1\HOYP&YHOpV
1 < ( / 9 0 % 9 ( / e 6 -XUWYDJ\MXUWD"
$¶QHPH]ViWRU¶MHO|OpVpUH KDV]QiODWRVMXUW \XUW V]y W|U|N HUHGHW& -HOHQWpVH 0DKPXG DO .DãJDULÄ'LYDQ/XJDWDW7XUN´D]D]Ä7|U|NV]yWiULJ\&MWHPpQ\´FtP&;,V]i]DGLEHFVHVPXQNi MiEDQ¶WiERUODNyKHO\KD]DKRQ¶&%52&.(/0$110LWWHOWUNLVFKHU:RUWVFKDW]QDFK0DKPXG DO.DãJDUL'LYDQ/XJDWDW7XUN%SDNpVEELW|U|NQ\HOYHPOpNHNEHQ¶WiERUODNy KHO\HJ\IDMWDQHPH]ViWRUN|]|VVpJRUV]iJ¶*&/$8621$Q(W\PRORJLFDO'LFWLRQDU\RI3UH 7KLUWHHQWK &HQWXU\ 7XUNLVK 2[IRUG 0 5b6b1(1 9HUVXFK HLQHV HW\PRORJLVFKHQ :|UWHUEXFKV GHU 7UNVSUDFKHQ +HOVLQNL 9 * (*2529(WLPRORJLþHVNLM VORYDU¶
þXYDãVNRJRMD]\NDýHERNVDU\*'2(5)(57UNLVFKHXQGPRQJROLVFKH(OHPHQWHLP 1HXSHUVLVFKHQ,9:LHVEDGHQ²0HJIHOHOpVHLDPDLW|U|NQ\HOYHNEHQLVJ\DNUDQ DGDWROKDWyNVDW|U|NVpJPLQGHQiJiEDQNLPXWDWKDWyN9|SORV]P\XUW¶RUV]iJYLGpNKD]D KRQKi]MXUWDNROOpJLXPPHQKHO\¶7XUHFNR²UXVVNLMVORYDU¶3RGUHG(0(0867$)$(9$
/167$526729$ 0RVNYDWNP\XUW¶ODNyKi]RUV]iJYLGpN¶7XUNPHQVNR²UXVVNLM VORYDU¶3RGUHG(57(1,â(9$0RVNYDNDU\XUW.DUDLPVNR²UXVVNR²SRO¶VNLMVORYDU¶
3RGUHG1$%$6.$.29$$=$-21ý.296.2*260â$3â$/$0RVNYDFVXYXUW
¶Ki]¶1,6.925&29ýXYDãVNR²UXVVNLMVORYDU¶0RVNYDNXP\XUW¶WHOHSOpVIDOXDXO Ki]JD]GDViJ¶.XP\NVNR²UXVVNLM VORYDU¶ 3RG UHG = = %$00$729$ 0RVNYD |]E
\XUW¶RUV]iJYLGpNKD]DKRQQpSODNRVViJWDQLQWp]HW¶8]EHNVNR²UXVVNLMVORYDU¶*ODYQUHG
$.%2529.290RVNYDWXYþXUWRUV]iJYLGpNQRPiGWiERUODNyKHO\¶7XYLQVNR² UXVVNLMVORYDU¶3RGUHG(57(1,â(9$0RVNYDMDNVXUW¶QRPiGV]iOOiVODNyKHO\¶
-DNXWVNR²UXVVNLMVORYDU¶3RGUHG3$6/(3&29$0RVNYDVWE
$NHUHNViWRUPHJQHYH]pVpUHPiVV]DYDNLVNLPXWDWKDWyND]DOWDMLQ\HOYHNEHQ9|SONLUJ
\¶Ki]¶ER]\¶V]UNHKi]¶NL\L]\¶QHPH]ViWRU¶..-8'$&+,1.LUJL]VNR²UXVVNLMVORYDU¶
,,0RVNYDKDOKDJHU¶Ki]¶HVJL\JHU¶QHPH]ViWRU¶0RQJRO¶VNR²UXVVNLMVORYDU¶3RG REãþUHG$/896$1'(1'(9$ 0RVNYD²VWE$¶Ki]¶MHOHQWpV&QpYV]yNH]HNEHQD Q\HOYHNEHQPDNO|QIpOHV]LOiUGDQ\DJRNEyONpV]OWpSOHWHNPHJQHYH]pVpUHLVV]ROJiOQDNHUH GHWLOHJD]RQEDQDNHUHNViWUDWMHO|OWpN
$WRYiEELDNEDQDMHOHQGROJR]DWRPFtPpEHQIHOWHWWNpUGpVUHV]HUHWQpNYiODV]WDGQL(]D SUREOpPDD]pUWpUGHPHOILJ\HOPHWPHUWDPDLPDJ\DUN|]Q\HOYEHQDMXUWDDODNLVPHUWHJ\HVMHOHV NXWDWyLQNSO$OPiV\*\|UJ\/iV]Oy*\XODVDVRUWPpJIRO\WDWKDWQiQNYLV]RQWN|YHWNH]HWHVHQ DMXUWV]yWKDV]QiOMiN
0HJOHS KRJ\ H QRPiG ODNyKHO\ QHYpW HJ\LN HWLPROyJLDL V]yWiUXQN VHP YHWWH IHO |QiOOy FtPV]yNpQWVQHPV]HUHSHOD0DJ\DU1pSUDM]L/H[LNRQEDQVHPKRORWWVHLQN²DUpJpV]HWLIHOWi UiVRNWDQ~ViJDV]HULQW²QHPFVDNDYiQGRUOiVRNLGHMpQDPDJ\DU²W|U|NHJ\WWpOpVNRUiEDQKD QHPDKRQIRJODOiVXWiQLVPpJKX]DPRVDEE LGHLJ HQQHN D QDJ\V]HU&QRPiG pStWPpQ\QHN YDOD PHO\LNYiOWR]DWiEDQKDMWRWWiNiORPUDIHMNHW
$NpUGpVWHKiWD]KRJ\HNpWV]yDODNN|]OPHO\LNQHNDKDV]QiODWDOHKHWHWW HOVGOHJHV V QHNQN D] XWyGRNQDN D MHOHQNRU PDJ\DUViJiQDN PHO\LN DODNRW NHOOHQH HOIRJDGQXQN LOOHWYH HOQ\EHQUpV]HVtWHQQN
7|UWpQHOPLP&YHOGpVW|UWpQHWLPHJJRQGROiVRNDODSMiQHOHLQNIHOWHKHWHQHUHGHWLOHJDN|]
YHWOHQOYDODPHO\yW|U|NQ\HOYEOYDOyMXUWQRPHQWOIHOMHEEKDV]QiOKDWWiND]LGMiUiVYLV]RQ WDJViJDLWyONHWPHJNtPpOODNypStWPpQ\HLNPHJQHYH]pVpUH(]DIQpYD]~MKD]iEDQD.iUSiW PHGHQFpEHQW|UWpQWYpJOHJHVPHJWHOHSHGpVNHWN|YHWHQDU|J]tWHWWDODSUDHPHOWV]LOiUGDQ\DJRNEyO pStWHWWKi]DLNKDWiViUD²D0DJ\DURUV]iJUDNpVEEEHERFViWWDWiVWQ\HUWW|U|NQpSHNEHVHQ\N NXQRNpVPiVHWQLNXP~QRPiGRNSOMiV]RNEHWHOHSOpVHHOOHQpUHLV²LGYHOIHOHGpVEHPHUOW
1\HOYP&YHOpV
$QRPiGRND]RQEDQDNpVEELHNIRO\DPiQVHPNHUOWHNNLDNHUHV]WpQ\(XUySDtJ\DPHJ YiOWR]RWWpOHWPyGRWIRO\WDWyPDJ\DUViJOiWyN|UpEOVHP(QQHNDWpQ\QHN²W|EEHNN|]|WW²D PDJ\DU Q\HOYEHQ NpVEE SROJiUMRJRW Q\HUWMXUWD V]DYXQN iOOtW HPOpNHW (] D V]y D PDJ\DUEDQ RURV]HUHGHW&9|RURV]MXUWD¶MXUWDQRPiGRNQHPH]ViWUD¶+$'529,&6/*È/',/V]HUN2URV]² PDJ\DUV]yWiU,,%SY|PpJRURV]MXUW¶WHUOHWRUV]iJ¶RURV]QpSQ\MXUW¶WHOH SOpVWDUWy]NRGiV¶aMXUWD¶Ki]XGYDUQRPiGWiERU¶09$60(5>)$60(5@(WLPRORJLþHVNLMVORYDU¶
UXVVNRJR MD]\ND 3HUHYRG V QHPHFNRJR L GRSROQHQLMD 2 1 758%$ý(9$ ,9 0RVNYD
²$]RURV]MXUWV]yPLQGHQNpWVpJHWNL]iUyDQDW|U|NQ\HOYHNEOYDOyW|U|NHO]PpQ\p QHNKiWWHUpKH]ODIHQWN|]|OWDGDWRNDW$MXUWDDODNYLV]RQWD]RURV]EDQM|WWOpWUHNLDODNXOiVDD W|U|NEOiWYHWW\XUWQpYV]yQDND]RURV]Q\HOYJUDPPDWLNDLUHQGV]HUpEHW|UWpQWEHLOOHV]NHGpVpYHO PDJ\DUi]KDWy-XUWDV]DYXQND]HOPRQGRWWDNQDNPHJIHOHOHQWHKiWYpJVVRURQDW|U|N\XUWIQpY V]OiYDODNMiQDNDN|OFV|Q]pVH
9LVV]DWpUYHD]HOEELHNEHQPiUHPOtWHWWNHWWVVpJUHVHJ\EHQD]|VV]HJ]pVUHLVVRUWNHUtWYH YpOHPpQ\HPV]HULQWDPDJ\DUEDQPLQGNpWKDQJWHVW&QpYV]yKDV]QiODWiQDNPHJYDQDOpWMRJRVXOW ViJDVtJ\YDQH]DNNRULVKDDPDLPDJ\DUQ\HOYpU]pNLQNiEEDMXUWDDODNUDKDMOLNKRORWWLJD]i EDQDMXUWV]yOHQQHKLYDWRWWUL]QLW|UWpQHOPQNHJ\VDMiWRVIHMH]HWpQHNDPDJ\DU²W|U|NN|]|V QRPiGP~OWQDND]HPOpNpW
*<$50$7,,05(