Annual Report 0910 EN

#PPWCN4GRQTV
#007#.4'2146
$CPI1NWHUGP)TQWR
YYYDCPIQNWHUGPEQO %84PQ
#PPWCN4GRQTV
$CPI1NWHUGP)TQWR
If you wish to skip directly to a specific page, click on the page

number from CONTENTS on page 3. You will then go directly to
that page.
CONTENTS - click right HERE.
%84PQ

%106'065
&GCT$CPI1NWHUGPUJCTGJQNFGT
%QTRQTCVGKPHQTOCVKQPGVE
$CPI1NWHUGPCDTKGHJKUVQT[
(KXG[GCTUWOOCT[OCKPCPFMG[ƂIWTGU
&KTGEVQTUoTGRQTV$CPI1NWHUGPCU)TQWR
$TCPFGFDWUKPGUU
$WUKPGUUVQDWUKPGUUCTGCU
'ZRGEVCVKQPUHQTVJGƂPCPEKCN[GCT
-PQYNGFIGTGUQWTEGU
%QTRQTCVG5QEKCN4GURQPUKDKNKV[
%QTRQTCVG)QXGTPCPEG
5JCTGJQNFGTKPHQTOCVKQP
5VCVGOGPVUUGPVVQ0#5&#31/:%QRGPJCIGP#5
%QOOGTEKCNTKUMU
(KPCPEKCNTGRQTVCPFPQVGU

Back to CONTENTS
&'#4$#0)1.7(5'05*#4'*1.&'4
6JGHKPCPEKCN[GCTYCUVJG[GCTYJGPVJG NCWPEJGFYJKEJKUEJCTCEVGTKUGFD[VJGEQODKPCVKQP
EQORCP[VWTPGFCNQUUKPVJGHKTUVJCNH[GCTKPVQC QHCPGZVTGOGN[UNKOFGUKIPCPFUWRGTDUQWPFSWCNKV[
RTQHKVKPVJGUGEQPFJCNH[GCT VJTQWIJKPVGITCVGFUVGTGQURGCMGTUCPFCFKIKVCN
UWTTQWPFUQWPFOQFWNG#UCTGUWNVQH$GQ8KUKQP
6JGUWEEGUUHWNUJCTGKUUWGQH/C[UKIPKHKECPVN[ oURQUKVKXGTGEGRVKQP$GQ8KUKQPYCU
UVTGPIVJGPGF$CPI1NWHUGPoUDCNCPEGUJGGVCPF NCWPEJGFNCVGTKPVJG[GCT/QTGQXGTVJG$GQ8KUKQP
OCFGKVRQUUKDNGVQOCKPVCKPVJGRTGXKQWUN[KPKVKCVGF HCOKN[YCUGZVGPFGFYKVJVJGCFFKVKQPQHCKPEJ
TGUVTWEVWTKPIRTQITCOOG XGTUKQP6JGPGYOGODGTQHHGTUUWDNKOGRKEVWTGCPF
UQWPFSWCNKV[CUYGNNCUCPKPVGITCVGF$NWTC[RNC[GT
6JGUJCTGRTKEGKPETGCUGFD[RGTEGPVFWTKPIVJG CUCPQRVKQP
HKPCPEKCN[GCT
1VJGTNCWPEJGUKPENWFGFVJGEQTFNGUUVGNGRJQPG
+P,CPWCT[VJG/CPCIGOGPV$QCTFYCU $GQ%QOVJGWPKSWG$GQ6KOGYJKEJEQODKPGU
GZRCPFGFVQKPENWFG'ZGEWVKXG8KEG2TGUKFGPV CPCNCTOENQEMCPFCTGOQVGEQPVTQNCPFVJGUWD
1RGTCVKQPU,QJP$GPPGVV6JGTMKNFUGPCPF'ZGEWVKXG YQQHGT$GQ.CDYJKEJEQODKPGUGZEGNNGPVDCUU
8KEG2TGUKFGPV5CNGU/CTMGVKPI%JTKUVKCP9KPVJGT HCUEKPCVKPIFGUKIPCPFWPWUWCNRNCEGOGPVQRVKQPU
*GPPKPI$GLGT$GEMYCUCRRQKPVGF%JKGH(KPCPEKCN
1HHKEGTYKVJGHHGEVHTQO1EVQDGT+PCFFKVKQP 9KVJKPVJG#WVQOQVKXGCTGC$CPI1NWHUGP
VQVJGRTGXKQWUN[OGPVKQPGFKPFKXKFWCNUVJG JCUTGEQTFGFJKIJN[UCVKUHCEVQT[UCNGUITQYVJHQT
/CPCIGOGPV$QCTFEQPUKUVUQH-CNNG*XKFV0KGNUGP VJG[GCTQHRGTEGPVCUYGNNCUCPGZRCPUKQP
CU2TGUKFGPV%'1 QHVJKUDWUKPGUUCTGC+PRCTVPGTUJKRYKVJ#WFK
#UVQP/CTVKPCPF/GTEGFGU#/)$CPI1NWHUGP
6JG[GCToUUCNGUVTGPFUYJKEJYGTGWPEJCPIGFQP NCWPEJGFCTCPIGQHGZENWUKXGUQWPFU[UVGOUHQT
VJG[GCTTGHNGEVCPGICVKXGVTGPFKPVJGHKTUVJCNH[GCT PGYOQFGNU+PVJGHQWTVJSWCTVGTCNQPGUCNGU
CPFCRQUKVKXGVTGPFKPVJGUGEQPFJCNH KPETGCUGFD[OQTGVJCPRGTEGPVEQORCTGFVQ
VJGRTGXKQWU[GCT
6JGRQUKVKXGUCNGUVTGPFKPVJGUGEQPFJCNH[GCTKU
CFKTGEVTGUWNVQHVJGKPETGCUGFPWODGTQHRTQFWEV #UCTGUWNVQHCUKIPKHKECPVN[TGFWEGFEQUVDCUGVJG
NCWPEJGUYKVJRGTEGPVQH$CPI1NWHUGPoU EQORCP[UWEEGGFGFKPKORTQXKPIKVUCPPWCNTGUWNVU
UCNGUYKVJKPVJGCWFKQCPFXKFGQUGIOGPVCTKUKPI D[OQTGVJCP&--OKNNKQPDCUGFQPVJGUCOG
HTQOPGYRTQFWEVUKGRTQFWEVUUQNFKPVJGHKTUV NGXGNQHUCNGUCPFITQUUOCTIKP
OQPVJUHQNNQYKPIVJGNCWPEJ+PVJGRTGXKQWU[GCT
VJGHKIWTGYCULWUVRGTEGPV 6JGKPKVKCVKXGUQHTGEGPV[GCTUJCXGRQUKVKXGN[
EQPVTKDWVGFVQVJGFGXGNQROGPVYKVJVJGENGCTIQCN
6QYCTFUVJGGPFQHVJGHKTUVJCNH[GCTVJGHKTUV QHGPUWTKPI$CPI1NWHUGPoURTQHKVCDKNKV[
OGODGTQHVJG$GQ8KUKQP68HCOKN[YCU
-KPFTGICTFU
,ÔTIGP9QTPKPI
%JCKTOCP
Back to CONTENTS
Back to CONTENTS
%14214#6'+0(14/#6+10'6%
$CPI1NWHUGPCU2GVGT$CPIU8GL5VTWGT&GPOCTM
6GN HCZ YGDUKVGYYYDCPIQNWHUGPEQO
%84PQ
2NCEGQHFQOKEKNG5VTWGT
(KPCPEKCN[GCT,WPG/C[
#FQRVKQPQHVJGCPPWCNTGRQTV6JGCPPWCNTGRQTVKUGZRGEVGFVQDGCFQRVGFCVVJG#PPWCN)GPGTCN
/GGVKPIYJKEJKUJGNFQP5GRVGODGT
#PPWCN)GPGTCN/GGVKPI6JG#PPWCN)GPGTCN/GGVKPIYKNNDGJGNFQP/QPFC[5GRVGODGT
CVCV5VTWGT)[OPCUKWO
'PXKTQPOGPVCNTGXKGYU
6JGRTQFWEVTGNCVGFGPXKTQPOGPVCNTGXKGYq&QYPVQVJGUOCNNGUVFGVCKNqsCUVQT[CDQWVGPXKTQPOGPVCN
CYCTGPGUUVQNFVJTQWIJVJGFGXGNQROGPVRTQFWEVKQPWUGCPFFKURQUCNQHCURGEKƂERTQFWEV
8QNWPVCT[GPXKTQPOGPVCNTGXKGYKPENWFKPIEQPUWORVKQPQHTCYOCVGTKCNU
6JGUGTGXKGYUCTGCXCKNCDNGCVYYYDCPIQNWHUGPEQOQTHTQO$CPI1NWHUGPoU5CHGV[
*GCNVJ'PXKTQPOGPVFGRCTVOGPVQP
5VCVWVQT[ITGGPCEEQWPVUHQTVJGCPQFKUCVKQPRNCPV#&CPKUJXGTUKQPECPDGTGSWGUVGFCV$CPI1NWHUGPoU
5CHGV[*GCNVJ'PXKTQPOGPVFGRCTVOGPVQP
(KPCPEKCNECNGPFCT
6WGUFC[#WIWUV(KPCPEKCN5VCVGOGPV
/QPFC[5GRVGODGT#PPWCN)GPGTCN/GGVKPI
(TKFC[1EVQDGT+PVGTKO4GRQTV
UVSWCTVGT
9GFPGUFC[,CPWCT[+PVGTKOTGRQTV
PFSWCTVGT
9GFPGUFC[#RTKN+PVGTKO4GRQTV
TFSWCTVGT
9GFPGUFC[#WIWUV(KPCPEKCN5VCVGOGPV
(TKFC[5GRVGODGT#PPWCN)GPGTCN/GGVKPI

FGCFNKPGHQTUWDLGEVUCPFRTQRQUCNUVQVJGCIGPFCKU#WIWUVCV%'6
9GFPGUFC[1EVQDGT+PVGTKO4GRQTV
UVSWCTVGT
6JG)TQWRoUQXGTCNNEQTRQTCVGUVTWEVWTG
$CPI1NWHUGPCU

$CPI1NWHUGP $CPI1NWHUGP 1¸$15QHV $CPI1NWHUGP $CPI1NWHUGP
1RGTCVKQPUCU UTQ +%'RQYGTCU )256CKYCP
Back to CONTENTS
$#0)1.7(5'0#$4+'(*+5614;

$CPI1NWHUGPFGXGNQRUOCPWHCEVWTGUCPFUGNNUC *KUVQT[
YKFGTCPIGQHNWZWT[CWFKQXKFGQRTQFWEVUKPENWFKPI $CPI1NWHUGPYCUHQWPFGFKPD[VYQ[QWPI
VGNGXKUKQPUGVUOWUKEU[UVGOUNQWFURGCMGTU &CPKUJGPIKPGGTU2GVGT$CPICPF5XGPF1NWHUGP
VGNGRJQPGUCPFOWNVKOGFKCRTQFWEVUVJCVEQODKPG YJQOGVCUUVWFGPVUCPFUJCTGFCPGPVJWUKCUOHQT
PGYVGEJPQNQI[YKVJUV[NKUJFGUKIPSWCNKV[CPFWUGT VJGPGYRJGPQOGPQPQHVJGCIG6JGTCFKQ
HTKGPFNKPGUU
6JGHKTUVRKQPGGTKPIRTQFWEVJQYGXGTYCUPQVVJG
$CPI1NWHUGPCNUQUWRRNKGUUQWPFU[UVGOUVQUQOG OCKPUTCFKQYJKEJVJGVYQGPIKPGGTUFTGCOGF
QHVJGYQTNFoUNGCFKPIECTOCPWHCEVWTGTUCPFKVU CDQWVDWVVJGp'NKOKPCVQTqsCOCKPUTGEGKXGT
UQWPFU[UVGOUCTGPQYCXCKNCDNGKPECTUHTQO#WFK VJCVGNKOKPCVGFVJGPGGFHQTDCVVGTKGU6JGVKOKPI
#UVQP/CTVKPCPF/GTEGFGU#/)/QTGQXGTUGXGTCN YCURGTHGEVsVJG'NKOKPCVQTCTTKXGFKPVJGOCTMGV
QHVJGYQTNFoUNGCFKPIJQVGNUCTGGSWKRRGFYKVJ$CPI CUGNGEVTKEKV[DGECOGEQOOQPRNCEGKP&CPKUJ
1NWHUGPCWFKQXKFGQRTQFWEVU6JGOCLQTKV[QHCNN JQWUGJQNFU%QPUGSWGPVN[$CPI1NWHUGPDWKNVVJG
FGXGNQROGPVCPFRTQFWEVFGXGNQROGPVKUEGPVTGFCV %QORCP[oUHKTUVRTQFWEVKQPHCEKNKV[KP
VJGEQORCP[oUJGCFQHHKEGKP5VTWGT&GPOCTM
&WTKPIVJGUCPFU$CPI1NWHUGP
#VVJGGPFQHVJGHKPCPEKCN[GCT$CPI1NWHUGP GUVCDNKUJGFCTGEQIPKUGFPCOGHQTKVUGNHKPVJG
GORNQ[GFCRRTQZRGQRNGYJKNGVJGEQORCP[oU &CPKUJOCTMGVCUp6JG&CPKUJ3WCNKV[$TCPFq
RTQFWEVUCTGEWTTGPVN[UQNFKPOQTGVJCPEQWPVTKGU 9JGPCVVJGGPFQHVJGUEQORGVKVKQPHTQO
CETQUUVJGYQTNF #UKCPOCPWHCEVWTGTUHQTEGFUEQTGUQH&CPKUJCPF
'WTQRGCPTCFKQCPF68HCEVQTKGUVQENQUG$CPI
Back to CONTENTS

5XGPF1NWHUGPCPF2GVGT$CPI
)TCPF2TKZ4)
6JGp'NKOKPCVQTq
#FXGTVKUGOGPV
#FXGTVKUGOGPV
6GNGXKUKQP)TCPF2TKZ
1NWHUGPCNNKGFKVUGNHYKVJCITQWRQHCTEJKVGEVU +PVJGCWVWOPQHQPVJGDCEMFTQRQHVJG
CPFFGUKIPGTUCPFUGVCDQWVHQEWUKPIQPVJGKFGCU GEQPQOKEFQYPVWTPsCPFFWTKPICRGTKQFQH
DGJKPFVJGRTQFWEVUCUYGNNCUQPVJGKTFGUKIPCPF NGUUUWEEGUUHWNCPFHGYGTRTQFWEVNCWPEJGUsVJG
SWCNKV[ EQORCP[KPVTQFWEGFCPGYQXGTCNNUVTCVGI[RNCP
GPVKVNGF2QNG2QUKVKQP5VTCVGI[6JGOCKP
+PVJGNCVGUCPFVJGGCTN[U$CPI GNGOGPVUKPENWFGFHQEWUQPHGYGTRTQFWEVECVGIQTKGU
1NWHUGPGZRGTKGPEGFGCTPKPIUFKHHKEWNVKGUCPFC CPFHCUVGTRTQFWEVFGXGNQROGPVCUYGNNCUVJG
PGYFKUVTKDWVKQPUVTCVGI[YCUNCWPEJGFPQNQPIGT GUVCDNKUJOGPVQHQPGEQOOQPFKIKVCNVGEJPQNQI[
UJQWNF$CPI1NWHUGPoURTQFWEVUDGUQNFVJTQWIJ RNCVHQTO/QTGQXGTHWTVJGTGORJCUKUYCUIKXGPVQ
OWNVKDTCPFTCFKQ68UVQTGUDWVVJTQWIJFGFKECVGF UWRRQTVKPICPFFGXGNQRKPI$CPI1NWHUGPoUFGCNGT
QWVNGVUYJKEJQPN[FGCNVKP$CPI1NWHUGPRTQFWEVU PGVYQTMD[GUVCDNKUJKPIQPGEQOOQPINQDCNUCNGU
5KPEGVJGP$CPI1NWHUGPUJQRU
$5JQRUJCXG QTICPKUCVKQPCPFCPCFLWUVOGPVVQVJGEQUVNGXGN
CEEQWPVGFHQTCPKPETGCUKPIUJCTGQHQXGTCNNUCNGU
5KPEGVJGPVJGUVTCVGI[RNCPJCUDGGPHQNNQYGF
+PVJGPGYOKNNGPKWO$CPI1NWHUGPEQPVKPWGFVQ CPFVJGGHHGEVYCUENGCTN[GXKFGPVKPVJG
GUVCDNKUJUJQRUYQTNFYKFGKPENWFKPICPWODGTQH HKPCPEKCN[GCTYJGPVJGEQORCP[oUTGUWNVUKORTQXGF
UJQRUKPPGYITQYVJTGIKQPUUWEJCU+PFKC%JKPC UKIPKHKECPVN[
CPF4WUUKC6JGEQORCP[CNUQDGICPFGXGNQRKPI
RTQFWEKPICPFUGNNKPIGZENWUKXGUQWPFU[UVGOUHQTECTU
CPFKPETGCUKPIN[UWRRN[KPICWFKQCPFXKFGQRTQFWEVU
VQNWZWT[JQVGNUCPFRTQRGTV[FGXGNQROGPVRTQLGEVU
Back to CONTENTS

$CPI1NWHUGPoURNCVHQTO CNNV[RGUQH$CPI1NWHUGPRTQFWEVUKPVJGKTJQOG
6JG$GQ.KPMU[UVGOCNNQYUVJGWUGTVQFKUVTKDWVG
$TCPFGFDWUKPGUU CWFKQCPFXKFGQHTQOVJGOCKP$CPI1NWHUGP
$CPI1NWHUGPoUNWZWT[CWFKQXKFGQRTQFWEVUCTG U[UVGOVQQVJGTTQQOUKPVJGJQWUG
YQTNFTGPQYPGFHQTVJGKTEQODKPCVKQPQHUWRGTKQT
CWFKQXKFGQSWCNKV[WUGTHTKGPFNKPGUUCPFFGUKIP 9KVJVJG$GQVJGWUGTPGGFUQPN[QPGTGOQVG
9KVJTGICTFVQXKFGQ$CPI1NWHUGPTGEGPVN[ HQTCNNTQQOUQHVJGJQWUG6JG$GQKUCRQTVCDNG
NCWPEJGF$GQ8KUKQPKPCPFKPEJXGTUKQPU EGPVTCNEQOOCPFFGXKEGYJKEJQHHGTUCTCPIGQH
$GQ8KUKQP$CPI1NWHUGPoUUNKOOGUV68VQFCVG PGYHWPEVKQPUKPCFFKVKQPVQVJQUGCNTGCF[MPQYP
KUDCUGFQPVJGNCVGUVVGEJPQNQI[YKVJCP.'&DCUGF HTQO$GQ(QTGZCORNGKVECPDGEQPHKIWTGF
.%&UETGGPCPFCRKEVWTGHTCOGTCVGQH*\ URGEKHKECNN[VQVJGKPFKXKFWCNWUGToUTGSWKTGOGPVU
1PVJGCWFKQUKFG$CPI1NWHUGPJCUGZEGNNGFYKVJ 6JG$GQVJGTGHQTGCOQWPVUVQCWPKSWGRGTUQPCN
KVU#FCRVKXG5QWPF6GEJPQNQI[6JKUKUCRCVGPVGF TGOQVGEQPVTQNYJKEJEQPVCKPURTGEKUGN[VJQUG
VGEJPQNQI[VJCVQRVKOKUGUUQWPFVJTQWIJQWVVJG HWPEVKQPUTGSWKTGFHQTGCEJKPFKXKFWCNWUGToUJQOG
JQOGTGICTFNGUUQHVJGRQUKVKQPQHVJGNQWFURGCMGTU +PCFFKVKQPVJGPGY$GQ.KPMCRRNKECVKQPHQTVJG
K2JQPGQTK2QF6QWEJCNNQYUVJGWUGTVQQRGTCVG
(QTOCP[[GCTUU[UVGOKPVGITCVKQPJCUDGGPRKXQVCN $CPI1NWHUGPRTQFWEVUCUYGNNCUVJGEWTVCKPU
VQ$CPI1NWHUGPoURTQFWEVUVTCVGI[#PGZCORNG NKIJVKPICKTEQPFKVKQPKPIGVEKPENWFGFKPVJGJQOG
QHU[UVGOKPVGITCVKQPKURTQFWEVUEQPVCKPKPIOQTG CWVQOCVKQPU[UVGO
VJCPQPGUQWTEGQHGPVGTVCKPOGPVKPCUKPINGWPKV
UWEJCU68UGVUYKVJCPKPVGITCVGFFXFRNC[GTQTCP +PTGEGPV[GCTUVJGDTCPFGFDWUKPGUUJCUDGGP
CWFKQU[UVGOYKVJCDWKNVKPTCFKQEFCPFFXFRNC[GT GZRCPFGFVQKPENWFGVJGFGXGNQROGPVRTQFWEVKQP
6JG$GQ.KPMU[UVGOKUCPQVJGTGZCORNGQHU[UVGO CPFUCNGQHGZENWUKXGUQWPFU[UVGOUHQTJKIJGPF
KPVGITCVKQPGPCDNKPIWUGTUVQEQPPGEVCPFEQODKPG ECTU6JKUEWTTGPVN[EQPUVKVWVGUCPKORQTVCPVRCTV
Back to CONTENTS

$GQ.CDCPF$GQ8KUKQP
$GQ8KUKQPCPF$GQ.CD
$UJQRNC[QWVCPPQ
$GQTGOQVGEQPVTQN
$GQ5QWPF
$GQ8KUKQPYKVJ$GQ.CD
CPF$GQ.CD
QH$CPI1NWHUGPoUEQTGDWUKPGUU+PVJKUTGURGEV VJTQWIJQWVVJGYQTNF+PCFFKVKQP$CPI1NWHUGP
$CPI1NWHUGPJCUGPVGTGFKPVQRCTVPGTUJKRYKVJ JCUUWRRNKGFCWFKQCPFXKFGQRTQFWEVUVQGZENWUKXG
)GTOCP#WFKVJG7-URQTVUECTOCPWHCEVWTGT#UVQP TGCNGUVCVGRTQLGEVURTKOCTKN[KPVJG/KFFNG'CUVCPF
/CTVKPCPF)GTOCP/GTEGFGU#/)YJKEJOCMGU #UKC
URGEKCNN[UV[NGFCPFVWPGFXGTUKQPUQH/GTEGFGU#
EQPVTCEVJCUCNUQDGGPUKIPGFYKVJCRQVGPVKCNPGY 5JQRU
RCTVPGTKPVJGJKIJGPFUGIOGPVEQPEGTPKPIVJG 5CNGUVCMGRNCEGVJTQWIJVYQV[RGUQHFGFKECVGF
KPKVKCNFGXGNQROGPVUVCIGUHQTUQWPFU[UVGOUHQTVJKU $CPI1NWHUGPUJQRU
RCTVPGT
$ 5JQRUYJKEJOCKPN[UGNN$CPI1NWHUGP
6JGKPECTUQWPFU[UVGOUJCXGCEJKGXGFUVTQPI RTQFWEVU
TGEQIPKVKQP6JG$GQ5QWPF&$5U[UVGOHQTKPUVCPEG 5 JQRKP5JQRUKPYJKEJCUWDUVCPVKCNCTGCQHVJG
YQPCEQORCTCVKXGVGUVDGVYGGPUQWPFU[UVGOUHQT UJQRKUFGUKIPGFHQTCPFGZENWUKXGN[FGFKECVGFVQ
NWZWT[ECTUQTICPKUGFD[VJGOCIC\KPG#WVQ(QEWU $CPI1NWHUGPoURTQFWEVU
+PCFFKVKQP$CPI1NWHUGPoURQUKVKQPCUVJGOCTMGV
NGCFKPIUWRRNKGTQHUQWPFU[UVGOUYCUQPEGCICKP +TTGURGEVKXGQHYJGTGEWUVQOGTURWTEJCUG$CPI
EQPHKTOGFKP/CTEJKPVJGCPPWCNTGCFGT 1NWHUGPRTQFWEVUVJG[YKNNGPEQWPVGTYGNNVTCKPGF
UWTXG[EQPFWEVGFD[VJGOCIC\KPGpCWVQOQVQTWPF RGTUQPPGNGURGEKCNN[CU$CPI1NWHUGPKPXGUVU
URQTVq UWDUVCPVKCNUWOUKPVTCKPKPIUJQRUVCHH
/QTGQXGT$CPI1NWHUGPUGNNUCWFKQCPFXKFGQ $CPI1NWHUGPoURTQFWEVUCTGEWTTGPVN[CXCKNCDNG
RTQFWEVUHQTNWZWT[JQVGNUCPFOCLQTRTQRGTV[ HTQO$UJQRUCPF5JQRKP5JQRU6JG$
RTQLGEVU6JGEQORCP[oURTQFWEVUCTGEWTTGPVN[ UJQRUCEEQWPVHQTRGTEGPVQHVWTPQXGTYKVJVJG
TGRTGUGPVGFKPOQTGVJCPHKXGUVCTJQVGNU 5JQRKP5JQRQWVNGVUCEEQWPVKPIHQTRGTEGPV
Back to CONTENTS

$CPI1NWHUGPoUUVTCVGI[KUVQEQPVKPWGVQHQEWU QXGTCRGTKQFQHOCP[[GCTUVJGEQORCP[JCU
QPVJGUGVYQV[RGUQHUJQRUYKVJVJG$UJQRUCU FGXGNQRGFURGEKCNGZRGTVKUGRTKOCTKN[KPTGNCVKQPVQ
VJGOQUVKORQTVCPVCPFVJG5JQRKP5JQRQWVNGVU EQNQWTF[GKPI
CPQFKUCVKQPRTQEGUUKPICPFUWTHCEG
CUCUKIPKHKECPVFKUVTKDWVKQPEJCPPGNKPCTGCUYJGTG VTGCVOGPVQHCNWOKPKWO
VJGFGOQITCRJKEUFQPQVLWUVKH[C$UJQR$CPI
1NWHUGPQYPU$UJQRUFKTGEVN[OCKPN[KP 6JGKPFKXKFWCNRTQFWEVUCTGCUUGODNGFCPFOQWPVGF
#WUVTCNKCVJG75CPFKPVJG7- CV$CPI1NWHUGPoUQYPRTQFWEVKQPHCEKNKVKGUKP
5VTWGT&GPOCTMCPF-QRTKXPKEG%\GEJ4GRWDNKE
/CTMGVU
$CPI1NWHUGPoURTQFWEVUCTGCXCKNCDNGCTQWPFVJG +PCFFKVKQPVQVJGRJ[UKECNEQORQPGPVU$CPI
YQTNFCPFRGTEGPVQHVJGEQORCP[oUVWTPQXGT 1NWHUGPoURTQRTKGVCT[UQHVYCTGCPFVGEJPQNQI[
FGTKXGUHTQOGZRQTVU+PCPWODGTQHOCTMGVU HQTORCTVQHVJGRTQFWEVU6JGUGHGCVWTGUGPCDNG
QRGTCVKQPUCTGJCPFNGFD[$CPI1NWHUGPoUQYP VQFKHHGTGPVKCVGVJGRTQFWEVUKPVGTOUQHWUGT
UWDUKFKCTKGUEHQXGTXKGY0QVGYJKNGUCNGUCPF HTKGPFNKPGUUCPFQVJGTHCEVQTUUWEJCUUQWPFCPF
FKUVTKDWVKQPFGXGNQROGPVKPEGTVCKPQXGTUGCUOCTMGVU RKEVWTGRTQEGUUKPI
KUQTICPKUGFD[JKIJN[SWCNKHKGFDWUKPGUURCTVPGTU
/QUVQH$CPI1NWHUGPoURTQFWEVUCTGOCPWHCEVWTGF
2TQFWEVKQP KPCNCTIGPWODGTQHXCTKGVKGUFGRGPFKPIQPVJG
$CPI1NWHUGPJCUQWVUQWTEGFCNNRTQFWEVKQPQH EWUVQOGToUURGEKHKETGSWKTGOGPVU
GNGEVTQPKEUEQORQPGPVUHQTVJGEQORCP[oUCWFKQ
XKFGQRTQFWEVU+PUVGCFKVUQWTEGUCNCTIGPWODGTQH 2TQFWEVFGXGNQROGPV
RTQFWEVTGNCVGFUWDEQORQPGPVUCPFUGOKHKPKUJGF +PIGPGTCNRTQFWEVFGXGNQROGPVQHCWFKQCPF
RTQFWEVUHTQOXCTKQWUUWRRNKGTU$CPI1NWHUGP XKFGQRTQFWEVUCPF%CT(KRTQFWEVUVCMGURNCEGKP
EQPEGPVTCVGUQPRTQFWEKPIEQORQPGPVUYJGTG 5VTWGT&GPOCTM6JGEQORCP[CNUQJCUCUOCNN
Back to CONTENTS

$GQ.CD
#UVQP/CTVKP&$5
2CTM*[CVV*CODWTI
$GQ5QWPF#/)
5RGCMGTKP#WFK#
$GQ8KUKQPCPF$GQ.CD
UQHVYCTGKPPQXCVKQPCPFFGXGNQROGPVWPKVKP 0QPDTCPFGFDWUKPGUU
#CTJWU&GPOCTM6JGTGCTGCNUQFGXGNQROGPV #NQPIUKFGVJGDTCPFGFDWUKPGUU$CPI1NWHUGPKU
FGRCTVOGPVUCVVJG-QRTKXPKEGHCEVQT[CPFCVVJG GPICIGFKPPQPDTCPFGFCEVKXKVKGUYKVJTGICTFVQ
'UVQPKCPEQORCP[1¸$15QHVKPYJKEJ$CPI VJGFGXGNQROGPVRTQFWEVKQPCPFUCNGUQHEQORCEV
1NWHUGPJCUCRGTEGPVUVCMG FKIKVCNCORNKHKGTWPKVU6JGUWDUKFKCT[$CPI
1NWHUGP+%'RQYGTCUKUTGURQPUKDNGHQTVJGRCVGPVGF
$CPI1NWHUGPJCUCYGNNGUVCDNKUJGFKPPQXCVKQP +%'RQYGTVGEJPQNQI[sCVGEJPQNQI[VJCVGPCDNGU
EWNVWTGYJKEJJCUGXQNXGFQXGTCPWODGTQH[GCTU UOCNNFKIKVCNCORNKHKGTUVQRTQXKFGGZVTGOGN[JKIJ
+PMGGRKPIYKVJVJG2QNG2QUKVKQP5VTCVGI[RNCPVJG RGTHQTOCPEGYKVJRCTVKEWNCTN[NQYJGCVQWVRWVCPF
EWNVWTGQHKPPQXCVKQPJCUDGGPHWTVJGTFGXGNQRGFVQ VJWUYKVJTGFWEGFGPGTI[EQPUWORVKQP
JCPFNGVJGGXGTKPETGCUKPIVGEJPQNQIKECNEQPVGPVQH
VJGEQORCP[oURTQFWEVU6JKUGPUWTGUVJGOCZKOWO #UCTGUWNVQHVJGEQORCEVFGUKIPTGNKCDKNKV[
TGCRRNKECVKQPQHVGEJPQNQI[KPKPFKXKFWCNRTQFWEVU GPGTI[UCXKPIUCPFUQWPFSWCNKV[$CPI1NWHUGP
YKVJQWVCHHGEVKPI$CPI1NWHUGPoUTGPQYPGF +%'RQYGToUFKIKVCNCORNKHKGTOQFWNGUCTGKPFGOCPF
FKHHGTGPVKCVKQP HQTWUGKPHQTKPUVCPEGJKIJGPFCWFKQXKFGQ
RTQFWEVUCPFOQDKNGRJQPGU6JKUVGEJPQNQI[ECPDG
%QORCTGFYKVJQVJGTOCPWHCEVWTGTUQH HQWPFKPCYKFGTCPIGQHOQFGNUHTQO5COUWPI6JG
EQPUWOGTGNGEVTQPKEU$CPI1NWHUGPVCMGUCP +%'RQYGTVGEJPQNQI[KUCNUQCMG[HGCVWTGQH$CPI
WPEQPXGPVKQPCNCRRTQCEJVQRTQFWEVFGXGNQROGPV 1NWHUGPoUCEVKXGURGCMGTUCPFUQWPFU[UVGOUHQTECTU
CPFFGUKIPFTKXGPKPPQXCVKQP1PGKORQTVCPVCTGC
YJGTG$CPI1NWHUGPoUCRRTQCEJUVCPFUQWVKUVJG
GCTN[EQPEGRVFGXGNQROGPVUVCIGFWTKPIYJKEJVJG
EQORCP[FGXQVGUEQPUKFGTCDNGTGUQWTEGUKPETGCVKPI
KPPQXCVKXGCPFNQPINCUVKPIEQPEGRVUCPFFGUKIPU
Back to CONTENTS
&--OKNNKQP 1RGTCVKPIRTQHKV &--OKNNKQP %CUJHNQY

&--OKNNKQP 4GUWNVDGHQTGVCZ 4GVWTPQPGSWKV[

Back to CONTENTS
(+8';'#457//#4;/#+0#0&-';(+)74'5
$CPI1NWHUGPCU)TQWR
&--OKNNKQP
2TQHKVCPFNQUUCEEQWPV
0GVVWTPQXGT
1HYJKEJHTQOHQTGKIPOCTMGVU
1RGTCVKPIRTQHKVNQUU

(KPCPEKCNKVGOUPGV

4GUWNVDGHQTGVCZ

4GUWNVHQTVJG[GCT

4GUWNVHQTVJG[GCTUJCTGJQNFGTUQHVJGRCTGPVEQORCP[

$CNCPEGUJGGV
6QVCNCUUGVUGPFQH[GCT
5JCTGECRKVCN
'SWKV[GPFQH[GCT
'SWKV[CVVTKDWVCDNGVQUJCTGJQNFGTUQH
VJGRCTGPVEQORCP[GPFQH[GCT
/KPQTKV[KPVGTGUVU

%CUJHNQYUHQTVJG[GCT

1HYJKEJECUJHNQYUHTQO
1RGTCVKPICEVKXKVKGU
+PXGUVOGPVCEVKXKVKGU

QHYJKEJKPXGUVOGPVKPVCPIKDNGPQPEWTTGPVCUUGVU

QHYJKEJKPXGUVOGPVKPKPVCPIKDNGPQPEWTTGPVCUUGVU

QHYJKEJKPXGUVOGPVKPGSWKV[KPVGTGUVU

(KPCPEKPICEVKXKVKGU

'ORNQ[OGPV
0WODGTQHGORNQ[GGUGPFQH[GCT
2CTCPVJGUGUFGPQVGPGICVKXGHKIWTGU
Back to CONTENTS
(+8';'#457//#4;/#+0#0&-';(+)74'5
%106+07'&
$CPI1NWHUGPCU)TQWR
&--OKNNKQP
-G[HKIWTGU
'$+6&#

'$+6&#OCTIKP

2TQHKVTCVKQ

4GVWTPQPCUUGVU

4GVWTPQPKPXGUVGFECRKVCNGZENIQQFYKNN

4GVWTPQPGSWKV[

%WTTGPVTCVKQ
'SWKV[TCVKQ
(KPCPEKCNIGCTKPI

0GVKPVGTGUVDGCTKPIFGDV

0GVVWTPQXGT+PXGUVGFECRKVCNGZENIQQFYKNN
'CTPKPIURGTUJCTG
PQO&--&--

&KNWVGFGCTPKPIURGTUJCTG
PQO&--&--

+PVTKPUKEXCNWGRGTUJCTG
PQO&--&--
3WQVCVKQPCUCV/C[
2TKEGGCTPKPIU

2TKEGGCTPKPIUFKNWVGF

3WQVCVKQPKPVTKPUKEXCNWGRGTUJCTG
&KXKFGPFRCKFRTQRQUGFRGTUJCTG
PQO&--&--
0WODGTQHUJCTGUGPFQH[GCT
0WODGTQHQYPUJCTGUGPFQH[GCT
#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQP
#XGTCIGFKNWVKXGGHHGEVQHQWVUVCPFKPIUJCTGQRVKQPU
#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQPFKNWVGF
/CKPCPFMG[HKIWTGUCTGRTGRCTGFKPCEEQTFCPEGYKVJ+(45CPFp4GEQOOGPFCVKQPUCPF-G[(KIWTGUqHTQO6JG&CPKUJ#UUQEKCVKQPQH
(KPCPEKCN#PCN[UVUGZEGRVHTQOVJQUGVJCVCTGPQVFGHKPGFKPVJGTG%QORCTKUQPHKIWTGUCTGCFLWUVGF
6JGCOQWPVUHQTCTGCFLWUVGFFWGVQVJGFKNWVKQPTGUWNVKPIHTQOVJGDQPWUGNGOGPVTGNCVGFVQVJGTKIJVUKUUWGKPVJG
URTKPIQHKPCEEQTFCPEGYKVJ+#5
6JGMG[HKIWTGUHQTCTGCFLWUVGFFWGVQVJGEJCPIGKPCEEQWPVKPIRTKPEKRNGUCRRNKGF
2CTCPVJGUGUFGPQVGPGICVKXGHKIWTGU
Back to CONTENTS
6JGMG[HKIWTGUCTGFGHKPGFCUHQNNQYU
'$+6&# 'SWKV[TCVKQ
4GUWNVDGHQTGKPVGTGUVUVCZFGRTGEKCVKQPCOQTVKUCVKQPKORCKTOGPV 'SWKV[GPFQH[GCTGZENOKPQTKV[KPVGTGUVUZ
NQUUGUCPFTGUWNVQHKPXGUVOGPVUKPCUUQEKCVGUCHVGTVCZ 6QVCNGSWKV[CPFNKCDKNKVKGUGPFQH[GCT
'$+6&#OCTIKP (KPCPEKCNIGCTKPI
'$+6&#Z +PVGTGUVDGCTKPIFGDV
PGVGPFQH[GCT
0GVVWTPQXGT 'SWKV[GPFQH[GCT
2TQHKVTCVKQ 0GVVWTPQXGTKPXGUVGFECRKVCNGZENIQQFYKNN
1RGTCVKPIRTQHKVNQUUZ 0GVVWTPQXGT
0GVVWTPQXGT #XGTCIGKPXGUVGFECRKVCNGZENIQQFYKNN
4GVWTPQPCUUGVU 'CTPKPIURGTUJCTG
PQO&--&--
1RGTCVKPIRTQHKVNQUUZ 4GUWNVHQTVJG[GCTGZENOKPQTKV[KPVGTGUVU
#XGTCIGQRGTCVKQPCNCUUGVU #XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQP
'$+6# &KNWVGFGCTPKPIURGTUJCTG
PQO&--&--
4GUWNVDGHQTGKPVGTGUVUVCZCOQTVKUCVKQPKORCKTOGPVNQUUGUQP 4GUWNVHQTVJG[GCTGZENOKPQTKV[KPVGTGUVU
KPVCPIKDNGCUUGVUCPFTGUWNVQHKPXGUVOGPVUKPCUUQEKCVGUCHVGTVCZ #XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQPFKNWVGF
4GVWTPQPKPXGUVGFECRKVCNGZENIQQFYKNN +PVTKPUKEXCNWGRGTUJCTG
PQO&--&--
'$+6#Z 'SWKV[GPFQH[GCTGZENOKPQTKV[KPVGTGUVU
#XGTCIGKPXGUVGFECRKVCNGZENIQQFYKNN 0WODGTQHUJCTGUGPFQH[GCT
4GVWTPQPGSWKV[ 2TKEGGCTPKPIU
4GUWNVHQTVJG[GCTGZENOKPQTKV[KPVGTGUVUZ 3WQVCVKQP
#XGTCIGGSWKV[GZENOKPQTKV[KPVGTGUVU 'CTPKPIURGTUJCTG
PQO&--
%WTTGPVTCVKQ 2TKEGGCTPKPIUFKNWVGF
%WTTGPVCUUGVU 3WQVCVKQP
%WTTGPVNKCDKNKVKGU &KNWVGFGCTPKPIURGTUJCTG
PQO&--
+PVJGECNEWNCVKQPQHVJGCDQXGMG[HKIWTGUHQTVJGPWODGTQHUJCTGUCPFVJGSWQVCVKQPCTGCFLWUVGFHQT
VJGFKNWVKQPTGUWNVKPIHTQOVJGDQPWUGNGOGPVTGNCVGFVQVJGTKIJVUKUUWGKPVJGURTKPIQHKPCEEQTFCPEGYKVJ+#5
#FLWUVGFPWODGTQHUJCTGU
1TKIKPCNPWODGTQHUJCTGUDGHQTGVJGTKIJVUKUUWG
#FLWUVOGPVHCEVQTHQTVJGFKNWVKQPTGNCVGFVQVJGTKIJVUKUUWG
#FLWUVGFSWQVCVKQP
3WQVCVKQPDGHQTGVJGTKIJVUKUUWGZCFLWUVOGPVHCEVQTHQTVJGFKNWVKQPTGNCVGFVQVJGTKIJVUKUUWG
#FLWUVOGPVHCEVQTHQTVJGFKNWVKQPTGNCVGFVQVJGTKIJVUKUUWG
6JGQTGVKECNSWQVCVKQPCHVGTVJGTKIJVUKUUWG
3WQVCVKQPKOOGFKCVGN[DGHQTGVJGTKIJVUKUUWG
Back to CONTENTS
Back to CONTENTS
&+4'%61454'2146$#0)1.7(5'0#5)4172
6JG)TQWRoUVWTPQXGTHQTVJGHKPCPEKCN[GCT 6JGOCLQTKV[QHVJG)TQWRoUOCTMGVUUJQYGF
VQVCNNGF&--OKNNKQPCICKPUV&--OKNNKQP RTQITGUUKPVJGHQWTVJSWCTVGTCPFVJG)TQWRoUVYQ
NCUV[GCT6WTPQXGTHQTVJGHQWTVJSWCTVGTYCU&-- NCTIGUVOCTMGVU)GTOCP[CPF&GPOCTMTGRQTVGF
OKNNKQPCICKPUV&--OKNNKQPHQTVJGUCOG VWTPQXGTITQYVJQH&--OKNNKQPGSWCVKPIVQ
RGTKQFNCUV[GCT6JKUEQTTGURQPFUVQCPKPETGCUGQH RGTEGPV
RGTEGPV
#WVQOQVKXGUJQYGFEQPVKPWGFITQYVJKPVJG
6JGTGUWNVDGHQTGVCZHQTVJGHKPCPEKCN[GCT HKPCPEKCN[GCTKGCVWTPQXGTQH&--
YCUPGICVKXGCV&--OKNNKQPCICKPUVCPGICVKXG OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT+PVJG
TGUWNVQH&--OKNNKQPNCUV[GCT6JGTGUWNVDGHQTG HQWTVJSWCTVGT#WVQOQVKXGCEJKGXGFCVWTPQXGT
VCZHQTVJGHQWTVJSWCTVGTYCURQUKVKXGCV&-- QH&--OKNNKQPCICKPUV&--OKNNKQPHQTVJG
OKNNKQPCICKPUVCPGICVKXGTGUWNVQH&--OKNNKQP UCOGRGTKQFNCUV[GCT
HQTVJGHQWTVJSWCTVGTQH
$CUGFQPCEQPVKPWKPIJKIJCEVKXKV[NGXGNYKVJKP
6JG)TQWRJCUTGFWEGFKVUECRCEKV[EQUVUD[&-- RTQFWEVFGXGNQROGPVCPFCPKPETGCUGFOCTMGVKPI
OKNNKQPHTQO&--OKNNKQPNCUV[GCTVQ&-- GHHQTV$CPI1NWHUGPGZRGEVUVJCVVJG
OKNNKQP6JG)TQWRJCUJQYGXGTOCKPVCKPGF HKPCPEKCN[GCTCUCYJQNGYKNNTGUWNVKPCRQUKVKXG
CJKIJCEVKXKV[NGXGNKPVJGFGXGNQROGPVFGRCTVOGPV FGXGNQROGPVKPVJGVWTPQXGTCPFCRQUKVKXGTGUWNV
KPQTFGTVQUGEWTGITQYVJIQKPIHQTYCTF DGHQTGVCZDCUGFQPCITQUUOCTIKPPQVFGXKCVKPI
UKIPKHKECPVN[HTQOVJGNGXGNCEJKGXGFKPVJG
6JG)TQWRoUITQUUOCTIKPHQTVJGHKPCPEKCN HKPCPEKCN[GCT
[GCTYCURGTEGPVYJKEJKUQPCRCTYKVJNCUV
[GCToUITQUUOCTIKP
5CNGUITQYVJKPVJGUGEQPFJCNH[GCTYCURTKOCTKN[
FTKXGPD[CPWODGTQHKORQTVCPVRTQFWEVNCWPEJGU
RGTEGPVQHVJG)TQWRoUUCNGUYKVJKPVJGCWFKQ
CPFXKFGQDWUKPGUUVJGTGHQTGFGTKXGFHTQOPGY
RTQFWEVUYKVJpPGYqFGHKPGFCUUCNGUKPVJGHKTUV
OQPVJUCHVGTVJGNCWPEJ
Back to CONTENTS
%QOOGPVUQPFGXGNQROGPVU
6JG)TQWRoUVQVCNVWTPQXGTHQTVJGHKPCPEKCN[GCTYCU&--OKNNKQPCICKPUV&--OKNNKQP
NCUV[GCTYJKEJKUKPNKPGYKVJVJGRTGXKQWUN[CPPQWPEGF
0GVVWTPQXGTCEEQTFKPIVQDWUKPGUUCTGC

&--OKNNKQP

$TCPFGFDWUKPGUU

0QPDTCPFGFDWUKPGUU
+PVTC)TQWRVWTPQXGT

0GVVWTPQXGTKPVQVCN
9JKNGVJGHKTUVJCNH[GCTEQPVKPWGFVQDGEJCTCEVGTKUGFD[CIGPGTCNFQYPVWTPKPUCNGUVJGUGEQPFJCNH[GCT
YCUEJCTCEVGTKUGFD[CPKPETGCUGKPVWTPQXGT#MG[TGCUQPHQTVJGRQUKVKXGFGXGNQROGPVKPUCNGUKPVJGUGEQPF
JCNH[GCTYCUVJCVNCWPEJQHPGYRTQFWEVUOGVUCNGUGZRGEVCVKQPUCPFUCNGUTGSWKTGOGPVUHQTPGYRTQFWEVU
#UCTGUWNVRGTEGPVQH$CPI1NWHUGPoUUCNGUYKVJKPVJGCWFKQCPFXKFGQDWUKPGUUFGTKXGFHTQOPGY
RTQFWEVUFGHKPGFCUUCNGUKPVJGOQPVJUCHVGTVJGNCWPEJ#WVQOQVKXGCNUQEQPVKPWGFVQFGXGNQRRQUKVKXGN[
$TCPFGFDWUKPGUUsVWTPQXGTCEEQTFKPIVQRTQFWEVECVGIQTKGU

&--OKNNKQP
8KFGQ

.QWFURGCMGTU
#WFKQ
6GNGRJQPGU
5RCTGRCTVUCEEGUUQTKGUGVE
#WVQOQVKXG
6QVCNVWTPQXGT
(QTVJGHKPCPEKCN[GCTVJG)TQWRoUITQUUOCTIKPYCURGTEGPVYJKEJKUQPCRCTYKVJ
6JGTGUWNVDGHQTGVCZYCUPGICVKXGCV&--OKNNKQPCICKPUVCPGICVKXGTGUWNVQH&--OKNNKQP6JGTGUWNV
KUKPNKPGYKVJVJGRTGXKQWUN[CPPQWPEGF
6JG)TQWRJCUTGFWEGFKVUECRCEKV[EQUVUD[&--OKNNKQPHTQO&--OKNNKQPHQTVJGUCOGRGTKQFNCUV
[GCTVQ&--OKNNKQP
&KUVTKDWVKQPCPFOCTMGVKPIEQUVUYGTGTGFWEGFD[&--OKNNKQPFWTKPIVJGHKPCPEKCN[GCTHTQO&--
OKNNKQPVQ&--OKNNKQP.QUUGUCPFEJCPIGUKPRTQXKUKQPHQTDCFFGDVUCPFFGCNGTNQCPUFWTKPIVJG
HKPCPEKCN[GCTYGTGGZRGPUGFCV&--OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT#FOKPKUVTCVKQP
GZRGPUGUGVEFGENKPGFD[&--OKNNKQPHTQO&--OKNNKQPVQ&--OKNNKQPFWTKPIVJG
HKPCPEKCN[GCT
Back to CONTENTS
6JG)TQWRKPEWTTGFFGXGNQROGPVEQUVUQH&-- VJGHKPCPEKCN[GCTVQ&--OKNNKQPKPVJG
OKNNKQPCICKPUV&--OKNNKQPKP HKPCPEKCN[GCTCUCTGUWNVQHVJGTGUVTWEVWTKPI
CPFVJGHQEWUKPIQHVJGUCNGUCPFOCTMGVKPI
6JGPGVGHHGEVQHECRKVCNKUCVKQPKPYCU QTICPKUCVKQP(KPCNN[CFOKPKUVTCVKQPEQUVUKPETGCUGF
RQUKVKXGCV&--OKNNKQPQHYJKEJ&-- HTQO&--OKNNKQPVQ&--OKNNKQP
OKNNKQPYCUUWDUGSWGPVN[TGHWPFGFD[#WVQOQVKXG
EWUVQOGTU+PVJGPGVGHHGEVQH 6JGTGUWNVDGHQTGVCZHQTVJGHQWTVJSWCTVGTYCU
ECRKVCNKUCVKQPYCURQUKVKXGCV&--OKNNKQP RQUKVKXGCV&--OKNNKQPCICKPUVCPGICVKXGTGUWNV
QH&--OKNNKQPHQTVJGUCOGRGTKQFNCUV[GCT
6JG)TQWRoUECUJHNQYUHTQOQRGTCVKPICEVKXKVKGU #HVGTVCZVJGTGUWNVHQTVJGSWCTVGTYCURQUKVKXGCV
YGTG&--OKNNKQPCICKPUV&--OKNNKQP &--OKNNKQPCICKPUVCPGICVKXGTGUWNVQH&--
NCUV[GCT6JGKORTQXGOGPVKUKPRCTVQYKPIVQ OKNNKQPNCUV[GCT
VJGKORTQXGFTGUWNVCPFKPRCTVVQVJGEQPVKPWGF
KORTQXGOGPVKPYQTMKPIECRKVCNYJKEJKORTQXGF
D[&--OKNNKQPEQORCTGFVQNCUV[GCT+PVGTGUV
DGCTKPIFGDV
PGVYCUTGFWEGFHTQO&--
OKNNKQPVQ&--OKNNKQPHQTVJGUCOGRGTKQF
%QOOGPVUVQFGXGNQROGPVUKPVJGHQWTVJ
SWCTVGTQHVJGHKPCPEKCN[GCT
WPCWFKVGF
(QTVJGHQWTVJSWCTVGTQHVWTPQXGTHQT
VJG$CPI1NWHUGPCUITQWRCUCYJQNGYCU&--
OKNNKQPCICKPUV&--OKNNKQPNCUV[GCTKG
CPKPETGCUGQH&--OKNNKQPQTRGTEGPV6JG
KPETGCUGKPVWTPQXGTECPDGNCTIGN[CVVTKDWVGFVQVJG
PGYRTQFWEVUYJKEJJCXGKPIGPGTCNOGVVJGUCNGU
GZRGEVCVKQPU
6JGOCLQTKV[QHVJG)TQWRoUOCTMGVUUJQYGF
CFXCPEGUKPVJGHQWTVJSWCTVGTCPFVJG)TQWRoUVYQ
NCTIGUVOCTMGVU)GTOCP[CPF&GPOCTMTGEQTFGF
VWTPQXGTITQYVJQH&--OKNNKQPEQTTGURQPFKPIVQ
RGTEGPV
+PVJGHQWTVJSWCTVGTVWTPQXGTHQTVJGDTCPFGF
DWUKPGUUKPETGCUGFD[&--OKNNKQPHTQO&--
OKNNKQPNCUV[GCTVQ&--OKNNKQPVJKU[GCT
EQTTGURQPFKPIVQRGTEGPV
)TQUURTQHKVKPETGCUGFD[&--OKNNKQPHTQO&--
OKNNKQPVQ&--OKNNKQP
6JG)TQWRoUITQUUOCTIKPHQTVJGSWCTVGTYCU
RGTEGPVCICKPUVRGTEGPVHQTVJGUCOGSWCTVGT
NCUV[GCTYJKEJKUNCTIGN[FWGVQVJGKPETGCUGF
VWTPQXGT
6JG)TQWRoUFGXGNQROGPVEQUVUHQTVJGSWCTVGTYGTG
&--OKNNKQPCICKPUV&--OKNNKQPKP
&KUVTKDWVKQPCPFOCTMGVKPIEQUVUFGENKPGFFWTKPIVJG
SWCTVGTD[&--OKNNKQPHTQO&--OKNNKQPKP
Back to CONTENTS
$4#0&'&$75+0'55
&GXGNQROGPVUKPVJGOCTMGVU $GQ8KUKQP
$CPI1NWHUGPJCUCNUQNCWPEJGFCPGYOQFGNHQT
9JKNGVJG)TQWRUCYCFGENKPGKPVWTPQXGTKPOQUV VJG$GQ8KUKQPHCOKN[KPVJGHQTOQHCKPEJ(WNN
OCTMGVUFWTKPIVJGHKTUVJCNHQHVJGHKPCPEKCN *&.%&68YKVJFKTGEVV[RG.'&DCEMNKIJVYKVJNQECN
[GCTVJGUGEQPFJCNHQHVJGHKPCPEKCN[GCTUJQYGF FKOOKPIYJKEJDTGCMUPGYITQWPFKPVGTOUQH
CUKIPKHKECPVKORTQXGOGPVKPOQUVOCTMGVUYJKEJ KPETGCUGFEQPVTCUVNGXGNHQT.%&68VGEJPQNQI[6JG
ECPNCTIGN[DGCVVTKDWVGFVQVJGUWEEGUUHWNRTQFWEV PGY68QHHGTUUWDNKOGUQWPFSWCNKV[XKC$GQ.CD
NCWPEJGU CFGFKECVGFOQPQURGCMGTHQTUWTTQWPFUQWPFQTXKC
$GQ.CDYJKEJKUCFGFKECVGFUVGTGQNQWFURGCMGT
&GPOCTM5YKV\GTNCPF+VCN[CPFVJG#UKCPOCTMGVU +PCFFKVKQPVJG68QHHGTUCPKPVGITCVGFFKIKVCN
UJQYGFCFXCPEGUQPNCUV[GCTYJKNGQPGQHVJG UWTTQWPFUQWPFOQFWNGCPFCPKPVGITCVGF$NWTC[
)TQWRoUOCKPOCTMGVU7-GZRGTKGPEGFCFGENKPGKP RNC[GTCUCPQRVKQP
UCNGUQHRGTEGPVOGCUWTGFKPNQECNEWTTGPE[
$GQ%QO
+P0QXGODGT$CPI1NWHUGPNCWPEJGFCEQTFNGUU
2TQFWEVNCWPEJGU VGNGRJQPGYKVJCPKPVGITCVGFURGCMGTHQTJCPFUHTGG
VGNGRJQP[CPFEQPHGTGPEGECNNU6JGEQODKPCVKQP
$CPI1NWHUGPJCUHQEWUGFQPRTQFWEV QHJCPFUHTGGVGNGRJQP[CPFVJGKPVGITCVGFURGCMGT
FGXGNQROGPVYKVJVJGQDLGEVKXGQHNCWPEJKPIUGXGTCN QHHGTUPGYEQPXGTUCVKQPQRVKQPUKPVJGJQOG
PGYRTQFWEVU6JGTGUWNVUQHVJKUGHHQTVOCVGTKCNKUGF $GQ%QOCNUQRTQXKFGUHQTVYQUGRCTCVGVGNGRJQPG
KPVJGHKPCPEKCN[GCTYJGTGCPWODGTQH NKPGUUQWUGTUECPEQODKPGCEQPXGPVKQPCNHKZGF
KORQTVCPVPGYRTQFWEVUYGTGNCWPEJGF PGVYQTMNKPGCPF+2VGNGRJQP[QTWUGQPGNKPG
HQTRTKXCVGECNNUCPFVJGQVJGTNKPGHQTDWUKPGUU
$GQ8KUKQP ECNNUKHVJGWUGTYQTMUHTQOJQOG$GQ%QOKU
+P1EVQDGT$CPI1NWHUGPNCWPEJGFVJGHKTUV EJCTCEVGTKUGFD[UWRGTNCVKXGUQWPFSWCNKV[YKVJVJG
OGODGTQHCPGY68HCOKN[YJKEJKUEJCTCEVGTKUGF KPVGITCVGFURGCMGTDCUGFQPVJGUCOGCEQWUVKE
D[CPGYWPKSWGFGUKIPGZRTGUUKQP$GQ8KUKQP EQORGVGPEKGUVJCV$CPI1NWHUGPWUGUKPVTCFKVKQPCN
KUC(WNN*&.%&68YKVJ.'&DCEMNKIJVDCUGF NQWFURGCMGTUYJKEJIKXGUCPCVWTCNCPFENGCTUQWPF
QPCUNKO*\RCPGN&GURKVGKVUUNKOFGUKIP RGTHQTOCPEG
VJGPGY68QHHGTUGZEGNNGPVUQWPFSWCNKV[VJTQWIJ
KPVGITCVGFUVGTGQURGCMGTUCPFCFKIKVCNUWTTQWPF $GQ6KOG
UQWPFOQFWNG#UVJGYCNNDTCEMGVHQTVJG$GQ8KUKQP $CPI1NWHUGPJCUNCWPEJGFVJGWPKSWG$GQ6KOG
KUCPKPVGITCNRCTVQHVJGRTQFWEVKVQPN[CFFU YJKEJEQODKPGUCPCNCTOENQEMYKVJCTGOQVG
OOGZVTCFGRVJVQVJG68YJGPYCNNOQWPVGF EQPVTQN$GQ6KOGCNNQYUVJGWUGTVQEJQQUGVQ
6JG68CNUQQHHGTUCWPKSWGVWTPKPIQRVKQPGPCDNKPI YCMGWRVQVJGUQWPFQHCIGPVNGCNCTOENQEMCPF
VJGUETGGPVQDGXKGYGFKPVJGRTGHGTTGFXKGYKPI VJGUQWPFQHC68RTQITCOOGCTCFKQUVCVKQPQT
RQUKVKQP OWUKEHTQOVJG$CPI1NWHUGPU[UVGO+PCFFKVKQP
$GQ6KOGJCUCDWKNVKPUNGGRVKOGTYJKEJGPCDNGUVJG
$GQ8KUKQP WUGTVQHCNNCUNGGRVQVJGWUGToURTGHGTTGFOWUKEQT68
$GQ8KUKQPKUDCUGFQPVJGUCOGEJCUUKUCU RTQITCOOGKPVJCV$GQ6KOGUJWVUFQYPVJGU[UVGO
VJGqXGTUKQPDWVFKHHGTGPVKCVGUKVUGNHXKUWCNN[D[ CVCRTGUGVVKOG5KPEG0QXGODGT$GQ6KOGJCU
JCXKPICRGTEGPVNCTIGTUETGGPCPFCYJKVGTGCT QHHGTGFKPETGCUGFU[UVGOHWPEVKQPCNKV[KPVJCVJQOG
EQXGTYJKEJIKXGUVJG68CPGXGPNKIJVGTGZRTGUUKQP CWVQOCVKQPUQWTEGUUWEJCUNKIJVEWTVCKPUGVEECP
CPFUWRRQTVUVJGEQPEGRVQHC68VJCVDNGPFUKPVQ PQYDGCEVKXCVGFKPEQODKPCVKQPYKVJ/CUVGT.KPM
VJGYCNN$GQ8KUKQPJCUCP.'&DCUGF.%& )CVGYC[
UETGGPYKVJ(WNN*&CPFCHTCOGTCVGWRFCVKPIURGGF
QH*\6JGEQPEGRVJCUKPVGITCVGFUWTTQWPF #FCRVKXG5QWPF6GEJPQNQI[
#56
UQWPFCPF&8$*&OQFWNGUGNGEVTQPKEEWTVCKPUCPF #FCRVKXG5QWPF6GEJPQNQI[
#56KUCPGYRCVGPVGF
CPGZVGPFGFEQPPGEVKQPRCPGNCNNQYKPIVJGWUGT VGEJPQNQI[YJKEJGPCDNGUVJGNKUVGPGTVQQRVKOKUG
VQCFFCVQVCNUWTTQWPFUQWPFUGVWRYKVJWRVQ VJGUQWPFHTQOFKHHGTGPVNQECVKQPUKPVJGJQOG
HKXGGZVTCNQWFURGCMGTUCUYGNNCUCYKFGTCPIGQH KTTGURGEVKXGQHVJGRQUKVKQPQHVJGNQWFURGCMGTU
GZVGTPCNWPKVU +PCPQTOCNUVGTGQQTUWTTQWPFUQWPFUGVWRHQT
Back to CONTENTS
GZCORNGVJGNQWFURGCMGTUPGGFVQDGRNCEGF
U[OOGVTKECNN[+POCP[JQOGUVJKURTGUGPVU
KPEQPXGPKGPVTGUVTKEVKQPUKPTGNCVKQPVQVJGFGUKIPQH
VJGTQQO#56VGEJPQNQI[RTQXKFGUVJGWUGTYKVJVJG
HTGGFQOVQRQUKVKQPVJGNQWFURGCMGTUKPJCTOQP[
YKVJVJGTGUVQHVJGFGUKIPCPFVJGVGEJPQNQI[
YKNNOCMGVJGPGEGUUCT[EQORGPUCVKQPVQCEJKGXG
QRVKOWOUQWPFRGTHQTOCPEG6JG#56VGEJPQNQI[
VJGTGHQTGUWRRQTVU$CPI1NWHUGPoUKPVGPVKQPVQ
ETGCVGWUGTHTKGPFN[GZRGTKGPEGU
$GQ.CD
$GQ.CDKUCPGYUWDYQQHGTYJKEJEQODKPGU
GZEGNNGPVDCUUFGUKIPCPFWPWUWCNRNCEGOGPV
QRVKQPU$GQ.CDEQORTKUGUVYQKFGPVKECN
NQWFURGCMGTECDKPGVUYJQUGDCHHNGUHCEGGCEJQVJGT
6JGCEQWUVKEFGUKIPQHHGTUOKPKOWOXKDTCVKQPYJKEJ
OGCPUVJGUWDYQQHGTECPDGOQWPVGFQPVJGYCNN
CUCPCNVGTPCVKXGVQVJGVTCFKVKQPCNHNQQTRNCEGOGPV
$GQ.KPMHQTK2JQPGCPFK2QF6QWEJ
$GQ.KPMHQTK2JQPGCPFK2QF6QWEJKUCPGY
UQHVYCTGCRRNKECVKQPVJCVRTQXKFGUEQORNGVGEQPVTQN
QHVJGJQOGoUCWFKQXKFGQGSWKROGPVCPFJQOG
CWVQOCVKQPU[UVGO6JGCRRNKECVKQPYJKEJECPDG
FQYPNQCFGFHTQO#RRNGoU#RR5VQTGCNNQYUVJGWUGT
VQQRGTCVGVJGJQOGoU$CPI1NWHUGPGSWKROGPV
CPFJQOGCWVQOCVKQPU[UVGOVJTQWIJVJGWUGQH
GKVJGTVJGK2JQPGQTK2QF6QWEJ
&KUVTKDWVKQPFGXGNQROGPV
6JGUJCTGQHVWTPQXGTHTQO$5JQRUVQVCNURGT
EGPV1TICPKEITQYVJHQTVJGHKPCPEKCN[GCTHQTVJG
EWTTGPVN[CEVKXG$CPI1NWHUGPUJQRUYKVJOQTG
VJCPOQPVJUQHQRGTCVKQPUYCURGTEGPVHQT
DQVJ$5JQRUCPFHQT5JQRKP5JQRU5GGPKP
KUQNCVKQPHQWTVJSWCTVGTITQYVJHQTVJGUCOGUJQRU
YCURGTEGPVHQT$5JQRUCPFRGTEGPVHQT
5JQRKP5JQRU
6JGHKPCPEKCN[GCTUCYCPGVFGENKPGKP
VJGPWODGTQH$5JQRUQH$5JQRUYGTG
QRGPGFQTWRITCFGFYJKNGUJQRUYGTGENQUGFQT
EQPXGTVGFVQ5JQRKP5JQRU6JGPWODGTQH5JQRKP
5JQRUKUCICKPUVCVVJGGPFQHVJGRTGXKQWU
HKPCPEKCN[GCT
#VVJGGPFQH/C[VJGTGYGTGCVQVCNQH
$5JQRUCETQUUVJGYQTNFCICKPUVUJQRUCVVJG
GPFQHVJGHKPCPEKCN[GCT
Back to CONTENTS
0WODGTQHUJQRURGTUGIOGPV 6WTPQXGTUJCTGRGTUGIOGPV

CEVKXGUJQRUCVVJGGPFQHGCEJ[GCT
0WODGT
QHUJQRU

$ 5+5 1VJGT $ 5+5 1VJGT

&GHKPKVKQPUQHUJQRUGIOGPVU
$ 5JQRUYJKEJOCKPN[UGNN$CPI1NWHUGPRTQFWEVU
5+5 5JQRKP5JQRYKVJCUCNGUCTGCFGFKECVGFHQT$CPI1NWHUGPRTQFWEVU
Back to CONTENTS
$75+0'5561$75+0'55#4'#5
$CPI1NWHUGP'PVGTRTKUG U[UVGOJCXGDGGPYGNNTGEGKXGFD[VJGOCTMGV#V
VJGUCOGVKOGVJGRCTVPGTUJKRYKVJ/GTEGFGU#/)
$CPI1NWHUGP'PVGTRTKUGKUYGNNGUVCDNKUJGFCUVJG JCUTGUWNVGFKPCJKIJNGXGNQHCEVKXKV[HQNNQYKPIVJG
OQUVGZENWUKXGDTCPFCOQPIUQOGQHVJGYQTNFoU FGXGNQROGPVQHPQHGYGTVJCPHKXGHWTVJGTUQWPF
NGCFKPIRTQRGTV[FGXGNQRGTUKPVGTKQTFGUKIPGTUCPF U[UVGOU6JGHKTUVQHVJGUG$GQ5QWPF#/)HQT
JQVGNU6JGDWUKPGUUCTGCYJKEJEQORTKUGUVJG /GTEGFGU$GP\5%NCUUJCULWUVDGGPKPVTQFWEGF
)TQWRoUUCNGUVQNWZWT[JQVGNUCETQUUVJGYQTNFCU VQVJGYQTNFoUOGFKCCPFYKNNDGCXCKNCDNGCUCP
YGNNCUVQEQPUVTWEVKQPRTQLGEVUKPCOQPIUVQVJGTU QRVKQPKPCNOQUVCNN/GTEGFGU$GP\5%NCUUXGTUKQPU
VJG/KFFNG'CUVCPF#UKCRQUVGFCVWTPQXGTQH&-- KPENWFKPI#/)XGTUKQPU
OKNNKQPKPVJGHQWTVJSWCTVGTQHVJG
HKPCPEKCN[GCTCICKPUV&--OKNNKQPNCUV[GCT#UC 9KVJVJGEQPVKPWGFGZRCPUKQPQHVJGRQTVHQNKQKP
TGUWNVVWTPQXGTHQTVJGHKPCPEKCN[GCTYCU RCTVPGTUJKRYKVJCPWODGTQHJKIJRTQHKNGRCTVPGTU
&--OKNNKQPCICKPUV&--OKNNKQPNCUV[GCT #WVQOQVKXGKUGZRGEVGFVQEQPVKPWGVJGITQYVJQXGT
VJGEQOKPI[GCTU
6JGOCTMGVEQPVKPWGUVQDGEJCTCEVGTKUGFD[FGNC[U
VQRTQLGEVUCPFRQUVRQPGFFGEKUKQPUTGNCVKPIVQ
PGYCWFKQXKFGQGSWKROGPVHQTVJGUGIOGPVUKP $CPI1NWHUGP+%'RQYGTCU
YJKEJ'PVGTRTKUGKUCEVKXG6JGDWUKPGUUCTGCJCU
DGGPRCTVKEWNCTN[JKVD[RQUVRQPGOGPVUQHCNTGCF[ 6WTPQXGTHQT$CPI1NWHUGP+%'RQYGTCUVQVCNNGF
EQPHKTOGFQTFGTUHQTEQPUVTWEVKQPRTQLGEVUKPVJG &--OKNNKQPHQTVJGHKPCPEKCN[GCT
/KFFNG'CUV CICKPUV&--OKNNKQPNCUV[GCT
$CPI1NWHUGP+%'RQYGTCUUWRRNKGURCVGPVGF
$CPI1NWHUGP#WVQOQVKXG CORNKHKGTVGEJPQNQI[YJKEJEQODKPGUJKIJGHHKEKGPE[
YKVJNQYGPGTI[EQPUWORVKQPCPFUWRGTDUQWPF
(QTVJGHKPCPEKCN[GCT$CPI1NWHUGP SWCNKV[#UVJG+%'RQYGTCORNKHKGTJCUXGT[JKIJ
#WVQOQVKXGCEJKGXGFCVWTPQXGTQH&--OKNNKQP GPGTI[GHHKEKGPE[KVCNNQYUHQTOQTGEQORCEV
CICKPUV&--OKNNKQPNCUV[GCT+PVJGHQWTVJ EQPUVTWEVKQPUYJKEJKPVWTPQHHGTITGCVGTFGUKIP
SWCTVGTVWTPQXGTVQVCNNGF&--OKNNKQPCICKPUV HTGGFQO+PCFFKVKQPVJGTGFWEGFJGCVIGPGTCVKQP
&--OKNNKQPHQTVJGHKPCPEKCN[GCT6JG OGCPUVJCVVJGNKHGE[ENGQHVJGGNGEVTQPKE
UCVKUHCEVQT[ITQYVJKURCTVN[QYKPIVQCIGPGTCN EQORQPGPVUKUKPETGCUGF
KPETGCUGKPUCNGUQHECTUCPFRCTVN[VQVJGNCWPEJQH
PGYUQWPFU[UVGOUQXGTVJGRGTKQF #UKIPKHKECPVRCTVQHVJGVWTPQXGTEQPVKPWGUVQ
FGTKXGHTQOUCNGUQHUVCPFCTFCORNKHKGTOQFWNGUCPF
&WTKPIVJGHKPCPEKCN[GCTVJGRCTVPGTUJKR EWUVQOKUGFUQNWVKQPUHQTSWCNKV[OCPWHCEVWTGTUKPVJG
YKVJ#WFKYCUGZVGPFGFVJTQWIJVJGNCWPEJQH$CPI INQDCNCWFKQOCTMGV+PCFFKVKQP$CPI1NWHUGP
1NWHUGP#FXCPEGF5QWPF5[UVGOHQTVJGPGY +%'RQYGTCUTGEGKXGUTQ[CNVKGUHTQOVJGUCNGQH
#WFK#CPF#WFK#.QPICUYGNNCUKPVJGTGEGPVN[ CORNKHKGTVGEJPQNQI[CPFCEQWUVKEUQNWVKQPUHQTOCLQT
NCWPEJGF#WFK#6JGEQQRGTCVKQPYKVJ#UVQP 1'/RCTVPGTU
/CTVKPJCUCNUQFGXGNQRGFRQUKVKXGN[KPVJCVCNN#UVQP
/CTVKPOQFGNUQPVJGOCTMGVCTGPQYCXCKNCDNG
YKVJ$CPI1NWHUGPUQWPFU[UVGOUCPF#UVQP
/CTVKPJCUGXGPEJQUGPVQKPUVCNN$CPI1NWHUGP
CUVJGUVCPFCTFU[UVGOKPDQVJ#UVQP/CTVKP&$5
CPF#UVQP/CTVKP4CRKFGKPQTFGTVQRTQXKFGVJGKT
EWUVQOGTUYKVJVJGWNVKOCVGUQWPFGZRGTKGPEG
$CPI1NWHUGPoURCTVPGTUJKRYKVJ/GTEGFGU
#/)TGCEJGFCPKORQTVCPVOKNGUVQPGFWTKPIVJG
HKPCPEKCN[GCTYJGPKPVJGCWVWOPVJG
HKTUVEQPETGVGTGUWNVQHVJGEQQRGTCVKQPDGECOG
GXKFGPVC$CPI1NWHUGPUQWPFU[UVGOEWUVQOKUGF
HQT/GTEGFGU$GP\5.5#/)$QVJECTCPFUQWPF
Back to CONTENTS
':2'%6#6+105(146*'(+0#0%+#.;'#4
2TQFWEVRQTVHQNKQ 4KUMHCEVQTU
6JG)TQWRoUQDLGEVKXGHQTVJGHKPCPEKCN 6JGTGRQTVEQPVCKPUUVCVGOGPVUTGNCVKPIVQ
[GCTKUVQUWRRQTVVJGITQYVJCODKVKQPUYKVJKPVJG GZRGEVCVKQPUHQTHWVWTGFGXGNQROGPVUKPENWFKPI
DTCPFGFDWUKPGUUVJTQWIJCEQPVKPWGFJKIJCEVKXKV[ HWVWTGVWTPQXGTCPFQRGTCVKPITGUWNVUCUYGNNCU
NGXGNYKVJKPRTQFWEVFGXGNQROGPV6JG)TQWR GZRGEVGFDWUKPGUUTGNCVGFGXGPVU5WEJUVCVGOGPVU
VJGTGHQTGGZRGEVUVJCVCRRTQZKOCVGN[RGTEGPV CTGWPEGTVCKPCPFECTT[CPGNGOGPVQHTKUM
QHVJG)TQWRoUVWTPQXGTHTQOVJGCWFKQCPFXKFGQ UKPEGOCP[HCEVQTUQHYJKEJUQOGCTGDG[QPF
DWUKPGUUYKNNDGFGTKXGFHTQOPGYRTQFWEVUYKVJ $CPI1NWHUGPoUEQPVTQNECPOGCPVJCVCEVWCN
pPGYqFGHKPGFCUUCNGUKPVJGHKTUVOQPVJUCHVGT FGXGNQROGPVUYKNNFGXKCVGUKIPKHKECPVN[HTQOVJG
VJGNCWPEJ GZRGEVCVKQPUGZRTGUUGFKPVJGTGRQTV9KVJQWVDGKPI
GZJCWUVKXGUWEJHCEVQTUKPENWFGCOQPIQVJGTU
IGPGTCNGEQPQOKECPFEQOOGTEKCNHCEVQTUKPENWFKPI
&KUVTKDWVKQPFGXGNQROGPV OCTMGVCPFEQORGVKVKXGOCVVGTUUWRRNKGTKUUWGUCPF
HKPCPEKCNKUUWGUKPVJGHQTOQHHQTGKIPGZEJCPIG
$CUGFQPVJGTGEGPVRQUKVKXGVWTPQXGTFGXGNQROGPV KPVGTGUVTCVGUETGFKVCPFNKSWKFKV[TKUMU
KPVJGOCVWTGUJQRUVJG)TQWRRNCPUVQKPVGPUKH[
VJGGHHQTVUVQTGETWKVPGYQWVNGVU6JG)TQWRGZRGEVU
VJCVVJGVQVCNPWODGTQH$5JQRUYKNNPQVDG
UKIPKHKECPVN[FKHHGTGPVCVVJGGPFQHVJG
HKPCPEKCN[GCTEQORCTGFVQVJGGPFQHVJG
HKPCPEKCN[GCT
'ZRGEVCVKQPUHQTVJG)TQWRTGUWNVHQT
$CUGFQPCEQPVKPWKPIJKIJCEVKXKV[NGXGNYKVJKP
RTQFWEVFGXGNQROGPVCPFCPKPETGCUGFOCTMGVKPI
GHHQTV$CPI1NWHUGPGZRGEVUVJCVVJG
HKPCPEKCN[GCTCUCYJQNGYKNNTGUWNVKPCRQUKVKXG
FGXGNQROGPVKPVJGVWTPQXGTCPFCRQUKVKXGTGUWNV
DGHQTGVCZDCUGFQPCITQUUOCTIKPPQVFGXKCVKPI
UKIPKHKECPVN[HTQOVJGNGXGNCEJKGXGFKPVJG
HKPCPEKCN[GCT
6JGITQWRGZRGEVUVJCVVJGVWTPQXGTKPVJGHKTUV
SWCTVGTQHVJGHKPCPEKCN[GCTYKNNDGCVVJG
UCOGNGXGNCUVJGRTGXKQWU[GCT
Back to CONTENTS
-019.'&)'4'5174%'5
$CPI1NWHUGPoUXKUKQPKUVQEQPUVCPVN[SWGUVKQPVJG FGXGNQROGPVVJTQWIJCU[UVGOCVKETGCRRNKECVKQPQH
QTFKPCT[KPUGCTEJQHUWTRTKUKPINQPINCUVKPI TGNGXCPVVGEJPQNQIKGUCETQUU$CPI1NWHUGPoU
GZRGTKGPEGUCXKUKQPVJCVFGOCPFUCXGT[JKIJNGXGN RTQFWEVRQTVHQNKQ6JGUVTCVGI[KUDCUGFQPVJG
QHKPPQXCVKQPKPRTQFWEVFGXGNQROGPVCUYGNNCUKP EQORCP[oUEQTGEQORGVGPEKGUEQWRNGFYKVJC
FC[VQFC[QRGTCVKQPUKGRTQFWEVKQPCPF PWODGTQHUVTCVGIKERCTVPGTUJKRUUQCUVQOCZKOKUG
FKUVTKDWVKQP$CPI1NWHUGPVJGTGHQTGHQEWUGU $CPI1NWHUGPoUQYPUVTGPIVJUYKVJKPVJQUG
UVTQPIN[QPOCKPVCKPKPICPFFGXGNQRKPIVJGUMKNNUVJCV VGEJPQNQI[CTGCUYJGTG$CPI1NWHUGPoURTQFWEVU
HQTOVJGEQTGQHVJGEQORCP[oUKPPQXCVKXGCDKNKVKGU+P FKHHGTGPVKCVGVJGOUGNXGU1VJGTVGEJPQNQI[CTGCUCTG
RTCEVKEGVJKUOGCPUVJCVYKVJKPVJGUGCTGCU NCTIGN[EQXGTGFD[UWDEQPVTCEVQTU
$CPI1NWHUGPEQPUVCPVN[VGUVUVJGNKOKVUQHVJG
RQUUKDNG 2TQFWEVKPVGITCVKQPKUCPCVWTCNGNGOGPVKPVJG
RTQFWEVCPFVGEJPQNQI[UVTCVGI[CPFKUCPCTGC
YJGTGVJGEQORCP[JCUCEEWOWNCVGFEQPUKFGTCDNG
2TQFWEVFGXGNQROGPV GZRGTVKUG$CPI1NWHUGPEQPUKFGTUOCP[FKHHGTGPV
CURGEVUQHKPVGITCVKQP(KTUVKVOGCPUKPVGITCVKPI
5KPEGVJGEQORCP[oUHQWPFCVKQPKP OQTGVJCPQPGUQWTEGQHGPVGTVCKPOGPVKPCUKPING
$CPI1NWHUGPoURTQFWEVFGXGNQROGPVJCUDGGP RTQFWEV6JGPVJGTGKUVJGEQPEGRVQHNKPMKPI
EGPVTGFCV5VTWGTKP&GPOCTM+PTGEGPV[GCTU FKHHGTGPVRTQFWEVUVQGCEJQVJGTGXGPKHVJG[CTG
JQYGXGTVJGEQORCP[JCUHQEWUGFQPRTQFWEV UKVWCVGFKPFKHHGTGPVTQQOUXKCVJG$GQ.KPMU[UVGO
FGXGNQROGPVKPCINQDCNEQPVGZVKPQTFGTVQGZRNQKV (KPCNN[$CPI1NWHUGPCNUQKPVGITCVGUPGYRTQFWEVU
VJGVGEJPKECNEQORGVGPEGCPFEQUVDGPGƂVUVJCVCTG KPVQGZKUVKPIQPGUCPF$CPI1NWHUGPRTQFWEVUECP
CXCKNCDNGKPQVJGTEQWPVTKGU CNUQVQUQOGGZVGPVDGKPVGITCVGFKPVQRTQFWEVUQH
QVJGTDTCPFUUQVJCVVJGGPVKTGKPUVCNNCVKQPECPDG
#URCTVQHVJKUCFGXGNQROGPVFGRCTVOGPVJCUDGGP JCPFNGFVJTQWIJ$CPI1NWHUGPoUUKORNGQRGTCVKPI
GUVCDNKUJGFCV$CPI1NWHUGPoUHCEVQT[KP-QRTKXPKEG EQPEGRV
KPVJG%\GEJ4GRWDNKEYKVJVJGPGEGUUCT[UMKNNUVQ
WPFGTVCMGCHWNNEQPUVTWEVKQPRTQEGUU#UCTGUWNVVJG 6GEJPQNQI[RNCVHQTOU
%\GEJFGXGNQROGPVFGRCTVOGPVKUTGURQPUKDNGHQTVJG +PMGGRKPIYKVJVJG2QNG2QUKVKQPUVTCVGI[RNCP
KORNGOGPVCVKQPQHVJGCEQWUVKECWFKQCPFUVCPF $CPI1NWHUGPoUYGNNGUVCDNKUJGFKPPQXCVKQPEWNVWTG
RTQLGEVUQPEGVJGURGEKƂECVKQPUJCXGDGGP JCUDGGPHWTVJGTFGXGNQRGFVQJCPFNGVJGKPETGCUGF
FGVGTOKPGFD[VJGFGXGNQROGPVFGRCTVOGPVKP VGEJPQNQIKECNEQPVGPVQHVJGEQORCP[oURTQFWEVUKPC
&GPOCTM DGVVGTYC[6JKUGPUWTGUVJGOCZKOWOTGCRRNKECVKQP
QHVGEJPQNQI[KPKPFKXKFWCNRTQFWEVUYKVJQWV
$CPI1NWHUGPCNUQFTCYUQPVJGGORNQ[GGUKPVJG CHHGEVKPI$CPI1NWHUGPoUTGPQYPGFFKHHGTGPVKCVKQP
'UVQPKCPEQORCP[1¸$15QHVYJKEJKURGTEGPV
QYPGFD[VJGEQORCP[+PCFFKVKQPVJGTGKUCNUQC 9JGPFGXGNQRGFVYQFKIKVCNVGEJPQNQI[RNCVHQTOU
UOCNNUQHVYCTGKPPQXCVKQPCPFFGXGNQROGPVWPKVKP sQPGHQTCWFKQRTQFWEVUCPFQPGHQTXKFGQRTQFWEVU
#CTJWU&GPOCTMYJKEJYQTMUENQUGN[VQIGVJGTYKVJ sYKNNHQTOVJGDCUKUQHHWVWTGRTQFWEVU#UC
#CTJWU7PKXGTUKV[ EQPUGSWGPEGXCNWCDNGVKOGECPDGUCXGFQPVJG
FGXGNQROGPVOCKPVGPCPEGCPFWRFCVKPIQH
2TQFWEVCPFVGEJPQNQI[UVTCVGI[ VGEJPQNQIKGUCPFKPVJGƂPCNCPCN[UKUTGUWNVUKP
2TQFWEVFGXGNQROGPVCV$CPI1NWHUGPKUOCPCIGF HCUVGTCPFOQTGGHƂEKGPVRTQFWEVFGXGNQROGPV
D[CEQPVKPWCNN[FGXGNQRKPIRTQFWEVCPFVGEJPQNQI[
UVTCVGI[DCUGFQPIGPGTCNOCTMGVFGXGNQROGPVU %QPEGRVFGXGNQROGPV
KPRWVHTQOOCTMGVUCPFEWUVQOGTUCPFKORNGOGPVGF $CPI1NWHUGPKPXGUVUEQPUKFGTCDNGGHHQTVKPVQ
VGEJPQNQI[RTQLGEVUCUYGNNCUVJGEQORCP[oU ETGCVKPIKPPQXCVKXGCPFGPFWTKPIEQPEGRVUCPF
UQECNNGFVGEJPQNQI[TCFCT6JKUEQPUKUVUQH FGUKIPUKPQTFGTVQFKUVKPIWKUJKVUGNHHTQOQVJGT
KPHQTOCVKQPCDQWVCPFCPQXGTXKGYQHGZRGEVGF OCPWHCEVWTGTUQHEQPUWOGTGNGEVTQPKEU'CTN[EQPEGRV
HWVWTGVGEJPQNQIKGU FGXGNQROGPVKUVJGTGHQTGETWEKCN
$CPI1NWHUGPoURTQFWEVCPFVGEJPQNQI[UVTCVGI[ 4GURQPUKDKNKV[HQTVJGGCTN[UVCIGUQHEQPEGRV
CKOUCVGPUWTKPIVJGCXCKNCDKNKV[QHVJGPGEGUUCT[ FGXGNQROGPVYJGTGVJGEQPEGRVKUDQTPNKGUYKVJ
VGEJPQNQIKECNGZRGTVKUGCPFUMKNNU6JGUVTCVGI[CNUQ VJG2TQFWEV+PPQXCVKQP&GRCTVOGPVMPQYPCUVJG
VCTIGVUCJKIJNGXGNQHGHHGEVKXGPGUUKPRTQFWEV +FGC(CEVQT[6JKUKUYJGTGVJGEQORCP[oUEQPEGRV
Back to CONTENTS

$GQ%KPGOC
#NWOKPKWOUWTHCEGHQT$GQ%GPVGT
#UUGODN[(CEVQT[KP5VTWGT
6JG(CTOJGCFSWCTVGTUKP5VTWGT
/GEJCPKEU(CEVQT[KP5VTWGT
#PQFKUCVKQP
6JGHCEVQT[KP-QRTKXPKEG
6JG%\GEJ4GRWDNKE
4QDQV(CEVQT[KP5VTWGT
$GQ%QORTQFWEVKQP
-QRTKXPKEG
Back to CONTENTS
FGXGNQRGTUCTGDCUGF9KVJCTCPIGQHFKHHGTGPVUMKNNU %QTGEQORGVGPEKGU
KPEQPEGRVCPFUVTCVGI[FGXGNQROGPVQRGTCVKQPCPF
RTQVQV[RKPIVJGFGXGNQRGTUYQTMYKVJUGNGEVGF $CPI1NWHUGPTGEQIPKUGUVJGKORQTVCPEGQH
GZVGTPCNFGUKIPGTU+PIGPGTCNVJG+FGC(CEVQT[oU KFGPVKH[KPIEWNVKXCVKPICPFWVKNKUKPIKVUQYPGZRGTVKUG
GORNQ[GGURTGUGPVVJGFGUKIPGTUYKVJVGEJPQNQI[ CPFJCUQXGTVJG[GCTUDWKNVWRCPWODGTQHCTGCU
CPFOCTMGVKPRWV6JGFGUKIPGTUUWDUGSWGPVN[EQOG QHGZRGTVKUGVJTQWIJGZRGTKGPEGRTCEVKEG
WRYKVJCFGUKIPRTQRQUCNKPCRTQEGUUYJGTGVJG[ FGXGNQROGPVCPFEQQRGTCVKQPYKVJMPQYNGFIG
JCXGEQPUKFGTCDNGKPFGRGPFGPEGCPFKPƃWGPEG6JKU EGPVTGUKPENWFKPIWPKXGTUKVKGUKP'WTQRGCPF0QTVJ
JGNRUVQGPUWTGQRVKOWOKPVGTCEVKQPDGVYGGP #OGTKEC1HVJGUGCTGCUUQOGJCXGDGGPKFGPVKƂGF
CGUVJGVKEUWUGTHTKGPFNKPGUUCPFVGEJPQNQI[ CUVJGEQORCP[oUEQTGCTGCUQHGZRGTVKUGKPENWFKPI
RKEVWTGUQWPFQRGTCVKQPOGEJCPKEUCPFFGUKIP
%QPEGRVYQTMKUEQPENWFGFYKVJCEQPEGRVTGRQTV
YJKEJOCTMUVJGHQTOCNVTCPUKVKQPVQVJGRTQFWEV 2KEVWTG
FGXGNQROGPVRJCUG $CPI1NWHUGPoURKEVWTGEQORGVGPEKGUCTGDCUGFQP
CEQODKPCVKQPQHDCUKEMPQYNGFIGCDQWVVJGYC[KP
6JGRTQFWEVFGXGNQROGPVRJCUG YJKEJYGRGTEGKXGRKEVWTGSWCNKV[XKFGQUKIPCN
6JGEQPEGRVoUQXGTCNNURGEKƂECVKQPUCTGFGVGTOKPGF RTQEGUUKPIWUGQHVJG68UETGGPCPFQRVKOKUCVKQPQH
FWTKPIVJGRTQFWEVFGXGNQROGPVRJCUG6JG VJGGPVKTGQRVKECNU[UVGO(QTGXCNWCVKPIRKEVWTG
KPVGITCVGFRTQFWEVFGXGNQROGPVRTQEGUUDGVYGGP SWCNKV[VJGEQORCP[WUGUCVTCKPGFXKGYKPIRCPGN
VJG+FGC(CEVQT[VJGFGXGNQROGPVFGRCTVOGPV
RTQFWEVKQPCPFTGNGXCPVMG[UWRRNKGTUKUKPVGPUKƂGF 6QGPUWTGQRVKOWORKEVWTGSWCNKV[QPN[VJGJKIJGUV
CPFGORNQ[GGUHTQOVJG+FGC(CEVQT[CPFVJG SWCNKV[.%&CPFRNCUOCUETGGPUCTGWUGFHQT
FGXGNQROGPVFGRCTVOGPVKPVGTCEVYKVJVJG $CPI1NWHUGPoU68U$CPI1NWHUGPoUNQPI
RTQFWEVKQPVGCO6JKUKUCPKORQTVCPVHCEVQTKP UVCPFKPIFGXGNQROGPVYQTMYKVJKPVJGƂGNFQH
GPUWTKPIVJCVVJGƂPKUJGFRTQFWEVUJCXGVJG RKEVWTGSWCNKV[sCPFYKVJKVCYKFGTCPIGQH
KPVGPFGFRTQRGTVKGUCPFOGGVVJGUVKRWNCVGFSWCNKV[ VGEJPQNQIKGUOCP[QHYJKEJCTGRCVGPVRTQVGEVGFs
TGSWKTGOGPVU#UCTGUWNVVJGRTQFWEVURGEKƂECVKQPU KUICVJGTGFWPFGTVJG8KUKQP%NGCTEQPEGRVYJKEJ
CTGHWTVJGTTGƂPGFCPFFGƂPGFKPFGVCKNKPVJGƂPCN GPJCPEGURKEVWTGSWCNKV[HQTCNNVJGEQORCP[oUXKFGQ
FGUKIPDCUKU RTQFWEVU
6JGHWNN[KPVGITCVGFRTQEGUUVJGPEQPVKPWGUYKVJVJG 5QWPF
KPXQNXGOGPVQHGZVGTPCNCPFKPVGTPCNUWRRNKGTUWPVKN 5QWPFKUCEQTGEQORGVGPEGHQT$CPICPF1NWHUGP
VJGRTQFWEVTGCEJGUKVUƂPCNHQTO+PCPWODGTQH 6JGUGEQORGVGPEKGUEQODKPGUGXGTCNMPQYNGFIG
CTGCUYJGTGVJGEQORCP[FQGUPQVJCXGVJG CTGCUKPENWFKPIDCUKECEQWUVKEUGNGEVTQCEQWUVKEU
PGEGUUCT[MPQYNGFIGCPFUMKNNU$CPI1NWHUGP UKIPCNRTQEGUUKPIJKIJN[GHHGEVKXGCORNKƂGTUCPF
YQTMUENQUGN[YKVJNGCFKPIUWRRNKGTUUGNGEVGFKP RU[EJQCEQWUVKEU6JGFGXGNQROGPVFGRCTVOGPVJCU
MGGRKPIYKVJVJGVGEJPQNQI[UVTCVGI[RNCP6JGUG JKIJSWCNKV[OGCUWTKPIHCEKNKVKGUCVKVUFKURQUCNYJKEJ
RCTVPGTUPQVQPN[UWRRN[EQORQPGPVUHQT$CPI KPENWFGCNCTIGOGCUWTKPITQQOHQTCEQWUVKEHTGGƂGNF
1NWHUGPoURTQFWEVKQPVJG[CNUQFGNKXGTVJGMPQYNGFIG OGCUWTGOGPVUUGXGTCNUQWPFUVWFKQUCPFURGEKCN
CPFUMKNNUHQTFGXGNQRKPIVJGRTQFWEVU6JKUCRRNKGU HCEKNKVKGUHQTVJGFGXGNQROGPVQHKPECTUQWPF#
HQTKPUVCPEGVQVJG.%&RCPGNUURGCMGTWPKVUQRVKECN VTCKPGFCPFEQORGVGPVNKUVGPKPIRCPGNETKVKECNN[
FTKXGUUWEJCU$NWTC[FKIKVCNXKFGQDTQCFECUVKPI CUUGUUGUVJGUQWPFSWCNKV[QHCNN$CPI1NWHUGPoU
&8$YKTGNGUUGVJGTPGVCPFCPWODGTQHUQHVYCTG RTQFWEVU

EQORQPGPVUCUWUGFKPFKHHGTGPVCRRNKECVKQPU
6JGOQUVTGEGPVOCLQTVGEJPQNQIKECNFGXGNQROGPVKU
(TQOJGTGVJGRTQLGEVGPVGTUKPVQCOQTGUVTWEVWTGF VJGCWVQOCVKECFLWUVOGPVQHNQYGTHTGSWGPEKGUHTQO
RTQEGUUCKOGFCVƂPCNKUKPIVJGRTQFWEVoUFGUKIPCPF VJGNQWFURGCMGTVQVJGTQQOCPFVJGRCVGPVGF
RTQFWEVKQPDCUG#PGUVKOCVGHQTVJGRTQFWEVoU CEQWUVKENGPUU[UVGOETGCVGFKPRCTVPGTUJKRYKVJ
GZRGEVGFRTQFWEVKQPUVCTVCPFNCWPEJFCVGKUCNUQ 5CWUCNKVQ#WFKQ9QTMU6JGCEQWUVKENGPUU[UVGOKU
FGVGTOKPGF WUGFKPUGXGTCNNQWFURGCMGTUCPFKP%CT(K/QTGQXGT
FWTKPIVJG[GCTWPFGTTGXKGY$CPI1NWHUGP
NCWPEJGFCPQVJGTRCVGPVGFVGEJPQNQI[#FCRVKXG
Back to CONTENTS
5QWPF6GEJPQNQI[YJKEJQRVKOKUGUVJGUQWPF 2TQFWEVKQP
GZRGTKGPEGKTTGURGEVKXGQHYJGTGKPVJGJQOGVJG
NQWFURGCMGTUCTGRNCEGF +PTGEGPV[GCTU$CPI1NWHUGPJCUDGGPEQPVKPWCNN[
CPFU[UVGOCVKECNN[KPXQNXGFYKVJRTQFWEVCPF
1RGTCVKQP FKUVTKDWVKQPFGXGNQROGPVCUYGNNCUKORNGOGPVKPI
1RGTCVKQPEQORGVGPEKGUEQODKPGDGJCXKQWTCN TCVKQPCNKUCVKQPOGCUWTGUKPCNNCTGCUKPENWFKPIVJG
RU[EJQNQI[VCEVKNKV[OGEJCPKEUITCRJKEUCPF TGFWEVKQPQHRTQFWEVKQPCPFECRCEKV[EQUVU6JG
UQHVYCTGYJKEJCTGETWEKCNHQTVJGFGXGNQROGPVQH IWKFKPIRTKPEKRNGUDGJKPFVJKUYQTMJCXGDGGP
WUGTHTKGPFN[QRGTCVKQPUQHVJGRTQFWEVU KPPQXCVKQPUKORNKƂECVKQPCPFHQEWU

5KPEGVJGOKFUCNNEQPVTQNUJCXGDGGP #PKORQTVCPVHCEVQTKPVJKUEQPVGZVKU$CPI
KPVGITCVGFKPVQQPGTGOQVGEQPVTQN6JGENCUUKE$GQ 1NWHUGPoUHCEVQT[KP-QRTKXPKEGKPVJG%\GEJ4GRWDNKE
QHHGTUUKORNGEQPVTQNUHQTVJGYJQNGRTQFWEVRQTVHQNKQ YJKEJWPFGTVCMGUCTCPIGQHYQTMKPVGPUKXGVCUMU#U
2TGUUKPIQPGDWVVQPUYKVEJGUQPVJG68&8&QT VJGHCEVQT[HQTKPUVCPEGJCPFNGUEGTVCKPRTGCUUGODN[
$NWTC[CPFNQWFURGCMGTU VCUMUCUYGNNCUVJGEQORNGVKQPQHCWFKQRTQFWEVU
UVCPFUCPFNQWFURGCMGTURTQFWEVKQPKP5VTWGTJCU
6JGNCVGUVTGOQVGEQPVTQN$GQECPDGEQPƂIWTGF JCFGXGPUVTQPIGTHQEWUQPVJGEQORNGVKQPQHPGY
URGEKƂECNN[HQTVJGKPFKXKFWCNWUGToUTGSWKTGOGPVU6JG RTQFWEVUKPENWFKPI68U6JKUKPVWTPJCUNGFVQC
WUGTVJWUIGVUCWPKSWGRGTUQPCNTGOQVGEQPVTQN ITGCVGTFGOCPFHQTPGYUMKNNUHTQOVJGGORNQ[GGUKP
EQPVCKPKPIVJGRTGEKUGHWPEVKQPUTGSWKTGFHQTVJG VJG&CPKUJRTQFWEVKQP#UCTGUWNVUGXGTCNJWPFTGF
XCTKQWURTQFWEVUKPVJGWUGToUQYPJQOGsKPENWFKPI GORNQ[GGUJCXGKPTGEGPV[GCTUCVVGPFGFCTCPIGQH
NKIJVKPIEWTVCKPUYKPFQYUCKTEQPFKVKQPKPICPF KPVGPUKXGEQWTUGU6JGUCOGKUVJGECUGYKVJVJG
CNCTOU$CPI1NWHUGPoUPGYN[FGXGNQRGF$GQ.KPM RTQFWEVKQPGORNQ[GGUKPVJG%\GEJ4GRWDNKEYJQ
CRRNKECVKQPHQTVJGK2JQPGQTK2QF6QWEJQHHGTUUKOKNCT JCXGTGEGKXGFKPVGPUKXGVTCKPKPIVQGPUWTGVJCVVJG
QRVKQPU GZVTGOGN[JKIJSWCNKV[NGXGNUCRRN[GSWCNN[VQVJG
&CPKUJCPF%\GEJRTQFWEVKQPRTQEGUUGU
/GEJCPKEU
$CPI1NWHUGPJCUCEEWOWNCVGFEQORGVGPEKGUYKVJ $CPI1NWHUGPoURTQFWEVKQPCPFFGXGNQROGPV
TGICTFVQCPQFKUCVKQPRTQEGUUKPICPFUWTHCEG FGRCTVOGPVUJQNF+51EGTVKƂECVKQP6JG
VTGCVOGPVQHCNWOKPKWO6QVCMGCPGZCORNGVJG EQORCP[oU#WVQOQVKXGRTQFWEVKQPKUEGTVKƂGF
CNWOKPKWOUWTHCEGQHC$GQ%GPVGTKUVTGCVGFUQVJG CEEQTFKPIVQ+5165CSWCNKV[UVCPFCTFWUGFKP
CNWOKPKWOEQPVCKPUOKPWVGRQTGUCNNQYKPIUKIPUCPF VJGECTKPFWUVT[
ƂIWTGUVQDGRTKPVGFQPVQVJGUWTHCEG6JG
VQWIJPGUUQHCPCPQFKUGFUWTHCEGKUCNYC[UITGCVGT
VJCPVJCVQHPQTOCNRNCUVKEUWTHCEGUQTRCKPVGF &KUVTKDWVKQP
UWTHCEGU$CPI1NWHUGPoUCPQFKUCVKQPRNCPVECP
EQNQWTCNWOKPKWOUWTHCEGUKPCXCTKGV[QHEQNQWTU +PCFFKVKQPVQKVUKPJQWUGVTCKPKPIRTQITCOOGU$CPI
1NWHUGPCNUQRTQXKFGUVTCKPKPIRTQITCOOGUHQT
6JGFGXGNQROGPVFGRCTVOGPVRQUUGUUGUURGEKCNUMKNNU FGCNGTUUJQRUVCHHCPFVGEJPKEKCPUYKVJCXKGYVQ
KPVGTOUQHRTQFWEKPITQDWUVEQPUVTWEVKQPUQHETKVKECN UVTGPIVJGPKPIUCNGUCPFIKXKPIVJGEWUVQOGTUCIQQF
OGEJCPKECNFGVCKNUCPFKPVGITCVKPIJKIJSWCNKV[ GZRGTKGPEGQH$CPI1NWHUGP6JGEQORCP[QHHGTUC
OQXCDNGOGEJCPKEUKPVJGRTQFWEVU VTCKPKPIRTQITCOOGFKTGEVGFCVPGYUJQRQYPGTU
PGYUJQROCPCIGTUCPFPGYUJQRUVCHH#VTCKPKPI
&GUKIP RNCPKUUGVWRHQTGCEJITQWRCPFKORNGOGPVGF
&GUKIPKUCETCHVVJCVKUCVVJGEQTGQHGXGT[VJKPIVJG VJTQWIJ$CPI1NWHUGPoUUCNGUVTCKPKPIRTQITCOOG
EQORCP[FQGU$CPI1NWHUGPWUGUFGUKIPVQVGNNC
UVQT[CDQWVKFGCURTQFWEVUCPFVJGEQORCP[KVUGNH $CPI1NWHUGPCNUQTWPUCq4GVCKN$WUKPGUU5EJQQNq
'XGPVJQWIJFGUKIPKUUWEJCPQDXKQWUEQORGVGPEG RTQITCOOGHQTVJGEQORCP[oU4GVCKN&GXGNQROGPV
CTGCCV$CPI1NWHUGPVJGEQORCP[RTGHGTUVQYQTM /CPCIGTU6JGCKOQHVJGVTCKPKPIRTQITCOOGKUVQ
YKVJHTGGNCPEGFGUKIPGTUYJQOCKPVCKPCDTQCF VTCKPFGFKECVGFDWUKPGUUEQPUWNVCPVUYJQECPGPICIG
ETGCVKXGJQTK\QP KPCSWCNKƂGFCPFKPVGNNKIGPVFKCNQIWGYKVJVJGFGCNGTU
DCUGFQPqDGUVRTCEVKEGq
Back to CONTENTS
#PQVJGTKORQTVCPVGNGOGPVKUVJGGNGCTPKPIRQTVCN
$'1%#&G/;YJKEJVJTQWIJKPVGTPGVDCUGFEQWTUGU
CPFHQNNQYWRQPENCUUVGCEJKPIMGGRUUGNNGTUCPF
VGEJPKEKCPUWRFCVGFQPRTQFWEVMPQYNGFIGCPF
UCNGU#UYGNNCUOCMKPIEQWTUGUCXCKNCDNGHQTVJG
EQORCP[oUQYPGORNQ[GGU$CPI1NWHUGPGCEJ
[GCTVTCKPUCUWDUVCPVKCNPWODGTQHUCNGURGTUQPU
VGEJPKEKCPUCPFKPUVCNNCVKQPUVCHHVJTQWIJ
$'1%#&G/;
+PCFFKVKQP$CPI1NWHUGPJCUUQWIJVVQUGEWTG
OQTGGHHGEVKXGUWRRQTVHQTCPFFGXGNQROGPVQHVJG
FGCNGTPGVYQTMD[UGVVKPIWRQPGQXGTCNNINQDCNUCNGU
QTICPKUCVKQP6JKUJCUTGUWNVGFKPVJGGUVCDNKUJOGPV
QHC5JCTGF5GTXKEG%GPVTGYJKEJGPUWTGUVJG
RTQHGUUKQPCNCPFGHƂEKGPVUGTXKEKPIQHVJGFGCNGTU#V
VJGUCOGVKOG5JCTGF5GTXKEG%GPVTGRTQXKFGU$CPI
1NWHUGPYKVJXCNWCDNGHGGFDCEMHTQOVJGOCTMGVU
UQVJCVRQVGPVKCNRTQDNGOUECPDGSWKEMN[CFFTGUUGF

Back to CONTENTS
%14214#6'51%+#.4'52105+$+.+6;
6JG$CPI1NWHUGPNQIQKUCIWCTCPVGGQHSWCNKV[s 'PXKTQPOGPVCNRQNKE[
CPFJCUDGGPUKPEGKVUETGCVKQPKP6JKUPQVQPN[
CRRNKGUVQ$CPI1NWHUGPoUSWCNKV[RTQFWEVUDWVCNUQ $CPI1NWHUGPVCMGUCJQNKUVKECRRTQCEJVQVJG
VQKVUUVTQPICPFGPFWTKPITGNCVKQPUJKRUYKVJEWUVQOGTU GPXKTQPOGPVCNKORCEVQHKVURTQFWEVKQPCPFRTQFWEVU
CPFUWRRNKGTU5KOKNCTN[KVKUKORQTVCPVHQT$CPI QPGORNQ[GGUEWUVQOGTUCPFUWTTQWPFKPIU6JKU
1NWHUGPVQJCXGEQOOKVVGFGORNQ[GGUCPFVQ OGCPUVJCVCUHCTCU$CPI1NWHUGPKUEQPEGTPGFVJG
FGOQPUVTCVGTGURGEVHQTVJGGPXKTQPOGPVDQVJHQTVJG pGPXKTQPOGPVqEQXGTUVJGYQTMKPIGPXKTQPOGPV
EQORCP[oUKOOGFKCVGUWTTQWPFKPIUPGCTVJGHCEVQTKGU RTQFWEVGPXKTQPOGPVCPFGZVGTPCNGPXKTQPOGPV
CPFCRTQFWEVoUHQQVRTKPVFWTKPIKVUNKHGE[ENG+VJCU
VJGTGHQTGCNYC[UDGGPKORQTVCPVHQT$CPI1NWHUGP #UCPGPXKTQPOGPVCNN[TGURQPUKDNGEQORCP[$CPI
VQVCMGTGURQPUKDKNKV[HQTUWUVCKPCDKNKV[CETQUUVJGGPVKTG 1NWHUGPYKUJGUVQETGCVGUWUVCKPCDNGRTQFWEVU#UC
DWUKPGUU TGUWNVEQPEGTPHQTRTQFWEVRGTHQTOCPEGFGUKIPCPF
NKHGVKOGOWUVDGKPOWVWCNDCNCPEGYKVJVJGEQORCP[oU
$CPI1NWHUGPFGXGNQRUNQPINCUVKPIJKIJSWCNKV[ KORCEVQPVJGUWTTQWPFKPIYQTNF
RTQFWEVU5KPEGVJGFGUKIPKUVKOGNGUU[GCTQNF
$CPI1NWHUGPRTQFWEVUYJKEJUVKNNYQTMKORGEECDN[ +PRCTVKEWNCTVJKUOGCPUVJCV$CPI1NWHUGPYKNN
CTGHQWPFKPOCP[JQOGU#$CPI1NWHUGPRTQFWEV &GXGNQRCPFRTQFWEGRTQFWEVUWPFGTEQPFKVKQPUVJCV
JCUCPCXGTCIGNKHGURCPQH[GCTUYKVJQWVCP[ OGGVVJGTGSWKTGOGPVUQH+51CPF1*5#5
FGVGTKQTCVKQPKPVJGRKEVWTGQTUQWPFSWCNKV[6QGPUWTG UVCPFCTFU
UWEJJKIJSWCNKV[VJTQWIJQWVVJGNKHGVKOGQHCRTQFWEV %QPVKPWCNN[RTGXGPVQTKORTQXG
KVKUVGUVGFDGHQTGDGKPINCWPEJGFKPVJGOCTMGV6JKU 6JGYQTMKPIGPXKTQPOGPVHQTVJGDGPGƂVQHKVU
GPUWTGUVJCVVJGRTQFWEVECPYKVJUVCPFEQNFJGCV GORNQ[GGUoJGCNVJCPFUCHGV[
DWORUUWPNKIJVFWUVGVE6JGJKIJSWCNKV[CPFNQPI +PFWUVTKCNCEEKFGPVUCPFYQTMTGNCVGFKNNPGUUGU
NKHGJCXGCRQUKVKXGGHHGEVQPVJGGPXKTQPOGPV 'PXKTQPOGPVCNKORCEVQPKVUUWTTQWPFKPIUECWUGF
D[CEVKXKVKGUQTRTQFWEVU
%QOOWPKECVGQRGPN[CDQWVGPXKTQPOGPVCNKUUWGU
RGTVCKPKPIVQVJGEQORCP[
/CKPVCKPCJKIJNGXGNQHKPHQTOCVKQPHQTGORNQ[GGU
UQVJCVVJGYQTMKPIGPXKTQPOGPVDGEQOGUC
VTCPURCTGPVCPFPCVWTCNRCTVQHFCKN[YQTM
'PUWTGVJCVKPFKXKFWCNUYJQYQTMHQTCPFQPDGJCNH
QH$CPI1NWHUGPJCXGVJGPGEGUUCT[MPQYNGFIG
CDQWVVJGGPXKTQPOGPVVQGPCDNGVJGOVQRGTHQTO
VJGKTYQTMKPCTGURQPUKDNGOCPPGT
Back to CONTENTS
'ZVGTPCN
GPXKTQPOGPV
2TQFWEV 9QTMKPI
GPXKTQPOGPV GPXKTQPOGPV
9QTMKPIGPXKTQPOGPV +PQTFGTVQGPUWTGJKIJSWCNKV[RTQEGFWTGUVJTQWIJQWV
VJGFKHƂEWNVTGFWPFCPE[KPVGTXKGYU$CPI1NWHUGP
$CPI1NWHUGPRNCEGUITGCVGORJCUKUQPVJG QHHGTGFCNNOCPCIGTUVJGQRRQTVWPKV[VQRCTVKEKRCVGKP
GORNQ[GGUoYQTMKPIGPXKTQPOGPV6JGCKOKUVQETGCVG COCPCIGTVTCKPKPIRTQITCOOGYJKEJKPENWFGF
CUCHGCPFJGCNVJ[YQTMKPIGPXKTQPOGPVYKVJHQEWUQP VTCKPKPIKPJQYVQFGCNYKVJVJGTGOCKPKPIGORNQ[GGU
DQVJVJGRJ[UKECNCPFRU[EJQNQIKECNYQTMKPI 6JGEQORCP[CNUQUWRRQTVGFGORNQ[GGUYJQJCF
GPXKTQPOGPV$CPI1NWHUGPQTICPKUGUYQTMUVCVKQPU DGGPOCFGTGFWPFCPVD[HQTKPUVCPEGRTQXKFKPI
VQCEEQOOQFCVGGORNQ[GGUsPQVVJGQVJGTYC[ KPHQTOCVKQPQPVTCKPKPIRTQITCOOGUCPFQPLQD
TQWPF6JGYQTMKPIGPXKTQPOGPVVJGTGHQTGHQTOUCP UGCTEJRTQITCOOGU1VJGTCUUKUVCPEGYCUCNUQ
KPVGITCNRCTVQHVJGRTQFWEVTKIJVHTQOVJGFGUKIPCPF RTQXKFGFYKVJTGICTFVQECTGGTCFXKEGCPFJWOCP
FGXGNQROGPVRJCUGUDGECWUGVJGEJQKEGUOCFGD[ TGNCVKQPU
RTQFWEVFGXGNQRGTUQHVGPJCXGCOCLQTKORCEVQPVJG
YQTMKPIGPXKTQPOGPVFWTKPIVJGRTQFWEVKQPRJCUG 4GUWNVU
sGIEJQKEGQHOCVGTKCNULQKPKPIOGVJQFUCPFEJQKEG 9KVJTGICTFVQVJGYQTMKPIGPXKTQPOGPV$CPI
QHUWTHCEGVTGCVOGPV 1NWHUGPKUEQOOKVVGFVQQPIQKPIKORTQXGOGPVUCPF
VQTGFWEKPIVJGPWODGTQHKPFWUVTKCNCEEKFGPVUD[
'ORNQ[GGTGNCVKQPU RGTEGPVRGT[GCTUVCTVKPIHTQO#EVKQPRNCPU
&WTKPIVJGƂPCPEKCN[GCTDQVJOCPCIGTUCPF CTGVJGTGHQTGKPRNCEGVQGPUWTGVJCVCNNPGY
GORNQ[GGUCV$CPI1NWHUGPGZRGTKGPEGFUKIPKƂECPV GORNQ[GGUCPFEQNNGCIWGUYJQJCXGEJCPIGFLQDU
EJCPIGU#UEQUVCPFUVTWEVWTCNCFLWUVOGPVUYGTG YKVJKPVJGQTICPKUCVKQPCTGKPHQTOGFCDQWVUCHGV[CPF
KORNGOGPVGFVQIGCTVJGEQORCP[HQTVJGHWVWTG VJGGPXKTQPOGPV+PCFFKVKQPVJGUCHGV[CPF
TGITGVVCDN[CPWODGTQHGORNQ[GGUJCFVQDGOCFG GPXKTQPOGPVCNITQWRKUKPXQNXGFKPVJGCESWKUKVKQPQH
TGFWPFCPV PGYOCEJKPGT[CPFKPCP[KORQTVCPVEJCPIGU#TKUM
CUUGUUOGPVKUCNUQECTTKGFQWV(KPCNN[TGEQTFKPI
qPGCTOKUUGUqJGNRUVQRTGXGPVKPFWUVTKCNCEEKFGPVU
#UUJQYPKPƂIQPGOQTGKPFWUVTKCNCEEKFGPV
QEEWTTGFFWTKPIVJGƂPCPEKCN[GCTVJCPKPVJG
0WODGTCHCEEKFGPVU (TGSWGPE[VCTIGV RTGXKQWU[GCT*QYGXGTVJGCEEKFGPVHTGSWGPE[UVKNNNKGU
DGNQYVJGVCTIGVQHCRGTEGPVCPPWCNTGFWEVKQPKP

VJGPWODGTQHKPFWUVTKCNCEEKFGPVUHTQO
$CPI1NWHUGPYKNNEQPVKPWGVQHQEWUQPVJKUCTGCCPF

EQPVKPWCNN[FGXGNQRUPGYVQQNUCPFKPKVKCVKXGUKP
UWRRQTVQHVJGEQORCP[oUQDLGEVKXGU

(KI

6JGEJCTVUJQYUVJGVTGPFKPVJGPWODGTQH
CEEKFGPVUKGHTGSWGPE[6JGTGFWEVKQPVCTIGVKU

RGTEGPVOGCUWTGFCEEQTFKPIVQHTGSWGPE[KGVJG
$NWGEQNNCTYQTMGTU (TGSWGPE[ PWODGTQHCEEKFGPVURGTOKNNKQPYQTMKPIJQWTU
9JKVGEQNNCTYQTMGTU 6CTIGV 6JKUKUKPFGRGPFGPVQHVJGPWODGTQHGORNQ[GGU

Back to CONTENTS
'ZVGTPCN
GPXKTQPOGPV
2TQFWEV 9QTMKPI
2TQFWEVGPXKTQPOGPV 7PFGTPGY'7TGIWNCVKQPUKVKUPQNQPIGTRGTOKVVGFVQ
KORQTVQTRTQFWEGGNGEVTQPKEFGXKEGUYKVJUVCPFD[
$CPI1NWHUGPEQPUKFGTUVJGGPXKTQPOGPVCUGCTN[CU EQPUWORVKQPGZEGGFKPIQPGYCVV$CPI1NWHUGPQH
RQUUKDNGKPVJGRTQFWEVNKHGE[ENG%QPUGSWGPVN[VJG EQWTUGEQORNKGUYKVJVJGPGY'7TGIWNCVKQPUCPFYKNN
EQORCP[JCUUGVQWVEQORTGJGPUKXGGPXKTQPOGPVCN EQPVKPWGVQHQEWUQPTGFWEKPIKVURTQFWEVUoUVCPFD[
TGSWKTGOGPVUHQTKVURTQFWEVUFWTKPIVJGRTQFWEV EQPUWORVKQP
FGXGNQROGPVRJCUG-PQYPCUEQORWNUQT[HGCVWTGU
VJGUGGPXKTQPOGPVCNTGSWKTGOGPVUKPENWFGCRCTVHTQO 4GUWNVU
VJGRWTGN[NGIKUNCVKXGTGSWKTGOGPVUKPVGTPCNFGOCPFU
VJCVGZVGPFDG[QPFVJGNGICNTGSWKTGOGPVU 9CVV
6JGWUGQHEQORWNUQT[HGCVWTGUEQORNKGUYKVJ'7
FKTGEVKXGUCPFQVJGTKPVGTPCVKQPCNNGIKUNCVKQP+PVJKU
YC[$CPI1NWHUGPECPDGEQPƂFGPVVJCVKVURTQFWEVU

CTGKPCEEQTFCPEGYKVJNQECNNGIKUNCVKQPKPGXGT[OCTMGV
YJGTG$CPI1NWHUGPKUCEVKXG6JGEQORWNUQT[

HGCVWTGUCNUQEQORN[YKVJ4Q*59'''VJGRCEMCIKPI

FKTGEVKXGCPFXCTKQWUNCDGNNKPIUEJGOGU

1VJGTEQORWNUQT[HGCVWTGUGZVGPFDG[QPFNGIKUNCVKXG
TGSWKTGOGPVU6JKUKUVJGECUGHQTKPUVCPEGYKVJCDCP
QPCPWODGTQHEJGOKECNEQORQWPFUUWEJCU
DTQOKPCVGFƃCOGTGVCTFCPVUCPFTGSWKTGOGPVUHQTVJG
OCTMKPIQHRNCUVKERCTVU
$CPI1NWHUGP+%'RQYGT (KI
$CPI1NWHUGPRTQFWEVURTKOCTKN[WUGGPGTI[GHƂEKGPV 6JGCXGTCIGUVCPFD[EQPUWORVKQPHQTCNN$CPI
CORNKƂGTUHTQO$CPI1NWHUGP+%'RQYGT+P 1NWHUGP68UURGCMGTUCPFCWFKQRTQFWEVUUQNFKP
EQPXGPVKQPCNCORNKƂGTUQPN[CTQWPFRGTEGPVQHVJG KPFKXKFWCNƂPCPEKCN[GCTU6JGECNEWNCVKQPKUUCNGU
KPRWVRQYGTKUEQPXGTVGFVQQWVRWVRQYGT6JG YGKIJVGFCPFVJWUGZRTGUUGU$CPI1NWHUGPoU
TGOCKPKPICRRTQZRGTEGPVKUEQPXGTVGFVQJGCV GPXKTQPOGPVCNKORCEVQPVJGOCTMGV
#UCTGUWNVCORNKƂGTUCTGPQTOCNN[GSWKRRGFYKVJNCTIG
EQQNKPIRNCVGUVQEQPFWEVVJGJGCVCYC[HTQOVJG
CORNKƂGT7PFGTPQTOCNEQPFKVKQPU$CPI1NWHUGP 6JGCXGTCIGUVCPFD[EQPUWORVKQPKPETGCUGFUNKIJVN[
+%'RQYGTRTQXKFGUVGPHQNFITGCVGTGHƂEKGPE[YJKEJ EQORCTGFVQQYKPIVQCEJCPIGFUCNGUOKZ
OGCPUVJCVRQYGTEQPUWORVKQPKUTGFWEGFD[RGT KG$CPI1NWHUGPJCUUQNFOQTGRTQFWEVUCVVJG
EGPV+PCFFKVKQPVQVJGHCEVVJCV$CPI1NWHUGP+%' JGCX[GPFQHVJGRTQFWEVRQTVHQNKQKPVGTOUQHUVCPFD[
RQYGTCORNKƂGTUTGFWEGRQYGTEQPUWORVKQPYJGPVJG EQPUWORVKQP
CRRNKCPEGKUUYKVEJGFQPTGUQWTEGEQPUWORVKQPKUCNUQ
NQYGTDGECWUGPQOCVGTKCNUCTGPGGFGFHQTNCTIG &WTKPIVJG[GCTWPFGTTGXKGYVJGEQORCP[EQPVKPWGF
EQQNKPIRNCVGU VQOQPKVQTKPVGTPCVKQPCNGPXKTQPOGPVCNNGIKUNCVKQPVJCV
EQWNFCHHGEVVJGEQORCP[oURTQFWEVUCPFUCNGU
5VCPFD[EQPUWORVKQP 5KOKNCTN[VJGEQORCP[MGGRUWRFCVGFQPCP[PGY
.KHGE[ENGCPCN[UKUQH$CPI1NWHUGPRTQFWEVUUJQY TGSWKTGOGPVUVJCVOC[KORCEVQPKVURTQFWEVUCPFYKNN
VJCVVJGITGCVGUVGPXKTQPOGPVCNKORCEVFGTKXGUHTQO CNUQEQPVKPWGVQHQEWUQPTGFWEKPIGPGTI[
GPGTI[EQPUWORVKQPKPVJGEWUVQOGToUJQOG+VYCU EQPUWORVKQPQXGTVJGNKHGE[ENGQHKVURTQFWEVUs
VJGTGHQTGPCVWTCNHQT$CPI1NWHUGPVQHQEWUKVU KPENWFKPIVQCPKPETGCUKPIGZVGPVYQTMQPTGFWEKPI
GPXKTQPOGPVCNGHHQTVUQPTGFWEKPIUVCPFD[ VJGRTQFWEVUoEQPUWORVKQPYJGPUYKVEJGFQP
EQPUWORVKQP
Back to CONTENTS
'ZVGTPCN
GPXKTQPOGPV
2TQFWEV 9QTMKPI
'ZVGTPCNGPXKTQPOGPV QHRGTEGPVQHCNNEQNNGEVGFGNGEVTQPKEUWUGFHQT
GPVGTVCKPOGPVOWUVDGTGE[ENGF
+VKUKORQTVCPVVQ$CPI1NWHUGPVJCVVJGRQNNWVKQP
HTQOVJGEQORCP[oUCEVKXKVKGUKUNKOKVGFCUOWEJCU $'1GPGTI[
RQUUKDNGCPFVJCVVJGRTQFWEVKQPFQGUPQVECWUG &WTKPIVJGƂPCPEKCN[GCTUQECNNGF$'1GPGTI[ITQWRU
CPPQ[CPEGVQNQECNTGUKFGPVU6JGTGKUVJGTGHQTG YGTGUGVWRCVVJGKPFKXKFWCNHCEVQTKGUVQYQTMCEVKXGN[
QPIQKPIHQEWUQPPGYRTQLGEVUCPFHQNNQYWRQP VQTGFWEGGPGTI[EQPUWORVKQP-PQYNGFIGUJCTKPI
CNTGCF[GZKUVKPIDWKNFKPIUCPFCEVKXKVKGU6JGEQORCP[ CETQUU$CPI1NWHUGPKUGPUWTGFVJTQWIJCIGPGTCN
KUKPQPIQKPIFKCNQIWGYKVJVJGTGIWNCVQT[DQFKGUYKVJ VGEJPKECNVGCO6JKUJCUTGUWNVGFKPEJCPIGUVQNKIJV
CXKGYVQKFGPVKH[KPIVJGDGUVUQNWVKQPUCPFVJGTGD[ EQPVTQNUVJGKPUVCNNCVKQPQHOQVKQPUGPUQTUUYKVEJGU
NKOKVKPIRQNNWVKQPKGD[WUKPIENGCPGTVGEJPQNQI[ QPEGKNKPINKIJVUCPFDCNNXCNXGUQPVJGOCKPCKTHQT
$#6 OCEJKPGT[/QTGQXGTIQQFENQUWTGUJWVQHHJCDKVU
JCXGDGGPKPVTQFWEGFVJTQWIJQWVVJGHCEVQTKGU
$CPI1NWHUGPoU/GEJCPKE(CEVQT[KUGPXKTQPOGPVCNN[
CRRTQXGFKPCEEQTFCPEGYKVJVJG'PXKTQPOGPVCN $CPI1NWHUGPoUCKOKUVQTGFWEGGPGTI[EQPUWORVKQP
2TQVGEVKQP#EVoU5GEVKQP#UGPXKTQPOGPVCNCRRTQXCN D[ƂXGRGTEGPVRGT[GCTUVCTVKPIHTQO9QTM
YCUTGXKUGFKPKVYKNNPQVDGTGXKUGFCICKPWPVKN KUWPFGTYC[VQGUVCDNKUJVJGCRRTQRTKCVGMG[ƂIWTGU
+PVJGGXGPVQHEJCPIGUVQRTQEGUUGUCPF HQTGPGTI[EQPUWORVKQPKPQTFGTVQVCMGCEEQWPVQH
RTQFWEVKQPNC[QWVVJGDCUKECKOKUVQRTGXGPVRQNNWVKQP HCEVQTUVJCVCHHGEVGPGTI[EQPUWORVKQPGI
QTNKOKVCP[RQNNWVKQPVQVJGITGCVGUVRQUUKDNGGZVGPV RTQFWEVKQPNGXGNUPWODGTQHUJKHVUFGITGGFC[UGVE
7PVKNVJGUGCTGGUVCDNKUJGFVJGHCEVWCNƂIWTGUYKNNDG
6JGRQNNWVKQPRQVGPVKCNHTQOVJGEQORCP[oUQVJGT WUGF
HCEVQTKGUKUUQUNKIJVVJCVVJGNQECNGPXKTQPOGPVCN
CWVJQTKVKGUJCXGFGEKFGFVJCVVJGCEVKXKVKGUFQPQV 4GUWNVU
TGSWKTGGPXKTQPOGPVCNCRRTQXCN$CPI1NWHUGP
JQYGXGTKORQUGUVJGUCOGTGSWKTGOGPVUQPVJGUG /9J *GCV
HCEVQTKGUCUCRRN[VQVJG/GEJCPKE(CEVQT[ 'NGEVTKEKV[

9CUVG
+HGNGEVTQPKEUETCRKURTQEGUUGFEQTTGEVN[KVKUCXCNWCDNG

UQWTEGQHTGEQXGT[QHTCYOCVGTKCNU+PNCTIGRCTVUQH

VJGYQTNFFKUECTFGFGNGEVTKECNCPFGNGEVTQPKERTQFWEVU

OWUVDGEQNNGEVGFCPFRTQEGUUGFD[CRRTQXGFYCUVG
TGEGKXGTU6JGRTQFWEVKUUGRCTCVGFKPVQFKHHGTGPV

OCVGTKCNHTCEVKQPUsOGVCNEKTEWKVDQCTFURNCUVKEINCUU
CPFUETGGPsYJKEJCTGVJGPTGE[ENGFHQTVJG
OCPWHCEVWTGQHPGYOCVGTKCNU/CVGTKCNUVJCVECPPQV

DGTGE[ENGFCTGUGPVKHRQUUKDNGHQTKPEKPGTCVKQP6JKU
KPVWTPIGPGTCVGUGPGTI[

(KI
$CPI1NWHUGPCNUQEQPUKFGTUFKURQUCNKPVJGFGUKIP 6JGEJCTVUJQYUVJGVQVCNGPGTI[EQPUWORVKQP
QHPGYRTQFWEVU#NNRNCUVKERCTVUCTGNCDGNNGFUQVJCV CEEQTFKPIVQGPGTI[WUGFHQTJGCVKPICPFGNGEVTKEKV[
YCUVGTGEGKXGTUECPKFGPVKH[VJGV[RGQHRNCUVKE#
FKUCUUGODN[VGUVFGOQPUVTCVGUJQYVJGRTQFWEVYKNN
DGUGRCTCVGFYJGPFKURQUGFQHKVUOCVGTKCNHTCEVKQPU #UECPDGUGGPHTQOVJGEJCTVGPGTI[EQPUWORVKQPKP
CPFJQYOWEJQHVJGRTQFWEVECPDGTGE[ENGF+P KPETGCUGFQPVJG[GCT6JKUKUNCTIGN[FWGVQ
CFFKVKQPVJGTGCTGRTQRQUCNUHQTFGUKIPKORTQXGOGPVU KPETGCUGFRTQFWEVKQPNGXGNUCPFVJGWPWUWCNN[EQNF
VJCVECPDGPGƂVHWVWTGRTQFWEVU6JGFKUCUUGODN[VGUVU YKPVGTYJKEJKORCEVGFPGICVKXGN[QPVJGTGFWEVKQP
UJQYVJCVDGVYGGPCPFRGTEGPVQHVJGOCVGTKCN VCTIGV$[EQPVTCUVOCP[GPGTI[UCXKPIRTQLGEVUYGTG
RCTVUQHC$CPI1NWHUGPVGNGXKUKQPECPDGTGE[ENGF KORNGOGPVGF#UVJGUGCTGKPFGRGPFGPVQHVJG
6JG'7FKTGEVKXGEQPEGTPKPIVJGFKURQUCNQHGNGEVTKECN CDQXGOGPVKQPGFHCEVQTUVJKUEQWRNGFYKVJ
CPFGNGEVTQPKEYCUVG
9'''TGSWKTGUVJCVCOKPKOWO $'1GPGTI[sCPFVJGEJCPIGKPCVVKVWFGUCPFJCDKVU

$#6KUCPGPXKTQPOGPVCNVGTOq$GUV#XCKNCDNG6GEJPQNQI[q
Back to CONTENTS
'ZVGTPCN
GPXKTQPOGPV
2TQFWEV 9QTMKPI
VJCVHQNNQYGFHTQO$'1GPGTI[sOGCPUVJCV$CPI D[KPFKXKFWCNUWRRNKGTU9KVJVJGKTUKIPCVWTGFKTGEV
1NWHUGPGZRGEVUGPGTI[EQPUWORVKQPVQFGENKPGIQKPI UWRRNKGTURNGFIGVQGPUWTGVJCVVJGKTUWDEQPVTCEVQTU
HQTYCTF$CPI1NWHUGPYKNNVJGTGHQTGEQPVKPWGVQ EQORN[YKVJUWEJIWKFGNKPGUCPFTGSWKTGOGPVU1PEGC
YQTMQPVJG$'1GPGTI[RTQLGEVKPQTFGTVQCEJKGXGKVU [GCTCTKUMCPCN[UKUKUECTTKGFQWVQP$CPI1NWHUGPoU
TGFWEVKQPVCTIGV UWRRNKGTUCHVGTYJKEJURGEKCNHQEWUKUFKTGEVGFCV
UWRRNKGTUYKVJCJKIJTKUMQHDTGCEJKPIVJG%QFGQH
%QPFWEV5WEJUWRRNKGTUECPVJGPGZRGEVCPCWFKV
#EVKQPCETQUUVJGDQCTF CKOGFCVTGEVKH[KPICP[UJQTVEQOKPIU6JKUTKUMCPCN[UKU
JCUPQVIKXGPTKUGVQUWEJCWFKVUFWTKPIVJGƂPCPEKCN
'PXKTQPOGPVCNEGTVKƂECVKQP [GCT
+P$CPI1NWHUGPoU&CPKUJCEVKXKVKGUYGTG
VJGUWDLGEVQHCXQNWPVCT[FQWDNGEGTVKƂECVKQPQHVJG $CPI1NWHUGPCEMPQYNGFIGUVJCVYQTMQP
GPXKTQPOGPVCPFYQTMKPIGPXKTQPOGPV6JGGZVGTPCN TGURQPUKDNGUWRRN[EJCKPOCPCIGOGPVKUCEQPVKPWQWU
EGTVKƂECVKQPCIGPE[&GV0QTUMG8GTKVCUECTTKGFQWVCP RTQEGUU6JGCKOVJGTGHQTGKUPQVVQWUGVJG%QFGQH
CWFKVQHVJGGPXKTQPOGPVYQTMKPICPFRTQFWEV %QPFWEVHQTUGXGTKPITGNCVKQPUYKVJUWRRNKGTUUJQWNF
GPXKTQPOGPVU0QFKUETGRCPEKGUYGTGHQWPFFWTKPIVJG CPCWFKVTGXGCNETKVKECNFGXKCVKQPU4CVJGTUWEJCEVKQP
EGTVKƂECVKQPXKUKVUQPN[QDUGTXCVKQPUKORTQXGOGPV UGTXGUVQKORTQXGVJGUWRRNKGToUGPXKTQPOGPVCNCPF
RTQRQUCNUCPFEQOOGPFCDNGKPKVKCVKXGU#UCTGUWNV UQEKCNUVCPFCTFUKPCEQNNCDQTCVKXGGHHQTVDGVYGGPVJG
$CPI1NWHUGPKUPQY+51CPF1*5#5 UWRRNKGTCPF$CPI1NWHUGP6JGEQPENWUKQPHTQO
EGTVKƂGF GCTNKGTKORNGOGPVGFTGCWFKVUUJQYUKORTQXGOGPVU
COQPIUWRRNKGTUYKVJKPVJGCTGCUEQXGTGFD[$CPI
4GURQPUKDNGUWRRN[EJCKPOCPCIGOGPV 1NWHUGPoU%QFGQH%QPFWEV
$CPI1NWHUGPKUEQOOKVVGFVQGPUWTKPIVJCVPQ
UWRRNKGTWUGUEJKNFNCDQWTHQTEGFNCDQWTQTECWUGUCP[ 4GRQTVKPI
CXQKFCDNGFCOCIGVQVJGGPXKTQPOGPVKPEQPPGEVKQP $CPI1NWHUGPRTGRCTGUUVCVWVQT[CPPWCNITGGP
YKVJVJGRTQFWEVKQPQH$CPI1NWHUGPoUOCVGTKCNU CEEQWPVUHQTVJGCPQFKUKPIRNCPV#PQFKUKPIKUVJG
-PQYPCUTGURQPUKDNGUWRRN[EJCKPOCPCIGOGPV GNGEVTQEJGOKECNVTGCVOGPVQHCNWOKPWOYJKEJETGCVGU
$CPI1NWHUGPDGICPVQYQTMYKVJVJKUU[UVGOCVKECNN[ CXGT[FWTCDNGUWTHCEGUVTWEVWTG6JKUUWTHCEGUVTWEVWTG
ƂXG[GCTUCIQ OGCPUVJCVVJGCNWOKPWOTGVCKPUKVUQTKIKPCNDGCWVKHWN
CRRGCTCPEGHQTFGECFGUYJGPKPQTFKPCT[WUG
#URCTVQHKVUEQOOKVOGPVVQTGURQPUKDNGUWRRN[EJCKP
OCPCIGOGPV$CPI1NWHUGPJCUFTCYPWRC%QFG +PCFFKVKQPVQVJGITGGPCEEQWPVUVJGEQORCP[
QH%QPFWEVYJKEJKPMG[CTGCUUWEJCUVJG RTGRCTGUCPCPPWCNXQNWPVCT[GPXKTQPOGPVCNTGXKGY
GPXKTQPOGPVCPFENKOCVGJWOCPTKIJVUGORNQ[GG YJKEJQWVNKPGUVJGGPXKTQPOGPVCNCURGEVUQH
TKIJVUCPFCPVKEQTTWRVKQPUGVUQWVKVUXCNWGUUQVJCV RTQFWEVKQPCV$CPI1NWHUGPoUHCEVQTKGUCPFVJG
VJG[CTGENGCTN[EQOOWPKECVGFVQUWRRNKGTUCPFQVJGT EQORCP[oUYQTMKPIGPXKTQPOGPVEQPFKVKQPU
UVCMGJQNFGTU$CPI1NWHUGPoU%QFGQH%QPFWEVKUKP
RCTVDCUGFWRQPVJGVGPRTKPEKRNGUKPVJG70)NQDCN 5KOKNCTN[CPGPXKTQPOGPVCNTGRQTVp&QYPVQVJG
%QORCEVCPFKPRCTVQPCPKPVGTRTGVCVKQPQHVJG70oU UOCNNGUVFGVCKNqCUVQT[CDQWVGPXKTQPOGPVCN
EQPXGPVKQPUQPJWOCPTKIJVU CYCTGPGUUVQNFVJTQWIJVJGFGXGNQROGPVRTQFWEVKQP
WUGCPFFKURQUCNQHCURGEKƂERTQFWEVJCUDGGP
#NN$CPI1NWHUGPoUFKTGEVUWRRNKGTUOWUVUKIPWRVQ RTGRCTGFHQTCPWODGTQHRTQFWEVUCPFDWUKPGUUCTGCU
VJG%QFGQH%QPFWEVCPFVJGTGSWKTGOGPVUVQDGOGV
Back to CONTENTS
%14214#6')18'40#0%'
7PFGTVJGIWKFGNKPGUHQTEQTRQTCVGIQXGTPCPEGKUUWGF 1RGPPGUUCPFVTCPURCTGPE[
D[0#5&#31/:%QRGPJCIGP#5VJGEQORCP[
OWUVEQPUKFGTVJGUGQPVJGDCUKUQHVJGpEQORN[QT 6JGEQORCP[EQORNKGUYKVJVJGUVCVWVQT[TGIWNCVKQPU
GZRNCKPqRTKPEKRNG EQPEGTPKPIVJGRWDNKECVKQPQHOCVGTKCNKPHQTOCVKQP
TGNGXCPVVQUJCTGJQNFGTUoCPFVJGƂPCPEKCNOCTMGVUo
+PIGPGTCNVJG$CPI1NWHUGP)TQWRHQNNQYUVJG GXCNWCVKQPQHVJGEQORCP[KVUCEVKXKVKGUDWUKPGUU
0#5&#31/:%QRGPJCIGP#5oTGEQOOGPFCVKQPU QDLGEVKXGUUVTCVGIKGUCPFTGUWNVU6JG$QCTFQH
HQTEQTRQTCVGIQXGTPCPEGUWDLGEVVQCHGY &KTGEVQTUJCUCRRTQXGFIWKFGNKPGUCKOGFVQGPUWTG
GZEGRVKQPU VJCVUWEJKPHQTOCVKQPEQORNKGUYKVJUVCVWVQT[
TGIWNCVKQPU#NNCPPQWPEGOGPVUCTGKUUWGFXKC
%QORCP[0GYU5GTXKEG0#5&#31/:%QRGPJCIGP
5JCTGJQNFGTUoTQNGCPFKPVGTCEVKQPYKVJ #5oFKUVTKDWVKQPEQORCP[CPFECPUWDUGSWGPVN[DG
EQTRQTCVGOCPCIGOGPV CEEGUUGFHTQOVJGEQORCP[oUYGDUKVG
YYYDCPIQNWHUGPEQO#NNCPPQWPEGOGPVUCTG
6JG#PPWCN)GPGTCN/GGVKPI KUUWGFKPDQVJ&CPKUJCPF'PINKUJ
+PCEEQTFCPEGYKVJVJGEQORCP[oU#TVKENGUQH 6JGEQORCP[RWDNKUJGUSWCTVGTN[JCNH[GCTCPF
#UUQEKCVKQPPQVKEGQHVJG#PPWCN)GPGTCN/GGVKPI CPPWCNTGRQTVU
OWUVDGIKXGPPQNGUUVJCPVJTGGYGGMUCPFPQOQTG
VJCPYGGMURTKQTVQVJGOGGVKPI6JGPQVKEGOWUV
EQPVCKPCEQORNGVGCIGPFCCPFCPGZRNCPCVKQPQH $QCTFQH&KTGEVQTUoVCUMUCPFTGURQPUKDKNKVKGU
VJGKVGOUQPVJGCIGPFCYJGTGUWEJGZRNCPCVKQP
KUTGNGXCPV2TQRQUCNUHQTCIGPFCKVGOUOWUVDG 6JG$QCTFQH&KTGEVQTUJCUQXGTCNNOCPCIGOGPV
UWDOKVVGFVQVJG$QCTFQH&KTGEVQTUKPYTKVKPIPQNCVGT TGURQPUKDKNKV[HQTVJGEQORCP[+PMGGRKPIYKVJ
VJCPYGGMUDGHQTGVJGOGGVKPI IGPGTCNRTCEVKEGKP&GPOCTMVJG$QCTFQH&KTGEVQTU
CPFVJG/CPCIGOGPV$QCTFCEVKPFGRGPFGPVN[
+PXGUVQTOGGVKPIU QHGCEJQVJGTCPFJCXGFKHHGTGPVTGURQPUKDKNKVKGU
6JG/CPCIGOGPV$QCTFJCPFNGUVJGFC[VQFC[
+PXGUVQTOGGVKPIUCPFVGNGRJQPGEQPHGTGPEGUCTGJGNF OCPCIGOGPVQHVJGEQORCP[YJKNGVJG$QCTFQH
HQNNQYKPIVJGRWDNKECVKQPQHGCEJSWCTVGTN[UVCVGOGPV &KTGEVQTUUWRGTXKUGUVJGYQTMQHVJG/CPCIGOGPV
VQRTQXKFGRCTVKEKRCPVUYKVJVJGQRRQTVWPKV[VQRWV $QCTFCPFKUTGURQPUKDNGHQTIGPGTCNUVTCVGIKE
SWGUVKQPUVQVJG/CPCIGOGPV$QCTF6GNGRJQPG OCPCIGOGPV
EQPHGTGPEGUCTGUWDUGSWGPVN[CXCKNCDNGCVYYY
DCPIQNWHUGPEQO+VKUCNUQRQUUKDNGVQEQPVCEV
VJGEQORCP[oU+PXGUVQT4GNCVKQPUHWPEVKQPYJKEJKU 6JGEQORQUKVKQPQHVJG$QCTFQH&KTGEVQTU
EJCTIGFYKVJOCKPVCKPKPICPQPIQKPIFKCNQIWGYKVJ
EWTTGPVCPFRQVGPVKCNUJCTGJQNFGTU 9KVJTGICTFVQ$CPI1NWHUGPCUCNNDQCTFOGODGTU
GNGEVGFCVVJG#PPWCN)GPGTCN/GGVKPIUVCPFHQT
GNGEVKQPGCEJ[GCT+PIGPGTCNUKZVQGKIJVDQCTF
6JGTQNGQHUVCMGJQNFGTUCPFVJGKTKORQTVCPEG OGGVKPIUCTGJGNFCPPWCNN[VQIGVJGTYKVJCFJQE
VQVJGEQORCP[ OGGVKPIUCUTGSWKTGF$QCTFOGODGTUGNGEVGFD[VJG
#)/EQORTKUGCITQWRQHGZRGTKGPEGFKPVGTPCVKQPCN
(QTOCP[[GCTUVJG$QCTFQH&KTGEVQTUJCUDGGP DWUKPGUURGQRNG6JGCIGNKOKVHQTOGODGTUQHVJG
CVVGPVKXGVQVJGEQORCP[oUTGNCVKQPUJKRYKVJKVU $QCTFQH&KTGEVQTUKU
UVCMGJQNFGTUCHCEVVJCVKUTGƃGEVGFKPVJGEQORCP[oU
CPPWCNGPXKTQPOGPVCNUVCVGOGPVYJKEJJCUDGGP #UVJG$QCTFQH&KTGEVQTUFGGOUKVKTTGNGXCPVPQ
RTGRCTGFUKPEG'SWCNN[UQEKCNKUUWGUDQVJ KPHQTOCVKQPKURTQXKFGFQPVJGTGETWKVOGPVETKVGTKC
KPUKFGVJGEQORCP[CPFDG[QPFRNC[CPKORQTVCPV FGVGTOKPGFD[VJGDQCTFKPENWFKPIVJGTGSWKTGOGPVU
TQNGKPVJGNKHGQH$CPI1NWHUGPKPIGPGTCN+PXKGY TGICTFKPIRTQHGUUKQPCNSWCNKƂECVKQPUKPVGTPCVKQPCN
QHVJGYQTMCNTGCF[WPFGTYC[VJGEQORCP[FQGU GZRGTKGPEGGFWECVKQPCNDCEMITQWPFCPFVJGNKMG
PQVƂPFKVPGEGUUCT[VQUGVQWVCHQTOCNRQNKE[HQTVJKU
CTGCCUVJG$QCTFQH&KTGEVQTUTGIWNCTN[OQPKVQTUVJG
/CPCIGOGPV$QCTFoUCRRTQCEJVQVJGUGKUUWGU
Back to CONTENTS
6JG$QCTFQH&KTGEVQTUFQGUPQVGORNQ[HQTOCNKUGF
UGNHCUUGUOGPV6JG%JCKTOCPUJKRGXCNWCVGUVJGYQTM
QHVJG$QCTFQH&KTGEVQTUQPCPQPIQKPIDCUKU+P
EQPVTCUVVQVJGTGEQOOGPFCVKQPU$CPI1NWHUGP
CUFQGUPQVQRGTCVGIWKFGNKPGUHQTVJGPWODGT
QHFKTGEVQTUJKRUDQCTFOGODGTUOC[JCXG6JG
FGEKFKPIHCEVQTUCTGVJGKPFKXKFWCNOGODGToUECRCEKV[
EQORGVGPEGCPFEQPVTKDWVKQP6JG$QCTFQH&KTGEVQTUo
TWNGUQHRTQEGFWTGNC[FQYPTGIWNCVKQPUEQPEGTPKPI
VJGVCUMUCPFTGURQPUKDKNKVKGUDGVYGGPVJGOGODGTU
QHVJG/CPCIGOGPV$QCTFCPFVJG$QCTFQH&KTGEVQTU
6JG$QCTFQH/CPCIGOGPVoUCPFVJG$QCTFQH
&KTGEVQTUoTGOWPGTCVKQP
6JG$QCTFQH&KTGEVQTUJCUUGVWRCEQORGPUCVKQP
EQOOKVVGGYJKEJECTTKGUQWVPGIQVKCVKQPUEQPEGTPKPI
VJG$QCTFQH/CPCIGOGPVoUTGOWPGTCVKQP6JG
OGODGTUQHVJKUEQOOKVVGGCRRGCTQPRCIG
+PEGPVKXGRTQITCOOGUCTGRWDNKUJGFEQORTGJGPUKXGN[
KPVJG#PPWCN4GRQTVKPCEEQTFCPEGYKVJTGNGXCPVTWNGU
CPFTGIWNCVKQPU/GODGTUQHVJG$QCTFQH&KTGEVQTU
FQPQVDGPGƂVHTQOKPEGPVKXGRTQITCOOGU
$CPI1NWHUGPoU#PPWCN4GRQTVFQGUPQVEQPVCKP
KPHQTOCVKQPEQPEGTPKPIVJGCOQWPVQHTGOWPGTCVKQP
RCKFVQKPFKXKFWCNOGODGTUQHVJG$QCTFQH&KTGEVQTU
CPF/CPCIGOGPV$QCTF
6JG$QCTFQH&KTGEVQTUDGNKGXGUVJGKORQTVCPVHCEVQTU
CTGVJGVQVCNCOQWPVQHTGOWPGTCVKQPCPFTGNCVGF
VTGPFU
4KUMOCPCIGOGPV
2NGCUGTGHGTVQRCIGQHVJKUTGRQTV
#WFKV
6JGEQORCP[oUCWFKVQTUCTGGNGEVGFD[VJG#PPWCN
)GPGTCN/GGVKPICHVGTTGEQOOGPFCVKQPHTQOVJG
$QCTFQH&KTGEVQTU6JGCWFKVHGGKUCRRTQXGFD[VJG
$QCTFQH&KTGEVQTU
Back to CONTENTS
5*#4'*1.&'4+0(14/#6+10
+42QNKE[ #NNDQCTFOGODGTUOGODGTUQHVJG/CPCIGOGPV
$QCTFCPFQVJGTKPUKFGTTGIKUVGTGFGORNQ[GGUKP
$CPI1NWHUGPCKOUVQRTQXKFG VJG$CPI1NWHUGPCUITQWROC[QPN[DW[QTUGNN
UJCTGUKP$CPI1NWHUGPCUHQTCRGTKQFQHYGGMU
0#5&#31/:%QRGPJCIGP#5 CHVGTRWDNKECVKQPQHVJGEQORCP[oU+PVGTKO4GRQTVUQT
%WTTGPVCPFRQVGPVKCNKPXGUVQTU #PPWCN4GRQTVU
5JCTGCPCN[UVUCPFUVQEMDTQMGTU
YKVJCNNTGNGXCPVKPHQTOCVKQPCDQWVVJG)TQWRTCRKFN[ 6JG$CPI1NWHUGPUJCTG
CPFEQPEKUGN[
#UCV/C[$CPI1NWHUGPoUUJCTGECRKVCN
6JKUKPHQTOCVKQPKUKPVGPFGFVQ JCUCPQOKPCNXCNWGQH&--
+PETGCUGKPXGUVQTCYCTGPGUUQH$CPI1NWHUGPKP $CPI1NWHUGPoUUJCTGUCTGNKUVGFQP0#5&#31/:
&GPOCTMCPFCDTQCF %QRGPJCIGP#56JGEQORCP[oUKFGPVKHKECVKQPEQFG
2TQXKFGKPXGUVQTUYKVJUVTWEVWTGFEWTTGPV KU&-
CPFRNCPPGFKPHQTOCVKQPVJCVYKNNUCVKUH[VJG
TGSWKTGOGPVUHQTFGEKUKQPUTGNCVKPIVQKPXGUVOGPVUKP 'CEJUJCTGYKVJCPQOKPCNXCNWGQH&--
$CPI1NWHUGPUJCTGU TGRTGUGPVUXQVG
6JGKPHQTOCVKQPCPFVJGRTQXKUKQPQHUWEJ #V/C[VJGENQUKPIRTKEGQH$CPI
KPHQTOCVKQPOWUVCNYC[UEQORN[YKVJEWTTGPV 1NWHUGPoUUJCTGUYCU9KVJUJCTGU
TGIWNCVKQPUCUKUUWGFD[0#5&#31/:%QRGPJCIGP VJKUGSWCVGUVQCOCTMGVXCNWGQHCRRTQZ&--
#5CPFKPCEEQTFCPEGYKVJEWTTGPVNGIKUNCVKQP OKNNKQP6JGENQUKPIRTKEGCUCV/C[YCU
6JKUGSWCVGUVQCOCTMGVXCNWGQHCRRTQZ&--
OKNNKQP
+PVGTPCNTWNGUTGICTFKPIKPUKFGTKPHQTOCVKQPCPF
VTCFGKPVJGEQORCP[oUUJCTGU 5JCTGUKPEKTEWNCVKQP
+UUWGFUJCTGU
2WTUWCPVVQVJG&CPKUJ5GEWTKVKGU6TCFKPI#EVVJG QYPUJCTGU

EQORCP[OCKPVCKPUCPKPUKFGTTGIKUVGTQHRGTUQPU
YJQQYKPIVQVJGKTRQUKVKQPCTGFGGOGFVQJCXG
CEEGUUVQKPUKFGTKPHQTOCVKQPCDQWVVJGEQORCP[ 1YPUJCTGU
6JGEQORCP[JCUGUVCDNKUJGFKPVGTPCNTWNGUHQTUWEJ #UCV/C[$CPI1NWHUGPCUJCFC
KPFKXKFWCNU RQTVHQNKQQHQYPUJCTGUQH&--PQOKPCN
XCNWGGSWCVKPIVQRGTEGPVQHVJGUJCTGECRKVCN
6JGKPFKXKFWCNUYJQCTGNKUVGFKPVJGKPUKFGTTGIKUVGT
CPFUWDLGEVVQVJGKPVGTPCNTWNGUCTGOGODGTU 5JCTGUJGNFD[OGODGTUQHVJG/CPCIGOGPV$QCTF
QHVJG$QCTFQH&KTGEVQTUCPFVJG/CPCIGOGPV #UCV/C[OGODGTUQH$CPI1NWHUGP
$QCTFQH$CPI1NWHUGPCUQVJGTFKTGEVQTUCPF CUo/CPCIGOGPV$QCTFJGNF&--PQOKPCN
UGPKQTOCPCIGTUYJQTGRQTVFKTGEVN[VQVJG$QCTF XCNWG
QH&KTGEVQTUQTVJG/CPCIGOGPV$QCTFQH$CPI
1NWHUGPCUVJGGNGEVGFCWFKVQTUCPFQVJGT 5JCTGUJGNFD[VJG$QCTFQH&KTGEVQTU
GORNQ[GGUQH$CPI1NWHUGPCUYJQOC[JCXG #UCV/C[OGODGTUQH$CPI1NWHUGPCUo
CEEGUUVQKPUKFGTKPHQTOCVKQP $QCTFQH&KTGEVQTUJGNF&--UJCTGUPQOKPCN
XCNWG
#NUQKPENWFGFCTGDQCTFOGODGTUCPFOGODGTU
QHVJG/CPCIGOGPV$QCTFQVJGTFKTGEVQTUCPF 5JCTGQRVKQPRTQITCOOG
UGPKQTOCPCIGTUKP$CPI1NWHUGPCUoUWDUKFKCTKGU $CPI1NWHUGPoUUJCTGQRVKQPRTQITCOOGEQORTKUGU
KPENWFKPIVJG)TQWRoUHQTGKIPEQORCPKGUKHVJGKT VJG$QCTFQH/CPCIGOGPVCUYGNNCUCPWODGTQH
RQUKVKQPUCTGFGGOGFVQRTQXKFGVJGOYKVJCEEGUUVQ VJG)TQWRoUGORNQ[GGU#UCV/C[VJGVQVCN
KPUKFGTKPHQTOCVKQP RQQNQHQRVKQPUCOQWPVGFVQ6JGUGECPDG
GZGTEKUGFFWTKPIVJGRGTKQF(QTHWTVJGT
FGVCKNURNGCUGTGHGTVQPQVG
Back to CONTENTS
+PHQTOCVKQPCDQWVUJCTGJQNFGTU
#UCV/C[$CPI1NWHUGPCUJCFCRRTQZTGIKUVGTGFUJCTGJQNFGTUEQTTGURQPFKPIVQCP
QYPGTUJKRKPVGTGUVQHCRRTQZRGTEGPVQHVJGUJCTGECRKVCN#RRTQZQHVJGUGUJCTGJQNFGTUYGTG
TGUKFGPVKP&GPOCTM1HVJGNKUVGFECRKVCNCRRTQZRGTEGPVYCURNCEGFKP&GPOCTM
#UCV/C[VJGHQNNQYKPIKPFKXKFWCNUQTNGICNGPVKVKGUJQNFRGTEGPVQTOQTGQHVJGEQORCP[oU
ECRKVCNQTUJCTGECRKVCNoUXQVKPITKIJVU
0QOKPCNCOQWPV %CRKVCN8QVGU
&--

#TDGLFUOCTMGFGVU6KNNÂIURGPUKQP-QPIGPU8ÂPIG*KNNGTÔF
#XKXCRNE5V*GNGPU7PFGTUJCHV.QPFQP'%2&37PKVGF-KPIFQO
(ÂTEJHQPFGP.KNNG´UVGTICFG#*QNUVGDTQ
/CTMGVXCNWGQHUJCTGUEQORCTGFVQGSWKV[ &--OKNNKQP
CUCV/C[

/CTMGVXCNWGQHUJCTGU

'SWKV[
Back to CONTENTS
4WNGUEQPEGTPKPIVJGCRRQKPVOGPVCPF 2TQZKGUHQTVJGHKTUV)GPGTCN/GGVKPICTGCNUQXCNKFHQT
TGRNCEGOGPVQHOGODGTUQHVJG%QORCP[oU VJGUGEQPFOGGVKPIWPNGUUGZRNKEKVN[TGXQMGF9JGTG
$QCTFQH&KTGEVQTUCPFEJCPIGUVQVJG CRTQRQUCNVQCOGPFVJG#TVKENGUQH#UUQEKCVKQP
%QORCP[oU#TVKENGUQH#UUQEKCVKQP JCUDGGPUWDOKVVGFQTCFQRVGFD[VJG$QCTFQH
&KTGEVQTUVJGRTQRQUCNOC[DGHKPCNN[CFQRVGFCV
6JG%QORCP[oU#TVKENGUQH#UUQEKCVKQPURGEKH[VJG QPG)GPGTCN/GGVKPID[COCLQTKV[QHVYQVJKTFUQH
HQNNQYKPITWNGUEQPEGTPKPIVJGCRRQKPVOGPVCPF VJGXQVGUECUVCUYGNNCUQHVJGXQVKPIUJCTGECRKVCN
TGRNCEGOGPVQHOGODGTUQHVJG%QORCP[oU$QCTFQH TGRTGUGPVGFCVVJG)GPGTCN/GGVKPITGICTFNGUUQH
&KTGEVQTUCPFEJCPIGUVQVJG%QORCP[oU#TVKENGUQH VJGRTQRQTVKQPQHVJGUJCTGECRKVCNTGRTGUGPVGF
#UUQEKCVKQP
6JG%QORCP[KUJGCFGFD[C$QCTFQH&KTGEVQTU 1VJGTKPHQTOCVKQPKPCEEQTFCPEGYKVJVJG
YJKEJsDGUKFGUCP[TGRTGUGPVCVKXGUGNGEVGFD[VJG (KPCPEKCN5VCVGOGPVU#EVC
%QORCP[oUGORNQ[GGURWTUWCPVVQVJGUVCVWVQT[
RTQXKUKQPUsEQPUKUVUQHDGVYGGPCPFOGODGTU 6JGEQPVTCEVUUKIPGFD[$CPI1NWHUGPEQPEGTPKPI
GNGEVGFD[VJG)GPGTCN/GGVKPI$QCTFOGODGTU VJGUWRRN[QHUQWPFU[UVGOUVQVJGCWVQOQVKXG
GNGEVGFCVVJG)GPGTCN/GGVKPIUVCPFFQYPCV KPFWUVT[EQPVCKPpEJCPIGQHEQPVTQNqENCWUGU#U
1TFKPCT[)GPGTCN/GGVKPICPFOC[DGTGGNGEVGF CEQPUGSWGPEGQHVJGUGENCWUGUUJQWNFCEJCPIG
QHEQPVTQNQH$CPI1NWHUGPVCMGRNCEGVJG
$QCTFOGODGTUGNGEVGFD[VJG)GPGTCN/GGVKPI CWVQOQVKXGRTQFWEGTYKVJYJQOVJGEQPVTCEVKU
EQORTKUGCITQWRQHGZRGTKGPEGFKPVGTPCVKQPCN GPVGTGFKPVQKUGPVKVNGFVQVGTOKPCVGVJGEQPVTCEV
DWUKPGUUGZGEWVKXGU6JGCIGNKOKVHQTOGODGTUQH DGVYGGPVJGRCTVKGU
VJG$QCTFQH&KTGEVQTUKU
6JGQTKIKPCNNQCPQH&--OKNNKQPHTQO&CPUMG
6JG$QCTFQH&KTGEVQTUFQGUPQVCRRN[HQTOCNKUGF $CPMVQ$CPI1NWHUGPUTQYKVJCECTT[KPICOQWPV
UGNHGXCNWCVKQP6JG%JCKTOCPUJKRGXCNWCVGUVJG QH&--OKNNKQPCUCV/C[KPENWFGUC
YQTMQHVJG$QCTFQH&KTGEVQTUQPCPQPIQKPIDCUKU ENCWUGVQVJGGHHGEVVJCVVJGNQCPECPDGECNNGFKHC
+PEQPVTCUVVQVJGTGEQOOGPFCVKQPU$CPI1NWHUGP UJCTGJQNFGTQDVCKPUEQPVTQNNKPIKPHNWGPEGQH$CPI
CUFQGUPQVQRGTCVGIWKFGNKPGUHQTVJGPWODGT 1NWHUGPCU
QHFKTGEVQTUJKRUDQCTFOGODGTUOC[JCXG6JG
FGEKFKPIHCEVQTUCTGVJGKPFKXKFWCNOGODGToUECRCEKV[ 6JGQTKIKPCNNQCPQH&--OKNNKQPHTQO&CPUMG
EQORGVGPEGCPFEQPVTKDWVKQP $CPMVQ$CPI1NWHUGPCUYKVJCECTT[KPICOQWPV
QH&--OKNNKQPCUCV/C[KPENWFGUC
#NNOCVVGTUEQPUKFGTGFCVVJG)GPGTCN/GGVKPIUJCNN ENCWUGVQVJGGHHGEVVJCVVJGNQCPECPDGECNNGFKHC
DGUGVVNGFD[UKORNGOCLQTKV[XQVG UJCTGJQNFGTQDVCKPUEQPVTQNNKPIKPHNWGPEGQH$CPI
1NWHUGPCU
4GUQNWVKQPUEQPEGTPKPICOGPFOGPVUVQVJG#TVKENGU
QH#UUQEKCVKQPQTVJGYKPFKPIWRQHVJGEQORCP[ 6JG%QORCP[oU#TVKENGUQH#UUQEKCVKQPUVCVGVJG
TGSWKTGVYQVJKTFUQHVJGUJCTGECRKVCNVQDG HQNNQYKPI
TGRTGUGPVGFCVVJG)GPGTCN/GGVKPICPFVJCVVJG
TGUQNWVKQPKURCUUGFD[VYQVJKTFUQHVJGXQVGUECUVCU 7PVKN/C[VJG$QCTFQH&KTGEVQTUKU
YGNNCUQHVJGXQVKPIUJCTGECRKVCNTGRTGUGPVGFCVVJG CWVJQTKUGFKPQPGQTOQTGUVCIGUVQKPETGCUGVJG
)GPGTCN/GGVKPI+HVYQVJKTFUQHVJGUJCTGECRKVCN EQORCP[oUUJCTGECRKVCND[WRVQ&--
KUPQVTGRTGUGPVGFCVVJG)GPGTCN/GGVKPIDWVVJG VJTQWIJVJGKUUWGQHUJCTGUQHHGTGFVQGORNQ[GGUQH
RTQRQUGFTGUQNWVKQPKURCUUGFD[VYQVJKTFUQHVJG VJG$CPI1NWHUGP)TQWRCVCRTKEGEQTTGURQPFKPI
XQVGUECUVCUYGNNCUQHVJGXQVKPIUJCTGECRKVCN VQVJGEWTTGPVOCTMGVRTKEGQTNQYGTCPFQPVGTOU
TGRTGUGPVGFCVVJG)GPGTCN/GGVKPICPGY)GPGTCN VQDGFGEKFGFD[VJGEQORCP[oU$QCTFQH&KTGEVQTU
/GGVKPIYKNNDGEQPXGPGFCUUQQPCURQUUKDNGCV
YJKEJVJGTGUQNWVKQPRTQRQUGFOC[DGRCUUGF 6JGKPETGCUGYKNNVCMGRNCEGKPVJGHQTOQHECUJ
D[VYQVJKTFUQHVJGXQVGUECUVTGICTFNGUUQHVJG RC[OGPVYKVJQWVCP[RTGGORVKQPTKIJVUHQTVJG
RTQRQTVKQPQHVJGUJCTGECRKVCNTGRTGUGPVGF UJCTGJQNFGTU6JGPGYUJCTGUKUUWGFKPCEEQTFCPEG
YKVJVJKUCWVJQTKUCVKQPYKNNDGPGIQVKCDNGKPUVTWOGPVU
Back to CONTENTS
KUUWGFVQDGCTGT0QTGUVTKEVKQPUYKNNCRRN[VQVJG 6JGHQNNQYKPIUJCTGCPCN[UVUEQXGTGF$CPI
VTCPUHGTCDKNKV[QHVJGUJCTGUCPFPQUJCTGJQNFGTYKNN 1NWHUGPCVVJGGPFQHVJGHKPCPEKCN[GCT
DGGPVKVNGFVQJCXGJKUJGTUJCTGUTGFGGOGFKPYJQNG
QTKPRCTV+PCNNTGURGEVUVJGPGYUJCTGUYKNNECTT[ #$)5WPFCN%QNNKGT
VJGUCOGTKIJVUCUVJGHQTOGTUJCTGU #NO$TCPF/CTMGVU
$CPMKPXGUVITQWR
6JGPGYUJCTGUCTGGNKIKDNGHQTFKXKFGPFUCPFQVJGT %CTPGIKG$CPM#5
TKIJVUKPVJGEQORCP[HTQOCFCVGVQDGFGVGTOKPGF %JGWXTGWZ
D[VJG$QCTFQH&KTGEVQTUJQYGXGTPQVNCVGTVJCP &CPUMG/CTMGVU'SWKVKGU
QPG[GCTCHVGTVJGFCVGQHTGIKUVTCVKQP 5'$'PUMKNFC'SWKVKGU
*CPFGNUDCPMGP'SWKV[4GUGCTEJ
6JG$QCTFQH&KTGEVQTUECPECTT[QWVVJGPGEGUUCT[ ,[UMG$CPM
EJCPIGUVQVJG#TVKENGUQH#UUQEKCVKQPKPEQPPGEVKQP 0QTFGC/CTMGVU&KXKUKQP
YKVJVJGEJCPIGUKPVJGECRKVCNKPETGCUGKP 2TQCEVKXG+PFGRGPFGPV+FGCU.VF
CEEQTFCPEGYKVJVJGCDQXGOGPVKQPGFRTQXKUKQP 5CN1RRGPJGKO
5[FDCPM
6JG%QORCP[oU%'1ECPVGTOKPCVGJKUGORNQ[OGPV 5VCPFCTF2QQToU'SWKV[4GUGCTEJ
D[IKXKPIOQPVJUoPQVKEGCPFVJG%QORCP[ECP
VGTOKPCVGVJGGORNQ[OGPVD[IKXKPIOQPVJUo
PQVKEG+PVJGGXGPVVJCVVJG%QORCP[KUVCMGPQXGT 9GDUKVG
CPFFGNKUVGFHTQO0CUFCS1/:%QRGPJCIGPCU
VJG%'1KUGPVKVNGFVQEQPUKFGTJKUGORNQ[OGPVVQDG $CPI1NWHUGPKPXKVGUKPXGUVQTUCPFQVJGT
VGTOKPCVGF6JG/CPCIGOGPV$QCTFKUUWDLGEVVQC UVCMGJQNFGTUVQXKUKVVJGEQORCP[oUYGDUKVG
PQPEQORGVKVKQPENCWUG YYYDCPIQNWHUGPEQOYJGTGCYKFGTCPIGQH
KPHQTOCVKQPQHKPVGTGUVVQVJGKPXGUVQTUKUCXCKNCDNG
KGCPPQWPEGOGPVUCPPWCNTGRQTVUKPVGTKOTGRQTVU
&KXKFGPFRQNKE[ VJGHKPCPEKCNECNGPFCTCPFPQVNGCUVVJGEQORCP[oU
JKUVQT[CPFCRTGUGPVCVKQPQHKVURTQFWEVU
6JG)TQWRoUFKXKFGPFRQNKE[CKOUCVRC[KPIDGVYGGP
QPGVJKTFCPFQPGJCNHQHVJGCPPWCNRTQHKVUCHVGTVCZ
CUFKXKFGPF$CUGFQPVJGEQORCP[oUTGUWNVVJG$QCTF +PXGUVQTEQPVCEV
QH&KTGEVQTURTQRQUGUVQVJG)GPGTCN/GGVKPIVJCVPQ
FKXKFGPFDGRCKFQWVHQTVJGHKPCPEKCN[GCT +PXGUVQTU"DCPIQNWHUGPFM

Back to CONTENTS
56#6'/'0655'06610#5&#31/:%12'0*#)'0#5
&74+0)6*'2'4+1&,70'/#;
(KPCPEKCNUVCVGOGPVU
#WIWUV #PPWCN4GRQTVHQTVJGƂPCPEKCN[GCT
1EVQDGT +PVGTKO4GRQTVHQTVJGUVSWCTVGT
,CPWCT[ *CNH[GCTTGRQTV
#RTKN +PVGTKO4GRQTVHQTVJGTFSWCTVGT
1VJGTUVCVGOGPVU
,WPG 5VCDKNKUCVKQP
#WIWUV 6JGPGY#UVQP/CTVKP4CRKFGVQKPENWFG$CPI1NWHUGPKPKVUNKUVQHGSWKROGPV
#WIWUV 4GXKUGFƂPCPEKCNECNGPFCTHQT$CPI1NWHUGPCU
#WIWUV 0QVKEGQH#PPWCN)GPGTCN/GGVKPIQH$CPI1NWHUGPCU
5GRVGODGT $CPI1NWHUGPUQWPFU[UVGOKP/GTEGFGU$GP\5.5#/)
5GRVGODGT $CPI1NWHUGP5QWPF5[UVGOKPPGY#WFK45R[FGT
5GRVGODGT #PPWCN)GPGTCN/GGVKPIQH$CPI1NWHUGPCU
1EVQDGT /CLQTUJCTGJQNFGTCPPQWPEGOGPV
1EVQDGT 4GXKUGFƂPCPEKCNECNGPFCTHQT$CPI1NWHUGPCU
0QXGODGT $CPI1NWHUGPCUNCWPEJGU$GQ8KUKQP
&GEGODGT $CPI1NWHUGPCUNCWPEJGUUGEQPFIGPGTCVKQP$CPI1NWHUGP#FXCPEGF5QWPF5[UVGO
KPPGY#WFK#
(GDTWCT[ /CLQTUJCTGJQNFGTCPPQWPEGOGPV
/CTEJ 4GXKUGFƂPCPEKCNECNGPFCTHQT$CPI1NWHUGPCU
/CTEJ $CPI1NWHUGPNCWPEJGU$GQ8KUKQP
#RTKN $CPI1NWHUGPCUNCWPEJGU$GQ.CD
/C[ $CPI1NWHUGPUVTGPIVJGPUVJG$QCTFQH&KTGEVQTU
5VCVGOGPVUTGICTFKPIKPUKFGTVTCFKPI
#WIWUV
6JGUVCVGOGPVUECPDGTGCFKPHWNNCVYYYDCPIQNWHUGPEQOWPFGT%QORCP[s+PXGUVQTUs%QORCP[CPPQWPEGOGPVU
Back to CONTENTS
6JG[GCToUPGVHNQYKPMG[
EWTTGPEKGU
&--OKNNKQP

'74
%<-
)$2
%*(
5'-
75&
#7&
5)&
Back to CONTENTS
%1//'4%+#.4+5-5
/CTMGVUCPFEQORGVKVKQP FQPQVKORCEVQPVJGEQORCP[oUHKPCPEKCNRQUKVKQP
#NVJQWIJVJG)TQWRoURTQFWEVUCTGOCTMGVGF CPFHWVWTGQRGTCVKQPUVQCP[UKIPKHKECPVGZVGPV
INQDCNN[OQUVQHVJGVWTPQXGTFGTKXGUHTQO'WTQRG %QPUKUVGPVYKVJVJKUVJG)TQWRECPDGUGNHKPUWTGF
6JGEQORCP[KUCPKEJGRNC[GTKPCPKPFWUVT[ KPTGURGEVQHOKPQTTKUMUYJKNGOCLQTTKUMUCTG
FQOKPCVGFD[OCLQTKPVGTPCVKQPCNGNGEVTQPKEU HWNN[KPUWTGF9JGPFGGOGFHKPCPEKCNN[DGPGHKEKCN
DWUKPGUUGU KPUWTCPEGUEQPVCKPCPGZEGUU
6JGEQORCP[FKHHGTGPVKCVGUKVUGNHKPVGTOUQHFGUKIP +PTGURGEVQHVJGCDQXGCINQDCNKPUWTCPEG
SWCNKV[CPFKPPQXCVKQP1XGTCPWODGTQH[GCTU RTQITCOOGJCUDGGPGUVCDNKUJGFVQKPENWFGCNN
VJGEQORCP[JCUGUVCDNKUJGFCUGNGEVKXGFKUVTKDWVKQP TKUMQRGTCVKQPCNNQUUGUDWUKPGUUCPFRTQFWEV
U[UVGOYKVJFGFKECVGF$CPI1NWHUGPFGCNGTU6JG TGURQPUKDKNKV[
EQODKPCVKQPQHKPPQXCVKXGRTQFWEVUCPFCFGFKECVGF
FKUVTKDWVKQPJCURQUKVKQPGFVJGEQORCP[CUCUWRRNKGT $CPI1NWHUGPJCUCYTKVVGPEQPVKPIGPE[RNCPCPF
QHNWZWT[IQQFUTCVJGTVJCPGZENWUKXGN[#8RTQFWEVU YQTMUEQPVKPWCNN[YKVJTKUMOCPCIGOGPVKPQTFGT
VQRTQVGEVCICKPUVFCOCIGVQQYPCPFEQPVTCEVQTUo
6JGEQORCP[ECPDGCHHGEVGFD[GEQPQOKEVTGPFUKP HCEKNKVKGU
VJGEQWPVTKGUYJGTGVJG)TQWRoURTQFWEVUCTGUQNF
CUYGNNCUD[PGYVGEJPQNQIKECNKPKVKCVKXGUD[VJG 6JG)TQWRoUOCPCIGOGPVQHHKPCPEKCNTKUMU
KPFWUVT[oUOCKPRNC[GTU #UCTGUWNVQHVJG$CPI1NWHUGP)TQWRoUGZVGPUKXG
KPVGTPCVKQPCNCEVKXKVKGUVJGRTQHKVNQUUCEEQWPV
5CNGUVTGPFUCTGUGCUQPCNYKVJVJGOCKPGORJCUKU DCNCPEGUJGGVCPFGSWKV[CTGGZRQUGFVQCPWODGT
QPVJGRGTKQFHTQO1EVQDGTVQ,CPWCT[+PQTFGTVQ QHHKPCPEKCNTKUMUCVCP[IKXGPVKOG
EQORN[YKVJVJGEQOOGTEKCNEJCNNGPIGUUWDUVCPVKCN
KPXGUVOGPVUCTGOCFGKPRTQFWEVFGXGNQROGPVCPF 6JGUGTKUMUEQORTKUG
HNGZKDNGRTQFWEVKQP (QTGKIPGZEJCPIGTCVGTKUM
+PVGTGUVTCVGTKUM
5WRRNKGTU %TGFKVTKUM
6JG)TQWRKUFGRGPFGPVQPCNCTIGPWODGTQH .KSWKFKV[TKUM
UWRRNKGTURTKOCTKN[HTQO'WTQRGCPF#UKCCPF
UVTKXGUVQOCKPVCKPNQPIVGTOUWRRNKGTTGNCVKQPUYKVJ $CPI1NWHUGPEQPVKPWCNN[CUUGUUGUVJGUGTKUMU
TGICTFVQVJGRWTEJCUGQHFGXGNQROGPVUGTXKEGU CV)TQWRNGXGN#UKVKUVJG)TQWRoURQNKE[PQVVQ
CPFRTQFWEVKQPIQQFU$CPI1NWHUGPGPFGCXQWTU URGEWNCVGKPHKPCPEKCNKPUVTWOGPVUKVUHKPCPEKCN
VQGPUWTGVJCVUWRRNKGUQHETKVKECNTCYOCVGTKCNUCTG OCPCIGOGPVKUUQNGN[FKTGEVGFVQYCTFUVJG
CUUWTGFVJTQWIJEQPVTCEVUCPFCITGGOGPVUCPF OCPCIGOGPVQHHKPCPEKCNTKUMUKPTGNCVKQPVQ
YJGPRQUUKDNGVJTQWIJEQQRGTCVKQPYKVJUGXGTCN QRGTCVKQPUCPFHKPCPEKPI
UWRRNKGTU
(QTGKIPGZEJCPIGTKUM
'ORNQ[GGU +PRGTEGPV
RGTEGPVQH
$CPI1NWHUGPYKUJGUVQTGVCKPKVURQUKVKQPCU VJG)TQWRoUVWTPQXGTKUKPHQTGKIPEWTTGPE[5KPEGVJG
CPGZEKVKPICPFCVVTCEVKXGYQTMRNCEGVQCVVTCEV )TQWRoURWTEJCUKPIRQNKE[KUVQOCVEJRWTEJCUKPI
CPFTGVCKPJKIJN[SWCNKHKGFGORNQ[GGUCVCNNVKOGU CPFUCNGUEWTTGPEKGUVQVJGITGCVGUVRQUUKDNGGZVGPV
%QPUGSWGPVN[HQEWUKUQPKPFKXKFWCNRGTUQPCNCPF VJGHKIWTGFQGUPQVGZRTGUUVJG)TQWRoUHQTGKIP
ECTGGTFGXGNQROGPVYJKEJKUUGEWTGFVJTQWIJ GZEJCPIGTCVGTKUM
OCKPVCKPKPICPFETGCVKPIKPVGTGUVKPICPFEJCNNGPIKPI
LQDUVJTQWIJQWVVJG)TQWR'CEJ[GCTVJG)TQWR 6JG)TQWRJCUUKIPKHKECPVKPHNQYUKP'74)$2
VJGTGHQTGCEVKXGN[EQPVTKDWVGUVQCPFKPXGUVUKPC CPF%*(CPFVJGOQUVUKIPKHKECPVGZRQUWTGCTG
TCPIGQHVTCKPKPIRTQITCOOGUHQTKVUGORNQ[GGU CVOQOGPVTGNCVGFVQVJGUGEWTTGPEKGU6JGOQUV
UKIPKHKECPVGZRQUWTGQPVJGQWVHNQYUCTGTGNCVGFVQ
+PUWTCPEG 75&
$CPI1NWHUGPoUKPUWTCPEGRQNKE[UVKRWNCVGUVJCV
KPUWTCPEGRQNKEKGUOWUVEQXGTCP[FCOCIGCTKUKPIVQ 6JG)TQWRoUHQTGKIPGZEJCPIGTCVGTKUMUCTG
$CPI1NWHUGPoUCUUGVUCPFCP[ENCKOUVJCV$CPI OCPCIGFEGPVTCNN[D[VJGRCTGPVEQORCP[oUHKPCPEG
1NWHUGPOC[KPEWTUQVJCVUWEJFCOCIGQTENCKOU FGRCTVOGPVDCUGFQPCHQTGKIPGZEJCPIGTCVG
Back to CONTENTS
RQNKE[CRRTQXGFD[VJG$QCTFQH&KTGEVQTU(QTYCTF +PVGTGUVTCVGTKUM
EQPVTCEVUCTGWUGFVQEQPVKPWCNN[EQXGTPGVRQUKVKQPU 6JG)TQWRoUKPVGTGUVTCVGTKUMTGNCVGUVQKPVGTGUV
6JGUGHQTYCTFEQPVTCEVUCTGENCUUKHKGFCUJGFIKPI DGCTKPIFGDVCPFKPVGTGUVDGCTKPICUUGVU
CPFHWNHKNVJGCEEQWPVKPITGSWKTGOGPVUHQTJGFIKPI
HWVWTGECUJHNQY(QTYCTFEQPVTCEVUCTGWUGFHQT 6JG)TQWRoUKPVGTGUVDGCTKPICUUGVUEQPUKUVOCKPN[
EQOOGTEKCNVTCPUCEVKQPUQPN[ QHNKSWKFHWPFUYJKEJCVVJGGPFQHVJGHKPCPEKCN
[GCTVQVCNNGF&--OKNNKQP
&--
6JG)TQWRoUPGVOQPGVCT[KVGOUKPHQTGKIPEWTTGPEKGU OKNNKQP.KSWKFHWPFU[KGNFKPVGTGUVQPVJGUJQTVVGTO
CRRGCTKPPQVG OQPG[OCTMGV6JGKPVGTGUVTCVGTKUMKUFGGOGFVQDG
KPUKIPKHKECPVKPVJCVCEJCPIGKPVJGKPVGTGUVTCVGNGXGN
6JG)TQWRJCUJGFIGFCUKIPKHKECPVRCTVQHVJG QHRGTEGPVHQTYQWNFJCXGKORCEVGF
GZRGEVGFPGVKPHNQYUKPHQTGKIPEWTTGPEKGUKP QPVJG)TQWRoUTGUWNVDGHQTGVCZD[CRRTQZ&--
6JGDGNQYVCDNGUKPFKECVGUVJGGHHGEVQP OKNNKQP
&--OKNNKQP
VJGQRGTCVKPIRTQHKVHQTVJG[GCTCPFVJGGSWKV[HQT
VJG)TQWRHTQOCEJCPIGKPVJGGZEJCPIGTCVGQH #VVJGGPFQHVJGHKPCPEKCN[GCTVJG)TQWRoUKPVGTGUV
RGTEGPVKPUGNGEVGFEWTTGPEKGU DGCTKPIFGDVVQVCNNGF&--OKNNKQP

&--OKNNKQPEQTTGURQPFKPIVQRGTEGPVQH
VJGDCNCPEGUJGGVVQVCN
RGTEGPV
1RGTCVKPIRTQHKVNQUU
1HVJGKPVGTGUVDGCTKPIFGDV&--OKNNKQPHCNNU

&--OKNNKQP FWGCHVGTHKXG[GCTU(WTVJGTKPHQTOCVKQPKURTQXKFGF
75&

KPPQVGUCPF
)$2
%*( &WGVQVJGNQYFGDVNGXGNCPFVJGHCEVVJCV
01- DQTTQYKPIUCTGGZENWUKXGN[KPHKZGFKPVGTGUVNQCPUVJG
5'- )TQWRoUKPVGTGUVTCVGTKUMUCTGKPUKIPKHKECPVCPFCTG
5)& PQVGZRGEVGFVQKORCEVUKIPKHKECPVN[QPVJG)TQWRoU
#7& TGUWNV
'SWKV[ %TGFKVTKUM
6JG)TQWRoUOQUVKORQTVCPVRTKOCT[HKPCPEKCN

&--OKNNKQP /C[ /C[ KPUVTWOGPVUEQORTKUGVTCFGTGEGKXCDNGUCPFDCPM
75&

FGRQUKVU6JGCOQWPVUCVYJKEJVJGUGDCNCPEGUJGGV
)$2 KVGOUCTGTGEQIPKUGFEQTTGURQPFVQVJGOCZKOWO
%*( ETGFKVTKUM
01-
5'- #VVJGGPFQHVJGHKPCPEKCN[GCTVJG)TQWRYCU
5)& UGNNKPIKVURTQFWEVUVJTQWIJFGCNGTUYQTNFYKFG
#7& 6JG)TQWRKUVJGTGHQTGGZRQUGFVQCTKUMQHNQUUGU
QPTGEGKXCDNGU
6JGHQTGKIPGZEJCPIGTKUMKUECNEWNCVGFD[CFFKPI 6JGKPFKXKFWCNFGCNGTUKPENWFKPIVJGKTIGQITCRJKECN
VJGQRGTCVKPIRTQHKVUHQTVJG)TQWRBUGPVKVKGUKPNQECN NQECVKQPCTGUWDLGEVVQQPIQKPIGXCNWCVKQP9JGP
EWTTGPEKGU FGGOGFPGEGUUCT[VJG)TQWRGORNQ[UDCPM
IWCTCPVGGUQTFGDVQTKPUWTCPEGCICKPUVQWVUVCPFKPI
+PCFFKVKQPVQVJGHQTGKIPGZEJCPIGTCVGTKUMTGNCVKPI FGDVUCPFKPUQOGKPUVCPEGUQVJGTMKPFUQHEQNNCVGTCN
VQEWTTGPVVTCPUCEVKQPUVJG$CPI1NWHUGP)TQWRoU CTGQDVCKPGFGIEJCTIGQXGTUVQEMUQTQVJGTCUUGVU
GSWKV[KUCHHGEVGFD[HQTGKIPGZEJCPIGTCVGTKUMU
TGNCVKPIVQVJGVTCPUNCVKQPQHVJG)TQWRoUHQTGKIP (QTVJGHKPCPEKCN[GCT&--OKNNKQPYCU
UWDUKFKCTKGUHTQONQECNEWTTGPEKGUVQ&-- GZRGPUGFHQTNQUUGUCPFEJCPIGUVQRTQXKUKQPUHQT
NQUUGUQPTGEGKXCDNGU
&--OKNNKQP
.KSWKFHWPFUCTGRNCEGFYKVJHKPCPEKCNKPUVKVWVKQPU
YKVJJKIJETGFKVTCVKPIU&GTKXCVKXGUKPENWFKPI
Back to CONTENTS
HQTGKIPGZEJCPIGHQTYCTFEQPVTCEVUCTGGPVGTGFKPVQ 6JGRWTRQUGQHVJKUTKUMCUUGUUOGPVKUVQKFGPVKH[
YKVJUWEJKPUVKVWVKQPUQPN[+VKUFGGOGFVJGTGHQTG RTQEGUUGUTGNCVGFVQVJGHKPCPEKCNTGRQTVKPI
VJCVVJGETGFKVTKUMTGNCVKPIVQNKSWKFHWPFUKUQHPQ RTQEGUUKPYJKEJVJGNKMGNKJQQFQHCOCVGTKCN
UKIPKHKECPEGVQ$CPI1NWHUGPoUCPPWCNTGRQTV OKUUVCVGOGPVKUOQUVUKIPKHKECPV1PVJGDCUKUQH
UWEJTKUMCUUGUUOGPV$CPI1NWHUGPHQEWUGUQP
.KSWKFKV[TKUM KORNGOGPVKPIOGCUWTGUVQOCPCIGCPFTGFWEG
6JGHKPCPEKCNTGUGTXGKUEQPVKPWCNN[CUUGUUGF TKUMKPVJGUGRTQEGUUGU6JGOQUVUKIPKHKECPVTKUMU
CPFOCPCIGFD[VJGRCTGPVEQORCP[oUHKPCPEG TGNCVGFVQVJGHKPCPEKCNTGRQTVKPICTGFGUETKDGFKP
FGRCTVOGPV+VKUGPUWTGFVJCVCVCP[IKXGPVKOG /CPCIGOGPVoU4GRQTV
VJGTGKUUWHHKEKGPVHNGZKDNGCPFWPWUGFCUUWTCPEG
ETGFKVCXCKNCDNGRTQXKFGFD[OCLQTTGRWVCDNG %QPVTQN#EVKXKVKGU
HKPCPEKCNKPUVKVWVKQPU1PVJGDCUKUQHKVUHKPCPEKCN (KTUVN[VJGEQPVTQNUVTWEVWTGUEQPUKUVQHCP
TGUGTXGCTTCPIGOGPVUCPFVJGGZRGEVCVKQPUVQVJG QTICPKUCVKQPYKVJENGCTN[FGHKPGFTQNGUVJCV
ITQWRUHWVWTGECUJHNQYUPQNKSWKFKV[FKHHKEWNVKGUCTG UWRRQTVCPGHHGEVKXGCPFHTQOCPKPVGTPCNEQPVTQN
GZRGEVGF RGTURGEVKXGCRRTQRTKCVGFKXKUKQPQHTGURQPUKDKNKV[
CPFUGEQPFN[URGEKHKEEQPVTQNCEVKXKVKGUVJCVCTG
KPVGPFGFVQKFGPVKH[QTRTGXGPVVJGTKUMQHGTTQTUKP
6JG(KPCPEKCN4GRQTVKPI2TQEGUUCPF+PVGTPCN VJGHKPCPEKCNTGRQTVKPI%QPVTQNCEVKXKVKGUCTGDCUGF
%QPVTQNU QPTKUMCPFOCVGTKCNKV[CUUGUUOGPV6JGQDLGEVKXG
QH$CPI1NWHUGPoUEQPVTQNCEVKXKVKGUKUVQGPUWTG
6JG$QCTFQH&KTGEVQTUCPFVJG/CPCIGOGPVJCU EQORNKCPEGYKVJVJGQDLGEVKXGURQNKEKGUOCPWCNU
VJGRTKOCT[TGURQPUKDKNKV[HQT$CPI1NWHUGPoUTKUM RTQEGFWTGUCPFQVJGTIWKFGNKPGUEQOOWPKECVGFD[
OCPCIGOGPVCPFKPVGTPCNEQPVTQNU[UVGOUKPENWFKPI OCPCIGOGPVCPFVJGVKOGN[RTGXGPVKQPFGVGEVKQP
EQORNKCPEGYKVJCRRNKECDNGNGIKUNCVKQPCPFQVJGT CPFEQTTGEVKQPQHCP[GTTQTUFKUETGRCPEKGUQT
HKPCPEKCNTGRQTVKPITGIWNCVKQPU$CPI1NWHUGPoUTKUM QOKUUKQPU%QPVTQNCEVKXKVKGUEQORTKUGOCPWCNCPF
OCPCIGOGPVCPFKPVGTPCNEQPVTQNU[UVGOUTGNCVGFVQ RJ[UKECNEQPVTQNUIGPGTCN+6EQPVTQNUCPFCWVQOCVKE
HKPCPEKCNTGRQTVKPIKPENWFKPI+6CPFVCZCTGFGUKIPGF CRRNKECVKQPEQPVTQNUKPCOQPIQVJGTVJKPIU+6
VQGHHGEVKXGN[NKOKVVJGTKUMQHGTTQTUCPFQOKUUKQPUKP U[UVGOU
VJGHKPCPEKCNTGRQTVKPI
/CPCIGOGPVJCUGUVCDNKUJGFCHQTOCNITQWR
%QPVTQN'PXKTQPOGPV TGRQTVKPIRTQEGUUYJKEJEQORTKUGUTGRQTVKPIQH
+PVGTPCNEQPVTQNCV$CPI1NWHUGPKUDCUGFQP DWFIGVHKIWTGUCPFOQPVJN[TGRQTVKPIKPENWFKPI
QTICPKUCVKQPCNUVTWEVWTGFGEKUKQPOCMKPIRTQEGFWTGU TGRQTVKPIQPDWFIGVXCTKCPEGUCPFQPIQKPI
RQYGTUCPFTGURQPUKDKNKVKGUYJKEJCTGFQEWOGPVGF CFLWUVOGPVQHHWNN[GCTGUVKOCVGU+PCFFKVKQPVQVJG
CPFEQOOWPKECVGFKPIQXGTPKPIFQEWOGPVUUWEJCU KPEQOGUVCVGOGPVVJGDCNCPEGUJGGVCPFVJGECUJ
KPVGTPCNRQNKEKGUEQFGUCPFVJGNKMG+PVGTPCNEQPVTQN HNQYUVCVGOGPVVJGTGRQTVKPIEQORTKUGUPQVGUCPF
KUCNUQDCUGFQPRTQEGFWTGUFGUETKDGFKPOCPWCNU QVJGTFKUENQUWTGU
CPFOGOQU6JG/CPCIGOGPVJCUGUVCDNKUJGF
EGPVTCNEQORNKCPEGCPFEQPVTQNNKPIHWPEVKQPUHQTVJG +PHQTOCVKQPCPF%QOOWPKECVKQP
RWTRQUGQHOQPKVQTKPIEQORNKCPEGYKVJTGNGXCPV 6JGRTKPEKRNGUHQTVJGEQORCP[oURTGUGPVCVKQPQH
NGIKUNCVKQPCPFQVJGTHKPCPEKCNTGRQTVKPITGSWKTGOGPVU KVUHKPCPEKCNUVCVGOGPVUCTGFGUETKDGFKPCHKPCPEKCN
CPFEQPVTQNNKPIHKPCPEKCNTGRQTVKPIHTQOUWDUKFKCTKGU TGRQTVKPIOCPWCNVJCVCRRNKGUVQCNNUWDUKFKCTKGU
CPFCUUQEKCVGFEQORCPKGU+P$CPI1NWHUGP 6JGOCPWCNKUCXCKNCDNGQPVJGKPVTCPGV(KPCPEKCN
GUVCDNKUJGFCP#WFKV%QOOKVVGGEQPUKUVKPIQHVJG TGRQTVKPIKUFQPGKPCEQTRQTCVGTGRQTVKPIU[UVGO
OGODGTUQHVJG$QCTFQH&KTGEVQTU6JG#WFKV VJCVRTQXKFGUHWNNVTCPURCTGPE[HQTVJGRCTGPV
%QOOKVVGGoUFWVKGUKPXQNXGGXCNWCVKQPCPFFKUEWUUKQP EQORCP[KPVQGCEJKPFKXKFWCNTGRQTVKPIWPKV
QHUKIPKHKECPVKUUWGUYKVJKPVJGCTGCUQHCEEQWPVKPI 6JGHKPCPEKCNTGRQTVKPIKUUWRRQTVGFD[OQPVJN[
CPFHKPCPEKCNTGRQTVKPI OCPCIGOGPVTGRQTVKPIHTQOVJGWPKVU
4KUM#UUGUUOGPV /QPKVQTKPI
#VNGCUVQPEGC[GCTVJG#WFKV%QOOKVVGGCPF 6JGRTQEGUUHQTCUUGUUKPITKUMUCPFVJGGZGEWVKQP
VJG/CPCIGOGPVOCMGCITQWRYKFGCUUGUUOGPV QHEQPVTQNCEVKXKVKGUCTGOQPKVQTGFQPCPQPIQKPI
QHTKUMUTGNCVGFVQVJGHKPCPEKCNTGRQTVKPIRTQEGUU DCUKU/QPKVQTKPIKPXQNXGUDQVJHQTOCNCPFKPHQTOCN
Back to CONTENTS
RTQEGFWTGUCRRNKGFD[OCPCIGOGPVCPFQYPGTU
QHRTQEGUUGUTKUMUCPFEQPVTQNUKPENWFKPITGXKGYU
QHTGUWNVUKPEQORCTKUQPYKVJDWFIGVUCPFRNCPU
CPCN[VKECNRTQEGFWTGUCPFMG[RGTHQTOCPEG
KPFKECVQTU1PCPQPIQKPIDCUKU/CPCIGOGPV
OQPKVQTUEQORNKCPEGYKVJTGNGXCPVNGIKUNCVKQPCPF
QVJGTHKPCPEKCNTGRQTVKPITGSWKTGOGPVUCPFTGRQTVUVQ
VJG$QCTFQH&KTGEVQTUCPFVJG#WFKV%QOOKVVGG
#VNGCUVQPEGC[GCTVJG$QCTFQH&KTGEVQTUTGXKGYU
VJGCFGSWCE[QHVJGKPVGTPCNEQPVTQNU[UVGOU#V
VJGDQCTFOGGVKPIYJGTGVJGCPPWCNTGRQTVKU
TGXKGYGFVJGDQCTFOGODGTUFKUEWUUVJGKPVGTPCN
EQPVTQNU[UVGOUYKVJVJGCWFKVQTUGNGEVGFD[VJG
UJCTGJQNFGTUKPVJG)GPGTCN/GGVKPI$CUGFQPVJG
CWFKVQTUoTGRQTVKPIKPVJGNQPIHQTOCWFKVTGRQTV
VJG$QCTFQH&KTGEVQTUCPFVJGKPFGRGPFGPVCWFKVQTU
FKUEWUUVJGCWFKVTGUWNVUVJGOCVGTKCNCEEQWPVKPI
RQNKEKGUCRRNKGFETKVKECNCEEQWPVKPIGUVKOCVGUCPFVJG
CRRTQRTKCVGPGUUQHVJGCEEQWPVKPIRQNKEKGUCRRNKGF
6JG$QCTFQH&KTGEVQTUCPFVJG#WFKV%QOOKVVGG
OQPKVQT/CPCIGOGPVoUTGURQPUGVQCP[EQPVTQN
YGCMPGUUCPFQTQOKUUKQPCPFGPUWTGVJCVCITGGF
OGCUWTGUKPTGNCVKQPVQGPJCPEKPITKUMOCPCIGOGPV
CPFKPVGTPCNEQPVTQNUTGNCVGFVQVJGHKPCPEKCN
TGRQTVKPIRTQEGUUCTGKORNGOGPVGFCURNCPPGF
/CPCIGOGPVKUTGURQPUKDNGHQTVJGHQNNQYWR
QPYGCMPGUUGUKPVJGKPVGTPCNEQPVTQNPQVGFKP
UWDUKFKCTKGUCPFKUUWGUFGUETKDGFKP/CPCIGOGPV
.GVVGTUKPTGNCVKQPVQKPVGTPCNEQPVTQN
Back to CONTENTS
%174#)'61%1056#06.;37'56+106*'14&+0#4;
+05'#4%*1(57424+5+0).10).#56+0)':2'4+'0%'5
Back to CONTENTS
Back to CONTENTS
(+0#0%+#.4'2146#0&016'5
(+0#0%+#.4'2146
5VCVGOGPVD[VJG/CPCIGOGPVQPVJGCPPWCNTGRQTV
+PFGRGPFGPVCWFKVQToUTGRQTV

5VTWEVWTGOCPCIGOGPVCPFFKTGEVQTUJKRU
2TQƂVCPFNQUUCEEQWPV
5VCVGOGPVQHEQORTGJGPUKXGKPEQOG
$CNCPEG5JGGV
%CUJƃQYUVCVGOGPV
5VCVGOGPVQHEJCPIGUKPGSWKV[
0QVGU
Back to CONTENTS
Back to FINANCIAL REPORT AND NOTES
56#6'/'06$;6*'/#0#)'/'06106*'#007#.4'2146
9GJCXGVQFC[RTGUGPVGFVJGCPPWCNTGRQTVQH 9GCNUQEQPUKFGTVJG&KTGEVQTUTGRQTVVQRTQXKFGC
$CPI1NWHUGPCUHQTVJGHKPCPEKCN[GCT VTWGCPFHCKTCEEQWPVQHVJGFGXGNQROGPVUKPVJG
,WPG/C[ )TQWRUCPFVJG2CTGPVUCEVKXKVKGUCPFHKPCPEGU
TGUWNVUHQTVJG[GCTCPFQHVJG)TQWRUCPFVJG
6JGCPPWCNTGRQTVJCUDGGPRTGRCTGFKPCEEQTFCPEG 2CTGPVoUHKPCPEKCNRQUKVKQPKPIGPGTCNCUYGNNCUC
YKVJ+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFUCU HCKTFGUETKRVKQPQHVJGOQUVUKIPKHKECPVTKUMUCPF
CFQRVGFD[VJG'7CPFCFFKVKQPCN&CPKUJFKUENQUWTG WPEGTVCKPVKGUVQYJKEJVJG)TQWRCPFVJG2CTGPVCTG
TGSWKTGOGPVUHQTCPPWCNTGRQTVUHQTNKUVGFEQORCPKGU GZRQUGF
+PQWTQRKPKQPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU 9GTGEQOOGPFVJGCPPWCNTGRQTVHQTCFQRVKQPCV
CPFRCTGPVHKPCPEKCNUVCVGOGPVURTQXKFGCVTWGCPF VJG#PPWCN)GPGTCN/GGVKPI
HCKTXKGYQHVJG)TQWRoUCPFVJG2CTGPVoUHKPCPEKCN
RQUKVKQPCV/C[CPFQHVJGKTHKPCPEKCN
RGTHQTOCPEGCPFVJGKTECUJHNQYUHQTVJGHKPCPEKCN
[GCT,WPG/C[
.[PID[#WIWUV
6JG$QCTFQH/CPCIGOGPVQH$CPI1NWHUGPCU
-CTN-TKUVKCP*XKFV0KGNUGP
2TGUKFGPV%'1
%JTKUVKCP9KPVJGT ,QJP%JTKUVKCP$GPPGVV6JGTMKNFUGP
6JG$QCTFQH&KTGEVQTUQH$CPI1NWHUGPCU
,ÔTIGP9QTPKPI
HQTOCPF ,GURGT1NGUGP
4QNH'TKMUGP
PÂUVHQTOCPF 6WG/CPVQPK
2GVGT5MCM1NWHUGP #PGVVG4GXUICCTF5GLDLGTI
0KGNU$LÔTP%JTKUVKCPUGP
L -PWF1NGUGP
1NG#PFGTUGP
1NG #PFGTUGP
#P

+0&'2'0&'06#7&+614o54'2146
6QVJGUJCTGJQNFGTUQH$CPI1NWHUGPCU #WFKVQToUTGURQPUKDKNKV[CPFDCUKUQHQRKPKQP
4GRQTVQPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU 1WTTGURQPUKDKNKV[KUVQGZRTGUUCPQRKPKQPQPVJGUG
CPFRCTGPVHKPCPEKCNUVCVGOGPVU EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV
9GJCXGCWFKVGFVJGEQPUQNKFCVGFHKPCPEKCN HKPCPEKCNUVCVGOGPVUDCUGFQPQWTCWFKV9GJCXG
UVCVGOGPVUCPFRCTGPVHKPCPEKCNUVCVGOGPVUQH$CPI EQPFWEVGFQWTCWFKVKPCEEQTFCPEGYKVJ&CPKUJCPF
1NWHUGPCUHQTVJGHKPCPEKCN[GCT,WPG +PVGTPCVKQPCN5VCPFCTFUQP#WFKVKPI6JQUG
/C[YJKEJEQORTKUGVJGKPEQOGUVCVGOGPV 5VCPFCTFUTGSWKTGVJCVYGEQORN[YKVJGVJKECN
EQORTGJGPUKXGKPEQOGUVCVGOGPVDCNCPEGUJGGV TGSWKTGOGPVUCPFRNCPCPFRGTHQTOVJGCWFKVVQ
UVCVGOGPVQHEJCPIGUKPGSWKV[ECUJHNQYUVCVGOGPV QDVCKPTGCUQPCDNGCUUWTCPEGYJGVJGTVJG
CPFPQVGUKPENWFKPIVJGCEEQWPVKPIRTKPEKRNGUHQT EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV
VJG)TQWRCUYGNNCUVJG2CTGPV6JGEQPUQNKFCVGF HKPCPEKCNUVCVGOGPVUCTGHTGGHTQOOCVGTKCN
HKPCPEKCNUVCVGOGPVUCPFRCTGPVHKPCPEKCNUVCVGOGPVU OKUUVCVGOGPV
JCXGDGGPRTGRCTGFKPCEEQTFCPEGYKVJ+PVGTPCVKQPCN
(KPCPEKCN4GRQTVKPI5VCPFCTFUCUCFQRVGFD[VJG'7 #PCWFKVKPXQNXGURGTHQTOKPIRTQEGFWTGUVQQDVCKP
CPFCFFKVKQPCN&CPKUJFKUENQUWTGTGSWKTGOGPVUHQT CWFKVGXKFGPEGCDQWVVJGCOQWPVUCPFFKUENQUWTGUKP
NKUVGFEQORCPKGU VJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV
HKPCPEKCNUVCVGOGPVU6JGRTQEGFWTGUUGNGEVGF
/CPCIGOGPVoUTGURQPUKDKNKV[HQTVJG FGRGPFQPVJGCWFKVQToULWFIGOGPVKPENWFKPIVJG
EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV CUUGUUOGPVQHVJGTKUMUQHOCVGTKCNOKUUVCVGOGPVQH
HKPCPEKCNUVCVGOGPVU VJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV
/CPCIGOGPVKUTGURQPUKDNGHQTVJGRTGRCTCVKQPCPF HKPCPEKCNUVCVGOGPVUYJGVJGTFWGVQHTCWFQTGTTQT
HCKTRTGUGPVCVKQPQHEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU +POCMKPIVJQUGTKUMCUUGUUOGPVUVJGCWFKVQT
CPFRCTGPVHKPCPEKCNUVCVGOGPVUKPCEEQTFCPEGYKVJ EQPUKFGTUKPVGTPCNEQPVTQNTGNGXCPVVQVJGGPVKV[oU
+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFUCU RTGRCTCVKQPCPFHCKTRTGUGPVCVKQPQHEQPUQNKFCVGF
CFQRVGFD[VJG'7CPFCFFKVKQPCN&CPKUJFKUENQUWTG HKPCPEKCNUVCVGOGPVUCPFRCTGPVHKPCPEKCNUVCVGOGPVU
TGSWKTGOGPVUHQTNKUVGFEQORCPKGU6JKUTGURQPUKDKNKV[ KPQTFGTVQFGUKIPCWFKVRTQEGFWTGUVJCVCTG
KPENWFGUFGUKIPKPIKORNGOGPVKPICPFOCKPVCKPKPI CRRTQRTKCVGKPVJGEKTEWOUVCPEGUDWVPQVHQTVJG
KPVGTPCNEQPVTQNTGNGXCPVVQVJGRTGRCTCVKQPCPFHCKT RWTRQUGQHGZRTGUUKPICPQRKPKQPQPVJG
RTGUGPVCVKQPQHEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU GHHGEVKXGPGUUQHVJGGPVKV[oUKPVGTPCNEQPVTQN#PCWFKV
CPFRCTGPVHKPCPEKCNUVCVGOGPVUVJCVCTGHTGGHTQO CNUQKPENWFGUGXCNWCVKPIVJGCRRTQRTKCVGPGUUQH
OCVGTKCNOKUUVCVGOGPVYJGVJGTFWGVQHTCWFQT CEEQWPVKPIRQNKEKGUWUGFCPFVJGTGCUQPCDNGPGUUQH
GTTQTUGNGEVKPICPFCRRN[KPICRRTQRTKCVGCEEQWPVKPI CEEQWPVKPIGUVKOCVGUOCFGD[/CPCIGOGPVCUYGNN
RQNKEKGUCPFOCMKPICEEQWPVKPIGUVKOCVGUVJCVCTG CUGXCNWCVKPIVJGQXGTCNNRTGUGPVCVKQPQHVJG
TGCUQPCDNGKPVJGEKTEWOUVCPEGU EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV
HKPCPEKCNUVCVGOGPVU

9GDGNKGXGVJCVVJGCWFKVGXKFGPEGYGJCXGQDVCKPGF %QRGPJCIGP#WIWUV
KUUWHHKEKGPVCPFCRRTQRTKCVGVQRTQXKFGCDCUKUHQT
QWTCWFKVQRKPKQP
&GNQKVVG
1WTCWFKVJCUPQVTGUWNVGFKPCP[SWCNKHKECVKQP 5VCVG#WVJQTKUGF2WDNKE#EEQWPVKPI%QORCP[

1RKPKQP
+PQWTQRKPKQPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU
CPFRCTGPVHKPCPEKCNUVCVGOGPVUIKXGCVTWGCPFHCKT
XKGYQHVJG)TQWRoUCPFVJG2CTGPVoUHKPCPEKCN
RQUKVKQPCV/C[CPFQHVJGKTHKPCPEKCN
RGTHQTOCPEGCPFVJGKTECUJHNQYUHQTVJGHKPCPEKCN
[GCT,WPG/C[KPCEEQTFCPEGYKVJ
+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFUCU
CFQRVGFD[VJG'7CPFCFFKVKQPCN&CPKUJFKUENQUWTG
TGSWKTGOGPVUHQTNKUVGFEQORCPKGU

5VCVGOGPVQPVJGOCPCIGOGPVoUTGXKGY
/CPCIGOGPVKUTGURQPUKDNGHQTRTGRCTKPIC -KTUVGP#CUMQX/KMMGNUGP
OCPCIGOGPVoUTGXKGYVJCVEQPVCKPUCHCKTTGXKGYKP 5VCVG#WVJQTKUGF2WDNKE#EEQWPVCPV
CEEQTFCPEGYKVJVJG&CPKUJ(KPCPEKCN5VCVGOGPVU
#EV
1WTCWFKVFKFPQVKPENWFGVJGOCPCIGOGPVoUTGXKGY
DWVYGJCXGTGCFKVRWTUWCPVVQVJG&CPKUJ(KPCPEKCN
5VCVGOGPVU#EV9GFKFPQVRGTHQTOCP[RTQEGFWTGU
QVJGTVJCPVJQUGRGTHQTOGFFWTKPIVJGCWFKVQHVJG
EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV
HKPCPEKCNUVCVGOGPVU
$CUGFQPVJKUYGDGNKGXGVJCVVJGFKUENQUWTGUKPVJG
OCPCIGOGPVoUTGXKGYCTGEQPUKUVGPVYKVJVJG
EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFRCTGPV .CTU5KIICCTF*CPUGP
HKPCPEKCNUVCVGOGPVU 5VCVG#WVJQTKUGF2WDNKE#EEQWPVCPV

5647%674'/#0#)'/'06#0&&+4'%6145*+25
%QORCP[ $CPI1NWHUGPCU
5VTWGT
%84PQ
$TCPFDWKNFKPICPF)TQWRUVCHHHWPEVKQPUCUYGNNCU
VJGFGXGNQROGPVQH$CPI1NWHUGPoUCWFKQXKFGQ
RTQFWEVU
$QCTFQH&KTGEVQTU
,ÔTIGP9QTPKPI 4QNH'TKMUGP 2GVGT5MCM1NWHUGP 0KGNU$LÔTP%JTKUVKCPUGP 6WG/CPVQPK 1NG#PFGTUGP

%JCKTOCP &GRWV[%JCKTOCP
;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV

/5E
'PIKPGGTKPI &KURNC[#TVKUV #ITQPQOKUV /5E
'PIKPGGTKPI/$# /5E
$WUKPGUU /5E
'EQPQOKEUCPF
#FOKPKUVTCVKQPCPF $WUKPGUU#FOKPKUVTCVKQP
/CPCIGOGPV5EKGPEG UVCVGCWVJQTKUGFRWDNKE
CEEQWPVCPV
&KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU

%JCKTOCPQHVJGDQCTFQH /GODGTQHVJGDQCTF 2GVGT5MCM1NWHUGPTWPU 2TGUKFGPV%'1QH %'1QH6TKWORJ %JCKTOCPQHVJGDQCTF
FKTGEVQTUQH(.5OKFVJ QHFKTGEVQTUQH*GPPGU VJGOCPQT3WKUVTWR+P &CPHQUU#5&GRWV[ /QVQTE[ENGU.VF QHFKTGEVQTUQH+55#5
%Q#5CPF#.-#DGNNÏ /CWTKV\#50QDKC#$ CFFKVKQPJGKUEJCKTOCP %JCKTOCPQH5CWGT 2TKXCVJQURKVCNGV*CONGV
#5 4Q[CN%QRGPJCIGP#5 QH#MVKGUGNUMCDGV(KKN &CPHQUU+PE%JCKTOCP #5CPF%JT*CPUGP
$KCPEQ(QQVYGCT#5 5Ô*WPUDCNNG(TÔ#5 QHVJGDQCTFQHFKTGEVQTU *QNFKPI#5/GODGTQH
CPF7IN[&WEM#RU (KKNUÔ5XKPGCXN#5CPF QH#ZEGNCPFOGODGTQH VJGDQCTFQHFKTGEVQTUQH
(QPFGP0T8QUDQTI VJGDQCTFQHFKTGEVQTUQH )GQTI,GPUGP#5CPF
&GRWV[%JCKTOCPQH 9KNNKCO&GOCPV*QNFKPI &CPUMG$CPM#5
+FCICCTFHQPFGP/GODGT #5
QHVJGDQCTFQHFKTGEVQTU
QH,22QNKVKMGPU*WU#5
'WTQ)TCUU$8-QPIGPUJWU
/KPFGRCTMHQT*GFGPU
1RF[TMGTGCPF5XGP
6QTDGPQI/CTITGVJG
9GUVGPJQN\5NÂIVUHQPF
0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP

$CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU


$QCTFQH/CPCIGOGPV
#PGVVG4GXUICCTF ,GURGT1NGUGP -PWF1NGUGP -CTN-TKUVKCP*XKFV ,QJP%JTKUVKCP %JTKUVKCP9KPVJGT

5GLDLGTI

0KGNUGP $GPPGVV6JGTMKNFUGP

;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV 2TGUKFGPV%'1QH 'ZGEWVKXG8KEG2TGUKFGPV 'ZGEWVKXG8KEG2TGUKFGPV

'ORNQ[GGGNGEVGF
'ORNQ[GGGNGEVGF
'ORNQ[GGGNGEVGF $CPI|1NWHUGPCU 1RGTCVKQPU'ORNQ[GF 5CNGU/CTMGVKPI
'ORNQ[GFUKPEG#WIWUV UKPEG5GRVGODGT 'ORNQ[GFUKPEG,CPWCT[

/GCUWTG6KOG6GEJPKEKCP 'PIKPGGTKPI9QTMGT 6GEJPKECN2TQLGEV /5E

'PIKPGGTKPI 'NGEVTQPKEUGPIKPGGT $%QOKP/CTMGVKPI
/CPCIGT $%QOKP/CTMGVKPI
&KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU

/GODGTQHVJGDQCTFQH /GODGTQHVJGDQCTF /GODGTQHVJGDQCTFQH
FKTGEVQTUQH'UMQ#TVYQTM QHFKTGEVQTUQH'IJQNO FKTGEVQTUQH.WPFDGTI
2CPOK+PXGUV#R5CPF /CUMKPGT#5)TWPFHQU &CVC#5
2JCUG1PG#5/GODGT #5CPF%GPVGTHQT
QHVJGOCPCIGOGPV +PFWUVTKGN2TQFWMVKQPCV
DQCTFQH*XKFV0KGNUGP #CNDQTI7PKXGTUKVGV
#R5
0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP

$CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU $CPI1NWHUGPCU

9KVJVJGGZEGRVKQPQHRGTEGPVQYPGF$CPI1NWHUGPUWDUKFKCTKGU Back to FINANCIAL REPORT AND NOTES

5647%674'#0&/#0#)'/'06
%106+07'&
%QORCP[ $QCTFQH&KTGEVQTU $QCTFQH/CPCIGOGPV
$CPI1NWHUGP1RGTCVKQPUCU ,ÔTIGP9QTPKPI
%JCKTOCP -CTN-TKUVKCP*XKFV0KGNUGP
%'1
5VTWGT
QYPGF 4QNH'TKMUGP
&GRWV[%JCKTOCP ,QJP%JTKUVKCP$GPPGVV6JGTMKNFUGP
%84PQ 2GVGT5MCM1NWHUGP %JTKUVKCP9KPVJGT
6WG/CPVQPK
2WTEJCUKPIRTQFWEVKQPCPFNQIKUVKEU 1NG#PFGTUGP
HQTVJG$CPI1NWHUGP)TQWRCUYGNN #PGVVG4GXUICCTF5GLDLGTI
CUUCNGUQH$CPI1NWHUGPoU ,GURGT1NGUGP
CWFKQXKFGQRTQFWEVU -PWF1NGUGP

$CPI1NWHUGPUTQ .CTU,ÔTIGPUGP
%'1
-QRTKXPKEG
QYPGF
*CPFNGURTQFWEVKQPCPFFGXGNQROGPVQH
UQOGQHVJG)TQWRoUCWFKQRTQFWEVU
1¸$15QHV ,CCP.KGXCPF
%'1
6CNNKPP
QYPGF

5QHVYCTGFGXGNQROGPV
'ORNQ[GGGNGEVGF

%QORCP[ $QCTFQH&KTGEVQTU $QCTFQH/CPCIGOGPV
$CPI1NWHUGP+%'RQYGTCU -CTN-TKUVKCP*XKFV0KGNUGP
%JCKTOCP 2GVGT#85QOOGT
%'1
.[PID[6ÁTDÂM
QYPGF ,GPU2GVGT<KPEM
%84PQ -KO*[NFCJN*CPUGP
2GVGT2GVGTUGP
&GXGNQRURTQFWEGUCPFOCTMGVU
RTQFWEVUDCUGFQPJKIJN[GHHKEKGPV
CORNKHKGTVGEJPQNQIKGU
$CPI1NWHUGP)25 -KO*[NFCJN*CPUGP
%JCKTOCP 2GVGT5GKFGNKP*WPG
6CKRGK%KV[6CKYCP
QYPGF ,QJP%JTKUVKCP$GPPGVV6JGTMKNFUGP

5QWTEKPIEQORCP[
$CPI1NWHUGPCU6JG$QCTFQH&KTGEVQTU%QORGPUCVKQPU%QOOKVVGG
,ÔTIGP9QTPKPI
4QNH'TKMUGP
$CPI1NWHUGPCU6JG$QCTFQH&KTGEVQTU#WFKV%QOOKVVGG
6JGLQKPV$QCTFQH&KTGEVQTUWPFGTVCMGUVJGVCUMUQHCPCWFKVEQOOKVVGG
/CKPDCPMGTHQTCNNEQORCPKGU
&CPUMG$CPM#5
#WFKVQTUHQTCNNEQORCPKGU
&GNQKVVG
&QTOCPVEQORCPKGUCTGPQVKPENWFGF

241(+6#0&.155#%%1706
$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 0GVVWTPQXGT
e 2TQFWEVKQPEQUVU

)TQUURTQHKV
e &GXGNQROGPVEQUVU

e &KUVTKDWVKQPCPFOCTMGVKPIEQUVU

e #FOKPKUVTCVKQPEQUVUGVE

e 4GUVTWEVWTKPIEQUVU

e 1VJGTQRGTCVKPIKPEQOG
1RGTCVKPINQUU

4GUWNVQHKPXGUVOGPVUKPCUUQEKCVGUCHVGTVCZ

e &KXKFGPF
e (KPCPEKCNKPEQOG

e (KPCPEKCNEQUVU

(KPCPEKCNKVGOUPGV

Result before tax (49.6) (523.4) (145.3) (300.2)
e 6CZQPTGUWNVHQTVJG[GCT

4GUWNVHQTVJG[GCT

#VVTKDWVCDNGVQ
5JCTGJQNFGTUQHVJGRCTGPVEQORCP[

e /KPQTKV[KPVGTGUVU

e 'CTPKPIURGTUJCTG
'CTPKPIURGTUJCTGCPFGCTPKPIU
RGTUJCTGHTQOEQPVKPWKPIQRGTCVKQPU&--

&KNWVGFGCTPKPIURGTUJCTGCPFFKNWVGF
GCTPKPIURGTUJCTGHTQOEQPVKPWKPIQRGTCVKQPU&--

2CTCPVJGUGUFGPQVGPGICVKXGHKIWTGUQTHKIWTGUVQDGFGFWEVGF0QVGU5GGRCIGU

56#6'/'061(%1/24'*'05+8'+0%1/'
$CPI1NWHUGPCU

&--OKNNKQP
)TQWR 2CTGPVEQORCP[

0QVGUe

4GUWNVHQTVJG[GCT

'ZEJCPIGTCVGCFLWUVOGPVQHHQTGKIPUWDUKFKCTKGU

%JCPIGKPHCKTXCNWGQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVU
WUGFCUECUJHNQYJGFIGU

6TCPUHGTVQVJGRTQHKVCPFNQUUCEEQWPVQHHCKTXCNWG
CFLWUVOGPVUQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVU
WUGFCUECUJHNQYJGFIGU
)CKPQPKPVTCITQWRDWUKPGUUEQODKPCVKQP
e 6CZQPQVJGTEQORTGJGPUKXGKPEQOG
1VJGTEQORTGJGPUKXGKPEQOGPGVQHVCZ

%QORTGJGPUKXGKPEQOGHQTVJG[GCT

#VVTKDWVCDNGVQ
5JCTGJQNFGTUQHVJGRCTGPVEQORCP[

/KPQTKV[KPVGTGUVU


$#.#0%'5*''6
#55'65

&--OKNNKQP
0QVGUe
+PVCPIKDNGCUUGVU
)QQFYKNN
#ESWKTGFTKIJVU
%QORNGVGFFGXGNQROGPVRTQLGEVU
&GXGNQROGPVRTQLGEVUKPRTQITGUU
e 6QVCNKPVCPIKDNGCUUGVU
6CPIKDNGCUUGVU
.CPFCPFDWKNFKPIU
2NCPVCPFOCEJKPGT[
1VJGTGSWKROGPV
.GCUGJQNFKORTQXGOGPVU
6CPIKDNGCUUGVUKPRTQITGUUCPF
RTGRC[OGPVHQTVCPIKDNGCUUGVU
e 6QVCNVCPIKDNGCUUGVU
e +PXGUVOGPVRTQRGTV[
(KPCPEKCNCUUGVU
e +PXGUVOGPVUKPUWDUKFKCTKGU
e +PXGUVOGPVUKPCUUQEKCVGU
e 1VJGTHKPCPEKCNTGEGKXCDNGU
6QVCNHKPCPEKCNCUUGVU
e &GHGTTGFVCZCUUGVU
6QVCNPQPEWTTGPVCUUGVU
e +PXGPVQTKGU
4GEGKXCDNGU
e 6TCFGTGEGKXCDNGU
e 4GEGKXCDNGUHTQOUWDUKFKCTKGU
e 4GEGKXCDNGUHTQOCUUQEKCVGU
e +PEQOGVCZTGEGKXCDNGU
e 1VJGTTGEGKXCDNGU
2TGRC[OGPVU
6QVCNTGEGKXCDNGU
%CUJ
6QVCNEWTTGPVCUUGVU
6QVCNCUUGVU
0QVGU5GGRCIGU

$#.#0%'5*''6
'37+6;#0&.+#$+.+6+'5

&--OKNNKQP
0QVGUe
'SWKV[
e 5JCTGECRKVCN
5JCTGRTGOKWO
6TCPUNCVKQPTGUGTXG

4GUGTXGHQTECUJHNQYJGFIGU

e 4GVCKPGFGCTPKPIU
'SWKV[CVVTKDWVCDNGVQUJCTGJQNFGTU
QHVJGRCTGPVEQORCP[
e /KPQTKV[KPVGTGUVU
6QVCNGSWKV[

0QPEWTTGPVNKCDKNKVKGU
e 2GPUKQPU
e &GHGTTGFVCZ
e 2TQXKUKQPU
e /QTVICIGNQCPU
e .QCPUHTQODCPMUGVE
e 1VJGTPQPEWTTGPVNKCDKNKVKGU
6QVCNPQPEWTTGPVNKCDKNKVKGU

%WTTGPVNKCDKNKVKGU
e /QTVICIGNQCPU
e .QCPUHTQODCPMUGVE
1XGTFTCHVHCEKNKVKGU
e 2TQXKUKQPU
6TCFGRC[CDNGU
e 2C[CDNGUVQUWDUKFKCTKGU
2C[CDNGUVQCUUQEKCVGU
e +PEQOGVCZ
e 1VJGTRC[CDNGU
&GHGTTGFKPEQOG
6QVCNEWTTGPVNKCDKNKVKGU

6QVCNNKCDKNKVKGU

6QVCNGSWKV[CPFNKCDKNKVKGU

2WTEJCUGQHKPVCPIKDNGCUUGVUCPF &--OKNNKQP
COQTVKUCVKQP

#OQTVKUCVKQP
2WTEJCUGQHKPVCPIKDNGCUUGVU

2WTEJCUGQHVCPIKDNGCUUGVUCPF &--OKNNKQP
FGRTGEKCVKQP

&GRTGEKCVKQP
2WTEJCUGQHVCPIKDNGCUUGVU


%#5*(.1956#6'/'06

&--OKNNKQP
0QVGUe
4GUWNVHQTVJG[GCT

&GRTGEKCVKQPCOQTVKUCVKQPCPFKORCKTOGPVNQUUGU
e #FLWUVOGPVU

e %JCPIGKPYQTMKPIECRKVCN
%CUJHNQYUHTQOQRGTCVKPINQUU
+PVGTGUVTGEGKXGFGVE

+PVGTGUVRCKFGVE

+PEQOGVCZRCKF

%CUJHNQYUHTQOQRGTCVKPICEVKXKVKGU
2WTEJCUGQHKPVCPIKDNGPQPEWTTGPVCUUGVU

2WTEJCUGQHVCPIKDNGPQPEWTTGPVCUUGVU

2WTEJCUGQHKPXGUVOGPVRTQRGTV[

5CNGQHKPVCPIKDNGPQPEWTTGPVCUUGVU
5CNGQHVCPIKDNGPQPEWTTGPVCUUGVU
4GEGKXGFTGKODWTUGOGPVUKPVCPIKDNGPQPEWTTGPVCUUGVU
%CRKVCNKPETGCUG$CPI1NWHUGP/GFKEQOCU

%CRKVCNKPETGCUG$CPI1NWHUGP)256CKYCP

2WTEJCUGQHGSWKV[KPVGTGUVKP
$CPI1NWHUGP+%'RQYGTCU

%JCPIGKPHKPCPEKCNTGEGKXCDNGU

%CUJHNQYUHTQOKPXGUVOGPVCEVKXKVKGU

%CRKVCNKPETGCUG

%QUVUTGNCVGFVQECRKVCNKPETGCUG

2TQEGGFUHTQONQCPU
4GRC[OGPVQHNQPIVGTONQCPU

&KXKFGPFRCKFOKPQTKV[KPVGTGUVU

&KXKFGPFRCKF

&KXKFGPFQYPUJCTGU
&KXKFGPFHTQOCUUQEKCVGU
5CNGQHQYPUJCTGU
5CNGQHUWDUETKRVKQPTKIJVU
%CUJHNQYUHTQOHKPCPEKPICEVKXKVKGU

%JCPIGUKPECUJCPFECUJGSWKXCNGPVU

%CUJCPFECUJGSWKXCNGPVU,WPG

e %CUJCPFECUJGSWKXCNGPVU/C[
2CTGPVJGUGUFGPQVGECRKVCNGZRGPFKVWTG0QVGU5GGRCIGU

56#6'/'061(%*#0)'5+0'37+6;
$CPI1NWHUGPCU)TQWR
&--OKNNKQP
/KPQTKV[
'SWKV[CVVTKDWVCDNGVQUJCTGJQNFGTUQHVJGRCTGPVEQORCP[ KPVGTGUVU 6QVCN

4GUGTXGHQT
5JCTG 6TCPUNCVKQP ECUJHNQY 4GVCKPGF 'SWKV[
5JCTGECRKVCN RTGOKWO TGUGTXG JGFIGU GCTPKPIU )TQWR
'SWKV[,WPG

#EEWOWNCVGFGHHGEVCVVJGDGIKPPKPI
QHVJG[GCTHTQOEJCPIGUVQ
CEEQWPVKPIRTKPEKRNGU

#FLWUVGFGSWKV[,WPG


%CRKVCNKPETGCUG


6CZQPEQUVUTGNCVGFVQECRKVCNKPETGCUG
2WTEJCUGQHGSWKV[KPVGTGUV
KP$CPI1NWHUGP+%'RQYGTCU

'ORNQ[GGUJCTGU
)TCPVQHUJCTGQRVKQPU
5CNGQHQYPUJCTGU
&KXKFGPFRCKFTGICTFKPI

&KXKFGPFQYPUJCTGU
'SWKV[/C[

'SWKV[,WPG



'ORNQ[GGUJCTGU
)TCPVQHUJCTGQRVKQPU

4GENCUUKHKECVKQPTGNCVGFVQEWTTGPE[
VTCPUNCVKQPQHHQTGKIPUWDUKFKCTKGU

'SWKV[/C[

2CTCPVJGUGUFGPQVGPGICVKXGHKIWTGUQTHKIWTGUVQDGFGFWEVGF

$CPI1NWHUGPCURCTGPVEQORCP[
&--OKNNKQP

4GUGTXGHQT 'SWKV[
5JCTG ECUJHNQY 4GVCKPGF RCTGPV
5JCTGECRKVCN RTGOKWO JGFIGU GCTPKPIU E QORCP[
'SWKV[,WPG

%CRKVCNKPETGCUG

6CZQPEQUVUTGNCVGFVQECRKVCNKPETGCUG
'ORNQ[GGUJCTGU
)TCPVQHUJCTGQRVKQPU
5CNGQHQYPUJCTGU

&KXKFGPFQYPUJCTGU
'SWKV[/C[

'SWKV[,WPG



'ORNQ[GGUJCTGU
)TCPVQHUJCTGQRVKQPU

'SWKV[/C[

5RGEKHKECVKQPQHOQXGOGPVUKPUJCTGECRKVCN

5JCTGECRKVCN,WPG
%CRKVCNKPETGCUG
%CRKVCNTGFWEVKQP

5JCTGECRKVCN/C[
0QFKXKFGPFKURTQRQUGFHQTVJGHKPCPEKCN[GCT
&--RGTUJCTGKP

016'5

#EEQWPVKPIRTKPEKRNGUCRRNKGF 1VJGTTGEGKXCDNGU
5KIPKHKECPVCEEQWPVKPIGUVKOCVGU 5JCTGECRKVCN
CUUWORVKQPUCPFWPEGTVCKPVKGU 4GVCKPGFGCTPKPIU
5GIOGPVKPHQTOCVKQP /KPQTKV[KPVGTGUVU
2GPUKQPU
0QVGUVQVJGRTQHKVCPFNQUUCEEQWPV &GHGTTGFVCZ
0GVVWTPQXGT 2TQXKUKQPU
'ZRGPUGUHWTVJGTKPHQTOCVKQP %WTTGPVCPFPQPEWTTGPVHKPCPEKCNNKCDKNKVKGU
1VJGTQRGTCVKPIKPEQOG OQTVICIGNQCPU
&KXKFGPF %WTTGPVCPFPQPEWTTGPVHKPCPEKCNNKCDKNKVKGU
(KPCPEKCNKPEQOG NQCPUHTQODCPMUGVE
(KPCPEKCNEQUVU 1VJGTPQPEWTTGPVNKCDKNKVKGU
6CZHQTVJG[GCT 2C[CDNGUVQUWDUKFKCTKGU
/KPQTKV[KPVGTGUVUoUJCTGQHTGUWNVHQTVJG[GCT +PEQOGVCZ
'CTPKPIURGTUJCTG 1VJGTRC[CDNGU

0QVGUVQVJGDCNCPEGUJGGV 0QVGUVQVJGECUJHNQYUVCVGOGPV
+PVCPIKDNGCUUGVU #FLWUVOGPVU
6CPIKDNGCUUGVU %JCPIGKPYQTMKPIECRKVCN
+PXGUVOGPVRTQRGTV[ %CUJCPFECUJGSWKXCNGPVU
+ORCKTOGPVQHPQPEWTTGPVCUUGVU
+PXGUVOGPVUKPUWDUKFKCTKGU 0QVGUYKVJQWVETQUUTGHGTGPEG
+PXGUVOGPVUKPCUUQEKCVGU (GGUVQCWFKVQTUGNGEVGFCVVJG
1VJGTHKPCPEKCNTGEGKXCDNGU #PPWCN)GPGTCN/GGVKPI
&GHGTTGFVCZCUUGVU %QPVKPIGPVNKCDKNKVKGUCPFQVJGTHKPCPEKCN
+PXGPVQTKGU EQOOKVOGPVU
6TCFGTGEGKXCDNGU (KPCPEKCNKPUVTWOGPVU
4GEGKXCDNGUHTQOUWDUKFKCTKGU 4GNCVGFRCTVKGU
4GEGKXCDNGUHTQOCUUQEKCVGU %QORCPKGUKPVJG$CPI1NWHUGP)TQWR
+PEQOGVCZTGEGKXCDNG +PHQTOCVKQPCDQWVUJCTGJQNFGTU
'XGPVUCHVGTVJGDCNCPEGUJGGVFCVG
%CRKVCNUVTWEVWTG

#%%1706+0)24+0%+2.'5#22.+'&
0QVGTe
e #EEQWPVKPIRTKPEKRNGUCRRNKGF
$CUKERTKPEKRNGU
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFVJGUGRCTCVGHKPCPEKCNUVCVGOGPVUHQTHQTVJG)TQWRCPF$CPI1NWHUGPCUTGURGEVKXGN[
JCXGDGGPRTGRCTGFKPCEEQTFCPEGYKVJVJG+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFU
+(45GPFQTUGFD[VJG'WTQRGCP7PKQPCPFHWTVJGT
&CPKUJFKUENQUWTGTGSWKTGOGPVUHQTVJGRTGUGPVCVKQPQHHKPCPEKCNUVCVGOGPVUHQTNKUVGFEQORCPKGU
ENCUU&GPVKVKGUEHVJG5VCVWVQT[1TFGTQP
#FQRVKQPQH+(45
VJG&CPKUJCPPQWPEGOGPVQP#FQRVKQPQH+(45KUUWGFKPCEEQTFCPEGYKVJVJG&CPKUJ(KPCPEKCN5VCVGOGPVU#EV
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFVJGUGRCTCVGHKPCPEKCNUVCVGOGPVUCNUQEQORN[YKVJVJG+PVGTPCVKQPCN(KPCPEKCN4GRQTVKPI5VCPFCTFU

+(45KUUWGFD[VJG+PVGTPCVKQPCN#EEQWPVKPI5VCPFCTFU$QCTF
+#5$
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFVJGUGRCTCVGHKPCPEKCNUVCVGOGPVUCTGRTGUGPVGFKP&--YJKEJKUVJGRTGUGPVCVKQPEWTTGPE[HQTVJG
)TQWRoUCEVKXKVKGUCPFVJGHWPEVKQPCNEWTTGPE[HQTVJGRCTGPVEQORCP[
%JCPIGUVQCEEQWPVKPIRTKPEKRNGUCRRNKGFCPFVJGGHHGEVQHPGYCPFCOGPFGF5VCPFCTFUCPF+PVGTRTGVCVKQPU
#NNPGYCPFCOGPFGF5VCPFCTFUCPF+PVGTRTGVCVKQPUYJKEJCTGTGNGXCPVHQTVJG$CPI1NWHUGP)TQWRCPFYJKEJJCXGDGEQOGGHHGEVKXGCU
HQTHKPCPEKCN[GCTUDGIKPPKPIQP,WPGJCXGDGGPKORNGOGPVGFKPVJGRTGRCTCVKQPQHVJGCPPWCNTGRQTVHQT6JGUG5VCPFCTFU
CPF+PVGTRTGVCVKQPUCTG
#OGPFOGPVVQ+#5+PVCPIKDNG#UUGVUFWGVQ+#5$oU[GCTN[KORTQXGOGPVU6JGCOGPFOGPVVQVJGUVCPFCTFOGCPUVJCVOCTMGVKPI
OCVGTKCNUCTGPQYDGKPIGZRGPUGFKPEQPPGEVKQPYKVJVJGCESWKUKVKQPEQORCTGFVQRTGXKQWUN[KPEQPPGEVKQPYKVJVJGGZVGTPCNWUGJGTGQH
6JGCOGPFOGPVKUKORNGOGPVGFTGVTQURGEVKXGN[#UCV/C[VJGGHHGEVHTQOVJKUHQTVJG$CPI1NWHUGP)TQWRKUCTGFWEVKQPKP
KPXGPVQTKGUQH&--OKNNKQPCPFCPKPETGCUGKPFGHGTTGFVCZCUUGVUQH&--OKNNKQP6JWUVJGPGVGHHGEVQPGSWKV[KUCTGFWEVKQPQH&--
OKNNKQP6JGGHHGEVQPFKUVTKDWVKQPCPFOCTMGVKPIEQUVUHQTVJGƂPCPEKCN[GCTKUCFGETGCUGQH&--OKNNKQP
CPKPETGCUGQH&--
OKNNKQPKPYJKNGVCZQPTGUWNVHQTVJG[GCTJCUFGETGCUGFD[&--OKNNKQP
CPKPETGCUGQH&--OKNNKQPKP#UCV
/C[VJGGHHGEVKUCTGFWEVKQPKPKPXGPVQTKGUQH&--OKNNKQPCPKPETGCUGKPFGHGTTGFVCZCUUGVUQH&--OKNNKQPCPFCPGVGHHGEV
QPGSWKV[QH&--OKNNKQP'CTPKPIURGTUJCTGCPFFKNWVGFGCTPKPIURGTUJCTGCTGWPEJCPIGF
4GXKUGF+#52TGUGPVCVKQPQH(KPCPEKCN5VCVGOGPVU6JGTGXKUGFUVCPFCTFTGSWKTGUEJCPIGUKPVJGHQTOCVCPFEQPVGPVUQHVJGƂPCPEKCN
UVCVGOGPVUCPFKPVJGVGTOKPQNQI[HQTVJGƂPCPEKCNUVCVGOGPVU(WTVJGTOQTGVJGTGXKUGFUVCPFCTFTGSWKTGURTGUGPVCVKQPQHCDCNCPEGUJGGV
CUCVVJGDGIKPPKPIQHVJGGCTNKGUVEQORCTCVKXGRGTKQFKP[GCTUYJGTGEJCPIGUVQCEEQWPVKPIRTKPEKRNGUCRRNKGFJCXGDGGPKORNGOGPVGF
TGVTQURGEVKXGN[
#OGPFOGPVVQ+(45(KPCPEKCNKPUVTWOGPVU&KUENQUWTGU+ORTQXKPI&KUENQUWTGUCDQWV(KPCPEKCN+PUVTWOGPVU6JGCOGPFOGPVVQVJGUVCPFCTF
TGSWKTGUGPJCPEGFFKUENQUWTGUCDQWVHCKTXCNWGOGCUWTGOGPVUCPFNKSWKFKV[TKUM
+(451RGTCVKPI5GIOGPVU6JGUVCPFCTFEJCPIGUVJGTGSWKTGOGPVUHQTVJGEQPVGPVUQHFKUENQUWTGQHUGIOGPVKPHQTOCVKQP(WTVJGTOQTG
VJGUGIOGPVKPHQTOCVKQPOWUVDGTGRQTVGFQPVJGUCOGDCUKUCUVJGKPVGTPCNOCPCIGOGPVCEEQWPVKPI6JGUGIOGPVKPHQTOCVKQPKUEJCPIGF
CEEQTFKPIN[
4GXKUGF+#5$QTTQYKPI%QUVU6JGTGXKUGFUVCPFCTFTGSWKTGUVJCVDQTTQYKPIEQUVUCTGTGEQIPKUGFCURCTVQHVJGEQUVRTKEGQHSWCNKH[KPI
CUUGVUYJKEJKPVJG$CPI1NWHUGP)TQWRRTKOCTKN[CTGEGTVCKPFGXGNQROGPVRTQLGEVU7PVKNPQYVJG$CPI1NWHUGP)TQWRJCUPQV
TGEQIPKUGFDQTTQYKPIEQUVUKPVJGEQUVRTKEGQHPQPEWTTGPVCUUGVU+PCEEQTFCPEGYKVJVJGVTCPUKVKQPCNRTQXKUKQPUKPVJGTGXKUGFUVCPFCTF
DQTTQYKPIEQUVUCTGQPN[TGEQIPKUGFKPVJGEQUVRTKEGQHSWCNKH[KPICUUGVUHQTYJKEJVJGEQPUVTWEVKQPEQOOGPEGUCUCV,WPGQTNCVGT
6JGTGXKUGFUVCPFCTFJCUPQVCHHGEVGFTGUWNVHQTVJG[GCTPQPEWTTGPVCUUGVUQTGSWKV[KP
6JGCRRNKECVKQPQHVJGPGYCPFCOGPFGF5VCPFCTFUCPF+PVGTRTGVCVKQPUJCUPQVTGUWNVGFKPCP[EJCPIGUVQCOQWPVUKPVJGCPPWCNTGRQTV
HQTQTRTGXKQWU[GCTUYKVJVJGGZEGRVKQPUFGUETKDGFCDQXGCPFVJG)TQWRoUCEEQWPVKPIRTKPEKRNGUCTGYKVJVJGGZEGRVKQPUFGUETKDGF
CDQXGCPFCHGYTGENCUUKHKECVKQPUKPVJGEQORCTCVKXGHKIWTGUWPEJCPIGFEQORCTGFVQ
#VVJGVKOGQHVJGCPPQWPEGOGPVQHVJKUCPPWCNTGRQTVCPWODGTQHPGYQTCOGPFGF5VCPFCTFUQT+PVGTRTGVCVKQPUCTGUVKNNPQVGHHGEVKXG
CPFVJG[JCXGPQVDGGPCRRNKGFKPVJGRTGRCTCVKQPQHVJGCPPWCNTGRQTV(QTVJG$CPI1NWHUGP)TQWRVJGOQUVUKIPKHKECPVQHVJGUGPGYQT
COGPFGF5VCPFCTFUQT+PVGTRTGVCVKQPUCTGVJGHQNNQYKPI

+(45(KPCPEKCNKPUVTWOGPVU6JGUVCPFCTFEJCPIGUVJGTGEQIPKVKQPCPFOGCUWTGOGPVQHƂPCPEKCNCUUGVU6JGUVCPFCTFKUGHHGEVKXGHQTCPPWCN
RGTKQFUDGIKPPKPIQPQTCHVGT,CPWCT[6JGUVCPFCTFKUPQV[GVGPFQTUGFD[VJG'WTQRGCP7PKQP
/KPQTCOGPFOGPVUTGUWNVKPIHTQOVJG+#5$oUCPPWCNKORTQXGOGPVURTQLGEV6JGOCLQTKV[QHVJGCOGPFOGPVUKUGHHGEVKXGHQTCPPWCNRGTKQFU
DGIKPPKPIQPQTCHVGT,CPWCT[6JGCOGPFOGPVUCTGPQV[GVGPFQTUGFD[VJG'WTQRGCP7PKQP
6JGOCPCIGOGPVCUUGUUGUVJCVVJGPGYQTCOGPFGF5VCPFCTFUCPF+PVGTRTGVCVKQPUYKNNPQVJCXGCP[OCVGTKCNKORCEVQPVJGCPPWCNTGRQTVHQT
VJGHWVWTGHKPCPEKCN[GCTU
)GPGTCNKPHQTOCVKQPCDQWVTGEQIPKVKQPCPFOGCUWTGOGPV
#UUGVUCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVYJGPKVKURTQDCDNGVJCVHWVWTGGEQPQOKEDGPGHKVUTGUWNVKPIHTQOCRCUVGXGPVYKNNHNQYVQVJG
)TQWRCPFVJGXCNWGQHVJGCUUGVECPDGOGCUWTGFTGNKCDN[
.KCDKNKVKGUCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVYJGPKVKURTQDCDNGVJCVVJG)TQWRYKNNIKXGWRHWVWTGGEQPQOKEDGPGHKVUCUCEQPUGSWGPEGQHC
NGICNQTEQPUVTWEVKXGQDNKICVKQPTGUWNVKPIHTQOCRCUVGXGPVCPFVJGXCNWGQHVJGNKCDKNKV[ECPDGOGCUWTGFTGNKCDN[
+PVTCITQWRCESWKUKVKQPUCTGTGEQIPKUGFKPVJGCESWKTGToUDCNCPEGUJGGVCVVJGVTCPUHGTTKPIEQORCP[oUECTT[KPICOQWPVUCUCVVJGCESWKUKVKQP
FCVG
1PKPKVKCNTGEQIPKVKQPCUUGVUCPFNKCDKNKVKGUCTGOGCUWTGFCVEQUVRTKEGYJKNGHKPCPEKCNKPUVTWOGPVUCTGOGCUWTGFCVHCKTXCNWG5WDUGSWGPVN[
CUUGVUCPFNKCDKNKVKGUCTGOGCUWTGFCUFGUETKDGFDGNQYHQTGCEJHKPCPEKCNUVCVGOGPVKVGO
%QPUQNKFCVKQP
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUEQORTKUGVJGRCTGPVEQORCP[$CPI1NWHUGPCUCPFVJGEQORCPKGU
UWDUKFKCTKGUYJKEJCTG
EQPVTQNNGFD[VJGRCTGPVEQORCP[6JGRCTGPVEQORCP[KURTGUWOGFVQJCXGEQPVTQNYJGPKVFKTGEVN[QTKPFKTGEVN[JQNFUOQTGVJCPQH
VJGXQVKPITKIJVUQTKPQVJGTYC[UECPGZGTEKUGQTKUGZGTEKUKPIEQPVTQNNKPIKPHNWGPEG%QORCPKGUKPYJKEJVJG)TQWRFKTGEVN[QTKPFKTGEVN[JQNFU
DGVYGGPCPFQHVJGXQVKPITKIJVUCPFJCUCUKIPKHKECPVKPHNWGPEGDWVPQVEQPVTQNCTGTGICTFGFCUCUUQEKCVGU
%QPUQNKFCVKQPRTKPEKRNGU
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUJCXGDGGPRTGRCTGFQPVJGDCUKUQHVJGHKPCPEKCNUVCVGOGPVUQHVJGRCTGPVEQORCP[CPFKVUUWDUKFKCTKGU
6JGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUJCXGDGGPRTGRCTGFD[CFFKPIWPKHQTOKVGOU6JGHKPCPEKCNUVCVGOGPVUVJCVCTGWUGFHQTVJG
EQPUQNKFCVKQPCTGRTGRCTGFKPCEEQTFCPEGYKVJVJG)TQWRoUCEEQWPVKPIRTKPEKRNGU+PVJGRTQEGUUQHEQPUQNKFCVKQPKPVTCITQWRKPEQOGCPF
GZRGPUGUKPVTCITQWRCEEQWPVUTGEGKXCDNGCPFRC[CDNGCPFFKXKFGPFCPFRTQHKVUCPFNQUUGUHTQOVTCPUCEVKQPUDGVYGGPVJGEQPUQNKFCVGF
EQORCPKGUJCXGDGGPGNKOKPCVGF+PVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUVJGUWDUKFKCTKGUoKVGOUCTGTGEQIPKUGF
/KPQTKV[KPVGTGUVU
1PKPKVKCNTGEQIPKVKQPOKPQTKV[KPVGTGUVUCTGOGCUWTGFCVGKVJGTHCKTXCNWGQTVJGKTRTQRQTVKQPCNUJCTGQHVJGHCKTXCNWGQHVJGKFGPVKHKCDNGCUUGVU
VJGNKCDKNKVKGUCPFVJGEQPVKPIGPVNKCDKNKVKGUKPVJGCESWKTGFEQORCP[%JQKEGQHOGVJQFKUOCFGHQTGCEJKPFKXKFWCNVTCPUCEVKQP6JGOKPQTKV[
KPVGTGUVUCTGUWDUGSWGPVN[CFLWUVGFHQTVJGKTRTQRQTVKQPCNUJCTGQHEJCPIGUVQVJGUWDUKFKCT[oUGSWKV[6JGEQORTGJGPUKXGKPEQOGKUCVVTKDWVGF
VQVJGOKPQTKV[KPVGTGUVUGXGPKHVJKUTGUWNVUKPVJGOKPQTKV[KPVGTGUVUJCXKPICFGHKEKVDCNCPEG#ESWKUKVKQPQHOKPQTKV[KPVGTGUVUKPCUWDUKFKCT[
QTUCNGQHOKPQTKV[KPVGTGUVUKPCUWDUKFKCT[VJCVFQPQVTGUWNVKPCNQUUQHEQPVTQNCTGCEEQWPVGFHQTCUGSWKV[VTCPUCEVKQPUKPVJGEQPUQNKFCVGF
HKPCPEKCNUVCVGOGPVUCPFCP[FKHHGTGPEGDGVYGGPVJGEQPUKFGTCVKQPRCKFCPFVJGECTT[KPICOQWPVKUCVVTKDWVGFVQGSWKV[CVVTKDWVCDNGVQ
UJCTGJQNFGTUQHVJGRCTGPVEQORCP[
$WUKPGUUEQODKPCVKQPU
0GYN[CESWKTGFQTPGYN[GUVCDNKUJGFEQORCPKGUCTGTGEQIPKUGFKPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCUHTQOVJGFCVGQHCESWKUKVKQPQT
VJGFCVGQHGUVCDNKUJOGPVTGURGEVKXGN[6JGCESWKUKVKQPFCVGKUVJGFCVGYJGTGEQPVTQNQHVJGEQORCP[KUCEVWCNN[QDVCKPGF%QORCPKGUUQNF
QTNKSWKFCVGFCTGKPENWFGFKPVJGRTQHKVCPFNQUUCEEQWPVWPVKNVJGFCVGQHUCNGQTNKSWKFCVKQP6JGFCVGQHUCNGKUVJGFCVGYJGTGEQPVTQNQH
VJGEQORCP[KUCEVWCNN[VTCPUHGTTGFVQCVJKTFRCTV[9JGPCESWKTKPIPGYEQORCPKGUYJGTGVJG)TQWRQDVCKPUCEQPVTQNNKPIKPHNWGPEGKP
VJGCESWKTGFEQORCP[VJGCESWKUKVKQPOGVJQFKUCRRNKGFD[YJKEJVJGPGYN[CESWKTGFEQORCPKGUoKFGPVKHKCDNGCUUGVUVJGNKCDKNKVKGUCPFVJG
EQPVKPIGPVNKCDKNKVKGUCTGOGCUWTGFCVHCKTXCNWGCVVJGCESWKUKVKQPFCVG

6JGEQPUKFGTCVKQPRCKFHQTCEQORCP[KUVJGHCKTXCNWGQHVJGEQPUKFGTCVKQPRCKFHQTVJGCESWKTGFEQORCP[#ESWKUKVKQPTGNCVGFEQUVUCTG
TGEQIPKUGFKPRTQHKVQTNQUUKPVJGRGTKQFUKPYJKEJVJGEQUVUCTGKPEWTTGF
2QUKVKXGFKHHGTGPEGU
IQQFYKNNDGVYGGPQPVJGQPGJCPFVJGEQPUKFGTCVKQPRCKFHQTVJGCESWKTGFEQORCP[VJGXCNWGQHOKPQTKV[KPVGTGUVU
KPVJGCESWKTGFEQORCP[CPFVJGCESWKUKVKQPFCVGHCKTXCNWGQHRTGXKQWUN[JGNFGSWKV[KPVGTGUVUCPFQPVJGQVJGTJCPFVJGHCKTXCNWGQHVJG
CESWKTGFCUUGVUNKCDKNKVKGUCPFEQPVKPIGPVNKCDKNKVKGUCTGTGEQIPKUGFCUCPCUUGVWPFGTKPVCPIKDNGCUUGVUCPFCTGVGUVGFHQTKORCKTOGPVCVNGCUV
QPEGC[GCT+HVJGECTT[KPICOQWPVQHVJGCUUGVGZEGGFUVJGTGEQXGTCDNGCOQWPVVJGECTT[KPICOQWPVQHVJGCUUGVKUTGFWEGFVQVJGNQYGT
TGEQXGTCDNGCOQWPV
$WUKPGUUEQODKPCVKQPUHTQODGHQTG,WPGJCXGPQVDGGPCFLWUVGFVQVJGCDQXGCEEQWPVKPIRTKPEKRNGUKPEQPPGEVKQPYKVJVJGVTCPUKVKQP
VQHKPCPEKCNTGRQTVKPICEEQTFKPIVQ+(45
6TCPUNCVKQPQHHQTGKIPEWTTGPE[
1PKPKVKCNTGEQIPKVKQPVTCPUCEVKQPUKPCEWTTGPE[QVJGTVJCPVJGEQORCP[oUHWPEVKQPCNEWTTGPE[CTGVTCPUNCVGFCVVJGGZEJCPIGTCVGRTGXCKNKPI
CVVJGVTCPUCEVKQPFCVG4GEGKXCDNGURC[CDNGUCPFQVJGTOQPGVCT[KVGOUKPHQTGKIPEWTTGPE[YJKEJJCXGPQVDGGPUGVVNGFCVVJGDCNCPEGUJGGV
FCVGCTGVTCPUNCVGFCVVJGGZEJCPIGTCVGURTGXCKNKPICVVJKUFCVG%WTTGPE[ICKPUCPFNQUUGUCTKUKPIDGVYGGPVJGVTCPUCEVKQPFCVGCPFVJGFCVG
QHRC[OGPVQTVJGDCNCPEGUJGGVFCVGTGURGEVKXGN[CTGTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPVCUHKPCPEKCNKPEQOGQTHKPCPEKCNEQUVU6CPIKDNG
CPFKPVCPIKDNGPQPEWTTGPVCUUGVUKPXGPVQTKGUCPFQVJGTPQPOQPGVCT[CUUGVUYJKEJJCXGDGGPRWTEJCUGFKPCHQTGKIPEWTTGPE[CPFYJKEJ
CTGOGCUWTGFCVJKUVQTKECNEQUVRTKEGUCTGVTCPUNCVGFCVVJGGZEJCPIGTCVGRTGXCKNKPICVVJGVTCPUCEVKQPFCVG
9JGPTGEQIPKUKPIEQORCPKGUVJCVRTGUGPVVJGKTHKPCPEKCNUVCVGOGPVUKPCPQVJGTHWPEVKQPCNEWTTGPE[VJCP&CPKUJMTQPGT
&--KPVJG
EQPUQNKFCVGFHKPCPEKCNUVCVGOGPVURTQHKVCPFNQUUCEEQWPVUCTGVTCPUNCVGFWUKPICXGTCIGGZEJCPIGTCVGUHQTVJG[GCT6JGDCNCPEGUJGGVKVGOU
CTGVTCPUNCVGFWUKPIVJGGZEJCPIGTCVGURTGXCKNKPIQPVJGDCNCPEGUJGGVFCVG)QQFYKNNKUTGICTFGFCUDGNQPIKPIVQVJGCESWKTGFEQORCP[CPF
KUVTCPUNCVGFWUKPIVJGGZEJCPIGTCVGURTGXCKNKPIQPVJGDCNCPEGUJGGVFCVG
6TCPUNCVKQPFKHHGTGPEGUCTKUKPIHTQOVJGVTCPUNCVKQPQHVJGHQTGKIPUWDUKFKCTKGUoDCNCPEGUJGGVKVGOUCVVJGDGIKPPKPIQHVJG[GCTVQVJGGZEJCPIG
TCVGURTGXCKNKPICVVJGDCNCPEGUJGGVFCVGCPFHTQOVJGVTCPUNCVKQPQHVJGRTQHKVCPFNQUUCEEQWPVUHTQOCXGTCIGGZEJCPIGTCVGUVQVJGDCNCPEG
UJGGVFCVGGZEJCPIGTCVGUCTGTGEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOG5KOKNCTN[VTCPUNCVKQPFKHHGTGPEGUVJCVCTKUGQPEJCPIGUOCFGFKTGEVN[
VQVJGHQTGKIPEQORCP[oUGSWKV[CTGTGEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOG
&GTKXCVKXGHKPCPEKCNKPUVTWOGPVU
1PKPKVKCNTGEQIPKVKQPFGTKXCVKXGHKPCPEKCNKPUVTWOGPVUCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVCVHCKTXCNWGCVVJGUGVVNGOGPVFCVGCPFUWDUGSWGPVN[
CVVJGDCNCPEGUJGGVFCVGoUHCKTXCNWG2QUKVKXGCPFPGICVKXGHCKTXCNWGUQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVUCTGTGEQIPKUGFKPQVJGTTGEGKXCDNGU
CPFQVJGTRC[CDNGUTGURGEVKXGN[
%JCPIGUKPVJGHCKTXCNWGQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVUYJKEJCTGENCUUKHKGFCUCPFOGGVVJGEQPFKVKQPUHQTJGFIKPIQHVJGHCKTXCNWGQHC
TGEQIPKUGFCUUGVQTCTGEQIPKUGFNKCDKNKV[CTGTGEQIPKUGFKPRTQHKVQTNQUUVQIGVJGTYKVJEJCPIGUKPVJGXCNWGQHVJGJGFIGFCUUGVQTVJGJGFIGF
NKCDKNKV[
%JCPIGUKPVJGHCKTXCNWGQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVUYJKEJCTGENCUUKHKGFCUCPFOGGVVJGEQPFKVKQPUHQTJGFIKPIQHHWVWTGECUJHNQYU
CTGTGEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOG6JGKPGHHGEVKXGRCTVKUTGEQIPKUGFKOOGFKCVGN[KPRTQHKVQTNQUU9JGPVJGJGFIGFVTCPUCEVKQPU
CTGECTTKGFQWVVJGCEEWOWNCVGFEJCPIGUCTGTGEQIPKUGFCURCTVQHVJGEQUVRTKEGHQTVJGVTCPUCEVKQPUEQPEGTPGF
&GTKXCVKXGHKPCPEKCNKPUVTWOGPVUYJKEJFQPQVSWCNKH[CUJGFIKPIKPUVTWOGPVUCTGENCUUKHKGFCUCXCKNCDNGHQTUCNGCPFCTGOGCUWTGFCVHCKTXCNWG
YKVJEQPVKPWQWUTGEQIPKVKQPQHHCKTXCNWGCFLWUVOGPVUKPRTQHKVQTNQUUCURCTVQHHKPCPEKCNKPEQOGQTHKPCPEKCNEQUVU

5JCTGDCUGFKPEGPVKXGRTQITCOOGU
5JCTGDCUGFKPEGPVKXGRTQITCOOGUKPYJKEJVJG$QCTFQH/CPCIGOGPVCPFEGTVCKPQVJGTGORNQ[GGUECPEJQQUGVQDW[UJCTGUKPVJGRCTGPV
EQORCP[
GSWKV[UGVVNGFRTQITCOOGUCTGOGCUWTGFCVVJGHCKTXCNWGQHVJGGSWKV[KPUVTWOGPVUCVITCPVFCVGCPFCTGTGEQIPKUGFKPRTQHKV
QTNQUUCURCTVQHGORNQ[GGEQUVUFWTKPIVJGRGTKQFYJGTGVJGGORNQ[GGUDGEQOGGPVKVNGFVQDW[VJGUJCTGU6JGEQWPVGTKVGOVQVJKUKU
TGEQIPKUGFFKTGEVN[KPGSWKV[
6JGHCKTXCNWGQHVJGGSWKV[KPUVTWOGPVUKUECNEWNCVGFQPVJGDCUKUQHVJG$NCEM5EJQNGUQRVKQPRTKEKPIHQTOWNCYKVJVJGRCTCOGVGTUYJKEJCTG
NKUVGFKPPQVG
'ORNQ[GGUJCTGU
6JGGORNQ[GGUJCTGUJCXGDGGPITCPVGFVQVJGGORNQ[GGUKPVJG&CPKUJEQORCPKGUQHVJG$CPI1NWHUGP)TQWRCVPQEQUVHQTVJG
GORNQ[GGU6JGFKUEQWPVGNGOGPVQHVJGGORNQ[GGUJCTGUKUTGEQIPKUGFCVVJGITCPVFCVGCUCPGZRGPUGKPVJGRTQHKVCPFNQUUCEEQWPV6JG
EQWPVGTKVGOVQVJKUKUTGEQIPKUGFFKTGEVN[KPGSWKV[6JGFKUEQWPVGNGOGPVGSWCNUVJGHCKTXCNWGQHVJG$CPI1NWHUGPUJCTGCVVJGITCPVFCVG
6JGVCZEQPUGSWGPEGQHVJGGORNQ[GGUJCTGCTTCPIGOGPVKUTGEQIPKUGF
6CZ
6CZHQTVJG[GCTYJKEJKPENWFGUVJGEWTTGPVVCZCPFEJCPIGUKPFGHGTTGFVCZHQTVJG[GCTKUTGEQIPKUGFKPRTQHKVQTNQUUYKVJVJGUJCTGVJCV
KUCVVTKDWVCDNGVQVJGTGUWNVHQTVJG[GCTCPFKPQVJGTEQORTGJGPUKXGKPEQOGQTFKTGEVN[KPGSWKV[YKVJVJGUJCTGYJKEJECPDGCVVTKDWVGFVQ
GPVTKGUOCFGKPQVJGTEQORTGJGPUKXGKPEQOGQTFKTGEVN[KPGSWKV[TGURGEVKXGN[
%WTTGPVKPEQOGVCZRC[CDNGCPFEWTTGPVKPEQOGVCZTGEGKXCDNGKUTGEQIPKUGFKPVJGDCNCPEGUJGGVCUVJGVCZECNEWNCVGFQPVJG[GCToUVCZCDNG
KPEQOGCFLWUVGFHQTRTGRCKFVCZ
9JGPECNEWNCVKPIEWTTGPVVCZHQTVJG[GCTVJGVCZTCVGUCPFTGIWNCVKQPURTGXCKNKPICVVJGDCNCPEGUJGGVFCVGKPVJGFKHHGTGPVEQWPVTKGUCTGWUGF
&GHGTTGFVCZKUTGEQIPKUGFWUKPIVJGDCNCPEGUJGGVNKCDKNKV[OGVJQFQPCNNVGORQTCT[FKHHGTGPEGUDGVYGGPVJGVCZDCUGCPFVJGECTT[KPI
COQWPVQHCUUGVUCPFNKCDKNKVKGUGZEGRVHQTFGHGTTGFVCZQPVGORQTCT[FKHHGTGPEGUVJCVCTKUGGKVJGTQPKPKVKCNTGEQIPKVKQPQHIQQFYKNNQTQPKPKVKCN
TGEQIPKVKQPQHCVTCPUCEVKQPVJCVKUPQVCDWUKPGUUEQODKPCVKQPCPFYJGTGVJGVGORQTCT[FKHHGTGPEGQPKPKVKCNTGEQIPKVKQPCHHGEVUPGKVJGT
CEEQWPVKPIRTQHKVQTNQUUPQTVJGVCZCDNGKPEQOG
&GHGTTGFVCZQPVGORQTCT[FKHHGTGPEGUTGNCVKPIVQKPXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGUKUTGEQIPKUGFWPNGUUVJGRCTGPVEQORCP[KUCDNG
VQEQPVTQNYJGPVJGFGHGTTGFVCZKUTGCNKUGFCPFKVKURTQDCDNGVJCVVJGFGHGTTGFVCZYKNNPQVDGTGCNKUGFCUEWTTGPVVCZYKVJKPVJGHQTGUGGCDNG
HWVWTG
6JGFGHGTTGFVCZKUECNEWNCVGFDCUGFQPVJGRNCPPGFWUGQHGCEJCUUGVCPFUGVVNGOGPVQHGCEJNKCDKNKV[TGURGEVKXGN[
6JGFGHGTTGFVCZKUOGCUWTGFWUKPIVJGVCZTCVGUCPFTGIWNCVKQPUKPVJGFKHHGTGPVEQWPVTKGUYJKEJsDCUGFQPVJGNCYUVJCVJCXGDGGPGPCEVGF
QTUWDUVCPVKXGN[GPCEVGFCVVJGDCNCPEGUJGGVFCVGsCTGGZRGEVGFVQRTGXCKNYJGPVJGFGHGTTGFVCZKUGZRGEVGFVQDGTGCNKUGFCUEWTTGPVVCZ
6JGEJCPIGKPFGHGTTGFVCZFWGVQEJCPIGUKPVCZTCVGUQTTGIWNCVKQPUKUTGEQIPKUGFKPRTQHKVQTNQUUWPNGUUVJGFGHGTTGFVCZKUCVVTKDWVCDNGVQ
VTCPUCEVKQPUYJKEJJCXGRTGXKQWUN[DGGPTGEQIPKUGFFKTGEVN[KPGSWKV[QTKPQVJGTEQORTGJGPUKXGKPEQOG+PVJGNCVVGTECUGVJGEJCPIGKUCNUQ
TGEQIPKUGFFKTGEVN[KPGSWKV[QTKPQVJGTEQORTGJGPUKXGKPEQOGTGURGEVKXGN[
&GHGTTGFVCZCUUGVUKPENWFKPIVJGVCZXCNWGQHCP[VCZNQUUECTT[HQTYCTFUCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVCVVJGXCNWGVJGCUUGVKU
GZRGEVGFVQDGTGCNKUGFCVGKVJGTD[UGVQHHCICKPUVFGHGTTGFVCZNKCDKNKVKGUQTCUPGVVCZCUUGVUVQDGUGVQHHCICKPUVHWVWTGRQUKVKXGVCZCDNG
KPEQOG#VGCEJDCNCPEGUJGGVFCVGKVKUCUUGUUGFKHKVKURTQDCDNGVJCVUWHHKEKGPVVCZCDNGKPEQOGYKNNGZKUVKPVJGHWVWTGUQVJCVVJGFGHGTTGFVCZ
CUUGVECPDGWVKNKUGF
6JGRCTGPVEQORCP[KULQKPVN[VCZGFYKVJCNN&CPKUJUWDUKFKCTKGU6JGEWTTGPV&CPKUJEQTRQTCVKQPVCZKUFKUVTKDWVGFDGVYGGPVJGLQKPVN[VCZGF
EQORCPKGUKPRTQRQTVKQPVQVJGKTVCZCDNGKPEQOG

6JGRTQHKVCPFNQUUCEEQWPV
0GVVWTPQXGT
0GVVWTPQXGTKUTGEQIPKUGFKPRTQHKVQTNQUUYJGPFGNKXGT[CPFVTCPUHGTQHVJGTKUMUQHQYPGTUJKRVQVJGEWUVQOGTJCUVCMGPRNCEGKHVJGTGXGPWG
ECPDGOGCUWTGFTGNKCDN[CPFRC[OGPVKUGZRGEVGFVQDGTGEGKXGF6WTPQXGTKUTGEQIPKUGFPGVQHXCNWGCFFGFVCZCPFFKUEQWPVUTGNCVGFVQVJG
UCNG
5CNGUQHIQQFU
6WTPQXGTTGICTFKPIUCNGUQHIQQFUKUTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPVKHVJGVTCPUHGTQHVJGTKUMUQHQYPGTUJKRVQVJGEWUVQOGTJCUVCMGP
RNCEGDGHQTGVJGGPFQHVJGHKPCPEKCN[GCT
4GPFGTKPIQHUGTXKEGU
6WTPQXGTCUUQEKCVGFYKVJVJGTGPFGTKPIQHUGTXKEGUYJKEJCOQPIQVJGTUKPENWFGUUCNGUQHJQWTUKUTGEQIPKUGFCUVJGUGTXKEGUCTGTGPFGTGF
4Q[CNV[
4Q[CNV[KUTGEQIPKUGFQPCUVTCKIJVNKPGDCUKUFWTKPIVJGRGTKQFEQXGTGFD[VJGTQ[CNV[CITGGOGPV
4GPVCNKPEQOG
4GPVCNKPEQOGKUTGEQIPKUGFKPVJGRGTKQFYJGTGVJGNGVVKPIQWVQHVJGRTQRGTV[VCMGURNCEG
2TQFWEVKQPEQUVU
2TQFWEVKQPEQUVUEQORTKUGYCIGUEQPUWORVKQPQHUVQEMCPFKPFKTGEVEQUVUKPENWFKPIUCNCTKGUFGRTGEKCVKQPCOQTVKUCVKQPCPFKORCKTOGPVNQUUGU
YJKEJCTGKPEWTTGFYKVJVJGRWTRQUGQHCEJKGXKPIVJGPGVVWTPQXGTHQTVJG[GCT
&GXGNQROGPVEQUVU
&GXGNQROGPVEQUVUYJKEJFQPQVOGGVVJGETKVGTKCHQTECRKVCNKUCVKQPCTGTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPVCUFGXGNQROGPVEQUVUCNQPI
YKVJCOQTVKUCVKQPCPFKORCKTOGPVNQUUGUQPECRKVCNKUGFFGXGNQROGPVRTQLGEVU
&KUVTKDWVKQPCPFOCTMGVKPIEQUVU
&KUVTKDWVKQPCPFOCTMGVKPIEQUVUEQORTKUGEQUVUTGNCVKPIVQUCNGUCPFFKUVTKDWVKQPQHVJG)TQWRoURTQFWEVUKPENWFKPIUCNCTKGUHQTUCNGURGTUQPPGN
CFXGTVKUKPICPFGZJKDKVKQPEQUVUFGRTGEKCVKQPCOQTVKUCVKQPCPFKORCKTOGPVNQUUGU%QUVUKPUWDUKFKCTKGUYJKEJCTGTGURQPUKDNGGZENWUKXGN[HQTVJG
UCNGUQHVJG)TQWRoURTQFWEVUCTGCNNQECVGFVQFKUVTKDWVKQPCPFOCTMGVKPIEQUVU
#FOKPKUVTCVKQPEQUVUGVE
#FOKPKUVTCVKQPEQUVUGVEEQORTKUGEQUVUHQTVJGCFOKPKUVTCVKXGRGTUQPPGNOCPCIGOGPVCPFQHHKEGEQUVUGVEKPENWFKPIFGRTGEKCVKQPCOQTVKUCVKQP
CPFKORCKTOGPVNQUUGU
1VJGTQRGTCVKPIKPEQOG
1VJGTQRGTCVKPIKPEQOGCPFQRGTCVKPIEQUVUKPENWFGKPEQOGCPFEQUVUQHCUGEQPFCT[EJCTCEVGTEQORCTGFVQVJG)TQWRURTKOCT[CEVKXKVKGU
COQPIVJGUGICKPUCPFNQUUGUQPUCNGQHEGTVCKPVCPIKDNGCPFKPVCPIKDNGPQPEWTTGPVCUUGVU
&KXKFGPF
&KXKFGPFHTQOKPXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGUKUTGEQIPKUGFYJGPHKPCNTKIJVVQTGEGKXGVJGFKXKFGPFKUGUVCDNKUJGF6JKUKUV[RKECNN[CV
VJGVKOGQHVJG#PPWCN)GPGTCN/GGVKPIoUCRRTQXCNQHVJGFKUVTKDWVKQPQHFKXKFGPFHTQOVJGEQORCP[KPSWGUVKQP+PVJGEQPUQNKFCVGFHKPCPEKCN
UVCVGOGPVUVJKUFQGUPQVCRRN[HQTKPXGUVOGPVUKPCUUQEKCVGUYJKEJCTGOGCUWTGFCEEQTFKPIVQVJGGSWKV[OGVJQFEHDGNQY
(KPCPEKCNKVGOU
(KPCPEKCNKVGOUKPENWFGKPVGTGUVKPEQOGCPFEQUVTGCNKUGFCPFWPTGCNKUGFECRKVCNICKPUCPFNQUUGUQPUGEWTKVKGUNKCDKNKVKGUCPFVTCPUCEVKQPUKP
HQTGKIPEWTTGPE[CUYGNNCUUWRRNGOGPVUCPFTGHWPFUWPFGTVJGQPCEEQWPVVCZUEJGOG

6JGDCNCPEGUJGGV
+PVCPIKDNGPQPEWTTGPVCUUGVU
)QQFYKNN
)QQFYKNNKUKPKVKCNN[TGEQIPKUGFCPFOGCUWTGFCUVJGFKHHGTGPEGDGVYGGPQPVJGQPGJCPFVJGEQUVRTKEGQHVJGCESWKTGFEQORCP[VJGXCNWG
QHOKPQTKV[KPVGTGUVUKPVJGCESWKTGFEQORCP[CPFVJGCESWKUKVKQPFCVGHCKTXCNWGQHRTGXKQWUN[JGNFGSWKV[KPVGTGUVUCPFQPVJGQVJGTJCPF
VJGHCKTXCNWGQHVJGCESWKTGFCUUGVUNKCDKNKVKGUCPFEQPVKPIGPVNKCDKNKVKGUEHVJGFGUETKRVKQPKPVJGRCTCITCRJCDQWVVJGEQPUQNKFCVGFHKPCPEKCN
UVCVGOGPVU
9JGPTGEQIPKUKPIIQQFYKNNVJGIQQFYKNNCOQWPVKUCNNQECVGFVQVJQUGQHVJG)TQWRoUCEVKXKVKGUVJCVIGPGTCVGKPFGRGPFGPVECUJHNQYU
ECUJIGPGTCVKPIWPKVU6JGFGHKPKVKQPQHECUJIGPGTCVKPIWPKVUKUKPCEEQTFCPEGYKVJVJGOCPCIGTKCNUVTWEVWTGCPFVJGKPVGTPCNOCPCIGOGPV
CEEQWPVKPICPFTGRQTVKPIKPVJG)TQWR
)QQFYKNNKUPQVCOQTVKUGFDWVKUVGUVGFHQTKORCKTOGPVCVNGCUVQPEGC[GCTEHDGNQY
&GXGNQROGPVRTQLGEVU
&GXGNQROGPVRTQLGEVUVJCVCTGENGCTN[FGHKPGFCPFKFGPVKHKCDNGCTGTGEQIPKUGFCUKPVCPIKDNGPQPEWTTGPVCUUGVUKHKVKURTQDCDNGVJCVVJG[ECPDG
OCTMGVGFCUPGYRTQFWEVUKPCRQVGPVKCNOCTMGV
1VJGTFGXGNQROGPVEQUVUCTGTGEQIPKUGFCUGZRGPUGUKPRTQHKVQTNQUUYJGPKPEWTTGF
#VKPKVKCNTGEQIPKVKQPFGXGNQROGPVRTQLGEVUCTGOGCUWTGFCVEQUVRTKEG6JGEQUVRTKEGQHFGXGNQROGPVRTQLGEVUEQORTKUGUEQUVUKPENWFKPI
UCNCTKGUCPFFGRTGEKCVKQPCOQTVKUCVKQPVJCVTGNCVGFKTGEVN[VQVJGFGXGNQROGPVRTQLGEVUCPFYJKEJCTGPGEGUUCT[VQEQORNGVGVJGRTQLGEV
HTQOVJGVKOGYJGPVJGFGXGNQROGPVRTQLGEVKPKVKCNN[OGGVUVJGETKVGTKCHQTTGEQIPKVKQPCUCPCUUGV4GKODWTUGOGPVUCPFITCPVUEQPEGTPKPI
FGXGNQROGPVRTQLGEVUCTGFGFWEVGFHTQOVJGEQUVRTKEG
+PVGTGUVGZRGPUGUTGNCVGFVQHKPCPEKPIQHVJGEQPUVTWEVKQPQHSWCNKH[KPIFGXGNQROGPVRTQLGEVUCTGTGEQIPKUGFCURCTVQHVJGEQUVRTKEGQHVJG
FGXGNQROGPVRTQLGEVUKHVJG[TGNCVGVQVJGRGTKQFQHEQPUVTWEVKQP
%QORNGVGFFGXGNQROGPVRTQLGEVUCTGCOQTVKUGFQPCUVTCKIJVNKPGDCUKUQXGTVJGGZRGEVGFWUGHWNNKHG6JGCOQTVKUCVKQPRGTKQFKUPQTOCNN[
[GCTU(QTFGXGNQROGPVRTQLGEVUVJCVCTGRTQVGEVGFD[KPVGNNGEVWCNRTQRGTV[TKIJVUVJGOCZKOWOCOQTVKUCVKQPRGTKQFGSWCNUVJGTGOCKPKPIVGTO
HQTVJGTKIJVUKPSWGUVKQP
6JGECTT[KPICOQWPVQHFGXGNQROGPVURTQLGEVUKUTGFWEGFVQCRQVGPVKCNNQYGTTGEQXGTCDNGCOQWPVEHVJGRCTCITCRJCDQWVKORCKTOGPVNQUUGU
DGNQY&GXGNQROGPVRTQLGEVUKPRTQITGUUCTGVGUVGFHQTKORCKTOGPVCVNGCUVQPEGC[GCT
#ESWKTGFTKIJVU
#ESWKTGFTKIJVUEQORTKUGUQHVYCTGMG[OQPG[CPFRCVGPVUCPFCTGOGCUWTGFCVEQUVRTKEGNGUUCEEWOWNCVGFCOQTVKUCVKQPCPFKORCKTOGPV
NQUUGU
#ESWKTGFTKIJVUCTGCOQTVKUGFQPCUVTCKIJVNKPGDCUKUQXGTVJGUJQTVGTQHVJGGUVKOCVGFWUGHWNNKHGCPFVJGVGTOQHVJGEQPVTCEV6JGECTT[KPI
COQWPVQHCESWKTGFTKIJVUKUTGFWEGFVQCRQVGPVKCNNQYGTTGEQXGTCDNGCOQWPVEHVJGRCTCITCRJCDQWVKORCKTOGPVNQUUGUDGNQY
6CPIKDNGPQPEWTTGPVCUUGVU
6CPIKDNGPQPEWTTGPVCUUGVUCTGOGCUWTGFCVEQUVRTKEGYKVJFGFWEVKQPQHCEEWOWNCVGFFGRTGEKCVKQPCPFKORCKTOGPVNQUUGU
6JGEQUVRTKEGEQORTKUGUVJGCESWKUKVKQPRTKEGCPFEQUVUFKTGEVN[TGNCVGFVQVJGCESWKUKVKQPWPVKNVJGVKOGYJGPVJGCUUGVKUTGCF[HQTWUG(QT
UGNHEQPUVTWEVGFPQPEWTTGPVCUUGVUVJGEQUVRTKEGEQORTKUGUFKTGEVEQUVUHQTYCIGUOCVGTKCNUEQORQPGPVUCPFUWDUWRRNKGTU4GKODWTUGOGPVU
CPFITCPVUEQPEGTPKPIVCPIKDNGPQPEWTTGPVCUUGVUCTGFGFWEVGFHTQOVJGEQUVRTKEG
+PVGTGUVGZRGPUGUTGNCVGFVQHKPCPEKPIQHVJGEQPUVTWEVKQPQHSWCNKH[KPIVCPIKDNGPQPEWTTGPVCUUGVUCTGTGEQIPKUGFKPVJGEQUVRTKEGQHVJG
CUUGVUKHVJG[TGNCVGVQVJGRGTKQFQHEQPUVTWEVKQP

6JGEQUVRTKEGQHCVCPIKDNGPQPEWTTGPVCUUGVKUFKXKFGFKPVQKPFKXKFWCNEQORQPGPVUYJKEJCTGFGRTGEKCVGFUGRCTCVGN[KHVJGGZRGEVGFWUGHWN
NKHGFKHHGTUHQTVJGKPFKXKFWCNEQORQPGPVU
(QTVCPIKDNGPQPEWTTGPVCUUGVUJGNFWPFGTHKPCPEGNGCUGUVJGEQUVRTKEGGSWCNUVJGNQYGTQHHCKTXCNWGQHVJGCUUGVUCPFVJGRTGUGPVXCNWGQH
VJGHWVWTGOKPKOWONGCUGRC[OGPVU6JGKPVGTGUVTCVGKORNKEKVKPVJGNGCUGQTVJGKPETGOGPVCNDQTTQYKPITCVGKUWUGFCUFKUEQWPVTCVGYJGP
ECNEWNCVKPIVJGRTGUGPVXCNWG
&GRTGEKCVKQP
&GRTGEKCVKQPKUECTTKGFQWVQPCUVTCKIJVNKPGDCUKUQXGTVJGGZRGEVGFWUGHWNNKXGUQHVJGCUUGVUEQPUKFGTKPIVJGCUUGVUoTGUKFWCNXCNWGU6JG
HQNNQYKPIFGRTGEKCVKQPRGTKQFUCTGWUGF
.CPFCPFDWKNFKPIU
.CPF 0QPG
$WKNFKPIU [GCTU
+PVGTKQTTGHWTDKUJOGPVURGEKCNKPUVCNNCVKQPU [GCTU
2NCPVCPFOCEJKPGT[
5KPINGRWTRQUGRTQFWEVKQPVQQNU [GCTU
1VJGTRNCPVCPFOCEJKPGT[ [GCTU
1VJGTGSWKROGPV [GCTU
.GCUGJQNFKORTQXGOGPVUCTGFGRTGEKCVGFQPCUVTCKIJVNKPGDCUKUQXGTVJGVGTOQHVJGNGCUGVJQWIJPQVGZEGGFKPI[GCTU
&GRTGEKCVKQPOGVJQFUWUGHWNNKXGUCPFTGUKFWCNXCNWGUCTGTGXKGYGFCPPWCNN[
6JGECTT[KPICOQWPVQHVCPIKDNGPQPEWTTGPVCUUGVUKUTGFWEGFVQTGEQXGTCDNGCOQWPVKHVJGTGEQXGTCDNGCOQWPVKUNQYGTVJCPVJGECTT[KPI
COQWPVEHVJGRCTCITCRJCDQWVKORCKTOGPVNQUUGUDGNQY
+PXGUVOGPVRTQRGTV[
+PXGUVOGPVRTQRGTV[KURTQRGTV[JGNFVQGCTPTGPVCNKPEQOGQTHQTECRKVCNCRRTGEKCVKQP
+PXGUVOGPVRTQRGTV[KUOGCUWTGFCVEQUVRTKEGYKVJFGFWEVKQPQHCEEWOWNCVGFFGRTGEKCVKQPCPFKORCKTOGPVNQUUGU+PXGUVOGPVRTQRGTV[KU
FGRTGEKCVGFQPCUVTCKIJVNKPGDCUKUQXGT[GCTU
4GKODWTUGOGPVUCPFITCPVUEQPEGTPKPIKPXGUVOGPVRTQRGTV[CTGFGFWEVGFHTQOVJGEQUVRTKEG
+ORCKTOGPVNQUUGUQPVCPIKDNGCPFKPVCPIKDNGPQPEWTTGPVCUUGVUCPFKPXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGU
6JGECTT[KPICOQWPVQHVCPIKDNGPQPEWTTGPVCUUGVUCPFKPVCPIKDNGPQPEWTTGPVCUUGVUYKVJFGHKPKVGWUGHWNNKXGUCPFKPXGUVOGPVUKPUWDUKFKCTKGU
CPFCUUQEKCVGUKUTGXKGYGFCVVJGDCNCPEGUJGGVFCVGVQFGVGTOKPGKHVJGTGCTGKPFKECVKQPUQHFGETGCUGUKPXCNWG+HVJKUKUVJGECUGVJG
TGEQXGTCDNGCOQWPVQHVJGCUUGVKUFGVGTOKPGFVQCUUGUUVJGPGGFHQTTGEQIPKVKQPQHCP[KORCKTOGPVNQUUCPFVJGCOQWPVJGTGQH
(QTFGXGNQROGPVRTQLGEVUKPRTQITGUUCPFIQQFYKNNVJGTGEQXGTCDNGCOQWPVKUFGVGTOKPGFCVNGCUVQPEGC[GCTYJGVJGTQTPQVVJGTGCTG
KPFKECVKQPUQHKORCKTOGPV
+HVJGCUUGVFQGUPQVIGPGTCVGECUJHNQYUKPFGRGPFGPVN[QHQVJGTCUUGVUVJGTGEQXGTCDNGCOQWPVKUFGVGTOKPGFHQTVJGUOCNNGUVECUJIGPGTCVKPI
WPKVVJCVKPENWFGUVJGCUUGV
6JGTGEQXGTCDNGCOQWPVKUFGVGTOKPGFCUVJGJKIJGUVXCNWGQHVJGCUUGVoUQTVJGECUJIGPGTCVKPIWPKVoUHCKTXCNWGNGUUEQUVUVQUGNNCPFVJGXCNWG
KPWUG9JGPVJGXCNWGKPWUGKUFGVGTOKPGFVJGGUVKOCVGFHWVWTGECUJHNQYUCTGFKUEQWPVGFCVVJGKTRTGUGPVXCNWGWUKPICFKUEQWPVTCVGVJCV
TGHNGEVUDQVJVJGRTGUGPVOCTMGVCUUGUUOGPVQHVJGVKOGXCNWGQHOQPG[CPFVJGURGEKHKETKUMUVJCVCTGEQPPGEVGFYKVJVJGCUUGVCPFVJGECUJ
IGPGTCVKPIWPKVTGURGEVKXGN[HQTYJKEJPQCFLWUVOGPVJCUDGGPOCFGKPVJGGUVKOCVGFHWVWTGECUJHNQYU
+HVJGCUUGVoUQTVJGECUJIGPGTCVKPIWPKVoUTGEQXGTCDNGCOQWPVKUNGUUVJCPVJGECTT[KPICOQWPVVJGECTT[KPICOQWPVKUTGFWEGFVQVJG

TGEQXGTCDNGCOQWPV(QTECUJIGPGTCVKPIWPKVUVJGKORCKTOGPVNQUUKUCNNQECVGFVQTGFWEGHKTUVCP[IQQFYKNNCOQWPVUCPFVJGPCTGOCKPKPI
KORCKTOGPVNQUUKUCNNQECVGFVQVJGQVJGTCUUGVUQHVJGWPKVKPCYC[UQVJCVPQCUUGVKUTGFWEGFVQCXCNWGDGNQYKVUHCKTXCNWGNGUUEQUVUVQUGNN
+ORCKTOGPVNQUUGUCTGTGEQIPKUGFKPRTQHKVQTNQUU1PCP[UWDUGSWGPVTGXGTUCNUQHKORCKTOGPVNQUUGUTGEQIPKUGFKPRTKQTRGTKQFUFWGVQ
EJCPIGUKPVJGGUVKOCVGUWUGFVQFGVGTOKPGVJGTGEQXGTCDNGCOQWPVVJGCUUGVoUQTVJGECUJIGPGTCVKPIWPKVoUECTT[KPICOQWPVKUKPETGCUGFVQ
VJGCFLWUVGFTGEQXGTCDNGCOQWPVJQYGXGTPQVGZEGGFKPIVJGECTT[KPICOQWPVVJGCUUGVQTVJGECUJIGPGTCVKPIWPKVYQWNFJCXGJCFKHKVJCF
PQVDGGPKORCKTGF+ORCKTOGPVQHIQQFYKNNKUPQVTGXGTUGF
+PXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGUKPVJGUGRCTCVGHKPCPEKCNUVCVGOGPVUQHVJGRCTGPVEQORCP[
+PXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGUKPVJGUGRCTCVGHKPCPEKCNUVCVGOGPVQHVJGRCTGPVEQORCP[CTGOGCUWTGFCVEQUVRTKEG+HVJGEQUV
RTKEGGZEGGFUVJGKPXGUVOGPVoUTGEQXGTCDNGCOQWPVVJGECTT[KPICOQWPVKUTGFWEGFVQVJKUNQYGTCOQWPVEHVJGRCTCITCRJCDQWVKORCKTOGPV
NQUUGUCDQXG
9JGPUGNNKPIKPXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGUICKPQTNQUUKUECNEWNCVGFCUVJGFKHHGTGPEGDGVYGGPVJGECTT[KPICOQWPVQHVJGUQNF
KPXGUVOGPVUCPFVJGHCKTXCNWGQHVJGRTQEGGFUHTQOVJGUCNG
+PXGUVOGPVUKPCUUQEKCVGUKPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU
+PXGUVOGPVUKPCUUQEKCVGUCTGTGEQIPKUGFCPFOGCUWTGFCEEQTFKPIVQVJGGSWKV[OGVJQFKPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU6JKUOGCPU
VJCVVJGKPXGUVOGPVUCTGOGCUWTGFCVVJGRTQRQTVKQPCNUJCTGQHVJGCEEQWPVKPIPGVCUUGVXCNWGQHVJGEQORCPKGUEQORWVGFKPCEEQTFCPEG
YKVJVJG)TQWRoUCEEQWPVKPIRTKPEKRNGUYKVJVJGFGFWEVKQPQTCFFKVKQPQHRTQRQTVKQPCNKPVTCITQWRICKPUCPFNQUUGUCPFYKVJVJGCFFKVKQPQHC
ECTT[KPICOQWPVQHIQQFYKNN
+PRTQHKVQTNQUUVJGRTQRQTVKQPCNUJCTGQHVJGEQORCPKGUTGUWNVCHVGTVCZCPFVJGGNKOKPCVKQPQHWPTGCNKUGFRTQRQTVKQPCNKPVTCITQWRICKPUCPF
NQUUGUCPFYKVJVJGTGFWEVKQPQHCP[KORCKTOGPVNQUUGUQPIQQFYKNNKUTGEQIPKUGF+PVJG)TQWRoUQVJGTEQORTGJGPUKXGKPEQOGVJGRTQRQTVKQPCN
UJCTGQHCNNVTCPUCEVKQPUCPFGXGPVUYJKEJCTGTGEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOGKPVJGCUUQEKCVGKUTGEQIPKUGF
+PXGUVOGPVUKPCUUQEKCVGUYKVJCPGICVKXGCEEQWPVKPIPGVCUUGVXCNWGCTGOGCUWTGFCV&--4GEGKXCDNGUCPFQVJGTPQPEWTTGPVHKPCPEKCN
CUUGVUYJKEJCTGTGICTFGFCUDGKPIRCTVQHVJGVQVCNKPXGUVOGPVKPVJGCUUQEKCVGCTGYTKVVGPFQYPYKVJCTGOCKPKPIPGICVKXGPGVCUUGVXCNWG
6TCFGTGEGKXCDNGUCPFQVJGTTGEGKXCDNGUCTGYTKVVGPFQYPVQVJGGZVGPVVJG[CTGCUUGUUGFVQDGKTTGEQXGTCDNG
#RTQXKUKQPVQEQXGTVJGTGOCKPKPIPGICVKXGPGVCUUGVXCNWGKUTGEQIPKUGFQPN[VQVJGGZVGPVVJCVVJG)TQWRJCUCNGICNQTEQPUVTWEVKXG
QDNKICVKQPVQEQXGTVJGQDNKICVKQPUQHVJGEQORCP[KPSWGUVKQP
9JGPRWTEJCUKPIKPXGUVOGPVUKPCUUQEKCVGUVJGCESWKUKVKQPOGVJQFKUWUGFEHVJGRCTCITCRJCDQWVVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVU
CDQXG
+PXGPVQTKGU
+PXGPVQTKGUCTGOGCUWTGFCVVJGNQYGTQHEQUVRTKEGCEEQTFKPIVQVJG(+(1RTKPEKRNGCPFPGVTGCNKUCDNGXCNWG
6JGEQUVRTKEGQHTCYOCVGTKCNUEQPUWOCDNGUCPFRWTEJCUGFIQQFUEQORTKUGUVJGCESWKUKVKQPRTKEGYKVJCFFGFFGNKXGT[EQUVU6JGEQUVRTKEGQH
HKPKUJGFIQQFUCPFYQTMKPRTQITGUUEQORTKUGUEQUVUQHOCVGTKCNUCPFFKTGEVNCDQWTRNWUKPFKTGEVRTQFWEVKQPEQUVU
+PFKTGEVRTQFWEVKQPEQUVUKPENWFGKPFKTGEVOCVGTKCNUCPFYCIGUOCKPVGPCPEGCPFFGRTGEKCVKQPQPRNCPVCPFOCEJKPGT[HCEVQT[DWKNFKPIUCPF
QVJGTGSWKROGPVWUGFKPVJGRTQFWEVKQPRTQEGUUCUYGNNCUEQUVUQHHCEVQT[CFOKPKUVTCVKQPCPFOCPCIGOGPV
6JGPGVTGCNKUCDNGXCNWGQHKPXGPVQTKGUKUECNEWNCVGFCUVJGGZRGEVGFUGNNKPIRTKEGNGUUEQUVUQHEQORNGVKQPCPFEQUVUPGEGUUCT[VQOCMGVJGUCNG
4GEGKXCDNGU
4GEGKXCDNGUEQORTKUGVTCFGTGEGKXCDNGUQVJGTHKPCPEKCNTGEGKXCDNGURTKOCTKN[NQCPUVQGZVGTPCNRCTVKGUCPFQVJGTTGEGKXCDNGU6JGTGEGKXCDNGUCTG
ECVGIQTKUGFCUNQCPUCPFTGEGKXCDNGUYJKEJCTGPQPFGTKXCVKXGHKPCPEKCNCUUGVUYKVJHKZGFQTFGVGTOKPCDNGRC[OGPVUVJCVCTGPQVSWQVGFKPCP
CEVKXGOCTMGV
1PKPKVKCNTGEQIPKVKQPVJGTGEGKXCDNGUCTGOGCUWTGFCVHCKTXCNWGCPFUWDUGSWGPVN[CVCOQTVKUGFEQUVRTKEGYJKEJPQTOCNN[EQTTGURQPFVQHCEG
XCNWGNGUURTQXKUKQPUHQTGZRGEVGFNQUUGU2TQXKUKQPUHQTNQUUGUCTGDCUGFQPCPKPFKXKFWCNCUUGUUOGPVQHGCEJQWVUVCPFKPICEEQWPV

2TGRC[OGPVU
2TGRC[OGPVUEQORTKUGKPEWTTGFEQUVUTGNCVGFVQVJGHQNNQYKPIHKPCPEKCN[GCTU6JGRTGRC[OGPVUCTGOGCUWTGFCVEQUVRTKEG
'SWKV[
&KXKFGPF
&KXKFGPFKUTGEQIPKUGFCUCNKCDKNKV[CVVJGVKOGQHCRRTQXCND[VJG#PPWCN)GPGTCN/GGVKPI
1YPUJCTGU
#ESWKUKVKQPCPFUCNGURTKEGUHQTQYPUJCTGUCPFFKXKFGPFTGEGKXGFQPVJGUGUJCTGUCTGTGEQIPKUGFFKTGEVN[KPGSWKV[WPFGTTGVCKPGFGCTPKPIU
5JCTGRTGOKWO
6JGTGUGTXGEQPUKUVUQHRCKFKPRTGOKWOKPEQPPGEVKQPYKVJVJGUWDUETKRVKQPQHUJCTGU
6JGTGUGTXGKUCFKUVTKDWVCDNGTGUGTXGCPFVJGTGHQTGKVECPDGWUGFHQTFGENCTCVKQPQHFKXKFGPFQTVQEQXGTFGHKEKVU
6TCPUNCVKQPTGUGTXG
6JGVTCPUNCVKQPTGUGTXGHQTGZEJCPIGTCVGFKHHGTGPEGUKPVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUEQORTKUGUGZEJCPIGTCVGFKHHGTGPEGUVJCVQEEWT
YJGPVTCPUNCVKPIVJGHQTGKIPUWDUKFKCTKGUoHKPCPEKCNUVCVGOGPVUHTQOVJGKTHWPEVKQPCNEWTTGPE[KPVQ$CPI1NWHUGPCUoRTGUGPVCVKQPEWTTGPE[
1PFKURQUCNQHPGVKPXGUVOGPVUVJGGZEJCPIGTCVGFKHHGTGPEGUQPVJGKPFKXKFWCNKPXGUVOGPVCTGTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPV
6JGTGUGTXGKUCFKUVTKDWVCDNGTGUGTXG
6JGVTCPUNCVKQPTGUGTXGJCUDGGPTGUGVVQ\GTQCUCV,WPGKPCEEQTFCPEGYKVJ+(45
4GUGTXGHQTECUJHNQYJGFIGU
4GUGTXGHQTECUJHNQYJGFIGUEQORTKUGUCEEWOWNCVGFEJCPIGUKPHCKTXCNWGQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVUYJKEJOGGVUVJGEQPFKVKQPUHQT
JGFIKPIQHHWVWTGECUJHNQYUYJGTGVJGJGFIGFRQUKVKQPJCUPQV[GVDGGPTGCNKUGF6JGEJCPIGUKPHCKTXCNWGCTGVTCPUHGTTGFVQVJGRTQHKVCPF
NQUUCEEQWPVYJGPVJGJGFIGFRQUKVKQPUCTGTGCNKUGF
.KCDKNKVKGU
2GPUKQPU
6JG$CPI1NWHUGP)TQWRQRGTCVGURGPUKQPRNCPUHQTEGTVCKPITQWRUQHGORNQ[GGUKP&GPOCTMCPFCDTQCF6[RKECNN[VJGUGRNCPUCTGFGHKPGF
EQPVTKDWVKQPRNCPU
7PFGTFGHKPGFEQPVTKDWVKQPRNCPUTGIWNCTHKZGFEQPVTKDWVKQPUCTGRCKFVQKPFGRGPFGPVKPUWTCPEGEQORCPKGUGVE6JGEQPVTKDWVKQPUCTG
TGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPVKPVJGRGTKQFYJGTGVJGGORNQ[GGUJCXGRGTHQTOGFVJGYQTMVJCVGPVKVNGUVJGOVQVJGEQPVTKDWVKQP
WPFGTVJGRGPUKQP%QPVTKDWVKQPUFWGCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVCUCNKCDKNKV[
7PFGTFGHKPGFDGPGHKVRNCPUVJG)TQWRKUQDNKIGFVQRC[CEGTVCKPDGPGHKVYJGPVJGEQXGTGFGORNQ[GGUJCXGTGVKTGFGICHKZGFCOQWPVQTC
HKZGFRGTEGPVCIGQHVJGUCNCT[CVTGVKTGOGPV
(QTFGHKPGFDGPGHKVRNCPUCPPWCNCEVWCTKCNECNEWNCVKQPUCTGOCFGQHVJGRTGUGPVXCNWGQHVJGHWVWTGDGPGHKVUVJGGORNQ[GGUCTGGPVKVNGFVQFWG
VQVJGKTRTGXKQWUGORNQ[OGPVKPVJG)TQWRCPFYJKEJCTGVQDGRCKFWPFGTVJGRNCP6JGRTGUGPVXCNWGKUECNEWNCVGFDCUGFQPEQPFKVKQPU
CDQWVVJGHWVWTGFGXGNQROGPVKPCOQPIQVJGTUUCNCT[NGXGNUKPVGTGUVTCVGUKPHNCVKQPCPFOQTVCNKV[6JGRTGUGPVXCNWGQHVJGFGHKPGFDGPGHKV
QDNKICVKQPYKVJFGFWEVKQPQHVJGHCKTXCNWGQHCP[RNCPCUUGVUKUTGEQIPKUGFKPVJGDCNCPEGUJGGVCURGPUKQPCUUGVUQTRGPUKQPNKCDKNKVKGU
TGURGEVKXGN[FGRGPFGPVQPYJGVJGTQTPQVVJGPGVCOQWPVKUCPCUUGVQTCNKCDKNKV[EHDGNQY
%JCPIGUKPURGEKHKGFEQPFKVKQPUCDQWVFKUEQWPVTCVGKPHNCVKQPOQTVCNKV[CPFFKUCDNGOGPVQTFKHHGTGPEGUDGVYGGPVJGGZRGEVGFCPFVJGTGCNKUGF

TGVWTPQPRNCPCUUGVUECWUGCEVWCTKCNICKPUCPFNQUUGU6JGCEVWCTKCNICKPUCPFNQUUGUCTGTGEQIPKUGFQPN[KHVJGCEEWOWNCVGFICKPUQTNQUUGU
GZEGGFVJGJKIJGUVPWOGTKECNXCNWGQHQHVJGFGHKPGFDGPGHKVQDNKICVKQPQTQHVJGHCKTXCNWGQHVJGRNCPCUUGVUCUCVVJGDGIKPPKPI
QHVJGHKPCPEKCN[GCT
p6JG%QTTKFQT/GVJQFq+HUQCOQWPVUVJCVHCNNQWVUKFGVJGEQTTKFQTCTGTGEQIPKUGFKPRTQHKVQTNQUUQXGTVJGGZRGEVGF
TGOCKPKPICXGTCIGPWODGTQHYQTMKPI[GCTUHQTVJGGORNQ[GGUEQXGTGFD[VJGRNCP
+HVJGFGHKPGFDGPGHKVRNCPKUCPGVCUUGVVJGCUUGVKUTGEQIPKUGFQPN[KHKVEQTTGURQPFUVQQTKUNQYGTVJCPVJGUWOQHWPTGEQIPKUGFCEVWCTKCN
NQUUGUWPTGEQIPKUGFRCUVUGTXKEGEQUVUCPFVJGRTGUGPVXCNWGQHCP[HWVWTGTGHWPFUHTQOVJGRNCPQTTGFWEVKQPUKPHWVWTGEQPVTKDWVKQPUVQVJG
RNCP
%JCPIGUVQVJGDGPGHKVUYJKEJTGNCVGVQVJGGORNQ[GGUoRTGXKQWUGORNQ[OGPVKPVJG)TQWRECWUGCEJCPIGKPVJGCEVWCTKCNN[ECNEWNCVGF
RTGUGPVXCNWGYJKEJKUTGICTFGFCURCUVUGTXKEGEQUVU+HVJGEQXGTGFGORNQ[GGUCTGGPVKVNGFVQVJGEJCPIGFDGPGHKVTKIJVCYC[VJGEJCPIG
KUTGEQIPKUGFKPRTQHKVQTNQUUCVQPEG1VJGTYKUGVJGEJCPIGKUTGEQIPKUGFKPRTQHKVQTNQUUFWTKPIVJGRGTKQFYJGTGVJGGORNQ[GGUDGEQOG
GPVKVNGFVQVJGEJCPIGFDGPGHKV
2TQXKUKQPU
2TQXKUKQPUEQORTKUGRTQXKUKQPUHQTYCTTCPV[RTQXKUKQPUHQTHCKTPGUUCPFQVJGTRTQXKUKQPU2TQXKUKQPUHQTYCTTCPV[EQORTKUGQDNKICVKQPUVQTGRCKT
RTQFWEVUYKVJKPVJGYCTTCPV[RGTKQF2TQXKUKQPUHQTHCKTPGUUEQORTKUGQDNKICVKQPUVQTGRCKTRTQFWEVUCHVGTVJGYCTTCPV[RGTKQF
6JGRTQXKUKQPUCTGTGEQIPKUGFYJGPVJG)TQWRJCUCNGICNQTEQPUVTWEVKXGQDNKICVKQPCUCTGUWNVQHGXGPVUKPVJGHKPCPEKCN[GCTQTRTGXKQWU[GCTU
CPFKVKURTQDCDNGVJCVCPQWVHNQYQHTGUQWTEGUGODQF[KPIGEQPQOKEDGPGHKVUYKNNDGTGSWKTGFVQUGVVNGVJGQDNKICVKQP
2TQXKUKQPUCTGOGCUWTGFQPVJGDCUKUQHVJGGZRGTKGPEGYKVJYCTTCPV[TGRCKTUCPFQVJGTQDNKICVKQPU2TQXKUKQPUVJCVCTGGZRGEVGFVQHCNNFWG
OQTGVJCPQPG[GCTCHVGTVJGDCNCPEGUJGGVFCVGCTGOGCUWTGFCVRTGUGPVXCNWG
(KPCPEKCNNKCDKNKVKGU
(KZGFKPVGTGUVNQCPUUWEJCUOQTVICIGNQCPUQTDCPMNQCPUCTGTGEQIPKUGFCVVJGFCVGQHVJGNQCPCVVJGTGEGKXGFRTQEGGFUNGUUVTCPUCEVKQP
EQUVU+PUWDUGSWGPVRGTKQFUVJGNQCPUCTGOGCUWTGFCVCOQTVKUGFEQUVRTKEG6JKUOGCPUVJCVVJGFKHHGTGPEGDGVYGGPVJGRTQEGGFUHTQOVJG
TCKUKPIQHVJGNQCPCPFVJGCOQWPVVJCVOWUVDGTGRCKFKUTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPVFWTKPIVJGVGTOQHVJGNQCPCUCHKPCPEKCN
EQUVWUKPIVJGGHHGEVKXGKPVGTGUVOGVJQF
1VJGTHKPCPEKCNNKCDKNKVKGUEQORTKUGQXGTFTCHVHCEKNKVKGUVTCFGRC[CDNGUCPFQVJGTRC[CDNGUVQRWDNKECWVJQTKVKGUGVECPFCTGOGCUWTGFCV
COQTVKUGFEQUVRTKEGYJKEJKURTCEVKECNN[VJGUCOGCUVJGPQOKPCNXCNWG
&GHGTTGFKPEQOG
&GHGTTGFKPEQOGEQORTKUGUTGEGKXGFRC[OGPVUTGNCVGFVQKPEQOGKPVJGHQNNQYKPIHKPCPEKCN[GCTU&GHGTTGFKPEQOGKUOGCUWTGFCVEQUVRTKEG
%CUJHNQYUVCVGOGPV
6JGRTGUGPVCVKQPQHVJGECUJHNQYUVCVGOGPVHQNNQYUVJGKPFKTGEVOGVJQFDCUGFQPVJGTGUWNVHQTVJG[GCT
6JGECUJHNQYUVCVGOGPVUJQYUVJGECUJHNQYUHQTVJG[GCTVJG[GCToUEJCPIGKPECUJCPFECUJGSWKXCNGPVUCUYGNNCUECUJCPFECUJGSWKXCNGPVU
CVVJGDGIKPPKPICPFGPFQHVJG[GCT
%CUJHNQYUHTQOQRGTCVKPICEVKXKVKGU
%CUJHNQYUHTQOQRGTCVKPICEVKXKVKGUCTGUVCVGFCUVJGTGUWNVHQTVJG[GCTCFLWUVGFHQTPQPNKSWKFRTQHKVCPFNQUUCEEQWPVKVGOUCPFEJCPIGUVQ
VJGYQTMKPIECRKVCN6JGYQTMKPIECRKVCNEQORTKUGUEWTTGPVCUUGVUNGUUEWTTGPVNKCDKNKVKGUGZENWFKPIKVGOUYJKEJCTGTGEQIPKUGFCUECUJCPFECUJ
GSWKXCNGPVU
%CUJHNQYUHTQOKPXGUVOGPVCEVKXKVKGU
%CUJHNQYUHTQOKPXGUVOGPVCEVKXKVKGUEQORTKUGVJGCESWKUKVKQPCPFUCNGQHKPVCPIKDNGVCPIKDNGCPFHKPCPEKCNPQPEWTTGPVCUUGVUCPFKPXGUVOGPV
RTQRGTV[

%CUJHNQYUHTQOHKPCPEKPICEVKXKVKGU
%CUJHNQYUHTQOHKPCPEKPICEVKXKVKGUEQORTKUGDQTTQYKPIUCPFKPUVCNOGPVUQPPQPEWTTGPVNKCDKNKVKGUFKXKFGPFRCKFCPFRTQEGGFUHTQOKPETGCUGU
KPVJGUJCTGECRKVCNCUYGNNCUUCNGUCPFTGRWTEJCUGQHQYPUJCTGU
%CUJCPFECUJGSWKXCNGPVU
%CUJCPFECUJGSWKXCNGPVUEQORTKUGECUJNGUUQXGTFTCHVHCEKNKVKGUYJKEJHQTOURCTVQHVJG)TQWRoUQPIQKPIECUJHNQYOCPCIGOGPV%CUJ
HNQYUKPHQTGKIPEWTTGPE[KPENWFKPIECUJHNQYUKPHQTGKIPUWDUKFKCTKGUCTGVTCPUNCVGFCVCXGTCIGOQPVJN[GZEJCPIGTCVGUYJKEJFQPQVFGXKCVG
OCVGTKCNN[HTQOVJGGZEJCPIGTCVGURTGXCKNKPIQPVJGFCVGQHRC[OGPV
5GIOGPVKPHQTOCVKQP
6JGUGIOGPVKPHQTOCVKQPJCUKPCNNOCVGTKCNCURGEVUDGGPRTGRCTGFKPCEEQTFCPEGYKVJVJG)TQWRoUCEEQWPVKPIRTKPEKRNGUCRRNKGFCPFKU
KPCEEQTFCPEGYKVJVJG)TQWRoUOCPCIGOGPVUVTWEVWTGCPFVJGKPVGTPCNOCPCIGOGPVCEEQWPVKPIYJKEJKUWUGFD[VJGEJKGHQRGTCVKQPCN
OCPCIGOGPVKPCUUGUUKPITGUWNVCPFVJGCNNQECVKQPQHTGUQWTEGU
6JG)TQWRoUTGRQTVCDNGUGIOGPVUCTG
$TCPFGFDWUKPGUU
0QPDTCPFGFDWUKPGUUsEQORTKUKPIVJG+%'RQYGT)TQWRCPFUJCTGQHTGUWNVCHVGTVCZKPVJGCUUQEKCVG$CPI1NWHUGP
/GFKEQOCU
6JGUGIOGPVUCTGURNKVDCUGFQPFKHHGTGPEGUKPVJGUGIOGPVUoRTQFWEVU6JGDTCPFGFDWUKPGUUoVWTPQXGTFGTKXGHTQOUCNGQHRTQFWEVUWPFGT
VJG$CPI1NWHUGPDTCPFYJGTGCUVJG+%'RQYGT)TQWRoUVWTPQXGTRTKOCTKN[FGTKXGHTQOUCNGQHUWDEQORQPGPVUVQVJGGNGEVTQPKEUKPFWUVT[
KPENWFKPIVJGTGUVQHVJG$CPI1NWHUGP)TQWRKPFGRGPFGPVQHVJG$CPI1NWHUGPDTCPF5KOKNCTN[VJGCEVKXKVKGUKP$CPI1NWHUGP/GFKEQO
CUCTGKPFGRGPFGPVQHVJG$CPI1NWHUGPDTCPF
6JGUGIOGPVUoOGCUWTGQHRTQHKVQTNQUUKUTGUWNVDGHQTGVCZ5GIOGPVKPEQOGCPFGZRGPUGUEQORTKUGVJQUGKVGOUYJKEJECPDGFKTGEVN[
CNNQECVGFVQVJGKPFKXKFWCNUGIOGPV
6JGOGCUWTGQHVJGUGIOGPVUoCUUGVUKUCVQVCNEQORTKUKPIEQORNGVGFFGXGNQROGPVRTQLGEVUFGXGNQROGPVRTQLGEVUKPRTQITGUUCPFVTCFG
TGEGKXCDNGU6JGKPVGTPCNOCPCIGOGPVCEEQWPVKPIFQGUPQVEQORTKUGUGIOGPVNKCDKNKVKGU
6TCFGDGVYGGPVJG)TQWRoUTGRQTVCDNGUGIOGPVUVCMGURNCEGQPOCTMGVVGTOU
6JG)TQWRoUIGQITCRJKECNCTGCUCTG
&GPOCTM
TGIKUVGTGFQHƂEG
(QTGKIPCTGCUEQORTKUKPI
4GUVQH5ECPFKPCXKCsEQORTKUKPI5YGFGP0QTYC[CPF(KPNCPF
%GPVTCN'WTQRGsEQORTKUKPI)GTOCP[5YKV\GTNCPFCPF#WUVTKC
4GUVQH'WTQRG
0QTVJ#OGTKEC
#UKC
4GUVQHVJGYQTNF
6JGIGQITCRJKECNCTGCUCTGDTQMGPFQYPCEEQTFKPIVQVJGNQECVKQPQHEWUVQOGTUCPFCUUGVU

5+)0+(+%#06#%%1706+0)'56+/#6'5#557/26+105#0&70%'46#+06+'5
0QVGUe
e 5KIPKHKECPVCEEQWPVKPIGUVKOCVGUCUUWORVKQPUCPFWPEGTVCKPVKGU
9JGPCRRN[KPIVJG)TQWRoUCEEQWPVKPIRTKPEKRNGUCUFGUETKDGFKPPQVGKVKUPGEGUUCT[VJCVOCPCIGOGPVOCMGUCPWODGTQHCEEQWPVKPI
CUUGUUOGPVUCPFGUVKOCVGUCUYGNNCUOCMGCUUWORVKQPUCDQWVVJGECTT[KPICOQWPVQHEGTVCKPCUUGVUCPFNKCDKNKVKGUCPFVJGTGEQIPKUGFTGXGPWG
CPFEQUVUYJKEJECPPQVDGFGFWEGFFKTGEVN[HTQOQVJGTUQWTEGU5KIPKHKECPVLWFIGOGPVUCTGCOQPIQVJGTUOCFGYJGPCUUGUUKPIRTQXKUKQPU
EQPVKPIGPVNKCDKNKVKGUFGXGNQROGPVRTQLGEVUVTCFGTGEGKXCDNGUKPXGPVQTKGUCPFFGHGTTGFVCZCUUGVU
/CPCIGOGPVDCUGUVJGGUVKOCVGUCPFCUUWORVKQPUQPJKUVQTKECNGZRGTKGPEGCPFQVJGTTGNGXCPVHCEVQTUVJCVCTGDGNKGXGFVQDGTGCUQPCDNGWPFGT
VJGIKXGPEKTEWOUVCPEGU6JGCEVWCNQWVEQOGECPFKHHGTHTQOVJGUGGUVKOCVGU
6JGGUVKOCVGUOCFGCPFVJGWPFGTN[KPICUUWORVKQPUCTGTGXKGYGFEQPVKPWCNN[%JCPIGUVQVJGCEEQWPVKPIGUVKOCVGUOCFGCTGTGEQIPKUGFKP
VJGHKPCPEKCNRGTKQFYJGTGVJGEJCPIGVCMGURNCEGCPFHWVWTGHKPCPEKCNRGTKQFUKHVJGEJCPIGCHHGEVUDQVJVJGRGTKQFYJGTGVJGEJCPIGVCMGU
RNCEGCPFVJGHQNNQYKPIHKPCPEKCNRGTKQFU
6JGHQNNQYKPICEEQWPVKPIGUVKOCVGUCTGCUUGUUGFVQDGOCVGTKCNHQTVJGEQPUQNKFCVGFHKPCPEKCNUVCVGOGPVUCPFVJGUGRCTCVGHKPCPEKCNUVCVGOGPVU
HQTVJGRCTGPVEQORCP[
2TQXKUKQPUHQTYCTTCPV[CPFHCKTPGUU
6JG$CPI1NWHUGP)TQWRTGRCKTUQTTGRNCEGURTQFWEVUVJCVFQPQVHWPEVKQPUCVKUHCEVQTKN[DQVJYKVJKPVJGYCTTCPV[RGTKQFCPFKPEGTVCKP
UKVWCVKQPUCHVGTVJGYCTTCPV[RGTKQF%QPUGSWGPVN[RTQXKUKQPUCTGOCFGHQTHWVWTGTGRCKTUCPFTGVWTPU6JGRTQXKUKQPUCTGOCFGDCUGFQP
JKUVQTKECNUVCVKUVKEUQHTGRCKTUCPFTGVWTPUCPFDCUGFQPOCPCIGOGPVoULWFIGOGPVU
6JGHWVWTGTGRCKTUCPFTGVWTPUECPFKHHGTHTQOVJGJKUVQTKECNRCVVGTPDWVOCPCIGOGPVCUUGUUGUVJCVVJGGUVKOCVGQHVJGRTQXKUKQPUKUTGCUQPCDNG
CPFCRRTQRTKCVG
%QPVKPIGPVNKCDKNKVKGU
%QPVKPIGPVNKCDKNKVKGUKPENWFKPIVJGQWVEQOGQHRGPFKPINCYUWKVUCTGPCVWTCNN[WPEGTVCKP/CPCIGOGPVJCUGUVKOCVGFVJGUGDCUGFQPNGICN
CUUGUUOGPVUKPVJGKPFKXKFWCNECUGU/CPCIGOGPVCUUGUUGUVJCVVJGGUVKOCVGUCTGTGCUQPCDNG
&GXGNQROGPVRTQLGEVU
+PEQPPGEVKQPYKVJVJGECRKVCNKUCVKQPQHFGXGNQROGPVEQUVUVJGGZRGEVGFWUGHWNNKHGQHVJGRTQFWEVKUVQDGFGVGTOKPGF/CPCIGOGPVJCU
CUUGUUGFVJCVVJGCOQTVKUCVKQPRGTKQFKUWUWCNN[[GCTU
6TCFGTGEGKXCDNGU
5RGEKHKEGUVKOCVGUQHVTCFGTGEGKXCDNGUCTGOCFGQPCPCUUGUUOGPVQHVJGFGCNGToUJKUVQTKECNCDKNKV[VQRC[CPFVJGEWTTGPVUKVWCVKQP
+PXGPVQTKGU
#URGEKHKECUUGUUOGPVQHVJGPGGFHQTYTKVGFQYPUHQTQDUQNGUEGPEGQHKPXGPVQTKGUKUOCFGDCUGFQPCPCUUGUUOGPVQHVJGHWVWTGUCNGU
RQVGPVKCN&WTKPIVJGCUUGUUOGPVVJGGZRGEVGFVGEJPQNQIKECNFGXGNQROGPVUCPFVJGGZRGEVGFUGTXKEGRGTKQFUCTGVCMGPKPVQCEEQWPV
&GHGTTGFVCZCUUGVU
&GHGTTGFVCZCUUGVUCTGTGEQIPKUGFKPVJGDCNCPEGUJGGVCVVJGXCNWGVJGCUUGVKUGZRGEVGFVQDGTGCNKUGFCVGKVJGTD[UGVQHHCICKPUVFGHGTTGF
VCZNKCDKNKVKGUQTCUPGVVCZCUUGVUVQDGUGVQHHCICKPUVHWVWTGRQUKVKXGVCZCDNGKPEQOG#VGCEJDCNCPEGUJGGVFCVGKVKUCUUGUUGFKHKVKURTQDCDNG
VJCVUWHHKEKGPVVCZCDNGKPEQOGYKNNGZKUVKPVJGHWVWTGUQVJCVVJGFGHGTTGFVCZCUUGVECPDGWVKNKUGF

5')/'06+0(14/#6+10

&--OKNNKQP
0QVGUe
e 5GIOGPVKPHQTOCVKQP
$TCPFGF 0QPDTCPFGF 6QVCN

DWUKPGUU DWUKPGUU UGIOGPVU

0GVVWTPQXGT

+PVGTPCNVWTPQXGT

'ZVGTPCNVWTPQXGT

&GRTGEKCVKQPCOQTVKUCVKQP
CPFKORCKTOGPVNQUUGU

4GUWNVQHKPXGUVOGPVUKPCUUQEKCVGU

(KPCPEKCNKPEQOG
(KPCPEKCNEQUVU

4GUWNVDGHQTGVCZ


&GXGNQROGPVRTQLGEVUKPRTQITGUU
6TCFGTGEGKXCDNGU
6QVCNUGIOGPVCUUGVU
#XGTCIGPWODGTQHGORNQ[GGU
&GPOCTM
#DTQCF


&--OKNNKQP
0QVGUe
e 5GIOGPVKPHQTOCVKQP
EQPVKPWGF

4GEQPEKNKCVKQPQHUGIOGPVKPHQTOCVKQP
0GVVWTPQXGTVQVCNUGIOGPVU

'HHGEVQHFKHHGTGPEGUKPGZEJCPIGTCVGU
WUGFKPVJGKPVGTPCNOCPCIGOGPVCEEQWPVKPI

'NKOKPCVKQPQHKPVGTPCNVWTPQXGT

0GVVWTPQXGT)TQWR

4GUWNVDGHQTGVCZVQVCNUGIOGPVU

4GUWNVDGHQTGVCZ)TQWR

6QVCNUGIOGPVCUUGVU

7PCNNQECVGFCUUGVU
6QVCNCUUGVU)TQWR
6QVCN 6QVCN
PQPEWTTGPVCUUGVU PGVVWTPQXGT
)GQITCRJKECNKPHQTOCVKQP
&GPOCTM

4GUVQH5ECPFKPCXKC
%GPVTCN'WTQRG
4GUVQH'WTQRG
0QTVJ#OGTKEC
#UKC
4GUVQHVJGYQTNF
6QVCN
'ZRQTVUJCTG
0QPEWTTGPVCUUVGUFQPQVKPENWFGFGHGTTGFVCZCUUGVURQUVGORNQ[OGPVDGPGHKVCUUGVUCPFPQPEWTTGPVHKPCPEKCNKPUVTWOGPVU
6JG$CPI1NWHUGP)TQWRJCUPQVTCPUCEVKQPUYKVJKPFKXKFWCNEQUVWOGTUYJKEJCEEQWPVHQTOQTGVJCPQHVJG)TQWRUPGVVWTPQXGT

016'5616*'241(+6#0&.155#%%1706


&--OKNNKQP
0QVGUe
e 0GVVWTPQXGT
)GQITCRJKECNDTGCMFQYP
&GPOCTM

0QTYC[
5YGFGP
(KPNCPF
5ECPFKPCXKC
)GTOCP[

5YKV\GTNCPF
#WUVTKC
%GPVTCN'WTQRG
6JG7-

(TCPEG
5RCKP2QTVWICN
+VCN[
$GNIKWO
*QNNCPF
4GUVQH'WTQRG
4GUVQH'WTQRG
0QTVJ#OGTKEC
,CRCP

5KPICRQTG
4GUVQH#UKC
#UKC
/KFFNG'CUV

4GUVQHVJGYQTNF
4GUVQHVJGYQTNF
6QVCN
$TGCMFQYPD[ECVGIQTKGU
5CNGUQHIQQFU

4GPFGTKPIQHUGTXKEGU
4Q[CNV[
4GPVCNKPEQOGHTQORTQRGTV[
6QVCN
Back to FINANCIAL REPORT AND NOTES Back to PROFIT AND LOSS ACCOUNT
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 'ZRGPUGUHWTVJGTKPHQTOCVKQP
2TQFWEVKQPEQUVUFGXGNQROGPVEQUVUFKUVTKDWVKQPCPF
OCTMGVKPIEQUVUCFOKPKUVTCVKQPEQUVUGVECPFTGUVTWEVWTKPI
EQUVUKPENWFGCOQPIQVJGTUVJGCOQWPVUUVCVGFDGNQY
CDQWVYJKEJVJGHQNNQYKPIKPHQTOCVKQPKURTQXKFGF
&GXGNQROGPVEQUVU
&GXGNQROGPVEQUVUKPEWTTGFDGHQTGECRKVCNKUCVKQP
#OQWPVJGTGQHECRKVCNKUGF

6QVCNCOQTVKUCVKQPCPFKORCKTOGPVNQUUGU
QPFGXGNQROGPVRTQLGEVU
&GXGNQROGPVEQUVUTGEQIPKUGFKPTGUVTWEVWTKPIEQUVU

&GXGNQROGPVEQUVUTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPV
%NCUUKHKECVKQPDCUGFQPVJGPCVWTGQHGZRGPUG
4GUVTWEVWTKPIEQUVU
4GUVTWEVWTKPIEQUVUFKXKFGFD[HWPEVKQPU
2TQFWEVKQPEQUV
&GXGNQROGPVEQUVU
4GUVTWEVWTKPIEQUVU
(WPEVKQPUKPENWFKPITGUVTWEVWTKPIEQUVU
2TQFWEVKQPEQUVU
&GXGNQROGPVEQUVU
6QVCN
+PVCPIKDNGPQPEWTTGPVCUUGVU
#OQTVKUCVKQPQHKPVCPIKDNGPQPEWTTGPVCUUGVUKUTGEQIPKUGF
KPVJGHQNNQYKPIKVGOUKPVJGRTQHKVCPFNQUUCEEQWPV
2TQFWEVKQPEQUVU

&GXGNQROGPVEQUVU
4GUVTWEVWTKPIEQUVU

+ORCKTOGPVNQUUGUQPKPVCPIKDNGPQPEWTTGPVCUUGVUCTG
TGEQIPKUGFKPVJGHQNNQYKPIKVGOUKPVJGRTQHKVCPFNQUUCEEQWPV
&GXGNQROGPVEQUVU
4GUVTWEVWTKPIEQUVU

0QKORCKTOGPVNQUUGUQPKPVCPIKDNGPQPEWTTGPVCUUGVU
JCXGDGGPTGXGTUGF
Back to PROFIT AND LOSS ACCOUNT Back to FINANCIAL REPORT AND NOTES

)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
EQPVKPWGF
6CPIKDNGPQPEWTTGPVCUUGVU
&GRTGEKCVKQPQHVCPIKDNGPQPEWTTGPVCUUGVUKUTGEQIPKUGFKP
VJGHQNNQYKPIKVGOUKPVJGRTQHKVCPFNQUUCEEQWPV
2TQFWEVKQPEQUVU

&GXGNQROGPVEQUVU

+ORCKTOGPVNQUUGUQPVCPIKDNGPQPEWTTGPVCUUGVUCTG
TGEQIPKUGFKPVJGHQNNQYKPIKVGOKPVJGRTQHKVCPFNQUUCEEQWPV
4GUVTWEVWTKPIEQUVU

0QKORCKTOGPVNQUUGUQPVCPIKDNGPQPEWTTGPVCUUGVU
JCXGDGGPTGXGTUGF
+PXGUVOGPVRTQRGTV[
&GRTGEKCVKQPQHKPXGUVOGPVRTQRGTV[KUTGEQIPKUGFKPVJG
HQNNQYKPIKVGOUKPVJGRTQHKVCPFNQUUCEEQWPV
2TQFWEVKQPEQUVU

&GXGNQROGPVEQUVU

0QKORCKTOGPVNQUUGUQPKPXGUVOGPVRTQRGTV[JCXGDGGPTGEQIPKUGF
0QKORCKTOGPVNQUUGUQPKPXGUVOGPVRTQRGTV[JCXGDGGPTGXGTUGF
'ORNQ[GGU
4GOWPGTCVKQPQHVJG$QCTFQH&KTGEVQTU
4GOWPGTCVKQPQHVJG$QCTFQH/CPCIGOGPV
5JCTGDCUGFRC[OGPV
9CIGUUCNCTKGUCPFHGGU
2GPUKQPU
1VJGTUQEKCNUGEWTKV[EQUVU

#XGTCIGPWODGTQHHWNNVKOGGORNQ[GGU
&GPOCTM
#DTQCF

'ORNQ[GGEQUVUCTGTGEQIPKUGFKPVJGHQNNQYKPIKVGOU
KPVJGRTQHKVCPFNQUUCEEQWPV
2TQFWEVKQPEQUVU
&GXGNQROGPVEQUVU
4GUVTWEVWTKPIEQUVU


&--OKNNKQP
0QVGUe
EQPVKPWGF
4GOWPGTCVKQPQHVJG$QCTFQH&KTGEVQTUVJG$QCTFQH/CPCIGOGPVCPFQVJGTMG[OCPCIGOGPVRGTUQPPGN

)TQWR

$QCTFQH $QCTFQH 1VJGTMG[ $QCTFQH $QCTFQH 1VJGTMG[

&KTGEVQTU /CPCIGOGPV OCPCIGOGPV &KTGEVQTU /CPCIGOGPV OCPCIGOGPV
RCTGPV RCTGPV RGTUQPPGN RCTGPV RCTGPV RGTUQPPGN
EQORCP[ EQORCP[ EQORCP[ EQORCP[

5GXGTCPEGRC[
$QPWU
2GPUKQPU
6QVCN
5JCTGDCUGFRC[OGPV
6QVCNTGOWPGTCVKQP
2CTGPVEQORCP[

$QCTFQH $QCTFQH 1VJGTMG[ $QCTFQH $QCTFQH 1VJGTMG[

&KTGEVQTU /CPCIGOGPV OCPCIGOGPV &KTGEVQTU /CPCIGOGPV OCPCIGOGPV
RCTGPV RCTGPV RGTUQPPGN RCTGPV RCTGPV RGTUQPPGN
EQORCP[ EQORCP[ EQORCP[ EQORCP[

5GXGTCPEGRC[
$QPWU
2GPUKQPU
6QVCN
5JCTGDCUGFRC[OGPV
6QVCNTGOWPGTCVKQP

&--OKNNKQP
0QVGUe
EQPVKPWGF

5JCTGDCUGFRC[OGPV
5JCTGQRVKQPRTQITCOOG)TQWR

6JG$CPI1NWHUGP)TQWRoUUJCTGQRVKQPRTQITCOOGEQORTKUGUVJG$QCTFQH/CPCIGOGPVCPFCPWODGTQHQVJGTGORNQ[GGUKPVJG
)TQWR#UCV/C[VJGVQVCNRQQNQHQRVKQPUVQVCNUQRVKQPUYJKEJECPDGGZGTEKUGFKPVJGRGTKQF8GUVKPI
QHVJGUJCTGQRVKQPUKUFGRGPFGPVQPVJGTGEKRKGPVQHVJGQRVKQPDGKPIGORNQ[GFFWTKPIVJGXGUVKPIRGTKQF6JGTGCTGPQHWTVJGTXGUVKPI
EQPFKVKQPUHQTVJGQRVKQPU
6JGUJCTGQRVKQPUECPQPN[DGUGVVNGFYKVJUJCTGU6QCNKOKVGFGZVGPV$CPI1NWHUGPCUJCURWTEJCUGFQYPUJCTGUVQEQXGTVJG
QDNKICVKQPTGICTFKPIVJGQWVUVCPFKPIQRVKQPU6JGUJCTGUCTGTGEQIPKUGFFKTGEVN[KPVJGGSWKV[6JGJQNFKPIQHQYPUJCTGUVQVCNU
UJCTGUCUCV/C[
UJCTGUCUCV/C[
6JGGZGTEKUGRTKEGUYJKEJCTGNKPMGFVQVJGITCPVKPVJGHKPCPEKCN[GCTUCPFCTGDCUGFQPGZGTEKUGRTKEGUQHCPF
YJKEJCTGCFLWUVGFD[QPVJGFCVGQHVJGEQORCP[oUHKPCPEKCNUVCVGOGPVCPPQWPEGOGPVVQ0#5&#31/:%QRGPJCIGP#5
KPKVKCNN[CVVJGCPPQWPEGOGPVKP#WIWUVCPF#WIWUVTGURGEVKXGN[6JGCPPWCNCFFKVKQPPQNQPIGTCRRNKGUQTKUNKOKVGFVQVJG
GZVGPVVJCVFKXKFGPFKURCKFQWVQPVJGNCVGUV#PPWCN)GPGTCN/GGVKPIDGHQTGVJGCPPQWPEGOGPVKPSWGUVKQP6JGGZGTEKUGRTKEGYJKEJ
KUNKPMGFVQVJGITCPVKPVJGHKPCPEKCN[GCTKUHKZGFCV6JGGZGTEKUGRTKEGYJKEJKUNKPMGFVQVJGITCPVKPVJGHKPCPEKCN[GCT
KUHKZGFCV6JGGZGTEKUGRTKEGYJKEJKUNKPMGFVQVJGITCPVKPVJGHKPCPEKCN[GCTKUHKZGFCV
5JCTGQRVKQPU $QCTFQH 1VJGT 6QVCNPWODGT 'ZGTEKUGRTKEG

$CPI1NWHUGP)TQWR /CPCIGOGPV GORNQ[GGU QHUJCTGU RGTQRVKQP 'ZGTEKUGRGTKQF

1WVUVCPFKPI,WPG #WIWUV#WIWUV
)TCPVGF #WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
1WVUVCPFKPI/C[ ,WPG#WIWUV

#UCV/C[VJGUJCTGQRVKQPUCTGFKXKFGFCUHQNNQYU

)TCPVKPIRGTKQF
(KPCPEKCN[GCT #WIWUV#WIWUV
6JGGZGTEKUGRTKEGKUCFLWUVGFEHCDQXG


&--OKNNKQP
0QVGUe
EQPVKPWGF

$CPI1NWHUGP)TQWR /CPCIGOGPV GORNQ[GGU QHUJCTGU RGTQRVKQP 'ZGTEKUGRGTKQF

1WVUVCPFKPI,WPG ,WPG#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
)TCPVKPIRGTKQF

6JGHQNNQYKPICOQWPVUTGICTFKPIVJGUJCTGQRVKQPRTQITCOOGJCXG
DGGPTGEQIPKUGFCURCTVQHVJGGORNQ[GGEQUVUKPVJG)TQWR
1RVKQPU 1RVKQPU
ITCPVGFKP ITCPVGFKP

9GKIJVGFCXGTCIGHCKTXCNWG
&--RGTQRVKQP

6JGTGEQIPKVKQPCEEQTFKPIVQVJG$NCEM5EJQNGUQRVKQPRTKEKPIHQTOWNC
KUDCUGFQPVJGHQNNQYKPIEQPFKVKQPU

9GKIJVGFCXGTCIGUJCTGRTKEG
&--RGTUJCTG
'ZRGEVGFXQNCVKNKV[
[GCT[GCTTKUMHTGGKPVGTGUVTCVG
+PCPFCPCXGTCIGFKXKFGPFCFFKVKQPHQTVJG$CPI1NWHUGPCUUJCTGQHCPFTGURGEVKXGN[JCUDGGP
WUGFKPVJGECNEWNCVKQP6JGGZRGEVGFOCVWTKV[KUHKZGFVQDGVJGGPFQHVJGXGUVKPIRGTKQF
.KMGNCUV[GCTVJGXQNCVKNKV[KUDCUGFQPVJGJKUVQTKECNXQNCVKNKV[6JGXQNCVKNKV[KUECNEWNCVGFDCUGFQPQPG[GCToUJKUVQTKECNFCVC
%CNEWNCVGFQPVJGDCUKUQHVJGENQUKPIRTKEGHQTVJG$CPI1NWHUGPCUUJCTGQH&--CUCV/C[VJGPGVCUUGVXCNWGVQVCNU
&--OKNNKQP6JGENQUKPIRTKEGHQTVJG$CPI1NWHUGPCUUJCTGCUCV/C[YCU&--EQTTGURQPFKPIVQCECNEWNCVGF
PGVCUUGVXCNWGQH&--OKNNKQP

&--OKNNKQP
0QVGUe
EQPVKPWGF
5JCTGQRVKQPRTQITCOOGRCTGPVEQORCP[
6JGDQCTFQH/CPCIGOGPVCPFCPWODGTQHQVJGTGORNQ[GGUKP$CPI1NWHUGPCUCTGEQORTKUGFD[VJG)TQWRoUUJCTGQRVKQP
RTQITCOOG#UCV/C[VJGRQQNQHQRVKQPUVQVCNUQRVKQPUYJKEJECPDGGZGTEKUGFKPVJGRGTKQF

$CPI1NWHUGPCU /CPCIGOGPV GORNQ[GGU QHUJCTGU RGTQRVKQP 'ZGTEKUGRGTKQF

1WVUVCPFKPI,WPG #WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV
(QTHGKVGF

#WIWUV#WIWUV

)TCPVKPIRGTKQF

1WVUVCPFKPI,WPG ,WPG#WIWUV
)TCPVKPIRGTKQF


&--OKNNKQP
0QVGUe
EQPVKPWGF

6JGHQNNQYKPICOQWPVUTGICTFKPIVJGUJCTGQRVKQPRTQITCOOGJCXG
DGGPTGEQIPKUGFCURCTVQHVJGGORNQ[GGEQUVUKPVJGRCTGPVEQORCP[
1RVKQPU 1RVKQPU
ITCPVGFKP ITCPVGFKP

9GKIJVGFCXGTCIGHCKTXCNWG
&--RGTQRVKQP
6JGTGEQIPKVKQPCEEQTFKPIVQVJG$NCEM5EJQNGUQRVKQPRTKEKPIHQTOWNCKUDCUGFQPVJGHQNNQYKPIEQPFKVKQPU

9GKIJVGFCXGTCIGUJCTGRTKEG
&--RGTUJCTG
'ZRGEVGFXQNCVKNKV[
[GCT[GCTTKUMHTGGKPVGTGUVTCVG
+PCPFCPCXGTCIGFKXKFGPFCFFKVKQPHQTVJG$CPI1NWHUGPCUUJCTGQHCPFTGURGEVKXGN[
JCUDGGPWUGFKPVJGECNEWNCVKQP6JGGZRGEVGFOCVWTKV[KUHKZGFVQDGVJGGPFQHVJGXGUVKPIRGTKQF
.KMGNCUV[GCTVJGXQNCVKNKV[KUDCUGFQPVJGJKUVQTKECNXQNCVKNKV[6JGXQNCVKNKV[KUECNEWNCVGFDCUGFQPQPG[GCToUJKUVQTKECNFCVC
%CNEWNCVGFQPVJGDCUKUQHVJGENQUKPIRTKEGHQTVJG$CPI1NWHUGPCUUJCTGQH&--CUCV/C[VJGPGVCUUGVXCNWG
VQVCNU&--OKNNKQP6JGENQUKPIRTKEGHQTVJG$CPI1NWHUGPCUUJCTGCUCV/C[YCU&--EQTTGURQPFKPIVQC
ECNEWNCVGFPGVCUUGVXCNWGQH&--OKNNKQP
'ORNQ[GGUJCTGU)TQWR
6JGRGTKQF,WPGVQ/C[
+PVJGCWVWOPQHVJGGORNQ[GGUKPVJG&CPKUJEQORCPKGUKPVJG$CPI1NWHUGP)TQWRYGTGITCPVGFGORNQ[GGUJCTGU
6JGITCPVFGRGPFGFQPVJGUGPKQTKV[QHVJGGORNQ[GG6JGGORNQ[GGUJCTGUYGTGITCPVGFCVPQEQUVHQTVJGGORNQ[GGU
+PCEEQTFCPEGYKVJ&CPKUJNCYVJGGORNQ[GGUJCTGUCTGJGNFKPTGUVTKEVGFCEEQWPVUWPVKNVJGGPFQHVJGUGXGPVJECNGPFCT[GCTCHVGTVJG
ITCPV6JWUVJGGORNQ[GGUJCTGUECPPQVDGUQNFQTKPQVJGTYC[UDGCVVJGGORNQ[GGoUFKURQUCNFWTKPIVJG[GCTU6JGGORNQ[GGUJCTGU
ECTT[NKMGVJGTGUVQHVJGUJCTGUVJGTKIJVVQCP[RC[OGPVUQHFKXKFGPFUFWTKPIVJG[GCTU

6JGGORNQ[GGUJCTGUYGTGITCPVGFD[WUGQH$CPI1NWHUGPCUoJQNFKPIQHQYPUJCTGU

6JGGORNQ[GGUKPVJG)TQWRYGTGITCPVGFGORNQ[GGUJCTGUEQTTGURQPFKPIVQQHVJGUJCTGECRKVCNKP$CPI1NWHUGPCU
CVVJGFCVGQHVJGITCPV6JGITCPVGFGORNQ[GGUJCTGUJCFCHCKTXCNWGQH&--RGTUJCTG6JGHCKTXCNWGKUECNEWNCVGFCUCV
1EVQDGTYJKEJYCUVJGFCVGQHVJGITCPV6JGHCKTXCNWGEQTTGURQPFUVQVJGOCTMGVXCNWGQHVJGUJCTGUQPVJGITCPVFCVG
6JGFKUEQWPVGNGOGPVRGTGORNQ[GGUJCTGYCU&--YJKEJKUTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPV

+PVJG$CPI1NWHUGP)TQWRVJGHQNNQYKPICOQWPVJCUDGGPTGEQIPKUGF
CURCTVQHVJGGORNQ[GGEQUVUTGICTFKPIVJGGORNQ[GGUJCTGU

&--OKNNKQP
0QVGUe
EQPVKPWGF
6JGRGTKQF,WPGVQ/C[
+PVJGCWVWOPQHVJGGORNQ[GGUKPVJG&CPKUJEQORCPKGUKPVJG$CPI1NWHUGP)TQWRYGTGITCPVGFGORNQ[GGUJCTGU
6JGITCPVFGRGPFGFQPVJGUGPKQTKV[QHVJGGORNQ[GG6JGGORNQ[GGUJCTGUYGTGITCPVGFCVPQEQUVHQTVJGGORNQ[GGU
+PCEEQTFCPEGYKVJ&CPKUJNCYVJGGORNQ[GGUJCTGUCTGJGNFKPTGUVTKEVGFCEEQWPVUWPVKNVJGGPFQHVJGUGXGPVJECNGPFCT[GCTCHVGTVJG
ITCPV6JWUVJGGORNQ[GGUJCTGUECPPQVDGUQNFQTKPQVJGTYC[UDGCVVJGGORNQ[GGoUFKURQUCNFWTKPIVJG[GCTU6JGGORNQ[GGUJCTGU
ECTT[NKMGVJGTGUVQHVJGUJCTGUVJGTKIJVVQCP[RC[OGPVUQHFKXKFGPFUFWTKPIVJG[GCTU
6JGGORNQ[GGUJCTGUYGTGITCPVGFD[WUGQH$CPI1NWHUGPCUoJQNFKPIQHQYPUJCTGU
6JGGORNQ[GGUKPVJG)TQWRYGTGITCPVGFGORNQ[GGUJCTGUEQTTGURQPFKPIVQQHVJGUJCTGECRKVCNKP$CPI1NWHUGPCU
CVVJGFCVGQHVJGITCPV6JGITCPVGFGORNQ[GGUJCTGUJCFCHCKTXCNWGQH&--RGTUJCTG6JGHCKTXCNWGKUECNEWNCVGFCUCV
#WIWUVYJKEJYCUVJGFCVGQHVJGITCPV6JGHCKTXCNWGEQTTGURQPFUVQVJGOCTMGVXCNWGQHVJGUJCTGUQPVJGITCPVFCVG
6JGFKUEQWPVGNGOGPVRGTGORNQ[GGUJCTGYCU&--YJKEJKUTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPV

+PVJG$CPI1NWHUGP)TQWRVJGHQNNQYKPICOQWPVJCUDGGPTGEQIPKUGF

'ORNQ[GGUJCTGURCTGPVEQORCP[
6JGRGTKQF,WPGVQ/C[
6JGGORNQ[GGUKP$CPI1NWHUGPCUYGTGITCPVGFGORNQ[GGUJCTGUEQTTGURQPFKPIVQQHVJGUJCTGECRKVCN
KP$CPI1NWHUGPCUCVVJGFCVGQHVJGITCPV6JGITCPVGFGORNQ[GGUJCTGUJCFCHCKTXCNWGQH&--RGTUJCTG6JG
HCKTXCNWGKUECNEWNCVGFCUCV1EVQDGTYJKEJYCUVJGFCVGQHVJGITCPV6JGHCKTXCNWGEQTTGURQPFUVQVJGOCTMGVXCNWG
QHVJGUJCTGUQPVJGITCPVFCVG

+P$CPI1NWHUGPCUVJGHQNNQYKPICOQWPVJCUDGGPTGEQIPKUGF

6JGRGTKQF,WPGVQ/C[
6JGGORNQ[GGUKP$CPI1NWHUGPCUYGTGITCPVGFGORNQ[GGUJCTGUEQTTGURQPFKPIVQQHVJGUJCTGECRKVCN
KP$CPI1NWHUGPCUCVVJGFCVGQHVJGITCPV6JGITCPVGFGORNQ[GGUJCTGUJCFCHCKTXCNWGQH&--RGTUJCTG6JG
HCKTXCNWGKUECNEWNCVGFCUCV#WIWUVYJKEJYCUVJGFCVGQHVJGITCPV6JGHCKTXCNWGEQTTGURQPFUVQVJGOCTMGVXCNWG
QHVJGUJCTGUQPVJGITCPVFCVG

+P$CPI1NWHUGPCUVJGHQNNQYKPICOQWPVJCUDGGPTGEQIPKUGF
)TQWR 2CTGPVEQORCP[
e 1VJGTQRGTCVKPIKPEQOG
2TQHKVQPUCNGQHRTQRGTV[5YKV\GTNCPF

1VJGTQRGTCVKPIKPEQOG
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e &KXKFGPF
&KXKFGPFTGEGKXGFHTQOUWDUKFKCTKGU

&KXKFGPFTGEGKXGFHTQOCUUQEKCVGU
&KXKFGPFTGEGKXGF
e (KPCPEKCNKPEQOG
+PVGTGUVKPEQOGHTQODCPMUGVE

+PVGTGUVKPEQOGHTQOUWDUKFKCTKGU
'ZEJCPIGTCVGICKPUPGV
1VJGTHKPCPEKCNKPEQOG
(KPCPEKCNKPEQOG
#NNHKPCPEKCNKPEQOGKUTGNCVGFVQHKPCPEKCNCUUGVUYJKEJCTG
PQVOGCUWTGFCVHCKTXCNWGVJTQWIJVJGRTQHKVCPFNQUUCEEQWPV
e (KPCPEKCNEQUVU
+PVGTGUVEQUVUQPDCPMNQCPUGVE

+PVGTGUVEQUVUQPOQTVICIGNQCPU
+PVGTGUVEQUVUVQUWDUKFKCTKGU
'ZEJCPIGTCVGNQUUGUPGV
1VJGTHKPCPEKCNEQUVU
(KPCPEKCNEQUVU
#NNHKPCPEKCNEQUVUCTGTGNCVGFVQHKPCPEKCNNKCDKNKVKGUYJKEJCTG
PQVOGCUWTGFCVHCKTXCNWGVJTQWIJVJGRTQHKVCPFNQUUCEEQWPV
e 6CZHQTVJG[GCT
2CTGPVEQORCP[
%JCPIGKPFGHGTTGFVCZ

#FLWUVOGPVVQRTGXKQWU[GCTUEWTTGPVVCZ

#FLWUVOGPVVQRTGXKQWU[GCTUFGHGTTGFVCZ
6QVCNRCTGPVEQORCP[

5WDUKFKCTKGU
%WTTGPVVCZ
%JCPIGKPFGHGTTGFVCZ

#FLWUVOGPVVQRTGXKQWU[GCTUEWTTGPVVCZ

#FLWUVOGPVVQRTGXKQWU[GCTUFGHGTTGFVCZ
6QVCNUWDUKFKCTKGU

6QVCNVCZHQTVJG[GCT

)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 6CZHQTVJG[GCT
EQPVKPWGF

6CZHQTVJG[GCTKUTGEQIPKUGFCUHQNNQYU
6CZTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPV

6CZTGEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOG

6CZTGEQIPKUGFFKTGEVN[KPGSWKV[FGHGTTGFVCZCUUGV

6CZQPTGUWNVHQTVJG[GCTKUURGEKHKGFCUHQNNQYU
%CNEWNCVGFVCZQHTGUWNVDGHQTGVCZ

6CZGHHGEVQH
0QPFGFWEVKDNGEQUVUCPFPQPVCZCDNGKPEQOG
&GXKCVKPIVCZTCVGKPHQTGKIPUWDUKFKCTKGU

#FLWUVOGPVQHVCZTGNCVKPIVQRTGXKQWU[GCTU

0QPECRKVCNKUGFVCZNQUUGU
2CTVKCNECRKVCNKUCVKQPQHRTGXKQWUN[PQPECRKVCNKUGFVCZNQUUGU

(QTGKIPYKVJJQNFKPIVCZ
0QPVCZCDNGFKXKFGPFHTQOKPXGUVOGPVUKPUWDUKFKCTKGU

1VJGT

6CZQPTGUWNVHQTVJG[GCT

&CPKUJKPEQOGVCZTCVG
6CZGHHGEVQH
0QPFGFWEVKDNGEQUVUCPFPQPVCZCDNGKPEQOG

&GXKCVKPIVCZTCVGKPHQTGKIPUWDUKFKCTKGU
#FLWUVOGPVQHVCZTGNCVKPIVQRTGXKQWU[GCTU

0QPECRKVCNKUGFVCZNQUUGU

2CTVKCNECRKVCNKUCVKQPQHRTGXKQWUN[PQPECRKVCNKUGFVCZNQUUGU
(QTGKIPYKVJJQNFKPIVCZ

0QPVCZCDNGFKXKFGPFHTQOKPXGUVOGPVUKPUWDUKFKCTKGU
1VJGT

#XGTCIGGHHGEVKXGVCZTCVGHQTVJG[GCT
+PEQOGVCZRCKFKPENWFKPIVCZRCKFQPCEEQWPVHQTVJGLQKPVN[VCZGF&CPKUJEQORCPKGUCOQWPVUVQ&--OKNNKQPKP

&--OKNNKQPKP6JGRCTGPVEQORCP[RC[UEWTTGPVVCZHQTLQKPVN[VCZGF&CPKUJEQORCPKGU
6CZQPQVJGTEQORTGJGPUKXGKPEQOGTGNCVGUVQEJCPIGKPHCKTXCNWGQHFGTKXCVKXGHKPCPEKCNKPUVTWOGPVUWUGFCUECUJHNQYJGFIGU
e /KPQTKV[KPVGTGUVUoUJCTGQHTGUWNVHQTVJG[GCT
)TQWR

1¸$15QHV
/KPQTKV[KPVGTGUVUoUJCTGQHTGUWNVHQTVJG[GCT
)TQWR

&--OKNNKQP
0QVGUe
e 'CTPKPIURGTUJCTG
4GUWNVHQTVJG[GCT


5JCTGJQNFGTUQHVJGRCTGPVEQORCP[oU
UJCTGQHTGUWNVHQTVJG[GCT

#XGTCIGPWODGTQHUJCTGU

#XGTCIGPWODGTQHQYPUJCTGU

#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQP
#XGTCIGFKNWVKXGGHHGEVQHQWVUVCPFKPIUJCTGQRVKQPU
#XGTCIGPWODGTQHUJCTGUKPEKTEWNCVKQPFKNWVGF
'CTPKPIURGTUJCTG&--

&GNWKVGFGCTPKPIURGTUJCTG&--

'CTPKPIURGTUJCTGHTQOEQPVKPWKPIQRGTCVKQPU&--

&KNWVGFGCTPKPIURGTUJCTGHTQOEQPVKPWKPIQRGTCVKQPU&--

6JGQWVUVCPFKPIUJCTGQRVKQPUEHPQVGCTGRQVGPVKCNN[FKNWVKXGKPHWVWTGRGTKQFU+PVJGRGTKQFURTGUGPVGFVJG[CTGCPVKFKNWVKXG
6JGECNEWNCVKQPQHGCTPKPIURGTUJCTGHTQOEQPVKPWKPIQRGTCVKQPUKUOCFGQPVJGUCOGDCUKUCUVJGECNEWNCVKQPQHGCTPKPIURGT
UJCTGUKPEGPQFKUEQPVKPWGFQRGTCVKQPUGZKUVKPQT
+PVJGRGTKQFWPVKN#WIWUVVJGPWODGTQHEKTEWNCVKPIUJCTGUKUWPEJCPIGF
016'5616*'$#.#0%'5*''6

&--OKNNKQP
0QVGUe
e +PVCPIKDNGCUUGVU
%QORNGVGF &GXGNQROGPV
#ESWKTGF FGXGNQROGPV RTQLGEVUKP
)TQWR )QQFYKNN TKIJVU RTQLGEVU RTQITGUU 6QVCN

%QUVRTKEG,WPG
#OQTVKUCVKQPCPFKORCKTOGPVNQUUGU,WPG

%CTT[KPICOQWPV,WPG

%QUVRTKEG,WPG
'ZEJCPIGTCVGCFLWUVOGPVVQ[GCTGPFTCVG

#FFKVKQPUFWTKPIVJG[GCT
&KURQUCNUFWTKPIVJG[GCT


%QUVRTKEG/C[


#OQTVKUCVKQPFWTKPIVJG[GCT

4GXGTUGFCOQTVKUCVKQPQPFKURQUCNUFWTKPIVJG[GCT
+ORCKTOGPVNQUUGUFWTKPIVJG[GCT

#OQTVKUCVKQPCPFKORCKTOGPVNQUUGU/C[

%CTT[KPICOQWPV/C[

%QUVRTKEG/C[

%CTT[KPICOQWPV/C[

%QUVRTKEG,WPG
4GEGKXGFTGKODWTUGOGPVU



%QUVRTKEG/C[




%CTT[KPICOQWPV/C[

%QUVRTKEG/C[

%CTT[KPICOQWPV/C[

0QEQPVTCEVWCNQDNKICVKQPUTGICTFKPIRWTEJCUGQHKPVCPIKDNGCUUGVUGZKUV
Back to FINANCIAL REPORT AND NOTES Back to BALANCE SHEET ASSETS

&--OKNNKQP
0QVGUe
e +PVCPIKDNGCUUGVU
EQPVKPWGF
%QORNGVGF &GXGNQROGPV
#ESWKTGF FGXGNQROGPV RTQLGEVUKP
2CTGPVEQORCP[ )QQFYKNN TKIJVU RTQLGEVU RTQITGUU 6QVCN
%QUVRTKEG,WPG


%CTT[KPICOQWPV,WPG

%QUVRTKEG,WPG
#FFKVKQPUFWTKPIVJG[GCTKPVTCITQWRDWUKPGUUEQODKPCVKQP


%QUVRTKEG/C[






%CTT[KPICOQWPV/C[

%QUVRTKEG/C[

%CTT[KPICOQWPV/C[

%QUVRTKEG,WPG
4GEGKXGFTGKODWTUGOGPVU



%QUVRTKEG/C[




%CTT[KPICOQWPV/C[

%QUVRTKEG/C[

%CTT[KPICOQWPV/C[

0QEQPVTCEVWCNQDNKICVKQPUTGICTFKPIRWTEJCUGQHKPVCPIKDNGCUUGVUGZKUV
Back to BALANCE SHEET ASSETS Back to FINANCIAL REPORT AND NOTES

&--OKNNKQP
0QVGUe
e 6CPIKDNGCUUGVU
.GCUGJQNF 6CPIKDNG
.CPFCPF 2NCPVCPF 1VJGT KORTQXG CUUGVUKP
)TQWR DWKNFKPIU OCEJKPGT[ GSWKROGPV OGPVU RTQITGUU 6QVCN
%QUVRTKEG,WPG

&GRTGEKCVKQPCPFKORCKTOGPVNQUUGU,WPG

%CTT[KPICOQWPV,WPG
%QUVRTKEG,WPG


%QORNGVGFCUUGVU


%QUVRTKEG/C[


&GRTGEKCVKQPFWTKPIVJG[GCT

4GXGTUGFFGRTGEKCVKQPQPFKURQUCNUFWTKPIVJG[GCT

&GRTGEKCVKQPCPFKORCKTOGPVNQUUGU/C[

%CTT[KPICOQWPV/C[
%QUVRTKEG/C[


%CTT[KPICOQWPV/C[
%QUVRTKEG,WPG

%QORNGVGFCUUGVU


%QUVRTKEG/C[




%CTT[KPICOQWPV/C[

%QUVRTKEG/C[

%CTT[KPICOQWPV/C[
1HYJKEJCUUGVUJGNFWPFGTHKPCPEGNGCUGU

&--OKNNKQP
0QVGUe
e 6CPIKDNGCUUGVU
EQPVKPWGF
6CPIKDNGCUUGVUKPIGPGTCN
0GKVJGTKPPQTIQXGTPOGPVITCPVUTGICTFKPICESWKUKVKQPUQHVCPIKDNGCUUGVUJCXGDGGPTGEGKXGFCPFVJGTGCTG
PQWPHWNHKNNGFEQPFKVKQPUTGICTFKPIIQXGTPOGPVITCPVUVJCVJCXGDGGPTGEGKXGFKPVJGRCUV0QEQPVTCEVWCNQDNKICVKQPUTGICTFKPI
RWTEJCUGQHVCPIKDNGCUUGVUGZKUV
2TQRGTV[
6JGECUJXCNWGQHRTQRGTV[KP&GPOCTMCEEQTFKPIVQVJGOQUVTGEGPVXCNWCVKQPKU&--OKNNKQP
&--OKNNKQPKP
6JGECUJXCNWGQHRTQRGTV[EQPVCKPUNCPFCPFDWKNFKPIUCUYGNNCUKPXGUVOGPVRTQRGTV[6JGEQUVRTKEGQHHQTGKIP
RTQRGTV[KU&--OKNNKQP
&--OKNNKQPKP
.GCUGJQNF 6CPIKDNG
.CPFCPF 2NCPVCPF 1VJGT KORTQXG CUUGVUKP
2CTGPVEQORCP[ DWKNFKPIU OCEJKPGT[ GSWKROGPV OGPVU RTQITGUU 6QVCN
%QUVRTKEG,WPG


%CTT[KPICOQWPV,WPG
%QUVRTKEG,WPG

%QORNGVGFCUUGVU


%QUVRTKEG/C[



%CTT[KPICOQWPV/C[
%QUVRTKEG/C[


%CTT[KPICOQWPV/C[
%QUVRTKEG,WPG


%QUVRTKEG/C[



%CTT[KPICOQWPV/C[
%QUVRTKEG/C[


%CTT[KPICOQWPV/C[

&--OKNNKQP
0QVGUe
e 6CPIKDNGCUUGVU
EQPVKPWGF
6CPIKDNGCUUGVUKPIGPGTCN
0GKVJGTKPPQTIQXGTPOGPVITCPVUTGICTFKPICESWKUKVKQPUQHVCPIKDNGCUUGVUJCXGDGGPTGEGKXGFCPFVJGTGCTG
PQWPHWNHKNNGFEQPFKVKQPUTGICTFKPIIQXGTPOGPVITCPVUVJCVJCXGDGGPTGEGKXGFKPVJGRCUV0QEQPVTCEVWCNQDNKICVKQPUTGICTFKPI
RWTEJCUGQHVCPIKDNGCUUGVUGZKUV
2TQRGTV[
6JGECUJXCNWGQHRTQRGTV[KP&GPOCTMCEEQTFKPIVQVJGOQUVTGEGPVXCNWCVKQPKU&--OKNNKQP
&--OKNNKQP
KP6JGECUJXCNWGQHRTQRGTV[EQPVCKPUNCPFCPFDWKNFKPIUCUYGNNCUKPXGUVOGPVRTQRGTV[
)TQWR 2CTGPVEQORCP[
%QUVRTKEG,WPG


%CTT[KPICOQWPV,WPG
%QUVRTKEG,WPG

%QORNGVGFCUUGVU

%QUVRTKEG/C[




%CTT[KPICOQWPV/C[
%QUVRTKEG/C[


%CTT[KPICOQWPV/C[
6JG)TQWRoUCPFVJGRCTGPVEQORCP[oUKPXGUVOGPVRTQRGTV[KUCJQWUGVJCVKUWUGFQPN[HQTTGPVCNRWTRQUGUCPFVJGRTQRGTV[VJCV
KURCTVN[WUGFD[VJGCUUQEKCVG$CPI1NWHUGP/GFKEQOCU$GUKFGUVJGUGUQOGQVJGTRTQRGTV[CTGKPXGUVOGPVRTQRGTV[KPVJG
RCTGPVEQORCP[UKPEGVJGUGCTGQYPGFUQNGN[HQTTGPVCNVQVJGQVJGTEQORCPKGUKPVJG)TQWR
#NNKPXGUVOGPVRTQRGTV[KUNQECVGFKP5VTWGTCPFKUWUGFHQTRTQFWEVKQPYCTGJQWUKPICPFQHHKEGU&WGVQVJGNQECVKQPQHVJG
KPXGUVOGPVRTQRGTV[KVKUPQVRQUUKDNGVQGUVKOCVGVJGHCKTXCNWGQHVJGRTQRGTV[UKPEGVJGHCKTXCNWGKUEQORNGVGN[FGRGPFGPVQP
VJGEQORCPKGUKPVJG)TQWRoUEQPVKPWGFWUGQHVJGRTQRGTV[(WTVJGTOQTGKVKUPQVRQUUKDNGVQGUVCDNKUJCTCPIGQHGUVKOCVGUYKVJKP
YJKEJVJGHCKTXCNWGQHVJGKPXGUVOGPVRTQRGTV[KUOQUVNKMGN[VQDG+PFGRGPFGPVXCNWGTUJCXGPQVDGGPWUGF
0QEQPVTCEVWCNQDNKICVKQPUVQRWTEJCUGEQPUVTWEVQTFGXGNQRKPXGUVOGPVRTQRGTV[GZKUV(WTVJGTOQTGPQEQPVTCEVWCNQDNKICVKQPU
TGICTFKPITGRCKTUOCKPVGPCPEGQTGPJCPEGOGPVUQHVJGKPXGUVOGPVRTQRGTV[GZKUV

&--OKNNKQP
0QVGUe
EQPVKPWGF
2TQRGTV[YJKEJKU+PXGUVOGPVRTQRGTV[KPDQVJVJG)TQWRCPFVJGRCTGPVEQORCP[
4GPVCNKPEQOGHTQOVJGKPXGUVOGPVRTQRGTV[QH&--OKNNKQPJCUDGGPTGEGKXGFKP
&--OKNNKQPKP
+PVJGUCOGRGTKQFVJGFKTGEVQRGTCVKPIGZRGPUGUTGICTFKPIVJGKPXGUVOGPVRTQRGTV[VJCVIGPGTCVGFTGPVCNKPEQOGYGTG
&--OKNNKQP
&--OKNNKQPKP
6JGRTQRGTVKGUCTGNGCUGFQPQRGTCVKPINGCUGUYKVJCTGOCKPKPIFWTCVKQPQHOQPVJU#EEQTFKPIVQVJGGZKUVKPIQRGTCVKPI
NGCUGUCTGPVCNKPEQOGQH&--OKNNKQPYKNNDGTGEGKXGFKP
2TQRGTV[YJKEJKUKPXGUVOGPVRTQRGTV[KPVJGRCTGPVEQORCP[
4GPVCNKPEQOGHTQOVJGKPXGUVOGPVRTQRGTV[QH&--OKNNKQPJCUDGGPTGEGKXGFKP
&--OKNNKQPKP
+PVJGUCOGRGTKQFVJGFKTGEVQRGTCVKPIGZRGPUGUTGICTFKPIVJGKPXGUVOGPVRTQRGTV[VJCVIGPGTCVGFTGPVCNKPEQOGYGTG
&--OKNNKQP
&--OKNNKQPKP
6JGRCTGPVEQORCP[oUKPXGUVOGPVRTQRGTV[KUTGPVGFVQVJGUWDUKFKCTKGUQPQRGTCVKPINGCUGUYKVJCNGCUGVGTOQHOQPVJU
#EEQTFKPIVQVJGGZKUVKPIQRGTCVKPINGCUGUVJGRCTGPVEQORCP[YKNNTGEGKXGCTGPVCNKPEQOGQH&--OKNNKQPKPVJGOQPVJU
YJKEJCTGKPENWFGFKPVJGNGCUGVGTOQHVJGQRGTCVKPINGCUGU

e +ORCKTOGPVQHPQPEWTTGPVCUUGVU

+PVCPIKDNGCUUGVUGZENIQQFYKNNsKORCKTOGPVNQUUGUFWTKPIVJG[GCT
0QKORCKTOGPVNQUUGUQPKPVCPIKDNGCUUGVUGZENIQQFYKNNCTGTGEQIPKUGFKPKPVJG)TQWRQTVJGRCTGPVEQORCP[+P
PQQVJGTKORCKTOGPVNQUUGUQPKPVCPIKDNGCUUGVUGZENIQQFYKNNVJCPVJGDGNQYOGPVKQPGFYGTGTGEQIPKUGFKPVJG)TQWR
QTVJGRCTGPVEQORCP[
+PCPKORCKTOGPVNQUUQH&--OKNNKQPYCUTGEQIPKUGFQPEQORNGVGFFGXGNQROGPVRTQLGEVUKPVJG)TQWRCPFVJGRCTGPV
EQORCP[&--OKNNKQPYCUTGNCVGFVQCPKORCKTOGPVNQUUQPVJGFGXGNQROGPVRTQLGEVTGICTFKPI#FXCPEGF5QWPF5[UVGOVQ
#WFK36JGKORCKTOGPVNQUUYCUTGEQIPKUGFFWGVQUCNGUDGNQYGZRGEVCVKQPUHQTVJGOQFGNEQPEGTPGF6JGTGOCKPKPIRCTVQH
VJGKORCKTOGPVNQUUYCUTGNCVGFVQUOCNNGTFGXGNQROGPVRTQLGEVUYJKEJYGTGYTKVVGPFQYPFWGVQVJGHCEVVJCVVJGRTQFWEVUYGTG
DGKPIRJCUGFQWVQHVJGRTQFWEVRTQITCOOG
KPEQPPGEVKQPYKVJVJG)TQWRoUUVTCVGI[p2QNG2QUKVKQPq
6JGCUUGUUOGPVQHVJGTGEQXGTCDNGCOQWPVQHVJGKPVCPIKDNGCUUGVUGZENIQQFYKNNKUDCUGFQPECNEWNCVKQPUQHXCNWGKPWUGQHVJG
CUUGVU6JGXCNWGKPWUGKUECNEWNCVGFDCUGFQPGZRGEVGFHWVWTGECUJHNQYUHTQOVJGCUUGVUCEEQTFKPIVQVJGDWFIGVUCRRTQXGFD[
OCPCIGOGPVQXGTVJGGZRGEVGFNKHGVKOGQHVJGCUUGVUCPFCFKUEQWPVTCVGDGHQTGVCZQH
)QQFYKNN
6JGOCLQTKV[QHVJG)TQWRoUIQQFYKNN
&--OKNNKQPKUTGNCVGFVQVJGCESWKUKVKQPQHVJG&WVEJFKUVTKDWVKQPKPCPF
VJKUIQQFYKNNKUCNNQECVGFVQVJGECUJIGPGTCVKPIWPKVYJKEJKPENWFGUVJGCEVKXKVKGUKP*QNNCPF

0QKORCKTOGPVNQUUGUQPECUJIGPGTCVKPIWPKVUYJKEJKPENWFGIQQFYKNNCTGTGEQIPKUGFKPKPVJG)TQWRQTVJGRCTGPV
EQORCP[+PPQQVJGTKORCKTOGPVNQUUGUQPECUJIGPGTCVKPIWPKVUYJKEJKPENWFGIQQFYKNNVJCPVJGDGNQYOGPVKQPGF
YGTGTGEQIPKUGFKPVJG)TQWRQTVJGRCTGPVEQORCP[
+PVJG)TQWRCPKORCKTOGPVNQUUQPIQQFYKNNQH&--OKNNKQPYCUTGEQIPKUGFKP6JGKORCKTOGPVNQUUYCUTGEQIPKUGF
KPVJG'PINKUJUWDUKFKCT[KPEQPPGEVKQPYKVJVJGRWTEJCUGQHUJQRU
6JGCUUGUUOGPVQHVJGTGEQXGTCDNGCOQWPVQHVJGECUJIGPGTCVKPIWPKVUYJKEJKPENWFGIQQFYKNNKUDCUGFQPECNEWNCVKQPUQH
XCNWGKPWUGYJKEJKUECNEWNCVGFDCUGFQPGZRGEVGFHWVWTGECUJHNQYUCEEQTFKPIVQVJGDWFIGVUCRRTQXGFD[OCPCIGOGPVCPF
HQTGECUVUHQTVJGEQOKPIHKPCPEKCN[GCT6JGVGTOKPCNXCNWGKUFGVGTOKPGFQPVJGCUUWORVKQPQHCITQYVJQH6JGITQYVJ
TCVGKUPQVGZRGEVGFVQGZEGGFVJGNQPIVGTOITQYVJTCVG#FKUEQWPVTCVGDGHQTGVCZQHKUWUGF/CPCIGOGPVJCUDCUGF
VJGMG[CUUWORVKQPUQPRCUVGZRGTKGPEG
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e +ORCKTOGPVQHPQPEWTTGPVCUUGVU
EQPVKPWGF
6CPIKDNGCUUGVUsKORCKTOGPVNQUUGUFWTKPIVJG[GCT
0QKORCKTOGPVNQUUGUQPVCPIKDNGCUUGVUCTGTGEQIPKUGFKPKPVJG)TQWRQTVJGRCTGPVEQORCP[+PPQ
QVJGTKORCKTOGPVNQUUGUQPVCPIKDNGCUUGVUVJCPVJGDGNQYOGPVKQPGFYGTGTGEQIPKUGFKPVJG)TQWRQTRCTGPVEQORCP[
+PCPKORCKTOGPVNQUUQH&--OKNNKQPQPNGCUGJQNFKORTQXGOGPVUYCUTGEQIPKUGFKPVJG'PINKUJUWDUKFKCT[FWGVQVJG
FKUEQPVKPWGFWUGQHEGTVCKPNGCUGFRTGOKUGUKPEQPPGEVKQPYKVJVJGGUVCDNKUJOGPVQHVJGUKPINGINQDCNUCNGUQTICPKUCVKQP

6JGCUUGUUOGPVQHVJGTGEQXGTCDNGCOQWPVQHVJGVCPIKDNGCUUGVUKUDCUGFQPECNEWNCVKQPUQHXCNWGKPWUGQHVJGCUUGVU
6JGXCNWGKPWUGKUECNEWNCVGFDCUGFQPGZRGEVGFHWVWTGECUJHNQYUHTQOVJGCUUGVUCEEQTFKPIVQVJGDWFIGVUCRRTQXGFD[
OCPCIGOGPVQXGTVJGGZRGEVGFNKHGVKOGQHVJGCUUGVUCPFCFKUEQWPVTCVGDGHQTGVCZQH

(KPCPEKCNCUUGVUsKORCKTOGPVNQUUGUFWTKPIVJG[GCT

0QKORCKTOGPVNQUUGUQPPQPEWTTGPVHKPCPEKCNCUUGVUCTGTGEQIPKUGFKPVJG)TQWRQTVJGRCTGPVEQORCP[KPQT
GZEGRVHTQOYJCVCRRGCTUHTQOPQVG

e +PXGUVOGPVUKPUWDUKFKCTKGU
%QUVRTKEG,WPG


%QUVRTKEG/C[
(QTCNKUVQHUWDUKFKCTKGURNGCUGTGHGTVQPQVG
%QUVRTKEG,WPG

%QUVRTKEG/C[
4GXCNWCVKQPUCPFKORCKTOGPVNQUUGU,WPG

5JCTGQHTGUWNVHQTVJG[GCTCHVGTVCZ

0GICVKXGKPXGUVOGPVQHHUGVCICKPUVTGEGKXCDNG

&KUVTKDWVGFFKXKFGPF

4GXCNWCVKQPUCPFKORCKTOGPVNQUUGU/C[

%CTT[KPICOQWPV/C[

&--OKNNKQP
0QVGUe
EQPVKPWGF
$CPI1NWHUGPoU
UJCTG
0COGCPFTGIKUVTGTGFQHHKEG 1YPGToU 6QVCN 6QVCN 5JCTG 6WTPQXGTHQT 4GUWNVHQT 6WTPQXGTHQT 4GUWNVHQT
UJCTG CUUGVU NKCDKNKVKGU ECRKVCN 'SWKV[ VJG[GCT VJG[GCT 'SWKV[ VJG[GCT VJG[GCT
$CPI1NWHUGP
/GFKEQOCU5VTWGT

,QJP$LGTTWO0KGNUGP#5
$TCOOKPI

$CPI1NWHUGP/GFKEQOCUoHKPCPEKCN[GCTKUVJGECNGPFCT[GCT6JGCOQWPVUCDQXGCTGDCUGFQPVJGRGTKQFG,WPG&GEGODGT
CEEQTFKPIVQVJGHKPCPEKCNTGRQTVYJKEJJCXGDGGPCWFKVGFCPFVJGRGTKQF,CPWCT[/C[CEEQTFKPIVQVJGEQORCP[oUKPVGTKOTGRQTVU
,QJP$LGTTWO0KGNUGP#5oHKPCPEKCN[GCTEQXGTUVJGRGTKQF/C[#RTKNCPFVJGCOQWPVUCDQXGCTGDCUGFQPVJGEQORCP[oUHKPCPEKCN
TGRQTVYJKEJJCXGDGGPCWFKVGF,QJP$LGTTWO0KGNUGP#5oVWTPQXGTKUPQVFKUENQUGFCDQXGUKPEGVJGVWTPQXGTKUPQVFKUENQUGFKPVJG
EQORCP[oUHKPCPEKCNTGRQTV
)TQWR 2CTGPVEQORCP[

e 1VJGTHKPCPEKCNTGEGKXCDNGU
1VJGTHKPCPEKCNTGEGKXCDNGU
ITQUU,WPG

/QXGOGPVUFWTKPIVJG[GCT
PGV

ITQUU/C[
9TKVGFQYPHQTGZRGEVGFNQUUGU,WPG


%JCPIGKPYTKVGFQYPFWTKPIVJG[GCT

#EVWCNNQUUGUFWTKPIVJG[GCT
9TKVGFQYPHQTGZRGEVGFNQUUGU/C[

PGV/C[
(KPCPEKCNKPEQOGQH&--OKNNKQP
&--OKNNKQPKPJCUDGGPTGEQIPKUGFKPVJG)TQWRQPQVJGTHKPCPEKCNTGEGKXCDNGU
YJKEJCTGKORCKTGF
6JGYTKVGFQYPQHQVJGTHKPCPEKCNTGEGKXCDNGUKUTGEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPVCURCTVQHFKUVTKDWVKQPCPFOCTMGVKPI
EQUVU6JGYTKVGFQYPKUDCUGFQPCPKPFKXKFWCNCUUGUUOGPVQHVJGCDKNKV[VQRC[QHGCEJKPFKXKFWCNFGDVQT6JG)TQWRCPFVJG
RCTGPVEQORCP[JCXGPQQXGTFWGQVJGTHKPCPEKCNTGEGKXCDNGUHQTYJKEJPQYTKVGFQYPKUTGEQIPKUGF
6JGHCKTXCNWGQHQVJGTHKPCPEKCNTGEGKXCDNGUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGHCKT
XCNWGKPVJGRCTGPVEQORCP[COQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGHCKTXCNWGKUECNEWNCVGFCUVJG
RTGUGPVXCNWGQHVJGHWVWTGGZRGEVGFECUJHNQYUHTQOVJGTGEGKXCDNGU

&--OKNNKQP
0QVGUe
e &GHGTTGFVCZCUUGVU 0QP 6CZNQUU
EWTTGPV +PXGP 4GEGKX 2TQXK ECTT[
)TQWR CUUGVU VQTKGU CDNGU UKQPU HQTYCTFU 1VJGT 6QVCN
&GHGTTGFVCZCUUGVU,WPG

#EEWOWNCVGFGHHGEVHTQOEJCPIGU
VQCEEQWPVKPIRTKPEKRNGU
#FLWUVGFFGHGTTGFVCZCUUGVU,WPG
6TCPUHGTTGFHTQOFGHGTTGFVCZ


4GEQIPKUGFKPVJGRTQHKVCPFNQUUCEEQWPV

4GEQIPKUGFKPGSWKV[
&GHGTTGFVCZCUUGVU/C[


4GEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOG

2CTGPVEQORCP[
&GHGTTGFVCZCUUGVU,WPG
6TCPUHGTTGFHTQOFGHGTTGFVCZ

KPVTCITQWRDWUKPGUUEQODKPCVKQP


4GEQIPKUGFKPGSWKV[

+PVTCITQWRVTCPUHGTUFWGVQLQKPVVCZCVKQP


4GEQIPKUGFKPQVJGTEQORTGJGPUKXGKPEQOG

&GHGTTGFVCZCUUGVUTGNCVGVQVJGUWDUKFKCTKGUKP&GPOCTM0QTYC[5YGFGP)GTOCP[5YKV\GTNCPFVJG7-$GNIKWO(TCPEG+VCN[
5RCKPVJG75#WUVTCNKCCPF5KPICRQTG&GHGTTGFVCZCUUGVUJCXGDGGPECNEWNCVGFDCUGFQPNQECNVCZTCVGU+PKPVJG
LQKPVN[VCZGF&CPKUJEQORCPKGUCFGHGTTGFVCZCUUGVITQUUQH&--OKNNKQPJCUDGGPTGEQIPKUGFDCUGFQPVCZNQUUECTT[
HQTYCTFUYJKEJECPDGECTTKGFHQTYCTFKPFGHKPKVGN[
&--OKNNKQPKPVJGRCTGPVEQORCP[KPKP&--
OKNNKQPKPVJG)TQWRCPF&--OKNNKQPKPVJGRCTGPVEQORCP[6JKUFGHGTTGFVCZCUUGVJCUDGGPTGEQIPKUGFFWGVQVJG
OCPCIGOGPVoUGZRGEVCVKQPUQHVJG)TQWRoUNQPIVGTOGCTPKPIUHQTWRVQ[GCTU
+PCRCTVKCNTGEQIPKVKQPTGICTFKPIFGHGTTGFVCZCUUGVUQH&--OKNNKQPTGNCVKPIVQVJGUWDUKFKCT[KPVJG75JCUDGGP
OCFG6JGTGEQIPKVKQPKUDCUGFQPVJGGZRGEVCVKQPUVQVJGHWVWTGGCTPKPIUKPVJGUWDUKFKCT[KPVJG75+PFGHGTTGFVCZ
CUUGVUTGNCVKPIVQVJGUWDUKFKCT[KPVJG75YGTGPQVTGEQIPKUGF6JGWPTGEQIPKUGFFGHGTTGFVCZCUUGVUCOQWPVVQ&--OKNNKQP

&--OKNNKQPKP6JGDCUKUHQTVJGWPTGEQIPKUGFFGHGTTGFVCZCUUGVUKPENWFGUVCZNQUUGUQH&--OKNNKQP

&--OKNNKQPKP6JGVCZNQUUGUECPDGECTTKGFHQTYCTFHQTCRGTKQFQH[GCTU
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e +PXGPVQTKGU
4CYOCVGTKCNU

9QTMKPRTQITGUU
5RCTGRCTVU
(KPKUJGFIQQFU
+PXGPVQTKGU/C[
6JGHQNNQYKPICOQWPVUQHVJGECTT[KPICOQWPVCTGGZRGEVGF
VQDGTGCNKUGFCHVGTOQTGVJCPOQPVJU
5RCTGRCTVU

+PXGPVQTKGU/C[
6JG)TQWRRWTUWGUCRQNKE[QHDGKPICDNGVQUWRRN[URCTGRCTVUHQTRTQFWEVTGRCKTUHQTCPWODGTQH[GCTUCHVGTVJGRTQFWEVUCTGUQNF
%QPUGSWGPVN[CNCTIGRTQRQTVKQPQHVJGURCTGRCTVUKUPQVGZRGEVGFVQDGUQNFWPVKNCHVGTOQPVJU
%CTT[KPICOQWPVQHKPXGPVQTKGUTGEQIPKUGFCV
PGVTGCNKUCDNGXCNWG
+PXGPVQT[EQPUWORVKQPTGEQIPKUGFCURCTVQH
RTQFWEVKQPEQUVUFWTKPIVJG[GCT
9TKVGFQYPQHKPXGPVQTKGUTGEQIPKUGFCURCTVQH
RTQFWEVKQPEQUVUFWTKPIVJG[GCT
4GXGTUCNQHYTKVGFQYPQHKPXGPVQTKGUTGEQIPKUGF
CURCTVQHRTQFWEVKQPEQUVUFWTKPIVJG[GCT
6JGTGXGTUCNQHYTKVGFQYPQHKPXGPVQTKGUFWTKPIVJG[GCTYCUOCFGFWGVQVJGHCEVVJCVUCNGUQHVJGKPXGPVQTKGUYJKEJYGTGYTKVVGPFQYP
JCXGDGGPGZEGGFKPIVJGGZRGEVGF6JGTGXGTUCNQHYTKVGFQYPQHKPXGPVQTKGUNCUV[GCTYCUOCFGFWGVQVJGUCOGEKTEWOUVCPEGU
)TQWR 2CTGPVEQORCP[

&--OKNNKQP

0QVGUe 6TCFGTGEGKXCDNGU
e
6TCFGTGEGKXCDNGU
ITQUU/C[
9TKVGFQYPHQTGZRGEVGFNQUUGU,WPG


%JCPIGKPYTKVGFQYPFWTKPIVJG[GCT

#EVWCNNQUUGUFWTKPIVJG[GCT
9TKVGFQYPHQTGZRGEVGFNQUUGU/C[

6TCFGTGEGKXCDNGU
PGV/C[
#NNVTCFGTGEGKXCDNGUHCNNFWGYKVJKP[GCT
(KPCPEKCNKPEQOGQH&--OKNNKQP
&--OKNNKQPKPJCUDGGPTGEQIPKUGFKPVJG)TQWRQPVTCFGTGEGKXCDNGUYJKEJCTG
KORCKTGF
6JGYTKVGFQYPQHVTCFGTGEGKXCDNGUKUTGEQIPKUGFKPVJGRTQƂVCPFNQUUCEEQWPVCURCTVQHFKUVTKDWVKQPCPFOCTMGVKPIEQUVU6JGYTKVG
FQYPKUDCUGFQPCPKPFKXKFWCNCUUGUUOGPVQHVJGCDKNKV[VQRC[QHGCEJKPFKXKFWCNFGDVQT6JG)TQWRCPFRCTGPVEQORCP[JCXGPQ
QXGTFWGVTCFGTGEGKXCDNGUHQTYJKEJPQYTKVGFQYPKUTGEQIPKUGFYKVJVJGGZEGRVKQPQHTGEGKXCDNGUYJGTGUWHƂEKGPVEQNNCVGTCNJCXGDGGP
CVVCKPGF
6JGHCKTXCNWGQHVTCFGTGEGKXCDNGUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKPYJKNGVJGHCKTXCNWGKPVJG
RCTGPVEQORCP[COQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGECTT[KPICOQWPVQHTGEGKXCDNGUYJKEJHCNNFWGYKVJKP
[GCTCHVGTVJGGPFQHVJGƂPCPEKCN[GCTKUGZRGEVGFVQDGCTGCUQPCDNGCRRTQZKOCVKQPQHVJGHCKTXCNWG
e 4GEGKXCDNGUHTQOUWDUKFKCTKGU
4GEGKXCDNGUHTQOUWDUKFKCTKGU/C[
#NNTGEGKXCDNGUHTQOUWDUKFKCTKGUHCNNFWGYKVJKP[GCT
6JGTGJCUDGGPPQPGGFHQTYTKVGFQYPQHTGEGKXCDNGUHTQOUWDUKFKCTKGU
6JGHCKTXCNWGQHTGEGKXCDNGUHTQOUWDUKFKCTKGUCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGECTT[KPICOQWPVQH
TGEGKXCDNGUYJKEJHCNNFWGYKVJKP[GCTCHVGTVJGGPFQHVJGƂPCPEKCN[GCTKUGZRGEVGFVQDGCTGCUQPCDNGCRRTQZKOCVKQPQHVJGHCKT
XCNWG
e 4GEGKXCDNGUHTQOCUUQEKCVGU
4GEGKXCDNGUHTQOCUUQEKCVGU
PGV/C[
0GICVKXGKPXGUVOGPVQHHUGVCICKPUVTGEGKXCDNG

PGV/C[
#NNTGEGKXCDNGUHTQOCUUQEKCVGUHCNNFWGYKVJKP[GCT
6JGTGJCUDGGPPQPGGFHQTYTKVGFQYPQHTGEGKXCDNGUHTQOCUUQEKCVGU
6JGHCKTXCNWGQHTGEGKXCDNGUHTQOCUUQEKCVGUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGHCKTXCNWGQH
TGEGKXCDNGUHTQOCUUQEKCVGUKPVJGRCTGPVEQORCP[COQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGECTT[KPICOQWPVQH
TGEGKXCDNGUYJKEJHCNNFWGYKVJKP[GCTCHVGTVJGGPFQHVJGƂPCPEKCN[GCTKUGZRGEVGFVQDGCTGCUQPCDNGCRRTQZKOCVKQPQHVJGHCKT
XCNWG
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e +PEQOGVCZTGEGKXCDNG
+PEQOGVCZTGEGKXCDNG,WPG


#FLWUVOGPVRTGXKQWU[GCTU

6JG[GCToUEWTTGPVVCZ
+PEQOGVCZRCKF
+PEQOGVCZTGHWPFGF

+PVTCITQWRVTCPUHGTUFWGVQLQKPVVCZCVKQP

6TCPUHGTTGFVQKPEQOGVCZRC[CDNG

+PEQOGVCZTGEGKXCDNG/C[
&--OKNNKQPQHVJGKPEQOGVCZTGEGKXCDNGKPVJG)TQWRKUGZRGEVGFVQDGTGEGKXGFCHVGT[GCT
&--OKNNKQPKP
e 1VJGTTGEGKXCDNGU
8CNWGCFFGFVCZTGEGKXCDNG

&GRQUKVU
1VJGTTGEGKXCDNGU
1VJGTTGEGKXCDNGU/C[
#NNQVJGTTGEGKXCDNGUHCNNFWGYKVJKP[GCT
6JGTGJCUDGGPPQPGGFHQTYTKVGFQYPQHQVJGTTGEGKXCDNGU
6JGHCKTXCNWGQHQVJGTTGEGKXCDNGUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGECTT[KPICOQWPVQHTGEGKXCDNGUYJKEJHCNNFWGYKVJKP
e 5JCTGECRKVCN
#UCV/C[VJGUJCTGECRKVCNEQORTKUGU
UJCTGUQH&--
&WTKPIVJGURTKPIQH$CPI1NWHUGPCUEQORNGVGFCECRKVCNKPETGCUGKPVJGHQTOQHCTKIJVUKUUWG#VVJGUCOGVKOGVJGUJCTG
ENCUUGUYGTGOGTIGFKPVQQPGUJCTGENCUU
'CEJUJCTGQH&--IKXGUXQVGCHVGTVJGOGTIGTQHVJGUJCTGENCUUGU2TGXKQWUN[GCEJQTFKPCT[UJCTG
OWNVKRNGXQVKPIUJCTGQH&--
ICXGXQVGUYJKNGGCEJQTFKPCT[UJCTGQH&--ICXGXQVG
Back to BALANCE SHEET EQUITY AND LIABILITIES
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 5JCTGECRKVCN
EQPVKPWGF
0WODGTQHUJCTGU,WPG

/GTIGTQHUJCTGENCUUGUHQTOGTQTFKPCT[UJCTGU

OWNVKRNGXQVKPIUJCTGU
/GTIGTQHUJCTGENCUUGUHQTOGTQTFKPCT[UJCTGU
%CRKVCNKPETGCUG
0WODGTQHUJCTGU/C[
0WODGTQHQTFKPCT[UJCTGU
OWNVKRNGXQVKPIUJCTGU,WPG
/GTIGTQHUJCTGENCUUGU

0WODGTQHQTFKPCT[UJCTGU
OWNVKRNGXQVKPIUJCTGU/C[
0WODGTQHQTFKPCT[UJCTGU,WPG

/GTIGTQHUJCTGENCUUGU

0WODGTQHQTFKPCT[UJCTGU/C[
1YPUJCTGU

0WODGTQHQYPUJCTGU
0QOKPCNXCNWG&--OKNNKQP

QHUJCTGECRKVCN[GCTGPF
6JG)TQWRoUQYPUJCTGUCTGTGUGTXGFHQTVJGRCTVKCNEQXGTCIGQHVJGUJCTGQRVKQPRTQITCOOGEHPQVG
#ESWKUKVKQPUFWTKPIVJG[GCT
0WODGTQHUJCTGU

6QVCNCESWKUKVKQPRTKEG&--OKNNKQP
6JGCESWKUKVKQPUYGTGWPFGTVCMGPKPCEEQTFCPEGYKVJVJGCWVJQTKV[HTQOVJG#PPWCN)GPGTCN/GGVKPIVQRWTEJCUGQYPUJCTGUYKVJVJG
RWTRQUGQHUWDUGSWGPVECRKVCNTGFWEVKQPUCPFVJGEQXGTCIGQHVJGUJCTGQRVKQPRTQITCOOG
0WODGTQHUJCTGU

6QVCNUCNGURTKEG&--OKNNKQP
+PQYPUJCTGUYGTGITCPVGFCUGORNQ[GGUJCTGU
QYPUJCTGUYGTGITCPVGFCUGORNQ[GGUJCTGUKP
Back to FINANCIAL REPORT AND NOTES Back to BALANCE SHEET EQUITY AND LIABILITIES
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 4GVCKPGFGCTPKPIU
+PVJGƂPCPEKCN[GCTPQFKXKFGPFJCUDGGPRCKF
&--OKNNKQPEQTTGURQPFKPIVQ&--RGTUJCTGKP#VVJG
#PPWCN)GPGTCN/GGVKPI5GRVGODGTPQFKXKFGPFHQTVJGƂPCPEKCN[GCTYKNNDGRTQRQUGF
e /KPQTKV[KPVGTGUVU
$CNCPEG,WPG

&KXKFGPFRCKF

$CNCPEG/C[
e 2GPUKQPU
&GƂPGFEQPVTKDWVKQPRNCPU
+PFGƂPGFEQPVTKDWVKQPRNCPU$CPI1NWHUGPTGEQIPKUGUVJGRTGOKWORC[OGPVU
GICƂZGFCOQWPVQTCƂZGFRGTEGPVCIGQHVJG
UCNCT[HQTKPFGRGPFGPVKPUWTCPEGEQORCPKGUYJKEJCTGTGURQPUKDNGHQTVJGRGPUKQPQDNKICVKQPUKPVJGRTQƂVCPFNQUUCEEQWPVCUVJG[CTG
RCKF1PEGVJGRGPUKQPEQPVTKDWVKQPUHQTFGƂPGFEQPVTKDWVKQPRNCPUJCXGDGGPRCKF$CPI1NWHUGPJCUPQHWTVJGTRGPUKQPQDNKICVKQPU
VQEWTTGPVQTHQTOGTGORNQ[GGU6JGRGPUKQPRNCPUKPVJG&CPKUJCPFVJGOCLQTKV[QHVJGHQTGKIPEQORCPKGUCTGCNNFGƂPGFEQPVTKDWVKQP
RNCPU
+PVJG)TQWR&--OKNNKQP
&--OKNNKQPKPJCXGDGGPTGEQIPKUGFKPVJGRTQƂVCPFNQUUCEEQWPVCUEQUVUTGNCVGFVQ
FGƂPGFEQPVTKDWVKQPRNCPU+PVJGRCTGPVEQORCP[&--OKNNKQP
&--OKNNKQPKPJCXGDGGPTGEQIPKUGFCUEQUVUTGNCVGF
VQFGƂPGFEQPVTKDWVKQPRNCPU
&GƂPGFDGPGƂVRNCPU
+PFGƂPGFDGPGƂVRNCPU$CPI1NWHUGPKUQDNKIGFVQRC[CEGTVCKPDGPGƂV
GITGVKTGOGPVDGPGƂVCUCƂZGFUWOQHVJGUCNCT[CV
TGVKTGOGPV+PFGƂPGFDGPGƂVRNCPU$CPI1NWHUGPECTTKGUVJGTKUMUKPEGEJCPIGUVQVJGECNEWNCVKQPDCUKUTGUWNVKPEJCPIGUKPVJG
CEVWCTKCNN[ECNEWNCVGFECRKVCNXCNWG
6JGOCLQTFGƂPGFDGPGƂVRNCPUKPVJG)TQWRKPENWFGGORNQ[GGUKP)GTOCP[CPF0QTYC[+PVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUCPGV
QDNKICVKQPQH&--OKNNKQP
&--OKNNKQPKPJCUDGGPTGEQIPKUGFTGNCVKPIVQVJG)TQWRoUQDNKICVKQPUVQEWTTGPVQTHQTOGT
GORNQ[GGUEQPEGTPKPIFGƂPGFDGPGƂVRNCPU6JGQDNKICVKQPKUECNEWNCVGFCHVGTFGFWEVKQPQHVJGRNCPCUUGVU6JGRCTGPVEQORCP[JCUPQ
FGƂPGFDGPGƂVRNCPU
+PVJG)TQWRCPGZRGPUGQH&--OKNNKQP
CPKPEQOGQH&--OKNNKQPKPJCUDGGPTGEQIPKUGFKPVJGRTQƂVCPFNQUU
CEEQWPVTGICTFKPIFGƂPGFDGPGƂVRNCPU
2TGUGPVXCNWGQHFGƂPGFDGPGƂVQDNKICVKQP

(CKTXCNWGQHRNCPCUUGVU

7PTGEQIPKUGFCEVWCTKCNICKPUCPFNQUUGU

&GƂPGFDGPGƂVRNCPU/C[PGV
1HYJKEJKPENWFGFCURCTVQHVJGNKCDKNKVKGU

1HYJKEJKPENWFGFCURCTVQHVJGCUUGVU

Back to BALANCE SHEET EQUITY AND LIABILITIES Back to FINANCIAL REPORT AND NOTES
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 2GPUKQPU
EQPVKPWGF
&GXGNQROGPVKPVJGRTGUGPVXCNWGQH
VJGFGƂPGFDGPGƂVQDNKICVKQP
2TGUGPVXCNWGQHVJGFGƂPGFDGPGƂVQDNKICVKQP,WPG
#FLWUVOGPVDGIKPPKPIQHVJG[GCT


%WTTGPVUGTXKEGEQUV
+PVGTGUVEQUVU
4GEQIPKUGFCEVWCTKCNICKPUCPFNQUUGU

5GVVNGOGPVQHFGƂPGFDGPGƂVRNCP

$GPGƂVURCKF

2TGUGPVXCNWGQHVJGFGƂPGFDGPGƂVQDNKICVKQP/C[

&GƂPGFDGPGƂVQDNKICVKQPHTQORNCPUVJCVCTGYJQNN[WPHWPFGF
&GƂPGFDGPGƂVQDNKICVKQPHTQORNCPU
VJCVCTGYJQNN[QTRCTVN[HWPFGF
&GXGNQROGPVKPVJGHCKTXCNWGQHRNCPCUUGVU
TGICTFKPIFGƂPGFDGPGƂVRNCPU
(CKTXCNWGQHRNCPCUUGVU,WPG
#FLWUVOGPVDGIKPPKPIQHVJG[GCT


'ZRGEVGFTGVWTPQPRNCPCUUGVU

&KURQUCNQHCUUGVUKPEQPPGEVKQPYKVJUGVVNGOGPV

#FOKPKUVTCVKQPEQUVU

$GPGƂVURCKF

%QPVTKDWVKQPUD[VJGGORNQ[GT
(CKTXCNWGQHRNCPCUUGVU/C[
#OQWPVUTGEQIPKUGFKPVJGRTQƂVCPFNQUUCEEQWPV
%WTTGPVUGTXKEGEQUV
+PVGTGUVEQUVUQPVJGQDNKICVKQP
'ZRGEVGFTGVWTPQPRNCPCUUGVU


)CKPQPUGVVNGOGPVQHFGƂPGFDGPGƂVRNCPU
#FOKPKUVTCVKQPEQUVU
6QVCNCOQWPVTGEQIPKUGFHQTFGƂPGFDGPGƂVRNCPU

6QVCNCOQWPVTGEQIPKUGFHQTFGƂPGFEQPVTKDWVKQPRNCPU
6QVCNCOQWPVTGEQIPKUGFKPVJGRTQƂV
CPFNQUUCEEQWPVEHPQVG
+PVJGEQOKPIƂPCPEKCN[GCTVJGEQPVTKDWVKQPUVQ
VJGFGƂPGFDGPGƂVRNCPUCTGGZRGEVGFVQCOQWPVVQ
#EVWCNTGVWTPQPRNCPCUUGVUTGICTFKPIVJGFGƂPGFDGPGƂVRNCPU

&--OKNNKQP
0QVGUe
e 2GPUKQPU
EQPVKPWGF
6JGFGƂPGFDGPGƂVRNCPKP)GTOCP[KURCTVN[HWPFGFD[OGCPUQHCPKPFGRGPFGPVRGPUKQPHWPF#UCV/C[VJGCEVWCTKCNN[
ECNEWNCVGFPGVQDNKICVKQPKUTGEQIPKUGFKPVJG)TQWRoUDCNCPEGUJGGVCV&--OKNNKQP
&--OKNNKQPKP6JGPGVQDNKICVKQP
KUECNEWNCVGFCUVJGRTGUGPVXCNWGQHVJGHWVWTGRC[OGPVUQH&--OKNNKQP
&--OKNNKQPKPNGUUVJGHCKTXCNWGQHVJG
RGPUKQPHWPFoUCUUGVUQH&--OKNNKQP
&--OKNNKQPKP6JGCEVWCTKCNECNEWNCVKQPKUDCUGFQPCECNEWNCVKQPTCVGQH
RCCPGZRGEVGFTCVGQHUCNCT[KPETGCUGQHRCCPFCPGZRGEVGFTCVGQHTGVWTPQHRC+PVJG)TQWRoURTQƂVCPFNQUU
CEEQWPVVJGRNCPKUTGEQIPKUGFCUCPGZRGPUGQH&--OKNNKQP
CPKPEQOGQH&--OKNNKQPKP
6JGFGƂPGFDGPGƂVRNCPKP0QTYC[KUCNUQRCTVN[HWPFGFD[OGCPUQHCPKPFGRGPFGPVRGPUKQPHWPF#UCV/C[VJGCEVWCTKCNN[
ECNEWNCVGFPGVTGEGKXCDNGKUTGEQIPKUGFKPVJG)TQWRoUDCNCPEGUJGGVCV&--OKNNKQP
&--OKNNKQPKP6JGPGVTGEGKXCDNG
KUECNEWNCVGFCUVJGHCKTXCNWGQHVJGRNCPCUUGVUQH&--OKNNKQP
&--OKNNKQPKPNGUUVJGRTGUGPVXCNWGQHVJGHWVWTG
RC[OGPVUQH&--OKNNKQP
&--OKNNKQPKPCPFCFFGFWPTGEQIPKUGFCEVWCTKCNNQUUGUQH&--OKNNKQP
&--OKNNKQP
KP6JGCEVWCTKCNECNEWNCVKQPKUDCUGFQPCECNEWNCVKQPTCVGQHRCCPGZRGEVGFTCVGQHUCNCT[KPETGCUGQHRCCPF
CPGZRGEVGFTCVGQHTGVWTPQHRC+PVJG)TQWRoURTQƂVCPFNQUUCEEQWPVVJGRNCPKUTGEQIPKUGFCUCPGZRGPUGQH&--OKNNKQP

&--OKNNKQPKP

2TGUGPVXCNWGQHFGƂPGFDGPGƂVQDNKICVKQP

(CKTXCNWGQHRNCPCUUGVU

&GƂEKVFGƂPGFDGPGƂVRNCPU

'ZRGTKGPEGCFLWUVOGPVUQPFGƂPGFDGPGƂVQDNKICVKQP

'ZRGTKGPEGCFLWUVOGPVUQPRNCPCUUGVU


&--OKNNKQP
0QVGUe
e &GHGTTGFVCZ
0QP 6CZNQUU
EWTTGPV +PXGP 4GEGKX ECTT[
)TQWR CUUGVU VQTKGU CDNGU 2TQXKUKQPU HQTYCTFU 1VJGT 6QVCN
&GHGTTGFVCZ,WPG

6TCPUHGTTGFVQFGHGTTGFVCZCUUGVU

4GEQIPKUGFKPVJGRTQƂVCPFNQUUCEEQWPV

&GHGTTGFVCZ/C[

4GEQIPKUGFKPVJGRTQƂVCPFNQUUCEEQWPV

&GHGTTGFVCZ/C[

2CTGPVEQORCP[
&GHGTTGFVCZ,WPG

6TCPUHGTTGFVQFGHGTTGFVCZCUUGVU

&GHGTTGFVCZ/C[
&GHGTTGFVCZ/C[
&GHGTTGFVCZJCUDGGPECNEWNCVGFDCUGFQPNQECNVCZTCVGU
&GHGTTGFVCZQPVGORQTCT[FKHHGTGPEGUTGNCVKPIVQKPXGUVOGPVUKPUWDUKFKCTKGUCPFCUUQEKCVGUJCUPQVDGGPTGEQIPKUGFUKPEGVJGRCTGPV
EQORCP[KUCDNGVQEQPVTQNYJGPVJGFGHGTTGFVCZKUTGCNKUGFCPFKVKUCUUGUUGFVQDGRTQDCDNGVJCVVJGFGHGTTGFVCZYKNNPQVDGTGCNKUGF
CUEWTTGPVVCZYKVJKPVJGHQTGUGGCDNGHWVWTG

&--OKNNKQP
0QVGUe 2TQXKUKQPU
e
,WDKNGG 4GUVTWE 1VJGT
)TQWR 9CTTCPV[ (CKTPGUU DGPGHKVU VWTKPI QDNKICVKQPU 6QVCN

2TQXKUKQPU,WPG

2TQXKUKQPUFWTKPIVJG[GCT
2TQXKUKQPUWUGFFWTKPIVJG[GCT

2TQXKUKQPUTGXGTUGFFWTKPIVJG[GCT

%JCPIGKPECNEWNCVKQPQHRTGUGPVXCNWG
FWTKPIVJG[GCT
2TQXKUKQPU/C[


%JCPIGKPECNEWNCVKQPQHRTGUGPVXCNWG
FWTKPIVJG[GCT
2TQXKUKQPU/C[
6JGGZRGEVGFFWGFCVGUQHVJGRTQXKUKQPUCUCV/C[CTGCUHQNNQYU
(CNNUFWG[GCTU

(CNNUFWGCHVGT[GCTU
0QPEWTTGPVRTQXKUKQPU
(CNNUFWGYKVJKP[GCT
2TQXKUKQPU/C[
(CNNUFWG[GCTU

(CNNUFWGCHVGT[GCTU
(CNNUFWGYKVJKP[GCT
2TQXKUKQPU/C[


&--OKNNKQP
0QVGUe
e 2TQXKUKQPU
EQPVKPWGF
,WDKNGG
2CTGPVEQORCP[ DGPGHKVU 6QVCN

2TQXKUKQPU,WPG


%JCPIGKPECNEWNCVKQPQHRTGUGPVXCNWGFWTKPIVJG[GCT
2TQXKUKQPU/C[


%JCPIGKPECNEWNCVKQPQHRTGUGPVXCNWGFWTKPIVJG[GCT
2TQXKUKQPU/C[


(CNNUFWG[GCTU
(CNNUFWGCHVGT[GCTU
(CNNUFWGYKVJKP[GCT
2TQXKUKQPU/C[
(CNNUFWG[GCTU

(CNNUFWGCHVGT[GCTU
(CNNUFWGYKVJKP[GCT
2TQXKUKQPU/C[
6JG)TQWRRTQXKFGU[GCTUYCTTCPV[QPEGTVCKPRTQFWEVUCPFVJGTGD[WPFGTVCMGUVJGNKCDKNKV[VQTGRCKTQTTGRNCEGRTQFWEVUYJKEJ
FQPQVHWPEVKQPUCVKUHCEVQTKN[5QOGRTQFWEVUCTGTGRCKTGFCHVGTVJGGPFQHVJGYCTTCPV[RGTKQFCPFCRTQXKUKQPTGICTFKPIVJKUHCKTPGUUKU
TGEQIPKUGF
2TQXKUKQPUQH&--OKNNKQP
&--OKNNKQPKPTGICTFKPIGZRGEVGFYCTTCPV[CPFHCKTPGUUENCKOUJCXGDGGPTGEQIPKUGF
6JGRTQXKUKQPUCTGDCUGFQPRTGXKQWUGZRGTKGPEGTGICTFKPIVJGNGXGNQHTGRCKTUCPFTGVWTPGFIQQFU
6JGURGEKƂECVKQPQHVJGGZRGEVGFFWGFCVGUKUDCUGFQPRTGXKQWUGZRGTKGPEGTGICTFKPIVJGVKOKPIQHTGRCKTUCPFTGVWTPUKHCP[
0QVJKTFRCTV[TGKODWTUGOGPVUYKNNDGTGEGKXGFTGICTFKPIVJGRTQXKUKQPU


&--OKNNKQP
0QVGUe
e %WTTGPVCPFPQPEWTTGPVƂPCPEKCNNKCDKNKVKGUOQTVICIGNQCPU
(CNNUFWG (CNNUFWG (CNNUFWG (CNNUFWGCHVGT

)TQWR YKVJKP[GCT [GCTU CHVGT[GCTU [GCTVQVCN
(KZGFTCVGNQCPUKPVGTGUVTCVGNGXGN

%CTT[KPICOQWPV/C[

%CTT[KPICOQWPV/C[

2CTGPVEQORCP[

%CTT[KPICOQWPV/C[

%CTT[KPICOQWPV/C[

6JGHCKTXCNWGQHVJGEWTTGPVCPFPQPEWTTGPVƂPCPEKCNNKCDKNKVKGUOQTVICIGNQCPUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP

&--OKNNKQPKPYJKNGVJGHCKTXCNWGKPVJGRCTGPVEQORCP[COQWPVUVQ&--OKNNKQP
&--OKNNKQPKP
#NNNQCPUCTGVCMGPQWVKP&--6JGHCKTXCNWGKUECNEWNCVGFCUVJGRTGUGPVXCNWGQHVJGGZRGEVGFHWVWTGKPUVCNOGPVUCPFKPVGTGUVRC[OGPVU
e %WTTGPVCPFPQPEWTTGPVƂPCPEKCNNKCDKNKVKGUNQCPUHTQODCPMUGVE

)TQWR YKVJKP[GCT [GCTU CHVGT[GCTU [GCTVQVCN

%CTT[KPICOQWPV/C[

%CTT[KPICOQWPV/C[


&--OKNNKQP
0QVGUe
e %WTTGPVCPFPQPEWTTGPVƂPCPEKCNNKCDKNKVKGUNQCPUHTQODCPMUGVE
EQPVKPWGF

2CTGPVEQORCP[ YKVJKP[GCT [GCTU CHVGT[GCTU [GCTVQVCN

%CTT[KPICOQWPV/C[

%CTT[KPICOQWPV/C[

6JGHCKTXCNWGQHVJGEWTTGPVCPFPQPEWTTGPVƂPCPEKCNNKCDKNKVKGUNQCPUHTQODCPMUGVEKPVJG)TQWRCOQWPVUVQ&--OKNNKQP

&--OKNNKQPKPYJKNGVJGHCKTXCNWGKPVJGRCTGPVEQORCP[COQWPVUVQ&--OKNNKQP
&--OKNNKQPKP
#NNEWTTGPVCPFPQPEWTTGPVƂPCPEKCNNKCDKNKVKGUNQCPUHTQODCPMUGVEKPVJG)TQWRCTGVCMGPQWVKP&--QT'74+PVJGRCTGPVEQORCP[
VJG[CTGVCMGPQWVKP&--6JGHCKTXCNWGKUECNEWNCVGFCUVJGRTGUGPVXCNWGQHVJGGZRGEVGFHWVWTGKPUVCNOGPVUCPFKPVGTGUVRC[OGPVU
e 1VJGTPQPEWTTGPVNKCDKNKVKGU
(CNNUFWG
)TQWR [GCTU

#EETWGFFGRQUKV
1VJGTPQPEWTTGPVNKCDKNKVKGU
%CTT[KPICOQWPV/C[

#EETWGFFGRQUKV
%CTT[KPICOQWPV/C[

2CTGPVEQORCP[
#EETWGFFGRQUKV
%CTT[KPICOQWPV/C[

#EETWGFFGRQUKV
%CTT[KPICOQWPV/C[

6JGHCKTXCNWGQHQVJGTPQPEWTTGPVNKCDKNKVKGUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKPYJKNGVJGHCKTXCNWG
KPVJGRCTGPVEQORCP[COQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGHCKTXCNWGKUECNEWNCVGFCUVJGRTGUGPVXCNWGQHVJG
GZRGEVGFHWVWTGKPUVCNOGPVUCPFKPVGTGUVRC[OGPVU
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e 2C[CDNGUVQUWDUKFKCTKGU
2C[CDNGUVQUWDUKFKCTKGU
PGV/C[
#NNRC[CDNGUVQUWDUKFKCTKGUHCNNFWGYKVJKP[GCT
6JGHCKTXCNWGQHRC[CDNGUVQUWDUKFKCTKGUCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGECTT[KPICOQWPVQHRC[CDNGU
YJKEJHCNNFWGYKVJKP[GCTCHVGTVJGGPFQHVJGƂPCPEKCN[GCTKUGZRGEVGFVQDGCTGCUQPCDNGCRRTQZKOCVKQPQHVJGHCKTXCNWG
e +PEQOGVCZ
#EETWGFKPEQOGVCZ,WPG


#FLWUVOGPVRTGXKQWU[GCTU

6JG[GCToUEWTTGPVVCZ
+PEQOGVCZRCKFFWTKPIVJG[GCT

1VJGT
6TCPUHGTTGFVQKPEQOGVCZTGEGKXCDNG

#EETWGFKPEQOGVCZ/C[
&--OKNNKQPQHVJGCEETWGFKPEQOGVCZKPVJG)TQWRKUGZRGEVGFVQDGRCKFCHVGT[GCT
&--OKNNKQPKP
&--OKNNKQPQHVJGCEETWGFKPEQOGVCZKPVJGRCTGPVEQORCP[KUGZRGEVGFVQDGRCKFCHVGT[GCT
&--OKNNKQPKP
e 1VJGTRC[CDNGU
2C[TQNNTGNCVGFKVGOU

6CZGUCPFFWVKGU
4GUVTWEVWTKPI
1VJGTRC[CDNGU
1VJGTRC[CDNGUVQVCN
#NNQVJGTRC[CDNGUHCNNFWGYKVJKP[GCT
6JGHCKTXCNWGQHQVJGTRC[CDNGUKPVJG)TQWRCOQWPVUVQ&--OKNNKQP
&--OKNNKQPKP6JGECTT[KPICOQWPVQHRC[CDNGUYJKEJHCNNFWGYKVJKP
016'5616*'%#5*(.1956#6'/'06
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e #FLWUVOGPVU
%JCPIGKPQVJGTNKCDKNKVKGU

(KPCPEKCNKPEQOGGVE

(KPCPEKCNEQUVUGVE
4GUWNVQHKPXGUVOGPVUKPCUUQEKCVGUCHVGTVCZ

&KXKFGPFHTQOCUUQEKCVGU

)CKPNQUUQPUCNGQHPQPEWTTGPVCUUGVU

6CZQPTGUWNVHQTVJG[GCT

8CTKQWUCFLWUVOGPVU
6QVCNCFLWUVOGPVU

e %JCPIGKPYQTMKPIECRKVCN
%JCPIGKPTGEGKXCDNGU

%JCPIGKPKPXGPVQTKGU
%JCPIGKPCEEQWPVURC[CDNGUGVE

6QVCNEJCPIGKPYQTMKPIECRKVCN
e %CUJCPFECUJGSWKXCNGPVU
%CUJCPFECUJGSWKXCNGPVUEQPUKUVUQH
%CUJ
1XGTFTCHVHCEKNKVKGU

%CUJCPFECUJGSWKXCNGPVU
6JGTGCTGPQTGUVTKEVKQPUKPVJG)TQWRoUQTVJGRCTGPVEQORCP[oUWUGQHECUJCPFECUJGSWKXCNGPVU
e (GGUVQCWFKVQTUGNGEVGFCVVJG#PPWCN)GPGTCN/GGVKPI
5VCVWVQT[CWFKV
&GNQKVVG
5VCVWVQT[CWFKVVQVCN
6CZEQPUWNVKPIUGTXKEGU
&GNQKVVG
6CZEQPUWNVKPIUGTXKEGUVQVCN
1VJGTUGTXKEGU
&GNQKVVG
1VJGTUGTXKEGUVQVCN
(GGUVQCWFKVQTUGNGEVGFCVVJG#PPWCN)GPGTCN/GGVKPIVQVCN
Back to FINANCIAL REPORT AND NOTES Back to CASH FLOW STATEMENT
016'5s9+6*176%41554'('4'0%'
)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
e %QPVKPIGPVNKCDKNKVKGUCPFQVJGTƂPCPEKCNEQOOKVOGPVU
4GPVCNCPFNGCUKPIEQOOKVOGPVUTGICTFKPIQRGTCVKPINGCUGUGVE
6JG)TQWRCPFVJGRCTGPVEQORCP[JCXGGPVGTGFKPVQCPWODGTQHQRGTCVKPINGCUGUCPFTGPVCNCITGGOGPVUTGICTFKPIRNCPVCPF
OCEJKPGT[UJQRUCPFQVJGTRTQRGTV[6JGTGKUCDKIFKXGTUKV[KPVJGNGPIVJQHVJGCITGGOGPVU6JGNQPIGUVCITGGOGPVJCUCVGTOQH
[GCTU#NNCITGGOGPVUEQPVCKPEQPFKVKQPUTGICTFKPITGPGYCN6JG)TQWRCPFVJGRCTGPVEQORCP[CTGGPVKVNGFVQFGVGTOKPGYJGVJGTQT
PQVVJGCITGGOGPVUCTGTGPGYGF0QPGQHVJGCITGGOGPVUKORQUGTGUVTKEVKQPUKPVJG)TQWRoUQTVJGRCTGPVEQORCP[oUTKIJVUQHFKURQUCN
.GCUKPIEQOOKVOGPVUTGNCVKPIVQRNCPVCPFOCEJKPGT[GVE

.GCUKPIEQOOKVOGPVUTGNCVKPIVQGUVCDNKUJOGPVQHUJQRU
.GCUKPIEQOOKVOGPVUTGNCVKPIVQQHHKEGCPFHCEVQT[RTQRGTV[
6QVCN
9JKEJECPDGURGEKƂGFCUHQNNQYU
(CNNUFWGYKVJKP[GCT
(CNNUFWG[GCTU
(CNNUFWGCHVGT[GCTU
6QVCN
4GPVCNCPFNGCUGRC[OGPVUPGVHQTVJG[GCT
1HYJKEJOKPKOWOTGPVCNCPFNGCUGRC[OGPVU

'ZRGEVGFHWVWTGKPEQOGHTQOPQPECPEGNNCDNG
UWDNGCUGCITGGOGPVUVQVCN
0GKVJGTKPVJG)TQWRPQTKPVJGRCTGPVEQORCP[EQPVKPIGPVTGPVCNQTNGCUGRC[OGPVUJCXGDGGPTGEQIPKUGFKPVJGRTQƂVCPFNQUU

CEEQWPVKPQT
+PEQPPGEVKQPYKVJVJGGUVCDNKUJOGPVQHUJQRUKPRTGXKQWUƂPCPEKCN[GCTUVJG)TQWRJCUGPVGTGFKPVQCPWODGTQHNQPIVGTOTGPVCN
CITGGOGPVU6JGCITGGOGPVUKPENWFGEQPFKVKQPUEQPEGTPKPIVJGTKIJVVQUWDNGV
#VVJGDCNCPEGUJGGVFCVGPGKVJGTVJG)TQWRPQTVJGRCTGPVEQORCP[JCUGPVGTGFKPVQCP[PQPECPEGNNCDNGNGCUGCITGGOGPVUTGICTFKPI
CUUGVUJGNFWPFGTQRGTCVKPINGCUGUHTQOYJKEJUWDNGCUGRC[OGPVUCTGTGEGKXGF
)WCTCPVGGU
6QVCNIWCTCPVGGUCUCV/C[

1HYJKEJTGICTFKPIUWDUKFKCTKGU
1HYJKEJTGICTFKPICUUQEKCVGU
0QPGQHVJGIWCTCPVGGUCTGGZRGEVGFVQTGUWNVKPCP[NQUUGU

0QVGUe
e %QPVKPIGPVNKCDKNKVKGUCPFQVJGTƂPCPEKCNEQOOKVOGPVU
EQPVKPWGF
.GVVGTUQHKPVGPV
$CPI1NWHUGP1RGTCVKQPUCUJCUKUUWGFNGVVGTUQHKPVGPVVQVJGUWDUKFKCTKGUKPVJG75,CRCPCPFVJG7-
8#6CPFQVJGTVCZGU
6JG&CPKUJEQORCPKGUKPVJG)TQWRUJCTGLQKPVTGIKUVTCVKQPCPFCTGLQKPVN[CPFUGXGTCNN[NKCDNGHQT8#6CPFQVJGTVCZGU
/QTVICIGUCPFUGEWTKVKGU
.CPFCPFDWKNFKPIUCPFKPXGUVOGPVRTQRGTV[JCXGDGGPOQTVICIGFKPVJGCOQWPVQH&--OKNNKQP
&--OKNNKQPCUCV
/C[CUUGEWTKV[HQT&--OKNNKQPQHVJG)TQWRoUOQTVICIGCPFDCPMFGDV
&--OKNNKQPCUCV/C[.CPFCPF
DWKNFKPIUCPFKPXGUVOGPVRTQRGTV[JCXGDGGPOQTVICIGFKPVJGCOQWPVQH&--OKNNKQP
&--OKNNKQPCUCV/C[CU
UGEWTKV[HQTVJGRCTGPVEQORCP[oUOQTVICIGCPFDCPMFGDVQH&--OKNNKQP
&--OKNNKQPCUCV/C[1VJGTVCPIKDNG
PQPEWTTGPVCUUGVUTGNCVGFVQVJGNCPFCPFDWKNFKPIUCPFKPXGUVOGPVRTQRGTV[CTGKPENWFGFKPVJGUGEWTKV[6JGECTT[KPICOQWPVQHVJG
)TQWRoUOQTVICIGFNCPFCPFDWKNFKPIUCPFKPXGUVOGPVRTQRGTV[KU&--OKNNKQP
&--OKNNKQPCUCV/C[YJKNGVJG
ECTT[KPICOQWPVKPVJGRCTGPVEQORCP[KU&--OKNNKQP
&--OKNNKQPCUCV/C[0QKPVCPIKDNGCUUGVUƂPCPEKCN
CUUGVUQTKPXGPVQTKGUCTGRNGFIGFCUUGEWTKV[HQTNKCDKNKVKGU
#UUGEWTKV[QHCNNTGEGKXCDNGUCPFRC[CDNGUYKVJ&CPUMG$CPMCUVCVGOGPVJCUDGGPOCFGVQVJGGHHGEVVJCVPQUJCTGUKPVJGUWDUKFKCTKGU
QH$CPI1NWHUGPCUECPDGUQNFQTRNGFIGFCUUGEWTKV[YKVJQWVVJGEQPUGPVQHVJGDCPM
6JGNQCPQHKPKVKCNN[&--OKNNKQPHTQO&CPUMG$CPMVQ$CPI1NWHUGPUTQYKVJCTGOCKPKPIFGDVQH&--OKNNKQPCUCV
/C[
&--OKNNKQPCUCV/C[KPENWFGUCENCWUGUVCVKPIVJCVVJGNQCPECPDGECNNGFKHCUJCTGJQNFGTQDVCKPU
EQPVTQNNKPIKPƃWGPEGQH$CPI1NWHUGPCU
6JGNQCPQHKPKVKCNN[&--OKNNKQPHTQO&CPUMG$CPMVQ$CPI1NWHUGPCUYKVJCTGOCKPKPIFGDVQH&--OKNNKQPCUCV/C[

&--OKNNKQPCUCV/C[KPENWFGUCENCWUGUVCVKPIVJCVVJGNQCPECPDGECNNGFKHCUJCTGJQNFGTQDVCKPUEQPVTQNNKPI
KPƃWGPEGQH$CPI1NWHUGPCU
.CYUWKVU
6JGEQORCPKGUKPVJG)TQWRCTGRCTVKGUVQCHGYRGPFKPINCYUWKVU6JGOCPCIGOGPVCUUGUUGUVJCVVJGQWVEQOGQHVJGNCYUWKVUYKNNPQV
OCVGTKCNN[KPƃWGPEGVJG)TQWRoUƂPCPEKCNRQUKVKQP0QHWTVJGTKPHQTOCVKQPKUIKXGPTGICTFKPIVJGNCYUWKVUCUHWTVJGTKPHQTOCVKQPOKIJV
JCTOVJG)TQWR

e (KPCPEKCNKPUVTWOGPVU

6JGGZVGPVCPFPCVWTGQHVJG)TQWRoUCPFRCTGPVEQORCP[oUƂPCPEKCNKPUVTWOGPVUCRRGCTHTQOVJGRTQƂVCPFNQUUCEEQWPVDCNCPEG
UJGGVCPFPQVGUKPCEEQTFCPEGYKVJVJGCEEQWPVKPIRTKPEKRNGUCRRNKGF+PHQTOCVKQPTGICTFKPIEQPFKVKQPUVJCVECPCHHGEVCOQWPVFCVGUQH
RC[OGPVQTTGNKCDKNKV[QHHWVWTGRC[OGPVUYJGTGUWEJKPHQTOCVKQPKUPQVFKTGEVN[GXKFGPVHTQOVJGEQPUQNKFCVGFQTVJGRCTGPVEQORCP[oU
ƂPCPEKCNUVCVGOGPVUQTHQNNQYUHTQOEQOOQPRTCEVKEGKUIKXGPDGNQY


&--OKNNKQP
0QVGUe
EQPVKPWGF
/QPGVCT[KVGOUKPVJGDCNCPEGUJGGVQHVJG)TQWRCUCV/C[VTCPUNCVGFVQ&--

%WTTGPE[ 2C[OGPVOCVWTKV[ #UUGVU .KCDKNKVKGU 0GV #UUGVU .KCDKNKVKGU 0GV

'74 OQPVJU
OQPVJU

)$2 OQPVJU
OQPVJU
5'- OQPVJU
OQPVJU
,2; OQPVJU
%*( OQPVJU
75& OQPVJU

OQPVJU
%<- OQPVJU

5)& OQPVJU
OQPVJU
#7& OQPVJU
OQPVJU

1VJGT OQPVJU
OQPVJU
/QPGVCT[KVGOUKPVJGDCNCPEGUJGGVQHVJGRCTGPVEQORCP[CUCV/C[VTCPUNCVGFVQ&--

%WTTGPE[ 2C[OGPVOCVWTKV[ #UUGVU .KCDKNKVKGU 0GV #UUGVU .KCDKNKVKGU 0GV

'74 OQPVJU
)$2 OQPVJU

5'- OQPVJU
,2; OQPVJU
%*( OQPVJU
75& OQPVJU

%<- OQPVJU
5)& OQPVJU
#7& OQPVJU
1VJGT OQPVJU
/QPGVCT[KVGOUCTGECUJCPFECUJGSWKXCNGPVUGVETGEGKXCDNGUCPFRC[CDNGUYJKEJCTGUGVVNGFKPECUJ

)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
EQPVKPWGF
%CVGIQTKGUQHƂPCPEKCNKPUVTWOGPVU
1VJGTƂPCPEKCNTGEGKXCDNGU

6TCFGTGEGKXCDNGU
4GEGKXCDNGUHTQOUWDUKFKCTKGU
1VJGTTGEGKXCDNGU
%CUJ
.QCPUCPFTGEGKXCDNGU

/QTVICIGNQCPUVQVCN
.QCPUHTQODCPMUGVEVQVCN
1XGTFTCHVHCEKNKVKGU
6TCFGRC[CDNGU
1VJGTRC[CDNGUGZENHQTGKIPGZEJCPIGHQTYCTFEQPVTCEVU
(KPCPEKCNNKCDKNKVKGUOGCUWTGFCVCOQTVKUGFEQUV
(QTGKIPGZEJCPIGHQTYCTFEQPVTCEVUCTGOGCUWTGFCVHCKTXCNWGKPVJGDCNCPEGUJGGVEHPQVGCPFDGNQY
6JGHCKTXCNWGKUDCUGFQPQDUGTXCDNGOCTMGVFCVCCPFKURCTVQHNGXGNKPVJGHCKTXCNWGJKGTCTEJ[
/CVWTKV[CPCN[UKUHQTTGEGKXCDNGU
#OQWPVUPQVFWG

7RVQFC[UQXGTFWG
$GVYGGPCPFFC[UQXGTFWG
/QTGVJCPFC[UQXGTFWG
6QVCN
#NNTGEGKXCDNGUKPVJGRCTGPVEQORCP[CUCV/C[CPFCUCV/C[CTGPQVFWG
(CKTXCNWGRGTECVGIQT[QHƂPCPEKCNKPUVTWOGPVU
1VJGTƂPCPEKCNTGEGKXCDNGU

6TCFGTGEGKXCDNGU
4GEGKXCDNGUHTQOUWDUKFKCTKGU
1VJGTTGEGKXCDNGU
%CUJ
.QCPUCPFTGEGKXCDNGU

/QTVICIGNQCPUVQVCN
.QCPUHTQODCPMUGVEVQVCN
1XGTFTCHVHCEKNKVKGU
6TCFGRC[CDNGU
1VJGTRC[CDNGUGZENHQTGKIPGZEJCPIGHQTYCTFEQPVTCEVU
(KPCPEKCNNKCDKNKVKGUOGCUWTGFCVCOQTVKUGFEQUV

&--OKNNKQP
0QVGUe
EQPVKPWGF
6JG)TQWRoUOCPCIGOGPVQHƂPCPEKCNTKUMU
#UCTGUWNVQHVJG$CPI1NWHUGP)TQWRoUGZVGPUKXGKPVGTPCVKQPCNCEVKXKVKGUVJG)TQWRoURTQƂVNQUUCEEQWPVDCNCPEGUJGGVCPFGSWKV[
CTGGZRQUGFVQCPWODGTQHƂPCPEKCNTKUMUCVCP[IKXGPVKOG
6JGUGTKUMUEQORTKUG
r||||||||(QTGKIPGZEJCPIGTCVGTKUM
r||||||||+PVGTGUVTCVGTKUM
r||||||||%TGFKVTKUM
r||||||||.KSWKFKV[TKUM
$CPI1NWHUGPEQPVKPWCNN[CUUGUUGUVJGUGTKUMUCV)TQWRNGXGN#UKVKUVJG)TQWRoURQNKE[PQVVQURGEWNCVGKPƂPCPEKCNKPUVTWOGPVUKVU
ƂPCPEKCNOCPCIGOGPVKUUQNGN[FKTGEVGFVQYCTFUVJGOCPCIGOGPVQHƂPCPEKCNTKUMUKPTGNCVKQPVQQRGTCVKQPUCPFƂPCPEKPI
(QTGKIPGZEJCPIGTCVGTKUM
+PQHVJG)TQWRoUVWTPQXGTKUKPHQTGKIPEWTTGPE[
KP5KPEGRCTVQHVJG)TQWRoURWTEJCUKPIRQNKE[KUVQ
OCVEJRWTEJCUKPICPFUCNGUEWTTGPEKGUVQVJGITGCVGUVRQUUKDNGGZVGPVVJGƂIWTGFQGUPQVGZRTGUUVJG)TQWRoUHQTGKIPGZEJCPIGTCVG
TKUM
6JG)TQWRJCUPGVKPƃQYUKP'74)$2CPF%*(CPFVJGOQUVUKIPKƂECPVGZRQUWTGKURTGUGPVN[CVVCEJGFVQVJGUG6JGOQUVUKIPKƂECPV
GZRQUWTGQPVJGQWVƃQYUKFGKU75&
6JG)TQWRoUHQTGKIPGZEJCPIGTCVGTKUMUCTGOCPCIGFEGPVTCNN[D[VJGRCTGPVEQORCP[oUƂPCPEGFGRCTVOGPVDCUGFQPCHQTGKIP
GZEJCPIGTCVGRQNKE[CRRTQXGFD[VJG$QCTFQH&KTGEVQTUWPFGTYJKEJWRVQQHVJGGZRGEVGFPGVECUJƃQYUKPUGNGEVGFEWTTGPEKGU
CTGEQXGTGF(QTYCTFEQPVTCEVUCTGWUGFEQPVKPWCNN[HQTVJKUJGFIKPI6JGHQTYCTFEQPVTCEVUCTGENCUUKƂGFCUJGFIKPICPFHWNƂNVJG
CEEQWPVKPITGSWKTGOGPVUHQTJGFIKPIHWVWTGECUJƃQY(QTYCTFEQPVTCEVUCTGWUGFHQTEQOOGTEKCNVTCPUCEVKQPUQPN[CPFJGFIKPIQHC
JQTK\QPQHWRVQOQPVJUKUOCFG
#UCV/C[VJG)TQWRJCUGPVGTGFKPVQHQTGKIPGZEJCPIGHQTYCTFEQPVTCEVUCVCTGRWTEJCUGXCNWGQH&--OKNNKQP

&--OKNNKQPCUCV/C[YKVJCHCKTXCNWGQH&--OKNNKQP
&--OKNNKQPCUCV/C[
/C[ /C[
(QTGKIPGZEJCPIGHQTYCTFEQPVTCEVPGVUCNG
RWTEJCUG %QPVTCEV %QPVTCEV
COQWPV (CKTXCNWG COQWPV (CKTXCNWG
75&

)$2

%*(

5'-

01-

6QVCN/C[

6JGVCDNGDGNQYUJQYUVJGGHHGEVQPQRGTCVKPIRTQƂVNQUUHQTVJG[GCTCPFVJG)TQWRoUGSWKV[QHCEJCPIGKPUGNGEVGFEWTTGPEKGUQH
EQORCTGFVQVJGCXGTCIGHQTGKIPGZEJCPIGTCVGUHQTVJG[GCTGUVKOCVGFQPWPJGFIGFDCUKU

&--OKNNKQP
0QVGUe
EQPVKPWGF 1RGTCVKPIRTQHKVNQUU 'SWKV[

/C[ /C[
75&

)$2
%*(
01-
5'-
5)&
#7&
$GUKFGUVJGHQTGKIPGZEJCPIGTCVGTKUMTGNCVKPIVQEWTTGPVVTCPUCEVKQPUVJG$CPI1NWHUGP)TQWRoUGSWKV[KUCHHGEVGFD[HQTGKIPGZEJCPIG
TCVGTKUMUTGNCVKPIVQVJGVTCPUNCVKQPQHVJG)TQWRoUHQTGKIPUWDUKFKCTKGUHTQONQECNEWTTGPEKGUVQ&--
+PVGTGUVTCVGTKUM
6JG)TQWRoUKPVGTGUVTCVGTKUMTGNCVGUVQVJGKPVGTGUVDGCTKPIFGDVCPFVJGKPVGTGUVDGCTKPICUUGVU
6JG)TQWRoUKPVGTGUVDGCTKPICUUGVUEQPUKUVOCKPN[QHNKSWKFHWPFUYJKEJCVVJGGPFQHVJGƂPCPEKCN[GCTVQVCNNGF&--OKNNKQP

&--OKNNKQPKP.KSWKFHWPFU[KGNFKPVGTGUVQPVJGUJQTVVGTOOQPG[OCTMGV6JGKPVGTGUVTCVGTKUMKUFGGOGFVQDG
KPUKIPKƂECPVKPVJCVCEJCPIGKPVJGKPVGTGUVTCVGNGXGNQHYQWNFJCXGKORCEVGFQPVJG)TQWRoUTGUWNVDGHQTGVCZD[CRRTQZ&--
OKNNKQPKP
&--OKNNKQPKP
#VVJGGPFQHVJGƂPCPEKCN[GCTVJG)TQWRoUKPVGTGUVDGCTKPIFGDVVQVCNNGF&--OKNNKQP
&--OKNNKQPKP
EQTTGURQPFKPIVQQHVJGDCNCPEGUJGGVVQVCN
KP
1HVJGKPVGTGUVDGCTKPIFGDV&--OKNNKQPHCNNFWGCHVGTƂXG[GCTU
&--OKNNKQPKP(WTVJGTKPHQTOCVKQPKURTQXKFGF
KPPQVGUCPF
&WGVQVJGNQYFGDVNGXGNCPFVJGHCEVVJCVDQTTQYKPIUCTGGZENWUKXGN[KPƂZGFTCVGNQCPUVJG)TQWRoUKPVGTGUVTCVGTKUMUCTGKPUKIPKƂECPV
CPFCTGPQVGZRGEVGFVQKORCEVUKIPKƂECPVN[QPVJG)TQWRoUTGUWNV
%TGFKVTKUM
6JG)TQWRoUOQUVKORQTVCPVRTKOCT[ƂPCPEKCNKPUVTWOGPVUEQORTKUGVTCFGTGEGKXCDNGUCPFDCPMFGRQUKVU6JGCOQWPVUCVYJKEJVJGUG
DCNCPEGUJGGVKVGOUCTGTGEQIPKUGFEQTTGURQPFVQVJGOCZKOWOETGFKVTKUM
#VVJGGPFQHVJGƂPCPEKCN[GCTVJG)TQWRUGNNUKVURTQFWEVUVJTQWIJFGCNGTUYQTNFYKFG6JG)TQWRKUVJGTGHQTGGZRQUGFVQCTKUM
QHNQUUGUQPTGEGKXCDNGU
6JGKPFKXKFWCNFGCNGTUKPENWFKPIVJGKTIGQITCRJKECNNQECVKQPCTGUWDLGEVVQQPIQKPIGXCNWCVKQP9JGPFGGOGFPGEGUUCT[VJG)TQWR
GORNQ[UDCPMIWCTCPVGGUQTFGDVQTKPUWTCPEGCICKPUVQWVUVCPFKPIFGDVUCPFKPUQOGUKVWCVKQPUQVJGTHQTOUQHUGEWTKVKGUCTGCVVCKPGF
GIKPVJGHQTOQHUGEWTKV[KPKPXGPVQTKGUQTQVJGTCUUGVU
(QTVJGƂPCPEKCN[GCT&--OKNNKQPYCUGZRGPUGFHQTNQUUGUCPFEJCPIGUVQRTQXKUKQPUHQTNQUUGUQPTGEGKXCDNGU

&--OKNNKQPKP
.KSWKFHWPFUCTGRNCEGFYKVJƂPCPEKCNKPUVKVWVKQPUYKVJJKIJETGFKVTCVKPIU&GTKXCVKXGUKPENWFKPIHQTGKIPGZEJCPIGHQTYCTFEQPVTCEVUCTG
GPVGTGFKPVQYKVJUWEJKPUVKVWVKQPUQPN[+VKUFGGOGFVJGTGHQTGVJCVVJGETGFKVTKUMTGNCVKPIVQNKSWKFHWPFUKUQHPQUKIPKƂECPEGVQ$CPI
1NWHUGPoUCPPWCNTGRQTV

)TQWR 2CTGPVEQORCP[

&--OKNNKQP
0QVGUe
EQPVKPWGF
.KSWKFKV[TKUM
6JGƂPCPEKCNTGUGTXGKUEQPVKPWCNN[CUUGUUGFCPFOCPCIGFD[VJGRCTGPVEQORCP[oUƂPCPEGFGRCTVOGPV+VKUGPUWTGFVJCVCVCP[IKXGP
VKOGVJGTGKUUWHƂEKGPVƃGZKDNGCPFWPWUGFCUUWTCPEGETGFKVCXCKNCDNGRTQXKFGFD[OCLQTTGRWVCDNGƂPCPEKCNKPUVKVWVKQPU1PVJGDCUKUQH
VJG)TQWRoUƂPCPEKCNTGUGTXGCTTCPIGOGPVUCPFVJGGZRGEVCVKQPUVQVJG)TQWRoUHWVWTGECUJƃQYUPQNKSWKFKV[KUUWGUCTGGZRGEVGF
e 4GNCVGFRCTVKGU
0QTGNCVGFRCTVKGUJCXGCEQPVTQNNKPIKPƃWGPEGKPVJG$CPI1NWHUGP)TQWRQT$CPI1NWHUGPCU
6JGTGNCVGFRCTVKGUVJCVJCXGUKIPKƂECPVKPƃWGPEGKPVJG$CPI1NWHUGP)TQWRCTGVJG$QCTFQH&KTGEVQTUVJG$QCTFQH/CPCIGOGPV
CPFEGTVCKPQVJGTMG[OCPCIGOGPVRGTUQPPGNKP$CPI1NWHUGPCUCPFEGTVCKPOGODGTUQHVJG$QCTFQH/CPCIGOGPVCPFQVJGTMG[
OCPCIGOGPVRGTUQPPGNKPQVJGTEQORCPKGUKPVJG)TQWRCPFVJGENQUGHCOKN[OGODGTUQHVJGUGRGTUQPU4GNCVGFRCTVKGUCNUQKPENWFG
EQORCPKGUKPYJKEJVJGUGRGTUQPUJCXGUKIPKƂECPVKPVGTGUVU
6JGTGNCVGFRCTVKGUVJCVJCXGUKIPKƂECPVKPƃWGPEGKP$CPI1NWHUGPCUCTGVJG$QCTFQH&KTGEVQTUVJG$QCTFQH/CPCIGOGPVCPF
EGTVCKPQVJGTMG[OCPCIGOGPVRGTUQPPGNCPFVJGENQUGHCOKN[OGODGTUQHVJGUGRGTUQPU4GNCVGFRCTVKGUCNUQKPENWFGEQORCPKGUKP
YJKEJVJGUGRGTUQPUJCXGUKIPKƂECPVKPVGTGUVU
6JGTGNCVGFRCTVKGUKP$CPI1NWHUGPCUCNUQEQORTKUGVJGUWDUKFKCTKGUKPYJKEJVJGEQORCP[JCXGCEQPVTQNNKPIKPVGTGUVEHPQVG
6JGTGNCVGFRCTVKGUKP$CPI1NWHUGPCUCPFVJG$CPI1NWHUGP)TQWRCNUQEQORTKUGVJGCUUQEKCVGU$CPI1NWHUGP/GFKEQOCUCPF
,QJP$LGTTWO0KGNUGP#5KPYJKEJ$CPI1NWHUGPCUJCUUKIPKƂECPVKPƃWGPEGEHPQVG
$CPI1NWHUGPoUUJCTGKPVJGUWDUKFKCTKGUCPFCUUQEKCVGUKUUJQYPKPPQVG
$QCTFQH&KTGEVQTU$QCTFQH/CPCIGOGPVCPFQVJGTMG[OCPCIGOGPVRGTUQPPGN
'ZEGRVHTQOYJCVHQNNQYUHTQOVJGGORNQ[OGPVCPFUJCTGJQNFKPIUKHCP[VJGTGJCXGDGGPPQVTCPUCEVKQPUYKVJVJG$QCTFQH&KTGEVQTU
VJG$QCTFQH/CPCIGOGPVCPFQVJGTMG[OCPCIGOGPVRGTUQPPGN4GOWPGTCVKQPCPFUJCTGQRVKQPRTQITCOOGUCTGUJQYPKPPQVG

6JG$QCTFQH&KTGEVQTUoVGTOUQHPQVKEGKUKPCEEQTFCPEGYKVJPQTOCNOCTMGVEQPFKVKQPU
WRVQOQPVJU
5WDUKFKCTKGUCPFCUUQEKCVGU
6JGVTCPUCEVKQPUYKVJVJGUWDUKFKCTKGU
CPFUWDUWDUKFKCTKGUCPFVJGCUUQEKCVGUJCXGKPENWFGFVJGHQNNQYKPI
2WTEJCUGQHTCYOCVGTKCNUHTQOCUUQEKCVGU

2WTEJCUGQHUGTXKEGUHTQOCUUQEKCVGU
4GPVCNKPEQOGHTQOCUUQEKCVGU
2WTEJCUGQHUGTXKEGUHTQOUWDUKFKCTKGU
4GPFGTKPIQHUGTXKEGUVQUWDUKFKCTKGU
4Q[CNV[KPEQOGHTQOUWDUKFKCTKGU
4GPVCNKPEQOGHTQOUWDUKFKCTKGU

&--OKNNKQP
0QVGUe
e 4GNCVGFRCTVKGU
EQPVKPWGF
6JGVTCPUCEVKQPUYKVJVJGUWDUKFKCTKGU
CPFUWDUWDUKFKCTKGUJCXGDGGPGNKOKPCVGFKPVJGEQPUQNKFCVGFƂPCPEKCNUVCVGOGPVUKPCEEQTFCPEG
YKVJVJGCEEQWPVKPIRTKPEKRNGUCRRNKGF
1WVUVCPFKPIDCNCPEGUYKVJUWDUKFKCTKGUCPFCUUQEKCVGU
$CPI1NWHUGPCUoCPFVJG$CPI1NWHUGP)TQWRoUQWVUVCPFKPIDCNCPEGUYKVJVJGUWDUKFKCTKGUCPFVJGCUUQEKCVGUCRRGCTHTQOVJG
DCNCPEGUJGGV6JGQWVUVCPFKPIDCNCPEGUECTT[KPVGTGUV6JGKPVGTGUVEJCTIGFQPVJGQWVUVCPFKPIDCNCPEGUKUUJQYPKPPQVGUCPF
6JGVGTOUQHRC[OGPVQPVJGQWVUVCPFKPIDCNCPEGUTGICTFKPIRWTEJCUGQHIQQFUCTGEWTTGPVOQPVJ FC[U6JGTGCTGPQUGEWTKVKGU
TGICTFKPIVJGQWVUVCPFKPIDCNCPEGUCPFVJGTGJCXGDGGPPQPGGFHQTYTKVGFQYPUQHVJGQWVUVCPFKPIDCNCPEGU(WTVJGTOQTGVJGTG
JCXGDGGPPQCEVWCNNQUUGUTGICTFKPIVJGQWVUVCPFKPIDCNCPEGUKPQT
1VJGTVTCPUCEVKQPU
$CPI1NWHUGPCUJCUTGEGKXGF&--OKNNKQPCUFKXKFGPFHTQOVJGUWDUKFKCTKGU
&--OKNNKQPKP0QFKXKFGPFJCU
DGGPTGEGKXGFHTQOVJGCUUQEKCVGUKP
&--OKNNKQPKP
$CPI1NWHUGPCUJCUKUUWGFIWCTCPVGGUHQTVJGTGNCVGFRCTVKGUEHPQVG0QPGQHVJGIWCTCPVGGUCTGGZRGEVGFVQTGUWNVKPCP[
NQUUGU
&WTKPI$CPI1NWHUGPCUEQPVTKDWVGF&--OKNNKQPVQVJGCUUQEKCVG$CPI1NWHUGP/GFKEQOCUKPEQPPGEVKQPYKVJC
ECRKVCNKPETGCUGKPVJGEQORCP[
0QQVJGTVTCPUCEVKQPUYKVJVJGTGNCVGFRCTVKGUJCXGVCMGPRNCEG

&--OKNNKQP
0QVGUe
e %QORCPKGUKPVJG$CPI1NWHUGP)TQWR $CPI
1NWHUGP 0WODGTQH
5JCTGECRKCN )TQWRoU WPFKUENQUGF
%QORCP[PCOG 4GIKUVGTGFQHHKEG %WTTGPE[ NQECNEWTTGPE[ UJCTG UWDUKFKCTKGU

$TCPFGFDWUKPGUU
$CPI1NWHUGPCU 5VTWGT&- &--
$CPI1NWHUGP1RGTCVKQPUCU 5VTWGT&- &--
5ECPFKPCXKC
$CPI1NWHUGP&CPOCTMCU .[PID[6ÁTDÂM&- &--
$CPI1NWHUGP#5 1UNQ0 01-
$CPI1NWHUGP5XGPUMC#$ 5VQEMJQNO5 5'-
%GPVTCN'WTQRG
$CPI1NWHUGP&GWVUEJNCPF)OD* /ØPEJGP& '74
$CPI1NWHUGP#) $CUUGTUFQTH%* %*(
$CPI1NWHUGP)GUOD* 6WNNP# '74
7PKVGF-KPIFQO$GPGNWZ
$CPI1NWHUGP7PKVGF-KPIFQO.VF $GTMUJKTG)$ )$2
5#$CPI1NWHUGP$GNIKWO08 &KNDGGM$ '74
$CPI1NWHUGPDX 0CCTFGP0. '74
4GUVQH'WTQRG
$CPI1NWHUGP(TCPEG5# .GXCNNQKU2GTTGV( '74
$CPI1NWHUGP'URCÍC5# /CFTKF' '74
$CPI1NWHUGP+VCNKC5R# /KNCPQ+ '74
0QTVJ#OGTKEC
$CPI1NWHUGP#OGTKEC+PE #TNKPIVQP*GKIJVU75# 75&
#UKC
$CPI1NWHUGP,CRCP-- 6QM[Q,2 ,2;
$CPI1NWHUGP#UKC2VG.VF 5KPICRQTG5) 5)&
$CPI1NWHUGP9JQNGUCNG2V[.VF #TOCFCNG#75 #7&
/KFFNG'CUV
$CPI1NWHUGP/KFFNG'CUV(<..% &WDCK7#' '74
1VJGT
$CPI1NWHUGP'ZRCPUKQPCU 5VTWGT&- &--
$CPI1NWHUGPUTQ -QRTKXPKEG%< %<-
1¸$15QHV 6CNNKPP'' ''-
$CPI1NWHUGP)256CKYCP 6CKRGK69 69&

0QPDTCPFGFDWUKPGUU

$CPI1NWHUGP+%'RQYGTCU .[PID[6ÁTDÂM&- &--

#UUQEKCVGU

,QJP$LGTTWO0KGNUGP#5 $TCOOKPI&- &--
$CPI1NWHUGP/GFKEQOCU 5VTWGT&- &--

&QTOCPVEQORCPKGUCTGPQVKPENWFGF
#UCV,WPG$CPI1NWHUGPCUCESWKTGFVJGTGOCKPKPIQHVJGUJCTGUKP$CPI1NWHUGP+%'RQYGTCU


&--OKNNKQP
0QVGUe
e +PHQTOCVKQPCDQWVUJCTGJQNFGTU
#UCV/C[$CPI1NWHUGPCUJCUCRRTQZTGIKUVGTGFUJCTGJQNFGTUEQTTGURQPFKPIVQCPQYPGTUJKRKPVGTGUVQHCRRTQZ
QHVJGUJCTGECRKVCN#RRTQZQHVJGUGUJCTGJQNFGTUCTGTGUKFGPVKP&GPOCTM1HVJGNKUVGFECRKVCNCRRTQZKURNCEGF
KP&GPOCTM

#UCV/C[VJGHQNNQYKPIKPFKXKFWCNUQTNGICNGPVKVKGUJQNFQTOQTGQHVJGEQORCP[oUECRKVCNQTUJCTGECRKVCNoUXQVKPITKIJVU
0QOKPCNCOQWPV %CRKVCN
&-- 8QVGU
#TDGLFUOCTMGFGVU6KNNÂIURGPUKQP-QPIGPU8ÂPIG*KNNGTÔF

#XKXCRNE5V*GNGPU7PFGTUJCHV.QPFQP'%2&37PKVGF-KPIFQO
(ÂTEJHQPFGP.KNNG´UVGTICFG#*QNUVGDTQ
e 'XGPVUCHVGTVJGDCNCPEGUJGGVFCVG
#HVGTVJGDCNCPEGUJGGVFCVGPQGXGPVUYKVJOCVGTKCNGHHGEVHQTVJGCPPWCNTGRQTVJCXGQEEWTTGF
e %CRKVCNUVTWEVWTG
$CPI1NWHUGPQRGTCVGUKPCUGEVQTYKVJXGT[HTGSWGPVCPFUKIPKHKECPVEJCPIGUKPVGEJPQNQI[6JGTGHQTGVJG)TQWRYKNNQEECUKQPCNN[DG
HCEGFYKVJUOCNNQTOGFKWOUK\GFKPXGUVOGPVUYKVJKPPGYDWUKPGUUCTGCUCPFPGYHKGNFUQHVGEJPQNQI[&KUVTKDWVKQPFGXGNQROGPVNCTIGN[
VCMGURNCEGVJTQWIJTGVCKNGTQYPGFUJQRUDWVKPEGTVCKPOCTMGVUKVOKIJVHTQOVKOGVQVKOGDGPGEGUUCT[HQTVJG)TQWRVQCESWKTG
GUVCDNKUJGFTGVCKNPGVYQTMU6JGFTCYQPNKSWKFKV[KPKPFKXKFWCNHKPCPEKCN[GCTUKUEJCTCEVGTK\GFD[EQPUKFGTCDNGUGCUQPCNXCTKCVKQPU
$CUGFQPVJKU$CPI1NWHUGPJCUCPGGFHQTUWHHKEKGPVECRKVCNTGUGTXGUCPFVJG)TQWRYKNNVJGTGHQTGCUCNQPIVGTOCXGTCIGCKO
CVCPGSWKV[TCVKQQHCPFCPGVKPVGTGUVDGCTKPIFGDVKPCTCPIGDGVYGGPCPFVKOGUGCTPKPIUDGHQTGKPVGTGUVVCZ
FGRTGEKCVKQPUCOQTVKUCVKQPUCPFKORCKTOGPVNQUUGU
'$+6&##UCV/C[VJGGSWKV[TCVKQGSWCNU
/C[
#UCVVJGDCNCPEGUJGGVFCVGVJGHKPCPEKCNIGCTKPICPFVJGTCVKQDGVYGGPVJGPGVKPVGTGUVDGCTKPIFGDVCPF'$+6&#ECPDGECNEWNCVGFCU
DGNQY

/QTVICIGNQCPU

.QCPUHTQODCPMUGVE
1XGTFTCHVHCEKNKVKGU
%CUJ

0GVKPVGTGUVDGCTKPIFGDV
'SWKV[
(KPCPEKCNIGCTKPI
'$+6&#

0GVKPVGTGUVDGCTKPIFGDV'$+6&#

2TKPVKPIFCVCITCHCU

#PPWCN4GRQTV
#007#.4'2146
$CPI1NWHUGP)TQWR
YYYDCPIQNWHUGPEQO %84PQ

Annual Report 0910 EN

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Report 0910 EN

Uploaded by

Copyright:

Available Formats

#PPWCN4GRQTV

If you wish to skip directly to a specific page, click on the page

CONTENTS - click right HERE.

    

0GVVWTPQXGTKPVQVCN  

8KFGQ  

6QVCNVWTPQXGT  

&8$ YKTGNGUUGVJGTPGVCPFCPWODGTQHUQHVYCTG RTQFWEVU

Back to FINANCIAL REPORT AND NOTES 

 Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES 

,ÔTIGP9QTPKPI 4QNH'TKMUGP 2GVGT5MCM1NWHUGP 0KGNU$LÔTP%JTKUVKCPUGP 6WG/CPVQPK 1NG#PFGTUGP

;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV

&KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU

0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP

 Back to FINANCIAL REPORT AND NOTES

#PGVVG4GXUICCTF ,GURGT1NGUGP -PWF1NGUGP -CTN-TKUVKCP*XKFV ,QJP%JTKUVKCP %JTKUVKCP9KPVJGT

;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV 2TGUKFGPV%'1QH 'ZGEWVKXG8KEG2TGUKFGPV 'ZGEWVKXG8KEG2TGUKFGPV

/GCUWTG6KOG6GEJPKEKCP 'PIKPGGTKPI9QTMGT 6GEJPKECN2TQLGEV /5E

&KTGEVQTUJKRU &KTGEVQTUJKRU &KTGEVQTUJKRU

0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP 0WODGTQHUJCTGUKP

9KVJVJGGZEGRVKQPQHRGTEGPVQYPGF$CPI1NWHUGPUWDUKFKCTKGU Back to FINANCIAL REPORT AND NOTES 

%QORCP[ $QCTFQH&KTGEVQTU $QCTFQH/CPCIGOGPV

 Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES 

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

)TQUURTQHKV    

e (KPCPEKCNKPEQOG    

Result before tax (49.6) (523.4) (145.3) (300.2)

e 6CZQPTGUWNVHQTVJG[GCT    

 Back to FINANCIAL REPORT AND NOTES

   

Back to FINANCIAL REPORT AND NOTES 

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

e +PXGUVOGPVRTQRGTV[      

e &GHGTTGFVCZCUUGVU      

6QVCNPQPEWTTGPVCUUGVU      

e +PXGPVQTKGU      

%CUJ      

6QVCNEWTTGPVCUUGVU      

6QVCNCUUGVU      

 Back to FINANCIAL REPORT AND NOTES

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

Back to FINANCIAL REPORT AND NOTES 

 Back to FINANCIAL REPORT AND NOTES

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

+PVGTGUVTGEGKXGFGVE    

%CUJHNQYUHTQOQRGTCVKPICEVKXKVKGU    

%CRKVCNKPETGCUG    

e %CUJCPFECUJGSWKXCNGPVU/C[    

Back to FINANCIAL REPORT AND NOTES 

'SWKV[,WPG  

%CRKVCNKPETGCUG       

'SWKV[/C[  

'SWKV[,WPG  

%QORTGJGPUKXGKPEQOGHQTVJG[GCT   

 Back to FINANCIAL REPORT AND NOTES

'SWKV[,WPG     

%QORTGJGPUKXGKPEQOGHQTVJG[GCT  

'SWKV[/C[  

5JCTGECRKVCN/C[     

Back to FINANCIAL REPORT AND NOTES 

Back to FINANCIAL REPORT AND NOTES 

#PPWCN4GRQTV

0GVVWTPQXGTKPVQVCN

8KFGQ

6QVCNVWTPQXGT

&8$YKTGNGUUGVJGTPGVCPFCPWODGTQHUQHVYCTG RTQFWEVU

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV

Back to FINANCIAL REPORT AND NOTES

;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV ;GCTQHHKTUVCRRQKPVOGPV 2TGUKFGPV%'1QH 'ZGEWVKXG8KEG2TGUKFGPV 'ZGEWVKXG8KEG2TGUKFGPV

/GCUWTG6KOG6GEJPKEKCP 'PIKPGGTKPI9QTMGT 6GEJPKECN2TQLGEV /5E

9KVJVJGGZEGRVKQPQHRGTEGPVQYPGF$CPI1NWHUGPUWDUKFKCTKGU Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

)TQUURTQHKV

e (KPCPEKCNKPEQOG

e 6CZQPTGUWNVHQTVJG[GCT

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

e +PXGUVOGPVRTQRGTV[

e &GHGTTGFVCZCUUGVU

6QVCNPQPEWTTGPVCUUGVU

e +PXGPVQTKGU

%CUJ

6QVCNEWTTGPVCUUGVU

6QVCNCUUGVU

Back to FINANCIAL REPORT AND NOTES

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

$CPI1NWHUGPCU )TQWR 2CTGPVEQORCP[

+PVGTGUVTGEGKXGFGVE

%CUJHNQYUHTQOQRGTCVKPICEVKXKVKGU

%CRKVCNKPETGCUG

e %CUJCPFECUJGSWKXCNGPVU/C[

Back to FINANCIAL REPORT AND NOTES

'SWKV[,WPG

%CRKVCNKPETGCUG

'SWKV[/C[

'SWKV[,WPG

%QORTGJGPUKXGKPEQOGHQTVJG[GCT

Back to FINANCIAL REPORT AND NOTES

'SWKV[,WPG

%QORTGJGPUKXGKPEQOGHQTVJG[GCT

'SWKV[/C[

5JCTGECRKVCN/C[

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

Back to FINANCIAL REPORT AND NOTES

$TCPFGF 0QPDTCPFGF 6QVCN

0GVVWTPQXGT

%QORNGVGFFGXGNQROGPVRTQLGEVU

Back to FINANCIAL REPORT AND NOTES

0GVVWTPQXGTVQVCNUGIOGPVU

6QVCNUGIOGPVCUUGVU

)GQITCRJKECNKPHQTOCVKQP

&GPOCTM

'ZRQTVUJCTG

Back to FINANCIAL REPORT AND NOTES

&GPOCTM

)GTOCP[

6JG7-

0QTVJ#OGTKEC

,CRCP

/KFFNG'CUV

6QVCN