

/08F3=0C';:2;'K/'K=..':2M/'20'23A/7'>=;=Y/035'>2<2D./'6?'2>;=0C'=0'>60>/3;';6'3/</.'=0M28=60'63'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''`f`']L!L'Tef'R9ff_SL'

'''`ab']L!L'9_iT'R9fb`SL'

'''gfi'Ui7'2;'ag_JgTL'

'''gfb'Ui7'2;'aaf'R>=;=0C']0=;/7'!;2;/8'ML'#23<=6J+/60E'g_9'Ui7'fg`'R`

'#=3L'T_9TSE']0=;/7'

!;2;/8'ML'U.63/8E'aai'ULi7'`ig'Rb

'#=3L'T_99SE'207']0=;/7'!;2;/8'ML'G63;=..6J)F06YE'a`i'ULi7'`ig'

'#=3L'T_99SSL'

6M/3;F30'2';53200=>2.'C6M/30A/0;'Q';:/0'.=A=;=0C';:/'3=C:;';6'23A8';6'>=;=Y/08E'207'</3:2<8'./C2.'

</3A20/0;'3/8=7/0;8'K:6'23/'=0'86A/'7/C3//'<23;'6?';:/'<6.=;5'A2O/8'8/08/L''PF;'2.;:6FC:'06;'

3/<F7=2;=0C';:=8'M=/KE'1/../3'207')>&602.7'8//A'A63/'?6>F8/7'60';:/'!/>607'(A/07A/0;'28'2'

CF2320;//'6?';:/'3=C:;';6'=07=M=7F2.'8/.?J7/?/08/L''(07'K:=./'2.=/08'K:6'23/'=0';:/'>6F0;35'

=../C2..5'A25'D/'./88'.=O/.5';6'8/3M/';:/'>6../>;=M/'<F3<68/8'6?';:/'!/>607'(A/07A/0;E';:/=3'

.=M/8E'<3/8FA2D.5E'0//7'207'7/8/3M/'7/?/07=0C'2C2=08;'=..=>=;'M=6./0>/'ZF8;'28'AF>:'28'20560/'

/.8/H8L'

*:/'!/M/0;:'#=3>F=;'A202C/7';6':2M/'=;8'!/>607'(A/07A/0;'>2O/'207'/2;'=;';66E':6K/M/3E'

F.;=A2;/.5'>60>.F7=0C';:2;'D/>2F8/'=../C2.'2.=/08'.=M/'6F;8=7/';:/'.2K'207'23/'A63/'.=O/.5';6'

288FA/'?2.8/'=7/0;=;=/8E'28'K/..'28':2M=0C'8:6K0'2'K=..=0C0/88';6'M=6.2;/';:/'.2K'D5'/0;/3=0C'207'

3/A2=0=0C'K=;:=0';:/']0=;/7'!;2;/8'=../C2..5E';:/5'A25'D/'D233/7'?36A'<688/88=0C'K/2<608L''

#60C3/88H8'=0;/3/8;'=0'<3/M/0;=0C'8F>:'=07=M=7F2.8'?36A'<688/88=0C'CF08E'2>>637=0C';6'dF7C/'

X667E'=8'8F??=>=/0;.5'8FD8;20;=2.';6'6M/33=7/')/Y2J4673=CF/YH8'!/>607'(A/07A/0;'3=C:;8L

dF7C/'U.2FAE'=0'2'>60>F33=0C'6<=0=60E'8FCC/8;/7';:2;'A68;'6?';:/'A2Z63=;5H8'7=8>F88=60'6?';:/'

!/>607'(A/07A/0;'207'F076>FA/0;/7'=AA=C320;8'K28'F00/>/88235';6';:/'7/>=8=60E'207'

8:6F.7':2M/'D//0'2M6=7/7'=0';:/'=0;/3/8;'6?'06;'>60;3=DF;=0C';6'2'8<.=;'2A60C';:/'>=3>F=;8E'

;:6FC:'28'';:/'<23;8':/'6DZ/>;8';6'23/'7=>;FA'=;'=8'06;'>./23':6K'8/3=6F8'2'8<.=;';:=8'3/2..5'

3/<3/8/0;8L

PF;'K:2;'6?'?/.608'207';:68/'27ZF7=>2;/7'A/0;2..5'7/?/>;=M/W''(8';:/'!F<3/A/'#6F3;'K28'

>23/?F.';6'K230'=0';:=8'@82?/':23D63B'<2882C/'=0'1/../3V'

k%l6;:=0C'=0'6F3'6<=0=60'8:6F.7'D/';2O/0';6'>28;'76FD;'60'.60C8;207=0C'<36:=D=;=608'60'

;:/'<688/88=60'6?'?=3/23A8'D5'?/.608'207';:/'A/0;2..5'=..E'63'.2K8'?63D=77=0C';:/'>2335=0C'

6?'?=3/23A8'=0'8/08=;=M/'<.2>/8'8F>:'28'8>:66.8'207'C6M/30A/0;'DF=.7=0C8E'63'.2K8'

=A<68=0C'>607=;=608'207'IF2.=?=>2;=608'60';:/'>6AA/3>=2.'82./'6?'23A8L

PF;';:/'1/../3'@82?/':23D63B'2<</238';6'D/'8:6K=0C'8=C08'6?'./2O2C/L''$3E'2;'./28;E'=;'=8'06;'

;3208?63A=0C'Q'28'=;'A=C:;':2M/'Q'=0;6'2'?3//'<288'?63'/N;/08=M/'.=A=;2;=608'60'?=3/23A8'

6K0/38:=<L''*:6FC:','76FD;';:2;';:/'?/.608J207J;:/J=0820/'.=A=;2;=60'60'!/>607'(A/07A/0;'

3=C:;8'=8'=0'205'720C/3'6?'2D20760A/0;E'=;'=8'>6A=0C'=0'?63'A63/'ZF7=>=2.'8>3F;=05L''U63'/N2A<./E'

=0';:/'!=N;:'#=3>F=;'>28/'6?'Tyler%v.%Hillsdale%County%Sheriff’s%Department,

'dF7C/'P6CC8'

<367F>/7'20'6<=0=60'8FDZ/>;=0C';:/'?/7/32.'.2K'?63D=77=0C';:68/'=0M6.F0;23=.5'>6AA=;;/7';6'2'

A/0;2.'=08;=;F;=60'?36A'<688/88=0C'?=3/23A8';6'8;3=>;'8>3F;=05E'207'?6F07'=;'F0>608;=;F;=602.'28'

2<<.=/7';6';:68/'06;'>F33/0;.5E'=0'1/../3H8'<:328/E'@A/0;2..5'=..LB''

9b']L!L#L'fTTRCSR`S'<36M=7/8';:2;'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''gfi'Ui7'2;'agiL'

'''gfi'ULi7'2;'agiJg`'RU.2FAE'dLE'>60>F33=0CSL'

'''ee`']L!L'2;'aTaJTgL'

'''gge'ULi7'i_b'Ra

'#=3L'T_9`SL'

,;'8:2..'D/'F0.2K?F.'?63'205'</3860L'L'L'K:6':28'D//0'27ZF7=>2;/7'28'2'A/0;2.'7/?/>;=M/'63'

K:6':28'D//0';3208A=;;/7';6'2'A/0;2.'=08;=;F;=60L'L'L';6'8:=<'63';3208<63;'=0'=0;/38;2;/'63'

?63/=C0'>6AA/3>/E'63'<688/88'=0'207'2??/>;=0C'>6AA/3>/E'205'?=3/23A'63'2AAF0=;=60c'

63';6'3/>/=M/'205'?=3/23A'63'2AAF0=;=60'K:=>:':28'D//0'8:=<</7'63';3208<63;/7'=0'

=0;/38;2;/'63'?63/=C0'>6AA/3>/L

(8'2<<.=/7';6'#:23./8'*5./3E';:/'>6F3;'?6F07E';:=8'<36:=D=;=60'M=6.2;/8';:/'!/>607'(A/07A/0;L''

*5./3':27'8F??/3/7'?36A'2'8=0C./'/<=867/'6?'7/<3/88=60'2?;/3'20'FC.5'7=M63>/'=0'9fbeL'',0';:/'

2.A68;'i_'5/238'8FD8/IF/0;';6';:2;'/<=867/E':/':27'06'A/0;2.'<36D./A8E'207'06':=8;635'6?'

M=6./0>/'63';36FD./'K=;:';:/'.2KL''('T_9T'<85>:6.6C=>2.'/M2.F2;=60'?6F07':=A'A/0;2..5'

>6A</;/0;'207'?3//'?36A'7/<3/88=60L'

X:=./'O//<=0C'CF08'?36A';:/'=0820/'=8'2'>6A</..=0C'8;2;/'=0;/3/8;E';:/'>6F3;'?6F07E';:/'6<=0=60'

06;/7'2'7=8;=0>;=60'D/;K//0';:68/'K:6'23/'@A/0;2..5'7/?/>;=M/B'207';:68/'K:6E'2;'86A/'<6=0;E'

:27'D//0'=0'2'A/0;2.'=08;=;F;=60L'')2O=0C';:=0C8'A63/'>6A<.=>2;/7E'*5./3'K6F.7':2M/'D//0'2D./'

;6':2M/':=8'3/>637'>./23/7'=0'A205'8;2;/8E'DF;'2'IF=3O'6?'?/7/32.'.2K'A/20;';:2;':=8'8;2;/'6?'

3/8=7/0>/'K6F.7':2M/';6':2M/'=;8'6K0'<36C32A'?63'76=0C'86c')=>:=C20':27'06'8F>:'<36C32AE'

207'#60C3/88':27'/.=A=02;/7'?F07=0C'?63'?/7/32.'2>;=60';6'3/8;63/'>=M=.'3=C:;8'6?';:68/'F02D./';6'

<688/88'?=3/23A8L''''(>>637=0C';6';:/'>6F3;V'

P28/7'60'1/../3E'2'.2K'?63D=77=0C'<688/88=60'6?'?=3/23A8'D5'@;:/'A/0;2..5'=..B'=8'A68;'

.=O/.5'>608;=;F;=602.E'207'82;=8?=/8'02336K';2=.63=0CL''('.2K';:2;'>2<;F3/8'60.5'2'8A2..'

8FD8/;'6?';:2;'C36F<E'63'2'.2K';:2;'>2<;F3/8';:/'/0;=3/'C36F<'DF;'2.86'2'8=C0=?=>20;'

0FAD/3'6?'060JA/0;2..5'=..'</38608E'K6F.7'?2=.'02336K';2=.63=0CL''!/>;=60'fTTRCSR`SH8'

<36:=D=;=60'60'CF0'<688/88=60'D5'</38608'K:6':2M/'@D//0'27ZF7=>2;/7'28'2'A/0;2.'

7/?/>;=M/B'=8'86'>.68/';6'2'<36:=D=;=60'60'<688/88=60'D5'@;:/'A/0;2..5'=..B';:2;'K/'

8F<<68/'=;E';66E'82;=8?=/8'02336K';2=.63=0CL'L'L'L'''

(;'=88F/':/3/'=8'60.5'fTTRCSR`SH8'<36:=D=;=60'60'<688/88=60'D5'</38608'<3/M=6F8.5'

>6AA=;;/7';6'2'A/0;2.'=08;=;F;=60L''%6;'2..'<3/M=6F8.5'=08;=;F;=602.=Y/7'</38608'23/'

A/0;2..5'=..'2;'2'.2;/3';=A/E'86';:/'.2K'=8E'2;'./28;'86A/K:2;E'6M/3D3627L''PF;'=8'=;'

impermissibly'86W

j/8E'82=7';:/'>6F3;E'D/>2F8/'#60C3/88':27'2.3/275'./C=8.2;=M/.5'7/;/3A=0/7';:2;'A205'<3/M=6F8.5'

=08;=;F;=602.=Y/7'</38608'>6F.7'82?/.5'<688/88'?=3/23A8E'DF;':27';:/0'276<;/7'2'8>:/A/';:2;'

A27/'3/8;632;=60'6?'3=C:;8'2'IF/8;=60'6?'K:/;:/3'8F>:'</38608H'8;2;/8':27'6<;/7'=0';6'2'

?/7/32..5J7/8=C0/7'<36C32AV'''@1=8'3=C:;'K6F.7';:F8';F30'60'K:/;:/3':=8'8;2;/':28';2O/0'

#60C3/88H8'=07F>/A/0;';6'>66</32;/'K=;:'?/7/32.'2F;:63=;=/8'=0'637/3';6'2M6=7'.68=0C'20;=J>3=A/'

?F07=0CL''(0'=07=M=7F2.H8'3=C:;';6'/N/3>=8/'2'?F072A/0;2.'3=C:k;l'0/>/88235';6'6F3'858;/A'6?'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''9b']L!L#L'fTTRCSR`SL'

'''gge'ULi7'2;'iiT'R>=;2;=608'6A=;;/7SL'

637/3/7'.=D/3;5'>2006;';F30'60'8F>:'2'7=8;=0>;=60L''*:F8'fTTRCSR`S'.2>O8'02336K';2=.63=0C'28';:/'

.2K'=8'2<<.=/7';6'*5./3LB

*:/'!=N;:'#=3>F=;E'F0.=O/'A205'6;:/3'>=3>F=;8E'2<<.=/8'8;3=>;'8>3F;=05';6'!/>607'(A/07A/0;'

>.2=A8E'DF;'D6;:'dF7C/'P6CC8H'A2Z63=;5'6<=0=60

'207'2'>60>F33/0>/'D5'dF7C/'dF.=2'-=DD608

8FCC/8;';:2;';:/'3/8F.;'K6F.7':2M/'D//0';:/'82A/'F07/3'=0;/3A/7=2;/'8>3F;=05L''*:6FC:';:/'

1/../3'82?/':23D63'<36;/>;8'.2K8'7/8=C0/7';6'O//<'CF08'6F;'6?';:/':2078'6?';:/'A/0;2..5'=..E'

;:/3/'AF8;'D/'8=C0=?=>20;'<36;/>;=60'?63';:68/'K:6'23/'06;'A/0;2..5'=..'205A63/L'

+=O/K=8/E';:6FC:'1/../3'6??/38'2'@82?/':23D63B'?63'.2K8'D233=0C'?/.608'?36A'<688/88=60'6?'

?=3/23A8E'?/7/32.'.2K'C6/8'D/5607'?/.60=/8E'ZF8;'28'=;'C6/8'D/5607';:/'@A/0;2..5'=..LB''*:=8'

D/>2A/'20'=88F/'=0'!F23/Y'ML'16.7/3E'2'7=8;3=>;'>6F3;'>28/'?36A'G/0085.M20=2L

'')3L'!F23/Y':27'2'

<3=63'>60M=>;=60'?63'>2335=0C'2':207CF0'K=;:6F;'2'.=>/08/'=0')235.207E'2'A=87/A/2063'

<F0=8:2D./'D5'2'8/0;/0>/'6?'06;'./88';:20'i_'7258'063'A63/';:20'i'5/238'=A<3=860A/0;L''!F23/Y'

3/>/=M/7'2'8F8</07/7'8/0;/0>/'6?'9b_'7258'=A<3=860A/0;E'2'qe__'?=0/E'207'60/'5/23H8'

<36D2;=60L'''

(>>637=0C';6';:/'&/<23;A/0;'6?'dF8;=>/E';:=8'>60M=>;=60'3/07/3/7'!F23/Y'=0/.=C=D./';6'<688/88'2'

?=3/23A'F07/3'9b']L!L#L'fT9RCSR9S'K:=>:'A2O/8'=;'F0.2K?F.'?63'2'</3860';6'<688/88'2'?=3/23A'=?'

;:2;'</3860':28'D//0'>60M=>;/7'@6?'2'>3=A/'<F0=8:2D./'D5'=A<3=860A/0;'?63'2';/3A'/N>//7=0C'

60/'5/23LB''16K/M/3E'9b']L!L#L'fT9R2SRT_SRPS'<36M=7/8';:2;'2'>3=A/'<F0=8:2D./'D5'=A<3=860A/0;'

?63'2';/3A'/N>//7=0C'60/'5/23'76/8'06;'=0>.F7/'!;2;/'A=87/A/20638';:2;'23/'@<F0=8:2D./'D5'2'

;/3A'6?'=A<3=860A/0;'6?';K6'5/238'63'./88LB'

*:/'&=8;3=>;'#6F3;'2C3//7'K=;:';:/'&/<23;A/0;'6?'dF8;=>/H8'>608;3F>;=60V''(.;:6FC:'!F23/Y'

K280H;'=0'?2>;'<F0=8:/7'D5'=A<3=860A/0;'?63'A63/';:20'60/'5/23E'63'A63/';:20';K6'5/238E';:/'

>3=A/'6?'K:=>:':/'K28'>60M=>;/7'K28'@<F0=8:2D./B'D5'8F??=>=/0;'=A<3=860A/0;';6';3=CC/3';:/'

8;2;F;/H8'=0/.=C=D=.=;5'<36M=8=60E'06;'K=;:8;207=0C';:2;'=;'K28'2'A=87/A/2063E'06;'2'?/.605L'''

16K/M/3E';:/'>6F3;'K/0;'60';6'?=07';:2;';:/'8;2;F;/E'28'2<<.=/7E'M=6.2;/7'!F23/YH8'!/>607'

(A/07A/0;'3=C:;8V'

k,l?'2'>:2../0C/3'>20'7/A608;32;/';:2;':=8'>=3>FA8;20>/8'23/'7=??/3/0;'?36A';:68/'

:=8;63=>2..5'D233/7'?36A'!/>607'(A/07A/0;'<36;/>;=608E':/'/8;2D.=8:/8';:2;':=8'

<688/88=60'6?'?=3/23A8'=8'>607F>;'K=;:=0';:/'!/>607'(A/07A/0;H8'<36;/>;=608'L'L'L'''!2=7'

7=??/3/0;.5'=0';:/'>60;/N;'6?'fTTRCSR9SE'=?'2'>:2../0C/3'>20'8:6K';:2;':=8'>=3>FA8;20>/8'

<.2>/':=A'6F;8=7/';:/'=0;/07/7'8>6</'6?'fTTRCSR9SE':/'/8;2D.=8:/8E'28'K/'3/27'P23;60E'

;:2;':/'=8';:/'o.2KJ2D=7=0C'>=;=Y/0H'=7/0;=?=/7'=0'1/../3L''(07'=?':/'=8'2'.2KJ2D=7=0C'>=;=Y/0E'

;:/'<688/88=60'6?'2'?=3/23A'?63'<36;/>;=60'6?':/23;:'207':6A/'=8'06;'ZF8;'>607F>;'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''gge'ULi7'2;'ii`'R>=;2;=608'6A=;;/7SL'

'''gee'ULi7'2;'iTiL'

'''gge'ULi7'2;'i``J`eL'

'''!F23/Y'ML'16.7/3E'mmm'ULi7'mmmE'T_9e'X+'abebbf'R)L&L'G2LE'T_9eSL'

<36;/>;/7'D5';:/'!/>607'(A/07A/0;E'=;'=8';:/'>63/'6?';:/'!/>607'(A/07A/0;H8'

CF2320;//L

*:/'>6F3;'06;/7';:2;'8=0>/':=8'9ff_'>60M=>;=60E'!F23/Y':28'D/>6A/'2'A233=/7'?2;:/3'6?';:3//E'

>60;=0F6F8.5'/A<.65/7'D5'2';/>:06.6C5'>6A<205E'207';:/':6.7/3'6?'2'!/>3/;'>./2320>/'?36A'

;:/'&/<23;A/0;'6?'&/?/08/L''UF3;:/3A63/E':/':27'8F>>/88?F..5'6D;2=0/7'2'3/A6M2.'6?'?=3/23A8'

7=82D=.=;5'F07/3'G/0085.M20=2'.2KL''U=07=0C';:2;'@;:/';327=;=602.'ZF8;=?=>2;=60'?63'fTTRCSR9S'K28'

;:/'7=823A2A/0;'6?'=07=M=7F2.8'.=O/.5';6'>6AA=;'M=6./0;'2>;8EB';:/'>6F3;'>60>.F7/7';:2;'

@G.2=0;=??H8'D2>OC36F07'207'>=3>FA8;20>/8'=0';:/'5/238'?6..6K=0C':=8'>60M=>;=60'/8;2D.=8:';:2;':/'

=8'06'A63/'720C/36F8';:20'2';5<=>2.'.2KJ2D=7=0C'>=;=Y/0'207'<68/8'06'>60;=0F=0C';:3/2;';6'

86>=/;5LB'''

*:/'>6F3;'>60;=0F/7V''@X/'2C3//'K=;:'&/?/0720;8';:2;';:/'>=3>FA8;20>/8'6?'G.2=0;=??H8'233/8;'

K/3/'720C/36F8L''PF;';:/'=0IF=35'=8'K:/;:/3';:/'>:2../0C/3E';6725E'06;'2;';:/';=A/'6?'233/8;E'=8'

A63/'720C/36F8';:20'2';5<=>2.'.2KJ2D=7=0C'>=;=Y/0'63'<68/8'2'>60;=0F=0C';:3/2;LB'']07/3';:/8/'

>=3>FA8;20>/8E';:/'2<<.=>2;=60'6?'fTTRCSR9S';6'!F23/Y'M=6.2;/7':=8'!/>607'(A/07A/0;'

<36;/>;=608L'

U36A';:/8/'>28/8E'=;'8//A8';:2;';:/'1/../3'@82?/':23D63B'=8'82?/'K=;:=0'=;8';/3A8'Q'?/.608'207';:/'

=0820/'>20'D/'7=823A/7'Q'DF;';6';:/'/N;/0;';:2;'?/7/32.'8;2;F;/8'C6'D/5607';:/8/'>2;/C63=/8E'

;:/5'23/'8FDZ/>;';6'ZF7=>=2.'<3F0=0CE'2;'./28;'60'20'28J2<<.=/7'D28=8L''*:/'>2;/C63=/8';:2;'1/../3'

.2=7'6F;'28'82?/'?63'3/CF.2;=60'23/'06;E'=;'8//A8'8FDZ/>;';6'ZF7=>=2.'63'./C=8.2;=M/'/N<208=60'K=..5J

0=..5L'',08;/27E'2..'8F>:'/??63;8'AF8;'D/'/M2.F2;/7'60';:/=3'6K0E'207'K=;:'2'R86A/K:2;S'>3=;=>2.'

/5/L'

#60>.F8=60'

*:/'2D6M/'82A<.=0C'6?'>28/8E'K:=./'06;'D5'205'A/208'>6A<./;/E'=8'3/28602D.5'3/<3/8/0;2;=M/'6?'

;K6'=A<63;20;'<6=0;8L''*:/'?=38;E'K:=>:',':2M/'2773/88/7'=0';:/'<28;E'=8';:2;';:/'!/>607'

(A/07A/0;'Q'60>/'2'K/=37E'0/C./>;/7E'</3:2<8'/M/0'@/AD233288=0CB

'>630/3'6?';:/'P=..'6?'

4=C:;8E'2??.=>;/7'K=;:'2'M23=/;5'6?'?23?/;>:/7'@>6../>;=M/'3=C:;8B';:/63=/8';:2;'8//A/7'RD/>2F8/'

;:/5'K/3/S'7/8=C0/7'>:=/?.5';6'/08F3/';:2;'=;':27'06'2>;F2.'/??/>;

'Q'=8'06K'2'K63O=0C'<23;'6?'

;:/'#608;=;F;=60L'',;'/8;2D.=8:/8'3=C:;8';:2;'>20'D/'=0M6O/7'D5'=07=M=7F2.8E'207E'K:/0'=07=M=7F2.8'

76'=0M6O/';:68/'3=C:;8E'>6F3;8'K=..'/N2A=0/'./C=8.2;=M/'2>;=608'2C2=08;'C6M/30=0C'<3/>/7/0;8'207E'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''T_9e'X+'abebbf'2;'bL''#=;=0C']0=;/7'!;2;/8'ML')23YY23/..2E'a9`'ULi7'be'Ri7'#=3L'T_9_S'207'

]0=;/7'!;2;/8'ML'P23;60E'aii'ULi7'9ab'Ri7'#=3L'T_99SL'

'''!//'!20?637'+/M=0860E'*:/'"AD233288=0C'!/>607'(A/07A/0;E'ff'j2./'+LdL'aig'R9fbfS'

R7/8>3=D=0C'!/>607'(A/07A/0;'28'@/AD233288=0CB';6';:/'/.=;/'D23'207';:/'./C2.'2>27/A5E'

D/>2F8/';2O=0C'=;'8/3=6F8.5'A=C:;'>608;32=0'7/8=3/7'CF0'>60;36.'<6.=>=/8SL'

'''!//'P320060'GL'&/00=0CE'#20'*:/'!=A<./'#=;/'P/'*3F8;/7W''+6K/3'#6F3;',0;/3<3/;2;=608'6?'

]0=;/7'!;2;/8'ML')=../3'207';:/'!/>607'(A/07A/0;E'Ta'#FADL'+L'4/ML'fa9'R9ffaSL'

K:/0';:/5';:=0O'=;'2<<36<3=2;/E'6M/3;F30';:68/'2>;=608L'',;'=8E'=0'8:63;E'06K'637=0235'

>608;=;F;=602.'.2KL

*:=8'=8'06;';6'825';:2;';:/'>6F3;8'2.K258'C/;'=;'3=C:;E'6?'>6F38/L''*:6FC:'K/'A=C:;'K=8:'

6;:/3K=8/E'@637=0235'>608;=;F;=602.'.2KB'=8'06;'=7/2.'>608;=;F;=602.'.2KL''(8'205'./C2.'2>27/A=>'

>20'2;;/8;E';:/'>6F3;8'Q'/M/0';:/'!F<3/A/'#6F3;'=;8/.?'Q'86A/;=A/8'C/;';:=0C8'K360CL'',07//7E'

A68;'.2K'<36?/88638E'=?'28O/7E'>6F.7'<36M=7/'2'8F3<3=8=0C.5'./0C;:5'.=8;'6?'<.2>/8'K:/3/';:/'

>6F3;8':2M/'C6;;/0';:=0C8'K360CL''$37=0235'>608;=;F;=602.'.2K'=80H;'</3?/>;'>608;=;F;=602.'.2KL''

]07/3'<3/8/0;'>=3>FA8;20>/8E'=;'A25'06;'/M/0'D/'/8</>=2..5'good'>608;=;F;=602.'.2KL''PF;'=;'is'

.2KE'K:=>:'=8'A63/';:20'>6F.7'D/'82=7'?63';:/'!/>607'(A/07A/0;'F0;=.'3/>/0;.5L'

*:/'8/>607'<6=0;'=8';:2;';:/'1/../3'@82?/':23D63B'<36M=8=60E'K:=>:'A205'Q'</3:2<8'/M/0'

=0>.F7=0C'A/'Q';:6FC:;'K6F.7'<36D2D.5'D/'F8/7'28'2';66.'?63'F07/3A=0=0C';:/'O/5':6.7=0C'=0'

1/../3E

';F308'6F;'06;';6'8;3/;>:';:2;'?23L''@U/.608'207';:/'A/0;2..5'=..B'76/8'06;'A/20'

@A=87/A/2020;8'207';:68/'K:6':2M/':27'/A6;=602.'<36D./A8'=0';:/'<28;LB''#6F3;8'2<</23'

K=..=0CE'2;'./28;';6'86A/'/N;/0;E';6'8>3F;=0=Y/'.=A=;2;=608'60'?=3/23A8'3=C:;8'K=;:';:=8'=0'A=07L'''

*:=8'A25'06;'82;=8?5'2..'>3=;=>8E'207';:/3/'=8'86A/;:=0C';6'&2M/'[6</.H8'>.2=A';:2;'A205'?/7/32.'

>6F3;8'23/'@8;32=0=0C';6'F07/3J3/27'1/../3B

'=0'637/3';6'.=A=;'?=3/23A8'3=C:;8'Q';:/'"28;/3D366O''

207'#2D320/8'6<=0=608'7=8>F88/7'2D6M/'23/'C667'/N2A<./8E'K=;:'20'/A<:28=8';:/3/'60';:/'

@8;32=0=0CB'<23;L''%60/;:/./88E'?36A'2'@C.288':2.?'?F..B'</38</>;=M/E';:/'2D6M/'>28/8'2.86'A2O/'

>./23';:2;'06;'2..'?/7/32.'>6F3;8'23/'28':68;=./';6'!/>607'(A/07A/0;'3=C:;8L'',;'=8'.=O/.5';:2;'K/'

K=..'8//'?F3;:/3'CF=720>/'?36A';:/'!F<3/A/'#6F3;E'28';:/'>=3>F=;8'7=M=7/'60';:/'/N;/0;'6?'!/>607'

(A/07A/0;'<36;/>;=608L''*:2;E';66E'=8'<23;'6?'637=0235'>608;=;F;=602.'.2KL'

(07E'6?'>6F38/E'=;'=8'K63;:'3/A/AD/3=0C';:2;';:/'ZF7=>=235'=8'06;';:/'60.5'D320>:'6?'C6M/30A/0;'

/0;3F8;/7'K=;:'/0?63>=0C';:/'#608;=;F;=60L''!/>607'(A/07A/0;'3=C:;8'A25'2.86'D/'<36;/>;/7'D5'

''''''''''''''''''''''''''''''''''''''''''''''''''''''''

'''-./00'123.20'4/506.78E'*:/'!/>607'(A/07A/0;'28'$37=0235'#608;=;F;=602.'+2KE'b9'*/00L'+L'

4/ML'`_f'RT_9`S'R7/8>3=D=0C';:=8'/M6.F;=60SL''!//'2.86'-./00'123.20'4/506.78E'!/>607'

(A/07A/0;'G/0FAD328V''!6A/'G3/.=A=0235'$D8/3M2;=608E'be'!L'#2.L'+L'4/ML'T`g'RT_9TS'

R7=8>F88=0C'</0FAD32.'28</>;8'6?';:/'!/>607'(A/07A/0;';:2;'A25'D/'2<<.=/7'D5'>6F3;8'=0';:/'

?F;F3/SL'

'1/../3'207')>&602.7E'?63'/N2A<./E':2M/'?23/7'?23'D/;;/3'=0';:/'.6K/3'>6F3;8';:20';:/'

!F<3/A/'#6F3;8'7/>=8=60'=0']0=;/7'!;2;/8'ML'+6</YL''!//'P320060'GL'&/00=0C'^'-./00'1L'

4/506.78E'4F.=0C8'207'4/8=8;20>/V''*:/'%/K'#6AA/3>/'#.2F8/'dF3=8<3F7/0>/'"0>6F0;/38';:/'

+6K/3'#6F3;8E'ee'(3OL'+L'4/ML'9Tei'RT__iS'R7/8>3=D=0C'.6K/3J>6F3;'3/.F>;20>/';6'2<<.5':6.7=0C'=0'

+6</YSL''!//'2.86E'-./00'1L'4/506.78'^'P320060'GL'&/00=0CE'+6K/3'#6F3;'4/27=0C8'6?'+6</YE'63'

X:2;'=?';:/'!F<3/A/'#6F3;'1/.7'2'#608;=;F;=602.'4/M6.F;=60'207'%6D675'#2A/W'T___'X=8>'+L'

4/ML'iaf'R8=A=.23SL'

'''&2M=7'[6</.E'T07'#=3>F=;'F<:6.78'%LjL'207'#600L'23A8'D208c'>60;327=>;8'1/../3'207'

)>&602.7E'p6.6O:'#608<=32>5'D.6CE'$>;6D/3'T9E'T_9eE'2M2=.2D./'2;'

:;;<8VrrKKKLK28:=0C;60<68;L>6Ar0/K8rM6.6O:J>608<=32>5rK<rT_9er9_rT9rT07J>=3>F=;J

F<:6.78J0J5J207J>600J23A8JD208J>60;327=>;8J:/../3JA>7602.7rr''

?/7/32.E'207'/M/0'8;2;/E'./C=8.2;=60E'207';:/3/'=8'.=O/.5';6'D/'86A/'A6M/A/0;'60';:68/'?360;8'28'

K/..L''',07//7E';:/'!/>607'(A/07A/0;'=8'F0F8F2.'2A60C';:/'<36M=8=608'6?';:/'P=..'6?'4=C:;8'=0'

;:2;'A68;'6?';:/'<36;/>;=608'=;':28'/0Z65/7':2M/'D//0'./C=8.2;=M/'207'<6.=;=>2.E'32;:/3';:20'

ZF7=>=2.L''*:6FC:';:/'>6F3;8':2M/'D/>6A/'86A/K:2;'A63/'3/>/<;=M/';6'!/>607'(A/07A/0;'

3=C:;8'=0'3/>/0;'5/238E';:2;'=8'F0.=O/.5';6'>:20C/L'

*:/3/'A25'D/'2'F8/?F.'./8860'=0';:2;L''*:6FC:'>6F3;8'207'ZF7C/8':2M/';:/=3'D=28/8'207'?6=D./8E'

207'<6.=;=>2.';=7/8'>20'/DD'207'?.6KE'6M/3'20'/N;/07/7'</3=67E';:/'3=C:;8';:2;'23/'A68;'

<36;/>;/7'23/'<36D2D.5';:/'3=C:;8';:2;'</6<./'A68;'>23/'2D6F;L''*:/'(A/3=>20'</6<./':2M/'

.23C/.5'8;6<</7'>23=0C'2D6F;';:/'.=A=;2;=608'60'C6M/30A/0;'<6K/3'8F<<.=/7'D5'/0FA/32;/7J

<6K/38'76>;3=0/c'K=;:6F;'8F>:'>23=0CE'=;'K28'/285'?63'.6K/3'>6F3;8';6'/M=8>/32;/';:/'!F<3/A/'

#6F3;H8'+6</Y'207')633=860'7/>=8=608L''$0';:/'6;:/3':207E'A205'(A/3=>208'>23/'IF=;/'2'.6;'

2D6F;';:/'3=C:;8'<36;/>;/7'D5';:/'!/>607'(A/07A/0;E'A/20=0C';:2;'>6F3;8'23/'./88'.=O/.5';6'

/0C2C/'=0'2'8F>>/88?F.'ZF7=>=2.'=08F3C/0>5'2C2=08;'!F<3/A/'#6F3;'76>;3=0/'Q'207E'=?';:/5'76E'

;:68/'ZF7C/8'A25'K/..'?=07';:/A8/.M/8'6M/33F./7'D5'<6<F.23.5'8F<<63;/7'./C=8.2;=60L'

,;'=8'F0?63;F02;/E'6?'>6F38/E';:2;';:/'ZF7=>=235';F308'6F;';6'D/'./88';:20'K=..=0CE'2;';=A/8E';6'2<<.5'

;:/'>608;=;F;=60'?2=;:?F..5L''PF;'ZF7C/8'23/':FA20'D/=0C8'K=;:':FA20'D=28/8'207'?2=.=0C8L''*:/'

./8860';:2;'>=M=.'3=C:;8'8F<<63;/38'8:6F.7';2O/'?36A';:/'!/>607'(A/07A/0;'=8';:2;'K:=./'ZF7=>=2.'

8F<<63;'?63'>608;=;F;=602.'3=C:;8'=8'2'C667';:=0CE'=;'=8'2'?23'A63/'36DF8;';:=0C'K:/0'ZF7=>=2.'

8F<<63;'=8'D2>O/7'D5'8;360C'<6<F.23'8F<<63;L'''G/3:2<8E'=0';:/'?F;F3/E'K/'K=..'8//'6;:/3'

>608;=;F;=602.'3=C:;8'/0Z65'<6<F.23'D2>O=0C';:2;'=8'28'8;360C'28';:2;'/0Z65/7'D5';:/'!/>607'

(A/07A/0;L''P/>2F8/E'F.;=A2;/.5E';:2;'=8'K:2;'<3/M/0;8'F03/28602D./'.=A=;2;=608'?36A'D/=0C'

<.2>/7'60'>608;=;F;=602.'3=C:;8'6?'205'O=07L'